Full text of Federal Reserve Bulletin : September 1921
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FEDERAL RESERVE
BULLETIN
(FINAL EDITION
ISSUED BY THE
FEDERAL RESERVE BOARD
AT WASHINGTON
SEPTEMBER, 1921
WASHINGTON
GOVERNMENT PRINTING OFFICE
1921
FEDERAL RESERVE BOARD.
EX OFF1CIO MEMBERS.
4.. W. MELLON,
Secretary of the Treasury, Chairman.
D. R. CRISSINGER,
Comptroller of the Currency.
W. P. G. HARDING, Governor.
EDMUND PLATT, Vice Governor.
ADOLPH C. MILLER.
CHARLES S. HAMLIN.
JOHN R. MITCHELL.
W. W. HOXTON, Secretary.
WALTER S. LOGAN, General Counsel.
W. L. EDDY, Assistant Secretary.
W. M. IMLAY, Fiscal Agent.
H. PARKER WILLIS,
J. F. HERSON, .
Chief, Division of Examination and Chief Federal
Reserve Examiner.
J. E. CRANE,
Acting Director, Division of Foreign Exchange.
R. G. EMERSON, Assistant to Governor.
Director, Division of Analysis and Research.
M. JACOBSON, Statistician.
E. A. GOLDENWEISER, Associate Statistician.
E. L. SMEAD,
Chiefy Division of Reports and Statistics.
OFFICERS OF FEDERAL RESERVE BANKS.
Chairman.
Federal Reserve Bank o—
f
Governor.
Deputy governor.
Boston
New York....
Frederic H. Curtiss
Chas. A. Morss
C.O. Bullen
Pierre Jay
Benj. Strong
J. H.Case
L. F. Sailer
G. L. Harrison
E. R. Kenzel
Philadelphia..
Cleveland
R. L. Austin
D.C.Wills
Oaldwell Hardy
George W. Norris
E. R. Fancher
George J. Seay
Atlanta
Chicago
Joseph A. McCord
M. B. Wellborn
Wm. A. Heath
J. B. McDougal
Wm. H. Hutt, jr
M. J. Fleming
Frank J. Zorlinden
C. A. Peple
~ TT BrnarMiia2
R
A. S. Johnstone
JohnS. Waldena
L. C. Adelson
J. L.Campbell
C.R. McKay
S.B.Cramer
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
Wm. McC. Martin
JohnH. Rich
D. C. Biggs
R. A. Young
Asa E. Ramsav
Wm. F. Ramsey
J ohn Perrin
J. Z. Miller, jr
R. L. Van Zandt
J. U. Calkins
Cashier.
Richmond
1
2
Controller.
W. Willett.
W "W X>aAAnn\r
L. H. Hendricks.i
J. D. Higgins.i1
A. W. Gilbart. 1
Leslie R. Rounds.
J. W. Jones.1
W. A. Dyer.
H. G. Davis.
Geo. H. Keesee.
M. W. Bell.
W. C. Bachman.1
F. J. Carr.i
K. C. Childs.i
J. H. Dillard.i
D. A. Jones.1
0. J. Netterstrom.1
A. H. Vogt.
Clark Washburne.1
J. W. White
Frank C. Dunlop.1
B. V Moore.
J. W. Helm.
Sam R. Lawder.
W. N. Ambrose.
0. M. Attebery
W. B. Geery
S. S. Cook
C. A. Worthington
Wm. A. Day
Ira Clerk 3
L. C. Pontious3
8
Assistant to governor.
Assistant deputy governor.
MANAGERS OF BRANCHES OF FEDERAL RESERVE BANKS.
Federal Reserve Bank o—
f
New York:
Buffalo branch
Cleveland:
Cincinnati branch
Pittsburgh branch
Richmond:
Baltimore branch
Atlanta:
New Orleans branch
Jacksonville branch
Birmingham branch
Nashville branch
Chicago:
Detroit branch
St. Louis:
Louisville branch
Memphis branch
Little Rock branch
Manager.
Ray M. Gidney.
L. W. Manning.
, Geo. De Camp.
Morton M. Prentis.
Marcus Walker
Geo. R. De Saussure.
A. E. Walker.
J. B. McNamara.
R. B. Locke.
W. P. Kincheloe.
J. J. HefHn.
A. F. Bailey.
Federal Reserve Bank o—
f
Minneapolis:
Helena branch
Kansas City:
Omaha branch
Denver branch
Oklahoma City branch
Dallas:
El Paso branch
Houston branch
San Francisco:
Los Angeles branch
Portland branch
Salt Lake City branch
Seattle branch
Spokane branch
Manager.
0. A. Carlson.
L. II. Earhart.
C. A. Burkhardt.
C. E. Daniel.
W. C. Weiss.
E. F. Gossett.
C. J. Shepherd.
Frederick Greenwood.
R. B. Motherwell.
C. R. Shaw.
W. L. Partner.
SUBSCRIPTION PRICE OF BULLETIN.
The FEDERAL RESERVE BULLETIN is the Board's medium of communication with
member banks of the Federal Reserve System and is the only official organ or periodical
publication of the Board. It is printed in two editions, of which the first contains the
regular official announcements, the national review of business conditions, and other
general matter, and is distributed without charge to the member banks of the Federal
Reserve System. Additional copiea may be had at a subscription price of $1.50 per
annum.
The second edition contains detailed analyses of business conditions, special articles,
review of foreign banking, and complete statistics showing the condition of Federal
Reserve Banks. For this second edition the Board has fixed a subscription price of
$4 per annum to cover the cost of paper and printing. Single copies will be sold at
40 cents. Foreign postage should be added when it will be required. Remittances
should be made to the Federal Reserve Board.
No complete sets of the BULLETIN for 1915, 1916, 1917, or 1918 are available.
ill
TABLE OF CONTENTS.
General summary:
Page.
Review of the month
1027
Business, industry, and finance, August, 1921
1036
Changes in agricultural and industrial loans, March 4, 1920-April 28, 1921
1049
Member bank acceptances
1050
The commercial paper business
1052
Financing of the tobacco industry
1057
Financing cotton for export
•
1066
Business and financial conditions abroad—England, Germany, Sweden, France, Italy
1068
Official:
Rulings of the Federal Reserve Board
1079
State banks admitted to system
1078
Fiduciary powers granted to national banks
1078
Banks granted authority to accept up to 100 per cent of capital and surplus
1078
Charters issued to national banks
1081
Price movement and volume of trade:
Domestic—
Wholesale prices in the United States
1082
Foreign trade
1085
Ocean freight rates
1086
Physical volume of trade
1087
Building statistics
1098
Crop estimates
1099
Retail trade
1102
Wholesale trade
1104
Commercial failures
1081
Foreign—
Comparative wholesale prices in principal countries
1105
Comparative retail prices in principal countries
1109
Foreign trade—United Kingdom, France, Italy, Sweden, and Japan
1110
Banking and financial statistics:
Domestic—
Discount and open-market operations of Federal Reserve Banks
"
1111
Condition of Federal Reserve Banks
1116,1119
Federal Reserve note account
1123
Condition of member banks in leading cities
1116,1124
Bank debits
1128
Operations of the Federal Reserve clearing system
1132
Gold settlement fund
1131
Gold and silver imports and exports
1133
Money outside the Treasury and Federal Reserve System
1136
Discount and interest rates in various centers
1135
Discount rates approved by the Federal Reserve Board
1136
Foreign exchange rates
1141
Abstract of condition reports of State bank and trust company members
1137
Foreign—
England, France, Italy, Germany, Sweden, and Japan
1143
Charts:
Index number of wholesale prices in the United States—comstructed by Federal Reserve Board for purposes
of international comparisons
1083
Physical volume of trade
1089
Movement of principal assets and liabilities of Federal Reserve Banks
1116
Movement of principal assets and liabilities of member banks
1116
Debits to individual accounts
1128
Foreign exchange index
1142
IV
FEDERAL RESERVE
BULLETIN
SEPTEMBER, 1921.
No. 9
VOL.
7
REVIEW OF THE MONTH.
As in the summer of 1920, so during the past
three months a leading concern
1921°P m o v i n g i n of the Federal Reserve System
has been that of providing for
the requirements of agriculture, and especially
for the movement of the crops to market. The
crop-moving problem is one which recurs annually and its nature was briefly stated a year
ago as being u t h a t of providing the farmer or
producer with the means to pay expenses incurred in the harvesting and marketing, of his
crop, while yet retaining ownership of it if
desired up to the time that it moves to market.
Without such aid the producer would have
difficulty in settling obligations incurred in
producing the crop. Large quantities of products, instead of being gradually marketed,
might be hastily disposed of for cash, with the
result that undesirable depression of prices
might occur and serious hardship be visited
upon individual producers. The problem would
not be serious if it were not that it is common
to many sections of the country and has to be
met simultaneously in them, with the result
that a 'peak 7 of credit demand occurs each
year at the time when the bulk of our agricultural output is moving to market."
During the past year the situation thus described has been aggravated, due to the
u
carry-over ;; of crops from the 1920 season.
This carry-over has brought upon the banks
the necessity of providing for financing over a
longer period than usual the very considerable
unmarketed portion of the 1920 crops as well
as the current production of 1921. During
the crop year which is now drawing to a close
the financial problem, therefore, has been rendered more complex in some parts of the
country by this factor.
scope of the problem can be better understood by contrasting the
^mands
for credit during the current
year with those for past seasons. One factor,
lem
f PFOb
"
killd
and
amount
of
d
as already noted, is to be found in the extent
of the carry-over of products from a year ago.
While this, of course, can not be precisely
estimated, the Department of Agriculture
figures for the quantity of various kinds of
products on farms on March 1 of this year and
of the year 1920 will afford some notion of the
relative requirements for the carrying of
agricultural products:
UNITED STATES CROP SUMMARY FOR MARCH.
1920
Average,
1913-1917.
1921
Wheat:
On farms, Mar. 1—
207, 591,000
161,253,000
164,624,000
Bushels
26.4
19.9
17.6
Per cent of crop
Shipped out l —
479, 456.000
459, 598,000
563,687,000
Bushels
59.2
58.4
60.3
Per cent of crop.. - .
In country mills and elevators—
81,946,000
108,436,000
117, 950,000
Bushels
10.4
13.4
12.6
Per cent of crop
Price to producers Mar.
147.2
112.9
226.6
1 (cents per bushel)
Corn*.
On farms Mar. 1—
993,350,000
1,070,677,000 1, 572,397,000
Bushels
48.6
36.0
37.5
Per cent of crop
Shipped out 1 —
691, 884,000
522, 518,000
466,615,000
Bushels
21.4
18.9
16.3
Percent of crop
Amount of crop merchantable2,486, 296,000 2,811,266,000 2, 231,634,000
Bushels
87.0
80.8
87.0
Per cent of crop
Price to producers Mar. 1
64.5
73.1
148.5
(cents per bushel)
Oats:
On farms Mar. 1—
689, 566,000
479,092,000
418,983,000
v
Bushels
45.2
37.0
34.0
Per cent of crop
Shipped out 1 —
431,091,000
378,390,000
320, 318,000
Bushels
28.2
29.2
26.0
Per cent of crop
Price to producers Mar. 1
41.9
44.7
84.5
(cents per bushel)
Barley:
On farms Mar. 1—
69, 836,000
18,172, 000
36, 848,000
Bushels
34.6
23.9
22.8
Percent of crop
Shipped out l —
73, 598,000
94,492,000
56, 514,000
Bushels
36.4
46.9
35.0
Percent of crop
Price to producers Mar. 1
56.8
64.9
129.3
(cents per bushel)
1
Amount shipped out and to be shipped out of county where grown.
According to the Bureau of the Census, of the
Department of Commerce, the amount of cotton
on hand in public storage and compresses at the*
close of February, 1920, was 3,530,654 bales, as
against 5,497,019 bales a year later. The total
crop yield of 1920 was 12,987,000 bales and that
for 1921 will be 7,037,000 * bales, a gross pro1
Estimate Aug. 25, 1921.
1027
1028
FEDERAL RESE1 VE BULLETIN.
duction for the two years of 20,024,000 bales,
or an average of 10,012,000 bales as against a
five-year average for 1915-1919 of 11,481,000
bales. Exports during the two years from July
1, 1919, to July 1, 1921, have amounted to
12,324,510 bales, or an average of 6,162,255
bales as against a five-year average for the period ending July 31, 1919, of 6,122,945 bales.
As will be seen from comparison of these
figures, the gross amount of the carry-over
in cereals from the crop year 1920 has been
considerably in excess of the average or normal.
This is particularly true with respect to cotton
in which the carry-over has been large while the
export demand has declined during a part of
the time, although not as compared with a fiveyear average. The agricultural credit problem
growing out of the question of carry-over has
thus been in some parts of the country that of
providing for the continuous financing of an
unusually large amount of retained output or
"surplus crop"; but in many other parts of the
country the problem has been quite different
in its nature and has been only to a limited extent that of providing for the carrying of surplus products. In such parts of the country—
notably the grain-growing States—the most
serious phase of the agricultural question has
probably been found in the fact that the 1920
money yields of the various classes of products
were insufficient to provide for the farmers'
requirements owing to shrinkage of prices, so
that it was necessary to carry the surplus upon a
relatively long-term b asis until such time as a new
crop produced at lower cost would enable them
to increase their financial strength. The phase
of the agricultural credit problem relating to
the deferred requirements of the year 1920 has
thus varied considerably between different portions of the country.
The extent and character of current crop
financing, on the other hand, is indicated by
the comparative figures which show yields
expected during the season as compared with
those of former years. The table which follows is based on data published by the Bureau
of Markets and Crop Estimates, showing estimated total production and prices as of August
1 of the principal crops of the country:
SEPTEMBER ,
Total production (in millions
of bushels).
Crop.
Winter wheat .
Spring wheat
All wheat ..
Corn...
Oats
Barley...
Rye
Buckwheat..
White potatoes
Sweet potatoes
Tobacco (pounds)..
Flax .
Rice..
Hay, tame (tons)...
Hay, wild (tons)
Cotton 4
Sugar beets (tons)..
Apples (total)
Peaches . . .
Peanuts
Kafirs
1921, i 1920, De- 1915August cember
1919,
forecast. estimate. average.
2 544
213
757
3,032
1,137
171
2 64.3
13.0
316
114
889
8.9
33.5
81.6
15.5
5 j. o
8.0
109
31.3
37.6
130
572
258
787
831
2,798
3,232
1,433
1,526
208
202
69.2
69.3
15.0
13.8
428
371
112
84.7
1,508
1,272
11.0
11.7
37.2
53.7
91.2
85.8
17.0
17.6
6 13.4
6 11.5
6.22
8.55
183
244
46.6
43.7
36.0
144
86.1
578
209
1921.
Price per bushel
Aug. l .
1921
1920
Cents.
Cents.
•
104.8
61.7
33.8
49.4
98.1
119.7
136.9
144.1
162.1
232.2
163.7
81.9
121.0
168.6
181.3
302.9
223.5
1
303.7
$12. 47 : $22.07
3 7.67 , 3 15.38
9.8
36.8
in. 2
3 245.6
3 51.0
3
198.4
250.3
3 135.2
1
3
3
4
b
Interpreted from condition reports.
Preliminary estimate.
Price July 15.
Total production, in millions of bales.
Sept. 1 estimate.
« Census.
A further factor which should be considered
as an offsetting element in esf
timating the amount of credit
chfngel °
required in this year's crop
moving is the fall in agricultural prices. Total
crop values, which are of primary significance
from the point of view of banking accommodations, have shrunk in unusual degree as compared with those of 1920, since prices paid to
the producers of the principal crops of the
country were estimated on August 1 to be
about 59.4 per cent below those of last year,
59.3 per cent lower than two years ago, and
36.1 per cent below the average for the 10
years ending August 1. How much this reduction has cut the total quantity of bank
accommodation needed in financing the current crop movement is necessarily only a matter of estimate. Some estimates place the
reduction at $250,000,000 to $500,000,000.
In speaking of a similar situation a year ago,
it was noted that " under the head of factors
offsetting the strain brought to bear upon the
credit resources of the country is to be included
the fact that a very much smaller amount of
funds is to-day involved in speculative uses
while, on the other hand, the amount of Government obligations retired from the banks has
SEPTEMBER,
1921.
FEDERAL RESERVE BULLETIN.
also been a favoring circumstance. A decline
in foreign trade and a lowered activity of
business has contributed to the same result."
All these elements have been at work during
the current season in even more marked degree
than a year ago. This combined effect has
been to reduce the credit strain that might
otherwise have made itself felt as incident
to the crop-moving process.
In short, the statistics given would seem to
indicate that in so far as our agricultural
credit requirements are dependent upon current
output, there is little reason to anticipate that
they will put any undue strain upon banking
accommodation. The fact that substantial
reductions in the amounts of all of the principal crops of the country are occurring as
compared with a year ago, and that in most
instances the output will fall below the fiveyear average (1915-1919), would in itself
point to a reduction in the gross amount of
credit strain even if there had been no decline
in prices.
As a matter of fact, the continuous liquidation of loans which has occurred
^ i n r e c e n t m o n t h s i n nonagricultural sections of the country
has operated in conjunction with price declines
to obscure and partly to offset the seasonal
demands for accommodation coming from the
agricultural sections of the country where harvesting is now in progress. The need for funds
began to be felt in the Southwest at the end of
June, but even the intensification of this demand
as it spread to the more northern sections of the
country affected but slightly the loans and
discounts of the Federal Reserve System.
Indeed, taking the system as a whole, there
has been during the summer months a fairly
uninterrupted downward movement in the
bill holdings of the Federal Reserve Banks,
with the exception of a slight increase at the
end of'June and during the first week in July.
The greater part of this increase is furthermore assignable to district No. 2 (New York)
and district No. 3 (Philadelphia) and can be
largely explained by the preparations made
by member banks to meet heavy midyear
payments. It is significant that the loans and
discounts of reporting member banks even in
1029
agricultural districts have been almost stationary since the beginning of June, while during
July a negligible downward movement was recorded for the system as a whole. Total
bills payable and rediscounts of all reporting
member banks have likewise fallen since June
1, with a pronounced drop on June 15, followed by an increase during the succeeding
three weeks that nevertheless still left the total
bills payable and rediscounts $134,950,000 below June 1 figures. Until the middle of August
the decline was uninterrupted, with the exception of negligible advances in some of the agricultural districts. It is probable that the absence of loan expansion means that local seasonal demands have been taken care of in part
by the liquidation of some of the so-called
"frozen" loans through sales of products held
over from last year, while funds have also been
obtained in part no doubt by permitting heavier drafts upon deposits. Only in the changes
in interreserve bank rediscounting is there
positive evidence of the effect of the seasonal
demand from agricultural sections. . Even these
interdistrict rediscounts rose but moderately
from a total of $37,400,000 on June 15 to
$61,400,000 at the end of July, and the opening weeks in August recorded a reduction in
the amount of these rediscounts to $54,421,000
on August 17.
The effect of the demand for moving cotton,
tobacco, and other late crops
is et t o m a k e itself f u
J
% feltfinancing'
As the crop movement becomes
more highly diversified the need for funds at the
harvesting season tends to become less highly
concentrated. It is also true that the intensity
of demand for funds varies considerably as
products are directly sold or are held back from
market. During the present year various factors have worked in favor of early sale, with
the result that the need for funds is not so highly
concentrated as is sometimes the case, and already the demands from wheat-growing sections
are being satisfied with relatively slight evidence of credit strain. In fact, there was an
unprecedentedly heavy movement toward the
market of both winter wheat and oats at the
end of July, which was accomplished without
any break in prices. The^disposition to move
1030
FEDERAL RESERVE BULLETIN.
these crops rapidly and to dispose of them
speedily will facilitate the continuous liquidation
of loans in the grain-growing areas and put the
banking system in position to meet later seasonal demands with greater ease. Liquidation
will be further aided by the absence of congestion on the'railroads, whereas a year ago transportation difficulties hindered the movement of
crops and played an important part in delaying
sales of agricultural commodities which at other
times could have been disposed of at favorable
prices. A few complaints of car shortage and
anticipation of difficulties to come have been
received from some of the Middle West districts,
but there is no evidence of extensive or serious
lack of necessary equipment.
In addition to the regular financing provided through ordinary bankSpecial aid to m
& channels a s t l l u s s e t fortn >
agriculture.
provision has been made by
Congress through legislation adopted on August
24 and intended to afford means for carrying
the longer period agricultural loans which grow
out of the necessity of financing a large agricultural carry-over as well as of meeting the
exigencies of a peculiar, not to say unprecedented, export situation. The act in question provides that—
Whenever the board of directors of the [War Finance]
Corporation shall be of the opinion that conditions arising
out of the war, or out of the disruption of foreign trade
created by the war, have resulted in or may result in an
abnormal surplus accumulation of any staple agricultural
product of the United States or lack of a market for the
sale of same, or that the ordinary banking facilities are
inadequate to enable producers of or dealers in such products to carry them until they can be exported or sold for
export in an orderly manner, the corporation shall thereupon be empowered to make advances, for periods not
exceeding one year from the respective dates of such advances, upon such terms, not inconsistent with this act
as it may determine;
(a) To any person engaged in the United States in dealing in or marketing any such products, or to any association composed of persons engaged in producing such
products, for the purpose of assisting such person or association to carry such products until they can be exportedor sold for export in an orderly manner. Any such advance shall bear interest at a rate not exceeding 1J per
cent in excess of the rate of discount for 90-day commercial
paper prevailing at the Federal Reserve Bank of the district in which the borrower is located at the time when
such advance is made.
SEPTEMBER,
1921.
Aside from the special exigencies which have
given rise to the extension of the powers of the
War Finance Corporation as a remedial device,
there is a growing body of opinion to the
effect that systematic provision should be
made for more adequately meeting the normal
long-time credit needs of farmers for production
and marketing purposes. The chairman of the
Joint Commission of Agricultual Inquiry, recently set up to study the agricultural situation
and its needs, issued under date of September
1 the following statement outlining the views
entertained with respect to credit:
"There is immediate, imperative, and conclusive necessity of setting up permanent
machinery to furnish credit for farmers' production and marketing purposes, running from
six months to three years, to fill the gap between short-time credit furnished by the
national and State banking systems, and the
long-time credit furnished by these systems,
farm mortgage institutions, and the Federal
Farm Loan System.
"This credit must be of such character as to
conform to the farmers' turnover and of sufficient flexibility to meet the varied requirements of different localities and different commodities. It must be extended for a time
sufficient to enable payment to be made out of
the earnings of the farm, without frequent
renewals, which add to the expense of the borrower in fees and commissions.
"It is clear that machinery of sufficient scope
can be established only by Federal legislation,
such as brought about the establishment of the
Federal Reserve System and the Federal Farm
Loan System. This machinery once established should be self-sustaining; should not require Government support, except possibly for
the initial capital required to put it into operation. A system established by such machinery
must be comprehensive enough to meet the
requirements not only of the large farm borrower, but the small farm borrower with
limited assets.
"There are two essentials of such a credit
machine. The first essential is an agency to
deal directly with the farmers. These agencies
should be sufficiently numerous to meet the
requirements of every locality, of every commodity, and of every farmer. Two agencies now
exist which might be used as the point of contact of the system with the farmer borrower.
These agencies are the commercial State and
national banks, and the farm loan associations
as now established under the farm loan act.
SEPTEMBEK, 1921.
A new agency might be created in the form of a
cooperative credit association, built upon lines
similar to the farm loan associations.
" The second essential is an agency which can
convert a large number of small obligations of
the farmers into short-time debentures, or
other credit obligations, which can be sold to
the investing public. In other words, it is
necessary to have an agency through which the
investing public can be reached.
"The character of both agencies is largely
dependent upon whether it is proposed to have
the debentures or securities absorbed by the
deposit pool, represented by the deposits of
the national and State banks and the liquid
assets of the country, or by the investment
pool, representing the credit ordinarily invested
in long-time securities. There is, in my judgment, no reason why both pools can not be
drawn upon for the proper credit requirements
of the farmer.
" I n setting up the agency to deal directly
with the farmer borrower, it is desirable to use
the primary credit agencies already existing,
and there would seem to be no reason why it
should not be possible to use both the commercial banks, State and national, and the
farm loan associations.
" In like manner, in order to set up the agency
to distribute farm credits to the investing public, whether in the form of the original obligation or in the form of debentures or other
securities, it may be .possible to use both the
Farm Loan Banks and the Federal Reserve
Banks.
"The Joint Commission of Agricultural Inquiry has for some time been devoting itself
to an intensive study, first, of the credit requirements of the farmer and, second, of the
relative merits of different methods of meeting
these requirements. Its report will, in my
judgment, recommend to Congress a definite
concrete plan which will embody the most
effective of these methods.
"Such a plan will complement the credit
facilities now offered through the Farm Loan
System and the Federal Reserve System and
will give to the American farmer the most
comprehensive and flexible credit system in
the world.'7
The financing problem which has been depicted above and its varying
Relative reserve :
importance in the several disstrength.
tricts is reflected in the condition of the individual Federal Reserve Banks.
In no other item is it perhaps more striking
than in the reserve ratios, indicating the reserve strength of the several banks. The
1031
FEDERAL RESERVE B U L L E T I N .
diversity shown has been due to the fact that
in some districts the usual seasonal liquidation
which, results from recurrent sales of farm
products, realization of the proceeds, and application thereof to the payment of bank loans
has not been possible. It was therefore necessary that Federal Reserve Banks in those
districts where liquidation was slow and retarded should assist their members, tiding
them over the period of strain by renewing
and extending their accommodation. In other
districts of the East and North the liquidation
has been much more speedy and normal.
These differences may be better realized from
a comparison of the actual and adjusted reserve percentages of the several banks as
follows:
ACTUAL AND ADJUSTED KESERVE PERCENTAGES OF EACH
FEDERAL RESERVE BANK ON AUG. 17, 1921.
Federal Reserve Bank.
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
,
Chicago
St. Louis
Minneapolis
Kansas City...
Dallas
San Francisco..
System
Actual.
76.6
72.2
64.5
69.2
44,0
40.9
69.1
58.5
39.6
59.6
40.5
64.5
Adjusted.*
81.4
74.8
64.5
70.4
31.7
39.8
69.1
58.5
26.8
59.6
16.6
64.5
65. i
1
After increasing or reducing reserves held by the amount of accommodation extended to or received from other Federal Reserve Banks.
The situation is also disclosed by the
variation in the movement of
arymg ere I j o a n s a n ( j diSC0UI1ts which has
demands.
occurred in the New York district as compared with those in some of the
southern agricultural districts. Thus the liquidation in the New York district has been about
equal to that in all other districts combined.
The rediscounts and advances of the Federal
Reserve Bank of New York at the close of
business on June 30, 1921, were lower than they
had been since July 10, 1918. On the other
hand, on July 6, 1921, the Federal Reserve
Bank of Richmond had total bills on
hand amounting to $105,974,000, against
$110,052,000 on July 9, 1920, but there was a
reduction between these dates of $15,830,000
in the amount of notes secured by Government
1032
FEDERAL RESERVE BULLETIN.
SEPTEMBER, 1921.
obligations, which probably represents sales of way, those which have received accommodabonds and certificates, while loans on com- tion from others have been primarily agrimercial and agricultural paper increased from cultural districts. At the same time, the dis$58,344,000 on July 9, 1920, to $74,280,000 on tinctly industrial districts have been those
July 6, 1921. The Federal Reserve Bank of which have supplied the funds required.
Atlanta shows between July 9, 1920, and July
The following table shows the amount fur6, 1921, an apparent reduction in total loans nished and the amount received by each disof about $17,000,000, but commercial and agri- trict in rediscounting with others during the
cultural paper increased from $61,611,000 on first seven months of the year 1921:
July 9, 1920, to $65,754,000 on July 6, 1921. REDISCOUNTS AND SALES OF PAPER BETWEEN FEDERAL
When the difference in the value of cotton is RESERVE BANKS, FIRST SEVEN MONTHS OF 1921.
considered, it is evident that the real amount
[In thousands of dollars .1
of accommodation given during the early cropAmount received. Amount furnished.
moving period was considerably greater this
season than was the case a year ago.
Federal Reserve Bank o—
f
RedisDisPurThe amount of interdistrict shifting of creditcounted. Sold. counted. chased.
can be seen from the following
Interdistrict compilation, which gives the Boston..
84,550
10,671
267,500
340
57,646
New York
movement.
6,823
5,000
Philadelphia
. .
figures for each of the first Cleveland..
172,415
25,094
220,000
Richmond
seven months of 1921:
27,957
Atlanta.
REDISCOUNTS AND SALES OP DISCOUNTED AND PURCHASED PAPER BETWEEN FEDERAL RESERVE BANKS.
[In thousands of dollars.]
| Dis! counted
i bills.
1921.
January
February
March
April
May
June
July
Purchased
bills.
Total.
;
i
!
98,458
39, 500
33,000
47,000
77, 000
I l l , 000
123, 507
51,138
7, 848
149, 596
47,348
33,000
47,000
77,000
111, 000
123, 507
During the present year the interdistrict
movement of funds has been less complex in
character than during the preceding year. The
influence of war conditions has become more
remote, while the peak of the readjustment
period, with its manifold reflections in the
position of the banking system, has been
passed. The banking situation has become
easier, and conditions during the present year
more nearly reflect what may be considered to
be the normal interdistrict movement of funds.
As would be expected, the volume of the
movement is considerably less than a year ago.
A smaller number of districts also have required aid. The movement this year has been
more distinctly seasonal in character. While
a number of the agricultural districts have been
self-sufficient and self-dependent in a financial
Chicago
St. Louis..
Minneapolis
Kansas City
Dallas
San Francisco
Total
1,315
1,000
69,666
9,008
203,500
25
529,465
58,986
15,058
529,465
58,986
While the Federal Reserve System is in
a strong position to meet reDistribution of
•
•
,
i -T
,i
quirements, and while the machinery for distributing credit
to the different sections of the country is even
more perfect than heretofore, there have been
some complaints of defects in the distribution
of it. Whatever these defects may have been,
they have not been due to any lessening in the
number of banks accommodated during the
season, as may be seen from the following
table, which shows comparatively the total
number of institutions accommodated during
the past few years. From this it appears that
the aggregate number of banks receiving rediscount credit is now greater than at any time
in the past.
redit
NUMBER OF BANKS ACCOMMODATED THROUGH THE DISCOUNT OF PAPER DURING SPECIFIED MONTHS,
1917-
1921.
Month.
March
June
September
December
1917
315
900
953
1,701
1918
1,568
3,021
3, 464
3,288
1919
4,758
4,047
3,722
3,659
1920
3,670
4,948
• 4,758
5,551
1921
5,332
5,740
SEPTEMBER,, 1921.
As has been pointed out, however, in recent
discussion, this distribution of credit can be
considerably furthered by a more general utilization on the part of the banks. The loans
made by the member and nonrnember banks
throughout the country are not in all cases
well distributed, and in a number of cases have
not been judiciously made. Something over a
third of all member banks have at times appeared not to be borrowing from the Federal
Reserve Banks at all, and of the two-thirds
which were borrowing, more than one-half were
borrowing very large amounts. Many of these
banks extended themselves so far that they
do not now feel warranted in making any new
loans, regardless of the disposition of the Federal Reserve Banks to rediscount the paper.
They do not want their names on any more paper than they already have indorsed. They are
indisposed to increase their contingent liability.
No doubt this situation will be corrected as
the season advances, through a broader participation on the part of the banks in rediscounting, which is clearly evident in the statistics already cited.
The changes, in discount rates on agricultural paper which have become
, .
" effective during the past two
to
count rates.
\
months have resulted in a rate
schedule which compares with that in effect a
year ago, as follows:
FEDERAL RESERVE BANK DISCOUNT RATES ON AGRICULTURAL PAPER MATURING WITHIN SIX MONTHS, IN
EFFECT SEPT. 1, 1920 AND 1921.
Federal Reserve Bank.
1033
FEDERAL RESERVE BULLETIN.
1920
reasons often explained, may or may not in
given districts be represented by a corresponding reduction in rates to actual borrowers at
banks. Interest rates, it can not too carefully
be remembered, are established by the lenders
and not by the Federal Reserve System, which
lends to banks but not to the public. It remains
true, regardless of rates to borrowers made by
banks in various sections of the country, that
the Federal Reserve System has more available
credit facilities for agricultural use under
proper banking conditions than at any time
in its history, while the rates charged for such
accommodation have been materially reduced
during the past year, as credit conditions have
eased.
A study of production indexes is of special
interest from the standpoint of
Index of proagricultural conditions.
The
duction.
trend of these indexes, as shown
by the Board's compilations during the past
few months, has pointed to the revival of
agricultural business and of trades directly
dependent upon agriculture at a rate much
faster than that of any other branches of
industry or manufacture. In the following
compilation of such indexes, it will be observed that those which show the movement
of grain and cotton and the consumption of
wool are far above the figures of July, 1920,
taken as a base or 100 per cent.
[000 omitted.]
July, 1920.
July, 1921.
June, 1921
1921
Boston
New Y o r k . . . .
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
From these figures it wdll be seen that a
reduction in discount rates applicable to
agricultural paper varying from one-half to
\\ per cent has taken place at many banks
during the past year, while at others the rate
was never above 6 per cent. This cut, for
Receipts of live stock at
15 western markets
(head)
Receipts of grain at 17
interior centers (bushels)
,
Sight receipts of cotton
(bales)
Shipments of lumber reported by three associations (million feet)... 660, 439
Bituminous coal pro- ',
duction (short tons)
| 45,
Anthracite coal production (short tons)
247
Crude petroleum production (barrels)
203
Pig iron production (long
tons)
067 i
Steel ingot production
803 !
(long tons)
525 i
Cotton consumption (bales
Wool c o n s u m p t i o n
097
(pounds)
! 37, j
100 30,394 67.5 , 33,852 I 75.2
100
7,050 85.4 ; 7,786
94.4
100 40,228 105.3 | 40,405 107-6
865 18.2 ; 1,065 34.7
100
28.6 1,003 I 35 7
462 i 88 0
410 78.0
100 I 53,076 [143.0 | 59,592 | 160.7
100
100
1034
FEDERAL RESERVE BULLETIN.
SEPTEMBER, 1921.
[In thousands of dollars.]
During the month ending August 10 the net
Gold and silver inward movement of gold was
Excess of
Imports.
Exports.
imports and ex- $81,468,000, as compared with
exports.
rts
P° a net inward movement of
203,592
l 1914, to Dec. 31,
297,761
483,353
$34,351,000 for the month ending July 10. Au^j. . 1 ,to Dec. 31,1919.. 1918
Jan
89,410
239,021
149,611
Tan . 1 to Dec. 31,1920
113,616
88,060
25,556
England and France combined furnished over I a n .1 t o Aug. 10,1921
34,535
i 7,477
27,058
77 per cent, or $65,013,000, of the $84,254,000
415,597
Total
447,451
863,048
of gold imported during the monthly period 1
Excess of imports.
ending August 10, other countries of Europe,
the Orient, and Australia furnishing most of
Continued reduction of loans to customers
the remainder. Of the gold exports, amountand of accommodation obtained
The
banking f r o m F e d e r a l R e s e r y e Banks is
ing to $2,786,000, over one-half, or $1,519,000,
was consigned to Sweden and the remainder to situation.
indicated by the reports of
Mexico, Canada, and Hongkong.
member banks for the five-week period ending
Net imports of gold since August 1, 1914, August 17. Total loans and investments of rewere $1,307,438,000, as may be seen from the porting banks on that date were $14,844,000,000,
following exhibit:
the lowest level reached since the beginning of
the rapid expansion witnessed during the sec[In thousands of dollars.]
ond half of 1919. Loans and discounts of the
Excess of
Imports.
Exports.
reporting member banks show a decline of
imports.
about $197,000,000 for the five-week period,
705,210 I 1,071,406
1,776,616
Aug. 1,1914, to Dec. 31,1918
368,185
1291,651 the largest share of this decline being reported
76,534
Jan. 1 to Dec. 31,1919
322,091 i
95,090
417,181
Jan. 1 to Dec. 31,1920
Holdings of Govern443,313
10,720 I
432,593 for commercial loans.
Jan. 1 to Aug. 10,1921
1,406,206 ! 1,307,438 ment securities show an increase of about
2,713,644
Total.
$14,000,000 for the period, increases in United
1
Excess of exports.
States bonds and in Treasury certificates, of
Since the beginning of the present year net which two new series were allotted on August 1,
gold imports totaled $432,593,000. The largest being partly offset by reductions in Victory
gains are shown through imports from the notes, also in Treasury notes which continue
following countries: England, $132,417,000; to be absorbed by private investors. Holdings
France, $118,377,000; Sweden, $46,051,000. of other securities declined by $25,000,000,
Gold exports during the present year were with the consequence that the total investment
consigned chiefly to the following destinations: account is shown lower than five weeks earlier.
Mexico, $5,042,000; Sweden, $2,643,000; Hong- The course of member bank credit operations
during the five weeks between July 13 and
kong, $1,353,000; and Canada, $1,347,000.
During the month ending August 10 the net August 17 is indicated in a general way in the
inward movement of silver was $968,000, as following exhibit:
compared with a net inward movement of
REPORTING MEMBER BANKS.
$1,532,000 for the month ending July 10.
[In millions of dollars.]
Mexico furnished over three-fifths, or $3,444,000, of the $5,597,000 of silver imported during
RedisLoans
counts
the monthly period ending August 10, the reNumber and dis- and bills Ratio of
accomNet deof recounts, payable
modamand
mainder coming principally from Germany,
porting
and intion
with
deposits.
Date.
banks.
vest(3-2).
F.R.
Peru, and Canada. Silver exports, amounting
ments.
Bank.
to $4,629,000, were consigned principally to
2
3
4
5
1
China, Hongkong, and other countries of the
I
816
15,051
1,154
7.7
10,086
July 13.
Orient.
814
14,951
1,151
7.7
July 20.
10,029
814
14,890
7.5
1,113
Net exports of silver since August 1, 1914, July 27.
10,002
Aug. 3.
813
15,051
1,079
7.2
9,915
813
14,949
997
6.7
were $447,451,000, as may be seen from the Aug. 10
9,895
Aug. 17
812
14,844
979
6.6
9,938
following exhibit:
SEPTEMBEB, 1921.
Developments in the Federal Reserve banking field during the five weeks ending August 24
include a further liquidation of about
$190,000,000 in discounts, while holdings of
acceptances show a moderate increase of
$11,000,000.
Total earning assets of Federal Reserve
Banks on August 24 stood at $1,769,000,000, or
about 48 per cent below the peak figure of
$3,422,000,000 shown for October 15, 1920, and
on about the same level as the total shown
at the end of August, 1918. Federal Reserve
note circulation continued to decline and on
August 24 stood at $2,486,000,000, the lowest
figure since the end of February, 1919. Federal
Reserve bank-note circulation also decreased,
the reduction amounting to about $15,000»,000.
At the same time, gold reserves of the Federal
Reserve Banks show a further increase of about
$111,000,000 and total reserves an increase of
about $107,000,000. As a result of the reduc-
1035
FEDERAL RESERVE BULLETIN.
tion in note liabilities and a decline of about
$19,000,000 in the deposit liabilities, and of the
simultaneous increase in reserves, the reserve
ratio of the banks rose from 62.5 on July 20 to
66.5 per cent on August 24.
In the following exhibit are shown the principal changes in the condition of the Federal
Reserve Banks between July 20 and August 24:
FEDERAL RESERVE BANKS.
[In millions of dollars.]
Bills discounted.
_
Date.
July 20..
Tuly 27..
Aug. 3. .
Aug. 10..
Aug. 17..
Aug. 24..
Cash
Secured
reserves. by U. S.
Government obligations.
2,659
2,685
2,704
2,721
2,745
2,766
610
591
573
563
560
542
All
other.
1,076
1,059
1,045
964
952
954
Total
deposits.
1,693
1,695
1,705
1,662
1,671
1,674
F. R.
notes in
ctCLtlcil
circulation.
2,565
2,538
2,537
2,521
2,504
2,486
Reserve
ratio.
62.5
63.4
63.7
65.0
65.8
66.5
1036
FEDERAL, RESERVE BULLETIN".
SEPTEMBBE, 1921.
BUSINESS, INDUSTRY, AND FINANCE, AUGUST, 1921.
Heavy movement of agricultural products to market has been the outstanding economic
activity of the country during the month of August. There has been a tendency to unusually
early marketing, and the revival of fair export demand in certain agricultural lines has operated
to hasten the movement of crops away from the farms. Deterioration of some crops, notably
cotton, has tended to modify the previously existing agricultural outlook. Readjustment of
costs in many agricultural lines is approaching a point where it is probable that, even at
present prices, some crops will show good returns.
This early movement of crops to market has resulted in the liquidation of some outstanding
indebtedness even in districts where the carry-over from last year's crop was greatest. As a
result it has lessened the intensity of the credit demands which might otherwise be expected to
occur during the marketing season. This has enabled member banks in not a few places to
strengthen their position and to reduce their obligations to Federal Reserve Banks. These
factors have on the whole been favorable to the general credit situation, and rates of interest
have been moderate.
The manufacturing outlook continues to be decidedly irregular and "spotty," due to the
fact that there has been greater progress in some lines than in others. The decline in iron
and steel activity continues, although some increase in orders has taken place since the end of
July. In various textile and leather lines business continues to show indications of much
greater activity, many mills being " booked up " further ahead than at any time for many months
past. It is true that July production showed a falling off in some lines, especially certain
branches of the textile industry, a factor attributed to seasonal dullness, but future orders are
almost uniformly reported as very promising. Flour milling, as a result of heavy wheat movement, has likewise been exceptionally active. Little improvement has been noted in machine
industries and in the engineering trades. Industries which consume nonferrous metals have
been notably inactive.
Price movements have been on the whole limited, but with a slight upward tendency
in the case of some groups. The Federal Reserve Board index, prepared for international
comparisons, shows an increase of 2 points to 141 in July. The index number of the Bureau
of Labor Statistics for July was 148, the same as during June. The current price reports for
the early part of August indicate, if anything, a strengthening of prices in some lines.
A striking factor in the developments of the past month has been afforded by the shrinkage
in retail trade. During most periods of business transition such shrinkage has been somewhat
belated. Postponement of reduction in retail activity is due to the fact that a curtailment
of consumption usually takes place only when accumulated purchasing power is reduced.
During the past year the maintenance of the activity of retail trade has been noteworthy,
and only during the past few weeks has a reduction paralleling the falling off previously
noted in manufacturing been observed. The fact that advance orders are being undoubtedly
placed owing to exhaustion of stocks is reflected in an improvement in the wholesale dry goods
trade during July. A tendency toward closer adjustment of retail to wholesale prices is also
noted, although there are still many outstanding discrepancies.
Large figures for unemployment have been transmitted to Congress, but it should be remembered that these figures are based on comparisons with peak periods of employment in 1920.
There are indications of increasing employment in various manufacturing industries, but taken
as a whole the employment situation for the month of August appears to show but little change
from the preceding month.
Slight improvement in some branches of foreign trade, fairly good agricultural yields, and
enlargement of manufacturing demand seem to point to a more favorable autumn season, but
the situation is not such as to forecast any extensive or immediate revival of business in a large
sense.
SEPTEMBER.,
1037
FEDERAL RESERVE BULLETIN.
1921.
AGRICULTURE.
Weather conditions during July resulted in a
serious deterioration of crops throughout the
United States. The composite condition of
all crops on August 1 was 93 per cent of their
average condition on that date during the last
10 years, as compared with a composite condition of 96.4 per cent on July 1. The indicated
production of wheat on August 1 amounted to
757,000,000 bushels, which is 52,000,000 bushels less than the forecast on July 1 and
67,000,000 bushels less than the average production for the past six years. The wheat
crop is estimated to be unusually large throughout the Pacific Northwest and in the States of
Kansas and Nebraska, but is below the average for the years 1915 to 1920 in all other
States. There was some deterioration of the
corn crop during July, but the estimate of production on August 1 was 3,032,000,000 bushels,
which is about 162,000,000 bushels greater
than the average production in the last six
years. The estimates of corn production in
the States of Iowa, Illinois, Indiana, Ohio,
Kentucky, and Minnesota on August 1 were
considerably lower than on July 1, but this
was partly counterbalanced by increases in the
estimates for Oklahoma, Kansas, and Mississippi. Reports from district No. 8 (St. Louis)
state that recent rains have been of incalculable benefit to the corn crop. The oats crop
suffered more serious damage in July than any
other grain crop, and the estimated production on August 1 was only 1,137,000,000 bushels, as compared with an actual production of
1,526,000,000 bushels in 1920 and an average
production of 1,433,000,000 bushels for the
years 1915 to 1919. The crop was much damaged by green bugs and by rains during the
period of thrashing. The production of sugar
beets was estimated on August 1 to amount to
8,000,000 tons, which is 550,000 tons lower
than in 1920, but 1,780,000 tons greater than
the average production for the years 1915 to
1919. District No. 6 (Atlanta) states that the
sugar-cane crop is in good condition and estimates that 549,900 acres were planted to cane
in 1921, as compared with 505,200 acres in
1920. The white-potato crop deteriorated
seriously during July, and the production forecasted on August 1 was only 316,000,000
bushels, as compared with a production of
428,000,000 bushels in 1920 and an average
production of 371,000,000 bushels during the
previous five years.
and encouraged the activities of the boll
weevil. On August 25 the condition of the
United States cotton crop was 49.3 per cent
of a full normal, as compared with 64.7 per
cent on July 25, 1921, and 67.5 per cent on
August 25, 1920. The estimated total cotton
production, based on estimates of August 25, is
7,037,000 bales, which is 5,950,000 bales less
than the production in 1920 and is the
smallest cotton outturn since 1892-93. District
No. 5 (Richmond) states that the cotton
crop in South Carolina, except in the Piedmont counties, has been seriously damaged
by rain and the ravages of the boll weevil,
whereas the crops of Virginia and North Carolina are in reasonably good condition. The
boll weevil is active in practically every part
of district No. 6 (Atlanta). The season is
about two weeks late in Georgia and Louisiana,
and the crop is undersized wherever fertilizer
has not been used. In district No. 11 (Dallas)
there has been a rather serious deterioration in
the cotton plant as a result of hot, dry weather
in certain sections and of extensive depredations of the boll weevil in other localities.
District No. 8 (St. Louis) reports that the cotton plant is fruiting, but in many sections is
showing the lack of fertilizers on thin soils.
TOBACCO.
A further decrease in the condition of
tobacco is reported, and consequently a lower
indicated yield. The condition of the crop on
August 1 was 66.6 per cent, as compared with
71.9 per cent on July 1 and 79.1 per cent for
the August 1 ten-year average condition. The
estimated yield has accordingly declined from
932,000,000 pounds to 889,000,000 pounds.
The Pennsylvania crop of cigar tobacco suffered
a material setback in July, as did also the Ohio
crop, the condition in the two sections declining,
respectively, from July 1 to August 1 from 84
to 76 and from 76 to 57 per cent. In the case of
the manufactured and export types of tobacco,
the Virginia crop has been seriously damaged
by dry weather, but tobacco in district No. 8
(St, Louis) u in the immediate past has responded to the more favorable weather conditions. " The Burley crop has been severely
damaged by drought, but there is still much
of the crop that will make a fair yield if given
good weather. The South Carolina markets
opened shortly after the middle of July, but
most of tbte early offerings were of low grade
and prices were unsatisfactory to producers.
The monthly average price paid was only 8
COTTON.
cents per pound as against an average of 22.4
The cotton crop suffered pronounced dete- cents in July last year. It appears, however,
rioration during July and August as a result that there is a fairly active demand for good
of excessive moisture, whicu caused rust tobacco, and at satisfactory prices.
1038
FEDERAL, RESERVE BULLETIN.
In district No. 3 (Philadelphia) the demand
for cigars and cigarettes appears to be improving. The opinion seems to be quite
general that there has been a further improvement in the industry in August. Operations,
though less than at this time last year, are
steadily increasing. Finished stocks which
manufacturers may have had some months
ago have been largely disposed of, but there is
a determination in the industry to adjust
operations so that any accumulation in the
future will be impossible.
FRUIT.
There was some improvement in the condition of both the citrus and deciduous fruit
crops during July. On August 1 the production of apples was estimated at 109,000,000
bushels, as compared with a forecast of 104,000,000 bushels on July 1 and an actual yield
of 244,000,000 bushels in 1920. District No. 6
(Atlanta) states that shipments of both
peaches and watermelons from Georgia during
1921 have exceeded the records of all previous
years. The Florida citrus crops are developing
well, except on the lower east coast, which is
suffering from drought. Reports indicate that
crops of peaches and pears in district No. 12
(San Francisco) will be somewhat smaller in
1921 than in 1920, but that the apple crop will
be larger. There has recently been an increased demand for canned fruit, but it is estimated that the 1921 pack of California fruit
canneries will be 35 per cent less than that of
1920. Shipments of citrus fruits from California amounted to 5,308 cars in July, as compared with 7,858 cars in June, while shipments
of deciduous fruits from that State totaled
3,439 cars in July, as compared with 2,200
cars in June.
GRAIN MOVEMENTS.
Receipts of grain at primary markets during
July were much higher than in June, and were
in fact larger than in any month since September, 1919. This was chiefly due to the exceptionally large wheat receipts at Kansas City,
Chicago, St. Louis. Omaha, and Wichita.
Wheat receipts at the four leading markets of
district No. 10 (Kansas City) in July were over
30 per cent greater than in the largest previous
month on record, and amounted to 32,789,400
bushels, in comparison with 11,034,400 bushels
received in June and 12,001,650 bushels received in July, 1920. Receipts of wheat at
Chicago totaled 14,070,000 bushels in July, as
compared with 2,511,000 bushels in June and
2,562,000 bushels in July, 1920. Wheat receipts at Minneapolis and Duluth, however,
SEPTEMBER,
1921.
only amounted to 11,261,947 bushels in July
as compared with 12,599,842 bushels in June
and 9,817,057 bushels in July, 1920. The total
receipts of corn, oats, and barley at these two
centers were considerably smaller in July than
in June, but were almost twice as great as the
receipts in July, 1920. In the four leading centers of district No. 10 (Kansas City) corn
receipts were materially larger in July, 1921,
than in July, 1920, but there was a slight decline
in the receipts of oats and barley. Stocks of
grain and flax in terminal elevators at Minneapolis and Duluth amounted to 21,098,788
bushels on July 31, a decrease of 3.6 per cent
from the stocks on June 30, but an increase of
366.3 per cent over the stocks on July 31, 1920,
Stocks of oats in these elevators continued to
increase during July and amounted to 15,919,084
bushels on Julv 31, 1921, as compared with
300,129 bushefs on July 31, 19?0. About
166,199,000 bushels of oats, approximately 10.6
per cent of the 1920 crop, still remained on the
farms on August 1, which compares with
56,128,000 bushels on August 1, 1920, and average stocks of 78,328,000 bushels for that date
during the five preceding years.
FLOUR.
There has been an increase in flour production. In district No. 9 (Minneapolis) the July
output of mills producing about 75 per cent of
the flour milled in the district increased 13 per
cent over June and 3 per cent over July, 1920.
The production during the four weeks ending
July 30, 1921, amounted to 1,871,265 barrels.
Mills operated at 47 per cent of capacity as
compared with 39 per cent in June, and 39 per
cent a year ago. Production at milling centers
in district No. 10 (Kansas City) is "the largest
on record for this time of the year, due to an
exceptionally large demand for immediate
shipment." July output of reporting mills was
1,902,527 barrels, an increase of 76 per cent
over the July, 1920, figure, and operations were
at 92 per cent of capacity for the week ending
August 6. Practically all local mills and many
of the country plants reporting in Missouri,
Kansas, Nebraska, and Oklahoma are sold up
for August shipment and are booking orders for
September delivery, although little buying appears for long-deferred shipment. The liberal
demand from nearly all sections of the country
is believed to indicate that bakers' and dealers'
stocks of flour are low. Export trade is fairly
active, but indicates no great revival of foreign
buying up to this time. In district No. 12
(San Francisco), however, production of reporting mills was approximately the same during
July as during June, operations being at 41.2
per cent of capacity, as compared with 41.7
SEPTEMBEB,
1039
FEDERAL, RESERVE BULLETIN.
1921.
per cent in June, and 38 per cent in July, 1920.
The July average price of flour was lower than
for June, and a further decrease occurred during
August.
far beyond expectations. The cooler August
weather has also improved domestic sales, both
wholesale and retail, which had been retarded
by the extremely hot July weather.
LIVE STOCK.
Live stock on farms and ranges generally
continues in good condition, and ranges and
pastures in general are excellent. While there
has been continued drought and hot weather
in southwestern Texas, ranges in New Mexico
and Arizona are now well supplied with moisture as a result of rains during July. The
July movement of live stock to market was
light. Receipts of cattle and calves at 15
western markets during the month were 940,173 head, corresponding to an index number of
93, as compared with 1,117,111 head during
June, corresponding to an index number of 111,
and 1,180,789 head during July, 1920, corresponding to an index number of 117. Receipts of hogs likewise declined from 2,671,462
head during June to 2,021,268 head during
July, as compared with 2,007,332 head during
July, 1920. The respective index numbers
were 122, 92, and 91. Sheep receipts showed
a smaller decrease from the June figure, being
1,035,674 head, as compared with 1,130,874
head during June and 1,300,881 head during
July, 1920. The respective index numbers
were 76, 83, and 95. August cattle receipts,
however, have been especially heavy, and
Kansas City receipts for the week ending
August 20 were the largest since the third week
of November, 1920. Considerable interest was
manifested in feeder cattle during July in some
leading markets. A favorable factor in connection with the industry has been the livestock pool recently organized. Cattle prices
commenced to increase at the close of July,
and the increase continued in the first half of
August. Hog prices, after advancing throughout July, declined continuously until the third
week in August. After the middle of the
month, however, cattle prices declined sharply,
this being ascribed by district No. 7 (Chicago)
chiefly to market conditions in the East.
While good corn-fed cattle have been finding a
ready market, states that district, the spread
between corn-fed and grass-fed stock has increased, and there has been some difficulty in
finding a ready market for grass-fed stock.
The latter has been especially affected by the
recent price declines, and common grass steers
were down to the season's lowest price at
Kansas City during the week ending August 20.
Hog prices in general, however, showed a slight
increase. The revival of the export trade in
meat which set in a month ago has increased
in volume. Business in pork and pork products, states district No. 7 (Chicago), has been
COAL.
Production of bituminous coal has been
steadily declining. The end of the British
strike has caused a noticeable slowing up of
the export trade, as American coal is no longer
able to compete in European markets. Another
factor has oeen the slackening of demand in
the Duluth-Superior region. As a result,
July production amounted to only 30,394,000
tons, as compared with a production of 33,852,000 tons in June and of 45,009,000 tons in
July, 1920. The respective index numbers are
82, 91, and 121. The stocks of bituminous
coal are unusually large, and many small
operators are reported to have been forced
to close down, due to lack of storage facilities.
District No. 3 (Philadelphia) reports that
there is a better sentiment in the trade, but
that orders seem to have remained practically
the same, except in a few cases where they
have declined. Most of the orders are for
spot delivery or prompt shipment. In general, prices remain about the same. In district No. 5 (Richmond) consumption about
equals production, while in district No. 6
(Atlanta) recovery has not come as expected.
Prices in that district have been reduced as
the result of a reduction in wages. Mines in
district No. 10 (Kansas City) are operating at
about 50 per cent of capacity, due chiefly to
the fact that there is no market.
Anthracite production also shows a falling
off. July production was 7,050,000 tons, as
compared with 7,786,000 tons in June and
8,247,000 tons in July, 1920. The respective
index numbers are 95, 105, and 111. These
figures indicate that anthracite production
has not fallen as greatly as bituminous production. Domestic stove sizes move quite
readily. In district No. 3 (Philadelphia) the
demand for other sizes has slowed down until
it is now as small as for the steam sizes. Independent operators have reduced prices steadily until they now almost equal company
f>rices on domestic coal, and are somewhat
ower on steam sizest Beehive coke prices
have decreased considerably since June. Production is at only 7 per cent of normal, although the output of by-product coke is 146
per cent of normal. District No. 3 (Philadelphia) reports a slight improvement in the
output of beehive coke. " Sentiment in the
trade/' states that district, "is much more
buoyant than it was last month, and many
operators believe that production and prices
1040
FEDERAL RESERVE BULLETIN.
SEPTEMBER,
1921.
have both passed the lowest point and will tive. In nearly all the oil fields the outstanding
feature is the continued increase in stored
henceforth steadily improve."
stocks of petroleum. In California on July 31
the stored stocks amounted to 31,634,179 barPETROLEUM.
rels, as compared with 24,406,753 barrels on
While production of crude petroleum during the same date last year. This represents the
the month of July continued in excess of con- largest amount of stocks of petroleum in storsumption, a slight but gradual decline was age in California since October, 1919.
noticeable. This decrease in production, together with the halt in the tendency toward
IRON AND STEEL.
lower prices in the petroleum industry, are
A further decrease in iron and steel output
considered as encouraging factors by the producers. The fall in prices during July aver- was reported for July from the already low
aged 12 per cent for crude petroleum and 5 June level. Pig-iron production declined from
per cent for leading refined petroleum products. 1,064,833 tons, corresponding to an index
Since the peak was reached last October, the number of 47, to 864,555 tons, corresponding
average price of crude petroleum in the United to an index number of 38, while steel-ingot
States has receded 64 per cent. A very production declined from 1,003,406 tons, corfavorable feature in the oil situation has been responding to an index number of 43, to
the good demand for gasoline, which has been 803,376 tons, corresponding to an index numrunning about 10 per cent in excess of the ber of 35. The pig-iron tonnage is the lowest
requirements during the corresponding period produced in any month since December, 1903.
last year. However, it must be remembered There was a further net loss of seven active
that this is the season for the greatest con- furnaces during July, only 69 being in blast on
sumption of gasoline. Production figures com- August 1. The unfilled orders of the United
piled by the United States Geological Survey States Steel Corporation also declined someshow that production of crude petroleum in what during the month of July, from 5,117,868
the United States for the month of July is 105 tons to 4,830,324 tons. The respective index
per cent of that for July a year ago, or 40,- numbers were 97 and 92.
Since the latter part of July, however, there
228,000 barrels as compared to 38,203,000 barrels. The number of oil wells completed in has been some increase in inquiries and in the
July, however, showed a drop of 748 wells as volume of orders, although this has been accompared with July, 1920. The twelfth dis- companied by continued price cutting in nearly
trict (San Francisco) reports that 76 new all lines. Sentiment has improved considerwells, with an initial daily production of 19,675 ably in the trade, in spite of the fact that
barrels, were completed during the month of present business represents largely an accuJuly, but 5 wells were abandoned. California mulation of orders, generally for small lots and
reports an average daily output of 331,252 for immediate delivery, which had awaited the
barrels of crude petroleum for July, as com- arrival of satisfactory prices. Pig iron, sheets,
pared with 337,625 barrels in June and 279,169 and plates are stated to have perhaps been
barrels in July, 1920. District No. 10 (Kansas most affected by price cutting. Railroads in
City) states that production of crude oil in the the Central West have recently let a few large
Kansas-Oklahoma and Wyoming regions showed contracts for car-repair work, although little or
a daily average production of 419,250 barrels in no increase in their purchases is reported in
July in comparison to 394,000 barrels daily district No. 3 (Philadelphia). Operations in
production in July a year ago, while production that district have improved little, if any, but
in Wyoming alone has been reduced to less conditions in district No. 4 (Cleveland) are
than 50,000 barrels per day. The number of somewhat better, and increased demand has
new wells completed in the district was only actually caused a number of mills to be reabout 56 per cent of those completed during opened. Accompanying the price reductions
July, 1920. The midcontinent field exceeded and low scale of operations have been further
all previous records, with a total production of reductions in wages. The leading interest has
25,594,982 barrels, although a decrease in announced a reduction in the wages of unskilled
monthly yield and daily average was registered labor from 37 to 30 cents an hour, effective
by all Texas fields with the exception of the August 29.
AUTOMOBILES.
north Texas group. In this district only 251
new wells were completed during the month,
July shipments of
in comparison with 868 wells in July, 1920. turers were somewhatautomobiles by manufacless than in June. CarWith the price of oil at the present low point, load shipments were 19,470 carloads, as comthe cost of drilling deep wells, particularly pared with 20,269 in June and 23,082 in July,
those of low productivity, is almost prohibi- 1920, while driveaways likewise declined from
SEPTEMBER; 1921.
FEDERAL RESERVE BULLETIN.
18,834 machines in June to 15,320 in July, as
compared with 52,342 in July, 1920. Price
reductions announced in July on cars selling at
between $1,000 and $2,000 averaged 13. 7 per
cent. Price reductions are reported to have
stimulated sales. Passenger cars sold during
the second quarter of 1921 equaled 57 per
cent of those sold during the same period
of 1920, while for the first quarter they were
only 28 per cent of the number a year ago.
NOJSTFERROUS METALS.
There was little change in the demand for
nonferrous metals during July. On account of
the seasonal dullness and the desire on the
part of small producers to dispose of part of
their stocks, prices for all the important metals
receded further toward the end of July and
early part of August. Although the price of
copper was at a very low level, being offered
at 11% c nts f. o. b. warehouse, consumers held
off in the hope that the market would go lower.
In spite of this situation, domestic and foreign
sales for July were estimated at about 70,000,000 pounds, which represented a gain of
20,000,000 pounds over June, but was considerably below the figure reached in May. Export
demand continued weak, although regular
contract shipments of copper were made to
European countries at prices equivalent to
those here. It is very apparent that buyers
are providing merely for their immediate
needs, since quantities as low as 25 tons are
bought by those who formerly purchased 500 to
1,000 tons. District No. 12 (San Francisco)
reports that copper mines are operating at 66
per cent of capacity. The output of 12 mines
reporting in that district show that production
during June was considerably less than in
May and in June, 1920. The reduction in
freight rates on ore and bullion and the lower
wages for mine labor are favorable features in
the present situation. Lead production for
July amounted to 27,827 pounds as compared
with 28,348 pounds in June. Lead continues
to hold the strongest position of all the metals,
although sales in general are limited to carload lots. District No. 10 (Kansas City) reports that shipments of lead ore in July averaged 1,201 tons per week, with an average price
for the month of $43.44 per ton, in comparison
to shipments of 1,482 tons per week, with an
average price of $94.10 per ton, in July, 1920.
Producers of zinc are taking steps to dispose
of the stocks on hand by curtailing production.
Production of this metal during July amounted
to 15,495 tons, as compared to 40,194 tons in
July, 1920, while stocks at the close of the
month totaled 92,408 tons. District No. 12
1041
(San Francisco) reports an increase in the
output of both gold and silver, with the mines
operating at maximum capacity.
COTTON AND TEXTILES.
Consumption of raw cotton showed a reduction from 510,339 bales in June to 460,139 bales
in July. This decrease occurred not only in
New England, but also in other parts of the
country, and in district No. 6 (Atlanta) is reflected in the reports showing the production
of specific mills which regularly report to the
Federal Reserve Bank. Notwithstanding the
facts noted the reports for July unite in stating
that the industry is in a strong position and the
presence of a good buying demand is evidenced
by price advances in a number of lines such as
print cloths, drills, and brown sheetings. District No. 1 (Boston) says that u constructive
features in the New England cotton goods situation during the first three weeks of August included a considerable increase in the scale of
mill operation, larger sales of print cloth in Fall
River, and an improvement in the demand for
both combed and carded yarns, with higher
quotations for the latter." This testimony
is further supported by expressions of opinion
coming from district No. 3 (Philadelphia);
" different classes of goods vary in activity, it is
true, but generally speaking the entire market
is in better condition than it has been at any
time during the current year. Reports emanating from both the retail and wholesale trade
are all to the effect that business is satisfactory. This is particularly true in ginghams,
some mills being sold up for six months in
advance.77 The market for cotton yarns also
shows signs of greater activity in district No. 3
(Philadelphia) as well as in district No. 1
(Boston), but uncertainty as to ultimate price
levels restricts sales to the present or the immediate future as buyers are not willing to risk
long-time commitments. District No. 5 (Richmond) says that practically all the mills are
running full time and that although their
product is not sold far ahead, they are receiving
sufficient orders to take care of present output,
while new orders are steadily increasing. Manufacturers of ginghams and denims are sold ahead
for several months. The special reports on output received from 26 manufacturers of cotton
cloth in district No. 6 (Atlanta) show a decrease of 9.4 per cent in amounts produced in
July as compared with June and a falling off in
orders on hand amounting* to 7.7 per cent.
However, although the average of unfilled
orders was lower than for the preceding month,
some of the individual mills report a larger
volume of orders, while two of the mills report
1042
FEDERAL RESERVE BULLETIN.
their production sold to the beginning of next
year. Moreover, only two mills report a surplus of manufactured cloth on hand. In the
case of 28 cotton-yarn mills there was a decrease in output in July as compared with the
preceding month of 8.2 per cent, but orders on
hand at the end of the month were 8.1 per cent
in excess of those of the preceding month.
FINISHERS OF COTTON FABRICS.
The reports received from the Association of
Finishers of Cotton Fabrics show a reduction in
the total number of finished yards billed during
the month of July, when the output amounted
to 85,323,724 yards, as compared with 99,929,456 yards in June. The average percentage of
capacity for all reporting districts dropped
from 74 per cent to 62 per cent. The total gray
yardage of finishing orders received fell from
96,828,994 yards to 82,734,438 yards. The
average number of days of work ahead at the
end of the month dropped slightly, from 9.1
to 8.9.
WOOLEN TEXTILES.
The movement of the 1921 wool clip to market has been surprisingly rapid and sales have
been unusually heavy. The reports from district No. 12 (San Francisco) state that although
" final figures on the 1921 wool clip are not
available, it is estimated that it amounted to
approximately 90 per cent of the 1920 clip of
81,000,000 pounds." Reports indicated that
75 per cent of the new product had been sold
outright to mill buyers and that wool dealers
having purchased all the desirable wool that
growers were willing to offer had temporarily
retired. At the beginning of the season about
75 per cent of the old clip remained unmarketed
and is apparently still largely held. Small lots
have been sold from time to time, but manufacturers have been buying the new output.
Prices paid to producers have been about the
same as those ruling in 1915. To quote the
report from this district " there have been
numerous sales at prices ranging between 12
and 18 cents a pound, depending upon the
grade and fineness of the wool and the financial
necessities of the seller. Because of the necessity of adjusting woolgrowers7 overdrafts on
their consignments of last year's clip, many
sales of this year's wool have resulted in actual
payment to the grower of less than 15 cents per
pound.77 Shipments of wool to the East have
been made in great part via the Panama
Canal. Such price advances as have occurred
in the raw-wool market have been confined to
the higher grades. The Boston market showed
a distinct improvement in August in volume of
sales, but in view of the large holdover it is not
surprising that prices have not advanced except
SBPTEMBEB, 1921.
in the case of special grades, of which there is a
relative scarcity. As regards the manufacturing end of the industry the outlook is exceedingly favorable. Many mills are operating
close to capacity, and the consumption of raw
wool in June amounted to 59,592,000 pounds,
which was in excess of that of any month since
April,* 1920. The reports published by the
Department of Commerce showing the idle
loom hours indicate that on August 1 woolen
spindles were idle 20 per cent of the time, worsted spindles 14.3 per cent, and combs 12.6 per
cent. The percentages for looms wider than
50 inches and 50 inches or less were 20.8 and
29.6, respectively. Following the successful
opening of spring lines by the American
Woolen Co., several manufacturers have also
held openings. It is reported from district No. 1 (Boston) that abundant orders
were received and that the production of
certain fabrics had to be alloted. District No.
3 (Philadelphia) likewise reports sufficient
orders taken during the first week in August to
insure extensive operations until the beginning
of the year for some mills. There have been
no new developments in the market for woolen
and worsted yarns, although certain finer
counts are in good demand. The business done
is not on the whole of large amount and orders
are being placed for delivery within a limited
period. In the case of the finer yarns, prices
have advanced slightly.
CLOTHING.
Special reports from seven manufacturers of
wholesale clothing in district No. 7 (Chicago)
give evidence of the lateness of the season, as
orders booked during the earlier months of the
year were considerably below those of 1920,
while by the end of July the difference for the
season was not more than 7.6 per cent. In
July alone orders were 14 per cent greater than
in July of the preceding year. In the case of
the tailors-to-the-trade industry (14 firms reporting) and the cut-trim-make industry (4
firms reporting) orders, production, and shipments were all approximately 35 per cent below those of last year. In district No. 8 (St.
Louis), business improvement was noted by
all but 3 of the 16 reporting clothing firms.
Sales in July were from 4 per cent less to
20 per cent heavier than in June; orders,
however, were mainly for immediate shipment,
but there was a slight increase in future buying about the middle of the month.
SILK TEXTILES.
Optimistic expressions of opinion concerning the outlook in the silk industry have not
been sustained by subsequent developments.
As a matter of fact there has been a considerable
falling off both in wholesale and in retail buying
of silk goods, and district No. 3 (Philadelphia)
states that buying of broad silks is almost entirely restricted to staples. No special improvement has been noted in the market for
narrow silks, where dull conditions have been
prevalent for a long period of time.
Reports from Paterson, N. J., show that
during the two weeks ending August 13 there
was a reduction in the number of loom hours
worked from 261,444 to 208,500. The percentage of loom activity dropped, therefore,
from 39.6 to 32.3. In North Hudson, N. Y.,
reports covering 4,670 looms show that for the
two weeks ending August 15 there was
an increase in activity, the percentages rising from 57.7 on July 30 to 61 per cent on
August 15. As the Paterson figures cover
15,000 looms, however, it is evident that for the
district as a whole there was a fairly pronounced
drop in number of hours worked. In the rawsilk markets no particular changes have occurred during the past month. Imports of raw
silk for July were 8,500 bales in excess of those
for June, and during the same period there
was an increase in consumption of 1,100 bales.
HOSIERY.
Twenty-nine firms manufacturing hosiery reported to the Federal Reserve Bank of Philadelphia for the month of July. The firms selling to the wholesale trade showed reductions in
product manufactured during the month of 4.4
per cent as compared with June, orders booked
fell 37.4 per cent, and unfilled orders on hand
July 31 were 4.8 per cent lower than at the end
of the preceding month. On the other hand,
the firms selling to the retail trade increased
the scale of their operations during July, producing a 9.8 per cent larger output and having
unfilled orders on hand at the end of the month
18.5 per cent in excess of those at the end of the
preceding month. But, as in the case of the
other firms, orders booked during the month
dropped sharply as compared with June, the
drop amounting to 33 per cent. As has been
frequently mentioned in many quarters, of late
months tne demand for cotton hosiery remains
very poor, although lately there has been a
slight improvement in market conditions for
this class of goods. Silk hosiery, however, continues to be in demand, and the shortage, due to
the long-drawn-out strike in the full-fashioned
hosiery mills, has been a feature in creating active business for those mills able to operate.
