1924 - Complete Issue (12.3M) - Fraser - Federal Reserve Bank of

ELEVENTH ANNUAL REPORTOF THE

FEDERAL RESERVEBOARD

COVERING OPERATIONS

FOR THE YEAR 1924

WASHINGTONGOVERNMENT PRINTING OFFICE

1925

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONTENTS

PagePART I. Report of the Federal Reserve Board, with exhibits 1-290PART II. Charts and statistical tables, arranged by Federal reserve

districts 291-449

PART I.TEXT OF REPORT:

Industry and trade in 1924 w 1Growth of member bank credit 2Volume of Federal reserve bank credit 3Currency demand and the reserve banks 6Gold and Federal reserve bank credit 7Demand for gold and for dollar credits 9Discount and open-market policy in 1924 10Earnings, expenses, and volume of operations of Federal reserve banks 12Fiscal agency operations 17Building operations of Federal reserve banks 18Branches and agencies of Federal reserve banks 19Branch banking 19Changes in membership in Federal reserve system 21Banks on par list 22Bank suspensions 23Check clearing and collection 24Trust powers of national banks 27Administration of Clayton Act 29Legislation affecting the Federal reserve system 30Amendments to regulations of the Federal Reserve Board 30Meetings of the Federal Advisory Council 31Conferences held by the Federal Reserve Board 31Board's organization, staff, and expenditures 31

DISCOUNT AND OPEN-MARKET RATES:No. 1. Discount rates—Changes during 1923 and 1924 in Federal

reserve bank rates 33No. 2. Average rates charged by Federal reserve banks on bills dis-

counted 34No. 3. Average rates of earnings on discounted bills held by the Fed-

eral reserve banks 35No. 4. Open-market rates—Changes during 1923 and 1924 in mini-

mum authorized rates of Federal reserve banks on accept-ances bought in open market 36

No. 5. Average rates charged by Federal reserve banks on billsbought in open market 37

No. 6. Average rates of earnings on bills bought in open market andfrom other Federal reserve banks 38

No. 7. Average rates of earnings on bills discounted and on bills pur-chased by each Federal reserve bank, 1916-1924 39

No. 8. Average rates of earnings on United States securities held bythe Federal reserve banks 40

in


IV CONTENTS

DISCOUNT AND OPEN-MARKET RATES—Continued Pag*

No. 9. Average rates of earnings on total earning assets and on mu-nicipal warrants, Federal intermediate credit bank deben-tures, and foreign loans on gold held by the Federal reservebanks 41

CONDITION OF FEDERAL RESERVE BANKS:

No. 10. Earning assets of all Federal reserve banks combined, 1914r-1924 _' 42

No. 11. Reserves, deposits, and note circulation of all Federal reservebanks combined, 1914-1924 45

No. 12. Resources and liabilities of all Federal reserve banks com-bined on the last day of each month, December, 1923-December, 1924 48

No. 13. Resources and liabilities of ail Federal reserve banks com-bined, by weeks, during 1924 50

No. 14. Cash reserves, deposits, Federal reserve note circulation, andreserve percentages—Daily averages for all Federal re-serve banks combined, by months, 1920-1924 54

No. 15. Earning assets—Average daily holdings of all Federal reservebanks combined, by classes and months, 1920-1924 55

No. 16. Earning assets—Average daily holdings of all classes com-bined, by banks and months 56

Discounted bills—No. 17. Average daily holdings of each Federal reserve bank, by

months 57No. 18. Holdings of each Federal reserve bank on December 31,

1924, by classes 58No. 19. Holdings of all Federal reserve banks combined at the

end of each month, by classes 58No. 20. Holdings of each Federal reserve bank on December 31,

1924, by maturities 59No. 21. Holdings of all Federal reserve banks combined on the

last report day of each month, by maturities 59No. 22. Holdings of bills secured by United States Government

obligations by each Federal reserve bank on De-cember 26, 1923, and December 31, 1924, by classes. _ 60

No. 23. Holdings of bills secured by United States Governmentobligations by all Federal reserve banks combinedon the last report date of each month, by classes 60

Bills bought in open market (bankers' and trade acceptances)—No. 24. Average daily holdings of each Federal reserve bank,

by months 61No. 25. Holdings of bankers' acceptances by each Federal re-

serve bank on December 31, 1924, by classes of accept-ing institutions 62

No. 26. Holdings of bankers' acceptances by all Federal reservebanks combined at the end of each month during1924, by classes of accepting institutions 62

No. 27. Holdings of each Federal reserve bank on December 31,1924, by classes 63

No. 28. Holdings of all Federal reserve banks combined at theend of each month during 1924, by classes 63

No. 29. Holdings of each Federal reserve bank on December 31,1924, by maturities 64


CONTENTS

CONDITION OF FEDERAL RESERVE BANKS—Continued

Bills bought in open market—Continued PageNo. 30. Holdings of all Federal reserve banks combined at the

end of each month, by maturities 64United States securities—

No. 31. Average daily holdings of each Federal reserve bank, bymonths 66

No. 32. Holdings of each Federal reserve bank on December 31,1924, by classes 66

FEDERAL RESERVE BANK NOTES:

No. 33. Received from and returned to the Comptroller of the Cur-rency and outstanding, by denominations, 1915-1924 67

FEDERAL RESERVE NOTES:

No. 34. Federal reserve agents' accounts at the end of 1923 and 1924_ 68No. 35. Issued to Federal reserve banks by Federal reserve agents,

held by issuing banks, and in actual circulation; also goldand eligible paper held by agents as security for notesissued to banks—Monthly figures for each Federal reservebank 70

No. 36. Issued and retired by each Federal reserve agent, by months 72No. 37. Issued and retired by all Federal reserve agents combined

and amounts outstanding, 1914-1924, by denominations. 74No.'38. Collateral (gold and eligible paper) pledged with Federal

reserve agents as security for Federal reserve notes issuedto Federal reserve banks—Weekly figures for all Federalreserve banks combined 75

DISCOUNT AND OPEN-MARKET OPERATIONS:

Total volume—All classes—No. 39. For each Federal reserve bank during 1924, by classes. 76No. 40. For. all Federal reserve banks combined, by months

and classes 77No. 41. For each Federal reserve bank, by months 78

3ills discounted—No. 42. Volume discounted by each Federal reserve bank, by

months 79No. 43. Number of banks in each district accommodated

through discount operations, by months 80No. 44. Volume, by States, also number of member banks in

each State and number accommodated through dis-jount operations 81

No. 45. Volume discounted for national banks and for Statebank and trust company members 82

No. 46. Volume discounted by each Federal reserve bank, bymaturities and rates of discount charged 83

No. 47. Volume discounted by all Federal reserve banks com-bined, by months and by maturities and rates of dis-count charged 84

No. 48. Average maturity of bills discounted 85No. 49. Bills secured by United States Government obligations,

discounted by Federal reserve banks 86No. 50. Trade acceptances discounted 87No. 51. Bankers' acceptances discounted 87


VI CONTENTS

DISCOUNT AND OPEN-MAEKET OPERATIONS—Continued PageBills bought in open market—Bankers' and trade acceptances—

No. 52. Purchased by each Federal reserve bank, by months 88No. 53. Purchased by each Federal reserve bank,'by classes 89No. 54. Purchased by all Federal reserve banks combined, by

months and classes 89No. 55. Purchased by each Federal reserve bank, by rates of

discount charged 90No. 56. Purchased by all Federal reserve banks combined, by

months and b}̂ rates of discount charged 91No. 57. Average maturity of bills purchased _ 92No. 58. Purchased by each Federal reserve bank, by maturities. 93No. 59. Purchased by all Federal reserve banks combined, by

months and maturities 93United States securities—

No. 60. Total volume of all classes purchased by each Federalreserve bank 94

No. 61. United States bonds and Victory notes purchased byFederal reserve banks 1 95

No. 62. United States Treasury notes purchased by Federalreserve banks 96

No. 63. United States certificates of indebtedness purchased byFederal reserve banks 97

No. 64. Special temporary certificates of indebtedness issued toFederal reserve banks by the Secretary of the Treas-ury 98

No. 65. Rediscounts and sales of bills and securities betweenFederal reserve banks 98

GOLD SETTLEMENT FUND:No. 66. Summary of transactions of each Federal reserve bank 100No. 67. Clearings and transfers of all Federal reserve banks com-

bined, by weeks during 1924 101FEDERAL RESERVE AGENTS' GOLD FUND:

No. 68. Summary of transactions of each Federal reserve agent 102CLEARING OPERATIONS:

No. 69. Operations of the Federal reserve clearing system 103No. 70. Number of member banks and of nonmember banks on par

list and not on par list in each State 105No. 71. Number of member banks and of nonmember banks on par

list and not on par list in each Federal reserve district. 106OPERATIONS OF BRANCHES:

No. 72. Volume of operations of each Federal reserve branch bank__ 108BANK PREMISES:

No. 73. Cost of bank premises of Federal reserve banks and branches. 110EARNINGS AND EXPENSES:

No. 74. Earnings and expenses of Federal reserve banks during 1924_ 112No. 75. Gross and net earnings of Federal reserve banks, 1914-1924. 114

RECEIPTS AND DISBURSEMENTS OF FEDERAL RESERVE BOARD:No. 76. Receipts and disbursements of the Federal Reserve Board

for 1924 117ASSETS AND LIABILITIES OF MEMBER AND NONMEMBER BANKS:

No. 77. All banks in United States: Resources and liabilities 120No. 78. All member banks: Resources and liabilities, 1924 121No. 79. National banks: Resources and liabilities, 1924 122


CONTENTS VII

ASSETS AND LIABILITIES OF MEMBER AND NONMEMBER BANKS—Con. Page

No. 80. State bank and trust company members: Resources andliabilities, 1924 123

No. 81. All member banks in New York City: Resources and lia-bilities, 1924 124

No. 82. All member banks in Chicago: Resources and liabilities,1924__ 125

No. 83. All member banks in reserve cities: Resources and liabilities,1924 126

No. 84. All member banks outside of central reserve and reservecities (country banks): Resources and liabilities; 1924 127

No. 85. All member banks: Principal resources and liabilities, 1914-1924 128

No. 86. National banks: Principal resources and liabilities, 1914-1924 _ . . 130

No. 87. State bank and trust company members: Principal resourcesand liabilities, 1914-1924_^ 132

No. 88. Reporting member banks in leading cities: Principal resourcesand liabilities 134

No. 89. State banks and trust companies: Member and eligiblenonmember banks on June 30, 1924, in each Federalreserve district 136

No. 90. State banks and trust companies: Member and eligiblenonmember banks on June 30, 1924, in each State 137

No. 91. State banks and trust companies: Nonmember banks eligi-ble for membership on the basis of capital stock require-ments for national banks and on the basis of the reducedrequirements of the agricultural credits act of 1923 138

No. 92. All member banks: Earnings and dividends, 1919-1924 141No. 93. Reporting member banks in Federal reserve bank cities:

Amounts due to and due from other banks 143No. 94. Membership in the Federal resources system: Changes in

number of banks and total resources for all districts com-bined 147

No. 95. Membership in the Federal reserve system: Changes innumber of banks, by districts 149

DEBITS TO INDIVIDUAL ACCOUNTS:

No. 96. Debits to individual accounts as reported by banks in 141principal cities—Summary by months and districts, 1919-1924 154

GOLD IMPORTS AND EXPORTS:

No. 97. Gold imports into and exports from the United States, June1, 1919-December 31, 1924, by periods and principalcountries 158

No. 98. Total imports of gold into and exports of gold from theUnited States, by countries, 1922, 1923, and 1924 159

No. 99. Gold imports into and exports from the United States, bymonths, during 1924 159

MONEY IN CIRCULATION:

No. 100. Money in circulation outside the United States Treasuryand Federal reserve banks 160


CONTENTS

MONET RATES: PageNo. 101. Rates on prime commercial loans of 4 to 6 months maturity

in principal cities, by months during 1924____ 162PRODUCTION INDEXES:

No. 102. Index of production, employment, trade, wholesale prices,and foreign exchange 163

State banks and trust companies admitted to membership 166State bank membership—Summary classification according to capital

stock 191Fiduciary powers granted to national banks 193Banks granted authority to accept drafts and bills of exchange up to 100

per cent of capital and surplus 211Personnel and salaries:

Salaries of officers and employees of Federal Reserve Board 214Salaries of officers and employees of Federal reserve banks 216Salaries of national-bank examiners 220

Directory:Federal Reserve Board 223Federal Advisory Council 223Officers and directors of Federal reserve banks and branches 224

Court opinions:Opinion of United States District Court in Atlanta par clearance case. _ 231Decision of Supreme Court of the United States on right of national

banks in Missouri to exercise trust powers 234Decision of Supreme Court of Rhode Island on right of national

banks to exercise trust powers 237Bills to amend the Clayton Act, proposed 240Extract from World War adjusted compensation act 240Regulations of the Federal Reserve Board 241Recommendations of the Federal advisory council to the Federal Reserve

Board 276Description of Federal reserve districts 285

PART II

Charts showing cash reserves, holdings of earning assets, and Federalreserve note circulation of each Federal reserve bank, 1917-1924__ 292

Charts showing loans and investments and deposits of reporting memberbanks in each Federal reserve district, 1917-1924 305

Statistical tables, arranged by Federal reserve districts:District No. 1—Boston 312District No. 2—New York 323District No. 3—Philadelphia 334District No. 4—Cleveland 345District No. 5—Richmond 357District No. 6—Atlanta 369District No. 7—Chicago 381District No. 8—St. Louis 393District No. 9—Minneapolis 403District No. 10—Kansas City 414District No. 11—Dallas - 427District No. 12—San Francisco 438

Map of Federal reserve districts 450


PART I

REPORT OF THE FEDERAL RESERVE BOARDWITH EXHIBITS

36569—25t-


THE FEDERAL RESERVE BOARD

DECEMBER 31, 1924

EX OFFICIO MEMBERS

A. W. MELLON,

Secretary of the Treasury, Chairman.J. W. MCINTOSH,

Comptroller of the Currency.

D. R. CRISSINGER, Governor.EDMUND PLATT, Vice Governor.ADOLPH C. MILLER.

CHARLES S. HAMLIN.

GEORGE R. JAMES.

EDWARD H. CUNNINGHAM.

WALTER L. EDDY, Secretary.

J. C. NOELL, Assistant Secretary.J. F. HERSON,

Chief, Division of Examination andChief Federal Reserve Examiner.

WALTER WYATT, General Counsel.W. M. IMLAY, Fiscal Agent.

WALTER W. STEWART,Director, Division of Research and

Statistics.E. A. GOLDENWEISER,

Assistant Director, Division of Re-search and Statistics.

E. L. SMEAD,

Chief, Division of Bank Operations.


ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

WASHINGTON, February 20, 1925.SIR: In this, its eleventh annual report, the Federal Reserve Board

reviews the business and banking developments in 1924 as theyaffected the position of the Federal reserve banks and describes theoperations of the Federal reserve system during the year. Theboard, in its annual report for 1923, discussed in the light of theexperience of the Federal reserve system for the preceding ten yearscertain of the basic factors underlying the administration of Federalreserve bank credit. The present report indicates the manner in whichthe discount and open-market policies discussed more fully in lastyear's report have functioned under business and credit conditionsprevailing in 1924.

INDUSTRY AND TRADE IN 1924

Business and industry in 1924, taking the year as a whole, were lessactive than in 1923, when production and trade were in exceptionallylarge volume. The recession in industrial activity which began in thespring of 1923 continued, with a brief interruption at the turn of theyear, until the middle of 1924. Increased output in certain basicindustries early in 1924 resulted in a larger volume of production thancould be currently marketed at prevailing prices, with the consequencethat stocks accumulated, prices receded, production was sharply cur-tailed, and there was a decrease in employment at industrial estab-lishments. The volume of trade, however, continued at a high levelthroughout the period of industrial recession and, as distribution ofgoods to the consumer was in larger volume than current production,stocks of merchandise which had accumulated during the springmonths were gradually reduced and a renewed demand for materialswas reflected in a firmer tone in the commodity markets. This in-dustrial readjustment, together with an improvement in the positionof the farmer, was an important factor in bringing about a businessrecovery during the last quarter of the year. The farmer's income,particularly in certain sections of the wheat producing regions, waslarger in 1924 than in recent years, though the corn crop was short.In the aggregate, crop production was as large as in 1923 and pricesat the farm averaged considerably higher. Conditions in the livestockindustry, however, continued to be unfavorable. Wheat farmers inthis country benefited by the shortage of the world wheat crop andthe consequent larger export demand. Financing of agricultural ex-

1


2 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

ports as well as of exports of other raw materials in large volume wasfacilitated by the flotation in the United States of an unusually largeamount of foreign loans, which increased the buying power of foreignpurchasers in our markets. This improvement ifKhe European demandfor American products, the increase in the current income of the farmer,and a growth in business confidence were factors in bringing aboutthe increase in business activity during the closing months of the year.Between September and December industrial output and factoryemployment increased sharply from the low point reached in mid-summer, and this expansion in production in basic industries wassufficient to overcome the larger part of the previous decline. At theend of 1924, as a result of a readjustment in prices and the improve-ment in the world market for agricultural products, there was a betterbalance between industry and agriculture than at any time in morethan four years.

GROWTH OF MEMBER BANK CREDIT

In the banking and credit situation the principal development in1924 was a decline in money rates during the first half of the year,which carried those rates by midsummer to the lowest level in adecade. This ease in the money market was the result of an abun-dance of loanable funds at member banks and not of a decreaseduse of credit to finance current business. In fact, throughout mostof the year the volume of commercial borrowing at member banks inprincipal cities continued near the high level of the autumn of 1923,and after the seasonal advance in the latter part of 1924 was inlarger volume than at any time in more than three years. Thiscontinued demand for commercial credit during the period of slack-ened industrial activity may be accounted for in part by the fact thatthroughout this period the volume of trade and distribution wasmaintained at a high level. Decreased industrial activity, however,accompanied by lessened employment and smaller pay rolls, resultedin a diminished demand for hand-to-hand money, and as currencyreleased from circulation flowed into the member banks it increased thevolume of their funds available for lending. Further additions to thesupply of funds arose from gold imports, which during the first halfof the year were in larger volume than during 1923. Member banksused funds arising from these two sources to repay their borrow-ings at the Federal reserve banks, and the reduction during the earlypart of 1924 in the total of Federal reserve bank credit in use wasabout equivalent to the inflow of currency from domestic circulationand of gold received from abroad. When repayment to the reservebanks had brought the volume of borrowing by member banks to alow level, these banks used further additions to their funds as abasis for enlarging the volume of their outstanding credit, chiefly



through the purchase of investment securities and the making ofloans on stocks and bonds. The growth during the last seven monthsof 1924 in the total loans and investments of member banks in leadingcities was about $2,000,000,000, of which $900,000,000 represented anincrease in investments, $800,000,000 an increase in loans secured bystocks and bonds, and $300,000,000 an increase in commercial loans.

This rapid growth in the volume of member bank credit, whichbegan in June, was accompanied by a correspondingly rapid increasein demand deposits amounting to about $1,800,000,000. In thefinancial centers, where the growth of deposits was largest, the increaserepresented in part a growth of balances held for banks in the interior.This concentration of funds in the money centers, which usuallyoccurs during periods of declining business activity, contributed to theease in the central money markets and was one of the factors responsiblefor the low level of rates prevailing during July and August. Towardthe end of August, however, the demand for credit and currency inconnection with crop moving and the autumn trade, and the revivalof industrial activity, resulted in some return flow of funds to theinterior, and rates became firmer during the latter months of the year.Demand for currency reached its peak in December and, togetherwith the outward movement of gold during that month, led memberbanks to increase their borrowings at the reserve banks. The largegrowth in 1924 in the total of member bank credit in use is shown bya comparison of the condition of all member banks at the end of1923 and 1924.

ALL MEMBER BANKS

—-

LoansInvestments

Total loans and investmentsDemand deposits ._ . .Bankers' balancesTime deposits . . . ._ .. . . .

[In millions of dollars]

End of—

1923

19, 0527,686

26, 73816,0863,5128, 651

1924

20,1818,845

29, 02617, 7664,5489, 805

Increase

1 1291, 159

2, 2881, 6801,036], 154

VOLUME OF FEDERAL RESERVE BANK CREDIT

In contrast with this growth in the loans and investments ofmember banks, the amount of Federal reserve bank credit outstand-ing was no larger at the end of 1924 than at the end of the previousyear. The demand for reserve bank credit, however, fluctuated muchmore widely during 1924 than in the two preceding years. Earningassets of the reserve banks after decreasing by $400,000,000 duringthe first five months of the year to $800,000,000—the lowest levelsince 1917—remained near that level for two months, and then



increased again by $450,000,000 to $1,250,000,000 at the end of theyear. The decline in the volume of reserve bank credit outstandingduring the first half of the year was due to a decrease in the amountof currency in circulation of $280,000,000 and to gold imports of$240,000,000. During the last five months of the year the increasein earning assets of the reserve banks reflected seasonal growthof $330,000,000 of money in circulation, and the further facts thatduring these months net gold imports were only $16,000,000 and thatduring December, for the first time since 1920, there was a net out-ward movement of gold. Thus in 1924 gold and currency movementsexerted their combined effect during tiie early part of the year towarda reduction in the use of reserve bank credit, and during the latter

MILLIONS OF DOLLARS MILLIONS OF DOLLARS

I EARNING ASSETS IOF FEDERAL RESERVE BANKS

1200

600

1200

600

1922 1923 1924-

part of the year toward an increase in the demand for reserve bankcredit. In this respect the year 1924 differed from 1923, when agradual growth in currency demand was continuous throughout theyear, as were gold imports, with the consequence that the demandfor currency was currently met by member banks out of the balancescreated at the reserve banks through the deposit of imported gold,and the volume of reserve bank credit in use remained throughoutthe year at a relatively constant level.

Changes in the total volume of reserve bank credit outstandingand in its composition for the first seven and for the last five monthsof 1924 and for the year as a whole are shown in the following table,and the course of the different classes of earning assets during thepast three years is presented in the chart above.



EARNING ASSETS OF FEDERAL RESERVE BANKS


Dec. 31,1923

July 30,1924

Dec. 31,1924

Increase (+) or decrease (—)

First 7months

1924

Last 5months

1924Year 1924

Total earning assets 1 J 1,211

DiscountsAcceptancesUnited States securities _

723355133 I

825

294 I24 I

505 '

1,249

314387540

- 3 8 6

- 4 2 9- 3 3 1+372

+424

+20+363+35

+38

-409+32

+407

1 Including other classes of earning assets, which on Dec. 31, 1924, aggregated $8,000,000.

During the first seven months of 1924 purchases of United StatesGovernment securities in the open market steadily increased andcarried the holdings of these securities by the reserve banks from$133,000,000 at the close of 1923 to over $505,000,000 at the end ofJuly. The funds thus placed in the market were used by memberbanks in the repayment of their borrowings and resulted further in areduction of the acceptance holdings of the reserve banks. Totalholdings of discounted and purchased bills, which at the beginning ofthe year were about $1,078,000,000, declined almost continuously to$318,000,000 at the end of July. During this period of open-marketpurchases in considerable volume, the total of reserve bank creditoutstanding, as measured by earning assets, declined by nearly$400,000,000, and at the same time there was a considerable changein its composition. The proportion of United States securities,which at the opening of the year constituted about 11 per cent oftotal earning assets, increased to 60 per cent at the end of July, whilethe proportion of discounts declined from 60 per cent to 36 per cent.The decline in total earning assets during this period, as has beenpointed out earlier, is accounted for by the inflow of gold and the de-creased demand for currency, and the fact that the volume of discountsand acceptances decreased to a larger extent than total earning assetswas due chiefly to the security purchases by the reserve banks.

During the last five months of the year there was relatively littlechange in the holdings of United States securities, and the volumeat the end of December was about the same as in the middle ofAugust. During this period, however, total earning assets of thereserve banks increased by over $400,000,000, largely in response toseasonal requirements. In December the growth was principally indiscounts, but for the period as a whole the larger part of the increasewas in holdings of acceptances, which increased after the middle ofAugust from $18,000,000 to $387,000,000 at the end of December.At the close of 1924 acceptance holdings of the Federal reserve bankswere larger than at any time since 1920 and constituted nearly one-



half of the total volume of outstanding acceptances. The unusuallyheavy exports of agricultural products during the autumn of the yearwere financed in considerable part through the use of acceptancecredit, and the total amount of credit extended in this form was largerin 1924 than at any time except during the last part of 1919. Thevolume of commodities financed through acceptance credit in 1924 wasin fact larger than in 1919, when measured in terms of physical volume,because in 1919, with prices at a much higher level, more credit wasrequired to finance the same physical quantity of goods. A largepart of the total acceptances purchased by the reserve banks aroseout of the financing of export and import trade with many countriescovering principally the exportation of cotton and grains, and theimportation of coffee, sugar, silk, hides, and wool. With this largevolume of acceptances in the market the seasonal tightening of moneyrates resulted during the last quarter of the year in heavy offeringsof bills to the reserve banks, with a consequent growth of acceptanceholdings by these banks. A table showing the principal assets andliabilities of the Federal reserve banks for every week in 1924 appearson pages 50-53.

CURRENCY DEMAND AND THE RESERVE BANKS

At the reserve banks, through the large amount of currency of allkinds paid in daily and the large volume withdrawn each day, thereis a continuous adjustment between the volume of money in circula-tion and the public's changing requirements for currency. Whilethe net outflow of currency from the reserve banks during the lastfive months of 1924 approximately equaled the net inflow during thefirst part of the year, and there was consequently little change inthe total volume of money in circulation, the amount of currencythat passed through the reserve banks during the year was in excessof $10,000,000,000, or more than twice the amount currently held bythe public. The amount held by the public, about $5,000,000,000,includes the vault cash in banks, the till money of the merchants, andthe cash in the pockets of individuals. Since cash in the vaults ofmember banks does not count as part of their legal reserves, they keepon hand only that amount of currency which experience has shown tobe necessary to meet the immediate demands of their depositors; thisamount in the aggregate is about $500,000,000, and represents 2 percent of their gross deposits. Mercantile establishments also limittheir holdings of cash to till-money requirements, and the amount ofmoney carried by individuals, though it fluctuates to some extentwith the volume of employment and earnings, is determined largelyby pocket-money requirements. In this country, where the bank-ing habit is general, where business concerns and individuals depositwith banks any excess of currency in their possession, and banks


ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 7

in turn keep on hand only enough cash for immediate needs, anyoutstanding currency above actual requirements promptly flows tothe reserve banks, and any increased demand for currency is reflectedin withdrawals of cash from these banks. It is this responsivenessof the volume of currency in use to the public's requirements andthe promptness with which the net volume of inflow or outflow ofcurrency of all kinds at the reserve banks responds to changes in thedemand for cash that constitutes the elastic character of the cur-rency under the Federal reserve system.

The elasticity of the currency is in no way affected by changesmade by the reserve banks in the relative amount of payments madein Federal reserve notes and in other forms of currency. In 1924the Federal reserve banks continued the practice, which had begunin the middle of 1922, of increasing the amount of gold certificatesin circulation, with the result that the volume of Federal reservenotes outstanding declined further during the year and an equalamount of gold certificates was substituted in their place in thecountry's circulation. As a consequence of this practice, the reservesof the reserve banks during the first part of the year did not increase tothe extent of gold imports during the period, and during the latter partof the year, when the demand for currency was increasing, this demandwas met by the reserve banks out of reserves as well as through anincreased issue of Federal reserve notes. As a result of this paymeiitof gold certificates into circulation, together with net gold exports of$30,000,000 in December, total reserves at the end of the year haddeclined to $3,000,000,000, the lowest figure for three years. Theextent to which gold certificates have been restored to circulation isindicated by the fact that during the three years since 1922, with netgold imports of about $800,000,000, there has been no net increasein the reserves of the reserve banks, and the volume of gold certificatesin circulation has increased by an amount equal to the gold imports.

GOLD AND FEDERAL RESERVE BANK CREDIT

In 1924, as in other recent years, the most important single influ-ence affecting the volume of Federal reserve bank credit in use wasthe continued inflow of gold. While net imports of gold in 1924 weresomewhat less than in 1923, they represented a continuation of amovement which has lasted for over four years, and since their effectupon the relative position of Federal reserve banks and memberbanks has been cumulative, their influence is clearer when consideredin perspective. Gold received from abroad is deposited by memberbanks with the reserve banks, and its immediate effect is to increasetheir reserve balances. The use made by member banks of theseadditions to their reserve balances depends upon the extent of thecurrency demand and upon the indebtedness of member banks at the


8 ANNUAL REPORT OF THE FEDERAL* RESERVE BOARD

reserve banks at the time the gold is received. In 1921, whenliquidation was under way, balances arising out of the $667,000,000of net gold imports, as well as the currency returned from domesticcirculation were used to reduce indebtedness at the reserve banks.In 1922, when the volume of member bank borrowing was at a lowlevel and there was an increased demand for currency, the largerpart of the additions to reserve balances due to gold imports of$238,000,000 were used to meet the currency demand, though a partremained as a basis for the growth in deposit liabilities of memberbanks which occurred during the first half of the year. In 1923practically the entire amount of net gold imports of $294,000,000was used by member banks in lieu of additional borrowing at thereserve banks to meet demands for currency, and the earning assetsof the reserve banks remained practically unchanged. In 1924,though the volume of earning assets of the reserve banks and thevolume of money in circulation fluctuated considerably during theyear, at the end of the year they were both at about the same levelsas at the beginning, and the $258,000,000 of net gold imports arereflected in a growth of member bank balances. For the entirefour-year period the net gold imports arid the net decline in currencyin circulation have been reflected in a decrease of nearly $2,000,000,000in the earning assets of the Federal reserve banks and a growth of$3,000,000,000 in the loans and investments of member banks. Thisdivergence in the movement of Federal reserve bank credit andmember bank credit since 1920 is shown in the following table:

RESERVE BANK AND MEMBER BANK CREDIT, 1920-1924

[Amounts in millions of dollars]

Federal reserve banks:Total earning assetsMember bank reserve balances

All member banks:Total loans and investmentsDeposits on which reserves are computed.

Hatio of earning assets of reserve banks toloans and investments of member banks(per cent) -.

Ratio of reserve balances to deposits on whichreserves are computed (per cent)

End of—

1920

3,2351,780

25,88817,616

12.5

10.0

1921

1,5241,753

23, 64416,816

6.4

10.5

1922

1,3261,934

25,76918,966

5.1

10.2

1923

1,2111,898

26,73819,505

4.5

9.7

1924

1,2492,220

29,02721, 985

4.3

10.1

Change

1920-1924

-1,986+440

+3,139+4,369

1923-24

+38+322

+2,289+2, 480

The large increase in the loans and investments of member banksand the decline in the earning assets of the reserve banks, shown inthe table, has reduced the ratio of Federal reserve bank credit tomember bank credit in use from 12.5 per cent in 1920 to 4.3 per centin 1924.# The ability of member banks to increase the volume of



their own outstanding credit and at the same time to decrease theiruse of reserve bank credit was due principally to the receipt duringthe four years of $1,500,000,000 of gold from abroad. While theproportion of the amount of reserve bank credit outstanding to loansand investments of member banks is only a fraction of what it wasin 1920, the ratio between reserve balances maintained by memberbanks at the reserve banks to member bank deposit liabilities, asshown by the table, has remained practically constant at about 10per cent, which represents on the average the minimum required bylaw. This constancy reflects the fact that member banks havecurrently utilized the full amount of credit that could be supportedby the increase of $440,000,000 in their reserve balances. Thus,notwithstanding the large addition to their balances, the memberbanks were obliged in the autumn of 1924 to increase their borrow-ings at the reserve banks in order to meet the seasonal demand forcurrency.

DEMAND FOR GOLD AND FOR DOLLAR CREDITS

A factor in the increased demand for reserve bank credit in thelatter part of 1924 was the demand for gold for export, most of whichwas withdrawn by certain European countries to be used in monetaryreconstruction. A large part of these exports went to Germanyand were made possible by the flotation of a loan under the Dawesplan for reparations. The progress made in the settlement of repara-tions and the restoration of sound monetary conditions in Europeresulted in increased confidence of American investors in Europeansecurities, and, together with the abundance of funds seeking invest-ment, facilitated the placing of a large volume of foreign loans in theUnited States. The volume of such flotations in 1924 was nearlythree times as large as in 1923 and larger than for any other yearsince the war. While a large part of these loans was used in thepurchase of goods in the United States, several countries used dollarcredits thus obtained in supporting the exchange value of theircurrencies. During 1924 the exchanges of three European countriesreturned to pre-war parity, several other countries adopted newmonetary units related to gold, and still other currencies weremaintained in a definite relationship to the dollar or to the poundsterling. In the closing months of the year there was a considerableimprovement in many leading European exchanges, particularly insterling exchange, which, after advancing from $4.31 in June to$4.73 at the end of December, was within 2}/% per cent of parity.To the extent that dollar credits created in the United States throughforeign borrowing wrere used to withdraw gold, they made it possibleto increase the actual gold reserves of foreign countries and to utilize



for monetary reconstruction a portion of the gold which during recentyears had come to this country as the result of disorganized condi-tions abroad. Gold received from abroad has been the principalfactor in bringing money rates in this country to a low level, and thedifference between rates here and abroad, at a time of increased con-fidence in the European financial situation, facilitated foreign borrow-ing and thus contributed to making dollar credits and gold availableto those countries which have undertaken to reestablish soundmonetary conditions. With the actual resumption of gold pay-ments in certain countries and the stabilization of currencies withreference to gold in many other countries, the year 1924 has beenone of definite progress toward the reestablishment of the inter-national gold standard.

DISCOUNT AND OPEN-MARKET POLICY IN 1924

Federal reserve credit policy in 1924, expressed both in changesof discount rates and in open-market operations, was determinedwith reference to the developments in trade, industry, and credit,which have been outlined in the preceding sections of this report.Discount rates at the Federal reserve banks, which had been uni-formly 43^ per cent at all the reserve banks since the early monthsof 1923, were reduced between May and the middle of October, 1924,to a level ranging at the different banks from 3 to 4 per cent. Thesereductions were made at a time of a recession in industrial activity,decreasing factory employment, slackened demand for commodities,and unusual ease in the money market. Money rates by the middleof the year, as the result of the less active demand for credit, and theabundance of funds arising out of the inflow of currency and of gold,had declined to the lowest level in a decade, and discount rates atthe reserve banks were adjusted to prevailing credit and businessconditions. Atthe Federal Reserve Bank of New York the discountrate was reduced on May 1 from 4J^ to 4 per cent, on June 12 to S}4per cent, and on August 8 to 3 per cent, and continued at that levelto the end of the year. At the Federal Reserve Banks of Boston,Philadelphia, Cleveland, and San Francisco the rates were reduced to3J^ per cent, and to 4 per cent at the other reserve banks. The ratesprevailing at the beginning and at the end of the year at each ofthe Federal reserve banks and the dates on which rate changeswere made are shown in. the following table:


ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 1 1

CHANGES DURING 1924 IN FEDERAL RESERVE BANK DISCOUNT RATES

BostonN e w York

Phi lade lphia _

Cleveland _ _ _ _ _

R i c h m o n d . . _ . - . - - _A t l a n t aChicago . . __.St. LouisMinneapol is _ . _ . _ .Kansas C i tvDal las . - . _ _ _ . .San Francisco

In effectJan. 1,

1924

i AH

1i

Reduction

Date

June 12May 1June 12Aug. 8June 19June 26June 2Aug. 15June 14June 18June 14June 19Oct. 15July 1July 16June 10Aug. 25

Rate

3H4

3

4 2

44444

443H

In effectDec. 31,

1924

3H3

3H

. 4444444

1 Five per cent on 6 to 9 months agricultural and livestock paper.2 Four and one-half per cent on 91-day to 6-months, and 5 per cent on 6 to 9 months agricultural and live-

stock paper.1̂ ,3 On all classes of paper.

The relationship between the discount rate at the Federal ReserveBank of New York and the rates on commercial paper and on accept-ances for a period of three years is shown in the chart. After a

PER CENT

5 rr-

PER CENT

V iR ''r

MONEYIN NEWY

Commercial PaperRate /—*

f ^L / F.R. Bank Discount Rat

1 K AcceptanceRate

V

RATESORK CITY

—i—i—i—i—i—i—i i i i i

h

J—J—1 _1 . j — i — » — i —

1922 1923 1924-

continuous decline from the high point of the autumn of 1923,money rates in the New York market in the summer of 1924 were ata considerably lower level than during the preceding period of low


1 2 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

money rates in the summer of 1922. Though rates on commercialpaper advanced in November and December, they were at the endof the year about 1 per cent lower than at the beginning and somewhatlower than in the middle of 1922. The rise in open-market rateson acceptances, which began in the middle of the year, togetherwith the considerable increase in the volume of acceptances offeredto the reserve banks, led to a gradual advance of the buying rate onacceptances at the New York Reserve Bank from 2 to 3 per cent, andin December the rate on 60 to 90 day bills was at the same level asthe discount rate.

Open-market operations in 1924, as in the two preceding yearsr

played an important part in the general credit policy of the reservebanks. The purchase of United States Government securities bythe reserve banks placed funds in the market which were used by mem-ber banks, together with funds arising from other sources, to reducetheir indebtedness at the reserve banks. During the period whenreductions in discount rates decreased the cost of reserve bankcredit to member banks, security purchases, by facilitating the repay-ment of borrowings by member banks, were an influence in reduc-ing the amount of their indebtedness to the reserve banfis. Thisgeneral credit policy was the adjustment made by the reserve banksto the trend in business and credit. At the time when the open-market purchases were made there was a recession in industrial activ-ity, the attitude of the business community was hesitant, and therewas no evidence of the growth of speculation. Open-market purchasesduring this period served to build up a portfolio of securities and toincrease the proportion of outstanding reserve bank credit under thedirect control of the Federal reserve banks. By these purchases thereserve banks placed themselves in a position, through the subse-quent sale of securities in case it should become desirable, to causemember banks to discount and to bring a larger part of the out-standing reserve bank credit under the influence of the discountrate. Thus during 1924 both the discount and open-market policiespursued by the Federal reserve banks, taken as a whole, were ap-proved by the Federal Reserve Board with regard to the broaderaspects of the credit situation and "with a view of accommodatingcommerce and business," the basis provided in the Federal reserveact for discount policy and adopted by the board as the principle forthe conduct of open-market operations.

EARNINGS, EXPENSES, AND VOLUME OF OPERATIONS OF THE FEDERALRESERVE BANKS

Gross earnings of the Federal reserve bank^ in 1924 were $38,340,-000, or 25 per cent less than in 1923 and 1922, when they were about$50,000,000. The lower earnings resulted from a decline of about



one-fifth in the average daily holdings of earning assets, together with adecrease from 4.33 to 3.83 per cent in the annual rate of return. Earn-ings on bills discounted for member banks and on bills bought in openmarket declined from $42,300,000 in 1923 to $21,600,000 in 1924,while earnings on Government securities increased from $7,400,000in 1923 to $14,700,000 in 1924. Miscellaneous earnings, consistinglargely of profits on current purchases and sales of United Statessecurities, of income from rented space in bank buildings and ofpenalties for deficient reserves, were $1,975,000 in 1924, comparedwith $937,000 in 1923. Income from space rented was $436,000 in1924, profits on transactions in United States securities were $750,000,and penalties for deficient reserves $382,000. Average daily holdingsof each class of earning assets, earnings thereon, and annual rates ofearnings in 1924, compared with the two preceding years, are shownin the following table:

HOLDINGS OF E A R N I N G ASSETS, E A R N I N G S T H E R E F R O M , AND ANNUALR A T E S OF E A R N I N G S

[Amounts in thousands of dollars]

Daily average holdings:192219231924

Earnings:192219231924 .

Average rates of earnings (per cent):192219231924

Billsdis-

counted

Billsboughtin theopen

market

573,247 I 159,207738,114 i 226, 548374,834 i 172,428

26, 52332, 95615, 943

4.634.464.25 I

5,6299,3715,710

3.544.143.31

UnitedStates

Govern-ment

securities

454, 750185, 823401, 365

16, 6827,444

14, 712

3.674.013.67

Otherearningassets

6685

1,690

44

61

5.404.503.61

Total

1,187, 2701,150, 570

950, 317

48, 83849,77536,426

4.114.333.83

Current expenses in 1924, exclusive of those fiscal agency depart-ment expenses which are reimbursable by the Treasury Department,amounted to $28,432,000, a reduction from the 1923 total of about$1,340,000, or 4.5 per cent. Most of this reduction was in salariespaid to the clerical staff, which aggregated $13,289,000, as against$14,026,000 the year before, and in the cost of Federal reserve cur-rency, including redemption charges, which amounted to $1,433,000in 1924, as compared with $1,992,000 in 1923.

The Federal reserve banks in 1924 handled a larger volume ofoperations than during any previous year in rendering free servicesto member banks, such as the clearing and collection of checks, thecollection of other items, and the receipt and payment of cash,including such currency and coin operations as were formerly per-formed by sub treasuries. In the cash department, for instance,the number of bills received and counted aggregated 1,838,000,000,



compared with 1,̂ 723,000,000 in 1923, an increase of 115,000,000pieces, and the number of coins received and counted was 2,187,000,-000, compared with 2,076,000,000 in 1923. Checks handled by thetransit departments of the Federal reserve banks also increasedmaterially, the number handled in 1924 (743,000,000) being about45,000,000 in excess of the number handled during the precedingyear. Thus, while the earnings of the Federal reserve banks havedeclined materially, the volume of free services rendered to memberbanks has continued to show substantial increases. On the otherhand, the number of notes discounted and of bills purchased in openmarket fell off from 961,000 in 1923 to 726,000 in 1924. Whilethe income of the banks is derived almost wholly from paper dis-counted for member banks and from acceptances and securitiesbought in the open market, operating expenses connected with thesediscount and open-market operations are very small when comparedwith operating expenses in the cash and transit departments.

Notwithstanding the increase in the volume of operations theFederal reserve banks, through increased efficiency, were able toreduce during the year the amount paid as clerical salaries. Thetotal number of employees of the Federal reserve banks at the endof 1924, excluding those in the fiscal agency departments, was9,964, compared with 10,704 at the end of 1923. The number ofemployees in the fiscal agency departments decreased from 957 atthe end of 1923 to 478 at the end of 1924. The volume of opera-tions in the principal departments of the Federal reserve banks duringthe past three years is shown in the following table:

VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS

1924 1923 1922

NUMBER OF PIECES HANDLED

Bills discounted:ApplicationsNotes discounted

Bills purchased in open market for own accountCurrency received and countedCoin received and counted _ _.Checks handledCollection items handled:

United States Government coupons paidAll other

United States securities—issues, redemptions, andexchanges by fiscal agency department

Transfers of fundsEnvelopes received and dispatched

AMOUNTS HANDLED

Bills discounted _Bills purchased in open market for own accountCurrency received and countedCoin received and counted..Checks handledCollection items handled:

United States Government coupons paidAllother


Transfers of funds

129,000583,000143,000

1, 838,279, 0002,186, 737,000

742, 878, 000

50, 471,0006,113,000

16,097,0001, 503, 000

40,050,000

$15, 419,155,0002,172,142,000

10, 777, 306,000293, 924,000

219, 832,179, 000

719, 784,0005, 509,093,000

6, 708,272,000

168,000782,000179,000

1, 722,877,0002,076,075,000

697, 502, 000

64, 662,0005, 732.000

2 114,409,0001, 413,000

44,932,000

$38,379,926,0002, 547,010,000

10,306,411,000308,051,000

207, 719, 529,000

761, 731,0005, 900, 520,000

8,433,891,00098, 359,028,000 78,867,108,000

841,000142,000

1,424,849,0001,945,453,000

638, 634,000

81,694,0004, 722,000

24, 753,0001,190,0000)

$22,082,887,0001,954,688,0008, 602,185,000

221, 871,000160, 472, 450,000

759,124,0004, 768, 971,000

14,135, 914,00070, 553,465,000

1 Data not available.2 Large increase due to redemption of war-savings securities which matured Jan. 1, 1923.Digitized for FRASER

http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis


As a consequence of the larger decline in gross earnings than incurrent expenses, current net.earnings of the Federal reserve banksdeclined by more than one-half and amounted to $9,908,000 in 1924,as against $20,938,000 in 1923. As is shown in the profit and lossstatement, the Federal reserve banks charged their current netearnings with net deductions of $6,190,000, made up principally asfollows: Depreciation allowances on bank premises, $4,035,000;reserves for probable losses on paper held under discount for mem-ber banks, $1,067,000; and cost of furniture and equipment pur-chased during the year, $1,075,000. After these charges were made,net earnings available for dividends, surplus, and franchise taxesamounted to $3,718,000, as against $12,711,000 in 1923. Earningsof two of the reserve banks—Cleveland and Kansas City—were notsufficient to cover current expenses, depreciation charges, reservesfor probable losses, etc., or any part of the dividends accrued duringthe year, while the earnings of four other banks—Boston, New York,St. Louis, and San Francisco—though in excess of current expenses,depreciation allowances, reserves, etc., were not sufficient to meetfall dividend requirements. As a result these six banks withdrew$3,266,000 from their surplus accounts built up in previous years.Of the six Federal reserve banks that had earnings sufficient to covercurrent expenses, depreciation charges, reserves and dividends, onlyfour had an excess of earnings remaining after such charges. Ofthese, the Philadelphia, Kichmond, and Dallas banks, whose sub-scribed capital was in excess of their surplus accounts, transferredall of such excess earnings, aggregating $175,732, to surplus account,as is authorized by law, while the Minneapolis bank transferred$12,628 to surplus account and paid $113,646 to the United StatesGovernment as a franchise tax. Gross and net earnings of eachFederal reserve bank during the year, dividends paid to memberbanks, and amounts transferred to or withdrawn from surplus accountare shown in the following table :

FINANCIAL RESULTS OF OPERATION OF THE FEDERAL RESERVE BANKSDURING 1924

Federal reserve bank

Boston _ _New YorkPhiladelphiaCleveland .RichmondAtlanta .ChicagoSt. LouisMinneapolis . __Kansas CityDallas _San Francisco

Total

Grossearnings

$2,559,0168, 569,3502, 915,8463, 770, 6892,210,2401,907,1215,202,1691,688,1431,609,0702, 262, 9102,157, 9643,487, 931

38,340,449

Net earn-ings avail-

able fordividends,

surplus,and fran-chise tax

$470,422616,852747,092

i 473,153379,791272,656909,123203,937329,102

1 253,182265,024250,516

3, 718,180

Dividendspaid

$477, 7981,796,530

615,135756,152351,251272,656909,123304,976202,828265, 697249, 789480,561

6,682,496

Surplus account

Trans-fers to

$131,957

28, 540

12,628

15,235

188,360

With-drawals

from

$7,3761,179,678

1,229,305

101,039

518,879

230,0453,266, 322

Franchisetax paidUnitedStates

Govern-ment

$113,646

113,646

1 Deficit in earnings before payment of dividends.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis


A comparison of gross and net earnings and the disposition madeof these earnings for the years 1920-1924 is shown in the table below:

GROSS AND N E T EARNINGS OF FEDERAL RESERVE BANKS, 1920-1924

1920.1921.1922.1923.1924.

Earnings Disposition of net earnings

$181,296,711122,869,94050,498,69950, 708, 56638, 340,449

Net

$149, 294, 77482, 087,22516,497, 73612,711,286

3, 718,180

Dividends

$5, 654, 0186,119,6736, 307, 0356,552,7176, 682,496

j Franchise taxTransferred to ! paid to United

surplus ! StatesI Government

$82, 916, 01415,993, 086

i 659, 9042, 545, 513

2 3,077,962

$60, 724, 74259,974,46610, 850, 605

3, 613,056113,646

1 Withdrawn from surplus. On the basis of 1922 operations there was $2,740,158 transferred to sur-plus, but $3,400,062 was withdrawn in connection with an adjustment of franchise taxes paid inprevious years.2 Withdrawn from surplus.

The table brings out the fact that transfers to surplus, which werelarge in 1920, when the surplus at none of the banks was as large assubscribed capital, declined rapidly, and in 1924 there were netwithdrawals from surplus. The franchise tax paid to the UnitedStates Government also decreased with the decrease of net earningsand during 1924 was only $113,646, compared with about$60,000,000 in 1920 and 1921.

Owing to the substantially reduced earnings in 1924, theratio of current net earnings to average paid-in capital declinedto 8.9 per cent from 19.2 per cent in 1923. If current netearnings are related to paid-in capital and surplus combined,the ratio works out at 3 per cent in 1924, as compared with6.4 per cent in 1923. The highest rate of current net earnings onpaid-in capital and surplus in 1924, 7 per cent, was reported bythe Federal Reserve Bank of Dallas and the lowest ratio, 1.6 percent; by the Federal Reserve Bank of St. Louis. In 1923 the high-est ratio, 10.4 per cent, was reported for the Federal Reserve Bankof Atlanta and the lowest ratio, 4.7 per cent, by the Federal ReserveBank of Chicago. The table below shows current net earnings,daily average paid-in capital, and surplus of each Federal reservebank during 1924, and the ratios of current net earnings to paid-incapital and to paid-in capital and surplus for 1923 and 1924.Detailed figures of both earnings and expenses of each Federalreserve bank appear on pages 112-116.


ANNUAL REPORT-OF THE FEDERAL RESERVE BOARD 17

RATIO OF CURRENT NET EARNINGS TO CAPITAL AND TO CAPITALAND SURPLUS COMBINED


BostonNew YorkPhiladelphia-ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis.. _Kansas C i t y -DallasSan Francisco.

Total—_

Currentnet

earnings

Daily average

Paid-incapital Surplus

$585, 5152,218, 529

762, 0101,105,839

672,406660,109

1, 255, 733246, 795543, 903396, 823826, 302634, 547

9,908, 511

$7, 963, 30029,942,17310, 252, 25012, 602, 5335,854,1834, 544, 260

15,152, 050 !5,082,933 S3,380,467 !4,428,284 i4,163,1508, 009, 350 i

$16, 389, 56359,928,96719,927, 32923, 691,13811, 672,4838, 950, 30930, 425, 57510, 071, 7437,484, 2199,495, 5407, 577,16015, 301, 038

111,374,933 i 220,915,064

Ratio of current net earningsto average

Paid-in capital

Percent7.4 !7.47.48.811.514.58.34.916. 19.019.87.9

8.9

1923

Percent17.115.523.717.423.331.514.225.918.823.223.023.1

Paid-in capitaland surplus

Percent

2.42 52. 53.03.84.92.81.65.02.87.02.7

19.2 | 3.0

1923

Percent

5.65.18.15.97.8

10.44.78.86.17.68.37.8

6.4

FISCAL AGENCY OPERATIONS

Fiscal agency operations of the Federal reserve banks during 1924included the sale and delivery of newly issued bonds and notes, theredemption of securities called for payment or matured, denomina-tional exchanges, interchanges of coupon and registered bonds, ex-changes of temporary for permanent bonds, conversions, transfers ofownership, purchases of securities in open market for Governmentaccount, maintenance of Government deposit accounts with desig-nated depositaries, and the custody of Government securities. Whilethe volume of transactions is smaller than during the war and the im-mediate post-war period, it is nevertheless still considerable, as maybe seen from the following table giving the number and amount of theprincipal transactions during 1924:

New securities issued _RedemptionsExchanges (securities received for exchange) _Treasury savings certificates issued or received for redemptionWar savings and thrift stamps redeemed, including redeemed stamps re-

ceived from post offices

Number ofitems

260,000579,000

4, 831,00056,000

10, 370,000

$1, 452,793,0002,458,222,0002, 738,126,000

13, 573, 000

45, 557, 000

In addition to the purely fiscal agency operations, the Federalreserve banks, acting as depositaries for the Treasury, pay Govern-ment checks, warrants, and coupons, collect checks and noncashitems for the accounf of the Treasury, withdraw Government depositsfrom depositary banks, transfer funds by telegraph, and carry on theformer subtreasury operations, comprising principally the replace-



ment, exchange, and redemption of United States paper currencyand coin. During 1924 the Federal reserve banks paid 50,471,000Government coupons amounting to $719,784,000 and 34,289,000checks and warrants drawn on the United States Treasurer amountingto $4,160,286,000. Coin received and counted aggregated 2,187,-000,000 pieces, amounting to $294,000,000. While some of this coinwould no doubt have been handled by the Federal reserve bankseven if the sub treasuries had not been discontinued, a large part ofthis work prior to 1921 was performed by the sub treasuries. OnDecember 31, 1924, the Federal reserve banks held $414,500,000 ofsecurities pledged by depositary institutions as collateral for Govern-ment deposits, which on that date amounted to $228,000,000, and inaddition $2,269,000,000 of securities were held in safekeeping forthe account of the Treasury.

During the war and until June 30, 1921, the Federal reserve bankswere reimbursed by the Treasury for practically all expenses incurredin the discharge of their fiscal agency functions, but at present theyreceive reimbursement for only those expenses incurred directly inconnection with the issue of new securities, all other operations beingconducted at the expense of the Federal reserve banks. Reimburs-able fiscal agency expenses of the Federal reserve banks during 1924were $444,000 and the amount of expenses absorbed was approxi-mately $868,000. These figures do not, however, include the costof handling Government coupons, checks, and warrants and otherdepositary operations, or the cost of handling coin.

BUILDING OPERATIONS OF FEDERAL RESERVE BANKS

Construction was begun in 1924 of a building for the Little Rockbranch of the Federal Reserve Bank of St. Louis and of an additionto the building occupied by the Louisville branch of that bank. Thebuilding for the Jacksonville branch was completed during the yearand construction on the New York and Minneapolis buildings,although not completed, progressed sufficiently so that the New Yorkbank was able to occupy its building in October and the Minneapolisbank to begin moving into its building in December. Work has alsoprogressed on the St. Louis building, and on the San Franciscobuilding which was occupied near the end of 1923.

Eleven of the Federal reserve banks, including Minneapolis, andten of the Federal reserve branch banks are now housed in their ownbuildings, while buildings are under construction for the other reservebank, St. Louis, and for the Little Rock branch. Building sites havealso been acquired for six other branches, two of which were acquiredin 1924, a site for the Birmingham branch by purchase and one forthe Omaha branch by exchange for a building purchased in 1920.Construction of buildings for the Denver and Omaha branches wasauthorized by the Federal Reserve Board in 1924. All Federal



reserve bank branches, except those at Buffalo, Memphis, Seattle,Spokane, Los Angeles, and Portland, now have their own buildingsor building sites for such buildings. Tables showing the cost ofbuilding operations at each Federal reserve bank and branch areprinted on pages 110 and 111.

BRANCHES AND AGENCIES OF THE FEDERAL RESERVE BANKS

No additional branches or agencies of Federal reserve banks wereauthorized during the year, although the Federal Reserve Bank ofRichmond applied to the board for permission to establish a branchto serve the southwestern portion of the fifth Federal reserve district.This application, however, has not yet been acted on by the board.There has been no change in the character of business transactedby the existing branches and agencies.

Effective January 1, 1925, the board adopted revised rules andregulations with respect to the appointment of directors of Federalreserve branch banks. The new rules provide that each branch shallhave seven directors, appointments being made for designated terms.

As in the case of the parent banks, the volume of work handledby the branches and agencies in their principal operating depart-ments has continued to increase, as may be seen from the followingcomparison for 1923 and 1924:

Checks handled:Number of itemsAmount

Currency received and counted:Number of piecesAmount

Coin received and counted:Number of piecesAmount

1923

207,187,000$53,197,150,000

397, 973, 000$2, 415, 356, 000

353,158, 000 !$55,633,000 I

1924

222, 622,000$54, 763,840,000

433, 582, 000$2, 468,886,000

387, 200,000$60,199,000

Current expenses of the 23 branches and 3 agencies during 1924were $5,747,000, as compared with $5,730,000 in the year preced-ing. The average number of officers and employees was reducedfrom 2,557 in the last quarter of 1923 to 2,384 in the correspondingquarter of the year just closed.

BRANCH BANKING

In respect to branch banking the administrative policy of the boardhas been developed in its actions upon individual applications ofmember banks for permission to establish branches. Under that pro-vision of the Federal reserve act which authorizes it to prescribe con-ditions of admission to membership in the Federal reserve system,the board has generally required State banks and trust companies



applying for membership to agree that they will not establish anybranch, agency, or additional office except after applying for andreceiving the board's permission. During the past year the board hastaken occasion to give formal statement to the principles by whichit will be guided in acting upon such applications. These principlesare incorporated in the revised form of Regulation H.1

The board has announced further that the establishment of eachbranch must be separately approved, and that no blanket authoritywill be granted to any member bank to establish branches under acontemplated program of extension.

A survey of branch banking developments in the States has beenundertaken by the board during the year, and a preliminary state-ment of the results of this survey was published in the Federal ReserveBulletin for December, 1924. Reports to the board for June showthat 681 banks located in 29 States—including 108 national, 191member State, and 382 nonmember instituitions—were operatinga total of 2,233 branches. Of these banks, 371 were operating onlybranches located in the home city of the parent bank and 310 wereoperating branches outside the home city. More than one-halfof the banks, 376 out of 681, were operating one branch only; 235were operating 2 to 4 branches, and 90 were operating 5 or morebranches. Of the branches reported, 1,463 were located in the homecity of the parent bank and 770 outside the home city. During thefirst six months of 1924 a total of 213 branches were established, ofwhich 154 were home-city and 59 were outside branches, and verynearly this proportion of home-city to outside branches is shownfor the 280 branches established during the calendar year 1923. Itmay be noted that comparatively few banks located in the largercities report outside branches, only 43 of the institutions reportingsuch branches being located in cities of 100,000 or more population,while a large majority of the banks operating only home-city branchesare located in these larger cities. Recent growth in the numberof home-city branches represents an effort on the part of bankslocated in the larger cities to extend their banking facilities to out-lying districts for the accommodation of their customers. Statebanking codes and administrative practice, as is well known, varyfrom State to State—from absolute prohibition of branch bankingin any form in some States to free authorization of the practiceon a state-wide basis in other States. Branch banking territorymay, of course, be either extended or diminished in the future bymodification of State banking codes or administrative practice. Dur-ing the past year Illinois by referendum vote approved a statute(enacted in 1923) prohibiting branch banking. Since, however, nobanks were operating branches in this State, the effect of the en-

1 See page 260.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis


actment is to provide specific legislative authority for an adminis-trative policy continuing present conditions. Two other States haveduring the year amended the branch banking provisions of theirlaws—Maryland, by providing that a bank or trust company estab-lishing a home-city branch shall conform to the capital requirementfor a bank or trust company located in such city or town; andMississippi, by providing that the consent of the superintendent ofbanks (instead of the consent of a majority of State bank examiners)shall be obtained before a bank located in a city of 10,000 or morepopulation establishes a branch within the corporate limits of the city.

CHANGES IN MEMBERSHIP IN FEDERAL RESERVE SYSTEM BETWEENDECEMBER 31, 1923, AND DECEMBER 31, 1924

On December 31, 1924, there were 9,587 member banks in activeoperation in the Federal reserve system, as indicated by the requiredreports of condition which were submitted by the banks as of thatdate. Of this number 8,043 were national banks and 1,544 wereState banks and trust companies, the number of both classes of banksbeing smaller than a year earlier. The reduction was 136 for nationalbanks and 51 for State banks, a total of 187. Despite the decline inthe number of banks, the total resources of both classes of memberbanks show increases for the year.

On December 31, 1924, the aggregate resources of all member bankswere $38,987,000,000, the resources of national banks amountingto $24,369,000,000 and those of State member banks to $14,618,-000,000. For the year resources of all member banks show anincrease of nearly $3,800,000,000, of which about $2,000,000,000was for national banks and $1,800,000,000 for member State banksand trust companies.

The decline in membership during the year was the net result of171 additions and 359 losses, omitting from these figures compen-sating changes between national and State members which affectedmembership in the two classes of banks without changing membershipin the system as a whole. These gains and losses to membershipare classified in the following table, by class of member banks.Tables showing changes in membership, by Federal reserve districts,during the period 1919-1924, appear on pages 147-153.



CHANGES IN ACTIVE MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM,DECEMBER 31, 1923, TO DECEMBER 31, 1924

Member banks

Number

National State

Active membership Dec. 31,1923

ADDITIONS TO MEMBERSHIP

Primary organization of national banksConversion of nonmember banks to national.Admission of State banksResumption, following suspension _Conversion within the system*

Total additions.

LOSSES TO MEMBERSHIP

Merger of member banks „ _Absorption of member banks by nonmembers.Voluntary liquidation (terminal)Withdrawal.Suspension or insolvencyConversion within the system1 •Others, losses . .

8,179

17

132

Total lossesNet change during the yearActive membership Dec. 31, 1924.

1,595

47

1 !268

- 1 3 68.043

- 5 11,544

Total

9,774

171

83513426

163

358- 1 8 79,587

Resources(in

thousands)

$35,238,606

20,30821,34561,80510,863

114, 321

42,30451, 75266,879

146,892

1,347

309,1742+3, 748, 261

38, 986, 867

1 Compensating items, except for 1 member State bank which succeeded a national bank that didnot report on Dec. 31, 1924, and was therefore not counted among losses in 1924.

2 Includes, in addition to increases classified above, those due to growth and reorganizations.

BANKS ON PAR LIST

The following table shows the number of banks on the par list,that is, of banks which have agreed to pay without deductions forcollection charges such checks drawn upon them as are presentedby the Federal reserve banks in connection with the operationof the Federal reserve clearing system. The table also shows thenumber of banks not on par list. The number of banks on the parlist on December 31, 1924, was 25,127, and included, in additionto the member banks, 15,445 nonmember banks. This total was1,494 below that for the end of December, 1923, and 3,657 belowthat for December 15, 1920, when the number of par collectingbanks was highest. The number of nonmember banks collecting atpar was smaller at the end of December this year than last in allexcept the Boston, New York, Philadelphia, Cleveland, and Atlantadistricts. It was larger than in December, 1920, only in the NewYork and Philadelphia districts.



NUMBER OF MEMBER AND NONMEMBER BANKS ON PAR LIST AND NOT ON PARLIST, DECEMBER, 1924 AND 1923

Federal reservedistrict •

BostonNew YorkPhiladelphia..ClevelandRichmondAtlanta .Chicago.St. LouisMinneapolisKansas City _..DallasSan Francisco

System

Member banks

Total

1924

420859743872624516

1,419628906

1,086838771

9,682

1923

424839725880631535

1,435630979

1,146863809

" 9, 896

National

1924

384714671753560383

1,059495802

1,051655586

8,113

1923

388695659762564389

1,064501861

1,108670611

8,272

State

1924

36145

7211964

13336013310435

183185

1,569

1923

3614466

11867

14637112911838

193198

1,624

Nonmember banks *

On par list

1924

234381519

1,075743383

3,9272,2251,4982,747

862851

15,445

1923

228360514

1,071865380

4,1052,3732,0852,858

958928

16, 725

Not on par list

1924

10715

1,10521833285320415357

3,647

1923

5637

1,1271142334451969544

2,896

1 Incorporated banks other than mutual savings banks.

BANK SUSPENSIONS

During 1924 there were 759 bank suspensions reported to theFederal reserve banks. Of this number 595, or nearly 80 per cent,were nonmember banks and the remaining 164 were member banks,129 of these being national banks and 35 State banks or trust com-panies. The capital and surplus of the suspended banks for whichinformation was available (all member banks and all but four ofthe nonmember banks) aggregated $41,704,000. The capital and sur-plus of closed nonmember banks amounted to $24,636,000, or 59 percent of the aggregate for all closed banks. The capital and surplusof the national banks amounted to $13,713,000 and that of the Statebanks and trust companies to $3,355,000. There were 39 banks,previously closed, which reopened during the year.

Although bank suspensions occurred in all except the Clevelanddistrict, there were only seven in the Boston, New York, and Phila-delphia districts combined as against 537 in the Chicago, Minneapolis,and Kansas City districts. The banks closed in the latter districtswere equivalent to more than 70 per cent of the total numberof suspensions and had capital and surplus amounting to 63 per centof the total for all closed banks, while those in the eastern districtsmentioned were less than 1 per cent of the total number and hadcapital and surplus of about 6 per cent of the total. The largestnumber of suspensions in any one district was 299 in the Minneapolisdistrict. Although figures for closed banks represent, so far ascould be determined, banks which were closed by order of super-visory authorities, it is not known how many of these institutionsmay ultimately prove to be solvent. Banking suspensions for

36569—25t 3



the year are shown, by districts and by class of bank, in the follow-ing table:

BANKS CLOSED DURING 19241

Federal reserve district

All districts _ _

BostonNew York _PhiladelphiaCleveland __RichmondAtlantaChicagoSt. LouisMinneapolisKansas City .'. _DallasSan Francisco

All banks

759

1

3444

10455

2991345228

Capitaland

sands ofdollars)

41,704

2502,415

79

1,8172,6706,4612,600

12, 9256,8773,9081,702

Member banks

National(num-ber)

129

121

3461

50321910

State(num-ber)

35

19

102922

Non-memberbanks(num-ber) 2

595

5

30318852

2401003118

1 Includes all banks, incorporated and unincorporated, which were reported closed or insolvent duringthe year.2 Includes 3 nonmember banks in the Chicago district and 1 in the Richmond district for which noinformation regarding capital is available.

Suspensions were more numerous at the beginning of the yearthan during the summer and fall. During the first quarter of theyear there were 302 closed banks, nearly half the total number for theyear. Banks closed during 1924 are shown, by months, in the fol-lowing table:

BANKS CLOSED DURING 1924, BY MONTHS 1

Y e a r . . .

JanuaryFebruary . _MarchAprilMayJuneJulyAugustSeptember.OctoberNovember .December. .

1924

Allbanks

759

1369076718244502935374960

Member

National

129

23191999

1185

* 2888

State

35

1162

111

157

Non-member

595

1026555627332412333283645

1 Includes all banks, incorporated and unincorporated, which were reported closed or insolvent duringthe year.

CHECK CLEARING AND COLLECTION

Atlanta par clearance case.—During the year a new par clearancesuit was instituted against the Federal Reserve Bank of Atlanta,the Federal reserve agent at Atlanta, and the Federal EeserveBoard. This suit differs from the former par clearance cases in



that it involves a national bank rather than a nonmember bank,and also raises certain questions dealing with check collection trans-actions which have not been adjudicated before. It is anticipatedthat a final decision in this case by the Supreme Court will go along way toward settling the par clearance controversy. A briefstatement of the case is given herewith.

On August 9 the Pascagoula National Bank of Moss Point, Miss.,filed a bill of complaint in the United States District Court for theNorthern District of Georgia against the Federal Reserve Bank ofAtlanta, Joseph A. Me Cord as Federal reserve agent, and the FederalReserve Board. In general, the bill charged the several defendantswith having ignored and violated various provisions of the Federalreserve act, and prayed for an injunction against the Federal ReserveBank of Atlanta which, if granted, would in effect—

(1) Require the Federal Reserve Bank of Atlanta to give imme-diate credit and availability to the plaintiff for all its deposits ofchecks and drafts drawn on other member banks in the Atlantadistrict, no matter at what distance from Atlanta the drawee bankmay be;

(2) Permit the plaintiff to charge exchange on checks drawnupon it and presented for payment by or through the Federal reservebank; and

(3) Prohibit the Federal reserve bank from handling checks forany banks other than its own members and, for its own membersy

any checks which are not payable within the Atlanta district.The bill also asked that the Federal Reserve Board and Joseph A.

Me Cord be enjoined from promulgating and enforcing the provisionsof the board's Regulation J, and further asked for an accounting andrecovery from the Federal reserve bank of the amounts of exchangecharges and interest of which the plaintiff alleged it had been illegallydeprived.

In response to this bill the Federal Reserve Board entered a specialappearance solely for the purpose of pleading its exemption from thesuit in the Northern District of Georgia and filed a motion to be dis-missed from the suit on the ground that it is not an inhabitant of theNorthern District of Georgia and, therefore, is not suable in thatdistrict without its consent, because of the provision of section 51of the Judicial Code that "no civil suit shall be brought in any dis-trict court against any person by any original process or proceedingin any other district than that whereof he is an inhabitant/7

On behalf of the Federal reserve bank and the Federal reserveagent, answers were filed showing cause why the relief prayed forin the bill should not be granted and also going into the merits ofthe case at some length.



Arguments on the board's motion to be' dismissed from the suitand on the plaintiff's prayer for a preliminary injunction were heardby the court on October 2 and 3; and, at the conclusion of the argu-ment, the court handed down an oral decision from the bench up-holding both of defendant's contentions. Subsequently, brief writtendecrees were signed dismissing the board from the litigation anddenying a preliminary injunction, but no written opinion was ren-dered by the court.

On December 15 the case was argued on its merits, and on Decem-ber 29 the court rendered a decision holding that there was nothingunlawful in any of the acts of defendants complained of and author-izing a decree dismissing the bill. The court's decision, therefore,was a complete victory for the Federal reserve system.

The opinion of the court, which is published on pages 231-234,holds in effect that:

(1) The Federal reserve banks are not required to give depositingmember banks immediate credit and availability for checks anddrafts drawn on other member banks in the Atlanta district and arejustified in refusing to permit the amount of said checks to be countedas reserves or to be withdrawn by check or otherwise until theyactually have been collected;

(2) Under the terms of the so-called "Hardwick amendment" tosection 13 of the Federal reserve act, member banks have not theright to make an "exchange charge" for remitting payment to aFederal reserve bank for checks drawn on themselves, although suchchecks are not the property of the Federal reserve bank but arehandled for collection.

(3) That, under the terms of section 13 of the Federal reserve act,the authority of a Federal reserve bank to collect checks is not limitedto checks sent to it by its own members and checks payable withinthe district of such Federal reserve bank; and, therefore, a Federalreserve bank may collect checks on its own member banks and non-member clearing banks which come to it from other districts, andmay handle checks payable on presentation sent to it by its memberbanks or nonmember clearing banks whether payable within its owndistrict or not; and

(4) That the provision in the "Hardwick amendment" which hasthe effect of requiring member banks to pay without deductionchecks drawn on them when presented by Federal reserve banks,whether paid over the counter or by the more convenient means ofchecks on their deposits elsewhere, does not deprive member banks ofproperty without due process of law and, therefore, is not contrary tothe fifth amendment to the Constitution.



The plaintiff has appealed the case directly to the Supreme Courtof the United States, on the ground that it involves the constitution-ality of an act of Congress.

Cleveland and San Francisco par clearance cases.—The preliminaryaspects of the par clearance litigation affecting the Federal reservebanks of Cleveland and San Francisco are discussed in the board'sannual report for 1922, where it was noted, among other things, that theBrookings State Bank of Brookings, Oreg., following its suit for aninjunction against the Federal Reserve Bank of San Francisco, hadbrought an action for damages to compensate it for the loss allegedto have been occasioned it by the collection methods employed bythe reserve bank. This damage suit has not yet reached a hearingon the merits and no further action has been taken with regard to theinjunction proceedings.

In June, 1923, the Farmers & Merchants Bank of Catlettsburg,Ky., also followed its suit for injunction against the Federal ReserveBank of Cleveland by bringing an action at law for compensatoryand punitive money damages. This action was brought in the UnitedStates District Court for the Eastern District of Kentucky. TheFederal reserve bank filed a special demurrer to the complaintobjecting to the jurisdiction of that court over the defendant on theground that the Federal Reserve Bank of Cleveland was an inhabitantof the Northern District of Ohio and, because of section 51 of theJudicial Code, could be sued only in the courts of that district. InMarch, 1924, the plaintiff brought a new action for damages againstthe Federal Reserve Bank of Cleveland in the United States DistrictCourt for the Northern District of Ohio. This action has not yetcome to trial, and there are no important developments to reportin connection with the injunction suit against the Cleveland ReserveBank.

TRUST POWERS OF NATIONAL BANKS

During the year 1924 two important court decisions were handeddown affecting the right of national banks to exercise trust powers.In the first of these cases, State of Missouri ex rel Burnes NationalBank v. Duncan, 265 U. S. 17, the Supreme Court of the UnitedStates, in an opinion rendered April 28, 1924, upheld in all respectsthe right of national banks in Missouri to exercise trust powers.The court co as trued the grant of power contained in section 11 (k)of the Federal reserve act to mean " that whatever may be the Statelaw, national banks having the permit of the Federal Reserve Boardmay act as executor if trust companies competing with them havethat power/7 and further held that it was within the constitutionalauthority of Congress to confer upon national banks the right toact in fiduciary capacities, saying in this connection, " The Statecan not lay hold of its general control of administration to deprive


*28 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

national banks of their power to compete that Congress is authorizedto sustain." The effect of this decision, therefore, is to establishconclusively the right of national banks to exercise trust powers inany State whose laws authorize or permit the exercise of similarpowers by competing State institutions. The preliminary stages ofthis case, including the decision of the Supreme Court of Missouriwhich had denied the right of the Burnes National Bank to exercisetrust powers, are discussed in the board's annual report for 1923 onpage 55 and a footnote on that page records the fact that the deci-sion of the Missouri Supreme Court was reversed by the UnitedStates Supreme -Court The full texts of the opinions of both courtsare also published in the 1923 report on pages 307 and 314. Forconvenience of reference, the opinion of the United States SupremeCourt is republished in this report on pages 234-237.

In the board's annual report for 1922 a brief statement is made ofa decision of the Supreme Court of Rhode Island which in effect de-nied the right of national banks in Rhode Island to exercise trustpowers. This case, however, was not conclusive on this question,because the decision was based primarily on the ground that theState treasurer could not be compelled by mandamus to accept atender of bonds from a national bank as security for the performanceof its fiduciary functions. For this reason it was felt that the casewas not a proper one in which to test out finally the right of nationalbanks in Rhode Island to exercise trust powers and no appeal wastaken from this decision. Subsequently, however, a proceeding wasbrought against the same national bank—the Aquidneck NationalBank of Newport—by the Attorney General of the State of RhodeIsland for the purpose of determining definitely the right of the nationalbank to continue to exercise trust powers in conformity with the pro-visions of section 11 (k) of the Federal reserve act. In an opinionrendered July 9, 1924, the Supreme Court of Rhode Island followedthe decision of the United States Supreme Court in the BurnesNational Bank case and held that in view of this authoritative con-struction of section 11 (k) of the Federal reserve act, national banksin Rhode Island may continue to exercise trust powers. The fulltext of the opinion of the Rhode Island Supreme Courts is publishedon pages 237-239.

Permits to exercise fiduciary powers.—During the past year theboard has approved 154 original and 20 supplemental applicationsby national banks for permission to exercise fiduciary powers underthe provisions of section 11 (k) of the ; Federal reserve act. Thetotal number of banks holding permits to exercise trust powers onDecember 31, 1924, was 1,802, a list of which, with the powersgranted, is published on pages 193-210.



ADMINISTRATION OF CLAYTON ACT

In each of the board's annual reports to Congress since 1921 atten-tion has been called to the desirability of amending section 8 of theClayton Act. After several years7 experience in administering thisprovision of law the board has found that the present law is notadapted to carrying out the intention of Congress in regulating inter-locking bank directorates. In its present form section 8 of theClayton Act in operation often defeats the purpose for which it wasenacted; it discriminates against national banks, and in many casesits enforcement results in unnecessary hardship to individuals andto the disadvantage of the banking and credit situation in certaincommunities. The board has repeatedly recommended the enact-ment of an amendment to the Clayton Act to overcome these defects.

During the closing weeks of the first session of the Sixty-eighthCongress two bills were introduced to amend section 8 of the ClaytonAct—S. 3299 in the Senate on May 13, 1924, and H. R. 9344 in theHouse on May 20, 1924. The Senate bill proposed to amend it bythe addition of a clause which would authorize the board to grantpermits for interlocking directorates between a member bank andnot more than two other banks if, in the board's judgment, norestriction of banking credit or lessening of interbank competitionwould result. The House bill proposed to redraft the so-called Kernamendment to section 8 of the Clayton Act in simpler form. Thisbill would have authorized the board to permit interlocking direc-torates between any three banks or trust companies if, in its judgment,it was not incompatible with the public interest, thus giving theboard somewhat wider discretion than contemplated by the Senatebill and removing the requirement in the law as it now stands thatone of the banks involved be a member bank. The fundamentalpurpose of both bills, however, was to give the board more latitudein the matter of permitting interlocking directorates and thus enableit to administer the Clayton Act more effectively and more nearlyin harmony with the apparent purpose and intent of Congress inregulating interlocking directorates. The Senate bill was introducedat the board's request and the House bill with the board's approval.Both bills are reprinted in full on page 240. No action, however,was taken with regard to either of these bills and the first session ofthe Sixty-eighth Congress terminated without any amendment to theClayton Act.

During the past year the board has received and considered 238applications presented to it for permission to serve in interlockingdirectorates. It has also investigated 65 alleged violations of section8 of the Clayton Act reported to it by the Comptroller of the Currency.Thirty-four of these were found to be actual violations of the law andthe bank directors involved were required to comply with the law.



LEGISLATION AFFECTING THE FEDERAL RESERVE SYSTEM

During the past year no amendments were made to the Federalreserve act, but certain legislation affecting the operation of theFederal reserve system was passed.

By an act approved February 20, 1924, the life of the War FinanceCorporation was extended until January 1, 1925, thus continuingthe various functions performed by Federal reserve banks in con-nection with the operations of the War Finance Corporation.

Section 502 of the World War adjusted compensation act, enactedon May 19, 1924, authorizes Federal reserve banks, subject to regu-lations to be prescribed by the Federal Reserve Board, to rediscountfor member or nonmember banks promissory notes of veterans se-cured by their adjusted service certificates and with maturities notin excess of nine months. The rate of interest for such rediscountsis fixed at the same rate as that charged for the discount of 90-daycommercial paper. It is further provided that no such loan maybe made to a veteran until after the expiration of two years afterthe date of his adjusted service certificate, so that Federal reserve bankswill not be called upon for the present to rediscount this class of paper.The relevant portions of the World War adjusted compensation actare reprinted on page 240.

AMENDMENTS TO REGULATIONS OF FEDERAL RESERVE BOARD

Under date of August 15, 1924, the board published a new issueof all its regulations applicable to member banks. Earlier in theyear Regulations H and J of the 1923 series had been materiallyamended and the prime purpose of the new issue was to provide acomplete edition of all the board's regulations under one cover.The changes made in the regulations may be briefly summarized asfollows:

Regulation A was amended so as to provide expressly for the redis-count of paper secured by bonds or notes of the War Finance Cor-poration, and also so as to require that whenever the makers of notesoffered for rediscount have closely affiliated or subsidiary corporationsor firms, separate financial statements of such corporations or firmsmust accompany the financial statement of the borrower which isrequired to be filed with the member bank under certain circumstances.

Regulation D was rewritten under a new title, "Reserves of memberbanks/7 and there was transferred to it that part of Regulation Jwhich deals with penalties for deficiencies in reserves. Certain othermaterial was also added to provide a more complete regulation onthe subject of reserves.

Regulation H is in the form adopted on April 7, 1924. The prin-cipal change in the new regulation was the incorporation therein of



various conditions of membership to which all banks thereafterbecoming members of the Federal reserve system will be subject andof a statement of the principles which will govern the establishmentof branches by State member banks and trust companies. Thesections of this regulation were also rearranged with a view to greaterclarity.

Regulation J is in the form adopted on May 9, 1924, except thatthe section which dealt with penalties for deficient reserves wastransferred to Regulation D. Regulation J, series of 1924, super-sedes the corresponding regulation of the 1920 series. It is completelyrewritten and rearranged with a view to clarification and the incor-poration of the principles governing the collection of checks laiddown by the Supreme Court in the Atlanta and Richmond parclearance cases, decided in 1923. The terms upon which Federalreserve banks will handle checks are also prescribed with greaterdetail and precision so as to define more clearly the rights, duties, andliabilities of Federal reserve banks as collecting agents.

Regulation L was amended by the addition thereto of a new para-graph with reference to the burden of proving the absence of sub-stantial competition in connection with applications for interlockingdirectorates under the Clayton Act.

No material changes were made in Regulations B, C, E, F, G, I, or K.This issue of the board's regulations became effective on Sep-

tember 1, 1924, and the full text thereof is printed on pages 241-275.

MEETINGS OF FEDERAL ADVISORY COUNCIL

Four meetings of the Federal Advisory Council were held inWashington during 1924 on the following dates: February 19, May13, September 25, and November 24.

CONFERENCES HELD BY THE FEDERAL RESERVE BOARD

The Federal Reserve Board, as usual, conferred with the FederalAdvisory Council on the occasion of each of its meetings during the year.

The governors of the Federal reserve banks met in Washington onMay 5-7 and the governors and chairmen of the Federal reservebanks conferred, separately and jointly, on November 10-14. Atboth conferences special sessions were held at which the board was inattendance.

ORGANIZATION, STAFF, AND EXPENDITURES

During the year 1924 there were several changes in the organiza-tion and staff of the Federal Reserve Board. Hon. D. R. Crissinger,whose term as governor of the Federal Reserve Board expired on

36569—251 4



April 30, and Hon. Edmund Platt, whose term as vice governorexpired on August 10, were redesignated by the President.

Hon. Adolph C. Miller, of California, whose term of office as mem-ber of the board expired August 9, was reappointedforatermof lOyears.

On December 17 Hon. Henry M. Dawes resigned as Comptrollerof the Currency and ex officio member of the board, and wassucceeded on December 20 by Hon. J. W. Mclntosh, of Illinois.

Mr. Morris Jacobson, statistician in the division of research andstatistics, resigned on July 31. Later the office of statistician wasdiscontinued and Mr. E. A. Goldenweiser, who had been servingas associate statistician, was appointed assistant director of thedivision of research and statistics.

On December 31 Mr. Edgar W. Freeman resigned as assistant counsel.The total cost .of conducting the work of the board during the

year 1924 was $720,039.61.Two assessments were levied against the Federal reserve banks

aggregating $663,239.90, or approximately one-fifth of 1 per cent oftheir average paid-in capital and surplus for the year.

By direction of the Federal Reserve Board.D. R. CRISSINGER, Governor.

The SPEAKER OF THE HOUSE OF REPRESENTATIVES.


DISCOUNT AND OPEN-MARKET RATES

No. 1.—DISCOUNT RATES—CHANGES DURING 1923 AND 1924 ON ALL CLASSES AND MATURITIES OF DISCOUNTED BILLS

[Per cent]

In effect Jan. 1, 1923Changes effective—

1923—Feb. 23____Mar. 6

1924—May I .June 2 _

June 10June 12 _June 14 _June 18

June 19 _ _June 26July 1.July 16

Aug. 8Aug. 15Aug. 25Oct. 15

In effect Dec. 31, 1924

Boston

4

3H

3K


NewYork

4

&A

4

3

3

Phila-delphia

24H

2 3 ^

VA

Cleve-land

4H

4

3H

3H

Rich-mond

4

4

Atlanta

4H

4

4

Chicago

4H

4

4

St. Louis

4M

4

4

Minnea-polis

4M

4

4

KansasCity

4

4

Dallas

4H

4

4

San Fran-cisco

4

4 ^

4

3H

3K

8

3

i3

1 5 per cent on 6-9 month agricultural and livestock paper from April 7, 1923, to June 11, 1924, inclusive.2 5 per cent on 6-9 month agricultural and livestock paper from April 19,1923, to June 25,1924, inclusive; 4J/£ per cent on 91-day to 6-month agricultural and livestock paper from

June 19 to June 25, 1924.NOTE.—Discount rates were made applicable to 6-9 month agricultural and livestock paper, which was made eligible by the March 4, 1923, amendment to the Federal reserve

act, on the following dates in 1923: Boston, Apr. 7; New York, Aug. 6; Philadelphia, Apr. 19; Cleveland, Apr. 9; Richmond, Apr. 7; Atlanta, Mar. 22; Chicago, Aug. 16; St. Louis,Apr. 5; Minneapolis, Apr. 11; Kansas City, Apr. 14; Dallas, Apr. 12; San Francisco, Mar. 21,

CO09


No. 2.—AVERAGE RATES CHARGED ON DISCOUNTED BILLS CO

[Per cent]


1924BostonNew YorkPhiladelphiaCleveland

RichmondAtlanta,.. . .ChicagoSt. Louis

Minneapolis...Kansas CityDallasSan Francisco

All banks: 1924192319221921

192019191918

January

4 504. 504.504 50

4. 504.504 504.50

4.504. 504.504. 50

4.504.254.846.36

4.904 184.02

Febru-ary

4 504 504.504 50

4 504.504 504.50

4.504. 504. 504.50

4.504.284.776. 36

5.524 144.02

March

4 504 504.504 50

4. 504.504. 504. 50

4.504. 504.504.50

4. 504.494.706. 43

5.644 154.08

April

4 504. 504.504.50

4. 504. 504. 504.50

4. 504. 504.504.50

4. 504.504.606. 33

5. 674 184.23

May

4 504. 004.504. 50

4. 504.504. 504.50

4.504. 504.504.50

4.424.504. 596.20

5. 744. 164.35

June

3.873.674.134.00

4.184.264. 244. 36

4.504.504.504.18

4.164.504.546. 14

6.204. 194.42

July

3.503.503.504.00

4. 004.004.004.00

4.504.004.254.00

3.894.504.396.02

6.214. 144.37

August

3.503. 103.503.72

4.004.004.004.00

4.504. 004.003.90

3.784.504.345.76

6. 194. 124. 25

Septem-ber

3. 503.003.503. 50

4.004.004.004.00

4.504.004.003.50

3.694.504.365.75

6.394. 184.24

Octo-ber

3.503.003.503.50

4.004.004.004.00

4.224.004.003.50

3.654.504.345. 62

6.404. 194.21

Novem-ber

3 503.003.503. 50

4.004.004.004. 00

4.004.004.003.50

3.634.504.295.03

G.454.534.20

Decem-ber

3 503.003.503 50

4.004.004.004.00

4.004.004.003.50

3.564.504.304.91

6.494 674. 18

Year

4 103 924.074 11

4 284.324.334.34

4.454.404.344.30

4.204.474 526.01

6.024 264.26

Prior

1923

4 424.424.504 50

4. 504.504. 504.50

4.504. 504.504.44

years

1922

4.214.214.504.60

4.704. 644.634. 65

4.854.794.864.32

w

oH

H

H

wo>


No. 3.—AVERAGE RATES EARNED ON DISCOUNTED BILLS

[Per cent]

Federal reserve bank M a y

1924BostonNew YorkPhiladelphiaCleveland. _

RichmondAtlantaChicago..St. Louis

MinneapolisKansas CityDallasSan Francisco

All banks: 1924..1923..1922..1921..

J920-.1919..1918..1917..1916..

June

4.293.894.304.23

4.404.464.484.48

4.504.504.504.36 !

July I August

3.643.573.614.07

4.174.264.304.33

4.504.504.474. 14

4.354.504.616.20

5.894.204.313.494.36

4. 114.504.50

6.134.154.403.824.24

3.533.363.523.91

4.084.154.194.23

4. 504.424.284.11

Sep-tember

3.991504.475.91

6. 194. 134.353.774.31

3.523.043.503.57

4.034.094. 114. 14

4.504.284.223.86

3.854.504.425.85

6.224.174.273.794.43

October

3.513.013.503.52

4.014.054. 064.11

4.434.174.183.72

3.754.504.365.69

6.354.154.223.474.35

No-vember

3.503.003.503.50

4.004.014.024.08

4.274.064.073.57

3.694.504.295. 39

6.414.404.273.424.08

De-cember

3.513.003. 503.50

4.004.004.004.02

4.274.014.013.51

3. 594.504.295. 11

6.424. 554.293. 753.81

YearPrior years

1923 1922

4. 18 4. 413. 97 4. 414.12 ! 4.504.17 i 4. 50

4.324.364.374.39

4.494.464.404.33

4.254.464.636.07

4.234.243.614.20

4.504. 504.504.50

4.524.504.504.42

4.244.254.504.64

4.784.764.764.71

5.124. 955. 084.42

M

Q

H

HWW

CO


No. 4 .—OPEN MARKET RATES—CHANGES DURING 1923 AND 1924 IN MINIMUM AUTHORIZED RATES ON ACCEPTANCES BOUGHT IN OPENMARKET

BANKERS' ACCEPTANCES

[Per cent]

In effect Jan 1 1923Changes effective—

1923-Apr 241924-May 12

May 29June 20June 23

In effect Dec 31 1924


Boston

2H

22

NewYork

2

2

Phila-delphia

2H

2

2

Cleve-land

3

43M

2

2

-Rich-mond

3

3

Atlanta

2H

2

2

Chicago

23^

2

2

St. Louis

Q

2

2

Minne-apolis

3

3

KansasCity

3

3

Dallas

3

3

SanFrancisco

2M

2

2

NOTE.—Acceptances purchased direct from the acceptor are taken at a rate not less than the discount rate on commercial paper.

TRADE ACCEPTANCES

[Per cent]

d

In effect Jan. 1, 1923...Changes effective—

1924-June 20.May 12May 29

In effect Dec. 31, 1924. 33̂2%2% i

wp


No. 5.—AVERAGE RATES CHARGED ON BILLS BOUGHT IN OPEN MARKET

[Per cent]



RichmondAtlantaChicagoSt. Louis .- . _ - -

MinneapolisKansas CityDallas _.-San Francisco .

All banks: 192419231922192119201919

January

4.174.104.174.21

4.314.334.214.18

4.174.564.164.22

4.184.094.286.055. 104.28

Febru-ary

4.154.094.174.18

4.284.314.194.16

4.174.194.174.21

4.164.084.216.015.534.24

March

4.124.094.154.21

4.314.244.224.18

4.144.144.174.21

4 164.093.926.015.804.24

April

4.004.074.114.17

4.254.234.244.14

4.144.114.134.19

4.144.123.485.945.824.24

M a y

3.393.293.653.54

3.754.383.453.56

3.613.543.573.77

3.484.163.285.885.964.24

June

3.133.133.013.13

4.073.083.06

3.133.133.153.14

3.154.183.225.886.074.24

July

2.252.302.322.27

4.052.292.28

2.283.052.292.34

2.354.203.135.706.064.25

August

2.202.252.272.27

2.892.172.27

2.282.242.252.20

2.254.203.105.316.044.25

Septem-ber

2.222.212.342.23

2.742.212.23

2.212.212.222.22

2.234.213.195.356.044.25

October

2.232.142.252.20

2.882.192.19

2.132.172.212.18

2.204.213.684.976.054.26

Novem-ber

2.292.302.342.35

2.602.322.30

2.322.322.34

2.324.194.104.606.454.47

Decem-ber

2.712.772.912.79

3 043.182.842.78

2.742.762.78

2.794.184.114.416.084.84

Year

2.902.933.403.09

4 01* 3.74

3.312.86

3.662.903.262.95

3.084.163.595 495.854.36

Prior years

1923

4.144.114.154.17

4 294.214.214.09

4.074.374.164.17

1922

3.553.573.533.70

4.644.143.503.67

4.603.773.55

o3

k>w

CO


No. 6.—AVERAGE RATES EARNED ON BILLS BOUGHT IN OPEN MARKET AND FROM OTHER FEDERAL RESERVE BANKS

[Per cent]

CO•00


1924BostonNew York _..PhiladelphiaCleveland

RichmondAtlantaChicagoSt Louis

MinneapolisKansas CityDallas- . ,San Francisco „ -

All banks: 19241923._ .19221921

19201919..191819171916 . . .

January

4.184.154.184.21

4.314.284.194. 19

4.184.564.184.21

4.204.014.446.14

4.794.293.642.802.09

February

4.174.104.174.22

4.294.284. 194.16

4.164. 174.174.21

4.184.094.255. 99

5.064.253.793.02207

March

4.164.104.174.21

4.304.254. 184. 15

4.134. 154.184.21

4.174.104.066.01

5.474.263,923. 192.04

April

4.124.104.184.21

4.294.244.174.17

4.154.164.174.20

4.174.083.835.97

5.704.234.183.102.04

M a y

4.023.794.134.18

4.134.244.144.12

4.134.134.174,17

4.054.113.505.98

5.774.254.363.152.07

June

3.513.553.853.73

3.964.173.603.71

3.533.343.173.95

3.664.143.295.97

5.984.194.253.162. 14

July

2.442.633.213.10

3.974.112.853.60

3.033.052.902.96

2.804.183.185.96

6.074.274.243.232.21

August

2.332.342.612.96

3.622.372.50

2.702.692.742.64

2.494.193.115.36

6.074.224.383.192.31

Septem-ber

2.212.222.322.24

2.832.192.20

2.212.172.272.19

2.224.193.115.33

6.064.274.193.352.46

October

2.222.172.232.19

2.722.162.19

2.172.162.202.17

2.204.193.245.04

6.074.224.253.402.12

Novem-ber

2.242.222.262.22

2.572.202.21

2.262.192.212.20

2.234.183.594.91

6.034.334.363.532.52

Decem-ber

2.422.492.362.46

3,042.692.452.47

2.282.432.452.46

2.464.203.844.50

6.054.544.333.43

, n

Year

3.183.013.583.52

4.183.773.482.91

3.733.063.663.26

3.314.143.54

* 5.70

5.664.304.143 262.36

Prior years

1923

4.134.114.134.15

4 274.194 154.07

4.134.264.134.14

1922

3.523.543.503.48

4.834.153 503.36

4.963.673.47

on

gswo


No. 7.—AVERAGE RATES EARNED ON DISCOUNTED AND ON PURCHASED BILLS

[Per cent]


Boston _ _ ._New YorkPhiladelphia..Cleveland

RichmondAtlanta _.. .ChicagoSt. Louis . -

MinneapolisKansas CityDallas..San Francisco

System

1916

3.523.693.754.25

4.003.774 604.04

4.804.774; 495.01

4.20

1917

3.663.123.733.94

3.913.993 853.85

4.224.144.484.53

3.61

1918

4.014.044.294.28

4.404.274.304.29

4.634. 744.674.65

4.24

Discounted

1919

4.214. 124.134.22

4.344.254.264.25

4.334.684.644.51

4.23

1920

5.915.885.485.88

5.695.776 175.83

6.226 055.675.79

5.88

bills

1921

6.036. 135. 495.85

5.926.126.405.97

6.486.066.255.82

6.07

1922

4.244.254. 504.64

4.784.764. 764.71

5.124.955.084.42

4.63

1923

4.414.414.504.50

4.504.504.504.50

4.524.504.504.42

4.46

1924

4.183.974. 124.17

4.324.364.-874.39

4.494.464.404.33

4.25

1916

2.222.382.312.29

3.09• 2.71

2.282.34

2.322.393.362.39

2.36

1917

3.253.333. 183.24

3.223.343. 113.16

3.163.203.403.25

3.26

1918

4. 194.074. 124.20

4.274.204.244.18

4.364.264.104,20

4.14

Purchased bills

1919

4. 254.254.244.27

4.574.574.334.36

4.274.364.794.29

4.30

1920

5.815.695. 855.67

5.745. 555.645.30

5.265.455.495.61

5.66

1921

5. 615. 595. 615.90

6.036.285.675.68

6.406.105.70

5.70

1922

3.523.543. 503.48

4.834.153.503.36

4.963.673.47

3.54

1923

4.134.114.134.15

4.274.194. 154.07

4.134.264.134.14

4.14

1924

3.183.013.583.52

4.183.773.482.91

3.733.063.663.26

3.31

woo

g


No. 8.—AVERAGE RATES EARNED ON UNITED STATES SECURITIES

[Per cent]


1924Boston _ _New YorkPhiladelphia.Cleveland

RichmondAtlantaChicagoSt. Louis

MinneapolisKansas CityDallas jSan Francisco.

All banks: 1924 _1923. -.-19221921

19201919191819171916

Janu-ary

4.374.164.304.17

3.394.243.884.17

4.394.544 194.40

4.263.743.162.13

2.182.263.272.642.14

Febru-ary

4.434.214.294.17

3.444.173.884.17

4.344.504.104.28

4.173.963.582.11

2.172.313.252.672.33

March

4.133.694.174.12

3.684.174.024.08

4.254.324.224.21

4.043.993.722.24

2.102.413.592.662.14

April

4.184.094.244.17

3.684.164.064.0£

4.174.294 084.15

4.144.113.772.15

2.102.433.562.362.34

May

4.094.014.164.04

3.684.054.004.08

4.124.204.064.09

4.054.173.702.49

2.222.423.062.412.26

June

3.703.684.003.81

3.564.213.803.86

3.944.043 613.79

3.794.023.672.40

2.242.333.002.392.29

July

3.723.524.093.71

3.453.823.743.75

3.903.893 603.65

3.684.173.632.31

2.152.242.762.672.38

Au-gust

3.703.424.013.53

3.413.593.653.43

3.783.713.593.48

3.574.153.602.33

2.222.212.872.712.36

Sep-tem-ber

3.470 00

3.973.41

3.353.593.563.31

3.723.663 323.32

3.464.073.652.49

2.272.172.732.752.38

Octo-ber

3.453.353.963.33

3.313.663.553.29

3.653.623 393.30

3.444.213.712.38

2.202.182.443.062.47

No-vem-ber

3.473.343.953.32

3.293:673.563.27

3.773.603.503.27

3.464.183.782.68

2.172.222.492.862.44

De-cem-ber

3.403.263.973.34

3.253.343.563.27

3.673.573 303.26

3.394.033.792.92

2.432.192.402.982.38

Year

3.713.504.093.64

3.473.693.723.54

3.913.873 673.60

3.674.013.672.37

2.212.262.992.682.35

Prior years

1923

3.933.944.253.96

2 363.713 684.21

4.254.163 724.19

1922

3.673.633.833.84

2 062.543 683.70

3.433.682 834.00

ion

wo>


No. 9.—AVERAGE RATES EARNED ON TOTAL EARNING ASSETS

fPer cent]


1924Boston . . _New YorkPhiladelphiaCleveland

RichmondAtlantaC hicagoSt. Louis

MinneapolisKansas City. .DallasSan Francisco .

All banks: 1924 . .192319221921

192019191918.. . . . .19171916

Janu-ary

4.354.374.354.32

4.444.454.334.49

4.444.514.234.39

Febru-ary

4.394.034.625.88

4. 464.043.752.902.85

4.364.354.364.32

4.414.444. 304.46

4.414.474.214.38

4.364.134.475.92

4.884.033.813.032.70

March

4.294.144.344.30

4.424.434.294.40

4.344.384.244.36

4.304.264.345.90

5. 124.023.863.142.26

April

4.294.284.374.34

4.434.464.294.40

4.304.384.214.34

M a y

4.224.044.334.27

4.424.474.264.39

4.274.354.224.30

4.344.324.255.85

5.234.014.072.832.50

4.264.354.085.79

5.363.994.292.932.47

June

3.873.724.133.98

4.324.444.084.30

4.134.243.894.04

4.034.363.985.67

5.514.014.203.082.53

July August

3.593.463.863.80

4.104.243.944.14

4.104.093.833.79

3.804.423.905.60

3.583.343.803.60

4.004.103.803.87

4.023.90

' 3.833.62

3.674.423.855.42

5.723.984.313.342.62

5.813.934.273.372.69

Septem-ber

3.303.113.763.35

3.953.983.603.67

3.903.713.583.33

3.454.413.845.35

5.813.914.213.412.78

October Novem-ber

3.143.003.653.21

3.933.843.483.52

3.723.513.333.16

2.992.993.443.13

3.903.653.393.28

3.803.373.142.98

3.304.443.885.25

5.943.954.133.372.79

3.214.404.004.99

5.984.164.193.372.72

Decem-ber

2.942.993.403.15

3.873.583.453.16

3.763.302.99

-2.95

3.174.384.064.74

5.984.294.143.592.83

Year

3.693.534.023.79

4.244.243.924.01

4.104.023.843.78

3.834.334.115.61

5.504.044.123.292.67

Prior years

1923 1922

4.284.304.374.29

4.444.414.264.40

4.424.374.264.32

3.873.824.114.10

4.574.404.234.14

4.644.254.564.08

NOTE.—Average annual rates earned (per cent) during 1924 on municipal warrants: Philadelphia, 4.58; Atlanta, 4.51; Minneapolis, 4.36; System, 4.56; on Federal intermediatecredit bank debentures: New York, 3.30; Philadelphia, 3.94; Kansas City, 3.36; System, 3.85; on foreign loans on gold: 3.00 for all banks, except Boston which held no foreignloans on gold.



CONDITION OF FEDERAL RESERVE BANKS

No. 10.—EARNING ASSETS OF FEDERAL RESERVE BANKS, 1914-1924

[In thousands of dollars]

Date

Nov. 27..Dec. 31.

1914

Jan. 29...Feb. 26..Mar. 26..Apr. 30..

May 28..June 25..July 30. .Aug. 27..

Sept.24_.Oct. 29 _ _Nov. 26..Dec. 30..

1915

Jan.28_.Feb. 25. .Mar. 31..Apr. 28_.

May 26..June30_-July28__Aug. 25..

Sept. 29..Oct. 27 . .Nov. 24..Dec. 29 . .

1916

Jan. 26..Feb. 23 . .Mar. 30..Apr. 27. .

May 25..June 29..July 27 . .Aug. 31 . .

Sept. 28..Oct. 26. .Nov. 30..Dec. 28 . .

1917

1918Jan. 25Feb. 21Mar. 28-29Apr. 26

May 31..June 28..July 26..Aug. 30..

Bills discounted

Secured byU. S. Gov-

ernmentobliga-tions i

1,90025, 54612, 67011, 867

65, 923209, 230405, 608283,421

312, 520263, 905301, 451642, 429

562, 993434, 509673, 231896, 228

Other

7,3839,909

13, 95520, 46931, 68336, 586

I33, 95125, 99629,10229, 275

31,37330,44832, 79432, 368

26, 90122, 82721,26721,448

20, 36521,18827, 59427, 032

25, 95321,13120, 50130,196

15,71120, 26620,10635,043

45, 6872 193, 546125, 789135, 448

167, 616187,864350, 790397, 285

315,142245, 629281, 777259, 314

334, 364434, 666628, 920531, 967

Total

7,3839,909

13,95520, 469 !31,683 !36, 586 I

!33,951 i25, 996 i29,102 i29, 275

31,37330, 44832, 79432, 368

26, 90122, 82721.26721, 448

20, 36521, 18827, 59427, 03225, 95321, 13120, 50130, 196

15,71120, 26620,10635,043

47, 587219,092138, 459147, 315

233, 539397,094756, 398680, 706

627, 662509, 534583, 228901, 743

897, 357869,175

1, 302,1511, 428,195

Billsboughtin openmarket

10, 37911, 62513, 564

13, 05813, 61916,17923, 013

26, 31429, 05440, 40847, 585

52, 70871,09583, 45482, 146

80, 62586, 085102, 092127, 497

97, 697123, 96684,47371, 400

107,377202, 270195,097154, 591

176,169177, 590205,454275, 366

273, 912296,170304,065302, 844

256, 373216, 848205, 274232, 603

UnitedStates

securities

205

Muni-cipal

warrants

12, 91915, 79:

21,37229, 63240, 27549, 681

55, 78257, 12956, 58155, 001

53, 47151, 90450, 59455,414

55, 76948,11847, 700

117, 818

117, 65870, 72876, 95377,927

95,005110,04289,096

107, 233

123,194.222, 657310, 769

78, 853

146, 924259, 066

57,01256,122

734

Totalearningassets

13,18017,417 •21,579 !25,469

6, 947 i 23, 0947, 601 11, 5097, 923 16,1078, 836 25, 808

9, 328 24, 945 I10,505 25,014 |

27,30812, 220

20, 60225, 40333,01536,933

44,946 j22,671 i27, 220 i27, 863

24,028 '29, 89022, 1668,975

12, 24917,12415, 71514, 999

14, 6752,4461,4691,230

224233

1,4291,005

3 4, 9023 3, 4363 3, 5233 2, 722

3 7363 23

3 10367

7,38310,848

27,13537, 88653, 26262,055

63, 99255, 48564, 75777, 483

78, 70479, 58689, 20083, 398

95,189106, 916134, 965155, 647

173, 801172, 083194, 849192, 042

184, 077189,010195, 353222, 082

181, 426209, 474167, 994239,260

287, 297494, 536411,978381,063

504, 937684, 959

1,052, 3771,064,310

1,029, 6701,031,7971, 201, 5851, 286, 162

1, 301, 3901, 345,1121,564,5401, 716, 987

1 Figures to Nov. 30, 1917, inclusive, represent only member banks' collateral notes secured by Govern-ment war obligations and are exclusive of customers' paper similarly secured, the amount of which, how-ever, was small.

2 Includes loans on gold coin and bullion—$21,850,000.3 Includes bill of lading drafts as follows: Jan. 25, 1918, $2 765,000; Feb. 21, $2,821,000; Mar. 29, $2,994,000;

Apr. 26, $2,168,000; May 31, $235,000; June 28, $12,000; July 25, $37,000.


CONDITION OF FEDERAL RESERVE BANKS 4 3

No. 10.—EARNING ASSETS OF FEDERAL RESERVE BANKS, 1914-1924—Continued


Bills discounted

Date I Secured byi U. S. Gov-| ernmentI obliga-| tions

1918—ContinuedSept. 27Oct. 25Nov. 29Dec. 27

Jan. 31. .Feb. 28.Mar. 28..

1919

1, 221, 5331,092, 4171,412,5111, 400, 371

1, 357, 5711, 667, 9651,691,010

Apr. 25 | 1,760,672

May 29 I 1,802,893June 27 i 1,573,483July 25. . . i ! 1,616,210Aug. 29 1,609,296

Sept. 26 1,572,503Oct. 31 1,681,082Nov. 28 1,736,033Dec. 26 ! 1,510,364

1920 |Jan. 30 J 1,457.892Feb. 27 j 1,572,980Mar. 26 1,441,015Apr. 30 j 1,465,320

May28 ! 1,447,962June 25 I 1,277,980July 30 ! 1,241,017Aug. 27 1,314,830

Sept. 24.Oct. 29_.Nov. 26..Dec. 30..

Jan. 31 .Feb. 28..Mar. 31..Apr. 30_.

May 31..June 30._July 3 1 . .Aug. 31..

Sept. 30..Oct. 31...Nov. 30..Dec. 31 . .

Other

491,897453, 747402, 684302, 567

243, 557211,855195, 230189, 740

186,499244, 557251, 392205, 838

309, 779447, 465478,176684, 514

Total

1, 713,4301, 546,1641, 815,1951, 702, 938

1,601,1281, 879, 8201, 886, 2401, 950, 4l2

1, 989, 3921, 818,0401,867, 6021, 815,134

1, 882, 2822,128, 5472, 214, 2092, 194, 878

716, 465 ! 2, 174, 357880,531 | 2,453,511

1,008, 215 | 2, 449, 2301,069,751 i 2,535,071

1,071, 4691,153, 8141, 250, 6131, 352, 297

1, 220, 423 1, 484, 0411, 203, 905 1, 597, 392 j1,192, 425 | 1, 542, 975 |1,141,036 | 1, 578, 098 !

:, 040, 367997, 965971,100937, 652

1, 416, 7501, 391, 5451, 262, 0061,138, 916

Jan. 31...Feb. 28..Mar. 31..Apr. 29..

May 31..June 30..July 3 1 . .Aug. 31..

Sept. 30..Oct. 31...Nov. 29..Dec. 30..

1922

787,244 1,120,669 |637, 590 ! 1,113, 760 j577, 774 I 1, 063, 838 |545, 176 ! 946, 759 j

496, 844 ! 916,169 '462,436 I 850,591476,360 705,941485,233 I 659 113

2, 519, 4312, 431, 7942, 491, 6302, 667,127

2, 704, 4642, 801, 2972, 735,4002, 719,134

2,457,1172, 389, 5102, 233,1062, 076, 568

1, 907, 9131, 751, 3501, 641, 6121, 491, 935

1, 413, 0131, 313, 0271, 182, 3011,144,346


UnitedStates

securities

363,586284,614260,781 !185,743 |

171,106167, 241132, 390126,113

162, 780269, 042315, 280331, 790

475, 299427, 963419, 686324, 361

300, 384294,177273, 788271, 335

300, 916307, 393334,816285, 990

712, 577680,467510,104

471, 490461, 418406,178397, 448

463, 696576, 435650, 096617, 780

288, 391398, 623375, 341303, 673

281, 293276, 919248,107185, 822

183, 650304, 558375, 556363,138

342, 491394,355495, 595585, 212

561,313531, 367451, 879407, 247

418, 600399,185345, 305321, 965

307, 624298, 375247, 703255, 702

163, 700169,421119, 340109, 763

75, 45740, 22317, 97735, 320

45, 04286,11072, ©54

145, 263

74,93593, 458

105, 27090, 677

118,182161,112140, 111180,176

244,375258,165259, 226272,122

Muni-cipal

warrants

78, 643350, 311121, 796311,546

294, 784182, 782200, 935218, 636

229,014231, 569239, 400270, 705

278, 315301, 254314, 937300,405

303, 521294, 354289,922293, 514

306, 394352, 296325, 380300, 580

297, 500296, 371320,614288, 191

287,150282, 807276, 932267, 095

266, 481259,184244, 365230, 233

227, 830192, 521204, 544233,528

293, 085407,889455, 506587,080

603,419555,465536, 669507,131

482, 676362, 639304, 461436,155

M02242713

1067379

206242102

Totalearningassets

2,080, 5662, 295,1222, 312, 3592, 318,170

2,177, 2092,339, 5252, 335, 2852, 354, 870

2, 402,0562,354,1672, 482, 5582,448, 977

2, 503,0882, 824,1563,024, 7413,080, 495

3,039,1913, 279, 2323,191,0313, 235, 832

3, 244, 4253,183, 2753,162, 3153, 289, 672

3, 309, 5883, 396,0433, 303, 7173, 263,027

2,907, 9672,841, 7382, 629, 3782, 453,426

2, 249,8512, 050, 7571, 903,9541, 757, 488

1,685, 8851, 591, 6681,459,8661, 523, 516

1, 207, 1111, 214,1661, 241, 3451,187,861

1,193,0911,177,9951, 082,9611,084, 776

1,190, 7621,197, 2631, 213,8071, 326,096

1 Includes $31,000 of bill of lading drafts.



No. 10,—EARNING ASSETS OF FEDERAL RESERVE BANKS, 1914-1924—Continued


Date

1923Jan. 31Feb. 28Mar. 31Apr. 30

May 31 __,June 30July 31 ,Aug. 31

Sept. 30Oct. 31Nov. 30Dec. 31

1924Jan.31Feb. 29Mar. 31Apr. 30

May 31June 30July 31Aug. 30

Sept. 30 ,Oct. 31Nov. 29Dec. 31

Bills discounted

Secured byU. S. Gov-ernmentobliga-tions

377,482356,039372, 768386,079

406,824407,356391,937412, 318

401,186425,650406, 533353, 685

267, 978257, 215228,949161,164

164,149115, 58089,42483, 480

111, 591118, 592112,694186,840

Other

219, 769239, 721326,146338,914

363,910429, 593433,999452,244

482, 367458,150 !396,821369,383

264,282271, 748

286,021

277,217 !218,374 i203,623191,188

164, 608145, 549129, 330127, 288

Total

597,251595, 760698, 914724, 993

770,734836, 949825, 936864, 562

883, 553883,800803, 354723, 068

532,260528,963517,885447,185

441,366333,954293,047274, 668

276,199264,141242,024314,128


188,566207, 678263, 358271, 573

258,680205, 600183, 096171, 607

173, 258204,698300, 207354, 637

286,041267,880228, 247124,485

79, 54936, 52423,46958,103

131,821200,114313, 572387,100

UnitedStates

securities

353,735363,074250,360185, 305

191,964101, 503

Muni- | Totalcipal I earning

warrants! assets

101,995

96, 28591,837

104,169133, 566

126, 371165,463262, 867301, 660

352,857431, 085522,897542, 211

576,108584,205583, 738540,160

55651020

31731715451

101 100 '

51 !51 I

2 551 i2 1,301 ii 1,250 >i 1,750 |

1 1, 750 !2 3,557 ii 2, 550 !3 8,050 j

1,139, 5521,166, 5121, 212,6731,181,871

1,221,4331,144,1171,107,1251,138,184

1,153,4131,180,6521, 207,884

.1,211,322

944,682962,406

1, 009,050873,381

874, 323802,864840,66a876, 732

1, 052, 0171,141,8841,249,438

1 Federal intermediate credit bank debentures.»Includes Federal intermediate credit bank debentures as follows: May 31, $500,000; June 30, $1,250,000;

Oct. 31, $3,550,000.3 Comprises $6,000,000 foreign loans on gold and $2,050,000 Federal intermediate credit bank debentures


CONDITION OF FEDERAL, RESERVE BANKS 45

No. 11.—RESERVES, DEPOSITS, AND NOTE CIRCULATION OF FEDERAL RESERVEBANKS, 1914-1924


Date

1914Nov. 2 7 . . - .Dec. 31

1915Jan.29Feb. 2 6 —Mar. 26.Apr. 30... .

May 28June 25July 30. . . .Aug. 2 7 . . .

Sept. 24Oct. 29Nov. 26Dec. 3 0 —

1916Jan. 28Feb. 2 5 —Mar. 31Apr. 28

May 26 . . .June 30July 2 8 —Aug. 2 5 . . .

Sept. 29Oct. 27Nov. 24Dec. 2 9 —

1917Jan.26Feb. 2 3 —Mar.30Apr. 27—.

May 25.June 29..July 2 7 -Aug. 31.

Oct. 26Nov. 30Dec. 2 8 —

1918Jan. 25Feb. 21Mar. 28-29...Apr. 26—.

May 31.June 28-July 26 -Aug/30.


Reserves

Gold Total

227,840241,321

251 306269J 753273,137280,543

298,33l|324,183347, 383359,165

405,404433,236492,163542,413

262,470267,899

272,188

296,235307,061

330,320372,031369,475379,043

428,324470, 294529,375555,938

555, 241 j 570,737526,213514, 521487,029

515, 255542,744527, 536536, 221

584,767617,481701,501736,236

791, 245803,324938,046945,141

, 3711,977,1, 294,5121,362, 2631, 353, 498 1

1, 408,4701, 503, 436 11,621,1, 671,

., 725 1., 133 1,

:, 200 2,

, 020,813

, 065, 2132,090, 274

543, 891524, 459499,040

537, 227570,192544,125548,486

5^2,578627, 457719, 475753,774

808,824818,573947,328975,481

Deposits

Gov-ern-

ment

15,00015,00015,00015,000

27, 76032,50138,46940, 660

44,131101,15256,54f50,099

38,98529,98226, 31928,837

25, 60713,40720, 567

., 014,263 76,1141,334,352 300,9661,J, 414, 052 143,032',406,108 154,"'"

1,457, 559% 552,942

, 676, 211, 720, 768

1,726,507 .1,782,7591, 772, 395 1,832, 5241,815, 704 1, 874,0631,827,000 1,890,945

1,917,82611,949,021 2,006^199' 974,

,975,709, 006,199,029, 329

013,794 2,066,962

2, 072,176045,132 2,098,169

2,120, 371"146,219

:, 358 1,

., 289 171,132, 2211220,96!108, 213

1911,5351,

166,84,

233, 040104,729

191, 623278,218207,157

63, 367

Mem-bers' re-serve l

687,841629,475711,117719,785

813,326,033,4601,135,456 1,,069,1, 804 1.

., 136,930L, 264, 3231,489, 3701,453,166

323 1,

135,6911, 480,74:56,165 1,459,"

104,086 1,499,130,668 1,497,

720 14 0 0 14161

>,413 1., 440,, 557,1,435,1,478,639 1,

r, 587 1,1,196 1,

1, 535,4901, 683,4991,488,8931, 587, 318

Total»

249,268256,018

272,095282,248282,644285,364

284,615303,038299,105309,999

337,532350,021398,899394,245

441,663435,793445,328439,013

504,2995.38,241

-535,548530,866

529,360543,703620,128650,665

688,508677,036706,905743,532

796,1711, 261,800% 232,200., 133,926

1,193,886:, 318,7981, 595,5121, 457, 9941

1,492,878 1"., 462,627 1

,535,, 556,

», 367 1i, 303 1

., 586,

., 529,

., 622,87

., 572,898

8191'0 1

F . R.notes incircula-

tion

2,70010,608

14, 50022,95733,76746,444

57,84772,48985,12795,233

115, 662146.025165,304189.026

179,224171,368163, 066163, 094

159,389152,244152, •"156,345

196,538214,622240,448275,353

259, 768303,171357,610420,509

454,402508,753534,015587,915

700,212847, 506

1,056,983-, 246,488 1

, 234,934 1,314,581, 452,838 I!,526,i, 232 1

>, 968 1, 600,., 722,216 1,870,835 12,092,!, 708 1

1,667,109 2, 349, 3261,723,902 2, 507,9121,668,283 2, 568,6761,552,892 2, 685, 244

Re-quiredreserve3

88,32493,850

101,033107,970112,433118,455

122,754135,059138,738146, 593

164,401180,917205,736213,596

226, 27:221,075221,091218,892

240,260249,282248,478248, 341

263,891277,89£ai3,224337,874

344,885358, 231390,461428,441

434,170645,131644,876632,040

697,945800, 581981, 222,008,893

., 016,4811,037,751"., 118,513., 155,199

, 195,700, 224, 323, 316, 339, 387, 597

1, 523, 2181, 606, 5311,611, 3691, 617,610

Excessreserve

174,146174,049

171,155190,868183,802188,606

207,566236,972230,737232,450

263,923289,377323,639342, 342

344,465322,816303, 368280,148

296,967320,910295,6471300,145

328,687349,563406,251415,900

Re-serveper-cent-age

759,614752, 361694,989711,875

766,278794,773755, 550735,746

780,009781,876712,990679,365

548,958491,638509,002528,609

104.2100.5

95.097.993.692.5

96.599.196.293.5

94.594.893.895.3

91.989.686.282.9

80.982.679.179.8

81.682.283.681.4

463,939 85. 3460,342 83. 5556,867 89.0547,040 83.8

580,093 81.1689,221 75. 4769,176 80.1774,068 81.7

77.071.763.263.6

65.466.062.761.3

62.061.758.156.4

51.649.650.050.6

F. R.banknote

circula-t i o n -net lia-bility

9641,669

1,7321,7211,6921,690

3,0331,0311,028

9342,4596,023

8,0008,0008,0008,000

8,0007,9997,9787,895

8,32410,39011,08420,687

35,81958,85986,003117,122

1 Figures not reported separately until January, 1917.2 Figures shown in this column represent net deposits up to and including Feb. 28, 1921, and total

deposits thereafter.3 Forty per cent against Federal reserve notes and 35 per cent against deposits.



No. 11.—RESERVES, DEPOSITS, AND NOTE CIRCULATION OF FEDERAL RESERVEBANKS, 1914-1924—Continued


Date

1919Jan. 31Feb.28Mar.28Apr. 25.

May 29.June 27..July 25.-Aug. 29.

Sept. 26Oct.31Nov. 28Dec. 26

1920Jan. 3O._.Feb. 27—Mar. 26. _.Apr. 30—

May 28.June 25..July 30..Aug. 27.

112,106 2,179,646122,998 2,188,723142,305 2,210,524

2,169, 216 2,240,152

187,743 2, 255,1062,147,784 2,216,2562,095,1512,161,023!, 066,788 2,135,976

2,177,854 2,187,505" 138,000 2,205,592093,641 2,159,666

2,078,432 2,135, 536


1921Jan. 3 1 - _ .Feb. 28.—Mar. 31Apr. 30


Sept. 30 _Oct. 31.Nov. 30Dec. 31.

Reserves

Gold Total

Deposits

Gov-ern-

ment

!, 012,656,966,836., 934, 7551, 936, 720

1,953,1031,969,3751,977,7041,971, 825

1,989,835003,320

2,023, 9462,059, 333

2,073,9332,083, 215~ 057,155

,070,765!

103,6602,148,0852, 221,5692,322,683 2,

151, 594168,038195,310249,163 j

319,755!2,363,475!2,436,741"!,505, 612

2, 408,0582,467,6592,543,0392,641,061

2,571,579'2,627,494|2, 697,032" 787,920

2,728, 3722,791, 2722,849,4472,874,995 3, OlOi

1922Jan. 31 2,908,958 3,062,705Feb. 28 2, 946, 739 3,079, 784Mar. 31 |2,974, 784 3,105,039Apr. 29 2, 996, 425 3,128, 306

May 31June 30July 31Aug. 31_

Sept. 30 .Oct.31Nov. 29.Dec. 30.

3, 007, 621 3,130, 4973,021, 767 3144 5423,047, 9493, 061, 9

1923Jan .31Feb. 28Mar. 31Apr. 30 _.

, 049 3

, 210 3,3,077,3, 079,3,072, 858 3,3,047, 393 3,

I, 966 3,

3,075, 810 3,227,3,072,8133,059, 592 3,167;3, 082, 282 3,

928 1,64,210,547168,14791,7726 1

141,479 1, i73,6141,711

72, 357

Mem-bers' re-

serve

, 693,1,620,1,631,"., 664,

132 1,972 1167 13201

656,118 1713,030 1

116,038 l| 718,396 154,494 1,729,950 1

61,2761,731,413 1100,465 1,833,481198,157 1,844,434 1

1,786,""i, 874 1

Total

L, 659, 457t, 796,739L, 741,425L, 752,094

L, 830,920., 750,694L, 796, 561L, 629, 797

L, 634,074L, 850,518L, 889, 399L, 704, 470

72,974 1,850,712il, 806,496133,913J1,871,961J1,884, 57627,711 1,867,125|1, 772,90437,592 1,859,844)1,812,732

, 092,496 36, 433 |.l, 852,91611, 794, 440, 108, 605j 14,189|1,831,916)1, 722, 223, 128,640! 12,16711,808,15611, 697, 245, 127, 827| 43, 510 1, 818,502J1, 717,867

46, 493 1, 800,67718, 754 1, 805,66115,909 1,727,639 1

1, 658, 4641, 674, 553

,71i; 774 1,623,641., 748,979 1,604,190

28,627J1,721,895|1,650,66350,828|1,705,25311,670,01091,61711. 658,625il, 784,39431, 664 1,666, 509J1,732, 214

), 080 1:39,43,32,680 146,

1,446 1

i, 809 1

879, 3312,934,960 j2,989,142n ^0,252!

, 634 1,601,,603,, 625,123 1, 618,0

!, 845 1

,9011

., 670, 624

., 675, 21"

., 683,048

., 690, 754

98, 540 1, 581,032J1,704,80743,086jl, 658,627 1,732,89845,913jl, 670, 362 1,742,83095 95111753 217 1 876082

, j , ,95, 95111,753, 2171, 876,082

3,30, 4973,144, 5423,178, 6523,195, 558

!, 207,4943, 217,8823, 202,8103,176, 872

r,1323, 201, 600" ^,446;, 179, 666

82,81011,677,83:53, 75911, 710, 249187, 588; 1,708, 7\" '51, 981; 1,754, "

761 1[, 844 1

1, 790, 685, 799, 40,834,81.,849,442

54, 295; 1,782,0041,33,093!l, 820, 377 158, 583:1,760,824148,4461,803,6221

', 260 1,14,51111,857,34, 355 1, 812, 570 133,449 1, 807, 631 110,756:1, 933,8881!

46,01411,913,46543,40111,887,55279,35411,862,676 140,29011,864,756"

, 870,152., 883, 329, 846, 582., 874, 688

, 897,185, 875,43i

1, 860, 223"., 973, 532

1,991, 06'"., 952, 31, 961, 651

1, 926,10S

F. R.notes mcircula-

tion

450,729,472,307, 521,776549, 552

519,292499,180504,497580,629

655, 354752,876852, 277057,646

, 561,1021,617,7811,618,209,633,054

, 648,539., 612,415., 630,595., 602,681

, 634,068, 748,831, 802,200., 819,623

850,944019,984048,039074, 555

107,021116,718120,138203,637

,279,996, 351, 303.325,"""", 344,686 1

3,083,3,048,

904,2,844,

155 1,5541

0111,

2,751," 648,08612, 549,626 "2, 481,-, 466 1

2, 482, 427 12, 421,426 12, 366,0062,409, 392, 392 1

2,179, 052* 196,05812,194, 743'2,169,), 420 1

Re-quiredreserve

Excessreserve

1,772,6501,867, 594, 839,731, 864, 278

1, 870,862" 19,465

1, 842,0911, 882, 708

1,926,615"., 898, 489., 899, 341

, 810,994, 803,925786,517743, 879

1,685,466"., 645,5601,608,917"., 584, 348

, 589,6531, 575,0851, 556, 3921, 620, 385

392 1

618, 544570,942592,315607,098

606,567603,841530,428533,295

553,437456,761357,466315,913

301,283215,621217, 424206, 487

221, 634259,140286, 549245,119

259,134241, 423296.821

349.822

508,761559,550650, 224761,733

886,113981,934

1,088,1151, 203,572

1,289, 6781, 359,87,:, 432,7501, 389,86'

1,498, 3611, 508, 2141, 520, 081,515,073

02712,141,184 1, 511,2,152,962 1, 520,35C2,132,145 1,499,16:2,155, 515 1, 518, 34

2, 268,2, 301,2, 329,2, 395,

6521,7771814 1,7891

2, 203, 701

1, 564, 3441, 571, 5701, 584,9581, 613, 233

, 619,47i1, 624,1921, 679, 4901, 677, 21

L, 571, 475 1, 636,01S[, 577,113 1, 640, 769L, 583,004 1, 619,806L, 649,052 1, 527,820

1, 578, 354 1,648, 77!2, 246,943 1,582,086 1,619, 512. 247, 257 1, 585,480 1, 581,9662. 235, 43511, 568, 31111, 611, 35£

Re-serveper-cent-age

53.05.1.351.952.1

51.852.150.250.7

51.047.945.544.8

44.542.542.742.4

42.43.44.243.2

43.43.144.445.4

F. R.baD.knote

circula-tion—net lia-bility

129,445134,042145,540158.848

168,427177,185193.849219,815

239,451254,933256,793261,039

250, 530237,131201, 392177,881

179,185185,604192,168200,793

214,180214,961214,610216,960

200,159187,633169,885154,944

143,706132,568125,046109,864

100, 378

49.050.152.054.8

58.160.863.66.8

68.870. 6 85, 51572. 7 75,86270.2| 83,690

77.277.177.177.8

78.077.979.979.

77.077.076.472.7

82,81180, 71780,57577,135

70, 55367,35161,05253, 636

44,00534,96120,8682,770

76. 9 3,10576. 2 2,64575. 3 2,43176. 41 2,286


CONDITION OF FEDERAL RESERVE BANKS 47

No. 11.—RESERVES, DEPOSITS, AND NOTE CIRCULATION OF FEDERAL RESERVEBANKS, 1914-1924—Continued


Date

1923—Con.M a y 31June 30July 31.Aug. 31

Sept. 30Oct. 31Nov. 30Dec. 31____

1924Jan .31Feb. 29 . . . .Mar . 31Apr. 30..._

M a y 3 1 . _ .June 30July 3 1 . . . .Aug. 30. _ .

Sept. 30Oct. 3 1 . . _ .Nov. 29Dec. 3 1 - . . .

3,095,3,100,3,105,903 3,

Reserves

Gold

112,106 3, 201, 333^,,194,6651,190,932l, 188, 541

i, 217 3,1,814 3,

3 , ,3,111,3,101,3,080,

078 3,158 3,032 3;

3,142, 575 3,3,119,652 3,3,094,3,120,

[, 988 3,I, 389 3,

3,112,629 33,128,176 33,143,065 3

127 3

3,046, 723 3,3, 036, 705 3,3,025, 316 3,2,936, 533 3,

Total

112, 717 3,189, 598^,,191,1451,185, 2771,168,934

I, 261,161J, 220,8041,193, 8871,222, 609

!, 205, 513I, 238,803i, 247,113

127 3,168, 536

I,133, 2101,117,8251,110,009I, 047,054

Deposits

Gov- I Mem-ern- j bers' re-

ment serve

,130128,33,535, 81146, 551 I!

, 544 1.

50, 304 1,40,33432, 50138,074 I!

', 582 137,43,99, 58132, 503 I!

1,095 I!

', 477 1

, 899, 810 1,964,128 2, 245, 829 1, 585, 775 1, 615, 558! 76. 0., 851,938 1,914, 043 2, 253,033 1, 571,128; 1, 623, 5371 76.

1, 878, 367 1,936, 938 2,177, 743 1, 549,0261, 641,906 77.'., 844, 718 1,911, 730 2, 226,998 1, 559, 905! 1, 628, 636 77. 0

47,43, 25145, 464 2; 090, 821 2.36,135 2,059, 517

, 906,093 11, 944,095 ~

56, 254 2,110, 949 2,26,976 2,138, 45f "36, 693 2,142,820 2, 208, 728 151,197 2,220,436

Total

! F . R.j notes inj circula-! tion

, 839,142 1,912, 460 2, 267, 620 1, 57i., 895, 265 1,958, 660 2, 224,865 11,864, 794 1, 919,, 898, 315 1,959, 5:

576, 409! 1,613,189575,475(1, 615, 670

214 2, 252, 492 1, 572, 722! 1, 612, 555'9 2, 246, 673 1, 584, 522; 1, 584, 412

., 950, 702 2,

., 900,149 1,964, 451 2, 042, 66i1,885,23"., 944, 952

807 1, 974,2,010,"1,168,1242,128,

317 l!

2201

!, 197,1012 ,194 , ""8271,

!, 010, 322 2, 026, 469 1, 964, , ,

2, 006, 372 2, 002, 7852,005, 3811, 926,013 1

, 440 1,911,., 860,

1, 763,947'., 763, 659 1

I, 923 1,

Re-quired Excess

reserve

Re-serveper-

cent-age

, 514, 201 1, 746,«1, 504, 624 1, 716,1801, 503, 344 1,690, 5431, 472, 289 1, 750, 320

i, 759 1, 455,., 447,980 1

1, 464, 420 1, 450, 341 1

1, 745, 395 1, 467,142 1., 799,104 1,487,833 1, 874, 833 1,522, 988 1

2, 310, 668 1, 862,062 1, 553, 560 1

T49, 754., 790, 823L, 782, 693., 718,195

, 666, 068,629,992., 587,021., 493,494

76.376.376.475.3

80.80.479.782.0

82.583.782.681.4

79.578.176.273.0

F. R.banknote

circula-tion—net lia-bility

1,7241,4251,570520

485523498471

435402383343

319

NOTE.—Figures of cash reserves, Federal reserve note circulation, excess reserves, and reserve percentagesfor dates prior to June, 1917, have been calculated on a basis comparable with figures published subsequentto the passage of the June 21, 1917, amendment to the Federal reserve act, which provides that gold withFederal reserve agent may be counted as part of the bank's required reserves.


No. 12.—RESOURCES AND LIABILITIES ON THE LAST DAY OF THE MONTH

[In thousands of dollars]00

Gold with Federal reserve agentsGold redemption fund with U. S. Treasury.

Gold held exclusively against Fed-eral reserve notes

Gold settlement fund with Federal Re-serve Board

Gold and gold certificates held by banks....

Total gold reservesReserves other than gold

Total reserves _Nonreserve cashBills discounted:

Secured by United States Governmentobligations

Other bills discounted

Total bills discountedBills bought in open marketUnited States Government securities:

BondsTreasury notesCertificates of indebtedness

Total United States Governmentsecurities. __ _ -..

Foreign loans on goldAll other earning assets -.

Total earning assets _

De-cember,

1923

2,104, 25558, 748

2,163, 003

571, 087345, 942

3, 080, 03288, 902

3,168, 93452, 319

353, 685369, 383

723, 068354, 637

29, 50886,94717,111

133, 566

51

1,211,3221

1924

January

2,129,14050,108

2,179, 248

577, 227386,100

3,142, 575118, 586

3, 261,16157,009

267, 978264,282

532, 260286, 041

18, 59880, 28727,486

126, 371

10

February

44, 586

March

2,104,027 2,080,41345,891

2,148, 613

604,184366,855

3,119, 652101,152

3, 220,80445, 648

257, 215271, 748

528, 963267,880

18, 500114,24632, 717

165,463

100

944, 6821 962,406

2,126, 304

613,339355,345

3, 094,988

3,193, 88745,108

228, 949

517,885228, 24:

18,424181, 49462,-949

262,867

51

1, 009,050

April

2,088,31750, 749

May

2,096,85149,446

2,139, 066

610, 622!370, 7011

2,146, 297

595,403370, 929

3,120, 3891102,220J

3,112,62992, r'

3, 222, 60949,811

3, 205, 51340, 594

161,164286, 021'

164,149277,217

447,185124,485

19, 269221, 77160,620

301,660

51

441, 36679, 549

17,832262, 22872, 797

352, 857

551

June

2,128,42732,166

2,160, 593

576, 218391, 365

July

2, 083, 30227,882

2, 111, 184

604, 816427, 065

3,128,176| 3,143, 065 3, 089,127110,627 104,048 79,409

August

2, 041, 33133, 032

2, 074, 363

630, 795383, 969

3, 238, 803 3, 247,113 3,168, 53645, 525 48,451 37, 245

115,580218, 374

333, 95436, 524

22, 264314, 02894, 793

431, 085

1,301

873,381! 874,323! 802, S

89, 424203, 623

293, 04723, 469

30, 589384, 634107, 674

522, 897

1,250

840, 663

83,480191,188

274, 66858,103

32, 571391, 532118,108

542,211

1,750

Sep-tember

2,026, 23736, 217

2, 062, 454

596, 851387, 418

3, 046, 72386,487

3,133,21038, 647

111,591164,608

276,199131, 821

37,375398, 251140, 482

576,108

1,750

876, 7321 985, 8781

October

38,119

No-vember

1,998,332 1,912,02243, 039

2,036,451! 1,955,061

576, 871423, 383

3, 036, 70581,120

3,117, 82535, 692

118, 592145, 549

264,141200,114

40, 458329,182214, 565

584, 205

3, 557

593, 004477, 251

3, 025, 31684, 693

3,110,00933,299

112,694129, 330

583,738

2, 550

De-cember

1, 702,30641,245

1, 743, 551

679,464513, 518

2, 936, 533110, 521

3, 047, 05462, 567

186,840127,288

75,265349,354115,541

540,1606,0002,050

1,052,017) 1,141,884' 1,249,438

m

Wo


5 per cent redemption fund—Federal re-serve bank notes

Uncollected items _.Bank premisesAll other resources

Total resources _._

LIABILITIES

Federal reserve notes in actual circulation..Federal reserve bank notes in circulation-

net. __Deposits:

Member bank—reserve account _.Government __Other deposits

Total deposits _Deferred availability items _Capital paid in _Surplus..All other liabilities _

Total liabilities.

Ratio of total reserves to deposit and Fed-eral reserve note liabilities combined—percent

Contingent liability on bills purchased forforeign correspondents _

28565, 61453,99914,179

5,066,395

2,246,673

471

28534,21854, 61118, 706

4,870,415

2,026,469

435

1,898,315! 1,950,70238, 074! 37, 58223,190| 22,038

1,959, 579516,803110,145220,915

11,809

2, 010, 322489,881110, 028220, 915

12,365

5,066,395| 4,870,415

75.3

18, 995 j

80.8

16,831

28576,79055,17221,548

2,042,665

402

1,900,14943,09521,207

1,964,451529,885110,816220,915

13,262

80.4

10, 721

28481, 510

55,87221,388

4, 806,843

2, 002, 785

28586,35056,49422, 530

4,811, 203

1, 926, 013

343

1,885,237 1,944,95299, 581 32, 50321, 554! 27, 926

2, 006,372! 2, 005, 381451,314110, 850220,915

14, 224

4,806,843

79.7

10, 881

533,466110, 927220,915

14,158

4,811,203

82.0

20,505

28486,163

57,15225, 480

4, 689,253

1,911,440

319

1, 906, 09347,47721, 237

511,60057, 77924, 992

4,681, 563

531, 6091 509,80658,585' 59, 29929,235J 31,959

4, 755,6561 4,683, 577

1,860,923 1,763,947

1,944, 09543,25122, 971

1,974,807 2,010,317455, 777i 466, 562111,457 111,405220,915! 220,915

14,538! 11,441

4, 689,253] 4,681,563

82. 5 83. 7

39, 9651 38, 769

2,090,82145,46431, 839

1, 763, 659

2,059, 5136,13532, 568

2,168,124 2,128,220479, 571 446,978l l l ,503j 112,012220,915 220,915

11,596 11,793

4, 755,656| 4,683, 577

81.4

37,975j 27,63

582, 71660,04026, 210

4,826, 701

591, 964j 646, 34860, 726! 61, 55426, 633! 27,136

656,19757, 59823, 526

4,884,857J 5,020,230| 5,096,380

1,745,395 1,799,104

2,110,94956,25429, 898

2,138, 45226,97629, 399

2,197,1011 2,194,827539, 200 545, 220111,955220,915

12,135

112,017220,915

12, 774

4,826, 7011 "4,884,857

79.5

19, 359

78.1

' 24, 219

1,874,833

2,142, 82036,69329, 215

2, 208,728589, 866112,161220,915

13, 727

1, 862, 062

2, 220, 43651,19739, 035

2,310, 668584, 716112, 038217,837

9, 059

5,020,2301 5,096,380

76. 2| 73. 0

28,186! 42, 683

OO

3'Ao

apa

pa

en

XJl

CD


No. 13.—RESOURCES AND LIABILITIES, BY WEEKS

[In thousands of dollars]O

Date

1924 IJan. 2 2,109,715!

9 2,106,705!16 2,130,879!23 - . 2,103,477

2,127,175

Cash reserves

Gold

I

GoldwithF. R.agent

i Gold re-demp-tionfundwithU. S.

Treas-ury

Feb. 6 2,097,83013 [ 2,139,91320 2,116,66227 2,109,124!

Mar. T> •_ 2,050,306:12 2,046,69619 . 2,098,1702 6 . . . . 2,082,659

Apr. ?_.9..

16-23_.30..

M a y14.21.

1,974, 6241,984,0541,997,3642, 047, 4702,088, 317

2,110,7762,135, 2122,113,3402,103,863

57, 32751,44846,80052, 63250,931

50, 31557, 81545,10142,069

48, 39349,10152, 76456, 945

50,53357, 22356. 71555, 97150; 749

39, 75535,91136, 21646, 465

Goldsettle-mentfundwithF. R.Board

568,954583, 522573, 038587, 327573,226

610, 033553.784589.785600, 085

Goldandgold

certifi-cates

held bybanks

Totalgold

reserves

347,890 3,083,886389,867! 3,131,542406, 662408,226391,821

3,157, 3793,151,6623,143,153

381,115 3,139,293376,750 3,128,262373,949 3,125,497371,469 3,122,747

Re-servesotherthangold

87,984106, 965113,025119,923119,758

119, 646117, 224111,917106, 993

644,584 373,480! 3,116,763 106,059657,175 377,1101 3,130,082 105,758606,747 374,164 3,131,845 101,352605,918! 377,422 3,122,944 100,107

709,581 357, 029| 3,091,767 99,564672,888 389,2811 3,103,446 97,975671,222! 379,585| 3,104,886! 100,404623,182j 387, 267i 3,113,890,' 100, 937610,6221 370, 701 j 3,120,389 102,220

601,766 377,309; 3,129,606 102,502 3,232,108578,914 388,439: 3,138,476 102.810 3,241,286595,676! 392,934! 3,138,166 101,819 3,239,985594, 007! 373, 478! 3,117, 813| 96,461 3,214,274

Totalreserves

3,171,8703, 238,5073,270,4043, 271,5853,262,911

3, 258,9393,245,48613,237,4143, 229,740

Non-reserve

cash Securedby U.S.Govern-

mentobliga-tions

3,3, 235', 8403, 233,1973, 223,051

3,191,3313,201,4213, 205,2903, 214,8273, 222, 609

Earning assets

Bills discounted

Other Ibills idis-

counted

422, 764306, 373259, 774

242,085297, 561233,045263, 512

67,57367, 75668,92663, 33159, 661

56, 24051,16050, 50251,091

48,11650,28251,13751, 054

46, 59949,35148, 75051, 62449,811 161,164

51, 243| 167,55652,177 155,53651,135 149,66946,238! 164,566

375,119300, 548274,411

272,927 267,851259,280 263,027

245, 211248, 785263,081268, 078

211,938 276,3702l4,557i 268,842166,826 264,425214,656 267,659

239,063 290,597228, 280190,419187, 914

01, 279279,151284, 929286, 021

272, 729255, 645264.946265; 034

Total

797,883606, 921534,185540,778522,307


347,319,166292,744275,997271,792

487,296 283,399546,346 278,079496,126 253,476531,590 263,310

488,308 259,737483,399! 242,616431,251 194,203482,315 202,458

529, 660529, 559469, 570472, 843447,185

440, 285411,181414, 615429, 600

213, 772197, 606176, 680140,424124,485

87, 28775, 36155, 69286,760

United States Governmentsecurities

Bonds

29,42919, 90320, 02620, 014|18, 584|

18, 35318,23418,26018,347

Treas-ury

notes

79,85962,72,08476,45577,355

78,40180,26195, 599105, 677

18,342 130,22518 2821 155, 31118,264 174,57718,801 176-, 704

18,33118,27318, 855

184, 887187, 615193, 327

18,892 201,15819,269 221,771

18,353 232,09118,463^ 241,72119,522 241,68817,409; 245,722!

Certifi-cates ofindebt-edness

17,35E18,36624, 50224,45724,833

27,90428,76027,87031, 777

33,49938, 776

103,83661, 751

61, 63763,01554,48554, 24560, 820

60, 43862, 98063,43170,151

Total

126,643100,358116,612120,926120,772

124,658127,255141,729155,801

182, 066212,369296, 677257, 256

264, 855268,903266, 667274, 295301, 660

310,882323,164324, 641333, 282

Allother

earningassets i

100

1001005151

5151515151

51551551551

Total

1,271,7621, 026,496

943,561937,711914,881

895,363951,680891,331950,801

930, 211938.484922,182942, 080

1,008,338996,119912,968887, 613873,381

838, 505810,257795,499850,193


.Tune 4.11-.18..25..

2, 089, 133j 48, 439: 593, 8721 393, 6482, 091,061 37, 532 601,165i 424, 6902, 118,962 42, 249, 574,150i 422,2802,118,093 38,491 579,518 419,468

July 2 . . 2,126,6869 . . 2,099,835!

16 ! 2,111,173123 " ~"~ '30

33,134 577, 61637,433! 595,60437,6571 574,339

2,100,426! 36,684 584,4882,080,047 43,732 590,814

Aug. 6 2,079,415 35,79!13 2,080,982! 32,15'20. 2,075,614! 39,94727 2,059,620 43,314

Sept. 3 12,019,186 29,93710. _. .-_! 2,035,611! 36,89117 i 2,038,632! 36,63824 2,031,4061 34,686

Oct.

22.

2, 027, 304j 34, 7721,984,893! 39,6051,974,799! 39,9152,006,200! 29,905

29 j 2,004,220) 36,246

Nov. 5 ! 1,989,213 38,07012 ! 1,970,0111 27,11419 j l,933,98l! 38,62026 ! 1,926,215! 42,136

Dec. 3 ! 1,905,73010.17-...24 . ..31

1, 836, 2881,822,4241, 747, 2181, 702, 306

45,

589,472612, 076604,190608, 095

3,125,092! 99,8273,154,448 105,0473,157,641 114,5033,155,570 115,833

383,219 3,120,655 98,963410,530 3,143,402 101,904437,381 3,160,550 105,864445,929 3,167,527, 106,015440, 312 3,154,905 105,093

421, 054419,210406, 897404, 238

3,125,740 103,3093,144,425! 89,0123,126,648 86,3003,115, 267 87,116

656,187 375,705 3,081,015 78,748619,422 392,995 3,0S4,919 86,920611,304 394,919! 3,081,493! 83,919603,448 399,623 3,069,163! 86,852

588,384619,128626,083607, 378580, 869

587,118601, 642610,131591, 026

394,779402,320396, 580400, 735422,491

424,370 3,038,449,115 3,047,468,086 3,050,486,8731 3,046,

3,045,239! 85,7863,045,946| 85,6943,037,377! 83,3073, 044, 218! 87,4033,043,8261 87,' ""

_ , . _ _J ,036 488,376! 3,027,32,093 647,643 481,474J 2,997,47,048 589,390l 4.95,2561 2,954,

771!882[8181250|

930498

45, 75641,245

637,240679, 464

1OZ, DUO

513, 5186051 2,912,819!

- 533!, 936, t

85,14890,06592,41187,701

89,96395, 21894,46784, 694

110,521

3, 224,9193, 259,4953, 272,1443, 271, 403

3, 219, 6183, 245, 3063, 266,4143, 273, 5423, 259-, 998

3, 229, 0493, 233,4373,212,9483, 202, 383

3,159, 7633,171,8393,165,413,156, 015

3,131,0253,131,6403,120, 6843, 131, 6213,131, 594

3,123,9193,137,9473,143, 2293,133,951

3,117,8933, 092, 7163, 048, 5852, 997, 5133, 047, 054

49,61155,94456,641.54,006)

135, 3231 266,097131,268 244,724114,4391 236,941118,117 232,014

48,809< 142,338 226,66354,574 94,607 216,106c7 o io riT ooc one nno57,31255,45649,947

47,74648, 55645,85444,469

37,99346, 09844,54343,191

39, 77646,771!38, 279

97, 235| 208,00885,271! 205,56192,052 201,843

81, 98870, 57077,9381

118, 07384,93183,60189, 515

194,842184,211188, 714184, 622

183, 87i176,299174, 366170,348

104,7851 161,971110,444 155,944

_ , _ . „ 109,851! 153,22742,037i 75,945? 147,29542,300 i 75,4711 147,094

35, 35541,73143,00534, 307

40,02341,64340,41837, 66862, 567

95,175! 134,95,334! 128,84,680 149,16496,204 125,201

124,656! 124,272127,279 126,977158,413! 125,398

401,420 55, 632375, 992 44, 381351, 380 57, 322350,131 i 45,034

369,0011310, 713305,243!290, 832293, 895;

52, 81158, 50937.42831, 53024, 441

273, 638! 22,1266,199, 18,028259, 2841 25,724262,560, 49,

301, 949! 69, 583261, 230! 92, 491257,9671 99,212259,863 92,146

I266,756- 138,506266,388; 175,392263,078| 197,261223,240! 169,659222,565! 215,404

229,263! 234,848224,232! 248,190233,8441 275,245221,405! 281,001

20,098| 296,66622,190! 334,02421,9691 300,21622, 542! 308, 552

21,113! 320,80220,862 330,05120,752; 344,85720,303 353,53130,378 369,655

248, c 354,606!254, 256i 352,838!283, 811! 336,8271

239,230! 157,199! 396,429; 389, 574j186,840! 127,288 314,128 387,100

29, 63430,11831, 66632,391

32,88334,04435, 95137, 061

37,66339,31639,87340,85441, 702

42, 30944, 74644, 24344,320

44, 78546, 35864, 57874, 75675, 265

394,419398,467391, 569391,489

391, 532412, 378397,863397, 753

397, 762397,916400,911397, 931398,429

398, 006398, 318397,568390, 079

390,876361,082341,485342, 552349,354

81,126; 397,89066,69l! 422,905103,717; 425,90298,700 429,794

93,573 435,48899,587; 450,500100,9651 466,574103,377 477,211105,248 505,281

111,464111,740117,875117, 746

117, 730121, 766184,915139, 782

140, 532143,989157,738144, 042144,069

144, 561145,300145, 266147,816

535, 51'540,325541,110541, 626

542,145568,188618, 729574, 596

575,957581,221598, 522582,827584, 200

584,876588,364587,077582, 215

139,282 574,943144,4561 551,896158,0991 564,162120,571 537,879115,541 540,160

1,3011,3011,3011,301

1,250, 250,250,250,250

,250,2501,7501,750

1,7501,7506,9501,750

1,7501,7502,0072,0072,007

3,5573,5572,5502, 550

8,0508,0508,0508,0508,050

856,243844,579835,905826,260

858, 550820, 972810,495800,823824.867

832, 502825,802827.868855,225

915,427923, 659982,858928,355

982,9691,024,7511,060,868977,733

1,024,176

1, 052,5441,064,3431, 098,7161,087,171

1,186,5271,167,0401,192,8501,331,9321,249,438

1 Represents Federal intermediate credit bank debentures except as follows: Municipal warrants—$51,000 on Jan. 2 and 9, $20,000 on Jan. 16, $10,000 from Jan. 23 to Feb. 6, $51,000from Mar. 19 to June 25, $7,000from Oct. 15 to Nov. 12; foreignloans on gold—$6,000,000from Dec. 3 to 31.

OO

2o


No. 13.—RESOURCES AND LIABILITIES, BY WEEKS—Continued

[In thousands of dollars]to

Date

Jan. 2-1924

Feb.

Mar.

Apr.

M a y

2330

6

2027

121926

2g

162330

7142128

June 4_.

25 _

5% re-demp-tion

fund,F. R.banknotes

Uncol-lecteditems

679,216606,178670.437591,436531,163

504,353562, 725627,100581.438

606,204638,715681, 527557,304

577, 583713,559611, 729586,350

566, 511673,130598, 587531,954

573, 797573,457685, 234556, 594

Bankpremises

All otherresources

53,99854,00654, 20954,57854, 594

54, 61454, 73255,15355,169

55,19755,25455, 46655,864

55,87655, 98556,16456,48056,494

56, 54056,68756,67957,139

57,17457,27457, 37457, 772

15,83515, 57616,18517,12019,027

19,23720, 08820,90721, 623

22, 07723,28221,28621,486

21,39822,42021,80222,11422,530

23, 73024,81324, 56825,207

26, 77927, 77325,15124, 746

Totalresources

andliabilities

5,260,2825, 008, 5475, 023,7504, 935,7894,842,265

4, 788, 7744, 885,8994, 882, 4354,889, 890

4,884, 6554,941,8854, 964,8234, 850,867

4,909,6554, 902,9074,958, 5614,844,4154,811,203

4, 768, 6654,858,3784, 766,4814, 725,033

4, 788, 5234,818, 5224, 932,4494,790,781

Note circulation

F. R. notesin actual

circulation

2,245,2302,147,0642,084,3202,049, 8342, 022, 514

2, 017,4242, 039, 2032,023,7832, 022,301

2, 019, 7732, 010, 5951, 989,8481,982,706

1,987,2621, 981, 6381, 966,3491,940,8211,926,013

1, 927,0271, 911,8751,886,4291,891,147

1,884, 0391,870,5181,851, 8421,843,922

F. R.bank

notes incircula-

tion,net

470456444439434

427418410405

402394389382

374365356350343

338332322317

Deposits

Memberbank,

reserveaccount

1,963,8741,941, 0061,936,3071,934,9491,927,714

1,893,9881,915,2321,891,2581, 926, 514

1, 906, 7291, 944, 6991,981,0421,912,411

1,933,1131,934, 9991,940,8101,935,1131,944, 952

1, 953, 5321, 939, 5981,941,2851, 936, 074

1, 988, 0472, 031, 9052,103,8152,035, 342

overn-ment

56, 69520,34339, 43661, 18440,941

38,25036, 96039,46738,441

59, 46354,2228.856

75,191

109, 83898,84149, 71144,56732, 503

18, 38130, 37519,05340, 384

31,86635,172

9,64852.110

Other

30,26623, 40623, 89522, 16322, 430

21, 36520, 01720,82620,876

19,83419,92922, 23319, 514

19,41321, 22721, 06421,17627, 926

22, 43924, 96124, 99620, 982

21,22119,80222, 01321. 007

Total

2,050,8351, 984, 7551, 999, 6382, 018,2961, 991, 085

1, 953, 6031,972,2091, 951, 5511,985,831

1, 986, 0262,018,8502, 012,1312,007,116

2, 062,3642, 055,0672,011, 5852, 000, 8562,005,381

1, 994, 3521, 994, 9341,985,3341, 997,440

2, 041,1342, 086,8792,135,4762.108.459

Deferredavaila-bilityitems

620,178532,205595, 671523,511484,338

473, 584529,687561, 666535,818

532,998566,026616,683513,762

513, 463519, 305634,333556, 051533,466

500,211604, 329547,313488, 715

516,199513,620597, 744490. 757

110,483110,506110,302110, 035110,043

110, 005110, 357110, 802110,880

110,831110,836110,828110,831

110, 859110, 837110,869110,865110, 927

111,231111,369111,378111,493

111,456111, 442111,472111.420

220,915220,915220,915220,915220,915

220, 915220,915220, 915220, 915

220, 915220,915220,915220,915

220,915220, 915220,915220, 915220,915

220,915220, 915220,915220, 915

220, 915220,915220, 915220 915

Allother

liabili-ties

12,17112,64612,46012, 75912, 936

12, 81613,11013, 24813, 740

13, 71014.26914,02915,155

14,41814, 78014,15414, 55714,158

14, 59114,62414, 79015,006

14, 78015,14815,00015. 3ftR


July

16-23 _30,

Aug.13.20-27 _

Sept. 3_10-

24 _

Oct.

22 _29-

Nov. 5_

1926

Dec, 310172431 1

617,800604,433655,099560, 613518,145

! 514,880I 586,953

572, 931511, 052

590, 970580, 589775,917598, 345

621,409626, 384831,460669,125611,709

583,315685,893713, 720615,240

663, 892649, 131831,419674,514 j656, 197 I

57, 78757, 90757,93258, 37158, 573

58, 66858, 77159,29059, 292

59, 32359, 37659, 67260,026

60,04060,07060,30260, 32260,724

60,74360, 75161, 08561, 55361, 55561,74161, 76861,81957, 598

25,15826, 41227,02327, 66128, 778

30, 07031, 30831,51731,932

32,32233,383

4,827,722 [ 1,874,2704,4;

26,211

26, 51126, 46926,27326, 45026, 766

27, 54127, 43927,17927,363

27, 29926,23923, 45823,82723, 526

19, 604,, 874,275\, 776, 406'-, 740, 308

:, 712,915;, 784, 827r, 750, 408, 704,353

4, 795, 7984,814, 9445, 054,8664,812, 143

4, 861, 7304. 916, 0855, 137,8664, 907, 2884, 897, 269

4,883,4175, 018,1045, 086, 9344, 959, 585

5, 097,1895, 038, 5105,198, 4985,127,2735, 096, 380

1, 855, 0051,812,7121, 782, 6261,761,569

1, 756, 0141, 752, 0251,738,0571,740,709

1, 760, 7571, 750, 6701, 734, 6661, 729,859

1,816,817 I.1,829,202 I1,823,460 |.1,845,308 |.

1,849,006 |-.1,853,614 |_.1,871,453 !_.1,941,747 |.1,862,062 |_

2, 016,1282, 036, 8522, 085,2032, 074, 6362, 087, 395

2, 092, 6962,105,4842, 095, 4082,082,481

2, 101. 9232, 138, 8932, 261, 2552,120,331

1,744.974 ! 2,127,9491,757,452 I 2, 189,5361,767,264 I 2,186,4811,751,701 2,149,9921,766,622 . .. 2,162,347

2,118,0752,172,3542, 215, 3462, 148, 137

2, 252, 4752, 192, 3332, 214, 7442,222,8702, 220,436

32,20319, 15134, 51440,11845, 38535. 07524,99528, 28733, 023

35,15029, 7416,33946,926

56, 54237, 54662, 66323, 19728, 266

29, 81333, 42424, 66726, 723

22,91135, 9758,54258, 07151, 197

26,16122, 90724,28830, 09732, 015

31,88535, 02333, 95334,860

32, 15031, 73429, 58328,625

29,51128, 46930,08328, 85927, 351

31,10729, 66230, 43227,856 j

30,007 I31,002 I33, 02230,24339, 035

2, 074,4922, 078, 9102,144, 0052,144, 8512.164, 795

2,159,6562.165, 5022, 157, 6482,150, 364

2,169, 2232,200, 3682,297,1772,195,882

2, 214, 0022, 255, 5512,279,2272, 202, 0482,217, 964

2,178,9952, 235, 4402, 270, 4452,202, 716

2, 305, 3932,259,3102,256,3082,311,1842, 310, 668

535,024531,328573,337504, 600469,415

452,831522, 516509,847468,103

520, 905518, 542678,050540,929

557, 664557,432745, 661607, 786566, 510

541, 592606, 738646, 230564, 340

595, 581578, 685723,943526,992584, 716

111,407111,400111,405111,409111,487

111,493111,867112,009112,014

112, 003111,989112,032111,976

111,964111,981112,011111,911111,953

112,009112,222112,241112,169

112, 159112,123112, 036112,026112, 038

220,915220,915220,915220, 915220,915

220,915220,915220, 915220, 915

220, 915220,915220, 915220,915

220, 915220, 915220,915220, 915220, 915

220,915220, 915220, 915220, 915

220,915220, 915220,915220,915217, 837

11,61412,04611, 90112,06512,127

12,00612,00211,93212, 248

11,99512,46012, 02612,582

12,21112, 75412, 78812, 92713,305

13,08913, 58713, 64314, 137

14,13513, 86313, 84314, 4099, 059

Q6

o

CO


No. 14.—CASH RESERVES, DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION AND RESERVE PERCENTAGES, BY MONTHS

[Average daily figures. Amounts in millions of dollars]

Month

January...February.MarchApril

MayJuneJulyAugust..

September.OctoberNovember.December..

Year.

1. Cash reserves

1924 1923

3,2423,2393,2223,202

3, 2223,2473, 2493,211

3,1573,1243,1313,057

3,2023,2093,1913,177

3,1803, 2043,1813, 194

3,1873,1943,2003,169

_! 3,192I

3,191

3,0443,0703,0963,115

3,1273,1363,1583,196

3,1923,2123,2093,166

3,144

1921

2,2872,3442,4032,485

2, 5422, 6062,6552,740

2,8362,9062,9642,995

2,649

1920

2,0982, 0532,0582,084

2,0792,1032,1192,127

2,1392,1622,1832,222

2,119

1924

1,9801,9541,9912,004

1,9802, 0652,1102,140

2,1882,2082,2232,255

2,092

2. Total deposits i

1923

1,9821,9701,9611,945

1, 9491, 9311, 9201, 890

1,9081,9191,9391,931

1,937

1922

1,8011,8141,7951,823

1,8771,8931, 8821,860

1, 8661,8761,8901,891

1,856

1921

1,6341,6601,8091,750

1, 7171, 7231,6961,691

1,7161,7281,7331, 755

1,745

1920

1,7901,7971,7831,770

1,8111,7481, 7061, 699

1, 6651,6811,6681,622

1,728

3. Federal reserve notes in circulation

1924

2,1132,0352,0141,971

1,9151,8711,8251,757

1,7501,7691,8361,884

1,895

1923

2,2892,2452.2532,236

2,2432,2472,2422, 229

2,2642,2762,2572,292

2,256

1922

2,2722,1772,1952,190

2,1532,1382,1572,151

2,2252,3092,3252,416

2,226

1921

3,1783,0692,9792,871

2, 7872,6832,6052, 512

2,4942, 4562,4022,416

2,702

1920

2,8882,9473,0403,072

3,0903,1143,1433,165

3,2763, 3373,3283,343

3,146

4. Reserve percentages Is-(2+3)

1924

79.281.280.580.5

82.782.582.682.4

80.178.577.173.8

80.1

1923

75.076.175.776.0

75.976.776.477.6

76.476.176.375.0

76.1

1922

74.776.977.677.6

77.677.878.279.7

78.076.776.173.5

77.0

1921

47.549.650.253.8

56.459.161.765.2

67.469.471.771.8

59.6

1920

44.943.342.743.0

42.443.343.743.7

43.343.143.744.7

43.5

i Net deposits are shown up to and including February, 1921, and total deposits after that month.

tei

wo>


No. 15.—EARNING ASSETS: AVERAGE DAILY HOLDINGS, BY CLASSES

[Amounts in millions of dollars]

Month

January.._-„ February.01 March....

April

MayJuneJuly.....August..


Year.

Total earning assets 1

1924 1923 1922 1921 1920

1,001 I 1,191922 I 1,153952 1,179940 ! 1,165

840 ! 1,173843 I 1,125826 ! 1,120837 j 1,078

931 ! 1,1231,006 ! 1,1511,085 ! 1,1481,221 j 1,200

950 I 1,151

1,3041,2151,1911,190

1,1891,1671,1281,053

1,1131,1851,2101,304

1,187

3,035

2,7362,527

2,3542,1752,0131,842

1,7401,6411,5201,517

2,160

3,0443,1543,2123,192

3,2563,2103,2013,234

3,3293,3903,3753,314

3,243

Discounted bills

1924 1923 1922 1921 1920

580516479495

435375318270

241229302

375

549611629660

708744837811

848875802775

738

9697736-iO577

439428396

416484624663

573

2,5362,4092,3022,140

1,9671,8181,7251,555

2,1432,2992,3872,440

2,5372,4612,5192,605

1, 445 2, 6771,377 2, 7821,233 2,7761,185 I 2, 731

1,804 I 2,530

Purchased bills

1924 1923 1922 1921 1920

303272230173

815144

90178266357

172

221187232275

271225186177

173184262322

227

103135154159

210252260261

159

201173138110

84552738

405679106

92

576546481420

417401364326

314304279244

389

United States securities

1924

118134243272

323416462537

575585587555

401

1923

421355318230

1941559790

1029284103

186

1922

236355458520

604593546498

487449326

455

1921

287296277

303302261249

255208208226

264

1920

325309344332

302348318303

338304320339

324

ao

g

aoo•=1

1 Includes municipal warrants, Federal intermediate credit bank debenture bonds, and foreign loans on gold.


No. 16.—EABNING ASSETS: AVERAGE DAILY HOLDINGS OF ALL CLASSES COMBINED

[In thousands of dollars j

Federal reserve bank January February March April May June July August Septem-ber October Novem-

berDecem-

ber Year

Prior years

1923 1922


"RichmondAtlantaChicagoSt. Louis

MinneapolisKansas CityDallasSan Francisco--.

Total: 1924.1923.1922.1921.

19201919.1918.19171916

72,187191,62096, 249103,779

52,70968,001124,68347,116

31,03154,22462,46296,607

65, 773

86, 44490,963

53,37655,450106,95541,291

28,68544,50960, 38284, 152

67,057179,71282,40992,516

62,44161,148126,24246,217

34,03148,04460, 20691,751

61,127186, 51575, 61998,976

66, 56452,616129,19245, 520

51,075150,75766,76491,497

62,41647,053120,55837,552

54, 045172,39767, 52685,153

56, 78841,886116,87333,148

49,844215,29457,88568,970

52, 64732, 666108, 50829,462

38, 226AQ HOC I

41, 08147,698

50, 240 40,88187,800 82, 239

1,000,6681,191,1911,304,1633,034,655

3, 043,9522, 213, 5111, 026,365198,23492, 502

921,5881,152.8621, 215, 2202,869, 233

3,153,9942, 225,6861, 001,954199,860103, 619

951,7741,178,9191,191, 0132, 735, 784

3, 211,9362, 318,4221,122,693182,804126,142

940,4931,164,6061,190,0042, 527, 253

3,191,9452,341, 7241, 237, 368229,856149,306

40, 893 40, 83350,844 46,38043,443 47, 83279,967 75, 678

839,5711,173,1941,188,8492, 353, 794

3,255,8592, 391, 7741, 265, 748275,310168, 538

842,9631,124, 8911,166, 6172,175,175

3, 209,6502, 323,992l,274,r"432, 291164,893

52, 597222,48354,91573, 587

40, 24833,427110,95533,423

41, 65144,77051,88776, 591

57,443278,32054,161

61,445 85,341 112,368317,327i 314, 549j 365,81357,0741 72,358; 88, 30499,300 115,040] 136,643

65, 874

71, 60895,286

41,98231,947117,72541,472

41, 59246,61348. 79784, 027

40,469i32,914129,87945,483;

38, 765|49,089,43, 20290, 795

825,9991,119, 7871,127, 8882, 012, 699

3, 200,9732,478, 8631, 439, 286422, 269189, 824

836, 5341, 078, 2041, 053, 0981,841, 596

3, 233, 8622, 442,6271,607, 709372, 358193, 458

930,9651,123,4721,113,3431, 740,474

3,329,4812, 471, 5151,920, 057438,753188, 510

1,005,7421,150, 5931,184,7001,640, 740

3, 390, 0892, 709, 3302,194, 707603, 544188,358

35, 809!33,8971147, 77844, 513|

I33, 723|53, 35046, 786!101,883!

34, 51833,829150,87444,934

31, 32854, 67951,711115, 705

81, 267262,812104, 363106,765

62, 73649,97643, 705]

124,234) 148,76640,838 62,368

36,845 37,12049, 042 63,94350, 636 53, 218

107,616

91,159283,116102,855120,473

59,93152,448153,47557,778

39, 56168,55843,950113,966

1,085,027! 1,220,7061,147,765 1,200,3511,210,126 1,304,433l,520,283| 1,517,194

3,375,395 3,313,5022,907,803 3,034,2242,273,599 2,298,313883,252 1,016,938188,414 221,301

950,317)1,150, 570!1,187,27012,160,179

3, 242,6792,487, 483'1,557,058:

440,499!164. 583:

M

d


0. II. DISCOUNTED BILLS*. AVEEAGE DAILY HOLDINGS

[In thousands of dollars!



Richmond.AtlantaChicagoSt. Louis..

Minneapolis...Kansas City. . .DallasSan Francisco.

Total: 1924..1923..1922..1921..

1920..1919..1918..1917..1916..

January

34,348120,99845,25842,450

47, 39453,35471, 25145,435

18,18142, 3689,64"49, 677

580, 371548,969968,971

2, 536,105

2,142, 7881, 734, 655611,23520, 87'29, 078

February

30,996122,33940, 81537,016

47,00741,98557,19736,950

15,98931, 2589,36345, 256

516,171610,755772,41

2,408, 792

2,298,9171, 763, 226531, 54117,90024,134

March

27,49379,83141,89538,189

54, 62546,18258,85534,562

14,57025,1969,81148,160

April

23,41787,59040, 54649, 745

59, 27843,81160,62733,290

14,93624, 34011,78445,17."

479, 369628, 519640,303

2,301, 628

2,386, 5371,861, 532

567, 47518,19121,609

494, 537659,932576, 631

2,139,982

2, 440, 3761, 919,461

769, 25924,90321, 956

M a y

17,88762, 28532,94643, 807

June July August

17,108 11,172 11,65341,512; 45,537 31,89030,117 25,6151 21,31635, 661 20,990 16, 931

50, 65555, 80841,123 38,460i 30,58257,511 48,806i 41,66527,325

16, 46024, 83214,195

24,068

14,99523, 81215,938

47,165 35,12330,35734, 763

41, 250) 33, 460

435, 429708, 394481, 626

1,966, 646

2, 537, 5511, 973, 926

902,10242, 71020,184

19, 728

14, 78316,90618, 34525, 764

374, 592 318, 252744, 306 837, 039438, 789 428, 327

1,817,749 1,725,162

2,461,022! 2,519,0441,842,112 1,867,920

938,442> 1,165,649151, 234 147, 797

20, 514! 25, 421

18,870

14, 21812, 56222, 42819, 554

269, 665811,251396, 242

1, 554, 702

2,605,1131, 801, 8871, 337, 70

134, 98828,058

Septem-ber

10,14140,52519,19419, 751

36,27,42429, 53^22,166

12, 22210, 28617,83016, 780

262,75J847, 88,416.61:

1, 445, 691

2, 677, 0521, 777, 3341, 603,153

182,43827, 32C

October

6,91344,92518, 63821, 288

35, 47625, 44629,19321,925

7,7567,6657,884

13,7

240,907875,158484, 443

1, 376, 91'

2, 782, 0552,073, 4161, 709, 766

313, 77122,154

Novem-ber

13,01838, 64422, 89626, 362

30, 82522, 51032, 39615, 912

5,3916,4693, 978

10, 638

229,039801, 388623, 825

1, 232, 576

Decem-ber

21,39175, 49536, 75140, 262

28,81920,89839, 89212,048

5,0755,7153,63'

11,733

301, 716774, 733663, 562

1,185, 432

2,776,457 2, 730, 36C2,145,631 2,157,0211,768,746 1,749,156

568,352 664,15419, 923 32, 645

Year

18,76065/80831,31532, 679

44,07035,15246, 79525,987

12,87519, 25212,08130,060

Prior years

1923

52,633187, 282

59, 84651,717

59, 590!44, 28386,04643, 754

24,10339, 86125,99363,006

374,834738,1141573, 247

1, 804, 305

2, 530, 3791,908,1981,140,053

193,08224,416|

1922

36,39393, 36853,18148,410

53, 75141,01681,19727, 680

28,35730,12731, 65548,112

8

3

8

WDO

C l



No. 18.—DISCOUNTED BILLS: HOLDINGS ON DECEMBER 31, 1924, BY CLASSES



BostonNew YorkPhiladelphia .Cleveland

RichmondAtlanta --ChicagoSt. Louis . , .

Minneapolis __Kansas CityDa%sSan Francisco...

Total

Total (allclasses)

28,99481,32236, 28442, 073

33, 54816,07037,82410,130

4,4524,9762,713

15, 742

314,128

Rediscounted bills

Com-mercial

and agri-culturalpapern. e. s

13,7186,7684,7709,911

17, 79713,09217, 7604,200

4,0094,2491,8133,999

102,086

Domestictrade ac-ceptances

5915881

718

462396624624

5226

3,353

Papersecuredby U. S.Govern-

ment obli-gations

16020

504

2627014

170

2445

7

1,276

Member banks'collateral notes

Securedby U. S.Govern-

ment obli-gations

15,05768, 72527,41128,744

11, 6861,259

19,3655,133

229703201

7,051

185, 564

Other-wise

secured

5,6514,0222,196

3,3411,253

613

214

6494,459

21,849

No. 19.—DISCOUNTED BILLS: HOLDINGS ON THE LAST DAY OF EACH MONTH,BY CLASSES


Date

1924Jan 31Feb. 29Mar. 31 _ -_-Apr. 30



Dec. 31, 1923Dec. 30, 1922Dec. 31, 1921

Dec. 30, 1920Dec. 26, 1919Dec. 27, 1918Dec. 28, 1917—

Total(all

classes)

532,260528,963517,885447,185

441, 366333,954293,047274, 668

276,199264,141242,024314,128

723,068617, 780

1,144, 346

2, 719,1342,194,8781, 702,938

680, 706

Rediscounted bills

Com-mercial

and agri-culturalpapern. e. s.

252,192261,045278, 536275,182

287, 099209,260191,912171,921

145, 288120,106112,308102,086

355,816270,781631,038

1, 521, 546627, 083264,967309,534

Bankers' ac-ceptancesbased on—

Im-portsand

exports

10879

20050

Do-mestictrans-actions

275217160100

929

233130288

17, 21815,479

0)0)

Trade accept-ances based

on—

Im-portsand

exports

108

31

195


6,1705,8565,5296,108

5,4304,6163,5873,012

2,9953,4953,7543,353

7,0424,8259,980

21,42733, 69715,985

0)


mentobliga-tions

2,1572,7152,5872,411

2,2731,6361,6171,426

1,3071,2681,3841,276

3,9193,618

41, 511

271, 526352, 598363,023132,774

Member banks'collateral notes


mentobliga-tions

265,821254,500226, 362158,753

161, 876113, 94487, 80782,054

110, 284117, 324111, 310185, 564

349, 766328,172443, 722

869, 5101,157, 7661,037, 348

150,647

Other-wise

secured

5,6454,6304,6034,444

4,5654,4898,124

16,255

16,32521, 94813,26821,849

6,29210, 03517, 752

17,9078,255

21,61587,751

i Included with " Commercial and agricultural paper n. e. s."


