Full text of Federal Reserve Bulletin : October 1920
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FEDERAL RESERVE
BULLETIN
ISSUED BY THE
FEDERAL RESERVE BOARD
AT WASHINGTON
OCTOBER, 1920
WASHINGTON
GOVERNMENT PRINTING OFFICE
1920
FEDERAL RESERVE BOARD.
W. P. G. HARDING, Governor.
EX OPFICIO MEMBERS.
EDMUND PLATT, Vice Governor.
DAVID F. HOUSTON,
Secretary of the Treasury, Chairman.
ADOLPH C. MILLER.
CHARLES S. HAMLIN.
JOHN SKELTON WILLIAMS,
Comptroller of the Currency.
D. C. WILLS.
WALTER S. LOGAN, General Counsel.
W. T. CHAPMAN, Secretary.
W. W. HOXTON, Executive Secretary.
R. G. EMERSON, Assistant Secretary.
W. M. IMLAY, Fiscal Agent.
H. PARKER WILLIS,
Director, Division of Analysis and Research.
J. F. HERSON,
Chief, Division of Examination and Chief Federal Reserve Examiner.
J. E. CRANE,
Acting Director, Division of Foreign Exchange.
II
M. JACOBSON, Statistician.
E. L. SMEAD,
Chief, Division of Reports and Statistics.
OFFICERS OF FEDERAL RESERVE BANKS.
Federal Reserve Bank
of—
Chairman.
Cashier.
Deputy governor.
Governor.
Boston
Frederic H. Curtiss... Chas. A. Morss
New York
Pierre Jay
Benj. Strong.1
Philadelphia
Cleveland
R. L. Austin
L. B.Williams 4
George W. Norris
E. R. Fancher
Richmond
Caldwell Hardy
George J. Seay
Wm. H. Hutt, jr
M. J. Fleming
Frank J. Zurlinden . . .
Geo. H. Keesee.
C. A. Peple
W. Willett.
C. C. Bullen
W. W. Paddock
J.H.Case2
L. F. Sailer
E. R. Kenzel
G. L. Harrison
L. H. Hendricks.3
J. D. Higgins.3 3
Channing Rudd.
A. W. Gilbart.3 3
Leslie R. Rounds.
J. W. Jones.3
W. A. Dyer.
H. G. Davis.
T> TT Tirrvarlrlnc!
Atlanta
Chicago
Joseph A. McCord
Wm. A. Heath
M. B. Wellborn
J. B. McDougal
A. S. Johnstone 5
JohnS. Walden 5
L. C. Adelson
C. R. McKay
St. Louis
Minneapolis
Wm. McC. Martin
JohnH. Rich
D. C. Biggs
R. A. Young
O.M.Attebery
W. B.Geery
Kansas City
Dallas
San Francisco
Asa E. Ramsay
Wm. F. Ramsey
John Perrin
J. Z. Miller, jr
R. L. VanZandt
J. U. Calkins
C. A. Worthington
Lynn P. Talley
Wm. A. Day
Ira Clerk 6
0. H. Stewart 6
M. W. Bell.
S. B. Cramer.
J. W. White.
O O Pnnlr
1
On leave of absence.
2
Acting governor.
3
Controller.
4
Acting chairman.
& Assistant to governor.
J. W. Helm.
Sam R. Lawder.
W. N. Ambrose.
*
6
Assistant deputy governor.
MANAGERS OF BRANCHES OF FEDERAL RESERVE BANKS.
Federal Reserve Bank of—
New York:
Buffalo branch
Cleveland:
Cincinnati branch...
Pittsburgh branch...
Richmond:
Baltimore branch. ..
Atlanta:
New Orleans branch.
Jacksonville branch.
Birmingham branch.
Nashville branch
Chicago:
Detroit branch
St. Louis:
Louisville branch...
Memphis branch
Little Rock branch.
Manager.
Ray M. Gidney.
L. W. Manning.
Geo. De Camp.
Morton M. Prentis.
Marcus Walker.
Geo. R. De Saussure.
A. E. Walker.
J. B. McNamara.
R. B. Locke.
W. P. Kincheloe.
J. J. Heflin.
A. F. Bailey.
Federal Reserve Bank of—
Manager.
Kansas City:
L. H. Earhart.
Omaha branch
C. A. Burkhardt.
Denver branch
Oklahoma City branch. C. E. Daniel.
Dallas:
El Paso branch
Houston branch
W. C. Weiss.
E. F. Gossett.
San Francisco:
Los Angeles branch... C. J. > hepherd.
Frederick Greenwood.
Portland branch
Salt Lake City branch. R. B. Motherwell.
C. A. McLean.
Seattle branch
Spokane branch
W. L. Partner.
SUBSCRIPTION PRICE OF BULLETIN.
The FEDERAL RESERVE BULLETIN is the Board's medium of communication with
member banks of the Federal Reserve System and is the only official organ or periodical
publication of the Board. It is printed in two editions, of which the first contains the
regular official announcements, the national review of business conditions, and other
general matter, and is distributed without charge to the member banks of the Federal
Reserve System. Additional copies may be had at a subscription price of $1.50 per
annum.
The second edition contains detailed analyses of business conditions, special articles,
review of foreign banking, and complete statistics showing the condition of Federal
Reserve Banks. For this second edition the Board has fixed a subscription price of
$4 per annum to cover the cost of paper and printing. Single copies will be sold at
40 cents. Foreign postage should be added when it will be required. Remittances
should be made to the Federal Reserve Board.
No complete sets of the BULLETIN for 1915, 1916, or 1917 are available.
in
TABLE OF CONTENTS.
Review of the month
Business, industry, and finance, September, 1920
Terms of sale in the principal industries
Interbank accommodation
Development of principal commercial banks in England, Germany, and France*.
Economic and financial conditions in Chile
Official: *
State banks and trust companies admitted to system
Banks granted authority to accept up to 100 per cent of capital and surplus
Charters issued to national banks
Fiduciary powers granted to national banks
Rulings of the Federal Reserve Board
Miscellaneous:
Foreign banking in Jamaica
Banking reform in South Africa
October crop report
Commercial failures reported
Statistical:
Retail trade index
Foreign trade index
Wholesale prices abroad
Wholesale prices in the United States
Discount and interest rates prevailing in various centers
Physical volume of trade
Debits to individual account, August and September
Discount and open-market operations of the Federal Reserve Banks
Operations of the Federal Reserve clearing system
Resources and liabilities of the Federal Reserve Banks
Federal Reserve note account
Condition of member banks in selected cities
Imports and exports of gold and silver
Estimated stock of money in the United States
Foreign exchange rates
Discount rates approved by the Federal Reserve Board
Diagrams:
Interbank accommodation
Wholesale prices in the United States
IV
1011
1020
1031
1041
1044
1052
1063
1063
1064
1063
1065
1039
1040
1062
1064
1066
1068
1069
1081
1085
1086
1095
1098
1105
1106
1111
1112
1119
1121
1122
1121
1042,1043
1082
FEDERAL RESERVE BULLETIN
VOL.
6
OCTOBER, 1920.
REVIEW OF THE MONTH.
The principal event of importance in public
finance during the month of
T r e a s u r y September was the receipt of
the third installment of the income tax payments for 1920 which was paid
on the 15th of the month. The returns as
compiled show total ordinary receipts of
$911,307,072 for the month, of which $716,183,757 represent income and excess profits
tax payments. Public debt receipts for the
month totaled $1,210,000,878. Expenditures
during the month amounted to $496,776,655 on
ordinary account, while the public debt disbursements for the month totaled $1,447,316,874. The surplus for the month is $414,530,417
on ordinary account and $177,214,422 on both
ordinary and public debt accounts. Two
issues of tax certificates were allotted as of
the 15th of the month, aggregate allotments
being $448,596,000, as against $492,262,000
subscribed for and $400,000,000, or thereabouts, offered by the Government. The effect
of the operations of the Government on banking conditions has been in no way unusual, but
the redemption of a large volume of certificates
of indebtedness in the New York district and
elsewhere operated to swell the balances of the
banks. This enabled the member banks to
reduce, temporarily at least, their borrowings
from the Federal Reserve Banks.
A somewhat similar effect was had in the
New York district during the earlier part of
the week through the sale to the Federal
Reserve Banks of Boston and Cleveland of
$45,000,000 of tax certificates falling due on
the 15th of the month. According to the report of the New York Federal Reserve Bank,
as a result of these transactions, "the amount
of certificates to be redeemed in the second district was reduced from a figure somewhat in
No. 10
excess of the amount sold to $300,000,000,
and the amount of certificates held in other
Federal Reserve districts was increased so that
it more nearly approximated the amount of
taxes to be received.'7 The effect of the Government operations of the month has been to
produce a rather better condition of equilibrium in the banking system and to place the
Treasury in a more satisfactory position.
In private finance the principal activity of
the country has during the
Banking and p a s ^ ^ w o o r three months been
crop moving.
r
.
the providing ior the harvesting, storing, and transporting to market of the
country's great agricultural output. Contrary
to what was feared in the early spring, the
outturn of the Nation's agriculture for the
season which is now drawing to a close has in
general been up to or above the level of 1919,
except in winter wheat, rye, buckwheat,
peaches, hay, and beans. The following statement issued by the Department of Agriculture
as of October 1 represents the Department's
estimate of the crop situation as of that date:
1920
indications
Oct. 1.
Corn
Winter wheat
Spring wheat
All wheat
Oats
Barley
Rye
Buckwheat
Potatoes.
Sweet potatoes
Flaxseed
Rice
Tobacco
Hay, tame
Hay, wild
Allliay
Cotton
Apples, total crop
Apples, commercial
Peaches
Pears
Beans, dry, 6 States
Grain sorghums, 7 States
Peanuts
Sugar beets
Broom corn
Sorghum (sirup)
Hops
bushels
do..
do..
do..
do..
do..
do..
do..
do..
do..
do..
do..
pounds
tons
do..
do..
bales
bushels
barrels
bushels
do..
do..
,. do..
do..
tons
do..
gallons
pounds
1914-1918
5-year
average.
3,216 , 192,000 2,760,484,000
532:,641,000
563,498,000
258,748,000
218 ,007,000
822,246,000
750; 648,000
1, 444.362,000 1,414,558,000
214,819,000
191. 386,000
59,933,000
77' 893,000
15,305,000
15, 532,000
382,113,000
414! 986,000
74.983,000
103' 779,000
12,922,000
ll! 704,000
33,360,000
52! 298.000
1,478^ 788,000 1,187,708,000
81,430,000
88; 171,000
280,000
17,874,000
99,304,000
106, 451,000
12,424,000
12; 123,000
202,698,000
227; 978,000
34, 287,000
47,514,000
44. 523,000
611,000
12,364,000
364,000
13,213,000
;503,000
217,000
139, 970,000
39, 37,000
6,051,000
760,000
893,000
1011
1012
FEDERAL RESERVE BULLETIN.
In most branches of agriculture the cropmoving season is now at or near its height and
in some cases past the "peak." That is to say,
the demand for credit for crop moving has
reached or passed its maximum, and the process of financing the movement of crops is
likely to be one which will call for less rather
than for more accommodation from this time
forward during the remainder of the calendar
year. The process of providing the necessary
banking accommodation for the agricultural
interests has, however, been one of unusual
seriousness at this season, because of the fact
that defective transportation conditions caused
by the railroad congestion of last spring and of
the early summer have prevented crops from
moving steadily to market and have tended to
lengthen the period of storage, whether in warehouses or in railroad cars, that must in any
case elapse between the actual gathering of the
crops and their marketing. This lengthening
of period, coupled with the great yield and
the prices that obtain for the majority of
agricultural products, increases in a material
degree the total amount of credit called for
as compared with prewar times. Under the
head of factors offsetting the strain thus
brought to bear upon the credit resources of
the country is to be included the fact that a
very much smaller amount of funds is to-day
involved in speculative uses, while on the
other hand the amount of Government obligations retired from the banks has also been
a favoring circumstance. The reduction in
prices which has occurred has also tended to
diminish to some extent the severity of the
strain upon the banking institutions of the nation. A decline in foreign trade and a lowered activity of business in some branches
has contributed to the same result. Finally,
the effort of the banks to reduce the amount
of goods carried in storage for speculative
purposes has in no small measure released
funds for the service of the agricultural community as such. The amount thus released
can not be accurately estimated, but is unquestionably large. By making it available
for current productive use the banks have
correspondingly furthered the interests of
the actual growers and shippers concerned in
OCTOBER, 1920.
the marketing of this year's crops. It is
worthy of special notice as a feature of the
past month's development that there has
been a very decided reduction of speculative
commitments of banks. This reduction has
occurred in many parts of the country and has
been noteworthy not only in connection with
securities but also with commodities. As
compared with the corresponding date a year
ago, the reduction in loans at the financial
centers protected by stocks and bonds has been
very great.
The nature of the crop-moving problem from
the credit or banking standNature of prob- point is essentially that of prolem.
viding the farmer or producer
with the means to pay expenses
incurred in the harvesting and marketing of
his crop, while yet retaining ownership of it, if
desired, up to the time that it moves to market.
Without such aid the producer would have
difficulty in settling obligations incurred in producing the crop. Large quantities of products
instead of being gradually marketed might be
hastily disposed of for cash, with the result
that undesirable depression of prices might
occur and serious hardship be visited upon individual producers. The problem would not
be serious if it were not that it is common to
many sections of the country and has to be
met simultaneously in them, with the result
that a "peak" of credit demand occurs each
year at the time when the bulk of our agricultural output is moving to market. This situation is most noteworthy in agriculture, because
agriculture is in a peculiar sense a seasonal industry. Seasonal influences upon production
are less marked in the field of manufactures.
There are, however, various branches of manufacturing which have a distinctly seasonal character and in which it has not been possible to
spread out the process of production so as to
equalize it through the year. Examples of
such industries are the canning of vegetables
and fruits, fish, etc., and the manufacture of
various classes of wearing apparel. Wherever
there is this variation in activity, seasonal or
cyclical variation in the demand for bank credit
is observable. This makes it necessary in such
cases to make special provision for equalizing
OCTOBER, 1920.
FEDERAL RESERVE BULLETIN.
the supply and demand of loan funds over
large districts. In fact, a similar process has
to be applied so far as practicable throughout
the whole world in order to adjust the supply
of banking accommodation to demand. Seasonal variations do not synchronize in the various countries, hence the practicability of
using what becomes available as a surplus in
one country to meet the special requirement
in others. The relation of banking to crop
moving is one which is not peculiar to the
United States, but which is found in all countries having an important agricultural industry, especially in those which are largely influenced by a one-crop system. It is less severe
in those whose area is large enough to permit
a succession of crops maturing at different seasons of the year, and thereby permitting the
shifting of funds from one section to another as
the peak of demand is shifted from one region
or crop to another.
The seasonal influence of industry upon
banking is least important in those countries
which are not primarily agricultural, while in
others which possess a well-balanced industrial system there is local adjustment. In
banking it has long been sought to devise and
develop methods which most quickly and
easily adapt the mechanism of credit supply
to changes in seasonal demand. The need of
improving the methods of supplying cropmoving accommodation offered an important
impetus to the adoption of the Federal Reserve Act.
The present season is perhaps the first in
which the new machinery provided by the
act has had a decisive test. Its operation is,
therefore, of unusual interest and worthy of
more than passing notice. Prior to our entry
into the war; when there had been a great
release of credit due to the new reserve requirements, and a great influx of gold, the
Federal Reserve Banks were not called upon
to finance crop moving to any appreciable
extent, by supplying either credit or currency,
while during the war and for some time after
the dominant position of the Government in
the grain trade and in the markets for other
agricultural staples made unnecessary resort
to the custdmary methods of crop financing.
1013
The war, moreover, was a time of rising prices,
of Government stabilization of values in some
fields, and of artificial credit conditions generally. During the year 1919 the war influences in finance were still felt; and it has not
been until the present season that the actual
working of the Federal Reserve System could
be at all fully studied.
The point at which the present system of
crop moving is essentially difShifting credits, ferent from that which existed
in former years is seen in its
ability quickly to shift funds from the financial
centers to the crop-moving sections, to create
additional credit where it is necessary, and to
provide currency without difficulty or delay.
There has of course been no change in the fundamental conditions which give rise to fluctuations of demand in the several banking districts into which the country is divided, except
in one important respect which has complicated
and magnified the crop-moving problem, to
wit, the slower movement of crops to market
because of impaired transport conditions and
because of the tendency to hold back crops in
the hope of higher prices. As the seasons of
planting, cultivating, harvesting, and marketing succeed one another, demands for funds
gradually increase, and as they are followed
by the seasons of sale, realization, and remittance of funds, such demands fall off and the
fluid resources of the banks in these regions
increase. Starting, perhaps, with the opening
of July, there was an annual growth of demand
in the various crop-producing sections. The
"peak" of this demand journeyed slowly from
the northwest to the far south, after which a
reaction set in subsequent to the late cotton
harvesting. The effect of this growth of demand in the interior of the country, and especially in regions where banking institutions
were not large and strong enough to provide
fully for seasonal requirements, was to bring
• about a tolerably severe annual strain upon the
resources of the local banks. This strain, which
formerly resulted in applications on the part of
these local banks to city institutions, and particularly to those banks located in New York,
ilbw falls upon the Federal Reserve Banks.
The local Federal Reserve Bank, however, act-
1014
FEDERAL RESERVE BULLETIN.
OCTOBEE, 1920.
ing as it does as a reservoir of funds received the agricultural regions by the use of the facilifrom the several member banks of its district, ties afforded by the Federal Reserve Act and
is able in large measure to offset seasonal fluc- developed under the Federal Reserve System
tuations and changes of demand against one for quickly and quietly shifting available funds
another. On the Pacific coast, for example, from one district to another. With the great
stretching as it does for over 1,200 miles north absorption of the resources of the country
and south, there is a wide variation in the date occasioned by the war, with the advance of
at which the height of demand is reached- prices to a far higher level than at any time in
Inasmuch as the member banks of the Pacific the past, and with the growth of production
coast have all placed their surplus funds on during the post-war period, the process of
deposit with the Federal Reserve Bank of San shifting bank resources through interreserve
Francisco, the proceeds of crops realized in one bank rediscounting was necessarily called into
section of the district are made immediately play and has become a regular and important
available for the meeting of the requirements feature of the working of the Federal Reserve
of others. The experience of the present crop- System. Its essential service is the relocation
moving season has shown, however, that under of the liquid banking resources of the country
present abnormal conditions as to markets and between the different sections, in accordance
transportation this process can not successfully with variations in seasonal conditions and rebe conducted purely upon a district basis.
quirements, just as the Federal Reserve Banks
Few of the Federal Reserve districts which themselves bring about an equalization in their
are primarily faced with the respective districts. The effect of such equalInterdistrict
•
IT
movement.
crop-moving problem, are at ization is to supply funds where they are needed
present so well balanced in the to meet seasonal demand. While, as already
internal development of their business or indus- observed, there are some districts which possess
try as to be self-sufficient or self-dependent in a balanced system of industry and hence can
a financial sense, although there are some in take care of their own requirements by shifting
which the degree of self-dependence is much funds from one part of the district to another,
greater than it is in others, due to the fact that others are predominantly manufacturing or prethey are older and are possessors of larger dominantly agricultural as the case may be and
capital resources, or to the fact that their indus- hence are obliged to assist one another.
try is more varied and less identified with a
The following table shows the amount fursingle dominant product. An illustration of nished and the amount received by each dissuch comparative stability in a section which trict in rediscounting with others during the
is mainly agricultural in character is seen on first seven months of the year 1920:
the Pacific coast, where there are many offsetand sales of paper between Federal Reserve
ting elements of demand and supply which tend Rediscounts Banks,
first seven months of 1920.
to give balance to the situation. This district
[In thousands of dollars.]
is conspicuous among the great agricultural districts in the ability it has thus far shown to
Amount received. Amount furnished.
handle its crop-moving problem with its own reDistrict.
RedisPursources. Other districts comprising agriculturDisSold.
counted. chased. counted.
al sections less favorably circumstanced in the
matter of crop succession have found it neces- No. 1—Boston
20.841
8,582
0
338,120
No. 2—New York
68,008
11,042
215,000
456,578
sary to supplement their home resources by No.
3—Philadelphia
0
10,014
371,600
0
No. 4—Cleveland
50
39,658
0
530,197
borrowing from other districts during the crop- No. 5—Richmond
0
0
380,000
0
6—Atlanta
0
5,087
67,961
52,000
moving season. There has in consequence No.
No. 7—Chicago
10,156
5,090
225,000
168; 500
8—St. Louis
6,000
0
164,028
13,000
been a considerable volume of rediscounting No.
No. 9—Minneapolis
0
0
128,500
40,029
No. 10—Kansas City
0
5,049
133,074
20,000
between the Federal Reserve Banks during the No. 11—Dallas
0
0
99,761
143,000
10,258
30,791
0
23,500
past few months, and the pressure of the1* sea- No. 12—San Francisco
Total
1,784,924
115,313
1,7S4,924
115,313
sonal credit strain has been greatly abated in
OCTOBER, 1920.
FEDERAL RESERVE BULLETIN.
1015
The shifting of funds occasioned by the needs the applicant bank. The effect is to transfer
of the present crop-moving a corresponding amount of credit-granting or
Work of the
season
and the process oi inter- credit-lending power from the granting instigold fund
reserve bank rediscounting for tution to the applicant. The latter is then at
the purpose of effecting the shifting of such liberty to use it as it may see fit in extending
funds has been simplified and facilitated to a further accommodation to the member banks
degree not paralleled under any foreign banking within its district. The transaction has, in
system by reason of the smooth and expeditious short, really amounted to a temporary shifting
operation of the gold settlement fund set up of banking funds from one district to another.
under the Federal Reserve System. Originally In the following brief table are presented the
established for the purpose of expediting the rediscounts between Federal Reserve Banks
settlement of balances in gold between Federal which have occurred monthly during the present
Reserve Banks arising out of exchange and year.
clearing operations, the shifting of funds from Rediscounts and sales of discounted and purchased paper
between Federal Reserve Banks.
district to district in connection with redis[In thousands of dollars.]
count transactions between Federal Reserve
Banks has become one of the principal services
PurDisTotal.
Date.
counted chased
of the fund under present conditions, and its
bills.
bills.
efficacy has been strikingly exemplified during
1920.
the heavy credit strain incident to the financing
270,000
295,833
January
25,833
of our present crops.
13D,456
February
115,600
20,856
79
208,108
March..".
208,029
When a Federal Reserve Bank, through the April
345,929
327,500
18,429
0
270,302
270,302
Federal Reserve Board, has been granted an JMay
277,866
urie
272,852
5,014
365,743
July
320,641
45,102
extension of credit, and such extension has August
340,677
297,561
43,116
been allocated to some other Federal Reserve
Bank, the extension is made effective through
Closely related to the gold-settlement fund
the transfer of title to gold in the gold settlein promoting mobility of credit,
ment fund at Washington. The gold settleCollection ma- e s p e c i a lly i n operations involvment fund, it may be recalled, consists of
ing transfer between distant
deposits of gold which have been made by the sections of the country, is the collection system
Federal Reserve Banks and agents with the which has been put into effect by Federal ReTreasury, which holds them in trust. The serve Banks and which results in giving member
aggregate of the gold thus held at the present banks credit at Reserve Banks for items retime (October 1) amounts to $1,156,438,- ceived from depositors throughout the country.
271.95. The gold in this fund is seldom Remittance is now economically and promptly
physically moved, though it frequently changes effected through Federal Reserve Banks by
ownership, transfer of ownership being effected means of telegraphic transfers, while in each
through the mechanism of the fund without the district an effective system of collecting checks
need of moving. Ownership in the fund being has been made operative. Even with the goldrepresented by entries in the books of the settlement fund in effective operation, it might
fund, an applicant Federal Reserve Bank be difficult for the Federal Reserve Banks to
which has been granted credit extension re- carry on the crop-moving process, or any other
ceives its accommodation, and the gold to banking operation that calls for continuous
which it is entitled, through a credit entry in and at times emergency accommodation, withthe gold clearing books of the Federal Re- out the use of a thorough and inclusive system
serve Board. Inasmuch as the gold settle- of collection. The following table shows the
ment fund is a part of the gold reserve progressive advance in the number of items
of each of the Federal Reserve Banks, this collected through the Federal Reserve Banks
transfer amounts to shifting a given vol- of the several districts—a service which is now
ume of reserve metal from a granting bank to rendered entirely free of charge.
1016
FEDEKAL RESERVE BULLETIN.
Daily average number and amount of items handled by the
Federal Reserve collection system.
OCTOBER,, 1920.
mand at a date earlier than that which marked
the height of the lending season elsewhere.
Federal
Reserve Banks, in order to perform
During 6-month period endingNumber.
Amount.
their functions as equalizers of funds and of
227,233
$118,630,693 rates throughout the country, necessarily took
June 15,1917
197,352,152
Dec. 15, 1917.
271,226
289,316,239 over this function of collection early in their
June 15,1918
373,140
408,363,076
Dec. 15, 1918.
644,762
410,883,755 history.
It became the more essential when
June 15, 1919
891,952
487,836,000
Dec. 15, 1919.
1,090,695
532,164,000 Congress, under the spur of prospective war
June 15,1920
1,397,671
necessity, adopted the amendment to the FedNOTE.—Items drawn on Treasurer of the United States are included.
Items handled by more than one Federal Reserve Bank or branch have eral Reserve Act which provided for the transbeen counted only once, except in thefiguresfor thefirstthree months fer of the entire reserves of member banks to
of the period ending June 15, 1917, when separatefigurescovering such
items were not reported.
the reserve institutions. To enable the memWithout the facilities afforded by this service ber banks to maintain their full reserve balin making quickly available funds in process of ance without undue difficulty the development
collection, the credit problems of recent months of a thorough and complete collection service
would have been more intense. Monthly fig- was indispensable.
The demand for funds for crop moving durures of number and amount of items handled
ing the current season, coupled
during the more recent period show the followPrices and pro " with unsettled market condiing development:
duction.
tions incident to the process
Number and amount of items handled by the Federal Reserve of general economic readjustment which is in
collection system.
progress, has been urgent and has added greatly
to the difficulties of a credit situation which at
Amount.
During month ending—
Number.
the best must have been difficult. The effort
to hold credit within moderate bounds and to
1920.
37,170,112 $12,818,731,000
May 15
36.452,808
12,841,650,000 bring about a sounder state, generally adJune 15
37,546,039
13,616,792,000
July 15
37,045,507
12,301,405,000 mitted throughout the world to be a fundaAug. 15
38,533,929
12,878,212,000
Sept. 15
mental economic necessity at the present time,
has been complicated by the undoubted obliIn our old banking system with practi- gation of the Federal Reserve System, to procal prohibition of branches, there was an vide for the extraordinary seasonal requireintimate relationship between collection and ments of many of the primary industries of
the reserve holding function. Probably no city the country. One of the most noticeable feabank could long have held the deposits of cor- tures recently in evidence of the process of
respondents or have succeeded in relieving them economic readjustment the world over has
at times of special stress had it not performed been the shifting of prices in important lines
for such correspondents the service of collect- of industry toward lower levels. Under ordiing items drawn on other banks. Such items nary conditions changes in the level of prices
were deposited with city correspondents, which would be fairly indicative of the changes in the
at once credited them to the accounts of the activity of business and industry. In times of
depositing banks. There was thus maintained fundamental readjustment, however, declines of
a regular flow of credits into the city banks, price levels do not of necessity indicate declinand these kept deposits at a point which en- ing activity of business and industry. Such apabled the banks to make advances of credit pears to be very generally the case throughout
with success when interior institutions required those portions of the industrial and commercial
them. The practice of attracting and holding world which have been experiencing during reliquid bank funds originating at many points cent months the most notable tendencies
throughout the country made it possible to toward price readjustment. Indeed, the course
furnish these funds to institutions at other of both prices and industry in recent months in
points which had reached the peak of their de- all the leading industrial countries bears strik-
1017
FEDERAL RESERVE BULLETIN.
OCTOBER, 1920.
crops, and at the same time to meet the heavy
and exceptional credit demands incident to
the process of business and economic readjus tment ; is evidenced in the following table
in which is shown the number of institutions
of produc
in the several Federal Reserve districts redisyet attained a degree of com- counting during specified months at quarterly
pleteness that makes it possible to speak con- periods during the past three years:
clusively and statistically about the extent to Number of banks accommodated through the discount of paper
which production in the United States has during specified months (at quarterly intervals), 1917-1920.
recovered what may be regarded as its normal
1917
1918
1919
1920
capacity. The Board's monthly index of
production, however, as thus far developed
315
1,568
3,575
3,670
throws important light upon the trend in March
June
900
3,021
4,047
4,948
September
953
3,464
3,722
4,768
certain fundamental lines of industry which December
1,701
3,288
3,659
when taken with the figures already given for
agriculture afford a fairly suggestive indication
The average rediscount with Federal Reof the recent trend of many of the country's serve Banks also gives an indication of the wide
primary and basic industries.
extent of the accommodation given to the
ordinary business of the country by the Federal
Jan.-Apr.,
May-Aug.,
May-Aug.,
Reserve Banks. The following table shows
1919.
1920.
1920.
the facts relating to rediscounts in Federal
Total Rela- Total Rela- Total RelaReserve Banks:
for 4
for 4
for 4
ing evidence that a close association between
prices and the general volume of production is
beginning to reestablish itself.
The production statistics which the Board
organized for its information
months. tive. months. tive. months. tive.
Receipts of live stock
at 15 western markets (in thousands
of head)
Receipts of grain at
17 interior centers
(in thousands of
bushels)
Sight receipts of cotton (in thousands
of bales)
Shipments of lumber
reported by 3 associations (in millions
of feet)
Bituminous coal production (in thousands of short tons).
Anthracite coal production (in thousands of short tons).
Crude petroleum production (in thousands of barrels)
Pig iron production
(in thousands of
long tons)
Steel ingot production (in thousands
of long tons)
Cotton consumption
(in thousands of
bales)
Wool consumption
(in thousands of
pounds)
Average size and number of items, paper rediscounted iviih
Federal Reserve Banks, January and July, 1920.
20,194
19,878
92.3
21,545
100
291,823
76.1
•9,057
81.6
354,400
100
3,848
164.7
1,295
55.4
2,337
100
3,383
90.5
2,992
80.0
3,739
100
173,547
108.3
177,375
110.7
160,182
100
27,484
90.6
30,503
100. f
30,334
100
139,854
108.1
151,918
117.4
129,385
100
12,110
128.9
12,244 | 130.3
9,395
100
11,771
125.2
11,667
124.1
9,403
100
2,252
114.3
2,105
106.9
1,970
100
234,540
118.5
123,701
62.5
197,846
100
Y>
i
i.
-L
Reserve Banks has been re
sorted to by member banks in providing the
country with the extraordinary amount of
credit accommodation required to move the
District.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
1—Boston
2—New York
3—Philadelphia
4—Cleveland
5—Richmond
6—Atlanta
7—Chicago
8—St. Louis
9—Minneapolis
10—Kansas City
11—Dallas
12—San Francisco
Entire system
The extent to which the process of redis_ ,.
,.
counting paper with the Federal
Rediscounting.
January.
July.
Average Num- Average Numsize of ber of size of ber of
items. items. items. items.
| $17,990
58,284
62,092
24,897
I 9,664
13,340
20,522
14,992
j 9,202
\ 6,947
4,605
13,638
2,723
8,131
1,833
1,606
2,040
1,769
5,269
3,724
1,955
3,873
1,350
3,415
$20,982
327,769
140,199
20,160
4,979
7,292
16,209
18,226
5,983
5,156
3,646
8,646
2,485
4,352
1,425
2,594
7,971
8,627
12,342
5,034
6,282
8,289
9,435
9,607
26,047
37,688
29,232
,79,463
The average size of the member bank collateral notes is much larger than the average
size of customers' notes and bills rediscounted.
The much larger size of the paper rediscounted
by the New York and Philadelphia Federal
Reserve Banks is due to the fact that these
two banks report as one item large numbers of
bills taken under repurchase agreements. A
true average of bills rediscounted by the two
banks would be found to be much smaller than
the average given in the table.
1018
FEDERAL RESERVE BULLETIN.
OCTOBEK, 1920.
This average size or unit varies greatly $4,000,000 to China, $3,653,000 to Peru,
among the centra] banking systems of the $1,204,000 to Hongkong, and the remainder
world, being probably least in France. In principally to Canada, Mexico, and British
that country in 1913 there was a holding on India. Since the removal of the gold embargo
the part of the Bank of France of 30 million on June 9, 1919, total gold exports have
items, totaling 20 billion francs, and thus amounted to approximately $602,078,000. Of
averaging about 700 francs, or about $140. this total, $146,555,000 was consigned to
Transactions in the Federal Reserve System Argentina, $138,068,000 to Japan, $67,289,000
have naturally not been carried down to so to Hongkong, $59,396,000 to China, $40,803,000
small a figure, due to the fact that the Bank of to British India, $29,778,000 to Spain, and the
France and its branches deal directly with the remainder principally to Mexico, Uruguay, the
public.
Dutch East Indies, the Straits Settlements,
A cursory glance at the figures brings out the Canada, and Venezuela.
_ _. . . fact that during the more reDuring the same monthly period the net
of pajTr? m S1Ze c e n t P e r i o 4 a n ^crease in the outward movement of silver was $1,765,000,
number of items taken by most as compared with a net outward movement of
of the Federal Reserve Banks is accompanied $468,000 for the month ending August 10. Net
by a decline in the average size of the paper. exports of silver since August 1, 1914, were
This may be due to the fact that of late a large $455,597,000, as may be seen from the following
number of smaller banks have started direct exhibit:
dealings with Federal Reserve Banks, tender[In thousands of dollars.]
ing for rediscount paper of much smaller size
than the paper tendered by the larger banks.
Excess of
exports
Steady improvement of the technique of redisImports.
Exports.
over
counting within recent years has increased the
imports.
smoothness with which the Federal Reserve
System meets sudden increases in demand, Aug. 1 to Dec. 31, 1914....;
12,129
22,182
10,053
1 to Dec. 31, 1915
34,484
53,599
19,115
and makes the working of the process of ex- Jan.
Jan. 1 to Dec. 31, 1916
32,263
70,595
38,332
1 to Dec. 31, 1917
53,340
84,131
30,791
tending loans to individual banks almost Jan.
Jan. 1 to Dec. 31, 1918
71,376
252,846
181,470
automatic.
Jan. 1 to Dec. 31, 1919
89,410
239,021
149,611
68,734
94,959
26,225
During the month ending September 10 the Jan. 1 to Sept. 10, 1920
361,736
817,333
Total
455,597
~ ., , .. net outward movement of gold
Gold and silver w a s $9MlfiQ0j
as comp|red
movements.
w i t h ft n e t o u t w a r d m o v e m e n t
Mexico furnished $3,252,000, or over twoof $2,208,000 for the month ending August 10,
Net imports of gold since August 1, 1914, were thirds of the $4,723,000 of silver imported
$697,207,000, as may be seen from the follow- during the monthly period ending September
10, most of the remainder coming from Caning exhibit:
[In thousands of dollars.]
Exports.
Excess of
imports
over
exports.
23,253
451,955
685, 745
553,713
61,950
76,534
165,734
104,972
31,426
155,793
372,171
40,848
368,185
248,282
181,719
420,529
529,952
181,542
21,102
1291,651
i 82,548
2,018,884
1,321,677
697,207
Imports.
Aug. 1 to Dec. 31, 1914
Jan. 1 to Dec. 31, 1915
Jan. 1 to Dec. 31, 1916
Jan. 1 to Dec. 31, 1917
Jan. 1 to Dec. 31, 1918
Jan. 1 to Dec. 31,1919
Jan. 1 to Sept. 10, 1920
Total
1
Excess of exports over imports.
England furnished $8,384,000, or over
three-fifths, and Canada over $2,000,000, of
the $13,394,000 of gold imported during the
monthly period ending September 10, Salvador, Colombia, Mexico, New Zealand, and France
furnishing most of the remainder. Of the gold
exports, amounting to $22,735,000, over onehalf, or $12,040,000, was consigned to Japan,
ada, Peru, and Chile. Of the silver exports,
amounting to $6,488,000, about two-thirds,
or $4,336,000, was consigned to China, and the
remainder principally to Hongkong, England,
Japan, Canada, and Mexico.
Further loan expansion and more than commensurate gains in deposits are
uation b a n k i n g Sit" tfae main developments in the
banking field as indicated by
the weekly condition statements of 818 member
banks in leading cities for the period between
August 20 and September 17.
Only slight changes are shown in the holdings
of United States bonds and Victory notes,
while Treasury certificate holdings on September 17 (following the issuance of the two
September 15 series of new certificates and the
redemption of the outstanding balance of the
September 15, 1919, issue), 416 millions, were
28 millions less than four weeks before.
Loans secured by Government war obligations underwent but little change, while loans
OCTOBER, 1920.
FEDERAL RESERVE BULLETIN.
1019
supported by corporate securities show an in- September 24 the list of rediscounting banks
crease of 33 millions. As against these rela- included besides the six southern and western
tively moderate changes, other loans and banks enumerated last month, also the Chicago
investments, including largely commercial bank; while the Philadelphia bank was able
loans and discounts, show a continuous growth, during more recent weeks to extend an increastotaling about 168 millions, of which nearly 100 ing amount of accommodation to the other
millions represents the increase for the member Federal Reserve Banks. All the four banks
banks in New York City. Total loans and which apply progressive discount rates are
investments of the reporting banks show an found among the rediscounting banks. These
increase for the four weeks of about 1-75 mil- four banks show an increase of over 51 millions
lions, the corresponding increase for the New in their member bank discounts, as against
York City banks alone being 117 millions. an increase of about 40 millions in their aggreAccommodation at the Federal Reserve Banks gate liabilities on paper rediscounted with
for reporting member banks decreased during other Federal Reserve Banks. Holdings of
the period from 2,086 to 1,972 millions, or from acceptances purchased by the Philadelphia,
12.4 to 11.6 per cent of the banks' total loans Cleveland, and San Francisco banks from the
and investments. For the member banks in New York and Chicago banks show a decline
New York City an even larger decline in this from 48.9 to 23.4 millions.
ratio from 13.6 to 11.7 per cent is noted.
Net deposits, largely because of the large
For the four-week period between August 27 fluctuations in the "float" carried by the
and September 24 the Federal Reserve Banks Reserve Banks immediately before and after
report a reduction of 94.4 millions in loans September 15, show considerable fluctuations,
secured by United States war securities, and on September 24 stood at 1,658.5 millions,
including Treasury certificates, as against a or 59.4 millions below the August 27 total.
further increase of 131.7 millions in other Federal Reserve note circulation, after a further
discounts, the share of war loan paper in expansion of 91.6 millions during the first two
the total discounts held showing a reduction weeks under review, declined by 15.2 millions,
from about 50 to slightly over 45 per cent. Of while Federal Reserve bank note circulation
the total decrease in the holdings of war paper shows a continuous increase during the period
by far the larger portion, viz, 78.5 millions, by 13.4 millions.
represents the decrease in paper secured by
jjtie banks' gold reserves, in consequence of
Treasury certificates, with the consequence further gains of gold received from abroad,
that the share of this class of paper in the total increased by about 18 millions, while their
of war paper held by the Federal Reserve total cash reserves, in consequence of further
Banks shows a decline from 26.4 to about 22 silver deposits by the Government, show a
per cent. Holdings 6f purchased bills, largely gain of 23.8 millions. The reserve ratio
bank acceptances, show a further reduction by fluctuated between 42.5 per cent on September
14.3 millions. Since January 23, when the 3 and 43.8 on September 17, following the
high total of 576 millions was reached, these large liquidation of borrowings by member
holdings have shown a fairly steady decline, banks and the reduction thereby of the Reserve
due apparently to a large extent to the increas- Banks' deposit liabilities. On September 24
ing absorption of prime bank acceptances by in consequence of the resumption of heavy
country banks, savings institutions, and private borrowings by the member banks and the
corporations. Fluctuations in the totals of large increase in the Reserve Banks' net
Treasury certificates are due to purchases on deposits, the ratio declined to 43.6 per cent.
September 9 of 45 millions of tax certificates
On September 20 announcement was made
from New York member banks and to the tem- «
' ,
of the appointment of Mr.
porary holdings by the New York and Cleve- Personnel.
^ ^ l g u
^ ^
R
Q
m ^
land Reserve Banks of special certificates to man of the board of directors and Federal
secure advances to the Government.
Reserve Agent at the Federal Reserve Bank of
Interbank discounting continued in large Cleveland, as a member of the Federal Reserve
volume, the total of paper held under discount Board, in succession to Mr. Henry A. Moehlenfor other Federal Reserve * Banks showing a pah, whose term of office expired August 9,1920.
further increase from 166.5 to 226.9 millions.
On September 20 the Federal Advisory CounThe larger amount was held by the Boston,
cil held its usual early autumn
Philadelphia, and Cleveland banks, the latter
meeting in Washington Parbank's total discounts comprising 135.6 milticular attention was devoted
lions of bills discounted for other Federal to the general credit and currency situation
Reserve Banks; as against 86 millions of bills and to conditions in the crop-moving sections.
held under discount for its own members. On All districts were represented at the meeting.
1020
FEDERAL. RESERVE BULLETIN.
OCTOBER, 1920.
BUSINESS, INDUSTRY, AND FINANCE, SEPTEMBER, 1920.
Continuance of the process of readjustment
in business and industry, with progress toward
a more stable condition, accompanied by price
revisions and by the resumption of work in
some branches of industry where hesitation
as to future outlook had led to suspension,
have been the outstanding features of the
business and economic movement during the
month of September. After an apparent
slowing down in the price-reduction movement
during midsummer, it has again reappeared,
and the past month has seen substantial cuts
in well-known automobile makes, textiles of
various classes, shoes and leather goods, and in
other wholesale prices. Reductions have occurred in a variety of staples, including wheat.
Changes in prices have tended to make business men and bankers cautious about future
commitments. Accordingly, as has often been
observed in the past during periods of business
readjustment, business is now being done upon
a shorter-term credit basis than is normal,
pending clarification of the current process of
readjustment. Excellent crop yields have
resulted in sustaining buying power, while
improved movement on the railways has given
assurance of steadier and earlier marketing
than had been believed possible. Banking
conditions in several districts have decidedly
improved, and from some it is reported that
business enterprises are working into a position
to finance themselves to a greater degree by
reducing inventories and by exercising more
careful scrutiny over credits. The crop-moving process on the whole has gone ahead
smoothly, and the peak of the demand for
funds has practically passed without serious
inconvenience and with no prospect of an increase of difficulty. On September 24 the
reserve ratio for the Federal Reserve System
as a whole stood at 43.6 per cent, as compared
with 43.2 per cent on August 27. Speculation,
both in commodities and in secuiities, has
been at a relatively low level, and there has
been a gratifying diversion of banking funds
to the service of productive industry in many
lines. From various Federal Reserve districts
improving conditions and growth of optimism
are reported. There is indication that business
conditions are now definitely on the road toward stability of as great and confirmed a
nature as the disturbed position of the world
at large will permit.
In district No. 1 (Boston) "New England
industries and trade are still feeling their way
cautiously, but with confidence, toward the
objective of stable business and financial conditions." Uncertainty is apparently due almost
wholly to the price situation. Markets for raw
materials have undergone no substantial change.
There is partial resumption of manufacturing
activity and a hopeful outlook in retail trade.
A more optimistic feeling exists than was
present last month.
In district No. 2 (New York) the Federal
Reserve Bank ceased to be a lender to other
Federal Reserve Banks, became a large borrower from them, and then very recently
repaid those borrowings in full, thus reflecting
changes in money conditions in the district.
Improved railroad operation has resulted in
much better marketing of goods. "A notable
change appears to have taken place in the
efficiency of labor," twenty-one out of thirtyone of the largest corporations in the country
reporting improvement, while none report any
decrease. Stock-market conditions have partially recovered, corporate financing has fallen
off, European exchanges have continued weak,
and price declines have gone further than a
month ago. Some reductions in manufacturing activity are reported.
In district No. 3 (Philadelphia) " a material
improvement in transportation * * * has
taken place." Readjustment of textiles to
post-war conditions is still proceeding. The
banking situation is sound. "The labor situation grows more reassuring as time goes on,"
while "retail trade has continued active, and it
is expected that a large volume of fall and
winter business will be done."
In district No. 4 (Cleveland) there has been
some improvement in banking conditions accompanied by "liquidation of frozen credits,"
an increase in demand for acceptances, marked
improvement in transportation and shipping
conditions, but a falling off in new business in
all quarters of the iron and steel market.
In district No. 5 (Richmond) "reports indicate improving conditions in labor fields and
transportation, with evidence of a downward
trend in many prices. Complaint of tight
Xaoney is general, but on the whole efforts of
banks to restrict loans to necessary work is
commended." Slackness of new business and
continued work in factories on accumulated
back orders represents the situation in the textile field as well as in some others.
In district No. 6 (Atlanta) the crop-moving
season is entered "with no cause for alarm."
No anxiety is being felt for the financing of
the current crop. Caution is being exercised
in many lines on account of price changes.
Deterioration in the cotton condition indicates
the probability of a reduction in yield. A
serious situation has developed in the Alabama
OCTOBER, 1920.
FEDERAL, RESERVE BULLETIN.
coal mines, but iron and steel production "is
reported as very satisfactory.'7
In district No. 7 (Chicago) it is stated that
" primary wealth, which has been vastly increased * * * by the magnificent crops of
1920, is contributing much to the stabilization
of economic conditions in the process of business readjustment * * *." " There is still
sufficient in the existing situation to call for
the continuation of conservatism." There is
a general belief that serious transportation
troubles are over, and while some signs of slowing down in a number of industries are noticed
there is improvement in the labor situation
and growth of optimism in manufacturing.
In district No. 8 (St. Louis) "the predominating trend is in the direction of further readjustment, but the processes involved in
this change have been gradual and orderly
enough to produce only minor disturbance in
business and finance." Price declines have
taken place but they have been sporadic.
The public is still in need of goods and has
strong purchasing power. Merchandise, however, is more abundant. "Agricultural results
in the district continue the basis for optimism."
Fuel conditions show improvement.
In district No. 9 (Minneapolis) price declines
have been quite general. A falling off in
earlier crop estimates places the expected
production (combined) of wheat, oats, barley,
rye, corn, and flax at 822,000,000 bushels,
a decline of about 34,000,000 bushels from the
predictions of a month ago. This decline has
"not been large
enough to undermine business
confidence.'7 Effort is still being made to
move grain more rapidly and the fuel situation
is still a problem.
In district No. 10 (Kansas City) there is
"good progress
toward a return to normal
conditions.77 Exceptionally large crops are
being harvested. Production has about caught
up with demand and there is less difficulty
in obtaining supplies of manufactured goods.
The demand for money and credit continues
strong and sales of merchandise by wholesalers to retailers and by retailers to consumers
have advanced somewhat.
In district No. 11 (Dallas) the credit situation shows but little change. 77 There is "a
spirit of unyielding optimism
and trade
authorities are counting strongly upon a;
heavy fall business. Cotton harvesting is
making good progress. Transportation has
shown improvement, but retail trade is still
quiet.
In district No. 12 (San Francisco) favorable
crop conditions are prevalent, harvesting is
making good progress, and business generally "while indicating the hesitancy natural
1021
under present revisions in wholesale prices of
numerous commodities, is reported to be satisfactory and sound.77 Failures are fewer, labor
fully employed, and strikes or disturbances
unimportant.
The Government crop report for September
1 showed an increase in the estimated production of corn and oats of 128,000,000 bushels
and 40,000,000 bushels, respectively, over the
August 1 estimate, both figures being above the
5-year average, while there was a decrease of
24,000,000 bushels in the estimated production
of spring wheat and the figure is below the
5-year average. Harvesting is generally making good progress.
In district No. 9 (Minneapolis) expected
grain and flax production, as estimated by
the Federal Reserve agent, is 34,000,000
bushels less than estimated about a month ago,
an increase of 19,000,000 bushels for corn
being more than offset by decreases in all of
the other cereals. The figure for wheat shows
a decrease of about 7,000,000 bushels in each
of the four States of Minnesota, North and
South Dakota, and Montana, in the last of
which a decrease in all of the grains is noted.
The hay crop throughout the district has been
large and satisfactory. In district No. 10
(Kansas City) the September Government
estimate increased the figure for corn by
66,000,000 bushels and the figure for oats by
4,000,000 bushels. "Moderate to heavy rains,
accompanied by much cloudiness and low temperatures77 during August and the first half
of September resulted in a continuance of
the growth of vegetation from two to
four weeks later than usual, but retarded the
thrashing of the 1920 wheat crop, more wheat
being stacked than usual, and has delayed
the preparation of seed beds. In district
No. 7 (Chicago),
Iowa has "never had such a
corn crop,77 and in the district a considerable
percentage has gone or will go into silage.
In district No. 8 (St. Louis) the combined
condition of all crops on September 1 was
106.03, as against 103.4 on August 1, and "fall
farm operations have
been pushed on an
unusually large scale.77 On the Pacific coast
"favorable crop conditions continue to prevail.77 Harvesting of grain and picking of
remaining fruits are in progress, reports of
good yield, both in quantity and quality, are
in the majority, but the price outlook is uncertain. Higher prices prevailed for tobacco
at the opening of the South Carolina markets
in August, 1920, than during August, 1919,
but North Carolina opening prices
were
"keenly disappointing to the growers.77 It is
stated that some manufacturers are still carrying considerable stocks of leaf tobacco, while
1022
FEDERAL RESERVE BULLETIN.
farmers planted in expectation of continuance
of last year's active demand. Excessive rainfall during the early part of September has
done more or less damage to the Kentucky
burley tobacco crop.
In district No. 11 (Dallas) " excessive rains
and the decline in the cotton market which
occurred in August created for a time widespread pessimism among the cotton growers
and not a little apprehension on the part of
business and financial circles." Improvement,
however, is noted since the commencement of a
period of clear weather about September 10.
Deterioration was noted up to that time in
north and east Texas, but in south and west
Texas "a good yield seems to be assured."
Efforts are being made in the district to perfect an organization of growers, the majority
apparently being in favor of a plan for gradually marketing the crop throughout the year,
and preventing general dumping of cotton in
advance of active demand. Harvesting, while
delayed on account of wet weather, is now
making good progress, but there is some
scarcity of labor for picking. " Marked deterioration" in the condition of cotton was also
shown in the August 25 report for district No.
6 (Atlanta) in all States except Tennessee,
where the decline was only one point. Weather
conditions in many sections have continued
unfavorable and the boll weevil is active. It
is stated to be "fairly certain" that the crop
in district No. 8 (St. Louis) has gone backward since the August 25 report, but " prospects are still good," and "less apprehension
is felt just now relative to yield than to ultimate prices and movement of what remains
of last year's crop."
In the live-stock industry reports from all sections of district No. 10 (Kansas City) state that
"live stock is in excellent condition, that animals on farms and ranges are generally free from
disease, and that there is an overabundance
of feed for fall and winter and for months to
come." In both that district and in district
No. 11 (Dallas) rainfall has been sufficient to
put the ranges in excellent condition. It is
stated from the latter district that " the present
condition of live stock and ranges in all parts
of the district is exceptionally good, and prospects for an abundance of winter feed were
never more encouraging." A strong movement of stockers and feeders to farms and
ranges is noted in the Kansas City district,
although some nervousness is exhibited on the
part of farmers over the future of prices, and
indecision as to the extent of feeding to be
done. An increase in the movement of stockers and feeders from the South St. Paul market
is reported. Receipts of cattle and calves for
OCTOBER, 1920.
15 western markets during August were 1,459,056 head, corresponding to an index number of
145, an increase over the figure for July, which
was 1,188,019 head, corresponding to an index
number of 118, but less than the figure of
1,541,133 head, corresponding to an index
number of 153, for August, 1919. Receipts of
sheep at these markets show similar changes,
being 1,688,719 head during August, as compared with 1,301,458 head during July and
2,220,229 head during August, 1919, the respective index numbers being 124, 95, and 162.
Receipts of hogs, however, declined from
2,115,639 head in July to 1,818,245 head in
August, corresponding to index numbers of 96
and 83, as compared with 1,595,759 head during August, 1919, corresponding to an index
number of 73. Cattle receipts at six leading
markets in the Kansas City district were the
largest this year, with the exception of January, although much lighter than anticipated,
"the supply of calves was the heaviest ever
yarded in one month," the supply of hogs was
moderately heavy, while sheep receipts were
uneven, though the broadest demand of the
year developed for feeders to ship to the country. The preponderance of grass cattle resulted
in frequent breaks in prices, while there was
weakness in prices of medium and common
grade hogs. Live-stock markets in the Dallas
district were again dull, demand being small,
although August cattle receipts were 35 per
cent less than those for July, and "beef steers,
calves, and butcher cows showed a steady depreciation throughout the month of August."
The recent declines in hide and wool prices, it
is stated, "may be plausibly cited as an important factor in the present prices of cattle, sheep,
and lambs."
The movement of grain to market has been
less than the extremely heavy movement last
year. Crop marketings in district No. 10
(Kansas City), while "somewhat reduced from
the abnormally heavy marketings at this time
last year, were sufficient in August for trade
requirements."
While "the transportation
service is still far from adequate, there is less
complaint of car shortage, delayed freight, and
congestion at terminals," and "a freer movement of all freignt is reported." Car shortage
and a determination on the part of growers to
hold the wheat on the farms instead of selling
at prevailing prices are said to have curtailed
receipts. Grain receipts at Minneapolis during
August showed an increase of 32 per cent over
July, due to increased barley and oats receipts,
although corn and flaxseed receipts decreased.
The total figures were, however, only twothirds of receipts a year ago, and the falling
off is ascribed to wet weather delaying thresh-
OCTOBER, 1920.
FEDERAL RESERVE BULLETIN.
ing in some districts, car shortage in a few instances, a desire to go ahead with plowing,
and a desire in some sections to hold grain for
possible higher prices. The Northwest, it is
stated, has not received the number of empty
grain cars which were promised. Receipts
during the four weeks ending August 1 were
52.5 per cent and during the four weeks ending
August 28, 61.2 per cent of the number provided in the Interstate Commerce Commission
orders.
Flour production in district No. 9 (Minneapolis) during August was much less than both
a month ago and a year ago, the decrease
between the two four-week periods in July and
August being 15 per cent. The flour situation
in district No. 10 (Kansas City) was quiet
during August, sales being scattered and
mostly in small lots, as buyers anticipated
lower prices.
The textile situation during the month has
been of unusual importance in all of the producing districts. An outstanding event has
been a reduction of 33J per cent by the Amoskeag mills of Manchester, N. H., while the
action of the American Woolen Co. in cutting
its prices from 15 to 25 per cent and resuming
operations after a two months' shutdown
establishes a new level of basic values in an
important branch of the woolen industry.
Corresponding reductions in the prices charged
by important wholesalers and retailers in
different parts of the country are tending to
transfer the benefits of price reductions from
manufactures and wholesalers to consumers.
In this connection the reductions made by the
two largest mail order houses in the country
are symptomatic of general conditions. Some
lines of textile production are showing considerable depression on account of failure of
demand to revive.
In district No. 1 (Boston) prices for raw
wool have dropped slightly during the past
month and there have been some sales, but
not in large quantities, domestic wool mostly
coming on a consignment basis. Private sales
of British wool have occurred and the stock is
reduced to about 7,000 bales, while the Government still has about 59,000,000 pounds left.
The woolen and worsted goods industries in
the district are stated to be "probably looking
to the future somewhat more hopefully," but
in spite of gratifying sales which it is represented that the American Woolen Co. made as
a result of price readjustments, " business in
woolens is slower, possibly because of changing
public preference for harder-faced goods, and
the effect on the industry at large appears not
to have produced as yet any general stimulus."
Nevertheless, there is still an impression that
1023
stocks of dealers are low, and that a revival of
activity can not be indefinitely delayed. In
district No. 3 (Philadelphia) " the entire woolen
industry is showing signs of recovery," and a
25 per cent reduction for spring lines is bringing buyers into the market. Jobbers in an
effort to force business here and there have been
selling stocks at prices below recent quotations
and some are now raising them again. Clothing manufacturers have, however, come into
the market only slowly. The worsted yarn
market is taking on a firmer tone. There is
generally throughout the industry a rather better feeling and in some quarters machinery is
being started up in the nope that it may be
kept running, even though full-time operation
may not be possible for some weeks to come.
On the Pacific coast trading in wool has
recently shown more activity than at any
time since May when the decline in prices
began. Many operators believe that the low
level has been reached and that trading will
be more active from now on. The estimated
1920 wool clip for district No. 12 (San Francisco) is 81,000,000 pounds, of which 24 per
cent has been sold, while the balance has been
consigned to warehouses in Portland (Oregon),
Chicago, and Boston.
In cotton goods it is reported from district
No. 1 (Boston) on the authority of local cotton
brokers that " never in their experience has
there been such an unsatisfactory situation in
their line." The variations in prices for cotton
of different grades have produced an irregular
market and created a feeling of uncertainty.
While New England cotton mills have in many
cases been operating on full time, or nearly so,
some are beginning to consider a curtailment
policy. This curtailment is expected to grow
further unless there is a turn for the better in the
situation. For the month of August there was
a consumption of 168,000 bales in New England
mills, while the stock held in the mills was reported as 610,000 bales. Prices are quoted
higher than a year ago in some lines, but this
is not generally the case. In district No. 3
(Philadelphia) the raw cotton market continues weak with a like condition in cotton
yarns. There is practically no demand for cotton yarns, with quotations at from 50 to 60 per
cent below the peak prices of the year. "The
knit goods industry * * * is making no
commitments." No demand for cotton goods
exists, and "production is at the lowest possible point." Cancellations in the cotton goods
industry continue. Collections are far from
satisfactory. In small wares there is a tendency to the reduction of prices. The level of
values for men's shirts is moving downward.
The outlook in the industry for the remainder
1024
FEDERAL RESERVE BULLETIN.
of the year is entirely dependent upon the demand from consumers. Retailers are refraining from buying.
In district No. 5 (Richmond) it is believed
that present prices for cotton are below cost
of production, but despite the trade lethargy
letters received are optimistic.
The boot and shoe situation is still passing
through a transition stage. In New England
it continues to feel the result of heavy cancellation of orders, but nevertheless the dominant note is one of optimism, though buyers
are postponing the placing of orders as late as
possible. Factories are operating conservatively, expecting to run for a while on shorter
time or lower quantity of production, and
under these conditions there has been an ample
supply of labor for current operating requirements. The condition in most places has
tended to bring about abandonment of demands for higher wages. The movement toward lower price levels is proceeding gradually.
In district No. 7 (Chicago) the leather trade is
feeling the effect of curtailment of automobile
demand, while the tanning and shoe business
"has been exceedingly dull during the past
month, with tanners operating about one-half
of capacity." In the shoe trade wholesalers
and retailers are proceeding cautiously, u buyi ng only for immediate needs." In district No.
5 (Richmond) shoes are moving freely but with
more sanity shown in buying than in the past
two or three years. In district No. 3 (Philadelphia) fa.ll and winter shoes are on a retail
price basis about equal to 1919. Shoe salesmen report rather limited sales, buyers being
cautious. Manufacturers, however, see no
prospect of an early decrease in price. Although leather has fallen off, other materials
and labor have tended to advance. Manufacturing conditions are satisfactory, but there
is little improvement in the tanning industry
and prices are irregular. There is fair business
in leather belting. Conditions in other parts
of the country are not materially different.
In the iron and steel trade the month has
been a period of change. Production of iron
and steel in August was the largest of any
month in the present year, with the exception
of March, and output has continued to rise
steadily. According to district No. 4 (Cleveland) general reduction of accumulated stocks
of iron and steel is reflected in the position of
the Carnegie Steel Co. which has reduced its
yard piles to about 200,000 tons and of finished
material to about 150,000 tons, a reduction of
approximately 30 per cent from the high point.
" Present steel stocks in the Mahoning Valley
are estimated at 100,000 tons." Coincident,
however, with the increase in shipments " a
OCTOBEE, 1920.
material falling off of new business has been
noted in all quarters of the iron and steel
market." Consumers show greater caution.
There is small future buying. However, with
the exception of the automobile industry,
"from wThich cancellations and suspensions of
fron and steel have been received quite freely,
the absorptive power of consumption appears
to have been little altered." The decline in
orders has been viewed by many producers
without especial concern, and they are welcoming the opportunity to cover their unfilled
obligations. Railroad buying is developing
slowly. Prices are showing no general weakness. The ore movement is improving, interior
furnaces being much better supplied as cars
are much more numerous. In district No. 3
(Philadelphia) the improvement in transportation conditions has been of great assistance to
manufacturers in iron and steel, the accumulated stocks are being reduced, and demand for
iron and steel and their products is still regarded as strong, although there is a diminution
in new business. Reports indicate a marked
falling off in foreign business. Bad conditions
abroad and difficult foreign exchange quotations hurt the prospects of exportation. There
has been a considerable decline in the output
of structural steel. In district No. 6 (Atlanta)
iron and steel production is satisfactory, car
supply is better, production of pig iron in
Alabama for the month of August was fully
equal to that of July, activity at by-product
plants in Birmingham has kept production up,
cast iron pipe shipments are proceeding rapidly,
and the market for scrap iron and steel is
strong, with prices high and the demand steady.
The unfilled orders of the United States Steel
Corporation at the close of August were 10,805,038 tons, corresponding to an index number of 205, as compared with 11,118,468 tons
at the close of July, corresponding to an index
number of 211. Steel-ingot production shows
an increase from 2,802,818 tons during July to
3,000,432 tons during August, the respective
index numbers being 116 and 124. Pig-iron
production shows a similar increase, being
3,147,402 tons during August and 3,067,043
tons during July, the respective index numbers
being 136 and 132.
In coal production there is a somewhat
"spotty" situation. District No. 3 (Philadelphia) reports that the anthracite output has
been decreased by the strike but is again about
approaching normal. The cumulative production of anthracite coal from January 1,
1920, to September 11 was 59,160,000 tons, as
compared with 57,376,000 tons last year. In
bituminous coal there was a reduction~of output
about the middle of the month of September,
OCTOBER, 1920.
FEDERAL RESERVE BULLETIN.
but a high daily average is being kept up.
There has been marked improvement in car
distribution. During the first 217 working
days of this year the output was 369,000,000
tons, as compared with 318,000,000 tons in the
same period last year. Bituminous coal prices
have eased off from the exceedingly high levels
of recent times. In the Lake region it is reported from district No. 4 (Cleveland) that
coal is moving better than a vear ago. In the
Birmingham coal and iron district the strikes
are having some effect in reducing the coal
output, but the large iron and steel industries
which own their mines, coal cars, etc., have not
been affected. In district No. 10 (Kansas City)
miners are at work in all of the fields of the
district and "no strikes are now threatening/'
so that operators and dealers are more confident
of their ability to supply the demand for coal
in the fall and winter months. Taking the
country as a whole, the production of bituminous coal for August was 48,389,000 tons, as
compared with 45,523,000 tons during July and
42,883,000 tons during August, 1919, the respective index numbers being 131, 123, and 116.
Metal mining during the period in question
still shows some stagnation. The output of
gold in California and Nevada continues to fall
off on account of the low purchasing power of
the metal. Silver mines in Utah and Idaho
are working on a basis which will probably be
slightly ahead of 1919. Higher prices of silver
early in the year probably stimulated production somewhat as compared with present conditions. Copper from the Arizona region will
probably be produced in larger volume than in
1919. Elsewhere there is no substantial change.
The lead output in Utah and Idaho has been
small, but some mines which were idle are now
resuming operations, so that-the yield for 1920
may exceed that for 1919. District No. 10
(Kansas City) reports that in the Colorado district there has been very little change during
the month of August, but the recent advance
in freight rates has produced some discouragement, while increased costs of supplies may
further lower production. Zinc and lead, however, have shown considerable improvement in
August, both in the volume shipped and the
price paid, in the Missouri, Oklahoma, and
Kansas fields. Shipments of zinc ores increased 20 per cent over the preceding month
and lead 12 per cent, the average price of zinc
ore advancing $1 and lead $14 per ton. Stocks,
however, have increased about 2,000 tons during the month in spite of increased shipments.
A car shortage continues to be a serious problem in the shipments of ore, while the new
freight rates will result in an increased cost of
$4 per ton for slab zinc.
1025
The petroleum situation in district No. 10
(Kansas City) has been characterized by high
production during August both in Kansas and
Oklahoma. In the first eight months of 1920
these two States produced approximately
91,361,000 barrels of crude oil, as against
73,492,000 barrels for the corresponding months
of 1919, an increase of nearly 25 per cent.
Wyoming production is now approaching
2,000,000 barrels per month. On the Pacific
coast the average production of petroleum in
August was 4 per cent ahead of that of July,
but the stored stocks continued to decline, indicating heavy consumption. In district No.
11 (Dallas) oil wells showed an increased
production. The total output during August
was 12,343,886 barrels, a gain of 6 per cent over
July. Several important wells have been completed. The price of cnide oil has not materially changed in the Kansas City district,
while gasoline continues in strong demand,
with the supply limited.
The labor situation for the month presented
considerable variation. In the manufacturing
regions employment has been less steady owing
to short-time operations or suspensions in some
quarters. In New England (district No. 1,
Boston) it is reported -that relations between
employers and operatives in the leading manufacturing districts " would appear, on the surface at least,
to be more harmonious than for
some time.77 During the month agreements
have been reached in various branches of the
shoe industry. At Lynn and Haverhill an arrangement which contemplates an amicable
method of settling difficulties until May 1 has
been partially agreed to, although official acceptance is still lacking. Unemployment, however, exists in various quarters. Wage increases are still to be noted here and there, the
most conspicuous one in the Boston district
being that accorded to street railway employees
in eastern Massachusetts outside of Boston.
In district No. 3 (Philadelphia) conditions are
improving and disputes are few. An increase
in efficiency is noted. There has been dissatisfaction in the anthracite coal region because
of the decision of the Wage Scale Commission,
but many of the miners are now returning to
work. In the Middle West it is reported "from
all parts of the district and all industries" that
there is "increasing efficiency on the part of
labor." This is coupled with an increase in
supply. In district No. 8 (St. Louis) there are
"further well-defined evidences of easier labor
conditions." Unemployment, however, is
slight, wages are steady, although there are
sporadic reductions. The principal unemployment is in the factories. Strikes have decreased in number and several formerly in
1026
FEDERAL RESERVE BULI>ETIE".
progress have terminated. Among the latter
may be mentioned the furniture workers' strike
in Evansville, Ind., which lasted about four
months. In district No. 6 (Atlanta) disorders
occurred in the Alabama coal mines. Reports
as to the number of men who are idle vary.
The supply of farm labor shows improvement,
although wages are high. On the Pacific coast
labor is well employed and there is little controversy. In district No. 2 (New York), although there were marked declines in employment in several branches of the metal manufacturing industries, as well as in textiles and
clothing, the total average decrease was only
2 per cent as between July and August. The
most serious labor difficulty in the district has
been the strike on the Brooklyn Rapid Transit
lines, affecting several thousand employees.
The average weekly earnings of factory employees show an increase. There has been a
notable advance in the number of immigrants
to the United States passing through the port
of New York. Those who entered in August
numbered 57,874, while emigrants numbered
36,982.
The situation in the retail trade is essentially the same as last month. The volume of
sales continues moderately large. Practically
everywhere sales in terms of value are greater
than those during the same month last year.
Sales of essential commodities in terms of
physical amounts are probably fully as great
and in some cases exceed those during the
same period last year. The demand for
luxuries and , semiluxuries continues far less
active than at the same time last year. The
attitude of the purchasing public continues to
be characterized as conservative, being far
more exacting in its demands as to quality
and prices than was the case some months
ago. This attitude on the-part of the public
and a general feeling of uncertainty as to
prices is said to be causing merchants to continue the attitude of caution in replenishing
their stocks, purchases in most cases being
chiefly for strictly current needs.
