Tenth Annual Report of the Federal Reserve Board 1923

TENTH ANNUAL REPORT

OP THE

FEDERAL RESERVEBOARD

COVERING OPERATIONS

FOR THE YEAR 1923

WASHINGTONGOVERNMENT PRINTING OFFICE

1924

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

TABLE OF CONTENTS

Page.PART I. Report of the Federal Reserve Board, with exhibits 1-319PART II. Statistical tables, arranged by Federal reserve districts 321-455PART III. Recommendations of the Federal Advisory Council to the

Federal Reserve Board for year 1923 457-467Description of Federal reserve districts 468-473

PART I.TEXT OF REPORT:

Banking and business in 1923 1Federal reserve discount policy 3Open-market policy and operations 11Gold and credit 16Currency and credit , 23Guides to credit policy , 29Operations of the Federal reserve system—

Condition of Federal reserve banks 39Earnings, expenses, and volume of operations of Federal reserve

banks 40Building operations of Federal reserve banks , 44Branches and agencies of Federal reserve banks and their

operations 44Changes in membership of Federal reserve system 47Branch banking 48Check clearing and collection 48Rediscounts for nonmember banks 50Administration of Clayton Act 51Trust powers of national banks 54Amendments to Federal reserve act 56Amendments to regulations of the Federal Reserve Board 59Meetings of Federal Advisory Council 61Conferences held by the Federal Reserve Board 62Board's organization, staff, and expenditures 62

DISCOUNT AND OPEN-MARKET RATES:No. 1. Changes during 1922 and 1923 in Federal reserve bank dis-

count rates 64No. 2. Average rates charged by Federal reserve banks on bills dis-

counted 65No. 3. Annual rates of earnings on discounted bills held by the

Federal reserve banks 66No. 4. Changes during 1923 in minimum authorized rates of Fed-

eral reserve banks on bankers' and trade acceptancesbought in open market 67, 68

No. 5. Average rates charged by Federal reserve banks on bankers'and trade acceptances bought in open market 69

No. 6. Annual rates of earnings on bankers' and trade acceptancesbought in open market and from other Federal reservebanks 70

in


IV TABLE OF CONTENTS.

DISCOUNT AND OPEN-MARKET RATES—Continued. Page.No. 7. Annual rates of earnings on bills discounted and on bills pur-

chased by each Federal reserve bank, 1916-1923 71No. 8. Annual rates of earnings on United States securities held by

the Federal reserve banks 72No. 9. Annual rates of earnings on total earning assets and on munic-

ipal warrants held by the Federal reserve banks 73CONDITION OF FEDERAL RESERVE BANKS:

No. 10. Earning assets of all Federal reserve banks combined, 1914-1923 74-78

No. 11. Reserves, deposits, and note circulation of all Federal reservebanks combined, 1914-1923 79-83

No. 12. Resources and liabilities of all Federal reserve banks com-bined on the last business day of each month, December,1922-December, 1923 84

No. 13. Resources and liabilities of all Federal reserve banks com-bined, by weeks, during 1923 86-89

No. 14. Deposits, Federal reserve note circulation, required reserves,excess reserves, and reserve percentages of all Federal re-serve banks combined, by weeks, during 1923 92

No. 15. Daily average figures for all Federal reserve banks combinedof cash reserves, total earning assets, deposits, and Federalreserve note circulation, also daily average reserve percent-ages, by months, during 1920-1923 94

No. 16. Average daily holdings of all classes of earning assets of eachFederal reserve bank, by months 95

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

months 96No. 18. Classification of paper held by each Federal reserve bank

on December 31, 1923 97No. 19. Classification of paper held by all Federal reserve banks

combined at the end of each month 98No. 20. Maturity distribution of paper held by each Federal re-

serve bank on December 26, 1923 99No. 21. Maturity distribution of paper held by all Federal reserve

banks combined on the last report date of each month. 100No. 22. Classification of bills'secured by United States Govern-

ment obligations held by each Federal reserve bank onDecember 26, 1923, and December 27, 1922 101

No. 23. Classification of bills secured by United States Govern-ment obligations held by all Federal reserve bankscombined on the last report date of each month 102

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

mon ths 103No. 25. Held by each Federal reserve bank on December 31, 1923,

by classes of accepting institutions 104No. 26. Held by all Federal reserve banks combined at the end of

each month during 1923, by classes of accepting in-stitutions 105

No. 27. Held by each Federal reserve bank on December 31,1923,by classes 106


TABLE OF CONTENTS. V

CONDITION OF FEDERAL RESERVE BANKS—Continued.