CONDITION OF FEDERAL. RESERVE BANKS 59

No. 20.—DISCOUNTED BILLS: HOLDINGS ON DECEMBER 31, 1924, BY MATURITIES



BostonNew York . .PhiladelphiaCleveland

RichmondAtlantaChicago _St. Louis

MinneapolisKansas CityDallasSan Francisco ._

Total.. _

Total

28 99481,32236, 28442, 073

33, 54816,07037,82410,130

4,4524,9762,713

15,742

314,128*

Maturity

Within15 days

26,36675,83732, 55033, 908

20, 5326,639

22,4896,731

1,2471,1822,099

12,023

241, 603

16 to 30days

5691,448

9672,966

3,9382,8472,9631,018

262420209728

18,335

31 to 60days

1,1642,5281,8963,041

5,7254,1974,1301,153

560747169

1,103

26,413

61 to 90days

8391,505

8611,865

3,1221,9563,706

855

656897181900

17,343

91 days to6 months

564

10282

221397

4,317343

1,3891,669

54799

9,541

Over 6months

11

1034

21930

33861

1189

893

No. 21.—DISCOUNTED BILLS: HOLDINGS ON THE LAST REPORT DATE OP EACHMONTH, BY MATURITIES


Date Total

Maturity

Within15 days

16 to 30days

31 to 60days

61 to 90days

91 days to6 months

Over 6months

1924Jan. 30Feb. 27Mar. 26Apr. 30

May 28 _June 25July 30Aug. 27..

Sept. 24Oct. 29__Nov. 26Dec. 31

Dec. 26, 1923Dec. 27, 1922Dec. 28, 1921....Dec. 30, 1920....

Dec. 26, 1919....Dec. 27, 1918Dec 28, 1917....Dec. 29, 1916Dec. 30, 1915,...

Dec. 31,1914....

522,307531,590482, 315447,185

429,600350,131293,895262, 560

259,863222, 565221,405314,128

857,151629,885

1,179, 8332, 719,134

2,194,8781, 702, 938680, 70630,19632,3689,909

341,181350, 745292, 787245,805

234, 773175, 793135, 605122,499

143, 331124,903138,102241, 603

44,48144,94143,01440,070

42,40035, 03827,65328, 218

30, 56927,27123, 60418, 335

67,92267,12068, 57279, 690

55, 71750,01758,153

48,85942, 26632,39726,413

40, 76444,12551, 59746,979

42,68838,39048, 64936,348

28,41719,69517,76117,343

612, 660436, 465708, 361

1, 632,885

1,484, 7901,149,955355, 373i 9,927i 5,229

64, 31048, 609116, 690280,406

244,890266,10757, 367

211, 7942 9,012

4,632

84,06963,372161,202 !430, 676

292, 715166,876175,0065,0069,3523,531

66, 51450,059131,936311,619

152,12593,06183,9742,4234,694

25, 66920,61019,8252S, 289

40,04944,34531, 54316,928

8,2667,9939,0309,541

28, 26931,38061,64463, 548

20, 358

1,0464,081

1,746

2,2904,0496,5206,352

3,021848428414

421437511

1,329

1 Within 10 days.2 From 11 to 30 days.



No. 22.—DISCOUNTED BILLS SECURED BY UNITED STATES GOVERNMENT OBLI-GATIONS: HOLDINGS ON DECEMBER 31, 1924, AND DECEMBER 26, 1923


Federal reservebank

Memberbanks'

collateralnotes

1924 1923

Redis-counted

bills

1924 I 1923

Total (allclasses)

1924 1923

Secured b y -

United.Statesbonds

1923

Treasurynotes

1924 1923

Certificatesof indebt-

edness

1924 1923

Boston _.New York....Philadelphia-Cleveland

RichmondAtlantaChicago..St. Louis

Minneapolis..Kansas City-.DallasSan Francisco

Total...

15,057 26, 29968, 725 158,17127,41128, 744

11, 6861,25919, 3655,133

229703201

7,051

45,09939, 590

26,47919,31452, 91719,309

6,38518,3382,77223, 010

185, 564 437, 683

15, 217 27,18068, 745 158,19027, 41129,248

11, 9481,32919,3795,303

229727246

7,058

45,45339, 947

26, 74020, 30153, 29219, 785

6,41318, 5992,80823,134

11, 54361,46323, 77826,871

11,696668

17,4304,736

199702246

20,41284,46931, 57830, 717

19,60211,12627, 51715, 025

3,91314,675

87015, 551

3,1797,2073,4292,360

252631

1,899420

3025

"~~97

6,52873,12313,3517,650

6,3762,52423,9323,935

2,5003,6681,7387,306

49575204

3050147

240598524

1,580

7626,6511,843825

256200277

1, 276 4,159 186,840 441,842 166, 2931275,455 19, 529 152, 6311,018 13, 756

No. 23.—DISCOUNTED BILLS SECURED BY UNITED STATES GOVERNMENT OBLI-GATIONS: HOLDINGS ON THE LAST REPORT DATE OF EACH MONTH


Date

1924Jan. 30Feb. 27Mar. 26Apr. 30



Dec. 26, 1923Dec. 27, 1922Dec. 28, 1921Dec. 30, 1920Dec. 26, 1919

Memberbanks'

collateralnotes

257,066260,861212,163158,753

162, 340116, 50690,44176, 507

88, 30074, 22094,941

185, 564

Redis-counted

bills

437,683312, 724444, 244869, 510

1,157, 766

2,2142,6512,4932,411

2,2261,6111,6111,431

1,2151,2511,2631,276

4,1593,771

42, 949271, 526352, 598

Total

259, 280263, 512214,656161,164

164, 566118,11792, 05277,938

89, 51575, 47196, 204

186,840

441,842316,495487,193

1,141, 0361, 510,364

Seoured b y -

UnitedStatesbonds

147,937158, 918127,448120,248

116, 78697, 69674, 32965,048

77, 63461, 32580, 755166, 293

275,455206, 904345, 372648, 352732, 401

Victorynotes

Treasurynotes

2,26266, 671304,686337, 663

101, 57897,959

34,187

43,92019,63316, 72811,488

10,12212,12212,80919, 529

152,63198,43326, 026

Certifi-cates of

indebted-ness

9,7656,6357,1206,729

3,860788995

1,402

1,7592,0242,6401,018

13, 7568,89649,124187, 998440, 300


No. 24.—BILLS BOUGHT IN OPEN MARKET AND FROM OTHER FEDERAL RESERVE BANKS: AVERAGE DAILY HOLDINGS


Federal reservebank



MinneapolisKansas CityDallasSan Franc i sco . . .

Total: 1924192319221921

19201919191819171916.

January

30,70154,90932, 68546, 671

2,64512, 74239, 704

365

2,061154

45, 28934, 583

302, 509220, 733

98, 742200,913

575, 667280, 732265, 590111, 57526,155

Febru-ary

25,86963,15823,48636,663

2,57110,27732,7572,194

3,5544,21442, 58424,081

271,408186,64887,398173,082

546,458276,087289,072117,86528,251

March

21,93540,19416, 78027, 676

9,59234,1406,132

6,7299,86733,50020,414

229, 650232, 486

138,397

481, 238262, 787318, 77899,02635, 292

April

16,20141,33111,33717, 995

2,1607,614

27, 5605,277

4,8706,59817,97914, 744

May

173,666274,533

110,372

419, 746208,905311,98478,81244,150

7,60415,8104,96510,048

1,4835,82413,8563,261

2,6713,0174,5667,709

80, 814271, 263103, 07284, 395

416, 520189, 768278,46499, 51751,155

June

3,93814,6083,4775,280

1,0613,2575,9071,510

1,3761,6504,7204,341

July

4,39018,2951,6462,642

3571,5472,547218

8491,5957,1002,946

51,125225,396135,18154, 716

401,184246,158238, 507164, 35563, 403

44,132185,807154,01026,395

363,621362,298209,174198, 70380, 264

August

2,99214,1381,0311,155

1,1242,238

223548

3,2361,626

28, 371176,950159, 02038,124

325,461371,091217,109162,25282,391

Septem-ber

7,83344, 527

1,6877,141

1,8708,8602,972

1,2062,6453,2867,750

89, 777173,619209, 79340,020

313, 864353,936249, 751167,40382,807

!

October

15,66982, 295

5,18413,763

4,32217, 2346,789

2,3666,2877,44116, 599

177, 949183, 671251, 61856,196

303, 981340,189360,451178, 68082,601

Novem-ber

33,53386,67015,31723,881

7,64028,96011,880

1,16310,85115, 03230, 999

265, 926262, 304259, 98078,867

278, 521455, 057378, 036195, 63596,493

Decem-ber

55, 576101,87719,58636,175

784

30, 22017, 659

11414, 74522, 61148, 440

356, 613322, 431261, 077105,499

244, 001549,959344, 329250,438122, 315

Year

18,85348, 08411,40419,055

1,1426,215

20, 2914,868

2,2595,18417,21717,856

172, 428226,548159,20791,817

388, 746325,232288, 422152,04666, 280

Prior years

1923 1922

17,96647, 97023,06736,380

1,46913,14534,2286,239

762689

19,99524, 638

16,80545, 76120,36921, 376

1,5473,96815,6477,610

QO

2

ao

1785,391

20,555


62 ANNUAL. REPORT OF THE FEDERAL, RESERVE BOARD

No, 25.—BANKEKS' ACCEPTANCES BOUGHT IN OPEN MARKET AND FROM OTHERFEDERAL RESERVE BANKS: HOLDINGS ON DECEMBER 31, 1924, BY CLASSESOF ACCEPTING INSTITUTIONS


Federal reserve bank Total

Member banks

NationalNon-

national

Non-memberbanksand

bankingcorpora-

tions

Privatebanks

Branchesand.

agenciesof foreign

banks

BostonNew YorkPhiladelphia..Cleveland


Minneapolis..Kansas Ci ty . .Dallas . . . .San Francisco.

Total.. . .

63,889101, 596

18, 27641, 217

1,4869,202

33, 88221, 391

815, 66126,19754,068

27,37934,6207,777

10, 445

252, 450

14, 9688,079

14,67330,4855,250

11,163

3,42817,090

14,10015,1093,2536,588

1,4613.225i;4901,980

5,90210, 9771,5067,884

46270545

4,3487,65716, 543

6,1218,97317,316

2,2933,8607,619

1,3533,6107,815

1,83510, 405

4905,137

5364

386,873 134, 291 123, 495 60,978 39,908

1,5462,0974,775

28,201

No. 26.—BANKER'S ACCEPTANCES BOUGHT IN OPEN MARKET AND FROM OTHERFEDERAL RESERVE BANKS: HOLDINGS AT THE END OF EACH MONTH, BYCLASSES OF ACCEPTING INSTITUTIONS


Month Total

Member banks

NationalNon-

national

Non-memberbanksand

bankingcorpora-

tions

Privatebanks

Branchesand

agenciesof foreign

banks

1924JanuaryFebruaryMarch _April _

May _JuneJulyAugust

SeptemberOctober.. .November __.December

Dec. 31,1923Dec. 30, 1922Dec. 31,1921

Dec. 31,1920

Dec. 31,1919Dec. 31,1918Dec. 31,1917Dec. 30,1916Dec. 27, 1915

283, 706265,647226,990123,434

79,40736,49923,46958,103

131,426200,114313, 403386,873

351,974270, 944145,045

258,878

566,369285,273266,853121,15420,599

91, 99181,98772,36535,360

22,6518,7986,06014,464

34,72859,18096,851

134,291

118,95697,12860,173

91,44682,27572,260

25,29210,1366,533

21, 727

52, 74472,547

108,613123,495

120,40592,04850,091

169,387

405.239238,257227,71766,80313,790

45,86449,771

25,128

16,3017,9935,4459,638

18,75432,45247,66660,978

55,63138,03613,65638,374

65,33413,18711,34236,1275,989 i

31,14326,93316,463

10,1506,8223,6427,798

14,78521,02032,98639,908

31,35527,01212,31924,905

55,53720,38520,13718,224

820

25,72520,47116,5347,590

5,0132,7501,7894,476

10,41514,91527,28728,201

25,62716,7208,806

26,212

40,15913,4447,657


CONDITION OF FEDERAL RESERVE BANKS 63

No, 21.—BILLS BOUGHT IN OPEN MARKET AND FROM OTHER FEDERAL R E -SERVE BANKS: HOLDINGS ON DECEMBER 31, 1924, BY CLASSES





Minneapolis _Kansas City .DallasSan Francisco

Total

Total

63,889101,82318, 27641,217

1,4869,202

33,88221,391

815, 66126,19754, 068

387,100

Bankers' acceptances based on—

Total

63,889101, 596

18, 27641, 217

1,4869,202

33, 88221,391

815,66126,19754,068

386, 873

Imports

23, 54230, 2445,322

20, 570

25547

10,489

Exports

20, 39439,9448,349

13,987

2016,590

10. 4847,284 ! 9.168

85,5019,430

23, 877

7,15210,30221. 210

136,839 i 147,781

Domes-tic

transac-tions

19,51027, 5174,3696,284

1,2602,065

12,2044,492

2,8305,9558,070

94,556

Dollarex-

change

4433,076

236376

705447

178510911

6,882

Un-classi-fied

815

815

Trade accept-ances based

o n -

Total

227

227

Im-ports

227

227

No. 28.—BILLS BOUGHT IN OPEN MARKET AND FROM OTHER FEDERALRESERVE BANKS: HOLDINGS AT THE END OF EACH MONTH, BY CLASSES


Month Total

1924 j

January | 286,041February 267,880March j 228,247April ! 124,485

May 79,549June 36,524July.__ _ 23,469August.._ 58,103

131, 576200,114313, 572387,100

SeptemberOctoberNovemberDecember __

Total

Dec. 31, 1923 354,637Dec. 31, 1922 272,122

Bankers' acceptances based on—

283, 706265, 647226, 990123,434

79,40736,49923,46958,103

131,426200,114313,403386, 873

351,974270, 944

Imports

116, 761109, 20696, 81358, 027

36, 79015, 05110, 58133, 615

67, 29684, 302

119, 208136, 839

120,957107, 842

Exports

93, 39894,43277, 84940,883

27, 32113, 6838,24716, 292

38, 73070,906113, 398147, 781

119, 91186, 929


59, 29948, 36240,84219, 554

12, 2036,7904,0877,208

20,95338,81371,25194, 556

90,44565, 280

Dollarex-

change

14,19113, 55811, 4024,470

2,823925490726

1,5572,6796,3276,882

Un-classi-

fied

20,4529,713

578984

500

2705064

262

2,8903,4143,219

815

2091,150

Trade acceptances1 on—

Total

2,3352,2331,2571,051

14225

150

169227

2,6631,178

Im-ports

2,2092,2331,2571,051

14225

Do-mestictrans-

actions

126

150 !

169 I227 |

2,1431,130

52048

36569—25f 6



No. 29.—BILLS BOUGHT IN OPEN MARKET AND FROM OTHER FEDERALRESERVE BANKS: HOLDINGS ON DECEMBER 31, 1924, BY MATURITIES


Federal reserve bank Total

Maturity

Within15 days

16 to 30days

31 to 60 I 61 to 90days ! days

Over 90days butwithin 6months

1924BostonNew YorkPhiladelphia..Cleveland _._

RichmondAtlantaChicago _St. Louis


Total

63, 889101, 82318, 27641,217

1,4869,202

33,88221, 391

15, 66126,19754,068

17, 50050,1195,510

4373,1166,9764,991

3,9596,10312,102

12,91014, 6485,3499,061

1501,9834,7884,250

3,7766,76711, 502

20, 73320,8813,94713,848

7972,89310,0926,704

5,1078,32917,768

387,100 117, 576 75,192 111,099

11,42812,0633,4549,420

1021,21010,9605,418

2,7864,58510,150

71, 576

1,3184,112

162,125

1,06628

4132,546

11,657

No. 30.—BILLS BOUGHT IN OPEN MARKET AND FROM OTHER FEDERAL R E -SERVE BANKS: HOLDINGS ON THE LAST REPORT DATE IN EACH MONTH, BYMATURITIES


Datb

Maturity

Total

Jan.30. .Feb. 27_.Mar. 26.Apr. 30..


Sept. 24.Oct. 29__Nov. 26.Dec. 31..

271, 792263,310202, 458124,485

86,76045,03424,44149, 289

92,146215, 404

! 281,001387,100

Dec. 26, 1923.Dec. 27, 1922.Dec. 28, 1921.Dec. 30, 1920.

Dec. 26, 1919.Dec. 27, 1918.Dec. 28, 1917.Dec. 29, 1916.Dec. 30, 1915.

336, 415246, 293114, 240255, 702

585, 212303, 673275, 366127, 49723, 013

Within15 days

103,186119, 63788, 08963, 564

66,99518, 39010, 24310, 906

20, 06478, 42975, 403117, 576

117, 28983, 21058, 30687, 030

123, 723104, 43540, 321

i 20, 3291 1, 236

16 to 30days

62, 37251, 091.41,16124,120

8,3498,9695,6579,006

13, 59342,11453, 41275,192

65,12450, 73724, 74364, 745

100, 06173, 91461,177

2 29, 7202 5, 266

31 to 60days

61 to 90days

Over 90days bu twithin 6

! monthsI

72,304 !55,857 I49,817 !29,141 |

8,638 |11,907 I4,099 I8,261 I

24, 27052, 50380, 240

111, 099

94, 22069,05626, 06276,805

209, 280104,880105,13242, 766

7, 508

31,27834, 56521,8847,228

2,2744,0742,287

12, 794

28,15536,66061,80771, 576

55,11938, 0835,114

27,122

152,14820,44468, 73634,6829,003

2,6522,1601,507

432

5041,6942,1558,322

6,0645,698

10,13911,657

4,6635,207

15

1 Within 10 days.2 From 11 to 30 days.






Total: 1924.1923.1922.1921.

1920.1919.1918.1917.1916.

No. 31.—UNITED STATES SECURITIES: AVERAGE DAILY HOLDINGS


January

7,13815, 71318, 30614, 658

2,6701,868

13, 7281,316

10, 78911, 7027,52612, 347

117, 761421, 469236,148297, 638

325, 497198, 123148, 25655, 09318, 504

Februar y

18, 09422,14317, 284

3,7983,18617, 0012,147

9,1429,0378,43514, 815

133, 990355, 459355, 210287, 359

308, 619186, 372180, 51648, 27326, 576

March

17, 62959, 64523, 70326, 651

5,1255,37433,2475,523

12, 73212, 98116, 89523,177

242, 682317, 897457, 643295, 758

34,4,161194,103235,96149, 24736, 756

April

21, 50957, 59423, 68531, 236

5,1251,191

41, 0056,953

18, 42017,16020, 47727, 883

272, 238230,102520,197276, 899

331, 824213, 358155, 588111,02947,497

M a y

25, 58472, 66228,51137, 642

5,125106

49.1916,966

21, 95019, 84922,12033, 280

322, 986193, 488604,151302, 753

301, 789228, 08084, 646

118, 38754, 959

June

116, 27732, 65644, 212

5,072169

62,1607,570

24, 52225, 38222, 78542,166

415,970155,133592, 647302, 710

347, 445235, 72297, 696

112, 03656, 759

July

34, 282151, 46229, 37445, 338

5,125537

64, 2969,516

25, 20127, 87922, 38746, 968

August September

37,952176,455

31, 02855, 501

5,1251,946

73, 95414, 493

27, 21031, 66026, 22355, 411

462, 36596, 922

545, 546261,141

318, 309248, 64564, 40273, 52957, 377

536, 95889, 988497, 827248, 770

303, 288269, 64852,16573, 86655,297

39,469192, 05531, 53059,994

5,0832,65379, 32816, 334

28,16433,68227, 68159,497

575,470101, 830486,920254, 764

338, 565340, 24667, 08588, 69755,410

October November December

190,10731, 45264, 249

4,9933,146

83,45216, 769

28, 63935, 00827, 87760, 398

584, 95391, 447

448, 617207, 625

304, 053295, 725124, 443110, 808

53, 270

38, 790189, 23531,41264, 797

4,9843,747

86,42216, 721

27,16535, 78027, 77660,246

587,07583,818

326, 294208, 579

320, 417307,115126, 789117, 94150,504

35, 401186,80829, 83059, 527

4,5953,858

79, 86814, 952

25, 93033, 47725, 25055, 091

554, 587103,099379, 763226, 005

339,140327, 244204, 807100, 683

53, 649

Year

28, 261119,175

27, 81143, 494

4,7372,315

57,0779,960

21,69224, 51221, 32041,011

401, 365185, 823454, 750264, 014

323, 554254, 053128, 23288, 35347, 072

Prior years

1923

10,66827, 56021, 430

1,6772,150

28, 49212, 375

12,25423, 3477,230

19, 972

1922

37, 962143, 98829, 25950,688

4,6327,463

56, 63122, 487

11,19138,2476,904

45, 298

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No, 32,—UNITED STATES SECUEITIES: HOLDINGS (PAB VALUE) AT END OF YEAR, BY CLASSES OS

Federal reservebank

1924

BostonNew YorkPhiladelphiaCleveland

$36, 660, 250 $1, 409, 600 $31.169,898,350 " """'29, 888, 800


MinneapolisKansas CityDallasSan Francisco. . .

Total: 19241923_—1922..-.1921. .- .1920

19191 9 1 8 - . .1917.--.1916.

All classes of securities

Total

60,049, 900

4, 610, 9003, 784, 700

80, 370, 00015, 087, 500

25, 788, 41033, 380, 85025, 496, 50055,143, 400

540,159, 560133, 569, 010 54, 000̂ 700436,165, 860234,089,110287,026, 610

300,106, 685238, 562, 510121, 689, 68255,414, 650

15, 918, 470

Under re-purchase

agree-ment

, 675, 51, 500,000 167,141,000

12,441,000 17;45,183,

1,000,000125,000

Purchasedthrough

openmarketinvest-

ment com-mittee

500 $3, 575,150 $2, 472, 0501,257,350 12,439,850",447,800 1,345,100,866,400 11,126,2001

3, 270, 0001,317,000

63, 076, 500 17,15, 087, 500

All other

1, 340,9002, 467, 700', 293, 500

7, 744, 91018, 043, 50022, 052, 500 10,328,35023,816,50045,930, 500

1, 555, 0009, 212, 900

4, 034, 600 449,035,000 87,089,960 75, 265,96079, 568, 310

Bonds

Total2 per centconsols of

1930

2 percent

Panamasof

1936-1938

4 per centloan of 1925

$100

$915,1001, 340,4001, 564, 20019, 494, 2001,263, 500|

8,856,8108, 910, 6503, 273, 0003,180, 000

29, 508, 01028,881, 71033,033,26, 309,

915,1003, 323, 5006, 728, 600

610 11,328,600310 14, 267, 350

26,836,110 15,053,70027, 859, 010 15, 053, 70051,847,182 15, 784,050 1,412, 60044, 247, 650 24, 331,150 5,149,800

15, 918, 470

237, 000

260

237, 360604, 660624, 660624,660906,160

927,160927,160

11,951,350

$1, 768,0001, 768,0002,593,0002, 593,000

2, 593,0002, 593, 000

12, 741, 290* 12, 589,500

3 percentloan

of1961

3 percent con-versionbonds of1946-1947

$400

900 3,900 5,900 5,

4 3,967,120

$529,000

549, 200414, 800

10, 300427, 400

114,800

900 2,045,500, 526, 600, 270,900, 270,900

900 6, 526, 300

900 6, 526,300900 6, 526,300900 6, 526,400 3, 612, 650900 2,176, 300

^ pcent

Libertyloan

$31,200

35,600

1,800

68,60028,600134,100229, 200197, 050

114,900503, 600

centLiberty

loan

Treas-ury

bondsof

1947-1952

$1, 928,05012, 384,950

760, 500

1,300

10, 568,400 $45, 200

188,3001,521,400

19,033,0001, 263, 500

8, 522,8503, 586,9503,163, 0003,178,200

13,729,250 625,30012,986,35021,818, 550

21,620,1508 2, 254, 350

511,769, 292

Treasurybonds of1944-1954

96, 000 5,10,000

$15, 000 $23, 726, 700 $10,461, 603"" " " • " 1 36,963,500

4, 416, 50015,065, 500

54, 900 120, 495,35, 30097,800

33, 400

218, 400i, 192,100

100,000

66,099,100 152,500 5, 746,900 349,354, 600 115,20,153,950 101,800 86,951,500

180,393,150 226,891

Treasurynotes

i, 00024,127, 20033,858, 200

2, 464,0001, 349, 000

46, 556, 30011,171,000

13,145,10018,181, 70016,998,00037, 282, 400

26, 792,00011,167,000

Certifi-cates of

indebted-

806, 500871, 500

14,319, 5002, 653, 000

3, 786,5006, 288, 5005, 225, 500

14, 681, 000

i, 539,00017,109,50026,891,000

17,565,000 183,490, 500" 72, 800 260, 644, 500

67, 575 273, 203,0009, 301, 000 201,402, 500

43,050, 500

1 Includes Victory notes. 2 Includes 4 per cent Liberty loan bonds. 3 Victory notes. 4 Includes 3 per cent bonds of 1918. 6 4 per cent Liberty loan bonds of 1942-1947.


FEDERAL RESERVE BANK NOTES

N o . 3 3 . — F E D E R A L R E S E R V E B A N K N O T E S : R E C E I V E D F R O M AND R E T U R N E D TO COMPTROLLER OF THE C U R R E N C Y , AND OUTSTANDING,BY DENOMINATIONS


Received from Comp-troller of the Currency:*

1923192219211920

19191918. . . ._1917 _19161915

Returned to Comptrollerof the Currency:

19241923 .19221921 .

Total

26034,328

126, 324243, 076

222,353120,816

2,73211,285

770

5,86129,754

107, 084259,121

Ones

17,21269,668

171,496

157,14863,368

2,37815,24358,803

176,394

Twos

8,45626,09645,120

38,00017,520

1,3606,725

25,82142,191

Fives

2606 300

28,60024,460

25 07432,3392,3522,065

10

1,2985,427

19, 63636, 698

Tens

1 0801,3201,480

7235 877

1205 560

280

2891,1521,8452,202

Twen-ties

1 280640320

1 4081,712

2603 660

480

5191,188

9261,568

Fifties

200

17195368

Returned to Comptrollerof the Currency—Contd.

1920191919181917

Outstanding Dec 31* 2

19241923192219211920

19191918191719161915

Total

267, 06077 194

5,1292,182

8,55914,42043, 914

116, 670249,467

273, 451128, 29212,60512, 055

770

Ones

188, 38732, 657

981

4,0486,427

21, 67063,261

169,987

186,87862,387

Twos

48, 7848,316

148

1,8483,2079,932

27,29743,392

47,05617,372

Fives

24,31930,110

1,781706

1,4852,7837,950

21,28629,384

29,24334, 2793,7212,075

10

Tens

3,4664,5001,5301,015

441730

1,8822,6473,529

5,5159,2924,9455,840

280

Twen-ties

2,0971,611

689461

7011,2202,408

.2,0542,982

4,7594,9623,9394,140

480

Fifties

7

365372

125193

1 No Federal reserve bank notes have been issued to the Federal reserve banks since 1923.2 All Federal reserve banks have extinguished their liability on outstanding Federal reserve bank notes by depositing lawful money with the United States Treasurer to providefor their retirement.

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FEDERAL RESERVE NOTESNo. 34.—FEDERAL RESERVE NOTES: FEDERAL RESERVE AGENTS' ACCOUNTS ON DECEMBER 31


OO

RESOURCES

Federal reserve notes on handFederal reserve notes issued to banksCollateral held as security for Federal re-

serve notes issued to banks:Gold and gold certificatesGold-redemption fund__Gold fund, Federal Reserve BoardEligible paper-

Amount requiredExcess amount held

Total

LIABILITIES

Federal reserve notes received fromComptroller of the Currency

Collateral received from Federal reservebank:

GoldEligible paper

Total -

Total

1924

936, 5172,244, 961

279,494114, 918

1, 307, 894

542,655126,138

5, 552, 577

3,181,478

1,702, 306668, 793

5,552,577

1923

813,4542,822,327

326, 584128, 778

1, 648,893

718, 072303, 644

6, 761,752

3,635,781

2,104,2551, 021,716

6,761,752

Boston

1924

45,150241,102

35,30011,065

118,000

76,73716,146

543, 500

286,252

164,36592,883

543,500

1923

81, 050255,108

35,30014,971

118, 000

86,83719,666

610,932

336,158

168, 271106,503

610,932

New York

1924

331,940528,118

188, 53129, 776

166, 000

143, 81116,040

1,404, 216

860, 058

384, 307159, 851

1,404, 216

1923

284, 620712,413

235, 53132, 094

316, 000

128,78895,492

1,804,938

997, 033

583,625224,280

1,804,938

Philadelphia Cleveland

1924

32,000215,664

6,00014, 848

147, 389

47,4275,471

468, 799

247, 664

168, 23752,898

468,799

1923

38,400255, 837

14,000

1924

49,170230, 609

8.78013,180 i 11. 686

153,889

74,7686,082

556,156

294, 237

181, 06980,850

556,156

145, 000

65,14315, 763

526,151

279, 779

165,46680,906

526,151

1923

43,120281,713

8,78015, 240

201, 000

56,69330,185

636, 731

324, 833

225, 02086,878

636,731

Richmond

1924

25,884101, 218

4,38974,795

22, 0349,688

238, 008

127,102

79,18431,722

238, 008

1923

27, 630117, 875

3,85166, 295

47,7295,210

268, 590

145, 505

70,14652,939

268, 590

Atlanta

1924

56, 595166, 830

3,5008,306

131, 500

23, 5241,581

391, 836

223,425

143, 30625,105

391, 836

1923

72, 017158,092

2,4008,289

83,000

64,4033,350

391, 551

230,109

93,68967,753

391, 551

es

1-3

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RESOURCES

Federal reserve notes on handFederal reserve notes issued to banksCollateral held as security for Federal reserve notes

issued to banks:Gold and gold certificatesGold-redemption fund _ _Gold fund, Federal Reserve Board _Eligible p a p e r -

Amount required __ _Excess amount held

Total

LIABILITIES

Federal reserve notes received from Comptroller ofthe Currency

Collateral received from Federal reserve bank:Gold -.Eligible paper

Total

Chicago

1924

253, 020213, 687

5, 265160,644

47,77823, 657

704, 051

466, 707

165,90971,435

704,051

1923

119, 640462,628

8,273376,644

77, 71159,859

1,104, 755

582,268

384,917137, 570

1,104,755

St. Louis

1924

25,66064,600

9,7752,815

44,000

8,01023,484

178, 344

90, 260

56, 59031,494

178,344

1923

22,74092,258

10,1303,294

3G, 000

42,83414,467

221, 723

114,998

49,42457,301

221,723

Minneapolis

1924

14,99374, 836

13, 052976

59, 500

1,3082,342

167, 007

89, 829

73, 5283,650

167, 007

1923

12, 27569,168

13, 0521,500

40, 000

14, 6162,815

153,426

81,443

54, 55217,431

153,426

Kansas City

1924

26,75381,639

5,11558, 360

18,1642,412

192,443

108, 392

63,47520, 576

192,443

1923

29,15380,544

3,56038, 360

38, 6243,576

193, 817

109, 697

41, 92042, 200

193,817

Dallas

1924

15,15263, 722

14, 5564,130

18, 500

26, 5362,182

144, 778

78, 874

37,18628, 718

144,778

1923

25, 00958, 659

7,3913,923

14,500

32, 84524,454

166, 781

83, 668

25,81457,299

166, 781

San Francisco

1924

60,200262,936

16,547184,206

62,1837,372

593,444

323,136

200, 75369, 555

593,444

1923

57, 800278, 032

20,603205, 205

52,22438,488

652,352

335, 832

225, 80890, 712

652,352

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No. 35.—FEDERAL RESERVE NOTES: ISSUED TO BANKS BY AGENTS, HELD BY ISSUING BANKS, AND IN ACTUAL CIRCULATION; ALSO GOLDAND ELIGIBLE PAPER HELD BY AGENTS AS SECURITY FOR NOTES ISSUED TO BANKS


Federal reserve notes:Issued to Federal reserve banks-

Jan. 31Feb. 29Mar. 31Apr. 30

May 31 _ . .June 30July 31Aug. 31


Held by Federal reserve banks-Jan. 31 _Feb.29Mar. 31Apr. 30

May 31June 30 --July 31Aug. 31._

Sept. 30Oct. 31._Nov. 30Dec.31. . _ .

In actual circulation-Jan. 31 -._Feb. 29Mar. 31Apr. 30.

May 31... -June 30 ___July 31Aug. 31

Total

2,601,1382, 547,9612, 476, 2432,444,073

2,374, 5312, 339, 0482, 271,1172.229, 498

2.230, 5352, 259,1922, 246, 7402, 244, 961

574, 669505, 296473, 458518, 060

463, 091478,126507,170465, 839

485,140

371,907382,899

2, 026,4692, 042, 6652,002,7851,926, 013

1,911,4401,860,9231, 763,9471,763,659

Boston

219, 287222,402224, 926225,857

220,848219, 868219,162216,851

219,168221,005219, 787241,102

18,04417,99317,97420, 278

15,43018, 56823,07116,396

18,63421,23919, 54033,713

201,243204,409206,952205,579

205,418201,300196,091200,455

NewYork

704,693682,966653, 788656, 757

643,281636, 957629, 485618, 930

612, 863615,800603, 330528,118

320, 590303, 542284, 550304, 752

294,622295,161304, 889304, 546

308, 072271,487207,884140, 765

384,103379,424369, 238352, 005

348,659341,796324, 596314,384

Philadel-phia

230,965233, 055226,447223, 731

217,144215,199208, 699202,147

199, 077199,490197, 063215, 664

35, 95626, 69216, 6G526,158

21, 27223, 96233, 54633,929

43, 54741,61829, 54746,927

195,009206, 363209, 782197, 573

195, 872191, 237175,153168,218

Cleve-land

246,726249, 012245, 294244, 579

241,089235, 535228, 992225, 051

229, 068231, 857228, 585230, 609

28, 92819, 66118,51123,489

19,98421,21927, 60514, 709

18, 26122,10518,01032, 094

217,798 I229,351 |226,783 !221,090 !

221,105 I214,316 i201,387 !210, 342 i

Kich-mond

101,49397, 25891,16389, 227

81, 74880,10178, 67777, 997

79,32086, 60993, 585

101, 218

11,4299,5687,50711, 029

5,5216,919

10,1106,235

7,1786,5906,781

13, 639

90, 08487, 69083, 65678,198

76, 22773,18268, 56771,762

Atlanta

146,110145,870148,475151, 344

150, 646148,356145,038147, 685

151, 691153, 355156, 448106, 830

15,04414, 07212, 78411,516

10, 0179, 926

11,82513,923

16,87516,01216,16823, 951

131,066131, 798135, 691139, 828

140, 629138,430133,213133,762

Chicago

417,413379, 216354,251324,076

293, 652283, 715256,385244, 051

229,145225, 236214, 483213, 687

55,18430,49530,94933, 629

22, 60727,86020, 42218,300

13,20818, 50514,38417,158

362,22$348, 721323,302290,447

271,045255,855235,963225,751

St. Louis

86,01184, 05482, 27379, 378

76, 27172,91469, 57666, 326

63, 61063,47163, 931

64, 600

15, 59813, 78314,08613, 796

10,80910,80910,4618,295

6,7026,3536,0236,787

70,41370, 27168,18765, 582

65,46262,10559,11558,031

Minne-apolis

67,21472, 65671, 58970,164

72,65170,84268,49667,027

68, 83573,58774, 97674, 836

5,1035,0834,5724,734

2,6063,0063,3353,271

2,7032,6842,5743,075

62,1 LI67, 57367,01765,430

70, 04567,83665,16163,756

KansasCity

73,42475,97276, 07875,984

75,62274, 57069, 57870, 672

71, 79676,10079,18081,639

10,56311, 70312,03712, 598

11,65310,7226,8316,022

6,2£96,3066,4298,803

62,86164,26964,04163,386

63,96963,84862, 74764, 650

Dallas

49,25348,11547, 74053,423

52, 89948,74546,34550, 987

59,02963, 72361,97363, 722

3,4353,3153,7609,738

9,6777,5166,6665,545

6,4126,0944,6078,081

45,81844,80043,98043, 685

43, 22241, 22939, 67945,442

SanFrancisco

258,549257,385254, 219249,553

248,680252,246250,684241, 774

246,933248,959253,399262,936

54,79549, 38950,06346,343

38,89342,45748,40934,668

37,27941,09539,96047,906

203,754207,996204,156203,210

209, 787209,789202, 275207,106


Sept. 30 _Oct. 31__ _Nov. 30 _Dec. 31

Collateral pledged with agents as securityfor Federal reserve notes issued tobanks:

Gold and gold certificates-Jan. 31Feb. 29Mar. 31 _Apr. 30.

May 31 ___ _.June30___July 31. _. .Aug. 31

Sept. 30 _._Oct.31_.Nov. 30Dec. 31_

Eligible p a p e r -Jan. 31Feb. 29Mar. 31Apr. 30

May 31June30__ _ __July 31Aug. 31

Sept. 30Oct. 31 _ .Nov. 30 _Dec. 31 _

1, 745,395lt 799,1041,874,8331,862,062

2,129,1402,104,0272,080,4132, 088, 317

2,096,8512,128,4272,083,3022, Q41,331

2,026,2371,998,3321,912,0221,702, 306

790,449756,701710,116546,031

505, 465357,131303,929323, 562

448,083536, 942

200,534199, 766200,247207,389

176,100174, 215191,140197,420

203, 261208, 881213,976204,014

207,931203, 768180, 650164,365

60,24554,88755,61033, 752

30, 27618,02713, 69417,718

17,56725,83858, 538

304, 791344,313395,446387,353

643,297583, 077635,851635,651

635,414635, 238620, 073599,947

569, 843544,786519, 616384,307

165,140148,107143,19063,277

83,70951,31238, 57469, 452

124, 036123, 661130,293159,851

155,530157,872167,516168, 737

168,438181, 288180, 740187,024

184, 897189, 651186, 551185, 499

182, 630173, 503164, 036168, 237

68,90357, 58248, 54837,323

37, 66225, 63423, 63421,068

17,42727,04242, 98252,898

210,807209, 752210, 575198, 515

198,884205,039203, 372204, 702

199, 246213, 693214, 449216, 259

215,4.76216,314201,842165, 466

69,67562,92458, 07958, 630

50, 65125, 62719,13819,340

31, 25337, 06755, 60580,906

72,14280, 01986>80487,579

62, 77960, 20443, 63436,108

38,35539, 40743, 40848, 428

50, 60161, 67573, 95179,184

45, 60654,97761, 87161, 665

54,60651, 91240, 72735, 305

35, 56834,42927, 91231,722

134, 816137,343140, 280142, 879

95,06297,172101,172111, 496

114, 883123,696122, 626120, 231

129, 862129, 490130. 754143,306

57, 99958,16856, 56049, 719

47, 63633, 52832, 20132,138

29,15031, 68633, 88225,105

215, 937206, 731200,099196, 529

384, 337383, 891320, 506300, 245

279, 982279, 738249, 575236,434

221, 290211,193191. 041165,909

97, 394103,59994, 71275,783

63,12245, 08438, 72737, 777

38, 20757, 52061, 06271, 435

56,90857,11857, 90857,813

67,23767, 87965, 01362, 718

63, 11161, 75459, 91756, 666

53,95055, 21155, 37156, 590

41,54243,57245,00232,595

31,99222. 36018,06621, 873

27,90729, 22628, 35331,494

66,13270,90372,40271,761

55,20858,90058,493156, 253

57, 77057, 60755,50053, 778

58,03667, 07971, 25873,528

17,54318, 55519,99416, 757

17,77714,93815,35313,899

11, 7127,3134,8883,650

65, 52769,79472,75172,836

48, 68153,14855,15454, 760

56, 55857, 90660, 77462, 009

60,55262, 93662, 63763,475

34,47235,92927, 78429, 554

26,34019, 81415,47111, 529

12,45215, 98619, 54920,576

.52,61757,62957,36655,641

20,23217, 39318,30432,151

37, 51828, 81423,39328, 036

45, 59748.00245,13137,186

52, 79151,29636, 21322, 769

18,47123, 45326,54724,635

15,26319, 21422,80628, 718

209,654207,864213,439215,030

208,885221,821207,034

225,856232,042233, 060230,030

230,469224,375215, 735200, 753

79,13967,10562, 55364, 207

43,22325, 44221, 797

25,42739,10151,07269,555


No. 36.—FEDERAL RESERVE NOTES: ISSUED AND RETIRED BY EACH FEDERAL RESERVE AGENT, BY MONTHS



MayJuneJuly____August.

September,OctoberNovember.December..

Month

Total: 1924.1923.1922.1921.1920.1919.

Outstanding: Jan. 1, 1925..Jan. 1, 1924..Jan. 1, 1923..Jan. 1, 1922..Jan. 1, 1921..Jan. 1,1920..Jan. 1, 1919..

Outstand-ing at

beginningof each

month in1924

2,822, 3272,601,1402, 547, 9612,476,246

2,444, 0742,374, 5292,339, 0482, 271,118

2, 229, 5002, 230, 5362, 259,1912, 246, 739

Total

Issued

50,16293,29583, 780

147, 955

97,15089, 69276, 81083, 928

115, 695127, 780

213, 725

1, 276, 5921, 797,3931, 949, 5952, 049, 6372, 215, 2542, 482, 515

Retired

271,349146,474155, 495180,127

166, 695125,173144, 740125, 546

114, 65999,125

109, 072215, 503

1, 853, 9581, 792, 2571, 914,1953, 003, 5771, 775,3122, 046, 570

2, 244,9612,822,3272,817,1912,781, 7913, 735, 7313, 295, 7892,859,844

Boston

Issued

11,20015,00015, 60014, 650

9,15013, 40014, 20012, 650

18, 40016, 00011, 90041, 200

193, 350195, 650179, 290190, 900225, 680225, 500

Retired

47, 02111, 88513, 07613, 719

14, 15914, 38014, 90614, 961

16, 08314,16413, 11819, 884

207,356167, 342172, 647272, 297178, 844139,768

241,102255,108226, 800220,157301, 554254, 718168, 986

New York

Issued

16, 6209,02011, 46053, 440

11, 24011,40013, 22010,100

12, 00019, 96013, 94032,180

214, 580346, 270470, 200538, 810373, 080753,120

Retired

24, 33930, 74740, 63850, 472

24, 71617, 72420, 69220, 655

18, 06717, 02326, 410107,392

398, 875408, 791512,014758, 416276, 442632, 420

528,118712.413774, 934816, 748

1, 036,354939, 716819, 016

Philadelphia

Issued Retired

1,76015, 24016, 44019, 000

11,04013, 8007,6006,800

5,8009,0406,640

31, 000

144,160206, 400191, 860183, 410177, 420195, 660

26, 63213,15023, 04821, 716

17, 62715, 74514,10013, 352

8,8708,6279,06712, 399

184,333194, 281171,012251, 839134,017189, 635

215, 664255, 837243, 718222, 870291, 299247, 896241, 871

Cleveland

Issued Retired

3,50013,1308,95011,955

11,96511, 0006,70010, 250

16, 80015, 9508,20014, 500

132,900174, 000191,045121, 440249,000163, 565

38,48710,84412, 66712, 670

15, 45616, 55313, 24414,19012, 78313,16211,47212, 476

184,004167, 187156,009260, 269154,109146, 283

230, 609281, 713274, 900239, 864378, 693283, 802266, 520

Richmond

Issued Retired

7556,3002,30011,100

7,5457,5607,6358,460

8,16013, 87512, 20017, 820

103, 710125,110109, 720153, 820179, 004162, 777

17,13710, 5358,39513,036

15, 0239,2089,0599,141

6,8376,5865, 22410,187

120, 368119,299115,113197, 397169, 675162, 070

101, 217117,875112, 064117,457161, 034151, 705150, 998

i

s1w


Month

January..February.MarchApril

May....JuneJuly....August.


Total: 192.4.1923.1922 _1921.1920.1919.

Outstanding: Jan. 1Jan. 1Jan. 1Jan. 1Jan. 1Jan.Jan. 1

, 1925.., 1924., 1923.., 1922., 1921.., 1920., 1919_

Atlanta

Issued Retired

3,3906,9159,795

11,030

5,4703,8973,7007,223

9,8757, 5007,950

21, 780

98, 525129,46498, 780

148, 940196, 035183, 598

15, 3727,1557,1908,162

6,1686,1877,0184,576

5,8695,8364,85611, 398

89, 787106, 51592, 281200, 056176,383147,110

166,830158, 092135,143128, 644179, 760160,108123, 620

Chicago

Issued

7,2405,3402,0005,600

9,7006,7005,8007,000

7,0007,5006,000

15,000

84,880306, 840329,140293, 980345, 330324, 320

Retired

52,45643, 53626, 96535, 775

40,12516, 63633,13019,334

21, 90511,40916, 75315, 797

333, 821314,815305, 755

246, 552239, 799

St. Louis Minneapolis

Issued

1,2001,640

400

1,000

2,6003,3003,400

213, 687462, 628470, 603447, 218634,237535, 459450,938

13, 54033,22063, 43074, 960106, 470134, 025

Retired i Issued

6,247 !3,157 |3,421 |3,295 '

4,1083,3563,3383,251

2,7162,7382,8402,731 |

1,7907,2502,2702,030

10, 9102,3753,1152,265

4,6807,0253,9104,410

41,19854, 00064, 495116, 248115, 79898, 426

64, 60092,258113,038114,103155,391164,719129,120

52, 03040, 20543, 36139, 26539, 45039, 990

Retired

3,7431,8093,3363,455

8,4234,1845,4613,734

2,8722,2742,5214,550

46, 36233, 67041, 20560,17446, 50750, 272

74, 83669,16862, 63360, 47781, 38688, 44398, 725

Kansas City

Issued

8005,0803,1002,300

2,8402,8002,8003,860

4,5807,920

5,620

39, 83045,18036, 73072, 57057, 900

Retired

7,9202,5332,9942,394

3,2023,8527,7912,765

3,4573,6163,3003,161

46, 98538, 89441, 01079, 41765, 00067, 662

81, 63980, 54479, 60875,438118,125110, 555120, 317

Dallas

Issued

2,1472, 92.02, 6057,970

5,2101, 3801,6207,200

10, 6807,2901,1205,295

55,43752, 24033, 68425, 76269, 24555, 730

Retired

11,5524,0592,9792,288

5,7345, 5344,0202,557

2,6392,5952,8713,546

50, 37437, 38229,42170, 97863,13537, 581

63, 72258, 65943, 80139, 53884, 75478, 64460,495

San Francisco

Issued

5,9007,6208,480

11, 08015, 38010,4208,120

17, 72013,12015, 08021, 520

135, 400148,164193,905241, 620181, 970186, 330

Retired

20, 4437,06410,78613,145

11, 95411, 81411,98117,030

12, 56111,09510, 64011, 982150,495150, 081213, 233255,487148,850135,544

262, 937278, 032279,949299, 277313,144280, 024229, 238

f

i

Q

GO

Co


No. 37.—FEDERAL RESERVE NOTES: ISSUED, RETIRED, AND OUTSTANDING, BY DENOMINATIONS


Issued to banks:1914-15 .1916 - . _19171918 . . . _ _1919

19201921 . . .192219231924 . . . _. . „ . _ . _ .

Total__ . . . .

Returned to agents:1914-151916 . --191719181919

1920 . . . .19211922 . . ,19231924 .

Total

Outstanding Dec. 31:191519161917 _ ._19181919

192019211922 - _ . ._1923 .1924

Total

222,155208, 457

1,265,0872,095,6952,482, 515

2 215,2542,049,6371,949, 5951, 797, 3931,276, 592

15, 562,380

8,030122,472214, 573586,475

2,046, 570

1, 775,3123,003, 5771,914,1951,792,2571,853,958

13,317,419

214,125300,110

1,350,6242,859,8443,295,789

3,735,7312, 781, 7912,817,1912,822,3272,244,961

Fives

82, 51978,051

192,057383,769527,665

431, 450473,930507,890479, 200567,940

3, 724,471

2,49055,18374,918

162,964452,728

401,856608,182418, 291424,533599,522

3,200, 667

80,029102,897220,036440,841515, 778

545,372411,120500,719555,386523,804

Tens

78, 76268, 591

433, 228634,451807, 561

568, 800654, 842583, 790499,155248,140

4, 577,320

1, 35546, 23165,049

231, 835708, 838

566, 580907, 888558,128553,062460, 588

4, 099, 554

77, 40799,767

467,946870, 562969, 285

971, 505718, 459744,121690, 214477, 766

Twenties

43,05948, 832

423,376805,055796, 030

779, 060661,485577,310

Fifties

8,1905,772

90,126140,305155, 588

184, 240103, 069122. 465

570,560 ! 128,298329,037 62. 282

5,033,804

2,35515, 26935,807

151, 949690,313

590, 9961,099, 340

618, 255577,059559, 083

4,340,426

40, 70474,267

461, 8361,114, 9421, 220, 659

1,408, 723970, 868929,923923, 424693, 378

1,000,335

1,1352,9348,487

21, 392107,802

101,432198,417133,373114, 217121,141

810, 330

7,0559,893

91, 532210,445258, 231

341, 039245, 691234,783248,864190,005

Hundreds

9,6257,211

126,300124,11592, 639

120, 75590,11382,80554, 46137,690

745,714

6952,855

30,31218,33572, 561

61,606125,322101, 646

58, 56370,324

542, 219

8,93013.286

109,274215, 054235,132

294, 281259,072240, 231236,129203,495

Fivehundreds

22, 757

27, 21415, 79119,19611, 2355, 693

101,886

1,602

8,21116, 87315,8099,776

11,900

64,171

21,155

40,15839,07642,46343,92237, 715

Thousands

8,00055,955

78,90531,80738,46950, 47413, 990

277,600

5,621

26, 97647,01542,14836,49224, 740

182, 992

8,00058,334

110,26395, 05591,376

105,35894,608

Fivethousands

9,000

10, 7008,2007,3802,0602,230

39,570

2,405

6,335120

12,4558,6253,080

33, 020

6,595

10, 96019,04013, 9657,4006,550

Tenthousands

15,320

14,13010,40010,290

1, 9509,590

61,680

4,700

11,320420

14,0909,9303,580

44,040

10,620

13,43023,41019,61011,63017,640


FEDERAL RESERVE NOTES 75

Ho. 38.—FEDERAL RESERVE NOTES: COLLATERAL PLEDGED WITH FEDERALRESERVE AGENTS AS SECURITY FOR FEDERAL RESERVE NOTES ISSUED TOBANKS, BY WEEKS


Date

Jan . 2.1924

16..23. . .30...

Feb. 6..13..20..27..

Mar. 5.12...19.26.

Apr. 2__9__

16..?3._30..

May 7. .14..21 . .

June 4__11..18..25..

Ju ly 2__9_.

16...23..30..

Aug. 6..13..20..27. _

Sept. 3 . .10..17.24..

Oct. 1. . .

15..22.29. .

Nov. 5.12.19.26.

Dec. 3 . .10..17..24..31..



Federalreservenotes

issued toFederalreservebanks

2,805,9722, 756, 2512, 710, 2132, 646, 8762,605, 2442, 589, 5192, 570, 3772, 555, 4122, 550,1022, 537, 2032, 521, 4242, 507, 7582,489,9432, 473,1602, 467, 3232, 445, 3442, 438, 6802,444, 0732,440, 3062,419, 0552, 396,4752, 376, 7082, 374,9432, 363, 6662, 356, 2242,339,9912,340, 3632, 340, 7522, 318, 5102, 290, 7602, 273, 5632,249,1602, 249, 2312, 236, 3052, 232, 2022, 234, 2602, 249, 8242, 247, 0752, 236,4192, 232,4632,250,1372, 244, 3682, 250, 4352, 256, 4522, 252, 3672, 255, 5322, 254,4252, 248, 2132, 262, 8962, 200, 8922, 216, 7292, 253,2342, 244, 961

2,838, 3982, 835,0922, 796, 5403, 738,8803,292,0982,855, 6041, 341, 752300, 511214,12517,199

Collateral pledged as security

Total

3,192,0282,992,0142,929, 3622, 887,9622,892,1072,843, 5212, 935,1512,833, 6672,862,4412, 760,4122, 739,9322, 694, 2542, 736, 7892,688,8142,690,8992,618,1482, 639, 0722, 634, 3482,617, 0052,604,4652, 562, 3242, 599, 3232, 526,7672, 495, 7172, 516, 0602, 501, 0032, 532, 2742, 461, 5252, 442,4622, 414,1472, 385,1782, 364, 4002, 357, 9192, 353,1072, 362, 0532, 376,1382, 372, 8932, 387, 0012, 372, 6862, 411,1912,408, 2572,414,0542, 384, 5742, 422,1242,437, 5472,426, 6762,421,1432,405,0772,477, 3502,414, 5712, 399, 5172,490,0832, 371, 099

3, 246, 5223, 035, 7793,092, 8764,169, 2193,951, 9303, 244, 6661, 388, 556300, 925214,19017, 205

Eligible

1,082,313885, 309

784, 485764,932745, 691795, 238717, 005753, 317710,106693,236596,084654,130714,190706,845620, 784.591, 602546, 031506, 229469, 253

495,460437, 634404, 656397, 098382,910405, 588361, 690331, 289313, 721305,131284, 985276, 937277, 493302, 433356, 952337, 282348, 369341, 280

423, 364439, 255378, 374417,904448, 334456, 665487,162478,862571, 620578, 283577,093742,865668, 793

1,136, 708

1, 246, 5072,893, 0052, 711,8981, 956, 357606, 70518,40216, 7404,953

Gold and gold certificates

Total

2.109, 7152,106, 7052,130,8792,103, 4772,127,1752, 097, 8302,139, 9132,116, 6622,109,1242,050, 3062,046,6962, 098,1702,082, 6591,974, 6241, 984,0541,997,3642, 047,4702,088, 3172.110, 7762,135, 2122,113, 3402,103,8632, 089,1332, 091,0612,118,9622,118,0932,126, 6862, 099,8352, 111, 1732,100, 4262, 080, 0472,079,4152, 080, 9822, 075, 6142, 059, 6202, 019, 1862, 035, 6112, 038, 6322,031,4062,027, 3041,984, 8931,974, 7992, 006, 2002,004, 2201, 989, 2131, 970,0111, 933,9811,926, 2151,905, 7301, 836, 2881, 822,4241, 747, 2181, 702, 306

2,109, 8142,198, 8461, 846, 3691, 276, 2141, 240,032

1, 288, 309781,851282, 523197,450

12, 252

In vault

In re-demp-

tion fundU. S.

Treasury

326, 584326, 584326,584327, 584327, 584

327, 584327, 584328,184328,184

328,184328,184

329, 729

329, 729329, 729329, 729331,939335,864335,864335,864335, 864335,864335, 864335, 864334, 604334, 604334, 604333, 604334,679336, 679334, 779335, 704334, 704331, 504331, 504331, 504331, 504331, 504331, 504331, 505331, 504331, 504331, 504306, 504305, 504290, 504289, 504289,104279,104278, 904278, 904278, 494279, 494

125, 237115, 533120,474119, 072114, 542124, 096117, 215121,925122, 915116, 702115, 728117, 558119,989113, 724124, 769116,157112,153

114, 397112, 704118, 743113,172113,963110, 243115, 986108, 817110,410120, 299113, 690115, 993107, 927112, 602117, 676113, 621107, 736105,088111,360113, 459114, 669115, 626111, 364113, 625112, 523113, 756118, 555117, 372111,111122, 731113, 627113, 954118, 314116, 771114,918

326, 584353, 657349, 013264,926244,148

246, 327250,423164, 567139,940

12, 252

114, 480133,090115,832118, 596103, 575

81, 95141,47915, 376

650

In goldfund

FederalReserveBoard

1, 657, 8941, 664, 5881, 683,8211, 656, 8211,685,0491, 646,1501, 695,1141,666, 5531, 658,0251, 605,4201, 602, 7841, 649, 6731, 632,9411, 531,1711, 529, 5561, 551,4781, 603, 3781, 628, 5841, 660, 5151,686, 6441, 658,7331, 654,8271, 639, 3061, 644,9541, 668, 3721,674, 6721, 681, 6721, 645,9321, 662, 8041, 647, 7541, 637, 3411, 631,1091, 628, 6021, 630,4891, 620, 3801, 582, 5941, 592, 7471, 593, 6691, 585, 2331, 580,1731, 542,0251, 529,6701, 562,1731, 583,9601, 565,1541, 562,1351, 533, 3661, 514, 3801, 512,9991,443,4301,425,2061, 351,9531, 307,894

1,668,7501, 712,0991, 381, 524892,692892, 309960,031489,949102, 58056,860

Excesscol-

lateralpledgedwith

Federalreserveagents

235,763219,149241,086286.863254, 002364, 774275, 511308,093223, 209218. 508186,496246,846215, 654223, 576172,804200, 392190,275176, 699185,410165,849222, 615151,824132,051159,836161,012191,911120, 773123, 952123,017111,615115, 240108, 688116, 802129, 851141,878123,069139, 926136, 267178, 728158,120169, 686134,139165,672185,180171,144166, 718156.864214,454213, 679182, 788236, 849126,138

408,124200, 687296, 336430, 339659, 832389,06246, 804

41465


VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS OF FEDERAL RESERVE BANKS

No. 39.—DISCOUNT AND OPEN-MARKET OPERATIONS: VOLUME, BY CLASSES


Federal reservebank


RichmondAtlanta,.ChicatzoSt. Louis

Minneapolis..- . _ _Kansas CityDallasSan Francisco

Total

Total (allclasses)

1,225,0789,419,4181,417,6821,577,400

1, 373,844629,824

1,427,923685,404

260, 529340, 582304,115

1,201,674

19,863,473

Bills discounted for member banks

Total

8J22,1707,030,8421, 264, 0301, 348, 025

1,357, 776550,312

1,035, 261605,118

100, 354227, 744148, 383929,140

15, 419,155

Memberbank

collateralnotes

510,0126, 522,3471,049, 2721,102, 202

1, 046, 866206,976751, 741340, 460

57, 476139,02562, 995

667, 203

12, 456, 575

Commer-cial andagricul-

tural paper,n. e. s.

311,240503,964214,087237,107

301,586i 336,844

282, 280233, 697

42, 50388, 04467, 632

2 258,143

2,877,127

De-mandand

sightdrafts

307

1,557

26,069

357412

17,066853

46, 621

Bank-ers'

accept-ances

47

285

20

30125

507

Tradeaccept-ances

9184,484

6718,409

9,0394,9351,2404,872

18263660

2,816

38, 325

Acceptances purchased inopen market

Total

259,4981,077,399

89,140116,070

9,39959, 621

164,04550, 732

15,83450, 625

102,846176, 933

2,172,142

Bankers'

259,4981,068,947

89,140116,070

9,39959, 621

164,04550, 732

15, 83450, 625

102,846176, 933

2,163, 690

Trade

8,452

8,452

United States securities purchasedin open market

Total

143,4101,304,131

60, 579112, 603

6,32719, 627

227, 72329, 260

144,11861,43752, 65895,145

2,257,018

Bonds

1,95711,237

94610,211

1507,462

19,0751,264

51, 63711, 9363,4383,183

122, 496

Treas-ury

notes

51,004241,24925,43453,211

3,6206,492

99, 78513,773

49, 52323, 98728,47254,889

651,439

Certifi-cates ofindebt-edness3

90,4491,051,645

34,19949,181

2,5575,673

108,86314,223

42,95825, 51420, 74837,073

1,483,083

Munic-ipalwar-rantspur-

chased 4

7,0463,933

702

342264894294

223776228456

15,158

1 Includes $250,000 discounted for the Federal Intermediate Credit Bank of Columbia, S. C.2 Includes $850,000 discounted for the Federal Intermediate Credit Bank of Berkeley, Calif.3 Includes special certificates of indebtedness issued to the Federal reserve banks by the Secretary of the Treasury.i n c l u d e s foreign loans on gold as follows: New York, $1,746,000; Philadelphia, $582,000; Cleveland, $702,000; Richmond, $342,000; Atlanta, $264,000; Chicago, $894,000;|St.

Louis, $294,000; Minneapolis, $216,000; Kansas City, $276,000; Dallas, $228,000, and San Francisco, $456,000; also Federal intermediate credit bank debentures—New York, $5,300,000;Philadelphia, $3,300,000, and Kansas City, $500,000.

3

>

1


No. 40,—DISCOUNT AND OPEN-MARKET OPERATIONS: MONTHLY VOLUME, BY CLASSES


Month

1924January .February---MarchAprilMayJuneJulyAugust

September-OctoberNovember..December..

Total: 19241923192219211920191919181917191619151914

Total (all

2, 612, 5392,811, 4852, 491,1952,164, 9531, 559, 9611, 034, 596901, 940543, 599

1,138, 1331,180, 4381, 089,1682,335, 46619, 863, 47344,428,37528, 543, 55263,141, 60896, 527, 54886, 737, 06747,414, 53110,152,126

741,402

307, 771_22,293


Total

2, 295, 5652,462,4071, 709,3291,935, 590

1,403, 502702,889733,457428, 508

700,125839,900724,757

1,483,126

15, 419,15538, 379,92622, 082, 88757,759,128

85,320, 87479,173,97039, 752, 934

207,871

161,35321411

Memberbank

collateralnotes

1,859,9342,093,9051, 310, 7771,413,778

1, 071,315475, 914575,298332, 387

607, 111748,806617, 348

1, 350, 002

12,456, 57529,916, 86815, 683,48331, 229,142

55, 565,44772, 548, 00833, 007,7887,742,806

38, 967


tural paper,n. e. s.

418,112356, 042

514,120

327,144223, 091154,82093,971

88,61483,668

101,274126,336

2 2, 877,127* 8,340,676

6,351, 71626,343,947

29, 376,1086,415,8996,537,8331,188,414

163,692

De-mandandsightdrafts

13,3308,2124,1762,5421,235364323427

2,4935,1104,0814,328

46,62167,457

Bank-ers'

accept-ances

8611675

147

7310

5073,5323,416

57, 095187,162

71, 64319,940

(7)

159, 39421,411.

Tradeaccept-ances

4,1034,1324,3665,003

3,7353,5103,0161,723

1,9072,3162,0542,460

38,32551,39344,272

128,944

192,157138,420187,37337,771

5,212

1,959

Acceptances purchased inopen market

Total

231,941289,138197, 714148,458

83,49252, 01760,13657, 354

113, 773275,469301, 671360,979

2,172,1422, 547, 0101, 954,6881, 534,401

3, 218,3642, 825,1771, 809, 539

«1, 077, 713386, 095

64,845

Bankers'

230,292286, 892195, 815147, 046

82,62352, 01760,13657,354

113, 623275,469301, 502360,921

2,163, 6902, 533,4701,948, 3791, 527, 235

3,143, 7372, 788, 6191,748, 5031, 046, 765

369, 762

64, 814

Trade

1,6492,2461,8991,412

150

16958

8,45213, 5406,3097,16674,62736, 55861, 03630,94816,333

31

United States securities purchased i

Total

85,03359, 840

584,10180,905

72,467278,940108, 34757, 237

319, 03563, 26262, 740

485, 111

2, 257, 0183, 500,9034, 505, 8013, 847, 094

7, 988, 3104, 737, 9205,850, 348

88,60056, 750

15, 714205

Bonds

1,6583,6063,8336,258

6,5239,848

16, 5925,038

9,09814,4838,241

37,318

122,4965 77,4875 350,1965 38, 532

«3325 1 , 75773, 99681, 53756,450

15, 714205

Treas-ury

notes

53, 88147, 08475, 77856,77747,461101, 03276, 09439, 85124, 2577, 28126, 05195, 892651,439671, 379818,972

5207,063300

Certifi-cates

ofindebted-

ness

29,4949,150

504,49017,87018,483

168, 06015. 66112^ 348285,68041, 49828,448351, 901

1,483, 0832, 752, 0373, 336, 6333, 742, 664J, 987,9784, 736,1635, 775, 832

Munic-ipalwar-rantspur-

chased3

51,

10051

500750

500200807

6,25015,158

536176985

1,71016,822

65,859677-

1 Prior to 1922 figures include securities, if any, purchased from other Federal reserve banks in addition to purchases in open market. Separate figures not available.2 Includes $250,000 discounted by the Federal reserve bank of Atlanta for the Federal Intermediate Credit Bank of Columbia, S. C , and $850,000 discounted by the Federal

Reserve Bank of San Francisco for the Federal Intermediate Credit Bank of Berkeley, Calif.3 Includes $6,000,000 of foreign loans on gold during December and Federal intermediate credit bank debentures as follows: February, $100,000; May, $500,000; June, $750,000;

August, $500,000; September, $5,200,000; October, $1,800,000; and December, $250,000.• Includes $250,000 discounted by the Federal Reserve Bank of Atlanta for the Federal Intermediate Credit Bank of Columbia, S. C , and $2,000,000 discounted by the Federal

Reserve Bank of San Francisco for the Federal Intermediate Credit Bank of Berkeley, Calif.6 Includes Victory notes.« Exclusive of certificates of indebtedness.7 Included with '-'commercial and agricultural paper, n. e. s."« Figures not available.»Includes $170,072,483|of acceptances'purchased from the Federal reserve banks of Boston and New York by other Federal reserve banks.

19

n


No. 41.—DiscpUNT AND OPEN-MABKET OPERATIONS: VOLUME, BY MONTHS

[In thousands of dollars]00


1924BostonNew YorkPhiladelphia.-Cleveland


Minneapolis--.Kansas City...DallasSan Francisco..

Total: 1924-.-.19231922....19211920.--.1919-,--

January

163,0891, 279,602

200, 516149, 976

174, 61894,578

172, 534111,972

31, 29562,49739,469

132, 393

2,612,5395,612,0992,646,5958,654,1347,186,3177,025,336

259851919-,-- 7,025,3361918 1,525,9851917_..J 49,1051916 37,1511915 23,4501914

February March

166, 8921, 567,196

187, 556175, 212

148, 01374, 590

159, 58990,144

19, 68443, 42334, 472

144, 714

2,811,4854,024,1962, 522, 4108, 309,1857,122,0485, 454, 8191, 443, 795

99, 50340,02920,346

179, 7781,171, 776

169, 777139, 849

182, 92186, 545

212,58290, 673

27, 02754. 84924, 836

150, 582

2, 491,1953,970. 2542, 597,1277, 967, 0108, 770,1005, 706, 0851,993,080

66, 49550, 98126,835

April

117,4951,050,144

140,148186,164

171,43170,163

138, 70073, 837

27, 23031,14018,445

140, 056

2,164, 9533, 543, 4951, 646, 9685, 084, 6487, 474, 47r6,125, 8842, 605, 720

95, 73950,86117,839

M a y

65, 393694,177102,230147,483

114,72257, 340

148, 28259, 531

30, 24422, 53017,818

100, 211

1,559,9613, 876, 8351,382,3495,040, 8586, 452, 9447, 620,1073,309, 207

174,12948, 20020, 243

June

71,183256, 224

99, 825130, 044

96, 59548, 316

112, 00137, 943

26, 34425, 46529,419

101, 237

July

43, 680384, 472

74, 76566,002

98, 65025, 27357, 71831,789

20,19015, 46623,467

1, 034,596|3, 575,386|2,101, 43214, 799, 5347,800,8396, 771,9133, 655, 6G4887, 50260, 78523,179

901, 9403, 765, 9511, 586, 3993, 847, 0057, 518, 9077, 692,8253, 490, 037

547, 43464, 35527,048

August

41, 959167, 95457, 75646, 588

49,18524,81751, 65726,633

13,2557,43618, 22938,130

543,5993, 296, 5021, 469,0693, 663,1638, 366, 5716, 808, 7473, 955,612297,02447, 90229,375

Septem-ber

60, 784589,38156, 744101, 666

102, 30329,49062, 79332, 510

14, 84112,64818, 59556, 378

October

47,605604, 62673,21682, 506

83,16043, 63670,02038, 802

24, 65616,80923,66271, 740

1,138,1332, 980, 5491,915, 5873, 650, 2638, 447, 2678, 801, 2924, 953, 969678, 06358, 68023, 556

1,180,4383, 096, 4302,812,5513, 729, 5818, 013, 2768, 468, 0326, 793, 0192, 770,806

63, 28223,961

Novem-ber

106,304453,436

82, 236108,088

57, 83635, 96177, S""36, 714

8,53316,12721,70184,2i6

Decem-ber

160,9161,200,430

172,913243,822

94,41039,115164,06154,856

17,23032,19234,002121,519

1,089,168 2,335,4663,111,979 3,574,6993,397,6911 4,465,3743,525,792! 4,870,4358,715,06l|10,659,7407, 812,0815, 569, 7093,394,417

79, 64538,1799,949

8,449, 9468,118, 7341,091,909

139, 53133, 76012,344

Year

1,225,0789,419,418 20,807, 603 12, 943; 5761,417,6821,577,400

1,373,844629,824

1,427,923685,404

260,529340,582304,115

1, 201, 674

19,863,47344,428, 37528, 543, 55263,141,60896, 527, 54886, 737, 06747,414,53110,152,126

741,402307, 771

22, 293

Prior years

1923

4,161,284

3,169, 2772, 979,171

1922

2,727, 701

2,747, 2681,826, 779

3,021,880 1,465,127895, 784 546, 954

3,291,63l| 2,423,1271,793,1081 1,040,436

386, 7111 273, 5131, 008, 866! 414, 540

417, 702i 273,5602,495,358! 1,860,971

HW

1 Prior to 1922, figures include securities, if any, purchased from other Federal reserve banks in addition to purchases in open market. Separate figures not available.2 Includes $170,072,483 of acceptances purchased from the Federal reserve banks of Boston and New York by other Federal reserve banks. Excludes purchases of United States

certificates of indebtedness, figures of which are not available.wo


No, 42.—BILLS DISCOUNTED: VOLUME, BY MONTHS



1924BostonNew YorkPhiladelphia-Cleveland

January

123, 7221,159,498

173,709131, 595

Richmond 170,721Atlanta | 82,427Chicago I 134,705St. Louis i 109,061

Minneapolis I 18,382Kansas Ci ty 59,222Dallas 21,439San Francisco 111, 084

Total: 1924. _._192319221921-___192019191918.—1917191619151914.._.

2, 295, 5653,691, 2592, 345, 3658, 258,1636, 241, 2715,994,382

18,32611,11510, 713

Febru-ary

135, 4941, 398,139

169, 708160,635

144, 75062, 315

123, 71285, 059

11, 68634,60413, 698122, 607

2,462,4073, 720, 5472, 080, 3728,120, 8496, 517, 4394,980,936762,44522,4097,665

12, 530

March

117, 779667,831143, 648113, 876

180,88375,186

145, 04080,905

11, 87236,8508,143

127, 316

April

87,500949, 737131, 204175, 424

169, 59165, 369

107,12571, 556

13,41426, 46613, 544

124, 660

1, 709, 3293, 519, 7001, 753, 0987,368, 2686,970,33l!5,473, 5641

754,934|26, 7899,387

13,400

1,935, 5903, 291, 0711, 308, 0554,912,6526, 229, 7405,901,4022,172, 580

50, 05611, 52210,549

May

51,355625,13092,800

139,278

113,84753,484

129,83858, 554

15, 29419, 09914,17490,649

1,403, 5023, 532, 5131,113,9304,253, 8646,135,9847,385,8332,993, 019

91,41311,19512,145

June

40,703135, 50279, 550

102,148

96,06745,93265,10130, 634

6,49213, 39712,40974,954

702,8893, 098,1311,159,3183,674,9776, 336, 6426,328,9123,137, 226

750,27011, 66013,406

July

28, 764305, 042

72,81752,663

98,65022,17944,55427, 752

6,7999,20015,94949, 088

733,4573,487,4071,31Z, 6023, 735, 0786,714,9247,183, 4353,343,458

460,73320,18313,238

August

33,134116,15454,65540, 787

48, 80723, 02238, 92124,190

3,7204,203

14,63326, 282

428,5083, 052, 0501, 094, 3073, 513, 0637,982,5246,433, 6623, 762, 259

220,94017, 35212,234

Septem-

27,523292, 594

54, 20981,474

101,94825, 59238,13025,739

2,6054,337

11, 50234,472

700,1252, 621,9611, 267,3583, 033,1097, 298, 9726,726,1554,685,140

548,16414,30914,405

October

20, 025435,43160,84062,060

83,12036, 97944,53730,705

2,4005,6379,692

48, 474

839,9002, 794, 8522,172,1143,489,2687, 548,4568, 060,3185, 903, 9632,681,166

11,86315, 051

Novem-ber

55,306288, 09767,37286, 518

57, 68927, 33050, 24326, 263

2,3254,9315,11053, 573

724, 7572,676, 7993,155, 7753, 231, 2717,882, 9337, 414,4985,154, 5973,206,487

17,90418,2709,949

Decem-ber

100,865657, 687163, 518201, 567

91,70330,497

113, 35534,700

5,3659,7988,090

65,981

Total

822,1707, 030,8421, 264, 0301, 348, 025

1,357, 776550,312

1, 035, 261605,118

100, 354227,744148,383929,140

1,483,126 15, 419,155 15,372, 5342,893,636 38,379,9263,315,593J22,082,8874,168, 56657,759,1289,461, 658 85, 320, 8747, 290, 873 79,173, 9706, 215, 083 39, 752,934

892,23863, 71615,41211,462

I

207,871161,35321,411

Total reduced to acommon maturity

basis (exclusiveof demand and

sight drafts) l

Amount

675,1503, 028, 6481, 081,7001,152,628

1,387, 0021,658,4852, 224, 7101,307,946

416,623705,264448, 046

1, 286, 332

Per centof total

4.419.77.07.5

9.010.814.58.5

2.74.62.98.4

100.0

8O

o

WH

o

I

1 Total discounts multiplied by ratio of average maturity of bills discounted by each bank to average maturity (12.39 days) for system.


No. 43.—MEMBERJBANKS ACCOMMODATED THROUGH DISCOUNT OPERATIONS: NUMBER, BY MONTHS CO

o



Richmond _. - .AtlantaChicago ..St Louis

MinneapolisKansas City - - . _DallasSan Francisco . .

Total: 192419231922192119201919.191819171916.19151914

January

202372327311

272258634264

298349112264

3,6633,2945, 3505,2933,4613.3161,432

309614398

February

209373320259

277265609246

217321128241

3,4652,9764,8475,1073,3383,0911,353

262451469

March

213373308278

305272591261

207307154247

3,5163,2824.7015,3203,6703, 5751,568

315535570

April

199355308308

344274639275

236347196263

3,7443, 5074,7385,5684,1753,8752,100

384606606

M a y

179360308302

355287620268

268334264250

3,7953,9424,6365,6324,6424,0352,793

590655693

June

174335282302

356284587260

265321290250

3,7063,9994,4365,7454,9484,0473,021

900678813

July

130283262274

330273553244

254262311256

3,4324,1104,1675,6074,8583,6853,462

960642760

August

129241296263

297285471236

197168275194

3,0523,9604,0425,4534,7803,4603,671

990483711

Septem-ber

120255260252

301287491239

123162146150

2,7863,6003,9445,4274,7583,7223,464

953448761

October

110259271264

285277514236

9414683

124

2,6633,7523,7935,5724,9523,8393,6101,140

383794

Novem-ber

145299299259

254258489207

9510852

108

2, 5733,7323,8595,6225,2753,6493,6671,574

336835132

Decem-ber

180369356318

246218525197

10011337

124

2,7833,6983,8735,6765,5513, 6593,2881,701

314754339

Year

317593525485

463390922391

476586492420

6,0606, 3336,9567,4156,9415,9935,4933,1271,7881,920

Prior years

1923

313590532470

453351973362

559653617460

1922

330544538540

491353

1,129400

706733661531

ft

is


DISCOUNT AND OPEN MARKET OPERATIONS 81

Ho. 44.—DISCOUNT OPERATIONS, BY STATES: VOLUME OF DISCOUNTS, NUMBEROF MEMBER BANKS, AND NUMBER ACCOMMODATED


Division and State

United States

New England:MaineNew HampshireVermont _.MassachusettsRhode IslandConnecticut

Middle Atlantic:New York...New JerseyPennsylvania _.

East North Central:Ohio.IndianaIllinois _.MichiganWisconsin

West North Central:MinnesotaIowaMissouriNorth Dakota.South DakotaNebraska...Kansas

South Atlantic:DelawareMarylandDistrict of ColumbiaVirginiaWest VirginiaNorth CarolinaSouth CarolinaGeorgiaFlorida

East South Central:KentuckyTennesseeAlabamaMississippi _ _

West South Central:ArkansasLouisianaOklahomaTexas

Mountain:MontanaIdahoWyomingColoradoNew MexicoArizonaUtah....Nevada

Pacific:WashingtonOregonCalifornia

Number of memberbanks on Dec. 31

1924 1923 1922

6254461822166

632313953

447268583286187

364446192174133187265

22911519614295100172

14712012644

12647430751

1301013914436234911

158137300

6455471832067

620299

456272591284187

375455192188147194278

2294151951429710318471

14912213239

12650465754

16411049146462552

9,916

56481852067

603282935

457274591283190

37745918.1188153198274

22941519214010410418878

14811913340

1224946274718912051148 |51 i26 i55 |

Number accommo- Total amount of paper dis-dated during— counted

1924 1923 1922

6,060

11

165136319

11

164135325

4242361481345

436221592

28116934217795

13930312310695133118

15581115592807815642

75809032*

8841237415

1026627762719341

8761159

6,333

4042291531346

433220587

176

6,956

259 I523

132

4122381

10163161

1924

15,419,155 38,379,926

41433416411 !46 j

408 '198630

307 I185 i

335185107

161333121118105149128

17621214675878114348

71627530

8140

390212127

222400126145127146138

19721115089859614239

80658332

9537312 !

561 !i

165 |102 i35 !99 !472349 !3 i

42,26742,45318,024645,96916,11763,955

6,653,107528,775

1,888,144

112, 549402,748378, 60194, 665

64,095122, 560279,96412, 03013,44850,30520, 994

5,976160, 308105,456507, 935260, 940308,177i 55,981161, 06028, 218

186,961200, 04548, 68928, 966

73, 260194, 60837, 621131, 290

7,47376, 4194,63735,4455,9512,196

22, 29337

104 71,34975 63,468186 2 693, 935

1923

49,00260,72227,118

3,395, 56230,023102,832

17,408,097738, 692

4,118,888

933,910201, 529

1, 328,285783,676144,786

232,199181,396

1,118, 52314, 27619,594173,45832,926

11,578485,142613, 041

1,235,751206,836358,458i 46,491210,44370, 065

746, 537229,72265,37725, 760

87, 571275, 523. 60, 393267,971

17, 997127,9645,041

139,37715, 0565,33735, 792

283

122, 584107,644

31,710,698

1922

22,082,887

42,62140,24621,409

2,068, 56416,39287,401

8,837,014506, 559

3,078,672

669,974157,255694,581540,79193,439

97,457198,467290,00820,76827,88585,13430,200

16,731269,905284, 791

124,432131,470102, 574157,38637,459

446, 591150, 53661, 38222,117

74,450153, 95256, 677192,019

28,370211,0768,95577, 25814,47117, 75868, 666

263

75, 27459,387

1,107, 212

1 Includes $250,000 discounted by the Federal Reserve Bank of Atlanta for the Federal IntermediateCredit Bank of Columbia, S. C.

2 Includes $850,000 discounted by the Federal Reserve Bank of San Francisco for the Federal IntermediateCredit Bank of Berkeley, Calif.

3 Includes $2,000,000 discounted by the Federal Reserve Bank of San Francisco for the Federal Inter-mediate Credit Bank of Berkeley, Calif.


No. 45.—BILLS DISCOUNTED: VOLUME DISCOUNTED FOR NATIONAL BANKS AND FOR STATE BANK AND TRUST COMPANY MEMBERS


00

to


BostonNew YorkPhiladelphia..Cleveland-_

RichmondAtlanta. .ChicagoSt. Louis

Minneapolis..Kansas City. .DallasSan Francisco.

Total. _.

Total

1924

822,1707,030, 8421, 264, 0301, 348, 025

1,357, 7761 550,3121, 035, 261

605,118

100, 354227,744148, 383

2 929,140

15,419,155

1923

3,652, 77517,951,8432, 911,1422,436,808

2,910,6871728,081

2, 508, 0821, 679,671

290, 054901,126300,694

3 2,108,963

38,379, 926

1922

2, 262,0879, 206,3642,450,8431, 523, 346

1,424,567489,930

1, 681,004865,856

193,014328,019222,557

1, 535, 300

22,082, 887

1921

4,454,76030,768,9903,872, 3673, 218,833

2,749,6711,647,2554,168,4771,609, 024

730,662944, 074771,997

2,823,018

57, 759,128

Discounted for national banks

1924

579,5355, 631, 414

887,361990, 530

1,002, 550305, 503671,972369, 946

92, 564172,812129, 502492, 566

11, 32 j . 'JJ

1923

2,981, 22214,015, 5752, 275, 5131, 402,831

2, 485, 609410, 837

1,794,6811,183,856

274,791446,854274,271

1,138,509

28,684, 549

1922

1,732,0397,231, 9411,940,277

940,014

1, 272,000290,808979,373632,877

162,458280,273189,187971,337

16,622,584

1921

3, 596,01223, 572, 5513,096,8201,431,026

2,478,8011,080,7312,821,9761,005,416

654, 869787,229653,382

1,549,496

42, 728,309

Discounted for State bank and trust companymembers

1924

242,6351,399,428

376,669357,495

355,226244,559363, 289235,172

7,79054,93218,881

435,724

4,091,800

1923

671,5533,936,268

635,6291,033,977

425,078316,994713,401495,815

15,263454,272

26,423968,454

9,693,127

1922

530,0481,974,423

510.566583,332

152.567199.12260i;631232,979

30,55647,74633,370

563,963

5,460, 303

1921

858,7487,196,439

775,5471, 787,807

270,870566,524

1, 346,501603,608

75,793156,845118,615

1,273,522

15,030,819

H

O

H

w

1 Includes $250,000 discounted for the Federal Intermediate Credit Bank of Columbia, S. C.2 Includes $850,000 discounted for the Federal Intermediate Credit Bank of Berkeley, Calif.3 Includes $2,000,000 discounted for the Federal Intermediate Credit Bank of Berkeley, Calif.

00

wo>>wd


No, 46,—BILLS DISCOUNTED: VOLUME, BY MATURITIES AND BY RATES OF DISCOUNT CHARGED



1924BostonNew York _Philadelphia... _ . .Cleveland

Richmond... .AtlantaChicagoSt. Louis

MinneapolisKansas City..DallasSan Francisco

Total 1924_._.

Total

Amount

822,1707,030,8421,264,0301,348,025

1,357,776550,312

1, 035,261605,118

100, 354227,744148,383929,140

15,419,155

Averagematurity(in days)1

10.175.34

10.6010.60

12.6637.4526.6327.99

51. 6238.4342.2717.17

12.39

Maturity

Demandand sight

drafts

307

1,557

26,069

357412

17,066853

46,621

Within 15days

780,0596,932,3441,216,3201,257,695

1,173,236271,348770,871375,195

58,631141,35066,688

804,319

13,848,056

16 to 30 days

11,81919,3578,211

19, 712

31,83645,40345,07345,576

3,00110,0518,494

17, 309

265,842

31 to 60 days

14,52235,80918, 79434,749

68,338102,21883, 56869,410

7,13820,58619,30237,260

511,694

61 to 90 days

15,22443,12520,50933,465

78, 557117,06899, 78476,187

13,38929, 41025, 50755, 556

607,781

91 days to6 months

545207196

2,039

5,3079,973

34,3348,355

15, 69224,4279,934

11,549

122,558

Over 6but

within9 months

1

58

5022,7451,6314,326

2,1461,5081,3922,294

16, 603

Rates charged

3 per cent

1,763,389

1,763,389

V/v per cent

289,460420, 560502,976451,527

208, 631

1,873,154

4 per cent

671, 688

175,257

548,234186,343363,174179,569

8,88338,03656,986

122,906

2,351,076

4 ^ per cent

532,7104,175,205

761,054721,241

809,542363,969672,087425,549

91,471189,70891,397

597,603

9,431,536

1 Based on time bills only.

S8

n

ao3

ooCO


No. 47.—BILLS DISCOUNTED: MONTHLY VOLUME, BY MATURITIES AND RATES OF DISCOUNT CHARGED


OO

Month

1924JanuaryFebruaryMarch_._ ._April

MayJune _ . _JulyAugust

September _OctoberNovember.*December

Tota l : 1924192319221921._1920

1919 •_..1918 •__1917

19151914

/ Total

Amount

2, 295, 5652, 462,4071, 709,3291,935, 590

1,403, 502702,889733,457428,508

700,125839,900724, 757

1,483,126

15, 419,15538,379,92622,082,88f57, 759,12885,320,874

79,173, 97039, 752,934

8, 968, 991

207,871161, 35321,411

Averagematurity(in days)

10.649.27

14.0312.05

14.2320.2716.2519.05

12.5011.7112.649.71

12.399.89

12.1413.6313.29

10.1311.810)0)(00)

Maturity

Demandand sight

drafts

13,3308,2124,1762,542

1,235364323427

2,4935,1104,0814,328

46, 62167,457

Within 15days

2,113,0722,293,0691, 506,4141, 736,317

1,224, 795574,123628,740351,408

622, 647758, 705646,328

1,392,438

13,848,05635,672,20719,931,13651,248, 59475,914, 215

76,131,88636,906,7118,129,286

16 to 30days

29,31630,70033, 41934, 648

29,85420,93615,18014,069

12,34311,11416,37817,885

265,842491,001377,738

1,062, 5131,327, 285

387, 563383,901181.029

115,05326, 50912,381

31 to 60days

56,65954, 36467,95561,201

61,84240,17831, 40228, 451

26, 25225, 69728, 55829,135

511, 694908,454714,398

2,025, 5132, 774, 388

791,316754, 479272, 499

34,42357,8385,180

61 to 90days

68,88964, 69281, 29982,179

65, 28749, 21245, 49428, 418

31, 53433, 74424,04432, 989

607, 7811,053,044

829,6263,049,3364, 953, 099

1, 737, 9201, 551, 597

357,046

41, 57757, 3223,206

91 daysto 6

months

12, 7788,543

11, 68514,833

18.82917, 54712,0825,504

4,6535,2745,0925,738

122,558182,314229,989373,172351, 887

125, 285156,24629,131

16,81819, 684

644

Over 6but within9 months

1,5212,8274,3813,870

1,660529236231

203256276613

16,6035,449

Rates charged

3 per cent

89, 580

292, 594435, 431288,097657, 687

1,763,389

3H per cent

142,352406, 623140, 402

197,678191,399262, 769531.931

1,873,154

4 per cent

625,130332, 655311, 975194,806

207, 248211, 863173, 891293,508

2,351,076

4)4 per cent

2,295,5652,462,4071,709,3291,935, 590

778,372227,882

14, 8593,720

2,6051,207

9,431, 536

ft

iwft

ftmft

W

o1 Figures not'availab1"


No. 48.


-BILLS DISCOUNTED: AVERAGE MATURITY, BY MONTHS

[Days]

1924BostonNew York . . .PhiladelphiaCleveland

Richmond .AtlantaChicago. _St. Louis


All banks: 19241923 . . -19221921. . . .1920... .1919.. . .1918.. . .

January

9.184.779.20

11.41

9.1032.0422.8023.45

48.2924.9127.9619.15

10.646.08

13.7510.1913.2110.3418. 90

February

8.423.978.488.17

8.3633.7522.5429.65

40.7629.75 ,45.0019.59

March

9.276.70

11.949.61

12.2610.7427.73

8.796.24

10.1213.40

11.0936.2029.7430.06

37.4730.6954.9918. 76

14.038.86

15.3912.3813.7710.1522.25

April

9.574.21

10.7510.59

12.6141.7832.6927.58

48.0052.1246.7418.24

M a y June

12.895.12

12.1911.01

15.4542.2625.0224.98

53.6559.4957.0721.69

12.059.04

15.8615.6615.0811.0711.25

14.239.45

17.4416.7614.749.13

12. 59

13.1813.1112.5311.26

17.1437.3533.4929.55

84.6059.6252.6118.02

20.2711.1715.6119.2914.489.79

10.09

July

13.797.41

12.4813.87

14.1448.7834.6729.69

60.0358.7551.9420.63

16.2510.0811.9716.1813.639.41

12.85

August

12.8311.2112.7713.42

18.5939.9527.7434. 02

54.0352.4138.3518.45

19.0510.6513. 4815.7612.389.33

12.70

Septem-ber

11.565.83

12.089.39

11.8636.2833.1430.91

54.2349.7833.8411.99

12.5012.5613.4317.2214.279.44

10.38

October

13. 535.01

12.5013.14

13.4833.6530.0630.77

74.2153.0921.3610.67

11.7113.159.99

14.7813.269.54

11.17

Novem-ber

10.686.8311.9911.32

13.5038.7027.6426.27

77.7345.0730.92

7.48

12.6411.978.43

14.4212.1711.3612.37

Decem-ber

10.055.909.437.59

11.20 I

16.29 !28.36 !

46.5931.2527.8010.13

9.7111.779.00

11.6711.5511.528.54

10.175.34

10.6010.60

12.6637.4526.6327.99

51.6238.4342.2717.17

12.399.89

12.1413.6313.2910.1311.81

Prior years

1923

7.615.228.719.22

7.7634.1123.7717.41

37.7522.3240.7815.19

1922

8.195.088.89

13.30

13.5340.9430.6917.74

53.9339.0455.3814.29

28od

wH

O

3oin

00


No. 4:9.—BILLS DISCOUNTED, SECURED BY UNITED STATES GOVERNMENT OBLIGATIONS: VOLUME BY MONTHS


00


1924Boston _ _.New York.. .PhiladelphiaCleveland



Total: 192419231922192119201919... . .19181917

Year

Total

512, 6076,214,270

980, 7591,021, 567

980,033184,989748, 780334,210

51, 684137,21251,978

549,133

Member

collateralnotes

509,9686,214,060

980,1021,019,060

977,829182,790748, 345332,243

51, 639136,537

51, 709548,871

r, 222 11, 753,153J, 014 29, 732,151:, 642 15,379, 463,, 457 30,870, 988

11, 767,29, 778,15, 464,31, 925,57,440,018 55,410, 87674,187,280 72,289,83533,390,080 32,142,4065,884,161 5,884,161

Redis-countedpaper

2,639210657

2,507

2,2042,199

4351,967

45675269262

January

64,4371,048, 535

144,038100,934

144,81333, 462

104,40666,973

10,39246,09111,02175,680

14,069 1,850,78245,863 3,154,44485,1791 1,678,537

1,054,4692,029,1421,897,4451,247,674

4,141,4875,456, 3445, 713,903

378, 507

February

96,3941,341, 559

131,897130,460

112, 50224,08398,41241,364

7,28525,3764,60672,080

2, 086,0183,132,0701,284, 6983,856,2325, 544,2804, 755, 629400,037

March

80,021610,097113,43476,417

138, 51029,342100, 86744,496

23,5572,19976,490

1,304,0912,836, 7211,032,4023,549,8625,298,8845,271, 540315,116

April

54,317792,942

93,600124,104

118, 64122, 93963,11442,265

8,64210, 6294,954

70, 579

1,406, 7262, 650, 307

883,8043,265, 9584, 771,0725, 693,8111,806, 669

M a y

27,784587,216

65,396104,499

69, 55217,22090,57737, 541

7,2337,3474, 6341

44,722

June

28,737108,89162,20480, 9651

65,136116,11639, 72418, 495

1,6554,4255,176

36, 424

July August

17,634279, 59258, 52640, 299

75, 3266,321

27, 56915,194

1,8712,7614,19125,224

1,063, 7212,857,257;

736, 2592, 708, 6191 2,058, 1594, 508, 4661 4, 544,8367,169,3672, 523,506

5,184

467, 948! 554, 5082, 323, 668| 2, 651, 436

797, 893 932,0382,184,275

6, 036,2782, 621,132

354, 016

4, 533, 5066, 824,9882,469, 385

192, 916

16,12994,50044,23233,202

35, 7898,25027,17111,128

1,4716,30314, 897

293, 9292,336, 000

729, 4872,070,1334, 933, 9836,170, 7823,127, 333

30,478

Septem-ber

17,836264,20940, 62671, 709

63,446

26[ 59512,819

6211,7964,465

24, 608

536, 6191, 879,469804,932

1, 610, 6964,164, 0626, 238,3014,077, 897

215, 651

October

13,364397,783

44, 66954, 676

Novem-ber

31, 624192,99549,86570,481

50,293 38,30811,939 3,28332, 601! 35,40713,212 12,450

3782,8441,877

27,394

6243,0521,406

35, 758

651,0302, 006, 7081, 499, 0401,871, 5884,305,2697,348, 9425,308,2812, 262,475

475,2531,930, 5192,411,3231,930,6494,349, 7236, 761,5424, 601,2482,586,064

Decem-ber

64,330495,951132,272133,821

67,7174,145

102,33718,273

3,4657,8631,146

45,277

1,076,5972,019,4152, 674,2292, 677, 7995,029, 5936,202,1975, 760,969237,377

t

WO


No. 50.—TRADE ACCEPTANCES DISCOUNTED: VOLUME, BY MONTHS


C* Federal reserve bank

to

' * 1924

Boston^ , New York .

Philadelphia..Cleveland

RichmondAtlanta _.ChicagoSt. Louis.

MinneapolisKansas CityDallasSan Francisco. _.

Total : 1924 .192319221921..192019191918191719161915

January

85385

43932

759481129705

1124126

306

4,1034,3305,773

20,17116, 52010,90413, 998

574444

February

170368

58737

1,754293101482

1731

121

4,1323,2003,854

13, 26311, 0018,880

19, 217856246

March

17440776

518

1,680420

76296

12707

4,3663,0854,348

11, 86823, 3838,561

16, 231763299

April

4933477

1,165

1,535616150428

511

633

5,0033,3033,447

10,86415, 2968,071

11,121678240

May

51603

501,013

48052372

705

5

57176

3,7353,4393,5569,694

16, 5417,062

13,1661, 768

298

June

8856840

761

799461150305

121217

3,5104,3873,247

10, 01313, 9387,946

14, 8112,521

276

July

6179240

918

35129711296

170179

3,0163,9692,8918,673

13, 4578,505

13, 8221,077

199

August

2021567

287

34332010687

1

131146

1,7233,6392,4028,824

14, 0116,428

12, 7621,668

245

Septem-ber

5410541

524

51531883

150

16101

1,9075,2322,9777,983

17,16010, 60820,917

1,126594320

October

179451

326

290442134843

7445

2,3165,5153,1209,682

19, 38916, 06423, 5204,355

415629

Novem-ber

7148034

421

29542433

246

II39

2,0545,3174,5247,851

15,14321, 92416, 1916,960

853496

Decem-ber

7813394

807

23834094

529

1

146

2,4605,9774,133

10, 05816, 31823,46711,61715,4251,103

514

Year

9184,484

6718,409

9,0394,9351,2404,872

18263660

2,816

38, 32551,39344, 272

128, 944192,157138,420187, 37337, 7715,2121,959

Prior years

1923

2,1616,575

75314,110

7,7684,9332,0865,779

69467749

5,943

1922

1,1878,523

76713,881

5,5394,7421,3214,182

17388

6943,175

No. 51.—BANKERS' ACCEPTANCES DISCOUNTED: VOLUME, BY YEARS

Year

1924 _19231922 . . .1921 __ _19201919 _-

Total

5073,5323 416

57,095187,16271,643

Boston

15322,1294,985

NewYork

47470192

23,19270,65461, 771

Philadel-phia

5144,127

19

Cleve-land

70017,26410,015

Rich-mond

28f>590

Atlanta

6916,338

Chicago

5075

1,44632,095

St. Louis

20655

1,4597,9747,1244,146

Minne-apolis

903

KansasCity

75

212368357

Dallas

30

107154704

San Fran-cisco

1251,692

8834,592

33,608365

ao

>piW

H3M

O

oo


No. 52.—BILLS BOUGHT IN OPEN MARKET: VOLUME, BY MONTHS


OO00

Federal reserve banks

1924

BostonNew YorkPhiladelphia _.Cleveland

RichmondAtlantaChicagoSt. Louis . ._ _ . .

Minneapolis ._ _Kansas CityDallasSan Francisco__

Total : 1924 _19231922192119201919191819171916 -19151914

Jan-uary

30, 79198, 80518, 57314, 366

2,2609,228

19, 6221,513

2, 30575

16, 72717, 676

231, 941152, 754103, 910121, 868302, 452201,492130,62020, 6179,603

Feb-ruary

24, 788154,90216, 28710, 598

1, 5819,500

21, 8853,650

3,0927,412

17, 06818, 375

289,138186, 464139, 022169,456300, 307147, 410148, 27570, 64112, 4162, 666

March

22, 09099,0999,4038,303

1,6168,107

18, 4793,890

2,7203,1817,523

13, 303

197, 714254,141144, 352149, 255303, 359143, 662138, 99628,15322, 9188,356

April

21,17681,1515,0345,567

1,5813,907

10, 6811,842

1,7641,9913,206

10, 558

148,458194, 85195, 724

123, 511247, 594140, 639108, 51641,31318, 4994,018

May

8,89251,2833,9452,242

8752,7284, 643

977

8281,0752,0203,984

83,492186, 363150, 607138, 601274, 237147, 650115,91482, 54421, 9122,865

1

June

3,20120, 6013,1113,232

July

9,91640, 262

7371,389

682 1.2034,848

746

1,5192,3056,8044,968

52, 017183, 733175, 49364, 673

285, 753291, 91589, 580

135, 23042, 3254,701

2,36375

466811

August

5,74038, 343

1,1301,153

1,1065,296

567

164402

1,155 ! 8921,759

60,136186,828158,75846, 670

219,464276, 485123, 57466,86436, 5755,986

2, 561

57, 354160, 373185,208107, 303259, 708194, 211162, 79672,12328,4474,656

Sep-tember

12, 26660,100

6068,057

2,6327,9953,774

1,8843, 9153,2069,338

113, 773159,420217, 053

81, 883257, 989205, 048183,132109, 04637, 0874,548

October

27,222141,60010,62316, 939

6,12620,645

7, 958

1,0929,044

11,46222, 758

275,469215,351206,617139, 081281,833335, 262256, 70586,89440,8956,340

Novem-ber

49,180128, 54414,35019, 280

7,32920,3709,773

9,83814,38028, 627

301, 671327, 596175,378161, 999231, 840340, 695195, 698186, 21948, 5477,919

Decem-ber

44, 236162, 709

5,34124,944

1,4867,073

27, 21815, 967

10, 57618,40343, 026

360, 979339,136202, 566230,101253,828400, 708155, 733178,06966,87112, 790

Total

259, 4981,077,399

89,140116,070

9,39959, 621

164,04550, 732

15,83450,625

102,846176,933

2,172,1422, 547, 0101,954,6881, 534,4013,218, 3642, 825,1771,809, 539

21,077, 713386,09564,845

Total reduced to acommon maturity

basis *

Amount

261,203698,341136,157193, 350

11, 65276,807

269, 76975,033

21,17267, 272

143,219218,167

2,172,142

Per centof total

12.032.16.38.9

.53.5

12.43.5

1.03.16.6

10.1

100.0

>tr1

I

iw

j

wo

1 Total purchases multiplied by ratio of average maturity of bills purchased by each bank to average maturity (35.33) for system.2 Includes $170,072,483 of acceptances purchased from the Federal reserve banks of Boston and New York by other Federal reserve banks.



No. 53.—BILLS BOUGHT IN OPEN MARKET: VOLUME, BY CLASSES



1924

B ostonNew YorkPhiladelphia._Cleveland __


Minneapolis.Kansas City _DallasSan Francisco

Total

Total(all classes)

259,4981, 077, 399

89,140116,070

9, 39959, 621

164,04550, 732

15,83450, 625

102,846176,933

2,172,142

Bankers' acceptances

Total

259,4981,068, 947

89,140116, 070

9,39959, 621

164,04550, 732

15, 83450, 625

102, 846176,933

2,163, 690

Foreign

171, 534808,28364,00895,180

2,29948,484

102, 47540,029

12, 87640,09782, 878

135,164

1, 603, 307

Domestic

77,038230, 057

21, 34518, 375

7,10011,03456, 7569,454

2,5219,206

17,36239,025

499, 273

Dollarexchange

10,92630, 6073,7872,515

1034,8141,249

4371,3222,6062,744

61,110

Trade acceptances

Total

8,452

8,452

For-eign

8,452

8,452

Do-mestic

No. 54.—BILLS BOUGHT IN OPEN MARKET: MONTHLY VOLUME, BY CLASSES


Month

1924January _.FebruaryMarchApril

MayJuneJulyAugust

SeptemberOctoberNovemberDecember.

Total: 1924.1923.1922.1921.1920.1919.

Total (allclasses)

231,941289,138197,714148, 458

83, 49252,01760,13657, 354

113,773275, 469301, 671360, 979

2,172,1422, 547, 0101, 954, 6881, 534, 4013, 218, 3642,825,177

Bankers' acceptances

Total

230, 292

195, 815147, 046

82, 62352,01760,13657, 354

113, 623275, 469301, 502360, 921

2.163, 6902, 533, 4701, 948, 3791, 527, 2353,143, 7372, 788, 619

Foreign

169. 486215, 036144, 905109, 853

63, 63240, 77748, 60649, 04189, 747201,105217, 440253, 679

1, 603, 3071, 757, 3391, 400, 0571,019, 6892, 367, 8812, 020, 888

Domes-tic

49, 63460, 48941,14931, 849

16,84310, 21210, 5767,843

22,33168,04677, 776

102, 525

Dollarexchange

11,17211, 3679,7615,344

2,1481,028954470

1,5456,3186,2864,717

499,273 I667,175 |484,530368,972 !711,311756,425

61,110108, 95663, 792138, 57464, 54511, 306

Trade acceptances

Total

1,6492,2461,8991,412

150

16958

8,45213, 5406,3097,166

74, 62736, 558

Foreign

1,6492,2461,8991,412

150

58

8,45212, 7245,8447,081

68, 87627, 289

Domes-tic

81646585

5,7519,269


No. 55.—BILLS BOUGHT IN OPEN MARKET: VOLUME, BY RATES CHARGED


CDO


1924Boston . .New YorkPhiladelphiaCleveland

RichmondAtlanta _ __Chicago _. .St Louis

Minneapolis _ _ _.Kansas CityDallasSan Francisco ....

Total



RichmondAtlanta _ChicagoSt. Louis

Minneapolis -.Kansas City . _DallasSan Francisco

Total

Total

259,4981,077,399

89,140116,070

9,39959, 621

164,04550, 732

15,83450, 625

102,846176, 933

2,172,142

ZV2 percent

3,38822890510

86

22

43

4,682

2 percent

25,061246,006

3,30312,148

90023,0256,073

1,3938,7768,503

20,131

355, 319

3&percent

80

80

2^percent

21,32429,0905,889

10,105

6,5199,9965,604

7325,8187,982

16, 534

2H percent

46,608103,41112, 86918, 657

5,04119, 6279,122

1,4796,952

11, 30120,845

119,593 255,912

S5A percent

57556

2,350

220

3,201

3H percent

365

365

2V8 percent

11,64612,4292,7864,316

1,0123,0241,655

22,1872,8805,508

47,445

3% percent

3,8112,732

318620

87559

1,544411

400521818741

12,850

2^ percent

14,89255,1212,8684,807

9413, 6121,670

162,0403,2146,181

95, 362

3^ percent

6,9361,445

457

1,04185995

193125563642

12,356

2% percent

1,5146,446

4662,841

2504,012

755

8441, 3364,008

22,472

4 percent

38,851411,804

19, 38211,265

17, 59819,9323,665

3,7256, 505

18, 76913,811

565,307

2% percent

12,25063,1082,837

13, 737

2,81212, 24911, 639

6,84912,22024,471

162,172

4Kpercent

43, 65415,31729,14121, 749

1,2859, 711

39, 7396,715

6,0475,616

23, 29917, 343

219,616

2^percent

3,3071,004

5443,283

5001,763

494

2641,2763,168

15, 603

434 percent

5,5831,957

7655,148

5,748377

7,850495

35150

2,07330,122

60,303

3 percent

15,37960,2803,1983,524

1,48622

8,8131,825

5671,5062,2539,402

108, 255

4% percent

299298

9582

5

2,300

325

250

3,771

3Hpercent

2,59757,5451,3442,346

1394,246

455

1,2451,8616,1063,006

80,890

4}/2 percent

127,433

54

12, 393275

595

318

21,080

3)4 percent

1,4671,025

166342

97037

13178359

4,557

4^8 percent

40

109

149

3^percent

304219

79

793

702

4% percent

100

100


No. 56.—-BILLS BOUGHT IN OPEN MARKET: MONTHLY VOLUME, BY RATES CHARGED


Month

1924JanuaryFebruary,March __April

MayJune__JulyAugust

SeptemberOctoberNovemberDecember ._

Total...

Month

1924JanuaryFebruaryMarchApril

May_.JuneJulyAugust _.

SeptemberOctoberNovemberDecember _

Total

Total

231,941289,138197 714148, 458

83, 49252,01760,13657, 354

113, 773275, 469301, 671360, 979

2,172,142

3^percent

4 5934

85

4,682

2 per cent

4,47621, 938

65, 824177, 61485,467

355,319

3T96 percent

80

80

2lA percent

1,3725,485

15,14239, 80957, 755

30

119, 593

35A percent

3,180

21

3,201

2^percent

11350, 68528, 795

28, 61650, 78283, 88013, 041

255, 912

3Hpercent

227

138

365

2 ^ percent

21,633

651

2,1243,366

23,95515,714

47,445

3%percent

1,6261,853

9,371

12, 850

2y2 percent

604535145

1,0051,615

45, 48545, 973

95,362

W% percent

4,0646,313

1,979

12, 356

2 ^ percent

85257

703,835

17, 658

22, 472

4 per cent

126, 526189,869126,335108, 703

5,459661

1,353340

8351,9241,0132,289

565, 307

2% percent

2107

39186

161, 730

162,172

4K percent

76,23175, 74645, 66821, 394

577

219, 616

2% percent

623

15, 538

15, 603

434 percent

23,47616,60913,7506,407

61

60, 303

3 per cent

1,68520,070

15

25095

86,140

108, 255

4 ^ percent

674299

1,5051,293

3,771

3H percent

50,76828, 269

1,853

80,890

4^percent

4,9346,5954,7462,386

2 065354

21,080

3 ^ percent

3,393484

680

4,557

tyi percent

2020

109

149

3 ^ percent

361332

9

702

4^percent

100

100


No. 57.—BILLS BOUGHT IN OPEN MARKET: AVERAGE MATURITY, BY MONTHS

[Days]

CO

to


1924Boston _ . _.New YorkPhiladelphiaCleveland

RichmondAtlantaChicago - - _St. Louis .

MinneapolisKansas CityDallasSan Francisco .

gystem* 192419231922192119201919

January

29.6818.3753.9167.73

43.7947.9968.3545.60

62.7290.0049.8036.47

35 7237 7431 5638 2247 0555.51

February

25.8116.6958.1757.80

47.0546.4161.2654.85

41 6751.2252. 5133.34

30 8243 1431 9936 9850 5045.67

March

23.1417.9448.9361.56

38.4745.7763.4756.85

43.6446.1453.0736.18

31.5346 5933 9133.9949 3342.69

April

18.1315.4042.9346.53

36.1750.0457. 4045.19

46.1536.5639.2326.71

24.3844 2835 2826.6051 5942.00

May

-16. 9515.5520.4921.70

48.4149.7631.7921.07

14.1713.6416.8615.35

18.5133 0237.0123.2044 2245.80

June

23.5633.2731.7036.51

61.8728.4018.65

32.0236.3240.7131.26

33. 3736. 0737.5728. 8345.7245.60

July

34.8917.6046.4935. 65

31.3438.2511.09

11.1336.8527.4325.17

22.9940.5136.6331.2647.8251.21

August

26.7859.3475.3872.45

46.6544.9572.93

83.6162.2257.6142.88

54.5538 8542.1825.3336. 7850.73

Septem-ber

39.1432.3071.0761.13

42.6557.4357.15

51. 7346.1955.3860.00

41.5140 3251.2425.8941.7146.15

October

35.0321.8759.2049.53

47.1948.2047.55

35.8341.4446.6846.49

33.3539.8746.2325.7735.5148.36

Novem-ber

46.0032.4661.3564.27

37.7255.7352.43

52.0652.8557.57

44.4138.2643.4125.6035.1155.55

Decem-ber

53.3421.9562.7064.39

51.5945.1168.3956.02

52.0051.0648.55

40.4535 3839.1423.3938.4357.11

Year

35.5722 9053.9758.86

43.8145. 5258.1152.26

47.2546.9549.2143.57

35.3339 4239.9128. 5343.8350.45

Prior years

1923

27.2822.1374.3767.59

52.6657.8969.4857.70

54.0376.7865.8140.83

__

1922

28.3725.1861.5960.89

58.7551.7371.7169.21

73.0165.5940.90

83

§



No. 58,—BILLS BOUGHT IN OPEN MARKET: VOLUME, BY MATURITIES



1924Boston *_..New YorkPhiladelphiaCleveland

RichmondAtlanta...ChicagoSt. Louis


Total

Total

Amount

259,4981,077,399

89,140116,070

9,39959,621

164,04550,732

15,83450,625

102,846176,933

2,172,142

Averagematurity

(days)

35.5722.9053.9758.86

43.8145.5258.1152.26

47.2546.9549.2143.57

35.33

Maturity

Within15 days

140,821862,7909,6565,797

1,3186,472

10,9123,446

1,5054,7078,51653,967

1,109, 907

16 to 30days

25,52573,93720,12429,622

2,15818,93142,29814,267

5,64018,02833,44139,669

323,640

31 to 60days

31,19945,53017,51722,299

3,32316,96531,53110,359

3,21511,40423,29128,033

244,666

61 to 90days

53,93972,19740,12549,123

2,58217,19770,00121,827

5,47416,43435,83745,494

430,230

Over 90days

8,01422,945

1,7189,229

1856

9,303

521,7619,770

63,699

No. 59.—BILLS BOUGHT IN OPEN MARKET: MONTHLY VOLUME, BY MATURITIES


Month

1924January.FebruaryMarchApril

MayJuneJulyAugust

SeptemberOctober __NovemberDecember

Total: 192419231922.19211920.1919.1918.1917.1916.1915.

Total

Amount

231,941289,138197, 714148,458

83,49252, 01760,13657,354

113, 773275,469301, 671360,979

2,172,1422, 547,0101, 954, 6881, 534,4013, 218,3642,825,1771,809, 5391,077, 713

386, 09564,845

Averagematurity

(days)

35.7230.823.1. 5324.38

18.5133.3722.9954.55

41.5133.3544.4140.45

Maturity

Within15 days

116,804169,003107,865101,320

68,36517, 67048, 03911,317

45,350138, 272114,838171, 064

1,109, 9071, 270,162

939,086937, 607

1, 060,151578, 751161, 96432, 048

16 to 30days

34,37941,91240,05022,104

9,15913, 3463,397

13,474

22,44250, 76839, 61732, 992

31 to 60days

23,29723,13415,60111,121

2,02114, 0314,5017,120

14,16938, 64249, 78341, 246

323, 640275, 703207,194215, 338449,424455, 789276, 656128,89338,4422,980

244, 666287, 344270,126224,037848,890807,326466, 589267,03563, 6519,057

61 to 90days

51,59753,35530,94612,193

3,8545,3012,385

24,87040, 84583, 736104, 510

430, 230585,860429,425153,945859,899982,877876, 539613, 296284,00252,808

Over. 90days

5,8641,7343,2521,720

931,6691,8148,805

6,9426,94213, 69711,167

127,941108,8573,474

43427,79136,441

1 Figures not available.


No. 60.—UNITED STATES SECURITIES: TOTAL VOLUME PURCHASED IN OPEN MARKET 1 CD

[Exclusive of special temporary certificates issued to Federal reserve banks by the Secretary of the Treasury]


Federal reserve• bank


RichmondAtlanta . . .ChicagoSt. Louis


Total: 19241923.._.1922..._1 9 2 1 . . . .1920.—

January

8,57621,2998,2344,015

1,6372,923

18, 2071,398

10,6083,2001,3033,633

85,033175,086197,26027,10343,594

February

6,61014,055

1,5613,979

1,6822.775

13, 9921,435

4,9061,4073,7063,732

59, 840117,185302, 965

18,88025,301

March

10,90933, 846

1,17511, 670

4223,252

31,0633,878

12,4354,8189,1709,963

132, 60187,372

226, 67746,48714, 408

April

8,81919,2563,9105,173

259887

20,894439

12,0522,6831,6954,838

80,90557, 573

243,18940,48515,144

M a y

5,14617, 7644,9855,963

1,12813,801

14,1222,3561,6245,578

72,467114, 904117,812152,39342,723

June

16,27953,12111, 41419,664

5281,702

31,0521,563

16,3339,763

10,20621,315

192, 940149,012290, 62263,88485,445

July

5,00039,168

1,21111, 950

1,89110,8013,962

12,9255,4556,3639,621

108,34788, 716

110,03045, 25751, 519

August

3,08513, 4571,4714,648

378689

7,4401,876

9,3712,8312,7049,287

57, 23784,069

158,53642. 79763,340

Septem-ber

5,99530,487

1,92912,135

3551,266

12,6682,997

10, 3524,3963,887

12, 568

99,035102, 371174,17676, 271

164,306

October

35827, 595

2033,507

40531

4,838139

21,1571,8782,508

508

63, 26286,227

239,30843,12347,988

Novem-ber

1,81836, 795

5142,290

1471,3027,373

678

6,2081,3582,2112,046

62, 740107,48166, 535

131,85945,288

Decem-ber

11,815119,288

3,47216, 609

8791,281

22,5943,895

11,64911, 2927,281

12,056

222, 111156, 407230,192165,455127,254

Year

84,410426,131

40, 079101, 603

6,32719, 627

194, 72322, 260

142,11851, 43752. 65895,145

1,236,5181,326,4032, 357,302

853,994726,310

Prior

1923

51,426920,113

4,83120, 589

5018,431

206,68910,357

43,59331,95818,133

233

years

1922

147,4231,462, 279

55,20185, 882

10010, 587

399,65942,844

64,93357,67211, 85018,871

i Prior to 1922 includes securities, if any, purchased from other Federal reserve banks, in addition to purchases in the open market, separate figures not being available.

Sn

Iwo>


No. 61.—UNITED STATES BONDS AND VICTORY NOTES: VOLUME PURCHASED IN OPEN MARKET 1


it!$ Federal reserve bank

I1924

Boston __New YorkPhiladelphia .Cleveland

RichmondAtlanta..ChicagoSt. Louis

MinneapolisKansas CityDallasSan Francisco... __

Total: 192419231922 _ .1921

1920

191919181917191619151914

Bonds purchased during 1924, distri-buted by classes:

Liberty bondsAll other

Janu-ary

15

346

697600

1,6584,166

49,38811

218

1,01414,3372.4316,6272,651

1,59662

Febru-ary

145

5291,813

1,119

3,6069,952

54,919

5

14614, 747

1459,4972,566

3,482124

March

1,152418

2,2065052

3,8339,466

57, 310

21

1669,8238,6418,2501,340

3,651182

April

527655

4,475598

3

6,2583,539

32, 292520

13,2392,870

10,43075

6,017241

May

470

6,00248

3

6.52332, 02711,9628,362

8615,832

526,114

285

6,49528

June

2,000

1.2581,113

3,7741,699

4

9,8481,046

24,0301,640

27813,0481,2421,322

560

9,695153

July

5003,700

2001,200

6311,247

600

6,221591600

1,102

16, 592771

14, 708

601,142

18, 367341478

16,458134

August

4321,076

2,741786

3

5,0381,027

19,934240

19

2853,825

501735

4,99345

Sep-tember

1,000

4003,448

4,21232

6

9,0981,458

28,12750

10720,8312,193

488

9,0953

October

3514,052

9,111767200

2

14, 4831,286

45,1256,856

61

11,306

1907

1.200

14,4812

Novem-ber

7371,558

4,605290

1,0501

8,241550

5,9275

6

193

1,5475,6282,989

8,2365

Decem-ber

1,4427,537

6016,011

150629

3,695664

6,4746,4751,5832,057

37, 31812,1996,474

20,848

1

437

21,3965,5402,347

205

30,7076,611

Total

1,95711, 237

94610,211

1507,462

19,0751.264

51, 63711,9363,4383,183

122,49677,487

350,19638, 532

332

1,75773,99681, 53756,45015,714

205

114,9067,590

Distribution, by classes

U. S.Victorynotes

41,454294, 72920,800

9

428

U.S.bonds

Libertybonds

1,94211,182

90510,113

1507,053

19,0331,264

50,2136,7003,1683,183

114,90634,90838,83517, 702

Allother

15554198

40942

1,4245,236

270

7,5901,125

16,63230

323

1,32973,81,

996537

56,45015,714

205

oo

o

3

n

1-3i—i

O

1 Prior to 1922 includes securities, if any, purchased from other Federal reserve banks, in addition to purchases in open market, separate figures not being available. CO


No. 62.—UNITED STATES TREASUKY NOTES: VOLUME PURCHASED IN OPEN MARKET 1


CD


1924Boston.. _New YorkPhiladelphia.. . . . _ClevelandRichmondAtlantaChicago __St. LouisMinneapolisKansas City _DallasSan Francisco

Total: 1924 .192319221921

1920 _19191918 3

1917 31916 3___

Treasury notes purchased during 1924:Under repurchase agreement _Through open market investment

committeeAll other

Janu-ary

5,46314,6816,9102,327

9671,248

10, 309825

6,5091,812

6842,146

53, 88171,4746,771

520

20,275

23, 58010, 026

Febru-ary

5,93412,066

1,3703,486

1,4731,8529,1251,258

2,9331,2343,0833,270

47,08462,831

112, 986

456

8,545

35,9372,602

March

7,05421,085

6,925

1,14016,6822,521

4,2052,4487,2516,467

75, 77847,18381, 237

1,882

8,178

65,4052,195

April

5,87916,2963,3234,450

259130

13, 052435

5,6301,8351,3204,168

56, 77727,85455,153

1,22050

12, 826

40, 7793,172

May

3,97113,5973,8474,602

979,419

4,7201,6651,2414,302

47,46145,44119, 598

2,581

41,3663,514

June2

8,74532,4085,893

10, 212

187269

17,2511,042

6,6274,6463,9399,813

101, 03276, 025

110, 26813,624

756

1,187

97, 5242,321

July

3,79129,806

8798,273

8718,1292,902

5,1754,1824,8627,224

76, 09453, 56837, 7614,626

1,370

700

70,5044,890

August

2,34410,2251,1183,579

287216

4,8361,426

4,3301,5461,7708,174

39, 85154,88969, 562

942

31, 8018,050

Sep-tember

9068,152

4532,721

3342,4911,359

2,0761,4631,1323,170

24, 25757,35392, 84511,253

100

22, 6461,511

October

3,666

9

4,104168

7,28150, 00189, 86610,775

1 369250

3,000

4,281

No-vember

1,21317,476

2881,463

86151

1,652405

893597625

1,202

26, 05141,75545,4559,178

13, 471

11,750830

Decem-ber

5,70462,457

1,3535,173

361175

6,8391,600

2,3212,3912,5654,953

95, 89283,00597,47015,500

10

46,656

48, 515721

Total2

51,004241,24925,43453, 211

3,6206,492

99, 78513, 773

49, 52323,98728, 47254, 889

651,439671,379818,97265,898

5207,063

300

117, 519

489,80744,113

Takenunderrepur-chaseagree-ment

12,17977,805

22,873

2,0122,550

100

117, 519620,354561,38338,549

Pur-chased

throughopen

marketinvest-mentcom-

mittee

38, 825163,44420,43451,147

3,6204,557

76, 71213 773

» 18,60720,97227,48750,229

489, 807

Allother

5,0002,064

1,935200

28,904465885

4,660

44,11351, 025

257, 58927,349

1 Prior to 1922 includes securities, if any, purchased from other Federal reserve banks, in addition to purchases in open market, separate figures not being available.2 Exclusive of securities sold by Federal reserve banks under repurchase agreement and subsequently repurchased, as follows: Boston, $8,240,000; New York, $36,050,000;

Philadelphia, $3,090,000; Cleveland, $9,270,000; Richmond, $1,030,000; Atlanta, none; Chicago, $15,450,000; St. Louis, $2,060,000; Minneapolis, $5,150,000; Kansas City, $5,150,000;Dallas, $7,210,000; San Francisco, $10,300,000. Total, $103,000,000.

3 Figures for 1916-1918 represent renewable one-year gold notes; those for later periods represent Treasury notes with a definite maturity of over one but not more thanjfive'years.

Ion

1i3


N o . 6 3 . — U N I T E D STATES CERTIFICATES OF I N D E B T E D N E S S : VOLUME PURCHASED IN O P E N M A R K E T 1

[Exclusive of special temporary certificates issued to Federal reserve banks by the Secretary of the Treasury]


Federal reserve bank January Febru-ary March April M a y June July August

Sep-tem-ber 2

Octo-ber

Novem-ber

Decem-ber Total

Certifi-catestakenunderrepur-chaseagree-ment

Pur-chased

throughopen

marketinvest-mentcom-

mittee

Allother CO

OOd3

1924Boston..New YorkPhiladelphia...Cleveland



Total: 19241923. - - .192219211920

Certificates purchased dur-ing 1924:

Under repurchase agree-ment

Through open marketinvestment commit-tee

All other

3,0986,6181,3241,688

6701,3297,898

573

3,402788619

1,487

6761,989

46493

209394

3,054177

854173623462

3,85512,7611,1754,745

422960

13,9631,357

6,0242,3201,9143,494

2,9402,960587723

1,1754,1671,1381,361

2307,187

4

1,947250375667

5614,382

3,400643383

1,273

7,53420, 7135,5217,452

341175

12, 688521

5,9323,4186,26711,498

7095,662

1322,477

3891,425460

1,529682901

1,295

29,49499,446141,10127,09243,376

9,361

16, 3483,785

9,15044,402135,06018, 88025,296

3,093

5,080977

52,99030,72388,13046,48714, 387

9,664

35,8997,427

17,87026,180155,74439,96515,143

9,305

6,4152,150

18,48337,43686,252144,03142,723

2,503

12,2403,740

82,06071,941156, 32448, 62085, 445

573

68, 36313,124

15,66134, 37757,56140, 63151, 519

12,9192,742

7413,232353

1,069

9141

1,528450

2,300499934

1,110

12, 34828,15369,04041, 61563, 321

375

10,0501,923

5,08922,3351,4768,414

355532

6,7291,638

4,0642,9012,7559,392

35824,595

2033,507

40171786139

7,942943

2,308506

60519, 319

226827

61414

4,163273

710471536843

4,66949,2941,5185,425

368477

12,0601,631

2,8542,4263,1335,046

31,449173,64513,69938,181

2,5575,67375,8637, 223

40,95815, 51420,74837,073

5,19966,722

29,420

2003,370

22,12894,67312, 93928,528

2,5571,997

43,6077,223

11,54912,04013,17628,023

65,68043, 56053,20464,968164, 306

615

48,46116, 604

41,49834,940104,31725,49247,927

14,875

5,00121, 622

28,44865,17615,153122,676• 45, 282

19, 267

8,249932

88,90161, 203126,248129,107127, 253

35,280

49,4154,206

462, 583577,5371,188,134749,564725,978

104,911

278,44079, 232

104,911448,956411,817254,986312, 581

278,440

4,12212, 250

7609,653

3,6762,836

29,4093,2744,2029,050

79, 232128, 581776,317494,578413, 397

3Ho3

1 Prior to 1922 includes securities, if any, purchased from other Federal reserve banks, in addition to purchases in open market, separate figures not being available.2 Exclusive of securities sold by Federal reserve banks under repurchase agreement and subsequently repurchased, as follows: Boston, $700,000, New York, $3,700,000; Philadel-

phia, $300,000; Cleveland, $1,000,000; Richmond, $100,000; Atlanta, $100,000; Chicago, $1,400,000; St. Louis, $300,000; Minneapolis, $400,000; Kansas City, $500,000; Dallas, $500,000;San Francisco, $1,000,000. Total, $10,000,000.

CD


No. 64.—UNITED STATES CERTIFICATES OP INDEBTEDNESS: VOLUME OF SPECIAL TEMPORARY CERTIFICATES ISSUED TO FEDERAL RESERVEBANKS BY THE SECRETARY OF THE TREASURY


CDOO


Boston.New YorkPhiladelphiaCleveland _ . _.

Richmond _ __AtlantaChicago _ _St. Louis .

Minneapolis - . . _Kansas CityDallasSan Francisco

Total

March

29,000371,000

15, 5006,000

18,0002,000

10, 000

451, 500

June

11,00047,0005,0005,000

11,0005,000

2,000

86, 000

September

15,000201,000

4,000

220,000

December

4,000259,000

Year-

1924 1923I

59,000878,000

20, 50011,000

i 33.000

263,000

7,000

2,00010, 000

1,020, 500

155,000758,00094,000

325,000

10C, 50054,500

311,50070,500

47,00073, 50024,000

161,000

2,174, 500

1922

56,5001,403,500

104,000122,000

32,000

189,00098,000

15,50027,0006,000

95,000

2,148, 500

1921

156,0002,077,000

141,000343,000

37,0007,000

138,00036,000

4,0003,000

51,100

2,993,100

1920

471,0003,836,000

311,000831,000

84,00017,000

800,00059,000

140,000112,000176,000425,000

7,262,000

No. 65.—REDISCOUNTS AND SALES OF BILLS AND SECURITIES BETWEEN FEDERAL RESERVE BANKS: VOLUME OF OPERATIONS

ACCEPTANCES PURCHASED FROM OTHER FEDERAL RESERVE BANKS


Month

1924JanuaryFebruarvM. arch\prilJune

Total

3,66118, 3462,648

252,506

Boston • NewYork

5953

2.64825

Philadel-phia Cleveland Rich-

mond Atlanta Chicago St. Louis Minne-apolis

3,006

KansasCity

3,005

Dallas

3,60212,282

2,506

SanFrancisco

1

WO


Total: 1924..1923..1922..1921..

1920-1919..1918..1917..

27,186105, 22586, 61858,646

212, 547424,577336,590170,072

10,090

10, 671

30, 673

2,7859, 008111

6,7095,047

11,06715, 82750,18219,659

! 6,796 !| 53,462 i

6,823 i 25,094 !

391 13, 380

35,149

42,321 !15,204 j

72,710 j_55,300 i54,199 !40,102 '

5,080 i331 i

5,018

5,065 I2,514 ;

1,005 i

5,09095,477100,0775,572

13,2,432105

1,000

40, 3204,5516,944

3,006 3,0052,002

19,282 i25,911 I16,675 i

5,04945,09919,0479,264

18,39057,92314,668

10,0778,24225, 333

3,2035, 27215,058

47, 722133,05022,50620, 249

U N I T E D STATES SECURITIES PURCHASED FROM O T H E R F E D E R A L RESERVE BANKS i

1924JanuaryAprilJuneJuly

Total : 192419231922

8,8915,204

35, 7685, 587

55, 45054,149

127,046

953

307

1,260

6,150

618

27, 003

27, 62112, 67441, 946

909

657

1,566

3,250

1,101

3581,643

3,102

5,984

465

465

545

329

8746,500

1,849

512657

3,01825,0008,100

397

9901,643

3,0304,4004,400

3062,602

153

3,061

3862,6021,289

329

4,695

!4,2772,400

450

5,0242,000

1,033

461658

2,1521,175

56,766

BILLS DISCOUNTED FOR OTHER F E D E R A L RESERVE BANKS

Total: 19211920191919181917

999,1533,460,2452, 233, 677

324,04845,195

204,150969,884

13,189

595, 500479, 58140,00017,49925 185

5,000144, 579

24,044

194,5031,406,172

229,01782,916

52,0005,000

168, 5001,328,338

100,321

13,000140, 209

4,5005,000

40,029428, 613

73, 5515,007

20,0005,0006,0005,003

143,00057, 500

5,000

23,500

2,028

i Separate figures of securities (if any) purchased from other Federal reserve banks prior to 1922 are not available, such transactions being included with securities purchased inopen market.

wood

o

>HM

o

CO


GOLD SETTLEMENT FUND

No. 66.—GOLD SETTLEMENT FUND: SUMMARY OF TRANSACTIONS THROUGH THE FUND




RichmondAtlantaChicagoSt Louis


Year: 19241923192219211920

19191918191719161915

BalanceJan. 1

32,882109,81429,93968,752

40,96317,773

106,90035,273

23,54547,05412,33945,854

571,088554,362522,063357,278329,737

401,926311,644169,74077,7600)

With-drawals

602,710505

67,405

552,0002,025

14,3002,188

14,3948,000

763,532624,344466,218652,011539,684

392,293102,433382,858136,55025,580

Deposits

38,150459,500172,05018,000

51,96843,82115,92029,500

7,90042,50015,100

113,000

1,007,4091,215,3661,215,8311,880,6341,186,940

1,124,304693,181966,556301,570155,800

Transfersto agent's

fund

70,000325,000184,00024,000

75,000143,000

36,666

33,25047,00051,000

170,000

1,158,2501,140,0001,326,816l;651,2101,118,300

1,479,6401,512,297

852,88194,52052,460

Transfersfrom

agent'sfund

15,000475,00020,50070,000

10,00037,500

216,0002,000

12,750

29,666135,000

1,022,750565,704609,502587,372498,585

675,4401,011,831

411,08721,480

Interbank transfers

Debits

68,000105,07090,500

121,500

53,00053,500

328, 50014,000

22,5009,0007,000

47,000

919,570,1,039,150'1,153,975

3,289,0817,551,585

7,930,8594,812,1052,643,846

(2)(2)

Credits

18,600612,00024,50016,700

19,00010,00015,20055,000

6,00051,50035,07056,000

919,5701,039,1501,153,9753,289,0817,551,585

7,930,8594,812,1052,643,846

(2)(2)

Clearings

Netdebits

337,058

45,914

41,9471,082

80,467

506,468389,239748, 639

1,150,0021,565,839

3,526,2742,670,3392,154,721

223,87085,697

from Jan. 1, 1924, to Dec. 31, 1924,inclusive

Totaldebits

9,039,30029,681,3108,579,7027,455,042

5,733,7753,285,493

14,036,5486,315,416

2,037,9354,696,1573,176,0003,661,647

97,698,32589,614,73375,335,98764,934,80185,074,220

66,053,39345,439,48724,319,0605,533,9661,052,649

Totalcredits

9,104,94429,344,2528,638,8557,534,653

5,758,5673,385,868

14,174,0176,269,502

2,077,3594, 654,2103,174,9183,581,180

97,698,32589,614,73375,335,98764,934,80185,074,220

66,053,39345,439,48724,319,0605,533,9661,052,649

Netcredits

65,644

59,15379,611

24,792100,375137,469

39,424

506,468389,239748,639

1,150,0021,565,839

3,526,2742,670,3392,154,721

223,87085,697

Balancein fundat closeof busi-

nessDec. 31

32,276286,47631,13740,158

18,72312,964

110,98923,834

19,56940,91918,03344,387

679,465571,088554,362522,063357,278

329,737401,926311,644169,74077,760

Net changes inownership of goldthrough inter-bank transfersand clearings

Loss

6,84725,189

9,208

175 8314,914

71,467

293,456

Gain

16,244169,872

56,875

22,924553

26,988

293,456

oo

g

I

3wo>

i Established May 20,1915. 2 Included in settlements.


GOLD SETTLEMENT FUND 101

No. 67.—GOLD SETTLEMENT FUND: CLEARINGS AND TRANSFERS, BY WEEKS


Week ending- Totalclearings

Totalinterbanktransfers

Tota .clearings and

transfers

Jan. 2 (1 day)_

16.23.30.

Feb. 6.13.20.27.

Mar. 5 .12.19.

1924

Apr. 2.9.

16.23.30.

May 7.14.21.28.

June 4.11.18.25.

July 2.9.

16.23.30..

Aug. 6.13..20.27..

Sept. 3 . .10..17..24..

Oct.15.22.29.

Nov. 5.12.19.26.

Dec. 3 . .10..17.24..31..

Total: 1924..1923..1922..1921..1920..

19191918191719161915 (from May 20).

437,0191, 954, 4901,907, 9131, 838, 3751, 771, 235

1, 723, 3081, 587, 5812,006,1021, 682,090

1,889, 7581, 730, 5162, 059, 5181,973,4771,792, 5231, 704,0631, 928,1731, 908, 5481, 855, 322

1, 925, 9431, 695,3961,899, 6211, 761, 324

1, 566, 7821, 675, 3212, 231,9901, 861, 9441, 945,0731, 566,9971, 804, 5141, 757, 5601, 770, 554

1, 771, 5711, 725, 2481, 897,1831, 689,183

1, 428,1901, 714, 7341, 966, 7502,032,883

1,825, 3091,871, 6801, 758,8422,263, 3611, 995, 343

1,847,1921, 938, 5302, 340,1542,119, 3511,893, 7672,041, 2202, 244, 2752, 208,1361,912,393

97, 698, 32589, 614, 73375, 335, 98764,934,80185,074, 220

66,053, 39345,439,48724,319, 060

6,0009,5002,000

13,000

15, 00014, 5001,00016,000

6,00016, 50055,80053,000

5,00026,0005,00012,000

11,00011,00032, 500

14,00012, 50049, 50022,000

22,00021,0009,5009,0703,000

1,0001,000

11,00058, 50042, 500

2,00013,0006,00016,5007,500

8,50034, 70022,5009,500

7,00037,500113,00049,5005,000

919, 5701, 039,1501,153,9753, 289,0817, 551, 585

7,930,8594, 812,1052, 643,846

443,0191,963,9901,909, 9131,838,3751, 784, 235

1, 738,3081,602,0812,007,1021,698,090

1,895, 7581,747,0162,115,3182,026,477

1, 792, 5231,709,0631,954,1731, 913, 5481,867, 322

1, 936,9431,706, 3961,932,1211, 761, 324

1, 580,7821, 687,8212, 281,4901,883, 9441,967,0731, 587,9971,814,0141, 766,6301, 773, 554

1, 771, 5711, 725, 2481,898,1831,690,183

1,428,1901,725, 7342,025, 2502,075, 383

1, 827, 3091,884,6801, 764,8422, 279,8612,002,843

1,855, 6921,973, 2302, 362, 6542,128,851

1,900, 7672,078, 7202,357, 2752,257, 6361,917, 393

98, 617, 89590, 653,88376,489,96268,223, 88292,625,805

73,984, 25250, 251, 59226,962,9065, 553, 9661,052,649


102 ANNUAL REPORT OP THE FEDERAL, RESERVE BOARD

FEDERAL RESERVE AGENTS' GOLD FUND

No, 68.—SUMMARY OF TRANSACTIONS THROUGH THE FUND


Federal reserve agent at—BalanceJan. 1

With-drawals Deposits

Transfersto bank

Transfersfrom bank

Balance atclose of

businessDeo. 31

1924

Boston - .New YorkPhiladelphiaCleveland

RichmondAtlanta — .ChicagoSt. Louis _.


Year: 1924.1923.1922.1921.1920.

1919.1918.1917.1916.1915.

118,000316,000153,889201, 000

66,29583,000

376, 64436, 000

40,00038,36014,500

205,206

1,648,8941, 681, 0981,394,884

896, 692886,327

928,497496, 604102, 58056,8C00)

170,000 115,000

170,00010,000

69,00057,000

37,000

1,00038,00018,00056,000

12, 500

~ii~666~

15,000475,000

20, 50070,000

10,00037,500

216, 0002,000

12, 750

70,000325,000184,00024,000

75,000143,000

29,000135,000

36,000

33,25047,00051,000

170,000

626,000755, 000924, 000

1, 589, 5001, 060, 700

1, 011, 370103, 59456, 59027, 320

149, 500148, 500492,900

1,023,854451,350

165,00035,0218,820

4,400

1,022, 750565, 704609, 502587,372498,585

675,4401, 011, 831411, 08721,480

1,158,2501,140,0001,326,8161, 651,2101,118,300

1,479, 6401,512,297852,88194,52052,460

118,000166,000147,389145,000

74, 795131, 500160, 64444,000

59,50058, 36018,500

184, 206

1,307,8941, 648,8941, 681,0981,394,884

886,327928,497496, 604102, 58056, 860

i Established Sept. 8, 1915.


CLEARING OPERATIONS

No, 69 .—OPERATIONS OF THE F E D E R A L R E S E R V E C L E A R I N G SYSTEM

[Numbers in thousands. Amounts in thousands of dollars]



RichmondAtlanta . . . _.ChicagoSt. Louis


Total: 19241923.

Items drawn on banks in—

Own Federal reservebank city

Own Federal reservebranch cities l

Num-ber Amount

33,70816,2468,621

1,760•1,608

15,1516,575

9, 937,37153, 957, 20915,041, 9145, 533, 735

4,294,1421,298,314

12,195,2224, 771,022

Num-ber

2,641

3, 772 1,929, 7954,311 3,133,5821,933 2,312,6963, 915 5, 096,467

106,28394, 643

9,653

3,7383,5054,5893,254

3114,3321,499

10, 979

119,501,469 i 44,501108,479, 604 42,842

Amount

1,453,370

12,632,303

2,681,9894.351,6234,585,7263,037,529

173,3582.054,6241,119,3095,097,462

37,187,29335,411,949

District o u t s i d eFederal reservebank and branchcities

Num-ber

54,89570, 92933,41043, 699

34,75916,00766,24732,431

19,92447,06827, 27552, 089

498, 733465, 736

Amount

5,865, 8069, 577, 3984,262, 6544,456,059

4,649,6391,696,8625,333, 5621,865,942

1,102,4433,259,3392, 920, 3273, 204, 782

Other Federal re-serve districts(forwarded di-rect to draweebank)

Num-ber

131

48,194,81348,146, 789

Amount

Items drawn onUnited States

Treasurer

Total items handled (exclusive of dupli-cations)

Num-ber

1,83911,3361,932

19, 505 2,383

1,3501,4975,1252,260

9372,043

7732,814

58,4533,132

196190

81,09085, 996

34, 28935,803

Amount

186,5221, 364, 921

270, 717245,396

152,650154, 707629,072182, 679

103,970258,577

89, 280521, 795

4,160, 2864, 511, 735

Number Amount

1924

65,417118, 614

51, 58864,487

41,60722,61791,11244, 520

25,00457,75931,48069, 797

1923 1924

60,385 ! . ,111,142 66,352,89845,498 19, 575,28564,049 22,886,998

-I-

41,93421,23383,20242,649

26,26852,82829, 50860,518

684,002639, 214

11,778,4207,501,506

22,743, 5829,857,172

3,368,0198, 709,2546,441,612

13,920, 506

1923

14, 529,54363,375,38414, 559, 74823, 367,865

11,584,3727,138,692

22,494,3559,437,991

3,114,9677,692, 5856,072,620

13,267,951

209,124,951196,636,073

Q

O

HO

1 For list of Federal reserve branch cities, see p. 108.

OCO


No. 69.—OPEKATIONS OF THE FEDERAL RESERVE CLEARING SYSTEM—Continued

[Numbers in thousands. Amounts in thousands of dollars]


Boston..New Y o r k . . .Philadelphia.Cleveland

Richmond.AtlantaChicagoSt. Louis. . .

1924

MinneapolisKansas City. . .DallasSan Francisco..

Total: 1924..1923..

Items forwarded to—

Branches in own dis-trict, by head office

Number Amount

332

476661180162

13821588

1,964

5,7876,010

65, 443

158,610

101, 699129,02222,41513,885

1,671159, 53473, 332228, 688

954,2991,016,183

Head office, by Other Federal reservebranches I banks and their branches

Number Amount Number Amount

356

574

35453105

14432151584

3,4433,824

215, 694

141,623 j

95,354 !423,261 !23,645 I7,265 |

14,525 I253,682 !23,337 !113, 560

1,311,9461, 269, 507

2,74917,5517,4222,388

3,8761,6675, 7391,006

1,1882,9641,0742,022

49, 64648,454

57C, 0142,044, 8361, 219, 944

687, 506

1, 279,159596,859491, 22187,963

268, 680663,531148,438382,832

8,440,9838, 797, 766

Total items handled (including duplications)

Number

1924

68,166136,853

59, 01068, 039

46, 77925,29997,08445, 793

26, 21961,97633, 29374, 367

742, 878

1923

63,158129,130

51, 32567, 433

47, 22523, 95688,64943, 736

27, 43358,56631,44965,442

697, 502

Amount

1924

16,559,71368, 678, 87120, 795,22923, 874, 737

13, 254, 6328, 650, 648

23, 280, 8639,966,285

3, 652,8959,786, 0016, 686, 719

14, 645, 586

219,832,179

1923

15,169,48365, 8J)5, 63215,808,12924, 354,352

13,111,8248, 251,381

23,074,2439,547,434

3,383,3658, 817.1686, 329, 983

14,066, 535

207, 719, 529

I


CLEARING OPERATIONS 105

No. 70.—MEMBER BANKS AND NONMEMBER BANKS ON PAR LIST AND NOT ONPAR LIST: NUMBER IN EACH STATE ON DECEMBER 31

State

New England States: -MaineNew HampshireVermontMassachusettsRhode IslandConnecticut

Eastern States:New YorkNew JerseyPennsylvaniaDelawareMarylandDistrict of Columbia

Southern States:VirginiaWest VirginiaNorth CarolinaSouth Carolina..GeorgiaFlorida _.KentuckyTennesseeAlabamaMississippi ..Arkansas __ __ ._LouisianaTexas _ .

Middle Western States:OhioIndianaIllinoisMichiganWisconsinMinnesota __ . .IowaMissouri __

Western States:North DakotaSouth Dakota _.NebraskaKansas...MontanaWyomingColorado. _ _New MexicoOklahoma.. _

Pacific States:WashingtonOregon _ _. _ __ _.CaliforniaIdahoUtahArizonaNevada. ._ ._

Total . .

Member banks

1924

625446

1822166

632313953

229115

19614295

100172

6914712012644

12647

751

447268583286187364446192

17413318726513039

14436

430

158137300101492311

9,682

1923

645547

1832067

620299939

229415

19514297

103184

7114912213239

12650

754

456272591284187375455192

18814719427816449

14646

465

165136319110

522511

9,896

Nonmember banks *

On par list

1924

49153571

874

276141659

35170

33

240198100297577

442268

3525

28044

807

661832

1,300526645654

1,2891,363

285279766

1,03211160

18835

373

177114375

72663323

15,445

1923

48143471

870

262133650

35168

38

296204157

287669

453306

3528

33352

882

658830

1,319559733908

1,3711,416

431396783

1,04614678

20343

417

199115417

74654325

16, 725

Not on par list»

1924

8910

349267387159

17206195274

77171

68

81883

162403

3332

224144171

59

11735

2927

1

3

3,647

1923

373

308289420147

8168187274

32179

14

17

114782

1952020

88110168

17

10646

1725

2

3

2,896

1 Incorporated banks other than mutual savings banks.


No. 71.—MEMBER BANKS AND JNONMEMBER BANKS ON PAR LIST AND NOT ON PAR LIST: NUMBER IN EACH FEDERAL RESERVEDISTRICT AT END OF MONTH

Total


MayJuneJuly—.August .

Mem-ber

banks

9,8759,8569,820

9,7859,7639,7459,733

September 9,718October , 9,708November i 9,700December I 9,682

December, 1923December, 1922December, 1921December, 1920December, 1919December, 1918

9,9169,8419,6299,066

J 8,692

Nonmemberbanks

O n parlist

16,48416,33716, 24616,119

15,98115, 89615, 82015, 736

15, 66215, 60115, 52415,445

16, 72517, 82218,10219,13916,49910, 305

Not onpar list

3,0133,0843,1423,185

3,2403,3013,3533,419

3, 4963,5503,6123, 647

2,8962,2882, 2631,7553,99610, 247

Boston New York Philadelphia

Mem-ber

banks

424421421421

On par Not onlist par list

Nonmemberbanks

420420420420

424427436436432423

230232232232

421 i 232421 I 232422 I 231421 I 232

232232234234

228259257255245246

Mem-ber

Nonmemberbanks

banksiOnparNotonlist par list

837 |840 I846 |

850851849851

853853858859

800 I783 I753723 I

363362360360

362367370370

375379379381

360343334329322339

Mem-ber

banks

Nonmemberbanks

On par Not onlist ipar list

724724727 {730 |

731 '732735736

738740742743

725717704698678661

516516518518

516518519522

520518519519

514486473439415329 1 102

Cleveland

Mem-ber

banks

877876877

874874874873

873872871872

881884871843814

Nonmemberbanks


1,076 i1,0771.078 i1,076

1,0781,0771,0761,077

1,0781,0781,0801,075

1,071 j1,085 !1,085 I1.079 I.1,085 L

728 j

Richmond

7 i10 j

5 i1 !1 I

1411

Mem-ber

banks

630629628627

627627627624

623624624624

631634626610585565

j Nonmemberbanks


851841831826 |

824813793771

753745742743

865962990

1, 266485351

646651662665

669679691710

723726724715

637568577334995

1,156

Atlanta

Mem-ber

banks

534537533533

532530527524

520520518516

535543515462426426

Nonmemberbanks

3nparlist

375375381382

383380379379

378379373383

380380390408355209

Not onpar list

1,1,1,1,

1,1,1,1,

1,1,1,1,

1,1111

i 1

129125124115

113113109109

109108125105

127129156233219345

owH

d

F

<

wQ


Chicago St. Louis

Mem-ber

banks

January. .February-MarchApril

1924

M a y .June.July.

Noninember I I Nonmemberbanks , I banks

Mem- jber I

banksNot onpar list j

1, 4351,4371,4321,432

1,4331,4271,428

August j 1,427

September . . . | 1,426October ( 1,424November 1,423December 1,419

December, 1923._ _ . . . ! 1,435December, 1922 ! 1,443December, 1921 1,443December, 1920 ! 1,421December, 1919 I 1,374December, 1918 | 1,334

4,0904,0744,0504,043

4,0094,0033,9883,985

3,9803,9673,9523,927

4,1054,2464,2354,2663,8962,392

129141149150

174179187187

187195203218

114

2931, 805


630630631633

633631629629

629630631628

630610588571538514

2,344 j 2492,333 2612,318 2712, 308 i 280

2,3002,2872,2732,259

2,2502,2442,2362,225

2,3732,4672.4892, 5142,3091, 046

280292306316

321325328332

233159167188355

1 1, 600

Minneapolis

Mem-ber

banks

975969956950

945940930928

921915907

9791,0141,0241,009920867

Nonmemberbanks

On par i Not onlist par list

1,9721,8951,8631,796

1,7301,6991,6821,637

1,5991,5691,5351,498

2,0852,5962,6352,8911,8791.169

513555576

632650664704

750784816853

445188154

1,0251 1, 743

Kansas City

Mem-ber

banks

1,1371,1331,1261,115

1,1051,1031,0971,094

1,0901,0891,0881,086

1,1461,1521,1031,0871,038994

Nonmemberbanks

On parlist

2,8382,8202,8142,798

2,7792,7692,7652,764

2,7642,7582,7502,747

2,8583,0073,0913,3913,3462, 200

Not onpar list

199199199197

195197201200

202204207204

196165185

1979

Dallas

Mem-ber

banks

863859848

846842842843

842842840838

863861861850756727

Nonmemberbanks

On par j Not onlist par list

944934925 |911

905

877872862

958 !1,045 !1,151 !1,274 L1,220 |.

247 |

102111118

121132136137

142145146153

955223

1947

San Francisco

109U59

O

3O

i Approximate figures.NOTE.—Nonmember banks not on par list comprise all incorporated banks, other than mutual savings banks, that have not agreed to remit at par.


OPERATIONS OF BRANCHES

No. 72.—BRANCHES OF FEDERAL RESERVE BANKS: VOLUME OF OPERATIONS

o00


Federal reserve branch and district number

No. 2.-No. 4.

No. 5.No. 6.

No. 7.No. 8.-

No. 9.-No. 10.

No. 11.

No. 12.

-Buffalo-Cincinnati

Pittsburgh-Baltimore—Birmingham

JacksonvilleNashvilleNew Orleans

-Detroit.-Little Rock

LouisvilleMemphis.. _

-^Helena.—Denver

Oklahoma City-Omaha

.—El PasoHouston-Los AngelesPortlandSalt Lake City. .SeattleSpokane

Billsdiscounted

2,585

Total: 1924.1923.

9,446

13,6255,9368,1833, 34213,0084,8478,977

11,5545,3473,4195,7374,2277,007678

4,575

112,493167, 312

Currencyreceived

andcounted

39,454,00029, 495, 00053, 581,00047, 245,00014, 619,00016, 828,00011,310,00022, 750,00054,315,0008, 025,00022, 203,00017, 792,0002, 270, 0006, 369,0004, 454,0004, 804, 0004,137, 00010,120, 00040, 015, 0005,192, 0003, 352,0008, 358,0001,491,000

428,179,000395, 965, 000

Coinreceived

andcounted

15,417,00053, 827, 00026, 327, 000138, 365, 0009,486,00010, 904, 0002, 258, 00021, 272, 00030, 519, 0005, 824,00013,140,0008, 357, 000

694, 0007, 578,0004,197, 0003, 465, 0004,195, 0007,828,000

11,075,0003,998, 0001,196,0006,180, 000

401, 000

386, 503, 000352, 748, 000

Checkshandled

10,973,00016,246,00021, 506, 00017,357,0004,529,0004, 692, 0004, 423, 0003, 663,00015, 321, 0005, 013, 0008,168,0003, 675,0001, 933, 0008, 210, 00016, 318,00010,169, 0002, 617, 0006, 644,000

38, 574, 0005, 477, 0007,008,0006, 079, 0004, 027, 000

Noncash collection itemshandled

Governmentcoupons

222, 622,000207,187, 000

297,0001,573,0001, 464, 000

891,00092,00097,000

118,000448,000761, 00082,000

542, 000157,00094, 000

419,00084,000

360, 00047, 000

178,000860,000440,000185,000436, 000212, 000

9, 837,00012, 449, 000

All other

Fiscalagency—is-

sues, redemp-tions, and ex-

changes ofUnited States

securities

149,00024,00047, 00075, 00014,00030, 00026, 00029, 00081,00025, 00038, 00043,00028, 00043, 00062,00035, 00021, 00029,000122, 00016, 00068, 00032,00017, 000

1,054,0001, 072, 000

41, 000987,000320,00054,000110, 000151,000140, 000148, 000301,00048, 000134,0009,00052,000123,000184,000199, 0004,00015, 000178,000180, 00041, 000278,00066,000

3, 763,00029, 699, 000

Transfers offunds

12,00021,00015,00027,0006,0007,0006,000

14,00030,00013,00013, 00011,0009,000

11,0009,000

33,00011,00022,00034,00014, 00019, 00013,0008,000

358,000345, 000

Envelopesreceived anddispatched

513,000597,000616,000757,000251,000262,000247,000383,000662,000302,000383,000313,000261,000441,000685,000851,000210, 000372,000597,000341,000319,000210,000263,000

9, 836,00010,215,000

sI

wo


AMOUNTS OF ITEMS HANDLED

Federal reserve branch and district number

No. 2.-No. 4.-

No. 5.-No. 6.-

No. 7.-No. 8.-

No. 9 -No. 10.

No. 11.

No. 12.

-Buffalo-Cincinnati

Pittsburgh-Baltimore-BirminghamJacksonvilleNashvilleNew Orleans

-Detroit-Little Rock

LouisvilleMemphis

—Helena—Denver

Oklahoma City.Omaha ___

—El PasoHouston

.—Los AngelesPortlandSalt Lake City. .SeattleSpokane

Total: 1924..1923..

Bills dis-counted

$531,195,000

"219,768,666

200,245, 000349,952,000

58, 790,000162, 531,000110,077,000

7,473,00036,869, 000

54,941,00017, 577,00019, 980, 00061,494,00064,146,00097, 345, 00038,796, 00033,048,000

2,-064,227,0004,281,332,000

Currencyreceived and

counted

$202,103,000128,348,000388,191,000252,407,00056, 026,00068,056,00035, 918,000107, 920, 000428,437,00034, 258,000117,446,00064, 020,00020, 879,00042, 624, 00022, 575,00026, 803,00031, 620, 00045, 335, 000207, 577,00046, 035,00029,198, 00068,426,00011,167,000

2,435, 369,0002,404, 372, 000

Coin receivedand counted

$3,107,0006,398,0002, 596,00010, 768,0001,059,0001,197,000468,000

3,101, 0004,190,0001, 001,0001. 770, 0001, 735,000461,000

2,476, 000806, 000

1,193,0004,436, 0001,343,0007, 528,0001, 593,000786, 000

1,844,000226,000

60,082,00055, 574,000

Checkshandled

$2, 671,266,0005, 675, 557,000

10, 264, 615, 0004,285, 501,0001, 589,952,0001, 547, 530, 0001,487,420,0001, 901, 903, 0005,654,514,000

865, 308, 0002, 329, 900, 000

706,803,000330, 765,000

1, 530, 944,0002, 051, 598,0001, 239,494, 000

348, 582,0001, 564, 535, 0004,897, 689,0001,421,212, 000

872,033, 0001,032, 576,000

494,143,000

Noncash collection itemshandled

Governmentcoupons

54,763,840,00053,197,150, 000

$3,078, 00016,423,00021,183,000

9, 529,000592,000681,000706,000

4,253,00010,976,000

450, 0004, 930, 0001,152,000

587,0004,190, 000

589,0002, 027, 000

239,0001,157,0008,116,0003, 606,0001,126,0003,255,000], 082,000

99,927,000107,134,000

All other

$89,076,00038, 668,00038, 687,00079,303, 00038,402,00018, 707,00028,344,00032,399, 00098,719,00023, 622,00040,186, 00076, 344, 00011,336,00035, 646, 00043,489,00036, 998,00012,058,00064,383,00063, 555,00022,147,00034,012,00039,432,000

9, 629,000

975,142,0001,069,929,000

Fiscal agency-issues, redemp-

tions, andexchanges of

United Statessecurities

$3, 667,00037,784,00070,210,0004,104,000

419,000612,000609,000

19,330,00031,889,000

1,172,0004, 695,0001,033,000

202,0005, 843,0001, 279,0003, 621,000

61,000181,000

12,329,0008, 636,000

842,00010, 908,000

1, 799,000

221, 225,000415,246,000

Transfers offunds

$696,751,000489, 593,000828,247,000

1,013, 627,000147,440,000125,107,000106, 666, 000539,247,000

2.881,684,000' 302, 546,000574,966,000414,834,000131,266,000350,429,000215,948,000954,446,000181,194,000

1,094,058,0003,026,892,000

554, 708,000" 428,204,000

746, 507,000148, 761,000

15,953,121,00013,281,545,000

1

§

oW

NOTE.—Currency received and counted during 1924 by agencies of the Federal Reserve Bank of Atlanta: Havana, Cuba, agency—2,899,000 pieces, amount $23,367,000; Savannah,Ga., agency—2,502,000 pieces, amount $10,149,000.

OCO


BANK PREMISESNo. 73.—COST OF BANK PREMISES OF FEDERAL RESERVE BANKS TO DECEMBER 31, 1924

NEW BUILDINGS CONSTRUCTED BY FEDERAL RESERVE BANKS AND NOW OCCUPIED AS BANK QUARTERS

Federal reserve bankor branch

BostonNew York:

Main building'" Annex building._.Cleveland.RichmondAtlanta.. . .Jacksonville.-.New OrleansChicagoMinneapolis

Kansas CityOklahoma City.Dallas 5 .__El PasoHoustonSan Francisco..

Total

Cost ofland, in-

cluding oldbuildingsutilized or

demolished,net

i $1,246,726

4, 850, 210592, 679920,490202, 025283,00045,842

201,2502, 963, 548

600, 521

495, 30065,021

181,12039,00366, 312

412, 996

13,166,043

Cost of buildings

Buildings,exclusive ofvaults, fixedmachinery,and miscel-

laneousexpense

$2, 561, 954

8, 672,4211, 221, 2444, 591, 9641, 603,0641, 023, 279

162,335565, 551

4, 789, 5291, 625,157

2, 815,078304,095909, 564

73, 618234, 751

'2, 623, 795

33, 777,399

Miscel-laneous

expenses,includingarchitect's

fees

$220,062

1, 678, 352190,631910, 669128, 86195, 06213, 74870,095

356,840338, 758

243, 94729,39594, 8744,867

15, 687268,416

4, 660,264

Vault con-struction

$760,587

316,3803,715

538, 82717,12663,10810, 79149,347

436,821325, 205

96,38132,90032, 5323,410

15,065114, 590

2,816, 785

Vaultequipment

(2)

$751,229315

593, 980282,393174,03724,10453,410

633, 915(2)

235, 69543,500

132,28029, 92418,810

136,135

3,109, 727

Fixed ma-chinery andequipment

•

$662,157

2,446,853120,300

1,423,366410,409175,27925,956

157, 5801,276, 579

482,848

777, 94067,866

325,45710,37459,284

696,007

9,118, 255

Total costof buildings

$4,204, 760

313,865, 2351, 536,2058,058, 8062,441,8531,530,765

236,934895,983

7,493, 6844 2, 771, 968

4,169,041477,756

1,494, 707122,193343,597

6 3,838, 943

53,482,430

Total costof land

and build-ings

$5,451,486

18, 715,4452,128,8848, 979,2962, 643, 8781,813, 765

282, 7761,097,233

10,457, 2323,372, 489

4,664,341542,777

1, 675,827161,196409,909

4, 251, 939

66, 648,473

Deprecia-tion charges

$1,261,311

4,130,352521,079

2, 571, 217566,026431,962

55,467259,166

3,008, 640558,377

1,388,871107,105324,863

28,49160,265

1,076, 647

16, 349, 839

Book value,net

$4,190,175

14, 585,0931, 607,8056,408,0792,077,8521,381,803

227,309838,067

7,448, 5922,814,112

3,275,470435,672

1,350, 964132, 705349,644

3,175, 292

50,298, 634

Remarks

Occupied March, 1922.

Occupied October, 1924.Occupied May, 1921.Occupied August, 1923.Occupied October, 1921.Occupied October, 1918.Occupied June, 1924.Occupied October, 1923.Occupied July, 1922.Occupied in part December,

1924.Occupied November, 1921.Occupied April, 1923.Occupied March, 1921.Occupied August, 1920.Occupied February, 1922.Occupied December, 1923.

SH

O

BUILDINGS PURCHASED BY FEDERAL RESERVE BANKS AND NOW OCCUPIED AS BANK QUARTERS

(Amounts shown under "Cost of land" represent total original cost; figures shown in columns 2 to 7, inclusive, represent cost of additions and remodeling)

New York (No.Gold Street).

Philadelphia.Pittsburgh.Baltimore 7.

91,11933,657

$962,91294, 765

()$175,950

$3,004

213,99811,370

$11,847

1, 539,831481,454

$103,562

2, 546,984996,454201,023

$53,562

1,433,00698, 55721,023

$50,000

1,113,978897,897180,000

Occupied November, 1921.

Occupied December 1917.Occupied February, 1920.Occupied March, 1918.


NashvilleLouisville..Helena. _

Total

83, 704202,877

14,925

2,116, 397

124,953103,28957, 643

731, 572

11,6648.520

12,876

158, 507

11, 98726,1489,266

976,164

28,05513,34666, 580

412,845

24,35316 02916,109

284,863

201,013s 167,332

162,474

2, 563,951

284, 717370,209177 399

4,680,348

77, 38160,82490, 747

1,835,100

207, 336309, 38586, 652

2,845,248

Occupied December, 1922.Occupied June, 1919.Occupied February, 1921.

Birmingham _.DetroitSt. Louis - .

Little Rock

Denver

Omaha

Salt Lake 'City '.

T o t a l -

$125, 509650,000

1,304,874

85,007

101,512

9 176,236

114,075

2, 557,213

]

$1, 296,485

136, 599

1,433,084

BUILDINGS IN COURSE OF C O N S T R U C T I O N A N D

$243, 588

20,104

556

451

264, 699

B U I L D I N G S O C C U P I E D BY T E N A N T S

Cincinnati

Baltimore

Total

Grand total forall banks andbranches.

$380, 744

251, 343

632,087

18, 471, 740 $35, 942,055 $5,083,470

$132, 299

25,967

158,266

$27, 500

11,440

38, 940

(AMOUNTS SHOWN

$3,951,215 $3, 561, 512

$307,172

20, 312

327,484

U N D E R "

$9,730,602

$2,007,044

214,422

556

451

2,222,473

COST OF

$58,268,854

B U I L D I N G SITES

$125, 509650,000

3, 311, 918

299,429

102,068

176,687

114,075

4, 779, 686

$745,000

21, 512

14,075

780, 587

$125, 509650,000

2, 566, 918

299,429

80, 556

176,687

100,000

3, 999,099

Construction not authorized.Do.

Estimated cost to complete,$l,492,000.io

Estimated cost to complete,$127,774.10

Estimated cost of proposedbuilding, $491,626.10

Estimated cost of proposedbuilding, $457,170.10

- Estimated cost of proposedbuilding, $25 0,000.

L A N D " R E P R E S E N T T O T A L ORIGINAL COST)

$380, 744

251,343

632,087

76,740, 594

$113, 744

63, 343

177,087

19,142,613

$267,000

188,000

455,000

57, 597,981

Will remodel or erect newbuilding.

New building proposed.

1 After deduction of profit of $150,000 realized on sale of property purchased in 1918.2 Included in cost of vault construction.3 Estimated cost to complete, $752,076.* Estimated cost to complete, $173,093.* Exclusive of property purchased in 1915 for $98,400 and remodeled at a cost of $53,336, which was sold in 1922 for $130,000 after removal of about $18,000 of material used in

new building.e Exclusive of cost ($239,749) of remodeling old building for temporary occupancy.7 Will be sold if new building is erected.s Estimated cost to complete, $30,549.* Represents book value ($175,000) of property purchased in 1920, which was exchanged in 1924 for present property, plus incidental expense. Cost of original property, including

cost of remodeling, was $205,350.io Includes estimated cost of vault and of permanent equipment.No bank buildings or sites therefor have been acquired for the following branches and agencies: Branches—Buffalo, Memphis, Los Angeles, Portland, Seattle, Spokane.

Agencies—Savannah, Havana (Boston), Havana (Atlanta).

gmfc=JCO


EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS

No. 74,—EARNINGS AND EXPENSES or FEDERAL RESERVE BANKS DURING 1924

Total

Discounted bills ___i$15,942,845Purchased bills 5,709,809United States securities... | 14, 712, 593Deficient reserve penalties j 381, 619Miscellaneous ., 1,593,583

Total earnings 38,340,449

CURRENT EXPENSESSalaries:

Bank officersClerical staffSpecial officers and watchmenAllother

Governors' conferencesFederal reserve agents' conferencesFederal Advisory Council-_.Directors' meetingsTraveling expenses 1

Assessments for Federal Reserve Boardexpenses

Legal feesInsurance (other than on currency and

security shipments)Insurance on currency and security ship-

mentsTaxes on banking house..Light, heat, and powerRepairs and alterations, banking house . . .RentOffice and other suppliesPrinting and stationery.. _ _.Telephone....Telegraph __PostageExpressageFederal reserve currency:

Original cost, incl. shipping charges..Cost of redemption, including ship-

ping charges _

2, 524, 70913, 288, 720

800,1501, 671, 718

5,8823,47410, 550158, 709313, 625

663, 24090, 798

400,199

561, 971840, 761277, 826157,464657, 624492, 952585, 506200,436574,120

1, 727, 581379, 435

1,180,952

251,899

Boston

599,1721,049,841

4,576121, 977

NewYork

1,446,6934,165,856

24,974318, 261

2,559,016 8,569,350

122,000894,000

31, 50490, 512

288276452

6,2356,416

48, 6342,014

26, 590

72, 749105, 59320,4892,4923,913

21, 48547,82819, 6098,086

172,851

37,005

164,946

27,818

Phila-delphia

Cleve-land

771 $1.$783,450 $2, 613, 566 $1, 290, 080!$1,361," " '"" 408,4091 670,338

1,136,303 1,581,9437,839 1 6 , " "

73, 215 139, 968

2,915,846 3,770,689

479, 542!, 412,141

166, 462371, 699

50498|

550121,46027, 660

179, 2017,115|

115, 656|116, 64347,284J

4,640|268, 687111,22778, 25851,34665,413

270,17891,464

195, 550

53,328

129,833980,591

59, 59591,117

267123343

7,56512,875

59,9785,462

58, 602 35, 062

87,07722, 53821, 92215,1672,77444,12751, 07725, 74120,087153,51751,836

196,149

37,567

225, 0001,105,384

100,178231, 662

425189745

7,66922, 434

72,33213,526

44,345

66,154163, 22638, 53614, 65747,06448, 04763, 87014,12635,802151,67425,992

99,618

26, 351

Rich-mond Atlanta

1,905,118 $1,532, 222 $2,044,47,787 234,196 " "

164,559 85,38865, 026 40, 72027, 750| 14, 595

2,210,240 1,907,121

169,190718,163

43, 62868, 987

31066

3227,541

21, 684

35,009

1,588

23, 667

29,88741,667

9,7946,800

26,25236, 663

5,380

120,38427, 903

54, 606

19, 532

206, 719431,430

37,18834, 906

280405848

25, 29020, 821

26,8979,019

19, 742

28,45947, 66713,4029,070

14,69523,84829, 518

5,04579,42798,92421,169

28,409

Chicago St.Louis

[, 407 $1,140, 622705,723 141, 778

2,121,708 352,65239, 910 27,441

290,4211 25,650

5,202,169 1,688,143

347,4781,818, 716

102,906271,471

383302914

8,44126,222

91,1834,711

39, 714

58,859230,166

41, 24017,94148,14276,92481,12826, 67559,305

213, 54650, 584

225, 985

36,556

164,320716,421

38, 28941,145

472379

1,2009,892

31, 741

30,2131,221

]8,178

17, 3112,1123,1827,562

78, 84921,62230,310

6,45443,409

118,22112,328

5,295

8,785

Minne-apolis

$578,44784, 269

848,07040,17558,109|

KansasCity

$859, 534158, 580947,92936,380260, 487

1,609,070 2,262,910

121,350429, 49325, 57667,148

566246

1,0879,05252,454

21,86723,463

29, 600

16,1751,580

42643,39920, 89138,0637,310

23, 99874, 68310,093

6,796

1,738

161,144743, 28675,182153, 548

613267442

26,27614,473

27,9729,348

36, 655

17,39473,66242, 09369,300

DallasSan

Francisco

$531,356 $1,302, 272630, 682781,838

52, 5481161, 540

2,157,964 3,487,931

26,30534, 867

7, 76067, 709

140,975

9,531

43, 596

8,643

142,120580,902

36, 817102,323

746345

1,0475,607

28,156

23,4852,717

25, 539

22, 56732,79224,892

9,7651,393

21, 40423,04911, 70950,06288,13421,171

34, 215

5,769

582,1821,476, 506

25,361101, 610

256,0131,458,193

82,825147,2001,028778

2,60023,681

46,46910, 614

42,505

29, 6833,11513,5241,575

118,92250,82070,87519,28181,933124; 49420,359

125,787

21,920


Taxes on Federal reserve bank-note cir-culation

All other expenses.Total current expenses

PROFIT AND LOSS ACCOUNT

E arningsCurrent expenses .

Current net earnings.Additions to current net earnings:

Withdrawn from reserve for depre-ciation on United States bonds

All otherTotal additions . .

Deductions from current net earnings:Depreciation allowances on bank

premisesReserve for probable lossesReserve for self-insuranceReserve for depreciation on United

States bondsFurniture and equipment __ ._Allother

Total deductionsNet deductions from current net earnings.Net earnings available for dividends, sur-

plus, and franchise tax .Dividends paidTransferred to surplus accountFranchise tax paid U. S. Government _.Deficit in earnings after payment of divi-

dends, charged to surplus account

REIMBURSABLE EXPENDITURES OF FISCALAGENCY DEPARTMENT

Expenditures during 1924:SalariesAll other

Amounts reimbursable Jan. 1, 1924Total

Reimbursements received during 1924Balance reimbursable Jan. 1, 1925...

815610,822

28,431,938

38,340.44928,43i; 938

9, 908, 511

224, 795343,908

568,703

4, 034, 7821, 067, 259

105,197

12, 8221,074, 591

464, 383

6, 759,034

6,190,331

3, 718,180

6,682,496188 360113,646

3, 266,322

376,74267,325

126,650

570, 717544,890

25, 827

39, 716

1,973, 501

2, 559, 0161, 973,501

585,515

15,8704,686

20, 556

122,048

11,6501,951

135, 649

115,093

470,422

477,798

7,376

16,5432,7754,149

23,46722, 564

903

I156,113

6,350,821

8, 569,3506,350,821

2,218, 529

176, 240

176,240

910,440

55,197

536, 776275, 504

1, 777, 917

1, 601, 677

616,852

1,796, 530

1,179,678

38,42410,04518,198

66, 66764, 205

2,462

41,446

2,153, 836

2, 915, 8462,153,836

762, 010

20, 4331,698

22,131

23,30713, 742

37, 049

14,918

747,092

615,135131 957

19,4391,7124,713

25, 86424, 676

1,188

45,844

2, 664, 850

3, 770, 6892, 664, 850

1,105, 839

21, 61218, 385

39,997

1, 509, 445

102,4667,078

1, 618,989

1, 578, 992

2 473,153

756,152

1, 229, 305

48,12111,84819, 743

79, 71277,117

2,595

25,053

1, 537, 834

2, 210, 2401, 537,834

672,406

2,006

2,006

82,114100,00050,000

52,8199,688

294, 621

292, 615

379, 791

351, 25128 540

22,8543,1006,260

32, 21429, 969

2,245

29,942

1, 247,012

1,907,1211, 247,012

660,109

2, 06712, 231

14,298

94, 934285, 585

17, 3213,911

401,751

387,453

272, 656

272, 656

24,1753,6307,690

35, 49533,476

2,019

66,944

3, 946,436

5, 202,1693,946, 436

1,255, 733

40, 679

40,679

165,197181, 674

12,82211,81815, 778

387, 289

346, 610

909,123

909,123

54,4727,354

22, 655

84, 48182, 316

2,165

32,437

1,441, 348

1, 688,1431,441, 348

246, 795

16, 264

16,264

4,400

25,92728,795

59,122

42,858

203,937

304, 976

101, 039

28,3484,5318,104

40, 98339, 442

1,541

36,645

1, 065,167

1,609,0701, 065,167

543,903

143,46927,101

170, 570

310, 862

48,93825, 571

385,371

214, 801

329,102

202, 82812,628

113,646

41,06010,17111, 453

62, 68459,448

3,236

52,060

1, 866, 087

2, 262,9101, 866,087

396,823

16818, 019

18,187

628,468

36,4083,316

668,192

650,005

2 253,182

265, 697

518,879

37,4302,4988,416

48,34444,815

3,529

81534,121

1,331,662

2,157,9641,331,662

826,302

21,17626, 063

47, 239

79,119500,000

9,38520,013

608, 517

561, 278

265,024

249,78915, 235

22,6743, 5164,068

30, 25828, 336

1,922

50, 501

2, 853, 384

3,487,9312,853, 384

634, 547

536

536

127, 755

197,77659,036

384, 567

384,031

250, 516

480, 561

230,045

23, 2026,145

11,201

40, 54838, 526

2,022

1 Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council.2 Deficit in earnings before payment of dividends.



