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FEDERAL RESERVE
BULLETIN




ISSUED BY THE

FEDERAL RESERVE BOARD
AT WASHINGTON

SEPTEMBER, 1919

WASHINGTON
GOVERNMENT PRINTING OFFICE
1919

FEDERAL RESERVE BOARD,
EX OFFIOIO MEMBERS.
CARTER GLASS,

Secretary of the Treasury, Chairman.
JOHN SXELTON WILLIAMS,

Comptroller of the Currency,.

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

GEORGE L. HARRISON, General Counsel.

W. To CHAPMAN, Assistant Secretary,
W. M, IMLAY, ^«cal il^cnf.
M. JAOOBSON, Statistician*
II




H. PARKER WILLIS,

Director, Division of Analysis and Research,
J. E. CRANE,

Acting Director, Division of Foreign Exchange*

OFFICERS OF FEDERAL RESERVE BANKS.
Federal Reserve Bank

Governor.

Chairman.

of.™

Boston

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

New York

Pierre Jay

Beni, Strong, ir

Philadelphia
Cleveland

R. L. Austin
D.C.Wills...

E. P. Passmore
E. R. Fancher

Richmond

Caldwell Hardv

George J, Seay

Atlanta
Chicago

Joseph A. McCord
Wml A. Heath

M. B. Wellborn
J. B. McDougal

St. Louis
Minneapolis
Kansas Citv
Dallas....*...
San Francisco

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

D.C. Biggs
Theodore Wold
J. Z. Miller, jr
R. L. YanZandt
J. U. Calkins

1

Assistant to governor.

Cashier.

Deputy governor.

Chas. E. Spencer, jr..
C. C. Bullen
R. H. Treman
J . I L Case
L. F. Sailer.
J. F. Curtis
Wm. II. Hutt, jr
M. J. Fleming 1
Frank J. Zurlinden 1..
C. A. Peple
R. H. Broaddus
L. 0. Adelson..
C. R. McKay 1
B. G. McCloud
0. M. Attebery
R. A. Young
C. A. Worihington 1 ..
Lvnn P. Tallev. Wm. A. Dav.J
Ira Clerk.3 "

2 Acting cashier.

W. Willett.
L. IL Ilendricks.

W. A. Dver.
H. G. Davis.
Geo. EC. Keesee.
M. W. Bell.
S. B. Cramer.
J. W. White.
S. S. Cook,
J. W. Helm.3
Lvnn P. Talley.

« Assistant deputy governor.

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

New York:
Buffalo branch

Manager.

Rav M. Gidney.

Cleveland:
Cincinnati b r a n c h . . . . . L. W. Manning.
Pittsburgh branch
Geo. Do Camp.
Richmond:
Baltimore branch..




Manager.

St. Louis:
Louisville branch
Memphis branch
Little Rock branch

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

Kansas City:
Omaha branch
Denver branch

0. T. Eastman.
C. A. Brukhardt,

Dallas:
Ej Paso branch
Houston branch

R. R. Gilbert.
Sam R. Lawder.

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

C. II. Stewart.
C. J. Shepherd,
C. A. McLean.
0. L. Lamping.

Morton M. Prentis.

Atlanta:
New Orleans branch
Marcus Walker.
Jacksonville branch
Geo. R. De Saussure.
Birmingham branch.... A. E. Walker,
Chicago:
Detroit branch..,

Federal Reserve Bank of—

It. B. Locke.

SUBSCRIPTION PRICE OF BULLETIN.

^ The FEDERAL RESERVE BULLETIN IS distributed without charge to member banks of
the system and to the officers and directors of Federal Reserve Banks. In sending
the BULLETIN to others the Board feels that a subscription should be required. It has
accordingly fixed a subscription price of 82 per annum. Single copies will be sold at
20 cents. Foreign postage should be added when it will be required. Remittances
should be made to the Federal Reserve Board. Member banks desiring to have the
BULLETIN supplied to their officers and directors may have it sent to not less than 10
names at a subscription price of SI per annum.
No complete sets of the BULLETIN for 1915, 1916, or 1917 are available.

TABLE OF CONTENTS.
Page.

Review of the month
Business and financial conditions: Summary
Special reports by Federal Reserve Agents
Changes in the general price levels compared with the movement of gold, Federal Reserve Bank reserve, and
Federal Reserve note circulation, 1914-1919
Banking and economic conditions in Italy, 1914-1919
Quantities and values of principal exports, 1914-1919
Official:
Prohibitions relating to foreign exchange transactions
Foreign branches of American banks
State banks and trust companies admitted to the 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
Law Department:
Amendments to Georgia banking laws
Miscellaneous:
Changes in the German Reichsbank's gold reserve
Comparative statement of principal banks of issue
Acceptance liabilities of member banks
Crop statistics, by Federal Reserve districts
Commercial failures reported
Statistical:
Wholesale prices in the United States
Discount and interest rates prevailing in various centers
Physical volume of trade
Gold settlement fund transactions, May 22-August 1
Debits to individual account, July-August
Discount and open-market operations of the Federal Reserve Banks
Operation of the Federal Reserve clearing system
Growth of the par list
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
Abstract of reports of condition of member State banks and trust companies
Discount rates approved by the Federal Reserve Board.
Diagrams:
Note circulation in Italy, 1914-1919
Par point map




IV

813
822
827
838
840
849
853
854
855
856
855
856
858
859
847
848
852
852
856
860
864
867
876
878
882
886
886
889
894
896
901
902
903
902
844
888

FEDERAL RESERVE
VOL. 5

SEPTEMBER 1, 1919.

BULLETIN
No. 9

3. The Secretary of the Treasury has auREVIEW OF THE MONTH.
In accordance with the general plan an- thorized the Federal Reserve Banks on and
after Tuesday, September 2, to redeem in cash
nounced by the Treasury about before maturity at the holder's option, at par
The Treasury t h e e n d o f J u l
t w o series of
and accrued interest to the date of such opprogram.
?•
.
tional redemption, Treasury certificates of
Ireasury certificates ot in- indebtedness of Series V J, dated April 10,
debtedness were placed during the past month, 1919, and maturing September 9, 1919.
on August 1 and 15, respectively. Both
High prices and the advancing cost of living
issues were oversubscribed, the first realizing
of
$533,801,500 and the second $532,152,000. Cost of living. have become the ,occasion ,,
.,
-,
.
.
The certificates issued mature after five months,
widespread anxiety m the
i. e., in January, 1920. On August 12 a 20 United States, and recently have become the
per cent installment on Victory loan subscrip- subject of legislative attention. The Presitions fell due and on the same date the Treas- dent in an address to Congress on August 8,
ury redeemed the outstanding balance of 378 declared that "the prices the people of this
millions of Treasury certificates issued on country are paying for everything that it is
March 13 in anticipation of the Victory loan. necessary for them to use in order to live are
Two other series of certificates, totaling about not justified by a shortage in supply, either
1,237 millions, issued in anticipation of this present or prospective.'' The Federal Reloan are still outstanding and, unless previously serve Board in a letter of the same date to the
called for redemption, are to be retired on Sep- Senate Committee on Finance and Banking
tember 9 and October 7, when further install- (published in the August BULLETIN), rejected
ments on the Victory loan are payable. The net the idea that "excessive" volume of currency
result of these operations is an increase of the was the cause of prevalent high prices. This
floating debt of the United States by about 688 is the view which has been consistently mainmillions, which, according to previous announce- tained by the Board, the letter being merely a
ment, will either be paid off on or prior to restatement with amplified detail of the posimaturity or be funded by the issue of short- tion taken by the Board on previous occasion,
term notes.
notably in the October. 1918, BULLETIN (p.
As the result of the successful placing of the 927), where the conclusions were expressed
first two issues of loan certificates the Treasury that "the increase in the circulation of the
announced on August 25 a slightly modified Federal Reserve note has been in the main in
financial program for the immediate future, as response to actual needs, and that whatever
follows:
inilation of prices may be said to exist can not
1. There will be no fixed minimum amount
properly be said to have been induced by
for the issue of loan certificates dated September 2 and maturing February 2 (Series C overissue of Federal Reserve notes." In its
1920). The issue will not remain open for any recent letter, particular occasion is taken by
stated period, but will be closed without notice. the Board to point out "the difficulty, indeed
Federal Reserve Banks will not assign quota the impossibility, of keeping in circulation an
in respect to this issue to the banking instituexcessive volume of Federal Reserve notes.
tions of their districts.
2. There will be no issue of loan certificates They are issued only as a need for them deupon September 15. An issue or issues of tax velops, and as they become redundant in any
certificates of longer maturity may be sub- locality they are returned to the Treasury at
stituted.
Washington, or to a Federal Reserve Bank for
813




814

FEDERAL RESERVE BULLETIN.

redemption. Thus there can not at any time
be more Federal Reserve notes in circulation
than the needs of the country at the present
level of prices require, and as the need abates
the volume of notes outstanding will be correspondingly reduced through redemption. The
increased volume of Federal Reserve notes in
circulation during the past three years, in so
far as it is not the result of direct exchanges
for gold and gold certificates which have been
withdrawn from circulation, is the effect of
advancing wages and prices, and not their
cause."
Under the elastic note-issue system provided
by the Federal Reserve Act, the Federal Reserve note possesses a self-regulating qualit}7
quite automatic in its operation. While it is
technically a true statement to say that the
Federal Reserve note when issued is issued
by the Federal Reserve Bank, the greater
truth in understanding our present monetary
machinery is missed unless it is perceived that
the occasion of the issue of a Federal Reserve
note is determined not by the bank for itself
but for the bank by the community. The
question whether or not a Federal Reserve
note shall be issued is decided by the business
and general community in accordance with its
circulation needs. It is its needs rather than
the bank's desire which determines the question of issue. Thus, then, the Federal Reserve note when issued is issued at the instance
of the community, not at the instance of the
bank. That this must inevitably be so is
clear from an appreciation of the fact that there
is no method by which the Federal Reserve
Banks, even should they so desire, can put
out and keep out a greater quantity of notes
than the convenience of the community requires, so long as the facilities for the redemption and retirement of the reserve notes provided by the Federal Reserve Act are maintained, as they have been since the organization
of the Federal Reserve System, in a state of
effective operation.




SEPTEMBER 1,1919.

While thus disposing of the currency as the
cause of rising prices, the Board

°X" doeS

not overlook the

^

portant influence exerted by
credit expansion. That the expansion of credit
has been a considerable factor in our financial
and price situation is clear; that it is still a
factor and one which still calls for correction
by the process of increasing production and
savings.and by the investment of the proceeds
of savings in the absorption of Government
bonds is equally clear.
The most recent data available show that for
the year ending June 30, 1919, total deposit
liabilities in national banks increased by the
amount of $1,903,256,000, or from $14,021,609,000 to $15,924,865,000, and that loans and
discounts increased by the amount of $954,436,000, or from $9,620,402,000 to $10,574,838,000. The increase in deposits, therefore,
exceeded the increase in loans and discounts
by the amount of $948,920,000. or close to 100
per cent. The rate of increase in deposits for
the year was 13.6 per cent, as against 9.92 per
cent for loans and discounts. A substantial
portion of the increase in deposits, it appears,
must therefore be accounted otherwise than by
an increase in the commercial loan account of
the banks. The significant change in their
resources is found in their investments in Government bonds and Treasury certificates. These
increased by an amount of $1,055,127,000, or
from $2,116,785,000 to $3,171,912,000, an increase of 49.8 per cent. It thus appears that
the increase of deposits noted above is to a
considerable extent to be regarded as a pure
credit expansion not called for by increased
industrial activity, but occasioned by the use
of the banks' credit for Government financing.
It shows once more how much care and discrimination must be used in interpreting increases in bank "deposits" and bank "resources" in times like the present and the
recent past, when conditions in the financial
world have been so highly abnormal.

SEPTEMBER 1,

1919.

FEDERAL RESERVE BULLETIN.

The naive idea that a bank deposit normally
originates by the bank's customer making a
deposit of cash in the bank does not reveal the
substance of the situation in countries like the
United States, with a highly developed system
of bank credit and its utilization through the
form of the deposit account. The most usual
form in which bank deposits originate is by borrowers going to a bank to seek accommodation
and offering their notes for discount, the bank
making the loan sought by the customer by
opening a credit or "deposit*' on its books in
the borrower's favor. Normally, therefore,
what are called deposits increase as loans and
discounts do; in other words, as borrowings
from banks increase. When such is not the
case and the loans and discounts do not grow
in correspondence with the deposits, the cause
of expansion will usually be found in an increase in the investment account of the banks.
Such, in fact, has been the trend of our banking
operations during recent years, notably since
our entry into the European war. It is a mistake, therefore, to deduce from the rapid increase of bank deposits inferences as to the
growth in wealth or prosperity of the country at
large. Were the growth of bank liabilities to
be invariably taken as an index of the growth
of real wealth, it would have to be admitted
that some of the recent European belligerents,
an inspection of whose banking situation reveals a very much more rapid growth in bank
liabilities and resources than does the situation
of our banks, were experiencing greater prosperity and a more rapid growth of wealth than
the United States. Such has, however, only
too obviously not been the case. Europe's
economic and financial condition is serious and
worst in those countries where the credit and
banking situation is most extended.
The gravity of the economic and financial
situation left Europe by the war
h a s l a t t e r l b e e n t h e 8ub ect of
y
*
frequent comment from statesmen and business leaders there.
The British Chancellor of the Exchequer
(Mr. Austen Chamberlain) in presenting his
budget last spring called attention to "hard




815

and inexorable economic facts obscured by a
fictitious appearance of wealth." "There is,"
said the chancellor, "between two and three
times as much legal-tender money in circulation
as there was before the war. The deposits at
the joint-stock banks have more than doubled.
The position of these banks, judged by every
approved criterion of sound banking, is stronger
than it ever was before, but the securities—
British Government securities standing behind
the deposits, standing behind the legal-tender
money—represent to a large extent not existing wealth, but wealth consumed in the operations of the war, which it must be our business
to replace out of the exertions of the present.
Both are drafts of future labor on the future
creation of wealth. Pending their payment
they are an immense reservoir of artificial purchasing power, and therefore diminishing in
effect with each new increased issue.
"Look behind the counter and you see a different picture. We have sold one thousand
million of our foreign investments, losing the
equivalent power to draw on the wealth created
in foreign countries. We have incurred debt
to the extent of £1,300,000,000, but the position of our debtors forbids us to count upon
their claims for large immediate relief. Ultimately and gradually that relief will, we hope,
mature, but we can not count upon it for immediate purposes. In years to come a considerable
part of our production must be devoted to paying
our foreign creditors a part, and a large part,
making good the wastage and arrears of war.
Our roads, our railways, and in a lesser degree—
still, in some degree—our machinery suffer
from the absence during these past years of the
ordinary upkeep and development. Houses,
which were short before the war, are now hopelessly in arrears. A large part of the production of the next—I don't know whether I should
say few years—a large part of the production
of the coming year—both the production of
labor and of capital—will be needed to make good
those losses and to pay the new liabilities that
we have incurred.
" I ask the committee therefore to be under
no misapprehension as to the magnitude of the

816

FEDERAL RESERVE BULLETIN,

task which lies before us. Again I repeat that
there is urgent need for national and individual
economy. Nothing but the unity of all classes,
comparable to that which we have seen in the
years of war, will enable us to face the years of
difficulty which must follow at the conclusion
of so great a crisis."
More recently the British Premier (Mr.
Lloyd-George), in an address to the House of
Commons on August 19, in speaking about the
financial situation, laid particular stress on the
serious magnitude of England's adverse trade
balance. "Our adverse balance before the
war/' said he, "was 150 millions (pounds sterling) ; our adverse balance at the present date
is nearly 800 millions.
"How did you reach that 150 millions before
the war ? We had invisible exports of 350 millions, a balance on that account of 200 millions
in our favor. What happened to that? We
reinvested it nearly every year, with the result
that the indebtedness of the world to us was
increasing rapidly every year, more especially
for the last seven or eight years before the war.
"What has happened since the war? We
have sold 1,000 millions of our foreign securities
to pay for war material. We borrowed probably another 1,200 millions from America * * *.
"As far as receipts are concerned, from our
foreign commitments we are down 100 millions.
We have got to pay an adverse balance of 800
millions. We must bridge that chasm, for at
the bottom of it is ruin—ruin. We are building a temporary bridge now by borrowing—not
by State borrowing, but by trade borrowing—
by running into debt for raw material and for
goods. That will only add to the catastrophe—
for you are advancing farther on a bridge which
is a shaky one, and you are advancing with increasing weight along it. That is the position
in regard to international trade. * * *
"To meet this condition of things * * *
there is but one resource—that is, increased
production. What are the facts? There is
almost a sensational decrease in output. That
is true of every branch of production except
agriculture, where you have had an increase
since the war. We are spending more, we are




SEPTEMBER 1,1919,

earning less. We are consuming more, we are
producing less. It can not last.7'
Mr. Asquith, former British Premier, discussing the economic situation in a speech delivered before the Free Trade Union recently,
asked: "What is the real remedy against high
prices and of the individual hardships which
the war has brought? First and foremost,
public economy * * *. The next thing is
increased and better production * * *. The
prime economic need at this moment of mankind is that production should be increased
until the maximum output is obtained. What
is true at home in the domestic sphere is not
only equally true but more significantly true in
the international sphere."
The "adverse" trade balance complained
of in England is most manifest
Trade balances, in her relations with the United
States. On our side it has
given rise to a situation which is conventionally
described as a "favorable" balance of trade
because of the large excess of goods exported
above those imported, leaving a resulting
balance of indebtedness to be met. Looking
at the matter from the point of view of the
ordinary American consumer, however, the
effect of such a "favorable" balance of trade
is far from favorable for him. Whatever
economic and financial justification there
may be for the vast quantities of merchandise
the United States has been sending to Europe,
payment for which, looking at the transaction
from the point of view of the nation as a whole.
is to be made sometime in the future when the
economic and financial circumstances of the
importing nations of Europe are more satisfactory, the immediate present effect of it in many
lines of industry is to curtail the supplies available for the American consumer and thereby
to become a factor of considerable importance
in our price level. To the extent that the
American consumer, or a sufficient percentage
of American consumers, do not voluntarily
reduce consumption by amounts sufficient
to release for the use of the European consumer
the great quantities of goods which are being
sent oversea, there results in the American

SEPTEMBER 1,

1919.

FEDERAL RESERVE BULLETIN.

market competition between the European
demand and the American demand, the
inevitable effect of which is to drive up prices
and to induce the speculation which rising
prices usually occasion. "Buying in competition with export demand" undoubtedly has
been a major cause of rising prices in the postwar period in the United States. For the
fiscal year ending June 30, 1919, the exports
from the United States amounted to
$7,225,100,000, and imports amounted to
$3,095,900,000, leaving therefore an excess of
exports amounting to $4,129,200,000, as against
$2,974,000,000 for the fiscal year 1918, and
$3,630,700,000 for the fiscal year 1917. It is
noteworthy not only that the figures of our
exports and our net exports for the year 1919
are the highest ever attained, but also that the
volume of our exports showed with little interruption an increase through the fiscal year,
attaining its highest point in June, the last
month of the fiscal year, when our total exports
amounted to $918,300,000. Elsewhere in the
current number of the BULLETIN are presented
details of our export trade, showing its composition by leading groups of commodities and
their volume by quantity as well as by value.
It appears that the greatest increase in our
exports for the fiscal year 1919, as compared
with the preceding year, was in the groups
'' Foodstuffs "—prepared
and
unprepared.
Exports in these groups showed an increase in
value of over 63 per cent. Bacon, hams, and
lard showed an increase in value of about 85
per cent compared with the preceding 3rear,
and an increase of more than 60 per cent in
quantity. The group "Manufactures ready
for consumption/' which constitutes the largest
single group for both years 1918 and 1919,
shows an increase for the latter year of 9.1
per cent, notwithstanding that the item
"Explosives7* showed a decrease of over
$250,000,000 in 1919 as compared with 1918.
Whether our export trade will keep up anything like the 1919 volume during the current
fiscal year (July, the first month of the year?
shows a falling off of exports by $348,169,900)
seems doubtful, but it seems highly probable




817

that it will maintain a volume so far in excess of the normal ratio of our exports to
total production in prewar days that it will
be a factor of moment in the domestic price
situation and in living costs. As long as circumstances make it necessary or advisable for
the United States to sell a large volume of
merchandise to Europe on credit, there must
be shortages of supply in the domestic market
unless industry is kept in a state of high
activity and all hands are at work to increase
output. Unless this is done resulting shortages will mean reduced consumption to be met
either by voluntary saving on the part of the
consumers, or compulsory saving through the
process of high or even perhaps rising prices.
The whole situation is one that can be met,
as pointed out by the Board a month ago, only
if the doctrine "work and save" is taken to
heart by every class in the Nation and made
its guiding principle until the trying conditions
left by the war are finally surmounted. " Only
by keeping the cost of production on its present
level, by increasing production and by rigid
economy and saving on the part of the people
can we hope for large decreases in the burdensome cost of living which now weighs us down,"
&aid the President in his address to the country
on August 25.
Closely associated with the movement of our
export trade noted above, have
chang^siiuation." b e e n t l i e further and considerable declines in the values
of foreign currencies in terms of the dollar,
which have given rise to considerable discussion
of the probable effects of such declines. These
declines are primarily due to the fact that
foreign countries have large payments to make
in dollars to the United States at a time when
they are not sending us commodity exports of
corresponding value to their imports from us
to provide the exchange requisite to pay for
their American purchases. Otherwise stated,
the decline in the value of foreign currencies,
when exchanged for dollars, makes more expensive payments in dollars by countries having available for such purpose only their own
currencies. Current discussion of these condi-

818

FEDEBALi RESERVE BULLETIiN'.

SEPTEMBER 1,1919.

fcions too frequently treats the problem of the the intensified stimulus of war conditions.
foreign exchanges and our export trade sepa- Such a condition can be averted through timely
rately from the problem of domestic trade. It action by the industries involved, which should
is too frequently assumed by those complain- be considering the steps necessary to correct
ing of the fall of foreign exchanges that trade such a situation in case it should arise. The
on the scale of our recent exports is a thing fact remains, however, that the present reladesirable in itself and to be kept up by keeping tionship of exports to imports—the volume of
up the value of foreign currencies in the one being very large and the other comparaAmerican market. But when the export trade tively small—is unhealthy and seriously disis considered in connection with the domestic advantageous to this country, looking at the
trade it becomes clear, as already pointed out, situation purely from our domestic point of
that the source of much of the difficulty pre- view.
sented by the existing situation is the continued
Looking at the matter from another angle,
competition of the export demand and the it is evident that European countries find it
home demand. The state of the foreign ex- difficult in the present circumstances to make
changes merely reflects the state of inter- purchases in this country, but the outstanding
national trade. The correction of the ex- fact is that these countries have not seen fit so
change situation, so much complained of by far to adopt any effective measures for the
those who look at the matter from the exclusive correction of existing rates of exchange.
standpoint of the export interest, will, there- Ministers of several of these countries have
fore, only find its natural and permanent solu- looked with complacency upon the decline in
tion through a reduction of our exports and an exchange which tends to limit purchases here.
increase of our imports until they reach a point This decline makes it possible "for the countries
of approximate equilibrium.
affected to leave their commerce unrestricted
without danger of having their nationals overIt should be understood that a decline in
Corrective effect exchange operates as a cor- buy in our markets.
of falling ex- rective to the situation which
There are many factors constantly at work
change.
h a g ^n^gM about the decline, which can not be fully enumerated or even
by checking exports and stimulating imports. traced, which tend to correct the decline of
Viewed, therefore, purely from our own do- exchange, and some are already operating to
mestic standpoint, the falling exchange rates that end and they will tend to operate more
are beginning already to relieve the present effectively with every successive decline, but
abnormal and difficult situation. The large it should be borne in mind that while declining
volume of exports during the past few months exchange operates to set in motion certain
has been rendered possible by advances from corrective factors, after an exchange rate has
the United States Treasury to the governments had its decline and is oscillating moderately
associated with us in the war. These advances around a lower stabilized base the tendency
have amounted, from the date of the armistice is for all factors to adjust themselves about the
to August 31, to $2,177,096,212. There is some new base. In other words, a declining rate
danger also that the present abnormal situa- of exchange tends to produce certain effects,
tion may undergo a more violent change in while a rate of exchange which has expethe future when European countries shall rienced a decline and is more or less stable
have stocked up on commodities and our at a lower level produces these effects in a
domestic consumers have gratified the mood of much smaller degree. The tendency of a
reaction from war economy, and we may then declining rate of exchange for the currency of
experience an abrupt falling off in exports so any country is to stimulate exports from that
great as to embarass some of our industries country and to curtail imports; a declining
which anticipated their natural growth under rate offers residents of the country involved a




SEPTEMBER 1,1919.

FEDEKAL KESERVE BULLETIN.

heavy premium on the sale of their foreign
securities in countries in whose favor the
exchange rate is running. This premium is in
many countries a more powerful argument
with the private holder of foreign securities
than any government requisition can be; it
tends to make foreign creditors to whom
money is due in currency of the debtor country
leave the funds on deposit pending a more
favorable time for their transfer to the creditor
country; it stimulates the nationals of the debtor
country to borrow abroad and remit the
proceeds home for domestic use, as any improvement in exchange will afford a profit at
the time of repayment. These are a few of the
corrective factors.
From the best information available it appears that the probable deProviding for
dg f f
{
n a t i O ns upon
foreign demands. 1 .
, ,
this country ior reconstruction
purposes have been greatly overestimated in
the public prints. It is perhaps not unnatural in a situation where distressed peoples
feel they must draw for their needs on a limited fund of capital that they should estimate
their requirements very liberally for fear that
they might not be sufficiently supplied. For
many reasons it appears that the needs of
Europe should be supplied through the private
initiative of foreign manufacturers, merchants,
and bankers dealing with similar American
groups and not through the concerted efforts
of the governments concerned.
From the standpoint of the borrowing
country already burdened with an enormous
public debt, money borrowed by private individuals for use in their own business will be
expended more carefully and judiciously and
better provision will be made for its repayment
than would be the case if the money should
be borrowed by government, where other
than purely economic conditions may influence the expenditure. It has been well said
that where money is borrowed for reconstruction purposes by governments the tendency
has been to establish bread lines instead of
wood yards; in other words, to subsidize unemployment rather than to create employ-




819

ment. From the viewpoint of the lending
country, i. e., the United States: after completing its own war financing the ability of our
Government to assist foreign Governments
without vast inflation and consequent danger
to our own credit is problematic. The American people have subscribed liberally to war
loans, but there is nothing to indicate that
when they shall have closed the account by
doing their part in such financing as remains
to be done to liquidate the war bills they will
be inclined to buy any considerable amounts
of bonds of this Government for the purpose
of further financing Europe.
The complete stabilization of foreign exchange could be effected only through unlimited advances to foreign countries, advances
against which those countries will draw as their
needs require. As drafts are drawn and sold
abroad, the proceeds in foreign currency
would go to the Governments concerned and
become available for the purposes of those
Governments. This process would give those
Governments power to draw on this country
indefinite amounts for unspecified or undisclosed purposes, and to meet these drafts our
Government would have to sell additional obligations to its own citizens. Thus, to the extent of the credits extended, the burden of
foreign war debts would be transferred to the
shoulders of the American people, offset, of
course, by such repayments on account of in-'
terest or principal as the foreign Governments
might make from time to time; but even if
ultimately fully offset, our own Government
obligations must still in the first instance be
marketed.
There is no reason to doubt that private initiative, supplemented by such
Existing ma- f i l i t i e s a s governmental agen&
chmery.
.
°
.
cies are authorized to make
under existing law, can deal effectively with
the present situation. Facilities are provided
by the Webb-Pomerene Act and by the War
Finance Corporation Act as amended. Manufacturers can combine to form export companies, putting in as capital such sums as they are
severally willing to devote to the export busi-

820

FEDERAL RESERVE BULLETIN.

ness, and these corporations can borrow from
the War Finance Corporation sums based upon
their financial standing. The responsibility of
the interest directly concerned is essential to
prevent reckless business, and unless we propose to burden our people generally for the
purpose of subsidizing exports, those whose
products are to be sold and who reap the advantage of such sales ought, with the aid above outlined, to be prepared to finance their own sales.
Such are the fundamentals of the situaPendlng legis- t i o R a n d t h e Purposes to be
lation and safe- achieved. As for providing the
guards.
machinery for achieving those
aims, certain things remain to be done, and
legislation covering these points is now pending in Congress, notably the Edge bill, which
provides Federal charters for corporations
principally engaged in foreign transactions and
financing, and another bill, amendatory of
section 25 of the Federal Reserve Act, which
permits national banks to invest 5 per cent of
their capital and surplus in the stock of such
corporations,
Credits extended abroad and foreign securities purchased must in nearly all cases run for
periods beyond the limitations of ordinary
banking credits, and banking resources can be
safely utilized to a limited extent only in
giving the accommodations now needed abroad.
Appeal must be made to those who are in. a
position, to purchase securities for investment
and pay for them with funds accumulated
to their credit in bank. Such purchases reduce bank deposits and as the proceeds are,
under present circumstances, most likely to
be applied directly or indirectly to the reduction of bank loans, the}7 tend to strengthen
the percentage of bank reserves. The fact
that many banks and trust companies have
investment departments and deal in securities
through these departments tends to obscure
this distinction. Some confusion results also
from the difference between the British and
American use of the term '"trust company/'
In Great Britain a trust company is an investment corporation issuing its debentures to the
investing public and holding in trust for the
debenture holders the securities which it pur-




SEPTEMBER 1,1919.

chases. With us a trust company is practically a banking institution holding deposits
which must be paid on demand or on reasonable
notice.
Looking to the soundness of the American
banking system, which is at all times concerned
in preserving the liquidity of the banks, it is of
first importance that present conditions and
their bearing on the banking situation should
be fully understood by the public and that our
banking institutions be not loaded with slow
credits and with investment securities of
limited marketability. It must not be forgotten that any issue of United States Government securities beyond the ability or willingness of the investing public to absorb will
mean that the obligations will go, not into the
hands of investors, but must be carried by the
banks either as investments or as loans, thus
expanding still further an already expanded
volume of credit, which it should be the aim
of the banking community to reduce gradually
to more normal limits.
Changes in the condition of member banks
and of Federal Reserve Banks
situaUon.baiSkmS during the month are traceable
chiefly to the loan operations of
the Government. The net result of these operations was to cause an increase in the certificate holdings of the member banks in the
large cities from 930.1 millions on July 18 to
1,200.7 millions on August 15. For the same
period the reporting member banks show, however, a decrease in their holdings of Victory
notes from 368.2 to 329.4 millions, a slight reduction in the amounts of United States bonds
on hand and a reduction in their war paper
holdings from 1,382.1 to 1,320.3 millions.
Aggregate amounts of United States war securities and war paper held by selected member
banks on August 15 were 3,494.7 millions, or
about 164.2 millions in excess of the corresponding total four weeks earlier. Other loans and
investments of these banks show a further
growth, the August 15 total standing at
11,202.2 millions, or 311.2 millions in excess of
the corresponding July 18 total. Of the larger
total, 26.4 per cent are loans secured by stocks
and bonds other than Government securities.

FEDERAL RESERVE BULLETIN.

SEPTEMBER 1,1919.

For the five-week period between July 18
and August 22 the Federal Reserve Banks'
holdings of war paper declined slightly, from
1,579.7 to 1,563 millions, their other discounts
from 248.3 to 211.3 millions, and their acceptance holdings from 372.4 to 362.9 millions.
Owing to the continued export withdrawals
of gold the Federal Reserve Banks report a
loss for the five weeks under review of 37.8
millions in their gold reserves. On the other
hand, these reserves are bound to be replenished
in due course by the amount carried for the
time being under the caption of "Gold in
transit or in custody in foreign countries"
which represents the amount of gold paid to
the United States Grain Corporation for food
supplied to the German Government. This
item stood at 102.7 millions on August 22 and
will grow larger before final settlement is made.
Net deposits of the Federal Reserve Banks
show considerable fluctuation, and on August
22 stood at 1,621.1 millions, a decline of 148.4
millions since July 18. As against this substantial decline in deposit liabilities the Federal
Reserve note circulation shows an increase for
the five weeks from 2,512 to 2,553.5 millions.
As a result, the reserve ratio of the Federal
Reserve Banks shows a rise during the period
from 50.9 to 51.3 per cent.
During the month ending August 10 the net
outward movement of gold was
$49,959,000, as compared with
a net outward movement of
$91,472,000 for the month ending July 10.
The gain in the country's stock of gold since
August 1, 1914, was $959,587,000, as may be
seen from the following exhibit:
[In thousands of dollars; i. e., 000 omitted.]

Imports.

Aug. 1 to Dee. 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 Aug. 10,1919
Total




-

23,253
451,955
685,745
553,713
61,950
53,105
1,829,721

i Excess of exports over imports.

Exports.

Excess
of imports
over exports.

104,972 • SI, 719
31,426 420,529
155,793 529,952
372,171 181,542
40,848
21,102
164,924 i 111,819
870,134

959,587

821

Gold imports for the monthly period ending
August 10, amounting to $2,122,000, were
received principally from Dutch East Indies,
Canada, and Mexico. Of the gold exports,
amounting to $52,081,000, $19,016,000 were
consigned to Japan, $11,151,000 to Hongkong,
$8,798,000 to China, and $2,475,000 to Canada,
the remainder going principally to Venezuela,
Spain, Bolivia, and Peru. Since the removal
of the gold embargo on June 7 total gold exports
have amounted approximately to $150,500,000.
Of this total about $36,000,000 was shipped to
Japan, $33,000,000 to Argentina, $27,000,000 to
Spain, $15,000,000 to Hongkong, and the remainder largely to China, Uruguay, Venezuela,
Canada, Bolivia, and Peru.
The Federal Reserve Board on August 7
announced the resignation, efgaSzaSol '" °F" f e c t i ^ e September 1, of Mr. J. A.
Broderick, who has been chief
of the division of audit and examination since
the organization of the Board in 1914, and
who has, since September 1, 1918, been secretary of the Federal Reserve Board. Mr.
Broderick resigns in order to become a vice
president of the National Bank of Commerce in
New York. Mr. W. T. Chapman, assistant
secretary, will be acting secretary pending
further action by the Board.
The President on August 12 redesignated
Hon. W. P. G. Harding as Governor of the
Federal Reserve Board for the period of one
year.
The establishment of a branch of the Federal Reserve Bank of San
directors.68 *" Francisco, to be located at
Los Angeles, Calif., and a
branch of the Federal Reserve Bank of Atlanta, to be located at Nashville, Tenn., was
approved by the Federal Reserve Board on
August 13 and 21, respectively.
Mr. C. Harry Benedict, of Lake Linden,
Mich., has been elected Class C director of the
Federal Reserve Bank of Minneapolis to fill
the unexpired term of Mr. John W. Black,
resigned.

822

FEDERAL RESERVE BULLETIN.

SBPTBMBBB 1,1919.

BUSINESS AND FINANCIAL CONDITIONS DURING AUGUST.
During the month of August factors, which
had not hitherto attracted much attention as
business problems, exercised great influence on
the business situation. Reference is made, of
course, to the problem of commodity prices, in
particular those entering into the cost of living,
and to the consequent condition of labor unrest.
Whereas previously emphasis had been placed
upon the great activity displayed by business,
and the two problems mentioned appeared
merely as disturbing elements in a general
situation, which was considered satisfactory in
the main, the problem of price readjustment
and the difficulties connected with it are now
of the greatest importance. Discussion in connection with this readjustment is particularly
centered upon the problem of the relation of
wages and prices, A movement toward lower
prices appears to be in process in certain
directions, prices of certain foodstuffs are
declining, and a feeling of conservatism is
noticeable in certain lines, such as the textile
and shoe industries, in which price advances
had previously been most marked, "resales"
at some concession in price being latterly
reported, Reports received from the Federal
Reserve agents generally indicate a feeling
of confidence that a satisfactory solution
of the price and wage problems will be
reached." The actual volume of business transacted continues at an extremely high level for
the present season of the year, although transportation difficulties and shortage of labor have
been hampering factors in certain lines. Increased activity is in fact reported in certain of
the basic industries. The agricultural outlook
on the whole is distinctly less favorable than a
month ago, although the large acreage sown in
certain cases will compensate for decreased
yield per acre. Cotton in particular is in poor
condition. Reflecting the feeling of uncertainty which prevails, the volume of speculation has abated, and declines in the price of
securities have occurred. The general business
situation, while presenting some disquieting
features, is, however, at bottom strong.




Barring industrial conflicts, the customary swell
in the volume of business during the fall months
is probable.
It is stated in district No. 1 that "the industrial unrest has overshadowed all other factors,
and the interference with transportation facilities has caused for the most part a general
slowing down, due largely, however, thus far,
to apprehension of the manufacturer rather
than to any direct slackening up of business
demand." In district No. 2 ''business has
continued in great volume and labor has been
fully employed," while the situation, in spite
of the disturbing elements which have appeared, continues favorable on the whole. In
district No. 3, "while the volume of business
transacted is very satisfactory, the business
community is disturbed over the outlook, owing
to the continuance of labor agitation and efforts
to reduce the cost of living." In district No,
4, although the same disturbing factors are
noted, there is "continued improvement in all
manufacturing lines." In district No. 5 " trade
and commerce continue highly active, without
apparent pause and without any material
recession as yet in prices, but there is rather a
suppressed feeling of uncertainty pending the
eventual solution of present problems." In
district No. 6 the agricultural situation is poor,
but there has been "little of the usual slackening of commercial activity, although the agitation of the high cost of living has caused some
merchants to exercise caution in buying." In
district No. 7 "for the moment matters seem
to be in a more reassuring state. The labor
crisis, which was giving general alarm a fortnight ago, appears to have passed, and business
is going forward on 'high gear.'" In district
No. 8, although "no marked decrease in the
volume of business is apparent/'' business in
some lines has tended to become unsettled, and
"there is evidence of uneasiness in some quarters." In district No. 9 "the general situation
is very good" and should continue so for some
time "if the feeling of unrest among the laboring people can bo quieted by a reduction in the

SEPTEMBER 1,1919.

FEDEKAL RESEEVE BULLETIN.

price of food products and other necessaries."
Reports from all sections of district No. 10
" indicate that business is moving forward with
amazing strides under difficulties, and an unmistakable feeling of confidence in the continuation
of busy and prosperous times " prevails. In district No. 11 general business conditions have apparently not been affected to any great extent
by unfavorable factors. In district No. 12 conditions are generally favorable, and the outlook
is very good.
During the present month the commodity
price situation has attracted widespread attention. A sharp increase in prices occurred
during the month of July. The general index
number of the Bureau of Labor Statistics for
that month stands at 219, the highest level ever
reached, as compared with 207 for the month
of June, an increase of 5,4 per cent. The increase in prices, while general, has been greatest in the case of the group of consumers7 goods,
being 6.1 per cent for that group, as compared
with 4.6 per cent for the producers' goods group,
and 5.4 per cent for the group of raw materials.
The index numbers for each of the subgroups
included under the head of raw materials have
also increased. The number for the animal
products subgroup shows an increase of 8.4 per
cent, while that for the mineral products subgroup shows an increase of 2.1 per cent, and
those for the farm products and forest products
subgroups show increases, respectively, of 4.1
and 6.6 per cent. Practically all the index
numbers for the various groups given above
represent the highest levels reached, and the
vast majority of the individual commodities
included in the construction of the index number increased in price. The general feeling of
unrest which is noted has found one of its chief
expressions in discontent with the high levels
which prices have reached. Measures for controlling the situation and keeping the prices of
necessaries at least within reasonable limits
were taken by the Government, following the
message of the President read before Congress
on August 8. As far as the Federal Government was concerned these measures took the
form of more drastic use of existing legislation.




823

including the application of the provisions of
the food control act to profiteering and hoarding. Congress has also under advisement the
enactment of additional legislation extending
to a number of articles other than foodstuffs
the penal provisions of the existing act, and providing for greater publicity regarding wholesale
prices of the principal articles of domestic consumption. Furthermore, sundry measures were
undertaken, such as the disposal of surplus
army supplies and the elimination, where practicable, of the middleman in the marketing of
necessaries, etc. A much more conservative
feeling now prevails in certain lines, such as the
textile and leather and shoe industries, in which
price advances have been most marked, and
resales at some concessions in price are reported.
The prices of some commodities; in particular
certain foodstuffs, have shown a downward
tendency since the opening of the month.
As corollary to the price problem and the
high cost of living there is the feeling of labor
unrest which is marked at the present time
and which has given impetus to the agitation
concerning prices. Reports from the majority
of districts designate the labor situation as
"unsettled," although from Chicago it is
stated that "the labor crisis, which was giving
general alarm a fortnight ago, appears to have
passed/' while several other districts report
such conditions as fairly satisfactory. New
wage demands and strikes, actual or threatened,
are frequent in certain districts, although in
Philadelphia it is stated that inquiry revealed
"that actual difficulties were few." Labor
conditions in the iron and steel industry have
been unsettled, and the efforts to effect the
unionization of the workers will be watched
with interest. Traction strikes are reported
from various centers. The strike of the railroad shopmen has been far reaching in its
effects, and has resulted in material embarrassment to trade. The transportation situation
is again in the foreground of public discussion,
both in consequence of this strike and of the
announcement by the railroad brotherhoods of
their plan for the future operation of the railroads. In certain districts a decreasing effi-

824

FEDERAL, RESERVE BULLETIN.

ciency of labor is remarked, which is ascribed to
relaxation from war time pressure for maximum production. At the same time additional demands made by the workers have
been granted, in large part due to the general
shortage of labor, skilled and unskilled and
city and farm, which exists in many sections.
In many districts it is reported that no one
who wishes to work need be idle, and actual
surpluses of labor reported are few and
scattered.
The agricultural outlook is in many ways
less satisfactory than a month ago, in particular with respect to the grain crops. Excessive
moisture at a critical stage has resulted in
increased growth of straw and a reduced
yield per acre of winter wheat, although,
owing to the large acreage sown, it is expected
that the country's crop will be the second
largest ever produced. The outlook for spring
wheat is also less favorable, the estimated
yield on August 1 being only 225,000,000
bushels,-as compared with 322,000,000 bushels
on July 1. In district No. 9 " small grain
reports are still very discouraging, showing
a much lower yield per acre than was expected/'
but "the corn crop is in excellent condition/'
In district No. 10 "a good crop is assured/7
the corn being benefited by the August rains,
while " conditions have been highly favorable
to oats, rye, and barley." "The outlook for
corn continues very favorable" in district No.
11. Reports from the Pacific coast indicate
that less damage to grain has resulted from
the "unfavorable conditions7' reported lastmonth than was anticipated.
The outlook for tobacco in Kentucky and
Connecticut is promising, but excessive rain
has caused damage in the Carolinas. Good
fruit crops are reported on the Pacific coast.
The condition of the cotton crop on July 25
was 67.1, the lowest on record at this date,
and the yield was estimated at approximately
1,000,000 bales under that of last j^ear. As a
result of excessive rains, cotton has not fruited
well, and the boll weevil has been active.
There is a considerable "carry-over" of low
grade, very short staple cotton, which is




SEPTEMBER 1,

1919.

ordinarily exported. Spot prices of cotton in
the South are reported to have been steady,
although violent price declines occurred in
both spot cotton and futures in New York
during the month. In New England sales of
the shorter staple show real declines in price,
while long staple has not ceased to advance.
It is reported from the Kansas City district
that milling operations have been heavy since
new wheat commenced to arrive, but buyers
of flour are not placing orders far in advance.
Flour prices have declined only slightly, in
about the same proportion as have wheat
prices, while the price of corn futures has had a
sudden drop from the former high level.
Trade reports from various centers indicate
that the demand for flour has decreased
noticeably during the month. Flour production during July, as reported by the
United States Grain Corporation, was 8,339,000
bushels, as compared with 7,130,000 bushels
during June. Meltings of refined sugar continue considerably in excess of the decreased
receipts of raw sugar, and care is being used
in the distribution of existing supplies.
Receipts of cattle at 15 primary markets increased from 1,122,782 head during June to
1,527,881 head during July, as compared with
1,697,193 head during July, 1918, the respective index numbers being 111, 152, and 168.
Receipts of hogs show a falling off from
3,061,838 head during June to 2,411,539 head
during July, and 2,530,414 head during July,
1918, the respective index numbers being 139,
110, and 115. Receipts of sheep again show a
considerable increase, being 1,558,767 head
during July, corresponding to an index number
of 114, as compared with 1,116,003 head during
June, corresponding to an index number of 82,
and 1,148,488 head during July, 1918, corresponding to an index number of 84. It is
reported from the Kansas City district that the
price of cattle has advanced from the lower
level prevailing in June, while sharp breaks
occurred from the record hog prices prevailing
during July, hogs on August 15 being down to
$22.25 per hundredweight, as compared with
the top price of $23.40 reached during July.

SSPTHMBEB 1,

FEDERAL RESERVE BULLETIN.

1919.

In iron and steel further increase of activity
is noted, Pig-iron production has increased
from 2,114,863 tons during June to 2,428,541
tons during July, the respective index numbers
being 91 and 105. Steel-ingot production has
increased from 2,219,219 tons during June,
corresponding to an index number of 92, to
2,508,176 tons during July, corresponding to an
index number of 104, while the unfilled orders
of the United States Steel Corporation at the
close of July were 5,578,661 tons, as compared
with 4,892,855 tons at the close of June, the
respective index numbers being 106 and 93.
The steel industry at the close of July was
reported to be operating at from 70 to 80 per
cent of capacity.
Price increases are reported in certain cases,
but leading producers favor continuance of
the established levels. Brisk purchasing of
pig iron has continued, with prices tending
upward, but producers are reluctant to book
orders for delivery beyond January. The
demand is still chiefly for the products noted
in last month's report. Manufacturers of lapweld pipe, wire., sheets, bars, and tin plate have
sufficient business booked to enable them to
operate for a considerable period. Among the
lines which have lagged, improvement is noted in
the demand for plates and shapes, while the railroad purchases for maintenance account have
given much encouragement to the industry.
Slight improvement is noted in the demand
for structural steel. It is reported from district
No. 3 that the increase in the tonnage ordered
is represented by a large number of moderate
sized orders, and indicates a better promise
than if a few large tonnages had been closed.
Active export inquiries are noted. Trades
allied with the iron and steel industry, such as
machine tools and hardware, are very active.
The industry has been hampered by the labor
situation. Operations in some centers, notably
Chicago, were hindered by the strike of the railroad shopmen which, in conjunction with a
strike of dock workers at upper lake ports,
interfered with iron-ore shipments. The principal question, however, is that of the unioniza-




134551—19

2

825

tion of the industry, which is at present engaging the efforts of labor leaders.
Consumers have taken heed of the warnings
as to a possible coal shortage, and heavy purchasing is reported. A rush of buying by consumers of anthracite coal appeared as. a result
of the publicity campaign of the bituminous
producers, and the anthracite producers are
now seeking to reassure the public of the sufficiency of prospective supplies of anthracite.
Production of bituminous coal during July
amounted to 42,946,000 tons, as compared with
36,806,000 tons during June, the respective
index numbers being 116 and 99. Anthracite
coal shipments during July also increased,
being 6,052,334 tons, corresponding to an index
number of 108, as compared with 5,619,519
tons during June, corresponding to an index
number of 100. Coal production is being impeded in certain sections by labor difficulties
and by car shortage, and the output of bituminous shows a considerable decrease during
the present month. The output of beehive
coke during July was 1,512,178 tons, as compared with 1,170,752 tons during June. Increased demand for coke is reported in districtNo. 7 as the result of the opening of additional
blast furnaces.
The activity in the copper market noted for
the month of July has subsided. Sales by producers during that month, amounting to
225,000,000 pounds, were the largest for any
month during the present year, the figure for
May, the next highest, being 208,000,000
pounds. It is stated that producers of copper
and zinc have booked sufficient business for the
months of August and September and are now
opening their books for October. Stocks of
refined copper and lead are diminishing. During the month of July higher prices continued
to be paid for both lead and zinc ores in the
Joplin district, which had a somewhat stimulating effect upon production. Lead likewise increased in price. During August transactions
in copper, lead, and zinc have consisted largely
of resale by speculators, and shading of prices
has occurred. A factor in the zinc situation at

826

FEDERAL RESERVE BULLETIN.

the opening of August was the decision of the
Government to throw its surplus stocks upon
the market. The tin market has been quiet and
prices have declined, with the expectation of
still further decline now that free importation
is permitted.
General manufacturing continues active.
The "feverish activity" which characterized
the textile and dry goods industries for several
months has abated somewhat, but business is
still unusually heavy for this period of the year.
A spirit of greater conservatism on the part of
buyers, however, is noticeable. These conditions are seen particularly in the case of cotton goods. While mills have plenty of business
booked, and hence show no disposition to make
price concessions, holders of goods for resale
feel less secure than they did previously and are
willing to make concessions in order to dispose
of their holdings. Despite this feeling of conservatism, however, the market readily absorbed, at prices in most cases closely approximating current market prices, the large Government-owned stocks of cotton cloth offered at
auction on July 30. Trading in cotton yarns
is reported to be relatively small.
The raw-wool market is quieter than a month
ago, but prices are firm. Most of the mills have
sufficient wool with which to complete present
contracts. Worsted spinners are unwilling to
offer goods for delivery after the first of the
year. Woolen mills are still busy on orders for
fall delivery. It has been evident for some
time that offerings of goods for the spring season
of 1920 will be restricted. Such lines of men's
wear goods as have been opened are selling up
rapidly, and an allotment system prevails, as is
largely the case also in other branches of the
textile industry. Manufacturers of men's and
women's clothing report a very large business.
Textile and garment manufacturers, because of
subsequent increases in the cost of production,
are reported in many cases to be seeking to
obtain a higher price for goods delivered on
contracts made in the opening months of the
year. Heavy purchases of cotton underwear
are reported, in particular for the current fall
season. The demand for silk hosiery con-




SEPTEMBER 1,1919.

tinues. A feeling of caution prevails on the
part of the majority of buyers of cotton hosiery,
which is not the case with buyers of silk hosiery
and underwear. The raw-silk market is dull.
A more conservative feeling is evident in the
hide, leather, and shoe industries. Tanners are
cautious in their hide purchases and in the
acceptance of orders for future delivery. It
is reported from Boston that " leather is not
in quite as great demand as a few weeks ago,
but, while prices have become steadier, they
are still high with further increase anticipated."
Upper leather continues to display the greatest
strength. The volume of shoe sales continues
large, and demand is still for the better grades.
The high prices prevailing for materials, however, enforce caution, in particular with respect
to orders for future delivery.
Automobile manufacturers report an extraordinary demand, coupled with a steady increase in production. Manufacturers of auto
accessories in the Cleveland district report
similar conditions, while manufacturers of electrical supplies in that district have booked a
large number of orders.
Retail trade continues exceedingly active,
and in many sections little of the usual midsummer lull is noted. The demand for watches
and jewelry continues very heavy, while in
some districts a lessening of the demand for
shoes and clothing is perceptible. Heavy purchases by retailers in many lines are reported, a
considerable volume of orders being placed for
future delivery, although in Kansas City it
is stated that some merchants are now placing
more frequent but smaller orders. Complaints continue to be heard in the western
districts of the inability of jobbers to get merchandise to meet the retailer's requirements.
In Cleveland it is stated that "most merchants
have accepted the fact that merchandise is
very scarce and that prices are going to remain
high for some time," and in New York it is
stated that "the consensus of opinion seems to
be that retail prices are likely to be fairly
steady for the next six months."
The increase in building activity continues.
Permits issued during July were the largest for

SEPTEMBER 1,1919.

any month during the present year, and actual
construction likewise shows an increase. The
activity, however, in many sections is still distinctly below normal. In New York City construction is considered to be at about 50 per
cent of the normal prewar activity. The
shortage of dwellings is expected to continue
for some time to come, and large manufacturers
in certain districts are engaging in home-building projects in the interest of their employees.
Construction is being hindered by the high cost
and shortage of both labor and materials.
Further advances in the prices of various classes
of lumber have occurred, but it is reported that
there is considerable feeling in the industry in
favor of stabilization of prices. Orders and
shipments of lumber in general continue to exceed production, and stocks are being further
depleted. The building trades lockout in Chicago continues and all construction is held up.
In certain districts the activity in real estate
continues and prices are rising, while in Iowa
and Illinois options are now employed in dealing in farm lands.
Official figures for the month of July show an
export balance of $225,000,000, as compared
with $620,000,000 for the month of June. The
decline in exports, while general, has been relatively greater for foodstuffs and for finished
manufactures than for crude materials and
semimanufactured products. Part of this decline is probably to be ascribed to the harbor
strike in New York, and no hasty conclusions as
to the future course of our foreign trade should
be drawn from the month's development. The
expected resumption of a large cotton exportation has not occurred, the July figures of raw
cotton exports showing considerable decline from
those for June. Active inquiries are reported
by the iron and steel industry. Following the
settlement of the New York strike, improvement in the shipping situation is noted, and
a lower level of ocean freight rates to Great
Britain and the Argentine prevails.
For some time after the opening of the
month, speculation continued at an extraordinarily high level, but was succeeded by a period
of relative quiet in the stock market, Public




827

FEDERAL RESERVE BULLETIN".

participation in the market has become noticeably absent, as the influence of the various
deterrent factors has been felt. Large and
sudden declines in the prices of stocks have
caused an unprecedented volume of liquidation.
Bond prices have also declined. There has,
however, been heavy absorption of new issues
of securities, and the volume of incorporations
during July reached a record figure. Fluctuations in the call-money rate have been confined
within relatively narrow limits, and call money
on the whole has become easier. On August 6
a rate of 3 per cent for loans on mixed collateral
was recorded, which is a new low record for
the year, while the highest rate for such loans
during the month was 8 per cent, attained on
August 22. The Board's figures of the volume
of check transactions continue at the high level
noted for the month of July. Interest rates are
firm, and on the whole exhibit no marked
changes. A strong demand for funds is reported in certain districts, although liquidation
is noted in other districts as returns from the
sale of crops are received. Coincident with the
decline in call-money rates since the middle of
the month a good demand for acceptances is
reported by dealers. Foreign-exchange rates
showed a practically continuous decline during
the earlier part of the month, sterling, francs,
and lire among the more important exchanges
being quoted on August 20 at the very low
rates of 4.1625, 8.16, and 9.57, respectively. Many of the older as well as practically
all of the newer European nations are seeking
American credit, and credits have been granted
to several. The banking situation continues
to be regarded as sound, credit and collection
conditions are good, and failures continue unprecedentedly small and few.
SPECIAL REPORTS.
REPORTED BY DISTRICT NO. 1.

