Federal Reserve Bulletin July 1921

FEDERAL RESERVEBULLETIN

(FINAL EDITION)

ISSUED BY THE

FEDERAL RESERVE BOARDAT WASHINGTON

JULY, 1921

WASHINGTONGOVERNMENT PRINTING OFFICE

1921

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD.

EX OFFICIO MEMBERS.

A. 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.

W. L. EDDY, Assistant Secretary.W. M. IMLAY, Fiscal Agent.J. F. HERSON,

Chief, Division of Examination and Chief FederalReserve Examiner.

J. E. CRANE,

Acting Director, Division of Foreign Exchange.

WALTER S. LOGAN, General Counsel.

R. G. EMERSON, Assistant to Governor.H. PARKER WILLIS,

Director Division of Analysis and Research.M. JACOBSON, Statistician.

E. A. GOLDENWEISER, Associate Statistician.E. L. SMEAD,

Chief, Division of Reports and Statistics.


OFFICERS OF FEDERAL RESERVE BANKS.

Federal Reserve Bank of—

Boston

New York

PhiladelphiaCleveland

Richmond

AtlantaChicago

St. LouisMinneapolisKansas CityDallasSan Francisco

Chairman.

Frederic H. Curtiss

Pierre Jay

R. L. AustinD.C.Willis

Cald well Hardy

Joseph A. McCordWm. A. Heath

Wm. McC. MartinJohn II. RichAsa E. RamsavWm. F. RamsevJohn Perrin

Governor.

Chas. A. Morss

Benj. Strong

George W. NorrisE. R. Fancher

George J. Seay

M. B. WTellborn

J. B. McDougal

D. C. BiggsR. A. YoungJ. Z. Miller, jrR. L. Van ZandtJ. U. Calkins

Deputy governor.

C.C. Bullen\V W P« d rJ nnlrJ.H.CaseL. F. SailerG. L. HarrisonE. R. Kenzel

Wm. H. Hutt,jrM. J. FlemingFrank J. ZarlindenC. A. PepleA. S. Johnstone 2

John S. Walden2

L. C. AdelsonJ.L.CampbellC. R. McKayS. B. Cramer

0. M. AtteberyW. B. GeeryC. A. Worthington

Wm. A. DayIra Clerk 3L. C. Pontious*...

Cashier.

W. Willett.

L. H. Hendricks.iJ. D. Higgins.1A. W. Giibart.iLeslie R. Rounds.1J. W. Jones.iW. A. Dyer.H. G. Davis.

Geo. H, Keesee.

M. W. Bell.W. C. Bachman.iF. J. Carr.iK. C. Childs.iJ. H. Dillard.1D. A. Jones.i0. J. Netterstrom.iA. H. Vogt.Clark Washburne.1J. W. White.Frank C. Dunlop.1R ~\T ~Mr\nraJ. W. Helm.Sam R. Lawder.W. N. Ambrose.

1 Controller. 2 Assistant to governor. 8 Assistant deputy governor.

MANAGERS OF BRANCHES OF FEDERAL RESERVE BANKS.


New York:Buffalo branch

Cleveland:Cincinnati branchPittsburgh branch

Richmond:Baltimore branch

Atlanta:New Orleans branch

> Jacksonville branchBirmingham branchNashville branch

Chicago:Detroit branch

St. Louis:Louisville branchMemphis branchLittle Rock branch

Manager.

Ray M. Gidney.

L. W. Manning.Geo. De Camp.

Morton M. Prentis.

Marcus WalkerGeo. R. De Saussure.A. E. Walker.J. B. McNamara.

R. B. Locke.

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


1 Minneapolis:1 Helena branch! Kansas City:

Omaha branchDenver branch

1 Oklahoma City branchi Dallas:! El Paso branch

Houston branch1 San Francisco:! Los Angeles branch

Portland branch! Salt Lake City branch! Seattle branch

Spokane branch

Manager.

0. A. Carlson.

L. IL 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 withmember banks of the Federal Reserve System and is the only official organ or periodicalpublication of the Board. It is printed in two editions, of which the first contains theregular official announcements, the national review of business conditions, and othergeneral matter, and is distributed without charge to the member banks of the FederalReserve System. Additional copies may be had at a subscription price of $1.50 perannum.

The second edition contains detailed analyses of business conditions, special articles,review of foreign banking, and complete statistics showing the condition of FederalReserve 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 at40 cents. Foreign postage should be added when it will be required. Remittancesshould be made to the Federal Reserve Board.

No complete sets of the BULLETIN for 1915, 1916, 1917, or 1918 are available.

i n


TABLE OF CONTENTS.

General summary: Page.Review of the month 767Business, industry, and finance, June, 1921 781Condition of the acceptance market 791

Index numbers of exchange values of foreign currencies 794American bank acceptances 800Business and financial conditions abroad: England, France, Italy, Germany, Sweden, Netherlands 802Official:

Rulings of the Federal Reserve Board 815Law department 816State banks admitted to system 814Fiduciary powers granted to national banks 814Banks granted authority to accept up to 100 per cent of capital and surp1 us 814Charters issued to national banks 814

Price movement and volume of trade:Domestic—

Wholesale prices in the United States 818Foreign trade 822Physical volume of trade 823Retail trade 837Wholesale trade 841Commercial failures 817

Foreign—Comparative wholesale prices in principal countries 841Comparative retail prices in principal countries , 847Foreign trade—United Kingdom, France, Italy, Sweden, and Japan 847

Banking and financial statistics:Domestic—

Statistical review of condition of Federal Reserve System during year 849Discount and open-market operations of Federal Reserve Banks 857Condition of Federal Reserve Banks 864Federal Reserve note account 870Condition of member banks in leading cities 871Bank debits 877Operations of the Federal Reserve clearing system 881Gold settlement fund 880Gold and silver imports and exports 882Money outside the Treasury and Federal Reserve System 885Discount and interest rates in various centers 884Discount rates approved by the Federal Reserve Board 885Abstract of condition reports of State bank and trust company members 886

Foreign—England, France, Italy, Germany, Sweden, and Japan 891Foreign exchange rates 890

Charts:Index number of wholesale prices in the United States—constructed by Federal Reserve Board for purposes

of internationa comparisons 819Physical volume of trade 824Movement of principal assets and liabilities of Federal Reserve Banks 865Movement of principal assets and liabilities of member banks 871Debits to individual accounts 877

IV


FEDERAL RESERVE BULLETINVOL. 7 JULY, 1921. No. 7

REVIEW OF THE MONTH.

For the third successive season the FederalReserve Board presents in the

Mid-year sta- j , { f h BULLETINtistical issue. J . .

a mid-year statistical num-ber. The purpose this year, as in previousstatistical numbers, is to continue the reviewof current financial history, bringing it downto June 30, 1921. As noted on former occa-sions, the annual report of the Board suppliesa general description and outline of existingconditions by calendar years. It has beenthought best, however, to furnish a criticalanalysis from the statistical standpoint, cov-ering the intermediate periods ending June 30.The analysis published a year ago in July, 1920,reviewed the development of conditions up towhat has since turned out to be practically the"peak" of the post-war expansion in banking,currency, finance, and business. Develop-ments during the past year carry the so-called"deflation" movement to what seems to bepractically its limit, at least for the time, andexhibit in their full effect the factors whoseconsequences were seen only in an incompleteform at the time of the Board's last annualreport. The figures herewith submitted showthe character of the conditions which havedeveloped during the past year and illustratethe situation as affected by the process ofrestoring banking and financial soundness.

Five main periods in the history of theFederal Keserve System were recognized at theoutset of the last annual statistical review:November, 1914-December, 1916; January,1917-April, 1917; May, 1917-November 11,1918; November 12, 1918-June, 1919; andJuly, 1919-June, 1920. The better perspec-tive in which past events can now be viewedwould apparently indicate that the last periodshould be merged with the fourth or precedingepoch, making the dates November 12, 1918,to May, 1920, while the fifth period in the his-tory of the system now appears as June, 1920, to

in trade and in-dustry.

the present date, or later as subsequent eventsmay determine. The fourth period is thus an''expansion" or "inflation" period, withinwhich may be recognized, if desired, certainsubperiods marking changes in credit control,while the fifth period is a time of readjust-ment. Characteristics of this latest period havebeen, on the banking side, reduction of loansand bills held, retirement of note circulation,gain in gold, and liquidation of investments;while on the business side there has been low-ering of production, growth of unemployment,falling off of foreign trade; and reaction ofprices.

Although the fact was not at the time real-ized in its full significance,

turning point p rjces^ physical volume of pro-duction, trade and business ingeneral had reached their peak

during May and June, 1920. As is usually thecase, the high point in banking accommoda-tion came somewhat later. The year 1920-21may, in fact, be divided into three subperiods, thefirst extending from shortly before the middle of1920 to early autumn. During these monthsthere was hesitation, reluctance to recognizethe fact that a time of recession had arrived,and a strong effort to hold prices, wages, andvalues in general at the level which had thenbeen reached. From early autumn until prac-tically the opening of spring (1921) there was asteady recession of prices, values and wages, anda period of corresponding readjustment through-out almost all branches of industry and in almostall countries of the world. In fact, the down-ward movement had set in earlier in some for-eign countries than in the United States, manypersons regarding Japan as having been thefirst country to feel the effect of the newbusiness factors which were later to makethemselves felt elsewhere. The spring monthsof 1921 would seem, in the light of informationnow available, to be a period of approach toequilibrium in certain lines of business and ofpreparation for recovery from the depressed

767


768 FEDERAL RESERVE BULLETIN. JULY, 1921.

conditions that had developed The changesreferred to have, in fact, been practically world-wide. If anything, they have been less ex-treme or violent in the United States thanelsewhere, not only in banking and credit,but in production and trade generally. Theyear 1920-21 has been a period of reor-ganization. This reorganization, with itseffects, has, like all great business changes,been directly reflected in our banking posi-tion and in the corresponding position ofbanking systems the w orld over. While itwould appear at the present time that theperiod of readjustment is drawing to a close,this does not necessarily mean that there willbe no further movement or recession or thatthe readjustment process has completed itself.On the contrary, there are many factors whichseem to make it sure that still further work inthe direction of readjustment must be accom-plished before even approximate stability canbe arrived at. The facts now available, how-ever, would indicate that the main elementsin business and industrial recession have madetheir effects manifest, and that there havebeen in the majority of lines fairly extensiverealignments of relationships. In all thisprocess there has been nothing more note-worthy than the effect of readjustment uponour banking institutions.

Comparison between conditions existing dur-ing 1920 with those whichhave been attained at thesources. .close oi June, 1921, exhibit the

following results:Reserves, earning assets, and total resources of Federal Reserve

Banks.

[In thousands of dollars.]

Total reserves..Total earning

assetsTotal resources.

J u n e 25,1920.

2,108,605

3,183,2756, 074, 713

Oct. 15,1920.

2,154, 911

3,421, 97G6, 610, 250

J u n e 29,1921.

2,625, 458

2,060, 4955, 242, 041

Percentage change.

June 25-Oct. 15,

1920.

+2.2

+ 7.5+ 8.8

Oct. 15,1920-

Junc 29,1921.

+24.5

- 1 3 .

As stated a year ago, the capital of the Fed-eral Reserve Banks was figured as $94,500,000and total resources as $6,075,000,000, whereas

at the present time the corresponding figuresare $102,184,000 and $5,242,041,000. Thechange in capital for the year has thus

amounted to 8 per cent, reckoning the con-dition at the close of June, 1920, as a basis,while the aggregate of resources has fallen byapproximately 14 per cent. The advance inapital has, as in former years, been due to thegradual growth of the actual capitalization

of the members of the Federal Reserve Systemalready admitted, and in part to the movementof new members into the system. The netnumber of new national-bank members ad-mitted during the year ending June, 1921, hasbeen approximately 251, while their contribu-tion to capital stock may be figured as $813,050.To this may be added the sum of $1,112,900ubscribed by the 268 newly admitted State

bank and trust company members, the re-mainder of the increase in capital of FederalReserve Banks being due to the automaticenlargement of the stock ownership of formermembers due to additions to their capitalstock and surplus.

The fact that the system has steadily in-creased in numbers and in strength is in strik-ing contrast with the decline in total resourceswhich, although moderate, shows, as alreadyremarked, the reaction from the peak level.This decline in resources has been due to thegradual reduction of the amount of reservebank advances and is best reflected in thechange in the item of total earning assets,wThich was reported at the close of June, 1920,as $3,183,275,000, a figure which must becompared with a figure at the present time ofapproximately $2,060,495,000. The decline ofapproximately $1,120,000,000 thus reflectedas the outgrowth of the year's operations inconnection with earning assets should be com-pared with the increase in the same itemduring the year ended June 30, 1920, amount-ing to $829,000,000. The volume of earningassets is therefore now very little less than itwas at the close of June, 1919. It is an inter-esting fact that the rate of reduction duringthe second half of the two-year period in ques-tion has been so nearly identical with the rateof expansion during the first half of the period.The position of the system has thus been


JULY, 1921. FEDERAL RESERVE BULLETIN. 769

brought well back toward the point at whichit stood when the war restrictions upon finan-cial and productive activity began to be elimi-nated, not long after the armistice. Ofspecial interest in this connection is the factthat the reduction in the amount of bills heldby the Federal Reserve System has been sonoteworthy. Bill holdings at the close ofJune, 1920, were not far from $3,000,000,000,while the situation at the close of June, 1921,showed slightly more than $1,800,000,000 inbills on hand. A falling off in round numbersof over one-third, or $1,200,000,000, in billsheld represents the results of operations duringthe past year. Included in this reduction, itshould be noted, has been a decline in the billssecured by Government obligations, which havefallen from approximately $1,300,000,000 at theclose of June, 1920, to approximately $648,-000,000 a year later. Other bills discountedamount, at the present moment, to a little lessthan they did a year ago, the net conclusionbeing, therefore, that to date the process of creditaccommodation, so far as the Federal ReserveBanks are concerned, has altered but littlethe amount of commercial paper discounted,but has taken effect primarily in the restrictionof the loans collateraled by Government warobligations.

Of special interest to the general student ofbanking in connection with theoperations of the Federal Re-serve System during the past

year are the changes in the volume of outstand-ing Federal Reserve notes as contrasted withchanges in the deposit liabilities of the FederalReserve Banks. Comparing the figures givena year ago with those now compiled, it willbe found that whereas at the end of June,1920, the volume of Federal Reserve notesin circulation was approximately $3,117,-000,000, the total now in actual circulation isapproximately $2,634,000,000—a falling off inround numbers, therefore, of over $480,000,000.As contrasted with this reduction in the circu-lating currency of the system is to be noteda fall in total deposits from approximately$1,916,000,000 a year ago to $1,686,000,000 on

Notes and de-posits.

June 29, 1921. Since there has been but littlechange in the volume of Government depositsduring the year, the reduction which is thusshown to have occurred has taken place pri-marily in member bank reserve deposits andmay be regarded as amounting to about $191,-000,000. The remainder of the decrease ispartly due to the withdrawal of foreign Gov-ernment deposits. This should be contrastedwith a growth in deposits during the precedingyear amounting to about $14,000,000 and agrowth in notes of approximately $617,000,000.Attention was called a year ago to the fact thatthe immense increase in the note circulationduring the year 1919-1920 was undoubtedlydue in some measure to the fact that a largeramount of circulating currency was requiredbecause of the great advance in prices and theconsequent necessity of carrying a larger sup-ply of money in pocket with which to meetordinary requirements. The recession in thetotal amount of notes in circulation may beascribed to a movement exactly parallel butopposite in direction. As prices have fallen, thefactors already referred to have lost in inten-sity, while other factors which had tended toenlarge the circulation of Federal Reservenotes—such as the process of substitutingthem for gold and silver and of exporting themin large amounts to Central American and WestIndian countries—have ceased to operate.Indeed, in some cases the reverse flow hasdoubtless set in. The significance, therefore,of the situation is found in the fact that thereduction in outstanding circulation which hasoccurred represents a corresponding change inthe actual use of notes by the public. Themovement of the items "notes77 and " deposits"may be followed to good advantage in the brieftable which is herewith submitted.


Dates.

June 25, 1920Oct. 22 1920June 29, 1921

FederalReservenotes inactual

circula-tion.

3,116,7183,35G, 1992,634,475

Totaldeposits of

FederalReserveBanks.

1,916,0861,816,2891,685,788

Netdemand

deposits ofreportingmemberbanks.

11,347,04111,240,58810,046,398


770 FEDERAL, RESERVE BULLETIN. JULY, 1921.

As already observed, perhaps the most inter-esting element of change in the

p a ^ c o u n t o f w a r portfolios of reserve banksduring the past year has been

the lessening of the volume of war paper, or, touse the technical expression, " bills discountedsecured:by United States Government obli-gations/7 These, as already seen, have fallenoff to approximately $648,000,000. A gratify-ing feature of the post-war development ofthe Nation's investment and financial mechan-ism has been the ability that has been shownon the part of the public to absorb the outstand-ing obligations of the Nation, both in shortand long term form. The existence of sub-stantial investment capacity has laid thefoundation for the absorption of Governmentbonds and certificates, while the policy of theTreasury Department in meeting market ratesof interest has enabled both member andreserve banks, which had become large holdersof "war paper," to reduce this element of theirportfolios in very material degree. The situa-tion has been well illustrated by the statementmade by the Secretary of the Treasury on June8 in which he showed that the amount ofTreasury certificates pledged with FederalReserve Banks was only $55,000,000, while ofa total of over $4,000,000,000 of Victory notesonly $188,000,000 were in the hands of memberbanks in leading cities. The wholesale transferof the evidences of Government indebtednessfrom the banks to the people has been aidedby the Federal Reserve System, which nolonger encourages the carrying of such paperby preferential treatment of loans collateraledby public obligations. During the year suchpreference, originally granted in aid of theplacement of Liberty bonds, has practicallydisappeared.

The disposition of investors to absorb and"digest" Government obligations, taken inconjunction with the policy of the FederalReserve System already referred tOj has tendedstrongly to curtail the large holdings of papercollateraled by Government obligations whichhad been built up during the war and post-warexpansion period in the Federal Reserve Banks.The progress during the year 1920-21 may becontrasted with changes during the year

1919-20. At the close of June, 1919, the totalvolume of paper secured by Government warobligations held by Federal Reserve Banks wasabout $1,573,000,000, and operations duringthe following year had reduced the amount byonly $300,000,000. Progress during the pastyear has thus been more than twice as rapid.The situation is reflected in the followingtable :

Holdings of bills discounted by Federal Reserve Banks.


Secured by G overn-ment war obliga-tions

Allother

June 25,1920.

1,277,9801,153,814

Sept 3,1920.

1,332,8921,412,035

Dec. 3,1920.

1,160,6851,616,116

June 29,1921.

647,7611,123,801

Percent-age de-crease.

151.42 30.5

* From September 3. 2 From December 3.

Banking situa-tion abroad.

Although tendencies in trade and prices inforeign countries have been inmany respects parallel to thosewhich have been observed in the

United States, the situation has been widelydifferent in respect to banking and credit.Foreign banking institutions have not shownthe reduction either in notes or in depositswhich has been observed in the United States,and such changes as have occurred have appar-ently been sporadic and in a far less degreegoverned by definite influences. This is prob-ably due to the fact that in many Europeancountries it has been necessary for the Govern-ments to rely much more steadily and morelargel}r on banking aid than has been true inthe United States, so that the conditions pre-vailing in the central banks of those countrieshave not, as in this country, directly reflectedthe condition and needs of business. The twoitems which stand out in foreign bank reportsas of special interest to observers in this coun-try are those of notes and deposits.

The considerable reduction in the circulationof bank notes (amounting to more than 15 percent in the case of Federal Reserve notesbetween June 25, 1920, and June 29, 1921),already observed, has not been paralleledabroad. In England, currency notes to theextent of some £15.000,000 have been with-


JULY, 1921. FEDERAL, RESERVE BULLETIN. 771

drawn in the course of the year, but banknotes have been increased by £5,000,000, witha resulting net decrease of £10,000,000, or 2per cent in the total paper circulation. InFrance and Italy there has been an increasein the circulation during the year, amountingto 8 per cent in the first-named and 11 percent in the last-named country. In Germanythe total of Reichs und Darlehnskassenscheinein circulation amounted to 63,600,000,000marks at the end of May, 1920, and 80,900,-000,000 marks on May 28, 1921, or an increaseof 27 per cent for the year.

Note circulation—England, France, Italy, Germany.

End of—

May, 1920May, 1921

England-

Currencyand Bank

of Eng-land

notes.

000,000 £

452442

France.

Notes ofBank ofFrance.

000,000francs.

37,91538,233

Italy.

Notes ofthree

banks ofissue.

000,000lire.

16,861U8,76o

Germany.

Reichs-und-Dar-Iehnskas-

sen-scheine.

000,000marks.

63,58480,882

i End of March, 1921.

The note circulation is a more significantfactor in the study of credit conditions on theContinent than in England or the UnitedStates. During the past year deposits ofmember banks reporting to the Federal ReserveBoard have decreased almost 12 per cent andearning assets of the Federal Reserve Banks35 per cent. In England no reduction isshown between the end of May, 1920, and May,1921, in the deposits at the Bank of England,while Government and other securities heldhave been increased by almost £11,000,000.

Deposits—England, France, Italy, Germany.

Eng-land.* France.1 [ Italy. Ger-

many.1

End of—! Deposits Deposits i Deposits1 with with with 3I Bank of I Bank ofI England.! France.

banks ofissue.

May, 1920.May, 1921.

118128

000,000 I 000,000francs, j lire.

3,7513,041

2,2642 2,461

Depositswith theReichs-bank.

000,000marks.

17,02414,094

1 Includes Government and private deposits,s End of March, 192L

As during the year 1919-20, so during the„ past year, the primary changesReserve changes, f J *\, / . f,

m the reserve situation of theUnited States have been due to alterations ingold holdings. The striking feature of the yearhas been the resumption of gold movementinto this country, with the result that the goldreserves of Federal Reserve Banks have beenincreased to the extent of about $493,000,000.The following brief table shows the movementof reserves as between the close of June, 1921,and the corresponding date a year earlier.

(000 omitted.)

Total gold reservesLegal tender notes, silver, etc

June 25,1920.

$1,969,375139,230

June 29,1921.

$2,461,931163,527

Per cent ofincrease.

25.017.5

Changes in the gold position of the UnitedStates were of such significant importance asto call for special review in the June, 1921,issue of the BULLETIN, where they were fullyset forth, and they need receive only brieftreatment at this point. As was then ex-plained, the specie history of the United Statessince the end of November, 1918, approxi-mately the date of the armistice, may bedivided into two periods, the first extendingfrom that date through August, 1920; the sec-ond from the close of August, 1920, to approxi-mately the present time. During the first ofthese periods gold was moving largely out ofthe United States, although from April toAugust, 1920, the movement was somewhatirregular, while during the second of the periodsthe movement has been reversed. Roughlyspeaking, therefore, the year now under con-sideration coincides with the dates withinwhich the reversal of this gold movement hasoccurred. The total net importations of goldfrom the close of June, 1920, to June 10,1921, may be stated as $483,607,213.

Imports

July 1,1919-June 30,1920...July 1, 1920-June 10,1921...

and exports of gold.

Imports.

$150,540,200616,445,634

Exports.

$466,420,606132,838,421

Excess ofexports (—)or imports

-$315,880,406+483,607,213



Speaking of the entire period since the armi-stice, the survey in the June issue of the BULLE-TIN stated the situation as follows:

For the period as a whole, the United States imported$744,000,000 of gold and exported $700,000,000, so that thenet addition to the country's stock of gold is $44,000,000.It should be noted that this is a comparatively smallamount; that the gains in gold since the recent gold move-ment set in have not much more than offset the losses ofgold between the removal of the gold embargo in June,1919, and September, 1920. It should further be notedthat imports of gold have come from one group of countries,while exports have gone to another group. From thearmistice to August, 1920, $375,000,000 of gold (net) leftthe United States, going largely to Japan, Argentina,China, British India, Hongkong, Spain, and Mexico.From September, 1920, to the present time, $419,000,000(net) was imported, largely from England, France, Sweden,and Canada.

These figures require some modification, dueto the fact that two months have elapsed sincethe final date to which they refer. Makingthis allowance, it may be said that the netaddition to the country's stock of gold fromthe armistice to June 10, 1921, is approxi-mately $120,000,000. As will be seen fromcomparison with figures already given, thebulk of the importation of gold* during thepast year has been added to the reserves of theFederal Keserve Banks, and, since there hasbeen but little demand for gold for actualcirculation, it has remained there.

The great shipments of gold to the United jStates have been the result of the slackeningand disorganization of trade and the disturb-ance of financial relationships. In conse-quence of these influences it has been necessaryto find some means of making settlement forthe most necessary shipments of commodities,and gold shipments have proved to be the mostavailable method of liquidating a part at leastof current obligations. How far the inwardgold movement will go can not now be pre-dicted, but it should be noted that such impor-tations, even when entirely deposited in theFederal Reserve Banks, are by no means thesole measure of their increasing liquidity. Theimprovement in the reserve ratio resultingfrom such deposits of gold shows a technicalincrease in banking strength, since it results inthe enlargement of the supply of specie avail-able for meeting any demands that may be

brought to bear upon the reserve banks. Inthe following table are shown the averagemonthly reserve ratios during the last sixmonths of 1920 and the first six months of 1921,with figures computed for purposes of compari-son and designed to show the movement of theratio as it would have been had no increase inreserves taken place since June 25, 1920.

Average monthly reserve ratio.

1920.JulyAugustSeptember.OctoberNovember.December.

43.743.743.343.143.744.7

43. 543.342.742.042,242.5

1921.JanuaryFebruaryMarchAprilMayJune

Actual.

47.549.650.253.856.459.1

Hypo-thetical.i

43.844.644.045.646.847.9

1 With reserves remaining unchanged at the June 25, 1920, total ol$2,108,605,000.

During the past year emphasis has shiftedfrom the productive to the dis-

Produetion and , .-, , . , £ - 3 ,business tributive aspects oi industry.

The period has essentially beenone of readjustment. In leading industriesthere has been a tendency toward lower pricelevels, as well as to a new and more stablerelationship between forces which affect con-ditions in marketing. In certain industriesthis tendency has apparently gone furtherthan in others. This is noticeable in textiles.Thus there has been a marked increase in cot-ton consumption, in wool consumption, and inthe importation of raw silk. Similarly, therehas been an improvement in boots and shoesduring the present spring, in particular in thewomen's branch of the industry. On theother hand, in some lines the situation con-tinues to have many elements of uncertainty.In the iron and steel industry, pig-iron produc-tion during April was the lowest since June,1908, while May production was but slightlybetter. Steel-ingot production has shown asimilar tendency. The nonferrous metal in-dustries have experienced a radical decrease inprices, together with great curtailment of pro-duction schedules.

Varied tendencies are shown in the fuel in-dustries. Bituminous coal production reflectsthe change in the industrial situation, and hasshown a steady decrease during the present


JULY, 1921. FEDERAL RESERVE BULLETIN.

year, until in May it amounted to only 66 percent of the figure for December, 1920. On theother hand, crude petroleum production dur-ing the year has shown an equally steady in-crease. Anthracite coal production on thewhole has been well maintained. The con-struction industries have reported an increaseduring the past spring, although this has beendue in a measure to seasonal influences. Aftera considerable decline in production and ship-ments during the past winter, which was likewisepartly seasonal, the lumber industry has alsoexperienced considerable increase in activity.

The agricultural situation has felt the sameinfluences. In general, the yield of the vari-ous crops during the past year was large. Thecotton crop in particular was the largest onrecord since 1914, the final estimate being13,197,775 bales. Until recently prices havetended to decline, and as a consequence therewas a general disposition on the part of thegrowers to hold stocks in anticipation of more

favorable marketing conditions, as well as incertain cases a tendency to leave the lowergrade portions of the crops ungathered.Grain stocks on the farms remain very large,the Department of Agriculture reporting theamount of wheat on farms on March 1 as 26.4per cent and the amount of corn as 48.6 percent of the 1920 crop. On March 1, 1920,only 17.6 per cent of the wheat and 37.5 percent of the corn crops of 1919 remained onthe farms. The receipts of grain at 17 interiorcenters during the present crop year were 5per cent greater than they were a year ago,while sight receipts of cotton were only 82 percent of those in 1919-1920. Marketing hasbeen somewhat delayed and the movementsthus far have been heavier during the latermonths of the season than a year ago. Theshipment of live stock to market has likewisebeen considerably lower than last year, al-though it should be noted that the movementduring the season 1919-1920 was extraordi-narily heavy. The live-stock industry hasalso been seriously affected by the low levelstoward which prices have tended.

CorrespondiDg to the general industrialsituation, the volume of wholesale trade hasshown considerable decrease in various lines.

773

During the present spring some revival ingeneral has been noted. The volume of retailtrade, on the other hand, has been better sus-tained, although measured in money valuesit has been less to date this year than duringthe corresponding period last year, in par-ticular in the South and West.

The figures of traffic movements also in-dicate that industrial and commercial read-justment is in progress. From March, 1920,to March, 1921, net ton-miles decreased 29.1per cent. After some months of alternate in-crease and decrease, the decline commencedabout last November.

The situation relative to production whichhas been sketched above is indicated morefully in the following table, giving the totalfigures for the first five months of the presentyear, as compared with the same period a yearago, and with the last five months of 1920.

(000 omitted.)

Receipts of live stock at15 western markets(head)

Receipts of grain at 17interior centers (bush-els)

Sight receipts of cotton(bales)

Shipments of lumber re-ported by three asso-ciations (million feet)..

Bituminous coal pro-duction (short tons)...

Anthracite coal produc-tion (short tons)

Crude petroleum pro-duction (barrels)

Pig iron production(long tons).

Steel ingot production(long tons)

Cotton consumption(bales)

Wool consumption(pounds)

January-May, 1920.

Total.

25,110

316, 647

4, 345

4,246

212, 634

36, 093

174, 414

15,095

14, 654

2,792

329, 890

Rela-tive.

100

100

100

100

100

100

100

100

100

100

100

January-May, 1921

Total.

24,047

361,943

3, 794

3,266

162,390

37,717

196,147

8,363

8, 003

2, 049

223,192

Rela-tive.

95.8

114.3

87.3

76.9

78.4

104.9

111.9

55.4

54.6

73.4

67.7

August-December,

1920.

Total.

26,472

446, 625

5, 931

3,308

253, 806

36,602

193, 839

15,208

13,995

1,968

165, 264

Relative.

105.4

141.0

136. 5

77.9

119.4

101.4

111.1

100.7

95.5

70.5

50.0

It is impossible to trace in equal detail thesituation as to the production and distribu-tion of commodities in foreign countries, asstatistics on these subjects are very limited.Foreign trade figures, however, furnish a basisfor studying the changes which have occurredin the value of exports, and thus may be used(if due provision be made for the effect of pricechanges on trade values) as an indication of



general trade conditions. The decline in thevalue of foreign trade has been a generalworld-wide phenomenon similar to the declinein wholesale prices. In the case of the UnitedStates and European countries the reductionin the value of exports did not become pro-nounced until late 1920 or January, 1921; infact the post war peak of the export trade ofpractically all leading countries except Japanwas reached in the summer or autumn of 1920.Since the beginning of the new year, however,there has been a serious shrinkage in the valueof exports from the United States, GreatBritain, and Sweden. French trade has shownless extreme depression and Japanese exportshave improved in the most recent months.The following table contrasts the situation atthe present time as compared with a year ago.

Value of exports of merchandise.

[000,000 omitted.]

May,1920May, 1921

UnitedStates.

Dollars.746330

GreatBrit-ain.1

Pounds.14050

France.

Francs.21,5392 1,619

Italy.

Lire.662

3 853

Swe-den.

Kronor.227<89

Japan.

Yen.193

5 115

i Reexports included. * February, 1921.21919 basis. 5 April, 1921.3 December, 1920, on 1919 value units.

Production of basic commodities in Englandhas been heavily curtailed in recent months,partly as a result of trade depression and partlybecause of the strike of coal miners. No coalwas produced in May of this year. The pro-duction during May last year was about22,000,000 tons. Pig-iron and steel-ingot pro-duction for May was less than half that of ayear ago, and shipments of cotton yarn andcloth in the first quarter of 1921 were less thantwo-thirds as large as shipments during a simi-lar period in the preceding year. Coal is theonly commodity for which production statis-tics are available for France and Germany. Inboth cases the present situation appears to bemore favorable than a year ago.

A year ago complaints of a shortage of labor,especially in the rural districts,

Labor and ^ w e r e s t in c o m m o n although thedustry. . . ' . to

alarming increase in cancella-tions of orders placed with manufacturers, to-gether with fuel shortage and transportation

hindrances, had already produced a consider-able measure of unemployment. During thelatter part of June and in July the decreasingdemand for factory labor was the subject ofquite general comment. The New Englandtextile mills and the leather and shoe indus-tries were among the first to be seriouslyaffected by cancellations of orders, leading toa sharp curtailment of output. Despite priceconcessions in some lines, notably textiles,there was little evidence of a revival of businessactivity during the fall months, and in conse-quence the new year opened with a serious lackof employment still manifest in the eastern dis-tricts of the United States. At the opening ofthe year these conditions became more pro-nounced, although there was some resumptionof activity in the industries which had been thefirst| to êel the effects of depression, and op-portunities for employment in such industriesincreased as time went on. The iron and steelindustry and transportation interests, however,began to be affected by lack of business.

A special inquiry into conditions of employ-ment and changes in rates of wages undertakenby the twelve Federal Reserve Banks at the re-quest of the Federal Reserve Board showedthat establishments having 1,737,000 personson their pay rolls on April 1, 1920, were em-ploying only 1,303,000 on April 1, 1921. Anexceptionally high degree of unemployment ex-isted in reporting automobile lines (55.2 percent), in building construction (60.4 per cent),and in iron and steel (41.5 per cent). Althoughconsiderable decreases were shown in the aver-age weekly earnings, a very considerable partof this loss was undoubtedly due to reductionsin working time. The reports indicated, how-ever, that rates of pay had been reduced in thetextile mills among others, and that such re-ductions had been especially pronounced in theSouth. Common labor had everywhere hadits rates of pay sharply cut. Wage rates hadalso been revised downward by the independentsteel mills, but the United States Steel Corpora-tion did not follow this example until the mid-dle of May. At the date of the special inquiry(April 1) the majority of the organized skilledgroups had not yet been affected by rate re-ductions, but subsequently such reductions



Discount policy.

were very extensively announced, with a re-sultant temporary increase in voluntary unem-ployment due to strikes.

Changes in industrial and financial condi-tions which have been generalthroughout the world, have

been reflected in Federal Reserve discount rates.Conditions in May, 1920, were such as to leadto the establishment of a general advance indiscount rates throughout the Federal ReserveSystem coinciding with a more than equivalentadvance in the current value of capital. The7 per cent rate on 90-day commercial paperwhich was put into effect by the FederalReserve System in May, 1920, or practically atthe beginning of the year which is now underconsideration, continued to be maintained untilApril-May, 1921, when it was reduced by thosebanks which had applied it to 6 or 6J per cent,according to choice. At the same time someof the banks raised the rates which they hadbeen charging for paper collateraled by Gov-ernment obligations, thus eliminating the dif-ferential which had existed in favor of suchpaper. It has, of course, been obvious thatthe high rates which have been charged insome quarters have not been due to the policyof the Federal Reserve Banks, particularly assuch high rates have frequently been asked byinstitutions which were in no way dependenton Federal Reserve Banks for accommodation,while on the other hand not a few which havebeen largely accommodated have seen fit insome cases to continue their old rates to cus-tomers who were thus carried at a charge whichwas distinctly less than that of the FederalReserve Banks themselves. The Board in arecent statement (June 4) on the credit situa-tion expressed the following view of existingconditions:

It is the opinion of the Federal Eeserve Board that thecountry is approaching a new crop season with underlyingconditions far sounder than they were a year ago. Whilethere are still large amounts of staple products being car-ried over, financed partly on bank credit, the reserves ofthe twelve Federal Reserve Banks are nearly 40 per centhigher than they were at this time last year. The FederalReserve Board is gratified to know that the FederalReserve Banks are prepared to extend liberal credits tomember banks and through them to nonmember banksfor productive requirements of their customers.

Among important recent developments hasbeen the announcement of a

Live-s tock l a n i n i t i a t e d b t h e Secretaryfinancing. r J . J

oi the ireasury to assist thelive-stock industry. The details of the planwere developed at conferences held during thepast month. The essential feature is theraising of a pool of $50,000,000, half to be sup-plied by eastern and half by western bankinginterests. The Bankers Live Stock Loan Cor-poration will be formed with a nominal cap-ital to facilitate the handling of the business.Loans will be made by the corporation withand without recourse on banks and establishedlive-stock loan companies. It is contemplatedthat each State in which the loans are to bemade will have a committee of at least threewho are to pass upon the applications, afterwhich they are to be forwarded to Chicago forfinal approval by the managing committee.Preliminary announcements indicate that loanswill be for 75 to 80 per cent of the presentmarket price of the live stock, and the noteswill run for not more than six months, withprovision for four renewals if necessary. It is alsostated that the loans will be made at the currentmarket rates plus 1 per cent bonus, but it is be-lieved that interest in no case will exceed 8 percent. It is expected that the corporation willcommence operations not later than July 15.

The course of development during the year1920-21 with respect to bank-

Acceptance de- , , i -L i xvelo ment e r s a c c e pt a n c ^ s has been almost

precisely the reverse of the ex-perience of the preceding year. Not only hasthe volume of acceptances offered in the mar-kets of the country fallen off very decidedly,but the amount held by the Federal ReserveBanks has likewise receded. According tofigures prepared by the Federal Reserve Boardthe total amount of bankers7 acceptancesgrowing out of both domestic and foreign tradeoperations held at all Federal Reserve Bankswas at the close of June, 1920, about $400,-000,000; the total of trade acceptances heldat the same time was $30,000,000; while,according to the computations of the Board,the total of member bank acceptance liabilitiesoutstanding on May 4, 1920, was approximately$673,852,000. Corresponding computations



made for the end of May, 1921, show that thetotal amount of bankers7 acceptances held byFederal Eeserve Banks was $84,732,000, whileof trade acceptances the amount was $14,332,-000. As contrasted with the acceptance liabil-ity figure which is given above, the total amountfor the current year (April 28) is figured as$504,169,000. With these figures prepared forthe Federal Reserve Board there may be asso-ciated, as offering an interesting comparison,figures prepared by the American AcceptanceCouncil. The council recently sent out in-quiries to a list of banks doing an acceptancebusiness, receiving, in reply to 482 inquiries,417 answers. This investigation revealed atotal of bankers7 acceptances outstanding onApril 1, 1920, amounting to $799,000,000; whilefor April 1, 1921, the total was $664,000,000.The discrepancies between these figures andthose already given as the result of the inquirymade by the Federal Reserve Board in 1920are mainly due to the inclusion by the AmericanAcceptance Council of nonmember banks andprivate bankers doing an acceptance business.But even allowing for this lack of identity inthe base of computation, the degree of har-mony in the returns is decided. The Amer-ican Acceptance Council investigation thusshows a decline of 18 per cent for the entirecountry as against 25 per cent exhibited bythe figures of the Federal Reserve Board.When the figures are divided as between NewYork City and the remainder of the country, itappears that the total acceptances of NewYork banks have shown but little reductionduring this period, standing at about $446,-000,000. Outside of New York, however, adecline from $352,000,000 to $218,000,000, or41 per cent, was noted.

I t is worthy of comment also that even tomaintain the acceptances outstanding at theirpresent figure it has been necessary to includea large volume of bills drawn to create dollarexchange. If to these are added acceptancesdrawn for the purpose of carrying commoditiessuch as sugar, it will be seen that the volumeof acceptances actually created to facilitatethe movement of goods has very decidedlyfallen off. The decline in the total amount ofacceptances held by Federal Reserve Banks isnot, however, primarily due to a falling off in

the total outstanding, but is rather due to thefact that a much larger number of the indi-vidual banks now hold acceptances as an in-vestment. The Acceptance Council has foundthat whereas on April 1, 1920, 55 per cent of alloutstanding acceptances were held by FederalReserve Banks, only 19 per cent were so held onthe corresponding date in 1921. This must beaccounted an encouraging development in thediscount market which in some measure offsetsthe discouragement due to the reduction intotal volume of acceptances outstanding. Thelatter reduction is by many ascribed not to adisinclination on the part of banks to employthis paper, but simply to the fact that thecountry's foreign trade has shrunk very greatlyduring the past year, so that the acceptancesrequired in financing it would naturally undergoa somewhat similar or parallel decline. Of nota-ble interest in connection with the developmentof the acceptance is the action of the Federal Re-serve Board recently taken in raising the matu-rity of acceptances eligible foi: purchase from 90days to 6 months. This action may reasonablybe expected to increase the total holdings ofacceptances by Federal Reserve Banks in veryconsiderable degree, although thus far suffi-cient time to demonstrate its effects has notbeen afforded.

Wholesale prices in practically all countriesof the world were at their post-

d w a r Pe ak o r n a d Jus^ begun torecede from those levels at the

close of June, 1920. During the summer ofthat year the decline was gradual (except inthe case of Japan) and in the leading Europeancountries was followed by another upwardmovement in the early autumn. In the UnitedStates prices began to fall at an unprecedentedrate in August and continued to decline rapidlythroughout the remainder of the year, thedecrease between July, 1920, and January,1921, amounting' to between 30 and 35 percent. Reductions prior to the close of 1920were greatest in the case of the United States,Japan, the United Kingdom, and France, andleast in the case of Germany and Italy. Sincethe beginning of 1921 the earlier recession hascontinued, although in Japan and India priceshave recently moved slightly upward oncemore. The uneven reduction in prices hasresulted in a change in the price relationships

P<rt C e S



existing among countries as compared with ayear ago. At present American prices are nearertheir prewar level than those of other countries.They are also lower as compared with thoseof other countries than they were a year ago.

General level of wholesale prices in different countries in May,1920, and May, 1921.

[1913-100.]

Country.

United States (Federal Reserve Board).England (Statist)FranceItalyGermany iSwedenNorway3

JapanAustralial

CanadaIndia i

May,1920.

264305550660

2 1,473361368272225263210

May,1921.

142191328547

2 1,407218294191166183184

Percent-age

decrease.

46.237.4'10.417.14.5

39. 620.129.826.230.412.4

1 July, 1914= 100.a Beginning of June.

3 Dec. 31, 1913-June 30, 1914=100.

The year 1920-21 has been, on the whole, afavorable period in the man-

Movement of ao'ement of public finance andpublic finance. . & *

indebtedness. A net surplus ofapproximately $509,000,000 was shown for thefiscal year ending June 30, accompanied by anet reduction of outstanding indebtednessamounting to approximately $514,000,000.Revenues for the year were $5,625,000,000and disbursements (both on ordinary ac-count) were $5,116,000,000. The methods ofTreasury financing have continued subject tobut little change, issues of short-term certifi-cates being made from time to time for thepurpose of taking up old issues and of provid-ing current funds for use in intervals betweenperiods of tax receipts. The most strikingevent of the year in Treasury practice was theannouncement by the Secretary of the Treas-ury on June 8 of his plan for issuing three-yearnotes whose proceeds should be used to meetcurrent maturities, including the Victory notesas the latter fall due. As was then stated bythe Secretary, " Through the operation of thebond-purchase fund and the cumulative sink-ing fund, and the miscellaneous retirements ofthe public debt, the amount of Victory notesoutstanding on May 31, 1921, had been re-duced to $4,022,116,555, according to the pre-liminary statement of the public debt for thatdate. This means a total reduction to date inthe amount of the Victory loan of about halfa billion dollars. As similar retirements of

Victory notes are effected from time to timepursuant to the Treasury's program, thereshould be important further reductions in theVictory loan maturity. The result of this andsucceeding issues of short-term notes, and ofthe debt retirements which the Treasury ex-pects to make from time to time out of its cur-rent surplus, should be to spread the 1\ bil-lions of short-dated debt, which is now con-centrated in relatively few maturities, into aprogressively smaller aggregate amount of bet-ter diversified maturities extending over theperiod from 1923 to 1928." The effect ofTreasury operations upon banking and finan-cial conditions during the year has been lesspronounced than at any previous time sincethe beginning of the war. This has been dueto the fact that the Treasury has been prac-tically upon a basis of equality of revenue andexpenditure, while the offerings of securitieswhich it has made in the market have notwithdrawn a quantity of funds greater thanwas necessary to meet outstanding maturities,income on debt account being thus approxi-mately equal to outgo. Since the department,under the Federal Reserve Act, is now operat-ing upon a bank credit basis as distinguishedfrom the theoretical cash basis of the olderindependent Treasury system, the transactionsof the Government are automatically carriedthrough upon the books of the banks and resultin but little disturbance to business and finan-cial operations. Slight stringency or " tight-ness " of the money market prior to the quar-terly dates of income and excess-profits tax pay-ments, with corresponding relaxation when thefunds so received are paid out, afford the chiefvisible indication of the current consequences ofGovernment collections and disbursements.

As in many other particulars, the past 12months have witnessed a re-

Investment versal of the tendencies whichhad previously been in evidence

with respect to the issue of new securities.Total issues of securities for the year 1920 havebeen unofficially estimated at $3,106,930,500,while those for the first half of 1921 aggregate$1,442,252,100, as against $1,800,000,000 dur-ing the first six months of 1920. The samefactors which had begun to show themselves ina limited way comparatively early in 1920 con-tinued during the latter part of that year and


778 FEDERAL, RESERVE BULLETIN. JULY, 1921,

have been even more pronounced during thefirst six months of 1921. Stringent conditionsin the credit market and high rates for moneyhave been the dominating factors throughoutthe year. On the other hand, the relativestagnation of industry during the past eightmonths, the falling off in export trade, andthe comparative limitation of domestic de-mand have resulted in reduction or suspen-sion of dividends by many enterprises andhave made it obviously unwise to attempt theissue of securities which in other circumstanceswould probably have been offered and mar-keted. There has been no lessening of theneed for capital for the development of indus-try and for the bringing up to date of invest-ment in enterprises which had been retardedby the war. Some increase in building withinrecent months has been observed, but for themost part the conditions surrounding theinvestment of capital have not been favorable.The year has been equally unproductive ofrecovery in the values of securities. On June22,1920, quotations of 20listed industrial stockson the New York Stock Exchange stood at90.16. By December 21,1920, they had reachedthe lowest level touched for several years pre-ceding, standing at 66.75; and although dur-ing the early spring of 1921 some recoverywas noted, recent reactions have restored theaverage level to a point near that of Decem-ber, 1920, or 67.63 on June 28, 1921. Prices,too, have continued irregular, being unavoid-ably influenced by the depression in industryand also by the continued high market valueof investment funds. The Government's ownsecurities have varied comparatively little,showing an average increase of only 1.37points in the case of selected issues of Libertybonds between June 26, 1920, and June 27,1921, while the rate of interest paid by the Gov-ernment on short-term borrowings, althoughslightly reduced, has not been markedly differ-ent from that of a year ago.

On the basis of estimates of our foreigntrade for the fiscal year end-

Foreign trade. i n g J u n ^ 1921j t Q t a l e x p o r t g

for the 12 months are approximately $6,500,-000,000, compared with $8,109,000,000 for thefiscal year 1920. Exports have thus fallen offin value about 20 per cent from the previousfiscal year, and by about the same amount

from the overlapping period covered by thecalendar year 1920. Measured on the basis ofvolume, with price changes eliminated, theshowing is more satisfactory. But the out-standing fact remains that the reduction in boththe value and volume of our export trade hasbeen most marked in recent months, havingsteadily declined in every month of the presentcalendar year. Indeed, if our export trade forthe coming 12 months should continue at therate reported for May, it would amount in valueto less than one-half that of the fiscal year 1920and to but little more than one-half the figurefor the fiscal year just past. A somewhat simi-lar tendency in our import trade to movetoward lower levels may also be noted, withthis difference, that while for exports the tend-ency became strikingly evident in the figuresreported for February and March of this year,a radical decline in imports started with Sep-tember, 1920. This decline was checked aboutthe beginning of this year, and, consideringprice changes, the volume of imports has ex-panded noticeably since then. Our trade hasthus in recent months readjusted itself on abasis more nearly approaching an equilibriumbetween exports and imports than was the casea year ago. Notwithstanding the readjustmentwhich has taken place recently, another largeexport balance has been added during thefiscal year to the amounts already due us fromabroad. On merchandise account the excess ofexports over imports in the 11 months endingwith May was $2,710,000,000, as against$2,794,000,000 for the period ending May, 1920.That balance has been offset in part by net im-portations of gold and silver in the last 11months to the amount of $475,000,000. Ouru visible balance" with the rest of the worldhas therefore been increased during thesemonths by $2,233,000,000. Just what sumhas been added during the fiscal year to ourunfunded balance is difficult to say. Takinginto account, however, the additions to thevisible balance that are due to such items asshipping services, and, on the other hand, thedeductions which must be made for the exportof capital in various forms, a theoretical un-funded balance of perhaps $1,500,000,000 isfound to have resulted during the fiscal year.

Notwithstanding the smaller volume of manylines of our export trade compared with last


JULY, 1921. FEDERAL RESERVE BULLETIN". 779

year, a number of commodities show significantincreases. Among these are corn and wheat,as well as the whole group of "foodstuffs incrude condition." Especially to be noted, also,is the position which the United States hasassumed as the world's leading coal exporter,taking the place held for so many years by theUnited Kingdom.

These changes in foreign trade should be re-garded as affording a basic

F o r e i g n ex- f a c t o r f t h g t u d o f c h

change. . J &

m ioreign-exchange quotations.During the year the general tendency of ex-change rates has on the whole been less fav-orable. There was a sharp reduction in thevalues of nearly all European currencies duringthe latter part of 1920, and although this wassucceeded early in 1921 in many of them, par-ticularly in sterling, francs, and lire, by arecovery, the progress made has not been suffi-cient to carry the general level of values backto the point it had reached at the middle of1920. Comparatively little improvement hasdeveloped in any branch of foreign exchangeduring the year, while, with some parts ofthe world, trade has come almost to a stand-still on account of the extreme reduction ofdemand for goods and the inability to payunder existing conditions. Moratoria havebeen established in not a few countries, whilein others conditions similar to a moratoriumhave developed. This has greatly reduced thevolume of remittances and banking businesstransacted with several of the South Americancountries as well as with a considerable numberof oriental nations. The following table fur-nishes a brief comparison between the exchangerates of representative European nations for1920 and 1921:

England ,FranceItalySpamGermanySwitzerland ,Sweden (Stockholm)HollandBelgium ,Argentina ,China (Hongkong)China (Shanghai) ,Japan (Yokohama)Canada ,

55762—21 2

W e e k endedJuly 3,1920.

High.

3.9675.0852.0618.1668.0265.1815.2208.3550.0887.4190.75501.0550.5125. 8801

Low.

3.9425.0818.0589.1640.0259.1808.2190.3525.0863.4150.73751.0300.5125.8748

Week endedJuly 1

High.

3.7625.0809. 0502.1320.0139. 1696.2245. 3314.0807.2999.5038.6713. 4788. 8854

,1921.

Low.

3.7138.0798.0484.1284.0132. 1680.2185.3270.0792.2979.4938.6580.4788. 8763

During the month ending June 10 the netr, ,, , .. inward movement of gold wasGold and silver &

imports and ex- $51,803,000, as compared withports* a net inward movement of$88,020,000 for the month ending May 10.England, France, Sweden, and British India,combined, furnished over 70 per cent, or$37,192,570, of the $52,731,000 of gold im-ported during the monthly period ending June10, other countries of Europe and the Orientfurnishing most of the remainder. Of the goldexports, amounting to $928,000, over three-fifths, or $568,000, was consigned to Hongkong,and the remainder to Mexico and Canada.

Net imports of gold since August 1, 1914,were $1,191,943,000, as may be seen from thefollowing exhibit:


Aug. 1, 1914, to Dec. 31, 1918Jan. 1 to Dec. 31,1919Jan. 1 to Dec. 31, 1920Jan. 1 to June 10, 1921

Total

Imports.

1,776,61676,534117,181323,089

2,593,420

Exports.

705,210368,185322,0915,991

1,401,477

Excess ofimports.

1,071,406i 291,651

95,090317, 098

1,191,943

1 Excess of exports.

Since the beginning of the present yearnet gold imports totaled $317,725,000. Thelargest gains are shown through imports fromthe following countries: England, $91,364,000;France, $69,290,000; and Sweden, $42,554,000.

Gold exports during the present year wereconsigned chiefly to the following destinations:Mexico, $3,430,000; Hongkong, $1,184,000;Canada, $1,042,000.

Since the removal of the gold embargo onJune 7, 1919, total gold imports and exportshave amounted to approximately $772,802,000and $681,878,000, respectively, the net gainbeing approximately $90,924,000. Of thetotal exports, $195,414,000 was consigned toJapan, $146,555,000 to Argentina, $72,767,000to Hongkong, $67,396,000 to China, and theremainder principally to British India, Spain,Mexico, and South American countries.

During the same monthly period the netinward movement of silver was $3,005,000, ascompared with a net inward movement of$2,644,000 for the month ending May 10.Mexico furnished over 76 per cent, or $3,971,000of the $5,208,000 of silver imported during themonthly period ending June 10, the remaindercoming principally from Peru, Canada, and


780 FEDERAL RESEKVE BTJLUETIN. JULY, 1921.

Honduras. Silver exports, amounting to$2,203,000, were consigned principally toEngland, Hongkong, China, Japan, and Canada.

Net exports of silver since August 1, 1914,were $449,951,000, as may be seen from thefollowing exhibit:


Aug. 1,1914, to Dec. 31,1918Jan. 1 to Dec. 31,1919Jan 1 to Dec. 31,1920Jan. 1 to June 10,1921

Total

Imports.

203,59289,41088,06024,955

406,017

Exports.

483,353239,021113,61619,978

855,968

Excess ofexports.

297,761' 149,611

25, 5561 4,977

449,951

1 Excess of imports.

Changes shown in the condition of reportingmember banks for the fourw e e k s e n d i n S J u n e 1 5 a r e d u e

mainly to the series of fiscaloperations connected with the collection aboutthat date of the second installment of incomeand excess-profits taxes. In connection withthese operations, the reporting banks show atotal investment on June 15 of $152,000,000(out of a total of $311,000,000 allotted) in thenewly issued 3-year Treasury notes, an increaseduring the report period of over $60,000,000 intheir holdings of Treasury certificates, and thefurther reduction by about $50,000,000 in theirloans to customers secured by Governmentobligations. "All other/7 i. e., largely com-mercial, loans at the close of the period wereabout $170,000,000 less than on May 18, whileaccommodation of reporting banks at theFederal Reserve Banks decreased by about$161,000,000, or from 8.7 to 7.6 per cent of thereporting banks7 total loans and investments.The main changes in the condition of the re-porting member banks are shown in the fol-lowing exhibit:

Reporting member banks.

[In millions of dollars.]

Date.

May 18.May 25.J u n e l . .June 8..June 15.

Numberof report-

ingbanks.

821820818818817

Loansand dis-counts

andinvest-ments.

15,44715,34615,28715,17915,418

Redis-counts

and billspayable

withFederalReservebanks.

1,3141,3291,3851,3581,168

Ratio ofaccom-moda-tion(3-2).

8.58.79.18.97.6

Netdemanddeposits.

10,15610,15310,27610,21310,384

Developments in the Federal Reserve fieldduring the 4-week period ending June 22include reductions of $136,000,000 in the hold-ings of paper secured by United States Gov-ernment obligations and of $47,600,000 in theamount of acceptances on hand, a gain of$57,600,000 in gold and of $61,800,000 in totalcash reserves, besides practically a continuedreduction in Federal Reserve note circulation,which at the close of the period stood at$2,639,300,000, or 22.5 per cent below themaximum of $3,404,900,000 reached on De-cember 23 of last year. Rediscounting withother Reserve Banks is reported by the Rich-mond, Minneapolis, and Dallas banks, thoughthe accommodation accorded is quite mod-erate, $41,700,000 on June 22, compared withabout $125,000,000 on the corresponding datelast year.

Although subject to some fluctuation,reflecting temporary increases in Federal Re-serve note circulation and in reserve deposits,the reserve ratio shows a further rise for theperiod from 57.6 to 60.4 per cent. This in-crease is due to almost exactly the same ex-tent to an increase of $61,800,000, or 2.4per cent, in reserves and to a decrease of$104,200,000, or also 2.4 per cent, in Fed-eral Reserve note and deposit liabilitiescombined.

Principal changes in the condition of theFederal Reserve Banks are shown in thefollowing exhibit:

Date.

May 25.June 1.June 8.June 15June 2i-

Federal Reserve Banks.


Bills discounted.

Securedby

UnitedStates

Govern-ment

obliga-tions.

1

794774747664658

Allother.

2

1,0761,1521,1491,0431,096

Totaldo )osits.

3

1,7061,7201,7351,9291,697

FederalReservenotes inactual

circula-tion.

4

2,7352,7512,7112,6742,639

Reserveratio,

per cent.

5

57.357.458.356.860.4


JULY, 1921. FEDERAL RESERVE BULLETIN. Y 8 l

BUSINESS, INDUSTRY, AND FINANCE, JUNE, 1921.Conflicting economic tendencies have been at work during the month of June. Of these

some have tended to lower the level of business activity, while others have tended to advancethe movement of recovery which has set in during the past few months. The indications atthe close of the month are accordingly not as conclusive with respect to probable future devel-opments as would otherwise be the case. Good conditions have continued in several branchesof domestic trade, and in these such recession as has occurred is evidently only seasonal. Themonth of June is usually a period of relative quiet and of temporary reaction marking the closeof spring demands, while arrangements for the autumn trade have not yet been completed.This has been true during the past month. In some lines of business, however, it has becomeeven more evident than heretofore that the close of the readjustment period has not yet beenreached and in these the recession of business during June has been an actual decline and notmerely a seasonal fluctuation.

Prices, whose movement has been watched with special interest for some time past, had upto very recently given evidence of "stabilization.7' The downward movement during May wasthe smallest since the decline first began, the index number of the Bureau of Labor Statisticsshowing a falling off of less than 2 per cent. Bradstreet's index has declined only from 154 to151. The index of the Federal Reserve Board, compiled for use in international comparisons,showed a decline of only one-half of 1 per cent during May. Current unofficial reports for themonth of June, however, indicate that there has been a recent acceleration of the price decline.Such changes as have taken place during the past month have been due to falling off in the valueof agricultural commodities and nonferrous metals, excepting copper. During June, pricerecessions in bituminous coal, cotton, wheat, and grain have been general, while somewhat thesame has been true of corn, rubber, and oils, but hides and leather have shown a slight upwardmovement and the same is true of some other commodities.

Unemployment continues practically unchanged, with slight tendencies to betterment insome industries, particularly in agriculture, and with tendencies to increase here and there,especially in basic industries such as iron and steel. In the farming regions there is at thisseason always a larger demand for labor and this demand is making itself felt on account ofthe good crop outlook, although hampered by the necessity of more economic production. Theagricultural prospect is improving, the composite condition of all crops as of June 1 being 93.2,compared with 94.8 a year ago. Conditions in the Northwest have been especially encouraging,with the spring wheat crop probably larger than for four or five years past. The cotton cropoutlook has been poor to date, while as is generally known a marked reduction in acreage hastaken place.

It continues to be true that there is hesitation in purchasing and consequent lack of speedydistribution, retailers tending to buy only from hand to mouth in order to avoid loss due tovariation of prices. This prevents manufacturers from booking orders far in advance andtends to prevent them from buying heavily of raw materials, their indifference accordinglyleaving the raw material market uncertain and depressed.

Little improvement in export conditions has been observed. There has been no markedadvance in demand, while foreign exchange has been as unsettled as heretofore, and practicallyno relief has been obtained from the disturbances which in South America and the East haveprevented trade from going steadily forward.

The situation may be summed up by saying that the month of June has been a period oftransition, with seasonal recession in many industries and continued downward readjustmentin others; while with productive prospects favorable and prices in some lines apparently reach-ing a condition of greater stability the outlook for the autumn trade appears to be reasonablyencouraging.



AGRICULTURE.

Agricultural conditions in all sections of thecountry have shown marked improvementduring May and June. The estimated totalproduction of all wheat amounted to 830,000,-000 bushels, as compared to a production of787,000,000 bushels in 1920. A slight increasein production of rye is also indicated, but theestimates of production of oats and barley aresomewhat lower than the figures for 1920.District No. 10 (Kansas City) reports thatvery heavy rains retarded farm work duringJune, but have supplied the moisture neededto "make" the wheat, rye, barley, and oatscrops. The total acreage of winter wheat inthat district is larger than in 1920, but theestimated production is considerably lower, asthe crop has suffered from frost, rust, and in-sects. The condition of spring wheat, rye, andcorn is generally satisfactory. In district No.9 (Minneapolis) agricultural conditions aremore favorable than for a number of years.Although spring wheat acreage in that districtis 6 per cent less than in 1920, it is estimatedthat the production will show an increase of36,000,000 bushels. A decided improvementin agricultural conditions has occurred, indistrict No. 11 (Dallas), although crops insouthern Arizona and New Mexico have beeninjured by drought. District No. 12 (SanFrancisco) states that the wheat crop of thePacific Northwest promises to be the largest onrecord.

COTTON.

The condition of the cotton crop in theUnited States on May 25 was 66 per cent of afull normal, as compared with 62.4 per cent ayear ago and a ten-year average of 76.6 percent. A comparison by States shows thatthe May condition of the cotton crop waslowest in Alabama and Louisiana and highestin Arizona. The generally poor condition ofthe crop is due principally to the scanty use offertilizers. Reports also indicate that bollweevils are already active in Texas. Completeestimates of cotton acreage are not yet avail-able, but large reductions in acreage arereported from many sections. District No. 8(St. Louis) states that " acreages are uni-versally under those of 1920, recent reportsplacing the decrease from 20 to 40 per cent.77

District No. 6 (Atlanta) reports that inGeorgia continuous cold weather in April andMay killed much of the young cotton and thatsome of these fields are being planted with othercrops. However, the Oklanoma crop is inbetter condition than last year, and districtNo. 11 (Dallas) reports that the Texas crop is

growing vigorously as a result of excellentweather conditions prevailing since May 15.The Department of Agriculture estimates thatworld stocks of cotton on May 1 amounted to9,200,689 bales in the United States and 4,647,-304 bales in all other countries. Exports ofraw cotton from the United States in Maytotaled 477,000 bales, as compared with320,000 bales in April and 365,000 bales inMay, 1920.

TOBACCO.

It was noted last month that in district No.8 (St. Louis) and in district No. 5 (Richmond)(with the exception of South Carolina) theacreage has been reduced. A similar situationis now reported with respect to the Burley to-bacco section of district No. 4 (Cleveland).The Kentucky crop is backward, both in thecase of Burley and the western dark types.Planting of Burley has been delayed because ofthe absence of favorable weather conditions.The farmers are making an effort to improvethe quality of the present crop. Planting ofthe 1921 crop has begun in the LancasterCounty cigar type section of district No. 3(Philadelphia), where the weather has beenideal and the soil in good condition. Practi-cally all manufacturers of cigars in district No.3 (Philadelphia) report a slight improvementin sales, although they are still much smallerthan at the same period last year. Factoriesin that district which were closed are beingreopened as sales increase and old stocks aredisposed of. Operations throughout the in-dustry average about 80 per cent of capacity.

FRUIT.

The condition of the various fruit crops onJune 1 differed widely. Grapefruit, limes,pineapples, cantaloupes, and oranges showeda condition higher than their ten-year averagefor that date; while the condition of cherries,peaches, pears, apricots, and apples was farbelow the ten-year average. District No. 3(Philadelphia) reports that the 1921 crops ofcherries and plums were almost entirely de-stroyed by frosts, and that crops of apples andpeaches are only about 20 per cent as large asin 1920. The strawberry crop matured earlythis year, and 890 carloads of strawberries wereshipped from Delaware and New Jersey duringMay, as compared with 68 carloads in 1920.The apple crop in district No. 2 (New York) isonly 35 per cent as large as in 1920. The com-mercial acreage of cantaloupes planted in 10early producing States amounts to 39,595 acresin 1921, as compared with 43 191 acres in 1920,



and an average of 32,926 acres in the years 1917,1918, and 1919. During May the Texas peachcrop declined to 50 per cent of normal, indicat-ing a probable production of 1,421,000 bushels.

GRAIN MOVEMENTS.

Movement of wheat to market during Mayin the country as a whole continued in aboutthe same volume as in the three precedingmonths, while receipts of corn and oats showan increase over the April figure. Receipts atthe four leading markets of district No. 10(Kansas City) were much heavier than inApril, amounting to 11,964,000 bushels, andwere 62 per cent above the receipts for May,1920. The large surplus of wheat on farms inthat district has been materially reduced, andwith the continued liberal receipts reportedduring June, it is indicated that by the time thenew 1921 wheat begins to arrive, stocks of oldwheat will have been reduced to but littleabove the normal carry over. Receipts ofwheat at Minneapolis and Duluth during Maywere, however, 20.6 per cent less than duringApril and 12.4 per cent less than during May,1920. Receipts of corn, oats, and barley atthese two centers during May increased overthe April figures, and, with the exception ofoats, which shows a decrease of 5.8 per cent,were in excess of the May, 1920, figures. Mayreceipts of oats at the four leading markets indistrict No. 10 (Kansas City) totaled 1,152,000bushels, or 475,000 bushels less than in May,1920. Stocks of all grains in terminal eleva-tors in Minneapolis and Duluth at the close ofMay were 18 per cent less than at the close ofApril, but were 33 per cent larger than at theend of May, 1920. This was due to the factthat Duluth stocks were nearly three times aslarge, although Minneapolis stocks were slightlysmaller than in May, 1920. The May averageprice of wheat and oats was considerably higherthan the April average, although there was arecession during June. The average for thefirst three weeks of June was lower than theMay figure, although still higher than the Aprilfigure. In the case of corn, however, the aver-age for the first three weeks of June was inexcess of the May average, which in turn wasin excess of the April average.

FLOUR.

Wheat flour production during May is esti-mated at 8,406,000 barrels, as compared with9,368,000 barrels in April, but was in excess ofthe figure of 8,244,000 barrels for May, 1920.Buyers in district No. 8 (St. Louis) "are dis-posed to hold off for arrival of the new wheat

crop/' and while "there is a fair immediatebusiness, virtually nothing is being sold ahead."Stocks in all hands are stated to be very light,and the present rate of production not such asto augment them rapidly. There is a fair ex-port business in clears, but the demand for thebetter grades of flour is slow, and foreign buyersstill show a preference for wheat instead of themilled product. May exports of flour fromMinneapolis mills were 4 per cent greater thanin April, and for the first five months of 1921fully 50 per cent larger than exports during thecorresponding period in 1920. The influenceof a steady export demand in district No. 12(San Francisco) has caused flour prices to showa slight advance above eastern market quota-tions. A decrease in stocks of wheat on hand,reported by 19 of the largest mills in that dis-trict, from 1,060,505 bushels on May 1 to818,314 bushels on June 1, as compared with1,886,661 bushels on June 1, 1920, reflects thetendency to export wheat rather than flour.Flour prices have shown an increase. TheMay average was considerably above the Aprilaverage and the gain was further increasedduring June, the average for the first threeweeks being considerably greater than that forMay. This is the case with lower grade floursuch as clears, as well as with patents.

LIVE STOCK.

Live stock in general continues in good con-dition. Meadows and pastures in district No.10 (Kansas City) are thriving, while as a resultof rains in Texas early in June, ranges are nowin fine condition in all sections of that State,with grazing greatly improved and cattle takingon weight. In New Mexico recent rains have

f iven grass a new start and improved the con-ition of live stock, although drought has con-

tinued in Arizona. The loss of lambs, calves,and pigs had been small in district No. 10(Kansas City), while in district No. 12 (SanFrancisco) exceptionally heavy yields of lambsare reported from all sections except Arizona.Of interest in this general connection is theplan for a national pool of $50,000,000 to assistin financing the industry. It is hoped in thismanner to care for the needs of the cattle andsheep raiser, and this in turn will aid the feed-ing districts, which finish the stock for themarket. Receipts of each of the three prin-cipal classes of live stock during May show anincrease over receipts during April, but in thecase of sheep alone are they greater than theMay, 1920, figures. Receipts of cattle andcalves at 15 western markets during May were1,062,988 head, corresponding to an indexnumber of 105, as compared with 994,916 head



during April, corresponding to an index num-ber of 99, and 1,209,656 head during March,corresponding. to an index number of 120.Receipts of hogs during May were 2,401,246head, as compared with 2,279,495 head duringApril and 3,128,249 head during May, 1920.The respective index numbers were 109, 104,and 142. Receipts of sheep increased from1,077,806 head in April to 1,097,976 head inMay, as compared with 796,160 head in May,1920. The respective index numbers were 79,80, and 58. The average prices of cattle andhogs during the first three weeks of June werelower than the average prices for May, whichin turn were lower than the averages for April.The May average price for sheep, however, wasslightly greater than the April figure, but a con-siderable fall was shown in the average for thefirst three weeks of June. Prices of hogs in thePacific Northwest continue to range above theprevailing prices in large middle western mar-kets, but show a slight decline as comparedwith April. Prices at Fort Worth during Maywere more irregular than usual and at the closeof the month were under those at the opening,due to the falling off of outside buying, as wellas in the case of calves to the fact that receiptswere the heaviest for that month in any of thepast 18 years. Some improvement in May inthe packing industry in district No. 10 (KansasCity) is reported.

PETROLEUM.