Bills bought in open market—Continued. Y&ge.No. 28. Held by all Federal reserve banks combined at the end of

each month during 1923, by classes 107No. 29. Maturity distribution of bills held by each Federal re-

serve bank on December 26, 1923 108No. 30. Maturity distribution of bills held by all Federal reserve

banks combined at the end of each month 109Municipal warrants—

No. 31. Average daily holdings of each Federal reserve bank, bymonths 110

United States securities—No. 32. Average daily holdings of each Federal reserve bank, by

months 111No. 33. Par value of each class of United States securities held

by each Federal reserve bank on December 31, 1923 _ 112FEDERAL RESERVE NOTES:

No. 34. Accounts of each Federal reserve agent on December 31, 1923,and December 30, 1922 113

No. 35. Outstanding, held by each bank, and in actual circulation;also gold and eligible paper pledged as collateral for out-standing notes—Monthly figures for each Federal reservebank 115

No. 36. Collateral (gold and eligible paper) pledged with Federalreserve agents as security against notes outstanding—Weekly figures for all Federal reserve banks combined 118

No. 37. Issued and retired by each Federal reserve agent, by months, 121No. 38. Outstanding, held by Federal reserve agent, and on hand in

Washington on December 31, 1923—By banks and de-nominations , _ ^ 123

No. 39. Received from Comptroller of the Currency, returned tocomptroller for destruction; issued to Federal reservebanks, and returned by Federal reserve banks during1923—By banks and denominations 125

No. 40. Issued and retired by all Federal reserve agents combinedand amounts outstanding, 1914-1923, by denominations-_ 128

No. 41. Interdistrict movement during 1923 129FEDERAL RESERVE BANK NOTES:

No. 42. Issued and redeemed during 1915-1923 and outstanding onDecember 31, 1923, by banks and denominations 131

DISCOUNT AND OPEN-MARKET OPERATIONS:

Total volume—All classes—No. 43. For each Federal reserve bank during 1923, distributed

by classes 133No. 44. For all Federal reserve banks combined, by months dur-

ing 1923, with totals for 1914-1922, distributed byclasses 134

No. 45. For each Federal reserve bank, by months during 1923,with totals for 1914-1922 135

Bills discounted—No. 46. Discounted by each Federal reserve bank, by months

during 1923, with totals for 1914-1922 136No. 47. Number of banks in each district accommodated through

discount operations, by months during 1923, withtotals for 1914-1922____ 137


VI TABLE OF CONTENTS.

DISCOUNT AND OPEN-MARKET OPERATIONS—Continued.Bills discounted—Continued. page.

No. 48. Volume, by States, also number of member banks in eachState and number accommodated through discountoperations during 1923, 1922, 1921, and 1920 138

No. 49. Discounted by each Federal reserve bank for nationalbanks and for State bank and trust company membersduring 1923, 1922, 1921, and 1920 140

No. 50. Discounted by each Federal reserve bank during 1923, bymaturities and rates of discount charged 141

No. 51. Discounted by all Federal reserve banks combined during1923, by months and by maturities and rates of dis-count charged 142

No. 52. Average maturity (in days) of bills discounted by eachFederal reserve bank, by months during 1923, withaverage maturities for each bank and for each monthof 1922 and 1921 143

No. 53. Bills secured by United States Government obligations,discounted by each Federal reserve bank, by monthsduring 1923, with totals for 1917-1922 144

No. 54. Trade acceptances discounted by each Federal reservebank, by months during 1923, with totals for 1914-1922 ..." , ._ 145