Reports on wholesale trade made by agents
in seven of the twelve Federal reserve districts show an improvement in the volume of
trade in August as compared with July in all
lines investigated except groceries, automobile
supplies, and drugs. The activity of the hardware trade was especially emphasized, although
it was reported from Atlanta that retailers in
this line, in contrast with the wholesalers, were
buying cautiously. Reports from Dallas and
Kansas City state that manufacturers are
unable to supply in needed quantities commodities made of steel. San Francisco and
OCTOBEK, 1920.
Atlanta reports show improvement in the shoe
trade as compared with July of this year, but
in the former case a 15 per cent decrease from
the trade of a year ago. Although a 0.4 per
cent increase was reported for the month, the
Federal reserve agent at Atlanta states that
grocery firms report that great caution is being
exercised by both wholesale and retail stores
and that the trend of prices is definitely downward, although some items show increases. In
Dallas and Kansas City the slowing up of
buying demand in groceries is attributed by
dealers to unsettled prices.
The housing shortage continues to be acute
in the principal cities. In New York the bulk
of the new building is on contracts executed
last spring or late in the winter. However,
building at prevailing prices has reached or
passed its peak. There has been continued
wrecking of houses to be supplanted by business buildings. For August, 1,010 contracts
were awarded in New York and northern New
Jersey, the valuation of which was $38,000,000,
as against $36,000,000 in July. In Chicago
easing is noted in the building trades. Building enterprises all through the Chicago district are still practically at a standstill. Net
costs of building are now 15 to 20 per cent
lower than they were a month ago. On the
Pacific coast there was a falling off in building
permits from $15,582,000 in July to $13,526,000
for August, but the number of permits issued
was larger. The failure to build more freely
is still assigned to the high costs of building
which are estimated at from two to four times
the prewar costs.
Financially the month has been comparatively quiet. There has been a contraction
of loans in New York City and "for a time at
least * * * a noteworthy easing of credit."
Considerable movements back and forth between the New York district and other parts
of the country were effected as usual through
the gold settlement fund. The Federal Reserve
Bank has recently repaid its borrowings at other
Federal Reserve Banks in full. In district
No. 7 (Chicago) money is in strong demand, but
customers in some parts of the district are
reducing their loans. The marketing of grain
is tending to lower the call for funds in agricultural districts. In the South the credit
situation is widely discussed, but it is reported
by district No. 11 (Dallas) that there was "but
little change in the month of August, although
there was another moderate increase in the
volume of bank loans and some decline in
deposits." In district No. 6 (Atlanta) effort
to curtail expansion and to retrench has had
a good effect. On the Pacific coast there was
OCTOBER,
1920.
a decline in clearings and there has been a
slight easing in the rates charged for secured
loans, together with an increase in some parts
of the district for loans on commercial paper.
An increase of $15,623,000 of total bills on
hand, accompanied by a decrease of $2,080,000
in total reserves "are the significant changes
in the position of the Federal Reserve Bank
of San Francisco during the past month." A
somewhat improved condition of the investment market is reported from various parts of
the country, Chicago stating that an encouraging sign is the "growth of thrift on the part
of the public" as shown by an increase in
savings deposits and "the large number of small
investors in prime securities." In New York
the demand for bills fell off during the past 30
days and the market has been quiet. The distribution of commercial paper continues fairly
good, although almost entirely with country
banks. Dealers report a more encouraging
outlook in the Middle West. Stock market
requirements have been much reduced. Call
money continues available at relatively moderate rates. Time money has loaned at 8J to
8i per cent, but the amounts involved are
small. Collection conditions are somewhat
variable. On the Pacific coast reports received
from 85 firms show that 50 per cent have
experienced no decline whatever. In other
cases collections declined, the falling off beginning in the months of May and June and were
exhibited partly in the declining number and
volume of accounts which took advantage of
cash discounts, while there was an increase in
the number of accounts running past due. In
district No. 8 (St. Louis) conditions have not
materially altered. District No. 5 (Richmond)
reports a variable condition with 9 out of 18
reporting firms complaining definitely of
slowness in payments. Conditions, however,
are in general "not far below normal for this
season of the year.'7 Taking the country as a
whole, conditions as illustrated in the extensive
inquiry into collection conditions made by the
Board a month ago, whose results were published in the BULLETIN for September, show
no material change. Foreign exchange has
been somewhat irregular and it is reported by
district No. 2 (New York) that declines in the
principal continental exchanges have been more
pronounced than in sterling, francs, and lire,
being "erratic" with a general downward
tendency. This is due to seasonal offering of
bills. Far Eastern exchanges have been apathetic and speculative. Rates on Argentina
have continued to recede.
1027
FEDERAL RESERVE BULLETIN.
SPECIAL REPORTS ON BUSINESS CONDITIONS.
PRODUCTION REPORT OF THE KNIT GOODS
MANUFACTURERS OF AMERICA.
Total production of winter and summer underwear for the six months ending August 21,
1920:
Number of
Actual
mills
production Per cent
reporting. (dozens). of normal.
Month.
March..
April...
May
June
July....
August.
720,329
781,315
678,287
560,034
583,190
585,071
81.7
82.1
82.2
80.3
73.4
67.3
Order and production report for month ending Aug. 31, 1920.
Number of mills reporting
Unfilled orders first of month (dozens)
New orders received during month (dozens)
Total (A) (dozens)
33
986,722
32,323
1,019,045
Shipments during month (dozens)
Cancellations during month (dozens)
Total (B) (dozens)
Balance orders on hand Sept. 1 (A—B)
438,856
40,479
479,335
539,710
For the month (S3 mills).
Per
cent of
actual
producDozens.
tion.
8.7
32,323
118.1
438,856
10.8
40,479
371,523
546,172
Orders
Shipments
Cancellations.
Production
Normal production of these mills
Twenty-eight representative mills who reported for July and August furnished the data
for the following table:
[In dozens.]
July.
Unfilled orders first of month 1,303,747
32,608
New orders
444,899
Shipments
23,488
Cancellations
400,551
Production
August.
905,458
31,134
410,041
36,697
343,399
Loss.
Gain.
398,289
1,474
34,858
57,152
13,209
FINISHED COTTON FABRICS.
The National Association of Finishers of
Cotton Fabrics, at the request of the Federal
Reserve Board, have arranged for a monthly
survey of conditions within the industry.
The results of the initial inquiries are herewith
presented in tabular form. Mr. H. E. Danner,
1028
OCTOBER, 1920.
FEDERAL RESERVE BULLETIN.
secretary of the association, makes the follow- haying specific detail at hand, but according to our best
estimate, it is probably well within the fact that the
ing statement concerning the tabulation:
figures given for the various classes of work would cover
The accompanying figures are compiled from statistics | approximately the following percentages of the entire
furnished by 33 out of-59 member firms of this association, industry: White goods, 60 per cent; dyed goods, 50 per
It is probably fair to state that in the absence of our cent; printed goods, 30 per cent.
Production and shipments of finished cotton fabrics, by Federal Reserve districts.
July, 1920.
Total finished yards billed during month:
District 1
2
3
5
6
.
8
Total
Total finishing charges billed during month:
District 1
. . .
2
..
3
5
...
6
8
Total
Total average percentage of capacity operated:
District 1
""
•
2
3
5
6
8
Average for all districts
Total gray vardage of finishing orders received:
District 1
2
3
5
6.
8
Total
Number of cases of finished goods shipped to
customers; case equal approximately 3,000
yards:
District 1
2
3
5
6
8
Total
Number of cases of finished goods held in
storage at end of month:
District 1
.
2
3
5
August, 1920.
White
goods.
Dyed
goods.
Printed
goods.
Total.
White
goods.
Dyed
goods.
Printed
goods.
12.772 556
1,455,041
3,862,952
5,041,100
133,437
14 631 £98
984,338
4,896,657
172,250
808,353
14,197,170
693,120
42,858,049
7,' 563,597
8,759,609
5,213,410
941,790
2 135 223
12,688,403
1,832,736
4,350,945
4,758,048
11.4,495
12,648,706
778,701
5,425,519
145,878
571,434
13,715,598
464,553
40,432,552
7,091,893
9,776,464
4,903,926
685,929
2,005,667
23,265,146
21,493,596
14,890,290
67,471,678
23,744,627
19,570,238
14,180,151
64,896,431
$282,248
96,545
127,875
107,350
4,131
$569,205
47,016
201,413
2,389
33,314
$810,216
55,283
$1,911,720
254,646
343,819
109,739
37,445
35,112
$281,328
90,306
189,975
98,295
3,096
$482,195
37,348
210,979
3,238
22,866
$863,918
50,545
$1,904,683
237,233
417,490
101,533
25,962
33,235
618,149
853,337
865,499
2,692,481
663,000
756,626
914,463
2,720,136
52
38
55
83
43
31
53
66
37
51
35
52
83
61
85
54
69
63
69
43
25
54
57
40
48
41
56
69
44
86
55
43
62
51
59
42
54
50
11,892,454
2,033,789
5 007 200
2,785,631
100,441
10,387,706
1,111,929
4 449 263
61,710
854,065
7,308,898
847,026
31,211,387
5,827,927
10,147,526
2,847,341
954,506
2,232.257
8,638,369
1,627,409
5,466,679
2,431,348
23,113
10,364,824
790,676
4,470,523
97,653
497,606
4,904,721
1,316,425
25,450,350
5,654,701
10,532,972
2,529,001
520,719
2,615,080
21,819,515
16,864,673
8,155,924
53,220,944
18,186,918
16,221,282
6,221,146
47,302,823
5,770
929
3,352
2,265
21,551
3,359
4,147
2,928
4,736
1,078
3,448
2,797
22,205
3,551
4,414
2,579
220
1,678
Total average work ahead at end of month,
expressed in days:
District 1
2 ...
3
5
6
8
Average for all districts
215
1,429
515
427
8,377
3,572
2,265
32,500
7,243
3,663
2,797
33,176
4,241
380
3,949
2.237
23,557
3,310
4,817
1,891
4,267
427
4,269
2,910
26,586
3,667
5,348
1,913
4,600
2,910
37,957
4.6
3
9
9.2
15.9
5.8
7.8
12.4
21.1
14
21
5.2
10.2
8.1
312
691
8
Total
I
Total.
331
513
291
443
5,312
4,261
2,237
33,866
5,207
9.9
22.6
20
25
6.4
7.8
13.9
19.1
16.3
10.6
11.1
16.1
25
15
17
15*3
17.5
21.1
8.1
18.7
12.2
10.4
15
NOTE.—Many plants were unable to give details under the respective headings of white goods, dyed goods, and printed goods, and reported
their totals only, therefore the column headed " T o t a l " does not always represent the total of the subdivisions but is a correct total for the district.
FEDERAL RESERVE BULLETIN.
OCTOBER, 11)20.
1029
sales during the month of August shows an
appreciable falling off from the previous month,
Percentage of increase (or decrease) in net sales in August,
largely due to the fact that the demand for
1920, as compared with the preceding month.
sugar has fallen off markedly, and dealers
hesitate to order goods in quantities except
to replenish depleted stocks. Sugar and coffee
have declined severely in price, which has
District.
caused an attitude of conservatism to be
established among the trade as they anticipate
further price reductions in other goods, some
firms reporting that this has resulted in some
No. 3
-29.4
cancellations of contracts on goods for future
No. 4
No. 6
o.'-i'
+13.3
+ 6.4
+ 8.6
delivery.
No. 7
No. 10
-14.9
+ 5.0
+ 10.0
"According to our reports, prices of food
No. 11
+13.0
+ 6.0
-2.0
products show a decided inclination to lower
No. 12
+ 0.7
1.1
+ 8.6
+ 12.8
levels, especially in those articles in which
sugar plays an important part. Canned goods
staples are also seeking lower price levels in
view of the heavy yields of farm produce.
District.
Many of the canners, however, are not reaping the benefit of the lower market price of
ft
vegetables because they had already contracted for the major portion of their supplies
No.3.J
with the growers months ago. Dried fruit
No.4..
N0.6..1
prices are trending upward, while flour conNo. 7..!
-3.4
No.lO.i+34.,1
tinues unsteady.
+2.0
No. 11.!
+27.0
-10.0
" I t is the consensus of opinion among the
No.l2.|+ 8.1 15 + 8.2
+ 17.6
18
trade that the transportation situation has
greatly improved, resulting in the freer movePercentage of increase (or decrease) in net sales in August,
ment of merchandise from near-by points, and
1920, as compared with August, 1919.
there is no doubt that this situation will
steadily improve after the crops have been
moved, thereby releasing thousands of freight
cars which can be diverted for use in other
District.
industries.
" Collections are holding steady with a tendency to fall behind unless held strictly to
selling terms. In fact, some firms are vir-3.0
36
No 3
+1.0
13 + 10.0
6 +21.5
6
No. 4
tually selling on a cash basis."
+2.6
6 +12.7
8 + 18.2
No. 6
7
8 +21.2
District No. 6 (Atlanta) also says that
+4.9
19 + 13.5
-20.3
13
No. 7 1
4
+3.4
4 + 10.0
2 +28.6
No. 10.
"reports from wholesale grocery firms show
-8.0
6 +25.0
5 -12.0
3
No. 11.
+ 9.1 29 + 18.4
15 +20.9
No. 12.
23 -15.4
13 that great caution is being exercised by both
wholesale and retail stores, and the trend of
prices is definitely downward, although some
items show increases during the month. ReDisports from wholesale hardware firms vary as
trict.
to future prices. Tennessee firms report a
slight tendency of prices to advance to cover
the freight rate increase. In Florida there is
some
opinion that prices will come to lower
No 3
+ 11.1
6
No 4
levels, while other reports predict advances.
No 6
While it is necessary for wholesale hardware
No 7
2
No. 10. +27.2
firms to buy far ahead in order to obtain goods
2
4 -3.0
2
-1.0
No. 11.
+ 17 0
15 + 3 7
7
No. 12. + 9.4
when needed, retailers are reported to be buy+33 1 18
*~
ing often and very cautiously/7
i District No. 7 also reports clothing +118.0, 3 firms, and tailoring
District No. 7 (Chicago) reports that de+ 79.0,2 firms.
moralization in sugar prices has had a prejuDistrict No. 3 (Philadelphia) states that dicial effect upon wholesale grocery sales.
" business in the grocery line is very quiet and Cancellations of orders were reported to be
has been for several weeks. The volume of heavy in all reporting lines.
Shoes.
Number of firms.
Number of firms.
\ Number of firms.
Farm implements.
Stationery.
Number of firms.
Number of firms.
c3
Number of firms..
Dry goods.
Auto supplies.
Number of firms.
Drugs.
Number of firms.
Furniture.
Groceries.
Number of firms.
Numb
CONDITION OF WHOLESALE TRADE.
1030
FEDERAL RESERVE BULLETIN.
District No. 10 (Kansas City) reports that
"in the wholesale trade the lines which in
August showed particular activity were furniture and hardware, though dry goods and
millinery made gains over July and August of
last year. Sales of drugs and groceries showed
declines from the previous month, but were
better than a year ago. No conspicuous
changes were noted in other lines.
"All reports, except those on hardware, indicate unfilled orders are not large because of
production catching up with demand. In
hardware wholesalers are finding difficulty in
obtaining staple articles, and particularly
steel, to meet the demand of customers. They
are supplying what they can obtain and permitting customers to seek elsewhere for the
balance.
11
There is a deadlock between manufacturers of textiles and wholesalers of dry goods
as regards purchases for the future. As soon
as a price basis is reached it is expected that
wholesale dry goods merchants will place
orders freely. They report that they are not
offering spring goods to retailers for future
orders as a revision of prices is looked for.
Strained condition of credit, they report, also
keeps them from placing future orders with
manufacturers.
" Activity in the wholesale furniture trade is
attributed to increased supplies, enabling retailers to buy according to their needs, although
there is no disposition on the part of retailers
to stock up heavily. Letters are now received
by wholesalers asking for business, whereas at
this time last year when furniture stocks were
low and almost depleted, manufacturers were
oversold. The uncertainty of prices is said by
wholesalers to explain the cause
of dullness in
the grocery trade in August.7'
In district No. 11 (Dallas) "reports from
representative wholesalers indicate that there
was a more spirited activity in hardware, dry
goods, farm implements, and drugs during the
month of August than prevailed in the preceding month. Sales of dry goods, measured by
selling values, showed an average increase of
13 per cent despite an average decline of 2 per
cent in August prices, as compared with those
of July. Both hardware and farm implements
scored an improvement upon their sales record
for the previous month, though August orders
in these lines were not up to the volume of
business booked in the corresponding month
last year. In the wholesale grocery trade our
reports show that the volume of August transactions was below both the July, 1920, record
and that of August, 1919. This condition was
also in evidence in the statistics of automobile
supply houses, which reported an average de-
OCTOBER, 1920.
crease of 10 per cent in net sales for August, as
compared with the previous month.
"The slowing up of the buying demand in
the grocery line is attributed by dealers to the
unsettled condition of prices. In view of the
recent course of values in sugar and other
staple foods the retailers seem disposed to postpone stock replenishments pending a clearer
view of the future.
"Automobile supply houses report that retail
dealers are well stocked and that factories are
curtailing production as a result of the lessened
demand for tires and accessories.
"Hardware wholesalers explain that the
drop in the volume of August orders as compared with a year ago is not a matter of demand
but of supply, it being extremely difficult to
obtain from manufacturers, in needed quantities, such items as sheet goods, corrugated
steel, and nails. On the other hand, shelf goods
and heavy hardware are reported to be moving
at a satisfactory rate.
"In the wholesale dry goods trade the price
situation, though still hedged about by the
uncertainties that have been interfering with
the normal movement of fall merchandise, seems
to have yielded its place as the uppermost issue
in the mind of the retailer to the more imperative demand for prompt action, as the advancing
season cuts short his time for making a decision.
"Wholesale distributors of farm implements
report that the recent rains in this district, by
delaying the fall planting and sowing season,
had the effect of reducing their August sales to
some extent, though their actual turnover for
that month, as well as the outlook in this line
for the coming fall, may be described as
generally satisfactory.
"According to the reports submitted by five
of the leading firms in the wholesale drug trade,
August was a month of increased activity, particularly with respect to the inquiry for drug
sundries and holiday goods. Prices are generally maintaining a steady level, slight reductions on some articles being about offset by
advances in certain proprietary medicines.
"Special emphasis is laid in the reports from
all lines of wholesale trade upon the retailer's
persistent attitude of caution in placing orders.
Added to the hesitation inspired by the disturbing possibilities of price readjustments is
the feeling of apprehension concerning the
effect of the recent deterioration of the cotton
crop upon the public's purchasing power in the
coming fall and winter months. Notwithstanding this situation, however, a hopeful
feeling generally pervades the wholesale trade."
In district No. 12 (San Francisco) 98 per
cent of all firms report customers buying
cautiously, and staples selling more readily
OCTOBER, 1 9 2 0 .
FEDERAL RESERVE
BULLETIN.
1031
than fancy goods. Reports indicate an in- Percentage of increase or decrease in net sales for August,
1920, over August, 1919.
crease in favor of staples as compared with
fancy goods, but no extreme declines in sales
GroStaHard- Dry
of the fancy goods.
Shoes. tion- Furniware. goods. certure. Total.»
ies.
ery.
Forty-five per cent report transportation
difficulties materially interfering with deliv25 3
Angeles
12.3
10.9 47.5
10.7
20.8
eries, but that conditions are much improved Los
7.6
37.6
28.7
Sacramento.
31.4
San
Francisco
13.6
3.8
44.1
20.2
2
16.1
16.1
over last month; 31 per cent report transpor- Portland
20.3
9.3 2 5.3 2 37. 6
2 10.5
32.8
tation conditions as nearly normal or as causing Salt Lake City
2.7
3.1
12.1
5.8
23.8 7.1
24.I
22.8
13.4
Seattle
only slight interference with deliveries, and 24 Spokane
39.7
73.7
32.5
66.5 18.7
31.5
2 2.3
14.6
12.4
17.9
per cent report no interference whatever. Re- TacomaDistrict
20.9 '"is.* 4" 9.1 2 i5.4 33* i'
9.4
14.6
ports indicate that the delays are mainly with
shipments from the East, and the average Drugs: San Francisco, 39.1 per cent; Portland, 36.6 per cent; district,
period of delay appears to have been reduced 3.7 per cent.
about 30 per cent over last month.
Percentage of increase in net sales Jan. 1 to Aug. 31, 1920,
Of the hardware firms 65 per cent report an
over same period, 1919.
upward tendency in prices, but characterized
StaGroas "slight" by all; 33 per cent report no
Hard- Dry
Shoes. tion- FurniTotal.1
ware. goods. cermaterial change, and only 2 per cent report a
ery. ture.
ies.
slight tendency toward a decline. The advance
is reported as most marked in metal wares, Los Angeles
54.5
32.9
35. S 51.2
64. 4
43.4
21.1
42.6
25.1
with cotton goods declining. Many indicate the Sacramento
San Francisco
47.2
13.2 50.6
35.2
44.8 29.3
66.3
...
26. 6
35.4
55.4
28.8 24.3 2 13.4
advances partly due to the new railroad rates. Portland
31 7
Salt Lake City
33.3
Dry goods,—Fifty-four per cent report prices Seattle
23.2
67.9 18.7
16.5
31.2
14.5
44.6
44.0
Spokane
65.
9
25.
6
32.8
44.
6
as stationary but weak, and 46 per cent report Tacoma
19.9
18.5
26.4
63. 8
43.2 "'46.'6* 26.5 '*'i6.*9* *45.'4"
27.6
District
50.5
declining prices, especially in silks and woolen
goods. Reports indicate from 10 to 20 per
cent additional decrease in silks this month. Drugs: San Francisco, 23.5 per cent; district, 29.2 per cent.
Several firms report a slight increase in crockery Percentage of increase or decrease in net sales for August,
1920, over July, 1920.
and glassware.
Groceries.—Seventy-five per cent report deGroStacreasing prices of limited character, while 25
HardShoes. tion- FurniTotal.1
ware. goods. cerper cent report prices stationary, with excepies.
ery. ture.
tions of sugar; 95 per cent report decreases in
sugar, and several report decreases in rice, Los Angeles
3.9
0.2
2 0.1 12.1
25.7
4.9
2
0.7
Sacramento
7.4
14.4
shortenings, and salad oils.
18.4 23.0
7.5
San Francisco
2 4.5
8.6 11.2
H7.3
2 8.5
3.0
2.8 2 30. 3 212.5
Drugs.—Eighty-six per cent report prices Portland
2 24.6
2
Salt Lake Citv
16 r)
2 7.9
23.1
14.8
18.5
1.4
48.0 36.3
14.6
stationary, 3 per cent indicate an upward Seattle
11.8
234,1
27.5 10.1
47.5 - - - - trend, and 11 per cent report a slight down- Spokane
2.3
6.0
Tacoma
7.3
'"12's
8.1
0.7
""8'.6
1.1
'17*6*
District
4.4
ward tendency.
Shoes.—Sixty-eight per cent report receding
San Francisco, 5.9 per cent; Portland, 23.8 per cent; district,
prices, although indicated by small drops, and 8.2Drugs:
per cent.
2
32 per cent report prices firm.
1 Includes reporting drug firms.
Decrease.
Stationery.—Forty-five per cent report prices
still advancing, 42 per cent report prices firm
on all lines with exception of paper, which is
TERMS OF SALE.
still advancing, and 3 per cent report a few
decreases.
The following is the seventh of a series of
Furniture.—Seventy-seven per cent report articles giving data as to current practice and
prices holding the same. Several of these recent history of terms of sale in the principal
firms, however, report an increase in metal industries. Acknowledgment is due the many
goods.
business houses, individuals, and trade assoCollections.
ciations who have courteously furnished the
information.
A final article will appear at an
Fair.
Good.
Poor.
early date describing the situation in the agricultural implement and drug and chemical inPer cent. Per cent. Per cent. Per cent.
67
28
Hardware..
dustries.
Dry goods.
31
61
Groceries..
Drugs
Shoes
Stationery.
Furniture..
82
51
60
49
58
14
37
31
32
42
POTTERY AND CHINA.
From 25 to 40 per cent of the output of domestic manufacturers is sold to wholesalers,
1032
FEDERAL RESERVE BULLETIN.
who may be jobbers exclusively in that product, hotel supply jobbers, or wholesalers of
other products, such as drugs, glass, etc. The
balance is sold to retailers, who may be specialized china retailers, or else department or
furniture stores. A considerable proportion is
distributed through mail-order houses, one
manufacturer reporting that one-third of his
total output is distributed in this manner.
Terms in the industry are generally net 30
days. Certain manufacturers still give a cash
discount of 2 per cent 10 days or 15 days, but
the majority have either eliminated cash discounts in recent years, or, in a few cases, have
reduced them to 1 per cent. One manufacturer who has in general eliminated the cash
discount still grants it in the case of poorer
risks or in order to keep down the size of the
account. In certain cases 30 days extra is
given to customers west of the Mississippi
River and south of Tennessee, to cover additional time shipments are in transit. In certain cases semimonthly settlement dates, such
as the 10th and 25th, may be specified.
Due to the shortness of terms, the use of
the trade acceptance is very limited. Manufacturers have been in a position to select their
customers, and thus collections are reported
very satisfactory. Thus one manufacturer
states that 80 to 90 per cent of his accounts
are discounted in 15 days, while the remainder
are practically all paid within 30 days, while
another reports that his outstandings average
30 days. Two other manufacturers selling on
net 30-day terms, however, state that accounts
are collected on the average in 45 days.
JEWELRY.
Twenty-five or more years ago regular terms
of jewelry manufacturers were 6 per cent 10
days, 5 per cent 30 days, net 4 months. Subsequently, however, competition became very
keen. As competition grew, orders were solicited earlier and earlier each year, until business for the fall season, which usually runs
from July until January, was solicited as early
as April. This tendency was accentuated by
the fact that business during the first half of
the year is normally duller. As an inducement
to wholesalers to place orders early and thus
to put the factories at work on them, a season
dating of January 1 was introduced, and shipments made during May, June, and early
July. This was followed by the institution of
a July 1 settlement date on goods for the
spring season, which is stated by one authority to have occurred as a result of the dull
times in the industry following 1906. In the
meantime, the season terms had been applied
OCTOBER, 1920.
also by wholesalers to retailers. Aside from
the fact that manufacturers had made a like
change in their terms to wholesalers, the forces
bringing about this change were similar to
those existing in the other case. Competition
became keener, and efforts were made to
induce earlier purchasing and thus avoid extreme congestion at the end of the fall season,
as it is impossible for the travelers upon whom
the retailers depend to visit each of them at
the exact moment when he wants to buy his
goods. Thus one Texas house, in ascribing
the introduction of the season settlement in its
territory to New York wholesalers, stated
that this was offered as an inducement to
retailers to purchase when their travelers, who
covered a wide territory, were on the ground.
In addition, there is the fact that the large
Christmas business places the retailer in funds.
In consequence, the former regular terms of
6 per cent 10 days, 5 per cent 30 days, net 4
months, came to be in little use, and have
been characterized as "an old formality which
has been in discard for years/' terms being
either season settlement or 6 per cent 4 months.
It is stated that while "the season settlement
proposition has been in practice for many
years/' it has "possibly been abused only
within the past 10 to 12 years, during which
time it was pretty generally extended to all
whose credit was worth while." In New
England, however, wholesalers never adopted
it very extensively, due, it has been suggested,
to the fact that they cover a smaller territory
and enjoy better transportation facilities.
Within the last few years, however, the
situation with respect to terms changed. The
market began7 to assume more the appearance
of a sellers market, and manufacturers
shortened terms and reduced discounts, in
many cases to 2 per cent or 3 per cent 30 days,
net 4 months. In consequence, in certain cases
there has been a similar change in wholesalers'
terms. In fact, wholesalers at various times, for
example, in 1910, have discussed the question,
but no unified action has been taken, the weaker
wholesalers having raised strong objection.
Existing terms thus present a rather confused
appearance, many still continuing the older
season settlement terms, while others have
reduced discounts and shortened terms as
indicated above. With the scarcity of merchandise in the last few years, certain wholesalers and retailers are reported to have
tended to pay more promptly in the hope of
obtaining preference in short time deliveries
and on short or desirable merchandise. A
leading wholesaler, speaking of the retailer,
makes the following statement: "Credit means
a great deal in the jewelry business, as the
OCTOBER, 1920.
biggest percentage of the medium-sized jewelers
throughout the country have emanated from
the workbench, and have built up their business on the credit that they have received.
Of course, some of these individuals have
taken advantage of this credit and misused
same, but the larger percentage have built up
their stock and gradually are getting in a
sounder financial condition, and it will be but
a short time when they voluntarily will liquidate 77their debts in shorter time than in the
past.
Data recently obtained by the committee on
terms and discounts of the National Wholesale Jewelers' Association show that average
outstandings of wholesalers on May 1, 1920,
were equal to 83 days' sales.1 Of the total
volume of sales, approximately 38 per cent
were made on 30 days' time, 11 per cent on
60 days, 1H per cent on 90 days, 23 per cent
on 4 months, 1H per cent on semiannual
terms, and 5 per cent on "running account,"
the average of which, 75 days, approximately
agrees with the figure given above.
While the above are the general terms which
prevail on jewelry certain items are sold on
different terms, both by manufacturers and by
jobbers. The principal classification is into
standard and nonstandard merchandise, the
latter of which " needs to be stocked, arranged,
examined, and discussed as to price and quality."2 Terms on American watches are shorter,
such as 30 or 60 days, and discounts in many
cases smaller, although it is stated that manufacturers generally price their watches on a
6 per cent basis, and wholesalers do likewise.
Due to the relatively small number of manufacturers of trade-marked watches, it is possible
to take advantage more easily of the existence
of a sellers' market. Terms on the item vary
somewhat, 6 per cent 10 days or 30 days, net
4 months, being frequently given but without
further dating. Sterling silverware largely
carries terms of 2 per cent 10 days, net 30 days.
Diamonds, the other important nonstandard
item in addition to jewelry, have been sold on
longer time. This is also partly due to the
larger amounts involved, in particular where
sold in lots and not as single diamonds, and
by this means the retailer is enabled to carry
a larger stock for show purposes. Moreover,
diamond importers have granted very long
terms, corresponding to the terms given by
European sellers. Cutters1 and jobbers' terms
have frequently been 8 to 12 months. As a
result of scarcity within the last few years,
1 The figures given in the committee's report represent unweighted
averages.
2
Report of Committee on Terms and Discounts, National Wholesale
Jewelers' Association, Mr. Sydney Y. Ball, chairman, presented at the
June, 1920, convention.
1033
FEDERAL RESERVE BULLETIN.
however, both importer and cutter have come
nearer a cash basis, although the retailer is
still used to long time, but is neither demandirg
nor receiving the old extremely long terms.
Four to 6 months' terms are reported, and in
some cases cash discounts, such as 3 per cent
10 days, are quoted with these terms.
The present situation is concretely shown in
the following table, based on data obtained by
the committee, as to the actual time received
by wholesalers on their purchases and granted
by them on their sales:
Diamonds
Watches
Jewelry
Clocks . . .
Silverware
Miscellaneous..
Received.
Granted.
7 months
1 month
1 month to season
settlement ( v e r y
mixed).
10-30 days
1 month
do
4.9 months.
2.3 months
3.5 months.
2.5 months.
2.6 months
2.1 months.
With respect to the cash discount, about
one half stated that they were" good-natured,"
and granted 30 to 90 days extra, with full discount, while the other half were strict.
Wholesalers favor somewhat shorter terms
to retailers than those now employed, namely,
about 4 months on the average on diamonds,
2 months on watches, 2.8 months on jewelry,
1.9 months on clocks and silverware, and 2.1
months on miscellaneous items. Preference is
expressed for a 6 per cent discount, both on
purchases and sales, and it is also favored by
retailers. It is stated that these terms would
be practicable, in view of the fact that data
obtained from retailers by the committee show
that 67 per cent of the latter's sales are for
cash, 15 per cent on 30-90 days7 time, 8 per
cent on 4 months' time, and 10 per cent on
running account. Two-thirds of the retailers
expressed themselves as being able to purchase
on shorter terms. Data obtained by the committee as to terms on which retailers now
purchase showed 64 per cent of purchases made
on 30 days' time, 6 per cent on 60 days, 7 per
cent on 90 days, 4 per cent on 4 months, 12
per cent on semiannual terms, and 7 per cent
on running account. The average of these is
52 days, as contrasted with 75 days shown by
wholesalers as their average terms to retailers,
and the correct figure is stated to be probably
between the two. Average time received on
diamonds is shown as 4 months, on watches
45 days, on jewelry 56 days, on clocks 40 days,
on silverware 43 days, and on miscellaneous
items 32 days.
The trade acceptance is employed by some
leading wholesalers in the industry. Only onethird of the retailers covered in the survey,
1034
FEDERAL RESERVE BULLETIN.
OCTOBER, 1920.
however, had used them, and of these one- tral instruments, rolls and records and " musical merchandise," and sheet music. The last
third did not like them.
is published in large part by exclusive wholeOPTICAL MERCHANDISE.
salers, very few doing a retail business. Popular sheet music, church and school music is
In the optical trade e. o. m. terms prevail on largely published by firms which specialize in
nearly all accounts, both between manufacturer these. It has been estimated very roughly
and wholesaler and wholesaler and retailer, and that about 90 per cent of the output of pianos
the 10th is the date specified.
is sold by manufacturers to dealers and 10
The cash discount of the manufacturer to the per cent direct to consumers. In the case of
wholesaler is 2 per cent on the 10th of the brass band instruments, it has been estimated
month following date of invoice, at which time that about 75 per cent of the product is sold
the bill is due. The prevailing wholesaler's direct to the consumer and the remaining 25
terms are 6 per cent cash discount on the 10th per cent to the wholesaler. Small string
of the month following date of bill, after which instruments, however, are mainly made abroad,
time it becomes net, with some houses im- and are distributed entirely through dealers,
mediately due and with others due on the 10th roughly one-half passing through the hands of
of the month following. The matter of net wholesalers and the other one-half being sold
terms in this connection is not very clearly direct to retailers. Talking machines are
established nor lived up to. A leading author- largely sold to jobbers.
ity estimated in 1919 that roughly two-thirds
Substantial similarity, however, prevails as
of accounts of retailers with wholesalers were
to terms in the different branches. Standard
discounted,
terms prior to the war were 5 per cent 30 days
The cash discount of 6 per cent is " a relic of net 4 months, but the retailer was usually
the days when the optical business was closely granted extended terms, as much as 2 and 3
allied with the jewelry trade," although the years being given. Consignment was frequent
two lines are now quite distinct and separate in case of slow movement of goods or relative
and only in rare instances affiliated. It is the overproduction. As a result of the war and
opinion x>f most wholesalers that the 6 per cent a strongly marked and constantly increasing
discount for cash is an unreasonable premium demand for music, there has been a scarcity
for prompt payment, and while a few have of instruments. Much closer observance of
expressed the opinion that a high cash discount terms has resulted, interest is added on acstimulates prompt payment, the consensus of counts carrying additional time, and consignopinion is that a decrease in the discount ment, it is stated, has almost ceased. In
should not seriously affect the proportion of addition, customary terms have been shortaccounts which are discounted. Many whole- ened. Thus, while a few wholesalers still
salers desire to reduce the discount to 2 per adhere to the former terms of 6 per cent 10
cent, making it the same as they receive from days, 5 per cent 30 days, net 90 days, the
the manufacturers, but a few have opposed the general terms are now 2 per cent 10 days, net
change, and this has deterred the majority.
30 days, and most manufacturers sell on this
A number of wholesalers have been endeavor- basis. On stock orders to recognized dealers,
ing to introduce the 2 per cent cash discount by however, wholesalers may grant net terms of
applying this on some of their specialties, and 4 months. Talking machine manufacturers
practically all machinery and instruments are have always employed the standard terms of
now on a 2 per cent cash discount or net basis, 2 per cent 10 days, net 30 days, and certain
while 6 per cent is still allowed on ophthalmic of them have changed within recent years
lenses, frames, mountings, prescription work, from a monthly to a semimonthly discount
etc. One wholesaler in the East, in an effort settlement. During the last few months some
to further the adoption of a 2 per cent cash dis- deviation from these terms is reported. On
count, generally has established a 4 per cent retail sales of pianos provision is of course
trade discount, leaving the bills subject to a 2 made for the deferred-payment plan, running,
per cent cash discount, and states that col- for example, 30 months, and made under
lections have not been adversely affected.
conditional bill of sale, notes being taken. A
On tjxe Pacific coast the discount generally leading authority states that "the industry
allowed and in effect for some time is but 2 as a whole is upon a much higher and more
per cent on all items.
practical plane than before the war." In the
sheet-music department, with the exception
MUSIC AND MUSICAL INSTRUMENTS.
of the "popular music" published, however,
The principal branches of the industry are discount practices are probably least standardpianos, organs, phonographs, band and orches- ized. Almost all manufacturers now employ
OCTOBER, 1920.
FEDERAL RESERVE BULLETIN.
the trade acceptance on accounts of those
dealers who take terms of four months. Due,
it is said, to the small size of bills and the
shortness of terms, in other branches of the
industry little use of the acceptance is made.
WOOD PULP AND PAPER.
Terms in the industry vary according to the
type of paper, but in general are on a 30-day
basis. It has been stated that "when conditions have been in favor of the mills, discounts
from 2 to 3 per cent have been in effect, and
when the market has been a jobbers' market
the jobbers have in a great many instances
succeeded in eliminating discounts." Another
authority states that " broadly speaking, cash
discounts are more liberal in the fine paper
line."
Manufacturers of wood pulp in general sell
on terms of net 30 days, but a few allow a cash
discount, such as 1 per cent on receipt of
invoice, or permit anticipation at the rate of
6 per cent per annum.
Paper manufacturers.—Newsprint paper is
sold by manufacturers on terms of net 30 days,
or settlement is permitted by a specified date,
such as the 15th, for all shipments made during
the preceding month. It is stated that a
greater proportion of newsprint and specialties
are sold by manufacturers direct to consumers
than in the case of other products.
Most manufacturers of writing paper sell their
product on terms of 3 per cent 30 days from
date of invoice, while a few manufacturers allow
net terms of four months on note, with the
option of 3 per cent 30 days. A leading wholesaler also reports purchasing this class of paper
on terms of 2 per cent 30 days. Little use of
the trade acceptance is reported. Manufacturers of writing paper sell practically their
entire output to wholesalers and converters,
who make up the manufactured finished product into blank books, tablets, envelopes, etc.
The same terms (3 per cent 30 days) are also
employed by manufacturers of cover paper and
similar paper of the higher grades. Practically
the entire product is sold to paper merchants
or\ converters. Some manufacturers of fine or
printing paper sell on terms of 2 per cent 10
days, and many on terms of net 30 days.
Manufacturers' terms for book paper in general range from 2 per cent 10 days, net 30 days,
to 3 per cent 30 days. During recent years
certain mills have eliminated the cash discount
and are now on a net basis. A distinction is
made by certain manufacturers between discounts given to paper merchants and to publishers, the former receiving 3 per cent 30 days
and the latter 2 per cent 30 days. A few
1035
accounts are stated to receive additional time
on a net basis and to settle by note or open
account. A large percentage of the tonnage
is sold on contract to publishers.
Wrapping paper is sold by manufacturers on
terms of 2 per cent and 3 per cent 30 days,
although in some cases such coarse papers carry
only 2 per cent 10 days.
About one-half the output of waxed paper is
sold to the baking industry, and the demand
in the southern and Rocky Mountain sections
is relatively light compared with the remainder
of the country. Prior to May, 1920, adopted
terms of the manufacturers' association were
2 per cent 10 days, accounts west of Denver
receiving 2 per cent 20 days, but at that time
the terms were abolished. Some manufacturers now sell on terms of 2 per cent 10 days,
net 30 days, others on net 30 days. During
the past decade the period was reduced successively from 30 days to 15 days and to 10
days, with an allowance of 10 days extra to
extreme western territories, the discount remaining the same. Glassine and grease-proof
papers as a rule are sold on terms of 2 per cent
10 days. Vegetable parchment is sold on terms
of net 30 days. A considerable proportion is
sold to industrial consumers, a leading manufacturer reporting that 60 per cent of his output
is sold to them as against 40 per cent to jobbers.
Manufacturers of towels and toilet paper in
general sell on terms of 2 per cent 10 days, net
30 days. Some manufacturers, however, grant
the cash discount for payment within 15 days,
some within 30 days, while others quote 3 per
cent 30 days and others give net terms of 60
days, with a cash discount of 2 per cent 10
days. In certain cases longer terms, such as 30
days additional, are granted to customers in
distant sparsely settled territory, to which
carload lot shipments are necessary in order
to obtain a low freight rate, and a slower turnover thus results. It is stated that practically
all this type of paper is sold to paper merchants
or converters. One authority estimates that
60 per cent of the product is sold to wholesale
paper dealers, 25 per cent to wholesale grocers,
and 15 per cent to wholesale druggists and
miscellaneous wholesalers. It is stated by one
manufacturer that while collections are normally made on an average of from 20 to 45
days, due to present traffic conditions, buyers in
many cases postpone payment until the receipt
of the goods, although this in general does not
apply to wholesale paper houses. Trade acceptances, while by no means general, are used
by certain leading houses, interest in the
majority of cases being added for additional
time beyond the regular net period. One
manufacturer, however, quotes 4 per cent for
1036
FEDERAL RESERVE BULLETIN.
OCTOBEE, 1920.
cash with order and 3 per cent for 60-day trade cent per annum on overdue accounts. Exacceptance with order, dated as of date of tremely limited use is made of the trade
invoice.
acceptance. Practically the entire output of
Wholesale paper houses.—These in general paper-box plants is sold to industrial consumers.
follow manufacturers' terms on the several Adopted terms of the Folding Box Manufacclasses of paper. It is stated, however, that turers' National Association are 1 per cent 10
coarse or wrapping papers are sold almost days, net 30 days. Prior to 1917 practice with
universally by paper merchants on terms of 2 respect to terms was extremely loose. Manuper cent 10 days, net 30 days, 10th e. o. m. facturers, it is stated, would often make practerms being granted on running accounts. tically a year's supply of goods, warehousing
Among fine or printing papers, newsprint is them without adequate charge, and would ship
sold quite generally on net 30 days. Some as required by the customer on terms of 2 per
book papers are also sold on these terms, but cent 10 days, net 30 days. Not over 5 to 10
these kinds of paper in general carry terms of 2 per cent of the output is sold to dealers for
per cent 30 days. In New England, New York resale, such items being suit and laundry
City, Baltimore, and the South, 31per cent 30 boxes, ice-cream pails, egg containers, etc. It
days, however, generally prevails, and in the is estimated that probably 30 to 40 per cent
South net terms are still 60 days. In conse- of purchasers discount during normal times,
quence of a similar tendency on the part of while overdue accounts are probably collected
manufacturers, there has been a decided on an average within 30 days from due date.
tendency on the part of paper merchants to During the present year terms on corrugated
shorten terms during the past decade and to and solid fiber boxes were changed to net 10
reduce the discounts. In case of fine papers, days, and collections are generally made within
up to 18 months ago the discount was almost 15 days. Prior to four or five years ago terms
universally 3 per cent, while 6 to 7 years ago were generally 2 per cent 10 days, net 30 days,
net terms were 90 days, which has been and at that time the discount was changed to
gradually shortened until to-day most goods 1 per cent. The trade acceptance is not used
carry net terms of 30 days and but few longer to any great extent. Practically the entire
than 60 days. Trade acceptances are not output is sold direct to industrial consumers.
very largely employed by. paper merchants.
Wall paper.—The manufacturers' association
It is stated that during the last three years in this industry adopted the following terms of
collections have been extremely satisfactory, sale on July 17, 1920: "Three months from
and many houses report as high as 92 or 93 per date of invoice, provided settlement is made
cent of their sales discounted by the purchaser. by trade acceptance within 10 days from the
Paper board, paper boxes, etc.—In the springfirst of the month next following date of shipof this year manufacturers of box board and ment. For cash payment within the time
paper board successfully changed their terms specified in lieu of trade acceptance, 1 per cent
to 1 per cent 10 days, net 30 days. Prior to discount per month will be allowed from the
that time terms were generally 2 per cent 15 date of such payment to the date trade acceptdays, net 30 days. In the West practically ance would have matured. All invoices bethe total output is sold direct to the converter come due on the 10th of the month next followor consumer. The converter manufactures the ing date of shipment if not settled previously
raw material, paper board, into various types by trade acceptance or cash. Interest will be
of paper boxes, and furnishes these to the user, charged on all overdue accounts. Delays in
who packs merchandise in them. The jobber transportation do not alter these terms of sale.
or middle man has practically no place in the With the foregoing understanding as to settlebusiness west of the Alleghenies. In the East, ment, invoices rendered between September 15
however, with about the same tonnage and and February 1 will carry the latter date, exvalue, it has been estimated that he sells cept in the case of invoices covering goods
probably 20 per cent of the total, the balance shipped on duplicate orders for fall and winter
being sold direct by the mills to the consumer requirements of goods of previous year's manuor converter. Manufacturers sell binder's facture, which class of shipments carry no
board on terms of 2 per cent 15 days, net 30 advance dating.'' In other words, by the 10th
days. Cardboard also bears a 2 per cent cash of the month following that in which shipment
was made, the purchaser must decide to settle
discount.
Terms recommended in 1919 by the National either by cash or by trade acceptance. If he
Paper Box Association are 2 per cent 10 days, settles by trade acceptance, he is allowed 90
net 30 days, with interest at the rate of 6 per days from date of invoice. If the shipment
was made between September 15 and February
i But certain New York houses report terms of 2 per cent 30 days on 1 the latter is taken as the invoice date, the net
all lines.
OCTOBER, 1920.
due date being May 1. For cash payment discount is allowed at the rate of 1 per cent per
month. This makes the figure, in the case of
shipments made between February 1 and September 15, which carry no dating, either 3 per
cent for payment when shipped, or 2 per cent
10th e. o. m. In the case of shipments carrying the dating, the discount will naturally be
much greater if payment be made shortly
after time of shipment. Thus the schedule of
one manufacturer quotes 1\ per cent for payment before September 25, with a decline
of \ per cent every 15 days until 3 per cent is
given for payments between January 25 and
February 10, and the bill is due net if paid between April 25 and May 10.
Since April 12, 1919, the same terms were
in effect, with the exception that 30 days was
provided in place of the 10th e. o. m., and note
settlement in lieu of trade acceptance was
permitted. Prior to that time the dating was
March 1 instead of February 1, while prior to
about three years ago the terms were four
months instead of three. The object of the
February 1 dating is to induce dealers to accept
goods as manufactured, and before they are
actually required. Manufacturers can thus deliver as goods are ready, obviating the necessity
of extensive warehouse space. Manufacture is
commenced about September 1, and the manufacturer has but one season, while the retailer
has two—spring and fall.
The above are the terms on regular goods.
Plain goods are not subject to the February 1
dating, while 30-inch goods, plain, are sold
on a 30-day basis, as are also stock goods (carried over from the year previous and not
manufactured again). Lincrusta-Walton paper, a heavier product, is sold on terms of
2 per cent 10 days, 1 per cent 30 days, net 60
days.
While the regular terms provide for settlement of accounts by trade acceptance, this is
not insisted on in all cases, and on the whole
few accounts have been settled by trade acceptance. Certain manufacturers receive quite a
number of notes covering early shipments, to
mature during the dealer's period of active
selling. One manufacturer states that in the
fall and early winter* when the discount is
larger, the high-rated customers all take advantage of it, but later, at the time when the
discount is, say, 1 per cent, payments in
anticipation decrease. One authority estimates that about half the customers discount
their bills in 30 or 60 days, but it is stated that
a customer's business in many cases is retained
by allowing him many extensions, and it frequently happens that an account is not settled
until a year after it has matured.
1037
FEDERAL RESERVE BUIXETHST.
BOOKS.
Books are distributed by publishers principally through jobbers and retailers, the latter
handling two-thirds or more of the business.
This varies, however, with the type of book.
Textbooks, including common-school and college books, and law, medical, and scientific
books are largely sold by the respective publishers direct to the consumer. Miscellaneous
books, on the other hand, may show a much
larger percentage, such as 40, sold to the
wholesaler.
Omitting trade discounts, which differ
widely, the prevailing terms of payment in
the industry are net 30 days, or monthly settlement, both to jobbers and to retailers. Cash
discounts, which vary from 1 per cent to 3 per
cent 10 days, are now relatively rare. They are
stated to "have been found unsatisfactory in the
long run," and there has been a tendency to
abolish them. "Anticipation discounts" of onehalf of 1 per cent per month are granted in some
cases. Additional time, such as 30 days, is
often granted on shipments to distant sections.
Travelers' orders carry 60 days in the case of
certain publishers, while stock orders are
granted from 60 days to 4 months, and 6
months to some Pacific coast accounts. The
time given varies according to the size of the
order, type of book, location of buyer, time of
shipment, etc. Holiday orders placed after
July 1 carry a season dating of January 1,
although this has been changed by some houses
recently to December 15. It has been stated
that texts almost never carry special dating.
The only changes which have been noted in
terms have been the elimination of the cash
discount and a slight increase in the trade discount. Little use is made of the trade acceptance. There is stated to be " a tradition that
the book trade does not pay very promptly,"
but collections on the whole are reported good,
in particular from the larger dealers. One
publisher, however, states that textbook collections are slow.
Wholesalers' terms and collection experience
are reported substantially similar to publishers7.
STATIONERY.
The distribution of stationery supplies, which
include writing paper, envelopes, ink, glue,
paste, paper fasteners, etc., by the manufacturers, varies considerably according to the
class of goods turned out. Many manufacturers sell direct to wholesalers and do not
solicit retail business. As high as 98 per. cent
of the total output of manufacturers of envelopes goes to the wholesale trade, w^hile, on the
other hand, practically the entire production of
1038
FEDERAL RESERVE BULLETIN.
fountain pens goes to the retail trade. The
sales of other goods, such as ink and paste, are
stated to be well divided between the wholesale trade and the retail trade. In some instances the retailers get only special lines direct.
Manufacturers.—Prevailing terms among
manufacturers are 2 per cent 10 days, net 30
days, or 2 per cent 10 days, net 60 days. Envelopes, however, are sold by most manufacturers on terms of 3 per cent 10th e. o. m., but
some manufacturers allow 2 per cent 10 days
and a few net 30 days only. One leading
writing paper manufacturer offers 3 per cent 10
days, 2 per cent 30 days, net 60 days, or 3 per
cent 10th e. o. m., net 60 days. Shipments of
holiday goods made at his option any time after
July 1 carry October 1 dating. Certain tablet
manufacturers, however, grant wholesalers a
dating of July 1. Special datings of March 1
are given by certain manufacturers on freezeable goods, such as ink, paste, and glue, while
others grant 60 days to in some cases 4 months'
extra dating, in general for orders in advance of
requirements. Fountain-pen manufacturers
offer larger discounts or longer time for larger
original stock orders, the plan of a leading
manufacturer granting terms, according to size
of order, ranging from 2 per cent 10 days or net
one-half 30 days, one-half 60 days, to 4^ per
cent 10 days net one-sixth at expiration of
each 30 days for 6 months.
Changes in terms which have taken place
among the manufacturers of stationery supplies during the past decade have included
decrease in the discount and the elimination
of season datings in many cases. Envelope
manufacturers have refused long-time orders
during and since the war, and generally have
taken only orders calling for delivery immediately or within two or three months. Certain
manufacturers granted a 5 per cent discount
on orders of one-half million paper fasteners
or over, from April 1, 1919, to June 22, 1920,
when the discount was changed to 2 per cent
10 days. A leading pen manufacturer reports
a decrease in cash discount from 6 per cent to
2 per cent within the last three years.
The trade acceptance has been employed to
a very limited extent only in the industry.
One fountain-pen manufacturer reports employment of it to cover the additional time on
original stock orders. Collections in general
are prompt. Manufacturers of envelopes report that 95 to 98 per cent pay during the
month following delivery, while, where discount is offered, about 80 per cent discount.
Eighty per cent of the buyers of ink, glue,
and paste discount their bills, while 60 per
cent of the accounts of a leading writing paper
manufacturer and 40 per cent in the case of
OCTOBER, 1920.
a leading pen manufacturer discount. In New
York the discount is usually taken on the 10th
of the following month on paste, ink, and glue,
while on the Pacific coast it is usually taken
twice a month, the custom dating back to the
time when payment was made on "steamer
days" when ships arrived.
Wholesalers.—The regular terms of wholesale stationers are 2 per cent 10 days (in some
cases 30 days), net 60 days, and 2 per cent
10 days, net 30 days (specified by certain
wholesalers as subject to sight draftT in 60
days). Season datings are frequenth given
of September 1 for school supplies and staple
goods shipped from May on, and of November
1 or December 1 for holiday goods shipped
during September and October. In some
cases, however, net January 1 or January 1
2 per cent 10 days is specified instead on
holiday goods. In rare instances 30 days
extra is granted.
The prevailing tendency since about 1915
has been to reduce the length of time, both as
regards the regular terms and the season
datings, largely as a result, it is stated, of
manufacturers' changes in terms. At that
time terms were generally 6 per cent 10 days,
5 per cent 30 days, net 60 days, while subsequently a 3 per cent discount was prevalent.
The trade acceptance is used only to a very
small extent in the industry. Several authorities estimate that approximately 50 per cent
of accounts are discounted, while about 25
per cent may run past due, taking up to 60
to 90 days additional.
OFFICE APPLIANCES.
Office appliances are sold through branch
offices or representatives. The policy varies
with the individual manufacturer, but in the
majority of cases the same manufacturer does
not employ both methods.
Terms of sale are of two general classes.
The great majority of sales are made on terms
of net 30 days, in many cases with a cash
discount of 2 per cent 10 days. A discount
of 1 per cent 10 days is also found, as are
strictly net 30-day and in one case each net
cash and net 10-day terms, while in one case
2 per cent 10 days e. of m. terms and in ano trier 2 per cent spot cash with order are
granted. Little difference is noted according
to the type of product, although terms on
adding machines are 2 per cent 10 days, net
30 days, and on tabulating and bookkeeping
machines net 30 days. On calculating machines net terms of either 10 days or 30 days
prevail, and on typewriters and filing equipment terms of net cash or net 30 days. The
only change in terms has been the elimination
OCTOBER, 1920.
of quantity discounts in some cases, as well
as the institution of partial payment or installment plans in certain cases. One manufacturer reports a considerable demand for
this system and is seriously considering the
installation of such terms. The four manufacturers of adding and calculating machines
from whom data were obtained have partialpayment plans. On the whole, however, the
amount of sales on such terms is small, the
percentage of total business shown by various
manufacturers being 2 per cent, 5 per cent,
25 and 40 per cent. The several plans differ
somewhat, in one instance a substantial cash
ayment being required and the remainder
ue in equal installments running over 11
months, wnile in two other cases where details
were given 6 and 9 months were the upper
time limits permitted. Another manufacturer
requires a 20 per cent initial cash payment,
and the balance has been due in 12 monthly
installments, but recently the number was cut
to 6. In one case it is stated that no interest
is charged, but other manufacturers make an
additional interest and carrying charge.
The trade acceptance is, on the whole, little
used in the industry. The larger number of
manufacturers do not employ it, although one
manufacturer makes use of it in connection
with 20 per cent of his installment sales or
5 per cent of his total business, and states
that it has proven very satisfactory. While
a considerable number of manufacturers report
that collections are prompt, or fairly prompt,
in other cases a considerable number of accounts run past due. Two manufacturers who
specify a net period of 30 days report that
their receivables average 45 days, while another
has 25 per cent of accounts run past due.
The manufacturer with net 10-day terms collects only 50 per cent of his accounts within
that time, another 25 per cent within 30 days,
and the balance practically within 60 days,
while the manufacturer with net cash terms
generally collects within 30 days. The percentage of accounts taking the cash discount
varies, instances of 25 per cent and 50 per
cent being reported with a 1 per cent discount
and 40-50 per cent, 75 per cent, and 90 per
cent with a 2 per cent discount, though the
last-mentioned manufacturer reports a great
decrease during the last few months, with a
tendency to take instead 30 days or more.
One manufacturer reports that overdue accounts are largely for service items, requiring
a departmental check up before payment.
Another finds that 12-15 per cent of installments run past due, while on the sales made
on regular terms 25 per cent run beyond 30
days.
S
1039
FEDERAL. RESERVE BULLETIN.
Foreign Banking in Jamaica.
Herewith is printed text of the recently enacted legislation approved June 26, 1920, with
respect to the conditions under which aliens
may carry on banking business in Jamaica.
At present two Canadian banks are operating in Kingston, the Royal Bank of Canada
and the Bank of Nova Scotia, and one English
bank, the Colonial Bank. The Jamaica Government operates "The Government Savings
Bank/' and the third Canadian bank, the
Canadian Bank of Commerce, is just being
established at the present time.
[A law to regulate the carrying on of banking business in the colony
by aliens.]
[26th June, 1920.']
Be it enacted by the governor and legislative council of
Jamaica as follows:
1. This law may be cited as the Foreign Banks Law
1920.
2. In this law unless the context otherwise requires,
the expression "alien" includes—
(a) Any individual who is not a British subject;
(fi) Any firm, partnership, or unincorporated body of
persons of which any member is not a British subject;
(c) Any body corporate not incorporated within His
Majesty's dominions; and
(d) Any body corporate incorporated within His Majesty's dominions but not under British control.
The expression "colony" means the Island of Jamaica
and its dependencies.
3. For the purposes of this law a body corporate incorporated within His Majesty's dominions is not under
British control if—
(a) Ten per centum or more of the number of its shareholders are aliens; or
(6) Ten per centum or more of the nominal amount -or
value of its capital is held by or in trust for or for the benefit of aliens; or
(c) Ten per centum or more of the voting power in the
body corporate is held by or on behalf of or to the order
of aliens; or
(d) Ten per centum or more of the amount for the time
being secured by any debentures, debenture stock, or
bonds of the body corporate is held by or in trust for or
for the benefit of aliens; or
(e) Any manager, managing director, director, or any
person in accordance with whose directions or instructions the directors of the body corporate are accustomed
to act is an alien.
4. No alien shall after the commencement of this law
commence or carry on any banking business in the colony
unless he holds a license from the governor in privy council for the time being in force authorizing him to do so.
5. (1) Licenses under this law shall provide for such
payments (annual or otherwise) by the person holding
the license and shall be in such form and for such period
and shall be subject to such rules, regulations, conditions,
and restrictions as the governor in privy council shall in
each case in his absolute discretion think fit.
(2) The governor in privy council may, if he thinks fit,
without assigning a reason, refuse an 'application for a
license.
6. Every alien who shall commence or carry on a banking business in the colony in contravention of the provisions of this law, and every person holding a license
under this law who fails to observe or perform any rule,
regulation, condition, or restriction, contained in the
license shall be guilty of an offense against this law.
1040
FEDERAL RESERVE BULLETIN.
7. Any person who for the purpose of obtaining a license
under this law for himself or for any other person knowingly
makes or gives any declaration, representation, statement,
or evidence which is false in any particular shall be guilty
of an offense against this law.
8. Nothing in this law or in any license issued under
this law shall exempt any person carrying on banking
business from the provisions of the bank notes law, 1904.
(Law 20 of 1904.)
9. If any question arises on a prosecution for an offense
against this law whether any person is an alien or not or
whether any body corporate is or is not under British control, the burden of proving that that person is not an alien
or that that body corporate is under British control shall
lie on the person charged with the offense.
10. Every person who is guilty of an offense against
this law shall be liable on summary conviction before a
resident magistrate to imprisonment witb or without hard
labor for a term not exceeding six months, or to a fine not
exceeding two hundred pounds and in default of payment
of such fine to imprisonment with or without hard labor
for a term not exceeding six months; or, to both these
modes of punishment-
Banking Reform in South Africa.
The following extract from the Monthly Review of the Standard Bank of South Africa
(Ltd.), published at Cape Town, July 31, 1920,
furnishes information with regard to the establishment of a reserve bank in that colony.
ESTABLISHMENT OF A CENTRAL RESERVE BANK.
There shall be established at Pretoria a corporate body
to be called "The South African Reserve Bank." The
bank shall be managed by a board of 11 directors, the
Governor General to appoint the first directors, of whom
three experienced in banking and finance shall be nominated by stock-holding banks, and three who at the time
of their elections must be actively engaged in commerce,
agriculture, or some other industrial pursuit, shall be
elected by stockholders other than banks, and three Government representatives appointed by the Governor General, and two to be styled the governor and the deputy
governor shall also be appointed by the Governor General.
Except in the case of the governor and deputy governor,
any person qualified as above may, with the consent of
the board, be appointed alternate to any director. All
directors must be British subjects and reside in the Union.
The governor and deputy governor, who shall be persons of tested banking experience and have no interest in
any other bank, shall hold office for five years, and shall
devote their whole time to the business of the bank, and
shall be paid such salaries, allowances, and expenses as
the board may determine.
No person shall be appointed a director or alternate
director of the bank (unless he is a banking representative),
or shall be appointed a member of a local committee, if he
is a director, officer, or employee of another bank, or if he
is a member of either House of Parliament or of a Provincial Council.
The original capital of the bank shall be £1,000,000
stock, of which not more than 50 per cent shall be subscribed at par by the existing banks in proportion to their
paid-up capital and reserve funds, as at the commencement of this act, whether such capital is subscribed in the
Union or elsewhere.
The amount remaining after the allotment to the existing banks shall be offered to the pu \ at par. In the
event of the full amount offered to the public not being
fully subscribed, the Treasury shall take up the remainder
OCTOBER, 1920.
at par which they may retain or dispose of. The capital
shall be subscribed in full within a period defined by the
Treasury not exceeding 12 mouths.
The bank may establish branches cr appoint agents
and correspondents in any part of the Union, and may
also appoint agents and correspondents and with the consent of the Treasury may also establish branches and local
committees in places outside the Union.
The bank may act as bankers and financial agents of
the Government including the railways and harbors
administration, provincial administrations and Government institutions.*
The bank shall fix and publish from time to time the
rates at which it will discount the various classes of bills.
The bank may engage in the following business:
1. It may make and issue notes.
2. It may accept money on deposit on current account
and collect money for public corporations and
private persons.
3. (a) It may buy, sell or rediscount bills of exchange,
promissory notes, or other commercial papers bearing two or more good signatures with no longer
usance than is customary in the trade and in no
case exceeding 90 days.
(b) It may buy, sell, or rediscount to an amount not
exceeding 20 per cent of the bank's total discounts,
bills or promissory notes bearing two or more good
signatures drawn or issued for agricultural purposes or based on live stock and having a maturity
not exceeding six months and not to exceed 20 per
cent of the total advances made by the bank.
(c) It may buy, sell, or rediscount bills of exchange
and promissory notes with a maturity not exceeding 90 days, bearing the indorsement of a bank
issued or drawn for the purpose of carrying or
trading in Union Government securities.
4. It may make loans or advances on current account
against the security of (a) stock, debentures or bills,
having not more than 6 months to run of the Union
Government or of a local authority in the Union.
(6) Gold coin or bullion or the documents relating to
the shipment or storage thereof.
(c) Such notes, drafts, bills of exchange, and bankers'
acceptances as are eligible for purchase by the
bank.
5. It may effect transfers by telegram or letter, buy and
sell sight drafts, trade acceptances, bankers' acceptances,
and bills of exchange drawn in or on places abroad.
6. (a) It may buy and sell stock, debentures, bonds, and
bills having not more than six months to run of the Union
Government and of local authorities in the Union.
(6) It may invest a sum not exceeding its paid-up capital
and reserve in securities having not more than two years
to run of the Union Government or other governments.
7. It may buy and sell securities for customers.
8. It may buy, sell, or deal in precious metals and contract for loans of gold or bullion.
9. It may accept the custody and management of
moneys, securities, and other articles of value.
10. It may open accounts in foreign countries and act as
agents or correspondents of any bank carrying on business
in or outside the Union.
The bank may not—
(a) Engage in trade or otherwise have a direct interest in
any commercial, industrial, or other undertaking save as
is specially provided in the last preceding section.
(6) Purchase its own shares or the shares of any other
bank or grant loans upon the security of the same.
(c) Advance money on mortgage of fixed property or on
notarial or other bond or cession thereof or become the
owner of fixed property except so far as is necessary for its
own business premises.
(d) Make unsecured loans or advances.
(e) Draw or accept bills payable otherwise than on
demand.
OCTOBER, 1920.
FEDERAL RESERVE BULLETIN.
(/) Accept money on deposit for a fixed term or allow
interest on credit balances on current account.
The bank shall have the sole right to issue notes in the
Union for a period of 25 years from the commencement of
this act, but until the bank is in a position to issue its own
notes the existing banks may continue to issue notes (other
than bank notes issued under act of 1891 of the Cape of
Good Hope) against gold specie to an amount equal to not
less than 40 per cent of such notes.
The denomination of notes issued by the bank shall be
as the treasury may from time to time prescribe and shall
be redeemable in gold or gold certificates at the office of
issue.
The notes shall be secured to an amount of not less than
40 per cent in gold or gold specie in the bank's custody,
and as to the remainder in commercial paper or trade bills,
and by a first charge on all the assets of the bank.
The bank shall hold in gold or specie a reserve of at
least 40 per cent of its deposits and bills payable in addition to the gold reserves required against its note issue.
Every bank transacting business in the Union shall be
required to establish and maintain, in addition to its gold
reserves, against notes issued by it reserve balances in the
bank equal to at least 13 per cent of its demand deposits
and liabilities to the public in the Union other than notes
and 3 per cent of its time deposits and liabilities to the
public in the Union, but for three years after the commencement of this act the reserve balances may be not
less than 10 per cent.
A monthly return is to be made by all banks of their
holdings in the Union of gold, subsidiary coin, and gold
certificates, and the reserve balances in the reserve bank,
their note circulation and demand and time liabilities to
the public in the Union.
INTERBANK ACCOMMODATION.
Mutual accommodation among Federal Reserve Banks, or inter-reserve bank discounting,
is the method by which Federal Reserve
Banks in the different parts of the country
come to each other's assistance when the need
arises. A table and two charts are here presented showing the volume of interbank
accommodation on certain dates. Using nontechnical terms, it may be stated that the
figures show to what extent each Federal
Reserve Bank was granting to or receiving
accommodation from other Federal Reserve
Banks at each date included in the table.
The first chart shows by bars for four selected
dates the aggregate amount of interbank
accommodation and the banks participating
either as grantors or recipients. The second
chart shows a curve for each Federal Reserve
Bank, indicating its position in interbank
accommodation on the last Friday of each
month between the end of April. 1919, and the
end of September, 1920.
In arriving at the figures in the table the
weekly condition reports of the Federal Reserve
Banks were used. The total holdings of paper
discounted for other Federal Reserve Banks
and of acceptances bought from such banks
measures the amount 01 accommodation extended by one Federal Reserve Bank to others;
1041
on the other hand, the accommodation received
from other Federal Reserve Banks is measured
by the contingent liability on paper rediscount ed with such banks plus the amount of
acceptances sold with or without indorsement
to other Federal Reserve Banks and held by
them. Figures in the table prefixed by a
plus ( + ) sign indicate the amount of accommodation extended, while those prefixed by a
minus (—) sign indicate the amount of accommodation received. In cases where a bank has
rediscounted paper with other Federal Reserve
Banks and at the same time has bought
acceptances, the difference between the two
amounts is shown, with a plus or a minus
sign, depending on whether it has extended
more or less accommodation than it has
received.
An examination of the first chart shows that
the total volume of interbank accommodation,
which was 108 millions at the end of April
and 102 millions at the end of September,
1919, increased to 163 millions at the end of
April and to 250 millions at the end of September of the present year. On the latest date
shown, more than one-half of the accommodation extended, 146 millions, was carried by the
Cleveland bank, whose total holdings of discounted paper on that date were 222 millions.
This bank is thus shown to carry a larger
volume of bills for other Federal Reserve
Banks, that is, indirectly for member banks in
other districts, than for its own member
banks, whose total discounts and rediscounts
with their Federal Reserve Bank at the end of
September were 76 millions, or 70 millions less
than that bank's net holdings of bills discounted for and purchased from other Federal
Reserve Banks. The other lending banks on
the latest date are those of Boston, Philadelphia, and San Francisco, while among the
borrowing banks are included the three southern banks (Richmond, Atlanta, and Dallas),
the four middle western banks (Chicago, St.