Production of petroleum in the country as awhole continued throughout May and the firsttwo weeks of June at the record rate attainedin March and April. The average daily outputin district No. 12 (San Francisco) fell from338,981 barrels in April to 337,101 barrels inMay, while the average daily output in districtNo. 11 (Dallas) declined from 386,249 barrelsin April to 372,596 barrels in May. These de-creases were more than offset by an increase inthe average daily production of the Kansas-Oklahoma fields from about 378,000 barrels inApril to 402,000 barrels in May. Stocks of oilcontinue to increase and are necessitating theconstruction of additional storage facilities.District No. 12 (San Francisco) reports thatstocks at the close of May amounted to28,054,710 barrels, as compared with 25,356,769barrels at the close of April. Despite thisapparent overproduction, there was an in-crease in drilling operations during May. Dis-trict No. 10 (Kansas City) reports 714 wells,with a daily new production of 87,461 barrels,completed in May, as compared with 588 wellswith a daily output of 65,147 barrels com-pleted in April. Fifty-nine new California wells,

with an initial daily production of 21,130 bar-rels, were completed in May, as compared with58 wells with a daily production of 18,470barrels in April. In district No. 11 (Dallas),on the other hand, only 192 wells, with aninitial daily production of 75,574 barrels, werecompleted in May, as compared with 256 wells,with an initial daily output of 97,176 barrels, inApril. There have been further reductions inTices of crude petroleum and of leading re-nery products during May and the early part

of June. Pennsylvania crude oil has declinedfrom $6.10 per barrel on January 1 to $2.75per barrel on June 14, and similar declines haveoccurred in the other producing fields. Pricesof fuel oil, kerosene, and lubricating oil havealso declined sharply in recent months, whilethe price of gasoline has receded more slowly.

COAL.

Demand for bituminous coal is still very re-stricted. Exports increased somewhat in May,as a result of the British coal miners' strike,but this European demand slackened duringJune. Production during May amounted to32,919,000 tons, as compared with 27,553,000tons in April and 38,993,000 tons in May, 1920.The respective index numbers are 89, 74, and105. District No. 3 (Philadelphia) reportsthat prices have weakened materially, andvirtually all business is spot. " Public utilitieshave taken advantage of the present low pricesto increase their supplies considerably, butindustrial consumers and railroads are buyingonly for immediate requirements.77 District No.10 (Kansas City) states that the railroads showno disposition to renew the contracts whichexpired on April 1, but are buying sufficientcoal for their needs in the open market. Thedemand for bituminous coal from Tennesseefields increased during May and resulted in anincrease in the number of mines in operationand in the number of coal cars loaded. An-thracite production declined slightly in Mayand amounted to 7,668,000 tons, correspondingto an index number of 103.6, as comparedwith 7,703,000 tons during April, correspond-ing to an index number of 104.1, and 7,946,000tons during May, 1920, corresponding to anindex number of 107. District No. 3 (Phila-delphia) reports that company mine prices ofall sizes have remained stationary and thatmost retail dealers have refrained from an-nouncing the usual monthly increase. Demandfor steam sizes is still very slack. The beehivecoke industry has reached a state of almostcomplete paralysis, but the output of by-product coke continues at a considerablyhigher rate than that of beehive, as a result ofthe demand for gas and other by-products.



IRON AND STEEL.

During May operations in the iron and steelindustry were at not over 25 to 30 per cent ofcapacity, and during June they show a tend-ency to taper off still further. District No. 3(Philadelphia) states that " June has been thedullest month ever experienced in the historyof the industry." Pig-iron production duringMay amounted to 1,221,221 tons, correspondingto an index number of 53, as compared with1,193,041 tons during April, corresponding toan index number of 51, although the averagedaily production showed a decrease. A similarsituation was found in the case of steel ingots,as production increased from 1,213,958 tons inApril to 1,265,850 tons in May. The respectiveindex numbers were 52 and 54. There was anet loss during May of six furnaces in blast, sothat 90 were active on June 1. The unfilledorders of the United States Steel Corporationshowed a decrease for the tenth consecutivemonth, from 5,845,224 tons at the close ofApril, corresponding to an index number of 111,to 5,482,487 tons at the close of May, corre-sponding to an index number of 104. Recentreductions in prices by the leading interest andreadjustments by the independent producershave not stimulated purchasing, and as com-petition has grown keener price concessionshave been made by the individual manufac-turer. At present they are found in the case ofthe larger as well as the smaller producers.Buyers, however, continue to confine their pur-chases to small lots for immediate needs. Onthe other hand, stocks are not accumulating,and neither producers' nor consumers' reservesare large. Recently some minor expansion ofrailroad buying has taken place, and someinquiries which have been made have raised thequestion of the possibility of increased businessin connection with repair of equipment. Someincrease in inquiries from oil interests and forstructural steel is also reported, though theactual volume of business is small. The LakeSuperior iron-ore market opened for the seasonon June 18 by initial sales at $1 per ton underthe 1920 schedule. This was the latest date in20 years. Movement of ore from the docks tointerior furnaces is very light and stocks at thelake front are much heavier than a year ago.

AUTOMOBILES.

May shipments of automobiles by factoriesproducing three-fourths of the total output ofthe country show a falling off from the Aprilfigures. May shipments amounted to 18,608carloads, as compared with 20,087 carloads dur-ing April, although driveaways increased from

14,197 machines in April to 15,200 machines inMay. Thus far this year carload shipmentshave been greater than last year only duringApril, but driveaways have been much less inevery case and during May were only slightlyover 26 per cent of the May, 1920, figure.Manufacturers of popular standard makes whobuild their own cars are able to make a fairprofit and do a good business at present prices,but assemblers, as well as some of the smallerand weaker companies, find their overheadincreasing as competition to supply the re-stricted demand becomes keener. The effectof recent price reductions is being watched withinterest.

NONFERROUS METALS.

Copper production during May continued tobe much curtailed, as the large mines whichclosed in March and April have not yet resumedoperations. The output of refined copper byreporting companies in district No. 9 (Minne-apolis) amounted to 4,685,641 pounds duringMay, as compared with 4,816,453 pounds inApril and 20,817,776 pounds in May, 1920.The price of copper (New York, net refinery)rose to 13 cents in the latter part of May as aresult of a number of foreign orders, but adecline to 12.75 cents occurred in the early partof June, due to a cessation of export demand.Lead and zinc prices also declined during Juneand are at present quoted at about the samelevel. Zinc production during May amountedto 18,026 tons, as compared with 16,550 tons inApril and 45,415 tons in May, 1920. Stocksof zinc on May 31 totaled 83,721 tons, as com-pared with 79,581 tons on April 30. DistrictNo. 10 (Kansas City) reports that several prop-erties which mine both zinc and lead werereopened during May. Some drilling is beingdone in that district to locate shallow depositsof lead ore, which can be mined profitably atpresent prices. Gold, silver, and lead minesin district No. 12 (San Francisco) report thatthey are operating at from 90 to 100 per centof capacity.

COTTON TEXTILES.

The market for cotton textiles continues todisplay the characteristics that have been sogenerally commented upon during the past'ew months. Certain kinds of goods, notablyginghams and print cloths, continue in activelemand and manufacturers of sheetings arerefusing to promise deliveries before August.On the other hand, other gray goods, ducks,and drills are in very slight demand. Themarket for yarns manifests no great activityand the demand for tire yarns is reported by



district No. 1 (Boston) to be especially weak, dueto the failure of the automobile industry to sus-tain the increase in activity recently apparent.District No. 3 (Philadelphia) states that severalcombing yarn mills have recently closed downbecause of a lack of sufficient orders, although,on the whole, the demand for combed yarns isgreater than that for carded yarns. In thesouthern districts mill activity appears to begreater than in the northeastern sections ofthe country, although there have been somestoppages in district No. 5 (Richmond) due tolabor troubles. Otherwise, it is said, most ofthe Carolina mills are running nearly full time.Special reports from cotton-goods mills locatedin district No. 6 (Atlanta) show a slight in-crease in the amount of cloth produced in Mayas compared with April, namely, 7.8 per centfor 18 concerns, and an increase of 18.9 percent in orders on hand at the end of May.Production was, however, 57.8 per cent belowthat of May, 1920. Nine representative yarnmills produced 41.4 per cent more yarn in Maythan in April, with orders at the end of themonth practically the same as at the end of thepreceding month. The output was only 11.6per cent below that of a year ago.

Consumption of raw cotton during Mayamounted to 440,000 bales, as compared with409,000 bales in April, a total of 19 per centbelow that of a year ago and 22 per cent belowthe average of the last five years. Despite thesteady though not pronounced increase inconsumption, the disturbed foreign situation,uncertainty as to the size of the next crop, andthe large stock already on hand are factors pre-venting an upward price movement. In fact,the spot-cotton market registered sharp declinesduring June, and New York spot cotton closedat 10.85 cents per pound on June 20, one-half acent below the previous low record of the year.

FINISHING OF COTTON FABRICS.

Thirty-four of the 58 members of the Na-tional Association of Finishers of CottonFabrics reported total finished yards billedduring the month at 91,033,535 yards, as com-pared with 86,311,438 yards in April. Thetotal average percentage of capacity operatedwas 68 per cent for all reporting districts, ascompared with 66 per cent during the precedingmonth. The total gray yardage of finishingorders received amounted to 86,754,055 ascompared with 92,920,824 in April. The totalaverage work ahead at the end of the monthamounted to 10 days for all reporting districts,the same as for the preceding month.

WOOLEN TEXTILES.

All reports indicate that the market forwoolen textiles has been well sustained duringthe past month and that woolen and worstedmills are operating at an increased percentageof capacity. This is evidenced by Govern-ment statistics of activity based on reports of917 manufacturers, which show that widelooms were operated at 80 per cent of capacityduring May, narrow looms at 70 per cent, cardsat 80 per cent, combs at 98.6 per cent, woolenspindles at 81 per cent, and worsted spindlesat 90 per cent. District No. 3 (Philadelphia)states that orders placed for woolen andworsted yarns are extremely conservative andin many cases purchases are made only afterthey have been covered by sales. Prices re-main stable, except in knitting yarns, whichhave fallen 10 to 15 per cent from contractprices made earlier in the year. The result hasbeen cancellation of orders in cases where spin-ners have refused to make concessions. In-creased manufacturing is reflected in the growthin total wool consumption as reported by theBureau of Markets for the first four months of1921. Each month has shown an increase, Aprilconsumption amounting to 53,071,000 pounds,as compared with 47,181,000 pounds in March.During the latter part of May the Boston woolmarket strengthened somewhat but by themiddle of June a downward tendency was againmanifest. The mills have of late not boughtheavily and it is probable that uncertainty asto prospective tariff duties is a factor in limitingsales. District No. 12 (San Francisco) reportsthat during May several sales of new clip woolwere made to buyers for eastern mills at pricesof 16 cents to 18 cents a pound in the grease,as compared with 11 cents a pound in the greasea month ago in the Yakima Valley. It is saidthat "reduced rates by water from Pacific toAtlantic ports through the Panama Canal havestimulated wool shipments from points inUtah and Idaho by rail to Los Angeles andthence by water to the Atlantic seaboard.One hundred and fifty carloads have been dis-patched at San Pedro since January 1, at a re-ported saving over railroad rates of $3 to $20per ton."

MEN'S CLOTHING.

A special investigation of the men's clothingindustry in district No. 7 (Chicago) shows inthe case of 19 tailors-to-the-trade a reductionin orders for suits as compared with the samemonth a year ago of 28.5 per cent. Therewas a reduction of 20.1 per cent in the



number of suits made during the month andof 23.1 per cent in the number of suitsshipped. In the case of nine clothing manu-facturers, the orders for suits for fall takensince January, 1921, as compared with thesame season of 1920, fell off 27 per cent. Thenumber of suits made during the month ofMay as compared with the same month a yearago was 52 per cent less and the same percent-age holds for shipments.

SILK.

Silk mills in district No. 2 (New York) reportdiminished activity in June, as operations onlyaveraged 54 per cent of capacity as comparedwith 62 per cent in May. However, this re-duction is no doubt due to the fact that thepresent time is between seasons. Spring andsummer business is about over and orders forthe fall have not yet been placed in any con-siderable quantity. According to the figurescompiled by the Silk Association of America,the consumption of raw silk declined slightlyfrom 28,900 bales in April to 27,200 bales inMay. Stocks in warehouses at the end of themonth remained virtually unchanged. Pricesof raw silk have advanced somewhat, and dis-trict No. 3 (Philadelphia) reports that thethrown silk market has strengthened sinceJune 1.

HOSIERY.

The hosiery industry exhibits marked con-trasts, with practically no demand for certainlines, while in other cases, notably that of fullfashioned silk hosiery, premiums have beenoffered for immediate delivery. The shortage inthis grade of goods is due to the long drawn-outstrike, and many of the mills still operating arebooked to capacity until the first of the year.There is a demand for seamless silk lines in con-sequence, although orders are placed in veryrestricted quantities for future delivery. Veryslight interest is shown in staple cotton hosiery,however. Reports from 24 hosiery firms sell-ing to the wholesale trade in district No. 3(Philadelphia) show an increase in the productmanufactured during May as compared withApril of 8.8 per cent. Finished product onhand May 31 had fallen 10.9 per cent, whileorders booked during May increased 103.3 percent, and unfilled orders on hand May 31 were39.8 per cent above those for the end of thepreceding month. Similar information foreight firms selling to the retail trade show anincrease in the product manufactured of 19.5per cent, a decrease of finished product onhand of 9.3 per cent, a diminution in orders

booked during May of 28.1 per cent, and anincrease in unfilled orders on hand of 16.1 percent.

UNDERWEAR.

Reports received from underwear millslocated in district No. 3 (Philadelphia) indi-cate that production averaged only about 40or 50 per cent of capacity and that ordersreceived thus far are only about one-third theamount that would usually be on hand at thisseason. The demand for light-weight goodsfor immediate delivery has been active, butcancellations of orders have been frequent as aresult of delay in deliveries and unwillingnessof jobbers to risk carrying such late deliveriesuntil another season. The 21 firms whichmake regular reports to the Federal ReserveBank of Philadelphia showed a negligible in-crease in output during May of 1.7 per cent ascompared with the month of April; finishedproducts on hand May 31 had increased by3.3 per cent; raw materials, however, had beenreduced 39.9 per cent. Both orders bookedduring May and unfilled orders on hand May 31declined by 15.6 per cent and 11.7 per cent,respectively.

The 62 mills making reports to the Knit,Goods Manufacturers' Association of Americahad an output in May of 239,924 dozens ofwinter underwear, which was 48.5 per cent ofnormal. The production of summer under-wear amounted to 265,423 dozens, or 63.6 percent of normal. Thirty-three representativemills which furnished data for both April andMay had a production of 317,385 dozens dur-ing the latter month, as compared with 292,274dozens in April. Unfilled orders on the 1stof May rose from 410,526 dozens to 533,057dozens. New orders received during the monthof May fell from 364,364 to 283,313 dozens.There was a slight increase in cancellations,which rose from 4,022 dozens to 5,812 dozens.

SHOES AND LEATHER.

Prices of leading classes of raw skins andhides have increased somewhat further duringJune, after a rather sharp advance in May.District No. 3 (Philadelphia) states that tannersare fearful that a further advance in raw stockswould force such an increase in leather pricesas to retard trade. Stocks of goat, kid, andcabretta skins have shown a downward tend-ency since September, 1919, and are now onlyabout one-half as large as at that time. De-mand for all upper leathers was well main-tained during June. Export demand has notkept pace with domestic business, but a fewforeign sales of patent side leather and glazed



kid have been made. Demand for sole leatherhas slackened somewhat during June, but thehigher grades continue to be sold in con-siderable volume. Stocks of belting and har-ness leathers are still large, and sales have beenat a low level for many months. Trunk andbag manufacturers in district No. 3 (Phila-delphia) report a steady improvement in vol-ume of business, but at prices materially lowerthan in 1920. The upward tendency of theshoe industry, w hich was first noted in January,continued without interruption throughoutMay and the early part of June. Shoe fac-tories in district No. 1 (Boston) continued tooperate at about 50 per cent of capacity duringMay for the fourth successive month, but, asa rule, shipments from factories exceededproduction, and orders on the books on June 1were considerably higher than on May 1.District No. 3 (Philadelphia) reports that shoemanufacturers have been kept busy fillinglate spring orders, as the volume of springbusiness proved much larger than was ex-pected. Many orders for the fall trade havebeen received" from retailers, but jobbers arehesitant on account of their stocks of staplegoods. Both wholesale and retail trade isreported good, and an increasing demand forblack shoes and patent leathers has been noted.Factory operation in district No. 8 (St. Louis)is at from 95 to 100 per cent of capacity, andorders booked in May for immediate shipmentwere from 90 to 105 per cent of those in May,1920. Retail stocks in that district havebeen greatly reduced, and the consumers'demand is greater than at any time since lastsummer. In district No. 7 (Chicago) factoriesare operating at about 70 per cent of capacityand unfilled orders amount to about six weeks'production.

LUMBER.

An increase in lumber output due to seasonalcauses was quite generally reported duringMay, but orders had not in all cases kept pacewith the larger output. Since June 1 yellow-pine sales have fallen below current produc-tion, as the demand for lumber for structuralSurposes has steadily fallen off. In district

lo. 6 (Atlanta) the 139 mills belonging tothe Southern Pine Association reported anaverage production per mill for the weekending June 3 of 506,823 feet as comparedwith 492,014 feet for the last week in April.Shipments, on the other hand, fell from anaverage of 571,946 feet for the last week inApril to 537,327 feet for the week endingJune 3. Similarly, orders for the same datesdropped from an average of 697,049 feet to456,538 feet. In district No. 11 (Dallas) the

32 reporting mills belonging to the SouthernPine Association likewise snowed an increasein production, which was only 27 per centbelow normal as compared with 39 per centbelow normal for the month of April. Indistrict No. 9 (Minneapolis) the lumber cut of25 reporting companies was 29,576,000 feetduring the month of May, an increase of 40per cent as compared with April and of 20per cent as compared with the same montha year ago. Shipments amounted to 17,814,000feet as compared with 22,221,000 feet a yearago, a decided improvement, as in recentmonths shipments have not been more thanone-half those of the preceding year. Thefour lumber associations in district No. 12(San Francisco) reported an increase in theMay cut such as was to be expected at thisseason. Production during the four weeksending May 28 totaled 360,075,000 board feet,which was 23.6 per cent above the Aprilfigures. Both orders and shipments alsoincreased in amount, but fell behind the cutfor the first time this year, as shipments onlytotaled 335,805,000 feet as compared with334,199,000 feet in April, while orders amountedto 342,724,000 feet. The report says thatalthough inland mills showed renewed activity," business was curtailed at tidewater and rivermills during the month, high water in theWillamette and Columbia Rivers and enforcedinactivity due to strike conditions in the ship-ping and building trades causing the closingof a.large percentage of river mills in thePacific Northwest."

BUILDING.

Building operations during May show de-creases from April in some districts, but inthe majority of districts increases are shown.As a whole, building has continued aboutsteady from April to May this year, in the faceof a large drop last year, and has thus not beenaffected by seasonal developments. The valueof contracts awarded in district No. 1 duringMay1 was about $18,000,000, a slight increaseover the April figure. Of this, $6,900,000represented residential construction. In dis-trict No. 2 (New York) the value of contractsawarded during May likewise increased to$58,800,000, of which $37,000,000 was forresidential construction. In district No. 3(Philadelphia) an increase of over 50 per centwas shown, and the May figure stood at $23,-400,000, of which $6,800,000 was for residentialconstruction. District No. 4 (Cleveland),however, showed a slight decrease in the totalvalue of contracts awarded, although those forresidential construction showed a small in-

i As reported by F. W. Dodge Co.



crease. The two figures for May were, respec-tively, $33,900,000 and $9,200,000. DistrictNo. 5 (Richmond) also shows a decrease in thevalue of contracts awarded, in particular inthe case of residential building. The valueof building permits showed little change indistrict No. 6 (Atlanta), but large increaseswere recorded in Atlanta and Birmingham.Contracts awarded in district No. 7 (Chicago)increased from $53,700,000 in April to $54,-900,000 in May, but the value of residentialcontracts declined from $13,000,000 to $9,-800,000. In four reporting cities of districtNo. 8 (St. Louis) the value of building per-mits increased from $2,403,557 in April, to$2,696,521 in May. In district No. 9 (Min-neapolis), excluding Montana, the value ofbuilding contracts declined from $9,100,000 inApril to $8,800,000 in May, but residentialcontracts increased from $2,000,000 to $2,-300,000. The value of permits in 14 cities ofdistrict No. 10 (Kansas City) increased from$5,167,969 in April to $6,096,407 in May.Nine cities of district No. 11 (Dallas) report2,473 permits, valued at $4,190,778, in May,as compared with 2,588 permits, valued at$5,633,649, in April. The value of buildingpermits in 20 cities of district No. 12 (SanFrancisco) declined from $19,907,621 in Aprilto $17,763,732 in May. This decline was dueprincipally to a complete suspension of build-ing operations in San Francisco which hasbeen caused by a strike in the industry.

EMPLOYMENT CONDITIONS. .

Taking the country as a whole, unemploy-ment increased slightly during May. Althoughin district No. 12 (San Francisco) the reductionsin numbers employed were attributed tostrikes in the marine and building trades, itappears that elsewhere such reductions arethe result of a further contraction of the scaleof manufacturing operations. The Massa-chusetts Department of Labor and Industries,however, in its survey covering 192 represen-tative manufacturing establishments, reporteda slight increase in numbers employed, thetotals being 197,000 (May 27) as comparedwith 192,000 on April 30. In May the onlyincrease in opportunities for employment wasafforded by a gradually enlarging activity ofthe textile mills. In New Hampshire andVermont conditions were similar. Graniteand marble-working establishments in theseStates have greatly reduced their forces orhave closed down entirely. In Rhode Islandand Connecticut unemployment is most pro-nounced in the metal-working trades, especiallyin brass production, machinery, and tools in

Connecticut, and tools and jewelry in RhodeIsland. In both States increased demand forlabor in textile industries has to a certainextent offset the unemployment occurring inother lines. The New York State IndustrialCommission reports a decline of 2 per cent innumbers employed in the factories of thatState. Iron, steel, machinery, and automobileplants reduced working forces because of alack of new orders, and the railroads also cutdown forces somewhat. There were no seriouslabor troubles during the month. The end ofthe marine strike still left many seamen idleas a result of conditions in the shipping in-dustry. Following the settlement of thestrike in the clothing industry, the numberemployed in men's clothing establishmentsincreased. In the case of women's clothingthe usual seasonal decrease has set in. It isreported that there has been little change inthe numbers employed in the building trades.A slight increase has probably occurred inNew York City, but in other parts of the Stateactivity is at a standstill.

The very restricted scale of operations inthe iron and steel industries would obviouslyresult in widespread unemployment in certainparts of districts No. 3 (Philadelphia) and No.4 (Cleveland). District No. 5 (Richmond)reports that there was an increase in con-struction work, which decreased the number ofunemployed, especially in the case of un-skilled laborers. On the other hand, a strikecentering in the textile mills around Charlotteand resulting from a proposed 22^ per cent re-duction in wage rates led to an increase innumbers out of work in that section. Thesupply of farm labor likewise continued to beexcessive. District No. 7 (Chicago) obtainedreturns from 177 concerns showing that thetotal numbers employed at the end of May ascompared with the end of the precedingmonth fell 4 per cent, from 114,490 to 109,967.The reduction as compared with a year agoamounted to 33.3 per cent. The amount ofthe May pay roll was 6.5 per cent below thatof April and 40.4 per cent below that of May,1920. District No. 8 (St. Louis) says that" labor conditions failed to show improvementduring the period under review." Strikes indistrict No. 12 (San Francisco) in the marineand building trades and a slight reduction innumbers in manufacturing establishments, asrecorded by the United States EmploymentService, account for the increase in unemploy-ment in May. On the other hand, seasonalactivities in lumbering and in agriculture havetaken off some surplus labor, although thedemand is below normal.



WHOLESALE TRADE.

Conditions in the wholesale grocery businessremained substantially unchanged during May,although the downward trend in sales wasarrested. In all reporting districts exceptdistrict No. 5 (Richmond) slight advanceswere recorded from the preceding month,rising from 0.6 per cent in district No. 11 (Dal-las) , with 11 firms reporting, to 4 per cent indistrict No. 6 (Atlanta), with 27 firms re-

Sorting. As compared with a year ago re-uctions ranged from 33.8 per cent in district

No. 11 (Dallas), with 11 firms reporting, to43.4 per cent in district No. 3 (Philadelphia),with 50 firms reporting. In district No. 11(Dallas) there was a negligible increase in theamount of dry goods sales during May, and indistrict No. 7 (Chicago) an increase of 4 percent in the sales of 9 reporting shoe firms, butotherwise all districts making returns showeddeclines in dry goods, hardware, boots andshoes, following upon very general sales re-ductions in April. In the case of dry goodsthese declines ranged from 12.6 per cent indistrict No. 6 (Atlanta), 15 firms reporting, to17.4 per cent in district No. 12 (San Francisco),9 firms reporting. In hardware lines theminimum sales decrease amounted to 6.3 percent in district No. 12 (San Francisco), 23firms reporting, and reached a maximumdecrease of 14.7 per cent in district No. 3(Philadelphia), 24 firms reporting. In bootsand shoes declines varied from 6.5 per cent inthe case of district No. 6 (Atlanta), with 7firms reporting, to 18.2 per cent in district No.5 (Richmond), 8 firms reporting. As com-pared with May, 1920, reductions in all lineswere pronounced, ranging from 13.6 per centin district No. 4 (Cleveland) to 38 per cent indistrict No. 12 (San Francisco), for dry goods;from 22 per cent in district No. 4 (Cleveland)to 43.7 per cent in district No. 6 (Atlanta),for hardware; and from 7.3 per cent in dis-trict No. 7 (Chicago) to 45.6 per cent in dis-trict No. 5 (Richmond), for boots and shoes.The fact that the shoe sales for district No. 7(Chicago) are only 7.3 per cent below the totalsfor a year ago is attributed to the great in-crease in the number of orders, resulting frommark downs and also from the necessity of re-plenishing retailers' stocks.

RETAIL TRADE.

Retail trade as measured in dollar valuescontinues to decline. The value of net saleswas lower in every district during May thanin the corresponding month a year ago. How-ever, these declines in total value appear to be

less than the average decline in retail pricesduring the past year, which shows that thevolume of trade has been well maintained.Reporting department stores show a de-crease in net sales from the same month ayear ago of 4.5 per cent in district No. 1 (Bos-ton), 10 per cent in district No. 2 (New York),7.8 per cent in district No. 3 (Philadelphia),5.5 per cent in district No. 4 (Cleveland), 3 percent in district No. 5 (Richmond), 16.8 percent in district No. 6 (Atlanta), 12.5 per centin district No. 7 (Chicago), 1.6 per cent indistrict No. 8 (St. Louis), 14.9 per cent indistrict No. 9, (Minneapolis), 5.3 per cent indistrict No. 10 (Kansas City), 17.4 per cent indistrict No. 11 (Dallas), and 4.1 per cent indistrict No. 12 (San Francisco). In elevendistricts there was a decline of stocks on handduring May. Stocks at the end of May werelower than a year ago for every district.These declines varied from 11 per cent indistrict No. 8 (St. Louis) to 25.8 per cent indistrict No. 5 (Richmond). Considering thedecline in retail prices, it is doubtful whetherthere has been much change in the physicalvolume of stocks. Stock turnover continuedat about the same rate in May as in April.The percentage of outstanding orders of retailmerchants at the end of May to total purchasesduring the calendar year 1920 decreased ineight districts. This indicates that retailersare continuing the same purchasing policy asheretofore, preferring to purchase goods insmaller amounts as needed, rather than tomake extensive future commitments.

WHOLESALE PRICES.

During May wholesale prices in general con-tinued to fall, but according to all indicationsat a less rapid rate than at any time since thedownward movement began. In June, how-ever, the decline seems to have become morepronounced again. The index number of theBureau of Labor Statistics for May shows areduction of about 2 per cent as compared with5 per cent in the preceding month. That ofthe Federal Reserve Board, constructed pri-marily for international comparison, declinedonly one-half of 1 per cent during May as com-pared with a 5 per cent decrease in April, andBradstreet's and Dun's show tendencies similarto these.

The rise during May in the price of a largenumber of important agricultural commoditiessuch as cotton, wheat, corn, oats, etc., non-ferrous metals, coal, and raw hides in partneutralized the effect of declines in certainother raw materials and in manufactured goods.As a result, the index numbers show raw ma-



terials as a whole to have averaged the sameor somewhat higher than in the precedingmonth, while manufactured goods continuedto be reduced.

In June many of the important raw materialswhich had advanced in May declined again,but in most cases not to the April level. Lead-ing agricultural commodities except corn, bi-tuminous coal, nonferrous metals, with the ex-ception of copper, as well as live stock, petro-leum, iron and steel products, and building ma-terials continued to be reduced. A consid-erable number of important food commodities,such as dairy products, meats, etc., were ma-terially reduced during May, but reductions infinished textiles and boots and shoes were notso general.

SHIPPING.

The outstanding events in American ship-ping circles during June were the appointmentby President Harding of the new ShippingBoard and the settlement of the strike of themarine engineers which had been in progressever since the 1st of May. The terms of theagreement signed by the Shipping Board andthe unions provide for a reduction of 15 percent in wages and the elimination of all over-time pay at sea. The agreement, announcedJune 16, runs until January 1, 1922, duringwhich time no further wage cuts are to be made.

The movements of ocean freight rates dur-ing the month have been mixed. At the be-ginning of June, with a reduction of about 30per cent in grain rates to the United Kingdom,the general tendency was distinctly towardlower levels. Toward the middle of the month,however, French Atlantic rates were raisedabout 10 per cent to the level of rates to othercontinental ports, and a little later the exten-sive chartering of coal boats to the UnitedKingdom brought about a decided advance incharter quotations. Keports indicate that atthat time many coal buyers abroad placedorders in this country to fill their immediaterequirements regardless of the outcome of theBritish coal strike. The fundamental condi-tions affecting the shipping and shipbuildingindustries are, however, substantially the sameas reported for some months past. Americanshipyards continue merely to complete ton-nage already on the ways, and no new ordersof any size have been booked for months.There can obviously be no change in this situa-tion until world trade revives sufficiently toabsorb and put into profitable operation thevast fleets of vessels now lying idle in ports allover the world.

The Acceptance Market.

The following reports have been receivedfrom the Federal Reserve Banks concerningthe condition of the acceptance market in theirrespective districts:

DISTRICT NO. 1 — (BOSTON).

The inactivity of the bill market which wasin effect during the week ending May 21 con-tinued throughout the balance of May, butwith a slight improvement during the last fewdays of the month. The market in the last 1.0days of May was probably as poor in this dis-trict as at any time for many weeks. Not manybills were made which saved the market frombeing choked.

After the turn of the month a better marketdeveloped, but there was a hesitancy on thepart of the investors, especially among thebanks, due to the fear of heavy withdrawalscovering the quarterly tax payments. Thiscombined with the new issue of certificates ofindebtedness and the new three-year Treasurynotes, caused some cautiousness.

Money rates on call were high and thereseemed to be a scarcity of funds for carryingbills early in June which disappeared, togetherwith the feeling of uncertainty regarding thecertificate and note issues and tax payments,and by the 15 th the conditions were soimproved that most dealers marked their ratesfor 1-90 day bills to 5J per cent. One of thelarge dealers in Boston took out all bills beingcarried here on repurchase agreements and, infact, all of the dealers found their portfoliosvery much reduced and were in excellent po-sition to buy bills. The supply was not plenti-ful and the period ending on June 20 found thedealers with very few bills on hand, with ratesgenerally 5J per cent. Our own portfolio de-creased considerably and there was no volumeoffering of bills to us.

DISTRICT NO. 2—(NEW YORK).

Rates in the New York market for primeunindorsed 90-day bills increased in late Mayin common with other money rates, reaching5J per cent. By the middle of June the ratefell gradually to 5f, and the demand quicklyreduced the dealers' portfolios, causing ashortage of prime bills. Subsequently rateson 30, 60, and 90 day bills were at a commonlevel of 5J per cent.

A survey of the bill market recently madeby the American Acceptance Council placesthe volume of bills outstanding in the United



States on April 1, 1921, at $664,000,000, ascompared with $799,000,000 on April 1, 1920,a reduction of 18 per cent. A comparablefigure for 4 to 6 months' commercial papertabulated by this bank from the reports of11 dealers shows a reduction of 28 per centduring the same period. In New York Citythe shrinkage in the volume of bills held wasless than 1 per cent, while outside this cityit amounted to 41 per cent. A factor in themaintenance of the volume of bills here wasthe large amount of import bills received aswell as the great increase in bills drawn tocreate dollar exchange.

New bills coming into the New York marketinclude those covering the importation of silkfrom the Far East, and bills drawn underseveral large sugar import credits recentlyestablished.

The minimum buying rates of the FederalReserve Bank of New York have remainedunchanged at 5J to 6 per cent for indorsedprime bills ranging up to 90 days' maturity.

DISTRICT NO. 3—(PHILADELPHIA).

Reports received from five dealers in bankers'acceptances show that sales in this districtduring May increased more than 11 per cent,as compared with sales in April. Not all ofthese dealers were handling acceptances inMay, 1920, but comparing the figures of thosewho were, the increase is in excess of 800 percent.

The great majority of acceptances sold duringMay arose from transactions involving theimportation and exportation of merchandise,the principal articles covered being sugar, silk,cotton, and grain. Transactions involvingwarehousing of staple commodities account formost of the others. In nearly all instances thecommercial banks are the buyers. This ispartly because under the laws of Pennsylva-nia savings banks are not authorized toinvest in this class of securities.

Reports of twelve Philadelphia districtmember banks that execute acceptances maybe summarized as follows:

1921

March 10April 10.May 10..,June 10. .

Executedduring

precedingmonth.

$5,325,0004,558,0005.611,0002,795,000

Outstand-ing on

given date.

$14,127,00013,234,00012,892,00010,798,000

The purposes of these acceptances are thesame as of those reported by dealers, butthe total represents a reduction of 50 per cent,as compared with the previous month, whereas

the sales by dealers, as stated above, show anincrease.The banks in this district apparently havefelt the falling off in our foreign trade moreacutely than those in other districts, but theinsufficiency in the supply of acceptancesseems to be general.

Purchases by the Federal Reserve Bank ofPhiladelphia for the first five months of the lastthree years are:

JanuaryFebruary. .MarchAprilMay

Total

1919

$883,3901,541,6521,828,0631,918,792

534,512

6,706,409

1920

$3,723,2902,250,2641,387,821

992,076503,727

8,857,178

1921

$6,671,62911,001,7749,022,9919,859,528

11,037,622

47,593,544

After an advance in late May, selling rateshave declined, and are at the present writingas follows:

Eligible member billsEligible nonmembers bills

30 days. 60 days.

51-515--57

90 days.

51-5|5f-6

6 months.

5f-6

DISTRICT NO. 4.—(CLEVELAND).

Bank acceptances for the month showeddecided indications of following the New Yorkcall money rates. During the early part ofthe month, call money rates were around 7per cent, and there was little demand for billswith the exception of such orders as came fromcountry localities.

During the latter part of the month, withthe easing of call money, an active demandarose and prime bills were absorbed as readilyas offered by the brokers.

DISTRICT NO. 6.—(ATLANTA).

Out of approximately 35 inquiries sent tothe principal accepting banks in the district,reports were received from 14 member banksregarding acceptance conditions during May.Eight of these reports showed no dealings ofany kind in acceptances during the month.Four banks reported domestic acceptancesexecuted during May in amounts approxi-mately 3 per cent in excess of those executedduring April. Two of these reports showed nodomestic acceptances executed during May,1920, and figures shown in the other two in-dicated a decrease of a little more than 50 percent compared with May of last year. Twobanks reported foreign acceptances executedduring May approximately 25 per cent lessthan in April, and 21 per cent less than duringMay, 1920.



The amount of acceptances rediscounted withand purchased by the Federal Reserve Bank ofAtlanta during May was larger than for Febru-ary and March, but about 61 per cent less thanfor April, which was the highest since January

May, 1921.Atlanta. New Orleans.

H. L. C. H. L. C.Bankers' acceptances

60 to 90 days:Indorsed 8 6 7

DISTRICT NO. 7.—(CHICAGO).

6|

Comparative results of reports on acceptancetransactions received from dealers and banksfor May and for April, as revised, are shownbelow:


Bills boughtBills soldHeld at close of month.Amount accepted

May.

29 banks. 3 dealers.

12,18816,5793,27016,140

10,96714,1083,402

29 banks. 3 dealers.

11,6249,6222,45519,416

11,7849,2852,076

Purchase rates.

30-day maturity...60-day maturity...90-day maturity...180-day maturity..

High. Low.

Returns showed about 75 per cent of thepurchases of 90-day maturity and the balanceequally divided between 30 and 60 days.

A comparison of the composite of returnsfrom banks show increases in bills bought, billssold, and bills held at the close of the monthof 5, 72, and 34 per cent, respectively, and adecrease in bills accepted of 17 per cent.Reporting dealers show a decrease in billsbought of 7 per cent and increases in bills soldand in bills held at the close of the month of52 and 64 per cent, respectively.

Comparative statistics for acceptances atthe Federal Reserve Bank of Chicago for Apriland May are as follows:

13 u ring month:Bankers' acceptances redis-

countedBankers' acceptances bought...Bankers' acceptances sold from

holdingsHeld at close of month:

Bankers' acceptances redis-counted

Bankers' acceptances bought

May. April.

$60,00010,997,981

2,331,162

6,5004,821,453

$111,50011,423,244

3,624,680

81,5007,500,910

Per-centagechangein MayfromApril.

—46.2— 3.7

—35.7

—92.0—35.7

DISTRICT NO. 8 (ST. LOUIS).

Up to 30 days ago there was a fairly well sus-tained market for bankers7 acceptances in thisdistrict. The demand has fallen off, however,in the last two weeks and the market has beenextremely quiet. There is little demand forbills and it is difficult to sell even prime namesat present rates.

Bankers' acceptances of 60 to 90 days:IndorsedUnindorsed

St. Louis.

H. L. C.

6 5 | 5|6 5f 6

Louisville.

H. L. C.

8 6 6

DISTRICT NO. 9—(MINNEAPOLIS) .

The most interesting event in the local ac-ceptance market during May was the organiza-tion of the Montana Wool Acceptance Companyto finance the sale and shipment of wool whichhas been moving very slowly during the lastyear.

DISTRICT NO. 11—(DALLAS).

It is estimated that on May 31 the totalamount of outstanding acceptances, created inin this district, was $1,491,000, of which ac-ceptances aggregating $1,033,000 were drawnagainst domestic shipments and storage ofgoods, the remainder being against import andexport transactions, the average maturity pe-riod for the outstanding paper being estimatedat 60 days.

The total amount of acceptances held by theFederal Reserve Bank of Dallas on May 31 wasonly $170,906.70, all of which were based onexport transactions; $150,000 of our holdingswere executed by Eleventh District banks.

DISTRICT NO. 12—(SAN FRANCISCO).

Demand for bankers' acceptances has con-tinued to increase throughout the month.Country bankers, with few exceptions, havebeen the principal buyers. Buying in Wash-ington and Oregon has been very spotty whilein California, although in small volume, it hasbeen very evenly distributed.

Due to general tightening of money in theearly part of June the rate on bankers' accept-ances rose from 5| per cent to 5 | per cent. Ithung at that level for about a week and thendropped back to 5 | and 5f and is to-day, June16, at 5J per cent. This low rate is due to theextreme ease of the call-money market whichprevails at the present time, and also to thefact that there is an unusual scarcity of primebills.



INDEX NUMBERS OF EXCHANGE VALUESOF FOREIGN CURRENCY.

The international interest manifested at thepresent time in the restoration of normalconditions in the exchange market has givenrise to a new statistical inquiry abroad—theconstruction of index numbers measuring thegeneral trend in exchange values of foreigncurrencies. A number of European journalsand economic publications including the Lon-don Statist, the Frankfurter Zeitung, theNorwegian periodical Farm and, and the Swed-ish official organ Kommersiella Meddelandenrecognized almost simultaneously the impor-tance of discerning the direction and amountof movement in their respective national cur-rencies as related to the collective currenciesof other countries. In the midst of the dailyfluctuations and disturbances ruling in theexchange market, the difficulty heretofore ofascertaining the general position abroad of thecurrency of a country is apparent. Studiedin conjunction with the index numbers forwholesale prices of commodities the index offoreign exchange rates affords comparison ofthe changes which occur both in the internaland external value of a country's currency andgives a perspective of its purchasing powerboth at home and abroad.

STATIST INDEX.

Of the European indexes, the index of theforeign exchange values of the pound sterlingabroad as calculated by the Statist is the mostreliable and scientific from the standpoint ofstrict and careful computation. As explainedin the Statist of February 19, 1921, the index isconstructed on a basis of the " average of thedaily cable quotations of 28 of the most impor-tant countries taken for each month since thearmistice and expressed as a percentage of theold par value of the pound sterling in terms ofthe foreign currency." Special cognizance istaken of the question of weighting the variousexchanges according to their relative influencein denoting variation in the pound sterling.Obviously a rise in the exchange on a SouthAmerican or Oriental country would not indi-cate as important a shift in the pound sterlingas a similar movement in the New York or Parisexchange. To make the exchanges influential,therefore, according to their relative impor-tance, the total volume of trade between theUnited Kingdom and the different foreign

countries is used as an external criterion ofweight. These exchange transactions includenot only imports, exports, and reexports ofcommodities of commerce but also the move-ment of gold and silver and "invisible" exports,such as freight, insurance, and interest earn-ings. The allocation of shipping earnings ismade in accordance with the proportion ofBritish tonnage cleared with cargoes to thevarious countries, while the determining factorin allocating interest earnings is the amount ofcapital investments. Arbitrage and speculativetransactions, although an important elementin exchange operations, are omitted owing tothe paucity or lack of reliable data. Theweights thus assigned to the various exchangesfrom the estimate of the total volume of trans-actions are changed by the Statist each quarteraccording to the fluctuations in trade. Periodicadjustment of weights, instead of the adoptionof a constant and uniformly fixed system, isthought necessary in order to obtain a moreaccurate measure of the comparatively rapidmodifications which have occurred in the rela-tive values of trade since the armistice, andwhich still are taking place. Finally, in com-puting the index, the geometric mean is adoptedin an effort to prevent the exertion of undueinfluence on the final result by the German,Portuguese, and Turkish exchanges in whichthe pound sterling stands strikingly high.

VALUE OF STERLING.

The accompanying table on page 796 showsthe movements favorable and adverse to thevalue of,sterling in the 28 exchange centersduring 1920 and the first five months of 1921.The table below presents the index numbers ofthe foreign exchange values of sterling for eachmonth since the armistice.

INDEX NUMBERS OP F O R E I G N EXCHANGE VALUES OKTHE P O U N D STERLING ABROAD.

[Par value of the foreign currencies= 100.]

JanuaryFebruaryMarch.. 1 . . . . .AprilMavJ une . . .lulvAugustSeptember .OctoberNovemberDecember . . .

1918

98.798.7

1919

98.999.199.2

100.3101.2100.4101.7101.6100.7100.3100.298.3

1920

98. 594.9

102.9109.7107.5106. 3100.2100.1100.2108.7111.2114,5

1921

122.4120.9123. 0120.0119.1


JULY, 1921. FEDEKAL RESERVE BULLETIN. 795

As will be noted, the general value of thepound was below parity at the close of hos-tilities in 1918 and so continued until April,1919, when it rose to par.

In February, 1920, sterling dropped to thelowest value since the armistice, the poundbeing at a discount of 5.1 per cent. ; Recoveryto a position above par, however, immediatelyfollowed and, with the exception of a sharpdecline in July, sterling since has shown rapidand steady appreciation.

SWEDISH INDEX.

Their Swedish foreign exchange index isconstructed on the same general principlewith certain differences in details of technique.In the first place, the Swedish index is basedon the average of the daily rates of 12 ex-changes instead of 28. Secondly, a weightedarithmetic average is used on account ofstatistical convenience. The weighting, more-over, is constant and based on the volume oftrade transactions for 1919, the latest year forwhich Swedish trade statistics, classified bycountries, are available in published form.For statistical reasons periodic adjustment ofweights are possible only annually in the caseof the Swedish index.

The weights assigned to the various ex-changes including not only exports and im-ports of commodities and precious metals, butalso an estimate of invisible items is set forthin the following table:

ESTIMATED VOLUME OF TRANSACTIONS BETWEEN SWEDENAND 12 FOREIGN COUNTRIES, 1919.

HollandGermany.. .Switzerland.BelgiumFinlandNorway

Millionkronor.

15037010540105275

Millionkronor.

Denmark.England..Spain.United States.FranceItaly

4251,600

6575026025

The two series of indexes computed byKommersiella Meddelanden show (1) the ex-change value of foreign currencies, Swedishkronor— 100; (2) the foreign exchange value ofthe Swedish krona abroad, foreign curren-cies =100.

These figures show that the Swedish kronaremained well above prewar parity throughout1920, and in May, 1921, stood 23.3 per centhigher than the collective value of the 12foreign currencies.

55762—21 3

The results are indicated below:INDEX NUMBERS OF THE FOREIGN EXCHANGE VALUES

OF THE SWEDISH KRONA.

1920.JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctober ,NovemberDecember

1921.JanuaryFebruaryMarchAprilMay

Exchangevalue offoreign

currencies(Swedishkronor=

100).

Foreignexchangevalue of

the kronaabroad

(foreigncurrencies

100).

90.994.091.688.189.488.386.486.685.786.887.987.6

86.285.982.279.781.1

110.0106.4109.2113.5111.8113.3115.8115.4116.7115.3113.8114.1

116.1116.4121.7125.5123.3

NORWEGIAN INDEX.

The Norwegian index constructed by Far-mand', like the Swedish index, is a weightedarithmetic mean of the average quotations of12 exchange centers expressed as a percentageof parity. The weights, however, are basedon trade transactions for the years 1910-1913plus an allowance for invisible exports. Inview of the fact that the unsettled postwarconditions have created very rapid and strikingchanges in the relative trade importance of thevarious countries, these weights based on pre-war trade are not truly indicative of theexisting status of the exchanges.

The monthly index obtained is shown in thesubjoined table:INDEX NUMBERS OF THE FOREIGN EXCHANGE VALUE OF

THE NORWEGIAN K R O N E .

[Par value of the foreign currencies= 100.]1920.

November 97. 6December 104.3

1921.January 113.3February 106.6March 101.8April 100.3Mav 97.3

1920.January 118.2February 134.7March 123.6April 119.5May 102.8June.July.

91.287.7

August 87.7September 89.0October 94.7

As indicated by the figures above, the Nor-wegian krone has exhibited extreme uneven-ness of movement in relation to the collectivevalue of the foreign currencies.



GERMAN INDEX.

The least reliable foreign exchange index isthat of the Frankfurter Zeitung. No attemptis made at weighting the exchanges owing tothe lack of current foreign trade statistics.The figures are presented below:INDEX NUMBERS OF THE EXCHANGE VALUE OF THE

GERMAN MARK.

Exchange Exchange

1920.JanuaryFebruaryAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember


value offoreign

currency(Germanmark=

100).

value ofthe markabroad(foreign

currencies100).

7441,229990780547549579647780952850

900857820840922

13.48.210.17.318.318.217.215.513.110.511.7

11.111.612.211.910.8

The indexes constructed in England, Sweden,Norway, and Germany are presented below injuxtaposition. The four indexes, however, arenot comparable because of variations in methodof construction. The English index, because ofthe use of the geometric average, is consider-ably lower than would have been the case had thearithmetic mean been employed. Calculated onthe basis of the arithmetic average, the Englishindex number for February, 1921, wouldgiven the result 161.5 instead of 120.9. lave

INDEX NUMBERS OF THE EXCHANGE VALUE ABROADOF THE CURRENCIES OF ENGLAND, SWEDEN, NORWAY,AND GERMANY.

[Par value of the foreign currencies=100.]

1920.JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember


England.

98.594.9

102.9109.7107.5106.3100.2100.1100.2108.7111.2114.5

122.4120.9123.0120.0119.1

Sweden.

110.0106.4109.2113.5111.8113.3115.8115.4116.7115.3113.8114.1

116.1116.4121.7125.5123.3

Norway.

118.2134.7123.6119.5102.891.287.787.789.094.797.6

104.3

113.3106.6101.8100.397.3

Germany.

13.48.2

10.17.3

18.318.217.215.513.110.511.7

11.111.612.211.910.8

LIMITATIONS OF THE INDEXES.

The indexes should be considered with a cer-tain degree of reservation. I t is impossible toweight such indexes with more than approxi-mate accuracy. In the first place, the diffi-culty of obtaining statistics on the invisibleexports and imports, such as freight, insurance,banking, and interest earnings, makes theseitems in exchange transactions only rough es-timates. Moreover, the character of the inter-national balance of trade is only one of severalimportant factors in the exchange situation atthe present time under the special conditionsexisting as a result of the war. The indexnumbers, nevertheless, are useful and of inter-est in analyzing the effects of the present de-flation process on the purchasing power ofcurrencies abroad.

AVERAGE MONTHLY VALUES OF THE POUND STERLING ABROAD E X P R E S S E D AS A PERCENTAGE OF PARITY.

[Par value of the foreign currencies= 100.]

Country.

United StatesIndiaFranceAustraliaArgentinaNetherlandsCanadaAfricaEgyptBelgiumSweden ,Germany ,New ZealandChinaDenmark ,SpainItalyNorway ,JapanSwitzerlandStraits SettlementsTurkeyBrazilPortugal ,Chile ,GreeceHongkongUruguay

I n d e x (weightedgeometric average)

Jan.,1920.

75.561.8

183.1101.275.280.682.899.1

100.1170. 797.9

1,101.01,100.433.6

115.177.3

203.4105.76.081.699.5

353.090.

306.1136.5102.539.075.2

98.5

Feb.,1920.

Mar.,1920.

Apr.,1920.

68.449.7

184.4100.269.675. 5!

80.7|77.8

100.0184. 5100. 0

.622.0.1.100.4 '32.4;

126. 577.4!

247.li107.9j71.482.399.7

369.788.6

305.4116.6116.734.072.4

77.5!54.7i

209. 7j100. 21

75.984.3186.1196.0!

100.0200.6100.7

,444.0:1100. 434.8

119.184.8

286.7113.580.987.9

101.4376.390.8

335.3137.146..37.675.3

80.657.7

254.7100.279.388.088.093.5

100.0238.599.1

, 136.0100.440.2

121.89.8

357. 9109.482.8:86.61

101. Oi421.3

98.1361.0140.139.341.184.1

May, [ J u n e ,1920. 1920.

79.2 81. 262.3 67.7

226.1 202.1100.2 100.2

79.1. 82. 087.4' 90.187. 9 92.191.8 92.6

100.0 100.0220. 0100.1881.1100.445.2

126.992.4

295.3). 6115.076.8

i.4

190.2199.768. 5100.4

53.129.294.6

264.4123.979.086.0

100.9! 100.9396.3 386.96.6

433.6149.2134.346.782.0

104.9460.6156.5131.52.285.5

July,1920.

79.670.8

190.9100.283.491.390.396.0

100.0178.397.5

758.7100.451.5

130.196.1

268.4129.177.787.4

100.

Aug.,1920.

Sept.,1920.

74.170.5200.4100.283.490.983.699.6100.0188.096.9845.8101.345.5134.195.1297.7133.172.686.2101.1

371.3 373.0115.3 114.8481.9; 434.7150.3 150.0123.3 126.852.3 46.490.4 89.3

Oct.,1920.

72.371.7

207.3100.283.192.779.9

100. 5!100.0!193.0|96.0

993.61100.2!45.5

138.794.6

318.9!139. 5!

70. 5!

85.7101.1379.6!124.31465. 5!

157.4131.346.688.3:

71.679.3

210.3100.392.792.978.7

101.6100.0200.297.3

, 163.0 1.100.449.3

137.96.1

352.7138.70.186.7

101.1385.4132.0512.1163.7138.748. 890.6!

Nov., I Dec,1920. 1920.

70.981.5|

228. 2 i100.3

89.5:93.879.1;

102. 8100. 0215.499.4

314.01100.8152.6

141. 5!105.7376.1141.969.687. 7|

101.11424.0134. 7631.0183.4!152. 4

51. 6i94.8!

Jan.,1921.

72.192.1

232.8101. 589.393.283.8

104.2100.0220.9

98. 31241. Ojl101.265. 3!

129.8106.6387.3130.870.990.3

101.3490.1150.6!766.1!184.6183. 8|62.196.2!

Feb.,1921.

76.991.5

233.6101.594.993.987.8

102.6100.2222.2

96., 184. 5:1101.3168.8

115.4110.2418.5117.980.094.1

101.1523.0163.4819.2196.7199.067.6

103.1

79.698.1

214.5101.596.293.690.4

101.299.9

204.95.

, 158.0 1101.380.8

115.3109.7418.7119.982.193.7

100.7526.0162.0869. 21205.0208. 51

81.3|105.4

Mar.,1921.

Apr.,1921.

94.9 102.9 109.7 107.5 106.3 100.2 100.1 100.21 108.7 111.2 114.5 122.4 120.0 123.0 120.0

80.3103.2219.101.599.493.91.5

101. 2!100.0|209. 9

94. 71, 195.0 1101.3

88.31

124.7111.2410.1132.983.091.2

100.522.8166.3

,002.0198.6204.784.6

109.2l

80.8102.0215.4101.5106.393.290.7

101.2100.0209.492.0

, 197.0 1101.3

82.119.111.9339.0136.183.289.

100.2512.6184.2990.6234.1228.979.3120.7

May,1921.

81.6103.6188.3101.5110.492.490.8

100.8100.0188.893.2

, 178.0101.382.8

121.4116.5299.1138.484.888.3

100.9466.8186.7946.6254.6283.178.7

122.9

119.1


JULY, 1921. RESERVE BULLETIN. 797

AVERAGE MONTHLY VALUES OP FOREIGN" CURRENCIES EXPRESSED AS A PERCENTAGE OF THE SWEDISH K R O N A .

[Par value of the Swedish krona=100.]

Country.

NetherlandsGermanySwitzerlandBelgiumFinlandNorway...DenmarkEnglandSpainUnited States.. .FranceItaly

Index (weighted arith-methic average)

Jan.,1920.

121.199.60

119. 4358.4924.5693.4285.9898.13

129. 4958.28

90.91110. 0

Feb.,1920.

133.996.41

122.60! 54.6031.2193.0680.44

100.33

144.7253.14

94.01106. 4

Mar.,1920.

121.447.00

116.9452.2136.3588.6884 07

100. 83

133.5149.83

91.61109. 2

Apr.,1920.

113. 468.49

114.1042.8935.3390.8282 4599.17

123. 5940.25

88.1H13.5

May,1920.

115.3811. 68

116. 5747 3834.4487.9279 17

100.28

127.3545.10

89.4'111.8

June,1920.

110.9913.66

116. 4753.4029.9380.5877 4399.83

123. 8650.71

88.31113.3

July,1920.

106.9913.17

112. 2955.7525.5175.9675.2697.69

122. 7952.25

86.41115. 8

Aug.,1920.

106.9711.67

112. 5652.3521.8172.9572.8997.03

130. 5648.83

86.6U15.4

Sept.,1920.

103.639.83

112.1450.1321.7569.4069.4196.04

133.2446.76

85.7

Oct.,1920.

104.798.58

112. 5149.2118.3670.5071.0397.36

102.15136.4646.5028.07

86.8U15.3

Nov.,1920.

105. 837.86

113.3946.9015.8170.1470.3299.2895.94

141.2944.0327.10

187.9i113.8

Dec,1920.

105. 718.03

109. 7544.9217.4975.5676.1998.5193.57

137.2742.3925.79

87.61114.1

Jan.1921.

103.188.27

102.6744.4020.8582.5484.2296.7589.58

127.0842.0624.13

86.21116.1

Feb.,1921.

102.058.38

102.3547.5820.4280.2783.4999.2688.36

120. 6445.1123.44

85.91116.4

1 Par value of the foreign currencies=100.

AVERAGE MONTHLY VALUES OP THE NORWEGIAN K R O N E ABROAD EXPRESSED AS A PERCENTAGE OF PARITY.

[Par value of the foreign currencies=100.]

Country.

72.0706.6148.466.7

139.451.61.7169.099.

315.467.

227.6

76.5940.6177.571.0

161.354.868.375.099.2

429.180.8

297.4

83.3861.0177.777.9

169.4.3

77.979.95.9

.390.9

340.8

75.1889.7|164.70.3

156.660.168.2,71.1

.5432.7

.0301.4

74.9624, 7149.467.9

139.155.464.4,72. 5!

100.0324.970.9

215.9

158. 0.6

153.059.365.867.688.0

497.681.7

246.3

82.797. 5

390. 092.3

345. 5

EnglandGermanyFranceHollandBelgiumUnited StatesSwitzerlandSwedenDenmarkFinlandSpainItaly

Index (weightedarithmetic av-erage)

AVERAGE MONTHLY VALUES OF FOREIGN CURRENCIES E X P R E S S E D AS A PERCENTAGE OF THE GERMAN M A R K .

[Par value of the German mark=100.]

BelgiumFranceItalySwitzerlandSpainRumaniaHollandL ondonNew YorkSwedenAustria

Index (unweightedarithmetic average).. .

584565457

1,0991,160

1501,111

"1241,169

94831. 6j

744U3.4

832830683

1,9221, 931

1581,9851, 5252,1241, 502

32. 7

1 22'' 18.2

Apr.,1920.

July, Aug.,

429397280

Sept., I Oct.,1920. 1920.

454427287

1,007910141939865

1,18888627

531507325

1,2161,099

1411,1391,0421,4651,084

30

647 780 952U5.5 U3.1 110.5

Nov.,1920.

638602358

1,4981, 333

1521,3921, 3031, 8501,320

28

Jan.,1921.

Feb.,1921.

580554296

1,2991,133

1041,3141,2241,6021,298

19.'

850 900 857 820111.7 i l l . l 111.6 112.2

Mar.,1921.

577551281

1,2751,055106

1,2601,1911,4851,226

15.5

Apr.,1921.

563541316

1,3401,086105

1,2801,2011,4891,306

19

840111.9

May,1921.

674680416

1,4541,138136

1,3841, 2841,5741,373

19.6

922U0.8

1 Par value of foreign currencies=100.

Sources: The London Statist; Kommersiella Meddelanden; Farmand; Frankfurter Zeitung.


798 FEDERAL RESERVE BULLETIN". JULY,1921.

FEDERAL RESERVE BOARD INDEX.

A foreign-exchange index has also beenworked out by the Federal Keserve Board forthe United States. The method of computa-tion and nature of the Board's index numberare discussed in the following paragraphs:

Taking the average value of the daily quo-tations on 18 leading countries for each month,the Board reduced these quotations to per-centages of par and then weighted them bythe total volume of merchandise and gold andsilver imports and exports from and to eachrespective country for the preceding month.The index represents the weighted geometricaverage of cable transfer rates on the differentcountries. Weighting the quotations on thebasis of the previous month's commerce has theadvantage of giving each country the relativeimportance it possessed on the most recentavailable date. The proportion of our totalforeign trade with each oi the principal coun-tries does not change materially from month tomonth, but in so far as gradual changes takeplace they will be reflected in the weights. Onaccount of the lack of definite informationabout invisible exports and imports no allow-ance is made for them in the weighting. It isbelieved that the final index would be modifiedbut slightly even if additional data regardinginvisible items of the trade balance were avail-able and were included in the weights.

In the following table are given rates forNovember, 1918, and for January to June, 1921.It is proposed to calculate the exchange indexfor every month beginning with November,1918, and to publish the figures in an early issueof the BULLETIN, together with a chart showingthe fluctuations in the index as compared withfluctuations in rates on some of the leadingcountries.

FOREIGN EXCHANGE I N D E X NUMBERS. NOVEMBER, 1918AND JANUARY TO JUNE, 1921.

[Monthly average percentage of par.]

Country.

BelgiumDenmarkEnglandFranceGermanyItalyNetherlands.NorwaySpainSwedenSwitzerland..

1918

Nov.

100.3797.9395.23

81.61104.86102.61104.15105.22104.25

1921

Jan. Feb. Mar. Apr. May. June.

35.0867.3976.8933.336.72

18.4081.7965.7870.0079.8581.24

38.8669.1979.6437.176.88

18.9385.0866.3472.6483.0584.77

38.0864.5980.3736.456.70

19.9585.5760.4172.3885.1988.50

38.5567.5080.7437.52|6.60!

23.84]86.4459.5972.2887.9589.95

43.3467.4381.6943.366.82

27.4488.4658.8470.4187.6592.54

41.6164.2277.7041.836.0G

25.7982.8054.5167.7784.1888.13

FOREIGN EXCHANGE INDEX NUMBERS, NOVEMBER, 1918,AND JANUARY TO JUNE, 1921—Continued.

[Monthly average percentage of par.J

Country.

SOUTH AMERICA.

Argentina.BrazilChile i

NORTH AMERICA.

Canada

China8.India . . .Japan. .

INDEX NUMBERS.

Value of foreign currenciesexpressed in dollars(per cent)

Value of dollars expressedin foreign currencies(percent)

1918 1921

Nov.! Jan. Feb. Mar. Apr. May. 'June,

105.83J 82.2879.53 46.67116.74 73.32

87.64

184.74115.03102.32110.20108.76

58.8197.69

83.3248.0873.75

88.07

56.9497.67

81.0646.6475.58

87.81

53.3497.47

101.00 54.00 55.00 54.00 57.00 65.00 59.00

99. 00 185.00 182.00 185.00 175.00 154.00 170.00

76.6643.2166.48

89.06

96.07100.67102.1254.0697.29

74.4742.2360.77

89.65

54.4197.39

72.4135.9055.59

88.76

99.2550.4596.24

1 Average value of peso for 1912 ($0.1953) is taken as par.2 Shanghai tael. Silver content at average price in 1913 ($0.6685) is

taken as par.

It will be noted that the index iri^this^tableis given in two ways:

(1) The value of selected foreign currenciesin terms of dollars, the index measuring thecomposite rate of appreciation or depreciationof these currencies with regard to the dollar, orto express it concretely, how many dollars andcents it will take at prevailing rates of ex-change to buy in New York what at par would beone hundred dollars' worth of foreign currencies.

(2) The value of the dollar expressed interms of selected foreign currencies, the indexmeasuring the composite rate of depreciationor appreciation of the dollar with regard tothese currencies, or speaking more concretely,how much foreign currency at prevailing ratesone hundred dollars will buy in New York.

At the time of the armistice, the foreign ex-change index w as slightly above 100 per cent,i. e., the dollar stood slightly below par. Thiscomparatively high level of the foreign ex-change rates was due to the "pegging'7 arrange-ments by which the foreign exchanges weremaintained by the allied Governments, to-gether with the premiums existing on the cur-rencies of neutral European countries and ofSouth American and oriental countries. Sincethat time, rates on all of the countries showdecided declines. In January, 1921, 54 centswould buy a dollar's worth of foreign curren-cies at par rates of exchange, and it took


JULY, 1921. FEDEKAL BESERVE BULLETIN". 799

$1.85 of foreign currencies to buy one dollar.In February and March the exchange situationdid not materially change, but in April, andespecially in May, the value of the foreign cur-rencies went up considerably and the valueof the dollar showed a corresponding decline,this being due to the large gold shipmentsto this country and to the settlement ofGerman reparations. It will be noted thatFrench, Belgian, and Italian exchanges showedthe largest gains in May as compared withApril, while sterling exchange advanced lessthan 1 per cent. South American exchangeslost ground during May, while oriental ex-

changes remained comparatively stationary.A general decline of exchanges in June is at-tributable in part to the purchase by Germanyof large amounts of dollar exchange in connec-tion with the payment of the first installmentof the reparations and also to unsatisfactorydevelopments in the British miners' strike.Sterling exchange shows the largest decline inJune as compared with May.

The following table shows the average ofactual quotations for each month on which thepercentages of par are based and the weightsused in calculating the foreign exchange index:

AVERAGE MONTHLY EXCHANGE RATES ON SELECTED COUNTRIES AND WEIGHTS USED IN CALCULATING FOREIGNEXCHANGE INDEX.

Country.

EUROPE.

BelgiumDenmarkEnglandFranceGermanyItaly

Monthly average rates of exchange.

1918

Novem-ber.

.26904.76580.18376

Netherlands.NorwaySpainSwedenSwitzerland.

SOUTH AMERICA.

Argentina.BrazilChile

.15748

. 42153

.2750

.2010

.2820

. 20121

1.0021.2580.4260

NORTH AMERICA.

Canada

China.India..Japan.

Total.

1.2350.3575. 54219

1921

Janu-ary.

.0677

.18063.74197.064330160.03552.3288.1763.1351.2140.1568

Febru-ary.

.0750

.185433.8758.071730164.03654.34201.1778.1402.22257.16361

.79382 .8039

.15139 .15597

.1432 .14403

.7690

.2861

.4870

.6840

.2770

March.

.0735

.17313.911.070345015953.0385. 3440. 1619.1397. 2283.1708

.78202

.15130

.1476

.87805

.64225

.2595

.4859

April.

.0744

. 18093.9292. 07241401572

May.

.083653

.18073.97538

. 04601

.3475

. 1597

. 1395

. 2357

. 1735

.73958

.14016

.12984

.01625

.052960

. 3556

.1577

.1359

.2349

. 1786

.71848

.1370

.11869

.896473

.67297 .6827

.2630 i .2647

.4850 ; .48548

June.

.1721

. 7815

. 08074

. 01444

. 04977

.33284

.14610

.1308

.2256

.1701

.69857

.11647

. 10857

.6635

. 24549

. 47974

Weights (imports and exports of merchandise and preciousmetals).

1918

Novem-ber.

1,317165,17486,684

44,0612,4314,4464,1702,7031,504

38,4087,43617,623

13,69345,26341,459

476,372

1921.

Janu-ary.

28,4129,243

187,32958,36464,10536.63334,8587,20420.24813;0596,153

32,66128,77215,374

122,001

22,63913,87445,124

746,053

Febru-ary.

20,3437,935

147,38150,57453,49332,69230,8857,719

17,4569,8464,500

29,97023,84115,063

.9,487

19,88420,23334,145

615,447

March.

14,8033,876

123,45845,61444,57230,26021,0183,3379,4183,9243,243

21,81515,5299,918

79,644

April.

13,9105,857

130,08760,76537,87122,20720,2263,5025,4878,5295,267

20,74315,596

100,132

26,853 18,74921,442 15,62334,748 27,365

513,472 518,755

May.

8,4303,851

125,30136,07125,81919,03926,6713,0738,375

28,4094,505

13,07714,5358,387

81,184

22,36813,26435,869

478.226

June.

9,4233,829

120,61631,42427,02729,68715,8245,0345,69512,1504,772

12,74311,1224,863

77,245

17,36115,30635,057

439,178


800 FEDEBAL RESERVE BULLETIN. JULY, 1921.

American Bank Acceptances.

A reduction of over 25 per cent in the volumeof outstanding member bank acceptances be-tween May 4, 1920, and April 28, 1921, is indi-cated by the condition reports of these banks re-ceived by the Comptroller of the Currency andthe Federal Reserve Board. This shrinkagecommenced during the latter part of last year,but became more accentuated during the present-year. As may be seen from the tabular state-ment below, aggregate acceptance liabilities ofall member banks on June 30, 1920, differed butslightly from those shown on May 4 of the sameyear, being in the neighborhood of $674,000,000on both dates. On November 15 the total haddeclined to about $647,800,000, and on Decem-ber 29 to $593,700,000. A much larger decline,to $504,100,000, is shown on April 28 of the pres-ent year, the downward movement gaining inimpetus beginning with the fall of the past year.As pointed out in an earlier issue of the BULLE-TIN (see p. 158 of the February, 1920, issue)this shrinkage affected at first only the accept-ance liabilities of the banks outside of NewYork City, both national banks and trust com-panies in New York City reporting increasingfigures up to November 15 of last year.

Since then the combined acceptance liabilitiesof the New York member banks declined from$361,200,000 to $311,918,000, though the rateof decline for the New York banks was con-siderably less than for member banks in othercities. Thus, member banks in Chicago reporta decrease in their acceptance liabilities betweenNovember 15, 1920, and April 28, 1921, from$60,495,000 to $45,553,000; member banks inPhiladelphia a decrease from $23,640,000 to$12,062,000; member banks in Cleveland from$14,168,000 to $9,883,000; member banks inSan Francisco from $16,999,000 to $14,337,000;and member banks in Portland, Oreg., from$5,035,000 to $3,557,000. Even larger relativeshrinkages are shown for the St. Louis memberbanks, viz, from $11,475,000 to $1,996,000,and for member banks in Minneapolis from$9,590,000 to $1,819,000. As the result ofthese developments, acceptance liabilities of themember banks in New York City on April 28constituted 61.9 per cent of the acceptanceliabilities of all member banks, compared with55.8 per cent on November 15 and 47 per centon May 4 of the past year.

In the following table are shown aggregateacceptance liabilities separately for the nationalbanKs and other member banks in the principalcenters on all call dates between May 4, 1920,and April 28, 1921, in continuation of similarfigures published on page 172 of the February1921, BULLETIN:

ACCEPTANCE LIABILITIES OF NATIONAL AND OTHERM E M B E R B A N K S .


Class of banksand city.

NATIONAL BANKS.

New YorkBoston 60^951Philadelphia 25,028Pittsburgh 8,836Cleveland 6, 975Detroit 8,646lincinnati 3,014

Indianapolis 2,924Richmond 3,739Baltimore ! 4,059Atlanta j 1,200New Orleans | 4,749Charleston, S . C . . . 1,233Chicago ! 35,972St. Louis I 5,825Minneapolis I 9,354

May

1920.

188,297 200,904 197, 501

Dallas.San FranciscoPortland, OregSeattleAH other

Total

1,37026,7444,177?., 013

June30,

1920.

53,97824, 7394,74910,0403,6062,5922,3201,8233,6511,3004,388801

37,3545,3158,0241,03526,311

Sept.

1920.

44, 83525,6194,0809,4403,9601,3122,7292,6757,1131,3421,8261,586

40, 8253,9878,287800

22,483

201, 854 193,309 191,91849,51822,4151, 8828,412

3,123 2,2402 575i 11176, V±6 2,b{6\ 1,11/

37,324 32,570 30,826

438, 430:431,198|414, 583

STATE BANK ANDTRUST COMPANYMEMBERS.

New York 130,798! 143,335BuffaloBostonProvidencePhiladelphiaPittsburghClevelandDetroitMemphisRichmondBaltimoreSavannahAtlantaNew OrleansChicagoSt. LouisSan FranciscoPortland, OregSeattle-..All other

Total.

Total na t ionalbanks

Total State bankand trust com-pany members..

Grand total..

2,680124, 812!1, 5011, 3752,6006,7351,5251,269

45439158550

6, 60036,6969, 9441,042546

3,24, 7214,1781,3852, 2876,4341,39490150689674385

7,25928, 7909,42252772240

5,2906,107

235,422 242,369

438, 430 431

235,422

,198

242, 369

673, 852673, 567

Nov.15,1920.