The reports from district No. 3 (Philadelphia)
state that conditions in the mills where the
strike has been in progress are improving and
that they are able to work at 25 per cent of
1043
FEDERAL RESERVE BULLETIN.
SEPTEMBER, 1921.
capacity or better in some cases. One of the
largest mills, indeed, is now able to work on
almost normal basis, but the lack of suitable
labor and the difficulties connected with teaching new hands have been very great. In district No. 6 (Atlanta) the cotton hosiery mills
were operating at from 60 to 80 per cent of
capacity in July, but the amount manufactured was stated by reporting mills to be slightly less than during June and from 20 to 50 per
cent below the output for July, 1920.
UNDERWEAR.
During July the business done by reporting
underwear manufacturers showed a reduction
as compared with June, but the situation is
perfectly understandable in view of the fact
that business is being done from hand to mouth,
and while under ordinary conditions at the end
of the summer season contracts for the next
summer would normally be made, there are at
present few forward business purchases. As a
result, the lessening in production in the summer underwear mills is inevitable for the three
months following July. It is probable, however, that there will be a strong and steady increase in the production of winter underwear
from now until the end of the year. The
reports received from 19 manufacturers in district No. 3 (Philadelphia) showed a falling off
in the product manufactured during July
amounting to 21.9 per cent. Orders booked
during the month were 28.8 per cent below
those of the preceding month and unfilled
orders on hand July 31 were 3.9 per cent
less. The statistics received from reporting
members of the Association of Knit Goods
Manufacturers of America similarly indicate a
rather pronounced drop in output during the
month of July. Sixty-one mills reported that
they were working on the average at 51.2 per
cent of normal capacity, whereas in June the
reporting firms (60 in number) were operating
at 65.5 per cent of capacity. In the case of 38
mills reporting for both June and July, production dropped from 397,582 dozens to 323,745
dozens, or a decrease of 18.6 per cent. Orders
on hand on July 1 amounted to 626,895 dozens,
an increase of 5.4 per cent over the figure for
June 1. New orders received during the month
fell from 374,625 dozens to 267,362 dozens, a
decrease of 28.6 per cent.
SHOES AND LEATHER.
Prices of hides and skins increased considerably toward the end of July and were firmly
maintained during the first three weeks of
August. District No. 3 (Philadelphia) reports
a particularly large demand for goatskins,
whereas the prices of sheepskins have eased
1044
FEDERAL RESERVE BULLETIN.
somewhat. Leather prices as a whole have
been well maintained during August, but they
are still at approximately the lowest level
reached this year. Reports from district No. 7
(Chicago) indicate that upper-leather plants are
operating at 70 per cent and cut-stock plants at
40 per cent of full capacity, while the operations
of sole-leather tanneries are greatly curtailed.
In district No. 3 (Philadelphia) calf and side
leathers are being bought in large quantities,
but sales of belting butts and of glove leather
are still very small. The Boston leather market
continues to be quiet, despite the recent increase
in the output of shoes. District No. 1 (Boston)
states that the New England boot and shoe
industry is increasing production at a rapid
rate. The July output of nine leading shoe
manufacturers in that section was 92 per cent
of their average monthly production during
1920. Six of these concerns had more orders on
their books on August 1, 1921, than on August
1, 1920. The plants of the largest shoe concern
in district No. 2 (New York) are now operating
at 100 per cent of capacity, and are being
enlarged in order to permit of increased production. Business of shoe manufacturers in
district No. 3 (Philadelphia) is improving, and
factories which make shoes for girls of school
age are particularly well supplied with orders.
Jobbers have increased the volume of their purchases and are buying large quantities of low
shoes. District No. 7 (Chicago) reports that
shoe production in July was 11.2 per cent less
than in June and 1.4 per cent less than in July,
1920. Unfilled orders increased 16 per cent
over June and were nearly three times as large
as in July, 1920. Shoe factories in district No.
8 (St. Louis) continue to be operated at from
90 to 100 per cent of capacity, and shipments
are restricted by inability to obtain sufficient
goods.
LUMBER.
The output of lumber during July was
restricted, due to a continued decline in the
demand. However, the sentiment in some
sections of the country looks toward an improvement in market conditions in the near
future. District No. 12 (San Francisco) reports a favorable outlook for the industry,
due to several factors—the reduced freight
rate to markets east of the Mississippi; the
anticipated resumption of buying by the railroads; the low stocks of lumber now held by
distributors; and the increasing demand for
American lumber on the part of Japan, China,
and Australia. The lumber production in
that district, which had been increasing steadily
since January 1, declined slightly during July.
Four lumber associations in the district report
a cut for July of 329,343,000 feet, which was
SEPTEMBER,
1921.
12.7 per cent less than the June cut, and estimate that mills are operating at approximately
65 per cent of normal. In comparison with
last month, both orders and shipments show
a decline, due to the fact that buying has been
held in check awaiting the freight reductions
announced on July 11, but not yet effective.
Orders during July, 1921, totaled 263,416,000
feet, a decline of 9.5 per cent when compared
with the previous month, while shipments
amounted to 286,727,000 feet in July, a decline of 10 per cent. In district No. 11 (Dallas)
35 mills reported a July production which was
31 per cent below normal. Orders booked
during the month were 66 per cent of the
normal monthly production—about the same
percentage as in the preceding month. The
report of 134 mills of the Southern Pine Association in district No. 6 (Atlanta) showed
lumber production for the week ending July
29 to be 22.4 per cent below normal, while
shipments and orders were both about 22.6
per cent below normal. The lumber cut of
reporting mills in district No. 9 (Minneapolis)
totaled 15,319,816 feet, a 2 per cent decline
from the June cut and a 44 per cent decline
from the cut of July, 1920. The orders booked
during the month show a 6 per cent increase
over June, but were only 77.2 per cent as
large as the orders received during July, 1920.
BUILDING.
The building situation generally continued
dull during July, with few new enterprises
undertaken. The reports from all districts
show that the construction of moderate
priced homes and dwellings constitutes a
large part of present building activity, while
construction oi business and industrial structures is practically negligible. District No. 1
(Boston) and district No. 9 (Minneapolis)
were the only districts which showed increases
in total building contracts awarded (statistics
of which are compiled for seven districts by
the F. W. Dodge Co.). In district No. 1
(Boston) contracts awarded amounted to
$19,298,334, as compared with $15,308,072
during June. Of this total approximately
$6,675,000 was for residential purposes, as
compared with $6,530,000 in June. In district No. 2 (New York) contracts awarded
during July totaled $54,500,566, in comparison
with $63,561,928 during June, and residential
building for this district totaled $22,546,142,
as compared with $34,355,048 during June.
Total contracts awarded in district No. 3
(Philadelphia) amounted to $13,563,100 in
July and $14,796,800 in June. Residential
contracts totaled $2,971,900 in July and
$3,543,700 in June. In district No. 4 (Cleve-
SEPTEMBER.,
FEDERAL RESERVE BULLETIN.
1921.
land) the total amount of building contracts
awarded was $35,669,377, as compared with
$39,928,314 for June. Of these, $8,319,248
were for residential purposes, as compared
with $8,198,377 during June. Contracts for
district No. 5 (Richmond) amounted to
$16,026,969 in July, as compared with $20,428,761 in June, while $5,335,545 of the July
total were for residential purposes, as compared
with $4,090,859 for June. In district No. 7
(Chicago) building contracts totaled $41,119,866
during July as compared with $45,199,007 in
June.
Permits for new construction issued in 23
of the larger cities of district No. 5 (Richmond)
during July totaled 1,442, as compared with
1,137 issued in July, 1920, a gain this year of
26.8 per cent. The total valuation for new
work in July, 1921, amounted to $4,529,261,
as compared with $5,799,171 for July, 1920.
Due to the decreases in costs of building operations throughout the past year, the number of
permits issued in any district is more indicacative of the actual volume of construction
than are the dollar amounts. In district No. 6
(Atlanta) the total permits issued in Atlanta
during July exceeded those for that month in
all previous years. In Nashville the July
total for permits was larger than for any previous month. District No. 8 (St. Louis) reported that building permits issued in the five
principal cities during July showed a slight
increase over the June total, but a decrease of
$587,000 under the corresponding month last
year. Nine cities of district No. 9 (Minneapolis) issued 1,753 permits during July, valued
at $3,906,381, as compared with 1,971 permits,
valued at $5,602,586, during June. This district reported that the permits granted during
July were almost all for the smaller types of
construction. Reports for 14 cities in district
No. 10 (Kansas City) showed a total of 2,240
permits issued in July, as compared with. 2,166
in June. In district No. 12 (San Francisco) 20
cities reported 7,925 permits granted, valued
at $15,298,705, in comparison with 8,199 permits, valued at $15,450,694, in June. Building
activities in San Francisco and vicinity are still
curtailed, due to strike conditions in the building trades.
EMPLOYMENT.
As there have been no pronounced changes
in industrial activity during the past month,
it is not surprising that the employment situation should also have remained substantially
the same. On the whole there was probably a
negligible decrease in numbers employed during July as compared with the preceding month,
as the monthly industrial survey of the United
1045
States Employment Service shows that 1,428
firms, usually employing 500 or more persons,
located in 65 principal industrial centers of the
United States, were employing only 1,510,210
workers on July 31, 1921, as compared with
1,527,124 on June 30, 1921, a decrease of 1.1
per cent.
In New England, for example, the leading
industries which are fairly active at the present
time are not taking on any more employees,
and the metal trades continue to be as dull as
during the preceding month. The Boston
Public Employment Office reports that during
the first 12 working days in August 9 per cent
fewer persons were wanted by employers than
during the corresponding period of the previous month, while during the month of July
26 per cent fewer workers were called for than
in June. The demand for skilled workers has
been largely confined to the building trades and
requests from those who wanted to do repair
work. There have been practically no applications from persons looking for unskilled
labor. The Worcester Public Employment
Office noted no improvement in the demand
from the metal trades, and 14 per cent fewer
workers were wanted for the month ending
August 15 than during the preceding month,
while 15 per cent fewer positions were filled.
In district No. 2 (New York) slight gains in
numbers employed in some districts were just
about counterbalanced by losses in the case of
others. In agricultural sections there was a
decided drop in the demand for farm labor in
the early part of August, and employment
agencies throughout the State report that
11
there have been more applications for positions and fewer requests for workers during
August than at any time since the recession in
business set in."
In district No. 3 (Philadelphia) there was a
slight diminution of unemployment in the six
cities of Altoona, Harrisburg, Johnstown, Philadelphia, Scranton, and Williamsport during
the first two weeks in August. The decrease
in numbers of unemployed amounted to 1.6 per
cent, as compared witn estimates for July 30.
Later reports from individual manufacturers
indicate further improvement in the employment situation, but in the iron and steel and
allied industries there has been no particular
change.
In district No. 5 (Richmond) there has been
some demand for unskilled workers for road
and street improvement, and increased activity
in building trades has likewise provided work
for a number of unemployed. It is stated that
the textile mills in the neighborhood of Charlotte, N. C , whose operatives have been on
strike from June 1, are now resuming opera-
1046
FEDERAL RESERVE BULLETIN.
tions and that the textile mills in general are
adding to their forces. On the other hand,
many railroad employees and shipyard and dock
workers remain idle. The demand for women
workers has fallen off greatly, and farm labor
is in excess of demand.
In district No. 6 (Atlanta) unemployment is
especially pronounced in the iron and steel district and in coal-mining sections. In New
Orleans unemployment is considerable in the
building and metal trades and sugar refineries.
Statistics compiled by the United States
Employment Service for June show a decrease
of 2 per cent for New Orleans, while increases
were recorded at Atlanta, Birmingham, and
Chattanooga amounting to 16.7 per cent, 1.1
per cent, and 0.6 per cent, respectively.
The results from the labor questionnaire,
regularly issued by the Federal Reserve Bank
in district No. 7 (Chicago), show practically
no change in numbers employed during July
as compared with the preceding month, as
the decrease was less than one-tenth of 1 per
cent in the case of 181 reporting firms employing 113,668 persons. The steel and iron
industries in the district are, however, still
reducing their forces. Forty-five concerns
employing 25,970 men reported a decrease of
5.6 per cent in July as compared with June.
Structural steel and iron concerns took on a
few more workers, and railway equipment
shops increased the number of men employed
by 8.8 per cent. Reports from the Employers' Association of Detroit continue to
show a slight increase in numbers employed
in the automobile industry.
Reports from district No. 8 (St. Louis) show
a further increase in unemployment estimated
to be from 6£ to 10 per cent. The losses are
attributable to the lack of demand for workers
in steel and iron and building trades. A surplus of agricultural labor likewise exists.
In district No. 9 (Minneapolis) employment
conditions showed a seasonal improvement in
July as a result of harvesting requirements
and highway improvement work. In the
lumber industry 21 per cent more men were
employed in July than in June, but the totals
were 34 per cent below those for last year.
No particular change in the employment
situation was recorded in district No. 12 (San
Francisco) during July. It was stated that
the increased demands for labor from agricultural areas were largely offset by the reduced numbers employed in mining, lumbering,
fishing, and shipbuilding industries. Although
crops have been abundant, harvesting operations have been carried on with the aid of
less labor than has usually been taken on in
past years. Outside of San Francisco, where
SEPTEMBER,,
1921.
strikes are still in progress, there was a slight
improvement in employment conditions in
the building trades of the large cities, and the
monthly report of the United States Employment Service also shows that in the case of
firms employing 500 men or over increases
were recorded for Seattle, Los Angeles, and
Portland. These increases were negligible in
the two former cases, but amounted to 14.7
per cent in the case of Portland.
WHOLESALE TRADE.
Sales of wholesale hardware and of boots and
shoes show fairly pronounced declines in all
reporting districts for the month of July as
compared with June, following slight increases
in the former month as compared with May.
The recession in hardware sales "ranges from 8.5
per cent in district No. 11 (Dallas),with 6 firms
reporting, to 17.8 per cent in district No. 3 (Philadelphia), with 25 firms reporting. In the majority of districts represented, decreases are in
excess of 10 per cent, but as compared with the
amount of total sales recorded a year ago are
not so great as in other lines, chiefly, no doubt,
because price reductions have been less extensive. However, decreases vary from 15.8
per cent in district No. 10 (Kansas City), 4
firms reporting, to 49.8 per cent in district No.
6 (Atlanta), 14 firms reporting. In the other
five reporting districts the decreases are between 30 and 40 per cent. In district No. 3
(Philadelphia) hesitancy in placing orders for
fall trade was commented upon. Demand for
mill supplies and builders7 hardware was stated
to be especially poor. Unstable prices and
belief in further reductions have prevented the
placing of future contracts. District No. 10
(Kansas City) notes that hardware sales improved toward the end of the month as returns
from crops began to come in. The decline in
midsummer demand for boots and shoes has
been quite heavy, amounting to 16.9 per cent
in the case of district No. 12 (San Francisco),
15 firms reporting, 22.2 per cent in district No.
5 (Richmond), 8 firms reporting, and 23.4 per
cent in district No. 6 (Atlanta), 9 firms reporting. The reductions in sales as compared
with a year ago are in all cases very heavy,
primarily, no doubt, as a result of the drastic
cuts in prices that have occurred in the interval.
The range is from 34.2 per cent in the case of
district No. 7 (Chicago), 9 firms reporting, to
69.9 per cent in the case of district No. 6
(Atlanta), 9 firms reporting. Dry goods sales,
on the contrary, have advanced in all sections
from which reports have been received, except
district No. 12 (San Francisco), 12 firms reporting. In this last-mentioned case it looks
SEPTEMBER,
as if the drop were a somewhat belated reduction that brought the returns more in line
with those for other districts, as sales com^
pared with July, 1920, show a drop of 50.1 per
cent, while in five other districts the reduction
as compared with a year ago has been from
52.3 per cent in district No. 7 (Chicago), 9 firms
reporting, to 57.5 per cent in district No. 11
(Dallas), 9 firms reporting. In only one case,
district No. 4 (Cleveland), has the reduction
been under 50 per cent, namely, 35.5 per cent
for three reporting firms. The increases during
the current month are attributable to retan
buying for the fall trade. Stocks are low and
in the agricultural sections of the country afterharvesting demand has to be met. Grocery
sales have held up fairly well, and in three out
of six reporting districts increases occurred in
July as compared with June, amounting to 1.2
per cent, 13 firms reporting in district No. 11
(Dallas); 12 per cent in district No. 12 (San
Francisco), 28 firms reporting; 17.6 per cent in
district No. 10 (Kansas City), 5 firms reporting.
Losses as compared with a year ago vary
unevenly from district to district, amounting
to 13.6 per cent in district No. 10 (Kansas City;
and rising to 44.9 per cent in district No. 3
(Philadelphia). Decreases in sales are in part
accounted for by the drop in the price of sugar
and the diminished tonnage of sugar sales following the abnormally heavy distribution of a
year ago. District No. 3 (Philadelphia) reports
prices firmer and a better feeling, although
July sales are slightly below those for June, the
average drop being 2.6 per cent for 48 reporting
firms. Negligible decreases were also found in
district No. 5 (Richmond), 9 firms reporting a
loss of six-tenths of 1 per cent; and in district
No. 6 (Atlanta), in which 24 firms reported a
reduction of 5.9 per cent in July sales.
RETAIL TRADE.
The retail trade situation during the month
of July was very quiet and inactive. This is,
however, the period of normal midsummer
dullness, and fall purchases do not generally
begin until August. The summer clearance
sales were inaugurated in June this year and
the natural result was a lull in the July business. Many stores report intensive "shopping" in order to secure maximum values.
Reports from representative department stores
show a decrease in all districts in net sales for
July from the same month a year ago. This
amounted to 12.3 per cent in district No. 1
(Boston), where it is reported that sales of
stores in larger cities are less than sales of
stores in smaller cities. The decrease in district No. 2 (New York) is 11.5 per cent. In
1047
FEDERAL, RESERVE BULLETIN.
1921.
district No. 3 (Philadelphia) sales decreased
11.8 per cent, which was partly due to the continued widespread depression in the iron and
steel industries. Sales decreased 21.4 per cent
in district No. 4 (Cleveland), 11.7 per cent in
district No. 5 (Richmond), 21.7 per cent in
district No. 6 (Atlanta), and 14.7 per cent in
district No. 7 (Chicago). District No. 7 (Chicago) reports that prices have been reduced
further in order to liquidate stocks on hand.
The decrease in sales in district No. 8 (St.
Louis) amounted to 16.5 per cent, in district
No. 9 (Minneapolis) 21.8 per cent, in district
No. 10 (Kansas City) 10.9 per cent, in district
No. 11 (Dallas) 22.1 per cent, and in district
No. 12 (San Francisco) 12.9 per cent. There
is a noticeable increase of the percentage of
stocks to sales due to the seasonal dullness.
Outstanding orders increased during July,
especially in the latter part of the month.
These orders are for merchandise actually
needed in the stores and are principally for
medium-priced goods. The increase in outstanding orders seems to indicate that retailers
anticipate a good demand for fall goods.
PRICES.
As has been the case during the past six
months, the August price situation shows conflicting tendencies. Prices of leading, agricultural commodities, such as wheat, corn, oats,
rye, and hogs, have consistently declined, cotton has advanced, while cattle, after advancing
during the early portion of the month, showed
price recessions at the end. In the metal and
mineral industries there were further price reductions, bituminous coal, petroleum, and the
nonferrous metals all showing declines. Toward
the end of the month pig-iron prices were reported to be somewhat stronger than they had
been for some time in the past. Hide and
leather and cotton prices showed perhaps the
greatest strength of any of the different lines,
although finished woolen goods were likewise
reported to be strong. On the whole it is impossible to forecast the general trend of prices
during the month. Manufactured goods have
probably held relatively firm, but, as has been
indicated above, many important raw materials have declined.
Prices in general during the past three or four
months have become somewhat more stabilized
than they were in the early spring, but whether
this period of relative stability will continue,
whether prices will rise appreciably or fall is a
matter for speculation. A continuation of
relative stability in the price level as a whole
might be marked by more or less extreme variations in the prices of individual commodities
1048
FEDERAL, RESERVE BULLETIN.
if the variations canceled one another. For
instance, increases which might occur in the
prices of commodities which have been " liquidated " or reduced to approximately prewar
levels might be accompanied by reductions in
the prices of commodities which are still far
above the prewar level. This is closely related
to the theory which seems to be held by a
number of economists who emphasize the fact
that the various elements of the price system
are out of harmony one with another (some
being at twice the prewar level while others are
below it) and that there is fair reason to expect
commodity prices to bear approximately the
same ratio to one another as they did before the
war. At the same time, other students of the
price problem lay greater stress on the supply
situation in the individual commodity lines
than upon the interrelationship of prices in
different lines. Both factors probably play a
part in the making of prices. What is difficult
to measure is the importance of the several
factors on the price level as a whole.
During July the index numbers of wholesale
prices compiled by the Federal Reserve Board,
Dun, and Bradstreet indicated a rise in prices,
while that of the Bureau of Labor Statistics
showed no change from the June level. The
Federal Reserve Board index, constructed primarily for international comparisons, stood at
141 in July (with the 1913 level taken as 100),
as compared with 139 in June. The index of
the Bureau of Labor Statistics registered 148
in both June and July on the same basis. The
important changes during the month were
further reductions in the prices of producers'
loods (in which the equipment materials figure
argely) and the comparative strength of raw
materials and consumers' goods. Retail prices
of foods increased for the first time since June,
1920. The increase between June and July,
1921, amounted to a little under 3 per cent.
f
SHIPPING.
Little change is to be noted in the shipping
situation during August as compared with the
last few months. American ships continue to
carry but little more than one-third of our
imports and exports measured in terms of
value. This proportion is far below what
would be expected of a fleet as large as that
belonging to this country. The figures of
Lloyd's Register of Shipping on the size of the
merchant fleets of the different countries,
recently made public, show that on June 30,
1921, the United States had ships aggregating
17,026,002 gross tons out of a world total of
SEPTEMBER, lO-'l.
61,974,653 tons. The United Kingdom slightly
surpassed the United States, with a fleet of
19,571,554 tons, but France, which is third in
rank, had only 3,652,249 tons. Japan, Italy,
Norway, and Holland follow in the order
named, with merchant fleets ranging from
about 3,350,000 tons down to 2,225,000 tons.
If sailing vessels are disregarded and only
steamers and motor vessels are considered, the
United States on June 30 had a merchant
marine of 15?746,384 tons out of a world total
of 58,846,325 tons, or 26.8 per cent of the
world's steam and motor shipping. In 1914
the world's steam tonnage was 45,403,877 tons
and the share of the United States was only
4,330,078 tons, or 9.6 per cent of the total.
FOREIGN TRADE.
The July foreign trade totals are slightly
lower than for June, continuing the declines
which set in at the beginning of 1921 in the
case of exports and some months earlier in the
case of imports. Exports were valued at
$321,000,000 and imports at $179,000,000, the
excess of exports being $142,000,000. At the
same time foreign countries continued to send
us gold in large volume, resulting in a net
inward movement for July of $60,000,000.
The Bureau of Foreign and Domestic Commerce has made an analysis of our foreign
trade for the fiscal year 1921, which shows that
lower prices rather than diminished quantities
are responsible for the reduction in our trade
totals as compared with the preceding fiscal
year. Commodities forming 69 per cent of the
value of domestic exports in the fiscal year
1921 show a decrease in value of 19 per cent
but an increase in weight of 23 per cent over
the fiscal year 1920. The group of raw materials in the same compilation shows a weight
increase of 34 per cent and the group of foodstuffs a weight increase of 37 per cent. A
limited group of partly or wholly manufactured commodities shows a decrease in weight
of 4 per cent. These results are noteworthy as
showing how the volume of our trade has been
maintained until recently and that the falling
off in the quantities of exports which has been
observable in the earlier months of 1921 has
not offset the large movements of goods in the
previous months of the fiscal year. These
facts are in agreement also with the showing
of the Board's foreign trade index, which disclosed relatively small declines in the volume
of exports in February, March, and April, and
a substantial recovery in May and June.
SEPTEMBBE, 1921.
1049
FEDERAL RESERVE BULLETIN.
CHANGES IN AGRICULTURAL AND INDUSTRIAL LOANS, MARCH 4, 1920, TO
APRIL 28 1921.
The following tables give an analysis of
reports to the Comptroller of the Currency and
the Federal Reserve Board from about 9,500
banks throughout the country which are
members of the Federal Reserve System.
The purpose of the analysis was to ascertain
what changes took place during the year
ended April 28, 1921, in the loans of banks in
agricultural communities as compared with
the loans of banks in nonagricultural communities. While loans by country banks are often
made for uses other than to finance farmers,
and many loans by city banks are made to
move crops and for other purposes intimately connected with agriculture, it is felt
that the figures compare with fair accuracy the
liquidation of industrial and agriculturalloans.
All counties in the country were grouped
in three classes—agricultural, semiagricultural,
and nonagricultural. Counties were classified
as agricultural, when the value of their products
according to data obtained from the 1920
Census reports, the. Geological Survey, the
Bureau of Soils, and all other available sources
was estimated to be not less than 80 per cent
agricultural; as semiagricultural when their
products were between 50 and 80 per cent
agricultural; and as nonagricultural when their
products were less than 50 per cent agricultural.
The summary table below shows that between May 4, 1920, and April 28, 1921, the
loans and discounts of banks in agricultural
counties throughout the country declined
$37,000,000, or slightly more than 1.2 per
cent; the loans and discounts of banks in
semiagricultural counties declined $19,000,000,
or 1.3 per cent; and the loans and discounts
of banks in nonagricultural counties declined
$827,000,000, or 5.6 per cent. The borrowings from the Federal Reserve Banks by banks
in agricultural counties increased $128,000,000,
or 56.5 per cent; borrowings by banks in
semiagricultural counties remained practically
stationary; and borrowings by banks in nonagricultural counties declined $629,000,000,
or 28.5 per cent.
INCREASE OR DECREASE IN LOANS, BORROWINGS. 1 AND DEPOSITS OF M E M B E R BANKS (1920-21).
[Amounts in millions of dollars.]
Agricultural
counties.
Semiagricultural
counties.
Nonagricultural
counties.
Total.
Amount. Percent. Amount. Percent. Amount. Percent. Amount. Per cent.
Loans and. discounts
Borrowings from Federal Reserve Banks
Borrowings from other banks
Total deposits
1
......
- 36.5
+ 127.6
+ 45.2
-411.8
- 1.2
+ 56.5
+65.7
-11.1
-18.7
- 0.3
+ 6.1
-87.7
- 1.3
- 0.2
+19.0
- 5.2
-827.1
-629.1
+ 0.5
-665.7
- 5.6
-28.5
+ 0.6
- 4.4
- 882.3
- 501.8
+
51.8
-1,165.2
- 4.5
-19.5
+27.3
- 5.7
Bills payable and rediscounts.
In partial explanation of the relatively
heavy demands upon the Federal Reserve
System by banks in agricultural counties, it
appears that their loss in total deposits was
11.1 per cent, as against a loss of 4.4 per cent
by banks in nonagricultural counties.
Between May 4, 1920, and April 28, 1921,
member banks show a total reduction of
loans amounting to $882,000,000, of which
$827,000,000, or 94 per cent, is shown for
banks in nonagricultural counties, while the
reduction in agricultural and semiagricultural
counties amounted to only about $55,000,000.
An analysis of the changes in loans by Federal
Reserve districts shows few important reductions for banks in agricultural counties, the
largest reduction being reported for banks in
the Kansas City district, where loans were
reduced by about $53,000,000. On the other
hand, banks in the Richmond and Atlanta
districts showed somewhat larger loans this
year than a year ago. In the semiagricultural
counties, no important changes are reported
for any of the Federal Reserve districts. In
the nonagricultural counties there appears
to be evidence of liquidation; the volume of
loan reduction has been material in every
Federal Reserve district except Cleveland,
which reports a 10 per cent increase in loans.
The contrast between the banks in agricultural and nonagricultural counties is even
more pronounced when borrowings from the
Federal Reserve Banks are compared. These
borrowings increased for banks in agricultural
counties by about $128,000,000, or 57 per
cent, particularly heavy relative increases
being shown for the Atlanta, Dallas, and
Minneapolis districts. In the semiagricultural
counties the amount of loans from Federal
Reserve Banks shows practically no changes
for the year, substantial increases in the Richmond and Atlanta districts being offset by
1050
SEPTEMBER, 1921.
FEDERAL RESERVE BULLETIN.
a reduction of $10,000,000 in the Cleveland the districts, except Richmond and Atlanta,
district. In nonagricultural counties the re- reported borrowings below the basic line.
duction of borrowings from Federal Reserve
M F
SE V
NK
COMBanks is universal for all the districts, except BORROWINGS F R OB A S IECD ELRIA L 'R EON RA PER IB A 28, S ,1921.
PARED WITH "
NE
L
Cleveland. For the system as a whole the
[Amounts in millions of dollars.]
reduction in borrowings from Federal Reserve
Banks amounted to about $502,000,000; for
Nonagricultural
Agricultural Semiagricultural
banks in nonagricultural counties the reduccounties.
counties.
counties.
tion was $629,000,000, which was offset in part
by an increase of $128,000,000 in the borrowings of banks in agricultural counties.
Federal
Reserve
Figures for the several Federal Reserve
district.
districts are shown in the table below:
X
?
a
I N C R E A S E OR D E C R E A S E I N L O A N S AND IN B O R R O W I N G S
FROM F E D E R A L R E S E R V E B A N K , BY DISTRICTS (1920-21).
03,0
[Amounts in millions of dollars.]
LOANS AND DISCOUNTS.
Agricultural
counties.
Federal
Reserve
district.
Semiagricultural
counties.
Nonagricultural
counties.
Boston
New York
Total.
- 0 . 7 - 2. + 1.6+ 7.7 - 36.2
Boston
2.7 - 35.3 - 2.5
2.0
+ 15. 0+ 10.2 + 5.4+ 7.1 -426.1 - 7.8 -405.7 - 7.1
10.
New York
11.
Philadelphia.. + 9. 6+ 11.0 + 1.5+ 4.5 — 27.8- 2.8 - 16.7 - 1 . 5
Cleveland..... - 1. - 1. + 7 . 5 + 2 . 0 + 1 0 0 . 8 + 9.5+106.7 + 6.7
1.0
+ 4. 7 + 2.4 - 0.5 - 0.3 - 9.3 - 1 . 7 - 5.1 - 0.6
Richmond
+ 4. 4 + 2.9+ 5.1 + 4.5 - 58.7 - 12.1 - 49.2
Atlanta
- 22.8
6.3 - 2.3 - 2 . 2 - 29. - 12.6 - 55.0 - 7.8
Dallas
- 16.4
2.4 - 1 7 . 4 - 6 . 0 -132.3
Chicago
6.3 1 -166.1 - 5.4
- 3.8
1.9
0.6 - 1. - 73.7
St. Louis
11.8|— 78.1 - 9.1
4.8
4.6 - 6.1 - 40.7
Minneapolis... - 19.1
1 2 . 0 - 64.4 - 8.0
Kansas City... - 52.9 - 13.0 - 9.0 - 1 0 . 4 - 75.4 13.3—137.3 - 1 3 . 0
San Francisco. + 47. 1 + 13.2 - 5.4 - 4.2 - 17.7
1.8:+ 24. 0 + 1.6
Total... - 36.5 - 1 . 1 - 1 8 . 7 - 1.3 - 8 2 7 . 0 - 5 . 6 - 4.5
Philadelphia..
Cleveland
Richmond
Atlanta
Dallas
Chicago
St. Louis
Minneapolis...
Kansas C i t y . . .
San Francisco.
Total.
1
2.5
24.3
29.7
45.8
83.4
23.0
36.1
33.3
51.2
53.5
24 J 35.7
15. 54.8
21.6 29.4
9 122.3
9 186.8
3116.4
2115.5
2 103.7
3108.6
45.1 74.0
41.4123.6
1.5
6.4
3.6
19.3
22.1
19.4
11-2
33.1
2.0
4.7
5.8
8.5
50.0
10.7 59.4
6.3 56.7
57.6 33.5
12.7 173.9
12.4 156.
15.7 71.6
31. 104.7
4.2 48.1
7.7 61.7
11.0 53.0
18.6 45.7
95.1
574.11,
136.2
114.5
78.2
63.6
15.7
250.3
55.7
34.5
56.1
103.8
184.1
083.0|
171. o;
180.7!
68.8!
55.0
28.7
300.1
51.7
53.0
79.6
63.3
113. 7
115.6
54.7
83.4
62.7
87.0
72.9 77.0
145.4 71.3
353.1355.8 99.2 137.6 191.4 71.9 1,577.8 2,418.1
65.2
Bills payable and rediscounts.
MEMBER BANK ACCEPTANCES IN 1921.
In continuation of figures shown on page 800
of the July number of the BULLETIN, there are
given below figures of acceptance liabilities of
national banks and other member banks for
BORROWINGS FROM FEDERAL RESERVE BANKS.*
all call dates, beginning with June 30, 1920,
and ending with June 30, 1921. As pointed
Boston
0.3+ 11.8+ 0.5+61.6 - 2 9 . 3 - 23.5 - 28.5 -22.3
New Y o r k . . .
" 7 + 9.2+ 0.3 + 4.5 206.91- 26.5 -205.9 -25.9 out in the earlier number, the decline in the
Philadelphia.
17.9 0.2 6.3 - 73.31- 35.0 - 75.4 -33.7 amount of acceptances outstanding manifested
34.
13.7 •10.0 -34.0 + 15.0| + 15. 0 + 4.0+ 2.9
Cleveland
9.
6.9+ 39.4+ 4.7+26.
4.
Richmond...
3 | - 9.8 + 3.0+ 2.5 itself for the first time in the November 15
31. - 4 . 1 - 3.5
16.2+120.2+ 9. 6 +96.6 - 29.9
Atlanta
35
60.5 - 5.8 — 7.4 report, but, with the shrinkage in the value
22. 0 + t.O
Dallas
- 2 5 . 3 - 24.0
+ 25. 9 + 45.1 0 . 2 - 0.6 -117.9 32.0 - 92.2 - 2 0 . 1 of our foreign trade, it assumed larger proporChicago
+ 6.8 + 42.0 1.8-46.9 - 80.5 59.1 - 75.5 - 4 8 . 3
.
St. Louis
0 . 4 - 7.4 - 30.5 46.9 - 12.6 - 1 4 . 3 tions during 1921, the decrease during the six
Minneapolis.. + 18.3+102.2
1.8-23.9 - 41.6 42.6 - 32.1 - 2 5 . 2
Kansas City.. + 11.3+ 51.4
22.0+ 75.
75.3+ 2:8+50.0 - 1.6 — 1 . 5 + 23.2+16.6 months of the present year being from $593,San Francisco.
708,000 to $431,887,000, or over 27 per cent,
Total...+127.5+ 56.5 - 0.3 - 0.2 - 6 2 9 . 1 ' - 28.5 -501.9 -19.5
compared with a decrease of 36 per cent for
the 12-month period since June 30 of last year.
Bills payable and rediscounts.
For the six months of the present year the
A comparison of borrowings with the so-called New York City member banks show a decrease
basic line is presented in the next table. On in their acceptance liabilities from $341,605,000
April 28, 1921, the borrowings of member to $264,164,000, or of 23 per cent; member
banks from Federal Reserve Banks in agricul- banks in Boston a decrease from $64,135,000
tural counties were in excess of the so-called to $44,709,000, or of 30 per cent; those in
basic line in the southern and middle and far Chicago a decrease from $52,500,000 to
western districts, with the exception of Kansas $40,291,000, or of 23 per cent; and those of
City. In semiagricultural counties borrowings Philadelphia a decrease from $17,443,000 to
were below the basic line in all the districts $11,026,000, or of 37 per cent. Considerable
except those of Richmond, Atlanta, and Chi- decreases are shown also for member banks in
cago; while in the nonagricultural counties all St. Louis, San Francisco, Cleveland, New
1
SEPTEMBER, 1921.
1051
FEDERAL RESERVE BULLETIN.
Orleans, Detroit, and Kansas City, the relative decreases for some of these cities being
about as large as for the more important acceptance markets. Acceptance liabilities of member banks in New York City on June 30, 1921,
constituted 61 per cent of the aggregate acceptance liabilities of all member banks, compared with about 51 per cent a year before,
and 55.8 per cent on November 15 of the past
year.
In the following table are shown aggregate
acceptance liabilities separately for national
banks and other member banks, also for all
member banks in the principal centers on all
call dates between June* 30, 1920 and 1921:
ACCEPTANCE LIABILITIES OF NATIONAL AND OTHER
MEMBER BANKS—Continued.
[In thousands of dollars:]
Class of banks
and city.
June 30, Nov. 15, Dec. 29, Apr. 28, June 30,
1920.
1921.
1921.
1920.
1920.
STATE BANK AND TRUST
COMPANY MEMBERS—
continued.
4
40
Seattle
4,640
4,829
Allother
242,369 241,276
Total.
4
4,810
218,292
3,660
199,9
66
4,318
180,962
ALL MEMBER BANKS.
New York
344,239 361,202 341,605 311,918 264,164
Buffalo
4,024
3,434
4,189
1,628
1,687
Boston
64.135 58,064
69,417
44,709
Providence
5,129
2,620
2,461
2,084
1,158
Philadelphia
26,124 23,640
17,443 12,062
11,026
Pittsburgh
7,036
2,847
1,442
1,921
2,076
Cleveland
16,474 14,168 13,274
9,883
11,131
Detroit
5,000
5,366
3,785
5,427
4,008
ACCEPTANCE L I A B I L I T I E S OF NATIONAL AND O T H E R
Cincinnati
2,692
1,422
681
1,352
511
MEMBER BANKS.
1,556
1,185
444
Memphis
375
280
2,919
Indianapolis
2,320
2,818
1,365
551
1,914
Richmond
1,873
2,290
[In thousands of dollars.]
1,028
1,741
5,515
Baltimore
4,340
4,773
1,643
1,849
682
Atlanta
1,685
797
612
361
677
Savannah
674
562
475
410
June Sept. Nov. Dec. Feb. Apr. June
Class of banks
7,646
New Orleans
8,974
7,489
11,647
5,378
21,
30,
29,
8,
15,
30,
and city.
1,702
Charleston, S. C
2,166
1,441
801
778
1920. 1920. 1920. 1920. 1921. 1921. 1921.
Chicago
66,144 60,495 52,500 45,553
40,291
St. Louis
8,053
1,996
14,737 11,475
1,809
8,208
9,590
1,819
Minneapolis
8,024
1,422
NATIONAL BANKS.
3,781
4,603
2,573
Kansas City, Mo
4,682
3,045
1,750
150
, 1,035 2,875
300
Dallas
200,904 197,501 201,854 193,309 191,918 173,062 142,620 San Francisco
New York
26,838 16,999 14,363 14,337
11,636
138
338 1,014 1,484 1,194
772| 768 Los Angeles
Buffalo
2,206
2,247
1,177
2,349
2,447
49,786
Boston
53,978 44,835 49,518 49, 786 47,181 46,207 33,697 Portland
3,123
5,035
3,557
3, 845
2,137
775
1,051
404 Seattle
870
Providence
1,103
1,017
934
2,615
561
11,862 10,402 Allother
415 16,343
25,619
Philadelphia
28,985 26,513 24,655 16,029
16,411
1,244 1,700
882 1,471
4,080
Pittsburgh
1,137 2,123
412 8,528
9,440
Cleveland
Total
I 673,567 647,801 593,708 504,169 431,887
3,385 3,558
360 4,527
3,960
Detroit
222 1,202
681
511
1,312
Cincinnati
RECAPITULATION.
100
350
805
Memphis
919 2,818
1,365i
551 Total national banks... 431,198 406,525 375,416 304,231 250,925
2,729
Indianapolis
864 2,190
1,0281 1,741 Total State bank and
2,675
Richmond
165 4,273
trust company mem1,446; 1,749
7,113
Baltimore
600
650
bers
242,369 241,276 218,292 199,938 180,962
450!
250
1,342
Atlanta
555 1,532
920
911
1,"""
New Orleans
702 2,166 1,927 1,441
673,567 647,801 593,708 504,169 431,887
778
1,
Grand total.
Charleston, S. C . . .
920 28,819 23,894 24.280 19,295
40,825
Chicago
705 3,116
657
3,987
615 '524
St. Louis
590 8,208
1,819 1,422
8,287
Minneapolis
482 3,649
Owing to the decline in our foreign trade, the
1,023 1,079
5,
Kansas City, Mo...
875 1,750
150
300
Dallas
865 13,241 14,091 13,611 10,665 volume of bankers' bills offered for sale in
22,483
San Francisco
757 1,816
977 1,703 open market has also shrunk, while the demand
2,020
Los Angeles
072 2,493
2,772 1,453
2,240
Portland
013 1,099
931
495 for this class of paper by banks and corporate
1,117
Seattle
684 19,845
12,369 12,093
All other
Total
431,198 414,583 406,525 375,416 345,644 304,231 250,925
Class of banks,
and city.
June 30, Nov. 15, Dec. 29, Apr. 28, June 30,
1921.
1921.
1920.
1920.
1920.
STATE BANK AND TRUST
COMPANY MEMBERS.
New York
Buffalo
Boston
Providence
Philadelphia
Pittsburgh
Cleveland
Detroit
Cincinnati
Memphis
Richmond
Baltimore
Atlanta
Savannah
New Orleans
Chicago
St. Louis
Kansas City, Mo.
San Francisco
Los Angeles
Portland
143,335
3,886
24,721
4,178
1,385
2,287
6,434
1,394
100
901
50
689
385
674
7,259
28,790
9,422
527
550
722
159,348 148,296 138,856
1,950
3,175
856
19,899 14,349 11,857
1,781
1,569
1,309
200
1,225
1,100
965
450
198
8,746
5,756
4,746
900
1,006
400
150
200
444
275
835
100
50
500
197
350
197
32
162
562
475
677
7,442
6,091
6,569
25,575 23,681 21,273
1,472
6,770
4,937
121
132
1,550
726
1,134
1,122
390
490
200
630
785
121,554
919
11,012
754
624
376
9,008
450
280
100
111
410
4,467
20,996
1,152
1,966
971
744
684
investors, because of the easing of money rates,
has been on the increase and at times in excess
of the available supply. The result has been
a further decline in the offering of bills to the
Federal Reserve Banks by dealers and member
banks. The following table shows the gradual
elimination from among the reserve banks7
earning assets of bank acceptances, both purchased in open market and discounted for
member banks.
At the close of June, Federal Reserve Bank
holdings of purchased and discounted bank
acceptances of all classes totaled $57,042,000,
of which $38,753,000 only represented memberbank acceptances. The latter amount is less
than 9 per cent of the total member-bank
acceptances outstanding, and compares with
holdings of $255,564,000, or 38 per cent of the
total member-bank acceptances outstanding at
the close of June of last year.
1052
FEDERAL RESERVE BULLETIN.
H O L D I N G S OF B A N K E R S ' ACCEPTANCES BY F E D E R A L
SERVE BANKS.
RE-
[In thousands of dollars.]
Purchased in the open market.
Held under discount
Nonmember
Branches
and
Total. Mem- banks PriMemvate agencies
and
ber bank- bankTotal. ber Other
of
banks. banks.
banks. ing
foreign
corbanks.
porations.
1920.
June 30 . 372,541255,564 56,474 38,647
21,856 25,174 (i)
1921.
Tan. 31.
Feb. 28.
Mar. 31.
Apr. 30.
May 31.
June 30
July 31.
22,718
20,509
16,655
14,559
8,915
2,992
380
162,385
169,048
119.054
109,142
75,239
40,130
17,912
89,240
96,313
65.868
62,327
46,754
26,787
13,411
32,372
33,768
20,653
18,341
10,053
6,960
3,087
18,055
18,458
15,878
13,915
9,517
3,391
1,034
1921.
exceptional and changes in acceptance liabilities of the German great banks are due probably as much, if not more, to the vicissitudes
of the foreign exchanges as to the volume of
foreign trade transactions.
Accepted by
Accepted by—
Date.
SEPTEMBER,
12,506
13,421
13,052
10,188
9,472
8,456
6,089
THE COMMERCIAL PAPER BUSINESS.
The following is the second of two articles
which give the results of a study made by the
Division of Analysis and Research of the more
important aspects of the commercial paper
business. The previous .article appeared in
the August, 1921, issue.
C1)
8,454 4,052
8,669 4,752
9,181 3,871
6,343 3,845
6,469 3,003
6,033 2,423
4,125 1,964
IV. CHARACTER OF PAPER SOLD.
Form of paper.—There are four classes of
paper which appear in the open market. Unsecured single-name paper is most frequent.
Double-name paper is of two kinds—either
trade paper, i. e., promissory notes given in
i No data.
settlement for goods purchased and indorsed
As pointed out in the July number, the by the seller, or nontrade paper bearing inBritish banks show a shrinkage in their accept- dorsement. Some collateral notes are also
ance business for the more recent period even used. Estimates differ as to the proportion
larger than our own banks. For the calendar of the total volume of paper in each of these
year 1920 this shrinkage, according to the forms. The proportions vary to some extent
London Economist, was nearly one-third for with the character of the individual business.
all the English joint-stock banks, while for the The question is complicated by the fact that
first six months of the present year the ac- some dealers regard paper with the indorseceptance liabilities of the nine leading London ment of directors or officers as single-name
clearing banks shows a continuous decline from paper, whereas others regard it as double£88,213,000 to £57,610,000, or of nearly 35 per name nontrade paper. Thus, one broker esticent, as against a simultaneous decline of 27 per mated that " unsecured single-name paper
cent shown for our own member banks.
constitutes approximately one-half of the total
Acceptance liabilities of the three great handled by brokers/' and two others placed
French banks show an increase from the figure at 65 per cent, while, on the other
172,000,000 francs on December 31, 1919, to hand, two large dealers stated that 95 per cent
261,000,000 francs on December 31, 1920. But and two others that almost all their paper was
since then a considerable decrease in these in this form. The general figure is probably
figures may be noted. Thus the Comptoir somewhere between these two extremes, and
National d'Escompte reports a decline in its one dealer has placed it at 75 per cent.
acceptance liabilities during the first six
The general consensus of opinion is that
months of the present year from 113,000,000 to double-name trade paper does not constitute
67,360,000 francs, the Credit Lyonnais a de- over 5 per cent of the total volume. The
crease for the five months of the present year highest estimate, which was given by two
from about 35,000,000 to 20,770,000 francs, dealers, was 5 per cent, and most of the rewhile the decrease reported by the Societe porting houses stated that they either handle
Generale for the first four months of the present none or almost none, or a very limited amount.
year is from about 120,000,000 francs to One dealer adds that "we believe the com59,355,000 francs. A similar development is mercial paper market should be made available
indicated by the reports of the large Italian only for strong borrowers who, by reason of
commercial banks. For Germany fcnd-of-1920 their size and strength, enjoy a single-name
figures for eight of the Grossbanken show credit."
aggregate acceptance liabilities of 918,400,000
Estimates of the proportion of double-name
marks, as against 805,800,000 marks at the nontrade paper differ somewhat. Two dealers
close of 1919. But conditions in Germany are who showed lower figures for single-name paper
SEPTEMBER,
1921.
FEDERAL RESERVE BULLETIN.
have a rather high figure, namely, 30 to 35 per
cent, but other estimates place it at 10 and 15
per cent, and several other dealers state that
they themselves handle but little of such paper.
"The only prominent class of indorsers of
paper,'7 states one dealer, "are the commission
houses, who indorse or guarantee 77 paper of
the
textile mills for whom they sell.
He notes
that the commission houses, especially in New
England, make no financial statements. This
paper is stated to be distributed somewhat
differently than the other types of paper.
Another dealer states that indorsement is
found largely in the .case of small closed corporations, where the officers or directors individually will indorse.
The use of collateral notes is stated by some
dealers to be very limited, while several estimate the amount at about 5 per cent of the
total volume, and one places it at 10 per cent.
Savings banks in New England often purchase
collateral loans. One dealer states, however,
that he does not believe that on the whole a
great deal of collateral paper is sold in the
East, but there is a large business in the South
and West in cattle and cotton paper, and
throughout the country considerable paper of
large cold-storage warehouses secured by warehouse receipts is sold, although such paper is
usually distributed close to its source. The
great majority of warehouse paper, however,
will be placed direct with banks and not pass
through the commercial-paper house, as it is
necessary that the warehouse receipts be
readily available to the maker. In general,
collateral will consist of securities, stocks or
bonds, either listed on one of the exchanges,
or well known locally, although instances of
cotton warehouse receipts, chattel mortgages
on cattle, and installment notes are also reported. One dealer states that this paper is
largely of individuals, although some is of
stock exchange houses. The margin generally
specified against listed security collateral is 20
per cent, although 25 and 30 per cent are also
noted. Two dealers who refer to other classes
of collateral state that the margin varies from
10 per cent to 100 per cent, according to how
well known and marketable it is. The dealer
in almost all cases looks to the maintenance of
a satisfactory margin, although, states one
dealer, he is not legally obligated to do so.
One dealer, however, states that in the case of
collateral loans some banking institution has
generally been designated as trustee, and the
purchaser accordingly expects very little of
the commercial-paper house in the way of
watching the margin.
In almost all cases, the maker is also the
payee, and the note reads: "Pay to the order
1053
of ourselves." The note is then indorsed in
blank by the maker. This is the case both
with single-name paper, double-name nontrade
paper, and collateral notes. By this means the
notes are rendered negotiable, and the dealer
avoids indorsing them. He guarantees only
the genuineness of the signature.
Registration of paper.—Following the panic
of 1907, registration of paper was often advocated as a means of safeguarding purchasers by
giving definite knowledge as to the amount of
paper outstanding. In 1911 one of the New
York trust companies made arrangements for
registering paper, and other prominent financial
institutions announced the inauguration of
similar facilities, but the service has only been
availed of by a few borrowers.
Denominations.—It is general^ agreed that
the greater part of the paper is in $5,000 denominations. The estimates of the percentage
of the total paper outstanding in normal times
which is in this denomination range from 50 to
75 per cent. The next most frequent units are
$2,500 and $10,000. The percentage estimates
which have been received generally place the
proportion of the former as considerably
greater than the latter, although two houses
regard the normal percentage as approximately
equal in the two cases. Some houses state that
the proportion in denominations in excess of
$10,000 is very small, although several show
a considerable percentage, the units specified
being $25,000 and $50,000, and by some dealers
also $100,000 and $500,000. One dealer states
that "when we get large blocks of paper from
any one concern, we often receive large denominations, running as high as $25,000 or
$50,000/' while another notes that " the denominations are to fit the case of a bank where it
can only lend a certain percentage of capital
and surplus to any one name."
During about the last two years the normal
percentages have been very much altered.
This has been due to the fact that the great
bulk of sales during that period have been
made direct to country banks. The dealer
adjusts the denominations according to the
current requirements of buyers, considering
whether the large city or the smaller country
banks are buying. A much larger proportion
of notes are therefore at present in $2,500 denominations, while denominations larger than
$10,000 have correspondingly declined, and the
proportion of $10,000 pieces is also stated by
some dealers to have declined. The greater use
of the $2,500 denominations has added considerably to the dealer's expense of doing
business.
Maturities.—Reports received indicate that
the majority of paper has a maturity of six
1054
FEDERAL. RESERVE BULLETIN.
months. Some dealers, however, show a lesser
average or customary maturity, in some cases
four and in some cases five months, while others
give the customary maturity as from three to
four, four to six, and five to six months. The
shortest maturity shown was two months, this
dealer also stating that in very easy money
markets he has sometimes sold paper, in exceptional instances, as long as eight or ten months.
Two dealers note a tendency toward shorter
maturities under present conditions. One
states that the majority of his notes now run
from four to six months and under normal conditions from five to six months, while the other
states that he takes a much larger percentage
of three months' notes than formerly and a
smaller percentage of six months7 notes. " Variations in maturities are occasioned/7 states one
dealer, "by the nature of borrowing and by
interest rates. In an easy money market,
six months' paper usually predominates, as the
borrower has only to pay two commissions a
year. In a tight money market, four months7
paper predominates, for the reason that the
buyer needs only to carry the paper about 30
days before it is rediscountable at the Federal
Reserve Bank, and most buyers of paper, during periods of tight money, wish to have
quickly realizable investments. Seasonal lines
of business usually borrow for six 77
months, with
a renewal of three or four months. If there is
a tendency toward cheaper rates, however,
banks naturally buy as long maturities as possible, while the reverse is the case if there is a
tendency toward higher rates. Most dealers
who have considered the matter state that there
is little variation in length of maturities,
according to the line of business of the maker.
Paper is not renewed except in periods of
stress. Savings banks, however, it is stated by
one dealer, will renew paper indefinitely.
Instead, new paper may be sold to replace
current maturities, and thus the liquid character which such paper possesses for the individual holder is preserved. In actual practice,
however, the proportion of paper which is
replaced by other paper appears to be high.
Two dealers estimate that about 50 per cent is
replaced, while another places the figure at 75
per cent, but states that the number of replacements varies very greatly with different lines of
business and different market conditions. The
latter states that in the case of nonseasonal
lines " there might, under ordinary market
conditions, be no limit to the number of 'renewals7 granted, provided, of course, that the
concern in question keeps its affairs in a good
liquid condition with a good proportion of quick
assets to debt at all times.7'
SEPTEMBER,
1921.
V. RATES.
In the present study no effort has been made
to consider the relation between open-market
rates and rates charged customers by banks.
Instead, attention has been confined to differences between commercial-paper rates themselves and to the method followed by the dealer
in taking the paper from the borrower.
Differences between markets.—A
number of
dealers state that no considerable variation is
found, and point to the fact that they offer
their paper at the same rate in all markets. On
the other hand, certain differences have been
indicated by other dealers. These in general,
however, do not exceed one-half of 1 per cent.
Some markets buy more freely at certain seasons of the year, and thus in the Middle West
after crop moving time the dealer may be able
to place paper at a trifle lower rate, but the
difference, states one dealer, will not exceed
one-fourth of 1 per cent. One dealer states
that at times in the past the coast market has
been for quite sustained periods one-fourth to
one-half per cent below the eastern markets,
while at times the New York market has been
for very brief periods substantially below other
markets, although this is exceptional. Another
dealer observes that when rates are high New
77
York as a rule is " at the top,77 while when rates
are low it is "at the bottom.
Several dealers
note a tendency for changes in rates to move
across the country in a regular wave from east
to west, the latter being affected two or three
weeks after the New York market has been,
although one observes that this is not invariable.
Difference between lines of
business.—Some
differences in rates between different lines of
business have been reported. Certain lines
and short maturities, state several dealers, at
times command a rate lower than the general
market rate, this being true of lines which can
be quickly liquidated. One dealer believes
that as a general proposition a few staple lines,
such as groceries, dry goods, and hardware,
probably sell at a somewhat lower rate. Several dealers agree that certain New England
mill paper, bearing commission house indorsement, commands a lower rate in markets where
it is sought after, while a middle western dealer
states that this is the case also with grain paper
secured by registered terminal warehouse receipts. On the other hand, states one dealer,
certain lines do not always command a ready
sale, in particular luxury lines, such as automobiles, jewelry, and pianos. On the whole,
however, dealers state that differences are
found rather with respect to the individual
SEPTEMBER,
1921.
FEDERAL RESERVE BULLETIN.
borrower, or, as one dealer expresses it, the
matter is " purely a question of credit combined
with supply and demand." The rate is then
determined by the strength of the borrower,
usually, remarks one dealer, from the standpoint of high indebtedness to total resources,
and by the infrequency with which the name
comes into the market. It is stated that "no
general rule is possible applying to most singlename paper. Some of the very large and nationally known names frequently bear a lower
rate than others in the same line of business,
the latter not being so strong or so well known.
When the market is broad and paper moving
readily there is frequently a spread of one-half
of 1 per cent in rates, depending both on the
class of paper offered and the excellence of the
concern's statement." Another dealer states
that the "spread" has been greater during
recent months.
Outright purchase versus consignment
busi-
ness.—It is generally stated that most commercial paper is purchased outright by dealers,
who then resell it as occasion offers. This is on
the whole confirmed by the present study. The
dealer then purchases the paper outright at a
flat rate, less also his charge for handling or
"commission," as it is called, and "takes his
chances" on being able to resell at a profit. If
rates decline, he gains, but if they increase his
margin decreases and may disappear. The
borrower receives payment at once from the
dealer when he delivers the paper to him. But
some exceptions to the practice are found, and
these appear to be more frequent than has
generally been believed. One large dealer
states that he "endeavors to avoid speculation
in paper, and thus tries to buy so that the account will protect him against changes in rates."
He, however, places the funds to the credit of
the maker at once, and merely makes an adjustment in case the rate changes. Another
large dealer states that he purchases fully 90
per cent of his paper on an "open-rate" basis.
The dealer then deducts an approximate
amount to cover interest, as well as the commission, and remits the net amount to the borrower immediately on receipt of the paper.
Be states that his customers are perfectly willing for him to protect them in an advancing
market, as he is to protect them in a declining
market, and cites the fact that about the opening of May, e. g., he saved his customers considerable money on unsold blocks of paper
which he had on hand.
One dealer states that some dealers may
retain, e. g., 10 per cent to be paid only when
the paper is actually sold. Regular consignment business, however, apparently relates
1055
rather to cases in which the dealer makes no
advance at all to the borrower, instead of cases
in which the rate merely is left open, but the
paper paid for at once by the dealer. The
volume of such business which is reported is,
however, small. One dealer states that "most
brokers occasionally take paper on consignment—for instance, when a borrower may not
be in immediate need of funds, but does desire
to take advantage of any sales that can be
effected on the open market, frequently for
the purpose of reducing borrowings at the borrower's own banks, or in a particularly slow
market, piling up money in advance of actual
requirements." This dealer states that "in a
steadily advancing market, or when the market
is very dull and very little paper is moving,
we. sometimes make advances of a round
amount against a block of. paper, remitting
the balance to the borrower as the paper is
sold." In a few instances, where the maturities are exceptionally short, he charges the
borrower a net rate of interest without commission, which sometimes brings the profit a
trifle under the customary one-fourth of 1
per cent.
The dealer's commission.—The customary
commission which the dealer receives for his
services has been one-fourth of 1 per cent for
many years, and is made irrespective of the
maturity of the paper. This is still charged
by the majority of the houses. Last year,
however, the increased cost of doing business
attendant upon the increased distribution to
small country as against large city banks
caused several dealers to raise their charge to
one-half of 1 per cent. One dealer is stated
to have done this only in the case of the poorer
risks, the charge to the better risks remaining at
one-fourth of 1 per cent. One dealer states
that the same result has been achieved in some
cases by insisting upon three months maturities, instead, as heretofore, taking four, five,
or six months paper. Another dealer states
that he has heard of cases during the past
year where the dealer who has acted more or
less as a banker for a client, owing to his
inability to dispose of the paper, has charged
a larger amount to compensate him for tying
up his own money in order to take care of
his client.
VI.
OPERATION OF THE INDIVIDUAL COMMERCIAL PAPER HOUSE.
Buying and selling paper.—Paper is often
purchased only by the principal offices, in particular New York and Chicago, and Boston
in the case of houses whose head office is
1056
FEDERAL RESERVE BULLETIN.
located there. Certain houses also permit
offices covering other sections, such as St.
Louis and San Francisco, to purchase paper,
but such purchases are subject to the approval
of the head office as to amounts, names, and
rates. As a general rule the staff engaged in
purchasing or soliciting new accounts is small
as compared with that engaged in selling, and
men are shifted from the one task to the
other as occasion requires. When money is
easy, say about 4 per cent, states one dealer,
he shifts men from selling to getting new
accounts, while when money is tight the reverse will be the case.
Stocks of paper are generally carried at the
principal offices, and in some cases also in San
Francisco, although smaller stocks may be
carried at some of the lesser offices. The
purpose is to provide the maximum service to
buyers and to deliver paper with as little delay
as possible. The centers in which stocks are
carried correspond in a broad way to those
which purchase paper. In one case, however,
it is stated that the Philadelphia stock is carried in New York, owing to the small distance
between the two centers. One dealer states
that some branches may sell local paper locally
without passing it on to New York or Chicago.
Another dealer sometimes takes paper from
his affiliations and carries it himself in order
to render it immediately available for delivery
in his own market, while in other cases he
takes it merely to fill orders as they are received from his purchasing banks.
Where houses employ correspondents to
some extent, reciprocal arrangements for taking paper from each other exist, and the profit
is divided on paper sold through correspondents. One dealer states that u one office may
buy outright from another office that originates
the paper, take a block on consignment, or buy
as it sells the paper. In the last case, an
option is usually granted by one office to the
other " covering the option that by necessity
is granted to the bank purchasing the paper."
Where several separate dealers are employed
by an account, each generally has a clearly
defined territory within which he will sell the
paper, and the borrower deals with each
entirely independently of the other. The
dealer, however, is advised of the total borrowings, both in the open market and from
bankers.
Financing the business.—Most dealers state
that the rate of turnover of their own capital
varies so greatly from time to time that no
estimate can be given. On the other hand,
estimates were given by several dealers. One
gave the figure as 40 to 50 times per annum,
another as roughly 50 times (based upon the
SEPTEMBER,
1921.
capital used in the commercial paper end of his
business). A third gave the figure as 100 times,
a fourth stated that it varied from 50 to 100
times, and a fifth placed it at about 150 times.
One dealer explained the range as probably
found in the case, on 'the one hand, of dealers
buying paper outright, who turned their capital
over 50 times, and, on the other hand, of dealers taking paper on consignment, who turned
their capital over 100 times.
An indication was also obtained from several
dealers of the relative proportion which their
borrowings from banks bears to their own
capital. One stated that the greatest part of
the funds used to carry paper was obtained
from his banks, while another smaller house,
however, stated that fully half the time it
carries paper without obtaining loans. Two
dealers furnish more definite estimates, one
stating that his borrowings varied from three
to six times his own capital, depending upon
market conditions, while another stated that
during the abnormal conditions prevailing
during the past year or so, his borrowings were
two to three times his own capital. One
dealer, who stated that conditions varied
greatly from time to time, cited the fact that
when he believed it advisable, he curtailed his
purchases of paper and might loan on call or
buy bankers' acceptances.
The number of important bank accounts
carried and the number and location of centers
in which the dealer borrows depends in most
cases upon the number of centers in which he
purchases and keeps stocks of paper. Thus,
some houses, states one dealer, may have 30
to 40 accounts. In general, these offices borrow the funds required from the local banks,
principal borrowings, of course, being in the
larger centers. The balances which are kept
in the smaller centers in certain cases become
mere working balances, remittance being made
from these centers for the paper bought. Some
dealers, however, borrow only in the center in
which their head office is located, while one
dealer who does this also at times arranges
loans in another center through the head office.
The commercial paper house in most cases
uses the paper which it holds, whether it owns
the same or has merely made an advance
against it, as collateral for the loans which it
obtains. In some cases stocks and bonds are
also used as collateral, but, except in the case
of one dealer, to a far lesser extent. One
dealer states that he may borrow on securities
in the case of a time loan, in order to avoid
substitutions, or on commercial paper in the
case of a demand loan. A small proportion of
borrowings are unsecured in the case of several
houses, " usually with the same banks who give
SEPTEMBER, 1921.
FEDERAL RESERVE BULLETIN.
us lines against our paper/' states one dealer.
Some banks do not ask for any margin, while
other banks request 10 per cent and to a lesser
extent 5 per cent. One dealer, states that
banks are now "overzealous in the matter of
margins.77 The margin on mixed collateral,
states one dealer, is 20 per cent, and another
dealer in general gives this margin on commercial paper also, although it is not required.
It is stated that the banks do not request
dealers to keep average balances, as in the case
of ordinary commercial borrowers, although
the dealers endeavor to keep fair balances.
Several dealers, however, give required percentages as 10 and 20 per cent, and one from
10 to 25 per cent. "Loans made to a commercial paper broker," comments one dealer,
"are generally of short duration, and are much
sought after by banks. " Another dealer states
that he borrows chiefly from banks in which
he carries no deposits.
1057
Wisconsin, besides New York and GeorgiaFlorida. These districts are clearly shown on
the accompanying map, prepared by the
Bureau of the Census, as are also the several
manufactured and export type districts. The
latter include (1) Virginia dark; (2) the old
bright belt in Virginia and western North
Carolina; (3) the new bright belt in eastern
North Carolina and South Carolina, extending
also into Georgia; (4) Burley, chiefly in central
TOBACCO FINANCE.
The following is the first of a series of articles
describing the financing methods which are
employed in the tobacco industry. Data were
obtained partly through the cooperation of the
Federal Reserve Agents in the various districts
and partly direct from banks and persons
interested in the industry in various capacities,
as well as from other Government organizations. To all of them acknowledgment is due.
In order to provide a basis for the study of
the financial aspects, which will be treated in
subsequent articles, the present discussion is
devoted to the general aspects of the leaftobacco industry.
I. THE LEAF-TOBACCO INDUSTRY.1
Tobacco is of two principal types, according
to its chief use: (1) Cigar types and (2) manufactured and export types. The latter enters
into what are known as manufactured tobacco
products, such as cigarettes, chewing and
smoking tobacco, and snuff, and is also exported in large measure.
The two types are found in different geographical sections and are also cured in different ways. The principal cigar regions are (1)
the Connecticut Valley in New England; (2)
Pennsylvania, in particular, Lancaster County;
(3) the Ohio-Miami Valley; and (4) southwest
1
In general, cf. E. H. Mathewson, The Export and Manufacturing
Types of Tobacco of the United States, with Brief Reference to the
Cigar Types, Bulletin No. 244, Bureau of Plant Industry, U. S. Department of Agriculture, issued November 23, 1912; and J. P. Killebrew,
Tobacco Districts and Types, U. S. Dept. of Agriculture, Bureau of
Statistics, Circular 18, issued November 24,1909.
EXPLANATION
1. Cigar leaf tobacco.
2. New belt bright or flue-cured
manufacturing.
3. Old belt bright or flue-cured
manufacturing.
4. Dark open-rire-cured shipping
tobacco.
5. Black or olive stemming.
6. Sun and air cured manufacturing.
7. Maryland tobacco.
8. Upper county or bay.
OF SHADING.
9. Paducah district.
10. Clarksyille and Hopkinsville
district.
11. Stemming tobacco district.
12. Green River district.
13. Scattered burley.
14. Burley tobacco.
15. Eastern Ohio export (spangled
tobacco) burley.
16. Southern Kentucky and Upper
Cumberland and Southern
Indiana (one-sucker type).
Kentucky; and (5) the western dark types in
western Kentucky and Tennessee, including
the Paducah Black Patch, Henderson or stemming, one sucker (including Green River), and
Clarksville-Hopkinsville districts. Minor types
include Virginia sun cured, Maryland and
eastern Ohio export, and perique (Louisiana).
Several of the types are also grown to a much
smaller extent in other States than those
mentioned. In the present study attention
will be confined to the major types listed.
1058
FEDERAL RESERVE BULLETIN.
SEPTEMBER, 1921.
There are further differences between the 1908 from a commercial standpoint. The
use to which each of these types is put. Among acreage has been increased from 1,000 in 1910
the cigar types, wrappers are obtained from to 6,150 in 1918. The demand for the ConNew England (also New York and Georgia and necticut shade-grown cigar wrapper type has
Florida), while the Ohio-Miami and Wisconsin kept pace with the increased acreage. It is
districts produce both binders and fillers, and said to be not used as a substitute for the
Pennsylvania produces chiefly fillers.1 Ap- Sumatra leaf, but for making a high-grade
proximately 55 per cent of the cigar wrappers cigar which sells on its own merits.
used in the United States are grown in the
Connecticut Valley and only 29 per cent ACREAGE OF SHADE-GROWN TOBACCO IN THE CONNECTICUT
VALLEY.
elsewhere in the United States, while the
Acres.
Acres.
remainder are imported. The division, of
J 1910.
1 000
course, is only approximate, as all districts 1900.. .
....
41 1911 . .
1 995
produce more or less of all three grades, and 1901
720 1912
1902
1, 905
the relative proportions depend upon the grow- 1903.
645 1913
1 840
2 574
33 1914. . .
ing conditions prevailing. Moreover, the dis- 1904
40 1915
]905
3 846
tinctions between the grades, in particular 1906.
40 1916
4 300
between wrappers and binders, are by no means 1907
. .
70 1917... .
5 854
absolute. Certain amounts of tobacco in the 1908
200 1918
6 150
400
cigar regions are also not suitable for cigar 1909
purposes, and in many cases are exported.
Turning to the manufactured and export
Without emphasizing unduly the importance
of the production of shade-grown tobacco for types, the first important difference relates to
cigar wrapper purposes, it may be desirable to the relative extent to which the crop of each is
give a brief notice of the rise of the shade- exported. The greater part of the Virginia
grown tobacco which has been one of the most dark and the western dark types is exported,
interesting developments in the tobacco in- and ordinarily more than half the bright
dustry in recent years. The shade-grown tobacco of both the old and new belts, but the
industry dates back to the late nineties in proportion in the case of Burley is very small,
Florida and to 1900 in Connecticut. The and mostly of the lower grades. A large part
process consists in the growing of tobacco with of the Maryland and eastern Ohio export type
diminished sunlight, high humidity, high soil is exported. Domestically, the Virginia dark
moisture, and more uniform temperature. and western dark types are also used in the
This condition is accomplished by shading the manufacture of plug, snuff, etc., the use varyfield by slats or laths in the Florida-Georgia ing to some extent with the different types.
district, or by cloth in the Connecticut Valley. Bright tobacco is in wide use, and has been
The object is to produce a type of cigar leaf stated to be " unsurpassed in universal poputobacco that has a fine texture, excellent larity and general adaptibility to a variety of
uses; in fact, it is adapted to practically all
burn, high yield, and desired colors.
the regular forms in which tobacco is used, exShade-grown tobacco is now being produced cept standard cigars and snuff." That proin Decatur County, Ga.; Gadsden and Pasco duced in the old belt is used in the manufacture
Counties, Fla.; and parts of the Connecticut of chewing and pipe smoking tobacco and
Valley. The development in the Connecticut cigarettes, while that from the new belt is used
Valley has proved the most interesting and almost entirely for pipe smoking tobacco and
important. The United States Department cigarettes. Burley, due to the loose texture of
of Agriculture, in cooperation with the Con- its leaf, is "in a class by itself" in "its remarknecticut Agricultural Experiment Station, has able capacity of absorbing liquid sweetening
put forth much effort to establish the industry and flavoring materials/' which renders it a
and place it on a permanent basis. The most economical tobacco for the manufacturer
estimated acreage for the Connecticut Valley to use. Its lack of pungency, aroma, and
shows remarkable changes, especially during fragrance operate to prevent its use as an
the more recent years. In 1902 and 1903 the export type. Burley enters largely into the
wet seasons almost ruined the industry. It manufacture of plug and smoking tobaccos,
was saved, however, by the introduction of and to a considerably less extent into the
Cuban seed, which was brought to the United output of cigarettes.