No. 55. Bankers' acceptances discounted by each Federal reservebank, by months during 1923, with totals for 1919-1922____ 146

Bills bought in open market—Bankers' and trade acceptances—No. 56. Purchased by each Federal reserve bank, by months

during 1923, with totals for 1914-1922. _____" 147No. 57. Purchased in open market by each Federal reserve bank

during 1923, distributed by classes 148No. 58. Purchased in open market by all Federal reserve banks

combined, by months during 1923, distributed byclasses 149

No. 59. Purchased by each Federal reserve bank during 1923, byrates of discount charged 150

No. 60. Purchased by all Federal reserve banks combined, bymonths during 1923, by rates of discount charged 151

No. 61. Average maturity (in days) of bills purchased by eachFederal reserve bank, by months during 1923, withaverage maturities for each bank and for each monthduring 1922 and 1921 152

No. 62. Purchased by each Federal reserve bank during 1923, bymaturities, also average maturity for each bank 153

No. 63. Purchased by all Federal reserve banks combined, bymonths during 1922, by maturities, also average ma-turity for each month, and totals for 1914-1923 154

United States securities—No. 64. United States bonds and Victory notes purchased by

each Federal reserve bank, by months during^ 1923,with totals for 1914-1922 155

No. 65. United States Treasury notes purchased by each Federalreserve bank, by months during 1923, with totals for1916-1922 _* 156

No. 66. United States certificates of indebtedness purchased byeach Federal reserve bank, by months during 1923,with totals for 1918-1922 157


TABLE OF CONTENTS. VII

COLD SETTLEMENT FUND: Page.No. 67. Summary of transactions of each Federal reserve bank during

1923 158No. 68. Clearings and transfers for all Federal reserve banks com-

bined, by weeks, during 1923 159FEDERAL RESERVE AGENTS' GOLD FUND:

No. 69. Summary of transactions of each Federal reserve agent during1923_ '_"'._• 160

CLEARING OPERATIONS:No. 70. Operations of each Federal reserve bank in the Federal reserve

clearing system during 1922, with totals for 1919-1922 161No. 71. Number of member banks and of nonmember banks on par

list in each Federal reserve district at the end of eachmonth during 1923 163

OPERATIONS OF BRANCHES:

No. 72. Operations of each Federal reserve branch bank during 1923 _ _ 165EARNINGS AND EXPENSES:

No. 73. Earnings and expenses of each Federal reserve bank during1923 167

No. 74. Profit and loss account of each Federal reserve bank during1923 1 169

No. 75. Reimbursable expenditures of fiscal agency department ofeach Federal reserve bank during 1923 170

No. 76. Gross and net earnings of Federal reserve banks, also disposi-tion made of net earnings, 1914-1923 171

RECEIPTS AND DISBURSEMENTS OF FEDERAL RESERVE BOARD:

No. 77. Receipts and disbursements of the Federal reserve board for1923 177

ALLOTMENTS OF UNITED STATES SECURITIES:No. 78. Allotments of each series of United States notes and certifi-

cates of indebtedness issued during 1923, by Federal reservedistricts 181

ASSETS AND LIABILITIES OF MEMBER AND NONMEMBER BANKS:No. 79. Abstract of condition reports of all member banks combined- _ 182No. 80. Abstract of condition reports of all State bank and trust

company members combined ^ 183No. 81. Abstract of condition reports of all member banks in New

York City 184No. 82. Abstract of condition reports of all member banks in the city

of Chicago . 185No. 83. Abstract of condition reports of all member banks in reserve

cities 186No. 84. Abstract of condition reports of all member banks outside of

central reserve and reserve cities (so-called country banks) _ 187No, 85. Loans, investments, deposits, and borrowings of national

banks on call dates, 1914-1923 188No. 86. Loans, investments, capital, surplus, deposits, and borrow-

ings of all member banks on call dates, 1914-1923 190No. 87. Principal resources and liabilities of about 764 reporting

member banks in leading cities, by weeks, during 1923 192No. 88. Assets and liabilities of all banks in the United States and

island possessions 194


VIII TABLE OF CONTENTS.