No. 75.—GROSS AND N ET EARNINGS OF EACH FEDERAL RESERVE BANK, ALSODISPOSITION MADE OF NET EARNINGS, 1914-1924

Federal reservebank

All Federal reservebanks:

1914191519161917

19181919. . . .19201921 _

19221923..1924

Total

Boston:19141915 _.19161917

1918191919201921

19221923. . . -1924

Total

New York:191419151916.1917

1918 _.19191920...1921

192219231924

Total

Philadelphia:1914 _191519161917

1918...191919201921

19221923..1924

Total

Earnings

Gross

$63,1452,110,1075, 217,998

16,128,339

67, 584,417102,380, 583181,296,711122, 869,940

50,498,69950, 708, 56638, 340,449

637,198,954

891124,568490,888

1, 285,884

4,475,1957,497,583

12,273, 2536,968, 662

3, 541, 3133, 506, 6832, 559,016

42, 723,936

13,927331,108971, 026

4,929,214

25,314, 73635, 332, 41260, 525,32134, 710, 274

11, 349,27911,413,1838, 569, 350

193,446, 535

2,739111, 233448,180

1,095, 540

4, 357,7408,609,880

11,848,5518,008,095

4,251,9504, 592, 7712, 915, 846

46,242, 525

Net

2 $310,287168, 828

2, 750, 9989, 579,607

52, 716, 31078, 367, 504

149,294,77482, 087, 225

16,497, 73612,711,2863, 718,180

407, 582,161

» 25,8182 8, 785

295,935740,359

3, 305,1805, 777,381

10,272,5644, 281, 353

1,097,4021, 252,135

470,422

27, 458,128

2 43, 4852 80. 402414, 064

3, 078,481

21,662,91727, 959, 61953,128,13026,093,832

3, 721, 5933,043, 679

616, 852

Disposition of net earnings

Dividendspaid

$217,4631, 742, 7746,801, 726

5, 540, 6845,011,8325,654,0186,119, 673

6, 307,0356, 552, 7176, 682,496

50,630,418

249, 735601,756

384,180414, 447447, 266473,109

481, 951480,267477,798

4, 010, 509

127,1131, 942,819

1,195, 0261,291,0471,477, 0961, 608,721

1, 652,1381,749, 2391, 796, 530

139,595,280 j 12,839,729

2 21,3222 10 195249, 941753, 875

128,458623. 603

2,972,089 583,9836,659 169 462.3809,065,1165,339, 454

2,236,8762,177, 837

747, 092

30,169,932

496,679517, 663

541, 552582,292615,135

4,551,745

Transferredto surplus !

$1,134,234

48,334, 34170, 651, 77882,916,01415,993, 086

-659,9042, 545,513

- 3 , 077,962

217,837,100

75,100

2,921, 0005,362,9347, 351, 799

772,324

-170,78277,187

- 7 , 376

16,382,186

649,363

20,467,89123,964, 67812, 332, 5233, 782,671

-1,397,603129, 444

-1,179,678

58, 749,289

2, 608,3446,196, 7898, 204,775

935, 239

. 803,5941,178, 588

131,957

20,059,286

Franchise taxpaid to U. S.Government ]

$1,134,234

2, 703,89460, 724,74259,974,466

10, 850, 6053,613,056

113, 646

139,114,643

75,100

2,473,4993, 035, 920

786,233694, 681

7, 065,433

649, 363

2, 703, 89439, 318, 51120,702,440

3,467, 0581,164,996

68, 006, 262

363, 6623,886,552

891, 730416,957

5,558,901

Profit (+) orloss (-)carriedforward

-$310,287-48,635

+1,008, 224+509,413

-1,158,715

-25,818- 8 , 785

+46, 200- 1 1 , 597

-43, 485-80,402

+286,951-163,064

-21 , 322-10,195

+121, 483+130, 272

-220, 238

1 Amounts shown as transferred to surplus account for 1922 are net, i. e., after the deduction of amountscharged to surplus account on Dec. 31, 1922, and paid to the United States Government as franchise taxfor prior years as follows: For 1920—New York, $270,389; for 1921—Boston, $247,350; New York, $1,334,160;Philadelphia, $36,366; Richmond $20,459; Atlanta, $213,629; Chicago, $710,190; Minneapolis, $52,423;Kansas City, $208,170; San Francisco, $306,926; total, $3,129,673.

2 Excess of expenses.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES 115

o # 75,—GROSS AND NET EARNINGS OF EACH FEDERAL RESERVE BANK, ALSODISPOSITION MADE OF NET EARNINGS, 1914-1924—Continued

Federal reservebank

Cleveland:19141915...19161917

1918191919201921 _.

192219231924

Total

Richmond:1914191519161917

.19181919...19201921

192219231924...

Total

Atlanta:19141915. .19161917

19181919..19201921

192219231924._.

Total

Chicago:19141915..19161917..

191819191920 _1921

19221923._1924

Total

St. Louis:1914191519161917

Earnings

Gross

$2, 077111,738452,129

1,367,216

5, 226, 8647,800, 829

14, 458, 6199,390,863

4,994, 2824, 655, 0903, 770, 689

52, 230,396

4,730314, 850334,102821,195

2,979, 0484, 775,3246,902, 6436, 729, 679

2, 832,9442,878, 8962, 210, 240

30, 783, 651

2,808233, 652279, 520589, 789

2,293, 0584,416,0017,476, 4317, 406, 652

2, 352, 7362, 682, 3141,907,121

29, 640,082

17,814251, 071665,937

2, 083,164

8, 481,74712, 012, 07830,303,21820,382,170

6,748,8636, 511, 3595,202,169

92, 659, 590

9,46377, 370

297,948773,106

Net

2 $28,937' 26,837293,808753, 682

4,135, 7966, 093, 785

11,820,0316,284,383

2, 268, 688921, 221

2 473,153

32, 042,467

2 20, 073195, 028186, 571462, 224

2, 312,0303, 877, 2665,238, 5064, 393, 627

867,4481, 092,843

379, 791

18,985,261

2 19, 571102,103129,307288, 083

1, 652,4733,382, 39-76, 010,3245, 496,219

672, 730352,179272, 656

18,338, 900

2 22,16942,260

403,2061,231,879

6,805, 0818, 576,204

25,875, 74914, 505,117

1,405,2151,178,355

909,123

60,910,020

2 16,2572 80,912141,017502,156

Dividendspaid

$143,237716,168

716,107556, 785604,194660,228

692, 436725, 626756,152

5,570,933

151,940197,922240,944

232,432252,872293, 052322,203

333, 321342, 295351,251

2, 718,232

201,' 719218,203

182,473197,397225, 571245,862

256, 618264, 622272, 656

2, 065,121

361,319862,259

604, 635700,807792, 769853, 785

876, 203904, 371909,123

6,865,271

31,100284,566


Transferredto surplus

$3, 552, 0005, 537,000

11,215,8372, 329, 442

861,264195, 595

-1,229,305

22,461,833

116, 472

2, 079, 5983, 624,3944, 740,869

693, 792

32,954384,404

28, 540

11, 701, 023

40, 000

1,470, 0003,185, 0003, 648,465

770,106

-172,0188,756

8,950,309

215,799

6,200,4467,875,397

14,688,5002,075,323

-657,28927,398

30,425, 574

franchise taxpaid to U. S.Government

$3,294,713

714,988

4, 009, 701

116, 472

204, 5853, 377, 632

501,173366,144

4, 566,006

40, 000

2,136,2884,480,251

588,13078,801

7,323,470

215, 799

10, 394,48011, 576, 009

1,186,301246,586

23,619,175

Profit (+ ) orloss ( - )carriedforward

-$28,937-26,837

+150, 571+37, 514

-132,311

-20,073+43, 088-11,351-11,664

-19,571+102,103

-72,412-10,120

-22,169+42,260+41,887-61,978

-16,257-80,912

+109,917+217, 590

2 Excess of expenses.



No. 75.—GROSS AND N E T EARNINGS OF EACH FEDERAL RESERVE BANK, ALSODISPOSITION MADE OF N E T EARNINGS, 1914-1924—Continued

Federal reservebank

St. Louis—Con.1918..1919.. .19201921

192219231924 ._

TotalMinneapolis:

1914191519161917

1918191919201921

192219231924

TotalKansas City:

1914191519161917

1918191919201921

192219231924

TotalDallas:

1914191519161917

1918191919201921

192219231924

TotalSan Francisco:

1914191519161917

1918191919201921

192219231924

Total

Earnings

Gross

$2,676,8283,884,4787,180,1175,166,315

2,456,4472, 753,4351, 688,143

26,963,650

1,32298, 790

255,177672, 799

2,049, 9543,007,0415, 307,3814, 966, 311

1, 969, 2481, 749, 2531, 609,070

21, 686, 346

1,934100, 540380, 208

1,002, 660

3,451, 9364, 961,4827,409, 9875, 712, 858

3, 094, 6602, 993, 9192, 262, 910

31, 373, 094

2,679241, 987326, 372621, 970

2, 089, 5263,062,2514, 904. 5224, 243,648

2,085, 7752, 356, 4362,157, 964

22, 093,130

2,761113, 200316,511885, 802

4,187, 7857,021, 224

12, 706, 6689,184,413

4,821, 2024, 615, 2273,487, 931

47, 342, 724

Net

$1,777,8102, 355,1544,875, 5662,951,926

647, 5721,182,163

203,937

14, 540,132

2 23, 5302 8,811

134,603394, 353

1, 545, 8472, 333, 9434,131,0533,151,154

782, 695325,455329,102

13? 095, 864

2 26, 2302 40, 546224, 989566,404

2, 437, 7483, 923, 3625, 540, 6813, 056, 096

783, 036347, 711

2 253,182


Dividendspaid

$404,838234, 660253,711270,253

283,166296,810304,976

2, 364, 080

57, 720363, 895

168,103180,186195,871211, 657

213, 774212,733202, 828

1, 806, 767

66, 707364, 503

309, 729228,755257, 672268, 620

275, 655275, 313265. 697

16,560,069 ! 2,312,651

2 27, 640103, 028166, 046352, 067

1, 240,1752, 041,8643, 228, 2311, 613, 564

354,125332, 282265, 024

9, 668. 766

2 35, 2552 17,103111,511456, 044

2, 869,1645, 387, 360

10,108, 8234, 920, 500

1, 660, 356505, 426250, 516

26, 217, 342

65,523134,008188,234

261, 503196, 335225,424252, 211

251,915251,429249, 789

2, 076, 371 j

43, 736394, 776

497, 675296,161384, 713435, 361

448, 306467, 720480, 561

3, 449, 009

Transferredto surplus

$1,603,3102,120,4944, 621,8551, 042, 564

276,450407, 070

- 1 0 1 , 039

9,970, 704

37, 500

1, 377, 7442,153, 7573, 410,948

488, 530

4,46911,27212, 628

7,496,848

2,421, 4263, 694, 6073, 042, 781

486, 918

-157,4327,240

-518,879

8, 976, 661

1,184,4081, 845, 5293, 002,8071, 361, 353

102, 21080, 85315, 235

7, 592, 395

2,448,1745,091,1996, 654,8551, 254,824

-185,72137, 706

-230, 045

15,070,992

Franchise taxpaid to U. S.Government

$1, 639, 109

87,956478,283

2,205,348

37, 500

524,2342,450,967

564,452101,450113,646

3, 792, 249

2, 240, 2282, 300, 558

664, 81365,158

5, 270, 757

3,069, 2553, 230, 315

1, 397, 771

7, 697,341

Profit (+) orloss (-)carriedforward

-$230,338

- 2 3 , 530-8 ,811

+76,883- 4 4 , 542

- 2 6 , 230- 4 0 , 546

+158, 282+201, 901

-293,407

-27,640+37, 505+32, 038

+163, 833

-205 , 736

- 3 5 , 255-17,103+67, 775+61, 268-76,685

2 Excess of expenses.


RECEIPTS AND DISBURSEMENTS OF THE FEDERAL RESERVE BOARD

No. 76.—RECEIPTS AND DISBURSEMENTS OF THE FEDERAL RESERVE BOARD FOR THE YEAR 1924

Balance Jan. 1, 1924:Available for general expenses of the board $63, 563. 03Available for expenses chargeable to the Federal reserve banks 206, 394. 14

Total $269,957. 17

RECEIPTS Âvailable for general expenses of the board: y

Assessments on Federal reserve banks for estimated general expenses of the board $663, 239. 90 %Reimbursement on account of expenditures during 1923 1, 020. 00 ^Subscriptions to Federal Reserve Bulletin 5, 162. 89 wReimbursement by Treasury Depar tment of salaries of laborers 1, 530. 00 oMiscellaneous receipts and reimbursements 5, 517. 47 ^Reimbursement on account of cost of examinations of foreign banking insti tutions 29, 677. 08 hrj

WTotal receipts available for general expenses of the board 706, 147. 34 §

Available for expenses chargeable to Federal reserve banks: WAssessments on Federal reserve banks— ^

For cost of preparing Federal reserve notes 1, 071, 922. 00For expenses of gold shipments between Treasury offices and Federal reserve banks ^

under the provisions of section 16, Federal reserve act . 660. 91 uiFor expenses of leased wire system 248, 482. 70 gFor miscellaneous expenses 11, 235. 54 <!

Total receipts available for expenses chargeable to Federal reserve banks 1, 332, 301. 15 cdo

Total receipts 2,038,448.49 £j

Total available for disbursements 2, 308, 405. 66

DISBURSEMENTSFor general expenses of the board:

Expenses for 1923 paid in 1924 15, 853. 92Expenses for 1924 (per detailed statement) 1 $720, 039. 61Less accounts unpaid Dec. 31, 1924 19, 736. 28 h-*

700,303. 33 f-1


No. 76.—RECEIPTS AND DISBURSEMENTS OF THE FEDERAL RESERVE BOARD FOR THE YEAR 1924—Continued

DISBURSEMENES—continuedFor general expenses of the board—Continued.

Cost of examination of foreign banking institutions reimbursable $16, 600. 30Salaries of laborers reimbursable by Treasury Department 2, 040. 00Miscellaneous expenses reimbursable 361. 26Refunds account of Federal Reserve Bulletin 32. 00

Total disbursements for general expenses of the board $735, 190. 81For expenses chargeable to Federal reserve banks:

Cost of preparing Federal reserve notes 1, 144, 324. 00Expenses of gold shipments between Treasury offices and Federal reserve banks under

the provisions of section 16, Federal reserve act 623. 30Expenses of leased wire system 248, 529. 90Miscellaneous expenses „ 11, 007. 89

Total disbursements for expenses chargeable to Federal reserve banks 1, 404, 485. 09

Total disbursements $2, 139, 675. 90

Balance Dec. 31, 1924:Available for accounts unpaid Dec. 31, 1924 19, 736. 28Available for general expenses of the board 14, 783. 28Available for expenses chargeable to Federal reserve banks unpaid Dec. 31, 1924 134, 210. 20

Total balance 168, 729. 76

00

DETAILED STATEMENT OF EXPENSES OF THE FEDERAL RESERVE BOARD

PERSONAL SERVICES"

Board members and their staff-Office of secretaryOffice of general counselOffice of fiscal agentDivision of examination _Division of bank operations

January j February

$8,669.98 !$8,669. 992,391. 662,454.15

838, 338,082.045,045. 35

2, 391.2,454.16

8,082.095,045. 40

March

$8,740. 032,391. 682,454.18

838. 347,917.385,045. 50

$8,922. 902,391. 662,385.40

838. 338,082.045,005. 62

M a y June July

$8,842.492,391. 662,341. 66838. 33

7,957.105,045.40

$8, 795.862,391.682,341. 69838. 34

7,642. 555,000. 77

$8, 804.142,391. 662,341, 651, 004. 998, 509. 385,027. 02

August Septem-ber October

$8,804.16 ! $8,804. 202,391.66 ! 2,391.682,341.66 ' "1,005. 008,387. 795,005.41

2,341. 691, 005. 017,472.854, 967.16

&8,808. 312,391.662,341. 651,004. 998, 518. 274, 732.02

Novem-ber

Decem-ber

$8,812. 502, 391. 662,341. 661,005. 008, 526.684, 732. 07

$8, 773. 642,391. 682,341. 691,005. 018,526. 714, 732.16

Total

$105,448.2028, 700.0028,481. 2411,060. 0097,704.8859,383.88


Division of chief clerk _Division of gold settlementDivision of currencyDivision of research and statistics

co Division of architecture^ Division of issue and redemptiono2 Messengersso Charwomen _ _

to Total.. _

"+> NONPERSONAL SERVICES

Transportation and subsistence:CO Board members and their staff

Office of secretaryOffice of general counselDivision of examinationDivision of research and statisticsTotal all other divisions, including local

carfare. _ .Communication service:

TelephoneTelegraphPostage

Printing, binding, etcRepairsElectricity (light and power)Steam (heat)Miscellaneous, unclassifiedEquipment rentalSupplies:

Stationery and officePeriodicals

Equipment: "Furniture and office .Books

Rent . .

Total

Grand total . - .

2,904.551,536.82

729.157,365.90

486.114,694.661,629.15

96.00

46,923.85

318. 373.84

80 734, 502.81

39.40

13.75

644.641,485.92

2, 564.1286 6949.6850.37

110.32375.00

470. 21.20

759. 77112. 71

1,876. 42

13,544. 95

60,468. 80

2,916. 231,507. 58

729.177, 203. 72

486.114, 721. 671,629.16

96.00

46,771. 27

145. 90

4,425.96

634.421, 296. 76

46.002, 034.44

10.1649.6850.3771.24

375.00

797.35

178. 62

1, 876.42

11, 992. 32

58, 763. 59

2,916.311,536.85

729 177, 203.85

486.124,631.681, 587. 51

96.00

46, 574.60

123.9396 49

4,719.79

642.161,631.28

65 004,774.33

36 1049 6850.37

197. 66381. 75

613.4315.98

8.2051.43

1,876.42

15,334. 00

61,908.60

2,916. 221, 535.32

729 157, 203. 68

486.104, 593. 661, 545. 82

96.00

46, 731. 90

430.21

79 314,853.98

168.13

638. 33933. 54

70.002,002. 72

13 6049.6850.37

173.99375.00

1, 636.686.00

7.5012.50

1,876. 42

13,377. 96

60,109. 86

2,903.461, 539. 83

729.177,070.40

486.114, 522. 331, 545. 83

96.00

46,309. 77

357. 084.731 33

5,077. 2471.18

14.88

646.89910. 32

3, 553. 932.70

49.6850.41

154.11375.00

80.64182. 77

10.3532.10

1,876.42

13, 451. 76

59, 761. 53

2,867.151, 534,60

684 746,837.16

486.114,382. 671, 545. 86

84.27

45,433.45

269.45

3,405.71

624.491,668. 00

70 007, 225. 25

29 5049.72

83.89282.73

719.13

56.705.72

1,876.42

16,366. 71

61, 800.16

2,656. 231, 562.32

729.156, 945.48

4,468. 331, 545. 82

95.30

46,081.47

69.12

6, 461. 61

620. 891, 052. 91

65.002, 287. 95

20.0150.00

138. 61265.00

390.591 50

185. 684.30

1,876.42

13,489. 59

59, 571. 06

2,646. 231, 578.33

729.176, 279. 32

4, 524.171, 545. 83

95.30

45, 334.03

661.40

213 571,318. 23

164.42

28.95

637. 39928. 59

5, 609. 3033.4750.00

117. 97265.00

223. 53

19.6036.00

1,876.42

12,183. 84

57, 517. 87

2,446. 301, 556.60

729.186,422. 57

4, 510.171, 605. 85

95.30

44, 348. 56

643. 9327.7857 67

3,909. 388. 14

631. 961,498. 58

72.00247.0395.3150.0050.00

161. 88271. 75

251. 554.78

1,199. 0854.72

1,876.42

11,111.96

55, 460. 52

2,411.221, 571. 57

729.156,948. 27

4,418. 991, 589.15

95.30

45, 560. 55

391. 34137. 3332 58

5, 520. 70197. 79

49.75

639. 94891. 57

1,852. 6317.4050.0050.0045.56

128. 24

466.13

6.96119.10

1, 876.42

12,473. 44

58,033. 99

2,411.231, 543. 83

729.176,941. 65

4,459. 671, 565. 83

95.30

45, 556. 25

188.04

74 694,374. 27

218. 67

633. 501,173.40

63.002,020. 55

32.2150.0050.00

1,643.94

557. 634.00

1,211.40117. 51

1,876.42

14, 289. 23

59,845.48

2,507.131, 561. 85

729.186, 748.41

4,334. 671, 565.85

91.13

45,309.11

143. 54

60.945,358. 36

68.36

50.42

641.791,500.00

10,143. 4158.6250.0050.0055. 006.75

569.86707. 57

88.0060.00

1,876. 42

21,489. 04

66, 798.15

32, 502. 2618, 565. 508, 705. 55

83,170.412,916. 66

54, 262. 6718, 901. 661,131.90

550,934. 81

3, 742. 31270.17600.82

53,928.04936. 09

157. 75

7,636. 4014, 970. 87

451. 0044,315. 66

435. 77598.12451. 89

2, 954.173,101. 22

6, 776. 73922. 80

3, 731. 86606. 09

22, 517. 04

169,104. 80

720, 039.61


CONDITION OF MEMBER AND NONMEMBER BANKS

No. 77.—ALL BANKS 1 IN THE UNITED STATES AND ISLAND POSSESSIONS: RESOURCES AND LIABILITIES OF BANKS FOR WHICH REPORTS

ARE AVAILABLE

[Taken from annual reports of the Comptroller of the Currency][In thousands of dollars]

too

BO

H

O

June 30,1914 (26,765

banks)

June 23,1915 (27,062

banks)

June 30,1916 (27,513

June 20,1917 (27,923

banks)

June 29,1918 (28,880

banks)

June 30,1919 (29,123

banks)

June 30,1920 (30,139

banks)

June 30,1921 (30,812

banks)

June 30,1922 (30,389

banks)

June 30,1923 (30,178

banks)

June 30,1924 (29,348

banks)

RESOURCES

Loans and discounts __Overdrafts _InvestmentsTotal loans and investmentsBanking house, furniture, and fixturesOther real estate ownedDue from banks 2 _Exchanges for clearing houseChecks and other cash itemsCash on handOther resources

Tota l . . . . - ._ . . _

LIABILITIES

Capital stock paid in _SurplusUndivided profits, less expenses and taxes

paidNational bank notes outstanding.Due to banksIndividual deposits 4

United States depositsTotal deposits __Notes ajid bills rediscountedBills payable (including certificates of

deposit representing money borrowed)..Other liabilities

Total . . .

15, 288,35751,121

5, 584,92520,924,403

609,697129,983

2,872,697(3)

520,9951,639, 219

274,404

15,722,44036,232

5,881,93121,640,603

636,821156,584

3,233,943307,24669,630

1,457, 702301,601

17,895,36638,211

6,796, 57024, 730,147

610,046216, 596

4,032,125488,849281,576

1,486,118425,781

20,618,74047,199

8,003,82028,669, 759

709,065153,902

4, 793,167486,083272,609

1, 502, 502539,676

22,530,88660,335

9, 741, 65333,332,874

737,148172,035

5,136,604359,834323,245896, 570768,129

24,994,68594,293

12, 229, 52837,318,506

775,112161, 595

5,865,414831, 713589,096997,353

1,076,658

30,791,725109,186

11,387,52543,288,436

863,191137, 785

5,833,241849, 910607,868

1,076,3781,422,299

28,693, 72481,849

11,381,92340,157,496

993, 898153, 623

4, 794,2051,049,507

241,160946,567

1,334,934

27,684, 20574,600

12,547, 56740,306,372

1,078,174198,457

5,414, 241930, 594644,014829,892

1,023, 623

30,229,44657,982

13,672,54743,959,975

1,176,098256,119

5,597,150646, 590549,485797,101

1,052,393

31,291,88856,334

14,228, 74545,576,967

1,295,831294,428

6,121,0931,117,361

875,009911, 500952, 501

26,971, 398 27,804,130 32,271,238 37,126, 763 40,726,439 47,615,447 53,079,108 49,671,390 50,425,367 54,034,911 57,144,690

2,132, 0741, 714,486

562,031722,555

2, 705, 07518, 588,112

« 66,65521, 359,842

38>130

194,432247, 848

2,162,8421,732,918

639,778722,704

2, 783,31219,199,393

« 48, 96422,031, 669

59,452

166, 762288,005

2,195,1011,849,693

564,338676,116

3,463,60922,873,493

«39,457'26,376,559

53,468

113,251442,712

2, 274, 2001,945, 544

674,191660,431

3,913, 94426,396,167

s 132,96530,443, 076

167,471

317,853643,997

2, 351, 5882,034, 764

684, 260-681, 631

3, 595,06227, 956, 378« 1,037,78732, 589,227

680,877

707,978996,114

2,437,3652,181, 994

825,889677,162

3,890,48733, 211, 631

5 566, 79337, 668, 911

659, 219

1, 641, 2721, 523,635

2, 702,6392, 410,346

976, 261688,178

3, 708, 30237,829,985

5 175, 78841, 714, 075

1,499, 262

1, 785, 5981,302, 749

2,903,9612, 542,032

910,743704,147

2,809,41435,459,155

390,23038, 658, 799

1, 271, 684

1, 375, 5911,304, 433

2,943,9502, 697,409

725, 7483,244,386

37, 746,823128,887

41,120, 096435, 711

635, 564933,046

3,052,3672,799,494

954,145720,001

3,610,21140,392,305

44,240,955534, 706

780,761952,482

3,114,2032,967,359

971,730729,686

3,928,29243,618,978

152, 30247, 699, 572

325,280

472,699864,161

26,971, 398 27,804,130 32, 271,238 37,126, 763 40, 726,439 47,615,447 53,079,108 49,671,390 50,425,367 54,034,911 57,144,690

ftr1

w

wo

1 Except (1) the Federal reserve banks, Federal land banks, and Federal intermediate credit banks, and (2) a certain number of nonreporting private banks, which varies some-what from year to year, but which was reported by the Comptroller of the Currency to be 461 in June, 1924, with estimates as follows: Capital paid in, $9,200,000; surplus and profits,$8,300,000; deposits, $99,400,000.

2 Includes lawful reserve with Federal reserve banks and other reserve agents. * Includes certified and cashiers' checks.»Included in " Checks and other cash items." 5 For national banks only.


CONDITION OF MEMBER AND NONMEMBEE BANKS 121

No. 78.—ALL MEMBER BANKS: RESOURCES AND LIABILITIES


Dec. 31,1923 (9,774

banks)

Mar. 31,1924 (9,681

banks)

June 30,1924 (9,650

banks)

Oct. 10,1924 (9,635

banks)

Dec. 31,1924 (9,587

banks)

RESOURCES

Loans and discounts.Overdrafts _United States Government securitiesOther bonds, stocks, and securitiesTotal loans and investmentsCustomers' liability on account of accept-

ances.Banking house, furniture, and fixturesOther real estate owned.Cash in vaultReserve with Federal reserve banksItems with Federal reserve banks in process

of collectionDue from banks, bankers, and trust com-

paniesExchanges for clearing house, also checks

on other banks in same place..Outside checks and other cash itemsRedemption fund and due from United

States TreasurerUnited States securities borrowed 1

Other securities borrowed *Other assets

Total.

LIABILITIES

Capital stock paid inSurplus fundUndivided profits, less expenses and taxes

paidDue to Federal reserve banks _.Due to banks, bankers, and trust com-

panies _Certified and cashiers' or treasurers' checks

outstandingDemand depositsTime depositsUnited States deposits _Total depositsBills payable (including all obligations

representing money borrowed other thanrediscounts).. .__

Notes and bills rediscounted (includingacceptances of other banks and foreignbills of exchange or drafts sold with in-dorsement)

Cash letters of credit and travelers' checksoutstanding .

Acceptances executed for customersAcceptances executed by other banks for

account of reporting banks. _.National-bank notes outstandingUnited States securities borrowedOther securities borrowed ._Other liabilities

Total..

Ratio of reserve with Federal reservebank to net deposit liability (per cent)..

19,034,99616,690

3,641,1324,045,312

26, 738, 130

391, 595786, 792147, 634561,433

1,900,153

665, 709

1,824,348

1, 709, 537140,987

36, 72014,9692,232

318,367

19,158,19517, 518

3, 569, 6534,086,66826,832,031

387, 292813,880156,089494, 223

1,893,301

549, 087

1, 643, 739

1, 582,343107, 798

37,14116, 4782,420

304,398

19,248,65015,369

3, 607, 7974, 389,74327,261, 559

285,830836,699155, 753503, 555

1,965,453

582,475

1,940,197

1,741,073133,411

37,104

1,787313,476

19,801,38818, 510

3,894,6204, 736,12628,450, 644

330,716843,077158, 641527,889

2,121,428

613,494

2, 430,462

1,091, 300100, 551

36, 70118,0601,954

378,953

20,165,60115, 708

3,902,7934,942,48629,026,588

461,736860,614161,133597,472

2,227, 569

724,926

2,339,488

1,935,114133,666

36,28419,0872,541

460, 649

35, 238,606 34,820, 223 35, 777,256 37,103,870

2, 003, 0541,641,319

733,19336, 674

3, 475, 656

922,54915,164,1828,650,610236,942

28,486,613

444,983

572, 661

20,350400,200

26,197725, 44153, 2565,270

126, 069

2,022,1691, 649,880

796, 39532,978

3,446, 737

867, 42014, 719, 2568,889,923291, 767

28,248,081

315, 979

428, 536

22, 457375, 768

37,451725,98652, 2634,952

140,306

2,030,3361, 669, 592

786,54733,976

3,820,125

983,97915, 308,9909, 203, 545178,946

29,529,561

205, 225

297,682

36,041276,968

27, 720729,18651,4254,252

132, 721

2,034,9431, 682, 646

876, 51636, 508

4,453,412

653, 34215, 729, 5979, 597,395301,803

30, 772,057

167,483

265, 264

22,514328,526

28,532723,03946, 7865,535

150,029

35, 238, 606 34,820, 223 35, 777,256 37,103,870

9.7 9.8 10.0

2,037,4811,707,486

786, 75943, 648

4, 504,315

1,082,43116,684,0389,804,738242,482

32,361,652

289,253

367,490

21, 709460,383

37, 322714,33348,0175,946

149,036

38,986, 867

10.1

1 Exclusive of securities borrowed by national banks.



No. 79.—NATIONAL BANKS:1 RESOURCES AND LIABILITIES


Dec. 31,1923 (8,184

banks)

RESOURCES

Loans and discountsO verdraf ts_...United States Government securitiesOther bonds, stocks, and securitiesTotal loans and investments _..Customer's liability on account of accept-

ancesBanking house, furniture, and fixturesOther real estate ownedCash in vaultReserve with Federal reserve banksItems with Federal reserve banks in process

of collectionDue from banks, bankers, and trust com-


on other banks in same placeOutside checks and other cash itemsRedemption fund and due from United

States TreasurerOther assets

Total

LIABILITIES


paidDue to Federal reserve banksDue to banks, bankers, and trust compa-

niesCertified and cashiers' or treasurers' checks

outstandingDemand depositsTime deposits.United States depositsTotal depositsBills payable (including all obligations rep-

resenting money borrowed other than re-discounts)

Notes and bills rediscounted (includingacceptances of other banks and foreignbills of exchange or drafts sold with in-dorsement)

Cash letters of credit and travelers' checksoutstanding


account of reporting banksNational-bank notes outstandingUnited States securities borrowedOther securities borrowedOther liabilities

Total _,-_

Ratio of reserve with Federal reservebanks to net deposit liability (per cent) _.

11,876,56210,470

2, 566,8512, 477, 84316,931, 726

207, 438512, 91093, 881386,428

1,180, 838

460,173

1, 349,334

1,011,05873, 656

36,746161, 940

22, 406,128

1, 325, 8251, 068, 359

473,97926, 965

2, 568, 846

534,0639, 593,1194, 948,019

157,84917,828,861

324,166

333,896

5,475204,432

17,630725,94938,2873,03856, 231

22,406,128

9.5

Mar. 31,1924 (8,115

banks)

11,952,28710, 815

2,494, 3132, 511, 637

16,969,052

202, 572525, 335100, 098342,969

1,160, 766

379, 307

1, 222,190

909, 80256,420

37,167157, 210

22,062, 888

1, 335, 5721, 073, 363

507,90525,328

2, 539, 782

449,4899, 292,1275,108,970

183,00017, 598, 696

271,645

6,225193,240

25, 455726,48335,6842,532

47,200

22,062,888

9.5

June 30,1924 (8,085

banks)

11, 978, 72810, 075

2,481, 7782, 660, 55017,131,131

135, 829532, 728104, 630345, 219

1,198, 670

397, 340

1,444,783

1,001, 49369,687

37,129167, 280

22, 565, 919

1,334,0111, 080, 578

501,65626, 445

2, 794, 556

550,3359, 593,2505,259,933

123, 31818,347, 837

143,847

196, 778

9,456131,411

17,381729, 68632,5422,56538,171

22, 565,919

9.4

Oct. 10,1924 (8,074banks)

12, 210,14812, 242

2, 579,1902,897,04017,698,620

145, 666541, 852107, 459360,101

1, 303, 631

427, 894

1, 852,163

629, 23152, 898

36, 726166, 820

23, 323, 061

1, 332, 5271, 074, 268

556, 79227, 342

3, 272,166

364,6359, 795, 5805, 460, 677

19,108, 798

123, 611

170,419

6,135140, 574

18,435723, 53028, 7293,58135,662

23,323, 061

9.4

Dec. 31,1924 (8,049banks)

12, 319, 6809,802

2, 586,6973, 075,99917,992,178

244, 728551,371108,966409, 566

1, 394, 386

486,933

1, 780,902

1, 081, 84070,635

36, 310223, 466

24,381, 281

1, 334, 8361,088,880

503, 26833,188

3, 269,594

599,62310, 363, 2505, 581,287

153, 26620, 000, 208

202, 304

196,396

6,124235, 232

26, 564714,84428,9303, 40540,290

24,381,281

1 Includes nonmember national banks in Alaska and Hawaii—six on Dec. 31, 1924, with total resourcesof $12,290,000.


CONDITION OF MEMBER AND NONMEMBEK BANKS 123

No. 80.—STATE BANK AND TRUST COMPANY MEMBERS: RESOURCES ANDLIABILITIES


RESOURCES

Loans and discountsOverdrafts... _United States Government securitiesStock of Federal reserve banks _.Other bonds, stocks, and securitiesTotal loans and investmentsCustomers' liability on account of accept-

ancesBanking house, furniture, and fixturesOther real estate ownedGold and gold certificatesA llother cash in vaultReserve with Federal reserve banksItems with Federal reserve banks in process

of collection .Due from banks, bankers, and trust com-

paniesExchanges for clearinghouse, also checks on

other banks in same place..Outside checks and other cash itemsUnited States securities borrowedOther securities borrowedOther assets

TotaL

LIABILITIES


paidDue to Federal reserve banksDue to banks, bankers, and trust companiesCertified and cashiers' or treasurers' checks

outstandingDemand depositsTime depositsUnited States deposits...Total depositsBills payable (including all obligations

representing money borrowed, otherthan rediscounts)

Notes and bills rediscounted (includingacceptances of other banks and foreignbills of exchange or drafts sold withindorsement)

Cash letters of credit and travelers' checksoutstanding _._


account of reporting banksUnited States securities borrowedO ther securities borrowedOther liabilities

Total.

Ratio of reserve with Federal reserve banksto net deposit liability (per cent)

Dec. 31, Mar. 31,1923 (1,595 1924 (1,571

banks) I banks)

7,161, 2746,222

1, 077, 77337, 691

1, 530,9679, 813,927

184,158274, 014

53, 76813, 749

162, 438

719,315

205, 536

476, 640

67, 38814,9692,232

156,483

12,843, 303

677, 979573, 610

259, 3429,709

907, 610

388, 5245, 575, 5213, 703, 712

81, 46110, 666, 537

120, 817

238, 765

14, 877195, 769

8,56714, 9692,232

69,839

June 30,1924 (1,570

banks)

7, 208, 9946,704

1, 078,86138,144

1, 537, 8729, 870, 575

184, 720288,683

56, 00614, 556

137, 251

732, 535

169, 780

422, 792672,616 j51,406 I16,478 |2,420 j

147,207 I

7, 273, 5065, 296

1,129, 35838, 452

1, 692, 00910,138, 631

150, 001304,11951,13816, 983

142, 089

766, 783

185,135

496, 675739, 79563, 74518,8841,787

146, 228

12,767,025 13,221,983

687, 347577,170

697, 075589,669

288, 612 285, 0417,650 I 7,531

907,283 I 1,026,453

417, 9575, 431, 0163, 782, 092

111, 03810, 657, 036

77, 091

433, 7665, 720, 2423,944, 831

57, 37511,190,198

61, 378

156,891 j 100,904

16, 249182, 528

11,99616, 5792,420

93,106

26, 602145, 557

10, 33918, 8831,787

94, 550

12,843,303 12,767,025

10.2 10.5

13, 221, 983

10.4

Oct. 10,1924 (1,566

banks)

7, 594, 8846,277

1, 318, 76639,383

1, 800,92710, 760,237

185, 050301, 37951,19716,874

151,633

817, 797

185,600

580, 318

462,15547, 68618, 0601,954

212,14413, 792, 084

Dec. 31,1924 (1,544

banks)

7,849, 5465,915

1,319, 29139, 396

1,828,32511,042,473

217, 008309,43952,17718,420

170, 785

833,183

237,993

560,983

853, 52163, 05519,0872,541

237, 21114,617,876

703,166609,033

319, 9129,166 i

1,181, 620 I

288,839 !5,938,330 |4,138, 099 j

116,391 I11, 672, U5

43,872 I

94,845

16,384187,952

10, 09718, 0571,954

114,367 !

703,445619, 266

283', 69510,460

1, 235,623

483, 2026, 325,8634, 224, 966

91, 44112, 371,555

171, 094

15, 589225,151

10, 75819, 0872,541

108, 746

13, 792, 084 j 14,617,876 •

10.4 10.3



No. 81.—ALL MEMBER BANKS IN NEW YORK CITY: RESOURCES AND LIABILITIES

Lin thousands of dollars]

Dec. 31,1923

(63 banks)

Mar. 31,1924

(64 banks)

June 30,1924

(64 banks)

Oct. 10,1924

(66 banks)

Dec. 31,1924

(66 banks)

RESOURCES

Loans and discountsOverdraftsUnited States Government securitiesOther bonds, stocks, and secutitiesTotal loans and investmentsCustomers' liability on account of accept-

ances •__Banking house, furniture, and fixturesOther real estate ownedCash in vault.Reserve with Federal reserve banksItems with Federal reserve banks in proc-

ess of collectionDue from banks, bankers, and trust com-



States TreasurerUnited States securities borrowed iOther securities borrowed1

Other assets

3, 790,9601,840

897, 303517,689

5,307, 793

240, 59191, 5983,50261, 383577,156

133,325

82, 285

1,163, 04529, 379

1,924

3,807,0831, 700

854,449549,948

5, 313,180

233, 22992, 5253,52555, 515

608, 661

118,363 !

65,943 !1,172, 856 I

19,955 !

3, 972, 6121,277

921,023700,153

5,595,065

172, 45391, 5523,49457, 308618,600

119,234 |

76,602 |

1, 279,37224,017

2,014

180, 010 175,196 | 181,035

4,148,3461,229

1,037, 732761, 513

5,948,830

212, 50392, 8192,946

63, 027

689, 369

113,116

65, 235731,182

16, 681

2,031

219,383

Total. 7, 771, 990 7, 760, 932 ! 8, 220, 746 8,157,112

INABILITIES

Capital stock paid inSurplus f undUndivided profits, less expenses and taxes

paidDue°to Federal reserve banksDue to banks, bankers, and trust companiesCertified and cashiers' or treasurers' checks

outstandingDemand depositsTime depositsUnited States depositsTotal deposits . _ _.Bills payable (including all obligations

representing money borrowed, otherthan rediscounts)

Notes and bills lediscounted (includingacceptances of other banks and foreignbills of exchange or drafts sold with in-dorsement) ,

Cash letters of credit and travelers' checksoutstanding _•

Acceptances executed for customersAcceptances exeeuted by other banks for

account of reporting banksNational-bank notes outstandingUnited States securities borrowedOther securities borrowedOther liabilities

330, 298373, 520

174,408211

1,227, 355

622,826 !3,799,955 I

888, 578 I51,406 I

6,390,331

81,852 •

161,948 :

14,820 !244,914

16, 65838,5252,478

332, 750 I376,019 ;

333, 600376, 682

182,833 j 188,677336 i 212

1,282,176 i 1,481,730

649,528 !3, 740,166 I

624,987 !59,178 !

6,356,371

51,047 •

ioi, 200 ;

15,806 I222,421 :

26,399 i39,142 '2,478 •

742,711 |4,065,873 I

635,914

6,953,138

15,303 |

335, 260377, 393

198,399206

1, 503, 860

445, 7264, 037, 933

768, 80943, 652

6,800,186

18, 338

50,628 j

26,679 !163,296 |

!19,071 !39,3572,178

42, 238 \ 54, 466 ' 52,137

Total _ 7,771,990! 7,760,932! 8,220,746 8,157,112

86, 781

17,146204, 636

19,54639, 805

995500

58,127

Ratio of reserve with Federal reserve ̂to net deposit liability (per cent) , .

4,381,0231,104

974,021797, 537

6,153,685

294, 68089, 521

2, 86672,627

738, 911

159,458

73,6441, 390, 441

24,163

2,034

285, 272

9, 287, 302

336, 300379, 205

200,093265

1, 547, 432

759, 5404, 616,670

775, 27028, 591

7, 737, 768

43,651

180, 259

16,964290,128

24,29439, 884

995

47, 761

9, 287,302

12.8 i 13.5 ! 12.3 13.0 13.3

. * Exclusive of securities borrowed by national banks.


CONDITION OF MEMBER AND NONMEMBEB BANKS 125

No. 82.—ALL MEMBER BANKS IN THE CITY OF CHICAGO: RESOURCES ANDLIABILITIES

tin thousands of dollars]

Dec. 31,1923

(24 banks)

Mar. 31,1924

(25 banks)

June 30,1924

(26 banks)

Oct. 10,1924

(25 banks)

Dec. 31,1924

(24 banks)

RESOURCES

Loans and discountsOverdrafts ---United States Government securitiesOther bonds, stocks, and securitiesTotal loans and investments..Customers' liability on account of accept-

ances -Banking house, furniture, and fixturesOther real estate ownedCash in vault.Reserve with Federal reserve banksItems with Federal reserve banks in proc-

ess of collection.. _Due from banks, bankers, and trust com-


on other banks in same placeOutside checks and-other cash itemsRedemption fund and due from United

States TreasurerUnited States securities borrowed l

Other securities borrowed l

Other assets

1,057,462244

124,680139, 298

1, 321, 684

31,46320,439

6425,618

133,458

41,597

122,877

85, 5597,781

130

1, 024,798220

141,766128,742

1,295, 526

32, 38527,848

6421,751

119,790

30,863

101,145

62,7363,712

1442,509

1,064,243188

167,036137,473

1,368,940

27,14129,865

6222, 261

152,413

34,197

160,100

95, 5407,704

143

19,702 12,4641

14,178

Total.. 1,810,372 1,710,937 j 1,912,545

LIABILITIES

Capital stock paid inSurplus fund ..Undivided profits, less expenses and taxes

paidDue to Federal reserve banksDue to banks, bankers, and trust compa-

niesCertified and cashiers' or treasurers' checks

outstandingDemand depositsTime depositsUnited States depositsTotal depositsBills payable (including all obligations

representing money borrowed other than Irediscounts) I

Notes and bills rediscounted (including |acceptances of other banks and foreign jbills of exchange or drafts sold with in-dorsement)



account of reporting banksNational bank notes outstandingUnited States securities borrowedOther securities borrowedOther liabilities

92,05079,995

55,708

92,70079,540

57,667

Total..

Ratio of reserve with Federal reserve bankto net deposit liability (per cent)

331,182

22,941843,438281,651

9,8351, 489, 047

20,030

15,080

2,04229,465

2,3492, 665

350,117

22,647741, 351271,401

14,0081, 399, 524

11,000

6,511

1,76832,056

9112,6382,509

92,90079,570

58,690

21,941 24,113

1,810, 372 1,710,937

12.9 12.1

428,695

25,839874, 350293,173

8,9841,631,041

1,724

2,89427,669

6232,810

114,623

1,912, 545

13.5

1,209,848163

183,250150,311

1,543,572

30,05117,771

7521,590

156,235

35,180

144, 447

49,2343,638

143

26, 262

2,028,198

87,90084,571

62,000

472,718

16,218919,234307,968

10,4401, 726, 578

3,186

1,94031,240

1,4162,844

26, 523

2,028,198

1,163,949378

180,131162,115

1,506,573

32,83326,926

25,520162,709

40,935

129,600

88, 5316,547

142

123,898

2,044,289

89,40088,077

50,163

399,643

23,784953,740342,099

17,7241, 736,990

7,125

1,89734,472

1,6382,843

131,458

12.5

2,044,289

13.4

i Exclusive of securities borrowed by national banks.



No. 83.—ALL MEMBER BANKS IN RESERVE CITIES: RESOURCES AND LIABILITIES


Dec. 31, Mar. 31,1923 1924

(560 banks) (554 banks)

EESOURCES

Loans and discountsOverdrafts _United States Government securitiesOther bonds, stocks, and securitiesTotal loans and investmentsCustomers' liability on account of accept-

ancesBanking house, furniture, and fixturesOther real estate owned.Cash in vault-Reserve with Federal reserve banksItems with Federal reserve banks in proc-

ess of collectionDue from banks, bankers, and trust eom-

Exchanges for clearing house, also checkson other banks in same place _ _

Outside checks and other cash itemsRedemption fund and due from United

States TreasurerUnited States securities borrowed 1 __Other securities borrowed 1

Other assets _

6,672,0324,651

1,116,2761, 233, 9959,026,954

105, 923297,34155,149164, 263615,270

390,009

713, 700

367, 75072,143

8,9616,515

28387, 581

June- 30,1924

(552 banks)

Total ' 11,911,842

LIABILITIES

Capital stock paid in •_Surplus fund.-Undivided profits, less expenses and taxes

paid . . . .Due to Federal reserve banksDue to banks, bankers, and trust com-

paniesCertified and cashiers' or treasurers' checks

outstanding ______Demand depositsTime deposits __ _.United States deposits _Total depositsBills payable (including all obligations rep-

resenting money borrowed other thanrediscounts)..

Notes and bills rediscounted (includingacceptances of other banks and foreignbills of exchange or drafts sold with in-dorsement). _.

Cash letters of credit and travelers' checksoutstanding-..


account of reporting banks.National bank notes outstandingUnited States securities borrowed.Other securities borrowed ."Other liabilities _

659,105556, 668

223,1968,792

1, 498, 429

185, 2724, 960, 6082, 950,007

133, 8849, 736,992

137,311

224, 019

3,311112, 806

6,513176, 07629, 597

1,85244,396

6, 800,0716,091

1,116,2741, 221,1189,143,554

107,157307, 887

58,767145, 903616, 457

315, 836

674,010

276, 20758,354

9,1195,991

36381, 742

6, 707,9735,241

1,129, 9221, 291, 8769,135,012

77.167325,166

52,684150,022635,372

341, 535

861,388

291,12573.168

9,10610, 950

37278, 008

Oct. 10, Dec. 31,1924 I 1924

(555 banks)! (549 bank:

11,801,347 j 12,041,075

673,675561, 348

246,6628,639

1,438, 522

123, 0354, 942,1573, 021, 385

173, 3789,707,116

91,218

153, 089

4,505107, 380

9,330174, 73226, 312

1,42744, 553

Total _Ratio of reserve with Federal reserve bank

to net deposit liability (per cent)

11,911,842 I 11,801,347

9.9 9.8

681,402573,026

242,3397,363

1, 543, 851

143, 7975, 095, 7053, 200, 727

110, 25210,101, 695

36, 262

60,076

5,98777,352

7,562177, 36129, 318

1.33347, 362

12,041.075

6,977,374 !

4,4531,293,8421,409,1649,684,833

79, 421331,348

53,970160, 928702, 047

373,828

1,157,115

248, 71556,156

8,85210, 365

53496, 863

7,161,8024,421

1, 353,2391, 463, 6379,983,099

119,628339,382

52, 648178,538726,462

419, 234

968, 035

367, 39871,330

8,61011, 796

412113, 617

12, 964, 975 13, 360,189

685, 501576,149

270, 3718,788

2, 029, 644

126, 6775, 313, 4953, 341, 222

192,19311, 013,019

33, 324

45,073

3,11884, 602

6,844174, 29926, 483

1,54045, 652

12,964, 975

10.1

685, 541584,878

239, 63110,232

2, 041,306

204,8875, 440, 2033,435,102

146,21911,277,949

104,971

85,482

2,627122,771

9,384168, 63726,072

1,33150,915

13, 360,189

10.1



CONDITION OF MEMBER AND NONMEMBER BANKS 127

No. 84.—ALL MEMBER BANKS OUTSIDE CENTRAL RESERVE AND RESERVECITIES (SO-CALLED COUNTRY BANKS): RESOURCES AND LIABILITIES


Dec. 31,1923 (9,127

banks)

Mar. 31,1924 (9,038

banks)

June 30,1924 (9,008

banks)

Oct. 10,1924 (8,989

banks)

Dec. 31,1924 (8,948

banks)

RESOURCES

Loans and discountsOverdraftsUnited States Government securitiesOther bonds, stocks, and securitiesTotal loans and investmentsCustomers' liability on account of accept-

ancesBanking house, furniture, and fixturesOther real estate owned _.Cash in vaultReserve with Federal reserve banksItems with Federal reserve banks in pro-

cess of collectionDue from banks, bankers, and trust com-



States Treasurer.United States securities borrowed *Other securities borrowed J

Other assets _ .

Total..

LIABILITIES

Capital stock paid inSurplus fundUndivided profits, less expenses and

taxes paidDue to Federal reserve banksDue to banks, bankers, and trust com-

paniesCertified and cashiers' or treasurers'

checks outstandingDemand depositsTime deposits .United States depositsTotal deposits.Bills payable (including all obligations

representing money borrowed other thanrediscounts)

Notes and bills rediscounted (includingacceptances of other banks and foreignbills of exchange or drafts sold withindorsement)._



account of reporting banks. _.National bank notes outstanding >.United States securities borrowedOther securities borrowedOther liabilities

Total.

Ratio of reserve with Federal reservebank to net deposit liability (per cent)...

7,514,5429,955

1,502,8732,154, 330

11,181, 700

13,618377,414

88, 919310,169574, 269

100, 778

905,486

93,18331,684

25, 7058,4541,949

31, 074

7, 526, 2439,507

1,457,1642,186,860

11,179,774

14, 521385, 620

93, 733271, 054548, 393

84, 025

802,641

70, 54425,777

25,8947,9782,057

34,996

7, 503,8228,663

1, 389, 8162, 260, 241

11,162, 542

9,069390,116

99, 513273, 964559, 068

87,509

842,107

75,03628, 522

25,8417,9341,414

40, 255

7,465,82012,665

1,379,7962,415,138

11,273,419

8,741401,139101, 650282, 344573,777

91,370

1, 063, 665

62,16924,076

25, 6757,6951,420

36,445

7,458,8279,805

1,395,4022, 519,197

11,383,231

14, 595404, 785105, 545320,787599,487

105,299

1,168, 209

88,74431, 626

25,4987,2912,128

37,862

13,744,402 13,547,007 13,602,890 13, 953, 585 14, 295,087

921,601631,136

279,88127,671

418,690

91, 5105; 560,1814,830,374

41,81710,970,243

205,790

171,614

17713, 015

677508,175

21,1813,418

17,494

923,044 I632,973

309,23324,003

375,922

72,2105,295, 5824, 972,150

45, 20310, 785,070

162,714

922, 434640,314

296,84126,401

365,849

71,6325, 273,0625,073,731

33,01210, 843, 687

I

13,744,402

7.4

167,736

37813,911

811509,47420,9643,525

17,174 i

13, 547, 007

7.3

153,660

185, 254

4818,651

464509, 658

19,9292,918

18, 599

13,602,890

7.4

926,282644, 533

345, 74627, 514

447,190

64,7215,458,9355,179, 396

55, 51811,233, 274

115, 821

130,224

3108,048

726506,091

19,3083,495

19, 727

13,953,585

7.4

926,240655,326

296, 87233,151

515,934

94,2205,673,4255, 252,267

49,94811,618, 945

140,406

94,624

22113,012

2,006502,96920,9504,614

18,902

14,295, 087

7.5


36569—25f 10


No. 85*—ALL MEMBEK BANKS: PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, 1914-1924

[In thousands of dollars]to00

Date

Dec. 31.1914

Mar. 4.May 1. . .June 23..Sept. 2...Nov. 10_.Dec. 31 . .

1915

Mar. 7..May 1. . .June 30..Sept. 12..Nov. 17_Dec. 27..

1916

Mar. 5..May 1..June 20.Dec. 31.

1917

May 10..June 29..Nov. 1...Dec. 31 .

1918

Num-ber ofbanks

7,582

7,6077,6147,6157,6307,6407,631

7,6127,6057,6067,6187,6147,614

7,6147,6297,6537, 907

8,1328,2138, 5968,692

Loans and investments

Total

8,559,875

8,615,1178, 748, 3508,806, 0159,087, 9819, 730,0739,898, 575

10,119, 69310, 284, 57510, 347, 96210, 763, 07911, 289, 95711,306,806

11,733,02312,017,96912, 560, 918

* 17,132,205

* 18,874,889* 18,723,50021,345,61720,883,958

Loans anddis-

counts l

6,419,071

6, 563, 3266, 705,1466, 719, 7156, 964, 7057, 482, 6877, 622,474

7, 777, 3017,898,1417, 964, 2978, 263, 2828, 712, 2628, 713, 686

9, 096,1459, 207, 6469, 425, 506

* 12,419,748

*12,758,572« 13,317,94014, 670, 52314, 318, 523

U. S. Gov-ernmentsecurities

794,239

780, 355783,157782,619780, 895776, 932773, 807

753, 049737, 997730, 374728, 948723, 643716,129

713, 713776,189

1,098,0361,858, 093

3, 281,1202, 567,0443, 819, 6413,657,243

Otherbonds,

stocks, andsecurities

1,346,565

1,271,4361,260,0471, 303, 6811, 342,3811,470,4541, 502, 294

1,589,3431, 648, 4371, 653,2911, 770, 8491, 854, 0521, 876,991

1, 923,1652, 034,1342,037,3762,854, 364

2, 835,1972,838, 5162,855, 4532,908,192

Capital Surplus

1,074, 757

1,075,805 j1,075,2581,077,8851,087, 2891,087, 5491,087,150

1,086, 5901,086,8071,085,3751,090,8911, 094, 5421,095, 719

734, 527

731, 978727,039729, 799738,276738, 663741,529

740,669740, 727747,431754, 202762,134767,450

1,100,126 778, 2391,111,345 791,3681,123, 205 799, 3311,311,150 1,085,110

1, 367, 0601,381, 2201,442,2061,459,095

1,143, 3211,157, 7921, 223, 3421,254, 535

Deposits

Total

8,305,440

8, 666, 4228, 967, 3218,893, 9559, 437, 210

10,389, 26710,635,606

11,030,32611,403,50611,133, 29311,736,98712, 892, 62212, 661, 287

13.395,87613, 651, 00613, 396, 92218, 628, 027

19, 209, 95918, 954, 30820, 820, 81521,419, 330

Demand 2

5,124, 745

5, 091, 7285,366,9115, 277, 7485,490, 9746,152, 2266, 333, 596

6, 303, 7316, 661, 3846, 581, 3826, 891, 6767, 522, 2547, 340, 515

7, 503, 5437, 915, 6977, 856, 47611,179,676

11, 050, 61010, 753, 72712, 016, 31013, 309, 303

Time3 UnitedStates

1,233,280 j

1,264, 0061,319,9211,351, 6991.416,6411,463, 2581, 506, 018

1, 592, 3761, 685,8301,774,8391,852, 7611, 939,4881, 983, 202

2,125, 0492, 262, 8972, 303, 7323, 156, 241

3, 346, 8283, 395, 3813, 650,9433,834,320

70, 776

58, 71945, 96048, 26143,95140, 30034, 866

32, 29634,41638, 60733, 94334, 40834, 543

33, 717 I34,675 !

140,584 !649,413

1,459, 2741, 521,4031, 707, 627

471,632

Bank

1,876,639

2, 251,9692, 234, 5292, 216, 2472, 485, 6442, 733, 4832, 761,126

3,101, 9233, 021,8762, 738, 4652, 958, 6073, 396, 4723, 303, 027

3, 733, 5673,437, 7373,096,1303,642,697

3, 353, 2473, 283, 7973,445,9353, 804,075

1 Including rediscounts, overdrafts, and customers' liability on account of drafts paid under letters of credit.2 Including certified and cashiers' or treasurers' checks outstanding.3 Including postal savings deposits. Postal sayings deposits of State bank members are included with demand deposits for dates prior to June 20, 1917.* Exclusive of customers' liability on drafts paid under letters of credit by State bank members.

Bills pay-able and

redis-counts

132,902

95,94390, 69898,487

104, 01899,109

62,42864,11769,06795, 08079,61«94,670

75,34195,440381,996886,773

1,134,9591,105, 7922, 032, 5551,969,851

!cj>

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fed>

wo


1919 !Mar. 4 | 8,725June 30 | 8,822Nov. 17 i 8,995Dec 31. 9,066

1920May4 9,291June 30 ) 9,399Nov. 15..Dec. 29.

Apr. 28.June30..Dec. 31-

1921

Mar. 10..June 30. .Dec. 29..

1922

1923Apr. 3 —June30_.Sept. 14..Dec. 31. -

Mar. 31.June30_.Oct. 10__Dec. 31..

1924

9,5679,606

9,6989,7459,779

9, 8169,8929,859

9,8509,8569, 8439,774

9,6819,6509, 6359, 587

21, 760, 98922, 602,15024, 527,85325,181, 511

25,846, 65725, 945,40726,132, 50525, 887, 729

24, 644, 96124, 310, 66623, 644, 202

23,418,98224,358, 01425, 768, 503

26, 332,19326,675,00526,497, 55226, 738,130

26,832,03427, 261, 55928,450,64429, 026, 588

13, 975, 74415,534,55517, 589,82818, 363, 644

19, 497,11519, 784, 37020, 079, 50519, 767, 353

18, 606, 92418,206,01117, 483, 518

4, 823,0014, 036,8993, 660, 9433, 506,426

3, 081,1562, 941, 6552, 786,1092, 759,428

2, 627, 0732, 661,0782, 647, 793

17,161,135 | 2, 754,84617,295,943 ! 3,246.82418, 080, 787 3, 788, 377

18, 571, 825 3, 883, 26618,880,058 j 3,870,23218, 857,100 3, 722,44119,051,686 I 3,641,132

19,175,713 j 3,569,65319, 264,019 3, 607, 79719,819,898 3,894,62020,181,309 3,902, 793

2,962, 2443,030, 6963, 277, 0823,311,441

3,268, 3863,219, 3823, 266,8913,360, 948

3,410, 9643,443, 5773, 512, 891

3, 503,0013,815, 2473,899,339

3,877,1023,924, 7153,918,0114,045,332

4,086,6684,389.7434, 736,1264,942,486

1,466,268 j 1,269,0071, 489, 792 I 1, 292, 7161,565,871 I 1,343,6841,593,833 ! 1,375,727

1,695, 5551,717,0441, 787,1601, 799,061

1,850,0741, 858, 7101,867,821

1,886, 1721, 912, 2271,940, 916

1, 446, 9151, 480,4291, 518, 9531, 526, 901

1, 552, 4181, 557, 7191,557,475

1, 561, 0431, 584,0921, 625, 765

1,979,953 1,630,5531,998,295 I 1,631,7022,004,140 1, 626, 9222, 003, 054 1, 641, 319

2,022,1692, 030. 3362, 034, 9432, 037,481

1, 649,8801, 669, 5921, 682, 6461, 707, 486

21,493, 28822, 807, 52025,168, 89026.121, 621

12,708,816 ! 4,092,47713,899,421 i 4,343,38215,638,038 I 5,049,49316, 062, 684 5, 304, 793

24, 835, 338 15,351, 73225, 372, 336 15, 715, 53325, 088, 277 15, 494,18924,203,659 14,613,290

22, 812, 21623, 324, 85123, 231, 356

23,641,41825,516/68727, 271, 804

27,182,45927, 053, 20226, 914, 71828,486, 613

28, 248, 08129, 529? 56130, 772, 05732,361,652

13, 509, 48313, 855, 62013, 614, 458

13,484, 05415, 035,17915,672,741

15,127, 22115,161, 05915,100, 55116, 086, 731

15, 586, 67616, 292, 969.16, 382,93917, 766,469

5, 747, 5325, 910, 9266. 144, 0646,187,921

6, 343,4436, 366, 6326, 450, 629

6, 662, 3987,175, 0057, 644,881

8,142, 5748,378,2118,466,4168, 650, 610

8,889, 9239, 203, 5459, 597,3959,804,738

884, 280902, 339386, 309648, 555

190,168260,179219, 831316,191

272, 561389, 910306,103

329, 503156,118461, 799

404,427296,482144,478236,942

291, 767178, 946301,803242,482

3, 807, 7153,662,3784, 095,0504,105, 589

3, 545, 9063, 485, 6983, 230,1933, 084, 257

2, 686, 7292, 712, 6892, 860,166

3,165, 4633,150,3853,492,383

3, 508, 2373, 217,4503, 203, 2733, 512,330

3,479,7153, 854,1014,489,9204, 547,963

2,060,4692,047, 5502,423,8862, 561,607

3, 053, 6072, 952,1673,307,9383, 247,849

2,432,3862,108,8791, 452,962

838,979722, 744877, 527

967,8191,073, 2111,121,3621,017,644

744, 515502,907432, 747656,743

OO

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toCO


No. 86.—NATIONAL BANKS1 : PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, 1914-1924

[In thousands of dollars]00O

1914Dec.31_.

1915Mar. 4. . .May 1Jane 23Sept. 2Nov. 10Dec. 3 1 . . .

1916Mar. 7May 1June 30Sept. 12Nov. 17. „Dec. 27. _._

1917Mar. 5 . . . .May 1June 20 .Sept. 11Nov. 20Dec. 31

1918Mar, 4May 10June 29.._Aug. 31 . . .

Num-ber ofbanks

7, 581

7,5997,0047,6057, 6137,6177,607

7,5867,5787,5797,5897,5847,584

7,5817,5897, 6047,6387, 6567,662

7,6707.6887,7057,728


Total

8,490, 351

8, 545,1068, 677, 6578, 733, 5148, 907, 5979, 529, 7139, 694,166

9, 910,19710, 071,92110,121,05610,446, 27510, 959, 04910,973,662

11, 374,41611, 557, 77612,004, 87712, 383, 94514,184, 22813,499, 536

13,636,747 j14,285,954 !14,134,393 '14,387,738 i

Loans anddiscounts 2

6, 363,435

6,507,0116, 649, 7926, 665,1456, 814, 0627, 315, 3357, 450, 653

7, 597, 8907, 713,7487, 769, 0967, 998, 5828,432, 6568,438,099

8, 796, 2998, 838,9108,991,8099, 263, 7289, 824, 7289, 906, 377

9, 599, 3709, 766, 235

10,164, 62310,126,388

United j OtherStates Gov-| bonds,

ernment j stocks, andsecurities | securities

795,078 ! 1,331,838

781,194783,994783,454781, 726777, 765774, 639

753, 913738, 830731, 205729, 777724,473716, 960

714, 523768,114

1,076,2561,158, 9822,354,1831,624,529

2,126,6052, 662, 9632,129,2832, 466, 268

1,256,9011,243, 8711,284,9151,311,8091,436,6131,468, 874

1, 558, 3941, 619,3431, 620, 7551, 717, 9161,801, 9201, 818, 603

1, 863, 5941,950, 7521,936,8121,961, 2352,005, 3171,' ' "

1, 910, 7721, 856, 7561,840,4871, 795, 082

Capital

1,065,952

1,066,5891,065,8921,068,5191,068,8641, 068, 6491, 068, 049

1,067, 2891, 067,4811, 066, 0491, 067, 5651,071,1161,070, 793

1, 073, 8751,079,6891,082, 7791,090, 3181,092,2071,092,606

1,094,3381,096, 9321,098, 5561,101,839

Surplus

726, 936

724, 308719, 329722,089722, 578722, 877725, 554

724, 664724, 697731, 389731,409739, 336744, 653

754, 621761, 654762, 367769, 050774, 575784, 065

801,165803,143809.138813, 769

Deposits

Total

8, 236, 468

8, 593,9678, 892, 0478, 821,2419,229, 51710,157,472

Demand J

5, 088,189

5, 052, 6295, 324, 7985,237, 4215, 339, 1405, 982, 705

10,402, 386 | 6,162,038

10,791,765 | 6,135,82811,135, 322 ! 6, 461, 96610,877,087 ]11,362,34112,489, 27912,266,846

6, 395, 0246, 605, 9227, 211, 4037, 034, 098

12, 958,18013, 080, 33812, 771, 83313,234,29714, 798, 33614, 445, 689

7,169,2497, 498, 8917, 433,4937, 679, 3708, 056, 9488,436, 395

14,438,769 j 8,084,14614, 385,120 I 8, 094, 68614,021,609 i 7,838,15013,885,759 ! 8,095,749

Time4

1, 206,810

1,238,0531,293, 9921, 32fi, 8501,379, 4211, 423, 8911,466,015

1, 548, 5781, 642, 5231, 729, 6661, 805, 9341,893,8131,935, 710

2, 070, 9712,166, 6832,179, 7612, 295, 9822, 281, 8652, 298, 282

2, 370, 6792, 342, 7472, 343, 5892, 397, 491

UnitedStates

71,698

59, 54146, 72348, 96444, 90041, 20335,901

33,27335, 48939,45734, 82235, 30835,418

34, 69535, 626132, 965210, 395

1, 352, 006517,315

682, 7121,060,0861, 037, 787506, 583

Bank

1,869, 771

2, 243, 7442, 226, 5342,208,0062, 466, 0562, 709, 6732, 738,432

3, 074, 0862,995,3442, 712,9402, 915, 6633, 348, 7553, 261,620

3, 683, 2653, 379,1383, 025, 6143, 048, 5503,107, 5173,193, 697

3,301,2322, 887, 6012, 802, 0832, 885, 936

Bills pay-able and

redis-counts

132,442 g

95,66090, 53398,120105, 719103,45598,416

61, 95663,72068, 61891,89373, 67189, 758

69,72792,314373,028285,104599,945741,848

656, 896844,171883, 274

1,294,005

fed

I


Nov. 1..Dec. 31.

Mar. 4.May 12..June 30..Sept. 12..Nov. 17..Dec. 3 1 -

1919

Feb. 28.May 4. . .June 30..Sept. 8__.Nov. 15_.Dec. 29..

1920

Feb. 21.Apr. 28..June 30..Sept. 6...Dec. 31..

1921

Mar. 10..May 5 . . .June 30..Sept. 15..Dec. 29. .

1922

Apr. 3 .June 30..Sept. 14_.Dec. 3 1 . .

1923

Mar. 31..June 30_.Oct. 10. .Dec. 31 . .

1924

7,7547,767

7,7617,7737,7857,8217,8657,890

7,9337,9908,0308,0938,1238,130

8,1438,1528,1548,155

8,1978,2308,2498,2408,225

8,2298,2418,2398,184

8,1158,0858,0748,049

15,688,03215,191,499

15, 590,05216,148,99316,079,20316, 761,90417,134,04017, 493,171

17,548, 03317,848,62617,823, 58017,831, 50117,890, 29017, 665,959

16,865,33316,360,18116,039,56615,530, 77315, 572,678

15,412,03415, 481, 62115,820, 73715,940,44016, 616, 752

16, 720, 74316,897,80416,948, 57216, 931, 726

16,969,05217,131,13117, 698, 62017, 992,178

10, 755,47110,446,473

10,096,30010, 267,15311,027,28011, 546,09512,268, 75712, 784,460

13,117, 76513,524,92113, 637,11513, 732,32113,783,99813,543,932

12,837,27412,367,40012,014,48511,695,04711,515,338

11,293,87411,194,34311, 257,41211, 248,16611, 612, 713

11,679,62111,828,10111,947, 50611,887,032

11,963,10211,988,80312,222,39012,329,482

3,166,4922,956,394

3,686, 7204,032, 7533,176,3143,296, 5932,881,8812,723,493

2,459, 4242,375,8012, 269, 5752,175,0192,152,4652,131, 573

2,047,2342,001,8112,019,4971,861,9771,975,898

2,031,5642,124,6912, 285,4592,402,4922, 656, 560

2,694, 2072,693,8462, 602,7622, 566,851

2,494,3132,481,7782, 579,1902, 586,697

1,766,0691,788,632

1,807,0321,849,0871,875,6091,919,2161,983,4021,985, 218

1,970,8441,947,9041,916, 8901,924,1611,953,8271,990,454

1,980,8251,990, 9702,005,6841,973,7492,081,442

2,086,5962,162,5872,277,8662,289, 7822,347,479

2,346,9152,375,8572,398,3042,477,843

2,511,6372,660, 5502,897,0403,075,999

1,107, 7601,109, 735

1,106, 5501,111,5011,118,6031,137,9701,153, 7521,158, 2o9

1,182,0821, 214, 7691, 224,1661, 248, 2711, 269,9301, 272, 291

1, 273,2051,271,3831,273,8801, 276,1771, 282,432

1, 289, 5281,296,2201,307, 2161,307,1221,317,010

1,319,1441,328,8911,332,3941,325,825

1,335, 5721,334,0111,332, 5271,334,836

829,663845,282

854,433859,603872, 226

902, 905921,335

944,126

1,016, 5221,019, 928

1, 029,4061,024, 7611, 026,2561,027, 3731, 033, 406

1, 036,1841, 040, 2491, 048, 8061,042,1971,075, 545

1, 067, 6521,070, 6161,068, 3201, 068, 359

1, 073,3631, 080, 5781, 074, 268

15,051,473 |15,423,081 i

8,640,8189, 460, 577

15, 299, 80715,903,79615,924,86516,681,60717,467,85317,866,413

16,965,12216, 924, 54317,155, 42116, 751,95616,961, 70216, 277, 757

15,478,35414,851,85915,142,33114, 560,85215,075,102

15, 390,43815, 766,98816, 320, 56416, 598, 76217,420,481

17, 036, 28116, 897,98017,040, 53017,828,861

17, 598, 69618,347,83719,108, 79820, 000,208

8, 856,3959, 552, 7679, 588,14410,174,67010,773,05810, 928,635

10,329,63710,459, 28410, 650,11210, 346, 53910, 544, 7789,888, 077

9,249 1818, 872,8609,046,4758, 652,8698, 871, 799

8, 796, 6319,091,8419, 603,1889, 643, 79610, 042,192

9, 505, 2569, 541,4859, 629, 07210,127,182

9,741, 61610,143, 58510,160, 21510,962,873

2,372, 5122,473, 868

2, 652, 6662, 729, 2452, 784,9402, 921,0343,053,6853,139, 542

3, 259,1783,410,4803, 485, 5013, 560,2983,621,1123, 631,837

3, 712,4303, 698, 5183, 695,8063, 680, 7043, 749,328

3,837, 7593,918,2824, 111, 9514,169, 2204, 318, 736

4, 580, 2164,755,1624,864, 3694,948,019

5,108,9705, 259,9335,460, 6775, 581, 287

1,136, 884313, 381

591,318530, 551566, 793518,903270,390448, 863

67,914115, 200175,78853,453147, 239212,123

113,449175,149249,039109,981188,089^

215,347141,844103,374145,182304,176

264, 279192,135101, 649157,849

183,000123,318188,398153,266

2, 901,2593,175,255

3,199,4283,091, 2332, 984, 9883,067,0003, 370, 7203, 349,373

3,308,3932, 939, 5792, 844,0202, 791,6662, 648, 5732, 545, 720

2,403, 2942,105, 3322,151, Oil2,117, 2982, 265,886

2, 540, 7012, 615,0212, 502, 0512, 640, 5642, 755,377

2, 686,5302,409,1982,445, 4402, 595,811

2, 565,1102,821,0013,299, 5083, 302, 782

1,566,9911,380, 835

1, 451, 2231, 547, 7231,484, 7691, 505, 5161,742, 6311,911,810

2,064, 5902,265,0792, 208,0682,299,6402,390, 6332,342,663

1,925, 5291,711, 5021,471, 9791, 256,7731, 019,929

598,826534, 621508, 752429, 324573, 202

660, 632723, 722753, 794658,062

510, 533340, 625294,030398, 700

Oo2aQ

Bw

Bw

1 Includes nonmember national banks in Alaska and Hawaii. On Dec. 31, 1924, there were 6 with total resources of $12,290,000.2 Including rediscounts, overdrafts and customers' liability on account of drafts paid under letters of credit.3 Including certified and cashiers' checks outstanding.4 Including postal savings deposits.

Co


No. 87.—STATE BANK AND TRUST COMPANY MEMBERS: PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, 1914-1924

[In thousands of dollars]Co

to

Date

Dec. 31.1914

Mar. 4_.May 1...June 23..Sept. 2. _Nov. 10..Dec. 31. .

1915

Mar. 7..May 1 . . .June 30..Sept. 12..Nov. 17..Dec. 27. .

1916

Mar. 5..May l._June 20.Dec. 31.

1917

May 10..June29_Nov. 1__Dec. 31.

1918

Mar. 4..June 30..Nov. 17..Dec. 31.

1919

Num-ber ofbanks

404453250

449513847930

1,0421,1351,181


Total

73,057

73,58774,38376,085

183,909204,088208,160

213,287216,660230,053321,166335,391337,803

363,384464,262560,070

3,637,334

4, 593,9224, 594,2765,662,8145, 697,825

6,176,2056, 528,3567,399, 7007,694,315

Loans anddiscounts l

57,782

58,47657, 533

152,740169,603174,135

181,760186,873197,820267, 540282,476278, 524

302,823371,325436,236

2, 516,366

2,995,2113,156,4003,917,9883,875^064

3,882,2994, 510,3685,324, 2945, 582, 500

UnitedStates Gov-

ernmentsecurities

26

548,90922,685234, 592

619,624439,246654,859702,619

1,138,128862,339781,134785,013

Otherbonds,

stocks, andsecurities

15,249

15,08516,82319,41731,13534,45333,992

31,52729,75532,20053,59152,88059, 245

60,50784,028101,149886,376

979,087

1,089,9671,120,142

1,155,7781,155,6491,294,2721,326,802

Capital

9,541

9,95110,10110,10119,16119,63619,836

20,03620,06120,06124,06124,16125,661

26, 98632,32641,076

219, 294

270,878283,414335,196350,110

360,468371,979412,869436,324

Surplus

7,918

7,9968,0468,046

16,04016,12816,334

16,36416,39016,40623,15723,16223,161

24,04430. 08937,339

301,471

340, 604349,080394,106409,680

415,006420,934441,-264454,877

Deposits

Total

73,066

76, 25179,14876, 709

212, 278236,305238,062

243,178272,864261,035379, 758408,471400,045

443,344574,904629,327

4, 189, 398

4, 831, 5314, 938, 6365, 775,8326,002, 702

6,199, 5606, 889,0927, 707, 7808,262,017

IDemand2

39,471

41,59544,62243,134

154,902172,719174,815

170,968202,280189,877289,640314, 654310,805

338, 573419,758426, 729

2,746,899

2, 959, 0962, 918, 6173,379,0733,851, 970

3, 855,3264,314,9044,868,6135,137,894

Time 3

26,600

26,28626,42125,24137,66339, 67840,474

44,24543,90745, 58347,12946,08447, 829

54, 45696, 525124,282

1,004,6581,052, 2901,278,9481,361,020

1,440,3711, 558,9401, 996, 4052,165, 786

United

States

7,780135,014

402,043485,63.9572,618160,464

295,228337,432117,977201, 710

Bank

6,995

8,3708,1058,334

19,71323,90822,773

27,96526,67725, 57542,98947, 73341,411

50,31558, 62170, 536

449,025

465,734482,090545,193629,248

608,635677,816724, 785756,627

Bills pay-able and

rediscounts

459

283264367363564

472397449

3,1875,9474,912

5,6143,1268,968

145, 225

290, 788222, 518465, 564589,016

609,246562,781681, 255649,797


May 4_.June 30,.Nov. 15..Dec. 29..

1920

Apr. 28.June 30.Dec. 31-

1921

Mar. 10_.June 30..Dec. 29..

1922

Apr. 3 .June 30-.Sept. 14_.Dec. 31 . .

1923

Mar. 31..June 30.Oct. 10..Dec. 31.

1924

1,3061,3741,4491,481

1,5501,5951,614

1,6241,6481,639

1,6261,6201,6091,595

1,5711,5701,5661,544

8,004,1778,127, 969

8,228,719

8, 291,0418, 277,3398,077,322

8,012, 8538, 543, 4029,158, 556

9, 618, 4799, 784, 2429, 556,3979, 813,927

9,870, 57510,138, 62110, 760, 23711,042,473

5,975,6336,150,8256,299, 6806,227, 630

6, 242,8026,194, 8005,970, 915

5, 869, 5016,040, 6846,470,411

6, 894, 5997,054, 6016, 912,2387,167,496

7,215, 6987, 278, 8027, 601,1617, 855,461

707,338674,046635, 609629,955

627, 717644,043674,353

726,302964, 523

1,135,381

1,192, 6911,179, 8611,123, 2721,077,773

1,078,8611,129,3581,318,7661, 319,291

1,321, 2061,303,0981,313,6971,371,134

1,420, 5221,438,4961,432,054

1,417,0501, 538,1951,552,764

1,531,1891,549, 7801,520, 8871,568, 658

1,576,0161,730,4611, 840, 3101, 867, 721

481,536493,628517, 980527, 520

579,391585, 530586,089

597,369605, 761624,656

661,559670,154672,496677, 979

687,347697,075703,166703, 445

486, 840494,568502, 961507, 503

528,112531, 918524,574

525, 379535,806550, 750

563,491561, 676559,202573, 610

577,170589, 669609,033619,266

7, 917,1748,224,1058,134,1377, 932,134

7, 967,0028,188, 9688,162,919

8, 257, 9109, 202,3519, 858, 728

10,153, 73810,162, 796

9, 882, 65010, 666, 537

10, 657,03611,190,19811, 672, 44512, 371, 555

4, 896,1455,069, 7054, 954,1704, 730,330

4, 640,1794, 812, 8194, 745,987

4, 690,9405,435, 7215, 634, 547

5, 626,0345, 624,0685,475,9415, 964, 045

5, 848, 9736,154,0086, 227, 1696, 809,065

2,337, 6352,426,0352,523, 6952,556, 818

2,645, 7032, 671, 5932,702,110

2,825,4293,063, 8383,326, 958

3, 563,2583, 624,0483, 603,0933, 703, 712

3, 782,0923, 944, 8314,138,0994, 224, 966

76, 52186,49874,381

106,166

99,625142, 457120,308

116, 56954,142

160,005

142,281105, 92145,43481, 461

111,03857,375

116,39191, 441

1 Including rediscounts, overdrafts, and customers' liability on account of drafts paid under letters of credit.2 Including certified and cashiers' or treasurers' checks outstanding.3 Including postal savings deposits.4 Included with other bonds, stocks, and securities

606,873641, 867581, 891538,820

581,495562,099594, 514

624, 972648, 650737, 218

822,165808,759758,182917,319

914,9331,033,9841,190, 7861, 246,083

788, 528746,099917,305905,186

720,884636, 900433,033

240,153213, 992304,325

307,187349,489367, 568359,582

233, 982162,282138, 717258, 043

QO

O

O

ggw

gI

w50

COCO


No. 88.—REPORTING MEMBER BANKS IN LEADING CITIES: PRINCIPAL RESOURCES AND LIABILITIES OF ABOUT 737 BANKS, BY WEEKS


CO

Y e a r l y average(based on weeklyfigures):

19211922._._.1923..1924

1924Jan. 2

9 : . -16 -23.30 ._

Feb. 61320.._27 —

Mar. 5121926

Loans and discounts and investments

Total

15,34615,16316,41317,266

16,62216, 43816, 37216,35516,364

16,41916, 42016,42116, 374

16,38416, 46916,62016,580

Loans and discounts

Total

11,98010,97011,78912,324

12,06711,93111,87711,85711,884

11,93211, 93511,92711,877

11,93511, 99712,11312,065

Se-cured

byU.S.Gov-ern-

mentobli-ga-

tions

667331255206

239228224223214

236238229227

214207207207

curedby

otherbondsand

stocks

3,0303,4243,7504,142

4,0303,9213,8793,8773,863

3,8463,8183,8493,805

3,8203,8523,9133,860

Allother

Investments

Total

8,2837,2157,7847,976

7,7987,7827,7747,7577,807

7,8507,8797,8497,845

7,9017,9387,9937,998

3,3664,1934,6244,942

4,5554,5074,4954,4984,480

4,4874,4854,4944,497

4,4494,4724,5074,515


Total

1,3171,9852,4572,427

2,314

2,3132,3032,289

2,3082,2912,2862,276

2,2262,2562,2892,287

Pre-war

bonds

278

270270270270270

270270273273

270270270271

Lib-erty

bonds

8791,2411,0441,236

1,0051,0051,0141,0241,013

1,0301,034l,pl1,030

1,0001,0321,0381,053

Treas-ury

bonds

87

8081

236568907

843833842824822

828812803794

784779769758

Cer-tifi-

catesof in-debt-edness

202176129155

116114107107105

10497

102102

97101139133

Otherbondststocksand

securi-ties

2,0492,2082,1672,515

2,2412,2042,1822,1952,191

2,1792,1942,2082,221

2,2232,2162,2182,228

Re-servewithFed-

eral re-servebanks

Cashin

vault

1,2631,3611,4001,544

1,4551,4301,4341,4351,425

1,4071,4161,3981,419

1,4101,4451,4831,415

320286291

322311280277273

273298281280

279279274281

Deposits

Netde-

mandTime

Gov-ern-

ment

10,22910,85911,42012,063

11,43811, 28511, 30811,21011,239

11,27511,40411, 23511,167

11,17411,34811,41811,171

2,9403,3723,9504,453

4,1044,1064,1124,1374,097

4,1204,1324,1764,184

4,1944,1914,1944,235

230211183153

163154139139139

139125125124

125125245237

Accommodation atFederal reservebanks

Total

1,261254475167

533349284294273

255317270297

262258206253

Se-cured

b yU. S.Gov-ern-

mentobli-ga-

tions

49412126883

300190148165153

145202136162

11812075

124

Other-wisese-

curedand

unse-cured

76713320784

233159136129120

110115134135

144138131129

2n

CO

p


Apr. 2—9. . .

16.-.23 . . .30. . .

May 7. .14.21.28.,

June 4_.11-.18..25. .

July 2._9

23_.30 - .

Aug. 6__13__20..27. _

Sept. 3 . .10.

24_

Oct.

22__29__

Nov. 5 -12.19.26.

Dec. 3 . .10.-17..24 . .3 1 . .

16,62916, 56916,61216,60716,656

16, 66416, 70716,60116,610

16,66216, 79616,87116,969

17, 05617, 05517,12217,15917, 252

17,33017,43617, 51917, 515

12,10212,05612,06212.05412,121

12,07512.05511,98011,951

11,94212,07612,11212,142

12,15012,19712, 22012, 21712, 265

12, 34812,40312,45112,424

17, 571 12, 43717, 620 12, 47917,872 12, 57718,008 12, 677

18,19318,15118,23218,320•18, 315

12, 78212, 72912, 78612,84312, 764

18, 344 12, 76918,432 12, 87218,442 12,82418,487 ! 12,870

18, 527 | 12,91518, 576 12, 97218, 582 12,98918,601 I 13,02318, 599 I 13,068

224228219213213

211219231215

218214215218

216214195195190

188190193192

193200190

192192191192181

185185182185

199179191196195

3,887 J 7,9913,8293,8663,8823,973

3,9393,8883,8783,860

3,8973,9664,0214,050

4,1134,1064,1834,1884,241

4,2194,2794,3164,292

4,3724,3184,3554,406

4,4704,3924,3894,4744,366

4,3994,4464,4254,483

4,5224,6044,6074,6414,668

7,27,9777,9597,935

7,9257,9487,8717,876

7,8277,8967,8767,874

7,8217,8777,8427,834"7,834

7,941*7,9347,9427,940

7,8677,9688,0228,081

8,1208,1458,2068,1778,217

8,1858,2418,2178,202

8,1948,1898,1918,1868,205

4,5274,5134,5504,5534,535

4,5894,6524,6214,659

4,7204,7204,7594,827

4,9064,8584,9024,9424,987

4,9825,0335,0685,091

5,1345,1415,2955,331

5,4115,4225,4465,4775,551

5,5755,5605,6185,617

5,6125,6045,5935,5785,531

2,2762,2602,2592,2532,198

2,2412,2532,2392,238

2,2442,2572,2952,313

2,3732,3352,3592,4022,402

2,3952,4292, US2,461

2,5002,4972,6222,647

2,6522,6642,6602,6862,712

2,6982,6722,7242,734

2,7352,7272,7122,7002,645

272273271272272

- 271272272272

272270273271

271272273273271

276272269271

267268267266

266266265265265

264265265264

264263263262261

1,0581,0651,0731,0831,095

1,1131,1371,1381,149

1,1571,1691,1861,204

1,2401,2371,2491,2841,300

1,3151,3521,3591,373

1,4091,4111,4081,409

1,4211,4291,4341,4421,449

1,4491,4541,4751,482

1,4861,4641,4141,4121,388

6771717070

72716967

69696971

7069696865

65626566

67686970

6768697069

70687067

6775364370362

754737730722660

6S6680669663

663663633634

661631645650645

632644648652

662656590607

608603590602623

620611629639

639647517523501

125114114106101

99939187

8386134133

131126123127121

1079910299

9594288295

290298302307306

295274285282

279278154133133

2,2512,2532,2912,3002,337

2,3482,3992,3822,421

2.4762,4632,4642,514

2,5332, 5232,5432,5402,585

2,5872,6042,6252,630

2,6342,6442,6732,684

2,7592,7582,7862,7912,839

2,8772,8882,8942,883

2,8772,8772,8812,8782,886

1,4361,4391,4421,4381,455

1,4591,4491,4531,447

1,4891,5391,5961,545

1,5211,5381,5861,5691,591

1,5951,6181,5961,585

1,6041,6261,7501,612

1,6201,6721,6591,6401,646

1,5981,6451,6961,625

1,7241,6691,6941,7001,680

269282273283269

285284278287

287287275279

292299274274285

276278271275

281293279283

273291292291293

311314294305

310321338333324

11,24611,16311, 34011,28911, 439

11, 37911,49611, 40311, 403

11, 56911. 78511,88311,837

11,99412,02112,16212,13512,233

12, 29112, 42512, 41912, 424

12, 47812, 59912, 78912, 630

12,87012, 80513,04413,01312, 922

12,94713,19613,09113,065

13,21213,21313,16913,04513, 254

4,2304,2414,2514,2654,288

4,3014,3044,3164,323

4,3264,3484,3794,414

4,4184,4374,4824,4904,492

4,5234,5544,5514,557

4,5654,5774,6224,664

4,6754,6964,7324,7434,782

4,8054,8234,8624, 857

4,8264,8264,8164,8144,849

238237224204207

20418311889

8980129129

129114101100

96969696

8675233233

233232210200199

200168140140

13285180169166

300306242238204

208178174181

160140116106

13384847072

62646159

108747775

921041046765

77728266

103110133224154

16014610610280

90766981

58554240

7028342429

23282021

65323031

4961572320

39372433

676891155114

140160136136124

118102105100

1028574

6356504643

393641

43424744

4343474445

38355833

3642426940

00Or



No. 89.—STATE BANKS AND TRUST COMPANIES: MEMBER AND ELIGIBLE1 NON-MEMBER BANKS ON JUNE 30, 1924, IN EACH FEDERAL RESERVE DISTRICT

[Amounts ID thousands of dollars]

Federal reservedistrict



MinneapolisKansas City. _ . .Dallas.. .._San Francisco

Total-

Federal reservedistrict


Richmond.AtlantaChicagoSt. Louis

MinneapolisKansas CityDal las . . .San Francisco

Total

Number of banks

Mem-bers

3614470

120

65133364130

10133

186188

1,570

Eligiblenon-

members

192322434827

1,0911,2073,1041, 753

1,3991,820

721728

13, 598

Total

228466504947

1,1561,3403,4681,883

1,5001,853

907916

15,168

Percent

ofmem-bersto

total

15.830.913.912.7

5.69.9

10.56.9

6.71.8

20.520.5

10.4

Surplus

Mem-bers

39,433196,06670,26596,844

13,42818,36388,83824,049

2,8783,3153,788

32,402

589,669

Eligiblenon-

members

23,8872 88,669

92,45071,906

58,06325,13788,04431,886

14,67321,97910,44732,518

559,659

Total

63,320284, 735162, 715168,750

71,49143,500

176,88255,935

17, 55125,29414,23564,920

1,149, 328

Percent

ofmem-bersto

total

62.368.943.257.4

18.842.250.243.0

16.413.126.649.9

51.3

Capital

Members

33,450229, 729

38,42682, 790

19,33731,885

112, 90840,569

6,7778,635

12,25080,319

697,075

Eligiblenon-

members

28,51180,84090, 77474,669

89, 07157, 779

190, 76474,503

43,83362,24232,73273,628

899,346

Total

61,961310, 569129,200157, 459

108,40889,664

303,672115,072

50,61070,87744,982

153,947

1, 596,421

Percent

ofmem-bersto

total

54.074.029.752.6

17.835.637.235.3

. 13.412.227.252.2

43.7

Total resources

Members

800,2615,219,654

590, 2251,448,711

230,451414,468

2,217,196558,484

* 94? 545,137, 574102,287

1,408,127

13,221,983

Eligiblenon-

members

549,5091,391, 7101, 085,5481,139, 760

945,492615,844

2, 509,596731,365

569,313666,680287,052

1,093,688

11, 585, 557

Total

1, 349, 7706,611,3641, 675, 7732,588,471

1,175,9431,030,3124, 726,7921,289,849

663,858804,254389,339

2, 501,815

24,807,540

Percent

ofmem-bersto

total

59.378.935.256.0

19.640.246.943.3

14.217.126.356.3

53.3

* Eligibility is based on capital stock requirements. List does not include mutual savings banks withoutcapital stock and private banks, neither of which are eligible for membership in Federal Reserve System.

2 Includes undivided profits of eligible nonmember banks in the State of New York.


CONDITION OF MEMBER AND NONMEMBER BANKS 137'

No. 90.—STATE BANKS AND TRUST COMPANIES: MEMBER AND ELIGIBLE NON-MEMBER BANKS ON JUNE 30, 1924, IN EACH STATE


State

New England States:MaineNew Hampshire.VermontMassachusetts...Rhode IslandC onnecticut

TotalEastern States:

New YorkNew Jersey.PennsylvaniaDelawareMaryland ___ _.District of Co-

lumbiaTotal

Southern States:VirginiaWest Virginia....North Carolina. _South Carolina...GeorgiaFloridaAlabamaMississippi ._Louisiana. . .Texas . .ArkansasKentuckyTennessee .

TotalMiddle W e s t e r n

States:OhioIndiana.._Illinois—MichiganWisconsin...MinnesotaIowaMissouri

TotalWestern States:

North DakotaSouth DakotaNebraskaKansas -_.MontanaWyomingColoradoNew MexicoOklahoma

TotalPacific States:

WashingtonOregon...CaliforniaIdahoUtah . .NevadaArizona

TotalGrand total

Number ofbanks

Mem-bers

4

2534

36

98567748

1

244

12171219781324

815

176389

13

434

912182

1663029

10158

578

414137

353327

88

4738383330

4

190

1,570

Eligiblenon-mem-bers

441032597

54

206

237109540

19104

10

1,019

241188324243411209193219185610229429281

3,762

492589

1,162407575565944771

5,505

25731073655411843

11735

197

2,367

135111323

53582237

739

13, 598

Paid-in capital

Members

1,100

22,5008,0001,850

33,450

208, 72022,85945, 7513,2004,930

1,000

286,460

4,7622,4905,2672,038

13,1192,5454,421

79011, 59511,3775,4843,6568,000

75, 544

68, 2155,032

56, 65941,2754,3322, 4809,771

28,300

216,064

150580560355

2,47519060060

205

5,175

4,0583,680

66,7681,3553,683

838

80, 382

697,075

Eligiblenonmem-

bers

4,040805

2,36611,800

1,14512,255

32,411

59, 44023,650

112, 8483,487

16,165

11,110

226, 700

19, 52616, 70516, 37211,97816, 7699,0448,232

10,15911,18627,3779,439

16, 94116,080

189, 808

34, 26635,08987, 36126,60125, 55520,24139, 40534,367

302, 885

5, 7697,790

23, 61418,0224,6001,7844,6911,5854,958

72,813

6,1645,324

52, 7201,5983,9711,7413,211

74, 729

899,346

Surplus

Members

950

25, 43311,0002,050

39, 433

180, 57317,673

119, 0252,5004,404

100

324, 275

3,6242,9032,0961,1517,601

9342, 535

4317,2393,5061,8991,8652,387

38,171

42,2242,020

43, 65035,9304,4631,1464,423

19,330

153,186

20140163211960

59555

1527

2,150

1,2401,655

26,942457

1,853

307

Eligible'nonmem-

bers

2,875961

2,16510, 615

1,0438, 283

25, 942

i 74, 43417, 517

126, 9761,486

19, 570

6,550

246, 533

9,86810, 2438,4705,7107,9952, 8913,5494,6815,5418,0683,866

10,4445,663

86,989

24, 20914, 50342, 40114,0908, 7038,077

16, 21215, 795

143,990

1,5052,1716,1938,3941,073

7031,849

328899

23,115

1,5011, 696

25,086377

2,188527

1,715

32,454 j 33,090

589, 669 559,659

Total resources

Members

32,226

510, 656225, 795

31, 584

800, 261

4,815,106441, 495828, 67838,04367, 755

4,886

6,195, 963

50, 53836,15967,00819, 811

126, 50429,1^960,88211,161

199,80490,93061, 37857, 43783, 642

894, 403

1,112,00360, 254

1,115, 200853,116106,87634, 766

134,325433,088

3,849,628

1,1028,0595,7993,957

31, 7191,511

18, 425309

1,745

72, 626

43, 76357, 660

1,235, 49112, 56047, 957

11, 671

1, 409,102

13,221,983

Eligiblenonmem-

bers

91,83918,93262, 992

220, 64819,277

192, 947

606, 635

999, 599424, 668

1, 467, 77834, 784

253,865

95,267

3,275,961

151,844185,305187,108111, 679131, 760119,25271,003

137, 264156, 601222,282

83,325174,156161,170

1, 892, 749

526, 392434,341

1,131,945348,939352,322288,461507,187331,319

3,920,906

55, 779105, 212286, 751169,22639,85417, 59149,43910,26146,821

780,934

54,08151,134

874, 55618,44748, 63522,18639, 333

1,108,372

11, 585, 557

i Includes undivided profits.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis


No, 91.—STATE BANKS AND TRUST COMPANIES: NONMEMBER BANKS ELIGIBLEFOR MEMBERSHIP IN JUNE, 1924, ON THE BASIS OF CAPITAL STOCK REQUIRE-MENTS

Under the original Federal reserve act State banks and trust companies admitted to membership wererequired to have a paid-in capital sufficient to entitle them to become national banking associations;that is, $25,000 in places with a population of 3,000 or less; $50,000 in places with a population in excessof 3,000 but not over 6,000; $100,000 in cities with a population in excess of 6,000 but not over 50,000,and $200,000 in cities with a population of over 50,000. The agricultural credits act of 1923 authorizedthe admission of State banks and trust companies with a paid-in capital equal to not less than 60 percent of the above-meritioned requirements, subject to an agreement to increase their capital stockwithin a period to be prescribed by the Federal Reserve Board, to the minimum requirement fornational banks. The following table gives statistics of nonmember banks eligible for membership onthe basis of capital requirements under the original Federal reserve act and under the 1923 amendment:




RichmondAtlantaChicago-St. Louis

Minneapolis-.Kansas City..DallasSan Francisco

Total. _.

Total nonmember banks eligible for membership

Eligible under original Federal reserveact

Num-ber

178314374716

814786

2,5121,129

7191,032

474585

9,633

Paid-incapital

26,93179,90080, 70368,734

82,65749, 981

176, 59762, 793

31,49447,49827.47070.471

805, 229

Surplus Total

22,873i 86,848

86,01266,308

54,37422,25682, 52225, 531

10, 76115,8958,794

31, 721

513,895

510,5601,371,474

981, 8041,040, 590

869,885534,332

2,318,306601, 363

413, 901505,114240, 607

1, 063, 591

10,451, 527

Made eligible by 1923 amendment

Num- ! Paid-in Sur-ber I capital plus

GO1 1 1

277421592624

788247143

3,965

1, 580940

10,0715, 935

6,4147,798

14,16711,710

12,33914, 7445,2623,157

94,117

1,01411,821

6,438

3,6892,8815,5226,355

3,912

1,653797

45,764

Totalresources

38,94920,236103, 74499,170

75, 60781, 512191,290130,002

155,412161,56646,44530,097

1,134,030

Eligible nonmember banks in cities with a population of over 50,000

Federal reserve districtEligible under original Federal reserve

act (capital not less than $200,000)

Num-ber


RichmondAtlantaChicago.St. Louis

Minneapolis . .Kansas C i t y . .DallasSan Francisco.

TotaL _.

31739344

4222

14713

9301045

559

Paid-incapital

12,59055,48051,05021,128

30, 5359,356

60, 6637,150

4,8008,6184,350

31,332

Surplus Totalresources

Made eligible by 1923 amendment(capital $120,000 to $199,999)

Num-ber

12,982 229, 324i 60,913 ! 924, 716

62,425 I 637,58626,099 393,146

23,3803,. 152

35, 0642,380

2,2302,4101,157

14,001

297, 052 246,193

299,169112,349894,250

56,017

55,293118,11331,100

596,534

4,347, 597 120

Paid-incapital

1,145760

9,7664,031

1,232125

1,646150

120150425485

20,035

Sur-plus

5821 1 , 552

6,1844,292

5119

630100

3150

14072

14,153

Totalresources

23,13315,20899,87075, 505

11, 503653

18,0584,456

1,2191,7055,4203,375

260,105

* Includes undivided profits of banks in the State of New York.


CONDITION OF MEMBER AND NONMEMBEB BANKS 139

No. 91.—STATE BANKS AND TRUST COMPANIES: NONMEMBER BANKS ELIGIBLEFOR MEMBERSHIP IN JUNE, 1924, ON THE BASIS OF CAPITAL STOCK REQUIRE-MENTS—Continued





Minneapolis..Kansas City. .Dallas. _.San Francisco.

Total . . .

Eligible nonmember banks in cities and towns with a population of 6,001to 50,000

Eligible under original Federal reserveact (capital not less than $100,000)

Num-ber

588080

138

63235*80

29432959

Paid-incapital

9,22515,00013,57324, 654

19, 03510,05031,75611,501

3,6754,9254,97511,023

159, 392

SurplusI

Totalresources

6,3091 15,630

13,39327,147

11,2895, 357

16, 5634,206

1,3891,9981,378

187,720290, 603177,831363,114

210, 658124,915462, 552114,365

.48,88850,36051,099

155,984

Eligible under 1923 amendment(capital $60,000 to $99,999)

Num-ber

110,867 | 2,238,089 |

Paid-incapital

395150135527

9852,0611,045

715685700300

Sur-plus

411i 174

40252

322387679719

17033018094-

Totalresources

15,0263,7811,0384,823

5,46612,52327,08414,252

9,35210,0707,0103,275

3,758 113,700

Eligible nonmember banks in cities and towns with a population of 3,001to 6,000


Boston..New YorkPhiladelphia..Cleveland


Minneapolis..Kansas City. .DallasSan Francisco.

Tota l . . .


Num-ber

31415660

7495

175128

36624982

Paid-incapital

2,070

6,6604,974

*6,4617,42812,367

2,4354,3553,5358,965

72, 278

Surplus

1,356i 3,927

4,4413,216

4,5804,1044,6324,151

8391,3151,5493,882

37,992

Totalresources

, 37,73063,21470,16069, 500

72, 78389, 040158,98699,441

29,41342, 62335,138109,447

877,475


Num-ber

116

Paid-incapital

241330921544

303900155285

4,053

Sur-plus

21195

9213

117155414204

35375

116

Totalresources

58,319

1 Includes undivided profits of banks in the State of New York.



No. 91.—STATE BANKS AND TRUST COMPANIES: NONMEMBER BANKS ELIGIBLEFOR MEMBERSHIP IN JUNE, 1924, ON THE BASIS OF CAPITAL STOCK REQUIRE-MENTS—Continued



Eligible nonmember banks in cities and towns with a population of3,000 or less


Num-ber

Paid-incapital Surplus Total

resources


Num- i Paid-inber ! capital

Sur-plus

Totalresources

BostonNew York . . .Philadelphia.Cleveland

Richmond .AtlantaChicagoSt. Louis...

Minneapolis...Kansas City. . .DallasSan Francisco..

58120145474

603606

1,955

645897386399

3,0465,6009,42017,978

26, 62623,14771,81134,934 '

20,584 :29,60014,61019,151 ,

2,226i 6, 3785, 7539,846

15,1259,64326,26314, 794

6,30310,1724,7107,630

55, 78692,94196,227214,830

287,275

7 i68 !

1321,111

)2, 518331, 540

280,307294,018123,370201, 626

257 ! 4, 541396 | 6,358526 I 9,539592 9,971

660751229128

Total | 7,196 | 276,507 ( 118,843 2,988,466

11,20113,0093,9822,087

3,614 i 61,931

205841

2,7392,3303,7995,332

3,6175,3511,258515

2,58013,962

54,96563, 785129,506104,754

141,324139,82531,14720,058

25,987 701,906

i Includes undivided profits of banks in the State of New York.


CONDITION OF MEMBER AND NONMEMBER BANKS 141

No. 92.—ALL MEMBER BANKS: ABSTRACT OF EARNINGS AND DIVIDENDS REPORTSBY FEDERAL RESERVE DISTRICTS, FOR THE YEARS ENDING JUNE 30, 1919,TO 1924

[Amounts in thousands of dollars)

District

Capitaland

surplus(as of

June 30)

Grossearnings

Totalexpenses

Totalnet

earn-ings

Net

chargedofE

Net ad-dition toprofits

Divi-dends

declared

Ratioof netaddi-

tion toprofitsto capi-tal andsurplus

All member banks:19191920.1921192219231924.

Boston:1919.1920192119221923.1924

New York:1919.1920...1921 . . . .19221923.. .1924...

Philadelphia:1919...1920192119221923.1924...

Cleveland:1919...19201921.1922.19231924..

Richmond:191919201921192219231924.;,

Atlanta:191919201921.. .1922_19231924... _

Chicago:19191920.1921192219231924

St. -Louis:191919201921.1922.19231924

776, 490193, 337415, 722496,689629,468

229, 922 i254,379 ;263, 512269,961 I270, 376 I266,801 |

715,511 !835,536 i897,474 |914,893 !

959,646 i984,994 |

256,677 ;

278,085 I288,891 !301,890 I327,046 !

353,190

309,264 '341,073371,803 j388,417 '405,746422,699

140,864 !164,276179, 6441 86, 248 |190,718 |194,888

I109,147128, 471136, 757142, 231146, 262151,173

389, 369444,085475, 310481, 416496, 269503, 721

127,288143, 408150, 096158, 428165, 642169, 278

1, 291,0011, 636,1411, 829, 6711, 669,4291, 683, 5121, 742,332

91,248109,194127,160115,159114,908120, 742

394, 506485,096538,808465,257460,979473, 333

88,783105,929113, 715111, 213116, 311124, 724

120, 246147,824166,663165, 248173,902183, 860

72, 53275,15673,49173,82477, 685

48, 88666,18975, 65665, 044

70,187

185, 587234, 765271,165251,170245, 642253,480

51, 74668, 35274, 98071. 30575, 34377, 699

876, 6131,097,4711, 267, 7051,156, 4171,189, 7321, 253,983

61, 44572,97083, 54180, 70083, 74087,914

261,038315,082357,369301, 469306,033324, 597

56,95766,74871, 32668,39172,965

• 80,057

81, 27198, 248115,582114,322119, 983132, 544

39, 21248, 70654, 22751, 50451, 46355,103

33, 70544,12355, 73047, 58947, 08751, 305

131,410162,006189, 025174, 842179,852188, 434

35, 29046, 39652, 35550,29853, 72756,477

414, 388538, 670561,966513,012493, 780488, 349

29,80336, 22443, 61934, 45931,16832,828

133,468170; 014181,439163, 788154,946148, 736

31,82639,18142,38942,82243,34644,667

38,97549, 57651,08150, 92653,91951,316

17,47123, 82620, 92921, 98722,36122, 582 |

15,181 I22,066 I19,926 I17,455 I19.006 !18,882 |

54,177 !72, 759 |82,14076,32865, 790 I65,046 j

16, 456 I21,956 j22,625 j21.007 I21,616 i21, 222 I

80,056129,062216,309213,863148,643151,234

5,3208,60117, 52019,200

12,618

24,84754, 55.477,89769,34535,00532,302

7,01213,18117,16911,6075,7675,935

4,6417,23615,22111,49610, 76010, 575

2,3783,9376,4345,631.. 5, 6105, 649

3,2543,1507,4786,5415,2786,349

11,51313,75021, 69728,91120,02721,678

2,5033,2867,8907,7666,2588,119

334, 332409, 608345,657299,149345,137337,115

24, 48327, 62326,09915, 25922, 34020,210

108, 621115,460103, 54294,443119,941116,434

24,81426,00025,22031,21537, 57938, 732

34, 33442,34035,860 I39, 43043,15940, 741

15,09319,88914, 49516, 35616, 75116, 933

11,92718, 91612, 44810, 91413, 72812,533 !

42, 66459,00960,44347,41745, 76343, 368

13,95318, 67014, 73513, 24115, 35813,103

191, 297218,353238,667246,050270,862256,273

13,16914, 60316,04818, 60418, 29916,651

49,35649,04070,62974,91878,89778,198

13, 70315,38916, 57718,96521,46120,827

18,11620, 67222,47325,02326, 91826, 529

9,91410, 76411,38311, 59713, 67113,151

7,39210,83410, 8179,276

13, 29111, 760

27,93633,01833,36233,16734, 54633,954

9,16411,29811, 04611,12813,40213, 732

Per cent12.0412.8310.128.569.519.11

10.6510.869.905.658.267.57

15.1813.8211.5410.3212.5011.82

9.679.358.73

10.3411.4910.97

11.1012.419.64

10.1510.649.64

10.7112.118.078.788.78

10.9314.729.107.679.398.29

10.9613.2912.729.859.228.61

10.9613.029.828.360.277.74


142 ANNUAL REPORT OF THE FEDERAL. RESERVE BOARD

No. 92.—ALL MEMBER BANKS: ABSTRACT OF EARNINGS AND DIVIDENDS REPORTSBY FEDERAL RESERVE DISTRICTS, FOR THE YEARS ENDING JUNE 30, 1919, TO1924—Continued


District

Capitaland

surplus(as of

June 30)

Grossearnings

Totalexpenses

Totalnet

earn-ings

Netlosses

chargedoff

Net addition toprofits

Divi-dends

declared

Ratioof netaddi-

tion toprofitsto capi-tal andsurplus

Minneapolis:19191920192119221923 _1924

Kansas City:19191920 __19211922 . .19231924

Dallas:1919 . . . . . . .19201921..192219231924.

San Francisco:1919192019211922...19231924.......

100,373110,101117,421118, 732116, 513107,588

127,218145,526150, 324151.169151, 551143, 306110, 519130,033140,320138, 758138, 674136, 341

160,338218,364244.170244, 546261, 024265, 949

55,29866,15774,93666, 27861, 99458, 610

73, 83690, 51494,34983, 58585,16782,132

46,91864,64370, 50158,97458, 63060, 244

77, 264124,946146, 582142, 705150, 719159, 636

41,01650,99159,28853, 46551, 99849,044

52, 29865, 75771,11565, 20165,70163,913

31,01141,16351, 42843,16642,54042,945

51, 96085, 281106,719105,470114, 643121, 650

14,28215,16615, 64812,8139,9969,566

21, 53824,75723.23418,38419,46618,219

15, 90723,48019,07315,80816,09017, 299

25, 30439, 66539,86337.23536,07637, 986

2,4342,6445,0217,222

7, 719

4,1854,09910,28212,99313,43015, 653

3,8933,44511, 61214, 25412, 7259,919

8,07611,17918,08818,89718, 26214,718

11, 84812, 52210,6275,5913,3031,847

17,35320, 65812,9525,3916,0362,566

12, 01420, 0357,4611,5543,3657,380

17, 22828,48621, 77518, 33817, 81423, 268

8,8908,5287,4016,7038,8935,560

12, 29614, 25511, 56210,29911,5118,738

9,08411,6319,0109,3919,8708,148

12,27718,32118,35916,97920,10319,025

Per cent11.8011.379.054.712.831.72

13.6414.208.623.573.981.79

10.8715.415.321.122.435.41

10.7413.058.927.506.828.75


BANKERS' BALANCES OF REPORTING MEMBER BANKS

No. 93.—AMOUNTS DUE TO AND FROM OTHER BANKS BY REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES

(Last report date of each month)

DUE TO BANKS AND BANKERS


Date

1920Apr.30_ .M a y 28June 25July 30

Aug. 27Sept. 24Oct. 29Nov. 26Dec.31

1921Jan, 28Feb. 25Mar. 25Apr.27

May 25June 29July 2 7 . . .Aug .31 .


1922Jan. 25Feb. 21Mar. 29Apr. 26

Federal reserve bank cityTotal

(12 cities)

2,080,8472, 039,1552, 016,8122,008,883

1,950,236 I1,991,312 j1,909,975 I1,889,909 !1,974,432 I

1,878,194 !1,843,703 !1,681,749 i1,657,716 |

1,656,873 i1,632,492 ;1, 656,164 i1,659,376 ;

1,643,295 i1,678,579 |1,730,931 i1, 703, 752

1,775,579 s1,820,2741,802,172 ;1,885,940 j

Boston New York

117,810110,647 I111,934 |117,269 I

112,140 |114,382111,695105,863109, 729

101, 76696, 82090, 23098, 006

93,49391, 50396, 62688, 211

91, 973100, 67198, 016

100,896

104, 637101,19398, 714

113,333

1,053,044994,301985,966959,670

919,903942,412901,815907,386997, 538

882,028865,181794, 501787,476

801, 506809, 388799, 079824, 208

809, 547829, 639

815, 242

870, 278848, 374880, 000926,106

Philadel-phia

141,713157, 397158,615151.194

151, 032160, 596163, 719157. 691153, 628

147, 489141, 058133, 770131, 088

125,831123, 270127,647123, 96]

127, 796129, 728133, 582131, 092

134, 919133,836137, 526143,147

Cleve-land

57,13353,25949, 38354,844

57,87254,89857, 03352, 67552, 776

48, 07946,02639,96636,806

36, 79834,15936, 578

37, 521

34,65433, 61029,99636, 242

36, 79635,11734,85933,938

Rich-mond

35,14232,17431,38132,104

32, 60033, 58522, 28532, 50526, 746

29, 91928, 82323,97020, 930

21, 50618, 07619, 37818, 608

19, 65121, 73322, 70323, 273

24, 25224,81422, 02823,316

Atlanta < Chicago Sf. Louis

15,887 I 325,56413,004 i 318,27911,576 ! 320,8219,646 I 317,553

9,957 ; 321.1319, 941 323; 989

304, 890290, 941

9,8899,0679,318

8,6499,4338,0318,090

305,870

321, 049327, 059297,874294,011

7,388 I • 292,2237,435 I 273,0847,150 | 282, 3946,512 I 278,421

8,309 j 271,3317,464 271,1417,538 269,515

10,077 287,925

8,6309,002

10,4219,669

298, 707337.380313, 312323,216

85, 07383, 59980, 33982, 672

79, 44969, 68271,13872,31369, 681

77, 21275, 54665, 30963, 739

65, 51258, 57863, 71960, 751

61,19763, 09961, 32664, 915

69, 89980,80572, 28975,416

Minne-apolis

48,14442. 88830, 87339,867

37, 02342, 50936,44635,14335, 736

33,48934,16035,13432, 212

28, 78330, 55328,19031, 263

30, 38331, 03332, 52133, 344

35, 29236, 84941,11839,426

KansasCity

87,138123,215124, 774135,851

124, 608122,499109, 337107, 046109, 640

112, 934113,64695, 21695, 778

94, 47294, 755104, 728102,498

91,56090, 73885,46896,159

94, 221104,92290, 20898, 517

Dallas

24, 03521.94118,50418, 842

17, 53619, 58420,10019,38719.315

17, 82817, 43815, 63913, 722

12,87111,61611,98710, 549

16, 03315, 27915, 318

16, 518

15,46219, 21619, 39117,310

SanFrancisco

90,16488, 45192, 646•89,371

86, 98597, 235101, 62899,89284, 455

97, 75288, 51382,10975,858

76,49080,07578,68876,873

80, 86184,44486, 56088, 069

82,48688,76682, 30682,546

wtow

amO*4

gW

W

00


No, 93.—AMOUNTS DUE TO AND FROM OTHER BANKS BY REPORTING MEMBER BANKS IN F E I ) E R A L RESERVE BANK CITIES—Contd.

DUE TO BANKS AND BANKERS—Continued


Date

May 31..June 28..July 26. .Aug. 30..

Sept. 27..Oct. 25..Nov. 29..Dec. 27..

Jan.31Feb. 28. .Mar. 28Apr. 25

May 29-30..June 27. . . .July 25A.ug. 29

Sept. 26..Oct. 31. . .Nov. 28..Dec. 26..

Jan. 30...Feb. 27..Mar. 26..Apr. 30..

May 28..June 25..July 30..Aug. 27.

1923

1,982, 7311,910,6731,950, 7521, 895,400

1,908, 3861, 934, 3031,923,0311,991,007

2, 060, 6682,161, 7801, 948, 7861,904,459

1,862,2521,821,9761,808, 2571,807, 068

1,835,1171, 932,8231,849,8941,929,121

1, 982, 0101, 970, 0231, 984,8732, 092, 345

1,931,4082,291, 2172,463, 5872,492, 396

Sept. 24_. 2,657,716Oct. 29 2,590,888

1924

Total(12 cities)

Federal reserve bank city

Boston i New York

105,318 1,019, 593104,962 I 941,083111,347 963,192104,224 907, 832

107,866110, 222100,931112,768

110, 936109, 748103, 632110,248

103, 576100,339103, 74298,160

103,204108, 79199,948

100, 753

110, 221109,441112, 238121,916

111,310128, 218135,116129, 658

137,640146,831

897,117932, 547958, 540910, 261

966, 3621, 058, 851

929,839908, 503

853, 466864,879833, 246

854,994955,146880,074918, 235

982,186954,336963,972

1,093,291

941, 5551,131, 7001, 215, 6001,161, 963

1, 241,4401,182,963

Philadel-phia

144,271145,332151, 287142,478

153,181150,132143. 548159, 308

156,141162, 242153, 231158, 240

156, 224

153, 686154, 218150,401

153,674155,551152,159157,204

156, 629155, 639158,457161, 511

156, 787189,443193,258199,479

217,754209,990

Cleve-land

35,80138,12340, 68742,841

41,13538, 25437,61735,176

45, 90544,62341, 28340, 384

45,329

42, 06443, 29443, 053

41, 79139, 41839,45839,451

41,96441, 59742,10841, 575

42,44445,16554, 02662,671

56, 07957,313

Rich-mond

23,31723, 05025, 41326, 342

26, 75730,44331,04330, 790

34, 24432, 79129,087

24, 96325, 39525,14124, 355

26, 77331, 07132, 06032, 944

31, 98229, 36327, 25925, 515

26, 32827, 09229,83632,306

31, 72632,830

Atlanta

11, 64010, 98811, 58411,691

11, 93412, 95514, 75215, 549

17,48315,81215, 96513,108

11,52811,13811, 48311,011

11,85014,10615,16616, 413

13,83512, 65810, 72113, 470

11,27511,81511,07713,158

15,05216,831

Chicago

324, 261330, 699324,696332, 299

307, 719304,138293, 400348,175

357,379366, 577342, 962332, 712

341,411340,418319, 569337,942

311, 057298, 728295, 308329, 344

320, 224347, 651364,175346, 366

351,645420,157441,669473,449

495, 642447, 795

St. Louis

79, 97077, 78577,15075,124

77, 39678,49676, 95185,897

93, 88591, 38179, 04573, 062

79,39170, 65768,70468,965

69, 45067,868

'71.36070,193

78, 29873, 24872,10470,860

72, 57988. 62093, 03399, 319

96, 769100, 005

Minne-apolis

42,01339,16838,11038, 734

41,61942, 66742, 54548,175

49,30949, 58847, 58544,000

41,01735, 93635, 52137,852

41,88542, 44840, 58642,822

41,71646, 958

148, 41239, 892

38,48143,17544,90944, 060

61,43282,125

KansasCity

102,288104,899108, 860108,817

110, 785105, 581102, 628116,012

117, 041113,275103, 869100, 641

96, 70795.94389, 24498, 686

95, 20593.94491, 99896, 616

94, 41393, 53282,47480,453

78, 79192, 818

110,306129, 038

132, 369137,443

Dallas

17, 77015,42015, 00216, 535

29, 73134, 36329,99427, 254

28,05426, 22221, 63017,405

15,69113,54811, 75216, 384

34,19137,01243, 27238, 519

30, 57424, 93126, 59720,801

19,09719, 78419, 78817, 645

34,52440, 252

SanFrancisco

76,48979,16483, 424

103,14694,50591,082

101,642

83, 92990, 67080,65879, 269

82,12679,38680, 71087,013

91,04388, 74088. 50586, 627

80,06880, 66976,35676,695

81,11693,230

114,969129,650

137,289136,510


Nov. 26..Dec. 31..

2,528,2012,635,368

127,267139, Oil

1,175,3231,304,858

201, 717192,884

53, 22761, 798

38, 74233, 643

16, 72317,980

412, 297407,915

102,49698,409

79,69869,183

135,461132,811

44,04652,340

141,204124,536

DUE F R O M BANKS AND BANKERS

Apr. 30..May28_.June 25..July 30 . .

Aug. 27..Sept. 24..Oct. 29...Nov. 26..Dec. 31-.

Jan. 28.. .Feb. 25-.Mar. 25 _Apr. 27. .

May 25..June29._July 27- .Aug. 31.-

Sept. 28..Oct. 26...Nov. 30-Dec. 28.-

Jan .25 - -Feb. 21.Mar. 29 .Apr. 26. .

May 31. .June28_.July26._Aug. 30..

Sept. 27..Oct. 25__.Nov. 29-Dec. 27-.

1920

1921

656, 697673,279 j649,576 I649,108 i

637,200 |676,343 i629,169 !619,178 |599,480

504.407508, 61546B, 454479, 514

515,097501,191460,815456, 971

474.408489,088488,126

475, 880489, 930465,839506,990

492, 729500, 738503,082510,455

512, 518553, 309526,688552,253

53.08549,93449,90748,439

45, 36744.08644,26243,01945, 546

35,70634,25333,42934, 397

33,17136,21132,16233,688

34,05335,10737,21237,367

34, 92835, 87233,11244,700

39,97538,05437, 62833,742

37,21340,64242,14038., 463

145,299128,031113,237118,742

113,608128,703101,718111,839119,549

95,431102, 54690,046.94,887

149,968136,39188,32485,435

95,74992,36487,25999,254

79,58475,74380,84077,173

72,82778,04469,93572,409

73, 58381,83584,32082,181

80, 32277,69870, 73668, 913

74, 72974, 43375,92772, 72172,865

57, 38756, 44253, 53852, 564

48, 69354,10050, 90253,821

53, 53051, 74258, 54753,674

50,12549, 26154, 55457, 308

56, 71255,18056, 66851, 784

51, 84057, 55356,02951, 991

22,13230,64528, 60530,367

33,11927,33627, 52226,77920, 514

19, 88920, 89119, 54919,466

21,13318, 99214, 86115,846

14,21213,15915, 21312, 647

13, 64613,38712, 63214,289

21, 82016,41217,88819, 056

17, 72316, 77318,856

! 20,059

9,5199,06510,0807, 795

12, 5908,4839,6048,1856,4G2

5,9715,4365,1195,097

4,8524,4374,2354,452

5,3155,8366,0084,496

4,6225,3364,2585,826

5, 5346,9957,24312,135

11, 56013,41013, 50612,504

8,5808,6257,9447,243

6,434 !7,353 I7,891 i7,091 !6,591 |

5,6936,3805,0926,006

5,2224, 5935,3344,948

5,8786,5506,6936,583

7,9756,3005,8728,177

7,7949,1496,2925,833

5,7337,0786,9366,845

151, 686152, 824159, 739154,912

154,282161,094156,212152,944158,404

123,609130, 996121,892128, 684

119,355120,130125,267124,456

121, 948131,175126, 567127,124

135,423134,108123, 535135, 448

134,935139,826145, 957138,878

132,399159,114139, 586161, 357

32,18732,60232, 68532, 959

28, 58642,67030,93028,14228,681

29, 33826, 54423,82622, 543

22,00220, 32622,35320,450

22, 59225,43024, 83124, 831

23,92427,23922,06829, 694

22, 31629, 65725, 03029, 342

29,04829,28926,97631,227

17,25224, 69625,46623,303

20,28126,80724,70224,75819, 263

17,00119,14017, 60917,856

17, 05112, 41816, 34217,210

17,58519, 81219,10718,876

19,59815,97223,09118, 972

20, 23720, 67123, 97924,130

18,42218,13820,59621,731

41,24764,08261,94065, 516

58,84559,30154,13854,18250, 013

44,76443,43534,28039,330

37,88040,46245,47442,539

42,88843,10138,47440,430

41, 57348,35341, 61442,017

47,15143, 32241,00946, 730

45,36444,19942,30150,743

21,31118,27716,96112,15C

13,13718,47618,94917,30016,465

15,16913, 59612,56911,741

11,63610,33811,1469,944

15,13014,90613,84316, 723

16,46219,05517, 74717, 715

16, 56613, 52315, 54417,352

28,90526, 74724,07721,920

74,07776,80072,27678, 769

76,22277,60177,31472,21855,187

54,44948, 95649, 50546,94344,13442,79344,41544,182

45, 52849,90654,37250,641

48,02059,30446, 51655,671

46,86249, 90555,90959,064

60, 72858, 53151,36553,232


No. 93.—AMOUNTS DUE TO AND FROM OTHER BANKS BY REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Contd.

DUE FROM BANKS AND BANKERS—Continued


Date

1923Jan. 31Feb. 28Mar. 28Apr. 25

May 29-30June 27July 25Aug. 29

Sept.26Oct. 31Nov. 28Dec. 26

1924Jan.30Feb. 27Mar. 26Apr.30

May 28.June 25July 30Aug. 27 .

Sept. 24Oct. 29Nov. 26..Dec. 31

Federal reserve bank city

Atlanta Chicago St. Louis

7,1867,9628,9255, 991

138, 875149,815142,120150, 242

6, 669 158, 5315,7186,0485, 444

5. 7827,4387,1247,234

8,1429,2448,360

11, 557

8, 2339,433

13,64115,941

145,310137,820133,799

138,384142, 826142, 629144, 990

137, 488141, 856132, 972151, 075

158,183194,456195, 337176,245

13, 618 176, 36116,884 ! 169,05720, 256 169,39116,752 169,274

26,08324,08719,98321,508

22,69821, 50721,63821, 262

22,11523, 93724,05824, 967

21, 58123,32023, 85728, 093

23, 80742,15043, 72346, 625

42, 32753, 57249, 62140,326

Minne-apolis

18,163 |19,537 |13,130 |16,042 I

15,49518, 50313,37613,582

16,51420,17919,42818, 637'

17, 07821, 00419,78017,371

16, 28030, 80533, 56423, 619

30, 69033, 29725,87622, 987

KansasCity Dallas

49,810 i45,931 I41,250 i39,934 j

38,81236, 94835, 61437,847

39,4.2839,46437, 63041,557

36, 22736, 72833, 69033,193

33, 69253, 01753, 65474,184

72, 03066, 50870, 28561,098

22,03521, 35719,30310,423

13,21714,98512, 72516,084

29,85728,17030, 76026,404

21,01320, 08420,40517,883

16, 47919,43121, 68021, 956

31, 99534,82633,81133, 236

SanFrancisco

63, 72548, 99644,44041, 270

45, 83341, 38945, 57747, 463

53, 52949,83050, 90452, 626

44, 74941,95145,17041, 624

45, 21051, 09372, 70176, 718

66, 62681,23991, 61868,857

28

w3wwo


CHANGES IN MEMBERSHIP

No. 94,—MEMBERSHIP OF THE FEDERAL RESERVE SYSTEM: CHANGES IN NUMBER OF BANKS AND TOTAL RESOURCES

ALL FEDERAL RESERVE DISTRICTS

National bank membership, beginningof year .

Total additions--. _. _.Primary organizationConversion of State member banks...Conversion of nonmember banksAbsorption of State member banks...Resumption following suspension

Total lossesVoluntary liquidation (terminal)3

Suspension or insolvencyMerger between national banksAbsorption by State member banks..Succession by State member banksAbsorption or succession by nonmem-

ber banksOther decreases

Net increase (+) or decrease (—)

National bank membership, end of year...

Number of banks

1919

7,762

245171i 11

62(4)1

12253

3612<6

59

+123

7,885

1920

7,885

3542362 11103

(2)

114111829116

39

+240

8,125

1921

• 8,125

197111

1758(7)11

1579

5438263

27

+40

8,165

1922

8,165

2257620

110(7)19

17017364839

1

272

+55

8,220

1923

8,220

19093

2 3056(5)11

2312389412327

48

- 4 1

8,179

1924

8,179

13290

619(9)17

26829

1274421

2

4451

- 1 3 6

8,043

Total resources (in thousands of dollars)

1919

20, 033, 546

220, 68190, 87865, 76147, 25916, 310

473

224, 25517,1361,924

(204, 786)79, 7649,952

115,479

+ 2 , 669, 003

22, 702, 549

1920

22, 702, 549

508,83993, 851

347, 78362, 473

3,5001,232

338, 6417,5829,703

(338, 092)178, 289

2,708

140, 359

1921

21, 357,404

232, 92771, 85596. 78748,34710, 4425,496

596, 59717, 26840, 687

(226, 477)294, 788131,023

112. 831

-1 ,345,145 I-1,945, 786

21,357,404 19,411,618

1922

19,411,618

216, 99538,60093, 88960, 35115,2158,940

220,1159,280

31,093(230, 215)

75,60072, 731

31,411

+2, 553, 936

21, 965, 554

1923

21,965, 554

368,077124, 863172,09058, 0737,0356,016

755, 96915, 81754,139

(182,361)140,845499,090

46, 078

+429, 749

22, 395, 303

1924

22, 395, 303

105, 30920, 30844, 75921, 3459,0019,896

404, 89448, 696

122, 898(129,380)

191,4192,476

38, 0581,347

+1,973, 688

24,368,991

1 One national bank succeeded a State member and a national bank.2 Member bank of one class succeeded by one of the other, the latter not reporting until the next year.8 Represents, so far as could be determined, the termination of banks' existence, all instances in which voluntary liquidation had been intermediate in mergers or successions

having been classified according to the ultimate status of the liquidated bank.« Two national banks succeeded by a single State member bank.1 One national bank succeeded by another national bank which did not report until the next year.

gWH


No. 94.—MEMBERSHIP OF THE FEDERAL RESERVE SYSTEM: CHANGES IN NUMBER OF BANKS AND TOTAL RESOURCES—Continued

ALL FEDERAL RESERVE DISTRICTS—Continued

State bank membership,beginning of year.

Total additionsAdmission of State banksSuccession to national banksAbsorption of national banksAbsorption of nonmember banksResumption following suspension

Total losses _ _Voluntary liquidation (terminal)3

Suspension or insolvency . . -- _Merger between State member banks.Absorption by national banksConversion to national banksAbsorption by nonmember banksWithdrawalOther decreases


State bank membership, end of year

Number of banks

1919

930

285280* 5(12)

344

14

21239

7 1

+2511,181

1920

1,181

340334

6(ID

403372

103

12

+300

1,481

1921

1,481

207204

3(26)

743

16107

173

M8

+133

1,614

1922

1,614

9795

1(39)

1

728

10127

2 211

13

+25

1,639

1923

1,639

7466

6(23)

2

1184

33165

291

291

- 4 4

1,595

1924

1, 595

474223(21)

(6)2

985

369967

6 26

- 5 1

1,544

Total resources (in thousands of dollars)

1919

7, 482,113

1,079,284986,138

13, 38279, 764

160,35236, 609

(21,306)16, 31092, 47511, 0873,523

348+ 2 , 431, 594

9,913, 707

1920

9, 913, 707

1,168,942987, 353

3,300178, 289

164, 9429,6342,126

(153,040)3,500

122, 6488,437

18, 597

- 8 6 , 913

9, 826, 794

1921

9,826, 794

644,969224,958122,498297, 513

170, 9448,699

29, 287(283, 552)

10,44293, 55619, 0329,928

+78,066

9,904, 860

1922

9,904,860

350, 477201, 698

72,73175,600

448

148,37621, 287

2,821(142,814)

15, 21594,1443,603

11,306

+2,012,157

11, 917,017

1923

11,917,017

686,988137, 830407, 520140,845

793

323,9801,876

20, 407(588, 942)

7,035155, 420

6,813132,429

+926,286

12,843, 303

1924

12,843,303

417, 82661,805

134,017191,41929,618

967

151, 9353,056

23, 994(78,154)

9,00144,7594,246

66, 879

+1 , 774, 573

14, 617,876

2 Member bank of one class succeeded by one of the other, the latter not reporting until the next year.3 Represents, so far as could be determined, the termination* of banks' existence, all instances in which voluntary liquidation had been intermediate in mergers or successions

having been classified according to the ultimate status of the liquidated bank.4 Two national banks succeeded by a single State member bank.« Compulsory withlrawal of five banks in 1921, and one bank in 1924, with aggregate resources of $l,709,00A7 Nonpayment on lederal reserve stock.

QO

O&H

O

ww


No. 95.—MEMBEKSHIP OF FEDEKAL RESERVE SYSTEM: CHANGES IN NUMBER OF BANKS

National "bank membership, beginning of year.Total additions .

Primary organizationConversion of State member banksConversion of nonmember banksAbsorption of State member banksResumption following suspension

Total lossesVoluntary liquidation (terminal)-1

Suspension or insolvencyMerger between national banksAbsorption by State banksSuccession by State member banksAbsorption or succession by nonmember

banksOther decreases

Net increase (+) or decrease (—)National bank membership, end of yearState bank membership, beginning of year._.Total additions

Admission of State banksSuccession to national banksAbsorption of national banksAbsorption of nonmember banksResumption following suspension

Total losses.. _Voluntary liquidation (terminal)l

Suspension or insolvencyMerger between State member banksAbsorption by national banksConversion to national banksAbsorption by nonmember banksWithdrawal . .Other decreases

Net increase (+) or decrease (—)State bank membership, end of year. _

District No. 1—Boston

1919

392

88

4

1

3

+4396

31

55

+536

1920

396

44

2

2

+2398

36

33

+339

1921

398

to

to

41

12

- 2

396

39

22

(2)

1

1

+140

1922

396

6

33

- 6

390

40

11

(3)

2

2

- 1

39

1923

390

7

43

9116

1

o

388

39

11

4

4

- 3

36

1924

388

to

to

7113

2

- 5

383

36

11

1 j

i

1

36

District No. 2—New York

1919

622

1919

102

122

3

+9631

101

2220

2(2)

11

+21122

1920

631

3529

15

161

831

3

+19650

122

1817

1(3)

6

2

1

3

+12134

1921

650

2521

21

1

13

1921

+12662

134

431

(2)

5

1

2

2

- 1

133

1922

662

21173

1

1611731

3

+5667

133

981

(3)

6

3

3

+3136

1923

667

3327

13

2

81

2

4

1

+25.692

136

1394

6

5

1

+7143

1924

692

2925

12

i

toto

o

22

2

+19711

143

55

(2)

4

11 j2 1

+1 |144

District No. 3—Philadelphia

1919

632

10721

2

2

+8640

29

1111

2

2

+938

1920

640

1714

2

1

5

11

3

+12652

38

99

1

1

+8

1921

652

55

" ( 1 )

4

4

+1653

46

66-

1

1

+546 51

1922

653

9711

4

21

1

+5658

51

88

(1)

1

1

+758

1923

658

1010

121

411

5

- 2

656

58

981

(1)

1

+866

1924

656

1311

2

3

1

. . . . .

1

+10666

66

651

"(i)

+672

District No. 4—Cleveland

1919

748

87

1

10

143

2

- 2

746 ~

66

3333

(3)

2

11

+3197

1920

746

201316

4

12

1

+16762

97

1616

(2)

2

1

1

+14111

1921

762

1815

12

1221331

2

+6768

111

761

(3)

3

1

1

21

+4115

1922

768

33

- - - - -

71

2

4

-4

764

115

44

3

2

1

+1116

1923

764

129

3

171362

5

- 5

759

116

44

(2)

2

1

1

+2118

1924

759

11

81

23

2

- 7

752

118

5ft

(3)

4

4

+1119

1 Represents, so far as could be determined, the termination of banks' existence, all instances in which voluntary liquidation had been intermediate in mergers or successionshaving been classified according to the ultimate status of the liquidated bank.

2 Compulsory withdrawal of one bank in 1921, with resources of $418,000.


No. 95.—MEMBERSHIP OF FEDERAL RESERVE SYSTEM: CHANGES IN NUMBER OF BANKS—ContinuedCn

National bank membership, beginningof year

Total ad iitions _.Primary organizationConversion of State member banks.Conversion of nonmember banks ._Absorption of State member banksResumption following suspension..

Total lossesVoluntary liquidation (terminal) LSuspension or insolvency -Merger between national banksAbsorption by State banksSuccession by State member banksAbsorption or succession by non-

member banks.._Other decrease4?

Net increase (+) or decrease (—)..

National bank membership, end of year.

State bank membership, beginning ofyear

Total additions _.Admission of State banksSuccession to national banks_._ . . .Absorption of national banks. ...Absorption of nonmember banks._.Resumption following suspension..

Total lossesVoluntary liquidation (terminal) i__Suspension or insolvency

District

1919

528

1910

9

82

3

3

+11

539

37

99

1920

539

201019

61

1

4

+14

553

46

1313

3

No.

1921

553

14616

(2)1

82221

1

+6

559

56

1414

(1)

4

5—Richmond

1922

559

1943

12

16

471

4

+3562

66

8

(1)

6

1923

562

84

40)

9

212

4

- 1

561

68

I(2)

4

1924

561

431

10

41

5

- 6

555

66

(1)

4

1

District No

1919

372

128

4

22

15

16

- 1 0

362

54

1515

(X)

5

1920

362

16916

21

1

+14

376

64

2424

41

1921

376

16825

1

7

211

3

+9385

84

4949

(1)

612

6—Atlanta

1922

385

127

5

1923

393

8422

(1)

4 1 16

21

1. . . . .+8

393

127

2222

. . . _(1)

21

242

8

- 8

385

143

66

(2)

9

3

1924

385

84

4 •

11142

4

Q

382

140

1

1

13

9

1919

1,046

1810

5

16

5

3 3

72 1+2

1,048

288

444232

6

District No

1920

1,048

2217

5

92

3

2

2

+ 13

1,061

326

4139

2

9

1921

1,061

126

5(2)1

8

411

2

+4

1,065

358

2424

(1)

5

1

7—Chicago

1922

1,065

6211

2

10

261

1- 4

1,061

f377-

66

(1)

• 4

1923

1,061

9513

12

252

3

- 3

1,058

379

54

(2)

1

1515

1924

1,058

1311

1

(2)1

16

651

4

- 3

1,055

369

55

(i)(i)

212

10

District No.

1919

470

714

12

. . . . .

5

470

44

2727

3

1920

470

1712

14

7312

1

+10

480

68

2424

1

1921

480

97

2

9

1321

2

480

91

1413

1(2)

- - - - -

8—St

1922

480

117

3

1

421

1

+7

487

105

1717

i

. Louis

1923

487

16745

(1)

6

121

2

+10

497

121

1616

m

10

I

1924

497

54

1(1)

102112

4

- 5

492

127

1010

(2)

I

OWH

1ss

wo>


Merger between State memberbanks

Absorption by national banksConversion to national banksAbsorption by nonmember banksWithdrawalOther decreases

Net increase (+) or decrease (—).


+9

2

1

+10

46 56

21

1

+10

66

1

3

2

+2

68

1

3

- 2

66

1

2

- 4

62

1

13

+10

64

12

+20

84

1

2

+43

127

i

2

+16

143

12

3

- 3

140

1

21

- 1 2

128

3

3

+38

326

1

17

+32

358

22

+19

377

1

3

+2

379

1

1

7

- 1 0

369

221

4

- 1 6

353

111

+24

68

1

+23

91

+14

105

1

+16

121

124

3

+6

127

21

1

+5

132

1 Represents, so far as could be determined, the termination of banks' existence, all instances in which voluntary liquidation had been intermediate in mergers or successionshaving been classified according to the ultimate status of the liquidated bank.2 One national bank succeeded a State member and a national bank.3 Two national banks succeeded by a single State member bank.

3Q

w

g


No. 95.—MEMBERSHIP OF FEDERAL RESERVE SYSTEM: CHANGES IN NUMBER OF BANKS—Continued

National bank membership, beginning ofyear

Total additionsPrimary organizationConversion of State member banks. _Conversion of nonmember banksAbsorption of State member banks.

jjs Resumption following suspension

Total losses . __ _ _._ .Voluntary liquidation (terminal) iSuspension or insolvencyMerger between national banksAbsorption by State banksSuccession by State member banks . _ _Absorption or succession by non-

member banks _ _ .Other decreases


National bank membership, end of year..

State bank membership, beginning of year.

Total additions. _Admission of State banksSuccession to national banksAbsorption of national banksAbsorption of nonmember banks. .Resumption following suspension

Total losses - -Voluntary liquidation (terminal)1

Suspension or insolvencyMerger between State member banks.

District

1919

797

4426

117

7

21

4

+37

834

70

2020

(1)

42

\To. 9

1920 1921i

834

5726

228

1

8

51

2

+49

883

86

3434

4

883

137

4

2

141

111

1

- 1

882

116

2222

3

11

—Minneapolis

1922

882

123

3(2)6

242

i

1923

870

11314

3

504

4 !

3

- 1 2

870

135

55

0)

1014

4

- 3 9

831

130

21

1

03

14o,

1924

831

124

3(1)5

585

473

District No. 10.—Kansas C

1919

967

3628

1

f 7

12

•iii

3

- 4 6

785

109

44

1329

9

+24

991

27

2222

2

1920

991

5434? 218

02

25

3

11

+32

1, 023

47

17143

1

1921

1, 023

4412fi

0)1

19

94

5

+25

1, 048

63

11

0)

20

1922

1,048

7181

57(I)

2038

4

+51

1,099

44

2

3

1923

1,099

284A

180)2

4110

19

- 1 3

1,086

43

44

(1)

11

2

ty

1924

1,086

12

9

3

659

3411

J

93 1

- 5 3

1,033

36

211

5

2

i1919

1

630

2519

6(3)

1

H117

1

| 4

'+12

642

97

2120

1

4

District Nc

1920

642

3124

5

0)2

182

29

6

+13

655

114

7474

(2)

3

2

1921

655

16922

(1)3

22

107

3

- 6

649

185

2626

9

6

. 11—Dallas

1922

649

2G26

17(2)

1

19C244

1923

656

254

M l8

0 9

1142

21

+7

656

202

7

(4)

101

5

+3

659

199

77

16

4

1'2

659

2011

14

(2)4

345

1710

1 j

1

- 1 4

645

190

65

0)1

13

3

District No. 12—San Fran-cisco

1919

558

3322

38

(1)

5

_____

J

1

+28

586

86

5656

(1)

51

1920

586

6144

215

(0

15

344

4

+46

632

137

67G7

(0

6 !2

1

192 1

632

231336

._. ._

37

136

13

4

- 1 4

618

198 i

3838

i

17263

1922

618

3516

11

3

40255

24

4

- 5

613

219

87

(24)

1

20455

1923

613

231623

(1)2

29482

22

1

- 6

607

207

541

(12)

17345

1924

607

137

3(2)

3

363

104

12

7

- 2 3

584

195

2

2 1(120

(1)

15114

Orto

:= O

W

i3


Absorption by national banksConversion to national banksAbsorption by nonmember banksWithdrawalOther decreases



1

5 1+16

86

9

2

+30

116

1

+19

135

2

3

- 5

130

115

- 2 1

109

1

1

- 9

100

i

2 2

+20

47

+16

63

163

M0

- 1 9

44

1 11 i 4

1 | 4i

- 1 ! - 7

43 1 36

12

- 3

33

3 1

1

+ 17

114

+71

^ 8 5

12

+17

202

22 7

- 3

199

"16"11

- 9

190.

2125

- 7

183

13

+51

137

1

+61

198

3

3

+21

219

51

- 1 2

207

12

2

- 1 2

195

V>

1

- 1 3

182

1 Represents, so far as could be determined, the termination of banks' existence, all instances in which voluntary liquidation had been intermediate in mergers or successionshaving been classified according to the ultimate status of the liquidated bank.

2 Member bank of one class succeeded by one of the other, the latter not reporting until the next year.3 One national bank succeeded by another national bank which did not report until the next year.4 Compulsory withdrawal of 4 banks in 1921 and 1 bank in 1924, with aggregate resources of $1,291,000.s Nonpayment on Federal reserve stock.

O

W

Q

•CO

i—i

BIwwtn

s


154 AXXUAL REPORT OF THE FEDERAL RESERVE BOARD

DEBITS TO INDIVIDUAL ACCOUNTSN o . 9 6 . — D E B I T S TO I N D I V I D U A L A C C O U N T S BY B A N K S I N 141 P R I N C I P A L

C I T I E S , BY M O N T H S

Debits on the books of reporting banks to accounts of individuals, firms, and corporations, and of theUnited States Government including war loan deposit accounts, also debits to savings accounts, pay-ments from trust accounts, and certificates of deposits paid. Figures do not include debits to theaccounts of other banks or in settlement of clearing-house balances, payments of cashiers' checks,charges to expense and miscellaneous accounts, corrections, and similar charges. Monthly figures arederived from weekly reports by prorating the figures for those weeks which do not fall entirely withina single calendar month.

SUMMARY, BY FEDERAL RESERVE DISTRICTS


Month

JanuaryFebruary _ _MarchApril

MayJuneJulyAugust


Total

Total

1924

41,498,26437,397, 79240, 739, 48139, 518, 668

40, 044,35440, 229, 84140,131,07338, 691, 819

38,971,98543, 417, 98341, 892, 99749,157,166

1923

41, 752, 91335,925,21242,185,14339,294, 408

40, 071, 90640, 573, 59536, 504, 27533, 495, 567

34,060,23438, 900, 24138, 503, 87042, 448, 051

491, 691, 423 463, 715, 415

1922 1

34, 943, 66430, 585,31036,932, 27436, 388, 040'

37,976,00839,236,17736,055, 78834,136,129

35, 768,45340, 745,18636,159,89640, 436,981

439,363,906

1921 i

29, 728,42433,903,25932,235, 079

32, 512,42633, 606,45631, 514,61930, 097, 035

31,625,16234,323,44133,441,13638,020,458

399,036,331

1920 1

45, 367, 30335, 787,84043, 431,17341, 643, 736

39,256, 59840, 346, 91239, 868, 24936, 274, 676

37, 378,27041,027, 64739, 696, 09542,947, 842

483, 026, 341

1919 i

34,929,04428,162,95932,170, 53332, 686,088

37, 026, 67139, 211, 25741, 055,94837, 943, 950

38, 531, 95344, 474, 46942, 536, 20746, 564, 679

455, 293, 758

Month

District No. 1—Boston (11 cities)

1924 1923 1922 1921 1920 i 1919 1

January | 2,189,052February. . . 1,973,432March 2,147,057April j 2,118,054

2, 052, 7722, 040, 5442,111,2831, 989, 773

1,974,9842,357, 4352, 252, 717

December I 2,467,796

MayJuneJulyAugust..

September.OctoberNovember.

2,197, 9971, 889,8992, 222, 0862,119, 787

2,139, 6452,172,8721, 983, 2231, 771, 572

1, 760, 9562, 154, 6172,150, 6662, 287,912

1,928, 0211, 611, 6051,857,8091, 760,157

1,837, 9391, 992, 8981, 899, 3731, 586, 094

1, 717, 6352,087, 6221,986, 5232,126,314

2, 058, 4101, 611, 6031,821,1961, 796,118

1, 788, 5481, 826, 5301, 734, 8241, 588, 542

1, 630, 2991, 947, 9921, 925, 7532, 005, 698

2, 675, 2552, 070, 5982,441, 3992, 463, 338

2, 388, 7062, 395,1352, 426, 3372, 050, 980

2,177, 6502, 401,1602, 278, 7562,367, 205

Total 25,674,899 j 24,851,232 22,391,990 21, 735, 513 28,136, 519

2, 009, 7611, 594, 9251, 849,1811, 771,883

2, 020,9632, 273, 7652, 365, 6242, 057,147

2, 043, 2462, 592,4892,484,0212,835, -̂67

25,898, 472

MonthDistrict No. 2—New York (7 cities)

1924 1923 1922 1921 1920 1919

JanuaryFebruary--MarchApril . .MayJune _JulyAugust

September.OctoberNovember .December..

22,814, 89920, 511, 85722, 227, 15221, 356, 913

22,124,83422, 639, 52122,184, 73121, 556,42621, 387, 86123,242,13123, 708, 84928,106, 044

22, 763, 01819, 595, 76123,231,53521,180, 741

21,399, 85021, 789, 80519, 008, 37216, 829, 38617, 414, 97619, 846, 05220, 632, 11222, 801, 386

19, 644, 55117, 029, 42620, 977, 91721, 326, 277

22, 268, 91122, 693, 59220, 328, 51018, 854, 442

19, 793, 00522,967, 05319, 637,13721, 546,408

20, 666, 73215, 645, 82717, 940, 13316, 950, 772

17, 774, 98018, 355, 75016, 907, 78015, 683, 072

16, 617, 93918,170, 74018,018,31521,178,533

24,320, 68218, 606, 20822, 919,44621, 990, 708

20, 254, 57820, 496, 32619, 791, 36418, 006, 812

18,236, 87020, 817, 20720,817,13623,117,836

18, 683,15614,926, 77617,189, 06917, 859, 002

20, 904, 78122, 168, 36823, 012, 20620, 825, 951

21, 011, 14424, 846, 20223, 921, 29925, 532, 024

Total 271,861,218 246, 492, 994 247, 067, 229 213,910,573 249, 375,173 250, 879,978

i Revised. Figures for following cities partly estimated for periods specified: Boston, to end of 1920; St.Louis and Louisville, to January, 1921, inclusive; and St. Paul to January, 1922, inclusive.Digitized for FRASER


DEBITS TO INDIVIDUAL, ACCOUNTS 155

No. 96.—DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN 141 PRINCIPALCITIES, BY MONTHS—Continued

SUMMARY, BY FEDERAL RESERVE DISTRICTS—Continued


Month

January. . .February.MarchApril

MayJuneJulyAugust,

September.OctoberNovember .December..

District No. 3—Philadelphia (10 cities)

1,925,4551, 723,1391, 873,8121,942,356

1, 894,9281, 936, 2051, 902, 7281, 748, 702

1, 794, 021i 1,968,134I 1, 820, 722

2,242,478

Total 22,772,6

Month

1923

1,914,8571, 648,9251,926,4931, 863, 477

1, 973, 6252, 083,1131, 826, 5601, 733,171

1, 670,2261, 922, 5691, 738,3361,999, 728

22, 301, 080

1922

1, 583, 0081,431, 5931, 628,1171,569,312

1,834,3141,720, 6491, 668, 3161, 589,819

1,646, 5391,891, 0671, 682,8451, 939,197

19,984,776

1921

:, 679,283L, 391,392[, 615, 908,̂ 582, 299

., 503, 607

., 622, 499

., 523, 296:, 407, 355

1, 500, 5861, 581, 8671, 515, 2061, 766, 389

18, 689, 687

1920

1,978, 2671, 585, 6981,891,9031,874,066

1, 908; 5081,857, 0011, 773,422

1, 746, 0731,874, 2811, 818, 6821,995, 716

22,091, 705

District No. 4—Cleveland (13 cities)

JanuaryFebruary. _MarchApril

MayJuneJulyAugust

September.OctoberNovember.December.

Total

1924

2, 227, 5152,006, 2492,173,8812, 275,246

2,122,4022,105,2272,139,9641,979. 554

1,2, 300,4871, 980,4862, 466, 903

25, 774, 602

1923

2, 305, 9631,949,9302, 206,6652, 227, 570

2, 266,8882,278,9412, 237, 0422,081, 604

2,005,4092, 241,1541,996,1082, 331, 503

26,128, 777

1922

1, 709, 2521, 538,8861, 665, 9261, 744, 376

1, 741, 2681, 927, 9481,911,0651,850, 667

1,877,0322, 025,3191, 867, 6712, 430, 467

22, 289, 877

1921

2, 236, 4851, 754, 5681,869, 4441,841,155

1, 716, 2411, 751, 9031, 620, 9861, 521, 031

1, 585,9951, 689,7841, 643, 9191, 873, 095

21,104, 606

1920

2, 335,1541,942, 2682, 329, 6182, 331, 924

2,166,9642,412, 0862,458, 2752,162, 713

2, 261, 2992,449, 5722, 291, 8232, 535, 569

1919

1, 581, 6931, 272, 8081, 514, 7041,449, 060

1, 562,8611,661,1311,719, 9201,597,915

1,697, 7891,800, 6121, 680, 3811,957, 058

19,495,932

1919

1, 866, 7351, 533, 5941, 795,1871, 812, 344

1, 838,2132, 081, 8852.146, 2301, 948, 043

2, 044, 3382.147, 2351,981,1542, 363, 702

27,677,265 23,558,660

Month

District No. 5—Richmond (7 cities)

1924 1923 1922 1920

JanuaryFeb rua ry . .MarchApril

MayJuneJulyAugust


Total

733,878650, 035699, 209672, 896

665, 057673, 372676, 364674, 370

648, 670733, 682675,127795, 584

746, 047631, 628737,293676,260

701,164742, 692681,119668, 610

655, 258746, 504710,408804,167

630,971535,864618, 568614,409

664,853681,167636, 506616, 520

596, 901705,455660, 697753, 942

737, 917600, 411677, 832645, 676

633,007677,168660, 222674,846

743,458724, 232793, 239

913,182729,147827, 966815, 659

794, 726816, 522823,137742, 740

742,456805, 251783, 394841, 217

664,034549, 272573,898594, 749

638,199736, 281778,461744, 693

736, 604862,098829, 047903, 315

8, 298, 244 8, 501,150 7, 715,853 8, 234, 894 9, 635, 397 ;, 610, 651



No. 96.—DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN 141 PRINCIPALCITIES, BY MONTHS—Continued

SUMMARY, BY FEDERAL RESERVE DISTRICTS-Continued[In thousands of dollars]

Month

January...February..MarchApril

MayJuneJulyAugust


Total

District N o . 6—Atlanta (15 cities)

1924

1,047,405947,847987, 094970,084

916,882872, 788914,053848,971

959, 0711,129, 584973,154

1,154,408

1923

11, 721, 341

1, 005, 714827,440991,806886,328

922, 450902,403837, 023790, 799

835, 3301,020,357991,989

1,124,910

11,136, 549

1922

774,821676,960781,076710,303

764,397785,260743, 297739,642

800, 649901, 535911,367989, 297

9, 578, 604

1921

895,433741,122811,214770,072

725, 043728, 734735,144704,823

796,832858, 216785, 252831, 379

9, 383, 264

1920

1, 299, 3051,018, 7241,174, 0291,142, 763

1,072, 0481,050, 7951, 053,476

969, 926

1, 009,4921, 046,469

984, 850990, 040

12,811,917

1919

909, 836735, 579781, 069772, 570

866,105891,195896, 644855, 820

900, 8151,169, 8511,114, 5211, 244, 769

11,138, 774

Month

District No. 7—Chicago (21 cities)

1924

January. _.February. _MarchApril

MayJuneJulyAugust


Total

4, 701,9404,178,2464,807,8974, 643, 076

4, 746, 2504, 582, 5494, 654, 9744, 469, 357

4, 435, 3464,949,2114, 500, 2255,326, 098

1923 1922 1921

4,810,8994, 383,8174,828, 0414, 737, 859

4,899, 3904, 772,8124, 509, 4554, 240, 633

4,208,4114, 660,9724,428,4854,886,123

3,858,6523, 523,9144, 389,1873,945,171

4, 097, 9574,326,0583, 995, 6293,991, 612

4, 070,1344,438, 2104, 051,9554, 615,171

55, 995,169 55, 366,897 49, 303, 650

4, 321,9913, 512,7643,992,9273,819, 083

3, 765, 9133,827,9103, 781,4283,874,899

3,848, 0684,068,9103,827,1664,195,461

46,836, 520

1920

5,161, 9834, 300,4165, 359, 7154, 910, 702

4, 791, 3615, 072,9425, 235,1354, 733,163

4, 969, 4175,086,2284, 559,1624,885,453

59, 065, 677

1919

4, 003, 9433, 302,1693, 688,8573, 705, 095

4, 049, 0434,271, 7754, 517, 8194, 370, 996

4, 424, 7444, 736,8404, 557, 5265, 039, 794

50, 668, 601

Month


MayJuneJulyAugust..

September. .OctoberNovember..December...

Total.

District No. 8—St. Louis (5 cities)

1924 1923

1,130, 859981, 669

1, 062, 6711, 033, 484

1, 057, 6031, 035,196994,401959, 857

1,003, 0661, 212,1101, 081, 6631, 259, 637

1,178, 722952,802

1,112, 3951, 039, 549

1, 076, 5601,104,142980,103930,888

945,1601,184, 8541, 094,4281,194, 752

12,812,216 ; 12,794,355

1922 1921 i

858, 795739,485859, 417826, 599

911, 346930,887871,384830,180

1,067, 437988, 780

1,145,954

10,938, 657

970, 864813,884875,995836, 575

830, 702859, 644813, 249780, 771

837, 548945, 072879,322957, 258

10,400, 884

1920 i

1, 357, 8731,120, 3381, 240, 2101,172, 378

1,114, 7131,128,1911, 099, 8341, 020, 674

1, 061, 5241,113, 6851, 026, 2671, 086, 735

13, 542, 422

1919 1

1,148,738941, 763983, 228969,924

1, 005, 6431, 065, 5971,152, 7191, 042, 670

1, 033, 6411,189, 2] 51,128, 2981, 258, 763

12,920,199

1 See footnote on p. 154.


DEBITS TO INDIVIDUAL ACCOUNTS 157

No, 96.—DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN 141 PRINCIPALCITIES, BY MONTHS—Continued


fin thousands of dollars]

Month

JanuaryFebruary..MarchApril

MayJuneJulyAugust

September -OctoberNovember.December..

Total

1924

5(35,332523,317584,754552, 9.10

596,115613,515634, 515596, 031

773,6801, 059, 292891,171849, 622

8, 240, 254

1923

District No. 9—Minneapolis (9 cities)

1921 i

647, 312510, 811600,805596, 914

634, 217652, 341593,964598, 206

635, 309700, 333664,498660, 760

7,495, 470

1922 i

499, 020455,305556, 282512,419

546, 252569, 323554, 605580, 550

654, 491698, 732633, 665710, 631

601, 067483,142537, 329544, 592

524,966574,885522, 223558, 524

635, 091645,937563, 390597, 233

6,971,275 I 6,788,379

750, 746611,657718,468711,106

700,431707, 687720, 311685, 479

811,189901, 540843, 455759, 651

728, 915488, 311594, 533639,321

654, 522637,133658, 607657, 784

793,158832, 602736, 082818,955

8,901,720 ;, 239, 923

Month

Januai y . . _February .MarchApril

May.__JuneJu ly . . . -August.

September.OctoberNovember .December -

Total .

1924

1, 003, 759937, 931

1, 020, 8731, 012, 890

1, 000, 236963, 496

1,070,984 I1,083,918 j

I1, 097,173 j1,216,807 !1,062,890 i1,189, 358 |

District No. 10—Kansas City (14 cities)

1922 19211923

1, 202, 253996,426

1,199,4811,130, 015

1,142,1721, 155, 8791,081,9431, 106, 154

1, 069,4971,159, 7411, 053,1471, 082, 885

12,660,315 I 13,379,593

950, 759872, 689

1, 012, 278956, 757

1, 026,8491,081,8131, 041, 7781, 056, 449

1,058,4931,155, 0941, 050, 8961,181, 287

12,445,142

1,152, 595942, 309

1,067 0661, 006,119

953, 761992, 057994,617

1, 025,141

1, 022,1821,006, 694

966, 224992, 594

1,480, 6821, 230,9561, 451, 2301, 313, 463

1,155, 377998,141

1,130, 8981, 095,116

1,335,707 i 1,210,0251, 351, 458 1,147, 5841, 323, 317 1, 317, 5371,327,488 ! 1,343,784

1, 389, 286 I 1, 246,1891,418,334 I 1,345,2891,334,809 I 1,311,7471, 266,168 1,429, 571

12,121, 359 16, 222, 898 14, 731, 258

Month

District No. 11—Dallas (11 cities)

JanuaryFebruary._MarchApril

MayJuneJulyAugust

September.OctoberNovember .December. .

Total

567, 222493, 840492, 894483,944

466, 066447, 735455, 924449,553

566,180670, 360586, 644664, 938

6, 345, 300

^923

605, 258494, 600547,188488,255

486,003465, 461420, 874448,966

540, 722629,517583, 636620,979

1922

526,519460,149524, 469470, 827

486, 707479, 097432, 944440, 729

541, 700589,166556, 549605, 692

6, 331, 459 6,114, 548

1921

551, 763466, 274496,774443, 091

437, 088453, 385424,419435, 510

512,987567,447527, 296577,461

5, 893, 495

1920

698, 650548,921627,458595,160

584, 042582, 581579, 773566,814

630, 664689, 884615, 626619,756

7, 339,329

1919

467, 745374, 247404, 913414,998

479,813514,313525, 261498, 790

527, 419654, 777659,791726,060

6, 248,127

1 See footnote on p. 154.



No. 96.—DEBTS TO INDIVIDUAL ACCOUNTS BY BANKS IN 141 PRINCIPALCITIES, BY MONTHS—Continued



MonthDistrict No. 12—San Francisco (18 cities)

1924 1923 1922 1921 1920 1919

JanuaryFebruary._MarchApril

MayJuneJulyAugust


Total

2, 590,9482,470, 2302, 662,1872,456, 815

2,401, 2092,319, 6932, 391,1522,335,307

2,335, 2452, 578, 7502,359, 3492, 634, 300

2,374,8732,043,1732, 581,3552,347, 653

2,429, 9422,453,1342, 344, 5972, 295, 578

2,318, 9802, 633, 5712,460, 0572, 652, 946

1,979,2951, 709, 4342, 061, 2281,951,4331,995,215 !2,047,485 <1,972, 3811, 999, 425

2,103,4812, 218,4962,131,8112,392, 621

29, 535,185 28,935,859 24,562,305

2,156, 2961, 765,1282,197, 4411, 999, 527

1, 858, 5701, 935,9911, 796,4311, 842, 521

1,970, 7492,097, 3242, 065, 0612, 252,118

2, 395, 5242,022, 9092,449, 7312,322,469

2, 265, 2342,424, 6812, 500, 2892, 254,465

2, 342, 3502, 424, 0362, 342,1352,482,496

23,937,157

1, 709, 1111,445,3741, 664,9961, 602,026

1, 796, 5031, 762, 2301,964,9202, 000, 357

2, 072, 8662, 297, 2592,132, 3402,455, 201

28,226,319 22,903,18b

IGOLD IMPORTS AND EXPORTS

No. 97.—GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, BYPERIODS


France. _.GermanyGreat Britain..NetherlandsSwedenCanadaArgentinaChinaIndiaJapanAllother

Total

Total since lifting ofemb argo, June 1,1919-Dec. 31, 1924

Netimports

285,49354, 340

874,84094,778

103,083169,452

48, 093

1 249 923

Netexports

Period of net loss, June1, 1919-Aug. 31, 1920

Netimports

82, 5141,147

i 59.315116, 23330, 39440, 330

193,199

Netexports

2,40910

1

146, 37559, 39540,804

132,856146,452

385, 326

Period of net gain, Sept.1, 1920-Nov. 30, 1924

Netimports

284, 89974, 344

802, 57994, 955

104, 085107, 595

27, 52529,001

6,149

Netexports

60. 343193,861 '__..

1,664 650

December,1924

Netim-

ports

3,003

2,5422,617

684

Netex-

ports

19,99410,253

1,3241,001

5, 675

29, 401


GOLD IMPORTS AND EXPORTS 159

No. 98.—GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, BYCOUNTRIES


1922 1923 1924 1922 1923 1924

IMPORTS

DenmarkFranceGermanyGreat BritainGreeceItalyNetherlandsNorwaySpainSwedenCanadaCentral AmericaMexicoWest IndiesArgentinaBoliviaChileColombiaEcuadorPeruVenezuelaChinaHongkongDutch East IndiesJapan.__Philippine Islands.^British OceaniaEgyptPortuguese AfricaAll other

17,77027,043

35121,883

4,798

3,56219,03649, 552

149, 672

24,4594,829

130, 909

France _GermanyGreat Britain.Netherlands—.

349,9588,424

7132,88610, 3724,3735,9131,780

2720

395

13, 292

443 i1,619

9158,938

15 11,627

8534,2312,569

492838

Total _

365

49, 3742,4446,581

5485,338

26245

4,452706

2,070686

5,588319

2,3306

1,5721,6561,737

932873

275,170 322, 716

2,73750,965

666,523

41,4962,1315,458

37222,305

1431

2,289897

2,710317

5,0222,5002,356

4,8142,8701,455

6101,199

319, 721

Sweden _SwitzerlandCanada _Central AmericaMexico.West IndiesArgentinaColombia. _.VenezuelaBritish IndiaChina..HongkongDutch East IndiesPhilippine IslandsAllother

Total .

2119

7277830

22,16212

4,304

500

4,445350

3,582435

65139

36, 875

2,660

13890

1,3801,705

4,706

49700

14, 637110

2,378

28, 643

11420,00012,264

1,324365

2,00043

3,1021

4,02910

1765

1,10211,025

4,3323800582

61, 648

No. 99.—GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, BYMONTHS


1924January.. .February..MarchAprilMayJuneJuly

Im-ports

45,13635, 11134,32245,41841,07425,18118,835

Ex-ports

Net im-ports

281505817

1,391593268327

44, 85534, 60633, 50544,02740,48124, 91318, 508

Net ex-ports

36569—25t 12

1924AugustSeptemberOctoberNovemberDecember

Total

Im-ports

18,1506,65619, 70219,86210,274

319, 721

Ex-ports

Net im-; ports

2,3974,5804,125

39,675

15, 7532,076

15, 57713,173

61,648 258,073

Net ex-ports

29,401


MONEY IN CIRCULATION

No. 100.—MONEY IN CIRCULATION OUTSIDE THE UNITED STATES TREASURY AND FEDERAL RESERVE BANKS

[From U. S. Treasury Department circulation statements][In thousands of dollars]

1914—July 1.1917—Apr. 1.1920—Nov. 1

1922—July 1.Aug. 1.Sept. 1

Oct. 1_Nov. 1Dec. 1.

1923—Jan. 1.Feb. 1.Mar. 1Apr. 1.

May 1.June 1.July 1.Aug. 1.

Sept. 1Oct. 1_Nov. 1Dec. 1.

1924—Jan. 1.Feb. 1.Mar. 1Apr. 1.

Total

3, 402,015i 4,100, 591i 5, 628, 428

4, 375, 5554, 337, 4184, 393, 507

4, 520, 8954, 570, 2814, 616, 508

4, 732, 8994, 509,1284, 610, 6374, 655, 676

4, 668, 0414, 705, 9244, 729, 3794, 695, 769

4, 777, 9074,849,9214, 835, 2534, 923,158

4, 951, 0854, 681, 7084, 807, 7784, 812, 861

Gold coinand bul-

lion

611, 545641, 794495, 353

417,126416, 282416, 387

412, 894428, 376416,643

429,192401,112410, 958410,102

408, 971407, 257404,181403, 218

397, 342397,981396, 737399, 849

415,319405, 573416,047408,062

Gold cer-tificates

1,026,1491, 348, 818231,404

173, 342171,985193, 988

214, 957233, 741253,730

302, 744301, 370314, 593319, 068

328, 900338,885386, 456411,938

441,155465, 279500,862533,461

582,029571, 381033, 253687, 252

Standardsilverdollars

70,30070,86389, 725

58, 07358, 37859, 034

60, 58260, 67560, 762

61,46559, 56059,56759, 063

58, 49757, 97557, 26256,999

57, 61557, 94258,12757, 908

58, 70456, 49655, 91055, 202

Silver cer-tificates

478,602459, 680

60, 385

265, 335

271, 672

277, 778277, 043285, 414

288, 590294, 336317, 268338, 915

352,878365,130364, 258368,938

374, 877375, 688370, 787381,499

375,365357,177368, 750367,113

Treasurynotes of

1890

2,4281,9971,628

1,510,508,501

,501,492,489

,484,479,476,471

,469,463,460,458

,456,451,449,445

443440437433

Subsidiarysilver

159, 966191, 351261, 556

229, 564229, 956232, 748

236, 357239, 778242, 751

245, 978240, 942241,087241, 980

242, 853245, 493247, 308247, 870

249, 498252, 499254,791257, 694

260, 627252,511251,537251, 639

UnitedStatesnotes

337,845330, 353277, 736

292, 343284,343285, 001

281,493277, 201277, 854

286, 206278,864283, 491294, 308

299, 506306,003302, 750300,011

304, 577306, 291302,976306, 376

306, 823294, 470302, 404304, 846

Federalreservenotes

356, 4483,310, 225

2,138, 7132,115,3502, 141, 306

2, 249, 8562, 281, 4302, 312, 424

2, 372, 8652,184, 4522, 226, 6942,232, 448

2,218,5112, 228,1232, 234,6592,160, 449

2, 204, 8242, 245, 5412, 207, 2302, 236, 637

2, 223, 6742,008,8772, 030, 8181,

Federalreserve

bank notes

3,170209, 877

71, 86865,032HO, 159

55, 52648, 72142, 501

36, 72832, 86729, 98125,870

24, 00221,584 j19, 96918, 901

17,61316, 50115, 31214, 249

13,61112, 72912, 09111,588

National-bank notes

715,180697,160715,023

727, 681725, 782731,711

729, 951721,824722, 940

707, 647714,146725, 522732, 451

732, 454734,011711,076725, 987

728,950730, 748726,982 j734,040 j

713. 490 i- 721,054

735,531 I737,141 |

Totalcirculationper capita(in dollars)

34.3539.5452.36

39.8739.4739.93

41.0441.4441. 80

42.8140.7441.6141. 98

42.0442.3442. 5042.16

42. 8543.4543.2744.01

44.2241.7742.8542.85

gowHo

HW

IS72

<J

wo


May 1June 1.July 1.Aug.l

Sept. 1Oct. 1-Nov. 1Dec. 1.

4, 760,1144, 815,4014, 755, 4034, 665,187

4, 773, 8784, 806, 3674, 879, 6944,993, 570

403, 649402,122396, 415

401, 794427.970436,160437.971

726,179779,169801, 381800,124

872, 807898,165904, 861933, 688

54, 82354,07854, 01753, 644

53,91554, 60355,18555, 606

370,093373, 381364, 414372, 683

385,499388, 574389, 201389,113

1,4281,4251,4231,420

1,4171,4121,4101,407

252, 702252, 557252, 971252, 407

253,732256, 467259, 710263,102

301,110305, 966297, 790301, 667

308, 111304, 345305, 840304, 418

1, 909, 1431, 897, 6361, 843,0911, 745, 820

1, 746, 2301, 729, 3011, 784, 0461, 862, 055

11,02510, 43810, 0669,635

9,2299,0308,7108,471

729, 962738, 629733, 835729, 288

741,144736, 500734,571737, 739

42.3342.7842.2041.36

42.2842.5243.1244.08

i The figures for the several classes of money do not add to this total, as mutilated currency forwarded for redemption and unassorted currency held by Federal reserve bankshave been deducted from the total only.


MONEY RATES» IN FEDERAL RESERVE BANK AND BRANCH CITIES

No. 101.—RATES ON PRIME COMMERCIAL LOANS OF 4 TO 6 MONTHS MATURITY

1924Week e n d i n g -

Jan 15Feb. 15Mar. 15Apr. 15May 15June 15_July 15Aug. 15Sept. 15 -.Oct. 15Nov. 15Dec. 15

1924Week e n d i n g -

Jan. 15 -Feb. 15Mar. 15Apr. 15May 15June 15 -July 15Aug. 15Sept 15Oct 15Nov 15Dec. 15

Boston

55555

434-5

4 2-4344344344434

Louis-ville

666666666666

N e wYork

5 -5345

5 -534

434-54 -54 -434

334-6

4 -434

LittleRock

666666666666

Buffalo

6666fi

Oi

OS

OS

OS

Oi

66

Minne-apolis

534534534

534-5345 -5345 -534434-5434-534

434434

Phila-delphia

5345

5 -5M55

4 -5434

4 -43^4 -4344 -434

Helena

888888

CO

00

888

Cleve-land

666

534-6534-65 -6

6

534-65 -65 -65 -6

KansasCity

6666666

5 -65 -65 -6

55 -6

Pitts-burgh

65 -65 -6

6666

5 -65 -65 -65 -65 -6

Omaha

66

5H-65M-6

65 -64H-6434-6434-6434-6434-6434-6

Cincin-nati

66

534-666

5V2-G5J4-6534-65 -6534-6

Denver

6CO

C

O

666

534-6334-5414-5

43455

Rich-mond

6534-6

6

5 -6

5 2-6534-6

5 -534534

5 -5lA5 -534

Okla-homaCity

6 -86

6 -76 -7

6666

6 -76 -76 -76 -7

Balti-more

534534534534534

5 -5345 -534

4M-5344K-5H

Dallas

66

5 -5345 -65 -6

5 -6434-65 -64 -65 -64 -6

Atlanta

5 -65 -65 -65 -6434-65 -65 -65 -65 -6434-65 -6

El Paso

8888888

6 -888

6 -86 -8

Bir-ming-ham

6 -86 -76 -76 -76 -75 -65 -65 -65 -66 -75 -75 -7

Hous-ton

6 -76

6 -7

5 -65 -65 -65 -65 -65 -65 -65 -6

Jack-son-ville

76 7

777666

S\4-S4 -8

SanFran-cisco

534-6

534-66

434-65

434-5H

5 5345 -5V2

NewOrleans

666

534-6534-6534-6534-65 -75 -65 -65 -6

Port-land

76

6 -6346 -7

66

6 -766666

Nash-ville

766666666666

Seattle

766C

O

CO

6666

6 -6346 -6346 -634

Chi-cago

5 -6534

5 -5V25 -534434-5344^-534434-5^4 -4^4'4 -5434-5344J4-5434-5

Spo-kane

6666

6 -86

6 -76 -7

66 -7

66

Detroit

65 -6

534

5M-65 -6434-65 - 5 H434-6434-6434-65 -6

SaltLakeCity

6

CO

CO

766

434-66

6 -74 -6

66

St.Louis

5345 5345 5345 -5Y25 -5345 —5?44 -5344 -54 -5334-5334-5334-5

LosAngeles

634634-76 - 6 H6 —67̂

66

6 76 -76 -76 -76 -76 -7

1 Customary rates charged, as reported by representative member banks. The rates are those at which the bulk of the loans of the designated class are handled by report-ing banks during the week ending the 15th of the month.