The wool market is somewhat quieter than
a month ago. Prices continue extremely firm.
Most of the mills have sufficient wool with
which to complete present contracts but have
no surplus supplies. Dealers feel that they are
not warranted in buying much wool at the present price level, and they are not expected to be

828

FEDERAL RESERVE BULLETIN.

purchasers at the London auctions even should
the quality be such as is needed here. Some
mills may take advantage of the opportunity to
get certain grades of wool. The needs of European mills are so great, however, that it does not
seem likely that prices will fall sufficiently to
make it profitable to import wool here. Woolen
mills would ordinarily be at this time between
seasons and rather inactive. This year's contracts for fall delivery are still in process of
completion and many customers have already
placed orders for next season. This has kept
mills going at about their normal capacity.
Kecent offerings of the American Woolen Co.
for next spring were so small that many buyers
got less than 10 per cent of their usual needs.
Uncertainty is again in evidence among the
cotton mills. Some resales of goods have been
made at cut prices. Most mills refrain from
meeting these cuts, as they have plenty of business booked. On the other hand, sales for spot
delivery have taken place at much higher
prices. Although mills would like to operate
night and day, it is impossible to obtain help
for this purpose, owing to the higher wages being earned by employees who do not feel the
need of working nights for additional pay. The
cotton market continues about the same.
Sales of the shorter staple show real declines in
price, while long staple has not ceased to advance. Some holders of cotton are now accepting offers which were turned down onh7 a
short while ago.
An unusually large amount of dry goods is
being sold. The usual midsummer jet-up has
scarcely been noticeable. If anything it has
been more pronounced in the highest priced
luxury goods, such as furs. Distributors could
handle much more business were the goods
obtainable. Those who earlier sold for fall delivery are finding it very difficult to make these
deliveries on time. Manufacturers have, in
some cases, actually demanded and received
more than their contract price, due to unexpected wage increases. This has caused considerable advances in the cost to the consumer.
On the whole, prices may be said to be somewhat more steady and the larger buyers,
although still making contracts for later deliveries, are keeping a sharp outlook for indications of a change.
The volume of shoe sales is only limited by
manufacturing capacity, but manufacturers
hesitate to make expensive additions to plant,
owing to the uncertainty of future conditions
affecting business. So much of the present
call is for the better grades of shoes that one




SEPTEMBER 1,1919.

manufacturer reports that parts of leather left
over are being sold to Europe rather than being
used in cheap shoes which do not have a ready
market. An interesting sidelight on the psychology of the current attitude of the public
on the high cost of living is furnished by an instance cited of a lot of shoes which were moving
slowly being cleaned up at once when the price
was raised | l .
Leather is not in quite as great demand as a
few weeks ago, but while prices have become
steadier they are still high, with further increase anticipated. European buyers of leather
are not so active. Hides are scarce, with European buyers outbidding Americans in foreign
markets.
REPORTED BY DISTRICT NO. 2.

This month witnessed further demoralization
of the foreign exchange market. On August
19 sterling broke to 4.19 after holding from
July 19 at 4.32 to 4.34. After a continuous
decline throughout the period covered by this
review, francs dropped to 8.08 on the same day,
while lire followed a similar course, declining
to 9.45. One of the principal causes for this
general decline was the volume of commercial
bill offerings, which came chiefly from the cotton and packing interests, as well as a considerable number of grain bills. Doubtless
this volume of offerings resulted from an
accumulation of bills.
The last break in sterling is attributed in part
to the announcement by Lloyd-George that the
restrictions will shortly be lifted, which may
result in a great increase in the balance of trade
in favor of this country. The whole foreign
exchange condition is a natural one, in view of
past and present events. One of the suggestions for solving the situation which has to
some degree been acted upon is to organize
corporations which will finance export and
import business exclusively. Several leading
New York banks have organized a foreignfinance corporation which is expected to commence business shortly. Nevertheless bankers
do not appear optimistic of improvement in
rates in the near future; in fact, the opinion
is quite general that an even lower rate on
francs, sterling, and lire will prevail within a
short time. Many of the older as well as
nearly all the newer European nations are
seeking American credit, and to several credits
have been granted. Others are awaiting Government action. Neutral countries with a
fairly normal exchange rate are seeking large
credits, but bankers feel some reluctance in

SEPTEMBER 1, 1919.

FEDEKAL EESERVE BULLETIN.

arranging these credits, feeling that the needs
of the smaller nations, who were our allies
during the war, should be first met in order to
permit them to import the raw materials necessary to the rehabilitation of their commerce and
trade.
The same fundamental influences which
dominated the market during the previous
three or four months appeared to continue
during the last month. Next to the railway
situation, chief among these was the expectation of a larger export business to carry us
through the domestic readjustment period.
Events of the past month f airly show that this
expectation was based upon hopes rather than
actualities. Deterring features appeared during the last few weeks which the market failed
to take into consideration at the time, but
which of late are being realized. These may
be summarized as follows: (1) The unstable
credit positions of foreign countries and the
consequent decline in exchange rates which
makes selling abroad unprofitable; (2) our
domestic high prices which nave brought forth
suggestions of legislation limiting our exports;
(3) foreign labor conditions which, with shorter
working days, decreased efficiency, and a series
of strikes are retarding output, thereby decreasing the demand for our raw materials by foreign
manufacturers.
Other questions closely allied to the above,
but not bearing directly upon foreign commerce, have been reflected in the stock market.
The most important of these is the American
labor problem, especially as it has developed
in the railway situation during the last month.
Another factor which has continuously drawn
the attention of the dealers in securities is the
probability of increased demands for money
for agricultural and industrial purposes. During the last month there were enough funds
available to keep money for stock-market purposes down to a comparatively low rate.
These are among the factors which the stock
market has realized and which have caused
unsettlement and hesitation as to new commitments.
Large and sudden declines have caused an
unprecedented volume of forced selling of
accounts with depreciated margins. Unlike
the previous month there was little evidence
of any new investment buying. Professional
operations were perhaps more vigorous during
July than at any time since the beginning of
the present stock market activity. The total
sales from July 18 to August 9 were 30,898,097,
as against a total of 28,344,744 for the previous




829

four weeks. The Annalist's report shows that
between July 18 and August 9, 25 representative industrial shares declined from 115.95 to
109.05, while 25 representative railway shares
declined from 67.24 to 60.88. The factor primarily responsible for the decline in the rails
was the plan presented by labor leaders for the
Government ownership of railways. The listed
bond issues declined during the past month,
the utility issues being the most seriously
affected. An analysis of price averages of the
listed issues shows that utility bonds are at
present lower in price than they were a year
ago. The railroad issues have declined to an
even greater extent. Although the industrial
issues lost heavily during the last month, they
did not reach the low figures ruling at this time
last year. In general, present prices are
nearly a point below the average of prices for
the same period of 1918.
The railroad issues, formerly among the
leaders of the investment securities, have been
influenced by the uncertainties of the railroad
situation. The utilities are suffering from
labor difficulties and the increased cost ^of
operating supplies and equipment.
The speculative tendencies of the public
have made themselves apparent in the bond
market. Several issues, especially those of
some of the foreign Governments, have become
the objects of speculative trading. The recent
activity of the stock market diverted from the
bond market a considerable volume of funds
normally used for investment purposes.
The absorption of new issues is entirely out
of normal proportion with the business transacted in the listed bonds. The public appears
to be constantly on the lookout for new offerings. From July 18 to August 13 these totaled
approximately $180,000,000, exclusive of common stock issues. This is a decrease of about
100 per cent from June 15 to July 18.
Another item of interest is the record volume
of new incorporations in the United States
during July, which totaled about $1,420,000,000, representing 1,000 corporations of every
type. The fact that 160 of these, with a capitalization of $586,216,500, were oil companies
throws further light upon the inclinations of
the public.
Call money during the last month fluctuated
within a comparatively narrow range. Rates
on only two occasions rose above 7 per cent,
although the stock market activity during the
last month was the heaviest on "record. On
July 29 industrial collateral rates rose to 9 per
cent, although the mixed rate remained at 6

830

FEDERAL RESERVE BULLETIN.

per cent. This was due to some extent to the
call on that date for repayment of $39,800,000
in Government deposits to this bank. Again
on July 31 the mixed rate advanced to 18 per
cent and the industrial rate to 20 per cent.
This was due to the readjustment of loans by
banks to meet an unusually heavy amount of
foreign Government maturities on the next
day, August 1. Chief among these were the
$100,000,000 Canadian loan and the American
Foreign Securities Corporation loan of nearly
$100,000,000. A large part of the proceeds of
the new $75,000,000 Canadian loan had been
placed on call between July 21, the due date
for subscriptions, and August 1. This was
also called on July 31.
The ruling rates for the first three weeks of
the past month were 6 per cent for mixed collateral and 6J per cent for industrials. On
August 6 rates fell to 3 per cent for mixed and 4
per cent for industrials, which were new low
records for the year. During the past week
rates have ruled at between 3 J and 4J per cent.
On several days rates for both classes of collateral were the same. Our calls for repayments by depositary banks from July 18 to
August 13 approximated $298,400,000, as
against $598,800,000 for the previous month.
This diminution doubtless had a material
bearing upon the narrower range of fluctuations
for the last month. Another development of
the month was the abandonment by several
banks of the discriminatory rates between
mixed and industrial collateral.
During the early part of the month time
money continued scarce. Borrowers were
offering 7 per cent, but a higher rate was asked
by lenders. It was reported that as high as 8
per cent was paid for 60-day loans on mixed
collateral. During the latter part of the month
money was more freely offered and at somewhat lower rates. This concurred with the
decline of call-money rates to a lower level.
The narrrow fluctuations of call money at from
5J per cent to 6J per cent diverted to the timemoney market a certain volume of money
which had been out on call. The actual
amount of business, however, was comparatively small and chiefly confined to renewals.
In* view of the present unsettled conditions,
especially with reference to future prices,
business men in many trades are not borrowing
heavily. Some merchants are reported as
selling goods on hand without replenishing,
fearing declines in prices of products and are
anticipating their borrowings.




SEPTEMBER 1,1919.

Commercial-paper rates have remained practically unchanged. The h\ per cent rate has
been generally accepted as firmly established on
the local market. Transactions at o\ per cent
are comparatively few and confined largely to
local banks desiring to obtain the very best
paper. But New York City banks in general
are out of the market and out-of-town banks
continue to be the chief purchasers at the 5J
per cent rate.
The acceptance market within the last few
days has shown a decided change from conditions which prevailed for several months previous. Up to August 13 or thereabouts funds
which ordinarily would have been employed in
the acceptance market were diverted to the callmoney market because of the attractive rates.
Consequently the demand both from local and
out-of-town institutions was very light.
Almost immediately following the distribution
of the Grain Corporation funds and the decline
of the call-money rates to 3J per cent on August
15, the acceptance rates eased off. Bills began
to move freely and at this writing (Aug. 19)
dealers report a very good demand for bills of
all maturities. The demand is not confined to
New York City, but is equally strong from out
of town. Several of the more prominent
dealers are said to have lowered their renewal
rates from 4 J per cent to 4 per cent.
REPORTED BY DISTRICT NO. 3.

Retail trade is reported very active, some
furnishing stores doing double the amount of
business compared with last year. Some stores
are making preparations for an abnormal business in expectation of a good fall and winter
season.
Retail business for the past month has shown
a slight increase over the corresponding time a
year ago, and the outlook for the fall is considered promising. A leading store says, "We
have experienced no special labor troubles
directly, but we understand the manufacturers
from whom we buy are laboring under very
great difficulties through labor demands which
have very materially increased the cost of production, which makes our prices seem to bear
a rather false value. The workmanship is
rather inferior and has shown a steady increase
in this respect for the past two years. This
condition in a measure has been made possible
through the merchants generally all over the
country placing orders for a greater amount
and in many instances double the amount of

SEPTEMBER 1,

1919.

FEDERAL RESERVE BULLETIN,

their requirements in the belief that only onehalf of the amount will be shipped owing to the
shortage of materials and labor difficulties, and
this has a tendency to make speculation among
the mills and producers which alwaj^s tends to
make a false condition."
Manufacturers of shirt waists and women's
dresses are sold up so far ahead that they have
had to discontinue the production of their full
lines of silk waists, due to the fact that the
prices of materials are so high that they do not
care to speculate on goods for delivery in November and December. The principal trouble
is in getting the proper number of experienced
operators to turn out the work.
REPORTED BY DISTRICT NO. 4.

All along the line the improvement in the
iron and steel trade situation, which first appeared in substantial form in June, was speededup in July,
Steelworks activities have kept on expanding
in a degree corresponding to the gain in pig iron.
It is probable that 70 to 80 per cent of capacity
would be a fair expression of steelworks operations at the end of July. In some lines, notably
sheets, wire, tubular goods, bars, and tinplate,
the outgo has been considerably above this
level, but the average has been brought down
by the more backward markets in plates,
shapes, rails, etc., or the so-called heavier materials. The volume of plate and shape business,
however, has been growing, and this betterment has been more pronounced in plates,
especially during the past few weeks. A significant fact in this improvement is the appearance of a number of orders for material for car
repairs, heretofore an absent factor. More new
tonnage also is being called for by shipbuilding,
somewhat as the result of new contracts, but
principally because of the further release of
deferred contracts by the Emergency Fleet
Corporation. Deliveries on the more active
lines of finished steel have been falling back
steadily. In wire the makers have sufficient
business booked to keep them engaged for three
months at least. The largest producer of lapweld pipe is sold up five to six months. Mill
tonnage entered in sheets in July was close to
the high record for that product. The shortage
of semifinished steel is reflected by the fact that
the Steel Corporation is shipping sheet bars
from Chicago into the Pittsburgh district despite the disadvantageous freight rate.
Altogether the month has added materially
to the unfilled tonnage on mill books, inasmuch




831

as specifications from buyers against their contracts have been in excess of shipments in many
lines. Furthermore, labor disturbances have
been having some curtailing effect upon production here and there. At Cleveland the
operations of a large wire producer have been
interfered with by a strike of the trainmen
from the company's subsidiary railroad which
carries hot metal to its steei works. At
Chicago, a shortage of cars and motive power,
resulting from the railway shopmen's strike,
has forced the banking of some blast furnaces.
A strike of the dockmen at upper lake ports
caused difficulty to the vessels in taking on ore
cargoes and in carrying back coal. Some boats
temporarily have been held in port.
While a number of price advances have been
made in individual lines during July, notably
in wire, tubes, rivets, rerolled bars, bolts, and
other miscellaneous lines, producers take the
attitude that regardless of the strength of
underlying conditions, further additions are
inadvisable at this time.
Pig-iron buying in July continued in large
volume, although it was not equal to the unusually heavy movement in June. Many consumers now are covered to the end of the year,
and, as the furnaces have liberal order books,
they are not inclined to seek new business very
aggressively. Consumers in an increasing way,
now, are seeking to cover on their requirements
through the first quarter and half of 1920, and
while some business has been booked for that
portion for advances up to $2 in some cases,
the general attitude of producers is against
encouraging the placing of contracts so far
ahead. Advances ranging from 50 cents to
$1.75 per ton for this year's delivery have been
made by individual producers at Cleveland,
Buffalo, eastern Pennsylvania, and in the
South.
Automobile manufacturers report a steady
gain in production and are naturally optimistic
concerning business in the near future and 1920.
Manufacturers of auto accessories and storage
batteries, 90 per cent of whose business is done
with auto manufacturers and the auto-buying
public, report conditions identical with those of
the auto manufacturer. One manufacturer of
storage oatteries reports, however, that their
present output exceeds that of prewar times
by 25 per cent.
The electric manufacturers report that business is holding up in a magnificient way, and a
large number of orders are booked. July was a
particularly good month. Electric goods are
being received from public service corporations,

832

FEDERAL RESERVE BULLETIN.

and inquiries for new apparatus are being made
in large numbers. Collections are very good,
and the amount of paper offered is the smallest
amount of any recent month.
REPORTED BY DISTRICT NO. 5.

Crop conditions have declined in the last
month, rains having been excessive, and on
much of the lowlands crops have been entirely
ruined. Extreme moisture has forced extreme
growth of cotton plants, but they have not
fruited well. The final yield will be below normal, Dut may be improved by good weather
during the picking season. The impossibility
of exporting more than a limited quantity of
cotton during the past season has left on hand
an unusual "carry-over." This stock of old
cotton is largely low grade and very short
staple, for which the demand in this country
is limited. Until it can be exported to foreign
markets, where there is a demand for it, it
must be sacrificed or carried; there is little likelihood of the former and a strong determination
to pursue the latter course. The new crop
coming on top of these conditions emphasizes
the urgent necessity for the extension of credits
to would-be-purchasers abroad to enable them
to purchase our much-needed cotton, again
operate their mills and resume production, the
chief factor in a restoration of normal trade and
normal rates of exchange. There have been
erratic fluctuations in the prices of cotton
contracts on the New York Stock Exchange of
late, but prices of actual cotton in the South
have been steady. Spinners are making large
profits and purchase freely at good prices the
higher grades suitable for their purposes.
The damage to tobacco in South Carolina
from excessive rain is estimated to be 50 per
cent of a normal yield, but increased acreage
and prices higher than ever before will make
the return satisfactory. Trash tobacco is
selling lower than last year, but average
grades are selling at from 30 to 50 cents per
pound and high grades from 50 cents up. The
South Carolina markets have been closed for
a week on account of freight embargoes due to
the trouble with shopmen, but it is anticipated
that they will reopen Monday, August 18.
The damage in North Carolina is estimated at
33 J per cent. The opening of the North Carolina markets has been postponed from August
20 to probably September I, owing to delay
in the sale of the South Carolina crop; the same
representative buyers usually attending in
rotation the markets of both States, the Vir-




SEPTEMBER 1,1919.

ginia markets opening somewhat later than
those in North Carolina. Other agricultural
conditions in the district are about normal,
except the result in wheat has been disappointing. The stock raising sections report a
good grass season, cattle and sheep in fine condition and bringing good prices.
REPORTED BY DISTRICT NO. 6.

Heavy rains have continued in a large part
of this district during the month. In south
Georgia, south Alabama, and south Mississippi and Florida excessive rains have resulted in considerable injury to crops and prevented their cultivation. The excessive wet
weather has been extremely favorable to the
rapid multiplication of the boll weevil, and in
the territory mentioned the damage from this
insect promises to be greater than ever before
over such a large area. The rains have also
resulted in an unusually large amount of
leaching of the soils, and reports indicate that
practically no crops are fruiting as well proportionately as their general appearance would
indicate. In some counties in southeast Georgia it is reported there will be less than half a
crop of cotton, the condition in some instances
being indicated as low as 25 per cent.
Information taken from the reports of the
Cooperative Crop Reporting Service indicates
that the quality of wheat raised in Georgia is
below the average, but the yield per acre is
about the same as last season. The condition
of the oat crop at harvest was very poor.
Irish potatoes are not very promising. Tobacco has suffered greatly from rains and unsatisfactory curing conditions. Reports now indicate that the crop will be only about 50 per
cent of normal in some sections, and between 50 and 75 per cent of normal in other
parts of the district. In Georgia, Alabama,
and Mississippi the grades are very poor, and
tobacco warehousemen and buyers have found
it difficult in many cases to deliver the tobacco
from the warehouse to redrying plants before
molding or damaging because of the excessive
wet weather.
Tennessee reports indicate that the wheat
crop of that State has proved a disappointment,
this crop being one of the poorest on record
as to yield and quality. Unlike other States
of the district, a general drought has prevailed
over the entire State of Tennessee during the
latter part of July and early August, from which
all crops have suffered. The tobacco crop, one
of the largest in point of acreage, was badly

SEPTEMBER 1, 1919.

FEDEBAL RESERVE BULLETIN.

handicapped in May and June by rains, but is
now clean; it has made slow growth and shows
a tendency to button out too soon. Potatoes of
both kinds are in fair condition, but show the
need of more moisture. The condition of oats
and barley at harvest was fair, but below the
average. Vegetables of all kinds are below
normal, and gardens depleted. Fruits of all
kinds are short, except blackberries, the production of which is above normal.
The corn crop in north Georgia, Alabama,
and Mississippi is fairly promising and has suffered but little from rains. Most fields, however, contain more or less weeds and grass,
which are sapping the soil fertility. Peanuts,
velvet beans, soy beans, etc., are making
splendid growth and, while late, promise good
yields. Ribbon cane and sorghum for sirup
have been poorly cultivated, though where
weeds and grass are not interfering too seriously the crop promises fair yields. Pastures
are splendid and live stock on pasture are
doing better than usual.
The Florida citrus crop is reported to be in
very good condition and development somewhat advanced. Buyers are now offering
about $1.75 to $2.25 on the trees for fruit,
which is an unusual price at this season, and
indicates that the crop will bring record prices
this fall and winter.
The unusually rainy weather has been detrimental to most of the staple crops, especially corn. In some sections the damage has
been serious, and will result in high prices.
Turpentine has advanced very sharply since
last report, and during the week ending
August 15 the highest prices on record were
reached, the Jacksonville quotation on August
8 being $L61|. Rosin has declined within
the past two weeks, but the dec-Jine is considered to be only temporary and that after
strike conditions are adjusted the price will
be as high as before the decline: The unfavorable weather still prevails and it is felt
that this year's croD will be no larger than that
of 1918.
REPORTED BY DISTRICT NO. 7.

For the moment matters seem to be in a
more reassuring state. The labor crisis which
was giving general alarm a fortnight ago appears to have passed, and business is going
forward on higli gear. The traction strike in
Chicago, unable to make headway against
popular indifference, was abandoned for a 65
to 67 cents per hour compromise. The strike




883

at the stockyards, which looked most menacing for a day or two, was averted by withdrawing armed guards. The racial quarrels,
under stern suppression, died out and have
been followed by rather good-humored tolerance on both sides.
With the Chicago building trades lockout
virtually in full force, all construction is held
up and a discouraged feeling exists in all lines
of business allied with the building industry.
The one dark cloud now visible overhangs
the steel and iron industry. Upward of
18,000 steel workers at South Chicago cast
their ballot in favor of a walkout. In view
of the great difficulty now attending foreigntrade operations, any interruption in the operation of steel plants would be of more than
ordinary moment. Strikes have taken place
at Peoria and some of the smaller cities.
Efforts have been fairly successful to cause
labor to assume a more contented attitude and
cooperate in increasing production.
A very large part of the answers to our
current questionnaire, covering the Seventh
Federal Reserve district and including ail the
great branches of industry, make particular
complaint about the decreased efficiency of
workers, not merely because of shorter hours,
but because of the marked letting down of
interest in work and a growing desire to live
for amusement, self-indulgence, and luxury.
Business, according to all reports, is going
forward on "high gear." Jobbers can not get
goods fast enough to supply their retailers,
and store shelves are sadly depleted. There,
however, is a noticeable increase in the tendency to "wait awhile before buying." This
is noted in shoes and clothing especially; but
it is not noted in luxury lines. Piano and
musical instrument makers report the demand at a premium of 45 to 55 per cent over
production. The heavy buying is in the farming regions. But for labor and material shortage business would be enormous, The same
is true of watches, jewelry, and other luxury
classes. Pearls are very scarce and high, therefore the demand is insatiable at the advanced
prices. Diamonds are in the famine class;
there is a real scarcity of the "first waters"
and "cuttings." Advanced prices make no
difference. Silk hosiery and' silk shirts are
selling at prices so high that even the jobbers
are stupefied by the demand. All classes of
workers insist on costly and elegant apparel
regardless of wearing quality and are reckless
of prices.

834

FEDERAL RESERVE BULLETIN.

Mercantile stocks are admittedly very low.
This is partly due to the efforts of jobbers
to protect their customers against possible
"slumps," partly due to the shortage of freight
cars and partly to the desire of the people to
spend their money as fast as possible. Retail
conditions are described as healthy, but there is
complaint on account of the large amount of
money needed to do business.
The automobile industry reports a demand
far in excess of anything before known. Purchasing power seems to be unlimited and prices
make very little difference with buyers. Production is being seriously hampered by the
unrest and general inefficiency of labor. Workers of all classes are cocksure of their value and
so independent "on the job" that top production is impossible to attain.
One good effect of the "war industry"
regime remains, namely, augmented machine
capacity in many lines, whereby it is possible to
"speed u p " output without as much hand
labor as was reguired before the war.
Reports continue of increased activity in the
transfer of land and the rise in acre value from
all parts of the district. In Iowa and in some
parts of Illinois, where this movement manifested itself first, values are now so high and
available farms so scarce that the buying and
selling of farm lands has given way to speculation by means of "optioning." Instances are
cited where farms have changed hands seven
times in a few months. The ease by which
"options" can be transferred seems to facilitate
the movement and stimulates the upward
course of prices. It also involves an element of
"paper profits" which, should they not be
realized, may prove somewhat embarrassing
later on.
REPORTED BY DISTRICT NO. 8.

General trade has continued good in this district, although labor troubles in other sections
of the country and freight delays have interfered considerably with deliveries in some lines.
Inquiries among jobbers reveal that one of
their biggest problems is keeping in stock goods
called for by the trade. Collections continue
good. Drug concerns report increases in business as high as 25 per cent over July last year.
One concern says it has larger orders on hand
for future delivery than are usual at this time of
the year. It attributes this fact largely to the
expected return of the influenza epidemic this
fall. Stocks in the hands of retailers are said to
be larger and more complete than formerly.
Wholesale dry goods houses continue to report




SEPTEMBER 1,1919.

the demand above normal, and expect trade to
continue good through the fall and winter.
Wholesale shoe dealers are beginning to book
spring orders in larger volume than heretofore.
They look for unusually good business from
fill-in orders during the early fall months. One
wholesale grocery concern reports an increase
of 85 per' cent in business during July as compared with the corresponding month last year.
It says its business is steadily improving, but
complains that there is a scarcity of offerings of
western coast products.
There is the usual mid summer dullness in
retail trade, but this is somewhat offset by
numerous bargain sales which bring out the
buyers. One large retail store reports a decrease of 40 per cent in business from June, but
an increase of 30 per cent over July last year.
Retailers generally look for a good fall business
beginning in September and have laid in heavy
stocks in anticipation' of a record-breaking
demand. The extraordinary demand for automobiles and for high-priced jewelry continues.
Jewelers say there is increaing difficulty in
obtaining fine goods.
REPORTED BY DISTRICT NO. 9.

The agricultural situation in the Northwest
for the month of July does not show a material
change over the conditions reported in June
other than the fact that all the grain crops are
farther along. In 'fact, most of the harvesting
has been completed and in many sections
thrashing crews are beginning work. Small
grain reports are still very discouraging, showing a much lower yield than was expected, the
yield running in many cases as low as 7 or 8
bushels in sections where bumper crops were
expected. On the other hand, the corn crop
is in excellent shape. Practically all of the corn
will be out of the way of frost within the next
two or three weeks, and much of it is far enough
along at the present time to withstand serious
injury from frost. Hay is unusually, good, and
the farmers, with the aid of many of the men
from the drought * districts, have put up an
unusual quantity of it.
The entire Northwest is optimistic, including the farmers and stock raisers in the drought
districts west of the Missouri River. Many of
these farmers are pooling their herds; that is,
leaving them in the care of one farmer in the
neighborhood, and coming into Minnesota, Wisconsin, Iowa, and Illinois with the idea of
wintering and earning at least living expenses,
with the hope that by next year Montana and
North and South Dakota will show a good crop.

SEPTEMBER 1,1919.

FEDERAL RESERVE BULLETIN".

REPORTED BY DISTRICT NO. 10.

Corn made improvement this month, though
the August rains were a little too late to much
more than check the deterioration resulting
from the hot and dry weather prevailing
through July. A good crop is assured. While
the yield is expected to fall short of the early
season estimates, it will be close around or a
little above the August 1 forecast, which gave
Kansas 80,655,000 bushels, Nebraska 173,830,000 bushels, Oklahoma 65,713,000 bushels, and
Missouri 151,200,000 bushels, 19 of the corn
growing counties of that State being in the
Tenth Federal Reserve District. On the basis
of these estimates the corn yield should be about
44 per cent larger than last year's poor yield.
Thrashing wheat is not showing up anything near the .large preharvest estimates.
Still)" the yield for 1919 is said to be the second
largest ever produced in this part of the United
States. Late estimates on 1919 wheat give
Kansas a total of 144,807,000 bushels, Nebraska
56,246,000 bushels, and Oklahoma 50,204,000
bushels, a total of 251,253,000 bushels for the
three States. The same per cent of increase is
shown in the returns from Missouri's 19
counties in this district. Northern New Mexico
will bring up a large increase of wheat over last
year's crop, while Colorado and Wyoming returns are expected to show a good crop, though
somewhat affected by dry weather in the latter
State.
Conditions have been highly favorable to
oats, rye, and barley. Close to 200,000,000
bushels of oats are expected from the States of
this district, or 22 per cent more than the total
in 1918. Kansas reports the largest crop of
barley ever grown in that State, the estimates
at this month placing the yield at 16,945,000
bushels, as compared with 6,040,000 bushels
last year.
Movement of new wheat started off in July
with a great rush, and, notwithstanding the
harvest was late, the receipts for that month
at the markets of the district almost reached
the enormous total of the corresponding month
last year. A threatened railroad tie-up and
the reestablishing of the shipping by permits
the first week in August, however, brought a
check to the extraordinary movement of wheat
into market channels. Transportation conditions improved substantially in the second
week of this month, but were still under normal,
with receipts for the month 20 per cent to 40




835

per cent below the high August record of last
year at the different markets.
The demand, which was surprisingly heavy
in July because of depleted stocks of old wheat,
became somewhat irregular this month, but
mills and elevators were taking liberal quantities. Hard wheat on July 21 sold as high as
$2.68, or 48 cents above the guaranteed level,
at the Missouri River, but later weakened under
increasing receipts with premiums up to 18
cents on hard and on red wheat 1\ cents to
3 \ cents.
Arrivals of corn at the markets showed a
marked decline as compared with this time
last year, but agitation against higher prices,
favorable crop reports, and other influences
this month caused a sudden drop from the
previous high levels for futures. August 16
December corn was down to $1.42-f, while May
corn was quoted at $1,374. September corn
sold at $1.80}, a slump of 12 cents .to 14 cents
from the week previous and 22 f cents below
the high price reached in July, which was $2.03.
Receipts of oats this month are running at
about 60 per cent of the volume of a year ago,
with a slight weakening of prices, which have
been somewhat in sympathy with the high
prices for corn. September oats sold at 73}
cents to 761 cents on August 16.
Milling operations at Kansas City, Omaha,
Wichita, and several other interior points in the
district have been heavy since new wheat began
to arrive. Buyers are reported as ordering supplies to fill delayed orders, and orders for the
future are for short periods only as, with all
the agitation for cheaper flour, dealers are not
particularly anxious to be caught with a surplus of high-price flour on their hands. Flour
prices thus far have shown only slight reductions—in about the same proportion as wheat
prices have been lowered—since millers have
been grinding new grain. Patents on August
15 were quoted at $10.20 to $10.75 per barrel,
straights at $9.75 to $10.20.
Transportation troubles, together with unsettled conditions of the live-stock and meat
industry, are reflected in a largely diminished
August supply of cattle and hogs at the markets of the district. The July receipts were
considerably below those of the same month
last year, but unless there is a decided improvement in the last days of the month August receipts will be far short. Sheep have been coming to the markets in increasingly large numbers, while calves are in better supply.

836

FEDERAL RESERVE BULLETIN".

Sensational breaks from the high-record hog
prices this month have been features of the
market situation. The top reached by hogs in
July was $23.40 per hundred pounds. From
this high figure there was a sudden drop of
$1 to $1.25 early in August, followed by a week
of slowly advancing prices. Then on the 15th
another sharp decline came and this time ranging from $1 to $1.50. Hogs on that date were
down to $22.25, with an average of $21.37 for
packers' droves.
Cattle prices advanced from the lower level
of June, with a tendency to get back to higher
prices of the early months of the year. The top
price paid for native steers in July was $18.50,
while top steers for the week ending August 16
reached $19, load lots of yearlings reaching
$18,10. Best beef steers ruled strong and canners showed strength. Other grades of steers
were weak and slightly lower.
The sheep market was steady at mid-August,
with best Iambs selling at $16 to $17, which
compares favorably with the top price paid in
July. Fat sheep gained 50 cents when prime
droves of 7j^earlings sold for $12.50.
Packers purchases of live stock for slaughter
in July .were heavier on calves and sheep and
lighter on cattle and hogs.
Reports from over the district are that ranges
are in splendid condition, summer rains having
followed the hot and dry weather, and to this
fact is attributed something of the falling off in
cattle receipts.
REPORTED BY DISTRICT NO. 11.

There is considerable liquidation from the
small grain crop, and this is having a very
favorable effect on business. The outlook for
fall crops is not as good as a month ago, as
cotton has deteriorated within that time; nevertheless we look for unusually large yields in the
principal commodities and see no reason why
earlier predictions of a satisfactory fall business
should not fully materialize.
The condition of the cotton crop varies to a
considerable extent; insects have done considerable damage in the past 30 days. In the
Mack land belts of north, east, and central
Texas the crop is fairly good and shows excellent foliage and fruitage. There is much complaint at boll weevil and worms. In south and
southwest Texas excessive rainfall has done
great damage and much of the staple has already
been destroyed by boll weevils and worms.
Weeds are very rank in those sections on ac-




SEPTEMBEB 1,1919c

count of excessive moisture and inability to
work the fields and the crop will be very disappointing as the result.
As this is written the crop in the more favored
sections shows much improvement with the hot
weather. Authorities report that if the weather continues hot and dry for the next few weeks
the crop will be greatly benefited. Ordinarily
at this season there is an active movement of
cotton in south Texas, but the crop is quite late
this year and we do not anticipate any activity
before September 1 or later.
The outlook for corn continues very favorable. The crop has not been materially
affected during the past 30 days. We anticipate
an unusually large crop, and it is practically
already made. The increased acreage will be
from 10 to 25 per cent.
ilice is being harvested in south Texas, and
the crop promises to be very good. There is
a shortage in acreage, and the labor situation
is not favorable.
Range conditions are generally good and the
outlook in the live-stock industry continues
encouraging. There is some complaint of poor
ranges in parts of the West, but on the whole
there is ample pasturage and water, and cattle
are in excellent condition. Ail classes have
brought excellent prices; and if stockmen are
able to finance themselves, which seems to be
the present problem, the cattle business should
continue prosperous. There is much complaint of inability of cow men to obtain loans
to restock their herds. Most of the banks are
carrying large loans to cattle paper and are notseeking new loans. It is also impossible for
cattle "raisers to obtain the needed assistance
from the commission companies. This is
forcing heavy shipments.
The effects of the long drought are still very
noticeable.
Reports as to sheep and hogs are favorable
and prices received are high. The supply of
feed is ample, and we expect very prosperous
times for dealers in these animals.
REPORTED BY DISTRICT NO. 12.

The harvesting of grain is practically completed in the southern part of the district but
in full swing in the northern part, so far under
favorable weather conditions. More recent
information indicates that less damage to
grain on the whole has resulted from the unfavorable conditions reported last month than
was anticipated, although there are admittedly

SEPTEMBER 1,

1919.

FEDERAL. RESERVE BULLETIN.

serious losses in Utah and the dry-farm areas
of southern Idaho.
The growth of rice has been somewhat
retarded, but not injured, by cool weather.
Preliminary estimates of this year's crop in
California Vary from 3,825,000 bags of ^ 100
pounds each to 5,000,000 bags, as compared
with 3,155,000 bags in 1918. The anticipated
shortage of rice in the export centers of the
Orient is stiffening prices, and the new crop
is expected to open at about $6 per hundredweight for paddy rice,
The California crop of dried peaches is
estimated at 35,000 tons, as compared with
20,000 tons for 1918. Orders now in the hands
of the California Peach Growers' Association
will exceed the total production and are being
prorated. Prices range from 14J cents to 20-|
cents per pound, with a premium of 2 cents for
peeled stock. The crop of navel oranges and
lemons apparently will not exceed that of 1918.




837

A heavy crop of hay is being cut in Oregon
and Washington and a very light one in Utah.
The fourth cutting of alfalfa is in progress in
California, and the second and third cuttings
have been made in other States, with generally
favorable results. Further cuttings in parts
of California, Idaho, and Utah will be seriously
curtailed by a shortage of irrigation water.
Ranges have been materially improved in
Arizona, Utah, and parts of Nevada by summer
rains. Arizona reports better range feed than
for years past. The necessitj^ for removing
stock to distant ranges is reported from a few
sections only.
The gathering of deciduous fruits, with the
exception of prunes and apples, is at its height
through the entire district. Pears are of
excellent quality, but peaches a little under
normal both as to size and quality. The apple
crop shows a marked increase over that of 1918
and the quality is unusually good.

838

SEPTEMBER 1,1918.

FEDERAL, RESERVE BULLETIN.

MONETARY AND
Changes in the general price level compared with the movement of gold, Federal Reserve Bank reserves, and Federal
[Amounts in thousand
Index
number
of who1 e- Stock of
sale
prices gold in the
United
(Bureau
States.*
of Labor
Statistics).
1914.
June
July
August
September
October
November....
December

99
100
103
104

Member banks in selected cities (monthly
Amount of
average).
(monthly averages).
all kinds of Money outmoney in side of the
Treasury
circulation
Federal
and
outside
Net
Reserve Number Total loans
GovernFederal
United
demand
Reserve Total cash notes in
reserves.* actual cir- report- and invest- deposits. ment de1
States
ments.
ing.
posits.
system.
Treasury.^
culation.

1,890,657
1,887,271
1,844,603
1,861,838
1,835,416
1,817,122
1,815,976

3,419,168
3,367,369
3,478,604
3,694,748
3,715,522
3,630,218
3,545,166

251,939
265,120

298,022
295,195
304,184
327,437
355,444
365,030
374,921
405,389
446,639
504,244
544,324

1,960
9,335 '

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

99
101
100
100
101
100
101
101
99
102
103
106

1,823,747
1,832,429
1,876,327
1,889,142
1,914,786
1,985,539
2,006,400
2,056,732
2,141,782
2,198,114
2,260,688
2,312,444

3,484,130
3,461,153
3,484,578
3,493,039
3,527,388
3,569,220
3,563,705
3,625,433
3,730,305
3,799,471
3,859,061
3,909,184

1916.
January
February
March
April
May
,
June
July
August
September
October
November....
December

111
112
115
117
119
119
120
124
128
134
144
147

2,328,422
2,318,973
2,316,948
2,319,548
2,331,495
2,449,706
2,500,230
2,548,241
2,636,010
2,700,137
2,741,669
2,864,842

3,933,679
3,925,802
3,917,481
3,910,281
3,923,588
4,024,098
4,000,002
4,066,859
4,178,521
4,241,162
4,303,995
4,440,933

151
156
161
173
182
185
187
186
183
181
183
183

2,912,465
2,968,355
3,088,905
3,121,887
3,088,711
3,019,147
3,086,218
3,062,614
3,035,391
3,041,549
3,040,472
3,040.439

4,498,061
4,583,696
4,702,131
4,736,842
4,731,327
4,763,576
4,852,084
4,799,324
4,820,546
4,924,928
5,085,370
5,120,425

3,916,472
4,100,976
4,117,215
4,152,831
3,945,458
3,869,042
3,940,020
3,970,373
4,035,464
4,131,187
4,255,584

265,944
785,830
283,391
803,026
336,269
903,172
403,296
973,096
441,906
1,024,242
489,285
1,140,479
532,052
1,400,327
561,955
', 420,761
.
659,081
.,437,809
795,879
,513,932
971,795
,638,846
,699,532 1,184,513

185
187
187
190
191
193
198
203
207
205
206
207

3,038,546
3,041,643
3,042,708
3,042,711
3,043,880
3,075,789
3.080,768
3', 079,300
3,079,094
3,079,785
3,080,043
3,080,510

4,965,879
5,092,531
5,240,262
5,318,547
5,246,662
5,379,427
5,559,397
5,621,311
5,790,018
5,943,801
5,993,628
5,951,368

4,104,924
4,193,495
4,266,801
4,310,168
4,282,889
4,367,739
4,449,836
4,652,646
4,925.987
5,065', 653
5,129,985
5,105,140

,762,032
.,809,953
,854,857
,890,420
,949,392
.,992,574
2,022,893
2,049,438
2,074,110
2,086,646
2,110,594
2,133,868

1,241,784
1,273,237
1,404,731
1,504,954
1,575,062
1,672,812
1,826,219
1,994,541
2,267,616
2,479,946
2,552,022
2,634,512

197
201
203
207
207
219

3,085,459
3,084,213
3,092,416
3,092,431
3,092,038
3,095,077
2,989,548

5,726,261
5,753,048
5,847,364
5,863,288
5,834,268
5,841,027
5,778,505

4,869,040
4,851,420
4,840,973
4,845,591

2,166,450
2.185,297
2; 205,325
2,225,407
2,245,780
2,245,762
2,178,517

2,533,732
2,465,277 ,
2,506,024 j
2,547,379
2,532,275
2,498,434
2,526,755

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

ft?!::::::::::
June
July

566,456
553,380
530,318
507,980
512,706
552,338
561,416
544,905
572,582
614,722
720,809

4,842,346
4,794,115

17,030
22,403
35,119
48,018
60,608
71,485
81,109
91,462
106,822
135,193
158,824
180,752
184,152
177,539
164,077
164,991
159,471
154,491
154,723
154.201
183,185
208,789
231,667
264,243

618

11,310,934

8,506,706

638,642

658
677

717
732
740
749
752
758

11,267,336
11,672,541
12,011,301
12,275,184
12,524,483
12,480,217
12,540,733
12,896,000
13;135,161
13.654,774
13,826,506
13,667,221

8,922,283
9,037,085
9,083,138
9,188,344
9,004,569
9,103,350
8,906,801
9,074,519
9,432,427
9,623,497
9,550,560
9,843,761

452,319
628,416
697,005
644,460
931,028
933,113
791,166
811,436
532,967
623,041
877,543

769
771
772
773
773
770
770

13,772,605
13,909,665
14,288,140
14,284,619
14,655,740
14,676,925
14,456,036

10,047,972
9,908,076
10,115,084
10,135,108
10,437,923
10,388,163
10,596,566

554,542
614,811

682

588,753
585,437
932,980
483,997

1 End of month figures.
2 Total gold and lawful money held by both Federal Reserve banks and agents. Prior to June 21,1917, gold and lawful money with Federal Reserve agents was not counted as part of the bank's legal reserves.




839

FEDERAL RESERVE BULLETIN".

SBPTEMBEB 1,1919.

BANKING STATISTICS.
Reserve note circulation, also changes in investments and deposits of the several classes of banks, 1914-1919.
of dollars.)
National banks.

Date of
report.

Total loans and
investments. 9

All banks in the United States.

Individual deposits subject
to check.

Net deposits on
which reserve is
computed.

June 30,1914

8,356,385

5,077,626

7,495,149

Sept. 12,1914
Oct. 31,1914

8,658,122
8,657,246

5,043,531
4,773,897

8,469,338

4,199,844

Mar.

4,1915

8,506,733

4,335,742
4,576,405
4,517,697

7,197,971
7,283,300

Sept. 2,1915

8,801,533

4,641,543

7,522,978

Nov. 10,1915
Dec. 31,1915

9,402,000
9,554,265

5,240,799
5,380,681

8,256,662
8,365,814

Mar. 7,1916

9,754,183

5,392,222

8,782,505

May 1,1916
June 30,1916

9,917,894
9,983,644

5,595,897
5,577,629

8,781,505
8,701,512

Sept. 12,1916

10,261,446

5,840,927

9,202,321

Nov. i7,i9"i6
Dec. 27,1916

10,827,368
10,832,480

6,350,751
6,254,549

9,976,980
9,929,039

Mar. 5,1917

11,244,316

6,368,293

10,489,217

May
1,1917
June 20,1917

11,423,919
11,786,172

6,627,833
6,560,268

10,283,474
10,084,198

Sept. 11,1917

12,129,592

6,915,933

10,082,779

Nov. 20, nil
Dec. 31,1917

13,854,373
12,943,135

7,208,406
7,497,821

Net deposits.

7,065,721

8,641,953
8,679,796

Total loans and
investments.

6,668,325

May 1,1915
June 23,1915

Number of
banks.

7,292,909
* 7,167,429

Dec. 31,1914

Date of
report.

10,348,806
10,556,545

Mar.

4,1918

13,128,013

7,281,753

13,729,226
13,533,189

7,309,765
7,161,368

10,310,417
10,127,916

Aug. 31,1918

13,701,221

7,465,681

14,978,708
14,611,672

7,803,496
8,370,122

15,135,314

7,950,804

15,955,267

8,508,400

15,924,865

8,479,747

27,062

21,640,604

18,420,852

June 30,1916

27,513

24,646,385

21,574,008

June 20,1917

27,923

28,645,247

24,891,218

June 29,1918

28,880

32,316,590

26,769,546

11,718,095

June 30,1919

June" 23,191*5

11,283,710

May 12,1919

17,966,150

10,767,510
11,562,483

4,1919

20,924,403

10,456,659

! Nov. 1,1918
Dec. 31,1918

26,765

10,462,409

May 10,1918
June 29,1918

June 30,1914

11,576,140

Mar.

»Exclusive of fixed investments, i. e., banking house, real estate, furniture and fixtures; also stocks of Federal Reserve Banks. Beginning with
Sept. 32,1916, notes and bills rediscounted are not included among loans and discounts, as was the previous practice.
*




840

FEDERAL RESERVE BULLETIN.

BANKING AND ECONOMIC CONDITIONS
IN ITALY, 1914-1919.1
Italy was not a participant in the great war
during 1914, did not in fact become a belligerent
until May, 1915, but nevertheless she was
greatly affected by the hostilities from the
start." Italy is dependent on foreign countries
for her coal, copper, manganese, tin, and rubber, and a great part of her requirements of
iron, wool, and hides. She has no adequate
merchant marine and does not produce enough
wheat to supply her domestic demands. Furthermore, Italy's engineering and chemical industries were not greatly developed before the
war and were largely controlled by German
capital. As an immediate result of the outbreak of the war Italy experienced difficulty in
obtaining an adequate supply of the raw materials on which she depends and at the same
time lost a large part of her foreign market for
silk, her principal export product.
For the five months August-December, 1914,
Italy's imports were 785 million lire as compared with 1,508 millions for the same period
of 1913, a decrease of 721 millions; while her
exports declined from 1,119 millions during
August-December, 1913, to 753 millions during
the same months of 1914. These figures indicate the effect that the outbreak of the war
had on Italian foreign commerce.
Shortage of raw materials, industrial depression, unfavorable rates of foreign ex* Sources: Banque do L'ltalie, Rapports a 1'assemble des actionnaires
(1913-1917) and the Bank's weekly statements of condition.
Also: Annuario Statistic© Italiaho: 1914,1915, 1916.
Bolletino della Direzione generale per la vigilanza sugli Istituti di
amissione—Publicazione mensile del Ministero del tesoro.
Cenni Statistic! sul movimento econoniico delFItalia, 1917 and 1918,
published by the Banca Commerciale Italiana.
Expose" Financier de M. Francesco Nitti, Ministre du Tr<5sor (November 26,1918), published in Bulletin de Statistique efc de legislation Compared, February, 19.19.