Dec.29,1920.

1,2222,9191, 8645,165650

1,5551, 702

31,9204, 7059, 5902, 87515,;"""4,0721., 013

29, 967

406,525375,416 345,644 304, 231

159,3413,17519, 8991,7811,225

5,7561,0068355035067'32

6,09125, 5756,7701,134

49,78616,3431,4718,5284,5271,2022,8182,1904,273600

1,5322,166

28, 8193,1168,2081,75013,2412,4931,09927,945

Feb.21,1921.

47,18112,1431,2401, 9245,003742

2,4842,0193,100700908

1,92723, 894

Apr.28,1921.

173,06246,20711, 8621,2441,1373,385681

1,3651,0281,446450920

1,44124, 280

5241,819150

2,6155,888890|

14,091 j 13,6112,507' 2,7721,021 93123,449 15,916

.48,2961,95014,3491,5691,100450

4,746900275100'5005621197

7,44223,681

138, 856856

11, 8571,309200198

8,746400444

4,9371,1226304

5,4825,640

241,276 218,292

406,525 375,416

241,276 218,292

647,801 593,708

197475162

6,56921,2731,4727267853

5,410

199,938

304,231

199, 938

504,169

Federal Reserve Bank holdings of bankers7

acceptances show an even larger shrinkagethan acceptance liabilities of the memberbanks. At the close of April total holdings ofmember bank acceptances (both purchased inopen market and discounted for member banks)were only $68,670,000, or less than 14 per centof the total member bank acceptances out-standing on April 28, the nearest call date,compared with about $275,000,000 of suchpaper held on May 4, 1920, and slightly over$250,000,000 held at the close of November oflast year. In addition, as shown in the sub-joined exhibit, the Federal Reserve Banks



held $50,600,000 of bills accepted by non-member banks, including private banks andagencies of foreign banks, also by discountcorporations.

HOLDINGS OF BANKERS' ACCEPTANCES BY FEDERALRESERVE BANKS.


Bate.

1920.Apr. 30...May 31..June 30..July 31..Aug. 31.Sept. 30.Oct. 31 . . .Nov. 30..Dec. 31. . .

1921.Jan. 31Feb. 28Mar. 31Apr. 30May 31

Purchased in open market,accepted by—

Totalhold-ings.

296, C238,5258, £

162,385"1,048119,054109,14284,711

Mem-ber

banks.

Non-mem-

berbanksand

bank-ingcor-

pora-tions.

396,859 270, 808411,427 275,372,541 255,564~~ 646 234,368

202, 868298', 223 200, 976

070 194, 908516 153,302878 169,387

I

Pri-vate

For-| eignbanks,

ibranchbank?, es, and

agen-

46,29259,141!56,474'47,11244,13041, 94S39,63633,50238,374

32,37296; 313 33,768

20,65365, 86862,32753,223

18,34112,318

48,54947, 44838,64736,08731, 22529, 78833,66226, 01024,905

18,05518,45815,87813,9159,651

856 25,

31,229,"21,22,07921, 737

I;51-125,26,21222, 71820, 50916,65514, 5599,519

Held under dis-count, accepted by1

Total.Mem-ber

banks.

10 48,2251469 41,841,

i, 1749, 8309,013|8,072|

864 11,5391702 12,828!

17,218

.2,506

.3,421

.3,0520,1889,472

8,4548,6699,1816,3436,469

Otherbanks.

4,0524,7523,8713,8453,003

1 Figures for 1920 are as oflast Friday in each month; separate figuresof member bank acceptances and ottier bank acceptances held unde^discount by the Federal Reserve Banks are not available prior to 1921.

Market rates for bank acceptances continuedfairly steady and at a relatively high level duringthe first quarter of the year. In April ratessoftened somewhat, and May rates are shownslightly lower than for the preceding month,while in June, due to the general rise in moneyrates, the acceptance rates show a slightlyhigher level. London rates on 90-day bankers7

bills continued higher, besides showing a widerspread than the American rates during the firstsix months of the present year as may be seenfrom the following table of monthly rangesof rates, taken from the American AcceptanceCouncil's Monthly Bulletin:

January.FebruaryMarch.. .Apr i l . . . .MayJune

New Yorkrates forprimeeligible

bank ac-ceptances,90 days.

Londonrate for3-monthbankers'

bills.

No information is at hand of the total amountof nonmember bank acceptances outstandingand the proportion of such bills held by theFederal Reserve Banks. But assuming thatthe total amount of such bills—say $200,000,-000 to $250,000,000, on November 15, 1920,decreased since then in about the same pro-portion as the amount of member bank ac-ceptances, we may estimate roughly the amountof bank acceptances other than member bankacceptances outstanding at the end of April atabout $150,000,000 to $200,000,000, and thetotal amount of bank acceptances outstandingon that date at $650,000,000 to $700,000,000,as against a total of $900,000,000 or over onNovember 15 of last year.

This considerable decline in the volume ofoutstanding acceptances is not restricted to theUnited States, but reflects the general shrink-age in the volume and value of commercialdealings, largely of foreign trade transactions,characteristic of the more recent period. Thusacceptance liabilities of the English joint-stock banks, according to the London Econo-mist, declined during the calendar year 1920from £151,138,000 to £102,920,000, or bynearly one-third, while during the present yearthe average weekly acceptance liabilities of thenine leading London clearing banks show thefollowing changes:January, 1921 £88, 213, 000February 77, 376, 000March 69, 249, 000April 63,033,000May 62, 957, 000

indicating an additional reduction for thefirst five months of the present year of over£25,000,000, or 28.6 per cent.



BUSINESS AND FINANCIAL CONDITIONS ABROAD.

In the Review of the Month for this issue ofthe BULLETIN a statistical summary is pre-sented of the condition of the Federal ReserveSystem at the end of June, 1921, as comparedwith the same date in 1920. It has beenthought desirable to make a somewhat simi-lar statistical comparison of the conditions inthe various foreign countries which are regu-larly discussed in the BULLETIN. With the for-eign countries it is impossible to cover theperiod June to June, however, as the statisticsfor June, 1921, are in most cases not yet avail-able. Since the peak of the postwar boomwas reached by May, 1920, a comparison be-tween May, 1921, and one year previous isequally informing.

ENGLAND.

In England changes in business conditionshave been very similar to those in the UnitedStates, except that in recent months productionhas probably proceeded at a slower rate in Eng-land than in this country because of greaterlabor difficulties. So-called "deflation," or thereduction in wholesale prices, has been morerapid in the United States than in England,but has been so extreme in both countriesthat its general effects have been similar.Export trade in the case of both countries hasbeen greatly curtailed, considered in terms ofquantity as well as value, but the fluctuationsin the American figures make it impossible todate the decline in foreign demand with anyexactitude. On the whole, the dates of thechanges in fundamental conditions have beenremarkably similar in the two countries. Inthe United States official statistics show thepeak of wholesale prices to have been reachedin May, 1920. Index numbers published byBradstreet date the peak somewhat earlier,but Dun's index dates it in May also. InEngland both the Statist and the Economistindex numbers began to decline in April, andthe new Board of Trade, or official index,reached its highest level in May, 1920. Inother words, the peak of prices in both coun-tries was probably reached in the secondquarter of 1920. The decline has been con-tinuous throughout the year, but there areindications now that it is proceeding at a con-siderably less rapid rate than at any timesince it began a year ago. The index numbercompiled by the Federal Reserve Board for theUnited States shows a change in prices betweenApril and May, 1921, of only one-half of 1 percent, while Bradstreet's shows a decline of lessthan 2 per cent during May, and the Economist

index for England shows a decline of less thanone-half of 1 per cent. The index numbers ofthe United States Bureau of Labor Statistics, ofthe British Board of Trade, and of the Statistcontinue to show appreciable declines.

General production indexes are not avail-able currently for either country. Comparing,however, the trend of production in certain im-portant lines in which such figures are com-piled, it would seem that the coal strike hadmade more serious inroads upon British pro-duction than have resulted here from lack ofindustrial demand. The trend of iron andsteel production in the two countries was sim-ilar throughout 1920. Early in 1921, however,British production increased while Americanoutput continued to decline. The British in-crease was of very brief duration, however, as thestrike of the coal miners occurred on April 1,and the iron industry was almost as seriouslyaffected by it as the coal industry itself. Atpresent British steel production is at a com-plete standstill, while the American industryis working at approximately 25 per cent ofcapacity. Conditions in the coal industry in thetwo countries can scarcely be compared be-cause of the entirely abnormal situation inEngland during the past year.. Although therehas been a severe slump in the production ofbituminous coal in the United States during1921, this was preceded by a period of rela-tively high production. In England, on theother hand, no coal was produced during 3ôf the past 12 months and production was notat a high rate during the rest of the year. Thetextile industries in both countries have beenseriously affected by the trade reaction. Ifwholesale prices have reached a point of rela-tive stability, it is certain that production willbegin to increase again, as the curtailment hasbeen in the main due to lack of orders. Thegeneral price index wipes out variations inindividual lines, however, and the improve-ment in production will probably be irregularjust as the price movement is irregular.

The decline in production lias meant seriousinvoluntary unemployment in both countries.In England this type of unemployment hasbeen greatly increased by strikes due to wagereductions, the most notable of which is thecoal strike, beginning April 1, 1921. A yearago (in May, 1920), there was a high degreeof industrial activity, the percentage of trade-union unemployment amounting to only 1.1per cent and in the trades coming under theact providing insurance for workers during un-employment amounting to 2.68 per cent. Dur-



ing the summer of 1920 there was no appreci-able change in employment conditions, but asa result of the coal strike in October a largenumber of workmen in the iron and steel, theengineering, and textile industries especiallywere forced out of work or put on a part-timebasis. Since that time unemployment hasbeen steadily on the increase, the latest figuresshowing 22.2 per cent of trade-union members(excluding coal miners) out of work and 17.6 percent of workers in the insured trades. Latestreturns from employment exchanges give aregistration of 2,122,000 on May 27, 1921.

PERCENTAGE OF UNEMPLOYMENT.

Trade-union

! members.

End of May, 1920.End of May, 1921.

1.1122.2

Insuredtrades.

2.6817.6

1 Excluding coal miners.

Public financing in England continues to beof considerable importance, although the em-phasis has rather shifted during the course ofthe past year. In proposing a budget for theyear beginning April 1, 1920, the chancellor ofthe exchequer increased the excess-profits dutyfrom 40 per cent to 60 per cent. It was thoughtat that time that industry was in a position topay the increased tax. In contrast with thesituation a year ago the budget for the yearbeginning April 1, 1921, contains no provisionfor excess-profits duty, and the losses of manyconcerns during the past year were such as torequire the Government to reimburse them(under the provision of the 1919 law, wherebythe Government is responsible for repaymentof excess-profits duties in case of subsequentloss by the business enterprise taxed). Duringthe past few weeks revenue has been so muchless than was estimated when the 1921-22budget was voted, and expenditure on accountof the coal strike and unemployment so muchmore, that temporary borrowing has been re-sorted to on a very large scale. In the brieftable following figures are presented showingthe condition of the treasury at the end ofJune, 1921, the first three months of the newfiscal year being thus covered.

[In thousands of pounds sterling.]

Quarter ending—June 30 1921June 30, 1920

Revenue.

204,168314,986

Expendi-ture

charge-able

againstrevenue.

271,420284,728

Partly as a result of this special drain ofexpenditures, the floating debt has been in-creasing during the new fiscal year. Treasurybills outstanding totaled £1,222,000,000 atthe end of June, 1921, as compared with£1,050,000,000 at the same time a year ago,while temporary advances from the Bank ofEngland have decreased £30,500,000. Thetotal floating debt is £80,000,000 higher thana year ago.

In spite of this increase there has been areduction in the total note issue. Currencynotes have been reduced by £33,472,000 andBank of England notes increased by £2,898,-000 between the end of June, 1920 and 1921.

Statistics for the joint-stock banks are avail-able for June 30 and December 31, 1920, andon an average monthly basis for the year 1921.Considering only the five largest banks it ap-pears that during the period from June 30,1920, to May, 1921, total cash has been re-duced by £77,000,000, advances by £69,000,-000, with a decline in deposits of £6,000,000.Bills discounted have increased very materi-ally, probably because of the larger num-ber of foreign bills that are now passingthrough London than was the case a yearago.

FIVE LARGEST JOINT STOCK BANKS.


CashAdvancesBills discountedDeposits

June 30,1920.

263,183831,724157,562

1,585,206

Dec. 31,1920.

274,137767,586281,659

1,628,375

May, 1921.

185,590762,840289,324

1,578,521

The discount policy of the Bank of Englandduring the past year has been similar to that ofthe Federal Reserve Board. Rates of discountat the bank were increased from 6 to 7 per centin April, 1920, and were kept at this point untilApril 28, 1921, when they were reduced to 6 |per cent. On June 23 they were further re-duced to 6 per cent. During the period of the 7per cent bank rate, rates on three-months bankbills varied from 6i per cent to something over6f per cent, and with the reduction in the bankrate to 6J per cent, commercial rates declinedalso. The extent of control exercised by therate at the Bank of England over generalcredit conditions is exceedingly difficult tomeasure. As was pointed out above, the loansand advances of the joint-stock banks havebeen considerably reduced in recent months.To what extent this is due to a high bank rate,however, it is impossible to state.



Although present sterling-dollar exchangerates do not differ widely (by present standards)from those of the end of June, 1920, in thecourse of the past year there has been a veryheavy decline in the value of sterling, followedby an increase of approximately the samedimensions, followed in turn by another seriousweakening toward the end of May, 1921. Thequotation for sterling during the last week ofJune, 1920, averaged about $3.97. Very soonafter that, however, it began to depreciate andwas quoted at something above or below $3.50for several months during the fall and earlywinter of 1920. Between January and May,1921, there was more or less steady improve-ment, the quotation on May 21 averaging ap-proximately $4. The heavy purchase of dol-lars on German account in connection with theJune 1 reparations payment had, however,combined with the decline in British exportsand the strike of the coal miners, a seriouseffect upon sterling, and consequently thequotation for June 30 averaged only $3.72.

The coal strike was not settled until theend of June. On the 28th of that monthrepresentatives of the mine owners and theminers agreed upon terms of settlement, whichsubsequently proved satisfactory to all theparties concerned. These terms represent con-cessions by both sides; the mine owners agreeto operate the mines upon a profit-sharingplan; the miners abandon their demand for apooling of profits; the Government agrees to asubsidy of £10,000,000 to tide the industryover the period of readjustment. The chiefclauses of the new agreement may be summar-ized as follows:

National and district wage boards are to be establishedwith equal representation of both sides and independentchairmen.

District wages are to be in the form of a percentage uponthe district basis rates, periodically adjusted, and deter-mined by the proceeds of the industry in each districtascertained after a joint audit. The sum to be appliedin each district to the payment of wages above the stand-ard wage shall be a sum equal to 83 per cent of the surplusof such proceeds remaining after deduction therefrom ofthe amounts of the following items during the period ofascertainment: (a) The cost of the standard wages; (b)the costs of production other than wages; (c) standardprofits equivalent to 17 per cent of the cost of the standardwages.

If in any period the ascertained proceeds, after deduc-tion of costs other than wages and the cost of the standardwages, prove to have been insufficient to meet the stand-ard profits, the deficiency shall be carried forward as afirst charge to be met out of any surplus (ascertained asabove) in subsequent periods.

The minimum rate will be the standard wage plus 20per cent. The standard wage will be the basis rateexisting in each district on March 31 last, plus districtpercentages payable in July, 1914, or equivalents neces-sitated by subsequent adjustments.

A subsistence wage for low-paid day workers will bedecided by the district wage board or, failing agreement,

by the independent chairman. Items of cost are to bedecided by the national board or, failing agreement byJuly 31, by the independent chairman.

During the temporary period of three months, the costsof production will be based on the first quarter of the year.The reductions in wages during this period are not to ex-ceed 2s. per shift in July, 2s. 6d. in August, and 3s. in Sep-tember, providing that the balance of the Governmentgrant is sufficient. The Government will give a grant notexceeding £10,000,000 in subvention of wages.

It is agreed that every man shall be entitled to returnto his place when that place is available for him, and thatmen temporarily occupying places during the stoppageshall give way to the men working in those places beforethe stoppage. It is agreed on the other hand, thatthere shall be no victimization of men who have beenkeeping the collieries open, not in the sense that theyare to remain at the jobs they filled during the stoppage,but that they shall not be prevented from going back totheir own jobs, or from working subsequently at thecollieries.

The coal fields are to be divided into 13 districts for thepurposes of this agreement.

The agreement is to last until September, 1922, andthereafter only to be terminated by three months' noticeon either side.

The so-called antidumping or safeguardingof industries bill is under consideration bythe House of Commons. The principles uponwhich the act is based were commented on inthe BULLETIN for May, 1921. The completelist of articles to which the bill applies may befound in the Board of Trade Journal for March31, 1921.

FRANCE.

Of the problems which have confrontedFrance during the past 12 months those of afiscal nature have been of prime importance.The 1920 budget was not passed until the lastdays in June of that year, and a whole series ofnew taxes went into effect upon July 1. Whenthe Chamber of Deputies returned from itssummer recess the proposed budget for thecurrent year was placed before it, but ex-penditures for 1921, on account of the ordi-nary and extraordinary budgets, were notfinally decided upon until May 1, 1921, and theexpenditures for "the recoverable budget"were not authorized until June 1.

The following table gives a survey of the ex-penditures authorized in the two years.

FRENCH GOVERNMENT BUDGET.

[In millions of francs.]

Ordinary budget .. .Extraordinary budgetExpenditures recoverable from Germany under

the peace treaty

Total

Calendar year.

1920

21 7615,420

20,751

47,932

1921

23,2633,236

15,913

42,412



As will be seen from these figures there is adecrease of about 5,500,000,000 francs in theexpenditures contemplated in 1921. This de-crease is, however, largely due to a revisionin the estimates of money to be spent on thereconstruction of the devastated regions, ratherthan to any important curtailment of the ex-penditures to be made on account of the ordi-nary and extraordinary budgets, which totaled27,i81,000,000 francs in 1920 and 26,499,000,-000 francs in 1921. M. Doumer, the Frenchfinance minister, has already presented pro-posals for the 1922 budget to the Chamber ofDeputies, which contemplate more drastic re-visions in expenditures on ordinary account.

It is anticipated that the Government willdraw upon the following sources for meeting1921 expenditures:

FRENCH GOVERNMENT RECEIPTS ESTIMATED FOR 1921.

[In millions of francs.]Normal receipts:

Taxes 13, 901Government monopolies 2, 525Other normal receipts 1,198

Total 17, 624Exceptional receipts:

War profits tax 4,028Liquidation of stocks 1, 200Short-term bills 450Long-term loans 19,149

Total 24,827

Grand total 42, 451

The amount to be raised by long-term loanswill be reduced by the amount of paymentsreceived from Germany during the year. Itis estimated that such payments will notamount, however, to more than 750,000,000gold marks, or about 2,025,000,000 francs, thisyear.

In his discussion of the " recoverable budget77

for 1921, M. Henry Cheron, rapporteur generalon the budget for the French Senate, estimatedthat the amount of money yet to be spent inrebuilding the northeast district of France is79,000,000,000 francs, and payments yet to bemade on pensions will amount to 48,000,000,000francs. As 60,000,000,000 francs have alreadybeen spent on reconstruction and pensions,the total cost of these two items was placed byM. Cheron at 187,000,000,000 francs. Underthe reparations agreement, France is to receive68,640,000,000 marks gold in return for warlosses (or at present exchange rates, about151,000,000,000 francs, according to M. Che-ron's figures). It seems probable, therefore,that unless the future cost of reconstruction canagain be revised downward, part of the amountto be spent will eventually have to be fur-nished by the French themselves.

On March 1, 1921, the total French publicdebt amounted to 302,304,000,000 francs, ac-cording to a statement recently published bythe ministry of finance. Although the float-ing foreign debt has been somewhat reducedsince March 1, the total debt has been in-creased by the issue of a new series of 2-yearTreasury bonds in France and the 20-yearloan floated in the United States. The pro-ceeds from the latter loan amounted on June14 to almost $90,000,000, or about 720,000,000francs at current exchange rates. Subscrip-tions to the issue of internal bonds were closedJune 21 (four days before the date originallyannounced), and according to cable reportsreceipts amounted to 5,000,000,000 francs.No limit had been set for subscriptions tothese bonds.

During the final stages of the debate on the1921 budget, M. Loucheur, minister for thedevastated regions, outlined his plans for re-construction. He wishes to leave the work toprivate initiative and enterprise as much aspossible, and to that end favors regional andindustrial loans, such as those floated by thecity of Albert and by the ''Coal Operators ofthe North and Pas de Calais Districts77 lastmonth. As to the employment of Germanlabor and materials in the devasted districts,M. Loucheur speaks with reservations. Hethinks that the employment of German labormay in some instances be advisable, but hedoes not believe that those instances will bevery frequent. On the other hand, he ad-vises the use of German raw materials and ofother payments in kind, because he thinksthat Germany7s capacity to pay will be in-creased and that the settlement of the wardebt will be facilitated by such payments. OnJune 12 and 13, M. Loucheur had a preliminaryconference at Wiesbaden with Dr. Rathenau,the German minister for reconstruction, in re-gard to the method by which materials shallbe transferred from Germany to France, andaccording to cable dispatches a satisfactoryworking arrangement was agreed upon.

French tax receipts for May amounted to1,004,000,000 francs, 121,000,000 francs lessthan budget estimates. Receipts from the taxon total business turnover reached 147,000,000francs, 11,000,000 francs less than in April,and 95,000,000 francs less than budget esti-mates. Early in June the Chamber of Depu-ties began to discuss a revision of this tax inorder to increase its yield. Two methods ofrevision were proposed, one to double the rateof tax, the other to subject to this tax sales ofagricultural products. The sales of the agri-cultural cooperative societies; which are veryimportant in France, are exempt from the



total business turnover tax. The first pro-posal is very unpopular with business men andwith the public generally, as it is felt that itwould tend to increase the cost of living, whichhas at last begun to decline.

According to the figures of the French Gen-eral Statistical Office the decline in retail pricesin Paris during May amounted to 3 per cent.However, the retail price index shows thatprices are still 217 per cent above what theywere in 1914.

During the past year there has been a muchmore striking change in wholesale than inretail prices. In April, 1920, the wholesaleprice index number of the French General Sta-tistical Office reached its peak. On that dateit registered 588, as compared with 100 in 1913.In May, 1921, this index has fallen to 328.

In this connection it is interesting to compareprices for representative commodities in Francelast spring with the prices in May of thisyear, which have been recently cabled to theFederal Reserve Board by the American consulin Paris.

WHOLESALE PRICES IN FRANCE.

Com-modity. Grade. Unit.

Pigiron.. P. R. No. 3. Ton

S t e e 1 Iplates, j

Copperingots.

Pig tin...!Lead !Zinc |Cotton,!

raw. jWool, rawRaw silk, i

|

BeefCoffeeButter... iCheese

Wine

3m/m 100 kilos.

100 kilos..Suitable forbrass.

EnglishOrdinaryGood IOrdinary,!

Louisiana. IBuenos AiresFrenchChinese, Can-

ton best.Hind quarterSantosNormandy..Camembert,

NormandyRed

100 kilos.100 kilos.100 kilos.50 kilos..

100 kilos.1 kilo...lkilo....

lkilo...50 kilos..lkilo....100

Hecto-liter.

Market.

Meurthe etMoselle.

La Place deParis.

do

do.do.do . . . .

Le Havre.do

Lyondo

ParisLe Havre.Paris

do

Beziers

April,1920.

505

155

May,1921.

270

87.37

717. 55 376. 38|

1,791.15 829. 5185. 62 127. 31

328.12 141. 31895 191.75

1,560461361.67

7.21352

13.7157. 50 112. 50

117.1

512152. 50131.25

6.5101. 5G

9.00

Per-cent-age of

de-crease.

46.5

43.6

47.5

53.755.455.978.6

67.266.964.0

9.871.134.328.6

67.4

The change in the situation of the Bank ofFrance during this interval has been less strik-ing than the change in prices. A table onpage 891 of this issue of the BULLETIN showsthe gold reserve, the note circulation, and thedeposits of the bank at the end of May in bothyears, and brings out the fact that the mostimportant change has been an addition to thegold reserve. Although the note circulationhas increased more strikingly at times duringthe interval, at the end of May, 1921, it wasnot quite 1 per cent larger than at the end of

May, 1920, and it is the announced intentionof the present government in France to] keepit from further increases. fH

The change which has taken place in theFrench foreign trade situation in the past yearis well illustrated by the following table whichreviews imports and exports for the first fivemonths of 1920 and 1921:

FOREIGN TRADE OF FRANCE.

[Comparison of the first five months of 1920 and of 1921 in millions offrancs and in 1919 value units.]

FoodRaw materialsManufactured articles..

Total.

FoodRaw materialsManufactured articles..Parcel post

TotalExcess of imports..Excess of exports..

January throughMay.

1920

4,0927,2444,386

15,722

1,8914,890

359

7,828

1921

1,9984,2692,417

8522,1785,507

512

9,049

365

Changefrom 1920

( + i n -crease; —decrease).

-2,094-2,975-1,969

-7,038

+ 164+ 287+ 617+ 153

+1,221

The figures in these tables are provisional, asthe French department of customs has not yetrevised its system of trade evaluation and isstill using 1919 value units in stating currenttrade. The peak of French import trade wasreached early in the spring of 1920. Since thattime there has been a more or less steady decline.The export trade was at its height in the mid-summer of 1920. It began to decline per-ceptibly in November of that year, and nasreached its lowest point so far in May, 1921. Itexceeds at present, however, the import trade,and this fact is especially significant for France.

The falling off in foreign trade last summer issymptomatic of the general slowing down ofindustrial activity in France at that time. Theslowing down has not been as serious in Franceas in some of the other European countries,however. The work to be done in the devas-tated regions, and the activities of the Frencharmy have prevented unemployment from be-coming as serious as it might otherwise havebeen. A recentfdispatch from France reportsthe number of those receivingfunemploymentrelief from municipal and departmental fundsas less than at the same time last month.



ITALY.

The index number of wholesale prices inItaly for all commodities in the month of Mayof this year was 88, against 106 in May, 1920,the monthly average in 1920 being taken as abasis. In other words, in the course of theyear there has been a decline of about 17 percent. The largest decline took place in theprices of textiles (from 105 to 47), of mineralsand metals (from 113 to 62), and of chemicals(from 123 to 76). In the case of textilesthe peak of high prices was reached in themidsummer of 1920, the textile industrieshaving been the first to be affected by the in-dustrial depression in foreign countries; inthe other groups the downward movement ofprices did not definitely set in before the endof last year; it has been continuous since thenfor nearly all groups, as may be seen from thetable on page 844.

Retail prices of the necessities of life con-tinued, however, to advance up to March, thelast month for which information is available.The following table gives the monthly indexnumbers of the cost of living of an averageworkers family in the most important cities,the figures for July, 1920, being taken as thebasis:

COST OF LIVING IN CERTAIN ITALIAN CITIES.

[July, 1920=100.]

Date.

1920.JulyDecember...

1921.JanuaryFebruary. . .March

Rome.

100.00123.46

121.70123. 82125.74

Milan.

100.00117.87

124.43125.60

Flor-ence.

100.00119.20

121. 26121.42126.91

Venice.

100.00113.91

114.61115.45118.23

Genoa.

100.00117.40

120.10118.68

Turin.

100.00118.11

118.95119.04122.26

The actual advance in the cost of living inMarch was even larger, as the figures givenabove do not take into account the rise in theprice of bread due to the enactment of thenew law on the supply of grain.

It was likewise in the last months of 1920that the first symptoms of the beginning of ageneral business depression appeared, whichbecame more pronounced early in the spring ofthis year. Thus, outstanding loans of the fourleading private banks decreased from 1,560,-000,000 lire on December 31, 1920, to 1,407,-000,000 lire on March 31, 1921, or nearly 10per cent, reflecting the slackening of transac-tions on the stock exchanges. Another symp-tom of the contraction of business activitiesmay be seen in the diminished yield from stampduties, which fell from 34,000,000 lire in Feb-ruary to 24,000,000 lire in April.

While no official figures regarding unemploy-ment are available for recent months, the num-ber of unemployed at the end of March wasestimated on the basis of reports from laborexchanges, trade unions, and other sources, atabout 120,000, with an additional 300,000working part time. The silk and woolen in-dustries have been most seriously affected,many of the spinning mills having been com-pletely closed down, while the weaving plantsnave been operating only four days in theweek. In the cotton industry part-time workhas likewise been introduced. In the metaltrades, machine construction, and automobileindustries the number of unemployed variedbetween 20 and 50 per cent, and most of theplants have been running on a part-time basis.Plants working on rolling stock for the railwaysand on electrical machinery are the only onesthat have not decreased production. Con-siderable unemployment has been reported inthe rubber and leather trades, as well as amongseamen, workers on secondary railways andstreet railways, and in the luxury trades. Thelatter industries have been especially seriouslyaffected because of the heavy taxation ofluxury goods.

Provisional figures of Italy's foreign trade inthe months of January and February of thecurrent year show an increase of imports from2,083,000,000 lire during a similar period lastyear to 2,486,000,000 lire this year, and a de-crease of exports from 1,116,000,000 lire to1,069,000,000 lire during the same period. Asthe figures for both years are based on 1919value units, this difference represents a realchange in the physical, volume of imports andexports. The figures for imports do not in-clude the goods delivered by Germany on thereparations account. The increase in importsis particularly pronounced for grain, cotton,coal, metals and metallic goods, colonial goods,drugs, and tobacco. The decrease in exportswas largest in silk and hemp.

An investigation of the condition of theItalian railways made in the month of Marchby the union of chambers of commerce showedthat the main cause of the crisis in transporta-tion was the shortage of locomotives. Whilethe number of cars available increased fromabout 90,000 in 1914 to over 120,000 at thetime of the report, the number of locomotiveshad decreased from 4,400 to 4,200. In themeantime, the mileage of the railways had in-creased by 1,500 kilometers, and railwaytraffic had become much heavier as a result ofthe decrease in coastwise shipping. At thetime of the investigation there were 1,675locomotives waiting for major repairs, andorders for 540 new ones had not been executedowing to financial difficulties, lack of raw



materials, shortage of labor, disorganizationof transports, etc. It was found, however,that conditions were improving and that thenumber of new and repaired locomotives thatwere daily turned out had increased in the pre-ceding two months, following the enactmentof a law authorizing the railway administra-tion to make advances to contractors.

GERMANY.

Among the statistics dealing with economicdevelopments in Germany during the pastyear not the least interesting are thoseon the tax receipts of the German Govern-ment for the year ending March 31, 1921.Germany's system of taxation was com-pletely revised in 1919 and the early monthsof 1920, but it took some time for the newtaxes to become effective, and tax receipts forMarch, 1921, were more than eight times aslarge as those for April, 1920. Total tax re-ceipts for the year amounted to 46,100,000,000marks, as compared with 8,400,000,000 marksin the fiscal year ending March 31, 1920.Neither of these figures includes receipts fromthe postal, telegraph, or railway monopolies.Tax receipts for the year 1920-2 i exceeded theanticipations of German Government officialsthemselves, and were more than 13 per centlarger than the revised (and enlarged) budgetestimates. Part of this difference is probablydue to the increase in monetary values whichtook place during the year, largely as a resultof continuous currency inflation. In spite ofthese unexpectedly large tax receipts, however,Government operations showed a deficit forthe fiscal year, and the floating debt increased74,860,000,000 marks in the period from April1, 1920, to March 31, 1921. This fact, com-bined with the necessity for providing fundsfor payments on reparations account, makes itevident that new taxes must be devised andtax receipts increased in the near future.Various schemes for accomplishing this endhave been proposed, but no definite decisionas to the method to be employed has yet beenreached. One of the financial experts of theReichstag has estimated that Germany's deficitfor the current year will be as follows:

ESTIMATED GERMAN GOVERNMENT DEFICIT FOR YEARENDING MARCH 3], 1922.

[In millions of marks.]

Estimated deficit on extraordinary budget 33,000Railway and postal deficits 12,500Cost of the armies of occupation not already pro-

vided for in the budget 9,000Probable value in paper marks of payments on

reparations account 42,000

Total 96,500

The most important of the taxes already inforce in Germany and their yield during thepast fiscal year are given in the following table.

GERMAN TAX RECEIPTS, YEAR ENDING MARCH 31, 1921.

[In millions of marks.]

Tax.

Income taxEmergency levy (Reichsnotopfer)Sales tax of December, 1919War profits taxFederal stamp taxesTax on passenger and freight receipts..Extraordinary war tax of 1919PremiumsCoal taxTobacco taxExport taxesOther taxes

Total..

9,5939,3363,5543,0941,7261,4231,8921,8454,6701,9082,2374,824

46,102

Increaseover

previousfiscal

9,5939,3343,5543,0921,054851

1,8841,2063,3161,2021,5461,075

37, 707

In Germany's present situation, her exporttrade is not less important than her tax re-ceipts. It is impossible, however, to reviewthe foreign trade situation as accurately as thetax situation. The official statistics publishedat present assign no value to German importsbeyond July, 1920. The most recently pub-lished statistics on the subject place the totalweight of German imports from Januarythrough October, 1920, at 15,078,877 metrictons, as compared with exports weighing16,283,114 metric tons in the same period.The value of exports from January throughOctober, 1920, is given as 53,753,890,000marks. It is interesting to compare thesefigures with the relative weight and value ofGerman imports and exports in 1913.

GERMAN FOREIGN TRADE, JANUARY THROUGH OCTOBER,1913 AND 1920.

19131920

Imports.

In thou-sands

of metrictons.

60,68615,079

Inmillions

ofmarks.

9,185

Exports.

In thou-sands

of metrictons.

61,16816, 283

Inmillions

ofmarks.

8,40953, 754

The trend of prices in Germany continueddownward in May, and the Frankfurter Zeitungindex number for June 4, 1921, stands at1,376, marking the low point so far this year.The high point for this index w a s reached inthe 1st of May last year, but it fell sharplyduring the month, so that the June 4 index islower than any other in 1920, excepting Janu-ary and February.



The following table gives the group indexnumbers for the first of June this year and forMay 1 last year:

FRANKFURTER ZEITUNG WHOLESALE PRICE INDEXNUMBER.

[Middle of 1914= 100.]

All commoditiesFoods, etcTextiles and leatherMinerals....Sundries . . .

M a y l ,1920.

1,6901,1783,2431,8601,417

June 4,1921.

1,3761,1161,9071, 5241,633

Eetail prices and the cost of living in Ger-many have not fluctuated as widely during thelast 12 months as have wholesale prices, butthe net change has been an important one.The following table shows the cost of living inGreater Berlin, for a family of four, in Maythis year and in the corresponding month lastyear:

COST OP LIVING IN GREATER BERLIN.

[In marks.]

Food .Rent .Heat and lightClothingSundries

Total

May, 1920.

1639

229873

365

May, 1921.

1229

25

66

285

It is, in all countries, difficult to estimate thechanges which have taken place in real wagessince 1914. The Frankfurter Zeitung hasrecently added to its other indexes dealingwith economic phenomena in Germany anindex of wages per hour paid in Frankfurt.The statistics used in this index represent 23different trades. It was possible, however,to obtain comparable rates in 1914 for onlynine of these trades, so that the indexnumber uses January 1, 1920, as a base. It iscomputed by averaging the monthly relativesobtained for each industry. The figures do nottake into account unemployment in the variousindustries represented and do not thereforegive any indication of the actual earnings ofwage workers in Frankfurt.

The following table presents the wage indexof the Frankfurter Zeitung and the indexnumber compiled by Dr. Elsas on the cost ofliving in Frankfurt, computed upon the basisof January 1, 1920 = 100:

FRANKFURT-AM-MAIN.

Indexnumberof cost ofliving.2

1920.Jan . lApr . lJu ly lAug.lSept.lOct.lNov. 1Dec. 1

1921.Jan.1Mar.lMayl

1 Compiled by the Frankfurter Zeitung.2 Compiled by Dr. Elsas.3 Since the beginning of the year.

It will be seen from the above table thatwages in Frankfurt have continued to risesince the beginning of the year, while the cost ofliving in that city has fallen from the peak of186 in November to 164 at the 1st of May.It is also clear from these two compilationsthat wages rose faster in Frankfurt during 1920than did the cost of living. It is not clear,however, whether wages have yet been in-creased enough to make up for the changewhich has taken place in the cost of living since1914. According to the index number of Dr.Elsas the cost of living in Frankfurt on January1, 1914, was 26.5, and in May, 1921, 280 (usingApril 1, 1919, as 100); that is, living costs haveincreased not quite 11 times since before the war.The following table gives the index numbers forwages in the industries for which the Frank-furter Zeitung could obtain 1914 rates:

RELATIVE WAGES PER HOUR IN FRANKFURT-AM-MAIN.

[Jan. 1,1920=100.]

Industry.

BuildingMetallurgicalSoapFoodShoeDecorating..RubberChemicals...Mining

1914

222216162222212217

Jan. 1,1920.

100100100100100100100100100

July 1,1920.

195206190169157203238250159

Begin-ning of

1921.

226230208211174242255279180

May 1,1921.

233230221257222265272291200

In the majority of these cases the increasein wages has been approximately the same asthe increase in the cost of living. In dealingwith these figures, however, it should be remem-bered that living costs have been kept as low asthey are by the Government regulation ofrents and of the prices of some foodstuffs.


810 FEDERAL KESEEVE BULLETIN. JULY, 1921.

SWEDEN.

As compared with conditions existing ayear ago, the present economic situation inSweden shows changes very similar to thosewhich have taken place in other countries.Price recessions, greatly curtailed production,and a decreased foreign trade are outstandingfeatures of the year.

The turning point in the boom period inSweden was reached in the summer and earlyautumn of 1920. Wholesale prices reachedtheir peak in June, but the downward move-ment did not gain any appreciable momentumuntil October. Since that month commodityvalues have fallen on an average of 5 per centper month, or about 40 per cent urj to June.An upward price trend was noted in severalcommodity lines during May of this year, butas yet there are no significant indications of astabilization of values or convincing evidencethat the price decline is drawing to a close.The prices of hides and leather now stand verynear their pre-war level. Textiles and metalshave fallen until they are about 50 per centabove pre-war prices, but all other commoditygroups for which index numbers are computedare still more than twice as high in value as in1913. The price recessions which have occur-red in the various groups of commodities showextreme irregularity. Comparing the pricesin May, 1921, with the peak prices of 1920, themost drastic drop is apparent in the case ofcoal, which has declined nearly 80 per cent.According to the group indexes of the SvenskHandelstidning, textile prices have receded65 per cent from the peak, wood pulp 64 percent, hides and leather 61 per cent, metals53 per cent, building materials 39 per cent,oils 30 per cent, animal foods 30 per cent, rawmaterials for agriculture 23 per cent, andvegetable foods 19 per cent.

During the past year, production of lumber,the most important industry in Sweden, hasreflected the change in the general industrialsituation. Due in a large measure to the briskforeign demand, general expectation of abuilding revival, and the favorable seasonalinfluences for timber-floating operations andearly navigation, lumber production and tradewere of considerable promise in the first halfof 1920. In the latter half of the year, how-ever, continental demand almost completelyceased, particularly in France and Holland,which were affected by adverse exchangerates. Germany, which before the war rankednext to Great Britain and France as the largestimporter of Swedish wood products, practicallyceased to be a customer and became a com-petitor of Sweden. Even in England and thecolonies which remained the only important

and dependable markets for Swedish lumbe -there was a falling off in demand. This wasdue not alone to the industrial slackness butalso to the competitive exchange advantageenjoyed by Finland which permitted Finnishexporters to underbid on c. i. f. terms the f. o. b.quotations of Swedish manufacturers.

The total export of lumber in 1920, however,amounted to over a million standards, whichcompares satisfactorily with the figure for 1913and exceeds by substantial margins the totalexports in either 1918 or 1919. A real indica-tion of the decreased demand for lumber isfurnished, however, in the export figures for1921. The official export statistics for un-planed boards, deals, scantlings, battens, etc.,are given below:

SWEDISH EXPORTS OF UNPLANED BOARDS, DEALS,PLANKS, SCANTLINGS, ETC.

[In thousands of cubic meters.]

January. . .February..MarchAprilMayJuneJulyAugustSeptember.October. . .November.December.

Total

1913

78.239.944.1

154.3040.0476.1493.6428.9432.1509.9410.1230.6

3,93£ 8

1920

139.690.1

164.6214.3347.1395.5659.3509.7421.0341.1228.6155.8

3,666.7

1921

43.319.022.015.743.6

143.6

As the consumption in the lumber importingcountries has not improved and as exchangedifficulties still remain, the present situationis bringing an automatic reduction in produc-tion, which is estimated at more than 35 percent.

In the paper-pulp industry, the second larg-set in Sweden, demand was unusually heavyin the first half of 1920, due to the greatinternational paper shortage. In August andSeptember, however, a setback occurred asgreat as it was sudden. In France and Eng-land, as well as in Scandinavia, paper produc-tion by the close of 1920 had decreased to lessthan 50 per cent of normal capacity, and thiscurtailment reacted seriously upon the pulpindustry. Throughout the fall orders from theUnited States maintained the market, but sincethe beginning of the year the industry hascome to almost a complete standstill. Pro-duction has been curtailed not only by thevoluntary closing of mills but also by a strikeof nearly two months' duration, involving 22mills with a combined yearly output of 360,000tons. Competition with Norwegian and Fin-nish pulp producers who are favored in the



foreign markets by the low exchange rates hasalso affected Swedish exports of pulp. Thedrop in pulp exports during the first fivemonths of 1921 is apparent in the followingtable, which presents the monthly exportfigures of 1913 and 1920 for comparison:

SWEDISH EXPORTS OF PAPER PULP CALCULATED BY DRYWEIGHT.

[In thousands of tons.]

1913 1920

JanuaryFebruary...MarchAprilMayJuneJulyAugustSeptember..OctoberNovember..December..

Total.

43.721.020.960.1

103.769.983.670.476.394.0

106.996.6

847.1

48.733.942.962.8

112.999.2

107.068.094.086.468.557.4

1921

12.56.36.0

10.118.2

881.7 53.1

A considerable decline has also been experi-enced by the Swedish iron and steel industriesduring the past year. The output was affectednot only by the depression in the latter half of1920, but by the revival of peace-time produc-tion abroad, labor unrest, the installation ofthe eight-hour day, heavy freights, taxes, andthe high prices and inferior quality of the fuelavailable. Compared with the figures for 1913,production in 1920 was exceptionally small.The following table indicates the decline inoutput:

SWEDISH PRODUCTION OF IRON AND STEEL.

[In thousands of tons.]

1913

Iron ore ! 7,480.0Pig iron 730.2Blooms 158.5Ingots j 590.9Rolled iron I 345.6

1919

4,987.0493.763.6491.2312.3

1920

452.359.0426.6281.0

Exports of pig iron and ingots in 1920 weregreater than in the nearest preceding years,but below the prewar volume. Throughoutthe present year iron-ore exports have ex-ceeded the amount exported in the correspond-ing period of 1920. Ore exports in March andApril, 1921, also surpassed the prewar quanti-ties in the same months. On the other hand,the export of pig iron in May, 1921, was onlyabout 32 per cent of the exports in the samemonth of the preceding year and only 35 percent of the May, 1913, volume. The tablesbelow present the monthly export statistics forore and pig iron:

55762—21 4

JanuaryFebruary...March..AprilMayJuneJulyAugust... .SeptemberOctober.. .November .December

Total.

SWEDISH E XP ORT S OF I R O N[In thousands of tons.]

1913

338.3354.8314.3418.3527.5545.1785.3925.6755 4698.1469.3307.9

6,439. 9

ORE.

1920

136.0173.0241.7296.9257.6399.7394.7469.5451.5442.0302.6171.1

3,736.3

1921

244.1289.3356.4427.9391.2

1,708.9

EXPORTS OP PIG IRON.[In tons.]

JanuaryFebruary...MarchAprilMayJuneJulyAugustSeptember.OctoberNovember..December..

Total 192,612

1913

16,12,21,20,19,19,26,15,14,

i, 533;009868828630839415441130607617

1920

3,1785,5416,9817,80114,91614,57512,94310,8999,6488,6869,28910,959

115,416

1921

8,4647,5101,4414,0164,772

26,203

The total foreign trade of Sweden reached itspeak in July, 1920, and by May, 1921, haddeclined approximately 70 per cent. Importsand exports in May were about 40 and 42 percent, respectively, of their value in the corre-sponding month last year. An improvementin the balance of trade was a noteworthy de-velopment of the past year. In the firstquarter of 1920 the excess of imports amountedto 438,000,000 kronor, while in the first threemonths of 1921 the excess diminished to82,000,000 kronor. The following table showsSweden's commodity balance of trade:

S W E D E N ' S BALANCE OF T R A D E .[Excess imports (+) and exports (—). In millions of kronor.]

1921

JanuaryFebruary . . .MarchAprilMayJuneJulyAugustSeptember.OctoberNovember..December. .

1913

+13.9+ 15.8+17.4+ 9.6-10.8-11.3— 7.2- 6.6- 0.8+ 3.2+ 5.0+ 1.0

1920

+ 111.2+ 176.1+ 150.6+ 103.2+ 87.1+ 59.7+ 63.4+ 77.8+ 91.7+ 81.5+ 51.7+ 25.8

+31.1+27.5+23.7+36.7

From this table it can be seen that in a nor-mal year an excess of exports usually occursduring the summer months or the timber-shipping season. The excess imports takeplace in the first third, and the last quarter ofthe year. In 1920 there was no period what-ever of excess exports.

An easier position in the money market isapparent from the Kiksbank returns for May.


812 FEDERAL KESERVE BULLETIN. JULY, 1921.

A contraction in the loans and discounts of thejoint-stock banks has been in progress sinceDecember, and up to June it amounts to about4 per cent of the December figure. Aggregateloans, discounts, and rediscounts at the endof May, 1921, had declined about 2 per centfrom the figure for the corresponding periodof 1920. The total outstanding note circulationof the Riksbank at the end of May amountedto 651,000,000 kronor, which is the lowest sinceJuly, 1918. I t represents a falling off since ayear ago of about 8 per cent and a decline fromthe peak circulation of December, 1918, ofapproximately 20 per cent. Gold holdingshave remained at practically the same levelfor the past six months, and in May were about8 per cent higher than the corresponding periodlast year.

The business transacted on the stock ex-change has declined heavily in the past year.The May volume of business was less thanone-half of the total transactions in the samemonth in 1920.

NETHERLANDS.

The crisis in industry, trade, and shippingthrough which the Netherlands has been pass-ing continues. Every branch of industry, ex-cept special enterprises, such as ship repairing,reflects the depression which prevails likewise intrade and in the securities market. Unemploy-ment continues, and in many instances is in-creasing. There is evidence, however, that theeconomic structure of the Netherlands, sup-ported as it is by a diversified internationaltrade, enables it to withstand the crisis withless hardship than is the case in countriesof more specialized production. Revenuereturns for the first four months have been onthe whole more satisfactory than was antici-pated and somewhat in advance of receipts forthe corresponding period last year, so that thetreasury has not suffered from the effects of thedepression.

Though the guilder held its internationalexchange value well into 1920, it necessarilyreacted to the cumulative effects of undueexpansion of currency and credits and of anincreasingly adverse trade balance. Theexcess of imports over exports rose from145,000,000 florins in 1917 to 1,631,000,000 in1920, and was 254,000,000 for the first quarterof 1921. The increase in the note circulationof the Netherlands Bank for the last half of1920 amounted to approximately 73,000,000florins, and during this period the decline ofthe exchange value of the guilder followedmore or less closely the rise in the note circu-lation, together with the increase in the bank'sbill holdings. In recent months the exchange

value of the florin has risen from the low pointof 29.25 cents in November, 1920, to 39.29;ents, the high point in May, an upward

movement which may be associated with theimproved position of the bank with regard toits note issue.

During the war the Netherlands Bank fol-lowed a policy, which it has since continued, ofmaintaining gold balances abroad, and of is-iuing bills against these balances whenever oc-

casion arose, an expedient which has enabled thebank to exercise a stabilizing influence on theexchange value of the florin without resortingto the export of gold. As a consequence ofthis policy, the bank's foreign balances havegradually decreased to approximately 20,000,-000 florins. Recently, however, the bank hasdecided to build up these balances once more,and to this end has begun the export of gold.The weekly statements show that during theperiod from March 29 to May 2, inclusive, thebank's gold holdings decreased by 30,000,000florins and that its "Sundry accounts," whichinclude foreign credits, increased by an almostequivalent amount.

A reduction in silver holdings has also takenplace as a result of the decision of the Govern-ment to withdraw the silver notes of 2.50-florinand 1-florin denominations from circulation.The bank has accordingly effected a gradualreduction in the stock of silver which it holds ascover for these notes. Holdings have de-creased from 22,600,000 florins the first of Feb-ruary, when the reduction began, to 13,000,000florins on the last of May.

A table showing the principal asset and lia-bility items of the Netherlands Bank for 1920and the first five months of 1921 is attached.

PRINCIPAL ASSET AND LIABILITY ITEMS OF THE N E T H E R -LANDS BANK.

[In thousands of florins.]

Date.

1920Jan. 31..Feb. 28.Mar. 27.Apr. 24.May 29.June 28.July 26.Aug. 30.Sept. 27.Oct. 25.Nov. 29.Dec. 27.

1921Jan. 31..Feb. 28.Mar. 29.Apr. 25.May 30.

Metallic reserve.

Gold.

631,845633,241634,164635,161635,805636,304636,338636,340636,347636,141636,141636,141

636,141636,141621,034610,977605,965

Silver.

8,2299,390

10,42611,32312,64613,89415,01516,53017,73218,94420,17121,190

22,45620,39216,68714,43413,065

Total.

Loans,dis-

counts,and ad-vances.

Ad-vancesto Gov-

ern-ment

bearingno in-'terest.

640,0741642,6311644,590l646,484648,451650,198651,353652,870654,079655,085656,312657,331

658,597656,533637,721625,411619,030

446,687441,833397,052423,404459,017414,230422,464407,259415,859441,216447,066444,428

444,777407,872408,336440,165408,969

12,08714,96513,3428,045

13,647

3,205478

6,52314,95113,832

4,93014,57314,74014,91613,493

Foreignbills.

Notesin circu-

lation.

48,904 1,54,783 1,56,192 1.53,882 1'71,356149,698 I41,088 146,484 139,435 129,041 144,415152,754 I)

0171,992 I!708150216951

039,062026,549013,315045,948020,829004,808017,208026,033030,310057,317078,032072,145

:, 072,109.,053,417,036,816:, 043,2761,029,565



Continuing the figures on wholesale pricesin the Netherlands, which appeared in theApril BULLETIN, the following price index for49 general commodities and for 31 articles offood (included in the 49), prepared by theDutch Central Bureau of Statistics, shows adecline of 20 points in prices in general fromDecember, 1920, to January, 1921, and a dropof 13 points in February. Retail prices onthe other hand show only a small and by nomeans proportionate reduction.

WHOLESALE PRICES IN THE NETHERLANDS.

[On basis of 1913= 100.]

Date.

Year 1919

1920.

JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember

Generalarticles

(49).

304

293299290296297297301289287

Foodarticles

(31).

293

264254253260262269274265261

Date.

1920.

OctoberNovemberDecemberYear 1920

1921.

JanuaryFebruaryMarch

Generalarticles

(49).

283261233285

213200192

Foodarticles

(31).

259253232259

211204191

The foreign trade of the Netherlands for thefirst quarter of the current year shows littlechange from that of the corresponding quarterof 1920. There has been a decline in theexport of most raw materials and an increasein the export of some manufactures, especiallyin manufactures of cotton. The trade move-ment for the quarter by groups of commoditiesmay be seen from the following table:

FOREIGN TRADE OF THE NETHERLANDS FOR THE FIRSTQUARTER OF 1921 COMPARED WITH THE CORRESPOND-ING QUARTER OF 1920.

[In thousands of guilders.]

Live animalsFoodstuffs, fodder, and bev-

eragesRaw and semimanufactured

products:(a) Of animal origin(6) Of vegetable origin...(c) Of mineral origin

Manufactured productsOther articles

Total .Gold and silver coin and bul-

lion

Grand total

Imports.

January-March,

1920.

897

100,119

34,241156,517109,270276,092

579

677,715

5,540

683,255

January-March,1921.

1,771

123,405

18,32792,99389,911

270,9011,154

598,462

8,456

606,918

Exports.

January-March,1920.

3,449

132,293

17,16937,5426,976

118,4591,595

317,483

7,567

325,050

January-March,

1921.

10,500

145,262

6,72429,7849,201

140,5052,171

344,147

22,688

366,835

In March the balance of trade for the monthshows an excess of imports amounting to107,000,000 florins, in February there is asimilar excess of 49,000,000 florins, and inJanuary 98,000,000 florins, compared with anaverage monthly balance of 136,000,000 florinsin 1920 and of 117,000,000 florins in 1919.

In the Dutch East Indies foreign trade is light,and the financial and economic situation showslittle improvement over past months. The flor-in of the colony has been weak compared withthat of the Netherlands, and a sharp fall inmost commodity prices has been witnessed.

Though the 1920 sugar crop was better thanexpected and the yield per unit of cane for theyear was very high, the world sugar crisis in-volved the Java market and forced sales sentprices down to 14 florins per picul (3 centsper pound), the high for the year having been51 florins per picul. The outlook for 1921 isnot satisfactory. Of the estimated crop of1,600,000 tons, as compared with 1,500,000 in1920, less than one-third has been sold, the pricebeing considerably less than that quoted for cur-rent shipments of the 1920 crop. Numerousstrikes at the sugar mills and of longshoremenhave called for concessions from employers.

The Netherlands Parliament has recentlyauthorized a 250,000,000 florin loan to theDutch East Indies. Because of increasing defi-cits in the colonial budget, additional taxesand duties have been imposed to balance therevenue and expenditure, which in the pastnine years have increased 72 per cent and 143per cent, respectively.

As a factor in its international trade, andespecially in the economic status of the Nether-lands, the position of its shipping is important.Shipping under the Netherlands flag was com-paratively prosperous at the close of the war.Those lines whose ships were not chartered atfixed rates to some one of the belligerents hadreaped very large profits from the generalscarcity of shipping. The Dutch shipownershad a considerable amount of new tonnageready to promote extension of service and thepast two years have witnessed a steady gainin the establishment of regular lines. At pres-ent the volume of Dutch shipping is nearlyback to normal, the total net tons leavingRotterdam being approximately five-sixths of1914 figures, and at Amsterdam about four-fifths of the normal tonnage has been regis-tered. The Dutch Parliament has recentlygranted a subsidy of 1,000,000 florins annuallyfor five years to a Netherlands South Africanline which is formed jointly by the Rotter-damsche Bank, the Netherlands Indian Bank,the Netherlands Trading Co., the TwentscheBank, and two important shipping firms.



State Banks and Trust Companies Admitted.

The following list shows the State banks and trust com-panies which have been admitted to membership in theFederal Reserve System during the month of June, 1921,

One thousand five hundred ninety-six State institu-tions are now members of the system, having a total capitalof $554,364,645, total surplus of $527,696,294, and totalresources of $10,236,149,929.

District No. 2.

Claremont Bank of Jersey City, JerseyCity,N.J

District No. 6.

Bank of Dawson, Dawson, GaRoyston Bank, Royston, GaParish Bank & Trust Co., Opeiousas,

La

District No. 7.

State Bank of Armstrong, Armstrong,Iowa

Moorhead State Bank, Moorhead,Iowa

American State Bank, HighlandPark, Mich

District No. 8.

Farmers State Bank, Con way, Ark...Bank of Eastern Arkansas, Forrest

City, ArkPeoples Savings Bank & Trust Co.,

Pine Bluff, Ark ,

District No. 9.

Mercantile State Bank, Minneapolis,Minn

First State Bank of Clyde Park, Mont.

District No. 11.

Caddo Mills State Bank, Caddo Mills,Tex

Wharton Bank & Trust Co., Wharton,Tex

First State Bank, Coahoma, TexSecurity State Bank, Cooper, Tex

District No. IB.

Security Bank & Trust Co., San Fran-cisco, Calif

Capital.

$200,000

100,00060,000

50,000

25,000

30,000

200,000

60,000

50,000

100,000

300,00025,000

30,000

50,00025,000100,000

500,000

Surplus.

$50,000

35,00030,000

10,000

5,000

30,000

50,000

10,000

50,000

50,000

80,0002,000

21,000

150,000

325,000

Total

$5,517,836

365,471416,097

128,199

270,123

456,242

2,112,445

824,333

743,126

1,075,115

2,847,39895,554

187,726

741,724128,997909,449

LIQUIDATIONS.

First Trust & Savings Bank, Des Moines, Iowa.Glynn County Bank, Brunswick, Ga.Burley State Bank, Burley, Idaho.Bank of Duchesne, Duchesne, Utah.

CONVERSION.

The Citizens Bank, Hohenwald, Tenn., has convertedinto a national bank.

Acceptances to 100 Per Cent,

Since the issuance of the June BULLETIN the followingbanks have been authorized by the Federal Reserve Boardto accept drafts and bills of exchange up to 100 per cent oftheir capital and surplus:

American Trust Co., Boston, Mass.Ohio National Bank, Columbus, Ohio.The City National Bank, Columbus, Ohio.Brotherhood of Locomotive Engineers Cooperative

National Bank of Cleveland, Cleveland, Ohio.

New National Bank Charters.The Comptroller of the Currency reports the following

increases and reductions in the number and capital ofnational banks during the period from May 28 to June 24,1921, inclusive:

New charters issued toWith capital ofRestored to solvencyWith capital ofIncrease of capital approved forl ,With new capital ofAggregate number of new charters, banks restored

to solvency, and banks increasing capital ,With aggregate of new capital authorizedNumber of banks liquidatingCapital of same banksNumber of banks reducing capital2

Reduction of capitalTotal number of banks going into voluntary or in-

voluntary liquidation or reducing capital ,Aggregate capital reduction ,Consolidation of national banks under the act of

Nov. 7,1918 ,CapitalThe foregoing statement shows the aggregate of in-

creased capital for the period of the banks em-braced in statement

Against this there was a reduction of capital owingto liquidations, etc ,

Net increase ,

Banks. Amount.

$950,000

"125*666

2,740,000

3,815,000

'2,075"666

700,000

2,775,000

'J6,'466,"666

3,815,000

2,775,0001,040,000

1 Includes two increases in capital aggregating $250,000 incident toconsolidations under act Nov. 7,1918.

a Includes one reduction in capital of $700,000 incident to a consolida-tion under act of Nov. 7,1918.

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 havebeen approved by the Board during the month of June,1921:

DISTRICT NO. 2.Trustee, executor, administrator, registrar of stocks and bonds, guardian

of estates, assignee, receiver, and committee of estates of lunatics:National Trust Bank, Paterson, N. J.Nassau County National Bank, Rockville Center, N. Y.First National Bank, Waverly, N. Y.

DISTRICT NO. 3.Trustee, executor, administrator, guardian of estates, assignee, receiver,

and committee of estates of lunatics:The Fourth Street National Bank, Philadelphia, Pa.

Guardian of estates, assignee, receiver, and committee of estates of luna-tics:

First National Bank, Seaford, Del.Trustee, executor, administrator, registrar of stocks and bonds, guardian

of estates, assignee, receiver, and committee of estates of lunatics:Second National Bank of Philadelphia, at Frankford, Philadelphia,

Pa.DISTRICT NO. 4.

Executor, administrator, guardian of estates, assignee, and receiver:City National Bank, Columbus, Ohio.

DISTRICT NO. 5.

Trustee, executor, administrator, registrar of stocks and bonds, guardianof estates, assignee, receiver, and committee of estates of lunatics:

First National Bank, Welch, W. Va.DISTRICT NO. 7.


First National Bank, Belvidere, 111.Will County National Bank, Joliet, 111.Farmers National Bank, Sparta, Wis.

DISTRICT NO. 8.Trustee, executor, administrator, registrar of stocks and bonds, guardian

of estates, assignee, receiver, and committee of estates of lunatics:First National Bank, Mayfield, Ky.

DISTRICT NO. 9.


First National Bank, Fargo, N. Dak.DISTRICT NO. 10.


First National Bank in Wellington, Wellington, Kans.



RULINGS OF THE FEDERAL RESERVE BOARD.Reserves against money paid by customer in anticipation

of acceptances and against balance due to foreign branch.

Inquiries have been received as to whethera member bank must maintain reservesagainst moneys paid to it by a customer inanticipation of the maturity of an acceptancemade for the account of the customer, andwhether it is necessary for a member bankto maintain reserves against balances duefrom it to one of its own foreign branches.

As to the necessity for a member bankmaintaining reserves against moneys paid inanticipation of the maturity of an acceptance,the Board is of the opinion that the questiondepends largely upon the relationship be-tween the bank and its customer. If uponreceiving the money the member bank creditsit to the customer's general deposit accountsubject to check, or if the customer is permittedto withdraw such money either by check orafter a certain length of time, i. e., if the de-posit is treated as a demand or time depositsubject to withdrawal, it would seem that themoney deposited would constitute a depositliability against which the member bank wouldbe required to maintain reserves in accordancewith the provisions of section 19 of the FederalEeserve Act. On the other hand, if themoney deposited is not subject to withdrawalby check or otherwise but is received in fullor part payment of the customer's obligationto put the bank in funds at the maturity ofthe acceptance, or if the money is received asa special deposit for the purpose of meetingthe acceptance when it matures and the cus-tomer can not demand the return of the moneybut can require only that the bank apply themoney in payment of the acceptance at ma-turity, it would seem that the deposit does notconstitute a deposit liability within the pro-visions of section 19.

So far as the second question is concerned,the Board is of the opinion that a memberbank is not required to maintain reservesagainst balances due from it to one of its ownforeign branches. The Board has consistentlyruled that branch banks have no separateexistence distinct from the parent bank andthat the parent bank and its branches are onelegal entity. (1915 BULLETIN, 125; 1917BULLETIN, 198.) It seems evident, therefore,,

that a balance due to a foreign branch of amember bank from its parent bank, althoughshown as a liability on the books of the parentbank, does not constitute a deposit liabilitywithin the meaning of section 19 against whicnreserves must be maintained.

Acceptances against shipping documents covering cattle.

The question has been presented as towhether a plan whereby cattle feeders financethemselves by drawing bills of exchange ontheir local banks, which bills are accepted bythose banks and then offered for discount toanother bank, would be in accordance with therulings of the Federal Reserve Board.

Certain farmers buy cattle in the fall, feedthem for about three months, and then sellthem in the market; and the custom of thefarmers is to borrow money from the banksto enable them to carry the cattle for threemonths' time. In other words, they drawdrafts on their local banks for three or fourmonths' time secured by bills of ladingcovering the shipment of the cattle to thefarmers. The local banks accept the draftsand the farmers send those acceptances to an-other bank, which discounts them. It is antici-pated that within the period for which theacceptances are drawn the cattle will be resoldby the farmers, and with the proceeds the ac-ceptances are to be liquidated.

The Board has heretofore ruled that anational bank may accept a draft drawn uponit if secured at the time of acceptance by a billof lading covering a shipment of cattle to acattle raiser who has purchased them with theintention of fattening and reselling them. Theperiod covered by the acceptance, however,should not be in excess of the period of creditwhich is usual and reasonably necessary tofinance transactions of this character. Suchacceptances when discounted and indorsed by amember bank, other than the accepting bank,are eligible for rediscount with a Federal Re-serve Bank, provided they have maturities atthe time they are offered for rediscount not inexcess of three months and comply in all otherrespects with the provisions of the FederalReserve Act and the regulations of the FederalReserve Board.



Exercise of fiduciary powers by national banks outsideof State where located.

The Federal Reserve Board has received anumber of inquiries as to whether or not anational bank which has been granted fiduciarypowers, under the terms of section 11 (k) ofthe Federal Reserve Act, may exercise thosepowers in States other than that in which itis located.

A permit issued to a national bank by theFederal Reserve Board under the terms ofsection 11 (k) results in an extension of thecorporate powers of the bank to include thepower to act in the various fiduciary capacitiesmentioned in the permit. Whether or not thebank may exercise those powers in States otherthan that in which it is located is a questionwhich depends upon the laws of each of thoseother States, since section 11 (k) expresslyprovides that the powers conferred by it maybe exercised only when not in contravention

of State or local law." The Board is of theopinion that there is no other provision in theFederal Reserve Act or the National Bank Actwhich should be construed to restrict the exer-cise of trust powers in behalf of residents ofother States.

The Federal Reserve Board is of the opinion,therefore, that a national bank which has beengranted permission to exercise fiduciary powersunder the provisions of section 11 (k) may,without other authority, exercise the powersgranted not only in the State where the bankis located but also in any other State the lawsof which do not expressly or by necessaryimplication prohibit the exercise of those

Eowers by national banks located in othertates. The Board is of the opinion, however,

that in any such case the national bank wouldhave to conform to those laws of any State inwhich it is acting which relate to the exerciseof fiduciary powers by foreign corporations.

LAW DEPARTMENT.Limitations applicable to letters of credit.

The Federal Reserve Board was recentlyasked for its opinion as to whether the lia-bility incurred by a national bank upon acommercial letter of credit, as distinguishedfrom the liability upon the acceptances madeunder the letter of credit, is subject to thelimitations of section 5202 of the RevisedStatutes, and whether such a liability shouldbe treated as subject to the limitations uponthe aggregate amount of acceptances which, amember bank may make under the provisionsof section 13 of the Federal Reserve Act.

The Board has ruled that the limitationsimposed by section 5202 on the aggregate lia-bilities incurred by a national bank do notapply to the outstanding acceptances of suchbanks, since such liabilities are incurred underthe provisions of the Federal Reserve Act andso fall within the fifth exception to section5202 as amended. (1916 BULLETIN, 680.) In-asmuch as a commercial letter of credit issimply an agreement to make acceptances, andthe authority of national banks to issue suchletters of credit is incidental to the authorityexpressly granted by section 13 of the Act tomake acceptances in certain transactions, andsuch letters may properly be issued only inconnection with the kinds of transactionsspecified in that section, it seems clear that theliability of a member bank upon a commercialletter of credit is a liability incurred under theprovisions of the Federal Reserve Act withinthe fifth exception to section 5202, and is notsubject to the limitations of that section.

The Board is further of the opinion that theliability incurred upon a commercial letter ofcredit—that is, upon the agreement or letteritself, as distinguished from the acceptancesmade thereunder—should not be classified as anacceptance liability within the limitation im-posed upon the aggregate amount of accept-ances outstanding at any one time under theprovisions of section 13 of the Federal ReserveAct. The Board has ruled that the six months'limitation upon acceptances in section 13applies to the drafts drawn under a letter ofcredit but should not be construed as applyingto the agreement or letter of credit itself.(1915 BULLETIN, 269; 1920 BULLETIN, 66.In other words, a member bank may issue aletter of credit by which it agrees within aspecified time, which may be more than sixmonths, to accept drafts aggregating certainamounts, although each individual draft drawnunder the credit must not have a maturityof more than six months. Similarly, it wouldseem that a member bank may issue a letterof credit the aggregate amount of which maybe in excess of the 50 per cent or 100 per centof the bank's capital and surplus, providedthat the aggregate amount of the acceptancesmade under the letter of credit and outstandingat any one time does not exceed, in additionto the bank's other outstanding acceptances,the aggregate limitation upon acceptancesprescribed in section 13.

The Board does not mean to imply, however,that a member bank may obligate itself upona letter of credit to accept drafts drawn there-



under entirely without regard to the limitationsof section 13. Section 13 expressly prohibitsa member bank from having outstanding atany one time acceptances in excess of 50 percent of its capital and surplus, except thatthe Federal Reserve Board may authorize amember bank to accept up to 100 per cent ofits capital and surplus. While, in the Board'sopinion, the liability incurred upon a letter ofcredit should not be treated as a liability sub-ject to the 50 per cent or 100 per cent limita-tion, nevertheless a member bank should notobligate itself to accept drafts under a letter ofcredit to such an amount that it is reasonableto anticipate that the aggregate amount ofacceptances issued under that letter and out-standing at any time, together with otheracceptances which may be outstanding, willexceed at any one time the limitation to whichthe member bank is subject.

Amendment to the Federal Reserve Act.

Senate bill 86, amending section 25 (a) ofthe Federal Reserve x\ct, was approved by thePresident June 14, 1921. The text of the act,which is known as Public Act No. 17, 67th Con-gress, is as follows:

AN ACT To amend the Act approved December 23,1913, known asthe Federal Reserve Act.

Be it enacted by the Senate and House of Representatives ofthe United States of America in Congress assembled, Thatsection 25 (a) of the Federal Reserve Act, being thesection added to said Act by the Act approved December24, 1919, be amended so that the first sentence of theparagraph prescribing the amount of capital stock acorporation organized under that section is required tohave and prescribing also the manner in which suchcapital stock must be paid in, said paragraph being thefourth paragraph following subparagraph (c) of saidsection, shall read as follows:

"No corporation shall be organized under the provisionsof this section with a capital stock oi less than $2,000,000,one-quarter of which must be paid in before the corpora-tion may be authorized to begin business, and the remain-der of the capital stock of such corporation shall be paidin installments of at. least 10 per centum on the wholeamount to which the corporation shall be limited asfrequently as one installment at the end of each succeed-

ing two months from the time of the commencement ofits business operations until the whole of the capitalstock shall be paid in: Provided, however, That whenever$2,000,000 of the capital stock of any corporation is paidin the remainder of the corporation's captial stock or anyunpaid part of such remainder may, with the consent ofthe Federal Reserve Board and subject to such regulationsand conditions as it may prescribe, be paid in upon callfrom the board of directors; such unpaid subscriptions,however, to be included in the maximum of 10 per centumof the national bank's capital and surplus which a nationalbank is permitted under the provisions of this Act to holdin stock of corporations engaged in business of the kinddescribed in this section and in section 25 of the FederalReserve Act as amended: Provided further. That no suchcorporation shall have liabilities outstanding at any onetime upon its debentures, bonds, and promissory notesin excess of ten times its paid-in capital and surplus.

Approved, June 14, 1921.

Commercial Failures Reported.