BUSINESS INDEXES OF THE FEDERAL RESERVE BOARD

No. 102.—INDEXES OF PRODUCTION, EMPLOYMENT, TRADE, WHOLESALE PRICES, AND FOREIGN EXCHANGE

Year and month

1919 average..1920 average..1921 average..1922 average-1923 average..1924 average..

JanuaryFebruary . .MarchAprilMayJuneJulyAugustSeptember _OctoberNovember.December..

1919

Indexes of production, employment, trade, etc.1 (Average for 1919=100)

Pro-duc-tionin

basicindus-tries

100105

120108

1071009699939310210310510198103

Industrial activity

Manu-factur-

ingpro-duc-tion

10010280103124114

1008895969696101108106107104103

Min-ingpro-duc-tion

1001179295132122

108859089979710811011412775100

Agri-cul-

turalmove-ments

10091105110108116

108727178818895100115142129123

Fac-toryem-

ploy-ment

100103829010495

9595969698100102104103105108

Fac-torypayrolls

1001248489

113104

97919292929598

103108104110119

Whole-sale

trade

10011273748382

7971808895

103112111114121111123

Department-store sales

Unad- Ad-justed justed

1001201101 1 2 I124125

817290

1029895787995

118119173

939490999595

104101105103106108

Department-store stocks

Unad-justed

100133115116129132

9297928891102114122125108

Ad-justed

9591909493 I9297102106109111116 !

Build-ingcon-

tractsaward-

ed

1009990

123136155

3560526584

106131132117146131143

Rail-roadcar

load-ings

10010894

103119117

989588979992

10610210810696

no

Bankdebitsout-sideNewYorkCity

1001159195107108

908987909799107107106107108111

Indexes of wholesale prices (average

UnitedStates

211239149158165159

201194195200206207216223217218225233

for 1913=100)2

Eng-land

241310198165170176

227222210214224234242249251261272283

France

512344319394446

Can-ada

207250167149150147

196191193198202204207218216214217223

Japan

235240181182J88200

209208198197210225241241248262283294

Indexof for-eignex-

change(par

value= 100)3

969795919091888583838075

* The indexes of production in basic industries, building contracts, freight-car loadings, and bank debits are adjusted to allow for seasonal variations. Indexes of department-store sales and stocks are shown both with and without seasonal adjustments. Construction of these indexes has been described and early figures given in the Federal Reserve Bul-letin as follows: Index of production in basic industries, December, 1922; indexes of industrial activity, March, 1924; factory employment index, December, 1923; wholesale tradeindex, April, 1923; department-store sales index, adjusted, January, 1924; department store stocks index, unadjusted, February, 1923; adjusted, March, 1924; building contracts index,November, 1924; bank debits index, July, 1924.

2 The materials and methods used in constructing these indexes of wholesale prices were fully described in a publication of the Federal Reserve Board issued in 1924, entitled"Prices in the United States and Abroad, 1919-1923."

3 The method used in constructing this general index of foreign exchange was described in the Federal Reserve Bulletin for October, 1922.

d

X<X

CO


No. 102.—INDEXES OF PRODUCTION, EMPLOYMENT, TRADE, WHOLESALE PRICES, AND FOREIGN EXCHANGE—Continued

Year and month

1920JanuaryFebruary _ _ ._MarchAprilM a yJune _ • _ _ .JulyAugust _ _SeptemberOctoberNovemberDecember

1921January.. . _ _ .FebruaryMarch . _ _ _ _ _AprilMay... _ __JuneJulyAugustSeptember _ . _OctoberNovember __ . _. __December

1922JanuaryFebruary. _ .March

Pro-duc-tionin

basicindus-tries

116115115108105107105102102999590

848581797777747979838683

869195

Indexes of production

Industrial activity

Manu-factur-

ingpro-duc-tion

112106118109110108101104101978575

746980788180758583898678

848298

Min-ingpro-duc-tion

118104119102108117117123115128124125

1069193859292859290

1029387

96101123

Agri-cul-

turalmove-ments

10582816170818183

103118124104

1068890778998

101117128146111108

1009184

Factoryem-

ploy-ment

1101091111091071061031031019994

. 87

808282828281808183848584

848687 '

, employment,

Fac-torypayrolls

124122130127129131125128126122113104

898889868483798181818082

788183 I

Wholesale

trade

1201051261191181241261171171019175

696981737073717982837160

636273

trade, etc. (Average for 1919=100)

Department-store sales

Unad-justed

10690

1221211271229494

109132137184

10391

117115113111808595

124120174

9081

102

Ad-justed

122117121118123122127121121116122115

118118117112110111108109104109107108

103105102

Department-store stocks

Unad-justed

112122134139135130130138147151143113

100106113116114110109116126130131108

103111120

Ad-justed

126130133135135137139139137135127121

113113112112114116116117117117117116

116118119 '

Buildingeon-

tractsaward-

ed

1491291311099098848784867163

7064707784828595

121103110123

102110119

Rail-roadcar

load-ings

110107111102104110112110108106109110

919591969393949394989496

93105107

Bankdebits

out-sideNewYorkCity

117115119120114115120114116111111105

97959494908988909189 19190

869293

Indexes of wholesale prices (averagefor 1913=100)

UnitecStates

248248253267269262254240232214196179

168157152146145143146147147146145143

142146147 1

Eng-land

301316325330336334322317311293277257

240223210203198195193193191185174170

167165166 J

France

447472513562575535520536533517489450

414389370357346333334323322316313307

306303307

Can-ada

239249253265279276274258244234221208

199189184177168165163166158149145145

144149150

Japan

302308313280246223220209199197197180

176171167169173172178177192202197193

191185182

Indexof for-eignex-

change(par

value= 100)

726567656871716663615857

606262636663626060616164

656970


AprilMayJuneJulyAugust. . .SeptemberOctoberNovemberDecember

1923JanuaryFebruaryMarchAprilMayJunej u i y . . : : : . :AugustSeptemberOctoberNovemberDecember

19°4JanuaryFebruaryMarch . . .April _May. „Junejuiy . . . . : _ .AugustSeptemberOctoberNovemberDecember

8692949595100107116116

121120125124127122121120114118116110

120121116114103949594103109107117

95109109103no106118120113

121116134131138128118126117128118109

1221231271221129797104113123112116

6170736779103122122126

134117•135128137136137143126143130123

138130128110114111113116124134122130

741029899109137160139131

114819078868691111128158144130

1059681778787100121152189160143

100

101103105105105105104104104104103102

J00101101999693899091939394

102105

104108113113117117113114114117115113

10811411311110510092

103 !101 |106

667276717983888072

787686798083798891968572

807880787776788392958479

1141161108088107131132189

1029012412012912689101113149142202

1101021151331271209193119141141210

111112110108113118115118118

116117124117124126120128125131127127

126128115131123120123118131124126131

120116110107113122128130110

107118129132129122119129139146149123

115127138140135127122126137147148124

117116116115114114114116118

121126127128130128128130130131133132

131135137136135133130126128132131133

123123123134136130113136128

132143140130130117112112128151167172

170163164150129125121133150166196180

9510198102104103116114

117117120124127121119123112118120113

118125115121117103111111117120116124

97101

106110111111113110105105101105105105

105109108111109103108108107112107112

149158161165166164165164165

166166169170167164159159163163163163

163163160158156154156158156159160165

165169167169166163160162164

165168173175173171168164165166171177

178180180181177174174173172175176177

320324325 !328 I320 |315 !315329337 I

346380398390386394391391404404416427

445469483428428442440442436442449451

152154153154149144145147147

148152155156155153151150149147145144

146148147143143145147149146148148149

180183187195187179174172173

176183185185187186183179191196199205

205200200201200189191196198206210209

727271706968676770

0866676766656362636361

585858636260596161616162

XC/2

Cn



STATE BANK AND TRUST COMPANY MEMBERS

The following is a list of 1,544 State bank and trust company activemembers of the Federal Reserve System on December 31, 1924,showing the capital, surplus, and total resources, as compiled fromthe latest available figures:

DISTRICT NO. 1

CONNECTICUT

(See also District No. 2)

New Britain—New Britain Trust CoSouth Manchester—Manchester Trust Co.Waterbury—Colonial Trust Co

Bangor—Merrill Trust CoEllsworth—Union Trust Co..Portland—Fidelity Trust Co.Sanford—Sanford Trust Co...

MASSACHUSETTS

Arlington—Menotomy Trust CoBoston-

American Trust CoBeacon Trust CoExchange Trust CoBank of Commerce & Trust Co.Liberty Trust CoMassachusetts Trust CoNew England Trust CoOld Colony Trust CoState Street Trust Co -United States Trust Co___

Cambridge—Harvard Trust CoInman Trust Co

Fitchburg—Fitchburg Bank & Trust CoGloucester—Gloucester Safe Deposit & Trust Co.Greenfield—Franklin County Trust CoHolyoke—Hadley Falls Trust CoLawrence—Merchants Trust CoLynn—Security Trust CoNewton—Newton Trust CoNorwood—Norwood Trust CoSalem—Naumkeag Trust CoWaltham—Waltham Trust CoWinchester—Winchester Trust Co.Worcester—Worcester Bank & Trust Co

RHODE ISLANDProvidence-

Columbus Exchange BankIndustrial Trust Co.Rhode Island Hospital Trust Co...Union Trust Co

DISTRICT NO. 2

NEW JERSEY


Asbury Park—Seacoast Trust Co..,_.Bayonne—Bayonne Trust CoBloomfield—

Bloomfield Trust CoWatsessing Bank

Bogota—Bank of BogotaBoonton—Boonton Trust Co.. . _. .Carteret—Carteret Trust CoCranford—Cranford Trust CoEast Orange-

East Orange BankSavings Investment & Trust Co..

Elizabeth-Central Home Trust Co_Elizabethport Banking Co.

$500, 000200, 000500,000

500, 000100, 000400,000100, 000

200,000

1, 500, 0001, 000, 0001,000, 000600,000750, 000

1, 000,0001, 000, 0007,000,0002,000,0001, 000,000

400,000200,000500, 000200, 000200,000500,000300, 000200,000600,000200,000250, 000300, 000100, 000

1, 500,000

200,0004,000,0003, 000, 0001,000, 000

$175,000300, 000

250, 000100, 00075, 000100, 000100, 000100,000

250,000500,000

200,000250, 000

Surplus

$300,000100,000

1,000,000

400, 000100, 000400, 00050,000

100, 000

2, 000,0001,800, 0001, 000, 000140,000750,000500, 000

2,000,0009,000,0002, 500,0001,000, 000

600, 00075, 000500,000200, 000100, 000250,000150, 000300, 000600,00050,000

200, 000200, 00050,000

1, 500, 000

80,0006,000,0005,000,000500, 000

$250,000200, 000

150, 000100, 00050, 00050, 00025, 000100, 000

150, 000500, 000

50,000250,000

Totalresources

$6,179, 5032,150, 83310, 099, 454

12,444,8082,877, 39316, 505, 0311, 783, 291

4, 039, 207

30, 937,85130,821,11619, 955, 3505, 212,04614,393, 90524, 078, 25830, 365, 585181,812, 53852, 700,04720, 201, 532

14, 541, 7432, 714, 2925, 749,8795, 206, 6763, 648, 7119, 600, 6159, 399, 2259, 527, 77414,446, 3674, 746,8576,804,4906,812, 6301,864, 662

38, 057, 729

2,857, 653123, 637,19493,923,82920, 838, 503

$5,197,2567, 917, 454

5, 963, 7632, 703, 5541,081,8451, 533, 079864, 869

3, 046, 939

4,139, 64715, 905, 521

2, 703, 7916,327, 282Digitized for FRASER


STATE BANK MEMBERSHIP 167

DISTRICT NO. 2—Continued

NEW JERSEY—continued

Fort Lee—Fort Lee Trust CoFranklin—Sussex County Trust CoGlen Ridge—Glen Ridge Trust CoHackensack—Peoples Trust & Guaranty CoHasbrouck Heights—Bank of Hasbrouck HeightsHoboken—Jefferson Trust CoJersey City—

Claremont Bank of Jersey CityCommercial Trust Co. of New JerseyNew Jersey Title Guarantee & Trust Co

Long Branch—Long Branch Banking CoMontclair—

Bank of MontclairMontclair Essex Trust Co

Morristown—Morristown Trust CoNewark—

City Trust CoFederal Trust CoFidelity Union Trust CoIronbound Trust CoMutual Bank of RosevilleSpringfield Avenue Trust Co

Nutley—B ank of NutleyPassaic—Peoples Bank & Trust CoPaterson—Hamilton Trust CoPerth Amboy—

Perth Amboy Trust CoRaritan Trust Co

Plainfield—Plainfield Trust Co '.Rahway—Rahway Trust CoRidgefield Park—

Overpeck Trust CoRidgefield Park Trust Co

Ridgewood—Ridgewood Trust CoRutherford—Rutherford Trust Co..._.Westfield—

Peoples Bank & Trust CoWestfield Trust Co

West Hoboken—Hudson Trust Co. of West Hoboken.Westwood—Westwood Trust Co

NEW YORK

Adams—Citizens Trust Co _-Albion—Orleans County Trust CoAmsterdam—Montgomery County Trust CoBatavia—Bank of GeneseeBelmont—State Bank of BelmontBinghamton—Peoples Trust CoBlasdell—Bank of BlasdellBrooklyn-

Brooklyn Trust CoGlobe Exchange BankMechanics BankMidwood Trust Co _ . . . .Peoples Trust Co

Buffalo-Buffalo Trust CoFidelity Trust CoLiberty Bank of BuffaloMarine Trust CoPeoples Bank of Buffalo

Canisteo—First State BankCape Vincent—Citizens Bank of Cape VincentChatham—State Bank of ChathamConey Island, New York City—Bank of Coney IslandDepew—Bank of DepewDunkirk—Dunkirk Trust CoEast Aurora—Bank of East AuroraElmira—Chemung Canal Trust CoEndicott—State Bank of EndicottFloral Park—Floral Park BankFredonia—Citizens Trust CoGeneva—Geneva Trust CoGloversville—Trust Co. of Fulton CountyHamburg—Peoples BankHammondsport—Bank of HammondsportHicksville—Bank of HicksvilleIthaca—Ithaca Trust Co _._

$100,000100, 000100,000600, 00050,000

400, 000

200, 0002,000, 0001, 300,000150,000

250, 000750, 000600, 000

200, 0002, 500, 0005, 250, 000500, 000200, 000200, 000100, 000400, 000600, 000

300, 000100, 000609, 300100, 000

100, 000100,000150, 000100, 000

200, 000200, 000

1, 000, 000100, 000

150,000100, 000200, 000100,00050, 000500, 00030, 000

1, 500, 000400, 000

2,000,000700, 000

1, 600, 000

2,000,0001, 000, 0002,000, 00011,250, 0001,000, 000

50, 00050,00050, 000

200, 00050,000250, 000150, 000600,00050,00050,000100,000250, 000350, 00060, 00050, 000100, 000250,000 i

$20, 00075, 00050,000

400, 00050,000100, 000

200, 0001, 500,0C01, 000, 000

100, 000

100, 000500, 000300, 000

250, 0001, 000, 0003, 750, 000

500, 000160, 000100, 00080, 000600, 000500, 000

300,00050, 000500,000 |.100,000

8,013 I100,00050,000150, 000

100, 00050, 000

1, 000, 00020, 000

75, 00050, 000

300, 000100, 00050,000100, 0005,500

3,000, 000120,000

2,400, 000300, 000

2, 400, 000

1, 750, 0001,000,0002,000,0008, 750, 000600, 00035, 00010, 000100,000100, 00015, 000

125, 00030, 000

400, 00075, 00050,000100, 000200, 000250, 00090,00050,000150, 000200, 000

$580, 6011, 940, 6602,164,97111, 270, 604

795, 4587,889, 041

9,166, 09351, 380,16928, 010, 7142, 458, 474

5, 669,40710, 829, 78310, 052, 203

4,852,12325, 275, 92583, 897, 36014, 981, 8422, 775, 4277,913,9982, 693, 54910, 846, 60111, 640, 683

9, 361, 6562, 042, 75013,959, 6451,368, 952^

1,155, 9882, 585,0763, 041, 6082, 495, 4824, 067, 9034, 321, 32544,154,199

795, 821

1, 835, 5291,016, 2214,425, 7042,147, 308490, 247

8, 525, 792282, 886

57,185, 4664, 489, 042

51, 398, 5387, 285,983

65, 717, 253

64,376, 00729,404, 42561,429, 085170, 519,44727, 682,952

664,172468,141

2, 340,0445, 613, 0631,112,4132, 434, 3772,638,49111,415,8H3, 556,120

2, 216, 2614,893, 3261,892, 3092, 580,8591, 277, 4152,662, 6986, 235, 057


168 ANNUAL EEPORT OF THE FEDERAL. RESERVE BOARD


NEW YORK—continued

Johnson City—Workers Trust CoKatonah—Northern Westchester BankKingston—Kingston Trust Co...Lackawanna—American Bank of LackawannaLittle Falls—Herkimer County Trust CoLowville—Lewis County Trust CoM alone—Peoples Trust Co...Millbrook—Bank of MillbrookMineola—Nassau County Trust CoNew York—

Amalgamated BankBankers Trust CoBank of AmericaBank of Europe. ._ _.Bank of the Manhattan Co. (Manhattan Co.)Bank of New York & Trust CoBank of United StatesCentral Mercantile Bank..Central Union Trust CoCommonwealth Bank of the City of New YorkContinental Bank.. _Corn Exchange BankEquitable Trust Co^Farmers Loan & Trust CoFederation Bank of New YorkFidelity-International Trust CoFifth Avenue Bank.Fulton Trust Co.. ._Guaranty Trust CoInternational Union BankIrving Bank-Columbia Trust CoManufacturers Trust CoMetropolitan Trust Co. of the City of New YorkMutual BankNew Netherland BankNew York Trust CoPacific BankUnited States Mortgage & Trust CoUnited States Trust Co. of New YorkYorkville Bank of New York City

Niagara Falls—Power City BankNyack—Rockland County Trust CoOlean—Olean Trust CoOneida—Madison County Trust & Deposit CoOrchard Park—Bank of Orchard ParkPearl River—State Bank of Pearl RiverPerry—Citizens BankPort Chester—Mutual Trust Co. of Westchester CountyRochester—Lincoln-Alliance BankRome—Rome Trust CoSchenectady—Schenectady Trust CoSmithtown Branch—Bank of SmithtownSpring Valley—Ramapo Trust CoStony Brook—Bank of Suffolk CountySyracuse-

City Bank Trust CoFirst Trust & Deposit CoSyracuse Trust Co

Utica—Citizens Trust CoOneida County Trust CoUtica Trust & Deposit Co

Warsaw—Trust Co. of Wyoming CountyWatertown—Northern New York Trust CoWestbury—Bank of WestburyWhite Plains—County Trust CoWilliamsville—Amherst Bank

DISTRICT NO. 3

DELAWARE

Milford—Milford Trust CoWilmington—

Equitable Trust CoSecurity Trust & Safe Deposit CoWilmington Trust Co

Totalresources

$200, 00050,000

250, 000100, 000350, 000200, 000300, 00050, 000150, 000

200, 00020, 000, 0006, 500, 000

450, 00010, 000, 0004, 000, 0002, 000, 0001, 500, 000

12, 500, 000600, 000

1, 000, 00010, 000, 00023, 000, 0005, 000, 000250, 000

2, 000, 000500, 000500, 000

25, 000, 000250, 000

17, 500, 0005, 000, 0002, 000, 000500, 000600, 000

10, 000, 0001, 000, 0003, 000, 0002, 000, 000200, 000

1, 000, 000100, 000100, 000200, 00030. 00050, 00050, 000

300, 0002, 000, 000300, 000400, 00050, 000100, 00050, 000

2, 500, 0002, 500, 0001, 500, 000

1, 000, 000250, 000

1, 000, 000100, 000400, 00050, 000200, 00096, 700

100, 000

500, 000600, 000

2, 000, 000

$200, 00025,000250, 00025,000

350, 000100, 000100, 00050,000100, 000

75, 00015, 000, 0005, 000, 000225, 000

10, 000, 0008, 000, 000

400, 000810, 000

17, 500, 000700, 000500, 000

10, 000, 0009, 000, 00010, 000, 000

250, 0001, 500, 0002, 000, 000250, 000

15, 000, 000205, 193

7, 500, 0003, 000, 0003, 000, 000400, 000300, 000

10, 000, 0001, 500, 0003, 000, 00012, 000, 000

800, 000500, 00050, 00050, 000120, 00015, 0009,467

80, 000150, 000

2, 000, 000100, 000400, 00025, 00035, 00025, 000

1, 000, 0001, 250, 000750, 000

1, 000, 000250, 000700, 00020, 000

400, 00013, 250

300, 00029, 010

200, 000

500, 000700, 000

1,100, 000

$4, 327, 3621, 046, 0125,176,8881, 279, 6905, 822,1702, 061, 3193,835, 0161, 544,1403, 735, 740

4, 635, 287469,114,102216,117, 90710, 208, 425

283, 876,173136,986,81662, 921, 90415, 468, 461

340, 083, 93118, 542, 01019, 889, 404

267, 606,175483, 460,159204, 138, 0648, 446,38430, 498, 62730, 979, 55914, 213, 882

682, 986, 6853, 831, 591

437,849, 437132, 597,10960, 602, 21417,139, 83213, 054, 376

343, 576, 07645, 658, 35480, 428, 37377, 407, 99236, 225, 22416, 078, 0663, 365, 4811, 350, 4803, 524, 1051, 015, 364234, 216

1, 482, 7315, 001,135

57, 474, 6685, 598, 55318, 446, 7601, 420, 009983, 795731,619

28,147,14449,267,88037,198; 262

21, 023, 0403, 579, 73917, 024, 2571, 050,421

10, 495, 300; 1, 495, 294

9, 265, 5381, 032, 904

1, 605, 340

7,580,3198,171, 76521, 407, 355



I


NEW JERSEY

(See also District No. 2)Atlantic C i t y -

Atlantic Safe Deposit & Trust CoBankers Trust CoEquitable Trust Co

Burlington—Burlington City Loan & Trust CoCamden— Camden Safe Deposit & Trust CoGloucester City—Gloucester City Trust CoHightstown—Hightstown Trust CoPrinceton—Princeton Bank & Trust CoRiverside—Riverside Trust CoSwedesboro—Swedesboro Trust Co

PENNSYLVANIA


Allentown—Penn Trust CoBlooinsburg— Columbia County Trust CoCarlisle—Carlisle Trust CoChester—Cambridge Trust CoDu Bois—Union Banking & Trust CoEast Petersburg—East Petersburg State BankEgypt—Farmers Bank of EgyptFrackville—Peoples Trust CoHarrisburg—Dauphin Deposit Trust CoHazleton—

American Bank & Trust CoMarkle Banking & Trust CoPeoples Savings & Trust Co

Honesdale—Wayne County Savings BankHuntingdon—Grange Trust CoJenkintown—Jenkintown Bank & Trust CoKingston—West Side Trust CoKulpmont—Dime Deposit BankLemoyne—Lemoyne Trust CoLewistown—Lewistown Trust CoLock Haven—Lock Haven Trust CoLuzerne—Merchants & Miners State BankLykens—Miners Deposit BankMechanicsburg—First Bank & Trust CoMiddletown—Citizens Bank & Trust Co.Mill Hall—Mill Hall State BankNanticoke—Miners Trust CoNew Oxford—Farmers & Merchants BankOlyphant—The Olyphant BankOrrstown—Orrstown Bank .__ .Philadelphia—

Aldine Trust CoBank of North America & Trust Co. . . -Colonial Trust CoFederal Trust CoFidelity Trust CoGirard Trust CoNinth Bank & Trust CoNortheast-Tacony Bank & Trust Co.Oxford Bank & Trust CoPennsylvania Co. for Insurance on Lives and Granting

AnnuitiesPeoples Bank & Trust CoPhiladelphia Trust CoProvident Trust CoWest Philadelphia Title & Trust Co

Reading—Berks County Trust CoNortheastern Trust Co

Schnecksville—Schnecksville State BankSchuylkill—Schuylkill Haven Trust CoScranton—Peoples Savings & Dime Bank & Trust CoShamokin—Dime Trust and Safe Deposit CoTamaqua—Peoples Trust CoWilkes-Barre—

Dime Bank Title & Trust CoUnion Savings Bank & Trust Co

Williamsport—Northern Central Trust CoSusquehanna Trust Co

WMiamstown—Williams Valley BankWyomissing—Peoples Trust Co. _ ___ __ __ -Y o r k -

Guardian Trust Co .York Trust Co

$300,000100,000200, 000100, 000500, 000100, 000100, 000250, 000100, 000100, 000

300, 000125,000200,000500,000250,00050, 00060,000125, 000300,000

400,000600, 000250,000200, 000125,000250, 000250, 00050, 000200, 000125, 000250, 00050,00050,000

250, 000125, 00035, 000125, 00050, 000100, 00025, 000

1, 000, 0005, 000, 000500, 000200, 000

5, 200, 0002, 500, 000

750, 000250, 000500, 000

3,964,9901, 000, 0001,000, 0002, 000, 000

500, 000

750,000454, 87025, 000125, 000

1, 000, 000125,000125, 000

200, 000250, 000

500, 000500, 00050, 000500, 000

425, 000300, 000

$350, 000100, 000200, 000100, 000

1, 000, 00065, 00030, 000200, 000125, 00020, 000

150,00025, 000200,000500, 000500,00010, 00040,00065, 000400,000

300,0001, 000, 000250,000425, 00045,000700, 00050, 00060, 000200, 00025, 000250, 0005,000

150, 000150, 00075, 00015, 000150, 00075, 000100, 00016, 000

1, 000, 0005, 000. 000500, 000300, 000

16,000,0007, 500, 0001, 500, 000

100, 000, 300,000

14,381, 672250,000 !

5,000,000 !5, 000, 000750, 000

650,000125,4082,500

175, 0001, 000, 000200, 000125, 000

250, 000075, 000

400, 000600, 00050, 000275, 000

400, 000375,000

$7,169,9502, 458, 6994,912, 0842, 303, 04814, 247,4081, 202, 736781, 674

3, 503,1472, 327,475841, 353

2,665,4461,208,8942,535,9056, 820, 5032, 688, 541209,324754,152768,964

5,139,062

5, 686,4928, 260, 2374, 788, 7834, 601, 970970, 442

7, 842,4261, 767, 422768, 549

1, 363, 266797, 745

3,182, 994358,914

1, 263, 4281,978, 6991, 013, 508336, 261

2, 494, 815825, 699

3, 077, 857230, 548

6, 257, 77167,192,60011, 236, 6285,877, 74175,838, 59670,071,03017,733,3391, 512, 2215,363,808

77,392, 55315,152, 04730, 850, 08428, 471, 7769, 700, 402

8, 555, 8152,998, 634

96,7231, 969, 76218,176,8522, 445, 6011, 503, 026

3, 905, 0201,997, 398

4, 877, 6204, 721, 2671, 093, 4832,832,952

3, 750,1744, C67, 613Digitized for FRASER



DISTRICT NO. 4

KENTUCKY

(See also District No. 8

Georgetown—Farmers Bank & Trust Co.Lexington-

Guaranty Bank & Trust CoSecurity Trust Co

Richmond—State Bank & Trust Co

OHIO

Adena—Adena Commercial & Savings BankAkron—

Central Savings & Trust CoDepositors Savings &. Trust CoFirestone Park Trust & Savings Bank... _.First Trust & Savings Bank

Alliance—City Savings Bank & Trust CoAntwerp—Antwerp Exchange Bank CoApple Creek—Apple Creek Banking CoAtwater—Atwater Savings Bank CoBarberton—Peoples Savings & Banking CoBowling Green—State Bank of Bowling Green.Bridgeport—Bridgeport Bank CoCanton—Dime Savings Bank CoChagrin Falls—Chagrin Falls Banking CoCincinnati-

Brighton Bank & Trust CoFourth & Central Trust CoPearl Market BankProvident Savings Bank & Trust CoUnion Trust CoWestern Bank & Trust Co

Cleveland-Cleveland Trust CoCommonwealth Banking & Trust CoGuardian Savings & Trust CoLake Erie Trust CoMidland BankPearl Street Savings & Trust CoReliance Trust CoState Banking & Trust CoUnion Trust CoUnited Banking & Savings Co

Columbiana—Union Banking CoColumbus—Citizens Trust & Savings BankConneaut—

Citizens Banking & Trust CoConneaut Mutual Loan & Trust Co

Cuyahoga Falls—Falls Banking CoDanville—Commercial & Savings Bank CoDelphos—Peoples Bank of DelphosDelta—Peoples Savings Bank CoEldorado—Farmers State BankFrazeysburg—Peoples Bank CoGeneva—Geneva Savings Bank CoGibsonburg—

Gibsonburg Banking CoHome Banking Co

Hillsboro—Hillsboro Bank & Savings CoHubbard—Hubbard Banking CoLima—First American Bank & Trust CoLodi—Lodi State BankLyons—Farmers State BankMcCutchenville—Farmers BankMansfield—Farmers Savings & Trust CoMassillon—Ohio Banking & Trust CoMetamora—Farmers & Merchants Bank CoMiddlefield—Middlefield Banking CoMiddletown—American Trust & Savings Bank.Milan—Farmers & Citizens Banking CoMinerva-

Minerva Banking CoMinerva Savings & Trust Co.

Minster—Minster State BankNapoleon—Napoleon State BankNewark—Newark Trust CoNew Philadelphia—

Merchants State BankOhio Savings & Trust Co

Newton Falls—First State Bank

Capital Surplus Totalresources

$100, 000

300, 000500, 000150, 000

60, 000

1. 000, 000500, 000200, 000

1, 500, 000250, 00025, 00025,00025, 000100, 000100, 00075, 000

500, 000100, 000

500, 0002, 000, 000400, 000

1, 500, 0001, 000, 0001, 000, 000

8, 600, 000250, 000

4, 000, 0001,000,0002, 000, 0001, 500, 000300, 000750, 000

22, 250, 0001, 500, 000

50,0001, 500, 000

125,000125, 000150, 00025,00050, 00025,00035, 00025, 000100, 000

50,00025,00050, 00050, 000

400, 00040, 00025,00030,000200, 000500,00025, 00025,000150, 00025,000

50,000125, 00025,00050,000

200, 000

100, 000150, 000125, 000

$75, 000

50, 000150, 00055, 000

6,500

500, 000512, 500125, 000

J 1, 500, 0001 125,000

7,50025, 00012, 50038, 50021, 00040, 000225, 000100, 000

250, 0002, 000, 000200,000

1, 500, 0003, 500, 0001, 000, 000

4, 300, 00022, 030

4, 000, 000250, 000600, 000750, 00050,000

300,00011,125,000

750, 00060,000600, 000

33, 886125, 00062.50016, 50019,50035,0008,60050, 000100,000

29, 00025, 00025, 00050, 000105, 00060, 0002,5002,768

200, 000158, 00010, 00030,00038, 00015,000

9,50033,00035, 00050,000

200, 000

65,000100,00026, 000

$1, 206, 756

3, 230, 7783, 397, 7231,242, 612

458,303

16, 378, 9089, 070, 7574,459, 65927,955, 4034, 431, 946364,156240, 450382,884

2, 261, 720693, 465766,674

5, 671, 7082,173,129

14, 348, 84324, 699, 0628,406, 63528, 462, 46S36, 031, 47017, 738, 749

204, 011, 6442,000,619

115,100, 0944, 450, 61626, 393, 51028, 343, 9502, 356, 26S16, 072, 883

299, 715, 58723, 747, 301

694, 91424, 318, 018

1,107, 7992, 552, 8301, 610, 703321, 884494, 903615, 568419,197609, 298

1, 461, 940

857, 948685, 748590, 785

1, 030, 2384, 057,101

739, 583221, 686129, 762

2,404,9523, 388, 855402, 483521, 786

2, 266, 919559,160

472, 6191,638, 819495,119

1, 239, 3053, 580, 690

1, 034, 8722, 000, 2501, 319,995



Capital


OHIO—continued

Orryille—Orrville Savings BankPeninsula—Peninsula Banking CoPortsmouth—Security BankRittman—Rittman Savings BankSt. Clairsville—Dollar Savings Bank CoSt. Marys—

' American State BankHome Banking Co

Shadyside—Shadyside BankShelby—Citizens BankShiloh—Shiloh Savings Bank CoSteubenville—

Steubenville Bank & Trust CoUnion Savings Bank & Trust Co

Sylvania—Farmers & Merchants Bank CoToledo-

Commerce Guardian Trust & Savings Bank..Commercial Savings Bank & Trust CoToledo Trust Co . .

Upper Sandusky—Citizens Savings BankVermilion—Erie County Banking CoWakeman—Wakeman Bank Co . _Warren—Union Savings & Trust CoWellington—First Wellington BankWest Lafayette—West Lafayette Bank CoWest Milton—Citizens State Bank CoWooster—Commercial Banking & Trust CoYoungstown—

City Trust & Savings BankDollar Savings & Trust Co _

PENNSYLVANIA


Ambridge—Ambridge Savings & Trust CoBeaver—Beaver Trust CoBeaver Falls—Federal Title & Trust Co.Bellevue—Bellevue Savings & Trust CoButler—Guaranty Trust CoEast Pittsburgh—East Pittsburgh Savings & Trust Co..Erie—Security Savings & Trust CoGreensburg—

Merchants Trust CoUnion Trust Co.

Meadville—Crawford County Trust CoNew Brighton—Beaver County Trust CoNew Castle—Lawrence Savings & Trust CoPit tsburgh-

Allegheny Trust Co ._-City Deposit BankColonial Trust CoCommonwealth Trust Co ._ _.Oakland Savings & Trust CoPittsburgh Trust CoPotter Title & Trust CoUnion Trust Co . ._.

Washington—Real Estate Trust Co. of WashingtonWoodlawn—Woodlawn Trust Co

WEST VIRGINIA


Moundsville—Marshall County BankSistersville—First-Tyler Bank & Trust Co.Wheeling-

Security Trust Co .Wheeling Bank & Trust Co

DISTRICT NO. 5

DISTRICT OF COLUMBIA

Washington—Continental Trust Co

$50,00025,000300,00060,00050,000

50,000100,00050,000100, 00025,000

650,000350, 00050,000

1,400, 000200,000

5, 000, 00050,00050,00025, 000600,00085,000100,00030,000150, 000

600,0002, 500, 000

125, 000300,000200,000125, 000500,000200,000200,000

200,000400, 000200,000400,000300,000

700,000200,000

2,600,0001, 500, 000300,000

2, 000,000500,000

1, 500, 000200,000125,000

150,000200,000

300,000500,000

1,000,000

$52,00011,000

200,00020,00060,000

25,00032,00012, 75050,00040,000

311, 000350,00025,000

700,000400, 000

3, 000, 00050,00018,50015,000

600,000100,00050,00016,00053,500

650, 0001, 250, 000

125, 000100,00040,000100,000600,000200,000500,000

200,00040,00050,000200, 000400,000

850,000800,000

3,000, 0001, 350, 000300,000

2, 000, 000300,000

44,000,000500,000125, 000

50,000100,000

300,000500.000

100,000

Total

$916, 054273, 716

3,478,305692,256871, 488

569,6771,169, 641469, 334

1, 586, 340386,006

5, 522,8775,416, 337926, 019

27, 517,30513,163, 23340,175, 726

801, 386678,993325,427

7, 053, 7631,196, 7891, 065, 667345,466

1,199, 852

10, 710, 20520,968,082

4, 011,1352, 776,1441, 635, 7812, 208, 9896, 820, 3464,849,9876, 597, 658

2, 547, 0201,849,4972, 934, 8071, 718,9645,449, 669

7,089, 53216,813,14825, 519,15315,432,074

21, 318, 7507, 522, 222

191,174, 0503, 239, 0362, 402,458

1, 577,1402, 262,665

4,451, 0418,955, 990

4,492, 395


172 REPORT OF THE FEDERAL RESERVE BOARD


MARYLANDBaltimore—

Atlantic Exchange Bank & Trust Co.Baltimore Commercial BankBaltimore Trust CoLiberty Bank of Baltimore County.._Maryland Trust Co

Forest Hill—Forest Hill State BankSalisbury—Farmers & Merchants Bank. .

NORTH CAROLINA

Belhaven—Farmers BankCharlot te-

American Trust CoIndependence Trust Co

Edenton—Bank of EdentonElizabeth City—Carolina Banking & Trust Co.Forest City—Farmers Bank & Trust CoHenderson—Carolina Bank & Trust CoMorehead City—Bank of Morehead CityTarboro—Farmers Banking & Trust CoWashington—Bank of WashingtonWinston-Salem—Wachovia Bank & Trust Co , .

SOUTH CAROLINA

Bishopville—Peoples BankCharleston—Carolina Savings Bank _Cheraw—

Bank of CherawMerchants & Farmers Bank

Chester—Commercial BankDarlington—Bank of DarlingtonFlorence—

Commercial & Savings BankPalmetto Bank & Trust Co

Georgetown—Bank of GeorgetownHartsville—Bank of HartsvilleRock Hill—Citizens Bank & Trust CoSt. George—Farmers BankSt. Matthews—Home BankSumter—Peoples BankUnion—Nicholson Bank & Trust CoWalterboro—Farmers & Merchants Bank.Westminster—Westminster BankWoodruff—Bank of Woodruff

Blackstone—Citizens Bank & Trust CoChase City—Peoples Bank & Trust CoGalax—Peoples State Bank (Inc.)Kenbridge—Bank of Lunenburg (Inc.)Norfolk—Citizens Bank of NorfolkPetersburg—Petersburg Savings & Trust Co..Richmond-

Bank of Commerce & TrustsSavings Bank of RichmondState & City Bank & Trust CoUnion Bank of Richmond

Rural Retreat—Peoples B ankVictoria—Bank of Victoria (Inc.)

WEST VIRGINIA


Berwind—Berwind BankCharleston—Kanawha Valley Bank _Frankl in-

Farmers Bank of PendletonFranklin Bank

Qrafton—Graf ton Banking & Trust CoHarpers Ferry—Bank of Harpers Fe r ry—Hurricane—Putnam County BankMartinsburg—

Peoples Trust CoShenandoah Valley Bank & Trust Co.

Moorefield—Hardy County BankPetersburg—Potomac Valley BankSt. Marys—Pleasants County Bank.Salem—Merchants & Producers Bank

Totalresources

$2,000, 000750, 000

1,000, 00025,000

1, 000, 00025,000

100, 000

25,000

1, 200, 0001,000, 000

66,900250,000100, 000100,00050,000

100,000100, 000

2,175, 000

25, 000200, 000

110,000 I100,000 I100,000 I100,000 I

250,000100,000100, 00075,000

140, 00025,00050,000100,000200,000100,000100,00077, 800

100, 000100,00047, 50050, 000000,000000, 000

500,000200,000200,000500,00035, 00030,000

50,000500,000

50,00040,000100,00025,00050, 000

200. 000

ioo; ooo50,00050,00075, 00050, 000

$2,000,000250,000 I

2,000,00025,000500,0006,500

100, 000

7,500

470, 610500, 00085,000

100, 0007,0004,00060, 00091,275750, 000

75, 000150,000

50, 00025, 000100, 000100, 000

100,00022, 000100, 00042, 50021,0009,00030,00015, 500200,00032, 00025, 00040, 000

70, 00028,00042, 37583,000500,000141, 700

500,000300, 000

1, 200, 000750,0004,00012, 000

100, 0001, 600, 000

50,00019, 00050, 0006,00050,000

102 50025, 0002,2503,00026, 00019, 500

$34, 273,44011,154, 59418, 288,0081,007,79711, 512, 894

239,2701,085, 602

229, 246

18, 331, 3957,086,8911,113,4111, 350, 0422,147, 719

474, 777378, 290

1, 335,9681, 228, 240

41, 637, 690

414,0073, 730, 074

1, 002, 954571,920

1,339,9551, 405,102

2,462,192808,121

1, 261, 612887, 282981,034304,428444, 871645,356

1,711,064691, 943863,394622,159

892, 983570,932468,416583,135

8,742,0885, 235, 064

5, 591,7952, 799,02420,142,9084,629,271

204, 563420, 066

1,166, 24413,896,306

617, 987384, 309

1, 242, 536203,841516, 614

1, 623, 521602, 033159,00C247, 795539,34*698, 75(


STATE BANK MEMBERSHIP 17a

, Capital Surplus Totalresources

DISTRICT NO. 6

ALABAMA

Athens—Farmers & Merchants BankBirmingham-

American Trust & Savings BankBirmingham Trust & Savings Co

Clayton—Bank of CommerceGuin—Marion County Banking CoHartselle—Farmers & Merchants BankHuntsville—Farmers State BankHurtsboro—Farmers & Merchants BankJasper—Central Bank & Trust Co.Marion—Marion Central BankMobi le-

Merchants BankPeoples Bank

Monroeville—Monroe County BankMontgomery—Alabama Bank & Trust Co..Orrville—Orrville Bank & Trust Co -----Pittsview—Bank of Pitts viewRoanoke—

Merchants & Farmers BankRoanoke Banking Co

Selma— Peoples Bank & Trust CoTalladega—Bank & Trust CoTuskegee—Macon County BankUnion Springs—American Bank

FLORIDA

De Land—Volusia County Bank & Trust CoJacksonville—American Trust CoLakeland—Central Bank & Trust CoLake Wales—Citizens Bank of Lake Wales.-.Leesburg—Leesburg State BankMarianna—Citizens State BankM i a m i -

Commercial Bank & Trust CoSouthern Bank & Trust Co

Orlando—Bank of Orange & Trust CoTallahassee—Exchange BankT a m p a -

Bank of CommerceCitizens Bank & Trust Co

Winter Park—Bank of Winter Park

GEORGIAAthens—

American State BankCommercial Bank of Athens

At lan ta -Atlanta Trust CoGeorgia Savings Bank & Trust CoTrust Company of Georgia

Bainbridge—Citizens Bank & Trust CoBarnesville—Barnesville BankBartow—Bartow BankBoston—Bank of BostonBowers ville—Bank of Bowers villeBowman—Bank of BowmanBrunswick—Brunswick Bank & Trust CoCalhoun—Peoples BankCamilla—Bank of CamillaCarrollton—Peoples BankCarters ville—Bank of Carters villeCave Spring—Bank of Cave Spring..Chipley—Farmers & Merchants BankClaxton—Citizens Bank of ClaxtonCommerce—

Commerce Bank & Trust CoNortheastern Banking Co

Cordelle—Exchange BankDacula—Dacula Banking CoDawson—Bank of Daws on .Douglasville—Douglasville Banking CoDublin—Southern Exchange BankEas tman-

Bank of EastmanCitizens Banking Co

Eatonton—Farmers & Merchants BankMiddle Georgia Bank

$80,000

, 000,000L, 000, 000

50,00025, 00050, 000

100, 00031,40050,00050,000

500,000300, 000100, 000300,00025, 00025, 000

125, 000200,000100, 000100, 00050, 00050, 000

200, 000200,000100, 00075,00050, 00030,000

200,000100, 000200, 00050, 000

200,000, 000, 000

40, 000

100,000200,000

., 500, 000500,000!, 000, 000100, 00050,00025,00025,00025,00035, 000

230, 00050, 000100. 00060,000

100, 00025,00050,00030, 000

50,000100,000100. 00025,000100,00075,000100,000

60,000100,000

25,000 |.50,000 |

$50,000

500,000800, 00015,00040,0005,50025,00015,00010,000100,000

300,000200,00030,00047,00030,0005,000

200,00050,00025, 000

110, 00010,000

40,00050, 70115, 00010, 00025,000

100,00040,00050,00025,000

40, 000500, 00010, 000

20, 00050,000

300,000250,000

1,000, 00020, 00010, 00015,0005,0005,00010,000

101, 000

30,00060,00025,000

6,000

12, 07360,000

100, 0005,000

42,50051,5005,000

10,00020,000

50,000

$1,013,167

15, 349,13121, 306, 298

342, 761438,485-457,127"611,806-139, 240>924, 671614,167

11,782,4865,159,155858,035

2, 699, 743163,00676,332:

498,314:1, 251,0561,138,426691,150^626, 790<317,426

2, 648,1971,002, 785>1,327, 627306,968

1, 319,085372,152:

2,867, 5185,067, 5921, 695,288463,185

1, 977,04917, 263,079

678, 585

954, 2551, 604,485

8, 408,32a4,182,0377,865,132985, 788206, 425220, 296159, 95085, 555332,999

2,119,147497,462470, 029630, 684566, 733188,724274, 826163, 628

169,077641,587718, 54378,300

403, 342626,874818,336

259,247714, 340

81,619494,441



Totalresources


GEORGIA—continued

Elberton—Bank of Elberton $100,000Forsyth—Monroe County Bank 25,000Girard—Farmers & Merchants Bank | 25,000Graymont—Bank of Graymont 25,000Greenville-

Greenville Banking Co 65,000Peoples Bank 30,000

Hartwell—Hartwell Bank 60,000Hoschton—Bank of Hoschton 30,000Jackson—Jackson Banking Co 100, 000Jefferson—Citizens Bank & Trust Co 94,170La Grange—La Grange Banking & Trust Co 250,- 000Lavonia—Bank of Lavonia 40, 000La wrenceville—Brand Banking Co _ _ 50,000Lexington—Oglethorpe County Bank 25,000Lincolnton— Farmers State Bank 25,000Locust Grove—Bank of Locust Grove. _ 25,000Louisville—Bank of Louisville 25, 000Madison—Bank of Madison 100, 000McDonough—

Bank of Henry County 50,000Farmers & Merchants Bank 100, 000

Metter—Bank of Candler County 25,000Citizens Bank 30,000

Millen—Bank of Millen._ 50,000Monroe-

Bank of Monroe 300,000Farmers Bank 150,000Union Banking Co 60,000

Pelham—Farmers Bank ._ 100,000Pendergrass—Pendergrass Banking Co 25,000Plains—Plains Bank.. . . 50,000Portal—Bank of Portal 25,000Rhine—Rhine Banking Co - 25,000Royston—Royston Bank 60,000Sardis—Peoples Bank 25,000Sasser—Bank of Sasser 25, 000Savannah—

Citizens & Southern Bank 3,000,000Citizens Trust Co ._ 300,000Liberty Bank & Trust Co 300, 000Savannah Bank & Trust Co 700,000

Soperton—Bank of Soperton 25,000Statesboro—Bank of Statesboro.... _ 100,000Swainsboro—Central Bank 25,000Toccoa—Bank of Toccoa _ 50,000Wadley—Bank of Wadley _ . . . 25,000West Point—Citizens Bank 100,000Winder—Farmers Bank 50,000Winterville—Pittard Banking Co _._. 25, 000Zebulon—Bank of Zebulon 25,000

LOUISIANA


Baton Rouge—Union Bank & Trust Co._ 150,000Gretna—Jefferson Trust & Savings Bank 80,000New Orleans—

Algers Trust & Savings Bank 200, 000American Bank & Trust Co - 500, 000Canal-Commercial Trust & Savings Bank 4,750,000Hibernia Bank & Trust Co. . . 2,000,000Interstate Trust & Banking Co 750,000Marine Bank & Trust Co 1,500,000New Orleans Bank & Trust Co 800,000

New Roads—Pointe Coupee Trust & Savings Bank 60,000Opelousas—Parish Bank & Trust Co 50,000Ville Platte—Evangeline Bank & Trust Co 75,000

MISSISSIPPI


Crystal Springs—Peoples Bank 25,000

$25, 00030,0002,500

20, 000

100,00027,60630, 00012,00020,00010, 000

650, 00017, 00050,00025, 00010,0005,00055,00075, 000

30,00014,100

2,00020, 00050, 000

7,50030, 000

50,0005,00030,0002,0004, 50030, 0006,000

32, 500

2, 500, 00075,000350, 000700, 00025,00075,0007,50010,00025,00020, 0008,5005,00012, 500

75,00035,000

50,000250, 000

2, 250, 0002, 500,000900, 000800, 000200, 0006,60010,00037,500

2,800

$634, 968302, 206140, 957246,115

578, 055180, 552475, 69373, 593

327, 804333,167

2,933, 026290, 903716, 290246, 087286,447144, 411471, 245493, 317

284,773278, 594

129, 954185,122496, 362

736, 251463, 355151, 462587,87675,417391,914132, 48885, 021434, 689111, 985124,151

64, 382, 5871, 622, 4694, 438, 9067,881,057376,239883, 522189,184235, 079239, 339468, 200212, 42792, 619184, 329

3, 041,0171, 352, 275

1,402,6796,853, 35989, 699, 28167, 860, 88017, 437, 18931, 452, 6989, 009, 224335, 062403, 035

1, 012, 393

161, 549



Surplus Total


TENNESSEE


Bellbuckle—Peoples Bank & Trust CoChattanooga—Chattanooga Savings Bank

W artrace—Wartrace Bank & Trust Co

DISTRICT NO. 7

ILLINOIS

(See also District No. 8)Argenta—The Gerber State BankAuburn—Auburn State BankBarrington—First State BankBlandinsville—Huston Banking CoChicago-

Adams St ate B ankAuburn Park Trust & Savings BankAustin State BankCapital State Savings BankCentral Trust Co. of IllinoisChicago Trust CoDepositors State BankDrexel State BankFirst Trust & Savings BankHarris Trust & Savings BankHome Bank & Trust CoHyde Park State BankIllinois Merchants Trust CoIndependence State BankKasper-Arnerican State BankMadison & Kedzie State BankMercantile Trust & Savings BankNoel State BankNorthern Trust CoNorthwestern Trust & Savings BankSecond Security BankSecurity Bank of ChicagoSouth Side Trust & Savings BankStandard Trust & Savings BankState Bank of ChicagoTwenty-sixth Street State BankUnion Trust CoUnited State Bank of ChicagoWoodlawn Trust & Savings Bank

Cicero-Cicero Trust & Savings BankWestern State Bank

Cowden—State Bank of CowdenDes Plaines—Des Plaines State BankDivernon— First State BankEureka—Farmers State BankEvanston—

Evanston Trust & Savings BankState Bank & Trust Co

Fulton—Whiteside County State BankGeneva—State Bank of GenevaHinckley—Hinckley State BankHinsdale—Hinsdale State BankJoliet—

Commercial Trust & Savings BankJoliet Trust & Savings Bank

Kewanee—Union State Savings Bank & Trust Co..La Grange—La Grange State BankMagnolia—First State Bank _Marshall—Marshall State BankMartinsville—Martinsville State Bank:Matteson—First State BankMattoon—Central Illinois Trust & Savings Bank__.Mount Carroll-

Carroll County State BankFirst State Bank J

Oak Park-Oak Park Trust & Savings BankSuburban Trust & Savings Bank

Oswego—Oswego State BankPolo—Polo State Bank __Rock Island—First Trust & Savings BankSt. Charles—Stewart State Bank... _

$30,000750,00025, 000

25, 00050, 00050, 00060, 000

200, 000200, 000300, 000300, 000

6, 000, 0001, 500, COO350, 000350, 000

6, 250, 0003, 000, 0001, 000, 000300, 000

15, 000, 000200, 000

1, 600, 0001, 000,000400, 000

1, 000, 0002, 000, 0001, 000, 000350, 000700, 000750, 000

1, 000, 0002, 500, 000

200, 0002, 000, 000

200, 000500, 000

100, 000250, 00025, 000100, 00050, 000100, 000

200, 000300, 00050, 000100, 00050, 000100, COO

100, 000100, 000150, 000100, 00025, 00060, 00050,00025, 000100, 000

100,000100,000

400,000200, 00050,00060, 000200, 000100,000

$250, 0002,517

5,50010, 00020, 00040, 000

40, 00030, 000100, 00060, 000

3, 000, 000500, 000200, 000150, 000

6, 250, 0003, 000, 000

500, 000200, 000

30, 000, 00040, 000400, 000250, 000125, 000150, 000

3, 000, 000500, 000200, 000350, 000250, 000500, 000

5, 000, 00037, 000

3, 000, 000100, 000150, 000

70, 00050, 00010, 00025, 00010, 00020, 000

100, 000500, 0008,000

50, 00025, 00025, 000

10, 00050, 00025, 000100, 0006,00012, 00020, 00025,000100, 000

25, 00015,000

200,000100,00010, 00030,00050,00050,000

$147,9426,675,055

90,839

265, 394710,178655,289

1, 348, 409

2, 392, 496956, 590

6, 645,3034, 299, 661

108, 764, 61628,886, 5206,171,8739,370,543

144, 278,27873, 024, 70710, 656,9755, 506, 655

462,481, 0104, 898, 76219, 642,97412, 051,30010, 228, 58010,190,69567, 432,32921,167, 7636, 077, 4679,148,36911, 527, 27516,856, 26162,683,6332,044,19973,151, 7003, 309,2219, 783, 707

1,883,8043,484,113259,089

1,750,153619, 770771, 732

2, 688, 8038, 736, 614

533, 6151, 418, 693537, 460

1, 238, 791

1, 608,1692, 326, 3611,403, 2322, 252, 789

186, 091450, 682471, 515220, 222

1, 232,182

1,403, 0341,311,697

7, 059, 9662, 537,479387, 412570,863

1, 661, 0781,475, 63 5



Capital


ILLINOIS—continuedSeneca-

Farmers Trust & Savings BankState Bank of Seneca

Shannon—State Bank of ShannonSpringfield—Ridgely Farmers State BankWenona—First State Bank

INDIANA


Bargersville—Farmers State BankCoif ax—Farmers State BankConnersville—Fayette Bank & Trust CoCromwell—Sparta State BankElkhart—St. Joseph Valley BankIndianapolis—Fletcher Savings & Trust CoJamestown—Citizens State BankKentland—Kent State BankLa Fontaine—Farmers State BankMarion—Grant Trust & Savings CoNprth Liberty—North Liberty State BankRichmond—Dickinson Trust CoRochester—United States Bank & Trust CoSouth Bend-

American Trust CoSt. Joseph Loan & Trust Co

South Whitley— Mayer State BankTerre Haute—Terre Haute Trust CoTipton—Farmers Loan & Trust Co

Algona— County Savings BankAlta Vista—Alta Vista Savings BankAmes—Story County Trust & Savings BankBarnes City—Farmers Savings BankBellevue—Bellevue State Bank _Bennett—Bennett Savings Bank ,Blairsburg—State Bank of BlairsburgBritt—Commercial State BankBurlington—First Iowa State Trust & Savings Bank...Cedar Falls—Security Trust & Savings BankCedar Rapids—Iowa State Savings BankChariton—State Savings Bank..Charter Oak—Farmers State BankCherokee—Cherokee State BankClearfield—Taylor County State BankClinton—Peoples Trust & Savings Bank _ _Ccrydon—Wayne County State BankDavenport—American Commercial & Savings Bank...Decorah—Winneshiek County State BankDes Moines—

Bankers Trust CoCentral State BankIowa Loan & Trust Co

Dexter—Iowa State BankEarly-

Citizens State BankState Bank of Early

Elberon—Farmers State BankEldora—Citizens Savings BankElkader—Elkader State BankEllsworth-

Farmers State BankState Bank of Ellsworth

Fairbank—Fairbank State BankFairfield—

Iowa Loan & Trust CoIowa State Savings Bank

Farragut—Commercial Savings BankFort Dodge—Webster County Trust & Savings Bank.Fort Madison-

American State BankFort Madison Savings Bank

Fostoria—Citizens Savings BankFremont—State Bank of FremontGarwin—Garwin State BankGilbert—Gilbert Savings BankOilman—Citizens Savings BankGrand River—Farmers State Bank

$25, 00050, 00050, 000

600, 00050, 000

25, 00025, 000

400, 00027, 500

250, 000500,00030, 00050,00035, 000175, 60050, 000

200, 00075,000

$7,50025, 0004,000

150, 00050, 000

25, 000

36, 0001,500

150, 000500, 00020,00050, 000

141,95012, 50050, 00025, 000

500, 000800, 00025, 000

500, 00050, 000

100, 00030,00050, 00050, 00060,00050,000 I25,000 I100,000 i600,00050,000200,000 I50,00040, 00075, 00025, 000

300, 00075, 000

1,000, 000150,000

1,000, 000250, 000500,000 !25, 000

30,00040, 00050, 00050, 00050, 000

25, 00035,00026, 000

50, 000200,00040,000100,000

100, 000100, 00025, 000

160, 000200, 00020, 500500, 00050, 000

60, 00020, 00019, 00015, 00015, 0005,000

10, 500130, 000450, 00010, 00050, 00050, 00010, 00075, 000

300, 00011,500

500, 00075, 000

200, 000250, 000250, 00015, 000

5, 00010,00025,00025, 00025, 000

10, 0003,000

24, 000

12, 50075, 0004,0005,000

22, 00075, 000

40, 00050, 000 j50,000 I50, 00025, 000

60, 00012, 897

10, 00015, 000

$168, 756472, 899284,872

8,232,351856, 828

235, 681132, 285

2, 711, 377189, 681

5, 079, 98322,180,166

454, 922490, 027131,709

2, 577, 415408, 032

2, 817, 684853, 760

5,483, 6085, 723, 898329, 912

8, 745,335692, 251

2, 379, 524618, 854

1, 020, 513612, 511

1,112, 661431, 605331, 606

1,458,90410, 447, 096

517,7623, 216, 5061, 026, 878414, 036

1,484,186144, 805

6, 090,150470,461

23, 532, 07.12, 667,156

6, 282, 7068, 942, 6139, 214,123

282, 034

329, 476380, 809800,163296, 313

1,130, 723

193,640326, 912580, 686

480, 6441, 962, 640207, 075617, 915

1, 591, 6492, 267, 930

190, 988496, 542594.475309, 585441,898378,345


STATE BANK MEMBEBSHIP 177



IOWA—continued

Grant—Farmers Savings Bank .Greenfield—Greenfield Savings BankHudson—Hudson Savings BankHumboldt— Peoples State BankJefferson—Jefferson Savings Bank.„Knoxville—Guaranty State BankLake View—Lake View State BankLakota—Farmers & Drovers State BankLowden—Lowden Savings BankLytton—Farmers Savings BankMapleton—Mapleton Trust & Savings BankMarshalltown—Marshalltown State BankMason City—City Commercial Savings BankMechanicsville—Mechanicsville Trust & Savings Bank..Mediapolis—Commercial State Bank.. .Missouri Valley—State Savings BankMondamin—Mondamin Savings BankMonticello—

Lovell State BankMonticello State Bank

Moorhead—Moorhead State BankMoville—Moville State BankNewton—Jasper County Savings BankOsage—Home Trust & Savings BankOsceola—Iowa State BankOttumwa—Ottumwa Savings BankPalmer—Farmers Savings BankPerry—Peoples Trust & Savings BankRemsen—Farmers Savings BankRiceville—Riceville State BankRoyal—Home State BankSac C i t y -

Farmers Savings BankSac County State Bank

Schaller—Schaller Savings BankShenandoah—Security Trust & Savings BankSibley—Sibley State BankSioux Center—Sioux Center State BankSolon—Ulch Bros. State BankStorm Lake—Security Trust & Savings BankStrawberry Point—Strawberry Point State BankTerril—Terril Savings BankThompson—State Bank of ThompsonTipton Farmers & Merchants Savings BankTJte—

Farmers Savings Bank.State Savings Bank

Vail—Farmers State Bank _Van Wert—Van Wert State BankVictor—Victor Savings Bank _Wapello—Wapello State Savings BankWaterloo—Waterloo Bank & Trust CoWebster City—Hamilton County State BankWinterset—Madison County State Bank

(See also District No. 9)A d r i a n -

Adrian State Savings Bank ._Commerical Savings Bank _.Lenawee County Savings Bank

Albion-Albion State Bank _.Commercial & Savings Bank.

Alpena—Alpena County Savings BankAnn Arbor-

Farmers & Mechanics BankState Savings Bank .

Armada-Armada State Bank __Farmers State Bank.

Bay C i t y -Bay City Bank.Farmers State Savings BankPeoples Commercial & Savings Bank. . .

Bellevue—Farmers State BankBenton Harbor—Benton State Bank ._.Big Rap ids -

Big Rapids Savings BankCitizens State Bank

$25,00030,00050, 000100,00050, 00050,00025, 00030, 00025, 00030,00075,000100, 000400, 00050, 000100,00050,00035, 000

200, 000200,00030, 00035, 000100, 00050,00050,000100, 00035, 00050, 00050,00025, 00025, 000

100, 00075,00025,00060 00050, 00025,00050,00075, 00050, 00025, 00030,00050, 000

25,00050,00050,00025,00050,00030,000250,000100,000125,000

150,000110,000150,000

50,000100,000100,000

200,000300,000

25,00025,000

350,000100,000400,00025,000100,000

50,00050,000

$8,00010,00020,000

3,00015,00025,00010,00015, 00017. 50015,00050, 00065, 00040,00045,00010,00015, 000

100, 000200,00030,00023, 00050, 00025,0004,00030, 0008,0006,600

30, 00015,000

50,00015, 00012,00015, 00025, 00015, 0006,20010, 0002,0008,00010,000

2,50015,00012,50025,00030,0006,00050,00020,000125,000

90,00030,00050,000

25,00055,000

200,000

100,000300,000

25,00012,500

200,00075,000500,0005,00075,000

25,00025,000

$196, 317330,166595,643753, 376616, 990485,356322, 528296,187361,018457,476910,232

2,845,5212,408,957712,463573,821430, 207352,473

1, 579, 7822,967,183448, 295474,448

1, 590,170822,199350,957

1,801,621428, 823681,484530,989282, 845194,808

814,4681,202, 587407,351486,411635, 049364, 378800,893474,855876, 501312, 311326,444544,190

165,610431,418241,726289,127585,721538,871

2,057,1331,405,9521,510,568

2,076,3291,755,2812,200,389

1,074,9081,143,3453,971,595

4,154,3164, 685,335

571,086369,105

5,320,4521,622,05811,836,276

179,2121,598, 994

1,213,4781,787,233




MICHIGAN—continued

Birmingham—First State Savings BankBlanchard—Blanchard State BankBlissfield—Blissfield State BankBritton—Peoples State Savings BankBrown City—Brown City Savings BankCaledonia—State Bank of. CaledoniaCaro—State Savings BankCarson City—Farmers & Merchants State Bank..Carsonville—First State BankCass City—Pinney State BankCassapolis—Cass County State BankCharlotte—Eaton County Savings BankChelsea-

Farmers & Merchants BankKempf Commercial & Savings Bank

Coloma—State Bank of ColomaConstantine—Commercial State BankCoopersville—Peoples Savings BankCroswell—

First State Savings Bank _LState Bank of Croswell..

Davison—Davison State BankDearborn—Dearborn State BankDetroit-

American State BankBank of DetroitCentral Savings Bank _.Commercial State Savings BankDetroit Savings BankDime Savings BankFirst State BankPeninsular State BankPeoples State BankUnited Savings BankWayne County & Home Savings Bank

Eaton Rapids—Michigan State BankEdmore—Edmore State BankElk Rapids—Elk Rapids State BankFarmington—Farmington State Savings BankFennville—Old State BankFenton—

Commercial State Savings BankFenton State Savings Bank

Flint-Citizens Commercial & Savings BankGenesee County Savings BankIndustrial Savings BankUnion Trust & Savings Bank

Flushing—Peoples State BankFountain—Bank of FountainFrankenmuth—Frankenmuth State BankFremont—

Fremont State BankOld State Bank

Grand Haven-Grand Haven State BankPeoples Savings Bank

Grand Rapids-Grand Rapids Savings BankHome State Bank for SavingsKent State Bank

Greenville—Commercial State Savings BankHart—Oceana County Savings BankHighland Park-

American State BankHighland Park State Bank

Hillsdale—Hillsdale Savings BankHolland-

First State BankHolland City State Bank

Holly—First State & Savings BankHopkins—The Hopkins State Savings BankHowell—First State & Savings BankImlay City—

Lapeer County BankPeoples State Bank

Ionia—State Savings BankJackson-

Central State Bank..Jackson State Savings Bank_

Jonesville—Grosvenor Savings Bank

Capital Surplus

$100,00025,00050,00025,00040,00050,00075,00025,00025,00050,00040,000100,000

50,00060,00025,00025,00025,000

30.00060,00050,000100,000

1,500,0002,000,0001,000,0001,000,0001,500,0001,500,0002, 500,0002,500,0005,000,000750,000

4,000,00075,00030,00035,00040,00050,000

50,00025,000

450, 000500,000

1,000,000400, 00025,00025,00050,000

50,000100,000

100, 00050,000

500,000250, 000500, 00050,00040,000

200, 0001,000,000100,000

100,000100,000100,00025,00075, 000

50,00050,000100,000

100,000300,00050,000

$30,0005,00023,0005,0008,00010,00025,0005,0005,0006,5008,000

20,000

50,00040,00015,0008,0005,000

6,00012,00010,000150,000

500,000500,000800,000200,000

2,000,0002,600,000700,000

1,500,00010,000,000

250,0006,000,000

15,00010,00010,82830,00015,000

29,00020,000

350, 000500,000300,000300,00015,0005,000

60, 000

40,00050,000

100,00035,000

500,00062, 500

1, 250,00030,00013,000

60, 0001, 000,000

25,000

100,000100, 00050,0005,00020,000

10,00010,000100,000

26,00080,00025,000

Totalresources

$1,960,683282, 915823,778-352,803663,154549,44Q

1,176,941322,306513,325741, 757366,543

1,384,366

846,613-790,91&588,671458,263516,461

666,1111,270,894549, 529-

2, 967, 558

27,587,20047,120, 78929,844,9256,889,405

37,900, 909-57,381,28620,216,76343, 538,705149,042,67912,601,883103, 557, 715

711,480445,08&373,482

1,015,360523, 633

710,66g911,510

7, 265, 94910, 223, 55412, 337,1656, 620,680400, 381193, 322

1, 337, 748

713,2831,241, 766-

2, 232,163^1,132,416

22,132, 8213, 573,02523,120, 38S1, 347, 961610, 548

4, 349, 91426,926, 6521,485, 872

3,051,4162,826, 0111, 742, 842489,480

1,103, 410

1, 093,845792,053

1,902,439

1,836,3682, 261,286723,475



Totalresources


MICHIGAN—continued

Lake Odessa—Lake Odessa State Savings Bank $25,000Lakeview—

Commercial State Savings Bank 25,000Farmers & Merchants State Bank 40,000

Lansing—American State Savings Bank 750,000Lapeer—Lapeer Savings Bank 75,000Lenox—Macomb County Savings Bank 50,000Lowell—City State Bank _ 25,000Ludington—Ludington State Bank 100,000Manchester-

Peoples Bank 25,000Union Savings Bank 25,000

Manistee—Manistee County Savings Bank 100,000Marcellus—G. W. Jones Exchange Bank 40,000Marlette—State Savings Bank 25,000Marshall—Commercial Savings Bank 100,000Marysville—Marysville Savings Bank 50,000Mason-

Farmers Bank 50,000First State & Savings Bank ._ 25,000

Midland—Chemical State Savings Bank 50,000Milan—Milan State Savings Bank._ 25,000Milford—

Farmers State Savings Bank 25,000First State Bank 25,000

Monroe—Dansard State Bank 200,000Montague—Farmers State Bank 25,000Morenci—Wakefield State Bank 50,000Mount Clemens— I

Citizens Savings Bank 150,000Ullrich Savings Bank 100,000

Mount Pleasant-Exchange Savings Bank 50,000Isabella County State Bank 60,000

Nashville—Farmers & Merchants Bank 35,000State Savings Bank 30,000

New Baltimore—Citizens State Savings Bank 25,000New Haven—New Haven Savings Bank 25,000Niles City—Niles City Bank 100,000Northville—Lapham State Savings Bank 50,000Onsted— Onsted State Bank 25,000Paw Paw—Paw Paw Savings Bank 40,000Petersburg—The H. C. McLachlin & Co. State Bank 25,000Petoskey—First State Bank 60,000Pinconning— Pinconning State Bank 30,000Pontiac—Pontiac Commercial & Savings Bank 800, 000Port Huron—Federal Commercial & Savings Bank 300,000Bedford—Redford State Savings Bank 100, 000Rochester—Rochester Savings Bank 50,000Rogers City—Presque Isle County Savings Bank 35, 000Romeo—Romeo Savings Bank 100, 000Royal O a k -

First State Bank of Royal Oak 200,000Royal Oak Savings Bank I 100,000

Saginaw— IAmerican State Bank ! 200,000Bank of Saginaw | 1,000,000

St. Charles—St. Charles State Bank j 25,000St. Clair—Commercial & Savings Bank j 75,000Saline—Saline Savings Bank ! 25,000Saugatuck—Fruit Growers State Bank j 100,000Sebewaing—Farmers & Merchants State Bank j 25,000South Haven—Citizens State Bank I 100,000Sparta—Sparta State Bank I 30,000Spring Lake—Spring Lake State Bank 25,000Tecumseh— I

Lilley State Bank I 40,000Tecumseh State Savings Bank I 50, 000

Traverse City—Traverse City State Bank 200,000Vicksburg—

Farmers State Bank 25,000First State Bank 30,000

Warren—State Savings Bank of Warren 25,000Washington—Washington Savings Bank 25, 000Wayne—Wayne Savings Bank 50,000Williamston—

Crossman & Williams State Bank 40,000Williamston State Bank 50,000

$25,000

7,00010,000

250,00015,00015,00010,00025,000

15,00050,000100,00035,0005,00020,00025,000

10,00015,00015,00016,000

8,00012, 50040, 0005,000

30,000

100, 000100,000

32,50028,000 |

50,00013,00010, 00025, 00025, 00035,00010, 00010, 00035, 00020, 0006,000

200,000180, 00042, 00010, 00015, 00025, 000

100, 000100, 000

100, 0001, 000, 000

13, 00020, 00025, 00035, 0006,250

100, 0008,000

30,000

20, 00030, 000

100, 000

5,0007,200

25,00015,00050,000

20, 00010,000

$465, 806

332, 924310,828

9,997, 396958, 703

1,178,941616,266

2,028, 578

548, 518723,171

3,198, 655877,010595,885

1, 285, 701330,101

644, 583730, 830

1,128,976427, 270

337,329762, 348

2, 628, 528422, 770

1,117, 554

3 32, 306', 489

1, 092, 5141, 784,929

928,133

412, 653517, 515

1,497,8821, 209, 425319, 529543, 216604, 744

1,179, 146580,363

13, 568, 5516, 650, 7781,480, 933

672, 9401,316, 9751, 545, 346

3,821, 5693, 394, 669

4, 887, 07821, 292,994

899, 8601,172, 779

587, 797941, 546563,493

1, 738, 949583,110517,347

701, 003856, 524

3, 679, 932

505, 527417,180976,141•291, 541

1, 637,470

524, 270667, 42?.




DISTRICT NO. 7—Continued |

WISCONSIN !

(See also District No. 9) j

Baraboo—Bank of Baraboo $100,000Burlington—Bank of Burlington ' 125,000Clinton—Citizens Bank 50,000Delavan—Citizens Bank of Delavan ! 50, 000Cxreen Lake—Green Lake State Bank I 40,000Kewaunee—State Bank of Kewaunee 80, 000Madison—Bank of Wisconsin j 500,000Milwaukee-

Badger State Bank i 200,000Marshall & Ilsley Bank ! 1,000,000Second Ward Savings Bank i 1,000,000

Mineral Point—Iowa County Bank ! 100.000Oakfield—Bank of Oakfield 50,000Platteville—State Bank of Platteville \ 50, 000Plymouth— I

Plymouth Exchange Bank | 100,000State Bank of Plymouth | 125,000

Seneca—Farmers & Merchants State Bank ! 35, 000Sheboygan—Citizens State Bank 200,000Sturgeon Bay—Bank of Sturgeon Bay i 100,000Waupun—State Bank of Waupun ! 50, 000Wausau—Marathon County Bank i 150,000Winneconne—Union Bank I 25, 000

DISTRICT NO. 8 j

ARKANSAS

Arkansas City—Desha Bank & Trust CoBates ville—

Citizens Bank & Trust CoUnion Bank & Trust Co

Blytheville—Farmers Bank & Trust CoBrinkley—Monroe County BankConway—Farmers State BankDardanelle—Dardanelle Bank & Trust CoDumas—Merchants & Farmers BankEngland—Citizens Bank & Trust CoForrest City—Bank of Eastern ArkansasFort Smith—Arkansas Valley BankOillett—Citizens BankHelena—Security Bank & Trust CoJonesboro—

Bank of JonesboroJonesboro Trust Co

Lake Village—Chicot Bank & Trust CoLittle R o c k -

American Southern Trust CoBankers Trust Co.Union Trust CoW. B. Worthen Co., Bankers

Magnolia—Columbia County BankFarmers Bank & Trust Co

Marion—Crittenden County BankMarvell—Bank of MarvellNewport—Arkansas Bank & Trust CoNorth Little Rock—Twin City BankParis—American Bank & Trust CoPine Bluff-

Cotton Belt Savings & Trust Co 100,000 IPeoples Savings Bank & Trust Co 100,000 |

Russellville—Bank of Russellville 75,000Peoples Exchange Bank j 100,000 i

Siloam Springs—Producers State Bank 25,000 ITexarkana—Merchants & Planters B ank 200, 000 |Waldron—Bank of Waldron 60,000 ]Walnut Ridge—Lawrence County Bank 125,000Warren—Warren Bank 75,000

ILLINOIS


Belleville—Belleville Savings Bank..East St. Louis—Union Trust Co.. _Edwardsville—Citizens State & Trust Bank.Effingham—Effingham State Bank

$50, 00025, 00010, 00050, 00020. 00025, 000160, 000

100, 0001, 500, 0002, 000, 000

50, 00010, 00050, 000

50, 00032, 50017, 500

200, 00020. 00035, 00060, 00013, 500

104,000

50,000 '100, 000100, 00035, 00060,00050, 00050,000100,00050,000100, 00025,000250,000

200, 000100, 000150,000

1,000,000300,000500,000200, 000

50,00050,000200,00050,000200,000100,00050,000

16, 000

20.00025,00020, 00012, 00015, 00010, 00010,00040, 00050,00020,0002,50050,000

100, 00030,00020,000

200,000100,000250,000300, 000

50,00050,000

10,00010, 00020,00010,000

300,000600,000100,000 !110,000 i

60, 00050, 000

37, 75050,0003,50025,00020,00031,25046.000

250,000200,00035,00025.000

$2,325, 2811,644, 898586, 708

1,127,945492, 065

1, 234,9735,197, 313

6, 204, 77428,634, 74639, 354,9131,196, 646291, 516

1, 073, 744

1, 420, 2441, 082,144448,176

4,496, 5652,465,611944, 623

2, 329, 802501, 769

961, 833

832, 7841, 407, 2121,309, 652389, 795

1, 270, 311433, 504446,411761,631

1, 009,1751, 290, 018126, 493

1, 543,800

1, 788,4931,159, 625492,218

21,467,25910,854,10410,749,1373,913,181

678, 612884,985

1, 584,141490,470

1,412, 794782, 563651, 078

1, 354,9441, 278,215

813,9551,105, 839

147, 299965,272450,015

1,065,075643, 651

4,232, 5266,970,2941,295,8381,012, 277



Total


ILLINOIS—continued

Granite City—Granite City Trust & Savings BankGreenville—State Bank of Hoiles & SonsHarrisburg—First Trust & Savings BankHillsboro—Montgomery County Loan & Trust CoLitchfield—Litchfield Bank & Trust CoMadison—Union Trust CoMount Olive—Mount Olive State BankNew Athens—Farmers State BankO'Fallon—First State BankPalmyra—First State BankQuincy—State Savings, Loan & Trust Co

INDIANA


Cory don—Corydon State BankE vansville—Mercantile Commercial BankPaoli—Paoli State Bank

KENTUCKY

(See also District No. 4)Louisville-

Kentucky Title Savings Bank & Trust CoLiberty Insurance BankLincoln Bank & Trust CoLouisville Trust Co . .

Owensboro—Central Trust Co

MISSISSIPPI


Baldwyn— Merchants & Farmers BankGreenwood—Greenwood Bank & Trust CoGrenada—Grenada BankPontotoc—Bank of PontotocRosedale—Bolivar County BankRuleville—Planters Bank & Trust CoTunica—Citizens Bank of Tunica


Bertrand—Commercial Bank of BertrandBowling Green—Pike County BankCabool—Citizens Savings BankIberia—Farmers & Traders BankJefferson City—Exchange Bank of Jefferson CityLexington—Lafayette County Trust CoLinn Creek—Camden County BankLuxemburg—Lemay Ferry BankMacon—State Exchange Bank of MaconMaplewood—

Bank of MaplewoodCitizens Bank of MaplewoodPeoples State Bank

Marshall—Wood & Huston BankPine Lawn—Pine Lawn BankSt. Louis—

American Trust CoBaden BankBremen BankBroadway Savings Trust CoCass Avenue BankChippewa Trust CoCity Trust CoEaston-Taylor Trust CoFarmers & Merchants Trust CoFranklin BankGrand Avenue Bank of St. LouisGrant State BankGravois Bank of St. Louis CountyInternational Bank of St. LouisJefferson BankJefferson Gravois Bank of St. LouisLaclede Trust CoLafayette South Side BankLiberty Central Trust Co

$100, 000120,000150, 000100,000100,00050,00050.00025,00025,00025, 000

1,000,000

75, 000200,00040, 000

350,000500, 000750,000806,100200,000

15,000200,000250,000100,00075,00050, 00075,000

25,00025,00025,00025,000

100,00075,00025,00050,000

100,000

50,000100,00060, 000

100,00030,000

1,000, 000200,000200,000200,000200,000200,000200,000200,000400, 000

1,000, 000200,000200,00050,000

1,000,000200, 000200,000200,000

1,000,0003, 000, 000

$25,00040,00075,00050,00030,00015,00010,0005,0005,000

25,000200, 000

20,00050, 00010,000

350,0001,000,000

200,000300,000110, 000

5,00050, 000

300,00025,00010,00025, 00015,000 |

2,00010,0005,00010,00025,00015,00035,00025,00040,000

25,00016,50013,600

200, 0005,000

500,000100, 000500,00085,000200,00050,00065,00014,000100,000300,000100, 00050,00020,000200,000175,000100,00040,000

1, 000, 0001, 000,000

$1,170, 7481.515,1612,410,480785,218945, 484386,266445, 714168, 557250, 760230,274

11,443, 549

497,1062,278, 678461,107

13,840,45321, 796,3488, 271,1686, 550, 3423,138,327

66,8121, 553, 6117, 557, 700672,052271, 500242,054943,089

120, 736262,940309,857226, 301

1,763,152444,451239,256

1,423,8991,155, 529

1,451,015894,202183, 281

1, 606, 689230,746

16,693, 9592,330, 9837,011,8712,348,4194,911, 8961,712,0992, 216, 2201,908, 2655,857,76013, 250, 5343,116,1891,353,155871, 211

10, 522, 5814, 872, 4234, 260, 5732, 219,18026,613,738a, 575,458



Capital


MISSOURI—continued

St. Louis—ContinuedLindell Trust CoLowell BankManchester BankMercantile Trust CoMississippi Valley Trust Co .Mound City Trust CoNatural Bridge BankNorth St. Louis Trust CoNorthwestern Trust CoPark Savings Trust Co. (Richmond Heights)Savings Trust CoScruggs Vandervoort & Barney BankShaw State BankSouth Side Trust CoSouthern Commercial & Sayings BankSouthwest Bank of St. LouisTower Grove BankUnited States BankWater Tower BankWest St. Louis Trust Co-

Versailles—Bank of VersaillesWashington—Franklin County BankWebster Groves—Webster Groves Trust Co

TENNESSEE


Alamo—Bank of AlamoBells—Bank of CrockettBrownsville—First State BankDyer—Farmers & Merchants BankGreenfield—Greenfield BankHalls —Peoples Savings Bank & Trust CoHenning—Bank of HenningMemphis -

Bank of Commerce & Trust CoFidelity Bank & Trust CoUnion & Planters Bank & Trust Co

DISTRICT NO. 9


JSwen—State Bank of EwenGladstone—Gladstone State Savings Bank.Gwinn—Gwinn State Savings BankIron Mountain—Commercial BankLaurium—State Savings Bank _•_Manistique—Manistique BankMenominee—Commercial BankSault Ste. M a r i e -

Central Savings BankSault Savings Bank

South Range—South Range State Bank

MINNESOTA

Anoka—State Bank of AnokaBenson—Swift County BankClinton—Clinton State BankColumbia Heights—Columbia State BankExcelsior—Minnetonka State BankHayfield—Farmers State BankHutchinson—Farmers & Merchants State Bank (Inc) .Ihlen—Ihlen State BankJeffers—State Bank of JeiTersKenyon—Kenyon State BankLake City—Lake City Bank of MinnesotaLewiston—Security State BankLuverne—Rock County BankMadelia—State Bank of MadeliaMenahga—Farmers & Merchants State BankMinneapolis-

Mercantile State BankWells-Dickey Trust Co

New Richland—State Bank of New RichlandNew Ulm—Citizens State Bank

$200, 000200,000500, 000

3, 000, 0003, 000, 000

200, 000200, 000200, 000500, 000

50, 000200,000200, 000120,000200,000200,000125,000400,000

1,000,000200,00C200, 000

75, 00050,000

100, 000

25,00025, 000

200, 00040, 00030, 00025, 00050,000

i

3,000,000 I1,000,000 !2,500,000 I

$20, 000100,000100,000

7,000,0003, 500,000

40, 00050,00060, 000

500, 00010,00050, 00027,00012,00050,00050, 00020, 500

100, 000500,000

75, 000100, 000

2, 50020,00050, 000

5,0005, 000

40; 00025, 70025,00010, 000

1, 500, 000100.000200, 000

25,00050,00025, 000100,000100, 00050,000100,000

100,000100,00030,000

50, 00050, 00025, 00025,00025,00025, 00050, 00025, 00025, 00050,00050,00050, 00050,00050, 00025, 000 .

250, 000500, 00050,000100,000

20, 00025, 00025,000100, 000100,00050,00025, 000

40,00060, 00030,000

25, 00050,0006, 0005,00015, 00018,00012, 5004.00025,00012,00050,00010,00025,00010,0005,000

50,000190,00025, 000100, 000

450,4561,136,139409,333

3,139, 5651, 029, 891874,178

1, 318, 765

1, 419, 0391, 777, 068820, 540

966,9981,492, 280334, 764137,054592, 724501,148812, 500207, 030435, 741622, 535

1,069, 254460, 483814, 368660,165214,917

2,391,4825, 919, 831

722, 8982, 744, 242

Totalresources

$1,133, 8823, 844, 4716,158, 931

74, 405,48942, 394, 5822, 085, 2171, 750, 7263, 060, 8049, 873,005339,864

3, 032,0911, 994,146615,173

3,170, 4663,865, 6921, 714, 3547, 207, 25610, 387, 6211, 575, 9813, 228,939

450, 892465, 818

1,405,723

276, 943483,748

1, 621,983337,178305, 784220,315414,124

41, 562,4444,488, 579

35, 356, 230




. MINNESOTA—continued

Red Wing—First Security State BankRevere—State Bank of RevereSouth St. Paul—Drovers State BankSpring Valley—First State BankWanamingo—Security State Bank (Inc.)--.Westbrook—Citizens State BankWillmar—Kandiyohi County Bank...Winona—

Deposit Bank & Trust Co. of Winona.Merchants Bank of Winona

Anaconda—Daly Bank & Trust CoBelgrade—Belgrade State Bank.Belt—Farmers & Miners State BankBillings—Security Trust & Savings BankBoulder—Bank of BoulderBozeman—

Gallatin Trust & Savings BankSecurity Bank & Trust Co

Broadus—Powder River County BankButte—

Metals Bank & Trust CoMiners Savings Bank & Trust Co

East Helena—East Helena State BankEdgar—Edgar State BankEnnis—Southern Montana Bank _Eureka—Farmers & Merchants State Bank....Fromberg—Clarks Fork Valley Bank _.Hamilton—Ravalli County Bank _Helena-

Montana Trust & Savings BankUnion Bank & Trust Co...

Hinsdale—Valley County BankJoilet—Joilet State BankKalispell—Bank of CommerceLaurel—American Bank of LaurelMoccasin—Moccasin State BankNashua—State Bank of NashuaOpheim—First State Bank of OpheimPark City—Park City State BankPhilipsburg—First State BankReed Point—Reed Point State BankRichey—First State BankSaco—Farmers & Merchants State BankStevensville—First State BankTownsend—State B ank of TownsendWhite Sulphur Springs—Central State Bank.Wolf Point—First State BankWorden—Farmers State Bank _

NORTH DAKOTA

Enderlin—Enderlin State BankFullerton—Farmers State BankJamestown—Security Savings Bank.Noonan— Security State Bank

SOUTH DAKOTA

Bellefourche—Butte County BankBig Stone City—Big Stone City State Bank....Buffalo—First State BankCamp Crook—Little Missouri Bank _Gregory—Commercial State Bank.Groton—Brown County Banking Co..Hecla— Farmers & Merchants State BankMitchell—Commercial Trust & Savings Bank..Newell—Reclamation State BankPhilip—Bank of PhilipSouth Shore—South Shore BankStratford—First State BankWebster—Security Bank & Trust CoWhite River—Mellette County State Bank._._

Capital Surplus

$125,00030,000100,00030,00040,00025,000100, 000

300,000200,000

100,00050,00050,000100,00075,000

100,000100,00025,000

400,000200,00050,00030,00025,00025,00025,00050,000

150,000250, 00025,00025,000100,00025,00025,00025,00025,00040,00050,00025,00025,00025,00040,000100,00030,00030,00025,000

50,00025,00050,00025,000

75,00050,00025,00025,00050,00025,00025,000100,00025,00040,00025,00030,00060,00025,000

$65,00030,00010,00040,0008,00010,00040,000

200,00050,000

100,00025,00010,00013,00025,000

25,00010,000

1, 200

300,00050,00012, 500

25,00021,0002,500

12, 500

75,000150,000

3,500

25,0002,500

5,000

3,00010,0001,0005,0001,000

10,00011,000

Totalresources

15,0004,500

3,5001,00010,0005,000

25,0005,0005,00010,0007,50010,0005,00020,0005,00010,0005,000

30,0002,500

$1,534, ioa,277, 825

1, 797, 856581,433265,242298,156

1, 778,121

4, 244,1223,850,019

3, 809,303415, 255300,093

2, 060,647423,902

932, 529419,014186, 733

12, 308,9371, 556,630223,456122,558266, 588233, 512146,896513,020

2,196,5174,455,106159,919205, 587622,002211,018194,402227,156132,479331,178450,008107,275146, 553200,010314,002702,216131,032723,036214,034

455,147137,058399, 286387, 537

1,327, 788382,975161, 383335,431671,376685,896309, 858

2, 296, 295389,189521,167258, 716349, 662

1,148, 640136,138

36569—25t- -13




WISCONSIN


Balsam Lake—Polk County BankBoyceville—Bank of Boyceville-.Ellsworth—Bank of Ellsworth.._Glenwood City—First State BankGrantsburg—First Bank of GrantsburgNew Richmond—Bank of New RichmondTomahawk—Bradley BankWest Salem—La Crosse County BankWhitehall—Peoples State Bank

DISTRICT NO. 10

COLORADO

Denver—International Trust CoFort Lupton—Fort Lupton State Bank.

La Junta—Colorado Savings & Trust Co

KANSAS

Anthony—Home State Bank..Hiawatha—Morrill & Janes BankJamestown—Jamestown State BankLiberal—Citizens State B ankSt. Marys—Farmers Reserve State BankSedan—Sedan State BankWinfield—State Bank of Winfleld. _,


Joplin—Conqueror Trust Co.Kansas City-

Commerce Trust Co.— _Federal Trust Co...

King City—First Trust CoSouth St. Joseph—St. Joseph Stock Yards Bank.

NEBRASKA

Aurora—Fidelity State BankBroken Bow—Custer State Bank..Chappell—Chappell State Bank...Elgin—Elgin State BankGenoa—Farmers State BankLewellen—Bank of LewellenMeadow Grove-

Meadow Grove State BankSecurity Bank

Oakland—Oakland State Bank....Ord—Nebraska State Bank _._Pender—Pender State BankSt. Edward—Farmers State Bank.Western—Saline County Bank

NEW MEXICO


Aztec—Citizens Bank

OKLAHOMA


Chelsea—Bank of ChelseaOkarche—First Bank of Okarche.

Capital

Evanston—The Stoekgrowers BankMountain View—Uinta County State Bank..

$25,00030,00050,00042,00050,00075,00060,00050,00030,000

500,00025,00075,000

25,000100,00025,00050,00025,00030,000125,000

250,000

>, 000,000200,00050,000

350,000

50,00035,00050,000100,00025,00050,000

25,00025,00025,00035,00085,00025,00030,000

30,000

50,00050,000

50,00040,000

Surplus

$5,0006,00025,0005,0007,300

37, 50014,00027,5006,000

500,00015,00040,000

6,00050,00025,00025,0005,00050,00062, 500

100,000

2,000,00040,000

150,000

15,00015,00025,00020,0001,2507,000

5,0002,50010,00012,00017,0004,50030,000

15,000

7,00015,000

35,0004,000

Totalresources

$257,170511,09a

1,171, 633384, 727683,900

1,172, 223891, 468-714,316490, 051

17,464, 36T462, 082577, 875.

301,435-1, 010, 245321, 555534,886230, 704503, 539

2, 291,048

5,197,089-

105, 512,9012,471, 726-303,443

5,365,150

766, 209440, 056605,803901,092;231,800368,750

307,723304, 779490,672544,367572,860-271,197275, 566

178,019

528,894385,076

490,916107,570



DISTRICT NO. II

ARIZONA


Safford—Bank of SafTordTombstone—Cochise County State Bank..

LOUISIANA


Shreveport—Continental Bank & Trust Co_

NEW MEXICO


Corona—Stockmens State Bank

OKLAHOMA


Broken Bow—McCurtain County Bank.Coleman—Coleman State BankGarvin—Farmers State Bank __Soper—Liberty State BankValliant—Farmers State Guaranty Bank.

TEXAS

Abernathy—First State BankAnson—Anson State BankAustwell—Austwell State BankAvery—Avery State Bank _...__.Ballinger—Ballinger State Bank __„Bay City-

Bay City Bank & Trust CoFirst State Bank

Bedias—First State BankBeeville—Beeville Bank & Trust CoBishop—First State Bank .Blooming Grove—Blooming Grove State Bank.Bomarton—First State BankBonham—First State Bank of BonhamBremond—First State BankBrownfleld—Brownfleld State BankBryan—First State Bank & Trust CoCaddo Mills—Caddo Mills State BankCanton—Texas State BankCanyon—First State Bank___Celina—

Celina State BankFirst State Bank

• Childress—City Guaranty State BankFarmers & Mechanics State Bank

Clarendon—Farmers State BankClifton-

Farmers Guaranty State BankFirst Guaranty State Bank

Coahoma—First State Bank of CoahomaCommerce-

Citizens State BankState Bank of Commerce

Como—Como State BankCooper—Security State BankCopperas Cove—First State BankCorsicana—First State BankCross Plains—First Guaranty State Bank..Crowell—First State BankCuero—First State Bank & Trust CoDallas-

Central State BankMercantile Bank & Trust Co

Del Rio—Del Rio Bank & Trust CoDenton—First Guaranty State Bank.East Bernard—Union State BankEdgewood—Farmers & Merchants State Bank..El Paso—American Trust & Savings Bank......Emhouse—First State BankEmory—Guaranty State Bank..Ferris—Farmers & Merchants State Bank _

$33,00030,000

300,000

30,000

25, 00025,00015,00015,00025, 000

25, 00050, 00025,00025,00040, 000

65,00075, 00025,00050,00025, 00050, 00032,000

200,00050, 00025, 000

100, 00030, 00050,00040, 000

35, 00050,000

100,00050,00050,000

30,00040,00025,000

25,00050,00025,000100, 00035,000200, 00030,00030,000100,000

,000,000500,000100,00050,00050,00035,000350,00030,00017,50050,000

$47,0005,000

100,000

3,000500

1,500

5,00030,0005,000

82

Total

3,0007,500

32, 50025, 0005,0004,500

100, 00013, 25025, 00050, 00015,0005,0008,000

15,50060,0002,294

30, 00011, 0001,800

12,50010,00025,000

7,00040,000

30,00050,000

150, 00050,00011,00012,00020,00020,00020,0001,500

25,000

$673, 251277,923

5,797, Oil

108,589

250,386246, 59970, 76593,556352, 210

406,162627,46769,40298,117

311, 797

884,162494, 657149, 416444,969295, 764304,235

. 249,4851, 717, 597476,380788,192

1, 324, 528222,319155,887367,519

340,180332,178

1, 028,6701,941,975221,802

524, 770425,316227,365

225, 647332.461205,375351,621197.462

1,827,870364, 501501,778678,871

5,982,1189, 792, 701457,881665,306308, 553158,477

3,870,657170,23298,453459,951




TEXAS—continued

Flatonia—Flatonia State Bank . . .Floydada—First State BankForney—Forney State Bank _Franklin—First State BankFrost—Citizens State Bank _..,Ganado—Farmers State BankGatesville—Guaranty State Bank & Trust CoGeorgetown—Farmers State Bank.. .George West—First State BankGilmer—Gilmer State Bank __Goldthwaite—Trent State BankGonzales—Gonzales State Bank & Trust CoGrand Prair ie-

First State BankGuaranty State Bank .._

Greenville—Citizens State Bank..Hallsville—Farmers State BankHamilton—Hamilton Bank & Trust CoHamlin—First State BankHedley—Guaranty State Bank_..^Hereford—First State Bank & Trust CoHillsboro—First State BankIdalou—First State Bank.. _Iola—Iola State Bank _Italy—Farmers State Bank.Jacksonville—First Guaranty State BankJosephine—Josephine State BankJunction—Junction State BankKaufman—First State BankKerens—First State Bank _Kilgore— Kilgore State BankKilleen—

First State BankGuaranty State Bank

Kirkland—First State BankKosse—Guaranty State BankLadonia—First State BankLa Feria—Cameron County BankLamesa—First State BankLeakey—First State BankLiberty—Liberty State Bank_.Lockney—Lockney State BankLongview—Commercial Guaranty State BankLoraine—First State BankLorenzo—First State Bank _Lubbock—

Lubbock State BankSecurity State Bank & Trust Co

Lufkin—Citizens Guaranty State Bank...Luling—

Citizens State BankLipscomb Bank & Trust Co

McGregor—First State BankMcKinney—Central State BankMadison ville—Farmers State BankMatador—First State BankMathis—First State BankMay pea r l -

Citizens State BankFarmers & Merchants State Bank.

Memphis—Citizens State Bank _.Mertens—First Guaranty State BankMoran—Moran State BankMount Calm—First State BankMount Pleasant—Guaranty State BankMunday—First State BankMurchison—First State BankNacogdoches—Commercial Guaranty State Bank.Normangee—First State BankNorth Zulch—Farmers Guaranty State BankOlney—Farmers State BankOrange—Guaranty Bank & Trust CoPaducah—First State BankPalmer—First Guaranty State Bank.Pampa—Gray County State BankP a r i s -

First State Bank iLamar State Bank & Trust Co . .

Piano—Farmers State Bank.Post City—First State Bank. . . . .

Capital

$50, 00050, 00025,00030,00025, 00035, 00050, 00050,00050,00050,000

100, 00075, 000

40, 00025,000

100, 00025, 00050, 00040, 00025, 00050, 000

150, 00025, 00025,00040, 00062, 50030, 000

100,000100, 00050,00025, 000

35,00030, 00050,00025, 00035,00035,00060,00025,00035,00050,00050,00030,00025,000

200, 000100,00075,000

25, 00075,00050,00075,00025,00037, 50030,000

25,00025,00075,00025,00025, 00040,00060, 00035,00025,000100,00025,00025,00040,000100, 00050,00025,00025,000

150,000150,00060,00025,000

Surplus

$13, 0005,000

40, 00015, 00050,0001,000

17, 00050,000

6,00050, 00025,000

20, 200 i

Totalresources

6,0004,000

40, 00014,0008,000

25, 00020, 0008,00011, 00013, 50025, 0007,000

100, 00080,00030, 00012, 500

17, 5002,5003,5001,2505,0005,00030,000

2,5005,000

30,00025, 000

20,00010,000

8,00055,0009,0007,00025,00012,50020,000

15,00012, 50025,00010,000

40030,000

4,50050,00025,0005,0008,500

50,00017, 5008,000

50,00030,00030,0004,500

$597, 611740, 360270, 030388,783359, 570103, 536783, 050678,298263, 313263, 041

1, 018, 548769, 057

338,120106, 656732,515136,374383, 580623,175237,488654,198

1, 026,936433, 545148,455363,870841,493154,382649,451611,674460, 869167,932

427,010206,183306,559195,550470,2634f4,140

1, 382,868136,974478,317299,115659,168532, 552624,100

2,601,390953,774413.838

492.6541, 016, 092492,956970,246497,790515,105157,747

260.655145, 756922,635189.839341, 087147,084578,223456, 807109,488

1, 228, 554177,000347, 317763,610557,235743, 688247,674254, 709

1,427,8251,753,292575,329258,165


STAIE BANK MEMBEESHIP 187

Capital Surplus Total

Ealls-


TEXAS—continued

First State Bank _Guaranty State Bank & Trust Co

Reagan—First State Bank. _.Rice—First State BankRichardson—Citizens State Bank _.Richland— First State Bank of RichlandRoaring Springs—First State Bank _.Robstown—

First State Bank - . .Guaranty State Bank

Roby—First State BankRochester—First State BankRockwall—Guaranty State BankRoyse—First State BankRusk—Farmers & Merchants State Bank & Trust Co..Sabinal—First State Bank _San Antonio—Central Trust CoSan Augustine—Commercial Guaranty State BankSanta Anna—First State Bank _Savoy—First State BankSeminole—First State BankSeymour—First Guaranty State BankShiro—Farmers State BankSinton—Bank of CommerceSlaton—

First State BankSlaton State Bank.. .

Snyder—First State Bank & Trust CoSpearman—Guaranty State BankStamford—First State Bank..Stephenville—Farmers Guaranty State BankSudan—Sudan State Bank- . . _Sweetwater—Texas Bank & Trust C o . . .Sylvester—First State BankTaft—First State BankTahoka—Guaranty State BankTeague—First State BankTerrell—First State BankTioga—First Guaranty State Bank..Trenton—Guaranty State BankTyler—Peoples Guaranty State Bank _.Valley Mills—Citizens State BankValley View—First Guaranty State BankWaco—First State Bank & Trust CoWaxahachie—Guaranty State Bank & Trust CoWeatherford—First State BankWellington—Wellington State Bank. .1West—First State Bank of WestWharton—

Security Bank & Trust CoWharton Bank & Trust Co

White Deer—First State BankWills Point—First State BankWinnesboro—Merchants & Planters State BankWolfe City—First State BankWortham—First State BankWylie—First State Bank

$25,00060,00025,00050,00035, 00025, 00025,000

25,00050, 00040, 00025,00050,00050,000100,00080,000

200, 00050,00035,00025, 00040, 00035,00025,00050,000

40,00025,00050,00025,000100,000100,00017, 500100,00035,00050,00025,00075,000200,00030,00025,000100,00030,00025,000300,000200,000125,00050,00050,000

50,00050,00025,000100,00030,00050,00050,00075,000

DISTRICT NO. 12

ARIZONA


Buckeye—Buckeye Valley Bank

Phoenix—Valley Bank

CALIFORNIA

Alameda—Bank of Alameda _Bakersfield—Security Trust Co.. .Chico—Peoples Savings & Commercial Bank.Downey—Los Nietos Valley BankFullerton—Standard Bank of Orange County.Holtville—Holtville BankKingsburg—Kingsburg Bank.Long Beach—Farmers & Mechanics Bank

$15,00010,00025,000

1,0004,600

25, 0005,000

25, 00015, 00010, 0007,000

19, 00025, 0002,500

12,50020, 0009,0005,0005,500

15,00037,500

1,50016, 50012, 5005,0005,000

10,0001,750

100,0002,0005,000

40,000'5,0001,000

50,00023,50030,00010,0004,500

17,000150,000

5,00050,00010,00021,00025,000'28,500

25,000750,000

500,000650,000100,00050,00050,00075,000110,000500,000

5,000250,000

250,000400,0009,50054,00011,5002,50060,000500,000

$396,261637, 643243, 519239, 773230,661359,602283,078

378,701733, 606471, 757505.800403, 232.347.801563, 281526, 080».

3, 774, 468;447, 843;538, 025,193, 615»185, 482'343,044192,114437,387

404,068878,828417,878

97,509730,377780,393325, 543

1,271,85a220,910179,966214,66ft

1,086,89?1,200,064

208,68494,641

1,550,818;224,523:133,437

2,278,4511,678,796

832,989,608,651436,54ft

•490,677869,157169,855,629,928373,127295,145

1,200,518613,230

174,95612,365,940

7,397,22511,167,899

934,4731,136,512

722,125466,490

1,074,32511,103,929



DISTRICT NO. 12-Continued

CALIFORNIA—continued

Los Angeles-Pacific Southwest Trust & Savings BankSecurity Trust & Savings BankUnion Bank & Trust Co. of Los Angeles

Nor walk—Bank of Nor walkPasadena—Citizens Savings Bank of PasadenaPlacerville—Eldorado County BankPorterville—The Home Bank _Quincy—Plumas County BankSacramento—Peoples Bank _St. Helena—Bank of St. HelenaSalinas—-Monterey County BankSan Fernando—San Fernando Valley Savings BankSan Francisco—

American BankAnglo-California Trust CoBank of Italy .British-American BankFrench-American BankItalian, American Bank. . ._ _Mercantile Trust CoMission BankMission Savings Bank. . . _United Bank & Trust CoWells Fargo Bank & Union Trust Co

San Jose—Growers Bank.San Luis Obispo—Citizens State Bank . . .Santa Ana—Orange County Trust & Savings BankSausalito—Bank of Sausalito , . ._Sawtelle—Citizens State BankTurlock—Commercial Bank of Turlock

IDAHO

Arco—Butte County BankAshton—Security State BankBlackfoot—Blackfoot City BankBuhl—Security State BankCambridge—Peoples Bank _Eagle—Bank of EagleEmmett—Bank of EmmettFiler—Farmers & Merchants Bank . . . .Genesee—Genesee Exchange Bank. . . . .Gooding—Citizens State BankGrangeville—Bank of Camas PrairieHazelton—Hazelton State BankIdaho Falls—Anderson Bros. BankKimberly—Bank of KimberlyKuna—Kuna State BankMackay—W. G. Jenkins & CoMaiad City—J. N. Ireland & Co., BankersMeridian—Meridian State BankNew Plymouth—Farmers State Bank. . . . _ .Oakley—Farmers Commercial & Savings BankOrofino—Bank.of Orofino . . .Picabo—Picabo State BankPocatello—Citizens Bank & Trust Co . . .Eexburg—Farmers & Merchants BankRichfield—First State BankSoda Springs—Largilliere Co., Bankers _Star—Farmers BankSugar City—Fremont County BankTeton City First State BankTetonia—Farmers State BankTwin Falls—Twin Falls Bank & Trust CoVictor—Victor State Bank

OREGON

Albany—Albany State Bank .Athena—Athena State BankAurora—Aurora State BankBeaverton—Bank of Beaverton . . - _. .Central Point—Central Point State BankDallas—Dallas City BankEnterprise—Enterprise State BankFossil—Steiwer & Carpenter BankGrants Pass—Grants Pass & Josephine BankGresham—First State BankHaines—Bank of Haines

Capital

$6,900,0008,250,0001,500,000

50,000300,00067,000

100,000100,000800,00085,000

275,80050,000

4, 750,0001,500,000

17, 500,0001,000,0001,250,0001, 500,0005, 500,000

200,000500,000

4, 500, 0009, 000,000

300,000150,000300,000100,000200,000

75,000

25,00050,00050,00025,00040.00025,00060,00025,00025,00025,00050,00025,000

100,00035.00025, 00025, 00040,00025, 00025,00025,00025,00025,000

200,00050, 00025, 00025, 00025,00025,00030,00025,000

100, 00025,000

50,00045,00025,00025,00025,00050,00050,000

100,00075,000

i 30,0001 26,000

Surplus

$4,250,0002,825,000

290,00040,00075,000

143,00015,00030,000

173,00043,50080,0009,000

1,030,0001,150,0005,000,000

50,200500,000500,000

4,000, 000120,000100,000610, 500

5, 000,00035,00022, 500

125,00025,00025,00062,000

1,0008,000

10,0001,2504,0004,000

25,0001,000

12, 50015,00025,0002,000

100,00015,0001,7005,000

12, 5003,500

15,0005,000

60,000

2,50012, 00013,0005,000

1,00045,00010,000

10,000

16,0008,0005,000

19, 00010, 0007,000

25,00025,0005,500

Totalresources

$184,928,039215,872, 578

14,167,093895,030

3,969,1381,820,252

491,9281,156,3148,929, 111

982.8453,867,485

684,717

68,081,55156,747,831

354,367,8655,199,684

19,664,83522, 456,092

160, 090,9912, 985, 9019, 355, 701

48, 595, 858142, 227, 645

1, 692,072915, 304

2, 701,1291,087, 4372, 404, 3581, 562,160

148, 989438,063511, 228107, 613193, 815162,055605. 942159, 406522, 480195, 222674, 627144,000

1, 996,035377,300100,003235, 666495, 882291, 863210, 466164, 786292, 235197, 466

1. 509, 374246, 099165, 291591, 656208, 578216, 483147, 269110,080

1, 547,157156,309

979, 867125, 891296, 751502,859294, 713509,264366, 255479, 223991, 901629,183172, 788





OREGON—continued

Helix—Bank of HelixHood River—Butler Banking CoJordan Valley—Bank of Jordan ValleyJoseph—First Bank of JosephLakeview—Lake County Loan & Savings Bank.Madras—Madras State BankMarshfield—Bank of Southwestern OregonMedford—Jackson County BankMoro—Farmers State BankMyrtle Point—Bank of Myrtle PointNorth Portland—Live Stock State BankOakland—E «G. Young & Co. BankOregon C i t y -

Bank of CommerceBank of Oregon City

Pendleton—Inland-Empire BankPilot Rock—First Bank of Pilot RockPor t land-

Citizens BankHibernia Commercial & Savings BankLadd & Tilton Bank

Prineville—Bank of PrinevilleBeedsport—First Bank of ReedsportShaniko—Eastern Oregon Banking Co __.Stanfield—Bank of StanfieldThe Dalles—Wasco County BankTillamook—Tillamook County BankWasco—Bank of WascoWoodburn—Bank of Woodburn

Bingham Canyon—Bingham State BankCedar C i t y -

Bank of Southern UtahIron Commercial & Savings Bank _

Delta—Delta State BankEphraim—Bank of Ephraim-_Fillmore—Fillmore Commercial & Savings Bank.Fountain Green—Bank of Fountain GreenGunnison—Gunnison Valley BankHelper—Helper State Bank _.Kaysville—Barnes Banking CoLogan-

Cache Valley Banking CoThatcher Bros. Banking Co

Monticello—Monticello State BankParowan—Bank of Iron County.._Payson—State Bank of Payson .P r i ce -

Carbon County BankPrice Commercial & Savings Bank

Provo—Farmers & Merchants BankKnight Trust & Savings Bank

Richfield—James M. Peterson BankSalina—First State Bank of SalinaSalt Lake C i t y -

Columbia Trust CoDeseret Savings BankTracy Loan & Trust CoUtah Savings & Trust CoWalker Bros., Bankers

Spanish Fork—Commercial BankVernal—Bank of Vernal

WASHINGTONAlmira—

Almira State BankFarmers State Bank

Buena—Buena State Bank _ ~_Centralia—Centralia State BankChehalis—Coffman, Dobson Bank & Trust Co - . . .Colfax—First Savings & Trust Bank of Whitman County.Coulee—Security State BankDavenport—Lincoln County State Bank _Ellensburg—Farmers Bank. _ _Everett—Bank of CommerceFarmington—Bank of FarmingtonGoldendale—State Bank of Goldendale

$50,000125,00050,00050,00040,00025, 000

100, 000100, 00045, 00050, 000

100,00050,000

200, 000150, 000250, 00040, 000

200, 000200,000

1, 000, 00050,00025,00025,00025,000

100,00040,00025, 00050,000

$12,00050,00025, 00013, 50010,00025,00020,00020,0005,127

15, 000

15,000

40,00030, 00035,00025,000

10,000100,000

1, 000,000

2,50010, 00015, 0005,000

10,00015,00010,000

26,000

75,00050,00025,00050,00050,00025, 00050,00050,00050,000

100,000100,00050,00035,00050,000

100, 00050, 000

100, 000300,00050,00025,000

200, 000500,000243,100300,000850, 00050,00060, 000

50,00025, 00025,000100,000150,00075, 00025, 00050,000100,000100,00025,00075,000

10,000

87,00011,00012, 50040,00011,00025,00018, 50050,00080,000

44, 000100, 0009,50021,00018,000

10, 00070, 000

23,00050,00050,00075, 000

25, 000250, 000171,47586,000

400,00025,00015,000

13,0006,5001,50013,000100,000

20,00025,00025,00010,0008,500

$244,6531, 567, 726

390, 667294, 943320, 325195, 701

1,011,0501, 312, 798

163, 949249, 861551,081613,167

1, 618,6242,103,0211,148, 517

306, 265

3, 252, 3686,971,463

27, 563,010245, 771232, 074301,993142,120720,971662,124234,207785,334

658, 230

283,007383,606543,012347, 883310, 605369, 287775, 517594,495

1, 651, 9452, 038, 375165, 772378, 863527, 603

500, 74L951,491

859, 0641, 583,829689, 468705,478

1, 468, 5726, 749, 0951,469, 8292,329, 58322,274, 563

406, 280385,065

333,351132, 290109, 203725,471

2,470,366496, 85067, 037358,604

1,214, 9092,186,098273,663411,895





WASHINGTON—continued

Hoquiam—Lumberman's Bank & Trust Co.Kelso—Cowlitz Valley BankLa Crosse—

First State BankSecurity State Bank

Odessa—Farmers & Merchants BankOkanogan—Commercial Bank _Pine City—P;ne City State BankPomeroy—Pomeroy State Bank..Pullman—Pullman State BankPuyallup—

Citizens State BankPuyallup State Bank

Reardan—Farmers State BankRitzville—Ritzville State Bank_Rockford—Farmers & Merchants BankRosalia—Bank of Rosalia. _St. John—Farmers State BankSelah—Selah State Bank _South Bend—Pacific State BankSpokane-

Spokane & Eastern Trust CoWashington Trust Co

Stanwood—Bank of StanwoodTekoa—

Citizens State BankTekoa State Bank

Toppenish—Central Bank of ToppenishTraders Bank

Uniontown—Farmers State BankWalla Walla-

Farmers & Merchants BankPeoples State Bank

Wenatehee—Columbia Valley Bank-Commercial Bank & Trust Co

Wilbur—State Bank of WilburYakima—

Yakima Trust Co .Yakima Valley Bank

$100,00030,000

60,00030,00025,00050,00025,00050, 00037, 500

50,00050,00050,00025,00025,00025,00040,00030,000100,000

1,000,000200,00025,000

25,00030,000

50,00025,00025,000

200,000100,000

100,000100,00050,000

200,000275,000

$25,00012,000

40, 0003,40115,00010,0003,800

150,00010,000

8,0002,50020,0005,0002,5675,00010,0006,00011,100

250,00075,00025,000

7,00015,000

35,00015,0007,000

40,00050,000

25,00040,00010,000

50,00053,000

$1, 554,464423, 737

442, 611141,423410,096373, 745115, 591

1, 333, 324666,883

787, 543658,494408, 943291,344193,782285,305340,078474, 589

1, 223,671

11,502,8551,933,897634,177

275,061442,479

330,892376,603218,148

1,424,6871,618,335

2,089,4021, 584,815546,369

1, 559,7102,437,414


STATE BANK MEMBEKSHIP 191

SUMMARY CLASSIFICATION ACCORDING TO CAPITAL STOCK


State

New England:MaineM assachusettsRhode IslandC onnecticut

Middle Atlantic:New YorkNew Jersey.Pennsylvania

East North Central:OhioIndiana _IllinoisMichiganWisconsin

West North Central:MinnesotaIowaMissouri...North DakotaSouth DakotaNebraska ._,Kansas...

South Atlantic:DelawareMarylandDistrict of ColumbiaVirginia.. _West VirginiaNorth CarolinaSouth CarolinaGeorgia ,Florida

East South Central:Kentucky,._TennesseeAlabamaMississippi

West South Central:Arkansas.LouisianaOklahomaTexas

Mountain:MontanaIdahoWyomingColoradoNew Mexico _._ArizonaUtah

Pacific:WashingtonOregonCalifornia. ___

Total.

Total

2182

16330

9461

41413

7

471

12171118

nl9

1322

137

174

3532

2324

28

453837

1,10022,5008,2001,200

210,26723,85947,890

70,2905,03357,31040,5504,542

2,4259,43628, 610

150580560380

3,2004,9001,0004,7632,4905,1671,953

12,9092,445

3,6567,7004,311790

5,08411, 215

20511, 312

2,4451,305

9060060838

3,614

4,0083,66568,838

Banks having a capital stock of—

$25,000 i

33,611547, 639241,257

18,430

5,485,961493,569900,041

1,138,51462,475

1, 300,369885, 585109, 331

35,727135,551466,971

1,3798,9756,0815,193

38,76577,5624,492

50,28039,14575,31420,147

129, 67236,989

62, 67491,98166,45811, 468

76, 515235, 656

1,928114,087

35,64313,123

59818, 504

28613,49250,101

45, 88058, 553

1,371,904

1, 544 703,445 14, 617,876

48

13

327

6,405

50

37575200 1,749950 19,168

75950

200400125

50175125

50

252550600

1007540

350500

325225

2,7224,4181,159525

2,2771,606854

1,247

204229718

4,393

1,072678227

274

1051,185 13,170

2,6324,381

462

1751,400

3,3822,373

6,680 80, 698

$25,001 to $50,000

81050335

835283600

2,171577

5501,966330100170250

1633405050745170

15033150

43550100

3,355

42034590

6063611

648740200

41118,277 236,403

21,249795

4,856

12,2482,8286,362

40, 7508,920

8,74624,0125,087854

1,9253,0011,038

1,6763,791379445

5,2062,833

l,20J3,422242

5,816 13403914

34,320 33

3,5243,084

$50,001 to $100,000

24

598

286951

6,691

7,620

3,438

200100

1,0572,075160

1,080150

1,7803,615615

3001,695710

235185100

100

200275467953

2,134275

100

480250

1,170215

2,84:

675260

535

1,010575702

301 27,455 373,404

4,6611,865

19, 68636,9693,832

14,5601,35125,24069,22010,707

6,32024, 2427,904

4,7731,4741,010

1,6051,086

1,4642,3846,3009,097

13,4366,702

1, 207

4, 3131,887

13,6282,700

26,832

8,9704,149

578

6,134

13, 5495,0678,502

1 Includes 5 banks with capital under $25,000 as follows: Mississippi, 1 with capital of $15,000 and totalresources of $65,000; Oklahoma, 2 with capital of $30,000 and total resources of $165,000; Texas, 2 with capitalof $35,000 and total resources of $424,000.

36569—25f- -14



SUMMARY CLASSIFICATION ACCORDING TO CAPITAL STOCK—Continued


$100,001 to $2oo;ooo

State

New England:MaineMassachusettsRhode IslandConnecticut

Middle Atlantic:New YorkNew JerseyPennsylvania

East North Central:OhioIndianaIllinois .MichiganWisconsin

West North Central:MinnesotaIowa_._ _MissouriKansas

South Atlantic:DelawareMarylandDistrict of Colum-

biaVirginiaWest VirginiaNorth Carolina...South CarolinaGeorgiaFlorida

East South Central:KentuckyTennesseeAlabamaMississippi

West South Central:ArkansasLouisianaTexas

Mountain:MontanaIdaho..ColoradoArizonaUtah

Pacific:WashingtonOregon ._.California-

Total.

Banks having a capital stock of—

6 1,200I 200II 200

ll! 2,05011 2,07524 3,900

29,8832.8582,151

78,28751,41078, 697

1,900 37,306575 7,674

2,130 26,8301,760 32,952~ 15,758

3251.0755,045125

200550

650350

1,000

2 3501 2002 3251 200

5,38413,90471,8052,291

2,7995,463

7,4252,06810,191

4,3811,6221,7491,554

1,379 12,1832; 350 4,444

10| 1,775 17,841

350200

3,7531,509

200| 1,4

750| 7,389875i 15,5136611 7,380

$200,001 to $500,000 $500,001 to $1,000,000

2 9006 2,250

2 1,000

20 7,00013 4,45028 10, 380

11 4,25041 1,650

12 4,1004,250500

1,0501,7002,400

500

1,0001,300250250

1,880

28,95052,908

16, 279

171,246113,923127,843

62, 62822,02081, 597103, 6905,197

12, 55528, 71339,659

7,580

10,22127,3031,3502,46216, 032

1, 650 42,265

1,100 19,6417,558

1,050| 23,147800!

1,15012,65015,942

650 16,764

500 17,464

1,3431 12,132

I 275: 2,43'II 250| 1,14971 2,675j 40,08^

189 33, 725 565,923 170,62, 753.1,143,392

6,9501,000

9,5004,1596,800

6,600800

8,6507,3002,000

2,6005,000

6002,750

1,0002,000

1,000

7001,000

1,5561,7502,000

1,0001,5501,000

750850

1,0001,0002,450

•3 I

159,47420,839

227,059101, 907112,076

113, 9595,724

118, 245133, 459

67, 990

40, 26277,468

8,17340,956

4,49213, 977

7,087

7,88117,263

14,82111,16336, 655

21, 46726, 4465,982

12, 36622, 275

11, 50327, 56325, 297

98 85,315,1,493,829I i

Over $1,000,000 2

12,0007,000

28 189,85011,05026, 265

55,2501,500

39,85020, 500

303, 509217, 560

4,968, 434188, 565572,410

891,40822,180

1, 040, 346486, 346

15,0001 263,!

2,0002,000

21,40734,273

1, 200 20,143

3,375! 59, S

6, 500| 80, 656

5, 500 76,919

8,250 189,013

62,150 1,287, 20011

106 469,240 10,724,227

2 Includes 9 banks with capital in excess of $10,000,000 as follows: New York, 6 with capital of $109,250,000and total resources of $2,584,013,761; Ohio, 1 with capital of $22,250,000 and total resources of $299,715,587;Illinois, 1 with capital of $15,000,000 and total resources of $462,481,010; California, 1 with capital of $17,500,000and total resources of $354,367,865.


FIDUCIARY POWERS GRANTED TO NATIONAL BANKS

Under section ll(k) of the Federal reserve act as amended, theFederal Reserve Board has authorized the national banks listedbelow to exercise one or more fiduciary powers as follows:

(1) Trustee.(2) Executor.(3) Administrator.(4) Registrar of stocks and bonds.(5) Guardian of estates.(6) Assignee.(7) Receiver.(8) Committee of estates of lunatics.(9) Any other fiduciary capacity in which State banks, trust com-

panies, or other corporations which come into competitionwith national banks are permitted to act under the laws ofthe State in which the national bank is located.

The numerals opposite the name of each bank, which refer to thelist given above, indicate the power or powers it is authorized toexercise.

DISTRICT NO. 1

CONNECTICUT


Ansonia—Ansonia National BankBristol—Bristol National BankHartford-

First National Bank z.Hartford-Aetna National Bank .Phoenix National Bank

Meriden—Home National Bank ofMeriden.

Middletown—Middletown NationalBank.

Naugatuck—Naugatuck NationalBank.

New Britain—New Britain National

New Haven-First National BankMerchants National BankNational Tradesmens Bank &

Trust Co.New Haven Bank, N. B. ASecond National Bank

New London—National Bank of CommerceNew London City National Bank

Norwich—Thames National Bank.. .Portland—First National BankRockville—

First National Bank._Rockville National Bank

Torrington— Torrington NationalBank.

Wallingford—First National BankWaterbury—

Citizens and Manufacturers Na-tional Bank.

Waterbury National BankWillimantic—Windham National

Bank.

Powersgranted

Ito9.1 to 8.

Ito9.1 to 4, and 9.Ito9.1 to 9.

1 to 9.

Ito4.

1 to 9.

Ito8.11*8.1 to 4.

I to9 .1 to 9.

1 to 5.1, 2, 3, 5, 7,

8, and 9.Ito9.1 to 9.

Ito9.1 to 9.1 to 7.

11 to 9.

Ito9.

Ito9.1 to 9.


MAINE

Auburn—National Shoe & LeatherBank.

Bangor—First National BankMerchants National Bank

Bar Harbor—First National Bank _._Bath—Bath National BankBelfast—City National BankBiddeford—First National Bank of

Biddeford.Damariscotta—First National Bank

of Damariscotta.Lewiston—Manufacturers National

Bank.Norway—Norway National BankPortland-

Canal National BankFirst National Bank . . .Portland National Bank

Rockland—Rockland National Bank.Thomaston—Georges National Bank.

Waterville—Ticonic National Bank..

MASSACHUSETTSAdams—

First National BankGraylock National Bank

Amherst—First National BankAttleboro—First National BankBeverly—Beverly National BankBoston-

Atlantic National BankCitizens National Bank..Federal National Bank.First National BankMerchants National BankNational Shawmut BankNational Union BankSecond National BankWebster & Atlas National Bank..

Powersgranted

1 to 7.

1, 2, and 4.1 to 9.1 to 4.Ito8.Ito8.1 to 9.

1, 2, 3,5, and6.

1 to 5, and 9.

Ito8.

1 to 9.1, 2, and 4.1,2, 4, and 9.1 to 9.1 to 3, 5 and

8.1 to 4.

I.to8.1 to 7, and 9.1 to 9.1 to 9.1 to 4.

1 to 9.1 to 9.Ito9.1 to 9.Ito9.Ito9.1 to 9.1 to 9.Ito9.

193



Powersgranted

Powersgranted


MASSACHUSETTS—continued

Brockton—Brockton National Bank 1 to 9.Home National Bank - . . 1 to 4.

Edgartown — Edgartown National 1 to 3.Bank.

Fall R ive r -Fall River National Bank.. 1 to 9.Massasoit Pocasset National Bank 1 to 9.Metacomet National Bank 1 to 9.

Fitchburg—Safety Fund National 1 to 9.Bank.

Foxboro—Foxboro National Bank 1 to 9.Gardner—First National Bank 1 to 9.Gloucester—Cape Ann National Bank 1 to 9.Great Barrington—National Mahal- 1 to 9.

we Bank.Greenfield—First National Bank 1 to 9.Haverhill—

Essex National Bank 4.First National Bank 1 to 4.Merrimack National Bank 1 to 4.

Holyoke—City National Bank 1 to 4.Holyoke National Bank 1 to 4.

Hudson—Hudson National Bank 1 to 9.Lawrence—Bay State National Bank. 1 to 9.Leominster—

Leominster National Bank 1 to 4.Merchants National Bank 1 to 7 and 9

Lowell—Appleton National Bank 1 to 9.Old Lowell National Bank 1.

L y n n -Central National Bank . 1 to 8.Manufacturers National Bank 1 to 9.National City Bank 1 to 5 and 7.

Marlboro-First National Bank 1 to 4.Peoples National Bank 1 to 9.

Methuen—National Bank of Meth- 1 to 8.uen.

Milford—Home National Bank 1 to 4.Nantucket—Pacific National Bank . . 1 to 9.New Bedford-

First National Bank 1 to 9.Merchants National Bank 1 to 9.Safe Deposit National Bank 1 to 9.

Newburyport—Merchants National 1 to 8.Bank.

North Adams—North Adams Na- 1 to 9.tional Bank.

Northampton—First National Bank 1 to 9.Northampton National Bank 1 to 9.

Pittsfield—Agricultural National Bank j 1 to 9.Pittsfield National Bank 1 to 7 and 9.

Plymouth—Old Colony National Bank 1 to 5.Plymouth National Bank 1 to 4.

Provincetown—First National Bank. 1 to 9.Reading—First National Bank 1 to 4.Salem—Merchants National Bank 1 to 9.Shelburne Falls — Shelburne Falls l to 7 and 9.

National Bank.Southbridge—Southbridge National 1 to 9.

Bank.Springfield—

Chapin National Bank 1 to 9.Chicopee National Bank I 1 to 9.Springfield National Bank 1 to 8.The Third National Bank 1 to 9.

Tisbury — Martha's Vineyard Na- 1 to 8.tional Bank.

Turners Falls — Crocker National 1 to 7 and 9.Bank.

Uxbridge—Blackstone National Bank 1 to 4.


MASSACHUSETTS—continued

Wareham—National Bank of Ware-ham.

Watertown—Union Market NationalBank.

Webster—First National Bank.Wellesley—Wellesley National Bank.West Newton—First National Bank..Woburn—Woburn National Bank . . .

1 to 9.

1 to 4.

1 to 4.1 to 9.1 to 9.1, 2, 3, 6, 7,

and 9.

1 to 4.Worcester-

Mechanics National Bank__.Merchants National Bank { 1 to 9.

Yarmouthport—First National Bank.; 1 to 9.

NEW HAMPSHIRE j

Berlin—City National Bank _Claremont—

Claremont National BankPeoples National Bank

Concord-First National Bank ._Mechanics National Bank^National State Capital Bank

Dover—Merchants National BankStafford National Bank

Franklin—Franklin National Bank. .Keene—

Ashuelot National BankKeene National Bank

Laconia—Peoples National BankManchester—

Amoskeag National BankFirst National BankManchester National BankMerchants National Bank

Milford—Souhegan National Bank.. .Nashua—

Indian Head National BankSecond National Bank

Newport—Citizens National BankPlymouth — Pemigewasset National

Bank.Wolfeboro—Wolfeboro National Bank

1 to 4.1.

1 to 9.1 and 4.1 and 4.

1 to 3.1 to 4.1.

1 and 4.1 to 4.1 and 4.

1 and 4.1 and 4.1.1 and 4.1 and 4.

1 to 3.1 and 4.1 and 4.1 and 4.

1 and 4.

RHODE ISLANDNewport—Aquidneck National Bank I 1 to 9.Providence—National Bank of Com- ; 1 to 9.

merce. iVERMONT I

Barre—Peoples National Bank i 1 to 9.Bellows Falls—National Bank of Bel- I 1 to 3.

lows Falls. IBennington— I

County National Bank j 1 to 9.The First National Bank j 1 to 9.

Brandon—First National Bank I 1 to 4.Brattleboro—Vermont Peoples Na- i 1 to 9.

tional Bank. |Chelsea—National Bank of Orange | 1 to 8.

County. IManchester Center—Factory Point

National Bank.Montpelier—

First National Bank 1 to 4.Montpelier National Bank j 1 to 9.

Newport—National Bank of Newport | 1 to 7 and 9.Poultney—Citizens National Bank __j 1 to 4.Rutland— j

Baxter National Bank _| 4.Clement National Bank i 1 to 3, 5 to 7.

St. Albans—Welden National Bank..! 1 to 4.St. Johnsbury—First National Bank.I 1 to 6 and 9.Springfield—First National Bank j 1 to 4.Windsor—State National Bank | 1 to 3.


FIDUCIAEY POWERS 195

DISTRICT NO. 2

CONNECTICUT

(See also District No 1)

Bridgeport-City National Bank -First National Bank »

D anbury—City National BankDanbury National Bank

New Canaan—First National Bank..Norwalk—National Bank of Nor-

walk.Ridgefield—First National Bank &

Trust Co.South Norwalk—City National BankStamford—First - Stamford National

Bank.NEW JEESEY


Allentown—Farmers National Bank.Asbury Park—Merchants National

Bank.Atlantic Highlands—Atlantic High-

lands National Bank.Belleville—Peoples National Bank. . .Belvidere—Belvidere National Bank.Bloomfield—Bloomfield National

Bank.Boonton—Boonton National Bank...Bound Brook—First National Bank.Butler—First National Bank.Caldwell—Citizens National Bank. . .Carlstadt—Carlstadt National Bank.Clifton—First National BankCloster—Closter National BankCranbury—First National BankDover—National Union BankEast Orange—First National Bank..Elizabeth—

National State Bank _Peoples National Bank

Freehold—National Freehold Bank-ing Co,

Frenchtown—Union National Bank.Garfield—First National BankHackettstown—Hackettstown Na-

tional Bank.Hoboken—

First National BankSecond National Bank .

Jersey City—Bergen National BankFirst National Bank __Franklin National BankMerchants National BankUnion Trust & Hudson County

National Bank.Kearny—First National Bank &

Trust Co.Lambertville—Lambertville National

BankLong Branch—Citizens National

Lyndhurst—First National Bank . . .Metuchen—Metuchen National BankMilburn—First National Bank.Montclair—First National BankMorristown—

First National Bank . .National Iron Bank

Newark—Citizens National Bank & Trust

CoForest Hill National BankMerchants & Manufacturers Na-

tional Bank.National Newark & Essex Bank-

ing Co.National State BankNorth Ward National Bank

Powersgranted

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Ito9.1 to 9.1 to 9.1 to 9.

1 to 9.

1 to 4.1 to 9.

1 to 9.Ito9.

Ito8.

Ito9.Ito8.Ito4.

1 to 9.1 to 9.Ito9.Ito8.Ito9.Ito9.1 to 9.Ito4.Ito9.1 to 9.

1 to 7 and 9.Ito9.1 to 9.

1 and 4.1 to 9.l.to.9.

1 to 4.1 to 9.

1 t o 9. •1 to 9.1 to 7 and 9.1 to 9.1 to 9.

1 to 9.

1 to 9.

Ito9.

1 to 9.Ito9.Ito9.1 to 9.

Ito9.Ito9.

Ito9.

Ito9,Ito4.

1 to 9.

Ito9.Ito4.


NEW JEESEY—continued

New Brunswick-National Bank of New JerseyPeoples National Bank

Newton-Merchants National BankSussex National Bank.

Nutley—First National BankOcean Grove—Ocean Grove National

Bank.Orange—

Orange National BankSecond National Bank

Passaic—Passaic National Bank &Trust Co.

Paterson—First National Bank. . .National Bank of AmericaPaterson National Bank _Second National BankTotowa National Bank__

Perth Amboy—First National Bank.Phillipsburg—

Phillipsburg National BankSecond National Bank

Plainfield—City National Bank.First National Bank

Red B a n k -Broad Street National BankSecond National Bank & Trust

Co.Ridgewood—

Citizens National BankFirst National Bank

Roselle—First National Bank. _.Rutherford—Rutherford National

Bank.Somerville—Second National Bank.South Amboy—First National Bank.South River—First National Bank.. .Summit—First National BankSussex—Farmers National Bank .Washington—First National Bank. . .Woodbridge--First National Bank.. .

NEW YORK

Adams—Farmers National BankAlbany-

First National BankNational Commercial Bank &

i rust v_,o.New York State National Bank.

Amsterdam-Amsterdam City National Bank.Farmers National BankFirst National Bank

Auburn—Cayuga County National Bank..National Bank of Auburn

Ballston Spa—Ballston Spa NationalBank.

Bath—Bath National BankBinghamton—

City National BankFirst National Bank

Brooklyn-First National BankNassau National Bank

Buffalo—Manufacturers & TradersNational Bank.

Canandaigua—Canandaigua Na-tional Bank.

Canton—First National BankSt. Lawrence County National

Bank.Carthage-

Carthage National BankNational Exchange Bank ^_.

Catskill—Catskill National Bank....

Powersgranted

1 to 9.Ito9.

Ito9.1 to 9.Ito9.1 to 9.

Ito8.Ito9.1 to 9.

Ito9.Ito9.Ito9.1 to 9.1 to 5, 7 to 9.Ito9.

Ito8.Ito9.

Ito4.Ito9.

Ito9.Ito9.

Ito9.Ito9.X to 9.Xto4.

Ito4.Ito9.1 to 9.Ito9.Ito4.Ito9.1 to 9.

1 to 9.

4.1 to 8.

Ito9.

1 to 3, 5 to 8Ito9.Ito9.

1 to 8.Ito9.Ito9.

1 to 9.

1 to 9.X to 9.

Xto9.1 to 9.1 to 9.

X to 9.

X to 9.1 to 3,5 to 8.

Xto9.Xto9.X to 8.





Cedar hurst—Peninsula NationalBank.

Clayton—National Exchange Bank.,Cohoes—National Bank of Cohoes...Cooperstown—

First National BankSecond National Bank

Corning—First National Bank &Trust Co.

Cuba-Cuba National BankFirst National Bank...

Dolgeville—First National Bank.Dover Plains—Dover Plains National

Bank.Dunkirk-

Lake Shore National BankMerchants National Bank

Edwards—Edwards National Bank.Elmira—

Merchants National BankSecond National Bank...

Fairport—Fairport National Bank &Trust Co.

Far Rockaway—National Bank ofFar Rockaway.

Fredonia—National Bank of Fre-donia.

Freeport—Citizens National Bank...Fulton—Citizens National BankGlen Falls-

First National BankNational Bank of Glen Falls

Gloversville—City National BankFulton County National Bank...

Goshen—National Bank of OrangeCounty.

Granville—Farmers National Bank _.Washington County National

Bank.Hancock—First National BankHempstead—First National BankHerkimer—Herkimer National Bank.Hoosick Falls-

First National BankPeoples National Bank

Hornell—Citizens National BankHudson—

Farmers National BankFirst National Bank

Hudson Falls-Peoples National BankSandy Hill National Bank

Ilion—Ilion National BankManufacturers National Bank

Ithaca—First National BankJamestown—

American National BankNational Chautauqua County

Bank.Kingston-

First National Bank of Rondout.Rondout National Bank....State of New York National

Bank.Lackawanna—Lackawanna National

Bank.Larchmont—Larchmont National

Bank & Trust Co.Liberty—Sullivan County National

Bank.Little Falls—Little Falls National

Bank.Lockport—

National Exchange BankNiagara County National Bank..

Long Beach—National Bank of LongBeach.

Powersgranted

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4.4.

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Lowville—Black River NationalBank.

Lynbrook—Peoples National Bank...Malone—Farmers National BankMiddletown—

First National BankMerchants National Bank

Mineola—First National BankMonticello—National Union Bank of

Monticello.Morristown—Frontier National BankMount Kisco—Mount Kisco Na-

tional Bank.Mount Vernon—First National BankNewburgh—

Highland National BankNational Bank of NewburghQuassaick National Bank

New Rochelle—National City Bank...LN tJVV X UI Jv

American Exchange NationalBank.

Bronx National Bank _.Chase National BankChatham & Phenix National

BankChemical National BankCoal & Iron National BankEast River National BankFirst National BankGarfleld National BankGotham National Bank _Grace National BankHamilton National BankHanover National BankHarriman National BankLiberty National BankMechanics & Metals National

Bank.National American Bank of New

York.National Bank of CommerceNational City BankNational Park BankPublic National BankSeaboard National Bank... _

North Tonawanda—State NationalBank.

Norwich—Chenango National BankNational Bank of Norwich.,

Nyack—Nyack National BankOgdensburg—National Bank of Og-

densburg.Olean—Exchange National BankOneida—Oneida Valley National

Bank.Oneonta—

Citizens National BankWilber National Bank

Ossining—Ossining National Bank.._Oswego—Second National Bank &

X IUat KSO.

Ovid—First National BankOwego—

First National BankOwego National Bank

Peekskill—Peekskill National BankWestchester County National

Bank.Plattsburg—

Merchants National Bank _.Plattsburg National Bank &

Trast Co.Port Chester—First National Bank..Port Henry—Citizens National Bank.Port Jervis—

First National BankNational Bank of Port Jervis

Potsdam—Citizens National Bank,. .

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FIDUCIARY POWERS 197



Poughkeepsie—Fallkill National BankFarmers & Manufacturers Na-

tional Bank.Richfield Springs—First National

Bank.Riverhead—Suffolk County National

Bank.Rockville Center—Nassau County

National Bank.Rome—Farmers National BankRoscoe—First National BankRye—Rye National BankSaratoga Springs—Saratoga National

BankScarsdale—Scarsdale National Bank..Schenectady—

Mohawk National BankUnion National Bank

Southampton—First National Bank._Spring Valley—First National Bank..Stapleton—Richmond Borough Na-

t ionai Jb>anK.Suffera— Suffera National Bank.Syracuse-

Liberty National Bank.. _Salt Springs National Bank

T a r r y t o w n—Tarrytown NationalBank.

Troy-Manufacturers National BankNational City BankUnion National BankUnited National Bank

Utica—First National Bank & Trust Co.Oneida National BankUtica City National Bank

Walton—First National BankWarrensburg —Emerson National

Bank.Warsaw—Wyoming County Na-

U0I1H1 JjallK.

Watertown—Jefferson County National Bank.Watertown National Bank

Waverly—First National BankWellsville—Citizens National Bank..Westfield—National Bank of West-

field.Yonkers—

First National Bank...Yonkers National Bank & Trust

Co.

DISTRICT NO. 3

DELAWARE

Delmar—First National BankDover—First National Bank...Laurel—Peoples National BankMilford—First National BankSeaford—First National BankSmyrna—Fruit Growers National

"RanlrHaHK.Wilmington-Central National Bank

National Bank of DelawareUnion National Bank—

NEW JERSEY


Atlantic City-Atlantic City National BankChelsea National BankUnion National Bank...

Bordentown—First National Bank-

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NEW JERSEY—continued

Burlington—Mechanics NationalBank.

Camden—First National State Bank.Cape May—Merchants National

Bank.Collingswood — Collingswood Na-

tional Bank.Elmer—First National BankGlassboro—First National BankHaddonfield—Haddonfield National

Bank.Medford—Burlington County Na-

tional Bank.Merchantville—First National Bank

& Trust CoMillville—

Mechanics National BankMillville National Bank

Mount Holly—Mount Holly Na-tional Bank.

Ocean City—First National Bank....Paulsboro—First National Bank &

Trust Co.Point Pleasant Beach—Ocean CountyNational Bank.Princeton—First National BankRiverton—Cinnaminson National

Bank.Salem—

City National BankSalem National Banking Co

Swedesboro—Swedesboro NationalBank.

Toms River—First National Bank...Trenton-

Broad Street National BankFirst National Bank _Mechanics National Bank

Ventnor City—Ventnor City Na-tional Bank.

Woodbury—First National BankW'oodstown—Woodstown National

BankPENNSYLVANIA


Allentown—Allentown National BankMerchants National BankSecond National Bank.

Ambler—First National BankAnnville—Annville National Bank...Ashland—The Ashland National

BankAtglen—Atglen National Bank _Beliefonte—First National BankBelleville—Belleville National Bank.|_> £\4" Vll £lVl /1T>1jj etui en em—

Bethlehem National BankFirst National BankLehigh Valley National Bank

Bloomsburg—Bloomsburg NationalBank.

Blossburg—Miners National Bank...XJ oyeriown—

Farmers National BankNational Bank of Boyertown

Bradford—Commercial NationalBank.

Catasauqua—National Bank of Cata-sauqua.

Chambersburg—National Bank of Chambersburg.Valley National Bank

Chester-First National Bank...Pennsylvania National Bank

Clearfield—Clearfield National Bank

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Powersgranted

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PENNSYLVANIA—continued

Columbia-Central National BankFirst Columbia National Bank__

Danville-Danville National Bank . . .First National Bank

Darby—First National Bank .._Du Bois—

Deposit National BankDu Bois National Bank

East Stroudsburg—Monroe CountyNational Bank.

Emaus—Emaus National BankEmporium—First National BankEphrata—

Ephrata National BankFarmers National Bank...

Fleetwood—First National BankFrackville—First National Bank &

Trust Co.Gettysburg—First National Bank.__Greencastle—First National BankHamburg—First National BankHarrisburg — Harrisburg National

Bank.Hazleton—

First National BankHazleton National Bank

Honesdale — Honesdale NationalBank.

Honeybrook—First National Bank...Houtzdale—First National BankHuntingdon-

First National BankUnion National Bank ._

Johnstown—First National BankKutztown—Kutztown National Bank|Lancaster-

Con estoga National Bank.- _Fulton National BankLancaster County National Bank

Lansdale—First National Bank ..Lebanon—

First National Bank...Lebanon National BankPeoples National Bank

Lehighton—Citizens National Bank .Lewistown—Russell National Bank..Lititz—Farmers National Bank.Lock Haven—First National Bank...Mahanoy City-

First National BankUnion National Bank

Manheim—Keystone National BankManheim National Bank..

Marietta—Exchange National Bank..Mauch Chunk—Mauch Chunk Na-

tional Bank.Maytown—Maytown National Bank.Montrose—First and Farmers Na-

tional Bank & Trust Co.Mount Carmel—

First National Bank...Union National Bank

Mount Joy—First National BankUnion National Mount Joy Bank.

Mountville—Mountville NationalBank.

Myerstown—Myerstown NationalBank.

Nanticoke—First National BankNazareth—Nazareth National Bank..New Holland—New Holland Na-

tional Bank.Newton—First National Bank :.Newville—First National BankNorristown—Peoples National Bank.

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Northampton—Cement Na t iona lBank of Siegfried.

Oxford—National Bank of OxfordPatton—First National BankPen Argyl—First National BankPhiladelphia-

Broad Street National BankCentral National Bank _Corn Exchange National Bank__Drovers and Merchants National

Bank.E ighth National B ankFourth Street National BankKensington National BankMarket Street National BankNational Bank of CommerceNational Bank of Germantown. _National Bank of North Phila-

delphia.Northern National BankPerm National BankPhiladelphia National BankQuaker City National BankSecond National BankSouthwark National BankSouthwestern National BankTenth National Bank _Textile National BankThird National BankTradesmen's National BankUnion National Bank

Philipsburg—First National Bank.Moshannon National Bank

Phoenixville—National Bank of Phoe-nix ville.

Pittston—First National BankPlymouth—First National BankPort Allegany— First National Bank.Pottstown— - •

National Bank of PottstownNational Iron Bank

Pottsyille—Miners National BankReading—

Penn National BankReading National Bank

Red Lion—Red Lion First NationalBank.

Schuylkill Haven—First NationalBank.

Scranton—Third National BankShickshinny—First National Bank...Shippensburg—

First National BankPeoples National Bank

Smethport—Grange National Bankof McKean County.

Souderton—Union National BankSpring City—National Bank of Spring

City.State College—First National Bank..Stroudsburg—

First National BankStroudsburg National Bank

Sunbury—First National BankTamaqua—

Tamaqua National BankFirst National Bank

Tioga—Grange National BankTopton—National Bank of Topton..Towanda—Citizens National Bank__Tyrone—

Blair County National BankFarmers & Merchants National

Bank.Waynesboro—Citizens National BankWest Chester-

First National BankNational Bank of Chester County

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Powersgranted

Powersgranted



West Grove—National Bank of WestGrove.

Wilkes-Barre—Second National BankWyoming National Bank

Wiiliamsport—First National BankLycoming National BankWest Branch National BankWiiliamsport National Bank

Wrightsville—First National Bank..York-

Central National BankFirst National BankIndustrial National Bank of West

York.Western National Bank

DISTRICT NO. 4

KENTUCKY

(See also District No. 8)Ashland—

Ashland National BankSecond National BankThird National Bank

Brooksville—First National BankCynthiana—The National Bank.....Ueorgetown—Georgetown National

Bank.Harlan—Harlan National BankLexington—Phoenix National Bank

& Trust Co.Middlesboro—The National Bank___Mount Sterling-

National Bank of Mount Sterling.Traders National Bank

Newport—American National BankNewport National Bank

Paris—First National BankPineville—Bell National BankRichmond—Madison National Bank

& Trust Co.Somerset—•


Williamsburg—First National Bank..Winchester—Clark County National

Bank.OHIO

Akron—National City BankAlliance—Alliance First NationalAshtabula—National Bank of Ashta-

bula.Athens-

Athens National BankBank of Athens, N. B. A

Bellaire—First National BankBradford—First National BankCadiz—Fourth National BankCanton—First National BankCincinnati—

Atlas National BankCitizens National Bank & Trust

Co.Fifth-Third National BankFirst National Bank.....Lincoln National BankSecond National Bank

Cleveland-Brotherhood of Locomotive En-

gineers Cooperative NationalBank of Cleveland.

Central National Bank, Savings& Trust Co.

National City Bank.__

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1 to 5, 7 to 9.1 to 9.Ito4.1 to 5, 7 to 9.

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1, 4, and 9.1 to 7 and 9.

1, 4, and 9.1 to 7 and 9.Ito9.1 to 7 and 9.

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1 to 7 and 9.


OHIO—continuedColumbus—

City National BankCommercial National BankHuntington National BankOhio National Bank

Coshocton—Commercial NationalBank.

Dayton-Merchants National Bank &

Trust Co.Winters National Bank & Trust

Co.East Liverpool—First National Bank.Fostoria—Union National BankGreenville—Second National Bank..Hamilton—First National Bank &

Trust Co.Hillsboro—Merchants National BankLancaster—Fairfield National Bank. _Lebanon-

Citizens National Bank & TrustCo.

Lebanon National Bank & TrustCo.

Lorain—National Bank of Commerce.Mansfield—Citizens National Bank..Marietta-

Central National BankCitizens National BankFirst National Bank .'

Marion—National City Bank & TrustCo.

Massillon—Merchants National BankMount Vernon—The Knox National

Bank.Newark—Franklin National Bank...New Philadelphia—Citizens National

Bank.Painesville—Painesville National

Bank.Piqua—

Citizens National BankPiqua National Bank.

Ravenna—Second National BankSt. Clairsville—First National Bank__Sandusky—Third National Exchange

Bank.Springfield—Mad River National

Bank.Steubenville—

National Exchange Bank & TrustCo.

Peoples National BankTiffin-

Commercial National BankTiffin National Bank

Toledo—First National BankTroy—First Troy National Bank &

Trust Co.Urbana—Champaign National Bank.

| Warren-Second National BankWestern Reserve National Bank.

Wilmington—Clinton County Na-| tional Bank & Trust Co.I Youngstown—

Commercial National Bank......First National Bank _.Mahoning National Bank

Zanesville—First National Bank _Old Citizens National Bank

PENNSYLVANIA


Blairsville—First National BankBrownsville—Second National Bank

I to 7 and 91 to 7 and 9Ito7.1 to 7 and 9.1, 4, and 9.

1, 4, and 9.

1, 4, and 9.

1 to 7 and 9.1 to 7 and 9.1 to 7 and 9,1, 4, and 9.

1 to 7 and 9.1 to 7 and 9.

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1, 4, and 9.

1 to 7 and 9.4.1, 4, and 9.1 to 7 and 9.1, 4, and 9.1 to 7 and 9.

1,4, and 9.1 to 7 and 9.

1 to 7 and 9.1 to 7 and 9.

1 to 7 and 9.

Ito9.1 to 7 and 9.1, 4, and 9.1 to 7 and 9.Ito9.

1 to 7 and 9.

1 to 7 and 9.

1 to 7 and 9.1 to 7 and 9,1 to 7 and 9.1 to 7 and 9.1 to 7 and 9.

1 to 7 and 9.

1 to 7 and 9.1 to 7 and 9.1 to 7 and 9.

1 to 7 and 9.4.4 and 9.

1,4, and 9.1 to 7 and 9.

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Butler-Farmers National Bank.Merchants National Bank

Canonsburg—First National BankEllwood City—First National Bank..Erie—First National BankFord City—First National Bank &

Trust Co.Franklin—Lamberton National BankGreensburg—First National Bank _Greenville—First National Bank ..Grove City-

First National BankGrove Citv National Bank..

McKeesport—First National Bank...Meadville—New First National BankMyersdale—Citizens National Bank..Monessen—Peoples National Bank.. _New Brighton—Union National BankNew Castle—


New Kensington—First NationalBank.

Oakmont—First National BankOil City—Oil City National Bank...Pittsburgh-

Bank of Pittsburgh, N. AColumbia National BankDiamond National BankDuquesne National BankFarmers' Deposit National Bank.First National BankHighland National BankMellon National BankMonongahela National BankNational Bank of America at

x i tis uurgn.Second National Bank of Alle-

gheny.Third National Bank _Union National Bank

Punxsutawney—Punxsutawney Na-tional Bank.

Sharon—First National BankMcDowell National Bank

Titusville—Second National Bank...Uniontown—

National Bank of FayetteCounty.

Second National Bank . . .Uniontown National Bank &

Trust Co.Vandergrift—Citizens National Bank.Warren—Warren National BankWashington—


Waynesburg—C i t i z e n s NationalBank.

Zelienople—Peoples National Bank...WEST VIRGINIA


Elm Grove—First National BankNew Cumberland—First National

Bank.Sistersville—Union National Bank...Wheeling—National Bank of West

Virginia.

Powersgranted

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1.1 to 9.

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1, 2, 3, 5, 6,7, and 9.1 to 9.Ito9.

Ito4.

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1 to 9.1 to 9.

DISTRICT NO. 5

DISTRICT OF COLUMBIA

Washington-Commercial National Bank.District National BankFarmers & Mechanics National

Bank of Georgetown.Federal-American National BankLincoln National BankNational Bank of WashingtonNational Metropolitan BankRiggs National BankSecond National Bank..

MARYLAND

Baltimore-Citizens National BankDrovers & Mechanics National

Bank.Farmers & Merchants National

Bank.Merchants National BankNational Bank of BaltimoreWestern National Bank... _.

Cumberland—Second National BankEaston—Easton National BankFrederick-

Farmers & Mechanics NationalBank.

Frederick County National BankHagerstown—Second Natjional Bank.Hyattsville—First National BankNew Windsor—First National Bank.Pocomoke City—Citizens National

Bank.Rising Sun—National Bank of Rising

Sun.R-ockville—Montgomery County Na-tional Bank.

Salisbury—Salisbury National Bank.

NORTH CAROLINA

Asheville—American National BankNational Bank of Commerce _

Charlotte-Charlotte National BankCommercial National BankMerchants & Farmers National

Bank.Union National Bank

Concord—Concord National Bank...Durham—First National BankElizabeth City—First & Citizens

National Bank.Gastonia—First National BankGoldsboro—Wayne National Bank...Graham—National Bank of Ala-mance.High Point—Commercial National

Bank.Mooresville—First National Bank...New Bern—National Bank of New

Bern.Oxford—First National BankRaleigh—

Citizens National BankCommercial National Bank

Rocky Mount—Planters NationalBank.

Salisbury—First National Bank.....Wadesboro—First National BankWinston-Salem—Farmers National

Bank & Trust Co.

Powersgranted

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SOUTH CAROLINA

Charleston-Atlantic National BankPeoples National Bank

Columbia-Columbia National BankNational Loan & Exchange Bank.

Elloree—First National BankGaffney—Merchants & Planters Na-

tional Bank.Greenville-

First National BankNorwood National BankPeoples National Bank _Woodside National Bank _ _

Holly Hill—First National Bank....Lake City—Farmers & Merchants

National Bank.Orangeburg—Edisto National Bank..Rock Hill—National Union Bank

Central National BankFirst National Bank

VIRGINIA

Abingdon—First National BankAlexandria-

Alexandria National BankCitizens National Bank .First National BankAppalachia—First National Bank....

Blackstone—First National BankCharlottesville—

National Bank of Charlottesville.Peoples National Bank

Chase City—First National BankChatham—First National BankClifton Forge-

Clifton Forge National BankFirst National Bank

Covington—Citizens National BankCovington National Bank

Danville-American National BankFirst National Bank

Emporia—Citizens National BankFredericksburg—Planters National

"RonlrHampton—Merchants National BankHarrisonburg—First National Bank..Leesburg—

Loudoun National Bank.Peoples National Bank

Lexington—Rockbridge N a t i o n a lBank.

Martinsville—Peoples National BankNewport News—First National BankNorfolk-

National Bank of CommerceSeaboard National Bank

Norton—First National BankPetersburg—Virginia National Bank.Portsmouth—American N a t i o n a l

Bank.Pulaski—

Peoples National BankPulaski National Bank

Richmond—American National BankCentral National BankFirst National BankMerchants National BankPlanters National Bank

Roanoke—American National Bank..Colonial National BankFirst National BankNational Exchange BankRocky Mount—Peoples National

Bank.

Powersgranted

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Ito4.1 to 6 and 9.

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VIRGINIA—continued

Salem—Farmers National Bank.South Boston-

Boston National Bank _Planters & Merchants National

Bank.Staunton—

Augusta National Bank. _National Valley Bank

Warrenton—Farquier National BankWaynesboro—First National Bank...Winchester-

Farmers & Merchants NationalBank.

Shenandoah Valley NationalBank.

WEST VIRGINIA

(See also District No. 4)Beckley—Beckley National BankBluefield—

First National BankFlat Top National Bank

Charleston-Charleston National BankCitizens National Bank_Kanawha National Bank

Clarksburg-Empire National BankMerchants National Bank .Union National Bank

Fairmont—National Bank of Fair-mont.

Fairview—First National Bank.Grafton—First National BankHuntington—First National Bank...Madison—Madison National Bank__Martirisburg—Old National BankParkersburg—

First National Bank. _Parkersburg National BankSecond National Bank _

St. Marys—First National BankWelch—First National Bank

DISTRICT NO. 6

ALABAMAAnniston—

Anniston National Bank..Commercial National Bank

First National BankAthens—First National Bank.Bessemer—First National Bank in

Bessemer.Birmingham—First National BankCullman—Leeth National BankFlorence—First National Bank..Gadsden— First National BankMobile—First National BankMontgomery—First National Bank..Oxford—First National Bank.Piedmont—First National Bank . . .Selma—City National Bank..Talladega—Talladega National Bank.Troy—First National Bank..Tuscaloosa—


FLORIDA

Bartow—Polk County National BankBradentown—First National Bank...Brooksville—First National Bank....De Funiak Springs—First National

Bank.

Powersgranted

Ito9.

Ito9.1 to 8.

Ito9.1 to 9.Ito9.Ito9.

Ito9.

Ito4.

1 to 9.

1 to 9.Ito9.

Ito9.1 to 9.1 to 9.


1 to 4.Ito9.1 to 9.Ito4.Ito9.

Ito9.1 to 9.1 to 9.1 to 9.1 to 9.

1 to 7 and 9.1 to 5, 7,

and 9.Ito8.1.1 to 8.

1 to 9.1 to 4.1 to 8.1 to 3.1 to 8.Ito9.1 to 8.Ito3.1 to 8.1 to 4.1.

1 to 8.1 to 8.

1 to 9.1 to 4.1 to 8.1 to 8.



Powersgranted

Powersgranted


FLORIDA—continued

Jacksonville—Atlantic National BankBarnett National Bank.Florida National Bank.. _.

Miami—First National BankMiami Beach—Miami Beach First

National Bank.Panama City—First National Bank .Pensacola—Citizens & Peoples Na-

tional Bank.St. Augustine-

First National, Bank _St. Augustine National Barj)k

St. Petersburg-Central National Bank & Trust

Co.First National Bank _.

Tampa-Exchange National Bank

First National BankWinter Haven—Snell National Bank.

1 to 9.1 to 9.1 to 9.1 to 9.1 to 9.

4.1 to 9.

1 to 9.1 to 9.

Ito9.

1 to 4.

Ito9... 1 to 8.1 to 3, 5 to 7.

GEORGIAAthens-

Georgia National Bank 1 to 8.National Bank of Athens.... 1 to 4.

Atlanta-Atlanta and Lowry National 1 to 8.

Bank.Fourth National Bank 1 to 9.Fulton National Bank 1 to 9.

Barnesville—First National Bank 1 to 8.Brunswick—National Bank of Bruns- 1 to 9.

wick.Carrollton—First National Bank 1 to 9.Dalton—First National Bank 1 to 5.Dawson—Dawson National Bank 1 to 3, 5 to 9.Elberton—First National Bank 1 to 9.Fitzgerald—

Exchange National Bank _ 1 to 4.First National Bank 1 to 4, 6, 7.

and 9.La Grange—La Grange National 1 to 8.

Bank.Louisville—First National Bank 1 to 9.Macon—Fourth National Bank. 1 to 4.Quitman—First National Bank | 1 to 8.Winder—Winder National Bank | 1 to £

LOUISIANA


Hammond—Citizens National Bank. 1 to 9.Lake Charles—

Calcasieu National Bank of 1 to 9.Southwest Louisiana.

First National Bank 1 to 9.New Orleans—Whitney-Central Na- 1 to 9.tional Bank.

MISSISSIPPI

(See also District No. 8)I

Biloxi—First National Bank 1 to 4.Canton—First National Bank 1 to 4.Gulfport—First National Bank. 1 to 8.Hattiesburg—Commercial National 1 to 9.

Bank.Jackson—

Capital National Bank 1 to 9.First National Bank | 1 to 9.Jackson State National Bank 1 1 to 7 and 9.

Laurel—Commercial National Bank & 1 to 9.

Trust Co.First National Bank _. 1 to 9.

Meridian—First National Bank 1 to 8.


MISSISSIPPI—continued

Vicksburg—National City Savings Bank & 1 to 9.

Trust Co.National Peoples Savings Bank & 1 to 9.

Trust Co.TENNESSEE


Copperhill—First National Bank of 1 to 3, 5 to 8.Polk County.

Dickson—Citizens National Bank 1 to 8.Fayetteville—

Elk National Bank... 1 to 3 and 5.First National Bank _. 1 to 3, 5 to 9.

Gallatin—First and Peoples National 1 to 9.Bank.

Greenville-^First National Bank 1 to 9.Johnson City—Tennessee National 1 to 9.

Bank.Kingsport—First National Bank 1 to 7 and 9.Knoxville—

City National Bank 1.Union National Bank 1 to 7 and 9.

McMinnville—Peoples Na t iona l 1 to3, 5to8.Bank.

Nashville—American National Bank Ito9.Broadway National Bank 1 to 7 and 9.Fourth & First National Bank... 1 to 8.Tennessee-Hermitage National 1 to 4.

Bank.

DISTRICT NO. 7

ILLINOIS |


Amboy—First National Bank 1 to 9.Aurora—

First National Bank 1 to 9.Merchants National Bank 1 to 9.Old Second National Bank 1 to 9.

Batavia—Batavia National Bank j 1 to 9.First National Bank j 1 to 8.

Belvidere— jFirst National Bank _ 1 to 8.Second National Bank 1 to 4.

Bushnell—First National Bank 1 to 9.Cambridge—Farmers National Bank, l to 9.Canton-

Canton National Bank.. _ | 1 to 9.First National Bank 1 to 8.

Casey—First National Bank 1 to 4.Charleston—National Trust Bank- _. 1 to 9.Chicago-

Austin National Bank 1 to 9.Calumet National Bank _„ 1 to 9.First National B ank of E nglewood 1 to 4.Lawndale National Bank _._. 1 to 9.National Bank of the Republic... 1 to 9.

Chillicothe—First National Bank 1 to 9.Danville-

First National Bank . . 1 to 9.Palmer National Bank Ito9.Second National Bank 1 to 8.

Decatur—Citizens National Bank 1 to 9.Milliken National Bank _. 1 to 4.National Bank of Decatur _. 1 to 4.

Dixon—Dixon National Bank 1 to 9.Elrnhurst—First National Bank 1 to 9.El Paso—

First National Bank.. 1 to 9Woodford County National Bank 1 to 9

Evanston—City National Bank.__..._ 1 to ft


FIDUCIARY POWEKS 203



Freeport—First National Bank.Second National Bank

Galesburg—First National BankGalesburg National Bank

Henry—First National BankJoliet—

First National BankJoliet National Bank.Will County National Bank

Kankakee—City National BankKewanee—First National BankLa Salle—La Salle National BankLincoln—Lincoln National BankMacornb—Union National BankMarengo—First National BankMarseilles—First National BankMattoon—National Bank of Mattoon.Monticello—First National BankMoweaqua—First National BankOttawa—National City Bank____Peoria—

Central National BankCommercial National BankMerchants & Illinois National

Bank.Princeton—Citizens National Bank..Rockford—

Forest City National BankManufacturers National BankRockford National BankSwedish-American National BankThird National Bank

Savanna—First National BankSycamore-

Citizens National BankSycamore National Bank

Waukegan—Waukegan NationalBank.

INDIANA


Attica—Central National BankBatesville—First National BankBloomington—First National Bank..Brazil

Citizens National BankFirst National Bank. _ _ . . .Riddell National Bank .._

Brookville—Franklin County National Bank.National Brookville Bank...

Cambridge City—First National BankClay City—First National BankColumbia City—First National BankColumbus—First National BankC rawfords ville—

Citizens National BankElston National Bank.First National Bank _

Dana—First National Bank._Delphi—Citizens National BankDublin—First National BankT)yer—First National BankEdinburg—Farmers National Bank._Elkhart—First National BankElwood—First National BankFort Wayne—

First National BankLincoln National BankOld National Bank

Frankfort—American National Bank.Franklin—Franklin National Bank..Gary—National Bank of AmericaGoshen—City National Bank

Powersgranted

1 to 9.1 to 9.

1 to 9.Ito9.1 to 7.

1 to 4.Ito9.1 to 9.Ito4.1 to 9.1 to 4.1 to 9.1 to 9.Ito9.1 to 4.1 to 3.1 to 9.Ito3.Ito9.

1 to 9.Ito8.1 to 9,1 to 3, 5 to 8.

Ito9.Ito9.1 to 4.Ito9.Ito8.1 to 8.

1 to 9.1 to 9.1 to 9.

1 to 9.1 to 4.1 to 7 and 9.1 to 7.Ito4.1 to 9.

1 to 4.1 to 4.Ito8.1 to 9.1 to 9.Ito9.

Ito4.Ito8.1 to 9.Ito3.1 to 9.Ito3.1 to 4.Ito4.1 to 9.Ito8.

1 to 8.1 to 8.Ito9.1 to 8.1 to 4.1 to 9.Ito9.


INDIANA—continued

Greencastle—First National Bank....Hammond—First National BankIndiana Harbor-

Indiana Harbor National Bank ofEast Chicago.

United States National Bank,East Chicago.

Indianapolis-Fletcher American National BankIndiana National Bank of In-

dianapolis.Kokomo—

Citizens National Bank.Howard National Bank

La Fayette—First-Merchants Na-tional Bank.

La Porte—First National BankLiberty—Union County National

Bank.Linton—First National BankLogansport—


Lowell-First National Bank in Lowell...Lowell National Bank

Marion—First National BankMarion National Bank

Martinsville—First National Bank. .Michigan City—Merchants National

Bank.Mishawaka—First National Bank...Monrovia—First National BankMonterey—First National BankMontezuma—First National Bank...Montpelier—First National BankMuncie—Delaware County National

Bank.New Carlisle—First National Bank..Noblesville—First National Bank....Peru—First National BankRemington—Farmers National Bank_Richmond-

First National BankSecond National Bank

Rising Sun—The National Bank of__Rochester—First National Bank

Rockville—Rockville National Bank.Rushville—

American National BankRush County National BankRushville National Bank...

Russiaville—First National BankShelbyville—


Sheridan—Farmers National Bank...First National Bank.

South Bend-First National BankMerchants National Bank _.

Swayzee—First National BankTerre Haute—

First National BankMcKeen National Bank..Terre Haute National Bank

Thomtown—Home National Bank...Tipton—Citizens National BankWabash—Farmers & Merchants

National Bank.Whiteland—Whiteland N a t i o n a l

Bank.Whiting—First National BankWilkinson—Farmers National Bank.Winamac—First National Bank

Powersgranted

1 to 9.I to4.

1 to 9.

Ito9.

1 to 7 and 9.1 to 9.

1 to 4.1 to 9.1 to 8.

1 to 4.1 to 3.

1 to 7.

I to8.1 to 8.

1 to 7.Ito8.

Ito4.1 to 9.1 to 7.1 to 9.

1 to 4.1 to 4.1 to 3, 5 to 9.1 to 8.1 to 9.1 to 9.

1 to 3.1 to 8.1 to 9.1 to 3, 5 to 8.

1 to 9.1 to 4.1 to 9.1 to 5, 7, and

1 to 4.

1 to 9.1 to 4.1 to 4.1 to 3.

1 to 9.1 to 9.

1 to 8.1 to 4.

1 to 4.I to9.Ito9.

1 to 9.I to9.I to9.Ito8.Ito4.Ito4.

Ito4.

1 to 7.Ito3.Ito8.



Powersgranted

Powersgranted

DISTRICT NO. 7—ContinuedIOWA

Arlington—American National Bank.Aurelia—First National BankBancroft—First National BankBoone—First National Bank __.Buffalo Center—First National BankBurlington—Merchants Nat ional

Bank.Cedar Rapids-

Cedar Rapids National BankMerchants National Bank

Charles City—Commercial NationalBank.

Charter Oak—First National Bank_.Cherokee—First National BankClarence—First National Bank.__Clinton-

City National BankMerchants National Bank

Colfax—First National BankCoon Rapids—First National Bank..Council Bluffs-


Davenport—First National BankDecor ah—National Bank of Decorah.Des Moines—Des Moines National

Bank.Dubuque—

Consolidated National BankFirst National Bank

Elkader—First National BankEverly—First National BankFairfield—First National Bank....Fonda—First National BankFontanelle—First National BankFort Dodge—Fort Dodge National

Bank.Gladbrook—First National BankGraettinger—First National Bank....Greenfield—First National BankGrinnell—Citizens National BankGriswold—Griswold National Bank..Hampton—Citizens National Bank..Hawarden—First National BankHumboldt—First National BankIndependence—First National Bank.Indianola—First National BankKanawha—First National BankKeokuk—Keokuk National BankLeMars—First National BankLinn Grove—First National BankManchester—First National Bank...Marengo—First National BankMarshalltown—First National Bank.Mason City—First National BankMilford—First National BankMontezuma—First National Bank...!Muscatine—First National Bank INewell—First National Bank |New Sharon—First National Bank___!Newton—Clark National Bank. jOdebolt—First National Bank IOelwein—First National Bank._...._jOskaloosa—Oskaloosa National BankPaullina—First National Bank JPerry—Perry National BankPeterson—First National BankRed Oak—First National BankRemsen— First National BankRippey—First National Bank _Rockwell City—Rockwell City Na-

tional Bank.Royal—Citizens National BankRuthven—First National Bank.Sheffield—First National BankSibley—First National Bank...

I to3.Ito9.2,3, 5 to 7.Ito4.Ito9.Ito9.

Ito9.Ito4.Ito9.

1,2,3, and 5.Ito9.Ito4.

Ito4.1 to 5.1 to 3, 5 to 9.I to3.

Ito8.Ito9.Ito9.1 to 9.1 to 8.

Ito9.Ito9.Ito9.Ito7.Ito8.1 to 4.Ito9.Ito8.

I to3.1 to 9.1 to 5, 7 to 9.1 to 9.1 to 7 and 9.1 to 9.1,2,3,5 to 8.1 to 4.1 to 4.Ito3.Ito3.Ito9.Ito3,5to9.1 to 9.Ito4.1 to 4.I to3.1 to 9.I to3.1 to 4.Ito9.Ito9.1 to 7.Ito9.Ito4.Ito7.1 to 3.1 to 7 and 9.Ito9.1 to 4.1 to 4.Ito8.1, 2, 3,5 to 8.Ito9.

1 to 3.1 to 8.1 to 9.I to3.


IOWA—continued

Sidney—National Bank of Sidney 1 to 9.Sioux City-

First National Bank _ 1 to 9.Security National Bank 1 to 9.Sioux National Bank 1 to 9.

Sioux Rapids—First National Bank.. 1 to 3.Spencer—First National Bank 1 to 9.Stanton—First National Bank. I 1 to 4.Storm Lake—Citizens National Bank.' 1 to 9.Story City—First National Bank ; 1 to 4.Thornton—First National Bank 1 to 9.Tipton—City National Bank ; 1 to 8.Washington—Washington National I 1 to 8.

Bank. \Waterloo— j

Commercial National Bank ! 1 to 4.First National Bank _._. | 1 to 7.Leavitt & Johnson National Bank| 1 to 4.

Waverly—First National Bank | 1 to 4.Webster City— [

Farmers National Bank ; 1 to 4.The First National Bank | 1 to 9.

MICHIGAN I

(See also District No. 9) I

Ann Arbor—First National Bank | 1 to 9.Battle Creek— j

Central National Bank . . | 1 to 4.City National Bank 1 to 8.Old National Bank 1 to 9.

Bay City—First National Bank 1 to 4.Benton Harbor—

American National Bank 1 to 9.Farmers and Merchants Na- j

tional Bank. 1 to 9.Birmingham—First National B a n k . . 1 to 4.Boyne City—First National B a n k . . . 1 to 3.Detroit—National Bank of Com- 1 to 8.

merce.Flint—First National Bank 1 to 4.Grand Rapids—

Grand Rapids National Bank 1 to 9.Old National Bank _ l a n d 4.

Hillsdale—First National Bank 1 to 4.Jackson—

National Union Bank 1 to 9.Peoples National Bank 1 to 9.

Kalamazoo— First National Bank 1 to 9.L a n s i n g -

Capital National Bank 1 to 4.City National Bank 1 to 9.

Muskegon—Hackley National Bank _. 1 to 7 and 9*Union National Bank 1 to 9.

Petoskey—First National Bank 1 to 4.Pontiac—First National Bank 1 to 9.Port Huron—First National Bank in 1 to 4.

Port Huron.Rochester—First National Bank 1 to 4.Saginaw—Second National Bank 1 to 8.Traverse City—First National Bank . 1 to 3.

WISCONSIN


Antigo—First National Bank 1 to 8.Langlade National Bank 1 to 3, 5 to 8.

Appleton—Citizens National Bank... 1 to 9.Beaver Dam—Old National Bank 1 to 4.Clintonville—First National Bank... 1 to 4.Darlington—First National Bank 1 to 8.Edgerton—First National Bank | 1 to 8.




wisco NSIN—continued

Fond du Lac—Commercial National BankFirst-Fond du LucNational Bank.

Hartford—First National BankJanesville—First National BankManitowoc—First National Bank in

Manitowoc.Marinette—First National BankMilwaukee-

Marine National BankNational Bank of CommerceNational Exchange Bank

Monroe—First National BankNeenah—National Manufacturers

Bank.Oshkosh—City National BankRacine-

First National BankManufacturers National Bank.. .

Ripon—American National BankFirst National Bank

Shawano—Wisconsin National Bank.Sheboygan—Security National Bank.Sparta—Farmers National BankStevens Point—First National Bank.Viroqua—First National BankWaukesha—

National Exchange Bank __Waukesha National Bank

Wausau—American National Bank _First National Bank

West Bend—First National BankWisconsin Rapids—First National

Bank.

DISTRICT NO. 8

ARKANSAS

Batesville—First National BankBentonville—First National Bank...Corning—First National BankEl Dorado—First National BankFordyce—First National BankFort Smith-

City National Bank _First National Bank.Merchants National Bank

Hot Springs-Arkansas National Bank __C itizens National B ank

Jonesboro—First National BankLake Village—First National Bank..Little Rock-

England National BankExchange National Bank „

Marianna—Lee County NationalBank.