States in 1903. After five years of experiFor the sake of convenience, we
mentation at the agricultural experimental tinguish three stages in the tobacco may disstation, it has been cultivated since about (1) Growing, (2) marketing of leaf industry:
tobacco,
and (3) manufacture of leaf into cigars, cigar1
It is stated, however, that about one-half the Wisconsin crop is now
ettes, and other manufactured products. After
used for scrap chewing tobacco purposes.
SEPTEMBER,
1059
FEDERAL RESERVE BULLETIN.
1921.
a general survey of the production and marketThe year 1915 was chosen because of the
ing of leaf tobacco, the series of articles will fact that in general prices exhibited a declining
treat, in succession, the financing methods tendency after 1912 and 1913, and were at the
lowest level in most districts in that year.
employed in each of these three stages.
The approximate annual value of the tobacco
A. PRODUCTION.
crop in the United States is shown in the
The annual acreage, production, and yield following table:
per acre of each of the principal types of ANNUAL VALUE PER ACRE AND TOTAL ANNUAL FARM
tobacco for 1919 is given in the following VALUE OP THE TOBACCO CROP, 1919 AND 1920, BASED
UPON PRICE TO PRODUCER ON DECEMBER 1.
table:1
TOBACCO ACREAGE, PRODUCTION, AND YIELD PER ACRE,
BY TYPES, 1919.
Acreage. | Production.
United States
! 1,910,800
Cigar types
|
172,900
New England
35,000
New York
\
2,700
Pennsylvania
\
41,000
Ohio-Miami Valley
40,000
Wisconsin
'
48,000
Georgia-Florida
6,200
Manufactured and export types— j
Total
! 1,705,700
!
Burley
313,000
Western dark
;
417,800
Paducah
137,800
!
Henderson
106,500
One-sucker
j
47,500
Clarksville-Hopkinsville.;
126,000
Virginia sun-cured
!
13,000
Virginia dark
|
70,000
Bright—Total
[
858,000
Old—North Carolina and \
Virginia
!
395,000
New—North
Carolina I
and South Carolina....;
463,000
Maryland and eastern Ohio j
export
j
33,500
Peri que—Louisiana
'
400
1,454,725,000
218,853,000
54,400,000
3,483,000
54,120,000
40,000,000
60,960,000
5,890,000
1,157,804,000
262,920,000
335,420,000
110,240,000
87,330,000
37,050,000
100,800,000
8,320,000
47,600,000
479,250,000
201,450,000
Yield
per acre.
1920
State.
761
1,265
1,554
1,290
1,320
1,000
1,270
950
679
840
802
800
820
640
680
559
United States
Cigar type States: •
Massachusetts
Connecticut
Pennsylvania
,
Ohioi
Wisconsin
Manufactured and export
type States:
Virginia
North Carolina
South Carolina
Kentucky
Tennessee
I
1919
Value
j Value
| of crop Total value of crop Total value
of crop.
per
per
of crop.
acre.
acre.
$167.
$318,201,504 '$296.79 $567,342,750
629.30
518.00
302.00
124.80
323.23
6,418,860
12,639,200
12,080,000
7,862,400
16,161,600
713. 02
722.28
224.40
289. 82
281. 94
175.20
166.98
97.50
127.50
146.00
42,573,600
97,182,360
10,042,500
70,125,000
17,082,000
270.18 59,709,780
330.18 174,332,928
18,436,992
164.62
317.06 190,236,000
203. 31 25,056,780
7,130,200
18,057,000
9,200,400
22,026,320
13,533,120
* Includes some Burley tobacco.
510
An important aspect in connection with the
question of financing is the extent to1 which
720
of crops is practiced. This
434 diversification
varies considerably between the different
In 1920, the total acreage was 1,894,400, the production 1,508,064,000 sections.
Tobacco is the principal cash crop
pounds, and the yield per acre 796 pounds.
in Virginia, the old bright belt of western North
The various tobaccos differ greatly in price, Carolina, most of western Kentucky and
as is shown by the following table giving average Tennessee (dark sections), and to a considerable
price per pound to the producer on December 1, extent also in the Burley regions, but a striking
exception is found in the new bright belt,
1915, 1919, and 1920, by leading States.
where cotton in most cases is of major imAVERAGE PRICE P E R POUND OF TOBACCO TO THE P R O - portance as a money crop, and where in a few
DUCER ON D E C . 1, 1915, 1919, AND 1920, BY STATES.
counties peanuts are of considerable importance.
In practically all these southern tobacco
Average price per pound
December 1—
districts, and on most individual farms, corn
State.
considerably exceeds tobacco in acreage, but is
1920
1919
1915
tactically all consumed
To a
Cents.
Cents.
Cents.
{esser degree, in particularon the farm. and in
in the west
39.0
9.1
21.1
United States
Cigar-type States:
the old bright belt of Virginia and North
Massachusetts
40.6
46.3
14.5
35.0
17.0 Carolina, the same is true of grass, either for
Connecticut
46.3
20.0
9.2 ha^ or grazing, and for some of the small
Pennsylvania
17.0
13.0
9.0
Ohio*
33.7
Particularly in the
25.9
6.0 grains, especially wheat.
Wisconsin
22.2
37.0
23.0
21.5
Georgia
48.0
23.0 dark tobacco sections of Virginia and the west
54.5
Florida
Manufactured and export type States:
wheat becomes a secondary source of cash
47.4
9.4
24.0
Virginia
53.6
11.2 income in many instances.
25.3
North Carolina
15.0
22.8
7.0
South Carolina
Certain typical practices with respect to crop
15.0
38.2
7.8
Kentucky
20.0
25.1
6.3 rotation are found in each of these sections. In
Tennessee
the dark sections, both in Virginia and the
1
Figures for the various types taken from Stocks of Leaf Tobacco, etc.,
1919, Bureau of the Census, Bulletin No. 143, p . 27. The revised total for west, the area actually under plow in any one
277,800,000
24,120,000
174,000
600
1919, together with the 1920 figures given in the text, have been prepared
by the Bureau of Crop Estimates, as have also the price and value statistics.
2 Includes some Burley tobacco.
i This paragraph and the two following are based upon a memorandum
kindly prepared by Mr. E. H . Mathewson, Crop Technologist, Bureau of
Plant Industry, United States Department of Agriculture.
1060
FEDERAL RESERVE BULLETIN.
year would consist largely of corn and tobacco,
a large percentage being planted after harvest
to small grains, principally wheat, which would
be followed by grass or clover, or a mixture of
both, for two years before coming back in the
intercultivated crops—corn and tobacco—in
the four-year rotation. Live stock and wheat
are secondary and minor sources of income. In
the case of Burley, the blue-grass pastures of
central Kentucky are plowed down at variable
intervals, and planted in tobacco, often two or
three years in succession, after which a crop or
two of grain follows and the land goes back to
grass again. Live stock, in particular horses
and cattle, are an important, although in general only secondary, source of cash income. In
a large section of the Burley district, where the
land is more rolling or distinctly hilly, bluegrass pastures and live stock are of less importance and the rotation is shorter and more
like that prevailing in the dark-tobacco districts. In the old bright belt, the cropping
system is similar in many respects to that prevailing in the dark-tobacco districts. The
usual custom is to follow tobacco with wheat,
the wheat stubble being left to grow up in
weeds (the rested field system), and to come
back in tobacco again the following year in a
two-year rotation. Corn and oats are also
grown, while grass or cowpeas or crimson
clover may be grown in the two or three year
interval between corn crops. Live-stock products and sweet potatoes are minor sources of
cash income on some farms. In the new bright
belt, tobacco in most cases ranks secondary to
cotton both in acreage and cash income. Rotation practice is less well defined. Cotton is
often grown continuously on the same land,
but an interval of two or three years between
succeeding tobacco crops is the general rule.
Much tobacco is planted after cotton, while
small grain, usually oats or hay, is grown generally to be succeeded in the same year by cowpeas, sweet potatoes, or even corn. Additional cash income aside from cotton is frequently derived from sweet potatoes, peanuts,
watermelons, or other truck crops, and live
stock, particularly hogs.
Conditions in the cigar tobacco districts
differ somewhat from those in the manufactured and export districts. In Lancaster
County, Pa., the most intensive and welldefined rotation practice has been developed.
Tobacco is the principal money crop, but live
stock (chiefly beef cattle), grass, and grain are
also highly developed. The large quantities
of manure obtained make for very rich land
and large yields of wheat, corn, grass (including clover), and tobacco, which are generally
grown in a four-year rotation. Irish potatoes
to some extent furnish an additional source of
SEPTEMBER,
1921.
income. In the Miami Valley district of Ohio
continuous cultivation of tobacco is quite general, especially on the smaller farms. The
most usual rotation practiced is one of tobacco,
wheat, and two years in grass. Corn is also
grown on the same system. Live stock is not
as highly developed as in Pennsylvania, and
thus the soil is not maintained in as high a condition of fertility. In Wisconsin tobacco is
commonly grown continuously on the same
soil. Where a rotation is followed, the best
practice is to plant tobacco on clover or
timothy sod, followed by corn, oats, or barley,
and grass in succession. In the rotation tobacco is often repeated several years in succession. Tobacco culture in the district, however,
is carried on to a large extent in connection
with dairying, and manure is used extensively
on tobacco land. In the Connecticut Valley
tobacco culture is very highly specialized.
Continuous cultivation of tobacco year after
year on the same soil is the usual practice, and
on many farms it is practically the only crop
grown in a commercial way. The other land
on the farm, perhaps not well suited to tobacco,
may be devoted to grass, corn, or some truck
crop like potatoes or onions, but these are
usually entirely secondary.
The system of land tenure differs greatly in
the different sections. The tenant may be of
three kinds—cash tenant, share tenant, or
cropper. The distinction between the latter
two, however, is a minor one, and can not be
sharply drawn, nor is it of prime importance
for the present study. In a general way the
share tenant is master of the land or premises
conveyed to him, the same as a cash tenant,
except that he pays in produce or in cash received from the sale of produce on a share
basis. The Fourteenth Census of the United
States, 1920, defines croppers as share tenants
who do not furnish their work animals. The
cropper is more like a hired man. He works
his crop under the direction of the landlord,
but instead of a fixed cash payment pays a
share of the proceeds of the crop. The owner
controls the sale of the cropper's tobacco, but
not that of the share tenant, although he may
call for a division of the crop before sale. In
some sections the term "cropper" is not
employed. Share tenancy is stated to be
usually upon the basis of an equal division of
the crop when the owner furnishes live stock
and tools, as well as the land. The arrangement might also stipulate that the owner
furnish certain seeds or a portion or all of the
fertilizer. In western Kentucky half the fertilizer is also furnished when the crop is equally
divided. Where no equipment of any kind is
furnished with the land, the customary rental
is one-fourth or one-third, but here again the
SEPTEMBER,
1921.
FEDERAL RESERVE BULLETIN.
landlord might agree to furnish all or part of
the fertilizer. In western Kentucky, where
one-third of the fertilizer is furnished in addition to land, team, and tools, one-third of the
crop is received, but in central Kentucky the
cropper furnishes team and tools and receives
one-half the crop. The terms usually vary
with the character of the land, the owner,
where it is very productive, receiving a larger
share.
The system of tenure in use has a very
important influence upon the source from
which the grower's funds are obtained, as
well as upon the form in which his bank borrowing takes place. In a general way, owners
tend to borrow more largely direct from the
banks, while, on the other hand, share tenants
and croppers rely more largely in most sections
upon the local store or supply merchant, and
may have the landlord vouch for them and
waive his crop rights. The data used have
been taken primarily from the census of 1920,
relating to all farms in the section covered.1
Certain leading producing counties in each
district have been selected, and these figures
have been supplemented by estimates obtained directly, relating specifically to tobacco
growing.
In each of the several cigar-type districts
ownership is more prevalent than tenancy.
There is, however, considerable variation between the several districts. In the Connecticut Valley only 5 to 10 per cent of the total
area under cultivation is farmed by tenants,
the percentage of tenancy in Connecticut being somewhat greater than in Massachusetts.
For leading counties, the percentage of the
number of farms operated by tenants ranges
from about 5 to 8.5 per cent. Furthermore, by
far the larger proportion of tenants are cash
tenants rather than share tenants, and it is
stated that the latter as a whole probably do
not grow more than 1 or 2 per cent of the crop.
There is a tendency for the larger growerdealer companies to rent the land on a cash
basis to grow the shade-grown variety, for
which large capital is required. In Pennsylvania the proportion of the total number of
farms cultivated by owners drops to, roughly,
about 60, and in the Ohio-Miami Valley it is
somewhat over one-half, while in Wisconsin it
rises to about three-fourths. In each of these
districts, too, share tenancy far exceeds cash
tenancy, in particular in the Ohio-Miami Valley.
Of interest in this connection is the following
statement of a Pennsylvania grower:
1061
day laborers. About one-third of the tobacco grown on
these farms is done by what we call the cropping or share
method The farmer*furnishes the land, the fertilizer, and
the sheds, and prepares the ground for planting, The
cropper, who is generally a ('ay laborer, then plants from
2 to 6 acres, tends to it during the growing season, and
when cured prepares it for market. When it is sold he
receives one-half of the proceeds. We have very few cash
tenants and the rest of the farms (about 25 per cent of the
total number) have share tenants. In that case the tenant farms the tobacco, or at least part of it, on shares, and
the balance is farmed as above by day laborers. The
tenant is paid by the landlord for preparing the ground.
Great differences are likewise found between
the several manufactured and export tvpe
districts. The outstanding difference to wliich
reference is frequently made is between the
Virginia dark and old bright belts, on the one
hand, and the new bright belt, on the other
hand. In the former the smaller landowner
is found rather than the tenant, while in the
latter there are a considerable number of large
landowners who live in town, renting their
farms. This difference is borne out to some
extent by a consideration of the census data.
Thus in the Virginia dark section roughly 70
per cent of the farms are operated by owners
(although it has been estimated recently that
they produce only about one-third of the
tobacco grown for the market in the district).
In the Virginia old bright belt the percentage
falls to about 55, and the two counties which
are the largest producers of tobacco both show
only about 50 per cent of owners. In the
North Carolina old bright belt the percentage of
owners in general is about 45, and appears on
the whole to decline to some extent as one goes
from west to east. In the heavier tobaccoproducing counties of the new bright belt of
eastern North Carolina the average percentage
is somewhat under 40, the general range being
from about 21 per cent to 66 per cent. Five
of the seven largest tobacco-producing counties
have percentages under 30. In South Carolina
about one-third of the farms are operated by
owners. It has been very roughly estimated
by a leading authority that in the eastern
districts perhaps 30 per cent of the tobacco is
raised for the market by owners, 10 per cent
by cash tenants, and 60 per cent by share
tenants and croppers.
Turning to the western districts, in the Burley region of Kentucky the percentage of farms
operated by owners averages about 55. A
recent study, however, states that hundreds of
large farms in central Kentuck}^ have been subdivided and sold in recent years as a result of
the high price of tobacco.1 Information obAbout 75 per cent of our farms are owned by farmers who tained directly states that little is raised in the
do their own farming with help hired by the month and Burley district by landowners. In the Lexing1
i Cf. also the maps in the Thirteenth Census, 1910, Volume V, followW. D. Nicholls, An Enterprise Cost Study in Kentucky, Journal of
Farm Economics, January, 1920, p. 32.
ing pp. 98 and 100.
1062
FEDERAL EESERVE BULLETIN.
ton district the great bulk of the tobacco is
raised by share tenants, who move about from
farm to farm at the close of each season, but in
the vicinity of Maysville, while much of the
tobacco is raised by share tenants, the latter
make an effort to acquire some land themselves. In the dark districts of western Kentucky the percentage of ownership is roughly
about 65, although it is only 55 in the Clarksville-Hopkinsville district (including Tennessee). Information obtained directly indicates
that in Tennessee in general not over one-third
the crop is raised by owners, and the remainder
very largely by share tenants and croppers. In
all the manufactured and export type districts
share tenants and croppers in general far
exceed cash tenants in number.
A principal expense in raising the crop will be
the fertilizer. This again varies greatly between the different districts, and is directly
related to both the yield per acre and the value
of the crop. It w~as noted above that in certain of the cigar States dairying is extensively
practiced, as in Wisconsin, or live stock are fed
during the winter, as in Pennsylvania, so that
in these districts little commercial fertilizer is
used. In the Connecticut Valley, however, the
amount used is very large. Data obtained
from certain leading counties in each district
through the census of 1910, which are stated
to be substantially representative of present
conditions, show an average of about 2,600
pounds per acre in that district, whereas in
Pennsylvania the average was only 400 pounds
and in the Ohio-Miami Valley 250 pounds.
In Lancaster County, Pa., it is reported that
about 300 pounds per acre are now used. In
both the Pennsylvania and Ohio districts over
one-third the growers in 1910 used no commercial fertilizer, while in Wisconsin only onetenth of the growers used it. The amount of
fertilizer used by the growers of shade-grown
tobacco in the Connecticut Valley is greatly in
excess of the quantity used for the sun-grown
varieties. The high value of the shadegrown tobacco makes this practice profitable.
A further factor limiting the use of fertilizer
is, of course, the composition of the soil. This
is seen particularly in considering several of the
manufactured and export type districts, in
which practically all reporting growers in the
eastern districts used it. The grower can not
fertilize as heavily on the heavier clay soils of
the old bright belt of western North Carolina
as on the lighter sandy soils of the new bright
belt in the coastal plain, if the color of the leaf
is to be satisfactory. Thus the State average
in South Carolina is about 980 pounds, and in
eastern North Carolina the county figures are
also high, being over 800 pounds, as compared
SEPTEMBER,
1921.
with figures of from 450 to 700 pounds in leading counties in the old bright belt of that
State. In Virginia some variation is noted
among the individual counties, with the average for the State about 600 pounds. In the
western dark districts of Kentucky and Tennessee about one-third of the reporting growers
did not use commercial fertilizer, and the
average shown for the section was thus very
low, being about 135 pounds for Kentucky and
250 pounds for Tennessee.
The tobacco is transplanted in the spring.
The young plants are first raised in a seed bed,
which in the manufactured and export regions
generally is a plot of freshly cleared land in the
woods, burnt over to destroy weed seeds and
insects. After four or six weeks in the case of
hotbeds, six to eight weeks in the case of cold
frames, or eight to ten weeks under cloth,
transplanting occurs. This is generally done
by machine. Transplanting of cigar types in
the northern States begins in Connecticut
about May 15 and 10 or 15 days later in
Pennsylvania, Ohio, and Wisconsin. Practically all plants have been transplanted by
June 25. In Georgia and Florida the plants
are transplanted from March 15 to May 15.
With one exception, the manufactured and
export types are largely transplanted from
May 10 to June 20. This exception is in the
case of the southern part of the new bright
belt of eastern North Carolina and South
Carolina, where the plants are usually transplanted between April 10 and May 15. Cultivation requires considerable labor, especially
in view of the three necessary operations of
worming, topping (pinching off seed heads),
and suckering (removing the suckers which
appear after topping). Shade-grown tobacco,
however, is neither topped nor suckered.
The crop ma}^ be harvested in one of two
ways—by cutting the stalk or by priming, i. e.,
picking the leaves as they ripen, the field thus
being gone over several times. The latter
method, while requiring greater labor, has the
advantage of giving a more uniform leaf.
With the exception of Connecticut, the cigar
types in the northern States are harvested by
cutting the stalk, and the plant is then hung
on laths and placed in sheds to cure. In
Georgia, Florida, and Connecticut shadegrown is largely primed, and the leaves strung
on a long string and placed in the shed to cure.
In the case of the manufactured and export
types, tobacco is primed in the new bright belt,
but practically all other manufactured and
export types are harvested by cutting the
stalk. The harvest season usually begins
about July 25 in Connecticut and August 15
in Pennsylvania, Ohio, and Wisconsin, and
FEDERAL RESERVE BULLETIN.
SEPTBMBBE3 1921.
closes about September 15 (the Georgia-Florida
season is much earlier). The time of harvesting in the manufactured and export sections
ranges from July 1 to October 1. In South
Carolina the season usually ends by August 1,
while the crop in the remainder of the new
bright belt is harvested during July and
August. Henderson (stemming) and Virginia
sun cured are largely harvested in September.
The season in the old bright belt lasts from
August 15 to the middle of September, and in
Virginia dark ; Burley, and the other western
dark types from August 20 to October 1.
The tobacco may be either air cured, flue
cured, or fired. In air curing the tobacco is
simply hung up in barns, with natural ventilation subject to more or less artificial control.
The cigar types have been largely air cured, as
are also Burley, Green River, one sucker, and
Maryland and eastern Ohio export, and in
recent years Henderson. The process usually
requires six to eight weeks in the case of Burley. In flue curing, artificial heat is applied by
means of flues, the mouth of the furnace being
on the outside of the barn, and the smoke is
carried off in pipes and not allowed to come into
contact with the tobacco. It requires four or
five days to cure a barn of tobacco by this
method. It is used in the old and new bright
belts. In the case of fired tobacco, open wood
fires are made under the tobacco hanging in the
barn, the smoke and heat passing through the
tobacco and out through the roof. The tobacco receives a peculiar flavor, which is very
popular in some European countries. The
Virginia dark, Henderson (in the past), and
Clarksville-Hopkinsville types are cured in this
manner. Artificial heat is sometimes applied
to air-cured tobacco in excessively warm rainy
weather in order to prevent damage. It is
stated that in recent years the majority of
Connecticut Valley growers have employed
charcoal fires.
B. MARKETING.
There is a marked difference in the methods
employed in marketing the cigar types as comared with the manufactured and export types,
he markets in the former case are unorganized,
and the outstanding method is that of private
sale. In the manufacturing and export districts, on the other hand, by far the larger
portion of the crop is sold by the loose-leaf
auction system.
In the Connecticut Valley practically all the
sun-grown tobacco is sold by the grower on the
farm. While the tobacco may be sold either
before or after harvest, the former, or con
tract method, is by far the most frequent. The
method may be of two kinds—-either the grower
(1) may contract to grow a certain number of
?
1063
acres of a certain kind of tobacco, to be delivered at a specified price in good merchantable condition, or (2) while the crop is growing,
in particular in July and August, may sell it at
a fixed price per pound, to be delivered on or
before a certain date, at a specified warehouse
or shipping point, in specified condition. The
buyer makes a payment on the crop when the
contract is made. This method is very common, in particular when the crop looks promising and the tobacco outlook is satisfactory,
especially after a year when both yield and
quality is poor. The percentage of the crop
so contracted for the past several years has
been estimated by some leading dealers and
growers as high as 75 per cent. The following
is a specimen of a grower's contract:1
NoThis certifies to the sale to
19—.
of my 1916 crop of
—•
, consisting of about
acres, to be delivered,
free from water, damage, and rubbish, when instructed
by purchaser.
Price, at
—• cents per pound:
Wrappers,
cents.
Long seconds,
cents.
Short seconds,
cents.
Tops, •
• cents.
cents.
Broken, seconds,
Fillers,
cents.
Received —
dollars on account.
Name
Post office
The grower usually ties the tobacco in
bundles weighing about 40 pounds, which
are wrapped in heavy paper before delivery
to the packer.
Less use of the contract method is reported
in some of the other cigar districts. A small
part, estimated by one authority at not over
10 per cent, is sold while growing in Pennsylvania. While tobacco is sometimes contracted
for in that State when the demand is good, it
is usually bought after it is cured at the shed.
In Pennsylvania the leaves are generally delivered to the packer after being cured,
stripped from the stalk, and packed in bales
of 70 to 80 pounds. The tobacco is delivered
during January and February. In the case
of the Ohio-Miami Valley district the crop
is generally sold during December and January and delivered during February and
March. A small part of the crop, consisting
mainly of the lower grades, was formerly
sold at • Cincinnati at auction from samples.
Otherwise it is generally delivered hj the
growers to the packers after being stripped
and put in cases. In Wisconsin the leaves
are stripped from the stalks, put in bundles
i Reproduced from page 201 of the Massachusetts Agricultural Experiment Station Bulletin, No. 193, October, 1919, on The Supply and Distribution of Connecticut Valley Cigar Leaf Tobacco, by Samuel D. De
Vault, under Direction of Alexander E. Cance, upon which the discussion which follows is largely based.
1064
FEDERAL RESERVE BULLETIN.
SEPTEMBER,
1921.
of about 40 pounds each, wrapped in heavy respectively, should they so desire. In some markets removal of tobacco to the redrying plants of
the buyers commences soon after the opening
trict has been bought in the field for several of the sale, and in the larger markets the seller
years past, delivery generally being in Janu- may often be paid long before the sale is finished.
ary and February.
In many of the larger markets the members of
In Connecticut (and the same is true of the tobacco trade have a trade organization,
Florida) there are a few large growers, some which has established rules or regulations coverof them corporations, who act also as dealers, ing the conduct of business in that market.
and grow, cure, sort, grade, and sweat a large
The loose-leaf auction system just described
amount of tobacco, in addition to acting as had its origin in the eastern districts, and from
regular dealers in leaf tobacco. This practice there spread gradually during the present cenis especially true as regards the production tury to the western districts. In the latter, it
of shade-grown tobacco. In the Connecti- supplanted the hogshead system, which had
cut Valley there are only a few dealers who previously been employed, and which will be
do not raise some tobacco themselves. Dur- described presently. In the western districts
ing recent years there has been a tendency the loose-leaf auction system is not now in as
among certain growers, especially in that universal use as in the eastern, and some variasection, to organize growers' associations, tions are found. In certain markets, e. g.,
which take over to a certain extent the mar- Owensboro and Henderson, loose tobacco was
keting of members' crops. The association sold in the past at auction by samples. The
sells to the leaf dealer or in some cases to the inspector drew a sample of each grade, usually
manufacturer direct.
three (leaf, lugs, and trash), and took these into
The outstanding characteristic in the mar- the sales warehouse, where they were displayed
keting of the manufactured and export 1types is on a table, and at an appointed time the load
the use of the loose-leaf auction system. Sales was sold at auction to the highest bidder. The
are conducted at so-called "sales warehouses." grower then drove to the leaf warehouse of the
These are located in nearly all the centers of any purchaser and delivered the tobacco. The
importance in the tobacco growing sections of method now has been entirely superseded by
Virginia, North Carolina, and South Carolina, the loose-leaf system. In Mayfield, in the
and most of the larger towns have several ware- Black Patch of western Kentucky, there is no
houses. In Lexington, Ky., there were 13 sales warehouse, but the auction system in use
warehouses during the 1919-20 season, but the is known as "chute sales," farmers' wagons
largest number in any North Carolina market loaded with tobacco passing through a shed or
that season was only 7. The warehouse is passage with suitable platforms for buyers,
a large flat-roofed structure with a great ex- sales attendants, and auctioneer, and the topanse of floor space, and with the roof so con- bacco is sold at auction from the wagon. It is
structed as to admit the greatest possible stated that usually farmers who have not had
amount of light. In some sections, e. g., in a buyer to sell to at the barn or who thought
eastern North Carolina, there are basements for the offer made there was too low, sell at the
grading and tying tobacco, but generally farm- chute, and by far the greater part of the crop
ers themselves grade and tie up the tobacco in does not pass through the chute. The major
small hands at home. After weighing and at- part of the Clarksville-Hopkinsville district crop
taching a ticket, the tobacco is placed in shallow is apparently sold at the barn. About 1912 the
baskets, which are arranged in rows on the common practice in the case of tobacco which
warehouse floor. The baskets often contain was not pooled was for the grower to grade his
less than 50 pounds of tobacco, but sometimes tobacco, load it on the wagon loose, and haul it
reach 1,000 pounds or more, the usual average to some convenient receiving point. Instead of
being 150 to 200 pounds each. The auctioneer unloading at an auction warehouse, however,
and the group of buyers pass down the row from he bargained privately in the street with buyers
basket to basket, and buyers often bid silently without official inspection, sampling, or selling
by a nod or wink. The sale proceeds rapidly, charges. After the sale he delivered the tothe auctioneer being required by rule in Winston- bacco to the plant of the buyer. This method
Sal em, N. C, e. g., to sell 240 baskets per hour, of private street sale in town is still employed
and in Lexington, Ky., 200. Both the seller to some extent in the western districts, estiand buyer are allowed a certain time within mates placing the present proportion at not
which to reject the bid or the tobacco purchased, over 10 per cent.
1
The movement for pooling the crop in the
Cf. also E. H. Mathewson, Tobacco Marketing in the United States,
Bulletin No. 268, Bureau of riant Industry, U. S. Department of Agri- western districts during the first decade of the
culture, issued Jan. 24, 1913, from which the historical material included
present century led to a radical change for some
in the following paragraphs is taken.
packers, as
the
gaper, and delivered to the crop in thatin disonnecticut Valley. The
1065
FEDERAL RESERVE BULLETIN.
SEPTEMBER, 1921.
years in the method of marketing. Nearly all
the pooled tobacco was sold direct to final purchasers without passing through the regular
trade channels, the common method being to
rehandle and prize into hogsheads in shipping
condition before offering it for sale from samples
drawn for the purpose. Prior to this movement country buying was general in the west.
Buyers rode through the country from farm to
farm and purchased the tobacco at the barn
by grades or at a round price. Some crops of
Burley are still purchased in the barns by
speculators, and the same is true of the western
dark districts, in particular the Paducah and
Hopkinsville districts. Leading growers in
Tennessee estimate that from 50 to 70 per cent
of the crop is sold at the barn door, as against
from 25 to 50 per cent through the sales warehouses. In vSouth Carolina alone among the
eastern districts is any amount of tobacco
marketed by the grower other than through
the loose-leaf auction system. The tobacco
there is stated to be but little graded and
is not tied into hands.
The only other important system of marketing the manufactured and export types of
tobacco is the hogshead system, which, however, is rather a survival of diminishing importance, of a former custom, than itself of
major importance to-day. It reached its
zenith in the eighties, when a tendency arose
for the great manufacturing interests to purchase direct from the farmers, and was further
affected after 1905 by the farmers' pooling
organization. Louisville, handling both Burley and the western dark types, and Cincinnati,
handling Burley and cigar leaf, have been the
two leading hogshead markets. The custom
at first was to hold public auction sales of
hogshead tobacco, based upon samples officially drawn, which were placed on the top of
each hogshead. There has been a steadily
growing tendency to substitute private sale of
inspected hogshead tobacco for public auction.
Already by 1912 the public auction might be
said to be almost a thing of the past, except in
the two markets named above, and in Clarksville, Tenn., in the latter of which the amount
so handled was almost nominal. Auction sales
at Cincinnati have been discontinued for several
years, at first for the cigar types, but later for
Burley also. Maryland tobacco, it should be
noted, is also marketed through a hogshead
system. The grower conditions his tobacco for
shipment abroad, and thus a large part of the
crop is not marketed until nearly a year after
it is grown. He usually consigns it to a Baltimore commission merchant, who, after State
inspection and sampling, sells it at private sale.
The movement of the crop to market varies
with the district in question. Thus in the case
of the manufactured and export type districts
the markets in the east have their principal
seasons earlier than the markets in the west,
buyers being shifted from east to west toward
the opening of the year. The movement for the
manufactured and export types is shown in the
following table, giving warehouse sales in these
districts (with the exception of Tennessee, for
which no data are available) for the sales seasons
of 1919 and 1920. Thefiguresare compiled from
the reports of the several State authorities.
PRODUCERS' SALES OP TOBACCO AT LEAP SALES WAREHOUSES IN LEADING STATES, SEASONS OF 1919-20 AND
1920-21.
Bright belt.
Virginia
dark.
July
August
September..
October
November..
December..
January
February...
March
April...
May
June
1920-21
July....
August
September..
October
November..
December..
January
February...
March
April
May
June
Pounds.
1,195
144,438
1,877,576
3.997,818
7,577,609
7,505,869
5,803,496
4, 706,632
2,673,551
141,890
13,003
1,240
109,266
1,893,314
259,535
1,517,152
5,908,923
7,861,812
13,846, 78S
14,895,702
5,401,074
1,313,350
Burley—Kentucky.
Virginia.
North
Carolina.
South
Carolina.
Pounds.
1,260
22,392
6,538,377
26,984,456
15, 541,662
7,815,821
2,189,676
2,612,588
99,506
55,816
Pounds.
6,640,457
9,953,447
79, 220,071
102,635,197
49,826,437
32,474,298
9,522| 959
3, 748,031
56, 731
Pounds.
24,959,252
44,346,927
11,823, 768
27, 523
3,208,994
12,659,567
48, 520,056
84,587,499
79,805,468
53,626,080
49,314.570
59,216,289
18,647,120
8,943,729
47,203,796
8, 713,961
1,481,123
Last year's I This year's
crop.
I
crop.
Pounds.
449,115
1,895,012
1,404,835
1,257,642
8,143,419
2,756,400
1,117,476
25,290
Pounds.
145,875
332,555
3,650
2,423,854
21,917,097
25,645,083
20,240,361
18,060,051
23,322,463
11,935,047
103,870
1,514
NOTE.—Excludes sales for dealers as well as resales.
70,650
42,471,765
72,894,455
82, 767,176
27,283,368
845,560
137,605
101,220
6,095
16,585
30,405
1,885
369,280
253,735
1,991,150
1,613,470
239,760
361,405
5,460
7,690
89,350
178,065
626,455
490,360
47,045
479,790
45,022,028
85,904,859
70,494,169
5,923,225
737,310
159,180
Western dark—Kentucky.
Last year's
crop.
Pounds.
44,610
98,155
8,065
647,020
1,519,398
1,270,340
512,700
21,010
36,050
1,301,205
1,343,760
1,950,855
1,315,910
3,290
448,910
284,125
This year's
crop.
Pounds.
25,975
68,390
29,348,259
28,475,760
18,590,041
16,670,348
10,270,658
5,518,645
3,462,020
1,290,905
556,365
398,525
46,345
3,000
4,021,665
7,170,545
22,340,143
20,413,286
8,045,966
4,238,895
1,498, 815
1066
FEDERAL RESERVE BULLETIN.
A supplement to these data is also afforded
by the quarterly figures of sales by farmers for
the year ending June 30, 1919, prepared by
the Bureau of Crop Estimates from data collected by the Bureau of Internal Revenue.
The latter figures likewise afford an indication
of the movement to market of the cigar types.
Data for 1920 are not available.
TOBACCO SALES BY FARMERS, AS REPORTED TO THE
UNITED STATES COMMISSIONER OP INTERNAL REVENUE,
FOR THE FISCAL YEAR ENDTNG JUNE 30,
1919.
Quarter ending—
Sept. 30,
1918.
Massachusetts
Connecticut
Pennsylvania
Ohio
Wisconsin
Virginia
North Carolina
South Carolina
Kentucky
Tennessee
Dec. 31,
1918.
i Pounds.
Pounds.
! 1,089,377 6,913,753
|
7,923 1,393,498
;
1,687,881
719,201
1,354,404 2,142,377
j
115,205 1,317,982
j 16,042,943 75,579,141
1102,283,634 159,944,215
! 71,246,362
13,890
13,999,115 56,908,820
| 18,363,889 5,076,959
Mar. 31,
1919.
Pounds.
15,004,658
2,472,376
28,699,138
16,132,158
39,388,205
72,657,598
44,070,163
June 30,
1919.
Pounds.
6,953,506
621,206
29,182,543
17,157,933
17,657,488
4,001,074
502,906
107,355
30,596,354
12,827,036
i7,104,55i
57,287,891
Total United States. .1246,625,147 ;325;512,860 1736,653,380 132,187,962
FINANCING COTTON FOR EXPORT.1
The total product of the Southern States of
this country for the last 12 years was approximately 150,000,000 bales of raw cotton, of
which about 50 per cent was exported, leaving
the balance to be manufactured at home. Of
the proportion exported about 44 per cent
went to England, 12 per cent to France, and
the balance to the continent of Europe, etc.
The average cotton acreage for the last 26
years has been 29,681,000 acres and the average yield per year 11,224,000 bales. The average return of lint per acre was 183.06 pounds,
the average price received 11.53 cents per
pound, and the average return per acre for lint
produced $20.29.
The method of financing cotton for export
has undergone a change with the years, just as
has that of financing the production of cotton.
Formerly the factor advanced the cotton
grower money for his mules, supplies, and implements, pending delivery of the cotton,
against which were charged various commissions in favor of the factor. The factor who
received the cotton made arrangements for
sale at home or abroad, either to local buyers
for the mills in New England or elsewhere in
the United States, or to local representatives
of European cotton dealers and spinners, who
furnished a London bankers7 credit at 60 or 90
days. Exceptions to this general procedure
i Prepared by Archibald/Kains, president offthe Federal International .Banking Corporation, New Orleans, upon,request.
SEPTEMBER, 1921.
were, however, frequent. French, German and
Austrian, Spanish, Swiss, and Italian mills supplied credits through continental banks, which
were drawn upon in francs and'reichsmarks^or
in pounds sterling, payable in Condon. Occasionally bills were drawn on Russia, but a
great deal of cotton sold for Russian account
was financed by German banks, which made
their acceptances payable in London. The
great bulk of our cotton exports, however,
was financed under London credits, except in
case of large, old-established houses in Liverpool, whose American representatives drew
upon them at 60 days, with documents attached, to be held for payment. This meant
that the cotton would be stored for account of
the holder of the bill, if drawee did not desire
to take up the bill before maturity. At maturity the English banker assumed charge of
the financing by making advances to pay the
American bill of exchange for account of the
English spinner, who was in some cases also
drawn on directly. Many of the old English
and continental houses with American representatives had built up a reputation for deliveries up to sample, type, or description, and
cotton sold through them found its way year
after year to the same spinners. This condition exists to-day, though in a lesser degree
than in former years.
Financing up to the time of the Great War
was arranged, generally speaking, upon the
basis of the pound sterling, but during the war
France found it necessary to purchase large
quantities of our cotton, and, as the pound
sterling had become unstable, an arrangement
was made with the French commission in
charge of the purchases for reimbursement in
United States gold dollars, and this plan of reimbursement has been generally adopted by
continental countries since the war. Germany is at the present time buying steadily
and paying cash in New York exchange on arrival of the cotton at Bremen. The reason
for this is that the German brokers and spinners prefer to cover their exchange at once by
purchasing coyer on New York for their cotton
and run the risk of improvement in exchange
during the period of manufacture and distribution of the resulting goods. As much as possible of these goods will then be exported and
paid for in exchange which can be easily translated into New York funds, and they would
thus provide means for new transactions.
These conditions apply in varying degree also
to Czechoslovakia, Austria, Italy, and France.
During the war new houses arose and became largely concerned in the distribution of
cotton on the Continent and in Japan. They
have displaced many of the old-fashioned
shippers, and their operations appear to be on
SEPTEMBER,
1921.
FEDEKAL KESEBVE BULLETIN.
the whole more scientifically carried out than
was the case in respect of the many small shippers whose bills would regularly flood the New
York market in bygone years.. They often
deal directly with the spinners, and for very
large quantities. This has been a distinctively new departure, and, presumably, the new
methods have not been free from those disadvantages that attend the blazing of a new trail.
It is very likely that the new methods have
proved somewhat costly, but the exigencies of
war and post-war conditions made a change of
conditions in their opinion advisable. Former
drawing posts were no longer available, and
direct dealings with continental spinners with
or without bank guarantees became necessary.
A country which has been using our cotton
in increasing amounts for many years is Japan.
The cotton shipped there has been financed,
generally speaking, by the principal banks
supplying New York exchange in payment for
the cotton at due date. There have, however,
been signs recently of a desire on the part of
the consuming mills for direct transactions,
and there is no doubt that after we become
better acquainted with our foreign customers
there will be less need for a multiplicity of
middlemen to intervene between the producer
and the cotton spinner.
Turning to present methods of financing, the
cotton is produced by four classes—the cropper,
the renter, the large renter, and the owner.
The first three classes, who produce the bulk of
the crop, were formerly financed largely by the
storekeeper and factor, who supplied them with
land, seed, implements, and means of subsistence, and received a varying share of the yield,
bearing a proper relation to the amount and kinds
of advances. Thus the cropper who was supplied with practically everything, on producing
the crop, was entitled to one-third thereof, while
the renter, who had his own mules, received onehalf, etc. These conditions and commissions
varied in different States. The storekeeper and
factor made various commission charges, which
were more or less heavy, and, generally speaking, their place in financing has to a considerable extent been taken by the country bank,
which does the bulk of the small financing.
The plantation owners produce cotton on their
own account and finance themselves on their
own credit. Their operations, while considerable, are not important as compared with the
first three classes mentioned.
The cotton, when produced, finds its way
into the hands of the small dealer, large dealer,
domestic shipper, and exporter. The latter
has, as indicated before, generally speaking,
drawn his drafts on England and the Continent
at 60 and 90 days' sight for his shipments under
1067
the various conditions described above. Very
often cotton sales are covered by sales on the
exchanges of cotton for future delivery. This,
however, does not in this country constitute
a complete cover for actual sales, as the exchanges only recognize a certain grade of cotton and make no due allowance for character
and staple. In other words, the spot market
is not on all fours with the future market. This
condition obtains in New Orleans and New
York, the chief cotton exchanges in America.
On the Liverpool Cotton Exchange a somewhat
different state of affairs obtains, which affords
the dealer in futures more protection, and
cotton shipped from here is generally protected
by dealings on the future exchange in Liverpool.
Under present conditions considerable anxiety is felt as to the ability of European merchants and spinners to pay for the cotton they
would like to import upon ordinary terms. It
is thought that, failing the extension of credit
on a large scale, for a number of years more
liberal terms in respect of duration of credit
must be granted covering exports of raw materials. Various plans have been proposed, one
of which allows cotton to be exported and
manufactured in approved channels, payment
therefor to be made when the manufactured
product is sold. This will necessitate a credit
of from six months to one year, and it is likely
that a good deal of cotton will be exported to
be handled on these lines. Up to the present
time, however, the English are, generally
speaking, taking care of their purchases in the
old way, but the continental countries, due to
instability of their exchanges, are buying a
great deal of their requirements and paying
cash therefor on arrival of the cotton, trusting
to their ability to refinance the sale in Europe.
So far all obligations of this nature appear to
have been met promptly, although we understand that on shipments direct to spinners a
great many large American shippers nave had
to take long-time obligations m liquidation
thereof.
The War Finance Corporation, with due appreciation of the necessity at present existing
tor assistance to growers and others in order to
prevent American produce from being sacrificed, has in every way shown its willingness to
cooperate with banks and exporters to the end
that proper market prices may be obtained,
and it is thought that the Corporation will be
no small factor in safely benefiting all classes
of exporters by timely help, and that by making
possible longer terms of credit than usual it will
also greatly benefit the foreign consumer, and
promote healthy activity in all lines of productive industry.
1068
FEDEKAL RESEKVE BULLETIN.
SEPTEMBER,
1921.
BUSINESS AND FINANCIAL CONDITIONS ABROAD.
The erratic movements of the foreign exchanges, together with the serious contraction
in the foreign trade of the leading industrial
countries, have brought the question of competition among countries very much to the fore in
the course of recent months. The importance
of exchange fluctuations in the calculations of
individual business men engaged in foreign
trade is obvious. All international transactions
are speculative as long as the instability of
the currencies continues. But not so obvious,
in fact exceedingly elusive, are the interrelations between internal and external prices of
the various countries—in other words, domestic
as compared with international prices—which
are closely linked up with the foreign exchange
problem, and all questions involved in international competition.
ENGLAND.1
General prices in England appear to be relatively higher than in other western European
countries except Sweden. This was probably
true before the war, but the difference in price
levels appears to have been accentuated since
then. Too much emphasis should not be put
upon this difference in general price levels,
however, when competition between countries
is being studied. After all, the general level
is merely an average of the prices of all the
different commodities that are being marketed; and especially at the present time consists of prices which may be relatively cheap
or dear when judged from an international
standpoint. However, measuring international
price levels by the best methods at our command—namely, by expressing European prices
in terms of dollars—we obtain the following
estimates of the comparative levels in June,
1921: 2 Sweden, 183; England, 157; France,
136; Italy, 131; Germany, 84. These estimates
would seem to show that in trade between
England and the Continent, the Continent has
the selling advantage since it can produce at
home at comparatively low prices and sell to
England at relatively high ones. Conversely,
they show that England is at a disadvantage
in placing her goods on European markets.
Of as great importance as the trading of
England with the Continent is the question of
the competitive position of all Europe with the
outside world. The comparative price levels
existing in the various European countries are
1
British price, trade, and financial statistics may be found on p. 1143.
2 These estimates were obtained by multiplying the index numbers
showing the depreciation of foreign currencies m terms of the dollar by
the respective wholesale price indexes of those countries and dividing
by 100.
of importance in this connection, since they
indicate in a general way the advantages of the
different countries as producers.
Coal mining, cotton and wool manufacture,
iron and steel production, and shipbuilding are
leading British industries. It is the commodities produced by these industries that make up
the bulk of the export trade. Before the war
England's export trade in coal was greater than
that of Germany and the United States combined. Since the war there has been an enormous decrease in British exports (from 75000,000 tons in 1913 to 27,000,000 tons in
1920), and a smaller reduction in total exports
from Germany, which fell from 37,000,000 tons
in the first 11 months of 1913 to over 21,000,000
tons in the similar months of 1920. During
the same period the American export trade
has very nearly doubled. It amounted to
40,700,000 tons in 1920, as compared with
England's 27,000,000 tons. The British, however, still have the advantage over the United
States in the cost of production and over the
Germans in quantity of output. It seems
clear, therefore, that so long as production is
maintained in England her international position is assured. Her problem here is much
more that of maintaining production than of
obtaining foreign markets.
COAL PRODUCTION AND E X P O R T , ENGLAND, F R A N C E , AND
GERMANY, 1913 AND 1920.
[In thousands of metric tons.]
Export.
Production.
1913
England
France 1
Lorraine
Germany
Saar
United States
1
2
3
1920
292,045 233,218
40,051
21,128
3,817
3,175
2
173,620 2 131,347
12,223
9,410
517,065 585, 687
Per
cent of
change.
1913
1920
Per
cent of
change.
- 2 0 74,635 26,605
-64
-47
472
1,765
-73
-17
-42
- 2 4 37, 497 3 21,584
—23
+ 13 *23,'392' '40," 679* " ' " + 7 4
Not including Lorraine or the Saar.
Not including Alsace-Lorraine, the Saar, and the Palatinate.
Eleven months of the year. Coal delivered to allies included.
The British encounter more serious competition from the Continent in the textile and
iron and steel industries. At the present time
the British obtain their American cotton at a
premium over the price paid by continental
buyers, because of their relatively favorable
exchange position. In addition, they have a
measure of control in the production of the
Egyptian and Indian staple. The cost of
labor in England, however, is higher than on
the Continent (and especially in Germany),
SEPTEMBER, 1921.
1069
FEDERAL RESERVE BULLETIN.
and as a result continental Europeans can here, as in the case of the other leading indusdoubtless undercut the British in prices of tries, present output of continental countries is
cotton goods for export to India and other ports so far under the British output that if business
of the Far East. Production on the Continent conditions were better, competition would not
has been so seriously reduced, however, that it now be as serious as it was before the war.
seems improbable that competition is now as This applies especially to the case of Germany
serious as before the war in spite of the price because of the transfer of Lorraine to France
advantage. Undoubtedly the Germans have a under the terms of the peace treaty.
greater advantage as to prices now than then,
but their quantity and rate of production have PIG-IRON PRODUCTION AND EXPORTS, UNITED STATES,
ENGLAND, FRANCE, AND GERMANY.
greatly deteriorated. German exports of cotfin thousands o metric tons.]
f
ton goods in 1920 were only about one-tenth of
those in 1913, as the accompanying table shows.
Exports.
Production.
EXPORTS OF COTTON MANUFACTURES FROM GERMANY,
FIRST 11 MONTHS, 1913 AND 1920.
1913
j Per
1920 I cent of
change.
1913
1920
[In 100 kilograms.]
1913
Tissues, unbl saehed
Tissues, bleac hed. . . .
Tissues, dyed
1920
40,623
39, 422
288,580
368,625
Total
9,968
5,916
16, 786
32,670
England
France
Lorraine
Germany
United States
1
2
10,428 8,136
j 5,207
1,962
I 3,870
1,355
ii 11,500 i5,400
\ 31,463 37,519
-22
-62
-65
-53
+ 19
1,142
127
2
799
282
Per
cent of
change.
589
297
-48
+133
1116
220
-85
-22
Estimate of production within present boundaries.
Eleven months.
So far as shipping goes, Germany can not
Germany can likewise compete with England be considered a serious competitor of England
on a limited scale in the matter of wool manu- at the present time because of her lack of
factures, although the exchange in the case of tonnage. It is reported, however, that British
the raw material obtained from Australia at rates to India have been considerably reduced
least works rather in favor of England than to meet German rates over the same routes.
Germany. The Argentine, however, furnishes
Relatively high labor costs account in part
Germany an additional source of supply, and for high prices in England. It was estimated
she obtains a certain amount of the rawby the Minister of Labor that by December,
material at home. It is commonly reported 1920, weekly rates of wages had increased on
that Germany is an active buyer of Australian an average 170-180 per cent over the level
and New Zealand wools at the London auc- existing in July, 1914. During the same time
tions. These wools are undoubtedly bought commodity prices had increased 169 per cent
at very high prices by the Germans (when and the cost of living approximately the same
compared with their internal prices), but amount. In the building trades there had
are probably manufactured at relatively low occurred the following percentage increases in
cost and exported again perhaps at less than hourly wage rates between August, 1914, and
British prices, but nevertheless at figures far in December, 1920, according to a report of the
excess of German internal prices. The follow- Ministry of Labor.
ing table contains the exports of woolen cloth
178
of the United Kingdom, Germany, and France Bricklayers
Masons
181
in 1913 and 1920:
Carpenters and joiners
182
EXPORTS
OF WOOLEN CLOTH, U N I T E D
GERMANY, AND F R A N C E .
KINGDOM,
[In 100 kilograms.]
1
Thousands of yards.
Thousands of square yards.
J
11 months.
Continental competition is a more serious
factor in the iron and steel industries. But
189
182
208
265
In the engineering, shipbuilding, and other
metal trades the increases do not appear so
great, partly because they are given on a
weekly instead of an hourly basis and the
hours of work have been reduced in the course
of the period.
United Kingdom..
Germany
France
2
Plumbers
Plasterers
Painters
Laborers
Engineering:
Fitters and turners.
Iron molders
Pattern makers
Laborers
129
121
1.22
209
1070
FEDERAL RESERVE BULLETIN.
Shipbuilding:
Platers
Riveters.
Shipwrights
Laborers
123
131
121
204
During the same period standard piece rates
of cotton operatives had been increased about
170 per cent, while time workers in the woolen
industry had had an increase amounting
roughly to 200 per cent, male pieceworkers one
of 166 per cent, and female pieceworkers one of
175 per cent. An unofficial estimate of the
increase in the wages of. coal miners gives 163
per cent between July, 1914, and March, 1921.
Since last December material reductions have
been made in the wage rates of all of these
workers. These reductions in rates, however,
probably do not average as high as the reduction in the cost of living or in wholesale commodity prices. This takes no account, however, of the reduction in earnings.
During July and August British industries
have been working on a very limited basis.
Production of coal during July was at a
monthly rate somewhat better than that of
last October (at the time of the first strike),
but August production was at a higher rate.
Industrial demand for coal has been so light
that stocks are accumulating and prices declining. Iron and steel production was also
very small during July but increased in August.
In the cotton industry, although organized
short-time work was no longer enforced, curtailment of operations continued very generally.
VOLUME
OP B R I T I S H
COMMODITY
PRODUCTION,
SHIP
TONNAGE
UNDER
CONSTRUCTION,
AND
TONNAGE
M O V E D ON B R I T I S H R A I L W A Y S .
Production (long
tons).
Ship ton- British
railways
Steel nage under (000,000's
construcingots tion (gross
tonand
tons).
miles).
castings.*
Coal.
Monthly average:
1913
1920
July
August
,
September
October
November.December
1921.
January.
February.
March
April
May
June
.
July
August...,
Pig
iron.
000's.
24,336
19,128
22,926
16,970
18,885
14,044
15,920
20,230
000's.
855
667
751
752
741
533
403
683
000's.
639 2 2,002,699
755 2 3,603,131
790
709
885 3,731,000
544
505
747 3,709,000
642
464
386
60
14
1
10
493
484
359 <3,799,000
71
6
2 73,530,000
117
21,803
17,369
16,437
5 1,950
U79
15,214
16,590
1 Revised figures.
Average of 4 quarterly estimates.
3 5 weeks.
* Work suspended on all but 2,952,000 tons.
6
First week in April.
6
Production from Apr. 4-July 4.
» Work suspended on all but 2,351,000 tons.
2
1,506
1,347
1,489
1,469
1,323
1,400
1,276
1,273
597
49
SEPTEMBER, 1921.
Commodity prices as a whole continued to
move toward lower levels, the wholesale price
index of the Statist shifting from 186 in July
to 183 in August. By the first of August
the index of the cost of living had increased
from 119 to 122 per cent above the level
of July, 1914, after having remained the
same during June and July. There was improvement in the employment situation during
July, as the coal miners returned to work, b u t
even so, 16.7 per cent of trade-union members
were without work at the end of July as compared with 23.1 at the end of June. The
percentage of unemployed among those people
who are insured under the unemployment
insurance act decreased from 17.8 on June 24
to 14.8 on July 29. There were 1,780,000
people registered at employment offices on
July 29.
GERMANY.1
The economic situation in Germany has been
rendered complex in the last two months b y
violent fluctuations of exchange rates. The
value of the mark in New York reached a low
level for the year, when it stood at 1.10
cents on August 17, and the average quotation
for the month was 1.19 cents. The downward
movement was caused in the main by payments on reparations account and seasonal
buying in United States markets.
This has reacted on prices of commodities
and stocks. The latter, being extremely sensitive to exchange fluctuations, rose violently,
and speculation on the Bourse was unprecedented, forcing that institution to close in
order to record all the orders placed. By
August 19 the Bourse index of the Frankfurter Zeitung had risen to 214, 20 points
higher than at the time of the speculation in
January of this year, when the previous high
level was reached. Commodity prices also
soared to levels not reached since May, 1920.
The all-commodities index of the Frankfurter
Zeitung advanced from 1,467 on July 2 (as
compared with 100 in July, 1914) to 1,690 on
August 6, an increase of 15 per cent.
This depreciation of the mark in foreign
markets seems to have been accompanied by
increased foreign orders for German manufacturers and an accelerated industrial activity
in Germany. I t also further accentuates whatever advantage the German manufacturer has
in competition with foreigners in the commodity markets of the world. His advantage
is greatest, of course, in the case of commodities which can be bought in Germany or in
countries where the mark is at a premium, and
1
German price, trade, and financial statistics will be found
on p. 1145.
SEPTEMBER,
1921.
FEDERAL RESERVE BULLETItf.
sold in countries where the mark is depreciated. His advantage disappears altogether
when he is forced to become a buyer of materials in countries where his own currency is
depreciated. This depreciation in exchange
also tends to accentuate the disparity between
German internal and external prices. It is not
easy to explain the fact that the German
internal price level has not adjusted itself
more nearly to international prices. Although
a whole series of factors are involved, probably
the most important is the fact that German
foreign commerce since the war has not been of
sufficiently large proportions to have had a
material influence on prices. In July, 1921,
the dollar was worth in Berlin about 76 marks;
that is, it stood at 1,815, using the par value of
the dollar in marks as 100. If we multiply
this figure by 141, the index number of wholesale prices in the United States for July and
divide by 100, we arrive at 2,559, as an index
of German external prices in the United States;
that is, prices in the United States expressed
in marks are about 26 times higher than they
were in 1913, while (according to the index
number of the Frankfurther Zeitung) German
internal prices are about 15 times what they
were in 1913.
The following table shows the manner in
which German external prices have fluctuated
with the fluctuation of exchange rates and
prices in the United States, France, and
England:
1071
remembered that according to the reparations
agreement a 26 per cent tax is being levied on
German exports. When the German manufacturer sells in foreign countries, he must
receive a price high enough to allow for this
tax. His advantage in competition, therefore,
is not so great as it appears in the above table
and differs from country to country and from
industry to industry.
The initial reason for the relatively low price
level in Germany is the low cost of production there. Before the war, in spite of the
fact that the cost of production was lower
there than in the other leading industrial
countries, prices tended to harmonize with
those of other countries. This was because
buyers freely sought the cheapest markets and
by their demands more or less equalized all
market prices. Since the war various wellknown factors have prevented trade on any
considerable scale between Germany and the
Allies, with the result that German prices are
entirely out of harmony with international
prices.
One of the chief reasons that the cost of
production in Germany is so relatively low is
that the Government has regulated rents,
subsidized breadstuffs, and has not covered
even its ordinary expenditures by taxation.
It is obvious that this procedure can not continue indefinitely. The Reichschancellor has
promised a tax program in the fall which will
balance the year s budget, and the grain subsidy
GERMAN PRICES.
has already been greauy altered and curtailed.
Another reason for low production costs,
[Prewar prices= 100.]
which is probably of more permanent importance than the Government's fiscal policy, is the
External prices.
Interlowered standard of living of the German worknal
prices
In EngIn the
ingman. There seems little doubt that this de(index
In
land a
United
France 3 numcrease has taken place, although comparative
Statesi (price in (price in ber of
(price in marks of marks
wage and cost-of-living data do not bring out
the
marks of
comof comcommodi- modities modities Frank- the fact very clearly.
It was pointed out in
furter
ties in
in
Zei- 4 the July issue of the BULLETIN that the wage
in
United
EngStates). land). France). tung).
statistics collected by the Frankfurter Zeitung
seemed to show that increases in wages in Frank1921.
1,603 furt had progressed at about the same rate as
2,426.7 3,021.8 2,125.4
January
1,473 the increase in the cost of living in that city.
February
2,236.7 2,667.8 2,066.7
1,419
2,239.7
2,572.3 1,993.3
March
A study of wages in the chemical industry,
1,410
2,166.9 2,526.8 1,971.0
April
1,428
2,081.4 2,478.7 2,124.0
May
1,376 which has recently been made by the Statis2,292.9 2,576.7 2,261.4
June
1,467 tisches Reichsamt, furnishes more information
2,578.6 2,704.6 2,482.0
July
on this subject. As the manufacture of chem1
Cost of the dollar in marks (parity=100) X F. R. B. index number icals in Germany is very largely concentrated,
100
» Cost of the pound sterling in marks (parity=100) X Board of Trade wages in four important cities were considered
index number.
as typical for the industry. It was necessary
100
to consider the wages of single and married
3
Cost of franc in marks (parity=100) X Statistique G6ne*rale index
workers separately, as the chemical industry
number.
100
gives extra compensation to workers with fam* First of the month figures.
ily responsibilities. The following table shows
In considering the difference between|Ger- the change which has taken place in wages in
man internal and external prices it should be this industry.
1072
FEDEKAL RESERVE
INCREASES IN WAGES IN THE CHEMICAL INDUSTRY, 1914-
1920.1
[1914=100.]
Unskilled workers.
Hourly Weekly
wages wages
Hourly of mar- of marwages, ried
ried
single
work- workers workers
with
with
ers.
no chil- no children. dren.
City.
Skilled workers
Hourly
wages,
single
workers.
Hourly
wages
of married
workers
with
no children.
Weekly
of married
workers
with
no children.
861
1,255
1,300
1,143
903
1,300
1,380
1,179
SEPTEMBER, 1921.
The Government statistical office, in estimating the purchasing power of wages in the
chemical industry, applies Dr. Kuczynski's
figures to the wages received in that industry
in 1914 and at tne end of 1920, with the following results.
1,040
1,227
943
RELATION OF MINIMUM LIVING COSTS TO W A G E S I N T H E
CHEMICAL INDUSTRY I N B E R L I N .
[Minimum living costs=»100.]
For unskilled
1,150
1,444
1,432
1,147
Berlin
Diisseldorf.
Elberfeld..
Breslau
1,210
1,500
1,523
1,191
1,076
1,200
1,354
953
workers.
1914
1920
For skilled
laborers.
1914
1920
1
Working hours: 1914—Berlin and Elberfeld, 9 hours a day; Diisseldorf and Breslau, 10 hours a day; 1920—8 hours for all four cities.
There seems to be no doubt that the cost of
living in Germany has increased more than 702
per cent (the lowest wage increase shown in
the above table). There is, however, no
general agreement between the cost of living
indexes in Germany. In July the Government's index for the average cost of food, rent,
heat, and light in 46 German cities shows an
increase of 863 per cent over the prewar
period, while Dr. Kuczynski's index of the
cost of food, rent, heat, light, and clothing in
Greater Berlin places the increase at 1,025 per
cent. Dr. Moritz Elsas, in computing increases in cost of living in Frankfurt-am-Main
(including the same items as in the index for
Greater Berlin), arrives at an increase of 1,006
per cent-, and in previous months the differences
have been even greater.
COST OF LIVING IN GERMANY.
[1913-14=100.1
Index
number of
theStatistisches
Keichsamt
for 46
German
cities.1
January
February...
March......
April
May
June
July
August
September..
October
November..
December..
January..,
February.,
March
April
May
June
July
1
1
Index
number of
the BerlinSchoneberg
Statists
sches Amt
(Dr. Kuczynski) for
Greater
Berlin.*
623
741
836
876
842
842
795
777
827
872
916
764
882
1,118
1,302
1,267
1,056
1,125
1,069
1,038
1,104
1,097
1,135
1920.
1921.
924
901
901
963
1,111
1,087
1,035
976
990
1,080
1,125
161
121
106
94
175
122
107
97
232
174
152
135
188
131
115
103
According to this table, an unskilled worker's
wages in 1914 were 61 per cent larger than the
amount absolutely required for his support,
while in 1920 they were 75 per cent larger than
this amount, but still not large enough to support a family of four. Skilled workers seem to
be better off, although their wages have increased less in the interval.
There are other figures on wages and cost of
living in Germany which present a different
phase of the situation. In a memorandum
which was presented to the Reichsarbeitsministerium (Government Department of Labor) in
February and published in the Reichsarbeitsblatt for June 30, there is an account of the
situation of wage earners in Bremen at the end
of 1920. This memorandum shows that while
the cost of living in Bremen had increased more
than eleven times since 1913-14, wages had
only increased about nine times in that period.
SWEDEN.1
Index
number of
Dr. Moritz
Elsas for
Frankfurtam-Main.3
As a result of economic maladjustments
which have disturbed international price levels,
wages, cost of living, and the foreign exchanges,
wide divergencies exist in the relative purchasing power of different countries. As has
already been shown, this altered buying capacity changes the competitive ability of nations
by either reducing or increasing their pecuniary
A method
1,046 advantage in the world markets.
1,060 of studying this problem is to compare the
*i,"i92 domestic price level with the international
level or to measure the purchasing power of
one currency in terms of another. This
1,736 method
of analyzing price and exchange
1,121 movements has been applied in the case of
Sweden.
"i,"057
To ascertain Sweden's external purchasing
*i,*io6
power involved firstly the measurement of the
depreciation or appreciation of foreign cur-
Includes food, rent, heat, and light.
Includes food, clothing, rent, heat, light, and miscellaneous.
•Includes foods, clothing, rent, heat, and light. Jan. 1, 1914=-100.
Index represents first of month costs.
For one person
For a married couple
For a family with one child
For a family with two children.
1
Swedish price, trade, and financial statistics may be found on p . 1144
SEPTEMBER, 1921.
FEDERAL RESERVE BULLETIN.
1073
rencies in terms of the Swedish krona; in krona in relation to the dollar that^the cost of
other words, the cost of foreign money in commodities imported from America would be
kronor. For this purpose the series of indexes relatively dear and would place the importer
published b ^ Kommersiella Meddelanden in from this marketfat a disadvantage. But, due
connection with its foreign exchange index was to the fact that domestic prices in Sweden
used. (See FEDERAL EESERVE BULLETIN for are higher than the prices of commodities in
July, 1921, p. 797.) The cost in kronor of America expressed in kronor, it appears that
commodities in the various countries was then the pecuniary disadvantage of buying in the
obtained by multiplying the index of whole- American market under adverse exchange
sale prices in each country by the cost of the conditions is practically eliminated by the
respective currencies in kronor, expressed as a higher price level in Sweden. In a similar way
percentage of parity. The results, tabulated the selling advantage affected by the stimulus
below, indicate in a general though by no of adverse exchange rates on Swedish exports
means a precise manner the price in kronor of to America is offset by the high domestic price
commodities purchased abroad. In juxtaposi- level.
tion are presented the internal prices in the The purchasing power of Sweden is, on the
domestic market.
whole, less in her two sister countries than in
the other countries of Europe, since Swedish
SWEDISH EXTERNAL PRICES—COST IN KRONOR OF COM- external prices in neighboring Scandinavia
MODITIES IN THE FOLLOWING COUNTRIES.
approach more nearly the domestic price level
in Sweden. In January, 1921, the purchasing
[Prewar prices = 100.]
power of the Swedish krona was greater at
January,
January,
June,
June,
home than in Norway or Denmark. Sweden
1920.
1920.
1921.
1921.
then had a selling advantage in Norway and
96 Denmark by virtue of her lower internal prices.
108
203
128
Germany
310
286
191 In June, 1921, however, this situation had been
309
Norway
196
286
243
297
330
188 reversed.
312
167
319
207
United States .
One of the most important factors responsi282
162
251
170
France
154
163 ble for the divergence betweeii Swedish internal
Italy
and external prices is the high wage scale preAccording to a recent
SWEDISH INTERNAL PRICES—COST IN KRONOR OF COM- vailing in Sweden.
official investigation of the Royal Social Board,
MODITIES IN SWEDEN.
daily wages for workers in all industrial occu[Prewar prices=100.]
pations averaged 13.23 kronor in 1920, an
267 increase of 206 per cent as compared with
January, 1920
319 January, 1921
218
June, 1920
366 June, 1921
1913. The average yearly wage amounted to
A comparison of these figures shows that 3,607 kronor in 1920, an increase of 191 per
the general level of domestic prices in Sweden cent over the prewar figure. For all industrial
has been higher in nearly all instances than the workers, including women and minors, daily
prices in kronor of commodities in foreign and yearly wages rose 212 and 197 per cent,
markets. This situation gives Sweden a buy- respectively, as indicated in the following
ing rather than a selling advantage and en- table:
courages the import ratner than the export
side of Swedish trade, since her purchasing AVERAGE WAGES FOR WORKERS IN SWEDISH INDUSTRIES.
power abroad is greater than at home. This
Percentage increase
Average
conclusion coincides with the facts drawn from
over prewar inNumber Number wages in Average
comes.
a consideration of the favorable exchange
kronor
daily
of enteremper work- wages (in
prises. ployed. man per kronor).
position of the Swedish krona. In June this
year.
Yearly.
Daily.
stood at a premium of 22.6 per cent in relation
to the aggregate value of all foreign currencies
197,804
3.82
1,091
2,140
and at a discount only in the case of the Swiss 1913
218,812
44
1,569
5.65
2,140
48
and American exchanges. Consideration of the 1917
264,057
105
1918
2,236
2,718
8.16
114
160
1919
2,838
3,092 276,076
170
10.30
exchange situation alone, however, hinders a 1920
197
3,237
3,249 282,576
212
11.91
clear understanding of the competitive position
of the various countries, and it is in this connecInteresting data to show a comparison of
tion that the comparison of purchasing power
parities is of value in showing the real status wages and the cost of living in Sweden have
of the exchanges. For example, it might be also been compiled by the Social Board.
assumed because of the depreciation of the These figures are shown m the subjoined table.
1074
FEDERAL RESEBVE BULLETIN.
INDEX NUMBERS OF WAGES AND THE COST OF LIVING IN
SWEDEN, 1913-1920.
Cost of
living.
Year.
1913
1914.
1915
1916 .
1917..
1918
1919..
1920
Wages
Wages per workper day. man per
year.
100
102
100
102
115
130
162
225
261
269
108
120
146
207
266
309
100
100
107
120
143
200
256
294
As indicated by these figures, the cost of living increased only 3 per cent from 1919 to 1920,
while daily wages in the same year rose 17 per
cent and yearly wages 15 per cent, thus exceeding the level of living costs by substantial margins.
Statistics have also been gathered by the
Royal Social Board in an attempt to compare
the wages and cost of living in Scandinavia,
England, and the United States. While these
figures are heterogeneous in character and
therefore not absolutely comparable, they indicate the general trend. It appears from these
data that real as well as money wages in Sweden in 1920 were higher than in the United
States and England, but lower than in the
neighboring Scandinavian countries. Living
expenses, on the other hand, were less in Sweden than in Norway, but higher than in Denmark, England, and the United States.
INDEXES SHOWING WAGES AND COST OF LIVING,
1920.
[1914=100.]
Sweden.
Cost of living
Average daily wages
Real wages
269
304
113
Norway.
314
364
116
Denmark.
256
308
120
England.
250
275
110
United
States.
205
216
105
International comparisons betweenfwages in
the mechanical and textile industries have also
been made in Sweden, with the object of ascertaining in a general way the relative production
costs m the different countries. In the comparison,figuresfor foreign wages were converted
to Swedish currency. The results, though
probably subject to a large margin of error,
yield general conclusions as to the trend of
wages. According to this study, Danish wages
in 1913 in both the textile and mechanical industries were 10 to 20 per cent higher than
Swedish wages. In 1920, if Danish currency is
converted to Swedish, wages in the mechanical
industry in Denmark were practically equal to
those in Sweden, while in the textile industry
they were still somewhat higher. Though pre-
SEPTEMBER, 192JL.
cise information is lacking for a comparison
with Germany, it appears that, when calculated in Swedish currency, German wages in
both the textile and mechanical industries in
1913 were 10 per cent lower than the Swedish
scale and 75 per cent lower in 1920. In England, wages in the mechanical industry were 20
to 25 per cent higher than the Swedish level
before the war, but at the close of 1920 were
lower by about the same amount. The American wage scale before the war was nearly three
times as great as in Sweden. In 1920 it was
about twice as high, calculated in Swedish
currency.
The Swedish industrial wage level has been
raised not only by the direct increases, but also
indirectly by the enactment within recent years
of protective labor laws, such as pension and
compensation insurance and the eight-hour day.
It is generally admitted in industrial circles
in Sweden that these social reforms have increased the cost of production without materially bettering the standards of efficiency.
This is especially true of the law for the eighthour day, which became nationally effective in
1920. Under the operation of this law thus far
there appears to have been a lowering of output in direct proportion to the decrease in hours
of labor. The Government is now investigating
this problem with a view to modifying certain
of its provisions.