Some narrowing of the margin of increase over last year'sfailures is noted, but the 893 defaults reported to R. G.Dun & Co. during three weeks of June largely exceed the431 insolvencies of the same period of 1920. The returnsfor May, the latest month for which complete statistics areavailable, disclose 1,356 commercial failures for $57,066,471of liabilities, as compared with only 547 defaults for$10,826,277 in May, last year. With three exceptions, theinsolvencies of May, this year, are the largest in number onrecord for the month, but a single failure supplied nearlyone-third of the aggregate indebtedness. Separation ofthe May statement by Federal reserve districts shows thatmore defaults occurred in every instance than in thatmonth of 1920, while only in the fourth district were theliabilities smaller.

District.

FirstSecond- . .ThirdFourthFifthSixthSeventh.. .EighthNinthTenthEleventhTwelfth

Total

Failures during

N u m b e i

1921

97222

69102

99148169101

596792

131

1,356

May.

1920

52133

37424144601318161576

547

Liabilities.

1921

$2,783,06611,172,4951,516,8941,969,2312,657,7644, 750,4235,624,522

20,612,0581,203,3961,073,2191,851, 7741, 851,629

57,066,471

1920

$376,5862,413, 5911,085,1822,544,2731,577,684

715,555692,45061,243

163,487179,251168,165848,810

10, 826,277



PRICE MOVEMENT AND VOLUME OF TRADE.WHOLESALE PRICES IN THE UNITED STATES.

Prices in general continued to decline in May, but at a slower rate than at any time sincethe recession gained headway about a year ago. The index number of the Bureau of LaborStatistics, based upon approximately 315 quotations, decreased about 2 per cent during themonth, while that of the Federal Reserve Board, based on 90 quotations, declined only one-half of 1 per cent. The increase during the month in the prices of a considerable number ofimportant raw materials accounts in the main for the small percentage of change. Manu-factured goods for the most part continued to be reduced in price or else were stable. Slightincreases were reported, however, in certain grades of cotton yarn and cloth.

In June, prices fell perhaps slightly more than in May. The decline in the all-commoditiesindex of both the Federal Reserve Board and the Bureau of Labor Statistics amounted to 2 percent. Raw materials, with few important exceptions, declined again after showing considerablestrength in May. Similarly the index of goods exported (including among other things im-portant cereals and cotton) after showing a slight increase in May reacted downward in June.Manufactured goods as a whole were reduced rather less in June than in May. The index of theFederal Reserve Board for consumers' goods showed no change in June as compared with May,while that of the Bureau of Labor Statistics was lower by only 1 point.

The second table below shows the index number of the Bureau of Labor Statistics asreclassified by the Federal Reserve Board.2

INDEX NUMBERS OF WHOLESALE PRICES IN UNITED STATES—CONSTRUCTED BY THE FEDERAL RESERVE BOARDFOR THE PURPOSE OF INTERNATIONAL COMPARISON.1

[Average price for 1913=100.]

Date.

1920.Average for the yearMayJuneJulyAugustSeptemberOctoberNovemberDecember


Goodsproduced.

236266260253238231213195178

166156152145145141

Goodsimported.

191246226208182164142127112

114113114109105102

Goodsexported.

227262256248229211181163146

142135125121125122

Rawmaterials.

235263258249237233211192176

164152146136139133

Producers'goods.

237274265251235225209190171

166158153148145140

Consumers'goods.

229261255250229218203187171

159152151147144144

All com-modities.

233264258250234226208190173

163154150143142139

1 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 hasseemed advisable to publish the American number, since it contains certain classifications of commodities not otherwise available, namely, theprices of the important goods imported into this country, and of goods largely exported, and compares them with the general price level in theUnited 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 1920as 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 inBULLETINS 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 agriculturalproducts (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 woolencloth, boots and shoes, and kerosene among the consumers' goods.

The index of "goods imported" consists of 18 quotations (9 raw materials, 7 producers' and 2 consumers' goods). It includes Egyptian cotton,Australian and South American raw wool, Japanese and Chinese silk, South American hides, Straits tin, and Canadian lumber among the rawmaterials; plantation and Para rubber, Chilean nitrate, cane sugar, burlap, sisal, etc., among producers' goods; and tea and coffee for consumers'goods.

Leading American exports are included in the index of prices of "goods exported," which is made up of 40 quotations (17 raw materials, 12producers' 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 fallinto these classes, whether they are of domestic or foreign origin. The raw materials group includes 39 quotations, the producers1 goods 29, andthe 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. Rawmaterials have been subclassified into agricultural products (mainly grains, cotton, and tobacco), based upon 19 quotations, animal products basedupon the same number, forest products based upon 11 quotations, and mineral products based upon 27 quotations. The FEDERAL RESERVEBULLETIN for October, 1918, contains a list of the commodities in each group. The weights are the same as those used by the Bureau of LaborStatistics.



300

280

260

240

220

200

180

160

MO

120

100

80

60

40

20

0

INDEX NUMBERS OF WHOLESALE PRICES IN THE UNITED STATES, I9I9-I32LAVERAGE PRICE LEVEL OF 1913 =100

— JIIL Commodities.— Goods imported""Goods exported.

•fA

1913

ft:^

1920 192!

JlawMaterials•.-jfoducers'Goods.-Consumers'Goods.«

1919 1920 19ZI

300280260240220200180160

m120

W

SO

60

INDEX NUMBERS OF WHOLESALE PRICES IN THE UNITED STATES FOR PRINCIPAL CLASSES OF COMMODITIES—BUREAU OF LABOR STATISTICS.


Year and month.

1920.MayJune ,JulyAugustSeptemberOctoberNovemberDecember


Raw materials.

Agricul-tural

products.

314301287259232191170155

155145136126131125

Animalproducts.

179186184181186172159132

119114116106104102

Forestproducts.

367363359351344339289278

245225210205205204

Mineralproducts.

234245256265277272246224

220207197189188182

Total raw-materials.

260261258251248230205186

175164157149149145

Producers'goods.

Consumers;

goods.

271262251238224209193175

169155149143140137

All com-modities

(Bureau ofLabor Sta-

tistics indexnumber).

285279272250240224214

182171168159153152

272269262250242225207189

178167162154151148



In order to give a more concrete illustrationof actual price movements, there are alsopresented in the following table monthly actualand relative figures for certain commodities ofa basic character. The prices shown in the

table have been obtained from the records ofthe United States Bureau of Labor Statistics,except in the case of bituminous coal, pricesfor which have been obtained from the CoalAge.

AVERAGE MONTHLY WHOLESALE PRICES OF COMMODITIES.


Year and month.

191319191920

1920MayJuneJulyAugustSeptemberOctober. .NovemberDecember

1921.JanuaryFebruary .MarchAprilMay

Year and month.

191319191920

1920.MayJuneJulyAugust . .SeptemberOctoberNovemberDecember

1921.January. . . .FebruaryMarchApril .May

Corn, No. 3,Chicago.

Averageprice perbushel.

$0.61551.58001.3968

1.98251.83901.53881.53101.2938.8778.8003.7341

.6553

.6350

.6180

.5547

.6090

Rela-tive

price.

100257227

322299250249210143130119

1061031009099

Hogs, light,Chicago.

Averageprice per

100pounds.

$8.454118 326014.7106

14.755015.350015. 887515.735017.068814. 787512.14009.6625

9.67009.7063

10.30638. 85638.4550

Rela-tive

price.

100217174

175182188186202175144114

114115122105100

Cotton, middling,New Orleans.

Averageprice perpound.

$0.1270.3185.3301

.4038

.4030.3950.33*80.2706.2088.1780. 1444

.1450

.1322

.1105

.1116

.1178

Relative

price.

100251260

318317311266213164140114

114104878893

Wool, Ohio, J-fgrades, scoured,

Eastern markets.


$0.47101 1894.9712

1.16361.0000.9091.8727.8364.7273.6909. 5455

.5455

.5455

.5273

.5273

.5091

Rela-tive

price.

100248203

247212193185178154147116

116116112112108

Wheat, No 1,northern spring,

Minneapolis.


$0.87352.56602.5581

3,07502.90002.83132.55002.49032.10631.75281.6809

1.78841.67131.61351.40591.4923

Rela-tive

price.

100294293

352332324292285241201192

205191185161171

Hemlock, NewYork.

Averagprice perM feet.

$24.227339.750056.6667

57.000057.000057.000057.000057.000057.000057.000057.0000

48.000048.000048.000041.000041.0000

Rela-tive

price.

100164234

235235235235235235235235

198198198169169

Wheat, No. 2,red winter,

Chicago.


$0.98632.53702.5225

2.97502.89502.80502.47352.49192.20472.05702.0125

1.96131.91941.67981.38691.5680

Rela-tive

price.

100239256

302294284251253224209204

199195170141159

Yellow pine,flooring,

New York.

Averageprice per

Mfeetmanufac-

tured.

$44.590978.8333

145.4167

160.0000160.0000160.0000157.0000157.0000152.0000124.5000124.5000

110.000095.000095.000091.000091.0000

Rela-tive

price.

100177326

359359359352352341279279

247213213204204

Cattle, steers,good to choice,

Chicago.

Averageprice per

100pounds.

$8.507217.495714.4856

12.600015.031315.381315.350015.250014.687514.575012.0938

9.84009.31259.56258.71888.4250

Rela-tiveprice.

100206170

148177181180179173171142

11610911210299

Coal, bituminous,run of mine, f. o.b.

spot at mines,Pittsburgh.

Averageprice pershort ton.

$1.3200

6.0433

4.42008.6700

10.000010.630010.47008.75005.19003.7500

2.53002.42002.29002.25002.1310

Rela-tive

price.

100

458

335657758805793663393284

192183173170161

Hides, packers,heavy native

steers, Chicago.


$0.1839.3931.3122

.3538

.3410

.29^4

.2850

.2840

.2550

. 2325

.1900

.1675

.1363

.1150

.1013

.1188

Rela-tive

price.

100211170

192185160155154139126103

9174635565

Coal, bituminous,Pocahontas, f. o. b.

spot at mines,Columbus.


i $1.5710

5.8891

6.47007.00007.90008.63008.66008.31007.38005.2000

4.25003.73003.40003.36253.4940

Rela-tive

price.

100

375

412446503549551529470331

271237216214222

1 On Toledo market, average for last six months of 1913.



AVERAGE MONTHLY WHOLESALE PRICES OF COMMODITIES—Continued.


Year and month.

191319191920

1920,MayJuneJulyAugustSeptemberOctoberNovemberDecember

1921,JanuaryFebruaryMarchAprilMay

Coal, anthracite,stove, New York,

tidewater.

Averageprice perlong ton.

$5.06138.16399.4265

8.99649.36729.45809.608710.436310.473210.541710. 5479

10.637310.638210.638210.138010.2910

Rela-tive

price.

100161186

178185187190206207208208

210210210200

Coke, Connells-ville, at furnace.


$2.43964.737510.8163

12.000014.300014.375015.550015.312514.31258. 85006.2375

5.53135.18755.00003. 7188

203 ! 3.3250

Copper, ingot,electrolytic,New York.

Rela- Averagetive price per

price, i pound.

Rela-tive

price.

100 $0.1573 ]

194 .1911443 .1797

492586589637628587363256

227213205152136

.1906

.1900

.1900-1900.1869.1675.1455.1369

.1288

.1288

.1223

.1247

.1283

100122114

1211211211211191069287

82

Lead, pig,desilverized,New York.


$0.0440. 0578.0808

.0856

.0848

.0860

.0898

.0816

.0731

.0628

.0478

.0497

.0468

.0405

.0428

.0495

Rela-tive

price.

100131184

195193195204185166143109

1131069297

113

Petroleum, crude,Pennsylvania,

at wells.

Average Rela-price per tivebarrel. | price.

$2.45004.13465.9750

6.10006.10006.10006.10006.10006.10006.10006.1000

5.77504.18753.00003.18753.3500

100169244

249249249249249249249249

236171122130137

Pig iron, basic,Mahoning and

Shenango Valley,at furnace.


$14.705827.697142.2692

43.250044.000045.750048.100048.500043.750036.500033.0000

30.000027.500024.200022. 875022.0000

Rela-tive

price.

100188287

294299311327330298248224

204187165156150

Year and month.

191319191920



Cotton yarns,northern cones,

10/1 Boston.

Average Rela-price per tivepound, price.

$0.2213.5340.6245

.7672

.7299

.7009

.6310

.5429

.4343

.3695

.3108

.2878

.2775

.2447

.2388

.2491

100241282

347330317285245196167140

130125111108113

Leather, sole,hemlock, No. 1,

Chicago.

Steel billets,Bessemer,Pittsburgh.

Steel plates,tank, Pitts-

burgh.

Steel rails,open hearth,Pittsburgh.

Worsted yarns,2-32's crossbred,

Philadelphia.


$0.2821.5283.5342

.5700

. 5700

.5700

. 5500

.5100

.4900

.4700

.4100

. 4000

.3800

.3700

.3700

.3700


202202202195181174167145

142135131131131

$25.789240.538558.2596

60.000060.000062.500061.000058.750055. 000049. 700043. 5000

43.500042. 250038. 400037.500037.0000

Rela- ! Average Rela- ; Averagetive | price per tive | price per

price, j pound. j price, long ton.

Year and month.

100157218

233233242237228213193169

169164149145143

$0.0148.0271.0328

.0375

.0355

.0338

.0325

. 0325

. 0309

.0281

.0265

.0265

.0233

.0204

.0210

.0220

100183222

253240228220220209190179

179157138142149

$30.000049.264253. 8269

54.500054.500054.500054.500054. 500054. 500054.500050. 5000

47.000047.000047. 000047. 000047.0000

Rela-tive

price.

100164179

182182182182182182182168

157157157157157


$0.77671.62741. S250

2.00002.00001.75001. 75001.60001. 50001. 30001.1000

1.15001.15001.20001.20001.2500

Rela-tive

price.

100210235

258258225225206193167142

148148155155161

191319191920



Beef, carcass,good native

steejs, Chicago.


$0.1295.2333.2304

.1950

.2225

.2550

.2550

.2600

.2520

.2400

.2220

.1738

.1600

.1625

. 1650

.1650

Rela-tive

price.

100180178

151172197197201195185171

Coffee,Rio, No. 7,New York.


$0.1113.1785.1198

.1559

.1498

. 1306

. 0936

. 0819

.0759

.0746

.0656

Rela-tive

price.

134 .0669124 .0672125 .0639127 j .0600127 ! .0621

100160108

1401351178474686759

6060575456

Flour, wheat,standard patents(1918, standard

war),Minneapolis.

Averageprice per

barrel.

$4. 583711.998212.6750

15.031314.160013.668812.235012.593811.20639.29508.9438

9.62509.18138.73007.95008.7450

Rela-tive

price.

100262277

328309298267275244203195

210200190173191

Hams, smoked,Chicago.


$0.1662.3433.3340

.3556

.3050

.3769

.3725

.3634

.3575

.3065

.2575

.2488

.2600

.2725

.2763

.2725

Rela-tive

price.

100207201

214220227224219215184155

150156164166164

Illuminating oil,150'fire test,New York.

Sugar,granulated,New York.

Averageprice pergallon.

$0.1233. 2004.2629

.2600

.2600

.2600

.2600

.2750

.2900

.2900

.2900

.2900

.2750

.2625

.2540

.2400

Rela-tive

price.


100163213

211211211211223235235235

235223213206195

$0.0427.0894.1267

.2247

.2120

.1910

.1490

.1426

.1078

.0962

.0757

.0709

.0784

.0725

.0632

Rela-tive

price.

100209297

526497447349344252225189

177166184170148


822 FEDERAL RESERVE BULLETIN. JULY,, 1921.

FOREIGN TRADE INDEX.

There is presented below a series of indexesdesigned to reflect movements in foreign tradeof the United States, with fluctuations due toprice changes eliminated. The commoditieschosen for these indexes are those for whichprices are compiled by the Federal ReserveBoard in the preparation of its internationalprice index. The list includes 25 of the mostimportant imports, the value of which in 1913formed 47.7 per cent of the total import values,and 29 of the most important exports, thevalue of which in 1913 formed 56.3 per cent ofthe total export values. The classification ofthe original list of commodities used was givenin the July, 1920, BULLETIN. A classificationof the 11 additional commodities of importswas given in the April, 1921, BULLETIN.

Total exports showed a moderate increaseduring May, after four successive months ofdecline. This increase was entirely due to aconsiderable increase in the volume of rawmaterials exported. Exports of raw cottonand wheat showed a particularly large increase,and there was a considerable increase in theexports of bituminous and anthracite coal, due

presumably to the strike of the English coalminers. Total exports of producers' goods de-clined for the fourth consecutive month. Ex-ports of cottonseed oil and of steel productshave shown a continuous decline since January,and in May their volume was considerably lessthan 30 per cent of the volume in January.Exports of consumers' goods also registered aconsiderable decrease during May, due prin-cipally to the decline in the exports of wheatflour and boots and shoes.

The decline in total imports, which com-menced in April, continued at a much acceler-ated pace duringMay. There was a particularlynoticeable decline in imports of raw materials,due primarily to a continuance of the declinein wool imports from the high level reachedin March. Imports of raw wool in May wereonly 15 per cent as large as in March. Im-ports of lumber showed an increase for thefourth consecutive month. Imports of pro-ducers' goods declined considerably, due tothe seasonal drop in the importation of canesugar, and consumers' goods showed a similardecline, due to a marked decrease in thevolume of coffee imports as compared withthe previous month.

INDEX OF VALUE OF FOREIGN TRADE IN SELECTED COMMODITIES AT 1913 PRICES.

[Monthly average values, 1913= 100.]

1913—Year

1919—Year

1920.JanuaryFebruaryMarchAprilMayJuneJulyA ugustSeptemberOctoberNovemberDecember

Year


Raw mate-rials

(12 com-modities).

100.0

88.9

108.781.9

106.079.474.364.578.178.582.5

118.7111.1122.4

92.2

105.291.078.276.697.7

Exports.

Producers'goods (10

com-modities).

100.0

154.7

134.9122.4148.8147.1151.3126.4165.0135.4119.7152.2121.8186.0

142.6

187.9141.0104.4102.785.1

Consumers'goods (7

com-modities).

100.0

188.5

116.2136.8186.0169.1205.2151.5142.494.094.0

124.4111.7123.3

137.9

126.0116.4122.4122.5112.8

Total (29

modities).

100.0

118.6

112.998.7

128.9107.0112.590.8

101.387.388.6

123.1112.2128.4

107.7

117.6101.691.189.9

100.1

!

Raw mate-rials

(10 com-modities).

100.0

157.5

206.1| 173.2! 192.7

173.9127.5149.5121.0121.8102.189.186.379.4

135.2

74.5118.2160.7153.498.7

Imports.

Producers'goods (12

com-modities) .

100.0

193.0

244.8289.5339.0262. 5227.2258. 5253.7256.2165.2131.5166.4133.0

227. 3

130.8143. 5177.4177.7150.1

Consumers'goods (3

com-modities).

100.0

161.4

182.7151.4197.4220.8113.1163.0186.5171.8130.8133.8111.0101.8

155. 3

146.5160.8209.3206.3179.3

Total (25

modities).

100.0

171.1

217.3213.1247.1212.7162.3191.8178.1177.6129.0110.0119.0102.0

171.7

104.7133.1173.2169.3128.2



PHYSICAL VOLUME OF TRADE.

Movements of agricultural products showeda moderate increase during May, after threesuccessive months of decline. Total receiptsand total shipments of live stock at 59 mar-kets during May showed an increase, whichwas particularly pronounced in the case ofsheep. There were slight decreases in thenumber of cattle and sheep slaughtered underFederal inspection, but these were more thanoffset by an increase in the number of hogsslaughtered. The movement of grain andflour was larger in May than in April at in-terior centers, but showed some falling off atseaboard centers. Stocks of wheat, corn,oats, barley, and rye at 11 interior centerscontinued to decline during May. Cottonsight receipts, port receipts, and Americanspinners' takings increased in Majr, whilethere was some decline in the overland move-ment of cotton. May shipments of citrusfruits from California were considerably smallerthan April shipments.

The activity of the textile industry con-tinued to increase during May for the fifthconsecutive month. The volume of cottonconsumption was greater than in any monthsince September, and there was a slight in-crease in the number of active spindles. Woolconsumption has increased steadily from De-cember to May, and there have been corre-sponding decreases in the percentages of idlemachinery. Imports of raw silk during Maywere smaller than in April but larger than inany other month since January, 1920.

Production of bituminous coal registered aconsiderable increase in May, while anthra-cite production showed a slight decline. Theoutput of crude petroleum reached a newhigh level during May and stocks continue toaccumulate. The production of pig iron inJune dropped to an even lower level than thatreached in April and May..

The lumber cut of all five reporting asso-ciations increased during May for the fourthmonth in succession, and there was a furtherincrease in shipments of lumber. Receiptsof naval stores in May were larger than inApril or than in May, 1920. The volume ofsales of revenue stamps for manufactures oftobacco increased during May, except in thecase of little cigars.

The May output of locomotives and carswas considerably lower than that of April,but was higher than the output in May, 1920.April figures for railroad ton-miles were con-siderably lower than those of March. Thetonnage of commerce through the Sault Ste.Marie canals increased. during June, as com-pared with May, due to increases in shipmentsof iron and coal.

The following tables are a continuation oftables in the June, 1921, FEDERAL RESERVEBULLETIN. The January, 1919, issue containsa description of the methods employed in thecompilation of the data and the constructionof the accompanying index numbers. Newseries of data will be presented from time totime as reliable figures are obtained.

LIVE-STOCK MOVEMENTS.

• [Bureau of Markets.]

May.

JulyAugustSeptember.OctoberNovember..December..

Receipts.

Cattle andcalves, 59markets.

Head.1, 765, 385

1, 657, 7431, 952, 0862, 279, 3452,196, 9392, 403, 9901, 382, 995

1921.January 1,629,994February 1,174,611March. / . 1,548,061April 1,477,720May 1,531,682

Hogs, 59markets.

Head.4, 203,253

2, 837, 6852, 516, 2402, 435, 5892, 826, 2773, 862, 2434,186, 261

4, 654, 5603, 951, 9713, 338, 4833, 203,0163, 311, 976

Sheep, 59markets.

Head.1,427,179

2, 000, 7582, 561,6612, 826,6932, 945, 7092,419, 5961, 546, 876

1, 769,1551, 501, 9021, 731, 6531, 648, 9501, 886, 817

Horses andmules, 43markets.

Head.41, 408

35, 66873, 42357, 46838, 65722, 47716,118

34, 71241,21241, 95123, 98017, 824

Head.7, 437, 225

6, 531, 8547,103, 4107, 599, 0958, 007, 5828,708, 3067,132, 250

8, 088, 4216, 669, 6966, 660,1486, 353, 6666, 748, 299

Shipments.

Cattle andcalves, 54markets.

Head.776,023

721,328869, 849

1, 079,1701,159, 4591,148, 861

647, 801

602, 320456, 471587, 898600, 996591, 770

Hogs, 54markets.

Head.1, 389, 855

1, 095,470953, 088931, 261

1,064,1751,394,3471, 516, 893

1,637, 9021, 346, 0921, 229, 4051,116,8901,037,466

Shopn W l H ° rsesandmarkets m u l e s > 4 3markets. m a r k e t s

Head.772,622

1,015,6121,459,1501, 581,6801, 932, 0831, 474, 299

704, 760

681,987590, 487688, 072696, 229915,116

Head.40, 528

37,15269, 97160,41437, 99422, 96317,030

34, 57240, 61142, 60222, 53316,610

Total, allkinds.

Head.2,979,028

2, 869, 562

3, 352, 0583, 652, 5254,193, 7114, 040, 4702, 886,484

2,956, 7812,433, 6612, 547, 9772,436,6482, 560,962



200

ISO

160

120

100

80

60

40

20

0

MOVEMENT 01AGRICULTURAL PROL

1913-1321SiveStodCSieceipts

Cotiort SightSfeaupbsINDEX NUMBERS. AVERA6E1311

rI\\iy\

rJV

/

faf/f

/ / :\T& ! Ir ' >

t

1919

't

V I

»#i

V

i#

I *

lezo

\

>UCTJ

pis.

-J9ff=W

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JULY, 1921. FEDERAL, RESERVE BULLETIN. 825

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.]

R E C E I P T S .

1920,May

JulyAugustSeptember..OctoberNovember. .December. .

1921,JanuaryFebruary . . .MarchAprilMay

Cattle and calves.

Head.

1,209,656

1,188,0191,459,5651,736,0091,628,5641,781,261

984,309

1,191,814835,686

1,119,548994,916

1,062,988

Relative.

120

118145172162177

11889

11199

105

Hogs.

Head.

3,128,249

2,115,6391,818,2451,597,6221,836,7482,624,1852,932,052

3,339,4192,902,1072,390,4802,279,4952,401,246

Relative.

142

837384

119133

152141109104109

Sheep.

Head. Relative.

796,160

1,301,4581,688,7191,893,3121,865,3301,542,477

942,858

1,112,024972,647

1,161,5491,077,8061,097,976

58

Horses arid mules.

Head.

24,889

9512413913611369

8176857980

26,25755,37138,95024,71612,1499,290

24,15827,11128,43715,22112,082

Relative.

54

Total, all kinds.

Head. Relative.

5,158,954

5712085542620

5263623326

4,631,3735,021,9005,265,8935,355,3585,960,0724,868,509

5,667,4154,737,5514,700,0144,367,4384,574,292

112

100109114116129105

1231101029599

SHIPMENTS.

1920,May

JulyAugustSeptember..OctoberNovember..December. .

1921,JanuaryFebruaYy...MarchAprilMay

515,062

508,199640,295819,371866,327810,284472,748

426,887334,113447,682415,153424,558

127

125157202213199116

10588110102104

822,907

737,923627,670540,812584,742784,468943,515

1,078,679869,718825,944694,067644; 7S8

170

152130112121162195

223192170143133

316,002

644,557899,342

1,027,5101,192,912952,159384,646

316,068324,311406,705392,061415,569

63

12817920423718976

24,037

27,72852,16340, 89024,05112, 78210,201

24,46326,49528,76514,39611,137

59

68127100593125

1,678,008

1,914,0872,219,4702,428,5832,668,0322,559,6931,811,110

1, 846,0971,554,6371,709,0961,515,6771,496,052

117

134155169186178126

129116119106104

S H I P M E N T S OF STOCKERS AND FEEDERS FROM 34 MARKETS.

1920,May

JulyAugustSeptember.. .October

Cattle andcalves.

Head.316,724

209,563273,512473,652571,025

Hogs.

Head.43,735

25,71134,41544,34059,123

Sheep.

Head.194,230

322,867567,429789,387

1, 055,237

Total, allkinds.

Head.554,689

558,141875,356

1,307,3791,6S5,3S5

1920.November. .December...

1921.JanuaryFeb rua ry . . .MarchAprilMay

Cattle andcalves.

Head.545,802277, 053

202,926164,504233,477234,331211,846

Hogs.

Head.52,69936,827

41, 89249, 22972,53650,32029,409

Sheep.

Head.855,545258,599

88,08961,50888,292106,476114,811

Total, allkinds.

Heal.1,454,046

572,479

332,907275,241394,305391,127356,066

ANIMALS SLAUGHTERED UNDER FEDERAL INSPECTION.

[Bureau of Animal Industry. Monthly average, 1911-1913=100.]

1920.May

JulyAugustSeptemberOctoberNovemberDecember


Cattle.

Head.

626,304

661,172685,763825,484843,136858,946667,344

689,508522,718624, 395590,943559,979

Rela-tive.

103

109113136139142110

11492

1039792

Calves.

Head.

368,614

342,765332,349347,578314,789315,971244,573

282,043252,369361, 733365,541366,798

Rela-tive.

194188197178179138

160153205207207

Hogs.

Head.

3,584,781

2,643,7722,176,0101,978,6022,486,9403,328,6333,985,125

4,347,3063,770,9743,075,1373,003,2903,274,114

Rela-tive.

127

94777088

118142

154143109107116

Sheep.

Head.

670,674

1,1,04i; 5801.150,7761,067,821

968,235932,417

1,068,346957,751

1,075,4811,040,628

984,903

Rela-tive.

• 7 7

85

Total.

Head.

5,250,373

4,696,1374,235,7024,302,4404,712,6805,471,7855,829,459

6,387,2015,503,8125,136,7465,000,4025,185,794

Rela-tive.

109

9098

114121

133123107104108



EXPORTS OF CERTAIN MEAT PRODUCTS.[Department of Commerce. Monthly average, 1911-1913=100.]

1920.May

JulyAugustSeptember.OctoberNovember.December.

1921.January.. .February..MarchAprilMay

Beef; canned.

Pounds.

5,965,197

5,217,8381,231,070

244,261207,503282,761399,916

548,227733,678504,356366,682326,459

Rela-tive.

900

18637314360

83280765549

Beef, fresh.

Pounds.

4,304,038

5,506,812343,352

1,964,543522,251

3,091,8951,583,434

6,078,550979,081508,230214,193191,366

Rela-tive.

347

44428

15842

249128

49085411715

Beef, pickled,and other cured.

Pounds.

3,056,449

1,973,0042,152,9821,613,6571,995,0391,678,0913,053,993

1,725,6251,750,7562,246,5471,364,5931,822,383

Rela-tive.

114

Bacon.

Pounds.

50,412,388

74 31,562,76181 I 23,333,156~ 41,371,561

49,838,76857,934,25968,784,322114

43,202,48631,612,14035,350,77432,851,83738,464,256

Rela-tive.

301

188139247298346411

258202211196230

Hams andshoulders, cured.

Pounds.

17; 896,764

8,385,0899,360,4698,997,1248,787,853

11,197,88014,491,763

16,869,84115,847,79919,102,63324,925,80715,508,520

Rela-tive.

120

566360597597

113114128167104

Lard.

Pounds.

55,544,483

47,061,42231,020,80246,326,35354,173,97957,316,30990,080,092

76,185,23791,840,95182,616,583

j 53,275,45748,604,395

Rela-tive.

126

10771105123130205

173224188121110

Pickled pork.

Pounds. Rela-tive.

3,816,157

2,926,2472,257,5113,279,9023,549,4562,605,4312,691,452

3,089,0943,150,4522,024,3342,005,8512,558,043

86

665174805961

7076464558

RECEIPTS OF GRAIN AND FLOUR AT 17 INTERIOR CENTERS.[Chicago, Cleveland, Detroit, Duluth, Indianapolis, Kansas City, Little Rock, Louisville, Memphis, Milwaukee, Minneapolis, Omaha, Peoria,

St. Louis, Spokane, Toledo, Wichita; receipts of flour not available for Cleveland, Detroit, Indianapolis, Louisville, Omaha, Spokane, Toledo,and Wichita. Compiled from reports of trade organizations at these cities. Monthly average, 1911-1913=100.]

May.1920.

JulyAugustSeptember.October...November.December.

1921.January. . .February..MarchAprilMay

Wheat.

Bushels.

20,510,063

29,714,39943,039,02146,181,27545,403,82539.272,82732,758,773

32,229,21822, 922, 66722,848,93924,808,383(25,514,527

Rela-tive.

Corn.

Bushels.

7612,107,950

110'20,159| 9,170 20,16719,14511,121! 19,

824,268840,320696,955064,508407,224390,714

119i42,036,81291127,565,77984 34,165,3249212,160,93394 20,939,570

Rela-tive.

5416,724,389

93 18,44 30,92 3L85 21,51

Oats. Rye.

Bushels.

8713,

734,180728,748031,569235,162282:651777,300

18818,508,986132 12,553,913152 17,432,655

111,249,703"5,524,227

54 ,93 15, J

Rela-tive. Bushels. £Rela-

83 3,758,507

93 3,096,026153j3,191,10315415,571,428106 4,455,97976 3,706,65369 3,482,685

92 2,202,705671,397,83287 1,340,498561,544,22977 1,368,821

tive.

340 2,670,076! 37 55,770,985

289 3!505404336316

200 3136 21213!

124 2

Barley.

Bushels. 5Rela-tive.

2812,653.921— 3,007,5081

6,630,05615,795,028)6,616,3625,057,808

Total grain.

Bushels. Rela-tive.

Flour.

Barrels.

1,753,837!, 074,9081,111,127!,136,5121,551,087

37 75,022,79442 89,806,70092 110,111,2838195,954,50292 76,285,7177174,467,280

52 98,731,55831 66,515,09943 78,898,54330 51,899,76036 65,898,232

721,913,075

96 2,052,1101151,949,3391411,843,954123 2,137,63998 2,054,262961,570,822

127 1911

1012;671851

,430,904.,659,009}, 096,030[,967,255,498,212

Rela-

97

105100

Total grain andflour.1

Bushels.

64,379,823

84,257,28998,578,726

94 118,409,076109105,573,878

85,529,89681,535,979

73105,170,62691 73,980,640

107! 88,330,678100 60,752,40877 72,640,186

Rela-tive.

971141371229994

121911027084

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

SHIPMENTS OF GRAIN AND FLOUR AT 14 INTERIOR CENTERS.[Chicago, Cleveland, Detroit, Duluth, Kansas City, Little Rock, Louisville, Milwaukee, Minneapolis, Omaha, Peoria, St. Louis, Toledo, Wichita;

shipments of flour not available for Cleveland, Detroit, Louisville, Omaha, Toledo, and Wichita.]

1920.May.

JulyAugustSeptemberOctober...November.December.

1921.JanuaryFebruary..,MarchApril ,May

Wheat.

Bushels.

20,720,121

19, 002,09924,934, 81628,700, 59326,258, 79524,950,77122,253,030

20,187, 37915,134,11517,415, 26621,482, 28318,675,009

Rela-tive.

133

122160184

Corn.

Bushels.

5,939,145

9,100, 5276,260,1446,284,075

169 10,336,378160 7,890,500143

130|17,288,509104112, 891, 895112120,723,904138 13, 793, 56312015,747,327

Rela-tive.

Oats.

Bushels.

42 20,444,288

64 11,345,4294412,814,0674412,690,8667210,601,1785510,729,04555 9,964,743

12111,523,64297 9,299,842

14512,435,2629710,286,573

11012,447,121

Rela-tive.

Rye.

Bushels.

134 6,977,479

75 4, 476,23884 2, 880,00383 4,339,05770!4,742, 380712,998,52466 3,171,616

76 2, 380, 797661,041,42482 1,116, 94368 1, 518, 559821,309,016

Rela-tive.

632

Barley.

Bushels.

9851,468,387

2,086,672407 2,231, 851613 3, 556,180670 4,529, 091423 4,247,954448 3,082,249

336 2, 874,359158 1,626,9131581,685,989214 2,029, 8381851,682,946

Rela-tive.

Total grain.

Bushels.

38155,549,420

53 46,010,96557 49,120, 88191 55, 570,771

116:56,467, 822109|50, 816,79479 46,370,617

74 54,254,6864539,994,18943 53,377,36452|49,110, 81643.49,861,419

Flour.

Barrels.

112 2,877,122

93 3,767,67899 3,605,105

112:3,187,454114! 3, 758, 735102i3, 949,69993 3,141,524

109|2,67S,2578612,696,723

107j 3,156, 29999 3,178, 254

1002,533,847

Total grain andflour .1

Rela-jtive.

85

11110694

11111793

Bushels.

68,496,469

62,965,51665,343,85469,914,31473,382,13068, 590,44060,507,475

66, 306, 84352,129,44367, 580, 71063, 412,95961,263,730

Rela-tive.

106

9710110811310693

102861049894

1 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.

1920. I Bushels.May I 21,041,109 !

JulyAugustSeptember..OctoberNovember..December..

5,492,0265, 460, 8799,134,62114,627, 52416,058, 40715, 525,114

1921.January j 14,414,231February ! 12,883,444March ! 11,277,724April ! 6,565,280May ' 3.787,294

Corn.

Bushels.1,982,296

4, 959,3141, 414,7085,669, 5807, 823, 8073,461,9114, 793, 299

11, 596, 51817, 294, 56924, 465,11716,498, 01010,539,233

Oats.

Bushels.5,225,293

2, 059, 8427,447,762

23,322,91028,941,14828,697, 97427,358,948

29,435,15330,039, 05731, 570, 02227, 717,32624,926,743

Rye.

Bushels.4,942,485

670, 563338,600

1,303, 475668, 084

1,082,1951, 007, 591

478,125600, 585562,754494,356363,170

Barley.

Bushels.2,264,906

1,336, 553709,469

2,114,3692,0%, 5171, 874,3662, 378, 548

2,057,4341, 800,6041,673,0376,333,3231,079,831

Total grain.

Bushels.35,456,089

14, 518, 29815, 371,41841, 544,95554,157,08051,174, 85351, 063, 500

57, 981,46162,618,25969, 548,65452,608,29540,696,271

RECEIPTS OF GRAIN AND FLOUR AT NINE SEABOARD CENTERS.

[Boston, New York, Philadelphia, Baltimore, New Orleans, San Francisco, Portland (Oreg.), Seattle, Tacoma; receipts of flour not available fromSeattle and Tacoma. Compiled from reports of trade organizations at these cities. Monthly average, 1911-1913=100.]

Wheat. Corn. Oats. Rve. Barlev. Total grain. Flour. Total grain andflour.i

| Bushels.

1920. iMay |lO,621,723

July ! 18,710,633August 128,098,022September . |31,693,246October 29,028,202November.. 24,410,356December.. 29,551,950

1921.January '12,717,255February... 10,315,852March 9,064,534April 17,958,534May 15,052,060

Rela-| Bushels. I Rela-I tive. I

Bushels. !?-elJ"! Bushels.i Uvb. !

84| 767,332; 22! 2,382,2711 50J5,117,806

149' 3,305,542!223| 1,576,842!252i 1,456,958!230 j 1,844,753:

194j 2,401,181!235 854,138

101; 6,228,17588 7,845,9157213,933,057

143: 2,890,012119 4,807,533

93 3,499,10144 2,671,365141! 3,069,700o2i 1,828,515168! 1,874,271!2-i| 1,911,861 i

175 1,542,355 i237 1,039,537!392 1,433,069

81; 1,568,460135 1,221,630

7415.018,01956 3; 407,79965|4,133,4653815,436.35439|3,329,71040!3, 490,405

32i2,748,5242312,059,53830 1,034,7603311,617,877261,506,359

! Bushels.! Bushels. Rela-!t ive.

; Barrels.

3,602 556,764 3419,445,8

3,553 2,098,0832.398:2,289,791:2; 909:1, 815,22713,82612,558,276;2,344.2,721,320'2,457 % 291', 639

1,9341,970,931-1,553,1,631,288-

7281,689,1291,139: 909,4091,060 1,422,693

12632,661,378!138 38,043, 819!109|42,168,59615440,696,100!164 34,736,838|138 38,099,993!

119 25,207,240:105 22,892,130'102 27,154, 549;55 24,944,322!86 24,010,275'

8611,301,211

14411,060,849168:1,390,07718611,422,8721791,463,830153-3,683,380168-4) 1-167,180

111 1.174,815108 1,186,565120 1,518,4501101,831,4041108 1,518,671

Rela- jtive. •

Bushels. Rela-tive.

1251 25,301,346

159! 40,135,198133i 44,299,166136| 48,571,520140! 47,283,335353 51,312,048418 57,752,303

112: 30,493,908122 28,231,673!145! 33,987,574175 33,185,640!145 30,844,295|

92

146162177173187211

111110124121113

1 Flour reduced to its equivalent in wheat on the basis of 4J bushels per barrel.

STOCKS OF GRAIN AT EIGHT SEABOARD CENTERS AT CLOSE OF MONTH.

[Boston, New York, Philadelphia, Baltimore, New Orleans, Newport News, Galveston, San Francisco. Compiled from reports of trade organiza-tions at these cities.]

Wheat.

1920. ! Bushels. \May j 10,781,927

July . I 11,923,745August 13,915,892September 15,517,070October 17,277,003November I 17,794,605December j 18,263,476


15,060,42312,032,7726,782,5845,651,3203,788,898

Corn.

Bushels.437,521

741,1671,097,945 ;1,146,514 !1,292,818 I1,371,013 j

510,142 I

2,524,7003,982,3166,353,2501,822,9901,185,753

Oats.

Bushels, j819,790 I

1,323,940 !1,532,272 I2,398,157 j2,521,049 I2,327,249 |2,205,936 !

1,980,2651,775,5631,286,2751,316,1571,107,518

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

55762—21 5

Rye.

Bushels.1,889,965 !

1,275,554777,445

2,414,910 !1,742,178 !1,906,527 I2,196,380 !

1,602,3581,332,441 !1,089,220 ;

550,011 !534,574 !

Barley.

Bushels.1,071,920

3,187,6114,052,1894,110,1583,577,4503,097,9223,322,050

2,105,4501,909,7061,454,5471,326,4601,300,852

Total grain.

18,455,01721,375,74325,586,80926,410,49826,497,31626,497,984

23,273,19621,032,79816,945,87610,666,9387,917,595


828 FEDERAL. RESERVE BULLETIN. JULY, 1921.

WHEAT FLOUR PRODUCTION.

[January, 1918, to June, 1920, TL S. Grain Corporation; July, 1920, on, estimated by Russell's Commercial News (Inc.), New York.]

1920. Barrels.May 8,244,000

July 8,200,000August 10,200,000September 9,450,000October 9,650,000November «, 9,500,000December 9,600,000

1921. Barrels.January 8,924,000February 7,066,000March 9,100,000April 9,368,000May 8,406,000

COTTON.

[New Orleans Cotton Exchange. Monthly average crop years, 1911-1913-= 100.]

Sight receipts. Port receipts.

Bales.

1920-21.August 308,262September ; 771,590October ! 1,466,874November j 1,804,135December.January. . .February..MarchAprilMay

1,579,7511,153,825744,682553,518564,521777,011

Rela-tive.

2562

11714412692644445

Bales.

159,586443,149971,334

1,075,803797,350636,260446,399401,464477,672595,346

faIS.

Rela-tive.

1748

1061178769524452 ;65

Overland move-ment

i

Bales. |

25,32217,32487,215

117,139134,455157,012206,554134,085101,90684,594

Rela-tive.

241683

1111281492101279780

American spinners'takings.

" I

Stocks at ports andinterior towns atclose of month.

Bales. Rela- |tive. ! Bales.

251,841254,460395,165425,089672,477526,718576,260253,368211,415288,411

55568794

148116136564763

1,365,3971,607,6022,101,8392,597,8202,815,9342,863,3772,820,4032,757,7152,775,3912,869,165

Rela-tive.

116136178220239243239234236244

COTTON SEED.

[Bureau of the Census.]

Receivedat mills.

MayJulyAugustSeptember.OctoberNovember..December..

1920. Tons.27,499

7,25924,979

244,382945,998829,282557,787

Crushed.

Tons.84,756

13,21920,317145,519607,628719,455546,086

On hand atmills (closeof month).

Tons.47,077

30,08436,760

135,623471,979581,806593,507

Receivedat mills.

1921. Tons.January 418,846February 431,539March 336,226April 133,832

; May 70,467

Crushed.On hand atmills (closeof month) .

Tons. \527.521 !499,851 I452/770 I242,282 I131.522 i

Tons.484,832416,520299,976191,526130,471

SHIPMENTS OF CITRUS AND DECIDUOUS FRUITS FROM CALIFORNIA.

[March, 1921, on, Bureau of Markets and California Fruit News.1 Monthly average, 1911-1913=: 100.]

Oranges. Lemons. Total citrus fruits.

May

JulyAugustSeptember.OctoberNovember.December..

1920.

January-. .February.MarchAprilMay

1921.

Carloads.

5,048

2,8221,7071,409752

1,6023,774

3,4293,4844,9556,3354,710

Totaldeciduous

fruits.

Relative, j Carloads. I Relative. Carloads.

206 I

115 !70 i58 |31 !66

154

140153203259193

1,353

664751464925377

627610936

1,1711,250

Relative.

334 : 6,401 j

164185115228

9391

155161231289309

3,4862,4581,8731,6771,979

2 4,167

2 4,0772 4,123

5,8917,5065,,960

225

12286665969146

143155207263209

Carloads.

24

3,7,9,

112,

179239021880792368

9881818285

i For previous sources, see April, 1921, Bulletin. a Includes grapefruit.



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

1913=100.]

1920.May


Receipts.

Tons.

254,616

386,328308,313109,302109,335186,274148,464

Rela-tive.

138

2101685959

10181

Mpltinps Raw stocks at ;j j R j tMeltings. close of month. |j Receipts.

Tons.

286,000

325,000287,000164,000118,000179,000154,000

156 60,381

177 1 104,027156 125,34089 ! 70,64264 ! 61,97798 ! 69,25184 | 63,715

1

™ £ ii j Tons. Rela-tive.

'! 1921. |35 ' January l 92,498 50

! February 228,952 j 13360 March.." 306,914 16773 April 345,654 1884L May 251,302 ' 137

40

ii ;

Meltings.

Tons.

94.000193.000310'. 000232.000236'. 000

Rela-tive.

51113169126129

Raw stocks atclose of month.

Tons.

62,11398,16587,466

187,796224,035

Rela-tive.

365751

109130

SALE OF REVENUE STAMPS FOR MANUFACTURES OF TOBACCO IN THE UNITED STATES (EXCLUDING PORTO RICO ANDPHILIPPINE ISLANDS).

[Commissioner of Internal Revenue.]

Cigars. Cigarettes. '•Manu-

facturedCigars. Cigarettes.

Large. Small.

— IMay.

1920.

July 678,751,956August 672,020,289September 678,640,116

Number. | Number.676,227,828 ! 59,943,280

OctoberNovemberDecember.

704,799,089668,060,015506,126,135

51,766,10048,171,24050,175,58060,882,76057,026,50047,380,000

Small.

Number.3,953,345,380

3,053,336,563 •3,569,397,443 i3,557,482,503 I3,840,334,806 |3,529,200,0062,816,818,050 |

tobacco.

30,9^8,6 Ii) '32,138,94132,091,56927,123,77118,513,651 •15,452,701 j

1921

January . . .February.Mari-h..:..AprilMay

Large.

Number.462,798,039

' 496,724,482i 561,343,699! 548,103,503

Small.

Number.64,661,86764,461,73370,245,50056,425,666

Small.

Number.3,901,560,3304,119,376,5334,470,292,1603,801,672,057

555,497,120 j 55,349,100 | 4,136,084,890

Manu-facturedtobacco.

Pounds.24,750,29027,096,59232,209,84228,399,95328,671,501

NAVAL STORES.

[Data for Savannah, Jacksonville, and Pensaeola. Compiled from reports of trade organizations at these cities.]

1920.May


Spirits of turpentine. Rosin. Spirits of turpentine. \ Rosin.

Receipts.

Barrels.23,473

39,15833,99732,16230,26023,89321,174

Stocksat close of

month .

Barrels.6,174

30,90627,96344,39649,88549,20953,356

Receipts.

Barrels.68,163

117,088111,49797,79788,76683,17776,848

Stocksat close of

month.

Barrels.78,113

135,979144,109176,612195,837247,253300,315

January .February.MarchAprilMay

1921.

Receipts.

Barrels. <,9,419 !7,404 i7,995 i

15,857 i26,364

Barrels.51,56341,75528,83828,69038,650

Barrels.36,33326,73618,90630,47861,213

Stocks | i Stocksat close of | Receipts, j at close ofmonth. I month.

Barrels.310,905316,440319,347304,959312,293

LUMBER.[From reports of manufacturers' associations.]

Southern pine. Western pine. Douglas fir. Eastern white pine, j North Carolina pine.

I Num-I berof! mills.

1920. ;May ! 205July i 207August ! 204September 204October : 206November 203December 199

1921. ; ***January 193February 189March 195April 194May | 191

Pro-duc-tion.

Num-

Mfeet.430,271385,842383,540376,566344,427 !315,343 j264,504 I

289,824330,680387,959370,321

Mfeet.347,404 j 51

331,273337,677378,195329,751320,756 j281,326 I

311,977 !335,876 i390,300 !405,317

389,745 I 420,663

n , . jNum-i Pro-_?£$: berof! duc-ments. m m s > ; t i ( m >

Mfeet. I Mfeet.183,621 I 132,181177,262 103,500171,143164,312146,424107,84645,578

24,69822,12835,98393,665

110,162

123, 34498,80869, 93660,25946,

42,48,637574

112

793270126433685

127123127120123119

116114118114

Mfeet.424,687242,612

I 366,433299,277

I 355,614

Mfeet.383,346

225,666322 908238,965299,704

263,452 f 212,226 1188,905 i 187,874 [

153,157 i159,646 I192,188 i204,698 !

113 i 294,762

170,821 '153,649210,842232,351330,002 ,

S!um-

20202020191919

1919191919

Pro-duc-tion.

Mfeet.12,73137,45946,14948,96240,72420,29419,056

24,31923,72226,39625,74832,708

^hiD- ^ u m "ments. m i l l s -

Mfeet. I26,323 j 1449,668 ! 2055,991 j 1945,445 : 2030,928 : 2419,751 ! 2410,587 21

10,602 ! 1613,615 ! 1815,298 ! 1521,099 i 2022,018 ! 14

Pro-duc-tion.

Mfeet.15,99220,75619,51121,88719,48714,6178,091

7,12310,67312,77814,87116,126

Ship-ments.

Mfeet.18,65715,21714,13016,04314,87712,92914,716

7,88010,0458,915

12,95315,673



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.]

1920.June


Receipts.

M feet. Relative.

393,738

399,615370,352375,456398,333342,971351,695

85

868081867476

Shipments.

[feet.

212,339

184,767220,368242,857220,116190,282192,072

Relative.

84

7387 j96877576


Receipts.

M feet.

263,001269,632349,426345,798354,992372,453

I

ive.

576275747680

Shipments.

M feet.

165,308169,843215,760213,359242,452253,848

Relative.

6572858495

100

COAL AND COKE.

[U. S. Geological Survey. Monthly average, 1911-1913=100.]

Bituminous coal, esti-mated monthly pro-duction.

; Short tons. I Relative.

1920.May 45,114,000 ; 122

July ' 45,009,000 : 121August 48,910,000 ; 132September 49,172,000 133October 52,144,000 141November 51,457,000 | 139December 52,123,000 ' 141

1921.January 40,270,000 109February 30,851,000 I 89March 30,392,000 i 82April 27,553,000 74May 33,330,000 | 90June 33,852,000 I 91

Anthracite coal, esti-mated monthly pro-duction.

Short tons.

8,158,000

Relative.

7,410,000 !7,701,000 !7,406,000 I7,703,000 I7,497,000 I7,786,000 ;

110

8,247,0008,013,0004,638,0008,056,0007,441,0008,454,000

11110863

109101114

100106100104101105

Beehive coke, estimatedmonthly production.

Short tons.

1,710,333

1,693,0001,776,0001,757,6671,742,3331,622,0001,515,000

1,074,833863,834587,333325,000290,000247,000

Relative.

65

6568676762

41352212119

CRUDE PETROLEUM.

[Production and stocks, U. S. Geological Survey; wells completed, Oil and Gas Journal and Standard Oil Bulletin (California). Barrels of 42gallons each. Monthly average, 1911-1913= 100.1

Production.

Barrels.

1920.May 36,503,000

July 38,203,000August 39,055,000September 37,532,000October 39,592,000November 38,699,000December 38,961,000

Rela-tive.

190

199204196207202203

Stocks atclose ofmonth

(barrels).

124,449,000122,852,000123,198,000125,853,000128,028,000

Produc-ing

oil wellscom-

pleted.

2,237

1,9102,4562,1852,0862,1361,945

1921.JanuaryFebruary ,MarchAprilMay

Production.

Barrels.

37,853,00035,348,00040,965,00040,061,00041,920,000

Rela-tive.

197198214209219

Stocks atclose ofmonth

(barrels).

130,321,000135,092,000142,093,000147,862,000156,409,000

Produc-ing

oil wellscom-

pleted.

1,5651,5641,4501,2241,405



TOTAL OUTPUT OF OIL REFINERIES AND STOCKS OF OIL.

[Bureau of Mines.]

OUTPUT, BY MONTHS.

i Crude oil runi (barrels).

1920.April 32,852,040

July i 37,024,052August 39,757,770September... 40,549,316October j 40,687,250November ; 39,458,945December ! 40,485,409

1921.January ! 39,637,382FebruaryMarchApril.

34,588,09635,509,11537,594,220

Gasoline(gallons).

Kerosene(gallons).

355,597,451 \ 184,469,017

423,419,770 !444,141,422 |453,881,096 I465,787,745 |452,642,125 !464,393,356 i

460,432,439 i388,188,252 ;419,795,390426,215,200 !

172,213,511189,010,459199,140,024213,742,156214,804,177210,668,109

205,374,611163,081,918169,247,894156,156,565

Gas and fuel(gallons).

643,088,785

751,193,898834,322,503836,700,086823,114,603822,638,305859,131,359

836,684,040732,542,415758,334,681813,444,202

Lubricating(gallons).

85,568,064

92,369,50491,078,56986,230,37193,229,72391,180,00790,894,798

85,908,64172,432,21973,003,30476,456,958

STOCKS AT CLOSE OF MONTH.

Apri l . . .

July 31..Aug. 31. .Sept. 30.Oct. 31. .Nov. 30.Dec. 31...

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

1920.

1921.

15,145,691

17,086,25317,960,55818,830,07919,237,73021,373,94521,260,580

21,064,12422,411,81921,147,25721,054,630

643,552,644

413,279, 319323,239,991288,195,394301,283,731354,835,764462,381,837

571,983,793680,540,351713,043,480747, 222,900

376,358,123 | 590,687,009

410,853,047 ]378,548,791379,300,705 j383,828,239398,991,592 |393,070,923 i

655,152,293708,608,472771,126,965799,024,084808,802,516837,404,414

418,747,781 i 921,028,127430,045,193 I 993,127,328446,367,188 1,005,317,939458,666,896 11,056,484,544

140,355,972

131,866,455130,797,810130,449,829136,194,914142,180,775160,522,477

183,813,205201,627,558223,414,093249,593,330

IRON AND STEEL.

[Pig-iron production, Iron Age; steel-ingot production, American Iron and Steel Institute. Monthly average, 1911-1913=100.].

| Iron-ore shipments jfrom the upper j Pig-iron production.Lakes.

Steel-ingot produc-got piiion.

1920. :June j 9,233, 566July I 9,638,606August '• 9,270, 763September I 8,923,482October ! 8,848,986November. j 5,305,738December 99,146

January. .February.,March.

1921.

April 176,211May 2,594,027June ! 3,600,989

43

rosstons.

3,043, 540

3,067,0433,147, 402 •3,129, 3233, 292, 5972, 934,9082, 703,855

2, 416, 2921,937,2571, 595, 5221,193,0411,221,0001,064,833

Relative

131

132136135142127117

1049069515346

2,980,690

2, 802, 8183, 000, 4322, 999, 5513,015, 9822,638,6702,340, 365

2,203,1861,749, 4771, 570,9781, 213,9581,265, 8501,003,406

Relative.

127

120128128129113100

Unfilled orders U. S.Steel Corporationat close of month.

Gross tons.

10, 978,817

11,118,46810,805, 03810, 374, 8049,836,8529,021,4818,148,122

7, 573,1646, 933, 8676, 284, 7655, 845,2245, 482, 4875,117,868

Relative.

211205197187171155

14413211911110497



STRUCTURAL-STEEL ORDERS AND SHIPMENTS.[Bridge Builders and Structural Society.]

May.1920.


January . . .February..MarchAprilMay

1921,

Fabricated struc-tural steel con-t r a c t e d fo rt h r o u g h o u tcountry.

Ton-nage.

Percentshop

capacity.

110,700

90, 40072, 00077, 40045,600 i49,20047,000

32,000 i25,60052,30055, 80050,800 :

61.5

50.040.043.*025. 527.526.0

18.014.029.031.028.0

Structural-steel orders and shipments ofthe membership of Bridge Buildersand Structural Society.

Orders. Shipments.

Ton-nage.

Ton-Pet centshop |

capacity. n a g e *

41, 759

33,21336, 84326, 75514,161 I14,531 !14,521 !

' I

12,194 I12,013 I26,398 i22,694 !25,763 |

58.0 ! 45, 317

47.0 i50.0 ;

37.0 i20.0 ;

16.0 120.0 |

18.0 i18.5 '•38.0 I32.5 !37.5 !

49,09651, 38153, 52647,20041, 26842, 767

32, 96425,77630, 01129, 55027, 987

Per centshqLOP

icitycapacity

63.0

69.070.074.066.057.560.0

48.540.043.042.541.0

ZINC.

[American Zinc Institute.]

JanuaryFebruary..MarchAprilMayJuneJulyAugustSeptember.October

1920.

Produced.

Short tons.43,44143,92148,25645,39945, 41541,00940,19438, 22636,81935, 335

Stocksat end ofmonth.

Short tons, j40,311 j37,095 i31,019 i32, 510 i29,335 |26,85429,059 !29, 578 !

42,900 !51,230 i

1920.NovemberDecember


Produced.Stocks

at end ofmonth.

Short tons.33,31828, 459

25, 91617,76915, 74116, 55018, 02619,443

Short tons.64,39071, 058

75,95378, 02080, 99079, 58183, 72189,889

IMPORTS OF PIG TIN.

[Department of Commerce. Monthly average, 1911-1913 = 100.]

Pounds, j Relative. Pounds. Relative.

May.1920.

9,102,341 i

July ! 17, 584,167 IAugust 11,195, 937 |SeptemberOctober...NovemberDecember.

9,596,8196,741,3319, 550, 5355,893,627 j

100 |

193 |123 I106 |

105 {65 I

1921. iJanuary : 2, 584, 347February i 5, 269, 969March.." 3, 028, 356April 2,483, 655May 2, 021, 762

I

2862332722

RAW STOCKS OF HIDES AND SKINS.*

[Bureau of Markets; July, 1920, on, Bureau of the Census.]

Cattlehides. Calfskins. ! Goat and

j

1920. iMay 31 5,849,375

Sept. 30 5,926,708Oct. 31 6,770,509 iNov. 30 7,158,751Dec. 31 7,793,762 |

1921. !Jan. 31 : 7,899,138Feb. 28 7,940,359 jMar. 31 1 7,806,867 jApr. 30 7,407,862 IMay 31 i 7,441,619

2,724,056 ' 924,042 I 14,922,480

542,388 !850,183 [

492,653271,905 !

086,862157,723060,144454,470715,602

083,193 !377,998 !422,608305,776 ;

,381,748 I,375,110 |,241,984,107,310 |,021,039 i

408,277147,070231,086721,505

870,210798,311652,171740,147789,123

Cabretta. Sheep and! lamb.

2,253,785 j 9,004,621

2,197,2,104,2,234,2, 685,

2,155,1,941,1,579,1,277,1,244,

149 j 11,235,417133 | 13,626,406027 12,705,767670 I 13,773,089

13,184,05212,489,85512,970,85712,992,29913,334,187

1 Includes hides and skins in transit. The number of firms reporting increased in the autumn of 1920 as follows: September, 1,307; October,1,915; November, 2,027; December. 2,059.


JULY, 1921. FEDERAL RESERVE BULLETIN. •833

TEXTILES—COTTON AND SILK.Cotton, Bureau of the Census; silk, Department of Commerce. Cotton, monthly average, crop years 1912-1914=100; silk, monthly

average, 1911-1913 = 100.]

1920.May

JulyAugustSeptember...OctoberNovemberDecember

Cotton consump-tion.

Bales. Relative.

541,377

525,489483,193457,647399,837332,057294,851

117107102897466

Cottonspindles

S.Imports of raw silk.

P 0 U l l d s -

120 ! 34,069,744 ! 2,505,798

34,0fi6,79434,471,51534.040.80633,669,80431,654,12629,879,402

I2,581,9202,690,6901,968,8011,531,8501,319,995 j

972,011 )

Cotton consump-tion.

Bales. ! Relative.

:; 1921.122 | January. . .

i February..MarchApr i l . . ; . . .May

12613296

366,270 !395,563 I437,933 i408,882 i439,884 i

6548

Cottonspindlesactiveduringmonth.

31,509,02132,458,52832,104,94632,535,72532,631,051

Imports of raw silk.

Pounds.

708,8972,327,9492,201,6334,857,1604,437,080

Relative.

35122108237217

TEXTILES—WOOL.

[Wool consumption, Bureau of Markets; idle wool machinery, Bureau of the Census.]

Consump-I tion

(pounds).1

June.1920.

Percentage of idle machinery on first of month to Percentage of idle hours on first of month to totaltotal reported. reported.

Looms. | Spinning spindles. Looms.

I I Sets , |150-inch j of Combs.

reed i cards.reed I s P a c e

S PSe.!o r l e s s-

46,578,283

July 37,097,077August 38,054,708September ; 36,297,221October j 38,443,688 !November j 28,096,047 jDecember I 24,372,000 •

1921. j iJanuary j 29,807,333February 36,204,000March j 47,181,000 ;April ! 53,071,000 jMay | |J u n e I I

26.8 .

42.5 !49.5 j51.8 !49.0 I46.9 j51.2 I

57.0 I53.9 I43.1 I36.1 i26.220.5

22.4 ! 21.1

32.329.934.834.937.744.8

49.248.741.734.428.725.2

38.039.639.638.339.550. 3

58.156.546.233.025.321.6

15.9 j

35.0 I33.437.326.3 !32.8 !41.4

52.943.828.318.714.210.9

Woolen.

23.1

42.045.544.643.242.851.7

59.458.947.232.323.820.6

Wider !than 50-;

Worsted, inch ,'reed |

space. I

50-inchreedspace

or less.

Sets !of ! Combs

cards. '

14.2

32.7 ,37.638.026.034.842.7

50.843.033.021.812.910.1

54.159.7

66.760.045.338.326.619.9

47.760.4

71.266.757.147.336.830.1

45.957 .1 I

66.164.350.6 i35.8 i25.0 ;

38.451.0

62.951.026.211.35.41.4

Spinning spindle:

Woolen.

46.753.9

68.464.550.534.122.918.6

Worsted.

38.553.4

65.255.337.925.713.510.4

1 Converted to grease-equivalent basis.PRODUCTION OF WOOD PULP AND PAPER.

[Federal Trade Commission.]

May..

JulyAugustSeptember.OctoberNovember.December..

Woodpulp.

Nettons.

363,815

312,334305,965293,913319,877326,041302,527

News-print.

Nettons.

129,230

129,853128,818121,005124,818122,993124,857

Book.

Netton*.

92,856

95,52694,42494,14293, 84989,56476,093

Paperboard.

Nettons

213,475

218,771215,633218,743196,604133,818105,227

Net | Nettons. I tons.

70,511 S 31,575

73,48775,22870,91773,10065,92054,308

34,07833,12234,20734, 52831,20827,233

1921.! January' February

MarchApril ! 268; 806May 216,101

Woodpulp.

Nettons.

275,353243,797262,332

News-print.

Nettons.

123,830103,040107,532115,40878,868

Book.

Nettons.

64,38256,68759,83251,38052,642

Paperboard.

Nettons.

105,806123,832139,723128,186122,801

Wrap-ping.

Nettons.

44,62046,35249,87951,71353,084

Fine.

Nettons.22,75619,24219,05815,63117,484

OUTPUT OF LOCOMOTIVES AND CARS.

[Locomotives, reports from individual producers; cars, Railway Car Manufacturers' Association.]

1920.May

JulyAugustSeptember...OctoberNovember...December...

Locomotives.

Domes-tic

shipped.

Number.83

122114126198204198

Foreigncom-

pleted.

Number.112

5412569

1067393

Output of cars.

Domes-tic.

Number.2,792

2;7313,4093,9556,3096,2437,551

Foreign.

Number.1,402

4341,2101,103

684985

1,420

Total.

Number.4,194

3,1654,6195,0586,9937,2288,971

Locomotives.

' Domes-] ticshipped.


Number.I 154! 108i 112! 138! 56

Foreigncom-

pleted, j

Number.7170494418

Output o fears.

Domes-tic.

Number.7,1696,4826,0414,6523,843

Foreign.

Number.843518705874444

Total.

Number.8,0127,0006,7465,5264,287



VESSELS BUILT IN UNITED STATES, INCLUDING THOSE FOR FOREIGN NATIONS, AND OFFICIALLY NUMBERED BY

[Monthly average, 1911-1913=100.]

June


I Number.

1920198

Grosstonnage.

267,076 !

Relative.

1,105

17317813512011987

217.259,251,227,213,176,

2 >9 i210 i962 !162 |98fi !

903 :

1,1,

899073084940885732

January . .February.MarchAprilMayJuiie

1921.

Number.

94958699

116160

Grosstonnage.

216,280121,404154,864120,762132,622173,885

Relative.

895538641500549720

1920.

TONNAGE OF VESSELS CLEARED IN THE FOREIGN TRADE.

[Department of Commerce. Monthly average, 1911-1913=100.]

May.


Net tonnage.

American.! Foreign.

2,729,790 I 2,436,247

3,302,5383,616,2673,421,5313,500,3123,302,3672,785,615

3,616,0523,929,6023,513,5993,756,5122,868,2942,949,416

i I . Per-• cent- \ ;|

| Rela-j age | Rela-h! tive. ! Ameri-i tive. !|

Total.

5,166,037

6,918,590 i7,545,8696,935,130 17,256,824 j6,170,661 !5,735,031 !

126

169184170177151140

can tototal.

52.8

47.747.949.348.253.548.6

199

180181186182202183

1921.199 !l January 2,191,201

1 February 2,017,303March 2,097,843April i 2,535,956 !May ~2,113,881

l et tonnage

i Foreign.

2,454,6171 2,149,300| 2,396,309I 2,473,5871 2,910,341

4445{

Total.

, 645,, 166,,494,, 009,,024,

818603152543222

Rela-tive.

114109110122123

Per-cent-age

Ameri-can tototal.

47.248.446.750. 642.1

Rela-tive.

178183176191159

RAILROAD OPERATING STATISTICS.

[United States Railroad Administration; March, 1920, on, Interstate Commerce Commission.]

| Net ton-miles,I revenue andI nonrevenue.

1920.April


28,592,000,000

40,450,094,00042,706,838,00040,999,843,00042,562,687,00037,458,630,00034,722,365,000

Nettons

636

769788767756710674

Net tons

loaded

28. 6

29.730.130.130.030.631.3

I Net ton-miles, j Net tonsj revenue and peri nonrevenue. train.

Net tonsper

loaded

January. . .February..MarchApril

1921.29,817,000,000 I24,913,294,000 '26,831,000,00025,582,000,000

621618626

.637

30.228.427.226.9

COMMERCE OF CANALS AT SAULT STE. MARIE.[Monthly average, May-November, 1911-1913=100.]

, EASTBOUND.

June..

April.May..June..

1920.

1921.

Grain other thanwheat.

IWheat. Flour. Iron ore.

Bushels. Relative, i Bushels. Relative, j Barrels. !Relative.

3,076,986 35 5,976,125 31

7,418,708 1 8,592,82612,431,592 140 12,609,46911,358,929 12" -- •— • —

66

1,082,521

54,540890,330 |

hort tons.

8,707,358

Relative.

77 2,652,033 |95,328

4510',418,433 54 1,150,240 | 99 3,892,791 j 66

, I i ! [WESTBOUND.

Total.

Short tons. I Relative.

9,153,884 I 131

518,458 ,3,407,8274,628,067 ;

4966

Hard coal. Soft coal. Total.

Short tons.! Relative, i Short tons, i Relative, i Short tons.! Relative.

June.1920.

1921.AprilMayJune

271,020 87

109,719 259,288214,776 69 2,303,369247,048 80 , 3,027,177

50

120158

1,493,935 \ 60

Total freight.

Short tons.' Relative.

10,647,819 ! 112

438,673 ;2,747,236 j3,451,409

110139

957,131 !6,155,063 658,079,476 85



BUILDING PERMITS IN 166 SELECTED CITIES.

[Collected by the 12 Federal Reserve Banks.]

NUMBER OF PERMITS ISSUED.

1920.JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

January..February.MarchAprilMay

1921.

DistrictNo. 1

(14cities).

789586

2,2632,3752,3012,127 I1,8831, 765 I1,715 !1, 780 !1,323 !

898 I

842 j2,0792, 5472,396

District j DistrictNo. 2 I No. 3

(22 | (14cities). ; cities).

3,1112,618 !4,942 !7,172 ;6,606 !5,929 :4,907 ;5,071 ,4,7794,585 '4,0723,284 1

1,101954

2,5493,7822,6242,4142,0511,8791,9432,2221,7071,246

2,5593,148 ;6,551 IS, 304 I8,146;

1,1031,4303 0563, 4261,275

DistrictNo. 4

(12cities).

2,0071,8284,5585,0184,9334,2353,7193,6023,5283,2982,5621,818

2,3282,9626,0246, 7165,107

DistrictNo. 5

(1.5cities).

2,0622,1293,2383; 9073, 2483,1322, 7192, 837% 4972,8752,1701,713

1,9212,4174,2014,4454,170

DistrictNo. 6

(14cities).

1,6571,6401,9612,1551,9771,9011,7062,0072,2552,4661,9951,422

2, 90S2,1582,7813,030?., 770

District District District ! DistrictNo. 7 No. 8 No. 9 i No. 10

(19 (4 (9 i (14cities), cities), cities). ! cities).

2,2965,4779, 5556,8195,7495,2345,348 ;

5,0034, 7732,9971.989

2, 0113,0886,0457,1666,132

815895

1,5401,7451,5131,4761,3531,3021,3091,342 :1,061

863

8861,1491,961 •1,9(32 '1,998

693766

1,0732,008 :

1,7761,622 ;

1,3291,356 i1,41.91,485 1986 !

665 i

463 !686 i

1,634 |2,862 i2, 528 !

1,1541,7292, 2151,9951, 9851,5221,3391,724i; 5591, 5631,048736

940 I1,327 j% 728 I2, 559 i2,655

DistrictNo. 11

(9cities).

1,6321,8342,3131,8681, 5131,6291,6381,5481,8641,8742,0011,678

1,6921,6302,3312, 5882,473

DistrictN o . 12

(20cities).

6,2405.8466,809'6,3185,8965,8646,3437,5629,2248,4606,9905,364

5,6686, 3%9,4199,4128,616

Total(166

cities).

23,36023,12138,93847,89841,17137,60334,21935,99937,09536,72328,89221,676

23,31727,23248,81055,01748,266

VALUE OF PERMITS ISSUED.

JanuaryFebruary . . .MarchAprilMayJuneJulyAugustSeptember..OctoberNovember..December...

1920.

January...February.March. .*..AprilMay

1921.

District No.1 (14 cities).


$8,374,287 j4.520,520 i9,881,986 !

