60 FEDERAL RESERVE BULLETIN. JANUARY, 1920.

Gold Certificates Legal Tender.Below is reprinted the act making gold certi-

ficates legal tender:[PUBLICNo. 10366TH CONGRESS.]

[S. 3458.]An Act To make gold certificates of the United States payable to bearer

on demand legal tender.Be it enacted by the Senate and House of Representatives

of the United States of America in Congress assembled, Thatgold certificates of the United States payable to bearer ondemand shall be and are hereby made legal tender in pay-ment of all debts and dues, public and private.

SEC. 2. That all Acts or parts of Acts which are incon-sistent with this Act are hereby repealed.

Approved, December 24, 1919.

Election of Directors.The following directors of Federal Reserve

Banks have been elected for the three-yearterm beginning January 1, 1920.District No. 1.Boston:

Class A.F. S. Chamberlain, New Britain, Conn.Class B.E. R. Morse, Proctor, Vt.Class C.Jesse H. Metcalf, Providence, R. I.

District No. 2.New York:Class A.James S. Alexander, New York, N. Y.Class B.~Charles A. Stone, New York, N. Y.Class CPierre Jay, New York, N. Y.

District No. 3.Philadelphia:Class A.M. J. Murphy, Clarks Green, Pa.Class B.Alba B. Johnson, Philadelphia, Pa.Class CH. B. Thompson, Wilmington, Del.

District No. 4.Cleveland:Class A.Chess Lamberton, Franklin, Pa.Class B.R. P. Wright, Erie, Pa.Class CL. B. Williams, Cleveland, Ohio.

District No. 5.Richmond:Class A.J. F. Bruton, Wilson, N. C.Class B.J. F. Oyster, Washington, D. C.Class 0.James A. Moncure, Richmond, Va.

District No. 6.Atlanta:Class A.Oscar Newton, Jackson, Miss.Class B.W. H. Hartford, Nashville, Tenn.Class CW. H. Kettig, Birmingham, Ala.

District No. 7.Chicago:Class A.Charles H. McNider, Mason City, Iowa.Class B.John W. Blodgett, Grand Rapids, Mich.Class C.E. T. Meredith, Des Moines, Iowa.

District No. &St. Louis:Class A.Sam A. Ziegler, Albion, 111.Class B.~W. B. Plunkett, Little Rock, Ark.Class C.C. P. J. Mooney, Memphis, Tenn.

District No. 9Minneapolis:Class A.Theodore Wold, Minneapolis, Minn.Class B.F. R. Bigelow, St. Paul, Minn.Class C.C. H. Benedict, Lake Linden, Mich.

District No. 10.Kansas City:Class A.W. J. Bailey, Atchison, Kans.Class B.M. L. McClure, Kansas City, Mo.Class C.F. W. Fleming, Kansas City, Mo.

District No. 11Dallas:Class A.B. A. McKinney, Durant, Okla.Class B.Marion Sansom, Fort Worth, Tex.Class CH. O. Wooten, Abilene, Tex.

District No. 12.San Francisco:Class A.C. K. Mclntosh, San Francisco, Calif.Class B.E. H. Cox, San Francisco, Calif.Class C.Edward Elliott, Berkelev, Calif.

Directors of Los Angeles Branch.

The following are the directors of the LosAngeles branch of the Federal Reserve Bank ofSan Francisco which was organized and openedfor business January 2, 1920: Mr. I. B. New-ton, Mr. H. M. Robinson, Mr. J. F. Sartori,Mr. A. J. Waters, Mr. Ira Clerk.

The first two gentlemen have been appointedby the Federal Reserve Board, while the lastthree are the appointees of the Federal ReserveBank of San Francisco.

Mr. I. B. Newton, prominent merchant ofsouthern California, was for many years con-nected with Harper & Reynolds Co., wholesaleand retail hardware dealers of Los Angeles.He recently retired from active business. Dur-ing the war he served on the Los Angeles sub-committee of the Twelfth District Committeeon Capital Issues.

Mr. Henry M. Robinson is a well-knowncitizen of southern California. War activitiesbrought him to Washington, where he served onthe Shipping Board, at the end of the war goingto Paris as one of the Economics Committee o?Five assisting the American Peace Delegation.He was appointed by the President as a memberof the Second Industrial Conference and, morerecently, as a member, representing the public,of the commission to investigate wages andworking conditions in the coal industry, pro-vided for in the strike settlement agreement.