FRANCE.1
The fiscal situation of the French Government continues to be of great importance in
the French business situation.
M. Paul
Doumer, the French Minister of Finance, has
prepared for the consideration of the Chamber
of Deputies his proposals for the 1922 budget,
which contemplates an entire revision of the
Government's fiscal methods in dealing with
reconstruction. If his proposals are carried
out the expenditures of the ordinary77 budget
only will be met by the Government direct. It
is expected that by the end of this year practically all governmental expenditures arising
out of the war will have been made with pensions and with the exception of those concerned with the reconstruction of the devastated regions. M. Doumer proposes to transfer the financing of these items from the
Government's budget to the Credit National,
the bank which was formed in 1919 to handle
transactions in the northeast. The money
which is needed for reconstruction next year
will either be raised in the form of bonds
floated by the Credit National, by towns and
industries in the devastated regions, or by the
* French price, trade, and financial statistics will be found on p. 1143.
SEPTEMBER, 1921.
FEDERAL RESERVE BULLETIN.
sale in neutral countries of German obligations
delivered to the Separations Commission.
The expenses included in M. Doumer's
tentative draft of the 1922 budget total
24,932,000,000 francs, or 1,570,000,000 francs
less than the "ordinary" budget of the current
year. To meet these expenditures M. Ejoumer
estimates that there will be receipts amounting
to 25,019,000,000 francs, of which 2,500,000,000
francs must come from taxes to be enacted
this fall. The balance will result from taxes
already in force and the further sale of war
materials. The Finance Minister proposes that
the rate of the total business turnover tax shall
be doubled, in order to provide part of the
revenue needed for next year. This proposal
has already evoked a variety of protests, as
French business men feel that in the present
state of their markets they can not support
an increase in the rate of this tax.
Of the expenses which the French Government will have to meet in 1922, the most important single item is the interest upon the public debt, which will amount to 12,526,000,000
francs, or about one-half of the total expenditures contemplated for next year. In his
analysis of the Government's situation, M.
Doumer gave out on July 28 the following
statement of the public debt
FRENCH PUBLIC DEBT, JULY,
Internal debt:
Perpetual
Short term
Floating
1921.
Francs.
100, 041, 000, 000
38, 571, 000, 000
90,443, 000, 000
229, 055, 000, 000
External debt:
Total (par value)
35,286, 000, 000
264, 341, 000, 000
On March 1, 1921, the last date for which
figures on the internal debt were published
before M. Doumer's announcement of July
28, the perpetual and short-term debt totaled
132,985,000,000 francs. There has been, therefore, an increase of 5,627,000,000 francs in
the five months' interval. A similar increase
has taken place in the floating debt, which
has risen from 87,358,600,700 francs on March
1 to 90,443,000,000 francs in July. The net
increase in the foreign debt since April 30,
1921, has been 553,000,000 francs. It is
impossible to say how the total of the foreign
debt is divided between bonds and treasury
bills, since published summaries of M. Doumer's report do not give complete details.
Comments of French business and banking
authorities upon the budget proposals are in
general favorable, as there is a strong senti-
1075
ment against further increases in the Government's debt. It is highly probable, however,
that there will be at least one consolidation
loan in the next year to fund the large outstanding floating debt. The sentiment against
increasing the Government's debt applies also
to the advances of the Bank of France to the
Government. On December 31, 1920, these
advances amounted to 26,600,000,000 francs.
During the year the amount has fluctuated,
and on August 25 it stood at 24,900,000,000
francs. The note circulation of the bank has
also declined during this interval. On December 31, 1920, the notes in circulation totaled
37,901,599,000 francs, while on August 25 the
amount had declined to 36,783,000,000 francs.
A similar decrease has taken place in the discounts and advances of the bank, which have
fallen from 5,901,781,000 francs on December
31, 1920, to 4,683,468,000 francs on Auguat 25,
1921.
Wheat was released from Government control the first of August, and the advanced
condition of the crop and the need of funds by
producers has resulted in a reduction of the
price from 100 francs to 72 or 75 francs per
quintal. Prices of flour have similarly declined. The French wheat crop is of especially good quality this year. French wheat
normally weighs about 77 kilograms per hectoliter. This year the average weight is 79 kilograms per hectoliter, and it is estimated that
the crop will amount to about 78,000,000
quintals, as contrasted with 64,500,000 quintals last year. The stock of wheat on hand in
France at present is placed at 5,000,000
quintals and about 2,000,000 quintals will
probably be available from Algeria, Tunis,
and Morocco. It will be necessary, however,
for France to purchase at least 7,000,000
quintals of wheat abroad during the coming
year. This amount is much less than she has
been obliged to import during each year
since 1914.
French foreign trade figures for June show
a slight improvement over those for the month
previous. The total value of the raw materials
exported in June was 125,700,000 francs greater
than the value of those exported in May.
Exports of food and manufactured articles,
on the other hand, were slightly smaller than
in the month previous, making the total export figure in June only about 100,000,000
francs larger than the export figure for May.
The increase in imports was more striking, as
the total value rose from 1,565,508,000 francs
in May to 1,723,534,000 francs in June. The
excess of exports over imports for the first six
months of 1921 amounts to 392,000,000 francs
and for June to 27,000,000 francs.
1076
FEDERAL RESERVE BULLETIN.
In estimating the changes which have occurred in French trade since last year it is
more convenient to use figures expressed in
terms of weight than in terms of value, because
of the change which has occurred in the price
level during the interval. The following table
sets forth the volume of French imports and
exports in the first half of 1913, 1920, and 1921:
T H E VOLUME OF F R E N C H F O R E I G N T R A D E .
[In thousands of metric tons.]
• January through J u n e .
1913
2,621
18,406
819
22,131
16,057
480
4,210
824
9
667
5,628
1,019
12
10,050
Total
1,636
13,618
803
590
8,345
1,097
18
Total
Exports:
Foods
Raw materials
Manufactured articles.
Parcels post
3,327
17,584
1,220
21,846
Imports:
Foods
Raw materias
Manufactured articles.
1920
5,523
7,326
1921
It is evident from these figures that the
French population has within the last half
year greatly reduced its consumption of foreign
products, since imports in the first six months
of 1921 weighed about 6,000,000 tons less than
those for the corresponding periods in 1913
and 1920. Part of this reduction from the
prewar year is due, of course, to the inclusion
of Alsace-Lorraine within French % customs
boundaries. The gain in the volume of shipments from France in the past six months is
quite remarkable.
Exports of merchandise from January
through June, 1921, were still 27 per cent less
than in the corresponding period of 1913, but,
in spite of the admitted slackness of foreign
demand this year, they were 33 per cent larger
than in the first six months of 1920.
ITALY.1
The deficit in the Italian budget for the fiscal
year 1920-21 (i. e., the year just closed) was
estimated at about 10,300,000,000 lire in a
statement on Italy's financial situation presented by Minister of the Treasury De Nava to
the Chamber of Deputies on July 26. The
original estimate, which was made a year ago,
anticipated a deficit of 14,200,000,000 lire.
The improvement shown by the new estimate
is duetto the increased revenues from taxation,
which are estimated to have amounted to
1
Italian price, trade, andfinancialstatistics will be found on p. 1145.
SEPTEMBER,
1921.
over 11,000,000,000 lire in thefiscalyear ending
June 30, 1921, as compared with 7,680,000,000
lire during the same period in 1919-20.
I n f November, 1920, the Minister of the
Treasury estimated that there would be a
deficiency of 10,370,000,000 lire in the budget
for the.fiscal year 1921-22 (i. e., the year just
beginning). Great improvement has been
brought about, however, by the provision
enacted last February for the financing of the
grain supply and by the fall in the prices of
imported wheat. It was originally estimated
that the food administration would cost the
state something like 6,300,000,000 lire, but it is
now thought that this item will be reduced to
about 1,000,000,000 lire. Another hopeful
sign is that this charge will be completely
eliminated from future budgets, as Government control of the grain supply will cease this
year. The total revenue from all sources for
1921-22 is estimated at 17,000,000,000 lire, the
expenditures at 22,000,000,000 lire, leaving a
deficit of about 5,000,000,000 lire. Among the
expenditures the main items are the public
debt charge of about 4,500,000,000 lire; salaries
and pensions of civil servants, over 5,000,000,000 lire; and war pensions and compensations
for war damages nearly 3,500,000,000 lire.
Also as a result 1 of the improved grain
situation, the treasury has been able to refund
to the banks of issue a considerable proportion
of the advances obtained from them. The
bank-note circulation on account of advances
to the treasury was reduced from 10,333,000,000 lire on June 30, 1920, to 8,982,000,000
lire on June 20, 1921. On the other hand, the
public debt as a whole increased during the
fiscal year 1920-21 from 96,000,000,000 lire to
nearly 107,000,000,000 lire. This was entirely
accounted for by the expansion of the floating
debt; the circulation of short-term treasury
bills increased about 10,000,000,000 lire, and
about 2,000,000,000 lire of treasury bonds have
been issued to run for several years. The
total floating debt amounts to over 25,500,000,000 lire. No funding operations are under
consideration at the present time because of the
unfavorable condition of the financial market,
due in the main to uncertainty as to whether
or how the new law requiring the registration
of securities will be enforced. The 5 per cent
consolidated loan was quoted at slightly over
76 in the middle of July.
The effects of the industrial depression upon
the stock market are illustrated by the following index numbers of quotations of shares of
125 corporations with an aggregate capital of
6,382,000,000 lire, computed by Prof. Biccardo
Bachi, with December 31, 1918, as a basis of
100:
FEDERAL RESERVE BULLETIN.
SEPTEMBER, 1921.
1077
During the past few months the first effects
of the crisis upon the movement of postal
[Dec. 31, 1918=100.]
savings deposits has been apparent. While
in the first four months of this year the monthly
1921
1920
rate of increase in deposits averaged about
200,000,000 lire, during May and June the
102.23
January
75.08
106.27
February..
78.42 rate of increase was at only about 100,000,000
106.42
March
73.15
105.95
72.11 lire, while in the first half of July the increase
April
105.04
68.39 amounted to about 30,000,000 lire only.
May
94.39
64.34
June
87.12
July
On April 30 the total number of the un86.42
August
employed was estimated at over 250,000, ac79.92
September.
73.24
October—
cording to a survey made by the National
79.79
November.
79.67
December..
Placement Offices. The greatest number of
unemployed were found in the building trades,
The June, 1921, index shows a decrease of agriculture, and the metal and textile indusabout 30 points when compared with that of tries. In addition to those who were totally
June, 1920, and of over 35 points when com- unemployed, it was estimated that from
pared with December, 1918. The shares that 300,000 to 350,000 were working on a shorthave declined most seriously since May, 1920, time basis. The 36-hour week had become a
are those of the textile trades, the metal and rule in the silk and automobile trades. Since
mining industries, and the merchant marine. April 30 there has been a steady increase in
The index numbers of these groups in May, the number of unemployed reported by the
1920, and June, 1921, were as follows, the exchanges and placement offices in the indiquotations of December 31, 1918, being taken vidual districts. At the end of July several
bills were introduced by the Government to
as a base:
provide employment for those out of work.
INDEX NUMBERS OF QUOTATIONS OF SHARES OF SPECIAL
These included bills to provide for railroad
INDUSTRIES.
construction, irrigation projects, and the con[Dec. 31,1918=100.]
struction of dwelling houses. It was planned
that this work should be carried on in part
May,
June,
1921.
1920.
under the direction of the Government and in
part by concessionaires financed by the Gov102.63 ernment.
Silk
. . . .
250.89
A total amount of 1,000,000,000
215.15
Linen and hemp.
82.90
93.97 lire is to be appropriated for these purposes.
191.02
Cotton
172.52
INDEX NUMBERS OF QUOTATIONS OF SHARES OF 125
CORPORATIONS.
Jute
Iron and steel. .
Mining
Automobiles
Merchant marine.
. .
84.32
122.13
122.77
124.92
96.07
23.12
45.37
46.55
50.19
1078
FEDERAL RESERVE BULLETIN.
State Banks and Trust Companies Admitted.
SEPTEMBER, 1921.
Acceptances to 100 Per Cent.
The following list shows the State banks and trust comSince the issuance of the August BULLETIN the following
panies which have been admitted to membership in the bank has been authorized by the Federal Reserve Board
Federal Reserve System during the month of August, 1921. to accept drafts and bills of exchange up to 100 per cent of
One thousand six hundred and eleven State institutions its capital and surplus:
are now members of the system, having a total capital of
The Southwest National Bank of Dallas, Dallas, Tex.
$584,195,000, total surplus of $531,867,400 and total resources of $9,995,904,950.
Capital.
Surplus.
Total
District No. 6.
Marion County Banking Co., Guin, Ala.
Central Bank & Trust Co., Jasper, Ala..
Bank of Henry County, McDonough, Ga
Algiers Trust & Savings Bank, New
Orleans, La
$25,000
50,000
50,000
$35,000
10,000
30,000
$229,518
686,412
263,716
200,000
50,000
250,000
200,000
50,000
50,000 5,928,955
459,704
25,000
District No. 7.
Reliance State Bank, Chicago, 111
Hinckley State Bank, Hinckley, 111
Fanners Trust & Savings Bank, Seneca,
111
State Bank of Seneca, Seneca, 111
,
Fiduciary Powers Granted to National Banks.
The applications of the following banks for permission
to act under section 11-k of the Federal Reserve Act have
been approved by the board during the month of August,
1921:
DISTRICT NO. 2.
Trustee, executor, administrator, registrar of stocks and bonds, guardian
of estates, assignee, receiver, and committee of estates of lunatics:
First National Bank, Binghamton, N. Y.
DISTRICT No.
5.
25,000
50,000
5,000
25,000
144,131
493,959
Farmers State Bank of Rockham,
Rockham, S. Dak
Security State Bank, Wolf Point, Mont.
District No. 11.
25,000
25,000
10,000
3,500
503,069
231,820
Hamilton Bank & Trust Co., Hamilton, Tex
Penelope State Bank, Penelope, Tex...
50,000
25,000
50,000
362,046
56,290
125,000
12,500
569,816
Trustee, executor, administrator, registrar of stocks and bonds, guardian
of estates, assignee, receiver, and committee of estates of lunatics:
National Bank of Sidney, Sidney, Iowa.
DISTRICT NO. 8.
District No. 9.
District No. 12.
The Community Bank, Whittier, Calif.
Largilliere Company Bankers, Soda
Springs, Idaho
Grants Pass and Josephine Bank,
Grants Pass, Oreg
25,000
12,000
391,363
75,000
20,000
1,131,391
WITHDRAWALS.
Trustee, executor, administrator, registrar of stocks and bonds, guardian
of estates, assignee, receiver^ and committee of estates of lunatics:
Drovers & Mechanics National Bank, Baltimore, Md.
DISTRICT N O . 6.
Trustee, executor, administrator, registrar of stocks and bonds, guardian
of estates, and receiver:
Commercial National Bank, Anniston, Ala.
DISTRICT N O . 7.
Trustee, executor, administrator, registrar of stocks and bonds, guardian
of estates, assignee, receiver, and committee of estates of lunatics:
First National Bank, Breese, 111.
#
Peoples Bank of Floyd County, Floyd, Va.
The Bixby State Bank, Bixby, Okla.
CONVERSION.
The Dexter-Horton Trust & Savings Bank, Seattle, Wash., to The
Horton National Trust & Savings Bank of Seattle.
LIQUIDATION.
Guaranty Bank & Trust Co., Seattle, Wash.
B A N K S CLOSED.
Union Central Bank, May, Idaho.
Guaranty State Bank, Troup, Tex.
DISTRICT NO. 9.
Trustee, executor, administrator, registrar of stocks and bonds, guardian
of estates, assignee, receiver, and committee of estates of lunatics:
Welcome National Bank, Welcome, Minn.
DISTRICT NO. 11.
Trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and committee of estates of
lunatics:
Citizens' National Bank, Cameron, Tex.
Trustee:
Merchants National Bank, Brownsville, Tex.
CONSOLIDATION.
The American State Bank, Lincoln, Nebr., has consolidated with a
nonmember bank.
CHANGE OF N A M E .
The Union Trust & Savings Bank, East St. Louis, 111., to Union
Trust Co. of East St. Louis.
DISTRICT NO. 12.
Trustee, executor, administrator, registrar of stocks and bonds, guardian
of estates, assignee, receiver, and committee of estates of lunatics:
First National Bank, Chico, Calif.
Horton National Trust & Savings Bank, Seattle, Wash.
SEPTEMBBK,
1921.
FEDERAL RESERVE BULLETIN.
1079
RULINGS OF THE FEDERAL RESERVE BOARD.
Note not eligible as commercial paper unless made or
indorsed by a party to the commercial transaction out
of which it arises.
The Federal Keserve Board was recently
asked to rule upon the eligibility of certain
notes issued by a company engaged in financing
the business of merchants and manufacturers.
A merchant or manufacturer, who desires
money for use in his business for the purpose
of paying for or carrying goods, enters into an
agreement with the company that if the company will issue to him its promissory note for
the amount which he wishes to borrow, he will
place the company in funds to meet the note
at maturity and in the meantime pledges his
merchandise to the company as security for
his undertaking. The company then executes its own negotiable note, payable to the
order of its own treasurer, who indorses it in
blank and delivers it to the customer, the
merchant, or manufacturer. The question upon
which the Federal Reserve Board was asked
to rule is whether these notes are eligible for
rediscount by Federal Reserve Banks from
the member banks which have discounted the
notes for the company's customers without
the indorsement of those customers. After
giving the matter careful consideration the
Board ruled that these unindorsed notes could
not be eligible.
The only notes, other than those drawn for
the purpose of trading in or carrying bonds
and notes of the United States, which are
eligible for rediscount by Federal Reserve
Banks under the terms of section 13 of the
Federal Reserve Act are notes " arising out of
actual commercial transactions.'7 Following
the general statement to this effect, section 13
further indicates what this phrase means by
stating in effect that notes arise out of actual
commercial transactions when they have been
" issued or drawn for agricultural, industrial,
or commercial purposes," or when the proceeds "have been used, or are to be used, for
such purposes." The purpose of this requirement is to limit the class of paper which Federal Reserve Banks may rediscount to that
which is "liquid"—that is, paper which is
issued or drawn under such circumstances that
in the normal course of business there will
automatically come into existence a fund available to liquidate each piece of paper, that fund
being the final proceeds of the transaction out
of which the paper arose. When Congress
authorized Federal Reserve Banks to rediscount paper " arising out of actual commercial
transactions" it had in mind a definite class of
paper generally known as " commercial paper,"
which usually is "liquid" and upon which at
least one of the parties to the commercial
transaction out of which it arises is obligated
either as maker, drawer, acceptor, or indorser.
The expectation that the proceeds of a commercial transaction will be available for the
purpose of liquidating paper arising out of
the transaction is based upon the assumption
that such proceeds will ultimately come into
the hands of a person who is liable as a party
to the paper. The funds necessarily will come
into the hands of a party to the commercial
transaction and if he is obligated upon the
paper it will be available to liquidate the
paper; but where no party to the commercial
transaction is obligated upon the paper there
is no assurance that the proceeds of the commercial transaction will be used to liquidate
the paper. The purpose of the requirement
that in order to be eligible for rediscount a
note must arise out of an actual commercial
transaction would not, therefore, be met if
the Federal Reserve Banks were permitted
to rediscount paper upon which none of the
parties to the commercial transaction out of
which it arose is obligated.
In view of these considerations, the Board is
of the opinion that, while the law does not specifically so state, yet when the terms of the law
are read in the light of its purpose it is clear that
Congress intended by the provision under consideration to authorize Federal Reserve Banks
to rediscount only such paper as arises out of
an actual commercial transaction and bears the
obligation of at least one of the parties to that
particular transaction. This is just another
way of saying what the Board has frequently
said in its past rulings, that the proceeds must
be used in the first instance for a commercial
purpose by the borrower, it being understood
that no one can be a borrower unless he is
liable on the paper.
It is true that in the specific case which is
presented to the Board, the company has a lien
on the commodity which presumably is the
subject matter of the commercial transaction,
and that the party to that transaction is obligated by a collateral agreement with the company to put that company in funds to meet the
notes in question. These facts, together with
the further facts that the company and its
officers are stated to be reliable and responsible
and the officers state and are willing to certify
that in each case the proceeds of the notes are
used by its customers for commercial purposes,
make a strong case from the practical stand-
1080
FEDERAL. RESERVE BULLETIN.
point for admitting the notes in question to discount by Federal Reserve Banks without the
indorsement of the company's customers. It
is obvious, however, that the proper construction of the Federal Reserve Act can not be determined by the credit standing of the parties
to any particular transaction, and, furthermore,
it is a fundamental principle which has been
consistently followed by the Federal Reserve
Board that the eligibility of paper does not depend upon the existence or character of the
collateral.
As heretofore stated, the Board is of the
opinion that section 13 of the Federal Reserve
Act, construed in the light of its general purpose and intent, requires that paper in order to
be eligible for discount must represent the obligation of a party to the commercial transaction
out of which the paper arose. In the Board's
judgment, the spirit of the express requirement
that paper to be eligible must arise out of a
commercial transaction is not complied with in
the cases where the sole party liable upon the
>aper is the person who has obligated himself
or the accommodation of the party to the commercial transaction, even though the accommodating party is adequately secured and has a
specific contract requiring the party to the commercial transaction to provide funds to meet
the paper at maturity.
f
Collection of demand bill-of-lading drafts.
When a bank receives from a customer a
demand bill-of-lading draft which requires
several days for collection, and gives immediate credit therefor, the bank is in effect
granting a loan to its customer for the amount
of the draft for the period of time required for
collection. There does not appear to be any
objection to this practice on tne part of a commercial bank, for so far as the Board is aware
neither national banks nor State banks are
subject to any legal restrictions which are contravened by the practice.
With respect to Federal Reserve Banks the
situation is different, however, for the Federal
Reserve Act specifies the manner in which
those banks are to make loans to their member
banks, the act providing that Federal Reserve
Banks may discount, upon the indorsement of
their member banks, paper which is made
eligible for discount under the terms of section 13 of the Federal Reserve Act. Demand
drafts^ which have no definite maturity, are
not eligible for discount by Federal Reserve
Banks because section 13 provides in effect
that only those notes and drafts which mature
SEPTEMBER
1921.
in all events within 90 days from the date of
discount, in the case of commercial paper, and
within 6 months, in the case of agricultural
paper, are eligible for discount.
It is essential that a Federal Reserve Bank
receive eligible paper in return for funds which
it loans to member banks, for it is the clear
intent of the Federal Reserve Act that the
loans made by a Federal Reserve Bank shall
be of such character that they may properly
be made the basis for the issue of Federal
Reserve notes, and to carry out this intent the
law provides that a Federal Reserve Bank can
obtain Federal Reserve notes only by pledging
with its Federal Reserve Agent eligible paper
acquired under the provisions of section 13 or
section 14, or gold or gold certificates. If a
Federal Reserve Bank should give immediate
credit for bill-of-lading drafts it would be loaning funds upon ineligible paper which could
not be used as collateral for Federal Reserve
notes. Consequently, such transactions would
exhaust the bank's loanable funds by the
amount of such credit, without giving the bank
the means of supplying itself with a like
amount of Federal Reserve notes as is the case
when a Federal Reserve Bank discounts eligible paper.
In this connection it should be noted that
the Federal Reserve Banks do not give immediate credit even for checks drawn against
available bank deposits when the checks are
drawn upon banks located at distant points.
Each Federal Reserve Bank has a time schedule, according to which it gives credit for
checks deposited with it. The periods for
which credits are deferred upon such checks
are based upon the average time required for
the collection of checks drawn on banks in
the vicinity of the drawee banks, so that with
slight variations on account of delays in the
mail, etc., Federal Reserve Banks give credit
for checks simultaneously with the receipt of
actual funds in payment of the checks.
There is a further reason why it is important
that Federal Reserve Banks should not give
credit in advance of actual payment for items
deposited with them for collection. One of the
main purposes of the Federal Reserve Act was
to centralize the reserves of member banks in
the 12 FederaFReserve Banks^so that those
reserves*1 would Tbe available to" meet the seasonal and emergency demands"" of particular
member banks and of particular districts,
without embarrassment to other banks such
as%lways resulted from^these demands prior
to" the^enactment^of F the'Federal Reserve Act
when a large^part of |the^ banking reservevof
the'country consisted of deposits in commer-
SEPTEMBER,
1921.
1081
FEDERAL RESERVE BULLETIN.
FAILURES DURING JULY.
cial banks. One of the great evils of the old
system was that banks counted as part of
Number.
Liabilities.
their reserve deposits items which had been
District.
1921
1921
1920
1920
sent to their reserve agents but which were
still in the process of collection. To this extent First
$470, 259
94
48 $2,124,077
Second
230
172 18,342,752 11,438,511
the so-called reserves were not available for Third
72
29 1,254,361
755,711
167
54 4,200,340
921,988
any purpose but were merely part of the Fourth
Fifth
124
39 1,565,856
1,995,634
intangible float. If Federal Reserve Banks Sixth
138
32 1,968,097
443,135
222
70 4,565,389
2,417,401
credited the reserve accounts of their member Seventh
Eighth
94
28 1,545,874
96,040
banks immediately upon receipt of the items, Ninth
27
14
425,042
238,471
Tenth
48
34 1,056,534
548,910
without regard to the time required for col- Eleventh
114
41 3,778,098
1,148,614
114
120 1,947; 733
1,431,738
lection, this evil would be perpetuated and to Twelfth
1,444
that extent the purpose of the Federal Reserve
681 42, 774,153 21,906,412
Total.
Act would be defeated.
For the reasons above stated Federal Reserve
New National Bank Charters.
Banks do not give credit for demand bill-of- The Comptroller of the Currency reports the following
lading drafts until the proceeds have been increases and reductions in the number and' capital of
national banks during the period from July 30 to August
collected.
26, 1921. inclusive:
Banks.
Commercial Failures Reported.
While some narrowing of the margin of increase has
recently occurred, commercial failures still largely exceed
those of last year, when the business mortality was unusually moderate. For three weeks of August, reports
to R. G. Dun & Co. show 1,047 defaults in the United
States, as compared with 459 during the corresponding
period of 1920. The returns for July, the latest month for
which complete statistics are available, disclose 1,444
insolvencies, involving $42,774,153 of liabilities. In
point of number, the July failures are 763, or 112 per
cent, larger than the 681 defaults of that month last year,
while the indebtedness is greater by $20,800,000, or 95.3
per cent. Separation of the July statement by Federal
reserve districts shows more insolvencies in every instance
than in July, 1920, and only in the fifth district are the
liabilities less than those of the earlier year. The most
pronounced increase in amount involved is in the second
district, although relatively large gains appear in the
first, fourth, sixth, seventh, eighth, and eleventh districts.
New charters issued to
With capital of
Restored to solvency
With capital of
Increase of capital approved for
With new capital of
Aggregate number of new charters, banks restored
to solvency, and banks increasing capital
With aggregate of new capital authorized
Number of banks liquidating l
Capital of same banks
Number of banks reducing capital
Reduction of capital
Total number of banks going into voluntary or involuntary liquidation or reducing capital
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 em•V braced in statement
Against this there was a reduction of capital owing
to liquidations, etc
Net increase..,
1 Includes one'expiration of charter.
Amount.
SI, 270,000
0
' "295,'666
1,565,000
"'356,* 666
0
350,000
'6bb',bb"v
1, 565,000
350, 000
1,215,000
1082
FEDERAL RESERVE BULLETIN.
SEPTEMBER
1921.
PRICE MOVEMENT AND VOLUME OF TRADE.
WHOLESALE PRICES IN THE UNITED STATES.
Diverse tendencies were evident in wholesale prices in the United States during August,
but prices in general moved upward. The wholesale price index number of the Federal Reserve
Board rose from 141 to 143, while the index number of the Bureau of Labor Statistics rose from
148 to 152. Increases were most noticeable in the case of agricultural products. Foods in
particular were sold at distinctly higher prices during August than during July, and the unfavorable condition of this year's cotton crop was reflected in increased prices for raw cotton,
cotton yarn, and cotton cloth. According to the recomputed index number of the Bureau of
Labor Statistics there was an increase of 1 point in the price of agricultural products during the
month and of 3 points in the price of animal products. On the other hand, the indexes for mineral and forest products declined 2 and 3 points, respectively.
Producers7 goods in general declined in price during August. This was largely due to
decreased prices for steel and copper products, although the index for the group was also influenced by the decreases in paper and rubber prices and in the prices of some important chemicals.
The constimers7 goods group of both the Federal Reserve Board and the recomputed Bureau of
Labor Statistics indexes showed the more pronounced increases—5 points in the former and 9
points in the latter case.
The indexes for u goods imported" and " goods exported" moved in harmony in August,
both showing an increase of 1 point.
In the first table below is presented the compilation of the Federal Reserve Board, which
contains index numbers for certain groups of commodities as well as for commodities in general.1
The table following shows the index of the Bureau of Labor Statistics as reclassified by the
Federal Reserve Board.2
INDEX NUMBERS OF WHOLESALE PRICES IN UNITED STATES—CONSTRUCTED BY THE FEDERAL RESERVE BOARD FOR
THE PURPOSE OF INTERNATIONAL COMPARISON.
[Average price for 1913= 100.]
Date.
Goods
exported.
Raw
materials.
Producers' Consumers'
goods.
goods.
All commodities.
209
236
238
1919, average
1920, average
1920, August
January
February
March
April
May
June
July
August
Goods
Goods
produced. imported.
174
191
182
214
227
229
If 209
2351
237|
198
237
235
207
229
229
206
233
234
36
156
152
145
145
141
144
145
114
113
114
109
105
102
103
104
142
135
125
121
125
122
122
123
164
152
146
136
139
133
134
133
166
158
153
148
145
140
136
133
159
152
151
147
144
144
152
157
163
154
150
143
142
139
141
143
1921.
;
i The index number of the Federal Reserve Board has been constructed primarily with a view to international comparisons of wholesale prices.
Due to the difficulties connected with the collection of foreign prices, the foreign index numbers are still incomplete, but in spite of this it has
seemed advisable to publish the American number, since it contains certain classifications of commodities not otherwise available, namely, the
prices of the important goods imported into this country, and of goods largely exported, and compares them with the general price level in the
United States. The number has been published monthly during a period of one year, but is computed for the years 1913, 1919, and the first of
1920 as well.
For detailed information regarding the makeup of the number, reference may be made to the FEDERAL RESERVE BULLETIN for May, 1920,
pages 499-503. The commodities included in the different groups are listed there with exact specifications and markets indicated. The "weights"
assigned to the different commodities in constructing the index numbers are also given in detail. Revisions in prices or weights appear in
BULLETINS for June, 1920, and June, 1921.
The index of "goods produced" consists of 74 quotations (30 raw materials, 24 producers' and 20 consumers' goods). These include agricultural
products (such as grains, live stock, and textiles), minerals, and lumber, among the raw materials; yarns, leather, semifinished steel products,
refined oils, chemicals, building materials, etc., among the producers' goods; and potatoes, meats, flour, rice, dairy products, cotton and woolen
cloths, boots and shoes, and kerosene among the consumers' goods.
Australian
materials;
goods.
Leading American exports are included in the index of prices of "goods exported," which is made up of 40 quotations (17 raw materials, 12
producers' and 11 consumers' goods). Grains, tobacco, cotton, copper, coal, pig iron, petroleum, and lumber make up the list of raw materials;
vegetable oils, leather, semifinished metal products, refined oils, and chemicals the producers' goods; and wheat flour, refined sugar, pork products,
coffee, cotton cloth, boots and shoes, and kerosene the consumers' goods.
The index numbers of "raw materials," "producers' goods," and "consumers' goods" consist of the commodities mentioned above which
fall into these classes, whether they are of domestic or foreign origin. The raw materials group includes 39 quotations, the producers' goods 29,
and the consumers' goods 22.
The "all commodities" index is obtained by combining the group indexes of domestic and foreign goods. It consists of 90 different quotations.
The quotations are obtained from representative trade journals and private firms. About half of them are the same that are used by the
Bureau of Labor Statistics in its larger compilation of prices and are furnished to the Board by that bureau.
* As the index number of the Bureau of Labor Statistics (which is based upon 315 quotations) has been reclassified by the Federal Reserve
Board; the raw materials group consists of approximately 76 quotations, the producers' goods of about 80, and the consumers' goods of 158. Raw
materials have been subclassified into agricultural products (mainly grains, cotton, and tobacco), based upon 19 quotations, animal products based
upon the same number, forest products based upon 11 quotations, and mineral products based upon 27 quotations. The FEDERAL RESERVE
BULLETIN for October, 1918, contains a list of the commodities in each group. The weights are the same as those used by the Bureau of Labor
Statistics.
SEPTEMBER, 1921.
1083
RESERVE BULLETIN.
INDEX NUMBERS OF WHOLESALE PRICES IN THE UNITED STATES FOR PRINCIPAL CLASSES OF COMMODITIES—BUREAU
OF LABOR STATISTICS.
[Average price for 1913= 100.]
Raw materials.
Year and month.
All commodities
Producers' Consumers' (Bureau of
Labor Stagoods.
goods.
Total raw
tistics index
materials.
number).
Agricultural
products.
Animal
products.
Forest
products.
Mineral
products.
259
181
351
265
251
238
250
155
145
136
126
131
125
122
123
119
114
116
106
104
102
109
112
245
225
210
205
205
204
203
200
220
207
197
189
188
182
177
175
175
164
157
149
149
145
145
145
169
155
149
143
140
137
134
132
182
171
168
159
153
152
153
162
1920.
August
1921.
,
,
January
February
March
April
May
June
July
August
250
178
167
162
154
151
148
148
152
INDEX NUMBERS OF WHOLESALE PRICES IN THE UNITED STATES
1919-1921
CONSTRUCTED BY THE FEDERAL RESERVE BOARD FOR THE PURPOSE OF INTERNATIONAL COMPARISON
AVERAGE PRICE LEVEL OF 1913 = 1OO
i
i
280
260
-
\
220
/
/
200
\
-
...
\
:
\
\
200
\
\
\
\
\
*
80
YEAR
\
120
V
*•
100
80
J. A. S. 0. N. 6 J. F. M. A. M.f J. A. S. O. N. D. J. F. M. A.M. J. J. A.S. 0. N. D. S. O. N. D J. F. M. A. M. J. J. A. S. O. N. D J. F. M. A. M. J. J. A S. O. N. D
J. A.
YEAR
1919
1920
1921
1919
1920
1921
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. The prices shown in the
160^
V
A
\
\
100
180^
\
*.
t\
SJ
240
\
\
O
\
^ —
. \
\
\\
\
. 120
>y
280
260
220
V
—*
R/^W M A T E R I A L S
- - P F ODUCERS GOODS
. . • CONSUMERS GOODS
/ J
i
I
1
,,
.•
240
^nn
r
ALL COW MODITIES
_ . . — —GOODS MPORTED
table have been obtained from the records of
the United States Bureau of Labor Statistics,
except in the case of bituminous coal, prices
for which have been obtained from the Coal
Age.
1084
FEDERAL RESERVE BULLETIN.
SEPTEMBER,
1921.
AVERAGE MONTHLY WHOLESALE PRICES OF COMMODITIES.
[Average price for 1913=100.]
Wheat,
Cotton, middling, northern No. 1,
spring,
New Orleans.
Minneapolis.
Corn, No. 3,
Chicago.
Wheat, No. 2,
red winter,
Chicago.
Year and month.
Cattle, steers,
good to choice,
Chicago.
Hides, packers,
heavy'native
steers, Chicago.
Average
price per
bushel.
Relative
price.
Average
price per
bushel.
Relative
price.
Average
price per
bushel.
Relative
price.
Average
price per
100
pounds.
Relative
price.
Average
price per
pound.
100
257
227
$0.1270
.3185
.3301
100
251
260
$0. 8735
2.5660
2.5581
100
294
293
$0.9863
2.5370
2.5225
100
239
256
$8.5072
17.4957
14.4856
100
206
170
$0.1839
.3931
.3122
100
210
174
1.5310
249
.3380
266
2.5500
292
2.4735
251
15.3500
180
.2850
155
.6553
.6350
.6180
.5547
.6090
.6075
.6019
.5578
1920,
August
Average
price per
pound.
$0.6155
1.5800
1.3968
1913
1919
1920
Relative
price.
106
103
100
90
.1450
.1322
. 1105
.1116
.1178
.1101
.1147
.1290
114
104
87
88
93
87
90
102
1.7884
1.6713
1.6135
1.4059
1.4923
1.4994
1.4384
1.3953
205
191
185
161
171
172
165
160
1.9613
1.9194
1.6798
1.3869
1.5680
1.4384
1.2291
1.2373
199
195
170
141
159
146
125
125
9.8400
9.3125
9.5625
8.7188
8.4250
8.0938
8.4063
8.7750
116
109
112
102
99
95
9!)
103
.1675
.1363
.1150
. 1013
.1188
.1395
,ia88
.1405
91
74
63
55
65
76
75
76
Relative
price.
1921,
January
February
March
April
May
June
July
August
91
Wool, Ohio, i - |
grades, scoured,
eastern markets.
Hogs, light
Chicago.
Hemlock, New
York.
Year and month.
Yellow pine,
flooring,
New York.
Coal, bituminous, Coal, bituminous,
run of mine, f. o. b. Poeahontas. f. o. b .
spot at mines,
spot at mines,
Pittsburgh.
Columbus.
Average
Rela- price per Rela- Average Rela- Average Relative price per tive price per tive
tive
M feet
prico. manufac- price. short ton. price. short ton. price.
tured.
Average
price per
100
pounds.
January
February
March
April
May
June
July
August
Average
price per
"Mfeet.
100
217
174
$0. 4710
1.1894
.9712
100
248
203
$24.2273
39.7500
56.6667
100
164
234
$44.5909
78.8333
145.4167
100
177
326
$1.3200
100
$1.5710
100
6.0433
458
5.8891
"375
186
.8727
185
57.0000
235
157.0000
352
10.6300
805
8.6300
549
9.6700
9.7063
10.3063
8.8563
8.4550
8.2500
10.2000
10.3950
1921.
Relative
price.
15.7350
1920.
August
Average
price per
pound.
$8.4541
18.3260
14.7106
1913
1919
1920
Relative
price.
114
115
122
105
100
98
121
123
. 5455
.5455
.5273
. 5273
.5091
.4909
.4909
.4727
116
116
112
112
10S
104
104
100
48.0000
48.0000
48.0000
41.0000
41.0000
41.0000
37.5000
37.2500
198
198
198
169
169
169
155
154
110.0000
95.0000
95.0000
91.0000
91.0000
91.0000
91.0000
92.0000
247
213
213
204
20-1
204
201
206
2. 5300
2.4200
2.2900
2.2500
2.1310
1.9000
2.0750
2.1300
192
183
173
170
161
144
157
161
4.2500
3.7300
3.4000
3.3625
3.4940
3.4250
3.2000
3.0600
271
237
216
214
222
213
204
195
Coal, anthracite, Coke, CDnnellsstove, New York, ville, at furnace.
tidewater.
Copper, ingot,
electrolytic,
New York.
Lead, pig,
desilverized,
New York.
Petroleum, crude, Pig iron, basic,
Mahoning and
Pennsylvania, Shenango Valley,
at wells.
at furnace.
Year and montii.
Average Rela- Average Relaprice per tive price per tive
long ton. price. short ton. price.
1913
1919
1920
Relative
price.
100
161
186
$2.4396
4.7375
10. 8153
100
194
443
$0.1573
.1911
.1797
100
122
114
9.6087
190
15.5500
637
.1900
1920.
10.6373
10.6382
10.6382
10.1380
10.2910
10.3900
10. 5048
10.6036
210
210
210
200
203
205
208
210
5.5313
5.1875
5.0000
3.7188
3.3250
3.0938
2.9063
2.8000
227
213
205
152
136
127
119
115
.1288
.1288
.1223
.1247
.1283
.1284
. 1253
.1173
$0.0440
. 0578
.0808
Relative
price.
Average
price per
barrel.
Relative
price.
Average
price per
long ton.
100
131
184
$2.4500
4.1346
5.9750
100
169
244
$14. 7058
27.6971
42.2692
100
188
287
204
Average
price per
pound.
121
,
August
Average
price per
pound.
6.1000
249
48.1000
327
113
106
92
97
113
103
100
100
5.7750
4.1875
3.0000
3.1875
3.3500
2.6250
2.2500
2.2500
236
171
122
130
137
107
92
92
30.0000
27.5000
24.2000
22.8750
22.0000
20.7500
19.37oO
18.2000
204
187
165
156
150
141
132
124
Relative
price.
1921.
January
February
March
April
May
June
July
August.
1
,
,
On Toledo market, average for last six months of 1913.
.0497
.0468
.0405
.0428
. 0495
.0451
.0440
.0440
SEPTEMBER,
1085
FEDERAL EESERVE BULLETIN.
1921.
AVERAGE MONTHLY WHOLESALE PRICES OF COMMODITIES-Continued.
Cotton yarns,
northern cones,
10/1 Boston.
Leather, sole,
hemlock, No. 1,
Chicago.
Steel billets,
Bessemer,
Pittsburgh.
Steel plates,
tank, Pittsburgh.
Steel rails,
open hearth,
Pittsburgh.
Worsted yarns,
2-32's crossbred,
Philadelphia.
Year and month.
Average Rela- Average Rela- Average Rela- Average Rela- Average Rela- Average Relaprice per tive price per tive price per tive price per tive price per tive price per tive
pound. price. pound. price. long ton. price. pound. price. long ton. price. pound. price.
$0.2213
.5340
.6245
100
241
282
$0.2821
.5283
.5342
.6310
285
.2878
.2775
.2447
.2388
.2491
.2545
.2411
.2586
1913
1919
1920
130
125
111
108
113
115
109
117
100 $25.7892
187 40.5385
189 56.2596
100
157
218
$0.0148
.0271
.0328
.5500
195
61.0000
237
.0325
.4000
.3800
.3700
.3700
.3700
.3700
.3500
.3400
142
135
131
131
131
131
124
121
43.5000
42.2500
38.4000
37.5000
37.0000
37.0000
32.2500
29.6000
169
164
149
145
143
143
125
115
.0265
.0233
.0204
. 0210
.0220
.0195
.0185
.0178
100 $30.0000
183 49.2642
222 53.8269
100
164
179
$0.7767
1.6274
1.8250
100
210
235
220
54.5000
182
1.7500
225
179
157
138
142
149
132
125
120
47.0000
47.0000
47.0000
47.0000
47.0000
47.0000
47.0000
47.0000
157
157
157
157
157
157
157
157
1.1500
1.1500
1.2000
1.2000
1.2500
1.2000
1.1500
1.1500
148
148
155
155
161
155
148
148
1920,
August
1921,
January
February
March
April
May
June
July
August
Flour, wheat,
Coffee, Rio, No. 7, standard patents
good native
(1918, standard
New York.
war),
steers, Chicago.
Beef, carcass,
Illuminating oil,
150° lire test,
New York.
Sugar,
granulated,
New York.
Minneapolis.
Year and month.
Average
price per
pound.
Rela- Average RelaRela- Average Rela- Average
tive price per tive price per tive price per tive price per
price. pound. price. barrel. price. pound. price. gallon.
1.1295
.2333
.2304
100
180
178
.2550
197
.1738
.1600
.1625
.1650
.1650
.1600
.1490
.1600
1913
1919
1920
Hams, smoked,
Chicago.
134
124
125
127
127
124
115
124
$0.1113
.1785
.1198
Relative
price.
Average
price per
pound.
Relative
price.
100
160
108
$4.5837
11.9982
12.6750
100
262
277
$0.1662
.3433
.3340
100
207
201
$0.1233
.2004
.2629
100
163
213
$0.0427
.0894
.1267
100
209
297
84
12.2350
267
.3725
224
.2600
211
.1490
349
9.6250
9.1813
8.7300
7.9500
8.7450
9.0063
8.9000
8.1200
210
200
190
173
191
196
194
177
.2488
.2600
.2725
.2763
.2725
.2822
.3200
.3248
150
156
164
166
164
170
193
195
.2900
.2750
.2625
.2540
.2400
.2200
.2200
.2200
235
223
213
206
195
178
178
178
.0757
.0709
.0784
.0725
.0632
.0569
.0546
.0583
177
166
184
170
148
133
128
137
1920,
August
1921.
January
February
March
April
May
June
July
August
.0672
.0639
.0600
.0621
.0666
.0647
.0703
FOREIGN TRADE INDEX.
There is presented below a series of indexes
designed to reflect movements in foreign trade
of the United States, with fluctuations due to
price changes eliminated. The commodities
chosen for these indexes are those for which
prices are compiled by the Federal Keserve
Board in the preparation of its international
price index. The list includes 25 of the most
important imports the value of which in 1913
formed 47.7 per cent of the total import values,
and 29 of the most important exports the value
of which in 1913 formed 56.3 per cent of the
total export values. The classification of the
original list of commodities used was given in
the July, 1920, BULLETIN. The classification
of the 11 additional commodities of imports
was given in the April, 1921, BULLETIN.
The volume of total exports remained at
almost the same figure as for June. There
was a slight increase in total volume of raw
materials exported, which was due largely to
increased exportation of agricultural products
such as grains, leaf tobacco, and cotton. This,
however, was partly counterbalanced by the
decrease in the amount of bituminous coal
exported. Exports of illuminating oil, which
have been declining since last October, also
showed a marked decrease. Total exports of
producers' goods again registered a decline, as
a result of decreases in the amounts of structural steel, steel plates, copper wire, and gasoline, all of which items have shown considerable
decreases since the first of the year. Exports
of upper leather increased.
The total volume of goods imported again
decreased. Wool imports showed a slight re-
1086
FEDERAL RESERVE BULLETIN.
vival and silk again advanced considerably in
amount. For the most part, however, imports of raw materials continued their downward trend. The volume of cocoa imported
SEPTEMBEE, 1921.
declined rather precipitously during July.
Imports of commodities denoted as producers'
goods declined with the exception of quebracho,
paper (newsprint), glycerine, and wood pulp.
INDEX OF VALUE OF FOREIGN TRADE IN SELECTED COMMODITIES AT 1913 PRICES.
[Monthly average values, 1913= 100.]
Exports.
Imports.
Raw mate- Producers' Consumers' Total (29
rials
goods (10
goods (7
com(12 comcomcommodities). modities). modities). modities).
Raw mate- Producers' Consumers' Total (25
rials
goods (12
goods (3
comcom(10 comcommodities). modities). modities). modities).
1913—Year
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
1919—Year
88.9
154.7
188.5
118.6
157.5
193.0
~ 161.T
171.1
1920—Year
92.2
142.6
137.9
107.7
135.2
227.3
155.3
171.7
105.2
91.0
78.2
76.6
97.7
107.9
111.6
187.9
141.0
104.4
102.7
81.8
74.4
68.3
126.0
116.4
122.4
122.5
112.8
135.1
131.8
117.6
101.6
91.1
89.9
100.0
111.3
112.5
74.5
118.2
160.7
153.4
98.7
94.5
99.3
130.8
143.5
177.4
177.7
150.1
152.5
126.5
146.5
160.8
209.3
206.3
179.3
126.7
114.9
104.7
133.1
173.2
169.3
128.2
119.7
111.4
January..
February
March
April
May
June
July
1921.
INDEX NUMBER OF OCEAN FREIGHT
RATES.
The accompanying table shows the monthly
fluctuations in ocean freight rates prevailing
between United States Atlantic ports and the
principal European trade regions. The figures
are derived from the actual rates quoted on the
following commodities: Grain, provisions, cotton, cottonseed oil, and sack flour. For the
methods used in constructing the index, see
August, 1921, BULLETIN, pages 931-934.
Little change in the level of freight rates is to
be noted in any of the trades since last June,
although the tendency has been slightly downward. After the precipitate declines during
1920, extending also into the early months of
1921, the relatively stable level of rates which
has been maintained for the last three months
stands out in striking contrast. Rates on some
commodities, cotton for example, are now less
than prewar quotations, but the general average
is still slightly above the prewar level.
RELATIVE OCEAN FREIGHT RATES IN UNITED STATES AND
EUROPE TRADE.
[January, 1920, rates=100.]
United States Atlantic ports t o Month.
1920.
January
February
March
April
May
June
July
August
September
October
November
December
1921.
January
February
March
April
May
June
July
August
United French Nether- ScandiKing- Atlantic. lands navia.
and
dom.
Belgium.
Mediterranean.
All
Europe.
100.0
96.5
91.2
90.2
96.2
101.2
96.0
85.7
86.7
84.9
77.8
72.3
100.0
86.9
78.5
87.2
85.9
87.1
85.6
77.9
73.7
68.9
51.6
38.5
100.0
83.3
78.0
78.9
87.3
89.5
82.1
70.4
66.9
70.9
59.9
47.0
100.0
90.1
84.6
82.7
82.5
82.1
82.0
82.1
82.1
75.3
59.6
51.6
100.0
91.1
79.5
72.2
75.2
76.5
75.3
73.2
71.6
69.6
59.2
49.2
100.0
90.3
83.4
83.5
87.5
90.0
86.3
78.5
76.9
75.4
63.8
53.6
60.7
54.7
49.3
50.1
50.6
42.7
42.5
42.9
30.2
27.7
24.6
32.6
35.0
34.7
33.2
33.4
34.1
29.2
28.3
36.6
38.2
38.3
37.0
36.7
42.9
30.9
30.8
29.4
31.3
31.3
29.0
28.4
43.2
43.8
42.2
35.7
34.6
34.0
34.7
34.3
43.3
38.5
35.9
39.0
40.1
37.6
36.8
36.7
1087
FEDERAL RESERVE BULLETIN.
SEPTEMBER, 1921.
PHYSICAL VOLUME OF TRADE.
Grain movements, receipts of naval stores,
and shipments of deciduous fruit were larger
in July than in June, but the physical volume
of business declined in practically all other
lines. Receipts of wheat at 17 interior markets
were the largest ever recorded, while other
grain receipts continued at about the same rate
as in June. Stocks of grain at both interior
and seaboard centers were somewhat augmented during July, due to large increases in
the stocks of wheat. Receipts and shipments
of all kinds of live stock at 59 markets declined
during July, the drop in hog movements being
particularly marked. Shipments of California
citrus fruits during July were less than in
June, while deciduous fruit shipments increased
due to the marketing of the new crops. Receipts of rosin and turpentine continued their
upward movement, and stocks at the close of July
were somewhat greater than at the close of June.
The output of pig iron and of steel ingots
during July was at approximately the lowest
level for two decades. Iron-ore shipments
from the upper Lakes were larger in July than
in June, but were considerably smaller than in
July, 1920. July production of blister copper
and pig zinc was at the lowest level for the
present year, and tin deliveries at xeporting
factories showed a moderate decline.
There was a further considerable reduction
in production of by-product and beehive coke,
while operations of anthracite and bituminous
coal mines were more moderately curtailed.
The petroleum output in July was slightly less
than during June, but the number of producing
oil wells completed was less than in any month
in the last two years.
A slight reduction in cotton consumption
and a moderate increase in the amount oi idle
wool machinery indicate that there was some
decrease in the activity of textile factories
during July. The volume of raw-silk imports,
however, was appreciably larger in July than
in June.
The cut of five reporting lumber associations
during July was somewhat less than in June,
and there was a considerable reduction in
receipts and shipments of lumber from Chicago
and St. Louis. Production of wood pulp and
paper also fell off during June, but there was
some increase in the manufacture of newsprint. Cement production continued to increase, while both shipments and stocks of
cement declined. The output of automobiles,
of locomotives, and of ships decreased during
June, but there was a moderate increase in the
production of railroad freight cars.
The tonnage of vessels cleared in foreign
trade was considerably less in July than in
June, whereas the number of railroad net tonmiles registered only a very slight decline.
LIVE-STOCK MOVEMENTS.
[Bureau of Markets.]
Shipments.
Receipts.
1920.
July
1921.
April
May
June
July
Hogs, 54
markets.
Sheep, 54
markets.
Horses and
mules, 43
markets.
Head.
722,220
Head.
1,096,139
Head.
1,019,058
Head.
36,391
Head.
2,873,808
600,996
591,770
605,822
490,751
1,116,890
1,037,466
1,136,269
915,998
696,229
915,116
763,577
760,172
22,533
16,610
13,214
10,036
2,436,648
2,560,962
2,518,882
2,176,957
Total, all Cattle and
calves, 54
kinds.
markets.
Hogs, 59
markets.
Sheep, 59
markets.
Horses and
mules, 43
markets.
Head.
1,652,244
Head.
2,802,147
Head.
2,000,678
Head.
35,265
Head.
6,490,334
1,477,720
1,531,682
1,572,334
1,335,548
3,203,016
3,311,976
3,559,165
2,717,247
1,648,950
1,886,817
1,812,339
1,738,957
17,824
13,292
10,696
6,353,666
6,748,299
6,957,130
5,802,448
Cattle and
calves, 59
markets.
Total, all
kinds.
1088
FEDERAL RESERVE BULLETIN.
SEPTEMBER,, 1921.
RECEIPTS AND SHIPMENTS OF LIVE STOCK AT 15 WESTERN MARKETS.
[Chicago, Kansas City, Oklahoma City, Omaha, East St. Louis, St. Joseph, St. Paul, Sioux City, Cincinnati, Cleveland, Denver, Fort Worth,
Indianapolis, Louisville, Wichita. Monthly average, 1911-1913=100.]
RECEIPTS.
Hogs.
Cattle and calves.
Head.
1920.
Head.
Relative.
Sheep.
Head.
Relative.
Total, all kinds.
Horses and mules.
Relative.
Head.
Relative.
Head.
Relative.
1 , 180,789
1921.
April
Mav.
June
July
117
2,007,332
91
1,300,881
95
26,697
58
4 ,515,699
98
994,916
1, 082,988
1 117,111
940,173
Julv..
99
105
111
2,279,495
2,401,246
2,671,462
2,021,268
104
109
122
1 077,806
1,097,976
1 130,874
1 ,035,674
79
80
83
76
15,221
12,082
8,135
6,952
33
26
18
4 367,438
4 ,574,292
4,927 582
4 ,004,067
107
87
129
27,728
1,922,142
134
14,396
11,137
8,199
6,439
1,515,677
1,496,052
1,530,485
1,372,687
106
104
107
96
93
92
15
SHIPMENTS.
July
April
May
June
July
1920.
508,567
125
737,954
152
647,893
415,153
424,558
414,814
338,306
102
104
102
83
694,067
644.788
703,724
619,854
143
133
145
128
392,061
415,569
403,748
408,088
1921.
SHIPMENTS OF STOCKERS AND FEEDERS FROM 34 MARKETS.
Cattle and
calves.
July.
Sheep.
Head.
25,711
Head.
209,563
1920.
Total, all
kinds.
Hogs.
Head.
322,867
Cattle and
calves.
1921
Head.
558,141
Hogs.
Head.
50,320
29,409
31,373
15,493
Head.
234,331
211,846
195,039
120,429
April
May
June
July
Total, all
kinds.
Sheep.
Head.
106,476
114,811
88,302
138,414
Head.
391,127
356,066
314,714
. 274,336
ANIMALS SLAUGHTERED UNDER FEDERAL INSPECTION.
[Bureau of Animal Industry. Monthly average, 1911-1913=100.]
Calves.
Cattle.
Relative.
Head.
1920.
i
Relative.
Head.
Relative.
Head.
661,172
109
342,765
194
2,643,772
590,943
559,979
640,164
579,028
July
Sheep.
Hogs.
97
92
105
95
365,541
366,798
369,696
324,046
207
207
209
183
3,003,290
3,274,114
3,618,174
2,820,616
Head.
Total
Relative.
Head.
Relative.
1,084,428
4,696,137
98
1,040,628
984,903
1,116,069
1,050,902
5,000,402
5,185,794
5,744,103
4,783,592
104
108
117
100
1921.
April
May
June
July
107
116
128
100
EXPORTS OF CERTAIN MEAT PRODUCTS.
[Department of Commerce. Monthly average, 1911-1913=100.]
Beef, canned.
Pounds.
July
April
1920.
1921.
May
June
July
Beef, pickled,
and other cured.
Beef, fr.esh.
Rela- Pounds.
tive.
5,217,838
788
5,506,812
366,682
326,459
186,647
351,566
55
49
28
53
214,193
191,366
167,318
918,476
Rela- Pounds.
tive.
444
1,973,004
17 1,364,593
15 1,822,383
13 2,004,136
74 2,418,262
Hams and
shoulders, cured.
Bacon.
Rela- Pounds.
tive.
Rela- Pounds.
tive.
74 31,562,761
188
8,385,089
51
68
75
91
196
230
209
288
24,925,807
15,508,520
18,536,898
27,786,271
32,851,837
38,464;256
35,011,966
48,171,465
Lard.
Rela- Pounds.
tive.
56 47,061,422
167
104
124
186
53,275,457
48,604,395
67,655,776
83,329,134
Pickled pork.
Rela- Pounds.
tive.
107
2,926,247
121
110
154
189
2,005,851
2,558,043
3,337,759
3,368,482
Relative.
45
58
75
76
1089
FEDERAL RESERVE BULLETIN.
SEPTEMBER, 1921.
MOVEMENT OF
CO AL AND PETROLEILJM
1919 - 1921
AGRICULTURAL PRODUCTS
1919 -1921
ANTHRACITE COAL PRODUC noN
BITUMINOUS COAL PRODUCT ON
CRUDE PETROLEUM PRODUC TION
LIVE STOCK RECEIPTS
GRAIN AND FLOUR RECEIPTS
••• COTTON SIGHT RECEIPTS
22O|
INDEX NUMBERS. AVERAGE 1911-1913 = 100
1
!
1
1
1
1
1
,
1
,
,
, 22O
22O
2OO
2OO
2OO
18O
18O
180
16O
160
..•
\
\
r
!
INDEX NUMBERS. AVERAGE 1911-1913 = 100
16O
140
120
I
1
\ 1
8O
AO
i
T
•
.
*
.
; \ f\j
\
*
.
•
*
.
: V.
V
14-O
A
i
1OO
6O
i
\
A
If
/
i'
1
J
•
A
12O
•
1
/ I
12O
1OO
1OO
•
| /
I f
^ \
r^
8O
If
If
If
8O
6O
*.
*.
•.
V
16O
1AO
120
V
1
GO
V
I
f
•
18O
100
8O
6O
—O
YEAR
1919
AO
AO
2O
2O
-O —
YEAR
1921
1920
AO
20
2O
YEAR
INDEX NUMBERS. AVERAGE 1911-1913 = 100
1
1
1
1
1
1
1
1
r——\
YEAR
TEXTILES
1919 - 1921
PIG IRON PRODUCTION
STEEL INGOT PRODUCTION
UNFILLED ORDERS, U.S.STEEL CORPORATION
220 |
1921
1920
1919
IRON AND STEEL
1919 - 1921
Vj
1
T
V
:
:
4
14O
1
•
V"
2OO
1
1 22O
COTTON CONSUMPTION
-——WOOL
30O
28O
26O
24O
22O
CONSUMPTION
MILLIONS OF POUNDS
| \
A
A j \ l\A
f
\
26O
2A0
\
LJ
300
280
2OO
\
18O
\
16O
14O
'A
/ \
7
VV
22O
2OO
18O
16O
140
12O
12O
1OO
1OO
8O
8O
A,
6O
AO
2O
— oYEAR
j4
A j
\
6O
\
AO
V
/
1919
T920
20
1921
- O—
YEAR
1090
FEDERAL RESERVE BULLETIN.
SEPTEMBER, 1921.
RECEIPTS OF GRAIN AND FLOUR AT 17 INTERIOR CENTERS.
[Chicago; Cleveland, Detroit, Duluth, Indianapolis, Kansas City, Little Rock, Louisville, Memphis, Milwaukee, Minneapolis, Omaha, Peoria,
St. Louis, Spokane, Toledo, Wichita; receipts offlournot 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.
Rye.
Oats.
Barley.
Total grain.
Total grain and
flour.i
Flour.
RelaRelaBushels. Rela- Bushels. Rela- Bushels. Rela- Bushels. Rela- Bushels. Rela- Bushels. Rela- Barrels. tive. Bushels. tive.
tive.
tive.
tive.
tive.
tive.
tive.
1920.
July....
29,714,399
110 20,824,268
9318,734,180
93 3,096,026
281 2,653,921
37 75,022,794
96 2,052,110
1921.
April
May....
June...
July....
24,808,383
25,514,527
30,342,592
71,422,624
2,160,933
" 9212
0,939,570
94 20:
112 35,816,899
26319,713,672
54111,249,703
5,524,227
9315,,
160 21,921,817
88 25,527,442
561 .,544,229
771 ,368,821
1091 ,464,530
1272: 5,557,053
140 2,136,512
124 2,551,087
133|3,859,432
232 3,073,358
30 51,899,760
671 ,967,255
851 ,498,212
120 865,219
157 2 ,705,340
1
65,898,232
54 93,405,270
43122,294,149
84,257,289
97
100 60,752,408
76 72,640,186
44 97,298,756
138134,468,179
70
84
112
155
105
Flour reduced to its equivalent in wheat on basis of 4| bushels to barrel.
SHIPMENTS OF GRAIN AND FLOUR AT 14 INTERIOR CENTERS.
[Chicago, Cleveland, Det]roit, Duluth, Kansas City, Little Rock, Louisville, Milwaukee, Minneapolis, Omaha, Peoria, St. Louis, Toledo, Wichita,
t
'.
shipments offlournot available for Cleveland, Detroit, Louisville, Omaha, Toledo, and Wichita.]
Wheat.
Corn.
Oats.
Rye.
Barley.
Total grain.
Total grain and
Flour.
flour.i
RelaRelaRelaRelaRelaRelaRelaRelaBushels. tive. Bushels. tive. Bushels. tive. Bushels. tive. Bushels. tive. Bushels. tive. Barrels. tive. Bushels. tive.
1920.
July
19,002,099
122
9,100,527
6411,345,429
1921.
April
May
June
July
21,482,283
18,675,009
21,550,026
31,373,871
13813,793,563
12015,747,327
138 21,381,193
20120,154,143
9710,286,573
11012,447,121
15011,656,507
14110,051,024
1
75 4,476,238
632 2,086,672
53 46,010,965
681
821
771
66
214 2,029,838
1851 ,682,946
202 2\ 224,652
!,
124 2!, 313,726
52
43
57
59
,518,559
,309,016
,427,796
878,751
491,110,816
491,861,419
58, 240,174
\,
64;,771,515
93 3,767,678
99
100
117
130
11162,965,516
94 631,412,959
75 61r,263,730
62 67! 751,594
,
113 82,060,722
3 ,178,254
2:,533,847
2;,113,649
3,842,046
97
98
94
104
126
Flour reduced to its equivalent in wheat on basis of 4£ bushels to barrel.
STOCKS OF GRAIN AT 11 INTERIOR CENTERS AT CLOSE OF MONTH.
[Chicago, Detroit, Duluth, Indianapolis, Kansas City, Milwaukee, Minneapolis, Omaha, Peoria, St. Louis, and Toledo.]
Wheat.
4,959,314
Bushels.
2,059,842
Rye.
Barley.
Total grain.
Bushels.
670,563
Bushels.
1,336,553
Bushels.
494,356
363,170
239,665
625,975
1,333,323
1,079,831
1,407,124
1,406,742
52,608,295
40,696,271
52,717,833
58,812,239
Oats.
Bushels.
5,492,026
1920.
July
Corn.
16,498,010 27,717,326
10,539,233 24,926,743
17,944,190 29,273,562
10,392,384 32,845,591
14,518,298
1921.
6,565,280
3,787,294
3,853,292
13,541,547
April
May
June
July
RECEIPTS OF GRAIN AND FLOUR AT NINE SEABOARD CENTERS.
[Boston, New York, Philadelphia, Baltimore, New Orleans, San Francisco, Portland (Oreg.), Seattle, Tacoma; receipts offlournot available from
Seattle and Tacoma. Compiled from reports of trade organizations at these cities. Monthly average, 1911-1913=100.]
Wheat.
Corn.
Oats.
Rye.
Barley.
Total grain.
Total grain and
Flour.
flour.i
RelaRelaRelaRelaRelaRelaRelaRelaBushels. tive. Bushels. tive. Bushels. tive. Bushels. tive. Bushels. tive. Bushels. tive. Barrels. tive. Bushels. tive.
1920.
July.
1921.
April
May
June
July
18,710,633
149
3,305,542
93 3,499,101
74 5,048,019 3,553 2,098,083
17,958,534
15,052,060
16,628,892
34,142,124
143
119
132
271
2,890,042
4,807,533
5,385,639
9,343,697
81 1,568,460
135 1,221,630
152 1,903,786
7,002,155
331 ,617,877 1,139 909,409
261 ,506,359 1,0601,422,693
401 ,180,119
831 658,295
147 3:,143,438 2,212 4=,626,343
1 Flour reduced to its equivalent in wheat on the basis of 4J bushels per barrel.
12632,661,378
1441,660,849
159 40,135,198
146
24;, 944,322
24'
L010,275
25 756,731
>,
58,257,757
1101,831,404
1061,518,671
1131 r,714,852
257 7:, 210,521
175
145
164
690
121
113
122
331
55
86
40
279
33,185,640
30,844,295
33,473,565
90,705,102
SEPTEMBER,
1921.
1091
FEDERAL RESERVE BULLETIN.
,
STOCKS OF GRAIN AT EIGHT SEABOARD CENTERS AT CLOSE OF MONTH.
[Boston, New York, Philadelphia, Baltimore, New Orleans, Newport News, Galveston, San Francisco.
tions at these cities.]
Compiled from reports of trade organiza-
Wheat.
Oats.
Bushels.
11,923,745
Bushels.
744,167
Bushels.
1,323,940
Bushels.
1,275,554
Bushels.
3,187,611
Bushels.
18,455,017
5,651,320
3,788,898
3,486,041
9,972,506
1920.
July
Corn.
1,822,990
1,185,753
2,136,128
1,113,767
1,316,157
1,107,518
1,058,652
981,942
550,011
534,574
157,397
386,710
1,326,460
1,300,852
1,664,674
3,738,401
10,666,938
7,917,595
8,502,892
16,193,326
Rye.
Barley.
Total grain.
1921.
April
May
June
July
WHEAT FLOUR PRODUCTION.
[January, 1918, to June, 1920, U. S. Grain Corporation; July, 1920, on, estimated b y Russell's Commercial News (Inc.), New York.]
1920.
Barrels.
. 8,200,000
July.
1921.
Barrels.
9,368,000
8,406,000
8,087,000
10,720,000
April
May
June
July
COTTON.
[New Orleans cotton exchange. Monthly average crop years, 1911-1913=100.]
Sight receipts.
Bales.
Overland movement.
Port receipts.
Relative.
Relative.
Bales.
Bales.
American spinners
takings.
Relative.
Relative.
Bales.
Stocks
at TDorts
and interior
towns at close of
month.
Relative.
Bales.
1920-21.
308,262
771,590
1,466,874
1,804,135
1,579,751
1,153,825
744,682
553,518
564,521
777,011
659,900
607,788
August
September
October
November
December
January
February
March
April
May
June
July
25
62
117
144
126
92
64
44
45
62
53
48
159,586
443,149
971,334
1,075,803
797,350
636,260
446,399
401,464
477,672
595,346
482,944
465,143
17
48
106
117
87
69
52
44
52
65
53
51
25,322
17,324
87,215
117,139
134,455
157,012
206,554
134,085
101,906
84,594
112,955
78,106
24
16
83
111
128
149
210
127
97
80
107
74
251,841
254,460
395,165
425,089
672,477
526,718
576,260
253,368
211,415
288,411
410,734
469,715
55
56
87
94
148
116
136
56
47
63
90
103
1,365,397
1,607,602
2,101,839
2,597,820
2,815,934
2,863,377
2,820,403
2,757,715
2,775,391
2,869,165
2,659,826
2,311,696
116
136
178
220
239
243
239
234
236
244
226
196
COTTON SEED.
[Bureau of the Census.]
Received
at mills.
1920.
Tons.
7 259
July.
Crushed.
Tons.
13,219
On hand at
mills Olose
of month).
Tons.
30,084
Received
at mills.
Crushed.
Tons.
242,282
131,522
98,646
27,466
Tons.
133,832
70,467
77,484
54,241
1921.
April
May
June
July
On hand at
mills (close
of month).
Tons.
191,526
130,471
109,309
94,543
SHIPMENTS OF CITRUS AND DECIDUOUS FRUITS FROM CALIFORNIA.
[March, 1921, on, Bureau of Markets and California Fruit News. Monthly average, 1911-1913=100.]
Total citrus fruits.
Lemons.
Oranges.
Total
deciduous
fruits.
Carloads.
Relative.
Carloads.
Relative.
Carloads.
Relative.
2,822
115
664
164
3,486
122
3,179
6,335
4,710
5,628
3,465
259
193
230
142
1,171
1,250
2,230
1,843
289
309
551
455
7,506
5,960
7,858
5,308
263
209
276
186
82
85
2,200
3,439
1920.
July
1921.
April
May
June
July
.
.
Carloads.
1092
SEPTEMBER, 1921.
FEDERAL RESERVE BULLETIN.
SUGAR.
I Data for ports of New York, Boston, Philadelphia. Weekly Statistical Sugar Trade Journal. Tons of 2,240 pounds. Monthly average 1911—
1913=100.1
Receipts.
Relative.
Tons.
1920.
•My.
386,328
Raw stocks at j
close of month, i
Meltings.
Relative.
Tons.
325,000
210
177
Receipts.
Rela- I
tive. !
4"
Tons.
104,027 !
Relative.
Tons.
1921.
60 i April
May
June
July..
J 345,654
251,302
186,800
148,045
j
!
|
!
Raw stocks at
close of month.
Meltings.
Tons.
188
137
101
80
Relative.
126
129
118
120
232,000
236,000
217,000
221,000
Relative.
Tons.
I 187,796
| 224,035
j 193,835
; 96,603
109
130
TOBACCO SALES AT LOOSE-LEAF WAREHOUSES.
[Reports of State authorities.]
Bright belt.
Virginia dark."
North
Carolina.
Virginia.
1920.
July.
1,240
1921.
April.
May..
June..
July..
!
South
! Carolina.
3,208,994 I
5,401,074
1,313,350
9,671,324
103,870
1,514
Burley.
Grand total.
Total.
12,880,318
751,610 I
103,870
1,514
2,111,470
15,744,638
8, 576,951
5,136,905
2,014,291
573,650
7,495,115
1,301,135
1,352,780
1,521,247
2,200,905
2,200,905 !.
Western
dark.
