Federal Reserve Bulletin December 1919
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FEDERAL RESERVE BULLETIN ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON DECEMBER, 1919 WASHINGTON C8QTOBNMEOT PRINTING OFFICE 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 0. MILLER. JOHN SKELTON WILLIAMS, CHARLES S. HAMLIN. Comptroller of the Currency. HENRY A. MOEHLENPAH. GEORGE L. HARRISON, General Counsel. W. T. CHAPMAN, Secretary. W. W. HOXTON, Executive Secretary. R. G. EMERSON, Assistant Secretary. H. PARKER^ WILLIS, i Director f Division of Analysis and Research. W. M. IMLAY, Fiscal Agent. M. JACOBSON, Statistician. W. W. PADDOGKJ Chief, Division of Operations and Examination. J. B. CRANE, Acting Director, Division of Foreign Exchange, H Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis OFFICERS OF FEDERAL RESERVE BANKS. Federal Reserve Bank of- Chairman. Governor. Deputy Governor. Cashier* Boston........... Frederic EL Gurtiss... Chas. A. Morss...... Chas. E. Spencer, jr.. W. Willett. C. C. Bullen........ New York........ Pierre Jay........... Benj. Strong, jr ...... J. H. Case............ L. H. Hendricks.1 L.F. Sailer E. R. KenzeU J. D. Higgins.1 Channing Rudd.1 Philadelphia..... R. L. Austin..... E. P. Passmore....... Wm. H. Hutt, jr W. A. Dyer. 2 Cleveland.... D.O. Wills... E9 B. Fancier. .. M. J. Fleming H. G. Davis. Frank J. Zurlinden 2.. Richmond, Caldwell Hardy...... George J. Seay ....... 0. A. Peple......... GeOe H. Keesee. R* H. Broaddus Atlanta^........ Joseph A. McCord.... M. B. Wellborn...... L. C. Adelson M. W. BelL Chicago „ ...-. Wm. A. Heath J. B. McDougal...... C. R. McKay....... S. B Cramer. B. G. McCloud 2 e St. Louis .„.....- Wm. Me. Martin.. D.C. Biggs......... 0. M. Attebery...... J. W. White. Minneapolis John H. Rich........ R. A. Young S. S. Cook. Kansas City...... Asa E. Ramsay...... J. Z. Miller, jr 0. A, Worthington 2... J. W. Helm.3 Dallas..... ... Wm. F. Ramsey R. L. Van Sandt n.. Lynn P. Talley...... LynnF.'Talley. Ban Francisco John Perrin...... J8 U. Calkins......... Wm. A. Day.... .i.. Ira Clerk.4 * * Controller. 2 Assistant to Governor. s Acting cashier. 4 Assistant deputy governor. MANAGERS OF BRANCHES OF FEDERAL RESERVE BANKS, Federal Reserve Bank of— Manager. Federal Reserve Bank of— Manager. New York: St. Louis: Buffalo branch Ray M. Gidney. Louisville branch....... " W. P. Kin'cheloe. Memphis branch......... J. J. Heflin, Cleveland: Little Rock branch....... A. F. Bailey. Cincinnati branch...... L. W. Manning. Pittsburgh branch.-»~... Geo., De Camp, Kansas City: Omaha branch.......... 0. T. Eastman. Richmond: Denver branch- „.-..-.... C, A. Burkhardt. Baltimore branch ...... Morton. M. Prentis, Dallas: Atlanta: El Paso branch. R. R. Gilbert, New Orleans branch. Marcus Walker. Houston branch Sam R. Lawder. Jacksonville branch..... Geo. R. De Saussure, Birmingham branch..... A. E. Walker. San Francisco: Nashville branch .... Bradley Curry, Salt Lake City branch C. H. Stewart, Seattle branch............ C. J. Shepherd. Chicago: Spokane branch.......... 0. A, McLean. Detroit branch.......... R. B. Locke. Portland branch-......... C. L. Lamping. 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 10 names at a subscription price of $1 per annum. No complete sets of the BULLETIN lor 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............ ...................................................................... 1105 Business and financial conditions: Summary........................................................... 1115 ; Special reports hy Federal Reserve Agents-....................-.....................„.>............ 1119 Terms of sale in the principal industries... ................................................................. 1129 Canadian banking and currency, 1914-1919. .................................. ......................... 1110 Official: State banks and trust companies admitted to the system *...... ...... ....... ^ .. 1155 Charters issued to national banks......... ..............................*......•.•....................... 1153 Foreign branches of American banks, list of, to November 15,1919...................................... 1154 Fiduciary powers granted to national banks* ........ ...................... 1155 Rulings of the Federal Reserve Board............... ............ 