DEBITS TO INDIVIDUAL ACCOUNTS: Page..No. 89. Debits to individual accounts as reported by banks in 141

principal cities—Summary by months and districts, 1921-1923 195

GOLD IMPORTS AND EXPORTS:No. 90. Gold movement into and out of the United States, June 1,

1919-December 31, 1923, by principal countries 19TNo. 91. Total imports of gold into and exports of gold out of the

United States, by countries, 1922 and 1923 197COST OF BANK PREMISES:

No. 92-93. Cost of bank premises of Federal reserve banks andbranches 198, 199

State banks and trust companies admitted to membership 200Fiduciary powers granted to national banks 226Banks granted authority to accept drafts and bills of exchange up to 100

per cent of capital and surplus 243.Personnel and salaries:

Salaries of officers and employees of Federal Reserve Board 246Salaries of officers and employees of Federal reserve banks 249Salaries of national-bank examiners 253

Directory :Federal Reserve Board 255Federal Advisory Council 255Officers and directors of Federal reserve banks and branches. 256

Amendments to Federal reserve act 263Regulations of Federal Reserve Board 265Resolution of the Federal Reserve Board on establishment of Cuban

agencies 295Court opinions in par clearance cases:

Atlanta case - - - - 296North Carolina case 298

Court opinions on exercise of fiduciary powers:Supreme Court of Pennsylvania 304Supreme Court of Missouri 307Supreme Court of the United States 314

Federal Reserve Board indexes:Production, employment, and trade, 1919-1923 318Wholesale prices and foreign exchange, 1919-1923 319>

CHARTS.

Movement of earning assets of Federal reserve banks, by classes, 1922and 1923 i 14

Gold movements into and out of the United States and growth of reservesof Federal reserve banks, 1919-1923 17

Movement of Federal reserve notes and earning assets of Federal reservebanks, 1917-1923- 24

Movement of loans and of demand deposits of member banks in leadingcities, 1922 and 1923 26-

Movement of Federal reserve notes and of deposits of Federal reservebanks, 1917-1923 28

United States securities, purchased bills, discounted bills, and total earn-ing assets for all Federal reserve banks 90

Reserve ratio, deposits, Federal reserve note circulation, and total reservesfor all Federal reserve banks 91

Federal reserve note circulation and holdings of bills discounted, bills pur-chased, and United States securities 324, 335,

346, 357, 368, 379, 391, 404, 414, 424, 436,


TABLE OF CONTENTS. IX

PART II.

Statistical tables, arranged by Federal reserve districts: Page.District No. 1—Boston 322District No. 2—New York 333District No. 3—Philadelphia J 344District No. 4—Cleveland 355District No. 5—Richmond 366District No. 6—Atlanta 377District No. 7—Chicago 389District No. 8—St. Louis 402District No. 9—Minneapolis 412District No. 10—Kansas City 422District No. 11—Dallas 434District No. 12—San Francisco . 444

PART III.

Recommendations of the Federal Advisory Council, 1923 459Description of Federal reserve districts . 468Map of Federal reserve districts . _ 474


PART I.

REPORT OF THE FEDERAL RESERVE BOARD,WITH EXHIBITS.

XI


THE FEDERAL RESERVE BOARD.

DECEMBER 31, 1923.

A. W. MELLON, ex officio,Secretary of the Treasury, Chairman.

HENRY M. DAWES, ex officio,Comptroller of the Currency.

XII

D. R. CRISSINGER, Governor.EDMUND PLATT, Vice Governor.ADOLPH C. MILLER.CHARLES S. HAMLIN.GEORGE R. JAMES.EDWARD H. CUNNINGHAM.


ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

WASHINGTON, February 15, 1924.SIR: The year covered in this, the tenth annual report of the

Federal Reserve Board is of more than ordinary interest, since ithas afforded an opportunity for the Federal reserve system to functionunder circumstances less influenced by conditions arising out of thewar than any previous year. In the absence of those major dis-turbances which so profoundly affected business and credit conditionsduring the war and early post-war readjustment, Federal reservecredit policies, in response to prevailing economic conditions andon the basis of earlier experience, have undergone a fuller develop-ment. The volume, character, and occasion of rediscount operationsand open-market transactions of the Federal reserve banks, the extentand influence of gold movements upon the credit and currency situ-ation, rate policy, and the basic factors underlying general creditpolicy—these and other related matters that will be of continuingimportance in the future have held an important place in the year1923 in the functioning of the Federal reserve banks and in thedeliberations and decisions of its governing authorities.

The text of the report as herewith presented is devoted to a dis-cussion of some of the broader aspects of the workings of the Federalreserve system and the fundamentals of its operation and adminis-tration as they may be viewed in the perspective of almost a decadeof experience. These are believed to be matters of such widespreadpublic interest as to make a fuller discussion of them than has beenattempted in any previous report of the Board a useful undertakingat this time. In consequence many administrative matters whichhave had the attention of the Board during the year 1923 are givena subordinate place in the present report.

BANKING AND BUSINESS IN 1923.

Taking the year as a whole and regarding it in the perspective ofthe after-war readjustment period, there is abundant evidence that,so far as the United States is concerned, economic readjustment hasbeen proceeding at a rapid rate and is now nearing completion. Theeconomic balance as between various industries and sections of thecountry is not yet fully restored, but during the past two years

l


2 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

there has been rapid progress in the direction of a more stable equi-librium and of a better alignment of prices between different com-modity groups. In agriculture there has been a general improvement,though in the wheat-growing and livestock industries the recoveryhas been slow and incomplete. The year 1923 was characterized bya large industrial output, practically full employment, a sustainedconsumers' demand for goods, and a level of prices more stable thanin any year since 1915.

In the banking history of the year the outstanding events are thelarge increase in the volume of credit and currency provided to meetthe demands of the country's business, the considerable inflow ofgold, and the continued use of a volume of reserve bank credit ofover a billion dollars that changed little between the opening and theclose of the year. In the support of the increased volume of produc-tion and trade the member banks of the Federal reserve system be-tween the spring of 1922, when the recovery of industry made itselffelt in a larger demand for credit, and the end of 1923 extended anadditional volume of credit of over $3,300,000,000. This representsan increase of about 14 per cent for the period and brought the totalloans and investments of all member banks to a record level. Thatthe banks of the country were able to finance the credit requirementsof an enlarged volume of business and to meet an increase in thedemand for currency amounting to more than $500,000,000, withoutgiving rise to a demand for additional Federal reserve bank credit,is explained by the fact that member banks met this demand by theuse of funds made available by the continued inflow of gold. Thisgold has served as a substitute for reserve bank credit. Had therebeen no gold imports, the growth of business and the increased demandfor currency would have resulted in a demand for Federal reservebank credit approximately equal to the half billion of gold importedduring the period.

The ability of the banking system during the past two years tomeet the considerable increase in the demand for credit and currencywithout an increased use of reserve bank credit differs from theexperience during the war period and the years of active businessimmediately following the war. During 1919 and 1920, for example,the rapid increase in member bank credit was accompanied by a morerapid rate of increase in Federal reserve bank credit. In 1922 and1923, however, it was the additional gold received from abroad andnot additional use of reserve bank credit which enabled the memberbanks to meet the increased credit and currency demand. The fact thata volume of Federal reserve bank credit of about $1,200,000,000 hasbeen continuously in use during the past two years indicates that, whilethe gold received from abroad has been sufficient to supply the re-serve and currency needs of member banks, it has not been in such


ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 3

volume as to enable the member banks, after supplying the new de-mands of their customers for credit and currency, to meet their totalrequirements without continuing to borrow in considerable volumefrom the Federal reserve banks. Federal reserve banks, therefore,continued in the year 1923, as in other years, to be an important andessential element in the country's credit structure.