21,577,010
7,752,904
3,367,071
4,295,802
NOTE.—Includes sales for growers and dealers, but excludes resales.
SALE OF REVENUE STAMPS FOR MANUFACTURES OF TOBACCO IN THE UNITED STATES (EXCLUDING PORTO RICO AND
PHILIPPINE ISLANDS).
[Commissioner of Internal Revenue.]
Cigars.
Cigarettes.
Large.
July.
1920.
Small.
Small.
Number.
678,751,956
Number.
51,766,100
Number.
3,053,336,563
Cigars.
Manufactured
tobacco.
Pounds.
31,011,335
Large.
April..
May..
June.
July
1921.
Cigarettes.
Small.
Manufactured
tobacco.
Number.
3,801,672,057
4,136,084,890
4,219,727,623
4,189,790,267
Pounds.
28,399,953
28,671,501
31,737,525
28,752,659
Small.
Number.
Number.
548,103,503 56,425,666
555,497,120 55,349,100
618, 495,102 50,175,400
| 564,604,797 47,383,113
NAVAL STORES.
[Data for Savannah, Jacksonville, and Pensacola. Compiled from reports of trade organizations at these cities.]
pirits of turpentine.
Rosin.
Receipts.
1920.
July.
Stocks
at close of
month.
Receipts.
Barrels.
38,407
Barrels.
30,906
Barrett.
113,747
Stocks
at close of
month.
Barrels.
1921.
135,979 | April..
I May
June
I July
Spirits of turpentine.
Rosin.
Receipts.
Stocks
at close of
month.
Receipts.
Barrels.
15,857
26,364
33,533
36,435
Barrels.
28,690
38,650
36,949
47,580
Barrels.
30,478
61,213
80,943
90,382
Stocks
at close of
month.
Barrels.
304,959
312,293
308,341
328,224
1093
FEDERAL RESERVE BULLETIN.
SEPTEMBER, 1921.
LUMBER.
[From reports of manufacturers' associations.]
Southern pine.
T Ship-
Number of
mills.
July
Western pine.
Production.
207
Mfeet.
385,842
Numments. ber of
mills.
Production.
Douglas fir.
Ship- Numments. ber of
mills.
Production.
Ship- Numments. ber of
mills.
Mfeet.
Mfeet.
Mfeet.
331,273
177,262
103,500
127
Mfeet.
242,612
Mfeet.
225,666
194 370,321 405,317
191 389,745 420,663
190 365,970 371,183
187 366,057 346,300
1920.
North Carolina pine.
Eastern white pine.
93,665
110,162
121,648
110,588
75,433
74,685
76,874
77,243
114
113
114
107
204,698
294,762
232,407
191,257
Production.
Production.
Shipments.
Mfeet.
37,459
Mfeet.
49,668
20
Mfeet.
20,756
Mfeet.
15,217
25,748
32,708
42,171
43,843
232,351
330,002
230,970
187,165
20
Ship- Numments. ber of
mills.
21,099
22,018
23,536
21,991
20
14
12
11
14,871
16,126
15,342
15,267
12,953
15,673
18,243
14,864
1921.
April
May
June
July
RECEIPTS AND SHIPMENTS OF LUMBER AT CHICAGO AND ST. LOUIS.
[Chicago Board of Trade and Merchants' Exchange of St. Louis. Monthly average, 1911-1913=100.]
Receipts.
M feet.
August.
1920.
Relative,
370,352
Receipts.
Shipments.
80
M feet.
220,368
M feet.
Relative,
87
1921.
April
May
June
July
August
Shipments.
Relative.
M feet.
213,359
242,452
253,848
216,908
235,736
345,798
354,992 !
372,453 i
328,129 !
356,730 I
Relative.
84
95
100
85
93
CEMENT.
[U. S. Geological Survey.]
Production. Shipments.
Stocks at
close of
month.
Production. Shipments.
Barrels.
0,769,378
100,302,000
Year 1919
Year 1920
Barrels.
85,596,616
96,329,000
Barrels.
5,852,497
8,290,000
4,098,000
2,539,000
10,300,000
1921
January
Barrels.
4,379,000
February.
March
April
May
June
July
6,763,000
8,651,000
9,281,000
9,296,000
9,568,000
Barrels.
3,331,000
6,221,000
7,919,000
9,488,000
10,577,000
10,301,000
Stocks at
close of
month.
Barrels.
11,400,000
12,000,000
12,600,000
12,450,000
11,150,000
10,414,000
COAL AND COKE.
[U. S. Geological Survey. Monthly average, 1911-1913=100.]
Bituminous coal, estimated monthly production.
Short tons.
August
1920.
- 1921.
April
May
June
July
Relative.
Anthracite coal, estimated monthly production.
Short tons.
Relative.
Beehive coke, estimated
monthly production.
Short tons.
Relative.
48,910,000
132
8,013.000
108
1,776,000
68
27,553,000
33,330,000
33,852,000
30,394,000
34,538,000
74
7,703,000
7,497,000
7,786,000
7,050,000
7,196,000
104
90
91
82
93
325,000
290,000
247,000
181,000
12
11
9
7
101
105
95
97
1094
FEDERAL RESERVE BULLETIN.
SEPTEMBER,
1921.
CRUDE PETROLEUM.
[Production and stocks, U. S. Geological Survey; wells completed, Oil and Gas Journal and Standard Oil Bulletin (California). Barrels of 42 gallons
each. Monthly average, 1911-1913=100.]
Production.
Barrels.
1920.
July.
38,203,000
Relative.
Stocks at
close of
month
(barrels).
199
Producing
oil wells
completed.
128,168,000
1,910
Production.
Barrels.
April..
May...
June..
July...
Relative.
40,061,000
42,043,000
40,405,000
40,228,000
1921.
Producing
oil wells
completed.
Stocks at
close of
month
(barrels).
209
219
211
210
1,224
1,405
1,471
1,162
147,862,000
156,561,000
164,837,000
172,359,000
TOTAL OUTPUT OF OIL REFINERIES AND STOCKS OF OIL.
[Bureau of Mines.]
OUTPUT, BY MONTHS.
Gasoline
(gallons).
Kerosene
(gallons).
34,906,078
415,158,911
173,581,000 I
689,878,061
94,964,222
37,594,220
36,990,478
36,940,821
426,215,200
448,567,873
430,344,393
156,156,565
145,225,023
141,637,081
813,444,202
817,367,590
826,355,262
76,456,958
70,000,194
63,088,609
Crude oil run
(barrels).
1920.
June.
1921.
April.,
May...
June..
Gas and fuel
(gallons).
Lubricating
(gallons).
STOCKS AT CLOSE OF MONTH.
1920.
June 30.
16,172,280
Apr. 30..
May 31...
June 31..
421,343,353
641,968,363
133,212,551
21,054,630
20,816,203
21,008,986
1921.
504,055,601
747,222,900
800,495,787
750,644,450
458,666,896
452,437,995
435,056,713
1,056,484,544
1,163,388,695
1,248,664,088
249,593,330
261,759,797
260,883,121
IRON AND STEEL.
[Pig-iron production, Iron Age; steel-ingot production, American Iron and Steel Institute. Monthly average, 1911-1913=100.]
Iron-ore shipments
from the upper
Lakes.
ingot producSteel-ingot p]
tion.
Pig-iron production.
Unfilled orders U. S.
Steel Corporation
at close of month.
Gross tons. Relative. Gross tons. Relative. Gross tons. Relative. Gross tons. Relative.
August.
April...
May....
June
July....
August.
1920.
9,270,763
1921.
176,211
2,594,027
3,600,989
4,047,687
153
3,147,402
3,000,432
136
1,213,958
1,265,850
1,003,406
803.376
1,138,071
1,193,041
1,221,221
1,064,833
864,555
954,193
10,805,038
205
5,845,224"
5,482,487
5,117,868
4,830,324
4,531,926
128
111
104
97
92
STRUCTURAL-STEEL ORDERS AND SHIPMENTS.
[Bridge Builders and Structural Society.]
Fabricated structural steel cont r a c t e d for
throughout
country.
Tonnage.
July.
April.
May...
June..
July...
Structural-steel orders and shipments of
the membership of Bridge Builders
and Structural Society.
Orders.
Shipments.
Per cent
shop
Per cent
Per cent
capacity. Tonnage. shop Tonnage.! shop,
capacity.
capacity.
1920.
90,400
50.0
33,213
47.0
49, C
69.0
55,800
50,800
66,900
60,200
31.0
28.0
37.0
33.5
22,694
25,763
25,247
21,847
32.5
37.5
35.5
32.0
29,550
27,987
27,363
22,186
42.5
41.0
39.0
32.5
1921.
1095
FEDERAL BESEBVE BULLETIN.
SEPTEMBER, 1921.
PRODUCTION OF BLISTER COPPER.
[American Bureau of Metal Statistics. Monthly average, 1911-1913= 100.]
Pounds.
April
49,106,606
22,835,328
May
Pounds.
Relative.
50
23
18,033,954
16,390,107
June
Julv
Relative.
18
17
ZINC.
[American Zinc Institute.]
Stocks
at end of
month.
Produced.
1920.
38,226
August.
Produced.
29,578
1921
April....
May
June
July
August
16,550
18,026
19,443
15,495
14,621
Stocks
at end of
month.
79,581
83,721
89,889
92,408
86,549
LEAD PRODUCTION.
[American Bureau of Metal Statistics. Tons of 2,000 pounds.]
Production.
510,230
454,920
476,585
1918—Year.
1919—Year.
1920—Year.
Production.
Relative.
30,149
27,812
29,037
26,172
27,650
28,348
27,827
Relative.
86
80
83
75
79
81
80
1921.
January..
February.
March
April
May
June
July
TIN.
[Imports, Department of Commerce. Deliveries, New York Metal Exchange. Monthly average, 1911-1913=100.]
Imports.
1920.
July..
1921.
April.
Deliveries
Relative. to factories.
Pounds.
17,584,167
193
Pounds.
12,387,200
2,483,655
27
3,561,600
Imports.
May
June
July....
August..
1921.
Deliveries
Relative. to factories.
Pounds.
2,021, 762
4,133, 450
3,565,767
Pounds.
2,744,000
3,561,600
3,411,520
7,436,800
LEATHER PRODUCTION.
[Tanner's Council.]
Sole
leather
(sides).
1920
July
1921.
January
February
Skivers
(dozens).
Oak and
union
harness
leather
(stuffed
sides).
1,513,844
12,563
9,748
1,190 950
1,177,888
14,234
13,987
42,236
56,971
Sole
leather
(sides).
March
AprilMay..
June..
July.-
1,351,140
1,422,727
1,561,220
1,521,521
1,431,373
Skivers
(dozens).
16,867 i
13,484 !
14,499 |
14,753 i
12,321
Oak and
union
harness
leather
(stuffed
sides).
70,194
69,922
57,480
57,196
44,971
1096
FEDERAL RESERVE BULLETIN.
SEPTEMBER, 1921.
RAW STOCKS OF HIDES AND SKINS. 1
[Bureau of Markets; July, 1920, on, Bureau of the Census.]
Cattle
hides.
1920.
July 31.
Apr. 30.
M^-y 31.
June 30.
July 31.
1
Goat and
kid.
Cabretta.
17,554,772
2,767,694
6,815,160
1,107,310
1,021,039
1,026,189
980,762
7,740,147
8, 789,123
9, 679', 847
9,784,714
1,277,321
1,244,069
1,218,839
1,109,005
12,992,299
13,334,187
13, 755,042
13,761,905
4,966,081
1921.
7,407, 862
7,441,619
7,077,950
6,448,869
Sheep and
lamb.
Kipskins.
554,516
Calfskins.
3, 454, 470
3, 715,602
3,890,547
3,639,871
Includes hides and skins in transit.
TEXTILES—COTTON AND SILK.
[Cotton, Bureau of the Census; silk, Department of Commerce. Cotton, monthly average, crop years 1912-1914=100; silk, monthly average, 19111913=100.]
Cotton consumption.
Bales.
1920.
July
Relative.
525,489
117
Imports of raw silk.
34,666,794
Cotton consumption.
Pounds.
Cotton
spindles
active
during
month.
Bales.
Relative.
2,581,920
126
1921.
April
May
June
July
408,882
439,884
461,656
410,120
Cotton
spindles
active
during
month.
Relative.
!
!
I
i
91
98
103
91
Imports of raw silk.
Pounds.
32,535, 725
32,631,051
32,665,315
32, 446,281
Relative.
4,857,160
4, 437,080
3,871,327
4,867,985
237
217
189
238
TEXTILES—WOOL.
[Wool consumption. Bureau of Markets; idle wool machinery, Bureau of the Census.]
Percentage of idle machinery on first of month to
total reported.
Consumption
(pounds).1
Spinning spindles.
Looms.
Percentage of idle hours on first of month to total
reported.
Looms.
Spinning spindles.
Wider
Sets of
Wider 50-inch Sets of
than 50-inch cards. Combs.
than
cards. Combs.
reed
50-incb space
Woolen. Worsted, 50-inch space
Woolen. Worsted.
reed
reed or less.
space. or less.
space.
August.
38,054, 708
49.5
29.9
39. e
33.4
45.5
April...
May....
June
July....
August.
53,071,000
56,929,000
59,592,000
53,076,000
36.1
26.2
20.5
18.7
20.4
34.4
28.7
25.2
25.2
26.4
33.0
25.3
21.6
21.3
22.9
18.7
14.2
10.9
11.0
12.7
32.3
23.8
20.6
20.5
21.9
1
21.8
12.9
10.1
9.8
13.3
38.3
26.6
19.9
17.5
20.8
47.3
36.8
30.1
26.3
29.6
35.8
25.0
19.8
17.9
20.6
11.3
5.4
1.4
4.1
12.6
34.1
22.9
18.6
18.2
20.0
25.7
13.5
10.4
6.6
14.3
Converted to grease-equivalent basis.
PRODUCTION OF WOOD PULP AND PAPER.
[Federal Trade Commission.]
Wood
pulp.
July.
1920.
Newsprint.
Book.
Paper
board.
Wrapping.
Fine.
Net
tons.
312,334
Net
tons.
129,853
Net
tons.
95,526
Net
tons.
218,771
Net
tons.
73,487
Net
tons.
34,078
Wood
pulp.
April
May
June
July
1921.
! Net
| tons.
I 268,806
I 216,101
189,389
178,173
Newsprint.
Book.
Paper
board.
Wrapping. Fine.
Net
Net
tons.
tons.
115,408 51,380
78,868 52,642
87, 724 53,934
94,247 48,527
Net
tons.
128,186
122,801
130,177
112,265
Net
tons.
51,713
53,084
50,332
45,090
Net
tons.
15,631
17,484
17,511
16,327
SEPTEMBER,
1097
FEDERAL RESERVE BULLETIN.
1921.
SHIPMENTS OF AUTOMOBILES.
[National Automobile Chamber of Commerce.]
Railroad Driveaways Boat (ma(carloads). (machines). chines).
Railroad Driveaways Boat (ma(.carloads). (machines). chines).
August.
1920.
23,386
7,095
34,060
1921.
April
14,197
15,193
18,834
15,320
14,290
20,187
18,608
20,269
19,470
20,350
May
June
July
August.
1,619
2,381
3,947
3,725
3,565
OUTPUT OF LOCOMOTIVES AND CARS.
[Locomotives, reports from individual producers; cars, Railway Car Manufacturers' Association.]
Output of cars.
Locomotives.
Domes- Foreign
tic
comshipped. pleted.
Domes- Foreign.
tic.
Number.
Domes- Foreign
tic
comshipped. pleted.
Total.
Number. Number. Number. Number.
122
54
434
2,731
1920.
July.
Output of cars.
Locomotives.
3,165
April..
May..
June.
July..
Domes- Foreign.
tic.
Total.
Number. Number. Number. Number. Number.
874
44
138
4,652
5,526
444
56
3,843
4,287
18
417
43
2,540
2,957
441
31
4,140
4,581
1921.
VESSELS BUILT IN UNITED STATES, INCLUDING THOSE FOR FOREIGN NATIONS, AND OFFICIALLY NUMBERED BY THE
BUREAU OF NAVIGATION.
[Monthly average, 1911-1913=100.]
Gross
Number. tonnage. Relative,
Gross
Number. tonnage. Relative.
August.
1920.
178
259,210
1,073
April....
May
June
July
August..
1921.
160
107
106
120,762
132,622
173,885
90,636
84,918
500
549
720
375
351
TONNAGE OF VESSELS CLEARED IN THE FOREIGN TRADE.
[Department of Commerce. Monthly average, 1911-1913=100.]
Net tonnage.
American. Foreign.
July.
1920.
3,302,538
3,616,052
Total.
6,918,590
Net tonnage.
PercentRela- age
Relative. Ameri- tive.
can to
total.
169
47.7
180
American. Foreign.
April.
May...
June..
July...
2,535,956
2,113,881
3,058,679
2,512,712
Total.
2,473,587 5,009,543
2,910,341 5,024,222
3,094,452 6,153,131
3,362,443 5,875,155
PercentRela- age Relative. Ameri- tive.
can to
total.
122
123
150
144
50.6
42.1
49.7
42.8
191
159
187
161
RAILROAD OPERATING STATISTICS.
[United States Railroad Administration; March, 1920, on, Interstate Commerce Commission.]
Net ton-miles, Net tons Net tons
per
per
revenue and
loaded
train.
nonrevenue.
car.
Net ton-miles, Net tons Net tons
per
per
revenue and
loaded
train.
nonrevenue.
car.
1920.
Fune...
38,243,277,000
758
29.1
April
Miay
June
1921.
25,582,000,000
28,221,000,000
28,140,661,000
637
674
671
26.9
27.8
27.7
1098
FEDERAL RESERVE BULLETIN.
SEPTEMBER, 1921.
PRODUCTION OF ELECTRIC POWER BY PUBLIC UTILITY POWER PLANTS.
[U. S. Geological Survey.)
Kilowatt hours.
Kilowatt hours.
Produced by
waterpower.
June.
1920.
Produced by
fuels.
Total.
1,417,276,000
2,148,681,000
3,565,957,000
Produced by
waterpower.
1,308,272.000
1,327,497,000
1,209,335,000
1921
April
May
June
Produced by
fuels.
1,931,199,000 3,239,471,000
1,941,563,000 3,269,060,000
2,027,474,000 3,236,809,000
Total.
COMMERCE OF CANALS AT SAULT STE. MARIE.
[Monthly average, May-November, 1911-1913=100.]
EASTBOUND.
Grain other than
wheat.
Bushels.
1920.
August.
April...
May....
June
July....
August.
Relative.
Bushels.
Relative.
39
2,315,909
26
7,512,510
7,418,708
12,431,592
11,358,929
| 10,839,026
10,298,759
1921.
Flour.
Wheat.
140
127
122
116
8,592,826
12,609,469
10,418,433
7,878,077
10,132,267
Barrels.
1,038,221
Iron ore.
Total.
Relative. Short tons. Relative. Short tons. Relative.
r
8,784,821
54,540
890,330
1,150,240
1,119,140
1,232,250
77
99
96
106
95,328
2,652,033
3,892,791
4,356,760
4,384,949
148
45
9,278,071
132
518,458
3,407,827
4,628,067
5,011,900
5,128,043
49
66
72
73
WESTBOUND.
Hard coal.
Soft coal.
Total.
Total freight.
Short tons. Relative. Short tons. Relative. Short tons. Relative. Short tons. Relative.
1920.
August
341,690
110
2,533,614
132
3,147,219
127 12,425,290
131
109,719
214,776
247,048
445,754
489,142
80
144
158
259,288
2,303,369
3,027,177
2,486,990
1,698,068
120
158
129
88
438,673
2,747,236
3,451,409
3,126,683
2,369,833
110
139
126
95
957,131
6,155,063
8,079,476
8,138,583
7,497,876
65
85
86
79
1921.
April
May
June
July
August
BUILDING STATISTICS.
BUILDING PERMITS IN 166 SELECTED CITIES.
[Collected by the 12 Federal Reserve Banks.]
NUMBER OF PERMITS ISSUED.
District District District District District District District District District District District District
No. 2
No. 1
No. 4
No. 3
No. 5
No. 6
No. 7
No. 11 No. 12
No. 9 No. 10
No. 8
(14
(22
(12
(15
(14
(14
(14
(19
(20
(9
(4
cities). cities). cities). cities). cities). cities). cities). cities). cities). cities). cities). cities).
July
April
May
June
July
1920.
1921.
Total
(166
cities).
1,883
4,907
2,051
3,719
2,719
1,706
5,234
1,353
1,329
1,339
1,636
6,343
34,219
2,547
2,412
2,517
2,209
8,304
8,146
7,534
7,501
3,426
3,187
2,874
2,599
6,716
5,107
4,564
3,678
4,445
4,170
4,045
3,278
3,030
2,770
2,800
2,564
7,166
6,132
5,930
5,392
1,962
1,998
1,939
1,815
2,862
2,528
1,971
1,753
2,559
2,655
2,166
2,240
2,588
2,473
2,617
2,475
9,412
8,525
8,199
7,925
55,017
50,373
47,156
43,429
SEPTEMBER,
1099
FEDERAL RESERVE BULLETIN.
1921.
VALUE OF PERMITS ISSUED.
District No. District No.
1 (14 cities). 2 (22 cities).
July
April
May
June
July
1920.
District No.
4 (12 cities.)
District No.
5 (15 cities).
District No.
6 (14 cities).
District No.
7 (19 cities).
7,152,233
27,586,503
7,916,294
14,912,782
6,795,165
3,592,076
18,389,732
4,451,365
5,850,526
6,602,647
6,289,448
1921.
37,953,360
55,493,186
48,312,504
64,146,117
6,489,214
6,244,792
7,875,639
5,875,671
15,972,461
10,451,771
15,658,897
9,342,411
14,838,770
8,332,123
8,779,653
5,606,030
4,194,494
5,674,822
4,723,709
5,772,478
28,034,632
14,914,403
20,593,319
29,933,415
District No.
8 (4 cities).
1920.
July
District No.
3 (14 cities).
District No. District No. District No. District No.
9 (9 cities). 10 (14 cities). 11 (9 cities). 12 (20 cities).
Total (166
cities).
4,275,703
April
May
June
July
7,068,552
4,182;, 342
3,978,647
16,332,923
122,182,952
2,403,557
2,696,521
4,448,228
3,485,150
1921.
5,591,111
4,574,734
5,602,586
3,906,381
5,167,969
6,096,407
5,452,181
5,496,947
5,633,649
4,190,778
4,155,740
4,133,026
19,907,621
17,763,732
15,450,694
15,298,705
122,603,571
142,283,795
147,655,797
159,285,779
VALUE OF BUILDING CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS.
[F. W. Dodge Co.]
VALUE OF CONTRACTS FOR ALL CLASSES OF BUILDINGS.
District
No. 1.
July
April
May
June...
July
1920.
1921.
District
No. 2.
District
No. 3.
District
No. 4.
District
No. 5.i
District
No. 7.
27,948,310
38,148,590
14,998,100
31,138,966
10,946,893
52,977,928
10,480,758
16,711,473
17,954,234
15,308,072
19,298,334
52,143,027
58,816,766
63,561,928
54,500,566
15,050,700
23,373,200
14,796,800
13,563,100
34,790,291
33,915,207
39,928,314
35,669,377
16,097,399
23,023,500
20,428,761
16,026,969
53,705,476
54,867,976
45,199/007
41,119,866
9,080,672
8,841,467
8,762,123
12,651,007
District
No. 9.2
VALUE OF CONTRACTS FOR RESIDENTIAL BUILDINGS.
District
No. 1.
July
April
May
June
July
1920.
1921.
1
District
No. 2.
District
No. 3.
District
No. 4.
District
No. 5.1
District
No. 7.
District
No. 9.2
6,050,146
8,815,254
3,206,200
9,550,771
2,621,679
,5,742,251
1,619,314
6,528,929
6,933,658
6,531,152
6,672,758
28,558,371
36,963,442
34,355,048
22,546,142
6,297,900
6,846,800
3,543,700
2,971,900
>, 090,372
), 188,212
5,198,377
5,319,248
8,092,766
6,961,450
4,090,859
5,335,545
12,989,833
9,779,947
9,880,273
7,382,427
2,026,223
2,323,242
2,554,420
3,758, f 04
North and South Carolina not included prior to May, 1921.
2
Montana not included.
SEPTEMBER CROP REPORT BY FEDERAL latest forecast, largely because of the reduced
RESERVE DISTRICTS.
forecast for spring wheat in the Minneapolis
Forecasts of crop production issued by the
United States Department of Agriculture as
of September 1, 1921, are shown in the table
following, in comparison with forecasts made as
of August 1, and with estimates of production
for the past crop year.
Corn production is expected to total 3,186,000,000 bushels, or 154,000,000 bushels more
than the August forecast and but 46,000,000
bushels less than last year's record crop. Total
expected wheat production, according to the
district, is stated as 754,000,000 bushels, or
about 3,000,000 bushels less than the month
before and 23,000,000 bushels below the estimated 1920 crop. Smaller production totals
are likewise forecast for oats and hay. The
largest reduction is shown, however, in the
expected cotton crop, the August 25 forecast
indicating a decline of about 1,166,000 bales,
or of over 14 per cent from the July 25 forecast
of 8,200,000 bales, and presaging the smallest
crop for over a quarter of a century.
1100
FEDERAL RESERVE BULLETIN.
SEPTEMBER,
1921.
PRODUCTION OF CORN, WHEAT, COTTON, OATS, AND HAY, BY FEDERAL RESERVE DISTRICTS—SEPT. 1, 1921, FORECAST
OF THE DEPARTMENT OF AGRICULTURE.
[In thousands of units of measurement.]
Federal Reserve district.
Aug. 1
forecast
for 1921.
Sept. 1
forecast
for 1921.
Winter wheat
(bushels).
Total wheat (bushels).
Corn (bushels).
Estimate
for 1920.
Sept. 1
forecast
for 1921.
Spring wheat (bushels).
PrelimiAug. 1
Sept. 1
nary estiforecast Estimate I mate for Estimate forecast
for 1920.
for 1920. for 1921.
for 1921.
1921.
Estimate
for 1920.
Boston
New York....
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
5,533
43,143
63,328
197,826
178,246
308,081
941,815
471,864
274,187
487,283
205,237
9,333
5,403
41,272
61,395
171,527
193,088
300,117
876,445
426,382
271,350
469,500
205,942
9,749
4,535
38,550
63,133
216,642
202,850
266,055
987,897
441,118
259,126
542,699
199,638
10,124
339
10,105
22,745
34,551
27,542
7,130
62,788
60,433
142,861
249,950
19,675
115,739
338
10,080
22,756
34,552
27,542
7,130
62,536
60,395
146,499
250,052
19,713
115,232
368
12,016
23,022
35,442
36,871
6,363
66,530
60,611
145,521
282,060
18,222
100,102
9,645
22,466
34,211
27,542
7,130
53,733
59,867
5,803
234,881
18,961
69,640
11,276
22,711
34,979
36,871
6,363
54,887
59,895
6,659
268,685
17,508
57,929
339
460
279
340
338
435
290
341
368
740
311
463
9,055
566
137,058
15,069
714
46,099
8,803
528
140,696
15,171
752
45,592
11,643
716
138,862
13,375
714
42,173
Total....
3,185,876
3,032,170
3,232,367
753,858
756,825
787,128 i 543,879
577,763
209,979 i 212,946
209,365
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis—
Kansas City....
Dallas
".....
San Francisco..
Total..
Sept. 1
forecast
for 1921.
Aug. 1
i forecast
for 1921.
I
i
I
!
|
j
Oats (bushels).
Cotton (bales).
Federal Reserve district.
I
j
Aug. 1
forecast
for 1921.
Estimate
for 1920.
Sept. 1
Aug. 1
forecast
forecast
for 1921.
1,278
1,578
1,476
1,827
2,570
2,459
1,436
1,531 |
2,161
443
2,212
519
2,759
185
1,188
4,881
1168
8,162
30,199
20,408
51,069
24,869
32,591
381,767
59,400
213,820
177,144
47,233
43,620
2 7,037
2 8,203
13,440
1,090,282
2
for 1921.
Hay, tame and wild (tons).
Estimate
for 1920.
Sept. 1
forecast
for 1921.
Aug. 1
forecast
for 1921.
Estimate
for 1920.
8,539
33,527
21,541
54,659
25,406
32,058
398,975
60,091
231,425
178,848
48,016
44,117
9,571
46,797
28,882
92,711
25,626
28,090
587,706
77,814
306,867
229,297
48,296
44,398
3,552
4,649
2,466
5,596
4,205
4,686
3,319
4,643
2,473
5,706
4,246
4,490
4,211
6,005
2,945
6,209
4,751
4,594
14,747
7,280
15,492
16,048
2,008
13,890
15,043
7,296
16,094
18,127
2,025
13,611
17,129
8,183
17,896
20,301
2,005
14,004
1,137,202
1,526,055
94,619
97,073
108,233
i l n addition the following amounts were estimated grown in Lower California (Mexico): Sept. 1, 1921, forecast—34,000 bales; Aug. 1, 1921,
forecast—33,000 bales; estimate for 1920, 75,000 bales.
2
Cotton grown outside of cotton belt included as follows: Sept. 1, 1921, forecast—7.000 bales; Aug. 1, 1921, forecast—6,000 bales: estimate for
1920, 13,000 bales.
REPORT OF KNIT-GOODS MANUFACTURERS OF AMERICA.
The total production of winter and summer
underwear for the six months ending July 31
was as follows:
Number Actual
of mills produc- Per cent
reportof normal.
tion
ing.
(dozens).
1921.
February
March
April
May
June
July
Winter underwear (July)...
Summer underwear (July)..
248,431
421,140
401,938
505,347
559,591
490,640
341,425
149,215
28.0
50.1
49.6
55.4
65.5
51.2
60.1
42.2
Order and production report for month ending July 31, 1921, follows. The number of
mills reporting was 49.
Per cent
Dozens. of normal
production.
Unfilled orders first of month
New orders received during month
Total (A)
Shipments during month
Cancellations during month
Total (B)
Balance orders on hand Aug. 1 (A minus B)
Production
734,229
316,853
1,051,082
346,532
8,470
355,002
378^ 516
47.7
l'.3
57.0
Thirty-eight representative mills which reported for June and July furnish the data for
the following table:
[In dozens.]
J u n e (38
mills).
Unfilled orders first of month.
New orders
Shipments
Cancellations
Production
J u l y (38
mills).
595,002
374,625
342,211
5,648
397,582
626,895
267,362
298,764
3,865
323,745
Gain.
Loss.
31,893
107,263
43,447
1,783
73,837
SEPTEMBER,
FEDERAL RESERVE BULLETIN.
1921.
1101
PRODUCTION AND SHIPMENTS OF FINISHED COTTON FABRICS.1
June, 1921.
July, 1921.
White
goods.
Dyed
goods.
Printed
goods.
14,965,739
8,616,920
7,007,279
6,822,176
363,210
21,291,494
2,956,985
5,365,709
105,428
904,900
37,775,324
2
3
5.
6
8.
.
Total
Totalfinishingcharges billed during month:
District 1
2
3. .
5
6.
8
Total-
White
goods.
Dyed
goods.
Printed
goods.
10,753,011
4,804,170
51,493,767
24,637,109
13,695 095
6,927,604
1,268,110
1,907,771
11,598,255
7,405,056
4 867 583
5,936,236
235,913
18,643,683
2,122,166
4,742,474
193,126
758,103
10,529,836
4,004,107
45,559,624
19,999,113
10,863,158
6,129,362
994,016
1,778,451
30,624,516
15,557,181
99,929,456
30,043,043
26,459,552
14,533,943
85,323,724
$286,669
149,423
251,596
139,939
5,660
$826,927
97,066
206,237
1,094
39,084
$508,358
195,259
$1,772,085
644,511
481,626
141,033
44,744
28,321
$229,505
124,276
155,345
120,954
3,988
$745,184
66,351
192,334
497
31,341
$487,599
165,663
$1,620,223
511,361
370,037
121,451
35,329
25,600
$833,287
Totalfinishedyards billed during month:
District 1.
Total.
$1,170,408
$703,617
$3,112,320
$634,068
$1,035,707
$653,262
$2,684,001
Total.
•
Total average per cent of capacity operated:
District 1.
72
67
73
63
63
68
84
72
102
91
80
57
66
67
87
62
51
59
65
39
60
60
64
87
54
73
72
63
74
65
60
61
62
7,578,109
6,579,498
5,552,463
395,000
17,815,075
3,688,752
5,935,952
122,752
743,311
11,356,794
7,717,946
50,645,197
23,211,173
13,802,213
5,675,215
1,138,311
2,356,885
12,724,194
6,195,653
5,558,733
4,900,160
130,569
16,820,005
2,586,383
6,424,959
139,803
1,323,597
9,855,208
4,692,734
45,211,150
15,849,082
13,656,773
5,039,963
1,454,166
1,523,304
35,297,199
28,305,842
19,074,740
96,828,994
29,509,309
27,294,747
14,547,942
82,734,438
5,149
4,425
3,159
2,021
6,567
75
1,694
2,483
24,878
11,143
5,340
3,788
4,952
3,795
3,145
1.461
5,800
100
1,665
2,809
23,481
10,624
5,264
3,312
14,754
Average for all districts
68
88
72
102
77
2
3.
5
6
8.
8,336
2,483
45,996
13,353
7,565
2,809
43,650
4,137
2,780
194
319
2,825
223
339
2,947
19,005
8,803 1
5,335
1,609
26
1,093
3.930
2.746
192
257
3,137
208
325
3,032
20,107
• 7,974
5,409
1,344
44
553
7,430
3,387
2,947
35,871
7,125
3,670
3,032
35,431
5.8
10.0
11.0
11.0
5.9
6.3
12.0
17.0
6.2
9.0
8.0
11.0
11.0
4.5
12.0
6.1
7.8
9.9
8.8
5.8
4.9
16.0
14.0
10.0
8.9
6.6
13.0
8.8
15.0
6.5
8.3
7.1
15.0
9.1
7.5
7.6
14.0
8.9
Total gray yardage offinishingorders received:
15,192,129
District 1
2
3
5
6
8
Total.
. .
Number of cases offinishedgoods shipped to
customers (case equals approximately 3,000
yards):
District 1
2
3
5.
6
8
847
Total.
Number of cases offinishedgoods held in storage at end of month:
District 1
2.
3
5
6
8
Total
Total average work ahead at end of month (expressed in days):
District 1.
2
3.
5
6
8
Average for all districts
- -
969
!
1
The National Association of Finishers of Cotton Fabrics, at the request of the Federal Reserve Board, has arranged for a monthly survey
within the industry. The results of the inquiries are herewith presented in tabular form. The secretary of the association makes the following
statement concerning the tabluation:
The accompanyingfiguresare compiled from statistics furnished by 34 out of 58 member firms of this association. It is probably fair to state
that in the absence of having specific detail at hand, but according to our best estimate, it is probably well within the fact that thefiguresgiven
for the various classes of work would cover, approximately, the following percentages of the entire industry: White goods, 72 per cent; dyed goods,
62 per cent; printed goods, 30 per cent. Thefiguresgiven represent reports from exactly the samefinishersfor the two months, both for the totals
and for the subdivisions and, therefore, are strictly comparable.
NOTE.—Many plants were unable to give details under the respective headings of white goods, dyed goods, and printed fgoods, and reported
heir totals only, therefore the column headed"" Total" do > not always represent the total of the subdivisions, but is a correct total for the district.
s
1102
SEPTEMBER, 1921.
FEDERAL RESERVE BULLETIN.
RETAIL TRADE.
The following tables are a summary of the
data obtained from 345 representative department stores in the 12 Federal Reserve districts.
In districts Nos. 1, 2, 5, 6, 7, 9, 11, and 12 the
data were received in (and averages computed
from) actual dollar amounts. In districts Nos.
3, 4, 8, and 10 the material was received in the
form of percentages, and the averages for the
cities and districts computed from such percentages were weighted according to volume of
business done during the calendar year 1920.
The tables for the month of July are based on
reports from 24 stores in district No. 1, 54
stores in district No. 2, 47 stores in district
No. 3, 13 stores in district No. 4, 25 stores in
district No. 5, 26 stores in district No. 6, 46
stores in district No. 7, 21 stores in district
No." 8, 16 stores in district No. 9, 17 stores in
district No. 10, 20 stores in district No. 11,
and 36 stores in district No. 12. Separate
figures for St. Louis, Louisville, and Memphis
are shown for the first time this month.
Changes in retail trade for the United States as
a whole are shown for the first time in this issue.
These figures were obtained by combining the
district percentages, after multiplying them by a
series of weights which were based partly on
population and partly on banking resources.
CONDITION OI1 RETAIL TRADE IN THE FEDERAL RESERVE DISTRICTS.
[Minus sign (—) denotes decrease.]
Ratio of outstanding orders at
close of month to total purchases during previous calendar year (per cent).
Percentage of increase in net sales as compared with corresponding
period previous year.
District and city.
Jan. 1,1921, to cl ose of— July 1,
Apr.,
1921.
- 1.5
- 8.5
- 3.1
- 2.5
5.8
- .4
.
.8
. .
- 6.8
3.1
5.3
3.7
.7
-19.5
.
May,
1921.
-11.5
-14.1
-12.3
3.6
- 5.5
-
- 8.7
- 3.4
- 4.4
2.4
- 9.2
- 7.7
- 7.1
-12.0
- 9.1
-13.8
- 6.0
-14.3
-14.9
-11.5
- 3.8
- 8.8
- 4.8
- 7.8
- 9.5
- .8
- 7.3
-13.8
- 6.4
-11.8
-21.8
9.9
-11.0
-14.1
-29.2
16.3
-17.0
-21.4
- 2.8
Outside
District
District No. 5:
Baltimore
Richmond
Washington
Other cities
District
District No. 6:
Atlanta
Nashville
- 2.4
-11.4
- 4.5
Apr.,
1921.
-17.9
1.3
Newark
Rochester
Syracuse
Outside
District
District No. 3:
Philadelphia
Outside
District
District No. 4:
Cleveland
United States
July,
1921.
-11.7
.4
- 9.2
- 2.2
- 3.9
""*5.'8" - 9.9
10.0
- .5
Outside
District
District No. 2:
New York City and Brooklyn
Memphis
Outside
District
District No 9 .
District No. 10...
District No. 11
District No. 12:
Los Angeles.
San Francisco
Oakland
Sacramento
Seattle . .
Spokane
Salt Lake City
District
June,
1921.
- 1.3
- 3.8
- 1.9
District No. 1:
Outside
District
District No. 7...
District No. 8:
St. Louis
May,
1921.
.
. . .
3.1
- 2.9
5.4
- 2.8
-17.7
. . .
.2
5.5
- 7.1
- 3.0
4.3
- 5.2
- 3.0
- 7.0
- 4.1
4.9
— 3.1
- 4.2
-16.9
-15.9
- 4.2
-10.1
-11.7
-16.8
-12.5
32 1
-19.0
83
-18.6
-17.0
-17.3
-22.3
8.6
-30.0
-21.2
-14.7
- 7.9
-16.8
-10.8
-17.4
13.2
20 9
26.6
12.9
-16.5
-21.8
-10.9
-22.1
- 1.6
-14.9
- 5.3
-17.4
3.4
8.8
- 9.6 - 2.4
1.4 - 2.1
- 7.3
14.8
- 1 6 . 1 -16.8
- 6.4 -17.9
- 8.7 -18.7
- 9.3 - . 4 . 1
- 4.2 - 8.6
2.9 - 1.5
- 5.7 -11.6
- 3.9 - 7.9
-13.8 -11.4
-13.5 -18.6
—23.4 —22.0
- 6.1
16.2
- 7.8
12.9
-10.7 - 1 5 . 1
6.9
5.5
6.1
7.5
5.8
6.2
6.7
6.3
8.8
3.5
2.8
7.9
3.3
5.3
5.1
-12.0
- 9.1
-13.8
- 6.0
-14.3
-14.9
-11.5
6.7
6.6
5.5
4.5
5.3
.......
5.4
8.3
5.5
4.2
3.7
7.3
6.9
9.2
6.0
7.5
3.3
1.9
1.9
-13.8
- 6.4
-11.8
-11.8
4.9
2.1
1.1
-29.2
-16.3
-17.0
-21.4
-
2.9
1.8
4.9
3.7
.9
— 16.9
-15.9
— 4.2
-10.1
-11.7
-10.7
25 5
-11.8
4 9
-15.8
-12.0
-22.3
8 6
-30.0
-21.2
5.1
4.6
5.4
7.5
-
-11.6
14.7
5.8
4.0
5.4
8.9
-
1.8
3.7
-
2.3
-
2.3
-
1.9
.7
1.2
-
-
5.6
1.7
-10.7
- 1.8
— 11.2
9.7
5.2
2.0
- 5.1
-15.7
— .9
.1
- 3.5
- 2.
-
Q
-
-
2.0
3.2
6.3
5.4
2.1
8.0
.4
— 7.0
- 3.8
-13.0
9.5
4.5
1.5
14.0
-13.5
— 54
- 3.5
- 6.9
-
-
-
6.4
5.1
2.5
9.1
5.2
4.6
4.3
-10.1
5.7
2.9
-
July,
1921.
5.7
8.8
-
---877-
June,
1921.
5.2
9.6
- 2.1
.6
4.9
6.9
8.7
3.6
May,
1921.
-11.5
-14.1
-12.3
-
-
1921, to
close of
July,
1921.
1.5
7.1
.5
1.4
""%¥
2.2
6.8
.1
June,
1921.
-
-
""io.'o*
1.8
13 2
20 9
26 6 i
-12.9
-16.5
-15.6
- 4.3
-15.2
21 8 !
10 9
-22.1 |
8.0
4.1
.5
- 9.2
-15.6
- 8.2
- 7.3
6.6
— 1.5
-11.6
- 7.9
-11.4
-18.6
-22.0
-16.2
-12.9
-15.1
-
-
4.3^ -
6.0
8.6
6.5
6.2
6.2
8.0
8.6
4.9
7.5
5.0
8.2
5.4
7.5
7.8
7.0
7.5
7.9
5.5
5.1
5.8
5.3
4.3
5.3
8.6
5.8
9.4
5.3
5.0
4.7
7.2
6.1
4.6
4.8
5.1
5.4
7.2
6.8
6.6
7.9
10.7
7.7
8.9
9.5
12.5
7.6
9.6
5.4
5.6
8.3
9.2
2.4
4.9
8.5
3.1
9.3
10.1
6.3
8.1
8.2
5.7
K
Q
5.6
6.6
7.4
9.5
3.9
4.4
9.4
5.9
6.4
10.5
9.9
10.4
9.8
7.5
9.2
9.1
4.8
11.1
10.3
5.0
11.9
12.1
11.0
6.7
7.9
4.9
5.2
4.0
6.0
6.2
9.2
4.0
8.7
6.7
8.4
7.0
9.5
9.6
10.0
6.0
5.5
6.4
8.4
7.1 __ _ _
Q
*
± «
4.6
SEPTEMBER,
1103
FEDERAL RESERVE BULLETIN.
1921.
CONDITION OF RETAIL TRADE IN THE FEDERAL RESERVE DISTRICTS—Continued.
[Minus sign (—) denotes decrease.]
Ratio of average stocks at close of
each month to average monthly
sales for same period (per cent).
Percentage of increase in stocks at close of month compared with—
District and city.
Same month previous year.
Julyl,
I Jan. 1,1921, to close of— 1921,to
Previous month.
lose of-
Apr.,
1921.
Apr.,
1921.
May,
1921.
June,
1921.
July,
1921.
Apr.,
1921.
May,
1921.
June,
1921.
-18.7
-16.5
-16.6
17.1
-15.6
-16.7
3.5
1.1
-2.9
-3.4
-5.8
- 3.4
.2
.6
295.5
426.8
289.8
424.5
283.0
416.0
422.1
432.6
-18.1
-16.8
-15.9
2.8
2.0
4.1
- 2.6
324.7
319.5
312.0
425.1
-22.0
District
District No. 2:
New York City and Brooklyn
Buffalo
Newark
Rochester.
Syracuse
Outside
July,
1921.
. -18.9
-17.5
...
June,
1921.
-18.5
District No. 1:
Boston
Outside
May,
1921.
-16.8
-10.4
—25.8
-29.2
— 12.6
-10.0
-17.6
-12.2
—26.2
-31.0
—21.5
- 5.0
-20.6
-18.3
—24.6
—30.2
26 1
- 8.3
5.1
-2.6
.3
.2
-6.0
-2.1
-5.9
-8.4
-8.9
-2.7
— .8
322.5.
329.6
396.4
330.3
387.0
411.7
472.5
443.6
470.9
451.9
433.8
469.4
487.3
394.4
11.5
-20.6
4.0
2.1
-5.6
- 4.2
342.5
326.5
333.9
431.6
-20.5
-13.0
-17.0
- 8.2
11.9
-12.9
-13.6
15.2
1.4
.8
.5
2.7
- .9
-4.6
- 4.9
- 4.3
313.5
426.4
314.2
447.7
311.9
432.3
469.2
479.0
-14.9
-12.1
-14.0
1.3
.2
-1.7
- 4.7
340.4
346.1
341.0
471.9
-28.0
—14.9
- 9.0
—27.9
14 9
- 9.1
-1.0
-4.9
-2.7
-2.6
—3.6
9.8
1.7
- 6.0
54
-10.4
328.7
302.4
418.1
363.1
387.7
378.9
476.3
362.7
483.1
17.8
-18.2
-19.1
-19.6
4.2
3.1
-2.8
- 6.1
327.4
334.0
319.5
416.9
-26.0
-13.6
-29.0
-23.3
-25.3
-14.6
-29.2
-24.2
-24.2
-14.2
-27.5
21.0
-27.8
-16.9
-23.9
-18.2
3.6
4.3
5.7
3.0
-3.1
— .2
- .5
-1.7
-6.6
-2.2
-2.8
-1.2
- 4.2
— 1.9
- 2.3
2.3
327.1
355.9
344.1
400.5
327.9
358.5
345.3
394.6
323.7
350.8
340.6
391.7
463.2
429.5
434.8
480.5
25.8
District
3.3
-17.3
-28.7
—14.1
.
1.6
309.5
352.6
340.4
392.4
446.5
482.2
-18.7
District No. 3:
Philadelphia
Outside....
1.1
- 3.9
- 3.1
4.5
— 2.8
76
- 6.8
-21.6
. .
-25.8
-24.2
-24.1
4.2
-4.1
- 2.2
345.3
345.6
341.3
453.3
499.1
442.7
350.8
536.6
633 3
510.9
644.3
571. 6
.. -20.7
District
.
District No. 4:
Cleveland
Pittsburgh
Outside.. .
District
District No. 5:
Baltimore
Richmond...
Washington
Other cities
District
District No. 6:
Atlanta
Nashville
New Orleans
Outside...
-
1.7
21.8
— 19.1
22 9
- 6.6 — 15.2
-26.4 -26.4
District
.6
—2.8
-4.9
—3.6
— 2.6
2.4
-11.5
17.4
-21.6
.4
-2.7
-2.8
-
.4
428.7
417.8
425.3
21.3
-18.8
-20.6
-20.0
.7
-3.1
-4.0
-
1.2
385.9
411.4
428.3
6.8
-
District
18.4
7.4
15.6
— 6.9
9.6
-12.9
- 9.9
-
9.3
.2
-1.7
-
-19.1
-21.6
18.1
-24.3
—19.8
-21.0
-27.4
-17.0
-22.6
-21.6
— 15.0
27.6
-2.9
1.7
-4.2
-4.3
-3.4
-5.7
-9.0
-4.6
—12.8
-13.8
-23.5
—30.5
-28.7
-17.7
-11.9
— 9.4
-17.6
-16.5
-29.4
-27.4
-17.1
-10.8
—17.6
-16.3
-18.4
—32.6
-28.3
-16.3
-25.7
— 3.6
— 14.6
—16.6
-32.4
-37.0
-17.2
-30.2
4.5
4.4
2.4
3.0
2.6
-9.1
-8.6
9.2
1.2
2.3
—2.3
6.8
-6.9
-3.0
-2.5
-3.2
-6.8
-5.1
-7.1
-8.3
— .6
— .7
- 2.6
- 6.8
-13.5
- 7.6
District
-13.9
-14.2
-20.9
-18.3
3.0
-1.0
-7.6
-
.7
United States
-19.0
-17.7
-17.4
-19.1
8.7
-2.4
-4.4
-
2.0
District No. 9
District No. 10
DistrictNo.il
.
.5
.5
4.7
- 3.7
500.4
410.3
455.6
475.7
337.7
3.4
3.4
-11.0
!
25
-11.6
District No. 7
District No. 8:
St. Louis
Louisville
Memphis
Outside
District No. 12:
Los Angeles
San Francisco
Oakland
Sacramento
Seattle
Spokane
Salt Lake City
July,
1921.
388.1
329.6
344.2
426.1
1
.6
6.8 ""346.* 9* " *359.*2* "*378."i """497.*i
- 2.2 369.6
407.5
386.5
543.2
-
7.5
374.1
367.9
402.6 i 383.8
454.3 1 464.2
382.6
423.4
399.1
i 602.2
617.8
376. 0
394.4
468.2
422.0
410.1
575.5
393.7
406. 0
490.7
424.3
410.8
575.5
477.9
466.6
469.7
478.3
367.8
366.0 1 369.3
468.0
1104
FEDERAL RESERVE BULLETIN.
SEPTEMBER, 1921.
WHOLESALE TRADE.
PERCENTAGE OF INCREASE (OR DECREASE) IN NET SALES IN JULY, 1921, AS COMPARED WITH THE PRECEDING MONTH
(JUNE, 1921).
Groceries. Dry goods. Hardware. Boots and Furniture.
shoes.
District.
Num- Per Num- Per NumNumPer Num- Per Num- Per ber of Per Num- Per Num- Per Num- Per Number of
ber of
ber of
ber of
ber of
ber of
ber of
ber of
ber of
cent. firms. cent. firms. cent. firms. cent. firms. cent. firms - cent. firms. cent. firms. cent. firms. cent. firms. cent. firms.
-2.6
-0.6
-5.9
+17.6
+1.2
+12.0
No. 3
No 5
No. 6
No 10
No 11
No. 12
Farm imAuto
supplies. Stationery. plements. Auto tires.
Drugs.
48
9 +3.1
24 +10.1
5 +11.9
13 +8.1
28 -14.7
-17.8
9 -13.3
17 -12.8
3 -9.2
9 -8.5
12 -13.5
25
8 -22.2
14 - 2 3 . 4
4
6
24 - 1 6 . 9
8 -22.3
9
-37.8
-7.4
15 - 1 1 . 8
3
3 -5.2
3 2.1
13 - 2 . 9
3
5
9 +1.6
-15.5
16 - 3 . 4
3
25 - 2 . 7
20
+11.2
13
PERCENTAGE OF INCREASE (OR DECREASE) IN NET SALES IN JULY, 1921, AS COMPARED WITH JULY, 1920.
Groceries. Dry goods. Hardware.
District.
No. 3
No 4
No. 5
No.6
No 7
No. 10
No 11
No. 12
Shoes.
Furniture.
Auto
supplies.
Drugs.
Farm imStationery. plements. Auto tires.
Per Num- Per Num- Per Num- Per Num- Per Num- Per Num- Per Num- Per Num- Per Num- Per Number of
ber of
ber of
ber of
ber of
ber of
ber of
ber of
cent. firms. cent. firms. cent. firms. cent. firms. cent. firms. cent. firms. cent. firms. cent. firms. cent. ber of cent. ber of
firms.
firms.
-44.9
-43.6
-33.1
-41.8
-49.1
-13.6
-34.7
-20.7
48
8 -35.5
9 -55.5
24 - 5 3 . 7
18 - 5 2 . 3
5 -53.9
13 - 5 7 . 5
28 - 5 0 . 1
-38.2
3 -38.5
9 -34.9
17 - 4 9 . 8
9
3 -15.8
9 -31.0
12 - 3 5 . 4
25
4
8 -56.0
14 - 6 9 . 6
-34.2
4
6
24 - 3 6 . 7
8 -47.7
9
9
-49.8
-31.9
15 - 2 6 . 2
15.0
4
3
3 -20.0
3 -33.3
15 - 1 7 . 1
3
5
9 -17.4
60.0
18 - 3 9 . 1
3
29 - 4 6 . 0
20
+6.1
15
SEPTEMBER,
1105
FEDERAL EESEUVE BULLETIN.
1921.
COMPARATIVE WHOLESALE PRICE LEVELS IN PRINCIPAL COUNTRIES.
The foreign index numbers published herewith are constructed by various statistical
offices according to methods described, in most
cases, in the BULLETIN for January, 1920.1
In the following table the all-commodities
index numbers for the whole series of countries
appear together to facilitate the study of
comparative price levels.
1
A description of the method used in the construction of the Swedish
Index number appeared in the BULLETIN for February, 1921, for the new
Italian index number in the April, 1921, issue of the BULLETIN, and the
method used by the Frankfurter Zeitung in the case of the German
index number was described in the BULLETINS for February and March,
1921. Complete information regarding the computation of the United
States Bureau of Labor Statistics appears in the publications of that
bureau, and a description of the index number of the Federal Reserve
Board may be found in the BULLETIN for May, 1920. Details as to the
method used by the 0konomisk Revue in constructing its index of
wholesale prices in Christiania are not available in this country. The
Danish index has been constructed only recently, is based upon the
prices of 33 commodities, and is roughly weighted according to consumption. The new British index number, compiled by the Board of
Trade, will be found on p. — of this issue of the BULLETIN. It has been
revised and now uses prices in 1913 as a base. In the case of the two
American index numbers, 1913 is used as the basis in the original computations. In the other cases in which 1913 appears at the basis for the
computation, the index numbers have been shifted from their original
bases. The computations in these cases are, therefore, only approximately correct. In a few cases July, 1914, or the year immediately preceding that, is used as the base. The figures are for the most part received by cable, and the latest ones are subject to revision. In cases
where the index numbers were available they have been published for
the war years in various issues of the BULLETIN in 1920.
INDEX NUMBERS OF WHOLESALE PRICES (ALL COMMODITIES).
United United United
KingStates; States;
dom;
Federal Bureau Board
Reserve of Labor
of
Board
Statis(90
tics (315 Trade
(150
quotaquotations).2 tions).* commodities).
1913
1914
1915...
1916
1917...
1918
1919
1920...
100
20S
233
100
100
101
124
176
196
212
243
250
234
163
154
150
143
142
139
141
143
100
United
Kingdom;
Statist
(45 commodities).3
France;
Bulletin de
la Statistique
Generale
(45 commodities).3
Italy;1
Prof.
Bachi
(38 commodities
until
1920, 76
thereafter).3
Germany;
Frankfurter
Zeitung
(77 commodities).''
Sweden;
Svensk
Handelstidning
(47
quotations.).*
314
100
101
126
159
206
226
242
291
100
101
137
187
262
339
357
510
100
95
133
202
299
409
364
624
1,522
8 100
116
145
185
244
339
330
347
262
250
324
320
299
298
496
501
604
625
1 473
1,528
178
167
162
154
151
148
148
152
251
230
215
209
205
202
199
232
215
208
199
191
183
186
183
407
377
360
347
329
325
330
333
642
613
604
584
547
509
520
542
1,603
1,473
1 419
1,410
1 428
1,387
1 467
1,690
9 ioo
Christiania,
Norway;
0konomisk
Revue
(93 commodities).*
Denmark;
Finanstidende
(33 commodities).?
Japan;
Bank of
Japan
for
Tokyo
(56 commodities).2
Australian
Commonwealth;
Bureau
Census
and Statistics
(92 commodities).2
Calcutta,
Canada; India;
Department of DepartLabor ment of
Statis(272
quota- tics (75
comtions) .5 modities).3
10 H5
159
233
341
345
322
377
n ioo
138
164
228
293
294
382
100
96
97
117
147
192
236
259
12 ioo
141
132
14155
170
180
218
100
101
110
135
177
206
217
246
363
365
409
417
383
385
239
235
234
236
256
244
209
209
267
250
237
229
218
218
211
198
344
319
312
297
294
294
300
341
290
280
270
257
254
253
256
201
195
191
190
191
192
196
196
192
181
171
166
162
159
208
199
194
187
183
179
176
174
178
174
175
1S3
184
178
183
13
100
204
1920.
July
August
1921.
January
February...
March.
April..
May
June
July
August
1
Index numbers for 1920 and thereafter based upon prices of 76 commodities.
tlcBuLLETiN for April, 1921.
2
Average for the month.
3
End of month.
4
Beginning of month but not always the first.
5
Middle of month.
e End of year and end of month.
* First of month.
s July 1,1913, to June 30,1914-100.
» Middle of 1914=100.
w Dec. 31,1913-June 30,1914=100.
11 July 1, 1912-June 30, 1914=100.
12 July, 1914=100.
" E n d of July, 1914=100.
» Last six months of 1917.
Computations arrived at by the method described on p . 465 of
1106
FEDERAL RESERVE BULLETIN.
In the following tables the index numbers for
individual groups of commodities are given for
each country separately. Reference should be
made to the preceding table for the "all commodities" indexes. In the case of the Italian
group index numbers, Prof. Bachi's new computations only are given. These can not be
SEPTEMBER, 1921.
referred back to the 1913 base and it is therefore impossible to compare present levels with
prewar levels in these cases. No group index
numbers are compiled by the Bank of Japan
and the Danish index published by the Finanstidende has only two group indexes, 17
one
for food and one for " other commodities.
GROUP INDEX NUMBERS—UNITED STATES—BUREAU OF LABOR STATISTICS.
[1913=100.]
Lumber
House
and
Chemicals
building and drugs. furnishing
goods.
material.
Cloths and Fuel and Metals and
metal
clothing. lighting. products.
All
commodi. ties.
Date.
Farm
products.
1913
1914
1915
1916
1917
1918
1919.
1920
August 1920
100
103
105
122
189
220
234
218
222
100
103
104
126
176
189
210
239
235
100
98
100
128
181
239
261
302
299
100
87
97
148
208
181
161
186
193
100
97
94
101
124
151
192
308
328
100
101
114
159
198
221
179
210
316
100
96
93
119
175
163
173
238
268
99
99
115
144
196
236
366
363
100
99
99
120
155
193
217
236
240
100
100
101
124
176
196
212
243
250
136
129
125
115
117
113
115
118
162
150
150
141
133
132
134
152
205
198
192
186
181
180
179
179
234
218
206
197
194
187
184
182
152
146
139
138
138
132
125
120
239
222
208
203
202
202
200
182
178
171
168
166
166
163
161
283
277
275
274
262
250
235
230
190
180
167
154
151
150
149
147
178
167
162
154
151
148
148
152
1921.
January
February
March.
April
May
June
July
August
Food,
etc.
100
198
Miscellaneous.
GROUP INDEX NUMBERS—UNITED KINGDOM—BOARD OF TRADE.
[1913=100.]
Cereals.
1920 average
August, 1920
Meat
Other
and fish. foods.
Total
food.
Iron and
steel.
Other
metals Cotton.
and
minerals.
Other *
textiles.
Other
Total All comarticles. not food. modities.
273
279
263
279
278
268
•272
275
406
434
252
264
480
506
362
342
274
270
340
348
314
320
245
212
205
200
197
199
200
285
266
251
245
220
219
212
251
227
229
224
222
218
222
257
234
228
222
213
212
212
359
320
283
259
250
240
229
213
201
192
192
193
189
185
224
195
173
181
183
180
180
220
201
179
170
166
162
161
221
216
205
196
202
199
193
248
228
209
202
201
196
192
251
230
215
209
205
202
199
1921.
January
February
March
April
May
June
July
GROUP INDEX NUMBERS—UNITED KINGDOM—STATIST.
[1913=100.]
Date.
1913...
1914
1915
1916
1917
1918... .
1919
1920
August, 1920
All
Vege- Ani- Sugar, Food- Min- Tex- Sun- Mate- comcoftable mal fee, stuffs. erals. tiles. dries. rials. modfoods. foods. tea.
ities.
100
no
155
193
252
248
252
321
317
100
100
125
152
192
210
215
264
295
100
107
130
161
213
238
275
366
404
100
105
137
169
218
229
238
31
0
319
100
90
109
140
152
167
190
269
281
100
97
111
152
228
265
271
299
298
100
105
131
163
212
100
98
119
153
198
243
268
290
278
225
243
285
286
Date.
All
Vege- Ani- Sugar, Food- Min- Tex- Suncoftable mal fee, stuffs. erals. tiles. dries. Mate- comrials. modfoods. foods. tea.
ities.
1921.
January
234
February
206
March. . . 214
April
212
211
May.
June
226
291 July
222
298 August
221
100
101
126
159
206
226
242
283
270
262
249
223
206
212
213
192
187
182
180
158
156
251
234
232
225
209
207
144 206
1 9 208
5
225
200
179
176
177
157
168
156
198
179
171
172
164
164
167
160
230
224
221
199
192
181
183
180
219
203
193
184
179
168
174
168
232
215
208
199
191
183
186
183
SEPTEMBER,
1107
FEDERAL RESERVE BULLETIN.
1921.
GROUP INDEX NUMBERS—FRANCE—GENERAL STATISTICAL BUREAU.
[1913=100.]
Raw All
Ani- VegeFoods
Tex- Sun- mate- commal table
foods foods.! and (20). erals. tiles. dries. rials mod(25). ities.
Date.
1913
1914
1915
1916
1917
1918
1919
1920
August, 1920
100
103
126
162
215
286
392
503
515
100
103
126
170
243
298
313
427
359
100
106
151
164
201
231
253
422
100
104
131
167
225
281
336
459
432
100
98
164
232
271
283
272
449
475
100
109
132
180
303
460
444
737
737
100
99
145
199
302
420
405
524
524
100
101
145
206
291
387
373
550
558
100
101
137
187
262
339
357
510
501
Raw All
Sugar,
Ani- Vege- coffee, Foods Min- Tex- Sun- mate- commal
and
foods. foods. cocoa. (20). erals. tiles. dries. rials mod(25). ities.
Date.
1921.
January
February—
March
April
May
June
July
August
483
452
406
396
379
349
353
338
334
317
322
348
346
368
364
336
337
338
367
359
317
338
393
352
397
378
366
372
356
357
366
360
341
300
289
281
266
261
253
245
460
398
375
314
282
278
290
321
445
422
392
371
355
341
343
356
415
378
355
328
309
300
301
312
407
377
360
347
329
325
330
333
GROUP INDEX NUMBERS—ITALY—RICCARDO BACHI.
[1920-100.]
MinOther
All
Vege- Ani- Chem- Tex- erals Build- vege- Sun- coming
table mal icals. tiles. and mate- table dries. modmet- rials. prodfoods. foods.
ities.
als.
ucts.
MinOther
All
Vege- Ani- Chem- Tex- erals Build- vege- Sun- coming
table mal icals. tiles. and mate- table dries. modfoods. foods.
met- rials. prodities.
als.
ucts.
August, 1920.
101
103
102
95
97
110
92
101
100
1921.
January.
February.. .
March
107
103
108
121
120
117
98
89
87
77
65
64
88
80
72
113
117
113
123
127
123
107
107
104
103
98
97
1921.
April
May
June . . . .
July
August
106
102
97
100
107
116
112
101
109
113
83
76
63
65
68
57
47
46
54
62
69
62
60
60
60
109
107
102
95
92
Ill
110
95
92
96
105
95
90
87
86
94
88
81
83
87
GROUP INDEX NUMBERS—GERMANY—FRANKFURTER ZEITUNG.
[Middle of 1914= 100.]
Agricul- Textural
tiles,
prod- leather.
ucts.
Miner- Miscelals.
laneous.
Agricul- Textural
tiles,
prod- leather.
ucts.
All
commodities.
1920.
Average for the year..
Beginning of August..
1,232
1,309
3,175
2,643
1,733
1,566
1,440
1,617
1,522
1,528
1921.
Beginning of—
January
February
1,353
1,265
2,643
2,507
1,678
1,580
1,575
1,525
1,603
1,473
1921.
Beginning of—
March
April
May
June
July
August
1,204
1,195
1,169
1,116
1,270
1,784
2,371
2,153
2,125
1,907
2,153
2,289
All
Miner- Miscelcomals.
laneous. modities.
1,552
1,608
1,566
1,524
1,613
1,636
1, 517
1, 500
1, 617
1, 633
1, 588
1, 550
1,419
1,410
1,428
1,387
1,467
1,690
GROUP INDEX NUMBERS—SWEDEN—SVENSK HANDELSTIDNING.
[July 1,1913-June 30,1914-100.]
1913-14
19141
1915
1916
1917
1918
1919
1920
August, 1920
January
February
March
\pril
May
June
July
August
Raw materials
for agriculture.
100
136
151
152
181
221
261
262
100
101
140
182
205
419
409
296
100
114
161
180
198
304
340
312
271
307
310
1,007
1,117
244
.
.
1921.
.
Animal
food.
266
281
231
238
232
221
237
236
217
241
229
231
217
206
227
230
248
240
236
245
236
216
214
Vegetable
food.
Date.
.
.
.
i Average for 6 months ending Dec. 31,1914.
Coal.
Metals.
Building
material.
Wood
pulp.
Hides
Textiles.
and
leather.
Oils.
100
109
166
272
405
398
258
278
100
104
118
165
215
275
286
371
116
233
267
300
308
675
100
118
158
229
206
195
211
215
100
103
116
166
247
100
111
120
149
212
324
294
286
388
756
191
328
322
371
230
320
520
131
169
362
279
291
369
371
315
250
204
185
178
153
149
149
130
319
298
236
237
224
199
198
511
510
510
286
286
197
183
108
85
84
106
108
112
107
100
123
177
266
551
856
804
100
147
134
125
132
129
133
132
328
318
268
264
238
207
191
191
All commodities.
100
116
145
185
244
33S
330
347
365
267
250
237
229
218
218
211
198
1108
FEDERAL RESEBVE BULLETIN.
GROUP INDEX NUMBERS—CHRISTIANIA,
SEPTEMBER,
1921.
NORWAY— 0KONOMISK REVUE.
{Dec. 31,1913-June 30,1914=100.]
I
Animal
food.
Date.
of—
1914...
1915...
1916...
1917...
1918...
1919...
1920...
J u l y , 1920.
Fuel.
Vege- Feedstuffs
table and ferfood. tilizers.
BuildMetals. ing materials.
Petro- Iron.
leum
and
benzine.
Coal
and
coke.
Textiles.
Hides
and
leather.
Pulp
wood.
All
commodities.
Paper.
End
115
149
193
260
324
329
352
337
130
150
198
292
277
281
385
376
108
150
195
231
284
277
340
328
151
224
355
1,161
514
767
647
1,050
104
132
170
231
247
162
407
274
115
158
435
720
573
442
482
724
128
289
401
503
503
187
200
237
107
131
213
326
359
358
416
455
105
121
178
264
302
356
402
413
158
193
251
296
286
284
255
269
103
124
171
217
283
277
321
413
101
137
190
263
313
322
472
453
115
159
233
341
345
322
377
417
307
294
307
283
280
273
301
370
324
315
304
303
323
408
317
292
287
273
277
275
254
512
358
289
317
317
345
384
364
357
343
343
336
303
394
340
328
295
295
296
307
165
167
169
166
166
167
190
378
362
339
329
324
308
309
374
352
350
329
324
324
319
217
212
203
199
190
197
197
321
289
289
289
289
289
276
472
472
472
413
413
413
392
344
319
312
297
294
294
300
1921.
January.,
February.
March
April
May
June
July
GROUP INDEX NUMBERS—AUSTRALIAN
COMMONWEALTH—BUREAU
OF CENSUS AND STATISTICS.
[July, 1914=100.]
md
Date.
coal.
Dairy
products.
Groceries
and
tobacco.
Meat.
Building
materials. Chemicals.
All commodities.
100
117
154
213
220
193
209
211
1921.
,
100
93
131
207
232
217
243
252
100
202
113
110
135
186
229
244
100
127
124
110
121
137
184
188
100
110
127
131
138
147
186
193
100
150
155
1.55
147
145
201
261
100
116
136
194
245
261
295
307
100
149
172
243
315
282
277
283
100
141
132
155
170
180
218
234
215
214
203
202
194
195
195
J u l y , 1914
1915
1916
1917
1918
1919.
.'
1920
J u l y , 1920
Janivdiy
February
March
April
May
Jure
July
Agricultural .
products.
Textiles,
leather,
etc.
145
132
107
114
108
105
111
197
192
176
164
161
160
158
208
206
207
178
175
171
166
197
197
198
196
195
1S8
188
191
184
178
144
140
134
119
279
303
303
284
279
250
23S
244
242
234
231
224
233
220
196
192
181
171
166
162
159
GROUP INDEX NUMBERS—CANADA—DEPARTMENT
OF LABOR.i
[1913=100.1
Date.
1913
1914
1915
1916
1917.
1918
1919.
1920
August, 1920.
January
February
March..;
April
May
June
July
August
Grains Animals
and
and
fodder. meats.
Dairy
products.
Fruits
and
vegetables.
Other
foods. Textiles.
Hides,
leather,
etc.
Metals.
BuildImple- ing maments. terials,
lumber.
Drugs
Fuel and and
lighting. chemicals.
All commodities.
100
114
136
142
206
231
227
263
271
100
107
104
121
161
197
199
198
204
100
100
105
119
149
168
192
204
198
100
99
93
130
233
214
206
261
216
100
104
121
136
180
213
222
258
277
100
102
114
148
201
273
285
303
300
100
105
110
143
168
169
213
192
173
100
96
12S
167
217
229
173
203
209
100
101
106
128
174
213
228
245
243
100
100
97
100
118
147
171
268
285
100
94
92
113
163
188
201
255
298
100
106
160
222
236
250
205
204
218
100
101
110
135
177
206
217
246
244
186
171
168
154
150
146
143
152
175
171
171
169
158
146
143
143
216
185
174
161
126
124
133
142
184
163
175
162
162
169
157
182
212
205
203
189
189
183
174
173
22S
204
198
191
187
ISO
131
126
118
115
114
106
106
101
174
167
158
145
147
154
147
145
257
257
243
241
236
236
236
237
248
239
231
229
224
21?
217
192
247
234
233
226
216
212
207
206
196
188
181
180
178
175
175
176
208
199
194
187
183
179
176
174
1921.
17'J
181
* Unimportant groups omitted.
SEPTEMBEB,
1109
FEDERAL RESERVE BULLETIN.
1921.
GROUP INDEX NUMBERS—CALCUTTA, INDIA—DEPARTMENT OF STATISTICS.
[End of July, 1914=100.]
Date.
All
Build- ManuJute
Hides Cotton Raw manu- Other Oils, R a w
Other coming
Oil
facand manutex- musmate- tured Metals. skins. fac- cotton. fac- tiles. tard. jute. seeds. Tea. Sugar. Pulses. Cereals foods. modities.
rials. articles
tures.
tures.