1156 Law department: Rediscount of commercial or business paper for a member State bank*................................... 1157 Negotiability of a bill of exchange accepted before it has been signed by the drawer....................... 1157 Miscellaneous: Letter of Gov. Harding to a southern Federal Reserve Bank reviewing Board's policy relating to clearing of chocks............................................ .......................................... 1113 Standardization of reports of business conditions. 113? Acceptance liabilities of national and other banks*.......... ....................................... 1152 Condition of national banks, statement issued by the Comptroller. ..................................... 1153 Commercial failures reported.... ...;.....,„.......................................................... 1152 Statistical: Wholesale prices In the United States...................................... 1158. Discount and Interest rates prevailing In various centers..................\ .......................... 1162 Physical volume of trade............................................................................. 1164 Debits to Individual account, October and November,................................................ 1174 Gold-settlement fund transactions....... .....«...*.................... ................ k........... 1178 Discount and open-market operations of the Federal Reserve Banks. ... ,..>..-.... 1180 Operation of the Federal Reserve clearing system........................... a......... .............. 1185 Resources and liabilities of the Federal Reserve Banks* ........... 1186 Federal Reserve note account.................................... ..... ............* 1190 Condition of member banks in selected cities. .... ..... 1192 Imports and exports of gold and silver....... ... -. ..................................... ... 1197 Estimated stock of money in the United States....................... ..................... ^ .. 1198 Comparative statement of condition of leading banks of issue.............................. r............ 1200 Discount rates approved by the Federal Reserve Board. 1199 Diagrams: Earning assets of Canadian chartered banks? 1914-1919........................ .................. —.. •. 1146.. Deposits, note liability, and reserves of Canadian chartered banks, 1914-1919.............................. 1147 Par point; map................................................................... ..*.......-............,. 1185 Index to volume 5...- ..............,.....*..•...............-..........-.-...-...-......-............... 1203 IT Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis FEDERAL RESERVE BULLETIN VOL. 5 DECEMBER 1, 1919. No. 12 REVIEW OF THE MONTH. (excess of disbursements over receipts, ex- clusive of transactions in the principal of the Treasury operations during the month, of public debt) was $319,239,450.35, the lowest November have developed figure for any previous month since April, 1917, along the same lines that had excluding the months in which income and marked the operations for profits taxes were payable, while for the month, October, Expenditures for the month have of November the net current deficit was amounted to approximately $611,301,764, $127,446,532, indicating the speedy elimina- while income has been $389,376,915* The con- tion of deficits during the coming months. clusion of the session of Congress permits a comparative statement of estimates and appro- On the basis of Treasury daily statements, priations for 1920, which may be briefly pre- the total gross debt, which on June 30, 1919, sented as follows: amounted to $25,484,506,160.05 and on August 31, 1919, had reached the peak at $26,596,- Comparison of Government estimates and appropriations for the fiscal year 1920. 701,648.01, had been reduced by September 30 by more than $400,000,000. Notwith- Total estimates Total appropria- Objects. for 1920, including 1 supplemental. tions for 1920, standing the increase resulting from, the Victory loan installment payments in October Legislative........................ $18,080,359.03 $16,524,132.61 Executive...... ^................. 11,051.870.00 1,102,122,780.00 and November, when the final payment was State'-Department.................. 17.203i368.33 11,587,595.27 Treasury Department............ 1,544,102,466.53 " 1,317,189,708.15 made, it stood on November 29 at $26,116,051,- Independent offices............