Changes in the volume of member bank credit during the year,more than in Federal reserve bank credit, have reflected the courseof business developments. Total loans of all member banks increasedby nearly $1,000,000,000 during the year. That the principal demandfor credit was for commercial, industrial, and agricultural purposes isindicated by the rapid increase in the volume of loans of this char-acter made by member banks in leading cities. The period of mostrapid increase in the demand for credit was the first quarter of theyear, when trade was active and the volume of production in basicindustries was greater than at any previous time. At the openingof 1923 the upward movement of production, which had begun inthe middle of 1921, continued at a rapid rate and production inbasic industries reached the highest level on record; labor was fullyemployed; and prices were rising. During the late spring and sum-mer months, however, there was a recession in industrial activity,though the distribution of merchandise was well maintained. Theslackening in productive activity arose more from the hesitancy ofbusiness concerns in placing forward orders than from a lesseneddemand on the part of ultimate consumers, and the price declineswhich occurred during the period were chiefly in materials used inindustry rather than in consumers' goods. During the last quarterof the year, while the volume of production was below the recordlevels of the spring, trade continued active and prices showed adegree of stability unusual in recent years.

FEDERAL RESERVE DISCOUNT POLICY.

These banking and business developments constituted the circum-stances in which the Federal reserve system functioned during 1923and with reference to which Federal reserve credit policy was formu-lated. In carrying out this policy the system has not relied uponchanges in discount rates as the only means of influencing the generalcredit situation. The open-market transactions of Federal reservebanks during 1923, which are later considered in some detail, as wellas their discount policy, have reflected Federal reserve credit policy.Furthermore, the experience of several of the reserve banks is demon-strating that changes in discount rates need not be in all circumstancesthe main reliance or in any situation the exclusive reliance in makingthe credit policy of the reserve banks effective. By maintaining con-stant, close, and direct contact with the loan policies and operations


4 ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD.

of its member banks, through examination or otherwise, a reservebank can do much by other means than changes in discount ratesto establish an effective supervision and control of the credit releasedby it to its member banks.

Discount policy in 192S.—Discount rates in 1923 underwent fewerchanges than in any other year in the history of the system. Theonly changes in discount rates were at the Federal reserve banks ofBoston, New York, and San Francisco, where near the end of Feb-ruary rates were advanced from 4 per cent to 4£ per cent, bringingthe rates at these banks to the level prevailing at all other reservebanks.

These advances gained significance from the fact that they werethe first rate advances in more than two years. At the time therehad been a considerable increase on a national scale in the demandfor credit and the existing inequality between discount rates invarious districts tended to attract an undue proportion of borrowingto the centers with low rates. The effect of the rate advances ofthe three banks was to bring about a better regional distribution ofcredit and to test the character and soundness of the credit demandby having the obligations of borrowers passed upon by banks in theirown locality.

The attitude of the Federal reserve system, as expressed in theserate changes, was not immediately reflected in any change of thevolume of bank credit in use. This, however, is not to be taken asindicating that the advances of rates, slight as they appeared, werewithout consequence. The influence of the change of discount ratesby the reserve banks can not be measured by any immediate effectthat they might be expected to have on the total volume of borrow-ing at member banks. The credit process which finally gives rise toa granting of credit by a member bank has its beginning in thebusiness plans and decisions of the bank's customers. The move-ment in the volume of credit at any given time, and particularly intimes of business expansion, has a momentum which can not beimmediately checked, and while the expansion is actively going onthe movement tends to gain momentum at an increasing rate. Thevolume of banking credit in use and outstanding, as recorded in thestatements of the banks, is the outcome of commercial plans andcommitments which may antedate by many months the extension ofcredit by the banks. Business transactions which are alreadyunder way will ordinarily be carried through to completion, quiteirrespective of changes that have supervened in credit conditionsand money rates. The rise in discount rates is not intended tointerrupt or interfere with antecedent commitments that are inprocess of completion but rather to induce a more prudent attitudeon the part of borrowers with regard to new commitments. I t


ANNUAL REPORT OF THE FEDERAL. RESERVE BOARD. 5

requires, therefore, some time for a rate change to show its effectsin the altered lending operations of the banks.