Louis, Minneapolis, and Kansas City) and the
New York Reserve Bank. All tne twelve
banks thus took part in interbank accommodation at the end of September, three of the
eastern banks and the San Francisco bank
helping to carry the eight other banks.
The second chart indicates that, with the
exception of the Cleveland bank, all of the
Federal Reserve Banks received assistance,
from other banks at some period of the time
covered by the chart. The San Francisco bank
was a grantor of accommodation at the end of
each month included in the table, excepting
April, 1920, when it was carried by the others
to the extent of 8 millions. The Boston bank
was below the line bv 70 millions last Decem-
MILLIONS
250
240
230
220
210
200
190
180
170
MILLIONS
INTERBANK ACCOMMODATION.
END-OF-MONTH FIGURES IN MILLIONS OF DOLLARS
FOR SELECTED PATES IN 1919 AND 1920.
: JVetJfoldings of Sills discounted for
or Purchased from OtherSBanlcs.
MighfrSkitv.-JJinounts offiiUsS/lediscouritalwtiJiorSohlto,
andJfeld by OtfurSanKs:
160
ISO
140
130
I2O
110
100
90
80
PO
60
SO
40
30
20
10
O
BOST.
+22
N. Y. -13
BOST.
+60
PHI LA.
-30
CHIC.
+SS
RICHM.
-ZS
Minn
+18
SAHFRAN.
twis.cr-K)
PALL.
-26
+IS
APRILZS,I9I9.
108 MILLIONS.
NX.
-3Z
CHIC.
+60
PHILA
-18
Ml Mi.+10 R1CHM.
-ZS
KAJiS.cr.
ATL.-9
+IS
SAnFRAH. 'PALL.
+17
-18
SEPTEMBER26,1919.
102 MILLIONS.
NY.
+93
PHtLA.
+36
CHIC.
-30
PHILA.
-21
CHIC
-38
CLEVE.
+146
ST.L.
-41
MINN-1!
CLEVE.
KAIiS.CT.
+48
-16
DALL.-3
SAHFMNr8
APRIL30J320.
l63MILU0nS.
2S0
240
230
220
210
200
ATI.
"46
RtCHM.
-25
BOST.-7
CLEVE
NX -10
+20
RtCHM.
-2S
o
to
190
180
170
160
ISO
140
130
ST.L.
-37
120
110
100
MINN.
-21
90
80
70
KANS.CY.
-41
PALL.
-37
SANFRAH.+8
SEPTEMBER24,1920.
2S0MtLU0IiS.
60
SO
40
30
20
10
0
hrj
H
O
6=1
W
6=1
%
w
d
E
i—*
1043
FEDERAL RESERVE BULLETIN.
OCTOBER, 1920,
INTERBANKACCOMMODATION
NET AMOUNT OFACCOMMODATION RECEIVED FROM
OR EXTENDED TO OTHER FEDERAL RESERVE BANKS,
APRIL 1919 TO SEPTEMBER 1920.
END-OF-MONTH HOLDINGS,IN MILLIONS OF DOLLARS.
JlboveSBase/znes: Jfccommodation. £x6end£cl.
MILUOHS
6V
60
//
40
/
20
0
2O
40
60
SO
<*
1J
IS f
\
\ k /I
MILLIONS
K
80
/ \
60
/ \
40
/ \
2O
/
0
/
\ / 20
\ 40
so
60
40
2O
0
20
40
60
SO
\
\
\ /
/
BO6TON
40
20
0
20
40
60
SO
100
NEWYORK
/
a*
/
•Si
sJ
40
20
0
20
40
60
SO
J00
MO
120
100
SO
60
40
20 /
0
o
\
/
\
s
CLEVELAND
s
- -
\ /
s
0
0
20
40
20
40
s
I
60
40
20
0
20
^*\
V
V
\\
\/ V—*
\
2O
0
\
\
20
s
SI LOUIS
s
0
20
40
0
2O
40
KANSAS CITY
s
y \
DALLAS
s
2O
0
20
40
2O
0
y
I9Z0
40
20
0
s,
k
SAN FRANCISCO
%%
1919
s
V
JULY 1
S
*
ATLANTA
O
20
40
2O
0
— 20
40
60
MlNHEAPOLfS
20
0
20
kk
20
0
20
40
60
(CHICAGO
2O
0
20
60
40
20
0
/
RICHMOND
60
40
20
0
2O
MO
120
100
SO
I
/
PHILADELPHIA
20
4O
60
SO
s/
ISIS
1
192O
OCT
BBS
Millions
JULY \
MILU0N3
SO
60
40
30
0
20
40
60
SO
1044
OCTOBER, 1920.
FEDERAL RESERVE BULLETIN.
ber, but has been a grantor bank since March bank, whose member institutions had been
of this year. The New York bank shows the heavily loaded up with war paper, gradually
widest fluctuations: it rediscounted steadily reduced its liabilities on interbank rediscounts
until April of this year, the extent of its ac- and has been above the line for the three most
commodation by other banks reaching a max- recent months. The southern and middle
imum of 96 millions at the end of November, western banks show the greatest need of ac1919; on the other hand, in April of this year commodation during the spring and early
it was granting accommodation to the other summer months, when heavy demands on
banks to the extent of 93 millions, while at the bank credit are made by agricultural interests.
end of the two most recent months it appears On the other hand, in midwinter, when the
again as a recipient of accommodation, though crops have been sold, these banks are able to
oi relatively small amounts. The Philadelphia extend accommodation to others.
Net amount
of accommodation
received from
or extended to other Federal Reserve
Banks.
[End-of-month holdings in thousands of dollars. Plus sign indicates net accommodation extended; minus sign, net accommodation received.]
Date.
1919.
Apr. 25
M a y 29
June 27
July 25
Aug. 29
Sept. 26
Oct. 31
Nov. 28
Dec. 26
1920.
Jan. 30
Feb. 27
Mar. 26
Apr. 30
M a y 28
June 25
July 30
Aug. 27
Sept. 24
New
York.
Philadelphia.
-40,474
-69,899
- 9,662
-25,571
-22,394
-48,579
-39,432
-31,702
-45,864
-96,440
-58,201
-29,496
-35,533
-57,967
-34,900
-20,930
-18,295
-23,448
-23,500
-27,615
- 1,021
-11,923
+20,414
+22,126
+20,366
+17,130
+48,368
+66,911
+60,655
-75,649
-55,308
-34,096
+92,700
+81,754
+56,577
+ 6,474
-40,923
-13,404
-32,790 + 27,521
-38,925 + 15,601
-35,555
38,304
-20,709 + 48,275
+ 43,761
+ 52,078
+10,014 + 64,756
+11,812 +121,060
+35,812 +145,620
Boston.
- 7,159
858
- 5,062
Cleveland.
20,254
35,533
23,750
10,012
419
10,042
23,269
12,265
Richmond.
-25,000
-45,000
-55,000
-50,000
-29,725
-25,000
+ 5,080
+ 5,080
5,000
-15,000
-24,850
-25,000
-24,904
-23,133
-25,000
-24,620
St.
Louis.
Minneapolis.
Kansas
City.
+54,670
+52,332
+64,122
+54,900
+33,930
+60,195
+48,980
+67,871
+60,090
+ 187
+10,000
+ 9,735
+ 5,000
+ 8,250
+18,071
+15,000
+25,000
+25,000
+11,475
+10,000
-10,000
-26,468
-32,332
- 9,640
+10,013
+14,725
- 3,000
-18,000
+10,005
- 3,195
+51,918
+33,410
+ 7,605
-38,471
-18,995
-24,950
-10,001
- 8,001
-29,800
+ 1,663
+10,050
+ 1,871
-15,871
-13,865
—12,958
-22,902
-22,247
-41,175
Atlanta. Chicago.
- 8,900
- 5,500
+ 5,065
+15,000
+16,187
+ 3,351
- 8,500
- 7,960
-21,607
-31,963
-45,533
+ 5,014
+32,564
+29,022
-11,829
-41,385
-49,760
-26,733
-30,607
—32,434
-36,996
+ 4,000
+10,029
—11,111
-19,132
-23,672
-13,738
—20,347
-21,349
Dallas.
San
Francisco.
Total.
+10,078
+32,123
+14,603
+26,429
+27,456
+38,567
+29,000
+16,977
+10,776
+11,547
+15,265
107,785
139,294
150,063
133,479
93,087
101,897
74,812
160,414
158,910
+14,950
+23,500
+ 7,825
- 3,000
-13,000
- 5,000
-26,716
-34,540
-37,419
+ 3,408
+ 3,408
+ 7,081
- 7,704
+ 2,371 I
+ 392
+19,092
+15,672
+ 8,209
114,460
106,156
96,480
163,101
148,252
126,177
148,704
215,455
250,296
DEVELOPMENT OF PRINCIPAL COMMERCIAL BANKS IN ENGLAND, GERMANY, AND
FRANCE, 1914-1919.
ENGLAND.
TOTAL FOR THE FIVE GREAT BANKS.'
[In thousands of pounds.]
June 30,
1914.
June 30,
1915.
June 30,
1916.
June 30,
1917.
June 30,
1918.
June 30,
1919.
June 30,
1920.
ASSETS.
Cash in hand and with the Bank of England.
Money at call and at short notice.
Investments:
British Government securities
Other investments
Bills of exchange
Advances
Advances on war loan
Acceptances and indorsements
Sundry assets
Total..
85,831
69,971
164,894
i 62,387
145,799
fc54482
148,893
42,991
197,533
99,326
285,005
291,931
263,183
88,636
2 37,681
44,402
64,687
8 287,654
^95,464
26,796
88,941
303,165
* 187,183
32,211
55,659
8 303,302
& 196,120
24,230
173,480
29,170
12,763
23,424
13,363
34,356
14,067
U82,268
27,357
50,177
8 358,606
22,978
28,536
14,233
11,037
30,435
12,458
6 251,257
33,047
180,701
s 515,768
12,249
54,342
14,484
7 284,452
45,742
157,562
8 819,852
11,872
74,795
15,355
632,159
778,254
827,059
876,039
1,101,608
1,638,784
1,761,449
28,406
19,275
554,082
29,170
1,226
28,838
19,575
705,531
23,424 I
1,066
29,832
20,175
740,184
34,356
2,512
29,832
19,975
795,456
28,536
2,240
30,071
23,000
1.018,102
30,435
40,570
38,458
1,505,414
54,342
56,642
44,806
1,585,206
74,795
632,159
778,434
827,059
876,039
1,101,608
1,638,784
1,761,449
LIABILITIES.
Capital paid in
Reserve
Current, deposit, and other accounts.
Acceptances and indorsements
Sundry liabilities
Total.
I
1 These totals from 1914-1917, inclusive, include figures for Parr's bank, which was then amalgamated with London County and Westminster;
and for Union of London and Smith's, which was then amalgamated with National Provincial; from 1914-1918, inclusive, figures for London Joint
Stock Bank, which was then amalgamated with London City and Midland.
2 Includes all investments for Parr's.
3 Includes all investments for Barclay's, Parr's, London City and Midland.
< Includes all investments for Union of London and Smith's.
s8 Includes all investments for London City and Midland, and London Joint Stock.
Includes all investments for London County Westminster and Parr's, London Joint. City and Midland.
7
Includes all investments for London Joint City and Midland.
s Includes bills of exchange for National Provincial and Union.
OCTOBEE, 1920.
1045
FEDERAL RESERVE BULLETIN.
ENGLAND—Continued.
BARCLAY AND COMPANY (LTD.)[In thousands of pounds.]
June 30, ! June 30,
1914.
June 30,
1916.
1915.
June 30,
1917.
June 30,
1918.
June 30,
1919.
June 30,
1920.,
ASSETS.
Cash in hand and with the Bank of England
Money at call and at short notice
Investments:
British Government securities and hank stock
Other investments
Bills of exchange
Advances
Acceptances and indorsements
Sundry assets
Total
9,029
6,780
16,107
6,979
17,192
5,055
20,417
5,868
28,091
6,549
46,940
56,218
52,175
32,420
4,770
8,329
8,636
27,763
322
1,774
15,955
13,874
26,880
1,009
1,836
23,343
4,512
10,952
37,401
2,851
2,417
22,213
4,097
9,290
47,422
1,865
2,489
23,889
4,355
28,390
43,915
2,348
2,669
43,301
11,639
41,152
94,497
6,355
3,945
47,335
16,129
31,507
153,868
13,531
4,162
67,403
82,640
103,723
113,661
140,206
304,047
351,127
3,600
1,600
61,881
322
3,600
1,600
76,431
1,009
4,594
2,200
94,078
2,851
4,594
2,200
105,002
1,865
4,594
2,500
130,764
2,348
8,747
7,000
281,945
6,355
15,355
8,000
314,241
13,531
67,403
82,640
103,723
113,661
140,206
304,047
351,127
LIABILITIES.
Capital paid in
Reserve
Current, deposit, and other accounts
Acceptances and indorsements
Total
LLOYD'S BANK (LTD.).
|In thousands of pounds.]
Cash in hand and with the Bank of England
Money fit call and at short notice
Investments:
War loan and other British Government securities....
Other investments
Bills of exchange.
Advances
[
Acceptances and indorsements
Sundry assets
,*
j
Total..
18,191 I
10,580
32,673
5,802
27,383
28,231
4,477
41,241
10,652
87,208
33, 407
54,558
10,016
5,083
7,866
14.506
56,840
3,890
2,865
15,838
7,723
18,479
59,741
4,500
2,877
36,046
6,832
6,791
56,536
7,605
2,880
34,898
4,814
6,817
07,574
.5,566
2,822
36,691
2,428
44,012
57,516
6,216
2,708
50,455
8,935
50,879
92,785
15,708
3,716
65,152
9,536
40,716
164,395
* 16,280
4,048
119,821 |
147,633
150,172
155,229
201,464
343,093
364,707
5,009 i
3,600 I
107,322 !
3,S90 |
5,009
3,600
134,524
4,500
5,009
3,000
133,958
7,605
5,009
3,600
141,054
5,560
5,009
4,000
186,239
6,216
8,984
9,072
309,329
15,708
14,136
9,977
324,308
16,286
119,821 |
147,633
150,172
155,229
201,464
343,093
364,707
42,931 i
29,526 I
44,995
6,017
50,973
66,429
8,139
3,212
33,770
80,717
50,333
20,268
55,110
54,538
97,756
12,265
3,065
53,000
5,704
53,157
154,173
17,624
3,281
|
f
I
i
'
LIABILITIES.
Capital paid in
Reserve
Current, deposit, and other accounts.
Acceptances and indorsements
Total..
LONDON COUNTY, WESTMINSTER, AND PARR'S BANK (LTD.).
]In thousands of pounds.]
ASSETS.
Cash in hand and with the Bank of England.
Money at call and at short notice
Investments:
British Government securities
Other investments
Bills of exchange.
Ad va Qces
Acceptances and indorsements
Sundry assets
Total.
500 I
608 1
365
509
228
027
385
671
31,242
12,403
12,449
3,564
19,464
40,353
3,9ol
1,754
!
|
25,902
8,072 j
|
I
32,160 !
3,510
12,270
37,263
4,889
1,802
23,937
4,588
32,486
3,193
10,200
48,273
4,414
1,894
105,353
125,190
126,034
128,985
252,222
337,221
357,540
3,500
4,000
91,197
6,385
271
3,500
4,000
113,540
3,981
189
3,500
4,000
113,308
4,989
237
3,500
4,000
116,848
4,414
223
6,828
6,829
230,426
8,139
7,138
7, 725
310,093
12,265
8,504
8, 750
322,602
17,624
105,353
125,190
126,034
128,985
252,222
337,221
357,540
LIABILITIES.
Capital paid in
Reserve
Current, deposit, and other accounts.
Acceptances and indorsements
Sundry liabilities
Total.
1046
OCTOBEB, 1920.
FEDERAL RESERVE BULLETIN.
ENGLAND—Continued.
LONDON JOINT CITY AND MIDLAND BANK (LTD.).
[In thousands of pounds.]
June 30,
1914.
June 30,
1915.
June 30,
1916.
June 30,
1917.
June 30,
1918.
June 30,
1919.
June 30,
1920.
ASSETS.
Cash in hand and with the Bank of England.
Money at call and at short notice
Investments:
British Government securities
Other investments
Bills of exchange
Advances
Advances on war loans
Acceptances and indorsements
Sundry assets
Total.
38,888
8,570
36,478
8,579
53,709
28,958
81,619
76,068
69,876
16,054
19,858
62,648
33,438
4,480
13,047
65,160
7,353
2,260
7,975
2,706
7,560
2,737
33,400
3,385
12,252
69,323
22,978
7,517
2,803
39,935
32,790
76,483
11,037
8,330
2,857
62,932
34,132
116,875
12,249
16,068
3,758
32,182
185,172
11,872
21,671
3,864
110,429
159,144
173,880
196,715
254,099
403,701
15,128
12,511
3,247
5,589
10,230
54,081
36,357
9,530
20,070
70,327
411,018
I
LIABILITIES.
Capital paid in
Reserve
Current, deposit, and other accounts.
Acceptances and indorsements
95,027
7,353
4,781
4,000
142,388
7,975
4,781
4,000
157,539
7,560
4,781
4,000
180,417
7,517
5,193
4,346
236,230
8,330
8,289
8,289
371,055
16,068
10,840
10,840
367,667
21,671
110,429
159,144
173,880
196,715
254,099
403,701
411,018
4,349
3,700
Total.
NATIONAL PROVINCIAL AND UNION BANK OF ENGLAND (LTD.).
[In thousands of pounds.]
I
ASSETS.
Cash in hand and with the Bank of England
Money at call and at short notice
Investments:
British Government securities
Other investments
Bills of exchange
Advances
Acceptances and indorsements
Total
10, 742
5,
466 j
',257 !
»,024
737
695
} u,
76,921
13,227
4,443 I
13,182
5,098
14,153
7,612
21,459
21,483
35,468
45,521
10,404 |
8,645
53,465
532 j
19,738
8, l£0
50,117
1,654
19,004
8,123
51,658
1,616
34,255
11,430
96,726
2,861
39,459
12,473
113,855
3,946
36,241
9,878
48,638
14,373
162,244
5,683
90,716 i
97,979
102,166
188,214
250,722
277,057
3,000
2,000
91,325
3,000
1,800
95,750
1,616
5,477
4,000
175,876
2,861
7,412
6,372
232,992
3,946
7,807
7,239
256,328
188,214
250,722
277,057
LIABILITIES.
Capital paid in
Reserve
Current, deposit, and other accounts
Acceptances and indorsements
Total
3,000
2,000
71,226
695
76,921
3,000
2,000
85,184
532
i
90,716 i
1,654
97,979
102,166
5,683
LONDON JOINT STOCK BANK (LTD.).
(Amalgamated with London City and Midland during September, 1918.)
[In thousands of pounds.]
June 30,
1914.
June 30,
1915.
June 30,
1916.
June 30,
1917.
June 30,
1918.
ASSETS.
Cash in hand and with the Bank of England..
Money at call and at short notice
Investments:
British Government securities
Other investments
Bills of exchange
Advances.
Acceptances and indorsements.
Sundry assets '.
Total.
Capital paid in.
Reserve.
Current, deposit, and other accounts.
Acceptances and indorsements
Total.
5,845
5,481
10,347
3,800
6,054
2,169
2,418
3,988
5,931
16,746
2,380
1,046
3,619
3,566
10,916
15,980
1,547
1,040
10,147
2,314
12,593
14,539
2,551
1,041
10,055 }
2,052
11,618
18,702
2,820
1,046
17,315
15,920
2,541
1,012
43,835
50,815
51,408
54,827 j
65,403
2,970
1,125
37,360
2,380
2,970
1,125
45,173
1,547
1,125
44,762
2,551
2,970
2,970
1,125
47,912
2,820
2,970
1,325
58,567
2,541
43,835
50,815
51,408
54,827
65,403
6,502
2,032
10,102
2,158
16,355
OCTOBER,
1047
FEDERAL RESERVE BULLETIN.
1920.
ENGLAND -Continued.
UNION OF LONDON AND SMITH'S BANK (LTD.).
PARIS BANK (LTD.).
Amalgamated with National Provincial Bank as of Jan. 1, 1918.
Amalgamated with London County and Westminster Bank, as of
Jan. 1,1918.
[In thousands of pounds.]
[In thousands of pounds.]
June
June
June
June
30,1914. 30,1915. 30,1916. 30,1917
Cash in hand and with the Bank of
Eng.and
Money at call and at short notice
Investments:
British Government securities
Other investments
Bills of exchange
Advances
Acceptances and indorsements
Sundry assets
Total
June
June
June
June
30,1914. 30, 1915. 30,1916. 30,1917
ASSETS.
6,485 11,008
6,912 8,151
1,733 5,873
5,097 3,298
6,156
6 350
18,229 18,276
4,756 1,939
1,931 1,950
51,299 56,845
LIABILITIES.
i
| 7,911 13,933 9,295
i 8,573 11,279 11,248
j
j \ R R0R 11,256 fl5,078
[ 2,373
!/ '
|\ O7 OQ1 25,822 22,552
|27,2^1
3,744
3,389 1,961
; 1,186 1,200
1,217
57,098
10,230
4,543
14,419
1,663
30,068
2,469
1,186
65,451 | 65,607 64,578
LIABILITIES.
Capital paid in
3,555 3,555 3,555
Reserve
1,150 1,150 1,150
Current, deposit, and other accounts. 41,355 49,850 48,480
Acceptances and indorsements
4,756 1,939 3,402
Sundry liabilities
483
351 1,669
Total
j
8,945 Cash in hand and with the Bank of
England
5,292 Money
at call and at short notice
Investments:
| 17,233 15,793
British Government securities
Other investments
oi exchange
19,734 25,58f Bills
Advances
3,402
2,269 Acceptances and indorsements
1,973
1,993 Sundry assets
58,256 59,878
Total.
7,843
8,071
51,299 56,845
58,256
3,55i~
1,150
51,527
2,26<J
1,377
Capital paid in
2,423
Reserve
:
2,100
Current, deposit, and other accounts. 48,714
Acceptances and indorsements
j 3,389
Sundry liabilities
|
472
Total
59,878
57,
2,423 2,423
2,100 2,100
58,441 56,734
1,961 3,744
606
526
2,423
2,100
56,946
2,469
640
65,451
64,578
65,607
FRANCE.
CREDIT LYONNAIS.
[In thousands of francs.]
Dec. 31,
1913.
Cash in vault and balances at the banks
Bills discounted, and short-term national defense securities.
Advances on securities (including stock-exchange loans)..
Debits in current account
Forward exchange operations
Securities (including Rentes)
Real estate
Sundry assets
Dec. 31,
1914.
Dec. 31,
1915.
174,407
1,517,937
352,224
735,669
721,361
653,589
321,777
508,614
8,893
35,000
76,192
8,608
35,000
3,443
589,453
992,129
241,479
383,472
21,240
8,634
35,000
51,290
2,900,322
2,252,392
2,322,697
Capital paid in
j
250,000
Reserve
165,000
Deposits and deposit certificates payable at sight
j
910,247
Credits in current account
1,280,372
Uncollected funds
Forward exchange operations
Acceptance liabilities
142,448
Denosit certificates payable at a fixed date (Bons a
e'che'anee
fixe)
38,084
Profit and loss
Sundry liabilities
114,171
250,000
175,000
654,831
1,082,606
Total
Dec. 31,
1916.
Dec. 31,
1918.
Dec. 31,
1919.
! 605,731
I 1,670,451
! 198,530
I 4t3,072
!
53,802
|
7,673
35,000
61,354
435,309
1,923,031
181,180
662,466
104,037
6,274
35,000
76,663
513,022
3,089,480
* 203,577
1,098,769
113,302
10,030
35,000
121,295
2,704,555 | 3,095,613
3,423,960
5,184,475
689,196
1,201,256
228,237
396,984
88,822
8,949
35,000
56,111
Dec. 31,
1917.
LIABILITIES.
Total
2,900,322
250,000
250,000
175,000
175,000
592,614
699,228
1,048,558 1,232,899
98,815 !
95,566
21,240 I
88,822
18,651 |
19,974
15,360 j
28,686
4,497
41,412
2,252,392
15,534 !
18,918 i
83,367 |
250,000
175,000
877,072
1,496,811
82,455
53,802
21,470
25,271
22,652
95,143
28,927
24,992
85,084
2,322,697 | 2,704,555
3,095,613
250,000
250,000
175,000
200,000
1,005,873
1,565,954
1,618,649
2,661,533
94,440
129,373
104,037
113,302
10,879 j
21,457
I
28,337
37,570
26,713 !
4,664
110,032
200,622
3,423,960
5,184,475
1048
OCTOBER, 1920.
FEDERAL RESERVE BULLETIN.
FRANCE—Continued.
COMPTOIR NATIONAL D'ESCOMPTE DE PARIS.
[In thousands of francs.]
Dec. 31,
1913.
Dec. 31,
1914.
Dec. 31,
1915.
Dec. 31,
1916.
Dec. 31,
1917.
Dec. 31,
1918.
359,703
1,338,251
16,146
89,271
160,475
53,795
3,604
6,199
138,478
47,195
7,729
15,841
62,159
299,692
1/513,337
9,860
92,895
201,752
103,757
3,471
3,914
152,527
23,408
2,912
15,841
78,240
264,039
2,411,009
4,441
162,841
495,921
113,289
3,030
5,400
208,264
83,514
3.924
15,841
82,554
Dec. 31,
1919.
ASSETS.
Cash in vault and balances at the banks
Bills discounted, and short-term national defense securities
Stock-exchange loans
Due from banks and bankers
Debits in current account
Forward exchange operations
Securities (including Rentes)
Financial participations
Advances on securities
Customers' liabilities on acceptances
Agencies outside of Europe
Real estate
Sundry assets
Total.,
123,985 I
1,004,361
57,413
94,277
167,495
385,715
355,126
49,763
109,881
180,964
7,510
5,072
200,934
175,076
17,575
15,841
42,813
6,375
8,833
173,863
31,2b9
7,094
15,841
22,461
132,660
49,002
3,782
15,841
50,481
277,981
916,369
18,357
90,853
126,960
88,816
5,591
7,808
121,180
54,008
3,756
15,841
57,982
1,912,352
1,347,185
1,444,084
1,785,502
2,298,846
2,501,706
3,854,067
200,000
39,345
694,735
200,000
41,153
481,749
506,460
200,000
41,690
574,322
452,741
21,240
|
I
';
!
!
200,000
42,224
747,074
550,944
88,816
200,000
42,877
991,949
852,966
53,795
200,000
43,513
,141,799
802,889
103,757
200,000
44,357
1,681,576
1,572,243
113,289
51,588
174,849
83,800
52,974
32,448
32,401
40,537 !
50,758 |
62,796
31,718
55,848
68,878
23,087
47,983
86,189
18,104
24,124
107,470
17,476
83,580
141,546
1,912,352
1,347,185
1,785,502
2,298,846
2,501,706
3,854,067
288,956 j
636,308 !
20,268 j
80,937.
129,380 !
21,240 |
LIABILITIES.
Capital paid in...
Reserve
Denosits—checking and discount accounts
Credits in current account
Forward exchange operatirns
Deposit certificates payable at a fixed date (Bons a
6che*ance fixe)
Acceptanceliabilities
Sundry liabilities
Total.
1,444,084
SOCI&TE GEN&RALE POUR FAVORISER LE DEVELOPPEMENT DU COMMERCE ET DE L'INDUSTRIE EN FRANCE.
[In thousands of francs.]
ASSETS.
Cash in vault and balances at the Bank of France
Bills discounted. and short-term national defense securities.
Coupons uncollected
Stock-exchange loans
Advances on securities
Debits in current account
Securities (including Rentes)
Financial participations
Real estate in Paris and in the departments
Total.
172,575
971,250
42,300
119,436
328,250
560,741
46,797
69,797
50,569
101,864
299,900
16,440
56,540
318,229
608,020
53,664
63,812
53,456
120,337
283,539
19,139
30,654
257,318
521,872
77,348
60,078
54,447
84,749
413,400
11,591
19,454
248,905
486,573
71,6fc3
52,820
54,475
290,069
795,722
19,438
19,376
259,762
566,7(;8
69,549
50,761
54,509
124,273
1,200,037
39,739
16,330
227,783
663,971
69,611
50,920
54,634
286,791
2,798,923
35,351
8,811
321,161
986,640
68,935
49,136
56,422
2,361,715
1,571,925
1,424,732
1,443,570
2,125,954
2,447,298
4,612,170
250,000
124,516
466,115
207,193
175,735
l,U8,430
979
376
18,371
250,000
127,247
218,561
238,480
102,387
623,713
786
494
10,257
250,000
117,247
169,074
248,215
44,588
573,039
1,418
10,750
10,401
250,000
50,705
213,401
242,397
13,642
658,116
4,538
10,771
250,000
50,705
323,306
232,936
22,204
1,226,617
6,617
771
12,798
250,000
50,705
431,629
233,117
18,992
1,436,850
9,194
1,070
15,741
250,000
50,705
919,315
247,312
66,780
3,054,340
1,466
1,487
20,765
2,361,715
1,571,925
1,424,732
1,443,570
2,125,954
2,447,298
4,612,170
LIABILITIES.
Capital paid in
Reserve
Deposits—checking accounts
Deposits payable at a fixed date
Acceptance liabilities
Credits in current account
Interest due and dividends unpaid
Carried forward from precedingfiscalyear..
Profit and loss less general expenses
Total..
1049
FEDERAL RESERVE BULLETIN.
OCTOBER, 1920.
GERMANY.
TOTALS FOR 8 "GROSSBANKEN."
[In thousands of marks.]
Dec. 31,
1913.
Dec. 31,
1916.
Dec. 31,
1917.
736,492
577,001 i
1,819,023 i 2,493,013
409,747
336,995 j
893,652
741,302 !
209,781
175,328 !
442,796
436,832 i
308,038
336,886 |
360,207
356,505 |
3,232,003 | 3,313,290
187,378
181,312 j
863,216
3,961,138
634,742
1,334,198
262,016
441,346
266,888
351,182
3,393,452
191,876
1,423,419
1,265,142
7,152.124 11,280,794
1,345,851 1,072,592
1,828,084
1,985,910
214,954
115,535
790,587
578,303
246,290
238,056
368,124
353,936
4,693,564
4,536,329
223,313
210,505
] 7,743,611
8,193,187 ! 9,354,394
11,700,054
17,723,284
22,200,128
42,362,953
Sundry liabilities
1,105,000
360,457
4,804,426
1,309,242
164,486
1,255,000 i 1,255,000
457,132
456,632 i
5,321,403 ! 6,856,045
612,099
1,016,154 I
174,118
143,998 |
1,255,000
460,800
9,395,747
385,404
203,103
1,350,000
540,350
15,210,270
397,150
225,514
1,350,000
546,750
19,696,092
358,893
248,393
1,350,000
553,250
39,140,427
958,092
361,184
Total
7,743,611
8,193,187
9,354,394
11,700,054
17,723,284
22,200,128 I 42,362,953
Dec. 31,
1914.
Dec. 31,
1915.
ASSETS.
Cash, coupons, foreign gold, and balance with banks of !
issue and clearing
I
355,432
Bills, Including Treasury bills
1. 766,304
Due from banks, i
308,090
Stock exchange loans and advances.
794,429
Advances on merchandise
509,547
402,170
Securities owned
335,939
Syndicate participations.
Participations in banks
271,805
nks ai
and banking
firms
j
Debits'iu current account
! 2,,852,973
146,922
Sundry assets
!
Total
Capital paid in
Surplus and reserve
Credits in current account..
Acceptances and checks
2,539,891
23,097,608
3,573,630
1,605,092
851,048
586,761
242,665
359,547
9,273,704
233,007
DEUTSCHE BANK.
[In thousands of marks.]
Cash, coupons, foreign gold, and balances with banks of
issue and clearing
Bills, including treasury bills
Due from banks
Stock exchange loans and advances
Advances on merchandise
Securities owned
Syndicate participations
Participations in banks and banking firms
Debits in current account
Sundry assets
Total
127,419
639,402
61,735
233,227
216,769
161,202
53,463
82,469
638,460
31,500
283,367
674,610
73,712
254,399
101,100
172,940
54,934
58,412
971,949
43,000
302,593
1,018,640
105,563
329,746
166,264
167,974
49,597
63,764
910,659
44,500
299,813
1,661,160
198,368
522,809
207,805
165,191
41,174
61,514
•878,904
40,000
496,600
3,053,232
509,630
600,017
120,537
253,775
28,359
40,713
1,162; 933
40,000
468,432
4,616,848
282,707
624,102
56,000
242,402
23,846
39,676
1,006,707
40,000
749,723
9,733,546
1,189,483
273,540
214,939
175,816
23,828
53,604
2,120,218
40,000
| 2,245,676
2,688,423
3,159,300
4,076,738
6,305,796
7,400,720
14,574,697
200,000
112,500
1,580,046
300,703
52,427
250,000
178,500
2,042,101
162,558
55,264
250,000
178,500
2,541,606
122,798
66,396
250,000
180,000
3,503,385
69,546
73,807
275,000
225,000
5,669,309
65,465
71,022
275,000
230,000
6,740,197
71,407
84,116
275,000
230,000
13,822,022
138,067
109,608
2,245,676
2,688,423
3,159,300
4,076,738
6,305,796
7,400,720
14,574,697
171,474
831,393
113,145
131,250
14,176
60,102
44,483
216,685
533,452
37,042
218,402
1,618,213
231,396
289,047
29,665
77,394
45,503
214,168
665,266
40,544
204,948
1,975,117
407,049
299,294
18,026
96,390
48,017
221,658
886,887
44,138
718,865
4,236,009
874,556
99,001
85,712
85,670
39,281
214,414
2,425,760
45,874
LIABILITIES.
Capital paid in
Surplus and reserve
Credits in current account..
Acceptances and checks
Sundry liabilities
Total..
DISCONTO-GESELLSCHAFT IN BERLIN.
[In thousands of marks.]
Cash, coupons, foreign gold, and balances with banks of
issue and clearing
i
Bills, including treasury bills
*
!|
Due from banks
Stock exchange loans and advances
|
Advances on merchandise
|
Securities owned
j
Syndicate participations
j
Participations in banks and banking
firms
r —!
Debits in current account
j
Sundry assets
I
Total
49,763
257,540
71,164
104,956
133,850
30,120
60,717
114,724
391,295
24,125
52,703
361,632
89,785
109,039
9,123
34,925
133,815
628,964
91,110
119,207
18,483
44,019
52,093
218,439
477,296
36,909
.! 1,238,254
1,406,530
1,820,335
2,153,202
3,429,598
4,201,524
8,825,142
200,000
81,300
674,024
250,941
31,989
300,000
118,975
805,682
152,680
29,193
300,000
118,975
1,262,778
100,829
37,753
300,000
120,000
1,644,578
44,839
43,785
310,000
134,000
2,870,244
68,409
46,945
310,000
134,000
3,649,304
54,386
53,834
310,000
140,000
8,191,386
127,768
55,988
j 1,238,254
1,406,530
1,820,335
2,153,202
3,429,598
4,201,524
8,825,142
39,037
60,766
221,671
427,849
LIABILITIES.
Capital paid in
Surplus and reserve
Credits in current account..
Acceptances and checks....
Sundry liabilities
Total
1050
OCTOBER, 1920.
FEDERAL, RESERVE BULLETIN.
GERMANY-Continued.
DRESDNER BANK.
[In thousands of marks.]
Dec. 31,
1913.
Dec. 31,
1914.
Dec. 31,
1916.
Dec 31,
1915.
Dec. 31,
1917.
Dec. 31,
1918.
302,101
1,200,124
230,081
211,785
16,208
81,178
54,974
63,792
1,176,315
70,251
391,588
2,371,831
104,414
320,176
13,400
148,724
56,532
67,388
1,048,129
73,819
560,129
4,390,866
778,789
538,678
381,712
122,002
53,348
53,718
1,868,926
75,865
2,126,830 j 3,406,809
4,596,001
8,824,033
260,000
80,000
2,947,690
75,524
43,595
260,000
80,000
4,150,816
63,700
41,485
260,000
80,000
8,126.197
297,869
59,967
2,126,830 I 3,406,809
4,596,001
8,824,033
124,745
379,755
184,224
360,822
41,560
56,416
32,688
9,136
489,435
21,893
209,109
847,933
132,693
372,087
21,235
83,486
32,378
10,285
532,778
24,275
272,180
2,140,294
311,936
297,108
119,285
70,119
31,697
8,571
1,081,054
27,494
1,041,393 i 1,234,529 j 1,700,674
2,266,259
4,359,738
Dec. 31,
1919.
ASSETS.
Cash, coupons, foreign gold, and balances with banks of
issue and clearing
Bills, including treasury bills
Due from banks
Stock exchange loans and advances
Advances on merchandise
Securities owned
Syndicate participations
Participations in banks and banking firms
Debits in current account
Sundry assets
Total
68,646
375,895
61,381
119,069
116,632
42,592
55,276
36,834
624,866
36,935
98,929
330,001
62,355
95,503
22.700
52,079
63,594
37,861
574,117
48,289
I 1,538,126
1,386,028
139,883
353,086
65,887 i
149,532 i
7,925 I
65,042
59,616 I
38,505 !
648,711 |
48,669
1,576,856
206,549
707,986
86,629
176,493
8,277
55,355
54,559
36,834
736,034
58,114
LIABILITIES.
200,000
61,000 !
958,396
287,315
31,415
Capital paid in
Surplus and reserve
Credits in current account..
Acceptances and checks
Sundry liabilities
1,538,126
Total.
200,000
61,000
948,518
146,028
29,882
200,000 ! 200,000
61,000
61,000
1,192,801 1,759,827
68,925
92,314
37,078
30,741
1,386,028 I 1,576,856
BANK FUR HANDEL UND INDUSTRIE (DARMSTADTER BANK).
[In thousands of marks.]
Cash, coupons, foreign gold, and balances with banks of <
issue and clearing
Bills, including treasury bills
Due from banks
Stock exchange loans and advances
Advances on merchandise
Securities owned
Syndicate participations
Participations in banks and banking firms
Debits in current account
Sundry assets
Total.
Capital paid in
:
Surplus and reserve
Credits in current account..
Acceptances and checks
Sundry liabilities
Total.
48,385
185,023
52,196
110,473
17,191
54,446
44,552
8,026
439,442
18,404
63,492
174,382
53,154
96,946
18,463
59,688
40,629
9,435
455,243
19,462
978,138
990,894
160,000
32,000
607,681
166,352
12,105
160,000
32,000
592,162
198,895
7,837
160,000
32,000
750,549
89,353
9,491
160,000
32,000
969,800
60,702
12,027
160,000
32,000
1,435,934
51,755
20,985
160,000
32,000
1,999,995
47,894
26,370
160,000
32,000
3,980,456
115,934
71,348
978,138
990,894
1,041,393
1,234,529
1,700,674
2,266,259
4,359,738
92,179
191,944
81,343
119,253
8,512
57,177
40,508
9,523
420,009
20,945
i
!
I
I
I
I
I
I
i
103,520 !
210,600 !
132,563 ;
258,8C0 !
22,724 !
50,557 |
37,762 I
8,516
388,557!
20,930
COMMERZ- UND DISCONTO-BANK.
[In thousands of marks.]
ASSETS.
Cash, coupons, foreign gold, and balances with banks of
issue and clearing
Bills, including treasury bills
Due from banks
Stock exchange loans and advances
Advances on merchandise
Securities owned
Syndicate participation
Participations in banks and banking firms
Debits in current account
Sundry assets
Total
17,353
75,697
40,125
86,113
21,595
28,075
18,812
12,332
197,847
9,799
22,422
57,024
31,640
66,105
14,853
34,472
22,479
12,332
214,360
9,461
16,393
86,567
36,374
108,382
2,456
40,954
17,152
12,332 I
222,161 j
18,494
269,022
51,765
126,492
4,242
27,216
16,425
12,332
221,115
7,889
23,805
453,902
81,208
185,071
2,920
25,581
15,005
12,332
296,132
7,842
26,745
742,266
63,606
160,400
2,719
74,279
20,833
12,332
366,717
11,539
62,655
1,288,713
151,038
180,790
31,890
31,195
18,921
12,332
594,300
12,683
507,748
485,148
551,453 I
754,992
1,103,798
1,481,436
2,384,517
85,000
14,000
315.967
83,465
9,316
85,000
14,500
299,102
77,836
8,710
85,000
15,000
406,119
36,330
9,004
85,000
15,050
616,911
27.627
10,404
85,000
15,600
945,562
45,141
12,495
85,000
17,000
1,317,865
50,608
10,963
85,000
17,500
2,128,490
135,271
18,256
507,748
485,148
551,453
754,992
1,103,798
1,481,436
2,384,517
LIABILITIES.
Capital paid in
Surplus and reserve
Credits in current account
Acceptances and checks
Sundry liabilities
Total
1051
FEDERAL RESERVE BULLETIN.
OCTOBER, 1920.
GERMANY—Continued.
BERLINER HANDELSGESELLSCHAFT.
[In thousands of marks.]
Dec. 31,
1913.
Dec. 31,
1914.
Dec. 31,
1915.
Dec. 31,
1916.
Dec. 31,
1917.
Dec. 31,
1918.
Dec. 31,
1920.
ASSETS.
Cash, coupons, foreign gold, and balances with banks of
issue and clearing
Bills,including treasury bills
Due from banks
Stock exchange loans and advances.
Advances on merchandise
Securities owned
Syndicate participations
Participations in banks and banking firms
Debits in current account
Sundry assets
Total..
Capital paid in
Surplus and reserve.
Credits in current account.
Acceotances and checks."..
Sundry liabilities
Total..
20,217
103,914
11,066
108,520
10,145
100,338
15,085
105,228
14,156 !
18,779 !
139,719
151,122
15,068
538,624
66,062
62,032
16,160
7,047
5,488
3,812
10,587
42,899
52,446
9,971
243,446
11,998
36,717
53,767
9,992
238,282
12,059
35,042
52,603
9,893
277,507
11,753
50,305
43,109
9,111
318,177
11,759
55,061
32,788
8,701
377,843
11,762
98,507
32,679
8,700
447,320
11,823
62,863
43,386
8,545
495,852
11,838
550,953
532,435
513,531 !
559,821
645,518
772,742
1,186,763
110,000
34,500
296,822
96,836
12,795
110,000
34,500
262,951
118,516
6,468
110,000
34,500
282,118
78,412
8,501
110,000
34,500
348,773
54,896
11,652
110,000
34,500
43^,096
47,302
14,620
110,000
34,500
569,648
42,762
15,832
110,000
34,500
961,604
59,199
21,460
550,953
532,435 !
513,531
559,821
645,518
772,742
1,186,763
NATIONALBANK FUR DEUTSCHLAND.
[In thousands of marks.]
ASSETS.
Cash, coupons, foreign gold, and balances with banks of
issue and cleiring
Bills, including treasury bills
Due from banks
Stock exchange loans and advances
Advances on merchandise
Securities owned
Syndicate participations
Participations in banks and banking firms
Debits in current account
Sundry assets
Total.
29,300
39,410
4,980
180,010
5,100
20,462
65,022
14,899
40,841
4,921
26,963
33,032
4,933
180,611
5,100
19,195
71,011
13,650
44,533
2,938
17,890
28,500
4,882
159,167
7,069
28,952
98,858
12,720
68,129
3,645
17,831
22,445
3,321
164,070
7,067
53,800
158,252
15,563
120,004
4,007
18,997
22,3? 0
3,321
187,453
7,064
50,062
237,128
17,898
152,231
3,783
27,694
21,745
6,312
210,098
7,270
55,304
262,156
175,671
176,801
16,252
26,947
20,341
6,427
338,823
7,619
426,000
i6,784
368,835
427,038
590,821
734,221
1,086,341
90,000
16,000
240,720
69,580
9,700
90,000
8,000
210,206
90,000
9,000
90,000
10,000
453,490
27, 469
90,000
10,000
606,124.
18,635
9,462
90,000
10,000
911,172
56,479
18,690
426,000
14,580
88,060
14,860
49,700
LIABILITIES.
Capital paid in
Surplus and reserve
Credits in current account..
Acceptances and checks
Sundry liabilities
Total.
90,000
85,884
2,694
8,000
211,961
50,566
8,308
282,982
36,506
8,550
396,784 j
358,835
427,038 I
590,821
734,221
1,086,341
MITTELDEUTSCHE CREDITBANK.
[In thousands of marks.]
Cash, coupons, foreign gold, and balances with banks of
issue and clearing
Bills, including treasury bills
Due from banks
Stock exchange loans and advances
Advances on merchandise
Securities owned
Syndicate participations
Participations in banks and banking firms
Debits in current account
Sundry assets
Total.
9,039
40,773
6,629
24,829
3,510
13,53a
11,2^3
2,469
137,607
9,061
24,560
47,832
11,450
16,437
4,168
14,336
7,685
1,869
169,592
9,016
22,289
42,463
15,820
6,839
3,203
14,698
7,969
2,869
197,690
8,851
19,329
76,891
39,552
43,178
1,147
14,789
6,931
2,869
153,143
9,075
31,533
148,927
93,749
55,850
57
9,901
6,379
1,773
180,952
11,149
53,756
338,549
64,225
53,808
372
19,105
10,260
1,773
194,928
10,449
105,967
507,400
92,157
28,587
1,258
12,149
11,863
1,936
348,771
11,634
258,716
306,945
322,691
366,904
540,270
747,225
1,121,722
60,000
9,157
130,770
54,050
4,739
60,000
9,157
160,681
73,157
3,950
60,000
9,157
208,113
41,497
3,924
60,000
9,250
269,491
22,363
5,800
60,000
9,250
448,945
16,085
5,990
60,000
9,250
662,143
9,501
6,331
60,000
9,250
1,019,100
27,505
5,867
258,716
306,945
322,691
366,904
540,270
747,225
1,121, 722
LIABILITIES.
Capital paid in
Surplus and reserve
Credits in current account..
Acceptances and checks
Sundry liibili ties
Total..
1052
FEDERAL. RESERVE
BULLETIN.
OCTOBER, 1920.
ECONOMIC AND FINANCIAL CONDITIONS tic revenue. Plans are now being made for the
encouragement of other industries, in fact a
IN CHILE.
notable development along industrial lines has
More than any other South American country taken place within the past few years, and the
Chile is dependent for her place in the world system of taxation is being revised with a
markets on one source of wealth—nitrate, view to deriving a-larger portion of revenue
which is also the principal source of thefrom the property and income of the Chilean
national revenue, and provides occupation for population.
a large number of the population. The
MONETARY SYSTEM.
possession of this important mineral, which is
Chile's monetary system has gone through
used in times of peace principally for agricultural purposes and in times of war as an numerous vicissitudes since the establishment
essential part of explosives, has had a pro- of the Republic. Space forbids a discussion
found effect on Chile's economic life. Chile is, of the history of the Chilean currency. It
generally speaking, prosperous, because she has must suffice to say that since 1898 the bulk
nitrates "to sell to the world, and because she can of Chile's currency has consisted of inconmake the outside world in purchasing nitrates vertible paper money. The Chilean peso has
pay most of Chile's national expenses and a gold content of 0.5991 gram of gold, 0.916§
relieve her of the necessity of taxing her own line, or 0.54918 gram of pure gold, and is
people. The ease with which export duties worth at par 36.5 cents, or 18 pence in British
on nitrate have supplied the Chilean Govern- currency, in which it is generally quoted.
ment with funds has encouraged it to under- The different kinds of currency in circulation
take many public works with less hesitation in Chile at the end of each year from 1912 to
than is felt by other countries which must 1920 are shown in the table below:
meet their expenditures largely by imposing
Chile s fiduciary note circulation.
1912-1920.
domestic taxes.
[In 1,000 pesos.]
Having most of her eggs in this one
basket, Chile suffered severely at the outbreak
Fiscal notes.
of the war when, as a result of transportation
J Treas- Guar- Total
difficulties and the operations of German
anteed
note
ury
Convercircubank
Ancruisers in the Pacific Ocean, it was difficult
Fixed
sion
notes.
lation.
cient
Total.
to dispose of the products of nitrate mines.
series.
It was not long, however, before the great war
demand for nitrates to be used in the manu- Dec. 31,1912. 875 150,000 18,482 169,357!
3
1,545 170,904
3
31,1913.
1,343 186,041
873 150,000 33,822 184,6961
facture of munitions reacted favorably on Dec.
224,980
Dec. 31,1914.
854 150,000 45,000 195,854! 28,136
Chile's economic conditions, and the period Dec. 31,1915. 853 150,000 12,054 162,907 13,827 990
977 177,712
Dec. 31,1916.
929 178,910
8,982
853 150,000 18,145 168,998
of the war has been a period of great pros- Dec. 31,1917J 853 150,000 24,898 175,752 9,482 928 186,162
31,1918.
927 227,688
5,320
853 150,000 70,588 221,441|
perity in the Chilean Republic. When the Dec.
Mar. 17,1920.
927 226,466
853 150,000 47,878, 198,741! 28,587
war came to a close the demand for nitrate
fell off because the belligerent governments no
A small amount of notes of ancient issues
longer required vast quantities of the material
for munitions and were able at first to utilize are in circulation, but the principal item is 150
accumulated stocks to satisfy agricultural million pesos of inconvertible paper notes
demands. Financial weakness of former bel- generally known as the fixed issue. In addiligerents and, to a smaller extent, competition tion to this, there is a conversion office, at
of artificial nitrates also contributed to Chile's which certain authorized banks may obtain
postwar difficulties. As a consequence, the paper money at the rate of 1 peso for 12 pence
year 1919 was a bad year in Chile, with a deposited in gold, these notes being redeemnumber of the mines standing idle and the ster- able on demand in gold. A law of 1918 auling value of the peso rapidly falling. In 1920, thorizes another type of convertible notes at
however, the world's agricultural demand for 18 pence per peso, but this being greatly in
nitrate revived, and Chilean producers organ- excess of the exchange value of the peso no
ized an association which tends to stabilize use has been made of this provision. There is
production and prices. As a consequence, eco- also an issue of treasury notes, largely the
nomic conditions in Chile at present are fast im- result of emergency legislation in 1914, when
proving, and the sterling value of the peso shows the Government issued notes to assist the indusan upward tendency. Nevertheless, it must be tries, chiefly the nitrate industry, during the
stated that Chile has learned from the war the crisis caused by the war. These notes are supunwisdom of depending so largely on one prod- ported by obligations of the industries assisted.
uct for her exports and as a source of domes- The amount outstanding, which in 1914 was
1
FEDEKAL RESERVE BULLETIN.
OCTOBER, 1920.
about 28 million, declined to about 5 million
in 1918, but owing to the depression in 1919 it
increased again, and in March, 1920, stood at
about 29 million pesos. The Government is
also liable on a small amount, less than 1
million, of notes issued by banks at the time
*vhen they had circulation privileges, since taken
over by the Government. It is generally considered that these notes have been lost or
destroyed and that this liability is a nominal
one. In the aggregate, the note circulation of
Chile has shown comparatively little growth
during the war period; from 225 million in 1914
it declined to 178 million in 1915; then rose
gradually to 251 in 1919, and declined again
to 226 million by March, 1920.
Currency other than the so-called fixed issue
is largely taken care of automatically, either by
the treasury or by the conversion office. In
the case of the fixed issue, there has been a fund
accumulated in gold that is sufficient to effect
conversion. This fund was built up largely
under the operation of a law of 1909 by which
not less than one-half million pesos per month
were deposited in the treasury or in specified
banks abroad out of receipts from the gold
export duties. In 1914 this fund amounted to
108 million pesos at 18 pence per peso; on
October 31, 1919, the latest date for which
figures are available, the fund was about 113
million pesos. A table showing the distribution of this fund is attached. It will be noted
that in 1914 the larger part of it—74 million—
was in England, and 30 million was in Germany. The gold was transferred from Germany to Chile through the sale by Germany
of part of her stock of nitrates to America;
that is, the Germans paid off their gold debt
to Chile by transferring nitrates to Americans,
and the Americans sold the nitrates to the
Allies for gold, which was ultimately shipped
to Chile.
Chile's gold conversion fund,
1910-1919.
[In 1,000 pesos gold at 18 d.]
In foreign banks.
Year.
1910
1911
1912
1913
1914
1915
1916
1917
1918
Oct. 31,1919
1
In the
treasury.
3,644
3,644
3,644
24,765
64,146
66,667
Total.
England.
Ger- United
many. States.
9,123
9,442
9,773
10,115
74,261
80,263
58,766
54,748
47,054
45,788
85,360
94,483
88,577
98,019
91,915
101,688
95,379
105,494
30,256
104,517
27,128
107,391
22,226 **3*i25' 84,116
2,721 11,911 69,380
62
10 47,126
10 45,798
Total.
Including 145 thousand pesos classed as miscellaneous.
94,483
98,019
101,688
105,494
108,161
111,034
87,760
94,145
111,272
1
112,610
1053
Since the cessation of hostilities a considerable portion of the gold has been returned to
Chile and at the present time the bulk of it
is in the treasury, and nearly all the remainder
in England. It should be noted that at every
date shown in the table the conversion fund
was sufficient to redeem the inconvertible
notes at 12 pence per peso, which was considered a fair figure in view of the prevailing rate
of exchange, and to leave a balance to the
credit of the treasury. On October 31, 1919,
for instance, there were 112,610,000 pesos at
18 pence per peso in the conversion fund. This
amount would redeem 168,916,000 pesos at 12
pence per peso, i. e., it would redeem the outstanding 150 millions, and leave a balance of
about 19 million pesos. The fact that redemption was not effected is traceable to
an economic and political controversy which
has been waged in Chile for more than a generation. The agricultural and the mining interests have been strongly opposed to conversion,
because inconvertible money made for low exchange rates, and low exchange rates in turn
made it possible to sell agricultural products
for gold abroad and to convert the gold into
depreciated currency with which to meet
domestic expenses. It is true, of course, that
the domestic price level is affected by the rate
of exchange, but the relationship is not immediate, and there is always a lag in the rise of the
price level as against the decline in the exchange value of a currency. For this reason there
have been powerful influences at wTork against
conversion. In 1909 there was an agitation
for conversion, but the Parliament instead
passed a bill establishing the foreign conversion fund, a measure which was vetoed by the
President and passed over his veto. Conversion has constantly been postponed, the latest
postponement being for six months after July
of the current year.
As a consequence of the instability of the
exchange rate and of the value of the paper
currency, it is not uncommon in Chile to make
bank deposits in terms of pounds sterling and
more recently of dollars and to issue checks
against these deposits, so that in addition to
the paper money with its fluctuating gold
value, there is a not inconsiderable circulation
of bank credit expressed in foreign currencies.
At the present time it appears that the need
of monetary and banking reform is fully appreciated by the Chilean •Government, and
plans are being made for the establishment of a
bank of issue and rediscount, described below,
which it is expected will solve the currency
problem and provide for a safe and elastic
medium of exchange.
1054
FEDERAL RESERVE BULLETIN.
FOREIGN TRADE AND FOREIGN EXCHANGE.
A table is shown giving the amount of exports from and imports to Chile from each
important foreign country for the years 1913—
1918; aggregate figures for 1919 are also given.
It will be noted that Chile's exports exceeded
her imports for each year in the table, except
1919, but that the excess was very much
smaller in 1914 than in any other year, and
very much larger during the years 1915 to 1918
than in 1913. The principal country of export
has been Great Britain, whose imports from
Chile were 153 millions in 1913, dropped to 110
millions in 1914 and 112 millions in 1915, then
rose to 133 millions in 1916,152 millions in 1917,
and 182 millions in 1918. These fluctuations
are reflected to a considerable extent in the exchange rates on London. In July, 1914, the
peso was quoted at 9.6 pence in Valparaiso;
in August it had dropped to 8.8 pence, and by
December the quotation had declined to 7.1
pence, the lowest figure in the table. From that
time on the quotations gradually advanced
with fluctuations, and by June, 1918, they had
reached 17.2 pence per peso, after which a
decline set in again and in March, 1919, the
peso was quoted at 9.3 pence.
After sterling was "unpegged" in New York
the value of the peso in terms of sterling began
to rise, as that of sterling declined. In 1920
the value of the peso was further improved as
the result of the resumption of nitrate exports.
An important item in these fluctuations is not
only the actual production and export of
nitrate but also its price. Taking New York
quotations, it will be noted that in July, 1914,
nitrates were selling at between $2.10 and
$2.12J, on the basis of a unit of ammonia. In
December of the same year the price had
dropped to $1.85, where it remained until
February of the next year, when a rise began
which continued with some fluctuations until
1918, when it wa3 around $4.40. During 1919
the price dropped again to as low as $2.90 in
December. But in 1920 the organization of
the Nitrate Export Association has resulted in
a stabilization of the price, which has been
$3.85 per unit in April, May, June, and July of
this year.
The fluctuations of the exchanges on other
countries are closely related to those of the
British exchange. It should be noted, however, that the val#e of the dollar in terms of
pesos has advanced since April, 1919, when it
was freed from its connection with European
exchanges by the abandonment of the policy
of " pegging," while all the other allied currencies have declined since that time in terms
of pesos.
OCTOBER,
1&20.
Chile1s trade with foreign countries during the period
1913-1919. [In 1,000 pesos of 18d.j
Country.
Germany:
Imports
Exports
Argentina:
Imports
Exports
United States:
Imports
Exports
France:
Imports
Exports
Great Britain:
Imports
Exports
Italy:
Imports
Exports
Peru:
Imports
Exports
Other countries:
Imports
Exports
1913
1914
81,036 70,931
84,467 49,793
8,939
4,276
1915 i 1916
9,818|
1,230
1917
1919
1918
185
21,047 30,978
5,931
,7ol
O, o
6,347 11,102 14,018 23,336 26,345
55,039 55,2021 51,064J 94,252 174,068 203,452
83,339 86,174J137,873 252,474 424,674 488,995
18,161 11,529! 4,659 9,465,1 14,155 13,801
24,269! 11,731! 9,753 38,660! 31,939 4,241
98,929 61,191] 36,462 55,027 64,563j 81,446
152,541110,257!ll2,466 133,076 151,750:182,125
8,702
1,786
5,415
2,112
4,748
1%™
4,7891 4,526J 3,567
5,205) 13,148] 1,301
13,179 14,740 13,048J
2,689| 1,303 1,009! 3,624
361.
4,275: 18,170].
!
i
45,533! 44,818 26,662! 50,862
42,943 31,958J 50,586 66,528 76,497102,800
63,167- 60,616
Total trade:
Imports. 329,518 269,757153, 212222,521 355,077 436,074 401,324
Exports. 396,310 299,675 327, 479 513,585,712,289 763,623J316,977
Chile's exports of principal agricultural and mine
1913-1920.
Commodity.
1913
1914
1915
products,
1916
996
1,119
1,051
1,203
22,461
30,524 25,774
23,123
30,894
45,410 86,640
(1,000 pesos..
31,892
53,587 71,904
tmetric tons.
45,227
41,323
f 1,000 pesos..
314,909 212,380 232,679 338,529
,980,273
-"1,294 2.
tmetric tons. 2,738,3391 ,846,786 2,023
84 ' 1,157
6,320
566
Whpat
(1,000 pesos
wneat
4,908 105,830
523,727
41,480
tmetric quintals.
1,724
3,030
1,000 pesos
831
4,595
Barley.
metric quintals.
93,051 618,114 326,015 157,494
3,434
874
1,000
pesos
1,656
1,
Beans..
78,433 31,244 136,236
metric quintals.
108,396
1,113
1,651
1,000 pesos
1,029
1,485
Walnuts.
39,290 19,947 28,003
metric quintals.
35,445
12,160
5,227
7,192
4,280
Frozen m e a t . . . { ^
98,432 130,676 158,297 209,063
10,022 13,011 18,768
9,393
Wnnl
11,000 pesos
w 01
128,904 122,667 142,045 139,813
°
tmetric quintals.
Commodity.
Nitrate
f 1,000 pesos
tmetric quintals.
jl,000 pesos
tmetric quintals.
j 1,000 pesos
tmetric quintals.
1,000 pesos
Walnuts
metric quintals.
1,000 pesos
Frozen meat... metric
quintals.
1,000
pesos
Wool.
metric quintals.
1917
1918
1919
1920
JanuaryJune.
1,273
619
19,740
8,115
132,760 114,910
94,987 92,534
472,147 510,856
,5
2,7/6,289 2,919,177
,919,177 1,018,734 1,679,785
2,666 15571
15,571
144,023 625,306
482
931
42,959 52,909
2,666
6,706
259,868 171,056
1,379
1,569
18,632 25,392
9,182
9,700
147,413 110,970
26,249 32,766
134,972 113,567
Chile's average monthly exchange rates on foreign
1914-1920.
London.
Pesos
per £.
Pence
per peso.
1914.
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...
1916.
January
February
March
April
May
June
July
August
September
October
November
December
1917.
January
February
March
April
May
June
July
August
September
October
November
December
1918.
January
February
March
April
May
June
July
August
September
October
November
December
1919.
January
February
March
April
May
June
July
August
September
October
November
December
New
York,
pesos per
dollar.
8.996
9.528
9.679
9.679
9.579
9.708
9.595
8.781
8.307
7.429
7.348
7.102
26. 75
25.31
24.90
24.86
25.17
24.81
25.00
26.94
28.78
32.31
32.61
33.83
5.57
5.28
5.18
5.17
5.23
5.16
5.22
5.62
6.00
6.72
6.80
7.04
7.211
7.517
7.814
8.296
8.072
7.979
8.056
8.223
9.033
9.111
9.042
8.828
33.32
31.87
30.73
29.02
29.62
30.07
29.78
29.20
26.57
26.34
26.55
27.20
8.558 |
8.517 j
8.579 I
8.664 I
8.762 !
9.041 !
9.299 I
9.421 I
10.207 I
10.551 !
10.829 |
11.645 !
11.724
11.284
10.807
10.847
11.742
12.416
12.672
13. 279
15.196
14. 498
14. 515
14. 558
countries,
Buenos
Aires,
Paris, pesos
per
pesos per Argenfranc. tine peso
paper.
1.07
1.00
2.43
.99
.98
.99
1.08
1.15
1.28
1.30
1.35
2.31
2.27
2.27
2.28
2.23
2.26
2.43
2.58
2.84
3.66
3.00
6.38
6.05
6.17
6.26
6.20
6.085.53
5.49
5.53
5.66
1.32
1.27
1.22
1.16
1.18
1.20
1.18
1.16
1.06
1.05
1.06
1.09
2.98
2.85
2. 75
2.60
2.65
2.70
2.67
2.61
2.3^
2.37
2.39
2.44
28.03
28.25
27.96
27.69
27.38
26.54
25.80
25.60
23.69
22.89
22.35
20. 73
5.84
5.86
5.82
5.76
5.70
5.53
5.37
5. 45
5.06
4.89
4.76
4.42
1.12
1.13
1.12
1.11
1.10
1.05
1.02
.92
.84
.82
.80
.74
2.51
2.53
2.50
2.47
2.44
2.38
2.32
2.31
2.15
2.11
2.07
1.98
20.57
21.40
22.37
22.25
20. 54
19. 45
19. 03
18.16
15.92
16.61
16.60
16.55
4.39
4.56
4.77
4.75
4.38
4.14
4.04
3.86
3.40
3.55
3.53
3.52
.97
.77
.80
.81
. 75
.70
.71
.65
.58
.60
.60
.60
2.11
2.04
2.12
2.0")
1.91
1.84
1.80
1.69
1.47
1.56
1.63
1.69
14 033
13.945
15.239
15.664
16.778
17.221
17.031
16.676
16.550
13.917
12. 016
10.933
17.11
17.28
15.81
15.38
14.41
13.99
14.20
14.44
14.55
16.79
20.12
21.31
3.64
3.68
3.28
3.27
3.06
2.97
3.02
3.06
3.08
3.69
4.27
4.69
.62
.63
.58
.56
.53
.51
.54
.54
.56
.67
.77
.86
1.69
1.64
1.49
1.47
1.40
1.35
1.35
1.37
1.39
1.67
1.91
2.13
10.468
9.792
9.323
10.395
10.802
10. 951
10 280
9.692
10. 801
11.425
10.966
11.481
22.90
24.71
25. 73
23.07
22.31
21.89
23.41
24.68
22.18
20.60
21.95
20.43
4.86
5.20
5.53
5.08
4. 85
4.80
5.27
5.75
5.27
5. 02
5.38
5.52
.88
.95
.99
.85
2.20
2.36
2.48
2.22
.77
.76
.64
.61
2.23
2.42
2.25
2.14
o oo
2.39
13.444
15. 087
14. 000
12.610
.11.833
16.05
15.75
17.01
19.02
20.27
4.94
4.83
4.78
4.90
5.33
i
i
!
!
!
6.94
1920.
January
February
March
April
May
1055
FEDERAL RESERVE BUULETIK.
OCTOBER, 1920.
2.11
2.06
2.10
2.13
2.39
In addition to the balance of merchandise
trade, an important element in Chile's trade
balance with the world is the heavy interest
payments on Chile's foreign loans and on the
foreign capital invested in that country.
Another table showing the amounts of the
principal items of export is attached. The
decided predominance of nitrates in the total
exports is clearly brought out by the figures.
The next most important item of export is
copper, the exports of w^hich amounted to 41
thousand tons in 1913 and to 93 thousand tons
in 1918. None of the other exports had a value
sufficient to deserve mention, but various agricultural products, including wheat, barley,
beans, walnuts, frozen meat, and wool, figure
in the exports, the latter item being the most
important.
The wide fluctuations of exchange rates on
foreign countries in Chile have a tendency to
add an element of uncertainty to the business
of exporters to Chile, who must provide a margin to their prices as a protection against these
fluctuations. This results in higher prices
for imported merchandise and contributes to
the growing determination on the part of
Chile7s business men to secure legislation
tending to stabilize the value of the peso.
BANKS.
There is no public or' semipublic bank in
Chile, all of the banks being under private control. The most important of the domestic
banks is the Bank of Chile, the principal assets
and liabilities of which are shown in the
attached table for the end of each year from
1914 to 1919.
A table showing the assets and liabilities of
all the important banks in Chile at the end of
1914 and at the end of 1919 is also presented.
A characteristic of the Chilean banks is the important place occupied by current or "giro"
accounts. These accounts are handled according to the German plan of opening certain lines
of credit to customers and of allowing them to
draw against those accounts or to make deposits, and striking a balance of debits or credits
at the end of each day. These accounts are not
generally liquidated except at the end of a sixmonth period. This policy is considered undesirable by some Chilean authorities as tending
to tie up in long-term credits large portions of
the liquid assets of the banks, and the Chilean
delegation at the Pan American Financial
Congress last December recommended that
the practice be discouraged. A tendency to
limit the use of current account credits has
been developing in recent years, and an increasing proportion of bank credit is being
used for ordinary commercial discounts. The
1056
FEDERAL RESERVE BULLETIN.
banks deal freely in foreign exchange, and, as
has been mentioned above, carry accounts in
terms of British pounds and of American
dollars.
Chilean banks receive deposits from all
classes of population and have a widespread net
of branches. It is customary in Chile to pay
fairly high rates of interest on deposits in order
to encourage them, the funds being used in
considerable part in providing accommodation to the large customers having current
accounts. The establishment of a bank of
issue and rediscount, which is proposed, will
no doubt produce a serious change in the banking situation.
