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Federal Reserve Bulletin March 1919

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FEDERAL RESERVE BULLETIN ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON MARCH, 1919 WASHINGTON GOVERNMENT PRINTING OFFICE 1919 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis FEDERAL RESERVE BOARD. EX OFFICIO MEMBERS. W. P. G. HARDING, Governor. CARTER GLASS, ALBERT STRAUSS, Vice Governor. Secretary of the Treasury, Chairman. ADOLPH C. MILLER. JOHN SKELTON WILLIAMS, CHARLES S. HAMLIN. Comptroller of the Currency. J. A. BRODERICK, Secretary. GEORGE L. HARRISON, General Counsel. W. T. CHAPMAN, Assistant Secretary. H. PARKER WILLIS, W. M. IMLAY, Fiscal Agent. Director, Division of Analysis and Research. F. I. KENT, M. JACOBSON, Statistician. Director, Division of Foreign Exchange. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis SUBSCRIPTION PRICE OF BULLETIN. The Federal Reserve Bulletin is distr i piu tet d wit ho u t charge to member banl<s of the system and to the oiiTcerTanT^nec^rT of Federal Reserve Banks; In sending the Bulletin to others the Board feels that a subscription should be required. It has accordingly fixed a subscription price of $2 per annum. Single copies will be sold at 20 cents. Foreign postage should be added when it will be required. Remittances should be made to the Federal Reserve Board. Member banks desiring to have the Bulletin supplied to their officers and directors may have it sent to not less than ten names at a subscription price of $1 per annum. No complete sets of the Bulletin for 1915, 1916, or 1917 are available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis TABLE OF CONTENTS. Page. Review of the month 189 Business conditions in February 202 Special report to the Board on business readjustment in the United States 205 Statement of Secretary of Treasury before Ways and Means Committee concerning the fifth Liberty loan 218 Text of fifth Liberty loan act 225 Amendments to the Federal Reserve Act as passed 228 Study of credit barometrics, prepared by Mr. Alexander Wall 229 Rules and regulations adopted by the New York Clearing House Association regarding check collections 243 Formation of the Industrial Board of the Department of Commence to put into effect a program for the readjust- ment of prices 246 Report of committee appointed by the Secretary of the Treasury to investigate conditions in the gold-mining industry 248 Ruling of Commissioner of Internal Revenue relative to computation of discount and interest rates for taxation purposes 249 Instructions by Comptroller relative to method of reporting certain items on call report 249 Statement of condition of national banks, issued by the Comptroller 250 State banks and trust companies admitted to the system during the month 250 Banks granted authority to accept up to 100 per cent of capital and surplus 251 Fiduciary powers granted to national banks 251 Commercial failures reported 252 Charters issued to national banks during the month 252 Rulings of the Federal Reserve Board 253 Law department 254 Bank transactions during January-February 258 Index of wholesale prices 261 Discount and interest rates prevailing in various cities 265 Physical volume of trade 267 Gold settlement fund transactions 274 Bills and war paper discounted during each month in 1918 by all Federal Reserve Banks and by the Federal Reserve Bank of New York 276 Chart showing 277 Discount operations of the Federal Reserve Banks 278 Resources and liabilities of the Federal Reserve Banks 282 Federal Reserve note account of the Federal Reserve Banks and agents 285 Member bank condition statement 287 Imports and exports of gold and silver 290 Estimated stock of money in the United States 291 Discount rates in effect 292 Operation of the Federal Reserve clearing system 293 Condition of principal European banks of issue, 1913-1918 294 Abstract of condition of member banks 296 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis FEDERAL RESERVE BULLETIN VOL. 5 MARCH 1, 1919. No. 3 REVIEW OF THE MONTH. | of indebtedness, as has just been pointed out, and before the actual floating of the new loan The outstanding feature of public finance it may be expected that the total of their during the month of February advances will have aggregated well toward a has been the further develop- billion dollars above the proceeds of the new ment and announcement of the loan or, what is the same thing, that outstand- conditions under which the fifth Liberty loan is ing issues of certificates will have had to be to be offered to the public. It has been decided met from the proceeds of new issues, as has to make the actual offering of the loan a little been the case in the past. Meanwhile, the later than