In the months immediately following the rate advances made inFebruary, 1923, the volume of credit, especially the borrowings forcommercial and industrial purposes, continued to increase at a rapidrate. Prices, particularly of those commodities which had beenadvancing rapidly for about a year, ceased their rise in May, chieflybecause the increased volume of production which the rise in priceshad stimulated was reaching the market and taking effect in suppliesof goods available for consumption. While consumers7 demandwas maintained and the volume of trade continued large throughoutthe year, there was some recession in industrial activity in the secondlialf of the year and a decline in the price level from the peak reachedin May to approximately the level of the corresponding months ofthe previous year.

The rise of prices during the early months of 1923, which in com-parison with the price movements experienced under more settled•business conditions of the years before the war was proceeding ata relatively rapid rate, led to expressions of concern that the countrymight once more be entering upon a period of credit expansion andgave rise in certain quarters to a demand for further discount rateadvances. The judgment of the Board, however, was that theincreasing volume of credit was justifying itself in the continuedincrease in the volume of production and consumption; the factthat there was little indication of speculative activity was regarded assufficient evidence that credit was not being put to uneconomic uses.

In commenting on the business and credit situation at the time,the Board said in its Review of the Month for March that "theeconomic use of credit is to facilitate the production and orderlymarketing of goods and not to finance the speculative holcjing of•excessive stocks of materials and merchandise. So far as the availableindications go, the increased demand for credit during recent monthsappears to have arisen from the larger financial requirements ofcurrent production and trade and not from speculation in inventories.When production reaches the limits imposed by the available suppliesof labor, plant capacity, and transportation facilities—in fact, when-ever the productive energies and resources of the country are em-ployed at full capacity—output can not be enlarged by an increaseduse of credit and by further increases in prices." The view of theBoard at the time that the upward movement of prices was not dueto an unwarranted expansion of credit, as tested by the volume oftrade and industry, was confirmed by the subsequent course ofeconomic events.

During the closing months of 1923 prices became more stable, thereduced volume of production became better adjusted to the current

86538—24t 2Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis


demand, and the volume of commercial and agricultural borrowingsafter reaching a peak during the crop-moving period, declined slightly.All of these developments indicated that the year 1923 by comparisonwith previous years attained a considerable degree of economicstability. The outcome for the year shows that the banks of thecountry through the extension of credit supported the industrial andtrade recovery that was under way and that the Federal reservebanks through their discount policy performed the function laiddown in the act of "accommodating commerce and business/7

Relation of discount rates to market rates.—The experience of thelast year throws light upon the important and much discussed butas yet little understood problem of the basis of Federal reserve dis-count policy and rates.

Discussions have usually addressed themselves to the question ofrelationship that should exist and be maintained between Federalreserve bank rates and the rates in the open market and betweenFederal reserve bank rates and prevailing rates charged by memberbanks to their customers for current commercial accommodation.The view most widely held in financial and banking circles is that theFederal reserve bank rate should move in sympathy with generalmoney rates, rising as they rise and falling as they decline. A furtherdevelopment of this theory, based upon the leadership which it isfelt the Federal reserve banks should assume in the money market,asserts that when money conditions are tightening the Federalreserve bank rates should lead the rise of money rates. A stillfurther and more extreme view holds that Federal reserve bank ratesnormally should be above the level of member bank rates. A com-parison of money rates in the New York market during the year 192&with the discount rate maintained by the Federal Reserve Bank ofNew York is presented in the following table:

Federalreserve

discountrate.

1923.JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

4.004.004.504.504.504.504.304.504.504. 504.504.50

Primebankers'accept-

ances, 90days.

4.004.004.004.1254.1254.1254.1254.1254.1254.1254. 1254.125

I PrimeTreasury j commercial'

certificates.! paper, 60! to 90 days

3.663.654.124.133.953.843.913.864.014.223.943.88

4.634.634.985.135.1'J4.914.945.025.125,5.1255.104.88

It appears that the Federal reserve bank discount rate of 4^ percent was in excess of the rate on bankers' acceptances and Treasury



certificates of short maturity throughout the year and below thecommercial paper rate.