This bank is to be known as the Central
Bank of Chile. Its capital is to come from the
surplus in the conversion fund above the
amount necessary to redeem the outstanding
currency and is to be increased by the addition
of the bank's annual profits. The bank is to
act as fiscal agent of the Government and is to
handle the redemption of the notes issued by
the banks against gold deposits and by the
treasury against industrial obligations. The
bank will issue new legal tender bills in exchange for gold at the rate of 1 peso for 0.3611
grams of fine gold. This will make the new par
value of the Chilean peso 24 cents. It will
have authority to discount bills for native
banks, having a capital of not less than 1,000,000
pesos, provided these bills arise out of commercial operations or are collateraled by Government securities or other obligations approved
by the Government. Native banks for purposes of this law are banks at least 75 per cent
of whose capital is controlled by Chileans or
foreigners resident in Chile. The rate of interest charged by the Central Bank must not be
less than 1J per cent under the rate charged by
the offering bank to its customers. In order to
be entitled to the privilege of rediscounting
with the Central Bank, the commercial banks
will be required to keep 10 per cent of their
deposits invested in obligations of the Chilean
Government. The bank may issue notes
against the discounts, but must maintain a gold
reserve of 40 per cent. The bank will also
have authority to buy and sell foreign bills of
exchange and to issue notes for the purchases,
to deposit funds in foreign countries, to receive
deposits from other banks, and to act as a
clearing house for such banks.
Of the foreign banks in Chile the British and
the German are the largest. It must be noted
however, that only about 16 per cent of the
banking capital in Chile represents the capital
of foreign banks. The German banks have
to a considerable extent financed industries
in Chile through the use of money borrowed
OCTOBER, 1920.
from the large French banks, while the British
banks act as agents of their nationals in Chile,
particularly in connection with the nitrate
mines owned by English interests. The United
States is represented in Chile by branches of
the National City Bank in Santiago and in
Valparaiso. There are two great mortgage
banks which afford long term credits to the
agricultural interests. One of these institutions has an important savings department
which receives deposits from large numbers of
the workers of Chile and invests its funds to a
considerable extent in municipal public utilities.
PUBLIC FINANCE.
As has been mentioned before, the principal
source of revenue of the Chilean Government
is export duties on nitrate and import duties
on other products. These two sources contributed in 1918 about 80 per cent of the total
revenue of the Government, amounting to
about 245 million pesos, about three-fourths of
which is paid by overseas consumers of nitrates.
The export duties were until recently required
to be paid in gold, which has created a considerable amount of dissatisfaction owing to
the appreciation of gold in terms of paper
money. Recently the Government issued a
decree by which the proportion of the duties
payable in gold is gradually reduced to 30 per
cent, to take effect in August, 1920. The war,
by temporarily cutting off the revenue from
the export of nitrate, has stimulated the development of local taxation, and the revenue
from income and property taxes, which was
only 5 million pesos in 1913, was 11.3 million
pesos in 1918, and constituted at the latter
date 4.6 per cent of the total revenue as
against 0.3 per cent in 1913.
Chile has a foreign debt held largely in
Great Britain and amounting on December 31,
1919, to about 30 million pounds sterling.
The resources of the Government, however,
have always been sufficient to make interest
and amortization payments. Most of the
money borrowed abroad has been used by the
Chilean Government in the development of
its railroads, which are to a very large extent
government owned. The Government also
owns most of the nitrate deposits, and the exploiting companies pay royalties to the Government through the medium of export duties.
The leasing of new nitrate fields to producing
companies is one of the sources of revenue of
the Chilean Government. The Government
takes gjreat interest in the nitrate industry, and
when in 1914 it was temporarily paralyzed,
the Government paid a subsidy of 3 pesos for
each quintal produced, and of 4 pesos for each
OCTOBER, 1920.
1057
FEDERAL RESERVE BULLETIN.
quintal delivered at the port. These pre- the way to organize its economic and business
miums were paid in the treasury notes which life along sound modern principles of finance.
have been mentioned in the chapter on the
SOURCES.
monetary system. They helped the industrythrough the periods of depression immediately Chilean Government publications:
Diario Oficial de la Republica de Chile, 1914-1920.
following the outbreak and the termination
Anuario Estadistico de la Republica de Chile, 1918, 1919.
of the war.
United States Government publications, published by—
The Bureau of Foreign and Domestic CommerceChile has no autonomous provincial or state
William H. Lough, Banking Opportunities in South America,
1915.
governments, the central government being in
Daily Commerce Report for May 24, 1920, the Nitrate Industry
full control of all except municipal affairs. The
of Chile.
The War Trade Board—
municipalities have comparatively small budE. D. Riser, A Study of the Nitrate Industry, July, 1919.
Also Special Consular Reports.
gets, raised largely by property and income
Other publications:
taxes and through industrial and commercial
Memoranda Prepared by the Chilean Delegates to the Pan-American
Financial Congress held in Washington in December, 1919.
license fees. They also have in some instances
Banco de Chile, History of the Bank Presented to the Stockholders
contracted foreign obligations, the aggregate
on January 1, 1919.
Banco de Chile, Annual Reports.
of which, however, is not considerable.
John H. Williams, Latin American Foreign Exchange and International Balances during the War, in Quarterly Journal of
Having a large mineral resource in the
Economics, May, 1919.
L. S. Rowe, The Early Effects of the European War Upon Finance,
nitrate deposits of the north, good agriculCommerce, and Industry in Chile, Carnegie Endowment for Intural possibilities in the central states, and a
ternational Peace, 1918.
Roberto Espinoza, La Reforma Bancaria y Monetaria de Chile,
live-stock industry in the southern states, and
Santiago, 1913.
having made a start in the industrial field,
Agustin Ross, Chile, 1851-1910, Valparaiso, 1910.
The
Americas, Monthly, published by the National City Bank
Chile is in a sound financial and economic conof New York.
Monthly
Review of Business and Trade Conditions in South America,
dition, and the developments which are to
published by London and River Plate Bank.
be expected along the line of further increases
El Mercurio, Daily, Santiago.
El Mercurio, Daily, Valparaiso.
in local taxation, together with the reform of
The Central Executive Council of the International High Commissionthe monetary system through the organization
Chile, Financial and Economic Conditions and Public Debt,
of a bank of issue, are signs that Chile is on
October, 1919. (In manuscript.)
Assets and liabilities of the Banco de Chile on Dec. 31, 1914-1919.
[In 1,000 pesos.]
1914
Currency.
Gold.
Currency.
Gold.
Currency.
Gold.
Currency.
1919
1918
1917
1916
1915
Gold.
Currency.
Gold.
Currency.
Gold.
ASSETS.
Cash
Due from banks and bankers...
Short-term bills foreign
Securities owned
Real estate
Furniture and furnishings.,
Loans and advances
Treasurv certificates
Due from agencies
Interest and discounts
Other assets
Total
40.232
19,.841
5. 332
1 416
10,402
12 358
771
163, 313
6
7,935
83
19 278
919
22,943
115
21,247
6,641
5,853
10 866
733
188,194
8 116
'694
8,271
250,615
270,862
34,082
151,025
40,666
22 000
1 211
3,772 159,884
28,518 . . . . . . . . .
85
2,217
120
40,000
22,000
1 611
60
47
4,045
5,372
478
5,857
5
10,912
6 395
19,798
10,286
6,085
11 008
813
169,879
23,000
8 558
792
5,727
33,064
255,946
12,685
7,082
49
168,267
4,332
14,569
785
5,795
20,878
8,822
4,677
16,737
63
5,714
26,233
14,504
7,353
21,954
1,396
5,673
32,521
20,940
9,912
10,391
5,866
12,049
12,021
11 650
1,082
4
935
3
895
37,227 242,313
205,851
90,463 300,982
16,580
16,650
23,000
3,293
7 068 " i 445 14 241 "17 369*
198'
1,648
1,501
1,035
867
45,146
22,126
12,280
44,622 307,191 66,734 383,935 144,211 411,287
5
18,938
12,913
3,334
3,000
5,581
1,200
2
32,546
126
18,744
77, 446
LIABILITIES.
Deposits in current account:
Demand and time
In London
Due to banks and bankers
Savings deposits
Interest and discounts
Capital paid in
Surplus
Due to stockholders
Dividends
Profit and loss
Other liabilities
Total
"*"i*6o2"
2,266
12
92i*
2,338
40.000
22,000
2 006
17,908 183,881
21,335 259,149
7,129
5,831
*
"i,
824*
195
35 "**3,"280"
1,048
1 754
84
5,000
61
96
60,000
34,000
2,499
5,000
60,000
34,000
2,898
23,317
43,386
1,026
187
5,000
2,178
1,857
31,364
10,360
90
60,000
34,000
3,111
5,000
138
80
59
253,840
3 179
50,119
1,587
3 647
20,498
13,236
3 668
16,685
15,604
4,470
18,704
33,139
6,008
17,472
71,295
5,478
50,685
30,632
270,862
34,082
250,615
33,064
255,946
44,622
307,191
66,734
383,935
144,211
411,287
77,446
1058
FEDERAL RESERVE BULLETIN.
OCTOBER,
1920.
Assets and liabilities of the banks in Chile on Nov. 30, 1914 and 1919:
ASSETS, NOV. 30, 1914.
[In 1,000 pesos.]
Checks and due
from other banks.
Cash.
Loans to the
public.
Securities.
Banks.
Paper
money.
Silver.
Banco de Chile
Banco Espafiol de Chile
Banco Nacional
Banco de la Republica
Banco Anglo Sud Americano
Banco Aleman Transatlantic©
Banco de Chile y Alemania
Banco Santiago
Banco de Talca
Banco A. Edwards y Cia
Banco Jermanico de la America del Sud..
Banco de Concepcion
Banco de Curic6
Banco de Londres y Rio de la Plata..
Banco Punta Arenas
Banco Nuble
Banco Pop ilar
Banco Uni6n Comercial
Banco de Tacna
Banco Mercantil de Tacna
Banco de Osorno y la Uni6n
Banco Comercial de Curico"
Banco de Mulchen..
Banco Magallanes
Banco de Llanquihue
Banco de Constitucion
Banco Arauco
Banco Mercantil Bolivia.
1,646
455
35
Currency.
Gold.
4,936
366
3
1
36,378
21,932
2,380
1
12,061
8,427
6,076
837
641
1,116
895
766
246
4,938
621
289
315
98
71
215
164
31
27
140
30
13
82
452
2,779
99,242
7,567
95
115
120
,59
29
25
2
98
21
1
3
39
2
5
8
5
7
3
4
2
Loans to the
directors.
• 656
240
800
159
221
115
30
13
25
Currency.
Gold.
20,916
2,984
840
1
3,127
531
2,969
846
692
514
1,437
48
12
592
209
79
248
77
5
10
12
18
1,714
71
1
901
88
77
2
256
10,448
220
1,071
261
1,530
Currency.
Gold.
675
2,391
1,032
3
2 762
451
25
5
5
780
118
830
6
185
1,951
14
10
62
27
3
Foreign credits.
36,229
3,145
Real estate.
21,685
3,080
Other accounts.
176,270
79,841
47,959
6,744
35,315
24,273
21,698
14,868
15 499
14,110
6,054
11,069
6 487
5,641
3 632
4 730
4 981
3 079
1 938
1,647
2,422
1 167
430
1 287
628
481
321
569
493,140
Gold.
9,733
964
342
13,061
10,150
1,695
2 539
2,120
3,292
2 540
37
790
862
107
48,285
Total assets.
Banks.
Currency.
Banco de Chile
.. .
Banco Espafiol de Chile
Banco Nacional
Banco de la Republica .
*. .
Banco Anglo Sad Americano
Banco Aleman Transatlantic©.. . .
Banco de Chile y Alemania
Banco Santiago .
Banco de Talca
Banco A. Edwards y Cia
Banco Jermanico de la America del Sud
Banco de Concepcion
Banco de Curico
Banco de Londres y Rio de la Plata
Banco Punta Arenas
Banco Nuble
Banco Popular....
Banco Unidn Comercial
Banco de Tacna
Banco Mercantil de Tacna
Banco de Osorno y la Union
Banco Coraercial do Curico" .. .
Banco de Mulchen
Banco Magallanes
Banco de Llanquihue
Banco de Constitucion
Banco Arauco
Banco Mercantil Bolivia
Gold.
881
2 453
480
32
Currency.
8
286
' 82
143
285
3,860
Currency.
12,268
3,981
1,739
5,650
2 061
60
1,308
1,737
372
8
1,400
235
189
182
341
151
1 552
126
45
8
74
51
283
170
40
45
35
105
32
131
47
26
17
9,324
Gold.
10
226
126
116
41
60
15
42
Gold.
245
376
32,137
1,533
s
Currency.
Gold.
4,743
2,723
24 787
5,169
7 641
18,296
11 221
666
224
1
3,315
456
125
12,276
6 271
334
553
3€5
309
460
42
34
19
66
9
436
42
366
22,474
26
859
156
4 402
7,386
100,889
Currency.
Gold.
38,857
1,356
1 275
210
19 703
21,655
2 572
69
263,558
114,875
79 291
17,858
61 912
51, 702
43 392
20 188
17 745
22' 388
11,703
13,349
7 206
23,448
11 973
5 781
8 541
3 706
2 555
4 ?91
2 9fi3
1 542
551
1 717
761
930
488
1,388
51, 479
795,802.
115,535
1
5,912
6,071
784
505
2 834
2 711
8,509
9,503
3 536
37
1 63?
3 799
180
1059
FEDERAL RESERVE BULLETIN.
OCTOBER, 1920.
Assets and liabilities of the banks in Chile on Nov. 30, 1914 and 1919—Continued.
LIABILITIES NOV. 30, 1914.
[In 1,000 pesos.]
Certificates of deposits
payable at sight.
Deposits.
Current
account
currency.
Banco de Chile
Banco Espaflol de Chile
Banco Nacional
Banco de la Republica.
Banco Anglo Sud Americano
Banco Aleman Transatlantic©
Banco de Chile y Alemania
Banco Santiago
Banco de Talca .
. .
Banco A Edwards y Cia
Banco Jermanico de la America del Sud
Banco de Ooncepcion
Banco de Curico
Banco de Lonlres y Rio de la Plata
Banco Punta Arenas
Banco Nuble
Banco Popular
Banco Uni6n Comercial
Banco de Tacna . .
Banco Mercantil Tacna
Banco de Osorno y la Uni6n
Banco Comercial de Curic<5
Banco de Mulchen
Banco Magal lanes. . . .
. .
Banco de Llanquihue
Banco de Constituci6n..
Banco Arauco
Banco Mercantil Bolivia
.
Banco de Chile
Banco Espariol de Chile
Banco Nacional
Banco de la Republica
.
Banco Anglo Sud Americano
Banco \. eman Transatlartica
Banco de Chile y Alemania
Banco Santiago
Banco de Talca
Banco A Edwards y Cia
Banco Jermanico de la America del Sud
Banco de Concepci6n
Banco de Curico
.
.
.
Banco de Londres y Rio de la Plata
Banco Punta Arenas . .
Banco Nuble
Banco Popular
Banco UnicVri Comercial
Banco de Tacna
Banco Mercantil Tacna
Banco de Osorno v la Union
Banco Comercial de Curico
Banco de Mulchen
Banco Magallanes
Banco de Llanquihue
Banco de Constitucidn..
. . .
Banco Arauco
Banco Mercantil Bolivia
.
.
.
93 945
38,199
15,575
82
18,934
11,194
6,552
3,858
1 944
5,773
1,235
2 321
1 189
2,288
5,452
1,111
2 703
1,386
1 168
668
815
229
57
815
43
42
92
33
50 499
30,618
8,464
717
14,405
12,345
7,287
6,781
8 153
5,967
1,166
6 540
1 248
2', 477
144
2,532
1 699
58
217,703
163,576
Currency.
34 651
887
1,222
209
12,617
6,302
1,010
Currency.
Gold.
838
575
135
13
1
3
102
84
157
52
1,965
1,353
6,441
1,031
• " *
27
1
269
1,823
Currency.
63
73
18
14
54,402
3,126
32,637
3,045
21,511
17,221
23,529
1,605
410
595
9,292
549
754
16,683
3,425
336
2,767
965
255
2,802
91
212
126
21
36
489
2
53
4,193
56
50
1
6,929
13,808
1,562
196,939
1,545
1 883
2 236
53
9
2
939
1 005
10
452
208
329
290
125
14
16
7
7
384
173
155
78
56
66
2
6
3
6
3
31
52,494
2,341
253
163,014
3,768
Total liabilities.
Currency.
412
500
1 380
750
250
500
359
344
98
1,269
Currency.
Gold.
3,268
3 000
3 000
2,000
2 500
1*580
1,000
1,000
1 000
37
698
1,691
70,115
Gold.
40,000
30,000
16,000
14,000
6,960
9,000
6 024
6,000
5,000
10 000
95
10
Dividends.
1,858
.
821
502
190
37
319
254
55
265
33
Demand
and time
gold.
Surplus and reserves.
23 811
12,284
6 462
.
Time
currency.
Capital paid in.
Other accounts.
Gold.
Currency.
Gold.
38,857
1,356
1,275
210
19,703
21,655
2,572
179
263,558
114,875
79,291
17,858
61,912
51,702
43,392
20,188
17,745
22,388
11,703
13,349
7,206
23,448
11,973
5,781
8,541
3,706
2,555
4,291
2 963
1,542
551
1,717
761
930
488
1,388
39,042
795,802
115,53?
746
3,793
3,062
2,505
434
1,724
2,711
8,509
9,503
3,536
37
1,632
3,799
180
1060
FEDERAL RESERVE BULLETIN.
OCTOBER,
1920.
Assets and liabilities of the banks in Chile on Nov. 30, 1914 and 1919—Continued.
ASSETS NOV. 30, 1919.
[In 1,000 pesos.]
Checks and due
from other banks.
Cash.
Paper
money.
Silver.
1 556
269
25
154
69
50
59
13.
24
11
40
25
1
1
21
2
11
Banco de Chile
Banco Fspafiol de Chile
Banco Nacional
Banco Anglo Sud-Americano
Banco Aleman Transatlantico.
Banco de Chile y Alemania
Banco de Santiago
Banco de Talca
Banco A Fdwards y Cia
Banco Jermanico de la America del Sud..
Banco de Concepci<5n...
Banco de Curic6
Banco de Londres y Rio de la Plata
Banco Popular
Banco de Tacna..
Banco de Osorno y la Union
Banco Comercial de Curic6
Banco de Mulch en
Banco de Llanquihue.
Banco de Constitution
Banco Mercantil Bolivia
Banco de Chile v Arjentina
Banco Italiano
Banco France's de Chile.
Banco de la Industria v del Comercio ..
Banco Yugoslavo de Chile
National City Bank
2
1
4
4
i
Total
12
4
Banco de Chile
Banco Espafiol de Chile
Banco Nacional....
Banco Anglo Sud-Americano . . .
Banco Aleman Transatlantico
Banco de Chile y Alemania
Banco de Santiago
Banco de Talca.T
Banco A. Edwards y Cia
Banco Jermanico de la America del Sud..
Banco de Concepcidn
Banco de Curico"
Banco Londres y Rio de la Plata
Banco Popular
Banco de Tacna. .
Banco de Osorno y la Union
Banco Comercial de Curico . . .
Banco de Mulchen
Banco de Llanquihue
Banco de Constitution
Banco Mercantil Bolivia
Banco de Chile v Arjentina
Banco Italiano
Banco Frances de Chile
Banco de la Industria v del Comercio
Banro Yugoslavo de Chile... .
National City Bank
Total
41,680
28,557
3 571
12,635
3 259
1,539
848
291
2,222
575
475
337
12,509
696
371
600
43
7 961
292
38
405
1,984
226
268
317
144
175
14
Currency.
7,750
18,716
2,836
26,577
2,171
2,126
4,790
3,482
2,088
790
158
55
2,792
237
4
67
83
Gold.
9,923
380
78
667
238
320
96
445
164
632
50
2
49
1
1
3
754
600
2 653
77
16
55
543
46
888
593
37
100
44
14,501
9
2,116
2,604
113,994
12,014
93,870
15,216
Foreign credits.
Gold.
2,600
6,318
1 089
Currency.
Gold.
74
186
2,116
36
38
328
Due from various
debtors.
Currency.
Gold.
5 366
7,497
6 244
2,694
1,300
2 333
50
26
10
1,541
1,757
51
2,763
267
5
463
2
131
'509
183
19
88,508
10,495
Other accounts.
Currency.
14 005
3,203
31 513
110,007
15,360
7,891
3 023
11
134
17
11
11
119
2 647
75
1 230
83
114
40
11
7
17
135
6
109
2
201
2,378
Gold.
15 579
610
71,888
61,711
8 249
9,399
525
36 284
13,536
278
35,065
6 978
2,673
1,175
6,427
601
9,774
1,136
972
1,014
1,752
13,273
5,574
21 476
5 866
5,290
16,142
4,839
59
1 043
937,743
122,879
na
17
1,140
1,778
Total assets.
Currency.
404 283
283,179
128 599
223,350
46,563
35,518
49 518
23*087
56,019
9 853
15 969
9,296
44,684
12,982
7 603
13'432
2 151
Gold.
76 541
21J705
7 248
108,112
73 674
4,519
4 139
7,189
9 158
19,985
3 513
649
1,166
1 122
2,180
29 362
9 411
29 131
7 408
9 065
42,757
7 906
'357
5 404
' 23
1 707
5,032
175,583 1,498,337
356,426
51
2 735
281
472
211
4 305
4,612
359
822
2 060
6,674
34
216
15,885
19,868
227,743
408
170
9 708
1,171
297,222
211,596
74,856
68,189
25,454
19,990
35,014
16,772
49,292
5,555
12,843
8,298
15,191
8,044
4,154
11,853
1 579
Gold.
482
3 QQ1
14,146
571
2 378
i
15,611
6,794
184
606
270
40
73
229
179
826
233
45
3.061
646
190
125
2,922
1 584
43
164
275
39,396
14,334
9,343
3,672
250
1,190
5,456
1,628
Loans to the
public.
Currency.
Gold.
334
2
567
2,391
372
29
Currency.
46
51
2
54
161
1,160
304
527
11
235
Loans to the
directors.
Currency.
Gold.
Securities and real
estate.
214
OCTOBER, 1920.
1061
FEDERAL RESERVE BULLETIN.
' Assets and liabilities of the banks in Chile on Nov. SO, 1914 and 1919—Continued.
LIABILITIES, NOV. 30, 1919.
[In 1,000 pesos.]
Certificates of deposits
payable at sight.
Banco de Chile
Banco Espanol de Chile
Banco Nacional
Banco Anglo Sud-Americano
Banco Aleman Transatlantic^
Banco de Chile y Alemania
Banco Santiago
Banco de Talca
Banco A. Edwards y Cia
Banco Termanico de la America del Sud
Banco de Concepcion
Banco de Curico
Banco de Londres y Rio de la Plata
Banco Popular
Banco de Tacna
Banco de Osorno y la Union
Banco Comercial de Curic6
Banco de Mulchen
Banco de Llanquihue
Banco de Constitucion
Banco Mercantil Bolivia
Banco de Chile y Arjentina
Banco Italiano
Banco Frances de Chile
Banco de la Industria y del Comercio
Banco Yugoslavo de Chile
National City Bank
Total
Banco de Chile
Banco Espanol de Chile
Banco Nacional
Banco Anglo Sud-Americano
Banco Aleman Transatlantic
Banco de Chile y Alemania
Banco Santiago
Banco de Talca
Banco A. Edwards y Cia
Banco Jermanico de la America del Sud
Banco de Concepcion
Banco de Curico
Banco de Londres y Rio de la Plata
Banco Popular
Banco de Tacna
Banco de Osorno y la Union
Banco Comercial de Curico
Banco de Mulchen
Banco de Llanquihue
Banco de Constitucicn
Banco Mercantil Bolivia
Banco de Chile y Arjentina
Banco Italiano
Banco Prances de Chile
Bane o de la Industria y del Comercio
Banco Yugoslavo de Chile
National City Bank
Total.
I
I
i
!
j
|
|
j
i
|
,
j
'!
\
|
60,000
40,000
20,000
10,942
9,000
3,472
10,000
5,000
10,000
2,451 j
37,111
16,694
8,215
1,702
1,295
5,000
2,057
1,219
264
1,357
40
61
220
1,516
9,041
9,570
31,237
130,661
9,530
8,441
76
189
4,273
8,091
258
63
27,257
53
986
504
133
2
59
6
253
12,104
63
5,454
71
1,881
15,161
81,719
11,030
275,409
249
2,208
3,249
2.529
2,527
3,268
4, 000
3,000
3 ; 000
1,000
2,000
4,430
969
250
709
400
1,520
6,000
6,633
10,000
1,999
3,600
1,646
1,179
305
335
1,163
283
108
79
138
2,740 I
217,924
8,459
223
6,851
9
32,337
24,396
2,898
990
83,676
573
5,171
7,984
i,io9
160
439
343
72
121
404.283
283.179
128,599
223,350
46,563
35,518
49,518
23,087
56,019
9,853
15,969
9.296
44,684
12,982
7,603
13,432
2,151
649
1,166
1,122
2,180
29,362
9,411
29,131
7,408
9,065
42,757
1,498,337
76,541
21,705
7.248
108,112
73,674
4.519
4,139
""7,"i89
9,158
19,985
"3,513
214
7,906
357
5,404
23
1,707
5,032
356,426
1062
OCTOBER,
FEDERAL RESERVE BULLETIN.
October Crop Report, by Federal Reserve
Districts.
Forecasts of crop production issued by the
Bureau of Crop Estimates, United States Department of Agriculture, as of October 1,
1920, are shown by Federal Reserve districts
in the table below, together with forecasts made
as of September 1 and August 1 and estimates
of production in 1919. For average figures for
the years 1915-1919 see FEDERAL RESERVE
BULLETIN, July, 1920, p. 832.
A further improvement of 85 million bushels
in the prospects of the corn crop brings the expected total up to 3,216 million bushels, the
largest crop in the history of the country,
exceeding the previous record crop of 1912 by
about 92 million bushels. Forecasts of a larger
corn crop than was expected in September are
made for every Federal Reserve district, except
those of Cleveland, Richmond, and Atlanta, the
most substantial improvement being shown
for the Chicago district.
The wheat forecast, on the other hand, is
19 millions below the September figure, the
1920.
most recent total being 751 million bushels.
This amount is 190 millions below the 1919
estimate and 275 millions below the record
crop produced in 1915. At the same time it
should be noted that the expected crop this
year will still be 115 million bushels above the
1916 and the 1917 crops and larger than any
wheat crop produced in the United States
before 1913. No change in the winter wheat
forecast occurred, as this crop had all been
harvested by August 1, the decline being due
very largely to poorer expectations of spring
wheat production in the Minneapolis district,
where rust has continued to injure the crop,
which also suffered from dry weather.
A reduction of 660,000 from the September 1
forecast of cotton brings the total down to
12,123,000 bales, which is still larger than any
crop since 1914, but about 4 million bales
below the bumper crop of that year. The crop
of oats is expected to be 1,444 million bushels,
showing a further improvement since September, while the October estimate of the hay
crop is the same as the September 1 forecast
of 106 million tons.
*
Production of corn, wheat, cotton, oats, and hay, by Federal Reserve districts—Oct. 1, 1920, forecast of the Bureau of Crop
Estimates.
[In thousands of units of measurement.]
Federal Reserve
district.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
Oct. 1
forecast
for 1920.
Sept. 1
forecast
for 1920.
Aug. 1
forecast
for 1920.
Esi imate for
1919.
Oct. 1
forecast
for 1920.
Sept. 1
forecast
for 1920.
3,216,192 3,131,349 3,003,322 2,917, 450
750,648
770,015 1 794,147
Cotton.
Total
Aug. 1
forecast
for 1920.
Estimate for
1919.
Oct. 1
forecast
for 1920.
Sept. 1
forecast
for 1920.
Aug. 1
forecast
for 1920.
Estimate for
1919.
Bushel*. Bushels. Bushels. Bush els. Bushels. Bushels. Bushels. Bushels. Bushels. Bushels. Bushels. Bushels.
468
463
480
440
480
8,166
468
463
7,692
7,081
10, 276
440
722
722
750
740
12,493
39,171
11,816
37,866
41, 089
34,223
11,834 i 11,816
298
328
316
298
25,922
62,563
61,769
23,808
23,838
66, 444
57,153
23,808
570
606
460
63,748
1,034
211,282 212,077
34,5^7
34,633
198,8^3 212, 207
34,487
37,0°4
199,349
202,334
37,613
37,613
190,672 188, 9P4
37,613
10,326
259,043 259,295
6,614
253,202 240, 315
6,614
6,614
112,202
14,519
939,972
896,181
15,874 I
19,140
13,566
891,552 927, 852
65,345
63,990
63, 037
108,022
468,004
837
464,938 438,887 380 722
889
1,001
799
54,774
54,722
54, 684
135,094
260,010
234,226
154,446
176,012
129,337
245,420 24? 363
140,809
183,197
161,631
147,994
561,543 548,679
19,259
19,762
483,172 372, 870
16,463
17,644
259,108 260, 723 261,226 300,904
33,605
197,680
196,997
760
778
193,853 2?5, 743
898
707
15,184
15,166
15,113
101,008
9; 389
9,295
9,214
45,495
39,933
42,544
46,072
99,444
98, 867
8, 485
95,916
Federal Reserve Oct. 1
district.
forecast
for 1920.
Boston
Ne-v York
Philadelphia....
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco..
Spring wheat.
Total wheat.
Corn.
Bales.
for 1920.
Bales.
Bales.
2,086
2,665
2,230
2,833
2,190
2,990
2,023
• 2,112
2,173
212,123
1,126 I*
4,284
I
1
184 !
2
12,783
i 0 1 1919
12,518
-
Oct. 1
forecast
for 1920.
2
forecast
for 1920.
Aug. 1
forecast
for 1920.
237,374
261,506
209,352
Hay, tame and wild.
-1ept. 1 and
Estimate Oct.
1 forefor 1919. cast for
1920.
• Aug. 1
forecast
for 1920.
Estimate
for 1919.
Bales.
ButlieU. j Bushrls. \
13,433
13 752
44,619
46; 118
25,807
26, 287
82,061
84, 140
27,530
27, 522
28,128
28. 566
530,141
557, 071
71,508
72, 701
289,219
291' 933
198,783
202' 799
44,561
44! 946 I
46,274
46, 004 I
Bushels.
12,123
31,856
23,214
70,279
26,307
29,008
461,082
63,595
208,857
182,677
99,004
40,219
Tons.
4,300
6,019
3,093
5,996
4,558
4,468
16,979
7,690
17,905
20,530
1,885
13,028
Tons.
4,339
6,058
3,168
6,011
4,540
4,404
17,185
7,658
18,831
20,257
1,792
12,933
Tons.
4,912
7,073
3,155
6,089
4,916
4,272
18,629
8,124
17,245
19,907
2,309
12,035
11,030 j 1,444,362
1,441,839 I 1,402,064 | 1,248,311
106,451
107,266
108,666
Bushels.
13,599
48,28?
28,291
85,291
28,005
2,372
27,177
2,816
559,327
70,585
1,789
287,150
832
204,218
48,155
3,097
44,281
1 117
885
4,081
1 187
2
218,007
Oats.
ept. 1
forecast
for 1920.
1,018
4,126
1 189
940,988
1
I n addition, the following amounts were estimated grown in Lower California (Mexico): Oct. 1 and Sept. 1, 1920, forecast, 89,000 bales;
Aug.2 1, 1920, forecast, °3,000 bales; estimate for 1919, 52,000 bales.
Cotton grown oitside of cotton belt included as follows: Oct. 1, 1920, forecast, 16,000 bales; Sept. 1, 1920, forecast, 14,000 bales; Aug. 1,
1920, forecast, 12*000 bales; •estimate for 1919. 7*000 bales.
OCTOBER,
1063
FEDERAL RESERVE B U L L E T I N .
1920.
State Banks and Trust Companies Admitted.
Acceptances to 100 Per Cent.
Since the issuance of the September BULLETIN the
The following list shows the State banks and trust
companies which have been admitted to membership in following banks have been authorized b}^ the Federal
the Federal Reserve System during the month of Sep- Reserve Board to accept drafts and bills of exchange up
to 100 per cent of their capital and surplus:
tember, 1920.
Baltimore Commercial Bank, Baltimore, Md.
One thousand four hundred and thirty-one State
First National Bank, Chattanooga, Tenn.
institutions are now members of the system, having a
The Merchants National Bank, Los Angeles, Calif.
total capital of $503,438,000, total surplus of $498,636,880,
and total resources of $10,100,050,110.
Surplus.
Total
resources.
Fiduciary Powers Granted to National Banks.
$1,274,113
18,221,402
The applications of the following banks for permission
to act under section 11-k of the Federal Reserve Act have
been approved by the Board during the month of September, 1920:
District No. 1.
Sanford Trust Co., Sanford, Me
$100,000
$25,000
Exchange Trust Co., Boston, Mass.. 1,000,000 1,000,000
District No. 2.
DISTRICT N O . 1.
Ridgewood Trust Co., Ridgewood,
N. J
Guardian of estates, assignee, receiver, committee of estates of lunatics:
National Shawmut Bank, Boston, Mass.
150,000
40,000
District No. 8.
2,280,126
DISTRICT N O . 2.
i
Peoples Trust Co., Tamaqua, Pa
125,000
40,000 j
930,496
18,700
329,425
50,000
10,000 I
502,652
50,000
50,000
684,211
DISTRICT No. 3.
25,000
16,000
625,756
35,000
15,000
214,876
Guardian of estates, assignee, receiver, committee of estates of lunatics,
The Jenkintown National Bank, Jenkintown, Pa.
Trustee, executor, administrator, guardian of estates, assignee, receiver,
committee of estates of lunatics:
The First National Bank of Shickshinny, Shickshinny, Pa.
Trustee, executor, administrator, registrar of stocks and bonds, guardian
of estates, assignee, receiver, committee of estates of lunatics:
The First National Bank of Mount Joy, Mount Joy, Pa.
25,000
10,000
410,640
District No. 5.
Peoples State Bank(Inc), Galax, Va.
25,000
District No. 7.
Bennett Sayings Bank, Bennett, la.
Mechanicsville Trust & Savings
Bank, Mechanicsville, Iowa
New Haven Savings Bank, New
Haven, Mich
District No. 9.
Stockmen's State Bank, Browning,
Mont
District No. 10.
Oakland StateBank, Oakland, Nebr.
District No. 11.
First State Bank, Celina, Tex
Guaranty State Bank, Hedley, Tex..
First State Bank, Kaufman, Tex
Briscoe County State Bank, Silverton. Tex
Woodville State Bank, Woodville,
Tex
Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, committee of estates of lunatics:
The First National Bank of Arlington, Arlington, N. J.
The Citizens National Bank of Ridgewood, Ridgewood, N. J.
American National Bank of Jamestown, Jamestown, N. Y.
First National Bank of Rondout, Kingston, N. Y.
The Sandy Hill National Bank of Hudson Falls, Hudson Falls, N. Y.
Guardian of estates, assignee, receiver, committee of estates of lunatics:
Peoples National Bank of New Brunswick, New Brunswick, N. J.
50,000
25,000
100,000
40,000
12,500
80,000
2,500
471,496
131,109
655,865
48,213
213,402
District No. 12.
DISTRICT N O . 4.
Trustee, executor, administrator, registrar of stocks and bonds, guardian
of estates, assignee, receiver, committee of estates of lunatics:
The Diamond National Bank, Pittsburgh, Pa.
Trustee, executor, administrator, registrar of stocks and bonds, guardian
of estates, assignee, receiver:
The National City Bank & Trust Co., Marion, Ohio.
Executor, administrator, registrar of stocks and bonds, guardian of
estates, assignee, receiver, committee of estates of lunatics:
First National Bank of Grove City, Grove City, Pa.
DISTRICT N O . 5.
Growers Bank, San Jose, Calif
Bank of Ephraim, Ephraim, Utah..
Farmers State Bank, Uniontown,
Wash
,
360,000
744,533
361,112
Trustee, executor, administrator, registrar of stocks and bonds, guardian
of estates, assignee, receiver, committee of estates of lunatics:
The First National Bank of Chase City, Chase City, Va.
DISTRICT No. 6.
WITHDRAWALS.
The North Side State Savings Bank, Chicago, 111.
The State Bank of Trumansburg, Trumansburg, N. Y.
Trustee, executor, administrator, registrar of stocks and bonds, guardian
of estates, assignee, receiver, committee of estates of lunatics:
The Opelousas National Bank, Opelousas, La.
MERGER.
DISTRICT N O . 7.
The Bank of Buffalo has merged with the Marine Trust Co., of Buffalo, N. Y.
Trustee, executor, administrator, registrar of stocks and bonds, guardian
of estates, assignee, receiver, committee of estates of lunatics:
The First and Hamilton National Bank of Fort Wayne, Ind.
Wisconsin National Bank, Shawano, Wis.
The First National Bank of ( anton, Canton, 111.
The Commercial National Bank of Peoria, Peoria, 111.
CHANGE OF NAME.
The Citizens Bank, Blackstone,Va., has changed its name to Citizens
Bank and Trust Co.
The Bankers' Loan & Trust Co., Sioux City, Iowa, has changed its
name to the Union Trust and Savings Bank of Sioux City.
The Guaranty Safe Deposit & Trust Co. of Butler, Pa., to Guaranty
Trust Co. of Butler.
CONVERSION.
The Metropolitan Bank, Seattle, Wash., has been converted into a
national bank.
VOLUNTARY LIQUIDATION.
Farmers and Merchants Bank, Stockton, Calif.
DISTRICT N O . 8.
Trustee:
The First National Bank of Mena, Mena, Ark.
DISTRICT N O . 9.
Trustee, executor, administrator, registrar of stocks and bonds, guardian
of estates, assignee, receiver, committee of estates of lunatics:
The Minneapolis National Bank, Minneapolis, Minn.
United States National Bank, Superior, Wis.
1064
FEDEKAL RESERVE BUI^LETIN.
OCTOBER, 1920.
Commercial Failures Reported.
New National Bank Charters.
Reflecting a continued rise in the country's business
mortality, commercial failures reported to R. G. Dun & Co.
during three weeks of September number 418, against 312
in the corresponding period of 1919. The returns for
August, the latest month for which complete statistics
are available, disclose 673 defaults for $28,372,895 of liabilities, whereas in August of last year there were only 468
insolvencies, involving an indebtedness of less than
$6,000,000. Excepting 1919, however, the August failures
are fewer in number than in that month of any year in
more than two decades, although the liabilities, owing to
an unusual number of large reverses, are considerably
above the average for the month. When separated according to Federal Reserve districts, the August statement
shows more defaults than in that month of 1919 in 10 of the
12 districts, the exceptions being the sixth and tenth
districts, while only in the latter district is the indebtedness less than that of August, 1919. In several districts,
notably the second district, the liabilities are very much
heavier than last year's.
The Comptroller of the Currency reports the following
increases and reductions in the number and capital of
national banks during the period from August 28 to
September 24, 1920, inclusive:
Failures during August.
Number.
Liabi lities.
District.
First
Second.
Third
Fourth
Fifth...
Sixth
Seventh .
Eighth
Ninth .
Tenth..
Eleventh
Twelfth
Total
1920
1919
58
179
33
70
40
42
86
31
18
11
33
72
52
68
27
48
20
52
63
20
6
17
30
65
673
468
1920
1919
$518,505
$780,210
1,615,398
15,009,838
436,387
3,066,914
321,764
1,347,045
141,410
691,785
. 705,852
2,605,429
1,079,013
3,177,188
118,392
288,672
} 85,515
| 50,210
' 85,735
I ; 141,370
411 027 1 249,603
823,537
554,489
28,372,895
5,932,393
Banks.
New charters issued to
18
With capital of
$2, 075, 000
Increase of capital approved for
17
With new capital of
1,190,000
Aggregate number of new charters and
banks increasing capital
35
With aggregate of new capital authorized
3, 265, 000
Number of banks liquidating (other than
those consolidating with other national
banks under the act of June 3, 1864)... 0
Capital of same banks
0
Number of banks reducing capital
0
Reduction of capital
0
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)
0
Aggregate capital reduction
0
Consolidation of national banks under the
act of Nov. 7, 1918
0
Capital
0
The foregoing statement shows the aggregate of increased capital for the period of
the banks embraced in statement was
3, 265, 000
Against this there was a reduction of capital owing to liquidation (other than for
consolidation with other national banks
under the act of June 3, 1864), and reductions of capita] of
0
Net increases
3, 265,000
OCTOBER, 1920.
FEDERAL RESERVE BULLETIN.
1065
RULINGS OF THE FEDERAL RESERVE BOARD.
Trade acceptances as "actual security."
A ruling of the Federal Reserve Board has
been requested upon the following statement
of facts: An exporter in New York ships goods
to a buyer in Buenos Aires and draws a time
draft in the form of a trade acceptance on that
buyer and attaches thereto shipping documents covering the goods sold. The exporter
takes this time draft, together with the shipping documents, to his bank and draws a 90day draft against that bank in an amount in
excess of 10 per cent of the bank's capital and
surplus. The bank accepts the 90-day draft
drawn on it, and receives the time draft drawn
on the foreign buyer, with the attached shipping documents, for collection and credit, the
proceeds to be applied to the retirement of
the acceptance credit. The accepting bank
then forwards the time draft and .the snipping
documents to its correspondent at Buenos Aires
for presentation to and acceptance by the buyer,
the documents to be delivered to the buyer
upon acceptance. The buyer accepts the time
draft, which thereupon becomes a trade acceptance, and receives the shipping documents.
The question upon which the Board is
requested to rule is whether the trade acceptance, after acceptance by the foreign buyer and
after the consequent release of the shipping
documents, constitutes "actual security" within
the meaning of that part of section 13 of the
Federal Reserve Act which provides that no
member bank shall accept for any one person,
etc., to an amount in excess of 10 per cent of
the bank's paid-up and unimpaired capital and
surplus " unless the bank is secured either by
attached documents or by some other actual
security growing out of the same transaction
as the acceptance."
The Federal Reserve Board is of the opinion
that the trade acceptance drawn on and accepted by the foreign buyer may be considered
" actual security" within the meaning of that
part of section 13 referred to.
A somewhat similar question is presented in
connection-with the acceptance of foreign-banking corporations organized under State law in
the stock of which national banks are permitted
to invest. The agreement which these corporations enter into with the Federal Reserve
Board limits the acceptances for account of any
one drawer which any such corporation may
have outstanding at any time to an amount
not in excess of 10 per cent of the accepting
bank's capital and surplus, "unless the transaction be fully secured or * * *." Upon
this question the Board rules that the acceptances of these foreign-banking corporations
fire not subject to the 10 per cent limitation
prescribed by this provision where the acceptor
is secured by the acceptance of the foreign
buyer after the release of the documents.
Time certificate of deposit.
Inquiry has been made- as to whether the
following certificate of deposit is a time certificate of deposit within the meaning of the
Board's Regulation D, series of 1917.
The certificate reads as follows:
Payable to the order of
on the return of
this certificate properly indorsed. This certificate draws
interest at the rate of 3 per cent per annum for all full
months if left 6 months, and at the rate of 3^ per cent
if left 12 months, interest to cease one year from date.
Subject to the rules and regulations of the savings department of this bank.
The Federal Reserve Board is of the opinion
that this certificate is not a time certificate of
deposit within the meaning of its Regulation
I), series of 1917, for the reason that it is not
payable "on a certain date specified on the
certificate," or "after the lapse of a certain
specified time/' or "upon written notice given
a certain specified number of days, not less
than 30 days before the date of repayment/'
as is required under the terms of that regulation.
The certificate does state that it is subject
to the rules and regulations of the savings
department of the bank, but the Board does
not know the terms of those rules and regulations. Furthermore, the Board is of the
opinion that this clause on the certificate
can not be considered a compliance with the
Board's regulations, even though the rules
and regulations of the savings department
give to the bank the right to require 30 days'
written notice prior to withdrawals from savings accounts. The Board construes its Regulation D to mean that the writing upon the
certificate itself must expressly give to the
bank the right to require 30 days' written
notice of withdrawal. It is doubtful whether
a mere reference on a certificate of deposit to
the rules and regulations of the savings department would make those rules and regulations part of the contract between the bank
and the depositor. At any rate, a certificate
containing such a reference, but otherwise
purporting to be payable on demand, would
probably be assumed by a person not familiar
with the rules and regulations of the savings
department to be payable at any time without notice.
In order to make the certificate a time certificate of deposit within the meaning of Regulation D, a clause should be inserted to the effect
that "the bank shall have the right to require
30 days' written notice of withdrawal/'
1066
OCTOBER, 1920.
FEDERAL RESERVE BULUBTIN.
percentages being weighted according to volume of business done during the calendar yeai
In the following tables is given a summary of 1919. For the month of August, the tables
the results obtained during the past few months are based on reports from 24 stores in district
in districts Nos. 1, 2, 3, 4, 5, 6, 7, 8, 9, 10,11, and No. 1, 15 in district No. 2, 28 in district No. 3,
12, on the regular retail trade index form from 13 in district No. 4, 23 in district No. 5, 11 in
representative department stores. In dis- district No. 6, 7 in district No. 7, 8 in district
tricts Nos. 1, 5, 11, and 12 the data were No. 8,12 in district No. 9,12 in district No. 10, 15
received in (and averages computed from) in district No. 11, and 30 in district No. 12.
actual amounts (dollars). In districts Nos. 2, For the earlier months the number of stores
3, 4, 5, 6, 7, 9, and 10 the material was re- varied somewhat, due to the inclusion of
ceived in the form of nercentages, the averages new stores from time to time in the reportfor the cities and districts computed from such ing list.
RETAIL TRADE.
Condition of retail trade in the twelve Federal Reserve districts.
[Percentage of increase.]
Comparison of net sales with those of corresponding period previous year.
District and city.
District No. 1:
Boston
Outside
District
District No. 2:
N.Y. City and
Brooklyn
Outside .
December,
1919.
Jan- FebApril, May,
uary, ruary, March,
1920. 1920. 1920. 1920. 1920.
June,
1920.
Julv,
1920.
Jan. 1, 1920, to close of—
July 1,
1919,
to
August, ofclose
De- Feb1920. cemMarch, April, May, June,
ber, ruary,
1920. 1920. 1920. 1920.
1919. 1920.
July 1, 1920,
to end of—
Julv,
1920.
August,
1920.
42.3
41.9
33.2
43.5
15.4
36.1
38.9
29.4
16.8
26.0
19.4
25.5
27.8
28.5
16.3
27.2
11.6
9.1
36.3
38.5
24.9
41.6
30.7
36.4
26.1
33.1
24.7
30.5
25.3
30.0
16.3
27.2
24.1
18.1
42.1
34.8
18.3
37.5
18.5
20.7
28.0
19.9
10.9
37.2
32.5
31.6
27.5
25.8
26.2
19.9
15.1
49.2
54.6
29.9
66.6
50.4
15.0
22 4
41.1
22.8
26.4
32.3
22.4
26.9
10.9
26.4
49.7
39.8
59.3
38.1
35.0
33.6
35.3
30.1
32.7
31.7
22.4
26.9
13.0
27.1
64.8
15.8
35.4
28.4
24.4
15 9
57.0
34.9
33.7
33.8
24.4
17.5
22.2
17.6
28.6
14.2
48.2
51.7
37.5
45.5
23.1
27.4
65.2
12.4
18.4
.9
23.4
33.3
50.7
31.3
11.0
31.0
49.7
34.3
31.5
21.4
24.3
59.6
23.8
29.9
15.7
11.6
41.2
26.2
38.2
12.1
29.9
57.4
20.5
33.6
8.8
22.0
43.5
30.9
32.1
9.3
28.1
49.6
31.0
34.6
11.4
29.3
58.7
23.8
29.9
15.7
11.6
41.2
4.3
10 9
ii.8
12.9
19.8
"26*9* ' 24.9
5.6
21.2
12.0
17.9
11.6
14.1
25.9
24.9
27.3
21.1
19.6
29.6
18.0
"24*6'
17.0
19.6
22.6
25.7
20.9
27.6
33.2
20.8
8.8
11.6
9.9
14 1
25.9
25.6
District
20.3
i 36.0
5.3
District No 3
District No 4
District No. 5
District No 6
District No 7
District No. 8. .
District No. 9
District No 10
District No 11
District No. 12:
Los Angeles...
San Francisco.
Oakland
Sacramento...
Seattle
Spokane
Salt Lake City
77.3
54.6
29.8
50.7
28.6
77.1
32.3
83.8
53.5
41.4
54.2
23.9
36.2
23.8
51.6
26.9
27.4
22.6
22.4
23.6
11.5
58.4
35.4
31.0
65.1
19.2
19.8
10.5
43.6
28.5
14.9
33.9
4.3
10.9
7.1
38.2
40.9
17.1
34.4
6.3
48.8
26.4
39.0
23.6
15.2
32.1
11.1
62.8
18.3
35.1
21.0
16.9
20.1
.2
22.7
20.6
48.9
18-6
153
3.1
18.0
12.7
11.6
77.3
47.1
31.9
39.5
29.3
72.0
29.2
68.3
58.9
34.8
36.6
23.0
30.1
18.1
61.2
39.7
32.3
60.9
21.8
26.8
15.1
56.1
36.6
27 9
47.5
16.2
23.1
12.8
52.2
37.6
25.6
39.4
13.9
29.1
16.4
49.8
35.3
23.3
38.3
13.4
35.7
14.7
35.1
21.0
16.9
20.1
.2
22.7
20.6
42.4
19.6
14.7
13.3
M.4
16.8
16.1
District
50.7
51.7
31.1
37.8
13.8
31. 2 I 27. 8
21.2
21.7
47.0
46.5
41.0
36.9
34.7
33.2
21.2
21.4
i
FtO. 7
14.2
25.2
OCTOBER, 1920.
1067
FEDERAL RESERVE BULLETIN.
Conditions of retail trade in the twelve Federal Reserve districts—Continued.
[Percentage of increase.]
Stocks at end of month compared with—
Same month previous year.
District and city.
Dec, Jan., Feb., Mar., Apr.,
Previous month.
M a y , June, July, Aug.
1919. 1920. 1920. 1920. 1920. 1920. 1920. 1920. 1920.
District No. 1:
Boston
Outside
District
District No. 2:
New York
Brooklyn
Outside
District
District No. 3
District No. 4
District No 5
District No. 6
District No 7
District No 8
District No. 9
District No 10
DistrictNo.il ..
District No. 12:
Los Angeles.
San Francisco
Oakland
Sacramento
Seattle
City and
-
Spokane
District
Dec, Jan., Feb., Mar., Apr., May, June, July, Aug.
1919. 1920. 1920. 1920. 1920. 1920. 1920. 1920. 1920.
25.4
24.9
29.7
28.4
38.1
37.5
42.3
44.9
45.2
43.2
44 5
43 .8
43.8
36.3
32.1
30.4
26.3
26.4
1
0.9 1 5.2
13.8 13.7
25.2
29.6
38.0
42.8
44.7
44 .3
41.4
31.5
26.4
16.1
36.4
44.0
49.6
69.6
60.6
53.8
51.6
47 .9
51 .7
45.5
38.4
46.2
30.9
30.7 110.4
26.3
68.6
53.6
49 .1
43.2
39.5
29.3
9.9
16.4
48.6
57.0
42.7
51.8
24.3
56 1
51.5
41 1
64.9
25.7
63.9
59.5
29.9
39.9
30 4
57 0
67 .1
50 ?
49 .7
26.7
53.3
57.2
47.2
77.1
28.4
48.3
44.6
51 6
70.1
38.9
27.6
43.3
18 . 7
40 7
30.7
39.6
12 6
43.6
69 5
31.0
40.4
29.6
39 8
64 1
24 2
17 7
39.1
59 5
58.3
62.2
35.2
61.8
53.8
63.3
64.9
60.7
34.4
29.4
55.5
39.0
65
54
29
34
46
59
0
9
7
1
7
6
62.9
58.5
33.9
47.5
43.1
27.7
57^3
58.0
56.5
52 6
52.5
31.0
32.7
9.2
44.0
45.9
10.6
3L4
13.2
44.5
25.4
42.1
59.4
27.7
37.1
53.7
35.0
28.5
38.0
48.4
11.9
4.0
2.8
i3.4
1 5.6 1 7.0
1 5.1
.2
4.9
3.2
15.1
7.8
10.2
3.7
12.9
1 5.5 l 4 . 7
4.3
11.9
8.4
27.9
9.3
16.6
i3.4
7.0
45.1
10.5
14.7
55.9
9.9
12.1
12.7
18.6
23.4
45.8
40.1
25.3
13.3
14.0
2.6
11.8
10.9
1 1.4 1 1.7 17.7
15.4
14.3
4.6
7.3
5.6
' 5.0 16.I
i.5
6.8
3.3
1
1.4
2.5
5.6
0 14.7
6.2
9.4
2.3
54
14.6
5.6
25.8
1.4
12.3
11.6
14.1
4.7
10.1
5.4 16.7
7.3
i.l
2.3
3.0
1.5
7.8
9.7
31.2 110.9
4.7
27.1 11.1
22-5 19.7 18.4
11.4 1
18.9 12.0
18.4
9.4
45-5 115.6
Percentage of average stocks at end of each month to average
monthly sales for same period.
District and city. Julyl,
7.4
9.7
0
2.1
4.7
3.1
.8
16.1
7.8
3.7
6.1
2.4
6.5
1.5
3.7
14.9
27.9 14.O.2"
3.0
1.0
9.2
5.6
14.7
8.9
8.3
9.8
22.3
1.5
1.4
1.8
16.5
1.6 12'. 6 12.9
1
1 1.5
16.7 18.7 14.2
15.7 14.4
12.5
1.4
2.3
9.8
1.9
9.1
M.7
9.6
1
1
1
1
3.1
18.8
13.0
2.9
K8
.7
Percentage of outstanding orders at end of month to
total purchases during previous calendar year.
July 1,1920,
to end of—
J a n . 1,1920, to end of—
1919,to
end of
D e c , Jan.,
1919. 1920.
Feb.,
1920.
Mar.,
1920.
Apr.,
1920.
May,
1920.
June,
1920.
July,
1920.
Aug.,
1920.
320.8
229.8
382.2
402.5
509.5
320.5
389. 8
464. 7
.4
442 .5
339.2
431.7
419.2
436.4
447.1
472.1
24.8
13.7
26.5
16.7
19.6
19.7
18.8
18.6
15.8
15.5
15.4
7.5
15.4
10.0
18.5
9.1
13.7
14.2
382.1 306.0 385.5 389.9 405.2
District
District No. 2:
New York City
and Brooklyn. 343.4 336.9 405.6 384.7 403. 1
372 3 392 8
Outside
383.4
402.0
District
380.0 347 0
District No. 3
386.3 369.1 439. 0
District No. 4
456.8 423.8 499 9,
District
District No
No. 56
366 .5
358.0
425.1
455.1
23.1
24.0
19.6
18.7
15.7
12.7
12.3
12.0
14.0
392 . 4
415 7
379.9
349 5
390.0
485 8
489.3
506 3
36.3
22.8
22.9
18.8
20.3
17.6
21.8
15.5
13.9
16.8
17.7
15.7
18.9
16.8
14.3
39S .4
369.9
440.1
496.7
19.0
18.2
14.8
17.2
17.4
15.9
382.6
362 .8
491 5
357.5
362.3
407.0
399.8
403.6
505.9
471.2
412.7
560.7
21.0
27.9
18.6
20.4
427.9
432.6
18 1
29.7
24.8
19.4
16.9
20.9
31.4
23.5
34.8
12.1
20.1
31.2
17.6
13.2
9.9
20.6
31.9
19.3
16.2
9.7
17.0
19.5
19.8
18.9
16.1
17.4
19.3
'iTfi" 18.0
9.6
19.5
5.4
20.0
25.3
13.7
15.6
18.6
14.2
17.0
14.8
15.6
23.2
17.2
9.1
9.7
12.7
District No. 1:
Boston
Outside
360.7
413.9
Dec, Jan., Feb., Mar., Apr., May, June, July, Aug.,
298 6 332.
District No 7
District No 8
District No. 9
District No 10
District No 11
District No. 12:
Los Angeles
San Francisco..
Oakland
Sacramento
Seattle
Spokane
Salt Lake City. .
District
30^ 8
328.3
432 7
337*6
i89. 4
979 1
31 .8
98*1 4
109.0
353.7
107.9
384.1
522.5
539.9
625.1
470.2
652.6
454.2
512 8
598 3
423 3
532.7
675. 5
536.5
489.6
424.3
403.1
600.2
422.7
405.2
490.6
418.3
477.5
581.6
468.3
494.9
610.7
390. 7
492.
585.
480 .4
.8
.5
378.0
411.5
427.1
508.8
665.0
755.9
542.6
605.8
597 q
528. 8
53°) 7
605 .4
481.3
508.8
573.8
531 3
524.6
579.4
422.6
429.0
534.7
515.3
456. 0
508 .0
516 0
I
533
1
Decrease.
1919. 1920. 1920. 1920. 1920. 1920. 1920. 1920. 1920.
334.0
425 5
48.1
28.1
33.3
18.2
37.1
31.9
33.9
31.0
39.0
27.7
29.7
23.9
26.2
26.0
22.8
25.9
15.5
21.1
32.2
34.5
8.2
18.4
37.2
22.6
40.6
17.6
34.7
17.2
14.2
31.1
16.3
25.1
12.2
32.3
28.0
31.7
27.2
21.6
23.2
23.1
16.3
29.9
18.7
22.3
14.2
1068
OCTOBER, 1920.
FEDERAL, RESERVE BULLETIN.
FOREIGN TRADE INDEX.
There is presented below a series of indexes
designed to reflect movements in foreign trade
of the United States, with fluctuations due to
price changes eliminated. The commodities
chosen for these indexes are those for which
prices are compiled by the Federal Reserve
Board in the preparation of its international
price index. The list includes 25 of the most
important imports, the value of which in 1913
formed 47.7 per cent of the total import values,
and 29 of the most important exports, the value
of which in 1913 formed 56.3 per cent of the
total export values. The list of the commodities is given in the July BULLETIN.1
The month of August was marked by a considerable decrease in total exports, being less
than for both last month and the same month
last year. While raw materials showed a slight
increase, producers' and consumers' goods
showed a large decrease. Total imports also
showed a slight decrease. The increase in the
imports of raw materials and producers' goods
which was shown for August as compared with
July was more than offset by the decrease in
imports of consumers' goods.
1
Beginning with this issue of the BULLETIN there have been included
the following items of import: Cocoa, crude; copper; glycerine, crude,
extract of Quebracho; manila, jute and jute-butts; paper; flaxseed;
total leaf tobacco; total pulp wood; woo<! pulp. The import figures
both for the total and index numbers have been revised to include these
additional commodities.
Value of exports and imports of selected commodities at 1913 prices.
[In thousands of dollars; i. e., 000 omitted.]
[Monthly average values, 1913=100.]
Exports.
Imports.
Producers'
Consumers'
Consumers'
Raw materials
Grand total | Raw materials Producers'
Grand total
(12 commodi- goods (10 com- goods (7 com- exports (29 com- j (10 commodi- goods (12 com- goods (3 com- imports (25 commodities).
ties).
modities).
modities).
modities).
modities).
modities).
ties).
1913.
January
February...
March
April
May
June
July
August
September..
October
November..
December..
Value.
Index
Index
Index
num- Value. num- Value. num- Value,
ber.
ber. .
ber.
100,027
71,074
61,681
71,446
68,856
46,963
51,325
74,869
103,614
137,772
126,836
113,326
116.8
83.0
72.0
83.0
80.4
54.8
59.9
87.4
120.9
160.9
148.1
132.3
Year.. 1,027,789
1919.
January.... 84,066
February... 58,488
March
57,659
April
65,112
May
67,595
June
98,335
July
71,917
A ugust
81,302
September.. 70,209
October
70,240
November.. 99,589
December.. 89,585
Year..
1920.
January
February...
March
April
May
June
,
July
August
914,097
93,141
70,130
90,805
68,048
63,650
55,200
66,924
67,225
11,762
12,266
11,836
14,128
11,661
11,612
11,109
11,547
10,622
12,608
9,987
10,053
101.4 30,715
105.8 30,790
102.1 28;, 698
121.8 28,708
100.6 29,923
100.1 28,242
95.8 27,686
99.5 29,370
91.6 32,190
108.7 34,612
86.1 31,246
86.7 33,089
100.9
101.2
94.3
94.3
98.3
92.8
91.0
96.5
105.8
113.8
102.7
108.7
100.0 139,191
100.0 365,269
100.0 1,532,249
98.2
68.3
67.3
76.0
78.9
114.8
84.0
94.9
82.0
82.0
116.3
104.6
159.0
125.9
139.3
166.9
137.7
246.7
147.9
168.8
167. 0
145.2
135.7
113.9
18,444
14,598
16,161
19,356
15,972
28,618
17,150
19,578
19,365
16,844
15,740
13,208
88.9 215,034
108.7
81.9
106.0
79.4
74.3
64.5
78.1
78.5
15,647
14,198
17,279
17,063
17,546
14,663
19,138
15,708
142,504
114,130
102,215
114,282
110,440
86,817
90,120
115,786
146,426
184,992
168,069
156,468
Index
Index
Index
Index
num- Value. num- Value. num- Value. number.
ber.
ber.
ber.
111.6
89.4
80.1
89.5
86.5
68.0
70.6
90.7
114.7
144.9
131.6
122.5
61,347
55,332
55,555
52,271
50,089
40,822
40,298
42,470
52,659
44, 407
48,107
60,904
121.9
110.0
110.4
103.9
99.5
81.1
80.1
84.4
104.6
88.2
95.6
121.0
40,107
41,060
45,753
42,346
38,409
38,606
35,990
37,385
41,184
22,721
28,788
31,929,
108.3
110.9
123.6
114.4
103.7
104.3
97.2
101.0
111.2
61.4
77.8
86.2
14,219
14,335
13,378
10,896
7,718
8,382
9,698
11,078
15,883
15,929
15,059
21,446
108.0
108.9
101.6
82.7
58.6
63.7
73.6
8S4.1
120.6
121.0
114.4
162.9
' Value.
Index
number.
115,673
110,727
114,686
105,513
96,216
87,810
85,986
90,933
109,726
83,057
91,954
114,279
115.1
110.1
114.1
104.9
95.7
87.3
85.4
90.4
109.2
82.6
91.5
113.7
100.0 604,261
100.0 444,278
100.0 158,021
100.0 1,206,560
100.0
15-9,258
126,424
135,405
165,107
142,298
223,041
141,620
150,428
132,682
133,067
161,802
146,356
124.7 44,552
99.0 47,774
106.1 54,947
129.3 63,385
111.4 81,274
174.7 86,256
110.9 86,443
117.8 85,550
103.9 123,456
104.2 99,127
126.7 98,690
114.6 79,965
88.5
91.9
109.2
125.9
161.4
171.4
171.7
170.0
245.3
196.9
196.1
158.9
143.3
180.2
223.0
237.7
242.5
167.2
209.2
113.8
189.2
201.9
213.9
194.2
14,434
14,230
25,223
18,869
24,F61
18,512
29,492
20,953
25,240
20,386
21,254
21,521
108.1
112,057
109.6
128,712
191.6
162,716
143.3
170,271
188.8
195,917
140.6
166,654
224.0 . 193,383
159.1
148,635
191.7
218,729
154.8
194,243
161.4
199,142
163.4
173,372
111.4
128.0
161.8
169.3
194.9
165.7
192.3
147.8
217.5
193.2
198.1
172.4
154.5 688,357
188.4 1,817,488
118.6 951,419
157.9 857,437
193.0 254,975
161.4 2,063,831
171.1
134.9
122.4
149.0
147.1
151.3
126.4
165.0
135.4
116.3
136.8
185.4
169.8
205.2
151.5
142.4
94.0
144,194
125,973
164,512
136,800
143,653
115,976
129,387
111,527
112.9 103,796
98.7 87,086
128.9 97,039
107.1 87, 588
112. 5 64,177
91.1 75,225
101.3 60,942
87.3 61,321
206.2 90,655
173.0 107,162
192.8 125,496
174.0 97,187
127.5 84,074
149.5 95,699
121.0 93,893
121.8 95,159
244.9
289.5
339.0
262.5
227.1
258.5
253.6
257.0
182.7
151.6
197.4
220.8
113.1
163.0
186.5
171.8
217.3
213.1
247.2
212.7
162.3
191.3
178.4
178.1
56,748 186.4
53,338 175.2
61,585 232.3
80,639 264.9
58,731 192.9
96,088 315.7
52,553 172.7
49,548 162.8
43,108 141.6
45,983 151.1
46,473 152.7
43,563 143.1
35,406
41,645
56,428
51,689
62,457
46,113
43,325
28,594
53,071
66,708
82,546
88,017
89,782
61,886
77,44'8
42,132
70,033
74,730
79,198
71,886
24,064
19,964
25,999
29,076
14,887
21,463
24,562
22,624
218,515
214,212
248,534
213,851
163,138
192,387
179,397
179,104
OCTOBER,
1069
FEDERAL, RESERVE BULLETIN.
1920.
WHOLESALE PRICES ABROAD.1
Index numbers of wholesale prices (all commodities).
[1913=100.]
France;
United
United
Italy;
States
States
United
Bulletin
Federal
Bureau of Kingdom;
dela
i roi.
Reserve
Labor
Statist
Statistique Bachi (40
Board (90 Statistics
(45 comGenerate commodiquota(328 quota- modities). (45 comties).
tions).
tions).
modities).
100
1913.
1914.
1915.
1916.
1917.
1918.
Sweden;
Svensk
Handelstidning.
Australia;
Calcutta,
Japan;
CommonCanada;
India;
Bank of
wealth
DepartDepartJapan for
Bureau
ment of
ment
of
Tokyo (56 Census and Labor (272 Statistics
commodi- Statistics
quota(75
comties).
(92 comtions).
modities).
modities).
100
100
101
124
174
197
100
95
133
202
299
409
100
116
145
185
244
339
100
96
97
117
149
197
2 100
141
132
4 155
170
100
101
110
135
177
206
368
370
388
436
455
321
319
307
308
317
251
257
271
280
288
182
185
200
199
197
223
223
222
227
240
204
200
504
556
619
679
659
615
613
632
319
342
354
354
361
366
363
365
301
313
321
300
272
248
239
235
203
206
209
217
225
233
234
248
254
258
261
263
258
256
244
218
209
198
200
210
206
209
209
3 100
1919.
August
September...
October
November...
December...
218
212
212
219
226
226
221
223
230
238
1920.
January
February
March
April
May
June
July
August
242
242
248
263
264
258
250
234
248
249
253
265
272
269
262
250
288
306
307
313
305
300
299
298
1
The index numbers printed in this article are constructed by the various foreign statistical offices according to methods described in the
BULLETIN for January, 1910. In all cases except that of7 the United States the original basis upon which the index numbers have been computed
has been shifted to the 1913 base. The monthly and j early index numbers are therefore only approximate. The latest figures are received by
cable and are subject to correction.
2 July, 1914=100.
3
End of July, 1914=100.
4
Last six months of 1917.
Prices in the United States and Canada declined more rapidly in August than prices
abroad. In fact, Italian and French prices
again show an increase, and British, Swedish,
and Australian prices are practically stationary.
The Japanese price decline was much retarded
as compared with earlier months of the year.
ENGLAND.
Although improvement was shown in the
bank and currency notes accounts during the
month of August, questions of financing,
especially during the early part of the month,
gave cause for concern. At the end of the
first week currency notes outstanding amounted
to £367 million, or the largest sum reached
during 1920. Of this amount £6.6 million of
notes had been called in (i. e., were no longer
in circulation) but had not been canceled. As
the figure stood, it was just £1,000,000 under
the limit fixed for 1920 for the fiduciary issue.
By August 25 it had been possible to reduce
the note issue to £356 million, of which £4
million were called in but not canceled. This
left the issue £11.7 million beneath the maximum.
Bank note circulation varied within a range
of a million and a half pounds throughout the
month, standing at £106 million in the last
week. Deposits, on the other hand, were
reduced from £148 million in the first week to
£116 million in the last. During September,
however, this item has increased again and
stands at about the July level. Coin and bullion held by the bank and the treasury
amounted to about £152 million throughout
August and September.
