Economics and the Public Welfare. Benjamin M. Anderson

1920 8 6 1921 7¾ 5 1922 5 4 1923 5½ 4½

      * Annual Report of Federal Reserve Board (1927), p. 96

      The lowest rate in the whole period for open market commercial paper was four percent, and this prevailed for only one month in the whole four years, 1920-23 inclusive. The Federal Reserve System gave the economic situation a dose of strychnine, but it was a relatively mild dose.

      The Chase Economic Bulletin (July 20, 1921) contained an article called

      [print edition page 97]

      OPERATIONS OF NATIONAL BANKS^* (In millions of dollars)

	Total resources	U.S. securities owned	Other securities owned	Total investments in securities	Loans and discounts	Total loans, discounts, and investments	Demand, time, and U.S. deposits
June 4, 1913	11,037	789	1,089	1,878	6,143	8,021	6,022
June 30, 1914	11,482	790	1,116	1,906	6,430	8,336	6,358
May 1, 1917	16,144	768	1,950	2,719	8,713	11,470	9,696
High point, 1919-20	22,711	4,028	1,985	5,877	12,416	16,612	13,914
	Dec. 31, 1919	May 12, 1919	Dec. 31, 1919	May 12, 1919	Sept. 8, 1920	May 4, 1920	Dec. 31, 1919
Intermediate low point	19,014	1,862	1,917	3,835	10,978	14,813	12,143
	Sept. 6, 1921	Sept. 6, 1921	June 30, 1920	Sept. 6, 1921	Sept. 6, 1921	Sept. 6, 1921	Sept. 6, 1921
Condition, December 29, 1922	21,975	2,656	2,348	5,004	11,600	16,604	14,159

      * Chase Economic Bulletin, March 27, 1923, p. 15.

      [print edition page 98]

      OPERATIONS OF FEDERAL RESERVE BANKS AND REPORTING MEMBER BANKS

      (In millions of dollars)

	Federal Reserve Banks		All Reporting Member Banks
	Discounts	Total earning assets	Demand, time, and U.S. deposits	Total loans, discounts, and investments **	Total loans and discounts **	“All other” loans and discounts †	Total investments in securities	Investments in U.S. securities	Rediscounts and bills payable at Federal Reserve banks
March 30, 1917	20	168
Approximate high point, 1919-20	2,827	3,422	14,465	17,284	*	*	*	3,267	2,278
	Nov. 5, 1920	Oct. 15, 1920	June 18, 1920	Oct. 15, 1920				May 2, 1919	Nov. 5, 1920
Approximate intermediate low point	380	1,021	13,002	14,526	10,739	7,002	3,229	1,190	98
	July 26, 1922	Aug. 9, 1922	July 27, 1921	Mar. 8, 1922	July 26, 1922	July 5, 1922	July 27, 1921	July 27, 1921	July 26, 1922
Condition, March 7, 1923	571	1,135	15,341	16,338	11,635	7,645	4,704	2,518	372

      * Separate figures not available.

      ** Including rediscounts at Federal Reserve banks.

      † “All other”