10,035,478 j14,496.9117, 532, 067 !7,152,2336, 524, 8554, 86S, 873

10, 032,90S3,365, 5372,141,407

3,770,704 i5,564,539 j5,087,162 !4,451,365 !6,083,991 I

$34, 805,28,215.40, 786;55,058,36, 882,28, 051,27, 588,35, 952,22, 224,19,057,IS, 194,10, 099,

020 i809 •909343353574503930 i669215119894

15,193,96128,649,27135, 517, 74337,953,36055, 493,186

District No.3 (H cities).

So, 933,3428, 044,293

11,399,0o215 161,0388 185,298S, 742, 2687, 916, 204

10, 763, 9704, 936,3794, 804, 7353, 742, 9562,186, 330

2, 236,4482,153,1526,088,6216, 489, 2146,149, 855

District No.4 (12 cities), j

$17,919,378 18,229.316 |

15, M4, 578 !23,676,767 !13, 766,757 !14,599,684 i14,912,78211,250,175 i9,554,303 |7,714,688 !5,901,026 I

' 8,976,700 i

5,480,4126,099,516

11,731,39615,972,46110,451,771 !

District No.5 (1.5 cities).

$6, 80", 1348, 361,377

10, 639, 49410, 800, 8477,627,9606,434,4906, 795,1657, 788, 8625, 860,0334,410,4414,167,7792,682, 869

3, 870, 3306, 995,1208,108, 832

14, 838, 7708, 332.123


$5,013,0743,120,2964, 517,4694,423,3093,913, 3006, 364, 7383, 592,0764,057,1814,243,9286,940,4463,171,3682,682,217

2, 755,2104,089,1814, 747,3794,194,4945,674,822

I District. No.i 8 (4 cities).

JanuaryFebruary.. .MarchAprilMayJuneJulyAugustSeptember.OctoberNovember..December..

January..February.March.. . .AprilMay-

1921.

391,903536,213477, 219205,419923,450725, 500275,703751, 877165,442716,311284, 999915, 471

District No. District No.9 (Ocfties). I 10 (14 cities).

1,488, 8041,608,7892, 512,8712' 403, 5r>72,696, 521

•12,861,1022,444, 2313, 272, 61047 420, 6014, 430, 5654, 382, 0207,068, 5523,303,1292,312, 9953,311,1762,215,1102,671,237

854,4701, 946,1502, 612, 2915,591,111< 574, 734

$8, 71S, 3057,123, 2128, 600, 0698, 369, 0456, 541, 4155, 803, 8124,182, 3423, 803, 4053,183,6484,237,7723,031, 2672, 574, 831

3,766,1742,721,473 I6,147,628 !

5,167,9696,096,407

District No. District No. I11(9 cities).! 12 (20 cities).


$18,244,31322, 438,91626, 873, 41833,262,77719, 082,71223,436,18318,389,73215,539,07716,405, 74716.410,42912,076,35411,049,761

11,064,86021,274,11720,185,0S428, 034,63214,914,403

Total (166cities).

$5, 576., 771 i6,796., 1715, 589', 236 I6,452:517 I4. 552, 658 '2, 781,269 ;

3,978,6472,950,6913,284,8412.604,567 ;2, 916, 0702,706,634

2,109, 9693,138, 6575,190,1915,633,6494,190, 778

$13,184,30412, 858,09214,607, 58715,633, 50515,17S, 408' 16,001,68916,332,92315, 080, 73517,378,394

. 14,367,90913,107,69113, 877,098

8,931, 52511, 783, 50918,542,83519, 907,62117, 783, 732

S129, 824,931118,288,446156,289,667191,559 646138,581,787127,855,354122,182,952119, 76*, 89196,419,25295,608,59773,174,27609,164,447

61,522,86796,023,474126,472', 031122,603,571142, 422, 323



PRODUCTION AND SHIPMENTS OF FINISHED COTTON FABRICS.1

Total finished yards billed duringmonth:

District 123568

Total

Total finishing charges billed duringmonth^

District 123

68

Total

Total average per cent of capacityoperated:

District 123568

Average for all districts

Total gray yardage of finishing ordersreceived:

District 123568

Total

Number of cases of finished goodsshipped to customers (case equalapproximately 3,000 yards):

District 123568

Total

Number of cases of finished goods heldin storage at end of month:

District 123568

Total

Total average work ahead at end ofmonth (expressed in days):

District 123568 . . . . .

Average for all districts

Whitegoods.

12,717,3577, 449, 5556, 305,1406 629,313

118, 480

33, 217, 845

$236,964133, 278186, 572128, 948

2,198

$887,958

55748399

70

12, 735, 0667,003,7075,921,1438,712, 871

100 785

34, 473, 572

5,3274,2623, 7241, 580

April

Dyedgoods.

18, 662, 3492, 612, 0225,115, 430

98, 073404, 988

26, 892,862

$750, 30591, 363

204, 485859

18, 389

$1, 065, 401

696764

68

19, 846, 2084,608,1925, 955,652

199,6021,145, 464

31,755,118

5, 324152

2, 230

14, 893

3,2921 845

172329

7, 705

2, 906274

! 298

5,638

5.912.013 018.0

: 10.0i

; 3,478

8.711.07 5

8.8j

1921.

Printed 'goods.

8, 015,1754, 704,128

12, 719, 303

$128,945193, 824

$622, 769

4880

52

11,717,2515, 779, 556

17, 496, 807

2, 658

2, 658

2,837

2,837

17.017.0

17.0

Total.

42, 978, 93522, 093, 74612,318, 9616 727,386

521, 4681, 670, 942

86, 311, 438

SI, 571,113604,942410,349129, 80720, 58523, 032

$2, 759, 828

587770994266

66

47, 682, 47820, 731,92012, 986, 8548,912, 4731, 246, 2491,380, 850

92, 920, 824

22, 23710, 8916,4273,415

586

43, 556

17,1086,6874, 9881 229

141,331

31,357

9.611.010 018.013.07.9

10.0

Whi tegoods.

13, 597,7198,165,9727, 531, 4336,193, 501

84, 600

35, 573,225

$265, 283139,614227,335122,603

1, 454

$756,289

587697

101

May,

Dyedgoods.

18, 228,5092,579,9985, 501, 772

174,107794, 319

27,278,705

$720,10079, 040

212, 9451, 357

35, 734

$1, 049,176

706666

75

14, 005, 6098, 022,7635,126, 3615, 828, 759

109, 450

33, 092,942

5,6894,6323,7491, 730

15, 800

3,3501,952

186316

69

18, 791, 8683, 383, 9035, 965,152

159, 653412, 809

28, 713, 385

5,70268

2,199

7, 969

2, 827147316

5,804

6.514.011 016. 0

10.0

3,290

8.08.49 3

8.3

1921.

Printedgoods.

8, 953,2324, 275,135

13,228, 367

$430, 835166, 551

$597, 386

5378

56

9, 695, 4413, 912, 887

13,608, 328

2, 597

2, 597

2,689

2,689

20.08.5

19.0

Total.

44, 823, 35722,987,03714, 077, 8866,367,608

878, 9191, 898,728

91, 033, 535

$1, 575,091590, 368459, 476123, 96037,18828,947

$2, 815,030

607479

1015477

68

46, 389, 65019, 392, 06912,201, 0145, 988, 412

522, 2592,260,651

86, 754, 055

23,54710, 5306,3933,648

771

44, 8S9

17, 2497,7335,2071,231

201, 202

32,642

10.09.4

10 016.08.39.0

10.0

1 The National Association of Finishers of Cotton Fabrics, at the request of the Federal Reserve Board, has arranged for a monthly surveywithin the industry. The results of the inquiries are herewith presented in tabular form. The secretary of the association makes the followingstatement concerning the tabulation:

The accompanying figures are compiled from statistics furnished by 34 out of 58 member firms of this association. It is probably fair to statethat in the absence of having specific detail at hand, but according to our best estimate, it is probably well within the fact that the figures givenfor 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. The figures given represent reports from exactly the same finishers for the two months, both for the totalsand 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 goods, and reported theirtotals only, therefore the column headed "Total" does not always represent the total of the subdivisions but is a correct total for the district.



KNIT-GOODS MANUFACTURES.

The total production of winter and summerunderwear for the 6 months ending May 31was as follows:

I NumberI of mills' report-

ing.

1920.December


61

Actualproduc-

tion(dozens).

98,671

148,023248,431421,140401,938505,347

! Percentof

normal.

16.428.050.149.655.4

Order and production report for month end-ing May 31, 1921, follows. The number ofmills reporting was 40.

Unfilled orders first of monthNew orders received during month

Total (A)

Shipments daring monthCancellations during month

Total (B)

Balance orders on hand June 1 (A minus B)Production

Dozens.

526,524311,327

837,851

288,6256,155

294,780

543,071336,108

Per centof normal.

52.4

48.61.0

56." 6

Thirty-three representative mills which re-ported for April and May furnish the data forthe following table:

[In dozens.]

1 April (33mills).

Unfilled orders first of month. . . 410,526New orders 364,361Shipments 204,382Cancellations 4,022Production 292,274

May (33mills).

533,057283,313251,028

5,812317,385

Cain.

122,531

46,6461,790

25,111

Loss.

8i,6oi

RETAIL TRADE.

In the following table is given a summaryof the data obtained from representativedepartment stores in each Federal Reservedistrict, showing the activity of retail tradeduring the past several months. In districtsNos. 1, 2, 5, 6, 7, 9, 11, and 12 the data werereceived in (and averages computed from)actual amounts (dollars). In districts Nos.3, 4, 8, and 10 the material was received inthe form of percentages, the 1921 averages forthe cities and districts computed from suchpercentages being weighted according to vol-ume of business done during the calendar year1920, and the averages for the several monthsin 1920 by similar figures for the calendar year1919. For the month of May the tables arebased on reports from 341 stores in all, dis-

tributed as follows: 24 stores in district No. 1,58 in-district No. 2, 47 in district No. 3, 17 indistrict No. 4, 25 in district No. 5, 24 in districtNo. 6, 52 in district No. 7, 18 in district No. 8,13 in district No. 9, 15 in district No. 10, 19 indistrict No. 11, and 29 in district No. 12. Thenumber of stores varies somewhat, due to theinclusion of new stores from time to time in thereporting list.

Separate figures for Buffalo, Newark, Roch-ester, Syracuse, Pittsburgh, and Cleveland areshown for the first time this month. Mayfigures for "outside" stores in districts Nos. 2and 4 therefore include only stores in other cen-ters than those for which separate figures aregiven, and are not comparable with the figuresfor " outside" stores shown for earlier months



CONDITION OF RETAIL TRADE IN THE FEDERAL RESERVE DISTRICTS.

[Minus sign denotes decrease.]

District and city.

District No. 1:BostonOutside

District

District No. 2:New York City and

BrooklynBuffalo

Rochester

Outside

District

District No. 3:PhiladelphiaOutside

District

District No. 4:

PittsburghOutside

District

District No. 5:

RichmondWashingt onOther cities

District..

District No. 6. .District No. 7District No. 8District No. 9District No. 10 .District No. 11

District No. 12:Los AngelesSan FranciscoOaklandSacramentoSeattleSpokaneSalt Lake City

District..

Oct.,1920.

0.12.2

.6

1.7

Percent

Nov.,1920.

15.01.7

11.4

7.6

15.4

6.2

15.8

20.8

12.4

25.18.3

10.5- 2.9- 1.9

16.0

19. 311.522.0

9.9— 14.6

4.68.9

8.2

18.9

11.6

8.58.5

8.5

Dec,1920.

1.4- 6 . 4

- .4

- 3 . 6

5.9

— 1.6

2.910.8

6.1

26.1

13.1

14.617.610.82.99.2

12.7

31.29.97.2

— 16.45.6

14.7

11.3

14.7

4.9

3.09.65.3.5

- 5.1- 2 . 9

13.7- 3 . 8

2.3— 18.7

11.59.1

- 4 . 3

age of increase in net

Jan.,1921.

5.4- 1 0 . 1

1.5

- 6 . 5

Feb., ; Mar.,1921. ; 1921.

10. 8 2.1- 6.0 - .9

6.5 1.5

- 1.1 - 5.8

sales as

Apr.,1921.

- 1.3- 3 . 8

- 1.9

- 2 . 8

- 1.5

- 5.3

2.93.3

3.1

9.5 _ .3

1.0 - 4.6

3.4 .94.7 4.6

3.8 1.8

5.8

- . 5

- 2 . 55.8

- .4

3.6

5.9- 4 . 2

9.34.0

5.4

- 9 . 0- 1 0 . 5- 3 . 8- 1 2 . 3- 1 1 . 6- 8 . 9

17.1- 1 2 . 1-10 .4- 1 6 . 8- 2 3 . 4- 1 0 . 1- .6

- 1 4 . 3

6.4 - .4

5.3 2 214.2 6. 38.4* 5 5

15.9 9.4

8.6 i 2.7

1.4 - 5.6- 5 . 4 - 3 . 2- 3.1 - .7- 7.0 - 1 1 . 2

4.1 — 6.1- 4.6 - 1 6 . 0

14.6 9.9.4 - 3.1

8.2 .9. . . . - . . - 6.2_ 2 . 4 - 1 4 . 6

12.2 4.6- 5 . 2 1.7

- 2.4 ! .6

. 8

— 6.8Q 1O. 1

5.33.7

- .7

- 1 9 . 5- 3.1— 2.9- 5 . 4- 2 . 8-17 .7

3.4- 9 . 6

1.4- 7 . 3- 1 6 . 1- 6 . 4- 8 . 7

- 9 . 3

compared with corresponding perioc

July 1, 1920, toclose of—

Mav.'i1921. ':

i Oct.,1920.

- 2 . 4 9.7- 1 1 . 4 11.1

4.5 10.1

-11 .7 5.24

9 2 i2.23 9

- 9.9 ;i 19.6

-10 .0 ! 10.0

- 8 . 8 '••

- 4 . 8

- 7.8 I! 17.3

17 9 '1 3.2

- 5 . 5 23.9

7 1 !

- 3.0 '4.3 i .

- 5 - 2 !

- 3.0 j! 13.6

- 1 6 . 8 li 19.7- 1 ? . 5— 1.6-14 .9- 5 . 3-17 .4

8.8- 2 . 4- 2.1

14.8

32.6• 16.5'"b'.2~

21.6

33.915.4

! 21.3! 16. 1

- 1 6 . 8 - 7.3- 1 7 . 9 :| 9.4- 1 8 . 7 14.0

- 4 . 1 16.8

Nov.,1920.

11.09.0

10.4

3.0

22.8

10.0

12.018.5

14.6

24.8

13.5

18.824.213.83.8

12.917.9

33.711.718.2

- ' 9 . 2 *8.4

12.2

14.8

Dec,1920.

8.55.0

7.7

3.2

14.3

5.5

9.121.6

14.1

22.0

10.4

15.318.113.37.6.7

10.5

28.58.7

7.0— 11.1

8.614.6

5.0

Jan. ,1921.

5.4- 1 0 . 1

1.5

- 6 . 5

previous year

Jan. 1, 1921, toclose of—

Feb.,1921.

7.7- 9.1

3.5

- 4 . 6

Mar.,1921.

5. 5- 6 . 2

2.7

- 4 . 5

- 1 . 5

- 5 . 3

2.93.3

3.1

1.6

- 3 . 5

4.41.7

3.6

3.6

5.9- 4 . 2

9.34.0

5.4

- 9.0— 10.5- 3 . 8- 1 2 . 3— 11.6- 8.9

17.1- 1 2 . 1—10.4- 1 6 . 8-23 .4- 1 0 . 1- -6

- 1 4 . 3

4.64.28.89.4

6.4

- 5.4- 4.7- 3.7— 10.9— 1.8- 8.4

13.3- 6.5— 2.2

- * 9 . 3

1.9

- 5.9

- 3 . 4

2.02.1

2.0

4.3

1 95.67.4

10.8

5.2

- 4 . 713.3

- 1 . 7— 11.8— 3.9- 1 1 . 4

11.9- 4 . 3

9.8- 4 . 2- 1 5 . 6

1.36.0

1.6

Apr.,1921.

3.6- 5.5

1.4

- 3 . 8

2.2

- 2.1

1.83.7

2.3

2.3

— .64.96.98.7

3.6

- 8 . 7- 5 . 6

1.7- 1 0 . 7— 1.8- 1 1 . 2

9.7- 5 . 2

2.0- 5.1-15 .7- .9

.1

- 3 . 8

May,1921.

2.2- 6 . 8

. 1

- 6.45.12 59 15 2

- 4.6

- 4.3

— 1.9. 7

- 1.2

10 15.72.9

- .3

— 2 03.26 35.4

2.1

— 10.7— 8.0

4

- 7.0- 3.8—13.0

9.5- 4.5

1.514.0

— 13.5- 5.4- 3.5

- 6.9



CONDITION OF RETAIL TRADE IN THE FEDERAL RESERVE DISTRICTS-Continued.

[Minus sign denotes decrease.!

District and city.


District

district No. 2:New York City and

BrooklynBuffaloNewark

Outside

District


District

District No. 4:ClevelandPittsburghOutside

District

District No. 5:BaltimoreRichmondWashingtonOther cities

District

District No. 6District No. 7District No. 8District No. 9District No 10DistrictNo.il

District No. 12:Los AngelesSan FranciscoOaklandSacramentoSeattleSpokaneSalt Lake City

District

Oct.,1920.

9.515.9

11.6

17.2

15.6

16.7

16.0

34.9

15.1

30.151.730.512.025.042.3

21.615.48.3

17.5.5

40.1

15.6

Nov.,1920.

7.110.6

8.2

5.1

3.8

4.6

5.717.4

10.1

22.5

5.3

16.339.717.07.1

11.831.5

16.48.03.8

—'4.T33.6

20.1

Percentage of increase in stocks at close of month compared with—

Same month previous year.

Dec,1920.

— 1.72.0

— .7

- 2 . 3

- 1 2 . 7

- 4 . 5

2.28.0

4.4

Jan.,1921.

10.7-10.6

-10.7

- 9 . 5

-20 .0

-12 .0

- .9-10 .8

- 4 . 6

11.6

• • - " • •

4 2

227^716.2

9.48.8

-29.719.6

-"i'6*-12 .3—12.2

12.7

. 3

- 4 . 0

-19.7- 9 . 8-28.6-20 .3

-22.2

- 8 . 3-15 .5

9.9-10.9-14 .9

12.9

- 4 . 9- 9 . 3-21 .1

-2L4*- 3 . 6

. 4

Feb.,1921.

- 3 . 73.7

— 1.6

-16 .5

-23.6

17.8

-11 .7-12 .4

-11.9

-13 .2

-24.0-13 .1-29.9-21.4

-24 .8

-13.9-13 .1

11.5-23 .1-18.2

15.5

-12.4-16 .5-27 .8

-27." 5"-14.0

- 7.6

Mar.,1921.

18.2-10 .3

-16 .0

-23.2

Apr.,1921.

-18 .9-17 .5

-18 .5

-22.0

-17 .9

-22 .0

-20 .4-14 .3

-19.0

-20.7

-21.6

-20 .5-13 .0

-18.7

-17 .1

-28.2-16.6-26.2-22.6

-25.9

-12 .7-14 .3- 9 . 8-14 .8-20.9

17.7

-12 .8-21.9-27.2-30 .3-33 .8-20.9-15 .1

-21.6

-17 .8

-26 .0-13.6-29 .0-23 .3

-25 .8

11.6-21 .3-12.9-19 .1-21.6-18 .1

-12 .8-13 .8-23 .5-30 .5-28.7-17.7-11 .9

-13.9

May,1921.

-18.7-16 .5

-18 .1

16.8-10.4-25 .8

29.212.6

-10 .0

-17 .3

— 17.0~ 8.2

-14.9

28.7-14 .1— 9.8-18.2

-25 .3-14.6-29.2-24.2

-25 .8

-11 .5-18 .8-11.0—24.3

19.8 i-21.0

- 9 . 4-17.6-16.5-29.4-27.4-17 .1-10.9

-14 .2

Oct.,1920.

- 4.23.0

- 1 . 8

1.0

- .4

. 5

. 9

Nov.,1920.

9.0- 2.0

4.9

- 4 . 8

- 7 . 0

- 5 . 6

— 5.0- 4 . 1

- 4 . 7

4.8

. 1

.81.01.8.5

- 1.9- 3 . 0

. 215.4

.6

.32.8

- 2 . 7

1.2

- 6 . 4

Previous month

Dec,1920.

-18.2-20 .5

-18.9

-20.4

-24 .0

—21.1

-15 .5-20.0

-17 .3

-20.0

.......

- 7 . 7

- 6 . 7- 5 . 9- 4 . 3— 4.2- 5 . 0- 9 . 3

- 4 . 2- . 8- 3.1

- " 2 * 9 "- 4 . 2

- 3 . 4

-25 .5

-30 .8-24.0-18 .8—18 7

23.9-28 .8

-45.4-14 .7

-23.T-22 .5- 3 . 6-22.4

-14 .3

Jan.,1921.

-14 .5- 8 . 2

-12.7

- 8 . 1

- 6.1

- 7 . 6

—13 8- 7 . 4

-11.5

-14.6

- 7 . 0-15.2-18.7-32 .1

-16.2

- .8- 1 . 8- 3 . 3

- 1.1- 7 . 9

3.6- 9.0-10.9

-ii.Y2.1

- 4.1

Feb.,1921.

15.515.4

15.5

6.3

Mar.,1921.

- 6 . 6- 5 . 7

- 6 . 4

8.3

1

1.3

5.3

4 29.5

5.6

3.1

6.97.79.8

13.9

8.9

6.01.4

g1*210.15.0

.56.14.2

"""6."6"4.4

2.2

9.0

8.5

5 47.3

5.9

7.9

8 87.87.1

10.1

8.4

4.49.29.66 26.49.3

6.23.17.76.83.11.46.6

4.5

Apr.,1921.

3.51.1

2.8

5 1

1.1

4.0

1 4. 8

1.3

4.2

3 64.35.73.0

4.2

.4n

'.22 91.7.5

4.54.42.43.02.69.21.2

3.0

May,1921.

—2 9. 2

- 2 . 0

—2 632

6 0- 2 . 1

1.6

- 2 . 1

52.7

. 2

1 0- 4 . 9- 2 . 7

- 3 . 1

—3 1- .2- .5- 1 . 7

- 1 . 7

- 2 . 7- 3 . 1- 1 . 7

4 2- 4 . 3- 3 . 4

2.3- 2 . 3

6.8- 6 . 9- 3 . 0- 2 . 5- 3 . 2

- 1 . 0


840 FEDERAL EESERVE BULLETIN. JULY, 1921.

CONDITION OF RETAIL TRADE IN THE FEDERAL RESERVE DISTRICTS-Continued.

[Minus sign denotes decrease.]

District and city.


District

District No. 2:New York City and

BrooklynBuffaloNewarkRochesterSyracuse... . . .Outside

District


District

District No. 4:ClevelandPittsburghOutside . .

District

District No. 5:BaltimoreRichmondWashingtonOther cities .

District

District No. 6District No. 7District No 8District No 9District No 10District No. 11

District No. 12:Los AngelesSan FranciscoOaklandSacramento .SeattleSpokaneSalt Lake City

District

Ratio of average stccks at close cf each month to averagemonthly sales for same period (per cent).

July 1

Oct.,1920.

388.4482.6

415.6

1920, to closeof—

Nov.,1920.

368.4456.6

398. 6

479.4 464.1

441.3

466.9

437.2

430.6

452.3

380.4520. 5

418.0

Dec,1920.

329.9452.0

357.9

361.1

347.7

358.0

322.6458.6

371.1

466.8 452.1

489.0

403.9371.0396. 8

343.3454.0

462.5511.9732. 5387. 4502.5579.0

467.3

398.5

454.5

381.6431.7324.4

526.8416.7

478.0515.8567.4

454. 5544.3

488. 5

386.6

307.8391.0245.1

466.3383.7

432.5434.3

490. 5413.7458. 5601.4

. 490.7

Jan. 1,1921, to close of—

Jan.,1921.

270.2392.9

297.2

315.8

Feb.,1921.

325.3473.7

358.1

323.3

i

! 351.3

| 325.0

| 281.9! 479.3

| 357.6

306.4

311.8403.5351.2407.1

; 344.5

i 549.1: 544.3

336.5

480.8; 357.6

354.1424.2

: 427.2

463.0620.5

; 502.4

350.6

32S.7

314.3508. 7

365. 6

353.6

341.6403.1370.9434.3

36S. 7

405.3404.4407. 9

450. 3395. 7

355. 6444.6467.1

•468.1610.9

448.2

Mar.,1921.

300. 7445.8

332.5

310.1

Apr.,1921.

295. 5426.8

324.7

322.5

407.7

330.6

330.5465. 8

361.9

345.9

394 5354.4341 3402.2

343.2

387.3360.2388.6

359.2363.6

353.2401.5455.3

438.0621.6

394.4

342.5

313 5426.4

340.4

3^7.4

327 1355.9344 1400.5

345.3

428.7385.9388.1

346.9369.6

367.9402.6454.3

399.1617.8

404.7 | 477.9

May,1921.

289.8424.5 |

319.5

309.5352.6340 4392.4446.5482.2

326.5 |

314 2447. 7 |

346.1

328. 7302.4418 1

334.0 |

327 9358.5345 3 !

394.6

345.6

417.8411.4329.6

359.2407.5

374.1383.8464.2382 6423.4602.2

466.6

Ratio of outstanding orders at close of month to total pur-chases during previous calendar year (per cent).

Oct.,1920.

7.510.8

9.1

9.2

6.6

8.1

5.9

7.6

Nov.,1920.

5.410.4

7.7

6.9

Dec,1920.

3.6

5.3

4.1

5.5

4 72.9

4.0

3.1

4.5

4.1

4.6

5.9

7.1

6.95.16.1

12.43.1

. 4.1

9.3! 13.6

3.0

5.86.53.9

11.91.93.2

7.69.6

j 6.4 7.0

9.8 7.0

4.7

2.7

4.95.63.8

18.72.32.7

10.64.3

Jan.,1921

5.14.5

4.8

5.5

Feb.,1921.

7.48.6

8.1

7.3

4.1

5.1

4 44.8

4.6

7.2

7.3

7.96.2

7.5

7.1

7 °5.43 95.4

6.0

3.110.83.44.2

22.17.0

6.94.4

1 6.1

2.6

5.8

2 7

5.1

7.0

7 96.14 86.9

6.6

6.111.0S.95.5

11.86.5

11.58.2

6 05.2

; 8.6

Mar ,1921.

5 711.2

6.4

7.1

5.7

6.7

7 66.1

7.3

7.7

6 55 54 24.4

5.4

6.412.74.15.26.45.1

10.26.9

5 66.3

7.8

Apr.,1921.

5.29.6

5.8

6.7

10.0

6.5

8 64.9

7.8

5.3

6 14 64 85.1

5.4

5.15.87.13.54.84.6

9.87.5

6 77.94.9

8.7

May,1921.

5 78.8

6.2

6.65 54 55 3

7.1

6.2

7 55.0

7.0

5 55 15 8

5.0

5 47 26 86.6

5.6

4.64.05.19.53.94.4

9.29.14 8

5 24 06.0

0.7



WHOLESALE TRADE.

PERCENTAGE OF INCREASE (OR DECREASE) IN NET SALES IN MAY, 1921, AS COMPARED WITH THE PRECEDING MONTH(APRIL, 1921).

District.

No. 3No. 5No.6No 10No. 1 1 . . . .No. 12. . . .

Groceries.

Percent.

+ 1.7

Num-ber offirms.

50- 3 . 4 ! 8+ 4.0 27

+ 0.6+2.5

1132

Dry goods.

Percent.

Num-ber offirms.

-14 .1 ! 9-12 .6 ! 15

+ 2.2 ! 4-17.4 | 9

Hardware.

p Num-

3 ber of

c e n t - : firms.

-14 .7 24- 8.4 9- 7.3 13- 8.0 i 4

- 6.3 23

Boots and shoes. Furniture.

Per SHf! Per

-18.2 8 : +6.4— 6.5 7

-17.6 , 17 +0.9

Num-ber offirms.

5

22

Drugs. | Stationery.

Percent.

- 6 . 2- 6 . 9

Num- • pber o f | £ *firms. | c e n t '

Num-ber offirms.

1i

411 ; -20 .4 27

Auto tires.

Percent.

Num-ber offirms.

-11.3 | 15

PERCENTAGE OF INCREASE (OR

District.

No 3 .

Groceries.

Percent.

— 43.4No 4 . !—35.1No. 5No. 6No. 7No 10No. 11No. 12

—35.8-46 .0-47 .2

-33 .8-39 .1

Num-ber offirms.

50

Dry goods.

Percent.

8 -13 .68 -35 .5

27 -34 .721 !—21.5

1132

— 23.3-38 .0

Num-ber offirms.

69

1513

49

DECREASE) IN NET SALES IN MAY, 1921, AS COMPARED

Hardware. ' Shoes.

Percent.

-33.0-22.0-28.7-43.7

-31.2

-36.8

INum- p

firms. c e n l >

2 4 • .

7 ]

9 -45 .613 -41 .3

— 10 14 ;

23 :-24.3

Num-ber offirms.

Furniture.

p | Num-

jDrugs. Auto supplies.

1 ip ! Num- j p ; Num-cent b e r o f ! cent ' b e r o fc e n t ' i firms.; c e n t - i firms.

WITH MAY

Stationery.

Percent.

. . . : . . - 2 3 . 4 i 6 . . . . . .8

11

17

— 44.1 5

: — 2Q.7 1 4 !-32 .4 ! 22 -18 .1 .11 - io .O 18 1-42.6

1 i S 1

Num-ber offirms.

27

, 1920.

Auto tires.

Percent.

-20.6

Num-ber offirms.

15

COMPARATIVE WHOLESALE PRICE LEVELS IN PRINCIPAL COUNTRIES.

The foreign index numbers published beloware constructed by various statistical officesaccording to methods described, in most cases,in the BULLETIN for January, 1920. A descrip-tion of the method used in the construction ofthe Swedish index number appeared in theBULLETIN for February, 1921, for the newItalian index number in the April, 1921, issueof the BULLETIN, and the method used by theFrankfurter Zeitung in the case of the Germanindex number was described in the BULLETINSfor February and March, 1921. Completeinformation regarding the computation of theUnited States Bureau of Labor Statistics ap-pears in the publications of that bureau, and adescription of the index number of the FederalReserve Board may be found in the BULLETINfor May, 1920. Details as to the method usedby the 0konomisk Revue in constructing itsindex of wholesale prices in Christiania are notavailable in this country. The Danish indexhas been constructed only recently, is basedupon the prices of 33 commodities, and isroughly weighted according to consumption.

The new British index number, compiled bythe Board of Trade, will be found on p. 843of this issue of the BULLETIN. It has beenrevised 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 compu-tations. In the other cases in which 1913appears as the basis for the computation, theindex numbers have been shifted from theiroriginal bases. The computations in thesecases are, therefore, only approximately cor-rect. In a few cases July, 1914, or the yearimmediately preceding that, is used as thebase. The figures are for the most partreceived by cable, and the latest ones aresubject to revision. In cases where the indexnumbers were available they have been pub-lished for the war years in various issues of theBULLETIN in 1920.

In the following table the all-commoditiesindex numbers for the whole series of countriesappear together to facilitate the study ofcomparative price levels.


84^

19131914 . .19151916191719181919 .1920

1920.AprilMay..JuneJulyAugustSeptember.OctoberNovember..December..

1921.JanuaryFebruary ..MarchAprilMavJune

UnitedStates;FederalReserveBoard

(90 quo-tations).2

100

206233

263264258250234226208190173

163154150143142139

FEDERAL RESERVE BULLETIN

INDEX NUMBERS

UnitedStates;

Bureau ofLabor

Statistics(315 quo-tations).2

100100101124170196212243

265272269262250242225207189

178167162154151148

United |King-dom;Statist(45 com-modi-ties).3

100101126159206226242291

313305300299298292282263243

232215208199191183

France;BulletindelaSta-tistique

ties).3

100101137187262339357510

588550493496501526502461435

407377360347329324

OF WHOLESALE

(Italy; iProf.

Bachi (38commodi-ties until1920, 76there-after)^

10095

133202299409364624

664660632604625655659670655

642613604584547509

Germany;

ties).4

9100

1 522

2,5821,6901,4521,4731, 5281, 5601, 5821,6471,658

1, 6031,4731,4191, 4101,4281,376

PRICES (ALL C O M M O D I T I E S ) .

Sweden;Svensk

Handels-tidning

(47 quota-tions).5

8100116145185244339330347

354361366363365362346331299

267250237229218218

Christi-ania,

Norway;Okono-misk

Revue(93 com-

modi-ties).6

w 115159233341345322

354368382409417425419403377

344319312297294

Den-mark;

Finans-tidende(33 com-

modi-ties).7

11100138164228293294362

383385394398403374

341290280270257254

Japan;Bank ofJapan forTokyo (56commodi-

ties).2

1009697

117147192236259

300272248239235230226221206

201195191190191192

Australia;Common-

wealthBureauCensus

and Sta-tistics (92commodi-

ties).2

12100141132

u 155170180218

217225233234236230215208197

196192181171166

J U L Y , 1921.

Canada;Depart-ment ofLabor(272

quota-tions).5

100101110135177206217246

261263258256244241234225214

208199194187183179

Calcutta,India;

Depart-ment ofStatistics(75 com-

modi-ties).3

13100

204

200210206209209208206194180

178174

183184178

1 Index numbers for 1920 and thereafter based upon prices of 76 commodities. Computations arrived at by the method described on p . 465 ofthe BULLETIN for April, 1921.

a Average for the month. 9 Middle of 1914= 100.3 End of month. w Dec. 31, 1913-June 30, 1914= 100.* Beginning of month but not always the first. u July 1, 1912-June 30, 1914= 100.5 Middle of month. 12 July, 1914= 100.6 End of year and cud of month. 13 End of July, 1914= 100.^ First of month. u Last six months of 19 i7.s July 1, 1913, to June 30, 1914= 100.

In the following tables the index numbers forindividual groups of commodities are given foreach country separately. Reference should bemade to the preceding table for the "all com-modities" indexes. In the case of the Italiangroup index numbers, Prof. Bachi's new com-putations only are given. These can not be

referred back to the 1913 base and it is there-fore impossible to compare present levels withprewar levels in these cases. No group indexnumbers are compiled by the Bank of Japanand the Danish index published by the Fi-nanstidende has only two group indexes, onefor food and one for "other commodities."

GROUP INDEX NUMBERS—UNITED 3TATES, BUREAU OF LABOR STATISTICS.[1913-100.]

Date.

19131914191519161917191819191920

1920.MayJuneJulyAugustSeptemberOctoberNovemberDecember


Farmproducts.

100103105122189220234218

244243236222210182165144

136129125115117113

Food,etc.

100103104126176189210239

287279268235223204195172

162150150141134132

Cloths andclothing.

10098

100128181239261302

347335317299278257234220

205198192186181180

Fuel andlighting.

1009693

119175163173238

235246252268284282258236

234218206197194187

Metals and

products.

1008797

148208181161186

193190191193192184170157

152146139138138132

Lumberand

buildingmaterial.

1009794

101124151192308

341337333328318313274266

239222208203202202

Chemicalsand drugs.

100101114159198221179210

215218217216222216207188

182178171168166166

House

goods.

1009999

115144196236366

339362362363371371369346

283277275274262250

Miscel-laneous.

1009999

120155193217236

246247243240239229220205

190180167154151150



GROUP INDEX NUMBERS—UNITED KINGDOM, STATIST.

[1913=100.]

Date.

191319141915.19161917.1918....19191920 .

1920.MayJuneJuly. . .August

Vege-tablefoods.

100110155193252248252321

351359343317

Ani-mal

foods.

100100125152192210215264

244244278295

Sugar,cof-fee,tea.

100107130161213238275366

473496425404

Food-stuffs,

100105137169218229238301

318325325319

Min-erals.

10090

109140152167190269

273269276281

Tex-tiles.

10097

111152228265271299

308308298298

Sun-dries.

100105131163212243268290

311282277278

Mate-rials.

10098

119153198225243285

298285283285

! Vege-| Date. table

foods.

1920. i! S e p t e m b e r . . . i 319! October. . 334

November . . 308December 257

I 1921.January . . . 234February . . 200March 214April 212May 211June 220

Ani-mal

foods.

291290293262

283270262249223206

Sugar,cof-fee,tea.

334257238212

192187182180158156

Food-stuffs,

308302291253

251234232225209207

Min-erals.

283276265254

225200179176177157

Tex-tiles.

286261212205

198179171172164164

Sun-dries.

279268253248

230224221199192181

Mate-rials.

282266245237

219203193184179168

ALL COMMODITIES AND GROUP INDEX NUMBERS—UNITED KINGDOM—BOARD OF TRADE.

[1913=100.]

1920.January.FebruaryMarchAprilMavJuneJulyAugustSeptemberOctoberNovemberDecember

Average for year 1920

1921.JanuaryFebruaryMarchApril . . . .May

Cereals.

242241265278282285281279282292290262

273

245212205200197

Meatand fish.

260242233247241244269279282287293292

263

285266251245220

Otherfoods.

264282297301297302282268262271263257

278

251227229224219

Totalfood.

256256265275273277278275275283281269

272

257234228222212

Iron andsteel.

336364390407428443439434434424403381

406

359320283259250

Othermetals

andminerals.

233245243239257260261264266263257236

252

213201192192193

Cotton.

540610612614595556519506462379316254

480

224195173181183

Othertextiles.

423447448444422388357342342304271239

362

220201179170166

Otherarticles.

272286294297286275272270276272257236

274

221216205196202

Total,not food.

333357365368370362352348345324300270

340

248228209202201

Allarticles.

303317320332333330324320318309293269

314

251230215209205

Date.

GROUP INDEX NUMBERS—FRANCE, GENERAL STATISTICAL BUREAU.

[1913=100.]

19131914191519161917191819191920

1920.JuneJulyAugust

Ani-mal

foods.

100103126162215286392503

482501515

Vege-tablefoods.

100103126170243298313427

400370359

Sugar,coffee,and

cocoa.

100106151164201231253422

392405399

Foods(20).

100104131167225281336459

434432432

Ls Min-erals.

Tex-tiles.

100 I 10098164232271283272449

428469475

109132180303460444737

734746737

Sun-dries.

10099

145199302420405524

517500524

R a wmate-rials.(25).

100101145206291387373550

540548558

Date.

1920.September. .OctoberNovember..December.. .

1921.JanuaryFebruary. . . .MarchAprilMayJune

Ani-mal

foods.

531533519515

483452406396379348

Vege-tablefoods.

412421390360

334317322348346362

Sugar,coffee,and

cocoa.

544422377355

337338367359317338

Foods(20).

487469442424

397378366372356354

Min-erals.

468453424385

341300289281266261

Tex-tiles.

715637510475

460398375314282278

Sun-dries.

540527498471

445422392371355341

Rawmate-rials(25).

558528476444

4153783553283093C0

55762—21 6


844 FEDERAL RESERVE BULLETIN. JULY,1921.

GROUP INDEX NUMBERS—ITALY, RICCARDO BACHI.

[1920=100.1

Vege-tablefoods.

102.2100.295.8

100.7104.8107.1107.7106.9

106.7103.4107.8105.9101.597.0

Ani-mal

foods.

92.9101.1100.3103.4108.8108.0124.1126.4

120.7119.5117.4115.9112.1100.5

Chem-icals.

122.6112.8100.0102.3100.1103.4107.7102.8

98.1,89.2186.982.976.263.4

Tex-tiles.

104.990.888.394.999.697.994.081.9

77.465.463.556.546.646.2

Min-eralsandmet-als.

113.299.195.596.6

103.7106.5101.492.7

88.279.572.069.062.360.4

Build-ing

mate-rials.

101.8106.3108.4109.9109.9112.8112.6112.6

113.3117.0112.9109.1106.8101.6

Othervege-tableprod-ucts.

Sun-dries.

97.2 107.95.9 105.90.2 104.91.9 101.

8105.7101

97. 5 102.1104.100.5! 105.4105.108.71 105.121.8 106.

123.4 107.127.3 106.7123.2 103.9111.3. 105.1110.0 95.4

95.0, 90.4I

Allcom-mod-ities.

i.73..18

97.77M34100.

2107.8104.

1 1021.891.23

96.6693.5187.5981.54

GROUP INDEX NUMBERS—GERMANY, FRANKFURTERZEITUNG.

[Middle of 1914=100.]

1920.Average for the year.Beginning of—

JuneJulyAugustSeptemberOctoberNovemberDecember

1921.Beginning of—

JanuaryFebruaryMarchAprilMayJune

Agricul-tural

products.

1,232

1,1251,2831,3091,3181,3441,4501,555

1,3531,2651,2041,1951,1691,116

Textiles,leather.

3,175

2,6702,5612,6432,8072,9433,0252,698

2,6432,5072,3712,1532,1251,907

Minerals.

1,733

1,5381,5521,5661,6501,7341,6781,636

1,6781,5801,5521,6081,5661,524

Miscella-neous.

1,440

1,6421,6251,6171,6081,5921,6581,625

1,5751,5251,5171,5001,6171,633

GROUP INDEX NUMBERS—SWEDEN, SVENSK HANDELSTIDNING.

[July 1,1913-June 30, 1914=100.]

Date.

1913-1419141191519161917191819191920

1920.MayJuneJulyAugustSeptember...OctoberNovember...December. . .


Vegetablefood.

100136151152181221261262

269250252271273258264247

244231238232221237

Animalfood.

100101140182205419409296

283273277307312306290283

26624122923121720G

Raw mate-rials for

agriculture.

100114161180198304340312

320311312310308309303301

281248240236245236

Coal.

100123177266551856804

1,007

1,0691,2521,2521,1171,0851,026910602

371362279291369371

Metals.

100109166272405398258278

324318293286273256253247

230204185178153149

Buildingmaterial.

100104118165215275286371

367381388388388390387362

319298

237224

Woodpulp.

100

116233267300308675

788778767756753740609

520511510510286286

Hides andleather.

100118158229206195211215

252212202191180166161156

1311088584106108

Textiles.

100103116166247

324

374368336328310250233206

169147134125132129

Oils.

100111120149212

294

275303303322340340332328

328318268264238207

1 Average for 6 months ending Dec. 31,1914.



Date.

GROUP INDEX NUMBERS—CHRIS TIANI A, NORWAY, 0KONOMISK REVUE.

[Dec. 31,1913-June 30,1914=100.]

End of—191419151916191719181919

1920.MayJuneJulyAugustSeptember...OctoberNovember...December


Animalfood.

115149193260324329

293300337347360353372352

307294307283280

Vegetablefood.

Feed-stuffs andfertilizers.

130150198292277281

317324376388392390389385

370324315304303

108150195231284277

292306328341341343343340

317292287273277

Fuel.

Coal andcoke.

Petro-leum andbenzine.

151224355

1161514767

98610501050119011901067647

512358289317317

104132170231247162

225257274328369369369407

384364357343343

Iron.

115158435720573442

621696724703682581538482

394340328295295

Metals. Buildingmaterials.

128289401503503187

229232237240240232213200

165167169166

107131213326359358

410429455468470460442416

378362339329324

Textiles.

105121178264302356

396406413418418431412402

374352350329324

Hidesand

leather.

158193251296286284

274274269271271271259255

217212203199190

Pulpwood.

103124171217283277

295323413444446446383321

321289289289289

Paper.

101137190263313322

4254254534'53482482482472

472472472413413

GROUP INDEX NUMBERS—AUSTRALIAN COMMONWEALTH, BUREAU OF CENSUS AND STATISTICS.

[July, 1914=100.]

Date.

July. 1914... . . .191519161917191819191920

1920.MayJuneJulyAugustSeptemberOctoberNovember.December

1921.January..FebruaryMarch .AprilMay . . .

Metals andcoal.

100117154213220193209

214214211209211222222216

215214203

- 202194

Textiles,leather,etc.

10093131207232217243

265260252251222220180156

145132107114108

Agricul-tural

products.

100202113110135186229

252261244238231208206193

197192176164161

Dairyproducts.

100127124116121137184

177187188189209214212210

208206207178175

Groceriesand

tobacco.

100110127131138147186

197195193193196196195198

197197198196195

Meat.

100150155155147145201

170208261284273226211193

191184178144140

Buildingmaterials.

100116136194245261295

307307307312295289281271

279303303284279

Chemicals.

100149172243315282277

297297283282276276255252

244242234231224



GROUP INDEX NUMBERS—CANADA, DEPARTMENT OF LABOR. 1

[1913= 100.]

Date.

1913.191419151916 . .1917191819191920

1920.MayJune ...JulyAugust.SeptemberOctoberNovember .December


Grainsand

fodder.

100114136142206231227263

301302292271254229201190

186171168154150146

Animalsand

meats .

100107104121161197199198

207211211204202194184179

175171171169158146

Dairyproducts.

100100105119149168192204

189183194198202207209221

216185174161126124

Fruitsand

vege-tables.

1009993

130233214206261

358338295216190177203189

184163175162162169

Otherfoods.

100104121136180213222258

275274283277261249236223

212205203189189183

Textiles.

100102114148201273285303

323314305300296292273251

228204198191187180

Hides,leather,

etc.

100105110143168169213191

210182178173161156153141

131126118115114106

Metals.

10096

128167217229173203

213207209209207203195178

174167158145147154

Imple-ments.

100101106128174213228245

237238242243259259259259

257257243241236230

Buildingmaterials,lumber.

10010097

100118147171268

294294282285273265265252

248239231229224218

Fuel andlighting.

1009492

113163188201255

257279294298296295270269

247234233226216212

Drugsand

chemi-cals.

100106160222236250205204

203206218218217211205201

196188181180178175

1 Unimportant groups omitted.

GROUP INDEX NUMBERS—CALCUTTA, INDIA, DEPARTMENT OF STATISTICS.

[End of July, 1914= 100.]

Date.

End of July, 1914...Average for 1920

1920.AprilMayJuneJulyAugustSeptemberO c t o b e r . . . .NovemberDecember

1921.JanuaryFebruaryMarchApril . . .MayJune

Build-ing

mate-rials.

100138

114128131139142158154161161

158147

147151149

Manu-fac-

turedarticles.

100231

201215233235235237282246229

238226

242262244

Metals.

100238

2192482442492572452452432i2

247243

255254245

Hidesand

skins.

100147

20916011610099

105968990

8180

97110119

Cottonmanu-

fac-tures.

100354

357365364364360347343341333

324306

311312303

Rawcotton.

100153

158135144132139154142133116

107104

119124129

Jutemanu-

fac-tures.

100149

170142147151163163136118107

104101

9794

100

Othertex-tiles.

100162

161164164168168164164164156

149149

123126132

Oils,mus-tard.

100128

116123119119115115132118124

11697

110112114

Rawjute.

100104

119120838991

1051049083

8580

857576

Oilseeds.

100173

163169171169167179184163152

130124

131142145

Tea.

10078

909073747265646269

7770

767889

Sugar.

100407

377511482503477456392348273

314352

359302239

Pulses.

100166

159150149159160170169168149

135119

147156165

Cereals.

100154

156157156151154154155150139

139129

141145150

Otherfoods.

100184

185183180188185186178173160

139148

150153152



COMPARATIVE RETAIL PRICES IN PRINCIPAL COUNTRIES.

In the following table are presented statisticsshowing the trend of retail prices and the costof living in the United States and importantEuropean countries. Three of these indexnumbers—those for the United Kingdom,Paris, and Sweden—are constructed on thebasis of prices in July, 1914 = 100. In thecase of the United States, the original base,that of the year 1913, has been shifted to theJuly, 1914, base. The German index uses theyear ending July, 1914, as a base.

The American index number, constructed bythe Bureau of Labor Statistics, was based uponthe retail prices of 22 articles of food, weightedaccording to family consumption, until Janu-ary, 1921, when it was increased to 43 articlesreported by dealers in 51 important cities. Themethod of weighting continues the same, al-though the actual "weights" applied havebeen changed.

The British index number of the cost of livingconstructed by the Ministry of Labor consistsof the retail prices not only of foodstuffs but ofother articles as well. Retail clothing prices,rents, and the cost of fuel, lighting, and mis-cellaneous household items are also taken intoconsideration. The index number is weightedaccording to the importance of the items in thebudgets of working-class families.

The retail price index for Paris, compiled bythe French General Statistical Office, consistsof retail prices of 13 different commodities,weighted according to the average annual con-sumption of a workingman's family of fourpersons. Eleven of the commodities includedin this index are foods, and the other two arekerosene and alcohol.

The Swedish index number consists of theretail prices of foodstuffs, fuel, and lightingand is based upon the prices of 51 articles in44 towns (in 1920, 50 articles in 49 towns),weighted according to the budget of a working-man's family which before the war had a yearlyincome of 2,000 kronor.

The German index expresses upon a per-centage basis figures compiled by Dr. R. R.Kuczynski of the statistical office at Berlin-Schoneberg. Dr. Kuczynski bases his calcu-lations upon the cost of living per week of afamily of four in Greater Berlin.

RETAIL PRICES IN THE UNITED STATES, PARIS, ANDSWEDEN; COST OF LIVING IN UNITED KINGDOM ANDBERLIN.

[July, 1914=100.]

19191920

1920.AprilMayJuneJulyAugustSeptember..OctoberNovember..December..

1921.JanuaryFebruary.. .MarchAprilMayJune

UnitedStates,retail

prices.1

182199

207211215215203199194189175

169155153149142 !141

UnitedKing-

dom, costof living.2

216249

232241250252255261264276269

265251241233228219

Paris,retailprices.1

260371

358378369373373407420426424

410382358328317312

Sweden,retailprices.

321298

297294294297308307306303294

283262253248237234

Berlin,cost ofliving.3

1,3021,2671,0561,1251,0691,0381,1041,0971,135

1,1111,0871,035976990

1 Average for the month. i Beginning of month.3 August, 1913-July, 1914=100.

FOREIGN TRADE—UNITED KINGDOM, FRANCE, ITALY, SWEDEN, AND JAPAN.

In the following table are presented figuresshowing the monthly value of the foreign tradeof a group of important European countriesand Japan. Similar statistics for Germany arenot available. Currencies have not been con-verted to a common unit, nor are methods ofvaluation the same in all countries. In Eng-land, imports are given current c. i. f. values inEngland; exports and reexports, current f. o. b.values. The same method is followed in Japanand Sweden. In France and Italy, on theother hand, the value of foreign trade is esti-mated not in terms of current prices but interms of those of some earlier date, usually thepreceding year.

None of the figures presented below includethe import or export of gold and silver. In thecase of England and France, group figures aregiven as well as total values, while in the caseof the other countries, total values only arepresented. This does not mean that groupfigures are not obtainable, merely that they areeither delayed in publication or appear not tobe of such general interest as the French andEnglish material.

Japanese figures for recent months are re-ceived by cable and subject to revision.


848 FEDERAL RESERVE BULLETIN. J U L Y , 1 9 2 1 .

1913 monthly average.1919 monthly average.1920 monthly average.


January. . .February.MarchAprilMayJune 1

1921.

FOREIGN TRADE OF UNITED KINGDOM.


Imports.

Food,drink,and

tobacco.

24,18459,92763,948

65,07467,56669,57161,78567,26969,16861,49959,378

49,15847,75050,88852,90850,094

Rawmaterials

andarticlesmainly

unmanu-factured.

23,48550,56559,292

60,50957,91951,89951,26844,55744,29946,56048,613

37,00525,50417,73916,54716,711

Articles Miscella-wholly or neous,mainly including!manu- parcel i

factured. post. I

I !

Total.

16,13424,66337,902

40,58044,68141,92340,01640,57336,26735,95534,553

30,46723,39424,93020,37419,282

259358254

252325450185293156246241

420326184167221

64,061135,513161,395

166,414170,491163,842153,255152,692149,889144,260142,785

117,05196,97493,74289,99686,30888,180

Exports.

Food,drink,and

tobacco.

2,7162,8144,241

4,0204,3134,5153,5034,3114,6784,7233,842

3,8523,0752,8973,7292,101

Rawmaterials

andarticlesmainly

unmanu-factured.

5,8259,27412,138

13,21111,44712,55110,4679,5159,6329,39912,277

7,6685,8815,8322,9361,437

Articleswholly ormainlymanu-

factured.

34,28153,45793,394

100,72799,081118,95499,645102,21695,701103,69478,819

79,74658,17756,96952,01938,662

Miscella-neous,

includingparcelpost.

9491,0081,528

1,3611,5121,4321,2881,4152,2851,5481,694

1,4911,0891,1111,184

Total.

43,77066,553111,297

119,319116,352137,452114,903117,456112,295119,36596,631

92,75668,22266,80959,86843,08838.150

Re-exports.

9,13113,72918,701

20,26020,12417,84813,36813,35116,13413,11512,699

9,9558,0048,8888,5247,2327,080

1 Subject to revision.

FOREIGN TRADE OF FRANCE.1

[In thousands of francs.]

1913, monthly average2..1919, monthly average 3. .1920, monthly average 3. .

1920.August4

SeptemberOctoberNovemberDecember


Imports.

Food.

151,465892,040718,179

723.749608,822667,709549,834672,861

346,703386,169455,545390,345419,229

Raw

materials.

412,1441,229,4351,400,046

1,171,0911,294,1601,243,2941,389,9281,548,681

1,101,267803,231786,352887,151690,553

Manu-facturedarticles.

138,169861,797832,187

905,613724,894684,442732,416726,715

534,498424,531501,011501,593455,726

1 Not including gold, silver, or t» Calculated in 1913 value units.

or the reexport trade.

Total.

701,7782,983,2722,950,413

2,800,4532,627,8762,595,4452,672,1782,948,257

1,982,4681,613,9311,742,9081,779,0891,565,508

Exports.

Food.Raw

materials.

69,90899,201

184,277

210,888229,892262,808200,388218,626

188,546172,992162,901176,333151,724

154,841203,691397,677

440,482446,131337,464405,858366,981

436,069478,561379,281468,453415,057

Manu-facturedarticles.

301,420615,630

1,187,742

1,631,8831,363,4691,597,8081,136,356

929,222

1,142,3981,162,8171,035,8261,179,683

986,583

Parcelpost.

47,18271,44499,867

116,255112,081134,472140,996146,067

115,60585,074108,418107,79995,271

Total.

573,351989,966

1,869,563

2,399,5082,151,5732,332,5521,883,5981,660,896

1,882,6181,899,4441,686,4261,932,2681,648,635

* Calculated in 1919 value units.< August, 1920, through April, 1921, figures calculated in 1919 value units. French foreign trade figures are originally recorded in quantity

units only, and the value of the trade is calculated by applying official value units to the quantities imported and exported. Normally themonthly statements of trade appeaj computed at the rates of the year previous, and only at the end of the year is the trade evaluated at theprices prevailing during that year. Because of the disturbed price conditions in France last year, however, it was not until July that the 1919price units were decided upon and applied.


JULY, 1921. FEDEBAL RESERVE BULLETIN. 849

FOREIGN TRADE OF ITALY, SWEDEN, AND JAPAN.

1913, monthly average.1919, monthly average1920, monthly average

March.AprilMay.June...JulyAugust..SeptemberOctoberNovember. . . .December

JanuaryFebruary. ..March.. . . . .AprilMayJune

1920.

1921.

Italy.(In millions of

lire.i)

Imports.

3041,3851,322

1,4311,3631,4012,0761,0401,2491,2021,1261,2401,591

1,1661,3201,5031 346

Exports.

210506650

683679662752521532570707731853

503566569586

Sweden.(In millions of

kronor.)

Imports.

71211281

301267314283331308325299228197

12211699

2 106

Exports.

68131191

151164227224268230233218177171

918975

2 69

Japan.(In millions of

yen.)

Imports.

61181195

329297296220157123118108108105

105119137139149

2 148

Exports.

53175162

19421719318415417515413410587

757794

115105

2 107

11920 and 1921 figures based on 1919 value units. 2 Provisional.

FEDERAL RESERVE AND MEMBER BANK DEVELOPMENT DURING YEAR ENDINGJUNE 30, 1921.

EARNING ASSETS HELD BY THE FEDERAL RESERVE BANKS.


Date.

1920.June 25 . . .July 3 0 . . .Aug. 27 . . .Sept. 24 . .Oct. 2 9 . . .Nov. 26. . .Dec. 30...

1921.Jan. 3 1 . . . .Feb. 2 8 . . .Mar. 31. . .Apr. 30...May 3 1 . . .June 30...

Total,earningassets.

3,183,2753,162,3153,289,6723,309,5883,396,0433,303,7173,263,027

2,907,9662,841,7382,629,3762,453,4272,249,8512,050,757

Total.

2,431,7942,491,6302,667,1272,704,4642,801,2972,735,4002,719,134

2,457,1162,389,5102,233,1042,076,5691,907,9131,751,350

Secured byGovern-

ment obli-gations.

1,277,9801,241,0171,314,8301,220,4231,203,9051,192,4251,141,036

1,040,365997,968971,100937,652787,244637,590

Bills discounted.

Commer-cial paper

n. e. s.

937,6451,015,5991,103,7111,220,5881,318,4001,260,3261,274,606

1,143,4381,127,795

994,964869,733855!, 608842,092

Agricul-turalandlive-stock

paper.

168,038202,520216,278224,424240,649241,561246,940

229,048220,333222,680230,410229,467234,133

Bank-ers'

accept-ances.

25,1749,8309,0138,072

11,53912,82817,218

12,50613,42113,05210,1869,4728,456

Tradeaccept-ances.

20,03419,49819,47622,08023,15520,96121,427

17,42916,96215,52016,45114,11613,853

Mem-ber

banks'collat-eral

notessecured

b yeligiblepaper.

2,9233,1663,8198,8773,6497,299

17,907

14,33013,03115,78912,13712,00615,226

Bills bought in openmarket.

Total.

399,185345,305321,965307,624298,375247,703255,702

163,700169,421119,340109,76375,45740,223

Bankers'accept-ances.

388,237338,524314,671304,714294,957245,205254,165

162,385169,048119,054109,14275,23940,130

Tradeaccept-ances.

10,9486,7817,2942,9103,4172,4981,537

1,31537328662121893

United

Total.

352,296325,380300,580297,500296,371320,614288,191

287,150282,807276,932267,095266,481259,184

States securities.

Certifi-cates ofindebt-edness.

325,434298,520273,701270,623269,434293,676261,263

261,284256,939251,192241,385233,513224,664

Bondsand

notes.

26,86226,86026,87926,87726,93726,93826,928

25,86625,86825,74025,71032,93834,520



DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, RESERVES, AND RESERVE PERCENTAGES OF THE FEDERAL RESERVEBANKS.

[Amounts in thousands of dollars.]

Date.

Deposits.

Total. Govern-I ment.

1920.June 25July 30Aug. 27Sept. 24Oct. 29Nov. 26Dec. 30

1921.Jan.31Feb. 28Mar.31Apr. 30May 31June 30

1,916.0861,871', 6191,905,1921,882,0801,845,7221,750,6101,798,779

1,776,4541,782,6221,784,3941,732,2141,670,6241,675,217

14,18912,16743,51046,49318,75415,90927,639

2S,62750,82891,61731,66439,08043,446

Memberb a n k -reserve

account.All other.

1,831,9161,808,1561,818,5021,800,6771,805,6611,711,7741,748,979

1,721,8951,705,2531,658,6251,666,5091,601,6341,603,845

69,98151,29643,18034,91021,30722,92722,161

25,93226,54134,15234,04129,91027,926

F.R. notesin circula-

tion.

3,116,7183,120,1383,203,6373,279,9963,351,3033,325,5383,344,686

3,083,1553,048,5542,904,9482,844,0112,751,8692,648,086

Total de-posits andF.R. notesin circula-tion com-

bined.

Reserves.

Amount held.

Total.

5,032,8044,991,7575,108,8295,162,0765,197,0255,076,1485,143,465

4,859,6094,831,1764,689,3424,576,2254,422,4934,323,303

2,108.6052,128,6402,127,8272,151,5942,168,0382,195,3102,249,163

2,319,7552,363,4752,436,7412,505,6122,571,5792,627,494

Gold.

1,969,3751,977,7041,971,8251,989,8352,003,3202,023,9462,059,333

2,103,6602,148,0852,221,5692,322,6832,408,0582,467,659

Amountrequired.1

1,849,4651,842,0931,882,7051,892,4601,926,6141,898,4891,899,341

1,810,9941,803,9251,786,5171,743,8791,685,4631,645,560

Excess("free

gold")-1

259,140286,547245,122259,134241,424298,821349,822

508,761559,550650,224761,733886,116981,934

Reservepercent-

age.!

43.644.243.243.643.144 445.4

49.050.152.054.858.160.8

i Figures of required and excess reserves and reserve percentages for the period June 1920, to February, 1921, are calculated on the basis of1 Net deposits."

FEDERAL RESERVE CLEARING SYSTEM OPERATIONS FROM MAY 16, 1920, TO MAY 15, 1921.

Monthending—

1920.June 15...July 15...Aug. 15...Sept. 15..Oct. 15...Nov. 15...Dec. 15...

1921.Jan. 15...Feb. 14...Mar. 15...Apr. 15...May 15...

Number of it ems handled.1

Total.

Drawn on—

Banksin F. R.bank andbranch icities. !

BanksoutsideF.R.

bank ancbranchcities.

U.S.Treas-urer.

Thousands of items.

36,45937,55337,05238,54140,67541,39941,765

43,45638,99538,48646,75141,804

7,0117,1097,0947,3047,5447,6147,591

8,1297,7158,0499,9678,378

27,48328,02527,95829,24430,62030,79531,499

32,26429,07528,50033,70930,188

1,9652,4192,0001,9932,5112,9902,675

3,0632,2051,9373,0753,238

Amount of items handled.1 I

Total.

Drawn on—

Banksin F. R.

bank andbranchcities.

BanksoutsideF.R.

bank andbranchcities.

U.S.Treas-urer.

Thousands of dollars.

12,843,13,618,12,303,12,880;13,677,13,090,12,093,

671 i865 !370 !327 !

293079 :

12,026,3019,899,3139,417,648 i

10,724,3929,319,057 j

7,679,1737,988,2677,407,8757,700,3918,213,1217,923,6907,174,087

7,244,2555,923,2145,576,6846,382,1995,545,255

4,654,6674,703,3774,512,4274,615,6025,036,5794,752,3074,432,949

4,284,9823,531,3503,312,0183,751,0263,284,194

509,831927,221383,068564,334427,398414,296486,043

497,064444,749528,946591,167489,608

Number of banks on par list.

Member banks.

9,3669,4219,4729,5069,5449,5749,612

9,6379,6689,6969,7269,747

National.

Statebanks and

trustcompa-

nies.

8,0098,0318,0618,0818,1028,1208,133

8,1438,1608,1668,1788,179

1,3571,3901,4111,4251,4421,4541,479

1,4941,5081,5301,5481,568

Non-memberbanks.

18,61418,60518,60518,62018,67519,18819,172

19,10119,02318,80418,79218,781

1 Exclusive of duplications on account of items having been handled by more than one Federal Reserve Bank or branch.

GOLD-SETTLEMENT FUNDr—AVERAGE WEEKLY CLEARINGS, TRANSFERS, DEPOSITS, AND WITHDRAWALS, FROM MAY,


Monthly period ending-

June 17..July 15..Aug. 19..Sept. 16..Oct. 14..Nov. 18..Dec. 16..

Jan. 20..Feb.17.Mar. 17.Apr. 14.May 19.,June 16.

1920.

1921.

Clearings and transfers.

Total.

1,726,3271,773,6301,744,8341,759,6771,918,4591,919,2291,667,555

1,520,0981,320,7601,312,6921,289,0031,291,7021,229,768

Clearings.

1,590,6321,643,1281,620,1901,581,5281,717,4961,725,0941,513,555

1,407,7581,260,4481,284,7941,234,1921,255,4661,170,888

Inter-F. R.bank

transfers.

135,695130,502124,644178,149200,963194,135154,000

112,34060,31227,89854,81136,23658,880

Deposits.

Gold.By trans-fers from

F.R. agentsfund.

21,11717,04115,73724,618 |21,776 I29,813 !32,301

j40,356 !49,89029,96339,34837,83637,513

1,0387,1532,6919,15515,47011,2358,636

11,6198,5115,18320,00412,02411,008

Withdrawals.

Gold.

4,5799,0098,980

11,77310,35210,79911,423

14,28314,29113,47811,12413,58212,358

By trans-fer to F. R.

agents'fund.

18,30015,60016,29028,37516,75025,59040,200

30,60017,10018,90057,07541,20049,625

Balance infund at endof period.1

402,642400,981366,776341,276381,849405,143362,398

397,858505,901516,972481,580456,967403,118

i Exelusive of amounts in Federal reserve agents' fund,


1921. FEDERAL RESERVE BULLETIN. 851

EARNINGS AND EXPENSES OF THE FEDERAL RESERVE BANKS* ALSO FISCAL AGENCY DEPARTMENT EXPENSES REIM-BURSABLE BY THE UNITED STATES TREASURY, FROM JAN. 1, 1920, TO JUNE 30, 1921.

Earnings:Discounted billsPurchased bills.U. S. securities.Other

Total

Jan. 1 toJuno 30,

1920.

$64,329,37012,724,4923,519,0911,205,399

81,778,352

July 1 toDec. 31,

1920.

$84,730,4559,295,6663,621,5241,871,341

99,518,986

Jan.1 toJune 30,

1921.

$68,648,7193,789,9893,291,238

953,357

76,683,303

Current expenses:SalariesCost of F. R. currency, in-

cluding taxes on F. R.Bank note circulation...

Other

Jan. 1 toJune 30,

1920.

July 1 toDec. 31,

1920.

$6,887,672 $8,495,863

Total 13,195,241 | 16,694,066

Current net earningsDividends paidFiscal agency department ex-

penses reimbursable by U. S.Treasury

1,759,1164,548,453

3,247,9124,950,291

68,583,1112,734,959

3,397,148

82,824,9202,919,059

2,818,208

Jan. 1 toJune 30,

1921.

$9,105,111

2,970,1965,506,553

17,581,860

59,101,4433,035,657

8,994

ABSTRACT OF REPORTS OF CONDITION OF ALL MEMBER BANKS OF THE FEDERAL RESERVE SYSTEM.


RESOURCES.

Loans and discountsOverdraftsCustomers' liability on account of acceptancesU. S. Government securities ownedOther bonds, stocks, and securitiesBanking house, furniture, and fixturesOther real estate ownedCash in vaultLawful reserve with F. R. BankItems with F. R. Bank in process of collectionDue from banks, bankers, and trust companiesExchanges for clearing house, also checks on other banks in same place.Outside checks and other cash itemsRedemption fund and due from U.S. TreasurerOther assets

Total.

LIABILITIES.Capital stock paid inSurplus fundUndivided profits, less expenses and taxes paidDue to F. R. BankDue to banks, bankers, and trust companiesCertified and cashiers' or treasurers' checks outstandingDemand depositsTime depositsU.S. depositsBills payable with F. R. BankBills payable other than with F. R. BankCash letters of credit and travelers' checks outstandingAcceptancesAcceptances executed for customersAcceptances executed by other banks for account of reporting bankNational bank notes outstandingU. S. Government securities borrowedOther bonds and securities borrowedOther liabilities

June 30,1920(9,399

banks).

18, 087,15722, 5(30651, 997

2, 941, 6553, 219, 382

522, 39769, 066621,817

1, 838,648615,116

1, 824,0411, 228, 799126, 26938, 505386, 892

Total.

32,194, 301

1, 717,0141,480,456655, 59024, 682

3,461, 016648,361

15,067,1725, 910,926260,179

1,122,067155,44328,896673,565

687,653130,8604,582

165,839

32,194,301

Nov. 15,1920(9,567

banks).

18, 022,66024, 887

619, 3772, 786,1093, 266, 891

557, 04972, 420611,067

1, 827,450674, 005

1, 774, 3261, 272, 584120, 86439,433

444, 311

32,113,433

1, 787,1601, 518, 953779, 80128, 402

3, 201, 791714, 709

14, 779,4806,144,064219, 831

1,063,748212,23218,365647,801

697,391131,2094,844

163,652

32,113,433

Dec. 29,1920(9,606

banks).

17,731,76022,676566,678

2, 759, 4283, 360, 948

565, 56778, 901

677, 9251, 763,424544, 815

1, 576, 622963, 88191, 22238, 350447, 001

31,184,198

1, 799,0611, 526, 901794, 24521, 953

3,062,304593,389

14,019, 9016,187, 921316,191

1,026,492208,44017,901593,708

693,415140,4514,377

177,548

Apr. 28,1921.

31,184,198

All mem-ber banks

(9,698banks).

17,176,49315, 302471,992

2,627,0733, 410, 964593,42882, 886.564,022

1,654, 329431, 378

1, 324, 986641, 52867, 58635, 575350,391

29, 447,933

1, 850,0741,552,418753,16921, 882

2,664, 847435, 258

13,074, 2256,343,443272, 561828,798188,45918,001

481,93622,233679,083130,6854,086

126,775

29,447,933

Nationalbanks(8,148

banks).

11,363,79710, 769

282,4781,999, 3561, 990,442

398, 93752, 376

401,4991,077,155

313,385970,276427, 545

39, 78535, 575

198, 703

19, 562,078

1,270,6831,024, 306

520,94616, 511

2,088, 723271,008

8, 598, 2963,697, 740

172, 936585,023136,923

5,315

287,17717,054

679,083130,685

4,08655,583

19,562,078

Non-nationalbanks(1,550

banks).

5,812,6964,533

189, 514627,717

1, 420, 522194,49130, 510

162, 523577,174117, 993354, 710213,983

27, 801

151, €

9, 885, 855

579,391528,112232,223

5,371576,124164,250

4,475, 9292,645,703

99,625243,77551,53612,686

194,7595,179

71,192

9,885,855



PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON THE LAST REPORTING DATE INEACH MONTH SINCE JUNE, 1920.

[Amounts in thousands of dollars.]

Number of reporting banks

Loans and discounts, including bills rediscounted withF. R. Bank:

Secured by U S Government obligations ..Secured by stocks and bonds (other than U. S.

Government obligations)Another ...

Total loans and discounts, including bills redis-counted with F. R. Bank..

