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Download (Pdf) FEDERAL RESERVE BULLETIN ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON JANUARY, 1919 WASHINGTON GOVERNMENT PRINTING OFFICE 1919 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis FEDERAL RESERVE BOARD. EX OFPICIO 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, M. C. ELLIOTT, General Counsel. L. 0. ADELSON Assistant Secretaries. H. PARKER WILLIS, W. T. CHAPMAN Director, Division of Analysis and Research. W. M. IMLAY, Fiscal Agent. F. I. KENT, M. JACOBSON, Statistician. Director, Division of Foreign Exchange. II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis SUBSCRIPTION PRICE OF BULLETIN. The Federal Reserve Bulletin is distributed without charge to member banks of the system and to the officers and directors of Federal Reserve Banks. In sending the Bulletin to others the Board feels that a subscription should be required. It has accordingly fixed a subscription price of $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 1 The business and financial situation in December 10 Extracts from address of Hon. P. M. Warburg on financial reconstruction 16 Capital Issues Committee terminates its work 18 Gold production of the world 19 Cost of the war—statement by Secretary of Treasury in annual report to Congress 20 Proposed amendments to the Federal Reserve Act 20 Bankers' acceptances outstanding in London and New York at end of November 21 Recommendations of Secretary McAdoo to chairman of Ways and Means Committee relative to additional loans to foreign Governments 22 Foreign banking operations of the Irving National Bank of New York 23 Election of directors of Federal Reserve Banks 25 Letter to Federal Reserve Banks with reference to charges against earnings of Federal Reserve Banks 26 Regulation of the War Trade Board relative to exportation of manufactures containing gold 26 Instructions issued by Treasury Department regarding shipments of currency 27 Instructions to Federal Reserve Banks relative to charges incident to forwarding unfit notes to Washington.. 27 Suggestions to Federal Reserve Banks relative to method of forwarding items for collection 28 Annual report of War Finance Corporation 28 Banks granted authority to accept up to 100 per cent of capital and surplus 29 Commercial failures reported 30 Charters issued to national banks during the month 30 Fiduciary powers granted to national banks during the month 30 Mexican coinage changes 32 Foreign loans placed in the United States, compiled by the Guaranty Trust Co. of New York 33 State banks and trust companies admitted to system up to and including December 31, 1918 r 40 Proposed membership of savings banks 50 Rulings of Federal Reserve Board 53 Law Department—State laws affecting the operations of foreign banking corporations 54 Federal Reserve banking in 1918 64 Reports of total bank transactions 68 Index of wholesale prices 71 Discount and interest rates prevailing in various cities 74 Physical volume of trade - 77 Discount operations of the Federal Reserve Banks 83 Resources and liabilities of the Federal Reserve Banks 87 Federal Reserve note account of Federal Reserve Banks and agents 90 Member bank condition statement „.. 92 Imports and exports of gold and silver 96 Estimated stock of money in the United States 97 Operation of the Federal Reserve clearing system 97 Discount rates in effect : 98 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis FEDERAL RESERVE BULLETIN VOL. 5 JANUARY 1, 1919. No. 1 REVIEW OF THE MONTH. upon our national resources is likely to be very heavy. The necessity of reduction of nones- Further progress with the war-revenue bill sential credits and of conservation of incomes during the month of December and savings is thus again emphasized. The Public finance. ^ ^ ^ regulted adoption requirements of the Government for the pur- of that measure by the Senate in a form pose of completing its war payments and dis- estimated to make provision for a revenue posing of its commitments must still have from taxation of approximately $6,000,- precedence for a considerable period. 000,000. This revenue, under the revised A factor which emphasizes the probable ne- terms of the measure, will be derived chiefly cessities of public financing is seen in the from income and excess profits taxes, with recommendation made by Secretary McAdoo some other sources of taxation afforded by before his retirement that further authoriza- a curtailed list of excise and consumption tions of loans to the allied countries, which imposts. No further reductions in the ten- will permit the use of balances of funds already tative estimates of the revenue requirements set apart for that purpose, notwithstanding the of the Government for the fiscal year 1919 have advent of peace, be provided by Congress. been formulated, so that to-day the amount While the probable amount of such loans to believed necessary continues, as stated in the the allies is not officially stated, the unused last issue of the FEDERAL RESERVE BULLETIN, authorizations which Congress has been re- at $18,000,000,000. Assuming that the new quested to carry over from the war to the peace revenue bill yields $6,000,000,000 in taxation, period still amount in round numbers to the proportion of $2 in loans to each $1 in $1,500,000,000 and will therefore constitute, at taxes, theoretically established at the begin- least potentially, a source of considerable drafts ning of the fiscal year as a standard toward upon the current resources of the United States. which to work, still remains effective. This Public finance for the present is therefore in implies the continuation of large spending oper- a transition stage, during which it is desirable ations. In preparation for the next Liberty to pursue banking policies that will still main- loan two issues of certificates of indebtedness tain the policy of conservation and protection running 90 days have already been placed, their of resources already developed. During the proceeds aggregating $1,185,932,000. Con- coining months there will continue to be neces- tinued preparation for large additional Gov- sity for the employment of those expedients ernment borrowing is thus rendered necessary, which are generally classed as war finance at and it becomes evident that in order to obtain the same time that our domestic requirements $6,000,000,000 from taxation and perhaps an and those of foreign countries are beginning equal amount from a fifth Liberty loan to be to draw upon the banking resources of the offered during early spring, very close conserva- country for the purpose of providing the tion of resources will be essential. Inasmuch economic basis of peace reorganization. For as the process of paying the taxes and sub- some time to come, therefore, the demands scribing for and paying the new loan will go upon our banking means will be of a dual on almost simultaneously, the combined draft nature. It will not be possible to apply either 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis FEDERAL RESERVE BULLETIN. JANUARY 1,1919. the standards of war or those of peace to the Reserve Act which has actually passed Con- analysis and control of the situation, but in gress. He thus enters the Treasury peculiarly some measure both principles of action must qualified as to one important function assigned be combined. It is at this juncture of transi- to the Secretary of the Treasury—that of chair- tion from one historic era of American finance man ex-officio of the Federal Reserve Board. to another that a change has occurred in the The Federal Reserve Board welcomes Mr. Glass administration of the Treasury Department as chairman and expects much from the help- and that simultaneously with the presentation ful cooperation which may be looked for from of new problems of public finance a new head him. has been named for the Government's financial During the war the problems to be faced system. by the Treasury Department Hon. Carter Glass, who took the oath of New problems, i i -, ,.-, n ^ on nave been, and until all Gov- December 16 and thus Thene Se re- ernment financing is completed will necessarily tary of the Treas- becomes Secretary of the Treas- continue to be, closely connected with those of ury' ury as successor to Hon. W. G. banking. The war has inevitably left a con- McAdoo, has been a Member of Congress for 9 dition of credit expansion, not only in the terms, or 18 years in all. During practically United States but throughout the world, and the whole of that time Mr. Glass was a member the gradual and orderly contraction of that of the Committee on Banking and Currency of expansion will require the continued exercise the House of Representatives, becoming chair- of good judgment by the Treasury and the man of that body in 1912. During the year intelligence and far-sighted cooperation of the 1912 Mr. Glass became chairman of the sub- Federal Reserve Board. In placing a new committee of the Banking and Currency Liberty loan every effort made in past financing Committee which had to do with the for- must be repeated to avoid imposing undue bur- mulation of plans for banking and currency dens upon the banks of the country, especially reform.
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