* 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.
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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”