XJ S bondsU.S. Victory notes

U S certificates of indebtedness . . .Other bonds, stocks, and securities

Total loans and discounts and investments, includ-ing bills rediscounted with F R Bank

Reserve with F. R. BankCash in vaultNet demand depositsTime depositsGovernment depositsBills payable with F. R. Bank:

Secured by U S Government obligationsAnother

Bills rediscounted with F. R. Bank:Secured by U S Government obligations-All other

June 25.

814

1,026,011

3,107,025C1)

0)879,115198,690

483,1240)

16,932,4481,393,709

358,06011,347,0412 691 880

'262;861

707,2131,111

289,134948,519

Number of reporting banks

Loans and discounts, including bills rediscounted with F.Secured by U. S. Government obligations

R. Bank:

Secured by stocks and bonds (other than U. S. Government obliga-tions)

Another

Total loans and discounts,including bills rediscounted with F. R.Bank

U. S bonds . . .U S Victorv notesU S Treasury notesU S certificates of indebtednessOther bonds, stocks, and securities

Total loans and discounts and investments, including bills redis-counted with F. R. Bank . . . .

Reserve with F R Bank .Cash in vaultNet demand depositsTime deposits . . . . . .Government depositsBills payable with F. R. Bank:

Secured by U.S Government obligations..Another

Bills rediscounted with F. R. Bank:Secured by U. S Government obligationsAnother

July 30.

3,

161 ;

u9

1,

980,

060,C1)

C1)875,193,

433,

8^9368,354,401,705115,

708,

256,005,

814

942

319

398683

958

973659749052852287

812199

863237

Jan. 28.

9

829

810,643

064.302032

12;907866204

847

792864725

242.6402,031

161

109

1

953310337642918145

5821

209114

754

775861133599849905

440471

815266

Aug. 27.

820

966,288

3,037,144C1)

C1)875,385196,326

429,771C1)

16 930 4181 372,075

357,87211,252,4282 745 231

123,878

768,8152,240

272,2401,085,104

Feb . 25.

826

776,396

3,068,5908,915,497

12,760,483872,877195,320

234,8782,035,461

16,099,0191 296,808

327,39910,494,6292,909,245

121,856

563,4221,538

206,8741,118,861

1920

Sept.

3,

171

11,9

1

24.

818

950,324

055,942

0)

C1)

191,

383C1)'

^ô361358,160,786315,

6776

271,194

Mar.

38

12

2

151

102

865472

420

946800383537811364

935873

330772

19

25.

823

759,917

026,912804

590874192

974049

140

969843730

846600

982.988259 573314.764185932

727479

328,613

573,1243,993

198,649988,420

Oct. 5

3,

17,

11.9

21

911,

141,0 )

C1)876,193,

294,0)

017,365,366,172,805,

29.

823

548

976

386

993

416999997001947

80,731

672,6692,140

256,312,

Apr.

9.8,

19

2,

15,1,

10,

738,

984.525

675778

27.

821

864

671259

248,794870192

997064

603245

337006

739512

388389

330.015138938251

4881

188844

258468073

834503

323315

Nov. 26.

3;

16,

10,9

1,

824

905,677

054,789C1)

C1)884,160194,081

3*i3, i79C1)

732,012286,946388,105892,122811,12387,799

659,7702,069

254,140258,047

May 25.

38

12

2

820

706,929

020,089301,752

028,770870,185188,234

203,422055,431

15.346.0421

103

251,717326,340153,356053,345139,421

396,2352,033

163,726767,307

Dec. 31.

821

908,908

3,175,9060 )

C1)910,690209,079

271,599C1)

16,750,4881,357,669

354,53510,941,8472,852,257

262,264

629,4106,051

248,8501,213,742

June 29.

817

672,296

3,002,9948,209,951

11,885,241865,254171,501115,341221,025

2,074,305

15,332,6671,241,465

327,46810,046,3982,933,118

387,378

319,0015,618

93,920796,797

1 Figures not available.



UNITED STATES TREASURY CERTIFICATES AND TREASURY NOTES ALLOTTED THROUGH FEDERAL RESERVE BANKSFROM JULY 1, 1920, TO JUNE 30, 1921.

Federal Reserve Bank.

Boston $278,856,000New York 1,646,513,200Philadelphia 339,163,500

Totalcertificatesand notes.

ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis. .Kansas Ci ty . .DallasSan Francisco

370,662,200110,027,00048,654,400

370,425,000130,572,60066,153,100

109,614,50047,119,600

221,040,800

Loan certificates matur-ing in—

1921

$92,606,458,609,95,230,

107,143,33,431,18,117,

132,227,45,330,23,006,39,657,16,166,77,122,

Total J3,738,802,100 11,138,646,500

1922

$21,99,25,23,

7,3,

29,10,

6 ,8,4,

208,000954,000757,500300,000615,000572,500989,000797,500990,000375,000071,500540,000

256,170,000

Certificates issued in an-ticipation of tax j)ay-ments due in—

1921

$99,669,106,151,41,18,133.43,21,37,15,91,

001,000382,000987,000477,500606,500558,500247,500429,500324,500608,500719,500767,000

1,430,109,000

1922

$43,136,000261,343,00065,679,50067,566,00018,675,5006,236,500

54,311,00021,275,5009,531,000

18,627,0007,104,000

29,200,000

602,685,000

Short-termnotes matur-ing in 1924.

$22,905,000157,225,20045,509,50021,175,2008,698,5002,169,900

20,650,2009,740,1005,301,1005,346,5004,058,6008,411,800

311,191,600

GENERAL STOCK OF MONEY IN THE UNITED STATES, MONEY HELD BY THE TREASURY AND THE FEDERAL RESERVESYSTEM AND ALL OTHER MONEY IN THE UNITED STATES.

1920.JunelJulylAug. 1Sept. 1Oct. 1Nov. 1 . . . .Dec.l

1921.J a n . 1F e b . lMar. 1Apr. 1MaylJunel

July 1Aug. 1Sept 1Oct 1Nov. 1Dec 1

Jan 1Feb 1Mar 1Apr. 1 . .May 1Junel

General

Milliondollars.

7,8057,8877,9287,9978,1368,2558,282

8,3738,1718,0858,0838,0418,074

Total, all money.

InU.S.

Treasury

F. R.Banks.

Milliondollars.

2,4522,5062,5432,5172,5832,6382,698

2,8722,9382,8793,0313,0213,063

Date.

1920.

1921.

Outside XJ.S.Treas-ury an^ "R1. T?._Banks

Amount.

Milliondollars.

5,3535,3815,3855,4805,5535,6175,584

5,5015,2335,2065,0525,0205,011

capita.

50.0050.1950.2251.0651.7052.2652.13

51.2948.7348.4146.9146.5746.43

Generalof nn\r

Milliondollars.

2,6642,6872,6952,6892,7052,7392,761

2,7852,8532,9173,0013,0903,175

Gold.

InU.S.

Treasury

F. R.Banks.

Milliondollars.

1,9902,0122,0132,0172,0452,0862,110

2,2162,2522,3122,3952,4792,508

OutsideU.S.

Treasury

F. R.Banks.

Milliondollars.

674675682672660653651

569601605606611667

Federal Reserve notes.

Generalstock.

Milliondollars,

3,3583,4063,4233,4853,5943,6643,664

3,7363,4843,3453,266O I C Q

3,'084

I nU.S .

Treasurya n d

F. R.Banks.

Milliondollars.

256285315283316317344

387379272332278300

OutsideU.S.

Treasurya n d

F . R.Banks.

Milliondollars.

3,1023,1213,1083,2023,2783,3473,320

3,3493,1053,0732,9342,8802,784

General

Milliondollars.

526527530529532534537

540541541543547555

Silver.

InU.S.

Treasury

F.R.Banks.

Milliondollars.

97102109114117121126

137154157161126113

OutsideU.S.

Treasury

F . RBanks.

Milliondollars.

4294254.21415415413411

403387384382421442

Federal Reserve Bank notes.

Generalstock.

Milliondollars.

193201207221232239239

242226207193175172

InU.S.

Treasurya n d

F.R.Banks.

Milliondollars.

16141717202829

293025262127

OutsideU.S.

Treasuryand

F.R.Banks.

Milliondollars.

177187190204212211210

21J196182167154145

General

Milliondollars.

347347347347347347347

347347347347347347

U. S. notes

InU.S.

Treasury

F.R.Banks.

Milliondollars.

69676364676974

829691959894

3.

OutsideU.S.

Treasury

F.R.Banks.

Milliondollars.

278280284283280278273

265251256252249253

National bank notes.

Generalstock.

Milliondollars.

717719726726726732734

723720728733724741

InU.S.

Treasuryand

F.R.Banks.

Milliondollars.

24262622181715

212722221921

OutsideU.S.

Treasuryand

F.R.Banks.

Milliondollars.

693693700704708715719

702693706711705720

NOTE.—Coin and bullion held by the United States Treasury against outstanding gold and silver certificates and Treasury notes of 1890 havebeen excluded from money held in the Treasury, while the certificates and notes issued against such coin and bullion have been included withmoney outside the United States Treasury.


854 FEDERAL RESERVE BULLETIN. J U L Y , 1921.

REDISCOUNTS AND SALES OF BILLS BETWEEN FEDERAL RESERVE BANKS.

[End of month holdings. In thousands of dollars.]

(Plus sign indicates net amount of bills acquired from, and minus sign net amount of bills rediscounted with or sold to, other Federal Reserve Banks.)

Date.

1920.June 25...Ju lv30. . .Aug. 27...Sept. 24..Oct. 29. . .Nov. 26. .Dec. 30...

1921.Jan. 31.Feb. 28.. .Mar. 31. .Apr. 30...May 31 . . .June 30...

Boston.

+17,130+48,368+66,911+60,655+84,396+ 27,654+16,575

+15,686+ 1,082

+ 4,992+ 5,500+ 9,405

NewYork.

+56,567+ 6,474-40,923-13,404—61,302-24,502- 6,917

—51,827-22,654— 513+16,950+27,020+38,025

Phila-delphia.

+10,014+11,812+35,812+37,201+21,758+17,109

+ 4,554+ 3,826

Cleve-land.

+ 52,078+ 64,756+121,060+145,620+138,750+112,106+ 81,573

+ 55,0624- 23,326+ 15,222+ 4,000

Rich-mond.

-24,904-23,133-25.000-24,620-14,275-10,000-10,000

—i4,92515 000

—24,849

Atlanta.

- 7,960-21,607-31,963-45,533-36,122-40,216-33,669

—17,318

Chicago.

-24,960-10,001- 8,001-29,800- 7,050

- 1,000- 1,000

St.Louis.

-26 . 723-30,607—32,434-36,996-37,305-12, 793

+ 1,000+ 1,000

Minne-apolis.

-23,672- 1 3 , 738-20,347-21,349—26,603-25 , 860-14,801

— 2,775

— 2,00012 020

— 13,176

KansasCity.

-12,958—22,902-22,247—41,175-44 , 895-28,464-29,086

Dallas.

— 5,000—26,716-34,540-37,419-32,828-26,600-27,711

-19,445-12,898-14, 700- 8,992

5 500- 9,405

SanFran-cisco.

+ 392+ 19,092+15,672+ 8,209+ 93+ 6,917+ 6,917

+16,063+ 7,318— 9- 25

Total.

126,167148,704215,455250,296260,440168,435122,174

91,36536,55216,2222o,94232 52047,430

CURRENCY RECEIPTS AND PAYMENTS FROM JUNE, 1920, TO MAY, 1921.


Month.

1920.JuneJulyAugustSeptemberOctoberNovemberDecember


TotalMonthly average.

Month.

1920.JuneJulyAugustSeptemberOctoberNovemberDecember


TotalMonthly average.

Total.

Receipts.

577,488615,209546,511592,837601,229651,263781,553

746,626517,285690,397617,976631,168

7,569,542630,795

Pay-ments.

566,908569,952598,553667,672659,368578,610722,729

420,006486,322520,714552,132511,509

6,854,475571,206

Boston.

Re-ceipts.

64,91664,22161,08864,13068,03062,67174,776

69,34346,58562,67160,33960,346

759,11663,260

Pay-ments.

63,58360,14973,50974,09055,68855,53066,602

39,15149,68060,32960,58560,666

719,56259,964

New York.

Receipts.

179,931205,987187,350206,474188,844221,590260,017

235,283154,620209,907193,825199,210

2,443,038203,586

Philadelphia.

Pay- Re- Pay-ments. I ceipts. | rnents.

175,813164,702155,665182,272181,530172,926213,422

126,316156,214166,381170,451140,213

48,53651,62448,80151,91053,25853,670

47,08453= 27960,71257,51164,21055,338

59,640 67,444

54,27645,448|

38,22451,453

63,570' 56,37355,092 53,09655,375! 52,627

2,005,905 641,200 657,351167,159 53,433 54,779

Cleveland.

Re-ceipts.

54,12150,86643,01648,41952,16154,73572,193

69,13547,31962,06748,36350,282

652,67754,389

Pay-

53,220!52,455|64,376165,611160, 306;54,77867,450

33,30540,65536,650

16,01414,75413,96813,25615,04818,51123,255

26,28317,03924,718

42,098! 22,24437,074 24,225

607,97850,664

229,31519,110

19,95721,18623,22126,902

23,54126,738

17,14021,46217,40119,99918,179

263,91221,993

Atlanta.

Re-ceipts.

27,21427,54723,73623,35127,67730,72631,509

35,22626,60432,52330,61126,571

343,29528,608

Pay-

18,51721,78019,39824,7,353,03119,50131,952

26,19617,46917,30530,15323,884

303,95925,330

Chicago.

Receipts.

88,87091,84774,83683,19286,20489,864103,067

102,46167,54397,68986,35886,313

1,058,24488,187

Pay-ments.

87,35889,49491,56794,93689,56279,215102,781

53,47462,97178,23981,46477,646

988,70782,392

St. Louis.

Receipts.

38,34136,94535,26138,13740,08342,06646,188

44,75633,26641,42136,42536,466

469,35539,113

Pay-ments.

Minneapolis.

Receipts.

28,566i32,284|22,753!37,432!40,642!31,58638,624

25,888!28,251 i26,77029,20627,490

4,6115,1774,5274,9004,8457,535

11,820

12,8548,91610,96811,40612,664

369,492J30,791

100,2238,352

Pay-

Kansas City.

Receipts.

6,1845,7256,606J

11,3557,4337,3809,301

4,6566,2647,9077,3776,579

86,7677,231

16,08714,94813,19016,44517,46616,79219,994

19,81414,74920,11217,62618,489

205,71217,143

Pay-ments.

12,54414,27517,55317,37315,04613,41719,516

9,57110,90710,83911,46711,114

163,62213,635

Dallas.

Receipts.

10,91412,82212,39511,72416,15921,62120,872

20,40016,10619,75716,48119,338

198,58916,549

Pay-ments.

9,8119,59112,56717,50013,8168,29411,221

7,7736,9548,6309,0619,209

124,42710,369

San Francisco.

Receipts.

27,93338,47128,34330,89931,45431,48258,222

56,79539,09044,99439,20641,r""

468,77839,065

Pay-ments.

44,27145,03250,62657,91749,91857,10467,678

38,31234,04233,89037,17546,828

562,79346,899



RATES OF EARNINGS ON EARNING ASSETS OF THE FEDERAL RESERVE BANKS FROM JUNE, 1920, TO MAY, 1921.

Date.

1920JuneJulyAugustSeptemberOctoberNovemberDecember

Totalearningassets.

Per cent.5.515.725.815.815.945.985.98

Dis-counted

bills.

Per cent.5.896.126.196.226.346.416.42

Pur-chasedbills.

Per cent.5.986.076.076.066.076.036.05

UnitedStates

securities.

Per cent.2.242.152.222.272.202.172.43

Date.


Totalearningassets.

Per cent.5.895.925.905.855.79

Dis-counted

bills.

Per cent.6.316.376.366.326.29

Pur-chasedbills.

Per cent.6.145.996.015.975.98

UnitedStates

securities.

Per cent.2.132.112.242.152.49

FEDERAL RESERVE NOTES ISSUED AND REDEEMED BY EACH FEDERAL RESERVE AGENT.


Month.


1921.JanuaryFebruary. . . .March.AprilMay.

Total out-standingat begin-

ningof month.

3,326,1883,357,7883,405,8773,423,3003,485,2653,593,9093,663,5173,663", 530

3,735,7313,484,3143,345,1243,265,5713,158,234

Total.

Issued.

146,710179,290158,525195,835220,505195,825155,875270,065

78,060128,470135,972156,195202,818

Re-deemed

115,110131,201141,102133,870111,861126,217155,862197,864

329,477267,660215,525263/562277,341

2,466,652

Outstanding:May 31, 1921.May 31,1920.

3,083,6813,357,788

Boston.

Issued.

18,20024,60015,30023,30028,3006,000

17,40023,900

10,60022,75012,58013,12030,560

246,610

Re-deemed.

New York.

I s s u e d- deemed.

10,78413,86212,84511,24212,0971?> 59322,46029,622

32,15523,929 !20,177 I14,570 '27,816

34,16036,76026,56012,800 j19,;28031,26035,00055,780

13,60020,72026,96021,42037,100

249,152 I 371,400

15,12616,70028,42922,20316,96519,30317,74622,728

48,570104,72325,24061,65459,358

458,745

272,516282,474

856,610

Philadelphia.

Issued.

8,20011,08014,50026,20012,2009,60013,80018,300

7,99019,70012,80013,12016,200

183,690

Re-deemed.

7,2549,7868,8828,9569,33010,12710,44214,635

27,70919,51919,73325,04424,435

195,852

244,669257,777

Cleveland.

Issued.

12,63017,50016,45027,88527,86512,70012,30025,820

2,3009,3807,5109,3607,770

189,470

Re-

10,12412,42712,86610,8938,45210,68512,67716,805

42,46819,23820,44719,15724,395

220,634

289,307322,977

Richmond.

Issued.

6,86016,36015,80022,81520,50018,10013,7002(9,910

13,37011,89018,34014,8208,960

211,425

Re-deemed.

13,28411,29413,46714,49813,40513,54914,22219,796

17,75312,53325,68121,34718,996

209,825

132,104124,080

Month.

Atlanta.

Issued.

1920.May 10,770June 11,330July 10,010August 16,615September 16,635October 43,075November 13,560December 19,225


Total.

Outstanding:May 31, 1921...May 31, 1920...

11,0906,2427,045

35,04025,274

Re-deemed.

14,46715,66411,31613,66212,19010,31320,35216,142

16,58210,07519,33029,14823,713

Chicago.

Issued.

225,911 212,954

165,603148,949

26,72024,50020,28021,62033,28026,54017,72037,000

6,98016,44027,38026,92029,420

Re-deemed

13,77718,35114,61916,37810,95712,98320,47532,614

81,98041,93540,13442,89238,219

314,800 385,314

496,216579,673

St. Louis.

Issued.

6,2608,0609,180

13,50011,32012,0807,5809,620

3,1009,0604,8204,1205,600

Re-deemed.

9,4369,8968,8429,8567,4769,0568,0069,064

14,3158,653

10,19910,379

104,300 125,042

128,681146,247

Minneapolis.

Issued.

1,6001,2003,1303,4208,1354,4352,5954,100

1,3201,9251,9752,7052,165

38,705

Re-deemed.

3,0313,4224,2653,6172,4163,3103,3116,375

7,7223,6434,9845,4175,802

57,315

63,90881,087

Kansas City.

Issued-!de?med,

2,8605,1707,4909,2608,0608,8102,6709,650

3,3302,3602,6601,720

64,040

4,5514,7555,2875,1704,2794,6255,8045,706

7,5636,0327,3187,302

76,490

91,883102,642

Dallas.

Issued.

7,6905,5002,8655,760

13,0507,305

1703,840

490353

2,1022,0102,849

53,^84

Re-deemed.

5,5115,4245,9205,1203,7984,6587,4607,020

9,1926,4968,1557,7398,213

84,706

52,76385,664

San Francisco.

Issued.

10,76017,23016,96012,66021,88015,92019,38032,920

7,2206,680

12,10010,90035,200

219,810

Re-deemed.

7,7659,62014,36412,27510,49610,01512,90717,357

23,46810,88414,12718,91328,432

190,623

289,421263,229



FEDERAL RESERVE BANK NOTES OUTSTANDING AND COLLATERAL PLEDGED WITH THE UNITED STATES TREASURERAS SECURITY THEREFOR.


Date.

1920.June 25July 30Aug. 27Sept. 24Oct. 29Nov. 26Dec. 30

FederalReserveBank's

netliabil-ity onnotes

in circu-lation.

185,604192,168200,793214,180214,961214,610216,960

Out-standing

(asreported

b yUnitedStatesTreas-ury).

199,670207,772219,834229,901238,097238,682242,578

Collateral pledged with UnitedStates Treasury as security !for outstanding FederalReserve Bank notes.

Total.

276,525276,525276,525276,525276,525276,525274,105

PittmanAct

certifi-cates.

259,375259,375259,375259,375259,375259,375259,375

OtherUnitedStates

securities.

17,15017,15017,15017,15017,15017,15014,730

Date.

1921Jan. 3 1 . . . .Feb. 2 8 . . . .Mar. 3 1 . . . .Apr. 30May 3 1 . . . .June 30

FederalReserveBank's

netliabil-ity onnotes

in circu-lation.

200,159187,633169,885154,944143,700132,568

Out-standing

(asreported

b yUnitedStatesTreas-ury).

225,938207,446192,991175,014172,474150,772

Collateral pledged with UnitedStates Treasury as securityfor outstanding FederalReserve Bank notes.

Total.

274,105269,105262,105254,105241,605230,605

PittmanAct

certifi-cates.

259,375254,375247,375239,375226,875215,875

OtherUnitedStatessecurities.

14,73014,73014,73014,73014,73014,730

GOLD AND SILVER IMPORTS AND EXPORTS INTO AND FROM T H E UNITED STATES JUNE 1, 1920, TO MAY 31, 1921, BYM O N T H S AND BY PRINCIPAL COUNTRIES.


Months.

1920.JuneJulyAugust

Gold.

Im-ports.

15,32019,818

..„ , 15,378September | 39,110

116,76256,88944,773

October.NovemberDecember.

Ex-ports.

5,32021,87324,98617,12925,93119,87017,058

Excessim-

ports.

Silver.

Im-ports. | ports.

10,00012,055i 9,60821,98190,83137,01927,715

6,6,4,6,4,5,4,

562496421501912025626

Months.

4,4155,4954,4896,5785,7083,1446,081

Im-ports.

1921.January 33,634February | 42,627March 87,372April | 80,662May 58,221

Gold.

Ex-ports.

2,7251,036

710384

1,062

Total | 610,566 138,084 472,482 62,366

Excessim-

ports.

30,90941,59186,66280,27857,159

Silver.

Im-ports.

4,8354,8623,8723,2986,956

Ex-ports.

6,6915,3372,9182,3192,353

55,528

Excessim-

ports.

U,8561475

954979

4,603

6,838

Gold.

Principal countries.j Imports.

England ! 308,492France ! 96,804Sweden 38,359Canada | 36,005Japan 2,208All other 128,698

Total I 610,566 138,084 | 472,482

Exports. Excessimports.

4.05292,03741,909

308,40696,80438,35931,953

1 89,82986,789

Principal countries.

England....MexicoPeruChinaHongkong..Allother...

Total.

Silver.

Imports.

1,31438,2638,094, \ '2 8 9

13,406

62,366

Exports.

8,6232,461

17,71213,63813,094

55,528

Excessimports.

17,30935,8028,094

116,423113,638

312

6,838

1 Excess exports. 8 Less than $500.



FEDERAL RESERVE BANK DISCOUNT RATES IN EFFECT JULY 1, 1921 AND 1920.


BostonNew YorkPhiladelphia.ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis..Kansas City..DallasSan Francisco

Paper maturing within 90 days.

Secured by—

Treasury notesand certificatesof indebtedness.

1921

666666666666

1920

5*5*

1 5-65*5*

1 5-5J5*

1 5-5*5*5

1 5-5*5i

Liberty bondsand Victory

notes.

1921

665*6666n

6666

1920

665J

65*65465*5*6

Tradeacceptances.

1921

6

66666466*666

1920

7765!66766*666

Commercialpaper,

1921

6666666*6

666

n. e. s.

1920

776666767666

Bankers'acceptancesmaturingwithin 3months.

1921

6666665*6666

1920

65*

65*65*6545154

Agriculturaland live-stock

paper maturingafter 90 days,

but within6 months.

1921

6666666^66*666

1920

776666767666

1 Discount rate corresponds to interest rate borne by certificates pledged as collateral, with maximum and minimum limits shown.

NOTE.—On July 1,1920, progressive discount rates were in effect at the Federal Reserve Banks of Atlanta, St. Louis, Kansas City, and Dallas,and discounts in excess of a basic line fixed for each member bank by the Federal reserve bank were subject to a one-half per cent progressive increasefor each 25 per cent by which the amount of accommodation extended exceeded the basic line.

The Federal Reserve Banks of Atlanta, St. Louis, and Dallas abolished the progressive discount rates effective Nov. 1,1920, June 23,1921, andFeb. 15, 1921, respectively. Effective July 1, excess borrowings in the Kansas City district are subject to a 1 per cent increase for the first 100 percent by which the amount of accommodation extended exceeds the basic line, and thereafter to an increase of 2 per cent.

DISCOUNT AND OPEN-MARKET OPERATIONS AND CLASSIFIED HOLDINGS OF THEFEDERAL RESERVE BANKS.

DISCOUNTS.

Discount operations of the Federal ReserveBanks during May and April, 1921 and 1920,are shown in summary form for the entiresystem in the table below. Detailed figuresfor the most recent month are given on pages859 to 861.

V O L U M E O F D I S C O U N T O P E R A T I O N S .


Total

Secured by U. S. Govern-ment obligations

Otherwise secured and un-secured—total

Commercial and in-dustrial paper, n. e. s.

Agricultural paperLive-stock paperTrade acceptances-

totalForeignDomestic

Bankers'acceptances—total

ForeignDomesticDollar exchange...

Average maturity (indays). .

Average rate (365-daybasis), per cent

1921

May.

4,253,864

2,711,289

1,542,575

1,450,23948,15927,846

9,768

9,768

6,5635,823

71030

16.76

6.20

April.

4,912,652

3,265,617

1,647,035

1,556,36850,80321,600

10,86045

10,815

7,4044,9822,172

250

15.66

6.32

1920

May.

6,135,984

4,508,466

1,627,518

1,595,723

16,541729

15,812

15,254

14.74

5.74

April.

6,229,741

4,771,072

1,458,669

1,415,201

15,296222

15,074

28,172

15.08

5.67

Discount operations for the month of Mayshow a further decrease in volume as com-pared with April, the total for May being$4,254,000,000 and for April $4,913,000,000.In 1920 also May figures were somewhat smallerthan April figures. May totals were smallerthan April totals for 7 of the 12 reserve banks,particularly heavy decreases being noted forthe New York and Richmond banks, while theBoston, Chicago, St. Louis, Minneapolis, andSan Francisco banks report a larger volume ofbusiness in May than in April, the increasebeing particularly marked for the San Fran-cisco bank.

The following table shows the volume ofdiscounts reduced to a daily basis, accordingto the method explained in the March BULLETIN,page 350. It will be noted that the averagematurity of paper discounted in April wassomewhat higher than in May, and that conse-

3uently the volume of operations reduced to aaily basis shows a smaller relative decline than

the total volume. On the daily basis only twoof the Federal Reserve Banks show a largervolume of discount operations in May than inApril, namely, the Boston and Minneapolisbanks.



VOLUME OF DISCOUNTS REDUCED TO DAILY BASIS.

Federal ReserveBank.

All banks...

BostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas CityDallasSan Francisco

Volume ofdiscounts

(in millionsof dollars).

May.

4,254

April.

4,913

3721,86135S252213145379137687260337

3672,470'360253292151374135659165290

Averagematurity(in days).

Volume on dailybasis


May.

16.76

11.6110.8714.1317. 0316.8526.8131.5424.1450.0541.7340.0617.33

April.

15.66

8.789.59

15.4820.7213.9326. 5535.0727.4443.1034.9036.0520.74

Mav.

2,300

1396531631381161253861071099778189

April.

2,565

1077891861751361334371239410678201

Discounts of paper secured by Governmentobligations decreased from $3,266,000,000 inApril to $2,711,000,000 in May, while otherdiscounts declined from $1,647,000,000 to$1,543,000,000. The volume of commercialpaper discounted was about $106,000,000 lessin May than in April, and the volume of agri-cultural paper about $3,000,000 less, while thevolume of live-stock paper discounted increasedby about $6,000,000. A smaller volume pf dis-counts of bankers' and trade acceptances isshown for May than for April, though the vol-ume of bankers7 acceptances drawn in the for-eign trade was larger by $1,000,000 during themost recent month. The average rate of dis-count in May was 6.20 per cent, compared with6.32 per cent in April and 5.74 per cent in Mayof last year.

Following is a summary of holdings of dis-counted bills at the end of May and of April,1921 and 1920:

HOLDINGS OF DISCOUNTED BILLS.


Total

Secured by U. S. Govern-ment obligations

Otherwise secured and un-secured—total

Commercial and in-dustrial paper, n. e. s.

Agricultural paper—Live-stock paperTrade acceptances-

totalForeignDomestic

Bankers' acceptances—totalForeignDomesticDollar exchange

1921 1920

May 31.

1,907,913

787,244

1,120,669

867,614152,74976,718

14,116134

13,982

9,4727,8031,639

30

Apr. 30.

2,076,569

937,652

1,138,917

881,870149,22381,187

16,451117

16,334

10,1867,6652,471

50

May 28.

2,519,431

1,447,962

1,071,469

866,95863,53777,154

21,979

41,841

Apr. 30.

2,535,071

1,465,320

1,069,751

891,18144,38961,993

23,937

48,251

BANKS ACCOMMODATED.

During the month of May 31 banks wereadded to the membership of the system, thetotal number of banks increasing form 9,739to 9,770. The number of banks accommodatedthrough the discount of paper in May was 5,616,and in April 5,559, so that the precentage ofbanks accommodated increased slightly from57.1 to 57.5 per cent. Increases in the pro-portion oi banks accommodated are noted in allthe Federal Reserve districts, except those ofBoston, Chicago, and St. Louis:


Member banksin district.

May 31. Apr. 30.

All banks 9,770

BostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicago | 1,428St. Louis | 585Minneapolis ! 1,013Kansas City 1,093Dallas 867San Francisco 864

438790701878621492

9,739

Member banks ! Percentageaccommodated, accommodated.

May. April. May. April.

5,616

436790700878614488

1,431579

1,0111,093860859

232365384324394353937321645608570483

5,559

241351369308373340

1,027315608605545477

57.5

53.046.254.836.963.471.765.653.863.755.665.763.8

57.1

55.344.452.735.160.769.771.854.460.155.463 455.5

ACCEPTANCES.

A summary of the open-market operationsof Federal Reserve Banks in May and in April,1921 and 1920, is shown in the following table.Detailed statistics for each Federal ReserveBank are given on pages 859 to 861.

VOLUME OP OPEN-MARKET PURCHASES OF ACCEPTANCES.


Total.

Bankers' acceptances—totalDomesticForeignDollar exchange

Trade acceptances—totalDomesticForeign

Average maturity (in days)Average rate (365-day basis), per

cent

1921

May.

138,601

137,980~27,24585,18725, 548

621

April.

123, 511

121,41228, 33575,56017, 5172,099

62123.20

5.88

2, 09926.60

5.94

1920

May.

274,237

270,49872, 768195,2952,4353,7391,0152,72444.22

5.96

April.

247,594

240,70456,189

182, 7621, 7536,890

3886,50251.59

5.82

Open-market purchases of acceptances inMay aggregated $139,000,000, compared with$124,000,000 the month before, and $274,-000,000 in May, 1920. Purchases of bankers'acceptances increased from $121,000,000 inApril to $138,000,000 in May, the increase beingdue to the larger volume of acceptances drawnin the foreign trade and of dollar exchange, the



volume of acceptances in the domestic tradebeing somewhat smaller than the month before.The volume of trade acceptances purchasedduring May was only $621,000, compared withabout $2,000,000 the month before. The aver-age rate on acceptances purchased in May was5.88 per cent, compared with 5.94 the monthbefore, and 5.96 in May, 1920.

Following is a table showing the volume ofopen-market purchases in May and April re-duced to a daily basis:

VOLUME OF OPEN-MARKET PURCHASES REDUCED TODAILY BASIS.


All banks

BostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt LouisMinneapolisKansas CityDallasSan Francisco

Volume ofpurchases


May.

139

257311511

112

1

0)9

April.

124

137210811

122

C1)C1)

5

Averagematurity(in days).

May.

23.20

18.8217.0636.8828.9338.8152.3447.6215.02

31.1536.5020.19

April.

26.60

14.6019.6146.6430.5262.3666. 5753.5215.05

86.2026.0537.10

Volume ondaily basis(in millionsof dollars).

May.

103

April.

110

16 i fi4113512

4716822

17 221 1

1

6 i 6

i Less than $500,000.

The next table gives a summary of the hold-ings of purchased and discounted acceptancesat the end of April and of May, 1921:

HOLDINGS OF PURCHASED AND DISCOUNTED ACCEPTANCES.


All classes

Purchased in open marketDiscounted for member banksTotal, distributed by classes of acceptances:

Bankers' acceptances—totalForeignDomesticDollar exchange

Trade acceptances—totalForeign ,Domestic ,

Bankers' acceptances, distributed by classes ofacceptors:

Member b a n k s -NationalNonnational ,

Nonmember banks and banking corporations.Private bankersBranches and agencies of foreign banks

End of—

May.

99,045

75,45723,588

84,71157,76616,34310,60214,334

35213,982

31,78021,44312,3189,6519,519

April.

136,402

109,763

119,33084,37821,71013,24217,072

73816,334

37,63531,06021,16214,10115,372

While the volume of open-market purchaseswas larger in May than in April, the averagematurity declined from 26.6 days in April to23.20 days in May, with the consequence thatthe volume reduced to a daily basis wassmaller in May than in April. The only Fed-eral Reserve Bank for which a larger volumeof acceptances purchased is reported in Maythan in April is the Boston bank, at which theaverage maturity of acceptances increasedfrom 14.6 days in April to 18.8 days in May.For that bank the average daily volume ofacceptances shows an increase from $6,000,000in April to $16,000,000 in May.

VOLUME OF OPERATIONS.

VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS DURING MAY, 1921.

Federal Eeserve Bank.

BostonNew YorkPhiladelphia..ClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas City. . .DallasSan Francisco.

Total:May, 1921May, 19205 months ending May 31, 1921.5 months ending May 31, 1920.

Bills dis-counted for

member banks

$372,318,3421,861, 355,624357,917,060251,956, 288212,391,752144,518,458379,303, 879137,205,67567,366, 38971,981, 84560, 345, 342337,203,000

4,253, 863,6546,135, 984', 17432,913, 394, 42932,094, 766,265

Bills boughtin openmarket.

$25,435,68872,685, 74611,037,6225, 299,304725,900621,356

10,997,9812,262, 822

815,000150,000"1,786

138,601,205274, 236, 697703,091, 783

1,427,950, 766

United Statessecurities purchased.

Bonds and | Certificates ofVictory notes. I indebtedness.

II

$48, 435, 500416,966, 50031,319,000104,055,500

$7,961,061 50035, 723, 000

383,500764, 500298, 500

2,084, 500

7,961,061 I 640,031,000150 42,722,500

8,492,861 ! 1,429,535,057245,500 ! 3,482,924,500

Total.

May, 1921.

$446,189, 5302,351,007,870400,273,682361,311, 092213,117,652153,101,375426,024, 860139, 851, 99768,130, 88973, 095, 34560, 495, 342347, 857,286

5, 010, 456, 920

"35,'054,*5i4,'i36'

May, 1920.

$451, 324,9443, 375,928,226461,996,684266, 230, 765296, 817,491177,268, 894541,478, 011208, 540,68489,920, 895134, 583, 908111, 446,184337,406, 835

6,452,943, 521

37, 005, 887, 03i

55762—21-



VOLUME OF OPERATIONS—Continned.

VOLUME OF BILLS DISCOUNTED DURING MAY, 1921, BY CLASSES OF PAPER; ALSO AVERAGE RATES AND MATURITIES.



Total:May, 1921.April, 1921.May, 1920.April, 1920.

Customers'paper

secured byGovernmentobligations.

$13,394,61769,909,94220, 354,4211,024,1501,890, 3474,025,288

18,587,1792,180,385

857,1532, 203,229

512,6452,102, 812

137,042,168144, 883,232162,537, 856212,792, 704

Member banks' collateralnotes.

Secured byGovernmentobligations.

$234,685, 200990,998, 349244,600,715179,469, 260177,126,46282,391,120

205, 721,94082, 896,14528,024, 32945,074,57433, 876,351

269,382,164

2, 574, 246,6093,120, 733, 7134, 345,928, 2964, 558, 279,489

Otherwisesecured.

$40,000190,000614,200383,500

1,167,000149,750

1,620,350

Commercialpaper, n. e. s.

4, 885, 54514,103,030

23,153, 37523,741,6906,130, 7618,935,916

$123,767,069795,191,74992,568,24468,360,10927,337, 07650,295, 225

139,711,83545,446,32924, 236,02312, 956, 8679, 539,170

37,676,138

Agriculturalpaper.

1,427,085, 8341,532, 566, 358

$282,928504,513245,251199,570

4, 716, 6235,153,422

11,778,7433,983,5846,997,1272,118,9195,055,4317,123,001

48,159,11250, 869,371

Live-stockpaper.

$2,00011,3645,000

171,58738,112

881,6641,387, 835

555,3565,381,1969,247,1606,039,0274,125,401

27, 845,70221, 593,438

1, 589, 592,3981,406, 264,752


BostonNew YorkPhiladelphia . . .ClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas City .Dallas..San Francisco

Total:May, 1921April, 1921May, 1920April, 1920..

Trade acceptances.

Foreign.

$44,373

Domestic.

$186, 5281, 216, 877

103,4291, 794,141

668,9321, 388, 239

889,347143,148250,211381,096437,173

2, 308,777

9,767, 89810, 815,225

16, 540,60315,295,488

Bankers' acceptances.

Foreign.

$3, 522, 830

574, 997

Domestic.

$172,474

Dollarexchange.

1,436,18160, 000

384,797

289, 393

5, 823,4014,982,343

| 92,284

]709,555

i 2,172,10415,254, 26028,172,156

$30,000

30,000250,000

Total, allclasses.

$372, 318, 3421,861,355,624

357,917,060251, 956, 288212, 391,752144, 518,458379, 303, 879137,205,67567,366,38971,981, 84560 345,342

337,203,000

4,253, 863,6544,912,651, 8476,135,984,1746,229, 740, 505

Averagematu-rity.

Days.11.6110.8714.1317.0316.8526.8131.5424.1450.0541.7340.0617.33

16.7615.6614.7415.08

Averagerate

(365-daybasis).

Per cent.6.006.265.626.006.006.126.415.906.546.006.626.00

6.206.325.745.67

VOLUME OF BANKERS' AND TRADE ACCEPTANCES PURCHASED DURING MAY, 1921, BY CLASSES OF PAPER; ALSO AVERAGERATES AND MATURITIES.



Total:May, 1921April, 1921

May, 1920April, 1920


Foreign.

$14,868,24746,097,5235,399,2552,772,135

192,500234,756

6,837,8691,304,578

815,000150,000

6,515,460

85,187,32375,560,030

195,294,991182,762,225

Domestic.

$6,725,58810,705,0831,513,3672,157,169

533,400386,600

3,410,112638,244

""i," 174," 926"

27,244,48928,335,184

72,768,31956,189,170

Dollarexchange.

$3,841,85315,406,0004,125,000

370,000

750,000320,000

'""735," 666'

25,547,85317,516,381

2,434,5271,752,678

Total.

$25,435,68872,208,60611,037,6225,299,304

725,900621 356

10,997,9812,262,822

815,000150,000

8,425,386

137,979,665121,411,595

270,497,837240,704,073

Trade acceptances.

Foreign.

$477,140

Domestic.

144,400

621,5402,099,176

2,724,2826,501,967

$1,014,578388,343

Total.

$477,140

144,400

621,5402,099,176

3,738,8606,890,310

Total billspurchased.

$25,435,68872,685,74611,037,6225,299,304

725,900621,356

10,997,9812,262,822

815,000150,000

8,569,786

138,601,205123,510,771

274,236,697247,594,383

Averagematurity.

Days.18.8217.0636.8828 Q3

Averagerate

(365-daybasis).

Per cent.5.745.865.875 QZ

38.81 1 6.0852.34 I 6.0757.62 j 5.9115.02 5. 83

31.15 ! 7.1065 64 fi &Q20.19

23.2026.60

44.2251.59

5.96

5.885.94

5.965.82



VOLUME OF OPERATIONS—Continued.VOLUME OF BILLS DISCOUNTED DURING 3 MONTHS ENDING MAY 31, 1921, BY RATES OF DISCOUNT CHARGED; ALSO

AVERAGE RATES AND MATURITIES.

5 per cent. 5£ per cent.

Federal Reserve Bank.Amount. Discount. Amount. Discount.

B ostoQNew York !Philadelphia |Cleveland jRichmond |Atlanta jChicago !St. Louis IMinneapolis IKansas City $275, 000DallasSan Francisco.

Total. 275, 000

$14 5, 718, 000

"724," 446,' 660"

205,180, 233

$392

218, 917, 86320,157, 220

2, 350, 500

392 1, 314, 770, 476

$123,117

1, 663,056

534, 516

449, 09544, 420

5, 248

2, 819, 458

5"! per cent.

Amount. Discount.

$13,419, 060

20, 000

3, 302, 500

16, 741, 560

$20, 69(5

57

7, 080

27, 833

6 per cent.

Amount. Discount

$952,001, S744, 332, 751, 760

379,155, 263784, 208, 322803,495, 767131, 937, 350707, 586,149207,681, 761

69, 606,622267, 701, 698126, 343, 689926, 741, 729

9, 689, 211,484

$1, 381,6356, 095, 758

722,1412, 243,6871, 890, 874

544, 8592,061,2941,280,771

180,3581, 599,994

313, 8913, 010,077

21, 325,339


BostonNew YorkPhiladelphia...ClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas City....DallasSan Francisco..

Qh per cent.

Amount. Discount.

$714, 235, 923 $1,468, 247

127, 962, 614 j 1,139, 280

" 29,"983,"497" j 383," 964

12, 001, 932

Total 884,163,966 3,134,652

143,161

7 per cent.

Amount.

$375, 329, 0353, 555, 902, 068

Discount.

Super-—•; rates

I discount.

Total.

Amount.

$920, 825 j4, 982,674 j

121, 881, 794 1, 026, 527437,199, 450 5, 274, 053

79, 306, 235 |

*6{)," 002," 487"|"

970, 99.1

852,'510

$55, 596

" 128," 448'

.1114, 629, 621, 069 14, 028, 180 184, 044

471, 048,409602, 889, 751117,020,983784,208, 322803, 495, 767458, 999,377272, 768, 213426, 599, 624199, 033, 574273, 629, 698198, 348,108926, 741, 729

16, 534, 783, 555

Discount.

$2,425, 57712, 546,6792,405, 8932, 243, 6871, 890, 8742,105, 9028,475,2841, 785,4621, 579, 7391, 741,1621, 309, 5623,010,077

41, 519, £

Averagematur-

ity.

9.538.29

13.9317.4014.3226.6136.4925. 2543. 2635.8736.0919.76

14.48

Averagerate

(365-daybasis).

Per cent.6.316.425.646.006.0G6.296.666.056.706.476.686.00

6.33

VOLUME OF ACCEPTANCES PURCHASED DURING 3 MONTHS ENDING MAY 31, 1921, BY RATES OF DISCOUNT CHARGE,;ALSO AVERAGE RATES AND MATURITIES.


BostonNew York

RichmondAtlantaChicago.St LouisMinneapolis

Dallas

Total


New YorkPiiil3id.Glph.i3iCleveland

AtlantaChicagoSt LouisMinncaoolisKansas CityDallasSan Francisco

Total

1

5 per cent.

Amount.

$20, 576

20, 576

Discount.

$38

38

5| percent.

imount.

$2,114,63822,003,036

4, 882, 6609, 886, 713

13, 340, 7361,110, 264

38, 988

4, 094,166

57,471, 201

Discount.

$13,496156,01154, 74165, 334

130,1703,383

250

31,981

455, 366

5v? per cent.

Amount.

$5, 648, 6742, 022, 601

931, 496

Discount.

$16, 7774,4152, 903

135, 074

32, 522

8, 770, 367

792

75

25, 022

6 per cent.

Amount.

$1,139,67714,174, 5712, 730, 3904, 711, 5184,619, 201

436, 2825,080, 3261,355,439

3,9165, 976,120

40, 227, 440

Discoun

5 | per cent.

Amount-

$11,575,8552,133

2, 876, 782106, 660

115,000317,953

14, 994, 383

t.

$13, 201154, 52235, 95946, 57535,1294,183

58, 8914,377

1746, 327

399,181

ed per

Amount.

$205,402

Discount.

$32, 08917

14, 537235

439753

48, 070

cent.

Discount.

5Rv» 4662, 455, 244 28, 722

1,185, 225 ; 5, 067

3,715,911 | 54,751150,000 | 383

1,129, 397 j 14, 552

8, 841,179 105, 941

52 per cent.

Amount.

$41,817, 508176, 969,167

18, 498, 8138, 532,166

14, S42, 3911, 939, 695

Discount.

$103, 857438, 434

90, 30229, 096

96, 0524,667

9, 807, 016 | 27, 567

272, 406, 756 789. 975

6 | per cent.

Amount.

$1, 681, 378

39,006

296, 100770,000

80, 288

2, 866, 772

Discount.

$22, 018

553

4, 1302,005

1,046

29, 752

511 per cent.

Amount. Discount

i!

$50, 000

50,000

$721

727

6 | per cent.

Amount. Discount.

$3, 300

3,300

$44

44



VOLUME OF OPERATIONS—Continued.VOLUME OF ACCEPTANCES PURCHASED DURING 3 MONTHS ENDING MAY 31, 1921, BY RATES OF DISCOUNT CHARGED;

ALSO AVERAGE RATES AND MATURITIES—Continued.


BostonNew YorkPhiladelphiaClevelandRichmondAtlanta ..ChicagoSt. LouisMinneapolisKansas CityDallas

Total

6£ per cent.

Amount.

$540,766

150,000

690, 766

Discount.

$1,525

1,778

3,303

6| per cent.

Amount.

$55,000

55,000

Discount.

$336

6 | per cent.

Amount.

$19,500

i

i

i

336 19, 500

Discount.

$60

60

7 per cent.

Amount.

$2,451,420

1,637, 732

840, 00020,907

4, 950,059

Discount.

$2,953

21,306

5,355337

29, 951

Total.

Amount.

$62, 501,754222, 355,316

29, 920,14124, 501, 364

4, 619, 2012, 209, 088

37,443,7645,675, 873

38, 988840,000174, 823

21,086, 987

411,367,299

Discount.

$181,886808,953198, 502146,95835,12926, 281

345,20415,643

2505,3552,132

121,473

1, 887, 766

Averagematurity.

Days.18.2722.3941.0836.6145,6363.3156.2316.7939.2932.7966.8335.00

28.14

Averagerate

(365-daybasis).

Per cent.5.815.935.905.986.086.865.985.995.967.106.666.01

5.95

HOLDINGS, BY CLASSES.AVERAGE DAILY HOLDINGS OF EACH CLASS OF EARNING ASSETS, EARNINGS THEREON, AND ANNUAL RATES OF

EARNINGS, DURING MAY, 1921.


Boston $132,704,622New York 693,417,152Philadelphia 186,588,959Cleveland 176,327,376Richmond 123,925,474Atlanta 126,030,083Chicago 377,165,162St. Louis 90,481,672Minneapolis 81,128,000Kansas City 104,253,693DaUas 73,274,420

Average daily holdings of— Earnings on—

All classesof earning

assets.

San Francisco I 188,497,747

Total:May, 1921... 2,353,794,360 1April, 1921.. 2,527,253,406 2,

Discountedbills.

$100,565,145,140,108,108,330,

75,72,85,64,

108,

310,076 $10,297,539237,381616,564920,672715,030514,123792,768408,000078,773906,365848,137

Pur-chasedbills.

| AllUnited ! classesStates ! of

securities, j earning\ assets.

Dis-counted

bills.

7,

087,685 $22.350,697| 88!208,605! 31',138,924^ 26!849,612^ 13]050,434 16,592,262' 42,565,520 14,

i 8,51,290 19,85,579, 8,414,305! 12,

306,261768,916142,993571,888155,190264,619058,777^123,384720,000123,630282,470235,305

., 966,646,008 84,394,913 302,753,439 11,571,365110,502,633!, 139,981,742 110,372,481 270,899,183 12,154,787-11,124,586

1

$621,7423,503,399805,783;817,937!579,651617,275j

1,981,040434,22l!426,000!484,8811384,107i915,329

$529,8793,056,521695,329718,220547,609581,999

1,881,134406,325410,715449,832369,171855,899

Pur-chasedbills.

$49,328202,16551,02646,4519,5566,10422,6852,817

309488

37,863

UnitedStatessecuri-ties.

$42,535244,71359,42853,26622,48629,17277,22125,079'15,285!34,740!14,448i21,567

Annual rate of earnings on—

All

ofearnimassets.

Dis-counted

bills.

428,792541,685

2,036,403

639,940488,516

567,466May, 1920... 3,255,859,393 2,537,550,923 416,519,623 301,788,847,14,776,159i 12,172,290April, 1920..3,191,945,384J2,440,375,416 419,745,831 331,824,137jl3,696,186111,162,212 1 \ 962 064 571^910

Per ct.5.525.955.5.465.515.776.185.656.185.486.175.72

5.795.85

5.365.23

Per ct.6.226.375.636.015.926.306.706.316.686.236.705.97

6.296.32

5.665.58

Pur-chasedbills.

Per ct.5.766.055.5.986.086.845.825.86

7.106.626.01

5.5.97

5.775.70

UnitedStatessecuri-

ties.

Per ct.2.243.252.242.362.012.112.162.092.062.142.052.08

2.492.15

2.222.10

HOLDINGS OF DISCOUNTED BILLS, BY CLASSES.

[End of May figures. In thousands of dollars.]


BostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicago . . .St. LouisMinneapolisKansas CityDallasSan Francisco

Total:May 31,1921Apr. 30, 1921

May 31, 1920Apr. 30, 1920

Total.

112,951523,628156,491134,976105,768102,034313,71081,83866,48381,86964,036

164,129

1,907,9132,076,569

2,519,4312,535,071

Custom-ers' papersecured

byGovern-

mentobliga-tions.

11,69960,64834,0867,5194,2267,955

17,0703,8171,1964,1831,1076,057

159,563211,106

326,473351,845

Member banks'collateral notes.

Secured byGovern-

mentobligations.

32,964201,89982,09642,26132,55631,46595,08128,2045,293

19,9977,315

48,550

627,681726,546

1,121,4891,113,475

Other-wise

secured.

4095

322180523

583557

3,1466,803

12,00612,137

3,1544,130

Commer-cial

papern. e. s.

67,665252,08539,44182,17756,99447,637

141,68138,60620,14724,97216,81667,387

855,608869,733

863,804887,051

Agricul-tural

paper.

441724606630

10,08410,82856,5768,279

21,7967,761

17,69917,325

152,749149,223

63,53744,389

Live-stockpaper.

4

534199

2,330

87116,82024,33617,05414,858

76,71881,187

77,15461,993

Tradeacceptances.

For-eign.

134

134117

Domes-tic.

1781,376

2171,6651,4871,4392,773

432396563845

2,611

13,98216,334

21,97923,937


For-eign.

6,215

170

1506

995

267

7,8037,665

Domes-tic.

681

118

50

599

54137

1,6392,471

Dollarexchange.

30

3050

41,84148,251



HOLDINGS, BY CLASSES—Continued.

HOLDINGS OF BANKERS' AND TRADE ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTANCES.



Boston . .New York .PhiladelphiaClevelandRichmond..AtlantaChicagoSt. Louis..Minneapolis...Kansas CityDallasSan Francisco

Total:May 31,1921Apr. 30, 1921 .

Purchased in open market:May 31,1921Apr. 30, 1921

Discounted for member banks:May 31,1921Apr. 30, 1921

Total.

11,55142 20811,2478,0293 4382 6487,6002,273

396588

1,0707,997

99,045136,402

All classes

Pur-chasedin openmarket.

11,37333 93511,0306,0771 9511,0094,821

217

25171

4,848

75,457109,763

109 763

Dis-countedfor mem-

berbanks.

1788 273

2171,9521 4871,6392,7792,056

396563899

3,149

23,58826,639

23,58826,639

Total.

11,37340 77111,0306,3641 9511,2094,8271,841

25225

5,095

84,711119,330

75 239109,142

9,47210,188

3ankers' acceptances

Foreign.

6,74429 3357,1604,386

675489

3,8651,085

25171

3,831

57,76684,378

49 96276,712

7,8047,666

Domes-tic.

2,9886,5351,1301,5701 276

720427636

541,007

16,34321,710

14,70519,238

1,6382,472

Dollarexchange.

1,6414 9012,740

408

535120

257

10,60213,242

10,57213,192

3050

Trade acceptances.

Total.

1781 437

2171,6651 4871,4392,773

432396563845

2,902

14,33417,072

218621

14,11616,451

Foreign.

61

291

352738

218621

134117

Domes-tic.

1781,376

2171,6651,4871,4392,773

432396563845

2,611

13,98216,334

13,98216,334

HOLDINGS OF BANKERS' ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTING INSTITUTIONS.


BostonNew YorkPhiladelphia..ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis...Kansas City.. .DallasSan Francisco.


Total:May 31,1921Apr.30, 1921

Purchased in open market:May 31,1921Apr. 30, 1921

Discounted for member banks:May 31,1921Apr.30,1921

Total.

Member banks.

National.

5,92111,5945,2541,0401,921

5272,068

775

25 |225 !

i,095

25204

2,451

84,711119,330

75,239109,142

9,47210,188

31,78037,635

28,44433,981

3,3363,654

Non-national.

4,4598,7642,1101,542

30682

2,4271,066

363

21,44331,060

18,31028,346

3,1332,689

Non-member

banks andbankingcorpora-

tions.

5848,483

6441,107

332

1,168

12,31821,162

10,05318,341

2, 2652,851

Privatebankers.

3845,9391,971

994

12351

9,65114,101

9,51713,915

134186

Branchesand

agencies offoreignbanks.

255,9911,0511,681

9762

9,51915,372

8,91514,559

604



CONDITION OF FEDERAL RESERVE BANKS.

Moderate liquidation of bills discountedand purchased in open market, and furtherstrengthening of the reserve position of thebanks through additions to gold reserves, arethe outstanding features of development inthe Federal Reserve field during the periodfrom May 25 to June 22. Federal ReserveBank holdings of discounted bills during thefirst two weeks of the review period show, onthe whole, a slight upward tendency. Re-demption on June 15 of about $400,000,000 oftax certificates enabled member banks toliquidate $188,700,000 of discounted paper, ofwhich 44 per cent was paper secured by Gov-ernment obligations. During the followingweek, when checks and drafts in pa}rment ofthe June 15 installment of income and excess-profits taxes began to be presented for collec-tion, member banks resumed their borrowingsat the Reserve Banks, and total discounts heldby the latter on June 22 show an increase of$46,300,000 for the week, though the totalheld, $1,754,000,000 is $116,300,000 below thecorresponding total shown four weeks earlier.Net liquidation during these four weeks was re-stricted to paper secured by Government obli-gations only, other discounts showing anincrease of $19,700,000. Aggregate holdingson June 22 of paper secured by Governmentobligations were about $658,000,000, a reduc-tion of over 50 per cent from the maximumholdings of last year, due largely to the elimi-nation from the Reserve Banks' portfolios ofpaper secured by Treasury certificates. Theper cent share of Government paper to totaldiscounts held shows a decline to 37.5 percent from about 42 per cent on Ma} 25 andfrom 52.6 per cent about a year before.

While member bank holdings of Treasurycertificates increased substantially on June 15,Federal Reserve Bank holdings of papersecured by certificates reached a low level ofabout $31,000,000 on that date, and on June22 stood at $35,400,000, a decrease of $18,-000,000 since the last May report. There isalso shown a reduction of $118,600,000 in theholdings of paper secured by other Govern-ment obligations, mainly Liberty bonds andVictory notes, this reduction being continuousand reflecting in part Government purchasesin connection with sinking-fund operations.The total of Government paper held by theReserve Banks at the close of the report periodincludes also $2,700,000 of paper secured by thenewly issued three-year Treasury notes.

In the following exhibit there is given asummary of the weekly changes in the principal

asset and liability items of the Federal ReserveBanks for the four weeks under review:

MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES OF THETWELVE FEDERAL RESERVE BANKS COMBINED.


Bi

Reserves:Total

Golds discounted:Total.

S e c u r e d b yUnited StatesGovernmentobligations...

All otherBills bought in open

marketCertificates of indebted-

nessTotal earning as-

sets

May 25,1921.

June 1, ] June 8,1921. 1921.

558. 2392.9

1,870.2

793.91,076.3

87.1

280.1

2,263.1

2,568. 82,408. 6

1,926. 2

773.81,152.3

77.0

233.4

2,269.7

G overnment deposit s . . . j 17. 3Members' reserve de- |

posits I 1,655.6Total deposits | 1,705.9

F. R. notes in circula-tion 2,734. 8

F. R. Bank notes in cir-culation—net liability. 144.8

Reserve percentage i 57.6 '

32.3

1,656.51,720.3

2,751. 2

143.457.4

2,592. 52,430.6

1,896. 3

747.01,149.3

69.5

227.0

2,225. 5

June 15, June 22,1921.

2,615. 62,445. 5

1,707.6

1921.

2,620. 02,450. 4

1,753.9

1,684.01,735.0

2,710. 7

141.0 |58.3

664.2 657. 9

1,043.3 1,095.9

53.2 j 39.4

522.8 I 255.2

2,318.8 | 2,082.4

1,

14.5

6.41,929.2

2,674. 4

135.056.8

17.9

1,647.71,697.2

2,639.3

135.060.4

Some changes are shown in the distributionof discounted paper by maturities. Thus 15-day paper shows the largest absolute andrelative reduction for the period, the share ofthe shortest-term paper declining from 59 to 57per cent of the total discounts held. As againsta slight decrease in 30-day paper and a $55,-000,000 decrease in 60-day paper, the weeklystatements indicate a slow but steady increasein the holdings of 90-day paper, while theamount of 6-month paper shows a further in-crease from $70,100,000 to $84,800,000.

Holdings of acceptances purchased in theopen market declined steadily from $87,-100,000 to $39,500,000, this decline reflectingboth the lessened supply of'bankers7 bills,in consequence of the shrinkage in our foreigntrade, as well as the much larger proportion ofthese bills absorbed by ultimate investors. Re-duction of $11,000,000 from $233,400,000 to$222,400,000 in the amount of "Pittman" cer-tificates held by the Reserve Banks with theTreasury to secure Federal Reserve Bank notecirculation is shown, this decrease being ac-companied by a decrease of $9,800,000 in thebanks' aggregate liabilities on Federal ReserveBank notes outstanding. Changes in other cer-tificates reflect largely the amount of specialcertificates taken by the New York and otherReserve Banks on June 15 to cover temporary



MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIESOF THE FEDERAL RESERVE BANKS

1920 -1921

3500

3000

2500

2000

1500

1000

500

0

I: U.S.SECURITIES. 4 : TOTAL DISCOUHTS.2: PURCHASED ACCEPTANCES. 5; TOTAL EARNINGASSETS3 : DISCOUNTS SECURED BY U.S. GOVERNMENT OBLIGATIONS.

FEB. MAR. APR! MATIJgllElJUir AUG. SEPT. OCT. JTO

3

3500

3000

2S00

2000

1500

1000

500

0

§w

ifY)

80

63

40

20

0

LLIO

NS

DOLL

ARS

3500

30X)

2500

2UUU

1500

1000

500

0

I:2:

JAM. FEB.

— • - —

MARAPR. MET

RESERVE RATIO.DEPOSITS.

joriE

~-~—

JUU

—-—

ALJ6.

——•

•A

^--—

SEPT.

* —

r - ^

OCT.

—

— • —

nor.

"—

DEC.

1920

34

I

JAN.

» CASH RESERVES.: F.R.NOTECIRCULATIOn.

•^*«-

FEB. MAR.

. "

APR.

^^

MAT

A—>y

JUHE JUU

i

AU6. 5EPT. OCT. ncv. PEC.1921

A O

3500

3000

2500

"XYY\oJJJ

ISOO

1000

500

0

I C

EN

T

inn

oO

60

40

20

0


86G FEDERAL RESERVE BULLETIN. JULY, 1921.

advances to the Government pending receipt offunds from depositary institutions. In con-sequence of the changes in the principal earningassets shown, total earning assets show a declinefor the period of $180,700,000 and on June 22stood at $2,082,400,000, or nearly 40 per centbelow the peak figure reported on October 15of the past year.

Rediscounting operations are reported bythe Richmond, Minneapolis, and Dallas banks.During the period under review, the New YorkBank increased its accommodation to the firsttwo banks from $25,300,000 to $37,600,000,while the Boston bank reports on June 22among its discounted bills $4,100,000 dis-counted for the Reserve Bank of Dallas, or$500,000 less than the amount carried for Dal-las by the Boston and Cleveland banks fourweeks before. Owing to investment operationsof the New York bank in connection with thereparation payments of the German Govern-ment, aggregate contingent liabilities of theFederal Reserve Banks on bills purchased forforeign correspondents show an increase from$32,300,000 to $61,700,000.

Total deposits fluctuated between $1,929,-200,000 on June 15 and $1,697,200,000 a weeklater. Federal Reserve note circulation, ex-cept for one week, shows a steady decline from

$2,734,800,000 to $2,639,300,000, or at anaverage weekly rate of $23,900,000, as against$24,400,000 for the previous five weeks. Be-tween December 23, 1920, when the maximumoutstanding note circulation was shown, andJune 22 of the present year, the reduction inFederal Reserve note circulation totaled $765,-600,000, or 22.5 per cent. During the sameperiod the Reserve Banks reduced also theirliabilities on Federal Reserve Bank notes incirculation by $83,800,000, or by nearly 38.3per cent.

A further gain of $57,500,000 in gold reservesis shown, while other cash reserves, i. e., silverand legals, increased by $4,200,000. Since thebeginning of the year the banks' gold holdingshave increased by $387,700,000, and the totalcash reserves by $366,300,000. The banks' re-serve ratio because of the considerable changesin deposit liabilities, shows some fluctuations.On June 22, the ratio stood at 60.4 per cent,compared with 56.8 per cent the week before,and 57.6 per cent four weeks earlier.

In the following table are shown comparativefigures of average daily cash reserves, deposits,Federal Reserve note circulation, and reservepercentages of the Federal Reserve Banks forthe months of May and June of the present andof the two preceding years:

CASH RESERVES, TOTAL DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, AND RESERVE PERCENTAGES FOR MAYAND JUNE, 1921.


[Daily averages. Amounts in thousands of dollars.]

BostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas CityDallasSan Francisco...

Total, 192119201919

Total cash reserves.

June.

258,416901,852184,750265,20275,64091,911

384,54089,00041,36276,65936,766

199,681

2,605,7792,102,9852,248,265

May.

263,364787,033184,850283,32278,73199,826

384,961102,90643,12278,45938,586

196,480

2,541,6402,078,8222,246,087

Total deposits. Federal Reserve notesin circulation.

June.

110,087684,594102,586137,39454,69544,435

243,47163,11744,37774,43145,094118,990

May. June.

Ill, 178 ;664,977103,408 !141,743 |56,563 |46,332 I244,02165,51243,45274,449 !46,098 i119,690 j

252,744691,244227.366260;020123,045155,057450,324104,48160,03980,40048,027229,813

May,

255,820725,618232,357272,842130,975158,279463, oil109,12963,44085,76652,284237,358

1,723,2711,974,5371,940,647

1,717,4231,987,3231,944,547

2,682,5603,113,9492,500,909

2,787,3793,089,737% 534,112

Reserve percentages.

June.

71.265.556.066.742.646.155.453.139.649.539.557.2

59.11 43.3i 52. 6

May.

71.856.655.168.342.048.854.458.940.349.039.255.0

56.4M2.4

1 Calculated on the basis of net deposits and Federal Reserve notes in circulation.



RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, JUNE 1 TO 22, 1921.

RESOURCES.


Gold and gold cer-tificates:

June 1June 8June 15June 22

Gold settlementf u n d—F . R .Board:

June IJune 8June 15...June 22

Gold with F. E.Agents:


Gold redemptionfund:

JunelJuneSJune 15June22

Total goldreserves:JunelJune 8June 15June 22

Legal-tender notes,silver, etc:

June 1Jane 8June 15June 22

Total reserves:June 1June 8June 15June22

Bills discounted:1

Secured by U. S.Governmentobligations-


All other-June 1June 8June 15June 22... .

Bills bought inopen market: '2


U. S. bonds andnotes:


U.S. certificates ofindebtedness:

One-year cer-tificates (Pitt-man Act)—•

June 1. . . . .June 8June 15June 22

All other-June 1June 8June 15June22

Total earning assets:JunelJune 8June 15June 22. . . . , . , „

Total.

281, 098297, 476311,017315,472

501,740521, 539456, 211400, 841

1, 477, 6651, 460, 3581, 550, 8171, 598,128

145,144151, 299127, 523136, 047

2, 408,6532, 430, 6722, 445, 5682, 450, 488

160,172161, 874170, 056169,517

2,508.8252,592,5462,615,6242,620,005

773,863747,006664,296657,980

1,152,3701,149,3531,043,3831,095,983

77,07269,50153,20039,488

32,93832,68535, 06633,729

226,875225,375222,375222,375

6,6141,652

300, 51332,848

2,269, 7322, 225, 5722, 318, 8332,082? 403

Boston.

7, 7897, 6517, 7827,845

30, 70431, 58230, 58440, 739

171, 060165, 588179, %7182,843

28,79833,30018, 26214,745

238,351238,121236,625246,172

16,14716, 42018, 46417, 819

254,498251,541255,089263,991

44,19938,10737,54735,497

66,91466,12353,93456,408

11,30712,75410,0519,146

555555555555

18,93618,93618,93618,936

688302

18, 348183

142, 599136, 777139, 371120, 725

NewYork.

198, 543215, 593227, 729231, 748

112,895147, 97199, 61471,043

410, 892410, 521460,152509, 810

36, 00038, 00036,00036, 000

758, 330810,085823, 495848,601

85,95786, 00686, 82685, 081

844,287896,091910,321933,682

251,364226,231196,166184,525

293,341281,449217,935229,500

34,48427,40517,11110,600

1,0051,0053,130

55,27655,27654,27654,276

3,740

183, 00029,341

639, 210591, 366671,618509, 312

Phila-delphia.

1,9061, 8802,0252, 054

49, 39248, 08132,73049, 329

[07, 758117, 589128, 289119, 437

12,0007,132

13,1918,312

171,056174, 682178, 235179,132

2,2083,3125, 0195,917

173,264177,994181,254185,049

114,117111,280104,11196,691

41,57438,28934,96937,660

11,1829,6568,1496,089

1,4341,4341,7341,848

26,78026,78026,78026,780

1,138801

19, 9751,230

196,225188, 240195, 718170,298

Cleve-land.

5,8395, 9125, 9856, 042

7 5 , 457, 94046,31850, 538

194,y89193, 504193,7""188, 562

4,9155, 9175,0224,635

281, 5892o3, 273251,083249,777

4, 8284, 8716,8946, 633

286,417268,144257,977256,410

51,44657,10838,34652,066

86,S3390,48593,12794,960

6,3615,3874,4433,231

843844844844

21,79921,79921,79921,799

34308

39,009

167, 316175, 931197, 568172, 909

Rich-mond .

2,6412,6872,7102, 658

18, 03020, 86922,67921,370

43, 89440,6S037, 03033, 818

5,7528,294

11,29413,782

70,3i772,53073,71371,628

3, 8604,0273, 5684,140

74,17776,55777,28175.768

37,12736,97130,70425,975

68,50369,15168,78873,815

2,0312.7962; 9932,038

1,2331,2331,2331,233

9,2609,2609,2609,260

11

1,001

118,155119,412113, 979112, 921

Atlanta.

4,2904, 3234, 3894, 391

10,59211, 00810, 28412,006

69,11567, J0566, 87460, 886

4,9715,2624,9436,013

88,96887, 69886, 46083,266

6, 4046, 2366, 5196, 482

95,37293,93493,00989,778

39,25538,77238,13138,667

63,33163,52262,60567,631

9281,1351,1081,225

8,5848,5848,7398,747

14,56414,56414,56414,564

11

2,01313

126,663126, 578127,160130,847

Chicago.

19, 71219,76319,93620,065

112, 550102,697108,61561,667

228,001219, 982232, 097243,358

21,57928, 55915, 58923, 561

381, 842371,001374,237348, 651

16,63115, 78317, 53618,178

398,473386,784391,773366,829

110,324109,303104,924107,380

199,893202,598191,655208,200

4,5574,2194,9243,590

4,4904,4904, 4904,490

36,11236,11236,11236,112

7467

16, 915116

355,450356, 789359,020359, 888

St.Louis.

2,6962,7032,7222, 763

14, 79220, 43016, 40213,902

59, 27752, 07253, 56154, 237

3,7214,6575,0694,367

80, 48679,86277,75475, 269

11, 40712,57312, 52212, 549

91,89392,43590,27687,818

31,76131,49530,62331,428

50, 4^949,25246.38548,385

528562372272

1,1531,1531,1531,164

12,06812,06811,56811,568

458

10,139651

96,00394, 588

100,24093,468

Minne-apolis.

8,2658,3018, 3448, 366

10, 5779. 9359'. 312

10! 102

19, 89719. 81421'., 01920; 304

3,8033! 6242', 3833'., 010

42,54241', 67441,08841,782

874726894891

43,41642 40041,98242,673

7,11911,0647,5446,772

58,87262,17761, 62865,112

116116137122

8,4808,4807,9807,980

75273220

74,66281, 86477, 32180,006

KansasCity.

1,9521,9652,0382,084

33,64232, 36335, 88232,020

31,14733, 55131, 07432,926

6,3453,7813,2294,336

73,08671,66075,22371, 316

3, 2853,3023,4003, 340

76,37174,96278,62374,686

24,42123,64422,58024,102

58,07257,17354,25855,929

25252525

8,8688,8688,80S8,868

9,3208,3208,3208,320

87857976

100, 79398,11594,13097,320

Dallas.