Mr. J. F. Sartori is president of the SecurityTrust & Savings Bank and president of theSecurity National Bank, both of Los Angeles.

Mr. A. J. Waters is president of the CitizensNational Bank of Los Angeles and presidentof the Los Angeles Clearing House Association.

Mr. Ira Clerk is assistant deputy governorof the Federal Reserve Bank of San Francisco,and has been appointed acting manager ofthe Los Angeles branch.

Acceptances to 100 Per Cent.

Since the issuance of the December BULLETINthe following banks have been authorized bythe Federal Reserve Board to accept drafts andbills of exchange up to 100 per cent of theircapital and surplus:

First National Bank, New Bedford, Mass.First National Bank, Hoboken, N. J.Marine Bank, Norfolk, Va.Atlanta National Bank, Atlanta, Ga.First National Sank, Clarksville, Tenn.

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66 FEDERAL BESERVE BULLETIN. JANUARY, 1921.

Industriewerte in Bern, and in March, 1907,another company, the Internationale Eispn-bahnbank in Bern. Soon after the foundationof these two companies, the directors of theZentralbank began to unload on the subsidia-ries at high prices securities of which theywanted to dispose, with ruinous effects on thesubsidiaries.

GERMANY.Investment trust companies have not ob-

tained great importance in Germany. Theabsence of such companies for the purpose ofinvesting in foreign securities is particularlynoticeable. There was always plenty of op-portunity for capital to invest in domesticenterprises. The German investment trustsare also financial and controlling companies,and they are closely affiliated with the banks.

The oldest German investment trust is theAktiengesellschaft fur Rheinisch-WestfalischeIndustrie, founded in 1871 bytheA.Schaaffhau-senscher Bankverein and a few other concerns,with a capital of 6,000,000 marks. The capitalwas decreased in 1884 to l,500,000rnarks. Itssuccess may be gauged from the dividends dis-tributed: 1*905, 19 per cent; 1906, 40 per cent;1907, 6 per cent; 1908, 4 per cent; 1909, 6 percent; 1910, 6 per cent; 1911, 4 per cent; 1912,4 per cent; 1913, 4 per cent.

Another company, founded in 1871 by theBarmer V.erein and others for the purpose ofthe general development of industry, building,and banking, is the Bergisch-Markische Indus-triegesellschaft. Originally it had a capitalof 4,500,000 marks, which was reduced duringthe years 1878-1885 to about 3,000,000 marks.In 1897 the company became affiliated withthe Deutsche Bank and its subsidiary, theBergisch-Markische Bank, and the capital wasincreased to 6,000,000 marks. The companypaid a dividend in 1910, 4 per cent; in 1911,0; 1912, 0; 1913, 7 percent; 1914, 6 per cent.

The Aktiengesellschaft fur liheinische-West-falische Industrie and the Bergisch-MarkischeIndustriegesellschaft were for more than 20years the only investment trusts in Germany.The years subsequent to 1890 witnesses a periodof great financial activity and a number ofnew institutions in the nature of investmenttrusts were founded. Most of the companiesdevoted themselves to financing of new enter-prises. One of the investment trusts is theHannoverische Gesellschaft fur IndustrielleUnternehmungen, a creation of the Nord-deutsche Bank of Hamburg and of the bankinghouse of Ephraim Meyer & Sons, of Hanover.Its capital is 5,000,000 marks, and the followingdividends were paid: 1910-11, 6 per cent;1911-12, 6^per cent; 1912-13, 6 per cent;1913-14, 4 percent; 1914-15, 4 per cent.

There may be mentioned the Bank fur Indus-triebeteiligungen, founded in Berlin in 1901with a capital of 1,000,000 marks. Invest-ments were principally made in Hungarianmining operations. The company was liqui-dated in 1903 with great loss to the investors.The Deutsche Industriegesellschaft, A. G., ofRegensburg, founded in 1898, which has now acapital of 1,400,000 marks, and the Aktienge-sellsehaft fiir Industrielle Unternehmungen ofBlankenburg A. H., founded in 1906, whichhas a capital of 1,000,000 marks, are two otherexamples of investment trusts. But theirsuccess has not been striking.