E n d of July, 1914..
Average for 1920...
August, 1920.
100
138
142
100
231
235
100
238
257
100
147
99
100
354
360
100
153
139
100
149
163
100
162
168
100
128
115
100
104
91
100
173
167
100
78
72
100
407
477
100
166
160
100
154
154
100
184
185
100
204
209
1921.
January...
February
March.
April
May
June..
Tuly
158
147
153
117
151
149
149
238
226
239
242
262
244
237
247
243
255
255
254
245
245
81
80
86
97
110
119
116
324
305
301
311
312
303
316
107
104
98
119
124
129
136
104
101
91
97
94
100
102
149
149
143
123
126
132
147
116
97
90
110
112
114
115
85
80
81
85
75
76
80
130
124
122
131
142
145
157
77
70
71
76
78
89
92
314
352
369
359
302
239
139
135
129
119
122
128
147 . 141
145
156
165
150
173
151
139
148
136
150
153
152
162
178
174
175
183
184
178
183
247
COMPARATIVE RETAIL PRICES IN PRINCIPAL COUNTRIES.
berg. Dr.
his calculations upon
In the following table are presented statistics per week ofKuczynskiofbases in Greater Berlin. the cost of
a family four
showing the trend of retail prices and the cost
of living in the United States and important RETAIL PRICES IN THE UNITED STATES, PARIS,
SWEDEN; COST OF LIVING IN UNITED KINGDOM
European countries:1
BERLIN.
1
Three of these index numbers—those for the United Kingdom*
Paris, and Sweden—are constructed on the basis of prices in July. 1914=
100. In the case of the United States, the original base, that of the year
1913, has been shifted to the July, 1914, base. The German index uses
the year ending July, 1914, as a base.
The American index number, constructed by the Bureau of Labor
Statistics, was based upon the retail prices of 22 articles of food, weighted
according to family consumption, until January, 1921, when it was
increased to 43 articles reported by dealers in 51 important cities. The
method of weighting continues the same, although the actual "weights"
applied have been changed.
The British index number of the cost of living constructed by the
Ministry of Labor consists of the retail prices not only of foodstuffs but
of other articles as well. Retail clothing prices, rents, and the cost of
fuel, lighting, and miscellaneous household items are also taken into
consideration. The index number is weighted according to the importance of the items in the budgets of working-class families.
The retail price index for Paris, compiled by the French General
Statistical Office, consists of retail prices of 13 different commodities,
weighted according to the average annual consumption of a workingman's family of four persons. Eleven of the commodities included in
this index are foods, and the other two are kerosene and alcohol.
The Swedish index number consists of the retail prices of foodstuffs,
fuel, and lighting and is based upon the prices of 51 articles in 44 towns
(in 1920, 50 articles in 49 towns), weighted according to the budget of
a workingman's family which before the war had a yearly income of
2,000 kronor.
The German index expresses upon a percentage basis figures compiled by Dr. R. R. Kuczynski of the statistical office at Berlin-Schone-
living
AND
AND
[July, 1914=100.]
United United
Paris,
States,
Kingretail
retail1 d o m , cost prices.1
2
prices. of living.
Berlin,
cost of
livings
182
199
1919
1920
July
August
1920.
1921.
January
February...
March
April
May
June
July...
August
1
Sweden,
retail
prices.
216
249
260
371
321
298
215
203
252
255
373
373
297
308
1,125
1,069
169
155
153
149
142
141
145
152
265
251
241
233
228
219
219
222
410
382
358
328
317
312
306
317
283
262
253
248
237
234
232
234
1,111
1,087
1,035
976
990
1,080
1,125
Average for the month.
2 Beginning of month.
3 August, 1913-July, 1914=100.
1110
FEDERAL RESERVE BULLETIN.
SEPTEMBER 1921.
FOREIGN TRADE—UNITED KINGDOM, FRANCE, ITALY, SWEDEN, AND JAPAN.
current f. o. b. values. The same method is followed in Japan and
Sweden. In France and Italy the value of foreign trade is estimated
not in terms of current prices but in terms of those of some earlier date,
usually the preceding year.
None of the figures presented below include the import or export
of gold and silver. In the case of England and France, group figures
are given as well as total values, while in the case of the other countries,
total values only are presented. This does not mean that group figures
are not obtainable, merely that they are either delayed in publication
or appear not to be of such general interest as the French and English
> Currencies have not been converted to a common unit, nor are material.
•
methods of valuation the same in all countries. In England imports
Japanese figures for recent months are received by cable and subare given current c. i. f. values in England; exports and reexports, ject to revision.
In the following table are presented figures
showing the monthly value of the foreign trade
of a group of important European countries
and Japan. Similar statistics for Germany are
not available.1
FOREIGN TRADE OF THE UNITED KINGDOM.
Imports.
Exports.
In thousands of pounds stealing.
In thousands of pounds sterling.
In
Raw
Articles Miscelthou- Food, mate- Articles
Food, riband wholly laneous,
sands drink, rials and wholly
drink,
includor
articles
Total. of tons. and
and
ing
mainly mainly
tobacco.
parcel
tobacco. unmanu- manupost.
factored. lacturecL
Monthly average:
Reexports.
In
Miscelthoulaneous,
sands
includTotal. of tons.
ing
parcel
post.
In
thouIn
sands thouof
sands
pounds of tons.
sterling.
1913
1919
1920
24,184
59,927
63,948
23,485
50,565
59,292
16,134
24,663
37,902
259 64,061
358 135,513
254 161,395
3,795
2,716
2,814
4,241
5,825
9,274
12,138
34,281
53,457
93,394
949 43,770
1,008 66,553
1,528 111,297
3,292
9,131
13,729
18,701
"i39
1920.
August.
61,785
51,268
40,016
185
153,255
4,302
3,503
10,467
99,645
114,903
3,066
13,368
118
1921.
January
February
March
April
May
June
July
August 1
49,158
47,750
50,888
52,908
50,094
51,915
42,090
37,005
25,504
17,739
16,547
16,711
18,389
20,232
30,467
23,394
24,930
20,374
19,282
17,600
18,005
420
326
184
167
221
278
431
117,051
96,974
93,742
89,996
86,308
88,182
80,757
88,581
3,383
2,573
2,697
2,668
2,891
3,852
3,075
2,897
2,729
2,101
2,439
2,702
7,668
5,881
5,832
2,936
1,437
1,125
2,775
79,746
58,177
56,969
52,019
38,662
33,658
36,705
92,756
68,222
66,809
59,868
43,088
38,152
43,172
51,340
2,558
2,446
2,656
1,279
500
9,955
8,004
8,888
8,524
7,232
7,083
9,362
9,989
87
82
127
126
90
1,491
1,089
1,111
1,184
889
930
991
i
1
7,650
152
Subject to revision.
FOREIGN TRADE OF FRANCES
[In thousands of francs.]
Imports.
Food.
Monthly average:
1913 2
19193
19203
ManuRaw
factured
materials. articles.
Exports.
Total.
Food.
Raw
materials.
Manufactured
articles.
Parcel
post.
Total.
151,465
892,040
718,179
412,144
1,229,435
1,400,046
138,169
861,797
832,187
701,778
2,983,272
2,950,413
69,908
99, 201
184, 277
154,841
203,691
397,677
301,420
615,630
1,187,742
47,182
71,444
573,351
989,966
1,869,563
794,318
2,119,687 1,137,424
4,051,429
197, 705
456, 739
1,3
74,167
2,097,416
346,703
386,169
455,545
390,345
419,229
490,615
434,001
1,101,267
803,231
786,352
887,151
690,553
871,374
704,069
1,982,468
1,613,931
1,742,908
1,779,089
1,565,508
1,723,534
1,469,117
188
172
162
176
151
148
123
546
992
901
333
724
237
303
436,069
478,561
379, 281
468 453
415 057
540 722
439 534
1,142,398
1,162,817
1,035,826
1,179,683
986,583
977,129
925,868
115,605
85,074
108,418
107,799
95,271
84,375
74,350
1,882,618
1,899,444
1,686,426
1,932,268
1,648,635
1,750,464
1,563,055
1920.
July 4
1921.5
January...
February.
March
April
May
June
July
1
2
3
4
5
Not including gold, silver, or the reexport trade.
Calculated in 1913 value units.
Calculated in 1919 value units.
Calculated in 1920 value units.
Calculated in 1919 value units
culated
534,498
424,531
501,011
501,593
455,726
361,545
331,047
1111
FEDERAL RESERVE BULLETIN.
SEPTEMBEK, 1921.
FOREIGN TRADE OF ITALY, SWEDEN, AND JAPAN.
Italy.
(In millions of
lire.)1
Sweden.
(In millions of
kronor.)
Japan.
(In millions of
yen.)
Imports. Exports. Imports. Exports. Imports. Exports.
Monthly average:
1913
1919
1920
304
1,385
1,322
68
131
61
181
281
191
195
679
267
164
662
752
521
297
314
283
331
227
224
268
296
220
157
217
193
184
154
1,166
1,320
1,503
1,346
1921.
January
February
March
April
May
June
July
71
211
650
1,363
1,401
2 076
1,040
1920.
April .
May
June
July
210
506
503
566
569
122
116
99
106
95
2 93
91
89
75
69
82
2 69
105
119
337
139
149
148
2 109
75
77
94
115
105
107
586
2
U920 and 1921 figures based on 1919 value units.
53
175
162
2 98
Provisional.
DISCOUNT AND OPEN-MARKET OPERATIONS OF FEDERAL RESERVE BANKS.
Following is a set of tables showing the
volume of bills discounted and of acceptances
and Government securities purchased by the
Federal 'Reserve Banks during July, 1921.
Bills discounted and purchased are classified
by character of paper and by rates of discount
charged. Average maturities and average rates
are also given, as is the number and percentage
of banks accommodated during the month:
VOLUME OF OPERATIONS DURING JULY, 1921.
Federal Keserve Bank.
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City...
Dallas
San Francisco.
Total: July, 1921
July, 1920
7 months ending July 31,1921.
7 months ending July 31,1920..
Bills
discounted
for member
banks.
U. S. securities purchased.
Bills
bought in
open market.
$196,235,134
1,797,400,548
282,489,271
265,745,531
209,408,678
121,232,212
323,184,218
134,078,290
51,520,289
68,022,874
59,114,721
226,646,646
$11,032,686
14,415,568
1,402,927
2,279,462
1,650,100
885,619
7,855,709
755,839
3,735,078,412
6,714,923,809
40,323,449, 875
45,146,332,029
46,669,539
219,463,677
814,434,451
1,933,167,062
938,800
60,000
5,392,829
Certificates of
Bonds
and notes. indebtedness.
$190,000
3,012,600
272,600
1,000
$1,606,500
56,384,000
52,500
34,500
306,000
196,100
827,000
221,500
672,000
147,500
597,600
735,500
4,575,900
60,681,000
584,519,500
2,534,835,557
5,245,888,500
28,257,661
245,500
Total.
July, 1921.
$209,064,320
1,871,212,716
284,217,298
268,060,493
211,058,778
122,117,831
331,866,927
135,361,629
52,388,389
69,109,174
59,174,721
233,372,575
3,847,004,851
43,700,977,544
July, 1920.
$371,815,589
4,543,008,141
551,629,711
231,865,953
262,499,955
185,616,963
527,060,085
195,462,178
76,081,701
151,737,414
115,487,072
306,642,224
7,518,906,986
' 52^325," 633," 09*i
1112
FEDERAL RESERVE BULLETIN.
SEPTEMBEB,
1921.
VOLUME OF BILLS DISCOUNTED DURING JULY, 1921, BY CLASSES OF PAPER; ALSO NUMBER OF MEMBER BANKS
ACCOMMODATED.
Customers'
paper
secured by
Government
obligations.
Federal Reserve
Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
$9,824,245
11,216,226
16,552,359
4,635,951
2,509,614
3,462,021
10,234,113
2,835,110
605,747
1,917,326
836,813
5,169,449
Total:
July, 1921.
June, 1921.
Ju^y, 1920.
June, 1920.
69,798,974
96,162,420
149,726,351
140,604,965
Member banks' collateral
notes.
Secured by
Government
obligations.
Bankers' acceptances.
Commercial
paper, n. e. s.
Otherwise
secured.
$89,280,200
945,034,807
185,593,370
159,502,730
$160,000
168,998,902
534,000
58,754,224
415,500
172,230,490
903,100
89,121,234
75,000
24,641,133
1,682,100
43,527,833
26,817,215 3,911,210
150,860,974 14,735,135
2,114,363,112
1,961,814,011
4,383,779,883
4,404,231,395
22,416,045
29,593,562
8,297,166
8,711,600
Foreign.
$96,482,902
839,300,160
80,034,607
98,438,422
31,540,177
52,280,434
128,048,949
36,357,156
16,159,206
14,701,689
15,879,340
45;031,038
$556,499
486,601
199,152
365,910
4,994,047
5,063,842
10,778,127
3,444,639
6,683,251
1,444,624
6,158,763
5,929,107
1,454,254,080
1,476,729,238
46,104,562
70,054,907
1
$79,550
Domestic.
Dollar
exchange.
$100,000
954,532
191,487
$50,000
162/766
* "80," §73"
382, 986
17,526,512
26,895,934
1,417,068
3,056,331
50,000
20,000
474,560
714,042
7,068,782
9,431,522
Total all
classes.
Foreign.
Domestic.
Total reduced to common maturity basis.1
Federal Reserve Bank.
Amount.
Member banks.
Number,
I Per cent in district
| of total.
July 31.
Accommodated.
Number<
P e r cent#
$80,108
1,133,526
104,7S3
2,636,638
817,932
659,110
363,673
372,885
185,804
202,387
322,967
1,748,686
$196,235,134
1,797,400,548
282, 489,271
265; 745,531
209. 408,678
121, 232,212
323. 184,218
134; 078,290
51, 520,289
68. 022,874
59, 114,721
226, 646,646
$154,083,871
917,532,309
252,277,453
279,053,685
228,152,688
234,918,508
712,317,508
183,907,167
147,165,557
155,882,074
158,137,830
311,649,763
4.5
24.5
6.7
7.4
6.1
6.3
19.1
4.9
3.9
4.1
4.2
8.3
438
793
700
879
621
495
1,432
584
1,016
1,091
873
867
229
326
393
349
415
346
934
326
620
563
630
471
52.3
41.1
56.1
39.7
66.8
69.9
65.2
55.8
61.0
51.6
72.1
54.3
45,000
8,628,499
100,000
9,836,589
13,457,509
13,937,582
3, 735,078,412
3,674,977,034
6,714,923,809
6,336,641,955
3,735,078,413 |
100.0
9,789
9,779
9,458
9,395
5,602
5,740
4,858
4,948
57.2
58.7
51.4
52.7
$45,000
Total: July, 1921..
June, 1921.
July, 1920..
June, 1920.
$11.
4'
o,
5,
14,
597;
625;
676,
1,563!
6,126;
5,188,
2,708.
2,152,594,118
1,759,724,891
Trade acceptances.
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas...
San Francisco.
Live-stock
paper.
Agricultural
paper.
Total discounts multiplied by ratio of average maturity of bills discounted by each bank to average maturity (16.18) for system.
VOLUME OF BILLS DISCOUNTED DURING JULY, 1921, BY NORMAL RATES OF DISCOUNT CHARGED; ALSO AVERAGE RATES
AND MATURITIES.
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City....
Dallas
San Francisco..
Total.
Average
rate
(365-day
basis).
Average
maturity.
,194,284,660
1,296,219,192
61,528,237
265,745,531
209.408,678
121,232,212
184,845,626
132,973,758
25,281,741
68,022,874
59,114,721
175.871,679
$138,338,592
$196,235,134
1,797,400,548
282, 489,271
265, 745,531
209,408,678
121,232,212
323, 184,218
134,078,290
520,289
68,'022,874
59, 114,721
226, 646,646
Per cent.
5.82
5.84
5.60
6.00
6.00
6.00
6.35
6.17
6.42
16.42
6.00
5.87
Days.
12.70
8.26
14.45
16.99
17.63
31.35
35.66
22.19
46.22
37.08
43.28
22.25
875,972,363
265,585,804
2, 694,528,909
2,689,999,291
164,577,140
715, 794,939
3,735, 078, 412
3,674,977,034
6.02
6.14
16.18
19.29
5| per cent.
$101,950,474
501,181,356
220,961,034
1,104,532
Total: July, 1921..
June, 1921.
61 per cent.
50, 774,967
Federal Reserve Bank.
1
Including charges under progressive rates.
6 per cent.
26,238,548
2
2 Includes $3,597,000 of bills discounted at 5f per cent.
SEPTEMBER,,
1113
FEDERAL RESERVE BULLETIN.
1921.
VOLUME OF BANKERS
AND TRADE ACCEPTANCES PURCHASED DURING JULY, 1921, BY CLASSES.
Bankers' acceptances.
Total
bills purchased.
Federal Reserve Bank.
Dollar
exchange.
Foreign.
Foreign.
Domestic.
$7,211,469
11, 678,604
787,388
336,642
365,000
660,519
3,409,542
165,524
$2,951,217
2,376,964
615,539
1, 942,820
1 285 100
225,100
4,446,167
550,315
938,800
60 000
3,523,212
1, 747, 773
75,000
938 800
60 000
5,345,985
$46,844
$46,844
Total: July, 1921
June, 1921
29,136,700
42,998, 716
16,140,995
17,265,288
1,345,000
4,334,512
46,622,695
64,598,516
46,844
74, 613
46,844
74,613
July/1920
June, 1920
158,499,195
193,372,977
48,772,794
62,810,535
2,023,747 209,295, 736 9,953,648
5,149, 705 261,333,217 22,872,328
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta .
Chicago
St Louis
Minneapolis . . . .
Dallas
San Francisco.
1
Total reduced to a
common maturity
basis.1
Trade acceptances.
Total.
Domestic.
Amount. Per cent
of total.
Total.
$11,032,686 $5,093,807
14,415,568 8,188,702
1,402,927 1,230,814
2,279,462 1,348,207
1,650,100 2,293,708
885,619 1,383,008
7,855, 709 21,717,347
755,839
347,014
$870,000 $11,032,686
360,000 14,415.568
1 402 927
2,279,462
1 650 100
885,619
7,855, 709
40,000
755,839
10.9
17.5
2.6
2.9
4.9
2.9
46.5
.7
1,491,691
96,141
3,479,100
3.2
.2
7.7
46,669,539 46,669,539
64,673,129
100.0
938,800
60,000
5,392,829
$214,293 10,167,941 219,463,677
1,547,074 24,419, 402 285, 752,619
Total purchases multiplied by ratio of average m i iurity of bills purchased by each bank to average maturity (31.26) for system.
VOLUME OF ACCEPTANCES PURCHASED DURING JULY, 1921, BY RATES OF DISCOUNT CHARGED; ALSO AVERAGE RATES
AND MATURITIES.
5 per cent. 5J per cent. 5i per cent. 5| per cent. 5£ per cent. 5f per cent. 5| per cent. 5| per cent.
Federal Reserve Bank.
Boston
$1,317,271
New York
Philadelphia
Cleveland
Richmond .
Atlanta
Chicago
St Louis
Minneapolis
Kansas City
Dallas
San Francisco
$433,194
109,296
100,000
$2,370,137
150,136
240,015
175,000
$12,583
25,000
364,682
35,000
3,487,917
160,000
Total: July, 1921..
June, 1921
1,317,271
Federal Reserve Bank.
650,610
4,126,131
Atlanta
31,545
4,275,555
9,167,587
2,007,292
3,599,019
10,156,972
18,621,555
36,297,871
Total.
Average
rate (365day basis).
$11,032,686
14,415,568
1,402,927
2,279,462
1,650,100
885,619
7,855,709
755,839
Per cent.
5.47
5.80
5.46
5.81
6.08
5.97
5.55
5.54
Days.
14.43
17.76
27.42
18.49
43.45
48.81
86.41
14.35
938,800
60,000
5,392,829
7.10
5.61
5.77
49.67
50.08
20.16
13,330
123,415
938,800 46,669,539
20,000 164,673,129
5.70
5.88
31.26
28.83
4,146,303
6 per cent. 6J per cent. 6J per cent. 7 per cent.
Boston
New York
Philadelphia
Cleveland
Richmond
49,840
806,860
10,000
8,120
.
210,481
2,459 532
369,663
61,121
1,065,000
125,843
$4,054,155
55,442
788,230
373,384
$316,964
$3.330
$5,035
i
.
Chicago
St. Louis .
Minneapolis
Kansas City
Dallas .
San Francisco
Total- July, 1921
June, 1921 . . .
..
..
...
1
124,621
1,650,100
675,138
67 000
$938,800
10 160
199,628
3,043,611
6,540,059
5,035
721,300
$2,756,518
412,558
10,000
388,398
$130,287
878,059
305,000
138,260
33,333
i Includes $78,552 of acceptances purchased at 6J per cent.
NOTE.—All Federal Reserve Banks use 360 days to the year in calculating interest on Dills bought in open market.
$88,828
13,207,520
605,000
1,040,287
8,727,668
Average
maturity.
1114
SEPTEMBER, 1921.
FEDERAL RESERVE BULLETIN.
HOLDINGS OF EARNING ASSETS, BY CLASSES.
Following is a set of tables giving a detailed analysis of the different classes of earning assets
held by the Federal Reserve Banks at the end of July, 1921.
AVERAGE DAILY HOLDINGS OF EACH CLASS OF EARNING ASSETS, EARNINGS THEREON, AND ANNUAL RATES OF EARNINGS,
DURING JULY, 1921.
Earnings o n -
Average daily holdings o—
f
Federal Reserve
Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
All classes
of earning
assets.
Purchased
bills.
Discounted
bills.
$106, 835,278 $80,462,457
497,904,104 425,564,982
152,437,665 121,760, 597
173,437,629 149,453,712
112, 936, 840 102,682,669
127, 096,199 101,672, 945
343,334,419 300,118, 735
83, 764,231
96, 853, 581
72,508, 000
78,228,000
78,285,344
95, 893,455
59,623,396
66,116,938
161,625,3S4 149,265,238
U.S.
securities.
All
classes
of
earning
assets.
Annual rate of earnings on—
Purchased
bills.
Discounted
biUs.
i,
$6,724, 566 $19, 64% 255 $477,063 $409,613
7,686,419 64,652, 703 2,335,904 2,151,342
583,129
2,108,713 28, 568,355 645,638
808,077
761,645
1,320,190 22,663, 727
546,940
523,079
1, 825,287 8,428, 884
575,336
507,412
1,105,387 24,317, 867
2, 831,174 40,384, 510 1, 713,144 1,627,801
461,900 440,255
170,018 12,919,332
5,720,000 412, 853 402,650
442,797
408,941
395,464 17,212,647
324,900
114,292 6,379,250 337,358
756,802
2,114,311 10,245, 835 785,601
All
Disclasses
counted
of
earning bills.
assets.
U.S.
securities.
$33,086 $34, 364
40,658 140, 904
10, 846 51,663
6,672 39,760
14,430
9,431
5,497 62,427
13,242 72,101
833 23, 812
10,203
31,471
11,861
18, 318
Total:
July, 1921. 2,012,699,492 1, 725,162,306 26,395,821 261,141,365 9,545, 611 8, 900, 569 133,728
June, 1921 2,175,166,064 1, 817,739, 765 54,715,853 302,710,446 10,128, 514 9,262,458 268,258
Purchased
bills.
U.S.
securities.
Per cent. Per cent. Per cent. Per ant.
5.79
5.26
5.99
2.06
6.23
5.52
5.96
2.57
6.05
5.63
2.12
4.
5.95
6.00
2.07
5.49
6.08
6.00
2.02
5.70
6.05
6.07
3.02
5.47
5.51
6.39
2.10
5.87
5.77
6.19
2.17
5.65
6.54
2.12
6.21
6.15
2.15
5.44
7.10
6.42
2.19
6.06
6.01
5.97
2.11
5.84
5.72
511,314
597,798
5.58
5.67
6.07
6.20
5.97
5.97
2.31
2.40
July, 1920. 3,200,972,777 2, 519,043,471 363,620, 679 318,308,627 15, 543,678 13,087,226 1, 870,735 585, 717
. 957, 604 630, 947
,
June, 1920 3,209,650,487 2,461,021,583 401,183,809 347^ 445,095 14,493,437 11,
5.72
5.51
6. IS
5.S9
6.07
2.15
2.24
HOLDINGS OF DISCOUNTED BILLS, BY CLASSES.
[End of July figures. In thousands of dollars.]
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago. . . .
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total:
July 30,1921...
June 30,1921...
July 30, 1920...
June 25,1920...
Member banks'
Customcollateral notes.
ers' paper
secured
Commer- Agriby Gov- Secured
cial paper cultural
ernment by Gov- Othern. e. s. paper.
obliga- ernment
wise
tions.
obliga- secured.
tions.
Total.
81,410
388,229
122,284
144,229
101,532
104,712
269,640
82,592
72,648
74,433
56,551
143,352
6,885
18,816
21,035
8,300
4,605
6,240
15,915
4,181
824
3,167
794
5,51.5
22,559
135,362
67,054
41,720
21,746
28,996
72,520
26,522
6,741
17,707
6,164
34,406
1,641,612
1,751,350
2,491,630
2,431,794
96,277
113,803
281, 766
315,835
481,497
523,787
959,251
962,145
50,806
227,613
33,409
90,136
60,991
52,249
124,811
39,443
27,842
22,979
11,243
59,967
817
737
557
806
12,228
13,243
53,213
9,958
20,221
6,981
19,900
18,795
12,104
801,489
842,092
15,226
3,166 1,015, 599
2,923
937,645
157,456
157, 875
106,611
83,193
80
299
190
413
30
925
2,296
7,871
Bankers' acceptances.
Livestock
paper.
18
Trade acceptances
Dollar
Foreign. DomesexForeign. Domestic.
tic.
change.
4,584
95
25
15
1,302
15, 818
23,075
15,286
14,062
411
2
261
456
103
25
112
72,883
76,258
95,909
84,845
5,476
7,779
5
292
116
2,909
35
50
613
677
9,830
25,174
325
987
224
2,855
1,547
885
2,766
484
277
421
843
2,118
13,732
85
80
13,773
19,498
20,034
ERRATUM.—Figures as of June 30, appearing in the second and third columns of the table corresponding to the above on page 998 of the August
BULLETIN, should be changed as follows:
New
Boston. York.
Customers' paper secured by Government obligations.
Vlember banks' collateral notes
secured by Government obligations
Philadelphia.
Cleve- RichAtland. mond. lanta.
Chicago.
San
St.
Minne- Kansas
Louis. apolis. City. Dallas. Francisco.
Total.
11,763
24,726
24,933
8,651
4,135
6,874
16,891
4,191
811
3,888
1,129
5,811
113,803
28,393
143,458
69,603
46,124
21,310
29,405
87,880
28,595
4,797
21,319
7,377
35,526
523,787
SEPTEMBER,
1115
FEDERAL RESERVE BULLETIN.
1921.
HOLDINGS OF BANKERS' AND TRADE ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTANCES.
[End of July figures. I n thousands of dollars.]
ill classes.
Federal Reserve Bank.
Total.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta. . .
Chicago
St. Louis
Minneapolis
...
Kansas City
Dallas
San Francisco
Total:
July 30, U21
June 30,1921 .
Purchased in open market:
July 30, 1921
June 30,1921. . .
Discounted for member banks:
July 30 1921
June 30,1921
Trade acceptances.
Bankers' acceptances
DisPurchased counted
for
in open
market. member
banks.
Total.
Foreign.
Domestic.
Dollar
exchange.
60
115
325
987
224
2,855
1,547
885
2,766
484
277
421
843
2,118
5,468
9,169
1,015
3,168
13,882
13,946
150
173
13,732
13,773
12,042
28,470
4,855
8,492
1,015
3,168
65
93
65
93
5,476
7,779
613
677
13, 817
13,853
85
80
5,134
6,802
136
966
1,958
1,267
2,317
1,022
3,028
6,281
136
474
445
924
2,259
447
1,246
486
860
35
492
1,513
343
58
515
60
959
100
2,709
i 062
125
3,212
939
100
2,485
123
25
667
17,977
40,223
19,906
22,309
24,001
48,586
17,518
36,249
17,912
40,130
6,089
8,456
5,134
2,123
136
926
1 958
1 267
2,315
350
37,883
62,532
17,977
40 223
19,906
22,309
Domestic.
325
1,022
224
2,855
1,547
885
2,766
484
277
421
843
2,233
325
5,701
224
2,895
1 547
885
2,768
1,156
277
524
868
2,736
5,459
7,824
360
3,821
3 505
2 152
5,083
1,506
277
1 483
968
5,445
Foreign.
Total.
35
13,732
13,773
HOLDINGS OF BANKERS' ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTING INSTITUTIONS.
[End of July figures. In thousands of dollars.]
Member banks.
Federal Reserve Bank.
Total.
National.
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
Total:
July 30,1921
June 30, 1921
Purchased in open market:
July 30, 1921
,
June 30,1921
Discounted for member banks:
July 30,1921
June 30,1921
Nonnational.
Nonmember
banks and
banking
corporations.
Private
bankers.
Branches
and
agencies
of foreign
banks.
5,134
6,802
136
966
1,958
1,267
2,317
1,022
1,970
2,018
202
1,778
273
877
641
2,147
1,497
16
453
180
619
1,311
381
1,062
125
3,212
123
50
1,570
491
75
768
332
51
24,001
48,586
9,502
18,871
8,034
13,949
4,936
9,009
1,116
3,470
413
3,287
17,912
40,130
6,990
15,280
6,421
11,507
3,087
6,960
1,034
3,391
380
2,992
6,089
8,456
2,512
3,591
1,613
2,442
1,849
2,049
82
79
33
295
916
2,303
120
250
13
326
23
375
129
1116
FEDERAL RESERVE BULLETIN".
SEPTEMBER, 1921.
BANKING CONDITIONS DURING JULY AND AUGUST, 1921.
Further reduction in the volume of credit heretofore, are traceable primarily to Governoperations is indicated by the weekly state- ment credit operations, i. e., the issuance and
ments of condition of both reporting member the retirement of Treasury certificates, the
banks and Federal Reserve Banks covering the gradual disposal of the recently acquired Treasfive-week period ending August 17 and 24, ury notes, and to a much smaller extent to
respectively. During the latter part of July changes in their holdings of corporate and other
and early in August the four eastern and the private securities. Thus investments of reSan Francisco Federal Reserve Banks reduced porting member banks reached a high total of
their discount rates from 6 to 5J per cent, $3,378,000,000 on August 3, following the issuand while these reductions corresponded in ance on the first of the month of $376,000,000
a way with similar reductions in the open of loan and tax certificates, while the low
market rates, they do not seem to have figure of $3,303,000,000 is reported on August
stimulated borrowings either at the member 17, the day following the redemption of about
banks or at the reserve banks. Changes in the $150,000,000 of loan certificates.
figures of investments of member banks, as
WEEKLY C H AN6ES IN
PRINCIPAL ASSET! AND LIABILITIES
31
FEDERAL RESERVE BANKS
r
2
3
4
5
RESERVE RATIO
TOTAL DEPOSITS
CASH RESERVES
F. R. NOTE CIRCULATION
U.S. SECURITIES
MILLIONS
OF
DOLLARS
r
/
H
1V
*
Hf
A'
V
A. /
X
V
2500
-V \
2000
14
•A
/
6
12
0
RESERVE
RATIO
,,.
3
2000
A
12
V.
\
A
3
\
11
A.
10
10
8
8
\:
7
100
%
6
5
5
•**
"""
1
n
li
#• .*"
A%
9
Sj
3000
r~
-*-
A
9
PER
CENT
/** A *
-.
\ \,
7
4
/
• -
13
V.
80
"V
„»•«
14
11
4
MILLIONS
OF
DOLLARS
2500
15
A
500
5
\
>
*
\
1000
• * •
4
16
15
13
0
1500
V
\
\
A
to
Sr
17
16
1500
\
^««
3500
fA
V
\
\
1000
500
18
\7
V
I
V
***
BILLIONS
OF
DOLLARS
18
A
1500
BILLIONS
OF
DOLLARS
3000
V
\
I ACCOMMODATION AT FEDERAL RESERVE BANKS
2 U.S. O B L I G A T I O N S A N D LOANS S E C U R E D THEREBY
3 N E T DEMAND D E P O S I T S
4 TOTAL LOANS
5 T O T A L LOANS A N D I N V E S T M E N T S
3500
—1
\
\
2500
2000
MILLIONS
OF
DOLLARS
i
! 1
9
~
3500
3000
REPORTING MEMBER BANKS
6 PURCHASED ACCEPTANCES
DISCOUNTS SECURED BY
U.S.GOVERNMENT OBLIGATIONS
8 TOTAL DISCOUNTS
9 TOTAL EARNING ASSETS
.*- , •
#
-s. \
-•
4
4
60
3
\
3
-A
40
2
2
1000
1
20
1
••• ' • *
2
t
500
0
MONTH J. F. M.A.M. J. J.A.S.O. N.D. J.F. M. A.M. J. J.A.S.O. N.D. MONTH
1921
YEAR
YEAR
1920
MONTH
YEAR
J. F M. A. M. J. J. A. S. 0. K D. J.
.
L
1920
F. MiA/k J.'j.AiSi'a.NiDt' MO^TH
1921
YEAR
SEPTEMBER,
Loans and discounts of the reporting member
banks show a practically continuous decline
from $11,738,000,000 to $11,541,000,000, all
classes of loans snaring in the decline. Thus
loans secured by Government obligations show
a reduction between July 13 and August 17
from $638,000,000 to $620,000,000, loans secured by corporate obligations from $2,986,000,000 to $2,939,000,000, and other loans and
discounts, i. e., mainly commercial loans and
discounts, from $8,114,000,000 to $7,982,000,000. Total loans and investments of the reporting banks, in consequence of the changes
noted, declined to $14,844,000,000, a reduction
of $207,000,000 for the five-week period and of
$1,906,000,000, or 11.4 per cent, since the
beginning of the present year.
Borrowings of the reporting member banks
from the Federal Reserve Banks, which constitute over 70 per cent of the total amounts
discounted by the reserve banks, show a steady
decline for the period under review from
$1,154,000,000 to $979,000,000, or from 7.7 to
6.6 per cent of the total loans and investments
of the reporting banks, compared with $2,086,000,000 of aggregate borrowings from the Federal Reserve Banks and a ratio of accommodation of 12.4 per cent on August 20 of last year.
In the following table are shown the principal
changes in the condition of member banks during
the 5 weeks ending August 17. Corresponding
changes for the whole calendar year 1920 and
the first 7i months of the present year are
traced in the chart on page 1116.
MOVEMENT OF PRINCIPAL ASSETS AND LIABIL1 IES OF
REPORTING MEMBER BANKS.
[In millions of dollars.]
July
13.
Number of reporting banks
Lonas and discounts: 1
Secured by U. S. Government obligations.
Secured by stocks and
bonds (other than
U. S. Government
obligations)
Allother
Total loans and discounts l
U. S. bonds
U. S. Victory notes
U. S. Treasury notes
U. S. certificates of indebedness
Other bonds, stocks, and
securities...
Total loans and discounts, and investments l
Reserve balance with Federal Reserve Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
July
20.
July
27.
Aug.
816;
814
814
813
638
635
638
615
8,114
3,005
8,038
Aug.
10.
2.975; 2,979
8,049, 8,079
813
Aug.
17.
812
620
2,955
8,023
2,939
7,982
11,738 11,678 11,662 11,673 11,593 11,541
867
862
863
868
866
868
165
170
165
166
167
165
81
58
63
59
57
70
99
240
155
193
263
123
2,024 2,023 2,020
2,015
2,047
15,051 14,951 14,890 15,051 14,949 14,844
1,247 1,227 1,:
316
319
337
10,086 10,029 10,002
2,903 2,905 2,905
95
124
278
1,219
305
9,915
2,897
390
1,200
310
9,895
2,899
i Including bills rediscounts witH Federal Reserve Bank.
1117
FEDEEAL RESERVE BULLETIN.
1921.
1,216
299
2,900
242
MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES OF
REPORTING MEMBER BANKS—Continued.
[In millions of dollars.]
July
13.
Bills payable and rediscounts with Federal
Reserve Bank, total.. ..
Secured by IT. S. Government obligations.
All other
Ratio of accommodation
at Fed eral Reserve B ank
to total loans and investments
July
20.
July
27.
Aug.
3.
Aug.
10.
1,154
1,151
1,113
1,079
997
790
396
758
395
756
375
738
348
731
351
646
325
699
7.7
7.7
7.5
7.2
6.7
6.6
Federal Reserve Bank data which coyer the
period of July 20 to August 24 indicate a
steady reduction in the holdings of discounted
paper from $1,686,100,000 to $1,495,400,000,
the lowest total made public during the last
two years. Of the total August 24 holdings
of discounted paper, $541,800,000, or about 36
per cent, as against nearly 50 per cent a year
before, was represented by Government paper.
Federal Reserve Bank holdings of paper secured by United States bonds and Victory
notes show a decline for the five weeks of
$45,400,000 due in part to Treasury purchases
of these securities in connection with sinking
fund operations. Bills secured by Treasury
certificates, notwithstanding the large August
1 issues, continued to decline, the August 24
holdings of $24,000,000 being $24,900,000
below the corresponding total of five weeks
before.
Holdings of acceptances purchased in open
market fluctuated between $19,400,000 on
July 27 and about $45,000,000 two weeks later,
these fluctuations reflecting to a large extent
the amounts of bills purchased under " repurchase agreements;? by the New York Reserve
Bank. "Pittman" certificates on deposit with
the Treasury to secure Federal Reserve Bank
note circulation show a decrease of $14,000,000,
corresponding to a reduction of $15,100,000 in
the reserve banks7 aggregate net liabilities on
Federal Reserve Bank notes in circulation.
Changes in the amounts of other Treasury certificates held reflect largely differences in the
amounts of these securities held under repurchase agreements by the New York and Chicago Reserve Banks. Total earning assets, in
consequence of the changes above noted, show
a further decline for the period of $194,900,000
and on August 24 stood at $1,769,300,000, or
about 45 per cent below the total shown at the
close of the past year.
The following exhibit contains summary
data of the changes in the principal assets and
liabilities of the Federal Reserve Banks for the
five weeks ending August 24, while the chart
on page 1116 gives a graphic picture of like
1118
FEDERAL, RESERVE BULLETIN.
SEPTEMBER, 1921.
changes for the past calendar year and the period, had under rediscount with the Boston
bank about $8,000,000 on August 24; Minnefirst 8 months of the present year.
apolis increased its accommodation at the New
MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES OF
THE 12 FEDERAL RESERVE BANKS COMBINED.
York bank from $12,000,000 to about $18,000,[In millions of dollars.]
000, while Dallas shows an increase from
$18,300,000 to $21,700,000 in the amount of
Aug.
July July Aug. Aug.
paper rediscounted with the Boston and
24.
20.
10.
Cleveland Reserve banks. Aggregate contingent liabilities of the Federal Reserve banks
Reserves:
!,766.2 on bills purchased for foreign correspondents
2,659.4 2,685.3 2,703. !,720.8 2,745.5 2J
Total
,
!,
2,508.312,531.22,552. 1,575.9 2,600.3 2, 619.1
Gold.
8 2,
show a decrease from $59,200,000 to
Bills discounted:
$37, 500, 000.
1,686.11,650.5 1,617.61,526.61,512.11,495.4
Total
Secured by U. S.
Aggregate deposits of the reserve banks
Government obligations
609.8 591.2 572.9 562.9 559.7 541.8 fluctuated between a high total of $1,705,100,Another
1,076.31,059.31,044.7 963.7 952.4 953.6 000 on August 3 and a low of $1,662,500,000 a
Bills bought in open
35.2
market
30.0
45.0
41.9
23.9
19.4
week later. Federal Reserve note circulation
Certificates of indebtedness
i 218.8 215.3 221.4 225.6 211.3 204.7 shows a continuous decline from $2,564,500,000
._
Total earning assets. 1,964.2 1,919.41,903.11,831.41,799. 31 ,769.3 to $2,485,900,000, a decrease of 27 per cent
19.0
35.6
Government deposits
35.0
31.71 56.7
31.5 from the peak figure of $3,404,931,000 atMembers' reserve deposits. 1,630. .,638.61,619. 91 ,601. 61.,621. ,617.0
Total deposits
1,693. .,695.31,705.11 ,662.51,671. ,673.6 tained on December 23 of the past year.
Federal Reserve notes in
Gold reserves show a further gain during the
circulation
2,564.5 2,537.6 2,536.7 2,520.8 2,503.6 2,485.9
Federal Reserve Bank
five weeks of $110,800,000, while other cash
notes in circulation—
127.9 125.1 122.4 118.3 114.5i 112.8 reserves, composed of legals and silver, show
net liability
65.0
62.5
63.4
63.7
65.8
66.5 a loss of about $4,000,000. Since the beginning
Reserve percentage
of the year the reserve banks7 gold holdings
Rediscounting operations are reported by have increased by $556,300,000, while other
the Atlanta, Richmond, Minneapolis, and cash reserves have declined by $43,800,000.
Dallas Federal Reserve banks, the amount of Owing largely to this continuous gain in gold
aper held under rediscount with other reserve the banks' reserve ratio shows an uninteranks by these four banks at the close of the rupted rise during the five weeks from 62.5 to
period being $67,600,000, compared with 66.5 per cent.
$49,700,000 held under rediscount for the last
In the following table are shown comparative
three banks five weeks before. Richmond figures of average daily cash reserves, deposits,
reports an increase in accommodation at the Federal reserve note circulation, and reserve
New York bank from $19,500,000 to about percentages of the Federal Reserve banks for
$20,000,000; Atlanta, which showed no redis- the months of July and August of the present
counting operations at the beginning of the and the two preceding years:
E
CASH RESERVES, TOTAL DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, AND RESERVE PERCENTAGES FOR AUGUST
AND JULY, 1921.
[Daily averages. Amounts in thousands of dollars.]
Total cash reserves.
Total deposits.
Federal Reserve notes
in circulation.
Reserve percent-
Federal Keserve Bank.
August.
Boston
New York
Philadelphia....
Cleveland
Richmond.......
Atlanta
Chicago.....
St. Louis
Minneapolis
Kansas City
Dallas...
San Francisco...
Total: 1921
1920
1919
269,837
923,104
207,039
261,381
70,820
72,332
461,279
94,569
38,591
July.
August.
277,849
919,358
207,192
256,133
71,881
80,226
391,199
86,628
39,324
77,235
34,843
213,311
110,867
651,457
101,915
138,671
55,124
43,980
246,837
42,761
118,616
112,581
661,375
104,354
137,634
54,663
43.947
240,667
62,594
43,955
72,857
44,057
117,797
2,740,388
2,655,179
1,691,137
2,127,305
2,146,003
2,118,899
2,176,779
1,885,062
1,911*769
33,55i
219,341
62,828
43,377
74,704
i Calculated on the basis of net deposits &nd Federal Reserve notes in circulation.
July,
August.
July.
August.
July.
242,919
640,906
217,506
238,449
109,979
132,457
433,557
99,219
55,668
75,233
40,233
226,222
248,534
663,119
222,729
250,157
116,510
144,284
443,211
102,297
57,845
77,076
43,791
235,197
1,696,481
2,512,348
2,604,750
65.2
61.7
1,909,221
1,959,758
3,165,222
2,544,357
3,143,465
2,523,960
143.7
M3.7
i 50.4
76.3
71.4
64.8
69.3
42.9
41,0
67.8
58.4
39.0
59.1
40.4
76.9
69.4
63.3
66.0
42.0
42.6
57.2
52.5
38.6
51.5
39.7
60.4
SEPTEMBER,
1119
FEDERAL RESERVE BULLETIN.
1921.
CONDITION OF FEDERAL RESERVE BANKS.
RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, JULY 27 TO AUG. 24, 1921.
RESOURCES.
[In thousands of dollars.]
Total.
Gold and gold certificates:
July 27
Aug. 3
Aug. 10
Aug.17
Aug. 24
Gold
settlement
fund—F.R. Board:
July 27
Aug. 3
Aug. 10
Aug.17
Aug. 24
Gold with F. R.
agents:
July 27
Aug. 3
Aug. 10
Aug.17
Aug. 24
Gold redemption
fund:
July 27
Aug. 3
Aug. 10
Aug.17
Aug. 24
Total gold reserves:
July 27
Aug. 3
Aug. 10
Aug.17
Aug. 24
Legal-tender notes,
silver, etc:
July 27
Aug. 3
Aug. 10
Aug.17
Aug. 24
Total reserves:
July 27
Aug. 3
Aug. 10
Aug.17
Aug. 24
Bills discounted:
Secured by U. S
Government
obligations—
July 27
Aug.3
Aug. 10
Aug. 17
Aug. 24
All o t h e r July 27
Aug.3
Aug. 10
Aug.17
Aug. 24
Bills bought in open
market:
July 27
Aug.3
Aug. 10
Aug.17
Aug. 24
U. S. bonds and
notes:
July 27
Aug.3
Aug. 10
Aug.17
A ug. 24
Boston.
New
York.
San
Francisco.
Cleveland.
Richmond.
6,
6,
6,
6,
6,
340
472
543
608
536
2,689
2,720
2,748
2,725
2,743
4,739
4,783
4,758
4,809
4,844
21, 171
21, 300
21, 432
21, 549
21, 735
2,893
2,915
2,970
2,981
2,988
8,529
8,569
8,589
8,634
8,667
2,
2,
2,
2,
2,
185
118
155
177
194
8,
9,
8,
8,
8,
908
226
287
646
951
20,526
20,921
20,689
20,785
20,858
49,104
49,
57,
50,554
43,475
58,
48,627 • 5 8
65,
46,119
146
595
984
200
399
22,795
26,298
24,781
22,471
18,100
7,038
5,269
6,013
5,660
4,069
100, 389
114, 685
106,328
107,773
,737
16,969
22,133
20,343
18,338
18,738
8,319
7,257
6,873
7,986
8,638
35,
44,
39,
44,
42,
867
918
540
093
774
2,
3,
5,
4,
3,
568
659
217
602
000
25,946
30,087
32,843
29,922
35,952
32, 847
32, 564
36,801
37, 669
36, 229
13,
11,
11,
10,
9,
366
162
065
281
359
158,545
151,507
152,099
160,969
159,144
2, 703
2, 774
2, 711
3, 340
4, 059
8,008
9,328
9,063
7,703
7,281
Philadelphia.
2,052
2,098
2,249
2,295
2,015
Minne- Kansas
Atlanta. Chicago. St. Louis. apolis.
City.
Dallas.
389,665
412,836
423,005
407,452
425,699
7,996
8,040
8,092
8,150
8,196
301,637
323,674
334,493
318,093
335,972
419,741
425,766
408,756
418,738
426,454
35,265
42,948
40,501
31,295
32,210
66,335
20,363
23,858
39,771
61,718
1,616,287
1,615,482
1,640,626
1,660,062
1,646,109
190,686
195,374
191,100
186,874
182,252
488,336
463,002
442,746
472,526
472,291
142,322
144,044
151,550
147,512
146,352
183,
182,
182,
181
1.83
861
914
289
565
445
37,708
35,285
32,600
30,220
27,251
51,683
51,226
50,165
49,294
47,286
246,153
279,047
312,734
306,521
307,324
51,160
50,694
57,967
57,392
56,822
19,620
18,663
19,510
19,239
18,354
105,538
98,729
103,514
114,043
120,816
24,416
19,211
23,082
23,98]
21,548
20,000
20,000
20,000
20,000
20,000
8,171
5,487
9,186
6,395
6,040
4,
4
4,
8
6
420
736
896
520
554
6,399
8,205
10,213
12,0.8
14,507
5,427
5,008
5,168
4,653
5,394
17,182
14,123
10,293
16,348
25,061
3,545
3,789
3,327
3,672
4,022
2,128
2,965
2,019
2,065
2,895
3,
3,
3,
2,
3,
141
103
556
348
455
2,531,231 258,363
2,552,813 265,573
2,575,901 262,775
2.600,295 253,300
i', 619,078 244,206
876,308
827,039
821,097
850,3S0
889,981
201,649
202,183
206,460
204,829
200,526
243
251
252
254
261
767
717
712
893
934
69,591
72,508
70,342
67,434
62,601
66,286
66,104
64,416
61,593
384,895
429,155
450,787
452,191
443,857
74,567
79,531
84,607
82,383
82,570
38,596
37,454
36,991
37,924
38,554
74
82,
82,
86,
84,
040
703
052
287
652
27,
26,
27,
26,
25,
545
821
280
869
369
213,023
211,843
214,694
219,379
223,235
16,365
16,426
17,201
17, £23
18,129
13,035
13,032
13,039
13,130
13,304
780
664
786
928
857
3,
3,
3,
3
,
4,
579
937
699
949
459
6,
6,
6,
6,
6,
871
940
994
598
531
3,422
3,463
3,296
3,404
3,5^3
154,065
151,030
144,947
145,173
147,078
17,307
17,033
15,747
16,548
16,961
71,199
67,462
63,299
61,969
61,775
4,568
5,201
2,969
3,010
3,348
5
5
5
5
5
775
446
533
816
917
3,834
4,090
4,400
4,136
4,318
7,330
7,286
7,984
7,762
7,886
2,685,296
2,70'.,843
2,720,848
2,745,468
2,766,156
275,670
2S2,656
278,522
269,848
261,167
947,507
894,501
884,396
912,359
951,756
206,217
207,384
209,429
207,839
203,874
249
257
25S
260
267
542
163
245
709
851
73,425
76,598
74, 742
71,570
66,919
76,217
73,572
401,260
445,581
74,088 467,988
72,178 470,114
69,479 461,986
87,602
92,563
97,646
95,513
95,874
39,376
33,118
37,777
38,852
39,411
77
86
85
90
89
619
640
751
236
111
34,<416
33 761
34 274
33 467
31 950
216,445
215,306
217,9S0
222,783
226,778
591,215
572,867
562,918
559,689
541,754
33,409
27,690
36,319
38,095
32,486
171,262
166,125
174,369
167,961
155,554
85,709
87, 503
82,031
85,949
78,073
47 291
46^415
44 830
38 406
42 921
25,366
22,750
23,162
28,546
30,413
34,913
35,651
34,459
35,023
35,612
90,469
83,986
74,089
71,198
72,084
30,901
29,366
26,091
28,100
27,174
6,410
6,411
7,387
4,252
4,169
21
21
16
18
17
962
019
960
056
470
6 071
7 271
6 174
6; 086
7 894
37,452
38,680
37,047
38,017
37,904
1,059,281
1,044,751
963,741
952,428
953,597
44,818
45,398
40,123
42,658
58,372
232,754
251,180
213,600
200,175
205,097
33,389
34,617
30,101
29,371
29,508
97
96
93
95
86
180
395
489
177
705
73,866
74,351
73,726
71,800
72,152
64,930
69,290
65,721
67,308
65,036
189,143
157,951
145,301
146,806
146,306
50,404
50,054
44,304
45,714
43,592
64,289
64,204
61,783
65,400
63,708
53
50
49
48
46^
112
191
234
139
660
19,424
29,961
44,978
41,910
35,209
4,926
5,286
6,023
6,634
4,997
2,018
12,733
25,507
20,269
13,879
1,105
681
1,081
1,887
3,245
1 225
1 ,343
1 648
1 830
1 323
2,014
1,590
1,716
2,409
2,341
1,317
964
1,066
1,140
1,054
3,280
2,713
3,656
2,985
3,313
230
340
123
357
139
34,175
34,114
34,152
34,028
34,099
555
555
644
555
557
1,005
1,005
1,005
1,005
1,005
1,547
1,537
1,516
1,481
1,449
844
844
844
844
844
1,233
1,233
1,233
1,233
1,233
10,138
10,130
10,100
10,099
10,098
4,490
4,490
4,490
4,490
4,490
1,185
1,153
1,153
1,153
1,153
959
959
1 001
1 018
1 018
116
116
116
117
219
8
8
8
8
8
868
868
868
868
868
3
3
3
3
3
549
117
070
166
077
103,,847
103,003
97,289
91,714
89,384
100
100
100
70
70
51
48
49
48
47
2,250
3,252
3,057
3,311
3,830
979
979
979
979
979
215
204
204
204
204
1120
FEDERAL RESERVE BULLETIN,
SEPTEMBER, 1921.
RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, JULY 27 TO AUG. 24,1921-€ontinued.
RESOURCES—Continued.
[In thousands of dollars.]
Total.
U. S. certificates of
indebtedness:
One-year certificates (Pittman
Act)—
July 27
Aug.3
Aug. 10
Aug. 17
Aug. 24
All otherJuly 27
Aug. 3
Aug. 10
Aug. 17
Aug. 24
Total earning assets:
July 27
Aug. 3
Aug. 10
Aug. 17,
Aug.24
Bank premises:
July 27
Aug. 3
Aug. 10
Aug.17
Aug.24
Five per cent redemption f u n d
against F. R.
Bank notes:
July 27
Aug.3
Aug. 10
Aug.17
Aug.24
Uncollected items:
July27
Aug.3
Aug. 10
Aug.17
Aug.24
All other resources:
July 27
Aug.3
Aug. 10
Aug.17
Aug.24
Total resources:
July 27
Aug. 3
Aug.10
Aug.17
Aug.24
Boston.
214,375
207,875
206,375
203,375
201,875
18,936
18,936
18,936
17,436
17,436
938
13,541
19,215
7,876
2,800
New
York.
Phila- Clevedelphia. land.
Minne- Kansas
RichDallas.
City.
mond. Atlanta. Chicago. St.Louis. apolis.
7,230
6,260
6,260
6,260
5,260
2,400
2,400
2,400
2,400
2,400
San
Francisco.
14,564
10,564
10, 564
10, 564
10,564
35,112
33,612
33, 612
33,612
33,612
U , 568
11,568
11,568
11,568
11,568
5,480
5,480
5,480
5,480
5,480
8,320
8,320
8,320
8,320
8,320
1
1
1
1
1
87
1,707
2,749
1,133
2,219
91
548
572
430
212
109
223
144
51
64
15
32
14
109, 739
106,184
106,097
110,248
111,399
125,863
126,600
121,911
124,135
122,365
322,581
284,459
263,897
260, 224
262,024
94,379
93,029
83,811
87,322
83,838
76,404
76,434
74, 910
75,300
73,640
93,236
89, 389
84, 397
84,401
82, 336
64,099
61, 867
61, 723
60, 701
61,420
153,644
155,282
147, 746
143,269
141, 204
2,326
2,335
2,344
2,383
2,541
2,220
2,220
2,330
2,351
2,351
738
738
753
753
844
4,124
4,125
4,395
4,429
4,429
627
627
627
627
627
655
655
655
658
658
2,890
2,893
3,155
3,155
3,155
1,921
1,921
1,939
1,970
1,975
586
587
592
612
700
700
700
700
700
1,239
1,239
1,239
1,239
1,239
363
363
363
363
263
569
608
630
608
609
1,665
1,665
1,665
1,665
1,968
523
523
523
523
523
419
347
265
296
229
916
916
916
916
916
236
236
236
236
494
494
494
494
494
112, 713
111, 827
103,894
120,167
99, 720
44,998
43,830
44,982
49,263
44,283
48,245
46,106
42,268
50,042
41, 048
38, 731
40,189
39, 555
43,161
36, 915
17, 551
18,630
17, 927
19, 390
16,417
60,838
64, 342
58,619
65, 875
60,999
25, 675
26,627
26, 694
29,021
26,341
13,488
12, 880
13,213
13, 579
12,938
37, 394
37,465
40, 524
41,633
39,119
23,403
18, 594
20, 722
23,013
21,147
30,630
29, 837
34,460
32,998
27,324
2,798
3,456
2,815
2,615
2,828
287
309
347
383
395
847
852
835
913
944
348
248
364
283
288
791
728
761
761
604
640
694
736
749
536
523
546
561
528
535
489
473
496
449
1,972
1,854
1,801
2,309
2,079
3,970
5,713
5,807
5,790
5,765
401,265
404,051
397,645
403,298
387,486
470,564
474, 519
436, 375
471, 343
465,216
224,826
225, 802
223,451
227,976
218,135
221,729
220, 876
216,070
217, 825
210,543
792,404
802, 097
798,482
804,224
793, 364
209,410
214, 009
209,995
213, 742
207,952
130, 878
128, 957
127, 366
129,246
127,404
212, 590
217, 792
215,216
220, 837
215,086
126,047
118, 233
120.695
121.696
118,757
405,769
407,218
407,084
405, 926
402,177
52,276
52,276
52,276
52, 276
52,276
26,780
26, 780
26, 780
25,780
25,280
21, 799
21,799
20,299
19,799
19,799
605
701
176
479
151
9,857
14,807
5,522
4
181
149
116
150
26
28
334
1
1
1,919,408
1,903,109
1,831,379
1,799,306
,769,334
103,249
98,566
102,221
105,857
113,999
459, 315
493,176
481,564
447,208
427,811
148,534
151,299
141,658
144, 584
137, 705
168, 365
166,824
161,444
156,057
151,593
25,846
25,892
26,720
26, 952
27,256
3,849
3,876
3,942
3,990
4,020
5,381
5,387
5,464
5,515
5,515
529
529
529
529
529
9,666
9,614
9,516
9,471
9,583
772
772
772
772
772
1,770
1,751
1,713
1,659
1,684
494,948
493,700
483,486
531,871
463, 592
41,282
43, 373
40,628
43, 729
37, 341
15,046
17,176
16,787
17, 302
17,253
422
439
426
538
441
5,150,210
5,153, 334
5,088,736
5,130,370
5,053,174
425,244
429, 682
426,511
424,734
417,740
1,529,484
1, 510,098
1,479,846
1,489,523
1,489,314
1,936
1,925
1,918
1,917
1,958
9,880
263
269
143
2
LIABILITIES.
Capital paid in:
July 27
Aug.3
,
Aug.10
,
Aug.17
Aug.24
Surplus:
July 27
Aug.3
,
Aug.10
Aug.17
Aug.24
Reserved for Government franchise
tax:
July 27
Aug.3
Aug.10
Aug.17
Aug.24
102,263
102,372
102,600
102,896
103,030
7,911
7,911
7,920
7,935
7,935
26,874
26,874
26, 968
26,983
27,067
8,622
8,622
8,622
8,656
8,676
11,045
11,044
11,135
11,139
11,151
5,378
5,378
5,384
5,391
5,389
4,101
4,109
4,112
4,122
4,123
14,263
14,291
14, 307
14, 312
14,316
4,542
4,541
4,541
4,541
4,555
3,548
3,548
3,549
3,549
3,550
4,340
4,341
4,343
4,536
4,537
4,221
4,313
4,315
4,318
4,318
7,418
7,400
7,404
7,414
7,413
213,824
213,824
213,824
213,824
213,824
16, 342
16, 342
16, 342
16, 342
16,342
59,318
59, 318
59,318
59, 318
59,318
17,564
17, 564
17,564
17, 564
17,564
22,263
22,263
22,263
22,263
22,263
11,026
11,026
11,026
11,026
11,026
8,708
8,708
8,708
8,708
8,708
30,536
30,536
30, 536
30,536
30,536
9,114
9,114
9,114
9,114
9,114
7,303
7,303
7,303
7,303
7,303
9,330
9,330
9,330
9, 330
9,330
7,113
7,113
7,113
7,113
7,113
15,207
15,207
15,207
15,207
15,207
45,503
45,826
46,608
47,006
47,824
2,377
2,392
2,362
2,395
2,423
18,181
18,233
18,484
18,677
18,880
2,932
3,007
3,060
3,068
3,087
1,976
2,012
1,967
2,022
2,111
1,879
1,914
1,987
2,043
2,129
2,858
2,892
8,736
8,765
1,085
1,062
1,125
1*143
l'l73
1,486
1,537
1,567
1,633
1,697
1,736
1,734
1,781
1,635
1,689
3,04.7
3,147
2,257
2,278
2,390
2,401
2,490
SBPTBMBBE,
1121
FEDERAL RESERVE BULLETIN.
1921.
RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, JULY 27 TO AUG. 24,1921—Continued.
LIABILITIES-Continued.
[In thousands of dollars.]
Total.
Deposits:
Government—
July 27
31,709
Aug. 3
56,747
Aug. 10
35,595
19,014
Aug. 17
31,479
Aug. 24
Member bankreserve accountJuly 27
L, 638,637
L 619,920
,
Aug. 3
L 601,583
,
Aug. 10
L 621,570
,
Aug. 17
L 616,964
,
Aug. 24
All other24,928
July 27
28,399
Aug. 3
25,294
Aug. 10
30,665
Aug. 17
25,188
Aug. 24
Total deposits:
1,695,274
July 27
1, 705,066
Aug.3
1,662,472
Aug. 10
1,671,249
Aug. 17
1,673,631
Aug. 24
F. R. notes in actual
circulation:
July27
2,537,617
~ 536,673
Aug.3
520, 784
Aug. 10
21503,642
Aug.17
" 485,914
Aug.24
F.R. Bank notes in
circulation—net
liability:
125,143
July27
122,379
Aug.3
118, 301
Aug.10
114,502
Aug.17
Aug.24
112,811
Deferred availability items:
413,037
July 27
Aug.3
409,227
Aug.10
405,696
Aug.17
" 458,120
Aug.24
397,011
All other liabilities:
July 27
17,549
Aug.3
]
17,967
Aug 10
18,451
Aug.17
19,131
Aug.24
[
19,129
Total liabilities:
5,150,210
July 27
5,153,334
Aug.3
5,088,736
Aug.10
5,130,370
Aug.17
5,053,174
Aug.24
Boston.
2,188
1,735
3,531
583
1,881
108,748
107,970
108, 898
109,354
107,503
New
York.
Phila- Clevedelphia. land.
RichMinne- Kansas
Dallas.
mond. Atlanta. Chicago. it.Louis apolis.
City.
San
Francisco.
1,164
2,812
3,286
514
1,377
2,052
767
611
895
3,649
1,731
2,662
2,205
1,254
2,319
10,906
8 264
5,728
3,783
1,717
3,922
2,192
2,122
1,914
1,642
2,319
2,090
1,357
1,188
2,091
6,882
1,846
2,087
1,604
1,520
1,807
1,296
1,442
1,981
2,815
6,653
3,852
1,902
2,751
649,184 97,819 133,071
620,916 102,995 141,336
610,661 99,199 134,705
610,152 103,337 138,495
621,420 95,965 138,255
52,216
54,578
52,606
51,603
50,795
41,996
42,699
41,002
42,929
41,271
234,906
234,377
236,160
237,957
237,605
60,672
61,104
59,702
61,164
42,225
39,772
39,160
40,445
40,664
67,090
67,909
67,165
72,529
40,935
109,775
107,397
111,434
40,727
40,318
112, 878
113, 941
718
795
861
1,073
807
426
764
467
476
430
379
384
379
393
415
2,552
3,240
2,584
3,507
2,706
750
777
707
820
764
499
500
519
577
554
587
559
625
1,170
667
470
610
428
539
464
5,412
6,025
5,017
4,770
4,604
63,139
65, 803
62,601
64,106
62,281
44,366
42,591
41,769
42,379
42,406
69,768
75,350
69,636
75,786
71, 895
42,925
41,284
42,615
42, 708
42,763
118,002
120, 075
120,303
119,550
121,296
8,065
11,969
5,478
283
7,944
3,856
4,313
944
847
1,088
1,016
1,324
1,100
1,320
972
1,027
865
887
856
11,291
12,394
11,742
15,133
11,949
111, 764
110,732
113, 294
110,824
110,240
668,540
645,279
627,881
625,568
641,313
102,691 134,953
108,632 144,943
101,243 138,852
105,504 140,082
98,025 140,439
54,694
56,109
53,684
52,974
54,874
242,464
246,082
244, 520
241,611
241,022
643, 875
647,346
638,045
637,645
634,018
219,341
217,307
219, 778
216,543
214,334
243, 527
239,795
240,430
236,790
236,969
113,254
112,044
111, 705
109,675
107,915
8,153
7,722
6,580
6,046
6/191
29,752
29,822
29,361
28,492
28,571
8,598
8,201
7,872
7,320
7,019
14,600
14,445
12,881
12,379
12,417
35,281
37,483
34,442
38,471
79,375
79,492
75,683
40,750
39,963
76,085
952
1,018
1,051
1,110
1,199
44,106 240, 326
45,745 248,523
43,586 247, 008
44,576 247,192
44,005 244, 094
138,670
135,723
133,805
131,745
129, 250
433,613
435,339
433,830
433, 247
430,920
99,274
99, 980
98, 748
99,298
97,771
56,382
56,062
55, 577
55,617
55,470
75,431
75,600
75,698
75,581
74,637
42,323
41, 769
40,827
39,946
39,059
229,463
229,626
227, 821
225,944
224,549
5,315
5,276
5,223
5,201
4,280
8,694
8,725
8,542
8,221
8,213
14,247
12,901
13,166
13,173
13,142
6,095
6,070
6,032
5,994
5,915
4,998
4,842
4,659
4,475
4,255
14,459
14,542
14,384
14, 075
13,921
4,084
3,934
3,892
3,707
3,631
6,148
5,899
5,709
5,419
5,256
43,762
37,834
41,275
39,001
37,688
45,385
38,583
32,268
32,982
33,349
40,542
31,402
13, 812
14,128
13,489
16,502
12,196
47,652
48,801
47,784
53,780
48,249
25,207
26,423
26,849
28, 531
26,121
11, 562
11, 832
11,720
13,044
11,515
36,308
35,682
38,952
38, 653
37,940
24,098
18,535
20,621
22,609
20,520
25,449
24,905
26,424
28,178
24,178
3,569
3,734
4*106
4,177
4,062
767
755
811
881
947
925
1,016
1,159
1,283
1,283
1,012
1,073
1,093
1,124
1,120
780
846
839
904
901
3,031
2,941
2,955
3,042
3,109
954
1,016
985
1,015
1,022
1,233
1,242
1,222
1,246
1,208
1,218
1,213
1,092
1,241
1,137
1,283
1,285
1,312
1,295
1,353
1,825
1,828
1,826
1,813
1,788
425,244
429,682
426,511
424,734
417,740
1,529,484
1,510,098
1,479,846
1,489,523
1,489,314
401,265
404,051
397,645
403,298
387,486
470,564
474,519
466,375
471,343
465,216
224, 826
225, 802
223,451
227,976
218,135
221,729
220,876
216,070
217,825
210,543
792,404 209,410
214,009
798,482 209,995
804,224 213,742
793,364 207,952
130,878
128,957
127,366
129,246
127,404
212,590
217,792
215,216
220,837
215,086
126,047
118,233
120.695
121.696
118,757
405,769
407,218
407,084
405,926
402,177
63.4
63.7
65.0
65.8
66.5
77.8
79.2
77.8
76.6
74.4
72.2
69.2
72.2
74.6
64.0
63.6
65.2
64.5
65.3
65.9
66.8
68.1
69.2
71.0
43.7
45.6
45.2
44.0
41.1
41.7
40.5
41.8
40.9
40.1
53.5
57.4
59.0
59.6
40.4
40.6
41.1
40.5
39.0
62.3
61.6
62.6
64.5
65.6
56,557
53,987
51,020
43,731
37,546
4,109
4,109
4,109
3,279
2,851
20,926
18,356
15,389
15,298
12,827
4,503
4,503
4,503
3,594
3,124
4,616
4,616
4,616
3,683
3,202
2,758
2,758
2,758
2,201
1,914
2,026
2,026
2,026
1,617
1,406
2,702
2,702
2,702
2,156
1,875
1,464
1,464
1,464
1,168
1,015
2,589
2,589
2,589
2,066
1,796
MEMORANDA.
Ratio of total reserves to deposit
and F.R. note liabilities combined,
i per cent:
L- ^ l y 27
Aug.3
m
m A gi o
&a Aug.17
Aug.24
Contingent liability
on bills purchased
for foreign correspondents:
July 27
Aug.3
Aug.10
Aug.17
Aug.24
59.5
65.2
68.7
69.1
68.4
53.9
55.8
60.5
58.5
59.9
39.1
38.6
6,698
5,345
4,647
2,646
2,646
2,646
2,111
1,835
1,520
1,520
1,520
1,213
1,054
39.6
40.3
1122
FEDERAL RESERVE BULLETIN.
SEPTEMBER,
1921.
REDISCOUNTS OF BILLS BETWEEN FEDERAL RESERVE BANKS.
[In thousands of dollars.]
Paper rediscounted with other F. R. banks.
Paper discounted for other F. R. banks.
Federal Reserve Bank.
July 27.
Boston .
New York
Cleveland
Richmond...
Atlanta
Minneapolis
Dallas
Total
Aug. 10. Aug. 17. Aug. 24.
24,435
4,007
13,849
19,136
24,950
1,751
12,935
19,220
24,002
1,521
10,036
17,735
20,000
2,071
12,597
19,753
58,856
53,294
54,421
Aug. 3.
12,645
37,885
8,326
13,991
34,038
5,265
17,061
32,597
4,763
25,618
37,872
4,079
61,427
58,856
53,294
54,421
67,569
67,569
Aug. 10. Aug. 17. Aug. 24.
19, 950
7,971
17,922
21,726
61,427
July 27.
16,136
38,284
7,007
Aug. 3.
MATURITY DISTRIBUTION OF BILLS AND CERTIFICATES OF INDEBTEDNESS HELD BY THE 12 FEDERAL RESERVE BANKS
COMBINED.
[In thousands of dollars.]
Total.
Bills discounted:
July27
Aug. 3
Aug. 10
Aug. 17
Aug. 24
Bills bought in open market:
July 27
Aug. 3
Aug. 10.
Aug. 17
Aug. 24
U. S. certificates of indebtedness:
July 27
Aug. 3
Aug. 10
Aug.17
Aug. 24
Within 15
16 to 30
days.
days.
31 to 60
days.
61 t o 90
days.
Over 90
days.
1,650,496
1,617,618
1, 526,659
1,512,117
1,495,351
943,796
947,421
877,117
860,478
854,606
156,985
149,629
146,977
157,136
149,549
281,629
270,797
268,905
273,237
291,860
198,559
198,782
185,668
181,320
162,983
69,527
50,989
47,992
39,946
36,353
19, 424
29, 961
44,978
41,910
35,209
9,675
19,028
30,069
24,264
18,351
2,951
3,053
5,548
8,472
7,375
3,259
4,271
4,931
4,813
5,892
3,536
3,606
4,267
4,358
3,588
3
3
163
3
3
215,313
221, 416
225,590
211,251
204,675
4,700
15,265
23,895
19,026
9,000
10,245
12,500
15,010
12,397
17,333
34,317
36,450
38,929
32,663
30,690
25,742
29,456
20,425
13,659
14,701
140,309
127,745
127,331
133,506
132,951
SEPTEMBER,,
1123
FEDERAL RESERVE BULLETIN.