Holders of treasury bills allowed them to
mature in considerable quantities in the first
week in August, necessitating advances to the
Government from the bank to meet these
payments. This meant that with the maturing
of bills, new bases of credit were established
with the bank, making for further inflation
and putting an additional strain upon that
institution. Since the third week in August
treasury bills have been in better demand, and
temporary advances consequently have been
lower.
1070
Government floating debt.
Deposit and note accounts.
1920.
Bank
notes.1
End of—
January..
February
March....
000's.
£84,258
92,426
99,371
101,284
103,614
106,658
106,869
106,294
April
M a y
J u n e
July
August...
Currency
notes and Deposits,
certificates public and
outstandother.
ing.
000's.
£329,554
324,994
335,372
337,377
348,316
357,356
361,911
356,012
bullion. 2
000's.
£128,434
138,946
140,672
141,018
140,955
146,382
151,734
151,529
1913
1914
1915
1916
1917
1918
1919-end of—
August
September
October
November .
December
1920:
J&mi&rv
March
April
May
July
August
....
000's.
£208,000
188,000
205,000
249,000
221,000
244,000
204,000
183,000
Per cent.
000's.
£1,319,000
1,258,000
1,312,000
1,297,000
1,283,000
1,294,000
1,262,000
1,250,000
Per cent.
Commodity prices as a whole changed very
little during August. In fact, the entire decline between April and August has been
slight. According to the Statist index number,
the decline from the peak of April is less than 5
per cent and that for August only about 0.4 per
cent. Prices are still three times the prewar
level. The decline which has occurred appears
to be due rather to a reduction in consumers'
demand than to inactivity resulting from a
curtailment of bank credit. Credit appears to
have been consistently withdrawn from speculative uses, but Government financing has required the creation of new loans. Fluctuations
in groups of similar commodities were in the
same direction as during the preceding month
except in the case of textiles and sundries.
Vegetable foods and sugar, coffee, and tea
continued to decline, and meats advanced.
Textiles averaged the same as during the preceding month, indicating that the spring slump
in prices in this group of goods had come to an
end at least temporarily. Minerals advanced,
Statist index number of wholesale prices (1913=
Sugar,
Vege- AniMintable mal coffee, Foodfoods. foods. tea. stuffs. erals.
000Js.
£1,111,000
1,070,000
1,107,000
1,048,000
1,062,000
1,050,000
1,058,000
1,067,000
Held by the Bank of England and by the Treasury as note reserve.
British exchanges declined very heavily in
the first week of August, adding to the general
concern regarding the financial situation. A
decline during the American crop-moving season is entirely normal, but this year it has been
accentuated by the political situation in eastern
Europe and the wariness of the American public regarding European investments. The exchange on New York declined from $3.66|$3.70^ on the first Wednesday of the month
to $3.55J-$3.57i at the end of the month.
During September even lower points were
reached, sterling being quoted at $3.45 on September 10. London exchanges on Paris, Italy,
and Berlin were increasingly unfavorable to
them. Francs dropped from 48.7-49.3 to a
pound on the first Wednesday of August to
51.85 on the last, lire from 75 to 78J, and
marks from 158-163 to 184. Lire were adversely affected by Italian labor conditions
and francs probably by the recent public statements of the financial condition of the French
Government.
Date.
Discount rates.
Treasury Temporary Total float- 3 months' 6 months'
bills.
advances. ing debt. b a n k b i l l s . trade bills.
Coin and
000's.
£155,272
190,147
137,170
140,381
117,784
191,715
133,799
115,955
2
* Less notes in currency notes account.
June
OCTOBER, 1920.
FEDERAL RESERVE BULLETIN.
100).
Textiles.
Sundries.
Materials.
Foreign e x c h a n g e
2
rates,
1
London on—
Calcutta.
New
York.
Paris.
Italy.
Berlin.
4. 8665
25.2250
25.2250
20.430
47.580
18 159
24
Buenos StockAires. holm.
100
110
155
193
252
248
100
100
125
152
192
210
100
107
130
161
213
238
100
105
137
169
218
229
100
90
109
140
152
167
100
97
111
152
228
265
100
105
131
163
212
243
100
98
119
153
198
225
255
258
260
208
208
226
226
228
320
328
322
332
336
242
245
253
258
260
206
206
222
226
234
273
287
305
325
334
283
278
284
292
296
255
257
270
280
286
4.3400
4.1629
4.1934
4.1142
3.8646
32.7475
35. 7287
35.5900
38.2450
41.4566
38.2500
40.8125
41.6000
47. 7937
49.6166
101. 937
106.500
156.375
183.333
52.875
55 500
55.125
56.750
61.110
17.400
17 050
17.265
17. 676
17. 784
21 -h
22
24-H
24A
27|
230
237
237
265
244
244
278
295
356
415
393
392
473
496
425
404
265
286
300
315
318
325
325
319
256
267
263
263
273
269
276
281
343
362
360
354
308
308
298
298
312
329
318
321
311
282
111
278
302
318
312
311
298
285
283
285
3.6904
3.4612
3.6907
3.9181
3. 8462
3.9421
3.8256
3.6294
42.9375
48.2125
52.3375
63.2937
56.7125
48.9200
47.0425
50.3375
51.2375
60.3812
70.4700
88.0000
76.3120
66.9550
66.1875
73.6875
239.375
327. 750
304.100
239.500
183.870
154.700
150.813
171.250
63 390
69.660
64.660
60.125
60.220
58.190
56.700
57.310
17 804
18.208
18.244
17.935
18 208
18.081
17. 716
17.120
081
266
270
274
297
345
346
351
359
343
317
i Average of weekly quotations from London Times.
2 Par.
291
26?
231
22||
1071
FEDERAL RESERVE BULLETIN.
OCTOBER, 1920.
the prices of all leading metals increasing and
coal selling at the same price for domestic
use as during the preceding month.
During recent weeks, the threatened coal
strike caused uncertainty in practically all
important commodity markets. Although the
strike was temporarily avoided in September,
no satisfactory solution has been found to the
problem presented by the coal industry nor to
the immediate demands of the miners. The
industry is at present under partial Government control. Pit-head prices are fixed, wages
and profits guaranteed, the quantity for export
controlled, and the profits made in the export
trade are taken by the Government in place
of excess-profits taxes. Domestic distribution is free and the price to the householder
no longer subsidized as it was prior to
May of this year. The domestic trade is
therefore self-supporting and the export trade
supplies the Government with something like
5 million sterling a month in revenue. A bill
has been presented to Parliament authorizing the creation of a ministry of mines
in the board of trade to supervise the
administration of the coal industry and the
creation of area and district boards with equal
representation of operators and miners to consider questions of wages and profits. None of
these measures, however, appear to give satisfaction to operators or miners.
The recent contention of the miners was to
the effect that although wages were increased
in March, they were increased only in proportion to the increase in the cost of living, not
sufficiently to raise the standard of living; and
that if prices, both domestic and foreign, were
freed from control and wages fixed as formerly
with reference to profits, they would be considerably higher than at present. The definite
demands made were for an increase in wages
of 2s. a day and a decrease in the domestic
price of coal equal to the increase of last May,
namely, 14s. 2d per ton.
Miners recognize that as conditions stand in
the industry at present, such demands can not
be met except from export and bunker coal
profits. The Government, on the other hand,
setting aside all questions of policy, can not
afford to give up these profits, which form a very
considerable source of revenue. The Government has offered to submit the question of the
increase in wages to an impartial tribunal or to
pay at a higher rate if production is increased.
A summary of output, costs of production,
and profits in the industry for the second
quarter of the year has been issued by the
mines department of the board of trade, which,
with the earlier report regarding the first
quarter of the year, leaves no doubt as to
the trend of production and costs. The tonnage raised in the second quarter is 3.9 million
tons less than that for the first quarter;
the cost of wages has increased from £63
million in the first quarter to £66.5 million in
the second and total costs from £81.8 million
to £88 million. Bunker coal shipped was
about the same in both quarters (3.3 million
tons), but coal exported was 2.3 million less
in the second than in the first quarter.
Although frequent reports are made of
men out of work, the unemployment index
published by the Ministry of Labor shows a
comparatively small percentage of trade union
men unemployed. Unskilled workmen, doubtless, are without employment in larger numbers.
Production (metric tons).
Value of foreign trade.
Date.
Imports.
Monthly average 1913
Reexports.
000's.
£39,061
000's.
£43,771
000's.
£9,131
183,498
170,514
176 648
167,154
166 816
170 491
163,342
153,255
105,880
85,964
103 699
106,252
119 319
116 352
137,452
114,903
25,464
22,604
27,031
20,407
20 260
20,124
17,848
13,368
Coal.
000's.
24,336
000's.
, 869
000's.
649
676
656
710
655
738
726
750
752
766
811
854
779
848
745
800
709
1
2,002,699
1920.
January .
February
March
April
Mav
June
July
August
1
2
2 22,657
19,435
19,505
17,131
2 22,131
19,048
2 22,926
16.970
3,394,425
3,578,000
Average of four quarterly estimates. Figures following are estimates taken at the end of each quarter.
5 weeks in the month.
Trade figures for August were not so favorable as for July but comparing the balance of
trade of the first four months of the year with
that of the second four months, the improvement in England's position is apparent.
Exports.
Ship
tonnage
under
Steel ingots construcand
tion (gross
Pig iron.
castings.
tons).
Balance of imports over exports and reexports.
January
February
March
April
£52,154,000
61,946,000
45,918,000
40,495,000
May
June
July
August
£27,237,000
34,015,000
8,542,000
24,984,000
1072
FEDERAL BESERVE BULLETIN.
Pig iron production for the month was likewise encouraging, marking the peak for the
year. Coal production, on the other hand, is
averaging, on a weekly basis, even lower than
for the second quarter, which in turn was
lower than for the first quarter. The tonnage
produced in the first three months was 62
millions and 58 millions for the second. Exports of coal continue regulated and of comparatively small dimensions.
In view of the financial and industrial situation as outlined above, a decrease in the cost of
living was not to be expected. The computation made by the Ministry of Labour and based
upon cost of food, rent, clothing, fuel, etc.,
rose three points during the month of August
and six points during August. The Ministry
of Food holds out no hope for immediate relief
from mounting food prices.
i Average
percenti age m! crease in
cost of
1
living, 1
; base,
i Julv,
1914.
1920.
!
January
February
March
April
...
May
June
July
August
.;
.i
i
i
;
!
September
125
130
130
132
141
150
152
155
161
Percent
of trade
union
members
unemployed
(membership
1,669,257
at end of
August).
2.£
1.6
1.1
.9
1.1
1.2
1.4
1.6
i Food, rent, clothing, fuel, light, etc.
Figures applying to increase in cost of living are for the beginning of
the month and those for trade union unemployment are for end of month.
FRANCE.
There were only slight changes in the price
level in France during August. As in the
month previous, some commodities increased
and some decreased in price, and, although no
great changes occurred, the index number of
the Statistique Generale shows an increase of
five points.
Developments in the financial situation of
the Government, however, were of considerable
interest. On the last night in July, as the
Senate and the Chamber of Deputies finished
their work before adjourning for the summer, a
finance law was passed, authorizing a new
loan and increasing the legal maximum for
the note circulation of the Bank of France
from 40 billion to 43 billion francs. The
reason advanced for legalizing an increase in
note circulation was the necessity for supplying
the Bank of France with the means of meeting
the needs of the commercial interests of
OCTOBER,, 1920.
the country. According to thp minister of
finance, the bank found itself without enough
notes to meet its current liabilities and at the
same time to accommodate bankers who wish
the loans they are carrying rediscounted.
M. Andre Liesse, the editor of 17Economiste
Francais, in commenting upon this action,
remarks that since Bank of France loans on
commercial paper never exceed 28 days, the
new notes would not be of great assistance to
bankers in carrying the loans in their portfolios.
M. Liesse, who does not feel that the increase is
warranted, goes on to say that it is probable
that the greater part of these new billions
authorized for circulation will go into loans on
Government bonds. As the increase in circulation is made on the eve of a new loan, M. Liesse
suggests that it will be of more assistance to
subscribers to that loan, and indirectly to the
Government, than to the commercial interests
of the country.
The loan authorized by the recently passed
finance law will be issued at par and pay 6 per
cent. It has no fixed limit, and it is to be
tax exempt. The subscription period extends
from October 20 to November 30, 1920.
This additional loan was necessitated by the
conditions of the 1920 French budget. The
expenses of the Government for the current
year will, according to the budget adopted
July 31, 1920, be as follows:
Francs.
Ordinary expenses
21, 761,108, 000
Extraordinary expenses
5, 420, 303, 000
Expenses recoverable from Germany
under the terms of the peace treaty
20, 751,128, 000
Total
47, 932, 539, 000
The most important of the ordinary expenses
are as follows:
Francs.
Expenses of the public debt
Maintenance of troops in France, Algeria,
etc
Expenses of the ministry of public instruction and fine arts
Expenses of the ministry of public works.
11, 633,174, 000
1, 904, 513, 000
1, 067, 329,000
3,280,248, 000
17, 885, 264, 000
These ordinary Government expenses are
to be met by receipts from taxation. It was
expected when the new taxes were enacted
in June that they would also provide enough
revenue to set aside one billion francs a year
as a sinking fund for paying off the Government debt. Receipts from indirect taxation
and Government monopolies have totaled
7,350 million francs in the first eight months of
1920.
The extraordinary expenses listed in the new
budget include funds for the payment of high
cost of living bonuses, for the liquidation of war
OCTOBER,
1020.
1073
FEDERAL RESERVE BULLETIN.
contracts, and the like. As it is not planned
to continue such payments in 1921, they are
stated in a separate item. These expenses are
to be met by the loans already placed this year.
The most important items in the part of the
budget which is listed as recoverable from
Germany are:
Sums placed at the disposal of the ministry
of the liberated regions for industrial,
commercial, agricultural, and social
Francs.
reconstruction
15, 288, 296, 000
Expenses of the ministry of finance in paying military and naval pensions, and in
reconstructing its buildings in the devastated regions.
3, 081,fifil,000
Expenses of the ministry of pensions in
paying pensions to civilian war sufferers,
keeping up reconstruction schools for
wounded soldiers, and for administrative expenditures necessary for the payment of pensions to soldiers and widows
of soldiers of the war
1, 935, 046, 000
20, 305, 003, 000
reached its lowest point during the war at 56
francs 75 in March, 1918. Since that time
it has risen as high as 65 francs (February 8,
1919), but it had fallen at the end of August,
1920, to 56 francs 30. The situation of the
Bank of France has not changed materially
since July. There has been a slight increase in
both the gold and the silver reserves of the
bank, a decrease in deposits, and an increase in
note circulation. The decrease in tax receipts
during August is in part due to the repeal of
the special tax on payments and the fact that
the new tax on business turnover is not yet
fully effective. The finance minister accounts
for the decrease in the receipts from taxes on
registration of deeds by the large number of
transfers which were made just before the new
registration rate went into effect.
As is shown by the table on p. 1074 French
exchange rates were in general less favorable
in August than in July. The dollar rose from
French financial situation.
[In francs.]
Situation of the Government.
Bank of France.
Advances
to the
Govern- Government for ment 3
purposes revenue
of the ;000,000's)
i war 2
j (000,000's)
Silver
Gold
reserves reserves Deposits i
(000,000's ) (000,000's) (000,000's)
_L
1913, average a.
1920, end of—
January...
February..
March
April
May
June
July
August
4
4
4
4
4
4
4
4
3,343
629
3,602
3,603
3,606
3,608
3,609
3,610
3,61r
3,612
255
251
247
244
240
241
248
255
320
5,665
3,172
3,277 !
4.039
3; 469
3,751
3,653
3,416
3,267 i
37,583
37,889
37,569
37,688
37,915
37,544
37,696
37,905
25,300
25,800
26,300
25,300
26,050
26,000
25,550
25,800
Public
35,000
885 5 206, 616
794
859
1,057
857
907
1,109 « 233,729
882
Priceof
86. 773
58.75
57.60
58.45
57.40
59.35
57.25
58.90
56.30
a From the official Annuaire Statistique, vol. 35, p. 80.
1
Includes Treasury and individual deposits.
2
Under the laws of Aug. 5 and Dec. 26, 1914, July 10, 1915, and Feb. 16, 1917.
3
From
indirect taxation and Government monopolies.
4
Not
including about 1,978 million francs held abroad.
5
As
of
Dec.
31, 1919.
6
Foreign debt calculated at par.
The above table gives a brief summary of the
present financial situation of the French Government and the Bank of France. . The typical
French Government bond, the 3 per cent perpetual rente, which sold for over 90 francs at
the outbreak of the Balkan war in 1912,
13.08i francs the last of July to 14.19 francs the
last of August, and the pound sterling from
49.11 J francs to 50.91 § francs in the same
period. Exchange rates on Italy and on Germany, however, were more favorable to France
in August than in the month previous.
1074
OCTOBER, 1920.
FEDERAL RESERVE BULLETIN.
Group index numbers—France.
(Bulletin de la Statistique Ge'ne'rale >
(1913=100.)
Paris exchange on l—
Date.
Animal
food.
Vegetable
foods.
Sugar,
coffee,
and
cocoa.
Foods
(20).
Textiles.
Minerals.
Sundries.
Raw
materials
(25).
New
York.
London.
Rome. Stockholm.
Francs Francs Francs Francs Francs Francs Francs
to the to the to the to the to the to the to the
dollar. pound. lire. crown. franc. mark. paper
peso.
Francs. Francs. Francs.
1.00
1913 .
1914
1915
1916
1917
1918
1919, e n d o f -
100
103
126
162
215
286
100
103
126
170
243
298
100
106
151
164
201
231
100
104
131
167
225
281
100
98
164
232
271
283
100
109
132
180
303
460
100
99
145
199
302
420
100
101
145
206
291
387
2 5.18
25.22
August
September
October
N o v emb er
December
1920:
January
February
March
April
May
June
July
August... .
360
387
402
424
432
309
308
337
351
380
263
264
268
271
278
323
334
353
369
375
273
279
295
323
357
434
476
554
620
649
398
402
403
415
419
367
381
405
435
454
7.92
8.35
8.83*
9.73*
11.27*.
34.05
35.50^
36.84^
39.36
42.30
83 1
.86*
452
484
500
522
480
482
501
515
432
474
516
511
480
400
370
359
419
436
439
429
424
392
405
399
440
474
498
506
472
434
432
432
413
444
460
498
459
428
470
475
787
828
884
953
841
734
746
737
465
503
548
587
601
517
500
524
525
561
600
646
614
540
548
558
13.19
14.32
14.33
16.39
13.13
11.92
13.08|
14.19
46.50^
48.43*.
55.02*
63.48
51.35
47.49J
49.11|
50.91*
.84|
.77*
.72
.73*
1
Francs.
1.39
.80
.81
.74*
.70*
.66*
2
Source: L'Economiste Francais.
Buenos
Antwerp. Berlin. Aires.
Francs.
1.00
Francs. Francs.
1.25
2.20
1 951
1.97|
2.U
2.20
2.45
.96*
.99
1.05*
1.04i
1.02*
.291
.20*
• 21f
2.62
2.58
97*
1.03f
1.03|
1.06*
1.05
1.041
1.061
1.06*
.17*
.14*
.19*
.28*
.34*1
32
.30|
.29*
3.51 4
2.85
2.C5
2.79
2.902
5.78
6.45
5.65
5.40
5.02|
5.32
Par
According to cables received from the of Agriculture recently announced crop estiAmerican consul in Paris the commodities mates for the fall harvest, and at the same time
which show the most important price decreases stated that the Government plans to buy only
in August are wool, rubber, nitrate of soda, and 10 million quintals of wheat and other breadrice. Iron and steel prices remained prac- stuffs abroad during the next year, as against
tically unchanged, while quotations for tin, 40 millions purchased during the season just
copper, lead, zinc, gasoline, kerosene, and passed. The ministry expects a decreased
cheese show slight gains during the month. demand for bread because of the increased
Silk prices were, according to reports from price. The following table shows the yield of
Lyon, slightly firmer, although the market French cereal crops in 1914, 1918, and 1919,
was not really active because of the slight with the estimated yield for 1920.
demand for silk products throughout the
world.
French cereal crops.
Coal receipts in July did not quite reach'the
[In thousands of quintals.]
high level of June, but August receipts are at
a slightly higher rate, and they show marked
Estiimprovement over the receipts for March,
1914
1918
mated
1919
for
1920.
April, and May.
Coal available in France.
[Production plus imports.]
1913, monthly average
1920:
January
February
March
April
May
June
July
August
,
Tons.
4, 541, 750
3, 991, 486
3,954,301
3, 781, 544
3,603,602
3,352,177
4, 392, 217
4,238,132
4, 295, 515
Wheat
Eye
Barley
Oats
Meslin
Total.
76,936
11,147
9,758
46,207
1,354
61,436
7,350
5,982
25,620
960
49,654
7,299
5,000
24,936
62,700
8,400
7,700
42,200
1,000
145,402
101,348
87,857
122,000
French foreign trade figures for September
show a much more favorable situation than at
any other time this year, the excess of imports
over exports amounting to only 401 million
francs as against an excess of 1,786 million
francs in March. Exports from France for
The condition of the 1920 grain crops in the first eight months of 1919 totaled 5,743
France continues to be good. The Minister million francs, and for the same period in
OCTOBER, 1920.
1075
FEDERAL RESERVE BULLETIN.
1920, 14,406 million francs, an increase of 150
per cent, although both figures are computed
on the basis of 1919 value units. Imports
show a much smaller increase. The value of
goods imported for the first eight months of
1920 totaled 24,516 million francs, a figure
only 13 per cent larger than imports for the
same period last year.
Foreign trade
ofFrance.}
[In thousands of francs.]
Imports.
Raw
materials.
Manufactured
articles.
Total.
151,465
412,144
719,122 ! 1,101,811
138, 169
660, 610
701,778
2,481,543
69,908
80,805
408
2,002,183
299
2,641,916
007
3,122,851
216
2,887,607
911 i 2,386,696
856 I 2,588,674
05,613 ; 2,800,453
84,561
150,060
114,223
125,678
103,355
216,849
210,888
Food.
1913 average 2 .
1919 average 3 .
1920
January...
February.
March
April
May
June5*
July 6
August ...
Exports.
538,365 I
653,630
871,857 !
665,799 i
547,825
558,951 ;
985,410
1,336,987
1,478,987
1,398,592
1,193,960
1,302,867
723,749
1,171,091
478,
651,
772;
813,
644,
726!
Food.
Raw
materials.
154,841
161,401
Manufactured
articles.
Parcels
post.
Total.
301,420
440,314
47,182
43,577
573,351
726,097
187,626 !
247,480 |
349,521 I
353,344
348,361 I
421,735 i
415,007
767,423
834,031
844,901
726,654
1,100,931
| 35,204
58,866
i 39,884
I 52,987
I 31,658
! 69,862
722,398
1,323,829
1,337,659
1,376,910
1,210,028
1,809,377
440,482
1,631,883 j 116,255
2,399,508
1
2
3
4
Not including gold, silver, or the reexport trade.
Calculated in 1913 value units.
Calculated in 1918 value units.
January-Tune, 1920, figures are calculated in 1918 value units. French foreign trade figures are originally recorded in quantity units only,
and the value of the trade is calculated by applying official value units to the quantities imported and exported. Normally the monthly statements of trade appear computed at the rates of the year previous, and only at the end of the year is the trade evaluated at the prices prevailing
during that year. Because of the disturbed price conditions inFrance this year, however, it was not until July that the 1919 price units were decided
upon5 and applied.
Monthly French foreign trade figures are published only in cumulative form, and as the value rates used were changed in July it is impossib'e
to give separate figures for that month.
6 Calculated in 1919 value units.
GERMANY.
The drop in prices which occurred in Germany during March and April continued until
July, and in the case of some commodities as
late as August. Then as exchange became less
favorable to Germany, prices for many commodities began an upward movement. The
Frankfurter Zeitung of September 4 publishes
the following table of metal prices. The
prices are in marks, but the quantity units are
not given.
German metal prices, 1920.
Aluminum.
Antimony
Lead
Copper (refined)
Nickel . Zinc ...
Tin.... . . .
Quicksilver
. . . .
Feb. 17.
June 22.
July 23.
6,300
2,400
1,750
3,550
8,200
1,450
14,600
2,400
2,200
'725
280
850
425
475
Aug. 8.
2.800
900
620
1,125
3,800
1,200
3,600
525
640
4,200
4,450
5,150
70
90
82
1,500
* 4,000
75C
Iron and steel prices do not seem to have
followed the course of other metal prices,
however. The London Economist gives the
August quotations of the Eisenwirtschaftsbund
for bars, ingots, blooms, etc., as below those
for June and July.
Prices of raw cotton, cotton yarn, and cotton
cloth, raw and thrown silk, hides and skins,
and certain vegetables have also increased in
the last month. The following table, also from
the Frankfurter Zeitung, gives prices illustrative of this movement.
Cotton
yarn,
36's.
1920.
January
February...
March
April
May
June
July
August
Sept. 4
Cotton
cloth,
92 cm.
19/1836/42.
9
18
18 \
17
io*
10"
10*
10|
1
Calfskins.
Sole
leather,
cow.
Peas.i
Pounds.
39
Kilos.
Kilos.
145
135
7.6-12.05
10.25
11.95
62*.
62*
67|
67*
9
5
4
2.75
3
3.38
3.80
Price Aug. 15, 1919, 31 marks.
The reason given for this increase in prices
is that the recent decrease in the value of the
mark in terms of foreign currencies has tended
to bring foreign orders into Germany and has
also revived domestic trade to a certain extent,
as it has removed the idea that prices will go
much lower at present.
The recent course of German exchange is
illustrated in the table following.
1076
OCTOBKR, 1920.
FEDERAL RESERVE BULLETIN.
Berlin exchange on 1—
Holland.
Marks to the.
Brussels. Christiania. Stockholm.!
Florin.
Par
1920,-end of—
January...
February.
March
April
May
June
July
August....
1.70
Franc.
j
36.46^ j
35.96 i
26.47 !
21.17!
11.98| I
13.586 !
14.136 |
15.734 j
1
0.80
2 6.99
7.16|
5.09^
3.646
2.872
3.3065
3.4215
3.636
Crown.
1.25
17.48
16. 7 3 |
13.76
11.18f
6.044
6. 2685
6.6335
7.043
London.
New York.
Paris.
Switzerland.
Lire.
£ Sterling.
Dollar.
Franc.
Franc.
0.80
1.125
2 18. 98
18.13
15.40
12.38!
7.1925
8.4915
8.8410
9.99
4.20
0.80
97.90
71. 90
58. 65
34. 95
38. 45
41.45
49.90
2 7.19i
6.908
4.72
3.446
2. 897
3.137
3.2065
4.465
20.40
2 324. 75
331.15 ;
278.70
223.25 !
134.85
151.85
156. 30
177.30!
2 5.99.^
5. 24A
3. 446
2 493
1.948
2.3125
2. 2475
2.2975
2
Last Wednesday in month quotations.
A recent statement of the German finance '
minister gives Germany's total debt as 242,700
million marks. Not including the deficit resulting from the operation of the railroad,
postal, and telegraph systems, which totals 16
billion marks, government expenses for this
year will total 27,770 million marks, of which
2,922 million must be met by new taxes. The
German cabinet has voted to reduce waste in
Government expenditure and to use every means
to prevent further depreciation of the currency.
Outside of an unimportant issue of Government notes (Reichskassenscheine) the only
national paper currency issued in Germany
before the war was the Reichsbank note,
redeemable in gold. The bank was required to
cover these notes with coin, bullion, and government notes, to the extent of one-third of their
face value and with commercial paper for the
other two-thirds. Whenever the uncovered
issue exceeded 550 million marks, interest at the
rate of 5 per cent had to be paid to the State,
except at the end of each quarter, when the limit
was raised to* 750 million marks. The private
banks of Baden, Bavaria, Saxony, and Wiirttemberg also issued notes, but their circulation
was small.
Early in the war period the following changes
were made in this system:
(1) The Government increased the issue of
Government notes (Reichskassenscheine) up to
360 millions and made them legal tender.
(2) Loan banks (Darlehnskassen) were established with the right of note issue.
(3) Darlehnskassenscheine were placed on
a par with gold as legal reserve for Reichsbank notes.
(4) Government and Reichsbank notes were
declared inconvertible.
The following table shows the condition of
the Reichsbank up to the end of August, 1920:
Crown.
Italy.
0.80
17. 48
15.68-£
12. 58i
10.38-f
6.244
6.968
7.073
8. 2415
Frankfort exchange.
ReichsbanJc.
ffn millions of marks.]
Reserves.
Id.
June 9, 1919
May 15, 1920
May 31. 1920
June 15. 1920
June30,1920.... . .
July 15, 1920
.. .
July 31, 1920
August 15, 1920
August 31, 1920
Reichsund Darlehnskassenscheine.
,302
,092
,092
,092
,092
,092
,092
,092
,092
8, 268
15,546
15,907
16,188
17,252
17,210
17,874
17,964
18,686
Note
circulation.
28, 218
48,948
50,017
50'. 809
53,975
53,847
55,769
56,462
58,401
Deposits.
9,151
16,451
17,024
15,313
23,4,14
14,851
17,282
15,573
15,772
i
JAPAN.
The Bank of Japan index number for wholesale prices shows a further slight decline for
the month of August, the number standing at
235 as compared wath 239 in July. As shown
in the following brief table the price decline
was severe from April to June but has been
much mitigated since July.
Wholesale price index in Tokyo (Bank of Japan).
[1913=100.]
January, 1920
February
March..".
April
May
June
July
&
August
Index
number.
301
313
321
300
272
248
239
235
By classifying the 56 commodities in the
index number into those whose prices advanced in a given month as compared with the
preceding month, declined, or remained un-
UOTOBEB, 1920.
1077
FEDERAL RESERVE BULLETIN.
The specie reserve of the bank amounted to
changed, further light is thrown on the present
price situation, which seems to be one of 224,000,000 yen at the end of 1913. At that
time the note issue was 426,000,000 yen,
rather uncertain trend.
making an excess note issue of 82,000,000 yen,
and a reserve ratio of 52.6 per cent. Between
April.
March.
June.
May.
July.
the end of 1914 and September, 1920, the
specie
holding of the bank increased at an
Number of comextraordinary rate, the holdings at the earlier
modities whose
prices4
3
12 date amounting to 218,000,000 yen and to
Increased
30
5
34 1,043,000,000 yen at the later date.
43
45
14
Decreased
36
In conseRemained the
10 quence of the enormous increase in specie
9
same
12
15
8
holdings during the war, the bank was able to
increase its note issue something over 400 per
The only quotations for raw silk and cotton cent between December, 1914, and December,
yarn available here are for future delivery. 1919, at the same time increasing the reserve
The trend in the case of silk has been upward ratio from 56.6 per cent to 61.2 per cent.
for September, downward in the case of
December, 1919, marks the peak of inflation,
cotton yarn.
the note issue standing at 1,555,000,000 yen,
of which 483,000,000 yen was excess issue.
Cotton
Between December and April of this year the
Raw silk,
yarn,
Yokohama,
Date of cable.
bank lost specie, but on September 16 its
future,
100 kin.
Osaka.
holdings were over 90,000,000 yen greater than
in December. Meanwhile the note issue de1,260
324.00
Aug. 16
lined from 1,555,000,000 yen last December
1,130
315.00
Sept. 2
1,180
288.50 to 1,043,000,000 yen in September of this year.
Sept. 8
1,180
284.90
Sept. 16
1,550
264.00 With a specie reserve of 1,043,000,000 yen
Sept. 24
1,500
242.50 also, this means that the ratio of reserves to
Oct. 2
notes is 100 per cent and remaining power of
issue is 120,000,000 yen, or the amount
As in the month of July, foreign trade for note
of
notes
which may be issued on securities or
August showed a favorable balance to Japan, commercial
paper according to law.
her total exports (174,000,000 yen) being
larger than her total imports (123,000,000 yen)
Note issue of the Bank of Japan.
by 51,000,000 yen. The excess of semimanu[000's omitted.]
factured goods exported was 27,000,000 yen
i Note circuand that of wholly manufactured goods
Specie
lation (last Specie reExcess reserve
Date.
62,000,000 yen; the excess in imports of food,
day of
serve.1
ratio.
issue.
period).
drinks, and tobacco, and raw materials comes
to 38,000,000 yen.
Yen. ! Yen.
Per cent.
Yen.
The two tables below present in considerable 1913
224,366 I
52.6
426,389 i
82,023
218,237 i
56.6
detail the Japanese note issue and banking 1914
385,589
47,352
248,418
'
57.7
1915
430,138
61,720
situation during the war and since. The first 1916
410,519
68.3
601,224
70,705
1917:
table sets forth the note issue of the Bank of
602
605,918
486,520
:
80.3
June
831,372
649,618
61,754
Japan at the end of 1913, 1914, 1915, and 1916, 1918: December
78.2
semiannually in 1917 and 1918, and monthly
809,468
645,398
44,070
79.7
June
712,925 | 311,814
1,144,739
62.3
December
since June, 1919.
1919:
080,315
705,373
254,942
65.3
June
Under the Japanese system, the convertible
034,760
728,761 ! 185,999
70.4
July
notes of the Bank of Japan are issued under
096,524
754,117
'
;
222,407
68.8
August
, 172,750
792,642 | 260,108
67.6
September
three categories:
,201,068
810,042
!
271,026
67.4
October
,243,700
880,879 | 242, 821
70.8
November.
(1) Notes covered by specie reserves. These
,555,101
951,976
I
483,125
.
61.2
notes msij be issued to any amount if there is 1920: December
,375,169
943,628
321,541
68.6
January
an actual demand for them.
,360,457
937,411
303,046
68.9
February
,368,056
67.3
920,747
327,309
March
(2) Notes issued on securities and commer67.1
,366,577
917,415
329,162
April
cial paper. These are subject to the legal
70.0
,327,856
929,811
278,045
May
72.7
,349,000
249
980,000
June
limit of 120,000,000 yen. (If the legal limit
84.2
,169,000
984,000
65,000
July (14 3) 3
94.5
,089,000
1,029,000
60,000
August (17 )
is not reached, the margin between the note
100.0
,043,000
1,043,000 120,000
September (16 3)
issue and the limit is known as the remaining
power of note issue.)
1
Of these specie reserves it has been generally understood in recent
that a certain portion is kept abroad.
(3) Emergency currency issued beyond the years
2
Remaining power.
legal limit under payment of excess issue tax. 3 Date of cable.
2
:
!
2
2
1078
OCTOBER, 1920.
FEDERAL RESERVE BULLETIN.
deposits to total loans. From December, 1915,
to December, 1919, deposits were uniformly
higher than loans. Beginning in January, however, with a loss of reserves, the reverse ratio
was established, loans exceeding deposits at
the end of each month during 1920 except in
April. Increasing caution in granting banking accommodation and the withdrawal of deposit funds accounts for the relative decline in
deposits, while extension of loans because of
the critical need of customers accounts for the
increase in this item. In spite of the fact that
deposits have recently been granted less freely,
in May, 1920, they were 11 per cent greater
than in the same month of 1919. Loans have
been increased at an even more rapid rate, the
corresponding figure being 26 per cent.
The ratio of cash on hand to demand deposits
was considerably higher in May, 1920, than at
the end of 1915. The reserve ratio for total
deposits, however, was somewhat lower, standing at 9.9 per cent, as compared with a high
of 13.75 per cent at the end of May, 1919, and
a low of 6.1 per cent at the end of January and
April of the same year.
The second table is compiled from the statements of the Tokyo Associated Banks, an organization consisting of 83 member banks, 45
of whom have head offices in Tokyo. Among
these member banks are the Japan Industrial
Bank and the Yokohama Specie Bank and
various other special banks, as well as a large
proportion of commercial banks.
The total deposit item in the table includes
not only demand deposits (a summation of
current accounts and special current accounts),
but also time deposits, deposits at call, and
those not classified. In May, 1920, demand
deposits composed 33 per cent of the total,
time 42 per cent, and unclassified amounted to
25 per cent, the last item being accounted for
to a large extent by the special banks.
"Total loans n consists of five different kinds
of paper bearing the following ratios to the
total in May, 1920: Loans on commercial paper
39 per cent; discount of commercial paper 36
per cent; overdrafts 10 per cent; loans on certificates 9 per cent, and call loans 6 per cent.
One of the interesting facts brought out by
the table is the recent shift in the ratio of total
Tokyo associated banks (bankers' club).
[From Tokyo Bankers Magazine.]
[Unit, 1 million yen.]
Last day of the period.
Paid-up | Total
capital. ! deposits.
151
151
155
171
200
1914
1915
1916
1917
1918
!
•;
i
;
!
448
ofil
821
1,335
1,836
j
i
j
!
Total
Demand
loans. ; deposits.
' Reserve Reserve
Cash on j ratio for ratio for
hand, i demand
total
deposits. deposits.
Securi-
ties.
492
532 i
725
1,041
1,493
259
382
536
621
141
182
223
250
391
i
i
I
!
!
cent. Per cent.
13.4
11.4
10.4
9.4
9.2
Per
60
64 I
85
125 I
168 !
24.7
22.3
23.3
27.0
23.5
30.3
32.2
23.3
50-5
35.5
27.9
26.4
29.3
28-1
30.6
33.7
1919.
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March..'.
April
May
201
201
202
206
207
207
208
210
213
272
288
310
1,804
1,803
1,798
1,795
1,775
1,867
1,878
1,885
1,894
1,861
1,954
1,941
1,591
1,649
1,632
1J233
1,662
1,764
1,731
1,841
1,860
1,842
1,861
1,802
469
459
463
468
483
589
588
546
608
595
684
658
398
401
391
392
410
393
385
401
405
401
401
403
110 |
139 I
149 !
109 j
244 I
209 '.
164 !I
144
178 !
167
209 j
222
309
314
329
329
345
1,929
1,932
1,957
1,983
1,974
1,929
2,022
1,982
1,982
2.089
671
661
772
689
648
389
389
401
409
424
193
180 !
202
189
196
1920.
1
Not available.
27.2
26.2
27.4
30.3
i
6.1
7.7
8.3
6.1
13.8
11.2
8.7
7.6
9.4
9.0
10.7
11.5
10.0
9.3
10.3
9.5
9.9
OCTOBER,
1#79
FEDERAL RESERVE BULLETIN.
1920.
Group index numbers—Australian Commonivealth—Bureau of Census and Statistics.
[July, 1914=100.]
July, 1914..
1915
1916
1917
1918
August
September..
October
November..
December..
January..
February.
March
April
May
Jurie
July
Textiles,
leather,
etc.
Metals and
coal.
Date.
1919.
1920.
Agricultural
products.
Dairy
ts.
Groceries
and
tobacco.
100
117
154
213
220
100
93
131
207
232
100
202
113
110
135
100
127
124
116
121
100
110
127
131
138
182
182
186
184
186
229
225
243
254
259
190
200
236
238
224
135
138
141
142
142
150
149
152
151
156
189
192
205
205
214
214
211
273
283
281
277
265
260
252
227
226
226
234
252
261
244
143
149
162
169
177
187
188
156
161
160
192
197
195
193
Meat.
Chemicals.
268
272
280
280
297
297
283
Group index numbers—Canadian Department of Labor.1
[1913=100.]
Other
foods.
Date.
1913
1914
1915
1916
1917
1918
100
107
104
121
161
197
100
100
105
119
149
168
1919,
August
September..
October
November..
December..
216
201
180
176
182
195
195
198
1920.
January
February...
March
April
May
June
July
August
100
99
130
233
214
100
104
121
136
180
213
100
102
114
148
201
273
189
193
204
221
230
210
195
178
240
240
224
227
228
230
232
277
283
290
298
306
228
216
265
290
295
316
358
338
295
142
245
251
254
264
275
274
283
316
321
322
366
323
314
305
300
93
196
189 '
183 i
194 |
1
Hides,
leather,
etc.
Textiles,
Drugs
and
chemicals.
Imple- Building Fuel and
ments. materials,
lumber. lighting.
Metals.
100
96
128
167
217
229
100
101
106
128
174
213
100
100
97
100
118
147
100
94
92
113
163
100
106
160
222
236
250
260
256
252
252
231
171
171
165
171
181
228
231
225
232
232
170
183
188
194
224
199
200 |
201
201 !
209 |
196
197
198
181
189
237
245
222
239
215
186
183
173
191
199
210
214
213
207
209
209
235
231
237
237
237
238
242
243
232
243
268
268
295 ,
295 !
282
285
212
215
190
189
194
201
203
200
218
218
100
105
110 .
143 !
168
169
!
!
I
!
215
245
257
279
295
298
j
I
|
|
Unimportant groups omitted.
Group index numbers—Calcutta, India, Department of Statistics.
[End of July, 1914= 100.]
Date.
Build- ManuCotton
j Jute
Hides manuing
facRaw j manuand
mate- tured Metals. skins.
faccotton.
facrials. articles.
I tures.
tures.
End of July, 1914.
August, 1918
September, 1918..
August, 1919
September, 1919..
1920.
January
February
March
April
May
June
July
August
118
118
127
114
128
131
139
142
Other
textiles.
Raw Oil Tea. Sugar Pulses. I Cereals. Other
Oils. jute.
foods.
seeds.
100
100
317
314
224
214
100
83 ;
75
193
156 !
100
100
240
217
179
215
100
328
331
225
199
100
240
217
179
215
100
100
89
105
143
131
100
96
116
235
225
217
218
201
215
233
235
235
226
215
222
219
248
253
233
211
209
160
116
100
99
356
364
351
357
365
364
364
360
214
185
179
158
135
144
132
139
181
164
150
170
142
147
151
163
153
158
159
161
164
164
168
168
159
155
135
116
123
119
119
115
125
123
118
119
120
83
200
190
166
163
169
171
169
167
<m
249
257
i Includes pulses.
100
100
95
93
106
109
100
179
196
271
292
100
100
i 119
1
J34
i 179
1
177
377
363
321
377
511
482
503
477
207
191
160
159
150
149
159
160
167
158
151
156
157
156
151
154
204
199
192
185
183
180
188
185
law
OCTOBER, 1920.
FEDERAL. RESERVE BULLETIN.
Group index numbers—Sweden, Svensh Han'delstidning.
[1913=100.]
Vegetable
food.
Date.
Animal
food.
Raw materials for
agriculture.
Coal,
100
136
151
152
181
221
100
101
140
182
205
419
100
114
161
180
198 ]
304 ;
100
123
177
266
551
856
100
109
166
272
405
398
August
September..
October
November..
December..
260
255
230
230
241
396
386
360
361
362
334
323
323
317
319
795
893
214
213
213
225
237
1920.
January
February
March
-April
May
June
July
August
248
273
270
265
269
250
252
271
328
305
304
284
283
273
277
307
317
319
318
320
320
311
312
310
1913-14
1914 1
1915
1916
1917
1918
,
1919.
ing
Buildin
materiial.
Metals.
840
840
Paper
pulp.
100 I
100 ;
104
118 '
165 ;
215 !
275 !
280
282
281
j
i
Hides and
leather.
I
!
Oils.
Textiles.
247
100
111
120
149
212
247
235
223
228
258
308
328
350
170
204
204
258
269
268
263
252
212
202
191
353
380
380
368
374
368
336
328
204
226
116
233
267
300
100
118
158
229
206
195
292
289
292
316
343
388
476
682
767
788
778
767
756
100
103 I
116 !
166 |
I
1
248
259
291
283
324
318
293
286
936
960
1,008
1,069
1,252
1,252
1,117
295
371
367
367
367
381
i
!
!
i
;
I
'
i
!
3 8 8 •:
275
275
275
303
303
322
Average for six months ending Dec. 31, 1914.
Group index numbers—Italy.
Prof. B a c h i .
Cereals I Other !
Minerals
and
food- | Textiles. and
metals.
meats,
stuffs. i
1913........
1914
1915
1916
1917
1918
100
102
132
156
215
315
|
j
I
i
j
100
96
113
184
326
475
100
100
207
3-80
596
750
10C
96
133
197
266
391
351
357
366
371
373
423
429
499
633
658
424
442
459
568
584
341
342
341
351
405
84 S
1919.
August
September..
October
November..
December..
332 j
319
326 i
328
338 I
|
!
i
j
Cereals j Other
and
j foodmeats. I stuffs.
Other
goods.
93
135
171 j
229 !
100 i
[1913=100.]
1920.
January
February....
March
April
MayJune
July.
August. -
363
365
381
395
441
445
434
445
396
399
418
494
499
511
508
510
\ Minerals Other
Textiles. ; and
j metals, j goods.
i
i
|
!
i
777
840
962
1,06.4
840
742
759
794
671
857
996
1,076
1,088
917
903
957
j
i
I
I
!
I
418
443
489
535
525
534
542
540
Group index numbers—United States, Bureau of Labor Statistics.
[1913=100.]
Date.
1913.
1914.
1915.
1916.
1917.
1918.
Farm
products.
100
103
106
119
189
219
Food,
etc.
Cloths and j Fuel and
clothing. J lighting.
100
102
105
124
178
191
Metals and
metal
products.
Lumber
and
Liilding
building
mat
aterial.
Chemicals
and drugs.
100
98
99
123
181
240
100
96
92
114
175
163
100
88
94
142
208
181
100
98
94
100
124
152
100
101
109
157
198
221
303
306
313
325
335
175
181
181
179 |
181
161
160
161
164
169
209
229
231
236
253
350
356
355
353
347
335
317
300
184
187 |
192
213
235
246
177
189
192
195
193
190
191
193
House
furnishing
goods.
Miscellaneous.
99
115
145
195
100
98
99
117
153
192
172 !
173
259
262
264
299
303
225
217
220
220
220
189
197
205
212
215
218
217
216
324
329
329
331
339
362
362
363
227
227
230
238
246
247
243
240
j
I
!
|
1919.
August
September .
October
November .
December..
243
226
230
240
244
228
212 j
211 I
*219
234
1920.
January...
February.
March
April
May.......
June
July
August
246
237
239
246
244
243
236
222
253
244
246
270
287
279
268
235
252 I
267 i
268
300
325 !
341 |
341 i
;
337
333
328
j
!
!
!
'
!
i
OCTOBER, 1920.
FEDEKAL RESERVE BULLETIN.
WHOLESALE PRICES IN THE UNITED
STATES.
The Board's index number of wholesale
prices declined 16 points for the month of
August, and now stands at 234 per cent of
1913 prices. The greatest decline occurred in
consumers' goods (in the classification according to stage of manufacture), and in the group
of goods imported as contrasted with those
produced here or exported.
Separate commodity price movements of
most striking significance were first, the continued decline in domestic cotton, Upland
middling averaging in August $0.3456 a pound
in New York as compared with $0,395 in July.
Cotton yarn and cotton cloth continued to decline also, the average price of three leading
grades of yarn dropping from $1.0733 in July
to $0.8933 in August, and the average of three
grades of cloth from $0.1978 a yard in July to
$0.1658 in August.
Three or four factors are of prime importance in connection with the cotton price situation—(1) export demand has seriously diminished, (2) the crop is known to be of inferior
quality but larger than last year, and (3) the
season is very late. In addition, restricted
consumers' demand (which is an important
factor in the wool and leather price situation) is playing a part in the cotton situation
as well.
The American Woolen Co. 's spring opening for
1921 early in September established values distinctly lower than those for the winter 1920;
style No. 3192, which sold at $4.50 in May and
was nominal throughout the summer, opened
at $3,675. Yarn prices averaged somewhat
lower in August than during July, and Ohio
fine unwashed delaine averaged $0,625 as compared with $0.68 a pound in July. Buenos
Aires 46's brought the same price in August as
July, and Australian 64's fell from $1,775 a
pound (scoured basis) in July to $1.70 a pound
in August. Silk prices continued to decline,
also prices for hides and leather, but the latter
not to the same extent as in the month previous.
Important food products to decline were
sugar, potatoes, coffee, and all cereals except
corn. Slight declines were made in live stock
and meats as a whole, with a very material
reduction in sheep and mutton prices, which
were influenced by the inactivity in the wool
market. Excellent prospects as to the size
and quality of live stock and cereal crops, combined with diminished export demand, are
1081
the leading factors making for price reductions
in these groups of goods.
At the same time that reductions were made
in these important lines other industries were
advancing their prices or making no concessions. This was strikingly the case in the coal
industry, where anthracite prices were increased and bituminous averaged the same as
in the previous month. Pig iron, basic, at the
furnace, advanced from $45.75 in July to $48.10
a ton in August, and steel products averaged
about the same in the two months. Connellsville coke rose from $14,375 a ton in July to
$15.55 in August. Petroleum advanced in the
California field, also fuel oil in Tulsa. Gasoline
and kerosene were sold at the same price as
earlier in the year, but were in strong demand.
Paper and cement were both higher than in July.
Ordinarily by combining commodity prices
into the three groups, raw materials, producers'
and consumers' goods, significant facts are
brought to light regarding the relative importance of business and industrial demand as
compared with consumers' demand; and the
fluctuations of the first two groups function as
a barometer to forecast the prices of the third
group. At the present time the price situation
is so entirely dominated by abnormal factors
that these indexes have lost some of their importance. Very large crops, although causing
a decline in prices of agricultural products, have
increased the activity in the equipment industries, and indirectly through the railroads for
the iron and coal trades. As a result prices in
the latter fields are very high, both raw materials and finished goods.
The decline in the prices of imported goods
since May has been almost as spectacular as
the rise in the same group of goods during the
winter. Extreme fluctuations in this group of
goods may be accounted for in part by the fact
that the index consists of a smaller number of
commodities than that of exports or domestic
goods. But it is undoubtedly true that the
actual price declines have been more extreme
than in exports. This fact is significant, in
view of the foreign exchange situation, and can
only be explained by the inactivity existing in
the various industries concerned.
The price of one commodity only—worsted
yarn, 1/50's, domestic, fine—is omitted from
the index number for August. June and July
prices for Fulton Mills serge suiting, which was
not quoted during the summer, were interpolated on the basis of September prices. This
caused slight changes in the index numbers for
the groups affected for June and July.
1082
OCTOBER, 1920.
[FEDERAL RESERVE BULLETIN.
Index numbers of wholesale prices in United States—Federal Reserve Board.
[Average prices 1913=100.]
G oods pro- Imported.
duced.
Date.
1913.
January
February
March
April
May
June
July..
August
...
...
.
September
October. .
November
December
.
.
1919.
.
January
February
March .
April
.
.
May
June...
July
August.
September
October
November
December • .
.
..
' .
All.
100
100
100
101
100
100
100
100
101
101
99
98
105
104
103
101
100
99
99
101
100
98
98
93
100
100
99
99
99
100
99
99
102
103
102
99
100
101
101
101
100
100
100
101
101
100
98
97
99
99
100
101
100
100
98
101
102
102
100
98
105
105
105
103
102
101
101
100
98
96
95
91
99
99
99
99
99
101
102
101
101
101
101
99
100
100
101
101
100
100
100
101
101
100
99
97
197
191
193
198
204
204
214
221
215
215
222
231
168
168
163
165
172
180
176
174
170
174
179
203
200
192
194
194
211
214
224
219
212
226
242
245
195
190
191
196
201
202
211
218
212
211
217
225
195
190
196
201
209
208
217
217
211
213
220
229
193
191
185
181
184
192
200
206
203
207
213
223
196
188
188
197
202
202
211
224
216
214
219
225
195
189
191
196
202
203
211
218
211
212
219
226
244
244
250
265
266
260
253
238
212
216
218
242
246
226
208
182
255
252
256
264
262
256
248
229
240
242
247
263
264
257
249
234
245
242
246
263
263
258
249
237
236
247
263
274
274
265
251
235
240
240
241
257
261
255
250
229
242
242
248
263
264
258
250
234
1920.
January
February
March
April
May
June
July
August
mate- Producers' Consumers'
Exported. Consumed. Rawrials.
goods.
goods.
MPEXMJMBERSOfWHOLESALEPRICES
MTHE UNITED STATES- I9I9.I920
INDEXMMBERSOFmOLESALE PRICES
ffiTHE UNITEDSTATES-/9I9,13£&
SbawMaterials.
3-oducers'Goods.
JJIl Commodities.
Goods intftorteds.
• Goods exjwrfed.
AVERA6E PRICE LEVEL OF 1913 =100.
•••• Cbnsvuners'Ooocbs.
300
••
AVERA6EPRICE^VEL OF 19 13 = IOO.
300
300
300
280
280
280
280
260
260
260
260
240
240
240
240
220
220
220
220
200
200
200
200
180
180
180
180
160
160
160
160
140
140
140
140
120
120
120
120
100
100
IOO
!OO
1919
1920
_11
1919
1920
OCTOBER, 1920.
1083
FEDERAL RESERVE BULLETIN.
Index numbers of wholesale 'prices in the United States for principal classes of commodities.
[Bureau of Labor Statistics.]
[Average price for 1913-100.]
Raw materials.
Year and month.
Farm
products.
Animal
products.
102
109
110
130
234
246
251
291
278
288
304
314
301
287
259
100
110
104
123
181
216
235
213
206
200
196
179
186
184
183
July, 1914
August, 1914...
August, 1915...
August, 1916...
August, 1917...
August, 1918...
August, 1919...
January, 1920..
February, 1920
March, 1920....
April, 1920
May, 1920
June, 1920
July, 1920
August, 1920...
Forest
products.
Mineral
products.
97
97
92
95
128
143
193
273
315
348
367
367
363
359
351
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,
Total raw
materials.
91
91
97
115
181
182
180
190
194
197
224
234
245
250
257
102
101
118
185
202
218
239
240
247
260
260
261
258
251
All commodities
(Bureau
of
Consumers'
Labor Stagoods.
tistics index
number).
Producers 7
goods.
93
100
99
141
209
198
212
245
246
246
263
271
262
251
237
103
106
100
124
175
208
241
259
256
263
280
285
279
272
250
100
103
101
124
186
203
226
248
248
253
265
272
268
263
250
1920, to August, 1920, compared with like figures for
August of previous years. The actual average monthly
prices shown in the table have been abstracted from the
records of the United States Bureau of Labor Statistics.
Average monthly wholesale prices of commodities.
[Average price for 1913=100.]
Corn No. 3,
Chicago.
Wheat, No. 1,
Cotton, middling,
northern spring,
New Orleans.
Minneapolis.
Wheat, No. 2,
red winter,
Chicago.
Cattle, steers,
good to choice,
Chicago.'
Hides, packers,
heavy native
steers,' Chicago.
Year and month.
July 1914
Alienist 1914
A ueust 1915
August 1916
Ausrust 1917
August 1918 .
Alienist 1919
Jdiiiu3irv« 1920
February, 1920 .
Mar oh 1920
ADril 1920
Mav 1Q20
June 1920
Tiily 1920
August, 1920
Average
price per
bushel.
Relative
price.
Average
price per
pound.
Relative
price.
Average
price per
bushel.
Relative
price.
Average
price per
bushel.
Relative
price.
$0.7044
.8035
.7828
.8505
1.9181
1.6225
1.9213
1.4750
1.4125
1.5515
1.6913
1.9825
1.8390
1.5388
1.5310
114
131
127
138
312
264
312
240
229
252
275
322
299
250
249
$0.1331
105
.0895
.1417
.2513
.3038
.3125
.4035
.3944
.4060
.4144
.4038
.4030
.3950
.3380
70
112
198
239
2,46
318
311
320
326
318
317
311
266
$0.8971
1.0682
1.3730
1.4854
2.7875
2.2231
2.5250
2.9313
2. 6875
2. 7550
3.0063
3.0750
2.9000
2.8313
2.5500
103
122
157
170
319
255
289
336
308
315
344
352
332
324
292
$0.8210
.9563
1.0963
1.4706
2.2563
2.2325
2.2394
2.6338
2.4900
2.5000
2.7725
2.9750
2.8950
2.8050
2. 4735
83
97
111
149
229
226
227
267
252
253
281
302
294
284
251
Hogs, light,
Chicago.
Year and month.
July 1914 Alienist 1914
An trust 1915
Aueust 1916 .
August 1917
Anm-icf 1Q1S
Aiimiot 1Q1Q
February 1920
March 1920
Anril 1920
Mav 1920
June 1920
Tnlv 1Q20
August,1920
Average
price per
P
100
pounds.
$8.7563
9.1500
7.2650
10.4063
17.3688
19.7750
21.6125
15.1250
14.9813
15.5000
15.7125
14.7550
15.3500
15. 8875
15. 7350
Wool, Ohio, i - |
grades, scoured.
Hemlock, New
York.
Yellow pine,
flooring,
New York.
Average
price per
100
pounds.
$9.2188
9.5200
9.2300
9.8500
13.1750
17.8250
17.6375
15.9375
14.9688
14.4000
13.9063
12.6000
15.0313
15.3813
15.3500
Relative
price.
Average
price per
pound.
108
112
108
116
155
210
207
187
176
169
163
148
177
181
180
$0.1938
2050
.2738
.2625
.3200
.3000
.5200
.4000
.4025
.3640
.3613
.3538
. 3410
.2944
.2850
Average
price per
M feet.
Relative
price.
Average
price per
M feet.
Relative
price.
Average
price per
long ton.
Relative
price.
$0.4444
.4583
.5714
.6857
1.3429
1.4365
1.2364
1.2364
1.2364
1.2364
1.2000
1.1636
1.0000
.9091
.8727
$24.5000
24.2500
20.5000
23.7500
29.5000
101
100
85
98
122
53.0000
57.0000
57.0000
57.0000
57.0000
57.0000
57.0000
57.0000
219
235
235
235
235
235
235
235
$42.0000
42.0000
38.5000
38.0000
57.0000
63. 0000
78.0000
112.0000
139.0000
139.0000
160.0000
160.0000
160.0000
160.0000
157. 0000
94
94
86
85
128
141
175
251
312
312
359
359
359
359
352
$4.9726
5.0805
5.0796
5.5570
5.9797
6.5992
8.3145
8.4291
8.4118
8.4109
8.4368
8.9964
9.3672
9.4580
9. 6087
98
100
100
110
118
130
164
167
166
166
167
178
185
187
190
94
97
121
146
285
305
263
263
263
263
255
247
212
193
185
105
111
14°)
143
174
163
283
218
219
198
196
192
185
160
155
Coal, anthracite, Coal, bituminous,
stove, New York,
run of mine,
tidewater.
Cincinnati.
Rela- Average Relative price per tive
price. pound. price.
104
108
86
123
205
234
256
179
177
183
186
175
182
188
186
Relative
price.
Average
price per Relative
short
price.
ton.
$2.2000
2.2000
2.2000
2.2000
4.4000
4.1000
4.0000
4.1000
4.1000
4.1000
5.5000
6.0000
6.0000
6.0000
6.0000
100
100
100
100
200
186
182
186
186
186
250
273
273
273
273
1084
FEDERAL RESERVE BULLETIN.
OCTOBER,
1920.
Average monthly wholesale prices of commodities—Continued.
Coal, Pocahontas, Norfolk.
Coke, Connellsville.
Copper, ingot,
electrolytic,
New York.
Petroleum, crude,
Pennsylvania,
Pig iron, basic.
at wells.
Lead, p. ig,
desilverized,
New York.
Year and month.
Average Rela- Average \ Rela- Average
price per tive price per ] tive price per
long ton. price. short ton. price. pound.
July, 1914
August, 1914
August, 1915....
August, 1916
August, 1917....
August, 1918
August, 1919....
January, 1920...
February, 1920..
March, 1920
April, 1920
May, 1920
June, 1920
July, 1920
August, 1920
$3.0000
3.0000
2.8500
3.2500
3.9080
4.6320
100
100
95
108
130
154
4.6320
4.6320
4.6320
6.4800
6.4800
6.4800
6.4800
6.4800
154
154
154
216
216
216
216
216
Cotton yarns,
northern cones,
10/1.
II. 8750
1.8000
1.6750
2.6250
10.0000
6.0000
4.2188
6.0000
6.0000
6.0000
10.5000
12.0000
14.3000
14.3750
15.5500
77
74
69
108
410
246
173
246
246
246
430
492
586
589
637
Leather, sole,
hemlock No. 1.
$0.1340
. 1250
.1825
.2600
.2900
.2600
.2281
.1931
.1906
.1858
.1919
.1906
.1900
.1900
.1900
Rela- | Average Rela- Average Rela- Average Relative I price per tive price per tive price per tive
price, pound. price. barrel. price. long ton. price.
85
79
116
165
184
165
145
123
121
118
122
121
121
121
121
Steel billets,
Bessemer,
Pittsburgh.
$0.0390
.0390
. 0500
.0610
1.0880
. 0805
. 0579
.0872
.0881
.0923
. 0896
. 0856
.0848
.0860
.0898
II.7500
1.6500
1.3500
2.5000
3.1000
4.0000
4.0000
5.0625
5.5125
6.1000
6.1000
6.1000
6.1000
6.1000
6.1000
114
139
247
183
132
198
200
210
204
195
193
195
204
71
67
55
102
127
163
163
207
225
249
249
249
249
249
249
Steel rails,
open hearth,
Pittsburgh.
Steel plates,
tank, Pittsburgh.
$13.0000
13.0000
14.0600
18.0000
51.2000
32.0000
25.7500
37. 7500
42.2500
41.6000
42.5000
43.2500
44.0000
45.7500
48.1000
88
88
96
122
348
21»
175
255
287
283
289
294
299
311
327
Worsted yarns
2-32's crossbred.
Year and month.
Average Rela- Average Rela- Average Rela- Average | Rela- Average Rela- Average Relaprice per tive I price per tive price per tive price per tive price per tive price per tive
pound. price, pound. price. long ton. price. pound, i price. long ton. price. pound. price.
July, 1914
August, 1914....
August, 1915....
August, 1916
August, 1917....
August, 1918....
August, 1919....
January, 1920...
February, 1920..
March, 1920
April, 1920
May, 1920
June, 1920
July, 1920
August, 1920....
$0.2150
.2000
.1675
.2575
.4400
.6400
.6130
.7271
.7465
.7549
.7784
.7672
.7299
.7009
.6310
97 |
90 !
76 j
116
199 I
289 !
277 !
329 !
337 ;
341 j
352 !
347 |
330 .
317 j
285 I
Beef, carcass,
good native
steers, Chicago.
$0.3050
.2950
.3100
.3700
.5000
.4900
.5700
.5600
.5700
.5700
.5700
.5700
.5700
.5700
. 5500
108
105
110
131
177
174
202
199
202
202
202
202
202
202
195
Coffee, Rio, No. 7.
Year and month.
$19.0000
20.2500
23.1300
44.2000
86.0000
47.5000
38. 5000
48.0000
55.2500
60.0000
60.0000
60.0000
60.0000
62.5000
61.0000
74
79
90
171
333
184
149
186
214
233
233
233
233
242
237
Flour, wheat,
standard patents
(1918, standard
war),
Minneapolis.
$0.0113
.0113
.0125
.0345
.0900
.0325
. 0265
. 0274
. 0350
. 0365
.0375
.0375
. 0355
. 0338
. 0325
76 $30. 0000
76 | 30. 0000
0000 j
84
0000
233
608
220
0000 I
179
185
7500
236
5000
247
5000
253
5000
253
5000
240
5000
228
5000
220
5000
oooo I
oooo I
Illuminating oil,
150° fire test,
New York.
Hams, smoked,
Chicago.
Average Rela- Average Rela- Average Rela- Average | Rela- Average j
price per tive price per tive price per tive price per tive price per j
price, pound. : price.
gallon, j
pound. price. pound. price.
barrel.
July, 1914
August, 1914...
August, 1915...
August, 1916...
August, 1917...
August, 1918...
August, 1919...
January, 1920..
February, 1920.
March, 1920....
April, 1920
May, 1920
June, 1920
July, 1920
August, 1920...
$0.1350
.1419
.1325
.1375
.1713
.2420
.2350
.2320
.2125
.2050
.2090
.1950
.2225
.2550
.2550
104
110
102
106
132
187
181
179
164
158
161
151
172
197
197
.0750
.0738
.0950
. 0913
.0853
.2150
.1628
.1478
.1500
. 1514
. 1559
.1498
.1306 |
.0936
79
67
66
85
82
77
193
146
133
135
136
140
135
117
84
$4.5938
5125
3100 i
6050
0688
2100
0063 |
4138 j
5375 I
1650 I
2813 |
0313 |
1600 I
6688 !
2350 •
100
120
138
166
285
223
262
315
295
287
312
328
309
298
267
). 1769
.1903
.1495
.1900
.2413
.3225
.3838
.2944
.3056 !
.3155 !
.3313
.3556 |
.3650 j
.3769 |
.3725 !
i
106;
115
90
114
145
194
231
177
184
190
199
214
220
227
224
100
100
100
117
133
190
157
169
182
182
182
182
182
182
182
$0.1200
.1200
.1200
.1200
. 1200
.1750
.2180
.2240
.
.2400
.2500
.2600
.2600
.2600
. 2600
.2600
:
i
>
I
$0.6500
.6500
.8500
1.1000
1.6500
2.1500
1.6242
2.2500
2.2500
2.2000
2.2000
2.0000
2.0000
1.7500
1.7500
84
84
119
142
212
277
209
290
290
283
283
258
258
225
225
Sugar, granulated,
New York.
Rela- Average
Relative price per | tive
price. pound. I price.
97
97
97
97
97
142
177
182
195
203
211
211
211
211
211
$0.0420
.0649
.0549
.0700
.0818
.0735 !
.0882 !
.1537 i
.1495 |
.1372
. 1919
.2247
.2120 !
.1910
.1490
152
129
164
192
172
207
360
350
321
449
526
497
447
349
o
.DISCOUNT AND INTEREST RATES.
In the following table are presented actual discount and interest rates
prevailing during the 30-day period ending September 15, 1920, in the
various cities in which the several Federal Reserve Banks and their
branches are located. A complete description of the several types of paper
for which quotations are given will be found in the September, 1918, and
October, 1918, FEDERAL RESERVE BULLETINS.
%
During the month under review, changes in rates are found only in a
relatively small number of centers, and increases and decreases are approximately equal in number. These changes in rates are scattered, and
on the whole are not pronounced, either for any particular centers or types
of paper. In the majority of centers rates remain unchanged. Present
rates continue higher in almost all centers than rates during the same period
of 1919.
Quotations for new types
of paper will be added from time to time as deemed of interest.
CO
to
©
Discount and interest rates prevailing in various centers during 30-day period ending Sept. 15, 1920.
Prime commercial paper
D i strict.
6
7 6
7
1
8
8
8" 7
C. H. L.
ft
s
8 6
7 6
7
6
7
6
7
6
6
6
6
6
84 8
8
Si 8
6
64
Si 8
74
8
64
8
81 8
6 64-7
~ Q
8 6
8 6
6
7
7
6
s1
84 6 7A-S1
64
7 6
74 6-j7 6
s 7
8 71
8 6*
0
s 64
10
7
7
8
8
8
8
64
6
64
64
7 6
~
7
8
7
6
8
8
71
s8
71
7
8
7
7
8
7
64
7
8
7
1-
8
71
8
8
g
7
7
6
62
6
8
8
6
5
6
6
6
6
6
6i
6
6
6
6
6
7
fi
7
7
8
7
8
8
8
8
8
73
8
8
8
8 8
8
8
8
7+ 7
8
6
g 2 67
s
8
7
8
6
6
7
63
8
8 8
Si 64
84 8
8
7
8
f
6
6
6
64
6
64
01
S
ff
7
8
7
8
8
8
8
84 6
8
8
81 7
8
8
ss
8
7
7
8
Si 8
8
7
7
6
61
7
fi
8
8
Unindorsed.
H.
61
C. H L.
6 | 6-|'
8
8
Qh . o 6
7 6
C.
6
61 6fc
64 61
6
7
6
7
6
7
6
8
7
7*
6- 6 i
6a
8
7
8
62
7
7
6
7
7
gi 6
8
64
64 7
7 8
5 6
7
7
64 6
64 5i
61
8
8
61
6i
8
7 7
64 61
64 64
64 6i
H L
8 7\
• 1>
6
7
7
7 6
7 6
6i 6A
8 7
61
7
7
7
6
6i
8
8
8
64 61
64 61
7 64
8 7
64
64
64
6
7
74
8 6
8 7
C. H. L. P.
7* 8 71
7 6
6
7
74 6
6
6
8 7
8 7
8 7
8 6
Rates for demand paper secured by prime bankers' acceptances, high 6, low 6, customary 6.