Mena—First National BankNewport—First National BankNorth Little Rock—First National

Bank.Paragould—First National B&nkParis—First National Bank...Pine Bluff—Simmons National Bank.Texarkana—State National Bank

ILLINOIS


Alton—Citizens National BankAnna—First National BankBelleville-

First National BankSt. Clair National Bank

Benld—First National Bank of Benld.Breese—First National BankCairo—Cairo National Bank..

Powersgranted

1 to 9.Ito8.1 to 7 and 9.1 to 4.1 to 9.

Ito9.

Ito9.1 to 9.Ito9.Ito9.1 to 3.

Ito4.

Ito9.Ito9.

Ito9.Ito9.Ito8.Ito9.Ito9.Ito8.Ito9.

1 to 4.Ito8.

Ito9.1.Ito9.Ito9.

1 to 7 and 9.Ito9.Ito9.Ito9.1 to 4.

1 to 9.1 to 9.Ito9.

Ito9.1 to 3, 5 to 9.1 to 9.1 to 9.

1 to 9.1 to 9.1 to 4.

1.1 to 8.Ito9.


Ito9.1 to 9.

Ito8.Ito9.1 to 3,5 to 8.1 to 9.Ito9.



Carlinville—Carlinville NationalBank.

Carlyle—First National BankCarmi—National Bank of CarmiEdwardsville—Edwardsville Na-

tional Bank.Highland—First National BankJacksonville—Ayers National'Bank. _Lawrenceville—First National Bank.Lebanon—First National BankMarion—First National BankMascoutah—FirsJ; National BankMetropolis—City National BankMount Carmel—American National

Bank.M ount Sterling—F ir st N ational B ank.Murphysboro—First National Bank.Nashville-

Farmers & Merchants NationalBank.

First National BankNokomis—Nokomis National Bank.O'Fallon—First National BankPittsfield—First National Bank _Quincy—Quincy-Ricker N a t i o n a l

Bank & Trust Co.Sparta—First National BankVandalia—First National Bank

INDIANA


Bedford—Bedford National BankBicknell—First National BankEvansville—

National City BankOld National Bank...

Farmersburg—First National Bank..Jeffersonville—First National Bank..Linton—First National Bank _.Mitchell—First National BankMount Vernon—Old First National

Bank.New Albany—New Albany National

Bank.Orleans—National Bank of Orleans...Poseyville—Bozeman Waters Na-

tional Bank.Princeton—

Farmers National Bank

Peoples American National Bank.Seymour-

First National BankSeymour National Bank

Sullivan—National Bank of Sullivan.Tell City—Citizens National Bank..Vevay—First National BankWadesville—The Farmers National

Bank.KENTUCKY

(•See also District No. 4)

Bowling Green—American NationalBank.

Columbia—First National BankDanville—

Citizens National BankFarmers National Bank.. .

Elizabethtown—First-Hardin Na-nonai jjanK..

Glasgow—Farmers National BankHarrodsburg—First National BankHenderson—Henderson National

Bank.Hopkinsville—First National Bank..Lawrenceburg—

Anderson National BankLawrenceburg National Bank

Powersgranted

Ito9.

Ito9.1 to 9.1,2,3,5,6,7,

and 9.Ito9.Ito4.Ito9.Ito9.1 to 9.Ito9.Ito4.1 to 9.

1 to 4.1 to 8.

1 to 9.

1 to 9.1 to 3.I to9 .Ito9.1 to 9.

1 to 3,5 to 7.Ito8.

1 to 3,5 to 9.Ito9.

1 to 9.1 to 9.1 to 6 and 8.Ito9.1 to 7.1 to 4.1 to 8.

1 to 9.

1.1, 3, 5, 6, 8,

and 9.

1,2,3,5,6, 7,and 9.

Ito8.

1 to 9. .Ito9.1 to 7 and 9.1 to 4.1 to 9.1 to 9.

1 and 4.

1 to 3,5 to 8.

1 to 9.Ito8.Ito9.

Ito4.Ito9.Ito9.

Ito9.

1 to 3,5 to 9.Ito8.Digitized for FRASER


206 ANNUAL REPORT OF THE FEDERAL BESEBVE BOAKD


KENTUCKY—continued

Lebanon-Citizens National Bank.Marion National Bank

Louisville—Citizens Union National Bank___First National BankLouisville National BankNational Bank of Kentucky

Mayfield—First National Bank.Morganfield—Morganfield National

Bank.Murray—First National BankOwensboro—First National BanKPaducah—

City National Bank..First National Bank

Princetons-Farmers National BankFirst National Bank

MISSISSIPPI

(See also District No. 6.)

Greenville—First National BankGreenwood—The First N a t i o n a l

Bank.

MISSOURI


Boonville—Boonville National Bank.Carrollton—First National BankChillicothe—First National BankColumbia—

Boone County National BankEchange National Bank ._.

Hannibal—Hannibal National Bark.Jefferson City—First National Bank.Kirksville—Citizens National Bank..Pierce City—First National Bank....Ridgeway—First National BankSt. Louis—

First National BankMerchants-Laclede N a t i o n a l

Bank.National Bank of CommerceSecurity National Bank, Savings

& Trust Co.State National Bank

Sedalia—Citizens National BankThird National Bank

Springfield—Union National Bank...Unionville—Marshall National Bank.Versailles—First National Bank __..___

TENNESSEE

(See also District No. 6.)

Memphis—Central State National BankS outhern N ational B ank.

DISTRICT NO. 9

MICHIGAN


Manistique—First National Bank__Marquette—

First National Bank. , . . .Union National Bank..

Menominee—First National Bank..Negaunee—Negaunee National Bank

Powersgranted

1 to 4.I to4 .

1 to 9.1 to 9.I to9.1 to 9.1 to 8.1 to 4.

1 to 9.1 to 9.

1 to 9.1 to 3.

1 to 9.1 to 3, 5 to 7

and 9.

1 to 4.1.

1 to 9.I to8 .I to9 .

I to4 .1 to 4.I to9 .1 to 9.1 to 8.1 to 9.1 to 9.

1 to 4.1 to 4.

1 to 9.1 to 9.

Ito9.

1 to 4.1 to 3, 5 to 7.1 to 4.1 to 3, 5 to 71 to 3.

1 to 4.1 to 9.

Ito4.



MINNESOTA

Albert Lea—First National BankAlexandria—First National Bank _ _Argyle—First National Bank

Austin-Austin National BankFirst National Bank _

Bemidji—First National BankBlooming Prairie—First National

Bank.Chatfield—First National BankDuluth—


City National BankFirst National Bank _.Minnesota National Bank.Northern National Bank

Eveleth—First National BankFairmont—Martin County National

Bank.Fairbault—Security National Bank_.-F ergus A1 ans—•

Fergus Falls National BankFirst National Bank

Hutchinson—Farmers National BankLanesboro—First National BankLittle Falls-

American National Bank.First National Bank

Minneapolis-Metropolitan National BankMidland National BankNorthwestern National Bank

Northfield—Northfield N a t i o n a lBank.

Owatonna—First National Bank.National Farmers Bank

Park Rapids—First National Bank..Red Wing-

First National BankGoodhue County National Bank

Rochester—First National BankSt. Cloud—Merchants National BankSt. Paul—Twin Cities National Bank.St. Peter—First National BankStillwater—First National BankTruman—Truman National BankVirginia—xVmerican Exchange Na-

tional Bank.Waseca—Farmers National BankWelcome—Welcome National Bank..WTindom—First National Bank.Winona—Winona National Bank

MONTANA"j j Z 11 -I « nn.Diiiings—

Midland National BankMontana National Bank

Bozeman—Commercial N a t i o n a lBank.

Dillon—First National BankGreat Falls—Great Falls National

Bank.Kalispell—First National BankMissoula—•

First National BankWestern Montana National Bank

NORTH DAKOTA

Bismarck—First National BankEllendale—First National BankFargo—

First National Bank.. . .Merchants National BankSecurity National Bank

Powersgranted

1 to 8.1 to 9.1, 2, 3, 5, 6,

7, and 9.

1 to 9.1 to 8.1 to 9.1,2, 3, and 5

I t o 5 .

1 to 8.

I to9 .1 to 8.1 to 9.1 to 9.1 to 3,5 to 9.Ito9.

1 to 9.

Ito8.1 to 9.1 to 9.1 to 3.

I to9.1, 2, 3, 5, 6,

8, and 9.

1 to 9.1 to8.4.1 to 9.

1 to 9.1 to 3, 5 to 9Ito9.

Ito9.1 to 9.1 to 9.1 to 9.1 to 9.1 to 8.1 to 9.1 to 9.1 to 3, 5 to 8

1 to 9.1 to 8.I t o 91 to 9.

1 to 9.1 to 9.1 to 4.

1 to 7 and 9Ito4.

1 to 4.

1 to 7 and 9Ito8.

1 and 9.Ito4.

Ito9.1 to 9.Ito9.



Powersgranted

Powersgranted


NORTH DAKOTA—continued

Forman—First National BankGrand Forks—First National Bank-Jamestown—James River National

Bank.Minot—

Second National BankUnion National Bank

SOUTH DAKOTA

Aberdeen—Aberdeen National Bank.Arlington—First National BankCanton—First National BankColman—First National Bank..Deadwood—'First National BankFlandreau—First National BankLead—First National BankMiller—First National BankRapid City—First National BankSioux Falls—

Minnehaha National BankSecurity National Bank

Spearfish—American National Bank.Vermilion—First National BankWatertown—First National Bank

WISCONSIN


Ashland—Ashland National Bank.Northern National Bank

Barron—First National BankChippewa Falls-

First National Bank..Lumbermens National Bank

Menomonie—First National Bank..Superior-

First National BankUnited States National Bank...

DISTRICT NO. 10

COLORADO

Akron—First National BankBoulder-

Boulder National BankCitizens National Bank

Brush—First National BankCanon City—Fremont County Na-

tional Bank.Center—First National BankColorado Springs-

Colorado Springs National BankExchange National BankFirst National Bank

Craig—Craig National BankDenver-

American National BankBroadway National BankColorado National BankDenver National BankFirst National Bank..Globe National Bank -.Stock Yards National BankUnited States National Bank

Durango—Burns National Bank.....Eagle—First National Bank of Eagle

County.Englewood—First National BankFort Collins-

First National BankFort Collins National BankPoudre Valley National Bank

Fort Morgan—First National Bank...Grand Junction—Grand Valley Na-

tional Bank.

1 to 3.1 to 9.1 to 3, 5 to 7,

and|9.

Ito9.1 to 7 and 9.

1 to 4.1 to 4.1 to 9.Ito4.1 to 9.1 to 3.Ito9.1 to 9.1 to 7 and 9.

1 to 8.Ito4.1 to 3.2 to 9.Ito9.

1 to 9.1 to 7 and 9.Ito3.

Ito9.1 to 9.Ito9.

1 to 7.1 to 9.

1 to 4.Ito4.1 to 7.1 to 3, 5 to 8.1 to 4.

1 to 4.

Ito9.1 to 9.1 to 9.1 to 9.

Ito7.1 to 9.1 to 9.1 to 9.Ito9.1 to 8.1 to 9.1 to 9.Ito7.Ito4.

Ito4.

Ito4.Ito9.1 to 7 and 9.1 to 4.1 to 9.


COLORADO—continued

Greeley—First National BankGreeley National BankUnion National Bank

Gunnison—First National BankHugo—First National BankIdaho Springs—First National Bank.Lamar—Lamar National BankLas Animas—First National Bank...Longmont—American National BankLoveland—

First National Bank

Loveland National BankMancos—First National BankMontrose—Montrose National Bank.Ordway—First National BankSterling—Logan County National

Bank.Trinidad-

First National BankTrinidad National Bank

Walsenburg—First National Bank...

KANSAS

Anthony—First National BankAtchison—City National Bank ....Coffeyville—

Condon National BankFirst National Bank

Emporia—Citizens National BankCommercial National Bank &

Trust Co.Fort Scott—Citizens National Bank.Goodland—Farmers National Bank.Great Bend—First National BankHorton—First National BankHutchinson—First National BankIndependence—Commercial National

Bank.Jewel City—First National BankKansas City—Peoples National BankLawrence—

•Lawrence National BankMerchants National Bank.,Watkins National Bank

Luray—First National Bank..Ottawa—Peoples National BankPaola—Miami County Nat ional

Bank.Pittsburg—National Bank of Com-

merce.Pratt—First National BankSabetha—National Bank of Sabetha.Salina—

Farmers National BankNational Bank of America

Topeka—Farmers National BankTroy—First National Bank.Wellington—First National BankWichita-

First National Bank.Fourth National Bank

Winfield—First National Bank

MISSOURI


Cameron—First National BankCarthage—Central National BankJoplin—Jqplin National BankKansas City—

Columbia National BankDrovers National Bank..Fidelity National Bank & Trust

Co.

1 to 9.Ito9.Ito4.1 to 9.I to3.1 to 4.Ito9.1 to 9.Ito9.

1 to 4,6, and7.

1 to 7.Ito9.1 to 9.Trustee.Ito9.

Ito3.Ito9.ltoQ.

Ito4.1 to 9.

1 to 3,5 to 9.1 to 3 and 5.

1 to 9.1 to 9.

1 to 7 and 9.Ito4.1 to 9.Ito4.1 to 4.Ito9.

1 to 3.1 to 9.

1 to 8.Ito8.1 to 9.1 to 3.1 to 4.1 to 9.

1 to 9.

1 to 9.Ito4.

Ito4.1 to 9.1 to 4.Ito3.Ito9.

1 to 9.Ito9.Ito9.

I to3.Ito3.1 to 9.

1 to 4 and 9.Ito4.Ito9.


208 ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD


MISSOURI—continued

Kansas City—Continued.First National Bank ._Gate City National BankInterstate National Bank __Liberty National BankNew England National Bank

Maryville—First National BankNeosho—First National BankSt. Joseph-

American National BankBurns National Bank..Tootle-Lacey National Bank

NEBRASKA

Belden—First National BankButte—First National BankColumbus—First National BankDecatur—First National BankEmerson—First National BankLincoln—Lincoln State N a t i o n a l

Bank.Lyons—First National BankMadison—Madison National Bank__Nebraska City—Nebraska City Na-

tional BankNorfolk—Norfolk National BankOmaha—

First National Bank.Merchants National BankOmaha National BankUnited States National Bank

Ord—First National BankPender—First National Bank.Randolph—First National BankSouth Omaha—Stock Yards National

BankUtica—First National Bank

NEW MEXICO


Gallup—First National Bank in Gal-lup.

Las Vegas—First National BankRaton-

First National Bank . . -National Bank of New Mexico._.

Santa Fe—First National Bank

OKLAHOMA


Barfclesville—First National BankUnion National Bank _.

Cleveland—First National BankE n i d -

American National BankEnid National Bank

Guthrie—First National BankHominy—

First National Bank _National Bank of Commerce

Hooker—First National BankLawton—City National Bank _..

McAlester—American National BankFirst National Bank

Miami—Ottawa County NationalBank.

Muskogee—First National BankOklahoma C i ty -

American National Bank

Farmers National Bank. _First National BankLiberty National Bank

Powersgranted

I to9 .1 to 9.1 to 9.1 to 7 and 9.1 to 9.1 too.1 to 9. "

1 to 4.I to4 .I to8 .

1 to 3, 5 to 9.1 to 3.1 to 9.1 to 3.1 to 8.1 to 9.

1 to 3.1 to 7 and 9.I to9 .

1 to 3.

1 to 4.I to4.1 to 9.4.1 to 4.1, and 3 to 7.1 to 9.4.

2 and 3.

2 and 3.

1 to 9.

1 to 7 and 9.2 and 3.1 to 9.

1 to 8.4.1 to 9.

1 to 9.11 to 8.

1 to 3, 5 to 9.1 to 9.1 to 3 and 5.1 to 3, 5 to 7,

and 9.

1.1 to 3, 5 to 7.1 to 9.

1 to 9.

1 to 3, 5, 7 to

1 to 4.1 to 9.1 to 9.


OKLAHOMA—continued

Oklahoma City—Continued.Security National Bank - .Tradesmens National Bank

Pond Creek—First National Bank...Sallisaw—First National BankShawnee—Shawnee National Bank__Tulsa—

Central National BankExchange National BankFirst National Bank

Woodward—First National Bank

WYOMING

Buffalo—First National BankCasper-

Casper National Bank.. _Citizens National BankWyoming National Bank

Cheyenne-American National Bank..First National Bank .Stock Growers National Bank _.

Cody—Shoshone National BankEvanston—First National BankKemmerer—First National BankLaramie—First National BankPowell—First National BankRawlins—

First National BankRawlins National Bank

Rock Springs-First National BankRock Springs National Bank

Sheridan—First National BankSheridan National Bank

Thermopolis—First National Bank__

DISTRICT NO. 11

ARIZONA


Nogales—First National Bank. Tucson-

Arizona National BankConsolidated National Bank

LOUISIANA


Shreveport—Commercial National BankFirst National Bank

NEW MEXICO


Albuquerque—First National Bank..Silver City—American National Bank

TEXAS

Abilene—Citizens National BankAmarillo—First National BankAustin—American National Bank._ _Beaumont—

First National BankTexas National Bank

Bonham—First National BankBrenham—First National BankBrownsville—Merchants National

"Rant-Brownwood—Citizens National BankCameron—Citizens National Bank...

1 Clarksville—First National Bank

Powersgranted

1 to 8.1 to 7 and 9.1 to 4.Ito3,5to7.1 to 9.

1 to 9.1 and 4.1, 2, and 4.2 and 3.

1 to 4.

1 to 4.1 to 7.1 to 4.

1 to 9.I to9 .1 to 9.1 and 4.1 to 3.1 to 4.1 to 3.1 to 8.

1 to 9.I t o 3 .

1 to 8.1 to 9.

I to9 .1 to 3, 5 to 91 to 9.

I t o8 .

I to9 .1 to 4.

1 to 4.I to4 .

1 to 7 and 92 and 3.

1 and 2.1 to 4.1 to 3.

1 to 4.1 to 9.1 to 3.1 to 7 and 91.

1 to 9.1 to 9.1 to 3, 5 to 8




TEXAS—continued

Colorado-City National BankColorado National Bank

Corpus Christi—Corpus Christi Na-tional Bank.

Corsicana—Corsicana National Bank.Dal las-


City National BankDallas National BankNational Bank of CommerceRepublic National Bank

Denison—State National BankEl Paso—

First National BankState National Bank

Fort Worth—Farmers & Mechanics National

Bank.First National BankFort Worth National BankStockyards National Bank

Galveston—First National Bank ._South Texas National BankUnited State National Bank

Granger—First National BankGreenville—Greenville National Ex-

change Bank.Haskell—Haskell National B ankHous ton-

National Bank of CommerceSecond National BankSouth Texas Commercial Bank. .State National BankUnion National Bank

Italy—First National BankLongview—First National Bank

McKinney—First National BankMarshal l-

First National Bank_.__Marshall National Bank

Orange—First National BankOrange National Bank

Palestine—Royal National BankPort Arthur—First National Bank_._San Angelo—

Central National BankFirst National BankSan xVngelo National Bank _

San Antonio—Alamo National BankFrost National BankLockwood National BankNational Bank of Commerce

Sealy—Sealy National BankSherman-

Commercial National BankMerchants & Planters National

Bank.Stanton—First National BankTexarkana—Texarkana National

Bank.Troup—First National BankTyler—Citizens National BankVictoria—Victoria National BankWaco—First National BankWaxahachie—Citizens National BankWichita Fa l l s -


Powersgranted

Ito4.1 to 3, 5 to 7.

1 to 7.

1 to 4.

1 to 9.1 to 9.1 to 9.1 to 4.1 to 9.1 to 9.1 to 7 and 9.1 to 9.

2 to 9.

1, 2, and 4.1 to 4.1 to 4.

I t o 9 .1, 2, and 3.1 to 9.1 and 2.1 to 4.

lto 3, 5 to 8.

1 to 7 and 9.1 to 7 and 91 to 9.1 to 9.1 to 9.l t o 9.1 to 3,

and 8.1 to 4.

l t o 3.1 to 4.

l t o 9.1 to 9.1 to 4.1 to 4.

1 to 4.l t o 9.l t o 3.

l t o 9.1 to 9.l t o 9.l t o 9.l t o 4.

1 to 3, 5 to 8.l t o 9.

l t o 3.l t o 9.

1.l t o 3.l t o 4.1 to 9.l t o 9.

l t o 9.l t o 9.

DISTRICT NO. 12

ALASKA

Fairbanks—First National Bank

ARIZONA

Winslow—First National Bank

CALIFORNIA

Anaheim—First National BankCalexico—First National BankChico—First National BankFullerton—Farmers & Merchants

National Bank.Long Beach-

California National BankFirst National Bank

Los Angeles—Commercial National BankContinental National BankFarmers & Merchants National

Bank.Pacific National Bank

MountainView—First National BankOakland—Central National BankOrland—First National BankPleasanton—First National BankRedwood City—First National Bank

of Mateo County.Sacramento-

Capital National BankNational Bank of D. O. Mills &

Co..San Francisco-

Anglo & London Paris NationalBank.

Bank of California, N. ACrocker National BankPacific National Bank

Santa Ana—First National BankSanta Barbara-

County National Bank & TrustCo.

First National BankStockton—First National Bank

IDAHOBoise-

Boise City National BankFirst National Bank of IdahoPacific National Bank

Hagerman—First National BankHailey—Hailey National BankLewiston—Lewiston National Bank.Moscow—First National BankPayette—First National Bank

NEVADA

Reno—Farmers & Merchants Na-tional Bank.

Tonopah—Nevada First NationalBank.

OREGON

Ashland—First National BankCorvallis—First National BankEugene—First National BankGrants Pass—First National Bank of

Southern Oregon.Harrisburg—First National BankJunction City—First National Bank.

Powersgranted

l t o 9.

1 to 9.4.1 to 8.4.

1 to 9.l t o 9.

l t o 9.4.1 to 9.

1 to 9.4.1 to 9.4.4.1 to 3, 5, 7

to 9.

1 to 9.1 to 7 and 9.

1 to 9.

l t o 9.l t o 9.l t o 8.l t o 9.

l t o 9.

l t o 9.l t o 3, 5 to 7.

l t o 9.1 to 5.l t o 9.1.1 to 3.l t o 9.l t o 4.l t o 9.

1 and 4.

1 to 9.l t o 9.l t o 4.1, 2, 3, 5, 6,

7, and 9.l t o 3.1, 2, 3, 5, Qr

7, and 9.


210 ANNUAL. REPORT OF THE <3?EDERAL EESERVE BOARD


OREGON—continued

McMinnville—United States Na-tional Bank.

Marshfield—First National Bank ofCoos Bay.

Medford—Medford National Bank...Milton—First National Bank.Ontario—First National Bank

American National BankFirst National Bank

Portland-First National Bank..Peninsula National BankUnited States National BankWest Coast National Bank

Salem—First National Bank in SalemUTAH

Salt Lake City-Continental National Bank......Deseret National Bank _

WASHINGTON

Bellingham—American National BankBellingham National BankFirst National Bank

Colfax—Farmers National Bank .Ellensburg—Washington National

Bank.Everett-

First National BankSecurity National Bank.

Hoquiam—First National BankFirst National BankSkagit National Bank

Powersgranted

Ito9.

1 to 9.

Ito9.1 to 4.2 and 3.1 to 4.1 to 4.

Ito4.1 to 9.Ito9.Ito9.Ito9.

1 to 4.Ito4.

1 to 3 and 9.1 to 4.1 to 5 and 9.1 to 4.I to3.

Ito9.1 to 9.Ito9.Ito3.1 to 4.


WASHINGTON—continued

Okanogan—First National BankOlympia—Olympia National Bank__Oroville—First National BankPasco—First National BankPort Angeles—First National Bank..Pullman—First National BankRosalia—Whitman County NationalSeattle-

Dexter Horton National Bank__.First National BankMarine National BankMetropolitan National BankNational Bank of CommerceNational City BankSeattle National BankUniversity National Bank

Exchange National BankFidelitv National BankOld National BankNational Bank of TacomaPuget Sound National Bank

Toppenish—First National Bank __.Vancouver—Vancouver National

Bank.Walla Walla—

Baker-Boyer National BankFirst National BankThird National Bank

Wenatchee—First National BankYakima—Yakima National Bank

HAWAHAN ISLANDS

Honolulu—PMrst National Bank ofHawaii.

Powersgranted

Ito9.I to9.1 to 9.Ito9.1 to 9.1 to 7.Ito9.

I to9.I to9.Ito9.1 to 7 and 9.1 to 9.Ito9.1 to 4, 6, and1 to9.

I to9.1 to 9.1 to 9.1 to 9.Ito9.1 to 9.1 to 4.

1 to 9.1 to 9.1, 3, and 4.1 to 9.I to9.

Ito8.


ACCEPTANCES TO 100 PER CENT

The following banks have been granted authority by the FederalReserve Board to accept drafts and bills of exchange up to 100 percent of their capital stock and surplus:

DISTRICT NO. 1

Connecticut:Hartford-

Hartford Aetna National Bank.Phoenix National Bank.

New Haven—First National Bank.Norwich—Thames National Bank.

Maine:Portland-

Canal National Bank.Portland National Bank.

Massachusetts:Boston—

American Trust Co.Atlantic National Bank.Beacon Trust Co.Citizens National Bank.First National Bank.Merchants National Bank.National Shawmut Bank.National Union Bank.Old Colony Trust Co.

Massachusetts—Continued.B oston—Continued.

Second National Bank.State Street Trust Co.Webster & Atlas National Bank.

Dedham—Dedham National Bank.Fall River—Massasoit-Pocasset National Bank.Fitchburg—Safety Fund National Bank.New Bedford-

First National Bank.Safe Deposit National Bank.

Springfield—Springfield National Bank.Worcester—Merchants National Bank.

Rhode Island:Providence—

Blackstone Canal National Bank.Industrial Trust Co.Merchants National Bank.National Bank of Commerce.Providence National Bank.

DISTRICT NO. 2

Connecticut:Bridgeport-

City National Bank.First National Bank.

New Jersey:Hoboken—First National Bank.Newark—National Newark & Essex Banking

Co.New Brunswick—National Bank of New Jer-

sey.Paterson—

Hamilton Trust Co.Paterson National Bank.

New York:Buffalo-

Manufacturers & Traders National Bank.New York C i ty -

American Exchange National Bank.Bank of America.Bank of Manhattan Co. (Manhattan Co.).Bank of New York & Trust Co.Bankers Trust Co.Central Union Trust Co.Chase National Bank.Chemical National Bank.

New York—Continued.New York City—Continued.

Corn Exchange Bank.Equitable Trust Co.Farmers Loan & Trust Co.Fifth Avenue Bank.Fifth National Bank.First National Bank.Garfield National Bank.Grace National Bank.Guaranty Trust Co.Harriman National Bank.Irving Bank-Columbia Trust Co.Mechanics & Metals National Bank.National Bank of Commerce.National City Bank.National Park Bank.New Netherland Bank.New York Trust Co.Pacific Bank.Seaboard National Bank.U. S. Mortgage & Trust Co.

Utica—First National Bank & Trust Co.Utica Trust & Deposit Co.

DISTRICT NO. 3

Pennsylvania:Philadelphia-

Corn Exchange National Bank.First National Bank.Fourth Street National Bank.Girard National Bank.

Pennsylvania—Continued.Philadelphia—Continued.

Market Street National Bank.Philadelphia National Bank.Tradesmen's National Bank.

DISTRICT NO. 4

Kentucky:Lexington—Phoenix National Bank & Trust

Co.Ohio:

Cincinnati—Fifth-Third National Bank.Union Trust Co.

Cleveland-Brotherhood of Locomotive Engineers

Cooperative National Bank.Central National Bank, Savings & Trust

Co.Cleveland Trust Co.Guardian Savings & Trust Co.Union Trust Co.

Columbus—City National Bank.

Ohio—Continued.Columbus—Continued.

Ohio National Bank.Toledo—Commerce Guardian Trust & Savings

Bank.Pennsylvania:

Braddock—First National Bank.Greensburg—First National Bank.Pittsburgh-

Bank of Pittsburgh, N. A.First National Bank.Mellon National Bank.Pittsburgh Trust Co.Union National BankUnion Trust Co.

West Virginia:Wheeling—Wheeling Bank & Trust Co.

211Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

212 ANNUAL. REPORT OF THE FEDERAL RESERVE BOARD

DISTRICT NO. 5

Maryland:Baltimore—

Atlantic Exchange Bank & Trust Co.Baltimore Commercial Bank.Baltimore Trust Co.Citizens National Bank.Drovers & Mechanics National Bank.Farmers & Merchants National Bank.Maryland Trust Co.Merchants National Bank.National Bank of Baltimore.National Marine Bank.National Union Bank of Maryland.Western National Bank.

North Carolina:Wilmington—Murchison National Bank.

South Carolina:Charleston—

Bank of Charleston, N. B. A.Peoples National Bank.

South Carolina—Continued.Orangeburg-^-Edisto National Bank.Rock Hill—Peoples National Bank.

Virginia:Danville—First National Bank.Hampton—Merchants National Bank,Norfolk-

Citizens Bank.National Bank of Commerce.Norfolk National Bank.Seaboard National Bank.Virginia National Bank.

Richmond-American National Bank.Bank of Commerce & Trusts.Central National Bank.First National Bank.Merchants National Bank.Planters National Bank.

DISTRICT NO. 6Alabama:

Albany—Central National Bank.Decatur—City National Bank.Huntsville—Henderson National Bank.Mobile—Merchants Bank.Montgomery—First National Bank.Troy—Farmers & Merchants National Bank.

Florida:Jacksonville—Atlantic National Bank.Pensacola—Citizens & Peoples National Bank.

Georgia:Albany—Albany Exchange National Bank.Atlanta-

Atlanta National Bank.Fourth National Bank.

Macon—Fourth National Bank.Macon National Bank.

Savannah-Citizens & Southern Bank.Citizens Trust Co.Savannah Bank & Trust Co.

Valdosta—First National Bank.

Louisiana:Jennings—Jennings National Bank.New Orleans—

American Bank & Trust Co.Canal Commercial Trust & Savings Bank.Hibernia Bank & Trust Co.Interstate Trust & Banking Co.Marine Bank & Trust Co.New Orleans Bank & Trust Co.Whitney-Central National Bank.

New Roads—The Pointe Coupee Trust & Sav-ings Bank.

Mississippi:Vicksburg—Merchants National Bank.

Tennessee:Chattanooga—

First National Bank.Hamilton National Bank.

Clarksville—First National Bank.

DISTRICT NO. 7Illinois:

Chicago—Chicago Trust Co.Continental & Commercial National Bank.Drovers National Bank.First National Bank.Foreman National Bank.Harris Trust & Savings Bank.Illinois Merchants Trust Co.National Bank of the Republic.National City Bank.Union Trust Co.

Illinois—Continues.Peoria—Merchants & Illinois National Bank.

Indiana:Brazil—The Riddell National Bank.Indianapolis—Fletcher-American N a t i o n a l

Bank.Michigan:

Detroit-First National Bank.National Bank of Commerce.

Wisconsin:Milwaukee—First Wisconsin National Bank.

DISTRICT NO. 8

Arkansas:Pine Bluff—Peoples Savings Bank & Trust Co.

Mississippi:Ittabena—First National Bank.

Missouri:St. Louis-

First National Bank in St. Louis.Liberty Central Trust Co.Mercantile Trust Co.

M issouri— C ontinued.St. Louis—Continued.

Merchants-Laclede National Bank.Mississippi Valley Trust Co.National Bank of Commerce.

Tennessee:Memphis—

Central-State National Bank.Union & Planters Bank & Trust Co.

DISTRICT NO. 9

Minnesota:Minneapolis-

First National Bank in Minneapolis.Northwestern National Bank.

M innesota— C ontinued.St. Paul-

First National Bank.


ACCEPTANCES TO 100 PER CENT 213

DISTRICT NO. 10

Colorado:Denver—Denver National Bank.

Kansas:Hutchinson—First National Bank.Lawrence—Lawrence National Bank.

Missouri:Kansas City-

Commerce Trust Co.

Missouri—Continued.Kansas City—Continued.

Fidelity National Bank & Trust Co.First National Bank.

St. Joseph—First National Bank.Oklahoma:

Enid—Enid National Bank.Oklahoma City—Security National Bank.

DISTRICT NO. 11

Arizona:Nogales—First National Bank.

Texas:Austin—American National Bank.Brownwood—First National Bank in Brown-

wood.Corpus Christi—State National Bank.Dallas-

American Exchange National Bank.City National Bank.Dallas National Bank.Republic National Bank.The Southwest National Bank.

Eagle Pass—First National Bank.El Paso—First National Bank.Fort Worth-

Farmers & Mechanics National Bank.Fort Worth National Bank.Stockyards National Bank.

Gainesville—First National Bank.

Texas—C ontinued.Galveston—South Texas National Bank.Hillsboro—Citizens National Bank.Honey Grove—State National Bank.Houston-

First National Bank.Houston National Bank.National Bank of Commerce.Second National Bank.South Texas Commercial National Bank.Union National Bank.

Navasota—First National Bank.Paris—Lamar State Bank & Trust Co.San Angelo—First National Bank.Sherman—Commercial National Bank.Terrell-

American National Bank.First National Bank.

Waco—First National Bank.Waxahachie—Waxahachie National Bank.

DISTRICT NO. 12California:

Los Angeles-First National Bank.Merchants National Bank.

San Francisco-American Bank.Anglo & London-Paris National Bank.Bank of California, N. A.Crocker National Bank.First National Bank.Mercantile Trust Co.Wells Fargo Bank & Union Trust Co.

Santa Barbara—First National Bank.Oregon:

Portland-First National Bank.

Oregon—Continued.Portland—Continued.

Ladd & Tilton Bank.Northwestern National Bank.United States National Bank.

Washington:Seattle-

Dexter Horton National Bank.First National Bank.National Bank of Commerce.Seattle National Bank.

Spokane—Exchange National Bank.Old National Bank.Spokane & Eastern Trust Co.

Tacoma—National Bank of Tacoma.


PERSONNEL AND SALARIES

SALARIES OF OFFICERS AND EMPLOYEES OF THE FEDERAL RESERVEBOARD AS OF DECEMBER 31, 1924

OFFICE OF SECRETARY

Walter L. Eddy, secretary $10, 000. 00J. C. Noell, assistant secretary 5, 400. 00Staff:

1 at $4,500 4, 500. 001 at $4,000 4, 000. 001 at $3,600 3, 600. 001 at $3,200 3, 200. 002 at $3,000 6, 000. 001 at $2,700 2, 700. 001-at $2,650 2, 650. 001 at $2,400 2, 400. 001 at $2,200 2, 200. 001 at $2,150 2, 150. 001 at $2,000 2, 000. 001 at $1,905 1, 905. 008 at $1,800 14, 400. 007 at $1,600 1 11, 200. 001 at $1,500 1, 500. 001 at $1,400 1, 400. 001 at $900 900. 001 at $820 820. 001 at $660 660. 00

$83, 585. 00

OFFICE OF GENERAL COUNSEL

Walter Wyatt, general counsel $9, 000. 00Edgar W. Freeman, assistant counsel- 6, 000. 00George B. Vest, assistant counsel 4, 000. 00Staff:

1 at $2,200 2, 200. 001 at $2,000 2, 000. 001 at $1,800 1, 800. 001 at $1,600 1, 600. 001 at $1,500 1, 500. 00

28, 100. 00OFFICE OF FISCAL AGENT

William M. Imlay, fiscal agent $4, 500. 00Oliver E. Foulk, deputy fiscal agent 3, 900. 00Staff:

1 at $2,000 2, 000. 001 at $1,660 1, 660. 00

12, 060. 00

OFFICES OF MEMBERS OF THE BOARD

Staff:2 at $3,000 $6, 000. 001 at $2,900 2, 900. 001 at $2,850 2, 850. 001 at $2,700 2, 700. 001 at $2,600 -__- 2, 600. 001 at $2,500- -__- 2,500.001 at $2,000 2, 000. 002 at $1,800 3, 600. 001 at $1,600 1, 600. 00

26, 750. 00

214


PERSONNEL, AND SALARIES 2 1 5

DIVISION OF BANK OPERATIONS

Edward L. Smead, chief of division $7, 000. 00John R. Van Fossen, assistant chief 4, 500. 00Staff:

1 at $3,500 3, 500. 002 at $2,700 5, 400. 001 at $2,400 2, 400. 002 at $2,200 4, 400. 002 at $2,100 4, 200. 001 at $2,000 2, 000. 001 at $1,905 1, 905. 002 at $1,700 3, 400. 005 at $1,600 8, 000. 004 at $1,500 6, 000. 001 at $1,400 1, 400. 001 at $1,380 1, 380. 001 at $1,300 1, 300. 00

$56, 785. 00DIVISION OF EXAMINATION

James F. Herson, chief of division and chief Federalreserve examiner $12, 000. 00

Examiners:James Buchanan 8, 000. 00W. J. Donald 7,000. 00Ralph M. Chapman 5, 000. 00P. A. Gordon 5, 000. 00Frank J. Drinnen 5, 000. 00

Assistant examiners:2 at $4,200 8, 400. 001 at $4,000 4, 000. 002 at $3,900 7, 800. 002 at $3,300 6, 600. 003 at $3,200 9, 600. 003 at $3,000 9, 000. 003 at $2,400 7, 200. 00

Office staff:1 at $2,200 2, 200. 001 at $2,100 2, 100. 001 at $1,920 1, 920. 001 at $1,500 1, 500. 00

102, 320. 00

DIVISION OF RESEARCH AND STATISTICS

Walter W. Stewart, director of division $10, 000. 00E. A. Goldenweiser, assistant director 6, 000. 00Staff:

1 at $5,000 5, 000. 001 at $4,000 4,000. 001 at $3,600 3, 600. 001 at $3,000__ 3, 000. 001 at $2,900 2, 900. 001 at $2,700 2, 700. 003 at $2,500 7, 500. 001 at $2,400 2, 400. 002 at $2,000 4, 000. 004 at $1,800 7,200. 001 at $1,700 1, 700. 003 at $1,680 5, 040. 003 at $1,600 4, 800. 003 at $1,500 4, 500. 001 at $1,440 1,440. 001 at $1,300 1, 300. 002 at $1,200 2,400. 001 at $900 900. 00

80, 380. 0036569—25t 15Digitized for FRASER



DIVISION OF FEDERAL RESERVE ISSUE AND REDEMPTION

L. G, Copeland, chief of division $4, 100. 00W. J. Tucker, assistant chief __ __ 2, 760. 00Staff:

1 at $2,280 2, 280. 001 at $1,920 1, 920. 001 at $1,860 ___ _ 1,860.001 at $1,800 1,800.002 at $1,620 3, 240. 009 at $1,500 _ _ _ 13,500.006 at $1,440 8,640.004 at $1,380 5, 520. 002 at $1,320 2, 640. 002 at $1,200 2, 400. 001 at $1,080 1,080.002 at $1,020 __ 2,040.00

EMPLOYEES DETAILED$53, 780. 00

Redemption Division, Office of the Comptroller of theCurrency:

4 at $1,4401 at $1,3001 at $1,2507 at $1,200. _ __ _1 at $1,0801 at $1,000.

2 at $2401 at $375.60

T o t a l . . _ ___ _

MESSENGERS

CHARWOMEN

$5

1811

760. 00300. 00250. 00400 00080. 00000. 00

$480. 00375. 60

18, 790. 00

855. 60

465, 445. 60

SALARIES OF OFFICERS AND EMPLOYEES OF FEDERAL RESERVEBANKS AS OF DECEMBER 31, 1924 AND 1923

(Exclusive of temporary employees.)

ALL FEDERAL RESERVE BANKS AND BRANCHES COMBINED

Officers and employees

Number Annual salaries

1924 1923 1924 1923

Officers:Chairman and Federal reserve agentGovernorOther officers

Employees by departments:Banking departmentFederal reserve agen t 's departmentAuditing department__Fiscal agency department

TotalFiscal agency department officers and employees whose

salaries are reimbursed by the Treasury Department:OfficersEmployees

Other employees whose salaries are reimbursed to bank

Grand total. _

1212

293. 62

9,218311260.5

1212

309. 23

9, 904.17344315526. 76

10, 506. 95

1.3878.17

174. 50

11, 423.16

2.77429. 74140. 33

10, 761 11,996

$232,000313, 000

1, 987,180

12, 969, 257706, 724540, 722695,038

17, 443,921

5,500142, 530187, 372

17,779,323

$229,000309,000

2,005,196

13, 459, 381743, 574609,876866, 719

18, 222, 746

14,374721, 767143,981

19,102,868


PERSONNEL, AND SALARIES 2 1 7

FEDERAL RESERVE BANE OF BOSTON (INCLUDING HABANA AGENCY)


Officers:Chairman and Federal reserve agent.Governor.- __.Other officers

Employees by departments:Banking departmentFederal reserve agent's department._Auditing departmentFiscal agency department

TotalFiscal agency department employees whose salaries are

reimbursed by the Treasury Department-.

Grand total.

Number

1924

11

11

612328

29

694

4

698

1923

I13

639311641

742

17

759

A n n u a l salaries

1924

$18,00025,00077, 040

828,15070,44017,04053, 280

1, 088, 950

6, 300

1, 095, 250

1923

$18,00025,00099,040

838,11065,44032, 22067,144

1,144,954

25, 680

1,170, 634

F E D E R A L R E S E R V E BANK O F N E W Y O R K ( I N C L U D I N G BUFFALO B R A N C H )

Officers:Chairman and Federal reserve agent.GovernorOther officers

Employees by departments:Banking departmentFederal reserve agent's department __Auditing departmentFiscal agency department

Total _Fiscal agency department employees whose salaries are

reimbursed by the Treasury DepartmentOther employees whose salaries are reimbursed to bank.

Grand total i _

II35 i

2,591

755

2,653

11

38

$30,000 |50,000

392,100 I

$30, 00050, 000

409, 500

2,327 2,352.5 3,353,051 j 3,374,42365 ! 69 148,460 , 150,35064 72 ! 147,010 159,040

140 | 186,940 ! 261,110

2,673.5 4,307,561 j 4,434,423

43 15,770 ! 89,92021. 5 57, 380 j 23, 590

2,738 4, 380, 711 4, 547, 933

FEDERAL RESERVE BANK OF PHILADELPHIA

Officers:Chairman and Federal reserve agent _GovernorOther officers

Employees by departments:Banking departmentFederal reserve agent's department. _Auditing departmentFiscal agency department

Total jFiscal agency department employees whose salaries are I

reimbursed by the Treasury Department |

Grand total.

11

11

663453227

780

4

784

11

12

683543236

819

17

$15, 00025, 00093, 000

882,94090, 47864, 43038, 800

1, 209,648

8,480

1, 218,128

$15, 00025, 00095, 300

900, 825110,144

62, 55049, 910

1,258, 729

31, 520

1, 290, 249

FEDERAL RESERVE BANK OF CLEVELAND (INCLUDING CINCINNATI AND PITTSBURGHBRANCHES)

Officers:Chairman and Federal reserve agent.Governor _.Other officers

Employees by departments:Banking departmentFederal reserve agent's department...Auditing departmentFiscal agency department


reimbursed by the Treasury DepartmentOther employees whose salaries are reimbursed to bank..

Grand total

11

25

823222628

926

23

956

89728

1,033

7228

1,133

$25, 00030,000

176, 980

1,177, 26153,91461,45252,188

1, 576, 795

13, 800 !28,277 j

$25, 00030, 000

170, 270

1,193, 58264,50064, 89678, 516

1, 626, 764

123, 91830,338

1,618,872 1,781,020


2 1 8 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

FEDERAL RESERVE BANK OF RICHMOND (INCLUDING BALTIMORE BRANCH)


Officers:Chairman and Federal reserve agent_GovernorOther officers

Employees by departments:B anking departmentFederal reserve agent's department. _.Auditing departmentFiscal agency department



Grand total .

Number

11

19

578111816

1923

11

23

624141816

644 ;

11 ! 34

738

Annual salaries

1924

$15, 00020,000

125, 500

701, 38024, 68033, 72022, 020

$15, 00018,000

134, 700

726, 25028, 56033, 27018,150

942, 300

16, 6505, 460 j

973, 930

49, 3703,840

964, 410 1, 027,140

FEDERAL RESERVE BANK OF ATLANTA (INCLUDING BIRMINGHAM, JACKSONVILLENASHVILLE, AND NEW ORLEANS BRANCHES AND HABANA AND SAVANNAH AGENCIES)

Officers:Chairman and Federal reserve agent_GovernorOther officers.

Employees by departments:Banking departmentFederal reserve agent's department-.Auditing departmentFiscal agency department



Grand total

11

32

3291113.511.33

398. 83

3.675.5

408

11

31

3699

1719

447

25

472

$15,00020,000170,120

400, 69025,10025,50019, 700

676,110

5, 2208,100

689, 430

$12,00018,000

159, 300

421, 50019, 58029,04026,080

685, 500

37,980

723,480

FEDERAL RESERVE BANK OF CHICAGO (INCLUDING DETROIT BRANCH)

Officers:Chairman and Federal reserve agent.Govern orOther officers

Employees by departments:Banking departmentFederal reserve agent's department...Auditing departmentFiscal agency department

I11

39

1,230502759

Total | 1,407Fiscal agency department employees whose salaries are |

reimbursed by the Treasury Department i 5Other employees whose salaries are reimbursed to bankJ 31

Grand total ___j 1,443

11

41

1,464613855

1,661

5015

1, 726

$24,00035,000

286, 600

1, 806, 351113, 07058, 780

103, 960

2,427, 761

10, 52034, 380

2, 472, t

$24,00035,000

276, 650

2,018,430122, 9870, 86088, 660

2, 636, 580

93, 58013,200

2, 743, 360


PERSONNEL AND SALARIES 219

FEDERAL RESERVE BANK OF ST. LOUIS (INCLUDING LOUISVILLE, MEMPHIS AND LITTLEROCK BRANCHES)


Officers:Chairman and Federal reserve agentGovernorOther officers..

Employees by departments:Banking departmentFederal reserve agent's departmentAuditing departmentFiscal agency department


reimbursed by the Treasury Department

Grand total

Number

1924

572

578

1923

11

26

543131336

633

22

655

Annual salaries

1924

$18,00025,000

133,520

659,30028, 06021,78048, 760

934, 420

11,260

945, 680

1923

$18,00025, 000

133, 540

708,95629,70017,94052, 580

985,716

36, 720

1,022,436

FEDERAL RESERVE BANK OF MINNEAPOLIS (INCLUDING HELENA BRANCH)


Employees by departments:Banking departmentFederal reserve agent's departmentAuditing departmentFiscal agency department _.


salaries are reimbursed by the Treasury Department:OfficersEmployees

Grand total _

11

16.62

315101118

372. 62

1.388.0

382

11

15.5

357. 5121218

417

1.569.5

$15,00020,00091, 500

423,16920,70020,86023,900

615,129

5,50011,700

632,329

$15,00020,00080,200

437,49823,38021,20023,704

620,982

9,00091,754

721, 736

FEDERAL RESERVE BANK OF KANSAS CITY (INCLUDING DENVER, OKLAHOMA CITYAND OMAHA BRANCHES)


Employees by departments:Banking departmentFederal reserve agent's departmentAuditing departmentFiscal agency department



Grand total _

11

25

507151829

596

1151

658

11

26

560151832

653

4166

760

$15,00020, 000133, 240

743, 04532, 70232,64052,460

1, 029, 087

21,30052, 275

1,102, 662

$15,00020,000133, 820

809, 37732,04030,12060, 680

1,101, 037

73,56068,663

1, 243, 260


2 2 0 ANNUAL REPORT OF THE FEDERAL. RESERVE BOARD

FEDERAL RESERVE BANK OF DALLAS (INCLUDING EL PASO AND HOUSTON BRANCHES)


Officers:Chairman and Federal reserve agent. _. .Governor.Other officers

Employees by departments:B anking departmentFederal reserve agent's departmentAuditing departmentFiscal agency department.



Grand total

Number

1924

11

20

408161617.5

479.5

6.5

486

1923

11

21

452. 17152126.25

537. 42

16. 75 .1.83

556

Annual salaries

1924

$18, 00018, 00099, 700

568, 26039, 50032,19028, 830

804,480

11, 330

815, 810

1923

$18, 00018,000

103,350

623,47036, 62039,42043,650

882, 510

29, 6602,850

915, 020

FEDERAL RESERVE BANK OF SAN FRANCISCO (INCLUDING LOS ANGELES, PORTLAND,SALT LAKE CITY, SEATTLE, AND SPOKANE BRANCHES)

Officers:Chairman and Federal reserve agent ._GovernorOther officers _.

Employees, by departments:Banking departmentFederal reserve agent's departmentAuditing department ._ _.Fiscal agency department


salaries are reimbursed by the Treasury Department:Officers-_Employees. ___

Other employees whose salaries are reimbursed to bank.

Grand total _

11

35

938231236

1,046

01

1,052

11

37.73

963232856.51

1,110 24

1.2722.49

1

1,135

$24, 00025, 000

207, 880

1, 425, 66059, 62025, 32064, 200

1, 831, 680

10, 2001,500

1, 843, 380

$24, 00025, 000

209, 526

1, 406, 96060, 28049, 32096, 535

1, 871, 621

5,37438,105

1, 500

1,916, 600

SALARIES OF NATIONAL BANK EXAMINERS, AS OF DECEMBER 31,1924

DISTRICT No.l —BOSTON

Norwin S. Bean, chief examiner $8, 5001 examiner at $5,500, 1 examiner at $4,500, 1 examiner at

$4,200, 3 examiners at $3,900, 1 examiner at $3,600, 3 ex-aminers at $3,000 38, 500

$47, 000DISTRICT. NO. 2—NEW YORK

Owen T. Reeves, jr., chief examiner 20,0001 examiner at $7,000, 1 examiner at $6,500, 2 examiners at

$6,000, 1 examiner at $5,500, 1 examiner at $5,000, 1 ex-aminer at $4,500, 1 examiner at $4,200, 3 examiners at$3,900, 2 examiners at $3,600, 1 examiner at $3,300, 4 ex-aminers at $3,000, 1 examiner at $2,700, 1 examiner at$2,400 84,000

104, 000DISTRICT NO. 3—PHILADELPHIA

Stephen L. Newnham, chief examiner 13, 0003 examiners at $5,500, 2 examiners at $5,000, 2 examiners at

$4,500, 1 examiner at $4,200, 1 examiner at $4,000, 1 ex-aminer at $3,900, 2 examiners at $3,300, 2 examiners at$3,000__ __ __ _ __ 60,200

73, 200Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PERSONNEL. AND SALARIES 2 2 1

DISTRICT NO. 4—CLEVELAND

Thomas C. Thomas, chief examiner $9, 0001 examiner at $5,250, 1 examiner at $5,0.00, 1 examiner at

$4,500, 1 examiner at $4,200, 1 examiner at $4,000, 3 ex-aminers at $3,900, 1 examiner at $3,600, 1 examiner at$3,300, 3 examiners at $3,000, 1 examiner at $2,750 53, 300

$62, 300

DISTRICT NO. 5—RICHMOND

Edwin F. Rorebeck, chief examiner, Washington, D. C 10, 0001 examiner at $6,000, 1 examiner at $4,500, 4 examiners at

$4,200, 2 examiners at $3,900, 2 examiners at $3,600, 2 ex-aminers at $3,300, 1 examiner at $3,000, 1 examiner at$1,200 _ 53, 100

63, 100DISTRICT NO. 6—ATLANTA

Ellis D. Robb, chief examiner 9, 0001 examiner at $4,800, 2 examiners at $4,500, 4 examiners at

$3,900, 1 examiner at $3,600, 1 examiner at $2,700 33, 00042, 000

DISTRICT NO. 7—CHICAGO

Howard M. Sims, chief examiner 13, 0001 examiner at $8,500, 1 examiner at $5,100, 1 examiner at

$5,000, 1 examiner at $4,800, 4 examiners at $4,500, 3 ex-aminers at $4,200, 2 examiners at $4,000, 3 examiners at$3,900, 1 examiner at $3,600, 1 examiner at $3,300, 1 ex-aminer at $3,000, 2 examiners at $2,700 89, 000

102,000DISTRICT NO. 8—ST. LOUIS

John S. Wood, chief examiner 13,0001 examiner at $5,500, 2 examiners at $5,000, 2 examiners at

$4,500, 1 examiner at $4,200, 1 examiner at $3,900, 1 ex-aminer at $3,300, 1 examiner at $3,000, 1 examiner at$2,700 41, 600

54, 600DISTRICT NO. 9—MINNEAPOLIS

B. K. Patterson, chief examiner 8, 5004 examiners at $5,000, 1 examiner at $4,200, 1 examiner at

$4,000, 1 examiner at $3,900, 3 examiners at $3,600, 5 ex-aminers at $3,000, 1 examiner at $2,700, 1 examiner at$2,400 63,000

71, 500DISTRICT NO. 10—KANSAS CITY

L. K. Roberts, chief examiner 13, 0003 examiners at $6,000, 2 examiners at $4,800, 1 examiner at

$4,000, 2 examiners at $3,900, 3 examiners at $3,600,3 ex-aminers at $3,300, 4 examiners at $3,000, 2 examiners at$2,700, 1 examiner at $2,400 79, 900

92, 900DISTRICT NO. 11—DALLAS

R. H. Collier, chief examiner 12, 0001 examiner at $5,500, 1 examiner at $5,400, 1 examiner at

$5,000, 3 examiners at $4,800, 1 examiner at $4,500, 3 ex-aminers at $3,600, 3 examiners at $3,300, 1 examiner at$3,000 58, 500

70, 500



DISTRICT NO. 12—SAN FRANCISCO

Thomas E. Harris, chief examiner $12, 0001 examiner at $7,000, 1 examiner at $6,000, 1 examiner at

$5,500, 2 examiners at $5,000, 2 examiners at $4,800, 1examiner at $4,500, 2 examiners at $4,300, 2 examiners at$4,000, 1 examiner at $3,800, 1 examiner at $3,600, 2examiners at $3,000, 1 examiner at $2,400 75, 000

$87, 000RECAPITULATION

Examining staff:Chief examiner, at $15,000 per annum 1Assistant chief examiners—

At $9,500 per annum 1At $8,500 per annum 1At $7,000 per annum 1At $6,000 per annum 1At $5,800 per annum 1

Office of Comptroller, at $3,300 per annum 3

Total 9 61, 700Chief examiners of districts—

At $20,000 per annum 1At $13,000 per annum 4At $12,000 per annum 2At $10,000 per annum 1At $9,000 per annum 2At $8,500 per annum 2

Total 12 141,000Other examiners—•

At $8,500 per annum 1At $7,000 per annum 2At $6,500 per annum 1At $6,000 per annum 1 7At $5,500 per annum 8At $5,400 per annum 1At $5,250 per annum 1At $5,100 per annum 1At $5,000 per annum 14At $4,800 per annum 9At $4,500 per annum 16At $4,300 per annum 2At $4,200 per annum 13At $4,000 per annum 8At $3,900 per annum 23At $3,800 per annum 1At $3,600 per annum 18At $3,300 per annum 14At $3,000 per annum 27At $2,750 per annum 1At $2,700 per annum 7At $2,400 per annum 4At $1,200 per annum 1

Total 180 729, 100

Total examining staff l 201Total salaries 931, 800

Examiners detailed to War Finance Corporation 6Examiners acting as receivers 17Examiners on leave without pay . 2

* In addition, there are 25 national bank examiners not receiving salaries.


DIRECTORY OF THE FEDERAL RESERVE BOARD, FEDERALADVISORY COUNCIL, AND FEDERAL RESERVE BANKS

FEDERAL RESERVE BOARD

EX OFFICIO MEMBERS

A. W. MELLON,

Secretary of the Treasury, Chairman

J. W. MCINTOSH,

Comptroller of the Currency.

D. R. CRISSINGER, Governor.EDMUND PLATT, Vice Governor.ADOLPH C. MILLER.

CHARLES S. HAMLIN.

GEORGE R. JAMES.

EDWARD H. CUNNINGHAM.

WALTER L. EDDY, Secretary.

J. C. NOELL, Assistant Secretary.

J. F. HERSON,

Chief, Division of Examination andChief Federal Reserve Examiner.

WALTER WYATT, General Counsel.

W. M. IMLAY, Fiscal Agent.

WALTER W. STEWART,

Director, Division of Research andStatistics.

E. A. GOLDENWEISER,

Assistant Director, Division of Re-search and Statistics.

E. L. SMEAD,

Chief, Division of Bank Operations.

District No. 1.—

District No. 2.—

District No. 3.—:

District No. 4.—

District No. 5.—,

District No. 6.—<District No. 7.

District No. 8.—

District No. 9.—

District No. 10.—

District No. 11.—

District No. 12.—36569—25f

FEDERAL ADVISORY COUNCIL[Elected for the year 1925]

Charles A. Morss, vice president Simplex Wire & Cable Co.,Boston, Mass.

Paul M. Warburg, chairman International Acceptance Bank,New York, N. Y.

Levi L. Rue, president Philadelphia National Bank, Phila-delphia, Pa.

George A. Coulton, vice president Union Trust Co., Cleveland,Ohio.

John M. Miller, jr., president First National Bank, Richmond,Va.

Oscar Wells, president First National Bank, Birmingham, Ala.Frank O. Wetmore, president First National Bank, Chicago,

111.Breckinridge Jones, president Mississippi Valley Trust Co.,

St. Louis, Mo.G. H. Prince, chairman Merchants National Bank, St. Paul,

Minn.E. F. Swinney, president First National Bank, Kansas City,

Mo.W. M. McGregor, president First National Bank, Wichita

Falls, Tex.Henry S. McKee, president Barker Bros., Los Angeles, Calif.

-16 223



OFFICERS AND DIRECTORS OF FEDERAL RESERVE BANKS 1

DISTRICT NO. 1—FEDERAL RESERVE BANK OF BOSTON

FREDERIC H. CURTISS, Chairman and Federal Reserve Agent. ALLEN HOLLIS, Deputy Chairman.W. P. G. HARDING, Governor

Director

Class A:Frederick S. Chamberlain..Alfred L. RipleyEdward S. Kennard

Class B:E. R. MorsePhilip R. Allen..Charles G. Washburn

Class C:Chas. H. ManchesterFrederic H. Curtis.Allen Hollis

Residence

New Britain, Conn.Boston, Mass.Rumford, Me

Proctor, VtEast Walpole, Mass..Worcester, Mass

Providence, R. I.Boston, MassConcord, N. H.

Termexpires

Dec.31—

192519261927

192519261927

192519261927

HAVANA (CUBA) AGENCY

HORACE E. SNOW, Manager

DISTRICT NO. 2—FEDERAL RESERVE BANK OF NEW YORK

PIERRE JAY, Chairman and Federal Reserve Agent. W M . L. SAUNDERS, Deputy Chairman.BENJAMIN STRONG, Governor

Class A:Gates W. McGarrahR. H. Treman.Delmer Runkle . . ._

Class B:Owen D. YoungTheodore F. Whitmarsh .Samuel W. Reyburn

Class C:Pierre JayWm L SaundersClarence M. Woolley , . . .

New York, N. YIthaca, N. Y . . . _Hoosick Falls, N. Y . . .

New York, N. Y.do

. . do . .

.dodo

.do . . .

192519261927

192519261927

192519261927

BUFFALO BRANCH

W. W. SCHNECKENBURGER, Managing Director

W W. Schneckenburger.Harry T. RamsdellJohn A. KloepferWolcott J. Humphrey. . .Carlton M. SmithElliott C. McDotfgalArthur Hough

Buffalo, N. Y .dodo

Warsaw, N. Y .Buffalo, N. Y__

doBatavia, N. Y_.

1925192519251926192619271927

DISTRICT NO. 3—FEDERAL RESERVE BANK OF PHILADELPHIA

RICHARD L. AUSTIN, Chairman and Federal Reserve Agent. CHAS. C. HARRISON, Deputy Chairman.GEORGE W. NORRIS, Governor

Johnstown, PaPhiladelphia, Pa..Wilkes-Barre, Pa.

Class A:John C. CosgroveJos. Wayne, jr..Francis Douglas..

Class B: IAlbaB. Johnson... _. Philadelphia, PaEdwin S. Stuart | doCharles K. Haddon | do

Class C:H. L. Cannon.R. L. AustinChas. C. Harrison..

Bridgeville, Del...Philadelphia, Pa..

do.

192519261927

192519261927

192519261927

1 Includes directors elected in December, 1924, for the 3 year term beginning January 1, 1925.


DIRECTORY 225

DISTRICT NO. 4—FEDERAL RESERVE BANK OF CLEVELAND

D. C. WILLS, Chairman and Federal Reserve Agent. LEWIS BLAIR WILLIAMS, Deputy Chairman.E. R. FANCHER, Governor

Director ResidenceTerm

expiresDec.31—

Class A:Chess Lamberton_Robert Wardrop..O. N. Sams

Class B:R. P. WrightGeo. D. Crabbs.. .John Stambaugh..

Class C:L. B. Williams....D. C. WillsW. W. Knight

Franklin, PaPittsburgh, Pa . .Hillsboro, Ohio..

Erie, Pa..Cincinnati, OhioYoungstown, Ohio.Cleveland, Ohio.,

do..Toledo, Ohio..

192519261927

192519261927

192519261927

CINCINNATI BRANCH

L. W. MANNING, Managing Director

L. W. ManningE. S. LeeHon. Judson HarmonChas W DuPuisJohn OmwakeA. Clifford ShinkleGeorge M. Verity

Cincinnati, OhioCovington, Ky _ _Cincinnati, Ohio

dodo . _ . .do.. _

Middletown, Ohio

1925192519251926192619271927

PITTSBURGH BRANCH

GEORGE D E C A M P , Managing Director

George DeCampChas. D. Armstrong.Chas. W. BrownJoseph R. Eisaman..James D. CalleryR. B. MellonJoseph R. Naylor

Pittsburgh, Pa..do _do.

Greensburg, P a . . .Pittsburgh, Pa

doWheeling, W. Va.

1925192519251926192619271927

DISTRICT NO. 5—FEDERAL RESERVE BANK OF RICHMOND

W M , W. HOXTON, Chairman and Federal Reserve Agent. FREDERIC A. DELANO, Deputy ChairmantGEORGE J. SEAT, Governor

Class A:John F. BrutonL. E. JohnsonCharles E. Rieman

Class B:Edwin C GrahamD. R. Coker.Edmund Strudwick

Class C.-Robert Lassiter. . . . .WTD \y HoxtonFrederic A. Delano.

Wilson, N. C.Alderson, W. VaBaltimore, Md

Washington, D. CHartsville, S. C .Richmond, Va

Charlotte, N. CT< i o\\ rn o n d . V a

. . Washington, D. C_ -

192519261927

192519261927

192519261927

Albert H. Dudley...Levi B. Phil l ips. . . .Wm. H. Mat tha i . .Carter G. Osburn..Edmund P. CohilL.Henry B. Wilcox...John G. Rouse

BALTIMORE BRANCH

ALBERT H. DUDLEY, Managing Director

Baltimore, Md.Cambridge, M d .Baltimore, Md.. .

.do.Hancock, Md. . .Baltimore, Md.

do

1925192519251926192619271927



DISTRICT NO. 6—FEDERAL RESERVE BANK OF ATLANTA

OSCAR NEWTON, Chairman and Federal Reserve Agent. W. H. KETTIG, Deputy Chairman.M. B. WELLBORN, Governor

Director

Class A:P. R. KittlesEugene R. Black..

Class B:W.H.Hartford...Leon C. SimonJ. A. McCrary

Class C:W. H. Kettig.. . . .Oscar NewtonLindsey Hopkins.

Residence

Sylvania, Ga_.Atlanta, Ga...

Nashville, Tenn..New Orleans, La_.Decatur, Ga

Birmingham, Ala.Atlanta, Ga

do

Termexpires

Dec.31—

192519261927

192519261927

192519261927

NEW ORLEANS BRANCH

MARCUS WALKER, Managing Director

Marcus Walker..J. P. Butler, jrP. H. Saunders . .F. W. Foote _. _L. C. SimonR. S. HechtAlbert P. Bush . . .

New Orleans, La__dodo . .

Hattiesburg, Miss .New Orleans, La , . .

doMobile, Ala. . .

1925192519251926192619271927

B I R M I N G H A M B R A N C H

A. E. WALKER, Managing Director

A. E . WalkerJohn H . FryeW. H . KettigW. W. CrawfordOscar WellsT . O. SmithJohn P . Kohn

JACKSONVILLE B R A N C H

GEORGE R. DESAUSSURE, Managing Director

George R. DeSaussure.G. G. W a r e . . .J. C. CooperEdward W. LaneFulton SaussyC. P . Kendall. .L. C. Edwards

Jacksonville, Fla .Leesburg, FlaJacksonville, Fla .

d o .dodo

Tampa, Fla..

1925192519251926192619271927

NASHVILLE BRANCH

JOEL B. FORT, jr., Managing Director

Joel B. Fort, jr _T. A. Embry _W. H. Hartford... __• _E. A. LindseyP. M. Davis •„J . E . CaldwellJoseph A. Chapman

Nashville, TennWinchester, Tenn..Nashville, Tenn

do. . .dodo . . .

Columbia, Tenn

1925192519251926192619271927

SAVANNAH AGENCY

ROBT. N. GROOVER, Manager

HAVANA (CUBA) AGENCYL. C. ADELSON, Manager


DIRECTORY 227

DISTRICT NO. 7—FEDERAL RESERVE BANK OF CHICAGO

WILLIAM A. HEATH, Chairman and Federal Reserve Agent. JAMES SIMPSON, Deputy Chairman.JAMES B. MCDOUGAL, Governor

Director

Class A:Charles H. McNiderE. L. JohnsonGeorge M. Reynolds _

Class B:S. T. Crapo. _.Robert MuellerA. H. Vogel

Class C:F. C. BallJames SimpsonWm. A. Heath

Residence

Mason City, Iowa _.Waterloo, Iowa _.Chicago, 111..

Detroit, Mich _..Decatur, 111Milwaukee, Wis.

Muncie, IndChicago, 111

do

TermexpiresDec.31—

192519261927

192519261927

192519261927

DETROIT BRANCH

WM. R. CATION, Managing Director

Wm. R. CationJulius H. HaassChas. H. HodgesJohn W. StaleyN. P.HullGeorge B. MorleyHarry H. Bassett

Detroit, Mich..dodo

.! doLansing, Mich.Saginaw, Mich.Flint, Mich

1925192519251926192619271927

DISTRICT NO. 8—FEDERAL RESERVE BANK OF ST. LOUIS

WILLIAM M C C . MARTIN, Chairman and Federal Reserve Agent. JOHN W. BOEHNE, Deputy Chairman.DAVID C. BIGGS, Governor

Class A:John C. MartinJohn G. Lonsdale - - - -J. C. Utterback

Class B:W. B. PlunkettLeRoy Percy _..Rolla Wells

Class C:C. P. J. Mooney. .John W. BoehneWilliam McC. Martin

Salem, 111St. Louis, Mo .--Paducah, Ky .

Little Rock, Ark .Greenville, MissSt. Louis, Mo

Memphis, TennE vans ville, I n d . . .St. Louis, Mo

192519261927

192519261927

192519261927

LOUISVILLE BRANCH

W. P. KINCHELOE, Managing Director

W. P. KincheloeAttilla CoxE. L. SwearingenEugene E. HogeWilliam BlackMax B. NahmE.H. Wood___._

Louisville, Ky..do.,.do..

Frankfort, KyI Louisville, Ky ._

Bowling Green, K y .1 Lucas, Ky

1925192519251926192619271927

MEMPHIS BRANCHV. S. FuQUA, Managing Director

V. S. FuquaJ. W. VandemT. K. Riddick........John D. McDowell...S. E. RaglandR. Brinkley Snowden.E. M. Allen

' Memphis, Tenn.| Jackson, Tenn...

Memphis, Tenn..do.do...do

Helena, Ark.

1925192519251926192619271927


228 A N N U A L REPORT OF T H E FEDERAL, RESERVE BOARD

DISTRICT NO. 8.—FEDERAL RESERVE BANK OF ST. LOUIS—Continued

LITTLE ROCK BRANCH

A. F. BAILEY, Managing Director

Director

A. F. BaileyJ. E. England, jrMoorhead WrightStuart WilsonC. S. McCainJohn M. DavisHamp Williams

Residence

Little Rock, Arkdodo

Texarkana, ArkLittle Rock, Ark

.do.

19251925192519261926

, 1927Hot Springs, Ark I 1927

Termexpires

Dec.31—

DISTRICT NO. 9—FEDERAL RESERVE BANK OF MINNEAPOLIS

JOHN R. MITCHELL, Chairman and Federal Reserve Agent. HOMER P. CLARK, Deputy Chairman.R. A. YOUNG, Governor

Class A: ITheodore Wold Minneapolis, Minn _-J. C. Bassett ! Aberdeen, S. DakWesley C. McDowell j Marion, N. Dak

Class B: jF. R. Bigelow ' St. Paul, Minn _N. B. Holter ! Helena, MontF. P. Hixon LaCrosse, Wis

Class C:George W. McCormick Menominee, Mich..John R. Mitchell Minneapolis, MinnHomer P. Clark. St. Paul, Minn .

192519261927

192519261927

192519261927

H E L E N A B R A N C H

R. E. TOWLE, Managing Director

R. E . TowleL e e M . FordH. W. Rowley. .R. O. Kaufman.C. J. Kelly-

Helena, Mont ! 1925Great Falls, Mont I 1925Billings, Mont 1925Helena, Mont 1926Butte, Mont I 1926

T . A. Marlow Helena, Mont 1927Henry Sieben 1 do 1927

DISTRICT NO. 10.—FEDERAL RESERVE BANK OF KANSAS CITY

M. L. MCCLURE, Chairman and Federal Reserve Agent. HEBER HORD, Deputy Chairman.W. J BAILEY, Governor

Class A: |Frank W. Sponable i Paola, KansE. E. Mullaney ^ : Hill City, KansJ. C. Mitchell ! Denver, Colo

Class B:J. M. Bernardin Kansas City, Mo. . .Harry W. Gibson Muskogee, OklaThomas C. Byrne Omaha, Nebr

Class C:Fred O. Roof Denver, ColoM. L. McClure Kansas City, Mo. . .Heber Hord Central City, Nebr.

192519261927

192519261927

192519261927

D E N V E R B R A N C H

J. E. OLSON, Managing Director

J. E. Olson • Denver, Colo I 1925Harry Farr Greeley Colo ; 1925Murdo MacKenzie - i Denver, Colo ! 1925A. C. Foster ' do I 1926R. H. Davis | do 1926C. C. Parks do 1927William L. Petriken : do 1927


DIRECTORY 229

DISTRICT NO. 10.—FEDERAL RESERVE BANK OF KANSAS CITY—Continued

OMAHA BRANCH

L. H. EARHART, Managing Director

Director

L H. Earhart -A. H. Marble - .--W J Coad - -.T L DavisJ. E. Miller.. -R 0 MarnellA J Weaver

Residence

Omaha, NebrCheyenne, Wyo_.Omaha, Nebr ..- -..

doLincoln, NebrNebraska City, Nebr __ _Falls City, Nebr

Termexpires

Dec.31—

1925192519251926192619271927

OKLAHOMA CITY B R A N C H

C. E. DANIEL, Managing Director

C. E. DanielNed HolmanE. K. Thurmond.Walter Ferguson..Frank B u t t r a m . . .William MeeW. A. Stewart

Oklahoma City, Okla.Guthrie, Okla..Oklahoma City, Okla..

do. — . d o . . .

doOkmulgee, Okla

1925192519251926192619271927

DISTRICT NO. 11—FEDERAL RESERVE BANK OF DALLAS

L Y N N P . TALLEY, Chairman and Federal Reserve Agent. CLARENCE E. LINZ, Deputy Chairman.B. A. M C K I N N E Y , Governor

Class A:W. H. PatrickHowell E . Smith _ _ _ . .J. H. Frost

Class B:Marion SansomJ. J. Culbertson _.Frank Kell

Class C:Lynn P TalleyClarence E. Linz. . . _. . .S. B. Perkins - _ , _ . . .

Clarendon, TexMcKinney, Tex _San Antonio, Tex _

Foit Worth, TexParis, TexWichita Falls, Tex .

Dallas, Texdo

. do

192519261927

192519261927

192519261927

EL PASO BRANCH

DWIGHT P. REORDAN, Managing Director

Dwight P. Reordan _ _E M HurdW. W. TurneyE. A. Cahoon _ _ _A. P. ColesGeorge D. Flory _.H. L. Kokernot

El Paso, Texdodo

Roswell, N . MexEl Paso, Tex. do

Fort Davis, Tex

1925192519251926192619271927

HOUSTON BRANCH

FRED HARRIS, Managing Director

Fred HarrisGuy M.Bryan.. . . . .R. M. FarrarE. F. Gossett . . . .J. Cooke Wilson . . . . - _Fred W. Catterall .E. A. Peden

Houston, Texdododo

Beaumont, Tex._.Galveston, TexHouston, Tex ..

192519251995192b192619271927



DISTRICT NO. 12—FEDERAL RESERVE BANK OF SAN FRANCISCOJOHN PERRIN, Chairman and Federal Reserve Agent. WALTON N. MOORE, Deputy Chairman.

J. U. CALKINS, Governor

Director

Class A:C K MclntoshJ. S. Macdonnell ---Howard Whipple

Class B:E. H. CoxA B C DohrmannWm. T. Sesnon

Class C:V̂̂ m Sproule

John PerrinWalton N. Moore _

Residence'

San Francisco, CalifPasadena, Calif ______ _ .Turlock, Calif

Madera, CalifSan Francisco, Calif

do _

do, . do

do . _

Termexpires

Dec.31—

192519261927

192519261927

192519261927

PORTLAND BRANCH

FREDERICK GREENWOOD, Managing Director

Frederick Greenwood.Edward Cookingham.Jos. N. TealJ. C. AinsworthNathan StraussWilliam PollmanA. C. Dixon

Portland, Oreg..do...dododo

Baker, Oreg...Eugene, Oreg.

1925192519251926192619271927

SEATTLE BRANCH

C. R. SHAW, Managing Director

C. R. ShawChas E PeabodyM. F. Backus _ _M. A. ArnoldChas. H. ClarkeE W PurdyCharles E. Gaches

Seattle, Wash _dodo . _dodo

Bellinghain, WashMount Vernon, WTash .__ _ _

1925192519251926192619271927

SPOKANE B R A N C H

W. L. PARTNER, Managing Director

W. L. PartnerR L RutterPeter McGregor. _ _ _ _C. E. McBroomG I ToevsCharles L. McKenzieE. H. Van Ostrand __

Spokane, Wâshdo

Hooper, Wash. . _Spokane, Wash

doColfax, WashCoeur d'Alene, Idaho __ _______

1925192519251926192619271927

SALT LAKE CITY BRANCH

R. B. MOTHERWELL, Managing Director

R. B. MotherwellL. H. Farnsworth...G.G.WrightCharles H. Barton _.Lafayette Hanchett.J. S. BussellChapin A. Day

Salt Lake City, U tah .dodo

Ogden, UtahSalt Lake City, Utah .Pocatello, IdahoOgden, Utah

1925192519251926192619271927

LOS A N G E L E S B R A N C H

C. J. SHEPHERD, Managing Director

C. J. ShepherdHenry M. Robinson.Isaac B. NewtonJ. F. Sartori .__F. J. Belcher, jrE. M. Lyon

Los Angeles, Calif,.dodo

.doSan Diego, Calif.Redlands, Calif..

192519251925192619271927


COURT OPINIONS

OPINION OF UNITED STATES DISTRICT COURT IN ATLANTA PAR CLEARANCE CASE

In the District Court of the United States for the Northern District of Georgia

Pascagoula National Bank, plaintiff, v. Federal Reserve Bank of Atlanta et al.rdefendants. No. 295. In Equity

The handling of checks between Federal reserve banks and nonmember banksof the reserve system was dealt with in American Trust & Banking Co. v. FederalReserve Bank of Atlanta, 256 U. S. 350; 262 U. S. 643, and in Farmers & Mer-chants Bank of Monroe v. Federal Reserve Bank of Richmond, 262 U. S* 649.The present case involves the handling of checks between the Federal reservebank and one of its members under Regulation J of the Federal Reserve Board.That regulation, adopted to execute the collection and clearing house powersgranted in section 13 and section 16 of the Federal reserve apt, requires that eachFederal reserve bank shall exercise the function of a clearing house and collectchecks on terms and conditions particularly set forth, whose effect, so far as herematerial, is that such reserve bank will receive at par, checks which can be col-lected at par, and only such whether they be sent by its own member and affiliatedbanks, or by, or for the account of, other reserve banks, and whether the checksare drawn on its own member banks or nonmember banks, and that the checkssent each reserve bank will be counted as reserve or become available for with-drawal by the bank sending them (subject to final payment) only in accordancewith a time schedule based on experience of the average time required to collectchecks drawn on the different points. The observance of this regulation by theReserve Bank of Atlanta results in a refusal by it to permit the complainant, oneof its members, to deduct the previously charged "exchange" or compensationfor remitting payment for checks drawn on complainant, and prevents complain-ant getting immediate credit for checks sent by it to the reserve bank when drawnon points at a distance from Atlanta, whereby it loses the use of the credit duringthe period of delay. The complainant contends, first, that by the provision ofsection 16 of the reserve act, it is entitled to immediate credit, at par, for checksdrawn on any of the depositors in the Reserve Bank of Atlanta, no matter at whatdistance from Atlanta the drawee may be. Second, that under the Hardwickamendment of section 13, it has the right to make a charge for remitting paymentto the Reserve Bank of Atlanta of checks drawn on itself when these are not theproperty of the reserve bank, but are handled for collection. Third, that undersection 13 the Reserve Bank of Atlanta has no right to have or collect any checksdrawn on complainant which come to the reserve bank from a source outside ofthe sixth reserve district. Fourth, that if the reserve act authorizes this depriva-tion of complainant's right to charge for remittance, it takes its property withoutdue process of law, contrary to the Constitution. We consider these contentionsin order.

1. The provision of section 16, which is claimed to require the immediatecredit of checks is: "Every Federal reserve bank shall receive on deposit at parfrom member banks or from Federal reserve banks, checks and drafts drawnupon any of its depositors." Complainant, being a member bank, claims imme-diate credit, at par, for all the checks and drafts on the depositors of the ReserveBank of Atlanta, who are either member banks of the sixth reserve district,the United States, or other reserve banks. Regulation J allows immediatecredit for Government checks and vouchers, and for items payable in the citywhere the reserve bank is located. When payable at a distant point the itemis deferred for the number of days indicated on the time schedule, and thencredited without any deduction (subject to final payment) whether returnshave been actually received or not. Are these latter items "received on depositat par"? Section 5 of Regulation J states the terms on which checks sent toa reserve bank "for deposit or collection" will be handled, the first being: "AFederal reserve bank will act only as agent of the bank from which it receivessuch checks, and will assume no liability except for its own negligence and its

231



guaranty of prior indorsements." A check so received and handled is really-received for collection and not on deposit in the common sense of the word,meaning general deposit in which arises the relation of debtor and creditor, notthat of principal and agent. Webster's International Dictionary: "Deposit."In a general deposit the check on indorsement and delivery to the banker becomesat once the property of the banker, who owes the depositor the face of the check,or other agreed sum, and becomes bound to honor the depositor's checks therefor.New York v. Massey, 192 U. S. 138, 145; McGregor, Receiver, v. Battle, 128Ga. 577. The depositor's only relation to the check, thereafter, is his liabilityunder his indorsement in case of nonpayment, a liability usually enforced by"charging the check back" to him. Usually the depositor may check imme-diately, but this is not of the essence of a general deposit. The parties mayagree otherwise, and it is not uncommon in banking practice, where large checks,payable at a distance, are taken at par, to delay availability on the checkingaccount so that the banker may not, by honoring checks in advance of collec-tion, be lending his money without interest. The inclusion of the time scheduleonly in the terms upon which the reserve bank will receive deposits would beordinary prudent banking, considering the enormous volume of the aggregatereserve bank "float," as the mass of checks in transit is called. It may benoted that, by section 13, nonmember clearing banks are required to protecttheir deposited checks in transit by maintaining a balance sufficient to offsetthem, which is another way of saying that the checks are not available creditswhile in transit. It must be remembered also that these deposit accounts ofthe member banks in the reserve bank, though subject to check, constitute theirreserve required under section 19. By amendment of this section this reservemust be "an actual net balance." "Net" means that all proper charges anddeductions have been made from the account; "actual" excludes what is merelyfictitious or supposed. Uncollected checks, though supposed to be drawnagainst actual, available deposits, may not be, and if so they may neverthelessbe defeated of payment by many circumstances, such as death or countermandof the drawer, or offset by the banker upon the drawer's insolvency. An im-mediate credit of them must be largely on the faith of the depositor's indorse-ment, but the mere obligation of the member bank is not the actual reserveintended by the law. Moreover, the requirement that the reserve bank itselfmaintain a reserve in gold or lawful currency of 35 per cent of its deposits isinvolved if the "float" is to be counted as present deposits. The time scheduleby which credit is deferred until checks would ordinarily be collected minimizesthe chance of accumulated disappointments in collection, and the amount ofmerely supposed balance in the reserves of members, and seems a very reasonablereconciliation of the requirement of section 16, that the checks be received ondeposit in the reserve account, with that of section 19, that the reserves beactual net balances.

The additional stipulation that the reserve bank will act only as agent makesgreater difficulty. It probably means that the checks are at first received onlyfor collection, Ward v. Smith, 7 Wai. 447. "Deposits for collection" are spokenof in section 13, but "on deposit" in section 16 does not mean for mere collection.Since, however, credit is to be given at the expiration of the period fixed by thetime schedule, whether returns from the check have actually been received ornot, at that time certainly the agency is to cease and the check is to become anddoes become the property of the reserve bank and the transaction ripens into ageneral deposit. The check is then "received on deposit at par," as requiredby section 16.

2. The next contention relates to charges not for collecting checks on others,but for remitting to the reserve bank payment of checks drawn on the memberbank itself. Section 16 provides: "Nothing herein contained shall be construedas prohibiting a member bank from charging actual expenses incurred in col-lecting and remitting funds or for exchange sold to its patrons. The FederalReserve Board shall, by rule, fix the charges to be collected by the member banksfrom its patrons whose checks are cleared through the Federal reserve bank andthe charge which may be imposed for the service of clearing or collection ren-dered by the Federal reserve bank." Whether the right established in the firstclause quoted, of a member bank to charge actual expenses for collecting andremitting, would include a remittance in payment of checks drawn on it andpresented by the reserve bank; or whether the term "its patrons" in the secondsentence refers to those sending checks to the reserve bank and implies that allexpense of clearance of their checks is to be charged back to them, are questionsthat need not be decided. For the later legislation, known as the "Hardwick


COURT OPINIONS 233

amendment" of section 13 is directly applicable and controls. It provides that''nothing in this or any other section of this act shall be construed as prohibitingmember or nonmember bank from making reasonable charges, to be determinedand regulated by the Federal Reserve Board, but in no case to exceed 10 centsper $100 or fraction thereof, based on the total of checks and drafts presentedat any one time for collection or 'payment and remission therefor by exchange orotherwise; but no such charges shall be made against the Federal reserve banks."The complainant argues that the last clause is in the nature of a proviso orexception wholly repugnant to the main enactment preceding it, and thereforevoid, leaving the grant of the right to make reasonable charges unrestrained bythe exception. Or, if the last clause is to be treated as a part of the main enact-ment equally with wThat precedes, that the two parts are so inconsistent as torender the whole legislation abortive, and leave section 16 to control. As pointedout in Farmers & Merchants Bank of Monroe v. Federal Reserve Bank of Rich-mond, 262 U. S. 649, 666, there is no such repugnance in the Hardwick amend-ment as to cause either consequence. The right to make the charge is establishedas to checks sent for collection or payment by other member banks or non-member banks, but it can not be made against reserve banks. We thereforecome to consider the contention that the charge is not made against a reservebank unless such bank is the lawful owner of the checks dealt with, and that if itis handling them only as the agent of another, for collection, the charge is againstthe true owner and to be passed back by the reserve bank to that owner. Theproceedings of Congress in adopting the amendment show that par clearancethrough the reserve banks was the issue dealt with. The intent of the originalamendment was to destroy such clearance as a reserve bank policy. The additionof the clause under discussion was made with the intent, and has the effect, tofirmly establish it and give to the reserve system and to the public whateveradvantage in clearing and collecting checks may follow therefrom, as well asto save the reserve banks from an expense in collecting their own checks. Toforbid remittance charges against reserve banks means no more than that remit-tances to them shall not be diminished by such charges, without any inquiry,if that would be practicable, into the real ownership of the items remitted for.The reserve banks can not recognize as proper such charges made against them,and in this sense are forbidden to pay them.

3. The contention that the Reserve Bank of Atlanta can not handle for col-lection or deposit checks on complainant coming to it from sources outside theSixth Reserve District is erroneous. The evidence is that the reserve bankhandles no such checks on its members except those sent it by another reservebank or by the members of another reserve bank by the latter's authority and forits account. Section 13 declares that any Federal reserve bank may " solely forthe purposes of exchange or collection, receive from other reserve banks . . .checks and drafts payable upon presentation within its district." These otherreserve banks may receive from their members and nonmembers maintainingclearing balances "checks and drafts payable upon presentation" at any place.So checks drawn upon complainant coming to member banks or nonmemberclearing banks in another reserve district may be sent by them to the reservebank of their district and by it sent for collection or exchange to the reserve bankof complainant's district without going beyond the permissions of section 13.A check sent by a member bank by the authority and for the account of itsreserve bank is in effect received from the latter.

4. The result of these provisions of the reserve act, so construed, is to requirea member bank to pay without deduction checks drawn on it when presentedby its reserve bank, whether paid over its counter or by the more convenientmeans of a check on its own deposits elsewhere. This takes none of the propertyor property rights of complainant without due process of law. Complainant mayrefuse to pajr otherwise than in cash over its counter, according to the commonlaw, as, on the other hand, the reserve bank may insist on that sort of payment.What is lost is the right to agree on a compensation for a more convenient pay-ment by draft on more accessible reserves when both parties are willing so toagree. That the State, having powrer over the State banker and his business,may regulate his method of receiving and paying out his deposits was ruled inFarmers & Merchants Bank of Monroe v. Reserve Bank of Richmond, 262U. S. 649. A similar power must be recognized in the United States to regulatethe banking in the Federal Reserve System. Complainant being a nationalbank, chartered to do its business under the Federal laws, can not complainthat those laws are not, or do not remain, such as it would prefer. It is not com-pelled to do anything without compensation. It is simply told that if it does the



thing in question it must be done without compensation. Noble State Bank v.Haskell, 219 U. S. 575.

The evidence offered by the defendants as to the actual conduct of theirbusiness is pertinent and admissible. The remainder, relating mainly to matterseither irrelevant or to be judicially known, is excluded.

Nothing unlawful appearing in any of the acts of the defendants complainedof, a decree may be taken dismissing the bill. This December 29, 1924.

(Signed) SAM H. SIBLEY, U. S. Judge.

DECISION OF SUPREME COURT OF THE UNITED STATES ON RIGHT OF NATIONALBANKS IN MISSOURI TO EXERCISE TRUST POWERS.

Supreme Court of the United States.

No. 762.—October term, 1923.

The State of Missouri at the relation of the Burnes National Bank of St. Joseph,Plaintiff in Error, v. A. B. Duncan, Judge of the Probate Court of BuchananCounty, Missouri. In Error to the Supreme Court of the State of Missouri

[April 28, 1924.]

Mr. Justice HOLMES delivered the opinion of the Court.The relator, the Burnes National Bank of St. Joseph, was appointed executor

by a citizen of Missouri who died on November 22, 1922, leaving a will. Thebank applied to the proper probate court for letters testamentary, but wasdenied appointment on the ground that by the laws of Missouri national bankswere not authorized to act as executors. Thereupon it applied to the supremecourt of the State for a writ of mandamus to the judge of the probate court andan alternative writ was issued. The respondent demurred, the demurrer wassustained and the peremptory writ was denied. Mo. A writ of error wasallowed by the chief justice of the State court. The bank claims the capacityto fill the office under the statutes of the United States.

By the act of September 26, 1918, c. 177, § 2, 40 Stat. 967, 968, amending§ 11 (k) of the Federal Reserve Act, the Federal Reserve Board was empowered"To grant by special permit to national banks applying therefor, when not incontravention of State or local law, the right to act as trustee, executor, ad-ministrator * * * or in any other fiduciary capacity in which State banks,trust companies, or other corporations which come into competition with nationalbanks are permitted to act under the laws of the State in which the nationalbank is located." If the section stopped there the decision of the State courtmight be final, but it adds the following paragraph, " Whenever the laws of suchState authorize or permit the exercise of any or all of the foregoing powers byState banks, trust companies, or other corporations which compete with nationalbanks, the granting to and the exercise of such powers by national banks shallnot be deemed to be in contravention of State or local law within the meaningof this act." This says in a roundabout and polite but unmistakable way thatwhatever may be the State law, national banks having the permit of the FederalReserve Board may act as executors if trust companies competing with themhave that power. The relator has the permit, competing trust companies canact as executors in Missouri, the importance of the power to the sustaining ofcompetition in the banking business is so well known and has been explainedso fully heretofore that it does not need to be emphasized, and thus the nakedquestion presented is whether Congress had the power to do what it tried to do.

The question is pretty nearly answered by the decision and fully answered bythe reasoning in First National Bank of Bay City v. Fellows, 244 U. S. 416. Thatcase was decided before the amendment to the Federal reserve act that we havequoted and came here on the single issue of the power of Congress when theState law was not contravened. It was held that the power "was to be testedby the right to create the bank and the authority to attach to it that which wasrelevant in the judgment of Congress to make the business of the bank success-ful. " 244 U. S. 420. The power was asserted and it was added that "thisexcluded the power of the State in such case, although it might possess in ageneral sense authority to regulate such business, to use that authority to pro-hibit such business from being united by Congress with the banking function."


COURT OPINIONS 235

244 U. S. 425. Now that Congress has expressed its paramount will this languageis more apposite than ever. The States can not use their most characteristicpowers to reach unconstitutional results. Western Union Telegraph Co. v.Kansas, 216 U. S. 1. Pullman Co. v. Kansas, 216 U. S. 56. Western UnionTelegraph Co. v. Foster, 247 U. S. 105, 114. There is nothing over which a Statehas more exclusive authority than the jurisdiction of its courts, but it can notescape its constitutional obligations by the device of denying jurisdiction tocourts otherwise competent. Kennedy v. Supreme Lodge of the World, 252 U. S.411, 415. So here—the State can not lay hold of its general control of adminis-tration to deprive national banks of their power to compete that Congress isauthorized to sustain.

The fact that Missouri has regulations to secure the safety of trust funds inthe hands of its trust companies does not affect the case. The power given bythe act of Congress purports to be general and independent of that circumstanceand the act provides its own safeguards. The authority of Congress is equallyindependent, as otherwise the State could make it nugatory. Since the decisionin First National Bank of Bay City v. Fellows, 244 U. S. 416, it generally hasbeen recognized that the law now is as the relator contends. In re Turner'sEstate, 277 Pa. 110, 116. Estate of Stanch field, 171 Wis. 553. Hamilton v. State,94 Conn. 648. People v. Russell, 283 111. 520, 524. In re Mollineaux, 179 N. Y.Supp. 90. Fidelity National Bank & Trust Co. v. Enright, 264 Fed. Rep. 236,

Judgment reversed.

Mr. Justice SUTHERLAND, dissenting.The real question here, as I understand it, is not whether Congress may safe-

guard national banks against ordinary State legislation, of a discriminativecharacter, but whether Congress may intrude upon and prohibit the exercise ofthe governmental powers of a State to the extent that such exercise discriminatesagainst such banks in favor of competing State corporations. The authority ofthe Fellows case, I think, is pressed too far. The statute there under reviewsimply made national banks competent to act as executors, etc., "when not incontravention of State or local law." The statute did not attempt to overridethe will of the State in that respect, but expressly recognized its control andauthority. The State supreme court conceded that the powers thus conditionallyconferred by the Federal statute, in fact, would not be in contravention of theState law, but held that Congress was without constitutional authority, becausethe functions sought to be given to such banks were subjects of State regulation.That view of the matter was rejected; but, putting aside some expressions notnecessary to the decision, I do not think the case can be regarded as authority forthe conclusion apparently now reached—that Congress may so limit the powerof a State, against its expressly declared will to the contrary, that it may confer theright to act as executors and administrators upon State corporations which com-pete with national banks, only upon condition that the same right be conferredupon the latter. Certainly that precise question was not there presented fordecision.

It is fundamental, under our dual system of government, that the Nation andthe State are supreme and independent, each within its own, sphere of action;and that each is exempt from the interference or control of the other in respectof its governmental powers, and the means employed in their exercise. Bank ofCommerce v. City of New York, 2 Black, 620, 634; South Carolina v. UnitedStates, 199 U. S. 437, 452, et seq.; Farrington v. Tennessee, 95 U. S. 679, 685."How their respective laws shall be enacted; how they shall be carried intoexecution; and in what tribunals, or by what officers; and how much discretion,or whether any at all shall be vested in their officers, are matters subject to theirown control, and in the regulation of which neither can interfere with the other.'7

Tarble's case, 13 Wall. 397, 407-8. Except as otherwise provided by the Consti-tion, the sovereignty of the States "can be no more invaded by the action of theGeneral Government than the action of the State governments can arrest orobstruct the course of the national power." Worcester v. Georgia, 6 Pet. 515, 570.

In Bank of Commerce v. City of New York supra, pages 633-4, a tax case, thiscourt said: "That government whose powers, executive, legislative, or judicial,* * * are subject to the control of another distinct government can not besovereign or supreme, but subordinate and inferior to the other. This is sopalpable a truth that argument would be superfluous. Its functions and meansessential to the administration of the government, and the employment of them,are liable to constant interruption and possible annihilation. * * * But ofwhat avail is the function or the means if another government may tax it at dis-cretion? It is apparent that the power, function, or means, however important


v?36 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

and vital, are at the mercy of that government. And it must be always remem-bered, if the right to impose a tax at all exists on the part of the other government,'it is a right which in its nature acknowledges no limits/ And the principle isequally true in respect to every other power or function of a government subjectto the control of another/'

I t is settled beyond controversy that the right of a State to pass laws, to admin-ister them through courts of justice, and to employ agencies for the legitimatepurposes of State government can not be taxed, Veazie Bank v. Fenno, 8 Wall.533, 547; and that rule is but an application of the general and broader rule,which forbids any interference by the Federal Government with the governmentalpowers of a State. The settlement of successions to property on death is a sub-ject within the exclusive control of the States and entirely beyond the sphere ofnational authority. See Tilt v. Kelsey, 207 U. S. 43, 55-6; Plummer v. Coler,178 U. S. 115, 137. Upon the death of the owner his property passes under thecontrol of the State and remains there until all just charges against it can bedetermined and paid and those who are entitled to become its new owners can beascertained. The duty and power of the State to provide a tribunal for theaccomplishment of these ends, Tilt v. Kelsey, supra, it follows, can not be abridgedby Federal legislation.

The right of the owner to direct the descent of his property by will or permitit under statute, as well as the right of a legatee, devisee, or heir to receive theproperty, are rights exclusively derived from and regulated by the State. Plum-mer v. Coler, supra, page 137. During the process of administration the estate,in contemplation of law, is in the custody of the court exercising probate powers,and of this court the executor or administrator is an officer. Yonley v. Lavender,21 Wall. 276, 280. ''An administrator appointed by a State court is an officer ofthat court; his possession of the decedent's property is a possession taken inobedience to the orders of that court; it is the possession of the court * * *'*Byers v. McAuley, 149 U. S. 608, 615.

In the present case the State legislature, as conclusively determined by theState supreme court, has excluded not only national banks but State banksfrom assuming the functions of executors and administrators, which functions,for reasons satisfactory to itself, it has allowed trust companies to exercise.This determination of the State to grant the right to one and not the other, whenit might have excluded both, is plainly the assertion of a governmental policyupon a matter within its exclusive control, with which the Federal Governmenthas no authority to meddle. Congress may, of course, confer upon nationalbanks the capacity to act as administrators and executors, but I do not think itis within the constitutional authority of that body to make such legislation bind-ing upon the State against its will. The decision just rendered perhaps doesnot go that far; but it does uphold the power of Congress to impose its will uponthe State in this respect if the State, in the exercise of its exclusive authorityover the devolution of estates of deceased persons, permits any corporation whichcompetes with national banks to exercise the powers mentioned. This con-tingency seems to me a slender distinction upon which to found a denial of theState's power. It may be conceded that a State is precluded from enforcing legis-lation which discriminates against national banks, in respect of private bankingor business operations; but a very different situation is presented when the dis-crimination arises in respect of the governmental operations of the State. AState, for example, can not be sued in its own courts without its consent; but isit powerless to consent to such suits by financial corporations of its own creationexcept upon condition that it extends a similar privilege to competing nationalbanks? Legislation requiring all residents of a State to deposit their funds onlyin State institutions would undoubtedly be bad against Federal legislation to thecontrary; but is it beyond the power of the State legislature to subject publicmoneys—State, county or municipal—to such a restriction? A State may notunconditionally require private debts to be paid only in gold and silver, but, inthe exercise of its sovereign power of taxation, it may limit the payment of taxesto gold and silver, if it sees fit, in spite of a Federal law making currency a legaltender, and, as this court has said: " I t is not easy to see upon what principle theNational Legislature can interfere with the exercise, * * * of this power."Lane County v. Oregon, 7 Wall. 71, 77. In my opinion, the exercise of the powersconferred upon trust companies by the legislation here under review is govern-mental in its nature; and the fact that the statute discriminates in that matteragainst national banks (as, also, it does against State banks) is a negligibleincident, which does not affect the validity of the statutory limitation.

The probate courts of a State have only such powers as the State legislaturegives them. They are wholly beyond the jurisdiction of Congress, and it does


COURT OPINIONS 237

not seem to me to be within the competency of that body, on any pretext, tocompel such courts to appoint as executor or administrator one whom the Statelaw has declared shall not be appointed.

The particular invasion here sanctioned may not be of great moment; but it is aprecedent, which, if carried to the logical extreme, would go far toward reducingthe States of the Union to the status of mere geograpieal subdivisions. Thecase is one, to use the phrase of Mr. Justice Brewer in Fairbank v. United States,181 U. S. 283, 291-2, for the application of the maxim, obsta principiis, not deminimis non curat lex.

I am authorized to say that Mr. Justice MCREYNOLDS concurs in this dissent.

DECISION OF SUPREME COURT OF RHODE ISLAND ON RIGHT OF NATIONAL BANKSTO EXERCISE TRUST POWERS

Supreme Court of Rhode Island

Herbert L. Carpenter, Attorney General, v. Aquidneck National Bank. M. P.No. 417

SWEETLAND, C. J.: The above-entitled proceeding is an information in th <*nature of quo warranto, prosecuted by the Attorney General for and in behalfof the State. Therein the court is informed that the defendant, although pro-hibited by the laws of this State, has been and is, by usurpation, exercising thepowers of an executor, and also has been and is acting as trustee and in otherfiduciary capacities. The informant prays that judgment be entered against thedefendant excluding and ousting it from the further exercise of such powers.

In its plea the defendant admits that it is acting as executor and as trustee asalleged in the information; but sets up that it is not acting in contravention ofthe laws of this State; because such laws authorize and permit the exercise ofsimilar powers by trust companies organized in the State, which trust companiescompete with national banks located in the State. For support of its plea thedefendant relies upon the provisions of the Federal reserve act of December 23,1913, section 11, subsection k, as amended September 26, 1918, conferring uponthe Federal Reserve Board authority "to grant by special permit to nationalbanks applying therefor, when not in contravention of State or local law, theright to act as trustee, executor, administrator, registrar of stocks and bonds,guardian of estates, assignee, receiver, committee of estates of lunatics, or in anyother fiduciary capacity in which State banks, trust companies, or other corpora-tions which come into competition with national banks are permitted to act underthe laws of the State in which the national bank is located. Whenever the laws ofsuch State authorize or permit the exercise of any or all of the foregoing powers byState banks, trust companies, or other corporations which compete with nationalbanks, the granting to and the exercise of such powers by national banks shall notbe deemed to be in contravention of State or local law within the meaning ofthis act."

The defendant shows that in conformity with the Federal reserve act asamended it has been granted by the Federal Reserve Board the right to act,under the rules of the board, as trustee, executor, administrator, or in any otherfiduciary capacity in which trust companies which come into competition with itare permitted to act under the laws of the State of Rhode Island.

By the provisions of the statutes of this State, now chapter 271, general laws1923, a trust company, established in accordance with our laws and which hasconformed to the regulations therein prescribed, is empowered, among otherthings, to accept and execute all trusts committed to it by arrv person, corporation,or court of this State, or of the United States, and to accept "and execute the officeof executor, administrator, guardian of the estate and other offices, in the chapternamed, having similar fiduciary character. Any court of probate in this State isempowered in its discretion to appoint such a trust company to either of saidoffices of trust. The power to act in such fiduciary capacity is not conferrred byour law upon a State bank, savings bank, or any other corporation in this State;and probate courts are without jurisdiction under our statutes to appoint anycorporation except such a trust company to the offices of executor, administrator,guardian, or the like.


238 ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD

When a national bank has the permission of the Federal Reserve Board,Congress has conferred upon such bank authority to act in a fiduciary capacity,and the authority to so act becomes a part of the corporate powers of the bank.Without question a national bank can exercise such corporate powers in thisState when their exercise is not in contravention of our domestic law. Certainof the corporate powers which Congress has thus conferred upon national banksrelate to trusts which arise in connection with offices requiring for their exercisethe appointment of a probate court. Save as such trusts we see no reason toquestion that a national bank may exercise in this State its corporate powers ofa fiduciary nature which it has acquired in conformity with the act of Congress.

In Aquidneck National Bank v. Jennings, 44 R. I. 435, the defendant here, in anattempt to place itself on a parity with the trust companies of the State, sought bymandaimis to compel the State treasurer to accept from it United States bonds ina certain amount, to be held by the treasurer as security for the performance bythe defendant of its duties in a fiduciary capacity. The Federal reserve actprovides that when the laws of a State require that a trust company of such Stateshall deposit securities for the protection of trusts held by that company, nationalbanks in such State shall be required to make similar deposit of securities for theprotection of private and court trusts held by them in their fiduciary capacity.In that petition for mandamus, without passing upon the corporate powers ofthis defendant bank to act as a trustee in this State, the court denied the petition.The denial was principally upon the ground that, without the sanction of thegeneral assembly, nothing in the Federal reserve act can be regarded as regulatingor extending the duties of the treasurer as one of the general officers of the Stateand that Congress can not give the national banks in the State the right to demandthat the general treasurer shall perform for their benefit the same duties which,under our law, he performs for trust companies in this State.

In Aquidneck Bank v. Jennings, supra, we have held that a national bank cannot be admitted to an apparent standing of equality with trust companies. Wecan not say, however, that the exercise in this State by the defendant bank ofits power to act in a fiduciary capacity is in contravention of our State law, saveas to the execution of those trusts which arise in probate proceedings. In Aquid-neck National Bank v. Jennings, supra, we declared that "the devolution ofthe estates of decedents, the control of the property of infants, and lunatics,the jurisdiction of pur probate courts, and the legal regulation of the trusts whicharise in the administration of probate law are matters which pertain exclusivelyto the powers of a State over its domestic affairs. Under the State law no cor-poration other than a trust company, organized under the Rhode Island statute,may be appointed executor, administrator, or guardian by our probate courtor may accept and execute the duties of such office. * * * In the absenceof the express sanction of the general assembly the appointment of a nationalbank to execute the trusts which arise in probate proceedings, or the attemptedexecution of such trusts by a national bank, would be in contravention of ourState law." In the case before us now, where the matter is directly pertinentto the issues, we are still of the same opinion. In conformity with its conclusionoften stated, the Supreme Court of the United States declared in Tilt v. Kelsey,207 U. S. 43, that "in respect to the settlement of the succession to propertyon death the States of the Union are sovereign." Yonley v. Lavender, 88 U. S.276; United States v. Fox, 94 U. S. 315.

In the Federal reserve act when first enacted it was provided that the FederalReserve Board may grant national banks the right to act as trustees, executors,administrators, guardians, etc., "when not in contravention of State or locallaw." This provision still remains. In People v. Brady, 271 111. 100, the courtheld that authority given by the Federal Reserve Board to a national bank toact as trustee or the personal representative of a decedent was in contraventionof the law of Illinois. In First National Bank v. Union Trust Co., 244 U. S. 416,the Supreme Court appeared to recognize the authority of the court of lastresort of a State to construe the statutes of such State and to determine whethersuch authorization did contravene the local law. Apparently to meet this situa-tion, in the interest of national banks, Congress in 1918 amended the Federalreserve act by passing the extraordinary amendment which became the lastsentence of that portion of the act quoted above as follows: " Whenever the lawsof such State authorize or permit the exercise of any or all of the foregoing powersby State banks, trust companies, or other corporations which compete withnational banks, the granting to and the exercise of such powers by nationalbanks shall not be deemed to be in contravention of State or local law within themeaning of this act." Our statutory provisions regulating the jurisdiction ofprobate courts in the issuing of letters testamentary and of administration, and


COURT OPINIONS 2 3 9

in appointing guardians are not of doubtful interpretation. It is the practice ofthe Federal Supreme Court to adopt the construction placed upon a State statuteby the court of last resort of that State. We felt confident that the United StatesSupreme Court would not hold as valid and constitutional the amendment of1918, which assumed arbitrarily to place a legislative construction upon statutesof a State, regardless of their positive terms, or the construction placed uponthem by the Supreme Court of such State. In Aquidneck National Bank v.Jennings, supra, we said that "wedo not admit the power of Congress to controlthis court in the construction of the State laws of Rhode Island." It appearsthat we were not justified in our confidence as to the position which the SupremeCourt would take in the matter.

In the recent case of State of Missouri v. Duncan, 257 S. W. 784, the SupremeCourt of Missouri, in a carefully considered opinion, held that under the probatelaw of that State a national bank having a permit from the Federal ReserveBoard could not be appointed and act as executor, and that the exercise of suchfiduciary functions is "in contravention of the law of Missouri, the legislativepolicy, and the express statute." The court further held in relation to theamendment of 1918, that: "It can not be contended, that Congress by thisamendment took away from the courts of a State the right to interpret its ownstatutes and to determine this particular question." Upon review in the UnitedStates Supreme Court it was held, in a majority opinion, that notwithstandingthe provisions of the probate law of Missouri a national bank having a permitfrom the Federal Reserve Board may act as an executor if State trust companiescompeting with it have that power, and that "the State can not lay hold of itsgeneral control of administration to deprive national banks of their power tocompete that Congress is authorized to sustain." From the majority opinionMr. Justice Sutherland and Mr. Justice McReynolds dissented. The vigorousopinion of Mr. Justice Sutherland, based upon the former decisions of the SupremeCourt, and the just relation which exists under the Constitution between thepowers of Congress and those of the State authorities in matters of local concern,appears to us to be eminently sound and convincing. In conclusion he says,"The probate courts of a State have only such powers as the State legislaturegives them. They are wholly beyond the jurisdiction of Congress, and it doesnot seem to me to be within the competency of that body, on any pretext, tocompel such courts to appoint as executor or administrator one whom the Statelaw has declared shall not be appointed. The particular invasion here sanctionedmay not be of great moment; but it is a precedent, which, if carried to the logicalextreme, would go far toward reducing the States of the Union to the status ofmere geographical subdivisions. The case is one, to use the phrase of Mr. JusticeBrewer in Fairbank v. United States, 181 U. S. 283, 291-2, for the application ofthe maxim obsta principiis, not de minimis non curat lex."

The final determination of the constitutional validity of congressional actionis in the Federal Supreme Court. The matter presented here is in all respectsidentical with that before the Supreme Court of Missouri and the United StatesSupreme Court in the cases we have just considered. In the case before us weare constrained to be governed by the majority opinion in State of Missouri v.Duncan, supra. Therefore our determination is that the defendant should notbe ousted from the further exercise of the power alleged in the information.

Judgment is entered for the defendant.


BILLS TO AMEND THE CLAYTON ACT

[Introduced in Congress but not passed. See p. 29]

[Sixty-eighth Congress, first session, S. 3299]

IN THE SENATE OF THE UNITED STATES

MAY 13, 1924—Mr. McLean introduced the following bill, which was read twiceand referred to the Committee on Banking and Currency

A BILL To amend section 8 of an act entitled "An act to supplement existing laws against unlawful re-straints and monopolies, and for other purposes," approved October 15,1914, as amended May 15, 1916*and May 26, 1920.

Be it enacted by the Senate and House of^ Representatives of the United States ofAmerica in Congress assembled, That section 8 of the act entitled "An act tosupplement existing laws against unlawful restraints and monopolies, and forother purposes," approved October 15, 1914, as amended by the acts of May 15,1916, and May 26, 1920, be further amended by striking out the period at theend of the second clause of the said section and adding to said clause the fol-lowing: "or if in the judgment of the Federal Reserve Board no restriction ofbanking credit or lessening of competition will result."

[Sixty-eighth Congress, first session, H. R. 9344]

IN THE HOUSE OF REPRESENTATIVES

MAY 20, 1924—Mr. McFadden introduced the following bill, which was referredto the Committee on Banking and Currency and ordered to be printed

A BILL To amend section 8 of the act entitled "An act to supplement existing laws against unlawfulrestraints and monopolies, and for other purposes," approved October 15, 1914, as amended.

Be it enacted by the Senate and House of Representatives of the United States ofAmerica in Congress assembled, That the last proviso of the second paragraph ofsection 8 of the act entitled "An act to supplement existing lawrs against unlawfulrestraints and monopolies, and for other purposes," approved October 15, 1914,as amended, is amended to read as follows:

"And provided further, That nothing in this act shall prohibit any privatebanker from being an officer, director, or employee of not more than two banks,

.banking associations, or trust companies, or prohibit any officer, director, oremployee of any bank, banking association, or trust company, or any class Adirector of a Federal reserve bank, from being an officer, director, or employee ofnot more than two other banks, banking associations, or trust companies, whetherorganized under the laws of the United States or any State, if in any such casethere is in force a permit therefor issued by the Federal Reserve Board; and theFederal Reserve Board is authorized to issue such permit if in its judgment it isnot incompatible with the public interest, and to revoke any such permit when-ever it finds, after reasonable notice and opportunity to be heard, that the publicinterest requires its revocation."

EXTRACT FROM WORLD WAR ADJUSTED COMPENSATION ACT

LOAN PRIVILEGES.

SEC. 502. (a) A loan may be made to a veteran upon his adjusted servicecertificate only in accordance with the provisions of this section.

(b) Any national bank, or any bank or trust company incorporated underthe laws of any State, Territory, possession, or the District of Columbia (here-inafter in this section called "bank")? is authorized, after the expiration of two

240


REGULATIONS OF THE BOARD 2 4 1

years after the date of the certificate, to loan to any veteran upon his promissorynote secured by his adjusted service certificate (with or without the consentof the beneficiary thereof) any amount not in excess of the loan basis (as definedin subdivision (g) of this section) of the certificate. The rate of interest charged uponthe loan by the bank shall not exceed, by more than 2 per centum per annum, therate charged at the date of the loan for the discount of 90-day commercial paperunder section 13 of the Federal Reserve Act by the Federal reserve bank for theFederal reserve district in which the bank is located. Any bank holding a notefor a loan under this section secured by a certificate (whether the bank originallymaking the loan or a bank to which the note and certificate have been transferred)may sell the note to, or discount or rediscount it with, any bank authorizedto make a loan to a veteran under this section and transfer the certificate tosuch bank. Upon the indorsement of any bank, which shall be deemed a waiverof demand, notice, and protest by such bank as to its own indorsement exclu-sively, and subject to regulations to be prescribed by the Federal Reserve Board,any such note secured by a certificate and held by a bank shall be eligible fordiscount or rediscount by the Federal reserve bank for the Federal reservedistrict in which the bank is located. Such note shall be eligible for discountor rediscount whether or not the bank offering the note for discount or redis-count is a member of the Federal Reserve System and whether or not it acquiredthe note in the first instance from the veteran or acquired it by transfer uponthe indorsement of any other bank. Such note shall not be eligible for discountor rediscount unless it has at the time of discount or rediscount a maturity notin excess of nine months exclusive of days of grace. The rate of interest chargedby the Federal reserve bank shall be the same as that charged by it for thediscount or rediscount of 90-day notes drawn for commercial purposes. TheFederal Reserve Board is authorized to permit, or on the affirmative vote ofat least five members of the Federal Reserve Board to require, a Federal reservebank to rediscount, for any other Federal reserve bank, notes secured by a cer-tificate. The rate of interest for such rediscounts shall be fixed by the FederalReserve Board. In case the note is sold, discounted, or rediscounted the bankmaking the transfer shall promptly notify the veteran by mail at his last knownpost-office address.

REGULATIONS OF THE FEDERAL RESERVE BOARD

WASHINGTON, August IS, 1924.The Federal Reserve Board transmits herewith a new issue of all of its regu-

lations applicable to member banks. Since the issuance of the last edition of theboard's regulations under date of July 10, 1923, Regulations H and J of thatissue have been superseded by new regulations, and the prime purpose of thisedition is to provide a complete edition of the board's regulations under onecover. No very material changes have been made in this issue of the regulationsexcept the incorporation therein of the new Regulations H and J, but a few minorchanges have been made which are summarized below.

Regulation A has been amended so as to provide expressly for the rediscountof paper secured by bonds or notes of the War Finance Corporation and also soas to require that whenever the makers of notes offered for rediscount have closelyaffiliated or subsidiary corporations or firms, separate financial statements ofsuch corporations or firms must accompany the financial statement of the bor-rower which is required to be filed with the member bank under certain circum-stances.

Regulation D has been rewritten under a new title, " Reserves of MemberBanks," and there has been transferred to it that part of Regulation J whichdeals with the subject of penalties for deficiencies in reserves. Certain othermaterial has also been added to the regulation to provide a more complete dis-cussion of the subject of reserves. The new regulation, however, makes no sub-stantial changes in the existing regulations of the board and will require nochanges in the practice of Federal reserve banks or member banks, nor in theforms now in use.

Regulation H is in the form adopted on April 7, 1924.Regulation J is in the form adopted on May 9, 1924, except that Section VI

thereof which dealt with penalties for deficiencies in reserves has been transferredto Regulation D, as explained above, and Section VII has been redesignatedSection VI.



Regulation L has been amended by the addition thereto of a new paragraphwith reference to the burden of proving the absence of substantial competitionin connection with applications for interlocking directorates under the ClaytonAct.

No material changes have been made in Regulations B, C, E, F, G, I, or K.This issue of the board's regulations becomes effective on September 1, 1924.

The Federal reserve banks are requested to see that each member bank in theirrespective districts receives at least one copy of this official edition of the board'sregulations before the effective date.

Instructions which govern only Federal reserve agents or Federal reservebanks will be covered in separate letters or regulations, as in the past.

By order of the Federal Reserve Board.WALTER L. EDDY, Secretary.

REGULATION A, SERIES OF 1924

(Superseding Regulation A of 1923)

DISCOUNTS UNDER SECTIONS 13 AND 13a

ARTICLE A—NOTES, DRAFTS, AND BILLS OF EXCHANGE

SECTION I. GENERAL STATUTORY PROVISIONS

Any Federal reserve bank may discount for any of its member banks anynote, draft, or bill of exchange: Provided—

(a) It has a definite maturity*at the time of discount of not more than 90days, exclusive of days of grace; except that (1) if drawn or issued for an agri-cultural purpose or based on livestock, it may have a maturity at the time ofdiscount of not more than nine months, exclusive of days of grace, and (2) cer-tain bills of exchange payable at sight or on demand are eligible even thoughthey have no definite maturity (see Section VII, below);

(b) It has been issued or drawn for an agricultural, industrial, or commercialpurpose, or the proceeds have been used or are to be used for such a purpose,or it is a note, draft, or bill of exchange of a factor issued as such making ad-vances exclusively to producers of staple agricultural products in their rawstate;

(c) It was not issued for carrying or trading in stocks, bonds, or other invest-ment securities, except bonds and notes of the Government of the United Statesor unless it is secured by bonds or notes of the War Finance Corporation.

(d) The aggregate of notes, drafts, and bills bearing the signature or indorse-ment of any one borrower, whether a person, company, firm, or corporation,discounted for any one member bank, whether State or National, shall at notime exceed 10 per cent of the unimpaired capital and surplus of such bank; butthis restriction shall not apply to the discount of bills of exchange drawn in goodfaith against actually existing values;

(e) It is indorsed by a member bank; and(/) It conforms to all applicable provisions of this regulation.No Federal reserve bank may discount for any member State bank or trust

company an5^ of the notes, drafts, or bills of exchange of any one borrower whois liable for borrowed money to such State bank or trust company in an amountgreater than that which could be borrowed lawfully from such State bank ortrust company under the terms of section 5200 of the United States RevisedStatutes, as amended, were it a national banking association.

Any Federal reserve bank may make advances to its member banks on theirpromissory notes for a period not exceeding 15 days, provided that they aresecured by notes, drafts, bills of exchange, or bankers' acceptances which areeligible for discount or for purchase by Federal reserve banks, or by the depositor pledge of bonds or notes of the United States, or bonds or notes of the WarFinance Corporation.

SECTION II . GENERAL CHARACTER OF NOTES, DRAFTS, AND BILLS OF EXCHANGEELIGIBLE

The Federal Reserve Board, exercising its statutory right to define the char-acter of a note, draft, or bill of exchange eligible for discount at a Federal re-serve bank has determined that—



(a) I t must be a negotiable note, draft, or bill of exchange which has beenissued or drawn, or the proceeds of which have been used or are to be used inthe first instance, in producing, purchasing, carrying, or marketing goods l inone or more of the steps of the process of production, manufacture, or distribu-tion, or for the purpose of carrying or trading in bonds or notes of the UnitedStates or of the War Finance Corporation, and the name of a party to suchtransaction must appear upon it as maker, drawer, acceptor, or indorser: Pro-vided, however, That if the purpose is the carrying or trading in bonds or notesof the War Finance Corporation, such note, draft, or bill of exchange must besecured by same.

(b) It must not be a note, draft, or bill of exchange the proceeds of whichhave been or are to be advanced or loaned to some other borrower, except asto paper described below under Sections VI (b) and VIII.

(c) It must not be a note, draft, or bill of exchange the proceeds of whichhave been used or are to be used for permanent or fixed investments of anykind, such as land, buildings, or machinery, or for any other capital purpose.

(d) It must not be a note, draft, or bill of exchange the proceeds of whichhave been used or are to be used for investments of a purely speculative character.

(e) It may be secured by the pledge of goods or collateral of any nature, in-cluding paper which is ineligible for discount, provided it (the note, draft, orbill of exchange) is otherwise eligible.

SECTION III . APPLICATIONS FOR DISCOUNT

Every application for the discount of notes, drafts, or bills of exchange mustcontain a certificate of the member bank, in form to be prescribed by the Federalreserve bank, that, to the best of its knowledge and belief, such notes, drafts, orbills of exchange have been issued or drawn, or the proceeds thereof have beenor are to be used, for such a purpose as to render them eligible for discount underthe terms of this regulation, and, in the case of a member State bank or trustcompany, every application must contain a certificate or guaranty to the effectthat the borrower is not liable, and will not be permitted to become liable duringthe time his paper is held by the Federal reserve bank, to such bank or trustcompany for borrowed money in an amount greater than that which could beborrowed lawfully from such State bank or trust company under the terms ofsection 5200 of the United States Revised Statutes, as amended, were it a na-tional banking association.

SECTION IV. PROMISSORY NOTES

(a) Definition.—A promissory note, within the meaning of this regulation, isdefined as an unconditional promise, in writing, signed by the maker, to pay, inthe United States, at a fixed or determinable future time, a sum certain in dollarsto order or to bearer.

(&) Evidence of eligibility and requirement of statements.—A Federal reservebank must be satisfied by reference to the note or otherwise that it is eligible fordiscount. The member bank shall certify in its application whether the noteoffered for discount has been discounted for a depositor other than a bank or fora nondepositor and, if discounted for a bank, whether for a member or a non-member bank. The member bank must also certify whether a financial state-ment of the borrower is on file with it.

A recent financial statement of the borrower must be on file with the memberbank in all cases, unless the note was discounted by a member bank for a depositor(other than a bank) or for another member bank, and—

(1) It is secured by a warehouse, terminal, or other similar receipt coveringgoods in storage, by a valid prior lien on livestock which is being marketed orfattened for market, or by bonds or notes of the United States; or

(2) The aggregate of obligations of the borrower discounted and offered fordiscount at the Federal reserve bank by the member bank is less than a sumequal to 10 per cent of the paid-in capital of the member bank and is less than$5,000.

Whenever the borrower has closely affiliated or subsidiary corporations orfirms, the borrower's financial statement shall be accompanied by separate finan-cial statements of such affiliated or subsidiary corporations or firms, unless the

1 When used in this regulation the word "goods" shall be construed to include goods, wares, merchan-dise, or agricultural products, including livestock.



statement of the borrower clearly indicates that such note is both eligible froma legal standpoint and acceptable from a credit standpoint: Provided, however.That the Federal reserve bank to which such note is offered for rediscount may-waive this requirement until May 1, 1925, in any case where such borrower andthe affiliated or subsidiary corporations or firms have not issued separate financialstatements prior thereto.

A Federal reserve bank shall use its discretion in taking the steps necessaryto satisfy itself as to eligibility. Compliance of a note with Section II (c) maybe evidenced by a statement of the borrower showing a reasonable excess ofquick assets over current liabilities. A Federal reserve bank may, in all cases,require the financial statement of the borrower to be filed with it.

SECTION V. DRAFTS, BILLS OF EXCHANGE, AND TRADE ACCEPTANCES

(a) Definition.—A draft or bill of exchange, within the meaning of this regula-tion, is defined as an unconditional order in writing, addressed by one person toanother, signed by the person giving it, requiring the person to whom it is ad-dressed to pay in the United States, at a fixed or determinable future time, asum certain in dollars to the order of a specified person; and a trade acceptanceis defined as a draft or bill of exchange, drawn by the seller on the purchaser ofgoods sold,2 and accepted by such purchaser.

(b) Evidence of eligibility and requirement of statements.—A Federal reservebank shall take such steps as it deems necessary to satisfy itself as to the eligi-bility of the draft, bill, or trade acceptance offered for discount and may requirea recent financial statement of one or more parties to the instrument. Thedraft, bill, or trade acceptance should be drawn so as to evidence the characterof the underlying transaction, but if it is not so drawn evidence of eligibility mayconsist of a stamp or certificate affixed by the acceptor or drawer in a formsatisfactory to the Federal reserve bank.

SECTION VI. AGRICULTURAL PAPER

(a) Definition.—Agricultural paper, within the meaning of this regulation,is defined as a negotiable note, draft, or bill of exchange issued or drawn, or theproceeds of which have been or are to be used, for agricultural purposes, includingthe production of agricultural products, the marketing of agricultural productsby the growers thereof, or the carrying of agricultural products by the growersthereof pending orderly marketing, and the breeding, raising, fattening, or market-ing of livestock, and which has a maturity at the time of discount of not morethan nine months, exclusive of days of grace.

(b) Paper of cooperative marketing associations.—Under the express terms ofsection 13a, notes, drafts, bills of exchange, or acceptances issued or drawn bycooperative marketing associations composed of producers of agricultural productsare deemed to have been issued or drawn for an agricultural purpose, if theproceeds thereof have been or are to be—

(1) Advanced by such association to any members thereof for an agriculturalpurpose, or

(2) Used by such association in making payments to any members thereof onaccount of agricultural products delivered by such members to the association, or

(3) Used by such association to meet expenditures incurred or to be incurredby the association in connection with the grading, processing, packing, prepara-tion for market, or marketing of any agricultural product handled by suchassociation for any of its members.

These are not the only classes of paper of such associations which are eligiblefor discount, however, and any other paper of such associations which complieswith the applicable requirements of this regulation may be discounted on thesame terms and conditions as the paper of any other person or corporation.

Paper of cooperative marketing associations the proceeds of which have beenor are to be used (1) to defray the expenses of organizing such associations, or(2) for the acquisition of warehouses, for the purchase or improvement of realestate, or for any other permanent or fixed investment of any kind, are noteligible for discount, even though such warehouses or other property are to beused exclusively in connection with the ordinary operations of the association.

2 A consignment of goods or a conditional sale of goods can not be considered "goods sold" within themeaning of this clause. The purchase price of goods plus the cost of labor in effecting their installation maybe included in the amount for which the trade acceptance is drawn.



(c) Eligibility.—To be eligible for discount, agricultural paper, whether anote, draft, bill of exchange, or trade acceptance, must comply with the respectivesections of this regulation which would apply to it if its maturity were 90 daysor less.

(d) Discounts for Federal intermediate credit banks.—Any Federal reservebank may discount agricultural paper for any Federal intermediate credit bank;but no Federal reserve bank shall discount for any Federal intermediate creditbank any such paper which bears the indorsement of any nonmember Statebank or trust company which is eligible for membership in the Federal reservesystem under the terms of section 9 of the Federal reserve act as amended.In discounting such paper each Federal reserve bank shall give preference tothe demands of its own member banks and shall have due regard to the probablefuture needs of its own member banks; and no Federal reserve bank shall dis-count paper for any Federal intermediate credit bank when its own reservesamount to less than 50 per cent of its own aggregate liabilities for deposits andFederal reserve notes in actual circulation. The aggregate amount of paperdiscounted by all Federal reserve banks for any one Federal intermediate creditbank shall at no time exceed an amount equal to the paid-up and unimpairedcapital and surplus of such Federal intermediate credit bank.

(e) Limitations.—The Federal Reserve Board prescribes no limitation on theaggregate amount of notes, drafts, bills of exchange, and acceptances withmaturities in excess of three months, but not exceeding six months, exclusive ofdays of grace, which may be discounted by any Federal reserve bank; but theaggregate amount of notes, drafts, bills of exchange, and acceptances, withmaturities in excess of six months, but not exceeding nine months, which may bediscounted by any Federal reserve bank shall not exceed 10 per cent of its totalassets.

SECTION VII. SIGHT DRAFTS SECURED BY BILLS OF LADING

A Federal reserve bank may discount for any of its member banks bills ofexchange payable at sight or on demand which—

(a) Are drawn to finance the domestic shipment of nonperishable, readilymarketable, staple agricultural products, and

ib) Are secured by bills of lading or other shipping documents conveying orsecuring title to such staples.

All such bills of exchange shall be forwarded promptly, for collection, anddemand for payment shall be made promptly, unless the drawer instructs thatthey be held until arrival of car, in which event they must be presented for pay-ment within a reasonable time after notice of arrival of such staples at theirdestination has been received. In no event shall any such bill be held by or forthe account of a Federal reserve bank for a period in excess of 90 days.

In discounting such bills Federal reserve banks may compute the interest tobe deducted on the basis of the estimated life of each bill and adjust the amountthus deducted after payment of such bills to conform to the actual life thereof.

SECTION VIII. FACTORS' PAPER

Notes, drafts, and bills of exchange of factors issued as such for the purposeof making advances exclusively to producers of staple agricultural products intheir raw state are eligible for discount with maturities not in excess of 90 days,exclusive of days of grace, irrespective of the requirements of Sections II (a) andII (6).

ARTICLE B.—BANKERS7 ACCEPTANCES 3

SECTION IX. DEFINITION

A banker's acceptance within the meaning of this regulation is defined as adraft or bill of exchange, whether payable in the United States or abroad andwhether payable in dollars or some other money, of which the acceptor is a bankor trust company, or a firm, person, company, or corporation engaged generallyin the business of granting hankers' acceptance credits.

8 For regulations governing the acceptance by member banks of drafts and bills of exchange drawn onthem, see regulation C, p. 248.



SECTION X. ELIGIBILITY

A Federal reserve bank may discount any such bill bearing the indorsementof a member bank and having a maturity at the time of discount not greaterthan that prescribed by Section XI (a), which has been drawn under a creditopened for the purpose of conducting or settling accounts resulting from a transac-tion or transactions involving any one of the following:

(1) The shipment of goods between the United States and any foreigncountry, or between the United States and any of its dependencies orinsular possessions, or between foreign countries, or between dependenciesor insular possessions and foreign countries;

(2) The shipment of goods within the United States, provided shippingdocuments conveying security title are attached at the time of acceptance;or

(3) The storage of readily marketable staples,4 provided that the bill issecured at the time of acceptance by a warehouse, terminal, or other similarreceipt, conveying security title to such staples, issued by a party independentof the customer, and provided further that the acceptor remains securedthroughout the life of the acceptance. In the event that the goods mustbe withdrawn from storage prior to the maturity of the acceptance or theretirement of the credit, a trust receipt or other similar document coveringthe goods may be substituted in lieu of the original document, provided thatsuch substitution is conditioned upon a reasonably prompt liquidation ofthe credit. In order to insure compliance with this condition it should berequired, when the original document is released, either (a) that the proceedsof the goods will be applied within a specified time toward a liquidation ofthe acceptance credit or (b) that a new document, similar to the original one,will be resutjstituted within a specified time.

Provided, That acceptances for any one customer in excess of 10 per cent of thecapital and surplus of the accepting bank must remain actually secured through-out the life of the acceptance, and in the case of the acceptances of member banksthis security must consist of shipping documents, warehouse receipts, or othersuch documents, or some other actual security growing out of the same trans-action as the acceptance, such as documentary drafts, trade acceptances, terminalreceipts, or trust receipts which have been issued under such circumstances, andwhich cover goods of such a character, as to insure at all times a continuance ofan effective and lawful lien in favor of the accepting bank, other trust receiptsnot being considered such actual security if they permit the customer to haveaccess to or control over the goods.

A Federal reserve bank may also discount any bill drawn by a bank or bankerin a foreign country or dependency or insular possession of the United Statesfor the purpose of furnishing dollar exchange as provided in Regulation C, pro-vided that it has a maturity at the time of discount of not more than threemonths, exclusive of days of grace.

SECTION XI. MATURITIES

(a) Legal requirements.—No such acceptance is eligible for discount whichhas a maturity at the time of discount in excess of 90 days' sight, exclusive ofdays of grace, except that acceptances drawn for agricultural purposes and securedat the time of acceptance by warehouse receipts or other such documents convey-ing or securing title covering readily marketable staples may be discounted withmaturities at the time of discount of not more than six months' sight, exclusive ofdays of grace.

(b) General conditions as to maturity of domestic acceptances.—Although aFederal reserve bank may legally discount an acceptance having a maturity atthe time of discount not greater than that prescribed under (a), it may declineto discount any acceptance the maturity of which is in excess of the usual orcustomary period of credit required to finance the underlying transaction orwhich is in excess of that period reasonably necessary to finance such transaction.Since the purpose of permitting the acceptance of drafts secured by warehousereceipts or other such documents is to permit of the temporary holding of readilymarketable staples in storage pending a reasonably prompt sale, shipment, or

4 A readily marketable staple within the meaning of these regulations may be defined as an article ofcommerce, agriculture, or industry of such uses as to make it the subject of constant dealings in readymarkets with such frequent quotations of price as to make (a) the price easily and definitely ascertainableand (6) the staple itself easy to realize upon by sale at any time.



distribution, no such acceptance should have a maturity in excess of the timeordinarily necessary to effect a reasonably prompt sale, shipment, or distributioninto the process of manufacture or consumption.

SECTION XII. EVIDENCE OF ELIGIBILITY

A Federal reserve bank must be satisfied, either by reference to the acceptanceitself or otherwise, that the acceptance is eligible for discount under the termsof the law and the provisions of this regulation. The bill itself should be drawnso as to evidence the character of the underlying transaction, but if it is not, sodrawn evidence of eligibility may consist of a stamp or certificate affixed by theacceptor in form satisfactory to the Federal reserve bank.

REGULATION B, SERIES OF 1924

(Superseding Regulation B of 1923)

OPEN MARKET PURCHASES OF BILLS OF EXCHANGE, TRADE ACCEPT-ANCES, AND BANKERS' ACCEPTANCES UNDER SECTION 14

SECTION I. GENERAL STATUTORY PROVISIONS

Section 14 of the Federal reserve act provides that, under rules and regulationsto be prescribed by the Federal Preserve Board, Federal reserve banks maypurchase and sell in the open market, at home or abroad, from or to domesticor foreign banks, firms, corporations, or individuals, bills of exchange of the kindsand maturities made*eligible by the act for discount and bankers' acceptances,with or without the indorsement of a member bank.

SECTION II. GENERAL CHARACTER OF BILLS AND ACCEPTANCES ELIGIBLE

The Federal Reserve Board, exercising its statutory right to regulate thepurchase of bills of exchange and acceptances, prescribes that—

(a) Any banker's acceptance or bill of exchange which is eligible for dis-count under the terms of Regulation A is eligible for purchase by Federalreserve banks in the open market, with or without the indorsement of amember bank, if—

(1) It has been accepted by the drawee prior to purchase; or(2) It is accompanied or secured by shipping documents or by ware-

house, terminal, or other similar receipts conveying security title; or(3) It bears a satisfactory bank indorsement;

(6) A banker's acceptance growing out of a transaction involving theimportation or exportation of goods may be purchased if it has a maturitynot in excess of six months, exclusive of days of grace, provided that itconforms in other respects to the applicable requirements of Regulation A;and

(c) A banker's acceptance growing out of a transaction involving thestorage within the United States of goods actually under contract for saleand not yet delivered or paid for may be purchased, provided that theacceptor is secured by the pledge of such goods, and provided further, thatthe acceptance conforms in other respects to the applicable requirements ofRegulation A.

SECTION III. STATEMENTS

A bill of exchange, unless indorsed by a member bank, is not eligible for pur-chase until a satisfactory statement has been furnished of the financial conditionof one or more of the parties thereto.

A banker's acceptance, unless accepted or indorsed by a member bank, is noteligible for purchase until the acceptor has furnished a satisfactory statement ofits financial condition in form to be approved by the Federal reserve bank andhas agreed in writing with a Federal reserve bank to inform it upon requestconcerning the transaction underlying the acceptance.

36569—25f 17



REGULATION C, SERIES OF 1924

(Superseding Regulation C of 1923)

ACCEPTANCE BY MEMBER BANKS OF DRAFTS AND BILLS OFEXCHANGE 5

AKTICLE A—ACCEPTANCE OF DRAFTS OR BILLS OF EXCHANGE DRAWN AGAINSTDOMESTIC OR FOREIGN SHIPMENTS OF GOODS OR SECURED BY WAREHOUSERECEIPTS COVERING READILY MARKETABLE STAPLES

SECTION I. STATUTORY PROVISIONS

Under the provisions of the sixth paragraph of section 13 of the Federalreserve act, as amended, any member bank may accept drafts or bills of exchangedrawn upon it having not more than six months' sight to run, exclusive of daysof grace, which grow out of transactions involving the importation or exporta-tion of goods; or which grow out of transactions involving the domestic ship-ment of goods, provided shipping documents conveying or securing title areattached at the time of acceptance; or which are secured at the time of accept-ance by a warehouse receipt or other such document conveying or securing titlecovering readily marketable staples.6 This paragraph limits the amount whichany bank shall accept for any one person, company, firm, or corporation, whetherin a foreign or domestic transaction, to an amount not exceeding at any time,in the aggregate, more than 10 per cent of its paid-up and unimpaired capitalstock and surplus. This limit, however, does not apply in any case where theaccepting bank remains secured either by attached documents or by some otheractual security growing out of the same transaction as the acceptance. A trustreceipt which permits the customer to have access to or control over the goodswill not be considered by Federal reserve banks to be " actual security" withinthe meaning of section 13. A bill of lading draft, however, is "actual security"even after the documents have been released, provided that the draft is acceptedby the drawee upon or before the surrender of the documents. The law alsoprovides that any bank may accept such bills up to an amount not exceedingat any time, in the aggregate, more than one-half of its paid-up and unimpairedcapital stock and surplus; or, with the approval of the Federal Reserve Board,up to an amount not exceeding at any time, in the aggregate, more than 100per cent of its paid-up and unimpaired capital stock and surplus. In no event,however, shall the aggregate amount of acceptances growing out of domestictransactions exceed 50 per cent of such capital stock and surplus.

SECTION II . REGULATIONS

(1) Under the provisions of the law referred to above the Federal ReserveBoard has determined that any member bank, having an unimpaired surplusequal to at least 20 per cent of its paid-up capital, which desires to accept draftsor bills of exchange drawn for the purposes described above, up to an amountnot exceeding at any time, in the aggregate, 100 per cent of its paid-up andunimpaired capital stock and surplus, may file an application for that purposewith the Federal Reserve Board. Such application must be forwarded throughthe Federal reserve bank of the district in which the applying bank is located.

(2) The Federal reserve bank shall report to the Federal Reserve Boardupon the standing of the applying bank, stating whether the business and bank-ing conditions prevailing in its district warrant the granting of such application.

(3) The approval of any such application may be rescinded upon 90 days'notice to the bank affected.

* For regulations governing the rediscount of bankers' acceptances by Federal reserve banks, see Regu-lation A, page 245.

• A readily marketable staple within the meaning of these regulations may be defined as an article ofcommerce, agriculture, or industry of such uses as to make it the subject of constant dealings in readymarkets with such frequent quotations of price as to make (a) the price easily and definitely ascertain-able, and (6) the staple itself easy to realize upon by sale at any time.


REGULATIONS OF THE BOARD 249

ARTICLE B.—ACCEPTANCE OF DRAFTS OR BILLS OF EXCHANGE DRAWN FOR THEPURPOSE OF CREATING DOLLAR EXCHANGE

SECTION III. STATUTORY PROVISIONS

Section 13 of the Federal reserve act also provides that any member bank may-accept drafts or bills of exchange drawn upon it having not more than threemonths' sight to run, exclusive of days of grace, drawn, under regulations to beprescribed by the Federal Reserve Board, by banks or bankers in foreign coun-tries or dependencies or insular possessions of the United States for the purposeof furnishing dollar exchange as required by the usages of trade in the respectivecountries, dependencies, or insular possessions.

No member bank shall accept such drafts or bills of exchange for any onebank to an amount exceeding in the aggregate 10 per cent of the paid-up andunimpaired capital and surplus of the accepting bank unless the draft or bill ofexchange is accompanied by documents conveying or securing title or by someother adequate security. No member bank shall accept such drafts or bills inan amount exceeding at any time in the aggregate one-half of its paid-up andunimpaired capital and surplus. This 50 per cent limit is separate and distinct,from and not included in the limits placed upon the acceptance of drafts andbills of exchange as described under Article A of this regulation.

SECTION IV. REGULATIONS

Any member bank desiring to accept drafts drawn by banks or bankers inforeign countries or dependencies or insular possessions of the United Statesfor the purpose of furnishing dollar exchange shall first make an application tothe Federal Reserve Board setting forth the usages of trade in the respectivecountries, dependencies, or insular possessions in which such banks or bankersare located.

If the Federal Reserve Board should determine that the usages of trade insuch countries, dependencies, or possessions require the granting of the accept-ance facilities applied for, it will notify the applying bank of its approvaland will also publish in the Federal Reserve Bulletin the name or names of thosecountries, dependencies, or possessions in which banks or bankers are authorizedto draw on member banks whose applications have been approved for the purposeof furnishing dollar exchange.

The Federal Reserve Board reserves the right to modify or on 90 days' noticeto revoke its approval either as to any particular member bank or as to anyforeign country or dependency or insular possession of the United States in whichit has authorized banks or bankers to draw on member banks for the purposeof furnishing dollar exchange.

REGULATION D, SERIES OF 1924(Superseding Regulation D of 1923)

RESERVES OF MEMBER BANKS


Section 19 of the Federal reserve act provides, in part, as follows:

BANK RESERVES

SEC. 19. Demand deposits within the meaning of this act shall comprise all deposits payable withinthirty days, and time deposits shall comprise all deposits payable after thirty days, all savings accountsand certificates of deposit which are subject to not less than thirty days' notice before payment, and allpostal savings deposits.

Every bank, banking association, or trust company which is or which becomes a member of any Federalreserve bank shall establish and maintain reserve balances with its Federal reserve bank as follows:

(a) If not in a reserve or central reserve city, as now or hereafter defined, it shall hold and maintain withthe Federal reserve bank of its district an actual net balance equal to not less than seven per centum of theaggregate amount of its demand deposits and three per centum of its time deposits.

(6) If in a reserve city, as now or hereafter denned, it shall hold and maintain with the Federal reservebank of its district an actual net balance equal to not less than ten per centum of the aggregate amount ofits demand deposits and three per centum of its time deposits: Provided, however, That if located in theoutlying districts of a reserve city or in territory added to such a city by the extension of its corporate charter,it may, upon the affirmative vote of five members of the Federal Reserve Board, hold and maintain the-reserve balances specified in paragraph (a) hereof

(c) If in a central reserve city, as now or hereafter defined, it shall hold and maintain with the Federalreserve bank of its district an actual net balance equal to not less than thirteen per centum of the aggre-


2 5 0 ANNUAL REPOKT OF THE FEDEKAL RESERVE BOARD

gate amount of its demand deposits and three per centum of its time deposits: Provided, however, That iflocated in the outlying districts of a central reserve city or in territory added to such city by the extensionof its corporate charter, it may, upon the affirmative vote of five members of the Federal Reserve Board,hold and maintain the reserve balances specified in paragraphs (a) or (b) thereof.

* * * * * * *The required balance carried by a member bank with a Federal reserve bank may, under the regulations

and subject to such penalties as may be prescribed by the Federal Reserve Board, be checked against andwithdrawn by such member bank for the purpose of meeting existing liabilities: Provided, however, Thatno bank shall at any time make new loans or shall pay any dividends unless and until the total balancerequired by law is fully restored.

In estimating the balances required by this act, the net difference of amounts due to and from otherbanks shall be taken as the basis for ascertaining the deposits against which required balance with Federalreserve banks shall be determined.

The various Liberty bond acts (act of April 24, 1917, sec. 7; act of September24, 1917, sec. 8; act of.April 4, 1918, sec. 8) provide, in part, as follows:

That the provisions * * * with reference to the reserves required to be kept by national bankingassociations and other member banks of the Federal Reserve System shall not apply to deposits of publicmoneys by the United States in designated depositaries.

SECTION II. DEFINITIONS

(a) Demand deposits.—The term "demand deposits" shall include all depositswhich are payable within 30 days except "savings accounts," "time certificatesof deposit/' and "postal savings deposits," as defined below.

(b) Time deposits.—The term "time deposits" shall include all "time deposits,open accounts," all "savings accounts," all "time certificates of deposit," andall "postal savings deposits," as defined below.

(c) Time deposits, open accounts.—The term "time deposits, open accounts"shall mean deposits not evidenced by certificates of deposit or savings pass books,in respect to which a written contract is entered into with the depositor at thetime the deposit is made that neither the whole nor any part of such depositmay be withdrawn, by check or otherwise, except on a given date, not less than30 days after the date of the deposit, or on written notice which must be given bythe depositor a certain specified number of days in advance, in no case less than30 days.

(d) Savings accounts.—The term "savings accounts" shall mean those depositsin respect to which—

(1) The pass book, certificate, or other similar form of receipt must bepresented to the bank whenever a withdrawal is made,

(2) The depositor may at any time be required by the bank to give noticeof an intended withdrawal not less than 30 days before a withdrawal ismade, and

(3) The bank's printed regulations, accepted by the depositor at the timethe account is opened, include the above requirements.

(e) Time certificates of deposit.—A "time certificate of deposit" is definedas an instrument evidencing the deposit with a bank, either with or withoutinterest, of a certain sum specified on the face of the certificate payable in wholeor in part to the depositor or on his order—

(1) On a certain date, specified on the certificate, not less than 30 daysafter the date of the deposit, or

(2) After the lapse of a certain specified time subsequent to the date ofthe certificate, in no case less than 30 days, or

(3) Upon written notice, which the bank may at its option require to begiven a certain specified number of days, not less than 30 days, before thedate of repayment, and

(4) In all cases only upon presentation of the certificate at each with-drawal for proper indorsement or surrender.

(/) Postal savings deposits.—The term "postal savings deposits" shall meandeposits of postal savings funds in banks under the terms of the postal savingsact, approved June 25, 1910, as amended.

(g) Government deposits,—The term "Government deposits" shall mean de-posits of public moneys by the United States in designated depositaries.7

7 Deposits made by United States postmasters of Government funds, other than postal savings deposits,received by them in their official capacity, constitute " Government deposits" within the meaning of thisregulation and, when made in designated depositaries, are exempt from the reserve requirements of section19. The following classes of deposits, however, are not " Government deposits" within such meaning andare not exempt from reserve requirements:

(1) Deposits of Philippine funds made by the Philippine government and carried under the title "Treas-urer of the Philippine Islands currency reserve fund account."

(2) Deposits of Porto Rican funds made by the Porto Rican government.(3) Deposits of Indian funds under the control of the Department of the Interior.(4) Deposits of States, counties, or municipalities.(5) Deposits of the United States Shipping Board and the Emergency Fleet Corporation.


EEGULATIONS OF THE BOARD 2 5 1

SECTION III. COMPUTATION OF RESERVES

(a) Amounts of reserves to be maintained.—Every member bank of the Fed-eral reserve system is required by law to maintain on deposit with the Federalreserve bank of its district an actual net balance equal to 3 per cent of its timedeposits plus—

Seven per cent of its demand deposits if not in a reserve or central reservecity.

Ten per cent of its demand deposits if in a reserve city, except that iflocated in an outlying district of a reserve city or in territory added to suchcity by the extension of the city's corporate limits such bank may, uponthe affirmative vote of five members of the Federal Reserve Board, bepermitted to maintain 7 per cent reserves against its demand deposits.

Thirteen per cent of its demand deposits if located in a central reservecity, except that if located in an outlying district of a central reserve cityor in territory added to such city by the extension of the city's corporatelimits, such bank may, upon the affirmative vote of five members of theFederal Reserve Board, be permitted to maintain 7 per cent or 10 per centreserves against its demand deposits.

No reserves are required to be maintained against Government deposits asdefined above.

(6) Deductions allowed in computing reserves.—Member banks in determin-ing the amount against which reserves must be carried may deduct:

(1) From gross demand deposits, all Government deposits as definedabove.

(2) From the amount of balances due. to other banks, the amount ofbalances due from other banks (except Federal reserve banks and foreignbanks), including in the amount due from banks, out of town items placedin the mail and charged to the account of correspondent banks, items witha Federal reserve bank in process of collection, checks drawn on bankslocated in the same city, and exchanges for clearing houses.

(c) Availability of checks as reserve.—Checks forwarded to a Federal reservebank for collection or credit can not be counted as part of the minimum reservebalance to be carried by a member bank with its Federal reserve bank until suchtime as may be specified in the appropriate time schedule referred to in SectionIV of Regulation J. If a member bank draw against checks before such time,the draft will be charged against its reserve balance if such balance be sufficientin amount to pay it; but any resulting impairmant of reserve balances will besubject to all the penalties provided by the act.

SECTION IV. PENALTIES FOR DEFICIENCIES IN RESERVES

(a) Basic penalty.—Inasmuch as it is essential that the law in respect to themaintenance by member banks of the required minimum reserve balance shallbe strictly complied with, the Federal Reserve Board, under authority vested init by section 19 of the Federal reserve act, hereby prescribes a basic penalty fordeficiencies in reserves according to the following rules:

(1) Deficiencies in reserve balances of member banks in central reserve andreserve cities will be computed on the basis of average daily net deposit balancescovering a weekly period of seven days. Deficiencies in reserve balances of othermember banks will be computed on the basis of average daily net deposit balancescovering a semimonthly period.

(2) Penalties for deficiencies in reserves will be assessed monthly on the basisof average daily deficiencies during each of the reserve computation periodsending in the preceding month.

(3) A basic rate of 2 per cent per annum above the Federal reserve bankdiscount rate on 90-day commercial paper will be assessed as a penalty ondeficiencies in reserves of member banks.

(5) Progressive penalty.—The Federal Reserve Board will also prescribe forany Federal reserve district, upon the application of the Federal reserve bankof that district, an additional progressive penalty for continued deficiencies inreserves, in accordance with the following rules:

(1) When a member bank in a central reserve or reserve city has had anaverage deficiency in reserves for six consecutive weekly periods, a progressivepenalty, increasing at the rate of one-fourth of 1 per cent for each week there-after during which the average reserve balance is deficient, will be assessed onweekly deficiencies until the required reserve has been restored and maintained



for four consecutive weekly periods, provided that the maximum penalty chargedwill not exceed 10 per cent.

(2) When a member bank outside of a central reserve or reserve city has hadan average deficiency in reserves for three consecutive semimonthly periods, aprogressive penalty, increasing at the rate of one-half of 1 per cent for each halfmonth thereafter during which the average reserve balance is deficient, will beassessed on semimonthly deficiencies until the required reserve has been re-stored and maintained for two consecutive semimonthly periods, provided thatthe maximum penalty charged will not exceed-10 per cent.

SECTION V. LOANS AND DIVIDENDS WHILE RESERVES ARE DEFICIENT

It is unlawful for any member bank the reserves of which are at any timedeficient to make any new loans or pay any dividends unless and until the totalreserves required by law are fully restored, and the payment of penalties fordeficiencies in reserves does not exempt member banks from this prohibition oflaw. As provided above, penalties for deficiencies in reserves are computed onthe basis of the average reserve balances for weekly or semimonthly periods;but this prohibition of law applies whenever the reserves are deficient for oneday or more, regardless of whether or not the average reserve balances for theweekly or semimonthly period are deficient.

REGULATION E, SERIES OF 1924

(Superseding Regulation E of 1923)

PURCHASE OF WARRANTS

SECTION I. STATUTORY REQUIREMENTS

Section 14 of the Federal reserve act reads in part as follows:Every Federal reserve bank shall have power—(6) To buy and sell, at home or abroad, bonds and notes of the United States, and bills, notes, revenue

bonds, and warrants with a maturity from date of purchase of not exceeding six months, issued in antici-pation of the collection of taxes or in anticipation of the receipt of assured revenues by any State, county,district, political subdivision, or municipality in the continental United States, including irrigation, drain-age, and reclamation districts, such purchases to be made in accordance with rules and regulations prescribedby the Federal Reserve Board.

SECTION II. DEFINITIONS

Within the meaning of this regulation—The term "warrant" shall be construed to mean "bills, notes, revenue bonds,

and warrants with a maturity from date of purchase of not exceeding six months.77

The term "municipality77 shall be construed to mean "State, county, district,political subdivision, or municipality in the continental United States, includingirrigation, drainage, and reclamation districts.77

The term "net funded indebtedness"77 shall be construed to mean the legalgross indebtedness of the municipality (including the amount of any schooldistrict or other bonds which depend for their redemption upon taxes levied uponproperty within the municipality) less the aggregate of the following items:

(1) The amount of outstanding bonds or other debt obligations madepayable from current revenues;

(2) The amount of outstanding bonds issued for the purpose of providingthe inhabitants of a municipality with public utilities, such as waterworks,docks, electric plants, transportation facilities, etc.: Provided, That evidenceis submitted showing that the income from such utilities is sufficient formaintenance, for payment of interest on such bonds, and for the accumula-tion of a sinking fund sufficient for their redemption at maturity;

(3) The amount of outstanding improvement bonds, issued under lawswhich provide for the levying of special assessments against abutting prop-erty in amounts sufficient to insure the payment of interest on the bondsand the redemption thereof at maturity: Provided, That such bonds aredirect obligations of the municipality and included in the gross indebtednessof the municipality; and



(4) The total of all sinking funds accumulated for the redemption of thegross indebtedness of the municipality, except sinking funds applicable tobonds described in (1), (2), and (3) above.

SECTION III. CLASS OF WARRANTS ELIGIBLE FOR PURCHASE

Any Federal reserve bank may purchase warrants issued by a municipalityin anticipation of the collection of taxes or in anticipation of the receipt ofassured revenues, provided—

(a) They are the general obligations of the entire municipality; it beingintended to exclude as ineligible for purchase all such obligations as arepayable from "local benefit" and "special assessment" taxes when themunicipality at large is not directly or ultimately liable;

(b) They are issued in anticipation of taxes or revenues which are dueand payable on or before the date of maturity of such warrants; but theFederal Reserve Board may waive this condition in specific cases. For thepurposes of this regulation, taxes shall be considered as due and payableon the last day on which they may be paid without penalty;

(c) They are issued by a municipality—(1) Which has been in existence for a period of 10 years;(2) Which for a period of 10 years previous to the purchase has not

defaulted for longer than 15 days in the payment of any part of eitherprincipal or interest of any funded debt authorized to be contractedby it;

(3) Whose net funded indebtedness does not exceed 10 per centumof the valuation of its taxable property, to be ascertained by the lastpreceding valuation of property for the assessment of taxes.

SECTION IV. "EXISTENCE" AND " N O N D E F A U L T "

Warrants will be construed to comply with that part of Section III (c) relativeto term of existence and nondefault, under the following conditions:

(1) Warrants issued by or in behalf of any municipality which was, subse-quent to the issuance of such warrants . consolidated with or merged into anexisting political division which meets the requirements of these regulations,will be deemed to be the warrants of such political division: Provided, Thatsuch warrants were assumed by such political division under statutes and appro-priate proceedings the effect of which is to make such warrants general obligationsof such assuming political division and payable, either directly or ultimately,without limitation to a special fund from the proceeds of taxes levied upon allthe taxable real and personal property within its territorial limits.

(2) Warrants issued by or in behalf of any municipality which was, subsequentto the issuance of such warrants, wholly succeeded by a newly organized politicaldivision whose term of existence, added to that of such original political divisionor of any other political division so succeeded, is equal to a period of 10 yearswill be deemed to be warrants of such succeeding political division: Provided,That during such period none of such political divisions shall have defaulted fora period exceeding 15 days in the payment of any part of either principal or inter-est of any funded debt authorized to be contracted by it: And provided further,That such warrants were assumed by such new political division under statutesand appropriate proceedings the effect of which is to make such warrants generalobligations of such assuming political division and payable, either directly orultimately, without limitation to a special fund from the proceeds of taxes leviedupon all the taxable real and personal property within its territorial limits.

(3) Warrants issued by or in behalf of any municipality which, prior to suchissuance, became the successor of one or more, or was formed by the consolidationor merger of two or more, preexisting political divisions, the term of existence ofone or more of which, added to that of such succeeding or consolidated politicaldivision, is equal to a period of 10 years, will be deemed to be warrants of apolitical division which has been in existence for a period of 10 years: Provided,That during such period none of such original, succeeding, or consolidated politi-cal divisions shall have defaulted for a period exceeding 15 days in the paymentof any part of either principal or interest of any funded debt authorized to becontracted by it.



SECTION V. LIMITATIONS

(a) Except with the approval of the Federal Reserve Board, no Federal reservebank shall purchase and hold an amount in excess of 25 per cent of the totalamount of warrants outstanding at any time and issued in conformity with pro-visions of section 14 (b), above quoted, and actually sold by a municipality.

(b) Except with the approval of the Federal Reserve Board, the aggregateamount invested by any Federal reserve bank in warrants of all kinds shall notexceed at the time of purchase a sum equal to 10 per cent of the deposits keptby its member banks with such Federal reserve bank.

(c) Except with the approval of the Federal Reserve Board, the maximumamount which may be invested at the time of purchase by any Federal reservebank in warrants of any single municipality shall be limited to the followingpercentages of the deposits kept in such Federal reserve bank by its memberbanks:

Five per cent of such deposits in warrants of a municipality of 50,000population or over;

Three per cent of such deposits in warrants of a municipality of over30,000 population, but less than 50,000;

One per cent of such deposits in warrants of a municipality of over 10,000population, but less than 30,000.

(d) Any Federal reserve bank may purchase from any of its member bankswarrants of any municipality, indorsed by such members bank, with waiver ofdemand, notice, and protest if such warrants comply with Sections III and V (b)of these regulations, except that where a period of 10 years is mentioned in I I I (c)hereof a period of 5 years shall be substituted for the purposes of this clause.

SECTION VI. WARRANTS OF SMALL MUNICIPALITIES

Warrants of a municipality of 10,000 population or less shall be purchasedonly with the special approval of the Federal Reserve Board.

The population of a municipality shall be determined by the last Federal orState census. Where it can not be exactly determined the Federal Reserve Boardwill make special rulings.

SECTION VII. OPINION OF COUNSEL

Opinion of recognized counsel on municipal issues or of the regularly appointedcounsel of the municipality as to the legality of the issue shall be secured andapproved in each case by counsel for the Federal reserve bank.

REGULATION F, SERIES OF 1924

(Superseding Regulation F of 1923)

TRUST POWERS OF NATIONAL BANKS


The Federal reserve act as amended by the act of September 26, 1918, provideîn part:

SEC. 11. The Federal Reserve Board shall be authorized and empowered:(k) To grant by special permit to national banks applying therefor, when not in contravention of State

or local law, the right to act as trustee, executor, administrator, registrar of stocks and bonds, guardian ofestates, assignee, receiver, committee of estates of lunatics, or in any other fiduciary capacity in which Statebanks, trust companies, or other corporations which come into competition with national banks are per-mitted to act under the laws of the State in which the national bank is located.

Whenever the laws of such State authorize or permit the exercise of any or all of the foregoing powersby State banks, trust companies, or other corporations which compete with national banks, the grantingto and the exercise of such powers by national banks shall not be deemed to be in contravention of State orlocal law within the meaning of this act.

National banks exercising any or all of the powers enumerated in this subsection shall segregate all assetsheld in any fiduciary capacity from the general assets of the bank and shall keep a separate set of books andrecords showing in proper detail all transactions engaged in under authority of this subsection. Suchbooks and records showing in proper detail all transactions engaged in under authority of this subsection.Such books and records shall be open to inspection by the State authorities to the same extent as the booksand records of corporations organized under State law which exercise fiduciary powers, but nothing in thisact shall be construed as authorizing the State authorities to examine the books, records, and assets ofthe national bank which are not held in trust under authority of this subsection.

No national bank shall receive in its trust department deposits of current funds subject to check or thedeposit of checks, drafts, bills of exchange, or other items for collection or exchange purposes. Fundsdeposited or held in trust by the bank awaiting investment shall be carried in a separate account and shall



not be used by the bank in the conduct of its business unless it shall first set aside in the trust departmentUnited States bonds or other securities approved by the Federal Reserve Board.

In the event of the failure of such bank the owners of the funds held in trust for investment shall have alien on the bonds or other securities so set apart in addition to their claim against the estate of the bank.

Whenever the laws of a State require corporations acting in a fiduciary capacity, to deposit securitieswith the State authorities for the protection of private or court trusts, national banks so acting shall berequired to make similar deposits and securities so deposited shall be held for the protection of private orcourt trusts, as provided by the State law.

National banks in such cases shall not be required to execute the bond usually required of individualsif State corporations under similar circumstances are exempt from this requirement.

National banks shall have power to execute such bond when so required by the laws of the State.In any case in which the laws of a State require that a corporation acting as trustee, executor, adminis-

trator, or in any capacity specified in this section, shall take an oath or make an affidavit, the president,vice president, cashier, or trust officer of such national bank may take the necessary oath or execute thenecessary affidavit.

It shall be unlawful for any national banking association to lend any officer, director, or employee anyfunds held in trust under the powers conferred by this section. Any officer, director, or employee makingsuch loan, or to whom such loan is made, may be fined not more than $5,000, or imprisoned not more thanfive years, or may be both fined and imprisoned, in the discretion of the court.

In passing upon applications for permission to exercise the powers enumerated in this subsection, theFederal Reserve Board may take into consideration'the amount of capital and surplus of the applying bank,whether or not such capital and surplus is sufficient under the circumstances of the case, the needs of thecommunity to be served, and any other facts and circumstances that seem to it proper, and may grant orrefuse the application accordingly: Provided, That no permit shall be issued to any national banking asso-ciation having a capital and surplus less than the capital and surplus required by State law of State banks,trust companies, and corporations exercising such powers.

SECTION II. APPLICATIONS

A national bank desiring to exercise any or all of the powers authorized bysection 11 (k) of the Federal reserve act, as amended by the act of September 26,1918, shall make application to the Federal Reserve Board, on a form approvedby said board, for a special permit authorizing it to exercise such powers. Inthe case of an original application—that is, where the applying bank has neverbeen granted the right to exercise any of the powers authorized by section 11 (k)—the application should be made on F. R. B. Form 61. In the case of a supple-mental application—that is, where the applying bank has already been grantedthe right to exercise one or more of the powers authorized by section 11 (k)—theapplication should be made on F. R. B. Form 61-6. Both forms are made a partof this regulation and may be obtained from the Federal Reserve Board or anyFederal reserve bank.

SECTION III. SEPARATE DEPARTMENTS

Every national bank permitted to act under this section shall establish aseparate trust department, and shall place such department under the manage-ment of an officer or officers, whose duties shall be prescribed by the board ofdirectors of the bank.

SECTION IV. CUSTODY OF TRUST SECURITIES AND INVESTMENTS

The securities and investments held in each trust shall be kept separate anddistinct from the securities owned by the bank and separate and distinct onefrom another. Trust securities and investments shall be placed in the jointcustody of two or more officers or other employees designated by the board ofdirectors of the bank and all such officers and employees shall be bonded.

SECTION V. DEPOSIT OF FUNDS AWAITING INVESTMENT OR DISTRIBUTION

Funds received or held in the trust department of a national bank awaitinginvestment or distribution may be deposited in the commercial department ofthe bank to the credit of the trust department, provided that the bank firstdelivers to the trust department, as collateral security, United States bonds, orother readily marketable securities owned by the bank, which collateral securityshall at all times be at least equal in market value to the amount of the funds sodeposited.8

8 The act requires that the bank shall set aside in the trust department " United States bonds or othersecurities approved by the Federal Reserve Board." This provision of the regulations is intended as ageneral approval by the Federal Reserve Board of all securities which comply with the requirementsthereof and specific approval by the Federal Reserve Board is unnecessary as to such securities. Theboard will not approve any securities which do not comply with these requirements.

36569—25t 18



SECTION VI. INVESTMENT OF TRUST FUNDS

(a) Private trusts.—Funds held in trust must be invested in strict accord-ance with the terms of the will, deed, or other instrument creating the trust.Where the instrument creating the trust contains provisions authorizing thebank, its officers, or its directors to exercise their discretion in the matter of in-vestments, funds held in trust may be invested only in those classes of securitieswhich are approved by the directors of the bank. Where the instrument creat-ing the trust does not specify the character or class of investments to be madeand does not expressly vest in the bank, its officers, or its directors a discretionin the matter of investments, funds held in trust shall be invested in any securi-ties in which corporate or individual fiduciaries in the State in which the bankis located may lawfully invest.

(6) Court trusts.—Except as hereinafter provided, a national bank acting asexecutor, administrator, or in any other fiduciary capacit}^, under appointmentby a court of competent jurisdiction, shall make all investments under an orderof that court, and copies of all such orders shall be filed and preserved with therecords of the trust department of the bank. If the court by general ordervests a discretion in the national bank to invest funds held in trust, or if underthe laws of the State in which the bank is located corporate fiduciaries appointedby the court are permitted to exercise such discretion, the national bank so ap-pointed may invest such funds in any securities in which corporate or individualfiduciaries in the State in which the bank is located may lawfully invest.

SECTION VII. BOOKS AND ACCOUNTS

All books and records of the trust department shall be kept separate and dis-tinct from other books and records of the bank. All accounts opened shall beso kept as to enable the national bank at any time to furnish information orreports required by the Federal or State authorities, and such books and recordsshall be open to the inspection of such authorities.

SECTION VIII. EXAMINATIONS

Examiners appointed by the Comptroller of the Currency or designated bythe Federal Reserve Board will be instructed to make thorough and completeaudits of the cash, securities, accounts, and investments of the trust depart-ment of the bank at the same time that examination is made of the bankingdepartment.

SECTION IX. CONFORMITY WITH STATE LAWS

Nothing in these regulations shall be construed to give a national bank exer-cising the powers permitted under the provisions of section 11 (fc) of the Federalreserve act, as amended, any rights or privileges in contravention of the laws ofthe State in which the bank is located within the meaning of that act.

SECTION X. REVOCATION OF PERMITS

The Federal Reserve Board reserves the right to revoke permits granted underthe provisions of section ll(fc), as amended, in any case where in the opinion ofthe board a bank has willfully violated the provisions of the Federal reserve actor of these regulations or the laws of any State relating to the operations of suchbank when acting in any of the capacities permitted under the provisions ofsection 11 (k), as amended.

SECTION XI. CHANGES IN REGULATIONS

These regulations are subject to change by the Federal Reserve Board; pro-vided, however, that no such change shall prejudice any obligation undertakenin good faith under regulations in effect at the time the obligation was assumed.



REGULATION G3 SERIES OF 1924

(Superseding Regulation G of 1923)

LOANS ON FARM LAND AND OTHER REAL ESTATE

Section 24 of the Federal reserve act provides in part that—Any national banking association not situated in a central reserve city rnay make loans secured by im-

proved and unencumbered farm land situated within its Federal reserve district or within a radius of onehundred miles of the place in which such bank is located, irrespective of district lines, and may also make1 oans secured by improved and unencumbered real estate located within one hundred miles of the placein which such bank is located, irrespective of district lines; but no loan made upon the security of suchfarm land shall be made for a longer time than five years, and no loan made upon the security of such realestate as distinguished from farm land shall be made for a longer time than one year nor shall the amountof any such loan, whether upon such farm land or upon such real estate, exceed fifty per centum of theactual value of the property offered as security. Any such bank may make such loans, whether securedby such farm land or such real estate, in an aggregate sum equal to twenty-five per centum of its capitaland surplus or to one-third of its time deposits and such banks may continue hereafter as heretofore toreceive time deposits and to pay interest on the same.

National banks not located in central reserve cities may, therefore, legallymake loans secured by improved and unencumbered farm land or other realestate as provided by this section.

Certain conditions and restrictions must, however, be observed—(a) There must be no prior lien on the land; that is, the lending bank must

hold an absolute first mortgage or deed of trust.(6) The amount of the loan must not exceed 50 per cent of the actual value of

the land by which it is secured.(c) The maximum amount of loans which a national bank may make on real

estate, whether on farm land or on other real estate as distinguished from farmland, is limited under the terms of the act to an amount not in excess of one-third of its time deposits at the time of the making of the loan, and not in excessof one-third of its average time deposits during the preceding calendar year:Provided, however, That if one-third of such time deposits as of the date of makingthe loan or one-third of the average time deposits for the preceding calendaryear is less than one-fourth of the capital and surplus of the bank as of the dateof making the loan, the bank in such event shall have authority to make loansupon real estate under the terms of the act to the extent of one-fourth of thebank's capital and surplus as of that date.

(d) Farm land to be eligible as security for a loan by a national bank must besituated within the Federal reserve district in which such bank is located orwithin a radius of 100 miles of such bank irrespective of district lines.

(e) Real estate as distinguished from farm land to be eligible as security for aloan by a national bank must be located within a radius of 100 miles of suchbank irrespective of district lines.

(/) The right of a national bank to "make loans" under section 24 includesthe right to purchase or discount loans already made as well as the right to makesuch loans in the first instance: Provided, however, That no loan secured byfarm land shall have a maturity of more than five years from the date on whichit was purchased or made by the national bank and that no loan secured by otherreal estate shall have a maturity of more .than one year from such date.

(g) Though no national bank is authorized under the provisions of section 24to make a loan on the security of real estate, other than farm land, for a periodexceeding one year, nevertheless, at the end of the year, the maturing notemay be renewed or extended for another year, and in order to obviate the. neces-sity of making a new mortgage or deed of trust for each renewal the originalmortgage or deed of trust may be so drawn in the first instance as to cover pos-sible future renewals of the original note. Under no circumstances, however,must the bank obligate itself in advance to make such a renewal. It must in allcases preserve the right to require payment at the end of the year and to fore-close the mortgage should that action become necessary. The same principlesapply to loans of longer maturities secured by farm lands.

(h) In order that real estate loans held by a bank may be readily classified, astatement signed by the officers making a loan and having knowledge of the factsupon which it is based must be attached to each note secured by a first mortgageon the land by which the loan is secured, certifying in detail as of the date of theloan that all of the requirements of law have been duly observed.


2 5 8 ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD

REGULATION H, SERIES OF 1924

(Superseding Regulation H of 1923)

MEMBERSHIP OF STATE BANKS AND TRUST COMPANIES

SECTION I. BANKS ELIGIBLE FOR MEMBERSHIP

1. Incorporation.—In order to be eligible for membership in a Federal reservebank, a State bank or trust company must have been incorporated under aspecial or general law of the State or district in which it is located.

2. Capital stock.—Under the terms of section 9 of the Federal reserve act asamended, no applying bank can be admitted to membership in a Federal reservebank unless—

(a) It possesses a paid-up, unimpaired capital sufficient to entitle it to becomea national banking association in the place where it is situated, under the pro-visions of the national bank act, or

(6) It possesses a paid-up, unimpaired capital of at least 60 per cent of suchamount, and, under "penalty of loss of membership, complies with the rules andregulations herein prescribed by the Federal Reserve Board fixing the time withinwhich and the method by which the unimpaired capital of such bank shall bei ncreased out of net income to equal the capital required under (a).

In order to become a member of the Federal reserve system, therefore, anyState bank or trust company must have a minimum paid-up capital stock atthe time it becomes a member, as follows:

If located in a city or town with a population of—

Not exceeding 3,000 inhabitantsExceeding 3,000 but not exceeding 6,000 inhabitants. _Exceeding 6,000 but not exceeding 50,000 inhabitants.Exceeding 50,000 inhabitants

Minimumcapital ifadmitted

underclause (a)

$25,00050,000100,000200,000

Minimumcapital ifadmitted

underclause (6)

$15,00030,00060,000120,000

Any bank admitted to membership under clause (b) must also, as a conditionof membership, the violation of which will subject it to expulsion from theFederal reserve system, increase its paid-up and unimpaired capital within fiveyears after the approval of its application by the Federal Reserve Board to theamount required under (a). For the purpose of providing for such increase,every such bank shall set aside each year in a fund exclusively applicable to suchcapital increase not less than 50 per cent of its net earnings for the preceding yearprior to the payment of dividends, and if such net earnings exceed 12 per centof the paid-up capital of such bank, then all net earnings in excess of 6 per centof the paid-up capital shall be carried to such fund, until such fund is large enoughto provide for the necessary increase in capital. Whenever such fund shall belarge enough to provide for the necessary increase in capital, or at such other timeas the Federal Reserve Board may require, such fund or as much thereof as maybe necessary shall be converted into capital by a stock dividend or used in anyother manner permitted by State law to increase the capital of such bank to theamount required under (a): Provided, however, That such bank may be excusedin whole or in part from compliance with the terms of this paragraph if it increasesits capital through the sale of additional stock: Provided, further, That nothingherein contained shall be construed as requiring any such bank to violate anyprovision of State law, and in any case in which the requirements of this para-graph are inconsistent with the requirements of State law the requirementsof this paragraph may be waived and the subject covered by a special condition ofmembership to be prescribed by the Federal Reserve Board.

SECTION II. APPLICATION FOR MEMBERSHIP

Any eligible State bank or trust company may make application on F. R. B.Form 83a, made a part of this regulation, to the Federal Reserve Board for anamount of capital stock in the Federal reserve bank of its district equal to 6 percent of the paid-up capital stock and surplus of such State bank or trust com-



party. This application must be forwarded direct to the Federal reserve agentof the district in which the applying bank or trust company is located and mustbe accompanied by Exhibits I, II, and III, referred to on page 1 of the applicationblank.