SEPTEMBER 1,1919.

change, and increasing Government expenditures caused by military preparations in view
of the inevitable entry of Italy into the war
characterized the country's economic condition during the period immediately preceding
her becoming a belligerent. Italian banks were
called upon to come to the assistance of commerce and industry, and leadership was assumed by the country's three banks of issue,
the Bank of Italy, the Bank of Naples, and the
Bank of Sicily. These three central banks are
of different historic origin but are now operated
under central government supervision, and in
reality constitute one system of central banking
institutions. When a consortium of banks was
organized in the fall of 1914 to come to the aid
of industry by discounting bills secured by industrial obligations, the banks of issue agreed
to accept for rediscount such bills, the share to
be taken up by the Bank of Italy being fixed at
75 per cent of the total amount, the share of
the Bank of Naples at 20 per cent, and the share
of the Bank of Sicily at 5 per cent. Provincial
syndicates for the purchase and distribution of
cereals were also organized at that time, and
the banks of issue jointly came to their assistance by discounting paper secured by stocks of
cereals.
A table is here presented showing the principal asset and liability items of the Bank of
Italy at the end of each year, 1913-1918, and
on July 20, 1919. The movement of the different items is so similar for the three banks of
issue that it was not considered necessary to
show figures for the other two banks. In
connection with gold holdings, however, figures are given below for the total held in the
treasury and in the central banks combined,
in the banks alone, and in the Bank of Italy.

Bank of Italy.
[In thousands of lire.]
Dec. 31,
1913.

Gold...
Silver.
Total metallic reserve.
Notes of Italian Government and of other, including foreign, banks of issue
Other cash and cash equivalents
Bills payable in Italy
Bills payable in foreign countries, including foreign treasury bills
Bills payable, received for collection
Advances ordinary
Advances to the Government or for account of the Government
,
Securities




Dec. 31,
1914.

Dec. 31,
1915.

Dec. 31,
1916.

Dec. 31,
1917.

Dec. 31,
1918.

July 20
1919.

1,107,633
94,607

,118,188
107,890

1,077,364
104,803

899,686
72,655

835,852
87,410

817,759
77,148

1,202,240

1,226,078

1,182,167

972,341

923,262

894,907

11,169

57,774
17,032
705,839

104,204
14,112
473,728

142,509
25,756
539,828

179,229
31,985
757,136

338,457
42,494

470.500
10^358
800,801

126,063

87,068
24,083
151,195

20,901
25,354
192,582

20,810
20,448
307,013

22,125
3,524
436,380

315.391
10,914
762,704

22,996
6,204
919,857

"218," hhi

518,812
204,591

1,608,534
204,916

1,830,749
219,760

4,327,128
223,121

5,244,870
204,884

5,744,320
215,581

505,968
72,736

805,073
74,4.38
S79;511

SEPTEMBER 1,

841

FEDERAL RESERVE BULLETIN.

1919.

Bank of Italy—Continued.
!

Dec. 31,
1913.

ASSETS—continued.
'.Debtors in current account:
In Italy
In fr reign countries
'Bank premises
In fiscal account with the Govommont and provincial administration
Sundries

Dec. 31,
1914.

i

i Dec. 31,
i
1915.

j D e c . 31,
i
1916.

D e c . 31,
1917.

Dec. 31,
1918.

J u l y 20,
1919.

10,975
148,458
28,408

11,08?
386,488
29,259

12,454
467,9:M
28; 303

381,772
775,363
29,239

425,190
781.855
29,760

8,822
427,183

7.250
733; G95

95,952
4,011) 591

257,358
2,344,626

775.021
1,814,137

3,283,369

4,450,434

5,247,288

11,519,414

12,484,813

12,896.100

180,000
•18.000
12^ 025

180.000
48,000
12,025

180,000
48,000
17,525

180,000
48,000
28;946

1.80.000
48' 000
40!023

ISO.000
JSi 000
P5!.371

2,102,449
549,923

1,431,600
1,608.600
745,888

2,045,993
1,830,749
865,934

2,212,067
4,327,128
1,449,077

3,978,488
5,244,870
1,596,656

4,252 8~1
5,744,320
1.508,470

208,912
122J060

112,226
312,0°5

172,829

290,327
2,983,869

265,954
1,124,222

.'01 8~0
£95 218

3,283,369

Total.

40,025
42, AfiO
27,794
5,122
175,496

82,032
26,757

4,450,434

5,247,288

11,510,414

12,481,813

12.896,100

LIABILITIES.
180,000
Capita!
48,000 i
Surplus
12,025
E x t r a o r d i n a r y a n d special reserves
Circulation:
1,764,433
For account of commerce
For account of Government
Demand a n d t i m e deposits
j
207,885
I n fiscaJ account w i t h t h e G o v e r n m e n t a n d proiincia? ad- I
ministrati on
!
Sundries
I

Total.
GOLD HOLDINGS.
[In millions of lire.]

Dec. 31,1913
1914
1915
1916
1917
1918
Apr.30,1919

Government.1

1,492
1.553
1,520
1,325
1,238
1,213
1,213

Date.

Total
Government 1
and
banks.

117
156
156
168
187
164
163

Banks
of
issue.

1,375
1,397
1,364
1,157
1,071
15O49
1,050

Bank
of
Italy.

1,108
1,118
1,077
900
836
818
818

1 Total specie reserve held by the Treasury against Treasury notes
issued.

A total loss of 279 million lire in gold held by
the Treasury and the banks combined is shown
for the period December 31,1913TApril30; 1919.
The Government gained 46 millions, while the
banks lost 325 millions, the Bank of Italy alone
showing a decline in gold holdings of 290 millions. The greatest loss of gold occurred during the year 1916, when Italy exported gold to
allied and neutral countries in an effort to offset
her unfavorable balance of trade in merchandise and to steady her rates of exchange. During the following years a continued loss of gold
is shown, the lowest figure (1,213 millions) being reported at the end of 1918 and remaining
unchanged on April 30, 1919. It will be noted
that Government gold holdings increased considerably during 1914 and show a further slight
increase since that date, while substantial losses
of gold were sustained by the banks of issue.
t h e Bank of Italy's holdings of bills payable
in Italy were much'lower in 1915 than m 1914,




134551-19

3

owing to industrial depression, but rising prices
and the development of war industries increased the commercial demand for credit, and
the holdings of domestic bills increased from
474 millions at the end of 1915 to 540 millions
at the end of 1916, 757 millions at the end of
1917, and 887 millions at the end of 1918.
During 1919 these holdings declined, and on
July 20 stood at 801 millions.
Ordinary advances increased steadily during
the war period, rising from 151 millions on
December 31, 1914, to 763 millions at the end
of 1918, and further to 920 millions by July 20,
1919. Advances to the Government and for
account of the Government show great increases, standing at 519 millions at the end of
1914 and at 5,744 millions on July 20, 1919.
The bank's^ deposits, including all obligations
payable at sight and current accounts, increased
from 208 millions at the end of the prewar year
1913 to 550 millions at the end of 1914, and to
1,597 millions at the end of 1918. On July 20
last the total amount of demand and time
deposits was 1,508 million lire.
The Bank of Italy paid the maximum dividends allowable to its stockholders. 8 per cent,
each year during the period under review, the
remainder of its net earnings being divided between the Government and a special reserve
fund. This special reserve grew from 12 million lire on December 31, 1913, to 65 millions
on July 20, 1919. During 1918 the bank's
net earnings were 55,880,000 lire, of which
about 23 millions were turned over to the Government, about 18 millions were placed in the

842

FEDERAL EESERVE BULLETIN.

special reserve, and about 14 millions were
distributed as dividends.
During the period January 31, 1914, to May
31, 1919, the total note circulation of Italy increased from 2,678 millions to 14,243 million
lire.1 The rapid increase in note circulation
began about the time of the outbreak of the
World War, and continued almost uninterruptedly throughout the period under review.
A notable feature of the Italian currency situation is that the great increase in paper money
was not accompanied by withdrawals of gold
from circulation, practically all the gold having
been in the vaults of the Treasury and the banks
of issue at the beginning of the war. Since the
gold reserves in the possession of the Government and the banks declined during the war
period, the rercentage of metallic reserve declined steadily with the increase in circulation.
Of the total growth in the volume of circulation
the greater part was due to additions to banknote circulation; Government notes increased
from 499 millions on January 31, 1914, to 2,171
millions on May 31, 1919, an increase of 1,672
millions, while bank-note circulation increased
at the same time from 2,179 millions to 12,072
millions, an increase of 9,893, million lire.
Owing to differences in normal reserve requirements, which are 40 per cent for notes issued
for commercial purposes and 33 J per cent for
notes issued for Government needs, the banks
of issue show separately their circulation for
Government and for commercial uses. It is
notable that bank-note circulation for commercial purposes less than doubled during the




* See Table on page 843 and curves on page 844,

Sl5PTl<3MBEK 1, 1 9 1 9 .

period under review, while total circulation increased nearly sixfold. On the latest date for
which figures are shown in the table the total
bank-note circulation was composed as follows:
Notes of the Bank of Italy, 9,309 millions;
notes of the Bank of Naples-, 2,229 millions;
notes of the Bank of Sicily, 534 millions. Considerable portions of the bank notes issued by
the three central banks for the needs of the
Government were used to make payments to
private individuals for Government contracts
and other Government outlays and were secured by Government obligations. Thus, as
early as 1914, 300 millions of notes were issued
to assist savings banks and loan banks, this,
amount being increased to, 600 millions in 1915.
The banks of issue were also authorized by the
Government in 1915 to discount 6-month paper
for agricultural credit institutions. The consortium for the purchase of breadstuffs was also
financed by the banks of issue on authority and
by direction of the Government.
On December 31, 1918, the bank-note circulation on Government account, amounting to
6,883 millions, was distributed as follows:
Millions,

Ordinary advances
485
Extraordinary advances secured by Treasury certificates
4,230
Advances to the National Savings Bank (Cassa di
Deposit! e Prestiti) for its own purposes and for
use in assisting provincial and municipal governments
700
Advances on Government account to credit institutions, to railroad contractors, and other third
parties
1,468
Total

6,883,

ii 1, lOl\i.

843

FEDEKAZ, RESERVE BULLETIN.

CimihtiuiL of Government notes and of'bank notes 'in Italy, January, 1914-May, 1919.
[In millions ;>!' !ire; value at par, i lira=-9.3 cents.]
Bank note circulation.
GovTotal
ernnote
ment
circunote
lation. circulation.

End of month.

1914.
January
February..
March
April
May
Juno
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




i
678 j
615 !
621 •
575 i
554 !
698 j
764 !
269 j
375 i
470 !

Of 3 banks of
issue.

Of bank of
Italy.

IS auk note circulation.
GovernTotal
ment
note
note
•circulation. circulation.

End of month.

ComCom1 Total. mercial. Total. mercial

2,179
2,116
2,122
2,076
2,055
2,199
2,265
2,612
2,484
2,396
2,777
2,201

1,677
1,617
1,614
1,578
1,557
1,683
1,730
2,115
2,152
2,146
2,131
2,162

1,677
1,617
1,614
1,578
1,557
1,683
1,730
2,028
1,905
1,803
1,619
1,644

June
July
August
September
October
November
December

2,993
2,927
3,212
3,200
3,772
3,856
3,726
3,741
3,815
3,845
3,862
3,968

2,256
2,164
2,285
2j 377
2,652
2,243
1,989
2,030
2,139
2,102
1,954
1,899

2,205
2,119
2,248
2,332
2,855
2,927
2,797
2,775
2,848
2,898
2,922
3,040

1,686
1.584
l',661
1,744
1,969
1,753
1,540
1,547
1,634
1,612
1,472
1,432

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

1 4,954 * 1,080 i 3,874
114,914 * 1,080 ! 3,834
! 4,990 1.097 ! 3,893
5,014 1,096 i 3,918
5,125
1.098 ' 4,027
5,450 1,135
4,315
5,525 1,168
4,357
5,541
1,194
.
4,347
} 5,792 1,230
4,502
1,267
i 5,960
4,693
6,112 1,293
4,819
1,317
6,330
5,013

1,696
1,667
1,790
1,915
2,044
2,158
2,187
2,198
2,274
2,221
2,397
2,458

2,917
2,856
2,902
2,960
3,089
3,379
3,419
3,415
3,621
3,692
3,752
3,877

1,254
1,196
1,293
1,428
1,543
1,656
1,674
1,691
1,759
1,842
1,927
2,046

January...
February.
March....
April
May

;
!
i
:
!
...;
i
i
!
j

OI bank of
Italy.

ComTotal. inftrcia!

ComTotal. mercial.

1917.
2,179
2,116
2,122
2,076 !
2,055
2,199
2,265
2,745
2 } 820
2,877
2,901
2,936

I 13,686 i
!

Of 3 banks of
issue.

499
499
499
499
499
499
499
524
555
593

2 650

January
February
March
April

6,443
6,446
6,621
M),706
6.859
7,'276
7,464
7,635
8,063
8,634
9,803
10,17a
l

•May

1,346
1,379
1,440
'1,440
1,446
1,460
1,504
1,552
1,590
1,635
1,684
1,749
8

a, 097 2,221
2,231
5,067
5,181 2 2,400
2,509
5,266
5,413 2 2,560
2,521
5,816
2,655
5,960
3,116
6,083
2,431
6,473
G,<)99 2,730
2,997
8,119
8,424 2,592

3,908
3,866
3,931
4,006
4,115
4,467
4,595
4,693
4,985
5,389
6,338
6,539

1,812
1,772
1,892
2,025
2,077
2,014
2,103
2,664
1,923
2,328
2,560
2,212

1918.

3,661 j
668
3,595 j
668
3,885 I
673
3,878 \
678
4,469 i
697
4,622 :
766
4,561 i
835
4,640 |
899
4,779 !
964
4,845 \ 2 1,000
4,917 • 1,055
,
5,050] 1,082

|

10,320
10,509
10,898
11,227
11,487
12,043
12,273
12,387
12,918
13,332
13,586
13,874

1,805
1,842
1,864
1,909
1,937
1,972
2,002
2,018
2,034
2,046
2,089
2,124

8j 515
8,667
9,034
9,318
9,550
10,071
10,271
10,369
10,884
11,286
11,497
11.750

2,735
2,914
3,378
3,526
3,430
3,590
3,508
3,692
3,976
4,192
4,357
4,586

6,563
6,681
7,014
7,253
7,440
7,849
7,989
8,052
8,555
8,961
9,111
9,223

2,282
2,389
2,i 780
2,953
2y903
3,112
2,942
3,028
3,255
3,385
3 677
3,978

13,619 !'
13,538 !
13,907 !
14,504 i
14,243 ;

2,124
2,164
2,191
2,268
2,171

11,405
11,374
11,716
12,236
12,072

4,303
3,966
3,943
3,006
3,922

9,022
9,162
9,389

3,753
3,435
3,361
3,421
3,419

1919.

!

Partly estimated.

a

•Estimated.

00

i




NOTE CIRCULA TION IN ~1TA LYf I'9/4 -1919,

, JoCal Circulation.- ^«^««»M>-O«S»
SanK Jfote Circulation:
Mtbes ofOie JBcvwfCoflGaltf:
3vr Commercial Jhrfioses: ««e<D>~..o..
]

T~

I

1
I

§

„.._

_

j

|

SEPTEMBER 1,

1919.

FEDERAL, RESERVE BULLETIN.

GOVERNMENT FINANCE.

845

FOREIGN EXCHANGE.

The total cost of the war for Italy was recently placed at over 90 billion lire by the Italian
Secretary of the Treasury. The total debt of
the nation was 77,788 at'the end of May, 1919,
of which 20,303 represent Treasury certificates
held by the banks, 7,814 bank notes issued on
Government account, 19,008 millions the foreign debt, and the remaining 30,643 the aggregate amount of outstanding bonded indebtedness.
Borrowings by the Italian Government from
the United States are shown in the figures
below:

As a result of an excess of imports over exports, an excess which increased greatly during
the war and exceeded 8 billions in 1917, Italian
foreign exchanges on neutral and even on belligerent countries were unfavorable to Italy
throughout the war, and the rate of discount
increased constantly. The table below shows
monthly high and low exchange quotations on
Paris, Switzerland, London, and New York,
and the percentage of appreciation of the gold
lira.
Paris exchange varied from 100.32 to 106.75
lire to 100 francs in July, 1914. Not much
Italy's account ivith the United States.
change in this situation occurred during the
remainder of that year, but a decided rise in
Cumulative
Credits
Advances balances undei the cost of Paris exchange began in February,
Month and fiscal year.
established.
made.
established
1915, and continued with fluctuation until
credits.
June, 1918, when it stood at 160. During the
following months the rate declined, under the
1917.
May, 1917.
8100,000,000
3100,000,000
influence of the Institute for Foreign Exchange
(discussed below), and stood at 116.25 from
1918.
30,000,000
July, 1917
530,000,000 October,
60,000,000
1918, to February, 1919. When
40,000,000
30,000,000
August, 1917
40,000,000
30,000,000
September, 1917.
10,000,000 official support of the lira was withdrawn last
65,000,000
October, 1.917
300,000,000
245,000,000
40,000.000
November, 1917..
205,000,000 March, the exchange rate again became less
105,000,000
December, 1917..
100,000,000 favorable to Italy and stood at 123.03 lire per
50,000,000
January, 1918...
50,000,000
20,000,000
February, 19i8..
80', 000,000 100 francs on June 30 last.
London exchange
.TO, 000,000
10.000,000
March, 1918
70,000,000
40^000,000
30,000,000 followed a course similar to that pursued by
April, 1918
30,000,000
May, 1918
100,000,000 Paris exchange.
Exchange on Switzerland was
30,000,000
June, 1918
70.000,000
more heavily against Italy than exchange on
550,000, (XX) I
480,000,000
Total.
any other country, Switzerland's position in
1919.
foreign commerce being exceptionally strong
120,000,000
00,000,000
110,000,000 |
July, 1918
30,000.000
30,000.000 owing to her neutrality and favorable balance
August, 1918
45, OOO', 000
85, OOO', 000
100,000, 000 i
September, 1918
In June, 1918, 100 Swiss francs cost
59,000,000 of trade.
22(3,000,000
200,000! 001) !
October, 1918
119,000,000 230.25 lire, declined to 130 during the monop90,000,000
November, 1918
i5oooo 000 i
13-1,000.000
85,000,000
December; 1918
looiooojooo i
14,000,000 oly regime, but went up again to 146.91 on
120,000,000
January, L919
10,000.000
79,000,000
.February. L919
75,000.
53,000;000 June 30, 1919. New York exchange was close
83,500,000
130,500J
March, I9i9
08,000,000 to par in Italy just before the war broke out,
40,000,000
50,000,
April, J9L9
20,000,000
42,000,000
May, 1919
June, 1919
20.000,000
;;•>, ooo, ooo but' began to' rise immediately after, reaching
io;ooo,ooo
the figure of 7.89-1 lire per dollar just before
Total
Oil, 500,000
975,500,000
America entered the war. A temporary deRECAPITULATION.
cline followed America.'s declaration of war,
100,000,000
Fiscal year 1917
!
100,000,000
Fiscal year 1918
!
550,000,000
480,000,000
70,000,000 but the upward course of the exchange rate
Fiscal year 1919
j
9-H, 500,000
975,500,000
30,000,000 was soon resumed and in May,
1918, a dollar
G rand total
1,591,500,000
30,000,000 was worth 9.085 lire
1,555,500,000
Italy. During the
It will be noted that the aggregate credits
established by Italy with the United States
Treasury were 81,591,500,000, of which $1,555,500,000 were actually drawn, leaving a balance
on 'June 30, 1919/ of $36,000,000. Italy's
borrowings from America during the year
ending June 30,1917, were 100 millions, during
the next year 480 millions, and during the roost
recent fiscal year 975.5 millions.




exchange was quoted in New York at 9.51.
lire per'dollar on August 23, The premium on
the gold lira in Italy rose from 5.78f per cent
in January, 1915, to 73.81 per cent in June,
1918, then declined to the "pegged" rate of
20.18 per cent, but rose again to 45.51 per cent
bv June 30, 1919.

846

FEDERAL RESERVE BULLETIN.

SEPTEMBER 1, .1919.

Rales of exchange in Italy on Paris, Switzerland, London, and New York.
[High and low figures for each month.]
Quotations for July, 1914, from annual report, of the Bank of Italy j for September, 1914-Dccember, 1917, from Conni Stafcistici sul Movii
SSconomico doll'Italia, issued by the Banea Commerciale Italian a; i'or Jan nary. 1018-May, 191.9. fi'oni 'die Giomalo c.'egli Economisti.]
vvitzerlnnd
(par=100).

London
(par=25.22).

106....
106.81
104.87
105.34
104.77

100.32
104.19
102.83
104.53
102.24

105
104.78
104.97
103.58
102.68

100. 20
101.25
101.70
102.73
100.55

25.70
27.25
26.69
26.41
26.19

25.53
26. 88
25.77
26.22
25.68

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

104.76
110.49
112.51
110.91
111. 59
109. 66
112.70
111. 47
108.68
109.54
113.00
112.75 J

103.22 •
104.57
107.39
108.49
106.48
108.74
108.34
108.64
106.61
107.66
108.23
111.

102.645
105.705
108.395
110.805
112.12
112.46
118.78
120.89
120.375
120.4.9
121.55
125.43A

101.455
101.925
105.43
107.32
109.06
110.64
112. 79
116.99
117.225
117.665
120.22
121.40

26.30
27.95
28. 64
28.25
28.55
29.39
30.47
30.38
30.07

25.895
26.275
27.205
27.69
27.68
28.365
29.145
29.
29.29
29.335
29.81
.72

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

116.28
114.76
114.11
111.35}
107.37
108.31
110.01
110.00?2
110. 42
114.08
115.
118.77

112.02
113.78
110.
106.1
105.12
107.48}
107.i
108.64
109.00.}
110.49?2
114.28
115.56

131.514
129.34
128.12
127.42
123.96
121.73
122.51
122.33*

125.803;
127.
126.57
121.23?,
119.02"
119.917;
120. 27
121.20J
119.98
121.31 i
127.55
130.45

32.347;
32.28
31.99
31.72*
30.39}
30.51
30.97
30.914
30.86
31.92
32.14J
33.02

Nro\v York
(par=5.18)

July
September
October
November
December

I
|
i
j
|

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

127.60.}
130.71
139.18
144.59
150. 64
156. ho\
152.34*
139.67"
150.42
158.46
1(38.75
166.45
172.21
204.43?
191.90'

January,
February
March 2o-30 V
April 29-30
May 27-311
June 28-301
July 27-31'
August 30-31
September 23-30
October 21-311.
November 1-30
December 1-31:
January 1-31 K
February 1-28 i
March 29-311.
April 28-30 i,
May 2?i2
May 31
June 302.




34.66:
36.034
37.60}
36.54
33.57
35. 17*
34.69*
35.70}
37.201
37.39?"
42.91
40.071

5.15*
5.22
5.21
5.37
5.26
5.43
5.85
5.96
5.91 j

5.95 I
6.06 i

6.42}
6.50
6.50
6.484
6.70"
6.75*
6.954
32.75}
34.13
36.10
32.86*
33. 33"
33.49
34.23
34.43
35.77
36.71

Average
percentage of
appreciation of
the gold
lira.

7.30
7. 57-?
7.
7.69
7.06?,
7.39*
7.27 4
7.50
7.81
7.85J
9.007,
8.42

5.33
5.41
5.66
5.77
5.81
5.93
6.12
6.25
6.24
6.225
6.445
6.52
6.58}
6.70
6.61
6.28
6.20
6.36
6.374
6.43i
6.41J
6.46
6.68
6.75
6.884
7.09.}
7.611 I
6.90i
7.00*

28.76
38.68
40.85
33.45
31.25

40. 80
41. 77
41.195
42.625
43.475
43.46
42.70
30.725
30.375
30.375
30.375
30.375
116. 25
116. 25
120. 50
125.50
130.85
129.60
123.03

130
130
143
15B
170
161.71
146.91

8.58
8.74
8.6475
8.95
9.085
8.9875
8.64
6.345
6.345
6.345
6.345
6.345

64.63
63. 08
68.79
72.12
73.61
69.05
41.99
20.1
20.18
20.18
20.18

30.375
30.375
33.125
35.125
40.50
38.60
36.78

6.345
6.345
7.00
7.395
8.71
8.30
7.97

20.18
20.18
26.63
39.01
42.38
42.38
45.51

1 Quotations for March, 1918, to May, 1919, arc those fixeri by National Institute for Foreign Exchange for checks sold,
2
Average official rate.

SKPTKMBKJI 1,

1919.

FEDERAL RESERVE BULLETIN.

In order to regulate the exchanges the Government established a National Institute for
Foreign Exchanges, which was given a complete
monopoly of foreign exchange operations. The
institute was established with the cooperation
of a financial syndicate, including the three
banks of issue, the four leading commercial
banks, and a number of other banking institutions. The institute's central administration
is in Rome under the supervision of the secretary of the treasury, and the director general
of the Bank of Italy is its director. Branches
of the institute were established in all the allied
countries. The institute was granted, for the
duration of the war and for six months after the
cessation of hostilities, a complete monopoly of
the exchange business. It had the exclusive
right to purchase exchange and to sell abroad
securities issued in foreign countries and to cash
foreign coupons; to sell exchange in payment for
authorized exports; to discharge unavoidable obligations incurred abroad before the institute's
organization, and to provide for the necessary
needs of persons with property in Italy but residing abroad. All purchases and sales of foreign exchange were "to be made at rates fixed
by the institute on March 11, 1918.
The institute's capital of 10 million lire was
supplied by the financial syndicate, 3.4 millions
being the share of the Bank of Italy. The
treasury turned over to the institute all the
foreign' exchange in its possession as a result
of sales of Italian goods or of credits established
with foreign governments, and all Italian holders of foreign exchange were directed to turn
their holdings over to the institute. All the
banks entering into the consortium and their
branches act as agencies of the institute, their
foreign exchange transactions being kept entirely separate"from their other business and
directly under the control of the institute. Out
of the earnings of the institute a 5 per cent dividend is paid to the contributors of its capital,
while the remainder constitutes a reserve
against losses. When the affairs of the institute are liquidated, the reserve is to be divided
equally between the treasury and the members
of the consortium. In case the entire reserve
is wiped out by losses and inroads are made into
the capital, the Government is to make good
the deficiency.
During the institute's monopoly of exchanges
the rates were fixed as follows: 116.25 for
Paris, 130 for Switzerland, 30.375 for London,
and 6.345 for New York.
When in March, 1919, the support of English
and French exchanges was withdrawn by the




847

respective governments, the Italian Government pursued the same course, and the institute's
monopoly was discontinued, though it still
exercises supervision over all exchange operations of Italian banks.
CHANGES IN THE GERMAN EEICMSBANK'S
GOLD RESERVE.
A table is presented below showing the
amount of gold in the German Ileichsbank on
April 30 and May 31, 1917, when the maximum
was reached, and at the end of each month
subsequent to that date. For the same dates
are shown the notes in circulation; of the
lieichsbank and of the loan banks also deposits,
and the ratio of gold to notes and to notes
and deposits combined. The Darlehnskassenscheine included do not represent the total of
these notes issued, but only those in actual circulation, large amounts being held by the Ileiehsbank as cover for its own notes, in addition to
120 million marks to secure an equal amount of
Treasury notes (out of a total of 360 million
marks issued). The Darlehnskassenscheine are
not a direct liability of the lieichsbank, but
are issued by special loan banks working
under the general direction and supervision of
the lieichsbank and are supported by Government war securities or by industrial obligations, also by stocks of goods, so that the gold
in the vaults of the Ileichsbank is the only
gold reserve in existence against the aggregate
circulation of both lieichsbank notes and loan
bank notes.
Gold reserves of the lieichsbank declined
from May 31, 1917, at first as the result of exports of gold to the Netherlands for the purpose
of improving the exchange position of the mark.
A temporary increase is noted in September
and October, 1918, when some of the gold paid
over by Russia under the treaty ^ of Brest
Litovsk reached Berlin. From the time of the
signing of the armistice gold has been withdrawn from the Iloichsbank in large amounts,
partly in payment of immediate allied claims,
but mostly in payment for food supplies. From
2,308 millions on November 30, 1918, the stock
of gold declined to 1,116 millions on June 30,
1918, and to 1,112 millions on July 23, 1919,
representing a loss of 1,196 million marks,
or at par nearly §300,000,000.
At the same time note circulation increased
on a large scale,, the combined total of 42 billions on June 30 being three and one-half times as
great as the corresponding figure 26 months

848

FEDERAL. RESERVE BULLETIN.

earlier (12 billions). The increase in note circulation during the 18 months previous to the
signing of the armistice was about 14 billions
and during the 8 months following the cessation of hostilities about 16 billions. Deposits
also increased greatly during the period, reaching their highest point on September 30, 1918.
Since then they have fluctuated without exceeding the amount shown for that date.

SEPTEMBER 1,1919.

The ratio of gold reserve to note circulation
declined from 20.74 per cent on April 30, 1917,
to 9.77 per cent on October 31,1918, and to 2.65
per cent on June 30, 1919, while the ratio of
gold to notes and deposits combined, which was
15.64 per cent on April 30, 1917, was only 6.92
per cent on October 31, 1918, and fell to but
2 per cent on June 30, 1919.

Gold held by German Reichsbarik, compared with note circulation and deposits.
[In millions of marks.]
Eeichsbank notes and Darlehnskassenseheine
Gold.

Date.

Combined.

Apni 30
.
May 31
June 30.. . .
July 31
Aug. 31
Sept 29
Oct. 23
Nov. 30
Dec. 31 .

.

1917.

. . .

.

Sept. 30
Oct. 3 !
N o r 30
Deo. 3 1 . .

. . . .

. . .
-

.

Deposits.
Notes.

Notes and
deposits
combined.

..
.

.

12,213.4
12,395.2
13,220.7
13,576.7
14,421.1
15,634.9
15,744. 7
16,482.3
17,733.7

8,315.4
8,285.2
8,698.7
8,852.7
9,337.1
10,204.9
10,138. 7
10,622.3
11,467.7

3,898
4,110
4,522
4,724
5,084
5,430
5,606
5,860
6,266

3,981.0
4,538. 2
5,692.7
5,848.0
5,890.6
9,540.9
5,735.4
6,045.3
8,050.3

20.74
20.70
18.59
17.69
16.66
15.38
15.27
14.59
13.56

15.64
15.16
12.99
12.37
11.83
9.55
11.19
7.39
9.33

2,406.1
2.407.8
2,408.5
2,344.0
2,315.7
2,346.2
2,347. 3
2 348.1
2,447. 4
2,550.0
2,308. 4
2,262.0

17,426.9
17,8-12. 8
18,6-47.8
18,758.8
19,172.7
20,092.4
20,440.5
21,875.1
24,080.4
26,091.6
28,5S9.9
32,296.0

11,138.9
11,310.8
11,977.8
11,820.8
12,002. 7
12,510.4
12,704.5
13,639.1
15.334.4
16,661.6
18,609.9
22,188.0

6,288
6,532
6,670
6.938
7,170
7,582
7,736
8,236
8,746
9,430
9,990
10,108

6,676. 2
6,490.1
9,029.6
8,831.6
7,634.7
9.181.2
S, 504. 8
9,432.0
14,538.0
10,738.7
10,682.9
13,280.0

13.81
13.49
12.92
12.50
12.23
11.68
11.48
10.73
10.16
9.77
8.07
7.00

9.98
9.90
8.70
8.50
8.75
8.01
8.11
7 50
6.34
6.92
5.88
4.96

2,253.7
2,245.7
1,015.9
1,755.8
1,516.1
1,116.4

33,817.6
34,778.8
36,638.4
37,918.1
39,331.9
42,115. 4

23,647,6
24,102.8
25,490.4
26.628.1
28,244.9
29.968.4

10,170
10.676
11,148
11,290
11,087
12,147

12,522.7
11,830.6
14,503.0
14,537.3
1
9,987.9
13,729.6

1919.

J a n . 31
F e b . 28
Mar. 31
A p r . 30
Mav 31 .
J u n e 30
Julv 31..

Darlehnskassenscheine.

2,532.6
2,567.1
2,457.3
2,402.2
2,403.0
2,404.0
2,404.5
2,405.3
2,405.6

1918.
Jan.31..
Feb 28
Mar. 30. . . .
.Apr 30
Mav 31
June 29
Julv 31 .

Ileicnsbank
notes.

Ratio of gold to—

6.66
6. 46
5. 23 !
4.63 i
3. 85 i
2.65
!

4. 86
4.82
3.75
3.35
3.07
2.0C

COMPARATIVE STATEMENT OF LEADING gold and silver holdings show increases in each
BANKS OF ISSUE,
of the allied and neutral countries, except
France and Italy, while the central European
There is presented below for leading banks countries lost large portions of their metallic
of issue a comparative statement of note and reserves. Ratios of gold and silver to note
deposit liabilities, of metallic reserves, and of and deposit liabilities combined were lower
the ratio of the latter to the former, at the this year than at the outbreak of the war for
outbreak of the war and about midsummer ail of the belligerent countries and for all the
of 1919.
neutrals, except Netherlands and Spain. For
Note circulation increased greatly during the all the allied powers combined, exclusive of the
period in all of the countries included in the United States, the ratio declined from 49 to
table, the aggregate outstanding note circula- 14.6 per cent; for central Europe, i. e., Germany
tion in the allied countries, exclusive of the and Austria-Hungary combined, from 45.4 to
United States, being about 11 billions in 1919 1.5 per cent, and for the neutral countries from.
as against 2.3 billions in 1914. Combined 63.1 to 55.1 per cent.




Comparative

849

EEDEKAL RESERVE BULLETIN.

SEPTEMBER 1, 1919.

table showing to Lai note circulation, deposits, and gold and $U/ocr holdings of principal
outbreak of the war and about June-July,
1919.

About June-July, 1 1 =
99

At outbreak of the war.
Ratio
of gold
and
Total
silver
I Total
Total
Gold
Silver gold and to total
| note cirnote
I eolation. ieposits. holdings, -holdings. sil ver
holdings.
and
deposit
Jiabili-

Total
note circulation.

Ratio
of gold
and
silver
Total
Total
Silver gold and to total
Gold
deposits. holdings. holdings. silver
note
holdings. and
deposit
liabilities.

i

A. ALLIED POWERS.

Belgium.
France...

311,665
20,409
1,289,855 256,716
326,699
1-14,566
180,411
74,944
417,352 158,355

56,619
799,279
185,567
110,189
215,810

56,619
919,968
185,567
332 i 110,521
20,823 j 236,633

120,689

Great Britain
Japan
Italy 6
Total
2,313,849 I 837,123 L, 367,464 141,844 jl, 509,308
United States (Federal
Reserve Banks)

900,406
17.1
6,741,799
59.5
/ * 383,943
39.4 1*1,659,316
43.3
495,413
64.3
1,796,512

484,129
591,685
550,373
287,343

51,343
5,980
692,513
58,043
!429,863\;
'138,695/1
353,771 j
156,162 ! 14,348

Total

57,323
750,556
568,558
353,771
170,510

4.1
10.2
20.8
33.8
8.2

11,076,983 1,571,101 1,771,004

72,391 1,843,395

14.6

2,506,820 1,766,181 2,088,475

49.0

10,374 2,098,849

c 49.1

|

B. CENTRAL POWERS.

Austria-Hungary
Germany

banks of issue, at the

431,489
692,442

59,012
299,515

250,794
298,261

59,031
65,409

303,825
363.670

63.2

7 8,498,744 1,295,697
53,130 I 11,545
8 7,102,521\ 2,178,161 j 265,481 ! 4,750
36. 7
»2,896,822/

64,675
270,231

.76
2.2

;1,123,931

358,527

549,055

124,440

673,495

45.4

334,906

1.5

j 349,485
39,525
| 124,796
: 32,859
373,557
54,367
\ 51,708

5,496
1,904
3,859
96,931
18,440
9,777

313,
24,
68,
14,
248,
26,
38,

54.2
54.0
39.2
52.9
35.9
62.5

494,
116,
406,
116,
693,
195,
170,

331 505

67.0
32.4
61.1
29.7
59.0
33.2
51 3

734,183

63.1

2,192,8

18,498,117 3,473,858 | 318,611 ! 16,2

C. NEUTRAL POWERS.

Argentina
Denmark
Netherlands
Norway
Spain.".
Sweden
Switzerland
Total

313,497
24,410
65,140
3,307
14,405
105', 798 143,063
24', 746
1,408
34,753
3,656

|l,026,297 ; 136,407 • 582,749

151,434

331,505
40,435 ! 50,326
26,858 , 261,864
17,284 ! 39,760
262,592 j 438,535
38,873 j 77,433
20,539 i 90,338

2,667

125,161
233
13,409

51 020
264 ,531
760

563 ,696
77, ,668 j
103 i ,747 •

406,581 11,289,761 ; 142,164 1,431,925 ;

53.1

1

'Bank of England notes.
s Held by the Ban!; of Kngland.
3 Currency notes of the Exchequer.
4
Held bv the Exchequer.
e These figures refer to tbc Bank of Italy. On April 30,1919. there were also in circulation notes of the Bank of Sicily, 544,000,000 lire: notes
of the Bank of Naples, 2,303,000,000 lire; also Treasury notes, 2,268,000,000 lire, a total of 5,115,000,000 lire, or §987,195,000, as against 8197,053,400
on July 20. 1914.
• This percentage is somewhat lower than the figures published in the weekly statement for August. 1, because it; is based on only gold and
silver holdings, exclusive of lcgals.
i Notes of the Austro-Hungarian Bank only: " s c r i p " figures not available.
8
Notes of the Reichsbank.
9
Noses of tlie War Loan Banks.

QUANTITIES AND VALUES OF PRINCIPAL as against 5,838.7 millions for the fiscal year
EXPORTS, 1914-1919.
1918. A more detailed analysis of these totals
by principal groups, according to use and degree
Imports into the United States during the of manufacture of the articles, follows:
fiscal 3'ear ended June 307 1939, aggregated
1919
3,095.9 millions, while exports for the same
1918
period were 7,225.1. The favorable trade
For
Millions
Mi I lions ! Per
of dollars.! cent. of dollars. cont.
balance of the country for the fiscal year as
measured by the excess of total exports over Crude materials for use in manufacturing
general imports was 4,129.2 millions, as Foodstuffs in crude condition, 897.3 15.4 1,215.9 17.2
against 2,974 millions for the immediately and food animals
375.0
710.7
10.2
6.4
preceding fiscal year, and 3,630.7 millions for Foodstuffs partly or wholly man- 1,153.7 19.8 1,755.2 25.2
ufactured
the fiscal year 1917. For the period July 1, Manufactures for further use in
952.8
manufacturing
13.o
1915, to June 30, 1919, the total excess of mer- Manufactures ready for consump- 1,201.4 20.6
37.4
2.384.8
2,185.4
tion
."
33.7
chandise exports over imports totaled 13,964 Miscellaneous
' 15.6
A
25.8
millions. Exports of domestic merchandise for
100.0
7,074.0
Total domestic ox-ports
j 5,838. (
> 100.0
the latest fiscal year were about 7,074 millions,




850

FEDERAL, RESERVE BULLETIN.

It is seen that the largest absolute and relative increases occurred in the exports of the
first three groups, viz, crude materials, foodstuffs unprepared, and foodstuffs prepared.
Semimanufactures are the only group which
show both an absolute and relative decline in
exports for the year, the reduction in the
amount of iron and copper shipments, also
those of the crude chemicals, accounting for a
large portion of the total decline. Exports
of manufactures ready for consumption, while
about 200 millions larger in value, constitute,
however, a smaller percentage of the total
exports for the year. The largest decline
under this general head is shown for explosives,

SEPTEMBER 1, 1919.

the exports of which for the fiscal year 1919
are given as 122.7 millions, as against 373.9
millions the year before. The largest increase
in exports, both relative and absolute, is shown
for prepared foodstuffs, which include such
important articles as flour, sugar, meats, and
dairy products, the exports of which show
particularly large increases during the more
recent period, as may be seen from the following table, showing for a number of important
export items both the quantities and values
exported during the fiscal year 1914, the last
year before the war, and during the latest
five war years, including the fiscal year just
ended.

Quantities and values of principal domestic exports, 1914 to 1919.
Y e a r e n d i n g Tune 30—
1914

Total bread-siniTs

Wheat flour.
Oats.
Corn
Rye

•
•

Barley
Total meat and dairy products.
Beef, canned
Beef, fresh
Beef, pic'klod and other cured

Bacon
Hams and shoulders, cured

Lard compounds, and other substitutes for lard
Butter
Cheese
Condensed, milk
Salmon, canned
Apples, green or ripe
Cottonseed oil
Sugar, refined
Tobacco, leaf
Automobiles, commercial.
Freight and other cars




1917

1918

1919

165, oO:-;

573,821

435,67!

589,235

633, 240

054,780

92.394
8?;9o3
11,821
54,454
1,860
758
9,381
7,008
2,223
1,555
(5, 645
4.253

259,643
333,552
16,182
94,869
96,810
57,470
48,786
39,339
32,515
14,733
26,755
18,184

.173,274
215,533
15,520
87,338
95,919
47,986
38,21.7
30,781
1-1,532
15,374
27,473
20.664

149,837
298,180
11,943
93.202
88,944
55,035
64,721
72,497
13,260
21,695
16,381
19,027

34,119
80,803
21,879
244,861
105,837
86,125
40,998
75,306
11,990
23,903
26,285
41,651

178,583
424,543
24,190
268.063
96,361
79,493
18,688
26,706
27,540
53,654
20 458
27,687

thousands of dollars.

1-16,228

210,052

290,900 I

403,192

679,836

1,167,851

75,243 i
' 11,974
170,441
21.732
3lJ875
3,383
80,482
9,311
5,252
617
20,240
1J386
346,718
47,326
203,701
29,050 1
475,532 I
52,440 j
69:981 j

50,801 !
9,130 !
231,214
28,8X6
38,115
4,034
102,646
12,469
5,426
(M0
16,289 I
1,326 I
579,809 j
78,616 I
282,209 I
40,803 j
427,011 !
47,634
52,843
5,147
13,487
3,590
41,394 I
7,430 I
159,578 I
12,713 I

67,536
16,946
197,177
277
054
6 , 728
'
67.110
11,065
5,651
902
15.209
l',801
667,152
117,222
206,657
49', 574
4-14,770
77,009
56.359
8; 270
26,835
8,749
66,050
15,240
259,141
25,137

97.343
30,035
370,033
07,383
54,468
7,703
56,603
12,153
6,310
1,631
5,015
932
815,29 1
221,474
419,572
108,107
392,500
98,217
31,278
6.634
17,736
6,853
44,303
10,785
528,7.39
68,046

108.489
44;320
332,205
79,228
45,068
9,087
59;092
15,721
18,570
5,179
16,211
2,328
1,239,541
'378,729
667,849
204,668
725,578
210,418
131,751
32,037
33,740
15;844
18,795
5,733
728,741
99,971

110,060
16,571
635
2,813
100', 780
18,310
576,483
38,762
288,782
69,675
12,200
31,874
10,303
12,822

130,106
18,862
1,577
12,034
378,710
36,821
1,115,866
81.570
625;305
189,897
12,905
33,195
14,434
30,257

of pounds
of dollars,
of pounds,
of dollars,
of pounds,
of dollars,
of pounds,
of dollars.

3,465
462
6,394
789
23,266
2,290
97,017
10.157
2; 533

thousand3 of pounds
thousands of dollars,
thousands of pounds
thousands of dollars,
thousands of pounds
Thousands of dollars,
ihousands of pounds
thousands of dollars,
thousands of pounds
thousands of dollars,
ihousands of pounds
thousands of dollars,
ihousands of pounds
ihousands of dollars,
•thousands of pounds
thousands of dollars.

15,812
1,002
193,964
25,879
165,882
23,767
481,458
54,403
58,304
5,489
3,694
877
2,427
414
16,209
1,341

'thousands of pounds
thousands of dollars,
thousands of barrels,
thousands of dollars,
thousands of gallons,
thousands of dollars,
thousands of pounds
Ihousands of dollars,
thousands of pounds,
ihousands of dollars...

87,751
7,999
1,507
6,090
192,963
13,8.13
50, S96
1,840
446,944
53,903
784
1,182

thousands
thousands
thousands
thousands
thousands
thousands
thousands
thousands

"Oleomargarino, imitation butter
Tallow

1916

thousands of bushels,
thousands of dollars,
thousands of barrels.
Thousands of dollars.!
thousands of bushels
thousands of dollars,
thousands of bushels
thousands of dollars,
thousands of bushels
thousands of dollars,
'thousands of bushels,
thousands of dollars.

thousands of dollars...

Wheat

1915

263

ar*:! I

5,391

6,016
9.851
2; 392
55,363
8,4(53
37,236
3,067

83,4-16
9,072
2,351
8,087
318',367
21,873
549,007
25,615
347,997
44,480
13,996
39,141
1,199

152,944
15,032
1,466
5,519
266,512
22,659
1,630,151
79,391
436,467
53,015
21,265
56,806
23,299 I

t

117,963
12,963
1,740
7,979
158,912
19;878
1,248,908
77,094
406,431
59,788
15,977
42,344
26,770

SEPTEMBER 1,

1919.

851

FEDERAL RESERVE BULLETIN.

Year ending Tune 30—
i

1014

Copper, pigs, insote, etc

{SSf^S

/-,_,.,.„....,
v >ollon
Cotton cloths...

/thousands of bales...
(thousands of dollars.
/thousands of y a r d s . .
< thousands of dollars.

Cotton hosiery..

1915

.1910

974,792
144,890
9,165
610,475
414,860
28.845

677,154
96,239
8,426
376,218
396,944
28,683

711,342
159,486
5,956
374,188
550,572
46,381

1,021,194 i
292,434 i
5,947 I
543,075 |
690,194
72, (508

716
6,272
1,539
11,979
35,581
6,739
1.569
5,208
338,613
10,259
834,314
17,130
29,191
7,476
9,902
17,867
799,974
11,007
662,869
9,650
146,477
6,813
475,143

1,866
41,476
359
3,870
29,822
4,339
773
2,711
159,587
4,538
637,193
12,553
71,881
21,351
12,403
24,697
1,470,065
18,906
524,794
9,048
152,514
4,912
672,932
18;544
156,861
17,603
886,317
53,607
214,429
28,500
2,187,341
133,693
1,135,212
25,225

5,276
467,082
425
5,3-13
59,621
11,915
1,486
13,472
537,918
17,632
1,100,782
25,020
78,014
27,187
20,358
47,225
1,057,222
15,919
640,916
11,935
163,733
5,754
897,859
24,769
100,149
16,298
823,143
52,283
250,,395
37,452
2,443,448
166,417
1,177,331
27,969

5,196 i
802,789 I
416
6,980 !
73,185
18,882
2,554
20,751
594,389
25,405
1,551,062
61,476
89,542
39,026
15,895
33,311
1,150,160
20,281
536,984
10,253
177,749
7,310
1,039,324
32,330 ,
226.155 !
46,'«33 I
833,969 !
54,642 I
271,033 |
48,666 !
2,748,328 !
230,969
1,041,848
27,088

1917

5 of dollars.

Explosives
Fertilizers
Engines, gasoline
Engines, steam

thousands
thousands
thousands
number
thousands
'number
thousands

of dollars..,
f dl
of tons
of dollars..
of dollars..
of dollars..

q+««i woiicj

/tons.

ateuraus
Iron and steel plates and sheets

(thousands of dollars..
{SsS
o
f
IS!!

Sole leather.

thousands of pounds.
thousands of dollars..
thousands of pairs....
thousands of dollars.
thousands of pounds
thousands of dollars,
thousands of pounds
thousands of dollars,
thousands of gallons,
thousands of dollars,
thousands of gallons,
thousands of dollars.,
thousands of gallons
thousands of dollars,
thousands of gallons,
thousands of dollars,
thousands of gallons,
thousands
dollars.
/thousands of gallons.
(thousands of dollars.
ndsof dollars!..

Hor+s inri shn^s
.*iocts ana snoes and meal.
Cottonseed cake
Linseed cake and meal
•Oil. mineral, crude.
Gas and fuel oil
Gasoline .
Illuminating
Lubricating and heavy paraffin
Tr+il n ^ p r n i oMs
1 ctai n^xcrai ous
Lumber, boards, planks, scantlings, etc

Comparison of both quantities and values is
essential to obtain a clear picture of the increasing share of our national production which
has been going abroad, largely to Europe,
during the war period and. the period immediately following.
Wheat exports, for example, were largest in
1.915, when, over 259 million bushels" were
exported, although the value of these exports.
333 millions, are 91 million dollars less than the
value of the 173 million bushels exported in
1919. Exports during 1919 of bacon, hams,
and. lard, show a more than 50 per cent increase
in quantity over 1.91.8, while the corresponding
values are nearly double those for the earlier
year. ."Raw cotton exports during 1919 are
shown about 40 per cent less in quantity than
in 1914, though the value of the smaller
quantity is stated over 40 per cent higher than
for the year preceding the war.
While average export prices for the most
recent year are without exception higher than
for the earlier years, the rise in prices is seen to
have been particularly great for articles of
food, for which apparently the present demand
is most pressing.




13,748
151,612
21,699
1,157,283
74,500
196,885
27,853
2,281,611
152,174
2,417,439
57,781

1918
931,671 !
263,727 j
4,529 i
865,025 I
684,927 |.
103,416 |
5,66-1,101 ;
11,578
15,122
7,571
373,891
253
5,840
94,174
33,852
4,144 i
40,442
430,347
22,817
1,773,268 !
118,975 |
22,766 I
12,248
15,012
36,550
44,681
984
151,400 I
3,895 j
185,070 !
9,289 !
1,223,284 !
61,138 !
260,880
61,613
528,218
47,262
269,674
66,162
2.677,036
'298,329
1,067,709
44,308

549,872
138,518
5,298
863,161
570,303
131,393
7.454,203
20,387
19,218
13,887
122,731
347
9,407
81,349
34,000
3,218
29,430
621,728
37,640
2,349,645
116,167
82,961
36,826
16,687
50,507
311,626
8,915
202,788
5,918
183,782
9,905
902,202
50,682
322,883
78,080
722,130
80,965
274,780
86,312
2,531,261
344,613
1.077,973
' 52,046

Exports for July of the present year,
8570,083,475, were $348,010,800 less than in
June, the published figures of the Department
of Commerce indicating considerable declines
in both, quantities and values of leading foodstuffs, also of raw cotton and mineral oils exported, as may be seen from a comparison of
the respective June and. July figuies:
jjun8,1919. July, 1919.