9,0098,0478,4278, 637

4, 5152, 4743,7313,582

11,34515, 62714, 58813, 070

7, 2864,0653,9245,421

32,15530, 21330,67030,710

6,0055, 7785,5835,413

38,16035,99136,25336,123

8,83410,94410,22612,277

53,96155,78251,60452,809

1711711711C9

3,9793,9793,9793,979

3,4003,4002,9002,900

2,000

70,34574,27670,88072,134

SanFran-cisco.

18,45618, 65118,93018, 839

31, 21136,18942,06034, 543

130, 290124,325129,348138, 877

9,97410,7088,617

11, 865

189,931189, 873198,955204,124

2,5662,8402,8313,074

192,497192,713201,786207,198

53,89652,08743,39442,600

110,587113,352106,495105,574

5,4985 3913 8532 503

678424204809

10,88010,3809,8809,880

7722

8,0021 209

182,311181.636171,828162,575



RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, JUNE 1 TO 22, 1921— Continued.

RESOURCES—Continued.


Bank premises:June 1June 8June 15June 22

5 per cent redemp-tion fund againstF. R. Banknotes:

JunelJune8June 15June 22

Unconnected items:June 1June 8JunelSJune22

All other resources:June 1JunesJunelSJune 22

Total resources:June 1June 8JunelSJune 22

1 Includes bills dis-counted for otherF. R. Banks:

JunelJune 8June 15June22

Total.

23,49723, 84224,44224, 717

10, 42710, 44910,17610,194

547, 094541,495722, 766564,105

15,11413, 48215, 33814; 404

5, 434, 6895, 407, 3865, 707,1795, 315, 828

31, 84825, 01537, 45841, 737

Boston.

3,4943, 5223,6023, 638

772772772772

46, 95047,08459, 82348, 462

569513574539

448, 882443, 209459, 231138,127

5, 5002, 5007, 4084,125

NewYork.

5,1255,1255,1265, 252

2,1082,1782,0631, 983

125, 047116, 578161,101121,101

3,1353,2414,4063,337

1,618. 9121, 614, 5791, 754,6351, 574,667

26, 34822, 51530, 05037,612

Phila-delphia .

527528528529

700700700700

48,20043,12967, 42653,201

648634831743

419, 564411,225446, 457410, 520

Cleve-land.

2,0442,0502,0812,170

1, 2391,2391,2391,239

49,17848,61868, 37756, 761

862949999975

507, 056496, 931528, 241490, 464

1

1

Rich-mond.

1,9041,9712,0252,046

601463463463

41,19241,16849,10446, 943

1,151421547535

237,180239, 992243, 399238,676

Atlanta.

744744752752

467467521593

17,96521, 97625,06220, 303

722715748792

241, 933244, 414247,252243,065

Chicago.

3,5933,5933,8763,876

1,9101,9461,8991,825

75,91468, 033

105, 84976,110

2,3012,2992,4962,165

837,641819, 444864,913810, 693

St.Louis.

627627627627

523523523523

29, 85632, 58434,13827, 837

641648645657

219, 543221, 405226,449210, 930

Minne-apolis.

599657657657

286340175275

14,89115, 53718, 74515, 219

213204229221

134,067141,002139,109139, 051

KansasCity.

2,4462,6302,6492,649

916916916916

39, 83144, 52053, 02441, 031

514511542562

220,871221,654229, 884217,164

Dallas.

1,8351,8361,9601,962

361361361361

23, 52227, 78325,35320, 587

2,086771649

1,207

136,309141,018135,456132, 374

SanFran-cisco.

559559559559

544544544544

34, 54834, 48554, 76436, 550

2,2722, 5762,6722,671

412,731412, 513432,153410, 097

LIABILITIES.

Capital paid in:June 1June8June 15June 22

Surplus:June 1June 8June 15June22

Reserved for Gov-ernment franchisetax:


Deposits:Government-


Member bank—rese rve ac-count -


All other-June 1June 8June 15June 22

Total deposits:June 1JunesJune 15June 22

F. R. notes in actualcirculation:


102,216102,066102,156102,177

202,036202,036202,036202,036

36,28338,05739,05740,400

32,35320,26114,59717,957

1,656,5811,684,0751,866,4551,647,709

31,45630,72148,17531,581

1,720,3901, 735, 0571, 929,2271,697, 247

2, 751,2992, 710, 7232,674,4352,639,319

7,9017,9017,9117,911

15,71115,71115,71115,711

1,9772,0612,1152,201

2,463717107476

107,933107,757117,907105,156

1,039782

1,483927

111,435109,256119,497106, 559

257, 700256, 525251,032250,317

26,88726,89426,89426,896

56,41456,41456,41456,414

15,35115,90816,35816,665

4,6351,552

209950

664,213682,686789,073665,765

14,33213,79923,72813,616

683,180698,037813, 010680,331

715,951696,928688,966675,424

8,6168,6168,6168,616

17,01017,01017,01017,010

2,3102,3892,4972,602

9113,8921,303

427

98,13196,724

105,40696,690

1,2991,1831,9541,303

100,341101, 799108,66398,420

230,413228,216226,633224,125

11,04611,04611,04711,047

20,30520,30520,30520,305

1,0891,2151,2941,435

4,6601,091

1651,098

135,647137,054155,958130,810

735765

1,746980

141,042138, 910157, 869132, 888

267,955263,451259, 509255,402

5,4065,4035,4135,412

10,56110,56110,56110,561

1,3521,4401,4611,547

2,6081,3551,0781,406

51,08353,21652,545SO,686

431437543480

54,12255, 00854,16652, 572

126, 730125,345122, 516120,976

4,0904,0944,0954,097

8,3438,3438,3438,343

2,2942,3962,4502,549

1,5101,157

8703,630

44,93142,92245,16143,872

371344449381

47,81244,42346, 48047,883

157,110157,318154,333153,137

14,22814,23014,24914,261

28,98028,98028,98028,980

6,8917,1977,3977,605

6,3673,121

7171,386

237,048233,958258,537229,508

2,2802,4564,8282,631

245,695239, 535264, 082233,525

459, 808454,846448, 997444, 851

4,4994,5004,4984,503

8,3468,3468,3468,346

672717787

2,3321,4821,3711,108

58,83160,91964,98557,290

791658

1,292798

61,95463, 05967,64859,196

107, 875104,963104,272102,499

3,5333,5333,5503,551

6,9806,9806,9806,980

1,224 i1,2861,2991,369

1,5271,681 |1,183 I1,900 i

39,54045,75842,45945,450

496657798497

41, 56348,09644,44047,847

61, 23060,67759, 76559, 541

4,4994,3494,3554,347

9,1599,1599,1599,159

1,3341,4811,4941,557

1,7121,6456,012

946

69,70770,01072,28169,803

482693

1,301808

71, 90172,34879, 59471, 557

82, 78481,53280,21679,195

4,2224,2224,2184,218

6,0336,0336,0336,033

234804

1,0702,901

44,84344,58544,23042,624

373379558399

45, 45045,76845, 85845,924

50,04449,19148, 21346, 642

7,2897,2787,3107,318

14,19414,19414,19414,194

1,8632,0121,9752,083

3,3941,764512

1,729

104,674108,486117,913110,055

8,8278,5689,4958,761

116,895118,818127,920120, 545

233,699231, 731229, 983227,210


1921. FEDERAL RESERVE BULLETIN. 869

RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, JUNE 1 TO 22, 1921 Continued.

LIABILITIES—Continued.


F.R. Bank notes incirculation — Netliability:June 1June 8June 15June 22

Deferred availabil-ity items: iJune 1June 8June 15June 22

All other liabilities:June 1June 8June 15June 22

Total liabilities:June 1June 8June 15June 22

MEMORANDA.

Ratio of total re-serves to depositand F. R. noteliabilities com-bined, percent:


Contingent liabilityas indorser ondiscounted paperrediscountedwith other F. R.Banks:

June 1.June 8June 15June 22

Contingent liabil-ity on bills pur-chased for foreigncor res p ondents:June 1June 8June 15Juno 22

Total. | Boston.

143,493 j 12,253141,054 ; 11,392135,050 ! 10,856135,004 i 10,255

448,087 i447,357 !594,207 |467,928

30,885 :

31,03631,01131,717

5, 434,6895', 407,3865,707,1795, 315, 828

57.458.356.860.4

40,12238, 55850, 31243, 340

1,7831, 8051,7971,833

448, 882443, 209459, 231438,127

68.969.668.874.0

31,848 I..25,015 I...37,458 i..,41,737

NewYork.

25, 09326,15024,33526,142

Phila-delphia.

11,96811,61811,07810, 522

88,322 j 47,12486,878 i 39,744121,580 I 70,15985,681 i 47,397

7,714 '• 1,7827,370 1,8337,078 : 1,8017,114 1,828

1,618,912 I 419,5641,614,579 I 411,2251,754,635 \ 446,4571,574,667 ! 410,520

60.364.260.668. 9

52.453.954.157.4

Cleve-land.

18,29418, 02117,47717,070

Rich-mond.

6,1736,1866,1726,021

i

Atlanta.1 Chicago.

44,180 31,41740,787 34,611

41,62340, 030

57, ,-)l549,114

3,145 j3,1963,225 j3,203 i

507,056498,931528, 241490,4(54

70.066.661.866.0

1,4191,4381,4871,557

237,180239,992243,399238,676

41.042.443.743.7

10,422 i10,439 I10,44210,208

11,84016,34920,04815,731 ;

1,0221,0521,0611,117

241,933244,414247, 252243, 065

46.846.646. 344.7

St.Louis.

21,197 ! G; 875 | 6,17920,212 j 6,734 | 5,98019,356 I 6,242 i 5,31418,594 ! 6,286 | 5,316

56,474 I 27,59949,938 ! 31,30977,197 i 32,91457,970 I 27,474

4,3684,5064, 6554,907

1,7971, 8221,8121,839

837,641 I 219,543819,444 i 221,405864,913 j 226,449810,693 ! 210,930

55.754.954.1

54.155.052.554.3

11, 99012,98116, 25612, 876

1, 3681,4691, 5051, 571

134,067141,002139,109139,051

42.239.040.339.7

11. 3 is,515

KansasCitv.

12, 53312,09612,73913, 500

37, 03439,14740, 81836,342

1,6271,5421, 5091,507

220, 871221,654229, 884217,164

49.448.749.249.5

Dallas. ! Fran-i Cisco.

4,5,4,4,

23,

,898062308346 I

543 !28, 527 j24,22,

2,

608 1908 |

1 1 9 I2,215 I2,2

218 !303 |

7,6087,1646,7316, 744

28,44228,52841,17729, 065

2,7412,7882, 8632, 938

136,309 ! 412,731141,018 ! 412,513135,456 i 432,153132,374 I 410,097

40.0 !37.9 I38.5 j39.0 I

54. 955. 056.459.6

5,5002.5007.408 jj , 125;

2:), 000 ! . . . ! , . . . , i 10,050 121,775 j , . , i I, ! 12,837 I

58,23361, 71861, 70561, 705

222,2,

336336336336

',977,462,450 i,449

2,5602,5602,5602,580

2,6242,6242,6242,624

1,5681,5681, 5681, 568

1,1521,1521,1521,152

3,3,3,3,

808808808808

1,1,1,1,

504504504504

864864884864

1,1,1,1,

536536536536

832832832832

1,4721,4721,4721,472

MATURITY DISTRIBUTION OF BILLS AND CERTIFICATES OF INDEBTEDNESS HELD BY ALL FEDERAL RESERVE BANKS

COMBINED.


Bills discounted:June 1June 8June 15. .June 22 .

Bills bought in open market:June 1 . . .June 8.June 15June 2*?.

United States certificates of indebtedness:June1June 8June 15J une 22

Total.

1,926,2331,896,3591,707,6791,753,963

77,07169,50153,20039,488

233,489227,026522,888255,223

Within 15days.

1,183,8101,150,725

986,5281,006,319

47,06939,3.r328,52021,019

6,4302,955

301,50025,337

16 to 30days.

192,155186,586186,993184,746

15,27915,31710,7817'668

4,5005,4003,9474,304

31 to 60days.

283,352294,204261 852267,860

12,80611,06010,2377 788

10,62911 34013,12016,172

61 to 90days.

191,833188,961190 103210,194

1,9173,7713,6623 013

22,11822 54725,73652,340

Over 90days.

75,08375,88382 20384,844

189,812184 784178 585157,070



FEDERAL RESERVE NOTES.FEDERAL RESERVE AGENTS' ACCOUNTS ON WEDNESDAYS, JUNE 1 TO JUNE 22, 1921.

RESOURCES.

F. R. notes on hand:June 1June 8June 15June 22

F. R. notes outstanding:June 1June 8June 15June 22

Collateral security for F. R.notes outstanding:

Gold and gold certifi-cates—

June!June 8June 15June 22

Gold redemption fund—June 1June 8June 15June 22

Gold settlement fund-F.R. Board-

June 1JuneSJune 15June 22

Eligible paper—Amount required-


Excess amount held—June 1June 8June 15June 22

Total resources:June 1JuneSJune 15June 22

LIABILITIES.

Net amount of F. R. notesreceived from Comptrollerof Currency:


Collateral received from F. R.Bank:

Gold-June 1June 8June 15June 22

Eligible paper-June 1June 8June 15June 22

Total liabilities:June 1June 8June 15June 22

Total.

798,873802,130807,137804,533

3, 080,9933,073, 5993,030,0503,002,088

343,852345,093345,093345,093

126,000116, 727121,141128, 760

1, 007,813998, 538

1,084, 5831,124,275

1,603,3281,613,2411,479,2331,403,938

328, 398295,747211,315328,739

7, 289,2577,245, 0757,078,5527,137,404

3,879,8663,875,7293,837,1873,806,599

1,477,6651, 460,3581,550,8171, 598,128

1,931,726l,908,98S1,690,5481, 732,677

7,289,2577,245,0757,078,5527,137,404

Bos-ton.

92, 53095,41096, 83095,030

272,517272, 565269, 554264,200

5,6005,6005,6005,600

15,46019,98814,39727,243

150,000140,000160,000150,000

101,457106,97789,55781,357

20,96310,00711,97519,694

658, 527650, 547647,913643,124

365,047367,975366,384359,230

171,060165,588179,997182, 843

122,420116,984101, 532101,051

658,527650,547647,913643,124

New-York.

268,000271,201271,200271,200

853,459852,154836,448829,765

286.924286.925286,925286,925

22,96822,59622,22721,885

101,000101,000151,000201,000

442,567441,633376,296319,955

99, 34257,53719,10668,561

2,074,2602,033,0461,963,2021,999,291

1,121,4591,123,3551,107,6481,100,965

410,892410, 521460,152509,810

541,909499,170395,402388,516

2,074,2602,033,0461,963,2021,999,291

Phila-delphia.

21,42021,42021,42021,420

243,625248,457245,156241, 305

17 36912! 20012,90014, 04S

90,389105,389115,389105,389

135, 867130,868116,867121, 868

4,75313,7152,504776

513,423532,049514, 236504, 808

265,045269,877266,576262,725

107,758117,589128,289119,437

140,620144, 583119,371122,644

513,423532,049514,236504,806

Cleve-land.

41,04041,72142,64042,640

289,306287,121283,615280,919

23,77523,77523,77523,775

16,21414,72914,98314,787

155,000155,000155,000150,000

94,31793,61789,85792,357

49,86859,03345,75957,836

669,520674,996655,629662,314

330,346328,842326,255323, 559

194,989193,504193,758188, 562

144,185152,650135,616150,193

669, 520674,996655,629662,314

Rich-mond.

21,94921,56922,16821,209

131,599131,765128,515127, 363

2,2,6802,0304,818

41,00038,00035,00029,000

87,70591,08591,48593,545

17,84515,745

6,168

302,992300,844287,764282,103

153,548153,334150,683148,572

43,89440,68037,03033,818

105,550108,830100,05199,713

302,992300,844287,764282,103

At-lanta.

71,13270,78270,23772,247

165,603164,942162, 258159,259

3,5003,5003,5003,500

4,6154,6054,3742,386

61,00059,00059,00055,000

96,48897,83795,38298,373

7,0065,5556,4579,140

409, 344406,221401,206399,905

236,735235,724232,493231,506

69,11567,10566,87460,888

103,494103,392101,839107, 513

409, 344408,221401,206399,905

Chicago.

165,740169,400169,960170,600

501,216497,697496,252493,693

15,35713,33817,45215,714

212,644206,644214,645227,644

273,215277,715264,155250, 335

41,39238,37537,16768,767

1,209, 5641,203,1691,199,6311,226,753

666,956667,097666,212664,293

228,001219,982232,097243,358

314,607316,090301,322319,102

1,209,5641,203,1691,199,6311,226,753

St.Louis.

28,68027,48027,48028,320

128,680128,376125, 765125,741

6,1106,1106,1106,110

3,1362,6312,0202,796

50,03143,33145,43145, 331

69,40376,30472,20471, 504

13,2554,8694,9998,297

299,295289,101284,009288,099

157,360155,856153,245154,061

59,27752,07253,56154,237

82,65881,17377,20379, 801

299,295289,101284,009288,099

Minne-! Kansasapolis. City.

12,02511,76012,81512,760

63,72362,40561,86561,855

13,05213,05213,05213; 052

1.6451,5622,7972,052

5,2005, 2005, 2005,200

43,82642,59140,81641,551

20,36029,64227,29929,220

159,831166,212163,844165,690

75,74874,16574,68074,615

19,89719,81421,04920,304

64,18672,23368,11570, 771

159,831166,212163,844165,690

4,3803,5804,5804,180

91,:91,08889,61187,862

2,7873,1913,7143,566

28,36030,36030,36029,360

Dallas.

28,03727,06727,06727,187

52,76852, 78051,74150,103

4,8916,1316,1316,131

4,2203,2624,2232,705

2,2346,2344,2344,234

60,736 i 41,42357,537i 37,15355,537= 37,15354,936 37,033

21,72823,28321,31725,095

209, 874209,039205,119204,999

96,263

94,19192,042

31,14733, 55134,07432,926

82,46480,82076,85480,031

209,874209,039205,119204,999

20,67928,93424,36727,820

154,252161, 561154,916155, 213

79,84778,80877,290

11,34515,62714,58813,070

62,10266,08761,52064, 853

154,252161,561154,916155,213

SanFran-cisco.

43,94040,74040,74037,740

286,614284,249279,272280,001

19,33515,94520,02416,760

110,955108,380109,324122,117

156,324159,924149,924141,124

11,2079,0521,7997,365

628,375618,290601,083605,107

330,554324,989320,012317,741

130,290124,325129,348138, 877

167, 531168,976151,723148,489

628,375618,290601,083605,107



CONDITION OF MEMBER BANKS IN LEADING CITIES.

Loan liquidation at reporting member bankscontinued during the four weeks ending June15 at about the same rate as during the pre-ceding five weeks, the total liquidation for themost recent period being about $219,000,000.Owing to the fact that June 15 was the date onwhich extensive Government operations in con-nection with the redemption of tax certificatesand the issue of new Treasury certificates andthree-year notes were effected, the developmentsfor the last week of the review period are differ-ent from the general trend during the precedingthree weeks, and the discussion of the changesin the leading resources and liabilities may bedivided into two distinct periods: May 18 toJune 8, and June 8 to June 15.

Following is a table showing changes in thecondition of member banks for the last fourweeks, and a chart summarizing these changesfor 1920 and 1921 to date:

MOVEMENT OP PRINCIPAL ASSETS AND LIABILITIES OPREPORTING MEMBER BANKS.


Number of reportingbanks

Loans and discounts:*Secured by U. S.

Government ob-ligations

Secured by stocksand bonds (otherthan TJ. S. Gov-ernment obliga-tions)

AllotherTotal loans and

discounts *U.S. bondsU. S. Victory notesU. S. Treasury notesU. S. certificates of in-

debtednessOther bonds, stocks,

and securitiesTotal loans and

discounts, andinvestments 1...

Reserve balance withF.R.Bank

Cash in vaultNet demand deposits...Time depositsGovernment deposits...Bills payable and redis-

counts with F. R.Bank, total

Secured by U. S.Government obliga-

tionsAll other

Ratio of accommoda-tion at F.R.Bank tototal loans and in-vestments

May 18.

821

715

3,0178,365

12,097871188

236

2,055

15,447

1,254326

10,1563,045

248

1,314

544770

8.5

May 25.

820

707

3,0208,302

12,029870188

203

2,056

15,346

1,252326

10,1533,053

139

1,329

560769

8.7

June 1.

818

704

3,0378,244

11,985863187

184

2,068

15,287

1,258318

10,2762,936

74

1,385

539846

9.1

June 8.

818

666

3,0178,195

11,878859185

168

2,089

15,179

1,281337

10,2132,931

26

1,358

516842

8.9

June 15.

817

657

3,0268,195

11,878'868

178152

265

2,077

15,418

1,443318

10,3842,943

411

1,168

433735

7.6

1 Including bills rediscounted with F. R. Bank.

Loans secured by Government obligationsshow a decline of about $58,000,000 for thefour-week period, while loans secured bycorporate stocks and bonds increased byabout $9,000,000. All other loans, representing

largely commercial and industrial paper, showliquidation for the four weeks of about $170,-000,000, practically all of which occurred dur-ing the first three weeks. No significantchanges are shown in member bank holdingsof United States bonds and Victory notes,

PR

i

23A5

BILLIONSOF

DOLLARS

18

17

16

15

14

13

12

11

10

9

8

7

6

5

4

3

2

1

INCIPAOF RE

ACCOMMGU.S. OBLICNET DEMATOTAL LO>TOTAL LO>

A

\

A *

/

A"

A

\ .

"A"

%

-A,

MOVEMENT OFL ASSETS AND LIPORTING MEMBER

1920-1921DATION AT FEDERAL RES*vRVJATIONS AND LOANS SECURND DEPOSITS\NS AND DISCOUNTS\NS AND INVESTMENTS

A

v>-

•"*

A

-A

"-

MONTH 4. f. M. A. M. J. J. A. S. O

YEAR 1920

\*

N D.

hr\

3

2

1

V

V

•s

• / •

• \

V S

A*

J

_

ABILITBANKS

E B A N K SED THERE*

r -

IES

JY

BILLIONSOF

DOLLARS

18

17

16

15

14

13

12

11

10

9

8

7

6

5

4

3

2

1

n

J. F MA. M. J. J. A. S. O. N. D. MONTH

1921 YEAR

while their holdings of Treasury certificates,which had declined from $236,000,000 on May18 to $168,000,000 on June 8, increased to$265,000,000 on June 15. At the same timethe June 15 statement shows holdings of$152,000,000 of United States Treasury three-year notes, which were issued for the first time



on that date, and are carried as a separateitem in the reports. Member bank invest-ments in bonds, stocks, and securities otherthan those of the United States Governmentshow a moderate increase of $22,000,000 for thefour weeks. As a consequence of these changes,total loans and investments of the reportingmember banks showed a decrease of $268,-000,000 for the first three weeks of the periodunder review, followed by an increase of $239,-000,000 for the most recent week. At the endof the period total loans and investments ofmember banks stood at $15,418,000,000, ascompared with $15,447,000,000 four weeksearlier, and $16,921,000,000 on June 18 of thepast year. Total liquidation for the year thusamounts to approximately $1,500,000,000, orabout 9 per cent.

Accommodation of member banks at theFederal Reserve Banks showed increases forthe first two weeks of the period, followed by amoderate reduction during the third week, anda large decline during the latest week, whenredemption by the Treasury of tax certificatesenabled the member banks to reduce by $190,-000,000 their borrowings from Federal Re-serve Banks. The ratio of accommodation atFederal Reserve Banks to total loans and in-vestments of reporting members, which hadrisen from 8.5 per cent on May 18 to 9.1 per-cent on June 1, declined to 8.9 per cent onJune 8 and to 7.6 per cent on June 15.

Government deposits were rapidly with-drawn from depositary institutions during thefirst three weeks of the period, and on June 8stood at $26,000,000, but on June 15, as theresult of credit given the Crovernment on thebooks of member banks for new issues of cer-tificates and notes allotted, the Governmentaccount shows an increase to $411,000,000.Other demand deposits (net) show an increaseof $57,000,000 for the first three weeks and anincrease of $171,000,000 for the week endingJune 15, these increases largely representingbalances built up by customers to meet theirincome and excess profits tax checks. Timedeposits show a decline of about $102,000,000for the period, apparently following the with-drawal of a similar amount previously heldamong time deposits for the purpose of meetingcorporate obligations maturing early in June.

Reserve balances with the Federal ReserveBanks increased by about $27,000,000 duringthe first three weeks of the period, and showedan increase of $162,000,000 for the most recentweek. This large increase represents creditgiven to member banks on the books of theFederal Reverse Banks in connection with theredemption by the Treasury of June 15 taxcertificates, and withdrawn by the former onlyduring the following week.* Cash in vault,after increasing from $326,000,000 on May 18to $337,000,000 on June 8, showed a decline to$318,000,000 on the latest report date.

PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM MAY 25 TOJUNE 15, 1921.

ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT.[In thousands of dollars.]

Number of reporting banks:May 25June 1JuneSJune 15

Loans and discounts, in-cluding bills rediscounted iwith F. R. Bank: |

Secured by U. S. Gov-ernment obligations—

May 25 706,June l 703,JuneS 665,June 15 i 656,

Secured by stocks and jbonds (other thanU. S. Government jobligations)—

May 25 3,020,June l 3,036,June 8 3,017,June 15 3,026,

All o ther -May 25 8,301,June l 8,244,June8 8,194,June 15 8,194,

Total loans and discounts,including bills redis-counted withF. R. Bank:

May25 12,028,J u n e l 11,985,June 8 11,877,June 15 111,877,

820818!81S|817

089969433;528J

752'381!531!848i

Boston.

38,33337,59838,59537,629

196,250193,820195,766196,225

620,848618,456613,008]611,656

855,431!849,874!847,367!845,510!

310,626 j 74,691 62,803308,669| 73,458 61,709274,0761 71,916 61,445266,699! 72,861 60,878

1,267,1571 194,3851,290,325! 193,7251,262,419| 190,5861,272,414! 189,094

2,822,036| 385,8992,788,592: 386,7402,764,133: 381,309!2,745,209: 376,7521

25,91026,02125,17925,162

335,646 112,994337,790| 113,137341,050' 112,155339,570 111,578

671,920; 330,336666,590; 326,776665,8631 333,353670,663! 333,574

4,399,819 654,975! 1,070,369! 469,2404,387,586! 653,923; 1,066,089! 465,9344,300,628| 643,811 1,068,358! 470,6874,284,3221 638,7071 1,071,1111 470,314

At-lanta. Chicago. St.

Louis.

Min-neap-olis.

| Kansas]City.

11.,1131113113

37:37.37!37

Dallas.

52525252

SanFran-cisco.

68686868

20,701 83,142!19,970 85,82019,616 82,94919,459 83,341

55,421 446,55555,594 440,67553,969 449,78053,134 452,354

19,938; 13,218! 22,009' 6,92220,331: 12,960j 21,652! 6,95420,780: 12,773' 21,3261 6,73820,296 12,458 21,358 6,861

117,633! 32,468! 73,117 38,140117,804 35,717 71,879 37,727117,847 34,648 71,847 38,771117,496! 34,081 71,276 38,606

28,63628,63930,33629,545

150,323148,776148,595150,700

307,865! 1,252,687! 318,252! 228,895' 382,633 219,340 761 041307,090' 1,253,966 314,345! 225,825: 384,707 216,6941 754,600295,895: 1,249,885 312,872; 228,7661 381,620! 216,319 751 510307,603! l,249,653j 315,857! 234,510 381,350; 213,013 755,008

383,987 1,782,384 455,823i 274,581| 477,7591 264,402! 940,000> 274,502 478,238] 261,375] 932,015

),441,253



PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM MAY 25 TO

JUNE 15, 1921—Continued.

ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT- Continued.


U. S. bonds:May 25June 1June 8June 15

U. S. Victory notes:May25June 1June 8June 15

U. S. Treasury notes:May 25June 1June 8June 15

U. S. certificates of indebt-edness:

May25JunelJuneSJune 15

Other bonds, stocks, andsecurities:

May 25JunelJune 8June 15

Total loans and discountsand investments, includ-ing bills rediscountedwith F. R. Bank:


Reserve with F. R. Bank:May 25JunelJuneSJune 15

Cash in vault:May 25JunelJune 8June 15

Net demand deposits:May 25June 1June 8June 15

Time deposits:May 25June 1June 8June 15

Government deposits:May 25June 1June 8June 15

Bills payable with F. R.Bank:


May 25June 1June 8June 15

All other-May 25June 1June 8June 15

Bills rediscount ed withF. R. Bank:

Secured by IT. S. Gov-ernment obligations—

May 25....'.Juiio 1June 8June 15

All other-May 25JunelJune 8June 15

Total.

870,185863,217859,401867,561

188,234186,412184,533178,392

Boston.

33,22433,07134,47834,665

6,0536,0585,8545,878

NewYork.

308,844308,303306,194306,671

84,25983,74982,84380,841

Phila-del-

phia.

46,14346,57346,61146,533

8,5728,2868,7497,661

Cleve-land.

98,84298,99499,141

101,723

21,08620,84520,36218,563

Rich-mond.

60,66960,53759,32059,294

6,6576,0715,8325,158

•At-lanta.

39,69334,08531,46232,159

3,0273,1312,9972,858

Chicago.

72,10172,62972,36073,053

33,88633,43133,07932,830

St.Louis.

27,58725,83226,43126,715

Min-neap-olis.

16,30916,29916,21616,602

2,145 1,3802,027 1,3602,076 1,3652,0611 729

Kansa."City.

32,65431,87632,50332,61."

2,98:3,2343,1172,931

Dallas.

32,67733,01732,85132,730

1,2381,2281,2281,231

SanFran-cisco.

101,442101,971101,834104,801

16,95016,99217,03117,651

152,485

203,422184,086168,434265,099

2,055,4312,067,7912,088,7652,076,908

9,621 85,682

8,3607,3835,32811,229

128,648128,692130,906130,825

92,85,82,144,

732,744,751,743,

175250298477

936410814261

15,346,04215,286,63715,178,82 ; ;15,418,3661,037,728

1,031,71617 1,025,078

1,251,7171,257,6171,281,2941,442,890

326,340318,165336,725318,117

10,153,35610,276,49010,212,58910,383,"""

3,053,3452, 935; 5782, 931,3102,942,901

139,42174,22125,526410,608

396,235400," "389,552321,826

2,0332,1772,311

74,54274,90274,07679,986

22,71522,84623,06822,™

730,446732,921721,109735,974

177,660177,477176,588176,689

11,4476,1032,13134,642

14,33014,09010,3369,141

5,618,0335,609,2985,523,7775,645,254

599,418609,944627,446729,7!"

110, 833106,161115,050106,867

4,570,8714,703, 6504,645,""*4,737,811

539,017443,196443,224446,994

61,55432, »3611,425

267,841

139,209148,465138,397106,752

2,882

163,726137,746126,671111,440

767,307843,847839,583731,975

8,1459,9947,674

45,84560,01559,50843,581

79,57655,13944,14238,376

234,743275,698263,484200,740

22,979

17,73216,1389,80924,493

156,824157,362159,863157,607

884,246882,282868,843897,980

58,17060,74858,45867,569

19,12317,06619,35118,277

627,875621,630621,181622,920

41,41741,51141,06541,468

13,9127,4062,582

54,889

43,51040,86945,70644,222

33,24332,92631,65426,408

28,93336,53333,12229,676

9,377

14,57813,87310,88310, 809

282,788284,023285,576286,617

1,487,6631,483,8241,484,3201,498,200

89,77790,75693,094105,044

30,95330,15831,53530,433

828,443817,618818,890826,022

453,600428, 899427,910430,102

14,0377,6282,6035,473

17,986 1,935 4,905

5,23,7732,8546,631

2,2381,8991,6892,303

50,025 36,58450,264! 35, 87650,810 36,29650,429j 37,060

591, 890586,579589,503591, r ~

465,529457,6451441,924454,576

32,457 27,03630,252 28,48032,272 26,04531,324 25,637

16,544 9,66115,148 9,41316,544 10,30015,421 j 9,909

302,150 219,224305,337 217,378302,343! 214,343305,984 217,715

120,885120,066120,907119,926

3,5931,939

68211,297

25,072 28,91829,85835,78515,466

3535!3535

6,5666,4046,1626,046

71,20979,73683,43787,358

27,0(i826,95725,581

100500

2,6112,8422,4652,676

44,61241,14144,61843, 874

146,016145, 881146,137146,014

1,206550174

2,323

23,25615,01715,46614,648

5,8446,1185,3385,201

27,87431,37731,19927,357

29,82026,27026,05624,826

349, 830351,587354,312354,453

2,268,0212,264,3782,268,4212,288,496

178,968176,614173,674197,204

54,70G56,06057,55255,360

1,287,1081,300,3781,297,3451,319,954

656,642656,048657,239658,526

15,1287,9772,5592,797

56,09351,12952,88650,155

807575

375

14,06113,85714,15413,527

140,454141,604144,201

1,975720

1,0033,305

67,05166,69467,55567,311

554.581547,753548,564554,976

40,33,37,24239,30942,687

7,3007,6998,2117,995

299,108286,393292,034299,816

143.582143, '6T~143,18<142,997

4,5162,51684r

7,042

15,54715,30115,64414,949

2,8251,046798

6,548!

7,2376,4626,3737,025

19, 502 47,96820,190 46,82820,478 47,35520,925 48,"""

314,597j 568,599813,397 566,638815,044 564,141325,851 569,546

14,827 40,16,696' 40,59021,531 40,94418,113 42,507

6,756 12,8476,477j 12,4967,000 12,5816,118 12,369

165,443 370,911176,2881 367,794178,570; 370,453176,5001 369,409

1,8881,8851,9014,338

9,9599,979

10,77811,721

310,164307,514308,58.308,50&

22,65522,64921,71121,687

9,9359,64910,3929,62f

197,744196,344195,628195,361

71,463 104,330 61,35971,505 104,494! 61,59473,436: 105,955 61,67773,448 106,324 61,022

4,1841 3,2022,23l! 1,711

773 6028,355 4,839

4,1392,5874,2334,388

220248

31,40337,35235,927

132^ 986 32,392

10,2339,8089,4558,622

53535353

3,4673,4413,4303,575

35,51135; 85035,54932,333

1,46064925E

4,160

19,29519,38719,44219,115

173,316171,886173,022168,613

,251,003,242,251,241,770,245,433

72,65768,74472,73481,410

24,96724,99225,14123,657

554,033550,759555,612576,522

537,374541,530533,983539,391

5,1822,705

8976,950

4,028

3^831

31,90033,05630,856

4;473| 23,129

1,205 4401,318 4481,930 1181,850

596589361453

13,68611,78612,78511,967]

4,4494,4655,1824,367

62,33060,85264,65558,318





MEMBER BANKS IN FEDERAL RESERVE BANK CITIES.


Number of report ing banks:May 25June 1June 8June 15 ,

Loans and discounts includ-ing bills rediscountedwithF.R. Bank:


May25June 1JuneSJune 15

Secured by stocks andbonds (other t h a nU. S. Governmentobligations)—

May 25June 1June8June 15


Total loans and discountsincluding bills redis-counted with F. R. Bank:

May 25JunelJuneSJune 15

U. S. bonds:May 25June 1JuneSJune 15

U. S. Victory notes:Kay 25June 1June 8June 15


U.S. certificates of indebt-edness:


Other bonds, stocks andsecurities:


Total loans and discountsand investments, includ-ing bills rediscountedwith F. R. Bank:

May 25June 1June8June 15

Reserve with F. R. Bank:May 25June 1June 8June 15

Cash in vault:May 25June 1June 8June 15

Net demand deposits:May 25June 1June 8June 15

Total.

284283283282

518,107515,350479,013470,945

2,112,3262,127,8472,107,6612,118, 836

5,414,0755,375,7495,335,9415,319,192

8,044,5088,018,9467,922,6157,908,973

442,329441,007440,180443,917

105,897104,737104,060101,922

Boston.

26

31,99731,16831,99331,353

150,406147,455149,384149,640

479,911477,923471,541469,366

662,314656,541652,918650,359

9,7949,7589,790

10,017

546552543566

NewYork.

286,275284,144249', 096242,266

1,104,4431,126,6111,099,6981,110,053

2,514,8192,483,3402,458,8602,441,348

3,905,5373,894,0953,807,6543,793,66"

264,104263,269261,445261,721

74,63374,12573,38472,083

Phila-del-

phia.

71,63270,41.868, 78169, 714

175,426174,797171,771170,216

351,401351,755346,885341,903

598,459596,970587,437581,833

34.17534', 50334,62234,539

5,2774,9915,4514,469

Cleve-land.

17,99816,84116,74716,057

129,929129,867131,748131,358

274,946275,032277,283278,150

422,873421, 740425,778425,565

8,3128,3148,4038,521

2,0691,995I,"""1,752

Rich-mond.

6,3186,2756,2536,139

15,24715,51915,43615,427

69,35569,10169,61170, 753

90,92090, 89591,30092,319

7.2627,2647.2637,264

181181182

St.Louis.

3,126j 59,206 11,81'2,982 62,0801 12,1923,02l! 59,723 12,4662,975! 60,686! 12,239

9,289 324,3709,273 320,2819,298! 327,7499,449! 330,260

53,051i52,943 S52,771153,344|

799,509801,318802,432800,551

65,466: 1,183,08565,19S| 1,183,67965,090 •' 1,189,90465,708; 1,191,497

4,362; 20,0894,3f.2i 20,3314,357| 20,2864,3591 20,4(50

65] 13,20965! 12,79170! 12,508701 12,624

86,18886,00986,29886,676

200,573195,992195,097197,132

298,580294,19~293,861290,047

12,95711,18611,71611,705

44;323360409

Min-neap-olis.

8.5318,2388,3988,078

15,91217,03614,92614,551

106,839105,992109,136112,220

131,282131,266132,460134, 849

4,4424,4244, 3844,782

550550221

KansasCity. Dallas.

6,4766,3506,5476,375

26,79226,61927,00026,208

137,126138,994133,882135,666

170,394171,903167,429168,249

10,7179,976

10,65110,817

603814717511

1,6951,6911,6171,564

9,4309,2349,4369,249

58,39357,75357,12955,46f

69,51868,67868,18266,275

6,4266,6766,4266,42f

31313131

SanFran-cisco.

15151515

13,03412,97114,37113,499

64,89465,14664,91765,749

368,152365,606361,314363,297

446,080443,723440,602442,545

60,68960,94460,83763,306

8,2888,3198,4699,004

126,824 6,171

134,995121,082110, 803198,613!

1,127,3741,138,6071,151,2761,137,380

9,856,1039,824,3799,728,9349,917,629

918,150921,993947,761

1,075,819

189,371183,515194,045184,299

7,117,4347,230,4527,167,499

2,3141,8431,4657,263

53,52:53,05'55,03!55,66'

728,490721, 756719, 748730,043

60,09060,11758,86563,465

13,50'13,72'13,77^12,829

569,826571,414560,700

7,300,302' 575,021

82,706

86, 86279,86577,163138,589

559,78:570,053575,994567,581

4,890,9234, 881,4074,795,6404,916,347

553,973561,141580,922680,880

97,72192, 804100,82994,493

4,086, 7814,216,9694,161,7124,248,231

22,421

15,91414,3897, "~~22,874

127,110127,657130,092127, 540

780, 935778,510765,599793,676

52,75054,56553,54960,401

14,97313,41015,17914,873

547,530541,119540,725542,541

28'

937915587823

70,99S71,39~70,56'71,45'

505,189504,361507,130508,405

22,99727,71027,48030,272

8,0088,2627,9S68,376

205,065200,948199,501206, 703

453404270614

4,2604,2234,2634,504

103,076102,967103,278104,883

5,8315,1424,9444,783

1,131l,0S31,0701,091

45,24744,86844,02044,402

2151215121565

3,2153,2753,2483,280

73, 32373,11572,98073,542

4,6265,5174,9524,608

1,6641,6491,8461,731

34,88935,57735,64737,070

10,393

13,20811,59611,05410,324

147,065147, 737149,761148,974

1,376,6561,376,1341,383,5231,394,272

130,534126,1S3125,361132,863

31, 89;32,25232,90731,520

905,302913,941908,260910,202

1,525

1,327163771

2,853

42,33842,53942,87443,122

355,64'348,404349,582355,66:

29,66326,27628, 58731,407

3,5303,8944,0064,159

205,225190,749195,257204,562

3,321

1, 731731473

2,252

8, 5018,4368,4958,723

146, 506145,407146,362150, S27

5,8767,917

11, 7228,010

2,1022,0862,3222,093

75.41077^ 82581,05478,745

1,677934871

2,581

11,34411,17911,3451139911,399

194,735194,866191,013196,;"""

14,35913,65314,87014,617

3,2133,2283,1702,999

134,764132,145132,709134,993

819816832

3,038

3,2723,2773,6294,529

80,06679,47879,10080,299

9, 53819,2119,0957,337

95,96295,77795,97690,604

620,557617,974614,979612,796

6,167 31,2845,257 28,5154,574| 31,9356,007 38,506

1,6281,4941,6551,468

53,74153,87952,16052,083

9,9979,6269,298

253,654251,018255,754265,749


, 1921. FEDERAL RESERVE BULLETIN. 875


JUNE 15 1921—Continued.

MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Continued.


Time deposits:May25June 1June 8June 15

Government deposits:May25June 1June 8June 15

Bills payable with F. R.

Secured by U. S. Gov-ernment obligations-



Bills rediscounted with F.R. Bank:

Secured by U. S. Gov-ernment obligations-


All other-May 25June 1JunesJune 15

Total.

1,459,2931,361,3591,358,4761,365,254

107,82457,42620,020

362, f"

Boston.

70,44069,92469,68969,971

9,7685,2091,818

24,901

237,634245,442230,025191,767

9551,0501,5001,720

136,148109,861100,53385,817

532,262609,576603,943494,385

11,29210,4066,5376,190

9,3337,6889,2977,317

43,78557,31556,76041,271

NewYork.

376,867281,559280,282284,822

59,40331,66411,031260,216

116,395121,287114,19084,54S

78,06053,51742,54736,768

210,883248,302236,404172,240

Phila-del-

phia.

29,01129,03128,56728,917

13,2667,0632,46452,69S

39, 77343,26241,85040,682

33,14432,82731,55526,307

28,16135,67731,87227,621

Cleve-land.

232,570231,414230,648232,482

2, 5241,394

500600

4,2854, ,""4,5882,663

534462421

51,01159,99864,67760,891

Rich-mond.

23,72023,67823,89123,550

49826695

929

7,0066,7016,6747,371

10,20510,14611,06910,634

At-lanta.

22,06522,11522,19222,134

730730730580

279294284254

4,6875,2694,5603,716

Chicago.

315,517314,334315,282315,639

8,1614,2681,5171,513

20,96920,63919,46621,247

807575

375

8,4108,5439,1939,070

79,32679,34483,21974,435

St.Louis.

82,53882.34482.34582,220

4,0802,285

7645,970

10,0599,804

10,6229,554

1,3481,6281,6411,506

18,24525,22324,01419,437

Min-neap-olis.

28,03328,10929,78130,058

1,766941329

3,014

1,114798

1,0941,277

MEMBER BANKS IN FEDERAL RESERVE BRANCH CITIES.


652470549277

21,25622,19622,25322,908

KansasCity.

14,91514,93515,44215,458

2,3721,268

4474,174

4,3974,1173,7722,370

1,095989

1,0721,062

18,09119,91120,13816,662

Dallas.

7,3077,3467,4027,315

1,314586234

3,661

875975

1,4251,345

63633224

4,3704,1464,0813,873

SanFran-cisco.

256,310256,570252,955252,688

4,6502,476818

4,940

21,61422,89520,50215,284

3,2303,3803,9423,232

42,24242,04944,89640,697

Number of reporting banks:May 25June 1June 8June 15

Loans and discounts, including billsrediscounted with F. R. Bank:

Secured by U. S. Government ob-ligations-

May 25 ,JunelJune 8June 15

Secured by stocks and bonds (otherthan U. S. Government obliga-tions)—

May25June 1 ,June8 ,June 15

All other-May 25JunelJune 8 ,June 15 ,

Total loans and discounts, includingbills rediscounted with F. R. Bank:

May 25JunelJune 8June 15 ,

U. S. bonds:May 25 ,June 1 ,June 8 ,June 15

55762—21 8

Total.

216215215215

105,325104,649103,437103,509

485,479484,432483,389483,396

1,487,9031,475,5971,463,2641,484,556

2,078,7072,064,6782,050,0902,071,461

217,874212,917208,856213,737

NewYork.1

8,4538,4508,3698,357

57,06357,50457,40058,401

105,500105,468105,849105,598

171,016171,422171,618172,356

15,95416,24515,98816,156

Cleve-land.*

34,57734,56134,75734,846

150,957153,115153,924153,125

256,366250,086248,855252,388

441,900437,762437,536440,359

66,54866,66066,55769,480

Rich-mond.3

7,1616,9906,2566,479

28,79827,42527,273

97,29194,51899,03298,770

133,412130,306132,713132,522

14,74614,57313,49213,729

At-lanta.4

12,31111,85011,32411,324

35,72935,56533,93333,113

180,932180,116167,919182,796

228,972227,531213,176227,233

28,04322,50219,94520,554

Chi-cago.5

9,6879,4879,040

61,72460,89762,20362,071

163,250164,747159,705161,141

234,661235,131230,948231,900

21,79121,82021,82222,082

St.Louis.6

7,0877,1137,2807,020

28,85029,18028,94528,223

105,583106,236105,617106,430

141,520142,529141,842141,673

12,71512,72112,74813,043

Minne-apolis.7

554557565568

9,8159,4489,4359,417

10,43910,07510,07110,077

71471470i704

KansasCity.8

9,6609,7069,5799,871

29,28128,13227,90428,204

143,175142,914144,933143,310

182,116180,752182,416181,385

11,82811,83711,78711,732

Dallas .9

1,8191,8301,8571,864

15,70015,72016,16416,219

63,99163,63962,99763,816

81,51081,18981,01881,899

11,61411,54811,54911,524

SanFran-

cisco.10

44444444

14,50014,59214,90414,968

76,66174,96474,92676,199

362,000358,425358,922360,890

453,161447,981448,752452,057

33,92134,29734,26434,733





MEMBER BANKS IN FEDERAL RESERVE BRANCH CITIES—Continued.


U. S. Victory notes:May 25June 1June 8June 15


U. S. certificates of indebtedness:May 25June 1June 8June 15

Other bonds, stocks, and securities:May 25June 1June 8June 15

Total loans and discounts and invest-ments, including bills rediscountedwith F. R. Bank:

May 25June 1June 8June 15 ]. ]. \

Reserve with F. R. Bank:May 25June 1June 8June 15 ]

Cash in vault:May 25June 1June 8June 15

Net demand deposits:May 25June 1 ]June 8June 15 '..'.'.'.'.'..'..'..'..'..'..'.

Time deposits:May 25June 1 \June 8June 15

Government deposits:May 25......June 1June 8June 15

Bills payable with F. R. Bank:Secured by U. S. Government obli-

gations—May 25June 1June 8 ,June 15

All other-May 25June 1 ,June 8 ,June 15

Bills rediscounted with F. R. Bank:Secured by U. S. Government obli-

gations-May 25June 1June 8June 15


Total.

50,60350,30649,44646,634

NewYork.i

1,9581,9551,9561,952

Cleve-land.*

16,15316,01115,74913,593

Rich-mond.3

2,5592,2591,9161,285

At-lanta.4

2,3892,4932,3542,396

Chi-cago.5

16,09816,10116,10316,103

St.Louis.6

1,6511,6551,6681,603

Minne-apolis.'

KansasCity.*

1,0241,0621,0401,020

Dallas .s

645635635638

SanFran-cisco.10

8,0718,0797,9717,989

14,961

40,99637,53534,60839,513

583,981582,761588,314589,646

2,972,1612,948,1972,931,3142,975,952

191,114188,845186,956215,569

60,64760,54863,08159,566

1,580,4651,578,9931,577,4901,617,812

915,648918,341916,165922,140

22,03411,8113,80719,746

109,010103,765108,28884,793

723736568518

18,48218,44917,09216,657

110,076110,368110,344116,952

1,559

1,3661,2381,1072,164

77,56577,72678,26178,386

267,859268,586268,930272,573

17,61118,69217,70919,145

2,3932,7772,4272,271

152,007151,822152,199154,736

67,38966,31166,21065,814

983522180

3,655

16,73418,15717,65116,987

7,234

10,72310,4917,8777,916

177,095178,412180,348180,050

712,419709,336708,067718,632

50,54046,97849,51357,446

13,75113,31414,05013,101

459,827452,231454,737453,915

118,222118,537118,581118,851

10,2335,6141,8994,622

19,16822,99629,23811,333

2,4231,209427

1,864

22,67622,59122,80022,623

175,816170,938171,348172,023

10,36010,60711,23010,701

5,9165,0305,6565,281

95,95899,48594,75799,718

21,59620,94620,82321,396

2,4341,352474

4,672

10,0399,0258,2906,797

1,8411,5021,3862,150

29,11028,35728,71929,244

290,355282,385265,580281,577

17,69817,55016,21018,196

5,2795,3565,6715,539

145,601143,351140,309142,963

86,79686,50386,72686,443

911404137

2,126

19,83311,59012,11911,601

4,288

9,2177,8478,2318,847

154,505155,271155,659156,005

436,272436,170432,763439,225

23,63124,72522,19536,026

8,5279,0939,2858,403

169,992172,805173,592196,715

211,567212,046212,413213,283

5,7333,056820

1,069

25,28624,11224,22221,607

358

648557232449

21,39420,80021,36220,858

177,928178,262177,852177,984

9,6629,9929,75610,135

3,1183,0703,3923 064

84,29286,11286.95385,245

51,30151,27951', 08951,001

43623179

1,022

5,1035,1124,6375,160

1,522

901892865

15,03618,17117,33317,869

5,6105,5075,5915,467

12,32712,23810,84618,758

1,6911,6861,3541,574

15,39812,52015,37815,842

3,7553,9953,2173,229

13,59116,41516,80817,480

3,1702,9792,6052,126

9,95111,54410,2067,694

1,3611,3771,3711,157

12,92611,90811,70012,666

10101010

749751786753

11,96711,60611,62511,599

567697814607

227242241246

4,7864,9855,2825,096

3,1763,2413,2423,24*

12212272122

745665617541

4,3134,3024,2783,404

26,58725,59826,07626,365

225,868223,551225,597225,428

15,76315,69715,32816,820

5,4675,4485,4945,361

137,913138,097138,902137,278

62,61362,65063,73963,684

693370130176

2,3072,1722,0532,908

53535353

734868784

1,044

7,9467,4088,274

731731731991

3,0993,2043,3093,423

97,59997,30797,24298,475

7,4687,2057,0397,025

2,7562,7722,9962,994

59,33159,80960,41561,318

25,46625,52525,44524,973

1436720494

1,1641,395

7291,385

250263425425

158152152128

3,7193,2063,3193,059

9,7249,64810,32911,718

71,20170,05170,99471,939

576,078570,056572,310578,436

37,81436,70237,16239,468

13,21313,44613,86913,306

270,758270,296270,344280,828

267,522271,303267,897273,451

46819568

1,910

9,2549,0849,277

424209040

1,102993

1,1531,043

17,09415,75516,72914,769

1 Buffalo.3 Pittsburgh and Cincinnati.* Baltimore.4 New Orleans, Jacksonville, Birmingham, and Nashville.* Detroit.

• Louisville, Memphis, and Little Rock.* Helena.8 Omaha, Denver, and Oklahoma City.9 El Paso and Houston.i° Spokane, Portland, Seattle, Salt Lake City, and Los Angeles.



BANK DEBITS.

For the period ending June 22 debits toindividual accounts show an upward tendency,though the most recent week witnessed a slightdecline in volume. For the week endingJune 1 the aggregate amount of debits was$6,997,000,000, a somewhat larger figure thanfor the preceding week, in spite of the fact thatthe later week included Decoration Day, a legalholiday in most of the Federal Keserve districts.A larger figure for the second week was followed

by a further increase for the third week, whichincluded mid-month payments, while the latestweek in the period showed a small decline.

The movement of debits for the four-weekperiod was closely parallel to the movementfor the corresponding period in 1920, thoughthis year's figures were at lower levels. The lagbetween the two years varied from 17 percent for the week ending June 1 to 14 per centfor the week ending June 22.

DEBITS TO INDIVIDUAL ACCOUNTSAT BANKS IN REPORTING CLEARING HOUSE CENTERS

• — DEBITS FOR 1920- - — — DEBITS FOR 1921 ———

6.000

5.000

4.000

3.000

2.000

1.000

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1920192!

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! i14 2112 19JAN

12B26

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! 1 1II 18 259 16 23F E B .

132

MM10 17 24-319 16 23 30MAR. |

176

TT14 21

BANKS OUTSIDE OF NEW

Gil ! i28 5 12 19 2613 20 27 4 II 18 25

APR | MAY

J ) j 1 [ | ! 12 9 16 23 50 7 14 21 281 8 15 22 29 6 13 20 27| J U N E | JULY

YORK Cll

J _ U I_L4 ii 18 25 13 10 17 24 31

1 AUG I

Y.

U 1TT™ T8 15 22 29 6 13 20 277 14 21SEPT.

28 5 12 19 26j OCT.

|32|

1 i !i0 i? 249 16 23 CNOV.

so

J X8 15 22 297 H- 21 28

DEC.

6.000

5.000

4.000

3.000

2000

LOCO

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1920192!



DEBITS TO INDIVIDUAL ACCOUNTS AT CLEARING-HOUSE BANKS.

SUMMARY BY FEDERAL RESERVE DISTRICTS.


Federal Reserve District.

BostonNew YorkPhiladelphia..ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis...Kansas City...DallasSan Francisco.

Total...,

Numberof centersincluded.

1921Week ending-

June 1. June 8. June 15. June 22.

324,6773,917,777

313, 454339, 282144, 589156,746805, 256169, 409113, 774198, 316118, 628395,171

153 j 6,997,079

385,0864, 343, 576358,128383, 649155,021161, 441884, 748178, 439147,944236,117130, 411472, 230

7, 836, 790

382,986, 370,030370,967421, 353166, 335170, 476909, 698185,857139,927233,129136, 487463, 576

7,950, 821

375, 5434,272,136

398,886441, 546162, 715173,813920,149182,069132,148233, 649136,057457, 279

7,885,990

1920Week ending-

June 2.

474, 4514, 322,604

398, 886468, 363176, 240225, 568

1,017, 575227, 872152,560275, 270141, 766503,924

8, 335,990

June 9. June 16. June 23

456,6514,642,474

414,911490,819189,642240,436

1,084, 760219, 356175,851307,148149,801535, 861

8, 907, 710

527,4654, 861,369

469, 812602, 281194,467255,421

1, 258, 252248,495167,686318, 284156,794607, 216

9, 667,542

482,3084, 651,999

424, 372568,823190,645239,046

1,209, 272227,680163,897313,891154, 327562, 750

9,189,010

NOTE.—Figures for the following centers, while shown in the body of the statement, are not included in the summary, complete data for thesecenters not being available for each week under review: Harrisburg, Pa.; Johnstown, Pa.; Reading, Pa.; Cincinnati, Ohio; Greenvile, S. C; Wash-ington, D. C; Wilmington, N. C; Moline, 111.; Springfield, 111.; East St. Louis and National Stock Yards, 111.; Quincy, 111.; Springfield, Mo.; Atchison,Kans.; and Pueblo, Colo.

DATA FOR EACH REPORTING CENTER.[In thousands of dollars.]

District No. 1—Boston:BangorBoston . .

DoFall River .HartfordHoiyokeLowellManchester.New BedfordNew HavenPortlandProvidence.SpringfieldWater bury...Worcester

District No. 2—New York:Albany.BinghamtonBuffalo . .New YorkPassaic.RochesterSyracuse

District No. 3—Philadelphia:AltoonaChesterHarrisburg.Johnstown.. .LancasterPhiladelphiaReadingScrantonTrentonWilkes-BarreWilliamsportWilmingtonYork

District No. 4—Cleveland:AkronCincinnatiClevelandColumbusDaytonErieGreensburgLexingtonOil CityPittsburghSpringfieldToledoWheelingYoungstown

June 1.

3,1921206,970

269 Q184,543

16,6632,3973,6344,1685,418

16 2286,453

25,93611,0565,672

12,347

22,6733,473

48,8373,798,321

4 59627,04412,833

2,7633,8475 3744 9854,101

261,1257 345

12'7688 8007,1813,2586,2973 314

10,10748 421

103^ 04223 49711,4485 4583,8723,1732,035

135,7663,126

19 9327,688

10,138

1921Week ending-

June 8.

4,1891242,839

323 5165,030

21,9612,9614,8055,2995,685

18,3918,001

30,78414,5516,636

13,954

26,5354,025

55,3514,204,745

5 52433,18014,216

3,2424,0957 2105 0554,943

295,2738 635

15 83510,7 )68,6113,6637,9193 841

13,98155 066

118,23725,64912,6345 8983,3343,5412,301

156,9703,889

19 2118,0899,915

June 15.

4,4931239,510

310 7235,806

19,9723,4644,6294,4607,307

16,1017,159

34,11813,2726,053

16,642

23,2463,802

57,4674,233,380

5,38034,05312,702

3,1904,4597,0564,8664,871

307,8597,267

15,75411,1008,5463,6447,6213,923

14,32163,034

126,58028,39711.9856,6024,5683,5952,575

171,2543,479

29,2428,244

10,511

June 22.

3,6841233,981

307,9216,183

20,5043,0765,1494,4675,932

17,0206,801

32,40115,1015,894

15,350

26,5483,791

60,6924,129,636

5,40832,35113,710

2,7674,6966,4795,2454,731

334,3778,352

17,21110,9588,4954,4357,4123,804

14,44565,806

130,25930,36912,6576,4784,1203,6552,015

186,4053,642

29,2317,782

10,488

1920Week ending—

June 2.

3,288313,301

9,33120,8804,1735,1144,8128,083

22,4138,002

39,64712,6356,332

16,440

19,7404,282

61,1304,181,413

5,66933,88316,487

2,5805,139

4,926332,532

11,79411,318

' 7,7023,7139,9314,301

30,439

148,74526,89211,9736,7304,5594,5372,901

178,8852,845

28,9448,537

12,376

June 9.

4,161286,641

9,26223,8594,3605,8945,3938,632

19,8928,562

38,20016,5617,730

17,504

26,6534,722

65,5584,486,802

5,03136,61517,093

2,8235,320

6,069347,442

15,94712,7628,4514,0957,1384,864

32,112

160,86729,01812,1118,2274,0665,2543,292

184,9454,045

23,86310,67512,344

June 16.

3,787339,329

10,02725,1374,1557,1085,364

10,75719,7019,675

43,35218,7199,150

21,204

21,6934,913

75,9664,692,930

7,04939,90718,911

3,5566,371

6,623399,673

14,55213,0009,4344,6627,3404,601

33,577

207,33735,54612,3468,5626,2294,8473,359

226,5643,700

35,4879,740

14,987

June 23.

3,646302,400

10,45822,9214,2546,8795,4049,540

19,3238,531

42,99119,4455,547

20,969

30,3054,997

68,4734,490,831

5,022333,18819,183

3,4665,585

6,412350,376

16,02613,5878,2174,677

10,8965,130

32,297

187,07033,58911,9858,9894,9914,3093,323

218,0003,800

36,9039,346

14,221

1 Debits of banks which submitted reports in 1920.



DEBITS TO INDIVIDUAL ACCOUNTS AT CLEARING-HOUSE BANKS—Continued.

DATA FOR EACH REPORTING CENTER—Continued.


1921Week ending—

District No. 5—Richmond:BaltimoreCharlestonCharlotteColumbiaGreenville, S. CHuntingtonNorfolkRaleighRichmondWashingtonWilmington, N. C

District No. 6—Atlanta:AtlantaAugustaBirminghamChattanoogaJacksonvilleKnoxvilleMaconMobileMontgomeryNashvilleNew OrleansPensacolaSavannahTampaVicksburg

District No. 7—Chicago:Bay CityBloomingtonCedar RapidsChicagoDavenportDecaturDes Moines... „DetroitDubuqueFlintFort WayneGrand RapidsIndianapolisJacksonKalamazooLansingMilwaukeeMolinePeoriaRockfordSioux CitySouth BendSpringfield, 111Waterloo

District No. 8—St. Louis:East St. Louis and National Stock Yards.EvansvilleLittle RockLouisville

DoMemphisQuincySt. Louis

DoSpringfield, Mo

District No. 9—Minneapolis:AberdeenBillingsDuluthFargoGrand ForksGreat FallsHelenaMinneapolisSt. Paul iSioux FallsSuperiorWinona

District No. 10—Kansas City:AtchisonBartlesvilleCheyenneColorado SpringsDenverJoplinKansas City, Kans

June 1.

5,1865, 0433,9582, 2004,178

11, 4633, 700

22,12336, 4834,376

22,6224, 801

12, 5206, 703

10,3235,1273,6515, 3372, 785

15,05351, 2391,5058, 7345, 3101,036

2,1802, 0618,767

532,2415,4793,024

11, 560102,150

2, 6544,8746, 215

15,67626,3923,5163, 4313,940

46,3591, 7186,4254,1796,7325,2374,7082,164

7,1434,1387,304

119,72124,91515,3731,998

1122,873133,993

2,956

1,1231,395

19,8032,152

9721,6621,715

56,86122,2153,5171,464

1,0551,9711,7532,118

29,2321,9553,039

June 8. June 15.

91,1796,0115, 4093, 7913,1155,173

14,1464, 050

25, 26242,5564,728

24,1604, 923

13, 2267, 670

10,0245,5653,5556, 0733, 011

18, 82846, 756

1,6269, 5815, 0981, 345

2, 2442,3719,854

574,8246, 9153,197

18, 354108, 337

2,7675,0796,028

17, 75033, 3742,5184,1075,392

50,5432,5118, 3344, 8428, 5286,5225, 0932,868

9,3984,9878,931

123,75630,41618,8552,414

1121,910136,964

3,450

1,4361,888

18,9172,7631,1992,2343,362

81,52128,0534,1111,487

973

1,1791,9561,9982,22633,3842,2623,501

June 22.

101,2875,9005, 5254,2603,082 |4,836

15,7014,011

24,81542,4664,794

22, 8374,572

13,5728,144

10,3665,6524,1805,1772,22027, 66048,6511, 687

5,5651,204

2,2552,02110, 755

595, 5365,5623,17114,579111, 1892,7364,9977,64318, 90435, 2732,5294,0685,10055,1681,8356,5074,3518,2796, 4235,5332,652

10,2665,2029,491

125,20432,63020,8782,242

1125,082140,1752,780

1,4711,76018,4442,6151,0961,9272,11575,31027,7164,4951,9261,052

1,2572,0923,0772,65733,5422,2983,466

97, 5135,7007,3313,9913, 5485,78915, 4243,90023,06738, 5304,530

23r 2985,18413, 807

9,5155,8323,8815,5622,349

26, 71452,6041,5289,6474,9971,199

2,2972,1329,252

588, 8796,0902,83116, 866122, 0422,5844,2837,54320,52232,5563,3025,0866,231

55,1132,2047,6534,6699,6907,8925, 8252,636

7,3875,4829,072

i 23,33130,52218,4872,243

1125,697139,434

3,225

1,3091,540

15,8792,4611,1721,8262,142

67,79130,6323,9282,3471,121

1,2621,9712,4822,994

32,2622,1053,604

1920Week ending-

June 2.

98,96110,1008,1557,279

5,22015,2783,851

27,396

June 9.

29,0438,794

17, 47912, 53613,9357,0008,5897,3194,830

23,53065,3372,474

17,0636,2681,371

3,5692,7576,322

654, 2316,9414,10317, 965

130, 3953,5589,2956,66621,66335, 3634,8124,6036,80857,127

10,4265,72516, 8054,137

4,304

5,2738,51034,420

27,977

*i5i,"692

1,7362,27426,1553,4031,6981,8712,21473,69930,3496,0932,0391,029

4,0121,6582,75040,9173,3573,199

106,6589,4197,6407,701

5,94121,1074,57226, 604

30,6608,72716,34112, 32013,5807,3316,5638,9445,70627, 06576, 7912,81815, 5896, 0291,972

3, 1863,06411,900

682,7809,4244,37224,363140,0203, 921

10, 2388, 46920,35237, 9343, 7315, 3057, 208

62,297

June 16.

109,62610,25010, 3047,907

5,32620,9504,00026,104

12,9016,87416,4165,133

4, S72

5,6159,07532,717

30,202

2,0442,44323,1313,8771,9591,9752,52890,39435,8438,0422,3651,250

3,9151,6243,25443,6164,4303,221

34, 9698,98918,27614,10714,9807,5767,0479,0455,91427, 71680, 9522,36115,9565,8771,656

3,1073,16311,797792,0537,8714,62821,888190,7893,9299,0948,597

24,26642,9994,4245,2427,053

71,318

11,1276,318

18,1586,120

4,311

5,0779,431

38,391

35,607

1,7712,101

23,9363,3681,9922,0012,715

87,27532,5086,8201,9561,243

3,8501,8433,197

43,6784,3822,989

June 23.

109,5419,4109,6915,938

5,59520,6394,130

25,701

28,6358,506

17, 33211, 85615, 5677,3356,4538,4055,907

25.42978,4322,13915,6655,8641,521

3,6652,7718,839

753,1348, 7784,45822,401176,8662,69414.4307,90123,04843,0713,4955,4737,52073,061

12,5336,31118, 8955,230

8,40034,387

28,867

1,7392,01119,0753,6111,6812,3122,43682,12139,0496,6352,0601,267

3,7691,8043,099

40,5323,0573,495

i Debits of banks which submitted reports in 1020.



DEBITS TO INDIVIDUAL ACCOUNTS AT CLEARING-HOUSE BANKS Continued.

DATA FOR EACH REPORTING CENTER—Continued.


District No. 10—Kansas City—Continued.Kansas City, MoMuskogeeOklahoma CityOmahaPuebloSt. JosephTopekaTulsaWichita

District No. 11—Dallas:AlbuquerqueAustinBeaumontDallasEl PasoFt. WorthGalvestonHoustonSan AntonioShreveportTexarkana, TexTucsonWaco

District No. 12—San Francisco:BerkeleyBoiseFresnoLong BeachLos AngelesOaklandOgdenPasadenaPortlandRenoSacramentoSalt Lake CitySan DiegoSan FranciscoSan JoseSeattleSpokaneStocktonTacomaYakima

1921Week ending—

13,1762,818

15,67010,376

1,3552,7172,454

27,3256,487

17,43020,63920,7408,4595,7791,1131,5802,550

1,9331,6906.7954,347

89,48217,1013,0003,908

30,3362,199

10,36510,1155,823

157,2143,370

26,1848,9123,2267,1741,997

June 8.

73,2883,74319,83745,478

15,1174,077

17,18312,067

2,2432,7943,54131,0669,249 i18,840 j18,77423,3768,0716,3711,0981,8523,136

3,217 I2,200 I8,802 I6,112 !

104,294 !20,390 i3,243 !5,54530,7582,61114,83316.0648,220

176,7274,03537,84412,0344,1849,0862,031

June 15.

68,6793,91320,14542,5372,50815,6463,83321,9349,310

1,65C2,6463,15131,7548,82819,89023,51723,4978,1706,3942,157 I1,7223,105 I

!2,726 I2,286 !8,6605,392 !

103,758 ;18,135 i3,410 !5,529 i40,259 i2,66911,451 !14,353 i8,386 '

173,8694,130 I

32,432 !11,4994,3718,325 i1,936 i

June 22.

72,6703,86119,15643,0372,63615,0703.615

20', 40710,415

1,8822,4673,178

31,7918,90319,12019,83928,5046,5496,2391,7862,5773,222

2,8512,5808,9275,459

103,83017,3803,3155,08234,5802,61211,87714,0295,493

178,1283,53630,97311,5195.1008', 2391,771

June 2.

80,9475,38619,76349,9353,36517,3225,48727,96812,569

1,9983,5643,135

38,6789,43523,9868,140

30,4597,5898,6371,419846

3,880

3,0162,86010,2924,69990,42629,7713,6394,74537,0352,47311,83615,7906,380

202,2684,67943,48712,0444,978

10,7632,743

1920Week ending—

86,5555,625

26,37160,5033,975

20,0837,572

26,38713,992

2,1913,8544,782

38,10711,04224,1286,802

29,30510,31410,7151,917 i2,159 !4,485 |

3,140 |3,505 I

10,606 I5,340 !

98,77430,620 !4,102 !.5,411 j

4.5,378 !3,132 !

13,065 !1.7,6228,381 j

203,758 i4,909 |

45,12013,608 t4,760 !

11,5443,086

91,4845,938

26,57663,2334,939

21,0713,900

31,90814,235

1,9573,1086,047

42,6399,164

26,7728,11431,4798,7469,9363,0801,9523,800

3,2753,44611,1305,271

103,40631,8273,5545,908

.50,6643,02913,67817,7878,669

248,4885,52356,01813,8495,94612,3873,361

101,4545,42323,39462,839

* 4,60219,4523,721

28,84713,005

2,2633,8745,113

40,8579,351

26,1118,546

33,9277,4068,7551,9672,1024,055

2,6353,3819,7044,65898,65230,5733,9214,999

40,6652,94113,17715,8417,899

236,6644,64750,03613,2495,10010,8123,196

GOLD SETTLEMENT FUND.INTER FEDERAL RESERVE BANK TRANSACTIONS FROM MAY 20 TO JUNE 23, 1921, INCLUSIVE.



BostonNew YorkPhiladelphia.ClevelandRichmond.Atlanta

Transfers.

Debits. Credits.

Daily settlements.

Totaldebits.

nta.

50,500107,48517,00030,00079, 60S10,000

18,241,

11,75,

637 I251 S500 j225 I500 !

Chicago j 47,000St. Louis j 5, 500Minneapolis I 36,143Kansas City 9,500Dallas 20,862 ;San Francisco

Total five weeks ending-June 23, 1921May 19, 1921

June 24, 1920.May 20,1920.,

6,31,1,

21,6,

413,598 i181,179 j

678,849714,372

413,598181,179

678,849714,372

456,8211,681, 991

595, 583489,019547,030174,131786,694403,070122,158335,433198, 260215, 714

6,005,9046,277, 332

8,146, 8298, 245,092

Changes in ownershipof gold through trans-fers and settlements.