SECTION III . APPROVAL ON APPLICATION

In passing upon an application the Federal Reserve Board will consider espec-ially—

(1) The financial condition of the applying bank or trust company andthe general character of its management;

(2) Whether the corporate powers exercised by the applying bank ortrust company are consistent with the purposes of the Federal reserve act;and

(3) Whether the laws of the State or district in which the applying bankor trust company is located contain provisions likely to prevent proper com-pliance with the provisions of the Federal reserve act and the regulations ofthe Federal Reserve Board made in conformity therewith.

If, in the judgment of the Federal Reserve Board, an applying bank or trustcompany conforms to all the requirements of the Federal reserve act and theseregulations, and is otherwise qualified for membership, the board will issue acertificate of approval subject to such conditions as it may deem necessary.When the conditions imposed by the board have been accepted by the applyingbank or trust company the board will issue a certificate of approval, whereuponthe applying bank or trust company shall make a payment to the Federal reservebank of its district of one-half of the amount of its subscription, i. e., 3 per centof the amount of its paid-up capital and surplus, and upon receipt of this paymentthe appropriate certificate of stock will be issued by the Federal reserve bank.The remaining half of its subscription shall be subject to call when deemed neces-sary by the Federal Reserve Board.

SECTION IV. CONDITIONS OF MEMBERSHIP

Pursuant to the authority contained in the first paragraph of section 9 of theFederal reserve act, which provides that the Federal Reserve Board may permitapplying banks to become members of the Federal reserve system "subject tosuch conditions as it may prescribe," the Federal Reserve Board will prescribe thefollowing conditions of membership for each bank or trust company hereafterapplying for admission to the Federal reserve system, in addition to such otherconditions as the board may consider necessary or advisable in the particularcase—

(1) Except with permission of the Federal Reserve Board, such bank or trustcompany shall not cause or permit any change to be made in the general characterof its assets or in the scope of the functions exercised by it at the time of admissionto membership, such as will tend to affect materially the standard maintained atthe time of its admission to the Federal reserve system and required as a con-dition of membership.

(2) Such bank or trust company shall at all times conduct its business andexercise its powers with due regard to the safety of its customers.

(3) Such bank or trust company shall not reduce its capital stock except withthe permission of the Federal Reserve Board.

(4) Such bank or trust company shall not, except after applying for andreceiving the permission of the Federal Reserve Board, establish any branch,agency, or additional office.

(5) Such bank or trust company, except after applying for and receiving thepermission of the Federal Reserve Board, shall not consolidate with or absorbor purchase the assets of any other bank or branch bank for the purpose of oper-ating such bank or branch bank as a branch of the applying bank; nor directlyor indirectly, through affiliated corporations or otherwise, acquire an interest inanother bank in excess of 20 per cent of the capital stock of such other bank; nordirectly or indirectly promote the establishment of any new bank for the purposeof acquiring such an interest in it; nor make any arrangement to acquire such aninterest.

(6) Such bank or trust company shall reduce to, and maintain within, thelimits prescribed by the laws of the State in which it is located, any loan whichmay be in excess of such limits.

(7) Such bank or trust company shall reduce to an amount equal to 10 percent of its capital and surplus all balances in excess thereof, if any, which are



carried with banks or trust companies which are not members of the Federalreserve system, and shall at all times maintain such balances within such limits.

(8) Such bank or trust company may accept drafts and bills of exchangedrawn upon it of any character permitted by the laws of the State of its incorpor-ation; but the aggregate amount of all acceptances outstanding at any one timeshall not exceed the limitations imposed by section 13 of the Federal reserve act,that is, the aggregate amount of acceptances outstanding at any one time whichare drawn for the purpose of furnishing dollar exchange in countries specified bythe Federal Reserve Board shall not exceed 50 per cent of its capital and surplus,and the aggregate amount of all other acceptances, whether domestic or foreign,outstanding at any one time shall not exceed 50 per cent of its capital and surplus,except that the Federal Reserve Board, upon the application of such bank ortrust company, may increase this limit from 50 per cent to 100 per cent of itscapital and surplus: Provided, however, That in no event shall the aggregateamount of domestic acceptances outstanding at any one time exceed 50 per centof the capital and surplus of such bank or trust company.

(9) The board of directors of said bank or trust company shall adopt a resolu-tion authorizing the interchange of reports and information between the Federalreserve bank of the district in which such bank or trust company is located andthe banking authorities of the State in which such bank is located.

Each bank or trust company applying for membership hereafter will be re-quired to agree to the above conditions and any other conditions which theboard may prescribe, prior to the admission of such bank or trust company tothe Federal reserve system. %

SECTION V. PERMISSION NECESSARY PRIOR TO MAKING CHANGES IN ASSETS ORSCOPE OF FUNCTIONS

Each bank or trust company hereafter admitted to the Federal reserve systemand each bank or trust company which has heretofore been admitted subject tocondition No. 1 of Section IV or subject to any similar condition shall, throughthe Federal reserve agent, request the permission of the Federal Reserve Boardprior to taking any action which may result in a change in the general characterof its assets or in the scope of the functions exercised by it at the time of admis-sion to membership, such as will tend to affect materially the standard maintainedat the time of its admission to the Federal reserve system and required as a con-dition of membership.

The board considers that among the actions which may result in changes ofthe kind referred to in this section are the establishment of branches, agenciesor additional offices and consolidations or mergers with, or purchases of the as-sets of other banks or branch banks.

SECTION VI. PRINCIPLES GOVERNING ESTABLISHMENT OF BRANCHES

In passing upon applications by State banks and trust companies for permis-sion to establish branches, agencies or additional offices, under condition No. 4of Section IV, or under any similar condition which may have been prescribedby the Federal Reserve Board and agreed to by any bank or trust companyheretofore admitted to the Federal reserve system, the Federal Reserve Boardwill observe the following principles—

(1) The Federal Reserve Board will as a general principle restrict the estab-lishment of branches, agencies or additional offices by such banks or trust com-panies to the city of location of the parent bank and the territorial area withinthe State contiguous thereto, as said territory has been defined in the board'sresolution of November 7, 1923,9 excepting in instances where the State bankingauthorities have certified and the board finds that public necessity and advantagerender a departure from the principle necessary or desirable.

(2) The Federal Reserve Board as a general principle will not consider anapplication by such bank or trust company for a permit to establish a branch,agency or additional office, unless the authorities of the State in which suchbank is located regularly make simultaneous examinations of the head officeand all branches, agencies or additional offices of such bank, nor unless the ex-aminations made by the State authorities are, in the judgment of the FederalReserve Board, of such character in every respect as to furnish the Federal

9 The term "contiguous territory" is defined in the board's resolution of Nov. 7, 1923, to mean: "Theterritory of a city or town whose corporate limits at some point coincide with the corporate limits of thecity or town in which the parent bank is located."



Reserve Board with sufficient information as to the condition of such bank andthe character of its management to enable the Federal Reserve Board fully toprotect the interests of the public.

(3) The Federal Reserve Board as a general principle will require each bankor trust company which establishes or maintains branches, agencies or additionaloffices to maintain for itself and such branches, agencies or additional offices anadequate ratio of capital to total liabilities and an adequate percentage of itstotal investments in the form of paper or securities eligible for discount or pur-chase by Federal reserve banks.

(4) The Federal Reserve Board will not consider any application to establisha branch, agency or additional office until the State banking authorities haveapproved the establishment of such branch, agency or additional office, and thedirectors or executive committee and the Federal reserve agent of the Federalreserve bank of the district in which such bank or trust company is located havemade a report upon the financial condition of the applying bank or trust company,the general character of its management, what effect the establishment of suchbranch, agency or additional office would «have upon other banks or branches inthe locality in which it is to be established, and whether, in their opinion, it wouldbe in the interest of the public in such locality, together with their recommenda-tion as to whether or not the application should be granted.

(5) When permission is granted for the establishment of such branch, agencyor additional office same shall be established and opened for business withinsix months after such permission is granted. If such branch, agency or additionaloffice is not established within such time the permit shall become void, unless thetime is extended by the board for good cause.

(6) The Federal Reserve Board reserves the right to cancel any permit whichit may grant hereafter to establish any branch, agency or additional office when-ever it shall appear, after hearing, that such branch, agency or additional office isbeing operated in a manner contrary to the interest of the public in the localityin which it is established.

SECTION VII. POWERS AND RESTRICTIONS

Every State bank or trust company while a member of the Federal reservesystem—

(1) Shall retain its full charter and statutory rights as a State bank ortrust company, subject to the provisions of the Federal reserve act, to theregulations of the Federal Reserve Board, and to the conditions prescribedby the Federal Reserve Board and agreed to by such State bank or trustcompany prior to its admission.

(2) Shall maintain such improvements and changes in its banking prac-tice as may have been specifically required of it by the Federal ReserveBoard as a condition of its admission and shall not lower the standard ofbanking then required of it;

(3) Shall enjoy all the privileges and observe all those requirements of theFederal reserve act and of the regulations of the Federal Reserve Boardmade in conformity therewith which are applicable to State banks and trustcompanies which have become member banks; and

(4) Shall comply at all times with any and all conditions of membershipprescribed by the Federal Reserve Board at the time of the admission ofsuch member bank to the Federal reserve system.

SECTION VIII. EXAMINATIONS AND REPORTS

Every State bank or trust company, while a member of the Federal reservesystem, shall be subject to examinations made by direction of the Federal Re-serve Board or of the Federal reserve bank by examiners selected or approvedby the Federal Reserve Board.

In order to avoid duplication, examinations of State banks and trust com-panies made by State authorities will be accepted in lieu of examinations byexaminers selected or approved by the board wherever these are satisfactoryto the directors of the Federal reserve bank, and examiners from the staff of theboard or of the Federal reserve banks will, whenever desirable, be designatedby the board to act with the examination staff of the State in order that uniformityin the standard of examination may be assured.

Every State bank or trust company, while a member of the Federal reservesystem, shall be required to make in each year not less than three reports ofcondition on F. R. B. Form 105. Such reports shall be made to the Federal



reserve bank of its district on call of such bank, on dates to be fixed by the FederalReserve Board. They shall also make semiannual reports of earnings and divi-dends on F. R. B. Form 107. As dividends may be declared from time to timeeach State bank or trust company member shall also furnish to the Federalreserve bank of its district a special notification of dividend declared on F. R. B.Form 107a. F. R. B. Forms 105, 107, and 107a are made a part of this regulation.

REGULATION I, SERIES OF 1924

(Superseding Regulation I of 1923)

INCREASE OR DECREASE OF CAPITAL STOCK OF FEDERAL RESERVEBANKS AND CANCELLATION OF OLD AND ISSUE OF NEW STOCKCERTIFICATES

SECTION I. INCREASE OF CAPITAL STOCK

(a) New national banks.—Each new national bank, while in process oforganization (including each nonmember State bank converting into a nationalbank,10 while in process of such conversion) shall file with the Federal reservebank of its district an application to the Federal Reserve Board on F. R. B.Form 30 (or as to a nonmember State bank converting into a national bank, onF. R. B. Form 30a), made a part of this regulation, for an amount of capitalstock of the Federal reserve bank of its district equal to 6 per cent of the paid-up capital stock and surplus of such new national bank. Such application shallbe forwarded promptly to the Federal Reserve Board, and if it is found to be inproper form the Federal Reserve Board will grant its approval effective if andwhen the Comptroller of the Currency issues to such bank his certificate ofauthority to commence business. If its application is approved, the applyingbank shall thereupon make a payment to the Federal reserve bank of its districtof one-half of the amount of its subscription, i. e., 3 per cent of the amount of itspaid-up capital and surplus; and upon receipt of this payment the Federalreserve bank will issue a receipt therefor, place the amount in a suspense account,and notify the Federal Reserve Board that it has been received. When theComptroller of the Currency issues to such applying bank his certificate ofauthority to commence business the Federal reserve bank shall issue a stockcertificate to the applying bank, and the capital stock of the Federal reservebank represented by such certificate shall be considered as issued as of the dateupon which the Comptroller of the Currency issues his certificate of authorityto commence business. The remaining half of the subscription of the applyingbank shall be subject to call when deemed necessary by the Federal ReserveBoard.

(b) State banks becoming members.—Any State bank or trust companydesiring to become a member of the Federal reserve system shall make applicationas provided in Regulation H, and when such application has been approved bythe Federal Reserve Board and all requirements of Regulation H have beencomplied with the Federal reserve bank shall issue an appropriate certificate ofstock as provided in Regulation H.

(c) Increase of capital or surplus by member banks.—Whenever any memberbank shall increase the aggregate amount of its paid-up capital stock and surplus,it shall file with the Federal reserve bank of which it is a member an applicationon F. R. B. Form 56, made a part of this regulation, for an additional amount ofcapital stock of the Federal reserve bank of its district equal to 6 per cent ofsuch increase. After such application has been approved by the Federal reserveagent and by the Federal Reserve Board, the applying member bank shall payto the Federal reserve bank of its district one-half of the amount of its additionalsubscription, and when this amount has been paid the appropriate certificate ofstock shall be issued by the Federal reserve bank. The remaining half of such

io Whenever any State member bank is converted into a national bank under sec. 5154 of the RevisedStatutes, as amended by sec. 8 of the Federal reserve act, it may continue to hold as a national bank itsshares of Federal reserve bank stock previously held as a State bank, and need not file any applicationfor Federal reserve bank stock, unless the aggregate amount of its capital and surplus is increased, inwhich event it should file an application for additional stock, as provided in Section I (c). The certificateof stock issued in the old name of the member bank, however, should be surrendered and canceled, anda new certificate should be issued in lieu thereof, in the new name of the member bank, as provided inSection III.



additional subscription shall be subject to call when deemed necessary by theFederal Reserve Board.

(d) Consolidation of member banks.—Whenever two or more member banksconsolidate and such consolidation results in the consolidated bank acquiringby operation of law n the Federal reserve bank stock owned by the other con-solidating bank or banks, and which also results in the consolidated bank havingan aggregate capital and surplus in excess of the aggregate capital and surplusof the consolidating member banks, such consolidated bank shall file an appli-cation for additional stock, as provided in Section I (c).

(e) Certifying increases of Federal reserve bank stock.—Whenever thecapital stock of any Federal reserve bank shall be increased the board of directorsof such Federal reserve bank shall certify such increase to the Comptroller ofthe Currency on F. R. B. Form 58, which is made a part of this regulation. Suchcertifications shall be made quarterly as of the last days of December, March,June, and September of each year. A duplicate copy of each certificate shallbe forwarded to the Federal Reserve Board.

SECTION II. DECREASE OF CAPITAL STOCK

(a) Reduction of capital by member bank.—Whenever a member bank re-duces the amount of its paid-up capital stock and, in the case of reduction of thepaid-up capital of a national bank, such reduction has been approved by theComptroller of the Currency and by the Federal Reserve Board in accordancewith the provisions of section 28 of the Federal reserve act, it shall file with theFederal reserve bank of which it is a%member an application for the surrender andcancellation of stock on F. R. B. Form 60, which is made a part of this regulation.When this application has been approved by the Federal reserve agent and theFederal Reserve Board, the Federal reserve bank shall accept and cancel thestock which the applying bank is entitled to surrender and shall refund to themember bank the proportionate amount due such bank on account of the stockcanceled.

(6) Insolvency of member bank.—Whenever a member bank shall be declaredinsolvent and a receiver appointed by the proper authorities, such receiver shall,within six months from the date of his appointment, file with the Federal reservebank of which the insolvent bank is a member an application on F. R. B. Form 87,which is made a part of this regulation, for the surrender and cancellation of thestock held by such insolvent member bank, and for the refund of all balances dueto it. If the receiver shall fail to make such application within the time specified,the Federal reserve agent shall report the facts to the Federal Reserve Boardwith a recommendation as to the action to be taken, whereupon the FederalReserve Board will either issue an order to cancel such stock or, if the circum-stances warrant it, grant the receiver additional time in which to file such anapplication. Upon approval of such an application by the Federal reserveagent and the Federal Reserve Board, or upon the issuance of such an order bythe Federal Reserve Board, the Federal reserve bank shall cancel such stock andshall adjust accounts between the member bank and the Federal reserve bankby applying to any indebtedness of the insolvent member bank to such Federalreserve bank all cash-paid subscriptions made by it on the stock canceled withone-half of 1 per cent per month from the period of last dividend, if earned, notto exceed the book value thereof, and the balance, if any, shall be paid to theduly authorized receiver of such insolvent member bank.

(c) Voluntary liquidation of member bank.—Whenever a member bank goesinto voluntary liquidation and a liquidating agent is appointed, such agent shall,within six months from the date of his appointment, file with the Federal reserve

11 Section 5 of the Federal reserve act provides that "Shares of the capital stock of Federal reserve banksowned by member banks shall not be transferred or hypothecated." This provision prevents a transferof Federal reserve bank stock by purchase, but does not prevent a transfer by operation of law. Whenthere is a merger of member banks involving the liquidation of one of such banks and the purchasing ofthe assets of the liquidating bank by the bank continuing in existence, it is necessary for the liquidatingbank to surrender its Federal reserve bank stock and for the purchasing bank to apply for new stock. Onthe other hand, if member banks consolidate, under a statute which does not require the liquidation ofany of the consolidating banks, and the assets and obligations of the consolidating banks are transferredto the consolidated bank by operation of law, the consolidated bank becomes the owner of the Federalreserve bank stock of the consolidating banks as soon as the consolidation takes effect and such stock tech-nically need not be surrendered. The certificates of stock issued in the names of the consolidating banks,however, should be surrendered and canceled, and a new certificate should be issued in lieu thereof, inthe new name of the consolidated bank, as provided in Section III. A consolidation of national banksunder the act of Congress entitled "An act to provide for the consolidation of national banking associa-tions," approved November 7, 1918, meets all of these conditions.



bank of which the liquidating bank is a member an application on F. R. B. Form86, if a national bank and on F. R. B. Form 143, if a State bank, which forms aremade a part of this regulation, for the surrender and cancellation of the stockheld by it and for the refund of all balances due to such liquidating memberbank. If the liquidating agent shall fail to make such application within thetime specified, the Federal reserve agent shall report the facts to the FederalReserve Board with a recommendation as to the action to be taken, whereuponthe Federal Reserve Board will either issue an order to cancel such stock, or, ifthe circumstances warrant it, grant the liquidating agent additional time inwhich to file such an application. Upon approval of such an application by theFederal reserve agent and the Federal Reserve Board, or upon the issuance ofsuch an order by the Federal Reserve Board, the Federal reserve bank shallcancel such stock and shall adjust accounts between the liquidating memberbank and the Federal reserve bank by applying to the indebtedness of the liquidat-ing member bank to such Federal reserve bank all cash-paid subscriptions madeby it on the stock canceled with one-half of 1 per cent per month from the periodof last dividend, if earned, not to exceed the book value thereof, and the balance,if any, shall be paid to the duly authorized liquidating agent of such liquidatingmember bank.

(dj Consolidation of member banks.—Whenever there is a consolidation oftwo or more member banks which results in the consolidated bank acquiring byoperation of law (see note 11 on p. 263) the Federal reserve bank stock owned bythe other consolidating banks, and which also results in the consolidated bankhaving a paid-up capital less than the aggregate paid-up capital of the consolidat-ing member banks, the consolidated bank shall file with the Federal reserve bankof which it is a member an application for the surrender and cancellation of stockon F. R. B. Form 60a, which is made a part of this regulation. Upon the approvalof this application by the Federal reserve agent and the Federal Reserve Board,the Federal reserve bank shall accept and cancel the stock which the applyingbank is entitled to surrender, and shall refund to the applying bank the pro-portionate amount due such bank on account of the stock canceled.

(e) Certifying reductions of Federal reserve bank stock.—All reductions of thecapital stock of a Federal reserve bank shall, in accordance with the provisions ofsection 6 of the Federal reserve act, be certified to the Comptroller of the Cur-rency by the board of directors of such Federal reserve bank on F. R. B. Form 59,which is made a part of this regulation. Such certifications shall be made quar-terly as of the last days of December, March, June, and September of each year.A duplicate copy of each certificate shall be forwarded to the Federal ReserveBoard.

SECTION II I . CANCELLATION OF OLD AND ISSUE OF NEW STOCK CERTIFICATES

Whenever a member bank changes its name or, by consolidation with anothermember bank, acquires by operation of law (see note 11 on p. 263) the Federalreserve bank stock previously held by such other member bank, it shall surrenderto the Federal reserve bank the certificate of Federal reserve bank stock whichwas issued to it under its old name, or which was issued to such other memberbank. The certificate so surrendered shall be indorsed by the member bank sur-rendering it or by the member bank to which it was originally issued and shall beaccompanied by" proper proof of the change of name or consolidation. Uponreceipt of such certificate of stock so indorsed, together with such proof, theFederal reserve bank shall cancel the certificate so surrendered and shall issuein lieu thereof to and in the name of the member bank surrendering it a newcertificate for the number of shares represented by the certificate so surrendered,or if the member bank is entitled to surrender some of the stock which is repre-sented by the surrendered certificate, and an application for the surrender andcancellation of such stock is at the same time made in accordance with this regu-lation, the new certificate shall be for the number of shares represented by thesurrendered certificate less the number of shares canceled pursuant to suchapplication. All cases where certificates of stock are surrendered and new cer-tificates issued in lieu thereof and in a different name shall be reported to theFederal Reserve Board by the Federal reserve agent.



REGULATION J, SERIES OF 1924

(Superseding regulation J of 1920)

CHECK CLEARING AND COLLECTION


Section 16 of the Federal reserve act authorizes the Federal Reserve J3oard torequire each Federal reserve bank to exercise the function of a clearing house forits member banks, and section 13 of the Federal reserve act, as amended by theact approved June 21, 1917, authorizes each Federal reserve bank to receivefrom any nonmember bank or trust company, solely for the purposes of exchangeor of collection, deposits of current funds in lawful money, national-bank notes,Federal reserve notes, checks and drafts payable upon presentation, or maturingnotes and bills, provided such nonmember bank or trust company maintainswith its Federal reserve bank a balance sufficient to offset the items in transitheld for its account by the Federal reserve bank.

SECTION II. GENERAL REQUIREMENTS

In pursuance of the authority vested in it under these provisions of law, theFederal Reserve Board, desiring to afford both to the public and to the variousbanks of the country a direct, expeditious, and economical system of checkcollection and settlement of balances, has arranged to have each Federal reservebank exercise the functions of a clearing house and collect checks for such of itsmember banks as desire to avail themselves of its privileges and for such non-member State banks and trust companies as may maintain with the Federalreserve bank balances sufficient to qualify them under the provisions of section 13to send items to Federal reserve banks for purposes of exchange or of collection.Such nonmember State banks and trust companies will hereinafter be referredto as nonmember clearing banks.

Each Federal reserve bank shall exercise the functions of a clearing house andcollect checks under the general terms and conditions hereinafter set forth.

SECTION III . CHECKS RECEIVED FOR COLLECTION

(1) Each Federal reserve bank will receive at par from its member banks andfrom nonmember clearing banks in its district, checks 12 drawn on all memberand nonmember clearing banks, and checks drawn on all other nonmember bankswhich are collectable at par in funds acceptable to the Federal reserve bank ofthe district in which such nonmember banks are located.

(2) Each Federal reserve bank will receive at par from other Federal reservebanks, and from all member and nonmember clearing banks in other Federal re-serve districts which are authorized to route direct for the credit of their respectiveFederal reserve banks, checks drawn on all member and nonmember clearingbanks of its district, and checks drawn on all other nonmember banks of itsdistrict which are collectable at par in funds acceptable to the collecting Federalreserve bank.

(3) No Federal reserve bank shall receive on deposit or for collection anycheck drawn on any nonmember bank which can not be collected at par in fundsacceptable to the Federal reserve bank of the district in which such nonmemberbank is located.

SECTION IV. TIME SCHEDULE AND AVAILABILITY OF CREDITS

(1) Each Federal reserve bank will publish a time schedule showing the timeat which any item sent to it will be counted as reserve and become available forwithdrawal or other use by the sending bank. For all checks received, the sendingbank will be given immediate credit, or deferred credit, in accordance with suchtime schedule, and as provided below.

(2) For all such checks as are received for immediate credit in accordance withsuch time schedule, immediate credit, subject to final payment, will be given uponthe books of the Federal reserve bank at full face value in the reserve account

12 A check is generally defined as a draft or order upon a bank or banking house, purporting to be drawnupon a deposit of funds, for the payment at all events of a certain sum of money to the order of a certainperson therein named, or to him or his order, or to bearer, and payable on demand.



or clearing account upon day of receipt, and the proceeds will at once be countedas reserve and become available for withdrawal or other use by the sending bank.

(3) For all such checks as are received for deferred credit in accordance withsuch time schedule, deferred credit, subject to final payment, will be entered uponthe books of the Federal reserve bank at full face value, but the proceeds will notbe counted as reserve nor become available for withdrawal or other use by thesending bank until such time as may be specified in such time schedule,13 at whichtime credit will be transferred from the deferred account to the reserve accountor clearing account subject to final payment and will then be counted as reserveand become available for withdrawal or other use by the sending bank.

SECTION V. TEBMS OF COLLECTION

The Federal Reserve Board hereby authorizes the Federal reserve banks tohandle such checks subject to the following terms and conditions; and eachmember and nonmember clearing bank which sends checks to any Federal re-serve bank for deposit or collection shall by such action be deemed (a) to author-ize the Federal reserve banks to handle such checks subject to the following termsand conditions, (b) to warrant its own authority to give the Federal reservebanks such authority, and (c) to agree to indemnify any Federal reserve bankfor any loss resulting from the failure of such sending bank to have such authority.

(1) A Federal reserve bank will act only as agent of the bank from which itreceives such checks and will assume no liability except for its own negligenceand its guaranty of prior indorsements.

(2) A Federal reserve bank may present such checks for payment or send suchchecks for collection direct to the bank on which they are drawn or at whichthey are payable, or in its discretion may forward them to another agent withauthority to present them for payment or send them for collection direct to thebank on which they are drawn or at which they are payable.

(3) A Federal reserve bank may in its discretion and at its option, eitherdirectly or through an agent, accept either cash or bank drafts in payment ofor in remittance for such checks and shall not be held liable for any loss result-ing from the acceptance of bank drafts in lieu of cash, nor for the failure of thedrawee bank or any agent to remit for such checks, nor for the nonpaymentof any bank draft accepted in payment or as a remittance from the drawee bankor any agent.

(4) Checks received by a Federal reserve bank on its member or nonmemberclearing banks will ordinarily be forwarded or presented direct to such banks,and such banks will be required to remit or pay therefor at par in cash or bankdraft acceptable to the collecting Federal reserve bank, or at the option of suchFederal reserve bank to authorize such Federal reserve bank to charge theirreserve accounts or clearing accounts; provided, however, that any Federal re-serve bank may reserve the right in its check collection circular to charge suchitems to the reserve account or clearing account of any such bank at any timewhen in any particular case the Federal reserve bank deems it necessary to do so.

(5) Checks received by a Federal reserve bank payable in other districts willbe forwarded for collection upon the terms and conditions herein provided to theFederal reserve bank of the district in which such checks are payable.

(6) The amount of any check for which payment in actually and finally col-lected funds is not received shall be charged back to the forwarding bank, re-gardless of whether or not the check itself can be returned.

SECTION VI. OTHER RULES AND REGULATIONS

Each Federal reserve bank shall also promulgate rules and regulations notinconsistent with the terms of the law or of this regulation, governing the de-tails of its check clearing and collection operations. Such rules and regula-tions shall be set forth by the Federal reserve banks in their letters of instructionto their member and nonmember clearing banks and shall be binding upon anymember or nonmember clearing bank which sends any check to such Federalreserve bank for collection or to any other Federal reserve bank for the accountof such Federal reserve bank for collection.

13 For rules for computation of reserves and penalties for deficiencies in reserves, see regulation D, Sec-tions III and IV, p. 251.



REGULATION K, SERIES OF 1924

(Superseeding Regulation K of 1923)

BANKING CORPORATIONS AUTHORIZED TO DO FOREIGN BANKINGBUSINESS UNDER THE TERMS OF SECTION 25(a) OF THE FEDERALRESERVE ACT

SECTION I. ORGANIZATION

Any number of natural persons, not less in any case than five, may forma Corporation 14 under the provisions of section 25 (a) for the purpose of engagingin international or foreign banking or other international or foreign financialoperations or in banking or other financial operations in a dependency or insularpossession of the United States either directly or through the agency, ownership,or control of local institutions in foreign countries or in such dependencies orinsular possessions.

SECTION II. ARTICLES OF ASSOCIATION

Any persons desiring to organize a corporation for any of the purposes definedin section 25(a) shall enter into articles of association (see F. R. B. Form 151which is suggested as a satisfactory form of articles of association) which shallspecify in general terms the objects for which the Corporation is formed, and maycontain any other provisions not inconsistent with law which the Corporation maysee fit to adopt for the regulation of its business and the conduct of its affairs.The articles of association shall be signed by each person intending to participatein the organization of the Corporation and when signed shall be forwarded to theFederal Reserve Board.in whose office they shall be filed.

SECTION III. ORGANIZATION CERTIFICATE

All of the persons signing the articles of association shall under their hands makean organization certificate on F. R. B. Form 152, which is made a part of thisregulation, and which shall state specifically:

First. The name assumed by the Corporation.Second. The place or places where its operations are to be carried on.Third. The place in the United States where its home office is to be located.Fourth. The amount of its capital stock and the number of shares into

which it shall be divided.Fifth. The names and places of business or residences of persons executing

the organization certificate and the number of shares to which each hassubscribed.

Sixth. The fact that the certificate is made to enable the persons sub-scribing the same and all other persons, firms, companies, and corporationswho or which may thereafter subscribe to or purchase shares of the capitalstock of such Corporation to avail themselves of the advantages of thissection.

The persons signing the organization certificate shall acknowledge the executionthereof before a judge qf some court of record or notary public who shall certifythereto under the seal of such court or notarj^. Thereafter the certificate shall beforwarded to the Federal Reserve Board to be filed in its office.

SECTION IV. TITLE

Inasmuch as the name of the Corporation is subject to the approval of theFederal Reserve Board, a preliminary application for that approval should befiled with the Federal Reserve Board on F. R. B. Form 150, which is made a partof this regulation. This application should state merely that the organization ofa Corporation under the proposed name is contemplated and may request theapproval of that name and its reservation for a period of 30 days. No Corpora-tion which issues its own bonds, debentures, or other such obligations will be per-mitted to have the word "bank" as a part of its title. No Corporation which hasthe wrord "Federal" in its title will be permitted also to have the word "bank"as a part of its title. So far as possible the title of the Corporation should indicatethe nature or reason of the business contemplated and should in no case resemblethe name of any other corporation to the extent that it might result in misleadingor deceiving the public as to its identity, purpose, connections, or affiliations.

14 Whenever these regulations refer to a corporation spelled with a capital C, they relate to a corporationorganized under section 25(a) of the Federal reserve act.



SECTION V. AUTHORITY TO COMMENCE BUSINESS

After the articles of association and organization certificate have been made andfiled with the Federal Reserve Board, and after they have been approved by theFederal Reserve Board and a preliminary permit to begin business has beenissued by the Federal Reserve Board, the association shall become and be a bodycorporate, but none of its powers except such as are incidental and preliminary toits organization shall be exercised until it has been formally authorized by theFederal Reserve Board by a final permit generally to commence business.

Before the Federal Reserve Board will issue its final permit to commencebusiness, the president or cashier, together with at least three of the directors,must certify (a) that' each director elected is a citizen of the United States;(6) that a majority of the shares of stock is owned by citizens of the United States,by corporations the controlling interest in which is owned by citizens of theUnited States, chartered under the laws of the United States, or by firms or com-panies the controlling interest in which is owned by citizens of the United States;and (c) that of the authorized capital stock specified in the articles of associationat least 25 per cent has been paid in in cash and that each shareholder has indi-vidually paid in in cash at least 25 per cent of his stock subscription. Thereafterthe cashier shall certify to the payment of the remaining installments as andwhen each is paid in, in accordance with law.

SECTION VI. CAPITAL STOCK

No Corporation may be organized under the terms of section 25 (a) with acapital stock of less than $2,000,000. The par value of each share of stock shallbe specified in the articles of association, and no Corporation will be permittedto issue stock of no par value. If there is more than one class of stock, the nameand amount of each class and the obligations, rights, and privileges attachingthereto shall be set forth fully in the articles of association. Each class of stockshall be so named as to indicate to the investor as nearly as possible what is itscharacter and to put him on notice of any unusual attributes.

SECTION VII. TRANSFERS OF STOCK

Section 25(a) provides in part that—A majority of the shares of the capital stock of any such corporation shall at all times be held and owned

by the citizens of the United States, by corporations the controlling interest in which is owned by citizensof the United States, chartered under the laws of the United States or of a State of the United States, or byfirms or companies the controlling interest in which is owned by citizens of the United States.

In order to insure compliance at all times with the requirements of this pro-vision after the organization of the Corporation, shares of stock shall be issuableand transferable only on the books of the Corporation. Every application forthe issue or transfer of stock shall be accompanied by an affidavit of the party towhom it is desired to issue or transfer stock, or by his or its duly authorized agent,stating—

In the case of an individual.—(a) Whether he is or is not a citizen of the UnitedStates and, if a citizen of the United States, whether he is a natural-born citizenor a citizen by naturalization, and if naturalized, whether he remains for anypurpose in the allegiance of any foreign sovereign or State; (b) whether there isor is not any arrangement under which he is to hold the shares or any of theshares which he desires to have issued or transferred to him, in trust for or inany way under the control of any foreign State or any foreigner, foreign corpora-tion, or any corporation under foreign control; and if so, the nature thereof.

In the case of a corporation.—(a) Whether such corporation is or is not char-tered under the laws of the United States or of a State of the United States. If itis not, no further declaration is necessary, but if it is, it must also be stated (b)whether the controlling interest in such corporation is or is not owned by citizensof the United States, and (c) whether there is or is not any arrangement underwhich such corporation will hold the shares or any of the shares if issued ortransferred to such corporation in trust for or in any way under the control ofany foreign State or any foreigner or foreign corporation or any corporation underforeign control; and if so, the nature thereof.

In the case of a firm or company.— (a) Whether the controlling interest insuch firm or company is or is not owned by citizens of the United States; andif so, (b) whether there is or is not any arrangement under which such firm orcompany will hold the shares or any of the shares if issued or transferred to such



firm or company in trust for or in any way under the control of any foreign Stateor any foreigner or foreign corporation or any corporation under foreign control;and if so, the nature thereof.

The board of directors of the Corporation, whether acting directly or throughan agent, may, before making any issue or transfer of stock, require such furtherevidence as in their discretion they may think necessary in order to determinewhether or not the issue or transfer of the stock would result in a violation of thelaw. No issue or transfer of stock which would cause 50 per cent or more of thetotal amount of stock issued or outstanding to be held contrary to the provisionsof the law or these regulations shall be made upon the books of the Corporation.The decision of the board of directors in each case shall be final and conclusiveand not subject to any question by any person, firm, or corporation on anyground whatsoever.

If at any time by reason of the fact that the holder of any shares of the Cor-poration ceases to be a citizen of the United States, or, in the opinion of the boardof directors, becomes subject to the control of any foreign State or foreigner orforeign corporation or corporation under foreign control, 50 per cent or more ofthe total amount of capital stock issued or outstanding is held contrary to theprovisions of the law or these regulations, the board of directors msiy, whenapprised of that fact, forthwith serve on the holder of the shares in question anotice in writing requiring such holder within two months to transfer such sharesto a citizen of the United States, or to a firm, company, or corporation approvedby the board of directors as an eligible stockholder. When such notice has beengiven by the board of directors the shares of stock so held shall cease to conferany vote until they have been transferred as required above and if on the expi-ration of two months after such notice the shares shall not have been so trans-ferred, the shares shall be forfeited to the Corporation.

The board of directors shall prescribe in the by-laws of the Corporation appro-priate regulations for the registration of the shares of stock in accordance withthe terms of the law and these regulations. The by-laws must also providethat the certificates of stock issued by the Corporation shall contain provisionssufficient to put the holder on notice of the terms of the law and the regulationsof the Federal Reserve Board defining the limitations upon the rights of transfer.

SECTION VIII. OPERATIONS IN THE UNITED STATES

No Corporation shall carry on any part of its business in the United Statesexcept such as shall be incidental to its international or foreign business. Agenciesmay be established in the United States with the approval of the Federal ReserveBoard for specific purposes, but not generally to carry on the business of theCorporation.

SECTION IX. INVESTMENTS IN THE STOCK OF OTHER CORPORATIONS

It is contemplated by the law that a Corporation shall conduct its businessabroad either directly or indirectly through the ownership or control of corpo-rations, and it is accordingly provided that with the consent of the FederalReserve Board a Corporation may invest in the stock, or other certificates ofownership, of any other corporation organized—

(a) Under the provisions of section 25(a) of the Federal reserve act;(&) Under the laws of any foreign country or a colony or dependency

thereof;(c) Under the laws of any State, dependency, or insular possession of the

United States;provided, first, that such other corporation is not engaged in the general busi-ness of buying or selling goods, wares, merchandise, or commodities in the UnitedStates; and second, that it is not transacting any business in the United Statesexcept such as is incidental to its international or foreign business.

Except with the approval of the Federal Reserve Board, no Corporation shallinvest an amount in excess of 15 per cent of its capital and surplus in the stockof any corporation engaged in the business of banking, or an amount in excessof 10 per cent of its capital and surplus in the stock of any other kind of corpo-ration.

No Corporation shall purchase any stock in any other corporation organizedunder the terms of section 25 (a) or under the laws of any State, which is insubstantial competition therewith, or which holds stock or certificates of owner-ship in corporations which are in substantial competition with the purchasing



Corporation. This restriction, however, does not apply to corporations organ-ized under foreign laws.

SECTION X. BRANCHES

No Corporation shall establish any branches except with the approval of theFederal Reserve Board, and in no case shall any branch be established in theUnited States.

SECTION XI. ISSUE OF DEBENTURES, BONDS, AND PROMISSORY NOTES

Approval of the Federal Reserve Board.—No Corporation shall make anypublic or private issue of its debentures, bonds, notes, or other such obligationswithout the approval of the Federal Reserve Board, but this restriction shall notapply to notes issued by the Corporation in borrowing from banks or bankersfor temporary purposes not to exceed one year. The approval of the FederalReserve Board will be based solely upon the right of the Corporation to make theissue under the terms of this regulation and shall not be understood in any way toimply that the Federal Reserve Board has approved or passed upon the merits ofsuch obligations as an investment. The Federal Reserve Board will consider thegeneral character and scope of the business of the Corporation in determining theamount of debentures, bonds, notes, or other such obligations of the Corporationwhich may be issued by it.

Application.—Every application for the approval of any such issue by a Cor-poration shall be accompanied by (1) a statement of the condition of the Corpora-tion in such form and as of such date as the Federal Reserve Board may require;(2) a detailed list of the securities by which it is proposed to secure such issue,stating their maturities, indorsements, guaranties, or collateral, if any, and ingeneral terms the nature of the transaction or transactions upon which they werebased; and (3) such other data as the Federal Reserve Board may from time totime require.

Advertisements.—No circular, letter, or other document advertising the issueof the obligations of a Corporation shall state or contain any reference to the factthat the Federal Reserve Board has granted its approval of the issue to which theadvertisement relates. This requirement will be enforced strictly in order thatthere may be no possibility of the public's misconstruing such a reference to be anapproval by the Federal Reserve Board of the merits or desirability of the obliga-tions as an investment.

SECTION XII. SALE OF FOREIGN SECURITIES

Approval of the Federal Reserve Board.—No Corporation shall offer for saleany foreign securities with its indorsement or guaranty, except with the approvalof the Federal Reserve Board, but such approval will be based solely upon theright of the Corporation to make such a sale under the terms of this regulationand shall not be understood in any way to imply that the Federal Reserve Boardhas approved or passed upon the merits of such securities as an investment.

Application.—Every application for the approval of such sale shall be accom-panied by a statement of the character and amount of the securities proposed tobe sold, their indorsements, guaranties, or collateral, if any, and such other dataas the Federal Reserve Board may from time to time require.

Advertisements.—No circular, letter, or other document advertising the sale offoreign securities by a Corporation with its indorsement or guaranty shall state orcontain any reference to the fact that the Federal Reserve Board has granted itsapproval of the sale of the securities to which the advertisement relates.

SECTION XIII . ACCEPTANCES

Kinds.—Any Corporation may accept (1) drafts and bills of exchange drawnupon it which grow out of transactions involving the importation or exportationof goods, and (2) drafts and bills of exchange which are drawn by banks orbankers located in foreign countries or dependencies or insular possessions of theUnited States for the purpose of furnishing dollar exchange as required by theusages of trade in such countries, dependencies, and possessions, provided, how-ever, that, except with the approval of the Federal Reserve Board and subject tosuch limitations as it may prescribe, no Corporation shall exercise its power toaccept drafts or bills of exchange if at the time such drafts or bills are presentedfor acceptance it has outstanding any debentures, bonds, notes, or other suchobligations issued by it.



Maturity.—Except with the approval, of the Federal Reserve Board, no Cor-poration shall accept any draft or bill of exchange which grows out of a transactioninvolving the importation or exportation of goods with a maturity in excess of sixmonths, or shall accept any draft or bill of exchange drawn for the purpose offurnishing dollar exchange with a maturity in excess of three months.

Limitations.—(1) Individual drawers: No acceptances shall be made for theaccount of any one drawer in an amount aggregating at any time in excess of 10per cent of the subscribed capital and surplus of the Corporation, unless thetransaction be fully secured or represents an exportation or importation ofcommodities and is guaranteed by a bank or banker of undoubted solvency.(2) Aggregates: Whenever the aggregate of acceptances outstanding at an}^ time(a) exceeds the amount of the subscribed capital and surplus, 50 per cent of all theacceptances in excess of the amount shall be fully secured; or (b) exceeds twicethe amount of the subscribed capital and surplus, all the acceptances outstandingin excess of such amount shall be fully secured. (The Corporation shall electwhichever requirement (a) or (6) calls for the smaller amount of secured accept-ances.) In no event shall any Corporation have outstanding at any one timeacceptances drawn for the purpose of furnishing dollar exchange in an amountaggregating more than 50 per cent of its subscribed capital and surplus.

Reserves.—Against all acceptances outstanding which mature in 30 days orless a reserve of at least 15 per cent shall be maintained, and against all accept-ances outstanding which mature in more than 30 days a reserve of at least 3per cent shall be maintained. Reserves against acceptances must be in liquidassets of any or all of the following kinds: (1) Cash; (2) balances with otherbanks; (3) bankers' acceptances; and (4) such securities as the Federal ReserveBoard may from time to time permit.

SECTION XIV. DEPOSITS

In the United States.—No Corporation shall receive in* the United States anydeposits except such as are incidental to or for the purpose of carrying out trans-actions in foreign countries or dependencies of the United States where theCorporation has established agencies, branches, correspondents, or where itoperates through the ownership or control of subsidiary corporations. Depositsof this character may be made by individuals, firms, banks, or other corporations,whether foreign or domestic, and may be time deposits or on demand.

Outside the United States.—Outside the United States a Corporation mayreceive deposits of any kind from individuals, firms, banks, or other corporations:Provided, however, That if such corporation has any of its bonds, debentures, orother such obligations outstanding it may receive abroad only such deposits asare incidental to the conduct of its exchange, discount, or loan operations.

Reserves.—Against all deposits received in the United-States a reserve of notless than 13 per cent must be maintained. This reserve may consist of cash invault, a balance with the Federal reserve bank of the district in which the headoffice of the Corporation is located, or a balance with any member bank. Againstall deposits received abroad the Corporation shall maintain such reserves as maybe required by local laws and by the dictates of sound business judgment andbanking principles.

SECTION XV. GENERAL LIMITATIONS AND RESTRICTIONS

Liabilities of one borrower.—The total liabilities to a Corporation of anyperson, company, firm, or corporation for money borrowed, including in theliabilities of a company or firm the liabilities of the several members thereof,shall at no time exceed 10 per cent of the amount of its subscribed capital andsurplus, except with the approval of the Federal Reserve Board: Provided, how-ever, ^ That the discount of bills of exchange drawn in good faith against actuallyexisting values and the discount of commercial or business paper actually ownedby the person negotiating the same shall not be considered as money borrowedwithin the meaning of this paragraph. The liability of a customer on accountof an acceptance made by the Corporation for his account is not a liability formoney borrowed within the meaning of this paragraph unless and until he failsto place the Corporation in funds to cover the payment of the acceptance atmaturity or unless the Corporation itself holds the acceptance.

Aggregate liabilities of the Corporation.—The aggregate of the Corporation'sliabilities outstanding on account of acceptances, average domestic and foreigndeposits, debentures, bonds, notes, guaranties, indorsements, and other such


272 ANNUAL, REPORT OF THE FEDERAL RESERVE BOARD

obligations shall not exceed at any one time ten times the amount of the Corpora-tion's subscribed capital and surplus except with the approval of the FederalReserve Board. In determining the amount of the liabilities within the meaningof this paragraph, indorsements of bills of exchange having not more than sixmonths to run, drawn and accepted by others than the Corporation shall not beincluded.

Operations abroad.—Except as otherwise provided in the law and theseregulations, a Corporation may exercise abroad not only the powers specificallyset forth in the law but also such incidental powers as may be usual in the deter-mination of the Federal Reserve Board in connection with the transaction of thebusiness of banking or other financial operations in the countries in which it shalltransact business. In the exercise of any of these powers abroad a Corporationmust be guided by the laws of the country in which it is operating and by soundbusiness judgment and banking principles.

SECTION XVI. MANAGEMENT

The directors, officers, or employees of a Corporation shall exercise theirrights and perform their duties as directors, officers, or employees, with dueregard to both the letter and the spirit of the law and these regulations. For thepurpose of these regulations the Corporation shall, of course, be responsible for allacts of omission or commission of any of its directors, officers, employees, orrepresentatives in the conduct of their official duties. The character of the man-agement of a Corporation and its general attitude toward the purpose and spiritof the law and these regulations will be considered by the Federal Reserve Boardin acting upon any application made under the terms of these regulations.

SECTION XVII. BEPORTS AND EXAMINATIONS

Reports.—Each Corporation shall make at least two reports annually to theFederal Reserve Board at such times and in such form as it may require.

Examinations.—Each Corporation shall be examined at least once a year byexaminers appointed by the Federal Reserve Board. The cost of examinationsshall be paid by the Corporation examined.

SECTION XVIII. AMENDMENTS TO REGULATIONS

These regulations are subject to amendment by the Federal Reserve Boardfrom time to time: Provided, however, That no such amendment shall prejudiceobligations undertaken in good faith under regulations in effect at the time theywere assumed.

REGULATION L, SERIES OF 1924(Superseding Regulation L of 1923)

INTERLOCKING BANK DIRECTORATES UNDER THE PT.AYTON ACT

SECTION I. DEFINITIONS

Within the meaning of this regulation—The term "member bank" shall apply to any national bank and any State bank

or trust company which is a member of the Federal reserve system.The term "national bank" shall be construed to apply not only to national

banking associations but also to banks, banking associations, and trust companiesorganized or operating under the laws of the United States, including all banksand trust companies doing business in the District of Columbia, regardless ofthe sources of their charters.

The term "resources" shall be construed to mean an amount equal to the sumof the deposits, capital, surplus, and undivided profits.% The term "State bank" shall include any bank, banking association, or trustcompany incorporated under State law.

The term "private banker" shall apply to any unincorporated individual en-gaging in one or more phases of the banking business as that term is generallyunderstood and to any member of an unincorporated firm engaging in suchbusiness.



The term "Edge Act" shall mean section 25(a) of the Federal reserve act, asamended December 24, 1919.

The term "Edge corporation" shall mean any corporation organized under theprovisions of the Edge Act.

The term "city of over 200,000 inhabitants" includes any city, incorporatedtown, or village of more than 200,000 inhabitants, as shown by the last precedingdecennial census of the United States. Any bank located anywhere within thecorporate limits of such city is located in a city of over 200,000 inhabitants withinthe meaning of the Clayton Act, even though it is located in a suburb or anoutlying district at some distance from the principal part of the city.

SECTION II. PROHIBITIONS OF CLAYTON ACT

Under section 8 of the Clayton Antitrust Act-—(1) No person who is a, director or other officer or employee of a national

bank having resources aggregating more than $5,000,000 can legally serve atthe same time as director, officer, or employee of any other national bank,regardless of its location.

(2) No person who is a director in a State bank or trust company havingresources aggregating more than $5,000,000, or who is a private bankerhaving resources aggregating more than $5,000,000 can legally serve at thesame time as director of any national bank, regardless of its location.

(3) No person can legally be a director, officer, or employee of a nationalbank located in a city of more than 200,000 inhabitants who is at the same timea private banker in the same city or a director, officer, or employee of anyother bank (State or national) located in the same city, regardless of the sizeof such bank.

The eligibility of a director, officer, or employee under the foregoing provisionsis determined by the average amount of deposits, capital, surplus, and undividedprofits as shown in the official statements of such bank, banking association, ortrust company filed as provided by law during the fiscal year next preceding thedate set for the annual election of directors, and when a director, officer, or em-ployee has been elected or selected in accordance with the provisions of the Clay-ton Act it is lawful for him to continue as such for one year thereafter under saidelection or employment.

When any person elected or chosen as a director, officer, or employee of anybank is eligible at the time of his election or selection to act for such bank in suchcapacity his eligibility to act in such capacity is not affected by reason of anychange in the affairs of such bank from whatsoever cause until the expiration ofone year from the date of his election or employment.

SJDUTION III . EXCEPTIONS

The provisions of section 8 of the Clayton Act—(1) Do not apply to mutual savings banks not having a capital stock

represented by shares.(2) Do not prohibit a person from being at the same time a director,

officer, or employee of a national bank and not more than one other nationalbank, State bank, or trust company, where the entire capital stock of one isowned by the stockholders of the other.

(3) Do not prohibit a person from being at the same time a class A directorof a Federal reserve bank and also an officer or director, or both an officer anda director} in one member bank.

(4) Do not prohibit a person who is serving as director, officer, or employeeof a national bank, even though it has resources aggregating over $5,000,000,from serving at the same time as director, officer, or employee of any numberof State banks and trust companies, provided such State institutions are notlocated in the same city of over 200,000 inhabitants as the national bank anddo not have resources aggregating in the case of any one bank more than$5,000,000.

(5) Do not prohibit a person from serving at the same time as director,officer, or employee of any number of national banks, provided no two ofthem are located in the same city of over 200,000 inhabitants and no one ofthem has resources aggregating over $5,000,000.

(6) Do not prohibit a person who is not a director, officer, or employeeof any national bank from serving at the same time as officer, director,or employee of any number of State banks or trust companies, regardlessof their locations and resources.



(7) Do not prohibit a person who is an officer or employee but not adirector of a State bank from serving as director, officer, or employee of anational bank, even though either or both of such banks have resourcesaggregating over $5,000,000, provided both banks are not located in thesame city of over 200,000 inhabitants.

(8) Do not prohibit a person who is an officer or employee but not adirector of a national bank from serving at the same time as director, officer,or employee of a State bank, even though either or both of such bankshave resources aggregating over $5,000,000, provided both banks are notlocated in the same city of over 200,000 inhabitants.

(9) Do not apply to persons who have obtained the consent or approvalof the Federal Reserve Board under the provisions of the Kern amendment,section 25 of the Federal reserve act, or the Edge Act, as hereinafter pro-vided.

Exceptions cumulative.—The above exceptions are cumulative.

SECTION IV. PERMISSION OF THE FEDERAL RESERVE BOARD UNDER KERN AMEND-MENT

B}̂ the Kern amendment, approved May 15, 1916, as amended May 26, 1920,the Clayton Act was amended so as to authorize the Federal Reserve Boardto permit any private banker or any officer, director, or employee of any memberbank or class A director of a Federal reserve bank to serve as director, officer, oremployee of not more than two other banks, banking associations, or trust com-panies coming within the prohibitions of the Clayton Act, provided such otherbanks are not in substantial competition with such private banker or memberbank.

Substantial competition.—If the institutions involved are not in substantialcompetition, the board is authorized, in its discretion, to grant, withhold, orrevoke such consent; but if they are in substantial competition, the board has nodiscretion in the matter and must refuse such consent.

The board has adopted the following statement of general principles for itsguidance in determining whether banks are in substantial competition withinthe meaning of the Kern amendment to the Clayton Act:

"In general, two banks will be deemed to be in substantial competition ifthey actually compete for a considerable amount of business, i. e., if a consider-able portion of the business of each is of the same character and in doing or seek-ing such business they actually compete for the same customers or prospectivecustomers, regardless of whether or not it is probable or possible that an inter-locking directorate between them would.result in injury to the public by makingcredit less available. If the statements of two banks show that each has a con-siderable amount of the same class of deposits or loans and it appears from theevidence submitted that they are so located as to be in a position to serve thesame customers conveniently, the board will presume, in the absence of evidenceto the contrary, that they are in substantial competition. This presumptionmay be rebutted, however, by any evidence showing that they are not actuallycompeting for such business, e. g., that they actually serve different classes ofcustomers, that the business in question is not actually sought by one bankbut is merely incidental to its other business, or that competition has alreadybeen eliminated through common stock ownership. The existence of substantialcompetition, however, may be shown by evidence other than that describedabove."

This is not intended as a precise definition of the term "substantial coin-petition," but merely as a broad statement of the general principles which willbe observed by the Federal Reserve Board in determining whether banks are insubstantial competition. Whether or not substantial competition exists in anyparticular case is a question of fact which must be determined in the light of allthe facts and circumstances involved in such case.

Burden of proof.—Inasmuch as the Federal Reserve Board has no power topermit a person to serve two or more banks coming within the prohibitions ofthe Clayton Act unless the institutions involved are not in substantial compe-tition, the applicant for such permission has the burden of proving to the boardthat such institutions are not in substantial competition.

When obtained.—Inasmuch as the Kern amendment excepts from the pro-hibitions of the Clayton Act only those "who shall first procure the consent ofthe Federal Reserve Board," it is a violation of the law to serve two or moreinstitutions in the prohibited classes before such consent has been obtained.



Such consent should be obtained, therefore, before becoming an officer, director,or employee of more than one bank in the prohibited classes. Such consent maybe procured before the person applying therefor has been elected as a class Adirector of a Federal reserve bank or as a director of any member bank.

Applications for permission.—A person wishing to obtain the permission ofthe Federal Reserve Board to serve banks coming within the prohibitions of theClayton Act should:

(1) Make formal application on F. R. B. Form 94, or, if a private banker,on F. R. B. Form 94d. Each of these forms is made a part of this regula-tion.

(2) Obtain from each of the banks involved a statement on F. R. B.Form 94a, which is made a part of this regulation, showing the characterjf its business, together with a copy of its last published statement of con-dition, and, if a private banker, make a statement on F. R. B. Form 94eshowing the character of his or his firm's business.

(3) Forward all these papers to the Federal reserve agent of his district,who will attach his recommendation on F. R. B. Form 94b, which is madea part of this regulation, and forward them in due course to the FederalReserve Board.

Approval or disapproval.—As soon as an application is acted upon by theboard, the applicant will be advised of the action taken.

If the board approves the application, a formal certificate of permission toserve on the banks involved will be issued to the applicant.

Rehearing.—If the board decides that the banks are in substantial competitionand that it can not approve the application, it will, upon petition of the applicant,reconsider its decision and afford him every opportunity to present any addi-tional facts or arguments bearing on the subject.

Effect of permits.—Permission once granted is continuing until revoked, andneed not be renewed.

Revocation.—All permits, however, are subject to revocation at any time inthe discretion of. the Federal Reserve Board. The issuance of a permit to anyperson shall have the effect of revoking any or all permits which may have beenissued previously to that person.

SECTION V. PERMITS UNDER SECTION 25 OF THE FEDERAL RESERVE ACT

With the approval of the Federal Reserve Board, any director, officer, oremployee of a member bank which has invested in the stock of any corporationprincipally engaged in international or foreign banking or financial operationsor banking in a dependency or insular possession of the United States, underthe provisions of section 25 of the Federal reserve act, may serve as director,officer, or employee of any such foreign bank or financial corporation.

Applications for approval.—The approval of the Federal Reserve Board forsuch interlocking directorates may be obtained through an informal applicationin the form of a letter addressed to the Federal Reserve Board either by theofficer, director, or employee involved, or in his behalf by one of the bankswhich he is serving. Such application should be sent directly to the FederalReserve Board.

SECTION VI. PERMITS TO SERVE EDGE CORPORATIONS

With the approval of the Federal Reserve Board—(1) Any officer, director, or employee of any member bank may serve at

the same time as director, officer, or employee of any Edge corporation inwhose capital stock the member bank shall have invested.

(2) Any officer, director, or employee of any Edge corporation may serveat the same time as officer, director, or employee of %any other corporationin whose capital stock such Edge corporation shall have invested under theprovisions of the Edge Act.

Applications for approval.—Such approval may be obtained through aninformal application in the form of a letter addressed to the Federal ReserveBoard either by the director, officer, or employee involved, or in his behalf byone of the banks or corporations involved. Such applications should be sentdirectly to the Federal Reserve Board.


RECOMMENDATIONS OF THE FEDERAL ADVISORY COUNCILTO THE FEDERAL RESERVE BOARD

OFFICERS AND MEMBERS OF THE FEDERAL ADVISORY COUNCILFOR THE YEAR 1924

OFFICERS

President, P. M. WARBURG.Vice President, E. F. SWINNEY.Secretary, C. B. GEORGEN.

EXECUTIVE COMMITTEE

P. M. WARBURG, Chairman. J. J. MITCHELL.C. A. MORSS, Vice Chairman. L. L. RUE.J. M. MILLER, Jr. E. F. SWINNEY.

MEMBERS

C. A. MORSS, Federal Reserve District No. 1.P. M. WARBURG, Federal Reserve District No. 2.L. L. RUE, Federal Reserve District No. 3.C. E. SULLIVAN, Federal Reserve District No. 4.J. M. MILLER, JR., Federal Reserve District No. 5.O. WELLS, Federal Reserve District No. 6.J. J. MITCHELL, Federal Reserve District No. 7.F. J. WADE, Federal Reserve District No. 8.G. H. PRINCE, Federal Reserve District No. 9.E. F. SWINNEY, Federal Reserve District No. 10.W. M. MCGREGOR, Federal Reserve District No. 11.D. W. TWOHY, Federal Reserve District No. 12.

RECOMMENDATIONS OF THE FEDERAL ADVISORY COUNCIL TO THEFEDERAL RESERVE BOARD

FEBRUARY 19, 1924

TOPIC NO. 1.—The banking situation in the Northwest and MiddleWest and in New Mexico, with special reference to the large numberof small bank failures. The board would like to have your opinionas to whether the lack of confidence in these small banks is likely tospread far enough to do any serious injury to banks in the largercities or to any banks outside of the territory principally affected byagricultural depression. The board would also like to know whetherthe council has any suggestions to make with regard to possible amend-ments to the national banking act which would not be merely pallia-tives but would prevent any future similar epidemic of lack of con-fidence.

Recommendation.—It is the opinion of the council that it is unlikelythat the lack of confidence referred to by the board will spread enoughto do serious injury to the banks in larger cities or to other territoriesaffected by agricultural depression at the present time. It is alsothe opinion of the council that the present, unfortunate banking

276


RECOMMENDATIONS OF ADVISORY COUNCIL 2 7 7

situation arises largely from the fact that the number of banks in thesections involved has been much greater than local needs for bankingaccommodations required. The organization of many of these bankshas been stimulated and encouraged by unsound systems of guaranteeof deposits by various States which gave a false sense of security tothose organizing the banks and encouraged in the public mind a lackof discrimination between well-managed and badly managed banks.This, coupled with unsound and inexperienced management, resultedin inevitable disaster. The council heartily approves of the attemptthat is being made to meet the present emergency but is confidentthat no amendment to the national banking act or Federal reserveact will safeguard the business community from the consequences ofunsound banking methods. It has, therefore, no amendment torecommend. While there are no means that can prevent banksfrom suffering the consequences of mismanagement or dishonesty inthe administration of their affairs, measures may possibly be devisedthat would serve to alleviate the hardships of the depositors of banksin receivers' hands, particularly of depositors of small means.

It may be opportune for the board to take up anew its earlierrecommendation, made several years ago when combating formerpropositions for a guarantee of deposits. The board's recommenda-tion envisaged the creation of a liquidation fund. Such fund wasdesigned under very careful safeguards and restrictions to pay todepositors of banks in receivers'hands such proportion of their depositsas could be safely advanced against the depositors' claims against thedefaulting bank. The council does not wish to make this suggestionwith regard to the present emergency, but solely with a view tostimulating a careful examination of the problem which is bound torecur in the future in some form or other.

TOPIC NO. 2.—The general policy involved in bankers' acceptancesdrawn by banks to finance, export transactions, assuming that banksmay lawfully give such acceptances. The board has had a number ofpropositions involving such acceptances submitted to it for rulingsas to their compliance with the law, but would like the advice of thecouncil as to the policy involved.

Recommendation.—This question was fully covered in the council'sconference with the board in which Mr. Warburg stated that hethought to express the council's views when holding that the trans-action involved was clearly within the legal powers of the acceptingmember banks. It was, however, a question of good or bad bankingpractice. In the council's view acceptances of this character shouldonly be considered as eligible by Federal reserve banks when drawnby banks directly connected with or located in the foreign countryfrom which, or to which, the goods were moving (so-called foreignor colonial banks or their branches); and, furthermore, such billsshould be drawn within a time reasonably near to shipment of thegoods and in no circumstances after the transportation had beencompleted. The council thought that the decision concerning theeligibility of such acceptances might well be left to the discretion ofthe Federal reserve banks instead of trying to deal with it by a rigidregulation which could hardly cover so complex and so individual acase.



TOPIC NO, 3.—Open-market operations and the basis upon whichthey should be handled during the year 1924.

Recommendation.—-The council is reluctant to give very positiveadvice concerning the desirability of increasing or decreasing thevolume of open-market investments of the Federal reserve banks atthis time. Experience has shown that the volume of bills redis-counted and held by the Federal reserve system and the total in-vested in open-market purchases are closely interrelated. Only byactual tests and careful experiments is it possible to ascertain fromtime to time whether a substantial increase or decrease in the aggre-gate of investments may safely be brought about, and if so what effectsit will have on the position of the combined member banks and themoney market. The council is very glad to notice the growing atten-tion devoted by the board to the importance of open-market opera-tions; for with gold standards suspended all the world over and goldmoving to our country almost automatically, the gold reserve percent-ages of the Federal reserve system have become barometers of muchsmaller significance than the fluctuations in the volume of the Federalreserve system's total investments. The council is inclined to believethat in view of present domestic and foreign conditions, it might beopportune for the Federal reserve banks to engage in some carefulexperiments in the direction of increasing open-market investments.These might result in a slight easing of money rates and in a moreliberal use of our credit facilities at home and abroad.

It is the unanimous opinion of the council that discount ratesshould not be changed at this time.

The council urges the Federal reserve banks in their open-marketoperations to show a greater preference for acceptances than forGovernment issues.

TOPIC NO. 4.—Subdivision of gold reserves.Recommendation.—After considering the form contemplated by the

board for its weekly condensed statement of combined gold reserves,viz, statement of percentage of gold holdings against outstandingFederal reserve notes, of percentage of gold holdings against memberbank deposits, and of percentage of total gold holdings againstFederal reserve notes and deposits combined, the council is of theopinion that the legal requirement is complied with by publishing theamounts of the several gold reserves without giving the three indi-vidual percentages. The council feels that fluctuations in the goldstrength, as indicated in the discussions of the previous question, areof minor significance in present circumstances and that by givingthree percentages too much emphasis would be laid upon fluctua-tions, which, as a consequence of the proposed grouping, are likelyto appear more pronounced. Moreover it is to be feared that duringa period of economic strain, always recurring from time to time, theboard may be charged with artificially manipulating the reserve per-centages. It is to be expected that the press and the public willcontinue to watch the combined reserve percentage (against notesand deposits combined), as it is the only percentage which willclearly indicate any increase or decrease in reserve strength fromweek to week. It would seem to the council, therefore, that thegreater simplicity of the present method of reporting would lead toa better understanding of the problem on the part of the lay com-



munity and for the time being, at least, would seem to be the bettercourse. As it is, there is grave danger that critics of the Federalreserve system will charge the board as being possessed of largerpowers in the determination of stabilization of price levels than itactually has. The proposed scheme would be construed by them asan additional means of control in the hands of the Federal KeserveBoard and as such might easily be used as an invitation for furtherattacks upon the board.

Recommendation No. 5.—The council expressed itself as unani-mously opposed to the provisions of the bill pending in Congress,H. R. 3206, requiring the payment by Federal reserve banks of 2per cent interest on member bank balances.

Recommendation No. 6.—McFadden bill.The council has read the bill H. R. 6855, introduced in the House

of Representatives by Congressman McFadden, and agrees in prin-ciple with the general trend of thought embodied in the said bill.The present uncertainty with reference to branch banking makes itdifficult for those engaged in the banking business to determine theircourse of action, and we consider that the proposed bill, if enacted,would offer very essential and helpful relief in this regard. Withoutventuring an opinion concerning questions of detail involved in thebill, we indorse its objects and aims and respectfully urge its passage.

MAY 13, 1924

TOPIC NO. 1.—The credit and business situation and outlook withspecial reference to the open market and discount rate policies to bepursued in the circumstances by the Federal reserve banks, collectivelyor separately.

Recommendation.—Inquiry of all members present has elicited anexpression of opinion that no changes in rediscount rates at thepresent time are desirable.

With regard to open-market operations council reiterates the viewexpressed on previous occasions that the Federal reserve banksshould not make investments for the sole purpose of increasing theirearnings and earning dividends. On the other hand, the council isof the opinion that it is desirable for the Federal reserve system innormal times to be possessed of a sufficient volume of investments(i. e., total earning assets) so as to be able to steady the market incase that should be necessary. The council finds it extremely diffi-cult to lay down any definite rule as to what the normal figure ofinvestments should be, because naturally it would change from timeto time in accordance with the economic and financial conditionswhich prevail in given circumstances. Under present conditions, itwould seem that it would not be out of line for the system to seek topreserve an aggregate investment (i. e., total earning assets) of sub-stantially its present volume with a tendency somewhat to increasethese investments if this can be done without unduly affecting themarket. The council makes these suggestions with a great deal ofreluctance, as it feels that an authoritative opinion can only be givenby those actively in charge of operations.

36569—25f 19



TOPIC NO. 2.—Regulation H—a discussion of the adequacy of itsprovisions and their application by the Federal Reserve Board.

Recommendation.—The council has examined Regulation H andhas no criticism to offer.

TOPIC NO. 3.—The so-called Dawes-McKenna report to the Repa-rations Commission.—The board would like to have an expressionof the views of the council upon any matters considered in the reportwhich the council believes to be pertinent for the consideration ofthe Federal Reserve Board, or of interest and concern to the Ameri-can banking and financial public. The board would also like to havethe council discuss the advisability of the Federal reserve banks pur-chasing from American banks, with their indorsement, German tradebills which bear also the indorsement of the new German gold redis-count bank.

Recommendation.—At the request of the Federal Reserve Board,the advisory council has given careful consideration to the report ofthe first committee of experts, the so-called Dawes report.

The council wishes to record its admiration for the excellent workdone by the committee, and to express the hope that with the leastpossible delay the committee's recommendations will be carried intoactual effect. The council furthermore indorses the wish recentlyexpressed by President Coolidge that American private capital andinitiative give this plan its hearty support as a demonstration of theNation's desire to do its full share in the economic rehabilitation ofthe Old World.

The council has given particular thought to the question of howfar the Federal reserve system may aid the country in accomplishingthese aims.

It is obvious that the Federal reserve system, as such, can not byany action of its own cooperate in the flotation and distribution ofthe new German loan, the absorption of which on a liberal scale inthe United States is one of the prerequisites of the Dawes plan.Nor should any such direct aid by the Federal reserve system benecessary. There should be little difficulty in placing this loan,provided it is properly secured and provided the investing publicfeels confident that the debtor, having accepted the burden in goodfaith, will be free to go about his work without hindrance as long ashe makes the utmost effort of which he is capable.

While, therefore, the council has no suggestion to offer to theFederal Reserve Board concerning this phase of the problem, thereare important services the Federal reserve system could renderwith regard to the operations of the new note-issuing bank whichGermany is to organize under the provisions of the Dawes plan.

The council urges the Federal Reserve Board to examine veryclosely into the powers vested in this respect in the Federal reservebanks and to study the question how far it may. be desirable toamend existing rulings and regulations in order to approach theproblem of Europe's financial and economic reconstruction in themost helpful spirit in the same manner as is being done by the Bankof England and other central note-issuing banks.

Unless America finds ways and means to permit her excessivebanking strength to benefit other countries, particularly those striv-ing to bring their house in order, the dollar can not maintain its



position as a world standard of exchange, and foreign countries—andeven American banking and commerce—will, once more, in a largerdegree become dependent upon and tributary to the pound sterling,to the greater exclusion of the dollar. It is idle, however, to preachthe use of the dollar, unless at the same time we render it possiblefor other countries to avail themselves of our dollar facilities. I tis obvious that our credit power can not continue to grow indefinitelywithout the danger of oversaturation. If the stream of gold thatfloods our shores is not stemmed in time it is to be feared that ulti-mately we will not be able to ward off its inflationary effects. Creditand currency inflation would only aggravate the economic maladjust-ment already existing within our own boundaries; a maladjustmentwhich not only disturbs and endangers our trade with other countries,but which makes our agricultural situation particularly difficult anddistressing.

But, irrespective of the danger of inflation against which therestill are at our disposal powerful cushions that could be applied inorder to counteract or soften its effect, the problem ought to beweighed from another and even more important angle.

It is the question of whether the world is more likely to regain theblessings of economic stability under the sway of several fluctuatingstandards of exchange or by a general return, as speedy as circum-stances may permit, to definite relations of exchanges to gold as theultimate measure and regulator.

The Dawes report leads the world to the crossroads in this regard.It provides for a German note-issuing bank on a gold basis, butleaves the door open to place it on a sterling basis, and it can notbe denied that there is no small probability of the latter basis beingchosen. In the opinion of the council the sooner Germany can beplaced on a gold or gold exchange basis, the sooner can England, andother countries also, return to an unrestricted gold standard, whileif Germany were placed on a sterling basis, England—in returningto an unrestricted gold basis—would have to pull not only her ownweight, but that of Germany also. It is obvious, therefore, that ifthe new German bank is placed on the sterling-exchange basis theworld must prepare itself to remain on a basis of exchange instabilityfor a prolonged period, the end of which can not be foreseen, whilethe adoption of the gold (that is, the dollar) basis would acceleratethe return to world-wide stability.

It is this momentous alternative that is involved in the organiza-tion of the new German note-issuing bank, and the council deems i tits duty to point to its importance with all the emphasis of which itis capable. It is not as an American problem that we are discussingthis phase, but as one that touches the future of all the world.

The council has been pleased to learn that it has been ruled thatFederal reserve banks may consider as eligible for their open-market

Purchases certain German dollar trade bills, payable in the Unitedtates, if indorsed by the recently established German gold rediscount

bank, the so-called Schacht Bank, and by approved Americanindorsers.

The council sees in this decision a move in the right direction,helpful to all parties concerned, inasmuch as it transfers credit powerfrom where it is idle and redundant to where an acute shortage of



credit cripples the purchasing ability of a country, which normallyranks second in line as a buyer of our goods.

The council recommends that, when the new German note-issuingbank, provided in the Dawes plan, is organized, the Federal reservebanks take the steps necessary in order to facilitate the rediscountingin this country of properly protected German gold bills, be it throughthe intermediary of American banking institutions, or throughso-called agency agreements, or such other arrangements as havebeen concluded by Federal reserve banks with central banks of othercountries.

Measures of this character do not only tend to bring our goldhoard into active and healthy use, but by enabling and encouragingother countries to trade in terms of dollars, we stimulate our ownioreign commerce. We facilitate, furthermore, the direct sale indollars of our own products, instead of making foreign countries andourselves dependent in this respect upon Great Britain's acting asbroker and banker, as naturally she would, where the pound sterlingwould govern as an exclusive basis of commerce and trade.

If there is any reason to assume that success of the Dawes plan mayprove the turning point in Europe's long road of suffering and decline,it is a unique opportunity and duty for the United States to lend ahelpful hand to the utmost of its ability.

In the opinion of the council, there does not seem to be any roomfor doubt with regard to the policy which in these circumstances theFederal reserve system should pursue.

TOPIC NO. 4.—Should the Federal reserve banks continue to paydividends even though not earned.

Recommendation.—The council was unanimously of the opinionthat dividends should be continued as long as the amount of surplusjustifies this action, even though such dividends may not have beenearned during the current year.

TOPIC NO. 5.—Domestic acceptances.Recommendation.—The council was asked to discuss the topic

whether or not Congress should be asked to amend the Federalreserve act so as to give greater latitude to accepting banks withregard to both domestic and foreign acceptances. The council is ofthe opinion that it is not advisable or necessary to ask for such anamendment. On the other hand, the council recommends that themost liberal interpretations and rulings that consistently can bemade should be given by the Federal Reserve Board, particularlywith regard to such expressions occurring in the acts as "involving"and growing out of udomestic," and then to leave it to the Federalreserve banks to exercise the restraining influence within such liberalinterpretations and rulings. If this were done, the council is confi-dent that American accepting banks can be placed in a positioneffectively to meet British competition which now is threatening tomonopolize the field where American banks are not now in a positioneffectively to compete.


RECOMMENDATIONS OF ADVISORY COUNCIL 283

SEPTEMBER 25, 1924

RESOLUTIONS ADOPTED BY THE FEDERAL ADVISORY COUNCIL

Resolution No. 1.—Whereas, a further easing of money rates at this timemight render it extremely difficult to ward off a period of acute inflation with itssubsequent evil consequences with which the country is only too well familiar,and

Whereas, forced investments of Federal reserve banks in our market and con-tinued substantial importations of gold into the United States are factors thatmight tend to enhance the plethora of money already existing,

Resolved, That this council recommend to the Federal Reserve Board to con-sider the question whether the time has come for Federal reserve banks to exer-cise their power to invest some of their funds in foreign bills with approvedAmerican banking indorsements and payable by and repayable to Federal reservebanks in dollars.

The council believes that observing these safeguards and by properly scatter-ing its purchases the Federal reserve system can safely invest substantial amountsabroad, without any risk of loss on account of exchange or otherwise, and in doingso ward off to that extent the inflow of gold, incidentally assisting the foreigncountries involved in their efforts to stabilize their exchanges and to bring themback to definite gold relations.

Resolution No. 2.—The council has learned that the Secretary of the Treasuryis about to call in for redemption on February 1, 1925, the $118,489,900 4 percent loan of 1925, and desires to record its entire approval of the policy involvedin this step.

NOVEMBER 24, 1924

TOPIC NO. 1.—A carefully considered survey of the present andprospective business situation with reference to its bearing on thecredit, discount, and open-market policy of the Federal reservesystem in the coming months.

Recommendation.—From the reports made at the meeting of theadvisory council by the different members representing their respec-tive reserve districts, it seems to the council that there is at this timeno evidence of unusual speculation in goods and commoditiesand no evidence of inflation of their price levels. There wouldappear, therefore, to be no cause on this account to consider immediateincreases in discount rates in the several Federal reserve districts.

The general view seems, however, to be that the near future willbring to the United States a substantial increase in business activitywhich with the comparatively small stocks available might easilylead to a marked advance in prices. It is the opinion of the councilthat this movement of prices might very easily get out of hand anddegenerate into conditions of inflation of a more or less acute degree,with its subsequent disastrous results.

It seems to the council, therefore, that extreme care would be indi-cated at this time in watching further developments and that at thismoment it might be desirable, particularly in New York, where thediscount rate at 3 per cent is the lowest, and where the activity inthe security market has already taken substantial proportions, tobring the financial situation in that district under firmer control ofthe Federal reserve bank. This should be accomplished at the timebeing by open-market operations. The Federal reserve system ?s largeholdings in Government securities were acquired at the time with aview to arming the Federal reserve system with a means of com-bating inflationary movements should they occur. It would seem



as if the time had now come for the Federal reserve system to adopta policy of reducing, so far as may be expedient, their aggregateopen-market holdings of acceptances and Government securities andof transferring some of these investments to the financial community.By doing so conditions would likely be gradually brought about inwhich the banks once more would have recourse to the facilities ofthe Federal reserve system by rediscount operations, so that therediscount rate of the New York Federal Reserve Bank would be-come more effective. If then it should appear that still firmer in-terest rates are required by the general situation, an increase in thediscount rate of the New York Federal Reserve Bank could then betaken into consideration.

TOPIC NO. 2.—What amendments to the national banking act inthe direction of modernization consistent with sound banking wouldthe council advise the Federal Reserve Board recommend to Congress ?

Recommendation.—While the subject of amending the nationalbanking act is important and of current interest because of the con-sideration which Congress is likely to give it in the near future, the timeof a single meeting is inadequate for a discussion of it by this body.The council suggests that it be made a matter of study by its mem-bers for the purpose of forming some conclusions at the next councilmeeting.

TOPIC NO. 3.—A consideration of the effect of foreign capitalflotation in the American market.

Recommendation.—In the opinion of the council there exists nodoubt but that the absorption by our country of foreign securitiesadequately protected would afford not only a profitable outlet forour surplus funds, but at the same time would redound to the benefitof the borrowing countries, which thus are enabled to by our com-modities, while they are strengthened in their struggle to stabilizetheir exchanges. It is obvious that it is of as much importance tous to be in a position of selling these goods as it is for the foreigncountries to buy them.

TOPIC NO. 4.—Should Liberty bonds, or any issue of tiiem, berefunded into bonds available for national bank circulation ?

Recommendation.—Liberty bonds should not be refunded intobonds available for circulation, as the gradual elimination of a rigidbond secured circulation was one of the outstanding reasons for theenactment of the Federal reserve act, with its provisions for an elasticnote issue ample for the needs of the country.


DESCRIPTION OF FEDERAL RESERVE DISTRICTS

No. 1—Boston. _No. 2—New YorkNo. 3—PhiladelphiaNOt 4—ClevelandNo. 5—Richmond _No. 6—AtlantaNo. 7—ChicagoNo. 8—St. LouisNo. 9—Minneapolis.No. 10—Kansas CityNo. 11—DallasNo. 12—San Francisco. _

Total

Federal reserve districtLand area

(squaremiles)

61,34551,89036,84273,424

152,316248,226190,513194,810414,004473,565392,989683,852

2,973,776

PopulationJan. 1,1925(estimated)

7,477,88914,100,112

7,161,51010,721,08210, 378,16410,415,24616,577,337

9,323,7825,437,2557,385,7856,217,3117,590,692

112, 786,165

FEDERAL RESERVE DISTRICTS

DISTRICT N O . 1—BOSTON

Connecticut (excluding FairfieldMaine. _Massachusetts..New HampshireRhode Island._.Vermont

DISTRICT N O . 2—NE^

Connecticut (FaiNew Jersey

iv YORK .

rfield County)

Counties of—Bergen.Essex.Hudson.

New York

DISTRICT N O . 3—PHI

DelawareNew Jersey

Hunterdon.Middlesex.Monmouth.

LADELPHIA

Counties of—Atlantic.Burlington.

Pennsylvania

Cape May.Cumberland.

Counties of—Adams.Bedford.Berks.Blair.Bradford.Bucks.Cambria.Cameron.Carbon.Center.Chester.Clearfield.

Clinton.Columbia.Cumberland.Dauphin.Delaware.Elk.Franklin.Fulton.Huntingdon.Juniata.Lackawanna.Lancaster.

County)

Morris.Passaic.Somerset.

Gloucester.Mercer.

Lebanon.Lehigh.Luzerne.Ly coming.McKean.Mifflin.Monroe.Montgomery.Montour.Northampton.Northumberland.Perry.

• Sussex.Union.Warren.

Ocean.Salem.

Philadelphia.Pike.Potter.Schuylkill.Snyder.Sullivan.Susquehanna.Tioga.Union.Wayne.Wyoming.York.

61,345

4,18929,895

8,0399,0311,0679,124

51,890

6313,605

47,654

36,842

1,9653,909

30,968

.

7,477,889

1,157,685781,220

4,102,626449,526636,218350,614

14,100,112

359,8772,700,101

11,040,134

7,161,510

233,654774,460

6,153,396

285



FEDERAL RESERVE DISTRICTS—Continued


DISTRICT NO. 4^—CLEVELAND

Kentucky (eastern part1)Counties of—

Bath.Bell.Boone.Bourbon.Boyd.Bracken.Breathitt.Campbell.Carter.Clark.Clay.Elliott.Estill.Fayette.

Ohio

Fleming.Floyd.Garrard.Grant.Greenup.Harlan.Harrison.Jackson.Jessamine.Johnson.Kenton.Knott.Knox.Laurel.

Pennsylvania (western nart") _Counties of—

Allegheny.Armstrong.Beaver.Butler.Clarion.

Crawford.Erie.Fayette.Forest.Greene.

West Virginia (northern nartiCounties of—

Brooke.Hancock.

Marshall.Ohio.

DISTRICT NO. 5.—RICHMOND

District of ColumbiaMaryland «_;North Carolina -South CarolinaVirginiaWest Virginia (southern nnrt,')

Counties of—Barbour.Berkeley.Boone.Braxton.Cabell.Calhoun.Clay.Doddridge.Fayette.Gilmer.Grant.Greenbrier.Hampshire.

Hardy.Harrison.Jackson.Jefferson.Kanawha.Lewis.Lincoln.Logan.McDowell.Marion.Mason.Mercer.Mineral.

DISTRICT NO. 6—ATLANTA

AlabamaFloridaGeorgiaLouisiana (southern part")

Parishes of—Acadia.Allen.Ascension.Assumption.Avoyelles.Beauregard.Calcasieu.Cameron.Eas t Ba ton

Rouge.East Feliciana.

Evangeline.Iberia.Iberville.Jefferson.Jefferson Davis.Lafayette.Lafourche.Livingston.Orleans.Plaquemines.Pointe Coupee.

Mississippi (southern part)Counties of—

Adams.Amite.Claiborne.Clarke.Copiah.Covington.Forrest.Franklin.George.Greene.Hancock.

Harrison.Hinds.Issaquena.Jackson.Jasper.Jefferson.Jefferson Davis.Jones.Kemper.Lamar.Lauderdale.

Lawrence.Lee.Leslie.Letcher.Lewis.Lincoln.McCreary.Madison.Magoffin.Martin.Mason.Menifee.Montgomery.Morgan.

Indiana.Jefferson.Lawrence.Mercer.Somerset.

Tyler.Wetzel.

Mingo.Monongalia.Monroe.Morgan.Nicholas.Pendleton.Pleasants.Pocahontas.Preston.Putnam.Raleigh.Randolph.Ritchie.

Rapides.St. Bernard.St. Charles.St. Helena.St. James.St. John the Bap-

tist.St. Landry.St. Martin.St. Mary.St. Tammany.

Lawrence.Leake.Lincoln.Madison.Marion.Neshoba.Newton.Pearl River.Perry.Pike.Rankin.

Nicholas.Owsley.Pendleton.Perry.Pike.Powell.Pulaski.Robertson.Rockcastle.Rowan.Scott.Whitley.Wolfe.Woodford.

Venango.Warren.Washington.Westmoreland.

Roane.Summers.Taylor.Tucker.Upshur.Wayne.Webster.Wirt.Wood.Wyoming.

Tangipahoa.Terrebonne.Vermilion.Vernon.Washington.West Ba ton

Rouge.West Feliciana.

Scott.Sharkey.Simpson.Smith.Stone.Walthall.Warren.Wayne.Wilkinson.Yazoo.

Land area(squaremiles)

73,424

17,614

40,74013,864

1,206

152,316

629,941

48,74030,49540,26222,816

248, 226

51,27954,86158,72526,891

25, 519

Population,Jan. 1,1925(estimated)

10,721,082

1,160,746

6,270,4353,109,921

179,980

10,378,164

492,4211, 529,1372,740,8411, 770,4152,436,6931,408,657

10,415,246

2,456,3701,079,6373,043,4931,297,658

839,973


DESCRIPTION" OF FEDERAL RESERVE DISTRICTS


287

Federal reserv

DISTRICT N O . 6—ATLANTA—ContinuedTennessee (eastern part)

Counties of—Anderson.Bedford.Bledsoe".Blount.Bradley.Campbell.Cannon.Carter.Cheatham.Claiborne.Clay.Cocke.Coffee.Cumberland.Davidson.De Kalb.Dickson.Fentress.Franklin.

Giles.Grainger.Greene.Grundy.Hamblen.Hamilton.Hancock.Hawkins.Hickman.Houston.Humphreys.Jackson.Jefferson.Johnson.Knox.Lawrence.Lewis.Lincoln.Loudon.

DISTRICT N O . 7—CHICAGO --

Illinois (northern part) _Counties of—

Boone.Bureau.Carroll.Cass.Champaign.Christian.Clark.Coles.Cook.Cumberland.De Kalb.De Witt.Douglas.Du Page.Edgar.

Ford.Fulton.

.Grundy.Hancock.Henderson.Henry.Iroquois.Jo Daviess.Kane.Kankakee.Kendall.Knox.Lake.La Salle.Lee.

Indiana (northern part)Counties of—

Adams.Allen.Bartholomew.Benton.Blackford.Boone.Brown.Carroll.Cass.Clay.Clinton.Dearborn.Decatur.De Kalb.Delaware.Elkhart.Fayette.

IowaMichigan (southern

Counties of-Alcona.Allegan.Alpena.Antrim.Arenac.Barry.Bay.Benzie.Berrien.Branch.Calhoun.Cass.Charlevoix.Cheboygan.Claire.Clinton.Crawford.

Fountain.Franklin.Fulton.Grant.Hamilton.Hancock.Hendricks.Henry.Howard.Huntington.Jasper.Jay.Jennings.Johnson.Kosciusko.Lagrange.Lake.

part)

Eaton.Emmet.Genesee.Gladwin.Grand Traverse.Gratiot.Hillsdale.Huron.Ingham.Ionia.Iosco.Isabella.Jackson.Kalamazoo.Kalkaska.Kent.Lake.

a district

McMinn.Macon.Marion.Marshall.Maury.Meigs.Monroe.Montgomery.Moore.Morgan.Overton.Perry.Pickett.Polk.Putnam.Rhea.Roane.Robertson.Rutherford.

Livingston.Logan.McDonough.McHenry.McLean.Macon.Marshall.Mason.Menard.Mercer.Moultrie.Ogle.Peoria.Piatt.Putnam.

La Porte.Madison.Marion.Marshall.Miami.Monroe.Montgomery.Morgan.Newton.Noble.Ohio.Owen.Parke.Porter.Pulaski.Putnam.Randolph.

Lapeer.Leelanau.Lenawee.Livingston.Macomb.Manistee.Mason.Mecosta.Midland.Missaukee.Monroe.Montcalm.Montmorency.Muskegon.Newaygo.Oakland.Oceana.

Scott.Sequatchie.Sevier.Smith.Stewart.Sullivan.Sumner.Trousdale.Unicoi.Union.Van Buren.Warren.Washington.Wayne.White.Williamson.Wilson.

Rock Island.Sangamon.Schuyler.Shelby.Stark.Stephenson.Tazewell.Vermilion.Warren.WhitesideWill.WinnebagWoodford.

Ripley.Rush.St. Joseph.Shelby.Starke.Steuben.Tippecanoe.Tipton.Union.Vermilion.Vigo.Wabash.Warren.Wayne.Wells.White.Whitley.

Ogemaw.Osceola.Oscoda.Otsego.Ottawa.Presque Isle.Roscommon.Saginaw.St. Clair.St. Joseph.Sanilac.Shiawassee.Tuscola.Van Buren.Washtenaw.Wayne.Wexford.


30,951

190,513

35, 448

26, 707

55, 58640,789


1,698,110

16, 577, 337

5,643,291

2, 446, 981

2, 496,3373, 774,305

36569—25t 20Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis




DISTRICT N O . 7—CHICAGO—ContinuedWisconsin (southern part,')

Counties of—Adams.Brown.Calumet.Clark.Columbia.Crawford.Dane.Dodge.Door.Fond du Lac.Grant.Green.

Green Lake.Iowa.Jackson.Jefferson.Juneau.Kenosha.Kewaunee.Lafayette.Langlade.Manitowoc.Marathon.Marinette.

DISTRICT N O . 8—ST. LOUIS

ArkansasIllinois (southern part)__

Counties of—Adams.Alexander.Bond.Brown.Calhoun.Clay.Clinton.Crawford.Edwards.Effingham.Fayette.

Indiana (southern paCounties of—

Clark.Crawford.Daviess.Dubois.Floyd.Gibson.

Franklin.Gallatin.Greene.Hamilton.Hardin.Jackson.Jasper.Jefferson.Jersey.Johnson.Lawrence.

rt).

Greene.Harrison.Jackson.JeffersonKnox.Lawrence.

Kentucky (western part.1Counties of—

Adair.Allen.Anderson.Ballard. *Barren.Boyle.Breckenridge.Bullitt.Butler.Caldwell.Calloway.Carlisle.Carroll.CaseyChristian.Clinton.

Mississippi (northerrCounties of—

Alcorn.Attala.Benton.Bolivar.Calhoun.Carroll.Chickasaw.Choctaw.Clay.Coahoma.

Crittenden.Cumberland.Daviess.Edmonson.Franklin.Fulton.Gallatin.Graves.Grayson.Greene.Hancock.Hardin.Hart.Henderson.Henry.Hickman.

1 part)

De Soto.Grenada.Holmes.Humphreys.Itawamba.Lafayette.Lee.Leflore.Lowndes.Marshall.

Marquette.Milwaukee.Monroe.Oconto.Outagamie.Ozaukee.Portage.Racine.Richland.Rock.Sauk.Shawano.

Macoupin.Madison.Marion.Massac.Monroe.Montgomery.Morgan.Perry.Pike.Pope.Pulaski.

Martin.Orange.Perry.Pike.Posey.Scott.

Hopkins.Jefferson.Larue.Livingston.Logan.Lyon.McCracken.McLean.Marion.Marshall.Meade.Mercer.Metcalfe.Monroe.Muhlenberg.Nelson.

Monroe.Montgomery.Noxubee.Oktibbeha.Panola.Pontotoc.Prentiss.Quitman.Sunflower.Tallahatchie.

Sheboygan.Vernon.Walworth.Washington.Waukesha.Waupaca.Waushara.Winnebago.Wood.

Randolph.Richland.St. Clair.Saline.Scott.Union.Wabash.Washington.Wayne.White.Williamson.

Sullivan.Spencer.Switzerland.Vanderburg.Warrick.Washington.

Ohio.Oldham.Owen.Russell.Shelby.Simpson.Spencer.Taylor.Todd.Trigg.Trimble.Union.Warren.Washington.Wayne.Webster.

Tate.Tippah.Tishomingo.Tunica.Union.Washington.Webster.Winston.Yalobusha.


31,983

194,810

52, 52520, 595

9,338

22, 567

20,843


2,216,423

9, 323, 782

1,843, 7501, 278, 051

601, 615

1,321,150

947, 296


DESCRIPTION OF FEDERAL RESERVE DISTRICTS


289


DISTRICT N O . 8—ST. LOUIS—ContinuedMissouri (eastern part")

Counties of—Adair.Audrain.Barry.Benton.Bollinger.Boone.Butler.Caldwell.Callaway.Camden.Cape Girardeau.Carroll.Carter.Cedar.Chariton.Christian.Clark.Cole.Cooper.Crawford.Dade.Dallas.Daviess.Dent.

Douglas.Dunklin.Franklin.Gasconade.Greene.Grundy.Harrison.Henry.Hickory.Howard.Howell.Iron.Jefferson.Johnson.Knox.Laclede.Lafayette.Lawrence.Lewis.Lincoln.Linn.Livingston.Macon.Madison.

Tennessee (western p^rt")Counties of—

Benton.Carroll.Chester.Crockett.Decatur.Dyer.

Fayette.Gibson.Hardeman.Hardin.Hay wood.Henderson.

DISTRICT N O . 9—MINNEAPOLIS

Michigan (northern part"!Counties of—

Alger.Baraga.Chippewa.Delta.

MinnesotaMontanaNorth DakotaSouth Dakota..

Dickinson.Gogebic.Houghton.Iron.

Wisconsin (northern part')Counties of—

Ashland.Barron.Bayfield.Buffalo.Burnett.Chippewa.Douglas.

Dunn.Eau Claire.Florence.Forest.Iron.La Crosse.Lincoln.

DISTRICT N O . 10—KANSAS CITY. . . _

ColoradoKansasMissouri (western pai*t̂

Counties of—Andrew.Atchison.Barton.Bates.Buchanan.

Nebraska

Cass.Clay.Clinton.De Kalb.Gentry.

New Mexico (northern nnrt^Counties of—

Colfax.McKinley.Mora.

Rio Arriba.Sandoval.San Juan.

Maries.Marion.Mercer.Miller.Mississippi.Moniteau.Monroe.Montgomery.Morgan.New Madrid.Oregon.Osage.Ozark.Pemiscot.Perry.Pettis.Phelps.Pike.Polk.Pulaski.Putnam.Rails.Randolph.Ray.

Henry.Lake.Lauderdale.McNairy.Madison.Obion.

Keweenaw.Luce.Mackinac.Marquette.

Oneida.Pepin.Pierce.Polk.Price.Rusk.St. Croix.

Holt.Jackson.Jasper.McDonald.Newton.

San Miguel.Santa Fe.Taos.

Reynolds.Ripley.St. Charles.St. Clair.St. Francois.St. Louis.St. Louis City.Ste. Genevieve.Saline.Schuyler.Scotland.Scott.Shannon.Shelby.Stoddard.Stone.Sullivan.Taney.Texas.Warren.Washington.Wayne.Webster.Wright.

Shelby.Tipton.Weakley.

Menominee.Ontonagon.Schoolcraft.

Sawyer.Taylor.Trempealeau.Vilas.Washburn.

Nodaway.Platte.Vernon.Worth.

Union.


58,206

10,736

414,004

16, 691

80,858146,13170,18376,86823, 273

473, 565

103,65881, 77410, 521

76,80841,486


2,613,298

718, 622

5,437, 255

336,118

2, 547, 511637,904682, 828663, 668569, 226

7,385,785

1,012,0441,809, 588

847, 780

1,350,015161, 755




Federal reserve districto

DISTRICT N O . 10—KANSAS CITY—ContinuedOklahoma (northwestern Dart) _ _.

Counties of—Adair.Alfalfa.Beaver.Beckham.Blaine.Caddo.Canadian.Carter.Cherokee.Cimarron.Cleveland.Comanche.Cotton.Craig.Creek.Custer.Delaware.Dewey.

Wyoming.. __.

DISTRICT N O . 11—DALLA

Ellis.Garfield.Garvin.Grady.Grant.Greer.Harmon.Harper.Haskell.Hughes.Jackson.Jefferson.Kay.Kingfisher.Kiowa.Latimer.Le Flore.Lincoln.

s _

Arizona (southeastern Dart)Counties of—

Cochise. GreenleeGraham.

Louisiana (northern part)Parishes of—

Bienville.Bossier.Caddo.C aid well.Catahoula.Claiborne.Concordia.

De Soto.East Carroll.Franklin.Grant.Jackson.La Salle.Lincoln.

New Mexico (southern Dart)Counties of—

Bernalillo.Catron.Chaves.Curry.De Baca.

Dona Ana.Eddy.Grant.Guadalupe.Hidalgo.

Oklahoma (southeastern Dart) _ .Counties of—

Atoka.Bryan.

Texas

Choctaw.Coal.

DISTRICT N O . 12—SAN FRANCISCO

Arizona (northwestern narfciCounties of—

Apache.Coconino.Gila.

CaliforniaIdahoNevadaOregonUtahWashington

Maricopa.Mohave.

LoganLove.McClain.Mclntosh.Major.Mayes.Murray.MuskogeeNoble.Nowata.Okfuskee.Oklahoma.Okmulgee.Osage.Ottawa.Pawnee.Payne.Pittsburg.

Pima.

Madison.Morehouse.Natchitoches.Ouachita.Red River.Richland.Sabine.

Lea.Lincoln.Luna.Otero.Quay.

Johnston.McCurtain.

Navajo.Pinal.

Pontotoc.Pottawatomie.Roger Mills.Rogers.Seminole.Sequoyah.Stephens.Texas.Tillman.Tulsa.Wagoner.Washington.Washita.Woods.Woodward.

Santa Cruz.

Tensas.Union.Webster.West Carroll.Winn.

Roosevelt.Sierra.Socorro.Torrence.Valencia.

Marshall.Pushmataha.

Yavapai.Yuma.


61,770

97,548

392,989

23,412

18,518

81,017

7,644

262, 398

683,852

90,398

155, 65283,354

109,82195,60782,18466,836


1,985,256

219,347

6,217,311

135,393

574,047

215, 616

234,166

5,058,089

7,590,692

265, 623

3,967,278486,59775,108

840,362488,562

1,467,162


PART II

This section of the report presents tables showing the conditionand operations and earnings and expenses of each Federal reservebank, the condition of reporting member banks, and the volume ofdebits to individual accounts at banks in leading centers. Chartsshowing cash reserves, holdings of the various classes of earningassets, and Federal reserve note circulation of each Federal reservebank for the period 1917 to 1924, inclusive, also charts showing loansand investments and deposits of reporting member banks in eachFederal reserve district for the period 1921 to 1924, inclusive, arepresented on pages 292-311. For convenience of reference the statis-tical tables are arranged by Federal reserve districts.

Other data relating to the operations of the Federal reserve banks,together with a discussion of banking and business developments ineach district, are published in the annual reports of the respectiveFederal reserve agents.

291


MILLIONS OF DOLLARS3500

ALL FEDERAL RESERVE BANKS

3000

2500

2000

1500

1000

500


3000

2500

2000

1500

1000

500

1917 1918 1919 1920 1921 1922 1923

toCDto

waER

AL

WHSE

RV

nBA

N

W

HwHCO

POR

T

o

TH

E

MEDER

[>f

r^<j

wo

A : Net Deposits to February, 1921; Total Deposits beginning March,1921


MILLIONS OP DOLLARS

3501 :

FEDERAL RESERVE BANK OF BOSTONMILLIONS OF DOLLARS

" 1350

300

250

200

150

100

50

300

250

1917 1916 1919 1920 1921 1922 1923 1924-


MILLIONS OF DOLLARS

zoor

FEDERAL RESERVE BANK OF NEW YORKMILLIONS OF DOLLARS

I12OO

1100

1917 1918 1919 1920 1921 1922 1923 1924-



FEDERAL RESERVE BANK OF PHILADELPHIAMILLIONS OF DOLLARS

1350

300

250

200

150

100

50

300

250

200

150

100

1917 1918 1919 1920 1921 1922 1923 1924-


MILLIONS OF DOLLARS

350

FEDERAL RESERVE BANK OF CLEVELANDMILLIONS OF DOLLARS

350

300

250

200

300

250

200

150

100

1917 1918 1919 1920 1921 1922 1923 1924-



FEDERAL RESERVE BANK OF RICHMONDMILLIONS OF DOLLARS

1180

160

140

120

100

80

60

160

140

120

100

X ^-Âcceptances ̂ ~v̂ _

20

.1917 1918 1919 1920 1921 1922 1923 1924-


MILLIONS OF-DOLLARS

180FEDERAL RESERVE BANK OF ATLANTA

MILLIONS OF DOLLARS

180

160

120

100

1917 1918 1919 1920 1921 1922 1923 192^



550

FEDERAL RESERVE BANK OF CHICAGOMILLIONS OF DOLLARS

—1600

550

500

450

1917 1918 1919 1920 1922 1923 1924



FEDERAL RESERVE BANK OF ST. LOUIS MILLIONS OF DOLLARS

1180

160

120

100

80

60

4-0

20

160

1917 1918 1919 1920 1921 1922. 1923 1924-



FEDERAL RESERVE BANK OF MINNEAPOLISMILLIONS OF DOLLAR!

1120

100

80

100

8 0

60

1917 1918 1919 1920 1921 1922 1923 1924



FEDERAL RESERVE BANK OF KANSAS CITYMILLIONS OF DOLLARS

180

160

14-0

120

100

8 0

6 0

160

140

120

100

20

1917 1918 1919 1920 1921 1922 1923 1924



FEDERAL RESERVE BANK OF DALLASMILLIONS OF DOLLARS

120

100 100

80

20

1917 1918 1919 1920 1921 1922 1923 192*



FEDERAL RESERVE BANK OF SAN FRANCISCOMILLIONS OF DOLLARS

1350

300

250

200

300

250

200v ^ - •

150

100

150

1917 1918 1919 1920 1921 1922 1923 1924


REPORTING MEMBER BANK CHARTS 3 0 5

REPORTING MEMBER BANKS IN LEADING CITIES, 1921-1924

MILLIONS

DOLLARS

1200

1000

800

600

400

200

BOSTON DISTRICT

Loans and Investments

Loans onStocks and Bonds

and U.S.Sec.

1921

Time Deposits

1922

1200

1000

800

600

400

200

1923 1924



MILLIONS)

DOLLARS

7000

6000

5000

4000

3000

2000

1000

NEW YORK DISTRICT

All Other Loans,^

1921 1922 1923

7000

6000

5000

4000

3000

2000

1000

1924

1000

8 0 0

600

200

PHILADELPHIA DISTRICT


Net Demand Deposits

Total Loans

^ All Other Loans

1000

800

600

400

200

1921 1922 1923 1924-


REPORTING MEMBER BANK CHARTS 307

1800

1600

1400

1921

CLEVELAND DISTRICT


1.800

1600

1400

1200

1922 1923 1924

MILLIONS

DOLLARS

600

500

4 0 0

3 0 0

200

100


- and U.S.Sec.

RICHMOND DISTRICT


Total Loans

AH Other Loans

Time Deposits

investments

1921

MILLIONS

DOLLARS

600

500

400

300

200

100

1922 1923 1924



MILLIONS

DOLLARS

600

500

400

300

200

100

ATLANTA DISTRICT

\7

Time Deposits^

Investments

Loans on Stocks & Bondsand U.S.Sec.

MILLIONS

DOLLARS

600

500

400

300

200

100

1921 1922 1923 1924

MILLIONSOF

DOUARS

2400

2000

1600

1200

800

400

CHICAGO DISTRICT


Total Loans

' Net Demand Deposits "

Al l Otner Loans - —

Time Deposits

Investments

Loans onStock sand Bonds- and U.S.Sec. —

MILLIONSOF

DOLLARS

2400

2000

1600

1200

8 0 0

4 0 0

1921 1922 1923 1924-



4 0 0

300

200

100

Loans on Stocfcs & Bondsand U.S.Sec.

300

200

too

1921 . 1922 1923 1924

250

200

150 '

100

50

300

MINNEAPOLIS DISTRICT

Time Deposits,..

250

f /•—1

200

150

100

1921 1922 1923 1924



6 0 0

500

4 0 0

300

2 0 0

100

KANSAS CITY DISTRICT


Investments


and U.S.Sec.

600

500

4 0 0

300

2 0 0

100

1921 1922 1923 1924

MILLIONSor

DOLLARS

350

3 0 0

250

200

150

100

50

DALLAS DISTRICT

ILoans and Investments/

300

All Other Loans

Time Deposits

1921 1922


and U.S.Sec.

1923

250

200

150

100

192**



SAN FRANCISCO DISTRICT

1000

800

600

400

200

Investments

Loans on Stocks & Bondsand U.S. Sec. .

800

600

4-00

200

1921 1922 1923

36569—25t 21


DISTRICT NO. 1—BOSTON

No. 1.—CONDITION OF FEDEEAL RESERVE BANK

[In thousands of dollars |

Gold with Federal reserve agentGold redemption fund with United States Treasury

Gold held exclusively against Federal reserve notes.Gold settlement fund with Federal Reserve BoardGold and gold certificates held by bank..

Total gold reserves _ _Reserves other than gold

Total reserves _Nonreserve cash _Bills discounted:

Secured by United States Government obligations..Other bills discounted

Total bills discountedBills bought in open marketUnited States Government securities:

Bonds -Treasury notes _.. ._.Certificates of indebtedness

Total United States Government securities.

Total earning assets __

5 per cent redemption fund—Federal reserve bank notes.Unconnected itemsBank premisesAll other resources.

Total resources

LIABILITIES

Federal reserve notes in actual circulation.

Deposits:Member bank—reserve account..GovernmentOther deposits...

Total depdl&its-

Deferred availability items.Capital paid inSurplus _All other liabilities

Total liabilities..

Dec. 31,1924

Ratio of total reserves to deposit and Federal reserve note liabilitiescombined (per cent) _

Contingent liability on bills purchased for foreign correspondents...

164,3655,038

Dec . 31,1923

169,40332, 27518, 422

220,10013,740

233,8405,543

15, 21713, 777

28,99463,889

2,47223, 72710, 461

36,660

129,543

60, 6354,190

180

433, 931

207, 389

140,1023,856

84

144,042

57,9057,980

16,382233

Dec . 31,1922

168,271 ! 154,61313,527 ! 9,421

181,79832,88220, 078

234, 7588,266

243,024 |3,520

5296,6972.636

116, 365

55,0344,312

131

422,386

220,115 i

123, 6372,356

117

126,110

51, 6097,890

16, 390272

66.5 70.2

164, 03428,07716, 036

208,14712, 730

220,877(0

21,744 i 23,67545,957 37,909

67,701 61,58438,802 I 25,407

5296,610

22, 454

29, 593

116, 584

42259,1424,434

297

401,756

201,314

126,342534

127,856

47,9068,126

16,312242

433,931 i 422,386 I 401,756

67.12,511

i Not shown separately prior to 1923.

312


DISTRICT NO. 1 BOSTON 313

Ko. 2 .—PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL RESERVE BANK, BYW E E K S


DateTotalearn-ing

assets

100,30270,99165,09060,01672,461

Feb. 6 ! 62,62659,025

1924Jan. 2 . . .

16-23_30..

20_ 61,30727 1 69,825

Mar. 5_12..

26_

Apr. 2_9

16.

66,87367, 76862, 21560,963

65, 64764,38257.424

23 ! 54,25830 ! 57,303

jMay 7__ I 48,977

14 i 49,72421 46,92928 I 52,439

IJune 4 | 58,222

11 j 55,71418 I 49,41325 50,339

July 2 .9_

16.23-30-

I

Aug.13-20.27-

50,63954,12048,68546,86847,398

51,46251,80954,25854,305

Sept. 310

58,15056,34860,581

24 |, 57,769

Oct. 1 57,5798 I 58,326

15 ! 65,69622 I 60,49129 j 65,947

Nov. 5 I 71,19712 84,02419 90,12026 94,949

Dec. 3 j 106,27110.

24.31-

Daily average.

107,818108, 524124, 994129, 5431

Bills discounted formember banks

Total

Billssecured

byU . S .

Govern-ment

obliga-tions

60,85232, 59427,96425,81136,927

27,03726,18125,97435,168

31,69529, 07423, 36622, 512

25, 40C22,22922,43420,56022,333

16,69215,97216,31120,381

19,52616,94614,20315, 783

14,03011,83110,5049,31010,265

11, 55511,51811, 62011, 603

11,92610,1758,34510, 529

8,0677,368

5,2126,689

9,69013,26913, 53215,496

15,46918,32717,28029,93028, 994

20, 84c14,35012, 65213,67:19,613

14,88014, 91713, 69821, 53f18, 21818,11212,85212,88r

13, 41211,13'10,39110,13511,398

8,8038,9328,59011,637

11,40510,1218,77710,286

8,6786,3235,8504,9395,065

4,8945,1795,0945,025

5,1144,9494,2915,778

4,9774,0624,"""3,1654,356

5,5017,8277,8448,073

7,32710,04111,18218, 72315,217

|65,874 i 18,760 L

Otherbillsdis-

counted

40,00318,24415,31212,14017, 314

12,15711,26412, 27613,629

13,47710,96210, 5149, 625

11,98811,09212,04310,42510,935

7,7,0407, 7218,7448,1216,8255,4265,497

5,3525, 5084,6544,3715,200

6,6616,3396,5266,578

6,8125,2264,0544,751

3,0903,3063,7542,0472,333

4,1895,4425,6887,423

8,1428,2866,09811, 20713, 777

Billsbought

inopen

market

33,39132, 76330,45326,96827,038

27, 51424, 93925, 73324,03522,50423,03119,98219,154

18, 71020,40314,66412,65211,419

7,6577,9974,8495,281

5,8763, 7542,9771,817

8,1643,5842,9612,537

2,498

UnitedStatessecuri-

ties

Totalcash

[reserves

4,3874,451

7,973

8,4798,376

10,64912,09418,19516,41720,396

22,65231,90037, 73340,953

53,01255,810

59, 655

18,853

iO, 2005, 634! 278,0686,6731 281,5937,237 279,9838,496 270,800

8,075 278,0527,905| 282,9239,600! 282,54610,622 277,998

12, 67415, 66318,86719,297

279, 313275,661280, 336284,874

21,537 293,20321,750 290,37720,326; 295,51321,046,' 293,36523,551 i 294,193

24,628 299,10125; 755 295,68125,769 296,76026,777i 297,239

32,820 289,56935,014 287,94532,233! 280,83832,739 297,143

33,123 310,44034,125 301,38634, 59734, 59734,596

37,40938,25238, 25138, 251

38, 25139,23343, 75738,864

302, 978299,154305,265

295,869294, 626295, 912292, 914296,207292,683290,025295,563

38.863 293,65038.864 294,04838,862i 305,23838,862| 295,72638,862 291,773

38,85538, 85538,855

276,046259,899262,880

38,500! 256,886

37,790 247,09333,681! 249,22634,356! 248,02835,409; 242,04236,660| 233,840

28,2611 285,094

Mem-ber

banks 'reservedeposits

Totaldeposits

132,517126,410130, C

135, 264128,818132, 865

123,658 126,515125,681 128,417

124,335130,313121,429124, 863

124,669124, 037124, 628118,153

126, 532123,350129,415124,517128,175

126,872125,844126,07"126,545

126,469126,531118,114126,594

138, 780137, 734139,808135.053138, 919

134,468135,069137,392133,189

136,320133,504138,073138,458

137, 521135.054149,916138,875142,333

139,047138,984139,896136, 759

136, 846135, 830133,847137,028140,102

131,952

126, 880133,499127,023129, 039

Federalreservenotesin

circula-tion

229, 594210, 336203, 268200,862199,937

199, 733200, 614202, 506202, 923

130,202 204,105128,602 203,204125,370 203,607126, 697j 204,265

137,231 207,779133,595 205,970131,533! 207,127127,067 206,278130,715 205,579

128,594! 204,427128,093! 203,179127, 558| 201,234130,366 203,440

128,843 203,802130,230! 198,734119,068 199,663132,840 199,079

140, 526138, 545!141,192137,221142,839!

135,850!136,341!139,070135,187

137,088134,534138, 742140,879

139, 705136,904154, 818141,075143, 714

140, 728141,554142,099138,604

138,310137,860134,887142,879144,042

134,993

205,029202.329197,858194,586195,370

196,663196,392197,243197,168

202,902200, 633197,472198,035

201, 267200,699203,863200,475198,164

198.330196,534196,249

200,152204,096207,493215,824207,389

202,811

Re-serveper-cent-ages

71.382.083.885.582.5

85.184.785.783.7

83.583.185.286.1

85.085.587.388.087.5

89.390.389.0

87.187.588.189.5

89.888.489.490.290.3

89.088.588.088.1

87.187.386.387.2

86.187.185.186.685. 3 -

81.476.977.776.2

73.072.972.467.566.5

84.4



No. 3.—DISCOUNTS AND PURCHASES OF BILLS AND SECURITIES BY FEDERALRESERVE BANK: VOLUME, BY CLASSES


Month


MayJuneJulyAugust _

September _.OctoberNovemberDecember

Total: 1924.1923.1922.

Month

January. _.February..MarchApril

MayJuneJuly....August .

September..OctoberNovember..December-.

Total: 1924_1923.1922.


Total

123,722135,494117,77987,500

51,35540,70328, 76433,134

27, 52320, 02555,306100, 865

822,1703, 652, 7752, 262, 087

Securedby

UnitedStates

Govern-ment

obligations

64,43796,39480, 02154,317

27,78428, 73717, 63416,129

17,83613,36431, 62464, 330

512, 6071,489, 573

714, 537

Commer-cial andagricul-turalpaper,n. e. s.

59,200

37,58433,134

23, 52011,87811,06916,985

9,6336,64423, 61136,457

308,6452,161, 0411, 546, 363

Tradeaccept-ances

8517017449

9182,1611,187

Bills bought in open market

Total

30,79124,78822, 09021,176

8,8923,2019,9165,740

12,26627, 22249,18044,236

259,498302, 083261, 691

Bankers'accept-ances

22,90319, 57719, 641

3,2019,7565,740

12, 21627, 22248,29744,196

248, 572285, 707253,485

Dollarex-

change

3,8551,8852,5131,535

160

50

Tradeaccept-ances

40

10,92616, 3008,206

76

Billsboughtfromother

Federalreservebanks

United States se-curi t ies pur-chased in openmarket

Bondsand

notes

10, 090

5,4785,9347,0545,879

3,9718,7454,2912,344

1,2137,146

52,96129, 45029, 037

Certifi-cates ofindebt-

3,098676

32,8552,940

1,17518, 534

709741

358605

90, 449176, 976174, 886

UnitedStatessecuri-

ties pur-chasedfromother

Federalreservebanks

953

307

Total discounts and purchases

1924

164,042

179, 778117,495

65, 39371,49043, 68041, 959

60, 78447, 605106,304160,916

1, 260 1, 226, 338

6,150

1923

412, 511421, 270381, 325262, 317

269, 050299, 379321, 388377, 473

321, 062259, 512358, 302487, 785

4,171, 374

1922

191, 714325,952304, 764167,170

129,425163, 809129, 735184,130

202, 769267,172365,231301, 980

2, 733, 851


DISTRICT NO. 1 BOSTON

N o . 4 . — B I L L S DISCOUNTED BY F E D E R A L R E S E R V E B A N K


315

VOLUME, BY STATES

I

Month

1924January . . .February _MarchApril

MayJuneJu ly . ._ .August .

September-October--..November..December _.

Maine

5,4295,4515,5773,253

3,3974,4842,6591,787

2,1461,6562,5133,915

Total: 192419231922

Number of memberbanks at end of year:

1924.. _ . . .1923---.1922

Number of memberbanks accommo-dated:

192419231922-..

42, 26749,00242, 621

NewHamp-shire

3,7204,5004,8244,166

4,0064,5433,2872,517

2,6272,2962,8293,138

42, 45360,72240, 246

Ver-mont

2,2491,8231,7151,978

1,9331,4811,4241,243

1,2481,220795915

18,02427,11821,409

Massa-chusetts

104,832114,64298,04569, 836

34,42623,17518,87823, 649

18, 26910,85845, 69283,667

645,9693,395,5622,068,564

182183185

148153164

RhodeIsland

1,8674,035288742

1,5561,320138264

645692695

3,875

16,11730,02316, 392

Con-necti-cut 1

5,6255,0437,3307,525

6.0375; 7002,3783,674

2,5883,3032,7825,355

57, 34090, 34872,855

Total

123,722135,494117,77987, 500

51, 35540,70328,76433,134

27,52320,02555, 306

100,865

Num-ber ofmem-

berbanksin dis-trict

at endof

month

822,1703,652,7752, 262, 087

420424427

317313330

424421421421

421421422421

420420420420

Num-ber ofmem-

berbanksaccom-modat-ed dur-ing themonth

202209213199

179174130129

110145180

1 Figures relate only to that part of the State located in the Boston district.



No. 5.—EARNINGS AND EXPENSES OF FEDERAL RESERVE BANK

Discounted billsPurchased billsUnited States securities....Deficient reserve penalties.Miscellaneous

Total earnings..


Bank officersClerical staff...Special officers and watchmenAll other. _

Governors' conferences _.Federal reserve agents' conferencesFederal Advisory Council -Directors' meetingsTraveling expenses !Assessments for Federal Reserve Board expensesLegal feesInsurance (other than on currency and security shipments).Insurance on currency and security shipmentsTaxes on banking houseLight, heat, and powerRepairs and alterations, banking houseRent.Office and other suppliesPrinting and stationeryTelephoneTelegraph...PostageExpressageFederal reserve currency:

Original cost, including shipping chargesCost of redemption, including shipping charges..

Taxes on Federal reserve bank-note circulationAll other expenses

Total current expenses..


EarningsCurrent expenses.


Withdrawn from reserve for depreciation on United States bonds.All other

Total additions..Deductions from current net earnings:

Depreciation allowances on bank premises..Furniture and equipmentAll other

Total deductions

Net deductions from current net earnings.

Net earnings available for dividends, surplus and franchise taxDividends paidTransferred to surplus accountFranchise tax paid United States GovernmentDeficit in earnings after payment of dividends charged to surplus

account.. _ _

1924

$783,450599,172

1,049,8414,576

121,977

2,559,016'

122,000894,000

31,50490, 512

288276452

6,2356,416

48, 6342,014

26, 59072,749

105, 59320,4892,4923,913

21,48547,82819, 6098,086

172,85137, 005

164, 94627, 818

39, 716

1,973, 501

2, 559, 0161,973, 501

585, 515

15,8704,686

20, 556

122,04811,6501,951

135,649

115,093

470,422

477, 798

7, 376 |

1923

$2,320,839741,384419,739

9,17215,549

3,506, 683

137, 500895, 768

33,323103,019

378176478

6,17310,02252,474

1,97826,96771, 248

108,06325, 532

7,25829, 64028,46261,78420,4278,233

167, 09733, 827

236, 69431, 439

36, 294

2,134, 254

3, 506, 6832,134, 254

1, 372, 429

5,29020, 559

25,849

122,04820,3093,786

146,143

120,294

1, 252,135

480, 26777,187

694, 681

1922

$1,543,539591,647

1,391,6919,7774,659

3, 541,313

141,000925,072

34,430100,932

411426250

7,3679,820

55, 241775

31, 53449, 27190,90025,489

1,76752,77226, 53974, 58821,1697,977

152,66734, 323

65, 50138,79223,87149, 516

2, 022,400

3, 541, 3132,022,400

1, 518,913

32,1009,494

41, 594

328,215133,106

1,784

463,105

421, 511

1,097, 402

481,9512 -170,782

2 786, 233

* Other than those connected with governors' and agents' conferences and meetings of directors and ofthe advisory council.2 After charging surplus and crediting franchise tax with $247,350 paid as an additional franchise tax for1921. Amounts transferred to surplus and paid as a franchise tax out of earnings for 1922 were $76,568 and$538,883, respectively.


DISTEICT NO. 1 BOSTON 317

No. 6.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS OF FEDERALRESERVE BANK


Bills discounted:Applications .Notes discounted

Bills purchased in open market for own accountCurrency received and countedCoin received and countedChecks handledCollection items handled:

United States Government coupons paidAll other . _

United States securities—issues, redemptions, and ex-changes by fiscal agency department

Transfers of funds. _Envelopes received and dispatched

AMOUNTS HANDLED

Bills discounted _.Bills purchased in open market for own account.,Currency received and countedCoin received and counted. _ _Checks handledCollection items handled:



Transfers of funds

1924

6,88130,82916, 542

216,741,000180, 439,00068,166, 000

4,456, 000542,000

1, 201,00051,000

2, 369, 000

$822,170,000259,498,000

1, 322,986, 00020, 413,000

16, 559, 713, 000

63,151,000592,437, 000

488, 513,0005, 606,721,000

1923

i 11,36355,60119,165

206, 664,000196, 501, 00063,158,000

5,478,000727,000

2 7, 594,00050, 000

2,011,000

$3,652, 775,000302,083, 000

1, 259, 323,00020,170,000

15,169,483, 000

69, 761, 000722, 651,000

797,105, 0004,186,430, 000

1922

19,90851,08517,351

176, 618, 000174,138,00055,123,000

6,925,000488,000

1, 559, 00047,000

$2,262,087,000261, 691, 000

1, 022,617,00018,442, 000

12,082,663,000

67̂ 777,000515, 597,000

1,184, 543, 0003, 033,806, 000

1 Revised figures.2 Large increase due to redemption of war savings securities which matured Jan. 1, 1923.3 Data not available.

N o . 7 . — O P E R A T I O N S OF F E D E R A L R E S E R V E CLEARING SYSTEM

[Figures include cash items only. Numbers in thousands; amounts in thousands of dollars]

Month

1924

JanuaryFebruaryMarchApril

May.JuneJulyAugust

SeptemberOctoberNovemberDecember

Total: 19241923

Items drawn onbanks in own dis-trict.

Number Amount

5,5084,7215,1445,365

5,4465,3365,5344,838

4,9805, 7125,1345,860

63, 57858, 561

1, 420, 9691,198,4821,386, 6041,321,636

1, 255, 2271, 229, 7481, 266,8181, 379, 960

1, 250, 5661,320,2101, 348, 4171, 424, 540

15, 803,17714, 328, 589

Items forwarded toother Federal re-serve banks andtheir branches

Number Amount

220200227223

226220232213

230253234271

47, 96344, 63451,31448,127

45, 86045, 52945, 24539, 768

48, 41351, 34948, 86352, 949

2, 749 | 570,0142. 773 639, 940

Items drawn onTreasurer of

United States

Number Amount

136117134162

154132127147

184246156144

1,8391,824

14,96512, 80913,91916, 911

16, 28515, 85716, 67015,14715, 20418, 80514, 88815,062

186, 522200, 954

Total

Number Amount

5,8645,0385,5055,750

5,8265,6885,8935,198

5,3946,2115,5246,275

68,16663,158

1,483, 8971, 255, 9251, 451, 8371, 386, 674

1, 317, 3721, 291,1341, 328, 7331,434,875

1,314,1831, 390, 3641,412,1681,492, 551

16, 559, 71315,169, 483



No. 8.—CLEARINGS AND TRANSFERS THROUGH GOLD SETTLEMENT FUND


Week ending—

1924

Jan 2 (1 day)9

1623 _ .30

Feb. 6._ . . . .1320 . . . _27

Mar 5121926

Apr. 2 . - .9

16 . -2330 . . .

May 7142128 .

June 4. _ _ _11 _ . .18 . . . - -25

July 2 - -9 _ . _ .

1623 . -30 _

Aug 61320 -27

Sept. 3 - - - . - - - - .10 . - - - -1724 - - .

Oct. 1g

152229 . . .

Nov 512 . . _ _1926 -

Dec 3101 7 . _243 1 . - «. _

T o t a l * 1 9 2 4 . . . .1 9 2 3 - .1 9 2 2

Paymentsto otherFederalreservebanks

31, 708209,446203 089165,240164, 780

169, 738133, 977185,099153, 550

216,496171,038202,588193,855

174, 734174 994208, 238185,813171, 010

220, 002150, 375167, 284153, 704

149 267138, 500195 312147,850

169, 240156, 670165, 724150,160173,904

218,170182 449218,258169, 601

107, 672141,489160 319194, 959

356,103154 102132, 521211, 773166,993

179,108197,825205, 725174, 758

172 864168, 771197, 380176, 710166, 365

9,107, 3008,008,0885, 946, 664

Receiptsfrom other

Federalreservebanks

53, 644217,611207, 724164,461160,433

175, 951141,199186,437149,920

217, 757167, 806209,108199,126 1

184, 090173 488212,491183,881171, 626

224,842147, 639169,249156,414

141, 877137,104188, 015165,822

186,110146, 732167,720146, 642180,850

209, 633181,274219,714167,973

113, 207133, 358158, 786200, 663

155, 792153,132144,253199, 682162,891

164, 541181, 885210,178170,918

162 279172, 218198,405172,834154,159

9,123,5448, 052, 9335, 922, 570

Net loss

7794,347

3,630

3,232

1 506

1, 932

2,736

7 3901,3967, 297

9,938

3,518

8,5371,175

1,628

8,1311,533

311970

12, 0914,102

14, 56715,940

3,840

10 585

3,87612, 206

24, 094

N e t gain

21,9368,1654,635

6,2137,2221,338

1,261

6,5205,271

9,356

4,253

616

4,840

1,9652,710

17,972

16,870

1,996

6,946

1,456

5,535

• 5,704

11,732

4,453

3,4471,025

16, 24444,845

Net gain in ownership of gold since establishment of fund in 1915, $209,581,000.


DISTRICT NO. 1 BOSTON. 319

No. 9 .—REPORTING MEMBER BANKS IN LEADING CITIES: PRINCIPAL RESOURCESAND LIABILITIES


Last report date in—

Loans and dis-counts

1924

January , 856,546February 856,630March 855,796April _MayJune _._JulyAugustSeptember.OctoberNovember.December..

852,032834, 856849, 342895,005888,145917, 472947,017926, 301941, 337

1923

861, 214860, 569863, 964869, 575861, 392875, 430882, 655879, 359885, 595882, 635877,157879, 457

Investments


1924

125, 615123, 063123, 271120, 604121, 867133, 810132,021123, 585129, 872128, 806120,108126, 022

1923

139, 946129, 037126,400125, 764131, 601139, 794129,167127, 518137, 810132, 578128, 297121, 580

All other

1924

169,758169, 881169, 591176,124186, 602191, 533198, 264201, 952205, 707210, 096200, 407195, 280

1923

173,087172, 549170, 437173, 743174,936173, 956169, 210168,453171, 950175,344174, 020170, 441


Net demanddeposits Time deposits

Accommodation atFederal reserve

banks

1924

January. . .February-MarchAprilMayJuneJulyAugustSeptemberOctober...November.December.

808, 545795, 516780,076810, 208800, 224820.076861.077849,527862,942922, 818877, 722891, 936

1923 1923

839, 642804,063780, 632810,006804, 688799, 808814,181786,114797,135846, 974802, 468788,151

273,126282,199289, 517286, 334290, 735297, 397315,014325, 322330, 881330,182319, 966316, 587

241, 585245, 527247, 898252, 619255, 636257, 712265, 629268, 582270, 567269, 872268, 857266, 077

1924

17, 66013, 2796,9788,3234,2991,9911,0251,2921,273621

3,51911, 236

1923

32, 68530, 64337. 68217, 80135, 37927, 75726, 88448,10233, 62621,93147, 48355,067

NOTE.—Figures are for about 42 banks in Boston, Hartford, New Haven, Providence, and Springfield,which submit weekly reports to the Federal reserve bank.

No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS

[In thousands of dollars. For explanatory note, see p. 154]

Month

Total for 11 centers l

1924

2,189, 0521,973,4322,147,0572,118, 0542, 052, 7722, 040, 5442, 111, 2831, 989, 7731, 974,9842, 357, 4352, 252, 7172, 467, 796

25,674, 899

1923

2,197,9971, 889,8992, 222, 0862,119, 7872,139,6452,172,8721,983, 2231, 771, 5721, 760,9562,154,6172,150,6662, 287, 912

24, 851, 232

1922

1,928, 0211, 611,605l,857,«8091, 760,1571,837, 9391, 992,8981, 899, 3731, 586, 0941, 717, 6352, 087, 6221, 986, 5232,126, 314

22,391,990

JanuaryFebruary...MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..

Total

1 Figures for cities marked with an asterisk (*) are not included in the district summary or in the nationalsummary of 141 centers.


320 ANNUAL; REPORT OF THE FEDERAL RESERVE BOARD

No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued


Month

JanuaryFeb rua ry . .MarchAprilMayJuneJulyAugustSeptember.OctoberNovember .December..

Total

Bangor, Me.

1924 1923 1922

14, 05412, 31214, 00213, 07414, 21714, 96714, 34613, 72214, 81717, 32412, 69113, 363

15, 05312, 57414; 55313, 46314, 22316,12115,31114, 91915, 01518, 44614, 35215, 838

179, 868

13, 52911,91614, 50313, 24213, 91014, 39113, 70512, 89614, 32815, 71113, 36916, 693

168,193

Boston, Mass.

1924

1, 570, 2051, 442, 6571, 566, 3221, 536, 2661, 476, 231.,479,960 |,540,541 !.,476,277 |,450,972 I,710,365.,688,539 !.,830,484 |

1, 610, 7481, 386, 9261, 660,1921, 544, 7081, 543, 8901, 555, 0831, 417, 9381, 241, 4751, 252, 3371, 525, 2061, 547, 4521, 662, 042

18, 768, 819 17, 947,997

1922

1, 433, 7161,184, 9791, 372, 3881, 283, 7721, 346,1201, 474,6481, 399, 9911,125, '2011, 233, 0031,498,9361,444,4111, 533,993

16, 331,158

Month

Brockton, Mass.* Fall River, Mass.

January j 20, 736February I 20,688March ! 20,909April ! 21,224May I 21,477June ! 19,653July 18,869August . ! 19, 513September 19,317October ! 24, 248November ! 22, 761December. . 21, 548

Total j 250,943

1923

21, 27418,93122,14822, 27221, 20021, 62617,97319, 81021,06325, 07523, 88322, 469

257, 724

1922 1924 1923

19,96319,17019,11219, 79818, 51119, 33219, 52721,84823, 55522, 604

33, 57430, 36427, 68029,62527, 72425, 29625,972 j26,93624, 89333, 29638, 26835,174

36, 65030, 38532,46133, 73433, 38532, 26429,16428, 52231, 74241, 45346, 20137, 537

203,420 358,802 413, 498

1922

29,60822, 74125,67026, 06228, 92530, 33729,00026,89727, 80337,06541,48837,102

Month

JanuaryFebruary..MarchAprilMayJuneJuly..AugustSeptember.OctoberNovember.December..

Total

Hartford, Conn. Holyoke, Mass.

1924

136, 347109, 098122, 997127,133119, 506119,408130, 662104,584110, 365130, 965110, 806126, 683

1,448, 554

1923 1922 1924

111,97799,351106, 384113,103113, 296113, 833111,86999, 91598, 234111, 759110,831123,902

1, 314,454

98, 55680, 20390, 74896,83293, 62297,15097, 55786, 49688,843108, 45194, 968110,641

17, 06613,96014, 36615,63615,47414, 90316, 39114, 38211, 76617, 00514,89816,417

1,144, 067 182, 264

1923

17, 71614, 65617, 79918, 21018, 65720, 30717, 08615, 56715, 41019, 40218, 22217, 514

210, 546

1922

12, 57110,67613, 52312,86013,08713, 59213,60012, 35814, 53418,09818,63117, 523

171,058


DISTRICT NO. 1 BOSTON



321

Month

JanuaryFebrua ry . .MarchAprilMayJune . -JulyAugustSeptember.OctoberNovember.

December-

Total

Lowell, Mass. Lynn, Mass."

1924

21,47019,00619,91018,58517, 37618,05318,07315, 61814,31722, 42923, 37422, 731

1923

21,81918, 59022,76422,91525,33425, 50221, 76821,46720,59724,23025, 36521,140

230,942 271, 491

1922 1924

19,10616,60219, 42619,19220,02519, 36119,63619, 29819,49423,35824, 94623, 260

25, 70521,65723,17026,72027,00625,08828, 85925,90926,49633, 25628,53828,377

243,704 320, 781

1923

22, 22419,21027,84528, 652

26,77422, 58228,11625,56931,13628,89727,387

317, 274

1922

24,75520,08225,08325,18225,19924,42923,80523,34323,68627,66926,85026, 332

296,415

MonthManchester, N. H.*

1924 1923 1922

New Bedford, Mass.

1924 1923 1922

JanuaryFebruary . .MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..

Total

18,49216,78518,707

' 21,30518,79916,84217, 53315, 53815,65416,76116,47520, 629

213, 520

19,47217, 24020,68121,10321,43022,41021, 09819,62618,82720,57018, 25722,786

243, 500

18,80315, 23918,50517, 33216,60317,52416,064

16, 35618,02618,16726,801

31, 81030,16529,82628,40529, 44426,19527,08127,51527,86935,40435,49136, 513

31,14630,18433,54431,73132,24134,10531,11528,74226,54732,13236,55034,635

26,46024,79626,02224,75527,09428,09927,59826,48725,79534,16235,16733,325

215, 813 365, 718 382,672 I 339,760

MonthNew Haven, Conn.

1924

JanuaryFebruary. _MarchAprilMayJuneJulyAugustSeptember.OctoberNovember .December..

Total

93,43582,09694, 77187, 25693,29288, 67495,85682,8,4089,84798, 77183, 32296,867

1,087,027

1923

88, 44874,09882,60881,25792,43994,27490,54487,53381, 60395,78787,58293,901

1922

73, 88958,44574, 46869, 72873, 66073, 47384,63675,87478, 06181,98174,55682, 450

1,050,074 I 901,221

Portland, Me."

1924

41,18536, 40440, 45238,70039,29038, 31641,30639,19840, 03645, 30440, 40145,134

1923

37,18035,25539,14036,81242, 85444, 66642,62738,78338,73046,19543, 43842, 735

485,726 488,415

1922

29,93026,16531,97231, 46133,89232,78735, 40735,73336, 86341,15234,62838,913.

408,903





Month

JanuaryFebruary...MarchApril .-May . _JuneJulyAugustSeptember.OctoberNovember.December _.

Total.

Providence, R. I. Springfield, Mass.*

1924

160,149142,806150,369150,774155,549144,311137,780133, 453132,823174,661146,825174,966

1, 804,466

1923

159,503136,280151,269152,709154,009162,329143,654134, 111127,659176,754158,803169,304

1, 826, 384

1922

133,213122,416133,438130,900131,740145,839127,917113,859

165,025145,167160,285

1924

73,45068, 27671,88978,70273,94674,94178,44866,27163,63283,76380,34182,474

1,638,782 896,133

1923

72,90461,61374,14372,61177,89980,53070, 56265,46061,47176,60269,01271,100

853,907

1922

5.6,42348,96157,43557,27162,37067,43064,39558,71763,01478,17074,14073,478

760, 804

Water bury, Conn. Worcester, Mass.

Month

JanuaryFebruaryMarchApril.May .-June,July --.-AugustSeptember .-October..NovemberDecember

Total

36,30026,28136,04337,58633,19335,99733,45328,74031,03635,65329,77238, 505

402, 559

1923

32, 30628,32530,49137,23935,52738,78532,64031, 08229,04633, 37330, 21335,806

394,833

1922 1924

26,02427,99426,85026,37728,52729,64126,08327,00627,21431, 22728,05435,149

74, 64264, 68770, 77173,71470,76672,78071,12865,70666,27981, 56268,73176,093

340,146 856,859

1923

72,63158,53070, 02170,71876,64480,26972,13468, 23962,76676,07575,09576, 293

859, 415

1922

61, 34950,83760,77356, 43761,22966, 36759,65059,72259,57773,60865, 76675,888

751,203


DISTRICT NO. 2—NEW YORK

No. 1.—CONDITION OF FEDERAL RESERVE BANK


RESOURCES


Gold held exclusively against Federal reserve notesGold settlement fund with Federal Reserve BoardGold and gold certificates held by bank

Total gold reservesReserves other than gold.. . _

Total reservesNonreserve cash _ _

Bills discounted:Secured by United States Government obligationsOther bills discounted

Total bills discounted .Bills bought in open market..

United States Government securities:Bonds _ . ._ . .Treasury notesCertificates of indebtedness _.

Total United States Government securities.Foreign loans on gold

Total earning assets _ . . .

Uncollected itemsBank premisesAll other resources

Total resources .

LIABILITIES

Federal reserve notes in actual circulation _

Deposits:Member bank—reserve accountGovernmentOther deposits _.

Total deposits _

Deferred availability items. . .Capital paid inSurplusAll other liabilities

Total liabilities

Ratio of total reserves to deposit and Federal reserve note liabilitiescombined (per cent)


Dec. 31,1924

384,307! 11,557

i 395,864286,475277,263

| 959,602! 21,868

' 981,470! 18,517

68, 74512, 577

81,322101,823

12,440120, 49536,963

169, 8981,746

354, 789

156,37716,2438,657

1,536.053

387,353

883, 86116,90428,195

928,960

129,05530,16758, 749

1,769

1,536,053

74.612,421

Dec. 31,1923

583, 62i| 9,441

1 593,066109,814168,615

871,49524,437

895, 93211.846

! 136,17528,360

164,53593,151

6,20229, 97210,582

46,756

304,442

115,06513,298

1,067

1,341,650

420,371

712,8589, 562

12,406

734,826

95,34229,43959,9291,743

1,341,650

77.66,572

1| Dec . 31,! 1922I

i 658,97010,309

I 669,279j 169,378

118,127

< 956,78431,314

988,098(0

168,23616,053

184,28960,864

1,14960,618

; 105,485

\ 167,252

412,405

j 134,30310,100

! 1,893

1,546,799

597,071

749,006I 518I 11,439

760,963

98,10128,68859,8002,176

1,546,799

72.812,624


323



No. 2.—PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL RESERVE BANK, BYWEEKS


Date

Jan1924

16..23..30..

Feb . 6_.13-.20-.

^ 27..

Mar. 5..

191!26_.

Apr. 2-.9..

16..23..30..

May7_.

28_.

June4_11..18..25..

July 2_9..

16..23..30_.

Aug. 6_.13_.20..27..

Sept. 3..10..1724_.

Oct. 1..8_.

15..22..29..

Nov. 5.12.19.26.

Dec. 3 .10.17_24.31.

Daily average

Totalearn-ing

assets J

347,763196, 077174,555178,325169,912

195,156258,054172,002203,632

168,077181,416159,397184, 952

220, 926238,175183,289145,147140,573

146, 481136,800134,640177, 296

150,355145,759191,403190,890

238,640208,154202,671202,838234,957

221,070213,421216,137244, 245

295,438273,599306, 258262,867

316,114356,527372, 546278,902307,514

320,81:289,409320,3r303,151

367,216365, 682351,893409,990354, 789

233,309


I

Total

Billssecured

byU.S.Gov-ern-

mentobliga-tions

219,594127, 560113,450125, 695105, 246

108,234162,618107,597123,416

80, 66096,92646,47693, 862

111,362131,17675, 57561,93847.861

66,94355,74655,53459.862

35,15436,44541,920

73,33033,80440,69131,81939,146

31, 72029, 55527,59633,734

74, 79036,52333,42635,222

53,81474,87665,28929,22433,218

39, 73825,15050, 97135,688

59, 205

53,042134,15781, 322

65,808

184,134109,85088, 579102, 72691, 002

96, 262143,07890,155106,840

59,60172,76231,28477, 637

87,96890,34050, 77039, 75831,366

51, 73841,60840,99244,424

24,05520,84420, 71725,703

56,36817,09625,41717,36024,615

18,27917,47314,95219,973

59,9:20, 72016,17117,821

36,87856,44647, 79514,12014, 981

26,29814,15521,83726, 636

49, 54437,12641, 599103,10568, 745

Otherbillsdis-

count-ed

35,46017, 71024, 87122, 96914, 244

11,97219,54017,44216,576

21,05924,16415,19216, 225

23,39440,83624,80522,18016,495

15, 20514,13814,54215,438

13,93414,31015,72816,217

16,96216, 70815,27414,45914,531

13,44112, 08212,64413,761

14,86515,80317, 25517,401

16,93618,43017,49415,10418,237

13,44010,99529,1349,052

9,66111, 74111,44331,05212, 577

Billsbought

inopen

market

89,99159,86249,94439,65550, 603

71,80278,13644,53756,264

56,86244,28412, 70339,245

55,16049, 75752,55025,72827,165

10,5278,4156,421

41, 504

16,9858,16318,41412, 733

24,30926,33211,99010,4447, 567

6,82711,50233,472

43,60951,19446,03540,329

74,98494, 335103,94162,362

93, 75876,94382,03082,008

123, 732110,81"93,449104,743101,823

UnitedStatessecur-ities

38,1788,65511,161 1,009,61712,975 1,023,31814,063

15,12017,30019,86823,852

30,45540,106100,218 151,845

69,01172,639

75,930

177,039185,882221,597187,316

187,316187,316203, 316187,316187,316

Totalcashre-

serves

897,960972, 810

995, 713

949, 015884,967

954,475978,861,043,305983,185

955,687940,015967,579

.54,40457,24255,16457,481 1,018,20265, 547 1,043,385

999,475999,768

72,685 1,017,455985,368

95,3811,006,738102,442 1,062,538136,544 1,064,171136,237 1,012,129

930,899978,854

141,001148,018149,990 1,012,849160,575 1,027,578188,244 995,383

999,489182,354177,039 1,014,860177,039177,039

971,018968,277

912,195923,455

927,948

907,861897, 765850,438932,315927,043

187, 316i 911,204187, 316J 959,437187,316 959,247185,455 972,549

182, 533204, 252203, 656169, 344169,898

968, 725909, 017942,823949.530981,470

Mem-ber

banks'reserve

de-posits

Totalde-

posits

Federalreservenotes

incircu-lation

758,990716,100739,823738,510721,689

700,298692,621695,958737,496

697,335740,888783,964725, 981

738,874747, 734736,330743,095763, 689

743,049740,260750,180756,558

767,812818, 077879,229813, 381

779,418808,159849,652849,842!843,120

i843,442857, 531819,451836,751

845,897842,563962,042827,463

858,899894, 584858,001854, 766 j 877,359857,562j 879,586

801,837 826,565852,424 876,562857,817! 880,243841, 7721 861,395

913,432; 937,384853,580! 880,173887,124! 909,459903,1651 940,486883,861 928,960

783,011729,621759,811772,833737, 720

716,746707,998712,783756,317

715,865758,072796,428759.221

772,919780, 769757, 705764,053790, 965

758,493759,300767.222775,679

783,153835,683893,037833,822

802,754825,968

874,300874,949

874, 279888,887850,327868, 505

871,277868,010981,800856,411

921,876' II, 741

48,084 119,175 j 963,519 783,731; 808,909 353,050

419,226403,003392, 900389,419383, 563

381,050377,886378,417370,592

372, 537371,197368, 790363, 857

365, 515362, 695359, 728357, 566352, 005

349, 757347,312344,294342,248

344,308342,616344,007341, 286

347,169340,993334,962329,484323, 686

320, 577317,338313,533311, 733

312, 052306,741304,218302, 733

304,341311,812309,813306,959327,393

357, 945365,26f374,320382,903

381,021369,364376,250394,825387,353

Re-serveper-cent-

74.785.987.688.0

86.481.587.886.0

87.786.789.587.5

83.982.286.690.891.3

90.290.391.588.189.390.286.086.1

81.083.984.285.483.0

83.684.183.482.0

77.178.676.980.1

76.172.870.878.776.8

76.977.376.578.2

73.572.773.371.174.6

P 1 Includes other earning assets as follows: Federal intermediate credit bank debentures, $100,000, Feb27|to|Mar. 12, $5,200,000 on Sept. 17; foreign loans on gold, $1,746,000, Dec. 3 to 31.Digitized for FRASER


DISTRICT NO. 2 NEW YORK 325


[In thousands of dollars)

Month

1924J. anuaryFebruaryMarch..'.April _

MayJuneJulyAugust - .

SeptemberOctober...NovemberDecember. _.

Total: 1924...1923...1922...


Total

1,159,4981,398,139

667,831949, 737

625,130135, 502305, 042116,154

292, 594435,431288,097657, 68"

7, 030,84217,951,843 15i9, 206,364


mentobliga-tions

Com-mercial

and agri-cultural

papern. e. s.

1, 048, 5351, 341, 559

610,097792, 942

587, 216108, 891279, 592

94, 500

397, 783192,995495,951

6, 214,270.5,961,946 1,7,685,801"

110, 56856, 21257, 327

156,424

37, 31126,04324, 65821,439|

28,28037, 55494, 622161,603

Bank-ers'

accept-ances

10

812,041., 982, 852

1, 511,848

47470192

Tradeaccept-ances

385368407334

568792215

10594

480133


Total

98, 805154,90299,09981,151

51,28320, 60140, 26238,343

60,100141, 600128, 544162, 709

4,484j 1,077,3996,575 1,177,6478, 523 871,433

Bankers' [ Dollaraccept- | ex-ances i change

93, 7941147, 58692,81776,994

49, 24619, 98339, 62738, 033

58, 618137, 210124,494159,938

Tradeaccept-ances

1,038,3401,108,895

828,802

3, 3625,070J4,3832,745

1,161: i635i310|

1, 3324, 390!3,8812,713

1,6492,2461,8991,412

150

30,60755, 48237,123

16958

8,45213, 2705,508

M o n t h


Federalreservebanks

U. S. securitiespurchased inopen market

Bondsand

notes

Certifi-cates of

indebted-ness

U.S. se-curities

pur-chasedfromother

Federalreservebanks

Federalinter-

mediatecreditbank

deben-turespur-

chased

Foreignloans

on gold


1924 1923 1922


MayJuneJ u l y . . . .August „

September..OctoberNovember..December. .

5953

2,64825

14, 68112,06621,08516, 296

13. 59732,40833,50610, 225

8,1523, 000

17, 47669,994

6,6181,989|

383, 7612,960

4,16767, 7135,6623,232

223. 33524; 59519,319

308,294

618100

Total: 1924.1923.1922.

2,785| 252,486| 1,051,6459, 008! 533> °°3l 1 !45109

111 781937

27,003

5,200

27,621! > » 12, 674

111 781,937 2,083,842! 41,946

5,300

1,280, 2791, 567, 2491,174,4241, 050,169

694,177283, 227384, 472167,954

3,174,4942, 512,9462,185,9511,917,015

1,997, 5411,378,9371,655,2961, 266,049

1, 746

589,381 1,019,432604,626 1,105,859453,436 1,219,361

1,200,430 1,396,403

1,102,9971,026,4591, 074,112

641,050

414, 737971,945788, 744520,361

844, 5111,497, 2351,812,0472, 291, 435

1, 746| 9,449,824!120,829,284

12,985,633



No. 4 .—BILLS DISCOUNTED BY FEDERAL RESERVE BANK: VOLUME, BY STATES


Month

1924January. . .February.MarchApril

MayJuneJulyAugust..

September.OctoberNovember..December..

Total: 19241923 _1922

Number of member banks atend of year:

19241923...1922

Number of member banks ac-commodated:192419231922

Connecti-cut i

886925

1,2601,273

I558 !408220290

350445 i

New York

1,119,7891,360, 779

624, 786914, 058

589,193106,885277,487

91, 602

269, 985405, 970266,114626,459

6,615 I 6,653,10712,484 i 17,408,09714,546 8,837,014

I

632620603

436433408

NewJersey l

38,82336,43541, 78534,406

35,37928, 20927,33524, 262

22, 60929,46121,63330, 783

371,120531,262354,804

216207193

148147127

Total

1,159, 4981, 398,139

667,831949, 737

625,130135, 502305,042116,154

292, 594435,431288,097657, 687

Number ofmemberbanks in

district at• end of

month

7,030,842 L17,951,843 L9,206,364 L

859 L839 j .808 L

593590 I544 1

837840846848

850851849851

853853858

Number ofmember

banks ac-commodat-ed duringthe month

372373373354

360335283241

255259299

Figures in this column relate only to that part of the State located in the New York district.


DISTRICT NO. 2; NEW YORK 327


1924 1923 i 1922

Discounted billsPurchased bills.!United States securitiesDeficient reserve penalties -Miscellaneous

$2, 613, 5661, 446, 6934,165,856

24, 974318, 261

$8, 255, 6461,969,8371, 087, 251

40,80059, 649

$3, 970, 2101, 619, 5125, 227,488

49, 738482, 331

Total earnings. 8, 569,350 11,413,183 11,349,279


Bank officers _Clerical staff __ __.Special officers and watchmenAllother .__

Governors' conferences.^ _Federal reserve agents'conferences _Federal Advisory CouncilDirectors' meetings __ ._Traveling expenses J

Assessments for Federal Reserve Board expensesLegal feesInsurance (other than on currency and security shipments).Insurance on currency and security shipments.Taxes on banking houseLight, heat, and powerRepairs and alterations, banking houseRent.Office and other suppliesPrinting and stationeryTelephoneTelegraphPostageExpressageFederal reserve currency:

Original cost, including shipping chargesCost of redemption, including shipping charges.

Taxes on Federal reserve bank-note circulationAll other expenses _

479, 5423,412,141166,462371, 699

50498550

21,46027, 660179, 2017,115

58, 602115, 656116, 64347, 2844,640

268, 687111, 22778, 25851, 34665. 413270,17891,464

195, 55053,328

469,3283, 873, 284

193, 627312,456

758332657

21, 66428,320190, 846

58665,41198,06531, 88220,1311,700

341, 78688, 30886, 52346,83765,172

248, 05285,492

421,229 j76, 748

156,113 110,942

494, 8443, 602, 883188,207280/085

490247845

23,07528, 923197, 8823,98265,14481,42929,18416, 5692,581

350, 28471,95190, 27648, 98363,943232, 69076, 553

553,12570,17469, 374132, 807

Total current expenses j 6,350,821 6, 880,136 ! 6, 776, 530

PROFIT AND LOSS ACCOUNTEarningsCurrent expenses.

8, 569, 3506, 350, 821

11,413,1836, 880,136

Current net earnings

Additions to current net earnings __

Deductions from current net earnings:Depreciation allowances on bank premises..Reserve for self-insurance._ _Furniture and equipmentAllother

2, 218, 529 4, 533, 047

Total deductions _

Net deductions from current net earnings... _.

Net earnings available for dividends, surplus and franchise tax

Dividends paidTransferred to surplus accountFranchise tax paid United States GovernmentDeficit in earnings after payment of dividends, charged to surplus

account..'

176, 240 1,697

910,44055,197

536, 776275, 504

1, 235, 93752,75658,021

144,351

1, 777, 917 1,491,065

1, 601, 677 1,489,368

616, 852 3, 043, 679

1, 796, 530 1, 749, 239129,444

1,164,996

1,179, 678

11, 349, 2796, 776, 530

4, 572, 749

2,743

365,053294,072

50,172144,602

853, 899

851,156

3, 721, 593

1, 652,138-1,397,6032 3,467,058

1 Other than those connected with governors' and agents' conferences and meetings of directors and ofthe advisory council.

2 After charging surplus and crediting franchise tax with $270,389 paid as an additional franchise tax for1920 and $1,334,160 for 1921. Amounts transferred to surplus and paid as a franchise tax out of earnings for1922 were $206,946 and $1,862,509, respectively.


328 ANNUAL: KEPORT OF THE FEDERAL RESERVE BOARD

.No. 6.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS OF FEDERALRESERVE BANK


Bills discounted:Applications--Notes discounted

Bills purchased in open market for own accountCurrency received and countedCoin received and countedChecks handled ._Collection items handled:

United States Government coupons paidAllother _


Transfers of fundsEnvelopes received and dispatched _

AMOUNTS HANDLEDBills discountedBills purchased in open market for own accountCurrency received and counted _Coin received and counted _Checks handled _Collection items handled:

United States Government coupons paid.All other._. :_.__

United States securities—issues, redemptions, and ex-changes by fiscal agency department__

Transfers of funds

12,45239, 62261, 453

512,097,000917,181,000136, 853,000

14, 055,0002,429, 000

4, 009, 000293, 000

7, 337, 000

$7,030, 842,0001,077,399, 0003,177,027,000

114, 281,000~~\ 871, 000

I

332, 369, 0001, 873, 743, 000

3, 52fi, 342, 00035,182, 64i; 000

17,41872,17775, 701

477, 257, 000816,128,000129,130, 000

17, 684,0002,177,000

113. 541,000284,000

7, 673, 000

$17,951, 843, 0001,177,647,000 !3,006,283,000 j

125,506,00065,805,632,000 |

337,344,000 I1,920,719,000 !

!4 3,168, 654,000 j28,031, 500, 000

14,17860, 71556, 474

412, 347, 000801, 277. 000119,316,000

22, 685, 0001, 741,000

-' 7,030, 000236, 000

3 6, 761, 000

$9, 206, 364, 000871,433, 000

2, 610, 697, 00076, 684, 000

62, 563, 789, 000

336, 468,0001, 519, 894, 000

2 6,449, 625, 00025,126, 090,000

1 Revised figures. Large increase due to redemption of war savings securities which matured January1, 1923.

2 Exclusive of redeemed war savings and thrift stamps received from post office.3 Excluding Buffalo branch.4 Revised figures.

No. 7 . — O P E R A T I O N S OF F E D E R A L R E S E R V E CLEARING SYSTEM


Month

Items drawn onbanks in own

district

Num-ber Amount

Items forwardedto other Federal

reserve banks andtheir branches


United StatesTotal i

Num-ber

Num-ber

Num-ber Amount


MayJune.Ju ly-August

SeptemberOctober ,NovemberDecember...

Total: 19241923

8,5417,3878,5838,669

8,7138,9549,622

9,0079,8538,93410,316

5,369, 6614, 759, 6255, 252, 6395, 297,3675,241,4675, 305,3005, 233, 6174,881, 054

5, 724,1026,136, 2696, C82,8745, 704, 002

1,4461,3191,4691,520

1,4761,3931,4031,298

1,3691,6511,5471,660

170, 505156, 501171, 909182, 567

174,332156,801156, 642146, 437

159, 089196, 928185, 343187, 782

107,27898,017

64, 987, 977 17, 55161,983,112 17,254

2, 044,8362,142, 648

933 i899 I

1,0771,172 I1,090 !860 I917 !

1,271

1, 206921519471

127,847 I 10,92095,416 | 9,605125,464 11,129136, 649 11,361

133, 645 11, 279132,807 11, 207103,039 I 11,94292,710 11,268

93, 828105, 78098,813

118, 923

11,336 !13,125 J

1,364,9211,392,272

11, 58212, 42511,00012,447

5, 668, 0135, 011, 5425, 550,0125, 616, 583

5, 549, 4445, 594, 9085, 493, 2985,120, 201

5, 977,0196, 438,9776,367, 0306, 010, 707

136,165128,396

68, 397, 73465, 518,032

1 Exclusive of duplications on account of items handled by both parent bank and branch.


DISTRICT NO. 2—NEW YORK 329



Week ending—

1924Jan. 2 (1 day)

9 . . . .162330 _ . . . . .

Feb 61320 ._27

Mar. 51219 . . .26

Apr. 2y 9 : ; : : : : : : : ; : ; ; : : : : :

1623 .30

May 71421 . . . . . . . . .28

J une 4 . _ . -. .1118 . . . . . . . . .25

July 29

16 . . . .2330

Aug. 6 -1320 _ _ . .27 . . . .

Sept. 3101724

Oct. 18

152229

Nov. 5121926 . . . .

Dec. 3101724 . . . . . _31

Tota l : 192419231922

Payments toother Federalreserve banks

145, 291597,334592, 659545,066547, 238

553, 289517,482578,424501,106

598,804524, 938629,466658,109

559, 650546, 772605, 453547,355549,196

649,115517, 788567,170540, 596

483,148492, 752767, 507588,822

625,137470,604522, 911503,151546, 885

533, 575510,430591,881477, 781

426, 569482, 799581,910655, 788

531, 783557,917512, 490614, 807576,174

554, 561594, 548712, 063601,465

570, 809655, 525715,481685, 654569,152

29, 786, 38026,368, 70522,359, 499

Receiptsfrom other

Federalreserve b a n k s

144,903632,177607,185563,806519,932

517,703464,501651,787516,995

589, 470537,035688,198600,034

553,164523, 856627,122590,981574,134

598, 682511, 607574,927518, 294

488,716531,887761, 777539, 227

566, 987498, 607549, 406518, 478524, 988

557, 334526, 600561,990482, 217

398, 528497,004648, 238600,233

535 984548, 348476, 681695 658577, 639

535, 759631, 544702, 084622,536

574,331620,970777, 242711,170587 596

29,956, 25226,309 64122,198, 469

Net loss

388

27,306

35, 58652, 981

9,334

58,075

6,48622,916

50 4336 181

22, 302

5,73049, 595

58,150

21, 897

29 891

28,041

55, 555

9, 56935, 809

18,802

9 979

34 555

59 064161,030

N e t gain

34, 84314, 52618 740

73,36315,889

12,09758, 732

21,66943,62624, 938

7,757

5 56839,135

28,00326, 49515,327

23, 75916,170

4,436

14 20566 328

4 201

80 8511,465

36 996

21 071

3,522

61, 76125, 51618, 444

169,872

N e t loss in ownership of gold since es tab l i shment of fund in 1915, $1,480,230,000.


No. 9.—REPORTING MEMBER BANKS IN LEADING CITIES: PRINCIPAL RESOURCES AND LIABILITIES

REPORTING MEMBER BANKS IN EIGHT CITIES 1



January...February _MarchAprilMayJuneJulyAugustSeptemberOctober. _.November.December.

Loans and discounts

Total

' 1924

4,230,4394,199,1014, 329,8744,358, 6284,254,1584,472, 5034, 533,1404. 573, 6504, 710,6764, 621, 7254, 741,3214,891,857

1923

4,107, 5184,219,1984,239,3594,219, 9074,197,0614,180,4514,095, 3414,077, 6404,147,4774,163, 2024,138, 2294,199,134

Secured by stocksand bonds otherthan United Statesbonds

1924

1,646, 7761, 579, 2141,636,2961, 708,4101, 633,0221,833,8781,958, 0011,944, 5042,033,4321,932, 3092, 061,3822,200,809

1923

1, 676,4441, 735, 9291,675,5761, 670, 6481, 648,2041,642,4001, 571, 0621, 490, 9581,500,1341, 515,9101, 543, 8351, 649, 472

Investments


1924

1,003,0971, 002, 258985,980944, 729

1, 002, 9871,034,8741, 067,2671,103, 9081,184, 5361,213,6721, 228,1421,139, 625

1923

1,198,2661,116,8451,129,2811,084,6361,097,2751,107,4811,079,8391, 028, 0221, 030, 0781,035, 2411,006,4231,026, 823

All other

1924

767, 934781, 626787,889855,452906,391984,233

1,012,8631, 031, 6491, 039, 6131,139,7771,144, 3491,136,153

1923

766, 716742, 222717,423713,185713,108728,440745, 588727, 846731, 336764,052747, 754755, 773

Net demanddeposits

1924

4,827,7084, 794, 5814, 823, 9245,036,4925, 012, 9145, 360,0565,531,5785, 569, 5755, 654, 0055,696,0005,839,8525,957,157

REPORTING MEMBER BANKS IN NEW YORK CITY

January._.February _MarchAprilMayJuneJulyAugustSeptemberOctober.. .November.December.

3, 717, 8783,685,3153,811,9283,818,1153,726, 6893,962,8734,036, 2124, 069,0514,205,6744,112,2974,234, 5804,361, 756

3, 633,0273,729,5813, 734,6973, 712,4513, 692,7893, 676,2723*, 593,1673,582, 55S3,647,0603,658, 5243,627,2413,683,968

1,453,8831,384,9541,441,1061,493,3511,420,3761,637,6051, 764,4871, 753,1591,834,0711, 722,7131,854, 6991,973,919

1, 505,0861,557,6921,486,6311,483,0561,468,2101,463,6921,393,1711,316,1221,322,9481,334, 9431,352,8691,455,126

893, 255888,806872,609838, 679896, 584924,913953, 018977,362

1,053,8251,090,3991,096,200999,408

1,073, 419992,494

1,002,692959, 290972, 874977, 710953, 506905, 545904,922915, 793894, 950915, 775

554,379565,105572,269632, 893685,085753,024767,205797, 995789,110882,249886,833871,135

565, 391540, 677518,171513,691514,060526,120540,124521, 549523, 067553,634536,071539, 583

! 4,337,217I 4,300,3194,328,5644,513,869! 4,499,507! 4,852,8705,016,4245,055,0175,136,3265,177, 5295, 314,1685,401,345

1923

4,925,6324, 967,4314, 680, 7194,687,1974, 688, 7374, 727, 0304,647,9354, 509, 9944, 578, 6544, 733,2544, 741, 7834, 701, 075

Time deposits

878,020902, 744942,163962,162961, 327988, 050010,120028, 705101, 587150, 377181,242156, 537

1923

744,304768, 377889,867912,134914, 493900, 653890,143902,635906. 769899,301887,858895, 284

Accommodation -atFederal reservebanks

1924 1923

227, 078184,867201, 683126, 676140,813129,236138, 632154,607172,095168,97497,337165, 822

4,438, 6794,469, 5364,185, 5614,181,9684,185, 6274,226, 7964,153, 7304,036, 8914,103, 7874,258, 5554,263,4474, 212, 831

583,428604,789643,372659,426658,241679, 954699,913711, 521775,021813,312847,211817,004

493, 608508, 750626,165646,845649,844631,021613, 049618,118621, 085611, 641601,102608, 830

58, 57171,32750,0144,33318,4938,0475,7148,9809,60011,8615,056

30, 975

197,747150,631165,55297,301106,73492,133102,440118,152132, 939129, 75356,282123, 251

1 Figures are for about 108 banks in New York City, Buffalo, Albany, Bridgeport, Jersey City, Newark, Rochester, and Syracuse, which submit weekly reports to the Federalreserve bank.

2 Figures are for about 67 banks in New York City, which submit weekly reports to the Federal reserve bank,

COO

cj>F

wj

33wo


DISTRICT NO. 2—NEW YORK 331

No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS

(In thousands of dollars. For explanatory note see page 154.]

Month

JanuaryFebruary..MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..

Total


1924

22,814,89920, 511,85722,227,15221,356,91322,124,83422,639,52122,184,73121, 556,42621,387,86123,242,13123,708,84928,106,044

271,861, 218

1923

22,763,01819, 595,76123,231,53521,180,74121,399,85021,789,80519,008,37216,829,38617,414,97619,846,05220,632,11222,801,386

246,492, 994

1922

19,644,55117,029,42620,977,91721,326,27722,268,91122,693,59220,328,51018,854,44219,793,00522,967,05319,637,13721, 546,408

247,067,229

1924

95, 786108,023117,452130,184129,640117,293119,183109,237110,099130,482109,444133,409

1,410, 232

Albany, N. Y.

1923

96,48899,302115,288124,851111,455126,000101,94893,06385,94993,625

1922

106,28597,690112,671131,779123,383102,969109,14589,11084, 57897,257

92,195 84,97798,825

1, 238,989

111, 472

1,251,316

Month


Total

Binghamton, N. Y. Buffalo, N. Y.

1924 1923

20, 61618,46618, 67320,28619,60019.66220,14618, 29218, 70920, 99518,77320,740

234, 958

20, 89917,35319, 94421,16421, 20421,81320, 54020,87318,14320,61018,96220,821

242, 326

1922I

1924

16, 50515,48017, 27817, 53118, 68418,41517, 35817,45817,48818,78117, 97420, 294

213, 246

325, 276273,827293, 111300, 427311,380302, 529311.743275, 722279, 808326. 222301,806328,115

3,629, 966

1923

309, 057254,456294,347303,951305, 735318, 927315, 071294, 753282, 954323,020299, 217323,095

3, 624, 583

1922

249, 559203,493241,149247, 947260, 515271,332277, 708259,810260, 908290,914278, 248303, 351

3,144,934

Month

JanuaryFebruary. .MarchAprilMayJuneJulyAugust...^ .September.OctoberNovember .December..

Total

Elmira, N. Y.* Jamestown, N. Y.*

1924

17,01016, 57817,10017,81519,29117,30519,83916,81216,83418, 50915,34619,300

211,739

1923

15, 53114,35416, 53317,26117,69518,98118,10617,32517,93916,25217,11318,080

205,170

1922 1924

11,70312, 59312,72713,45914,97114,29514,88614,12616,34614,26015,926

18,35416,44218,69518,316

17,88418,54717,82317,38218,79717, 54720,899

155,292 219, 554

1923

17,05314,53017.98118. 34518, 44719,39518,43018,24516,70818,88217,95618,713

214, 685

1922

11,86114,36915,67915,74615,93115, 54115,17816,16716,62717,11018,081

172,290

i Figures for cities marked with an asterisk (*) are not included in the district summary or in thenational summary of 141 c enters.




[In thousands of dollars.]

I Montclair, N. J.*

Month1924 1923 1922

Newark, N. J.*

1924 1923 1922

JanuaryFebruary._MarchAprilMayJuneJulyAugustSeptember.OctoberNovember .December. .

Total

15, 75412,03815, 21214, 59116,24616, 57215,10713, 75614,69316,19115,93719, 548

13,91710,17612,34212,82014, 65415,82612,90611,88111, 52414,08513,36616,180

10, 24210,63811,46312,60210,1329,790

11,41612,01212,04714,838

300,607246,199275,008281,195292,074298, 590290,065266,790287, 507302,670270,355344,413

277,975222, 213278, 535266,328275,852296,553264,990240,512242, 744277,612257,057305, 588

227,780233,104250,328236,385221,356230,383251,240236,096286,633

185,645 159,677 124,766 3,455,473 3,205,959 2,173,305

Month

New York, N. Y.Northern New Jersey Clearing

House Association *

1924 1923 1922 1924 1923 1922

JanuaryFebruary, _MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December-

Total

22,113,95819,886,01521, 546,48220, 653,97821,405, 56021,925, 65921, 468,87420,915,78420, 734,46722, 505, 69323, 046,93427, 327, 223

22,087,15619, 019, 49122,541, 29820,478, 56220, 703,87121, 041, 29618, 320, 62616,188, 61316, 799, 45419,151,90219,982,92722,081,149

19, 064, 57516, 543,42820,397,10920,716, 59421, 653, 67922, 063,38219, 713,13418, 287, 22419,215, 29622,322, 27619, 026, 75020,851,135

204,194171, 097186, 764193, 357210, 983202,052209, 713174, 956183, 837210, 298181, 741238, 872

200,171133, 591173, 782157, 625158, 910183, 334170, 362150, 729152, 771190, 038179, 600243, 447

116,720142,903136,359136,301158,881153,973146,439156,013185,03»163,073217,012

263, 530, 627 238,396, 345 239,854, 582 2,367,864 2, 094, 360 1, 712,713

Month

Passaic, N. J. Rochester, N. Y.

1924

JanuaryFebruary-_MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December-.

Total

34,14230,04432, 71634, 62634, 26933,45333, 73229,99232,04731, 58131, 56939,100

397, 271

1923

31,07422,63429,75132,46035, 04735,12032, 54833,12031, 25834,47532, 77536, 637

1922 1924

22,96118,54724,45623,39823, 58127,06022,09224,88325, 77427,99627,30433, 345

157, 817133,526151, 996150, 678154, 776171, 608163,181144,425144, 296157,605138, 038188, 544

301,397 1,856, 490

1923

151,864126,157157,969150,969151,875174, 062146,802135,127133,279147,872138, 358175,716

1, 790, 050

1922

131,292103, 594128,087127,470130,071150,944128,672121,878130,274145,926134,120155,020

1,587,348


DISTRICT NO. 2 NEW YORK 333



Month

JanuaryFebruary._MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December. _

Total .

Stamford, Conn.*

1924

12, 54911, 67312,10313, 31915, 62914,80813, 54612,10212, 87715,44512,06313, 458

159, 572

1923

14, 5479,61811, 62112, 846'14,16014,89613,96412, 56713, 09714, 70812, 446•13, 264

157, 734

1922

8,13110, 4168,86311, 09013,11011, 22810, 66811, 25312, 90511,21912,732

121, 615

Syracuse, N. Y.

1924

67, 30461, 95666, 72266,73469, 60969, 31767, 87262,97468, 43569, 55362, 28568, 913

801, 674

1923

66,48056, 36872, 93868, 78470,66372, 58770, 83763,83763, 93974, 54867, 67865,143

813,802

53, 37447,19457,16761, 55858,99859, 49060, 40154,07958, 68763, 90367, 76471, 791

714,406

NOTE.—Centers which have not reported continuously for the 18 months ending Dec. 31, 1024. are notincluded in the table.


DISTRICT NO. 3—PHILADELPHIA



RESOURCES


Gold held exclusively against Federal reserve notesGold settlement fund with Federal reserve Board...Gold and gold certificates held by bank

Total gold reservesReserves other than gold _

Total reserves .Nonreserve cash...


Total bills discounted.Bills bought in open market

United States Government securities:Bonds.. __:Treasury notesCertificates of indebtedness __

Total United States Government securitiesForeign loans on gold _All other earning assets _ _

Total earning assets

Uncollected items _Bank premises __All other resources

Total resources _

LIABILITIES

Federal reserve notes in actual circulation _

Deposits:Member bank—reserve account _GovernmentOther deposits _

Total deposits

Deferred availability itemsCapital paid in _SurplusAll other liabilities...

Total liabilities . .


Contingent liability on bills purchasedfor foreign correspondents

Dec. 31,1924

168, 2374,480

172, 71731,13727, 713

231, 5674,994

236, 5611,731

27, 4118, 873

36, 28418, 276

1,34524 127

4,417

29,889582

1,550

86, 581

59 4731,114

203

385, 663

168, 737

129, 6772,152

806

132, 635

53, 59110, 51820, 059

123

385, 663

78.54,140

Dec . 31,1923

181, 0694,659

185, 72829,93933, 367

249, 03410, 747

259, 7811, 345

42, 81416,110

58, 92433, 261

74712 058

147

12, 952

105,137

53 3561,111

184

420,914

221, 038

119,1292,437

'337

121,903

47,8059,941

19,927300

420,914

75.81,633

Dec . 31,1922

179,3516,116

185,46730, 59919, 523

235, 58914, 805

250, 3940)

38, 87210, 738

49.63023,380

1,80022, 6404,750

29,190

102,180

58,032640366

411,612

214, 067

119,075255587

119,917

49, 3319,327

18, 749221

411,612

75.02,752

1 Not shown separately prior to 1923.

334


DISTBICT NO. 3 PHILADELPHIA 335

No. 2.—PRINCIPAL ASSETS AND LIABILITIES, OF FEDERAL RESERVE BANK, BYWEEKS


Date

1924Jan. 2 _

9 . . . .

Totalearn-ing

assets 1

101, 71192, 77093, 23894, 46194, 838

83, 56879, 74487, 01588, 832

81, 33979, 51481, 94375, 910

81, 30473, 84674, 28471, 37769, 564

63, 99666, 28865, 25267, 262

73,19873.15959,96359, 977

59, 68656,829

..58,76555, 66156, 567

54, 37454,35553, 54353,469

54, 69653, 71652, 73352, 527

53, 01053, 69556.16058, 69060, 606

Nov. 5. 64,84612 | 70,58419 I 73,56626 I 76,536

Dec. 3 75,11710 85,75517 86,15224. I 98,09031 _J 86,581

30_.

Feb. 6_.13..20_.27..

Mar. 5..12..1926_.

Apr. 2_.9. .

16..

3o!*

May 7_.14..

28!"

June 4. .11. .18..

July 2. .9_.

16..23. .30..

Aug. 6..13..20.27..

Sept. 3..10..17..24..

Oct. 18

152229

Daily average j 71, €


Total

BillssecuredbyU.S.

Gov-ern-

mentobliga-tions

54,-99246, 0740, 51239, 65943, 333

38, 09636, 69939, 02144, 353

40, 01439, 42740, 51938,714

43, 60237, 96139, 99038, 09l|36, 053 j

31, 710!31,83231, 33433,191

32, 43630, 24426, 24727, 26027, 56825, 02326, 09123,30124, 35621, 23621, 04719, 86719, 797

20,197118, 775!17, 341117, 524

18, 461117, 591 j17, 922^17, 803 j19, 284 i

40. 50234, 75931, 59631, 06332,493

30, 62528,96630, 73232,129

30,37929, 66530, 71026, 937

30, 30226, 970!25, 949j25, 525!23, 650!