.Flour.
Oafs..
I?ye..
Beef, (

Hams and shoulders.
Lard
Milk, condensed.
Cottonseed oil
Cotton, raw
A n „ ™.n I «; i „
M m e i a l oils

(thousands of bushels. •\thousands of dollars..
thousands of barrels..
thousands of dollars..
thousands of bushels..
thousands of dollars..
thousands of bushels.
thousands of dollars.
thousands of pounds.
thousands of dollars,
/thousands of pounds,
"(thousands of "dollars.
/thousands of pounds,
^thousands of dollars,
/thousands of pounds,
•(thousands of dollars.
thousands of pounds..
thousands of dollars..
thousands of pounds..
thousands of dollars..
thousand of pounds..
thousands of dollars..
( t h o ^ d s ' 6 f dollars!!

If>, 390
4f},4(\~>

3, 614
29. IMS
6,165
4,885
7,122
18.200
6,575
2,571
15,212
3.580
172:441
5?;392
96,855
32.112
1U; 329
158,971

m ; 83G i
16,517
30,695
6,357
631,985
101.416
(thousand s of gallons.. 245; 975
( t h o u s a n d s of d o l l a r s . .
33,460

5,8>i
IS)978
1,731
19,188
4,334
3,480
2,000
3,771
5,892
2,050
8. H81
2', 008
117,679
40,295
47,453
15,845
68.164
24', 248
6J,512
9,317
10.645
2,274
528,902
80,975
.169,182
23,135

852

FEDERAL RESERVE BULLETIN.

This decline in exports is coincident with a
considerable fall in* the leading foreign exchanges, also with an unexampled rise of domestic prices of leading foodstuffs. Some of the
decline in exports may be due also to the harbor
strike in New York, which continued during
the greater part of July and was settled only
about the end of the month.
Acceptance Liabilities of Member Banks.
In continuation of data printed on page 441
of the May, 1919, BULLETIN there are presented below figures showing changes in acceptance liabilities of national banks and other
member banks of the Federal Reserve system
up to June 30 of the present year. On the
whole the mid-year figures are somwehat below
those for the end of 1918, acceptance liabilities
of the national banks showing a decline of 35.1
millions, while the other member banks, especially the trust companies in New York City,
report
substantial
increases. Of
the
$466,586,000 of total acceptance liabilities
shown for the entire membership of the Federal Reserve system, $233,381,000, or 50 per
cent, are those of the member banks in New
York City and $68,348,000, or 14.6 per cent,
those of the member banks in Boston. It is
thus seen that about two-thirds of the acceptance business of the country is handled at
present by the banks in these two cities.

SEPTEMBER 1,1919.

On the corresponding four dates the Federal
Reserve Banks report the following holdings
of paper bought in the open market:
Nov.l, 1918
Dec. 31, 1918
Mar. 4, 1919
June 30, 1919

$377,066,000
292,196,000
266,176,000
315, 993,000

Of the $315,993,000 of acceptances held by
the Federal Reserve Banks, $314,407,000 were
bank acceptances, and of this amount $233,519,000, or 50 per cent of the total outstanding on that date or about the same ratio as on
December 31, 1918, were member bank acceptances. On the more recent date the Federal
Reserve Banks held in addition $38,586,000
of nonmember bank acceptances, $29,648,000
of private bank acceptances, and $12,654,000
of acceptances of foreign bank branches and
agencies.
Errata.

The following changes should be made in the
August BULLETIN: On page 701, change
amount per capita outside the Treasury and the
Federal Reserve Banks for April 1, 1917, as
shown in the first column of the tabular statement, to read "$39.54." On page 777, add
the words "Monthly 7average" after the
caption "Gross earnings/ in the second column
of the table showing operations of the Federal
Acceptance liabilities of national and other member banks. Reserve branch banks during the six months
[In thousands of dollars; 1. e., 000 omitted.)
ending June 30, 1919.
Nov. 1, I Dec. 31,
IQIR.
laia.

Mar. 4.
laio.'

Now York
Boston
Philadelphia
Pittsburgh
Cleveland
Detroit
Cincinnati
Indianapolis
Hichznond
Baltimore
Atlanta
New Orleans
Charleston, S. C
Chicago
St.-Louis
Minneapolis
Dallas
San Francisco
Portland, Oreg
Seattle
Allather

136,742
120,897
49,133
44,170
25;633
19,995
5,484
4,604
0,999 i
8,168
l'.C99 !
2,700
' 563
659
1,830
1,718
4,270
4,815
1,135
1,086
739
984
2,393
2,734
1,511
1,505
28,859
29,677
9,535
11,837
8,536
3,374
3,075
2, 9-10
9,969
9.027
5,493
3; 323
1,109
1,301
29,952
28,947

112,762
41,723
15,418
4,290
6,651
1,629
2,494
1,510
4,430
1,038
.317
1,982
1,353
21,032
11,928
1,635
1,325
11,870
2,864
1,089
21,233

107,005
49,429
18,050
5,267
7,279
3,098
3,487
1,396
2.509
2; 930
731
1,841
821
25,283
6,889
1,763
1,700
10,613
1,710
1,582
18,592

All national banks
other member banks

332,719 i 305,101
189,104 j 175,023

269,173
182,091

272,035
194,551

521,823 j 480,624

451,264

466,586

Total member banks...;




June 30,
iftio.

Crop Statistics,, by Federal Reserve Districts.
In continuation of the table on crop statistics by Federal Reserve districts shown in the
August BULLETIN a similar table is here presented, the forecast for 1919 being based on
condition of crops on August 1. It will be
noted that reports are now included for every
district except the Kansas City and the Dallas
districts.
Forecasts on August 1 are below those made
on July 1 for each of the four principal crops,
the wheat forecast for the country as a whole
being 220 million bushels and for the Minneapolis district 76 million bushels lower on
August 1 than on July 1.

853

FEDERAL RESERVE BULLETIN.

SEPTEMBER 1, 1019.

Acreage and production of corn, wheat, oats, and hay in 10 Federal Reserve districts and in theUnited States, 19:19 and 1918.
[In thousands of units of measurement.]
Dis1
District District trie!
9—Min- ^2
8—St.
neapSan
i Louis.
olis.
Francisco.

Total for
United
States.

CORN.
I
Acreage:
!
1919
! 102,977
1918
! 107,494
Production (bushels):
Forecast as of A ug. 1,1919.... 2,788,378
Estimated, 1918
'2,582,814

15,366
16.726

270
255

6,811

369,857 233,060 j 8.533
372,977 241,402 j 8J581

i

WHEAT.

Acreage:
1919
1918
.Production (bushels):
Forecast as of Aug. 1,1919
Estimated, 1918

71,526
59,110

7,357
5,680

940,881
j 917,100

10*5,537
101,837

i
j

OATS.

Acreage:
1919
1918
Production (bushels):
Forecast as of Aug. 1,1919
Estimated. 1918

I
! 42.365
1 44; 400
j
985,
1,266,401
|l, 538,359 1,342,

14,118
14,923
69,600 ! 25,747 j 2(5,450
101,356 I 28,111 I 30,800

2,438
2,597

453,249
640,005

70,474
-77,486

HAY.

Acreage:
1919
1918
Production (bushels):
Forecast as of Aug. 1,1919
Estimated, 1918

i
:
1
i
i
1

i

235,753 i 40,473
329,045 I 37,850

54,494
58,951

12,618
12,735

5,626
5,672

12,285
12,394

6,370
6,207

110,876
90,443

87,353
75;208

18,841
10,344

7,443
0,500

18,704
14, 304

12,352
10,574

Relating to Foreign
Transactions.

No figures included for district No. 4.

Exchange!

On August 8 the Federal Reserve Board
approved the following general license relating
to foreign exchange transactions:
By the proclamation of the President, dated
June 26, 1919, all previous proclamations prohibiting the exportation of coin, bullion, or
currency and the power and authority vested
in the Secretary of the Treasury and in the
Federal Reserve Board, and all orders, rules,
and regulations issued or prescribed in connection therewith were revoked and canceled,
except that such proclamations, orders, rules,
and regulations were continued in force and
effect in so far as they were necessary to enable
the Secretary of the Treasury and the Federal
Reserve Board effectively to "control—
(1) All exportations of coin, bullion, and
currency to that part of Russia now under the
control of the so-called Bolshevik Government;
(2) Any and all dealings or exchange transactions in Russian rubles;
(3) Transfer of credit or exchange transactions with that part of Russia now under the
control of the so-called Bolshevik Government;




9.285 j 1,154
9'333 i 1,200

69,719
7i; 254

1

Prohibitions

17,477
5,840
17,551 ! 4,980
146,980 I 105,178
281,025 I 75.812

(4) Any and all transfers of credit or exchange transactions with territories in respect
of which such transactions were then permitted
only through the American relief administration.
This proclamation did not authorize remittances to enemy territory which were thereafter, as theretofore, permitted only under
special or general license of the War Trade
Board. Under the general enemy trade licenses issued up to the present time by the
War Trade Board, however, such trade is
permitted, except in certain specified articles
and commodities, with all persons with whom
trade is prohibited by the trading with the
enemy act, except trade with Hungary and
that portion of Russia under the control of the
Bolshevik authorities.
On June 30, 1919, the Federal Reserve Board
announced that remittances to the countries
referred to in the fourth exception mentioned
above were not thereafter subject to any
restrictions.
The Federal Reserve Board has just announced the issue of a general license permitting the exportation from the United States
of Russian rubles, provided that notice of such
exportations be given to the Customs Division

854

FEDERAL RESERVE BULLETIN.

of the Treasury Department and to the Division of Foreign Exchange of the Federal
Reserve Board" This regulation does not
authorize the importation *into the United
States of Russian rubles.
The present situation is, therefore, that all
restrictions have been removed from the export
of coin, bullion, and currency and from transactions in foreign exchange except as to (I)
transactions with or for persons in that part
of Russia now under the control of the socalled Bolshevik Government; (2) the importation of, or exchange transactions in, Russian
rubles.
It should be noted that the War Trade Board
has not authorized transactions with or for
persons in Hungary.
FOREIGN BRANCHES.
There is given below a list of foreign branches
of national banks and banks doing business
under agreement with the Federal Reserve
Board, which were open for business on
September 1, 1919.
NATIONAL BANKS.

I. National City Bank, 55 Wall Street, New York City:
Buenos Aires, Argentina.
Once, Buenos Aires, Argentina.
Rosario, Argentina.
Bahia, Brazil.
Pernambuco, Brazil.
Porto Alcgre, Brazil.
Rio de Janeiro, Brazil.
Santos, Brazil.
Sao Paulo, Brazil.
Santiago, Chile.
Valparaiso, Chile.
Artemisa, Cuba.
.
Bayamo, Cuba.
!
Caibarien, Cuba.
!
Camaguey, Cuba.
Cardenas, Cuba.
Ciego de Avila, Cuba,
Cienfuegos, Cuba.
Cuatro Caminos, Cuba,
Cruces, Cuba.
Galiano, Cuba.
Guantanamo, Cuba.
Habana, Cuba.
Manzanillo, Cuba.
Matanzas, Cuba.
Pinar del Rio, Cuba.
Remedios, Cuba.
Sagua la Grande, Cuba.
Sancti Spiritus, Cuba.
Santa Clara, Cuba.
Santiago, Cuba.
Union de Reyes, Cuba.
Yaguajay, Cuba.
Genoa, Italy.
San Juan, Porto Rico.
Vladivostok, Siberia.
Port of Spain. Trinidad,




SEPTEMBEB 1,

1. National City Bank, 55 Wall Street New York:
City—Continued.
Montevideo, Uruguay.
Caracas, Venezuela.
Maracaibo, Venezuela.
Temporarily closed—
Moscow, Russia.
Petrograd, Russia.
2. First National Bank, 70 Federal Street, Boston, Mass.::
Buenos Aires, Argentina.
BANKS DOING BUSINESS UNDER AGREEMENT1 WITH FEDERAL
RESERVE BOARD.

1. American Foreign Banking Corporation,. 56 Waif'
Street, New York City:
Brussels, Belgium.
Cali, Colombia.
Cristobal, Canal Zone.
ITabana, Cuba.
Harbin, Manchuria.
Panama, Republic of Panama.
Port au Prince, Haiti.
Rio de Janeiro, Brazil.
2. Mercantile Bank of the Americas, 44 Pine Street.
New York City:
Paris, France.
Barcelona, Spain.
Affiliated institutions—
Banco Mercantil Americano de Cuba:
Habana, Cuba.
Banco Mercantil Americano de Colombia:
Armenia, Bogota, Barranquiila, Cali, Cartagena, Giradot, Honda, Manizales, Medellin, Colombia.
Banco Mercantil Americano del Peru:
Lima, Arequipa, Callao, Chiclayo, Trujillo,
Peru.
Banco Mercantil Americano de Caracas:
Caracas, La Guayra, Venezuela.
American Mercantile Bank of Brazil:
Para, Parahyba, Pernambuco, Brazil.
National Bank of Nicaragua:
Bluefields; Granada, Leon, Managua,
Nicaragua.
Banco Atlantida:
Amapala, La Ceiba, Puerto Cortez, San
Pedro Sula, Tegucigalpa, Tela, Honduras.
3. Asia Banking Corporation, 66 Liberty Street, New
York City:
Hankow, China.
Hongkong, China.
Peking, China.
Shanghai, China.
Tientsin, China.
Manila, Philippine Islands.
4. International Banking Corporation, 55 Wall Street^
New York City:
Batavia, Java.
Bombay, India.
Calcutta, India.
Canton, China.
Cebu, Philippine Islands.
Colon, Republic of Panama.
Hankow, China.
Harbin, Manchuria.
Hongkong, China.
Kobe, Japan.
London, England.
Manila, Philippine Islands.
Mcdellin, Colombia,

SEPTEMBER 1, 1919.

FEDERAL RESERVE BULLETIN.

4. International Banking Corporation, 55 Wall Street,
New York City—Continued.
Panama, Republic of Panama.
Peking, China.
Rangoon, Burma.
Puerto Plata, Dominican Republic.
San Pedro de Macoris, Dominican Republic.
Santo Domingo, Dominican Republic.
Santiago, Dominican Republic."
Shanghai, China.
Singapore, Straits Settlements.
Soerabaya, Java.
Tientsin, China.
Yokohama, Japan.
(A branch office is also maintained by the International Banking Corporation in San Francisco,
Calif.)
5. Park-Union Foreign Banking Corporation, 56 Wall
Street, New York City:
Shanghai, China.
Yokohama, Japan.
(Branch offices are also maintained in San Francisco, Calif., and Seattle, Wash., by the ParkUnion Banking Corporation.)
The First National Corporation, 70 Federal Street, Boston. Mass., has opened no foreign branches. A branch,
office of the corporation is maintained at 14 Wall Street,
New York City.
The Shawmut Corporation of Boston, Mass., and the
French American Banking Corporation of New York City
have opened no foreign branches.

New National Bank Charters.
The Comptroller of the Currency reports
the following increases and reductions in the
number of national banks and the capital of
national banks during the period from July 26,
1919, to August 29, 1919, inclusive:
Banks*

New charters issued to
With capital of
Increase of capital approved for
With new capital of. /.
Aggregate number of ^ new charters and
banks increasing capital
With aggregate of new capital authorized
Number of banks liquidating (other than
those consolidating with other national
banks under the act of June 3, 1864)
Capital of same banks
Number of banks reducing capital
Reduction of capital
Total number of banks going into liquidation or reducing capital (other than those
consolidating with other national banks
under the act of June 3, 1864)
Aggregate capital reduction
Consolidation of national banks under the
act of Nov. 7,1918
Capital
The foregoing statement shows the aggregate
of increased capital for the period of the
banks embraced in statement was
Against this there was a reduction of capital
owing to liquidation (other than for consolidation with other national banks under the act of June 3, 1864) and reductions of capital of.
Net increase




4
0

The following list shows the State banks and
trust companies which have been, admitted to
membership in the Federal Reserve system
during the month of August.
One thousand one hundred and two State,
institutions are now members of the system.
having a total capital of $388,492,159, total;
surplus of $425,643,610, and total resources of*
$8,659,734,800.
Capita].
District No. 2.

0

Total
resources.

j

Liberty Bank of Buffalo, Buffalo, '
N. Y
i 81,500,000
Oloan Trust Co., Olean, N. Y
\
100,000
Citizens Trust Co., Adams, N. Y .'
150,000
Bank of United States, 1'cw York
1,000,000

.000,000
' 20,000
75,000

830,976,680
1,281,837
1,351,304

250.000

20,643,918

District No. 4.
Wakeman Bank Co., Wakeman,
Ohio
Rittman Savings Bank, Rittman,
Ohio
;:
Middlefield Banking Co., Middlefield, Ohio
Apple Creek Hanking Co., Apple
Creek, Ohio

10,000

304,164

25,000

8,500

366,938

25,000 I

25,000

25,000

371,034

25,000

15,000

387,957

1,000,000
200,000
25.000
25; 000

100,000
200,000
12,500
25,000

2,107,970
3,772,825
105,596
178,138

60,000

15,000

940,860

25,000

5,000

412,633

40,000
3,000,000

15,000
600,000

944,253
3,600,000

25,000

10,000

313,031

30,000

30,000

190,398

District No. 6.
Atlanta Trust Co., Atlanta, Ga...
Hibornia Bank, Savannah, Ga
The Canon Bank, Canon, Ga
Bank of Sasser, Sasser, Ga

6, 680,000

200,000
0

State Bank of Kewaunee, Kewaunce, "Wis
St. Charles State Bank, St.Charles,
Mich
First State Savings Bank, Birmingham, Mich.
Great Lakes Trust Co., Chicago,IH
District No. 9.
Park City State Bank, Park Citv,
Mont
:..
State Bank of Revere, Revere,
Minn
District No. 10.
Farmers Stato Bank, Genoa, Nebr
The Home State Bank, Anthony,
Kans

4

Surplus...

District No. 7.

34
.S3, 375,000
31
3,305, 000
65

State Banks and Trust Gonapantes Admitted,

200,000
0

242,690

25,000
25,000

1,500

27,500

District No. 11.
Guaranty State Bank,
Prairie, Tex

Grand
77,797

25,000

District No. 12.
Carbon County Bank, Price, Utah.

50,000

5,000

55,000

6,680,000

200,000
6,480,000

XOTE.—The City Sayings Bank & Trust Co.. Alliance, Ohio, has
changed its name to Citizens Savings Bank & Trust Co.
The Commercial Trust & Savings Bank and the Canal Bank & Trust
Co., member banks, and the United States Trust & Savings Bank, a
nonmember bank, all of " e w Orleans, La., have consolidated under the
title Canal-Commercial Trust & Savings Bank as a member bank.
The Kellerton State Bank, Kellerton, Iowa, Farmers & Merchants
Bank, Hickman, Ky.; Cherokee County Bank. Centre, Ala.; and Hillsboro State Bank, Plant City, Fla., have withdrawn from membership.

856

FEDERAL, RESERVE BULLETIN.

SEPTEMBER 1,1919,

Fiduciary Powers Granted to National Banks.

Commercial Failures Reported.

No departure from the remarkably gratify-1 The application of the following banks for
ing failure exhibits has been witnessed, com- j permission to act under section 11-k of the
mercial insolvencies during three weeks of Federal Reserve act have been approved by
August, as reported to R. G. Dun & Co., num- the Federal Eeserve Board during the month,
bering only 333, against 456 in the correspond- of August, 1919:
ing period" last year, when the business mortality was relatively moderate. Exclusive of
DISTRICT NO. 1.
banking and other fiduciary suspensions and
administrator, registrar of stocks and
personal "bankruptcies, the statement for July, Trustee, executor, of estates, assignee, receiver, and combonds, guardian
the latest month for which complete statistics mittee of estates of lunatics:
are available, discloses but 452 defaults, inMerchants National Bank, New Bedford, Mass.
volving $5,507,010 of liabilities. In point of Trustee and registrar of stocks and bonds:
Merchants National Bank, Manchester, N. H.
number; the July showing is unmatched by Trustee:
the record of any previous month whatever for j
Manchester National Bank, Manchester, N. H.
more than a quarter of a century, or since j
monthly returns were first compiled, and the '
DISTRICT NO. 2.
indebtedness is below that of any preceding
administrator, registrar of
and
month in two decades. When the July fail- Trustee, executor, of estates, assignee, receiver,stockscombonds, guardian
and
Tires are separated according to Federal Re- mittee of estates of lunatics:
serve districts, it is seen that the number is
Rondout National Bank, Kingston, N. Y.
First National Bank, Southampton, N. Y.
smaller than last year, in every district except
First National Bank, Walton, N. Y.
the eighth, while the liabilities are less in
Belvidere National Bank, Belvidere, N.
every instance, aside from the fifth and eighth Trustee, executor, administrator, guardian J. of estates,
districts.
assignee, receiver, and committee of estates of lunatics:
Cayuga County National Bank, Auburn, N. Y.

Failures during July.
Number.

Liabilities.

Districts.
1919

1918

$320,069
1,83(5,523
315,061
247,384
316,282
480,668
375,494
240,812
67,687
201,188
261,727
838,115

457,330
188,145
728,336
464,255
126,420
855,044
1, 355,346
173,202
187,90-1
858,034
311,032
1, 084,524

5,507,010

9,789,572

DISTRICT NO. 3.

Trustee, executor, administrator, registrar of stocks and
bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics:
First National Bank, Greencastle, Pa.
DISTRICT NO. 4.

Trustee, executor, administrator, registrar of stocks and
bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics:
Duquesne National Bank, Pittsburgh, Pa.
DISTRICT NO. 5.

Guardian of estates, assignee, receiver, and committee of
estates of lunatics:

Acceptances to 100 Per Cent.
National Metropolitan Bank, Washington, D. C.
Fauquier National Bank, Warrenton, Va.
Since the issue of the August BULLETIN the
First National Bank, Grafton, W. Va.
following banks have been authorized by the
DISTRICT No. 6.
Federal Reserve Board to accept drafts and
bills of exchange up to 100 per cent of their
Trustee, executor, administrator, and registrar of stocks
capital and surplus:
and bonds:
City National Bank, Bridgeport, Conn.
Lamar State Bank & Trust Co., Paris, Tex.
Thames National Bank, Norwich, Conn.
Lumbermans National Bank, Houston, Tex.
First National Bank, San Angelo, Tex.'
Commerce Trust Co., Kansas City, Mo.
Bank of Commerce & Trusts, Richmond, Va.
Hamilton Trust Co., Paterson, N. J.
National Bank of Commerce, Houston, Tex.
Hibernia Bank, Savannah, Ga.
National Marine Bank, Baltimore, Md.




Cumberland Valley National Bank, Nashville, Tenn.
DISTRICT No.

7.

Trustee, executor, administrator, registrar of stocks and
bonds, guardian of estates, assignee, receiver, and committee of estates of lunatics:
First National Bank, Newell, Iowa.
Trustee, executor, administrator, registrar © stocks and
f
bonds, guardian of estates, assignee, and receiver.
Continental National Bank, Sioux City, Iowa.

SEPTEMBER 1, 1019.

857

FEDERAL RESERVE BULLETIN.

Trustee, executor, administrator, registrar of stocks and
bonds, guardian of estates, assignee, and receiver:
First National Bank, Raton, N. Mex.
Trustee, executor, administrator, registrar of stocks and
bonds, guardian of estates, assignee, receiver, and comFirst National Bank. Ada, Okla.
mittee of estates of lunatics:
Farmers National Bank, Danville, Ky.
DISTRICT NO, 11.
Trustee, executor, administrator, guardian of estates,
assignee, and receiver:
Trustee, executor, administrator, registrar of stocks and
Farmers National Bank, Princeton, Ind.
bonds, guardian of estates, assignee, and committee
of estates of lunatics:
Silver City National Bank, Silver City, N. Mex.
DISTRICT NO. 9,
Guardian of estates, assignee, receiver, and committee of
estates of lunatics:
Trustee, executor, administrator, registrar of stocks and
First National Bank, Carlsbad, N. Mex,
bonds, guardian of estates, assignee, and receiver:
First National Bank, Rapid City, S. Dak.
DISTRICT NO, 8.

DISTRICT NO.
DISTRICT NO.

10.

12.

Executor, administrator, registrar of stocks and bonds,
guardian of estates, assignee, receiver, and committee
Trustee, executor, administrator, registrar of stocks and
of estates of lunatics:
bonds, guardian of estates, assignee, receiver, and comFirst National Bank, Ashland, Oreg.
mittee of estates of lunatics:
Trustee:
First National Bank, Sheridan, Wyo.
First National Bank, Eagerman, Idaho.
First National Bank, Rock Springs, Wyo.
134551—19
4




858

FEDEBAL RESERVE BULLETIN".

SEPTEMBER 1,1919.

RULINGS OF THE FEDERAL RESERVE BOARD.
Below are published rulings made by the which in their nature are merely finance bills.
After four years of war many industries
Federal Reserve Board which are believed to
be of interest to Federal Reserve Banks and abroad require not only current commercial
accommodation but also what is in effect
member banks.
replenishment of permanent working capital,
Renewal Acceptances.
and efforts to replenish permanent working
The Federal Reserve Board fully realizes capital by means of bills which are in form
that conditions abroad are still far from normal self-liquidating but which actually represent
and that allowance for this fact must be made in substance a permanent investment, can not
in estimating the duration of any transaction be encouraged by the Federal Reserve Board.
involving the exportation of goods on account Any parties interested in transactions of this
of which an original draft is drawn, and con- kind should finance themselves through the
sideration will be given to these abnormal investment market.
conditions by the Board in ruling upon the
Subject to the limitations above outlined,
eligibility of renewal drafts.
the Board is prepared to take full account of
It is clear, however, that no renewal draft the extraordinary conditions now prevailing
can be held to be eligible if at the time of its and to make rulings accordingly.
acceptance the period required for the conclusion of the transaction out of which the
original draft was drawn shall have elapsed. Acceptance of Drafts Secured by Warehouse Receipts.
In cases where it is practicable at the time the
The Federal Reserve Board is of the opinion
original draft is drawn to foretell with sub- that no draft which is secured by a warehouse
stantial certainty the conditions which will receipt should properly be considered eligible
exist at the time the renewal draft is to be for acceptance under the terms of section 13 of
drawn, the Board may be able to rule in the Federal Reserve Act unless the goods
advance as to the eligibility of such renewal covered by the warehouse receipt are being
drafts; but in cases where it is not possible, the held in storage pending a reasonably immediate
question of the eligibility of renewal drafts sale, shipment, or distribution into the procmust necessarily depend upon the stage of the ess of manufacture. Any draft therefore
transaction that may have been reached when which is drawn to carry goods for speculative
such renewal drafts are drawn.
purposes or for any indefinite period of time
In cases where transactions have been fully without the purpose to sell, ship, or manufacconcluded but where the vendor in this country ture within a reasonable time, should not be
deems it inadvisable, or his customer abroad considered eligible for acceptance under the
finds it inexpedient to remit the proceeds of provisions of section 13. Such a draft would
the sale, owing to adverse exchange rate or to be merely a cloak to evade the restrictions of
other circumstances, it would follow that to section 5200 of the Revised Statutes and is not
permit the renewal of bills based on such a one of the kinds which Congress intended to
state of facts would be to render eligible bills make eligible for acceptance.




SBPTEUIBEB 1,1919.

859

I-EDEEAL RESERVE BTJLIxEXIN.

LAW DEPARTMENT.
New Georgia Banking Laws.

The General Assembly of Georgia recentlyenacted a new codification of the banking laws
of that State which was approved by the governor on August 16, 1919. The following portions of the new banking law which relate to the
membership of State banks in the Federal Reserve system are published for the information
of the Federal Reserve Banks and member
banks:
SEC. 38. Membership in Federal Reserve Bank.—Banks

1

superintendent shall be authorized to furnish to said bank
a copy of the report and other information concerning the
condition and affairs of any bank which shall be a member
of the Federal Reserve system. (Art. I l l , sec. 9.) $£
SEC. 20. Foreign

and Domestic Acceptances.—A

bank

may accept drafts or bills of exchange drawn upon it having
not more than six months' sight to run, which grow put of
transactions involving the importation or exportation of
goods; or which grow out of transactions involving the domestic shipment of goods, provided shipping documents
conveying or securing title are attached at the time of
acceptance; or which are secured at the time of acceptance
by a warehouse receipt or other such document conveying
or securing title covering readily marketable staples. No
bank shall accept, whether in a foreign or domestic transaction, for any one person, company, firm, or corporation
to an amount equal at any time in the aggregate to more
than 10 per cent of its paid-up and unimpaired capital
stock and surplus unless the bank is secured either by
attached documents or by some other actual security growing out of the same transaction as the acceptance and no
bank shall accept such bills to an amount equal at any
time in the aggregate to more than one-half of its paid-up
and unimpaired capital stock and surplus. Provided,
however, that any bank which is a member of the Federal
Reserve system may, when so authorized by the Federal
Reserve Board, and under the regulations prescribed by it,
accept such bills to an amount not exceeding 100 per cent
of its paid-up and unimpaired capital stock and surplus,
but the aggregate of acceptances growing out of domestic
transactions shall in no event exceed 50 per cent of such
capital and surplus. (Art. XIX, sec. 20.)

are authorized and empowered to subscribe for stock and
become members of the Federal Reserve Bank of the district to which they properly may be assigned by the Federal Reserve Board, in accordance with the acts of Congress regulating Federal Reserve Banks, and any bank becoming such member shall he authorized to conform to the
requirements and regulations of such Federal Reserve
Bank and of the Federal Reserve Board. (Art. XIX,
sec. 38.)
SEC. 27. Reserve.—* * * Provided that any bank
which is a member of the Federal Reserve system may in
lieu of the reserve herein required keep and maintain such
reserve as is required under the acts of Congress relating to
Federal Reserve Banks. * * * (Art. XIX, sec. 27.)
SEC . 9. Information Kept Secret. —The inform ation which
shall be obtained by the superintendent of banks or any
examiner in making examinations into the affairs of any
bank shall be for the purpose of ascertaining the true condition of said bank, and shall not be disclosed by the person
1
The word "bank" as defined in Article I, sec. 1, includes "incorpo
making the examination, * * * Provided, however, rated banks, savings banks, banking companies, trust companies, and
that upon the request of the Federal Reserve Bank the other corporations doing a banking business in this State.




860

FEDERAL RESERVE BULLETIN.

1, 1919,

WHOLESALE PRICES.
There are presented in the table below
Several of the usual minor monthly changes
monthly indexnumbers of wholesale prices for in the list of commodities have been necessary
the period January, 1914, to July, 1919r inclu- in the calculation of the index numbers for the
sive. The general index number is that of the month of July. Quotations for malt, the
United States Bureau of Labor Statistics as various grades of whisky, all wool blankets,
recently revised in the manner indicated below and men's seamless cashmere hosiery have been
in order to include a number of important com- omitted. On the other hand, quotations for
modities which had not been previously em- cottonseed oil, which had been dropped temporployed in the construction of the number. In arily, have been secured for the months of
addition, there are presented separate numbers June and July, and the commodity was again
for certain particular classes of commodities in included in the calculation of the index numbers
accordance with plans announced in previous for the latter month. Index numbers for the
issues of the BULLETIN, as modified in the month of July are provisional, due to the fact
manner indicated below.
that certain data were not received in time
In the group of raw materials, alfalfa has to render them available for use in the calbeen added to the list of commodities included culations.
in the subgroup of farm products, the weight
During Juty there was a sharp increase in
previously assigned to timothy being divided wholesale prices. The general index number of
between the two classes of hay, while in the the Bureau of Labor Statistics now stands at
mineral products subgroup phosphate rock the record figure of 219, an increase of 12
(Florida land pebble, 68 per cent) has been points, or 5.5 per cent, from the revised figure
added, likewise crude petroleum produced in for the month of June. The increase is general,
the Mid-Continent and California fields, the the index number for each of the several groups
weight previously assigned to crude petroleum of commodities showing an increase, and the
produced in the Pennsylvania field now being vast majority of the individual commodities
divided among the three grades, and a slight included in the construction of the index
revision of the weighting factor for anthracite number, have increased in price. The increase
coal has been made. In the group of producers' has been greatest in the case of the group of
goods, net prices for bar iron (best refined) have consumers' goods, being 6.1 per cent for that
been employed, grade A window glass hag been group, as compared with 4.4 per cent for the
substituted for grade AA, and bran has been producers' goods group and 5.4 per cent for the
added, likewise acetic and nitric acid, anhydrous group of raw materials. The index number for
ammonia, caustic soda, carbonate and nitrate the group of consumers' goods now stands at
of soda, soda ash and copper sulphate, which the record figure of 230. Decreases in price
had not been employed in* the construction of occurred only in the case of a few commodities,
the index numbers covering the earlier years. among which may be mentioned wheat flour
In the group of consumers' goods, Blue Nose (Kansas City and Toledo quotations), oranges,
rice has been included, commencing with and lamb. On the other hand, almost all the
Janua^, 1915, the weight previously assigned remaining commodities included in the group
to Honduras rice now being divided between increased in price, in particular boots and shoes,
the two grades; cabbage has been omitted, net various cotton textiles, such as print cloths,
prices have been employed in the case of cotton flannel, denims, drillings, sheetings,
womens combed peeler yarn hosiery. Fruit of shirtings, hosiery and underwear, bedroom
Loom, Lonsdale and Rough Rider shirtings furniture, milk, cheese, and eggs, wheat flour
and French serge, while bedroom sets of furni- (Minneapolis and St. Louis quotations), corn
ture, rocking chairs, kitchen chairs, kitchen meal, potatoes, rice, coffee, vinegar, beef and
tables, carving knives, table knives and forks, veal, and cottonseed oil.
wooden pails and wooden tubs have been added.
The index number for the group of proUnless otherwise specified, the above changes ducers' goods has increased from 196 to 205,
have been made for the entire period com- the latter being 1 point higher than the premencing with January, 1914. in addition, vious record of 204, reached in October,
commencing with January, 1919, both soft 1918. Silver and several chemicals decreased
patent and soft 100 per cent wheat flour at in price, while a considerable number of
St. Louis have again been employed, while commodities remained unchanged in price.
two additional classes of cotton yarns, namely On the other hand, increases occurred in the
20-2 and 40-2, carded, ordinary, for weaving case of a considerable list of articles, among
have also been included.
which may be noted cotton and worsted yarns.




SEFTEMBKR I,

1919.

861

FEDERAL RESERVE BULLETIN.

leather, rosin, turpentine and linseed oil, redcedar shingles, tallow, and cottonseed meal.
The index number for the group of raw materials has increased from 203 to 214, the latter
being a new record. The relative increases in
the case of the various subgroups differ considerably, the index number for the mineral
products subgroup showing an increase of only
2.1 per cent, while that for the animal products
subgroup shows an increase of 8.4 per cent, and
those for the farm products and forest products
subgroups show increases, respectively, of 4.1
and 6.6 per cent. The index number for the
mineral products subgroup now stands at 177,
the highest figure since January, 1919. Increases in price occurred in the case of copper,
zinc, and lead, coke, semibituminous coal (Cincinnati quotation), and various sizes of anthracite, while pig tin decreased in price. The index

number for the farm products subgroup now
stands at the record figure of 261. Decreases
in the prices of winter wheat and hay were more
than offset by increases in the prices of spring
wheat, corn, oats, barley and rye, cotton, and
flax. The increase in the index number for the
subgroup of forest products to the record figure
of 166 is due to increases in the prices of
Douglas fir, plain and quartered white oak,
yellow-pine flooring, and hemlock. None of
the commodities included in this subgroup
decreased in price, nor did any of the commodities included in the subgroup of animal
products. The increase in the index number for the latter group to the record figure
of 233 is due to considerable increases in the
prices of steers, hogs, poultry, and hides, and
I lesser increases in the prices of sheep, silk, and
I wool.

Movement of wholesale prices in the United States since January, 1914, by principal classes of commodities.
(Average for 1913=100.)
All commodities

H a w materials.
Year arid month.

1914.
Average for year..
January
February
March
April
May
June
July
August
September
October
November
December
Average for year.
January
February
March
April
May
June
July
August
September
October
November
December
Average for year..
January
February
March
April
May
June
July
August
September
October
November
"December




1915

Producers' Consumers' (Bureau
l"\ FLAI DOT V
VI "• O "V w \
goods.
goods.
Total raw
Statistics
materials.
index
number).

Farm
products.

Animal
products.

Forest
products.

Mineral
products.

103
102
102
103
103
10t>
106
102
109
104
100
98
98

100
101
102
102
103
102
101
106
110
110
105
103
99

97
99
99
99
99
98
98
97
97
96
96
96
94

93
98
98
98
'96
92
82
91
91
92
90
89
91

99
100
100
100
100
100
99
99
102
101
98
97
96

96
96
95
95
93
93
100
101
95
92
93

101
102
100
99
98
98
101
103
106
108
103
103
102

110
108
116
115
120
119
107
111
110
101
105
104
110

100
97
95
96
95
99
102
104
104
104
105
101
97

93
94
94
94
94
93
93
93
92
92
92
92
93

96
90
92
92
91
94
96
97
97
97
98
100
104

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

100
95
96
96
97
97
98
99
99
99
102
109
116

102
102
104
101
101
102
100
101
100
99
102
105
107

11
0

128
116
115
110
114
115
111
114
130
138
152
166
155

119
102
106
114
115
118
122
122
123
125
122
127
131

96
95
96
96
97
98
97
96
95
95
96
98
99

127
112
114
117
118
117
117
115
115
121
137
157
180

119
107
109
111
112
113
113
113
118
122
129
139
144

141
120
125
132
138
142
142
140
141
143
149
156

123
111
111
112
114
114
117
119
124
129
135
143
142

124
111
112

1916.

95
95

•164

100
100
99
99
98
98
99
100
103
104
99
98
98

99
101
100
100
101
100
101
101
99
102
103
106

•115

117
119
119
120
124
128
134
144

17
4

862

SEPTEMBER 1,1919.

FEDERAL RESERVE BULLETIN.

Movement of wholesale prices in the United States since January, 1914, by principal classes of commodities—Gontd.
Raw materials.
Year and month.

Average for year
January
February
March
April
May
June
July
August
September
October
November
December
Average for year
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July

Farm
products.

Animal
products.

Forest j Mineral
products, i products,

Total raw
materials.

All commodities
(Bureau
Producers' Consumers' of Labor
goods.
goods.
Statistics
index
number).

1917.
211
163
159
171
200
227
234
216
228
239
235

169
136
145
156
163
168
166
168
181
195
190
187
178

118
99
100
103
105
108
120
126
128
129
129
129
130

184
181
191
197
194
202
212
205
181
171
153
160
162

175
148
153
161
171
182
187
187
185
182
179
183
180

186
170
168
171
183
187
196
210
209
201
184
181
181

173
147
154
155
171
178
178
175
175
175
178
182 !
185 |

176
151
156
161
173
182
185
187
186
183
181
183
183

241
242
243
249
243
227
234
240
246
256
240
234
237

201
176
177
179
194
202
203
210
216
220
211
210
210

140
130
131
135
137
138
138
140 |
143
143
143
150
150

178
172
172
173
171
174
173
182
182
183
184
185
185

195
184
185
188
191
190
192
198
202
206
199
199
200

196
181
184
187
190
192
195
196
198
201
204
203
199

208
193
194
190
195
195
199
203
208
213
214
219
221

196
185
187
187
190
191
193
198
203
207
205
206
207

234
224
237
246
255
250
261

208
210
217
224
225
217

147
348
149
145
146
156
166

179
175
173
170
170
173
177

196
194
199
202
205
203
214

196
192
190
186
189
196
205

216
205
210
214
219
217
230

203
197
201
203
207
207
219;

1918.

1919.

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 Januasy,
1919, to July, 1919, compared with Wke figures

for July of previous year; also for July, 1914,
the month immediately preceding the outbreak of the Great War. The actual average
monthly prices shown in the table have been
abstracted from the records of the United
States Bureau of Labor Statistics.

^Average prieefor 1913=100.]
Corn, No. 3,
Chicago.

Wheat,
Cotton middling, northern No. 1,
spring,
New Orleans.
Minneapolis.

Wheat, >.o. 2,
red winter,
Chicago.

Cattle, steers,
good to choice,
Chicago.

'Year and month.
Average
prise per
pound.

July, 1914
July, W15
July,19l6
July, 1917
July, 1918
January, 1919
February, 1919...
March, 1919
April, 1919
May,1919
June, 1919
July, 1919




----- *>. 7044
!

7806
8041
0393
5G00
3750
.2703
.4588
. 5955
.7613
. 7563
.9075

114
127
131
331 ,
258
223
207
237
259
286
285
310

.1303
.2525
.2945
.2850
.2681
.2670
.2947
. 3185
. 3377

Average
price per
bushel.

$0.8971
1.3901
1.1703
2.5815
2.1700
2.2225
2.2350
2.3275
2.5890
2.59?5
2.4575
2.6800

Average
price per
bushol.

S9.2188
9.2125
9..9850
12..5600
17.0250
18.4125
18.4688
18.5750
18.3250
17.7438
15.4000
16.8688

Hides, packers'
heavy native
steers, Chicago

SEPTEMBER 1, 1919.

Average monthly wholesale prices of
Ho s, light,
C icago.
Year and month.

Average
price per
pound.

Relative
price.

Average
price per
M feet.

«8.7563
7.5750
9.7650
15.3750
18.0000
17.4125
17.4688
18.8550
20.3813
20.7000
20.7800
22.3875

104
90
116
182
213
206
207
223
241
245
246
265

$0.4444
.5571
.6857
1.2143
1.4365
1.1200
1.0909
1.2000
1.0909
1.0727
1.1818
1.2364

94
118
146
258
305
255
232
255
232
228
251
263

$24.5000

Average
price per
long ton.

July, 1914
July, 1915
July, 1916
Jury, 1917
July, 1918
January, 1919..
February, 1919
March, 1919....
April, 1919
May, 1919
June, 1919
July, 1919

Coke, Connellsvillo.

S3. 0000
2.8500
3.0000
5.1400
4.6320
4.6320
4.0320
4.9000
4.9000
4.9000
5.1400
5.1400

100 SI. 8750
95
1.7500
100
2.6250
171
12.2500
154
6.0000
154
5.7813
154
5.2188
163
4.4688
163 ! 3.9000
163 i 3. 8437
171
4.0000
171
4.0950

77
72
108
502
246
237
214
183
160
158
164
168

Leather, sole,
hemlock No. 1.

Yellow pine,
flooring,
New York.
Average
price per
Mfeet.

Relative
price.

101 $42,0000
38.5000
38.0000
57.0000
116
60.0000
142
63.0000
149
149
64.0000 '
149
64, 0000
149
64.0000
149
65.0000
149
68.0000
169
73.0000

23.7500
28.0000
34.5000
36.0000
36.0000
36.0000
36.0000
36.0000
36.0000
41.0000

Copper, ingot,
elcctrolitic,
New York.

Rela- Average Rela- Averago
tive price per tive price per
price. short ton. price. pound.

Cotton yarns,
northern cones,
10/1.

July, 1914
July, 1915
July, 1916
July, 1917
July, 1918
January, 1919
February, 1919
March, 1919
April, 1919
M a y , 1919
June, 1919
July, 1919

commodities—Continued.

Hemlock,
New York.

Relative
price.

Coal, Pocahontas, Norfolk.

Year and month.

Wool, Ohio, 4 - |
grades, scoured.

Average
price per
100
pounds.

July, 1914
July, 1915
July, 1916
July, 1917
July, 1918
January, 1919..
Febmary, 1919
March, 1919....
April, 1919
May, 1919
June, 1919
July, 1919

Year and month.

863

FEDERAL RESERVE BULLETIN.

94
86
85
128
135
141
144
144
144
146
152
164

desilverized,
N e w York.

Rela- Average
tive price per
price. pound.

$0.1340
.1988
.2650
.3175
.2550
.2038
.1731
. 1509
.1530
.1600
. 1756
. 2150
.

Relative
price.

85
126
168
202
162
130
110
96
97
102
112
137

. 0575
.0685
.1138
.0802
. 0558
. 0508
. 0524
. 0507
. 0508
. 0530
. 0561

Steel, billets,
Bessemer,
Pittsburgh.

Coal, anthracite, Coal, bituminous,
stove, New York,
run of mine,
tidewater.
Cincinnati.
Average Rela- Average Relaprice per tive price per tive
long ton. price. short ton. price.
S4.9726
4.9571
5.4495
5.8859
6.5968
7.9500
7.9500
7.9044
7.9045
7.9857
8.1174
8.1881

98
98
108
116
130
157
157
156
156
158
160
162

Petroleum, crude,
Pennsylvania,
at wells.

§2.2000
2.2000
2.2000
5.0000
4.1000
4.1000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000

Pig iron, basic.

Rela- Average
tive price per
price. barrel.

Relative
price.

Average
price per
long ton.

$1.7500
1.3500
2.6000
3.1000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000

71
55
106
127
163
163
163
163
163
163
163
163

S13.0000
12.7400
18.0009
52.5000
32.0000
30.0000
30.0000
28.9375
25.7500.
25.7500
25.7500
25.7500

131
156
259
182
127
115
119
115
115
120
128

Steel, plates,
tank, Pittsburgh.

' Steel, rails, open
i hearth, PittsS
burgh.

!
!
i
i
1
j
!
i
!
i
!

S0.2150
.1600
.2525
.4500
.6412
.5000
.4104
.4132
.4300
. 4826
.5608
.5912

97
72
114
203
290
L-26
188
187
194
218
253

SO. 3050
.3050
.3700
.5400
.4900
. 4900
.4900
.4900
.4900
. 4900
.5100
.5300

108
108
131
191
174
174
174
174
171
174
181
188

$19.0000
21.3800
41.0000 !
100.0000 !
47.5000 !
43.5000 j
43.5000 I
42.2500 i
38.5000 i
38.5000
38.5000 ! !
38.5000
I

74 $0.0113
.0120
83
.0345
159
.0900
388
.0325
184
.0300
169
.0300
169
.0291
164
149 i .0265
.0265
149
149 I .0265
.0265
149

j

76 $30.0000
30.0000
81
233 , 35.0000
608 I 40.0000
220 57.0000
203 57.0000
57.0000
203
197 54.5000
47.0000
179
47.0000
179
47.0000
179
47.0000
179

Flour, wheat
CorTee, Rio No. 7.

Year and month.

87
122
357
218
204
204
197
175
175
175
175

Worsted yarns,
2 -32's crossbred.

1814-1917, 1919; I Hams, smoked,
Chicago.
standard war,
1913, Minneapolis.

100
100
117
133
190
190
190
182
157
157
157
157

Illuminating oil,
150° fire test,
New York.

SO.6500
.8500
1.1000
1.6000
2.1500
1.7500
1.7000
1.5000
1.5000
1.5000
1.6000
1.6000

SO.1350
.1315
.1413
.1638
.2400
.2450
.2450
.2450
.2450
. 2430
.2025
.2075

104 SO. 0882
102
.0738
109
.0900
126
.0950
185 ! .0855
189 ! .1547
. 1514
189
. 1602
189
.1695
189
.1931
188
.2114
156
.2303
160

79
66
81
85
77
139
139
144
152
173
190
207

84.5938
7.0313
6.1000
12.7500
10.7020
10.2750
10.5500
11.2125
12.2150
12.4188
12.0125
12.1550

100
153
133
278
233
224
230
245
266
271
262
265

$0.1769
.1610
.1900
.2395
.3025
.3494
.3338
.3381
.3595
.3769
.3806
.3835

106
97
114
144
182
210
201
203
216
227
229
230

1.1200
.1200
.1200
.1200
. 1710
.1750
.1750
.1810
.1550
.1850
.2000
. 2050

97
97
97
97
139
142
142
147
150
150
162
166

84
119
142
206
277
225
219
193
193
193
206
206

Sugar, granulated,
New York.

Average Rela- Averago | Rela- Average Rela- Average Rela- Average Rela- ! Average
prioe per tive price per j tive price per tive price per tive price per tive j price per
pound. price. pound, price. barrel. price. pound. price. gallon. price. I pound.




Relative
price.

Average Rela- Average Rela- Average Rela- Average Rela- Average Rela- Average Relapriceper tive price per tive price per tive price per tive price per tive price per tive
pound. ! price. pound. price. pound, j price. pound. price. pound. price. pound. price.

Beef, carcass,
good native
steers, Chicago.

July, 1914
July, 1915
July, 1916
July, 1917
July, 1918
January, 1919..
February, 1919.
March, 1919....
April, 1919
May, 3919
June, 1919
July, 1919

100
100
100
227
186
186
182
182
182
1.82
182
182

$0.0120
.0582
. 0750
.0745
.0735
.0882
.0882
.0882
.0882
.0882
.0882
.0882

Relative
price.
98
136
176
174
172
207
207
207
207
207
207
207

864

FEDERAL. BESERVE BULLETIN.

SEPTEMBER 1,1919.

DISCOUNT AND INTEREST RATES.
In the following tables are presented actual
discount and interest rates prevailing in the
various cities in which the several Federal
Reserve Banks and their branches are located
during the period ending July 15 and August
3 5, 1919. Quotations are given for prime commercial paper, both customers' and purchased
in the open market, interbank loans, bankers'
acceptances, and paper secured by prime stock
exchange or other current collateral. Separate
rates are quoted for paper of longer or shorter
maturities in the first-named and last-named
classes. In addition, quotations are given for
commodity paper secured by warehouse receipts and for cattle loans, as reported from
centers in which such paper is current.
Quotations are also given of rates charged on
ordinary loans to customers secured by Liberty
bonds and certificates of indebtedness, Assistance to customers to enable them to purchase
such Government obligations has generally
been extended at lower rates, either at the rate
borne by such obligations or at a rate slightly
higher. The tables also show quotations in
New York for demand paper secured by prime
bankers' acceptances, a type of paper which




made its appearance in the New York market
some months ago. Quotations for new types
of paper will be added from time to time as
deemed of interest.
No marked changes in rates are noted during
the period under review. Low rates for commercial paper, both customers' and purchased
in the open market, show an increase in a number of centers over those prevailing during the
period ending July 15, as do likewise the high
rates for both classes of bankers' acceptances.
The range within which fluctuations in the
New York rate for demand paper secured by
prime stock exchange collateral occurred
widened during the period ending August 15,
upper and lower limits being, respectively, 18
and 4 per cent. No marked changes are
exhibited by the rates for other types of paper.
Comparison with rates prevailing during the
period ending August 15,1918, reveals decreases
in the majority of centers in the rates for commercial paper purchased in the open market, as
well as less marked decreases in the rates for
customers' commercial paper and for time collateral loans, also in the low rates for demand
collateral loans.

Discount and interest rates prevailing in various centers.