1921.
FEDERAL RESERVE NOTES.
FEDERAL RESERVE AGENTS* ACCOUNTS ON WEDNESDAYS, JULY 27 TO AUG. 24, 1921.
[In thousands of dollars.]
Total.
Boston.
New
York.
Philadelphia.
Cleveland.
Richmond.
Atlanta. Chicago. St.Louis. Minneapolis.
Kansas Dallas.
City.
San
Fran-
Net amount of F. R.
notes r e c e i v e d
from Comptroller
of the Currency:
,742,072 355,472 1,068,147
July 27
, 720,177 354,161 1,068,024
Aug.3
,717,657 355,087 1,079,345
Aug. 10
Aug.17
. ,714,561 355,161 1,086,389
Aug. 24
3 ,694,122 355,138 1,084, 310
F . R . notes on hand:
808, SSI96,730 259,200
July 27
SOS, 054
90,430 272,260
Aug. 3
817,334
96,310 290,540
Aug. 10
829,344
94,010 303,120
Aug.17
839,499
Aug. 24
98,610 309,600
F. R. notes outstanding:
933,241 258,742
808,947
July 27
917,123 263,731
795,764
Aug. 3
900,323 258', 777 788,805
Aug. 10
885,217 261,151
783,269
Aug.17
854,623 256,528
774,710
Aug. 24
Collateral
security
for F. R. notes
outstanding:
Gold and gold
certificates—
344,993
5,600
286,924
July 27
344,992
5,600
286,924
Aug. 3
344,992
5,600
286,924
Aug. 10
373,992
5,600
316,924
Aug.17
371,992
5,600
316.924
Aug. 24
Gold
redemption f u n d 117,047
15,086
20,412
July 27
119,176
19,774
20,078
Aug.3
107,104
15.500
19,822
Aug. 10
125,550
21', 274
19,602
Aug.17
109,417
19,367
16,652
Aug. 24
Gold settlement
fund —
F . R. Board—
181,000
July 27.. 154,247 170,000
156,000
151,314 170,000
Aug.3...
136,000
Aug. 10.. 188,530 170,000
160,000 136,000
Aug. 17. 160,520
136,000
Aug. 24.. 164,700 160,000
Eligible p a p e r Amount
requiredJuly 27.. ,316,954
68,056 320,611
68,357 332,762
A u g . 3 . . . ,301,641
67,677 346,059
Aug. 10.. ,259;697
,225,155
74,277 310,743
Aug.17..
74,276 302,419
Aug. 24.. ,208,514
Excess amount
held—
309,765
15,097
55,337
July 27.
306,152 10,017
69,664
Aug.3.
269,079
14,788
40,816
Aug. 10.
281,188
13,110
49,798
Aug. 17.
282,033
21,579
45,981
Aug. 24.
265,610 313,678
268,332 309,032
267,837 308,266
263,800 305,782
261,639 302,742
141,082 224,402
143,059 222,945
141,174 219,384
141,194 217,334
141,085 215,126
655,381
650,988
651,016
648,219
150,224
148,758
147,411
145,636
143,567
72,011
71,054
71,801
72,570
71,685
89,004 71, 585
87,720 I 70,381
87,157 69.284
88,026 68,500
87,786 67,578
328,369
321,330
319,923
319,153
315,247
35,760
31,760
34,160
31,960
29,660
21,420
20,620
20,620
20,620
20,620
45,200
44,100
43,760
43,320
42,900
20,289
23,789
21,129
22,929
24,089
76,795
76,803
79,003
78,183
78,953
180,140
174,180
165,540
167,720
167,940
29,080
27, 580
26,060
24,540
24,540
13,435
11,880
12,760
14,090
13,115
5,220
4,620
2,640
3,840
4,840
25,562
25,032
24,812
25,012
24,632
244,190
247,712
247,217
243,180
241,019
268,478
264,932
264,506
262,462
259,842
120,793
119,270
120,045
118,265
116,996
147,607
146,142
140,381
139,151
136,173
482,348
481,201
485,448
483,296
480,279
121,144
121,178
121,351
121,096
119,027
58,576
59,174
59,041
58,480
58,570
83,784
83,100
84,517
84,186
82,946
46,023
45,349
44,472
43,488
42,946
6,110
6,110
6,110
6,110
6,110
13,052
13,052
13,052
13,052
13,052
3,400
3,400
3,400
3,400
3,400
23,775
23,775
23,77f
23,775
23,775
292,609
289,570
285,763
287,193
285,587
6,132
6,131
6,131
5,131
3,131
14,933
19,655
15,160
19,123
12,963
15,086
14,139
13,514
12,790
14,670
1,708
2,285
2,600
3,220
3,251
3,283
3,826
2,265
5,894
3,686
15,509
15,402
15,089
15,876
15,680
3,019
3,554
3,226
3,451
3,381
2,368
1,411
2,258
1,987
1,102
3,487
2,204
2,441
3,309
1,869
5,000
2,797
3,700
2,915
3,994
17,156
14,051
11,529
16,109
12,802
127.389
124;389
136,390
128,389
133,389
145,000
145,000
145,000
145,000
145,000
36,000
33,000
30,000
27,000
24,000
45,000
44,000
44,500
40,000
40,200
230.644
263,645
297.645
290,645
291,644
42,031
41,030
48,631
47,831
47,331
4,200
4,200
4,200
4,200
4,200
29,360
30,360
34,360
34,360
34,360
2,234
2,234
1,234
2,235
2,234
141,389
137,456
140,570
141,860
146,342
101,868
103,668
95,667
95,668
94,667
84,617
82,018
82,217
80,897
76,397
83,085
83,985
87,445
88,045
89,745
95,924
94,916
90,216
89,857
88,887
236,195
202,154
172,714
176,775
172,955
69,984
70,484
63,384
63,704
62,205
38,956
40,511
39,531
39,241
40,216
50,937
50,536
47,716
46,517
46,717
32,657
34,187
33,407
33,207
33,587
134,064
138,063
133,664
126,224
126,443
9,914
8,275
4,106
5,144
4,849
61,079
61,796
57,488
54,173
54,413
16,090
14,509
9,587
12,460
13,517
5,211
10,972
11,026
13,601
12,805
46,639
42,458
50,328
44,211
48.657
11,448
9,211
6,970
10,420
8.640
31,388
29,721
29,162
30,030
27,244
25,089
21,624
19,479
20,635
18,409
25,063
21,219
21,822
21,051
21,464
7,410
6,686
3,507
6,555
4,475
1124
FEDERAL RESERVE BULLETIN.
SEPTEMBER, 1921.
CONDITION OF MEMBER BANKS IN LEADING CITIES.
PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM JULY 20 TO
AUG. 17, 1921.
ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT.
[Amounts in thousands of dollars.]
Total.
Number of reporting
banks:
July 20
July 27
Aug.3
Aug. 10
Aug. 17
Loans and discounts,
including bills rediscounted with F.
R. Bank:
Secured by Government obligations—
July 20....
July 27....
Aug.3
Aug. 10
Aug. 17
Securedby stocks
and bonds
(other than U.
S. Government
obligations)—
July 20
July 27
Aug.3
Aug. 10
Aug. 1 7 . . .
All otherJuly 20....
July 27
Aug.3
Aug. 10
Aug. 17
Total loans and discounts including
bills rediscounted
with F. R. Bank:
July 20
July27
Aug.3
Aug. 10
Aug. 17
U. S. bonds:
July 20
July27
Aug.3
Aug. 1 0 . . . .
Aug. 17
U. S. Victory notes:
July 20
July 27
Aug.3
Aug. 10
Aug. 17
U. S. Treasury notes:
July 20
July 27
Aug.3
Aug. 10
Aug. 17
U. S. certificates of
indebtedness:
July 20
July 27
Aug.3
Aug. 10
Aug. 17
Other bonds, stocks,
and securities:
July 20
July 27
Aug.3
Aug. 10
Aug.17
Total loans and discounts and investments, including
bills rediscounted
with F. R. Bank:
July 20
July 27
Aug.3
Aug. 10
Aug.17
Boston.
New
York.
Philadelphia.
Cleveland.
Richmond.
Atlanta.
112
112
112
112
112
814
814
813
813
812
36,001
34,754
34,199
34,886
34,991
St.
Chicago. Louis.
Minneapolis.
Kansas
City.
Dallas.
San
Francisco.
67
67
67
67
112
112
112
112
112
248,152
250,595
240,543
242,272
252,391
70,347
71,845
72,524
71,059
69,193
61,376
60,645
53,413
55,997
55,799
24,707
25,252
25,070
24,911
24,822
19,255
18,021
17,905
20,443
17,124
87,903
87,068
84,000
80,437
80,924
20,004
21,343
20,901
19,103
18,836
13,051
12,569
12,788
12,991
13,081
20,351
19,952
19,742
19,225
19,44r
6,693
6,818
6,771
6,850
6,734
26,^90
28,688
27,224
27,037
26,527
190, 6551 ,262,393
187,324 ,240,961
186,287 ,265,917
183,815 1,241,708
185,""" :, 213,530
3391
187,404
187,355
179,565
180,597
174,170
335,390
340,727
333,445
333,641
335,092
117,169
109,685
109,577
107,635
109,451
53,812
53,439
53,358
52,874
52,075
445,469
440,422
445,405
449,413
457,123
128,223
128,531
118,789
118,512
125,294
33,029
32,818
32,238
32,729
32,335
70,003
71,468
70,408
70,125
70,922
37,320
37,716
37,479
37,155
37,315
143,549
145,076
146,458
146,712
146,522
8,038,344 595,333 2,693,521
8,048,742 596, 589 ^, 715,242
~~ 2'
8,078,576 597, 454 2, 733,159
!,
8,023,222 601,415 2,702,310
7,982,079 596,830 2,703,949
368,110
365,713
368,034
355,383
363,964
672,260
658,375
676,764
674,420
660,164
322,628
329,935
331,331
332,345
328,577
301, 4811,221,891
304,767 1,216,384
3 0 5 7551 199,553
-" \
304, 6211,184,794
302, 0191,179,272
301,561
299,468
307,725
304,598
297,454
230,182
231,056
231,854
236,038
234,530
375,612
379,071
375,368
371,397
369,806
208,722
208,477
205,811
203,651
204,225
747,043
743,665
745,768
742,252
741,289
625,861 1,069,026
624,913 1,059,747
620,123 1,063,622
617,039 1,064,058
0391
607,327 1,051,055
464,504
464,872
465,978
464,891
462,850
374, 5481,755,263
376', 22: 1,743,874
377,"" :,728,958
377, 9381,714,644
371, 2181,717,319
449,788
449,342
447,415
442,211
441,584
276,262
276,443
276,880
281,758
279,946
465,966
470,491
465,518
460,747
460,171
252,735
253,011
250,061
247,656
248,274
917,582
917,429
919,450
916,001
914,338
634,830
637,550
615,080
615,211
619,865
3,004,416
2,975,522
2,978,926
2,954,916
2,939,168
11,677,590
11,661,814
11,672,582
11,593,349
11,541,112
821, 989 4. 204,066
:,
818,667 4,206,798
817,"'" 4! 239,619
940 ':,
820, 116 4! 186,290
:,
817, 160 4, 169,870
:,
865,720
866,979
863,435
868,072
868,285
34,910
35,213
34,752
36,214
309,351
312,470
312,702
313,386
311,128
46,521
46,871
46,216
46,212
48,197
103,932
104,431
104,651
103,724
104,876
60,133
62,320
59,713
60,390
59,703
30,468
30,671
31,114
30,680
72,152
70,901
71,400
70,794
71,791
25,939
25,636
25,568
25,580
25,587
15,661
16,012
15,834
16,004
15,865
32,301
31,820
32,043
32,742
32,641
32,399
32,410
32,334
34,391
34,533
102,591
98,427
97,551
97,521
96,296
167,506
165,594
165,104
165,513
164,699
5,939
5,980
5,998
5,986
5,830
80,286
79,542
79,509
78,482
78,869
6,200
6,135
6,147
6,208
5,675
14,824
14,962
15,985
16,490
16,520
4,909
5,472
4,926
4,938
4,925
2,516
2,408
2,314
2,302
2,200
29,392
27,727
27,902
28,409
27,849
2,270
2,289
1,957
1,949
1,897
816
808
817
769
766
3,045
3,103
3,057
2,947
3,082
1,227
1,229
1,211
1,232
1,188
16,082
15,939
15,281
15,801
15,898
69,711
58,361
63,171
58,804
56,411
2,123
1,944
2,134
2,050
1,752
44,831
34,555
34,897
33,356
32,720
10,04:
9,565
9,550
8,964
8,245
2,042
1,813
1,609
1,641
1,537
767
870
1,212
706
466
273
272
122
4^505
7,217
6,617
387
314
797
226
97
282
259
259
254
254
676
670
456
460
364
1,576
1,526
726
726
726
2,025
2,068
4,192
3,804
3,361
122,650
98,765
262,640
240,371
193,037
3,392
2,773
14,544
8,243
5,836
63,078
42,170
101.347
99,897
82,014
5,075
4,103
33,165
29,307
23,350
7,850
7,776
22,251
19,694
12,797
2,521
2,453
9,114
8,356
4,872
804
804
3,384
3,377
2,574
17,905
16,857
30,330
26,947
22,410
549
564
5,292
4,568
2,717
188
210
6,840
2,062
1,147
6,800
6,849
11,684
10,868
9,791
1,985
1,915
5,630
3,816
3,653
12,503
12,291
19,059
23,236
21,876
2,047,617
2,038,963
2,024,094
2,022,935
2,020,223
137,436
138,574
136,874
137,292
137,138
725,204
718,336
713,783
714,672
712,291
157,946
157,567
156,257
155,509
154,126
280,670
280,551
277,406
278,163
276,684
53,387
53,598
54,263
53,536
53,850
37,167 342,954
36,662 342,696
36,682 339,300
37,182 339,184
37,208 337,273
66,774
66,570
66,193
66,144
66,782
21,590
19,767
19,740
19,744
19,921
45,901
45,801
44,453
44,745
45,849
10,922
10,989
11,060
9,573
9,526
167,666
167,852
168,083
167,191
169,575
L4,950,794 1,005,789
L4,890,476 1,003,151
L5,051,026 1,012,242
L4,949,044 1,009,901
14,843,767 1,004,704
i, 426,816
i, 393,871
1,481,857
i, 426,083
851,650
849,154
871,458
863,239
846,920
.,478,344
.,469,280
,485,524
,483,770
,463,469
586,221
589,585
595,206
592,817
445,138 2,222,348
446,841 2,206,560
450,191 2,205,107
1912,
451,913 2,186,595
443,880 2,183,531'
545,707
544,715
547,222
540,678
538,664
314,799
313,499
320,370
320,591
317,8Q&
554,689
558,734
557,211
552,509
$M98
300, 8441, 218,449
301, 0801,214,006
301 0221,223,616
297, 3941,223,554
9001,221,344
SEPTEMBER,
1125
FEDEKAL RESERVE BULLETIN".
1921.
PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM JULY 20 TO
AUG. 17, 1921—Continued.
ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT—Continued.
[Amounts in thousands of dollars.]
Total.
Reserve with F. R.
Bank:
1,227,249
July 20
1,237,555
July 27
1,218,537
Aug.3
1,199,941
Aug. 10
1,215,663
Aug. 17
Cash in vault:
319.302
July 20
315,554
July 27
304,778
Aug.3
310,480
Aug. 10
298,914
Aug.17
Net demand deposits:
10,029,198
July 20
10,002,061
July 27
9,915,337
Aug.3
9,895,403
Aug. 10
9,937,999
Aug. 17
Time deposits:
2,905,378
July 20
2,905,293
July 27
2,897,136
Aug. 3
2,898,858
Aug. 10
2,899,713
Aug. 17
Government deposits:
124,469
July 20
95,460
July 27
389,763
Aug. 3
381,144
Aug. 10
242,463
. Aug.17
Bills payable with
F.R. Bank:
Secured by U. S.
Government
obligationsJuly 20
309,216
289,459
July 27
274,311
Aug. 3
272,933
Aug. 10
279,601
Aug.17
All other506
July 20
619
July 27
1,032
Aug. 3
1,183
Aug. 10
428
t Aus. 17
Bills rediscounted
with F. R. Bank:
Secured bv U. S.
Government
obligationsJuly 20
85,866
85,390
July 27
73,872
Aug. 3
78,660
Aug. 10
70,015
Aug.17
All other—
755,316
July 20
737,047
July 27
729,858
Aug.3
644,558
Aug. 10
629,130
Aug. 17
Boston.
New
York.
Philadelphia.
Cleveland.
Richmond.
St.
Atlanta. Chicago. Louis.
Minneapolis.
Kansas
City.
Dallas.
San
Francisco.
71,140
74,778
73,910
75,090
74,420
579,354
589,843
562,119
552,645
551,422
61,000
59,503
63,754
61,348
64,189
90,210
88,608
97,597
90,711
93,078
30,925
31,705
33,772
31,476
31,036
26,955
26,678
26,897
25,338
26,935
177,937
175,516
174,263
175,932
176,295
37,832
38,873
39,944
37,474
39,729
18,760
19,098
16,826
16,033
17,666
38,923
37,587
38,572
37,836
43,302
20,373
20,292
18,753
20,357
20,322
73,840
75,074
72,130
75,701
77,269
21,230
20,297
20,510
21,164
21,297
105,256
106,266
103,306
105,559
99,875
17,430
16,810
17,156
17,137
17,036
30,509
29,875
27,991
28,246
26,882
15,184
15,282
14,245
14,774
13,925
9,792
9,650
9,181
9,550
9,195
56,648
55,052
53,938
54,922
54,495
7,313
6,996
6,998
6,842
6,429
6,545
6,949
6,108
6,455
5.922
12,751
13,286
12,199
12,954
11,936
9,574
10,291
9,728
10,149
9,242
27,070
24,800
23,418
22,728
22,680
622,332
621,124
610,197
611,082
609,298
804,260
800,255
798,623
791,276
790,069
296,916
301,867
303,725
297,563
298,142
206,8351 ,272,488
212,2091,267,405
207,9771,284,055
209,4841 ,298,200
209,442 1,309,121
285,301
286,915
285,042
285,862
284,045
176,178
172,786
173,959
174,489
172,788
365,286
365,994
372,286
377,205
380,813
185,050 560,549
184,053 558,408
181,398 554,128
183,323 565.136
184,435 572,874
60,583 543,791
60,466 542,711
60,450 543.137
60,207 541,650
59,958 541,707
733,302 4, 520,701
:,
-,504,795
726,250 4
717, 648 4,426,299
712,987 4,388,796
:
713,459 4 , 413,513
175,976
176,423
177,554
178,451
179,436
418,554
415,994
415,233
418,304
418,416
41,439
41,687
41,476
41,470
40,878
425,010
429,271
429,454
429,954
429,485
121,485
121,321
120,847
121,432
121,747
144,753
343,986
143,517
143,185
112,938
653,690
653,296
652,095
651,137
650,058
142,487
142,558
142,489
142,372
143,891
69,811
70,664
69,023
68,823
68,728
107,799
106,916
101,861
101,873
102,471
8,562
6,540
29,171
28,197
18,675
68,560
52,443
180,640
175,911
106,749
13,880
10,596
41,674
40,703
25,670
10,881
8,265
31,422
31,526
19,977
2,672
1,970
10,939
10,930
7,309
841
616
5,405
5,349
4,554
7,
6,846
37.615
37,260
22,161
3,417
2,607
10,892
10,632
6,814
2,003
1,181
10,352
9,349
7,371
2,082
1,592
8,874
8,727
5,950
2,001
1,367
7,348
7,234
5,785
1,881
1,437
15,431
15,326
11,448
6,804
10,058
7,226
9,424
11,320
108,973
102,964
98,491
112,543
107,659
29,944
28,266
32,434
27,430
34,298
24,852
20,925
19,632
19,906
17,449
25,029
23,429
21,433
21,279
22,468
12,883
12,335
12,724
12,303
12,278
43,897
39,212
33,755
27,100
26,848
15,322
14,575
11,311
11,372
13,095
4,233
4,031
3,645
3,457
3,340
10,213
9,870
9,278
5,521
7,117
4,290
5,196
4,426
3,851
3,961
22,776
18,598
19,956
18,747
19,768
325
220
350
410
235
129
129
141
141
141
27
27
277
27
27
25
243
264
25
25
580
5,819
5,472
5,399
6,940
7,100
19,029
18,554
17,003
14,792
14,505
22,421
23,771
21,457
21,452
19,595
7,624
6,658
2,244
7,228
5,069
2,778
3,035
3,010
2,877
2,748
24,476
27,314
28,318
26,745
27,558
232,080
211,897
231,379
195,552
183,643
27,711
27,790
29,340
25,140
23,563
92,192
85,376
87,550
81,495
80,2091
44,954
45,834
46,390
44,937
44,380
13,566
12,744
10,756
9,210
8,022
3,294
3,335
2,673
2,358
2,398
803
496
734
1,040
1,121
2,493
2,377
2,237
2,273
2,216
412
497
451
376
360
1.940
3,629
3,437
3,001
3,019
31,076 134,101
35,701 133,456
38,015 103,033
33,092 90,943
31,619 93,902
36,025
35,444
37,211
30,591
30,979
32,456
32,922
31,397
27,123
30,283
31,799
30,840
28,655
28,118
27,44r
18,207
18,440
15,027
13,634
14,645
50,239
52,033
53,543
47,188
40,907
5,687
4,792
4,441
7,113
3,862
1126
FEDERAL RESERVE BULLETIN.
SEPTEMBER,, 1921.
PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM JULY 20 TO
AUG. 17, 1921—Continued.
MEMBER BANKS IN FEDERAL RESERVE BANK CITIES.
[Amounts in thousands of dollars.]
Total.
Number of reporting
banks:
July 20
July 27
Aug. 3
Aug. 10
Aug. 17
Loans and discounts,
including bills rediscounted with F.
R. Bank:
Secured by X . S.
T
Government
obligations—
July 20
July 27
Aug. 3
Aug. 10
Aug. 17
Secured by stocks
and bond s
(other than U.
S. Government
obligations)—
July 20
July 27
Aug. 3
Aug. 10
Aug. 17
All otherJuly 20
July 27
Aug.3
Aug. 10
Aug. 17.. v Total loans and discounts, including
bills rediscounted
with F.R. Bank:
July 20
July 27
Aug.3
Aug. 10
Aug.17
XJ. S. bonds:
July 20
--July 27
Aug.3
Aug. 10
Aug.17....
XJ. S. Victory notes:
July 20
July 27
Aug.3
Aug. 10
Aug.17
XJ. S. Treasury notes:
July 20
July 27
Aug 3
Aug. 10
Aug.17
XJ. S. certificates of
indebtedness:
Julv20
July 27
Aug. 3
Aug. 10
Aug. 17
Other bonds, stocks,
and securities:
July 20
July 27
Aug. 3
Aug. 10
Aug. 17
Total loans and discounts and investments, including
bills rediscounted
with F. R. Bank:
July 20
July 27
Aug.3
Aug. 10
Aug.17
New
Boston. York.
Philadelphia.
Cleveland.
Richmond.
St.
Atlanta. Chicago. Louis.
Minne- Kansas
apolis.
City.
Dallas.
281
281
280
280
San
Francisco.
15
15
15
15
15
225,750
228,405
218,647
219,940
229,842
67,163
68,657
69,605
67,577
65,64^
16,768
16,723
15,150
15,098
16,331
5,988
6,047
5,992
6,012
5,946
2,114
2,060
2,081
2,071
2,059
61,931
63,811
60,395
57,021
57,917
11,666
12,970
12,469
10,759
10,613
8,347
8,203
8,128
8,128
8,106
6,615
6,810
6,516;
6,204
6,160
1,
1,650
1,630
1,664
1,634
11,281
12,988
11,660
11,506
11,168
2,113,687
2,085,271
2,093,475
2,070,800
2,050,278
144,015 1,101,531
" " «645' 1,079,550
140; "
139,835 1,109,350
138,0031,085,209
139,427 1,054,795
168,339
168,201
160,357
161,256
155,597
131,226
137,325
131,329
131,464
132,546
22,843
15,907
15,838
15,810
15,529
9,229
9,014
8,745
8,735
324,485
320,799
326,342
327,319
333,427
96,953
97,057
87,442
87,133
93,877
15,471
15,064
14,321
14,509
14,758
26,130
26,834
26,441
26,340
26,091
9,398
9,396
9,485
9,428
9,534
64,067
65,479
63,990
65,594
65,831
5,200,140
5,225,272
5,244,327
5,199,356
5,180,798
!
,
456,038 2, 390,395
!
,
457,954 2, 417,662
!
,
458,923 2! 434,980
!
,
462,417 2\ 403,991
1,404,605
457,765 2,
333,564 277,574
331,478 270,106
332,783 277,364
331,024 279,466
329,468 276,278i
60,925
67,641
67,960
67,206
66,163
52,433 778,738
52,609 778,590
52,786 765,081
52,313 754', 058
52,254 753,599
183,692
183,316
192,253
189,296
183,030
108,546
109,256
110,033
110,423
108,970
134,510
137,228
134,424
132,890
131,780
54,436
53,722
52,440
51,166
51,826
369,289
365,710
365,300
365,106
365,060
7,762,966
7,767,428
7,777,915
7,704,623
7,675,"-"
629,889 3,717,676
627,16013,725,617
626,598|3,762,977
628,907'3,709,140
625,773 3,689,242
569,066
568,336
562,745
559,85^
550,712
425,568
424.154
423,843
426,028
425.155
89,756
89,595.
89,790
89,028
87,638
63,7761 , 165,154
63,6831 ,163,200
63, 612 1,151,818
63, 1191 ,138,398
63, 1791 ,144,943
292,311
293,343
292,164
287,188
287,520
132,364
132,523
132,482
133,060
131,834
167,255
170,872
167,381
165,434
164,031
65,514
64,768
63,555
62,258
62,994
444,637
444,177
440,950
442,206
442,059
8,433
8,383
8,426|
8,5311
9,536
7,261
7,262
7,26T
7,26:
7,257
4^409
4,339
4,406
20,339
18,941
18,93f
18,66'
18,883
11, 582
11,021
10,988
10,893
10,930
4,674
4,625
4,558
4,555
4,568
10,782
10,531
10,670
10,756
10,728
6,374
6,376,374
8,405
8,469
62,053
57,660
57,426
57,308
56,592
1,750
1,810
1,770
1,771
1,771
182
182
182
182
181
74
65
65
65
5
12,533
12,076
12,300
12,721
12,329
658
67'
393
384
370
218
218
218
218
218
1,017
1,077
1,074
31
3
3
31
31
7,888
7,851
7,128
7,726
7,866
32
31
16
16
16
1,486
1,341
1,264
1,411
1,295
292
169
647
78
19
32
10
10
10
10
53,
532
320
325
229
1,136
1,136
636
636
636
502
575
574
574
574
449,139
456,885
440,113
434,467
444,004
29,836
28,561
27,840
28,487
28,581
445,170
439,931
440,273
442,758
442,495
9,911
9,956
10,010
10,385
10,679
264,47i
266,02C
266,43£
266,98?
264,64^
34,96:
34,819
34,774
34,669
35,806
100,126
99,351
98,387
98,434
98,516
565
556
568
554
559
72,01.
71,68
71,684
70,653
70,98'
3,12'
3,13
3,196
3,13'
55,906
45,013
45.392
42,894
40,975
457
397
648
616
329
41,39:
31,27:
31,73!
30,267
29,62f
9,783
9,318
9,312
8,728
8,009
258
233
233
233
232
83,128
59,725
178,843
164,977
135,085
1,236
720
9,327
3,732
1,979
58,949
38,085
93,626
92,440
76,16-
3,772
2,803
31,112
27,319
21,804
792
1,612
1,279
1,020
163
160
834
787
211
50
50
762
762
762
7,658
6,607
16,050
13,695
11,415
424
338
3,847
3,343
2,438
53
104
2,263
277
171
3,362
3,265
6,115
5,803
4,462
777
75'
4,077
2,138
2,006
5,878
6,044
9,218
13,402
12,650
1,118,278
1,109,975
1,098,571
1,097,305
1,099,414
62,141
62,925
62,370
63,744
63,104
551,457
545,064
537,29C
538,201
537,936'
127,816
127,503
125,992
125,137
123,787
70,714
70,105
70,047
70,688
71,801
7,157
7,169
7,202
7,069
7,069
3,463
3,444
3,439
3,409
3,438
136,390
133,933
131,353
130,687
128,389
42,560
42,606
42,617
42,504
43,467
8,842
8,576
8,464
8,569
8,504
11,815
11,747
11,696
11,840
11,778
3,424
3,421
3,589
1,608
92,499
93,482
94,512
93,849
98,454
9,565,574
9,521,423
9,639,381
9,550,991
9,491,565
704,199
701,714
709,521
707,938
702,423
4,705,960
4,677,738
4,763,748
4,707,690
4,668,593
748,593 507,529 104,551
745,906 505,477| 104,399
767,074 505,9311 105,285
758,906 508,530i 104,343
743,249 509,515] 102,372
71,693
71,581
72,287
71,694
71,790
1,343,560
1,336,098
1,331,723
1,315,579
1,317,254
347,827 146,183
348,154 146,056
350,656 147,995
344,390 146,689
344,744 145,305
194,766
198,024
197,091
195,091
192,302'
77,256
76,487
78,262
75,07i
75,823
613,457
609,789
609,808
615,065
618,195
4,330
SEPTEMBER,
1127
FEDERAL RESERVE BULLETIN.
1921.
PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM JULY 20 TO
AUG. 17, 1921—Continued.
MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Continued.
[Amounts in thousands of dollars.]
Total.
Boston.
Reserve with F. R.
Bank:
897, 884
July 20
908,301
July 27
886,016
Aug.3
876,252
Aug. 10
881,702
Aug. 17
Cash in vault:
179,713
July 20
179,362
July 27
174,774
Aug.3
178,262
Aug. 10
Aug. 17
170,455
Net demand deposits:
7,030,718
July 20
7,017,314
July 27
6,928, 571
Aug.3
6.908,394
Aug. 10
6; 954,747
Aug. 17
Time deposits:
1,340, 822|
July 20
July 27
. . . . 1,339,662
1, 333,173
Aug.3
1, 335,999
Aug. 10
Aug. 17
1,339,028
Government deposits:
101,178
July 20
77,687
July 27
307,083
Aug.3
298, 774
Aug. 10
Aug. 17
188, 234
Bills payable with
F. R. Bank:
Secured by U. S.
G o v e rnment
obligations176,954
July 20
,
160,687
July 27
155,403
Aug.3
162, 083
Aug. 10
167,833
Aug. 17
All other—
1
July 20
July 27
Aug.3
Aug. 10
Aug.17
Bills rediscounted
with F.R. Bank:
Secured by U.S.
G o v ernment
obligations59, 714
July 20
61, 333
July 27
56,493
Aug.3
53, 896
Aug. 10
49, 715
Aug. 17
All other515,912
July 20
499, 762
July 27
490,904
Aug.3
417,728
Aug. 10
405,307
Aug.17
New
PhilaYork. delphia.
Cleveland.
Richmond.
St.
Atlanta. Chicago. Louis.
Minne- Kansas
City.
apolis.
Dallas.
San
Francisco.
56,544
59,732
58,737
60,323
59,630
537,517
545,612
517,848
508,748
507, 588
55,065
53,808
57,136
55, 776
57,318
27, 832
26,871
31,633
27,106
29,498
4,760
5,232
5,463
4,403
4,888
4,922
4,895
4,743
4,466
3, r~"
123,501
122,629
123,342
125, 842
127,225
27,518
28,072
29, 382
28,113
28,752
7,738
9,100
6, '^84
7,127
6,750
13,481
12, 689
14,061
12,827
15,302
5,049
4,962
4,767
5,499
5,495
33,957
34,699
32, 220
36,022
35,396
11,96'
11,373
11,668
11,939
11, 810
92,018
93, 299
90,615
92, 557
87, 273
13,767
13,532
13,568
13, 532
13,602
8,140
7,817
6,999
6,802
6,833
1, 035
1,073
937
1,071
947
1, 599
1, 580
1, 461
1,675
1,440
32, 209
31, 205
31,080
32,434
30,768
3,431
3,416
3,398
3, 293
3,201
2,232
2,259
1,971
2,114
1, 855
2,928
3,258
3,023
3,052
3,039
1,521
1,503
1,299
1,466
1,387
8, 866
9,047
8,755
8,327
8,300
572,377 4,047,793
566,006 4,033, 505
557, 8653,961, 567
554,545 3,925,140
553,928 3,945,065
541,535
540,526
529,625
531,093
529,315
199,014
199, 772
199,984
199,923
200,725
40, 363
43,318
43,982
40, 429
43,724
27,'
34, 507
34,005
35,318
35,099
875,768
874,403
880,626
888,381
902, 777
194,370
196,251
195,648
196,265
195,952
79,619
78, 552
79,676
80,187
80,060
138,158
136,608
138,935
141,167
142,913
50,133
48,917
48,740
49,315
51, 353
263,679
264,949
257,918
266,631
273, 836
255,0521
251, 8241
247, 999
250, 571
250,383
28, 880
29,097
28, 830
28, 837
28,195
228,719
231,614
232, 981
232, 571
232,912
23,542
23,591
23,472
23,439
23,439
21, 803
21,702
21, 698j
21,627
21, 570
314,040
312, 588
310,491
310, 82
311,089
82,297
82,07"
82,135
82, 845
83,316
27, 824
28,407
27,391
27,364
27,345
15,300
15,162
14,174
14,123
15,060
7,304
7,24'
7,223
7, 245
7,279
265,572
265, 569
265,288
264,332
265,512
6,122 66, 647
4,673 50,982
22, 768 174, 478
21, 959 169, 883
14,— 102, 872
13, 338
10,182
39,048
38,124
23, 874
1,897
1,413
5,050
4,816
2,942
165
l,063|
1, 0631
744
14
13
965
963
762
4,31
3, 859
27, 252
27,032
16,850
2,974
2,275
8,754
8, 551
5,365
704
481
3,307
2, 304
2,300
1,813
1,387
7, 255
7,128
4, 804
1,844
1, 258
6,453
6,347
5,017
1,308
999
10, 690
10,604
7,837
7,117
5, 522
4, 242
4,1281
4,670;
580
605
605
605
605
16,647
14,215
16,416
12,327
10, 873
9,007
8,655
5,706
7,071
7,626
616
566
530
6101
670
4,692
4,792
2,777
710
2,304
20C
550
200
15, 861
11, 468
12, 050
11,295
11, 895
87
254
250
209
152
9,352
9,260
7,112
5,954
1,424
1,346
1, 056
915
868
441
396
372
465
453
996
89'
845
733
66;
4, 650 i
4,2861
5,099
4,191
3, 059'
80,134
80, 044
52,414
41, 264
44, 073
20,445
19,708
21,016
13, 897
15,700
21,606
23,159
20,902
17,12:
17,230
17,096
16,983
16,27f
70, 489
70,787
71, 491
72,221
72,928
4,264
7,438
4,45f
6,749
8,578
89, 773
81, 898
76,965
90, 821
85,768
26,654
24,
28, 856
23,'"
31,25C
1, 543
100
2,600
3,800
3, 594
5,468
5,135
5,062
6,468
6,628
17, 557
17,242
15,827
13,659
13^ — '
22,16C
23, 51:
21, 34!
21,19!
19, 351
1, 428
693
1,471
1,406
844
22,441
25, 301
26, 528
24, 819
25, 843
205, 340
185, 405
205, 865
168,943
156, 748
26,40:
26, 85C
28,04i
65,711
63, 575
61,975
58, 721
62, 403
203
23, m
22,34
12,934
12, 755
13,272!
12, 767J
10, 985i
18,191
19,119
747
2, 545
1,746
1,710
1,749
4,562
4, 822
2,748
1,849
2,248
34,566
36,627
35,949
32, 278
26, 517
1128
FEDEEAL RESERVE BULLETIN.
BANK DEBITS.
1921.
JITS 1"0 INDIVIDUAL ACXOUNTS
I
For the five-week period ending August 24,
volume of business, as measured by debits to
individual accounts at banks in leading clearing-house centers, was about 6 per cent smaller
on the average than for the preceding four
weeks and marked the lowest ebb recorded
during the present year. This relatively small
volume of business reflects in the main the
midsummer dullness of trade and industry.
Fluctuations from week to week were moderate
and followed the well-established course of
expansion during end-of-month and midmonth
periods, with corresponding contractions for
intermediate weeks. Debits in New York City
and in other centers followed a substantially
parallel course.
Debits for the corresponding period in 1920
moved in general accord with those for the
period under review, but were on the average
22 per cent larger. The decrease in the volume
of debits for the year, it should be noted, is
only about one-half as large as the decline in
the price level and does not, therefore, indicate
a reduction in the physical volume of trade.
SEPTEMBER,
AT BANKS IN
RE:PO RTINGf CLEARING HOUSII
DEBITS FOR 1920
CENTEfIS
DEBITS FOR 921
-
MILLIONS
MILLIONS
OF
DOLLARS
1OOOO
DOLLARS
hr
M
*
n " ^ A,1
9OOO
N\A
8OO6
70 QO
•
-
\6o6o;
A 1OOOO
A K
y v
\
>
H
v
u
\\
/ '
w
f
9OOO
8OOO
7OOO
6OOO
A
50 OO,
J ^ l\
1
, A
f V
4OO<3
r
A
\i\
\i *
y
/\
V
5OOO
4OOO
3OOO
3000"
2OOO
2OOO'
1 AND 2 : BANKS IN NEW YORK C1T Y
3 AND 4 ' BANKS IN ALL REPORTIN 5 CENTERs
1OOC
1000
1
— O—
,— 0 —
MILLIONS
MILLIONS
DOLLARS
DOLLARS
\ A ^%
4OOO
*
r\
3000
r\
A
\
*~\
3OOO
2OOO
2OOO
1OOO
MONTH
4OOO
BAN KS OUTS DEO FNE WY< )RK< :iTY
1
1OOO
JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. MONTH
DEBITS TO INDIVIDUAL ACCOUNTS AT CLEARING-HOUSE BANKS.
SUMMARY BY FEDERAL RESERVE DISTRICTS.
[In thousands of dollars.]
1921
Week ending-
Number of
centers
included. July 27.
Aug. 3.
314,287
3,592,910
318,960
359,427
139,826
156,621
838,298
153,638
119,536
231,063
94,760
398,092
357,160
4,239,881
358,057
362,352
172,262
169,662
931,941
173,791
119,695
241,922
107,222
447,321
6,717,418
7,681,266 6,719,195
Boston
New York
Philadelphia.
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
,
San Francisco.
Total...
154
Aug. 10.
331,560
3,632,719
297,958
335,383
163,263
158,678
811,616
154,263
119,250
237,301
104,748
372,456
1920
Week endingAug. 17.
326,920
3,549,906
328,428
359,195
168,307
161,685
965,805
167,041
133,607
235,935
105,680
458,760
Aug. 24
289,582
3,121,621
299,225
320,550
138,715
148,538
839,748
147,079
130,377
227,766
102,858
418,066
6,961,209 6,184,125
July 28.
Aug. 4.
415,086
4,047,015
391,443
537,108
174,869
223,508
1,114,058
198,340
152,363
297.241
120,078
522,973
466,410
4,485,785
401,822
526,474
197,391
232,576
1,132,836
203,375
158,499
305,161
137,636
536,335
Aug. 11.
Aug. 18.
390,874
448,830
4,204,494 4,120,502
395,117
391,366
502,811
489,720
185,117
179,453
223,089
220,341
1,087,307 1,186,166
224,920
213,189
168,332
144,779
315,016
315,694
14o, 251
132.590
570,807
517,263
8,194,082 8,784,300 8,287,070
8,485,958
Aug. 25,
402,617
3,863,549
427,573
490,082
165,293
219,439
1,047,095
202,086
152,108
298,257
130,676
534,488
7 933,263
NOTE.—Figures for the following centers, while shown in the body of the statement, are not included in the summary, complete data for these
centers not being available for each week under review: Harrisburg, Pa.; Johnstown, Pa.; Reading, Pa.; Cincinnati, Ohio; Greenville, S. C *
Washington, D. C; Wilmington, N. C; Springfield, 111.; East St. Louis and National Stock Yards, 111.; Quincy, 111.; Springfield, Mo.; Atchison'
Kans.; and Galveston, Tex.
1129
FEDERAL RESERVE BULLETIN.
SEPTEMBER, 1921.
DEBITS TO INDIVIDUAL ACCOUNTS AT CLEARING-HOUSE BANKS-Continued.
DATA FOR EACH REPORTING CENTER.
(In thousands of dollars.]
1921
Week ending-
1920
Week ending-
July 27.
District No. 1—Boston:
Bangor
Boston
Do
Fall River
Hartford
Holyoke
Lowell
Manchester
New Bedford
New Haven
Portland
Providence
Springfield
Wat erbury
Worcester...District No. 2—New York:
Albany
Binghamton
Buffalo
New York
Passaic
Rochester
Syracuse
District No. 3—Philadelphia:
Altoona
Chester
Harrisburg
Johnstown
Lancaster
Philadelphia
Reading
Scranton
Trenton
Wilkes-Barre
Williamsport
Wilmington
York
District No. 4—Cleveland:
Akron
Cincinnati
Cleveland
Columbus
Dayton
Erie
Greensburg
Lexington
Oil City
Pittsburgh
Springfield
Toledo
Wheeling
Youngstown
District No. 5—Richmond:
Baltimore
Charleston
Charlotte
Columbia
Greenville, S. C
Huntington
Norfolk
Raleigh
Richmond
Washington
Wilmington
District No. 6—Atlanta:
Atlanta
Augusta
Birmingham
Chattanooga
Jacksonville
Knoxville
Macon
Mobile
Montgomery
Nashville
New Orleans
Pensacola
Savannah
Tampa
Vicksburg
1
Aug. 3.
Aug. 10.
Aug. 17.
Aug. 24.
3,184
1197,239
257,183
5,729
18,221
2,507
4,001
4,512
5,138
15,094
6,792
25,664
10,222
4,366
11,618
4,654
1220,614
293,386
5,985
23,402
2,583
4,106
5,090
5,507
16,022
7,571
29,732
13,204
5,491
13,199
3,515
1209,622
272,869
5,487
19,188
2,324
4,003
4,738
5,566
15,762
6,835
27,327
9,928
4,421
12,844
3,440
1205,652
269,953
5,540
17,660
2,305
4,427
4,302
6,672
16,698
7,739
23,728
11,780
4,575
12,402
2,982
i 180,990
240,458
4,720
15,414
2,249
3,929
3,959
5,152
13,254
5,992
24,472
11,291
3,825
11,353
3,362
255,729
4,076
286,430
7,018
20,960
4,448
5,581
4,677
8,066
19,813
8,027
36,732
16,039
6,501
18,133
18,264
3,447
49,708
5,483,112
4,514
23,050
10,815
20,978
4,169
54,398
4,116,486
4,720
27,360
11,770
15,527
3,590
48,042
3,527,996
4,661
22,252
10,651
15,583
3,888
53,923
3,434,428
5,240
25,554
11,290
16,463
3,279
45,538
3,018,227
4,253
23,397
10,464
2,895
3,914
5,919
4,068
3,966
259,427
6,147
17,145
10,254
8,182
3,388
6,362
3,427
3,554
4,038
5,262
4,696
4,757
295,616
6,810
12,579
12,448
8,794
4,661
7,734
3,876
2,918
3,564
5,900
4,108
3,974
237,452
6,589
16,313
11,395
8,078
3,937
7,209
3,118
2,872
4,060
6,700
4,267
4,173
273,046
7,150
12,598
9,975
7,991
3,737
6,653
3,323
2,691
3,708
6,075
4,021
3,859
244,058
5,850
14,232
10,068
7,115
3,599
6,756
3,139
13,683
55,021
104,438
26,401
12,839
5,606
3,919
3,134
2,033
136,825
3,344
30,175
7,214
9,816
12,501
54,582
103,626
24,964
13,275
5,722
4,272
3,375
1,644
151,714
3,162
24,093
5,852
8,152
12,860
54,142
99,651
24,628
12,925
5,455
4,461
3,576
1,902
128,279
3,088
23,253
6,381
8,924
13,353
57,615
114,165
25,440
12,857
5,354
3,349
3,755
1,958
136,527
3,211
23,194
6,575
9,457
11,800
50,191
88,410
22,139
10,954
5,315
3,487
3,118
1,727
129,857
2,888
26,418
5,941
8,496
87,814
6,149
4,433
3,713
2,390
4,229
11,582
3,870
19,036
30,443
4,252
111,732
4,906
5,021
4,271
2,558
4,637
14,152
3,840
23,703
34,408
3,636
108,060
4,337
4,802
4,100
2,517
4,527
11,852
3,700
21,885
33,362
4,261
105,826
5,684
5,189
3,955
2,724
4,594
12,638
3,600
26,821
32,995
4,521
20,230
4,408
10,595
6,460
7,887
4,570
3,519
4,702
2,390
26,821
50,027
1,382
8,453
4,238
939
22,380
4,886
12,237
7,303
8,884
5,353
3,542
5,269
2,999
24,789
55,846
1,363
9,088
4,676
1,047
19,562
4,181
12,510
7,633
8,562
4,955
3,644
4,827
2,733
24,925
48,467
1,428
9,380
4,727
1,144
22,635
4,612
12,394
7,694
8,411
6,100
4,118
4,803
3,675
24,251
46,667
1,642
8,601
4,978
1,104
Debits of banks which submitted reports in 1920.
July 28.
Aug. 4.
Aug. 11.
Aug. 18.
Aug. 25.
4,107
283,931
3,201
254,446
10,075
29,511
5,105
5,739
5,727
10,130
19,579
9,598
36,767
17,526
7,014
19,133
3,115
241,886
8,389
22,095
3,959
5,991
5,760
7,564
19,501
8,968
25,010
14,927
6,647
17,062
9,091
21,106
3,756
5,839
4,752
9,280
19,038
8,299
37,332
16,010
7,776
18,513
7,258
18,801
4,095
5,822
4,045
7,228
16,675
7,955
32,622
15,836
6,220
18,413
27,464
4,333
63,806
3,898,013
5,171
30,715
17,513
21,187
4,560
71,883
4,331,074
5,292
33,415
18,374
20,129
4,381
66,549
4,063,612
5,178
27,523
17,122
22,069
3,438
68,021
3,968,469
5,964
32,234
20,307
20,827
3,789
63,772
3,722,078
5,142
31,794
16,147
3,166
5,166
2,461
5,340
3,029
4,963
2,631
5,950
2,471
5,182
5,296
328,868
5,971
335,488
5,484
323,706
5,522
330,977
4,200
364,101
15,636
12,052
5,748
4,304
7,088
4,119
13,343
12,890
10,282
3,960
7,602
4,485
16,784
11,960
9,200
4,459
7,455
4,326
12,238
11,936
8,879
4,675
8,060
4,249
16,074
11,942
8,275
3,807
6,892
4,629
25,802
23,160
21,083
27,988
22,192
176,734
28,310
11,768
7,670
6,791
4,422
3,216
213,353
3,750
31,652
9,300
14,340
175,468
29,636
11,198
8,177
6,710
4,865
3,177
206,072
3,506
29,700
10,428
14,377
163,83131,927
11,964
8,048
4,569
4,400
3,527
181,489
3,262
30,810
8,788
16,022
180,501
29,486
11,734
8,517
6,538
5,803
3,589
170,715
3,446
31,249
9,440
13,805
160,470
27,583
10,958
7,814
7,191
4,336
3,156
192,498
3,246
29,900
7,517
13,221
84,516
4,756
4,560
3,783
2,579
4,271
10,558
3,980
22,291
28,993
4,170
99,489
7,638
6,344
5,087
119,433
8,975
7,275
5,258
104,674
7,895
6,882
4,915
109,118
6,113
7,412
4,972
94,988
5,170
6,405
4,228
5,310
21,574
4,100
25,327
6,014
22,606
3,441
24,389
5,662
22,557
4,100
22,768
32,983
6,199
20,372
4,898
26,033
33,090
6,091
19,821
3,379
25,211
30,751
19,356
3,654
10,759
6,685
8,258
4,901
3,406
4,720
3,200
23,271
45,343
1,297
8,329
4,440
919
25,702
7,050
16,028
10,560
12,812
5,754
5,594
7,206
4,334
32,308
72,434
2,224
14,023
5,879
1,600
28,898
7,829
16,184
10,722
14,460
6,743
6,765
8,633
4,537
22,668
79,386
2,703
14,989
6,305
1,754
27,947
7,022
16,604
11,938
14,549
6,991
5,711
8,410
4,242
23,057
70,105
2,572
13,535
5,958
1,700
30,283
7,498
15,258
12,510
12,935
7,015
6,651
8,137
4,083
24,787
73,414
2,611
11,202
5,275
1,430
25,965
6,987
16,191
10,221
12,416
6,325
5,299
7,429
3,836
22,656
80,461
2,051
12,746
5,486
1,370
1130
FEDERAL RESERVE BULLETIN.
SEPTEMBER,
1921.
DEBITS TO INDIVIDUAL ACCOUNTS AT CLEARING-HOUSE BANKS—Continued.
DATA FOR EACH REPORTING CENTER—Continued.
[In thousands of dollars.]
1920
Week e n d i n g -
1921
Week e n d i n g July 27.
Aug. 3.
Aug. 10.
District No. 7—Chicago:
2,044
2,353
Bay City
2,120
2,054
2,335
Bloomington
1,970
8,253
9,557
9,313
Cedar Rapids
546,417
616,802
524,409
Chicago
6,034
5,915
6,107
Davenport
3,436
3,079
2,999
Decatur
14,331
14,237
Des Moines
16,093
124,069
106,407
99,122
Detroit
2,846
2,499
2,229
Dubuque
5,312
5,462
4,994
Flint
6,167
5,839
6,258
Fort Wayne
17,397
17,310
18,794
Grand Rapids
28,603
28,752
31,544
Indianapolis
4,073
4,250
3,316
Jackson
3,745
3.471
3,619
Kalamazoo
5,129
4,179
4,567
Lansing
51,001
49,822
46,834
Milwaukee
1.726
1,364
1,462
Moline
7] 230
6,768
6,670
Peoria
4,301
4,182
4,520
Rockford
7,961
7,820
8,230
Sioux City
5,566
5,288
3,907
South Bend
5,934
5,779
5,336
Springfield. Til
2,562
2,348
2,482
Waterloo
District No. 8—St. Louis:
East St. Louis and Na8,632
8,248
8,559
tional Stock Yards
4,885
5,205
4,497
Evansville
7,710
8,764
8,666
Little Rock
119,308
i 22,115
119,694
Louisville
25,330
27,962
25, 541
Do
18,911
16,158
Memphis
17, 485
2,170
2,016
Quincy
2,133
1105, 577 i 118, 796 i 103, 921
St. Louis
116, 855
131,412
Do
115,939
2,346
Springfield, Mo
2,855
2,647
District No. 9—Minneapolis:
1,024
1,237
Aberdeen
1,427
1,573
1,623
Billings
1,626
14,102
13, 780
Duluth
14,826
2,387
2,575
Fargo
2,435
1,034
1,141
Grand Forks
1,120
1,642
1,568
Great Falls
1,591
1,845
Helena
2,263
2,115
58, 582
Minneapolis
60,680
62,295
31,227
St.Paul
27, 532
25,219
3,728
Sioux Falls
4,112
3,940
1,996
Superior
1,823
1,741
792
Winona
965
915
District No. 10—Kansas City:
1,252
1,126
1,273
Atchison
2,153
1,812
1,496
Bartlesville
2,601
1,382
2,044
Cheyenne
2,801
2,645
2,796
Colorado Springs
35,003
30, 216
32, 271
Denver
1,760
1,681
1,341
Joplin
2,994
2,896
3,032
Kansas City, Kans
74,037
77,827
77, 782
Kansas City, Mo
2,823
2,368
2,662
Muskogee
17,763
19, 365
21,126
Oklahoma City
45, 073
43,971
42,597
Omaha
3,923
4,788
4,810
Pueblo
17,372
15,669
17,511
St. Joseph
2,773
3,836
3,722
Topeka
14,954
14,337
13,147
Tulsa....
12,449
11, 713
10,964
Wichita
District No. 11—Dallas:
1,398
Albuquerque
1,747
1,506
2,163
Austin
2,347
2,473
2,482
2,594
Beaumont
2,824
Dallas
25,022
29,957
26,878
El Paso
6,800
5,695
6,743
Fort Worth
21,940
21,420
20,490
Galveston
17,474
19,840
19,330
20,500
23,804
Houston
26,112
6,250
San Antonio
5,559
5,283
Shreveport
5,299
5,740
6,368
Texarkana, Tex
975
1,223
1,598
1,462
Tucson
1,848
1,504
2,785
2,972
2,969
Waco
1
Debits of banks which submitted reports in 1920.
Aug. 17.
Aug. 24.
2,331
2,348
9,285
635,338
5,403
3,262
13,611
134,524
2,441
5,887
6,045
18,407
29,880
3,309
4,515
4,923
53,825
1,574
7,502
4,641
8 447
5,658
5,482
2,649
2,147
1,918
. 7,683
542,320
5,711
2,862
13,909
113,050
2,516
6,534
5,796
18,598
26,127
3,642
3,389
5,116
49.118
1,760
6,686
4,066
7,485
6,650
4,613
2,665
4,719
8,558
i 22,171
28, 478
18, 024
1,811
i 113, 569
126, 455
2,447
7,586
4,434
6,935
i 19,378
24, 737
16, 762
1,733
i 99, 570
110,188
2,363
July 28.
Aug. 4.
Aug. 11.
Aug. 18.
Aug. 25.
2,374
10,953
712,635
7,289
4,087
18,043
148,982
3,506
8,427
8,865
23,495
41,506
5,843
5,016
5,983
61,404
2,329
10,870
5,621
14,880
5,131
3,590
2,956
10,190
725,094
8,501
4,496
18,356
152,459
3,199
12,380
9,490
22,283
38,572
5,352
5,558
6,253
62,846
2.588
11,026
4,899
13,770
5,402
3,258
2,672
11,232
684,020
8,898
4,52]
19,832
145,618
3,736
10,503
7,411
22,976
40,791
5,352
5,255
5,871
61,756
2,402
11,065
6,269
14,278
5,866
3,397
2,754
10,762
740,387
6,906
4,631
18,400
183,873
3,450
9,654
8,390
22,914
41,082
4,740
6,552
7,132
66.841
2,505
11,058
6,053
14,515
5,776
3,253
2,379
10,602
639,908
6,785
3,949
18,872
164,542
3,202
9,403
7,248
21,878
37,191
4,616
5,273
6,479
60,393
2,596
9,388
5,719
13,400
5,712
3,733
3,576
3,725
4,394
4,307
4,933
6,326
25, 300
4,793
8,076
29, 940
4,972
7,479
33,485
5,470
7,454
28,763
4,274
6,716
28, 702
24,001
25,739
24, 287
27,265
28,110
*i37,780
*i34,*827
*i42,"966
155,968
i34,'284
1,429
1,624
17,083
2,717
1,208
1,685
2,465
74,242
25, 057
3,583
1,495
1,019
1,129
1,552
16,494
2,601
1,028
1,396
2,357
69,982
27,931
3,639
1,320
948
1,533
1,780
20,449
3,235
1,568
1,638
2,049
74,148
36,891
5,870
1,947
1,255
1,651
1,887
22,596
2,875
1,574
1,723
2,446
83, 553
31,942
5,216
1,950
1,086
1,801
2,005
19,499
3,506
1, 557
2,107
2,485
74, 295
28,931
5,193
2,227
1,173
1,713
1,963
20,080
3,266
1,482
1,963
2,246
89, 918
36,784
5,675
2,067
1,175
1,752
1,725
19,622
3,307
1,600
1,986
2,174
79,164
32,557
5,421
1,811
1,364
1,444
1,667
4,019
29, 503
1,932
3,132
80,149
2,683
18,146
43,488
4,556
15,324
3,355
15,333
11, 204
1,201
1,269
1,441
2,613
34, 841
1,562
3,021
73, 591
2,509
16, 485
45,138
4,357
15,411
2,991
11,711
10, 826
3,748
1,919
3,000
42,956
2,713
3,972
88,157
4,505
20, 789
55,861
3,641
14, 353
3,755
30,022
1
17, 850
4,048
1,984
3,227
42,288
2,934
4,182
87, 409
4,850
23,863
56,857
3,651
17,008
5,275
29, 314
18,271
3,330
1,929
3,615
41, 408
3,651
4,318
97,904
5,095
27,663
54,196
4,942
20,225
4,982
26, 821
15,615
3,411
1,795
3,783
39,464
3,611
4,307
94,497
4,945
30, 591
57,073
5,071
14,384
4,429
31,467
16,188
2,831
2,282
3,389
38,383
2,969
4,282
88,631
4,795
26, 785
56,914
3,832
1,493
2,250
2,909
28,675
7,037
21,410
19,291
23,787
7,600
5,089
1,124
1,242
3,064
1,396
2,133
2,609
28,457
5,981
21,110
21,265
24,809
6,773
4,747
1,059
1,305
2,479
1,052
2,493
4,614
30,902
8,773
26,181
1,808
2,894
4,721
36,222
8,799
26,897
1,570
2,822
4,820
34,654
7,266
26,483
1,901
3,026
5,277
36,089
7,402
27,015
1,452
2,882
4,292
33,636
7,735
26,185
30,943
5,810
3,547
1,291
1,498
2,974
35,373
7,466
6,581
1,567
1,629
3,679
35,690
7,501
4,783
1,786
1,650
3, 565
41,741
7,135
9,110
1,839
1,391
3,325
33,126
8,222
7,077
1,222
1,400
3,447
3,993
24,816
15, 525
SEPTEMBEK.,
1131
FEDERAL RESERVE BULLETIN.
1921.
DEBITS TO INDIVIDUAL ACCOUNTS AT CLEARING-HOUSE BANKS—Continued.
DATA FOR EACH REPORTING CENTER—Continued.
[In thousands of dollars.]
1920
Week ending-
1921
Week ending—
July 27.
District No. 12—San Francisco:
Berkeley
Boise
Fresno
Long Beach
Los Angeles
Oakland
Ogden
Pasadena
Portland
Reno
Sacramento
Salt Lake City
San Diego
San Francisco
San Jose
Seattle
,
Spokane
Stockton
Tacqma
Yakima
2,391
2,705
7,599
5,137
93,122
16,111
1,938
3,965
28,179
2,323
11,810
11,357
6,636
152,789
3,910
26,763
9,000
3,965
6,749
1,643
Aug. 3.
3,302
2,715
7,600
5,821
97,219
18,063
3,278
4,786
33,415
2,317
13,580
12,105
6,896
176,778
4,431
31,148
10,187
4,487
7,427
1,766
Aug. 10.
Aug. 17.
Aug. 24.
3,357
2,852
9,230
5,240
91,511
17,894
2,035
4,551
29,032
2,495
13,343
11,380
7,566
117,424
3,753
26,957
9,800
4,662
7,353
2,021
3,302
2,368
8,785
5,865
105,502
17,504
3,074
4,680
36,026
2,781
13,864
12,421
7,961
171,841
4,792
32,373
10,356
4,580
8,566
2,119
3,351
2,386
8,161
5,069
100,651
16,640
2,759
3,598
33,319
2,557
8,117
Aug. 4.
July 28.
13,160
6,710
153,907
4,642
29,682
9,509
4,521
7,342
1,985
2,496
2,961
9,789
4,832
94,288
33,108
2,757
4,344
37,070
2,658
14,513
16,170
7,569
215,119
5,396
42,823
9,094
5,559
10,195
2,232
Aug. 11.
2,601
3,049
9,921
5,383
95,568
30,518
3,169
4,960
41,155
2,843
15,540
17,392
7,465
219,539
6,017
41,078
10,779
6,416
10,405
2,537
2,808
3,257
11,864
5,358
91,059
20,052
3,334
5,174
43,966
2,666
16,046
15,196
7,804
206,729
6,056
44,044
11,679
5,937
11,607
2,627
Aug. 18.
3,212
3,251
11,474
5,365
102,331
20,677
3,788
5,957
45,865
2,830
17,425
16,988
8,833
235,725
6,665
46,883
13,350
5,932
11,797
2,459
Aug. 25.
3,089
3,537
10,751
4,805
96,535
19,851
3,872
4,938
40,344
2,559
15,769
15,810
6,505
226,598
6,040
41,933
11,626
5,629
11,719
2,578
GOLD SETTLEMENT FUND.
INTERBANK TRANSACTIONS FROM JULY 22 TO AUG. 25, 1921, INCLUSIVE.
[In thousands of dollars.]
Daily settlements.
Transfers.
Federal Reserve Bank.
Debits.
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta....
Chicago
St. Louis
Minneapolis
Kansas City....
Dallas
San Francisco..
Total five weeks ending—
Aug. 25, 1921
July 21, 1921
Aug. 26,1920
July 22, 1920
Credits.
30,208
143,569
1,000
9,422
99,000
16,607
4,000
3,000
29,000
2,500
Debits.
Credits.
451,
1,562,
580,
. 470,
476,
155,
864,
380,
129,
349,
170,
197,
5,787,617
5,924,362
7,926,134
8,364,499
*35,'504
39,000
12,000
447,172
1,645,320
564,113
440,754
%
487,770
177,161
791,473
373,331
127,183
339,973
178,783
214,584
389,306
483,119
647,567
636,834
389,306
483,119
647,567
636,834
5,787,617
5,924,362
7,926,134
8,364,499
51,600
137,000
9,500
21,507
96,509
4,126
5,000
28,560
Changes in ownership
of gold through trans- Balance in
fers and settlements. bank's fund
at end of
period.
Increase.
Decrease.
16,804
76,722
8,972
9,561
8,058
17,183
72,321
9,806
2,826
11,609
4,639
5,105
121,803
121,803
29,414
60,172
51,272
64,750
16,888
4,881
92,557
18,779
8,764
42,574
3,274
35,750
429,075
404,729
369,021
386,419
1132
FEDEBAL BESEBVE BULLETIN.
SEPTEMBEB,
1921.
FEDERAL RESERVE CLEARING SYSTEM.
OPERATIONS FROM JULY 16 TO AUG. 15, 1921.
[Allfiguresshown in thousands.]
I
Items drawn on banks located
in own district.
Federal reserve bank
or branch.
Items forItems forItems drawn Total items han- warded to other
warded to
on Treasurer of dled, exclusive Federal reserve parent bank or
In Federal re- Outside Federal United States. of duplication. banks and their to branch in
branches.
same district.
serve bank or reserve bank or
branch city.
branch city.
Number.
Boston
New York
Buffalo
Philadelphia
Cleveland
Cincinnati
Pittsburgh
Richmond
Baltimore
Atlanta
Birmingham
Jacksonville
Nashville
New Orleans
Chicago
Detroit
St. Louis
Little Rock
Louisville
Memphis
Minneapolis
Helena
Kansas City
Denver
Oklahoma City
Omaha
Dallas
El Paso
Houston
San Francisco
Los Angeles.,
Portland
Salt Lake City....
Seattle
Spokane
Total items
handled, including duplications.
NumNumNumNumNumNumber. Amount. ber. Amount. ber. Amount. ber. Amount. ber. Amount. ber. Amount.
695
508,546 3,178
1,365 1,468,408 4,330
386
156
'77,099
1,578
669,176 2,092
172,210 1,151
347
734
183
111,737
760
386
209,548
100
104,251 1,716
140,772 610
221
46,293
297
1131
28,551
123
232
15,265
130
55
46
23,817
187
104
63
37,809
763
538,260 3,:
453
231
139,091
226
185,340 1,269
238
18,799
41
49,692 364
87
72
20,622
63
246
109,860 1,306
179
20
8,623
310
247,004 1,560
324
126
39,590
902
55,054
61
519
92
46,959
121
44,993 1,229
117
39
8,647
30,794
60
95,067
215
308
96,447
853
55
27,466
193
21,264
345
47
196
103
30,596
168
16,516
37
356,790
956,902
44,868
218,925
128,361
66,610
82,499
229,966
67,260
36,202
6,988
10,995
16,241
10,073
291,888
41,966
77,110
13,785
20,587
7,285
73,489
11,366
100,880
17,933
70,677
32,725
157,085
8,845
28,233
34,910
65,269
11,576
24,027
13,270
9,549
124
960
9
162
49
50
28
50
50
29
9
8
15
42
281
31
106
8
31
10
34
6
79
23
9
20
29
16
32
66
34
17
13
46
Total:
July 16 to Aug. 15,1921 8,791 5,444,166 30,168 3,345,135 .2,484
June 16 to July 15,1921 9,026 5,807,102 31,279 3,414,663 3,084
July 16 to Aug. 15,1920 7,094 7,407,875 27,952 4,510,46f 2,000
17,058
123,159
1,832
3,997
6,655
551
3,832
1,547
1975
1,174
882,394
2,548,469
123,799
914,251
305,670
1185,627
297,293
340,622
215,665
86,540
36,631
27,303
41,681
57,419
871,275
184,608
273,542
33,875
73,576
28,975
187,259
20,635
357,199
62,906
126,698
i 82,453
205,421
19,334
60,990
198,210
170,610
42,006
47,608
51,011
27,415
45,891
411,340
24,375
133,849
19,399
5,417
28,987
56,605
25,192
8,512
8,575
4,953
2,452
10,567
26,952
5,178
5,566
1,079
15,788
8,292
6,392
10,042
1,727
2,909
3,513
10,281
1,130
10,209
4,410
1,691
25
10
27
37
76
24
24
4
8
5
6
5
10
22
2
2
4
2
70
43
16
19
50
4
6
38
48
31
10
33
13
4,151
928,285
5,827 7,556 2,965,636
17,526
739
165,700
4,498 1,048,100
7,103 1,602
332,172
3,757
995
194,801
4,880 1,262
331,160
11,091 2,048 408,318
7,906 1,008
248,763
3,704
483
98,756
13,918
402
59,124
1,530
213
33,786
812
278
44,945
375
250
68,361
2,897
901,124
943
727
190,729
950 1,649
280,058
1,786
318
36,740
211
492
74,735
312
148
29,573
326 1,679
205,014
1,133
213
23.329
15,044 2,267
417,623
10,795
600
89,489
7,761 1,031
142,751
5,559
687
94,404
4,314 1,486
219,777
525
185
21,586
1,365
400|
65,264
4,771
7501 206,494
10,884 1,322|
191,775
3,803
3001
46,939
6,780 431
64,597
4,009
393
59,430
236
3,629
32,735
966,877
398,020 41,452 9,188,970 3,318
539,347 43,397 i 9,762,588 3,545 1,045,770
383,068 37,052 112,303,370 3 r ~ 1,577,250
728
748
758
166,226 45,498 10,322,073
178,502J47,690 10,986,860
272,339 41,179 14,152,959
26,150
5,099
6,044
5,246
6,405
7,633
4,045
1,092
1,043
1,623
9,537
41,127
3,551
11,092
1,291
3,297
1,068
3,910
646
9,315
5,383
967
2,356
3,343
1,842
1,963
68,233
8,894
2,964
2,317
7,145
1,350
ir~
439
364
193
248
209
4,433
715
1,601
287
482
145
1,586
205
1,949
473
972
1632
1,379
172
378
689
1,195
265
405
345
213
151
666
30
10
61
145
51
20
14
16
22
36
260
7
38
9
17,429
1,561
45,380
248
84
43
36
57
9
16
23
79
4
16
15
10
1
Includes items drawn on banks in other Federal reserve districts forwarded direct to drawee banks.
NOTE.—Number of business days in period for Denver, Dallas, El Paso, Houston, and Salt Lake City was 25 and for other Federal Reserve Bank
and branch cities 26 days.
NUMBER OF MEMBER AND NONMEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AUG. 15, 1921, AND 1920.
Nonmember banks.
Member banks.
1921
1
Incorporated banks other than mutual savings banks.
432
775
691
864
608
444
1,436
Chicago
St. Louis
Total
1920
437
794
700
879
621
500
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Kansas City Dallas.
San Francisco
Not on par list.1
On par list.
Federal Reserve district.
1,396
584
. . . .
567
985
1,017
1,089
1,071
866
868
831
808
9,791
9,472
1921
255
OOQ
462
1,080
1,013
400
4,262
2,498
2,754
3,308
1,203
1920
1921
1920
257
324
432
1,077
764
433
988
4,241
2,512
2,901
3,388
1,239
1,037
18,551
18,605
563
1,172
782
1,182
i67
174
2,078
2,138
85
91
1133
FEDERAL RESERVE BULLETIN.
SEPTEMBER, 1921.
GOLD AND SILVER IMPORTS AND EXPORTS.
GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES.
Exports.
Imports.
Country.
During
10 days
ending
July 20,
1921.
During
11 days
ending
July 31,
1921.
During
month
of July,
1921.
During
10 days
ending
Aug. 10,
1921.
From
Jan. 1 to
Aug. 10,
1921.
During
From
Jan. 1 to 10 days
Aug. 10, ending
July 20,
1920.
1921.
Austria
$9,000
$335,906
$140
39,831
Belgium
3,236 497
75 000
Denmark
$16,283,377 $7,410,546 27,973,327 $17,065,201 118,376,971 1,420,584
France
208,004
115
200,725
Germany
120,000
715,745
Greece
Iceland
10,302
10,302
702
40,107
113,289
Italy
348,097
297,692 17,099,271 1,161,428
296,559 1,085,640
Netherlands
3,324
1,532,100
Norway
25,364
20,892
Portugal. .
85 000
Russia in Europe
Spain
100,691
192,739
1,939 3,218,735
Sweden
41,433 3,338,436 46,050,593
41,433
Switzerland
4,937
556,521
313,803
239,774
i5,*635
365,209
65,508
45,970
Turkey in Europe
44,263
18,473
United
Kingdom7,744,171 7,998,892 21,655,334 8,510,976 132,416,805 76,783,923
England
45
Scotland
24,572,334 15,740,220 51,613,951 29,500,690 324,044,463 79,895,618
Total Europe
Bermuda
British Honduras
Canada
Costa Rica
Guatemala
Honduras
Nicaragua
Panama
Salvador
Mexico
Cuba
British West Indies....
Virgin I s l a n d s of
United States
Dominican Republic..
Dutch West Indies....
Total North
America
Argentina
Bolivia
Brazil
Chile
Colombia
Ecuador
British Guiana
Dutch Guiana
Peru .