Totalcredits.

495,8621,642,015

624,610478, 808544,292165,254803, 216388,635124,968342,839187,482207,923

6,005,9046,277,332

8,146,8298,245,092

Decrease.

28,9866,846

18, 87730,47813, 8351,4481,094

10,6401,291

113,495

Increase.

Balance inbanks' fund

at end ofperiod.

7,17893, 79012,527

113,495

42,33080, 59352,31349,29620,2959,46957,46712, 7499,42031,9901,818

35,881

403,621456,967

404,869405,541



FEDERAL RESERVE CLEARING SYSTEM.OPERATIONS FROM MAY 16 TO JUNE 15, 1921.

[All figures shown in thousands.]

Federal Reserve Bankor branch.

Items drawn on banks locatedin own district.

In FederalReserve Bankor branch city.

Outside Federal jReserve Bank !or branch city. |

Items drawnon Treasurer

of UnitedStates.

Total itemshandled,

exclusive ofduplications.

Items forwardedto other FederalReserve Banks

and theirbranches.

Num-ber. Amount

Num-ber.

BostonNew York.

Buffalo."..!PhiladelphiaCleveland ."

CincinnatiPittsburgh

Richmond "/.*Baltimore

AtlantaBirmingham."!."...JacksonvilleNashvilleNew Orleans

ChicagoDetroit !!!!!

St. LouisLittle Rock....!'.'!!LouisvilleMemphis

Mini] eapolisHelena

Kansas CityDenverOklahoma CityOmaha

DallasEl PasoHouston

San FranciscoLos AngelesPortlandSalt Lake City...SeattleSpokane

7031,263

1991,733

358188417|110235122267|

64|779!260242449169

269!31

28276494

1503463

206304

5848

12331

Amount.|Num-i ber. Amount.

Total:May 16 to June

15,1921 9,092Apr. 16 to May

1 5 , 1 9 2 1 . . . . . . . 8,378May 16 to June

15,1920 7,011

532,1961,670,073

82,780i718,278!187,900110,274238,397109,576142,26050,87032, 57719, 40526,36841,342

554, 376144,212192, 01020, 84353,15323, 341

109, 8938, 818

222,52041,19851,87248,317151,43210,11835,139

105, 6861103, 904|28, 89222, 298!31,737'15, 275

3,4454,536|

40212,17011,114'

767j841!

1,858!660329|136!153!221!mi

3,604'437

1,313271!395 j150!

1,423!194|

2,362;308*894!561

1,529!124316438!873!203!391:214!175!

379, 9461,004,528

51,431230,098134,374|69,102!97,361242,97071,07539,5117,33615,782!18,56012,564

308, 85143,77378, 97315, 80921, 5818, 31478, 509|11,29695,62516,32073, 38334,569165,4369,38430,902133, 69671, 28111,16726, 65013, 8219, 293

Items for-warded to

parent bank orto branch in

same district.

Num- i Amount. {Num-ber. I ber.

5, S37, 330

5,545,255

7,679,173

32, 918j 3, 533, 271

30,181; 3,282,519

1621,014

12174946340|546329|10!10|14;36;35836

1027

26114255119!81

32282444|78|43119152210

22,980'121,3682,06838,4807,1337,6586,1319,4898,6313,5561,140829

1,3059,095

62,1367,555

10, 0291,0962,756618

3,956570

5,6556,216864

2,5503,765J2,3301,842

96, 49812, 5786, 2992,1549,1651,173

4,310!6,812:

614!4,077!1.566i

U,0261,2982,022958480413215291211

4,741!733

1, 657322!512J2301

1, 734 j2311

2,695404i966

1688:1,707!

182!423!722!

1, 2201280!454:359 i222!

935,122!2,795,969j

136,279!

329,407 [1188,433!

341,889!362,035;221,966

93,93741,05336,01646,233i63,001?

925,366195,540281,012

37, 748!77,490132,2731

192, 35820, 684!

323,800163,7341

126,119!185,817;220,633!

21,83267,883

235, 880187, 76346, 35851,10254, 72325, 741

Amount. | Num.-Amountber. I

2, 755 479,671 | 1 44, 775' 1 9, 852, 052

3,238 489,608

27,477! 4,652,646j 1,965 509,831

1 41,804: 19,319,057

1 36,459i 12,843,671

1691,047

153685

331264

1605628153334.43

279

30

188

25567464275112324814151611

3, 731

3,524

3,423

49,225475,216!

27,669i147,545|12,63111,04842,13059,24326,0726,0937,8697,9115,468

12,92028,0424,4066,5021,2731,784

35534, 3712,029

36,90214, 5578,3906,091

12, 5972,1876,7643, 461

12,0421,413

12, 0124,7361,826

191 5,05518,515

1,092, 780

1,048,568

1,643,086

767

729

708

7,2523,8705,326

13,7648,0676,977

17,5891,4641,426

5852,0051,0281,1812,442

26526333:

1,37715,37410,9077,9654,7084,897

6871,4225, 831

11, 8783,5129, 3555,3003, 697

Total itemshandled,including

duplications.

Num-ber.

184,321

170,857

253,058

4,4797,878

8054,7621,6271,0491,3902,2261,092

536456254335259

5,027745

1,696351525234

1,928239

3,025512

1,028748

1,828197453787

1,350316479410247

49, 273

46,057

40,590

Amount.

984,3473,276,240

182,4631,134,401

349,290203,351389,345435,042256,105107,007

66, 51145,39153,12776,506

955,413200,974288,69541,46379, 53932, 891

227,06624, 090

376,07689,198

142,47496,616

238,12724,70676,069

245,172211,683

51, 28372,46964, 75931, 264

1,129,153

10,538,482

14,739,815

1 Includes items drawn on banks in other Federal Reserve districts forwarded direct to drawee bank.NOTE.—Number of business days in period for Nashville, Memphis, Dallas, El Paso, Houston, and Portland was 25, for Louisville 27, and

for other Federal Reserve Bank and branch cities, 26 days.

NUMBER OF MEMBER AND NONMEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT, JUNE 15, 1921, AND 1920.

Federal Reserve district.

Boston .New York . . .PhiladelphiaClevelandRichmondAtlanta . . . . . .ChicagoSt. Louis . .Minneapolis .Kansas City.Dallas.San Francisco...

Total

Member banks.

1921

438791700879620493

1,430583

1,0151,093

868865

9,775

1920

432771688859601437

1,391563967

1,060804793

9,366

Nonmember banks.

On par list.

1921

255328455

1,0841,030

4014,2632,5072,7703,4071,220

996

18,716

1920

254322423

1,078766437

4,2392,5112,9063,3901,2501,038

18,614

Not on par list.1

1921

5541,165

16779

1,965

1920

7761,169

174

2,119

1 Incorporated banks other than mutual savings-banks.



GOLD AND SILVER IMPORTS AND EXPORTS.GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES.

Country.

AustriaBelgiumDenmarkFrance

Greece

ItalyNetherlandsNorwavPortugalRussia in Europe...Soain

S wit zerlandTurkey in Europe..United Kingdom-

England

Total Europe.

British Honduras. - -

Costa RicaGuatemalaHondurasNicaraguaPanamaSalvadorMexicoCubaBritish West Indies.Virgin Islands of

United StatesDominican Repub-

licDutch West Indies.

Total NorthAmerica

ArgentinaBoliviaBrazilChileColombiaEcuadorBritish GuianaDutch GuianaPeruUruguayVenezuela

Total SouthAmerica

ChinaBritish IndiaStraits Settlements.Dutch East Indies..French East Indies.HongkongJapanTurkey in Asia

Total Asia—

AustraliaNew ZealandTahitiPhilippine IslandsAbyssiniaBritish West Africa.British South AfricaPortuguese Africa

Total, all coun-tries

Excess of importsor imports

Imports.

During10 daysendingMay 20,

1921.

$5001, 274, 2604, 691, 867

2, 217,676

62, 423192, 491

15 243

1,089,035

9, 543, 495

16,19036, 216

3,0001,500

16, 28869,042

5, 000293, 824

36,000

296, 424

773,484

18o7oOO

20411,172

9,512136, 70581,921

523, 380

1, 342, 710

1,186, 910

680,000

223, 339

2,090,249

2, 433, 250


1921.

$800382,16?

2, 264, 469

233, 291903, 803

61, 229,027

5,089, 361

10,102, 920

43, 36258, 229

3, 4021, 015

29, 51842,48434,150

151, 638

19, 205

93, 732

476, 735

17, 441222, 348

58, 0321, 6325, 2046,827

136, 5001, 075

449,059

380, 2094, 305,177

D u r i n gmonthof May,

1921.

$1, 3001, 656, 42?9, 725, 929

3 686

During10 daysending

June 10,1921.

$232, 8913, 434, 237

2,656, 899! 76, 561903,803!

99, 3227, 846, 305

2,94415, 24?

18, 806, 945

41, 718, 799

140, 46894, 44511,40217, 745

101, 985364, 57293,695

689, 323

85, 932

746, 763

2, 346, 330

194,175372

17, 4611,119, 060

112, 4141,632

14, 716143, 620218, 421525, 375

2, 347,246

1,690, 4294, 305,252

1.845.8921 ' 680. 000

18, 044

4, 703,430

220,0001 9.160

16, 290

16,403,18815,757,594

16,194, 052 15,112, 319

541, 016

9,062,589

2,433, 250239, 906

73, 411

58, 221,531

57,159,010

55,0005, 853, 746

7, 622, 832

17, 275,267

114,317151,624

18,00016, 75618,34440, 572

186,117

1, 579

150,000

388, 569

1,085, 878

196, 553

1,60872

198, 233

1, 417,191

358,110

1, 775, 301

109, 961

125, 748

20, 570, 388

20,496, 266

FromJan. 1 toJune 10,

1921.

$9, 00039, 691

3,161,49769, 290, 534

7,279715, 745

102, 28515, 342, 5931, 532,100

20, 89285,000

3,121,11742,176,970

2,944253, 731

91, 363, 981

227, 225, 359

600

20, 965, 473448, 532249, 508192, 302327, 909

1,191,683416, 751

2, 674, 6089,746

276, 526

150,000

3,605,932

30, 509, 570

810, 7681,538

14, 78385, 027

5, 866, 208322, 880

12, 43042, 706

538, 9052,963,430

841, 945

11, 500, 620

13, 732,08917,016,991

204,0636,005, 8925,126,3962, 208, 2341, 282, 789

45, 576,454

6, 333, 537986, 086

576,15921,66513, 25051, 823

292,076

1323,086,599

317,095, 516

FromJan.1 toJune 10,

1920.

$335, 906

357, 855

70,000

40, 0001,161,428

3,32425, 364

4, 9*371

56,102, 541

58,101, 355

2019, 238, 936

285, 7015,519

127, 006595, 731

39, 970140, 591

2, 027,1254,500

77, 749

96,000

22, 638, 848

30, 3405,5424,585

263, 763552,199355,192

58, 809

377, 819

226, 591

1, 874, 840

1,260

2, 387, 779

23, 615, 823

26,004, 862

494, 099

283, 295

206,107

109,603,406

Exports.


1921.

$39, 981

159,055

199,036

10,100

10,100

209,136

During11 daysending

May 31,1921.

Dur ingmonthof May,1921.

$65, 960 $169, 592

23, 695 231, 265494

89,655 401, 351

555,6201 661.170

555,620 661,170

645,275 1,062, 521

During10 daysendingJune 10,

1921.

$59,319

12, 80?

72,122

2,000

2,000

74,122


1921.

$1,041, 854

3,429,905250,494

4, 722,253

24,300

24,300

60,000

1,184,230

1,244,230

300

a 5, 991,083

FromJan.1 toJune 10,

1920.

$10,000

912201,339

1,100

13,235

226,586

2, 543,082

19,000

20,00014, 442,786

75,000

10,000

16,000

17,125,868

89,995,000

280,000400,000700,000130,000

12,850,000184,000

104,539,000

16,286, 7504,719,7636,683,454

10,845,105

22,902,4828,762,187

70,199,741

28,038

192,119,233

82,515,827

iIncludes: Ore and base bullion, $20,839,000; United States mint or assay office bars, $428,000; other refined bullion, $227,863,000; UnitedStates coin, $17,253,000; foreign coin, $56,704,000.

a Includes: Domestic exports—Ore and base bullion, $27,000;$United States mint or assay office bars, $466,000; other refined bullion, $68,000;coin, $4,982,000. Foreign exports—Ore and base bullion, $1,000; coin, $447,000.



SILVER IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES.

Country.

BelgiumDenmark

Germany

Norway

SwedenTurkey in Europe..United Kingdom-

England

Total Europe.

Bermuda

Canada. .Costa Rica

HondurasNicaraguaPanamaSalvadorMexico. .CubaBritish West Indies.VirginlslandsofU.SDominican Repub-

Dutch West Indies .French West Indies.Haiti

Total NorthAmerica

ArgentinaBoliviaBrazilChileColombiaEcuadorBritish GuianaDutch GuianaPeruVenezuela

Total SouthAmerica

ChinaBritish IndiaDutch East IndiesFrench East Indies."FTongkongJapanRussia in AsiaTurkey in Asia

Total Asia

AustraliaNew ZealandPhilippine IslandsAbyssiniaBritish South AfricaBritish West Africa.Portuguese Africa

T o t a l , allcountries

Excess of importsor exports

Imports.


1921.

$3706,781

25,585

4705,2509,103

47,559

95,3711,743

30019,68413,5301,200

2,155,085

2,286,913

9,000

4,5719,513

74571,478

38

594,674

116

645

761

2,929,907

2,184,308


1921.

$16

11,656

128

1,123

12,923

i i , 052377

1,0931,8653,028

300988,302

75

1,006,092

4,859

55,0281,7733,080

1261,792

3

126,547

587217

804

63

1,146,429

49,394

Duringm o n t hof May,

1931.

$16370

8,10685,522

7585,2509,103

1,104,993

1,214,118

171,8772,120

161,87031,54977,733

1,5004,523,439

1 598

425

4,972,111

4,60034,989

59,59913,6785,865

86648,114

41

766,972

946386

960

2,292

130454

6,956,077

4,603,468

During10 daysending

June 10,1921.

$21,474

371

21,845

183,8401,165

63,04415,779

22

827,676

1,091,526

290

2,349

48,180

10,823

36

36

730

7,176

1,132,136

772,240


1921.

$16370

84,905187,553209,799

805

11,31716,0285,2509,103

1,132,037

1,657,183

1,921,77511,239

15776,000130,77085,0909,881

16,378,2079,4011,744

1,145

19,325,267

11,926168,72140,509

950,24379,30021,265

4132

2,444,582453

3,717,135

5,355462

212,288

192

960

219,257

1,860294

9,01331

3,760

21,427

124,955,227

4,977,746


1920.

$64,960

30,52014,4537,978

743,446

861,357

39,1701,962,155

39,53420,005

1,426,562452,49030,449

3,528,56032,234,116

40,1946,949

84,8001,200

20

39,866,204

10,509675,448

2931,754,611

172,93329,430

6,3806,662,804

33

9,312,441

11,974

1,882,749

1,650

38,511

1,934,884

3,6648 039?

6,097

86,657

52,079,343

Exports.


1921.

$354,663

354,663

64,059

7,914

71,973

1,460

317,503

318,963

745,599


1921.

$406,531

D u r i n gmonthof May,1921.

$1,039,487

406,531 1,039,487

35,548| 145,773

13,511

1,160

50,219

291,622

348,663

640,285

1,097,035

53,6102,5721,160

203,115

450

450

291,6221,460

816,475

1,109,557

2,352,609

During10 daysendingJune 10,

1921.

$30,198

30,198

56,188

9,326

600

66,114

29,029234,555

263,584

359,896


1921.

$5,820,501

5,820,501

200

1,187,007

500800

226,00050,000

1,172,224305,62596,152

3,038,508

900

239 500

240,400

2,706,8411,617,445

4,683,7271,870,059

10,878,072

2 19,977,481


1920.

$17,920

42,260

2,092,551

2,152,731

5,205,616

2,000366,505

541,000

2,028,747919,74917,25525,000

197,000

4,66|6

9,306,266

1,701

2,333

1,002

10,000

15,038

46,342,883223,211

4,058,37316,201,620

40970

66,827,097

5,480

78,306,610

26,227,267

1 Includes: Ore and base bullion, $19,818,000; refined bullion, $2,791,000; United States coin, $580,000; foreign coin, $1,766,000.* Includes: Domestic exports—Ore and base bullion, $2,000; United States mint or assay office bars, $152,000; other refined bullion, $10,917,000;

coin, $819,000. Foreign exports—Ore and base bullion, $2,000; refined bullion, $6,028,000; coin, $2,058,000.


OOOO

DISCOUNT AND INTEREST RATES.

In the following table are presented actual discount and interest ratesprevailing during the 30-day period ending June 15, 1921, in the variouscities in which the several Federal Reserve Banks and their branches arelocated. A complete description of the several types of paper for whichquotations are given will be found in the September, 1918, and October,1918, FEDERAL RESERVE BULLETINS. Quotations for new types of paperwill be added from time to time as deemed of interest.

Rates for all classes of paper, on the whole, tended to decline from the levelsprevailing in the period ending May 15, 1921. These declines have beenmost general in the case of prime commercial paper purchased in the openmarket. Present rates for all classes of paper, except bankers' acceptancesand prime commercial paper purchased in the open market, are higher inmost reporting centers than rates during the same period of 1920.

DISCOUNT AND INTEREST RATES PREVAILING IN VARIOUS CENTERS DURING 30-DAY PERIOD ENDING JUNE 15, 1921.

District.

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

N o . 3 . . . .No 4

No. 5 . . . .

No. 6. .

No. 7 . . . .

No. 8. . . .

No .9 . . . .

No. 10...

No. 11. . .

No. 12...

City.

BostonNew YorkiBuffaloPhiladelphiaClevelandPittsburghCincinnatiRichmondBaltimore.AtlantaBirminghamJacksonvilleNew OrleansNashvilleChicagoDetroitSt. LouisLouisvilleMemphis . .Little RoekMinneapolisH e l e n a . . . .Kansas CityOmaha... . .DenverOklahoma CityDallas... .El PasoHoustonSan FranciscoPortlandSeattleSpokane . .Salt Lake CityLos Angeles

Prime commercial paper

Customers.

0to90days.

II. L.7 6i8767676688888778788i888898

108788888

g66g6666

66

C.7

6-77676

6-6466777

6 7*-866

66g7

866 1K677g66

7"76

7777677*

87878887

7787

4 to 6months.

II

8 1

767676g88888778788

« J

88«98

1071-788

8

X.76 (66g66666676 7\66 16 166g7

866 1«6786 16 |

6776

C.7\76766|66777

- 877776774

878788

7

7"7787

Open 1

30 to 90days.

II7\

8

717

88

787+7+

88

7-1888

7

7 1

8

X.

6 i

6

c.7

7

7

7 7J-87

76 17A

7

87

fii6f88

6i

•CO

8

7

7+7

87T

788

7717

6

narket.

4 to 6months.

II718

7 1

717

88

787*7V

u88

7 18"

g

73

7f

8

X.

8

6i

66

C.78

7

764

7 73-87

76 177

787

6 17"88

6 |6f6 1

6

8

76 17*7

'487

n

788

777

6

Interbankloans.

II7886g676688788g778874'48888787

s*7788

X7•V?-g6g66666666*

766667/66 16667g66

6 176

C.7

6-776gg6gg7

6-77767776777

7877

87

72

7777

Bankers' acceptan60 to 90 days.

Indorsed.

ILL.57- si7

gg51

g88

6 3

6*

8

7

76

6

" 1 f

7

C.

3 gii 2

7^ 3

54 5f-5-I

g7

8

5-•53.

8

761

76

51

g7

8

5-

8

7

7g

6

Unindors

II.g

6 1g

s*888

2

6 a

f-8

8

6 |

8

64

7

7

X.

7*

g*

7g86 1

5-

6

b^

8

5f

7

51

ces,

ed.

C.5 |g

-a g7g6g

778

5 |

6

b *

8

61

7

64

Collateral loans—stock exchangeor other current.

Demand.

n87g7g7gg8888

7787

8V4888

108

100

87887

. X74g

gg

fggg7

6 1

6+6"

7V866g i66 18g665 5

76

. C.7

6-77g7g

6J-7

777

71-8

7776

V4787878777557°87

3 months.

ILL.71 787g7

7

g8888877

7

888888

108

108788888

gggg

S*gggg7 7g64

g

7V86g6 16g8g6g647*76

C.7g7g

g7gg7

7-87

• 77776

8

8*78787877778

3 to 6months.

IL

7g7g7

g888887787

888888

108

1087888

8

X.7gggg

7gggg77g7

6 1g"

7V48gg6 1g6 18g

77

6

<?.

g7g7g7gg77

7i_87777g

8887878787777g

7

7

8888

108

10<?

8

Cattleloans.

. X.

7

8gg

7"787

64

7

87878Q

Q

748

Secured bywarehousereceipts,

etc.

n.

g7g7gg88888

7

g88

8*

81087

X.

g7g

64ggg

g7g7gg7

6 7-87

g76§

gg7V8

78764

gg777

g78

SV 2

73c 4

77

Ordinloans

custonsecuret

Liberbondscertificof ind(edne

H.777g7g7gg88887777g787888

108

1087888

OO

OO

X.

gggg

?6gg7gg6*

fi'gg764g

?g

gg

f6+7*76

arytolersIbyt y ,andatesjbt-3S.

C.7g7g

g

s*g77g

g

7

7864

6-774

8

7778777

3

1 Rates for demand paper secured by prime bankers' acceptances, high 6, low 4J, customary 6.


.JULY, 1921. FEDERAL RESERVE BULLETIN. 885

FEDERAL RESERVE BANK DISCOUNT RATES.

RATES ON PAPER DISCOUNTED FOR MEMBER BANKS IN EFFECT JULY 1, 1921.

Federal reserve bank.

Paper maturing within 90 days.

Secured by-

Treasurynotes andcertificatesof indebt-edness.

Libertybonds andVictorynotes.

Trade ac-ceptances.

Commer-cial paper,

n. e. s.

Bankers'accept-

ances ma-turing

within 3months.

Agricul-tural andlive-stockpaper ma-turing after90 days but

within 6months.

BostonNew YorkPhiladelphia..ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis...Kansas City...DallasSan Francisco.

665J

6166166

6666661661666

666666516666

661666

NOTE.—Rates shown for Kansas City are normal rates, applying to discounts not in excess of a basic line fixed for each member bank by theFederal Reserve Bank. Borrowings in excess of the basic line are subject to a 1 per cent increase for the first 100 per cent by which the amountof accommodation extended exceeds the basic line and thereafter to an increase of 2 per cent.

MONEY HELD OUTSIDE THE UNITED STATES TREASURY AND THE FEDERAL RESERVESYSTEM, JUNE 1, 1921.

General stock.

Gold coin (including bullion in Treasury)Gold certificatesStandard silver dollarsSilver certificatesSubsidiary silver.Treasury notes of 1890United States notesFederal Reserve notesFederal Reserve Bank notesNational-bank notes —

Total:June 1, 1921M ay 1,1921Apr. 1,1921Mar. 1,1921Feb. 1,1921j an. 1,1921July 1,1920Jan. 1,1920July 1,1919Jan. 1,1919July 1,1918Jan. 1,1918J uly 1,1917

3,175,037,198

284,'i42,*326'

271*128*299

346,681,0163,053,680,635

172,474,400740,593,359

8,073,8,040,8,082,8,084,8,171,8,372,7,887,7,961,7,588,7,780;6,742^6,256'5,480!

737,233936,478773,866936,396237,897970,904181,586320,139473,771793,606225,784198,271009 884

Held in theUnited StatesTreasury asassets of the

Government.1

$431,427,816

i9,677,i2i9, 808671

12,256,2944,280,4184,287,79617,498,871

499,236,987508,349,193496,945,969493,976,120499,358,809494,296,257485,057,472604/888,833578,848,043454,948,160356,124,750277,043,358253,671,614

Held by or forFederalReserve

Banks andagents.

2 $1,603,915,245472,680,4473 34,494,294

47,727,010

4 81,299,927295,815,53023,214,4093,546,055

2,562,692,2,512,465,2,534,743,2,385,101,2,438,773,2,377,972,2,021,271,2,044,422,2,167,280,2,220,705:2,018,361;1,723,570i 2 r ~ """

917834843578422494614303313767825

,2911,714

Held outsideUnited StatesTreasury and

Federal ReserveSystem.

$461,362,538205,651,15243,090,254

137.576,063261,319,628

1,577,584253,124,795

2,783,584,687144,972,195719,548,433

5,011,5,020,5,051,5,205,5,233^5,500:5,380!5,312;4,842^5,105,4,367;4,255,3,945,

807,329121,451084,054858,698105,666702,153852,500009,003345,415139,679739,209584,622457,556

Amount percapita outsideUnited StatesTreasury a ndeFederal Re serv

System.

$46.4346.5746.9148.4148.7351.2950.1949.8145.0047.8341.3140.5337.88

1 Includes reserve funds held against issues of United States notes and Treasury notes of 1890 and redemption funds held against issues ofnational-bank notes, Federal Reserve notes, and Federal Reserve Bank notes, but excludes gold and silver coin and bullion held in trust for theredemption of outstanding gold and silver certificates and Treasury notes of 1890.

2 Exclusive of amountslield with United States Treasurer in gold redemption fund against Federal Reserve notes, but inclusive of balancesn gold settlement fund standing to the credit of the Federal Reserve Banks and agents,3 Includes subsidiary silver.

•Includes Treasury notes of 1890.



CONDITION OF MEMBER BANKS.

ABSTRACT OF CONDITION REPORTS OF STATE BANK AND TRUST COMPANY MEMBERS IN EACH FEDERAL RESERVEDISTRICT ON APRIL 28, 1921.


RESOURCES.

Loans and discountsOverdraftsCustomers' liability on ac-

count of letters of credi t . . .Customers' liability on ac-

count of acceptancesLiberty bonds (exclusive of

Liberty bonds borrowed)..Other U . S . bonds (exclusive

of U. S. bonds borrowed). .U. S. Victory notesU. S. certificates of indebt-

DistrictNo. 1

(40banks).

452,144145

War savings and thriftstamps and Treasury sav-ings certificates

Stock of F . R. BankOtheF bonds, stocks, and se-

curities (exclusive of se-curities borrowed)

Banking houseFurniture and fixturesOther real estate ownedGold coin and certificatesAll other cash in vaultLawful reserve with F . R.

BankItems with F . R. Bank in

process of collectionDue from banks, bankers,

and trust companiesExchanges for clearing

house, also checks on otherbanks in same place

Outside checks and othercash items

Other assets

Total.LIABILITIES.

Capital stock paid inSurplus fundUndivided profits, less ex-

penses and taxes paidAmount reserved for taxes

accruedAmount reserved for interest

accruedDue to F. R. BankDue to banks, bankers, and

trust companiesCertified and cashiers' or

treasurers' checks out-standing

Demand depositsTime depositsU. S. depositsBills payable with F.R.BankBills payable other than

with F.R.BankCash letters of credit and

travelers' checks outstand-ing

Acceptances executed forcustomers

Acceptances executed byother banks for account ofreporting banks

Other liabilities

12,691

18,351

535,482

312,225

98,87610,6811,0281,2901,49213,277

39,598

9,835

19,737

5,955

1,2713,651

705,651

36,211

38,888

16,921

1,4481,356

451

19,350

>,519401,816157.102

6,2264,110

325

13,149

1951,584

Total. 705,651

Liability for rediscountswith F . R. Bank

Liability for rediscountswith other banks

21,650

4

DistrictNo. 2(134

banks).

2,085,502

782

557

130,185

178,771

1,32538,48462,807

3611,162

515,19960,0053,4175,1156,649

49,812

282,351

42,885

69,321

161,152

8,421112,081

DistrictNo. 3(47

banks).

3,826,019

186,330189,411

78,103

13,068

11,5801,508

291,481

117,2022,155,141425,84351,662105,917

4,353

10,920

136,984

3,65242,864

3,826,019

79,864

1,127

187,72181

2

409

16,769

75,217

10,643

182,212

100,0969,079701

2,635445

5,780

19,247

4,463

9,931

1,876

3362,431

380,0

25,30748,634

11,756

678

869451

8,225

1,083194,73250,06317,45917,311

385

1

409

2,736

380,099

13,147

47

DistrictNo. 4(113

banks).

625,351175

1,491

9,679

31,410

7879,075

7,019

584,262

192,77423,2841,8759,021

244

15,409

47,897

15,052

34,489

8,304

2,3044,726

101,990 '207,206119 643

1,044,686

64,219

79,128

17,181

1,8221,5752,014

DistrictNo. 5

(57banks).

DistrictNo. 6(110

banks).

1,014

4,715

21,536

520

725

7,055

11,420

221,856

512

431,308

1,076,286507

62

22,696

12,905 f 25,4022,543 8,4461,470 ' ~~~

874326

2,879

6,033

2,023

9,171

566

151177

149,745 327,107

14,8329,669

3,553

186

369512

46,268 8,512

6,470379,382404,108

7,69117,641

1,93453,31245,545

5395,812

1,797 ! 3,719

1,3262,091

3815,951

14,586

5,395

24,566

4,194

7503,954

26,59517,070

4,459

388

925138

32,164

1,435126,06688,7151,237

10,720

8,804

1,337 I | 11

9,679 1,014 7,152

4,374 j 23755

1,173

1,044,686 |l49,745 J327,107

56,803 ! 9,403 ' 31,762

554 1,220 ! 2,535

DistrictNo. 7(362

banks).

DistrictNo. 8

(95banks).

261,724

287

136

2,38055,445 10,231

6,98826,679

17,288

2285,537

250,53324,3284,1622,1532,24830,208

89,701

13,272

80,747

20,604

7,91416,725

1,754,311 402,216

100,64784,984

27,938

5,485

2,9859

74,620

13,068600,256756,7768,82740,558

7,499

201

20,649

1,2528,557

1,754,311

48,471

6,976

231,936

1,872

151,542

45,4648,4501,1621,631374

5,218

22,777

9,562

22,087

3,103

7721,470

29,78321,879

7,441

718

82513

28,774

2,274163,697119,0242,2669,652

7,270

6

2,375

DistrictNo. 9(128

banks).

85,757167

102,770229

10

3,501

120459

547

421

10,1841,985696723191

2,123

4,788

632

7,865

443

375312

121,308

6,219

402,216

10,1723,757

1,541

129

1195

6,832

1,12935,99153,388

1572,430

5,451

DistrictNo. 10(60

banks).

4271,048

1,1.58

1498

13,0872,798471192373

2,370

8,014

8,023

18,861

1,683

587186

174,024

13,3354,259

2,236

256

4104

30,437

2,68772,72432,9681,0819,762

1,898

1,550

417

121,308 174,024

22,607

2,149

5,054

591

9,262

1,453

DistrictNo. 11(192

banks).

91,561419

3,895

37459

525

39656

1,2623,0041,2691,494217

2,694

5,749

1,173

11,296

542

2711,609

128,171

DistrictNo. 12

(212banks).

532,325979

111

1,833

43,712

3,37210,620

12,512

722,386

121,80618,1424,1693,2911,98111,881

36,433

5,678

46,639

5,561

4,6494,366

872,518

15,885 56,0756,252 24,181

2,053 ! 11,301

180

71248

7,602

1,35469,28318,516

282,434

4,145

114

128,171

9,737

502

603

1,69518

21,859

9,095223,529493,6552,45217,428

5,890

204

1,789

252,719

TotalUnitedStates(1,550

banks).

5,810,3374,533

2,359

189,514

387,906

13,163102,851

123,241

55632,934

1,387,588172,74521,74630,51014,921

147,602

577,174

117,993

354,710

213,983

27,801151,688

9,885,855

579,391528,112

184,483

24,961

22,7795,371

576,124

164,2504,475,9292,645,703

99,625243,775

51,536

12,686

194,759

5,17971,192

872,518

20,404

1,935

9,885,855

328,164

19,093


, 1921. FEDERAL BESERVE BULLETIN. 88?

ABSTRACT OF CONDITION REPORTS OF STATE BANK AND TRUST COMPANY MEMBERS OF THE FEDERAL RESERVESYSTEM ON APRIL 28, 1921, BY CLASSES OF BANKS.


RESOURCES.

Loans and discountsOverdraftsCustomers' liability on account of letters of

creditCustomers' liability on account of acceptances.Liberty bonds (exclusive of Liberty bonds

borrowed)Other U. S. bonds (exclusive of U. S. bonds

borrowed)U. S. Victory notesU. S. certificates of indebtednessWar savings and thrift stamps and Treasury

Savings certificatesStock of F. R, BankOther bonds, stocks, and securities (exclusive

of securities borrowed)Banking houseFurniture and fixturesOther real estate ownedGold coin and certificatesAll other cash in vaultLawful reserve with F. R. BankItems with F. R. Bank in process of collection.Due from banks, bankers, and trust companies.Exchange for clearing house, also checks on

other banks in same placeOutside checks and other cash itemsOther assets

Total.

LIABILITIES.

Capital stock paid inSurplus fund ,Undivided profits, less expenses and taxes

paidAmount reserved for taxes accruedAmount reserved for interest accruedDue to F. R. BankDue to banks, bankers, and trust companies..Certified and cashiers' or treasurers' checks

outstandingDemand depositsTime depositsU. S. depositsBills payable with F. R. BankBills payable other than with F. R. Bank....Cash letters of credit and travelers' checks

outstanding ,Acceptances executed for customersAcceptances executed by other banks for ac-

count of reporting banksOther liabilities

Total.Liability for rediscounts with F. K. BankLiability for rediscounts with other banksRatio of reserve with F. R. Bank to net de-

posit liability (per cent)

Central reserve city banks.

New York(31 banks).

1,595,679678

557128,405

132,895

1,23025,62256,701

138,603

300,02043,808

1,7532,3895,976

33,559234,70529, 52044,940

154,1017,094

107,965

2,916,213

133,400155,439

60,92011,4768,798

265,189

112,8411,686,234

161,80045,95581,6823,108

10,865135,204

3,65239,650

2,916,213

59,570

12.4

Chicago(14 banks).

456,98540

2121,938

7,354

708.669

37, 85042', 577

13, 0774,2911,352

49,375

6,514310,232206,712

4,9555,365

5319,971

1,2525,093

708,669

12,1034,100

13.2

St. Louis(10 banks).

130,25085

1361,472

2,946

6,7102,8271,045

162,413

70,4113,05110885

1,0019,746

47,8468,47439,014

11,5394,436

13'. 609

349882

839

27,4382,94841342751

1,96412, 8786,3625,499

1,863179629

197,610

13,32514,708

3,767310357

12,954

1,09187,27854,7092,0864,754

61,472

793

197,610

8,554

12.4

Total(55 banks).

2,182,914803

714151,815

143,195

7,94028,79858,628

2911,855

397,86949,8072,2742,9017,028

45,269295,42944,35689,453

167,50311,709

122,203

3,822,492

1S4,575212,724

77,764• 16,077

10,507

327,518

120,4462,083,744

423,22152,99691,8013,108

10,924156,647

4,90445,536

3,822,492

80,2274,100

12.6

Other re-serve city

banks(196

banks).

2,166,0711,948

1,64133,644

138,040

4,65941,66145,112

17513,098

603,47176,7307,746

18,7414,139

55,003185,13558,289

164,580

37,43411,46421,478

3,690,259

222,637218,547

59,0016,3337,0531,930

199,011

31,0101,436,2691,298,933

39,58898,64914,742

1,74734,119

25020,440

3,690,259

179,0374,777

9.9

Countrybanks(1,299banks).

1,461,3521,782

44,055

106,671

56432,39219,501

3527,981

386,24846,20811,7268,8683,75447,33096,61015,348100,677

9,0464,628

• 8,007

2,373,104

172,17996, 841

47,7182,5515,2193,44149,595

12,794955,916923,5497,04153,32533,686

153,993

255,216

2,373,104

68,90010,216

7.1

Total United States.

Apr. 28,1921(1,550

banks).

5,810,3374,533

2,359189,514

387,906

9,885,855

579,391528,112

184,48324,96122,7795,371

576,124

164,2504,475,9292,645,703

99,625243,77551,536

12,686194,759

5,17971,192

9,885,855

328,16419,093

10.3

Dec. 29,1920(1,481

banks).

5,640,0435,708

603212,494

381,453

13,163102,851123,241

55632,934

1,387,588172,74521,74630,51014,921147,602577,174117,993354,710

213,98327,801151,688

6,731105,774135,232

76530,887

1,340,24?161,07016,88226,95713,858170,682578,688122,213381,113

289,33334,368171,693

9,826,794

527,520507,503

183,44525,11821,7344,053

534,767

210,7284,519,6022,556,818106,166267,24556,665

12,339218,292

C1)74,799

9,826,794

433,51429,663

10.4

1 Included in acceptances executed for customers.



ABSTRACT OF CONDITION REPORTS OF ALL MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT ON APR. 28, 1921(INCLUDING 8,148 NATIONAL BANKS AND 1,550 STATE BANKS AND TRUST COMPANIES).


DistrictNo. 1(436

RESOURCES.

Loans and discounts.OverdraftsCustomers' liability

on account of ac-ceptances

U. S. Governmentsecurities owned1..

Other bonds, stocks,and securities2

Banking house, fur-niture, and fixtures.

Other real estateowned

Cash in vaultLawful reserve with

F. R.BankItems with F. R.

Bank in process ofcollection

Due from banks,bankers, and trustcompanies

Exchanges for clear-ing house; alsochecks on otherbanks in same place.

Outside checks andother cash it ems

Redemption fundand due from U.S.Treasurer

Other assets

Total.. 2,078,561

LIABILITIES.

Capital stock paid in.Surplus fundUndivided profits,

less expenses andtaxes paid3

Due to F. R.Bank..Due to banks, bank-

ers, and trust com-panies ,

Certified and cash-iers' or treasurers'checks outstanding.

Demand depositsTime depositsU.S. depositsBills payable with

F. R.BankBills payable other

than with F. R.Bank

Cash letters of creditand travelers'checks outstanding.

Acceptances exe-cuted for customers.

Acceptances exe-cuted by otherbanks for accountof reporting banks..

National bank notesoutstanding

U. S. Governmentsecurities borrowed.

Other bonds and se-curities borrowed..

Other liabilities

Total..

Liability for redis-discounts, includ-ing those with F.R.Bank*

,275,716439

56,009

150,851

253,362

38,621

6,18743,466

1,07,373

32,968

69,371

19,818

4,351

2,46017,569

139,393124,384

70,2742,679

115,02(

13,5361,049,254 4,

390,82823,262

26,283

5,112

58,66S

47,44,

5,39C

4512,86:

2,078,56:

77,11

DistrictNo. 2(791

banks).

, 949,627 1,048,602J1,606,507| 808,018| 623,3091,415

293,265

684,574

,072,796

123,946

9,914142,145

631,856

111,543

147,145

443,560

16,891

4,442251,736

884,855

DistrictNo. 3(700

banks).

DistrictNo. 4(877

banks).

DistrictNo. 5(614

banks).

DistrictNo. 6(487

banks).

270

11,188

241,436

426,632

722J

14,606

292,564

494,0

41,9961 72,849

6,12144,986

101,680

40,406

62,781

25,611

3,123

2,9039,706

2,067,441 2,902,133

429,6871 113,736465,497 173,357

246,8024,890

1,003,885

283,610,476,1891,006,696121,168

321,088

8,958

13,452

304,051

12,236

82,567

32,519

18871,372

59,5032,227

140,199

9,410911,2531447,22328,178

94,050

4,589

72

12,068

339

55,056

10,391

705,720

8,884,855 2,067,44:

299,144 56,95£

14,13657,670

139,658

42,110

130,246

20,258

4,271

4,4518,005

186,095182,877

74,9403,24C

182,304

13,623,201,572846,98023,138

49,244

8,125

1,304

6,939! 9,017

161,951j 114,423

104,775| 66,802

35,760i 29,055

2,640,251: 726,5312;268| 1,011

52,487! 3,104

334,837 108,393

3,77529,118

55,825

26,218

64,292

9,922

3,018

3,1811,640

1,315,318 1,022,661 4,292,887 1,183,630 1,032,024,1,385,927

103,67376,175

32,2095,578

85,482

7,635499,696353,222

9,316

48,650

17,292

1,558 18

i14,586 i 6,456

21 483

87,947 58,533

18,736 9,154

4496,698

781,668

2,902,1321,315,318

92,930 83,483

4,55822,260

42,623

14,668

75,602

9,281

2,684

2,0954,980

81,30'54,553

22,628558

81,841

DistrictNo. 7(1,423

banks).

DistrictNo. 8(575

banks).

DistrictNo. 9(1,008

banks).

683,8081,016

1,9

81,814

452,391; 117,475J 74,711

79,428i 25,513! 24,856

9,427!88,542;

4,04619,906

4,89319,843

234,263 64,122I 43,019

51,265

248,207

55,722

12,674

4,17026,955

29,316

69,434

8,175

1,714

2,0312,"""

4,224403,262248, '~4,380

43,567

20,738

14

9,072

397

40,703

3,965

8852,143

275,419198,615

99,920813

426,274

30,3341,651,378',277,500

26,219

103,165

28,261

1,840

49,551

2,433

82,492

22,454

17116,048

75,210 281,905

7,833

73,477

5,908

3,790

1,6663,407

94,87554,122

27,973210

120,832

5,307500,721269,5187,160

30,320

12,312

21

3,080

DistrictNo. 10(1,087

banks).

846,3761,976

2,740

116,014|

81,538

DistrictNo. 11

(849banks).

1,644

1,102

94,798

22,088

DistrictNo. 12

(851banks).

588,5611,379,187 17,176,4932,351

19,552

245,418

244,314

31,319 29,141! 60,944

3,728 7,20628,379 22,287

73,854J 45,765

33,960, 18,812

144,758

14,164

3,260

2,3261,535

76,158 97,60341,032 52,581

22,179

82

81,100

10,350345,534368,4427,370

17,327

19,824

26

1,673

1,299

1,022,661 4,292,887 1,183,63011,032,024 1,385,927 924,979

53,835 60,255

79,228

5,389

3,542

2,4582,958

924,979 2,357,51'

89,51049,721

29,302 23,4661,151166

191,321 74,933

18,252646,353242,7567,156

28,267

16,199

104

2,740

44,769

5,633

8941,831

9,703478,256105,1843,595

16,419

22,253

59

1,052

74

45,375

2,082

2371,909

75,179 60,551

8,89545,420

114,291

22,279

160,445

23,720

8,268

3,39219,041

162,61879,504

43,973


banks).

15,302

471,992

2,627,073

3,410,964

593,428

82, 886564,022

1,654,329

431,378

1,324,986

641,528

67,586

35,575350,391

29,447,933

161,650

29,274910,757786,67011,619

50,418

24,796

735

18,938

2,193

61,669

5,005

4736,93'

1,850,0741,552,418

753,16921,882

2,664,847

435,25813,074,2256,343,443272,561

188,459

18,001

481,936

22,233

679,083

130,685

4,086126,775

2,357,51'

120,252

29,447,933

1,336,813



ABSTRACT OF CONDITION REPORTS OF ALL MEMBER BANKS OF THE FEDERAL RESERVE SYSTEM ON APR. 28, 1921, BYCLASSES OF BANKS (8,148 NATIONAL BANKS AND 1,550 STATE BANKS AND TRUST COMPANIES).


RESOURCES.Loans and discountsOverdraftsCustomers' liability on account of acceptancesU.S. Government securities owned l

Other bonds, stocks, and securities 2

Banking house, furniture and fixturesOther real estate ownedCash in vaultLawful reserve with F. R. BankItems with F. R. Bank in process of collectionDue from banks, bankers, and trust companiesExchanges for clearing house, also checks on other

banks in same placeOutside checks and other cash items ,Redemption fund and due from U.S. Treasurer ,Other assets

Total.LIABILITIES.

Capital stock paid in.Surplus fund.Undivided profits, less expenses and taxes paid 3

Due to F. R.BankDue to banks, bankers, and trust companies.Certified and cashiers' or treasurers' checks outstand-

ing.Demand depositsTime depositsU. S. depositsBills payable with F. R. BankBills payable other than with F. R. BankCash letters of credit and travelers' checks outstanding.Acceptances executed for customersAcceptances executed by other banks for account of

reporting banksNational bank notes outstandingU. S. Government securities borrowedOther bonds and securities borrowedOther liabilities

Total.Liability for rediscounts, including those with F. R.

Bank 4Ratio of reserve with F. R. Bank to net deposit liabil-

ity (per cent)

Central reserve city banks.

NewYork (62banks).

3,747,7081,017

453, 501589, 806

81, 0163,514

95, 885521, 91780,69177, 673

431, 88813, 5151,999

245,122

6,614,180

300,000372, 877189, 269

224938, 577

273, 4463, 398, 753

298, 814109, 850272, 4583, 77513,190

299, 778

12,14035,14329,528

5966,299

6,614,180

255, 385

12.7

Chi-cago (24banks).

1,009,023266

45, 93136, 722

106, 49815, 276

18828,154

118, 04527, 96299, 225

36, 3655,600

2819, 442

1, 548, 725

92, 40085, 52741, 531

288,319

14, 757708, 510228, 071

12,03418, 767

87343,174

2,329540

3,950

7, 943

1, 548, 725

122, 593

13.0

St. Louis(14.

banks).

284,00494

1,99619,16144,4398,4051,8453,992

29, 91918, 79017, 822

4,868377445

1,191

437, 348

37,02523, 60811, 034

61,353

2,200188,11482, 5714,6249, 858

191,996

8,4674, 599

1,880

437, 348

19, 938

12.8

Total(100

banks).

5,040, 7351,377

336, 855509, 384720, 743101, 6975, 547

128, 031669, 881127,443194, 720

473,12119, 4922,472

265, 755

8,600, 253

429, 425482, 012241, 834

2241, 288,249

290, 4034,295,377

609, 456126, 508301, 0833,775

14, 082344, 948

14, 46944,15038,077

5976,122

8, 600,253

397,916

12.8

Otherreserve

citybanks(571

banks).

5,437,6033,813

123, 245728, 078

1,014,686196, 74335, 775163,505499, 954251,469505, 094

132, 30326, 7108,680

60, 756

9,188,414

567,034504, 504220, 309

7,1301,075, 467

85, 2503,955,1691, 948, 434

111, 450269, 70550, 6592,693

125,199

7, 541161, 86859, 7182,282

34, 002

9,188, 414

559,606

10.1

Countryba.nks(9,027

banks).

6,698,15510,11211,892

1, 389, 6111,675,535291, 98841, 564

272, 486484, 49452, 466

625,172

36,10421, 38424, 42323, 880

11,659,266

853,615565,902291,02614, 528

301,131

59, 0054, 823, (5793, 780, 553

34, 603258,010134, 0251,226

11, 789

223473, 06532, 8901, 745

16, 651

11, 659, 266

379, 291

7.4

Total United States.

Apr. 28,1921 (9,698

banks).

17,176, 49315, 302

471, 9922, 627, 0733, 410,964

593, 428

564, 0221,654, 329

431, 3781, 324, 9S6

641, 52867, 58635, 575

350,391

29, 447,933

1, 850, 0741, 552,418

753,16921, 882

2, 664, 847

435, 25813,074, 2256, 343, 443

272, 561828, "98188, 459

18, 001481, 936

22,233679, 083130,685

4, 086126, 775

29, 447, 933

1, 336, 813

Dec. 29,1920 (9,606

banks).

17,731,76022,676

566,6782, 759, 4283, 360,948

565,56773,901

677,9251, 763,424

544, 8151, 576,622

963, 88191, 22238,350

447, 001

31,184,198

1,799, 0611, 526,901

794,24521, 953

3, 062, 304

593,38914, 019,9016,187, 921

316,1911,026,492

208, 44017, 901

593, 708

()693,415140, 451

4,377177, 548

31,184,198

1, 894, 818

10. 0

1 Includes U. S. Government securities borrowed by national banks.2 Includes other bonds and securities borrowed by national banks.8 Includes amounts reserved for taxes and interest accrued.* Includes acceptances of other banks and foreign bills of exchange sold with indorsement or other guaranty by national banks.5 Included in acceptances executed for customers.

CLASSIFICATION OF LOANS AND DISCOUNTS OF STATE BANK AND TRUST COMPANY MEMBERS OF THE FEDERALRESERVE SYSTEM ON APRIL 28, 1921.


On demand:Not secured by collateral..Secured by Government

war obligationsSecured by other collateral.

On time:Not secured by collateral..Secured by Government

war obligationsSecured by other collateral.

Secured by real estate deedsof trust or other real estateliens

Acceptances of other banksdiscounted

Acceptances of this bank pur-chased or discounted

Loans and discounts not class! >fied

Totalloans and discounts.. 474,258

DistrictNo. 1

(40banks).

33,162

2,75163,269

226,904

19,07465,121

61,167

1,133

1,677

DistrictNo. 2(134

banks).

87,245

29,353571,133

962,772

138,289305,478

60,993

68,230

7,138

2,230,631

DistrictNo. 3

(47banks).

7,182

5,25096,308

48,078

17,20918,892

7,918

2,397

203,234

DistrictNo. 4(113

banks).

31,109

8,190114,336

268,995

22,33991,564

142,096

4,759

704

684,092

DistrictNo. 5

(57banks).

2,365

85112,338

56,344

5,26227,702

7,546

150

55

112,613

DistrictNo. 6(110

banks).

76530,839

103,183

8,68272,105

18,586

636

740

241,505

DistrictNo. 7(362

banks).

38,011

3,937149,349

492,138

31,363201,816

213,601

8,502

708

650

1,140,075

DistrictNo*(95

banks).

11,439

1,93838,565

110,934

7,09876,237

37,338

1,447

1,888

133

287,017

DistrictNo. 9(128

banks).

3,832

2934,691

34,281

1,78727,439

18,337

332

58

352

91,402

District DistrictNo. 11

(192banks).

No. 10(60

banks).

6,216

116,527

44,428

4,91142,367

9,025

113,485

3,435

1457,083

31,059

1,19149,334

9,478

75

101,800

DistrictNo. 12

(212banks).

19,403

1,91523,572

164,822

11,57581,116

238,057

14,242

14

1,082

555,798


banks).

249,368

55,3991,118,010

2,543,938

268,7801,059,171

824,142

101,903

12,982

2,217

6,235,910


890 FEDERAL BESERVE BULLETIN". JULY, 1921.

FOREIGN EXCHANGE RATES.

MONTHLY RANGES OF EXCHANGE RATES ON LEADING FOREIGN CENTERS QUOTED IN NEW YORK DURING THE THREEMONTHS ENDING JUNE, 1921.

London:Demand billsCable transfers

Paris:Demand billsCable transfers

MadridMilan:

Demand billsCable transfers

Z u r i c h . . . .BrusselsAmsterdamCopenhagenChristiania. . .StockholmBerlinViennaYugoslaviaAthensSofiaBucharest..PragueWarsawHelsingforsCalcuttaSingaporeHongkongShanghaiYokohama.Canada -Mexico CityBogotaRio de Janeiro.Montevideo . . . .Buenos AiresValparaiso

London average price of silver perfine ounce:

Converted at par (1 pound=$4.8685)

Converted at average rate ofexchange.

New Y o r k average price of foreignsilver per fine ounce:

Official. . . . . .Actual

Dollars for—

1 pound.. . .do

100 francs.do

100 pesetas

100 lire..do.. . .

100 francsdo

100 florins100 kroner.. .

. . .do100 kronor.100 marks100 kronen1

/ do

100 drachmae100 levax

100 lei1 . .100 kronen100 marks 1

100 markkaa 1

100 rupees100 Singapore dollars..100 Hongkong dollars..100 Shanghai taels100 ven..100 Canadian dollars 2 -100 pesos.100 Colombian dollars l

100 paper milreis100 pesos1

100 gold pesos100 paper pesos

Exchangeat par.

$4. 86654.8665

19.3019.3019.30

19.3019. 3019.3019.3040.2026.8026.8026.8023.8220.2620.26

19.3019.3019.3020.2623.8219.3048.6656.78

3 47. 77< 66. 85

49.85100. 0049.8597.3332. 44

103.4296.48

& 19. 53

i

April.

Low.

$3. 88253.8900

6. 97006. 9800

13. 8400

4.0904.095

17. 2807.270

34. 48017.8015. 5522.951. 4000.2650.6950

9 7^06.0001.2501.3501.320.125

2.10026. 00045.5047.0064.0048.2588. 35049.12579. 36013. 37565. 68071. 59011.625

High.

$3.96503. 9725

7. 75257. 7600

14.00

4.8904.895

17. 5707.730

35.15018.2516.1523.831.6300.3750.7175

9 ono7.7001.3501.7101.410.135

2.80026. 50046. 2552.0068. 5048. 2589.687549.7583. 3314. 37571.4276. 7013. 750

0. 75045

.(

•

50521

5933759830

May.

Low.

$3.88753. 89375

7. 82257.83

12.50

4.824.825

17.507.82

34. 3317.7015. 3022.921.48.18.715

9 ^n^4.831.281.581.37.1075

2.0525.7546.0048. 37565.0048.2589.12548. 312583.3313.2562.3067.61411.00

High.

$4,0004.00625

8. 77508.78

13.98

5.6055.61

18.008.765

36.2718. 2316. 5723. 681. 7925.29.895

o f.r\6.181.351.831. 55.140

2.4026. 5046.2553. 5070. 0048. 37590.2549. 5086.2013. 7570. 4276. 4212. 25

0. 74896

.61041

5981050310

June.

Low.

$3. 726253.7300

7.907.905

12.84

4.754.755

16.757.885

32.7616.7714. 2022.001.32.173.675

9 fi95.751.081.5061.35.058

1.53024.7544.0049.0066.5048.0087. 687547. 87586.2010.5063.12063.7510.25

High.

$3.9O37.r3.91

8.3958.40

13.34

5.305.305

17.628.385

34.5617,8015.3022.981. 5825.250.80

6.301.301.671.49.105

2.0025.2546.2550.7567.5050.0089.5050.0088.8813. 37570.1773.5812.625

0.76662

6.59450

i .585105.59125

1 Cable rates.2 Checks (demand).3 Silver content at average price in 1913 ($0.4777) taken as par.* Silver content at average price in 1913 ($0.6685) taken as par.5 Average value of paper peso for 1913 ($0.1953) taken as par.6 Average rate of exchange for April, $3.92260.7 Average rate of exchange for May, $3.96710.8 Average rate of exchange for June, $3.77476.



FINANCIAL STATISTICS FOR ENGLAND, FRANCE, ITALY, GERMANY, SWEDEN, ANDJAPAN.

A summary of banking and financial conditions abroad is presented statistically in theaccompanying tables. Similar material will be published regularly each month in theBULLETIN.

BRITISH FINANCIAL SITUATION.

[Amounts in millions of pounds sterling.]

1913, average of endof month figures...

1920, end of—MavJuneJuly . .AugustSeptemberOctoberNovemberDecember

1921:JanuaryFebruaryMarchAprilMav -June

Deposit and note accounts, Bank ofEngland and Treasury.

Banknotes.1

29

104107107106109109109113

109108110109108110

Cur-rencynotesand

certifi-catesout-

stand-ing.

348357362356354356349368

342336344338333324

De-posits,public

andother.

57

118192134116127137123190

129127138141128147

Coinand

bullion.2

38

141146152152152152153157

157157157157157157

Government floating debt.

Treas-ury

bills.

1,0621,0501,0581,0671,1391,0281,0971,102

1,1451.1101,1211,1001,1521,222

Tempo-rary ad-vances.

221244204183143241231306

242189155190163152

Totalfloating

debt.

1,2831,2941,2621,2501,2821,2691,3281,408

1,3871,2991,2751,2901.3151,374

Nine London clearing banks.3

Moneyat calland

shortnotice.

9988839296

Dis-countsand ad-vances.

1,2071,1721,1451,1271,144

Invest-ments.

341340336331307

De-posits.

1,8101,7541,7151,7101,729

Discount rates.

3 months'bankbills.

Per cent.

m6H

1

6 months'tradebills.

Per cent.

7*7|

1n7A

7

76

1 Less notes in currency notes account. 2 Held by the Bank of England and by the Treasury as note reserve. 3 Average weekly figures.

FRENCH FINANCIAL SITUATION.

[Amounts in millions of francs.]

1913, average1920, end of—

MavJuneJuly .AugustSeptember..OctoberNovember.. .Decf/mber

1921:JanuaryFebruaryMarchAprilMav .June

Goldreserves.

3,343

6 3,60953,610&3 611& 3,6127 3 5317 3 537T 3,5437 3,5527 3,5537 3,5557 3,5567 3,5667 3,57073,572

Bank of France.

Silverreserves.

629

240241248255256264265266

268264267271272274

Deposits.1

830

3,7513,6533 4163 2673 3073,4743 9273,575

3,4293.2933; 1033 0183,0412,861

Circula-t ion.

5,565

37,91537,54437 69637,90539 20839 08438 80737,902

37 91337,80838,43538 21138,23337,422

Advancesto the

Govern-ment forpurposes

of thewar.2

26,05026 00025 55025 80026 60026 60026 60026.600

25 60025,60026,20026 00020,20025,000

Situation of the Government.

Govern-ment 3

revenue.

320

857908

1 109882

1 1201 3321 OSS1,168

1 204921972

1,2481,004

Publicdebt.

35,000

6 2S5 836

s 302,304

Price of3 per centperpetual

rente.

86.77

59.3557.2558 9056.3054 1556 2055.4057.95

59.1658.1558.1756.9257.1556.26

Value ofnew stockand bond

issuesplaced

upon theFrench

market.4

9951,861

3441 085

492

1 Includes Treasury and individual deposits.» Under the laws of Aug. 5 and Dec. 26,1914, July 10,1915, and Feb. 16, 1917.3 From indirect taxation and Government monopolies.* Figures of the " Association Nationale des Porteurs Frangais de Valeurs Mobilieres."

companies not included.ft Not including about 1,978 million francs held abroad.6 Foreign debt calculated at the exchange rates of Sept. 30,1920.7 Not including about 1,948 million francs held abroad.8 Foreign debt calculated at the exchange rates of Feb. 28,1921.

55762—21 9

Bonds issued bv the Government and the railroad



ITALIAN FINANCIAL SITUATION.

[In millions of lire.]

E n d of1913...

December,

1920.MarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

January.February.MarchApril

1921.

Leading private banks.1

Cash.

129

818850813874864872942

1,0351,0971,297

1,1841,0121,0611,162

Loans,dis-

counts,and

corre-spond-ents'debts.

2,007

14,42114,88415,24014,99614,92415,17715,65315,70016,00316,538

17,11316,84217,09617,162

Depos-its andcorre-

spond-ents'

credits.

1,674

13,39714,04514,04414,06014,13114,45714,82414,90915,31515,801

16,39215,96116,42516,C94

Banks of issue.

Loansanddis-

counts.

857

5,3225,8045,7826,7846,5766,2336,6287,0836,3977,074

6,9317,1587,144

Goldre-

serve.

1,375

1,0581,0591,062

TotalDepos-its and

de-mandliabili-

ties.

1,661

2,053 I2,0352,0652,1102,1132,1722,2172,0822,0692,077

2,0452,0072,043

318

2,2962,3772,2642,3792,1962,2762,4942,3372,5892,559

2,6352,2212,461

Com-mer-cial

circu-lation.

2,284

5,4786,0296,4597,4847,6157,4138,2318,3618,577

8,6588,6189,234

Circula-tion foraccountof thestate.

10,45410.40110.40210,33310,28410,52410,6S210,94010,89910,743

10,60610,3089,531

Government finances.

Statecur-

rencynotes.

499

Treas-ury

metal-lic re-serve.

2,538

2," 546'

343

349

2,546 !

Short-termtreas-ury

bills.

9,3009,80010,20010,30010,70011,70013,200

I

Totalpublicdebt.

Prin-cipalreve-nue!fromtaxa-tionandmo-

nopo-lies

duringmonth.3

95,000

99,000

ioi,'6o6'

561878461

1,268563

1,222

8221,210

6061,3C9

i 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.]

1913 average-..1920, end of—

MayJuneJuly..AugustSeptember.OctoberNovember.December..

1921, end of—JanuaryFebruary..MarchAprilMayJune

Reichsbank statistics.

Reserve.

Gold.

1,068

1,0921,0921,0921,0921,0921,0921,0921,092

1,0921,0921,0921,0921,092

Reichsund

Darlehns-kassen-scheine.

32

15,90717,25217,87418,68619,86121,34120,36323,417

22,81021,98223,83624,14914,362

Note cir-culation.

1,958

50,01753,97555,96958,40161,73563,59664,28468,806

66,62167,42769,41770,84071,839

Deposits.

668

17,02423,41417,28215,77220,05417,94517,34022,327

15,83417,35728,04320, 85614,093

Darlehns-kassen-scheinein cir-

culation.

13,56713,63313,32813,25613,34813,02412,37012,033

11,34110,75510,1689,5439,043

Situation of the Government.

Receiptsfromtaxes.

1,0801,7181,9951,9832,4413,2114,4347,150

6,7417,7666,846

Floatingdebt.

141,987

148,750156,825161,920165,918152,727

166, 329172,634176,643

3 per centimperial

loan.1

75.90

67.5062.9060.6460.8062.2566. 2568.6065.75

67.0067.2567.6072.1072.1067.75

5 per centwar

loan.1

Value ofnew stockand bond

issuesplaceduponthe

Germanmarket.3

98.7098.3098. 5098.7099.9099.0098.7598.90

99.5099.7599.7099.8099.7599.75

2,0422,397894

2,5591,4682,238

Indexnumber

ofsecuritiesprices.2

1 Quotations of the Berlin Bourse.3 Calculated by the Frankfurter Zeitung with the prices of 10 bonds and 25 stocks.* Compilation of the Frankfurter Zeitung.< As of June 1.» As of July 1.• As of Aug. 2.i As of Apr. 2.

Prices as of Jan. 1, 1920=100.

< 1095 1176 140

148161172179189

179155

i 163159165172



SWEDISH FINANCIAL SITUATION.

[In millions of kronor.]

Riksbank.

Gold coinand

bullion.

Notecircula-tion.

Joint-stock banks.

Billsdis-

countedwith the

Riks-bank.

Loansand dis-counts.

234.5

708.3736.5724.8742.2779.8772.8752.8

138.9

470.4527.6511.8566.0544.7501.5446.0

Riksbank.

Gold coinand

bullion.

Notecircula-tion.

Joint-stock banks.

Billsdis-

countedwith the

Riks-bank.


1913, end of December1920, end of:

MayJuneJulyAugustSeptemberOctoberNovember

102.1

261.0261.1261.3261.4279.8282.4282.4

2,286.9

5,998.65,982. 96,028.96,007. 46,068.76,079.06,117. 8

1920, end of—ContinuedDecember

1921—JanuaryFebruaryMarchAprilMayiJune

281.8281.9281.8281.7281.8281.6281.4

759.9672.5687.6716.9680.5651.1

450.3429.2451.3442.2400.9377.6

6,211.36,172.66,119.26,093.66,065.35,982.75,949.2

1 Provisional.

JAPANESE FINANCIAL SITUATION.

[Amounts in millions of yen.]

Bank of Japan.

Privateand Gov-ernmentdeposits.


Notecircula-

tion.Specie

reserve.2

Tokyoassociated

banks,totalloans.

Tokyo banks.

Tokyobank

clearings(totalwithin

themonth).

Averagediscount

rate(Tokyo

market).

1920, end of—1

MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..

1921, end of—January...February.March

prilApriMay.June..

1,1811,2611,2091,1651,1201,2021,0791,0481,1371,040

1,0711,1261,190

364432445381273278180164128158

115103

1,3681,3671,3281,3491,2021,2171,1701,1921,1801,439

1,2351,1411,1781,0581,0591,053

921917930979

1,0111,0401,0781,1171,1521,247

1,2351,1411,178

1,9821,9822,0892,0362,0292,0142,0762,1332,1342,137

2,1712,1882,2191,8481,8731,980

4,1353,1682,9222,5242,1092,1392,0321,9222,3022,841

2,0132,1432,5022,4422,5062,670

Per cent.10.1510.6210.9510.9910.9510.8010.5910.4810.4410.26

10.339.719.23

1 In case of Tokyo banks, and note circulation and specie reserve of Bank of Japan, last day of month.2 It is generally understood that in recent years a certain portion of the reserve has been held abroad. Specie reserve figures do not includ*bank's own notes held in the bank.


INDEX.

Acceptances: * a g e >

Acceptance liabilities of member banks 800Acceptance market, development of, during year 775Against shipping documents covering cattle, ruling on 815Banks granted authority to accept up to 100 per cent of capital

and surplus 814Held by Federal Reserve Banks 863Purchases by Federal Reserve Banks 860Reserves against money paid by customer in anticipation of,

ruling on 815Amendment to section 25 (a) of Federal Reserve Act 817Australia, index of wholesale prices in 845Bank debits 877Bankers' Live Stock Loan Corporation formed to assist the live-

stock industry 775Banking situation, discussion of:

Abroad 770In the United States 780

Building permits 836Business and financial conditions:

England 802,891France 804,891Italy 807,892Germany 808,892Sweden 810,893Netherlands 812United States 781

Canada, index of wholesale prices in 846Charters issued to national banks 814Charts:

Assets and liabilities of Federal Reserve Banks 865Assets and liabilities of member banks 871Debits to individual account 877Physical volume of trade 824Wholesale prices in the United States 819

Check clearing and collection:Operations of system during June 881Operations of system daring the year 850

Clearing-house bank debits 878Commercial failures 817Condition statements:

Abstract of condition reports of member banks 851,886Federal Reserve Banks 780,864Member banks 780,871,886

Cotton fabrics, production and shipments 830Currency receipts and payments, June, 1920-May, 1921 854Debits to individual account 877Deposits of Federal Reserve Banks during year 769,850Discount and open-market operations of Federal Reserve Banks. 857-863

Acceptances held 863Acceptances purchased—

During May 860During three months 861

Bills discounted during May 859Bills discounted during three months 861Bills held during May 862Earning assets held during May 862Earning assets held during year 8-19Number of banks discounting during May 858Rediscounts and sales of bills between Federal Reserve Banks

during year 854Volume of, during May 859War paper discounted during year 770

Discount rates 775,857,884,885Earnings and expenses of Federal Reserve Banks during year 851England:

Business and financial conditions 802,891Foreign trade 848Wholesale price index 843

Exchange values of foreign currency, index of 794Failures, commercial, reported 817Federal Reserve Act, amendment to section 25 (a) 817Federal Reserve notes:

Circulation of, during year 769,850Federal Reserve Agents' accounts during month 870Issued and redeemed during year 855Outstanding during year 856

Fiduciary powers:Exercise of, by national banks outside of State where located,

ruling on 816Granted to national banks during month 814

Page.Foreign exchange rates 779,890Foreign trade:

Index of 822Review of, during year 778United Kingdom, France, Italy, Sweden, and Japan 847

France:Business and financial conditions in 804,891Foreign trade 848Wholesale price index 843

Germany:Business and financial conditions in 808,892Wholesale price index 844

Gold:Imports and exports during month 779,882Imports and exports during year 771,856

Gold settlement fund transactions:During the month 880During the year 850

Imports and exports:Gold-

During the month 779,882During the year 771,856

Silver—During the month 779,883During the year 856

Index numbers:Exchange values of foreign currency 794Foreign trade 822Physical volume of trade 823Retail prices in principal countries 847Wholesale prices abroad 841Wholesale prices in the United States 818

India, index of wholesale prices in 846Interest rates prevailing in various centers 884Investment changes during the year 777Italy:

Business and financial conditions in 8€7,892Foreign trade 849Wholesale price index 844

Japan:Financial conditions in 893Foreign trade 849

Knit goods production 837Labor and employment situation 774Law department:

Limitations applicable to letters of credit 816Amendment to section 25 (a) of Federal Reserve Act 817

Letters of credit, limitations applicable to 816Live-stock industry, corporation formed to assist 775Member banks:

Acceptance liabilities of 800Condition of 780,871

Abstract of 851,886Number discounting during May 858State banks admitted to system 814

Money, stock of, in the United States 853,885National banks:

Acceptance liabilities of 800Charters issued to 814Fiduciary powers granted to 814

Netherlands, business and financial conditions in 812Norway, wholesale prices in 845Par list, number of banks on 881Physical volume of trade 823Prices:

Discussion of 776Retail, in principal countries 847Wholesale, abroad 841Wholesale, in the United States 818

Rates, discount:During year 857Earning' assets of Federal Reserve Banks 855,862In effect July 1 885

Readjustment situation during year 767Reserve ratio of Federal Reserve Banks 772Reserves of Federal Reserve Banks 769, 771,850Reserves against money paid by customer in anticipation of

acceptances and against balance due to foreign branch, ruling on. 815I


I I INDEX.

Resources and liabilities: Page.Federal Reserve Banks 8G7Member banks 852

Retail prices in principal countries 847Retail trade, condition of 837Rulings of the Federal Reserve Board:

Acceptances against shipping documents covering cattle 815Reserves against money paid by customer in anticipation of

acceptances and against balance due to foreign branch 815Exercise of fiduciary powers by national banks outside of

State where located 816Silver imports and exports 779, 856,883State banks and trust companies:

Acceptance liabilities of 800Admitted to system during June 814

Statistical review of condition of Federal Reserve System duringyear 767-779,849-856

Sweden:Business and financial conditions in 810,893Foreign trade 849Wholesale price index 845

Trade:Foreign. (See Foreign trade.)Physical volume of 773,823Retail, condition of 837Wholesale, condition of • 841

Treasury certificates of indebtedness allotted through FederalReserve Banks during year 853

Treasury financing during year, review of 777Wholesale prices:

Abroad 841In the United States 818

Wholesale trade, condition of 841


FEDERAL RESERVE DISTRICTS

——BOUNDARIES OF FEDERAL RESERVE DISTRICTS----BOUNDARIES OF FEDERAL RESERVE B'RANCH TERRITORIES® FEDERAL RESERVE BANK CITIES• FEDERAL RESERVE BRANCH CITIESO FEDERAL RESERVE BANK AGENCY


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Federal Reserve Bulletin July 1921

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