S

DURING 30-DAY P E R I O D ENDING JULY 15,1919.
Prime commercial paper.
Bankers' acceptances,
60 to 90 days.
District.

i Indorsed.

No. 1...
No. 2...
No. 3 . . .
No. 4...
No. 5...
No. 6...
No. 7...
No. 8...
No. 9...
No. 10..
No. 11..
No. 12..




Collateral loans—stock exchange
or other current.

City.

Boston
New York i . . .
Buffalo
Philadelphia..
Cleveland
Pittsburgh
Cincinnati
Richmond
Baltimore
Atlanta
Birmingham..
Jacksonville...
Now Orleans..
Chicag
icago.
Detroit
St.stroit..
Louis
Louisville
Memphis
Little Rock...
Minneapolis...
Kansas City...
Omaha
Denver
Dallas
El Paso
San Francisco.
Portland
Seattle...
Spokane.
Salt Lake City.

54 5 54 I 4J 4ft 4ft
6 44 5 5 4i- 41

I 3 to 6
3 months. ! months.

Unindorsed.

IT.
6
6
6
6
6
6
6
6
6

4ft 41 4W •
5 41 4£-4£

6 54 6
8 51 6
7 51 6
5
5J 5
6 51 5
54 5 5
54 5
6 54 6

I»

L. C.
54 5?
5J 545 6
51 54
5 6
54 6
5 6
54 6
5 m

7
6
6
6
6
6
6
Vi
6
8
7
8
6

Secured by
Secured by Liberty
warehouse bonds and
! receipts, certificates
of indebtetc.
edness.
1

Cattle
loans.

6 7
6 6
54 54-6
54 6
5 54
5 6
5 6
6 64
54 6
5 6
5 6
54 6
6 6

6 6
6 6
54 6
5 6
5 6
54 6
6 6
6 6 6
5 4;
6 5 54-6
6 8
4-}
7 6
44
5 6
8 6
4* 4-}
6 6
8 6
6 6
,8 6
7 7
6 7
1
Rates for demand paper secured by prime bankers' acceptances, high 6, low 44, customary 44-5-

f P

J* f

00

Discount and interest rates prevailing in various centers—Continued.

OS

DURING 30-DAY P E R I O D ENDING AUG. 15,1919.

Bankers' acceptances,
60 to 90 days.
District.

City.
Indorsed.
II. L.

No. 1...
No. 2...

Boston
|
New York l...
Buffalo
No. 3 . . . Philadelphia..
No. 4... Cleveland
Pittsburgh
Cincinnati
Richmond
No. 5..
Baltimore
Atlanta
No. 6..
Birmingham..
Jacksonville...
New Orleans..
No. 7... Chicago
Detroit
No. 8... St. Louis
Louisville
Memphis
Little R o c k . . .
No. 9... Minneapolis...
No. 10.. Kansas City...
Omaha
Denver
No. 11.. Dallas
El Paso
No. 12.. San Francisco.
Portland
Seattle
Spokane
Salt Lake City




•' Collateral loans—stock exchange
or other current.

C.

Unindorsed. | Demand.
II. L.

4ft 4ft 4ft
5 4ft 4MA 5 4*4
6 54

5

6

4W
6 4£ 4-J
44 4 & 4

?8*
I!!1
1

6
6

C.

5£ 6
5 6

,6
18
6
6
6
64
6
6

8
7
6
6
6
6
6
6
7
6
8
7
8
6
8
6 41 4|-6 6
6
"4ft "4J" "4ft" 8
8
8

J*

54
4
5
4
5
5
6
5

6
6
6
54
6
6
6
6

6 6
51 6
5?, 6
54 5J-6
6 6
5 54
5 6
5 6
6 7
51 6
5 6
54 6
5i6
6" 6
6 8
5 51-6
6 6
5 6
5-1 51
6 7

3 months.

3 to 6
months.

II. L. C.

H. L,. C.
6 54 5J
6 5 51-6
6 5 6
6 54
6 5
6 6
6 6 6
6 6 6
6 5h 6
7 51 6
8 6 6
7 6 6
6 6 6
6 54 6
51-6
6
6
6 5 6
6 6 6
8 6 7
H 6 6
8 5 6
8 51 6
6 6 6
8 8 6
6 51 8
7 6 6
8 51 6
8 6 7
8 6 8
7

Cattle
v^aum,
loans,

6 5^ 5^6
6 5 6
6 54 5-J
6
6
6
66
8
7
6
6
6
6
6
6

n

6
Q
8
8
6
8
6
7
8
8
8

6
5
5
5J
54
6"
6
51

6
6
6
6
6
6
6
6
62

5I 51

5 6
5 6
6 61
6
0 6
6
6
8 8
54 6
5 6
51 7
6 7
6 7

f
3
?

Rates for demand paper secured by prime bankers' acceptances, high 6, low 44, eustomarj7-, 4£-6.

?

//. L. C.

Secured by
Secured by
liberty
warehouse i bonds ana
warenousi
j receipts, certificates
of indebtetc.
edness.

H. L. C.

6
6
6
6
6
6
7
8
64
6 54 54-6 6

?!

6
6

8
7
8
10

6
6
6
6

7-8
6
6
8

6
6
54
5
54
54
6
6
6
54

6
6
6
6
6
6
6
7
6
54-6

5 6
54 6

H. L. C.

SEPTEMBER 1,1919.

867

FEDEKAL RESEBVE BULLETIN.

PHYSICAL VOLUME OF TRADE.
In continuation of tables in the July FEDthere are presented
in the following tables certain data relative to
the physical volume of trade. The January
ERAL RESERVE BULLETIN

issue contains a description of the methods employed in the compilation of the data and the
construction of the accompanying index numbers. Additional material will be presented
from time to time as reliable figures are
obtained.

Live-stock movements.
[Bureau of Markets.]
Receipts.

Shipments.

Cattle and
calves, 60
markets.

July

Sheep, 60 Horses and
markets. mules, 44
markets.

Total, all

Head.
2,110,835

1918.

Hogs, 60
markets.
Head.
3,113,281

Head.
1,585,735

Head.
51,393

Cattle and ! Hogs, 54
calves, 54 ! markets.
markets. !

Head.
6,861,244

Sheep, 54
markets.

Horses and
mules, 44
markets.

Head.
949,301

Head.
734,539

Head.
45,549

Head.
2,395,189

1,546,875
1,288,134
1,272,654
1,107,411
1,181,745
1,373,824
963,662

608,016
418,827
481,907
575,136
614,375
828,046
997,338

106,459
76,512
64,332
49,634
34,658
36,889
43,738

3,022,518
2,311,799
2,382,786
2,430,780
2,613,764
2,048,396
2,711,581

Head. \
665,800 I

Total, all
kinds.

i

1919.
January
February
March.
April
May
June
July

2,111,704
1,440,329
1,501,597
1,751,943
1,822,410
1,580,256
2,007,266

5,861,685
4,404,751
3,632,874
3,668,210
3,863,735
3,812,466
3,998,836

1,567,613 I
1,131,805 !
1,216,988 !
1,388,732
1,425,018
1,685,236
2,177,940

110,411
82,526
68,938
50,770
33,977
40,067
48,691

9,651,413
7,059,411
6,420,397
6,859,655
7,145,190
7; 118,025
7,232,735

761,168
528,326
563,893
698,599
788,086
709,637
706,843

;
i
i
i
I
j
j

Receipts and shipments of live slock at 15 ivestern 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=100.1
Cattle and calves.
Head,

July
January
February
March
April
May
June
July

j Relative.

1918.
1,697,1*93 j
1919.
1,656,046
1,096,118
1,094,614
1,255,379
1,262,065
1,122,782
1,527,881

j
!
•
i
!
I
!

Sheep.

Hogs.
Head.

Relative. 1

Head.

1,141,488

168

2,530,414 |

115

164
116
109
125
125
111
152

4,603,335 !
3,451,894!
2,842,663 '
2,823,484 ;
3,049,223 :
3,061,838 i
2,411,539 I

209 :I 1,079,377
"""
774,881
168
847,842
129
970,070
128
139
934,613
139 1,116,003
110 1,558,767

Horses and mules.

Relative.

Head.

\ Relative.

Total, all kinds.
Head.

| Relative.

84

36,782

80

5,405,877

117

114

56,631
48,786
41,805
31,509
21,345
28,418
37,866

123
114
91
68
46
62
82

7,395,419
5,371,679
4,826,924
5,080,442
5,267,246
5,329,041
5,536,053

160
125
105
110
114
115
120

SHIPMENTS.

July.
January
February
March
April
May
June
July




1918.
1919.

495,211
j
;
i
I
i
!
j

122

662,728

137

483,151

96

31,379

76

1,672,469

116

589,362
404,296
423,819
506,835
530,153
503,354
515,071

145
107
104
125
130
124
127

988,035
881,507
925,802
748,437
787,009
1,005,505
691,283

204
195
191
154
162
208
143

357,386
240,815
289,742
319,625
290,803
465,776
694,492

71
51
58
63
58
93
138

56,282
47,829
41,837
29,974
18,865
25,322
32,836

137
125
102
73
46
62
80

1,991,065
1,574,447
1,681,200
1,604,871
1,626,830
1,999,957
1,934,132

139
118
117
112
113
139
135

868

FEDERAL RESERVE BULLETIN.

SEPTEMBER 1,

Exports of certain meat products.
[Department of Commerce.]
[Monthly average, 1911-1913=100.1
Beef, p i c k l e d
d
t'h
d

canned.

; Hams and shoul- j
I ders, cured. |
i
|

Bacon.

; Pickled pork.

Lard.

! RelaFounds. I tivo. Pounds.
1018.
13,528,800 : 2,042

July.
1919.
January...
February..
March
April
May
June
July

32,056,018 j 2,584

2,651,413 !

09 ! 119,893,655 I 7i6

55,368,812

226 i 101,000,122 603
735
146 | 114.842,525
,
140 15i;086397 902
15i;086,397
100 141,811,255 847
68,957,165 412
111
178 172,441,100 1,030
117,679,193 703
125

54,840,433
49,283,053
85, 712,426
109,569,968
49, 707,874
96,854,552
47,452.834

371 68,600,261 i 156 I 4,676,888

106

i
12,636,060 > 1,907
8,151,723 i 1,318
8,997,973 i 1,358
2,890.759 :! 437
5,669|232
856
0,574,760
992
5,392,104
814

17,436,495
13,729,993
14,651,276
21,639,915
14,872,987
15,212,094
8,680,524

! 1.406 6,030,937
| l\ 186 3,635,120
j 1.181 3, 749,394
| 1^744 2,673,681
1,199 2,957,163
l',226 4,768,308
'700 3,320,564

367
354
574
734
333.
649
320

37,850,338
68,972,779
97,239,435
86,555,951
55,807,234
114,328,804
68,163,734

2,273,683
168 1,956,362
221 2,141,508
197 2,494,454
127 2,095,072
260 3,131,639
155 2,392,515

51
47
48
56
47
71
54

Receipts of grain and flour at 17 interior centers.
[Chicago, Cleveland, Detroit, Duluth. Indianapolis, Kansas City, Little Rock, Louisville, Memphis, Milwaukee, Minneapolis, Omaha, Pcoria,
bt. Louis, Spokane, Toledo, Wichita; receipts of flour not available for Cleveland, Detroit, Indianapolis, Louisville, Omaha, Spokane. Toledo'.
and Wichita.]
[Compiled from reports of trade organizations at these cities.]
[Monthly average, 1911-1913== 100.]
Wheat.

Corn.

RelaBushels. tive. Bushels.
1918.
July
1919.

January...
February..
March
April
May
June

JulV

Rye.

Oats.
Bushels.

164 22,992,582

102 27,467,790

44,169,003

*

Bushels.

136!

Barlov.

48,247

Total grain.

Total grain and
flour.*

Flour.
»

Bushels.

Bushels.

Barrels.

44 1,038,933

14 96,151,155

1231,695,501

87 103,780,932

120

507 8,943,782
233 6,556,594
44811,723,691
497 9,034.405
387 8,4l6i141
252 12,878,517
281 8,627,090

125 90,888,523
98 52,007,953
163 60,955,936
134 64,700,602
117 53,830,374
180 09,470,283
120 99,126,019

1171L, 396,888
L,
72 L 032,368
•,485,320
781
831:1,990,349
J,
69 2. 447,200
891,L, 894,599
L,
127 1 572,420

7197,174,519!
56 50,653,609|
70 67,639,8761
102 73,663,173i
125 64,842,7741
97 77,995,9791
80 106,201,909;

112
70
78
85
75
90
122

Bushels.

I
24,652,641
14,049,055
13,768,4961
11,208,3051
11,625,0571
8.125,034!
149,612.115

91128,731, 387
56 i 13,034,852|
51113,431, 797!
42 18,301, 721 i
43 10,301, 200 j
30 21,098, 146
18212,548, 219

128 22,945,659
62 ' 5 , 9 6 1 , 4 2 3
" 15!
7,076,822
60 17!
10,063,678
82 20:
I 19,206,465
94 14,575,968
24!
5,233,109
56 25]

5,615,054
2,406,029
4,955,130
5,498,493
4,280,911
2,791,618
3,105,486

114
85
85
99
95
122
125

' Flour reduced to its equivalent in wheat on basis of 4} bushels to barrel.

Shipments of grain and flour at 14 interior centers.
troit,
[Chicago, Cleveland, Detroit. Duluth, Kansas City, Little Rock, Louisville, Milwaukee, Minneapolis, Omaha, Peoria, St. Louis, Toledo, Wichita,
shipments of flour not available for Cleveland, Detroit, Louisville, Omaha, Toledo, and Wichita.]
Wheat.

Corn.

Oats.




j Total grain, j

Flour.

Total grain and
flour.i

Bushels. Rela- Bushels. Rela- Bushels. Rela- Barrels. Rela- Bushels.
«g
tive.
tive.
tive.

RelaRelaBushels. tive. Bushe.s. tive. Bushels. ^ • i
1918.
July
1919.
January..
February.
March....
April
May
June
July

Barley.

Rye.

|
9,692,841

13,743,302
9,934,531
8,876,844
14,857,872
30,764,328
31,901,327
8,751,872
10,963,422

64
62
90
199
207
53
71

6818,056,944

119

13.
1,488,569
8,649,063
7,544,393
.5,708,842
1,
7,784,931
8,029,052
8,102,275

95 19.
.9,769,237
.3,603,691
6513,1
.6,183,222
53 16.
11110,019,086
)17,009,017
L 15,638,317

130
96
107
105
112
103
103

1

5715,628,503

37

903,935

23 42,661,979

86 3,025,183

794,028
112 4,718,631
404,365
61 6,006,178
3,720,930
520 6,049,703
8,143,580 1,150 0,032,763
i n«Q
7,525,794 LOGS! 0,677,508
2,740,593
3871 9,588,195
1,546,100
218 9,133,004

12148,704,996
165 37,540,141
155 48,350,120
170 77,268,599
70,959,177
24fi44,748,029i
234 45,373,304

99 2,
1,796,463

264,957

1,932,258
"1,039,020
156 3, 532,772
;,
14:4: 4!, 320,146
:
913:1,130,820
1,589,176
92 2\

Flour reduced to its equivalent in wheat on basis of U bushels to barn-].

90 50,422,610

87

8 3 <>1.,289,080

95
77
96.
144
140
91

.,235,302
61 40,

1,031,710
90 92;
104 )3,166,073
128 H), 399,834
92 58,830,740
76 "",024,596
57

869

FEDERAL RESERVE BULLETIN.

SEPTEMBER 1, 1910.

Receipts of grain and flour at nine seaboard comers.
[Boston, New York, Philadelphia, Baltimore, Now Orleans, San Francisco, Portland (Orcg.), Seattle, Tacoma; receipts of flour not available
Seattle and Tacoina.]
[Compiled from reports of trade organizations at those cities.]
[Monthly average, 1911-1913=100.]
Corn.

Wheat.

Barley.

Rye.

Oats.

] Total grain.

i Bushels. Rela- B u s h e l : , ^ - Bushels. Rela- Bushels. Rela- Bushels.
tive.
tive.
tive.
1918.
July.,...
1919.
January...
February..
March
April
May
Juno
July

Flour.

Barrels, j

| Bushels.

I
i

3,515,673
9,768,801
7,805,811
13,780,851
12,581,074
14,157,852
10,280,070
5,796,227

32 7,122,372

28 1,128,285
78
66
109
100
112
81

1,411,366
783,2B3|
636,127J
1,089)425!
1,588,5711
1,051,1771
901,8421

•50

80,551

9,275,187
4,713,794
3,254.914
4,604;521
5,642,176
0,249,044
3010,
25 6,959.186

195
106
69
97
119
216
146

566,191
299)664
880,424
069,529
061,048
670,05*
479,995

802,582!

398
1,734
2,731
3,568
4,970
2,583
1,042

4S| 12,655, 463;

12118,355,640!

105:22, 759,871!
64'l6, 597,986|
138:23, 847,270 j
11225, 197,921 i
215132, 011.059!
396:31, fi95) 571!
58624 861,058;

l,738,326i
995,454i
2,285,954i
1,853,372i
3,561,412:
6,564,620|
9,723,852;

5(5 1,266,706
100 2,026,246
78 1,302,0(53
105 1,(544, (W>
111 2.549,370
141 2)535,547
140 2,340,158
109il,514,135|

194131, 877,978;
134|22, 457,261!
157131, 248,31
244136, 6 7 0 , 0 8 ,
243143, 421,021 i
224J42, 326,282j
145131, 764,666

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

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

Wheat.
1918.

July.

3,384,466 ]

1919.

January
February
March..*:
April
May
Juno.....
July

j J 5,305,491
! 12, (535,613
'[ 12,732)472
j 7,448,992
\ 7,913,102
! 4,180,160
! 5,557,644

Oats.

730,504
645,317
417,520
34(5,543
4(54,503
448,020
214,079
265,196

i
j
!
i

4,136,167
5,495,937 j
« 1 in i r.f\
6,110,15!
5,650,120 I
5,335,971 I
4,047,059 i
5,475,856 j
3,760,063 |

Rye.

Barley.

Total grain.

28,633

1,059,197

9,344,987

1,972,(590
i TO:
c?a
1,735,876
1,920.348
3,434) 873
1,090,860
514,252
867,491

3,047,346
3,930,4(>5
4,403.6(55
5,420) 013
4,263.510
0,783)798
5,528,176

26,526,787
24,829,633
25,Go3,148
22.104.352
18) 3G2) (ill
17, IBS, 145

15,978,570

NOTE.—Figures for San Francisco include- also stocks at Port Costa and Stockton.

California shipments of citrus and deciduous fruits.
Lemons.

Oranges.

Total citrus fruits.

Carloads.
1018.

Julv
-January
February
March
April
Mav
June
July




1919.

.

Relative.

Carloads.

Relative.

Carloads.

Relative.

914

37

561

139

3,475

52

3.120
3)180
5,113
5,450
5,888
3, (518
2,568

128
139
200
223
241
149
105

531
658
8K7
1,038
1,501
1.520
1)038

131
174
221
25(5
371
375
256

3, (551
3,838
6,0 i 0
6,488
7,389
5,1(58
3,606

128
144
211
228
259
181
127

Total
deciduous
fruits.
Carioads.

3,758
109
198
67
36
276
896

4,199

870

FEDERAL RESERVE BULLETIN.

SEPTEMBER 1,1910.

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

Receipts.

Raw stocks
at close of
months.

Meltings.

1918.

Receipts.

1919,

288,4-19

July

320,908

135,061

243,80u
389,815

1919.
January
February

Raw stocks
at close of
month.

Meltings

197,145
337,120

66,189
122,757

March
April
May
June
July

,

355,710
450,938
471,205
429,617
394)557

361,010
387,548
446,685
493,293
435,247

106,889
185,315
201,301
151,692
115,341

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

Tons.

July

Raw stocks at
close of month.

Meltings.

Receipts.
Relative.

Tons.

Relative.

186,225

101

221,000

120

55,322

172,054
283,172

1919.
January...
February..

Relative.

Tons.

1918.

93
165

147,000
229,000

134

Receipts.

March
April
May
June
July

36,544
90,716

32

Relative.

Tons.
1919.

232,471
318,492 I
325,736 !
271,875 i
264,782 j

Raw stocks at
close of month.

Meltings.

126
173
177
148
144

Tons.

Relative.

261,000
277,000
307,000
313,000
292,000

142
151
167
171
159

Relative.

Tons.

62,187
107,582
126,318
85,193
57,975

36
62
73
49
34

I
Naval stores.
[Data for Savannah, Jacksonville, and Pensacola.]
[In barrels.]
[Compiled from reports of trade organizations at these cities.]
Spirits of turpentine.

Rosin.

"li

Spirits of turpentine.

Stocks at
I Stocks at
Receipts, close of Receipts.] close of
' month.
| month.
1918.
July
January
February




1919.

23,146

r 117,896

73,220

287,482

7,645
5,583

125,541
121,676

34,835
22,154

285,808
259,974

Rosin.

Stocks at
Stocks at
Receipts. close of Receipts. close of
month.
month.

March
April
May
June
July

1919.

4,226
8,379
26,358
31,904
27,747

97,450
75,546
47,115
33,733
30,656

14,338
19,493
50,435
63,456
77,062

243,813
225,657
229,404
221,612
235,707

871

FEDERAL, RESERVE BULLETIN".

SEPTEMBER 1,1919.

Lumber.
[From reports of manufacturers' associations.]
[M feet.]
Southern pine.

Douglas fir.

Western pine.

No. ProducNo. Produc- ShipNo. Produc- ShipNo. Produc- Shipof
of
of
of
ments. mills. tion.
ments. mills. tion.
ments. mills. tion.
mills. tion.

July

1918.

201 412,002

453,786 42,45

200
195
198
203
205
204
206

,

1919.
January
February..
March
April
May
June
July

325,241
309,494
361,125
397,677
460,238
426,193
466,786

330,137
328,069
378,752
397,005
414,899
360,084
401,939

21,49
24,48
27,48
43,49
45,48
49
48

147,533

112,915

40,354 68,910
46,037 71,103
71,426 81,328
124,341 97,679
140,037 127,730
156,561 139,923
114,853 140,680

123 269,100 266,300
122
122
120
114
111
115
114

225,688
228,031
254,650
264,623
345,984
300,410
268,634

North Carolina pine.

Eastern white pine.

26

227,129
238,035
255,544
266,308
388,803
327,364
301,050

ShipProduc- Shipp
tion.
ments.
i
- ! mills.

ments

86,658

15,172
17,081
17,525
14,020
17,136
26,525
22,470

7,565
6,802
7,118
11,431
24,548
29,741
27,382

31,517

34,815

28,629
25,806
32,110
22,369
14,375
20,733
22,326

»9,412 I 36

23,896
18,034
22,672
21,877
17,39a
28,865
34,191

RECEIPTS AND SHIPMENTS OF LUMBER AT CHICAGO.
[Chicago Board of Trade.]
[Monthly average 1911-1913=100.1

Relative.

July.
January..
February.

1918.
1919.

M feet.

243,598
.
;
.1

Receipts.

Shipments.

Receipts.

115 !

98,145

134,604
97,511

63 j
49 I

Relative.

47,922
45,585

128

M feet.

March
April
May
June
July

Shipments.

Relative.

M feet.

Relative.

1919.
124,040
144,253
162,365
184,862
200,148

46,902
59,055
66,001.
80,762
90,134

61
105
118

Coal and coJce.
[Bituminous coal and coke, U. S. Geological Survey; Anthracite coal, Anthracite Bureau of Information.]
[Monthly average, 1911-1913=100.]
Bituminous coal, es- Anthracite coal, shiptimated monthly ments over 9 roads.
production.
Short tons. Relative.

July
January
February
March
April
May
June
July




1918.

Coke, estimated monthly production.
By-product.

B eehive.

Total.

Short tons. Relative. Short tons. Relative. Short tons. Relative.

55,587,312

2,813,910

41,473,000
31,497,000
33,719,000
32,164,000
37,547,000
36,806,000
42,946,000

2,401,567
1,822,894
1,768,449
1,316,960
1,135,840
1,170,752
1,512,178

108

2,300,673

261

5,114,583

146

I 6,779,482

257

12,772,392

122

1919.

5,224,715
5,711,915
5,619,591
6,052,334

872

SEPTEMBER 1, 1919.

FEDERAL RESERVE BULLETIN.
Movement of crude petroleum in United Stales.
[U. S. Geological Survey.]
[Barrels of 42 gallons each. J

Stocks at end
of month.

Marketed.
Barrels.

July

Relative.

Barrels.

Barrels.

1"

1918.

1919.

|

January
February

158

141,475,000

i
I
I

1919.

30,361,000
29,869,000
28,511,000

156
138

129,558,000
128,910,000

Stock at end
of month.

Marketed.
Relative.

30,412,000
29,310,000 i
29,339,000 '
31,239,000 ;
33,521,000 j

March
April
May
June
July

159
153
153
163
175

Barrels.
131,110,000
132,694,000
132,165,000
135,646,000
141,742,000

I

Total output of oil refineries in United Slates.
[Bureau of Mines.]
Gas and fuel Lubricating
(gallons).
(gallons).

G asoline
(gallons).

Kerosene
(gallons).

28,140,479
29,170,718
28,534,275
28,390,431
29,237,767
27,411,636
26,958,157

315,023,445
332,022,095 i
330,335,046
314,595,959
314,251,318
312,968,640
291,744,465

151,840,252
158,828,826
149,678,850
164,963,798
164,928,640
169,278,105
181,742,713

628,842,033
658,439,682
671,113,871
653,085,050
661,780,441
604,403,494
587,873,987

74,420,996
79,303,107
72,892,879
70,593,079
72,244,633
72,178,602
64,987,842

967.332
25; 232', 876
27, 866;775
27, 775,217
30, 267,227
28, 920;764

710.556
158.501,260
283, 518', 194 ! 164', 181.787
311, 306,755 i 170,290,930
319, 807,838 I 183,453,728
354, 472,377 ! 190,345,026
338, 330,985 178,974,224

589,630,056
553,853,753
574,774,156
588,808,408
652,166,738
632.205,805

68,304,613
62,503,072
67,063,995
70,954,128
76,442,252
64,636,153

11,956,151
14,026,525
13,946,595
14,462,100
15,438,576
15, 222,401
15,749,771

418,440,353
349,928,604
285,446,538
269,772,723
250,328,369
270,072,011
297,326,983

426,255,676
432.807,129
424/281,481
436,628,907
419,409,944
397,804,012
380,117,829

550,704,759
519,012,839
569,016,413
583,407,769
596,116,351
583,777,918
659,001,357

158,316,257
136,460,207
137,496,986
147,425,556
135,196,542
132,923,478
138,853,574

15,380,185
14,820.601
15,106;361
15,184,844
16,372,314
16,775,723

383,212,692
458,449,187
546,062,429
593,616,170
594,035,688
593,896,610

332,393,181
303,062,436
294,677,623
276,356,837
244,635,631
252,542,434

646,411,414
692,816,000
749,087,806
807,895,498
788,740,572
811,790,037

158,370,431
152,297,163
105,495,254
170,122,088
173,754,109
175,384,775

Crude oil run
(barrels).
1918.

June
July
August
September.
October
November.
December..

1919.

January...
February.
March
April
May
June

Slocks at the close of month,
1918.
June 30..
July 3 1 . .
Aug. 31..
Sept. 30.
Oct. 31..
Nov. 30.
Dee. 31..
1919.

Jan. 31..
Feb. 28..
Mar. 31..
Apr. 30..
May 30..
June 30..

Iron and steel.
[Great Lakes iron ore movements, Marine Review; pig iron production, Iron Ago; steel ingot production, American Ircn vri- Sled Institute]
[Monthly average, 1911-1913=100; iron ore, monthly average, May-rov., 1911-1913=100.]

Iron ore shipments
from t h e u p p e r
Lakes.

Pig iron production.

Steel ingot production.

Unfilled orders U . S.
Steel Corporation at
close of month.

Gross tons. Relative. Gross tons. Relative. Gross tons. ' Relative. Gross tons, j Relative.
July.
January
February....
March
April
May
June
July




1918.

10,859,203

176

3,420,988 I

148

3,113,635

130

8,883,801

169

143
136
133
107
91
91
105

3,082,427
2,688.011
2,662,265
2,239,711
1,929,024
2,219,219
2,508,176 j

130
120
110
93
80
92
104

6,684,268
6,010,787
5,430,572
4,800,685
4,282,310 I
4,892,855
5,578,661

127
114

109
132
151

3,302,260 !
2,940,168 ;
3,090,243 !
2,478,218 j
2,108,056 :
2,114,863 i
2; 428,541 i

1919.

1,412,239
6,615,341
7,980,839
9,173,429

91
81
106

SEPTEMBER 1,1919.

873

FEDERAL, RESERVE BULLETIN".

Imports of pig tin,
[Department of Commerce.]
[Monthly average, 1911-1913=100.]
Pounds.

Relative.

1918.

July

Relative.

Pounds.
1919.

15,567,667

171

8,461,444
6,271,977

93
74

1919,
January
February

March
April
May...
June*
July

91
1
5
6
1

8,284,970
604,903
449,270
112,000
113,120

Raw stocks of hides and shins.
[Bureau of Markets.]
[In pieces.]
Cattle

Jan. 31
Feb. 28
Mar.31
Apr.30
May 31
J u n e 30
July 31

1919:

Calfskins.

5,601,700
5,584,730
4,949,791
5,009,961
4,549,004
4,696,332
4,777,844

:

1,253,642
1,244,720
1.026,482
1,606,570
2,273,368
2,285,015
1,741,744

KipsMns.

Goat.

Kid.

492,353 4,238,026
418,339 5,670,216
366,817 7,831,595
367,528 11,976,556
386,244 15,121,868
16,691,195
529,584 15,547,286

Cabretta.

241,554
226,760
181,951
634,482
1,246,075
2,521,016
1,846,506

Sheep and
lamb.

601,686
843,341
559,576
1,520,350
2,044,524 I
1,697,754
2,358,690

6,835,383
7,863,313
8,970,912
8,039,531
8,118,702
5,426,430

Textiles.
[Silk, Department of Commerce; cotton, Bureau of the Census; wool, Bureau of Markets; idle machinery, Jan.-Sept., 1918, inclusive, National Association of Wool Manufacturers.]
[Cotton, monthly average crop years 1912-1914=100; silk, monthly average 1911-1913=100.]

Cotton consumption.

Bales.

July.

1918.

1919.
January
February
March
April
May
June
July
August

Percentage of idle woolen machinery on first of month
to total reported.

Cotton
spindles
active
during
month.

Relative.

Imports of raw silk.
Wool consumption
(pounds).

Spinning spindles.

Looms.

I Wider | Under Sets of Combs.
I than 50- j 50-inch cards.
Woolen. Worsted.
'inchreed! reed
I space, j space.

Pounds.

Relative.

"I"
541,792

120

33,674,896

50,951,651 |

556,721
433,516
433,720
475,753
487,998
474,407
509,793

124
103
96
106
109
105
113

33,856,472
33,282,593
32,642,376
33,213,026
33,556,011
33,943,405
34,184,407

32,573,970 i
23,186,818 !
29,320,063 i
39,159,945 !
45,084,834 I
48,849,892 i
54,973,093 !

40.3
52.3
58.1
48.4
36.6
29.6
22.0
22.1

10.2

10.4
!

5.9

10.5

6.5

13.2

1,997,314

32,6
41.5
42.4
38.9
32.9
26.6
26.0
24.9

32.2
38.7
39.1
26.5
17.1
15.4
9.7
9.4

30.7
39.8
47.8
34.2
22.5
12.8
7.6
6.9

36.5
41.1
41.8
28.4
16.8
15.2
8.9
8.9

37.5
48.6
52.7
36.1
25.8
21.1
13.5
10.9

1,461,827
1,742,812
1,784,412
2,988,838
4,878,646
3,848,354
5,202,407

71
91
87
146
238
188
254

NOTE.—Figures of idle wool machinery for Nov. 1 and Dec. 1 arc not entirely comparable with previous figures, due to the fact that later figures
are for number of machines running on single shift, while earlier figures count as two to a machine running double time. The effect is, however, small.




134551—19

5

874

FEDERAL RESERVE BULLETIN.

SEPTEMBER!, 1919.

Production of wood pulp and paper.
[ Federal Trade Commission.]
[Net tons.]
Book.

Paper
board.

Wrapping.

July.

108,523 66,177

175,550

67,211

30,994

116,154 70,443
103,248 62,616

140,859 50,490
125,208 45,480

27,675
24,600

News
print.

1918.

1919.
January
February

283,270
238,228

Wood
pulp.
1919.
March
April
May
June
July

News
print.

Book.

Paper
board.

278,675
284,984
294,067
277,142
260,685

Fine.

Wood
pulp.

Wrapping.

114,746
116,278
105,819
114,896
113,929

63,699
67,628
76,821
71,938
75,613

136,175 48,069
138,802 48,158
151,651 56,579
152,957 60,656
63,769

Fine.

23,514
22,470
25,010
27,122

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

Small.

Small.

Number.
569,267,335
634,609,533
624,491,239
585,400,449
594,764,527
537,794,904
527,586,098

Number.
76,568,347
79,237,849
60,880,910
60,556,000
63,111,160
63,177,200
59,139,250

Number.
3,273,158,852
3,796,878,822
3,442,446,234
3,403,205,736
3,027,300,975
2,986,775,643
2,788,379,210

Pounds.
33,018,297
36,607,578
40,764,853
37,893,818
39,440,893
32,618,009
25,276,695

Cigarettes.

Cigars.

Chewing
and smoking tobacco.

Large.

Small.

Number.
518,706,482
476,329,947
549,098,351
510,357,494
551,659,749
576,976,572

1919.
January
February
March
April
May
June

Small.
Number.
72,458,974
60,138,630
84,493,873
73,314,273
57,611,547
48,855,070

Chewing
and smoking tobacco.

Number.
3,079,212,253
3,126,274,662
3,845,079,275
2,650,182,7422,767,699,400
3,140,393,217

Pounds.
29,308,616
27,472,269
29,227,678
29,883,710
33,340,102
31,312,150

Output of locomotives and cars.
[Locomotives, United States Railroad Administration; cars, Railway Car Manufacturers' Association.]
Locomotives.

Locomotives.

Output of cars.

Domestic Foreign
comshipped. pleted.

Domestic.

Foreign.

1918.

Number.

Number.

Number.
3,312

Number.
4,410

Number.
7,722

1919.
January
February

282
135

84
164

8,172
6,623

3,635
4,657

11,807
11,280

July..

Domestic Foreign
comshipped. pleted.

Total.

March
April
May
June
July

1919.

,

Output of cars.
Domestic.

Foreign.

Total.

Number. Number. Number. Number. Number.
258
128
5,978
5,795
11,773
197
7,373
36
7,777
15,150
207
8,533
31
4,573
13,106
160
5,307
44
1,785
7,092
121
6,936
73
2,777
9,713
i

Vessels built in United States, including those forforeign nations, and officially numbered by the Bureau of Navigation.
[Monthly average. 1911-1913=100.]
Gross
Number. tonnage. Relative.

August
January
February
March




1918.
177
1919.

132
136
180

295,849

1,224
1,094
1,203
1,233

Gross
Number. tonnage. Relative.
•
April
May
June
July
August

1919.

201
250
272
245

375,605
395,408
422,889
397,628
455,338

1,554
1,636
1,750
1,645
1,884

SEPTEMBER 1,1919.

875

FEDERAL RESERVE BULLETIN.
Tonnage of vessels cleared in the foreign trade.
[Department of Commerce.]
[Monthly average 1911-1913=100.]
Net tonnage.

American. Foreign.

July

1918.
2,093,310

1919.
January...
February..

2,941,171

Net tonnage.

Percentage
Rela- i
of
Rela- Ameri- tive.
tive. can to
total.

Total.

5,034,481

1,896,123 3,062,514 i
1,'262', 487 1,671,070 2,933,557 |

41.6

164

38.1
43.0

129

151
170

American. Foreign.

1919.
March
April
May.
June.
July..

j 1,161,416
1,744,753
2,424,837
2,339,320
2,362,751

1,737,171
2,058,220
2,469,194
2,511,501
2,920,247

Total.

2,898,587
3,802,973
4,894,031
4,850,821
5,282,998

Percentage
Relaof
Rela- Ameri- tive.
can to
tive.
total.

75
98
126
125
136

158
181

40.1
45.9
49.5
48.2
44.7

191
177

Net ton-miles, revenue and nonrevenue.
[United States Railroad Administration.]
1918.

July

38,761,291,000

1919.

January
February

30,383,169,000
25,681,943,000

1919.

March
April
May
June
July

28,952,925,000
28,629,739,000
32,440,708,000
31,953,366,000
34,914,294,000

Commerce of canals at Sault Ste. Marie.
[Monthly average May-November, 1911-1913=100.]
EASTBOUND.
Grain, other than
wheat.
|

July
April
MayJune..
July-

1918.

Bushels.

Relative.

Wheat.

Bushels.

Flour.
RelaI tive.

1,138,342 |

4,176,041
9,370,374
6,694,901
7,100,008

1919.

28
105
75

16,729,000
29,096,116
6,402,051 i
2,391,840 ;

Short tons.

Relative.

Short tons.

119

10,410,857

175

10,746,246

153

1,139,326
6,622,227
8,004,897
8,912,609

1,379,584

151
33
12

Total.

Relative.

Barrels.

I

2,481,626

Iron ore.

112
135
150

1,756,266
7,895,542
8,554,979
9,343,396

113
122
128

910,524
1,031,630
915,420

Relative.

WESTBOUND.
Hard coal.

Soft coal.

Total.

Total freight.

Short tons.

July

1918.
1919.

July




Relative.

Short tons.

Relative.

Short tons.

Kelative.

Short tons.

Relative.

233,764

75

2,121,603

110

2,616,098

105

13,362,344

141

142,864
248,263
227,200
344,462

80
73
111

415,824
2,239,738
2,266,984
2,037,265

117
118
106

616,897
2,670,784
2,664,437
2,572,756

107
107
103

2,373,163
10,566,326
11,219,416
11,916,152

iii
118
125

876

FEDERAL RESERVE BULLETIN.

SEPTEMBER 1,1919.

GOLD SETTLEMENT FUND.

a,te clearings and transfers through
the golcf settlement fund during the three
month period ending August 21, 1919, reached
a total of $19,237,163,000, an increase of 24.4
per cent over the total of $15,463,135,000
reported for the three months immediately
preceding. Transactions through the fund
were heaviest during the week ending June 19
when the Treasury redeemed the outstanding
balances of the January 16 and March 15
issues of tax certificates, also the balance of the
January 16 issue of certificates issued in
anticipation of the Victory loan.
The New York bank snows a loss through
daily settlements of $609,561,000 and a gam
through transfers of $494,204,000. As a result
of these operations the bank shows a net loss
of gold through the fund of $115,357,000 for
the three months, compared with a net loss
of $137,872,000 for the 12 months ending
August 21, 1919. The net movement of
funds away from New York was largely in
favor of the Boston and San Francisco banks,

which report net gains through transfers and
settlements of $43,404,000 and $47,708,000,
respectively.
During the period under review the banks
deposited $235,276,000 (net) of gold in the
fund and transferred $223,121,000 to the
Federal Reserve agents. This resulted in
increasing the balance in the banks' fund from
$568,620,000 on May 22 to $580,775,000 on
August 21, 1919. The agents' fund was
charged with net gold withdrawals of $257,000,000 and credited with net transfers from
the banks' fund of $223,121,000, resulting in a
decrease in the agents' balances in the fund
of $33,879,000. On August 22 the aggregate
balances standing to the credit of the Federal
Reserve Banks and agents amounted to
$1,389,004,000, compared with $1,410,728,00
on May 22, 1919.
Below are given figures showing operations
of the two funds for the period from May
23 to August 22, 1919, inclusive:

Changes in ovmership of gold.
[In thousands of dollars; i. e., 000 omitted.]
Total to May 21,
1919.

Federal Reserve Bank.
Decrease.

2,101

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

615,665

Total....




Increase.

615,665
1

From May 22,1919, to Aug. 21,1919,
inclusive.

Balance to
credit
May 21.
plus not
deposits
of gold
since that
date.

Balance
Aug. 21,
1919.

15,327
143,894
13,271
37,747
175,329
66,852
16,401
48,153
23,360
73,230

22,337
220,378
50,308
58,158
23,656
10,149
120,950
25,011
23,154
41,487
2,912
1-17,725

65,741
105,021
40,053
45,864
27,370
13,556
132,576
28,502
32,832
54,757
4,520
29,983

615,665

580,775

»,775

Decrease.

Total changes from May
20, 1915, to Aug. 21,
1919.

Increase.

115,357
10,255
12,294

Decrease.

43,404

731,022 i

13,270
1. "~~
47,708

Excess of withdrawals over balance May 21, and deposits since that date.

137,906

45,505
""5,"072
131,600
16,985
41,154
186,955
70,343
26,079
61,423
24,968

3,714
3,407
11,626
3,491

137,906

Increase.

731,022

731,022

877

FEDERAL RESERVE BULLETIN.

SEPTEMBER 1, 1919.

Amounts of clearings and transfers through the gold-settlementfiindby Federal Reserve Banks from May 23,1919, to Aug. t2,
1919, both inclusive.
[En thousands of dollars: i. c , 000 omitted.]
Total
clearings.

Settlement o—
f
May 23-29
May 30-June 5,
June 6-12
June 13-19
June 20-26
June 27-July 3
July 5-10
July 11-17
July 18-24
July 25-31

1,879,781
1,010,089
1,145,978
1,433,166
1,359,793
1,324,223
1,025,728
1,411,078
1,400,774
1,213,926

Transfers.

Total
clearings.

Settlement o—
f

Transfers.

1,310,594
1,328,100
1,434,295

160,114
223,925
185,178

16,477,525
21,036,115

2,759,638
2,767,228

37,513,646
45,439,487
24,319,200

191,964 ! Aug. 1-7
180,320 i Aug. 8-14
100,131 'Aug. 15-21
263,741
285,722
Total
361,192 Previously reported for 1919.
119,493
239,556
Total since Jan. 1,1919
176,282
Total for 1918
272,020
Total for 1917

5,526,866
4,812,105
2,835,504

Clearings and transfers.
Total
Total
Total
Total
Total

for 1919 to date
for 1918
for 1917
for 1916
for 1915

:

$43,040,506
50,251,592
27,154,704
5,533,966
1,052,649

Total clearings and transfers from May 20,1915, to Aug. 22,1919

127,033,417

Combined statement from May 28, 1919, to Aug. 22,1919, inclusive,
[In thousands of dollars; i. e., 000 omitted.]
GOLD SETTLEMENT FUND.

Transfers.
Balance
withlast
Gold
Gold drawals posits
stateand
withand
deFederal Reserve Bank o— ment,
f
transfers
May 22, drawals. posits. transfers from
to
1919.
agent's agent's
fund.
fund.

Debit.

Credit.

Settlements from May 23 to Aug. 22,
1919, both inclusive.
Balance
in fund
at close
of
business
Total j Total
Net
Net
Aug. 21,
debits. debits. I credits. credits.
1919.

i

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

37,
170,
40,
55,
27,
13,
107,
22,
15i

568,620

2,422
2,422 18,000
60,000 10,010 60,000
70,402 60,200 70,402
15,712
5,712 13,000
20,171 34,360 30,171
18,222 32,539 29,222
83,246 105,080 118,246
24,267 43,936 46,767
11,292
5,500 13,592
1,986
1,986
5,103
098
698
5,775
15,781 121,500 77,940

10
200
13,000
360
1,039

103
1,775
56,500

314,199

1,312,850
5,008,700
1,740,169
1,180,979
1,697,311
427,151
1,919,050
1,173,878
306,558
774,821
393,008
543,050

1,484,105 171,255
4,399,139
1,557,491
1,314,995 134,016
1,724,488 27,177
454,725 27,574
2,161,618 242,568
1,255,347 81,469
326,123 19,565
831,793 56,972
442,202 49,194
525,499

65,741
105,021
40,053
45,864
27,370
13,556
132,576
28,502
32,832
54,757
4 520
29,983

455,003 I 467,158 2,759,638 2,759,638 809,790 16,477,525 16,477,525 809,790

580,~77S

168,934
233,777
223,985
223,903
500,000
• 40,500
734,590
138,330
•245,382
62,147
167,090
21,000

41,083
727,981 609,561
396,408 182,678
77,593
476,537
16,333
503,648
60,352
235,495
18,445
119,504
86,259
17,551

FEDERAL RESERVE AGENTS' FUND.
Balance
last statement, May

Federal Reserve agent at—

52,000
90,000
62,889
100,000
26,000
35,000
262,345
60,431
25,600
29,360
2,184
96,299

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




|

842,108

Gold
withdrawals.
42,000
20,000
55,000

Gold
deposits.

314,000

18,000
10,000
60,000

Total
withdrawals.

62,159

31,500
105,080
38,000
5,500
5,000
4,000
65,000

42,000
20,000
55,000
10,000
35,500
26,500
112,000
46,500
12,300
18,000
7,000
82,159

152,959

376,080

466,959 I

30,000
10,000
10,000
11,000
35,000
22,500
2,300

"25,"566"
15,500
77,000
24,000
10,000
18,000
7,000
20,000

Withdraw- Deposits
als for
through
transfers
transfers
to bank. from bank.

21,000
6,000
57,000

""34"666'

Balance atTotal
close of busideposits ness Aug.
21,1919.
48,000
10,000
60,000

""34"666"
31,500
105,080
38,000
5,500
2(5,000
10,000
65,000
433,080

58,000
80,000
90,000
24,500
40,000
255,425
51,931
18,800
37,360
5,184
79,140

878

SEPTEMBER 1,1919.

FEDERAL RESERVE BULLETIN.

BANK TRANSACTIONS DURING JULY-AUGUST.
In the table below are shown debits to indi- value as indicating changes in the volume of
vidual account for five weeks ending August 20, interbank transactions, it is thought that a
as reported by 15.5 of the country's most im- picture of the relative volume of commercial
portant clearing houses. In addition, for the transactions handled through the banks of the
two weeks ending August 13 and August 20, country is adequately reflected in the figures
debits to individual account are compared with of debits to individual account. Comparisons
figures for corresponding weeks in 1918, the of figures of debits to bank account as reported
centers included being those from which re- by different centers brought out the fact that
ports were available for both years. Allowance because of difference in methods of handling
should be made for the fact that the reports for items in the various centers the figures were
August 15 and 21, 1918, are probably incom- not strictly comparable and moreover that a
plete for the reason that the service had then large amount of duplication and reduplication
just been started and the reports did not inevitably results whenever a check or draft
include figures for all members of the clearing- on its way to the drawee bank is handled
house associations in the respective cities, by one or more intermediary institutions.
while at the same time some of the reporting Furthermore, since debits to Federal Keserve
banks were not entirely familiar with the Banks were not included in debits to bank
scope of the inquiry and may have turned in account, these figures had a tendency to
reports not strictly "comparable with figures for decline as new banks joined the Federal" Reserve system and availed themselves of the
later dates.
facilities offered for clearing checks through
It has been decided to omit from the weekly
statements and monthly recapitulations fig- Federal Reserve Banks, thereby decreasing
ures showing debits to bank account, and to the amount of checks sent to their city correlimit the comparisons to debits to individual spondents.
account. While the former figures are of
Debits to individual account at clearing-house banks during each of the Jive 'weeks ending Aug. 20, 1919, and the two weeks
ending Aug. 21, 1918.
[In thousands of dollars.]
1918
Week ending—

1919
Week ending—

Federal Reserve district.

Aug. 21.

Aug. 15,

Aug. 20..
No. 1—Boston:
Bangor.
Boston
Fall River
Hartford
*
Holyoke
Lowell
New Bedford
New Haven
Providence
Springfield
Waterbury
Worcester.
No. 2—New York:
Albany
Bingnamton
Buffalo
New York
Passaic
Rochester
Syracuse
No. 3—Philadelphia:
Altoona
Chester
Harrisburg
Johnstown
Lancaster
Philadelphia
Reading
Scranton
Trenton
Wilkes-Barro
Williams] >ort
Wilmington
York




Aug. 13.

2,835
271,720
7,721
16,344
3,287
5,022
7,834
16,982
32,045
14,955
6,900
16,371

2,798
284,219
8,021
21,349
3,383
5,099
7,321
17,617
31,404
13,291
7,726
16,476

2,710
317,584
8,693
23,921
3,190
4,969
6,333
16,221
34,221
14,924
6,138
15,679

2,618
293,466
7,419
19,956
3,597
4,852
5,922
14,119
30,313
13,720
5,833
12,686

2,848
319,780
8,207
24,672
3,657
4,765
6,927
18,071
35,752
15,369
7,596
14,167

2,703
201,271
7,691
2,910
5,447
5,600
16,330
26,756
11,916
7,426
14,894

5,429
16,975
29,551

11,954
3,349
65,106
4,4G3,547
3,929
28,847
15.309

19,887
3,391
61,331
5,088,079
4,083
26,660
12,770

17,841
3,672
65,078
5,256,018
3,933
26,857
13,689

16,407
3,337
52,851
4,675,40.1
3,573
23,483
12,562

16,553
3,203
61,589
5,433,175
3,847
31,437
14,078

17,312
2,702
54,697
2,788,004
3,214
21,621

16,091
2,719
53,907
2,702,736
4,787
23,747

3,667
4,779
3,800
3,512
4,629
312,379
4,145
10,390
9,732
7,504
3.422
9,511
3,559

3,357
4,526
3,969
3,343
4,636
312,192
4,136
12,341
9,446
7,372
2,880
10,005
3,054

2,994
4,361
3,972
3*595
4,531
334,588
3,120
11,318
8,855
7,438
3,141
9,857
3,775

3,010
3,857
4,000
3,559
4,255
291,987
3,132
12,112
8,458
7,179
3,073
8,496
2,938

2,148
4,058
3,800
2,919
4,649
358,851
3,734
11,861
9,853
6,617
3,091
11,024
3,580

1,993
4,681

2,468

4,183
227,922
6,335
10,963

4,013
246,881

5,937
2,957

6,019
2,730

2,817

2,617

:

I
!
!
I
•

•

Aug. 6.

July 30.

July 23.

227,842

2,686

14,883

12,881

SEPTEMBER 1,

1919.

879

FEDERAL RESERVE BULLETIN.