20, 65S|21, 464!21, 75722, 924 [

22, 68420, 68318, 292!

22,10322, 74123, 395

Otherbillsdis-

count-ed


UnitedStatessecuri-

ties

Totalcash

reserves

17, 977|16, 746,17, 47515,471116, 055

14,18414, 20113, 37912, 957

12,88811, 93511,10411, 227

11,44810, 32911, 09011, 58912, 921

19, 973J 13,13614, 35815, 22216, '

21, 52234, 788;35, 026

15,14925, 84825 927

47; 3471 37̂ 601136, 284 27, 411|

14, 490;11,3188,9168,59610, 840

7,4717,7338,28912, 224

9,6359,7629,80911, 777

13, 30010,99114, 04112, 56612,403

11, 05210, 3689,57710, 267

9, 752|9,5617, 955!8, 267!

9, 591 i8, 27718, 6167,8308,301

7,052

6,4886,840

7,3096,8406,2376,297

7,0137,2626,8326,2146,363

32, 972|32,001 i32, 04733, 70530,082

23, 93021, 50325,058j21, 5181

18,38917,15116, 35914,163

14, 669!12, 852|10, 986

9, 2807,07

4,811

4^8374,014

4, lOOi4,1283, 4842,485|

1,9371,6251,7501,4361,287

1,088921789785

1,6121,5631,7521,801

1,3472,9025,0367,6858,120

6,837 10,1217, 745 13, 7297, 519 17, 0736, 502 19, 528

6,3738, 940|9, 09919, 746!8, 8731

20, 42919,82119, 45418, 72218, 276

31,315 I 11,404

13, 74714, 69220, 67921,09721,423

21, 54221, 54222, 93622,96122,93622, 93625, 01422, 982

22, 98222, 98223, 25723, 95526, 381

27, 42428, 51628, 53029, 506

35, 36137, 48628, 93128, 931

28, 93129, 67429, 67429, 674

30,80031,13731,13731,137

31,13731, 62831, 89031,452

31,45231,45231,45231,45231,452

31, 45231,45231,45231,313

31, 03429, 01429, 54029, 88929, T "

258, 554252, 752246, 512237, 633241, 233

250, 75<265, 512249, 858250, 388

257, 258262, 84f259, 724266, 343

272, 750272, 251269, 746265,491269, 338

271, 450268, 576263, 35;266,868

260, 573267, 301262, 566268,283

272, 478273, 290268, 030263, 564264, 310

262, 281262, 801262, 633261, 721

256,899256, 097251, 035250, 331253, 612250, 422257, 917245, 217243, 858

244,313237, 901233, 626239, 978

245, 073233, 646233,193228,384236, 561

Mem-ber

banks'reservedepos-

its

117,974118,123117,019115, 236115, 700

120,206119, 782114, 292112, 901115, 731115, 957117, 348113, 063

117, 537113, 572116,155114, 675116,311

119,041114,888119, 039113,191122, 996128,129117, 792114,146

120, 668122,318123, 072122, 698121, 329

124, 340123, 020125, 535123, 734120, 258126,962130, 603125,818

127,320128,456124,931128; 433127, 466

127,340122,895129, 762128,481

133, 230125, 602126, 048122,882129, 677

27,811 256,595 119,779 123,100 183,141

Totaldepos-its

122,492119, 041120, 327120, 250120, 350122,167123,197117, 660115, 636118, 252119, 235118, 598117, 643

126,868120, 753118, 739117, 377118, 587

120, 896118, 221120, 398116, 634

126, 830130, 208119,248119,855

122, 616124,426126,815124, 075124, 414

126,186124, 835128, 596127, 517

124, 302131,132131, 223129, 237

131, 848130, 594138,513129, 640129, 570

131, 042126,529132,112130,184

135, 375129, 412126, 741126, 512132, 635

Federalreservenotesin cir-cula-tion

218,453206, 332200, 215191, 043192, 606

190, 387200, 742198, 380201,479

199,105202, 049199, 303201, 292

206, 443204,864207, 279197, 409197, 573

192, 755192, 830186, 330194, 660

186, 616188, 270185, 644185, 824

191, 262184, 576179,853172, 909172, 886

169, 229171, 671164, 370163, 974

164, 913157, 929154, 358150,984

156, 078153, 588156,995151, 900152, 619

156, 517159,880155, 242164, 635

164,955170, 673173, 774182,315168, 737

Re-serveper-cent-

75.877.776.976.377.1

80.282.079.179.0

81.181.881.783.5

81.883.682.784.385.2

86.586.385.985.7

83.183.986.1

86.888.487.488.788.9

88.8

88.888.687.989.3

88.188.187.387.186.4

85.083.181.381.4

81.677.977.674.078.5

1 Includes other earning assets as follows: Municipal warrants $51,000 March 19 to June 25; FederaIntermediate Credit Bank debentures $500,000 May 14 to May 28, $1,250,000 June 4 to Aug. 13, $1,750,00Aug. 20 to Oct. 29, $3,300,000 Nov. 5 and 12, $2,300,000 Nov. 19 and 26, $1,550,000 Dec. 3 to Dec. 31; foreignloans on gold $582,000 Dec. 3 to Dec. 31.





Month


MayJuneJulyAugust


Total: 1924....1923....1922....


Total

173,709169,708143,648131, 204

92, 80079, 55072, 81754, 655

54, 20960, 84067, 372

153, 518

1, 264, 0302,911,1422, 450, 843


mentobligations

Commer-cial and

agri-culturalpaper,n. e. s.

144, 038131, 897113, 43493,600

65, 39662, 204 j58, 52644, 232

40, 62644,669 I49,865132, 272

980, 7592, 062, 7231, 771, 245

29, 62837, 75330,13837, 527

27, 35417, 30614, 25110, 356

13,54216,12017,47331,152

282, 600847, 666678, 831

Tradeaccept-ances

671753767


Total

18, 57316, 2879,4035,034

3,9453,111737

1,130

60610, 62314, 3505,341

89,140159,105137,122

Bankers'accept-

17,17115, 4078,6744,834

3,8802,936

7371,130

60610, 47314, 2945,211

85, 353147,220132, 533

Dollarex-

change

1,402880729200

65175

15056130

3,78711,8464,366

Tradeaccept-ances

I

39223

Month

January..February.MarchApril _

MayJuneJulyAugust..


1924

United Statessecurities pur-chased in open

market

Bondsand

notes

6,9101,515

3,323

3,8475,8931, 0791,118

453

1,954

Total: 1924 26,3801923 1 2,5721922 iJ 38,679

Certifi-catesof in-debt-

edness

1,32446

16, 675587

1,13810, 521

132353

1,476203226

1,518

UnitedStatessecuri-

tiespur-

chasedfromotherFed-

eral re-servebanks

909

657

34,19996,259

120, 522

1,566

3,250

For-eignloans

ongold

Federalinter-

mediatecreditbank

deben-turespur-

chased

582

582

Muni-cipalwar-rants

•ur-ased

Total discounts andpurchases

1924

201, 425187, 556

51 169,777140,148

500 ! 102,230750 j 99,825

! 75,422500 !.. ; 57,756

56, 74473,21682, 236172, 913

1,550

1,300

1923 1922

288,147 I 265,135243,434 I 254,008250, 613 263, 529230, 206 197, 711

255, 528313, 255286, 838294, 635

241,134257,002233, 577274, 908

197, 571221, 492172, 636184, 277

174, 425218,965258,136342, 633

51 11,419,248199 : 3,169,277102 j !, 750, 518


DISTRICT NO. 3 PHILADELPHIA 337

No. 4.—BILLS DISCOUNTED BY FEDERAL RESERVE BANK: VOLUME, BY STATES


Month

1924January. . _ . . ...FebruaryMarchApril

May. . . . . . .JuneJuly . .August


Total* 192419231922


192419231922

Number of member banks ac-commodated:

1924 . . . .19231922

NewJersey *

21,15717, 23719,75421,166

19,17418,02212,1964,899

3,4844,5787,4038,585

157, 655207,430151, 755

979289

737371

Delaware

729702874939

561701552146

184199160229

5,97611, 57816, 731

222222

151719

Pennsyl-vania *

151,823151,769123,020109,099

73,06560,82760,06949,610

50,541-56,06359,809

154, 704

1,100,3992,692,1342, 282,357

624611606

437442448

Total

173,709169, 708143, 648131,204

92,80079, 55072,81754,655

54,20960,84067,372

163, 518

1,264,0302,911,1422,450,843

743725717

525532538

Number ofmemberbanks indistrict

at end ofmonth

725724727730

731732735736

738740742743

Number ofmemberbanks

accommo-dated

during themonth

327320308308

308282262296

260271299356

1 Figures in this column relate only to that part of the State located in the Philadelphia district.




Discounted billsPurchased billsUnited States securities.___Deficient reserve penalties.Miscellaneous

Total earnings.


Bank officersClerical staff .Special officers and watchmenAllother

Governors' conferencesFederal reserve agents' conferencesFederal Advisory CouncilDirectors' meetingsTraveling expenses *Assessments for Federal Reserve Board expensesLegal feesInsurance (other than on currency and security shipments).Insurance on currency and security shipmentsTaxes on banking houseLight, heat, and powerRepairs and alterations, banking houseRent-Office and other suppliesPrinting and stationeryTelephoneTelegraph :PostageExpressageFederal reserve currency:

Original cost, including shipping charges...Cost of redemption, including shipping charges.





Current net earnings..Additions to current net earnings:

Withdrawn from reserve for depreciation on United Statesbonds

Allother

Total additions.Deductions from current net earnings:

Depreciation allowances on bank premises.Furniture and equipment..Allother

Total deductions __

Net deductions from current net earnings


Dividends paidTransferred to surplus accountFranchise tax paid United States Government

1924

$1, 290, 080408, 409

1,136, 3037,839

73, 215

2, 915, 846

129, 833980, 591

59, 59591,117

267123343

7, 56512, 87559, 978

5, 46235,06287,07722, 53821, 92215,1672,774

44,12751, 07725, 74120,087

153, 51751, 836

196,14937, 567

41, 446

2,153, 836

2, 915, 8462,153, 836

762,010

20, 4331,698

22,131

23, 30713, 742

37,049

747, 092

615,135131, 957

1923

$2, 693, 392952, 999910,010

21, 75414, 616

4, 592, 771

131,499994, 796

59, 811103,077

312138540

6,22313, 96560, 883

2,58824, 08988, 80121, 61429, 56576, 7372,903

53, 95757, 67926, 67923,146

141,36347,148

252,14140, 627

35,445

2, 295, 726

4, 592, 7712, 295, 726

2, 297, 045

18, 807810

19, 617

23, 73370, 64844, 444

138, 825

119, 208

2,177, 837

582, 2921,178, 588

416, 957

1922

$2, 393, 673712, 383

1,119, 45714, 40912, 028

4, 251,950

129, 499982, 600

57, 95283,477

206181461

6,40716, 37860, 6254,370

44, 43946,02521, 27639, 08520, 3961,675

31, 45751, 97323, 43118, 745

167, 973

118,01443, 38124, 72359,170

2,053,919

4, 251, 9502, 053,919

2,198,031

67, 732H, 946

82, 678

42,931902

43, 833

2 38, 845

2, 236, 876

541, 5523 803, 5943 891, 730

1 Other than, those connected with governors' and agents' conferences and meetings of directors and othe advisory council. '

2 Net additions.3 After charging surplus and crediting franchise tax with $36,366 paid as an additional franchise tax for

1921. Amounts transferred to surplus and paid as a franchise tax out of earnings for 1922 were $839,960and $855,364, respectively.


DISTRICT NO. 3 PHILADELPHIA 339


1924 1923 1922


Bills discounted:Applications _Notes discounted..

Bills purchased in open market for own account.Currency received and counted— _ __Coin received and countedChecks handled __.Collection items handled:

United States Government coupons paidAll other.


Transfers of fundsEnvelopes received and dispatched _

AMOUNTS HANDLED

Bills discounted _Bills purchased in open market for own accountCurrency received and counted

- Coin received and countedChecks handledCollection items handled:



Transfers of funds

14,02935, 5796,630

164,432,000216,525,00059,010,000

4,952,000458, 000

1, 211,00093,000

2,489,000

$1, 264,030,00089,140,000

1,084,405,00030, 353,000

20, 795, 229,000

55,876,000462,479, 000

456,097,0004, 899, 506, 000

17, 58353,61411,367

156,722,000194,118,000

51, 325,000

• 6,355,000382,000

2 6, 754,00074,000

2,420, 000

$2,911,142,000159,105,000

1,011,761,00027,062, 000

15, 808,129,000

63,054, 000432,479, COO

578,493, 0003, 379,281, 000

0)49,01910, 638

123, 686,000183,478,00057,113,000

7,614,000344,000

1, 222, 00063,000

0)

$2,450, 843,000137,122,000726,382,000

23, 545,00013, 880,222, 000

63,852,000452, 257,000

930, 091,0003, 040, 220,000

1 Data not available.2 Large increase due to redemption of war savings secutities which matured January 1, 1923.



Month

1924January _.FebruaryMarchApril

MayJune _.JulyAugust

SeptemberOctober..NovemberDecember

Total: 19241923

Items drawnbanks indistricts

onown

Num-ber

3,9313,4894,0634,032

4,1394,2624,3563,873

4,0444,6224,0864,759

1, 208,2051,117,5231, 244, 5541,716,208

1, 708,9901, 631, 2201, 701,1961, 537,889

1,955,7521,829,1161,637,6522,016, 263

49,656 19,304, 56843, 546 14, 228,861

Items forwarded toother Federal re-serve banks andtheir branches

Num-ber

580548607616

632615617557

565693636756

7,4225,827

Amount

108, 55788,880103,683112,335

97, 79494,450105,62885,158

95, 721116,11698,261113,361

1,219,9441, 248, 381

Items drawn onTreasurer ofUnited States.

Num-ber Amount

136126148170

157148156148

228211156148

1,9321,952

21,07619,04720,96026,136

24,97024,42721, 94618,929

20,96424,85920,94826,455

270,717330, 887

Total

Num-ber

4,6474,1634,8184,818

4,9285,0255,1294,578

4,8375,5264,8785,663

Amount

1,337,8381,225,4501,369,1971,854,679

1,831,7541,750,0971,828,7701,641,976

2,072,4371,970,0911,756,8612,156,079

59,010 '51,325

20,795,22915,808,129


340 ANNUAL, REPORT OF THE FEDERAL RESERVE BOARD

No. 8.—CLEAEINGS AND TRANSFERS THROUGH GOLD SETTLEMENT FUND


Week ending-


Receiptsfrom other

Federalreserve.banks

Net loss Net gain

Jan. 2 (1 day).

6..3..

30..

Feb. 6..13..20..27..

Mar. 5..12..19..26..

1924

Apr. 2.9.

16..23..30..

May 7_.14..21..28..

June 4..11..18..25..

July 2..9_.

16..23..30..

Aug. 6..13..20..27..

Sept. 3. .10..17..24..

Oct. 1 -8..

15..22..29..

Nov. 5..12..19..26..

Dec. 3 . .10..17..24..31 . .

Total: 1924..1923..1922..

36, 803178, 717168,470168,001163, 758

147,106135, 685195,145151, 703

148,312141, 709176, 572166, 772

151, 390154,445166, 891167,421168, 305

171,147160, 728174, 907163, 779

151, 576139,881 I186,713170,695 I

165, 221141, 350163, 362162,936173,105

149, 735154,956156,149143, 879

140, 354150,077178, 220180,176

168, 251178,984148,399202,059179,840

154, 688164,176204, 256180, 497

169,089182,421204, 472210, 353156,566

35, 270168, 788158, 534159, 399167,437

155, 768151, 217180, 783152, 310

153, 659145, 847173,548174,439

157, 202154, 800165, 740163, 005171,013

173,947161,606 !171,226 I170,451 !

144,168 I146,769 !176,866 j176,763 |

171,674 |142,112160,686 S160,459 i173,981

149, 505158,803157, 550145, 512

136, 988149, 740175,089179, 225

170,130175,211155,928188,165177, 745

152, 955158, 639202,001188,320

173, 772172,860205, 706209,067160,977

8,670,202 I8,049,170 j7,109, 692

8, 663, 3558, 034, 5607,134,136

1,5339,9299,9368,602

14,362

3,024

1,1514,416

3,681

7,4

9,847

2,6762,477

230

3,366337

3,131951

3,773

13,8942,095

1,7335,5372,255

9, 561

6,84714, 610

3,679

15, 532

607

5,3474,138

7,667

5,812355

2,708

2,800878

6,672

6,068

6,453762

876

3,8471,4011,633

1,879

7,529

7,823

4,683

1,234

24,444

Net gain in ownership of gold since establishment of funds in 1915, $122,433,000.


DISTEICT NO. 3 PHILADELPHIA 341

No. 9.—REPORTING MEMBER BANKS IN LEADING CITIES: PRINCIPAL RESOURCESAND LIABILITIES


Last report date in—Loans and discounts

1924 1923

Investments

United States securities All other

1924 1923

T

1924 1923

January . . .February.MarchAprilMayJuneJulyAugustSeptemberOctober.. .NovemberDecernber.

622,977624,243638, 557644, 756642,432644, 970653,461658, 701669,890689, 582701, 674673, 245

583,151594,187614, 654625,442615,274628, 772633,199632, 933642, 599634, 509627, 785621, 768

104,284104, 711103,37196, 64797,32899,19193,75694,094103, 706106, 291106,069118, 448

124, 591118, 954124,420124,121 !128,336 i•124,813120,030113,302 I112,173 !107,706 !105,092 I108,896 |

180,850185,073188,496200,052206,217213,949228, 218237, 287244, 779254, 903252,960256, 720

188,066185,211183,491182,831184, 798185,356184,933181,047180,344181,424182,349185,397


Net demand deposits Time deposits

January. __February.MarchAprilMayJuneJulyAugustSeptemberOctober. __NovemberDecember.

1924

660, 956659, 672659, 528668,126684, 521692, 973718,471723, 605732,828753,351762, 257753, 070

1923 1924

703,453700, 795684,876707, 984692, 381680,115692,859684, 238681, 066681,025679, 521671, 953

127, 951130, 708129,130133,978131, 232133, 741141, 046149, 706155, 049166, 255177, 501182, 331

1923

68, 86475,46719, 50718, 753

103, 538105, 666104, 599103, 006109,417113, 074114, 593

Accommodation atFederal reserve banks

1924

14,01318.02613,41212.02710,4947,5195,8744,4663,7614,8953,81913, 090

1923

28, 33630,94039, 75926,49340,34243, 47535, 55737, 22734,45134,90325, 44229, 214

NOTE.—Figures are for about 55 banks in Philadelphia, Gamden, Scranton, and Wilmington, whichsubmit weekly reports to the Federal reserve bank.

No . 1 0 . — D E B I T S TO INDIVIDUAL ACCOUNTS

[In thousands of dollars. For explanatory note see p. 154]

Month

Total for 10 centers i

1924 1923 1922

Allentown, Pa.*

1924 1923 1922

JanuaryFebruary._MarchAprilMayJuneJulyAugustSeptember..OctoberNovember..December..

1,925,4551,723,1391,873,8121,942, 3561,894,9281,936, 2051,902,7281, 748, 7021, 794,0211,968,1341,820, 7222, 242,478

1,914, 8571, 648,9251, 926,4931,863, 4771,973, 6252,083,1131,826, 5601,733,1711, 670, 2261,922, 5691, 738, 3361,999,728

1, 583, 0081,431, 5931, 628,1171, 569, 3121, 634, 3141, 720, 6491, 668, 3161, 589,8191, 646, 5391,891,0671, 682,8451,939,197

29, 77827,41330,96932, 39030, 55832, 21832, 65129,83231, 49535,14830,451 !35, 319

28,44623,03330,18831,47632,44533, 29229, 73527,82728,88233, 61527,92131,392

20,18124, 70226, 55525,82626, 64825, 85324, 09325, 96629, 66826, 01629,830

Total 22,772,680 22,301,080 19, 984, 776 378, 222 1 358, 252 285, 338






Month

JanuaryFebruary-.MarchAprilMayJuneJulyAugust

. September-OctoberNovember-December..

Total

Altoona, Pa.

1924 1923

14, 21013, 58614, 78515,31014, 51215,47115, 53316,30513, 50114, 31815, 23617, 572

180, 339

16,17614, 65817, 33517, 34019, 29618,86018,09617, 60516, 29119, 24814, 78116,487

206,173

11, 64010,10912, 92012, 78713, 32913, 70813,17714, 70614, 36615, 66313,87615,700

161,981

Camden, N. J.*

1924

54, 55345, 22448, 89451,80748, 80852,80758,02648, 67550, 72158,15150, 91667, 628

1923

636, 210

48,83239, 34647, 37845, 37549, 63953, 27449, 81247,10446,86952, 78449, 02357,462

586, 898

34, 44441,12540, 57545, 68045, 93442, 34841, 86144,17544, 67041, 04656,359

478, 217

Month

JanuaryFebruary...MarchAprilMay...JuneJuly.. .AugustSeptember..OctoberNovember. _December...

Total .

Chester, Pa. Harrisburg, Pa.*

1924

25,44423,04525,93022, 55523, 63321,85622,96420, 99721,61024, 71421, 03624, 012

1923 1922 1924 1923 1922

22,849 |20,229 I22,264 !22,30023, 98925, 32124, 70424,30723, 08128, 22424,14125, 699

17,88615, 58318, 39019,02620, 27318, 74018,30918,24318, 82623, 53520, 27122, 234

277, 796 287,108 231,316

40, 06735, 98939, 51539,14439,88837,31139,43736, 33439, 30943,49138, 86343, 980

473, 328

r31,61028,19437, 59936, 66138,81940, 78138,94137,26135, 76940, 30136, 29943,676

445, 911

33, 45124, 91729, 80632,10331, 59730, 40132, 20829,71531,31734,00731, 29035,970

376,782

Month

JanuaryFebruary. _MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December. .

Total

1924

Hazleton, Pa.

I 1923

Johnstown, Pa.

12, 24811, 56011,88312, 71713, 52714, 07314, 65313,09414,14715, 50713,719 I14, 600

10, 3999,903

11, 22112, 05412,31712, 75512,11912, 00810,84114, 37012,61113, 260

161,728 143,858

8,2649,5779,6038,7599,0529,3389,0219,41211,31210, 60110, 865

21, 79521, 52521, 68723, 99922,49922,09821, 77821, 69721,36824, 69021,90024, 611

105, 804 269, 647

1923

23, 30520, 33223,12424, 35926, 32527, 63125,45825, 20723, 36025,45123, 35823, 038

290, 948

1922

17, 23515, 69918, 89819, 09721,05721, 00220, 08121,35622, 27223, 78522,11326, 433

249, 028


DISTRICT NO. 3—PHILADELPHIA 343



Month

Lancaster, Pa.

1924 1923 1922

Lebanon, Pa.*

1924 1923 1922

JanuaryFebruary. _MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..

Total

27,95524,37032,85332,90126,80826,65926,03524,05227,14631,64225,78528,881

27,23522,16531,53532,02626,80825,49524,62623,31724,09928,90024,89826, 751

18,06317,89725,41326,61520,47822,63720,99020,45821,94325,73122, 73326,652

7,0326,3077,4168,5777,0417,0686,9206,7996,6698,2466,6427,703

6,4255,1816,7737,3867,5977,6487,2507,3446,7698,1606,7447,639

4,0685,1346,1075,4145,4025,2395,0885,3386,5085,8806,625

335,087 317,855 269,610 86,420 84,916 60,803

Month

Month

JanuaryFebruary. .MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..

Total.

Norristown, Pa." Philadelphia, Pa.

1924

January . . .February. .MarchAprilMayJuneJuly _.AugustSeptember.OctoberNovember.December..

Total

4,5623,390

3,8493,7733,6883,618

3,4824,1463,8834,513

45,939

1923

3,7093,0924,0923,7664,3564,9664,0573,9423,9654,3933,9494,245

1922 1924

2,4512,9193,1033,2213,5153,4053,1603,335

3,7283,847

1,602,1651,408,2121, 540,3811,602,8721,571,8161, 610,9621,570,6381,448,3251,478,1651,623,0871, 513,3651,871,374

48,532 36,633 18,841,362

1923 1922

1, 596,9941,375,1591,606, 5401,541,4441, 642, 5791, 752,8261,495,4591,392,2511,379, 5161,583,9171,428,4161, 647,903

1,327,1281,197,9751, 353,2821,299,8421,374,8761,459,9281,416,2611,348,5381,389,3671,582,4301,402,3311,615,296

18,443,004 16,767,254

Reading, Pa.* Scranton, Pa .

1924 1923

45,35838,94539,25236,05640,24437,622

35,94135,49637,08134,22643,028

462,186

41,36234,48742,34344,08746,71345,25441,81343,65137,67743,60740,10044,856

505,950

1922

31,36226,46632,04033,00833,41035, 71232,19631,40433,82637,43036, 73941,347

1924

75,80777,16675,66775,20074,98074,48777,83368,30075,33380,58769,74080,440

404,940 905,540

1923

78,56365,84577,03771, 78877,37678,17082,84371,35763,06075,82171,12080,140

893,120

1922

62,78154,83764,03158,66551,35752, 78149,39445,15448,91272,07066,51073,919

700,411

36569—25t 23





Month

January...February..MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..

Total

Trenton, N. J.

1924

58,39864,06361,60364,65461,09460,95264,65756, 22464,56863,22959, 27976, 762

755,483

1923

55,50154,24855,85561,39863,01061,29062, 35354, 78155,18861,23456,42970,480

711, 767

1922

45, 78146,88448,45547,28152,12949,91549, 78249,43854,16653, 51751,85765,902

615,107

Wilkes-Barre, Pa.

1924

47,81746,57346, 53350,64147,81051,88949,08144, 26945,98451, 55746,45157,012

585, 617

1923

41,95334,13842, 72141,83943, 70045, 50044, 39342,80339,12647,07548,64952,060

523,957

1922

36, 52331,19036,49435,66934,40334,29929,08128,24833,02539,15639,43242, 200

419, 720

Month

Williamsport, Pa.

1924 1923 1922

Wilmington, Del.

1924 . 1923 1922

York, Pa.

1924 1923 1922

JanuaryFebruary . .MarchAprilMayJuneJulyAugustSeptember.OctoberNovember..December..

Total.

17,89615,16417, 65218,48218, 21316, 74415, 57915,39116,12717, 60214, 35316, 825

19,80617, 28218,84518,03319, 29618, 61919, 05817,15317,14317, 75415, 74717, 997

15, 95915, 59118,30318,40418, 53419,32017,41116, 80117,14220,47518,15619, 982

35,47633,20036, 76136,97735, 58535,60841, 28536, 54032, 71539, 58034,39541,422

35, 82828,87335,09337, 65236,35835, 92235, 61769,40334,01038, 74235,08240, 661

30,18427, 59431,88630, 73932, 39033, 57736, 32331, 79031,13238, 69930, 94435, 573

20,28717, 76021, 64722, 76420, 47721, 57719,12318,29918, 87221, 81821, 08228,178

19, 95216, 32819, 26819, 65721, 21321,11019,41120,19418, 71221, 65419, 07321, 550

17,06313,93318, 94320, 28416, 54515, 74417, 58816,44317, 66019, 79116, 73521, 739

200,028 216, 733 216, 078 439, 544 463, 241 390, 831 251, 884 238,122 212, 468


DISTRICT NO. 4—CLEVELAND

o. 1.—CONDITION OF FEDERAL RESERVE BANK


RESOURCES


Gold held exclusively against Federal reserve notesGold settlement fund with Federal Reserve BoardGold and gold certificates held by bank l._

Total gold reservesReserves other than gold . -

Total reserves.. _ .__ . .Nonreserve cash


Total bills discounted _ . . _ _ . .Bills bought in open market

United States Government securities:BondsTreasury notesCertificates of indebtedness _•

Total United States Government securities . . . .Foreign loans on gold

Total earning assets . . .

Uncollected itemsBank premises . . _. ._All other resources

Total resources .

LIABILITIES

Federal reserve notes in actual circulatiqn,

Deposits:Member bank—reserve accountGovernmentOther deposits , . . .

Total deposits

Deferred availability itemsCapital paid in.SurplusAll other liabilities

Total liabilities

Ratio of total reserves to deposit and Federal reserve note liabilitiescombined (per cent) ., .

Contingent liability on bills purchased for foreign correspondents.._

Dec. 31,1924

165,4661,849

167, 31540,15821,407

228, 8809,365

238, 2455,934

29,24812, 825

42, 07341,217

11,12633,85815,066

60,050702

144, 042

56,1277,573

333

452, 254

198, 515

163,0194,2031,123

168, 345

49, 46012, 75622,462

716

452, 254

64.94,994

Dec. 31,1923

225, 0203,427

228,44768, 75212,177

309, 3765,561

314, 9375,184

25, 83323,185

49, 01844, 046

9189, 0301,247

11,195

104, 259

53,1809,097

" 207

486, 864

243,323

151, 6703,3221,583

156, 575

49, 89712, 33323, 691

1,045

486, 864

78.82,051

Dec. 31,1922

193,3035,924

199, 22771, 88913,484

284, 6007, 391

291,991

0)

19, 90718,634

38, 54151, 007

91810,97$13, 842

25, 739

115, 287

66,1757,006

598

481, 057

242, 565

144,487545

1,705

146, 737

55,80211, 70823, 495

750

481, 057

75.02,815

J Not shown separately prior to 1923.345





Date

1924Jan. 2

23_

Feb. 6..13..20-27.

Mar, 5..12..19..26..

Apr . 2_.9 . .

16. .23 . .30.-

M a y 7_.14..21_.28 . .

June 4_.11 . .18..25. .

July 2.

16——'23.30

Aug. 6132027

Sept. 3 _101724

Oct. 1

15—22—29—

Nov. 5—12—19—26—

Dec. 310172 4 —31

Daily average

Totalearningassets1

118,765118,21999,75294,97688,802

91, 520106,89289.32191, 77786,48396,44890,40492,125

93,392103,396106,375100, 53893,902

92,12290,94387,07496,418

95, 593103,42376,71474,313

69,66565,91570,34068.32269, 253

74, 07979, 58873,79673,955

75,97788,34,99,33497, 726

97,82£96,905104,31i103, 21103,787

110,36£126,733113, 468116,636

123,422132,857145, 207148,453144,04295,28C


Total

Bills se-cured

by U.S.Govern-

mentobliga-tions

57,27155,10039,54535,95431,432

34.84953.85036,54839,269

33,16140,99136,87441,343

42, 50853,04857,40451, 78"45,132

43,39242,91241,30350,020

43, 38547, 24531,09529,324

25, 28820, 64220,61918,88720,15:

18,47822, 59416,61516,806

16,73'22, 51,29, 51'28,683

26,43?19,68226, 24623,74120,786

25,14^39, 62124,33226, 214

27,92143,13Z51, 25t46,03242,073

32,679

Otherbillsdis-

counted

29.78129,22321,37621,50917,201

22,13432,95"23,15026.762

17, 29921,43416,30522,362

24,38930,11528,42830, 57625,916

23, 73424,44122,10528,663

22,06831,71918,45717,857

14.78211,79111.76310,73313,124

11,76316,71510, 26310, 614

10, 86217,94'

• 24, 2221,99J

19, 77:13, 32419, 08?16,81,13,80C

17,27!30,32714,99C17,757

15,06729,68134,56227, 57£29,24?


27,49025,87718,16914,44514,231

12, 71520,89313,39812, 507

15,86219, 55720, 56918,981

18,11922,93328,97621,21119, 216

19,65818,47119,19821,35"

21,31715, 52612, 63811,467

10, 5068,8518,8568,1547,027

6,7155,8796,3526,192

5,8754,5715, 293:

6,6676,3587,1606,923

7,8729,2949,3438,457

12,85413,45416,69318,45412,825

48,97349,39145, 29543,45941,415

40,33;36,70834, 76933,036

31,45630,11525, 53820,61'

19,91319,31417,60116, 55013, 672

12,37610,3748,0967,556

5,3795,8145,6384,415

3,3553,0772,7802,175

" 1,686

1,429968965933

3,0246,66f8,07;8,30:

9,64J12,4713, 31'14, 72'18,24'

20,46?22,07624,09925,887

31, 26732,50934,37441,66?41,217

19,05£

UnitedStatessecuri-

ties

12, 52113,72814,9r15, 56315,955

16,33416,33418,00419,472

21,86625,34227,99230,168

30,97131,03431,37032, 20135,098

36,35437,65:37, 67538,842

46,82950,36439,98140, 574

41,02242,19646,94147, 26047,416

54,17256,02656, 21656, 216

Totalcash re-serves

Mem-ber

banks'reservedepos-

its

306,970297,657306,314308,858321,482

Totaldepos-

its

Federalreservenotes in

circu-lation

158,447 165,810159,504 163,333161,338 165,518158,452 164,415165,693 171,871

309,118 159,753 166,567318,77l| 169,662 174,482311,346 158,338! 164,192328,651 166,757 171,065

321,7631 158,740320, 683i 161,877305,642i 158,436326,467i 161,526

I316,852 157,588315,254 161,046301,257 163,381303,969i 158,539305,537 156,599

311,416312,048309, 060309,872

311,672307,447315,415326,349

322,328331,991323,497321, 791

163,952161,800162,098 i W ) oou162,583 166,602

165,798170, 533159,786170,621

171,443173,688170,646162,417160, 511

165,947165,454164,380

170, 538168,848164,141162,765

160, 769160, 586166,088163, 262

330,380 174,178

314,489324,697327,432327,899

56,216 324,21459,168 325,07961,744] 302,36260,742 314,483

61,74264,74864, 74964, 74964,754

64,75465,03665,03664,535

63,53356, 51158,87660,05060,05043,494

305, 564307,945308,710298, 663305,337

300,217290,086292,601287,900

287,185284,178262,341262,136238,245312,337

165,919175, 397175,340168,422

166, 505178, 227178, 616176,819

170,168170, 574182,005169,861170, 614

179,056179,436179,191168,176

179,871182,587183, 206175,196163,019166,194

174,490173, 683165,693167,904

162,643163,969169,056167,489178,452

169, 283177,825177,797171,011

169,691181,412179,778181, 290

174,007174,056187,989172,14175, 51?

181,39:183,180182,425171,88£

183,53,188,16€184,76S181,6I1168,34£170,792


241,114235,801224.919222, 238219,341

214, 517226,741221,661229,934

223, 775227,975220, 755227,315

222, 583228,198223,416223,974221,090

219,423221,147214,772220.489

215,415218, 252210,989213,931

212, 718217,086209.490205,733202,499

200,807206,883202,978209.920

208,900212, 574206,761210,792

209,435212,420212, 582209,987211,672

208,090212,765205,628209,552

205,0OC209,993206,63C217, 54198,51,

216,380

75.474.678.579.982.2

81.179.480.782,0

80.580.382.0

80.478.476.478.780.1

80.880.781.580.1

79.978.483.785.5

85.987.185.586.286.7

85.084.486.086.1

85.682.578.280.2

79.779.777.178.278.9

77.173,375.475.5

73.971.467.065.764.9

80.7

1Includes foreign loans on gold, $702,000, Dec. 3 to 31.


DISTRICT NO. i CLEVELAND 347



Month

1924January _FebruaryMarchApril

May _.JuneJulyAugust


Total: 19241923....1922-..


Total

131, 595160,635113,876175,424

139, 278102,14852,66340, 787

81,47462,06086, 518201, 567

1,348,0252,436,8081, 523, 346

Securedby U.S.Govern-ment ob-ligations

100,934130,46076,417124,104

104, 49980,96540, 29933, 202

71, 70954,67670,481133,821

1,021, 5671,820, 9001, 083,488

Com-mercial

andagricultural

paper,n. e. s.

29,72929,42236,91350,144

33,73420,41811,4467,243

9,1767,02315, 58466,910

317, 742601,798425, 277

Bank-ers' ac-cept-ances

700

Tradeaccept-ances

932737518

1,165

1,013761918287

524326421807

8,40914,11013,881


307


Total

14,36610,5988,3035,567

2,2423,2321,3891,153

8,05716,93919,28024,944

116,070196, 774

95, 551


13,59610,1058,0285,447

2,1623,2321,3071,153

8,05716, 69318,91624,859

113, 555192, 51892,812

Dollarex-

change

770493275120

82

24636485

2,5154,1522,610

Tradeaccept-ances

104129

Month

1924JanuaryFebruary _ _MarchApril

May .JuneJulyAugust. __

SeptemberOctober.. . .NovemberDecember

T o t a l : 1924.. .19231922


Federalreservebanks

6,79653,462

U. S. securitiespurchased in open

market

Bondsand

notes

2,3273,4866,9254,450

4,60212, 2129,4733,579

3. 721

1,46311,184

63,4221,813

30, 936


1,688493

10, 745723

1,36112,4522,4771,069

8,4143,507

8275,425

49,181343, 776176,946

U. S. se-curities

pur-chasedfromother

Federalreservebanks

1,101

3581, 643

3,102

5,984

Foreignloans on

gold

702

702


1924

151,077175, 212139,849186,164

147,483130,40267,64546, 588

101, 66682, 506

108,088243,822

1, 580, 502

1923

395,543148,011172, 259155,055

251, 583299,161338,846246, 517

192, 539269,697247, 572269,184

2, 985,967

1922

195, 952192, 206159, 517123,480

144, 254168,151101,697121, 641

115,629131, 210212, 365220,123

1,886, 225





Month

1924JanuaryFebruaryMarchA pril

MayJuneJulyAugust


Total: 1924 _19231922


192419231922

Number of member banks ac-commodated:

19241923___1922

Pennsyl-vania *

69, 353109, 43854, 462101, 968

87,849'63, 84428,25121, 986

57,20733,32850, 275109, 784

787, 7451, 426, 754796, 315

329328329

155145182

Ohio

55, 42545,43252, 67266, 916

45, 57933,94620, 54514,182

19,16120, 44729, 62985, 757

489,691933, 910669,974

447456457

281282307

Ken- ! Westtucky i I Virginia1

3, 277 i2,516 |2, 965 j3, 246

2,8571,8101,8401,905

2,2212,5562,4982,127

29,81841, 36241,564

3, 5403,2493,7773,294

2,9932,5482,0272,714

2,8855,7294,1163,899

40, 77134, 78215,493

Total

131, 595160, 635113, 876175,424

139,278102,148

52, 66340, 787

81,47462, 06086, 518

201, 567

1,348,0252,436,8081, 523, 346

872880881

485470540

Numberof

memberbanks indistrict

at end ofmonth

880877876877

874874874873

873872871872

Numberof

memberbanksaccom-

modatedduring

themonth

259278308

302302274263

252264259318

1 Figures in this column relate only to that part of the State located in the Cleveland district.


DISTRICT NO. 4 CLEVELAND 349

No. 5.—EARNINGS AND EXPENSES OP FEDERAL RESERVE BANK

Discounted bills.Purchased billsUnited States securitiesDeficient reserve penalties.M iscellaneous

Total earnings..


Bank officers .Clerical staff .*Special officers and watchmenAllother

Governors' conferencesFederal reserve agents' conferences. _.Federal Advisory CouncilDirectors' meetingsTraveling expenses l

Assessments for Federal Reserve Board expensesLegal feesInsurance (other than on currency and security shipments).Insurance on currency and security shipments.-..Taxes on banking houseLight, heat, and powerRepairs and alterations, banking houseRent.

flqe other supplies..Printing and stationery...TelephoneTelegraph

$1, 361, 771670, 338

1, 581, 94316, 669

139,968

3, 770, §89

Expressage .Federal reserve currency:


Taxes on Federal reserve bank—note circulationAll other expenses _

225,0001,105,384

100,178231, 662

425189745

7,66922, 43472, 33213, 52644, 34566,154

163, 22638, 53614, 65747, 06448,04763,87014,12635, 802

151, 67425 992

99,61826, 351

45,844

Total current expenses | 2,664,850

PROFIT AND LOSS ACCOUNTEarningsCurrent expenses .

Current net earnings .

Additions to current net earnings:Withdrawn from reserve for depreciation on United States bondsAllother

Total additions..

Deductions from current net earnings:Depreciation allowances on bank premises.Reserve for self-insuranceFurniture and equipmentAllother

Total deductions


Net earnings available for dividends, surplus, and franchise tax

Dividends paidTransferred to surplus accountFranchise tax paid United States GovernmentDeficit in earnings after payment of dividends charged to surplus

account 1

3,770,6892, 664,850

1,105, 839

21, 61218, 385

$2, 326, 5791, 511, 554

739, 93529, 56447, 458

4, 655, 090

223, 0671, 045,915

97, 326178,431

492211950

7,81219, 21876,1 587,059

28, 30072, 779

. 27,52821,019

5,830129, 65057,83368,75314,92937, 614

156, 67721,147

182, 66220,880

48,419

2, 550, 659

4, 655, 0902, 550, 659

2,104,431

4,1487,803

39,997

1, 509, 445

102,4667,078

1, 578,992

2 473,153

756,152

1, 229, 305

11,951

699, 651100, 000336, 702

58,808

1922

1,195,161

1,183, 210

921, 221

725, 626195, 595

$2, 247, 667743, 759

1,946,91527, 22328, 718

4,994, 282

220,1001, 081, 239

93, 785108, 236

360260613

8,38621, 03676, 7375,538

26, 60042, 56423, 493

7,4946,845

162, 64837, 96566,08015, 96936, 516

151,764

124, 50837, 78821, 33583, 407

2,461, 266

4,994, 2822, 461,266

2, 533, 016

43, 7285,161

48, 889

125,428100, 00042, 77945, 010

313, 217

264,328

2, 268, 688

692,436861, 264714,988

1 Other than those connected with governors' and agents' conferences and meetings of directors and o*the advisory council.

2 Deficit in earnings before payment of dividends.


350 ANNUAL REPOKT OF THE FEDEKAL RESERVE BOARD


1924 1923 1922


Bills discounted:ApplicationsNotes discounted _ .. .

Bills purchased in open market for own accountCurrency received and counted..Coin received and counted.Checks handled. . . -Collection items handled:

United States Government coupons paid.All other

United States securities—issues, redemptions, andexchanges by fiscal agency department.


AMOUNTS HANDLED

Bills discountedBills purchased in open market for own accountCurrency received and countedCoin received and countedCheeks handled. _Collection items handled:

United States Government coupons paidAll other..


Transfers of funds -

11,03628,42710,059

135,693,000176,965,00068,039,000

5,475,000442,000

2,483,00090,000

3, 530,000

$1,348,025,000116,070,000833,126,000

14,419,00023,874,737,000

64,778,000427,264,000

348,600,0004,752,346,000

12,09234,93216,021

128,085,000161, 788,00067,433,000

6,434,000390,000

217,228,00088,000

3,611,000

$2,436,808,000196,774,000821,051,000

12,499,00024,354,352,000

63,857,000469,979, 000

900,529,0003,649,583,000

13,13936,444

co-rn, 437,000139,105,00058,143,000

7,921,000350,000

3,007,00068,000

2,905,000

$1,523,346,00095, 551,000

653,478,00012,269,000

11,956,422,000

62,051,000405,362,000

1,002, 51*, 0003,098,602,000

1 Data not available.2 Large increase due to redemption of war savings securities which matured Jan. 1, 1923.

N o . 7 . — O P E R A T I O N S OF F E D E R A L R E S E R V E C L E A R I N G SYSTEM


Month

Number Amount


MayJuneJulyAugust

SeptemberOctober..NovemberDecember

Total: 19241923.

Items drawn onbanks in own dis-

trict

5,4094,9245,5785,321

5,1695,0254,9644,716

4,9065,4654,9015,595

61,97361,397

Number Amount

1,879,4551, 742,2091,964,9651,925,091

1,870, 5111,779,3571,807,8521,715, 931

1,906, 7732,064,1131,831,2072,134,633

22,622,09723,093,306



241193226230

222199194178

182217202235

2 2, 5192 2,380

Number Amount

59,81858,12866,80263,807

60,16963,11860,43553,069

52, 72455, 55151,27362,117

2 707,011


United States

170158213247

193162149203

265269186168

2,3832,536

Number Amount

23,15119,19920,42924,024

23,09119, 20419,05218, 776

18, 72220,92919, 26419, 555

245,396254,317

Total i

5,8205,2756,0175,798

5, 5845,3865,3075,097

5,3535,9515,289

66, 87566,313

1,962,4241,819, 5362,052,1962,012,922

1,953, 7711,861,6791,887,3391, 787, 776

1, 978,2192,140,5931,901, 7442,216,305

23, 574, 50424,045,878

1 Exclusive of duplications on account of items handled by both parent bank and branches.2 Includes 131,000 items, aggregating $19,505,000 and 116,000 items, aggregating $20,242,000, forwarded

direct to drawee banks in other districts during 1924 and 1923, respectively.


DISTRICT NO. 4 CLEVELAND 351

N o . 8 . — C L E A R I N G S AND TRANSFERS T H R O U G H GOLD SETTLEMENT F U N D


Week ending—

Jan. 2 ( l d a y ) .

16..23..30..

Feb. 6..13..20..27..

Mar, 5..12..19..

1924

Apr. 2.9..

16..23.30..

May 7..14_.21..28..

June 4_.

25..

July 2..9_.

16_.23..

Aug. 6.13.20.27.

Sept. 3..10..17..24_.

Oct.

15.22.29..

Nov. 5_.12.19..26..

Dec. 3_.10..17..24..31. .

Total: 1924..1923..1922..

Payments toother Fed-eral reserve

banks

37,396151,273134,956143,911127,884

138,942103,997159,302127,362

147,654130,039164, 208140,102

142,174122, 731153, 775154,870145,131

128,990119,575165, 026137,112

125,494138,471167,864142,108

151,522110,678142,976145,650131,316

137,844117,838142,107135, 795

111,443132, 791162, 337159,374

143, 586145, 950133,056192,950153,370

143, 038142,542183,194173,023

148,266162,065187,718177, 245158, 521

7, 576, 5427,314, 2025, 844, 293

Receipts fromother Fed-eral reserve

banks

30,038140,535142,837146,015141,073

128,122116,254152,684147, 497

142,349130,541151,096162, 916

134,595124,139140,427159,948147,597

136,419122,153162,879140,937

127,455134,576174,426153,662

150,326121,571136,493144,178140, 770

124,006128, 718146,617135,543

108,555135,103140,417172,662

135, 688150,233133,857181,851157,169

138, 701135, 303184, 224

148, 681160, 568168, 752181,111130,260

7,551, 3537,410,2265, 931,461

Net loss

7,35810, 738

10,820

6,618

5,305

13,112

7,579

13,348

2,147

3,895

1,196

6,4831,472

13, 838

252

2,888

11,-920

7,898

11,099

4,3377,239

4,197

1,49718,966

28, 261

25,189

Net gain

7,8812,104

13,189

12,257

20,135

502

~22,~8U

1,408

5,0782,466

7,4292,578

3,825

1,961

6,56211,554

10,893

9,454

10,8804,510

2,312

"l3,"288

4,283801

3,799

415

96,02487,168


36569—25t 24



No. 9.—REPORTING MEMBER BANKS IN LEADING CITIES: PRINCIPALRESOURCES AND LIABILITIES



1924 1923

Investments

United States Securities

1924 1923

All other

1924 1923

January . . .February _MarchAprilMayJuneJulyAugustSeptemberOctober. __NovemberDecember.

122,108117,160135,801156, 224161, 921145,199134, 321145, 937149,026156, 747161, 888148, 289

1, 058,1421,061, 9971,083,4591,112, 5371,129, 7301,134,4281,122,3241,129,4921,127,9971,131,1161,134, 3031,121, 598

221, 228224, 919224, 518216,107214, 726234, 251292, 549303,044321,888330, 901330, 504303,140

242,690243, 978254,336244, 790239, 519241, 621234,077234,026236,878233, 828227,108223, 569

302, 237309, 385307, 009311,174313, 318«21, 826328,462333,180338, 512344, 572346, 614343, 992

297,117287, 202287, 533289, 207284, 576286,447299, 718297, 954299*061294, 855299,254300, 636



Accommodation at Fed-eral reserve banks

1924

January . . .February.March . _AprilMayJuneJulyAugustSeptemberOctoberNovember.December.

898,343884,297

• 883,296902, 358902, 050910, 549964, 563975, 954983, 738

1, 010, 5911, 019,485972, 457

1923 1924

943, 270932, 774915,114939, 497926,211927, 090936, 276923, 308902,981896, 634898, 952868,188

617,343627, 521627,651631.194650, 801673, 924687, 988698,135697,851701, 278701.195680, 065

1923 1924

548,435547, 603553, 728554, 762561, 869563, 753576,348592,008591, 570602, 614603, 982607, 724

13, 75322, 78422,09824, 58130,43011, 0225,7402,27913,1184,5719,245

23, 790

1923

8,03110,94324,12631, 30238,469

40,31738,18739,08943, 61439,13046,177

NOTE.—Figures are for about 76 banks in Cleveland, Cincinnati, Pittsburgh, Canton, Columbus, Dayton,Erie, Lexington, Toledo, and Youngstown, which submit weekly reports to the Federal reserve bank.

N o . 1 0 . — D E B I T S TO INDIVIDUAL ACCOUNTS


Month


1924

2,227,5152,006,2492,173,8812,275, 2462,122,4022,105,2272,139,9641,979, 5541,996,6882,300,4871,980,4862,466,903

25, 774,602

1923

2,305,9631,949,9302,206,6652, 227, 5702,266,8882, 278,9412,237,0422,081,6042,005,4092, 241,1541, 996,1082,331, 503

26,128, 777

1922

1, 709,2521, 538,8861,665,9261, 744,3761, 741, 2681, 927, 9481, 911,0651,850, 6671,877,0322,025,3191,867,6712,430,467

22,289,877

Akron, Ohio

1924

77,38863,02770,37878,53972,64672,02076, 09365, 72572,96276,83967,99484,884

878,495

1923

70, 89160,01275,16575,37277,52879,64677,04070,12174,12570,84764,84872, 586

868,181

1922

52, 21344,68350,97555,61954,46962,39660,22258, 25960,66060,14256,35967, 073

683,070

JanuaryFebruary..MarchApril _.May . . .JuneJuly.AugustSeptember.OctoberNovember.December..

Total

1 Figures for cities marked with an asterisk (*) are not included in the district summary or in the nationasummary of 141 centers.


DISTKICT NO. 4 CLEVELAND 353



Month

JanuaryFebruary..MarchAprilMayJuneJulyAugust.... _September.OctoberNovember.December. _

Total

Butler, Pa.*

10,4289,097

10,50011, 78911,07010,27810,64710, 21311,91013,03010,94511,477

131,384

1923

11,2459,696

11, 53311, 59411,83213,04211,15110, 77412,17213,39811,78712, 683

140, 907

1922

6,8247,9879,76610,05510, 63310,11210, 51210, 72612,3769,86711,288

110,146

Canton, Ohio *

1924

47, 29440, 78749,06350,65341,76343,00343,07039, 77543,04444,46037,66747,320

527,899

1923

46,33636,01947,91045,83644,86950, 66945,44441,66040, 73643, 76137, 72944,474

525, 443

1922

22,870*32,40434,326-32,81437, 76037, 79135,78838,634

36, 21948,587

397,095

Cincinnati, Ohio * Cleveland, Ohio

Month

JanuaryFebruary..MarchApril.MayJuneJulyAugustSeptember.OctoberNovember.December..

Total

1924

341,469288,178317,364328, 538303,195298, 662316, 567282, 723288,611332,316297, 707397, 257

3, 792,587

1923

357,392288,000367, 067358,462351,875344,432326, 414282,836300, 788327,438290,932365, 752

3,961, 388

1922 1924

284,242232,459288, 287289, 537279, 292316,334281, 577264, 307288, 992303,163290,087357,962

642, 928583,611626, 227719, 936609,831618, 520624,357571,311597,176660,497582,193751,111

3,476, 239 7, 587, 698

1923

689, 980542,818629,468676, 374668, 494692, 395662,147626, 360612, 713678, 058592, 533703,121

7, 774, 461

1922

523, 990446, C19-474.124527, 212499.125591, 911575,181560,08S574,640601, 503547, 363667, 269

6,588, 425

Columbus, Ohio Connellsville, Pa.*Month

1924


Total

133,552120,940136, 497138,867133, 501132, 722132,134123, 729132, 737144, 868134, 226150,472

1, 614,245

1923

163, 204118, 679146,337165, 708169,640158, 244151, 254150,908148, 042137,240128, 749153,662

1, 791,667

1922

113, 650138,926118,359123, 541126, 620131, 914131,308124,240133, 741138,459128, 510154, 737

1, 564, 005

4,8564,4944,8474,7644,9904,8834,7534,6084,4715,0804,2915,058

57, 095

6,1385,3746,8665,7626,0966,2305,4555,4835,5275,7874,9845,366

69,068

1922

4,4734,2474,6605,4204,8435,8726,9946,9895,9046, 434

I55, 836





Month

Dayton, Ohio_____

1924 I 1923 1922

Erie, Pa.

1924 1923 1922

JanuaryFebrua ry . .MarchApril. .MayJune..JulyAugustSeptember _OctoberNovember.December..

Total

73,969 i63,44371,12370,587

70,12070,17260, 57365, 75770,15260, 97870, 506

69,93659, 75678, 64270, 94471, 57273,84274, 61163,76866, 84569,86160,10273, 632

52, 23945, 83056, 50151,88054, 52058, 61361, 94954, 79856, 74459,01153, 965

32,40028,28631,12831,26732,06431,83530,96030, 53131,41834, 63029, 34533, 771

33, 69426,54531,68730,82032,41734,40232, 26332, 75531,93235,38831, 04532,916

23,26020,54526,29224,29026, 72326, 92225, 67227,10727, 26829,29027, 23330,224

815, 713 833, 511 675,048 377, 635 385,864 314, 826

Greensburg, Pa.

Month

JanuaryFebruary._MarchApril-.MayJuneJulyAugustSeptember .OctoberNovember.December..

Total

1924

25, 51921,97922,19820, 56121, 61121, 54523, 51521,71921,16523,16519,43023, 666

266,073

1923

21, 62018,66723,38420,73524,15223, 52219, 36718, 56721, 29923,19020,00322, 947

257, 453

1922

18,72813, 59016,04317,93119, 68417, 65517, 77420,13121,08323,16618,91721,642

Homestead, Pa

i "

1924 I 1923

4,1583,7563,9054,1644,8924,5154,4764,2464,1724,8244,0934,766

3,4332,9353,3503,4814,1254,2834,2013,9753,7974,4064,2164,502

226,344 51,967 46, 704

1922

2,1732,5552,7363,4483,4063,2802,9843,6143,8893,1413,468

34, 694

Month

Lexington, Ky.

1924 1923 1922

Lima, Ohio *

1924 1923 1922

JanuaryFebrua ry . .MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..

Total.

31,17129,93727, 79520,11520,82418,271'18,96616,95716,205 I18,886 i17,615 I25, 232 I

33,57634,79535, 93824,37421,83722,89120,12617, 03016, 35919, 29117,46724, 906

19, 75125,74233, 21018,13819, 55019,34119,21816,47216,84820,33125,48826,985

18,02518, 77418, 25718, 69519,14318, 59818,13217,38518,40219, 09116, 67022, 070

17,15614, 76619,04717, 54717, 21717, 77817, 67117,13316,07518, 22316, 32120,449

11, 65913,81913, 26012, 23614,06514,44014, 22613, 79413,96014,45316, 732

261,974 i 288,590 261,074 223,242 209,383 152, 644


DISTRICT NO. 4—CLEVELAND 355



Month

JanuaryFebruary..MarchAprilMayJuneJuly.AugustSeptember.OctoberNovember.December..

Total

Lorain, Ohio *

1924

5,99.55,0926,0466,3656,4606,5406,509

7,2596,4857,303

77,886

1923

5,5984, 2925,3936,016

6,8036,4517,3647,2406,0196, 522

74, 856

1922

3,4234,4444,8004, 5225,5195,1854,9125,7946,4955,6925,923

56, 709

New Brighton, Pa.*

1924

11,12410,10611,15411,48111, 53311,30411, 29110, 950

88, 943

1923

10,6439,18510, 42011,44812, 71412,47911, 78111, 65511, 56012,97610,64211, 713

137, 216

1922

6,1887,9217,7578,5369,6299,7179,7209,9059,6319,377

10,903

99, 284

Month

Oil City, Pa. Pittsburgh, Pa.

1924

JanuaryFebruary _ _MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December._

Total

15,81914,04413, 25314, 60312, 76911, 75313,32911,43312,99112,85311,34413, 512

157, 703

1923

14,35912, 21613, 84614,15414, 67613,80613, 37412,81911, 04213,05711,61112,923

157, 883

1922 1924

11,1349,06710, 89011,45314,10214, 97413,01413, 48112, 34915,24213, 05513, 771

874,126787, 711864,439856, 71484S, 972821, 604852, 303800, 991754,368901, 034784, 292993, 052

152,532 10,139, 606

1923

879, 244834, 618859,486818,876873, 416853, 957877, 750794, 903741, 682873, 986789, 506899, 255

10,096, 679

1922

651, 733591, 011649,824671,135672, 624738,877719, 716714, 763708, 543788,957733, 687

1,061, 877

8, 702, 747

Month

Springfield, Ohio Toledo, Ohio

1924

JanuaryFebruary. _MarchAprilMayJuneJulyAugustSeptember.October. _.November.December..

Total

21,41317, 53521,94020,19219, 45418, 01820, 74918, 70017, 98019, 91017,18921, 284

234, 364

1923

24,25318,53322, 73020, 25420, 26622,95022, 06520,02220,19820, 38118,18120,117

249,950

1922 1924

16, 09913,83718, 54716,87816,33018,14920, 63119,17420, 72619, 96519, 40622, 246

181,389171,815181, 532188, 933177, 382189,022169, 229164, 348171,079228,902162, 760181, 975

221, 988 2,168, 366

1923 1922

186,451138, 615183,290192, 377187,049

173, 592172, 289158, 769189,401164, 259196, 797

2,131,875

153,141128,013132, 550142, 065149, 544152, 234164,428156, 766151,073170, 357156, 719185,429

1,842, 319



N o . 1 0 . — D E B I T S TO INDIVIDUAL ACCOUNTS—Cont inued


Month

JanuaryFebruary-_MarchAprilMayJune..JulyAugustSeptember.October- __November.December-

Total

Warren, Ohio *

1924

14,11114,85014,94014,82112, 70211,23212,99712, 22614, 05613, 67511,34613, 761

160, 717

1923

13,35810,62514, 78713, 62013, 73613,91913,42712, 97513, 75113,45711,80913, 365

158, 829

1922

10,8319, 56210,16710, 71310, 77010,97212,18112, 58311, 23912, 731

120, 818

Wheeling, W. Va.

1924

50,«4047,11046, 71846,33543,96143, 28645, 24641,44742,15945,48441,16448, 993

542, 543

1923

53, 95236, 55046,45450,89846,37047, 29845, 83642, 76641,46544, 75843, 54953,086

552, 982

1922

31, 49227, 39834,743'35,90238,48439,91940, 25637,49837,68743, 36939,12848, 551

454, 427

Month

Youngstown, Ohio Zanesville, Ohio *

1924

JanuaryFebruary __MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..

Total

67,20156,81160, 65368,59761,05456,51162, 91152,09060, 69163, 26751,95668, 445

730,187

1923

64,80348,12660, 238

59,47167,00267, 61759, 29660,938

54, 25565, 555

739, 681

1922 1924

41,82234, 22543,86848,33249,49355,04361,69647,89055, 67055, 52747,84161, 665

12, 77411,76314,01115,06313, 27413, 02313, 25212, 51312, 87313, 71111,80212, 917

603, 072 156, 976

1923

12, 98310, 79713,44513, 55613,34414, 00512, 76612,45811, 90712,89612, 63113, 217

154,005

1922

6,92510,56610,30210,02210, 97210,87210,12711,38912,40611,14112,420

117,142


DISTRICT NO. 5—RICHMOND



RESOURCES

Gold with Federal reserve agentGold redemption fund with United States Treasury .

Gold held exclusively against Federal reserve notesGold settlement fund with Federal Reserve Board..Gold and gold certificates held by bank

Total gold reservesReserves other than gold - _

Total reserves . .- . .Nonreserve cash __. _ _

Bills discounted:Secured by United States Government obligationsOther bills discounted -.__

Total bills discountedBills bought in open market

United States Government securities:Bonds _-Treasury notesCertificates of indebtedness _

Total United States Government securities. .Foreign loans on gold


Uncollected itemsBank premisesAll other resources

Total resources

LIABILITIES

Federal reserve notes in actual circulation _ _

Deposits:Member bank—reserve account .GovernmentOther deposits. - _ _.

Total deposits ___ _•

Deferred availability items. . . . . . - . . .Capital paid in. __nSurplusAll other liabilities, _

Total liabilities

Ratio of total reserves to deposit and Federal reserve note liabilitiescombined (per cent) . _. . . - _ _


Dec. 31,1924

79,1842,107

81,29118, 72419,662

119, 6775,809

125,4863,498

11, 94821, 600

33, 5481,486

1,3402,464

807

4,611342

39,987

54,2962,446

353

226,066

87, 579

66,2952,455

340

69,090

51,2055,900

11, 701591

226,066

80.12,433

Dec. 31,1923

70,1462,818

72,96440,9635,236

119,1634,284

123,4473,045

23, 05228,970

52, 0222,078

1,191150

1,341

55,441

54,3382,528

410

239, 209

104,158

65, 5821,801

200

67, 583

49, 3525,816

11, 672628

239,209

71.9988

Dec. 31,1922

64,0654,578

68, 64327, 6185,729

101, 9909,922

111,9120)

22, 09231,193

53, 2851,734

1,191100

1,291

56,310

58,0372,618

398

229,275

101,147

61, 527860573

62, 960

47,8825,595

11,288403

229, 275

68.21,686


357





DateTotalearn-ing


Total

Billssecurec

byU.S.Gov-ern-

mentobliga-tions

Otherbillsdis-

count-ed

Billsbought

inopenmar-ket

UnitedStatessecuri-

ties

Totalcashre-

serves

Mem-ber

banks'reserve

de-posits

Totalde-

posits

Fed-eral

reservenotes

incircu-lation

Re-serveper-

cent-

1924Jan. 2___.

1 6 -2 3 -30_

Feb. 6.13.2 0 -27.

Mar. 5_

1 9 -2 6 -

Apr. 2 . .9__

1 6 -2 3 -3 0 -

May 7 ,142128

June 4..1 1 -1 8 -25..

July 2 -9—

1 6 -2 3 -3O._

Aug. 6..13..20..

Sept

Oct.

Nov

Dec.

. 31 0 .1 7 .24

18_

152229

, 5 . .121926

3101724

57,50255,26751,34652,21951,' 132

46, 50550, 70858, 68359, 527

63, 724

Daily average

63,60663,295

65,40862,07865,48870,12067,163

56,97951, 78656,04960,199

58,27153, 52651,05750, 78845,823

40, 74238,02038,80139,345

39,81840,83743, 66243,407

41,08438,11740,04342,85939,523

37,16835,67835, 88533,881

30,17627,91136,30339,69839,987

49,976

53, 65550,30445,69546,04545, 525

40,40844,47852,09452,379

55,84550,91255, 55555, 775

57, 79554, 66658,35263,139

57,51757 51954,05450, 033

50, 55845, 55549,95554,305

52,48647,95245,67345,431

35,61732,89533, 67634,220

34, 69335, 71238, 53738, 414

36,09133,12435,05037,86634, 531

32,17530,68530, 89228,926

24, 95422, 93630, 36433, 38433, 548

44, 070

23,85222,98821.17220, 74619,428

14,92318,98420,91219, 705

21, 50318, 06320,02918,427

18,47917, 72419, 55120, 68616.173

15,42715, 51513, 51412, 822

12, 88011,63113,14515,842

15, 58213,80912,41512,1809,813

8,6578,1887,7548,113

8,1479,1999,2349,475

8,7307,3178,8109,0867,645

8,1177,6948,1807,838

5,6784,96411,05011,47411, 948

29,80327,31624,52325,29926,097

25,48525,494131,18232,674

34,34232, 84935, 52637,348

39,31636, 94238, 80142,45343,807

42,09042,00440, 54037,211

37,67833,92436,81038,463

36,90434,14333,25833, 25130,885

26,96024,70725,92226,107

26,54626, 51329,303

27,36125,80726, 24028, 78026,886

24, 05822,99122, 71221,088

19, 27617,97219, 31421,91021,600

1,9822,6092, 7973,0452,313

2,6432,7762,4292,368

2,7542,8452,9262,395

2,4882,2872,0111,8562,058

1,0251,1651,6801,447

1,2961,106969769

660449259232

2931,0791,3611,486

1,142

1,8652,3542,8543,1293,294

3,4543,4544,1604,780

5,1255,1255,1255,125

5,1255,1255,1255,1255,125

5,1255,1255,1255,125

5,1255,1255,1255,125

5,1255,1255,1255,1255,125

5,1255,1255,1255,125

5,1255,1255,1254,993

4,993

4,r~4,14,9934,992

4,14,14,14,955

117,412112.880115,880113,893118,833

117, 553113,18699,77995, 537

98, 772102,40093,32994, 767

89, 76492,92390,65280, 48582, 674

84,10185,19382, 67990, 526

89,34793, 53687,36986, 615

88, 65990, 47291, 53390, 59099, 712

101,852104, 661104,472105,590

106,271106,348101,582104, 508

107,249110, 567111,402111,752116, 091

121,189119,820126, 518130,177

4,880 137,0214,340! 137,8624,518| 129,5684,611 132,0394,611 125,486

4,737 103,804

64,87465,08264,36965,31767,146

64,69264,72861,96959,524

65,18562, 07563,04661, 812

59,97461, 75562,3856], 13860.349

60,60561,89959,48959,923

61,68559,93460,30961, 509

62,40862, 29261,39459,47063,379

62,65861,84161,94762,004

62,88163,40762,87063, 077

62,76763,86562,51065,42963, 738

66,62962,29566,37364.350

69,40465, 55964, 51865,06066, 295

62,404

66, 59167,43668, 20171,405

65,87768,04963,31461,087

66,52566, 62863,90165,632

62,93763, 53266, 63462,48262, 759

61,19564,42460,09563,872

62,15162, 53961, 54064, 905

63,35863,40262,88762,22066,817

63,96663,54862,98564,905

65,81165,10863, 73466, 660

66,22365, 57567,69566,97965,476

67,35164,46067, 53667,893

70,003-67,96865, 67570, 66069, 090

103, 27696,03r

92, 70190,99289,430

89,77088, 59387, 61986, 782

86,49185, 62784,41783,330

82,80482,01380, 79479,46578,198

76,95976, 22674,41273,876

74,43973, 54973,05372, 073

74,13672, 22870, 75969,08368,294

68, 58468, 55668, 97768, 644

71,14371,32471, 22071,434

72,40673,98575,85176,88077,654

81,36482,97284, 26085,291

86, 07686, 66089,59794,05887, 579

69.069.472.471.573.9

75.572.366.164.6

64.667.362.963.6

61. 663.861.556.758.7

60.960.661.565.7

65.468.764.963.2

64.566.768.569.073.8

76.879.279.279.1

77.677.975.375.7

77.479.277.677.781.1

81.581.3.83.385.0

87.889. 283. 480.280.1

65, 230 80, 304 71. 3

1 Includes foreign loans on gold, $342,000, Dec. 3 to 31.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 5 RICHMOND 359



Month

1924January.FebruaryMarch. .April

May '-June _-JulyAugust..


Total: 1924...1923...1922...


Total

170,721144, 750180, 883169,591

113,84796,06798, 65048, 807

101,94883,12057, 68991, 703

1, 357,7762,910,6871,424, 567

Securedby United

StatesGovern-

ment obli-gations

144,813112,502138, 510118, 641

69, 55265,13675, 32635, 789

63,44650, 29338, 30867,717

980,0332, 524, 3691,190,949


turalpaper,n. e. s.

25,09930,38440,61849, 365

43,81530,13222,97312, 675

37,98732, 53719,08623, 748


501107550

Tradeaccept-ances

7591,7541,6801,535

480799351343

515290295238

Demandand sight

drafts

Bills bought inopen market

Total

2,2601,5811,6161,581

875


2,2601,5811,6161, 581

875

1,486

368, 419377,599228,079

285590

9,039 '...7,768 I5,539 j...

3619,39910,643 i8,460

9,39910,643

Month


May - _ - . . -JuneJulyAugust _. . . . _ . . .


Total: 192419231922 ._.

U. S. securities pur-chased in open

market

Bondsand

notes

9671,473

259

Certifi-cates of

indebted-ness

670209422

187 341

287

86511

3,77050

100

91

3554061

368

2,557100, 50032,000

U. S. se-curities

pur-chased | Foreignfromother

Federalreservebanks

465

465

loans ongold

342

342


1924

175,083148,013182,921171,431

114, 72296, 59598, 65049,185

102, 30383,16057 83694,410

1, 374, 309

1923

204,061144, 805226, 496246, 578

265,132328,181311,072290, 829

272,848275, 929209, 214246,735

3,021,880

1922

205, 840159,622167, 68088, 619

72, 71972,18557,45645, 487

76, 416112,459150,947255,697

1, 465,127





Month


May.__JuneJulyAugust _

SeptemberOctoberNovember. _December

.v Total: 1924 _1923.1922 .

Number of memberbanks at end of

1924_19231922 _ .


19241923__1922 -

WestVirginia1

21,23014,49312,85812, 569

14,13917,47219,41120,283

22, 55724, 71320, 58619,858

220,169172,054108, 939

127127125

816577

Districtof Co-

lumbia

34,1519,920

16,2494, 294

3,5755,487

13,1226,837

5,5642,0301,1153,112

105,456613,041284, 791

151515

111211

Mary-land

22,24130,30819, 32523,483

23,8184,7554,0062,311

2,1471,8332,553

23, 528

160, 308485,142269, 905

919494

586272

Virginia

79, 28471,87191,33674, 585

46,88429,50217,0669,644

27, 78129,62214,41415,946

507,9351,235,751526,888

196195192

155146150

NorthCarolina

10,60414,41834,87750,431

19, 27532,74440, 2056,160

39,93419,86415,18824,477

308,177358,458131,470

9597

104

808785

SouthCarolina

3,2113,7406,2384,229

6,1566,1074,8403,572

3,9655,0583,8334,782

55, 73146, 241

102, 574

100103104

788196

Total

170,721144,750180,883169, 591

113,84796,06798, 65048,807

101,94883,12057,68991,703

1,357, 7762,910,6871,424, 567

624631634

463453491

Num-ber ofmem-

berbanks

indistrictat end

ofmonth

630629628627

627627627624

623624624624

Num-ber ofmem-

berbanksaccom-

mo-datedduring

themonth

272277305344

355356330297

301285254246

i Figures relate only to that part of the State located in the Richmond district.


DISTRICT NO. 5 RICHMOND 3 6 1


1924 1923 1922

Discounted billsPurchased bills.United States securitiesDeficient reserve penalties-Miscellaneous..-

total earnings..


Bank officers.Clerical staff....Special officers and watchmen _ _All other

Governors' conferences _Federal reserve agents' conferences _Federal Advisory CouncilDirectors' meetingsTraveling expenses * _ _.Assessments for Federal Reserve Board expensesLegal fees _Insurance (other than on currency and security shipments).Insurance on currency and security shipmentsTaxes on banking house __ _Light, heat, and power..Repairs and alterations, banking houseRent.Office and other supplies __Printing and stationery __Telephone -TelegraphPostage ._Expressage _Federal reserve currency:

Original cost, including shipping chargesCost of redemption, including shipping charges..

Taxes on Federal reserve bank-note circulationAll other expenses _




Current net earnings.

$1,905,11847, 787

164, 55965, 02627, 750

$2,681,59062, 79539, 54183,61411, 356

2, 210, 240 2,878,896

169,190718,163

43, 628

31066

3227,541

21,68435, 009

1,58823,66729, 88741,6679,7944,8696,800

26, 25236,663

5,380

120, 38427,903

54,60619, 532

166, 792729, 497

38, 58770, 547

345132663

6,51519, 61836,4493,207

22,28932, 99641,83110, 7247,8831,186

31,48943, 9266,057

40,489126, 82324, 063

41,32825, 840

25, 053 21,880

1, 537,834 1, 551,156

2, 210, 2401, 537,834

2,878,8961, 551,156

672,406 1, 327, 740

Additions to current net earnings:Withdrawn from reserve for depreciation on United States bondsAll other 2,006

Total additions.. 2,006

Deductions from current net earnings:Depreciation allowances on bank premises..Reserve for probable lossesReserve for self-insurance.Furniture and equipmentAll other

82,114100, 00050, 00052,819

89, 67150,00050,00043, 216

Total deductions _ ._



Dividends paid _ __Transferred to surplus accountFranchise tax paid United States Government .

294,621 236, 785

292,615 234,897

379, 791 1, 092,843

351, 251•28, 540

342, 295384,404366,144

$2, 569,88774,65595,37887,080

5, 944

2,832,944

155,467760,88333,18978, 739

166123629

5, 79523,10137,40212, 21824, 92819, 78340,90110, 98924, 8544,341

39,175*48, 431

5,94434, 934

134,456

68, 35824, 73413,18428,632

1, 631, 356

2, 832, 9441, 631, 356

1, 201, 588

3,6188,831

12,449

178, 35850,00050,00064, 710

3,521

346, 589

334,140

867,448

333, 3212 32,954

2 501,173


2 After charging surplus and crediting franchise tax with $20,459 paid as an additional franchise tax for1921. Amounts transferred to surplus and paid as a franchise tax out of earnings for 1922 were $53,413 and$480,714, respectively.






Bills purchased in fcpen market for own accountCurrency received and countedCoin received and countedChecks handled _Collection items handled:

United States Government coupons paidAllother. .

United States securities—issues, redemptions, andexchanges by fiscal agency department.


AMOUNTS HANDLED

Bills discountedBills purchased in open market for own accountCurrency received and countedCoin received and counted _Checks handledCollection items handled:

United States Government coupons paid _.Allother.


Transfers of funds ._

1923

15,55076,508

51194,155,000

161,693,00046,779,000

1,624,000205,000

341,000 I96,000

2,777,000

482,854,00014,585,000

13,254,632,000

15,422,000213,053,000

17,80477,959

56580,985,000

186,736,00047,225,000

2,083, OC0204,000

2 5,811,00085,000

3,132,000

$1,357, 776,000 $2,910,687,0009,399,000 10,643,0002854000 440,247,000

14,000,0001182400013,111,824,000

17,732,000235,548,000

104,832,000 187,687,0001,287,812,000 I 2,747,662,000

1922

C1)85,145

32757,300,000

183,293,00042,883,000

2, 590,000196,000

536,00075,000

0)

$1,424,567,0008,460,000

318,247,00014,167,000

8, 762, 819,000m

18,075,000213,232,000

296,264,0002,455,199,000




Month


MayJune _ - .JulyAugust

SeptemberOctober..November -.December

Total: 19241923

Items drawn onbanks in own dis-trict

Number Amount

3,4323,1373, 4563,419

3,3753,2953,309

3,2023,5233,2463,834

40, 25740,600

1,014,382927, 302975, 078981,673

950,175887,019923, 417854, 417

917,6131,071, 9671,002, 4571,120,270

11, 625, 77011,399, 271

Items forwarded toother Federal re- |serve banks and itheir branches !

Items drawn on ITreasurer of IUnited States

Total i

Number Amount | Number Amountj Number Amount

350308349331

312296297267

282333312439

3,8763,780

107, 30594, 586109, 066103, 578

100, 910101, 52096,30293, 390

109,948124, 574115, 682122, 298

1, 279,1591,309,371

9991110128

11310099118

130142113107

1,3501,334

11,981 j11, 07322, 23612, 562

11, 47811, 08212,20911, 570

3,8813,5363,9153,878

3,8003,6913,7053,414

3,61412,00313, 73310, 640 3; 67112,083 4,380

152, 650185,101

45, 48345, 714

1,133, 6681, 032,9611,106,3801,097,813

1, 062, 563999, 621

1,031,928959,377

1,039, 5641,210,2741,128, 7791, 254,651

13, 057, 57912,893, 743

1 Exclusive of duplications on account of items handled by both parent bank and branch.


DISTRICT NO. 5 RICHMOND 3 6 3



Week ending—

1924Jan. 2 (one day)

9 .1623 . .30

Feb. 613 .20 . . .27

Mar. 51219 . .26

Apr. 29

162330.

May 7142128 .

June 41118 .25

July 29 . .

162330

Aug. 6 _.1320..27

Sept. 310 .1724

Oct. 1 .8

15 .2229

Nov. 51219. . .26

Dec. 310172431

Total: 19241923.... _1922


29,525125,071110,297108, 233111, 358

112 70596,629

127, 867111, 127

117,325103, 871134, 766110,429

107, 853101 349116, 790122, 520120,464

110,862106 129131,089104,161

86 942103,421126,888106,492

112,64184,197

108, 406102,84596,840

95, 750100,594102,08596, 528

82,128110,326117,030111,649

99, 934108, 726103, 213120, 985109, 615

96,758109,184126,342117,059

103,140117,939147,149144,063117,486

5, 786, 7756, 415,8995,255,732

Receiptsfrom other

Federalreservebanks

23,109116,484112,885104,978117, 529

111, 25292,928

115, 923106, 778

118,086106,273127,175113,775

104,050104 782112, 613112, 545122,272

111,448106,441129,588111, 525

86, 780105, 724121,144106, 758

117,49481, 759

109, 761102, 111107,140

97,365102,464101, 54496,804

83,406107,384112,281114,482

103, 736110,645103, 431120,881113,145

102,182107,132133,138120, 472

110,487118,804140,395147,598108,681

5, 777,5676, 417, 8975,271,957

Net loss

6,4168,587

3,255

1,4533,701

11,9444,349

7,591

3,803

4,1779,975

1,501

162

5,744

2,438

734

541

2,9424,749

104

2,052

6,754

8,805

9,208

Net gain

2,588

6,171

7612,402

3,346

3,433

1, 808

586312

7,364

2,303

266

4,853

1,355

10,300

1,6151,870

276

1,278

2,833

3,8021,919

218

3,530

5,424

6,-7963,413

7,347865

3,535

1,99816,225

Net loss in ownership of gold since establishment of fund in 1915, $23,934,000.






January. _.February-MarchAprilMayJuneJulyAugustSeptemberOctober.—NovemberDecember .

Loans and discounts

1924

464, 200464, 500469,151477, 501465, 517468, 334459, 810464, 238471, 783473, 409473,962475, 889

1923

447,948449, 291457,985461,448459,330457, 690454, 384458,172467,306467,417462, 519465,120

Investments


1924

74,63973,45868, 63767,.07961, 73662, 52262,39163,97368, 07469, 89970, 22870,709

1923

82, 67880, 08281,91479,16281, 09680,28180,84279, 25581,99375,16875, 61278,776 |

All other

51,15152,62252,92752, 64952, 81752, 52954,20256,92659, 50564, 03464, 59264,874

53, 25752, 64251, 53851, 11150, 74252,20652, 43051,18751,77151, 50050,73650, 061

Last report date in—Net demand deposits Time deposits

1924 1923 1924 1923


1924 1923

January . _.February . .MarchAprilM a yJuneJulyAugustSeptemberOctober. __November.December.

350,071331,186328,330330, 057325,640324, 890330, 534333, 089338, 552349, 224359, 507366,155

343, 285337,358330,768324, 714327, 578321, 775323,361323,443321,139333,182343, 742339,153

151,997159,420160, 631165,703166,198169,475174,482179,382179, 704180, 629179, 421181, 577

148, 871151, 784152, 874155,981156, 853154,363152, 299151, 536152,481151,969151, 739150,444

26, 47132,43732,74331,48820, 73020, 65113, 418

11,43911, 5318,33614,844

20,16425, 80231, 20036, 84535, 57537, 09938, 07838, 78444, 56943, 54332, 02635, 039

NOTE.—Figures are for about 75 banks in Richmond, Baltimore, Charleston, S. C, Charleston, W. Va..Charlotte, Columbia, Huntington, Lynehburg, Norfolk, Raleigh, Roanoke, Washington, and Wilming-ton, which submit weekly reports to the Federal reserve bank.


fin thousands of dollars. For explanatory note see p. 154]

Month

JanuaryFebruaryMarch.April _ . .MayJuneJulyAugustSeptemberOctoberNovemberDecember... . _.

Total

Total for 7 centers *

1924

733 878650, 035699, 209672, 896665, 057673 372676, 364674,370648,670733,682675,127795, 584

8,298, 244

1923

746 047631, 628737, 293676, 260701,164742, 692681,119668, 610655, 258746, 504710,408804,167

8,501,150

1922

630, 971535, 864618, 568614,409664,853681,167636, 506616, 520596,901705, 455660,697753,942

7, 715, 853

Asheville. N. C*

1924

22,63819, 89321, 76223, 89325, 28423, 32226,95625, 04124, 37624,91520, 44423, 660

282,184

1923

20, 28219, 31720, 58319,91520,98621, 05122, 58325, 08021, 88723,31821,64924,224

260, 875

1922

17, 01617, 58317, 64618, 76718,91818, 95020, 32719, 55919, 418

168,184

* Figures for cities marked with an asterisk (*) are not included in the district summary or in the nationalsummary of 141 centers.


DISTRICT NO. 5 RICHMOND


365


Month

JanuaryFebruary..MarchAprilMayJune _.July...AugustSeptember.OctoberNovember _December..

Total

Month

JanuaryFebruary..MarchAprilMayJuneJulyAugustSeptember.OctoberNovember..December..

Total

Baltimore, Md.

1924

388,917339,941387, 337357, 222364,928377, 505372, 039389, 570363,960401, 009361, 620422, 600

4, 526, 648

1923

387,836327,800392,850372, 373387, 050411, 764387, 263367, 717345, 300396,600348,020400,315

4, 523, 888

364, 215301,165350, 817351, 291385, 653399, 702369, 680362, 288327, 258373, 575343,370

4, 317, 812

Charleston, W. Va.*

1924

31,69037,61535,10134, 82934,43334,60332,65033, 68135,18932, 87343,882

423, 535

1923

41,08733,42337,45342,41040, 28439, 28035,88635, 56135, 72940,04735, 67739,870

456, 707

1922

27,01829,66727, 34827, 73336, 58430,86429,75732,11338,79037, 55544,200

361,629

Charleston, S. C.

27, 26624,49823, 22231,04024, 80228,10923, 05121,17222, 16828, 05524,75931,438

309, 580

1923

34, 64741, 31131, 21526,82826,45632,43628; 10126, 25720, 39023, 84927, 64534, 580

353,715

1922

27,07024,16224,37026,23026,06423,828

24,32617,18021, 56128,11128,494

297,435

Charlotte, N . C.

1924

' 44,86942, 69445,93143, 30142,35840, 21640, 38637,87543, 23648,42644,84353, 071

527,206

1923

39, 09434,68843, 74040, 36242, 815

16, 24434,45539,44844, 84945, 92451,110

495, 097

1922

27,15624,04728,22628,53730,89131,42431,60928,026

37,28235, 56741, 376

378,015

Month

Columbia, S. C. Cumberland, Md.*

1924 1922

JanuaryFebruary. _MarchAprilMayJuneJuly. _.AugustSeptember _OctoberNovember.December..

Total

26, 78623, 36722, 21621, 87519,18219,81119, 24115, 72416,54524, 74520,99021. 241

26, 68722,90028, 98222, 96524, 72624,43218, 43321,87422, 56626, 74125,] 2930, 248

23, 02819,583

21, 77124, 96422, 33917, 45315,16720,82925, 76023, 59023, 512

8,6487,6189,1609,4479,0239,445

10, 3009,1618,6019,5748,5329,381

8,0556,8999,8729,8899,4649,385

10,1208,6628,6389,8278,9169,738

6,6467,5598,6438,0688,3827,9817,8158,0738,4228,1689,009

251,723 295, 683 261,699 108,890 109,465 88,766





Month

JanuaryFebruary. _M a r c h . . . . .AprilMayTuneJ u l y . .AugustSeptember.October.. _ .November.December—

Total

Danville, Va.*

1924

12,52010,1529,2407,8878,2197,2508,6557,8629,13411, 58313, 51413,874

119,890

1923 1922

12,8539,1919,0738,5628,2648,6289,0727,940

11,15713,46914,115

120, 532

7,8618,3377,6847,4937,3637,5297,4367,70515, 59913, 50214,909

105,418

Durham, N . C *

1924

20,94118,02820,49818, 54218, 71919,37818, 96920,24719,96222,89722, 00024,448

244,629

1923

19,88616, 75619, 60217,28019,60617,41118,17518,34019,07423,40522,02924,657

236,221

1922

17,33719, 79718,15119,93521,50821, 30721, 590

139,625

Month

January . . , .February _.MarchAprilMayJuneJuly__AugustSeptember.OctoberNovember.December..

Total

Greensboro, N . C.: Greenville, S. C *

1924

23,99922,15523,35722,71122, 59119,97720,75121,02120,52825, 07625,12928,145

275,440

1923

23,83420,65522,74220,63120,92821,18821,48719, 29219,47026, 71726, 32825, 656

1922 1924

12,89414, 51814,97714, 92915,79116,02115, 28118,30221,11223, 29123, 020

27,90625,42424,17720,47719,91218,04217,04718,77021,09124,82223,81326,399

1923

22,46023, 50023,34020,05521,24520, 79919, 71121, 71723,93930,92027, 72631,192

190,136 267,880 286,604

1922

16,24812,27615, 24813, 60515,74914,95015,44614, 78215,95220,46723, 88120, 440

199,044

Hagerstown, Md." Huntington, W. Va.*

Month1924 1923 1922 1924 1923 1922

JanuaryFebruary. _MarchAprilMayJuneJuly._AugustSeptember.OctoberNovember.December-

Total

10,3469,55010,24111,3779,74710,08910,72310, 3779,51310,9219,22810,078

9,3567,88210,75211, 50310,91411, 92410,64810,1029,66111, 0869,60011,500

6,3048,3948,5368,4588,6178,7828,0458,9329,8488,6119,580

26,99923,^9226,27727,09824,99425, 26525,87423,84824,91727, 74825,19532,181

27,85325,18627,25926,17427,85228, 22625, 23726,40624,22926,27224,29428,904

19,31115,92319,13017,67219,47721, 92120,03419,79320,79224,13223,16028,719

122,190 124,928 94,107 313, 988 317,892 250; 064


DISTRICT NO. 5 RICHMOND 367



Month

JanuaryFeb rua ry . .MarchApril.MayJuneJulyAugustSeptember.October

November.

December-

Total

Lynchburg, Va.*

1924

20, 71618,17419,33018, 76218,92218,64619, 38018, 69418, 56419, 80618,42922, 738

232,161

1923

23, 49418, 84521, 02718, 75520, 31821,93020,88818,41018, 78322,42619, 25722,445

246, 578

1922

16, 50817,85116,94317, 55618, 23918,10415, 57017,83519,81818,39823,333

200,155

Newport News, Va.*

,1924

7,2056,2736,7246,6016,3506,7777,809

6,8357,3377,3489,206

85,153

1923

8,0786,5278,4627,7087,0907,4717,7887,4346,7087,3667,147

90,848

1922

5,7017,0396,5376,6827,2667,6357,6036,6586,9657,0418,371

77,498

Month

Norfolk, Va. Raleigh, N . C.

1924

JanuaryFebrua ry . .MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..

Total

77,13565,66066,85067,54567,85962,58871,97160,45056, 264

70,82891,926

827, 768

1923

72,99264,18478,24168,95969, 52569, 75465,62964,37069,84283, 58787, 64296,691

891,416

1922 1924

58,98151,51563,10264,45870,12572,46765,02662,88256, 83874,88167,89685, 571

33,380

29, 76633,61628,38527,26126, 93626,21424,65826,36424,10527,628

793,742 336,975

1923

36,45024,00031,30028,11730,700 I30,935 !29, 69631, 62026, 73931,07029,35833,876

363,861

1922

21,22515,38717,38317,05018,19018,18020, 72017,77419,05031, 53326,36736,000

258,859

Month

Richmond, Va.

1924 1923 1922

Roanoke, Va.*

1924 1923 1922

JanuaryFebruary.. .MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..

Total

135,525125, 213123, 887118, 297117,543117,882122, 740123,365121,839136,391127, 982147,680

148,341116, 745130,965116, 656119,892131,003115, 753122,317130, 973140,808146,690157,347

109,296100,005110,967105,072

113,227105, 979106,057121,872140,863135, 796150,191

24,14722,19324,07323,48224, 65824, 79024,58123,47723, 30829,07924, 75331, 551

25, 29520,05323, 94823, 73525,24325,36623,96623, 91022,47125,26624,06128, 090

1, 518,344 1, 577,490 1,408, 291 300,092 291,404

17,09219,25119,42721,95422, 63421,50521,11022,03924, 59823,61128,067

241,288




[ID thousands of dollars.]

Month

Spartanburg, S. C*

1924 1923 1922

Washington, D. C*

1924 1923 1922

JanuaryFebruary._MarchAprilMayJuneJulyAugustSeptember.OctoberNovember .December..

Total

13,58311,70512,23713,78314, 77113,65311,78312,85213,48118,69417,80617,858

11,7129,62114,07510,47211,07710,8319,5879,4999,95718,35214, 38613,489

7,1979,0977,7018,0629,3148,4427,4108,59413,30611, 78010,662

200,939182,073195,472203,690200, 285217,866201,803176,159180,496205,057195, 291234,543

197,842168,733202,135192,636217, 940215,672188,418172,211172, 543200,156188, 996205,872

159, 902153,095184,375181, 542196,473201, 728180, 651162,052173,976186,903176,812198,636

172, 206 143, 058 101, 565 2,393, 674 2,323,154 2,156,145

Month

Wilmington, N. C* Winston-Salem, N. C*

1924

JanuaryFeb rua ry . .MarchAprilM a y .JuneJulyAugustSeptember .OctoberNovember.December..

Total

21,44120,07521,97321,68719,63319,58016,79615, 79516,64822, 57621,26524,286

1923

21,14220,211

19, 78318,21920, 57717,40015,86918,25426, 74124,93226,386

241,755 | 253,447

1922

19,04616,96821, 23619,94022, 90219,44818,55318,50121, 28325,37124, 77825, 225

32,42029,16131,32931,22430,85630,92435, 598

34, 74835,61031,24934,114

253, 251 386,601

1923

32,98529,58134,59832,00730, 72132, 35333,86328,33828,65434,29432,61431,878

381, 886

1922

18,53823,34827,15626, 76129,14122,88824,02027,42035,07527,86233,449

295,658





RESOURCES

Gold with Federal reserve agentGold redemption fund with United States Treasury -


Total gold reserves -- - .Reserves other than gold.

Total reservesNonreserve cash _ - -

Bills discounted:Secured by United States Government obligationsOther bills discounted . .

Total bills discounted .Bills bought in open market

United States Government securities:BondsTreasury notes - - . . -Certificates of indebtedness

Total United States Government securitiesForeign loans on goldAll other earning assets _ . . -


5 per cent redemption fund—Federal reserve bank notesUncollected items ---Bank premisesAll other resources _ -._ _

Total resources _

LIABILITIES

Federal reserve notes in actual circulation

Deposits:Member bank—reserve account _ . . .GovernmentOther deposits.._ _ _

Total deposits

Deferred availability itemsCapital paid inSurplus . . _ _ . . .All other liabilities.-.

Total liabilities . . .


Contingent liability on bills purchased for foreign correspondents

Dec. 31,1924

143,3062,492

145,79812,9638,390

167,1519,167

176,3184,701

1,32914, 741

16,0709,202

1,5641,349

872

3,785264

29, 321

27,9502,7801,775

242, 845

142,879

62,8973,757

124

66, 778

19,0234,5648,950

651

242,845

84.11,878

Dec. 31,1923

93,6895,178

98, 86717, 7736,466

123,1064,980

128,0866,128

10,96844, 774

55, 74212,154

2619231

384

51

68,331

23,4112,664

386

229,006

140,894

54,6972,561

313

57, 571

16,1174,4308,9501,044

229,006

64.5775

Dec. 31,1922

109,1821,756

110, 93820,1535,609

136, 7005,651

142, 3510)

2,11624, 216

26,33211, 422

2202 80

2,072

2,372

40,126

46728,860

1,962264

214,030

124,036

52, 398848498

53, 744

22,3764,3108,942

622

214,030

80.11,238

1 Not shown separately prior to 1923.2 Including Victory notes.

369





Date

1924Jan. 2

16.23.

Feb. 6..13.20.27..

Mar. 5..12..19..26..

Apr. 2..9_.

16..23..30..

May 7-.14..21..

June 4_.11_.18..25..

July 2..9..

16..23..30.

Aug. 6..13..20..27..

Oct.

Totalearningassets *

74,39667,94964, 53865,51460,078

54,64848,45856,51160, 631

59.48459,28161,84760,012

62,25549, 26046,24054,12951,024

44,91842,18350, 50444, 526

46,15443,23736, 87636,220

33,83231.48531, 35333, 97332,805

32,27532,46434, 05933, 362

Sept.3 32,93310 30,14117 30,23524 30,786


Total

Billssecuredby U.S.

Gov-ern-

mentobliga-tions

15..22..

31, 58630,10432,29634,160

29 j 33,575

Nov. 5 | 31,09112 I 30,94819.___* I 34,782

35, 604

Dec. 3 35,<10 I 34,79217 | 30,61324 I. 33,86231 | 29,321

i

Daily average. 43,705

60,34153,80049,34750,09145, 787

41, 23436,08242,47547,488

44,16443, 76047, 41545,073

48,16241, 37439, 04746, 55243, 793

37, 51636, 20245, 21140,181

41,92239,49633, 69033, 573

31, 56129,85429,63231, 70030,397

29, 48629, 64430, 72229,88329, 33825,95025, 46325,596

25, 51823, 57025, 05925,63024,034

21,06319, 34921,99823, 257

22,95422,20918,14419, 81516,070

35,152

Otherbillsdis-

counted

14,20215,43713,43213,95911,173

8,3037,9268,75010,520

9,22310, 6489,8187,874

9,5338,7046,6368,7007,536

4,4054,9018,308

7,9664,8105,120

2,7242,7572,7783,2283,193

2,581

2, 801!2,917;

2,6371,9861,7502,602

2, 642J1, 564!2,5022,9793,022

2,1901,0771,1911,309

1,4081,1481,4971,6661,329

46,13938,36335, 91536,13234,614

32,93128,15633, 72536,968

34,94133,11237, 59737,199

38, 62932, 67032,41137,85236, 257

33, 11131, 30136,90333, 694

34, 95331, 53028, 88028, 453

28, 83727, 09726,85428, 47227,204

26, 90526, 760!27, 92126,96626, 701 i23,96423, 71322,994

22, 87622,00622, 55722,651:21,012

18,87318, 27220, 807,21,948

21, 54621,061'16,64718,14914,741;

Billsbought

inopen

market

UnitedStatessecuri-

ties

Totalcash

reserves

I

13,00312,74713,18513.16011,740

10,6669,704

10,5338,867

9,96310.1619,0559,581

8,7857,7727,0927,3627,123

7,2995,9305,2394,134

4,1353,6102,9922,238

2,1891,4161,2931,4651,406

1,095862

1,2341,317

1,3491,6011,9202,304

3,0593,4924,0045, 3136,249

6,6427,8508,6838,403

8,8258,5958,3909,9789,202

6,215

1,0011,351

2,2532,541

2,7382,6723,5034,276

5,3575,3605,3775,358

5,308114101215108

1035154211

97131194409

82215428808

1,002

1,6941,9582,1032,162

2,2462,5902,8522,886

3,0093,0423,2333,2173,292

3,3863,7494,1013,944

3,9403,7243,8153,8053, 785

2,315

129, 365122,122125,338121,438126,501

133,661139,956131,828127,885

131,973133, 226128, 605133,280

135, 662148,161149,400144,017143, 027

152,961155, 293146, 589151,863

155,934153, 435162,004165, 345

159,411163, 737161,151155, 807154, 889

154,807155, 578153, 836154,209

162,433169, 277166,167

166,924167,472163, 864160,391163,017

164,279168,063164, 500165,486

164, 246170, 610173,123177, 997176,318

152, 784

Mem-ber

banks'reserve

de-posits

60,29455, 52956,26357, 24955,466

57, 58757,93956,44856,652

56, 59459.47160,00656,229

56, 38456, 60254,97859, 71056, 342

57, 47256, 56155, 37153,417

56, 29255, 96059,02557,322

53,94158,03355,04053, 42052,817

53,42157,28556, 57954,967

57,47657.47263, 965

59,90759, 58461, 38158,96559, 550

58,52163, 56562,36160, 729

60,25162,44362,43865,62062,897

56,871

Totalde-

posits

63,92257,97959,31160,29159,176

59.38861.38960,16060,059

61, 33263,10560, 65262,049

62,10361,01157,83561,75157,322

59,00157, 42257, 047

60, 52557, 91660,15163,507

55,00359, 69056,99954, 88655,056

55,48458,51757,84757, 565

60, 24760,03864,98064, 714

65, 56863,98463,19560,89561, 258

59,63966,44164, 79462, 952

62,06364, 60663,05270,90866, 778

59, 801

Federalreservenotes

incircu-lation

141,413137,655135,103132, 555130, 584

131,173130,937130,110130,739

132,628132,889133,853134,194

135,894138,628140,009140, 384139,828

140,293140, 233140,437139, 254

140,168139,715138, 740137, 739

138,511136,939136, 211134, 996133,105

132, 346131, 296131,149130,874

133, 632134,114134, 595133,955

134, 633135, 564136,177135, 327135,167

137, 246137,405137, 584137, 804

139,618141,969142, 994147,823142,879

136,879


63.062.464.563.066.7

70.172.869.367.0

68.068.066.167.9

68.574.275.571.272.5

76.877.974.177.4

77.777.681.582.2

82.483.383.482.182.3

82.482.081.481.8

82.783.784.883.6

83.483.982.281.783.0

83.482.481.382.4

81.482.684.081.484.1

77.7

1 Includes other earning assets as follows: Municipal warrants, $51,090 on Jan. 2 and 9, $20,000 on J a n .16, $10,000 Jan. 23 to Feb. 6; foreign loans on gold, $264,000, Dec. 3 to 31.Digitized for FRASER


DISTRICT NO. 6 ATLANTA 371



Month


Total

Securedby U .S .Govern-ment ob-ligations

Com-mercial

and agri-culturalpaper,n. e. s.

Tradeaccept-ances

Demandand

sightdrafts


TotalBankers'accept-ances

Dollarexchange

1924January.._February _MarchApril __.

May._JuneJulyAugust

SeptemberOctober.NovemberDecember

Total: 19241923.. . . . .1922

82,42762, 31575,18665, 369

53,48445, 93222,17923, 022

25, 59236,97927, 33030, 497

33,46224, 08329, 34222,939

17, 22016,1166,3218,250

7,88911, 9393,2834,145

148,36837,87145, 32441, 774

35, 69329,32915, 54014,425

17, 21324, 24523,31225, 737

481293420616

523461297320

318442424340

116

10040

262127

172353311275

9,2289,5008,1073,907

2,728682

1,2031,106

2,6326,1267,3297,073

9,2289,4978,0073,907

2,728682

1,2031,106

2,6326,1267,3297,073

3100

550, 312728, 081489,930

282,954186,946

1358,8311439, 262

298,242

4,9354,9334,742

1,557932

59,62194, 70146,429

59, 51893, 76246, 429

103

Month

BillsboughtfromotherFed-eral

reservebanks


Bondsand

notes

Certifi-cates of

indebted-ness

U. S. se-curities

pur-chasedfromother

Federalreservebanks

Foreignloans

ongold

Munic-

warrantspur-

chased

Total discounts andpurchases •

1924 1923 1922


MayJuneJulyAugust.

September-OctoberNovember..December..

1,5942,3812,292

657

' 5671,5271,502

734360

804

1,329394960230

561175

532171414477

545

329

264

95,12374, 59086, 54570,163

57, 34048, 31625, 60224, 817

29,49043, 63635,96139,115

97, 75039,20158, 96351, 444

55, 68953, 28261,61755, 328

93, 731119,823114, 582101,265

83,17462,89055, 89942, 518

31, 09528, 77625, 29121,483

42,41452, 76549,82350, 826

Tota l : 192419231922

39113, 9548,6856,205

5, 67364, 2464,382

8746,500 71 902, 675

546, 954

1 Includes $250,000 discounted for the Federal Intermediate Credit Bank of Columbia, S. C.


372 ANNUAL (REPORT OF THE FEDERAL RESERVE BOARD



Month

1924JanuaryFebruaryMarch..April

MayJuneJulyAugust

SeptemberOctober _.NovemberDecember

Total: 192419231922

N u m b e r of memberbanks at end of year:1924.19231922

N u m b e r of memberbanks accommodated:

19241923-1922

Ten-nessee J

9,70610, 47712,43012,604

13, 30710, 7598,4768,177

10, 91411, 5575,6553,069

117,131106, 77175, 357

Georgia

24, 25216, 28321, 26115, 761

16, 24416, 3936,159

9,15810, 66511,385

161, 060210,443157, 386

172184188

156143142

Florida

5,7774,4372,9531,439

1,725399758

1,173

1,1105, 3161,8941,237

Ala-bama

8,0286,6276,3214,182

3,5102,1882,4322,533

4,0034,0582,0642,743

Missis-sippi i

28,218 i 48,68970,065 ( 65,37737,459 ! 61,382

126132133

42

708430

1,036601

1,200587887841

649689659535

Louisi-ana1

33, 70624,06131,18530, 782

17, 49815, 6063,4673,668

2,0476,2016,393

11,528

8,822 :8,5077,392 I

Total

2 82, 42762, 31575,18665, 369

53,48445, 93222,17923, 022

25, 59236, 97927, 33030, 497

186,142 2 550,312266,668 2 728,081150,954 ! 489,930

24 ! 3220 ! 3320 32

516535543

351353

Num- I Num-, ber of j ber of

mem- mem-ber ber

banks banksin accoin-

district'modatedat end I during

of j themonth j month

534537533533

532530527524

520520518516

258265272274

287284273285

287277258218

J Figures in this column relate only to that part of the State located in the Atlanta district.2 Includes $250,000 discounted for the Federal Intermediate Credit Bank of Columbia, S. C.


DISTRICT NO. 6—ATLANTA 3 7 3


Discounted billsPurchased billsJ . - .Unite<f; |M$t#s securities __ -Deficient reserve penalties-Miscellaneous _ J

Total earnings.CURRENT EXPENSES

Salaries:Bank officersClerical staffSpecial officers and watchmenAllother

Governors' conferencesFederal reserve agents' conferencesFederal Advisory CouncilDirectors' meetingsTraveling expenses l

Assessments for Federal Reserve Board expensesLegal fees :.-_Insurance (other than on currency and security shipments).Insurance on currency and security shipmentsTaxes on banking houseLight, heat and powerRepairs and alterations, banking houseRent.Office and other suppliesPrinting and stationeryTelephoneTelegraphPostage.—.ExpressageFederal reserve currency:





EarningsCurrent expenses .


Withdrawn from reserve for depreciation on United Statesbonds

Allother

Total additions..Deductions from current net earnings:'

Depreciation allowances on bank premises.Reserve for probable lossesFurniture and equipmentAll other

Total deductions



Dividends paidTransferred to surplus accountFranchise tax paid United States Government

1924

$1, 532, 222234,19685,38840,-72014, 595

1, 907,121

206, 719431, 43037,18834, 906

280405848

25, 29020, 82126,8979,019

19, 74228, 45947, 6Q713,4029,070

14, 69523, 84829,518

5,04579, 42798, 92421,169

28, 4093,892

29, 942

1, 247, 012

1, 907,1211, 247, 012

660,109

2,06712,231

14, 298

94,934285, 585

17, 3213,911

401, 751

387,453

272, 656

272, 656

1923

$1, 998,189550, 77079,752.42, 278:

11,325

2, 682, 314

177, 065426, 49232, 90939, 336

551239952

26, 07920, 34128, 616

6,74118, 99528, 60841, 96711,1085, 668

19, 78930, 36546, 2094,970

77, 34696, 99122, 036

78, 99218, 039

10333, 725

1, 294, 232

2, 682, 3141, 294, 232

1, 388, 082

1, 941

2, 789

305, 411668, 41657, 2287,637

352,179

264,6228,756

78, 801

1922

$1, 951, 695164,704189r89t),

2,590

2, 352, 736

159, 994487, 75123,37538, 758

656286690

21, 75819, 28430,1648,948

28,15917, 2539,393

10, 5551,101

25, 84117,81933, 2254,546

64, 789

99,431

107, 93825, 21922, 36033, 760

1,293,053

2, 352, 7361, 293, 053

1, 059, 683

2,5901, 823.

4,413

163, 294200, 000

17, 38710,685

391, 366

386, 953

672, 730

256,6182-172,018

2 588,130

1 Other than those connected with governors' and agents' conferences and meetings of directors andof the advisory council. -2 After ctiargihgsTif plus and crediting franchise tax wjth $213$70 paid as an additiqn^Liranchise tax for1921. Amounts transferred to surplus arid paid as a franchise tax out of earnings for 1922 were $41,611 and$374,501, respectively.


374 ANNUAL. REPORT OF THE FEDERAL RESERVE BOARD


1924 1923 1922


Bills discounted:Applications _Notes discounted _ _.

Bills purchased in open market for own accountCurrency received and counted.._Coin received and countedChecks handled ._ _Collection items handled:


United States securities—Issues, redemptions, and ex-changes by fiscal agency department _._

Transfers of fundsEnvelopes received and dispatched.

AMOUNTS HANDLED

Bills discounted _Bills purchased in open market for own accountCurrency received and countedCoin received and counted...._ __Checks handled -_Collection items handled:

United States Government coupons paidAl lo the r . . .


Transfers of funds

10,49268,9124,426

106, 694, 00058, 325, 00025, 299, 000

1,202, 000147, 000

692, 00073,000

2, 088, 000

$550,312, 00059, 621, 000

450, 008, 0007, 690, 000

8, 650, 648, 000

9,824, 000165,758, 000

56,731, 0001, 738,402, 000

13, 24085,4796,673

97, 814, 00050, 084, 000

i 23,956, 000

1, 689, 000147, 000

* 3,981,00068,000

2, 329, 000

$728, 081, 00094, 701, 000

415,248, 0007,119, 000

1 8, 251,381, 000

12,194, 000165, 548, 000

151, 539, 0001,466,213, 000

13,975 .93,6033,312

85, 585, 00051, 786, 00027, 750, 000

2, 045, 000134,000

1,695,00060, 000

(3)

$489,930, 00046,429, 000

415,416,0006,675, 000

5,587,997,000

12, 205, 000151, 741, 000

182,122, 0001,603,403, 000

1 Revised figures.J Large increase due to redemption of war-savings securities which matured January 1, 1923.a Data not available.

No. 7.—OPERATIONS OF FEDERAL RESERVE CLEARING SYSTEM


Month

Number Amount


district


reserve banksand theirbranches

Number Amount


United States

Number Amount

Total i

Number Amount


MayJune .JulyAugust


Total: 19241923

1,7231,6311,8551,767

1,7981,6721,6421,564

1,7071,9021,8012,058

637,670583,710647, 251616,610

617, 209557, 668553,329501, 579

586, 578677,394632,178735, 623

183209194170

148124110

10710097137

55,85451,16454,06252,195

48, 36144,85945, 79541,466

46,87147,03249,84259,358

119115126138

121111114135

137136123122

12, 67712,17812,58513, 721

11, 94211,84912, 61513,026

13,01514,76313,14513,191

2,0251,9552,1752,075

2,0671,9071,8661,787

1,9512,1382,0212,317

706,201647,052713,898682,526

677, 512614,376611,739556,071

739,189695,165808,172

21,12019,789

7,346, 7996,938, 735

1,6671,733

596,859601,807

1,4971,444

154, 707199, 957

24,28422,966

8, 098,3657, 740,499

Exclusive of duplications on account of items handled by both parent bank and branch.


DISTRICT NO. 6 ATLANTA 375

N o . 8 . — C L E A R I N G S AND T R A N S F E R S T H R O U G H GOLD SETTLEMENT F U N D


Week ending—


91623 . . . .30

Feb 613 .2027.

Mar. 51219 ._26 . .

Apr. 2 . .9

16 ".2330 .

May 7 -- .142128

June 4111825

July 29

16 .2330

Aug. 613 _20. _ .27

Sept. 3lo""" : : : : : : : : : : : : : : : : —1724

Oct. 18

152229 _

Nov. 5121926 . .

Dec. 3 . .101724 _ . . , _ . .31 . ._

Total: 192419231922


13,90568,69159,34264, 27966,191

57,23454,93370,25963, 569

57,65857,58275,43764,661

59,12355,12561,36669,79261,045

55,92855,04571,30254,544

46,85453,46359, 95361,291

66, 74549,98059,90860,67957,168

52,85049,23562, 70254,418

44, 53757,46271, 34975,992

68, 25166,79767, 65984,05074,790

68, 72963,55482,73079, 641

68,39872, 53183, 50981,72575,032

3,338,9933, 084,9672,392, 243

Receiptsfrom other

Federalreservebanks

14,06960,33862,63259,74966, 762

64,19861,44164, 59459,758

62,13358,70671,13369, 280

62,14068,79863,04064,45760,646

65,92557,77362,96159,962

52,00551,54768, 22562,690

63,43054,07857,14155,43556,211

52, 53250,36861,22954,112

52,17859, 87979, 38073, 381

68,46368,64264, 58480,88278,489

70, 52166, 54179, 28881,041

67,81278,66086, 71689,25170,662

3, 395,8683,088,6252,482,228

Net loss

8,353

4,530

5,6653,811

4,304

5,335399

8,341

1,916

3,315

2,7675,244

957

318

1,473306

2,611

3,0753,168

3,442

586

4,370

Net gain

164

3,290

571

6,9646,508

4,4751,124

4,619

3,01713,6731,674

9,9972,728

5,418

5,151

8,2721,399

4,098

1,133

7,6412,4178,031

2121,845

3,699

1,7922,987

1,400

6,1293,2077,526

56,8753,658

89,985


36569—25t -25



N o . 9 . — R E P O R T I N G M E M B E R B A N K S IN LEADING C I T I E S : P R I N C I P A L R E S O U R C E SAND L I A B I L I T I E S

[In thousands of dollars}


January.._February..MarchAprilMayJuneJulyAugustSeptemberOctober. __November,December.

Loans and discounts

1924

430, 542427,454424,048424,808422, 907414,334405,549411,351421,473432,815445, 475459,134

1923

403, 283405,999407,878404,830406, 230405,240400,022

415, 065438, 680450, 398446, 595

Investments


1924

38, 58639, 36139,93237,18234,32833,06129, 39728, 73330, 87230, 55830, 89331,862

1923

42, 77340, 56146,29246,86245,04548, 35643, 57044, 02144, 78441,67941, 20546, 548

All other

1924

40,99839, 57638,68541,90841,34241, 06941, 027

42, 69342, 67144,93443,463

1923

35,33537,19336, 506

35,63339, 38539, 68341,24942,92343,35743,11442,480


Net demand de-posits Time deposits Accommodation at Fed-

eral reserve banks

1924

January . . .February. .MarchAprilMayJuneJulyAugustSeptemberOctoberNovember.December.

276,007280,192269,472274,279265, 511263,414265, 552286,107278,849289,117301, 764317, 287

1923

289,314287,739276, 891271,846276,062273, 444268,312262,748253,023259, 039266, 076270, 848

1924 1923 1924

176, 556176, 520178, 300182, 861185, 943187,321187, 927187, 050189,335187, 675191,059191, 956

163, 802164,837167,168168,775171,881179, 381178,686178, 295181,107181,428181,370180, 701

24,28827, 03224,94523,97418,96612, 0596,4247,1116,7197,5909,7116,179

1923

7,5584,8244,51510,60912,46213,88116,49319,02535,93851,55057,68345, 540

NOTE.—Figures are for about 36 banks in Atlanta, Birmingham, Jacksonville, Nashville, New Orleans,Chattanooga, Knoxville, and Savannah, which submit weekly reports to the Federal reserve bank.



MonthTotal for 15 centers *

1924

1, 047,405947, 847987, 094970,084916, 882872,788914, 053848,971959, 071

1,129, 584973,154

1,154,408

11, 721, 341

1923

1, 005, 714827,440991, 806886,328922, 450902, 403837,023790, 799835, 330

1, 020,357991,989

1,124,910

11,136, 549

1922

774,821676,960781,076710, 303764,397785, 260743, 297739, 642800,649901, 535911,367989, 297

9, 578, 604

Albany, Ga."

1924

4,7443,6023,8543,7083,9573,4853,3054,2265,2175,6945,1216,322

53,235

1923

4,9904,2995,6064,1104,3304,1303,5682,8724,4405,3735,4075,843

54,968

1922

3,7343,9093,6113,7163,6813,3863,9284,7905,0414,9075,774

46,477

JanuaryFebruary __.MarchAprilMayJuneJulyAugustSeptember-OctoberNovember.December..

Total




No. 10.—DEBITS TO INDIVIDUAL AccouNTs^-Continued

fin thousands of dollars.]

Month

Atlanta, Ga.

1924 1923 1922

Augusta, Ga.

1924 1923

377

1922

JanuaryFebruary- .MarchApril. .MayJuneJulyAugustSeptember-OctoberNovember-December..

Total

147, 837129,368141,169141,164135,168127,947125,452122, 785132, 683157, 521140, 872167,155

135, 236119, 234146, 675127,305136, 068138, 249121,402115, 754121,497149, 831144, 066148, 091

1,669,121 1, 603,408

104,41388,157111, 02098, 210115,450109, 070106, 592105, 893111,530125, 714120,795134, 522

30, 88327,95025, 43826,20224,80621,94622,85419, 79929,64935, 57430,96334, 090

32,714

40, 69229,57227,37425, 33222,78119, 55030,22437, 790

35, 831

1, 331, 366 330,154

26, 83520,12624,17922, 03925, 79625, 55321, 61621, 35827, 53833,44632, 08331,730

312, 299

Month

Birmingham, Ala. Brunswick, Ga."

1924 1923

JanuaryFebruary.. .MarchAprilM a y .JuneJulyAugustSeptember-OctoberNovember.December. _

Total

115,510102, 699114, 734118,457108, 813105,158111, 042104, 917114,356143, 881128,721141, 880

1,410,168

114,37899,365106, 438102,313108, 046106,472103,70899, 004100,167126, 990105,137118, 073

1, 290, 091

1924

61,71061, 27575, 89465,74371, 72872, 52771,54873, 21583,06699, 027103, 604103, 566

3,3832,7992,7002,7512,6402,7632,7042,6142,6382,7732,5343,311

942,903 33, 610

1923

2,8712,4992,8572,6322,7773,0672,7023,0022,9813,1083,4473,601

35,544

1922

2,2752,2452,1842,3782,4342,6422,8562,8672,9582,9063,387

29,132

Month

Chattanooga, Tenn.

1924 1923

JanuaryFebruary.. .MarchAprilMay-JuneJulyAugustSeptember.OctoberNovember _December..

Total

41, 72635, 33539, 59136,11236,84235,54236,18635,10836, 02840,17636, 22241,494

450, 362

39, 08831,95840, 09636, 76438,26038, 31035, 62537, 31035,48539, 05037,49939,155

448, 600

1922

32,35426, 58031, 07328,68229,35831, 59427, 76129, 80732, 89733, 80934, 51638,324

376, 755

Columbus, Ga."

12,77610,98011,25411,23610,70310,14210,96011,38412,48913, 65113,37315,833

144, 781

1923

13, 58711,18613,95611, 03512, 07911,17910,42210,40113,14016,43116,31215,260

154,988

8,43210,0229,79410,33910,3019,5949,19912, 58215, 21414,38114,646

124, 504





Month

JanuaryFebruaryMarchAprilMay- -.JuneJuly _.AugustSeptemberOctoberNovemberDecember

Total

Month

January . __FebruaryMarch _ _ _ . _AprilMay - -JuneJulyAugust _.SeptemberOctober . . . . . . .NovemberDecember

Total

Month

J anuaryFebruary . .March - - _AprilMay - - --- -June _ _- _.JulyAugust . _ _SeptemberOctober _ - -.November :December

Total - -

Dothan, Ala.*

1924

2,9622,8772,6132,3352,3591,8241,8842,7445,3634,7103,7014,281

37, 653

1923

3,8452,9612,5922,6762,4682,3751,8231,8053,1083,9014,1103,785

35, 449

Jackson, Miss.*

1924

17,11614,99214,73416,70619,14014,02715,72212,90314, 53121,99416,19617, 770

195,831

1923

13,77813,13714,36112,20112,07211, 76712,38711, 21012,45915,89114,98317, 230

161,476

Knoxville, Tenn.

1924

34,59529,15033,29933,10930,43530,12531,88229,56531,54033,91828,73631, 678

378,032

1923

33,36727,02431, 78229,01831,45234, 51630, 77030,00430,10933, 31929,14736, 707

377,215

1922

1,7892,1561,9431,9541,8361,9622,6024,0584,0534,4303,225

30,008

1922

10,5808,3289,648

11,0579,6239,640

11,67511,93913,02513,418

108,933

1922

26,41723,81726,39225,45824,13526,21525, 58524, 73727, 25128,07926,99832, 628

317, 712

Elberton, Ga.*

1924

1,183971920995964765733680

1,0031,5621,3761,456

12, 608

1923

1,166883

1,151839772685593761906

1,6791, 4311,394

12, 260

Jacksonville, Fla.

1924

61,39656, 72260, 75765, 34763,02458,31556, 26055,77555,30864,25860,00372,697

729, 862

1924

20,08218,85619,58420,03619, 83919,57021, 74621, 65821,85825, 88122, 22725, 431

256, 768

1923

54, 63949, 78159,92258, 38456, 71855,01552, 20148, 22846,46554,64351, 56364,697

652, 256

Macon, Ga.

1923

21,07218,98722,18719, 66124,89420, 76521, 09618, 52419, 21022, 24322,14123, 522

254, 302

1922

7741,097

9341,064

773706593790

1,1021,0461,196

10, 075

1922

42, 68139,83351,34547, 75151, 44747,31043, 42047,83641, 74746,01747, 38756, 326

563,100

1922

14,86513,09015,13316,07416,10517,70719,26616,86319,80021, 67720, 94323, 026

214, 549


DISTRICT NO. 6-—ATLANTA



379

Month

JanuaryFebruary..MarchApril.......May..JuneJulyAugustSeptember.OctoberNovember.December..

Total

Meridian, Miss.*

1924

11,82010,47510,16410,61315,38912,11813, 58013,83714, 03316,16713, 66814, 990

156, 854

1923

9,52011,46110,04812,00418,84414,2908,4279,0579,989

10,32210,158

134, 014

1922

8,1617,8568,977

7,5487,5699,749

10, 5619,4529,123

87, 394

Mobile, Ala.

1924

31,15426, 70327, 69627,18428, 21726, 86125, 76125, 42129,46232, 66327, 55133,453

342,126

1923

32, 50726,45330,99928, 70530, 24128,18327,15527,47125,16630, 50531, 97335, 710

1922

355,068

25,45723,90727,33222, 97625, 00624,88223,88423,62026,29330, 41927,95231, 723

313,451

Month

Montgomery, Ala. Nashville, Tenn.

1924

JanuaryFebruary._MarchApril.MayJuneJulyAugustSeptember.OctoberNovember.December..

Total

24,46422,02321,69821,94220,75719,36818, 87917, 45123,71426, 73221,39124,072

262,491

1923

22, 80920,14524, 749*21,13719, 67418,76016, 63915,66120,88828,35025,34025,793

259,945

1922 1924

15,06112,69015, 61914, 20815,42315, 22013, 25115,07820,19923,10621,16522, 672

77, 24666, 63077,08674,11372,32171,42971,38569,17472,31582, 70771,97379,158

203, 692 885, 537

1923

78, 53764,05276, 81271, 79079,09177, 27268, 25366,84068,25677, 96870, 708

876,248

1922

63,06956, 52067,96664, 40363,03568,03764,14664, 76266,68772, 97767,90475,178

794,684

Month

Newnan, Ga.* New Orleans, La.

1924

JanuaryFebruary. _MarchAprilMayJuneJulyAugustSeptember .OctoberNovember.December..

Total

1923

2,5001,6171,6141,5601,5501,3971,4531,6221,8902,3272,5052,964

22,999

2,0381,9962,3061,7251,6621,4941,5101,3882,2102,2082,5812, 599

23, 717

1922 1924 1923

1,1491,3511,1951,3131,4621,7271,2561,5921,8281,4711,982

364,63'4 j341,696 I

319, 942286,623268, 983304, 881267, 211317, 679382,321306, 585383, 219

16, 326 3,881,804

347, 739261,634318, 299272,843280,069269, 692255,382232,162251,071310, 267338, 657414, 594

3, 552, 409

1922

281,869238,366256, 963228, 924245,622269, 897253,803245, 957265, 279301,922326, 627347,044

3,262,273


380 ANNUAL EEPORT OF THE FEDERAL RESERVE BOARD



Month

Pensacola, Fla.

1924 1923 1922

Savannah, Ga.

1924 1923 1922

JanuaryFebruary. _MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..

Total.

7,0607,1697,6527,1907,1646,8857,0436,5816,4317,0006,5658,948

7,3126,3277,2236,8587,4937,4737,3377,2486,6867,2306,4368,730

5,6685, 6836,0557,4796,3146,3745,9116,1185,7286,0945,8127,426

47,48540,84737,625

38, 76037, 67938,25834, 66847,32948,18342, 66949, 673

45, 77038, 43443, 76242, 24341,18443,38939,85836, 021

63,02549, 47250, 465

85, 688 86,353 74, 662 499,242 540,316

40,23234, 26640,79738, 65141, 68442, 50537,93837, 24844, 65446, 61641,03944,126

489,756

Month

Tampa, Fla.

1924 1923 1922

Valdosta, Ga.* Vicksburg, Miss.

1924 1923 1922 1924 1923 1922

JanuaryFebruary...MarchApril..MayJune.-July..AugustSeptember.October.. _November-December .

Total

34,06134, 65735,95935, 71337,10036,12435,19432,44232,06537,65538, 77850, 607

30, 73527,62934,60033, 54635,30032,89028, 65931,01526,39329,95330,47136,162

26, 76626,25725, 47724, 53227, 47722, 78923,32821, 90121,38423, 65625, 25530, 930

4,9364,1624,4614,5744,3913,9544,1925,6495,7185,2314,7595,293

5,5364,9455,2184,4834,4504,4904,4674," 7454,7114,8874,6825,236

3,7924,1273,5993,7393,9223,8944,0784,3844,7905,2135,178

9,2728,0426,7767,5077,0136,8567,2306,4168,65411,1149,89810,853

9,8117, 4587,5706,1896,5866,0856,1576,0077,0209,19310,39010, 711

7,4246,3935,8315,1735,8175,5805,2485,2496,5968,9769,28710,076

440,355 377,353 ! 299,752 57,320 57, 850 46, 716 3,177 81,650


DISTRICT NO. 7—CHICAGO



RESOURCES


Gold held exclusively against Federal reserve notesGold settlement fund with Federal Keserve Board . . .Gold and gold certificates held by bank


Total reservesNonreserve cash


Total bills discounted . . . . . . . . -Bills bought in open market _

United States Government securities:Bonds -- - -Treasury notesCertificates of indebtedness

Total United States Government securities . __ . .Foreign loans on gold

Total earning assets „

5 per cent redemption fund—Federal reserve bank notesUncollected items.Bank premises _ . . ._.All other resources..

Total resources

LIABILITIES


Deposits:Member bank—reserve accountGovernmentOther deposits

Total deposits -

Deferred availability items _Capital paid inSurplus . . .All other liabilities

Total liabilities


Contingent liability on "bills purchased for foreign correspondents...

Dec. 31,1924

165,9092,498

168,407110,98987,980

367,37615, 576

382,9529,266

19,37918,445

37,82433,882

19,49446, 55614,320

80,370894

152,970

81, 5888,0991,556

636,431

196, 529

312, 3956,1731,615

320,183

72, 78615,17230, 426

1,335

636,431

74 16,360

Dec. 31,1923

384, 9174,196

389,113106,90049,091

545,1048,286

553,3907,500

48,86646,468

95,33442,437

4,4264,8671,464

10, 757

148, 528

66,4518,264

240

784,373

406,901

268, 2122,7451, 052

272,009

58,61115,17930,426

1,247

784,373

81 52,640

Dec. 31,1922

410,1082,199

412,30777,26150, 981

540, 54921,704

562, 253

24,87548,996

73,87114,565

4,426210,855

47, 552

62,833

151,269

66598, 5258,288

702

821,702

420,506

282,9011,2942,659

286,854

68,24814, 77230, 398

924

821,702

79 54,093

i Not shown separately prior to 1923.* Including Victory notes.

381



N o . 2 . — P R I N C I P A L ASSETS AND L I A B I L I T I E S OP F E D E R A L R E S E R V E B A N K S BYW E E K S


DateTota :earn-ing

assets 1


Total

Billssecured

byU.S.

Govern-ment

obliga-tions

Otherbillsdis-

count-ed

Billsbought

inopen

market

UnitedStatessecuri-

ties

Totalcash

reserves

Mem-ber

banks'reserve

de-posits

Totalde-

posits

Federalreservenotes

incircula-

tion

Re-serveper-cent-

1924Jan. 2

9162330

Feb. 6132027

Mar. 5121926

Apr. 29

16233O._

May 7

21IIIIII!28

June 4111825_

July 29

162330

Aug. 6132027

Sept. 3101724

Oct. 18

152229.

Nov. 5121926 _.

Dec. 310172431 ,

Daily average,

156,011 104,801121,652 68,309118,607114,299108,493

104,837103,552106,287108,129

127, 699123,618117,320129,163

140,516138,402122,224120,940122,057

129,319115,101110,714115,199

119,353123,339115,217109,481

107,538110,032108, 952106,239104,078

110,809109,867111,355110,879

111,648119,157120,111118,343

122, 795124,843126,232132,554139,977

141,173149,745148,195144,614

156,350134, 716149,614161, 713152,970

124,234

63,01162,11959,449

56,63555, 57455,81355,413

65,10058,89448,50859,827

69,18767,16055,88555,49555,838

65,20651,00851,46154,642

49,87449,30949,55444,813

43,45443, 76040,94038,96837,156

36,85734,02133, 78131,811

30,48930,63228,41128,897

29,52927,47827,10327,95732,054

30,94630, 58731,29132,019

42,02630,54842,48745,16137,824

46,795

55,26324,98225,15223,90324,196

21,71021,50019,83119,551

27,53821,64013,24121,618

26,80221,44419,04518,09016,752

23,46014,45513,70717,570

13,60512,45112,6099,245

9,58510,62010,0439,5408,410

8,780

7,r~-7,2548,5018,482

7,6368,657

7,7947,0368,30910,664

9,7038,8688,64810,600

21,65510,45421,94224,45619,379

49, 53843,32737,85938,21635,253

34,92534,07435,98235,862

37,56237,25435,26738,209

42,38545,71636,84037,40539,086

41,74636,55337,75437,072

36,26936,85836,94535,568

33,86933,14030,89729,42828,746

28,07726,13326,52723,310

22,00721,69420,77520,240

19,93119,68420,06719,64821,390

21,24321, 71922,64321,419

20,37120,09420,54520,70518,445

40,89641,50540,19638,22134, 514

32,73431,30831,89232,656

36, 58334,62033,29430,056

31,25930,46526,77625,17120,353

17,03214, 7719,7779,185

6,5516,8005,5903,758

2,5353,0522,6421,9011,542

1,4981,260!2, 776!4,182j

I5,613|9,327

10,2111

11,71814,84815,49620,12522,840

24,50831,50330,20526,602

27,39628,42728,33335,76033,882

20,291

10,31411,83815,40013,95914,530

15,46816,67018,58220,060

26,01630,10435,51839,280

40,07040, 77739,56340,27445,866

47,08149,32249,47651,372

62, 92867,23060,07360,910

61,54963,22065,37065,37065,380

72,45474,58674, 79874,886

75,54679,19881,48980,557

81,54882,51783,63384,47285,083

85, 71987,655

560, 792568,251546,772553,604557,657

276,354286,107269,479277,908279,011

570,733 268,514573,345! 277,951563,404| 287,677543,776 272,812

85,993

547,766534,126511,114512,282

503, 558510,298496,209482,694477.539

463,050480,656477,071465,169

462,872457,195471,544481,146

478,871455.540471,336474,437465,981

466,666451,787458,234455,207

456,700458,553435,184441,623

437,958437,391434,561407,827407, 705

411,910411,881404,922393,224

292,795286,396273,690281,601

280,822280,799282,226275,154284, 713

286,403

86,034 396,71574,847 409,32077,9001 376,596

288,034279,635

286,750290,726310,733311,157

303,652289,875302,408308,468303,551

315,536303,398318,838311,422

313,700324,842320,134313,005

303,403

315,328305,224310,957

307,718!312,993324,469305,783

323,622316,660309,164

79,898i 364,879 315,207

291,118289,197275,272283,419283,776

280,648283,341294,729278,729

314,925299, 580276,297292,006

309,043312,863293,165286,912287,641

289,271295,157289,957284,430

291,962296,765312,255318,521

313,491291,685314,206319,603308,743

322,600306,143321, 562313,616

324,156331.918322,100318,369

319,304324,862321,503306,923313,464

314,693319,305326.919309,454

327,090321, 736311,843321,746

404,255387,053376,136371,667362.642

361,884362,097353.643349,355

343,030336, 514330,032324,084

319,450312,358302,803294,041290,447

284,852280,327275,478271,198

264,381259,010256,591

255,256253,178245,373241,789237,164

234,835231,067229,129226,085

225, 725222,581219,460216,692

215,109211,845211,918209,662206,596

206,446203,382200,915199,673

199,230

80,370 i 382,952 312,395 320,183I j

57,077i 471,537 296,434! 304,854

198,526201,598196,529

269,237

80.684.083.984.586.3

88.886.9

83.384.084.383.2

80.181.683.383.182.6

80.783.584.483.7

82.481.582.583.7

84.283.684.284.585.4

83.784.183.284.3

83.182.780.482.5

82.081.581.578.978.4

79.078.876.777.2

75.478.773.869.774.1

82.1

includes foreign loans on gold—$894,000, Dec. 3 to 31.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 7 CHICAGO 383

No. 3,—DISCOUNTS AND PURCHASES OP BILLS AND SECURITIES OP FEDERALRESERVE BANK: VOLUME, BY CLASSES


Month

Bills discounted for member banks Bills bought in open market

Total

Securedby U..S.Govern-

mentobliga-tions

Com-mercial



Tradeaccept- Total


Dollarexchange

1924January.FebruaryMarchApril _._

MayJune _JulyAugust


Total: 1924.. _1923.-1922._.

134,705123, 712145,040107,125

129,83865,10144, 55438, 921

38,13044,53750,243

113,355

104,40698,412

100,86763,114

90, 57739,72427, 56927,171

26,59532,60135,407

102, 337

30,17025,19944,09743,861

39,18925,22716,87311,644

11,45211.80214.80310,924

12910176150

72150112106

831343394

19,62221,88518,47910,681

4,6434,8482,3635,296

7,99520,64520,37027,218

18,95020,67117,55210, 516

4,8132,3635,296

7,88520, 35920,17026,663

6721,214

927165

65035

110286200555

1,035,2612,508,0821,581,004

748, 7801,867, 787

996, 767

285,241638,159582,841

1,2402,0861,321

164,045265,360253,464

159, 231254,590249,637

4,81410,7703,827

Month


Federalreservebanks

U. S. securities pur-chased in openmarket

Bondsand

notes

Certifi-cates ofindebt-

U. S.securi-

ties pur-chasedfromother

Federalreservebanks

Foreignloans on

gold


1924 1923 1922

1924JanuaryF e b r u a r y . . .MarchApril

MayJuneJulyAugust..

September .OctoberNovember.December..

Total: 1924...1923...1922...

10,30910,93817,10013, 707

9,41918, 3649,3765,912

5,9394,0523,21010, 534

7,8983,05431,9637,187

4,38223,6881,4251,528

10, 729786

4,16312,060

1,849 !

512657

13,380118, 860107,109158,198

108,863411,080430, 461

3,01825,0008,100

174,383159,589212,582138,700

148,282112,51358,37551, 657

62,79370,02077,986164,061

408, 518208,453321,810244,291

242,409315,318265,176232,019

261,404274, 592267,419288,602

244,003195, 692204,015166,841

146,747182,778106,017

181,859218,640214,084421,621

1,430, 9413,330, 011

2,431,227

36569—25f 26



No. 4.—BILLS DISCOUNTED BY FEDERAL RESERVE BANK: VOLUME, BY STATE


Month

1924JanuaryFebruaryMarch _April __

M a y . . .JuneJulyAugust


Total: 1924...1923...1922...

Number of mem-ber banks at endof year:

192419231922-__

Number of mem-ber banks accom-modated:

192419231922

Illinois i

40,23945,31962,92646,330

62,0859,7567,0889,593

5,5494,090

18,48737, 235

348, 6971,232,182

628,790

398404406

242244282

Indiana i IowaMichi-gan i

10,73411,52612,02410, 454

7,1738,9356,614 !5,854 I

6, 222 !6, 326 I3, 429 j4,755

19,25813,09514,16713,680

12,12710,9917,7326,114

6,7716,3925,8266,407

94,046 (

172,030 S138,051 •

207210212

139147155

55,76240,11042,44123,055

38,00224, 85617, 42613, 091

16,87125,03819, 35861,362

122, 560181,396198, 467

446 |455 i459 i

303333400

377,372781,268532, 518

237235234

164167194

Wiscon-sin^

8,71213,66213,48213,606

10,45110, 5635,6944, 269

2,7172,6913,1433,596

92, 586141,20683,178

131131132

Total

134,705123,712145,040107,125

129,83865,10144, 55438,921

38,13044, 53750, 243

113,355

Numberof mem-

ber banksin dis-trict atend ofmonth

1,035,2612, 508,0821, 581, 004

1,4191,4351,443

922973

1,129

Numberof mem-

ber banksaccom-

modatedduring

themonth

1,4351,4371,4321,432

1,4331,4271,4281,427

1,4261,4241,4231,419

634609591639

620587553471

491514489525

i Figures relate only to that part of the State located in the Chicago district.




1924 1923 1922

Discounted bills.Purchased billsUnited States securitiesDeficient reserve penalties..Miscellaneous ,.-__

Total earnings..CURRENT EXPENSES

Salaries:Bank officers —Clerical staff... --Special officers and watchmen _Allother

Governors' conferencesFederal reserve agents' conferences _ _Federal Advisory Council -Directors' meetingsTraveling expenses l

Assessments for Federal Reserve Board expensesLegal fees _ . .Insurance (other than on currency and security shipments) .Insurance on currency and security shipments.Taxes on banking house .Light, heat, and powerRepairs and alterations, banking houseRent.

$2,044,407705, 723

2,121,70839,910

290,421

$3,872,1391,420,3951,049,666

37,573131,586

$3,862.291547,339

2,081,34049, 761

208,132

5,202,169 6,511, 359

Office and other supplies _Printing and stationery _.TelephoneTelegraphPostage -Expressage - - -Federal reserve currency:


Taxes on Federal reserve bank-note circulationAll other expenses - - .

347,478L, 818,716

102,906271,471

383302914

8,44126, 22291,1834,711

39, 71458,859

230,16641, 24017,94148,14276,92481,12826,67559,305

213,54650, 584

225,98536, 556

332,8751,947,951

344,363711363

1,0079,094

31, 78097,426

38, 60156,083

230,45549,602

6,748,863

367,1561,907,058

155,333236,665

309348992

8,22142,08398,3071,387

67,40048,424

66,944

42,176144,239112,92230,16462,125

207,99455,244

210,99357,7522,006

110,094

205, 72983,090

109,17231,32862,168

245,014

95,37882,63133,425

Total current expenses \ 3,946,436


Earnings.Current expenses.

4,373,024 4,080,057

5, 202,1693,946,436

6, 511,3594,373,024

6,748,8634,080,057

Current net earnings ; 1,255,733 2,138,335 2,668,806

Additions to current net earnings:Withdrawn from reserve for—

Depreciation on United States bonds.Probable losses . .Allother -

29,946

40,679 11,957

57,641427,46586,913


Depreciation allowances on bank premises..Reserve for probable losses „..Reserve for depreciation on United States bonds..Furniture and equipment..All other._. ..._ ...

Total deductions



Dividends paid _Transferred to surplus account _Franchise tax paid United States Government

40,679 41,903

165,197181, 67412,82211,81815,778

451,044363, 586

572,019

1,400,000

166,66220,591 196,687

1,001,883 1,835, 610

346,610 959,980

909,123 1,178,355

909,123 904,37127,398

246, 586

1,263, 591= = = = =

1,405,215

876, 2032 -657 ,28921,186,301

1 Other than those connected with governors' and agents' conferences and meetings of directors and ofthe advisory council.2 After charging surplus and crediting franchise tax with $710,190 paid as an additional franchise tax for1921. Amounts transferred to surplus and paid as a franchise tax out of earnings for 1922 were $52 901 and$476,111, respectively.




1924



Bills purchased in open market for own accountCurrency received and countedCoin received and counted _.Checks handledCollection items handled:

United States Government coupons paidVAD other...-.

United States securities—issues, redemptions, and ex-chan ges by fiscal agency department


AMOUNTS HANDLED

Bills discountedBills purchased in open market for own accountCurrency received and countedCoin received and counted _Checks handled _..Collection items handled:

United States Government coupons paidAnother

United States securities—issues, redemptions, and ex-changes by fiscal agency department __.

Transfers of funds

19, 39192,14010,135

282, 779, 000203, 091, 000

97, 084, 000

8, 063, 000489, 000

2, 634, 000263, 000

5, 279,000

$1, 035, 261, 000164, 045, 000

1, 564,021, 00029, 234, 000

23, 280, 863, 000

82, 348,000618,147, 000

831,013, 00018,833, 433,000

21,19694,97120, 241

268,485,000206, 613, 000

88, 649, 000

10, 459, 000442, 000

i 22, 041, 000246, 000

7, 460, 000

$2, 508, 082, 000265, 360, 000

1, 501,901,00028,843, 000

23, 074, 243, 000

89,818,000 i763,273,000 j

1,116,402,000 !15,588,668,000

29,3-49140, 994

20, 326200, 648, 000165, 914, 000

78, 509, 000

13,378, 000

2 4, 054, 000214, 000

3 6,148, 000

$1, 581, 004, 000253, 464, 000

1,172, 217, 00015, 694, 000

14, 661, 227, 000

89, 443,000605,026,000

1,934, 493,00013, 904, 999,000

Large increase due to redemption of war savings securities which matured January 1, 1923.2 In this figure, war savings and thrift stamps were counted according to the number of certificatesto which attached, asjthe|number of stamps is not available.ajPartly estimated.

No. 7.—OPERATIONS OF FEDERAL RESERVE CLEARING SYSTEM


Month


M a yJuneJ u l y . . . __.August

SeptemberOctober. .NovemberDecember . .

Total: 19241923


district

Num-ber

6,7906,1917,4327,215

..7,1787,1797,2606,897

7,2237,

8,095

85, 98778,186

Amount

1, 741, 8831,584,0121,992, 7311,833,073

1, 880, 3011, 903,1031, 764,1271, 711, 753

1,908,9052, 021,4901, 761, 7042,011,428

22,114, 51021,819, 705



Num-ber

432538478

459483448404

481493460575

5,7395, 250

Amount

34,81534, 52039, 79940, 369

40, 334 |43,890 !37,607 i37,087

45,16545,97641, 72249,937


United States

Num-ber

323311438531

415363343369

626624424358

491, 221526,884

5,1255,016

Amount

49,94047,36850,279

54, 95751,27545,94644,486

49,08359, 38354, 23963,310

629,072674,650

Total i

Num-ber

7,6016,9348,4088,224

8,0528,0258,0517,670

8,3308,8067,7229,028

96,85188,452

1, 826, 6381, 665, 9002,082, 8091,932, 248

1, 975, 5921,998, 2681,847,6801, 793, 326

2,003,1532,126,8491,857,6652,124,675

23, 234, 80323,021, 239

i Exclusive of duplications on account of items handled by both parent bank and branch.


DISTEICT NO. 1 CHICAGO 387

N o . 8 . — C L E A R I N G S AND T R A N S F E R S T H R O U G H GOLD SETTLEMENT F U N D


Week endin -—

1924Jan. 2 (1 day). . .

9 .1 6 . . •2 3 .30. . .

Feb. 6-132027

Mar 5-12. . . . ; _19.26

\ p r 29.

1623.30. . . . .

May 7142128

June 4.111825

July 2.9

16 . - .2330 .

Aug. 6 _ _13. . . .^ .20. .27 _ . .

Sept. 3.1017_ .24

Oct 18

152229

Nov. 5.1219. .26

Dec. 3-10172431

Total: 192419231922

Payments toother Federal

reservebanks

62,236259,411278,346276,305244,053

228,489242,116296,021264,190

260,814263,554303,008307,018

264, 582244, 205278,352292,432275,954

282,934244,523292,051264,275

234,826265,586343,772310,350

300,968257, 314274,462286,427257,877

242,400247,064257,429258,043

211,370259, 746318,118289,447

265,150266,267241,228346,642283,921

256, 768269,580332,253311,739

247,752274,419332,607318,485278,169

14, 365 04812,936,84811,279,632

Receipts fromother Federal

reservebanks

66,487264,498253,197282,310252, 212

241,110244,591287, 507243,858

270,856251, 209280,882308, 662

260,085247,068269,725278,210263,979

267,283256,653293,271260,143

232,334243,840362,676321,449

315,418232,092272,496281,926252,536

252,209233,161269,091258,583

218,439255,291293,103298,191

257 729264,036239,419316,807279,325

266,699263 859323,141297,131

257,654284,924303 386317, 398281,078

14 189 21712 928 47311,346,028

Net loss

25,149

8,51420,332

12,34522,126

4 497

8 62714,22211,975

15 651

4,132

2,49221 746

25 2221,9664,5015,341

13,903

•

4 45525,015

7 4212,2311,809

29,8354,596

5 7219,112

14 608

29 2211,087

175 8318 375

Net gain

4,2515,087

6 0058,159

12,6212,475

10,042

1,644

2,863

12,1301,220

18,90411,099

14,450

9,809

11,662540

7,069

8 744

9,931

9,90210,505

2,909

66,396



No. 9*—REPORTING MEMBEK BANKS IN LEADING CITIES: PRINCIPAL RESOURCES AND LIABILITIES

REPORTING MEMBER BANKS IN ELEVEN CITIES 1[In thousands of dollars]

Last report date in

January...February.MarchAprilMayJuneJulyAugustSeptemberOctober. __NovemberDecember.

Loans and discounts

Total

1924

1, 748, 5071, 768,8421, 793,8071, 801,1781, 794, 4861, 792, 7521, 835, 2081,913,9761, 924, 0151,945, 0221,901,4271, 915,956

1923

1,661, 5391, 684, 7681, 736, 3001, 755, 6721, 782, 3161, 776, 6951, 749, 3341, 742, 5051, 759, 8931, 780, 6671, 765,2411, 757, 418

Secured by stocksand bonds other

than United Statesbonds

1924

602,806601,251606, 612604,366598,881602, 012631, 206677, 971

695,152666,005666,132

1923

539,754542,358548, 045552,066584,887584,018585,652573,127579, 630588,236587,949592,150

Investments


1924

276,868275,954297,560283,348292,400290, 588305, 216314,021343,907348, 551354, 704352,144

1923

319,468300,189286,800273,708279,874289,699280, 734295, 508273, 066264,946255,052284,270

All other

1924

334,397337,566340,636349,145347, 236369, 295372, 534372,441384,970400,920417,724419,300

1923

359,748362,354370,367367,495358,607348,113354,777342, 664340,384337,456342, 051349,770

Net demanddeposits

1924 1923

1,489, 7841,492,4791, 520,1301, 534, 5231, 540,1451, 576,8861, 644,4771, 737,2031, 748, 2731, 767,3171, 710,4091, 744, 237

1, 527,9811,517,5891, 470, 3401, 487, 5671,516,1211, 480, 3021,485, 7251,495, 8701,453, 7401,458, 6221,436,2411,470,801

Time deposits

1924

798,168808, 847810,001818, 079831,864841, 976839, 382843, 559857, 586872,960910, 056922,018

1923

757,734759,810771,486773, 061785,341787,171783,683779, 960781,944790,046798,630801,341

Accommodation atFederal reserve

banks

1924 1923

17, 75420, 33825,71420,01118,0398,2413,8733,5713,2355,3134,16813,097

19,17744,10863,95254,87244,12063,24341,47536,60552,88177,06569,89559,722

Cooo00

w

gREPORTING MEMBER BANKS IN CITY OF CHICAGO 2

JanuaryFebruary __MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..

1,117, 8801,113,1731,132, 5871,137, 3391,138,0321,152, 9461,198, 0261, 206, 2831, 270, 6971, 288, 6951, 213, 2501, 242, 581

1,066, 8831, 082, 8721,126, 8711,140,4751,166, 5561,156, 0811,124, 5821,119,4071,132,7741,154, 4361,136, 4721,129, 923

449,355438, 868450,437448, 866443,168446,589476,095517,189518,476535,164503,977500,625

407, 277407,902413, 570415,026447, 605440, 276437, 250423, 629430,234440, 545439,416440,290

146,647143,865164, 883149,474158,230154,926168, 244175, 261196,982198,796204,994202, 313

176,906158, 554143, 282126,931127, 067138,011122, 531143, 918124, 991121, 549114,088146, 506

157,659160,247161, 383167,771164,687173,036180,882176, 380181, 372189,818200, 228203, 985

186,264186, 686191,798190,384179,937171,844177,649163, 550166, 339163,975166, 786171,468

1,011,381997,819

1, 023, 0441, 028,8661,043,8911,078, 8521,132, 6811, 204, 3271, 216, 3861, 231, 3961,172, 6601,180, 418

1, 036,3361, 030,135995,110

1,002, 8771,029, 031997,832993, 046

1, 000,820971, 908983,175970,116

1, 003,369

371,815372,318371,660374, 058383, 307390,945391,982394, 099404,049411,580445, 237452, 678

367,254367, 688376,425370,831375,673373,107369, 333363, 946365, 201371,100372,891378,930

3,9501,4019,0415,9293,0302,243351395160950943

1,075

8,04726.18640,95634,23216,79538,94417,48417.18729,48344,08831,62629,536

^Figures are for about 100 banks in Chicago, Detroit, Cedar Rapids, Des Moines, Dubuque, Grand Rapids, Indianapolis, Joliet, Milwaukee, Peoria, and Sioux City, which submitweekly reports to the Federal reserve bank.

^Figures are for about 46 banks in Chicago, which submit weekly reports to the Federal reserve bank.

1


DISTBICT NO. 7—CHICAGO 389


[In thousands of dollars For explanatory note see page 154.]

Month

JanuaryFebruary..MarchAprilMayJuneJulyAugustSeptember,OctoberNovember-December..

Total.


1924

4,701,9404,178,2464,807,8974, 643, 0764,746, 2504, 582, 5494, 654, 9744,469, 3574,435, 3464, 949, 2114, 500, 2255, 326, 098

55, 995,169

1923

4,810,8994, 383,8174,828,0414, 737,8594,899, 3904, 772,8124, 509,4554,240, 6334,208,4114, 660, 9724,428, 4854,886,123

55,366,897

1922

3,858, 6523,523,9144,389,1873,945,1714, 097, 9574, 326, 0583, 995, 6293, 991, 6124,070,1344,438,2104,051,9554, 615,171

49, 303,650

Adrian, Mich.*

1924 1923 1922

3,5913,1913,9643,9014,0723,6593,4613,3703,4723,7423,8574,236

44, 516

4,0672,6953,7163,5463,6933,4763,3733,5573,0572,9432,7863,508

40,417

2,4713,0823,0762,9983,4822,9042,9822,9773,1332,9683,700

33, 773

Aurora, 111.*

1924 1923 1922

13,47312,82415,64114, 54315,18913,81814,47613,94114,07314,94013, 60714, 620

171,145

13,74911,33515,92214, 55715,04914,88514,87915,00414, 09815, 63713,40215, 783

174,300

9,65412,26611,89811,39112,87511,82711,93012, 54513,11811,30914,190

133,003

Month

Janua ry . . .February..MarchAprilMayJune.JulyAugustSeptember.OctoberNovember-December..

Total,

Bay City, Mich.

1924

11,5839,617

10,83210,00711, 27411, 03310, 69510,09710, 30314, 03113, 40713,078

1923 1922

135,957

10, 3038,4429,8769,18010, 36210, 59110,04310, 79710, 43812,84811,68613, 111

127,677

10, 0829,71310, 44910, 0269,80410,01910.11510, 59810,04311,346

Bloomington, 111. Cedar Rapids, Iowa

1924 1923 1922

10,84310, 79113,80511,87010,50710, 73911,127

11, 62912,12810, 36811,990

121,152 136,493I

11, 48110,39715, 97011,99711,23311, 56210, 73410, 39810, 91811, 2049,56411,281

136, 739

1924 1923 1922

8,9178,84913,40910,6179,2009,5539,7519, 5389,7999,9539,44211, 702

30,82927,02832,12032, 54432, 24831,72939,36836,80134,97838,96932,40641, 301

120, 730 410,321

27,13921,69331,24628,18928,69629,24127,29625,86227,87731,62625,30628,650

332,821

37,64629,79427,79922,60621,22822,83029,69321,34221,89923, 55520,81424,255

303,461

Month

JanuaryFebruaryMarch. . .AprilMayJuneJulyAugust. .SeptemberOctober..NovemberDecember

Tota l . . . .

Chicago, 111.

1924

2,997,8582,583,4613,042,6032, 934,1742,998, 6632,927, 5012,976, 5702,864, 6922,814,4953,151,6932,918, 4323, 512, 555

35,722,697

1923

3,153,4582,929,9183,069,9333, 054, 5253,100,6342, 941,3882,859,0242,644,7052, 631,3792,929, 5482, 812,4123,152,048

35, 278,972

1922

2, 628,9222,377,9772.937,0132.625,014

2,866, 5202, 526,4942, 551, 2432,630,9762,929,3462, 618,6192,950, 223

32,331,033

Danville, 111.* Davenport, Iowa

1924

14,70313,45418,43316,30014, 54015,06015,05013,30013,62314,13312,26414, 720

175, 580

1923

12,46012,10019,65015,28315,91715, 53015,40313,49713, 27416,05013,10015,680

177, 944

1922 1924 1923 1922

9,60013, 68411,48310, 55010,64011,9609,5609,64010,68310, 61711,940

31,84826,34131,04428,99433,77028,48330,30726,07925,76134,01527, 370

120, 357 353, 681

37, 54832, 34836,37735,40438,23534,29231, 74630, 29430,12933,94931, 65033,847

405,819

29,00230,17034,64931,90435,19433,81736,13630,66735, 57636,21034,93338, HI

406,369

i Figures for cities marked with an asterisk (•) are not included in the district summary or in the nationalsummary of 141 centers.





Month

JanuaryFebruary...MarchAprilMayJune..JulyAugustJSeptember.OctoberNovember.December..

Total.

Deoatur, 111.

1924 1923 1922

14, 63213,64316,22816,37615,94916, 09516,58416, 60216,10416,38814,74217, 748

191,091

14, 48812,61116,68415,47815, 60816,42315, 75416,05415,07614,98614,16514,363

181, 690

11, 83111,24514, 61012,66413, 29013, 90814,31015,43013, 89714,58313, 52515, 520

164, 813

Des Moines, Iowa

1924 I 1923 1922

74, 50265, 72377,88371, 50388, 615105, 676104, 81095,35692, 966102, 78069, 52276,127

1,025,. 463

82,32267, 29895, 65086,65585,332103,41679, 81573,40472, 22383, 40672,24974, 312

64, 24656, 73878, 20165,99768,22971, 58767, 21764, 69068, 51072,38473,02875,536

976,082 826,363

Detroit, Mich.

1924

696,434657,927731,878713,110715,120664,192661, 579653,192646,974700,031652,009733,762

8,226, 208

1923 1922

623. 392583; 430684, 043672, 530709,107720, 921638,497630, 679628,324675, 990654,044697,177

7,918,134

443,087403, 803516, 859490,190526,023542, 982574,030588,363548, 708554,040545, 937651,296

6,385,318

Month

JanuaryFebruary...MarchApril .MayJuneJulyAugustSeptember.OctoberNovember.December.

Total

Dubuque, Iowa

1924

16,04813,30014,44713, 22714, 68515,01815,15113, 44313, 61315, 83814,48915, 223

174,482

1923

16, 80612, 26715,80714, 39114, 42515,17414,42312,94513,16214, 93214, 30615, 500

174,138

1922

11,93511, 66013, 71812, 55412,88812, 99212,24111,63212, 78213,15112, 45715,068

153,078

Flint, Mich.

1924

32, 86530,17534,01531, 86231,90530, 64331, 86628,01529,28530, 51326,32229,502

366, 968

1923

31,00727, 21833, 65534,14934, 61935, 41328, 41230,14131,03934,05732,32534, 610

386, 645

1922

19, 55817,08722,78732,36928,07427, 27822,28624,46624, 78126, 74027, 09928, 547

301,072

Fort Wayne, Ind.

1924

39,00638,22839,17944,67040,58238,91440,80237,32736, 74743, 63039,61046, 556

485, 251

1923

35, 64331, 50038, 44735, 57948, 98946, 97541,14237, 44235,64339, 92239,44140, 788

471, 511

1922

27,98626,26130,35028,31130, 21331, 94131,35728,07233,12532, 83232,30535, 246

367,999

Month

Gary, Ind.* Grand Rapids, Mich. Green Bay, Wis.*

1924

January....February—.March ..AprilMayJuneJulyAugustSeptember-OctoberNovember.December..

Total,

15, 53814,87616,36218,10718,43615,98216,98215, 75215,72219,71520, 74418,869

207,085

1923

14,16013,07915,28815, 63018,56317,61517,54417,21016,42018, 53817,48116, 204

197, 732

1922 1924 I 1923

10,21110,72112,68011,87412,53012,33311,50012,54213,75014,181

65,78458,23766, 77166,40467, 91565,07064,68263,67366, 96172, 81761,41983,440

130, 582 803,173

57,09869,49364,58369, 71570,87067,20867,59469,30067, 27960,65070,626

800,799

1922 I 1924

65,33450,12460,01155,95063,23263,34459,98362,15659,10464,155

65,870

11,38210, 73811,84811,33611,45911,33712,37012,34412,16913, 27111,44312,378

730,131 I 142,075

1923

10,1929,23411,57310,99211,49511,86711,03812,17211, 92812,31211, 72912,750

137, 282

1922





Month

JanuaryFebruary. _.MarchApril.MayJuneJulyAugustSeptember.,OctoberNovember..December..

Total.

Month

Hammond, Ind.* Indianapolis, Ind.

1924 1923 1922 1924 1923 1922

17,10314,28014,44116,15515, 93514,85118,60016,40315,41017,39016,06218,850

15,18212, 24916,06916, 73218,46318,53319,10617, 52316,17718, 75515,46217, 620

195,480 201,871

13, 76212,49712, 03214, 05213, 70315,108

81,154

160,249147, 372151,145145,636158,396148, 705155,071143, 018145,135158,033140, 272157,683

1,810,715

174,966145, 289156,646148,337167, 536168,050161,827148,841141,040155,313149, 060162, 951

1,879,856

128,100119,521153,018125,229139,871150, 564145, 641136,234140, 381147,215144,353176,168

1,706,295

JanuaryFebruary. .MarchAprilMayJuneJu ly . .AugustSeptember.OctoberNovember.December.

Total

Kalamazoo, Mich. Lansing, Mich.

1924 1923 1922

20, 29617,83521,30419, 97720,80520, 43519, 82320,83720,85521, 77718,82522, 385

245,154

1924 i 1923 1922

22, 64317,43221,746 |20,69921,02822, 67621, 20719, 71519, 79521, 21619, 78521,103

249, 045

17, 43714, 71017,20917, 26517, 07918,03817, 73119,09019, 03819, 87718,88621, 978

218, 338

32, 94230, 95635, 23631,89431, 25225,89324,46524,43026,13330, 79727,64630,833

352,477

30, 50028, 50040,45040,06141, 09241,61336,16836, 92429,82029, 70027,62633,925

416,379

17,91716, 86321, 73423,26226,07828,98626,60625, 72725,59727,21025,25430,500

295, 734

Jackson, Mich.'

1924 1923

23,14419,66719,95319,88919,24018,04017, 93417,88317,98720, 53716,93818,090

229, 302

24.23816.23920,64721,59422,64623,69721,28623.03823.03922, 28918,87921,923

259,515

1922

14,88911,71614,54414, 91917,87319,99919,00218,07116,83718, 21616, 99418,800

201,860

Mason City, Iowa*

1924

9,2018,813

10,2959,2139,1439,4329,7148,1879,287

10, 9238,588

10, 713

113, 509

1923

10,5798,706

12,2279,942

10,92410,83410,3799,8859,450

10, 2758,920

10,193

122,314

1922

6,9099,9559,636

10,27111,193

9,2739,1109,6568,475

11,611

104, 782

Month

JanuaryFebruary . . .MarchAprilMayJuneJulyAugustSeptember..OctoberNovember..December. .

Total.

Milwaukee, Wis. Moline, 111."

1924 1923 1922

271, 600262, 734276, 082259,937262, 228248, 607253, 384238,490246, 306288, 660247, 343286, 677

279,922242, 053279,199269, 564295,825291, 793271,807256, 490259, 652293, 767264, 781278,626

1924 1923

217, 005213,848263,205220, 409237, 263244,219241,747226, 383244,496269, 351240, 463267, 634

7,2157,2167,8519,2317,6327,5338,2598,3419,0949,3518,4639,345

3,142, 048 3, 283, 479 2,886, 023 j 99, 531

7,7467,1578,5569,8949,3159,1938,1688,5868,5578,8157,8238,087

101,897

6,8056,4948,0879,8749,4728,5269,7527,3277,7767,6197,4357,1521

Muscatine, Iowa *

1924

5,7334,8797,0946,4355,3365,1395,7684,5955,0596,1324,3565,580

96,319, 66,106

1923

6, 7114,9828,2186,9016,0486,0365,7366,0455,5566,2955,3166,887

74, 731

4,3026,7735,4405,1824,6314,8525,0135,5166,4775,0676,474

59, 727



No. 10.—DEDITS TO INDIVIDUAL ACCOUNTS—Continued


Month

JanuaryFebruary..MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December.

Total

Oshkosh, Wis.*

1924

10,76710,20011, 26611,46711, 54010, 22710, 68310, 33010,80312, 01710, 62012, 480

132,400

1923

11, 6409,200

11, 75010, 75012, 00011,64010, 47711,06310,47010, 95010, 00011,600

131, 540

1922

7,34710, 0008,9119,3119,9209,21311, 96711,0009,9509,95011, 560

109,129

Peoria, 111.

1924

41, 73138, 35942, 65339, 32743,46937, 54938, 85736, 99040, 03943, 29639, 54345, 565

487, 378 473, 606

1923

40,40132, 74041,24439,41540, 99541,19439, 07237, 89537, 57041, 55339, 21242, 315

1922

31,21029, 85434,98833, 09036, 64637,43536,19135, 07735, 26538, 73535, 70645, 019

429, 216

Rockford, 111.

1924

23, 29722,18227, 05827, 90027, 23825,11323, 80521, 38521, 40225,44622, 68125, 908

293, 415

1923

24,66216, 45628,04224, 68825,86226, 62524, 75822,17821,86724, 70222, 65625, 235

287, 731

18, 20516,11420, 32120, 69819, 66320, 36820, 01519,40819, 74522,04419, 09623, 224

238, 901

Month

JanuaryFebruary...March.AprilMay.JuneJulyAugustSeptember-October....November..December..

Total.

Saginaw, Mich.*

1924

27,46722, 79923,130'22,07922, 44322, 53821, 61421, 60021,82522,85422,28824,977

275, 614

1923

24, 29119, 66122, 61923, 67223, 22423, 03422, 71923, 348

25,12024, 02827, 284

282, 365

1922

19,51119,15720, 74522, 36722, 575

104, 355

' Sioux City, Iowa

1924

77,20374,14385, 32580, 56077, 96772,40379, 48575, 73779, 01583, 41766,00782, 910

1923

74, 77063,91486,04476,10076,44178,03572, 02370, 58469, 78180, 40371,16678, 650

35,49846, 33076,06865, 61870,03771,95966,85664, 27767,14674, 29461,94570, 660

934,172 897,911 770, 688

South Bend, Ind.

1924

35,95934, 54739, 28544, 97045, 64541,47738,10935, 59338, 73045, 62641, 87644, 869

34,90429,06736, 00638,12144,97247,86740,74140, 30536,13044,89338,95338,754

486,686 i 470,713

1922

22, 28722, 21226,82126,19429, 82932,80633,14834,15934, 20735, 34033,03740,227

370, 267

Month

Springfield, 111.* Terre Haute, Ind.* Waterloo, Iowa

1924

JanuaryFebruary..MarchAprilMayJune .July _.AugustSeptember.October....November .December..

Total

28, 52126,99428, 94928, 72033, 32235, 62236,81534,10731,08034, 61728, 73035,425

382, 902

1923

28,12124, 71629, 57927,89326,905

28, 91726, 21424, 73827,18725, 08528,116

1922 1924

23, 27121,25426, 55825, 01122, 77525, 38225,41523,19421, 83023, 64*22, 79725, 652

23, 51423,47624,02021, 76322,03121,80222,80920,11921,07824,41421, 63324, 730

326, 358 286,786 271,389

1923

26,60124,19325, 71324, 25626, 59626, 32426, 24122, 78523, 23724,92223, 69224, 743

299, 303

1922 1924

16,43115,64719,00418,13418.01717, 27418,43416, 90417, 91519, 32615,93618, 317

211,339

1923

18,16114,14621,48318, 21418,68418, 69317, 75817,38617, 24819, 67817,44818, 251

217,150

1922

12,53111,79516,33515, 51714, 78514,90514,39213,63914, 98716,59714,14517,041

176, 669


DISTRICT NO. 8—ST. LOUIS



RESOURCES

Gold with Federal reserve agent- -- - -- -- --Gold redemption fund with United States Treasury


Total gold reserves __ _ ._Reserves other than gold._. _

Total reserves . _Nonreserve cash _ _ _

Bills discounted:Secured bv United States Government obligationsOther bills discounted

Total bills discounted _Bills bought in open market. _ _

United States Government securities:BondsTreasury notes . _ . _ - _ - _Certificates of indebtedness __

Total United States Government securitiesForeign loans on gold

Total earning assets _ «,

Uncollected items _ ___. . _Bank premisesAll other resources

Total resources __

LIABILITIES


Deposits:Member bank—reserve accountGovernmentOther deposits.. _

Total deposi ts . . . __•

Deferred availabilitv itemsCapital paid inSurplusAll other liabilities _

Total liabilities. _ _____

Ratio of total reserves to deposit and Federal reserve note liabilitiescombined (per cent) .

Contingent liability on bills purchased for foreign correspondents.._

Dec. 31,1924

56,5903,274

59,86423,8348,165

91,86311,700

103,5633,387

5,3034,827

10,13021,391

1,26411,1712,653

15,088294

46,903

35,9943,176

306

193,329

57,813

80, 5112,468

671

83,650

36,3775,1299,971

389

193,329

73.22,091

Dec. 31,1923

49,4242,773

52,19735, 2725,060

92, 5299,802

102,3313,321

17, 29239,990

57, 28243

57,325

30,1391,346

108

194, 570

75,872

70,1003,042

466

73,608

29,4905,009

10,072519

194, 570

68.5836

Dec. 31,1922

70,5732,960

73,53331,2072,852

107,59210,295

117,887C1)

14, 54915, 533

30,08213,028

7,3079,4642,780

19, 551

62, 661

42,862912354

224,676

93,659

73,7981,2111,927

76,936

38,9934,8279,665

596

224, 676

69. 11,618

*Not shown separately prior to 1923.

393


394 ANNUAL REPORT OF THE FEDERAL RESERVE [BOARD



DateTotalearn-ing

assets


1924Jan. 2 58,608

9 1 46,38116 1 44,80123 J 43,51130 _ 41,592

Feb. 6 38,113 I 37,15020 I 43,38727 j 45,169

Mar. 5 42,24112 44,08919 i 47,464|26 j 46,881|

Apr. 2.9_.16..23.30..

May7_.14..

48,93143,161144, 49346, 65342, 111

36,90934,43334, 79536, 433

37,07531,76232,11530,603

29, 65727,86729, 70728,60629,131

31,76032,36834,01933,477

Sept. 3 j 35,600

June 4..11..18-2 5 -

July 2_.9_.

16..23..3 0 -

Aug. 6_.1 3 -20..27..

10.17..24..

Oct. 1.8..

15..22.

9,17644,03443, 705

45, 37446, 38045, 46144, 75045,405

Nov. 5 1 43,960 17,28612 . . ! 42,918 15,31519 j 45,11526 i 42,998

Dec. 3 -J 43,83610 ! 40,97417 -J 43,09924 . .! 48,3273 1 . . . 46,903

iDaily average \ 40,838


Fed-eral

reservenotes

incircu-

! lation

Mem-ber

banks'reserve

de-posits

curedby

U . S .Gov-ern-

mentobligations

19,53517, 24016,84614, 68013,949

38,58328,23426, 31626,64925, 230

75, 60673,01472,28670,85070,468

24, 75923,06327, 35727,528

115, 208116, 626104, 476109, 319

73, 28772,43169,81571, 323

75, 61875,64572, 08875, 358

69,48470, 05969, 22369, 413

33, 57431, 80834, 72634, 025

9,334,817

11,91411, 785

69, 24970,71, 959,858

24, 24021, 99122,81222,240

3,8025,0706,0046,611

110,133106,883101, 500i102,8011

73,05074, 56273,50872, 655

69, 67169,00569,00367, 789

71, 90572, 46971, 30773, 56569, 331

36, 221.30, 60032, 34434, 48730,904

25,28520,84221, 43823, 07422,286

5,8065,6345,1835,2004, 241

6,904 103,4456,927 106,471

103, 6166,9661 102,6846?966( 103,078

67,85166,88166, 89665,49365,582

72.474.773.572.475.0

26,10724,04925,10626, 919

3,8363,4182,7232,548

74, 60269, 28370,15969,016

76,68471,71373,02671,987

19, 42717,08618,45919,737

65,40065, 33164, 97564,537

73, 47568, 33373,41172, 340

27, 90923,05322,91521,670

7, 6095,5335,1985,271

20,30017, 52017,71716,399

113,836110, 976114,210113,969

64,08562, 62762, 22561, 387

72,01274, 38170, 741

62,18361,15660,43059,18359,077

21,10019,315|19,16418,16318,763

16,72015, 78315, 27714,20414,681

77,08568,51277,02674,567

18,03917,475!19,12918, 596

3,2643,9373,6743,896

14,77513, 53815,45514, 700

114,565102, 763109,887107, 600

74,35466,10374,12770, 538

58, 69158,05357,49356,966

14,87416, 34817,13416, 769

110, 782100, 55595,11399,413

78,42074,04472,48176,496

57, 404i56,40056, 51555, 960

56,91556,166i56, 66156,03156,307

20,07720,23,14223, 243

3,8773,6774,8194,311

16,20016, 58318,32318,932

72.674.572.575.175.7

19, 76419, 34717, 30915,37214, 783

16, 76916, 76916, 76916,76916, 769

94, 693102,14596, 518101,138102,834

73,48880,90876, 39278, 57379,549

24, 22723, 76022,24820,63219,599

4,4634,4134,9395,2604,816

56, 796!56,95257,054157,133J

9,90510,83412, 73712, 630

16, 76916, 76916,716, 604

108,276108,876101,197106, 704

79, 52381,65780, 62281,175

4,0894,3184,3713,771

13,19710, 99711,2389,993

57,199i56,95057,72859,11357,813

75,40378,78280,43776,85780,511

78, 78181,78381,89180,76983,650

8,4766,8037,2306,5064,827

14, 67815,76915,65021,07821,391

104, 611105,001103,68292,901103, 563

12,590!11,026!12, 4831ll,867i10,130

4,1144,2235,2535,3615,303

79.478.573.577.1

76.975.774.366.473.2

76.8

1 Includes foreign loans on gold, $294,000, Dec. 3 to 31.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 8—-ST. LOUIS 395


[In thousano|s of dollars]

Month


Total


Com-mercial

andagricul-turalpaper,n, e. s.

Bank-er's

accept-ances

Tradeaccept-ances


Bills bought in openmarket

Bank-T t , I er'si o t a l accept-

ances

Dollarex-

change

January.February.MarchApril

MayJuneJuly—August.

1924109,06185,05980,90571,556

58,55430, 63427, 75224,190

S e p t e m b e r . . . 25,739O c t o b e r , - 30,705November . ! 26,263December i 34,700

66,97341,36444,49642,265

37, 54118,49515,19411,128

12,81913,21212,45018,273

33, 22037,98533,11027,364

19,41011, 67712,43312,909

12,35714,27111,11214,099

10

705482296428

7053059687

150843246529

8,1595,2283,0031,499

89214729

4132,3792,4551,799

1, 5133,6503,8901,842

97774675567

3,7747,9589,77315,967

1,5133,4303,8401,732

92774675567

3,7607,7239,553

15, 617

22050

110

50

14235220350

To ta l : 1924 ___i 605,118 334,2101923. 1,679,671 1,198,3091922 I 865,856 659,587

239,947443,324200, 628

20655

1,459

4,8725,7794,182

26,06931,604

50,73232, 58033, 736

49,48330,85432,441

1,2491,7261,295

Month

January. _.February.MarchApril

May....JuneJulyAugust..

September.OctoberNovember _December. _

Total: 192419231922


Federalreservebanks

U.S. securities pur-chased in open

market

Bondsand

notes

8251,2582,521435

1,0423,5021,426

1,359

4052,264

2,43213,105

15,0371,535

21, 514

Certifi-cates of

indebted-ness

573' 177

3,3574

5,521460450

1,638139273

1,631

14, 22379,322

119,330

U. S. se-curitiespurchas-ed from

otherFederalreservebanks

Foreignloans on

gold

397

9901,643

294

3,0304,4004,400

294


1924 1923

112,36990,14490,67373,837

59, 53138, 93333,43226,633

32,51038,80236,71454,856

152,26573,19392,898113,421

163, 639215,778173,190201,936

192,231154,798134,165132,426

1, 799,940

1922

75,95165,61050,45461,662

76,127132, 249

. 65,77356,087

70,07380,220116,022207,713

1,057, 941





Month

1924JanuaryFebruary. .March _April.

May .JuneJulyAugust _

SeptemberOctober _November _.December

Total: 1924...1923...1922...