/
6
6
6
6
6 6
74
6
6 6
8
6
8 6
8
8
7
6
8
8
8 7
8 8
8
8
8
8
7
8
8 6
8 7
8 6
8 6
10 7
7!
>
J
7
8 6
8 7
8 6
8 6
10 7
8
7
8
8
8
q
8
71
8
6
6
6
7
7
7
7
8
8
8
6
7
8
7
8
8
8
q
8
6 6
74 64
6
-
'
6
7
7*
H . L. C.
8
8
61 71--8
6
7
8
q
64
7
7
ft"
6
6
7
i
8
6
6
6
7
7
8
8
q 8
s
S
6*
10 8
8 7
7
7
7
8
8
8
7
:
H
6
L, C.
61 6
61
6
6 54
6
6
6
6
6
fi*
7 6
7*
6 6
7
7
I. L. C.
6
7
6
8
8
7
7
7*
6
8 6
8 64
'
10 7" t
61
61
7
3 to 6
months.
6
8
7
61
7
61
3 months.
6 10 1 6 6
6" 7
7 6
6 6 6
6
61 6 6
8
74 7
64 6
6
6 6 6
6
6
fi 6
6 6 6
8 6
7
7
64
7 8 6
7
8 6
6
6 8 6
8 7
7
6
7 8 7
7 7i-8 8 6* 74-8 8 6 1 7*--8
6|
64
6i
7 6
6 5*
6 | 61
6* 6 |
6
64 6
8 6
7 6
D emanc 1.
/1
Q
7
Indorsed.
7
6 6-7
6
71
C.
7
8
s
s<?
s
f
8
8
,s
n
8
7
Cattle
loans.
Interbank
loans.
4 to 6
months.
C. H. i . C. H L.
H. L. C. H L.
1
8 7- 8 m 7!
88 6
7 8 6-
x
Buffalo
Philadelphia
No. 3
6 6
6
Cleveland
No 4
7 6
Pittsburgh
6 6 6
Cincinnati
7 6 6-64
No 5
Richm ond
6 fi
6
Baltimore
N o 6...
Atlanta .
s 6 7
Birmingham
7
8 6
7
Jacksonville
8 6
New Orleans
6 74-Si
g
7*
Nashville
6
7
No
Chicago
7
7
Detroit .
1
8
7
No
St Louis
7 64
Louisville
6
7 6
Memphis ^
S 7
Little Rock
Minneapolis.
71
No. 9 .
7
N o . 10.... Kansas Citv
8 6
« 7
8
Omaha
7
g
Denver
« 6
Dallas
No
g
10 6
El Paso
Houston
8 64 7
7 6
N o . 12.... San Francisco
64
8 6|
Portland.
8
Seattle
7
8
Spokane
Salt Lake City.. 8 7
Los Angeles.
7 6
7
30 to 90
days.
4 to 6
mont tis.
30 to 90
days.
N o 1... . Boston
No. 2
New York
Open market.
Custo mers'.
City.
Ordinal
loans t
custome
Secured by secured 1rs
warehouse
Liberty by
receipts, bonds
aiid
etc.
certiflcal es
of indeb tedness
Collatei al loans—stock exchange
or other current.
Bankers' acceptances,
60 to 90 days.
7
q
71
8
s
7
6
7
6
6
7
6
7
6
7
7 74-8
6
7
7
7
?! 7
6 6
7
6
8 7
8
8 6
7
8 6
74
8
6
6 6
64 6
fi 5
6
6
6
6
7
fi
8
g
8
8
6
7
7
6
6* 7-8
g
7 6
7 6
6
6 6
7
7
6
8 7
7* 7
8 6
7
7
s
74 8 64
74
r.
s8 66
10 6
8
7
8
8
8
8
62
6
7
7
8 6
7
?*
7
7
8
8
7
T
\ o report.
O
OO
1086
OCTOBER, 1920.
FEDERAL RESERVE BULLETIN.
iron and steel industries for August of this year with
August of last year, it should be remembered that at
In continuation of tables in the July FEDERAL RESERVE that date last year these industries had not yet recovered
BULLETIN there are presented in the following tables cer- from the post-armistice depression.
Receipts of lumber at Chicago showed a further decline
tain data relative to the physical volume of trade. The
January, 1919, issue contains a description of the methods during the month but were still substantially larger than
employed in the compilation of the data and the construc- for August, 1919. The production of Douglas fir and
tion of the accompanying index numbers. Additional eastern white pine both showed a substantial increase as
material will be presented from time to time as reliable compared with July and in the case of the latter as compared with August, 1919, although the production of the
figures are obtained.
Cotton consumption during the month of August was former was materially less than for August, 1919. Shipabout 8 per cent less than for July, and somewhat less than ments of southern pine, Douglas fir, and eastern white
for August, 1919. In the wool industry some indications pine all showed an increase over July, although all,
were to be noted of an increase in activity. There was with the exception of eastern white pine, are considersome increase in the amount of wool consumed during the ably below the figures for August, 1919. California shipmonth. However, there was no marked tendency for the ments of citrus fruits showed a further seasonal decrease,
percentage of idle wool machinery to decrease on the but such shipments were in excess of those for August,
1st of August or the 1st of September, as compared with 1919. Receipts of sugar during August at North Atlantic
the 1st of July. In each case, however, the percentage of ports showed a considerable decline from July, but were
idle wool machinery is much greater than for the corre- substantially in excess of figures for August, 1919.
sponding date last year. Imports of raw silk increased Stocks of raw sugar at these ports at the end of August,
slightly during the month of August as compared with were more than 20 per cent greater than at the end of
July, while meltings declined by about 12 per cent.
July, but were far below such imports for August, 1919.
The production of bituminous coal during August Receipts of live stock at the 15 western markets were
exceeded that during July by about 6 per cent, and that about 8 per cent greater than for July, although less
for August, 1919, by about 12 per cent, while the pro- than such receipts for August, 1919, by almost as great a
duction of crude petroleum during August was slightly margin. These figures continue to reflect the generally
in excess of that for July and considerably greater than lighter movement which has been in progress during the
that for August, 1919. The production of anthracite coal present year. Receipts of grain and flour at the 17 interior
during August was less than that for July, or for August, centers during August showed a further increase as com1919. Pig-iron production showed a moderate increase pared with July but a considerable decrease as compared
over July and a considerable increase over August, 1919. with August, 1919.
Steel-ingot production likewise showed an increase over
With the exception of April, 1920, railroad net ton mileJuly, and over August, 1919. The unfilled orders of the age during the present year has been considerably in excess
United States Steel Corporation at the close of the of that of the corresponding months of 1919. The tonmonth, however, showed a slight decrease as compared nage of vessels cleared during August showed a considerwith the end of July and a large increase as compared with able increase over July and a large increase over August,
August, 1919. In comparing these figures relative to the 1919.
PHYSICAL VOLUME OF TRADE.
Live-stock
movements.
[Bureau of Markets.]
Receipts.
Cattle and
calves, 60
markets.
August, 1919
1920.
January
February
March
April
May
June
July
August
Shipments.
Hogs, 60
markets.
and
Sheep, 60 Horses
44
markets. mules,
markets.
Total, all
kinds.
7,423,150 ,
Head.
895,369
8,842, 727 I
6,387, 529 I
7,104,392 i
6,062, 059
7,462,326
7,236, 978 |
6,533, 417;
7,103, 410
752,605
591,691
570,323
593,362
771,865
789,982
721,328
869,849
2
Head.
020,170
Head.
2,104,801
Head.
3,212,187
1
1
1
1
1
1
1
1
868,723
468,370
803,073
542.150
766,394
870,121
657,743
952,086
5,275,412
3,423,992
3,963,245
3.030,801
4,234,022
3,741,202
2,837,685
2,516,240
1,560,051
1,387,111
1,255,490
1,441,072
1,421,009
1,592,450
2,000,758
2,561,661
Head.
85,992
138,541 !
108,056 |
82,584 j
48,036
40,901
33,205
37,231
73,423
Cattle and
calves, 54
markets.
Head. !
Sheep, 54
markets.
Horses and
mules, 44
markets.
Head.
691,078
Head.
2,020,014
Head.
78,343
Head.
3,684,804
1,665,274
1,287,169
1,399,485
1,119,205
1,374,902
1,295,973
1,095,470
953,088
669,458
572,634
483,550
724,718
769,718
768,172
1,015,612
1,459,150
138,145
110,827
87,896
47,998
40,021
34,545
38,715
69,971
3,225,482
2,562,321
2,541,254
2,485,283
2,956,506
2,888,672
2,871,125
3,352,058
Hogs, 54
markets.
TotaLall
kinds.
1087
FEDERAL RESERVE BULLETIN.
OCTOBER, 1920.
Receipts and shipments of live stock at 15 western markets.
[Chicago, Kansas City, Oklahoma City, Omaha, St. Louis, St. Joseph, St. Paul, Sioux City, Cincinnati, Cleveland, Denver, Fort Worth,
Indianapolis, Louisville, Wichita.]
RECEIPTS.
[Monthly average, 1911-1913=100.]
Hogs.
Cattle and calves.
Head.
August, 1919.
Relative-
1,541,133
Head.
Sheep.
Relative.
Head.
1,595,759
Horses and mules.
Relative.
Head.
Relative.
Total, all kinds.
Head.
Relative.
2,220,229
162
56,926
124
5,414,047
117
1,035,591
948,116
900,299
928,191
796,160
1,006,528
1,301,458
1,688,719
76
74
66
68
58
74
95
124
90,662
76,048
57,880
31,235
25,469
21,316
26,697
55,371
197
168
126
68
55
46
58
120
6,438,733
4,532,410
5,072,587
4,150,610
5,159,534
5,064,499
4,631,813
5,021,900
139
105
110
90
112
110
100
109
1920.
January
February
March./.
April
May
Juiie
July
August
1,400,031
1,068,092
1,203,499
1,040,903
1,209,656
1,290,265
1,188,019
1,459,565
139
114
119
103
120
128
118
145
178
119
132
98
142
125
96
83
3,912,449
2,440,154
2,910,909
2,150,281
3,128,249
2,746,390
2,115,639
1,818,245
SHIPMENTS.
August, 1919
650,252
160
455,705
94
1,352,252
269
49,716
121
2,507,925
175
548,841
427,608
418,310
414,967
515,062
528,273
508,199
640,295
135
113
103
102
127
130
125
157
1,026,763
814,253
923,526
712,087
822,907
797,946
737,923
627,670
212
180
191
147
170
165
152
130
403,382
334,012
298,878
373,381
316,002
399,613
644,557
899,342
80
71
59
74
63
79
128
179
90,630
79,100
62,625
31,348
24,617
22,623
28,168
52,163
221
207
153
76
60
55
69
127
2,069,616
1,654,973
1,703,339
1,531,783
1,678,588
1,748,455
1,918,847.
2,219,470
144
124
119
107
117
122
134
155
1920.
January
February
March
April
May
June
July
August
•
Exports of certain 'meat products.
[Department of Commerce.]
[Monthly average, 1911-1913=100.]
Beef, canned.
Pounds.
Relative.
August, 1919.
2,894,361
1920.
January
February
March
April
May
June
July
August
1,081,643
163
735,132
119
847,397
128
1,606,737
243
5,976,493
902
6,787,622 1,024
788
5,217,838
186
1,231,070
Beef, fresh.
Beef, pickled,
and other cured.
RelaPounds. tive.
Hams and shoulders, cured.
Bacon.
Relative.
Pounds'.
Relative.
8,075,366
651
2,494,113
93
84,150,778
502 40,147,727
22,872,223
13,010,793
6,036,166
17,687,306
4,304,038
12,526,669
5,506,812
343,352
1,844
1,124
487
1,426
347
1,010
444
28
1,670,500
1,631,457
2,290,835
2,241,460
3,056,449
2,563,702
1,973,004
2,152,982
63
65
86
84
114
96
74
81
77,501,002
75,891,195
75,002,410
24,356,349
50,412,388
60,730,935
31,562,761
23,333,156
463
Pounds.
301
363
188
139
Pounds.
905,923
217,706
088,859
640,236
896,764
277,089
385,089
360,469
Relative.
Lard.
RelaPounds. tive.
48,968,628
93
174
120
143
56
63
Pickled pork.
823,902
644,906
429; 785
758,401
544,483
069,517
061,422
020,802
Pounds.
Relative.
Ill
2,117,796
48
158
93
126
102
107
71
4,251,187
3,710,308
3,160,456
2,784,535
3,816,157
3,962,649
2,926,247
2,257,511
96
90
71
63
86
90
66
51
1088
OCTOBER, 1920.
FEDERAL RESERVE BULLETIN.
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.]
Corn.
Wheat.
Bushels.
Barley.
Rye.
Oats.
Total grain.
Flour.
Total grain and
flour.i
RelaRelaRelaRelaRelaRelaRelaRelative. Bushels. tive. Bushels. tive. Bushels. tive. Bushels. tive. Bushels. tive. Barrels. tive. Bushels. tive.
August, 1919. 80,714,559
299 8,503,282
38 29,774,582
147 3,824,263
345 6,638,871
93 129,455,557
166 2,283,145
117 131,738,702
152
1920.
January
February
March
April
May
June
July
August2
93 24 139,094
72! 26' 051,855
67124! 306,196
57111' 326,509
76112, 107,950
78 27, 251,166
110 20, 824,268
160, 93 840,320
108 20,925,941
124 20,575,654
10819,149,624
2.952,593
6,724,389
12114,260,053
8,734,180
9318,'
30,728,748
444 30
104 4,378,610
109 3,263,686
95 3,548,739
64 2,914,553
83 3,758,507
713,177,770
93 3,096,026
152|3,191,103
396 3.i, 298,544
316 2!!, 470,622
3212;}, 928,440
263 2,1,245,881
340 2,I, 690,076
287 2.1,721,367
280 2]
!, 659,921
288 31,007,508
46 77,816,813
37 70,477,141
4167,940,797
31 44,699,772
38 55,790,985
38 68,430,996
37175,028,794
42 89,806,700
100 2,298,692
97 2,059,421
8711,617,544
57l 888,423
721,913,075
88 2,113,979
96 2,052,110
1151,314,539
117 88,160,927
113 79,744,536
83|75,219,745
45 48,697,676
98;64,399,823
108 80,057,876
105 84,263,289
67 95,722,126
102
99
87
56
74
92
97
110
25,074,624
18,115,324
18,007,798
15,260,236
20,510,063
21,020,640
29,714,399
43,039,021
1 Flour reduced to its equivalent in wheat on basis of U bushels to barrel.
2 Flour receipts for Duluth not included; July receipts, 750,135 barrels.
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 Wichitashipments of flour not available for Cleveland, Detroit, Louisville, Omaha, Toledo, and Wichita.]
'
'
Wheat.
Rye.
Oats.
Corn.
Barley.
Total grain.
Flour.
Total grain and
flour.i
RelaRelaRelaRelaRelaRelaBushels. tive. Bushels. tive. Bushels. tive. Bushels. Rela- Bushels. tive. Bushels. Relative. Barrels. tive. Bushels. tive.
August, 1919. 36,986,491
240 5,137,184
3617,924,243
1181,436,552
203 5,028,829
129 66,513,299
135 3,805,658
112 83,638,760
129
1920.
January
February
March
April
May
June
July
August 2
11412,326,051
9811 , 977,640
7111 ,165,894
72 5,371,811
134 5,939,145
13110,088,237
123 9,100,527
162 6,260,144
87 15,822,099
9113,073,089
""14,243,957
79U
38 8,691,440
42 20!
JO, 444,288
7112,805,056
64 11,345,429
44 12,814,067
104 31,685,914
521 2, 007,718
320 1, 306,340
92 2;!, 113,505
433 1, 574,887
94 31,062,530
1,811,500 1,245 651,509
57 81
986 1, 488,387
135 6». 977,479
84 5,428,886
76'
905,225
632 2, 092,672
7 5 1:, 476,238
84 2!,880,003
407 2, 231,851
5151,355,869
36 42,584,789
40 41,074,604
42 35,584,903
38 55,569,420
49 50,469,450
54 46,016,965
57,49,120,881
104 4,140,314
92 3,156,962
83 2,960,175
721,702,132
112 2,877,122
102 3,071,470
93 3,767,678
99 2,743,230
122 69,987,282
100 56,791,118
87 54,395,392
50|43,244,497
85 68,516,469
91(67,362,535
11162,971,516
8161,465,416
108
94
84
67
106
104
97
95
17,514,087
14,114,215
11,027,336
11,058,643
20,720,121
20,242,046
19,002,099
24,934,816
1 Flour reduced to its equivalent in wheat on basis of 4£ bushels to barrel.
Flour shipments for Duluth not included; July shipments, 959,455 barrels.
2
Receipts of grain and flour at 9 seaboard centers.
[Boston, New York, Philadelphia, Baltimore, New Orleans, San Francisco, Portland (Oreg.), Seattle, Tacoma; receipts of flour not available for
Seattle and Tacoma.]
[Compiled from reports of trade organizations at these cities.]
[Monthly average, 1911-1913=100.]
Wheat.
Rye.
Oats.
Corn.
Barley.
Total grain.
Flour.
Total grain and
flour.i
RelaRelaRelaRelaRelaRelaRela
Bushels. Relative. Bushels. tive. Bushels. tive. Bushels. tive. Bushels. tive. Bushels. tive. Barrels. tive. Bushels. tive."
August,1919. 26,902,757
214
815,132
1920.
January
February
March
April
May
June
July
August
45
42
51
43
84
106
149
223
1,491,759
1,244,393
1,203,649
1,317,555
767,332
1,878,334
3,305,542
1,576,842
5,711,009
4,898,690!
6,486,745;
5,441,434^
10,621,723
13,374,721
18,710,633!
28,098,022
23 5,676,984
42
38
34
37
22
53
93
44
2,663,274
2,331,246
3,646,727
1,546,590
2,382,271
3,194,897
3,499,101
2,671,365
119
61,710
43 4,993,395
30138,449,978
1691,385,762
133 44,685,907
163
56 2,643,611
53 3,212,668
77 4,119,986!
33 3,440,350
50 5,117,806
67 6,506,053
74 5,'048,'019
56 3,407,799
1,8611, 297,839
2,423(1, 315,291
2,900|l, 300,871
2,421 685,054
3,602 556,764
4,5791, 191,767
3,553 2,
2,398 2,289; 791
7813,807,492
8513,002,288
"316,757,978
7816,'
41L12,430,983
119,445,896
3419!'
72 26,145,772
126 32,661,378
138 38,043,819
611,561,'
611,102,606
74| 1,752,860
55 843,916
86!l,301,211
1151,486,365
1441,660,849
1681,390,077
150 20,835,111
113 17,964,015
16Sj24,645,848
8116,228,605
125 25,301,346
142 32,834,415
159 40,135,198
133 44,299,166
76
70
90
59
92
120
146
162
1 Flour reduced to its equivalent in wheat on basis of 4£ bushels to barrel.
OCTOBER,
1920.
1089
FEDERAL RESERVE BULLETIN.
Stocks of grain at 8 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.
August, 1919
Corn.
Oats.
Rye.
Barley.
Total grain.
17,396,269
155,491
2,216,989
578,250
5,414,183
25,761,182
485,491
634,682
280,682
704,155
781,927
492,819
923,745
915,892
711,501
948,239
851,287
967,475
437,521
459,568
744,167
1,097,945
2,398,639
1,571,209
1,351,457
389,958
819,790
901,756
1,323,940
1,532,272
2,397,156
2,671,743
2,389,321
1,944,350
1,889,965
2,035,334
1,275,554
777,445
2,587,543
2,340,787
1,891,862
2,034,983
1,071,920
1,193,082
3,187,611
4,052,189
16,580,330
14,166,660
12,764,609
13,040,921
15,001,123
13,082,559
18,455,017
21,375,743
1920.
January
February
March
April
May
June
."
July
Atlgust
NOTE.—Figures for San Francisco include also stocks at Port Costa and Stockton.
Cotton.
[New Orleans Cotton Exchange.]
[Crop years 1911-1913=100.]
Sight receipts.
Relative.
Bales.
Overland movement.
Port receipts.
Relative.
Bales.
Bales.
at port sand
American spinners Stocks
interior towns at
close of month.
Relative.
Relative.
Bales.
Relative.
Bales.
1919-20.
327,001
632,902
1,835,273
2,445,698
2,218,773
1,583,473
1,050,964
796,632
552,943
360,607
August
September
October
November
December
January
February
March
April
May
Season total
50
146
195
177
126
90
64
44
29
238,
260,
1,029,
1,178!
1,069;
982.
725:
621
499:
7,299,667
12,432,856
26
28
112
128
116
107
85
68
54
32
49,630
26,138
110,202
245,237
242,940
205,233
138,084
108,573
48,565
57,661
47
25
105
233
231
195
141
103
46
55
302,238
300,001
621,784
1,155,324
1,214,337
793,453
374,093
270,269
276,805
214,678
67
66
137
254
267
175
88
59
61
47
1,412,048
1,501,805
2,340,881
2,616,383
2,765,040
2,470,496
2,510,482
2,276,737
2,148,038
1,913,407
120
127
199
222
235
210
213
193
182
162
66
1,674,828
133
6,365,990
117
1,461,000
124
25,322
24
251,841
55
1,365,397
116
1920-1921.
August
24
305,418
159,586
California shipments of citrus and deciduous fruits.
[Compiled by California F r u i t News from reports of local organizations.]
[1911-1913-100.]
August, 1919
Total citrus fruits.
Lemons.
Oranges.
Carloads.
Relative.
Carloads.
Relative.
Carloads.
Relative.
1,785
73
436
108
2,221
78
6,601
2 457
2 683
4,715
3 720
5,048
3,294
2,822
1,707
100
118
193
152
206
135
115
70
630
852
651
508
1,353
1,576
664
751
156
225
161
125
334
389
164
185
3,087
3,535
5,366
4,228
6,401
4,870
3,486
2,458
108
133
188
148
225
171
122
86
123
139
155
22
24
1,263
3,179
7,233
1920.
Tanu a,i'v
February
March .
April
Mav
June .
Julv.
Aup"uct
. . . .
.
.
. .
...
Total
deciduous
fruits.
Carloads.
1090
OCTOBER, 1920.
FEDERAL RESERVE BULLETIN.
Sugar.
[Data for ports of New York, Boston, Philadelphia.]
[Weekly Statistical Sugar Trade Journal.]
[Tons of 2,240 pounds. Monthly average 1911-1913=100.]
Relative.
Tons.
Raw stocks at
close of month.
Meltings.
Receipts.
Relative.
Tons.
Relative.
Tons.
August, 1919..
246,419
134
229,000
125
75,394
44
1920.
January
February
March
208,554
316,667
335,532
113
184
182
181,000
269,000
333,000
99
157
182
37,986
85,653
88,185
22
50
51
.
Receipts.
Relative,
Tons.
1920.
April
May
June
July
August
310,580
254,616
301,318
386,328
308,313
Raw stocks at
close of month.
Meltings.
Tons.
307,000
286,000
319,000
325,000
287,000
169
138
164
210
168
Relative.
167
156
174
177
156
Relative.
Tons.
91,765
60,381
42,699
104,027
125,340
53
35
25
60
73
Naval stores.
[Data for Savannah, Jacksonville., and Pensacola.]
[In barrels.]
[Compiled from reports of trade organizations at these cities.]
Spirits of turpentine.
Rosin.
Receipts.
Stocks at
close of
month.
Receipts.
21,013
24,756
73,402
August, 1919
1920.
8,300
3,762
1,876
January
February
March
24,910
17,900
4,819
Spirits cf turpentine.
Stocks at
close of
month.
203,812
165,927
140,559
103,443
47,874
29,303
14,660
April
Rosin.
Receipts.
Stocks at
close of
month.
Receipts.
7,644
23,473
33,522
39,158
33,997
3,996
6,174
19,654
30,906
27,963
27,029
68,163
94,904
117,088
111,497
1920.
May
June
July
August
Stocks at
close of
month.
98,517
78,113
108,656
135,979
144,109
Lumber.
[From reports of manufacturers' associations.]
[M feet.]
Southern pine.
Number of Producmills. I tion.
Western pine.
Ship- Numof Producments. ber
mills. tion.
August, 1919
204
417,036
423,002
1920.
January
February
March
April
May.
June
July
August
202
203
205
205
205
204
207
204
386.481
383,239
436,944
438,056
430,271
385,293
385,842
383,540
404,706
369.047
424,775
359,461
347,404
287,487
331,273
337,677
48
Douglas fir.
Ship- Numof Producments. ber
mills. tion.
152,748
140,236
69;895
85.583
130,425
167,165
183,621
197,461
177,262
171,143
144,180
147.180
156,211
133,114
132.181
125,770
103;500
123,344
Eastern white pine.
Ship- Numof Producments. ber
mills. tion.
128
124
123
126
124
127
127
123
Ship- Numof Producments. ber
mills. tion.
T 397,290
20,247
26,839
344,568
295,934
329,012
274.597
383,346
271,815
225,666
322,908
38,007
32,551
43,771
46,222
12,731
25,771
37,459
46,149
63,614
59,687
61,620
61,757
26,323
41,557
49,668
55,991
416,422
327,568
332,511
342,948
359,651
424,687
343,801
242,612
366,433
North Carolina pirn
36
Shipments.
27,177
30,159
24,678
15,534
29,633
13,659
15,992
14,259
20,756
19,511
26;283
15,202
29,896
10,613
18,657
10,481
15,217
14,130
Receipts and shipments of lumber at Chicago.
[Chicago Board of Trade.]
[Monthly average.. 1911-1913=100.]
Receipts.
M feet.
August, 1919
1920.
January
February
March
Shipments.
Relative
170,385
80
208,145
235,423
284,146
98
119
134
M feet.
Receipts.
Relative.
87,953
115
71,233
81,561
122,401
93
114
160
April .
May
June
July
Aucust
1920.
#
Shipments.
M feet.
Relative.
M feet.
Relative.
124,725
187,931
234,562
222,619
202,316
59
89
111
105
95
51,495
89,259
90,503
82,896
81,817
67
116
118
108
107
OCTOBER,
1091
FEDERAL RESERVE BULLETIN.
1920.
Coal and coke.
[U. S. Geological Survey.]
[Monthly average, 1911-1913= 100.]
Bituminous coal, estimated monthly production.
Short tons.
August, 1919
January
February .
March .*
April..
May.
June .
July
August..
1920.
.
.
Relative.
Anthracite coal, estimated monthly production.
Short tons.
Beehive coke, estimated
monthly production.
Short tons.
Relative.
Relative.
42,883,000
116
7,922,000
107
1,693,000
65
48,689,000
40,127,000
46 792 000
37,P39,000
39,753,000
43,710,000
45,523,000
48,389,000
131
116
126
7,365,000
6.335,000
1 240 000
6,543,000
7,745,000
7,641,000
7,785,000
7,332,000
100
92
98
1,982,000
1, 731,000
2 025 000
1,602.167
1,689,500
1, 710,333
1,693.000
1, 776', 000
76
71
77
61
65
65
65
68
102
107
118
123
131
88
105
103
105
99
Crude petroleum.
[U. S. Geological Survey.]
[Barrels of 42 gallons each.]
Produced.
Barrels.
Relative.
33,862,000
August, 1919
33,980,000
33,212,000
36,461,000
177
186
190
127,164,000
126,339,000
125,597,000
Stocks at end
of month
(barrels).
Relative
Barrels.
136,467,000
1920.
January
February
March
Produced.
Stocks at end
of month
(barrels).
April
May
June
July
August
1920.
36,201,000
36,931,000
37,295,000
38,5^8,000
39,144,000
193
195
201
204
124,991,000
124,689,000
126,763,000
128,168,000
128,999,000
Total output of oil refineries in United States.
[Bureau of Mines.]
Crude oil run
(barrels).
July,1919.
January
February
March.."
April
May
June
July....
1920.
Gas and fuel
(gallons).
Lubricating
(gallons).
Gasoline
(gallons).
Kerosene
(gallons).
31,202,522
342, 491, 757
205,727,289
638,185,469
67,037, 414
30,815,160
29,208,723
33, 592,004
32,852,040
34,578,282
34,90B,078
37,024,052
336,719,157
322,588,697
367,137,678
355,597,451
381,079,291
415,158,911
423,419,770
195,956,392
194', 523,334
191,110,175
184,469,017
180,877,089
173,581,000
172,213,511
617,555,156
589,684,857
686,945,963
643,088,785
707,198,355
689,878,061
751,193,898
75,878,635
74,243,073
81,818,973
85,568,064
89, 252,410
94,964,221
92,369,504
STOCKS AT CLOSE OF MONTH.
July 31, 1919
15,304,915
514,919,358
279,855,061
817,809,519
173,884,303
13,200,727
13,500; 599
14,346,458
15,145,691
15,331,375
16,172, 280
17,086,253
515, 934,364
562, 996,489
626, 393,046
643, 552,644
671,795
504: 055,601
413! 279,319
327,548,646
330,120,942
334,617,117
376,358,123
419,077,605
421,343,353
410) 853,047
652,080,901
590,322,125
580,182,858
590,687,009
618,939,135
641,968,363
655,152, 293
141,690,177
132, 759, 244
130,630, 597
140,355,972
135,882,485
133,212,551
131, 866, 455
1920.
Jan.31
Feb. 59
Mar. 31
Apr. 30
May 31
June 30
Julv31
1092
OCTOBER, 1920.
FEDERAL RESERVE BULLETIN.
Iron and steel.
[Great Lakes iron-ore movements, Marine Review; pig-iron production, Iron Age; steel-ingot production, American Iron and Steel Institute.]
[Monthly average, 1911-1913=100; iron ore, monthly average, May-November, 1911-1913^100.]
Iron-ore shipments
from the upper
Lakes.
Pig-iron production.
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.
August, 1919..
January..,
February..
March
April
May
June
July
August
4, 423,133
73
2,743,388
118
2, 746,081
114
115
152
159
153
3,015,181
2,978,879
3,375,907
2,739,797
2,985,682
3,043,540
3,067,043
3,147,402
130
138
146
118
129
131
132
136
2,968,102
2,835,124
3,299,049
2,638,305
2,883,164
2,980,690
2,802,818
3,000,432
123
127
137
109
119
123
116
124 10,
1920.
230,854
6,976,085
9,233., 566
9,638,606
9,270,763
6,109,103
285,441
502,081
892,075
359,747
940,466
978,817
118,468
805, 038
116
176
180
188
197
208
208211
205
Imports of pig tin.
[Department of Commerce.]
(.Monthly average, 1911-1913=100.]
Pounds.
August, 1919 . .
Relative.
9,872,459
Pounds.
109
1920.
April
May
1920.
January
February
March
8,772,953
13,925,843
11,980,019
97
164
132
Relative.
...
10 345 130
9,102,341
11,232,325
17 584 167
11,195,937
June
July
August
114
100
124
193
123
Raw stocks of hides and skins.
[Bureau of Markets; July, 1920, on, Bureau of the Census.]
[In pieces,]
June 30, 1919
Cattle
hides.
Calfskins.
Kipskins.
4,696,332
2,285,015
558,033
6,773,360
6,559,337
6,558,300
6,072,895
5,849,375
6,212,946
1,920,184
1,859,697
1,930,218
2.281,370
21724,058
3,107,393
Goat.
16,991,195
Kid.
2,521,016
Cabretta.
Sheep and
lamb.
1,697,754
8,118,702
1,893,614
2,197,683
2,047,519
1,947,499
2,253,785
2,070,471
8,902,067
9,460,914
9,227,252
8,911,681
9,004,621
10,993,228
1920.
Jan. 31
Feb. 29
Mar. 31
Apr. 30
May 31
J u n e 30
NOTE.—Figures for Jurje 30 are provisional,
1,036,372 13,474,529
1,141,620 16,481,328
966,850 15,968,660
834,711 14,666,590
924,042 14,131,330
915,499 14,562,713
927,436
665,524
468', 188
156.871
791,150
60,999
OCTOBER,
1093
FEDERAL RESERVE BULLETIN.
1920.
Textiles.
[Silk, Department of Commerce; cotton and idle wool machinery, Bureau of the Census; woo] consumption, Bureau of Markets.]
[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.
Imports of raw silk.
Cotton
spindles
active
during
month.
Spinning spindles.
Looms.
Wool consumption
(pounds).
Wider Under Sets of Combs.
than 50- 50-inch cards.
Woolen. Worsted.
inch reed reed
space. space.
Relative.
Pounds.
Relative.
August, 1919....
497;319
Ill
34,205,180
48,938,476
22.1
24.9
9.4
6.5
8.9
10.9
3,802,500
186
1920.
January
February
March
April
May
June
Julv
August
September
591,725
516,594
575,704
567,839
541,080
555,521
525,405
483,193
132
123
128
126
120
124
117
107
34,739,071
34,668,643
34,667,747
34,346,737
34,066,236
34,503,754
34,666,842
34,471,515
63,059,862
55,247,652
58,344,602
57,887,832
50,649,381
40,679,920
32,372,064
32,849,956
14.5
12.2
14.9
13.1
15.2
26.8
42.5
49.5
51.8
18.5
17.6
19.8
16.9
18.2
22.4
32.3
29.9
34.8
8.8
7.6
9.8
9.6
10.6
21.1
38.0
39.6
39.6
7.2
6.9
7.0
7.1
6.7
15.9
35.0
33.4
37.3
9.1
7.1
10.3
9.5
11.5
23.1
42.0
45.5
44.6
10.2
7.9
11.7
7.0
7.0
14.2
32.7
37.6
38.0
4.855,989
3;696,121
2,491,651
2,227,857
2,505,798
3,221,177
2,581,920
2,690,690
237
194
122
109
122
157
126
132
Production of wood pulp and paper.
[Federal Trade Commission.]
[Net tons.]
Wood
pulp.
August, 1919
Book.
Paper
board.
Wrapping.
Fine.
113,413 I 82,737
189,782
64,861
33,122
129,663 96,419 211,934 70,109
114,235 85,532 176,855 61,574
127,847 95,851 207,863 68,403
32,886
29,202
33,671
Newsprint.
260,987
1920.
January
February
March
I
302,541
266,191
327,143
Wood
pulp.
1920.
April
May
June
July
August
Paper
board.
Wrapping.
Fine.
350,194 128,269 95,251 199,395
363,815 129,230 92,856 213,475
337,115 130,380 94,957 215,131
312,334 129,853 95,526 218,771
305,965 128,818 94,424 215,633
75,347
70,511
72,987
73,487
75,226
33,493
31,575
34,121
34,078
33,122
Newsprint.
Book.
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.
Manufactured
tobacco.
July, 1919
Number.
569,908,339
Number.
47,500,287
Number.
3,585,030,983
Pounds.
33,838,667
1920.
January
February
663,634,243
593,832,200
58,837,900
43,358,500
4,528,760,833
3,536,117,847
33,608,313
31,531,460
Cigars.
Large.
1920.
March
April
May
June
July
Cigarettes.
Small.
Small.
Number.
Number.
Number.
753,239,958 55,052,100 4,373,778,917
663,577,579 56,548,853 3,756,989,397
676,227,828 59,943,280 3,953,345,380
708,112,284 52,735,587 4,088,834,583
678,751,956 51,766,100 3,053,336,563
Manufactured
tobacco.
Pounds.
38,422,481
34,327,970
34,875,839
34,231,058
30,988,646
Output of locomotives and cars.
[Locomotives, United States Railroad Administration; February on, reports from individual producers; cars, Railway Car Manufacturer's
Association.]
Output of cars.
Locomotives.
August
1919.
Locomotives.
Domestic
shipped.
Foreign
completed.
Domestic
Foreign.
Total.
Numbn-.
160
Number.
173
Number.
18,509
Number.
5,015
Number.
23,524
48
43
22
85
4,650
3,960
1,914
1,066
6,564
5,026
1920.
Tanuary
February
Domestic
shipped.
March
April..
May
June
July
August
1920.
Foreign
completed.
Output of cars.
Domestic.
Number. Number. Number.
45
59
3,053
36
96
2,313
83
112
2,792
99
72
2,780
122
54
2,731
114
125
3,409
Foreign.
Total.
Number. Number.
2,040
5,093
1,934
4,247
1,402
4,194
731
3,511
434
3,165
1,210
4,619
1094
FEDERAL RESERVE BULLETIN.
OCTOBER, 1920.
Vessels built in United States, including those for foreign nations, and officially numbered by the Bureau of Navigation.
[Monthly average, 1911-1913=100.]
Gross
Number. tonnage. Relative.
Gross
Number. tonnage. Relative.
August, 1919
1920.
,
,
January
February
March
238
455,338
1,884
115
140
170
253,680
267,231
279,709
1,050
1,185
1,157
1920.
April
May
June
July
August
Tonnage of vessels cleared in the foreign
164
184
198
173
178
251,442
185,145
267,076
217,239
259,210
1,040
776
1,105
899
1,073
trade.
[Department of Commerce.]
[Monthly average, 1911-1913=100.]
Net tonnage.
American.
Foreign.
Total.
August, 1919.... 2,957,249
2,797,818
5,755,067
148
51.4
203
1,933,385 1,949,798
1,702,407 1,628,212
1,836, 716 2,040,538
3,883,183
3,330,619
3,877,254
100
92
100
49.8
51.1
47.4
197
202
187
1920.
January
February
March
Net tonnage.
Per
centRela- age Relative. Ameri- tive.
can to
total.
American.
Foreign.
Total.
2,504,038
2,729,790
3,199,274
3,302,538
3,616,267
1,960,634
2,436,247
3,141,913
3,616,052
3,929,602
4,464,672
5,166,037
6,341,187
6,918, 590
7,545,869
1920.
April
May
June
July
August
Per
centRela- age
Relative. Ameri- tive.
can to
total.
115
133
163
178
194
222
209
200
189
56.1
52.8
50.5
47.7
47.9
190
Net ton-miles, revenue and nonrevenue,
[United States Railroad Administration; March, 1920, on, Interstate Commerce Commission,]
34,914,294,000
July, 1919
1920.
January
February
37,990,993,000
28,490,595,000
37,884,967,000
38,179,565,000
40,435,508,000
34,769,722,000
32,758,789,000
Commerce of canals at JSault Sle. Marie.
[Monthly average, May-November, 1911-1913=100.]
EASTBOUND.
Grain other than
wheat.
Bushels.
August, 1919
April
May
June
July
August
Relative.
5,284, 741
1920.
6,008,000
11,904,942
3,076,986
3,133,419
2,315,909
134
35
35
26
Flour.
Wheat.
Bushels.
Relative.
Barrels.
1,487,218
935,700
4,274,611
13,497,995
5,976,125
7,838,470
7,512,510
658,910
1,082,521
1,171,250
1,038,221
Iron ore.
Relative.
93
101
89
Total.
Short tons.
Relative.
Short tons.
4,727,994
80
5,080,651
162,630
6,683,820
8,707,350
9,235,086
8,784,821
113
146
156
148
454,726
7,483,836
9,153,884
9,749,701
9,278,071
Relative.
107
131
139
132
WESTBOUND.
Hard coal.
August, 1919.
Soft coal.
Short tons.
Relative.
Short tons.
Relative.
Short tons.
Relative.
Short tons.
185,387
60
1,189,558
62
1,529,310
61
6,609,961
70
10,000
202,000
271,020
300,150
341,690
65
87
97
110
50,831
531,375
966,382
1,394,162
2,533,614
28
50
67
132
82,483
937,374
1,493,935
1,827,978
3,147,219
38
60
73
127
537,209
8,421,210
10,647,819
11,577,679
12,425,290
112
122
131
1920.
April
May
June
July
August
Total freight.
Total.
Relative.
OCTOBER, 1920,
1095
FEDERAL RESERVE BULLETIN.
BANK TRANSACTIONS DURING AUGUST-SEPTEMBER.
In the attached table are shown debits to
individual account for the four weeks ending
September 22 of the present year and for the
corresponding weeks of 1919, as reported to
the Federal Reserve Banks by the country's
more important clearing houses. A summary
by Federal Reserve districts presents a comparison of figures for 154 centers for which
reports are available both for the 1920 and
the 1919 periods under review.
Aggregate debits to individual account for
the 154 centers included in the summary show
an upward tendency throughout the period
under review, the decreased total for the
week ending September 8 being due to the
fact that that week included Labor Day, a
legal holiday in all the districts. During the
first week of the period the debits aggregated
8,444 millions, and during the most recent
week 9,372 millions, the largest total shown
for any week since June 16. The larger volume
of check transactions during the last two weeks
of the period is due in part to the payment of
the September 15 installment of income and
excess-profits taxes, and in part to the resump-
tion of stock exchange trading on a larger
scale.
In 1919 Labor Day came during the week
ending September 3 and the total of debits for
that week is consequently low. On the other
hand, the week of September 17, 1919, shows
a large total, owing to the inclusion of September 15 and the two following days during
which a large volume of income-tax checks was
cleared. It appears, therefore, that the general trend of changes was similar in 1919 and
1920, though considerable difference by weeks
may be noted.
For the 38 weeks of the year 1920 the average
weekly total of debits to individual account
for 148 clearing house associations was 9,143
millions, while for the corresponding period in
1919 the average was 8,219 millions. For New
York City the 38-week average this year was
4,569 millions, or about 3.8 per cent larger than
last year, while for 147 other cities this year's
weekly average of 4,575 millions was 19.7 per
cent larger than the corresponding average for
the preceding year.
Debits to individual account at clearing-house banks.
SUMMARY BY FEDERAL RESERVE DISTRICTS.
[In thousands of dollars.]
Federal Reserve district.
Boston
New York
Philadelphia.
Cleveland
Richmond
Atlanta
Chicago
,
St. Louis
Minneapolis..
Kansas City...
Dallas
San Francisco
Total...
Number
of centers
included.
1920
Week e n d i n g Sept. 1.
Sept. 8.
I Sept. 15.
399,291
4,290,456
440,721
558,229
162,175
228,932
1,055,854
209, 706
155,162
303,539
156,673
482,763
344,866
3,387,538
355,420
471,805
156,275
212.358
965.020
199J109
144,265
283,725
149,403
491,086
8,443,501
7,160,870
8,978,535
1919
Week e n d i n g Sept. 22,
Sept. 3.
Sept. 10.
Sept. 17.
Sept. 24.
452,340
466,299
:, 290,125 4,568,196
422,867
439,189
633,802
629,846
174,738
181,875
237,232
243,405
,245,927
1,291,462
237,622
233,604
194,180
214,970
331,905
340,734
165,396
179,802
592,401
583,699
316,716
3,545,614
338,167
442,241
144,731
174,654
852,115
178,855
148,106
263,237
113,790
397,382
404,272
4,341,916
379,921
527,078
163,244
210,518
1,014,200
214,278
205,025
313,591
136,204
456,458
468,230
5,546,352
464,947
614,036
192,967
215,410
1,238,024
255,619
197,314
327,382
146,559
582,572
405,658
5,121,401
413,607
539,339
173,363
214,260
1,032,057
209,522
187,463
261', 336
150,846
489,660
9,373,081
6,915,60S
8,366,705
10,249,412
9,198,512
NOTE.—Figures for the following centers, while shown in the body of the statement, are not included in the summary, complete data for these
centers not being available for each woek under review: Manchester, N. H., Portland, Me., Atchison, Kans., Cheyenne, Wyo., Sioux Falls, S. Dak.,
Huntington, W. Va., Moline, Til., Washington, D. C.
1096
FEDERAL RESERVE BULLETIN.
OCTOBER,
1920.
Debits to individual account at clearing-house banks
DATA FOR EACH REPORTING CENTER.
[In thousands of dollars.]
1920
Week e n d i n g -
1919
Week e n d i n g -
Federal Reserve district.
Sept. 1.
No. 1—Boston:
Bangor
Boston
Fall River
Hartford
Holyoke
Lowell
Manchester
New Bedford
New Haven
Portland
Providence
Springfield
Water bury
Worcester
No. 2—New York:
Albany
Binghamton
Buffalo
New York
Passaic
Rochester
Syracuse
No. 3—-Philadelphia:
Altoona
Chester
Harrisburg
Johnstown
Lancaster
Philadelphia
Reading
Scranton
Trenton
Wilkes-Barre
Williamsport
Wilmington
York
No. 4—Cleveland:
Akron
Cincinnati
Cleveland
Columbus
Dayton
Erie
Greensburg
Lexington
Oil City
Pittsburgh
Springfield
Toledo
Wheeling
Youngstown
No. 5—Richmond:
Baltimore
* Charleston
Charlotte
Columbia
Huntington
Norfolk
Raleigh
Richmond
Washington
No. 6—Atlanta:
Atlanta
Augusta
Birmingham
Chattanooga
Jacksonville
Knoxville
Macon
Mobile
Montgomery
Nashville
New Orleans
Pensacola
Savannah
Tampa
Vicksburg
No. 7—Chicago:
Bay City
Bloomington
Cedar Rapids...
Chicago
Davenport
Decatur
Sept. 8.
Sept. 15.
Sept. 22
Sept. 3.
Sept. 10.
Sept. 17.
Sept. 24
5,835
19,643
3,851
5,044
4,704
6,906
19,318
9,277
32,232
14,072
7,135
17,844
2,988
226,407
5,269
20,339
3,662
4,392
4,286
5,768
17,408
8,708
27,516
12,962
6,797
11,358
3,901
291,387
8,100
28,909
3,752
5,744
4,979
9,113
19,204
9,974
36,945
16,629
9,201
19,455
4,193
304,491
8,490
24,889
4,105
5,988
4,720
8,246
19,981
8,610
39,499
17,766
8,574
20,077
2,546
213,439
5,434
16,053
2,954
4,999
3,074
268,759
6,805
21,065
3,160
4,827
3,005
308,597
8,890
25,727
4,093
4,735
2,743
268,291
9,309
20,277
3,274
5,417
5,288
13, 998
7,509
16,611
8.081
18; 897
7,143
15,696
23,243
11,275
5,298
12; 189
34,564
15,775
7,986
14,137
40,957
16,596
9.844
18; 808
30, 460
17,115
7,799
18,134
23,113
4,030
68,326
4,141,422
5,297
30,768
17,500
19,154
3,625
57,063
3,260,507
4,645
29,006
13,538
21,710
4; 558
70.035
4,135'322
5,911
34,316
18,273
22,007
4,704
73,908
4,407,495
6,468
33,784
19,830
14,033
2.904
5O',767
3,434. 335
3,205
26,966
13,404
18,285
3,530
60,906
4,213,968
4.576
27,157
13,494
22,355
4,065
72,814
5,394,074
4,920
32,246
15,878
18,900
3,486
57,906
4,993,078
4,482
27,514
16,035
3,151
5,122
2,248
5,146
4,660
371,568
3,180
11,960
11,569
8,215
3,765
6,241
3,896
2,820
4,310
1,796
3,828
4,945
289,142
3,700
13,173
10,237
7,638
3,740
6,542
3,549
3,800
6,372
2.644
5,206
5,890
337,552
5,088
15,206
14,134
9,929
5,078
7,286
4,682
3,100
6,053
2,137
4,733
6,367
354,138
4,651
14,603
16,528
9,095
5,067
8,206
4,511
2. 544
3', 074
3,500
2,484
4,079
281,376 I
2,943
9,188
8,191
6,851
2,282
8,707
2,948
3,489
3,707
4,199
3,517
4,960
308,762
4,477
13,541
10,032
8,032
2.825
9;il2
3,268
3,322
4,782
4,600
3,522
5,181
376,013
3,819
12,112
13,704
8,634
3,643
21,931
3,684
3,161
5,150
3,735
3,325
5,036
334,078
3,922
13,339
10,599
6,911
3,970
16,682
3,699
20,700
57,973
171,101
27,573
12,841
7,485
7,387
4,122
2,750
185,920
3,665
30,981
10,677
15,054
21,119
52,495
145,598
23,969
11,257
7,062
4,641
4,120
3,363
150,221
3,111
24,448
7,107
13,294
22,349
74,759
189,513
32,671
11,451
8,829
" 7,256
4,723
4,303
212,087
3,754
33,905
9,988
18,214
23,430
69,963
190,249
34,033
11,362
9,719
6,472
4,837
3,215
218,176
3,259
30,830
9,958
14,343
21,235
49,877
145,904
24,492
11,946
5,122
3,587
4,374
2,010
127,953
3,799
23,056
5,714
13,172
25,369
60,160
161,165
29,008
12,245
6,946
5,360
4,722
2.729
162,244
3,453
29,894
7,349
16,434
23,667
73,032
188,435
31,320
11,958
7,676
4,672
5,609
2,565
198,264
4,097
36,850
8,602
17,289
25,822
63,376
159,972
27,494
11,124
6,184
4,485
5,028
2,682
176,262
3,062
31,200
9,242
13,406
98,314
5,875
6,878
4,717
5,747
17,995
3,400
24,996
29,774
97,399
4,900
6,010
4,514
4,726
17,049
3,973
22,430
29,159
106,107
5,525
8,466
5,327
6,189
19,211
4,600
25,502
36,303
112,731
6,350
8,132
6,200
6,328
18,103
4,100
26,259
35,387
90,764
4,538
3,400
5,711
98,913
5,380
3,200
6,189
120,002
7,144
5,400
6,462
102,337
7,170
4,600
6,935
14,572
3,062
22,684
17,424
4,191
27,947
19,050
3,721
31,188
17,871
3,710
30,740
26,452
6,153
16,707
10,219
12,665
7,310
5,009
8,186
4,949
22,927
83,887
2,487
15,015
5,675
1,291
23,439
6,579
15,095
10,551
12,425
6,689
5,043
14,216
3,903
22,537
70,885
2,448
11,736
5,200
1,612
29,466
7,750
17,856
12,323
12,841
7,509
6,222
8,377
4,801
26,894
77,655
2,617
14,612
6,568
1,741
32,199
8,975
18,427
11,844
14,236
8,690
5,953
8,212
4,603
27,679
74,227
2,688
18,126
5,949
1,597
24,099
6,912
11,799
9,302
9,608
5,378
7,920
6,758
3,462
15,548
53,320
1,908
13,396
4,030
1,214
30,073
8,992
13,434
11,699
10,780
6,160
7,094
7', 077
4,109
20,135
67,781
2,139
15,013
4,708
1,324
34,943
8,886
15,294
13,697
10,582
6,938
7,569
6,743
3,635
20,779
61,885
2,282
16,.194
4,578
1,405
33,354
10,294
14,017
11,332
11,112
5,999
7,836
6,752
4,461
21,159
64,726
1,881
15,433
4,598
1,306
2,953
3,019
10,112
685,164
7,281
4,259
3,155
2,663
11,088
596,988
8,019
4,083
3,526
3,383
11,679
807,552
8,540
4,748
4,448
2,916
11,370
798,136
9,431
4,672
2,431
2,797
9,243
548,187
6,300
3,764
3,058
2,425
9,152
650,892
8,085
4,165
3,551
3,400
8,242
791,744
7,642
4,648
2,755
2,959
9,673
652,077
7,486
3,702
3.938
2631473
;
OCTOBER,
1920.
1097
FEDERAL RESERVE BULLETIN.
Debits to individual account at clearing-house banks—Continued.
Sept. 1.
No. 7—Chicago—Continued.
Des Moines
Detroit
Dubuque
Flint
Fort Wayne
Grand Rapids
Indianapolis
Jackson
Kalamazoo
Lansing
Milwaukee
Moline
Peoria
Rockford
Sioux City
South Bend
Springfield
Waterloo
No. 8—St. Louis:
Evansville
Little Rock
Louisville
Memphis
St. Louis
No. 9—Minneapolis:
Aberdeen
Billings
Duluth
Fargo
Grand Forks
Great Falls
Helena
Minneapolis
St. Paul
Sioux Falls
Superior
Winona
No. 10—Kansas City:
Atchison
Bartlesville
Cheyenne
Colorado Springs
Denver
Joplin
Kansas City, Kans
Kansas City, Mo
Muskogee
Oklahoma City...
Omaha
Pueblo
St. Joseph
Topeka
Tulsa
Wichita
No. 11—Dallas:
Albuquerque
Austin
Beaumont
Dallas
El Paso
Fort Worth
Galveston
Houston
San Antonio
Shreveport
Texarkana
Tucson
Waco
No. 12—San Francisco:
Berkeley
Boise
Fresno
Long Beach
Los Angeles
Oakland
Ogden
Pasadena
Portland
Reno
Sacramento
Salt Lake City
3an Diego
3an Francisco
San Jose
Seattle
Spokane
Stockton
Tacoma
Yakima
1919
Week e n d i n g -
1920
Week e n d i n g -
Federal Reserve district.
Sept. 8.
Sept. 15.
Sept. 22.
Sept. 3.
Sept. 10.
Sept. 17.
Sept. 24.
18,865
104,058
3,127
10,481
6,999
20,466
59,451
5,236
5,478
6,042
60,274
2,828
9,922
5,962
14,223
5,131
3,781
3,570
16,307
146,831
3,238
8,989
6,442
2.1,080
32,752
4,121
5,016
6,102
47,080
2,961
9,729
5,605
13,345
5,120
3,497
3,770
20,384
150,347
3,971
10,278
8,990
23,223
41,437
5,366
6,470
5,954
80,145
2,537
11,040
6,660
18,089
4,993
4,494
4,658
20,979
209,023
4,234
10,925
8,659
22,326
41,725
6,914
5,870
6,846
77,205
4,564
10,455
6,433
16,122
4,900
4,045
17,088
107,131
2,236
7,932
4,521
16,256
26,907
3,784
3,214
' 5,835
51,190
25,571
126,057
2,458
8,005
5,703
21.276
34^ 239
4,977
3,859
4,833
56,770
22,718
190,426
2,623
9,376
5,092
20,227
39,442
4,644
4,438
5,728
70,367
20,242
140,058
2,586
10,119
5,460
19,435
32,918
• 4,813
3,866
5,415
68,566
8,674
4,183
10,800
2,828
4,040
2,774
10,294
5,306
13,698
4,019
5,270
4,088
10,854
6,182
13,536
3,974
5,354
3,816
9,215
4,797
13,367
4,115
4,961
3,472
4,760
7,720
27,197
30,286
139,743
4,799
11,345
23,554
30.171
129,240
•5,410
9,605
30,468
33,240
158,899
5,342
9,645
30,731
29,789
158,097
4,256
10,019
25,968
23,746
114, 866
5,613
10,273
32,288
23,958
142,146
4,601
9,387
36,396
29,629
175,606
4,281
8,719
34,371
24,598
137,553
1,849
2,031
20,482
3,499
1,508
2,341
2,305
83,885
34,447
4,993
1,841
974
2,352
1,941
21.325
3,498
1,503
2,508
2,246
78,234
28,611
4,883
958
1,089
2,171
2,301
37,249
4,068
2,136
2,299
2,702
104,232
33,504
5,955
2,102
1,416
2,183
2,295
37,409
4,319
1,912
3,143
2,975
114,038
43,142
6,598
2,015
1,539
1,780
1,969
17,263
7,729
1,514
1,797
3,752
78,255
31,395
2,283
2,390
20,493
9,144 j
1,818 I
2,184
2,136
107,903
53,252
2,100
1,946
24,889
9,393
2,288
2,419
2,679
104,520
43,271
1,944
2,265
20,815
9,337
1,991
2,699
2,875
102,807
39,563
1,753
2,261
1,161
2,227
1,582
1,889
1,278
378
3,404
2,001
3,204
43,676
2,940
3,634
89,495
3,965
29,269
53, 598
3,405
15,935
3,827
31,244
15,943
416
2,803
1,822
3,208
44,272
3,489
3,154
85,060
4,067
21,610
54,474
4,241
15,931
3,660
22,636
15,120
632
3,671
2,149
4,250
47,326
4,359
4,386
106,317
4,857
33,421
63,903
3,913
19,981
5,183
13,346
16,992
482
3,115
1,987
3,597
51,647
3,943
4,196
102,949
5,766
28,136
64,596
3,794
18,625
3,813
30,119
16,438
2,775
2,756
3,159
2,166
2,958
26,732
2,624
3,342
91,021
3,470
15,046
59,559
2,714
15,486
5,672
18,014
13,824
3,400
33,398
3,342
2,983
104,843
4,092
20,367
73,786
4,121
17,565
5,472
22,163
15,303
3,451
33,867
3,563
2,999
110,692
5,978
19,621
77,723
3,057
19,408
6,483
24,545
12,836
3,050
29,308
2,966
3,143
92,610
4,634
18,527
48,738
2,924
14,201
4,855
22,680
11,534
1,402
3,057
4,522
36,714
8,304
26,002
9,738
46,566
7,644
5,708
1,882
1,526
3,608
1,615
2,621
4,404
36,982
8,449
26,981
10,782
35,831
7,990
6,529
1,511
1,463
4,245
1,767
4,448
4,208
40,707
8,801
26,548
14,132
38,815
10,240
7,210
2,225
1,469
4,826
2,086
4,924
5,451
48,326
8,849
27,422
13,567
42,954
9,540
7,351
1,833
1,612
5,887
1,405
3,562
2,570
28,201
18,281
8,742
28,497
5,815
4,436
1,198
1,905
2,870
1,713
3,441
4,994
34,383
7,739
19,175
10,435
33,487
8,839
5,790
1,474
1,144
3,590
1,474
2,859
3,901
40,017
6,319
23,453
10,787
36,557
7,610
6,295
2,372
1,164
5,751
1,531
2,720
4,440
47,285
6,400
21,919
8,804
31,154
7,421
11,688
1,863
1,021
4,600
2,079
2,813
8,392
4,271
88,782
20,943
4,033
3,865
41,726
2,908
14,801
15,823
7,075
189,743
5,564
42,214
11,499
4,916
8,718
2,598
3,247
2,741
10.326
4,384
84,515
21,617
4,164
4,548
37,355
2,463
14,142
15.172
8,561
209,652
5,316
34,511
12,030
4,359
9,187
2,796
3,296
3,077
15,783
6,434
101,524
20,979
5,000
5,584
48,300
3,523
19,922
19,288
8,876
237,254
7,049
49,953
14,080
6,551
12,414
3,514
3,257
3,463
12,841
5,713
108,188
22,373
4,836
5,075
53,764
3,027
17,160
18,732
7,623
236,783
6,827
38,730
14,280
6,041
11,869
3,117
2,035
2,524
5,840
3,262
63,031
12,518
3,158
2,666
42,954
1,972
12,500
11,391
4,004
151,157
4,851
44,917
11,023
4,885
9,748
2,946
2,371
4,406
8,025
2,993
73,039
12,066
4,111
3,417
42,005
2,446
11,290
17,174
4,784
173,932
4,846
57,300
13,709
3,182
11,471
3,891
2,752
3,200
11,318
4,267
90,259
14,483
4,484
4,440
59,608
3,408
16,019
16,550
6,141
240,128
6,043
60,637
15,561
5,486
14,714
3,074
2,333
2,948
9,641
3,542
79,787
15,648
3,745
2,688
45,662
2,965
14,726
18,375
4,487
188,051
6,103
55,248
14,648
4,318
11,471
3,274
1098
FEDERAL RESERVE BULLETIN.
OCTOBER, 1920.
DISCOUNT AND" OPEN-MARKET OPERATIONS OF THE FEDERAL RESERVE BANKS
DURING AUGUST, 1920.
Discount and open-market operations of the
Federal Reserve banks during August, 1920.
are shown in summary form for the system, as
a whole, in the table below. Detailed figures
by Federal Reserve Banks are given on pages
1100 and 1101.
Summary of discount and open-market operations of Federal
Reserve Banks in August and July, 1920 and 1919.
[In thousands of dollars.]
1920
August.
1919
July.
August.
July.
Total discounts and open-market
purchases
8,366,565 7,518,907 6,808,747 7,692,825
Discounts, total
.7,982,524 6,714,924 6; 433,' 6621\ 183; 435
Secured by Government war
4,932,902k 532,466 6,171,309 6,824,988
obligations
Otherwise secured and unse3,049,622 2,182,458 262,353 358,447
cured, total
13,985
6,427
Trade acceptances
13,453
8,505
5,491
182
Bankers' acceptances . . .
360
7,"""
All other (commercial n.
e. s., agricultural, and
live-stock paper)
3,030,146 2,161,936 255,744
,744 349,582
Average maturity (in days)
12.38
13 63
9.41
9.33
Average rate (365-day basis), per
i
cent. . . , . , - , , „
,,
4.14
6.19!
6.21
4.12
Open-market operations:
259,708; 219,464 194,211 276,485
Bills purchased, total
Bankers' acceptances, total
242,012 207,272 192,405 273,975
In the domestic trade.
51,027
48,773 36,654 60,380
In the foreign trade.. 190,985 158,499 155,751 213,595
Trade acceptances, total..
12,270
10,168
1,669
1 425
In the domestic trade.
729
214
267
In the foreign trade...
940
12,270
9,954
1,158
Dollar exchange
5,426
841
2,024
381
36.78
Average maturity (in days)
47.82
50.73
51.21
Average rate (365-day basis), per
6.04!
6.06
4.25
4.25
cent
United States securities purchased:
13
60
Bonds
Certificates of indebtedness... 124,320 584,519 180,874 232,845
During thq month of August the total of discount operations of the Federal Reserve Banks
was about 7,983 millions. This total is larger
than the July, 1920, figure by about 1,268
millions; and larger than the August, 1919,
amount by 1,549 millions. Only once since
the organization of the Federal Reserve System, namely, in October, 1919, has the volume
of discount operations been larger than during
the month under review. The figures in the
table, it should be noted, are exclusive of bills
discounted for other Federal Reserve Banks,
which totaled 298 millions during August and
321 millions during July of this ^ear, and 196
millions during August and 296 millions during
July of last 3 ear.
While discount operations were larger in
August than in July for each of the Federal
Reserve Banks, except those of Kansas City
and San Francisco, the largest increases are
shown for the Boston and New York banks,
whose combined increase in volume of discounts
was 1,177 millions.
Discounts of paper secured by Government
obligations and otherwise secured both show
large increases in August over July, the former
being larger by about 400 millions and the latter
by about 867 millions. The proportion of
war paper to total discounts, however, shows
a further reduction from 67 to 62 per cent,
compared with 96 per cent in August, 1919.
The largest increase, amounting to 868 millions, is shown in the aggregate of discounts of
commercial, agricultural, and live-stock paper,
which in August, 1920, totaled 3,030 millions
compared with 2,162 millions during the preceding month, and only 256 millions in August,
1919. Only a slight increase is shown for
discounted trade acceptances, while discounted
bankers' acceptances declined in volume from
7 millions in July to 5 millions in August. In
August, 1919, the total of this class of paper
was a negligible amount.
About 90 per cent of the discounts in August,
as in July, consisted of 15-day paper, i. e.,
paper maturing within 15 days after date of
discount by Federal Reserve Banks. In August, 1919, this percentage was still higher—
98 per cent. Six-month bills, composed of
agricultural and live-stock paper, continued
to decrease in volume with the progress of
the agricultural season; from 52 millions in
June, they fell to 40 millions in July, and to
19 millions in August, comparable with only
4 millions in August of the past year. The
average maturity of the bills discounted in
August figures out at 12.38 days, as compared
with 13.63 days in July of this year, and 9.33
days in August, 1919..
The average rate of discount in August was
6.19 per cent, marking a slight decline from the
6.21 per cent average computed for August,
and comparable with«4.12 per cent for August
of the past year. The bulk of discounts during
the month under review took the 5J, 6, and 7
per cent rates.
Total bills purchased in open market in
August were about 40 millions in excess of the
July total and 65 millions in excess of the
August, 1919, amount. Of the total of 260
millions of bills purchased during the month
under review, 242 millions represented bankers'
acceptances, 12 millions trade acceptances,
and about 6 millions dollar exchange bills.
Purchases of all these classes of bills were
larger than for the preceding month and also
OCTOBER, 1920.
FEDERAL RESERVE BULLETIN.
1099
larger than for August, 1919. Of the bankers' Summary of discounted and purchased paper held by the
Federal Reserve Banks at the end of August and of July,
acceptances purchased about 191 millions, or 1920
and 1919.}
79 per cent, were bills drawn in the foreign
[In thousands of dollars.]
trade. The nature of the transaction is shown
1920, end of—
1919, end of—
for 161 of the 242 millions of acceptances purchased, and of these 87 millions represent
August. July. August. July.
bills drawn to finance imports, and 74 millions
bills drawn to finance exports.
paper, total
2,667, 127 2!,491, 6301.,815, 1341 ,867,602
The average maturity of all paper purchased Discounted
Secured by Government war
by the Federal Reserve Banks in August was
obligations
1,314, 8301 ,241 0171L,609, 2961.,616,210
Otherwise secured and unse36.78 days, compared with 47.82 days for
1,352,2971,250,613 205,838 251,392
cured ,total
117,050 106,611
30,363
Agricultural paper
28,639
July of this year, and 50.73 days for August,
95,909
99,228
27,538
Live-stock paper
34,965
1919. The average rate charged on accept19,498
19,476
Trade acceptances
9,001
9,600
9,830
Bankers' acceptances
9,013
439
473
ances was 6.04 per cent, as against 6.06 per
Commercial paper, n. e. s.. 1,107.530 1,018,765 138,497 177,715
307', 104 346,408 367,163 373,240
paper, total
cent the month before, and 4.25 per cent in Purchased
Bankers' acceptances, total.. 299,960 339,646 365,373 371,991
August of the past year.
Member banks'
202,868 234,368 264,827 269,568
Non member trust comDuring the month under review 29 banks
1,975
2,631
3,111
8,935
panies
45,137
41,499
32,665 31,928
Nonmember State banks
were added to the membership of the system,
36,087
31,225
43,815 42,593
Private banks
the total number of member banks increasing
Foreign banks, branches,
22,079 20,955 18,967
and agencies
21,737
from 9,458 on the last day of July to 9,487 on
6,762 1,790
Trade acceptances, total
7,144
1,249
Domestic
1,638
561
1,334
576
the last day of August, while the number of
Foreign
5,124 1,229
5,810
673
member banks accommodated through discount of paper further decreased from 4,858 in i For discounted paper the figures are for the last Friday of each
July to 4,780 in August. The number of mem- month; for purchased paper for the last day of each month.
bers in each district at the end of August and
Among the principal changes between July
of July and the number accommodated during and August in holdings of discounted paper
each month is shown in the following state- the following are to be noted: An increase of
ment.
about 74 millions in paper secured by Government war obligations and of about 102 millions
Member banks
Member blanks
in paper not so secured. Holdings of agriculin district.
accommodated.
tural paper were larger by about 10 millions
Federal Reserve district.
at the end of August than at the end of July,
Aug. 31. July 31. August
July.
while the most recent amount of 117 millions
was comparable with 30 millions shown for the
Boston
432
432
201
231
New York
775
775
323
347 end of August, 1919. Holdings of livestock
690
693
Philadelphia
365
357 paper show an increase of 3 millions as com862
Cleveland
866
282
298
Richmond.
605
609
371
390 pared with the end of July, 1920, and of 72
A t l a n t a . . . .
.
.
.
445
443
294
288
Chicago
1,400
1,397
742
751 millions as compared with the end of August,
St. Louis
568
567
285
287
1919. Holdings of discounted bankers' acceptMinneapolis
985
979
488
502
Kansas City
1,073
1,070
488
508 ances and trade acceptances were somewhat
Dallas
833
828
527
519
San Francisco
808
810
414
380 smaller at the end of August than a month
earlier, but much larger than a year ago, while
Total
9,487
9,458
4,780
4,858
holdings of commercial paper proper increased
from 1,019 millions at the end of July to 1,108
Federal Reserve Bank holdings of discounted millions at the end of August, compared with
and purchased bills, by classes of paper, at the only 138 millions at end of August of the past
end of August and July, 1920 and 1919, are year.
shown in detail on page 1102 and are sumHoldings of purchased acceptances at the
marized in the following table:
end of August were about 307 millions, marking
1100
OCTOBER, 1920.