Debits to individual account at clearing-house banks during each of the five lueeks ending Aug. 20, 1919, and the two vjeehs
ending Aug. 21, 1918—Continued.
[In thousands of dollars.]
1919
Week c'nding-

Federal Reserve district.
Aug. 20.
No. I—Cleveland:
Akron
Cincinnati
Cleveland
Columbus
Davton
Erie
Greensburg, I'a..
Lexington!!
.
OilCif
Pittsburgh
Springfield
Toledo
Wheeling
Youngstown
No. 5—Richmond:
Baltimore
Charleston
Charlotte
Columbia
Norfolk
Ralciirh,
Richmond
No. 6—/ tlanta:
Atlanta
Augusta
Birmingham
Chattanooga
Jacksonville
Knoxville
Maeon
Mobile
Montgomery
Nashville
New Orl°ans
Pensacola
Savannah
Tampa
Vicksburg
No. 7—Chicago:
Bay City
Bloomineton
Cedar Rapids
Chicago..
Davenport
Docatur
DesMoines
Detroit
Dubuque
Flint
Fort Wa<*ne
Grand Rapids...
Indianapolis
Jackson
Kalamazoo
Lansiiv
Milwaukee
Peoria
Rockford
Sioux City
South Bend
Springfield
Waterloo. Iowa..
No. 8—St. Louis:
Evansville
Little Rock
Louisville
Memphis
St. Louis
No. 9—Minneapolis:
Aberdeen
,
Billings
Duliith
Fargo
Grand Forks
Great Falls
,
Helena
,
Minneapolis
St. Paul
Superior
Winona




! Aug. 13.

Aug. 6.

1918

Week ending—
Julv 30.

Aug. 15.

.Tulv 23.

I

23. 847
55,788
154,314
27,519
12,125
6,422
4,008
4,402
2, ()i>o
142,074
3,585
29,053
0,618
13,962

19,812
55,025
155,039
28,816
13,398
6,609
7,776
5,384
3,238
172,564
2,998
32,371
6,944
19,246

23,009
51,113
144,328
30, 200
12,429
7,785
2,908
5,272
2,595
189,769
3,214
28,400
7,315
12,821

22,489
54,373
156,435
27,360
12,376
5,470
4,754
4,218
2,632
156,691
3,372
28,047
8,869
15,831

23,023 !
58,062 j
182,210
32,884
13,102
6,540
2,842
3,901
2,740
196,839
3,291
28,353
8,747
14,186

110,080
5,929
5,900
5,572
17,169
3,260
22,571

108,829
7,457
3,800
5,402
18,477
3,900
27,251

117,784
5,750
6,400
5,567
20,655
3,490
29,403

101,848
7,029
5,500
5,470
16,567
3,697
21,214

112,315
6,969
5,500
5,527
19,100
3,500
24,918

24,318
6,450
12,414
11,278
10,425
6,220
5,541
6,992
3,749
19,980
62,526
2,500
13,348
3,860
1,367

23,212
5,899
12,880
11,566
10,352
5,672
6,231
7,198
3,716
20,968
72,333
2,180
13,896
4,248
1,467

28,548
7,152
12,825
10,861
10,957
5,711
4,889
7,045
4,493
21,494
71,448
2,124
15,648
3,875
1,418

22,130
7,989
11,429
11,067
10,554
4,676
5,329
6,893
3,657
18,169
61,898
1,952
13,871
4,071
1,419

26,386
6,940
12,466
11,632
11,015
5,919
5,715
7,310
4,038
22,684
67,129
2,142
17,541
3,982
1,254

2,880
2,588
10,638
684,519
6,057
3,732
19,471
161,446
2,510
7,847
5.932
21]294
33, 930
5,337
4,099
4*. 958
56,013
9,513
4,581
12,294
3,421
5,791
2,826

2,809
2,566
8,729
685,735
6,468
3,614
19,224
121,083
2,239
8,035
5,656
23,306
32,636
3,951
3,906
5,799
55,840
10,411
4,700

2,505
2,504
7,749
645,441
5,208
3,756
17,594
95,759
1,950

10,961
4,268
6,162
3,158

2,941
2,822
9,132
695,655
7,638
4,361
17,947
107,832
2,453
8,582
5,971
21,613
33,126
5,621
3,668
5,591
58,464
10,925
4,763
15,311
3,618
4,020
3,363

5,276
18,288
32,400
3,746
3,385
4,695
49,616
10,249
4,257
21,763
2,197
3,594
2,983

2,622
2,415
7,281
694,491
6,153
3,497
18,020
129,364
2,223
9,044
5,139
17,152
35,546
7,073
3,491
5,162
41,327
11,238
4,450
14,695
4,151
3,994
3,552

3,889
6,580
35,702
25,463
156,707

5,080
7,786
32,497
23,900
150,219

5,365
9,091
32,642
28,402
156,276

5,258
7,257
28,923
24,086
146,178

4,018
6,417
38,091
27,708
151,400

1,806
2,212
19,046
3,869
1,578
2,165
2,674
75,766
39,263
1 445
1,048

1,476
1,837
19,566
3,018
1,526
1,582
2,001
67,902
34,292
1,124
974

2,498
2,114
21,015
5,673
1,628
1,621
2,052
69,200
39,772
1,256
1,089

1,875
2,026
17,922
7,809
1,644
1,793
2,579
83,730
37,962
1,819
879

1,897
1,017
18,221
3,600
1,562
1,914
2,711
78,309
34,965
1,993
740

54,619

52,79(5

22,423
10,133
5,250

6,113
5,827

19,677

19,690

"ii,"406

"i3,*99i

79,850

75,720

23,399

24,652

20,748
5,970
12,878
7,732
8,205
3,891
6,029
4,943
3,173
17,558
1,574
10,597
3,196
1,039
2,147

5,481
10,895
7,591
9,302

13,341
40,187
3,450

2,239

525,567
4,070
3,363
112,125

"iO7*532

29,780

31,609

3,250
45,511
9,188
4,365

46,975
9,292

3,848
2,867
3,662
4,576
22,785

4,300
3 125
26,431

128,537

123,873

1,614

903

14,207

28,352

1,688
76,602
27,525

880

FEDERAL, RESERVE BULLETIN.

SEPTEMBER 1,1919.

Debits to individual account at clearing-house banks during each of the five weeks ending Aug. 20, 1919, and the two weeks
ending Aug. 21, 1918—Continued.
[In thousands of dollars.]
1919
Week ending—

Federal Reserve district.
Aug. 20.
No. 10—Kansas City:
Atchison
Bartlesville
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.
Portland.
Reno..
Sacramento
Salt Lake City.
San Diego
San Francisco..
San Joso
Seattle
i...
Spokane
Stockton
Tacoma
Yakima




Aug. 13.

1918
Week ending-

Aug. 6. | July 30.

July 23.

2,240
4,725
31,702
2,917
3,789
114,907
3,286
16,156
71,725
5,112
19,554
5,128
21,724
12,523

2,569
4 147
29,501
3,255
3,922
118,337
4,084
17,174
65,433
3,766
17,437
5,607
21,397
14,494

3,200
4,100
33,448
3,253
3,441
125,052
3,933
18,922
67,024
3,685
20,114
6,498 j
21,242 !
16,740 j

2,385
3,285
29,836
2,739
3,406
112,684
3,750
16,374
63,864
4,489
18,851
4,858
21,787
14,145

957
2,247
4,638
28,500
2,758
2,376
114,643
5,380
24,275
61,971
4,080
18,112
5,281
21,728
14,224

1,756
3,220
3,448
7,150
22,018
11,137
36,140
3,858
5,928
1,710
1,083
3,145

1,682
3,286
3,092
35,323
7,040
21,899
9,370
34,188
4,299
7,001
2,193
1,306
3,012

1,620
2,877 |
3,375
30,800
7,093
21,898
12,586
33,873
3,514
6,345
1,647
1,322
3,580

1,415
1,930
3,236
31,338
6,090
22,211
8,763
32,007
3,305
6,077
1,485
1,159
2,805

1,802
2,722
4,450
34,134
6,354
24,860
8,830
36,171
3,576
6,288
' 1,678
1,524
3,719

2,764
2,728
7,526
3,505
77,372
14,894
3,681
3,633
48,730
2,290
13,500
15,985
5,321
193,207
5,839
54,694
10,988
5,222
12,874
2,804

2,413
3,208
7,521
3,506
75,935
12,485 i
3,041
3,782 !
45,345 '
2,246 i
13,268 :
16,111 I
5,318:
187,638 !j
5,744
57,012 :
10,965 |
3,994 !
11,041 j
2,804 ;

33,177

2,154
2,650
6 800 !
4,124 !
76,496 I

14,362 !
3,039 !
4,859 i
39,349 i
2,457 !
13,033 !
14,980 I
5,233 ;
200,028 I
5,115 i
51,682 j
10,933
5,705
9,314
2,035

1,633
2,253
2,931
3,072
5,826
7,395
3,052
3,338
68,377
85,830
12,414 :
13,417
3,106
• 2,756
3,375 i
3,915
33,448
32,860 !
1,901
2,436
10,587
10,487
13,077
16,058
4,320
6,726
171,149
188,687
3,982
4,195
46; 519
44,919
8,548
10,970
5,750
0,015
9,941
11,341
1,776
2,061

Aug. 21.

1,688
2,524
2,514
22,378
3,857
3,516
98,458
2,255
12,046
56,320
2,320
13,288
3,674

3,737
32,104
4,030
12,795
8,833
22,741

Aug. 15.

2,430
21,194
3,821
3,685
102,978
2,800
12,085
56,636
3,120

3,295
17,239
4,506
19,955

3,822
1,741

1,417

2,842

3,242

4,372
1,908
44,548
10,559

4,994
2,000

1,856
35,146

2,024
35,816

11,638
4,100
171,851

13,613
5,473
157,006

48,774
8,631

40,934
9,191

10,801
1,555

1,379

881

FEDERAL, RESERVE BULLETIN.

SEPTBMBEK 1, 1919.

Recapitulation showing figures for clearing-house centers reporting for each of the five weeks ending Aug. 20, 1919.
[In thousands of dollars.]

Federal Reserve District.

Number
of
centers
included.

1919
Week endingAug. 20.

Aug. 13.

Aug. 6.

July 30.

July 23,

No. I—Boston
No. 2—New York
No.3-Philadelphia...
No. 4—Cleveland
No. 5—Richmond
No. 6—Atlanta
No. 7—Chicago
No. 8—St. Louis
No. 9—Minneapolis
No. 10—Kansas C i t y . . .
No. 11—Dallas
No. 12—San Francisco..

13
14
7
15
23
5
11
15
13
20

402,016
4,622,041
381,029
486,382
170,481
190,968
1,071,677
228,341
160,038
316,720
133,770
487.fft5

418,704
5,216,201
381,267
529,220
175,116
201,818
1,031,256
219,482
144,929
312,059
133,691
473,377

454,583
5,387,088
401,545
521,218
189,049
208,488
1,035,417
231,776
150,872
331,648
130,530
474,348

414,501
4,787,614
366,056
502,917
161,325
185,104
952,201
211,700
135,298
303,375
121,821
411,271

461,811
5,563,882
426,785
557,320
177,829
206,153
1,032,080
227,634
147,898
311,170
136,108
458,978

Grand total

155

8,651,018

9,237,120

9,516,562

8,543,183

9,707,648

12

Recapitulation showing figures for clearing-house centers reporting for each of the two weeks ending Aug. 20, 1919, and the
two weeks ending Aug. 21, 1918.
[In thousands of dollars.]

Federal Reserve District.

Number
of
centers
included.




Aug. 13.

1918
Week ending—
Aug. 21.

Aug. 15.

355,960
4,606,732
'345,550
117,350
132,651
126,933
207,222
202,878
123,567
251,834
88,757
346,391

No. 1—Boston
No. 2—New York
No. 3—Philadelphia...
No. 4—Cleveland
No. 5—Richmond
No. 6—Atlanta
No. 7—Chicago
No. 8—St. Louis
No. 9—Minneapolis
No.lO-KansasCity...
No. 11—Dallas
No. 12—San Francisco.
Grand total

1919
Week ending—

72

368,441
5,203,431
345,842
126,649
136,080
138,246
226,150
195,582 I
113,171 i
248,041
87,178
340,002

275,452
2,887,550
256,772
101,085
103,249
103,325
202,113
159,500
118,354
203,674
71,998
290,131

305,049
2,803,987
277,609"
98,417
100,372
90,247
201,010
157,729
105,030
208,749
49,654
272,430

6,965,825

7,528,813

4,773,263 j

4,670,283

882

FEDERAL RESERVE BULLETIN.

SEPTEMBER 1, 1919.

DISCOUNT AND OPEN-MARKET OPERATIONS OF THE FEDERAL RESERVE BANKS.
Discount operations during the month of
July totaled $7,183,435,073, or about $850,000,000 more than the corresponding figure for
June and only about $200,000,000 less than the
record figure reported for May, while in July,
1918, discounts totaled $3,343,458,151. War
paper constituted about 95 per cent of the
paper discounted during July, the percentage
being the same as for June, while in July, 1918,
it was about 74 per cent. All the Federal
Reserve Banks in the East and South report
larger discount figures than the months before,
while the banks in the West report decreases.
The increase for the New York bank alone is
greater than the total increase for the entire
system, and this bank's discounts constituted
about 55 per cent of the total, compared with
49 per cent for June, 55 per cent for May, and
45 per cent for April.
Discounts of member banks' bills secured by
eligible paper increased from $20,272,961 in
June to $20,983,025 in July. Trade acceptances discounted in July totaled $8,504,928,
compared with $7,941,707 for June and $13,.822,069 for July, 1918. Over 95 per cent of
the trade acceptances discounted during July
of the present year cover transactions in domestic trade, the total amount of discounted
foreign trade acceptances being only $949,540,
all of which were reported by the New York
bank. Bankers7 acceptances discounted during the month totaled $360,677 and ordinary
commercial and agricultural paper $328,645,879.
About 97 per cent, or $6,962,415,208, of the
total discounts for the month was 15-day paper,
i. e., bills maturing within 15 days from date of
discount or rediscount with the Federal Reserve Banks. Agricultural and live-stock paper with a maturity of over 90 days totaled
$9,345,071, of which about 38 per cent was
reported by Kansas City, 22 per cent by Dallas,
14 per cent by San Francisco, and 11 per cent
by the Atlanta bank, these four banks reporting
about 85 per cent of the total amount of paper
of this class discounted during the month.
A slight increase in the proportion which 15day paper constituted of the discounts in July,
as compared with June, resulted in a decrease
from 9.79 to 9.39 in the calculated average
maturity of all the paper discounted during the
month.
On the last Friday in July the banks held a
total of $1,867,602,000 of discounted paper,
compared with $1,818,040,000 on the last Friday in June and $1,302,151,000 on the last




Friday in July, 1918. The total on the last
statement day of the month under review includes $84,900,000 of war paper held under
rediscount for other Federal Reserve Banks by
the banks at Chicago, St. Louis, and Minneapolis. War paper constituted about 87 per cent
of all the discounted paper held at the close of
July of this year, compared with 52 per cent on
the last Friday in June, 1918, the percentages
being higher for the banks in the East and Middle West, and lower for those in the South and
West.
Discounted trade acceptances held on the
last Friday in July totaled $9,600,000, or about
$1,800,000 more than at the end of June, though
about 45 per cent less than the holdings reported for the end of July, 1918 ($17,379,000).
Domestic trade acceptances held constitute the
bulk of the most recent total.
Holdings of agricultural paper totaled $28,639,000, as against $36,456,000 a year earlier,
and holdings of live-stock paper were $34,965,000, compared with $61,618,000 at the end of
July of last year. About 60 per cent of the
total holdings of agricultural paper are shown
for the Dallas and San Francisco banks, while
the Kansas City bank alone held 65 per cent
and the Dallas bank 15 per cent of the total
live-stock paper.
During the month under review the number
of member banks increased by 38, the total at
the end of July being 8,876. Member banks
accommodated during July by the discount of
paper numbered 3,685 as against 4,047 for the
previous month. The number of member banks
in each Federal Reserve district at the end of
June and at the end of July, together with the
number accommodated during each month, are
shown below:
of member
Number of member Number accommobanks
banks in district.
dated.
Federal Reserve Bank.
July 31.

June 30.

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

429
736
669
830
572
427
1,359
528
894
1,010
745
677

733
668
825
571
425
1,362
521
887
1,002
745
670

250
402
413
199
321
233
497
190
151
381
398
250

250
504
432
229
320
265
551
168
212
410
426
280

Total...

8,876

8,838

3,685

4,047

July.

June

883

FEDERAL RESERVE BULLETIN.

SEPTEMBER 1, 1919.

Bills bought in open market during July, rate of discount charged works out at 4.25 per
largely by the New York bank for its own ac- cent as against 4.24 per cent for May and June.
On July 31 holdings of purchased acceptances
count and for account of other Federal Reserve
Banks, totaled $276,484,330, compared with totaled 8373,240,000 compared with $315,993,$291,915,446 bought in June and $123,573,644 000 held on June 30, §185,556,000 on May
in July, 1918. Total purchases of bills for the 31, 1919, and $197,883,000 on July 31, 1918.
first seven months of this year amounted to Of the most recent total ail but $1,249,000 were
$1,369,582,550, as against §855,474,102 for the bankers' acceptances, and of these $269,827,corresponding period of 1918. Purchases of 000, or 72 per cent, were member bank acceptbankers' acceptances in July amounted to ances, while of the remainder, $43,198,000 were
$273,974,595, over three-fourths of which were bills accepted by private banks, $31,738,000 by
based on foreign trade transactions. Purchases nonmemher State banks $18,556,000 by forof trade acceptances are reported by the New eign banks and their agencies, and $8,672,000
York, Cleveland, and San Francisco banks, the by nonmember trust companies. Of the $1,total for the month, 81,668,908, being slightly 249,000 of purchased trade acceptances on hand
larger than the amount purchased during June. at the end of July, about 54 per cent were based
The average maturtiy of bills purchased during on transactions in foreign trade, nearly all this
the month is given as 51.21 days, compared paper being reported by the New York and San
with 45.60 days for June, while the average Francisco banks.
Total investment

Federal reserve bank.

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

operations of each Federal Reserve Bank during the -Months of July, 19.19 and 1918.

Bills discounted for
member
banks.

Bills bought
in open
market.

Municipal warrants.

United
States
bonds.

50,000
150

7,183,435,073
3,343,458,151

276,484,830
123,573,644

43,248,465,115 1,369,582,550
14,031,891,315

718,000
580,500
500,000
912,000

S4, 520,000 S-135.552,808 $155,084,743
204. 727,000 4,323,320,699 2,017,371,038
140.269,124
% .152.000 1,034, 505,184
319, 387,014
146; 472,056
3, 189.600
426. 996,327
1,550,000
108,879,372
6,000
182; 993,039
64,873,511
14, 000,000
408. 088,731
383,856,725
151 273,131
106,057,277
768,000
40! 098,143
01,044,132
580,650
503,477
83,383,186
500,000
100: 713,599
52,244,194
912,000
156! 393,031
104,902,258

60,250

$106,000, 347
$2-1,972,481
3,989,474, 707
129,118,992
1,032,074, 221
278,963
285,964, 302 ! 30,233,112
5,538.112
419,908, 215
178,184, 975
4,802;064
303,054, 559
30,434,:! 72
146,827, 157
7,445.974
23,553, 476
10,776; 667
109,922, 797
99,585, 777
627,822
123,224, 510
32,256,491

Total, July, 1919..
Total, July, 1918..
Total, 7 months
ending July 31,
1919
Total, 7 months
ending July 31,
1918

United I United States Total United To tal in res tment operations.
States
States seVictory |certificates of
curities.
notes. indebtedness.
July, 1919.
July,19J8.

232,845,000
21,797;000

232,905,250 7,692,825,153
22,938,700
3,490,037,616

84,520,000
204', 727.000
2,152'. 000
3,179;500
1,550,000
' 6,000
14,000,000

S10,100

SG7,121 §1,141,700
1,000

1,327,725

no;

373,750 1,797,500,500 L, 799,201,975 46,417,250,640
3,062,315,160 3,131,483,723

855,474,102 1,638,879 72,218,563

18,023,488,019

i
Average amount of earning assets held by each Federal Reserve Bank during July, 1919, earnings from each class of earning
assets, and annual rate of earnings on basis of July. 1919, returns.
Average balances for the month of the several classes of
earning assets.
Federal Reserve Bank.

Total.
.Discounted
bills.

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total July, 1919.
Total July, 1918.




Purchased
bills.

United States
securities.

8144,812,282
739,789,808
188,589,796
112,873,258
89,912,879
83.313,601
216.904,077
57; 095,404
37,856,400
84,358,300
55,498,471
56.918,081

$22,993,852
102,082,282
702,572
49,232,378
7,288,388
6,747,947
50,734,327
8,682,165
22,981,000
3,840
604,150
90,284,978

319,496,340
73,290,114
25,307,774
19,662,097
8,381,297
10,908,702
30,991,826
18,221,400
7,332,900
16,120,733
9,866,000
9,065,210

1,867,920,337
1,165,649,422

362,297,879
209,174,231

248,644,993
64,401,616

Municipal
warrants.

fe1

$187, 302,474
915, 142,204
214, 600,142
181,
105, 562,564
100, 970,250
298, 630,230
83, 998,969
68, 170,300
100, 482,873
65, 966,621
156, 268,249
861,183

2,478,863,209
1,439,288,452

884

FEDERAL RESERVE BULLETIN.

SEPTEMBER 1,1919.

Average amount of earning assets held by each Federal Reserve Bank during July, 1919, earnings from each class of earning
assets, and annual rate of earnings on basis of July, 1919, returns—Continued.
Earnings from—

Federal Reserve Bank.

Boston
New York
Philadelphia
Cleveland
Richmead
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total July, 1919
Total July, 1918

Calculated annual rates of earnings from—

Discounted Purchased United
Municipal
States
bills.
bills.
securities. warrants.
$514,752
2,527,136
647,165
396,069
327,523
294,949
768,161
210,733
333,162
212,032
216,119
6,586,435
4,360,021

881,700
366,497
2,546
176,267
28,014
26,148 ,
187,859 j
32,158 !
83,618 '
16 |
2,367 !
328,092-!

333,573
160,310
45,438
36,939
14,442
18,856
55,077
33,071
13,359
28,689
18,092
15,660

1,315,282 ;
754,729 j

473,506
150,922

$630,025
3,053,943
695,149
609,275
369,979
339,953
1,011,097
275,962
235,611
361,867
232,491
559,871
$198

Purchased
bills.

Discounted
bills.

Total.

United Munici- I
States
pal j Total.
securities. warrants.

Per cent. Per cent. Per cent. Per cent. Per cent.
4.19
4.18
2.03
3.96
4.02
4.17
2.58
3.93
4.04
4.26
2.06
3.81
4.13
4.21
2.21
3.95
4.29
4.53
2.03
4.13
4.17
4.58
2.04
3.96
4.17
4.36
2.69
3.99
4.35
4.36
2.14
3.87
4.31
4.28
2.15
4.07
4.65
4.87
2.10
4.24
4.49
4.61
2.16
4.15
4.47
4.28
2.03
4.22
4.15 ;
4.40 !

8,375,223
5,265,870

4.27
4.24

2.24
2.76

3,81

4.31

Bills discounted during the month of July, 1919, distributed by classes, also average rates and maturities of bills discounted
by each Federal Reserve Bank.

Federal Reserve
Bank.

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

Customers'
paper secured
by Government
war obligations.

Member banks' collateral
notes.
Secured by
Government
war obligations.

Trade ac- Bankers'acceptances. ceptances.

Otherwise
secured.

AHother
discounts.

$196,564
114,113

$7,352,696
179,161,646
44;678,760
16,934,643
9,698,917
9,604,f»34
20,504,012
10,485,959
2,147,129
11,185,385
6,715,063
10,177,035

$406,060,347
3,989,474,707
1,032,074,221
285,964,302
419,908,215
178,184,975
363,654,559
146,827,157
28,553,476
109,922,797
99,585,777
123,224,540

360,677

328,645,879

9,532,565
1,317,137
130,000

8305,814
M,101,953
139,625
1,068,762
540,651
310,647
306,939
292,124
7,500
864,408
49,974
516,531

!

214,942,000

6,609,998,564

20,983,025

8,504,928

I
i

;

313,000
" 2," 450," 100"
1,628,723
4,100,000
200,000

Average Average
rate
maturity (365-day
in days.

7,183,435,073

$346,164,950
3,700,756,910
958,011,339
258,371,450
399,783,756
163,735,433
336,348,458
131,851.909
20,323,275
86,499,064
91,245,130
110,906,890

$1,311,500

i
,

$50,728,823
105,340,085
28,931,497
9,589,447
7,434,791
2,905,538
2,395,150
3,947,165
75,572
1,841,375
258,473
1,494,084

!
!
!
I
|

50,000

Total.

13.87
7.05
7.10
13.14
11.30
16.91
16.82
13.52
18.07
22.41
19.43
14.89

Per cent.
4.20
4.06
4.01
4.08
4.20
4.13
4.18
4.15
4.29
4.57
4.38
4.90
4.15

1 Includes $949,540 of trade acceptances in the foreign trade.

Bankers' and trade acceptances in the foreign and domestic trade and finance bills purchased during the month of July, 1919,
also average rates and maturities of total bills purchased by each Federal Reserve Bank.
Bankers' acceptances.
Federal Reserve Bank.

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




In the domestic trade.

In the foreign trade.

$6,954,345
23,022,659
62,403
7,244,547
2,571,612
3,242,164
6,840,940
1,737,602
3,076,196

$18,018,116
104,960,450
216,560
22,520,512
2,966,500
1,559,900
23,593,232
5,708,372
7,615,471

387,822
5,239,260

240,666

60,379,550

Trade acceptances.

Total.

In the
domestic
trade.

$24,972,461
127,983,109 $336,611
278,963
29,765,059
268,053
5,538,112
4,802,004
30,434,172
7,445,974
10,691,667

Finance
bills.

In the
foreign
trade.

Total.

$232,945

$569,556

$566,327

100,000

368,053

100,000

Average
Total pur- Average
rate
chased bills. maturity (365-day
in days. basis).

85,000

$24,972,461
129,118,992
278,963
30,233,112
5,538,112
4,802,064
30,434,172
7,445,974
10,776,667

34.47
45.46
67.02
57.12
46.62
55.80
67.27
44.51
64.96

Per cent.
4.22
4.25
4.23
4.23
4.56
4.56
4.21
4.23
4.24

26,195,932

627,822
31,435,192

123,794

607,505

731,299

90,000

627,822
32,250,491

41.20
63.61

4.65
4.25

213,595,045

273,974,595

728,458

940,450

1,668,908

841,327

276,484,830

51.21

4.25

SEPTEMBER 1, 1919.

Discounted bills, including

885

FEDERAL RESERVE BTJUL.ETIN.

member banks' collateral notes, held by each Federal Reserve Bank on the last Friday in
1919, distributed by classes.

July,

[In thousands of dollars; i. e., 000 omitted.]

Agricultural
paper.

Federal Reserve Bank.

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

Member banks' collatCustomers3
eral notes.
paper seLive-stock cured by
Govern- Secured by
paper.
ment war
Govern-* Otherwise
obligations. ment war i secured,
obligations. I

!
!
i
|
!
!

j
j

2
288
266
34
2,790
2,975
1,499
564
513
2,914
10,687
6,107

Total.

86,327
93,110
12,820 I
8,943 !
12,779 i
4,216
3,383
3,985
41
1,773
566
2,275

861
242
2,819
23,625
5,193
2,118

47,674 ',
556,037 ;.
157,546 j
94,120 '.
69,274 ;
74,700 |
188,249'j
45,873 :
35,127 I.
37,120 |
37,029 I
43,243 .

230,218 I 1,3S5,992 j

34,965

Trade
acceptances.

250

Bankers'
acceptances.

435
3,401
266
1,190
974
448
362
643
13
1,342

1,121
1,104
^

4 6

4,824
915
12,959

294
101

9,600

21

All other
discounts.

473

Total.

5,589
64,956
19,328
10,168
8,995
7,191
17,808
9,343
750
12,225
4,183
4,220
164,756

78

140,571
717,893
190,247
114,526
95,969
91,495
215,945
60,808
39,263
83,823
58,573
58,489
1,867,602

Acceptances purchased and held by each Federal Reserve Bank on July SI, 1919, distributed by classes of accepting

institutions.

[In thousands of dollars; i. e., 000 omitted.]
Bank acceptances.
Nonmember
trust
companies.

Nonmember
State
banks.

Private
banks.

Foreignbank
branches
and
agencies.

20,902
50,119
552
41,713
8 429
6,791
48,386
9,316
22,012
2
332
60,984

732
4,120
2,497

2-iO
15,519
58
3,952

4,304
16,892
18
6,353

729
8,049
32
2,371

250

279
91
1,138

1,595
200
923

66
152
423

1,336

10,648

12,308

7,145

26,907
94,699
660
56,886
8,429
6,791
50,326
9,762
21,776
2
332
92,421

269,568
233,519
136, 741
154,614
112,433

8,935
9,225
2,853
1,129
43,107

31,928
29,361
18,729
7,302
2,504

42,593
29,648
14,628
18,082
20,782

18,9G7
12,654
10,612
8,975
1,087

371,991
314,407
183,563
190,102
179,073

Federal Reserve Bank.
Member
banks.

Boston . .
New York
PhiladslDhia
Cleveland
Richmond
Atlanta .
Chicago
St. Louis
Minneaoolis
Kansas Citv
Dallas
San Francisco
Totals:
July 31 1919
June 30,1919
Mav 31, 1919
July 31 1918
July 31, 1917




Trade acceptances.

. . . .

Total.

Grand
total.

Domestic.

Foreign,

450

279

729

126

16

142

378

378

26,907
95,428
660
57,028
8,429
6,791
50,326
9,762
24,776
2
332
92,799

673
1,204
1,857

1,249
1,580
1,993
7,781
4,242

373,240
315,993
185,556
197,883
184,215

576
382
136

Total.

886

FEDEBAL EESEEVE BULLETIN.

SEPTEMBER 1,1919.

OPERATION OF THE FEDERAL RESERVE CLEARING SYSTEM JULY 16 TO AUG. 15, 1919.
Items drawn on banks in
Federal Reserve city
(daily average).

Items drawn on banks in
district outside Federal
Reserve city (daily average).

Total items drawn on banks
in own Federal Reserve
district (daily average).

Number.

Number.

Number.

Amount.

Amount.

19,860
23/764
43,709
5,802
2,665
3,701
19,522
6,030
5,867
5,466
1,121
2,171

823,228,241
65,677,735
27,941,716
7,571,959
6,153,015
3,222,034
25,546,000
8,940,746
9,332,611
11,576,868
1,849,530

89,675
146,222
49,864
79,464
50,425
28,736
81,572
46,340
23,971
70,666
26,896
37,849

313,134,288
56,127,949
7,149,299
25,234,553
14,514,441
6,940,516
14,203,000
7,639,101
2,380,032
13,353,398
8,626,363
7,309,194

109,535
169,986
98,573
85,266
53,090
32,437
101,094
52,370
29,838
76,132
28,017
40,020

836,362,529
121,805,684
35,091,015
32,806,512
20,667,456
10,162,550
39,749,000
16,579,847
11,712,643
21,930,266
10,475,893
11,002,357

139,678
149,902
132,688
50,229

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
•
Minneapolis
Kansas City
Dallas
San Francisco
Total:
July 16 to Aug. 15, 1919.
June 16 to Juiy 15,1919.
May 16 to June 15,1919.
July 16 to Aug. 15,1918

194,733,618
218,737,336
196,594,573
172,600,132

731,6R0
737,007
696,457
406,330

176,612,134
194,300,102
191,330,944
131,047,263

871,358
886,909
829,145
456,559

371,345,752
413,037,438
387,925,517
303,647,395

Items drawn on
banks in other districts (daily aver-

Items handled by Items drawn on
both parent banks
the Treasurer of Number
and branches (daily the United States of memaverage).
(daily average).
ber banks
in district.

Number.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco.
Total:
July 16 to Aug. 15, 1919
June 16 to July 15,1919
May 16 to June 15,1919
July 16 to Aug. 15,1918

Number. | Amount.

Amount.

12,058 812,311,658
41,487 19,354,634
23,184 9,262,236
3,338 3,123,783
7,056 5,566,315
2,879 2,898,592
6,226 2,754,000
972
420,965
1,578
937,670
6,866 6,478,454
3,885 1,743,528
1,288
1,701,205
110,817 66,552,940
104,997 66,672,048
99,349 61,906,814
76,404 58,502,291

GROWTH OF THE PAR LIST.
P? At the close of the calendar year 1918 the par
list of the Federal Reserve system, i. e., the
number of banks remitting at par for checks
and drafts drawn on them, comprised 8,692
member banks and 10,305 nonmexnber banks.
During the present year up to August 31 additions to the list include 2,672 banks, of which
2,460 represents the net increase in the number
of nonmember banks remitting at par. It is
estimated that of the total of 20,264 nonmember
banks in the country slightly over 60 per cent at
present remit at par, though these banks represent probably more than 90 per cent of the
banking resources of the country.




Amount.

Number.
5,582
r 34,548

Amount.

Incorporated
Number banks
of non- other than
member mutual
banJcs on
par list. banks not
on par
list.

S6.257,045
33,217,121
3,772,829
1,390,916
426,382
761,447
1,886,000
872,586
163,522
426,505
314,914
8,379,502

429
740
670
832
572
428
1,364
527
893
1,013
748
678

241
317
406
956
395
351
3,192
1,653
1,463
2,371
320
913

20,787 9,119,203
83,659 57,868,769
19,061 10,502; 207
95,986 49,867,067
18,260 11,626,331 I 118,248 48,316,599
13,395 11,254,817 I 81,323 41,063,646

8,894
8,848
8,820
8,294

12,578
12,071
11,801
10,206

1,849

&86b,465

2 2f)2
'468
3,712
491
981

1,430,196
922,963
1,531,396
44i,000
227,522

i, 507, 641
603,896
1,586,724

6,087
5,070
2,115
3,833
8,364
5,825
681
4,192
3,066
4,296

119
1,038
1,218
964
962
1,401
876
891
152
7,621
8,167
8,309

The following tables show the growth of the
par list by Federal Reserve districts since
May 1 of the present year, when, in connection
with a more intensive campaign to increase
the par list, more detailed figures regarding
the progress of this movement began to be
collected. I t is seen that during the last four
months the par list shows a net increase of
1,611 banks through accession of new members
and through the increase in the number of parremi tting no nmemb ers.
A table has also been compiled giving the
estimated number of nonmember banks in
each State not yet on the par list. In
figuring the number of banks outside the
par-collection system, account is taken of

incorporated institutions only, exclusive of
mutual savings banks, which, as a rule, do not
carry checking deposits. In the New England
States, also in the States of New York, Pennsylvania, in the East, and Nevada, Utah, and
Idaho, in the West, all nonmember banks
appear on the par list.
As may be seen from the last table and
accompanying map, the largest number of
banks outside the par-collection system are
found in the South and Northwest, the States
of Texas, Minnesota, and Georgia showing the
largest number of banks not on the par list.
In the East and Middle West, also on the
Pacific slope, better progress in enlarging the
par list has been made. Thus in Maryland
only five banks are not yet on the par list, in
Ohio 64, and in Illinois 117, while all the banks
in California, except 15, have been remitting
at par for some time past.

Additions to par list of nonmember banhs.

Federal Reserve
district.

Number of
Federal Reserve d is- mem- May.
ber
trict.
banks,
Apr. 30,
1919.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis.
Kansas City
Dallas
San Francisco

1,344
512
873
1,002
741
662

Total

8,769

425
727
666
821
569
427

umber of
memJuly. August. ber
J.

June.

243
322
349
803
295
288
2,883
1,341
1,294
2,279
281
911

Total

11,289

4
1
12
4
8
7
1

34
J

Decrease.

12
2
7
8
3
4
2
4
16

47

1,364
528
896
1,014
748

June.

13
8
5
4
8
130
82
13

50
25
40
33
22
137
17
13
22
1 1

20"
251

358

Fonmember
banks
July. August. on par
list
Aug.
31,1919.
12
1 1
12
75
35
8
124
57
40
80

410

3
45
21
9
9
89
133
129
15
5

241
317
408
953
395
346
3,168
1,706
1,481
2,501
334
915

457

12,765

1 1

1 Decrease.

Number of member and nonmember banhs on par list.

Federal R
distric

Aug. 31,
1919.
429
741
670
835
572
427

Nonmember
banks
on par May.
list
Apr.
30,1919.

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

Admissions to membership.




887

FEDERAL RESERVE BULLETIN.

SEPTEMBER 1,1919.

Estimated
number
of nonF erv c Apr. 30, May 31, June 30, July 31, Aug. 31, member
Apr. 30, May 31, June30, July 31, Aug. 31,
.
1919.
1919.
1919.
1919.
1919. banks
1919.
1919.
1919.
1919.
1919.
not on
par list
Aug. 31,
1919.1

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

668
1,049
1,015
1,624
864
715
4,227
1,853
2,167
3,281
1,022
1,573

670
1,051
1,023
1,633
869
721
4,361
1,943
2,171
3,282
1,042
1,577

670
1,051
1,075
1,658
911
753
4,387
2,080
2,194
3,294
l,0fi4
1,580

670
1,056
1,074
1,737
948
762
4,516
2,137
2,241
3,382
1,065
1,586

670
1,058
1,078
1,788
967
773
4,532
2,234
2,377
3,515
1,082
1,595

Total....

20,058

20,343

20,717

21,174

21,669

8,904
1

7,499

Exclusive of unincorporated banks and mutual savings banks.

888

FEDERAL RESERVE BULLETIN.

SEPTEMBER 1,1919.

Number of nonmember banks not on par list Aug. 31, 1919.

I
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas C i t y . . .
Dallas
San Francisco.
Total....

75

64
206

123

409

295

209

139 509

102

101 185
117

141

192
45

208

189 282

"i7*

"iii"

206

423

240

95
216

64

409

123

295

139 509

I

197

254

272 117

237

208

247
"78

240

325

a

1
Bostoa
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicag©
St. Louis
,
Minneapolis...
Kansas C i t y . . .
Dallas
San Francisco.
Total....




139
1,038

15

576

45

304

302

64

576

45 ! 304 302

64

121 350

121
15

121 350

136

757
13

35

62

54

15

62

54

7,499

15

757

913
1,385
755
885
151

FEDERAL EESERVE BTJIXETIN.

SEPTEMBER 1,1919.

889

OPERATIONS OF THE FEDERAL RESERVE BANKS.

Aggregate decreases of 53.7 millions in total
discounts held and a continued, though, on the
whole, moderate, decline of gold reserves
amounting to 37.8 millions are the principal
changes in condition of the Federal Reserve
Banks during the five weeks between July 18
and August 22. Following the issue by the
Treasury on July 15 of 323 millions of 1920 tax
certificates, the Federal Reserve Banks' holdings of war paper increased by 287.9 during the
week ending July 25, while redemption on July
29 by the Treasury of the outstanding balance
of certificates issued on February 27 m anticipation of the Victory loan, resulted in a decline
of about 255 millions in the Federal Reserve
Banks' holdings of war paper on the following
Friday. On August 1 the Treasury issued
about 534 millions of 1920 loan certificates and
on August 12 redeemed the balance of the
March 13 series of certificates issued in anticipation of the Victory loan. As a result the
banks show a decline for the second week in
August of 85.6 millions in war paper on hand.
The increase under this head reported for the
week ending August 22 is due mainly to heavy
withdrawals by the Government of funds from
depositary institutions. Taking the 5-week
period as a whole, only slight liquidation of
war paper is seen, holdings on August 22 being
about 16.7 millions less than on July 18.
Other discounts on hand declined from 248.3
millions on July 18 to 211.3 millions on August
22. Acceptance holdings continued their upward course for the first three weeks of the
period under review, but as a result largely of
the decline in call-money rates and the consequent demand for this class of paper by member
banks in New York and elsewhere, acceptances
on hand fell off 18.3 millions during the last two
weeks and stood on August 22 at 362.9 millions
or 9.4 millions below the July 18 total. War
paper on hand at the several Federal Reserve
Bajiks includes the amounts held under rediscount for other Federal Reserve Banks. During the five weeks under review the amount of
such rediscounts declined from 94.8 millions to
about 69 millions, the latter figure representing
the aggregate amount taken over by the Chicago, St. Louis and Minneapolis banks from
other Federal Reserve Banks. Acceptance holdings of the Cleveland and San Francisco banks
on August 22 include 41.4 millions of bankers'
acceptances purchased from other Federal Reserve Banks.
Holdings of certificates of indebtedness increased from 209.9 millions on July 18 to 237.8
millions on August 22, largely as a result of




134551—19

0

additional investments by Federal Reserve
Banks in 1-year 2 per cent certificates to secure
Federal Reserve bank note circulation, which
shows an expansion during the same period
from 186.9 millions to 215.8 millions. The
increase of 66 millions in certificates of indebtedness on hand reported on August 15 represents
largely the amount of temporary certificates
issuecf by the Treasury to the Chicago andNew
York banks to cover advances to the Government pending the collection of funds from
depositary institutions.
Total earning assets were largest on July 25,
when the maximum holdings of war paper are
shown. Since then there has been a practically
continuous decrease, the August 22 total,
2,402.4 millions, being 35.4 millions below the
corresponding figure for July 18. Government
deposits show a decrease for the period of 33.8
millions, members' reserve deposits—a decrease
of about 33 millions, and other deposits, including foreign government credits—a decrease of about 27 millions.
Net deposits increased from 1,769.5 millions
on July 18 to 1,820.8 millions on August 8, but
declined to 1,621.1 millions on August 22. In
figuring net deposits account was taken of the
item "gold in transit or in custody in foreign
countries" which is shown first on August 8 as
85.3 millions and increased since to 102.7
millions on August 22. This gold is for the
most part held for account of the Federal
Reserve Bank of New York by the Bank of
Netherland and the National Bank of Belgium.
It was acquired from the United States Grain
Corporation, which had received it in part payment for food supplied to the German Government. This gold is treated for the present as
a deduction from gross deposits. It is proposed
to deposit this gold with the Bank of England, and
as soon as this is done and the value of the gold
definitely ascertained it will be apportioned
among the 12 Federal Reserve Banks and will be
counted as part of their gold reserves under
the caption "Gold with foreign agencies."
Federal Reserve note circulation declined
during the first week of the period, but increased steadily for the remaining four weeks,
the total amount on August 22 being 41.5
millions greater than the corresponding figure
for July 18. Reported gold reserves declined
during the period by 37.8 millions, larger gold
withdrawals for export being offset by gold
deposits of the Treasury. As a result mainly
of the decrease in deposit liabilities the reserve
ratio of the banks shows a rise from 50.9 to 51.3
per cent during the period under review.

890

FEDERAL RESERVE BTJIXiETIK.

SEPTEMBER 1,1919.

Resources and liabilities of each Federal Reserve Bank at close of business on Fridays, July 25 to August 22, 1919.
RESOURCES.
[In thousands of dollars; i. e. 000 omitted.]

Phila- Cleve- RichAtdelphia. land . mond. lanta.

Chicago.

2,239
2,278
2,308
284
2,365

7,903
7,828
7,828
7,864
7,910

23,911
23,603
23,604
23,614
24,082

3,106
2,937
2,760
2,686
2,524

52,212
49,965
54,754
67,212
67,162

160,932 48,527 46,878 25,550
224,828 41,165 38,027 26,067
177,225 42,500
30,060
119,693 46,351 43,315
87,585 42,304 52,566

16,998
9,132
11,641
13,723
10,930

101,590
118,516
121,951
94,091
131,176

25,153
21,523
24,175
32,.030
30,169

59,163
56,896
56,448
73,771
70,252

287,952
287,017
285,578
284,387
283,279

70,576
74,332
74,548
71,742
77,566

119,522
114,786
116,876
121,096
120,662

30,863
28,742
26,646
27,805
25,852

44,199
43,285
45,447
44,109
44,006

266,031
249,235
248,572
261,547
265,462

14,481
16,560
20,840
13,353
16,735

24,829
24,829
24,588
24,829
24,908

11,578
8,835
8,517
12,783
7,219

2,137
531
2,205
275

6,664
8,204
6,710
6,286
7,678

5,600
6,958
4,844
6,669
5,273

35,296
24,055
32,441
36,336
26,279

3.971
3; 911
6,474
5,181
5,910

642,194 131,305 201,873
696,744 124,870 186,879
126,123 189,150
582,503 131,430 192,026
557,162 127,717 201,491

65,316
65,291
65,724
66,933
65,294

74,700
67,203
69,760
72,365
68,119

426,828
415,409
426,568
415,588
446,999

82,340
84,769
96,787
92,494

1,027
1,005
965
858

524
523
510
484
434

1,324
1,291
1,276
1,183
1,309

953
896
874
1,629
1,155

4,218
4,494
4,536
4,542
4,520

76,024
68,494
71,036
73,548
69,428

Boston.
Gold coin and certificates:
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Gold settlement fund, Federal
Reserve Board:
July 25
Aug.l
Aug. 8
Aug. 15
Aug. 22
Gold with Federal Reserve
agent:
July 25
Aug.l
Aug. 8
Aug. 15
Aug. 22
Gold redemption fund:
July25.t
Aug.l
Aug. 8
Aug. 15
Aug. 22
Total gold reserves:
July 25
Aug.l
Aug. 8
Aug. 15
Aug. 22
Legal tender notes, silver, etc.:
July 25
Aug.l
Aug. 8
Aug. 15
Aug. 22
Total cash reserves:
July 25
,
Aug.l
Aug. 8
Aug. 15
Aug. 22
Bills discounted:
Secured by Government
war obligations—*
July 25
Aug.l
Aug. 8
Aug. 15
Aug. 22
All o t h e r July 25
Aug.l
Aug. 8
Aug. 15
Aug. 22
Bills bought in open market: 2
July 25
Aug.l
Aug. 8
Aug. 15
Aug. 22
U. S. Government bonds:
July 25
Aug.l
Aug. 8
Aug. 15
.".
Aug. 22
U. S. Victory notes:
July 25
Aug.l
Aug. 8
Aug. 15
Aug. 22
U. S. Certificates of indebtedness:
July25
Aug.l
Aug.8
Aug. 15
Aug. 22




New
York.

4,480
4,695
4,848
4,990
5,432

168,481
160,070
158,539
153,594
161,390

130,336
128,116
136,890
159,326
159,581

624
538
558
554
628

33,535
31,211
27,840
27,465

San
St.
Minne- Kansas
FranLorais. apolis. City. Dallas. cisco.

8,359
8,360
8,384

168
162
129
87
140

9,312
9,438
9,508
9,608
10,676

8,637
9,817
13,093
9,670
9,511

270,601
263,275
262,745
250,651
260,507

29,696
34,578
28,923
35,646
34,150

38,973
35,904
43,978
60,614
53,127

9,840
6,343
5,710
5,117
4,744

35,183
35,848
42,8,56
36,168

591,532
641,896
618,636
591,206
579,480

61,069 33,660 30,770
53,969 32,100 29,668
51,360 35,614 35,102
56,890 34,818 33,340
53,891 34,261 41,120

15,780
16,269
16,885
16,498
16,488

88,466
85,008
90,971
92,891
94,189

1,108,051
1,071,307
1,084,047
1,118,894
1,127,028

2,926
2,344
2,137
2,492
2,452

2,687
1,574
2,217
957

124,967
111,997
119,328
121,836
107,270

78,163 80,113 37,858 133,166
76,973
34,394 133,360
76,231 84,872 34,240 144,499
82,924 101,356 33,715 147,634
81,384
34,360 140,825

2,095,151
2,088,475
2,084.756
2,082,587
2,074,285

8,404 j
8,374

6,403
1,921
3,335
4,100
4,589

10,202
11,162
5,663
7,315
4,472

8,724
8,820
8,163

47,691
48,557
47,589
48,568
49,108

156
322
234
190

137,841
136,378
145,614
168,146
167,744

689,885
745,301
693,519
631,071
606,270

131,461
125,192
126,357
131,620
127,986

202,771
187,906
190,155
192,991
202,349

65,840
65,814
66,234
67,417
65,728

427,781
416,305
427,442
417,217
448,154

97,517
86,834
89,305
101,329
97,014

134,001
137,720
128,138
111,748
107,163

649,147
644,096
641,566
615,433
619,361

170,366
175,349
180,934
176,779
180,285

103,063
101,826
100,989
110,082^.
100,181

82,053 78,916 191,632
76,296 75,778 193,391
77,448 79,530 186,386
78,939 72,794 158,584
73,373 78,167 188,450

49,858
63,507
59,490
53,513
60,095

6,570
8,276
8,433
8,517

68,746
58,120
53,625
49,853
46,978

13,916 12,579 24,313
13,595 12,441 26,223
12,353 11,648 26,477
12,585 14,641 24,576
14,272 13,374 20,025

10,950
10,732
10,271
9,224
9,458

26,971
26,725
26,862
25,184
35,756

91,497
98,002
106,980
111,654
105,843

719
660
623
673
812

56,139
56,916
57,047
54,573

7,868
8,290
7,978
7,473
7,425

6,992
6,568
6,035
5,432
4,861

56,016
50,800
52,452
49,943
45,722

8,873
9,842
9,612
9,817
8,500

24,058
24,748 !
26,177 I
22,644: !
21,195

539
539
539
539

1,257
1,257
1,257
1,257
1,257

1,385
1,385
1,385
1,395
1,385

1,083
1,093
1,093
1,094
1,094

1,234
1,234
1,234
1,234
1,234

376
376
376
376
376

4,477
4,476
4,476
4 477
4,477

1,153
1,153
1,153
1,153
1,153

116
116
116
116
116

50
50
50
50
50

1
1
1

59,002
61,580
63,191
76,644
65,170

24,812
24,812
25,862
25,805
25,902

7,505

21,436
21,436
21,536
21,436
21,436

19,881 11,463
15,830 10,517
14,715 10,710
16,044 10,810
17,192 11,110

304
171
214
184
124

1,892
1,920
2,049
2,254
2,145

297
267
262
259

78,224 80,417
77,065 77,067
76,315
101,540
81,456

39,750
36,314
36,289
35,969
36,505

133,512
133,657
144,766
147,896
141,084

2,161,023
2,156,327
2,152,118
2,151,723
2,142,701

35,168
25,617
29,031
27,496
30,664

37,595
40,707 32,110
41,725
35,326 32 362
35,704 38,712

45,518
46,242
49,260

1,616,210
1,612,639
1,608,583
1,522,992
1,563,048

4,095
3,927
3,317
3,548

44,930 20,978
41,730 21,007
38,565 20,445
33,719 20,150
29,253 20,348

12,971
14,192
15,133
16,764

251,392
235,300
225,535
220,347
211,262

61 i
92
84
55
72

50,893

7,410
7,895
8,495
8,495
8,405

10,479
10,479
1ft /I7O
10,979
11,479
11,979

I 26,612
! 28,612
OQ ftiO
29,612
81,612
32,612

I

I 17,068
17 QQg

17j 068
17,068
17,068

7,027
7,445
7,450

65,872
67,852
69,136
68,416

2
2
2
23
23

332
332
671
811

96,039
91,906
87,141
86,288
85,303

375,556
374,791
381,241
374,375
362,911

8,867
8,867
8,867
8,868
8,868

3,966
3,966
3,966
3,966

2,633
2,632
2,633
2,633
2,633

27,086
27,094
27,095
27,098
27,098

211
205
205
204
140
18,358
18,875
20,475
19,959
21,923

Total.