Election of Directors.

The following directors of Federal ReserveBanks have been elected for the three-yearterm beginning January 1, 1921:District No. 1Boston:

Class A.Thomas P. Beal, Boston, Mass.Class B.Philip R. Allen, East Walpole, Mass.Class C.Frederic H. Curtiss, Boston, Mass.

District No. 2New York:Class A.R. H. Treman, Ithaca, N. Y.Class B.Richard H. Williams, Madison, N. J.Class CW. L. Saunders, New York, N. Y.

District No. 3Philadelphia:Class A.Joseph Wayne, jr., Philadelphia, Pa.Class B.Edwin S. Stuart, Philadelphia, Pa.Class CRichard L. Austin, Philadelphia, Pa.

District No. 4Cleveland:Class A.Robert Wardrop, Pittsburgh, Pa.Class B.Thomas A. Combs, Lexington, Ky.Class C. .

District No. 5Richmond:Class A.L. E. Johnson, Alderson, W. Va.Class B.D. R. Coker, Hartsville, S. C.Class C.Caldwell Hardy, Richmond, Va.

District No. 6Atlanta:Class A.P. R. Kittles, Sylvania, Ga.Class B.Leon C. Simon, New Orleans, La.Class C.Jos. A. McCord, Atlanta, Ga.

District No. 7Chicago:Class A.E. L. Johnson, Waterloo, Iowa.Class B.A. R, Erskine, South Bend, Ind.Class C.James Simpson, Chicago, 111.

District No. 8St. Louis:Class A.John G. Lonsdale, St. Louis?> Mo.Class B.Le Roy Percy, Greenville, Miss.Class C.John W. Boehne, Evansville, Ind.

District No. 9Minneapolis:Class A.J. C. Bassett, Aberdeen, S. Dak.Class B.N. B. Hotter, Helena, Mont.Class C.John H. Rich, Minneapolis, Minn.

District No. 10Kansas City:Class A.E. E. Mullaney, Hill City, Kans.Class B.Harry W. Gibson, Muskogee, Okla.Class C.Asa E. Ramsay, Kansas City, Mo.

District No. 11Dallas:Class A.Ed. Hall, Bryan, Tex.Class B.-J. J. Culbertsop, Paris, Tex.Class CW. F. Ramsey, Dallas, Tex.

District No. 12San Francisco:Class A.John W. Baer, Pasadena, Calif.Class B.A. B. C. Dohrmann, San Francisco, Calif.Class C.JohnJPerrin. San Francisco, Calif.

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50 FEDERAL EESEKVE BULLETIN. JANUARY, 1922.

Election of Directors.The following directors of Federal Reserve

Banks have been elected for the three-yearterm beginning January 1, 1922:District No. 1Boston:

Class AEdward S. Kennard, Rumford, Me.Class BCharles G. Washburn, Worcester, Mass.Class CAllen Ilollis, Concord, N. H.

District No. 2New York:Class ACharles Smith. Oneonta, N. Y.Class BFrank L. Stevens. North Iloosick, N. Y.Class CC. M. Woolley, New York. N. Y.

District No. 3Philadelphia:Class AFrancis Douglas, Wilkes-Barre, Pa.Class BCharles K. Haddon, Camden, N. J.Class CCharles C. Harrison. Philadelphia, Pa.

District No. 4Cleveland:Class A0. N. Sams, Hillsboro, Ohio.Class BJohn Stambaugh, Youngstown. Ohio.Class CW. W. Knight, Toledo, Ohio. '

District No. 5Richmond:Class ACharles E. Rieman, Baltimore, Md.Class BEdmund Strudwick, Richmond, Va.Class CF. A. Delano, Washington, D. C.

District No. 6Atlanta:Class AJohn K. Ottley. Atlanta, Ga.Class BJ. A. McCrary, Decatur, Ga.Class CLindsey Hopkins, Atlanta, Ga.

District No. 7Chicago:Class AGeorge M. Reynolds, Chicago, 111.Class BA. H. Vogel, Milwaukee, Wis.Class CWilliam A. Heath, Chicago, 111.