Urusruav
Venezuela
T o t a l South
America
$10,000
912
241,263
$1,519,230 12,643,013
13,235
1,519,230 2,643,013
295
295
194,929
96,194
104,193
179
28,125
144,358
141,000
339,245
86,790
18,346
98,245
20
61,915 25,344,452 28,733,863 $33,367
603,623
428,160
23,897
404,701
14,872
27,000
194,789
174,632
599
429,373
799,316
32,523
84,325
122.416 1,599,860
577,206
160,104
16,455
185,930 3,321,944 2,675,281 437,495
102,473
5,680
357,105
87,249
63,103
221,695
127,600
487,289
397,021 1,375,349
179
2,097
87,510
217,387
23,296
9,800
6,073
56,848
131,000
44,734
63,494
3,854
$2,643,013
1,100
112
38,611
52,000
62,917
21,000
During
During During
From
11 days month 10 days From
ending of July, ending Jan. 1 to Jan. 1 to
July 31, 1921. Aug. 10, Aug. 10, Aug. 10,
1921.
1920.
1921.
1921.
60,439
2,643,013
123,286 $82,864 1,347,115 3,233,825
19,000
323,085
20,000
844,270 180,295 5,042,140 15,948,747
250,494
275,000
10,000
39,000
150,000
4,527,271
266,510
147,930
598,335 37,711,042 33,311,432 470,862
383,524
967,556 263,159 6,639,749 19,545,572
822,394
2,204
93,122
116,847
7,864,070
380,800
83,571
52 645
812^967
3,666,252
919,295
76,692
6,878
24,585
329,868
2,602,315
400,632
71,940
2 387
581,715
314,839
12,850,000
184,000
535,574 1,869,548
700,465 14,814,167
4,411,851
24,300 104,571,300
279,441 1,004,828
298,108 2,093,732
825,068 16,016,171
1,034,424 20,273,944
1,260
250,000
250,000
267,065
200,000
741,064
200,000
623,639 2,589,066
6 005 892
817,349
5,580,825 30,191,910
2 208 234
524,770
40,585
1,448,793
2,230,791 53,499,617 32,782,236
16,286,750
6,088,088
6,683,454
60,000 12,065,105
2,100,000
10,077
10,077
77,904
31
316,712
57,920
6,541
21,104
92,962
1,455
200
78,339
20,077
20,835
123,204 1,092,418
57,920
20,383
1,539
9,939
21,474
108,202
338,304
431,266
30,776
40,169
584,706
China
British India
Straits Settlements
Dutch East Indies
French East Indies
Greece in Asia
Hongkong
458,257
1,746,804
304,387
Palestine and Syria
Turkevin Asia
Total Asia
230,042
228,943
484,185
1,658
2,739,490 1,523,557 4,775,467
952
337,417
8,785
87,814
264.989
508
76,285
254,429
89,995,000
24,300
280,000
400,000
700,000
. . 156,000
6,300
40,900
76,460
124,360
31,650 1,352,940 25,998,577
31,913,185
40,900
76,460
124,360
31,650 1,412,940 101,135,159
Australia
9 743 887
3,405,550
3,405,550
:*"
883,180
883,180
1,963,507 1,101,276
New Zealand
300
Tahiti
42,494
770,447
116,061
21,237
149,761
557,219
Philippine Islands
Abyssinia
21,665
28.038
13,250
British West Africa....
51,823
British South Africa . .
15
139,576
139,561
139,576
Egypt
35,097
35,097
539,674
280,358
Portuguese Africa
Total all coun32,044,991 19,135,901 64,247,479 33,072,775 '443,313,118 152,339,990 511,762 1,979,214 3,734,929 294,809 210,720,302 225,546,579
tries
Excess of imports or
73,206,589
31,533,229 17,156,687 60,512,550 32,777,966 432,592,816
exports
1 Includes: Ore and base bullion, $25,845,000; United States mint or assay office bars, $428,000; other refined bullion, $325,316,000; United States
coin, $24,293,000; foreign coin, $67,431,000.
»Includes: Domestic exports—Ore and base bullion, $52,000; United States mint or assay office bars, $533,000; other refined bullion, $94,000;
coin, $6,677,000. Foreign exports—Ore and base bullion, $1,000; refined bullion, $1,529,000; coin, $1,843,000.
1134
FEDERAL RESERVE BULLETIN.
SEPTEMBER, 1921.
SILVER IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES.
Exports.
Imports.
Country.
Belgium
Denmark
France
Germany
Greece
Italy
Netherlands
Norway
Poland and Danzig
Portugal
Spain
Sweden
Turkey in Europe
United Kingdom —
England . .
Total Europe
Bermuda
British Honduras
Canada . .
Costa Rica
Guatemala
Honduras
Nicaragua
During
10 days
ending
July 20,
1921.
$7,221
""§87,' 853
Total, all countries
Excess of imports or
exports
During
month
of
July,
1931.
During From
From
10 days Jan. 1
Jan. 1
ending
to
to
Aug. 10, Aug. 10, Aug. 10,
1921.
1921.
1920.
$80,836
$32,920
24,026
30,820
14,453
254
1,054
1,000
15,417
16,282
5,250
10,157
198 1,143,090
787,917 $143,542
$156,207
896,444 2,798,256
946,030 143,542
156,207
448,352
60,038 6,535,550 4,054,282
75,189
180,792
33,404 1,512,958 6,033,598
413
44
599
19,048
89,142
148,747
7,978
54,960
$448,352 $60,038 $6,535,550 3,966,402
I
192,811
991
560
200
69,140
826
328,93i
2,195
49,223
50,214
96
6,542
142
300,342
2,600
2,600
711,194 2,950,059
7,341
53,796
74
74
6*6,666
63,367
51, OU\ 2,624,666 2,400,703 72,484
935
44 369
51,718
21.734
520
500
9 826,256j 1,684,501
138,717 490,724
37 326
14 385 684
18 220 3 637 724
1,589
1,295,884 22,058,008 38.289.065 16,916
70,731
62,550
6,949
1,818
118 000l
£4 800
1,200
1,235
20
840,636 3,754,758 1,349,947 26,287,558 46,832,381
17
1 393
39,500
251
109,917
9,466
3,135
36
3
341,337
85
21
150,764
158,901
505,144
314,094
221
40
31
394
40
100,000
220
10,037
89,400
200
ijbbol
i.ooo
13,932
252,626
3 000
600
600
39,500
1,523
2,357
3,135
3
102,768
85
29
104,225
513
54,117
1,000
2,500
1,800
4,500
371,505
3,000
542,000
226,000
50,000
28,863 1,477,656 2,597,916
309,625 939,953
97,952
18,080
25,000
231,500
9,000
90,721
438,018
14,205
23.3S0
259,136 922,503
40,760
293
15,291 1,206,797 2,148,956
102,147
577,112
7,015
24,400
47,026
43
3
135
6 390
291,780 3,378,799 8,763,316
2,853
5
68
2 531
63,267 3,678,691 10,776,052
900
11,492
2,333
239,500
1,402
10,000
i
5,031,806 12,489,044
240,400
25,227
204
100,000
Dutch East Indies
French East Indies
Total Asia
10 days 11 days
ending ending
July 20, July 31,
1921.
1921.
191
Hongkong
Japan
Russia in Asia
Turkey in Asia
Australia
New Zfialand
Philippine Islands
Abyssinia
British South Africa
British West Africa
PortnsnifiSfi Afrioa
$16
370
$1,144
98,323
894,102 1,270,961
225,234
11,351
805
During During
1,054
63
Total North
1,662,422
America
1,393
Argentina
China
British India
$7,706
127,783
1,000
Panama
1,437,205
Mexico
23,855
Cuba
British West Indies.
Virgin Islands of U S
6,800
Dominican Republic...
Dutch West Indies
Haiti
Total South
America
During During From
From
month 10 days Jan.l
Jan.l
of
to
to
ending
July, Aug. 10, Aug. 10, Aug. 10,
1921.
1921.
1920.
1921.
11,351
11,351
Salvador
Bolivia
Brazil
Chile
Colombia
Ecuador
British Guiana
Dutch Guiana
Peru
XJniEfuav
During
11 days
ending
July 31,
1921.
7,152 1,289,974
1,590,028 1,971,317 420,386 5,246,369 49,915,419
223,211
62,310
170,310
1,848,053
108,000
10,727
342,288 2,290,213
528,000 4,058,373
528,000
528,000
896,689 1,376,849 249,984 6,761,661 18,698,886
1,650
396
60,595
179,996 110,380 2,219,768
713,763
970
960
38 511
361,523| 3,620,348 636,000 2,609,622 4,226,472 780,750 16,603,851 73,610,622
261
100,031
100,434
10,461
1,459
671
151
671
1,657
998
1,868
1,868
3,128
1,029
12,957
31
3,760
11,407
12,883
35,538
93,321
6,097
5,480
1,833,954 1,191,400 4,513,279 2,571,944 134,535,586 64,011,511 868,942 2,856,550 5,112,842 904,055 227,058,492 88,471,663
965,012
1,667,889 7,477,094
1,665,150
599,563
24,460,152
i Includes: Ore and base bullion, $25,836,000; refined bullion, $3,961,000; United States coin, $1,899,000; foreign coin, $2,839,000.
«Includes: Domestic exports—Ore and base bullion, $8,000; United States mint or assay office bars, $152,000; other refined bullion, $13,667,000:
coin, $831,000. Foreign exports—Ore and base bullion, $2,000; refined bullion, $9,276,000; coin, $3,122,000.
DISCOUNT AND INTEREST RATES.
In the following table are presented actual discount and interest rates
prevailing during the 30-day period ending August 15, 1921, in the various
cities in which the several Federal Reserve Banks and their branches are
located. A complete description of the several types of paper for which
quotations are given will be found in the September, 1918, and October, 1918,
FEDERAL RESERVE BULLETINS.
Quotations for new types of paper will be
added from time to time as deemed of interest.
During the month under review rates for all classes of paper, on the whole,
tended to decline from the levels prevailing in the period ending July 15,
1921. These declines have been most general in the case of prime commercial
paper purchased in the open market. Present rates for most classes of paper,
particularly prime commercial paper purchased in the open market and
bankers' acceptances, are lower in most reporting centers than rates during
the corresponding period of 1920.
DISCOUNT AND INTEREST RATES PREVAILING IN VARIOUS CENTERS DURING 30-DAY PERIOD ENDING AUG. 15, 1921.
Prime commercial paper.
District.
Customers.
City.
30 to 60
days.
No. 1...
No. 2...
No. 3..
No. 4..
No. 5..
No. 6..
No. 7...
No. 8 - -
No. 9...
No. 10..
No. 11-.
No. 12.
Boston
New Yorki
Buffalo
Philadelphia
Cleveland
Pittsburgh
Cincinnati
Richmond
Baltimore
Atlanta
Birmingham
Jacksonville
New Orleans
Nashville
Chicago.
Detroit
St. Louis
Louisville
Memphis
Little Rock
Minneapolis
Helena
Kansas City
Omaha
Denver
Oklahoma City
Dallas
El Paso
Houston
San Francisco
Portland
Seattle
Spokane
Salt Lake City
Los Angeles
L.
a
6 64
6 6-64
6 7
6 6
6 7
6 6
6 6-64
6 6
6 6
6 7
6 7
6 8
8 6 7-74-8
6 7
6 6-7
6 64
6 7
6 6
6 7
7 8
7 7
74 8
6 64-7
6 74
6 7
8
6 7
7 8
8 6 7
6 64
6 7
64 7
7 7
7 8
6 7
Open market.
4 to 6
months.
L.
a
6
6
6
6
6
6
6
"
64
64
7
6
7
6
64
6
6
64'
6 7
6 8
6 7-8
6 7
6 6-7
64 7
6 7
6 6
6 8
7 8
7 74
8 8
6 6J-7
6 74
6 7
6 8
6 7
8 8
(64 64
647
7
7
7
6
74
7
8
7
30 to 90
days.
4 to 6
months.
H.L. C.
64 6 6i
6 6 6
Bankers' acceptances,
60 to 90 days.
Collateral loans—stock exchange
or other current.
Cattle
loans.
Interbank
loans.
H.L. C.
64 6 6J
6 6 6
7
6 6|
64 6 6
7 64 64
6 6 6
74 64 74
8 7 8
64 6J 64
8 74 8
7 6^64
74 6^7
6 | 6i 64
7*6 7
8 7 8
8 8 8
6f
7
7
7
64 64
6i 6f
6 64
7 7
7 6 6|
Indorsed.
Unindorsed.
Demand.
3 months.
3 to 6
months.
H. L. C.
H. L. C.
H.L. c. H.L. C. H. L. C.
6 6 6
64 6 61
51 5 5
64 6 64 51 5 5
64 64 5i-5| 7 4 54-7 7 6 6
2
&
8 54 6-7
6
8 7 7
6 5 6
6 5f 6
7 6 6J 6 6 6
7 6 7
8 6 7
7 6 7
6 7
7 6 6
64 6 6
6 6 6
6 6 6
54 5 5J
f 5
6 6 6
7 6 64
7 6J 64-7 7 64 7
6 6 6
6 6 6
6 6 6
7 6 6
6 6
6 6 6
6 6 6
8 7 7
7 7
8 7 7
8 6§ 7
8 7 7
6 7
8 61 71
7 6 7
74 64 n 716 61 64 6 6
6 8
8 6 8
8 7 8
7 6 7
8 7 8
64 7-74 8 6 7-74-8
8 7 7
8 6 7
8 7 7
8 6 7
8 6 6
8 6J 64-7 51 5 5-51 51 5 5-51 7 64 64-7 7 6* 64-7
7 6" 7
7 6 7
51 5 5
51 5 5
7 6 6
8 6 7
8 64 7
7 5 6
7| 7 74 7 6 7
7 6 6
6 6 6
6 6 6
7 6 6
6|64 64 6 6 6
8 6 7
6 7
8 6 7
8 7 8
7 8
8 7 7
8 7 74
7 74
716f7
74 7 7
8 74 8
74
74
8 8 8
74 7 74
7 6 7
7 6 7
7 64 6J 7 6 7
8 7 8
8 7 8
74 61 7
84 7 74 5| 5 | 5 |
8 6 7
8 6 7
6f 61 64 8 7 7
10 6 8
10 6 8
74 6 7
8 6 7
6 8
6 7
8 7 8
8 6 64
10 51 8
10 8 8
8 7 8
~ 6 7
6 7
7 6 7
6 6J
6| 64 6* 64 6 64
6 7
7 61 6f 7 6 7
7 7
7 6 64 8 7 7
8 7 8
8 64 7
7 8
8 7 8
8 7 8
7 8
7 6 7
7
7 515f
7 6 7
6 7
ft
L. C.
6 64
6 6
6 7
6 6
6 7
6 6
7 7
6 6
6 6
7 7
6 7
7 8
6 74-8
6 7
4 64-7
4
6 7
64 7
6 6
6 7
7 8
7 74
74 8
6 7
74 8
6 7
6 8
6 7
8 8
6 7
6J64
6 7
7 7
7 8
6 7
Ordinary
loans to
customers
Secured by secured by
warehouse Liberty
receipts. bonds and
certificates
of indebtedness.
H. L. C. H. L.
7 6 7
6 6 6
7 6 7
7 64 7
7 7 7
7 7 7
8
74
8
8
8
10
10
8
64
84
10
9
8
a
6 6 6
8 7 7
6 6 6
7 64 7
6 6 6
6 6 6
8 7 7
8 64 71
8 7 8
8 7 7-74-8
8 6 7
7 7 7
7 6 7
8
7
6 6" 6
8 6 7
8 7 8
74 7 74
8 8 8
7 6 7
8 6 8
8 6 7
10 7 8
8 7 8
10 8 8
8 7 7
7 8
74 74
74 74
6 7
6 8
6J 7
7 8
7 74
8 9
7 74
64 64
7 8
7 8
7 8
8 8
8 8
64 8 10 6 7
H. L. C.
61 6 6
64 54 6
7 6 6
6 5} 6
7 6 7
6 6 6
8 6 7
71 6 7
8 6 7
8 6 64-7
7 6 6
7
64-7
7
64
7 6 7
6 6 6
7 6 6
8 7 8
7 64 64
8 8 8
8 6 7
8 6 8
8 6 7
10 6 7
8 6 8
10 6 8
8 6 7
7 6 64
8 6 7
8 7 7
8 6 8
8 7 8
8 6 7
be
f
1 Rates for demand paper secured by prime banker's acceptances: High, 6; low, 34; customary, 6.
CO
C
1136
FEDERAL RESERVE BULLETIN.
SEPTEMBER,
1921.
FEDERAL RESERVE BANK DISCOUNT RATES.
RATES ON PAPER DISCOUNTED FOR MEMBER BANKS IN EFFECT SEPT. 1, 1921.
Paper maturing within 90 days.
Secured b y Federal Reserve Bank.
Treasury
notes and
certificates of
indebtedness.
Boston...
New York
Philadelphia.
Cleveland
Richmond
Atlanta
Chicago
St. Louis.
Minneapolis..
Kansas City..
Dallas
San Francisco
54
54
54
54
6
6
6
Liberty
bonds and
Victory
notes.
54
54
54
54
6
6
6
6
6
6
5J
54
Trade
acceptances.
54
54
54
54
6
6
6
6
64
6
6
Commercial,
agricultural,
and livestock paper,
54
54
54
54
6J
Bankers'
acceptances
maturing
within 3
months.
Agricultural
and livestock paper
maturing after
90 days but
within 6
months.
54
54
54
54
6
6
6
6
64
6
6
54
54
54
54
6
6
6
54
6
6
54
MONEY HELD OUTSIDE THE UNITED STATES TREASURY AND THE FEDERAL
RESERVE SYSTEM, AUGUST 1, 1921.
Amount per
Held in the
Held outside capita outside
U. S. Treasury Held by or for
Treasury U. S. Treasury
General stock. as assets of the F. R. Banks U. S. and
2
Government.1 and agents.
F. R. System. F. R.and
System.
Gold coin (including bullion in Treasury).
Gold certificates
Standard silver dollars
Silver certificates
Subsidiary silver
Treasury notes of 1890
United States notes
Federal Reserve notes
...
Federal Reserve Bank notes
Nationai-»bank notes
Total:
Aug. 1,1921.
July 1,1921.
June 1,1921.
May 1,1921.
Apr. 1,1921.
Mar. 1, 1921.
Feb. 1,1921.
Jan. 1,1921..
July 1, 1920..
Jan. 1,1920..
July 1,1919..
Jan. 1,1919..
July 1,1918.
Jan. 1,1918..
July 1,1917..
$3,288,608,408
$383,114,510
$1,757,011,130
574,637,540
8
39,434,435
33,137,262
346,681,016
2,920.595,060
136,200,400
732,419,179
3,966,029
3,986,327
2,627,129
19,664,830
4 81,420,668
317,867,748
11,073,536
4,217,705
$378,943,159
194,902,069
35,452,782
173,072,802
262,114,675
1,568,884
261,294,319
2,598,740,985
122,499,735
708,536,644
397,187
8,024' 422,943
8,073, 737,233
8,040: 936,478
8,082' 773,866
8,084; 936,396
8,171,237,897
8,372,970,904
7,887, 181,586
7,961,320,139
7,588,473,771
7,780,793,606
6,742,225,784
6,256. 198,271
5,480,009,884
432,471,109
460,595,721
499,236,987
508,349,193
496,945,969
493,976,120
499,358,809
494,296,257
485,057,472
604,888,833
578,848,043
454,948,160
356,124,750
277,043,358
253,671,614
2,818, 800,024
2,697, 553,897
2,562, 692,917
2,512, 465,834
2,534, 743,843
2,385, 101,578
2,438, 773,422
2,377, 972,494
2,021. 271,614
2,044, 422,303
2,167. 280,313
2,220' 705,767
2,018; 361,825
1,723, 570,291
1,280; 880,714
4,737,126,053
4,866,273,325
5,011,807,329
5,020,121,451
5,051,084,054
5,205,858,698
5,233,105,666
5,500,702,153
5,380,852,500
5,312,009,003
4,842,345,415
5,105,139,679
4,367,739,209
4,255,584,622
3,945,457,556
"'291," 869," 326
*272* 023," 79*8*
9,"203,"i6i"
9,909,123
$43.77
45.02
46.43
46.57
46.91
48.41
48.73
51.29
50.19
4.9. 81
45.00
47.83
41.31
40.53
37.88
i Includes reserve funds held against issues of United States notes and Treasury notes of 1890 and redemption funds held against issues of
national-bank notes, Federal Reserve notes, and Federal Reserve Bank notes, but excludes gold and silver coin and bullion held in trust for the
redemption of outstanding gold and silver certificates and Treasury notes of 1890.
« Exclusive of amounts held with United States Treasurer in gold redemption fund against Federal Reserve notes.
8
Includes subsidiary silver.
« Includes Treasury notes of 1890.
SEPTEMBER,
113?
FEDERAL RESERVE BULLETIN.
1921.
CONDITION OF MEMBER BANKS.
ABSTRACT OF CONDITION REPORTS OF STATE BANK AND TRUST COMPANY MEMBERS IN EACH FEDERAL RESERVE
DISTRICT ON JUNE 30, 1921.
[In thousands of dollars.]
DisDisDisttrict District trict District trict
No. 1 No. 2 No. 3 No. 4 No. 5
(134
(113
(48
(62
(41
banks) banks). banks) banks). banks)
DisDistrict District trict
No. 6 No. 7 No. $
(364
(116 banks). (102
banks)
banks)
District
No. 9
(133
banks)
District
No. 10
(60
banks)
Total
DisDistrict trict United
No. 11 No. 12 States
(1,595
(217
(205
banks) banks) banks).
RESOURCES.
Loans and discounts.,
451,154
Overdrafts
201
Customers' liability on account of letters of credit
Customers' liability on account of acceptances
11,592
U. S. Government securities owned
31,133
Stock of F. R. Bank
2,245
Other bonds, stocks, and securities
(exclusive of securities borrowed)
103,275
Banking house
10,145
Furniture and fixtures
2,026
Other real estate owned
1,058
Gold coin and certificates
1,511
All other cash in vault
12,634
Lawful reserve with F. R. Bank
37,903
Items with F. R. Bank in process of
collection
10,
Due from banks, bankers, and trust
companies
17,529
Exchanges for clearing house, also checks
on other banks in same place
8,513
Outside checks and other cash items.. 1,672
Other assets
6,435
,046,946 .81,951
934
126
617,474 104,402 206,498 1,066,378 260,155 89,295 103,407 93,073 549,489 5,770,222
-.«..
—
,__
398
237
354
160
131
337
702
4,619
457
582
1,2
1,11$
117,459
930
296,465 39,304
11,276 2,220
10,360
48,588
4,293
27
730 4,817
5,888 12,234
744 1,331
510,830101,,364
61,375 9,370
626
1,82;
4,818 2,222
4,920
436
48,197 5,032
290,005 23,198
196,374 13,603 25,527
23,519 3,757 8,578
1,879
500 1,424
8,964
775 2,040
362
291
361
14,133 2,650 5,531
36,411
38,951
187,255 25,821
190,561 48,738
64,436 15,160 27,025
79,344 9,798 17,271
15,290
2,130
1,926
567
70,179
22,184
6,64"
1,701
291,354
16,886
1,575
683
1,010
3,546
171
210
993
42,841
7,499 28,213
22,253
106,017
5,579
255,559
24,866
4,490
1,847
175
1,598
14,889
1,567
8 1,
4,505 13,782
347
447
2,737
2,571
66,739
2,463
121
174,284
644,043
33,196
10,734 13,603 1 363126,422 1,405,300
2,038 2,757 3; 329 19,419 177,496
21,022
502 1,331 4,357
728
29,060
254 1,299 3,147
779
1,679
408
13,125
214
181
2,044 2,360 2,840 12,595 143,063
13,450
5,023
5 6 " 35,988 • 584,457
48,270 6,014
8,932
45,072 5,614
5,068
5,037
659
16,821 2,607
120,763
5,613
8,352
73,043 12,111
9,622 43,428
23,571
30,268 8,713
338,151
18,412
284,011 3,344
859 7,187
678
714 14,947 368,894
10,719
10,712
39,377
396 2,679
290 2,024
342 5,546
487
94,408 2,562
139,326
342 2,363 1,8
6,196
317 3,616
4,'546
293
709,890 3,903,409 390,902 1,041,392 152,271 323,928 1,753,034 400,809 126,369 178,032 128,288 900,81110,009,135
Total.
46,646
8,343
1,334
1,857
293
29,562 5,485
21,116
88,870
8,695
13,623
21,404
71,698
30,786 4,457
11,115 1,141
17,438 1,310
.„
LIABILITIES.
Capital stock paid in
Surplus fund
Undivided profits, less expenses and
taxes paid
Amount reserved for taxes accrued
Amount reserved for interest accrued-.
Due to F. R. Bank...
Due to banks, bankers, and trust companies
Certified and cashiers' or treasurers
checks outstanding
Demand deposits
Time deposits
,
U. S. deposits
Bills payable with F. R. Bank
Bills payable other than with F. R.
Bank
Cash letters of credit and travelers'
checks outstanding
Acceptances executed for customers...
Acceptances executed by other banks
for account of reporting banks
Other liabilities
17,801
824
617
1,123
4,51
51
27
1,97'
11,921
,787
2,
2,143
34,255
27,232 6,871
6,695
861
728
1,787
1,531
141
65,418 or "o
6,931 30,973
30
9,680
6,587
177,886
,838
2,245,174 201;59 375,989 54', 116 124,950
U, 594
1,107
,500 49,763 405,447 47,422 95, 20:
542
,882 27,136
14,508
630
68:
14,118 5,400
51,975 10,435
17,
121,
101,012 30,203 10,747 13,33^ 16,500 57,625
85,092 22,081 3,994 4,272 6,598 25,218
12,
2,
608' 453 157,
761, 801 120,
8,
4,
36,
11,
363
2,609
4,528
9,590
7,826
7,520
8
930
1,284
10,346
730
26
,991
14
3,715
266
1,206
7,504
8,257
738
271
14
170,389
36,408
13,342
5,915
6,734 22,849
556,184
2,050
217
39
377
226,934
1,6
2,408 1,060 10,991
356 "1,702 t, 585,885
37,103 77,612 68,356 232;
55,824 33,404 19,089 514,054 }, 671,593
142,457
184 3,818
9 1,124
164,189
2,209 3,873 2,524 14,769
39
1,598
876
219
.,858
322
',604
2,147
359
79
18
585,530
531,918
5,733
3,630
1,966
200
138
137
5,136
55,489
256
2,553
4,592
18,998
178,483
4,254
2,479
62,942
400,809126,369178,032 128,288 900,81110,009,135
Total.
709,890 3,903,409 390,902 1,041,392 152,271 323,928 1,753,034
Liability for rediscounts with F. R.
64,244 8,909 30,699
Bank
28,995
344,571
79,703 9,413
51,943 25,367 6,277 6,756 11,222 21,043
Liability for rediscounts with other
banks
133
250 1,202 1,003
566 1,444
643 1,935
20,849
11,675 1,906
1138
FEDERAL RESERVE BULLETIN.
SEPTEMBER,
1921.
ABSTRACT OF CONDITION REPORTS OF STATE BANK AND TRUST COMPANY MEMBERS OF THE FEDERAL RESERVE
SYSTEM ON JUNE 30, 1921, BY CLASSES OF BANKS.
[In thousands of dollars.]
Central reserve city banks
New York
(31 banks).
Other
reserve
city banks
St. Louis
Total
Chicago
(14 banks). (10 banks). (55 banks). (198 banks).
Country
banks
(1,342
banks).
Total United States.
June 30,
1921 (1,595
banks).
Apr. 28,
1921 (1,550
banks).
RESOURCES.
Loans and discounts
Overdrafts .
Customers' liability on account of letters of
credit..
<
.. ..
Customers' liability on account of acceptances.
U.S. Government securities owned
Stock of F R Bank
Other bonds, stocks, and securities (exclusive
of securities borrowed)
Banking house
Furniture and fixtures
Other real estate owned .
G old coin and certificates
All other cash in vault
Lawful reserve with F. R. Bank
Items with F. R. Bank in process of collection.
Due from banks, bankers, and trust companies
Exchanges for clearing houses, also checks on
other banks in same place
Outside checks and other cash items
Other assets
Total
1,548,983
831
449,664
57
125,134
122
2,123,781
1,010
2,173,139
1,969
1,473,302
1,640
5,770,222
4,619
5,810,337
4,533
1,113
115,288
229,926
8,708
27
20,844
19,331
2,413
121
1,152
4,691
841
1,261
137,284
253,948
11,962
1,471
32,748
231,328
13,061
5
4,252
158,767
8,173
2,737
174,284
644,043
33,196
2,359
189,514
627,717
32 934
289,640
44,655
210
2,399
4,280
31,438
241,081
30,217
45,987
72,139
3,069
105
80
1,376
9,360
46,602
8,070
31,301
27,686
2,970
430
603
49
2,018
12,040
5,835
6,498
389,465
50,694
745
3,082
5,705
42,816
299,723
44,122
83,786
623,71-9
78,152
8,751
17,627
3,497
54,527
185,621
58,200
157,033
392,106
48,650
11,526
8,351
3,923
45,720
99,113
18,441
97,332
1,405,300
177,496
21,022
29,060
13,125
143,063
584,457
120,763
338,151
1,387,588
172,745
21 746
30,510
14,921
147,602
577,174
117,993
354,710
273,579
9,241
89,165
19,377
6,517
14,643
3,007
468
741
295,963
16,226
104,549
60,593
18,375
23,756
12,338
4,776
11,021
368,894
39,377
139,326
213,983
27,801
151,688
2,966,741
704,975
194,406
3,866,122
3,743,577
2,399,436
10,009,135
9,885,855
133,400
155,678
37,850
42,590
13,325
14,713
184,575
212,981
225,101
220,343
175,854
98,594
585,530
531,918
579,391
528,112
52,797
20,664
5,770
13,231
5,052
1,110
3,401
446
427
69,429
26,162
7,307
263,791
42,334
10,983
317,108
56,444
7,273
3,127
1,418
191,811
44,516
2,973
2,908
4,497
47,265
170,389
36,408
13,342
5,915
556,184
184,483
24,961
22,779
5,371
576,124
171,516
1,758,864
143,682
58 819
30,013
831
6,454
313,685
209,435
2,774
4,889
964
80,492
54,381
4,446
6,784
800
178,934
2,153,041
407,498
66,039
41,686
1,631
33,854
1,467,496
1,329,316
64,144
72,960
17,326
14,146
965,348
934,779
12 274
49,543
36,532
226,934
4,585,885
2,671,593
142,457
164,189
55,489
164,250
4,475,929
2,645,703
99 625
243,775
51,536
17,081
119,411
105
20,474
34
1,152
17,220
141,037
1,742
33,183
36
4,263
18,998
178,483
12,686
194,759
2,143
32,281
322
4,670
2,058
2,465
39,009
14
18,025
5,908
2,479
62,942
5,179
71,192
2,966,741
704,975
194,406
3,866,122
3, 743,577
2,399,436
10,009,135
9,885,855
56,733
20,043
9,195
10,657
87,433
9,195
177,472
3,078
79,666
8,576
344,571
20,849
328,164
19,093
12.6
12.7
12.6
12.6
9.8
7.2
10.4
10.3
LIABILITIES.
Capital stock paid in
Surplus fund .
Undivided profits, less expenses and taxes
paid .
Amount reserved for ta^es accrued
Amount reserved for interest accrued
Due to F. R. Bank
Due to banks, bankers, and trust companies..
Certified and cashiers' or treasurers' checks
outstanding.
Demand deposits
Time deposits
U.S. deposits
Bills payable with F. R. Bank
Bills payable other than with F. R. Bank
Cash letters of credit and travelers' checks
outstanding
Acceptances executed for customers
Acceptances executed by other banks for
account of reporting banks
Other liabilities...
Total
Liability for rediscounts with F. R. Bank
Liability for rediscounts with other banks
Ratio of reserve with F. R. Bank to net deposit
liability (percent)
1139
FEDERAL, RESERVE BULLETIN.
SEPTEMBER, 1921.
ABSTRACT OF CONDITION REPORTS OF ALL MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT ON JUNE 30, 1921
(INCLUDING 8,150 NATIONAL BANKS AND 1,595 STATE BANKS AND TRUST COMPANIES).
[In thousands of dollars.]
District District District District District District District District District District District District
No. 1
No. 2
No. 4
No. 3
No. 5
No. 6
No. 10 No. 11 No. 12
No. 7
No. 8
No. 9
(438
(793
(1,087
(853
(699
(879
(619
(494
(862
(1,427
(580
(1,014
banks). banks). banks). banks). banks). banks). banks). banks). banks). banks). banks). banks).
Total
United
States
(9,745
banks).
RESOURCES.
Loans and discounts.. 1,265,603 4,842,252 1,026,542 1,571,535
Overdrafts
652
311
1,745
787
Customers' liability
on account of acceptances
46,012 253,209
11,180 16,743
U. S. Government
securities owned
150,518 761,892 246,239 288,970
Other bonds, stocks,
and securities
260,9531,069,866 432,467 497,537
Banking house, furniture and fixtures.
73,836
39,375 126,244 42,517
Other real estate
9,834
own d
6,413
5,
14,181
40,852 134,940 40,022 53,130
Cash in vault
Lawful reserve with
F. R. Bank
103,919 620,510
Items with F. R.
105,724 135,317
Bank in process of
collection
38,136 125,106
Due from banks,
45,146 44,016
bankers, and trust
companies
72,345 189,756
Exchanges for clear82,496 120,335
ing house, also
checks on other
banks in same place. 27,732 803,217 36,795 27,264
Outside checks and
25,564
other cash items
7,029
6,291
5,797
Redemption fund and
due from U. S.
Treasurer
2,4
2,914
4,525
4,634
11,314
Other assets
18,549 240,833
8,425
Total
798,516
787
611,252 2,610,142
1,970
1,199
711,503
1,030
680,679
1,009
837,394
1,919
576,828 1,362,539 16,894,785
1,767
1,412
14,588
6,312
6,255
46,540
2,386
1,936
3,170
1,283
157,829
110,186
318,56'
108,160
78,914
115,400
93,085
231,318 2,661,078
106,015
66,497
456,811
117,537
78,478
82,060
24,258
251,098 3,443,577
36,153
29,943
86,176
25,414
25,163
32,208
29,791
61,992
608,812
3,996
25,706
4,290
20,609
6,997
85,762
5,173
18,481
5,197
18,184
3,841
27,467
6,332
20,502
8,663
44,109
80,786
529,764
55,571
42,654
234,130
59,377
43,630
71,781
43,687
28,846
13,109
51,619
26,815
7,410
29,437
17,287
62,107
70,555
231,480
67,482
78,241
146,997
72,391
159,429 1,353,614
18,248
13,964
76,014
11,368
8,487
18,434
6,475
37,377 1,085,375
4,626
4,359
18,163
2,382
5,
5,730
4,360
10,612
100,607
3,301
1,630
2,231
4,502
4,278
25,643
2,052
2,719
1,696
3,871
2,380
1,759
2,494
3,754
3,279
21,012
36,264
344,011
17,545
412,571
108,362 1,624,662
21,838
448,765
2,080,568 9,209,4932,095,827 2,862,507 1,309,643 1,001,605 4,254,292 1,161,879 1,038,589 1,379,977 903,939 2,340,940 29,639,259
LIABILITIES.
Capital stock paid in.
Surplus fund
Undivided profits,
less expenses and
taxes p a i d . .
...
Due to F . R. Banks..
Due to banks, bankers, and trust companies
Certified and cashiers' or treasurers'
checks outstanding.
Demand deposits
Time deposits
U. S. deposits
Bills payable with
F. R. Bank
Bills payable other
than with F . R.
Bank
Cash letters of credit
and
travelers'
checks outstanding.
Acceptances executed
for customers
Acceptances executed
by other banks for
account of reporting banks
National bank notes
outstanding
U. S. Government
securities borrowed.
Other bonds and securities borrowed..
Other liabilities
Total.
Liability for rediscounts, including
those with F . R.
Bank
430,635
467,436
114,460
173,900
187,030
184,021
104,382
75,201
81,801
54,952
276,184
199,234
95,870
54,480
76,793
41,304
97,918
52,473
90,330
50,224
68,568 238,513
7,078
2,637
55,094
2,705
68,934
2,421
29,382
6,561
20,605
426
100,100
912
25,468
205
22,157
41
25,948
22
21,672
1,347
109,5641,086,218
160,300
165,078
80,001
71,670
402,999
113,611
78,596
191,767
64,402
30,260
4,913
389,7201 ,656,546
257,0011 ,281,845
4,788 29,688
5,526
479,371
271,819
11,524
11,451
351,226
372,937
7,551
18,564
637,893
247,633
9,222
139,843
124,499
16,489 401,948
14,472
L,
058,963 4; 792,722 908', 090 1,169,808 491,591
393,492 981,168 449,637 846,779 356,258
10,313
41,043 34,357
30,223 196,591
163,464 1,858,710
79,995 1,557,719
39,635
238
716,076
24,593
163,890 2,688,096
9,032 29,727 563,443
459,661 896,586 L3,292,177
108,700 799,363 6,366,632
6,124
389,910
156,159
92,320
46,190
47,952
39,718
89,069
28,760
12,278
21,625
16,952
42,497
6,249
4,238
10,174
18,968
20,913
28,127
12,233
21,671
20,316
22,277
22,622
170
20,303
182
1,670
292
68
1,351
62
36
129
184
738
25,185
46,734
259,060
10,583
16,733
6,304
6,549
45,839
2,379
1,766
3,170
1,260
17,788
418,165
1,037
9,540
1,036
47
178
1,259
25
271
67
254
13,722
42,316
84,750
41,182
33,224
46,554
47,408
63,854
703,654
3,720
12,253
9,096
6,097
4,941
2,691
5,351
100,324
459
10
1,180
485
1,317
43
1,565
286
6,166
2,830
105,782
23,037
7,8
48,653
86,764
56,310
92,229
60,410
4,479
14,496
10,937
16,076
10,187
178
4,106
363
54,250
5
3,556
466
6,022
27
2,176
477
1,790
31
13,845
616,557
195,684
1,568 9,209,493 2,095,827 2,862,507 1,309,643 1,001,605 4,254,292 1,161,879 1,038,589 1,379,977| 903,939 2,340,940 29,639,259
68,797
219,635
52,006
109,841
84,743
74,374
256,798
61,378
75,954
68,130
59,660
112,448 1,243,764
1140
FEDERAL, RESERVE BULLETIN.
SEPTEMBER, 1921.
ABSTRACT OF CONDITION REPORTS OF ALL MEMBER BANKS OF THE FEDERAL RESERVE SYSTEM ON JUNE 30, 1921, BY
CLASSES OF BANKS (INCLUDING 8,150 NATIONAL BANKS AND 1,595 STATE BANKS AND TRUST COMPANIES).
[In thousands of dollars.]
Central reserve cities.
Other reserve city
New York
Chicago
St. Louis
banks
Total
(61 banks). (25 banks). (15 banks). (101 banks). 572 banks).
Country
banks
(9,072
banks).
Total United States.
June 30,
Apr. 28,
1921 (9,745 1921 (9,698
banks).
banks).
RESOURCES.
Loans and discounts
Overdrafts
C as torn ers'liability on account of acceptances.
U. S. Government securities owned
Other bonds, stocks, and securities
Banking house, furniture, and fixtures
Other real estate owned
Cash in vault
Lavvfulreserve with F. R. Bank
Items with F. R. Bankin process of collection.
Dueirom banks, bankers, and trust companies
Exchanges for clearing house, also checks on
other banksin same place
Outside checks and other cash items
Redemption fund and due from U.S. Treasurer
,
Other assets
Total.
6,639,274 16,894,785
14,588
8,999
412, 571
11,265
2,661,078
1,372,197
1,693,499 3,443,577
608,812
297, 960
42,991
80,786
529.764
257,429
479,869 1,624,662
448.765
60,542
610, 241 1,353,614
17,176,493
15,302
471,992
2,627,073
3,410,964
593,428
82,886
564,022
1,654.329
43i;378
1,324,986
50,415
26,482
1,085,375
100,607
641,528
67,586
8,790
64,336
9,187,550
25,010
26,659
11,602,832
36,264
344,011
29,639,259
35,575
350,391
29,447,933
570,738
504,895
212,560
7,787
1,055,356
858,297
570,503
262,625
16,688
288,124
1,858,710
1,557,719
716,076
24,593
2,688,096
1,850,074
1,552,418
753,169
21,882
2,664,847
81, 706
3, 491
88, 811
508, 884
91, 002
109, 264
998,374
249
39,531
37,580
105,837
15,354
183
27,053
118,487
26,758
92,362
272,043
194
1,809
19,120
44,527
8.199
2,810
3,832
27,294
17,496
18,335
4,907,367
1,660
290,129
584,055
700,919
105,259
6,484
119,696
651,665
135, 256
219,961
5,348,144
3,929
111,177
704,826
l,0i9,159
205.593
3i;311
152,639
490,128
252,967
523,412
782,051
18,230
51,058
8,662
7,132
813
840,241
27,705
194,719
46,420
1,992
232,889
6,883,186
27
18, 755
1,540,270
445
• 1,372
425,421
2,464
253,016
8,848,877
299,500
373,009
186,444
118
1,018,789
92, 550
85,579
44,277
37,625
23,733
10,170
3,636, 950
1, 217
248.789
527', 355
550, 555
LIABILITIES.
Capital stock paid in.
Surplus fund.
Undivided profits,less expenses and taxes paid
Due to F. R. Banks
Due to banks, bankers, and trust companies..
Certified and cashiers' or treasurers'"checks
outstanding
Demand deposits
Time deposits
U. S. deposits
,
Bills payable with F. R. Bank
Bills payable other than with F. R. Bank
Cash letters of credit and travelers' checks
outstanding
Acceptances executed for customers
,
Acceptances executed by other banks for account of reporting banks
National bank notes outstanding
U.S. Government securities borrowed
Other bonds and securities borrowed
Other liabilities
.•
Total.
Liability for rediscounts, including those with
F . R. Bank
Ratio of reserve with F . R. Bank to net deposit
liability (per cent)
268,186
57,641
429.675
482,321
240,891
118
1,344,616
388,861
3,684,924
259,486
178,236
107,652
1,095
15,445
717,201
232,079
13,800
20,741
2,089
173,133
83,459
8,307
10,014
800
406,395
4,575,258
575,024
200,343
138,407
1,895
93,827
3,967,202
1,986,162
141,406
224,350
53,370
63,221
4,749,717
3,805,446
48,161
253,800
140,419
563,443
13,292,177
6,366,632
389,910
616,557
195,684
435,258
13,074,225
6,343,443
272,561
828,798
188,459
20,209
254,833
1,132
39,014
55
21,396
295,656
3,432
111,552
357
10,957
25,185
418,165
18,001
481,936
10,418
46,915
19,617
59
59,843
3,355
425,421 j 8,848,877
. 2,769
168,722
52,427
999
29,996
9,187,550
9,341
1,077
545
37,626
2,650
12,510
59
50,494
5,994
6,883,186 j 1,540,270 I
8,774
4,457
13,722
22,233
535
703,654
679,083
487,9S7
100,324
130,685
28, 280
2,830
4,086
1,772
105,782
126,775
15,943
11,602,832 29,639,259 | 29,447,933
172,144
113,711
24,794
310,649
530,194
402,921
1,243,764
1,336,813
12.1
13.2
12.7
12.3
10.1
7.4
9.8
9.9
SYSTEM ON JUNE 30, 1921.
[In thousands of dollars.]
DisDisDisDisDisDisDisDisTotal
DisDistrict
District
trict
trict
trict
trict
trict
trict
trict
trict
trict > District
United
No. 1 No. 2 (134 No. 3 No. 4 No. 5 No. 6 No.7 (364 No. 8 No. 9 No. 10 No. 11 No. 12
States
(41
(102
(133
(116
banks).
(62
(60
(205
(217
(48
(113
banks).
(1,595
banks).
banks). banks.) banks). banks). banks). banks).
banks). banks). banks). banks).
On demand:
81,570
7,300 31,166
6,154
Not secured by collateral. 34,216
2,298
33,040
Secured b Government
27,848
war obligations
3,107
5,473 6,290
632
870
4,188
Secured by other collateral
610,982 89,196 119,131 12,590 33,168
71,805
148,643
On time:
894,262 46,750 261,171 56,515 100,916 476,717
Not secured by collateral. 219,320
Secured by Government
125,482 15,551 23,296
war obligations
19,496
7,383
3,999
29,791
Secured by other collateral
315,056 18,029 90,463 30,139 71,121 214,187
67,119
Secured by real estate deeds
of trust or other real estate
62,044
65,014
8,926 145,612
18,239
liens
217,363
8,072
Acceptances of other banks
1,404
42,373
828 5,313
153
6,112
discounted
Acceptances of this bank
477
83
13,077
504
965
purchased or discounted...
30
Loans and discounts not
606
99
3
187
classified
Total loans and dis481,564 2,172,694 192,152 683,525 114,513 238,273 1,131,193
counts
12,653
4,622
6,091
3,218
17,923
1,627
305
55
111
2,349
52,855
40,151
5,159
5,406
7,589
22,711
1,166,531
110,973
36,048
44,831
30,458 165,259
2,443,220
6,844
1,260
5,327
2,565
10,270
251,264
72,447
28,561
40,816
50,814
81,690
1,080,442
39,986
19,800
9,081
10,117 250,685
854,939
12,948
70,291
18
16,553
9,214
11,098
96,138 111,607 104,938 573,067
6,187,444
1,153
7
1,372
27
574
356
287,780
59
240,251
SEPTEMBER,
1141
FEDERAL RESERVE BULLETIN.
1921.
FOREIGN EXCHANGE.
Below is printed a table showing high, low,
and average exchange quotations on the
principal foreign countries for the month of
August. The quotations used are those published daily by the Treasury, in accordance
with the emergency tariff act of May 27, 1921,
and represent noon-buying rates for cable
transfers in New York. Rates are shown for
the 18 countries on which the foreign exchange
index, computed by the method described in
the FEDERAL RESERVE BULLETIN for July,
1921, page 798, is based, as well as for other
countries. The weights used in the computation are also shown, these rates representing
the total value of trade with each foreign
country in July.
Index numbers of the general foreign exchange level for the period from November,
1918, to August, 1921, are shown in the exhibit
below and are to be substituted for the figures
printed in the August FEDERAL RESERVE B U L LETIN, as the latter contained an error in
computation. This change, however, does not
affect the general index curve in the August
BULLETIN, which was based upon the current
figures. For the month of August the foreign
exchange index works out at 52, compared
with 53 for the month of July and 59 for the
month of June, these percentages indicating
the decline of the general average level of quotations of foreign currencies in the New York
market during the months in question. Inversely, the American dollar shows a rise in
value in terms of foreign currencies, the August index being 192, compared with 189 for
July and 170 for June.
FOREIGN EXCHANGE INDEX NUMBERS.
Date.
Foreign
curren- Dollar
cies (per (per cent
cent of of par).
par).
1918.
November.
December.
101
101
99
99
1919.
January...
February..
March
April
May
June
101
100
99
96
93
97
99
100
101
104
108
103
Date.
Foreign
curren- Dollar
cies (per (per cent
cent of of par).
par).
1919.
July
,
August
September.
October
November.
December..
92
92
88
88
84
77
109
109
114
114
119
130
1920.
January
February..,
78
70
128
143
Date.
Foreign
curren- Dollar
cies (per (per cen
per cent
cent of of par).
Foreign
curren- Dollar
3ies (per per cent
cent of of par).
*
par).
Date.
par).
1921
1920.
March
April
May..".....
June
July
August
September,
October....
November.
December.
139
137
139
135
135
152
149
164
172
182
January..
February.
March
April
May
June
July
August...
185
182
185
175
154
170
189
192
FOREIGN EXCHANGE RATES. 1
[General index for August, 52; for July, 53.]
COUNTRIES INCLUDED IN COMPUTATION OF I N D E X .
Countries,
Belgium
Denmark.. ..
England .
France
Germany..
Italy
Netherlands
Norway..
Spain
Sweden
Switzerland
Canada
Argentina.
Brazil
Chile
China
India
Japan fc
Monetary unit.
Franc
Krone
Pound
Franc
Reichsmark
Lira
Florin . .
Krone
Peseta
Krona
Franc
. . .
Dollar
Peso (gold)
Milreis
Peso (patter)
Shanghai tael
Rapee
Yen
Par of
exchange.
Low.
August.
July.
High.
August.
July.
Average.
August.
July.
$0.075270 $0.07637
$0.1930 $0.07321 $0.0733 $0.0764 $0.0797
. 15779
.1619
151
.1785 • .1682
.151
.2680
3.63213
3.653632
3.7335
4 8665 3.56475 3. 5615
3.7313
. 078131
. 077581
.0755
.0793
. 0823
. 1930
. 07619
. 013025
.01221
.011896
.2382
. 012485 . 013505
. 01093
. 045264
.0444
.0492
. 043156
.0419
. 0408
.1930
. 31781
.310
. 3052
.3176
. 3288
.3068
. 4020
.1307
.1338
. 1381
.1262
.1279
.1423
. 2680
.1282
.1289
.1262
.1294
.1202
. 1307
.1930
.2104
.21112
. 20273
.201
. 2173
.2194
. 2680
.16546
.16817
.1706
.1637
.1638
.1930
.1684
. 881973
. 8978194
. 89125
. 8905208
1.00
.872917 .90208
. 65799
. 66555
.637
.6808
.6806
.6468
.9648
. 10449
.1176
. 1114
.3244
.1144
. 10173
.1219
. 10443
.1024
. 10625
.10875
. 09750
.10125
. 1953
. 66925
.67858
.68
. 65675
.685
. 6685
. 668
.24224
. 230588
.2563
.2403
.4866
. 2283
.22458
.480114
.48369
. 4850
. 4825
.48188
.4788
.4985
Percentage of
par.
August. July. August.
39.00
60.41
75.08
40.20
4.99
22.36
77.11
48.77
66.79
78.78
87.13
89.78
68.98
36.25
52. 43
101. 51
49.78
97.03
i Noon buying rates for cable transfers in New York as published by Treasury in accordance with act of May 27,1921.
Weight.
39.57 12,312
3,100
58.88
74.64 107, 549
40.48 52,378
5.47 43, 352
23. 45 18,711
79.06 20,228
49.93
2,739
66.24
5,624
5,823
78.50
4,246
85.73
88.20 76,453
68.20 11,900
7,493
32.20
53.47
3,959
100.11 18, 829
9,377
47.39
96.31 38, 831
July.
11,540
4,207
97,791
31,014
37, 854
27,689
17,254
3,29*
4,407
10,341
3,292
77,477
11,453
8,381
5,312
20, 009
13,933
37,619
1142
FEDERAL RESERVE BULLETIN.
SEPTEMBER,
1921.
FOREIGN EXCHANGE RATES—Continued.
OTHER COUNTRIES.
Low.
Par of
exchange.
Monetary unit.
Krone
Lev
Krone
Markka
Drachma
Krone
Polish mark
Escudo..:
Austria.
Bulgaria
Czechoslovakia
Finland
Greece
Hungary...
Poland
Portugal
Rumania
Jugoslavia
Cuba...
Mexico
Uruguay
Hongkong
Java
Straits Settlements
August.
Average.
High.
July.
August.
July.
August.
July.
$0.2026 $0.001125 $0.001094 $0.001319 $0.00171 $0.001193 $0.001417
.0091
. 008801 . 009548
.0109
.0085
.0085
.1930
.0129
.0136
.0117
. 01251
. 012247 .0131248
.2026
.0155
. 015106 .016414
. 014675
.0151
.0171
.1930
.0561
.0588
.05546
. 055516
.0547
.0547
.1930
.0038
. 002629 . 003323
. 00289
. 002619
.0025
.2026
. 000392
. 000588
.2382
. 000489 . 000516
. 000563
.00045
.1308
.0921
.1293
.1067
.1007
. 12088
1.0805
. 01163
. 012556
. 012383 . 013995
.0131
. 01511
.1930
.0068
.0056
. 005808 . 006374
. 006231
. 005575
.2026
.0273
.1930
.0233
.025
. 02245
. 025634
.0225
. 99252
1.00
. 993225 . 9902319
.9946
. 991067
.9884
. 484954 . 489113
. 489375
. 491875
. 48125
.4858
.4985
. 63905
.6791
.6326
.5826
1. 0342
.60689
.5898
.4932
.5040
* . 4838
.5006
.5007
.4935
.4777
.32
.3115
.3053
. 30841
.30
.3007
.4020
.4325
.4142
. 41809
.4217
.4108
. 41984
.5678
Leu
f Krone
\Serbian dinar
Peso...
Peso
Peso...
Dollar
Florin . .
Singapore dollar
Percentage of par.
August.
0.59
4.56
6.04
7.83
28.74
1.30
.21
9.32
6.42
2.87
12.07
99 32
97.28
61.79
104. 81
75.95
73.63
July.
0.70
4.95
6.48
8.50
28.76
1.64
.22
11.19
7.25
3.15
13.28
99.02
98.12
58.68
103.24
76.72
73.94
Average price of silver per fine ounce: In London (converted at average rate of exchange), $0.6269; in New York, $0.6207.
FOR E IGN EXCHANGE IINDE K
1918 - 1921
^VRGENTIN/
- ITALY
FRANCE
GENERAL INDEX
— GERMANY
—
- NETHERI-ANDS
ENGLAND
" «JAPAN
i—•
PER CENT
PERCENT
11O
11O
—^,
&**
PAR-
N
—
9O
**
\»
8O
\
Si
'
•
^
^
\
\
***
^S
N
^s
7O
N
\.
s
40
*•*
9O
8O
70
60
J
50
\
f
30
#
"N
\X
\
y
i
20
•.. • •*'
3O
y
20
1O
* * • •
40
y'
*\
1
*•
-
/ \
*\ \
50
\
^^
<*-
\
60
%
••*
1O
*•• *••
1
MONTH
N. D. J. F.' M. A. M. J.' J. A. S. O. N.' D. J. F. M. A. M. J. J. A. S. O. N. D. J. F. M. A. M. J. J. A. S. O. N. D. MONTH
YEAR
1918
1919
1920
1921
YEAR
SEPTEMBER, 1921.
1143
FEDERAL, RESERVE BULLETIN.
FINANCIAL STATISTICS FOR ENGLAND, FRANCE, ITALY, GERMANY, SWEDEN, AND
JAPAN.
A summary of banking and financial conditions abroad is presented statistically in the
accompanying tables. Similar material will be published regularly each month in the
BULLETIN.
BRITISH FINANCIAL SITUATION.
[Amounts in millions of pounds sterling.]
Deposit and note accounts, Bank
of England and Treasury.
Bank
notes.1
1913, average of
end of month
figures
1920, end of—
July
August
1921, end of—
January
February
March
April
May
June
July
August
1
2
Government floating
debt.
Nine London 3
clearing
banks.
Currency
notes
DeMoney
and
posits, Coin Treas- Tempo- Total at call Discertifi- public and bul- ury rary ad- floating and counts
2
cates
and
lion.
bills. vances. debt. | short and adoutother.
! notice. vances.
standing.
Discount rates.
Invest- Dements. posits.
Statist
index
Capital
numissues
ber of
of
foreign
United Three 1 Six :
exKing- months months change
dom.4 bank
trade value of
bills.
bills.
£.
Per ct. Per ct.
29
15
107
106
362
356
134
116
152
152
1,058
1,067
204
183
1,262
1,250
109
108
110
109
108
110
109
107
342
336
344
338
333
324
325
319
129
127
138
141
128
147
122
137
157
157
157
157
157
157
157
157
1,145
1,110
1,121
1,100
1,152
1,222
1,202
1,166
242
189
155
190
163
152
150
180
1,387
1, 299
1,275
1,290
1,315
1,374
1,355
1,347
100.2
100.1
43
341
340
336
334
307
312
312
83
92
96
98
104
1,810
1,754
1,715
1,710
1,729
1,768
1,785
122.4
120.9
123.0
120.0
119.1
117.8
112.9
113.0
i
3 Average weekly figures.
< Compilation of London Joint City and Midland Bank.
Less notes in currency notes account.
Held by the Bank of England and by the Treasury as note reserve.
FRENCH FINANCIAL SITUATION.
[Amounts in millions of francs.]
Bank of France. 1
Gold
Silver
De- 2
rereserves. serves. posits.
1913, average.
1920, average1921—
March
April
May
June
July
August...
3,343
8 3,586
9 3,556
9
3,566
9
3,570
9 3,572
9
3,573
9 3,574
Situation of the Government.
Circulation.
Advances
to the
Government
for purposes
of the
war.8
26,042
629
253
830
3,527
5,565
38,066
267
271
272
274
275
277
3,103
3,018
3,041
2,861
3,252
2,749
38,435 26,200
38,211 26,000
38,233 26,200
37,422 25,000
36,941 25,100
36,783 24,900
Government
revenue.*
320
1,005
Internal
debt.
Value
of new Savings
stock
Avbanks,
and
excess
da!ly
Price bond
of declearof 3
issues
per
Explaced posits(+) ings of
or
cent
the
ternal
upon
withperParis
debt.&
the
petual French draw- banks.
rented mar- als ( - ) .
ket.'
86.77
57.34
35,000
972 n220,344
1,248
1,004
1,030
1,242
229,055
32,523
35,268
58.17
56.92
57.15
56.26
56.35
-
344
1,085
H892
621
6
+ 48
+ 111
+ 66
+ 63
+ 45
+ 52
59
io 554
556
600
666
582
438
1
End of month figures.
2 Includes Treasury and individual deposits.
s Under the laws of Aug. 5 and Dec. 26,1914, July 10, 1915, and Feb. 16, 1917.
< From indirect taxation and Government monopolies.
5 Foreign debt converted to francs at par.
e Last Wednesday in the month.
7
Figures of the "Assooiation Nationale des Porteurs Francais de Valeurs Mobilieres." Bonds issued by the Government and the railroad
companies not included.
8
Not including 1 978,000,000 francs held abroad from January through August and 1,918,030,000 francs from September through December.
jp Not including about 1,948,000,000 francs held abroad.
10 Average for 11 months.
11 Revised figure.
1144
FEDERAL RESERVE BULLETIN".
SEPTEMBER, 1921.
SWEDISH FINANCIAL SITUATION.
[Values in millions of kronor.]
j
Gold coin Note cirmd bullion. dilation.
1913, end of December
1920, average
1920, end of—
June
Jul71921, end of—
January
February
March
April
•May
June
July
August
!
Bills
discounted j Loans and
with
discounts.
Riksbank.
102.1
269.1
234.5
732. 9
138.9
476.2
736.5
724,8
527. 6
511.8
5,982.9
6,028.9
281.9
281.8
281.7
281.8
281.6
281.4
280. 3
285.0
672.5
687.6
716.9
680.5
651.1
678. 8
629. 4
632.4
429. 2
451.3
442. 2
400.9
377.6
365.1
362.6
Number.
2,286.9
6,008. 2
261.1
201.3
6,172.6
6,119.2
6,093.6
6,065.3
5,982. 7
5,949.2
5,929.9
5,937.1
i Source: Kommersiella Meddelanden.
Business
failures.1
Foreign
exchange
index.1
Number.
Foreign
exchange
value of
the krona
abroad
(foreign
currencies
=100).
1.9
6.4
196
112.9
4.7
6.2
179
182
113.3
115.8
179
176
13.4
14.1
20.1
15.6
22.8
18.0
16.8
301
381
390
444
454
433
413
116.1
116.4
121.7
125.5
123.3
122.6
119.3
148
138
133
128
116
110
125
Protested bills.i
Joint-stock banks.
Riksbank.
Value.
4,314
3,586
3,531
3,803
5,951
6,411
8,521
7,899
8,201
7,376
7,383
Index
number
of stock
prices—
A list.1
258
JAPANESE FINANCIAL SITUATION.
[Amounts in millions of yen.]
Tokyo bank s.
Bank of Japan.
Private Loans
and Gov- and disernment
deposits. counts.
Note
circulation.
Tokyo
Tokyo
bank
loans.
the
market).
month).
1920, end of— i
March
April
Ju
June.
July.
1921, end of—
January...
February.
March.....
April
May..
June.
July.,
1
2
Average
Specie associated clearings discount
(total
banks,
rate
total
within (Tokyo
reserve.^
1,181
1,2(51
1,209
1,165
1,120
364
432
445
381
273
1,368
1,367
1,328
1,349
1,202
921
917
930
979
1,011
1,982
1,982
2,089
2,036
2,029
4,135
3,168
2,922
2,524
2,109
Per cent.
10.15
10.62
10.95
10.99
10.95
1,071
1,126
1,090
1,098
1,172
1,119
115
103
88
79
76
74
1,235
1,141
1,178
1,058
1,059
1,053
1,235
1,141
1,178*
1,058
1,059
1,053
2,171
2,188
2,219
1,848
1,873
1,980
1,987
2,013
2,143
2,502
2,442
2,506
2,670
2,341
10.33
9.71
9.23
9.16
9.05
8.91
8.36
In case of Tokyo banks, and note circulation and specie reserve of Bank of Japan, last day of month.
It is generally understood that in recent years a certain portion of the reserve has been held abroad. Specie reservefiguresdo not include bank's
own notes held in the bank.
1145
FEDERAL RESERVE BULLETIN.
SEPTEMBER, 1921.
ITALIAN FINANCIAL SITUATION.
[In millions of lire.]
Leading private banks. 1
Loans,
discounts,
and
Cash. due from
correspondents.
1913, end of December.
1920, end of—
May
June
1921, end of—
January
February.
March
April
May
June
Banks of issue.
Depos- Com- Circulaand mer- tion for State
Total itsdecurcial
remand circu- account rency
of the notes.
serve. liabilities. lation. state.
Deposits and Loans Gold
due to
and
recorredisspond- counts. serve.
ents.
Government finances.
129
2,007
1,674
857
1,375
1,661
318
2,284
813
874
15,240
14,996
14,044
14,060
5,782
6,784
1,038
1,038
2,065
2,110
2,264
2,379
1,193
1,016
1,067
1,165
17,113
16,842
17,096
17,162
16,392
15,961
16,425
16,694
6,931
7,158
7,144
7,040
6,951
7,438
1,058
1,062
1,062
1,066
1,070
1,073
2,046
2,007
2,043
2,138
2,165
1,989
2,635
2,351
2,461
2,349
2,198
2; 366
6,459
7,484
8,673
8,619
9,233
8,677
8,809
9,437
499
10,402
10,333
10,591
10,308
9,532
9,601
9,219
8,722
Principal reveTreas- Shortnues from
ury
term
Total taxation
metal- treas- public and molic reury
debt. nopolies
serve. • bills.
during
month.2
.
2,538
117
9,300
343
95,000
106,721
2,546
822
1,210
606
1,309
607
19,000
1
2
Banca Commerciale Italiana, Banca Italiana di Sconto, Credito Italiano, Banco di Roma.
Revenues from state railways; from post, telegraph, and telephones; from state domain; from import duties on grain; and from Government
sales of sugar are not included.
GERMAN FINANCIAL SITUATION.
[Amounts in millions of marks.]
Reichsbank statistics.
Situation of the Government.
Value of
new stock
Darlehnsand bond Index
kassennumber
issues
scheine
placed
of
in cir- Receipts Floating 3 per cent 5 per cent upon
securities
Reich s- Note cir- Deposits
imperial
from
war 1
culation.
the
prices.2
und
culation.
1
debt.
loan.
loan.
taxes.
German
Darlehnsmarket.3
kassenscheine.
Reserve.
Gold.
1'J13 average
1920, end of—
June
July
1921, end of—
January
February
March
April
May
June
July
1
2
8
4
5
6
7
1,068
„
32
1,958
1,092
1,092
17,252
17,874
53,175
55,969
1,092
1,092
1,092
1,092
1,092
1,092
1,092
22,810
21,98223,836
24,149
.14,362
8,311
5,398
66,621
67,427
69,417
70,840
71,839
75,321
77,391
23,414
17,282
] 5,834
17,357
28,043
20,856
14,093
20,393
15,814
13,633
13,328
11,341
10,755
10,168
9,543
9,043
8,241
8,358
1,718
1,995
6,741
7,766
6,846
5,357
6,108
5,735
141,987
166,329
172,634
176,643
185,032
190,675
62.90
60.64
67.00
67.25
67.60
72.10
72.10
67. 75
77.00
99. 50
99.75
99.70
99.80
99.75
99.75
99.80
Quotations of the Berlin Bourse.
Calculated by the Frankfurter Zeitung with the prices of 10 bonds and 25 stocks. Prices as of Jan. 1,1920=100.
Compilation of the Frankfurter Zeitung.
As of June 1.
As of July 1.
As of Aug. 2.
As of Apr. 2.
5
98.30
9S. 50
117
140
179
155
7 161
159
166
178
195
6
2,042
2,397
894
2,559
1,468
2,238
INDEX.
Acceptances:
Acceptance liabilities of member banks
1050
Banks granted authority to accept up to 100
per cent of capital and surplus
1078
Held by Federal Reserve Banks
1115
Purchased by Federal Reserve Banks
1113
Agricultural credits
1027
War Finance Corporation permitted to grant... 1030
Joint Commission of Agricultural Inquiry,
statement regarding
1030
Agricultural loans by Federal Reserve Banks, Mar.
4, 1920-Apr. 28, 1921
1049
Australia, wholesale prices in
1108
Bank debits
1128
Banking situation, discussion of
1034,1116
Building statistics
1098
Business and financial conditions:
Enalgnd
1068,1143
France
1074,1143
Germany
1070,1145
Italy
1076,1145
Japan
1144
Sweden
1072,1143
United States
1036
Canada, wholesale prices in
1108
Charters issued to national banks
1081
Charts:
Assets and liabilities of Federal Reserve Banks
and member banks
1116
Debits to individual account
1128
Foreign exchange index
1142
Physical volume of trade
1089
Wholesale prices in the United States
1083
Clearing and collection:
Collection of demand bill-of-lading drafts,
ruling on
1080
Gold settlement fund transactions
1131
Operations of the system during August
1132
Number of banks on par list
1132
Clearing-house bank debits
1128
Commercial failures reported
1081
Commercial paper business, study of
1052
Condition statements:
Federal Reserve Banks
1034,1116,1119
Member banks
1034,1116,1124
Abstract of
1137
Cotton fabrics, production and shipments
1101
Cotton, financing of
1066
Credit for moving crops
1027
War Finance Corporation permitted to grant.. 1030
Joint Commission of Agricultural Inquiry,
statement regarding
1030
Crop estimates
1099
Crop-moving problem
1027
Currency, stock of, in the United States
1136
Debits to individual account
1128
Discount and open-market operations of Federal
Reserve Banks
1111-1115
Acceptances held
-.
1115
Acceptances purchased
1113
Bills discounted
1112
Bills held
1114
Earning assets held
1114
Number of banks discounting
1112
Rediscounts of bills between Federal Reserve
Banks
1122
Volume of, during month
1112
Discount rates:
Agricultural paper
1033
In effect Sept. 1
1136
Prevailing in various centers
1135
England:
Business and financial conditions
1068,1143
Foreign trade
1110
Wholesale price index
1106
Failures, commercial, reported
1081
Federal Reserve Banks:
Condition of
1116,1119
Discount and open-market operations of.. 1111-1115
Federal Reserve note account
1123
Fiduciary powers granted to national banks....
1078
Foreign exchange, index of
1141
Foreign trade:
Index of
1085
United Kingdom, France, Italy, Sweden, and
Japan
1110
France:
Business and financial conditions in
1074,1143
Foreign trade
1110
Wholesale prices in
1107
Freight rates, ocean, index of
1086
Germany:
Business and financial conditions in
1070,1145
Cost of living in
1072
Wages in
1072
Wholesale price index
1107
Gold imports and exports
1034,1133
Gold settlement fund transactions
1131
Imports and exports:
Gold
1034,-1133
Silver
1034,1134
Index numbers:
Foreign exchange
1141
Foreign trade
1086
Ocean freight rates
1085
Physical volume of trade
1087
Retail prices in principal countries
1109
Wholesale prices abroad
1105
Wholesale prices in the United States
1082
India, wholesale prices in
1109
Interest rates prevailing in various centers
1135
Italy:
Business and financial conditions in
1076,1145
Foreign trade
1110
Wholesale price index
1107
Japan:
Business and financial conditions in
1144
Foreign trade
1111
Kains, Archibald, on cotton
financing
1066
Knit goods production
1100
Loans, agricultural, by Federal Reserve Banks,
Mar. 4, 1920-Apr. 28, 1921
1049
Maturities:
Acceptances purchased
1113
Bills discounted and bought
1112,1122
Certificates of indebtedness
1122
Member banks:
Acceptance liabilities of
1050
Condition of
1116,1124
Abstract of
1137
Number discounting during July
1112
Number in each district
1112
State banks admitted to system
1078
II
INDEX.
Money, stock of, in the United States.
1136
National banks:
Acceptance liabilities of
1051
Charters issued to
1081
Fiduciary powers granted to
1078
Norway, wholesale prices in
1108
Ocean freight rates, index of
1086
Par list, number of banks on
1132
Physical volume of trade
1087
Prices:
Retail, in principal countries
1109
Wholesale, abroad
1105
Wholesale, in the United States
1082
Rates:
Discount—
In effect Sept. 1
1136
Prevailing in various centers
1135
Earning assets of Federal Reserve Banks
1114
Foreign exchange
1141
Rediscounts of bills between Federal Reserve
Banks
1122
Reserve ratio of Federal Reserve Banks
1031,1035
Resources and liabilities:
Federal Reserve Banks
1119
Member banks in leading cities
1124
Retail prices in principal countries
1109
Retail trade, condition of
1102
Page.
Rulings of the Federal Reserve Board:
Notes not eligible as commercial paper unless
made or indorsed by a party to the commercial transaction out of which it arises
1079
Collection of demand bill-of-lading drafts
1080
Silver imports and exports
1034,1134
State bank and trust company members:
Acceptance liabilities of
1050
Admissions to system
1078
Condition of, abstract of
1137
Sweden:
Business and financial conditions in
1072,1143
Cost of living
1074
Foreign trade
1111
Wages in
1073
Wholesale price index
1107
Tobacco industry, financing of
1057
Trade-:
Foreign. (See Foreign trade.)
Physical volume of
1087
Retail, condition of
1102
Wholesale, condition of
1104
War Finance Corporation, agricultural loans by
1030
Wholesale prices:
Abroad
1105
In the United States
1082
Wholesale trade condition of
1104
FEDERAL RESERVE DISTRICTS
MINN,
MINNEAPOLIS^
S.DAK.
—
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BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
FEDERAL RESERVE BANK CITIES
FEDERAL RESERVE BRANCH CITIES
FEDERAL RESERVE BANK AGENCY
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@FedFRASER