280
280
274
209
7,342
7,343
12,489
12,814
12,772

5,900
6,300
6,300
6,300
6,300

6,640
6,690
6,690
6,670
6,740

212,028
229,724
295,727
237.847

891

FEDERAL RESERVE BULLETIN.

SEPTEMBER 1,1919.

Resources and liabilities of each Federal Reserve Bank at close of business on Fridays, July 25 to August 22,1919—Continued.
RESOURCES-Continued.
[In thousands of dollars; i. e., 000 omitted.]
Boston.

New
York.

Total earning assets:
i
July 25
|189,535 869,699
Aug. 1
193,424
863,105
Aug. 8
jl85,367 866,669
Aug. 15
|l67354 854,891
Aug. 22
1173,425
Bank premises:
I
July 25
1 800
3,999
Aug.l
!
800
3,999
Aug.8...
i
800
3,994
Aug. 15
1 800
3,994
Aug. 22
!
800
3,994
Gold in transit or in custody in ;
foreign countries:
"
;
Aug.8
!
85,258
Aug. 15
89,631
Aug. 22
102,748
Uncollected items and other
• deductions from gross deposits:
July 25
57,171 171,899
Aug.l
53.217 171,038
Aug.8
62;102 159,345
Aug. 15
70,341 214,339
Aug.22
59,291 186,543
5 per cent redemption fund
against Federal Reserve B auk
notes:
July 25
1,015
2,038
Aug.l
1,072
2,091
Aug.8
1,072
2,135
Aug. 15
1,072
2,220
Aug.22
1,072
2,249
All other resources:
July 25
341
2,351
Aug.l
384
Aug.8
329
2,114
Aug. 15
412
2,187
Aug.22
341
2,306
Total resources:
July 25
386,703 739,871
Aug.l
385,275 III 787,922
Aug.8
813,034
395.284 ll,
Aug. 15
798,333
408; 125 1,
Aug.22
402,673 742,769
i Includes bills discounted for
other Federal Reserve Banks:
July 25
Aug.l
Aug.8
Aug.15
Aug.22
* Includes banks' acceptances
brought from other Federal
Reserve Banks, without their
indorsement:
July 25
Aug.l.
Aug.8
,
Aug.15
,
Aug.22
,

Philadelphia.

Cleve- Richland. mond.

Atlanta.

Chicago.

San
St.
Minne- Kansas
FranLouis. apolis. City. Dallas. cisco.

217,164
218,037
223,520
220,686
225,576

190.106
189,227
190,314
196,518
180,968

112,481
107,310
107,508
108,726
104,799

109,348
105,648
108,574
104,728
108,762

303,050
303,502
299,403
319,192
291,286

87,902
102,302

500
500
500
500
500

875
875
875
875
875

416
416
437
437
437

459
459
463
463
463

2,936
2,936
2,936
2,936

691
708
691
691
691

90,775
96,274

70.617
61,505
65,873
61,453
63,401

Total.

100,034 68,821 163,801 2,452,558
63,715 161,662 2,468,086
101,648 65,131 160,857 2,472,458
90,750 63,449 162,291 2,440,813
86,620 70,137 162,468 2,402,375
401
401
401
402
402

307
307

400
400
400
400
400

11,784
11,801
11,805
11,806
11,806
85,258
89,631
102,748

51,781
71,800
58,726
76,243
62,417

30,944
32,210
29,498
33.729
29; 454

81,749
85,542
88,329
98,114
85,299

48,046
49,280
51,784
51,030
47,776

12,885
17,058
13,862
18,714
15,970

59,888
64,054
65,561
68,362
67,539

19,726
29,017
30,080
33,617

877
927

448
448
448
448
448

520
520
528
578
579

1,682
1,679
1,799
1,799
1,799

803
795
658
840
840

394
394
374
374
374

730
729
729
852
852

755
768
1,067
856
752

950
989
992
997

1,025
513
987
693
1,052

379
373
334
366

1,455
1,462
1,472
1,520
1,547

501
536
510
490

196
165
93
104
93

411,582
412,055
413,429
428,538
427,776

451,565
442,594
437,850
460,286
1452,991

231,991
246,301
234,340
253,964
234,881

217,674
207,704
210,433
213,412
209,015

818,653
811,426
821,381
840,778
831,021

235,460
240,455
240,542
245,155
243,204

162,316
158,187
156,517
163,624
161,294

60,502
66,333
60,712
73,583
71,669

1,200
1,225
1,273
1,293
1,293

62,740
54,640
67,993
66,836

897

54,900
62,250
48,150
39.970
38; 990

39,924
37,328
33,404
32,334
41,562

690,495
739,617
708,043

436
460
460
460

450
450
450
450
450

10,613
10,735
10,803
11,313
11,382

447
472
515
490
543

583
553
599
524

929
822
807
889
850

9,816
9 503
9,905

241,917
241,372
253,940
262,396
254,939

129,623
130,342
132,867
134,327
136,719

339,016
334,319
340,684
344,240
348,814

763,179

5,366,371
5,450,301
5,553,178
5,444,096
84,900
99,250
85,150
71,433
68,990

5,000 25,000
20,000 17,000
20,000 17,000
15,000 16,463
15,000 15,000

38,567
37,317
34,388
32,508
35,879

10,012
10,012
10,012
10,012
5,484

48,579
47,329
44,400
42,520
41,363

LIABILITIES.
Capital paid in:
July 25
Aug.l
Aug.8
Aug. 15
Aug.22
Surplus fund:
July 25
Aug.l
Aug. 8
Aug.15
Aug.22
Government deposits:
July 25
Aug. 1
Aug. 8
Aug.15
Aug. 22




6,877
6.936
6', 935
6,937
6,941

21,477
21,460
21,535
22,013
22,019

7,653
7,653
7,653
7,655
7,752

9,255
9,258
9,260
9,336
9,339

4,227
4,224
4,224
4,224
4,224

3,257
3,277
3,319
3,278
3,331

11,561
111 673
11,828
11,901
11,905

3,930
3,945
3,945
3,943
4,000

3,020
3; 023
3,023
3,023
3; 023

3,802
3,804
3.806
3,809
3,893

3,277
3,297
3,297
3,299
3,292

4,981
4,982
4,982
4,982
5,011

83,317
83,532
83,807
84,400
84,730

5,206
5,206
5,207
5,207
5,207

32,922
32,922
32,922
32,922
32,922

5,311
5,311
5,311
5,311
5,311

5,860
5,860
5,860
5,860
5,860

3,800
3,800
3,800
3,800
3,800

2,805
2,805
2,805
2,805
2,805

9,710
9,710
9,710
9,710
9,710

2,589
2,589
2,589
2,589
2,589

2,320
2,320
2,320
2,320
2,320

3,957
3,957
3,957
3,957
3,957

2,029
2,029
2; 029
2,029
2,029

4,578
4,578
4,577
4,577
4,577

81,087
81,087
81,087
81,087
81,087

7,190
6,619
6,967
5,542
9,698

28,S72
10,541
54,660
4,845
28,812

8,902
2,133
6,333
3,596
7,514

7,530
6,339
5,518
5,749
7,883

6,270
837
136
4,289
1,864

10,023
2,774
3,318
4,532
6,073

17,792
9,429
8,445
6,543
10,302 '

4,788
5,945
5,124
6,205
6,184

4,212
5,996
492
4,161
4,579

6,606
7,389

7,198
2,301
1,831
1,456
3,140

6,655
8,054
8,201
5,012
12,237

116,038
68,357
108,686
58,590
103,330

6,660
5,044

892

FEDERAL RESERVE BULLETIN.

SEPTEMBER 1,1919.

Resources and liabilities of each Federal Reserve Bank at close of business on Fridays, July 25 to August 22,1919—Oo ntinued.
LI ABILTTIE S—Continued.
[In thousands of dollars: i . e . 000 omitted.]
Boston.

Due to members—reserve account:
July25
Aug.l
Aug. 8
Aug. 15
Aug. 22
Deferred availability items:
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Other deposits, including foreign Government credits:
July 25
Aug.l
Aug. 8
Aug. 15
Aug. 22
Total gross deposits:
July 25
Aug.l
Aug. 8
Aug. 15
Aug. 22
Federal Reserve notes in actual
circulation:
July 25
Aug.l
Aug.8
Aug. 15
Aug. 22
Federal Reserve bank notes in
circulation—net liability:
July 25
Aug.l
Aug.8
Aug. 15
Aug. 22
All other liabilities:
July 25
Aug.l....
Aug. 8
Aug. 15
Aug. 22
Total liabilities:
July 25
Aug.l
Aug.8
Aug. 15
Aug. 22

New
York.

Philadelphia.

107,394
106,819

694,244
741,754
732,343
734,666

105,027

101,330
101,215
103,028
108,605
102,338

52,859
48,310
49,407
61,725
51,181

53,964
140,053 59,199
130,986 53,420
159,692 62,239
149,359

7,070
6,657
6,069
6,146
5,833

50,412
49,534

174,513
168,405
170,909
181,936
171,739
180,481
183,544
189,597
191,077
195,600
18,209
19,769
21,151
21,376
21,436

Clove- Richland. mond.

133,510
127,716
123,639
129,203
124,153

54,682
54,329
54,635
56,110
55,397

50,378 45,049
51,313 65,323
47,537 53,268
59,907 68,391
53,308 52,434

City.

San
Dallas. Francisco.

Total.

52,763
45,545
51,841
52,336
51,813

78,072
75,988
82,965

45,023
43,133

81,417

91,232
88,534
92,287
45,053 96,746
45,745 91,928

1,718,396
1,742,478
1,756,807
1,778,365
1,679,834

10,444
10,597
11,139
43,257 13,419
39,696 12,407

37,965
38,974
43,713
52,359
46,671

14,003
21,181
20,122
24,146
23,934

19,598
15,966
19,045
19,066
19,319

535,178
581,232
555,485
670,539
605,812

2,848
2,605
2,396
3,361
2,301

4,623
4,495
4,295
4,679
3,819

2,520
2,411
2,210
2,257
2,123

7,799
8,087
6,916
5,960
5,485

117,444
113,731
107,882
109,210

Atlanta.

Chicago.

MinneSt.
Louis. apolis.

48,346
45,610
47,227
46,309
44,752

247,905
250,295
250,635
257,390

63,895
61,540
62,752
61,361
63,292

22,285 65,791
23,386 67,050
23,132 64,728
25,854 80,484
24,201

34,214
39,880

8,179
7,781
7,507
7,047
7,304

7,964
8,403
6,935
7,711
6,702

4,563
4,407
4,078
4,061
3,797

3,773
3,483
3,146
3,523
2,941

12,860
11,271
11,493
11,828
10,381

4,842
4,597
4.143
4; 366
3,928

902,156
941,882
966,683
947,474

172,366
170,328
170,288
181,487
179,565

199,382
193,771
183,629
202,570
192,046

110,564
124,896
112,117
132,851
113,492

84,427
75,253
76,823
80,218
77,967

344,348
338,045
335,301
356,245
339,165

107,739
111,962
111,007
115,189
113,100

70,267 127,266 68,744
64,743 126,846 69,026
138,634 71,152
73,277 145,761 72,912
71,100 136,951 74,942

125,284
120,641
126,449
126,784
128,969

2,487,056
2,505,798
2,528,860
2,616,704
2,487,074

739,165
745,918
745,723
748,166
749,975

201,693
203,665
204,697
208,136
208,527

218,794
215,039
220,064
222,903
225,448

105,735
105,425
105,897
104,489
104,455

116,835
115,933
116,613
115,742
112,991

423,393
420,314
431,735
429,140
434,786

104,729
105,109
106,004
106,387
106,260

79,639
78,889
77,972
77,582
77,231

92,148
91,498
91,646
92,356
92,966

46,557
46,742
46,929
46,585
46,807

195,328
194,744
195,180
198,341
198,488

2,504,497
2,506,820
2,532,057
2,540)904
2,553,534

38,536 23,476
39,529
39,405 24,149
40,453 24,515
42,056 25,046

17,147
17,467
17,744
18,223
18,807

6,936
7,188
7,430
7,687
7,907

9,760
9,785
10,156
10,605
11,091

27,833 15,874
29,714 16,185
30,662 16,298
31,536 16,305
33,001 16,449

6,582
6,678
6,783
6,836
6,990

13,669
14,179
14,774
15,395
16,050

8,278
8,491
8,683
8,702
8,812

7,549
8,038
8,083
8,076
8,150

193,849
200,945
205,318
209,709
215,795

534
551
586
630

1,075
1,088
1,123
1,118
1,122

738
757
777
860
837

1,296
1,336
1,413
1,480
1,619

16,565
17,770
19,172
20,384
21,876

162,316
156,187
156,517
163,624
161,294

241,917
241,372
253,940
262,396
254,939

129,623
130,342
132,867
134,327
136,719

339,016
334,319
340,684
344,240
346,814

5,366,371
5,395,952
5,450,301
5,553,188
5,444 096

48,271
43,484

1,417
1,415
1,485
1,592
1,750

5,615
6,211
6,766
7,305
7,759

1,083
1,176
1,331
1,434
1,575

1,127
1,199
1,293
1,404
1,491

729
768
872
913
1,003

590
651
717
764

1,808'
1,970
2,145
2,246
2,454

599
665
699
742

386,703
385,275
395,284
408,125
402,673

1,739,871
1,787,922
1,813,034
1,798,333
1,742,769

411,582
412,055
413,429
428,538
427,776

451,565
442,594
437,850
460,296
452,991

231,991
246,301
234,340
253,964
234,881

217,674
!207,704
1210,433
|213,412
1209,015

818,653
811,426
821,381
840,778
831,021

235,460
240,455
240,542
245,155
243,204

MEMORANDA.

Contingent liability as indorser
on discounted paper rediscounted with other Federal
Reserve banks:
July 25
Aug.l
Aug.8
Aug. 15
Aug. 22




34,900
38,250
24,750
17,970
16,990

50,000
55,000
55,000
50,000
50,000

!
!
I
I
j

6,000
5,400
3,463
2,000

84,900
99,250
85,150
71,433
68,990

SEPTEMBER 1, 1919.

893

FEDERAL RESERVE BULLETIN.

Maturities of bills discounted and bought, also of Treasury certificates of indebtedness,
[In thousands of dollars; i. e., 000 omitted.]
Within 15
days.
Bills discounted:
July 25
Aug.l
Aug. 8
Aug. 15
Aug. 22
Bills bought:
July 25
Aug.l
Aug. 8
Aug. 15
Aug. 22
United States certificates of indebtedness:
July 25
Aug.l
Aug. 8
Aug. 15
Aug. 22




16 to 30
days.

31 to 60
days.

61 to 90

days.

1,532,918
1,521,353
1,541,882
1,439,073
1,488,314

103,924
88,439
53,405
63,535
47,316

99,788
103,937
97,738
99,241
144,035

109,773
115,283
127,428
129,709
84,993

74 463
74,344
93,019
93,764
94,915

81,152
85,446
91,369
87,549
72,696

146,190
165,047
152,212
154 529
145,246

73,751
49 954
44,641
38 533
50,054

16,601
19,229
23,628
87,338
22,839

4,111
6,015
5,000
6,146
11,751

13,801
28,233
22,713
23,497
19,875

20,103
36,314
22,484
23,606
24,606

Over 90
days.

21,199
18,927
13,665
11,781
9,652

1 OXttl.

1,867,602
1,847,939
1,834,118
1,743,339
1,774,310
375,556
374,791
381,241
374,375
362,911

157,412
128,191
155,899
155,140
158,776

212,028
217,982
229,724
295,727
237,847

894

FEDERAL BESERVE BUIiLETIST.

SEPTEMBER 1,1919.

FEDERAL RESERVE NOTES.
Federal Reserve note account of each Federal Reserve Bank at close of business on Fridays, July 25 to Aug. 22, 1919.
[In thousands of dollars; i. e., 000 omitted.]
Boston.
Federal Reserve notes received
from agents:
July 25
Aug.l
Aug. 8
Aug. 15
Aug. 22
Federal Reserve notes held by
banks:
July 25
Aug.l
Aug.8
Aug. 15
Aug. 22
FederalReserve notes in actual
circulation:
July 25
Aug.l
Aug.8
Aug. 15
Aug. 22
Gold aoposited with or to
credit of Federal Reserve
agent:
July 25
Aug.l
Aug. 8
Aug. 15
Aug. 22
Paper delivered to Federal Reserve agent:
July 25
Aug.l
Aug.8
Aug. 15
Aug. 22




NewYork.

Philadelphia.

188,950
192,283
196,735
200,058
202,139

823,649
820,392
820,273
822,123

215,884
217,340
217,355
217,150
216,973

8,469
8,739
7,138
8,981
6,539

84,484
74,474
74,550
73,957

180,481
183,544
189,597
191,077
195,600

San
St.
Minne- Kansas
Louis. apolis. City. Pallas. Fran-

Cleve- Richland. mond.

Atlanta.

Chicago.

230,189
227,834
232,743
234,364
237,569

110,429
110,668
110,642
108,601
109,288

122,334
120,813
121,085
120,229
113,316

457,726
455,930
455,267
458,242
462,157

121,293
122,273
122,265
123,595
124,295

82,806
81,546
80,360
80,164
80,107

100,017
99,115
98,409
98,557
99,657

14,191
13,675
12,658
9,014
8,446

11,395
12,795
12,679
11,461
12,121

4,694
5,243
4,745
4,112
4,833

5,499
4,880
4,472
4,487
5,325

34,333
35,616
23,532
29,102
27,371

16,564
17,164
16,261
17,208
18,035

3,167
2,657
2,388
2,582
2,876

7,869
7,617
6,763
6,201

739,165
745,918
745,723
748,166
749,975

201,693
203,665
204,697
208,136
208,527

218,794
215,039
220,064
222,903
225,448

105,735
105,425
105,897
104,489
104,455

116,835
115,933
116,613
115,742
112,991

423,393
420,314
431,735
429,140
434,786

104,729 79,639
105,109 78,889
106,004 77,972
106,387 77,582
106,260 77,231

92,148
91,498
91,646
92,356
92,966

46,557
46,742
46,929
46,585
46,807

195,328
194,744
195,180
198,341

2,504,497
2,506,820
2,532,057
2,540,904
2,553,534

59,163
56,896
56,448
73,771
70,252

287,952
287,017
285,578
284,387
283,279

70,576
74,332
74,548
71,742
77,566

119,522
114,786
116,876
121,096
120,662

30,863
28,742
26,646
27,805
25,852

44,199
43,285
45,447
44,109
44,006

33,660
32,100
35,614
34,818
34,261

30,770
29,668
35,102
33,340
41,120

15,780
16,269
16,885
16,498
16,488

85,008
90,971
92,891
91,189

1,108,051
1,071,307
1,084,047
1,118,894
1,127,028

167,542
171,431
163,274
145,365
151,436

809,390
800,218
802,171
776,940
771,993

147,127
145,245
159,394
156,955
141,724

168,720
168,284
167,397
173,944
156,981

51,683
55,057
51,765
50,908

83,824
82.439
80)292
69,068
64,980

58,955
53,449
54,865
53,183
59,871

144,017
137,682
142,892
135,605
130,925

2,171,374
2,140,965
2,150,291
2,037,453
2,039,265

266,031 61,069
249,235
248,572 51,360
261,547 56,890
265,462 53,891

100,549 95,073 271,855 ! 65,433
94,768 86,747 270,067 I 78,952
94,219 90928 265259 ! 74543
90,928 265,259
74,543
81,831 87,419 1233,040 i 72,338
91,111 88,819 1254,188 I 76 329

48,854
49,168
50,654
50,417
49,518

Total.

221,470
218,012
219,475
220,754
219,753

2,723,601
2,715,374
2,725,263
2,734,254
2,748,740

2,297 26,142
2,426 23,268
3,725 24,295
3,832 22,413
2,711 21,265

219,104
208,554
193,206
193,350
195,206

895

FEDERAL RESERVE BTJULrETIN.

SEPT3MBBE 1, 1919.

Federal Reserve note account of each Federal Reserve agent at close of business on Fridays, July 25 to Aug. 22, 1919.
[In thousands of dollars; L e., 000 omitted.J
Philadelphia.

Cleveland.

408,780
420,780
426,780
432,780
432,780

370,000
372,480
374,160
383)580
387,440

227,120
227,120
232,680
236,680

Boston.

Rich- Atmond. lanta.

San
FranCisco.

Chicago.

St.
Louis.

241,500
241,500
243,000
243,000
244,000

655,320
659,960
665,160
669,600
680,840

210,440
218,020
218,920
222,120
224,120

134,380
134,380
134,380
137,380
137,380

170,920
170,920
170,920
171,920
172,720

104,760
104,760
104,760
104,760
105,160

304,400
304,400
306,000
309,860
312,060

4,829,860
4,864,540
4,912,140
4,972,780
5,019,920

169,154
173,670

73,937
76,037
78,645
80,115
83,115

37,514
38,074
39,560
40,356
40,913

57,553
58,655
60,221
61,983
63,203

35,731
36,242
37,126
37,513
38,522

72,330
75,788
78,825
81,906
85,607

1,700,712
1,741 197
1,787,679
1,831,709
1,872,902

69,029 232,070
68,518 228,612
227,175
67,247 227,954
66,638 226,453

3,129,148
3;123,343
3,124,461
3,141,071
3,147,018

Minne-1 Kansas
apolis.
City. Dallas.

Total.

FEDERAL RESERVE NOTES.

Received from comptroller:
July 25
Aug.l
Aug.8
Aug. 15
Aug. 22
Returned to comptroller:
July ^
25..
v^j
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Chargeable to FederaL Reserve
agent:
July 25
Aug.l
Aug.8
Aug. 15
Aug. 22
In hands of Federal Reserve
agent:
July25
Aug.l
Aug.8
Aug. 15
Aug. 22
Issued to Federal Reserve Bank
less amount returned
to
Federal Reserve agent for
redemption:
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Collateral held as security for
outstanding notes:
Gold coin and certificatesJuly 25
Aug. 1
Aug.8
Aug. 15
Aug. 22
Gold redemption f u n d July 251
Aug.l
Aug.8
Aug. 15
Aug. 22
Gold settlement fund, Federal Reserve Board—
July 25
Aug.l
Aug. 8
Aug. 15
Aug. 22
Eligible paper—minimi, un
required i—
.My 25
Aug. i
Aug.8
Aug. 15
An?. :22




341,360
342,640
354,400
362,720

1,
1,667; 580
1,680,980
1 698,380
1,717,420

126,250
128,517
132,965
135,642
139,161

697,631
713,588
727,107
742,657
753,452

171,416
174,660
178,445
183,250
186,427

109,911
113,646
115,557
120,836
124,271

90,403
92,524
94,621
96,962
98,914

58,882
59,796
61,634
62,971
65,074

215.110
214; 123
221,435
!227,078
|230,159

963,249 237,364
246,120
953,873 248,335
955,723 249,530
246,353

258,834
258,603
262,744
263,169

136,717
134,596
138,059
139,718
137,766

182,618
181,704
181,368
180,029
178,926

26,160
21,840
| 24,700
1 27,020
j 28,020

139,600
133,600
133,600
133,600
135,000

21,480
28,780
30,980
32,380

29,900
31,000
25,860
28,380
25,600

23,928
27,417
31,117
28,478

60,284
60,891
60,281
59,800
60,610

823,6-19 215,884
217,340
820,273 217,355
822,123 217,150
216,973

230,189
227,834
232,743
234,364

110,429
110,668
110,642
108,601
109,288

122,334
120,813
121,085
120,229
118,316

188,950
192,283
196,735
200,058
202,139

183,740
183,740
183,740
183,740
183,740

12,125
12,125
14,125
18,125
18,125

14,212
13,277
11,838
10,647
19,539

14,687
11,443
12,659
12,853
19,677

12,397
12,661
12,751
12,971
12,537

49,000
45,000
45,000
58,000
58,000

90,000
90,000
90,000
90,000
80,000

61,889
58,889
57,889

95,000 29,000
90,000 27,000
90,000 25,000
90,000 ! 26,500
90,000 j 24,500

1129,787
1135,387
j 140,287
126,287
j 131.887

535,697
533,375
534,695
537,730

r

110,667
113,048
115,867
113,268
116,907

486,166 136,503
486,290 141,983
482,187 140,275
142,005
486i597 141,005
28,440
30,360
26,920
23,840
24,440

15,210
19,710
18,010
18,410
16,710

457,726 121,293
122,273
455,267 122,265
458,242 123,595
462,157 124,295

1,863
1,742
1,646
1,305
1,352

: 79,566
! 81,926
i 83,996
i 80,796
; 83,436
.

113,367
96,306 112,265
94,820 110,699
97,024 109,937
109,517
14,060
14,760
14,460
16,860

81,546
80,360
80,164
80,107

13,350
13,150
12,290
11,380

20,175
19,350
16,980
16,830
17,120

10,600
10,600
7,700
7,200
6,700

405,547
407,969
399,198
406,817
398,278

100,017
99,115

48,854
49,168
50,654
50,417
49,518

221,470
218,012
219,475
220,754
219,753

2,723,601
2,715,374
2,725,263
2,734,254
2,748,740

98,557
99,657

9,831
9,831
9,831
9,831
8,831

13,052
13,052
13,052
13,052
13,052

2,500
2,500
2,500
2,500
2,500

10,163
11,896
11,448
15,771
12,252

145,308
1143,008
1142,807
! 145,408
1139,407

187,518
194,243

221,248
221,248
223,248
227,248
226,248

1,699
2,785
2,947
3,609
4,506

8,926
8,411
8 108
8,562
8,837

3,138
3,038
2,430
2,960
1,960

1,808
1,248
1,762
966
2,409

1,410
2,308
2,742
2,980
3,760

2,765
2,754
2,870
2,483
2,473

11,844
9,986
13,563
12,855
15,048

84,912
81,549
84,764
87,962
104,350

40,000
38,000
40,000
38,000
37,000

257,105
240,824
240,464
252,985
256,625

57,931
50,931
48,930
53,930
51,931

18,800
17,800
20,800
20,800
18,800

29,360
27,360
32,360
30,360
37; 360

3,184
3,684
4,184
4,184
5,184

76,622
75,022
77,408
80,036
79,141

801,891
768,510
776,035
803,684
796,430

78,135
77,528
75,638
76,120
74,310

191,695
206,695
206,695
196,695
! 196,695

60,224
68,304
70,905
66,705
70,404

49,146
49,446
44,746
45,346
45,846

69,247 ?33,074 133,004
69,447 •(32,899 133,004
63,307 ;33,769 128,504
65,217 33,919 127,863
58,537 33,030 125,564

1,615,550
1,644,067
1,641,216
1,615,360
1,621,712

i

For actual amounts see "Paper delivered to Federal Reserve

896

FEDERAL RESERVE BULLETIN.

SEPTEMBER 1,1919.

CONDITION OF SELECTED MEMBER BANKS.

During the four-week period, July 18 to
August 15, weekly reports from about 770
banks in leading centers indicate moderate
liquidation of war paper, more than offset,
however, by increases in the holdings of Treasury certificates. The amount of United States
bonds, including Liberty bonds, held by the
banks showed but little change during the
period, while Victory notes held declined from
368.2 to 329.4 millions, largely as a result of
installments paid by customers purchasing on
the deferred-payment plan. Redemption by
the Treasury of two series of certificates issued
in anticipation of the Victory loan and the
issue on August 15 of 323 millions of tax certificates ancl on August 1 of 534 millions of
loan certificates had the net result of increasing
the reporting banks' holdings of this class of
United States obligations from 930.1 to about
1,200.7 millions. Continuous liquidation of war
paper is shown by the weekly reports., amounting to 61.8 millions for the period. Aggregate
amounts of United States securities and war
paper held by all reporting banks showed a
decline during the week ending July 25, but
a later increase, the amount on August 15
being 3,494.7 millions, or 23.4 per cent of
total loans and investments, as against 23 per
cent four weeks earlier. For the New York
City banks the corresponding percentage increased between July 18 and August 15 from
26.6 to 27.7 per cent!

Other loans and investments of the reporting
banks, which were about 10,891 millions on
July 18, showed a decline during the first week
of the period under discussion, but increased
since July 25, and on August 15 stood at
11,202.3 millions, the corresponding item for
the New York City banks following a similar
course. On August 15 the reports segregated,
for the first time, loans secured by stocks and
bonds other than United States securities.
The new item amounted to about 2,926.9 millions for all reporting banks, of which 1,288.6
millions were held by New York City members.
Demand deposits (net) of the reporting banks
fluctuated during the four weeks in harmony
with loans and investments and show an aggregate increase of 163 millions for the four
weeks, while time deposits were 130 millions
greater at the end than at the beginning of the
period. Government deposits increased every
week except the first, the final figure being
211.8 millions higher than four weeks earlier.
Members7 reserve balances with the Federal
Reserve Banks increased by 59.6 millions,
while the total accommodation extended by
the Federal Reserve Banks to reporting member banks by the discount of their collateral
notes and customers' paper was less by 91.3
millions on August 15 than on July 18. Cash
in the vaults of the member banks shows a
decline for the period of 17.7 millions.

Principal resources and liabilities of member banks in leading cities, including member banks located in Federal Reserve
bank cities and in Federal Reserve branch cities, as at close of business on Fridays from July 25 to Aug 15, 1919.
1. ALL REPORTING MEMBER BANKS,
fin thousands of dollars; i. e. 000 omitted.]
Boston.

Number of reporting
banks:
July 25




Philadelphia.

Cleveland.

Richmond.

Atlanta.

109
109
109
110

4 u s-!

Aug. 8
Aug. 15
United States bonds to
secure circulation:
July 25
Aug.l
Aug. 8
Aug. 15
Other United States
bonds. Including Liberty bonds:
July 25
Aug.l
Aug. 8
Aug. 15
United "States Victory
notes:
July 25
Aug.l
Aug. 8
Aug. 15

NewYork.

Chicago.

St.
Minne- Kansas
Louis. apolis. City. Dallas.

100
100
100
100

San
Francisco.

Total.

56

769
770
770
773

14,508
14,508
14,507
14,607

48,860
49,360
49,860
48,060

11,597
11,597
11,597
11,598

41,858 25,744
43,858 25,744
41,858 25,744
41,858 25,744

15,115
14,715
J4,715
14,715

20,119
20,136
20,126
20,583

17,156
17,156
17,]55
17.155

7,120
7,120
7,120
7,120

14,217
14,217
14,217
14,216

18,723
18,727
18,727
18,727

34,605
34,605
34,605
34,605

269,622
269,743
270,231
268,988

17,628
17,569
17,187
17,379

299,239
300,085
294,445
296,576

34,727
34,975
35,537
35,011

63,285
62,576
64,457
63,638

38,403
37,868

24,801
27,665
27,515
28,394

56,155
53,820
54,169
54,213

16,550
16,562
17,184
16,167

10,140
10.085
10,607
11,115

22,102
22,275
21,652
23,202

38,419
18,567
18,418
18,740

33,860
42,298
41,741
41,892

636,510
645,116
641,315
644,195

11,877
11,448
11,427
11,088

143,187
136,696
134,540
131,494

17,690
16,849
16,320
16,913

45,795
44,506
42,124
40,137

15,472
14,8-17
14,426
16,046

19,526
14,826
14,567
16,319

53,261
51,831
50,124
51,041

13,453
12,751
12,143
11,681

7,540
7,146
6,856
7,092

10,517
10,617
10,829
11,639

5,573
4,707
4,289
4,757

9,860
11,015
10,726
11,235

353,751
337,239
328,671
329,442

39,604

897

FEDERAL, BESERVE BULLETIN.

SEPTEMBKE 1, 1919.

Principal resources and liabilities of member banks in leading cities, including member banks located in Federal Reserve bank
cities and in Federal Reservebranch cities, as at close of business on Fridays from July 25 to Aug. 15,1919—Continued.
I. ALL REPORTING MEMBER BANKS-Continued.
[In thousands of dollars; i. e., 000 omitted.]

Boston.

New
York.

Philadelphia.

United States certificates of indebtedness:
41,087
37,856 314,862
July 25
435,233
53,039
57,794
Aug.l
424,922
54,969
69,404
Aug. 8
55,635
57,116
Aug. 15
Total United States
securitievS owned:
81,869 806,148 105,101
July 25
116,460
101,319 921,374
Aug. 1
118,423
112,525 903,767
Aug. 8
119,157
100,190 965,110
Aug. ]5
Loans secured by United States bonds, Victory notes and certificates:
172,910
750,443
74,226
July 25
169,295
70,598 744,639
Aug.l
168,714
717,317
70,707
Aug. 8
167,298
725,156
59,832
Aug. 15
L o a n s s e c u r e d by
stocks and bonds,
other than United
States securities:
188,028
209,871 1,402,420
Aug. 15
AH other loans and investments:
645,401
819,866 ,274,558
July 25
632,909
832,384 ,318,299
Aug.l
644,069
819,103 ,305,692
Aug. 8
439,259
637,236 2,977,945
Aug. 151
Total loans and investments:
923,816
975,961 5,831,149
July 25
919,114
1,004,301 5,981,312
Aug.l
931,635
1,002,335 5,926,776
Aug. 8
1,007,129 6,070,631 914,183
Aue:. 15
Reserve with Federal
Reserve Bank:
647,909
65,187
74,655
July 25
67,384
76,896 691,692
Aug.l
66,407
74,982 681,889
Aug. 8
685,529
69,188
76,256
Aug. 15
Cash in vault:
121,977
22,593
17,184
July 25
114,795
21,731
16,625
Aug.l
120,111
17,068
23,690
Aug. 8
16,138
119,167
22,899
Aug. 15
Net demand deposits
on which reserve is
computed:
737,970 4,844,699 646,191
July 25
758,118 4,963,709 618,952
Aug. 1
751,613 4,894,881 660,913
Aug. 8
752,957 4,946,663 666,540
Amr. 15
Time deposits:
110,805 319,855 j 21,303
July 25
112,250 323,352 ! 21,484
Aug.l
111,557 334,738 i 25,981
Aug. 8
111,822 d44,953
Aug. 15
Government deposits:
30,193 142,230
26,564
July 25
35,183 248,952
34,755
Aug.l
41,869 241,754
33,139
Aug. 8
-.-56,237 322,574
41,157
Aug. 15
Bills payable with Federal Reserve Bank:
26,460 490,666 148,336
July 25
28,532 468,497 154,848
Aug.l
22,717 467,494 146,302
Aug. 8
14,035 439,987 136,331
Aug. 15
Customers' paper rediscounted with Federal Reserve Bank:
70,394 152,707
26,677
July 25
154,921
71,171
24,385
Aug.l
23,185
69,859 156,894
Aug.8
25,775
62,400 148,622
Aug. 15

Minne- Kansas Dallas.
City.

San
Francisco.

Richmond.

lanta.

75,348 60,425
88,198 66,943
93,570 66,281
91,041 61,181

52,663
60,093
61,150
60,483

178,441 25,946
199,718 33,626
204,693 35,199
35,050

20,502
26,986
27,584
29,702

24,927
30,832
35,542
34,711

307,976 73,105
325,505 80,095
329,112 81,681
324,226 80,053

45,302
51,337
52,167
55,029

71,763 66,039 119,629 2,156,568
77,941 73,301 139,362 2,386,304
82,240 73,269 142,225 2,400,519
83,768 73,934 144,470 2,443,361

Cleveland.

At-

Chica

St.

e°- Louis. apolis.

226,286
237,138
242,309
236,674

141,245
145,173
144,854
140,839

112,105
117,299
117,947
119,911

109,457
109,256
108,971
104,794

42,740
42,436
42,392
43,841

30,116
30,475
29,432
31,245

99,636
100,423
100,181
97,743

283,050 102,748

42,874

326,248 137,257 3^,491

1,022,943
1,025,839
1,034,653
777,839

400,094
399,603
402,623
300,768

312,558
319,944
319,737
278,242

1,491,685
1,519,855
1,521,055
1,206,592

26,628
25,153
26,366
26,183

13,081 16,977
12,730 17,637
12,624 17,479
12,814 17,826

35,398
34,855
36,008
36,286

33,746
30,936
30,901
30,405

32,084
32, OSS
31,621
30,770

17,156
15,969
16,594
10,199

13,568
12,574
12,884
12,897

64,607
62,134
63,207
63,799

809,409
817,122
815,526
821,362

325,603
327,859
340,133
335,649

253,144
262,520
255,429
260,956

292,345
292,793
292,386
292,616

87,677
89,968
90,372
91,941

114,766
112,772
113,966
116,054

42,498 16,142
33,483 17,366
47,949 14,571
35,496 lo,950

16,245
19,408
21,087
19,607

85,450 89,154 53,388
85,987 88,047 50,251
80,461 87,978 53,774
91,356 71,564 52,815

16,862
15,429
18,340
17,400

14,448
14,424
14,112
14,348

6,781
5,602
5,498

6,768
6,841
6,98-1
6,855

75,037 22,546

41,304
51,444 1,134,206
55,153 1,160,302
56,738 1,200,736

20,782
23,626
25,119
26,753

258,304
264,986
268,294
268,370

1,363,764
1,353,109
1,326,286
1,320,340

99,372 2,926,942

398,944 253,620 484,424 185,497 569,657
406,444 254,393 491,079 184,844 672,069
410,288 252,901 499,907 188,041 642,885
271,859
426,709 165,035 570,575

584,079 454,779 .1,899,297
312,003 573,164
1,372', 233 587,622 467,713 1,945,783 511,692 318,460 586,657
1,385,933 589,769 467,116 1,950,348 518,335 317,692 599,626
1,402,357 588,196 472,272 1,954,809 515,352 328,154 603,340
94,613
90,752
87,652
89,761

23,324
31,300
31,835
31,710

Total.

710,008
835,057
810,229
841,170

10,859,247
11,057,662
11,040,854
8,274,879
14,379,983
14,797,935
14,768,088
14,965,963

46,499 21,171. 54,771 1,318,281
42,071 20,526 59,798 1,353,542
49,121 21,630 59,810 1,353,345
50,411 22,065 60,734 1,360,554

175,245 43,095
173,514 41,304
177,429 42,118
176,502 39,482

25,992
20,784
25,398
23,935

11,679
9,656
11,707

9,309
9,430
8,930
7,952

15,622
14,862
14,814
15,054

9,853
10,293
10,299
9,665

20,278
19,903
22,316
20,898

351,220
347,145

1,303,903
1,326,273
1,326,233
1,373,773

309,047
316,111
320,<53
318,502

244,342
242,604
246,036
257,073

423,618
428,685
443,326
441,652

180,902
185,688
191,134
192,654

464,228
499,004
498,<45
511,298

10,543,056
10,776,645
10,744,722
10,879,079

440,151
441,274
443,305
444,476

98,653
98,702
99,780
99,911

56,582 76,370
57,685 76,751
56,746 77,558
56,907 77,999

30,386
30,479
30,431
30,204

59,658 19,777
50,555 23,779
78,250 23,771
47,534 22,464

9,113 13,079
13,309 17,606
11,530 18,481
16,516 24,718

16,517
14,594
14,554
14,144

13,145
8,159
4,451
8.347

405,161
517,149
551,406
62-4,744

34,577
37,235
40,729
34,165

14,092
12,076
16,509
14,113

29,835
29,631
32,311
34,086

1,100,684
1,092,941
1,088,510
1,506,902

24,329
470 21,639
274 17,432
271 13,571

2,685
2,150
2,872
2,549

5,353
6,749
7,386
9,145

340,096
337,123
338,810
320,560

91,912
104,956
108,455
90,613

29,694
28,171
23,975
22,032

6,243
6,855
10,903
10,318

12,422
12,149
11,951
10,663

7,120
4,710
7,805
5,805

355,910

140,881 1,789,774
204,009 1,861,519
205,874 1,882,694
207,942 1,896,770

i Exclusive of loans secured by stocks and bonds other than United States securities shown under immediately preceding caption.




898

FEDERAL. RESERVE BULLETIN.

SEPTEMBER 1,1919.

Principal resources and liabilities of member banks in leading cities, including member banks located in Federal Reserve bank
cities and in Federal Reserve branch cities, as at close of business on Fridaysfrom July 25 to Aug. 15,1919—Continued.
2. MEMBER BANKS IN FEDERAL RESERVE BANK CITIES.
(In thousands of dollars, i. e., 000 omitted.]

Boston.

New
York.

Philadel-

Cleveland.

Richmond.

Number of reporting
banks:
July25
Aug.l
Aug. 8
22
Aug. 15
United States bonds to
secure circulation:
4,378
2,832
39,163
7,587
4,288
July 25
4,378
2,832
39,663
7,587
4,288
Aug.l
4,377
2,832
40,163
7,587
4,288
Aug.8
4,477
7,588
• 4,288 2,832
Aug. 15
Other United States
bonds, including Liberty bonds:
8,324 267,610
9,727 6,492
July 25
27,036
8,206 270,676
9,421
6,118
27,284
Aug. 1
8,122
265,392
11,860 6,109
27,977
Aug.8
8,219
267,103
9,879 6,106
Aug. 15
United States Victory
notes:
3,570 124,790
14,771
11,325
July 25
1,490
3,269 118,573
13,824
11,148 1,541
Aug.l
3,308 115,890
13,405
10,743 1,519
Aug.8
,
3,299 111,872
13,933
10,205
1,488
Aug. 15
United States certificates of indebtedness:
24,850 290,159
34,498
16,906 5,980
July 25
42,943 405,212
45,000
18,975 5,980
Aug. 1
51,910 394,738
46,596
20,330 5,980
Aug.8
39,723 455,468
47,332
19,507
Aug. 15
746
Total United States
securities owned:
41,122 721,722
83,892
42,246 16,794
July 25
93,695
834,124
43,832 16,471
Aug. 1
67,717 816,183
95,565
47,221 16,440
Aug.8
96,219
55,718 872,806
43,879 11,172
Aug. 15
Loans secured
by
United States bonds,
Victory notes, and
certificates:
56,787 703,757 166,612
July 25
31,826 15,996
53,869 697,421 163,328
33,087 15,834
Aug.l
52,723 672,703 162,656
33,381 15,806
Aug.8
43,091 681,693 160,901
30,766 16,152
Aug. 15
Loans secured by stocks
and bonds other than
United States securities:
185,869 1,288,600 170,566
100,029 13,941
Aug. 15
Aliother loans and investments:
584,578 3,857,820
569,603 315,344 70,605
July 25
596,184 3,900,276
557,571 311,335 70,486
Aug.l
580,506 3,890,975
308,614 71,834
568,056
Aug.8
449.752 2,633,688 378,658 217,226 56,328
Aug. 15*
Total loans and investments:
682,487 5,283,299
820,511 389,416 103,395
July 25
708,829 5,431,821 815,044
388,254 102,791
Aug.l
700,946 5,379,861
826,706 389,216 104,080
Aug. 8
714,430 5,476,787
806,785 391,900 97,593
Aug. 15
Reserve with Federal
Reserve Bank:
60,575 611,784
59,115
26,381 5,452
July 25
63,086 662,794
60,743
24,928 6,001
Aug.l
59,623 647,334
60,114
23,203 5,985
Aug.8
61,742
62,244
5,861
Aug. 15
Cash in vault:
13,714 110,245
13,605
1,650
7,990
July 25
13,878 103,476
13,331
1,618
7,833
Aug.l
14,354 107,884
13,651
1,630
7,807
Aug.8
106,976
13,869
12,961
1,687
Aug. 15
Net demand deposits
on which reserve is
computed:
571,503 4,448,311
201,695 48,910
July 25
585,862 4,563,947 566,653 206,989 53,797
Aug.l
580,356 1,500,260 578,488 208,354 53,085
Aug.8
577,325 4,531,300
583,673 208,140 53,988
Aug. 15
1
Exclusive of loans secured by stocks and bonds other than United




t
lanta.

St.
Chicago. Louis. Minneapolis.

City.

Dallas. Francisco.

Total.

259
260
261
3,800
3,800
3,800
3,800

1,370 10,551
1,371 10,551
1,369 10,550
1,419 10,550

2,791
2,791
2,791
2,791

4,753
4,753
4,753
4,753

4,060
4,060
4,060
4,060

18,500
18,500
18,500
18,500

104,073
104,574
105,070
103,421

1,358
1,197
1,212
1,140

23,429
20,814
21,501
21,930

8,797
8,674
8,575
7,982

1,688
1,816
1,862
1,852

7,485
7,271
6,928
7,934

3,065
3,320
3,118
3,485

12,665
21,223
20,209
20,376

377,676
386,020
382,865
383,372

2,133
1,878
1,823
1,886

24,934
24,729
23,952
24,954

6,440
6,293
5,924
5,924

5,057
4,980
4,765
4,124

4,218
4,132
4,324
5,030

1,878
1,827
1,491
1,499

2,831
3,376
3,467
3,485

203,437
195,570
190,611
187,699

18,897
22,287
22,289
25,113

89,377 20,259
108,231 25,597
113,939 26,492
113,921 26,824

8,627
9,127
10,593

13,132
15,399
17,374
17,136

9,880
16,066
16,576
17,035

14,618
15,772
15,914

550,039
728,935
741,123
789,312

26,188
29,162
29,124
31,939

149,110
155,145
160,761
162,224

46,047
51,115
51,541
51,280

16,399
18,214
18,545
19,360

29,588
31,555
33,379
34,853

18,883
25,273
25,245
26,079

43,234
57,717
57,948
58,275

1,235,225
1,415,099
1,419,669
1,463,804

10,030
10,418
10,020
10,106

72,666
73,753
72,822
70,731

18,067
17,956
18,727
18,261

7,225
6,945
6,874
7,205

0,762
6,862
6,981

10,800

256,351 110,597

13,830

27,257

58,198
58,418
58,310
46,797

892,202
920,187
016,422
669,274

276,373
282,098
283,994
170,419

94,416
97,998
97,454
99,642

1,113,978
1,149,085
1,150,005
1,158,580

8,820
6,555
6,428
5,025
2,639
2,6L7
2,688
2,528

1,381 9,657 1,100,670
1,467 12,584 1,093,424
1,335 12,415 1,066,324
1,407 13,965 1,061,259

4,754 51,771

2,214,365

112,899
114,956
114,563
104,226

176,094 47,076 221,719
181,322 47,338 316,308
186,236
296,990
157,597 43,273 259,779

7,182,508
7,356,505
7,325,469
5,185,811

340,487
351,169
354,262
350,557

136,523
140,115
139,982
144,621

212,348 67,340 274,610
219,639 74,078 386,609
226,477 75,549 367,353
226,688 75,513 383,790

9,518,810
9,865,432
9,811,891
9,926,886

121,187 31,521
120,850 30,361
120,433 32,402
118,193

13,289
8,385
12,931
11,012

16,445
12,260
17,226
16,223

6,282
5,082
6,499
6,713

25,950
25,988
27,042

2,963
2,895
2,856
2,558

3,814
3,752
3,626
4,043

1,810
1,723
1,830
1,554

5,191
7,059
7,351
7,087

37,519
35 454
37,201
36,935

4,693
4,516
5,048
4,762

981,159
1,026,995
1,018,166
1,015,185
205,833
198,153
205,926

49,525 864,434 215,008 102,415 150,384 54,550 1S5,O45 7,454,762
50,389 885,534 222,061 101,445 150,936 55,486 221,804 7^64,903
48,777 880,209 225,887 104,605 158,688 58,085 221,721 7,618,515
52,040 914,692 226,284 109,669 150,030 59,015 227,501 7,693,657
States securities, shown under immediately preceding caption.

899

FEDERAL RESERVE BULLETUN".

SEPTEMBER 1, 1919.

Pnncipalresources andliabilities of member banks in leading cities, including member banks located in Federal Reserve bank
citie8andin Federal Reserve branch cities, as at close of business on Fridays from July 25 to Aug. 15,1919—Continued.
2. MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Continued.
[In thousands of dollars, i. e., 000 omitted.]
Boston.
Time deposits:
July 25
Aug.l
Aug. 8
Aug. 15
Government deposits:
July 25
Aug.l
Aug. 8
Aug. 15
Bills payable with Federal Reserve Bank:
July 25
:.
Aug. 1
Aug. 8
J
Aug. 15
Customers' paper rediscounted with Federal
Reserve Bank:
July 25
Aug. 1
Aug. 8
Aug. 15

New
York.

Philadelphia.

Cleveland.

San
Rich- AtSt. Minne- Kansas
Franmond. lanta. Chicago. Louis. apolis. City. Dallas. cisco.

33,656
34,377
33,548
33,525

256,574
259,643
271,106
267,938

13,034
13,149
13,095
13,431

130,287
130,962
130,605
130,536

17,383
17,983
18,211
18,226

19,703
19,625
19,788
19,851

19,574

135,009
238,777
231,717
304,768

24,450
31,593
30,020

13,532
8,971
11,550
10,139

2,987

1,269

6,447
9,425
9,298
6,712

30,894
27,182
49,173
33,698

15,941
18,481
18,453
17,407

3,433
5,135
4,622
5,260

438,719
418,507
416,977

140,710
147,137
138,001
129,046

32,925 24,092
30,560 19,944
26,135 22,282
27,652 15,518

14,060
10,515
12,747
15,007

49,078
55,400
50,761
36,585

20,664
18,576
16,046
14,765

138,684
141,166
143,113
137,199

25,859
23,573
22,531
24,686

676
561
497
581

4,667
4,505
6,491
5,831

6,156
5,220
5,279
4,159

31,749
43,640

22,407
15,657
5,955

56,653
59,179
58,021
51,228

7,139
7,792
10,124
9,051

1,819
937

3,968
4,008
3,860
4,136

166,424 63,234 19,740
166,845 63,201 20,458
167,851 63,421 19,611
168,140 63,510 19,590

Total.

8,844
8,850
8,945
8,998

3,200
3,127
3,165
3,170

10,007
72,301
72,499
74,401

742,086
810,521
821,845
821,316

7,672
9,346
9,735
12,463

10,620
10,696
11,542
10,835

9,229
5,635
3,076
6,002

279,788
392,423
411 872
489,111

3,440 22,038
1,430 23,355
3,675 26,909
230 23,347

4,050
3,500
5,000
2,550

13,351
13,434
14,294
15,595

783,957
764,765
748,484
677 249

13,778
12,422
9,615
6,341

28
58
127
26

1,706
2,140
2,438
4,023

259,314
260,809
262,129
247,261

185

3. MEMBER BANKS IN FEDERAL RESERVE BRANCH CITIES.
New

York.i

Cleve- Rich- | At- 4
laiid.a mond.s! lanla.