District No. 8St. Louis:Class AT. C. Utterback, Paducah, Ky.Class BRolla Wells, St. Louis, Mo.Class CWilliam McC. Martin, St. Louis, Mo.

District No. 9Minneapolis:Class AW. C. McDowell, Marion, N. Dak.Class BF. P. Hixon, La Crosse, Wis.Class CHomer P. Clark. St. Paul, Minn.

District No. 10Kansas City:Class AJ. C. Mitchell, Denver, Colo.Class BT. C. Byrne, Omaha, Nebr.Class CHeber Hord, Central City, Nebr.

District No. 11Dallas:Class AJohn T. Scott. Houston, Tex.Class BFrank Kell, Wichita Falls, Tex.Class CW. B. Newsome, Dallas, Tex.

District No. 12San Francisco:Class AM. A. Buchan, Palo Alto, Calif.Class BWilliam T. Sesnon, San Francisco, Calif.Class CWalton N. Moore, San Francisco, Calif.

Dollar Exchange.

Under the provisions of section 13 of theFederal Reserve Act, which provides thatmember banks, with the approval of the Fed-eral Reserve Board, may accept drafts for thepurpose of furnishing dollar exchange, drawnupon them by banks or bankers located inforeign countries or dependencies, or insularpossessions of the United States in which it isdetermined that the usages of trade requiresijch acceptance facilities, the Board has desig-nated as such the French West Indies in addi-tion to those previously designated,

State Banks and Trust Companies.ADMISSIONS.

The following list shows the State banks and trustcompanies which were admitted to membership in theFederal Reserve System during the month ended De-cember 31, 1921, on which date 1,631 State institutionswere members of the system, having a total capital of582,347,142, total surplus of 528,431,584, and totalresources of 9,951,332.598, based upon reports of conditionas of June 30, 1921, except as to banks admitted sincethat date, for which figures as of date of admission wereused. Seven banks included in the above number havebeen closed, but have not surrendered stock, the activemembership on the date named being 1,624.

1 Capital. Surplus. Totalresources.

District No. 3.

American Bank &. Trust Co./llazletou, ;Pa | 8200,000

District No. o. jFarmers & Merchants Bank, Salisbury, I

Md i 100,000

District No. 6. I

Alabama Bank & Trust Co., Mont- jgomery, Ala j 300,000

Haversham Bank, Clarksville, G a 25,000

District No. 9. jFarmers & Merchants State Bank (Inc.),! !

Hutchinson, Minn 50,000 jDistrict No. 12. j !

Citizens State Bank of Sawtelle, Saw- jtelle, Calif , 100,000 I.

8100,000

100,000

32,00010,000

12,500

3,330,622

957,913

1,077,817266,571

Abb, 147

1,208,722

"WITHDRAWAL.Bellevue State Bank, Bellevue, Idaho.

BANKS CLOSED.

Merchants Bank of Montgomery, Ala.Bank of Jordan Valley, Jordan Valley, Greg.First Guaranty State Bank, Collinsvillo, Tex.

CONVERTED INTO NATIONAL BANKS.

State Bank & Trust Company, Houston, Tex.Citizens State Bank, Kingfisher, Okla.

Fiduciary Powers Granted to National Banks.

The applications of the following banks for permissionto act under section 11-k of the Federal Reserve Actwere approved by the Board during the month endingDecember 31, 1921.

DISTRICT NO. 1.

Trustee and registrar of stocks and bonds:Souhegan National Bank, Milford, N. II.

Trustee, executor, administrator, registrar of stocks and bonds, guardianof estates, assignee, and receiver:

National Shoe and Leather Bank, Auburn, He.Shelburne Falls National Bank, Shelburne Falls, Mass.

Trustee, executor, administrator, registrar of stocks and bonds, guardianof estates, assignee, receiver, and committee of estates of lunatics;

Hudson National Bank, Hudson, Mass,

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24 FEDERAL RESERVE BULLETIN. JANUARY, 1923.

State Banks and Trust Companies.Admissions.

The following list shows the State banks and trustcompanies which were admitted to membership in theFederal reserve system during the month ending December31, 1922, on which date 1,652 State institutions weremembers of the system:

Capital, i Surplus.

District No. 6.Farmers & Merchants Bank,