Number of mem-ber banks at endof year:192419231922

Number of mem-ber banks accom-modated:

19241923.1922

Ken-tucky

32,67520,33615,97627,939

18, 3066,5437,3423,755

2,6574,4145,104

12,096

157,143705,175405, 027

Ten-nes-see 1

15,43013, 77111,9757,523

6,3752,4201,3594,435

5,2445,4545,2983,630

82,914122,95175,179

Missis-sippi i

2,2702,1472,2251,990

1,800999

1,2491,163

1,5621,7001,8651,174

Illi-nois *

20,14417, 25314, 725

8,2515,1844,9554,693

5,6014,1673,5412,794

3,5394,2604,240

54, 05196,10365, 791

185187185

10091

108

Indi-ana1

3,4892,9892,6222,461

8511,234886561

7381,003875794

18, 50329,49919,204

Mis-souri l

38, 73034,61835, 31621, 353

21,15510,1929,4166,017

2,4316,0733,9649,838

199,103621,119211, 480

143141126

Arkan-

8,2166,0147,8365,597

4,4665,0793,9595,465

10,2818,5224,8972,928

73,26087,57174,450

126126122

Total

109, 06185,05980,90571, 556

58, 55430,63427, 75224,190

25, 73930,70526, 26334,700

605,1181,679,671865,856

628630610

391362400

Num-ber ofmem-

berbanks

indistrictat end

ofmonth

Num-ber ofmem-

berbanksaccom-

mo-datedduring

themonth

630631 |633 i

633 )631 !629 i629 !

I629 i630 !631628

264246261275

260244236

239236207197

1 Figures relate only to that part of the State located in the St. Louis district.


DISTRICT NO. 8—ST. LOUIS 397


Discounted billsPurchased billsUnited States securitiesDeficient reserve penalties.Miscellaneous

Total earnings..

CURRENT EXPENSES

Salaries:Bank officers _ _Clerical staff _.- _.Special officers and watchmen _Allother _

Governors' conferences _Federal reserve agents' conferences _ _Federal Advisory Council _Directors' meetings _Traveling expenses 2 _Assessments for Federal Reserve Board expensesLegalfees _Insurance (other than on currency and security shipments).Insurance on currency and security shipments =.Taxes on banking house __ _.Light, heat, and power... _Repairs and alterations, banking house - __Rent.Office and other supplies _Printing and stationeryTelephone _ _Telegraph .PostageExpressage _Federal reserve currency:


Taxes on Federal reserve bank-note circulationAll other expenses __




Current net earnings..Additions to current net earnings:

Withdrawn from reserve for depreciation on United Statesbonds _

Allother... _

Total additions.Deductions from current net earnings:

Depreciation allowances on bank premises..Reserve for probable lossesFurniture and equipment...Allother

Total deductions^ _

Net deductions from current net earnings -


Dividends paidTransferred to surplus accountFranchise tax paid United States Government...Deficit in earnings after payment of dividends, charged to surplus

account _

1924

$1,140,622141,778352, 65227, 44125,650

1,688,143

164, 320716,42138,28941,145

472379

1,2009,89231, 74130, 2131, 22118,17817, 3112,1123,1827,56278,84921,62230,3106,45443,409118,22112,328

5,2958,785

32,437

1,441,348

1,688,1431,441,348

246, 795

16,264

16, 264

4,400

25,92728,795

i9,122

42,858

203,937= = = = =304,976

101,039

1923

$1,968,788253,773520, 78038,857

i 28,763

2, 753,435

160,116749, 76732.96943.970

523443

1,26611,33329,18331,300

18520, 32317,6307,3973,097

22,13537,1576,97044,223123,98613, 017

7,2877,835

29,814

1,472,675

2,753,4351,472,675

1,280,760

80,294564

80,858

2,200123,68729,97123,597

179,455

98,597

1,182,163

296,810407,070478,283

1922

$1,303,808255,750832,16945, 91518,805

2,456,447

155,877829,07228,41840, 750

456228

1,25010,67524,49831,8202,91941,78513,2353,0763,014382

73,62726, 09837,9777,44842,841124, 5578,206

52, 71911, 58616,37734,331

1,623,222

2,456,4471,623,222

833,225

3,8832,257

6,140

2,000125,00044,75520,038

101,793

185,653

647,572

283,166276,45087,956

1 Debit.2 Other than those connected with governors' and agents' conferences and meetings of directors and of

the advisory council.





Bills discounted:ApplicationsNotes discounted. ___ _

Bills purchased in open market for own accountCurrency received and countedCoin received and countedChecks handledCollection items handled:. United States Government coupons paid

All otherUnited States securities—issues, redemptions, and ex-

changes by fiscal agency departmentTransfers of fundsEnvelopes received and dispatched

AMOUNTS HANDLED

Bills discountedBills purchased in open market for own account. __Currency received and countedCoin received and countedChecks handledCollection items handled:



Transfers of funds

1924

8,81042, 6283,547

107, 280, 000120,109, 00045, 793, 000

2, 829, 000265, 000

678, 000130, 000

2, 691, 000

$605,118, 00050, 732, 000

484,795, 00015, 502, 000

9,966, 285, 000

25, 400, 000318,103, 000

159, 086, 0004, 369, 086, 000

1923

10, 61857, 0361,934

105, 278, 000121,128, 00043, 736, 000

3, 470, 000244, 000

i 9, 645, 000104, 000

2,965, 000

$1,679, 671, 00032, 580, 000

520,881, 00014, 705, 000

9, 547,434, 000

28,416, 000395,426, 000

356,964, 0003, 582, 323, 000

1922

9,80243, 6242,423

94, 931, 000126,429, 00038,476, 000

4, 222, 000197, 000

919, 00083,000

(2)

$865, 856, 00033,736, 000

473, 065, 00013, 631, 000

6,114,442, 000

27, 806, 000267, 681, 000

494, 025, 0003,779,461,000

1 Large increase due to redemption of war-savings securities which matured Jan. 1, 1923.2 Data not available.



Month


district

Number Amount I Number

Items forwardedto other Federalreserve banks

and their branches

Amount Number

Items drawnon Treasurer ofUnited States

Amount

Total i

Number Amount

January-February.MarchApril

19243,4303,2033,5693,562

May _ _. 3,478June __i. I 3,337July . ____| 3,379August _ 3,310


Total: 1924..1923..

3,5333,8973,5034,059

794,793 !689, 560 j760,448 !760,882 |

806,201 |766,173 i782,783 I779,307 |

825,972967,970832,401908, 003

81 6,53477 7,27783 8,49382 7,765

42,26040,287

9, 674,4939, 217, 215

80839083 |

85 !86 |79 !97 I

7,5757,4876,4395,826

7,3997,3487,1748,646

159155202246

185158147177

240240182

14,18812, 40215,70416,480

15,95615, 57313,10714,094

15, 76716,72314,93617,749

3,6703,4353,8543,890

3,7433,5783,6163,570

3,8584, 2233,7644,325

815, 515709, 239784,645785,127

829,732789, 233802,329799,227

849,138992, 041854, 511934,398

1,006809

87, 96382,148

2,2602,362

182,679220,776

45,52643,458

9,945,1359, 520,139

Êxclusive of duplications on account of items handled by both parent bank and branch.


DISTRICT NO. 8 ST. LOUIS 399


[ID thousands of dollars]

Week ending-


Receiptsfrom other

Federalreservebanks

Net loss Net gain

1924Jan. 2(oneday)

9162330

Feb. 6132027

Mar. 512 _1926 , .

Apr. 29

16. . .2330. . . -

May 7142128

June 41118..25

July 29

16__._2330

Aug. 613. .2O._27 . . .

Sept. 31017..24.

Oct. 1 _8

152229

Nov. 512.1926

Dec. 310 . . .172431

Total: 192419231922

24,212113,497116,6821-18,272115,466

106, 26599,294124, 63196, 779

107,762106,108130,246122,412

105,133100,048121, 941120,496118,368

102, 931119,003126,222112, 594

100,960115, 907125,835116,296

125,551104,487120,934116,609110,642

105,641128,054118,259107, 785

97,154121,810127,952126, 519

125,878123,188140,122160,712139, 970

126,411138,043168, 603145, 644

128, 385137,637151,408135,338129,320

6,329,4166,051,1965,371,660

22, 624117,853118,077116, 289120, 657

107,91699,126112,370100, 937

109,456103,721125,018124,195

105, 747101,084116,992119, 097

110,406114,951128, 023110,866

107,158111, 706129, 960114,661

129, 619104,975115,133116,039113, 538

104,316113,510125,912104,968

101, 594109,802123,158129, 779

123,368130, 351138,113164,276143, 691

133, 020138,162161,927151,126

126,365137,098151,388129,420136, 578

16812,261

2,3875,228

4,9491,399

4,052

1,728

4,201

1,635

5,801570

1,32514,544

2,817

12,0084,794

2,510

2,009

6,676

2,02053920

5,918

6,324, 5026,026,1015,355, 579

4,91425,09516,081

4,3561,395

5,191

1,651

4,158

1,694

1,783

6141,036

18

7,475

6,198

~4,~i25

4,068488

2,89&

7,653

4,440

3,260

~7,~l63

3,5643,721

6,609119

5,482

7,258







January...February..MarchAprilMayJuneJulyAugustSeptember.October- . .November.December.

Loans and discounts

1924

469,462467,948467,842463, 230460,220455,692459,059466,694475,406484,344492,818499,713

1923

450, 275456,848457,190456,156455,546449, 386455,521457, 904465,601471, 259470, 663473,216

Investments


1924

70,98868,28962,92860,51554, 56660,14351,15652,40653,66153,44555,33860,320

1923

81,04277,80679,74378, 38077,25982,37776,16976,13372,159

All other

1924

66,95871,009

87,43990,29288,98390,448

110,79392,44392,79490,93394, 23096, 34098,627

103,409

1923

91,53591,67490, 50585, 70589,28487,81985,89985,11684,49884,75787,42687,658


January...February..MarchAprilMayJuneJulyAugustSeptemberOctober...November.December.

Net demand deposits Time deposits Accommodation at Fed-eral reserve banks

1924

356,969350,170343,869352,597344,760353,371356, 514356,848365,323370,906385,163414,041

1923 1924

378,922376,217364,106363,057358,883343,099342,855335,069325, 439328,896334, 281342, 263

199,023201,913201,886199,445202,488198,840201,398203,918203,218212,154215, 798212,287

1923 1924

182,383184,211183,497182,333183,678182,206190,328191,179187,841192,478194,522189, 793

21,04622,03117,04712,7017,8863,9211,9401,1445,5054,6622,8681,716

1923

5,58611,19815,07717,62118,65425,20327,89738,11649,15547, 32444, 71943,588

NOTE .—Figures are for about 33 banks in St. Louis, Little Rock, Louisville, Memphis, and Evansvillewhich submit weekly reports to the Federal reserve bank.

N o . 1 0 . — D E B I T S TO < INDIVIDUAL ACCOUNTS


Month

JanuaryFebruary..MarchAprilMay ._June.JulyAugustSeptember.OctoberNovember.December.

Total

Total for 5 centers *

1924

1,130,859981,669

1,062,6711,033,4841,057, 6031,035,196994, 401959,857

1,003,0661,212,1101, 081, 6631,269, 637

12,812, 216

1923

1,178,722*952,802

1,112,3951,039, 5491,076,5601.1G4,142' 980,103930, 888945,160

1,184,8541,094,4281,194,752

12, 794,355

1922

858, 795739,485859, 417826, 599911,346930, 887871,384830,180908, 393

1,067,437988, 780

1,145,954

10, 938,657

East St. Louis and National StockYards, 111.*

1924

43,31637,07735,62437,98844, 47437, 89139,84742, 50341,16547, 83041,14144, 296

493,152

1923

47,01237, 24341,18842,02549, 93845,90143,07648, 56545, 69950, 60147,78643,865

542,899

1922

34, 51533, 54335,88537,19742,54941,32037, 85137,26339, 35444, 61443,07044,449

471, 610

i Figures for cities marked with an asterisk (*) are not included in the district summary or in the nationalsummary of 141 centers.


DISTRICT NO. 8 ST. , LOUIS 401


fin thousands of dollars.]

Month

JanuaryFebruary..MarchAprilMay...JuneJuly...AugustSeptember.OctoberNovember.December-_

Total

Eldorado, Ark.*

1924

6,4006,811~ 1467,7918,3437,9058,0787,6617,4237,0526,3637,687

1923

14,63914,12212, 63910, 5978,9318,0688,1216,8216,928

90,866

1922

Evansville, Ind.

1924

32, 66127, 85429,13327, 66131,03728,24530,17727, 55427,30530,40424,31637, 715

354,062

1923

35,71533, 64031,00330, 59933,96833, 28231,91630,99129,21932,39831, 61832,615

386, 964

1922

23,88721,27128,15324,30729,82431,13531,29726,64329,65130,84329,06235,128

341, 201

Fort Smith, Ark.* Greenville, Miss.*

Month

1924

JanuaryFebruary. .MarchAprilMayJuneJ u l y . .AugustSeptember .OctoberNovember .December..

Total

12,99811, 59311,09911, 58511,1099,6769,820

10, 71312,06620, 53616, 72016,227

154,142

1923

12,27611,01012, 37511, 92111,72411, 74110,0599,884

11,46016,01815, 77814,975

149, 221

1922

9,*4888,853

12,48415,08814, 63213,221

73,766

1924

5,0534,2173,4923,2133,5193,2773,1192,9273, 5955,8855,7835,666

49, 746

1923

6,1224,4624,2933, 5243,3883,1832,9512, 7303,0343,8544,7004,934

47,175

1922

3,8093,6723,4433,7593,6233,3532,7493,3054,0554,5095,327

41,604

Helena, Ark.* Little Rock, Ark.

Month

1924

JanuaryFebruary . .MarchAprilMayJuneJulyAugustSeptember.October . . . .November _December..

Total

5,6344,3944,8184,6933, 9503,9923,7583, 6744,6048,7508,4309,954

66,651

1923

7,1064,7165,5494,3604,4334,0413,7234,3494,0156,4707,9889,194

65,944

1922 1924

3,4233,8053,5744,6133,9834,2783,4335,9278,9767,8476,739

64,17057,16460,29359, 53058,99452, 75056,08955,38067,840

85,21489,390

56,598 804,897

1923

65,32654,36962, 72859, 54360,10749, 51949, 72251,56253,33076,88275,05273,751

731,891

1922

38,80040,69037,47938,86539,94133,86636,95852,60966,11761,91665,544

555,454



No. 10,—DEBITS TO INDIVIDUAL ACCOUNTS—Continued


MonthLouisville, Ky.

1924 1923 1922

Memphis, Tenn.

1924 1923 1922

JanuaryFebruary..MarchApril.May.JuneJuly..AugustSeptember.OctoberNovember.December..

Total

173,909 !159,937 i168,187 |166,914 !167,191 i161,641 I167,282 !158,597 :162,444 ;172,127 :159,145 !180,196 |

179,318153,307166,446153,355159,006174, 205155,176143,397142,304160,310152, 224167, 244

1,997,570 I 1,906,292

125, 911123,319137,985129,881147,613143,172134,931124,800129,403143,091139,758165, 524

168,708128,827129,554132,493121, 252112,298109,010101,000117,902169,305167,226192,436

176,959134,391175,837136,946122,192127,928106,390103,702115,481165,494180,435190,255

109, 44483,856101,082101,944107,955105, 50294, 67289,476116,048163,089175, 584173,180

1, 645, 388 1,650,011 1,736,010 1,421,832

Month

Owensboro, Ky.*

1924

JanuaryFebruary..MarchAprilMayJune..July...AugustSeptember.OctoberNovember.December..

Total

7,7136,2686,1745,8785,5285,5345,6475,5494,8585,55S4,8126,582

1923

7,8846,8677,5186,2626,1285,7285,6775,3694,8196,2095,5718,057

70,101

1922

Quincy, 111.*

1924

6,2366,136 !4,8174,7624,6305,4594,9764,5324,9065,4428,737

10,4359,60811,48511,13611,10010,65610,4138,97910,69512/09210,65011,649

60,633 128, 898

1923

11,14310,14112,76612,28412,15311,37011,06410,8209,821

10,89810,58710,937

133,984

1922

8, 5787,467

10,1189,1539,2859,9138,9709,7949,469

10, 5949,774

11,705

114,820

Month

St. Louis, Mo. Springfield, Mo.*

1924

JanuaryFebruary..MarchAprilMay.June.July.AugustSeptember.OctoberNovember.December ~

Total

691,411607,887675,504646,886679,129680,262631,843617,326627, 575742,191645,762759,900

8,005, 676

1923

721,404577,095676,381659,106701,287719,208

601, 236604,826749,770655,099730,887

8, 033,198

1922 1924 1923 1922

556,884472, 239551, 507532, 988587,089611,137576,618552,303580, 682664,297582,460706,578

13,02111, 59314,38410, 7617,1988,91411,66111,15512,10413,34312,01113, 295

6, 974, 782 139,440

15,59512,29514,17113,78715,32515,22512, 59313,67814,12415,45515,13915,683

13,13911,10612,60512,28112,43713,73611,89212,40112,25012,75213, 64715,717

173,070 I 153,963

NOTE.—Centers which have not reported continuously for the 18 months ending^Dec. 1, 1924, are notincluded in the table.


DISTRICT NO. 9— MINNEAPOLIS



RESOURCES


Gold held exclusively against Federal reserve notes.Gold settlement fund with Federal Reserve Board _Gold and gold certificates held by bank

Total gold reserves.-. .._Reserves other than gold _

Total reservesNonreserve cash._ _ _..Bills discounted:

Secured by United States Government obligations..Other bills discounted

Total bills discounted___ _...Bills bought in open market _United States Government securities:

Bonds _Treasury notes _Certificates of indebtedness ._ _

Total United States Government securities-Foreign loans on goldAll other earning assets ..

Total earning assets,

5 per cent redemption fund—Federal reserve bank notes.Uncollected items. _ . .Bank premises.., _ ._ _AH other resources. _ _ _

Total resources _•

LIABILITIES

F ederal reserve notes in actual circulation.

Deposits:Member bank—reserve accountGovernment.Other deposits

Total deposits.

Deferred availability items.Capital paid inSurplus.All other liabilities ZIIZIZ

Total liabilities.

Dec. 31,1924

73, 528908

74,43619, 5695,867

99,8721,608

101,4801,027

2294,223

4,452

8,85613,1453,787

25, 788216

30,464 I

Dec. 31,1923

13,9422,9013,495

153, 309

71, 761

55,9671,636

422

58,025

11, 8833,2707,497

873

153, 309

Ratio of total reserves to deposit and Federal reserve note liabilifiesj& combined (per cent) „_. .Contingent liability on bills purchased for foreign correspondents. _.

78.21,537

54,5522,053

56,60523, 545

88,978955

89,933943

3,28915,368

18,657623

7,1222,749

165

10,036

29,316

14, 5072,1033, 526

140, 328

64,952

46,9042,416

497

49,817

13,4823,4987,4841,095

140, 328

78.4646

Dec. 31,1922

46,3723,423

49,79523,499

7,535

80,8291,190

82,0190)

2, 53919,377

21,916

4, 5238,049

499

13,071

39

35,026

19618,166

9421,809

138,1.58

58, 735

49, 310800916

51, 026

16, 5883,5357,473

138, 158

74.7929

1 Not shown separately prior to 1923.403



No. 2.—PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL RESERVE BANK,BY WEEKS


Date

1924Jan. 2

916 . .2330

Feb. 6132027

Mar. 5121926 '-_.

Apr. 29___.___

162330—

M a y 714.2128. .

June 4 .111825.

July 29 . . .

162330

Aug. 6132027

Sept. 3101724

Oct. l ._-__-8

152229

Nov. 5121926

Dec. 310172431

Daily average

Totalearn-ing

assets i

31,08733,14329,36830, 28327, 854

29, 91525,90028, 59929, 361

31,93630,30437, 34737,166

36, 55935,90638, 06141, 02138, 795

38,91741, 67841, 77739,38940,44341,29640,18940, 24739 42140,02140, 46541,08241,32942, 25041,18141, 40141, 20840, 79341,91642,08941,37539, 64239, 56938, 29137, 26337, 05335,00735, 54134,33233, 58632, 57529, 35030, 30930, 50530,46436,845

Bills discounted for jmember banks |

Total

Billsse-

curedby

U.S.Gov-ern-

mentobliga-tions

Otherbillsdis-

counted

Billsbought

inopen

market

UnitedStates

curities

19,82119,68516, 96417,31916, 213

17,43813,97115,41714, 771

15, 69013, 03915, 67012,824

13,69812, 54914,91317, 29013,691

14, 56916,89916,91716, 27415,84715,03614,26314, 31714,09814,44214,46814, 74615,33314, 44014, 01314, 05413, 88413, 56312, 74712,06311,1549,6088,5628,0877,5456,8685,8215,6305,4005,3134,6934,6074,5644,375{4,452

12,875'.

4, 740)4,4632,5862,4111,372

2, 773!912

1,3601,355

2,805662

3,280671

2,005834

2,8054,947845

1,2022,4222,0211,0981,040584482695717771692731911349343356376373323253303178114129!276117619193130126212293198

' 2022291

15,081115, 222:14, 37814, 90814, 841

14, 66513,05914, 05713, 416

12, 88512, 37712, 39012,153

11, 69311, 71512,10812,34312,846

13,36714 47714,89615,17614,80714,45213, 78113,62213,38113,67113, 77614,01514,42214,09113,670

13, 50813,19012,42411,81010,8519,4308,4487,9587,2696,6925,6305,5375,2705,0514,5714,5144,3664,1734,223

Totalcash

reserves

1,9172,1382,6502,891

3,0313,0593, 867J4,734

5,147

8^8028,087

7,0455,0084,0533,9813,731

3,3992,9201, 844i1,7321,4441, 305!1,5861,187

934l,069j

846|7151345|

213|158i129j2731908

1,6471,674

2,2542,7812,5022,070

1,4201,3141,09763536812416158

2,259

10,37711,54110, 26610, 3148,750

9,4468,8709,315

11,09911, 42712,87516, 255

15,81618, 34919,09519, 75021, 373

20,94921,85923,01621,38323,15224,95524, 34024, 74324,38924, 51025,15125, 62125, 65127, 52026,95527,18927,19526,95728, 26128, 37928, 54727, 78028, 22627, 69527, 64128,31827, 75928, 59027,83527,63827, 29824,40325, 51325,89925, 788

Mem-ber

banks'reserve

de-posits

86,01386,23387,02685,195

88, 06788, 85991, 30186, 726

91,13889,19783,43682, 793

85, 24683,18783,95079,11378, 712

85,36580, 82677, 24880,11082, 76676,34875, 56778,15777, 26080,43175,95475,48274, 53271, 66175,18173, 59273,29974,73175,42573, 56979, 79684, 20285,12893, 22493, 38090,99899,92996,637102, 340102,23498, 567106, 216103,96498,888101,480

21,692 85,936

48, 20249, 08145,09246,97244, 759

48, 70345, 58547, 37743, 808

50, 41447,17449,06348,142

49, 01646, 79049, 22048, 79545,165

47,44746,51544, 03845,17748, 44044,39945,53745, 38843,60947,32844, 55244,40446,00045,04748, 79146, 58746,97645,95847, 64746, 26850,13049,46951, 21357, 01255,96452, 25856,99456,11959,84958,36853,17958,86359,59953, 59155,96749,464

Totalde-

posits

52,42150, 59248, 22950, 37446,681

50, 49647,04748, 80744, 981

52, 11149,11250,41049,992

50, 91648, 87351,80251, 56248, 75049, 54948,15045, 63046, 74050,18545,98846, 27847,46145,04248, 83046, 39646, 56247, 91746, 68149,92447,86948,35847, 46549, 26947,19452, 71352, 75053,48260, 91258,14454, 26759,68357, 71861,68060, 51055,10660, 76960 , - ' "55, 26758,02551,425

Federalreservenotes

incircu- ilation 1

s ° r v e

64,816!63, 242!62,10362, 05361,920

63,19365,98967, 58167, 453

67,93667.14166,97266, 729

67, 25667, 29366, 61565,90465, 430

71, 26371,69470, 30469, 56269, 78269, 22268, 49967, 77368,49069,12967,48766, 50465, 37665, 02863, 73663, 97263, 50164, 23264,54664,82865,09766,49468, 66869,10769,83270,38972,27772, 42072,40871,82472, 66272, 51072.14273, 57471, 76167, 659

75.875.678.277.478.4

77.578.678.477.1

75.976.771.170.9

72.171.670.967.3

70.767.466.668.969.066.365.867.868.168.266.766.865.864.166.165.865.566.966.365.767.770.669.771.773.073.075.774.376.377.377.179.778.376.878.272.2

1 Includes other earning assets as follows:. Municipal warrants $7,000, Oct. 15 to Nov. 12. Foreign loanson gold $216,000, Dec. 3 to 31.


DISTRICT NO. 9 MINNEAPOLIS 405



Month


May _JuneJulyAugust . . .


Total: 192419231922


Total

18,38211,68611,87213,414

15, 2946,4926,7993,720

2,6052,4002,3255,365


Com-mercial


10,392 | 7,9477,285 I 4,3528, 661 3,1858, 642 4, 750

7,2331, 6551,871

857

621378624

3,465

8,0064,7914,8852,853

1,9291,9971,7011,899

100, 354290, 054193,014

51,684 | 48,295184,906 I 104,32086,029 j 106,812

Tradeaccept-ances

1869

173

Demandandsightdrafts

357759


Total

2,3053,092

. 2,7201,764

8281,519

466164

1,8841,092

15,8346,064


2,2692,9472,5831,685

1,519466164

1,8841,082

15, 3976,029

Dollarexchange

3614513779

30

10

43735

Month

JanuaryFebruary-MarchApril

MayJuneJuly....August.

September..OctoberNovember..December..

1924

Total: 1924.1923.1922.

Billsbought

fromotherFed-eral

reservebanks

3,006

3,006


Bondsand

notes

7,2064,0526,41110,105

10,72210,40111,3967,071

13, 2155,4988,795

101,16032,67342,372

Certif-icatesof in-debt-edness

3,402854

6,0241, 947

3,4007,9321,529

U.S.securi-

tiespur-

chasedfromotherFed-eral

reservebanks

306

2,602

"~"I63~

2,300

4,0647,942

7102,854

42,95857,92038,061

3,061

For-eignloans

ongold

Mu-nicipalwar-rantspur-

chased

216

216


1924

31,60119, 68430,03329,832

30, 24426,49720,19013, 255

14,84124,6568,533

17,230

266,596

1923

60,14518,05221,56325,109

37,93028,74229,452

33,16434,86725,81833,771 i

1922

26,08020,71225,89020,477

23,78529, 45916,17718,760

22,68520, 62614,86633,996

386,711| 273,513





Month


MayJune - -- -JulyAugust -.

SeptemberOctober _NovemberDecember

Total: 192419231922

Number of memberbanks at end of year:

192419231922

Number of memberbanks accommodated:

192419231922

Michi-gan1

206757580

80166

7081

135261

1,2292,4088,273

494949

131818

Wis-consin l

299162359199

2072378755

757999

221

2,0793,580

10, 261

565658

212529

Minne-sota

11,9988,0409,2339,633

10,6822,4313,4871,417

9451,2401,1653,824

64,095232,199

97,457

364375377

139161222

NorthDakota

1,4211,230

7971,513

1,4471,3951,4051,175

897413129208

12,03014,27620,768

174188188

106118145

SouthDakota

2,8561,029

6741,060

2,0461,4931,267

638

425531733696

13,44819, 59427,885

133147153

95105127

Mon-tana

1,6021,150

734929

832770553435

1935664

155

7,47317,99728, 370

130164189

102132165

Total

18,38211,68611,87213,414

15, 2946,4926,7993,720

2,6052,4002,3255,365

100,354290,054193,014

906979

1,014

476559706

Numberof

memberbanks indistrict

at end ofmonth

975969956950

945940930928

921915907906

Numberof

memberbanksaccom-

modatedduring

themonth

298217207236

268265254197

1239495

100

1 Figures relate only to that part of the State located in the Minneapolis district.


DISTRICT NO. 9—MINNEAPOLIS 407

No. 5.—EARNINGS AND EXPENSES OP FEDERAL RESERVE BANK

1924 1923 1922

Discounted billsPurchased bills __.United States securitiesDeficient reserve penalties.Miscellaneous

$578,44784,269

848,07040,17558,109

$1,088,89931,414

520,72491,94316,273

Total earnings.. 1,609,070 1,749,253


Bank officers __ _Clerical staff _Special officers and watchmenAllother ______ _

Governors' conferencesFederal reserve agents' conferencesFederal Advisory Council _ _Directors' meetings _Traveling expenses1 _Assessments for Federal Reserve Board expensesLegal fees _Insurance (other than on currency and security shipments) _Insurance on currency and security shipments. __Taxes on banking houseLight, heat, and powerRepairs and alterations, banking houseRen t . . . _Office and other suppliesPrinting and stationery _ _Telephone _TelegraphPostage _Expressage _ _Federal reserve currency:

Original cost, including shipping chargesCost of redemption, including shipping charges

Taxes on Federal reserve bank-note circulationAll other expenses.

121,350429,49325,57667,148

566246

1,0879,052

52,45421,86723,46329,60016,1751,5801,468

42643,39920,89138,0637,310

23,99874,68310,093

6,7961,738

36,645

Total current expenses.. 1,065,167



1,609,0701,065,167

Current net earnings. 543,903

Additions to current net earnings:Withdrawn from reserve for depreciation on United States bondsAllother . . .

143,46927,101

Total additions.. 170,570

Deductions from current net earnings:.Depreciation allowances on bank premisesReserve for depreciation—United States bonds..Reserve for probable losses _Furniture and equipmentAllother

310,862

48,93825,571

113,236460,12824,04135.756

60690

1,1959,50732, 64923,70414,14930,47411,4091,5931,836196

46,69923,86036.7576,98825,75790,3037,955

40,00510,622

32,622

1,082,137

1,749,2531,082,137

667,116

8,327

8,327

40,40553,856200,00023,32832,399

Total deductions ____

Net deductions from current net earnings i


Dividends paid _ _Transferred to surplus account __Franchise tax paid United States Government...

385,371 349,988

214,801 341,661

329,102 325,455

202,82812,628

113,646

$1,451,659

383,531128,087

5,971

1,969,248

107,977463,39022,28116,446

467267

1,14011,40721,4724,94511,59225, 7929,4971,578

9021,667

44,03821,95442,5157,090

21,69795,002

53,33416, 76514,26047,469

1,084,942

1,969,2481,084,942

884,306

41,231

41,231

14,91378,05824,64025,231

142,842

101,611

782,695

213,7742 4,469

2 564,452

1 Other than those connected with governors' and agents' conferences and meetings of the directors andof the Advisory Council.

2 After charging surplus and crediting franchise tax with $52,423 paid as an additional franchise tax for1921. Amounts transferred to surplus and paid as a franchise tax out of earnings for 1922 were $56,892 and$512,029, respectively.

36569—25t 27


408 ANNUAL REPORT OF THE FEDERAL* KESERVE BOABD

No. 6.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS OP FEDERALRESERVE BANK

1924 1923 1922


Bills discounted:ApplicationsNotes discounted «,

Bills purchased in open market for own account _.Currency received and counted..Coin received and counted _..Checks handled _ __.Collection items handled:



Transfers of funds _Envelopes received and dispatched. _

AMOUNTS HANDLED

Bills discounted _.Bills purchased in open market for own accountCurrency received and countedCoin received and countedChecked handledCollection items handled:



Transfers of funds .

5,66227,5271,294

31,575,0008,833,000

26,219,000

1,228,000368,000

247,00067,000

2,162,000

$100,354,00015,834,000

172,154,0002, 709,000

3, 652,895,000

10,478,000154,614,000

107,875,0002,405,908,000

7,87535,533

36532,174,0009,906,000

27,433,000

1,747,000340,000

2 5,072,00070,000

2, 775,000

$290,054,0006,064,000

179, 737,0002,203,000

3,383,365,000

10,974,000155, 783,000

203, 764, 0002,189,155,000

0)47,933

27,019,0009,397,000

25,148,000

2,435,000327,000

1,277,0003 28,000

0)

$193,014,000

156,734,0002,157,000

2,960, 234,000

11,296,000137,087,000

225, 517,0003 1,640, 524,000

1 Data not available.2 Large increase due to redemption of war-savings securities which matured January 1, 1923.8 Exclusive of transfers to the 5 per cent redemption fund of national banks.


[Figures include cash items only. Numbers in thousands; amounts in thousands of dollarsl

Month

1924JanuaryFebruary _March .April

MayT u n e . . . . . . . . . . . . . . . . .

August

SeptemberOctoberNovemberDecember.. .

Total: 19241923 . . . .

Items drawn onbanks in owndistrict

Number

1,9821,8422,0151,969

1,9401,9411,9391,786

1,9582,2692, 0552,311

24,00725,436

Amount

222,828202,579243,579244,263

242,480246,963254,314241,256

299,828363,474320,171323,861

3, 205, 5962,959,553

Items forwardedto other Federalreserve banksa n d t h e i rbranches

Number

1139399

109

99102\0795

93110104124

21, 2482 1,199

Amount

25,90323,52627,25927,743

26,68825,26726,32124,310

28,00032, 32028,84030,956

2 327,1332 314,674

Items drawn onTreasurer ofUnited States

Number

63697283

837269l i

88977479

937770

Amount

8,6748,7448,0957,916

8,7617,5247,4808,095

8,6099,8709,825

10,377

103,97093,684

Total i

Number

2,1582,0042,1862,161

2,1222,1152,1151,969

2,1392,4762,2332,514

26,19227,405

Amount

257,405234,849278,933279,922

277,929279,754288,115273,661

336,437405,664358,836365,194

3,636,6993,367,911

1 Exclusive of duplications on account of items handled by both parent bank and branch.2 Includes 60,000 items, aggregating $58,453,000, and 34,000 items, aggregating $24,829,000 forwarded

direct to drawee banks in other districts during 1924 and 1923, respectively.





Week ending—


916._2330

Feb. 6132027

Mar. 5 . . .12 _192 6 . . . . . _ .

Apr. 2 . .9

1 6 . . . .2330

May 7142128

June 41 1 . . . .1825

July 29

16____2330

Aug. 6132027

Sept. 310 .17.24. .

Oct. 18 _

1 5 . . . .2229

Nov. 5121926.. _.

Dec. 3 . . .10.1724 _3 1 . . . . _

Total: 1924...1923.. . .1922


8,43536,88136,06932,04630,963

31,49230,60635,49532, 755

36,85737, 26445,86540,381

36, 59236,01434,94538,11635,104

34, 24435.04339, 21933, 508

33,45547, 67349,69035, 223

45, 53231,26038, 63635, 79135,059

37,11633, 49140, 95833, 674

26,36342, 05040.04441,046

43,68646, 76247,48255,90155,498

42,17145,08849,63849, 946

43, 20946,40448,95644,12636, 613

2, 060,4351, 754,2601, 566,083

6,99634,20536,46533,31629, 747

32,90031, 68837,74428,253

40,70935,15940,47740,241

39,60032,93635,78933, 52235,103

41,15930,74835,97936,838

36,32841,42049,19237,866

45, 36034,75733,93835,36734, 355

34, 75837,04739,40933,491

28,22343,00938,74447,705

48, 68548,19255,97356, 77854,081

52,17242,17755,49050.017

39,60854,40246,78539,49338,963

2,083,3591,764, 5151, 587, 557

Net loss

1,4392,676

1,216

4,502

2,1055,388

140

3,078

4,5941

4,2953,240

6,253

172

424704

2,358

1,549183

1,300

1,417

3,601

2,1714,633

Net gain

3961,270

1,4081,0822,249

3,852

3,008

844

6,915

3,330

2,873

2,643

3,497

3,556

1,860959

6,659

4,9991,4308,491

877

10,001

5,85271

2,350

22,92410,25521,474







Investments

Loans and discounts

1924 1923


1924 1923

All other

I1924 1923

January . . .February.MarchApril.MayJuneJulyAugustSeptemberOctober.._NovemberDecember.

231,097235,533 i242,235230, 525223, 693226, 613220, 671226, 397241, 673267, 779272,110271, 914

247, 447246,447249,373249,412240, 097236, 407233, 441234, 776244,154249,354247, 575240, 379

54,56754, 56458,90254,10054,47956, 04354, 77455, 97556, 05663, 73170, 66870, 922

51, 73052, 50952, 77550, 84954,07255, 20553, 68652, 36355, 02253, 36652,67153,840

26, 54725, 44524,84924,94823, 58923, 35324,91726, 43027,16731, 20435,93137,163

30,80630,48631, 06430, 43429, 21929, 67129, 34929,13727, 62027, 38826,78128, 746


Net demand deposits

1924 1923

Time deposits Accommodation atFederal reserve banks

1924 1923 1924 1923

January . . .February.MarchAprilMayJuneJu ly . .August . . . .SeptemberOctober__.NovemberDecember.

196,866202, 587208, 427193, 595191,941193,400192, 261194,726214,785248, 618268, 035260, 896

214,403214, 735209, 647204, 427205,822194, 525192, 776192,170197,835208, 496206,104197, 019

83,95884, 05983, 98482, 23083,08285, 00988, 53689,90790,90595, 47797, 057101, 614

84,38982, 64183, 65385,31284,24983,95785,53187,12984, 45282,68583,80285, 309

2,040lr9501,122872

2,9821,0641,55444929356314050

2,6681,3605,9078,24211,22512,33210, 4539,64813,82812, 5367,7769,631

NOTE.—Figures are for about 25 banks in Minneapolis, Helena, Duluth, Fargo, Great Falls, La Crosse,St. Paul, and Sioux Falls, which submit weekly reports to the Federal reserve bank.



Month

JanuaryFebruary..MarchAprilMayJuneJulyAugustSeptember .OctoberNovember.December-

Total


1924

565, 332523,317584, 754552, 910596,115613, 515634,515596, 031773, 680

1, 059, 292891,171849, 622

1923

647, 312510,811600, 805596,914634, 217652, 341593, 964598, 206635, 309700,333664,498660, 760

8, 240, 254 7,495,470

499, 020455, 305556, 282512,419546, 252569, 323554, 605580, 550654,491698,732633,665710, 631

6,971,275

Aberdeen, S. Dak.

1924

5,4554,5355,0055,2425,3615,2235,8736,0687,5518,1026,9087,195

72, 518

1923

5,3453,8245,0655,0515,4905,9385,6536,0906,0496,5865,9026,258

67,251

1922

5,0813,9024,8225,1965,4166,0005,7826,0316,2865,9195,3406,471

66,246

* Figures for cities marked with an asterisk (*) are not included in the district summary or in the nationalsummary of 141 centers.





Month

Billings, Mont.

1923 1922

Dickinson, N. Dak.*

1924 1923

JanuaryFebruary. _MarchApril.MayJuneJuly. _.AugustSeptember.OctoberNovember.December..

Total

6,8906,7985,4345,6746,3856,8886,5656,3087,427

liO, 3528, 7328,497

8,8106,5938,5257,9968,3827,7418,2447,8797,5389,0208,1468,495

7,1065,5926,3816,3566, 5767,4197,3537,3037,0828,4189,02810, 607

1,2851,1031,1611,1611,1721,0361,4571,1701,4632,3502, 5852,223

1,5821,0801,4301,3711,559M921, 4121,3051,3931,6681, 7831, 680

85, 950 97, 369 19, 221 18,166 17, 455

7581,1531,3051,0511,0021, 2221,330-1,2741,6451,6,681,793

14, 201

Month

Duluth, Minn. Fargo, N . Dak.

1924 1923 1922 1924 1923 1922

JanuaryFebruary__MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..

Total

52.94754', 05157, 84254,69265, 22882.30485, 73378,706142,975259, 097208, 521128,354

67,13053, 62761,80169, 77284,17993, 73977,71570,65487/96290,44194,11569,984

46,41242,49058, 38651,48769,08377, 27665,44577,927105,005105,44996,42389,197

10, 7269,387

11, 23711,75510,87610,40010, 65610, 72712,14814,95113, 57512,872

11,6978,41511, 72912, 00913, 04513,38211,71312,10912, 39215, 05613,19813,109

1, 270, 450 921,119 884, 580 139, 310 147,854

9,0307,4339,74510,28411, 24711,31611,67612, 79113,49314, 28012,02111, 597

134,913

Month

Grand Forks, N. Dak. Helena, Mont.

1924

JanuaryFebruary . .MarchAprilMayJ u n e . .JulyAugustSeptember .OctoberNovember.December..

Total

5,8615,6816,0075,6485,4375,7465, 7305, 5237,845

10,45110,4259,460

83, 814

1923

7,8505, 5637,9637,9367,7587,7687,2297,3058,29310, 5158,9167,690

94,78

1922 1924 1923

5,4814,4535,8276,2756,1745,6995,4396,3187,781

10, 6228,3878,555

8,8918,7318,807 '8,1498,2618,65010, 2139,21610,49611, 88210, 32310,485

81,011 114,104

11,31810,1759,3697,7188,9769,0879,1739,7878,00810. 3239,4899,957

113,380 |

]P22

10, 6608,5688,4158,5718,8709,0949,6399,4479,33610, 97911,07013, 698

118,347




[In thousands of dollars ]

MonthJamestown, N. Dak.*

1924 1923 1922

La Crosse, Wis.*

1924 1923 1922

JanuaryFebrua ry . .MarchAprilMay.JuneJulyAugustSeptember.OctoberNovember.December..

Total

1,8861,8301,7002,4081,8461, 7462,0101,8412, 0202,786 I2,3192,581

24,973

2,4421,5661,8622,3522,1101,9961,9922,1792,2112,5152,3672,137

1,3851,5811,8931,8011,9251,8691,9812,1442,3422,1552,451

10,1949,16310,4039,7439,8919,716

10,6229,5769,941

10,4349,043

10,382

12, 61010, 05512, 39911,60613, 53013, 41412,96112,1389,87110, 02710, 08910,409

25,729 21, 527 119,108 139,109

Month

Minneapolis, Minn. Minot, N. Dak/

1924 1923 1922 1924 1923 1922

JanuaryFebruary- _MarchAprilMayJune..JulyAugustSeptember,OctoberNovember _December..

Total

306,897280, 623315,675296, 209319,349317, 005336, 788322,496424, 818552, 809467, 080468,262

348, 571261,922306,702311, 353326,414317,838296,945300, 538336,186377, 697348,131352,648

263, 320250,487299,324275, 383286,922280,435276, 775292, 781336, 043356, 016321, 796369, 553

3,4833,4503,8594,0464,1104,0884,4954,7075,8638,9057,1966,314

4,8213,0883,9123,9784,1873,8684,8424,5214,3495,1784,6624,035

2,5493,5873,6853,3303,3293,6873,9394,7476,3234,9425,233

4,408, 011 3, 884,945 3, 608, 835 60, 516 51,441 45,351

Month

Red Wing, Minn." St. Paul, Minn.

1924 1923 1922 1924 1923 1922

JanuaryFebruary...MarchAprilMayJune.JulyAugustSeptember-OctoberNovember.December. .

Total

2,0721,8612,0912,0812,3392,3502,3222,0102,3162,8612,6612,660

2,2411,6501,9092,1372,2452,4761,9742,1202,1852,5482,2422,717

1,6892,0161,9251,9152,4332,0821,9502,0292,3022,2672,639

159,878146,131167,406157, 786167, 668169, 501165,646149,630153, 035181,950158,450196,810

179,114153, 677181, 252167, 046172,401189,128169, 326174,387160, 408171,910168, 642184, 368

145, 548126,443155,934142,235145, 052164,894165,484160,208161,486178, 534162, 266192,597

27, 624 | 26,444 23, 247 1,973, 891 2, 071, 659 1,900, 681


DISTRICT NO. 9—MINNEAPOLIS 413



Month

Sioux Falls, S. Dak.*

1924 1923 1922

Superior, Wis.

1924 1923 1922

Winona, Minn.*

1924 1923 1922

JanuaryFebruary...MarchAprilMayJuneJulyAugustSeptember..OctoberNovember..December. .

Total.

14,93210,10412,26712,28512,65312,67715,46313,82313,16616,47613, 74413,895

17,80313, 52818,64215, 22315,19616,47414,25514,96214, 69315,99116,16517, 353

16, 56111,75014,17913,15714,34213, 84315, 51514,22313, 74815,20214, 37516, 911

7,7877,3807,3417,7557,5507,7987,3117,3577,3859,6987,1577,687

7,4777,0158,3998,0337,5727,7207,9669,4578,4738,7857,9598,251

6,3825,9377,4486,6326,9127,1907,0127,7447,9798,5157,3348,356

4,7254,0064,4314r1574,7234,5154,3704,0854,8254,9815,1456,901

9,1274,4534,7144,5294,7495,2185,2484,2764,4834,9595,0805,112

161,485 190, 285 173, 806 92,206 97,107 87,441 56,864 61,948

4,1053,2634,270

4,0535,1844,6433,7974,476

4,5465,592

52,710

NOTE.—Centers which have not reported continuously for the 18 months ending Dec. 31, 1924, are notIncluded in the table.


DISTRICT NO. 10-KANSAS CITY



EESOURCES


Gold held exclusively against Federal reserve notesGold settlement fund with Federal Reserve BoardGold and gold certificates held by bank _

Total gold reserves . .Reserves other than gold

Total reservesNonreserve cash _

Bills discounted:Secured by United States Government obligationsOther bills discounted _ _

Total bills discounted .Bills bought in open market

United States Government securities:Bonds. _ __ .Treasury notesCertificates of indebtedness . . _.

Total United States Government securitiesForeign loans on goldAll other earning assets

Total earning assets _ _

5 per cent redemption fund—Federal reserve bank notes _Uncollected itemsBank premises _ _ "_ _ ...All other resources _

Total resources _

LIABILITIES

Federal reserve notes in actual circulationFederal reserve bank notes in circulation—net

Deposits:Member bank—reserve accountGovernment _Other deposits -

Total deposits

Deferred availability items . . . . .Capital paid in . .SurplusAll other liabilities _ _

Total liabilities

Ratio of total reserves to deposit and Federal reserve note liabilitiescombined (per cent) _- .


Dec. 31,1924

63, 4752,626

66,10140,9202,898

109,9193,964

113,8832,722

7274,249

4,97615, 661

8,91118,1826,288

33, 381276500

54, 794

42, 9753,968

733

219, 075

72, 836

92, 6922,291

614

95, 597

36, 9164,3388,977

411

219,075

67.61,963

Dec. 31,1923

41, 9203,390

45,31047, 0543,142

95, 5063,241

98, 7473,044

11, 20330, 664

41,867545

6,3327,572

514

14,418

56,830

34, 3464,595

570

198,132

67,165

74,9232,138

749

77, 810

38, 4934, 556'9,496

612

198,132

68.1817

Dec. 31,1922

55, 0312,354

57, 38530, 7682, 682

90, 8353,902

94, 7370)

7,35219,192

26, 544402

4,09123,468-11,630

39,189

66,] 35

20047.968.4,695

665

214,400

69, 8872, 066

82, 7821,2833,286

87,351

40, 5754,6239,488

410

214,400

60.31,651


414


DISTRICT NO. 10—KANSAS CITY 415



DateTotal

earningassets*


TotalOtherbillsdis-

counted


UnitedStatessecuri-

ties

Totalcash

reserves

Mem-ber

banks'reservedeposits

Totaldeposits

Fe( eralrese *venote.1 in

circ i-lati( n


1924Jan. 2__.

23 _

Feb. 6_.13_20_27 _

Mar. 5_12_19.26 _

Apr . 2-9

23 _30 _

May 7 .14 _21 _28_

June 4_11-18-25-

July

23 _30 -

Aug . 6.13 _20 _27_

Sept. 3_10-.17..24..

Oct. 1-8..

15-22_29_

Nov. 5_12_19.26 _

Dec . 3_10_17_24 _

59,91959,62750,89350,24'44,881

42, 58645,46945,38846,639

48,17948,71648,89843, 661

44,05648,04149,44249, 67849, 573

48,46347, 60445, 30246,163

50,87451,29654, 23149,815

46,11347,12746,26145, 52943,685

45,24544,80544,01343,683

43, 60346,21148,80247, 578

46,93548, 52748,83949, 71050, 976

51,89653,16154,14454,183

56,12652,32152,86655,81754,794

44,51248,61939,65338,40136,197

33,25933,43627,89427,459

26,97125,89924,09420,900

21,10623,64925, 70925, 59125,394

24,97424,66823, 72424,405

25,85125, 23724, 71119,992

17, 65517,74416,29416,24014, 649

13, 57612,61812,01511,436

10,93910,66010,1999,615

8,1587,7637,5517,409

6,6376,9986,4716,542

5,9945,5085,5515,5044,976

919

30,06230,30929,51828,77528.322

26,20825,330i23,41323, 851

23,747|22.32320,86818,422!

18,84620, 58822,45422, 65522, 6171

22,408|22,22921, 53222,365|

23,81423,49922,69118, 261

I

15,83515,927!15, 219115, 236|13, 698

12,71812,00611,43610,7821

10,2489,9149,6198,990

7,6687 , • "

6,8676,4906,160

5,9455,7965,4804,979

4,9024,7234,4724,6234,249

54510108575

5753,2798,1549,326

10,52710,9339,1248,449

8,3317,1355,8565,6574,887

4,1043,0931,6991,461

1,1011,2402,T2,036

1,6771,7201,5581,4521,186

436243130

5342,1383,6763,626

4,4275,6055,8536,8308,532

9,27210,15011, 58911, 542

13, 73413, 95613, 79716,16515,661

14,86210, 99811,23011, 7618,609

8,7528,7549,3409,854

10,11,88415,68014,312

14,61917,25717,87718,43019,292

19,38519,84319,87920,297

23,92224,81927,15127, 787

26, 78127, 66328,40927,83727,850

30, 70731, 75131, 75532,11

32,13033,41334,927

34,35035,15935,18535,22135,226

35,73735,76335,83435,849

35, 62232,08132, 74233,37233,381

95,856

99,152104,876

107,976103, 994102,146104,804

101,36597, 975101,189105, 760

108,426107,43197,95493,73394,327

97,69899,71798,908101,830

95,34391,19890,08389,100

104, 766

95,494103,341104, 645

104, 735105, 799105,419104,373

102,027102,411100, 579103,093

104,815103,986104,112105,048109,941

106,030103, 502110,997110,200

108,988110,606109, 691104, 659113,883

72,62077,67873,87876,10777,140

75, 61075,87873, 62078,500

77,00473,40176, 76675,196

75,23674,07973,92171,18071,142

75, 21176,82072,21875,949

76,93773,96377,97572,850

84,45277,80774,09674,62975, 647

77, 54180,81478.34676,326

75,30979, 56081.34780, 923

79,67080, 75280,43'81,60586,258

88,19186, 659

87,976

88,08584, 77987,10889,37392,692

77,34'80,15978,17280,30:80,311

78,89678, 58376,29381,206

78,81776,03978, 26"78,038

82,10577,72677,85672,91"73,359

77,35979,32374,55078,718

79, 68576,33779, 11175,001

86,39479, 33376,45081,49483,313

83,54285, 71984,47281, 754

78, 62582, 67983,35283,944

83,13483, 60884,63084,26889,152

91,44388,47790,80090,143

90,39087,69689,09891,28695, 597

67,06£65,2K63,9r63,33,62,752

64,61364,62664,49964,082

65,19964,43464,40863,872

63,81264, 52564,45363,88063,386

63,60462,77263,29863,096

63,81863,87963,43262,48'

64,47'64,02764, 20263, 59462,782

63, 50463,67064,26"64,34C

64,67964,74464,99064,782

65,59367, 51867, 92269,13168,500

71,00971,95872,10771,847

72, 59172,77273,18574*68172,836

66.464.470.369.073.3

75.272.672.672.1

70.469.770.974.5

74.375.568.868.569.0

69.370.271.871.8

66.465.063.264.8

69.467.667.971.271.6

71.270.870.971.4

71.269.567.869.3

70.568.868.268.569.7

65.364.568.168.0

66.968.967.663.167.6

Daily average 49,042 19,252 5,184 24,512 102,799 79,537 82,790 65,879 69.1

1 Includes other earning assets as follows: Federal intermediate credit bank debentures $250,000 Oct. 15to Nov. 26; $500,000 Dec. 3 to 31; foreign loans on gold $276,000 Dec. 3 to 31.


416 ANNUAL REPORT OF THE FEDERAL RESERVE (BOARD



Month

JanuaryFebruaryMarchApril. . .

MayJuneJulyAugust .


Total: 1924...1923.. .1922...

Month

1924JanuaryFebruaryMarch -April

MayJuneJulyAugust .-_ . .

September..October"MovATnbp.rDecember . -

Total: 1924..1923..1922..


Total

59,22234, 60436,85026, 466

19, 09913, 3979,2004,203

4,3375,6374,9319,798

227, 744901,126328,019

Billsbought

fromother

Federalreservebanks

3,005

3,0052,002

Securedby U.S.Govern-

mentobliga-tions

46,09125,37623,55710, 629

7,3474,4252,7611,471

1,7962,8443,0527,863

137, 212733, 645206, 307

Com-mercial

andagricul-

turalpaper,n.e. s.

12,7809,125

13, 28615,824

11, 7438,9616,2922,701

2,5382,7931,8791,935

89,857166, 266121, 624


Bondsand

notes

2,4121,2342,4982,433

1,7136,3454,7732,332

1,495935887

8,866

35,92326, 65240,848

Certifi-cates

ofindebt-edness

788173

12,320250

6433,418

682499

2,901943471

2,426

25,51478,80643,824


75

U . S .securi-

tiespur-

chasedfromother

Federalreservebanks

386

2,602

1,289

4,2772,400

450

Tradeaccept-ances

24117

5

26346788

Federalinter-

mediatecreditbank

deben-turespur-

chased

250

250

500


1108678

911

14731

3

412673

Foreignloans

ongold

276

276

Muni-cipalwar-rantspur-

chased

"""266"


Total

757,4123,1811,991

1,0752,305

811402

3,9159,0449,838

10,576

50, 6252,0161,849


756,8373,0561,936

1,0752,305

781402

3,9158,7699,706

10,446

49, 3032,0161,849

Dollarexchange

57512555

30

275132130

1,322


1924

62,88346,42854,84933,742

22,53026,75415,4667,436

12,64816,80916,12732,192

347,864

1923

111,38334,13153, 67654,442

78,72695,82183,04561,011

77, 280117, 264124,042122, 447

I,~6l3,~268"

1922

46, 25448,22545,55827,361

18,77032,61914, 6419,550

20,28632,61837,44381,665

414,990


DISTRICT NO. 10 KANSAS CITY 417



Month Mis-souri 1

Wyo-ming

Ne-braska

Colo-rado Kansas Okla-

homa iNewMex-ico i

Total

Num-ber ofmem-

berbanksin dis-trict atend ofmonth

Num-ber ofmem-

berbanksaccom-

mo-datedduring

themonth


May. _.June . .JulyAugust

SeptemberOctober _.. .NovemberDecember

Total: 19241923....1922.—

Number of memberbanks at end ofyear:1924 __..19231922

Number of memberbanks accommo-dated:1924 _19231922..

30, 65412, 76218, 7407,302

5,2723,0472,3862871415179140

192660720655

363578685194

105249147

13,218 6,8849,179 5, 5278,541 i 2,3836,680 2,971

3,2481,970664437

8381,4142,5001,616

80,861497,40478, 528

4,6375,0928,955

50,305173,40785,134

187194

133149146

2,0811,6831,155625

1,0882,4141,4277,207

3,1412,2452,3363,891

3,4502,2641,647353

386548348385

35,445139, 37777, 258

144146148

20, 99432, 92630,200

265278274

118128138

5,0383,7434,0934,850

4,4553,7342,5712,160

1,741948423324

34, 08051,45244,392

390415412

197216267

9548837117

23012192147

3813737

59,22234,60436,85026,466

19,09913,3979,2004,203

4,3375,6374,931

1,1371,1331,1261,115

1,1051,1031,0971,094

1,0901,0891,0881,086

1,4221,4683,552

227, 744901,126328,019

12 1,C1,1461,152

586653733

349.321307347

334321262168

162146108113

i Figures in this column relate only to that part of the State located in the Kansas City district.




1924 1923 1922

Discounted billsPurchased bills _.United States securitiesDeficient reserve penalties.Miscellaneous

$859,534158, 580947, 92936, 380

260,487

$1,793,86129,361

971,27137, 374

162,052

Total earnings.. 2, 262, 910 2, 993,919


Bank officersClerical staffSpecial officers and watchmenAllother

Governors' conferencesFederal reserve agents' conferencesFederal Advisory CouncilDirectors' meetingsTraveling expenses l

Assessments for Federal Reserve Board expenses .

Insurance (other than on currency and security shipments).Insurance on currency and security shipmentsTaxes on banking houseLight, heat and powerRepairs and alterations, banking houseRent.Office and other suppliesPrinting and stationery "TelephoneTelegraphPostage ".ExpressageFederal reserve currency:



Total current expenses.

PROFIT AND LOSS ACCOUNTEarnings 2,262,910Current expenses I 1,866,087

161,144743,28675,182153, 548

613267442

26, 27614,47327,9729,34836, 65517, 39473,66242,09369, 30022,98626, 30534, 8677,760

67, 709140, 9759,531

161, 747821, 31076, 369

148, 210589261707

25, 85014,99930, 2966,04036,20217, 05776, 59444, 28855,00724,14337,49045, 2167,85071, 530142, 0839,468

43, 5968,642

52,060

9,07511, 7493,540

50, 449

1,866,087 1,928,119

2,993,9191, 928,119

Current net earnings-

Additions to current net earnings:Withdrawn from reserve for depreciation on United States bondsAllother

Total additions

Deductions from current net earnings:Depreciation allowances on bank premisesReserve for probable lossesReserve for depreciation on United States bonds..Furniture and equipment _ _Allother

396,823 1,065,800

16818, 019

18,187

628,468

Total deductions



Dividends paidTransferred to surplus accountFranchise tax paid United States Government ~.J__~_~~~~~~Deficit in earnings after payment of dividends, charged to surplus

account

36,4083,316

4,547

4,547

393, 983128,08612,17860, 379

128,010

2 253,182

265, 697

518,879

347, 711

275,3137,240

65,158

$1,492,6578,828

1,408, 73847,215

137, 222

3,094,660

161,530957,88362,918

107, 316512250460

25,60417,94132,2306,911

31, 74516, 70515, 49528, 25325, 88318, 78632,40845,3009,127

73, 831

156,451

64, 99028,07737, 71352, 501

2,010,820

3,094,6602,010,820

1,083,840

38,49963,460

101,959

337, 810

60,1284,825

668,192

650,005

722, 636

718,089

402, 763

300,804

783,036

275,6553 -157,432

3 664, 813


2 Deficit in earnings before payment of dividends.3 After charging surplus and crediting franchise tax with $208,170 paid as an additional franchise tax for

1921. Amounts transferred to surplus and paid as a franchise tax out of earnings far 1922 were $50,738 and$456,643, respectively.




1923 1922


Bills discounted:Applications _Notes discounted

Bills purchased in open market for own accountCurrency received and counted..Coin received and countedChecks handledCollection items handled:


United • States securities—issues, redemptions, andexchanges by fiscal agency department


AMOUNTS HANDLED

Bills discountedBills purchased in open market for own accountCurrency received and countedCoin received and countedChecks handledCollection items handled:



Transfers of funds

8,40455, 574

3, 57448, 618,00063, 203,00061,976,000

2,141,000281,000

894, 000119,000

4, 028, 000

$227, 744,00050, 625,000

243, 905,00010,800,000

9, 786,001,000

18,060,000230,103,000

161, 889,0004,358,822,000

11,84167, 667

15048, 265,00066,188,00058, 566,000

2, 863,000238,000

2 9,032,000113,000

4,173,000

$901,126,0002,016,000

256, 300,00010, 257,000

8,817,168,000

20,684,000193,652,000

317,045,0003,189,812,000

0)70,249

5441,488, 00071,080,00054, 520,000

3,360,000215,000

819,000113,000

0)

$328,019,0001,849,000

288,221,00011,010,000

8,290,019,000

20,362,000166, 830,000

530, 649,0003, 753,239,000

1 Data not available.2 Large increase due to redemption of war-savings securities which matured Jan. 1, 1923.



Month

Number

1924JanuaryFebruaryMarch _.April

MayJuneJulyAugust

SeptemberOctoberNovember.December.

Total: 19241923


district

I Items forwardedto other Federal

| reserve banks andI their branches

4,2264,0944,4704,416

4,4484,4114,5904,553

4,8225,3674,8405,474

55, 71150,809

Amount !Number Amount

601,066546,175671,90S632,283

655,696657,337711,102696, 745

766, 527887,915791,327829,464

257238245239

232244254

245271229276

8,447,545 j7,460,858

2,9694,068

Number Amount

55,43546,13754,14053.497

44, 59850.49850, 59447, 508

58,32067, 64469, 21869,074


133128175223

173145137153

215242170149

666,663721, 760

2 2,0432 2,007

17,83216,87220,29021,981

18, 72023,80023,93617, 772

24,85924,93122, 20025,384

258, 577227, 705

Total *

Number Amount

T4,6164,4604,8904,878

4,8534,8004,9814,945

5,2825,8805,2395,899

60, 72356,884

674,333609,184746,338707,761

719, 014731,635785,632762,025

849, 706980,490882, 745923,922

9,372, 7858,410,321

1 Exclusive of duplications on account of items being handled by both parent bank and branch.2 Includes 5,000 items aggregating $3,132,000, and 12,000 items aggregating $4,024,000, forwarded direct

to drawee banks in other districts during 1924 and 1923, respectively.





Week ending—

1924Jan. 2 (one day)..

9_16..2330

Feb. 6_.13._20._27..

Mar. 5. .12..19..26..

Apr. 2. .9..

16..23..30..

May 7..14..21..28..

June 4_.11..18..25..

July 2_.9..

16..23..30..

Aug. 6_.13..20..27..

Sept. 3_.10..17..24..

Oct. 1.8..

15..22..29..

Nov. 5..12..19.26.

Dec. 3.10.17.24.31.

Total: 1924.1923.1922.

Payments toother Fed-eral reserve

banks

19,11482,12379,09181,82780,874

75,69190,01986,11668,882

82,92587, 27696, 27190,642

75,44769,28498,30987,80087,689

79,55481,34683,09877,671

74, 27081, 79094,08990,229

91, 59982,52891,05687,15884,672

88,15192,27892,05293,487

77,77599,690

101,69290,350

90,70698,871

102,675113,13998,702

98,71799,944

116,639114, 732

93,386100,070108,933107,36987,359

4, 705,1574,367,5764,063,822

Receipts fromother Fed-eral reserve

banks

15,99379,13383,92880,99786,911

78f30585,15584,72571,413

79, 38482,26899, 92795, 823

78,66268,68089,24683,49286, 524

83,07683,48382,49479, 212

69,08776,97992,65885, 799

106,00174,09689,96892,20586, 568

89,58591,37690, 75392,264

76,54297,853

100,31892,860

91,80697, 77499,249

114,917103,402

95,90197,686

124,886112,449

93,154102,368109,005103,29296,078

4, 705, 7104,329,3274,052, 655

Net loss

3,1212,990

830

4,8641,391

3,5415,008

6049,0634,3081,165

604

5,1834,8111,4314,430

8,4321,088

9021,2991,223

1,2331,8371,374

1,0973,426

2,8162,258

2,283

232

4,077

38,24911,167

Net gain

4,837

6,037

2,614

2,531

3,6565,181

3,215

3,5222,137

1,541

14,402

5,0471,896

1,434

2,510

1,100

1,7784,700

8,247

2,29872

8,719

553

Net loss in ownership of gold since establishment of fund in 1915, $15,143,000.


DISTRICT NO. 10—KANSAS CITY 421

No. 9.—REPORTING MEMBER BANKS IN LEADING CITIES; PRINCIPAL RESOURCESAND LIABILITIES



1924 1923

Investments


1924 1923

All other

1924 1923

January...February..MarchAprilMayJuneJulyAugustSeptemberOctober...November.December.

419,486414,488415, 597412, 780410,151403, 511402, 361402, 638406, 776417,924422, 364436,365

443,779453,053449, 786446, 504446,890449, 060446, 599442,912443,296444,923433,542428,175

75,05370,94769,99868, 56569,10767,29971,87274, 61181,138

87,28882,041

91,09388,27091,88993,67493,62092,06192,36291,33389,27486,19282,43680,164

55,63855,21754,47355, 51957,37757,300'58,38859,90565,20867,80271, 65772,945

59,01357,76558,72557,60660,33558,91959,58759,93461,96261,25158,16159,413




1924

January . . .February..MarchA p r i l . . . . .MayJuneJulyAugustSeptemberOctober. _jNovember.December.

397,178404,223408,461395,853398,776402, 591414,930423,073442,886465, 736473,927483,386

1923 1924

460,828469,637460, 539443,341431,957427, 529433, 675436,266425,867407,442394,263396,110

130,472131,135131,363

133,932135, 571135,054135, 526135,756134,401135,428133,412

1923 1924

124,775122,652125, 587126,767131,807132,421133, 514134,526134,702134,159133,824132,672

19, 73811, 7536,19110, 6669,2514,7721,277931764452627102

1923

4,0665,69011,64919,61632,27933,66028,76824,97332,21240,88641,77233,199

NOTE.—Figures are for about 71 banks in Kansas City, Mo., Denver, Oklahoma City, Omaha, KansasCity, Kans., Lincoln, Muskogee, Pueblo, St. Joseph, Topeka, Tulsa, and Wichita, which submit weeklyreports to the Federal reserve bank.

No, 10—DEBITS TO INDIVIDUAL ACCOUNTS


Month

JanuaryFebruaryMarchAprilMayJuneJuly -_AugustSeptemberOctoberNovember .December

Total.

Tota l for 14 centers !

1924

1,003,759937, 931

1,020,873,1,012,8901,000, 236

963,4961,070,9841,083,9181,097,1731, 216,8071,062,8901,189,358

12,660,315

1923

1, 202, 253996,426

1,199, 4811,130, 0151,142,1721,155,8791,081,9431,106,1541,069,4971,159, 7411,053,1471,082,885

13,379, 593

1922

950,759872, 689

1,012, 278956, 757

1,026,8491,081,8131, 041, 7781,056,4491, 058,4931,155, 0941,050,8961,181, 287

12, 445,142

Atchison, Kans.*

1924

5,9375,6296,1555,8315,6185,6166,7207,0526,2036,421

. 6,0546,806

74, 042

1923

6,8235,6576,0906,2086,3386,2435,8635,9135,5096,3846,3536,094

73,475

1922

4,8094,6335,6975,0795,3074,9875, 2145,6495,4116,0875,8106,610

65,293






MonthBartlesville, Okla.

1924 1923 1922

Casper, Wye.*2

1924 1923 1922

JanuaryFebruary . _MarchAprilMayJuneJulyAugustSeptember.OctoberNovember-December..

Total

9,62312, 45710, 20312,37214, 54614, 56515, 58214, 39510, 69911,72015,480

17, 20310,48613, 74815, 22913,11711, 89211,4129,0908,4229,2478,38910,059

8,0029,78710,19710,64812,00210,88710,1439,48610,1869,30912, 724

14,37611, 79311,84012,04013, 75213,26914,96012, 55014,15018,47116,02714, 583

15,90613, 67716,18216, 66117,61020, 34920,19520,38716,17116, 53814,95114, 052

9,78012,33211,07212,47a14,46113,206-14,02613,95216,02&14,24516,808.

150,623 138, 294 122,459 167,811 202, 679 148,383,

MonthCheyenne, Wyo.* Colorado Springs, Colo.

1924 1923 1922 1924 1923 1922

JanuaryFebruary._MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..

Total

10, 6338,5519,4818,9018,5189,1377,8928,6838,5189, 9659, 2239,076

13,933 |10.976 I8i8939,752 I9,504

10,012 I8,424 !

11,2509,265

12,36812,06311,334

108, 578 127,774

12, 79811,0548,2476,8176,9587,8178,9188,46210,86215, 34712,72113,076

12, 50412,16213, 20612,13511, 77711,70813, 05113, 74913,18413,85912,94514,397

11, 69610, 79714,03312, 20712,85913,02211,68713,45212,25212,14512,15913,637

11,4079,288

10,995<10, 54611,07912, 59712,02213,34712, 658-11,88110,663-12,698.

123,077 154, 677 149,946 139,181

Month

Denver, Colo. Enid, Okla.*

1924 1923 1922 1924 1923 1922

JanuaryFebruary. _MarchApril _MayJuneJuly..AugustSeptember.OctoberNovember..December..

Total

159,961146,341176, 780168, 635154,249153, 272162,820165, 612165,938183, 552160,478179,857

1,977,495

169,737140,669169,830158,398166, 013166,127152, 532163,029166, 607175, 004159,668163,194

145,063123, 969147, 539133,143145, 505148,609149,814147,947156,454181, 510151,881166, 625

9,8198,8579,47110, 72210,34410, 53117,16515,83713, 72814,30512, 74213, 286

13,27311,84913, 79213,06612,85412, 40017,19715,18010, 63910, 54710, 30810,428

11, 78913,77613,87712, 28011,86310,60912,838

1,950,808 146,807 151,533 87,032"

2 Figures for 1923 include debits to acco unts of banks.





Month

Fremont, Nebr.*

1924 1923 1922

Grand Junction, Colo.*

1924 1923 1922

JanuaryFebruary.. .MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..

Total

3,2772,9013,4463,5113,5263,2693,4503,1883,3213,7302,9572,886

3,8563,9085,3573,9193,6253,8563,3603,2553,3463,6962,9263,082

3,3803, 3243,6673,2062,8643,2173,2313,1193,813

2,5942,3022,8912,6352,8212,7492,7202,9533,6454,2113,5903,715

2,7622,1843,0392,6612,9583,2522,5182,8122,9993,4333,4573,359

2,1502,7612,6322,7862,7112,3222,5082,8933,0622,7643,179

39, 462 44,186 29, 821 36, 826 35,434 29,768

Month

Guthrie, Okla.< Hutchinson, Kans.*

1924 1923 1922 1924 1923 1922

JanuaryFebruary...MarchAprilMayJune _.JulyAugustSeptember.OctoberNovember.December..

Total.

3,4613,0163,0292,6633,1902,8733,1452,4562,7854,2003,4973,679

3,7242,9263,7483,1693,3993,1173,0923,0462,934

3,5424,310

2,1862,3432,1942,1962,5002,3182,4252,5063,8333,5714,220

10,0859,2358,2346,703

17,68918, 55718,88214,84516,068

14,64611, 66911,98711, 58410,85211,05713, 34512,97510,05611,45110,08710, 536

13,32211,40110, 62711,09412,34714,96214,60113, 53812,84011,31416,246

37,994 40,405 30, 292 120,298 140,245 142,292

Month

Independence, Kans.* Joplin, Mo.

1924 1923 1922 1924 1923 1922


Total

7,7727,7218,7978,3348,8048,9509,3616,9758,3307,7518,0449,115

10, 2947,79612,06410,43511,02612, 98710,9658,5737,6948,7408,8728,500

8,1749,1009,8628,9609,6098,3199,3797,936

13, 91214,16415, 76815, 89013,964.12, 51012, 77613, 84713,94915, 94114, 37615, 882

13, 85413,17716,41315,21514,41914, 32011,30412, 71714,16914, 54313,06014, 729

9,7588,3019,75610,00410,78612,03410, 56710,63110,90311, 57911, 89814,400

99,954 117,946 80,419 172,979 167, 920 130, 617





Month

Kansas City, Kans.

1924 1293 1922

Kansas City, Mo.

1924 1923 1922

JanuaryFebruary.. .MarchAprilMayJuneJulyAugustSeptember.OctoberNovember .December. _

Total

19,42518,48019,19019,04319,60819,42522,17219,15218,41920, 75717, 51720,370

22, 72814, 77418, 67119, 65919,20821,21420,45221,09619,41422,11718, 54021,390

15,20512,41015,84714,10515,01616,48816,31015,60016,98716,46116,34719,159

312, 956292, 334302,200302,981301, 202285, 260343,600370, 572376,348409,473355, 566383, 256

365,511301,282359,268341,194344, 277352, 628325, 668366, 570351,015363,131351, 725353,419

254,819256,277289,130276,842293, 519317, 689295,825328, 058333,290354,218330,124348,865

233, 558 I 239, 263 189,935 4,035, 748 4,175, 688 3, 678, 656

Month

Lawrence, Kans.* McAlester, Okla.*

1924 1923 1922 1924 1923 1922

JanuaryFebruary..MarchAprilMayJune.JulyAugustSeptember.OctoberNovember.December..

Total.

4,6104,1374,5024,3544,5784,7104,648

•4,2444,4845,5694,8425,566

4,5503,7684,4604,4534,3624,8314,1834,1453,7535,1584,5785,568

3,3894,2544,0833,9894,6553,9343,4624,4384,2814,3934,857

4,9394, 5534,0274,4314,169

(3)

()5,1125,007

4,8483,4444,0853,7614,3473,7643,9244,1214,0944,4934,4125,276

3,6014,0534,0363,6173,7283,3043,4844,1345,5595,7845,112

56,244 53,809 45,735 32,238 50,569 46,412

Month

Muskogee, Okla.4 Oklahoma City, Okla.

1924 1923 1922 1924 1923 1922

JanuaryFebruaryMarchApril.May _.JuneJulyAugustSeptember.OctoberNovember.December..

Total

13,92911,41711,70011,20211,65710,56911,5339,807

10,04416,43415,08017,329

30,74222,40827,34426,40223, 76725,16723,55321,34022,28631,71827,06215,845

15,62721,47227,38123,28824,42525,21224,59224,34626.56033,83230,43232,377

69,70964,59666,89568,60072,99170,08473,97670,16176,95895,20885,49798,579

83,28271,41991,35676,72280,96985,20078,50774,843

76,72977,89073,783

78,90169,13986,57981,25783,44590,83083,83374,25776,47081,46980,14786,454

150,701 297,634 309,544 913,254 939,220 972,781

8 Comparable figures not available.4 Figures for Muskogee prior to December, 1923, include debits to accounts of banks.


DISTKICT NO. 10 KANSAS CITY



425

Month

JanuaryFebruaryMarch .„AprilMay -- .-JuneJ u l y . . . .AugustSeptemberOctoberNovember . .December..

Total

Month

JanuaryFebruaryMarchAprilMay . .JuneJulyAugust .. _SeptemberOctober _NovemberDecember

Total

Month

JanuaryFebruaryMarchAprilM a yJuneJuly. . _AugustSeptemberOctober _November _ . .December

Total

Okmulgee, Okla.*

1924

7,2816,5787,2448,0218,1948,0937,9297,2407,2948,1047,6749,582

93,234

1923

10,5138,588

10, 79310,3549,4339,7218,2937,9116,0266,1265,6077,643

101,008

Parsons, Kans.*

1924

3,0322,4262,7783,0043,0812,9933,3233,1462,8903,2202,7313,151

35,775

]

1924

18,41419,10415, 47719, 83917, 32517, 77319,62115, 74015,32521,69127, 58124,347

232, 237

1923

4,2783,6394,4023,4373,1063,5812,9843,0152,7572,9162,9943,135

40,244

Pueblo, Colo.

1923

17,27211,98316,93918,92516,41217,12615, 93016, 50216,13618, 06420,84824,150

210, 287

1922

7,6188,6077,6298,9049,5077,8804,3937,4968,0218,4229,799

88,276

1922

3,1003,9033,4183,1924,4373,7913,4643,7853,9953,7684,751

41,604

1922

14,34113,40018,42515, 75415,83515, 45316, 37415, 66313,05715,13923,07719, 669

196,187

Omaha, Nebr.

1924

174,277163,578188,711182,605178,799173,035180,648189,407198, 716213,490172,474191,062

2,206,802

1923'

216,862181,285226,919210,511211, 557211, 572200,199202,406200,377230, 670178,139185,236

2,455,733

Pittsburg, Kans.*

1924

6,0545,7355,6395,3495,4765,2245,5445,5275,2026,1755,3006,164

67,389

1923

6,8485,7436,2855,7496,4596,5616,0286,6195,8186,5315,9706,774

75, 385

St. Joseph, Mo.

1924

66, 40955, 55259,99759,13467,06256,18155, 01958, 55356, 71867, 25258,11970,414

730,410

1923

69, 73760,53066, 54363, 67567, 61659, 68754, 62756,68659, 40562, 56959,37758,919

739,371

1922

158,262162,265199,605178,609200,081201,650192,971197,637198,214216,034190,507216,110

2,311, 945

1922

4,8385,2824,8604,5114,6574,5785,6375,3906,3766,1546,801

59,084

1922

71, 57748,37751, 79658, 63859, 76951,25858,86057, 40457, 91566,04954,18471, 205

707,032





Month

January. . .February..MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December.

Total.

Topeka, Kans.

1924 1923 1922

17,21214,70414,89215, 91214,29314,83416, 51715,92314,50317,62113,34215, 347

185,100

16,94814, 28717, 76416, 25215,81316, 30915,90914,59413,16715, 66015,05617,364

189,123

15,06713, 76413, 67113, 21714, 25814,38514, 67513, 61013, 21015,03513,85316, 067

170, 812

Tulsa, Okla.

1924 1923

74,35378,89087,18088, 68190,90588,53690,56478,03974, 86481, 97978,10996,953

1,009,053

115,25099,943114,205111,171112, 216115,061103,12286, 84778, 21386,86570, 53188, 528

1,181,952

1922

112,14987,288

93,42898,990117,349106,07497, 47587, 25095,92385, 965113, 433

1,186,223

Wichita, Kans.

1924 1923 1922

41, 71736,98636,42038,03034,03235, 76354,12247, 77447, 81248,85140,08646,085

51, 43143,38646, 44844, 45543,92946, 55457,04146, 98239, 51441, 27940, 70342, 632

507,678 :544,354

39,495.38, 73740,86837, 72943, 49346,25748,97450,33146,03945, 77842, 509*51,501

531, 711

NOTE.—Centers which have not reported continuously for the 18 months ending Dec. 31, 1924, are notncluded in the table.


DISTRICT NO. 11—DALLAS

No, 1.— CONDITION OF FEDERAL RESERVE BANK


RESOURCES

Gold with Federal reserve agent . .Gold redemption fund with United States Treasury --.

Gold held exclusively against Federal reserve notesGold settlement fund with Federal Reserve BoardGold and gold certificates held by bank _._ _

Total gold reservesReserves other than gold

Total reservesNonreserve cash _

Bills discounted:Secured by United States Government obligations'.Other bills discounted . . .

Total bills discounted _Bills bought in open market __ _

United States Government securities:BondsTreasury notesCertificates of indebtedness _

Total United States Government securities .Foreign loans on gold _

Total earning assets . . _. . _.

5 per cent redemption fund—Federal reserve bank notesUncollected itemsBank premises _ . _All other resources _

Total resources _

LIABILITIES

Federal reserve notes in actual circulationFederal reserve bank notes in circulation—net _

Deposits:Member bank—reserve accountGovernmentOther deposits _ _

Total deposits _ _ _

Deferred availability items . . . _Capital paid in _ _.Surplus ..All other liabilities

Total liabilities


Contingent liability on bills purchased for foreign correspondents._.

Dec. 31,1924

37,1861,978

39,16418,0339,065

66, 2628,948

75, 2102, 508

2462,467

2,71326,197

3,27316,9985,226

25,497228

54,635

30,9991,8331,793

166,978

55, 641

65,8281,665

224

67,717

31,2194,1317 592

678

166,978

61 01,622

Dec. 31,1923

25,8142,252

28,06612, 33911,904

52,3096,015

58, 3242,866

5508,322

8,87249,438

1,7804,575

325

6,680

64,990

2823,652

1,9113,248

155,019

52,802471

58,1152,679

541

61,335

26,9294,1927 5771,713

155,019

51 1684

Dec. 31,1922

22, 5761,349

23,9256,214

10,121

40, 2606,289

46, 5490)

71013,712

14,42226,827

2,630

8,678

11,308

52,557

14630,190

1,9371,927

133,306

37,761704

54,461641537

55,639

26,0894,1957 4961,422

133,306

49 8894

i Not shown separately prior to 1923.427


428 ANNUAL REPORT OF THE FEDERAL, RESERVE (BOARD

No. 2.—PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL RESERVE BANK,BY WEEKS


Date

1924Jan. 2 . . . .

916 . . . .2 3 . . . .30 . . . .

Feb. 6_.13..20..27..

Mar. 5...12...19...26...

Apr. 2...9...

16...23...3 0 -

May 7...14..21...28..,

June 4—11...18..,25..

July 2..,9..,

1 6 -2 3 -3 0 -

Aug. 6—1 3 -2 0 -2 7 -

Sept. 3 -1 0 -1 7 -24..

Oct. 1 -

1 5 -22..2 9 -

Nov. 5 -12...19..2 6 -

Dec. 3 . .10..17..24..3 1 -

Daily average-

Totalearn-ing

assets i


Total

Billssecured

by U . S .i Gov-'ernment coiobliga-tions

ptherbills dis-

»unted

I63, 34264, 31759,40159,499;59, 6941

59,141s

58,183i57,34763, 041

62, 09462, 23059,286|56,696

56,03052, 01148,06245,85144,633

39,93139, 55839,15539, 748

42,03942,12042, 73244, 669

43,70047,24148, 94147,92848,269

52,77651,44750, 70851,391

50, 53851,87847,88044,444

42,33442, 23941,84442, 54446, 576

44, 09544,82147, 74448, 075

50, 71849,15849, 70255,63254.635

50.636

9,5869,0079,343

9,0308,966

10,3299,7769,4848,854

9,79010,74212,17912,16012,975

12,81213,42914,46914, 795

15,73815, 03415,56315,682

14,75716, 77018, 75919,83320,990

22,45621,72621, 695

22,27521,22515, 54'12, 787

10,0618,4106,7016,2127,572

4,2823,3313,9543,344

2,8383,8694,2183,94"2,713

12,081

618639

1,1231 , • ""1,708

1,3291,310999

1,058

1,3031,104664572

5!976

1,6771,3621,158

1,2851,2472,1231,714

2,4192,1301,7581,462

1,2941,7131,7262,0132,137

2,6022,3752,3492,718

3,0082,6481,8001,336

1,103901821Sfi3761

772605565646

566498562467246


8,3548,4637,4097, 63;

6,5517,7207,9678,768

9,0268, 6728,8208,282

9,2739,76610, 50210,79811, 817

11,52712,18212,34613,081

13, 31912, 90413,80514,220

13,46315, 05717,03317,82018.853

19.85419,35119,34620,178

19,26:18, 57713, 74"11,451

8,9587,5095,8805,3496,811

3,5102,7263,3892,698

2,2723,3713,6563,4802,46:

47, 70248,05442,19742,53442,427

43,18841,08039, r "42, 903

38,76435,40630,49428,077

26,13020,99215,43712,99610,178

5,3033,9602,4982,450

1,9092,0096,7268,379

7,8238,0157,3445,8024,987

4,6533,2112,5031,985

1,7532,9653,8893,862

4,4786,0346,8488, 53711,209

12, 01813,64515,94517,133

20,45821, 32220, 53526,08r26,197

17,21

United T t ,States i o t a l

securi-ties

Mem-ber

banks'reservedeposits

6,9247,2707, 6187,9587,924,

8,0738,0738, 572 i

10,312

13, 00117,04819, 30819,765

20,11020,2771

20,446i20, 695J21,480!

21,81622,16922,18822, 503

24,39225,077120,44320, 608

21,12o|22,45622,83822,29322,292!

25,667!26, 510126, 510126,510

26,51027, 78828, 44427, 79527, 79527, 79528,29527, 79527, 795

27, 795|27,84527, 845:27, 598^

58,97452,42652,16852, 63850,434

50, 90253,87051,28946,225

46, 25842, 97746,36349, 624

49.27453, 68556,33360,84257,100

62,45460,33661,18661,157

62,03655,78556, 56854.275

52,97751,46448,04047, 61646,404

42, 50144,50246,31951,031

55,39857,29463,83570, 751

75,15777,17388,31782, 65377, 580

82,46084, 77283,81480,660

Totaldeposits

27,232425

194739721374

25,497

21 320

74,42479, 91577,87669,97275,210

59,800

56, 88660.70155.70258,32257,287

57,40155,82154,25356,086

54,96353,13153,48953,833

53,98953,14352, 70653,36548, 622

49, 76449,07249,20349.421

48,52048,66650,23148,479

46,84449, 68548, 03446,27744,849

46,37247,13945,27547,860

49, 59151,05851,45651,973

53, 34053,13058, 20656, 80955,827

54, 69557, 64061.42260, 730

59,00561,81961,41759, 79565,828

54, 051

Federalreservenotes incircula-

tion

61,20762.88557, 79960,80960, 016

58,90557,93356,09158,400

56, 67654, 92154,33357,233

56,24955.88655, 06555,80150,643

50, 77350,70450, 61052,420

50, 71250,76051,06251, 624

48,89751,10849,83948, 27046, 930

48,13448,90146,96050,049

51,87052,89152,15655,930

55, 60055, 28360,63959, 21658,427

56, 69460,08963,88662, 864

60, 73963,87962,82562, 60567, 717

56, 232

Re-serveper-cent-

52, 66149, 82648,15646, 62346, 086

46, 35944,92644,47743,986

45, 36544, 08144, 05543,270

43,86043,78043, 50143, 75843, 685

50, 35744,16743, 66042,532

43,19941,80841, 22140,548

41,22641,02540,23940,04839, 584

40,32840, 31241,67643,139

46,64749, 32350, 77251,199

53, 21756, 01356,24856, 90556, 303

58, 33057, 83557,33856, 715

57,66157,03556,68258,35755, 641

47, 70'

51.846.549.249.047.5

48.452.451.0;45.1

45. 343.447.149.4

49.253.957.261.160.5

61.863. &64.964.4

66.160.361.358.9

58.855.953.353.953. &

48.049.952.354.8

56.256.162.066.0

69.169.475.671.267.6

71.771.969.167.5

62.»66.165.257.861.0

57.5

i Includes foreign loans on gold $228,000, Dec. 3 to 31.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 11 DALLAS 429


[In thousands cu dollar̂ ]

Month

Bills discounted for member banks Bills bought in open market

Total

Securedby U.S.Govern-ment

obliga-tions

Com-mercialand ag-ricul-tural

paper,n. e. s.

Bankers1

accept-ances

Tradeaccept-ances

Demandand

sightdrafts

TotalBankers'accept-ances

Dollarex-

change

1924anuaryFebruary _..VI arch^pril

VlayuneillyAugust

SeptemberOctoberNovemberDecember ___

Total: 1924.1923.1922.

21,439

8,14313, 544

14,17412,40915, 94914,633

11, 5029,6925,1108,090

11, 0214,6062,1994,954

4,6345,1764,1916,303

4,4651,8771,4061,146

5,5556,3924,9987,629

9,2727,00211, 5247,987

5,3385,5342,5704,848

30

26311211

57121170131

167411

4,8372,669934950

18111064212

1,6832,2071,1232,096

16,72717,0687,5233,206

2,0206,8041,155892

3,20611,46214,38018,403

15, 93716, 6127,3413,106

2,0206,6041,153762

3,16711,16714,18718,184

790456182100

2002

130

39295193219

148, 383300, 694222, 557

51,978145,193

78,649122,488141,062

30

107

660749694

17,06632, 264

102,84674,87533,153

100, 24072,18431, 013

2,6062,6912,140

Month


Federalreservebanks

U. S. securitiespurchased in open

market

Bondsand

notes


U.S.securitiespurchased

fromother

Federalreservebanks

Foreignloans on

gold


1924 1923 1922

1924JanuaryFebruaryVEarch^pril

Vlayuneruly\_ugust_.


3,60212,282

2,506

6843,0837,2561,320

1,2413,9395,4621,770

1,132200

1,6754,148

619623

1,914375

3836, 267901934

2,7552,308536

3,133 228

43,40046, 75424,83618,445

17,81836,62023,46718, 229

18, 59523, 66221, 70134,002

46,67728,85526,23226,263

30,52139,15934,19042, 516

62,65355,06443,61341, 882

39,19623,66128,10119,180

16,53321.81118,31219,827

22,81833, 73822.81222,239

Total: 1924..1923..1922..

18, 39057,92314,668

31, 9105,2751,161

20, 74836,85816, 689

5,0242,000

228 327,529477,625





Month Louisi-ana 1

Okla-homa 1

NewMexi-

co 1 Texas Ari-zona 1 Total

Numberof mem-

ber banks b«in dis-trict atend ofmonth

Numberof mem-ber banks

accommo-datedduring

the month

1924JanuaryFebruaryMarchApril .._

May._JuneJulyAugust

September __OctoberNovemberDecember

Total: 1924.19231922

Number of member banks atend of year:192419231922

Number of member banksaccommodated:

192419231922.

124296264722

904986

1,1741,195

532662623

8,4668,8552,998

276393442425

378362329359

2621808352

754410297

444400435293

2222006543

19,98912,2536,99312,013

12,40710, 66114, 00612, 746

9,9618,6444,2597,358

21,439

540

731364114

8,14313, 54414,17412,40915, 94914, 633

11, 5029,6925,1108,090

3,5418,941

12, 285

4,52913, 58810, 919

131,290267,971192, 019

751754747

415523561

5571,3394,336

148,383300,694222, 557

838863861

492617661

863859848849

846842842843

842842840838

112128154196

264290311275

146835237

i Figures relate only to that part of the State located in the Dallas district.


DISTRICT NO. 11—DALLAS 4 3 1


1924 1923 1922

Discounted billsPurchased billsUnited States securitiesDeficient reserve penalties.Miscellaneous

Total earnings.

CURRENT EXPENSES

Salaries:Bank officers _ _Clerical staffSpecial officers and watchmenAll other

Governors' conferences _Federal reserve agents' conferencesFederal Advisory CouncilDirectors' meetings.. . . .^Traveling expenses l _Assessments for Federal Reserve Board expensesLegal fees._ ._Insurance (other than on currency and security shipments).Insurance on currency and security shipments.._Taxes on banking houseLight, heat, and power __Repairs and alterations, banking houseRent.Office and other suppliesPrinting and stationeryTelephone. __ . . .TelegraphPostageExpressageFederal reserve currency:

Original cost, including shipping chargesCost of redemption, including shipping char

Taxes on Federal reserve bank-note circulation.All other expenses




Current net earnings..

Additions to current net earnings:Withdrawn from reserve for—

Depreciation on United States bonds.Probable losses

All other _

Total additions..

Deductions from current net earnings:Depreciation allowances on bank premises.Reserve for probable lossesFurniture and equipmentAllother.. ,

$531,356630,682781,83852, 548

161, 540

$1,170,022826,172268,65962,36129,222

$1,609,383197,994195,04950,43232,917

2,157,964 2,356,436 2,085,775

142,120580, 90236,817102, 323

746345

1,0475,60728,15623,4852,717

25, 53922, 56732,79224,8929,7651,39321,40423,04911,70950,06288,13421,171

34,2155,769815

34,121

135, 730619, 37037,365111, 275

510361

1,2786,064

24, 97625,034

32128, 07320, 91833,07025, 6226,7381,248

27,46735,06712,18950,98895,40922, 304

27,4356,4372,48233,497

132,184680,62937,134105,356

261297250

6,00330,38326,189

70826,00114,85730,48528,2123,2153,743

31, 79354, 66712, 21358,383

\ 112,819

44,26212,33612,63950,372

1,331,662 1,391,228 1,515,391

2,157,9641,331,662

2,356,4361,391, 228

2,085, 7751, 515, 391

826,302 965, 208 570, 384

21,176

"26,"063

795

~2l~659

231, 52380,984

107,113

47,239 22,454 419,620

79,119500,000

9,38520,013

42, 242590,000

12,06211,076

161,018439,000

32, 7103,151

Total deductions _



Dividends paid _Transferred to surplus account ,

18, 517 655,380 635,879

561,278 632,926

265,024 332, 282

216,259

354,125

249, 78915,235

251,42980,853

251,915102, 210





1924 1923 1922



Bills purchased in open market for own accountCurrency received and countedCoin received and counted _Checks handled _Collection items handled:


United States securities—issues, redemptions, and ex-changes by fiscal agency department -

Transfers of funds - _. Envelopes received and dispatched -

AMOUNTS HANDLED

Bills discounted _Bills purchased in open market for own account.-Currency received and countedCoin received and counted _Checks handledCollection items handled:

United States Government coupons paidAllother - -


Transfers of funds

6,66648,0196,492

42,358,00031,075,00033,293,000

770,000136,000

189,00098,000

2,062,000

$148,383,000102,846,000208,129,00010,513,000

6,686,719,000

6,335,000162,619,000

113,985,0003,356,058,000

10,12389,8014,681

37,912,00034,815,00031,449,000

1,011,000128,000

2 2,883,000100,000

2, 515,000

$300,694,00074,875,000

185,914,00020,920,000

6,329,983,000

6,375,000166,902,000

169,280,0002,614,785,000

13,075108,4632,202

30,924,000122,745,000

27, 924,000

1,268,000126,000

484,00089,000

$222,557,00033,153,000162,973,00013,647,000

4,835,568,000

6,241,000133,845,000

142, 583,0002, 538,172,000

i Estimated.J Large increase due to redemption of war-savings securities which matured Jan. 1,1923.3 Data not available.

N o . 7 . — O P E R A T I O N S O F F E D E R A L R E S E R V E C L E A R I N G S Y S T E M


Month


district

Number Amount



Items drawn onTreasurer of United

States

Number Amount Number Amount

Total i

Number Amount


MayJuneJulyAugust


Total: 1924.1923.

2,7152,4882,5542,449

2,4472,3902,3542,207

2,5412,9592,6042,999

561, 540477,059473, 620466, 875

442, 215423, 621425,864450,656

599,829719, 210637,477674,366

100909392

828679

818985108

12,05510,55111,89112,068

12,05111,91711, 57511,608

12,27313,34213,84315, 264

7,6876,4737,0888,092

7,1906,9106,7567,029

6,7997,4398,2449,573

2,8772,6352,7072,612

2,5972,5282,4962,364

2,7003,1172,7513,170

581, 282494,083492,599487,035

461, 456442, 448444,195469, 293

618,901739,991659, 564699, 203

30,70728,723

6,352,3325,980, 252

1,0741,199

148,438157,356

773785

89,28092,368

32,55430,707

6,590,0566, 229,970

* Exclusive of duplications on account of items handled by both parent bank and branch.


DISTRICT NO. 11—DALLAS 433

No. 8,—CLEARINGS AND TRANSFERS THROUGH GOLD SETTLEMENT FUND


Week ending—

1924

Jan 2 (1 day)9

1623 . . - -30 - .

Feb. 6132027

M a r . 5 . . .12 .1926 .

Apr. 29

1623 . . .30

May 7142128 . . .

June 41118 _ .25

July 29 _

1623 _. . _30

Aug. 6. . . . .1320 _27 _ .

Sept. 310

24

Oct. 1 _ _8 .

152229 .

Nov. 51219 _ _ . . . .26

Dec. 3101724 _31

Total: 19241923 _1922


12,95968,48556,21960,43662,662

60,43046,69569, 71163,094

51,07561,37974,69557,831

47,14348,63650, 65053, 61357,925

46,01550,15351,30845,808

34,95150,99376,55151,012

49,55141,31750,14345,89340,366

49,78345,45849,53146, 672

44,13562 00872, 95669,950

68,74473, 21369,94089,74386,884

70, 74877, 54593,34886,609

74,87978,99186,03781,19866,929

3,183,0002,884,8002,315,160

Receiptsfrom other

Federalreservebanks

13,46062,46456,35860,63160,345

61,18249,88267,64057, 976

50,43657,85678,39061,467

47,65652,26453,94558,39754,772

51, 56247,82952, 58845,987

36,79345,10977,72248,654

48,59840, 50146,84945,97139,314

45,20547,04851,41451,370

48,70764 01178,34277,444

74,14175,70981,09984 38681,954

75,97180,11993,08583,758

68 91284,32284,50274,13171,760

3,209,9882,901,9192,321, 726

Net loss

6,021

2,317

2,0715,118

6393,523

3,153

2,324

5,884

2,358

953816

3,294

1,052

4,578

5 3574,930

2632,851

5 967

1,5357,067

Net gain

501

139195

7523,187

3,6953,636

5133,6283,2954,784

5,547

1,280179

1,842

1,171

78

1,5901,8834,698

4.5722 0035,3867,494

5,3972,496

11,159

5,2232,574

5,331

4,831

26,98817,1196,566

Net gain in ownership of gold since establishment of fund in 1915, $53,802,00C.






^924 1923

Investments


1924 1923

All other

1924 1923

Janua ry . . .February . .MarchAprilM a yJuneJulyAugustSeptemberOctober.. . .November.December.

285,739281,347279, 061271,271265,907262, 640262, 708267,141270,955280, 579291,738305,101

268,243269,109258,305248,147248,159250,885257, 915270, 534287, 266296, 014293,868

56,16856, 58353, 38853, 25248, 76546, 95244,59844, 06645, 63446, 08846,49546,394

53,30454, 65661,92764,32860, 58262, 91454,84952, 75856,19253,11353,18159,462

14,11514,12714,94913,24713,11412,87913,15214, 60915.97717.97819, 65120, 599

8,2919,0179,5159,0549,0369,29110,44310, 74610, 940^12, 30913, 65514,141




1924

January . . .February. .MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December.

247,199238,368232, 061220,774215,236212,167210,334213,680229,308241,838266, 082288, 585

1923 1924

239, 686247, 213236,134226,181220,570214,175208, 505208,088227, 821251,102260, 504257, 638

87, 65791, 71987, 61687,11285,45188,20087, 53990, 88890,40591,60091,86989,330

1923 1924

72, 63874, 76275, 66675, 76473, 66775,80674, 78374,41575, 54376, 83379,38483,038

4,3673,9692,4324,9875,4053,853

1923

7,7382,0303,6921,8032,067

4,3713,0712, 7167,1587,4848,16313, 76816,4128, 292"8, 6174,9675,491

NOTE.—Figures are for about 50 banks in Dallas, El Paso, Houston, Fort Worth, Galveston, San Antonio,.Shreveport, and Waco, which submit weekly reports to the Federal reserve bank.


[In thousands of dollars. For explanatory note see p. 154.]

Month


1924 1923 1922

Albuquerque, N. Mex.

1924 1923 1922

1924JanuaryFebruaryMarchAprilM a yJuneJulyAugustSeptemberOctober..NovemberDecember

Total

567, 222493, 840492, 894483,944466,066447, 735455, 924449, 553566,180670, 360586,644664, 938

605, 258494, 600547,188488, 255486, 003465, 461420, 874448,966540, 722629, 517583, 636620, 979

526, 519460,149524,469470, 827486,707479, 097432, 944440,729541, 700589,166556, 549605, 692

9,8219,518

9,0029,55510,30410,4259,3428,26411, 84410, 88410,396

9,5148,3899,8088,7799,53410,40310, 2629,1688,5688,97910, 5399,975

6, 345, 300 6,331, 459 6,114, 548 118, 339 113, 918

7, 6837, 0058,2327,9448,9679,6849,389*8,1917,9669, 6709,72110,377

104,827

i Figures for cities marked with an asterisk (*) are not included in the district summary or in the nationalsummary of 141 centers.



No. 10,—DEBITS TO INDIVIDUAL ACCOUNTS—Continued


Month

JanuaryFebruary—MarchAprilMayJuneJuly ._AugustSeptember.OctoberNovember.December..

Total

Austin, Tex.

1924

21,52018,96218, 08718,77914,75412, 55613,40013, 38521, 02023, 36519,97922, 355

218,162

1923

17,33714,97916, 20916, 55613,96714,06511,95614, 64918,29120,23922, 36323, 766

204, 377

1922

12,13410, 55013, 28012,98113, 26813, 27411,75811,71119, 31919, 29716, 40518,329

172,306

Beaumont, Tex.

1924

17,73415,91316,70717,44216,12418,46217, 36415, 62415, 05017, 32914,98816, 561

199,298

1923

18,33415, 22016, 01716, 52517,13317,4011€, 29915, 66014, 56416,49515,91515, 634

195,197

1922

15, 08514,49815,15412, 85114, 21114, 53413, 53813,42514,17715, 52814,17017,195

174,366

Month

Corsicana, Tex.* Dallas, Tex.

1924 1923 1922 1924 1923 1922

JanuaryF e b r u a r y -MarchAprilMayJuneJulyAugustSeptember-OctoberNovember.December..

Total.

10,1757,9428,4178,0207,7137,8187,1586,1118,2429,6538,18112,103

6,7334,9785,5255,6195,5605,7676,5048,11510,20711,16411,06812, 639

4,8474,7084,6543,9753,7893,3333,5235,8135,7695,0576,266

203, 546168, 471165,481163,104156,441145, 519147, 278145,100190,790236,115208,127248,773

193, 256159, 058167,932145, 326149, 039146,415128,462139, 566184,133218, 768217, 059226, 674

150,103131,028148,763132, 670138,789144,514128, 096130,049179,770200,507183,245199, 070

101, 533 93, 879 51,734 2,178,745 2, 075,688 1,866, 604

Month

El Paso, Tex. Fort Worth, Tex.

1924 1923 1922 1924 1923 1922

JanuaryFebruary. _MarchAprilMayJuneJuly .AugustSeptember.OctoberNovember..December..

Total.

31,67733,10734,48131, 25032,48436,32533, 71529,80029, 52335, 67032,85638, 268

31,99328, 54336, 07032,12530, 72333, 46228, 25227,11824,65629,70628, 75634,185

34,45827,06131,69628, 70733,77933,42330, 92030,58927, 86029,83530,13734, 532

76, 41063,745

67, 68963,18360,33365,96462, 59575, 38595, 65781, 29285,410

122,250105,992111, 87095, 64988, 71573, 59162,19362,98367, 01283, 46473, 61086,041

137,684125,653142, 066119,459106, 776101, 707

87, 52086,428100, 674105, 617120,962

399,156 365, 589 372,997 861, 661 1, 033, 370 1, 322,954


436 ANNUAL REPORT OF THE FEDERAL* RESERVE BOARD



Month

JanuaryFebruary. _MarchAprilMayJuneJulyAugustSeptember.OctoberNovember-December..

Total

Galveston, Tex.**

1924

51,95337,73133,91535,02527,48323,93526,45144,72454,92970, 35164, 35263,061

1923

96,20673,96381,76387,28871,73876,88171,83896,674128,501149,58578, 30157,409

533,910 1,070,147

1922

66,70850,39865,04059,62559,68856,98261,49868,392109,533124,52193,26883,601

899, 254

Houston, Tex.

1924

129,103114,001112,693109,092104,914101,774104,677113,324153,080164,001145,980156,713

1,509,352

1923

133,57199,384115,945107,969110,940106, 479104, 581113,178146,282164,382136,063141, 381

1,480,155

1922

110,10890,361105,969100,510105,05999,63093,540105,098138,645139,942123,952131,209

1,344,023

Month

Roswell, N. Mex/ San Antonio, Tex/

1924 1923 1922 1924 1923 1922

JanuaryFebruary. _MarchAprilMayJuneJulyAugustSeptember.OctoberNovember..December..

Total

2,3142,8582,4482,0212,0122,4122,8382,2332,2463,3403,4113,610

2,4911,9202,8472,2922,7092,7772,1802,4262,273

2,7062,587

2,4212, 4052, 4842,3022, 3042, 6092,9622,1923,0632, 5662,926

34, 51330, 68432,01332,70733,16833,99031,08235,40536, 75540,26837,19536,315

31,28726,82631,63927,87532,52931,50227,96233,20132,15335,23633, 29533,380

27,17922,82427, 27124,65628,03327,34826,06928,86730,97231,14328,86531,095

31,743 28,234 414,095 376,885 334,322

Month

Shreveport, La. Texarkana, Tex.

1923 1922 1923 1922

JanuaryFebruary. _MarchAprilMayJuneJulyAugustSeptember,OctoberNovember _December..

Total

39,87435, 78935, 56936,76235,66633, 56034, 43130,28132, 44639, 27433,89440,487

41,61429,42838,64534,64034, 56533,91131,04731,84231,89539,08036,91339, 352

31, 44128,03630,99429,67336, 50432,51430,15127, 22629,94534, 21637,76436,108

8,4227,98410,6507,4018,5007,3396,8027,4508,17310,4817,59811,872

9,07310,94810, 5868,727

8,6728,4458,2739,541

11,2879,501

10,218

5,8886,4516,8496,1037,8317,8666,8216,5266,7597,1167,0619,882

428,033 422,932 384, 572 102,672 114,233 85,153

2 Figures prior to November, 1923, not on comparable basis with subsequent figures on account of inclu-s ion of bills of exchange, bankers' acceptances, and cashiers' checks.





Month

Tucson, Ariz.

1924 1923 1922

Waco, Tex.

1924 1923 1922

JanuaryFebruary. _MarchAprilMayJuneJulyAugustSeptember >OctoberNovember.December..

Total

7,6937,9418,3618,4089,9758,3807,5966,9927,2069,4149,519

10,115

8,7446,4757,8437,5058,6477,4386,6056,4396,9877,7919,1748,793

6,555

6,6666,8517,4267,7437,2486,1816,4567,3588,4739,166

21,42218,40917,88315,01514,47013,18314,27215,66025, 24327, 21021, 52723,988

19,57216,18416,26314,45413,77813,62412,77220,090

29,32623,74324,960

101, 600 92, 441 86,982 228,282 233,559

15,38012,64914,80013,07814,09714,20813,07514,21324,37525,02320,00418,862

199,764


DISTRICT NO. 1 2 - S A N FRANCISCO



RESOURCES

Gold with Federal reserve agentGold redemption fund with United States Treasury __.



Total reserves _ _Nonreserve cash _ _

Bills discounted:Secured by United States Government obligationsOther bills discounted _ _

Total bills discountedBills bought in open market

United States Government securities:BondsTreasury notesCertificates of indebtedness _

Total United States Government securitiesForeign loans on gold


TTrjpnllf>ctP.d i t A I D SBank premisesAll other resources. _

Total resources __

LIABILITIES


Deposits:Member bank—reserve accountGovernment - - - .Other deposits

Total deposits

Deferred availability items - - - - -Capital paid inSurplus iAll other liabilities -

Total liabilities

Ratio of total reserves to deposit and Federal reserve note liabilitiescombined (per cent) - .


Dec. 31,1924

200,7532,438

203,19144,38726,686

274, 2643,782

278,0463,733

7,0588,684

15,74254, 068

3,18037,28214,681

55,143456

125,409

35,8413,2754,142

450,446

215,030

167,1923,6374,817

175, 646

35, 2968,113

15,0711,290

450,446

71.23,244

Dec. 31,1923

225,8085,034

230,84245,85421,978

298,6742,328

301,0023,577

11, 89941, 215

53,11438, 059

9,185

9,185

100,358

42,1352,7704,102

453,944

229,082

152,4883,0154,929

160,432

39,6767,862

15,3011,591

453,944

77.31,349

Dec. 31,1922

202, 7353,977

206, 71237,70019,106

263, 5184,286

267,8040)

6,86730,437

37,30443, 486

9227,525

7,149

34,766

115,556

45,4381,7444,656

435,198

235,041

137,8011,9673,781

143, 549

32,9067,565

15,263874

435,198

70.71,582


438


DISTRICT NO. 12—SAN FBANCISCO 439



Date

1924Jan. 2 102,356

9 100,10316 91,97223 94,36130 95,144

Feb. 6 86,18013 78,54520 85,48427 84,238

Mar. 5 92,08212.. 86,21819 92,45526 91,256|

Apr. 2 93,314|87,461

16 77,58623 87,90130 96,683

May 7 84,80514 82,13621 78,49828. 78,715

June 4 85,95811_. 81,6881 8 . . . 81,00325 79,507

July 2 . 81,3889 78,655

16 73,29823 72,989

*• 3 0 . . 71,572

Aug. 6 75,66013 76,47720 75,77827 75,906

Sept. 3 . . . . 76,23310. 82,23517 87,13924 87,828

Oct. 1 88,69189,522;

15 89,144122 92,596!29 93,237

Totalearn-ing

assets i


Total

Nov . 5 . . . 100,93012 100,78119. 101,048

102,958

17.24.3 1 . .

Daily average

108,568!124,851!

125,409

55,21050,40645,29649,34853, 676

46, 51140, 71146,08743,487

51,10542, 89348, 564!

Dec. 3 108,736!10 _.| 105,706!

Billssecured

byU.S.Gov-ern-ment

obliga-tions

50,82944,40535, 73845, 75353, 231

42,84740, 94539,191

40,38533, 68332,73931,492

33, 67429, 57622, 40822,43421, 991

20,17819,09318, 51417, 894

16,92516,05615,97618,199

16, 78414, 20413,18114, 009J10, 962

16. 50512,1946,6527,447

8,7628,4369,397

14, 90915, 742

Otherbillsdis-

count-ed

14,83814,13215,12517,03519, 270

11,1398,2528,0949,412

11,5117,07413,50311,408

12, 46017,217

11,00613,78614, 975

7,59811,1497,7138,005

8,5525,8688,1745,912

8,4317,6324,1144,1133, " •

2,5852,1932,1152,194

2,1,8661,7395,385

4, 5073,6102,0722,5611, 515

7,2114,810711856

2,9342,4183,5627,7157,058

1,964 30,060] 17,856

40, 37236, 27430,17132, 31334,406

35, 37232,45937, 99334,075

39, 59435,81935,06137,198

38, 36937,18824, 73231,96738, 256

35,24929, 79631, 47830,892

31, 83327, 81524, 56525, 580

25, 24321, 94418, 29418, 32118, 295

17, 59316, 90016, 39915, 700

14, 85614,19014, 23712,814

12, 27710, 59411,10911, 4489,44'

9,2947,3845,9416,591

5,8286,0185,8357,1948,684

Bills Uni tedb«H?bt States

25, 81723,95723,95523,931

21, 92321, 021!19,19216,392

15, 47615,98"14, 47113, 99112, 579

9,9187,9296,0295,448

4,6564,7095,3814,373

3,4963,3583,1582,8231,849

1,5611,2721,1511,""

3,1946,6259,7729,291

11, 56714, 97815, 62318, 24721, 934

24,08428, 24634, 05435, 68040, 70745, 39544,86254, 34654,068

Totalcashre-

serves

Mem-ber

banks'reserve

de-posits

10,348 295,83011,433 293,28712,542 290,73213,1531 285,81513,520 277,362

13,852 287,89513,877 303,47715,442! 291,40216,820; 289,533

19,054; 282,60822,304: 291,00624,699' 278,65426,258 280,875

27,00927,06927, 37728,15730,873

32, 04033, 262'33,27834,370

40, 91743,29642.88343, 642

44, 21845, 72147, 73247, 73247, 732

Totalde-

posits

156,806161,777161,410158,306

147,071154,390152,658147,937147,003 156,445

143,602 151,415152,521 161,046150,082 158,411145,792! 153,954

277,464281,368293,081290, 232273, 699

293, 389J293, 240297,939295,339

294,233295, 791291, 809298, 892

302, 511302,991303,154301, 654302, 725

144,050149,312148,647147,017

145, 256143,660148, 786151, 380144, 514

149,114147,976145,379144, 659

148,133148,339147,318149, 411

149, 575148,654150, 318147, 615149,822

53,921 300,134 149,59856.112 296,182| 149,09656.113 304,194! 155,99156.114 300,263! 150,292

56,11459, 55461, 39160, 338

60, 34060, 34060, 34060, 34060, 341

60,34160, 34160, 34259,831

58,81151,41953,85355,14055,143

41,011

304,050 152,707311,506! 163,177294,189! 154,373302,339 160,441

299, 340297, 598306,383297, 511295,417

298,066297,073!300, 5871287, 953

156, 242157,240163, 236159,265160, 563

163,168161,090167,950158,252

285,245 160,147297,119 165,829287, 700| 159,838274,086' 159,096278,046 167,192

291,502 150,617

152,473158, 461154, 587155, 329

155,475150,695156, 553162, 202152, 217

156, 703155, 394154, 486152, 945

156, 535155, 944153,007157, 883

156, 705155,178158,446155, 767158,052

156, 566156, 350163,137157, 330

160, 271169, 333159, 637169, 239

164, 315164, 439171, 200166, 835167,983

170,243169,468177, 329165, 657

166, 617175, 262165, 505166,450175,646

Fed-eral

reservenotes

incircu-lation

227, 748219,546212, 616208,197203,184

205, 261205,993205,667205, 563

209,931206, 479


76.976.977.778.077.1

80.782.780.080.5

78.079.7

204,653202,709

204,015204,433]203, 728|202, 669203, 210

207,937206, 657 i207, 235206, 255

208,81l|207,465205, 359205, 2071

213,816212, 339205,848204, 7171201, 746

205,422203,051!203, 270,204,365

209, 7611209,4771

209,486209,174210,127208,612205,858

212, 467 i211,837:210,355209,433

212, 841212,902216,452J222,038215,030

158,686 208,868

77.678.4

77.279.281.379.577.0

80.581.082.482.2

80.581.481.482.3

81.682.483.283.784.1

82.982.483.083.0

82.482.279.780.1

80.179.780.379.279.0

77.977.977.576.8

75.276.575.370.671.2

79.3

i Includes foreign loans on gold, $456,000, Dec. 3 to 31

36569—25f 29Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis




Month


Total

Securedby U. S.Govern-mentobliga-tions

Com'mercial

andagricul-

turalpaper,n. e. s.


Tradeaccept-ances



TotalBank-ers' ac-cept-ances

Dollarex-

change

Tradeaccept-

[1924JanuaryFebruaryMarchApril

May _JuneJulyAugust


Total: 1924....1923.—1922....

I l l , 084122,607127,316124,660

90,64974,95449,08826,282

34,47248,47453, 57365,981

75,68072,08076,49070,579

44,72236,42425,22414,897

24,60827,39435,75845,277

35, 00050,30450,04153,376

45,69138, 29323,66611,212

9,66120,92417, 61620,429

306121707633

176217179146

1014539146

76967812

23201927

102111160129

17,67618,37513,30310,558

3,9844,9681,7592,561

9,33822,75828,62743,026

17,39117,94912,96310,323

3,8844,9681,7142,531

9,33822,32728,27042,531

285426340235

100

431357495

929,1402,108,9631, 535, 300

549,133 1376,213 1251,505,709 2594,755 1,692

802,292 728,950 I 883

2,8165,9433,175

853864

176,933225,162211,800

174,189220,096207,127

2,7445,0154,224

51449

Month


Federalreservebanks


Bondsand

notes

Certifi-cates of

indebtedness

U. S. se-curities

purchasedfromother

Federalreservebanks

Foreignloans on

gold


1924 1923 1922

1924January ..February. ...March .April

MayJuneJulyAugust


Total: 1924..1923..1922..

2,1463,2706,4694,171

4,3059,8178,3268,177

3,176o

1,2037,010

1,487462

3,494667

1,27311,4981,2951,110

9,392506843

5,046

1,033

461658

456

133,426144, 714150,582140, 056

100,211101,69861,12638,130

56,37871, 74084,246

121,519

292,422172,941184,901217,354

233, 519229,194215, 630199,762

231.29518"4,141154,281184.296

176,299149,721236,799110,549

121,517124,419123,786152,925

159,901167,962155,524243,607

3,2035,272

58,072 j 37,07349 I 161,184

18,181 1 95,690

2,1521,175

56,766

456 1,203,8262,499,736

1,923,009

1 Includes $850,000 discounted for the Federal Intermediate Credit Bank of Berkeley, Calif.2 Includes $2,000,000 discounted for the Federal Intermediate Credit Bank of Berkeley, Calif.


DISTRICT NO. 12 SAN FRANCISCO 441



Month Ari-zona : Utah Ne-

vadaCali-fornia Oregon Idaho Wash-

ington Total

Num-ber ofmem-

berbanksin dis-trict atend ofmonth

Num-ber ofmem-

berbanks

accom-modat-ed dur-ing themonth

1924JanuaryFebruaryMarch..April

May—JuneJulyAugust..

September-OctoberNovember-December __

101122235233

10267235197

2066675

3,5951,8371,3272,448

3,781

2,382

1̂ 773

9511,158523679

37 82, 93697,865101,2632 92,125

58, 36353,16830, 66913, 356

25, 44039, 327

3 45, 63453, 789

5,8706,4289,03612,049

13,1905,8532,7222,379

1,009796829

3,307

8,0417,4507,0597,271

7,0917,2717,0875,879

5, 4875,1604,4874,136

10,5048,9058,39610, 534

8,1226,2136,5362,698

1,3791,9672,0254,070

111,084122, 607127, 316124, 660

90,64974, 95449,08826,282

34,47248,47453, 57365,981

Total: 192419231922

Number of memberbanks at end of year:19241923 _..-1922. _...


192419231922

1,6393,998

13,422

22, 29335, 792

37283

693,935*1, 710, 6981,107, 212

300319325

159161186

63,468107, 644

59, 387

137136135

76,419127, 964211,076

101110120

6683

102

71, 349122, 584 2,108; 963

75, 27,41, 535, ~ "

929,140"1,963

»,300

158165164

87101104

771809

420460531

806800796791

788785785783

783779778771

264241247263

250250256194

150124108124

1 Figures relate only to tha t part of the State located in the San Francisco district.2 Includes $750,000 discounted for the Federal Intermediate Credit Bank of Berkeley, Calif.3 Includes $100,000 discounted for the Federal Intermediate Credit Bank of Berkeley, Calif.* Includes $2,000,000 discounted for the Federal Intermediate Credit Bank of Berkeley, Calif.



No. 5—EARNINGS AND EXPENSES OF FEDERAL RESERVE BANK

Discounted bills_ _Purchased billsUnited States securitiesDeficient reserve penalties.Miscellaneous

Total earnings..


Bank officersClerical staff _Special officers and watchmen _._All other.- _ _ _

Governors' conferences _Federal reserve agents' conferences.Federal Advisory Council _Directors' meetings..Traveling expenses 2.Assessments for Federal Reserve Board expensesLegal fees __Insurance (other than on currency and security shipments).Insurance on currency and security shipmentsTaxes on banking house.Light, heat, and power _Repairs and alterations, banking houseRent.Office and other supplies. ...Printing and stationeryTelephone. _ "...'Telegraph... __PostageExpressage _ _Federal reserve currency:






Current net earnings.

Additions to current net earnings:Withdrawn from reserve for depreciation on United States bonds.All other. _


Depreciation allowances on bank premises..Reserve for probable losses.Furniture and equipmentAllother

Total deductions

Net deductions from current net earnings _


Dividends paidTransferred to surplus account _Franchise tax paid United States Government. .___Deficit in earnings after payment of dividends, charged to surplus

account

1924

$1,302,272582,182

1,476, 50625, 361

101,610

3,487, 931

256,0131, 458,193

82,825147,200

1,028778

2,60023,68148, 68946, 46910,61442, 50529, 683

3,11513, 5241,575

118,92250, 82070,87519,28181, 933

124, 49420, 359

125, 78721, 920

50, 501

2, 853, 384

3,487,9312,853, 384

634, 547

536

127, 755

197, 77659, 036

384, 567

384, 031

250, 516

480,561

230,045

1923

$2, 786, 3491, 020,834

836, 76125, 771

1 54,488

4, 615, 227

262, 4561, 461,516

77,260134, 585

1,148704

2,66510,97336,39849, 448

1,91438, 70330,391

3,1153,857

294120, 62948,83564,94116,09183, 664

126, 98025, 864

143,29324, 422

47, 019

2,817,165

4, 615, 2272,817,165

1, 798,062

1,72913,113

14,842

615,921325,000324, 28242,275

1,307,478

1,292, 636

505,426

467, 72037, 706

1922

$2,126, 654712, 385

1,811,31748,957

121,889

4, 821, 202

235, 6951,543,561

81, 750113, 764

1,2211,1161,483

11,38638,31951,0033,974

40,08525,889

5,1345,346

94797,46544,10385, 51115, 77588, 034

113, 79224,130

230,46542, 69615,00088, 743

3, 006, 387

4, 821, 2023, 006,387

1,814,815

4,3951,814

6,209

33,48877,95838,92110, 301

160,668

154,459

1, 660, 356

448,3063-185,7213 1, 397,771

1 Debit .2 Other than those connected with governors' and agents' conferences and meetings of directors and of theadvisory council.3 After charging surplus and crediting franchise tax with $306,926 paid as an additional franchise tax for1921. Amounts transferred to surplus and paid as a franchise tax out of earnings for 1922 were $121,205 and$1,090,845, respectively.


DISTRICT NO. 12 SAN FEANCISCO 443

No. 6—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS OF FEDERALRESERVE BANK

1924 1923 1922



Bills purchased in open market for own accountCurrency received and counted..Coin received and counted.Checks handledCollection items handled:


United States securities—issues, redemptions, andexchanges by fiscal agency department..

Transfers of funds _E nvelopes received and dispatched —

AMOUNTS HANDLED

Bills discounted _.Bills purchased in open market for own accountCurrency received and counted _Coin received and countedChecks handledCollection items handled:

United States Government coupons paidAll other -


Transfers of funds -

9,34437,21218,433

95,857,00044, 298,00074, 367,000

3, 676,000351,000

1, 518,000130,000

3, 238,000

$929,140,000176,933,000753,896,00023,425,000

14,645, 586,000

35, 743,000290,773,000

353,309,0009, 568, 293, 000

16, 56557, 72521, 771

83, 236,00032,070,00065,442,000

5, 389,000313,000

2 10,827,000131,000

3,868, 000

$2,108,963,000225,162,000707,765,00024, 767,000

14,066, 535,000

41, 522,000278, 560,000

486,429, 0008, 241,696,000

C1)53,31617,134

56,866,00016,811,00053,729,000

6, 731,000226,000

2,151,000114,000

0)

$1,535,300,000211,800,000602,138,000

13,950,0008, 777,048,000

43,548,000200,419,000

763,488,0006, 579,750,000


No. 7 . — O P E R A T I O N S OF F E D E R A L R E S E R V E CLEARING SYSTEM


Month


district

Number

Items forwardedto other Federalreserve banks and

their branches

Number Amount


Number Amount

Total i

Number Amount


MayJuneJulyAugust 1


Total: 19241923

5,4504,9715,7135,504

5,3625,5045,5725,294

5,5246,0775,7096,303

1,162,8741,055, 0431,156,6521,116, 720

, 142,444:, 097,915., 147,911., 013,122

., 073,801

., 158, 566

., 033,7711, 239,892

225176183184

145148176154

149125156201

39,55430, 39035,88831, 993

28,07329,46232,35027, 584

31,064

30, 25233, 523

198186203220

211210208235

331332248232

40, 26035, 59256, 22439,698

38,06645,65938,69239, 593

50,88946,07439, 32151,727

5,8735,3336,0995,908

5,7185,8625,9565,683

6,0046,5346,1136,736

1, 242,6881,121, 0251, 248, 7641,188,411

1, 208, 5831,173,0361, 218,9531,080, 299

1,155,7541,237,3391,103,3441,325,142

66,98357,870

13,398,71112,628,887

2,0222,372

382,832440, 538

2,8142,648

521,795639,064

71,81962,890

14,303,33813,708,489

i Exclusive of duplications on account of items handled by both parent bank and branch.



No. 8.—CLEARING AND TRANSFERS THROUGH GOLD SETTLEMENT FUND


Week ending—

1924Jan. 2 (one day) _

916.. .2330

Feb. 6. . . .132027 _

Mar. 5 _121926

Apr. 2 . . .9 '

1623 . .30

May 714 . _2128 _._

June 4 _ _111825 . .

July 29

162330__ _.

Aug. 6132027 .

Sept. 3101724

Oct. 18

15 _.22"29

Nov. 512 . . . .19 _26

Dec. 3101724

GO

Total: 192419231922

Payments toother Federalreserve banks

21,43273,06274,69474, 75869,006

56,92750,64879,03263, 973

70,07662, 25782,19674,263

68, 70155, 45957,46373, 31877,128

55,22166,68763,44473, 573

59,03959,38387,31663, 575

63, 36357, 61075,49669, 33065, 720

60, 55663,40166, 77572, 520

58,69165,48793,32580,136

65, 23763,90566,05687,10277,087

63, 99471, 20387,86693, 739

80,59081,94893,62595,37175,883

3, 708,6473,418,1722,985,482

Receipts fromother Federalreserve banks

16,42369,90570,09266,42361,196

63,90164,09964,90962,396

61,46370, 59470,36676, 517

65, 53157,16767,04266,01361, 268

72,19465, 51368, 93470, 696

58,07961,16078,82970, 594

66,05356, 71574,42467, 81863, 303

55,12354, 87872, 96167,347

61,82373,30177, 39588, 758

61, 78662, 40872, 25475, 58073, 314

67, 26970,18593, 21482, 258

77, 71291, 52884,99582,87180,603

3,637,1803,389,6662,885,596

Net loss

5,0093,1574,6028,3357,810

14,1231,577

'8, 613

11, 830

3,170

7,30515, 860

1,174

2,877

960

8,487

8951,0721,5122,417

5,4338,523

5,173

15, 930

3,4511,497

11,5223,773

1,018

11,481

2,878

8,63012, 500

71,46728,50699,886

Net gain

6,97413,451

8,337

2,254

1,7089,579

16, 973

5,490

1,777

7,019

2,690

6,186

3,1327,814

8,622

6,198

3,275

5,348

9,580

4,720



DISTBICT NO. 12—SAN PEANCISCO 445

No. 9—REPORTING MEMBER BANKS IN LEADING CITIES: PRINCIPAL RESOURCESAND LIABILITIES



January...February _MarchAprilMayJuneJulyAugustSeptemberOctober...November.December.

Loans and discounts

1924

1, 002,4861, 020, 2831, 013, 2861, 028, 3281, 014, 9231, 006, 2141, 003, 6521, 005, 0101, 017, 5941, 046, 7251, 038, 9481, 049, 618

1923

913, 314938, 773954,423979,407997, 822

1,992; 021992, 954

1, 007,488992, 406

1, 000, 5611, 007, 606


January...February _MarchAprilMayJuneJulyAugustSeptemberOctober...November.December.

Net demand deposits

1924

729,471734,157713, 394720, 072721,475726, 767742,460760,183778, 600806, 580800, 979805,121

1923

670, 542669, 061672, 293690, 500723, 696715, 309.731,410723, 097726, 630753, 650742, 732730, 864

Investments


1924 1923

187,922182, 284198, 747196, 283185, 646194,140197, 088202, 008 !227, 461234,921233,114243, 688

199, 070201, 232216, 870215, 645.212, 690209, 628197, 895198, 616197, 671187,113185, 079194, 283

All other

1924

159, 837159, 673158, 983165, 800162, 278163, 373160,164162,487165, 650168,386185, 881191, 643

1923

158, 985157, 981154, 380154,912158, 663158, 531153,468148, 600154, 972156, 732159,171161, 595

TITYIP ripnndtq ! Accommodat ion atI ime deposits , F e d e r a l r e s e r v e b a n k s

1924

573, 036586, 895593,155608, 418599, 577614, 802623, 470625, 024631, 933659, 275655, 977681,132

1923

590, 722598,156607,489612, 522586, 569579, 048527, 822540, 909549, 631540, 873551,100565, 053

1924

35,14927. 37631, 00931, 80518, 89812, 0823,7672,0035, 7403, 0431,8089,914

1923

19, 67432, 06836, 68745, 24142, 32948, 03253, 81659, 56757,16841, 93940, 01446, 208

NOTE.—Figures are for about 66 banks in San Francisco, Los Angeles, Portland, Salt Lake City, SeattleSpokane, Oakland, Ogden, and Tacoma, which submit weekly reports to the Federal reserve bank.

No. 10—DEBITS TO INDIVIDUAL ACCOUNTS


Month

JanuaryFebruary..March __ _.April.MayJuneJulyAugustSeptember.OctoberNovember _December..

Total


1924

2, 590,9482,470, 2302, 662,1872, 456,8152,401, 2092,319,6932, 391,1522, 335,3072, 335,2452, 578,7502, 359, 3492,634, 300

29, 535,185

1923

2, 374,8732, 043,1732, 581,3552, 347,6532, 429,9422,453,1342,344,5972,295,5782, 318,9802,633, 5712,460,0572,652,946

28,935,859

1922

1,979,2951,709, 4342,061, 2281,951,4331,995, 2152,047,4851,972,3811,999,4252,103,4812,218,4962,131,8112, 392,621

24, 562,305

Bakersfield, Calif.*

11,2759,36011,61311,01110,1119,07110,5119,1619,23211,53710,45813,125

126,465

1923 1922

12, 2649,78112,88511, 82910,92410,80710,4009,9338,89410,91510,70910,703

14, 55511, 34611,42811,11010,89610,6309,4609,42911,62911, 753

130,044 112, 236






Month

January.February .MarchAprilMay -.JuneJulyAugust...SeptemberOctoberNovember . . . . . . -December «.

Total

Month

JanuaryFebruary . .MarchAprilMayJuneJuly .AugustSeptemberOctoberNovember _ .December

Total

Month

January. .FebruaryMarchAprilMayJuneJuly "AugustSeptemberOctoberNovemberDecember

Total

Bell ingham, Wash.*

1924

8,9546,7759,2098,8358,4188,6298 376

1923

"7,5596,0009,0118,7128,4737,946S 987

8,404 ! 8,6388,762 1 8.6328,850 9. 21fi7, 595 8. 0938,193

101,000

8,886

99, 453

1922

4,9586,8086,2626,5597,8106,8877,3717,3537,6327,0946,997

75, 731

Boise, I daho

1924

11,71010,10410,69510, 88810,56811, 43613,19111,06111,86913, 47311, 26914, 216

140 480

1923

14, 45410, 44412, 36411,83412, 32513, 22612, 81311,62111,97113,77711, 78813, 473

150,090

1922

- 13, 4709,632

10,35510, 35412,31012,82912,07211, 27912,17212,96313,03816,434

146,908

Fresno, Calif.

1924

35, 42831, 33228,78229, 36928, 57726,42630,24733,98738,92144,16037,90834, 521

399,658

1923

54,22541,98251,07445,89143,60446,61245,76551,06654,29566,60559,92052,290

613, 329

1922

41,36836,04143,23252,48040, 35140,76642, 21242,60054,82972,36271,58470,079

607,904

Berkeley, Calif.*

1924

20,09018, 08716, 67116,96618,18417,45017,09616, 53716, 54417,31016,48017, 329

208,744

1923

21,21114, 88218,04616,62016, 57816, 26916,80416, 56014, 38618,62417, 78717,016

204, 783

1922

15, 49615, 96719, 20216,10020, 63017,00615, 36515, 37417,84817, 89916,19317, 334

204, 414

Eugene, Oreg.*

1924

10,71310, 50210, 39212,17711,96412, 31412,27411,92211, 39710, 5197,2697,019

128,462

1923

8, 3228,2079,945

10, 35812,93810, 44910,21711,18510, 86313, 52412,04911,746

129,803

1922

5, 8676,8287,7468,3217,8678,0688,5768,705

10, 3459,8759,800

91,998

Long Beach, Calif.

1924

67,16957,66359,59951,91654,14346,85047,47943,74642,82546,10340,78448,520

606,797

1923

54, 40249,85363,49657, 22460,24861,16158, 51861,83357,23064,9S559,16062,345

710, 405

1922

28,24925, 41931,23629,03930, 39332, 54738,10336,24338,07241,44240,84851,536

423,127


DISTRICT NO. 12—SAN FRANCISCO 447



Month

Los Angeles, Calif.

1924


798,822790,767866,861753,656732,207700, 256703,307667,020650,024748, 230707,973801,463

Total I 8,920,586

1923

659,256586.622749,004673,080713.892706,985706.623672,468668,497770, 469722,837789, 512

8,419, 245

1922

511,034436,496520,741473,001526,172518,489498,524494,186516,679549,286535,054632,291

I, 211,953

Oakland, Calif.

1924

135,931122,486133,582126, 6371̂ -9, 643106, 514124,445130,581118,326124,087111,279127,422

1,480,933

1923

116,062110,542136,503125,121121,007117, 588119,666112,497117,041121,594114,110139,125

1, 450,856

1922

80, 99872,14684,65385,68486,93987,28082,83887, 62190,770

109, 24496,759

123,158

1,088,090

Month


Total

Ogden, Utah Pasadena, Calif.

1924

29,64021,33624,31121,16420, 52119,74821,64023,41921,72728,24325,95728, 506

286, 212

1923

32,19526, 27229,91731,22529,2£224,48824,65725,87924,16232,46134,40531,070

346,023

1922 1924

20,72216,09319, 74017, 55721, 51717,72716,48318,86720,07221,99732,40336,821

40,81936,15138,60433,90231,80428,81129,55927,29626,67031,76128,51933,217

259, 999 387,113

1923

32,81127, 53337,15431,49534,31231, 62329,84628,06526,45133,07931,18835,316

378,873

1922

26, 29020,64827,30124,26026,40525,87824,89122,94523,29125,65125,98731,224

304,771

Phoenix, Ariz." Portland, Oreg.

Month

1924 1923 1924 1923 1922

JanuaryFebruary. .MarchApril..MayJuneJulyAugustSeptember.OctoberNovember.December..

Total

22,59020,49820,62719,92521,81821,06318,86416,89418,49723,87624, 07827,023

20, 56616,44219,32817,26919,27420,76015,87317,23317,11822,22924,36525,065

14,69814,80715, 63120,50720,14016,66114,46314,79318,49720,00421,239

157,854152, 737164,305167, 935159.458149,470153.459153,728167,746195,393156, 501163,451

137,699124,494149,822157,439151,119150,081152, 587154,315160,280196,793162,622169,701

124,454113,711142,945136,292127,805141,368133,170141,005147,297161, 536136,941145,142

255, 753 235,522 j 191,440 1,942,037 1,866,952 1,651,666





Month

JanuaryFebruary . . . .MarchAprilMav l'JuneJuly.._ . .AugustSeptemberOctoberNovemberDecember

Total.

Month

January. _ _FebruaryMarch,__ . . .April..May.. .JuneJulyAugustSeptemberOctober.November _December

Total _

Month

JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember _OctoberNovember ,.December

Total

Reno, Nev.

1924

10,1257,9607,3207,1767,8888,0587,9717,5647,6558,0358,0578,470

96,279

1923

11,3217,8699,3149,323

10,04211,65410, 7399,935

10,12111,20311,52712,018

125,066

1922

9,9297,9339,8629,100

10,00611,90611,20710,11510,97311,53711,06511,837

125,470

Sacramento, Calif.

1924

61, 94757, 49638, 88140,19144,523'36,02739, 94947, 61738, 03839, 63641,17934,892

520, 376

1923

78,91141,23740, 23235, 53646, 28235, 20235, 57937, 83135, 74943,88149, 82657,360

537,606

1922

58,01047,38462, 74163,14958, 26564, 03660, 09966,03170,14768, 08854, 64583,394

755, 989

San Bernardino, Calif.*

1924

8,9557,2208,1427.9068,1728,3238,0717,6127,1917,5917,3068,332

94, 821

1923

7,4766,4327,0286,7808,0087,7758 2498,0906,8468,8607,6828,066

91,292

1922

5,3506,6016,3356,9776,7406,4195,8505,8826,2866,0517,431

69, 922

Ritzville, Wash.*

1924

806624725849723744632711

1,0061,282

814659

9,575

Salt

1924

68,90653, 88562,93564, 39261,98362, 92260, 91660, 62861,49270, 83165, 31485, 561

779, 765

1923

676545691539567612532594905

1,0731,079

956

8,769

Lake City, 1

1923

68,04854,47861,86960,65763,45266,63958,-85057, 61358, 03267,19866, 203S3,304

766, 343

1922

571732712763688562532789792647812

7,600

Jtah

1922

58, 77144,62552,98753,44055, 78855,81955,67057,33155,83062,83967,62981,461

702,190

San Diego, Calif.

1924

54,67049,17047,82747,11245,07048,19453,20746, 08244,61646, 98943, 73352,957

579, 627

1923

51,46342, 22750, 64143,02246, 01147,89948, 58042,49040,09643, 24547,82049,883

553,377

1922

38,16732,58139,40341, 24739,37040,29639,85136, 59036,47138,75338, 69847,758

469,185


DISTRICT NO. 12—SAN FRANCISCO



449

Month

January... . . .FebruaryMarchApril..M a yJune .JulyAugust. __SeptemberOctoberNovemberDecember _

Total

Month

JanuaryFebruaryMarchAprilMay.JuneJuly....AugustSeptember..October _.November .December

Total

San

1924

813,964814,165846, 601799, 072790, 811777, 716808, 352786, 035797, 842857, 027790,866885, 396

9, 767, 847

Francisco, Calif.

1923

776, 762680, 420885,456778, 350809,640829, 547750, 868739, 784760, 056849, 907785,434835, 640

9, 481, 864

Seattle, Wash

1924

179,617154, 758197,360182,295177,052179,757182, 323178, 603182, 883194,144171,275186, 810

2,166,877

1923

165, 674140,288179,710166,272168, 652178,691166,824170, 001169,561182, 264174, 742187,985

2,050, 664

1922

725,176626, 032738,831698, 205705, 661730, 557708, 828708, 090757,110751,195723,098765,177

8, 637, 960

1922

137,260126, 991157,044146, 820139,118149,944138,580155, 736158,135163,193165,608168,185

1,806, 614

San|Jose, Calif.*

1924

24, 87619, 92719, 96820, 32618,97119, 25624,08724, 52623,17330, 91925,39024, 390

275,809

1923

24,90219,65422, 37423, 68320, 74520,76421, 84222,04121,22827,05823,47423,014

270,779

1922

21, 60615, 47519, 55418,57218, 59619,93720, 87823, 28621, 93726, 94826,23524,351

257, 375

Spokane, Wash.

1924

47,54944, 66848,76948, 06245, 54047, 27446, 56245, 71848,02152,34844,50047,908

566,919

1923

51,51540,21550,31747, 30147,64051,44448, 61248,64548,98757, 62051, 62854,181

598,105

1922

40,31235,97947,25842,20647, 83846,63441,64541,57241,70452,69443,15951,400

532,401

Month

JanuaryFebruary . .MarchAprilM a yJuneJulyAugustSeptember.OctoberNovember..December. .

Total

Stockton, Calif.

1924 1923 1922

26,99421,59823,89423,02421,79120, 63822,37723, 76327, 78922, 88924, 51627,029

286,302

23,49218, 85623, 44325, 53124, 08425,58125, 62524,72826,36326, 77326,40027,742

298, 618

21,23217, 89521, 587

20, 69221,78221,02721, 79322,22823, 70626,07924, 941

265,050

Tacoma, Wash.

1924 1923 1922

39,79534,81251, 51640, 03440,24840, 79338, 05739,06937, 69940, 04536, 67841, 540

36,92531, 45640,75838,31838, 74745, 29439, 55538, 01338, 79538, 86937, 56740, 587

464, 884

33,74029, 80139, 46535,47536,16539, 41137, 595

Yakima, Wash.

1924 1923 1922

36,87340,31137, 66840,951

445, 683

10,0089,142

10,3459,9909,3828,8038,1119,390

11,10215,35613,04112,421

127,091

9,6588,38510, 28110,0349,6139,419

8,79411, 29312,89812,88011, 414

123, 559

10,11310, 02711, 84711, 03610,42010,2169,5869,19310,82811,69911, 54810,832

127,345

NOTE.—Centers which have not reported continuously for the 18 months ending Dec. 31, 1924, are notincluded in the table.


FEDERAL RESERVE DISTRICTS

——BOUNDARIES OF FEDERAL RESERVE DISTRICTS. . . . . . BOUNDARIES OF FEDERAL RESERVE BBANCH TERRITORIES

% FEDERAL RESERVE BANK CITIES• FEDERAL RESERVE BRANCH CITIESO FEDERAL RESERVE BANK AGENCY

>

w

oH

O

HW

o1̂


INDEX TO PART I

Acceptances: PageBanks granted authority to accept up to 100 per cent of capital and

surplus 1 211-213Discounted by Federal reserve banks 87

(See also Index to Part II.)Drawn by banks to finance export transactions, recommendation of

advisory council 277Foreign bankers', held by Federal reserve banks 62Held by Federal reserve banks 5, 42, 48, 50, 55, 58, 61Imports and exports, based on, discounted or purchased, and held

by Federal reserve banks 58, 63, 89Maturity of bills purchased and held by Federal reserve banks___ 64, 92, 93Member bank, held by Federal reserve banks 62National bank, held by Federal reserve banks 62Nonmember bank, held by Federal reserve banks 62Preference over Government issues urged by advisory council 278Private bankers', held by Federal reserve banks 62Purchased by Federal reserve banks 88-90, 98

(See also Index to Part II.)Purchases between Federal reserve banks 98Rates—Discount and open-market—

Average rates of earnings on bills bought by Federal reservebanks 1 38, 39

Average rates charged by Federal reserve banks 37Changes in Federal reserve bank rates during 1923 and 1924 33, 36Volume of acceptances purchased by Federal reserve banks at

each rate _ _ 90, 91Regulations—

A. Rediscounts under section 13 242B. Open-market purchases 247

Sales between Federal reserve banks 98Accommodation at Federal reserve banks of reporting member banks 80,

81, 134(See also Index to Part II.)

Acts:Amending Clayton Act, proposed . _: 240World War adjusted compensation act, extract from_ _ . 30, 240

Administrator, executor, etc. (See Fiduciary powers.)Advisory council, Federal. (See Federal advisory council.)Agencies of Federal reserve banks. (See Branches and agencies.)Agricultural conditions in 1924, discussion of 1Agricultural movements, index of 163-165Agricultural paper:

Holdings of, by Federal reserve banks 58Regulation A 244Volume discounted by Federal reserve banks 76, 77

Amendment to Clayton Act, proposed 240Amendment to World War adjusted compensation act 30, 240Amendments to regulations of the Federal Reserve Board 31, 242-275Area of Federal reserve districts 285Assessment for expenses of Federal Reserve Board 32, 1.12, 117Assets and liabilities. (See Resources and liabilities.)Atlanta par clearance case 25, 231Balance sheets. (See Condition statements.)Bank failures 23

In Northwest, advisory council on 276

451


452 INDEX TO PART I

PageBank debits—debits to individual account 154-158

Index of 163-165(See also Index to Part II.)

Bank notes. (See Federal reserve bank notes; National bank notes.)Bank premises, Federal reserve:

Book value 49, 52, 110Cost of 110Depreciation allowances 110, 113Expense of maintaining 112

Bankers' balances of reporting member banks 143-146Bankers' acceptances. (See Acceptances.)Bills bought. (See Acceptances.)Bills discounted. (See Discount and open-market operations.)Bonds, United States. (See United States securities.)Branch banking:

Advisory council on McFadden bill 279Federal Reserve Board policy regarding 19, 260

Branches and agencies of Federal reserve banks:Buildings, cost of 110Clearing operations 109Directors of 224-230

Number increased 19Expenses of 19Managers of 224-230Volume of operations 19, 108

Branches of national and State banks, number operated 20Building contracts awarded, index of 163-165Building operations of Federal reserve banks and branches 18, 110

Book value of bank premises 49, 52, 110Cost of bank premises 110Depreciation allowances 110, 113Expense of maintaining bank premises 112

Business indexes of the Federal Reserve Board 163-165Capital:

Federal reserve banks 17, 49, 52Increase or decrease in—Regulation I 262(See also Index to Part II.)

Member banks 121-141Classification according to capital stock 191, 192

Nonmember banks eligible for membership 136-140State bank members 123, 132, 166

Cash reserves of Federal reserve banks. (See Reserves.)Certificates of indebtedness. (See United States securities.)Changes in membership in Federal reserve system 21, 147—153Check clearing and collection:

Atlanta par clearance case 24, 231Cleveland par clearance case 27Gold settlement, fund transactions 48, 50, 100, 101

(See also Index to Part II.)Operations, volume of—

Federal reserve banks 103Federal reserve branch banks 109(See also Index to Part II.)

Par list, number of banks on 22, 23, 105-107Regulation J . 265San Francisco par clearance case 27

Circulation, note. (See Federal reserve bank notes; Federal reserve notes;National bank notes.)

Clayton Act:Administration of 29Amendment to, proposed 240

Clearing-house bank debits 154-158Index of 163-165

Clearing operations, volume of:Federal reserve banks_ 103Federal reserve branch banks 19, 108(See also Index to Part II.)


INDEX TO PART I 4 5 3

PageCleveland par clearance case 27Collateral held as security against Federal reserve notes___: 68, 69, 71, 75Collateral notes of member banks discounted by Federal reserve banks:

Holdings of 58Volume discounted 76, 77

Commercial paper:Discount rates 33Holdings of paper discounted by Federal reserve banks 58

Condition statements:Abstract of condition reports of member banks 121-135All banks in the United States 120All Federal reserve banks combined 42-53Each Federal reserve bank. (See Index to Part II.)Member banks 121-135

Conferences, Federal Reserve Board with advisory council, agents, andgovernors 31

Counties in Federal reserve districts ; 285-290Court decisions:

Par clearance cases 24, 26, 231Trust powers of national banks 27, 234, 237

Credit, discussion of 2, 8Crissinger, D. R., redesignated governor of Federal Reserve Board 32Currency:

Circulation 160Receipts—

Federal reserve banks 14(See also Index to Part II.)

Federal reserve branch banks 108(See also Federal reserve bank notes; Federal reserve notes; National

bank notes.)Customers' paper discounted by Federal reserve banks, holdings of 58Dawes, Henry M., resignation as Comptroller of the Currency 32Dawes report, advisory council on 280Debits to individual account < 154-158

Index of 163-165(See also Index to Part II.)

Deferred availability items (checks, drafts, transit items, etc.) of Federalreserve banks 49, 52

Department store sales and stocks, index of 163-165Deposits—

Federal reserve banks—All banks combined 45-47, 49, 52, 54Each Federal reserve bank. (See Index to Part II.)Reserve required against 54

Government, held by Federal reserve banks 45, 49, 52Guarantee of, advisory council on 277Member banks . 121-135

Interest on, advisory council on 279Reserve deposits 45, 49, 52, 121-135(See also Index to Part II.)

Time deposits and savings accounts—Regulation D 249Depreciation, amounts charged off by Federal reserve banks on ac-

count of 110, 113(See also Index to Part II.)

Directors of Federal reserve banks and branches:List of 224-230Number increased at branches 19

Directory:Federal advisory council 223, 276Federal reserve banks 224-230Federal Reserve Board 223

Discount and open-market operations of Federal reserve banks (see alsoIndex to Part II):

Acceptances—•Average rates of earnings on bills bought by Federal reserve banks. 38, 39Average rates charged by Federal reserve banks 34Changes in Federal reserve bank rates during 1924 36


454 INDEX TO PART I

Discount and open-market operations of Federal reserve banks—Contd.Acceptances—Continued. Page

Discounted by Federal reserve banks 87Foreign bankers7, held by Federal reserve banks 62Held by Federal reserve banks , 5, 42, 48, 50, 55, 58, 61Imports and exports, based on, discounted or purchased and held

by Federal reserve banks 58, 63, 89Maturity of bills purchased and held by Federal reserve banks _ 64,

92, 93Member bank, held by Federal reserve banks 62National bank, held by Federal reserve banks 62Nonmember bank, held by Federal reserve banks 62Private bankers', held by Federal reserve banks 62Purchased by Federal reserve banks 88-90, 98Regulations 242, 245, 247Volume of, purchased by Federal reserve banks at each rate 90, 91

Advisory council, recommendations of, on policy 278, 279, 283Branches of Federal reserve banks, bills discounted and bought by__ 108Discounts—Bills discounted—

Agricultural and livestock paper—Held by Federal reserve banks 58Volume discounted 76, 77

Commercial paper held by Federal reserve banks 58Customers' paper held by Federal reserve banks 58Dollar exchange bills purchased or discounted 63, 89Holdings of 42, 50, 57, 58Maturity of 59, 83-85Member banks accommodated, number of 80, 81Member banks' collateral notes discounted and held by Federal

reserve banks * 58, 76, 77National banks, bills discounted for 82Rates charged and rates of earnings on bills discounted-_ 33-35, 83, 84State banks and trust companies, bills discounted for _ 82United States securities, paper secured by, discounted and held by

Federal reserve banks, *_ 44, 50, 58, 60, 86Volume of bills discounted for member banks in each State 81Volume (total) of bills discounted 79, 81-84

Open-market operations—Discussion of 10Federal advisory council on 278, 279, 283Regulation C 248

Par value of United States securities held by Federal reserve banks.- 66Rates charged and rates of earnings. (See Discount and open-market

rates.)United States securities purchased and held by Federal reserve banks. 5,

42, 43, 65, 66, 94-97Volume of operations—total 76-78

Discount and open-market rates:Acceptances purchased, volume at each rate , 90, 91Average rates* of earnings on—

Acceptances purchased 38, 39Bills discounted 35, 39Municipal warrants purchased 41Total earning assets 41United States securities purchased 40

Average rates charged on acceptances purchased •_ 37Average rates charged oh bills discounted 34Bills discounted, volume, at each rate 46Changes during 1923 and 1924 in Federal reserve bank rates 33, 36Federal advisory council, recommendations of, on policy 278, 279, 283(See also Money rates.)

Districts, Federal reserve. (See Federal reserve districts.)Dividends:

Member banks 141Paid by Federal reserve banks 15, 16, 113, 114

Out of surplus, advisory council on - 282(See also Index to Part II.)



Dollar exchange bills purchased or discounted and held by Federal reservebanks . 63,89

Due to and from banks and bankers by reporting member banks 143-146Earning assets of Federal reserve banks 3-6, 42, 50, 55, 56

Chart showing 4Earnings, annual rates of 41Earnings, ratio of, to capital and surplus 17Holdings of 42, 50, 55, 56(See also Index to Part II.)

Earnings and expenses of Federal reserve banks 12-16, 112-116(See also Index to Part II.)

Earnings:Federal reserve banks, rates of. (See Discount and open-market

rates.)Member banks 141

Edge Act corporations—Regulation K 267Eligible nonmember banks 136-140Eligible paper held as security for Federal reserve notes 71, 75Employees:

Federal reserve banks, number and salaries 216-220Federal Reserve Board, salaries 214-216

Employment, index of 163-165Examiners, national bank, salaries of 220-222Exchange, foreign, index of 163-165Executor, administrator, etc. (See Fiduciary powers.)Expenses:

Federal reserve banks 112(See also Index to Part II.)

Federal Reserve Board 117-119Fiscal agency departments of Federal reserve banks 113

Export transactions, bankers' acceptances drawn to finance, advisorycouncil on 277

Exports and imports:Acceptances based on, purchased and held b}r Federal reserve banks _ 58,

63,89Gold .9, 158, 159

Expressage, cost, of, Federal reserve banks 112^Failures, bank 23

In Northwest, advisory council on 276Federal advisory council:

Meetings of 31Members of 223, 276Recommendations of, to Federal Reserve Board 276-284

Federal intermediate credit banks, discounts for 76, 77Federal reserve act:

Amendments as contained in McFadden bill, advisory council on_^_ 279Liberal interpretation of section 13 in regard to accepting banks

urged by advisory council 282Federal reserve agents:

Conferences of 31Federal reserve note accounts of 68, 69Gold fund, summary of transactions during 1924 102Gold held by 48, 50, 68, 70, 75List of 224-230Salaries of 216-220

Federal reserve bank credit, discussion of 3-6Federal reserve bank notes:

Circulation outside U. S. Treasury and Federal reserve banks 160Circulation of all Federal reserve banks combined 45, 49, 52Issued and redeemed by Comptroller of the Currency 74Outstanding 72, 74Redemption fund against 48, 50Taxes paid on circulation 113

36569—25f 30


4 5 6 INDEX TO PART I

Federal reserve banks:Acceptances purchased or discounted by. (See Acceptances.)Agricultural paper discounted or held by 58, 76, 77Bank premises 49, 52, 110, 113Branches of 19

Buildings 18, 110Directors of 224-230

Number of, increased 19Expenses of 19Managers of 224-230Operations, volume of 19, 108

Building operations 18, 110Capital ._ 17, 49, 52Clearing operations 103

(See also Index to Part II.)Commercial paper held by 58Condition of all Federal reserve banks combined 42-53Condition of each bank. (See Index to Part II.)Deferred availability items (checks, drafts, transit items, etc.) 49, 52Deposits—

Of all banks combined 45-47, 49, 52, 54Of each reserve bank. (See Index to Part II.)

Depreciation charges made by 110, 113Directors and officers • 224-230Discount rates. (See Discount and open-market rates.)Discounts. (See Discount and open-market operations.)Dividends paid 15, 16, 113, 114

Out of surplus, advisory council on 282Earning assets. (See Earning assets.)Earnings—

Ratio of, to capital and surplus 17Transfers to surplus account 113, 114

Earnings and expenses 12-16, 112-117(See also Index to Part II.)

Employees, number and salaries 216-220Excess reserves (free gold). (See Reserves.)Expenses of 112Expressage, cost of 112Federal reserve bank notes. (See Federal reserve bank notes.)Federal reserve notes. (See Federal reserve notes.)Fiscal agency operations 17, 113Franchise tax paid by 15, 16, 113, 114Furniture and equipment 112Gold held by 45,48,50Qold redemption fund 48, 50Gold settlement fund 48, 50, 100, 101Government deposits held by 45, 49, 52Governors—

Conferences of 31List of 224-230Salaries of 216-220

Investments of. (See Earning assets; Discount and open-marketoperations.)

Member-bank reserve deposits held by 45, 49, 52Municipal warrants—

Purchases and holdings 45, 51, 76, 77Rates of earnings on 41

Officers and directors, list of 224-230Officers, salaries of 216-220Postage, cost of 112Profit and loss account 113Rediscounts and sales of bills and securities between 98Rent paid by 112Reserve ratio. (See Reserve ratio.)Reserves. (See Reserves.)Resources and liabilities of all banks combined 42-53


INDEX TO PART I 457

Federal reserve banks—Continued.Salaries 216-220Self insurance 112Surplus account 15, 16, 17, 49, 52, 113, 114

Payment of dividends out of, advisory council on 282Tax, franchise, paid to Government 15, 16, 113, 114Telephone and telegraph expenses 112Uncollected items (checks, drafts, transit items, etc.) 49, 52United States securities purchased and held by. (See United States

securities.)Volume of operations 14

(See also Index to Part II.)Federal Reserve Board:

Assessment for expenses of 32, 112, 117Conferences with advisory council, agents, and governors 31Crissinger, D. R., redesignated governor _j 31Directory 223Employees, number and salaries 214-216Expenses of 117-119Freeman, Edgar, resignation as assistant counsel 32Goldenweiser, E. A., appointed assistant director of division of re-

search and statistics ; 32Jacobson, Morris, resignation as statistician 32Members of 223Miller, A. C, reappointed member 32Officers of, number and salaries 214-216Organization 31Platt, Edmund, redesignated vice governor 32Receipts and disbursements 117-119Regulations 241-275Salaries of officers and employees 214-216

Federal reserve currency:Cost of • 112Taxes paid on Federal reserve bank-note currency 113(See also Federal reserve bank notes; Federal reserve notes.)

Federal reserve districts:Area 285Counties in divided States 285Description 285Map showing outline 450Population 285

Federal reserve notes:Circulation—

All Federal reserve banks combined 45, 49, 52, 54Each Federal reserve bank i 70(See also Index to Part II.)Outside the United States Treasury and Federal reserve banks__ 160

Collateral security held against 68, 69, 71, 75Cost of preparing 117Eligible paper held as collateral against 71, 75Excess collateral pledged against '68Gold and gold certificates held as collateral against 68, 71, 75Held by Federal reserve agents 68Held by Federal reserve banks 70Issued by Federal reserve agents to Federal reserve banks 70Outstanding 72, 74Received by Federal reserve banks from Comptroller of the Currency. 69Reserves required against 45Retired (returned by Federal reserve banks to Federal reserve agents) _ 72

Fiduciary powers:Court decisions relating to 27, 234, 237Permits issued to national banks 193-210Regulation F 254

Fiscal agency operations of Federal reserve banks 17, 113Foreign banking—Regulation K 267Foreign banks, acceptances of, held by Federal reserve banks 62Foreign bills, investment in, by Federal reserve banks, advisory council on_ 283Foreign capital flotation in American market, effect of, advisory council on_ 284


4 5 8 INDEX TO PART I

PageForeign exchange, index of 163^-165Franchise tax paid by Federal reserve banks to Government 15, 16, 113, 114Freeman, Edgar W., resignation as assistant counsel 32Furniture and equipment purchased by Federal reserve banks 112German bills, purchase of, bv Federal reserve banks, advisorv council on. 280Gold:

Circulation 160Federal reserve agents' gold fund 102Held as security for Federal reserve notes 68, 71, 75Held by Federal reserve agents 48, 50, 71Held by Federal reserve banks 45, 48, 50Imports as affecting reserve bank credit 7Imports and exports 9, 158, 159Reserves—

Advisory cpuncil on publication of percentages 278(See also Reserves.)

Shipments, cost of 118Gold redemption fund:

Federal reserve agents _ 68, 75Federal reserve banks 48, 50

Gold settlement fund:Balance of all Federal reserve banks combined 48, 50Clearings and transfers 101Summary of transactions 100(See also Index to Part II.)

Gold standard, advisory council on 281Goldenweiser, E. A., appointed assistant director of division of research

and statistics 32Government bonds. {See United States securities.)Government deposits held by Federal reserve banks 45, 49, 52Government, Federal reserve banks as fiscal agents of 113Governors of Federal reserve banks:

List of 224-230Meetings of 31Salaries of 216-220

Governor of Federal Reserve Board, Crissinger, D. R., redesignated 31Guaranty of deposits, advisory council on 277Imports and exports:

Acceptances based on, purchased or discounted and' held by Federalreserve banks 58, 63, 89

Gold 9, 158/159Indexes of production, employment, trade, wholesale prices, and foreign

exchange 163-165Industry and trade in 1924, discussion of 1Inflation, means of averting, advisory council on 281, 2S3Insurance, self, of Federal reserve banks 112Interest on member bank balances, advisory council on 279Interest rates. (See Discount and open-market rates; Money rates.)Interlocking bank directorates under the Clayton Act—Regulation L 272Investments of Federal reserve banks. (See Earning assets; Discount andjr- jpen-market operations.)Jacobson, Morris, resignation as statistician of Federal Reserve Board 32Kern amendment to Clayton Act, amendment to, proposed 240Land area of Federal reserve districts 285Leased-wire system, cost of 118Loans, deposits, investments, etc., of member banks 121-135Loans on farm land and other real estate—Regulation G 257Managers of branches of Federal reserve banks 224-230Manufacturing production, index of 163-165Map outlining Federal reserve districts 450Maturities:

Acceptances purchased and held by Federal reserve banks 64, 92, 93Bills discounted by Federal reserve banks 59, 83-85

McFadden bill, advisory council on 279Mclntosh, J. W., appointed Comptroller of the Currency 32Member bank credit, discussion of 3



Member banks:Acceptances of, held by Federal reserve banks 62Accommodation at Federal reserve banks 80, 81, 134

{See also Index to Part II.)Capital 121-141, 166Changes in membership 21, 147-153Classification according to capital stock 191, 192Collateral or promissor}^ notes of, discounted and held by Federal

reserve banks 58, 76, 77Condition reports, abstract of 121-135Dividends declared 141Dividends paid to, by Federal reserve banks 113, 114Failures ___" 23, 24Interest on balances, advisory council on 279National banks—

Loans and discounts 122Membership, changes in 147-153Paper discounted for 82

Number of 81, 147-153Number accommodated through discount of paper 80, 81Number in each district 105, 106, 136Number in each State 81, 137Number on par list 22, 23, 105-107Reporting banks in leading cities, assets and liabilities of 134Reserve deposits of 45, 49, 52Resources and liabilities 121-135

(See also Index to Part II.)State banks and trust companies—

Abstract of condition reports 123, 132Bills discounted for 82Capital 123, 132, 166Membership in system 21, 147-153, 166-190Number, capital, and total resources__' 123, 132, 166

Surplus _' 121-135Membership in Federal reserve system 21, 22, 147-153, 166

Classification according to capital stock 191, 192Regulation H 258

Miller, A. C, reappointed as member of Federal Reserve Board 32Mining production, index of 163-165Money in circulation 160Money rates:

In Federal reserve bank and branch cities 162New York market- 11

Chart showing 11{See also Discount and open-market rates.)

Municipal warrants:Purchased and held by Federal reserve banks 42, 51, 76, 77Rates of earnings on 41

National bank act, amendments to, recommendation of advisory council- 276,279, 284

National bank note circulation:Liberty bonds refunded into bonds available for, advisory council on_ 284Outside United States Treasury and Federal reserve banks 160Redemption on February 1, 1925, approved by advisory council 283

National banks:Acceptances of, held by Federal reserve banks 62Bills discounted for 82Changes in membership 21, 147-153Examiners, salaries of 220-222Failures 23, 24Fiduciary powers granted to 193-210Loans, deposits, investments, etc 122, 130Number in system 21, 149

Nonmember banks:Acceptances of, held by Federal reserve banks 62Eligible for membership 136-140Failures 23,24Number on par list 22, 23, 105, 106


460 INDEX TO PART I

Notes. (See Federal reserve bank notes; Federal reserve notes; National-bank notes.) Page

Officers and directors of Federal reserve banks 224-230Officers and employees:

Federal reserve banks, number and salaries 216-220Federal Reserve Board, salaries 214-216

One hundred per cent of capital and surplus, list of banks granted au-thority to accept up to_ 211-213

Open-market operations of Federal reserve banks. {See Discount andopen-market operations.)

Open-market rates. (See Discount and open-market rates.)Opinions of courts:

Fiduciary powers granted to national banks > 27, 234, 237Par clearance cases 24, 26, 231

Par collections. (See Check clearing and collection.)Par list, number of banks on 22, 23, 105-107Par value of United States securities held by Federal reserve banks 66Percentage of reserves to deposit and note liabilities of Federal reserve

banks. (See Reserve ratio.)Pascagoula National Bank, Moss Point, Miss., par clearance case of__ 25,231Platt, Edmund, redesignated vice governor of Federal Reserve Board 32Population of Federal reserve districts 285Postage, cost of, Federal reserve banks 112Private banks, acceptances of, held by Federal reserve banks 62Production in basic industries, index of 163-165Profit-and-loss account of Federal reserve banks 113, 114Purchased paper. (See Acceptances.)Railroad car loadings, index of 163-165Rates. (See Discount and open-market rates; Money rates.)Ratio of cash reserves to deposit and note liabilities of Federal reserve

banks. (See Reserve ratio.)Real estate, loans on—Regulation G 257Receipts and disbursements of the Federal Reserve Board 117-119Recommendations of the Federal advisory council 276-284Redemption fund against Federal reserve bank notes 49, 52Rediscounts and sales of securities between Federal reserve banks 98Regulations of the Federal Reserve Board 31, 241-275

A—Rediscounts under section 13 42B—Open-market purchases under section 14 247C—Acceptance b>y member banks of drafts and bills of exchange 248D—Time deposits and savings accounts 249E—Purchase of warrants 252F—Trust powers of national banks 254G—Loans on farm land and other real estate 257H—Membership of State banks and trust companies 258

Advisory council on 280I—Increase or decrease of capital stock of Federal reserve banks._ 262J—Check clearing and collection 265K—Banking corporations authorized to do foreign banking business

under section 25a 267L—Interlocking bank directorates under the Clayton Act 272

Rent paid by Federal reserve banks 112Reporting member banks in leading cities:

Assets and liabilities of 134Bankers' balances of 143-146

Reserve balances of member banks:Held by all Federal reserve banks combined 45, 50Held by each Federal reserve bank. (See Index to Part II.)

Reserve ratio:All Federal reserve banks combined 45, 49, 54Each Federal reserve bank. (See Index to Part II.)

Reserves of Federal reserve banks:Advisory council on publication of percentages 278C a s h -

All banks combined 45, 48, 54Each Federal reserve bank. (See Index to Part II.)



Reserves of Federal reserve banks—Continued. PageExcess reserves 45Required against notes and desposits 45

Resources and liabilities:All banks in the United States 120Federal reserve banks 42-53

(See also Index to Part II.)Member banks 121-135Reporting member banks ^__ — 134

(See also Index to Part II.)Salaries:

Federal reserve banks 216-220Federal Reserve Board 214-216National bank examiners 220-222

San Francisco par clearance case 27Sayings accounts—Regulation D 249Silver in circulation 160Staff. (See Employees.)State banks and trust companies:

Acceptances of, held by Federal reserve banks 62Admitted to system 166-190Membership in system—Regulation H 258

State bank and trust company members:Abstract of condition reports 123, 132Bills discounted for 82Capital, surplus, and total resources 123, 132, 166Changes in membership 147-153Number of . 21, 22, 148Resources and liabilities 123, 132

Supreme Court of Rhode Island, decision of, on right of national banks toexercise fiduciary powers 237

Supreme Court of United States, opinion of, on right of national banks inMissouri to exercise fiduciary powers 234

Surplus account:Dividends paid out of, advisory council on 282Federal reserve banks 15, 16, 17, 49, 52, 113Member banks 121-135, 166

Tax, franchise, paid to Government by Federal reserve banks __ 15, 16, 113, 114Telegraph, leased-wire system, cost of 118Telephone and telegraph expense of Federal reserve banks 112Time deposits—Regulation D , 249Trade acceptances. (See Acceptances.)Trade and industry in 1924, discussion of 1Trade, wholesale, index of 163-165Treasury certificates of indebtedness:

Issued to Federal reserve banks by Secretary of Treasury 98Purchased by Federal reserve banks 97

Treasury notes:Circulation 160Purchased by Federal reserve banks 96

Trust companies. (See State banks and trust companies.)Trust powers. (See Fiduciary powers.)Uncollected items (checks, drafts, transit items, etc.) of Federal reserve

banks 49, 52United States Government, franchise tax paid to, by Federal reserve

banks 15, 16, 113United States notes in circulation 160United States securities:

Bills discounted, secured by—Held by Federal reserve banks 42, 50, 58, 60, 86Volume discounted by Federal reserve banks 86

Certificates of indebtedness—Issued to Federal reserve banks by Secretary of Treasury 98Purchased by Federal reserve banlks .97

Depreciation on, charges made by Federal reserve banks on account of 113Held by Federal reserve banks 5, 42, 50, 66

Par value of 66Openj-market purchases by Federal reserve banks 94-9 7


462 IKDEX TO PART I

United States securities—Continued.Owned by member banks 121-134Rates of earnings on purchases by Federal reserve banks 40Sales between Federal reserve banks 99Treasury notes purchased by Federal reserve banks 96Victory notes purchased by Federal reserve banks 95Volume purchased by Federal reserve banks 5, 94

United States Supreme Court, opinion of, on right of national banks toexercise fiduciary powers 237

United States Treasurer, items drawn on, and handled by Federal reservebanks 103

Victory notes purchased by Federal reserve banks 95Warrants, municipal:

Purchased by Federal reserve banks 42, 51, 76, 77Rates of earnings on 41Regulation E .252

Weekly statement, publication of reserve percentages in, advisory councilon 278

Wholesale prices, index of 163-165Wholesale trade, index of 163-165World War adjusted compensation act, extract from 30, 240


INDEX TO PART IIDATA FOR EACH FEDERAL RESERVE DISTRICT

Assets and liabilities of Federal reserve bank—holdings of bills discounted,acceptances, United States securities, and total earning assets; also cashreserves, members' reserve deposits, total deposits, Federal reserve notecirculation, and reserve percentages, by weeks, during 1924: Paê

District No. 1—Boston___ __ _ 313District No. 2—New York 324District No. 3—Philadelphia 335District No. 4—Cleveland 346District No. 5—Richmond _ 358District No. 6—Atlanta 370District No. 7—Chicago. _ 382District No. 8—St. Louis 394District No. 9—Minneapolis 404District No. 10—Kansas City _ 415District No. 11—Dallas 428District No. 12—San Francisco 439

Assets and liabilities of reporting member banks—loans and discounts,investments, deposits, and accommodation at Federal reserve bank, bymonths, during 1923 and 1924:

District No. 1—Boston.. __ ___ _ 319District No. 2—New York _. 330District No. 3—Philadelphia 341District No. 4—Cleveland 352District No. 5—Richmond _ _ 364District No. 6—Atlanta 376District No. 7—Chicago 388District No. 8—St. Louis 400District No. 9—Minneapolis 410District No. 10—Kansas City ' 421District No. 11—Dallas 434District No. 12—San Francisco 445

Condition of Federal reserve bank—comparative statement of assets andliabilities on December 31, 1922-1924:

District No. 1—Boston 312District No. 2—New York 323District No. 3—Philadelphia 334District No. 4—Cleveland ^___ 345District No. 5—Richmond 357District No. 6—Atlanta 369District No. 7—Chicago. 381District No. 8—St. Louis 393District No. 9—Minneapolis 403District No. 10—Kansas City 414District No. 11—Dallas 427District No. 12—San Francisco 438

Debits to individual accounts (bank debits)—figures for each reportingcenter and summary for the district, by months, 1922-1924:

District No. 1—Boston 319District No. 2—New York 331District No. 3—Philadelphia _ 341District No. 4—Cleveland 352District No. 5—Richmond 364District No. 6—Atlanta 376District No. 7—Chicago,. _ 389District No. 8—St. Louis 400District No. 9—Minneapolis 410District No. 10—Kansas City 421District No. 11—Dallas 434District No. 12—San Francisco 445

36569—25f 31 463Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

4 6 4 INDEX TO PART II

Discount and open-market operations of Federal reserve bank—volumeof bills discounted and of acceptances and United States securities pur-chased, by months and classes:

District No. 1—Boston * 314District No. 2—New York 325District No. 3—Philadelphia __•_ 336District No. 4—Cleveland 347District No. 5—Richmond 359District No. 6—Atlanta 371District No. 7—Chicago 383District No. 8—St. Louis 395District No. 9—Minneapolis 405District No. 10—Kansas City 416District No. 11—Dallas 429District No. 12—San Francisco 440

Discounts—volume of bills discounted by Federal reserve bank for memberbanks in each State, and number of banks accommodated:

District No. 1—Boston 315District No.. 2—New York 326District No. 3—Philadelphia 337District No. 4—Cleveland 348District No. 5—Richmond 360District No. 6—Atlanta 372District No. 7—Chicago 384District No. 8—St. Louis 396District No. 9—Minneapolis 406District No. 10—Kansas City 417District No. 11—Dallas 430District No. 12—San Francisco 441

Earnings, expenses, and profit and loss account of Federal reserve bank,1922-1924:

District No. 1—Boston 316District No. 2—New York 327District No. 3—Philadelphia 338District No. 4—Cleveland 349District No. 5—Richmond 361District No. 6—Atlanta 373District No. 7—Chicago 385District No. 8—St. Louis 397District No. 9—Minneapolis 407District No. 10—Kansas City 418District No. 11—Dallas T 431District No. 12—San Francisco 442

Federal reserve clearing system (checks handled):District No. 1—Boston 317District No. 2—New York 328District No. 3—Philadelphia 339District No. 4—Cleveland 350District No. 5—Richmond 362District No. 6—Atlanta 374District No. 7—Chicago 386District No. 8—St. Louis 398District No. 9—Minneapolis 408District No. 10—Kansas City 419District No. 11—Dallas 432District No. 12—San Francisco 443

Gold settlement fund—clearings and transfers of Federal reserve bank,by weeks during 1924:

"District No. 1—Boston 318District No. 2—New York 329District No. 3—Philadelphia 340District No. 4—Cleveland 351District No. 5—Richmond 363District No. 6—Atlanta 375District No. 7—Chicago 387District No. 8—St. Louis 399District No. 9—Minneapolis 409


INDEX TO PART II 4 6 5

Gold settlement fund—clearings and transfers of Federal reserve bank,by week during 1924—Continued. Page

~ District No. 10—Kansas City___ 420District No. 11—Dallas 433District No. 12—San Francisco 444

Volume of operations in principal departments of Federal reserve bank:District No. 1—Boston 317District No. 2—New York 328District No. 3—Philadelphia 339District No. 4—Cleveland 350District No. 5—Richmond 362District No. 6—Atlanta 374District No. 7—Chicago 386District No. 8—St. Louis 398District No. 9—Minneapolis 408District No. 10—Kansas City 419District No. 11—Dallas 432District No. 12—San Francisco 443


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