Number of reporting banks:
July25
:
(J
38
Aug.l
|
6
38
Aug. 8
i
6
38
Aug. 15
i
7
38
United States bonds to secure circulation:
July 25
1,599 24,257
Aug.l
1,599 24,257
Aug. 8.
:
1,599 24,257
Aug. 15
1.599 24,257
Other United States bonds, including Liberty bonds:
!
July 25
1 6,011 42,074
Aug.l
! 3,650 41,525
Aug. 8
1 3,997 41,207
Aug. 15
i 5,055 41,891
United States Victory notes:
'
July 25
! (5,889 26,551
Aug. 1
! 7,042 25,695
Aug. 8
i 7,573 24,305
Aug. 15
| , 703 22,445
United States certificates of indebtedness:
\
July 25
! 8,149 46,865
Aug. 1
9,234 55,274
Aug. 8
8,680 58,801
Aug. 15
11,280 57,291
Total United States securities owned:
!
July 25
i 22,048 1139,747
Aug.l
! 21,525 146,751
Aug. 8
i 21,849 148,570
Aug. 15
,
• 26,637 145,884
Loans secured by United States bonds, Victory notes, and!
certificates:
I
July 25
i 13,120 (35,088
Aug.l
j 12,872 63,966
Aug. 8
i 12,518 63,806
Aug. 15
! 13,241 62,830
Loans secured hy stocks and bonds, other than United |
States securities:
;
Aug. 15
29,441 133,801




Chi- | St.
cago.3 i Louis. 6 City.?

San
.Francisco.9

"

Total.

19
19
19
19

20
20
20
19

12
12
12
12

17
17
17
17

17
17
17
17

12
12

29
30
30
30

164
165
171
171

5,506
5,506
5,508
5,506

4,685
4,685
4,685
4,685

1,805
1,805
1,805
1,805

5,255
5,255
5,255
5,255

4,487
4,487
4,487
4,487

1,255
1,255
6,758
6,758

8,485
8/485
8,485
8,485

67,334
57,334
62,837
62,837

8,642
8,722
8,925
8,739

6,023
9,332
9,218
8,743

17,879
16,787
17,271
17,247

6,973
7,172
7,619
7,231

5,788
5,988
6,102
6,282

2,057 13,834
2,085 13,979
7,462 14,560
7,545 14,821

109,261
109,240
116,36!.
117,554

3,806
3,702
3,710
4,051

12,952
10,465

17,497
17,602
17,343
16,736

6,417
5,024
5,689
5,202

! 2,397
i 2,371
j 2,618
! 2,637

94
43
1,159
1,385

4,962
5,035
4,864
5,026

81,565
76.400
76)157
76, 050

39,925
42,715
42,930
44,225

18,659
21,350
22,010
21,3(54

59,531
88,583
68,480
61,691

5,063
7,368
8,138
7,567

i
I
i
I

3,620
3,740
9,500
8,920

23,396
27,110
28,785
29,846

208,978
241,574
255,398
250,396

57,879
60,645
61,071
62,521

42.319
44,353
44,809
45,257

96,712
104,777
104,899
97,479

23,708
25,719
26,701
25,255

50,677
54,609
56,694
58,178

457,138
481,548
510,753
507,437

12, S59
12,635
12,584
12,869

12,347 12,136
12,075 12,112
11,893 12.795
12,264 12,325

j 16,422 \ 7,026
i 19,046 ; 7,123
i 21,281 ! 24,879
I 21,618 j 24,608
!
j
7,303 | 6,400 i
5,924 j 6,851 j
8,255 ! 6,743 | 2,661
6,599 ! 2,326
6,524

5,871
5,844
6,485
6,796

135,739
132,914
135,740
135,774

35,104 23,861 26,979 23,878 ; 26,361 ; 11,065

32,001

342, 491

3,770
6,200
8,074
8,212

900

FEDERAL RESERVE BULLETIN.

SEPTBMBBB 1,1919.

Principal resources and liabilities of member banks in leadiny cities, including member banks located in Federal Reservebank
cities, and Federal Reserve branch cities, as at close of business on Fridays from July 25 to Aug. 15,1919—Continued.
3. MEMBER BANKS IN F E D E R A L R E S E R V E BRANCH CITIES—Continued.
[In thousands of dollars, i. e., 000 omitted.]

New
York.i
All other loans and investments:
July 25
Aug. 1
Aug. 8
Aug. 15 io
Total loans and investments:
July 25
Aug.]
Aug. 8
Aug. 15
Reserve with Federal Reserve Bank:
July 25
Aug. 1
Aug. 8
Aug. 15
Cash in vault:
July 25
Aug. 1
Aug. 8.
Aug. 15
Net demand deposits on which reserve is computed:
July 25
Aug.l
;
Aug. 8
Aug. 15
Time deposits:
July 2 5 . .
Aug.l
Aug. 8
,
Aug. 15
Government deposits:
Julv25
Aug.l
Aug. 8
Aug. 15
Bills payable with Federal Reserve Bank:
July 25
Aug.l
Aug. 8.
Aug. 15
Customers paper rediscounted with Federal Reserve
Bank:
July 25
Aug.l
Aug. 8
Aug. 15

San
ChiCleve- RichAtSt.
Kansas
8
land.* mond .3 lanta. 4 cago.6 Louis.* City.7 Dallas. Francisco.*

98,817 512,026 124,559 166,655
99,400 513,864 124,165 170,759
99,193 519,409 125,535 1169,705
400,799 92,444 151,272
134,585
133,797
133,560
167,913

291,853
295,368
297,514
268,672

13,945
12,976
13,818
14,384

5,789
5,858
5,972

12,945
13,178
12,528
13,380

95,591
97,050
97,922
112,792

449,135
446,872
442,207
448,122

113,716
114,090
119.600
116,904

141,858
150,202
144,687
117,121

191,812
192,736
196,861
211,922

23,049
19,014
29,069
18,469

19,217 60,738 175,157
18,367 60,003 175,708
18,352 60,809 175,887
18,566 62,042 176,488

6,732
8,412
7,503
6,797

14,458 48,982
11,649 51,159 40,119
11,227 49,377 38,242
11,614 59,017 29,129

6,594
5,194
4,981
5,167

4,006
3,976
4,219
4,614

2,296,727
2,336,780
2,418,192
2,479,815

14,733
14,453
16,143
18,833

1,664
1,608
6,725
6,640

21,748
21,082
21,559
21,515

169,078
160,334
170,311
178,701

5,700
5,595
5,759

568
572
3,140

7,738
6,999
7,632
6,829

60,579
57,095
59,905
61,861

140,168 11,293
83,425 140,917 11,200
84,150 143,200 56,608
81,333 148,301 56,038

167,515
171,879
172,725
178,440

1,394,614
1,408,371
1,457,960
1,500,973

5,886 96,084
5,944 96,673
16,862 97,807
16,810

530,535
530,881
545,141
560,939

3,383
3,873
6,191

5,066
5,016
4,958
4,838

14,647 90,906
14,728 91,271
14,859 91,026
28,040 91,374

285,517
290,753
288,505
302,915

10,650
10,009
8.845
9,144

13,712
14,332
13,720
13,699

14,918
1,703,850
15,023 230,300 1,718,908
62,383 225,326 1,771 699
50,011 205,940 1,494,113
22,579
22,781
89,923
88,010

17,510 25,644
16,335 24,444
16,890 27.621
17,424 29i 307

2,373
2,231
2,437
2,658

6,610
6,451
6,299
5,873

159,911
162,120
162,947
139,311

716,841 195,297 221,321 400,701 137,153 182,733
724,581 197,855 227,187 412,257 139,552 188,017
731,785 199,190 226,407 415,208 142,643 190,971
7
43,314
232,654 405,455 142,727

11,190 51,994
9,340 50,087
10,011 48,699
11,903 49,551

2,434
2,875
2,131
4,701

106,142
107,909
109,687
87,070

Total.

28,264
28,324
29,156
29,179

40,383
40,457

20,915
17,110
17,726
5,373

3,675
5,219
5,121
4,827

2,526
4,471
5,019
7,461

94
139
1,420
1,440

1,615
1,144
754
1,276

67,399
64,499
77,031
58,776

11,943 33,049
10,535 37,674
10,976 48,590
44,804

8,160
8,905
7,219
6,557

4,089
5,686
6,256
5,188

4,403
4,768
7,146
7,110

15,259
14,248
14,768
14,722

178,827
184,743
193,801
187,475

5,974
6,381
5,960

1,131
806
290
269

528
537
1,232
1,238

3,190
3,810
4,299
4,508

30,044
30,126
29,958
29,129

6,115
8,288
8,432

2,011
2,087
1,604
973

884
1,074
924

6
1 Buffalo.
Louisville, Memphis, and Little Rock.
Pittsburgh and Cincinnati.
* Omaha and Denver.
8
» Baltimore.
El Paso for July 25 and Aug. 1 and El Paso and Houston for Aug. 8 and 15.
4
New Orleans, Jacksonville, and Birmingham.
» Spokane, Portland, Seattle, and Salt Lake City.
* Detroit.
•• Exclusive of loans secured by stocks and bonds other than United States securities shown under immediately preceding caption.

2




SEPTEMBBR 1,1919.

901

FEDERAL RESERVE BULLETIN.
IMPORTS AND EXPORTS OF GOLD AND SILVER.
Gold imports into and exports from the United States.
[In thousands of dollars; i. e., 000 omitted.]
10 days
ending
Julv 20,
1919.

11 days
ending
July 31,
1919.

10 days
ending
Total since Total, Jan.
Aug. 10, Jan. 1,1919. 1 to Aug.
10,1918.
1919.

IMPORTS.

Oro and base bullion
United States mint or assay office bars
Bullion, refined
United States coin
Foreign coin

217

598

10,600

8 862

9
24
2

93
1
121

26,867
10,497
5,141

37,496
6,773
169

218

1,090

813

53,105

53,306

5,717

Total

1,055

1

io,4ii

4,793
2,070
6,372

15
31,586
8,311
124,868

100
674
6,812
21,350

13,235

164,780
144

28,936
333

13,242

164,924

29,269

EXPORTS.

Domestic:
Ore and base bullion
United States mint or assay office b a r s . .
Bullion, refined
Coin

13,904

Total
Foreigneoin

.

Total exports

.

19,625
19,625

.

2
8,796
19,209
5
19,214

Execss of gold exports over imports since Jan. 1,1919, $111,819,000. Excess of gold imports over exports since Aug. 1, 1914, $959,587,000.

Silver imports into and exports from the United States.
[In thousands of dollars; i. e., 000 omitted.]
10 days
ending
Julv 20,
1919.

11 days
ending
Julv 31,
1919.

10 days
ending
Aug. 10,
1919.

Total since Total, Jan.
Jan. 1,1919. 1 to Aug.
10,1918.

IMPORTS.

1,115

Total

2,632

41,606

60
15
41

5,287
532
3,441

21,115
50
18,148
503
3,279

2,430

2,748

50,866

43,095

656
3,496
19

2,622
33

688
2,639
26

4
71,091
71,256
2,103

21,700
104,052
1,929

4,171

..

165
26
148

1,248

Bullion, refined
United States coin

2,091

23
29
81

Ore and base bullion

2,655

3,353

144,454

127,692

534
33

104
99

843
33

7,648
2,495

3,324
4,706

EXPORTS.

Domestic:
United States mint or assav office bars
Bullion r e f i n e d . . .
.
Coin
Total
Foreign:
*" Bullion refined..
Coin

.

.
.

11

567

203

876

10,143

8,030

4,738

Total

2,858

4,229

154,597

135,722

Excess of silver exports over imports since Jan. 1,1919, 8103,731,000. Excess of silver exports over imports since Aug. 1,1914, 5383,491,000.




902

FEDERAL RESERVE BULLETIN.

SEPTEMBER 1,1919.

Estimated general stock of money, money held by Treasury, and by the Federal Reserve system, and all other money in the United
States Aug. 1, 1919.

General stock of
money in the
United States.

Gold coins
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:
AUK. 1,1919
J u l y l , 1919
June 1, 1919
May 1,1919
Apr. 1, 1919
Mar. 1, 1919
Feb. 1, 1919
Jan. 1,1919
Oct. 1,1918
J u l y l , 1918.,
Apr. 1,1918.
Jan. 1,1918..
Oct. 1,1917..
J u l y l , 1917..
Apr. 1,1917.
Feb. 1, 1917.

j
;
I

$2,989,548,109 |

Held in the
United States
Treasury as
assets of the
Government.1
$363,400,976

Amount per
Held by or for Held outside the capita outside
United States
the United
Federal Reserve
Treasury and
States Treasbanks and
Federal Reserve ury and the
agents.
Federal Re-,
system.
serve system

308,978,930

61,330,154

242,876,099

10,622,687

6,234,565
3 4,745,498

346,681,016
2,705,423,645
210,699,800

15,764,258
40,685,806
33,933,735
62,789,207

<57,161,038
161,166,880
10,582,863
3,037,498

$387,802,001
338,799,847
81,660,697
158,023,956
227,507,914
1,729,558
273,755,720
2,503,570,959
166,183,202
655,081,057

588,526,823
578,848,043
561,315,890
553,979,534
550,628,454
545,695,945
489,831,726
454,948,160
380,246,203
356,124,750
339,856,674
277,043,358
242,469,027
253,671,614
258,198,442
279,079,137

2,142,473,627
2,167,280,313
2,221,850,525
2,215,178,577
2,195,151,766
2,169,183,676
2,252,757,560
2,220,705,767
2,084,774,897
2,018,361,825
1,873,524,132
1,723,570,291
1,429,422,432
1,280,880,714
952,934,705
849,661,792

4,794,114,911
4,842,345,415
4,808,912,577
4,845,591,149
4,840,972,635
4,851,420,303
4,869,039,524
5,105,139,679
4,925,987,177
4,367,739,209
4,266,800,719
4,255,581,622
3,970,373,397
3,945,457,556
4,100,976,125
3,916,472,418

720.907,762

i
i
,'
j
1
!
|
.....!

7,525,115,361
7,588,473,771
7,592,078,992
7,614,749,260
7,586,752,855
7,566,299,924
7,611,628,810
7,780,793,606
7,391,008,277
6,742,225,784
6,480,181,525
6,256,198,271
5,642,264,856
5,312,109,272
5,045,213,347

§1,534,190,495
365,354,790

$45.13
45.00
44.75
45.15
45.17
45.33
45.56
47.83
46.34
41.31
40.47
40.53
37.97
37.88
39.54
37.88

1
Includes reserve fluids against issues of United States notes and Treasury notes of 1890 and redemption funds held against issues of nationalbank notes. Federal Reserve notes, and Federal Reserve Bank notes.
2 Includes balances in gold settlement fund standing to the credit of the Federal Reserve Banks and agents.
3 Includes standard silver dollars.
* Includes Treasury notes of 1890.

DISCOUNT RATES.
Discount rates of each Federal Reserve Banlc approved by the Federal Reserve Board up to August SO, 1919.
Discounts other than trade acceptances.

Trade acceptances.

Secured by U. S. Government
war obligations.

Federal Reserve Bank.

Secured by j Secured by
U. S. cer- j Liberty
tiflcatcs of i bonds and
indebted- | Victory
ness.
| notes.

Boston
New York 1 ...
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis..^—
Minneapolis..
Kansas "City...
Dallas........
San Francisco
1

cent.
2

Otherwise secured, also unsecured,
maturing within—

Maturing within 15
days, including member
banks' collateral notes.

4
4
4
4
4J
4
41
4
4
4*
4}
4

Maturing
within
16 to 90
days.

4}
4i
4}
41
4i
4i
41:
41-

4}

15 days, including
member
banks'
collateral
notes.

16 to 60
days.

4J
4!
4*
4|
4|

i
4J
4
44
44
44
4i

4f
4f
4f
5
4f
5

61 to 90
days.

4f
4*
4|
4|
4*
4f

4f
5
5
5
5

Maturing within—

91 to 180
days (agricultural and
live-stock
paper).

5
5
o

15 days.

16 to 90
days.

41

f
5
6*
5J

5*

}
44
4|

Rates for discounted bankers' acceptances maturing within 15 days, 4 per cent; within 16 to 60 days, 4£ per cent; within 61 to 90 days, 4£ per

Applies only to member banks' collateral notes; rate of 4J per cent on customers' paper.
NOTE 1.—Acceptances purchased in open market, minimum rate 4 per cent.
NOTE 2.—Rates on paper secured by War Finance Corporation bonds, 1 per cent higher than on commercial paper of corresponding maturity.
NOTE 3.—Whenever application is made by member banks for renewal of 15-day paper the F deral Reserve Banks may charge a rate not exceeding that for 90-day paper of the same class.




908

FEDERAL RESEB.VE BULLETIN.

SEPTEMBER 1,1919.

CONDITION OF MEMBER BANKS.
Abstract of reports of condition of all Tnember banks in each Federal Reserve district on June -30, 1919 (including 7,780
national banks and 1,042 State banks and trust companies).
[In thousands of dollars; i. e., 000 omitted.]
District
District
District
District
District
District
District
No. 2
No. 1
No. 3
No. 4
No. 5
No. 6
N o . 7 (1,351
(734 banks), (668 banks). [824 banks). (572 banks). (422 banks). banks).
(429 banks).
!
RESOURCES.

1,112,780 ! 4,840,702
566 ;
1,619
2 !
12,389
70,803
215,989
88,227
633,728
117,554
493,165
301
497
6,878
21,436
244,228 1,003,870
29,983
91,846
2,063
4,155
1,860
11,818
109,541
747,185
28,191
113,188
116,026
391,016
44,109
144,738

335
3
18,713
222,350
163,186
400
7,649
392,827
31,744
3,431
6,358
93,913
39,395
105,713
40,953

1,271,775
1 039
19
22,100
200,597
199,432
589
9,238
419,129
54,336
4,202
9,556
124,981
34,599
181,351
57,022

678,388
1,342
12
11,936
109,428
129,328
324
4,202
93,618
25,694
. 2,838
3,021
55,654
24,921
98,674
27,767

512,895
1,469
920
10,939
82,481
117,879
353
3,242
50,373
19,421
3,278
5,520
48,279
10,232

43,443
7,288
2,685
3,686
9,564

854,262
28,912
5,447
27,361
86,335

39,569
5,911
3,147
3,723
7,820

27,652
5,895
5,716
5,235
2,741

27,655
4,718
3,031
1,647
274

17,727
6,431
2,109
1.374

87,398
19,784
4,537
7,070
4,165

j 2,039,778

9,729,658

2,155,728

2,637,204

1,304,472

1,015,811

4,244,808

Capital stock paid in
Surplus fund
Undivided profits, less expenses and taxes paid
Interest and discount collected but not earned(approximate)
Amount reserved for taxes accrued
Amount reserved for interest accrued
Due to Federal Reserve Bank
Due to banks and bankers
Demand deposits
Certified and cashiers' or treasurers' checks outstanding...
Time deposits
United States deposits
Bills payable with Federal Reserve Bank
Bills payable other than with Federal Reserve Bank
Cash letters of credit and travelers' checks outstanding
Acceptances
National bank notes outstanding
United States bonds borrowed
Other bonds and securities borrowed
Other liabilities..

122,256
107,765
47,363
6,542
5,395
2,319
1,533
136,192
1,080,805
23,457
247,012
70,743
49,727
2,860
426
73,221
49,757
5,922
485
5,998

325,627
390,228
157,189
19,606
30,285
9.009
2,194
1,448,943
4,757,737
526,969
637,772
452,158
474,998
5,240
20,489
238,336
86,536
98,044
1,731
46,567

100,678
155,949
39,466
4,256
2.677
1J515
175
169,669
909,370
12,319
308,174
56,708
235,775
2,627
687
18,789
54,149
63,748
27
18,970

154,990
153,431
54,662
4,757
3,319
1,794
453
221,328
1,111,819
15,607
605,038
78,889
87,665
2,707
134
22,167
89,120
19,008
817
9,499

84,360
57,280
18,320
4,322
1,256
1,591
2,243
110,408
514,480
11,515
257,302
35,308
114,819
9,803
30
11,985
52,756
8,869
310
7,517

65,763
43,287
13,768
2,035
1,136
941
3,982
105,188
425,153
6,664
189,436
29,185
67,832
3,758
524
11,383
39,833
1,905
185
3,253

227,413
162,941
57,321
8,813
9,001
2,409
240
595,809
1.672,250
36,345
1,043,910
82,083
142,044
4,106
1,057
56,239
78.892
8,032
416

Total
Liability for rediscounts, including those with Federal
Reserve Bank '.

2.039,778

9,729,658

2,155,728

2,637,204

1.304,472

1,015,811 ;

139,985

212,290

18,831

21,658

34,234

22,005 i

Loans and discounts
O verdrafts
Customers' liability under letters of credit
Customers' liability account of acceptances
Liberty bonds and Victory notes l
Other tJnited States securities i
War savings and thrift stamps actually owned
Stock of Federal Reserve Bank
Other bonds, stocks, and securitiesl
Banking house
Furniture and fixtures
Other real estate owned
Lawful reserve with Federal Reserve Bank
Items with Federal Reserve Bank in process of collection..
Due from banks and bankers
Cash in vault
Exchanges for clearing house, also checks on hanks in
same place
Outside checks and other cash items
Due from United States Treasurer
Interest earned but not collected (approximate)
Other assets
Total




i Exclusive of securities borrowed by State bank and trust company members.

21,070

2,207,002
2,393
244
56,227
269,065
353,727
1,107
11,447
377,826
51,782
6,920
6,705
281,407
44,526
399,673
101,803

55,487
4,244,808
47,940

904

FEDERAL RESERVE BULLETIN.

SEPTEMBER 1, 1919.

Abstract of reports of condition of all member banks in each Federal Reserve district on June SO, 1919 {induing 7,780
national banks and 1,042 State banks and trust companies)—Continued.
[In thousands of dollars; i. e., 000 omitted.]

District
District
No. 9
No. 8
(519 banks). (885 banks).

District
No. 10
(1,003
banks).

District
District
No. 12
No. 11
(746 banks). (669 banks).

Total
United
States
(S,S22
banks).

RESOURCES.

Loans and discounts
Overdrafts
Customers' liability under letters of credit
Customers' liability account of acceptances
Liberty bonds and Victory notes *
Other United States securitiesl
War savings and thrift stamps actually owned
Stock of Federal Reserve Bank
Other bonds, stocks, and securities :
Banking house
Furniture and fixtures
Other real estate owned
Lawful reserve with Federal Reserve Bank
Items with Federal Reserve Bank in process of collection
Due from banks and bankers
Cash in vault.
Exchanges for clearing house, also checks on banks in same place.
Outside checks and other cash items
Due from United States Treasurer.
Interest earned but not collected (approximate).,
Other assets

586,624
1,141
592
14,269
77,196
96,228
270
3,862

598,743
1,451

466,500
1,917
28
2,182
49,206
90,253
355
3,238
16,060
17,897
3,625
4,435
43,527
15,009
104,206
19.976
8)743
5,592
2,444
1,821
799

836,021
2,176
518
15,260
90,490
148,394
353
4,773
120,033
25,577
6,007
8,344
85,215
9,970
198,872
31,536
32,414
7,514
3,195
4,861
651

14,890,471
17,993
14,789
440,411
1,934,068
2,097,468
5,363
82,729
2,947,967
402,726
45,402
68,775
1,723,774
369,612
2,125,074
559,433
1,188,101
109,046
38,484
67,362
114,681

1,128,749

Total.

18,907
2,368
3,963
58,178
25,196
99,376
19,062
15 943
4,224
2,027
2,126
871

458
3,008
59,551
16,616
3,085
3,600
50,256
3,663
143,050
20,997
12,370
5,495
1,795
5,364
284

810,453
2,545
62
130
69,213
95,339
356
3,756
74,126
18,923
3,430
3,595
75,638
20,722
188,128
30,400
20,925
7 282
2,351
3,094
347

1,066,719

1,430,815

857,813

1,632,174

29,243,729

81,597
50,007
17,544
3,392
1,564
715

66,149
34,515
16,164
2,517
1,467
1,633
559
159,593
392,611
11,329
319,167
9,804
13,587
2,243
10
2,035
30,218
2,371
133
614

71,554
40,003
15,929
3,066
1,107
328
225
92,902
434,798
9,405
65,400
13,359
38,103"
15,548
111
2,057
45,106
7,047
267
1,498

107,833
52,505
26,442
1,835
1,678
954
176
202,643
758,997
22,121
284,648
22,602
50,215
5,848
637
15,524
62,159
6,524
982
7,851

1,489,792
1,292,716
482,889
66,306
60,227
24,302
11,876
3,650,502
13,195,072
704,349
4,343,382
902,339
1,368,112
68,136
24,875

1,632,174
19,634

29,243,729
612; 505

96,326

1,863
42,087

LIABILITIES.

Capital stock paid in
Surplus fund
Undivided profits, less expenses and taxes paid
Interest and discount collected but not earned (approximate).
Amount reserved for taxes accrued
Amount reserved for interest accrued..
Due to Federal Reserve Bank
Due to banks and bankers
Demand deposits
Certified and cashiers' or treasurers' checks outstanding
Time deposits
United States deposits
Bills payable with Federal Reserve Bank
Bills payable other than with Federal Reserve Bank
Cash letters of credit and travelers' checks outstanding
Acceptances
National bank notes outstanding
United States bonds borrowed
Other bonds and securities borrowed
Other liabilities
Total
Liability for rediscounts, including those with Federal Reserve Bank.




1

162,744
463,314
6,438
182,826
29,889
45,785
3! 637
611
14,700
40,896
8,617 !
95 i
14,378 I

1,128,749 j 1,066,719
17,327 |
5,597

81,572
44,805
18,721
4,565
1,342
1,094
96 !
245,083 !
673,738 '
22,180
202,697
21,613
47,562
9,759
159
150
47,235
3,551
1,249
3,644
1,430,815
47,654

Exclusive of securities borrowed by State bank and trust company members.

857,813
25,290

676,657
233,638
6,697
175,276

905

FEDERAL RESERVE BtTLLETIH.

SEFTEMBEB 1,1919.

CONDITION OF MEMBER BANKS—Continued.
Abstract reports of condition of member Stale banks and trust companies of the Federal Reserve System on thine 30, 1919,
arranged by classes.
[In thousands of dollars; i. e., 000 omitted.]
Central reserve city
banks.

Total
Other
central
reserve
Country
reserve
citicity
banks
banks (833 banks).
banks
.New York Chicago (53 banks). (155 banks).
(33 banks). (11 banks)

Total
United
States
(1,012
banks),
June 30,
1919.

Total
United
States
(969
banks),
March 4,
1919.

RESOURCES.

Loans and discounts
Overdrafts
Customers' liability under letters of credit
Customers' liability account of acceptances
liberty bonds (exclusive of Liberty bonds borrowed)
I
Other United States bonds (exclusive of United States |
bonds borrowed)
i
United States Victory notes
j
United States certificates of indebtedness
I
War savings and thrift stamps actually owned
Stock of Federal Reserve Bank
Other bonds, stocks, etc. (exclusive of securities borrowed).
Banking house
j
Furniture and fixtures
|
Other real estate owned
j
Lawful reserve with Federal Reserve Hank
•
Items with Federal Reserve Bankin process of collection. ..j
Due from banks and bankers
'.'
Gold coin and certificates
All other cash in vault
Exchanges for clearing house, also checks on banks in same
place
Outside checks and other cash items
Interest earned but not collected (approximate)
Other assets

1,659,490
•186
10,989
112,490
120,960

1,280,745
1,916
688
35,000
75,295

360,631 i 2,118,138
59 |
580
55 !
31,078
24,538 I
142,018
9,243
133,373

919,839
1,448
2
2,307
84,880

4,318,722
3,944
11,768
179,925
293,548

3,731,973
3,120
8,352
168,964
311,424

10,036
15,808
23,318
13
2,079
73,519
2.725
' 68
63
35,506
7,132
50,972
2,200
9,880

12,861
85,745
119,592
89
10,276
461,729
42,941
867
5,624
313,526
45,061 I
272,647
11,038
41,942

2,072
53,496
149,054
327
8,293
394,063
44,083
3,440
12,070
129,314
28,295
150,877
3,608
38,701

964
52,392
91,040
559
5,092
276,196
28,195
4,956
5,2-13
71;965
8,841
122,314
4; 309
36,137

15,897
191,633
360,286
975
23,661
1,131,988
115,219
9,263
22,937
514,805
82,197
545,838
18,955
116,780

819,012
1,145
22,983
1,132,795
106,510
7,860
23,084
483,426
64,106
497,151
17,091
111,582

283,718 |
10,529
12,383
56,582

18,572
6,892
543
361

304,991 |
18,316
13,205
57,088

49,045
13,005
4,518
9,312

10,882
4,831
3,386
5,602

364,918
36,152
21,169
72,002

181.024
22', 230
16,285
64,397

3,388,731 i

Total..

2,825
64,014
82,271
09
7,443
303,754
37,981
253
5,343
268,219
34,188
215,654
8,459
30,631

654,213

4,223,385

2,487,217

1,741.980

8,452,582

7,801,061

102,450
145,324
34,459
4,612
10,157
5,197

29,500
39,800
6,813
983
2,844
321

143,550
199,174
43,842
0,011
13,373
5,713

411,401
1,931,334
177,595
114,394
177,716
123,091
90 i.
7,o(K> j
126,376 !
16,975 I

49,565
274,965
7,159
177,232
23,415
15,920

121,490
150,235
39,061
3,451
4,416
2,351
54
151,825
1,072,037
27,381
629,161
99,915
130,345
3,950
172
36,019
9,348

106,899
65,563
27,447
1,732
1,780
2,448
910
54,131
746,461
9,139
595,398
27,197
92,889
5,806
5
2,132
2,045

371,939
420,972
110,350
11,194
19,569
10,512
964
676,852
4,092,481
222,423
1,558,940
337,432
376,995
9,852
7,824
194,551
29,732

300,468
415,006
99,991
8,753
18.570
12)241
2,606
606,029
3,717,482
137,844
1,440,371
295,228
461,768
8,624
7,588
182,092
26,400

3,388,731 |

054,213 j 4,223,385 ! 2,487,217

1,741,980

8,452,582

7,801,061

6,547

LIABILITIES.

Capital stock paid in
Surplus fund
Undivided profi ts, less expenses and taxes paid
Interest and discount collected but not earned (approximate)
Amount reserved for taxes accrued
Amount reserved for interest accrued
Due to Federal Reserve Bank
Due to banks and bankers
Demand deposits
Certified and cashier's or treasurer's checks outstanding
Time deposits
United States deposits
Bills payable with Federal Reserve Bank
Bills payable other than with Federal Reserve Bank
Cash letters of credit and travelers' checks outstanding
Acceptances
Other liabilities
Total.
Liability for rediscounts, including those with Federal
Reserve Bank
Ratio of reserve with Federal Reserve Bank to net deposit
liability (per cent)




134551—19

470,896 I
2,273,983 |
185,903 i
334,383 |
210,320 j
153,761 •
90 i
42 |
7,647 i
24,434 I
156,400 ;
18,339 i
1,220

, 603

17,363

13.1

11.1

!

55,246

34,919

175,934

138,854

12.8 I

10.0

7.1

10.8

11.0

85,769

906

SEPTEMBER 1,1919.

FEDERAL RESERVE BULLETIN.

CONDITION OF MEMBER BANKS—Continued.
Abstract of reports of condition of member State banks and trust companies in each Federal Reserve district, on June 80 >1919.
[In thousands of dollars, i. e., 000 omitted.]

I
District
District
District
District
District
District
District
No. 7
No. 2
No. 1
No. 4
No. 6
No. 3
No. 5
(36 banks). 110 banks). (36 banks). (80 banks). (42 banks). | (57 banks). (305
banks).
RESOURCES,

Loans and discounts
O verd rafts
Customers' liability under letters of credit
Customers' liability account of acceptances
Liberty bonds (exclusive of liberty bonds borrowed)
,
Other United States bonds (exclusive of United States bonds
borrowed)
United States Victory notes
United States certificates of indebtedness
Wa r sa vi njrs and thri ft stamps actually owned
Stock of Federal Reserve Bank
I
Othor bonds, stocks, etc. (exclusive of securities borrowed).-!
Banking house
I
Furnituro and
fixtures
j
Other real estate owned
Lawful reserve with Federal Reserve Bank
Items with Federal Reserve Bank in process of collection
Due from banks and bankers
Gold coinar d certificates
All other ca h in vault
Exchanges or clearing house, also checks on banks in same
place
Outside checks and other cash items
I
Interest earned but not collected (approximate)
Other assets

375,772
166
18,955
13,065

1,956,182
559
11,116
114,632
153,188

170,268 I
135 i
15,736 i

91 i

2,931
90,447
119,592
165
8,896
499,167 i
48,173
1,128 |
7,119 i
297,381 |
41,722
242,568
9,606
41,126

6,553
18,170
20
2,048
96,757
7,316
427
2,775
17,162
4,311
17,800
533 !
4,770

13,895
1,621
936
1,617

291,794
11,987
15,076
57,104

2,992
486
820
7,128

657,007

Total...

171
7,534
21,515
99
1,823
90,855
9,131
475
337
43,120
8,559
33,219
1,796
12,346

4,021,687

376,861

29,275
31,633
10,583
1,323
2,078
1,603
605
20,582
398,443
10,560
100,126
21,187
8,798
135

131,913
166,086
43,674
5,548
10,764
5,813
277
435,475
2,252,896
181,287
254,735 ,
192,518 |
184,800 i
2,221 !
7,567 I
128,633 I
17,420 j

335,195
246
5,867
24,282

78,096
146
3
697
4,936

139,938
640
401
5,329
10,144

830,618
495
184
25,914
45,352

771
15,920
37,401
103
2,795
149,950
14,137
1,160
4,231
28,017
5,554
32,112
590 i
10,604 |

25
1,935
7,778
25
505
12,268
1,951
228
632
5,055
1,048
12,523
120
2,184

567
7,203
10,140
59
819
18,547
6,583
995
2,410
13,776
2,365
28,291
356
4,615

11.205
44;946
102,471
302
4,247
196,741
16,646
2,415
1,609
72,815
9,284
111,389
4,404
29,609

7,476 |
1,798
897 !
2,518

226
195
119

7,631
3,113
354

30,158
12,411
1,480
1,524

681,624

131,663

264,638

1,556,249

563
1,523

60,182
13,987
570
1,038
410
1
14,456
230,243
5,164
264,176
39,871
10,740
213
2
5,867
1,718

7,041
2,448
351
125
148
16
7,270
48,967
1,443
36,507
2,023
13,793
741
3
697
230

16,540
10,856
2,827
437
410
445
10
32,393
112,442
2,641
60,211
6,940
12,296
132
1
5,728
329

74,780
6S,183
18,196
1,448
3,608
923
54
84,130
554,805
13,005
609,179
40,20i
58,956
776
175
25.824
2,003

4,021,687

376,861

681,624

131,663

75,455

2,959

LIABILITIES.

Capital stock paid in
Surplus fund
„
Undivided profits, less expenses and taxes paid
Interest and discount collected, but not earned (approximate).
A mount reserved for taxes accrued
Amount reserved for interest accrued
Due to Federal Reserve Bank
Due to banks and bankers
Demand deposits
Certified and cashiers' or treasurers' checks outstanding
Time deposits
I
United States deposits
13ills payable with Federal Reserve Bank
Bills payable other than with Federal Reserve Bank
Cash letters of credit and travelers' checks outstanding
Acceptances
Other liabilities
Total
,
Liability for rediscounts, including those with Federal
Reserve Bank




""19*288
788
657,007
40,863

22,250
46,129
9,024
114
702
407
7,343
190,874
1,003
33,176
19,011
43,816

1,936 i

3,195

264,638 1,556,249
8,889

27,294

907

FEDERAL RESERVE BULLETIN".

SEPTEMBEB 1,1919.

CONDITION OF MEMBER BANKS—Continued.
Abstract of reports of condition of member State banks and trust companies in each Federal Reserve district, on June
30, 1919—Continued,
[In thousands of dollars, i. e., 000 omitted.]

District

District

District

District

District

No. 9
N-.ll
No. 10
N'\ 12
N->. 8
(52 banks). (75 banks). (31 banks). (115 banks). (103 banks).

Total
United
Sinios
(1.042
banks).

KESOUJICES.

Loans f*nd discounts .
Overdrafts
Customers' liabi itv under letters of credit
Customers' liability account of acceptances
Libortv b^nd-s (exclusive of liberty "bonds borrowed)
Other tJnited States bonds (exclusive of United States bonds borrowed)
United States Victory notes
United States certificates of indebtedness
War savings and thrift stomps actually owned
Stock of Federal Reserve Bank
Other bonds, stocks, etc. (exclusive of securities borrowed)
Banking house
Furnilnre and fixtures
Other real estate owned

43,879
221

97,316
580

175
3,504
28
4-22
2 (P0
' 53
298
842
1,385
513

eo3

757
7,474
65
? 53'>
12 089
01
500
13,712
2,331
674
1,950
8,3V0
1,341
15,044
504
2,870
2,122
1,28"?
607
329

4,318,722
3 944
11,708
179 9?5
293.548
15,897
191 f!33
300 "86
' 975
23,P61
1,131,988
115,219
9 203
22,937
514,805
82,197
545,838
18. ('55
116,7*0
364,918
30,152
21,109
72,002

70.231

173,081

8,452,582

12.280
C 680
2; 433
224
171
173

29

7,857
2.681
' 950
108
25
36
1
4,763
39,662
569
7,415
761
3,202
1,968
.2
50
121

12.233
60,642
2,010
60,505
520
9,741
819
25
898
321

371,939
420', 972
110,350
11,194
19,509
10.512
'964
676,852
4,092,481
222,423
1,558,940
337;432
£70,995
9,852
7.824
194', 551
29,732

94,574
1,038

70.231
3; 830

173,681
3,956

8,4f>?,582
175,934

180.836
'^73
34
7 000
9,745
18
11,860
19 743
39
1,?45
38,079
5,9C9
778
1,045
16,435
5,927
22,071
659
3, ('86
4,770
1,037
558
488

56,154
121

54,408
156

2,625
25
1,256
A 937
32
270
5,88.1
1,036
318
215
3,757
28S
10.431
' 193
1,556
833
509
129
105

3,497
1 025
3' 230
17
209
8.589
' 561
150
190
5.357
1,308
11,323
142
1,648
1.724
'737
69
105

333,696

90,671

94,574

22,750
18,868
4,333
774
459
352

6,823
2,289
1,011
53
115
85

4,625
2,344
S84
244
74
87

12,969
27,067
902
25,857
1,174
1,890
336

12,589
46,780
1,878
21,352
791
2,740
150
1

Other liabilities

32,649
123,660
1,901
75,701
12.390
26;157
1,435
48
7,003
5,210

40

Total
Liability for rediscounts, including those with Federal Reserve Bank...

333,636
5,409

90,671
1,090

Items with Federal Reserve Bank in process of collection
Due from banks and bankers
Gold coir and certificates
All other ensh in vault
Exchanges for clearing house, also chocks on banks in same place
Outside chocks and other cash items
".
Interest earned but not collected (approximate)
Other assets
Total

494

3.610
'430
8,467
52
1,757
555
345
48

LIABILITIES.

Capital stock paid in
Surplus fund "
.
Undivided profits, less expenses and taxes paid
Interest and discount collected but not earned (approximate)
Amount reserved for taxes accrued
~.
Amount reserved for interest accrued
Due to Federal Reserve Bank
Due to banks and bankers

.

.

Certified and cash'ers' or treasurers' checks outstanding
Time deposits
United States deposits
Bills payable other than with Federal Reserve Bank
Cash letters of credits and travelers' checks outstanding




908

FEDERAL RESEEVE BULLETIN.

SEPTEMBER 1,1919.

CONDITION OP MEMBER BANKS—Continued.
Abstract of reports of condition of all member banks of the Federal Reserve System on June 30, 1919, arranged by classes
(including 7,780 national banks and 1,042 State banks and trust companies).
[In thousands of dollars; i. e., 000 omitted.]
Central reserve citybanks.
New York
Chicago
(64 banks). (20 banks).

Other
Total central reserve reserve
city banks city banks
(100 banks). (519 banks).

Country
banks
(8,203
banks).

Total
United
States
banks),
June 30,
1919.

Total
United
States
(8,725
banks),
Mar. 4,
1919.

RESOURCES.

112,721
28,200
160,050
37,997

5,101,076
1,657
12,869
272,917
524,573
462,873
164
22,403
778,354
84,085
1,438
9,136
799,934
138,571
485,808
147,005

4,535,413
5,250
1,769
151,175
548,774
674,214
1,107
25,411
833,779
137,582
9,142
25,324
474,673
197,595
763,288
155,128

832,979
24,035
2,973
22,018
85,275

60,004
8,792
396
728
1,493

902,896
35,294
3,928
23,349
87,141

227,144
44,061
11,136
15,098
18,504

7,795,376

1,626,259

9,895,471

228,050
Capital stock paid in
315,574
Surplus fund
121,289
Undivided profits,less expenses and taxes paid
15,798
Interest and discount collected but not eamed(approximate)
29,002
Amount reserved for taxes accrued
7,341
Amount reserved for interest accrued
|
Due to Federal Reserve Bank
[
Due to banks and bankers
f 1,372,314
Demand deposits
\ 3,828,003
515,878
Certified and cashiers' or treasurers' checks outstanding.. .1
213,462
Time deposits
!
409,684
United States deposits
'
327,791
Bills payable with Federal Reserve Bank
90
Bills payable other than with Federal Reserve Bank
20,467
Cash letters of credit and traveler's checks outstanding —
233,381
Acceptances
39,953
National bank notes outstanding
87,973
United States bonds borrowed
1.590
Other bonds and securities borrowed
27', 736
Other liabilities

73,750
75,400
17,238
5,255
6,969
322

335,600
416,584
145,486
22,542
36,893
7,875

Loans and discounts
Overdrafts
Customers'liability under letters of credit
Customers' liability account of acceptances
Liberty bonds and Victory notes *
Other tJnited States securities1
War savings and thrift stamps actually owned
Stock of Federal Reserve Bank
Other bonds,stocks, andsecuritiesL
Banking house
Furniture and fixtures
Other real estate owned
Lawfulreserve with Federal Reserve Bank
Items with Federal Reserve Bank in process of collection....
Due from banks and bankers
Cash in vault
Exchanges forclearing house, also checks on banks in same
place
Outside checks and other cash items
Due from United States Treasurer
Interest earned but not collected (approximate)
Other assets
:
Total

3,972,106
1,241
12,193
211,149
441,875
328,925
125
16,326
626,064
65,234
606
6,910
659,414
91,740
290,255
103,933

883,439
359
84
49,689

59,961
96,044
27
4,355
110,761
10,705
85
369

5,253,982 14,890,471
17,993
11,086
14,789
151
440,411
16,319
860,721 1,934,068
960,381 2,097,468
4,092
82,729
34,915
1,335,834 2,947,967
402,726
181,059
45,402
34,822
68,775
34,315
1,723,774
449,167
369,612
33,446
875,978 2,125,074
559,433
257,300

13,420,315
16,991
10,688
432,072'
1,340,082
3,476,676
6,243
81,376
2,880,868
388,908
42,785
68,324
1,632,526
337,484
2,136,571
563,788

1,188,101
109,046
38,484
67,362
114,681

709,454
74,675
45,676
57,867
87,400

8,855,567

10,492,691 29,243,729

27,810,769

441,943
410,257
129,196
22,223
15,955
5,660
5,602
1,418,335
3,812,573
105,091
1,118,924
307,272
552,399
17,457
2,752
154,389
171,249
98,883
2,800
62,607

712,249 1,489,792
465,875 1,292,716
482,889
208,207
66,306
21,541
60,227
7,379
24,302
10,767
11,876
6', 274
398,816 3,650,502
4,690,507 13,195,072
704,349
59,414
2,754,192 4,343,382
902,339
122,794
405,333 1,368,112
68,136
50,289
24,875
294
486,586
16,620
676,657
454,347
40,712
233,638
2,307
6,697
64,774
175,276

1,466,268
1,269,007
458,601
63,088
59,711
26,562
10,473
3,797,242
12,273,002
435,834
4,092,477
884,280
1,476,397
56,322
17,955
451,265
673,386
171,105
6,841
120,973

58,061
29,691
23,420
28,915

LIABILITIES.

7,795,376

Total...
Liability for rediscounts, including those with Federal
Reserve Bank
|
Ratio of reserve with Federal Reserve Bank to net deposit
liability (percent)




1,833,351
4,691.992
539', 844
470,266
472,273
410,380
390
21,829
295,577
51,061
94,043
1,590
47,895
13,489 '

375,486
689,472
20,852
191,099
43,977
61,830
300
756
49,717
347

1,626,259

9,895,471

8,855,567

10,492,691

29,243,729

27,810,769

178,705

27,650

215,608

221,619

175,278

612,505

527,750

14.3

12.4

14.0

10.2

7.8

10.6

1 Exclusive of securities borrowed by State bank and trust company members.

INDEX.

Acceptance liabilities of^member banks
852
Acceptances:
Banks granted authority to accept up to 100 per
cent of capital and surplus
856
Drafts secured by warehouse receipts, ruling by
Board on
858
Holdings during July, distributed by classes.. 885
Purchases during July, also average rates and
maturities
884
Renewal of, ruling by Board on
858
Agricultural paper held by Federal Reserve Banks
during July. ."\
885
Bank of Italy, assets and liability items, 1913-1919.. 840
Bank transactions, debits to individual account.. 878-881
Banking situation, discussion of
820
Branches of Federal Reserve Banks established at
Los Angeles and Nashville
821
Branches, foreign, of American banks, list of
854
Broderick, J. A., resignation of, as secretary to the
Board
."
821
Business and financial conditions during August... 822
Special reports by Federal Reserve agents
827
Certificates of indebtedness
813
Charters issued to national banks during August
855
Charts:
Map showing States in which banks remit at par. 888
Note circulation in Italy, 1914-1919
844
Check-clearing system:
Growth of par list
586
Map showing States in which banks remit at par. 888
Number of nonmember banks on par list
886
Operations during August
886
Par list, number of banks on..
886
Clearing-house bank debits
87S-881
Collateral notes held by Federal Reserve Bank3
during July
885
Commercial failures reported
856
Cost of living, discussion of
813
Credit expansion
814
Crop statistics, by Federal Reserve districts
852
Debits to individual account
878-881
Director of Federal Reserve Bank of Minneapolis,
0. II. Benedict elected as Class C
821
Discount and interest rates prevailing in various
centers
864-866
Discount operations of Federal Reserve Banks:
July, by classes of paper
882
Member banks, number of, accommodated in
July
882
Discount rates in effect
902
Earning assets of Federal Reserve Banks held during
July
883
England's adverse trade balance, statement by
Lloyd-George regarding
816
Errata, August Bulletin
852
Europe's economic situation, statement of the British Chancellor of the Exchequer regarding...
815
Exports. (See Imports and exports.)
Federal Reserve agent's fund, transactions through. 877
Federal Reserve Banks, resources and liabilities of. 889-893
Federal Reserve notes:
Circulation compared with changes in the general price level
838
Increase in circulation of, not cause of inflation
of prices
813
Note accounts of Federal Reserve Banks and
agents
894




Fiduciary powers granted to national banks
856
Foreign banking:
Banking and economic conditions in Italy
840
Changes in the German Reichsbank's gold reserve
847
Comparative table showing note circulation,
deposits, and gold and silver holdings of principal banks of issue at outbreak of war
848
Foreign branches of American banks, list of, to date. 854
Foreign credits, discussion of
819
Foreign exchange:
Discussion of situation
817
Rates in Italy on Paris, Switzerland, London,
and New York
846
Restrictions regarding exchange transactions in
Russian rubles
*
"
853
Georgia banking laws, amendments to
859
German Reichsbank, gold reserves of, compared
with note circulation and deposits
847
Gold:
Held by the German Reichsbank compared
with note circulation and deposits
848
Imports and exports
821, 901
Movement of, compared with changes in the
general price level
1
838
Gold settlement fund transactions
876
Governor of Board, Hon. W. P. G. Harding redesignated for ensuing year
821
Imports and exports:
Quantities and values of principal exports,
1914-1919
849-852
Gold
821, 901
Silver
901
Index numbers of wholesale prices
860,863
Inflation of currency
813
Interest and discount rates prevailing in various
cities
864-^866
Investment operations of the Federal Reserve
Banks during July
883
Italy:
Banking and economic conditions in, 19141919
840-847
Exchange rates in, on Paris, Switzerland, London, and New York
846
Gold holdings, note circulation, etc
841
War debt of
.
*
845
Law department:
Amendments to Georgia banking laws
859
Live-stock paper held by Federal Reserve Banks
during July
885
Loans to foreign Governments, discussion of
819
Maturities:
Acceptances purchased during July
884
Bills discounted during July
'.
884
Bills discounted and bought, also Treasury certificates
893
Member banks:
Abstract of reports of condition of
903
Number of, discounting during July
882
Number of, in each district.. „'
882
Resources and liabilities of, in selected cities. 896-900
Money, stock of, in the United States
902
National banks:
Charters issued to, during August
855
Fiduciary powers granted to, during August... 856
Open-market" operations of the Federal Reserve
Banks
882
i

II

INDEX.

Par list. (See Check clearing.)
Page.
Physical volume of trade
867-875
Prices:
Changes in price level compared with movement of gold, reserves, and note circulation
of Federal Reserve Banks
838
In England, statement by former British Premier regarding
:. 816
Wholesale, in the United States, monthly index
numbers of
860-863
Rates:
Acceptances purchased during July
884
Bills discounted by Federal Reserve B a n k s . . . 884
Discount, in effect
902
Earning assets of Federal Reserve Banks....... 884
Interest and discount rates prevailing in various
centers
864-866
Reserves of Federal Reserve Banks compared with
changes in price level
838




Resources and liabilities:
Page.
Member banks, in selected cities
890-900
Federal Reserve Banks
889-893
Review of the month
813
Rulings of the Federal Reserve Board:
Renewal acceptances
858
Acceptance of drafts secured by warehouse
receipts
*
858
Russian rubles, restrictions regarding importation
of or exchange transactions in
853
Silver, imports and exports of
901
State banks and trust companies admitted to system
during August
855
Trade balances, discussion of
816
Trade, physical volume of
867-875
Treasury certificates of indebtedness
813
Trust companies. (See State banks and trust companies.)
Wholesale prices in the United States, monthly
index numbers of
860-863

o

FEDERAL RESERVE DISTRICTS
*
O

1919
FEDERAL RESERVE BANK CITreS
FEDERAL/RESERVE BRANCH CITIES




The branches at Helena, Mont., Los Angeles, Cal., and Nashville, Tenn., have been authorized by the Federal Reserve Board but are not yet open for business.


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102