had been originally intended, opening House of Representatives on February 8 the campaign on April 21 and financing the Gov- adopted the conference report on the war ernment in the meantime by further issues of revenue bill, the Senate taking similar action short-term certificates of indebtedness. Of on February 12, while the measure was signed these certificates two issues have been placed and became a law on February 24. This act on the market during the month of February, is now expected to produce a revenue of at being announced under dates of February 7 least $6,000,000,000, of which the first pay- and February 21 and for amounts of ment of substantial amount must be made at $687,381,500 and $620,578,500, respectively. the time when the returns are filed with the The total of such certificates of indebtedness of Bureau of Internal Revenue on March 15. all issues now outstanding in anticipation of These tax contributions will thus be received the proceeds of the fifth loan is thus in time to be of material assistance in solving $3,845,678,000. Assuming that the fifth loan the financial problems of the Government, will amount to about $6,000,000,000, it is thus since the tax receipts will probably antedate seen that practically two-thirds of the entire by about five to six weeks the first install- issue has already been drawn from the banks ments from subscriptions to the fifth loan. and applied to public purposes. Government The Secretary of the Treasury on February expenses have materially declined during the 10 sent to the chairman of month of February, the total net expenditures the HoUse Wa^S and MeanS for the month being only about $1,200,000,000. Committee a notable letter in As an offset to this favorable showing it should, which he set forth plans for the financing of the however, be remembered that the month con- fifth Government loan. With this letter was tained only 28 days, so that the reduction is transmitted the draft of an act designed to not so great, relatively speaking, as it seems. carry into effect the plan of finance which Mr. Nevertheless, the turn of the tide has undoubt- Glass had thus sketched. The bill as thus pro- edly set in, and it may be expected that from posed would (1) increase the authorized issue of this time forward, in the absence of new or bonds from $20,000,000,000 to $25,000,000,000; unusual appropriations, the monthly outgoes (2) remove the limitation as to interest rate so of the Government will be less rather than far as regards bonds maturing not more than more. The banks, however, are already car- I 10 years from the date of issue; (3) authorize rying a very substantial burden of certificates ! the issue of not to exceed $10,000,000,000 of 189 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 190 FEDERAL RESERVE BULLETIN". MARCH 1,1919. interest-bearing, noncirculating notes having exempt from taxation. The difference be- maturities from one to five years; (4) authorize tween the general proposal to place an issue of the issue of bonds and notes payable at a long-term bonds and that which contemplates premium; (5) exempt war-savings certificates the sale of short-term notes of varying maturi- from income surtaxes; (6) confer authority ties and conditions is practically one of bank- upon the Secretary of the Treasurj^ to deter- ing technique. Short-term securities are not, mine the exemptions from taxation in respect on the whole, as well adapted for investment to future issues of bonds and notes and to en- by private individuals as longer term issues, large the exemptions of existing Liberty bonds while financial custom has usually dictated the in the hands of subscribers for new bonds and absorption of short-term issues by investment notes; (7) exempt from income surtaxes and institutions. Practically, therefore, the alter- profits taxes all issues of Liberty bonds and native plan just outlined would tend toward bonds of the War Finance Corporation held the placing of a greater volume of the new abroad; (8) extend the period for conversion of issues definitely in the hands of the banks and 4 per cent Liberty bonds on the lines suggested of investment institutions throughout the in the Secretary of the Treasury's letter of country, and less in the hands of private indi- January 15 to the chairman of the House viduals. This is equivalent to saying that it Ways and Means Committee; (9) create a 2\ may probably be more difficult to obtain a per cent cumulative sinking fund for the retire- wide distribution of the fifth loan if it be offered ment of the war debt; (10) continue the exist- in the form of short-term notes than if it be ing authority for the purchase of obligations sold as longer term bonds.
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