FEDERAL KESERVE BTJLLETIK.
a reduction of 39 millions from the total of 346
millions shown at the end of July. Bankers' acceptances declined by about 40 millions from
the end of July to the end of August, and were
65 millions less at the latter date than a year
earlier. Of the bankers' acceptances held at
the end of the month, 67.6 per cent were
accepted by member banks, 14.7 per cent by
nonmember State banks and trust companies.
10.4 per cent by private banks, and 7.3 per cent
by foreign banks, branches, and agencies.
Holdings of trade acceptances increased from
6.8 millions at the end of July to 7.1 millions at
the end of August, the latest total being composed of 1.3 millions of acceptances drawn in
the domestic trade and 5.8 millions drawn in
the foreign trade.
Total discount and open-market operations of each Federal Reserve Bank during August, 1920.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total, August, 1920
Total, August. 1919
Total, 8 months ending Aug. 31, 1920
Total, 8 months ending Aug. 31, 1919
Bills disBills bought
counted for
member banks. in open market.
United States securities
purchased.
Bonds and
Victory notes.
Certificates of
indebtedness.
Total.
August, 1920.
$416, 777,225
5,091, 646,804
520, 882,184
197, 568,429
265, 386,300
208, 283,410
510, 945,517
205, 721,345
81, 183,262
145, 550,169
110, 782,861
227, 796,538
$24,851,970
132,506,461
8,057,736
24,936,676
4,706,421
1,198,097
34,656,863
985,000
525,328
3,514,610
805,000
22,964,116
$12,500
2,369,000
787,500
40,000
1,242,500
50,000
4,236,500
$468,250,695
5,280,557,765
558,633,920
224,380,105
271,092,721
209,481,507
547,983,880
207,493,845
81,748,590
150,307,279
111,637,861
254,997,154
7,982,524,044
259,708,278
12,500
124,320,500
8,366,565,322
6,433,662,286
53,128,856,083
49,682,125,538
194,210,625
2,192,875,340
1,543.463,357
200
240,600
1,751,675
180,874,000
5,367,209,000
1,978,374,500
60,689,181,023
1
$26,621,500
56,404,500
29,694,000
1,875,000
1,000,000
August, 1919.
$288,044,078
3,693,076,844
925,992,018
294,517,467
389,592,648
185,931,984
462,339,271
159,890,092
48,525,463
110,264,600
95,939,511
154,633,135'
6,808,747,111
i"53,"205,"7i6,"676
Includes $1,000 of municipal warrants.
Average daily amount of earning assets held by each Federal Reserve Bank during August, 1920, earnings from each class of
earning assets and annual rate of earnings on basis of August, 1920, returns.
Average daily holdings of—
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total, August, 1920
Total, August, 1919,
Discounted
bills.
Purchased
bills.
United States
securities.
$173,312,368
887,809.400
175,458', 735
177,957,186
103,775,409
117,058,707
436,806,440
112,397,837
81,019,000
107,118,985
73,305,848
159,093,541
$21,682,209
116,083,306
12,891,524
59,877,601
6,976,745
3,065,269
43,028,924
2,451,794
1,747,000
3,926,817
728,629
53,001,218
$23,344,295
71,682,768
35,328,010
24,276,827
13,525,558
15,781,462
44,196,100
18,463,819
8,599,000
21,713,548
12,268,129
14,108,047
$218, 338,872
1,075,575,474
223, 678,269
262, 111,614
124, 277,712
135, 905,438
524, 031,464
133, 313,450
91, 365,000
132, 759,350
86, 302,606
226, 202,806
2,605,113,456
1,801,887,304
325,461,036
371,090,978
303,287,563
269,648,389
3,233,862,055
2,442,626,671
Total.
OCTOBER, 1920.
1101
FEDERAL RESERVE
Average daily amount of earning assets held by each Federal Reserve Bank during August, 1920, earnings from each class of
earning assets and annual rate of earnings on basis of August, 1920,
returns—Continued.
Earnings from—
Federal Reserve Bank.
Discounted Purchased
bills.
bills.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total, August, 1920
Total, August, 1919
Bills
discounted
during
August,
Customers'
paper
secured by
Federal Reserve Bank. Government
war obligations.
Boston..
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago..
St. Louis
Minneapolis
Kansas City
Dallas . .
San Francisco
. .
Total, Aug., 1920.
Total, Aug., 1919.
1
Bankers'
$913,828
4,697,735
827,989
891,219
526,783
604,383
2,422,720
573,589
463,459
540,788
389,299
804,410
$111,854
607,155
65,003
303,577
35,823
15,837
220,010
12,775
8,962
20,011
3,788
13,656,202
6,321,525
1,673,461
1,329,145
Annual rates of earnings on—
United
States
securities.
Total.
$40,422 $1,066,
156,086 5,460,
68,347
961,
42,569
1, 237,
23,028
585,
26,915
647,
78,481
2,721,
33,401
619,
14,669
487,
39,010
599,
22,261
415,
26,064 1,099,
571,253
506,093
Discounted Purchased
bills.
bills.
United
States
securities.
Per cent.
Per cent.
6.23
6.09
6.25 i
6.18
5.57 !
5.95
5.90
5.97
5.99
6.06
6.10
6.10
6.55
6.04
6.03
6.15
6.75
6.06
5.96
6.02
6.27
6.03
5.97
5.99
Per cent.
2.04
2.58
2.28
2.06
2.01
2.01
2.10
2.13
2.01
2.12
2.14
2.18
Per cent.
5.76
5.99
5.07
5.56
5.56
5.62
6.13
5.49
6.29
5.33
5.68
5.74
2.22
2.21
5.81
3.93
15,900,916
8,156,763
6.19
4.13
1920, distributed by classes; also average rates and maturities
each Federal Reserve Bank.
Member banks' collateral
notes.
Secured by
Government
'war obligations.
Otherwise
secured.
$12,077,862
100,433,993
16,814,038
6,302,545
2,317,073
6,042,579
16,144,889
5,973,258
1,156,812
4,907,649
I', 687,470
3,069,746
$331,385,370
2,840,082,275
298,472,402
157,240,192
229,512,376
142,808.720
293,437,328
107,050,761
32.657,090
102', 129,330
81,046,018
140,152,075
176,927,914
131,220,185
4,755,973,937
6,039,562,285
$193,260
$100,000
168,000 i 4,214,405
316,330
350,000 2,200,056
658,504
1,977,600
744,987
551,000
1,988,337
853,955
652,369
125,000
288,691
2,019,297
622,959
529,000
435,972
615.600
1,669,373
938;300
8,227,752
20,301,959
13,985,243
6,427,411
2
1,501,411
$73,010,625
2,144,917,126
205,279,414
31,023,371
30,920,747
57,803,862
197,906,008
91,186,101
45,061,372
37,346,839
26,997,801
80,465,633
$416,777,225
5,091,646,804
520,882,184
197,568,429
265,386,300
208,283,410
510,945,517
205,721,345
81,183,262
145,550,169
110,782,861
227,796,538
11.73
7.37
10.00
16.42
14.37
25.17
34.76
27.25
40.42
28.76
28.59
21.41
Per cent.
6.47
6.25
5.57
5.81
5.96
6.04
6.65
5.84
6.80
6.45
5.76
5.96
5,490,299
181,944
3,021,918,899
235,968,502
7,982,524,044
6,433,662,286
12.38
9.33
6.19
4.12
$10,108
l,831,005
452,265
332,262
615,000
733,856
14,392
Average
rate
(365-day
basis).
Average
maturity
in days.
Contains $110,000 in dollar exchange bills.
and trade acceptances in the foreign and domestic trade and dollar exchange bills purchased during August,
also average rates and maturities of total bills purchased by each Federal Reserve Bank.
Bankers' acceptances.
Domestic.
Boston
New York
Philadelphia.
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
.
Kansas Citv
Dallas .
San Francisco
Foreign.
$7,268,118 $17,483,852
95,355,217
20,784,353
6,477,955
1,229,781
18,691,182
5,865,494
4,288,150
418,271
256,500
941,597
24,334,122
10,071,716
810,000
175,000
461,500
13,828
. .
3,514,610
500,000
305,000
18,812,110
3,953,882
Total, August, 1920. 51,027,040
Total, August, 1919. 36,653,358
190,985,198
155,751,303
Total.
Trade acceptances.
Domestic.
$24,751,970
116,139,570
7,707,736
24,556,676
4,706,421
1,198,097
34,405,838
985,000
475,328
3,514,610
805,000
22,765,992
242,012,23S
192,404,661
Foreign.
Total.
1920;
Aver- Average ma- age rate
turity (365-day
in days. basis).
Dollar
exchange
bills.
Total bills
purchased.
$100,000
4,245,136
350,000
380,000
34.54
26.15
42.82
48.81
51.25
44.95
56.19
39.15
78.80
49.29
55.36
49.09
Per. ct.
6.13
6.01
5.87
6.00
6.08
6.08
6.09
6.18
6.11
6.08
6.25
6.01
36.78
50.73
6.04
4.25
148,124
148,124
50,000
$24,851,970
132,506,461
8,057,736
24,936,676
4,706,421
1,198,097
34,656,863
985,000
525,328
3,514,610
805,000
22,964,116
12,269,879
1,157,435
12,269,879
1,424,714
5,426,161
3S1,25O
259,708,278
194,210,625
$12,121,755 $12,121,755
251,025
50,000
•
$267,279
by
Total.
2
Includes $417,500 in the foreign trade.
of bills discounted
All other
(commercial
n. e. s. agricultural and
live stock
paper).
Bankers'
acceptances.
Trade acceptances.
Federal Reserve Bank.
6.07
4.22
Total.
1102
FEDERAL BESEBVE BULLETIN.
Discounted bills, including
OCTOBER, 1920.
member banks' collateral notes, held by each Federal Reserve Bank
1920, distributed by classes.
on the last Friday in
August,
[In thousands of dollars.]
Federal Reserve Bank.
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas C i t y . . .
Dallas
San Francisco.,
Total, 1920.
Total, 1919.
Member banks' collateral notes.
Customers'
paper secured by
Govern- Secured by
ment war
GovernOther
obligament war
wise
tions.
obligasecured.
tions.
Livestock
paper.
Agricultural
paper.
1
224
265
578
9,143
15,044
21,908
4,155
15,079
8,646
18,662
23,345
117,050
30,363
1,583
40,736
25,373
10,840
15,133
23,257
143, 861
48,406
13,759
5,939
10,510
21,858
11,464
4,413
7,451
2,528
3,996
93,523
410,131
88,950
66,247
30,776
53,809
140,770
24,305
2,314
39,727
18.036
48,800
99,228
27,538
297,442
209,072
1,017,388
1,400,224
2,239
187
130
3,007
Trade
acceptances.
Bankers'
acceptances.
142
1,221
206
347
63
1,035
222
372
137
163
3,626
332
2,354
1,383
1,253
4,479
858
413
826
768
3,021
25
2,483
202
207
3,819
9,319
19,476
9,001
74
All other
(commercial paper
n. e. s.).
Total.
34
153
2,439
66,338
359,644
36,261
113,240
52,170
34,470
247,974
68,353
14,219
27,425
22,289
61,328
185,546
920,043
174,416
196,714
100,762
118,892
438, 764
112,230
78,209
109,704
73,648
158,199
9,013
439
1,103,711
129,178
2,667,127
1,815,134
593
1,428
1,449
Acceptances purchased by each Federal Reserve Bank and held on Aug. 31,1920, distributed by classes of accepting
institutions.
[In thousands of dollars.]
Bankers' acceptances.
Nonmember
trust
companies.
Nonmember
State
banks.
Private
banks.
Foreign
banks,
bankers,
and
agencies.
18,779
52,764
13,903
33,080
7 062
1,671
37,961
1 970
985
3,985
458
30,250
98
1,877
200
423
1,231
15,973
2,549
10,625
1,655
10,575
2,204
8,613
573
7,689
1,208
6,681
14
1,688
1,020
428
19
9,433
202,868
234,368
255,564
275,369
270,808
282,339
364,940
383,375
264,827
188,366
2,631
1,975
1,876
2,954
1,237
1,389
2,100
6,134
3, 111
1,717
41,499
45,137
54,598
56,187
45,055
55,390
70,127
68,592
32,665
8,264
Federal Reserve Bank.
Member
banks.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City. .
Dallas
San Francisco
.
Total:
Aug. 31, 1920
July 31, 1920
June 30, 1920
Mav 30, 1920. .
Apr. 30, 1920
Mar. 31, 1920.
Feb. 29, 1920
Jan. 31, 1920
Aug. 31, 1919
Aug. 31, 1918
Trade acceptances.
5.108
22,336
88,878
20,064
59,422
7 062
1,671
41,111
1 970
1,035
3,985
458
51,968
21,737
22,079
21,856
29,469
31.210
23,654
33,440
36.203
20,955
8,450
299,960
339,646
372,541
411,427
396,859
413, 784
530,825
555,522
365,373
225,964
50
7,158
31,225
36,087
38,647
47,448
48,549
51,012 !
60,218 I
61,218
43,815
19,167
Grand
total.
Total.
Domestic. Foreign.
Total.
1,310
5,350
6,660
24
460
484
22,336
95,538
20,064
59,422
7,062
1,671
41,111
1,970
1,035
3,985
458
52,452
1,334
1,638
1,939
1,542
600
572
580
1,893
561
2,201
5,810
5,124
10,071
7,223
9,788
5,566
4,800
4,595
1,229
6,605
7,144
6,762
12,010
8,765
10,388
6,138
5,380
6,488
1,790
8,806
307,104
346,408
384,551
420,192
407,247
419,922
536,205
562,010
367,163
234,770
OCTOBER, 1920.
1103
FEDERAL RESERVE BULLETIN.
Bills discounted by each Federal Reserve Bank during the three months ending Aug. 31,1920, distributed by rates of discount;
also average rates and maturities of bills discounted by each bank.
5 per cent-
4f per cent.
5£ per cent.
Federal Reserve Bank.
Amount.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas.
San Francisco
Total
.
Discount.
$318,000
$150
318,000
150
...
5f per cent.
5h per cent.
Amount.
Discount.
Amount.
Discount.
$25,963,307
$29,763
229,302,050
49,425,500
390,272
51,039
$6,570,500
526,500
$13,995
1,154
62,216,000
115,816
68 592,300
150,000
42,311,200
59,850,845
115,409
329
77,959
113,166
2,716,500
941,000
1,685,500
5,878
2,275
2,190
704,000
791,000
20,398,000
1,530
1,673
30,514
537,811,202
893,753
34,333,000
59,209
6 per cent.
6 | per cent.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis..
Minneapolis
Kansas City.
Dallas
San Francisco
Total
Amount.
Discount.
$478,611,155
5,264, 809,044
764,303,755
147,423,843
124,809,600
300,270,183
330,185,795
258,645,669
46,712,400
255,625,115
188,475,495
144,355,620
$399,878
2,503,130
1,649,503
187,073
170,951
701,932
742,357
632,086
99,681
614,387
458,204
191,365
8,304,227,674
8,350,547
Amount.
Total
.....
Discount.
$834,712
6,379,416
688,100
771,284
1,874,734
1,488,096
1,876,826
1,817,250
200,941
1,475,355
1,047,393
2,341,345
20,795,452
$13,607
806,320
1,724
3,196
69,965
11,785,000
426,500
67,408,575
27,951
1,005
73,166
$457,857,392
2,784,647,144
498,475,772
10^,935,439
678,630,692
184,680,627
610,763,620
247,535,319
68,423,757
125,685,830
88,063,346
472,712,659
429,688,568
996,934
6,327,411,597
Federal Reserve Bank
Boston
New York .
Philadelphia . .
Cleveland
. . .
Richmond..
Atlanta
Chicago.- St Louis
Minneapolis
Kansas City . .
Dallas
San Francisco . . . .
Amount.
$8.246,000
311,531,993
725,500
1,338,000
28,227,000
7 per cent.
Amount.
Discount.
Discount.
$157,514,077
4,511,783,132
$1,234,917
6,344,172
598,056,452
7,3*66,6"6i
131,951,097
1,638,258
5,399,304,758
16,517,948
. . . .
.. .
.
Super-rates.
Amount.
Discount.
$995,009
$7,120
995,009
7,120
Total.
Average
rates
(365-day
basis).
Discount.
Average
maturity
in days.
$1,119,945,931
12,561,239,320
1,506,898,077
618,843,275
804,165,792
551,221,310
$59,230
1,568,173,867
576,458,788
66,326"
248,232,263
436,111,145
294,723
337,607,186
10,506
705,192,854
$2,499,270
15,226,718
2,755,477
1,816,870
2,047,409
2,374,148
9,992,024
2,633,261
1,946,329
2,491,905
1,631,947
2,636,540
12.85
7.04
12.07
18.47
15.61
26.52
34. 99
28.77
42.17
31. 66
30. 38
23.03
Per cent.
6.34
6.28
5/53
5.80
5.95
5.93
6.65
5.80
6.79
6.59
5.81
5.94
21,034,089,808
48,051,898
13.40
6.22
Discount
collected
during
period.
430,785
Amount.
1104
BULLETIN".
OCTOBER, 1920.
Acceptances purchased by each Federal Reserve Bank, during the three months ending Aug. 31, 1920, distributed by rates of
discount; also average rates and maturities of acceptances purchased by each Federal Reserve Bank.
5| per cent.
5| per cent.
5J per cent.
5| per cent.
5 per cent.
Federal Reserve Bank.
Amount. Discount. Amount. Discount. Amount. Discount. Amount. Discount.
Boston
New York.
Philadelphia
Cleveland.. .
Richmond
Atlanta...
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
,
$18,715,361
$75,000
$257
75,000
257
Boston .
New York
Philadelphia
Cleveland
Richmond
Atlanta... .
Chicago..
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
Amount.
$930
100,000
930
18,715,361
Discount.
Amount.
Discount.
40,086
$4,561,527
167,737,693
6,524,736
7,637,701
$13,244
466,860
43,422
30,088
42,491
112
$64
10,916,103
25,000
9,356,240
41,867
10,000
64
206,759,000
638,084
6J per cent.
Discount
Amount.
6-nr Per cent.
Amount. Discount. Amount. Discount.
$99,717
692,814
6,697
272,226
104,893
57,247
123,143
32,613
52,607
69,119
9,585
216,196
$11,953,467
16,074,394
$92,417
186,35 6
$2,811,349
8,679,936
$21,732
116,620
2,514,122
24,822
944,290
7,465
2,595,957
26,260
5,072,620
291,336
57,026
714
287,007
$13,236,859
62,566,879
1,010,268
26,399,992
11,291,884
5,607,305
10,288,318
2,602,443
4,625,370
7,335,671
1,047,500
19,452,340
2,202,040
25,208
500,000
1,318,551
5,208
12,134
2,073,219
165,464,829
1,736,857
35,339,980
355,063
19,618,082
220,899
$20,683,042
89,295,179
2,172,347
36,637,344
$126,219
791,503
18,283
327,794
54,245,425
261,712
520,301
2,112
32,324,375
235,619,424
6| per cent.
6| per cent.
6\ per cent.
6| per cent.
Discount.
$10,000
6J per cent.
6 per cent.
5| per cent.
Federal Reserve
Bank.
$100,000
$40,086
Amount.
$80,000
$1,213
80,000
1,213
6| per cent.
Federal Reserve Bank.
Amount. Discount. Amount. Discount. Amount. Discount. Amo unt. Discount. Amount. Discount.
Boston..
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Kansas City
Dallas..
San Francisco
Total
$15,435
$42
394
$1,>,000
2.>,617
$39
$15,088,263
1,445,270
$41,993
20,468
$3,016,546
136,703
$8,758
2,030
797,529
2,291
774,521
1,995
8,674,899
455,770
131,291
1,211
5,049,000
495,000
24,200
81.139
1,178
361
702,000
900,000
11,503
2,484
1,200,000
3,375
9,495,970
95,461
1,617,435
14,026
1,240,617
3,811
....
113,649
1,769
26,575,380
199,023
7 per cent.
7£ per cent.
Total.
Federal Reserve Bank.
Boston.
New York..
Philadelphia
Cleveland
Richmond
Atlanta
Chicago...
St. Louis
Amount.
Discount. Amount. Discount.
$44,045,303
$113,411
$93,171
$1,223
44,045,303
113,411
93,171
1,223
M i n n e a p o l i s . . . . . .. . .
Kansas City
Dallas
San Francisco
Total
$15,000
$43
60,022
537
75,022
580
Average
maturity
in days.
Average
rate (365day basis)
per cent.
Amount.
Discount.
$71,381,488
408,815,506
9,707,351
75,720.499
11,291.884
5,607,305
97,684,344
6,241,261
4,724,570
7,335,671
1,547,500
64,867,195
$404,161
2,431,765
68,402
666,724
104,893
57,247
994,904
43,863
53,225
69,119
14,793
585, 111
33.75
35.93
43.69
53.40
55.74
61.26
60.80
41.45
67.62
58.53
56.56
54.77
6.12
6.04
5.89
6.02
6.08
6.08
6.11
6.19
6.08
6.08
6.17
6.01
764,924,574
5,494,207
43.29
6.06
OCTOBER, 1920.
1105
FEDERAL RESERVE B1JLLETIK.
OPERATIONS OF THE FEDERAL RESERVE CLEARING SYSTEM FROM AUGUST 16 TO
SEPTEMBER 15, 1920.
[Amounts in thousands of dollars.]
Items drawn on "banks in own district.
Federal Reserve Bank
or branch.
Located in
Federal Reserve
Bank and
"branch cities.
Located outside
Federal Reserve
Bank and
branch cities.
624,687 625,616
987,964 2,109,080
149,339 113,474
,428,432 869,761
330,651 280,977
146,745 161,086
314;969 337,364
100,360 165,534
189,524 195,653
74,204
110,206
22,177
41,137
27,192
19,932
39,983 37,675
56,157 65,358
775,271 779,016
186,697- 201, 519
238,0241 282,802
40,338! 26,235
74,4701 67,889
69,158! 32,413
265,356! 162,907
274,294 368,420
66,362
69,938
43,905 75,482
90,808
74,539
86,953 64,412
12,420
30,460
55,227
58,026
130,125 124, 891
94,602
112,519
43, 859
52,416
67,312 26,475
63,693 43,947
19,083
26,581
Total:
Aug. 16 to Sept.
15,1920
7,303,690 7,7(
July 16 to Aug.
15,1920
7,093,981
Aug. 16 to Sept.
15,1919
5,014,779 6,
2,682,55l! 443,981
3,753,4501,260,623
345,703 62,091
1,801,909 281,616
1,101,466 202,003
752,625 100,088
769,004 101,023
1,468,302 289,847
656,049 88,638
295,77'
61,852
145,407
13,437
116,794
13,501
191,816 25,537
100,897
17,599
3,304,612 445,925
370,358
54,337
1,338,252 113,078
271,259 20,383!
346,827 28,730:
135,097
10,549!
1,599,967 127,249;
2,087,852 169,398
335,652 28,217J
907,430 106, 870i
531,322
50,937|
1,441,223 260,171
124,147
12,746
362,422
50,942
340,353
33, 550
667,534
59,153;
178,490
13,458
349,472 34,785|
206,715
18,585
156,678
12,588
112,930 23,022 3,420,168 1,092,619
938,550 234,469 5,679.964 3,604,172
179,792
8,296
4,227
503,338
130,757
72,096 3,361,098 1,223,473
43,069
5,498 1,475,186
488,478
36,974
4,309
936,344 265,483
25,403
6,852 1,109,376
445,239
35,391
5,599 1,604,053! 460,980
49,551
15,100
895,124 299,391
20,786
6,323 426,769
142,379
10,567
1,026
36,640
197,111
8,805
1,701
35,134
152,791!
2,317
9,518
65,529
241,3171
3,037
16,138
85,994
173,1921
138,625 33,804 4,218,508! 1,258,745
31, 564
4,146
588,619 260,002]
64,591
7,812 1,640,867
403,692i
1,136
317,153
5,556
47, 754!
5,991
18,798
440,095
102,610
1,353
211,819
44,315
7,564
3,352 1,882,682
293,508
17,359
6,529 2,411,133
48,987
544,347
2,536
421,106
15,516
97,115
951,335 182,352
636,309
1,1
127,163
14,179
328,466
24,397
3, 883 1,552,573
11,73"
4,484
29,650
166,344
13,413
1,354
433, 861 107,523
50,559
74,658
521,037 233,099
19,814
7,245
161,000
799,867
17,030
6,003 247,936
63,320
13,144
2,658
429,928
63,918
24,248
8,948
294,656
71,480
9,011
1,179
192,270
32,850
Total
25,r
80, 377j
595,778
37,257
234,397
31,523
18,247
53,358
72,609
122,846
21,662
12,384
8,844
6,220
14,145
45,164
9,199
9,650
1,992
2,919
1,400
42,571
78,786
20,496
6,475
8,790
37,745
9,021
2,410
4,476
8,968
2,800
15,147
6,521
3,390
• •
8,299
9,418
2,530
107,026
268,308
134,068
29,305
37,721
79,486
19,488
17,865
24,919
57,594
2,496
10,660
16,910
7,425
23,241
33,177
8,829
27,948
48,199
9,507
28,796
9,932
9,125
57,339
25,007
6,423
11,758'
6,750
11,637
6,692
23,692
31,270
2,588
5,687
18,079
5,883
8,868
12,140
8,660
10,419
41,361
2,357
2,491
1,297
5,452
2,259
2,414
4,498
535
1,627
37,273
20,956
19,242
9,627
10,213
2,556
3,389
10,479
5,083
5,018
10,100
6,980
5,844
853,084
311,877
,376,932|21,579,215
757,694
272,339
17,730,1793,920,3011,927,- 804 1,290,535 24,672,76211
672,
439,311 32,426,843 31,449,209
546,860
298,610
383,068 37, 045,507 12, 301,405
Number of member
banks in district
Sept. 15.
1920
1
2
3
127,407
905,644
144,212
735,328
28,913
14,916
61,375
123,434
143,475
21,512
16,845
24,179
28,838
54,165
285,869
9,242
564,334 38; 533,92912,878,212 i3,584,78U 1,627,567
), 237,412J4,613,4871.1,992,827
27,951,862;4,510,462 1,999,664
Federal Reserve district.
Boston
New York
Philadelphia
Cleveland
Richmond
. . . .
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Items forwarded to Items forwarded
other Federal
to parent bank
Reserve Banks and or to branch in
their branches.
same district.
Total.
Number. Amount. Number. Amount.
Number. Amount.
Boston
New York
Buffalo
Philadelphia
Cleveland
Cincinnati
Pittsburgh
Richmond
Baltimore
Atlanta
Birmingham
Jacksonville
Nashville
New Orleans
Chicago
v Detroit
St. Louis
Little Rock
Louisville
Memphis
Minneapolis
Kansas City
Denver
Oklahoma City
Omaha
Dallas
El Paso
Houston
San Francisco
Los Angeles
Portland
Salt Lake City
Seattle
Spokane
Items drawn on
Treasurer of
United States.
1919
Number of nonmember banks on par list
Sept. 15.
1920
1919
257
327
242
319
694
866
610
445
1,401
567
985
1,076
838
813
670
837
573
431
1,363
527
899
1,017
748
681
433
1,076
766
421
4,240
2, 512
2,913
3,395
1,254
1,026
409
1,014
418
349
3,184
1,731
1,485
2,502
392
917
9,506
8,920
18,620
12,962
434
777
430
744
Number of incorporated banks other
than m u t u a l savings
banks not on par list
Sept. 15.
1920
1919
174
75
1 026
1,217
1,012
922
1,384
755
822
149
2,160
7,362
784
1,202
Includes 7,210 items, amounting to $2,115,000, forwarded direct to member banks in other Federal Reserve districts.
Includes 6,553 items, amounting to $1,965,000, forwarded direct to member banks in other Federal Reserve districts.
Includes 4,260 items, amounting to $2,736,000, forwarded direct to member banks in other Federal Reserve districts.
NOTE.—Number of business days in period was 26 in all Federal Reserve Bank and branch cities except Baltimore, Dallas, El Paso, and
Houston where the number was 25, and in San Francisco and Los Angeles, where the number was 24.
1106
FEDERAL RESERVE BULLETIN.
OCTOBER, 1920.
CHANGES IN CONDITION OF FEDERAL RESERVE BANKS.
Discount operations of the Federal Reserve
Banks between August 27 and September 24,
as measured by the amounts of discounted bills
held on successive Fridays, on the whole show
a further moderate-upward course, the September 24 total of discounted bills, 2,704.4 millions,
being 37.3 millions in excess of the August 27
total. A decline of 69.7 millions in discount
holdings shown in the September 10 condition
statement is largely offset by an increase' of
52.8 millions in the holdings of Treasury certificates, of which the larger portion was acquired during the week from New York member
banks and held until maturity on September 15
by the Boston and Cleveland Reserve Banks.
Changes in the Federal Reserve Banks' loan
accounts indicated in the September 17 statement reflect the week's large fiscal operations,
including the redemption on September 15 of
the bulk of the principal and the semiannual
interest coupons of about 640 millions of tax
certificates and the issuance on the same date
of 448.6 millions of two series of new tax certificates, the payment of semiannual interest
on third Liberty loan bonds, and the handling
of the third quarterly installment of income
and excess profits taxes.
A summary of the weekly changes in the
principal asset and liability items of the
Federal Reserve Banks follows:
of about 166 millions, of which 96.5 millions
represents the decrease in bills secured by
Government obligations and 69.5 millions the
decrease in other discounted bills. Borrowings from the Federal Reserve Banks were,
however, resumed on a large scale during the
following week, as the member banks' deposit
accounts came to be debited with the large
amounts of checks and drafts issued in payment of taxes, and on September 24 Federal
Reserve Bank holdings of discounted paper
had increased by 195.2 millions, of which by
far the larger portion, viz, 177.4 millions,
represents an increase in the amount of ordinary
commercial paper, as distinct from bills secured
by Government war obligations.
Holdings of bills of the latter type totaled
1,220.4 millions on September 24, as against
1,314.8 millions four weeks earlier. In the
meantime the holdings of other discounted
bills had increased from 1,352.3 to 1,484 millions, so that the share of bills secured directly
or indirectly by Government obligations in the
total discounts shows a decline for the four
w^eeks from about 50 to slightly over 45 per
cent. Of the total decrease of 94.4 millions in
the holdings of war paper by far the larger portion, viz, 78.5 millions, represents the decrease
in paper secured by Treasury certificates, paper
secured by Liberty bonds and Victory notes
showing a decrease of 15.9 millions only. In
Principal asset and liability items of the 12 Federal Resen e consequence of these changes, the share of
Banks combined on Fridays, Aug. 21 to Sept. 24,1920.
paper secured by certificates in the total holdings of war paper shows a decline from 26.4 to
[In millions of dollars.]
about 22 per cent.
For the first 3 weeks under review there is
Aug. Sept. Sept. Sept. Sept
27.
3.
10.
17.
noted a reduction by 232.2 millions in 15-day
paper, as against a reduction of only 157.9 milEeserves:
During the sub2,152 lions in total discounts held.
Total
2,128 2,118 2,131 2,133
Gold
1,990 sequent week short-term borrowing was, how1,972 1,962 1,976 1,973
Bills discounted:
2,667 2,745 2,675 2,509
2,704 ever, resumed in large volume, and on SeptemTotal
Secured by Government war
1,315 1,333 1,299 1,202
1,220 ber 24 the holdings of 15-day paper had inobligations
1,352 1,412 1,376 1,307
1,484 creased to 1,483.1 millions, marking a gain of
All other
Bills bought in open market
308
322
314
317
322
Certificates of indebtedness
271 133.5 millions for the week, though an absolute
274
280
332
393
Total earning assets
3,290 3,365 3,351 3,251
3,310 decline of nearly 100 millions since Augut 27,
Government deposits
40
44
65
31
135
Members' reserve deposits
1,819 1,830 1,829 1,822
1,801 and a relative decline from about 60 to 55 per
Net deposits
1,718 1,735 1,679 1,578
1,658
cent of the total discounts held. Holdings of
Federal Reserve notes in circulation
3,204 3,243 3,295 3,290
3,280 30-day paper show an increase of 104.2 millions,
Federal Reserve Bank notes in
205
209
201
212
214 largely during the last week under review.
circulation
43.2
42.5
43.6
42.8
Reserve percentage
43.8
Moderate increases are shown in the holdings
of 60 and 90 day paper, while those of 6-month
Redemption of Treasury certificates enabled agricultural and live-stock paper show a conthe member banks to liquidate considerable tinuous reduction, reflecting to some extent
amounts of paper held under discount with the further seasonal liquidation of bank loans
the Federal Reserve Banks and, accordingly, in the agricultural districts.
the latter's holdings on September 17 of disFurther reduction from 321.9 to 307.6 milcounted bills show a reduction for the week lions is shown in the Federal Reserve Bank
OCTOBER, 1920.
1107
FEDERAL, RESERVE BUKLETIN.
holdings of acceptances purchased in the open
market. Since January 23, when holdings of
this class of paper reached the high total of
about 576 millions, there has been a fairly
steady decline, due in most part to the increasing absorption of prime bank acceptances
by country banks, savings banks, and industrial corporations. Treasury certificate holdings fluctuated in volume between a high of
393.5 millions on September 17 and a low of
270.6 millions on the following Friday, the
larger figure including 127 millions of special
certificates held by the New York and Cleveland Federal Reserve Banks to secure advances
to the Government. Collection of tax checks
during the following week enabled the Government to redeem all of these certificates.
Interbank discounting continued in large
volume, the total of paper held under discount
for other Federal Reserve Banks showing an
increase from 166.5 to 226.9 millions. The
larger amount was held by the Boston, Philadelphia, and Cleveland banks, the latter bank
showing a total of 135.6 millions discounted
for other Federal Reserve Banks, compared
with about 86 millions of paper held under discount for its own members. The list of rediscounting banks on September 24 includes
besides the six banks shown at the close of
August also the Chicago bank, while the Philadelphia bank has been able more recently to
extend an increasing amount of accommodation to the other Federal Reserve Banks.
Among the banks accommodated are found the
four banks which apply progressive discount
rates. These four banks show a total increase
of over 51 millions in their member bank discounts, as against an increase of about 40
millions in aggregate liabilities on paper rediscounted with other Federal Reserve Banks.
Holdings of acceptances purchased from other
Federal Reserve Banks declined from 48.9 to
23.4 millions. The latter amount is composed of
bank acceptances sold by the New York and
Chicago banks without their indorsement to
the Philadelphia, Cleveland, and San Francisco banks. There also continue to be shown
aggregate guarantors' liabilities of the Reserve
Banks of 16.2 millions on bills purchased for
account of foreign correspondents.
Government deposits fluctuated between
31 millions on September 10 and 135.2 millions
on the following Friday. Reserve deposits
moved within the narrow limits of 1,829.8
millions on September 3 and 1,800.7 millions
on September 24, while other deposits, composed largely of foreign Government credits
and nonmembers' clearing accounts, show an
almost continuous decline from 43.2 to 34.9
millions. Net deposits, from a high level of
1,735.1 millions on September 3, declined to
1,578.3 millions on September 17. On the
following Friday, in consequence of the large
reduction in the "float," an increase to
1,658.5 millions is shown. Federal Reserve
note circulation shows a further expansion
during the earlier two weeks of 91.6 millions.
Since then a total reduction of 15.2 millions for
the system and a much larger reduction for the
three eastern seaboard districts are shown.
There is also shown a continuous expansion by
13.4 millions in Federal Reserve Bank note
circulation between August 27 and September 24.
As a consequence of further net gold imports, the banks' gold reserves show a gain
of about 18 millions, while their total cash
reserves, in consequence of further silver
deposits by the Government, show a gain of
23.8 millions. The reserve ratio, which had
shown a decline from 43.2 per cent on August
27 to 42.5 per cent on September 3, rose to
43.8 on September 17, following the large
liquidation of borrowings by member banks
and the reduction thereby of the Reserve
Banks' deposit liabilities. On September 24,
in consequence of the resumption of member
bank borrowings and the large increase in the
Reserve Banks' deposit liabilities, a decline of
the reserve ratio to 43.6 per cent is noted.
Resources and liabilities of each Federal Reserve Bank at dose of business on Fridays, Sept. S to Sept. 24, 1920.
RESOURCES.
[In thousands of dollars.]
Boston.
Gold and gold certificates:
Sept. 3
Sept. 10
Sept. 17
Sept. 24
12,229
12,282
7,415
7,569
NewYork.
77,022
63,613
81,830
99,398
Philadelphia.
1,313
1,326
1,343
1,351
Cleve- Richland. mond.
Atlanta.
Chicago.
2,435
2,445
2,449
2,391
3,273
8,352
7,437
7,452
24,338
24,416
24,442
24,462
10,638
10,670
10,338
10,413
San
Minne- Kansas
St.
FranLouis. apolis. City. Dallas. cisco.
3,631
3,514
3,445
3,278
7,237
7,198
7,199
7,219
576
592
605
618
4,891 12,487
4,976 11, 606
5,120 12,906
5,114 14,561
Total.
165,070
150,990
164,529
183,826
1108
OCTOBER, 1920.
FEDERAL RESERVE BULLETIN.
Resources and liabilities of each Federal Reserve Bank at close of business on Fridays, Sept. 3 to Sept. 24,
1920—Continued.
RESOURCES—Continued.
[In thousands of dollars.]
Gold settlement fund—Federal
Reserve Board:
Sept.3
Sept. 10
Sept. 17
Sept. 24
Gold with foreign gencies:
Sept. 3
Sept. 10
Sept. 17
Sept. 24
Gold with Federal Reserve
agents:
Sept. 3
Sept. 10
Sept. 17
Sept. 24
Gold redemption fund:
Sept.3
Sept. 10
Sept. 17
Sept. 24
Total gold reserves:
Sept. 3
Sept. 10
Sept. 17
Sept. 24
Legal-tender notes, silver, etc.:
Sept.3
Sept. 10
Sept. 17
Sept. 24
31, 975
28, 718
25, 291
14, 324
8 136
8,136
8 136
8 136
116,592
114.964
158,662
156,823
15,588
15, 954
16,380
17,406
Uncollected items and other deductions from gross deposits:
Sept.3
Sept.10
Sept. 17
Sept.24
Richmond.
42,374
46,953
30,287
33,948
57,123
52,410
66, 862
57,035
30,628
22,318
18,076
17,700
8,916
8.916
8,916
8,916
9,139
9,139
9,139
9,139
Atlanta.
Chicago.
St.
Minne- Kansas
Louis. apolis. City. Dallas.
6,106 95. 687
3,066 103', 805
8,081 61, 949
6,381 44, 513
8, 655
9 266
8, 560
7, 671
504
s!
7, 182
5,461
5,461
5,461
5,461
4,013
4,013
4,013
4,013
5, 238
238
3, 009
5,238
3, 009
3, 009
149,448
151,692
151,782
141,583
40,951
48,794
47,383
45,972
48,237
53,914
53,186
52,624
163,
160,
193,
190,
221
844
752
791
45, 666
47, 099
47, 892
47 307
30, 817
30, 867
35,803 12,829
689
35. 899 12,921
1,316
35,857 13,172
502
35,985 8,774 11,852
9,615
6,138
6,706
7,211
9,545
5,146
5,751
6,567
32,
34,
21,
23,
779
738
321
731
5, 778
5 301
50, 102
75, 565
25, 537
100, 042
40,
40,
40,
40,
905
905
905
905
275,070
269,181
268,712
267, 490
114,818
118,141
131', 791
124,322
13, 263
13, 263
13, 263
13, 263
5, 238
5,678
5 944
San
Francisco.
Tota
24,798
21,928
28,185
21,908
7, 084
6, 531
5, 013
2,746
47,633
49,704
46,285
26,958
5,350
5,350
5,350
5,350
2,898
2, 898
2, 898
2, 898
5,127
5,127
5,127
5,127
27; 671
37,869
39,004
39,006
39,817
26, 272
27, 460
26, 697
30, 584
83,258
85,279
88,826
86,635
1 ,132, 219
1 ,147, 239
1,237, 942
1 ,211, 619
285
215
574
3, 131
4,809
4,335
4,992
4,714
5, 360
5, 730
6, 154
4, 379
9,979
10,081
10,806
11,938
143,059
137, 774
127, 893
141, 632
342
8, 077
3,009
30.253
410, 507
428, 768
331, 308
341, 303
111,
111,
111,
111,
455
455
455
455
184,520
180,054
215,884
204, 258
478,902
485,163
452,841
543,820
180,250
188;257
185, 509
177,311
227,037
225,227
238,623
230,022
89, 090
85,156
80,075
78,735
76,174
74,491
78,468
77,037
329, 288
337, 066
968
418
813
438
49, 690
314 727
296 760
68
70
70
69
49, 793
48 217
49 107
73,402
71,209
78,138
72,407
46,505
47, 595
45, 882
45,721
58,484
161,797
163,950
145,219
1 ,962, 310
1 ,976, 226
1 ,973, 127
1 ,989, 835
6,136
5,750
5,732
5,945
124,841
125,126
128,978
128,314
326
284
360
715
1,901
1,831
1,892
2,275
109
33
96
403
1,510
1,417
1,351
1,528
8, 064
8, 086
8 609
8 836
7
7
7
7
933
783
836
891
83
80
49
157
1,501
1,484
1,872
1,955
2, 427
2, 445
2 618
3, 065
816
702
625
675
155, 647
155, 021
160, 01S
161, 759
603,743
610,289
581,819
672,134
i180, 576
188,541
185,869
178,026
228,938
227,058
240,515
232,297
89,199
85,189
80,171
79,138
77,684
75,908
79,819
78,565
337 352
345 152
323, 336
305 596
76 901
78 201
77 329
49
49
48
49
773
873
266
264
74,903
72,693
80,010
74,362
932
040
500
786
159,300
162,499
164,575
145,894
2,117, 957
2,131, 247
2.133, 145
582,978
547,148
492 507
492,210
136,677
139, 458
127,248
131,597
76,983
96,162
77,395
72,579
45,443
42,354
43,057
37,607
64,469
62,569
60,964
63,679
159
157
149
153
622
840
099
401
31 182
33 753
44 469
39 771
8,575 41,715
11 456 41,038
12 634 37,240
6 679 35,009
17 811
17 856
17 980
21, 210
53,364
51,457
48,956
52,678
] ,332, 892
]L,299, 123
344,868
347,525
267,203
354,849
42,584
37,493
39,258
55,718
129,430
120, 368
121,529
149,088
62,968
63,316
67, 898
73,555
55,319
57,352
60,893
59,270
289
273
301
320
233
661
451
507
83
80
76
76
94,476 18,889
102,655 18,644
103,702 14,521
94,783 12,122
57,110
43,712
40,541
50,298
7,111
7,512
7,588
7,158
1,676
1,637
1,497
1,423
44
48
52
38
833
833
833
833
1,233
1,233
1,233
1,233
113
113
113
114
4
4
4
4
Total reserves:
190,656
u
t Mt. u . . ,
Sept.3.
Sept, 10
Il85,804
Sept. 17
1221,616
"Sept.' 24..
"'
210,203
Bills discounted: *
Secured by Government
war obligations114,073
Sept. 3
98,032
Sept. 10
91,044
Sept. 17
114,003
Sept. 24
All o t h e r Sept. 3
• 96,284
89,679
Sept, 10.
62,583
Sept. 17
69; 328
Sept. 24
Bills bought in open market: 2
25,383
Sept. 3
25,502
Sept. 10
31,066
Sept. 17
30,780
Sept.24
United States Government
bonds:
555
Sept. 3
556
Sept. 10
•
555
Sept. 17
555
Sept. 24
United States Victory notes:
5
Sept. 3
5
Sept. 10
5
Sept. 17
5
Sept. 24
United States certificates of indebtedness:
21,469
Sept.3
53,171
Sept. 10
21,600
Sept. 17
21,799
Sept.24
Total earning assets:
257,769
Sept.3
Sept. 10
, 266,945
206,853
Sept. 17
236,470
Sept. 24
Bank premises:
1,731
Sept.3
Sept. 10
Sept. 17
Sept. 24
I
Cleveland.
1,789
1,827
1,858
53,854
60,026
89, 506
57,757
1,462
1,462
1,462
1,462
1,386
1,386
1,386
1,386
50
50
50
50
78', 649
920
662
908
572
68,505
68,056
77,037
74,776
55 567
56,569
54 626
55,188
109,195
107,587
105,646
117,478
L,412, 035
,376, 076
,306,610
L,484, 041
097
638
013
658
1 970
1 630
\ ,720
1 595
1
1
1
1
038
038
238
388
3,510
3,701
3,874
3,521
508
698
515
763
57,733
61,615
63,330
65,135
313, 501
316, 982
321, 605
307, 624
490
490
490
490
1 153
1 ,153
1 ,153
1 153
116
116
116
116
8,867
8,867
8,866
8,867
966
966
966
966
2,632
2,632
2,632
2,633
137,245
137,339
139,136
140,155
537,085
524 ,272
546 ,918
556 ,738
134 ,992
134 ,880
141 ,245
615
615
615
620
2 146
2 ,137
2 ,137
2 ,137
23,322
43,322
42,299
23,338
12,260
12,260
12,260
12,262
15,665
15,665
15,666
15,666
1,099,601
1,075,434
1,036,410
1,010,749
232,734
230,321
214,549
233,032
287,688
304,407
282,607
296,146
129,015
126,675
132,036
131,815
3,943
3,946
3,946
3,962
638
638
638
650
1,156
1,168
1,172
1,172
1,135
1,191
1,191
1,206
168,039
179,388
269,516
170,464
66,341
71,288
92,351
70, 704
73,916
78,898
107,627
86,405
51,404
59,398
75,258
59.212
3
3
3
3
1
1
1
1
i 17,525
| IV,536
33,198
33,340
32,136
32,209
39
39
39
39
,202, 593
423
74
73
71
77
643
643
865
682
75,767
76,594
171,486
67,395
"U
162
808
578
712
3
3
3
3
10
10
10
10
48,
50
48
48,
26.
26
26
26
806
807
805
808
69
69
69
fiQ
8,481
8,481
8 ,486
8 ,481
12,826
12,826
12,868
12,826
8 300
8", 300
8 ,300
8 300
11,177
11,288
11,188
11,244
279,633
332 426
393 479
270 623
136; 652
93 ,130
94 ,753
94 ,382
94 ,236
135,424
134,489
139,886
135,000
86 ,152
87', 389
85 ,387
89 ,427
234,101
234,579
231,752
249,168
3,364 936
3,351 483
3,251 161
3,309', 588
866
866
866
866
586
586
586
601
791
836
836
836
1 ,082
1 ,082
1 217
1 ,230
232
232
232
232
14 ,921
15 ,086
15 ,263
15 ,370
21 ,327
25', 957
26 ,818
23 ,905
66,329
74,234
75,964
66,319
44 ,710
56', 435
56 ,765
54 ,236
38,455
38,000
54,458
44,976
753 ,707
837 ,060
1,097', 408
818 ,958.
17 ,325
17; 421
25,872 98 ,788 I 4 4,672
30,606 110;247 ! 52', 583
36,941 156 ,127 1 56,077
30,135 107 191 47! 654
OCTOBER, 1920.
1109
FEDERAL RESERVE BULLETIN.
Resources and liabilities of each Federal Reserve Bank at close of business on Fridays, Sept. 3 to Sept. ?A,
1920—Continued.
RESOURCES—Continued.
[In thousands of dollars.]
Boston.
5% redemption fund against
Federal Reserve B a n k n o t e s :
Sept 3
Sept. 10
. . .
Sept 17
Sept. 24
.. .
All other resources:
Sept. 3
Sept. 10
Sept 17
Sept. 24
Total resources:
Sept. 3
Sept 10
Sept. 17
Sept. 24
Includes bills discounted for
other Federal Reserve Banks:
Sept 3
Sept. 10
Sept. 17
Sept. 24
Includes bankers' acceptances
bought from other Federal
Reserve Banks without their
indorsement:
Sept 3
Sept 10
Sept. 17
Sept 24
New
York.
Philadelphia.
Cleveland.
Richmond.
Atlanta.
Chicago.
537
San
St.
Minne- Kansas
FranLouis. apolis. City. Dallas. cisco.
Total.
1 072
1,072
1 072
1,072
2 122
2,281
2 346
2,418
1,300
1,300
1,300
1,300
1,139
1,139
1,140
1,139
451
451
451
451
541
515
499
1,798
1,781
1,825
1,652
621
624
623
623
488
432
585
504
916
916
916
915
586
586
586
586
665
665
665
665
11,695
11,788
12,024
11,824
301
1,085
388
369
698
1,036
849
1,010
512
559
577
551
200
656
251
297
157
933
254
404
123
238
179
180
599
529
728
675
364
360
414
398
83
99
98
115
245
250
281
306
202
366
252
309
391
458
389
327
3,875
6,569
4,660
4,941
505,383
516 721
521,262
507,729
1,878,146
1,872 374
1,894,886
1,860,737
482,101
492,647
495,284
484,263
593,037
613,326
633,312
617,456
271,361
273,837
289,361
272,226
242,076 977,768
245,247 984,118
257,2051 ,031,071
250,154 973,989
258,416
267,514
277,874
263,522
165,387
171,700
170,735
168,625
278,608
283,418
297,893
277,738
181,664
195,898
192,707
194,574
433,144
436,433
452,071
441,262
6,267,091
6 353,233
6,513,661
6,312,275
114,993
3,999 116,388
15,767 111, 972
30,617 135,620
97,014
72,812
45,308
60,655
10,050
10,050
5,795
5,195
212,007
193,199
173,047
226,892
13,122
2,615
11,364
10,014
8,584
8,209
10,000
34,536
22,679
14,379
23,404
LIABILITIES.
Capital paid in:
Sept. 3
Sept. 10
Sept. 17
Sept. 24
Surplus fund:
Sept. 3
Sept. 10
Sept. 17
• Sept. 24
I
7,580
7,584
7,644
7,644
12,351
12,351
12,351
12,351
Government deposits:
Sept. 3
Sept.10
Sept. 17
Sept. 24
Due to members--reserve account:
Sept. 3
Sept. 10
Sept. 17
Sept. 24
Deferred availability items:
Sept. 3
Sept. 10
Sept.17
,
Sept. 24
Other deposits, including foreign Government credits:
Sept. 3
Sept. 10
,
Sept. 17
Sept. 24
Total gross deposits:
Sept. 3...'.
Sept. 10
Sept. 17
Sept. 24
Federal Reserve notes in circulation:
Sept. 3
Sept. 10
Sept. 17
Sept. 24
Federal Reserve Bank notes in
circulation:
Sept. 3
Sept. 10
Sept. 17
Sept. 2 4 . . . ' . - * • * - ' • " * - - > •
1,902
1,396
580
3,538
116,881
119,887
120,600
119,014
25.352
8,400
25.353 I 8,402
25,353 ! 8,408
25,357 | 8,417
10,249
10,249
10,249
10,253
5,131
5,147
5,211
5,213
51,308
51,308
51,308
51,308
13,069
13,069
13,069
13,069
13,712
13,712
13,712
13,712
8,067
8,067
8,067
8,067
3,711
4,435
3,589
3,063
3,078
789
971
1,615
719,621 1112,435
719,672 110,791
732,127 106,623
712,049 108,641
146 561
148,248
148,799
146,098
62,318
60,318
57,952
57,097
27,006
9,494
94
10,795 I
!
i
[
I
3,911
3,917
3,922
3,926
13,687 | 4,299
13,704
4,299
13,713
4,303
13,717
4,304
7,050
7,050
7,050
7,050
23,917
23,917
23,917
23,917
5,884
5,884
5,884
5,884
4,441 1,238 10,876
1,665 | 2,012 2,512
17,973 14,634 52,019
3,077 ! 4,089
8,498
|
! 49,158 261,191
| 46,198 257,473
| 45,359 258,068
49,109 253,571
3,329
4,420
3,329 I 4,426
3,329
4,429
3,331
4,430
3,947
3,951
3,955
3,956
6,828
6,830
6,850
6,853
97,133
97,191
97,366
97,401
5,178
5,178
5,178
5,178
8,395
8,395
8,395
8,395
4,152
4,152
4,152
4,152
11,662
11,662
11,662
11,662
164,745
164,745
164,745
164,745
2,417
2,567
10,424
2,518
2,590
1,194
4,929
575
3,359
2,535
16,940
2,054
2,249
2,520
1,465 I 911
1,442 11,583
3,334
3,337
65,387
30,975
135,178
46,493
62,530
65,039
63,733
63,490
46,510
48,996
43,178
45,129
83,516
80,497
81,049
78,445
51,605
54,829
50,269
50,134
117,506
116,976
114,086
117,900
1,829,832
1,828,924
1,821,843
1,800,677
28,567
37,026
34,677
33,912
29,185
29,341
35,228
32,408
554,475
617,785
676,265
595,342
703
804
570
3,247
3,456
4,948
4,231
39,123
38,793
42,409
34,910
41.722
46;435
51,409
44,892
101,260
110,180
129,808
111,266
47,694
53,608
61,175
52,064
61,654
62,742
87,047
66,540
42,240
47,011
47,279
44,368
22,465
24,232
24,385
23,218
67,823
78,974
76,464
67,512
38,109
43,951
45,234
39,897
19,371
22,564
22,724
21,801
54,385
61,721
60,835
57,464
1,890
1,889
2,327
1,314
19,171
19,312
19,502
17,216
2,917
2,615
2,328
1,880
1,949
1,896
2,652
2,224
1,111
1,110
943
779
847
836
706
622
3,540
3,456
4,980
3,519
1,674
1,325
1,170
771
1,039
942
737
1,316
1,156
1,107
162,395
169,607
174,916
168,758
867,058
858,658
881,531
851,326
166,757
171,449
173,715
165,648
213,242 10,110
213,675 .10,104
239,469 24,147
216,477 .05,321
73,708
73,278
85,084
77,038
143,430
142,415
391,531
333,100
104,730
112,882
120,561
106,890
69,242
73,793
71,773
"",242
42,576
45,909
59,931
38,796
83,111
94,023
87,192
87,950
152,458
150,684
165,845
157,876
2,488,817
2,516,477
2,675,695
2,477,422
303,206
307,079
305,693
298,249
865,548
864,439
861,597
855,701
270,631
276,054
276,039
272,347
331,336
350,558
344,203
350,647
.35,126
.37,603
.38,860
.40,145
142,961
146,346
146,441
147,003
551,714
558,335
554,820
555,188
131,114
132,163
134,578
133,283
77,918
79,522
80,439
81,668
105,151
106,508
106,711
107,621
81,527
84,567
87,950
88,782
247,038
252,011
252,350
249,362
3,243,270
3,295,185
3,289,681
3,279,996
16,642
16,656
16,950
16,714
36,268
39,001
40,611
40;9S6
20,206
20,475
20,705
21,073
20,619
21,059
21,347
21,659
11,118
11,028
11,067
11,298
12,447
12,514
12,432
12,720
35,582
35,843
36,211
36,349
10,188
9,962
10,165
10,689
7,900
7,982
8,023
8,079
15,753
15,779
15,781
15,708
7,202
7,415
7,660
7,830
11,498
11,359
11,267
11,075
205,423
209,073
212,219
214,18Q
1110
FEDERAL RESERVE BULLETIN.
OCTOBER, 1920.
Resources and liabilities of each Federal Reserve Bank at close of business on Fridays, Sept. 3 to Sept. 24, 1920—Continued.
LIABILITIES—Continued.
[In thousands of dollars.]
New
Boston.
All other liabilities:
Sept.3
Sept. 10
Sept. 17
Sept. 24
Total liabilities:
Sept. 3
Sept. 10
Sept. 17
Sept. 24
York.
Philadelphia.
Cleveland.
Richmond.
lanta,
3,209
3,444
3,708
4,013
32,612
33,615
34,486
36,059
3,038
3,198
3,348
3,709
3,879
4,073
4,332
4,708
1,809
1,888
2,009
2,182
1,999
2,142
2,276
2,417
505,383
516,721
521,262
507,729
,878,146
,872,374
,894,886
,860,737
482,101
492,647
495,284
484,263
593,037
613,326
633,312
617,456
271,361
273,837
289,361
272,226
242,076
245,247
257,205
250,154
San
Dallas. Francisco.
cago.
St.
Louis.
9,438
9,904
10,879
11,718
2,201
2,324
2,383
2,472
1,820
1,896
1,993
2,127
2,313
2,401
2,646
2,788
1,725
1,790
1,798
1,904
3,660
3,887
4,097
4,434
67,703
70,562
73,955
78,531
977,768 258,416
! 984,118 267,514
11,031,07]
1,031,071 277,874
277
973,989 263,522
.65,387
.71,700
.70,735
.68,625
278,608
283,418
297,893
277,738
181,664
195,898
192,707
194,574
433,144
436,433
452,071
441,262
6,267,091
6,353,233
6,513,661
6,312,275
Chi-
At-
Minne- Kansas
apolis. City.
Total.
MEMORANDA.
Contingent liability as indorser
on discounted paper rediscounted with other Federal
Reserve Banks:
Sept.3
Sept. 10
Sept. 17
Sept. 24
Bankers' acceptances sold to
other Federal Reserve Banks
without indorsement:
Sept.3
Sept. 10
Sept. 17
Sept. 24
Contingent liability on bills
purchased for foreign correspondents:
Sept.3
Sept. 10
Sept. 17
Sept. 24
I
47,500
34,600
10,975
20,000 30,824
20,000 31,711
20,000 34,748
24,620 45,533
26,925
20,064
14,379
13,404
1,168
1,168
1,168
1,168
6,070
6,076
6,074
6,074
33,640
26,172
27,978
19,800 36,996
20,123 21,018 38,902
18,777 22,842 39,097
15,432 26,729 37,185
21,349 41,175 37,419
212,007
193,199
173,047
226,892
7,611
2,615
34,536
22,679
14,379
23,404
i6,"666"
1,280
1,280
1,280
1,280
1,312
1,312
1,312
1,312
784
784
784
576
576
576
576
1,904
1,904
1,904
1,904
432
432
432
432
752
752
752
752
768
768
768
768
416 '•
416 |
416 |
416 I
736
736
736
736
16,198
16,204
16,202
16,202
Maturities of bills discounted and bought, also of Treasury certificates of indebtedness.
[In thousands of dollars.]
Within 15
days.
Bills discounted:
Sept. 3 . . .
Sept. 10
Sept. 1 7 Sept. 24
Bills bought:
Sept.3
Sept. 10
Sept. 17
Sept. 24
United States certificates of indebtedness:
Sept.3
Sept. 10
Sept. 17
Sept. 2 4 . .
16 to 30
days.
31 to 60
days.
61 to 90
days.
,666,391
,608,558
,349,550
,483,052
243,771
268,947
265,315
352,199
504,969
512,529
579,209
506,078
294,
253,
99,481
112,627
109,503
95,041
77,394
67,941
62,189
77,418
109,404
107,939
123,260
106,047
27,
28,
26,
29,
32,568
84,560
147,405
26,310
20,695
17,195
13,052
7,107
27,929
25,029
23,108
22,371
12,
16,
22,
25,
336,732
Over 90
days.
35,466
32,164
28,141
26,403
Total.
2,744,927
2,675,199
2,509,203
2,704,464
313,501
316,982
321,605
307,624
185,940
188,942
187,532
188,839
279,633
332,426
393,479
270,623
OCTOBER, 1020.
1111
FEDERAL, RESERVE BUIAETIN.
FEDERAL RESERVE NOTES.
Federal Reserve agents' accounts at close of business on Fridays, Sept. 3 to 24, 1920.
[In thousands of dollars.]
Phila- Cleve- RichNew
Boston. York.
delphia. land. mond.
I San
AtSt.
Minne- Kansas
Franlanta. Chicago. Louis. apolis. City. Dallas. I| cisco.
Total.
RESOURCES.
Federal Reserve notes on hand:
Sept. 3
Sept. 10
Sept.17
Sept. 24
Federal Reserve notes outstanding:
Sept.3
Sept .10
Sept.17
Sept. 24
Collateral security for Federal
Reserve notes outstanding:
Gold and gold certificatesSept. 3
Sept. 10
Sept.17
Sept. 24
Gold redemption f u n d Sept. 3
Sept. 10.....
Sept.17
Sept. 24
•
Gold settlement fund—Federal Reserve B o a r d Sept. 3
•
Sept. 10
Sept.17
Sept. 24
Eligible p a p e r Amount required—
Sept.3
•
Sept. 10
Sept.17
Sept. 24
Excess amount held—
Sept. 3
Sept. 10
Sept.17
Sept.24
Total resources:
Sept.3
Sept. 10
Sept.17
Sept. 24
LIABILITIES.
Federal Reserve notes received
from Comptroller—gross:
Sept.3
Sept.10
Sept.17
Sept. 24
Less amounts returned for destruction:
Sept.3
Sept. 10
Sept. 17
Sept. 24
Net amount of Federal Reserve
notes received from Comptroller of the Currency:
Sept.3
Sept. 10
Sept.17
Sept. 24
Collateral received from Federal
Reserve Bank:
GoldSept. 3
Sept.10
Sept.17
Sept. 24
Eligible p a p e r Sept. 3
Sept. 10
Sept.17
Sept. 24
Total liabilities:
Sept.3
Sept.10
Sept.17
Sept. 24
45,760
42,000
40,800
56,100
141,000 31,940 27,785 23,698
143,000 32,740 24,725 24,599
143,000 33,780 26,205 25,799
143,000 35,880 28,605 27,599
69,710
67,950
69,110
71,420
312,379 971,102 280,625 349,456 140,566
317,951 964,867 284,148 362,675 143,809
321,049 969,939 289,799 366,144 1.45,198
314,210 975,636 287,329 365,045j 145,847
147,946
151,633
150, 745
150,914
900
900
5,900
5,900
19,692
18,064
21,762
19,923
96,000
96,000
131,000
131,000
209,607
209,607
209,608
209,608
32,025
32,025
32,025
32,025
15,463 18,429 17,423
14,574 16,752 19,667
14,104 15,402 19,757
12,882 17,933 19,558
65,280 19,000
56,280 15,920
60,800 19,520
59,360 18,320
604,796
613,779
618,527
619,886
4,737
5,414
4,186
2,624
50,000 96,389 100,000 39,500 41,000
45,000 101,389 100,000 45,500 46,000
45,000 116,389 100,000 45,500 46,500
45,000 106,389 90,000 42,500 47,500
195,787 696,032 165,807 200,002 99,61i
202,987 695,686 166,007 210,983 95,01;
162,387 701.2271 158,008 214,362 97,811
157,387 708,146 163,007 223,462 99,87J
99,709
97,719
97,559
98,290
5,630
5,430
5,430
6,470
12,920[
12,5601
10,160
17,940]
6,1
5,!
5,380
5,380
455,328
438,609
446,189
478,014
147,870 78,873 110,536 85,112 272,642 3,501,897
150,183 80,423 110,871 87,660 281,042 3,549,041
150,376 81,629 112,273 91,816 284,130 3,581,625
151,631 82,912 113,244 92,764 287,079 3,586,497
3,810
3,810
3,810
3,810
13,052
13,052
13,052
13,052
2,825
3,058
3,451
3,366
1,565
1,615
1,001
1,419
153,144 39,031
152,144 40,231
185.144 40,631
182.145 40,131
16,200
16,200
16,200
13,200
441,575
452,935
424,775
429,095
2,500
2,500
2,500
2,500
1,451
3,294
1,883
3,472
6,525
8,025
6,205
7,940
12,331
12,331
12,331
12,331
274,225
274,225
279,226
279,226
3,509
2,644
3,646
2,457|
i
5,207
6,395
5,632
6,519
12,419 112,797
17,092 117,269
16,168 115,600
14,744 113,543
34,360!
36,360
35,360
37,360
8,734
8,734
8,734
11,734
70,839 745,197
68,187 755,745
72,658 843,116
71,891 818,850
102,204
103,084
102,484
104,324
48,056 •72,667
49,556 71,867
51,376 73,267
55,241 73,427
58,840
60,200
65,119
62,180
189,384 2,
!, 369,678
195, 763 2!
1,401,802
195,304 2!
}, 343,683
200, 444 2;
}, 374,878
51,377 13,979
26,955 13,072
77,210 20,227
83,364 13,637
23,073 39,511
19,844 39,868
16,802 42,276
13,762 36,614
15,046 18,62' 592,725
14,923 13,289 497,670
8,002 9,214 388,978
14,981 22,774 558,014
10,077
8,700
8,608
8,646
39,953 290,703
10,226 271,844
17,306 131,715
56,724 207,891
5,039
9,269
8,092
19,206
60,877
38,153
17,627
45,727
710,4712,1,373,907
688,128 2,344,578
700,204 2,214,593
741,244 2,302,163
598,229
610,305
621,470
629,744
787,562
788,228
776,120
804,422
317,
328,613
330,912
336,548
387,345 1,326,249
395,047 1,310,793
396,39011,375,064
399,327 1,382,496
328,719
329,358
340,499
335,219
187,344
188,715
186,265
187,526
266,213
267,040
272,252
269,572
198,190
202,803
201,794
218,449
569,9918,051,847
580,753 8,034,361
582,854 7,998,417
602,312 8,209,022
638,860 2 258,260
642,300 2; 263,660
645,500 2, 270, 740
655,800 2, 278,640
635,240
641,240
649,280
651,380
650,120
662,040
668,900
672,400
356,580;
361,880!
365,880!
369,740j
371,000il,116,080
374,000! 1,118,440
375,500J1,129,800
379,5401,132,680
359,620
360,620
366,020
368,160
169,580
173,080
173,080
176,680
245,620
246,620
249,020
252,220
178,8201
181,820
184,340!
194,180
488,760 7.,468,540
499,440 7;',525,140
',582,040
503,
509,120 7,640,540
280,7211,146,158
282,3491,155,793
283,6511,157,801
285,49011,160,004
322,675
324,352
325,701
328,171
272,885
274,640
276,551
278,750
192,316!
193,472;
194,883)
196,294
153,344!
154,417!
155,645)
157,206
446,004
448,381
450,473
453,434
192,750 84,182 129,454
194,517 84,632 130,319
196,124 85,246 131,317
198,209 85,828 132,506
80,788!
81,600
82,364|
83,4761
210,038 3,:, 511,315
213r018 3,537,490
214,470 3,554,226
216,661 3,576,029
358,1391,112,102
359,95111,107,867
361,84911,112,939
370,310;!, 118,636
312,565
316,888
323,579
323,209
377,235
387,400
392,349
393,650
164,264
168,408
170,997
173,446
217,656
219,5831
219,855
222,334
670,076
670,059
679,327
679,246
,957,225
166,870 85,398 116,166 98,032! 278,722 3,957
166,103 88,448 116,301 100,220! 286,422 3,987,650
169,896 87,834 117,703 101,976 289,510 4,027,814
169,951 90,852 119,714 110,704 2 9 2 459
, " " 4',064,511
116,592
114,964
158,662
156,823
275,070
269,181
268,712
267,490
114,818
118,141
131,791
124,322
149,448 40,951
151,692 48,794
151,782 47,383
141,583 45,972
48,237
53,914
53,186
52,624
163,221
160,844
193,752
190,791
' 45,666
47,099
47,892
47,307
235,740
213,213
179,693
214, 111
986,735
967,530
832,942
916,037
170,846
175,276
166,100
182,213
260,879
249,136
231,989
269,189
112,412
111,411
112,532
117,130
121,452
121,550
123,349
124,369
492,952
479,890
501,985
512,459
1,962,403
116,183 71,129 112,178 73,886 208,
116,156 69,400 111,735 75,123 209,052 2,899,472
2,
122,711 68,178 115,543 73,121 204,518 "1,732,661
117,961 69,003 110,041 77,161 223,"1,218 2!;, 932,892
i, 373,907
710,471 2,
688,128 2,344,578
700,~"'
204 1,214,593
2.
741,244 2!
!, 302,163
598,229
610,305
621,470
629,744
787,562
788,228
776,120
804,422
317,627
328,613
330,912
336,548
387,',3451 ,326,249
395,047 1,310,793
396,i,3901 ,375,064
399,32 1,382,496
12,79' 21,743
16,396 23,831
14,717 25,790
17,255 26,079
328,719
329,358
340,499
335,219
30,817
on oc-/
30,867
30,253
27,671
37,869
o39,004
n C\C\A
39,006
39,817
26,272
27,460
26,697
30,584
83,1,258 1 ,132,219
85,1,2791,147,239
88,826 1,237,942
86,635 1,211,619
187,344 266,213 198,190 569, 9918, ,051,847
188,715 267,040 202,803 580,753 8,034,361
854 7,998,417
7,
186,265 272,252 201,794 582,854
187,526 269,572 218,449 602,312 8,209.022
1112
FEDERAL RESERVE BULLETIN.
OCTOBER, 1920.
CONDITION OF MEMBER BANKS IN LEADING CITIES.
Continued growth of commercial loans and
discounts and more than commensurate increases in deposits are the salient features of
developments in the banking field during the
four weeks between August 20 and September
17, as indicated by the weekly condition
statements of 818 member banks in leading
cities. Notwithstanding the considerable increase of loans and investments of reporting
banks, their borrowings from the Federal Reserve Banks shows a substantial redaction for
the period. This result is due primarily to
Government operations, including the redemp-
tion of tax certificates due on September 15 and
the deposit by the Treasury with the reporting
institutions of a large portion of the September 15 tax collections. As the tax checks
pass through clearance and are debited to the
drawers, individual deposits with the member
banks are likely to show considerable reductions, while withdrawals of funds by the Government are bound to cause increased borrowings
from the Federal Reserve Banks.
A summary of the weekly changes in the
principal assets and liabilities of the reporting
banks follows:
Resources and liabilities of member banks in leading cities on Jan. 2,1920, and on Fridays from Aug. 20 to Sept. 11
[In millions of dollars.]
Jan. 2.
Aug. 20.
Aug. 27.
Sept. 3.
Sept. 10.
Sept. 17.
Number of banks
798 i
818
820
819
818
818
United States bonds
United States Victory notes...
United States certificates of indebtedness.
Total United States securities owned ...
Loans secured by Government war obligations, including rediscounts
with Federal Reserve Banks
Loans secured by corporate stocks and bonds. .
All other loans and investments, including rediscounts with Federal
Reserve Banks
'.
906 '
876
238 !
857 ;
189
444
875
196
430
873
193
422
879
189
350
879
191
416
2 001
1 509
1 501
1 488
1 418
1,486
1 289 i
3 406
959
3 006
966
3 036
958
3 044
959
3 047
956
3,039
9,892 ;
11,409
11,427
11,438
11,499
11,577
16,588 |
16,883
16,931
16,928
16,923
17,058
1,442
431
11,609 i
2,334 1
629 j
1,363
352
11,256
2,724
145
1,372
358
11,262
2 745
124
1,395
350
11,252
2,768
62
1,389
375
11,371
2,771
30
'370
11,392
2 781
331
1,871
2,086
2,128
2,202
2,142
1,972
1,210 1
661 j
i
1,024
1,062
1,041
1,087
1,049
1,153
1,026
1,116
937
1,035
Total loans and investments, including rediscounts with Federal
Reserve Banks
f
Reserve balance with Federal Reserve Banks
Cash in vault
Net demand deposits....
Time deposits
Government deposits
Bills discounted and rediscounted with Federal Reserve BanksTotal
Secured by Go vernmen t war obligations .
Allother.....
As against relatively slight changes in the
holdings of United States bonds and Victory
notes considerable fluctuations are noted in
the holdings of Treasury certificates, due to
sales early in September by New York member
banks of 45 millions of tax certificates to the
Federal Reserve Bank, and also to the redemption by the Government of the bulk of
the 640 millions of these certificates before
and on maturity on September 15. On the
other hand, the reporting banks apparently
subscribed heavily to the two new series of
tax certificates issued on September 15, with
the result that their September 17 holdings
are about 66 millions larger than the week
before, though 28 millions below the August 20
total and less than one-half of the amount held
by these banks in the beginning of the year.
Holdings of paper secured by United States
war obligations likewise underwent but little
change during the period, the September 17
total of 956 millions being but 3 millions below
the August 20 total. Loans supported by corporate securities show a 30-million increase for
the week ending August 27; since then the
movement has been slightly upward, the September 17 total, 3,039 millions, indicating an
increase of about 33 millions over the August 20
total. Since the opening of the year these
loans show a reduction of 367 millions, of which
over 300 millions represents the reduction reported by the New York City banks. As
against these relatively moderate changes other
loans and investments, including largely commercial loans and discounts proper, show a
continuous growth from ll ; 409 to 11;577 mil-
1113
FEDERAL RESERVE BULLETIN.
OCTOBER, 1920.
lions, the latter total representing a 17 per cent
increase since the first week of the current year.
For the New York City members an increase of
nearly 100 millions in this item for the four
weeks under review and a growth since the
beginning of the year at a rate similar to that
for all reporting banks is noted. The net result
of these changes in the leading earning assets
of the reporting banks is an increase by about
175 millions in total loans and investments
for the four weeks under review, and an increase of 470 millions since the beginning of the
year. For the member banks in New York
City an increase in total loans and investments
for the four weeks of about 117 millions is
noted, while since the beginning of the year
their total loans and investments show a decline of 111 millions. The ratio of combined
holdings of United States war securities and
loans supported by such securities to total loans
and investments shows a further decline from
13 to 12.7 per cent for all reporting banks and
from 16.7 to 16.2 per cent for the member
banks in New York City.
Withdrawals of funds by the Government
from reporting institutions reduced Government deposits from 145 millions on August 20
to 30 millions on September 10, but as the
result of tax payments due on September 15
this item rose to 331 millions on the following
Friday. Other demand deposits (net) changed
but little for the first two weeks of the period
under review but show considerable growth for
the two most recent weeks, and on September 17
stood at 11,392 millions, 136 millions above the
total for August 20, but 217 millions below the
amount at the beginning of the year. Time
deposits show a continuous growth for each of
the four weeks, the most recent figure being
2,781 millions, as compared with 2,724 millions
on August 20 and 2,334 millions at the beginning of the year. For the New York banks
increases for the four weeks from 68 to 200
millions in Government deposits, from 4,528 to
4,629 millions in other demand deposits, and
from 306 to 340 millions in time deposits are
shown.
Total accommodation of reporting member
banks at Federal Reserve Banks, as shown on
the books of the latter, increased from 2,086
millions on August 20 to 2,202 millions on September 3, but declined to 2,142 millions the
following week and to 1,972 millions on September 17, following the increase in Government deposits due to tax receipts. The ratio of
total accommodation at the Federal Reserve
Banks to total loans and investments of reporting banks, which affords a rough index of the
extent to which the loan burden of the member
institutions is shifted to the Reserve Banks,
shows a marked decline from 12.4 to 11.6 per
cent. For the New York City banks a decrease
in this ratio from 13.6 to 11.7 per cent is shown,
corresponding to a decrease of 95 millions in
their borrowings from the local Federal Reserve
Bank and an increase of 117 millions in their
total loans and investments.
Reserve balances increased from 1,363 millions at the beginning of the period to 1,395
millions on September 3, but declined to 1,390
on September 17. Cash in vault stood at 370
millions at the most recent date, marking an
increase of* 18 millions for the period under
review. For the New York City banks increases of 25 millions in reserve balances and
of 7 millions in cash are shown.
Principal resource and liability items of member banks in. leading cities, including member banks located in Federal Reserve
Bank cities and in Federal Reserve Branch cities, as at close of business on Fridays from Aug. 27 to Sept. 17, 1920.
1. ALL REPORTING MEMBER BANKS.
[In thousands of dollars.]
Boston.
Number of reporting
banks:
Aug. 27
Sept. 3
Sept. 10
Sept. 17
United States bonds to
secure circulation:
Aug. 27
Sept. 3
Sept. 10
Sept. 17
Other United States
bonds,including Liberty bonds:
Aug.27
Sept. 3
Sept. 10
Sept. 17
,..
New
York.
Philadelphia.
Cleveland.
Richmond.
Atlanta.
Chicago.
St.
Louis.
Minne- Kansas Dallas.
apolis. City.
San
Francisco.
Total.
115
113
113
113
59
59
59
59
92
92
92
92
82
82
82
82
47
47
47
47
106
106
106
106
35
35
35
35
35
35
35
35
83
83
83
83
51
51
51
51
68
69
68
68
820
81 i
818
818
12,311
12,311
12,354
12,960
46,765
46,395
46,525
46,460
11,347
11,347
11,347
11,347
42,235
42,335
42,235
42,235
28,512
28,709
29,329
29,232
14,285
14,285
14,285
14,285
21,550
21,550
21,549
21,544
16,924
16,924
16,923
16,923
7,371
7,371
7,371
7,371
15,421
15,471
15,471
15,471
19,573
19,573
19,573
19,573
32,635
32,635
32,635
32,635
268,929
268,906
269,597
270,036
15,584
15,389
15,981
16,670
252,300
253,966
254,059
253,517
28,977
28,932
29,185
29,255
59,632
59,639
60,448
61,002
33,735
33,210
32,798
32,919
28,512
28,312
28,767
28,260
54,382
51,531
53,045
54,448
13,295
13,270
13,299
13 367
9,775
9,811
9,876
9?694
25,366
24.496
25,182
24 904
21,225
21,224
22,085
21,223
63,818
64,305
64,682
63,808
606,601
604,085
609,407
609,067
1114
OCTOBEE, 1920.
FEDERAL RESERVE BULLETIN.
Principal resource and liability items of member banks in leading cities, including member banks located in Federal Reserve
Bank cities and in Federal Reserve Branch cities, as at close of business on Fridays from Aug. 27 to Sept. 17, 1920—Con.
1. ALL REPORTING MEMBER BANKS-Continued.
[In thousands of dollars.]
Boston.
United States Victory
notes:
6,166
Aug.27
6,157
Sept. 3
6,202
Sept. 10
5,754
Sept. 17
United States eertificates of indebtedness:
23,954
Aug.27
22,211
Sept. 3
18,319
Sept. 10
23,746
Sept. 17
Total United States
securities owned:
58,015
Aug.27
56,068
Sept.3
52,856
Sept. 10
59,130
Sept. 27
Loans secured by Government war obligations, including rediscounts with Federal Reserve Bank:
Aug.27
47,856
47,565
Sept.3
46,048
Sept. 10
51,942
Sept. 17
Loans secured by
stocks and bonds,
other than United
States securities:
Aug.27.."
181,137
Sept.3
182,851
Sept. 10
185,670
Sept.17
183,138
All other loans and investments, including
rediscounts with Federal Reserve Bank:
Aug.27
798,907
Sept.3
793,232
Sept.10
800,989
Sept. 17
805,169
Total loans and investments, including rediscounts with Federal Reserve Bank:
1,085,915
Aug.27
1,079,716
Sept.3
1,085,563
Sept. 10
1,099,379
Sept.17
Reserve balances with
Federal Reserve Bank:
81,394
Aug.27
80,561
Sept.3
80,931
Sept. 10
82,695
Sept.17.
Cash in vault:
23,910
Aug.27
23,540
Sept.3
25,785
Sept. 10
25,398
Sept.17
Net demand deposits
on which reserve is
computed:
807,473
Aug.27
809,218
Sept. 3
820,312
Sept. 10
821,770
Sept.17
Time deposits:
143,992
Aug.27
144,306
Sept.3
144,634
Sept. 10
144,141
Sept. 17
Government deposits:
11,734
Aug.27
6,279
Sept.3
Sept. 10
3,073
Sept. 17
19,804
Bills payable with Federal Reserve Bank:
Secured by United
States war obligations—
Aug.27
31,281
Sept.3
25,863
Sept. 10
27,171
26,539
Sept.17
New
York.
Philadelphia.
Cleveland.
81,357
80,773
81,390
82,073
9,027
9,033
8,980
8,942
19,741
19,724
18,709
19,501
218,686
215,641
147,887
220,301
23,405
22,654
21,644
20,834
24,909
25,478
25,237
20,686
599,108
596,775
529,861
602,351
72,756
71,966
71,156
70,378
146,517
147,176
146,629
143,424
468,028
467,800
471,824
462,547
86,638
85,656
85,571
83,448
1,274,025
1,266,038
1,262,263
1,268,218
AtRichmond. lanta.
San
St.
Minne- Kansas
Chicago. Louis. apolis. City. Dallas. Francisco.
Total.
43,724
41,706
38,409
38,461
2,708
2,683
2,686
2,768
1,034
1,036
1,036
1,029
4,848
4,937
5,208
5,257
12,206 11,163
11,856 11,017
12,059 11,111
9,650 9,232
63,893
63,919
65,020
62,246
5,313
5,318
5,615
4,743
2,833
2,951
3,054
2,574
9,178
8,451
8,415
10,547
82,139
81,372
81,370
79,008
58,281
57,933
58,480
56,182
183,549
178,706
178,023
176,699 |
38,240 21,013
38,195 21,169
38,523 21,337
37,801 20,668
54,813
53,355
54,276
56,179
49,973
49,532
50,362
49,099
137,078
135,592
135,652
135,070
1,501,482
1,487,839
1,418,525
1,485,989
75, 158
68, 077
74, 963
78, 029
39, 019
39, 878
31, 963
32, 109
29,872
30,672
31,821
32,048
101,838 32,613 i 16,693 26,261
99,447 j 31,875 ! 16,525 26,657
98,420 | 31,790 \ 16,27926,569
96,276 ! 31,920 ! 15,39827,367
9,877
10,407
10,721
11,139
32,380
32,965
33,035
33,737
966,233
957,524
959,004
955,960
207,811
201,582
205,311
214,570
329,431
323,537
320,403
323,471
1107,237
1107,637
106,583
108.625
60,792
60,881
61,316
62,413
451,103
471,960
472,321
447,496
4,064,702
4,058,572
4,093 719
4,136,929
594,033
599,151
595,178
590,303
956,633
961,883
961,321
966,935
389,133
394,018
Af\A
r\nn
404,823
1402,533
I
;416,322
417,434
Ai'J
i An
417,142
420,518
6,405,863
19,185
J 357,667
6,470,045
961,238
958,355
957,216
958,695
1,507,739
1,500,673
1,503,316
1,511,859
655,153
662,884
661,683
671,433
66,581
71,938
72,315
67,394
99,814
103,529
104,220
103,265
114,136
I 113,954
121,219
118,667
17,803
16,782
18,249
19,012
5,016,107
4,984,221
5,027,538
5,140,329
7,686
7,597
7,184
7,207
4,321
4,319
4,317
4,405
3,145
3,116
3,100
3,077
12,424
11,717
11,916
12,552
196,181
192,798
189,137
191,026
6,030 28,201
5,619 26,935
5,604 26,419
5,226 26,075
429,771
422,050
350,384
415,860
i 30,266
! 32,527
j 32,808
I 33,115
79,976
80,288
81,157
81,237
39, 503
42, 104
42, 057
41 362
,
149,428
149, 136
151,125
149,512
3,036,418
3,044,120
3,047,407
3,039,347
jl, 764,692 i414,834 287,824
11,767,100 412,011 289,293
1 rreo
At^
Ai n
i on
lorn
nt\A
1,762,417
417,187
|291,304
1,802,648 1408,211 j285,472
512,469
510,405
514,806
'19,731
258,787
258,297
258,708
258,494
968,878
977,468
981,366
979,486
111,427,214
11,438,864
111,498,960
111,576,429
617,528 J565,267 2,501,182 {611,396 355,796
O K I T 0 1 0 607,660
£!f\T L2Gf\ ;359,514
OCfi C1 A
622,905 566,920 12,517,213
624,739 568,759 2,511,181 613,893 1361,728
571,161
2,523,119
604,122
1354,653
622,275
673,519
670,705
676,808
684,514
358,140
360,340
361,848
360,094
1287,764;16,931,347
1295,161116,928,347
1301,178J16,923,896
1297,80517,057,721
36,834
38,608
38,379
36,154
31,537
192,606 I 42,319 ! 17,058 43,286
31,453 j 191,344 39,760 I 20,661 47,598
30,034
187,213 41,527 23,828 46,046
28,393
189,075 40,192 19,287 46,424
25,631
25,097
24,246
24,634
79,862 1,372,075
81,524H 1,394,957
79,056 j 1,389,478
81,150 1,390,096
31,551
33,006
31,896
34,529
16,881
16,146
17,219
16,453
13,505
12,990
14,216
13,880
9,371 14,894
8,665 13,683
9,325 15,237
8,850 14,081
10,724
11,593
11,964
11,533
27,464
27,040
30,860
31,783
357.872
349,505
375,094
369,711
690,847
685,190
696,909
694,606
939,331
941,009
938,051
934,687
342,195
347,652
354,272
344,083
260,890
263,497
269,249
263.671
1,403,078
1,406,334
1,423; 836
1,405,820
321,455
315,351
325,285
313,955
205,988
209,630
211,344
192,369
417,301
426,849
425,300
1412,116
224,602
222,242
224,443
226,348
632,417
641,141
654,051
642,494
11,261,684
11,252,334
11,370,590
11,392,248
452,118
464,667
465,155
474,429
37,164
38,768
38,952
39,012
372,350
375,373
375,510
377,450
107,614
107,818
107,391
106,366
150,421
150,542
150,849
149.672
626,366
627,741
630,279
630,840
124,260
124,916
125,566
126,325
63,963
64,144
63,980
63,617
97,238
98,661
97,441
96,429
55,194
55,130
54,751
55,181
514,551
515,716
516,700
517,200
2,745,231
2,767,782
2,771,208
2,780,662
59,417
28,062
13,471
205,516
7,948
3,947
1,880
21,685
11,100
5,600
2,804
25,553
2,427
1,577
949
4,001
2,743
2,008
803
2,334
12,701
6,837
3,315
22,017
3,116
1,575
759
7,573
365
175
2,971
4,133
1,986
954
6,016
1,364
776
375
2,115
6,546
2,743
1,496
11,791
123,878
61,755
30,054
331,376
379,367
409,363
372,673
I 321,655
55,334
57,550
56,043
46,059
27,341
21,984
32,496
18,795
35,253
36,086
35,049
35,049
34,166
33,249
33,605
33,038
101,821
98,169
96,350
91,326
22,509
22,721
21,716
19,384
5,902 28,527
5,581 26,813
6,336 27,285
4,944 27,684
17,999
19,526
19,701
18,722
29,315
29,679
28,023
26,304
768,815
786,584
756,448
669,499
125,709
[125,579
1126,393
1126,190
68,709 8,924
62,533 9,573
69,544 I 9,580
65,916
OCTOBER, 1920.
1115
RESERVE BULLETIN.
Principal resource and liability items of member banks in leading cities, including member banks located in Federal Reserve
Bank cities and in Federal Reserve Branch cities, as at close of business on Fridays from Aug. 27 to Sept. 17, 1920—Con.
1. ALL R E P O R T I N G MEMBER BANKS—Continued.
[In thousands of dollars.]
Boston,
Bills payable with Federal Reserve B a n k Continued.
All other—
Aug. 27
Sept. 3
Sept. 10
Sept. 17
Billsrediscounted with
Federal R e s e r v e
Bank:
Secured by United
States war obligations—
Aug. 27
Sept. 3
Sept. 10
Sept. 17
All other—
Aug. 27
Sept. 3
Sept. 10
Sept. 17
New
York.
Philadelphia.
Richmond.
Cleveland.
142
91
36
36
1,045
3,396
4,733
3,894
3,745
Atlanta.
825
1,152
Chicago.
San
Minne- Kansas
St.
Louis. apolis. City. Dallas. Francisco.
2,300
18,061
17,524
16,866
18,054
1^2,097
142,454
142,891
140,4^9
46,526
43,759
44,332
42,587
12,166
4,340
11,204
14,080
8,415
8,715
9,646
10,007
19,757
18,671
18,650
16,489
47,922
48,450
48,732
42,382
355,109
382,339
372,540
269,915
33,499
39,140
34 269
26,908
39,949 37,130 61,896
46,699 36,348 62,348
39,494 36,589 61,291
37,937 40,217 65,549
235,880
249,036
233,106
257,681
9,237
8,858
8,403
8,547
450
450
450
360
27,684
185
310
150
25
2,105
2,114
2,122
1,255
6,637
6,534
6,370
7,260
75,754 50,473
75,508 56,874
75,289 57,624
73,129 56,294
Total,
500
408
85
85
85
£,240
946
2,056
4,023
1,381
1,738
2,079
2,486
2,462
2,793
2,777
2,940
272,240
262,233
269,204
267,929
59,396 24,183
60,281 26,259
60,982 26,434
69,127 25,265
63,913
68,898
68,194
66,300
1,085,104
1,152,180
1,114,544
1,030,709
2. MEMBER BANKS IN FEDERAL RESERVE BANK CITIES.
Number of reporting
banks:
Aug. 27
Sept. 3
Sept. 10
Sept. 17
United States bonds to
secure circulation:
Aug. 27
Sept. 3
Sept. 10
Sept. 17
Other United States
bonds,including Liberty bonds:
Aug. 27
Sept. 3
Sept. 10
Sept. 17
United States Victory
notes:
Aug. 27
Sept. 3
Sept. 10
Sept. 17
United States certificates of indebtedness:
Aug. 27
Sept. 3
Sept. 10
Sept. 17
Total United States
securities owned:
Aug. 27
Sept. 3
Sept. 10
Sept. 17
Loans secured by Government war obligations, including rediscounts with Fed-,
eral Reserve Bank:
Aug. 27
Sept.3
Sept. 10
Sept.17
Loans
secured
by
stocks and bonds
other t h a n United
States securities:
Aug. 27
Sept. 3
Sept. 10
Sept. 17
12 J
12 i
12 |
12
72 I
i
8
8
8
8
49
49
49
49
2,281
2,281
2,281
2,782
37,068
36,698
36,828
36,763
7,337
7,337
7,337
7,337
3,664
3,664
3,664
3,664
2,780
2,777
2,774
2,777
3,100
3,100
3,100
3,100
1,439
1,439
1,438
1,438
5,166
5,049
5,368.
5,353
218,976
221,083
221,801
220,495
21,705
21,731
21,978
22,096
7,780
7,780
7,751
7,751
4,688
4,690
4,689
4,686
1,545
1,545
1,546
1,436
19,366
16,289
16,263
17,691
6,489
6,445
6,399
6,407
2,247
2,248
2,248
2,244
159
159
159
159
195
195
195
197
10,819
10,877
10,709
10,830
323
314
360
357
72,031 j
71,314 ]
71,965 j
72,695
20
20
20
20
8
8
8
8
15
16
15
15
282
282
281
281
2,791
2,791
2,791
2,791
4,996
5,046
5,046
5,046
4,560
.4,560
4,560
4,560
16,650
16,650
16,650
16,650
96,960
96,637
96,762
97,201
4,978 ! 1,738
5,010
1,786
4,995
1,888
5,184 i 1,729
9,558
8,760
9,027
9,018
6,104
6,105
6,138
6,135
38,147
38,845
39,100
38,343
339,751
338,673
340,544
339,917
206
206
2,732
2,836
3,024
3,032
822
790
777
780
4,566
4,051
4,212
4,707
101,116
99,960
100,^02
102,151
3,926
658
3,980 I 963
4,183 ! 1,037
3,151 ! 684
3,597
2,888
2,773
4,728
2,247
1,835
1,802
2,113
14,374
13,775
13,205
14,158
284,828
277,899
207,729
281,212
13,733
13,290
13,277
13,588
73,737
73,321
73,167
73,858
822,655
813,169
745,837
820,481
2,433 15,563
2,394 15,445
2,795 15,468
2,861 16,113
730,332
726,083
719,832
714,911
10,294
10,294
10,293
10,293
527
525
546
537
i
j
!
|
12,345
10,919
9,615
12,387
198,467
195,857
128,277
202,780
21,191
20,489
19,482
19,172
4,550
4,377
4,077
2,079
1,003
1,002
649
728
1,221
1,221
1,271
587
21,249
20,593
21,358
18,645
20,115
18,563
17,624
20,879
526,542
524,952
458,871
532,733
56,722
56,002
55,196
55,012
18,241
18,069
17,740
15,738
8,630
8,628
8,271
8,350
6,061
6,061
6,112
5,320
52,873
49,198
49,768
48,604
19,725
19,809
20,017
19,165
5,393
5,746
5,924
5,410
20,883
19,530
19,870
21,824
39,523
39,280
37,738
43,541
438,285
438,038
441,650
433,026
82,666
81,677
81,549
79,462
20,379
20,391
19,965
19,397
16,583
16,477
9,028
8,624
5,904
6,055
6,532
6,660
68,333
66,376
65,296
65,197
19,866
19,329
19^273
19,396
9,457
9,312
9,142
9,005
11,340
11,309
11,396
11,629
136,056
138,993
140,207
138,045
1,118,608
1,111,460
1,111,128
1,114,385
189,344
183,029
186,713
196,042
115,462
110,976
109,930
113,260
333,844 87,601
354,508 86,428
354,770 87,197
332,558
12,901
15,123
15,694
15,674
i
i
i
I
15,403
15,543
15,404
15,683
6,755
6,893
6,897
6,788
34,493 9,772 71,898 2,132,137
34,690 12,625 71,974 2,142,242
34,877 12,618 72,601 2,148,036
34,680 12,570 71,311 2,137,939
1116
FEDERAL RESERVE BULLETIN.
OCTOBER, 1920.
Principal resource and liability items of member banks in leading cities, including member banks located in Federal Reserve
Bank cities and in Federal Reserve Branch cities, as at close of business on Fridays from Aug. 27 to Sept. 17, 1920—Con.
2. MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Continued.
[In thousands of dollars.]
All other loans and investments, including
rediscounts with Federal Reserve Bank:
Aug. 27
Sept. 3
Sept, 10
Sept. 17
Total loans and investments, including rediscounts with Federal Reserve Bank:
Aug. 27
Sept. 3
Sept. 10
Sept. 17
Reserve balances with
Federal Reserve
Bank:
Aug. 27
Sept. 3
Sept. 10
Sept. 17
Cash in vault:
Aug. 27
Sept. 3
Sept. 10
Sept. 17
Net demand deposits
on which reserve is
computed:
Aug. 27
Sept. 3
Sept. 10
Sept.17
Time deposits:
Aug. 27
Sept. 3
Sept.10
Sept. 17
Government deposits:
Aug. 27
Sept. 3
Sept.10
Sept.17
Bills payable with Federal Reserve Bank:
Secured by United
States war obligations—
Aug. 27.
Sept. 3
Sept.10
Sept. 17
All other—
Aug. 27
J
Sept.3
Sept.10
Sept. 17
Bills rediscounted with .
F e d e r a l Reserve j
Bank:
Secured by United
States war obligations—
Aug. 27
Sept. 3
Sept.10
Sept. 17
All other—
Aug. 27
Sept. 3
Sept.10
Sept. 17
San
St.
Minne- Kansas Dallas. FranChicago. Louis.
apolis. City.
cisco.
New
York.
Philadelphia.
Cleveland.
RichAtmond.. lanta.
577,678
567,953
579,457
583,559
3,590,396
3,583,254
3,616,778
3,658,105
524,467
529,084
524,825
521,225
308,659
307,977
309,250
311,793
69,089 73,873 1,053,042
69,024 ! 73,990 1,046,210
77,681 | 74,341 1,042,998
79,416 ! 75,171 1,074,529
773,372
764,789
775,026
786,024
5,673,831
5,657,704
5,628,427
5,738,249
853,199
849,792
848,283
851,741
462,741
457,413
456,885
460,188
109,705
109,672
110,384
112,073
! 92,593
i 92,999
! 93,882
~
64,862
64,082
63,811
65,339
616,977
618,559
618,737
625,876
59,170
64,238
65,513
58,530
28,621
29,872
27,779
27,821
5,788
6,134
6,721
5,542
13,986
14,423
15,530
14,888
100,653
100,519
107,524
105,000
14,034
13,101
14,789
15,173
8,682
9,057
8,471
9,249
622,561
622,180
630, 855
634,372
4,521,495
4,491,455
4,523,580
4,629,231
602,550
594,870
607,508
604,313
45,879
46,263
46,326
45,711
321,554
331,395
331,351
340,408
6,017
3,071
1,526
13,706
28,534
22,516
23,936
23,071
Boston.
Total.
282,833
281,990
282,720
285,107
140,929
142,200
142,£05
141,235
179,048 64,593 466,139 7,330,740
178,812 63,064 473,851 7,317,409
182,219 62,795 477,340 7,372,909
184,513 63,185 473,848 7,451,686
1,508,092
1,516,292
1,512,832
1,520,888
410,025
407,556
409,207
410,611
168,680
172,381
173,265
171,324
245,764
244,341
248,362
1252,646
90,531
91,373
91,485
92,204
5,952
4,634
6,590
5,738
137,184
135,913
130.999
134;143
31,628
29,564
31,713
30,208
6,385
9,825
12,332
9,586
12,330
16,672
14,203
15,686
7,040
6,522
6,541
6,389
37,137 1,013,074
38,664 1,024,679
35,564 1,020,503
37,380 1,022,238
1,684
1,621
1,774
1,596
2,190
2,192
2,554
2,413
39,374
33,567
39,940
37,077
4,602
5,002
5,056
4,925
2,841
2,643
3,156
2,532
3,659
3,647
3,999
3,769
1,506
1,926
1,855
2,044
10,297
10,082
10,684
10,828
235,686
235,507
235,167
234,167
54,079
56,608
58,094
54,449
41,649
42,528
44,942
43,890
956,278
965,599
971,483
948,224
27,035
28,528
28,653
28,674
178,556
181,906
181,865
183,698
21,419 20,974
21,408 21,085
21,231 21,181
21,105 21,012
56,395
26,601
12,769
199,942
7,719
3,812
1,818
21,096
2,338
1,323
626
5,807
262
236
59
413
19
6
2
175
6,192
3,111
1,504
10,384
2,689
1,336
643
6,225
340,023
370,185
334,774
289,453
51,335
54,200
52,305
42,680
4,975
3,699
3,494
1,575
6,059
6,798
4,787
7,231
1,857
1,757
1,857
1,295
31,317
27,214
28,192
26,313
14,454
14,683
13,508
11,086
627,337
634,591
638,576
635,130
283,528 74,396 23,148 11,602
285,170 74,561 23,018 11,577
287,523 74,877 23,020 11,467
286,812 75,065 22,976 11,504
40
5,291
5,342
5,377
5,408
237,771 1,251,153
238,498 1,268,751
239,249 1,272,120
240,122 1,282,495
861
3,707
1,802
865
5,265
1,271
734
351
1,929
5,062
2,301
1,105
10,435
91,711
44,333
21,268
276,238
438
890
1,137
516
14,291
12,826
13, 582
15,042
4,370
5,168
5,168
4,903
14,311
15,239
14,677
13,645
511,964
535,175
497,417
436,810
500
2,300
500
137,960
138,529
138,739
136,438
46,038
43,271
43,844
42,224
47,099
45,190
47,967
41,907
336,076
356,961
353,065
246,186
31,604
37,296
32,687
25,536
3,934
3,530
2,888
2,387
203,508
197,780
215,332
209,494
224,222 90,652 144,629 63,299 308,750 7,865,850
218,932 95,169 150,857 63,454 313,457 7,850,616
228,853 93,591 145,046 63,523 317,390 7,920,032
221,066 89,195 142,104 63,688 305,651 7,970,350
2,300
17,483
16,916
16,266
17,368
11,015,870
10,998,903
10,986,614
11,125,017
10
1,345
1,349
1,793
1,780
10,951
10,589
10,665
9,889
4,958
4,688
4,473
4,540
1,518
1,411
1,380
1,255
3,777
3,539
3,563
4,120
30,494 9,932
29,716 8,802
28,635 10,149
28,693 11,198
13,012
12,512
13,147
13,394
174,032
177,854
169,304
193,798
60,779
61,016
57,470
64,732
33,738
38,091
39,893
38,062
27,255
28,161
28,946
31,473
1,536
1,436
1,442
1,579
229,741
225,399
225,604
222,141
7,475 32,260
8,067 37,603
7,873 37,616
7,853 36,514
803,756
841,269
826,752
739,346
231
141
551
561
1117
FEDERAL RESERVE BULLETIN.
OCTOBER, 1920.
Principal resource and liability items of member banks in leading cities, including member banks located in Federal Reserve
Bank cities and in Federal Reserve Branch cities, as at close of business on Fridays from Aug. 27 to Sept. 17, 1920—Con.
3. MEMBER BANKS IN F E D E R A L R E S E R V E BRANCH CITIES.
[In thousands of dollars.]
RichNew
CleveKansas
mond Atlanta Chicago5 St. Louis8 Citv
land
York
district.1 district.2 district.* district.* district. district. district.?
Number of reporting banks:
Aug. 27
Sept. 3
Sept. 10
Sept. 17
United States bonds to secure circulation:
Aug. 27
Sept. 3
Sept. 10
Sept. 17
Other United States bonds, including
Liberty bonds:
Aug.' 27
Sept. 3
Sept. 10
Sept. 17
United States Victory notes:
Aug. 27
:
Sept. 3
Sept. 10
Sept. 17
United States certificates of indebtedness:
Aug. 27
Sept. 3
Sept. 10
Sept. 17
Total United States securities owned:
Aug. 27
Sept. 3
Sept. 10
Sept. 17. _
Loans secured by Government war obligations, including rediscounts with
Federal Reserve Bank:
Aug. 27
Sept. 3
Sept. 10
Sept. 17
Loans secured by stocks and bonds, other
t h a n United States securities:
Aug. 27
Sept. 3
Sept. 10
Sept. 17
All other loans and investments, including rediscounts with Federal Reserve
Bank:
Aug. 27
Sept. 3
j
Sept. 10
|
Sept. 17
1
Total loans and investments, including
rediscounts with Federal Reserve
Bank:
Aug. 27
1
Sept. 3
!
Sept. 10
|
Sept. 17
I
Reserve balances with Federal Reserve I
Bank:
Aug. 27
Sept. 3
Sept. 10
Sept. 17
Cash in vault:
I
Aug. 27
Sept. 3
|
Sept. 10
Sept. 17
Net demand deposits on which reserve
is computed:
Aug. 27
,
Sept. 3
Sept. 10
Sept. 17
11
10
10
10
19
19
19
19
24
24
24
24
12
12
12
12
18
18
18
18
28
28
28
28
Total.
13
13
13
13
44
44
44
44
!
209
208
208
208
1,599
1,599
1,599
1,599
25,156 I
25,156 I
25,156 i
25,156 !
5,608
5,608
5,708
5,608
6,930
6,930
6,930
6,930
1,905
1,905
1,905
1,905
5,280
5,280
5,280
5,280
5,398
5,398
5,398
5,398
7,108
7,108
7,108
7,108 i
13,1S^
13,180
13,185
13,185
72,169
72,169
72,269
72,169
11,557
11,270
10,498
11,254
40,566
40,563
41,446
41,754
9,315
9, Oil
9,179
9,368
22,574
22,495
22,830
22, 453
17,525
17,540
19,076
19,165
7,798
7,751
7,790
7,661
9,186
9,119
9,478
9,333
7,293
7,293
7,275
7,265
22,139
21,934
22,096
21,959
147,953
146,976
149,668
150, 212
1,875
2,014
1,941
1,951
14,450
14,431
13,402
14, 203
2,838
2,837
2,848
2,858
2,895
2,878
2,890
2,982
23, 749
21, 443
18, 422
18, 422
2, 074
2, 053
2, 035
2, 125
986
994
1,022
1,066
1,183 !
1,181 j
1,180
1,180
7,404
7,212
7,250
7,349
57,454
55,043
50,990
52,136
12, 762
12,564
12,504
9,715
16,207 i
17,043
17,006
14,064
1,080
801
801
1,221
8,945
8,793
8,837
7,672
33,125
32,864
32,466
32,801
1,257
1,208
1,302
1,462
3,873
3,863
3,874
3,856
1,726
1,726
1,776
1,479
12,117
11,445
11,497
10,197
91,092
90,307
90,063
82,467
27,793
27,447
26,542
24,519
96,379
97,193
97,010
95,177
18,841
18, 257
18,536
19,055
41,344
41,096
41, 487
40,037
76,304
73,752
71,869
72,293
16, 409
16,292
16, 407
16, 528
19, 443
19, 374
19, 772
19,653
17,310
17,308
17,339
17,032 I
54,845
53,776
54,028
52,690
368,668
364,495
362,990
356,984
11,284
11,214
11,184
11,174
43,449
36,276
43,504
46,794
8,667
8,797
9,081
9,533
18,701
19,130
19,328
19,521
17,455
17,025
16,739
14,991
11, 142
11, 073
10, 934
11 080
9,901
10 302
10, 181
10,501
3,068
3,086
2,981
2,923
15,643
16,358
16,380
16,509
139,310
133,261
140,312
143,026
54,610
54,454
52,206
52,669
153,337
153,337
151,224
150,070 j
32,928
33,566
33,343
,33,499
40,647
40,623
40,951
41,817
59,912
59,985
59,955
58,627
35,262
36 294
36 346
36 390
26 914
26 897
26 865
27 909
16,439
16,459
16,435
16,360
69,028
68,665
69,875
69,651
489,077
490,280
487,200
486,992
183,209
183,772
185,918
187,407
475,648
485,060
483,002
483,400
122,950
123,588
125,493
122,215
256,947
257,506
257,476
259,947
341,689
349,163
346,262
352,454
115,690
114 101
118 645
107,246
198 741
197 895
198 688
198 389
80,453
82,855
82,666
82,494
468,002
469,151
469,881
472,736
2,243,329
2,263,091
2,268,031
2,266,288
276,896
276,887
275,850
275,769
768,813
771,866
774,740
775,441
183,386
184,208
186,453
184,302 |
357,639
358,355
359,242
361,322
495,360
499,925
494,825
498,365
178 503
177 760
182 332
171 244
254 999
254 468
255;506
256 452
117,270
119,708
119,421
118,809
607,518
607,950
610,164
611,586
3,240,384
3,251,127
3,258,533
3,253,290
52,991 I 13,808
55,868 I 13,654
13,452
57,993
56,353 I 12,333
19,603
20,518
17,164
16,444
29,612
29,096
28,712
26,980
9 538
8 943
8 841
9 098
17 120
17 228
18 925
16 898
8,141
8,329
7,854
8,654
39,185
39,609
40,489
39,962
205,070
211,208
209,313
203,452
15,072
17,963
15,883
16,730
3,294
2,751
2,744
2,609
13,848
13,953
13,263
14,693
5,385
5,170
5,462
5,259
7,411
6,928
7,215
7,569
14,515
13,902
13,559
13,406
3 436
3 655
3 790
3 773
6 759
5i926
6 439
5 949
3,120
3,332
3,201
3,361
15,523
15,256
18,103
18,964
73,291
70,873
73,776
75,583
166, 737
165,649
170,277
167,181
520,176
529,310
523,840
517,150
117,804
114,746
116,731
112,371
168,722
168,576
171,018
168,426
211,102
203,205
207,516
213,690
86 116
84 860
85 191
81 689
150 801
155 180
156 877
149 202
66,888
65,231
66,241
67,337
293,126
295,932
304,131
303,572
1,781,472
1,782,689
1,801,822
1,780,618
1118
FEDERAL HESEUVE BULLETIN".
OCTOB&R, 1920.
Principal resource and liability items of member banks in leading cities, including member banks located in Federal Reserve
Bank cities and in Federal Reserve Branch cities, as at close of business on Fridays from Aug. 27 to Sept. 17, 1920—Con.
3. MEMBER BANKS IN FEDERAL RESERVE BRANCH CITIES—Continued.
[In thousands of dollars.]
Kansas Dallas San Fran
CleveRichNew
8
land
mond Atlanta4 Chicago St. Louis City
York
cisco
district.1 district.1 district.1 district. district.* districts district.' district. district.9
Time deposits:
Aug. 27
Sept. 3
Sept. 10
Sept. 17
Government deposits:
Aug. 27
Sept. 3
Sept. 10
Sept. 17
Bills payable with Federal Reserve
Bank:
Secured by United States war obligations—
Aug. 27
Sept.3
Sept. 10
Sept. 17
All other—
Aug. 27
Sept.3..:
Sept. 10
Sept. 17
Bills rediscounted with Federal Reserve
Bank:
Secured by United States war obligations—
Aug. 27
Sept.3
Sept. 10
Sept. 17
All other—
Aug. 27
Sept.3
Sept. 10
Sept. 17
Total.
61,478
64,608
64,742
64,525
116,758
117,209
117,506
117,220
20,637
20,586
20,621
20,525
90,146
90,043
90,235
90,336
223,748
224,471
224,754
225,528
40,713
41,177
41,540
42,029
57,652
58,867
57.941
57,358
22,276
22,287
22,280
22,557
262,539
262,845
263,059
262,701
895,947
902,093
902,678
902,779
1,267
587
281
3,073
8,209
4,015
2,056
18,072
310
102
1,932
2,600
1,930
771
1,809
4,205
2,460
1,260
7,080
427
239
116
1,323
198
56
27
60
92
42
24
148
946
123
238
1,153
18,338
9,762
4,875
34,650
21,388
21,257
20,171
15,832
19,311
15, 729
26,728
15,449
10,344
10,608
10,070
10,223
26,926
26,109
26,646
26,471
44,748
43,943
40,292
40,421
7,479
7,462
7,632
7,798
10,315
10,142
10,048
9,234
7,056
7,389
7,213
7,074
13,557
12,992
11,943
11,181
161,124
155,631
160,743
143,683
10
10
10
65
185
185
25
25
2,624
2,428
2,487
2,438
7,592
109
7,601
11,101
1,609
1,958
1,966
1,906
6,133
6,246
6,253
6,638
5,935
5,315
5,259
3,985
3,965
3,996
3,676
3,884
1,730
1,751
1,658
1,976
674
668
685
562
6,114
9,901
5,427
10,620
3,698
10,655
4,400
3,944
13,577
13,116
12,863
13,967
39,870
40,996
39,303
42,194
8,331
16,637
10,095
14,098
13,643
17,067
7,738
21,098
20,999
21,253
25,522
8,615
9,922
10,335
8,832
1 Buffalo.
23 Pittsburgh and Cincinnati.
Baltimore.
* New Orleans, Birmingham, Jacksonville, and Nashville.
& Detroit.
6
9,466
408 !
85 I
85
85
603
280
120
175
848 !
1,286 i
1,261 I
1,308
31,110
23,757
30,846
33,798
26,655
27,269
26,733
25,901
Louisville, Memphis, and Little Rock.
' Oklahoma City, Omaha, and Denver.
s El Paso and Houston.
9 Spokane, Portland, Salt Lake City, Los Angeles, and Seattle.
142,056
163,138
147,476
148,184
OCTOBER,
1119
FEDERAL RESERVE BULLETIN.
1920.
IMPORTS AND EXPORTS OF GOLD AND SILVER.
Gold imports into and exports from the United States, distributed by countries.
Imports.
During
10 days
ending
Aug. 20,
1920.
Belgium .
Denmark... .
France
Germany. . . .
Greece
Iceland.
Italy
Netherlands
Norway
Portugal
Spain
Sweden
Switzerland
United Kingdom:
England
Scotland.. .
Exports.
$323,635 $1,000,140
535
$109,804
$335 906
109,804
1,744,219
8,700
128 700
535
17,313
$249
249
912
241,263
40,107
1,161,963
3,324
25,364
17,313
249
4 937
...
i fti 504
85,167,570 $1,045,708
45
Total Europe- 1,585,350 2,528,980 11,455,069 4,729,553
88,739,501 $1,045,708
Total North
America
Argentina
Bolivia
Brazil
Chile
Colombia
Ecuador.. .
British Guiana
Dutch Guiana ..
Peru
Uruguay
Venezuela
Total South
America
85,797 1,593,892 1,716,929
2,000
44,475
5,788
251,848
7,063
29,794
70,340
188,000
123,525
37,632
101,164
73,002
205,405
500,659
10,000
13,170
23,170
6,570
8,950
1,600
371,873
130,636
8,800
20
30,767,357 33,001,445
475.680
481,766
141872
6,000
181,695 213,535
844,630 1,011,774
156,265
2 441
725,765
570,922
3,181,290 3,418,984
61
3,596
14,480
18,838
110,419
$1,504
2,604
13,235
1,504
1,504
169,297
$285,640
520,806 $170,680
3,859,442
19,000
130,100
155,309
508,963
208,392
20,000
16,442,548
20,000
20,000
80,000
375,000
23,000
3,151
360,003 2,050,784 2,725,436
924,335
39
46
507
5,601
216,704
8,906
682,183
12,172
12,472
1,788
216,554
42,300
9,342
60
95,314
24,715
120,128
36,646,554 38,729,887
19,960
59,829
223
21,524
48,571
17,902
354,265
276,261
812,046
288,616
Total Asia..
83,928
26,109
21,701
268,607
68,826
294,716
90,527
60,548
68,144
1,069
26,200
156 440
536,841
379,911
79,694
15,272
575,321
165,985
299,397
460,949 1,049,769
459,072
26,000
5,096,856 2,004,877
1,260
83,928
127,283
15,000
26,920,66*0
661
2,076,987
10,000
3,925,988
21,300
10,000
390,000
2,000
6,633,807
7,940
10,000
174,081
77,238
6,878
24,585
337,317
3,130,887
442,932
93,754
2,387
626,613
39
$31,900
2,666
3,277,126
10; 000
39,000
23,000
From
Jan. 1 to
Sept. 10
1919.
268,014 32,451,623
525
China
Chosen (Korea)
British India
Straits Settlements.
Dutch East Indies..
French East Indies.
Hongkong
Japan
Russia in Asia
New Zealand
Philippine Islands..
British South Africa
British West Africa.
Portuguese Africa..
353,805
45,520
During
From
10 days Jan.
1 to
ending
10,
Sept. 10, Sept.
1920.
1920.
$10,000
1,585,101 2,204,810 10,454,100 4,593,736
45
British Honduras
Canada
Costa Rica
Guatemala
Honduras
Nicaragua
Panama
Salvador
Mexico...
Newfoundland
Cuba
British West Indies.
Virgin Islands of
United States
Dominican Republic
Dutch West Indies.
During During During
10 days 11 days month
ending ending
of
Aug. 20, Aug. 31, August,
1920.
1920.
1920.
During During During
From
From
11 days month 10 days Jan.
1 to Jan. 1 to
ending
ending
of
10, Sept. 10,
Aug. 31, August, Sept. 10, Sept.
1919.
1930.
1920.
1920.
1920.
1,714
20,764,990 11,011,035
89,995,000 32,960,000
2,500,000
280,000
325,000
400,000
100,000
700,000 4,703,620
156,000
5,005
6,300
19,795
3,653,376 2,893,369
12,850,000 7,405,000
184,000 11,100,220
3,403,373 3,403,373
250,003
3,403,373 3,429,373
250,003 108,224,676 62,012,009
4,000,0001 4.000.000
20,286,750 19,159,598
415,653 1,165,653
20,000
2,672,994 2,524,455
190,000
"190,666
1,272,165
259,275
930,745
14,200
30,191,910 10,000,000
1,250,000 5,579,027 13,846,310 5,211,283
6,503,741
6,683.454
12,065', 105
2,290,000
27,202,797
43,953,495
6,233,874
250,000
3,197,000
21,527,600
52,071,374
23,000
32,868,164 12,526,169 1,454,200 10,925,425 20,494,128 5,470,558 118,985,342 102,462,446
1,456,540
647,746
280,358
385^74
8,150
422,413
2,500
11,408
ii,408
39,446
T o t a l , all
countries... 2,113,291 5,193,458 15,377,794 6,086,980 1165,733,719 55,122,978 1,766,509 14,789,747 24,986,182 6,179,633 2 248,282,468207,939,613
1 Includes: Ore and base bullion, $12,853,000; U. S. Mint or Assay Office bars, $3,846,000; other bullion, refined, $88,195,000; U. S. coin, $13,853,000;
foreign
coin, $46,987,000.
2
Includes: Domestic exports—ore and base bullion, $10,000; U. S. Mint or Assay Office bars, $23,601,000; other bullion, refined, $1,027,000; coin,
$222719,000. Foreign exports—bullion, refined, $498,000; coin, $427,000.
Excess of gold exports over imports since Jan. 1,1920, $82,548,000. Excess of gold imports over exports since Aug. 1,1914, $697,207,000. Excels
of gold exports over imports since June 10,1919, $403,812^000,
1120
FEDERAL RESERVE BULLETIN.
OCTOBER, 1920.
Silver imports into and exports from the United States, distributed by countries.
Exports.
Imports.
During
10 days
ending
Aug. 20,
1920.
Denmark
Finland
France
Italy
Netherlands
Norway
Portugal .
Spain
Sweden
Switzerland
United KingdomEngland
Total Europe.
During During During
From
From
11 days month 10 days Jan.
1 to Jan. 1 to
ending
ending
of
10, Sept. 10,
Aug. 31, August, Sept .10, Sept.
1920.
1919.
1920.
1920.
1920.
$2,459
$6,915
6,915
6 915
2,459
$83,295
24,026
30,820
14,453
7,978
67,848
6,915
$5,804
$67,848
1,350
13,144
801,061
14,069
80,992
1,036,396
British Honduras...
Canada
27,659 168,291 281,043
Costa Rica
3,430
Guatemala
92,272
63,010
Honduras
65,183
Nicaragua
35,949
17,653
6,928
Panama
6,666
59,905
10,108
Salvador
1,046,956 1,249,495 3,025,980
Mexico
..
Newfoundland
33
68
35
British West Indies.
Cuba .
Virgin Islands of
United States
Dominican Republic
250
250
Dutch West Indies.
French West Indies.
Haiti
28,989
91,679
37,251
955,878
106
13,500
10,614
36,610
3,648
154,329
128,051!
42
165,049
106
27,412
661.492
33,265
181,855
868,983
188,684
China
55,000
37,124
$553,840
4,520,242 13,845,402
240,167
553,840
4,608,122 22,832,388
47,234
38,619
116,651
•
5,000
54,200
4,000
$84,596
6,204,047
3,542,565
4,500
376,505
3,000
542,000
4,400
119,450
204,250
13,806
2,711,622
959,052
10,328
161
5,000
45,700
181,341
109,193
400
114,010
22,069
18,080
1,075,215
34,500
30,000
261,500
25,000
50,889,698 50,552,171
110,434
41,203
25,396
995,664 10,8,487
293
2,155
2,273,616 1,185,933
591,932
141,721
52,266
13,670
42
33
6,390
9,078^961 5,474,476
72
577
646
13,024,632 6,968,255
646
2,327,337
193,512
445,902
150,471
646
166
1,418
105,000
210
1,797
Total, all
countries... 1,264,690 1,719,700 4,420,118 1,738,012
1
8,146
76,822
93,321
42,998
68,73^,913 58,677,949
1,484
852
2,493
5,063
10,000
25,873
646
11,892
54,251,673 26,400,566
223,211 109,180,718
388,777
388,777
441,176 1,154,899
974,557
12,138
1,402
3,328
971,229
11,617
14,680
6,097
4,945,206
2,000
1,943,345 1,943,345 2,392,909
3,657,472
11,230,469
2,333
310,332
38,511
37,124
44
379
365,297
1,152,645
1,950
228
101,131
172,203
$240,167
1,650
Total Asia
$587,897
17,438
6,588,197
313,673
1,289,974
British India
Dutch East Indies..
French East Indies.
Hongkong
Japan
Russia in Asia
Turkey in Asia
New Zealand
Philippine Islands..
British South Africa
British West Africa.
Portuguese Africa..
37,824 $313,673
120,800
1,450
20
1,910
59,661
88,050
558
5,240
4
54,960
From
Jan. 1 to
Sept. 10,
1919.
9,000
41,162
137,165
1,600
42
4
$32,920
1,105
36,000
Total North
America
1,092,303 1,533,802 3,535,059 1,431,212
Argentina
Bolivia
Brazil
Chile
Colombia
Ecuador
British Guiana
Dutch Guiana
Peru
Venezuela
Total South
America
During
From
10 days Jan.
1 to
ending
10,
Sept. 10, Sept.
1920.
1920.
$17,176
63,367
255,637
2,874,480 5,312,446
55,306! 146.788
21,734
1,747,511 1,837,421
604,214
573,315
89,273
135,671
3,685,083 294,097
41,541,394 41,948,459
11
3,845
7,017
62,550
58,875
277,827
3,588
During During During
10 days 11 days month
ending
ending
of
Aug. 20, Aug. 31, August,
1920.
1920.
1920.
2,773,298 3,487,021 2,703,241
2,000
j
2 000
'
4,058,373
19,397,995
1,154,939
970
4,037,981
573,686
52,759
79,087,161 140,245,710
7,480
426,753 3,206,977 4,489,409 2,853,712 294,959,105 168,035,196
i Includes: Ore and base bullion, $54,017,000; U. S. Mint or Assay Office bars, $3,000; other bullion, refined, $5,462,000; U . S . coin, $1,690,000;
foreign com, $7,562,000.
> > >>
# i n c l u d e s : Domestic exports—ore and base bullion, $737,000; U. S. Mint or Assay Office bars, $3,644,000; other bullion, refined, $54,522,000;
coin, $14,112,000. Foreign exports—ore and base bullion, $1,000; other bullion, refined, $18,120,000; coin, $3,823,000.
er imports
Excess of silver exports over imports since Jan, 1,1920, $26,225,000, Excess of silver exports over
imports since
sine* Aug. 1, 1914, $455,597,000.
1121
FEDERAL RESERVE BULLETIN.
OCTOBER, 1920.
General stock of money in the United States, money held by the Treasury and the Federal Reserve System, and all other money
in the United States, Sept. 1, 1920.
General stock.
Gold coin (including bullion in Treasury) 2 .
Gold certificates
Standard silver dollars
Silver certificates
Subsidiary silver
Treasury notes of 1890
United States notes
Federal Reserve notes
Federal Reserve Bank notes
National bank notes
Total:
Sept. 1, 1920
Aug. 1, 1920
July 1,1920
June 1, 1920
May 1, 1920..
Apr. 1,1920
Mar. 1,1920
Feb. 1.1920..
Jan. 1J1920..
July 1, 1919..
Jan. 1, 1919..
July 1, 1918..
Jan. 1,1918..
July 1, 1917..
Held in the
United States
Treasury as
assets of the
Government.1
$2,688,744,140
Held outside
United States
Treasury and
Federal Reserve
System.
$1,262,232,929
336,808,190
3 64,671,182
34,798,734
4 57,093,741
258.096,210
15'272,427
2,541,525
$423,261,550
248,669,948
72,145,417
88,123,096
253,633,430
1,652,105
282,568,036
3,201,992,245
203,490,590
704,145,188
2,031, 514,938
2,059, 010,192
2,021, 271,614
1,988, 583,225
1,976, 153,519
1,984, 495,464
1,981, 490,058
2,009, 651,988
2,044, 422,303
2,167, 280,313
2,220, 705,767
2,018, 361,825
1,723, 570,291
1.714
l 2r
5,479, 681,605
5,385,009,920
5,3S0, 852,500
5,353, 145.833
5,290, 872,155
5,273,340 916
5,277, 861,078
5,109,974,526
5,312; 009,003
4,842: 345,415
5,105; 139,679
4,367; 739.209
4,255: 584', 622
3,945; 457,556
$417,771,523
"* 8," 408," 068
269, 798,602
6,138,595
259, 772," 025'
346, 681,016
3,485, 265,485
'220, 823,500
725, 996,052
!
Held by or for
Federal Reserve
Banks and
agents.
7,019,239
25,177,030
2,060,4.83
19,309,339
7,997,
7,927,844,377
7,887, 181,586
7, 804,528,384
7,755,953,906
7,761, 146,018
I . OKJV). 311,880
7,806,
7,744 ""1,263
7,961,320,139
7,588,473,771
7,780, 793,606
6,742. 225,784
6,256: 198,271
5,480! 009,884
485,884,277
483,824,265
485,057,472
462,799,326
488,928,232
503,309,638
546,960,744
625,142,749
604,888,833
578,848,043
454,948,100
356,124,750
277,043,358
253,671,614
Amount per
capita outside
United States
Treasury and
Federal Reserve System.
$51.06
50.22
50.19
50.00
49. 45
49.33
49.41
47.88
49.81
45.00
47.83
41.31
40.53
37.88
1
Includes reserve funds held against issues of United States notes and Treasury notes of 1890 and redemption funds held against issues of
national-bank notes, Federal Reserve notes, and Federal Reserve Bank notes, but excludes gold and silver coin and bullion held in trust for the
redemption
of outstanding gold and silver certificates and Treasury notes of 1890.
2
Includes balances in gold settlement fund standing to the credit of the Federal Reserve Banks and agents.
3 Includes subsidiary silver.
< Includes Treasury notes of 1890.
FEDERAL RESERVE BANK DISCOUNT RATES.
Rates on paper discounted for member banks approved by the Federal Reserve Board up to Sept. 30, 1920.
Paper maturing within 90 days.
Secured b y Federal Reserve Bank.
Treasury
certificates of
indebtedness.
Boston
New York...
Philadelphia.
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
Liberty bonds
and Victory
notes.
6
6
5*
5|
6
5£
6
51
6
6
54
6"
Trade
acceptances.
7
7
6
5*
6
6
7
6
6^
6
6
6
All other.
Bankers'
acceptances
maturing
within 3
months.
i Agricultural
| and live-stock
j paper maturing
within 91 to
\ 180 days.
6
51
6
51
6
51
6
54
5?
6
1
Discount rate corresponds to interest rate borne by certificates pledged as collateral, with minimum of 5 per cent in the case of Philadelphia,
Atlanta,
Kansas City, and Dallas, and h\ per cent in the case of Cleveland, Richmond, Chicago, and San Francisco.
2
b\ per cent on paper secured by b\ per cent certificates and 5 per cent on paper secured by 4 | and 5 per cent certificates.
NOTES.—Rates shown for Atlanta, St. Louis, Kansas City, and Dallas are normal rates, applying to discounts not in excess of basic lines fixed
for each member bank by the Federal Reserve Bank. Rates on discounts in excess of the basic line are subject to a \ per cent progressive increase
for each 25 per cent by which the amoimt of accommodation extended exceeds the basic line.
1122
FEDERAL RESERVE BULLETIN.
OCTOBER, 1920.
FOREIGN EXCHANGE RATES.
Monthly ranges of exchange rates on leading foreign centers, quoted in Neiv York during the three months ending
September, 1920.
Exchange
at par.
London:
Demand bills
Cable transfers
Paris:
Demand bills
Cable transfers
Berlin.
Milan:
Demand bills
Cable transfers
Prague. .
Vienna
Jugo-Slavia
Warsaw..
Brussels
Madrid
Helsincfors
Athens.
Sofia
•
Bucharest
Belgrade
Amsterdam
Stockholm
Copenhagen
Christiania
Zurich
Canada
.
Mexico City
Bogota
Montevideo
Buenos Aires
Rio de Janeiro
Valparaiso
Yokohama .
Hongkong
Shanghai .
Singapore
Calcutta
Dollars for £
do
Dollars for 100 francs
do
Dollars for 100 marks
.
...
. . .
London, average price of silver
per fine ounce.
New York, average price of silver
per fine ounce.
1
4.8665
4.8665
Cable rates.
19.30
19.30
23.82
Dollars for 100 lire
. 19.30
do
19.30
20.26
Dollars for 100 kronen*
do
20.26
do. .
20.26
23.82
Dollars for 100 marks 1
Dollars for 100 francs
19.30
19.30
Dollars for 100 pesetas 1
19.30
Dollars for 100 markka
19.30
Dollars for 100 drachma
19.30
Dollars for 100 lev l
19.30
Dollars for 100 lei *
19.30
Dollars for 100 dinar 1
40.20
Dollars for 100 florins
26.80
Dollars for 100 kronor
Dollars for 100 kroner
26.80
do
26.80
Dollars for 100 francs
19.30
Dollars for 100 Canadian dollars 2
100. 00
Dollars for 100 pesos*
49.85
Dollars for 100 Colombian dollars 1 ... 97.33
Centavos to dollar *
96.69
Dollars for 100 gold pesos
96.48
Dollars for 100 paper milreis
3 54.62
4
36. 50
Dollars for 100 paper pesos
Dollars for 100 yen
49.85
Dollars for 100 Hongkong dollars
Dollars for 100 Shanghai taels.
56.78
Dollars for 100 Singapore dollars
32.44
Dollars for 100 rupees
Rate of conversion, £—$4.8665. . . .
Dollars
2
Check (demand).
3
July.
August.
September.
Low.
High.
Low.
3. 7100
3. 7175
3.95125
3. 95875
3.545
3. 5525
3.7075
3. 7150
3.45
3.4575
3. 5625
3.57
7.51
7.52
2.23
8.54
8.55
2.65
6.84
6.85
1.92
7.61
7.62
2.29
6.46
6.47
1.48
7.01
7 02
2.03
5.31
5.32
2.01
.60
.45
.54
7.97
15.32
3.75
12.15
1.58
2.40
5.35
34.05
21.00
15.70
15. 78
17.00
87. 625
49.125
83.30
107. 50
88.295
21.40
17.30
51.25
72.00
100.00
47.00
37.25
6.15
6.16
2.38
.72
1.80
.68
9.03
16.52
4.50
12.80
2.53
3.20
6.90
36.30
22.10
16.73
17. 80
18.14
89.25
49. 625
109. 00
86.95
94.886
23.875
20.875
51.375
78.50
109.50
47.50
38.50
4.55
4.56
1.60
.43
.96
.40
7.31
14.85
3.10
10.875
1.70
2.00
3.85
31.55
20.05
14.00
14.00
16.38
87. 875
48.125
83.68
88.49
84.50
17.875
17.50
51.125
78.00
105.50
43.50
34.25
5.29
5.30
2.02
.61
1.35
.54
8.08
15.27
3.70
12.10
2.30
2.54
5.40
33.875
21.00
15.70
15.75
16.95
89.25
50.00
87.33
84.00
89.25
21.75
20.125
51 50
81.50
114.00
47.25
37.25
4.15
4.16
1.17
.40
.80
.39
6.89
14.51
2.50
10.25
1.35
1.93
3.00
30. 625
19.70
13.55
13.20
15.97
89. 875
48.75
82.98
85 47
82.125
17. 625
15.75
51 125
75.00
105.00
42.00
32.825
4.69
4.70
1.90
.47
95
.50
7 41
14 95
3.65
11 00
1.70
2 37
3.80
31 90
20.40
14.55
14 65
16 45
90.875
50. 0625
87.33
81 96
86.647
19. 625
19 125
51 50
78.75
107.50
43.75
34.75
High.
Low.
High.
1.17947
1.30376
1.3C 302
.92935
.96948
U>10
Rate for a gold milreis.
4
Rate for a gold peso.
INDEX.
Acceptances:
Page.
Banks granted authority to accept up to 100 per
cent of capital and surplus
1063
Purchased during August
1101
Purchased during three months ending August. 1104
Trade acceptances as actual security
1065
Banking situation, discussion of
1018
Business and financial conditions, September. 1020-1031
Production of knit goods
1027
Production and shipment of finished cotton
fabrics
1027
Condition of wholesale trade
1029
Certificate of deposit, time, under Regulation D. .. 1065
Charters issued to national banks
1064
Charts:
Inter-reserve bank discounting
1042,1043
Wholesale prices in the United States
1082
Chile, economical and financial conditions in.. 1052-1061
Clearing and collection:
Operation of system during September
1105
Operation of system during crop-moving period. 1013
Number of banks on par list
1105
Clearing-house bank debits, September
1095-1097
Commercial failures reported
1064
Condition statements:
Chilean banks
1057-1061
English commercial banks
1044
Federal Reserve Banks
1106-1110
French commercial banks
1047
German commercial banks
1049
Member banks in leading cities*.
1112-1118
Credit, discussion of
"
1013,1015
Crop-moving, credit for, discussion of
1012-1016
Crop report for October
1062
Currency, stock of, in the United States
1121
Debits to individual account, September
1095-1097
Discount and open-market operations of Federal
Reserve Banks
1098-1104
Acceptances purchased—
During August
1101,1102
During three months ending August
1104
Agricultural paper held during August
1102
Average size and number of items, paper rediscounted, January and July, 1920
1017
Bills discounted—
During August
1101
During three months ending August
1103
Charts showing interreserve bank discounting. ...
1042,1043
Collateral notes held on last Friday in August.. 1102
Dollar exchange bills purchased during August. 1101
Earning assets held during August
1100
Live-stock paper held during August
1102
Number of banks discounting during August... 1099
Number of banks discounting, 1917-1920
1017
Discount rates:
In effect September 30
1121
Prevailing in various centers
1085
Earning assets held by Federal Reserve Banks
1100
England, condition of principal commercial banks in 1044
Failures, commercial, reported
"
1064
Federal Advisory Council, meeting of
1019
Federal Reserve Banks:
Discount and open-market operations of. 1098-1104
Resources and liabilities of
1106-1110
Federal Reserve note account of Federal Reserve
agents
1111
Fiduciary powers granted to national banks
1063
Page.
Financing of the Treasury during September
1011
Foreign-exchange rates:
Chile
'
1055
Quoted in New York, three months ending
September
1122
Foreign trade:
Chile
1054
Index of
1068
France, condition of principal commercial banks in. 1047
Germany, condition of principal commercial banks
in
1049
Gold imports and exports
1017,1119
Gold-settlement fund operations during crop-moving
period
1015
Imports and exports:
Gold
1018,1120
Silver
1018,1121
Index numbers:
Foreign trade
1068
Physical volume of trade
1086
Retail trade
1066
Wholesale prices abroad
1069-1080
Wholesale prices in the United States
1081-1084
Interest rates prevailing in various centers
1085
Inter-reserve bank discounting, charts showing. 1042,1043
Jamaica, law regulating foreign banking in
1039
Maturities:
Acceptances purchased
1101
Bills discounted and bought.
1101,1110
Certificates of indebtedness purchased
1110
Member banks:
Condition statements
1112-1118
Number discounting during August
1099
• Number discounting, 1917-1920
1016
Number in each district
1099
Resources and' liabilities of
1112-1118
State banks admitted during September
1063
Money, stock of, in the United States
1121
National banks:
Charters issued to
1064
Fiduciary powers granted to
1063
Physical volume of trade
1086
Prices:
Discussion of
1016
Wholesale, abroad
1069-1080
Wholesale, in the United States
1081-1084
Rates:
Acceptances purchased—
During August
1101
During three months ending August
1104
Bills discounted—
During August
1101
During three months ending August
1103
Discount—
In effect September 30
1121
In various centers
1085
Earning assets held by Federal Reserve Banks. 1101
Foreign exchange—
Chile
1055
Quoted in New York, three months ending
September
1122
Interest and discount in various centers
1085
Rediscounts and sales of paper between Federal
Reserve Banks
1017,1041
Charts showing
1042,1043
I
II
INDEX.
Resources and liabilities:
page.
Federal Reserve Banks
1106-1110
Member banks in leading cities
1112-1118
Retail trade, index of
1066
Review of the month
1011
Rulings of the Federal Reserve Board:
Trade acceptances as actual security
1065
Time certificates of deposit under Regulation D. 1065
Silver, imports and exports of
1017,1120
South Africa, establishment of a central reserve
bank in
1040
State banks admitted to system
1063
Time certificates of deposit under Regulation D . . . 1065
Terms of sale in the principal industries
1031-1039
Books
1037
Jewelry
1032
Music and musical instruments
1034
Office appliances
1038
Terms of sale in the principal industries—Contd.
Optical merchandise
1034
Paper
1035
Pottery and china
1031
Stationery
1037
Wood pulp and paper
1035
Trade:
Foreign, index of
1068
Physical volume of
1086
Retail, index of.
1066
Wholesale, reports on
1029
Treasury financing during September
1011
Wholesale prices:
Abroad
1069-1080
In the United States
1081-1084
Wholesale trade, reports on
:
1029
Wills, D. C, appointed member of Federal Reserve
Board
1019
O
FEDERAL RESERVE DISTRICTS
•
FEDERAL RESERVE BANK CITIES
O
FEDERAL RESERVE BRANCH CITIES
The branches at Helena, Mont., and Oklahoma City, Okla., have been authorized by the Federal Reserve Board but are not yet open for business.
@FedFRASER