The relation in 1923 between Federal reserve bank rates and ratescharged by member banks in the different districts to their customersis indicated by a comparison of the practically uniform rate through-out the year at all the Federal reserve banks and the rates paid bycustomers to member banks on paper rediscounted with the Federalreserve banks. This comparison is presented in the following table:

BostonNew York. . .Philadelphia.Cleveland

4.424.424.504.50

Richmond I 4.50Atlanta \ 4. 50Chicago I 4. 50St. Louis ! ' '"4.50

4.504.504.50

San Francisco ! 4. 44

Minneapolis..Kansas City.Dallas.

Average for all districts 4.47

5.075.225.315.586.096.255.62

. 5. 597.937.158.415.84

5.48

The table brings out the fact that the margin between the Federalreserve bank rate and member bank rates varies considerably fromdistrict to district, and that in general the spread is narrowest inthose districts where the financial centers are located. The differ-ences in the margin reflect in part the differences in the costs andrisks of member bank lending in various sections of the country.These differences between districts also represent the wider marginbetween the Federal reserve bank rate and member bank ratesin smaller cities as compared with the larger centers. With theFederal reserve bank rate at 4J per cent, the rates charged to cus-tomers in December, 1923, were 5.44 per cent for cities of 100,000population and over, 6.34 per cent for cities from 15,000 to 100,000,and 7.54 per cent for cities of less than 15,000. The diversity inmember bank rates, whether considered by Federal reserve districtsor by size of cities is, therefore, apparent. It follows that the Fed-eral Reserve Board, in approving the maintenance by all Federalreserve banks of rates at a uniform level practically throughout theyear, was guided by no mechanical rule as to the necessity of main-taining a fixed and invariable relationship between reserve bankrates and member bank customer rates. Indeed, the observationsof the Federal Reserve Board and the experience of the Federalreserve banks make it certain that the Federal reserve banks andthe Federal Reserve Board can not adequately discharge their



function of " fixing rates with a view of accommodating commerecand business'7 by the simple expedient of any fixed rule or mechani-cal principle.

New York and London money markets.—Reference has alreadybeen made to the principle not infrequently advocated that the dis-count rates of the Federal reserve banks must be higher than cur-rent rates for commercial accommodation in order to be "effective"rates. This view appears to be based on a loose analogy with theLondon market and with the traditional policy of the Bank ofEngland. "Bank rate" in the London market is the official mini-mum rate at which the Bank of England stands ready to extendcredit on paper of certain well-defined character. This rate isnormally above the rate at which this class of paper is bought andsold in the London money market. It is not, however, abovethe rate charged by the London joint-stock banks on loans to theircustomers, in the form usual for borrowings in England for ordinarycommercial and industrial use, that is to say, in the form of "over-drafts" and "advances."

A comparison of the rate structure of the New York market withthat of the London market brings out that in the New York marketthe official discount rate of the Federal reserve bank is also abovethe open-market rate on that class of paper, to wit, bankers' accept-ances, most nearly comparable to the bills which are the principaltype of paper in the London market. A comparison further showsthat in London, as in New York, the bulk of the loans made bycommercial banks to their customers are at rates higher than bankrate in London or the Federal reserve discount rate in New York.

English banking practice does not, therefore, establish the inferencethat Federal reserve bank discount rates in order to be effective mustbe penalty rates—that is, be higher than the rates charged bymember banks on customer loans. Little in the way of good wouldresult from any attempt to adopt or set this up as the regulativeprinciple in the adjustment of reserve bank rates.

There is an important difference between the relationship sus-tained by member banks to their Federal reserve banks and byLondon joint-stock banks to the Bank of England. When memberbanks lend money to their customers they obtain from them promis*sory notes which are eligible for rediscount with the Federal reservebank. The London joint-stock banks, on the other hand, makemost of their loans to customers in the form of overdrafts or advanceswhich do not result in negotiable instruments and therefore can notbe converted into balances at the Bank of England. The tempta-tion which is present under the American banking system to redis-count customer paper and relend the proceeds because of the profitarising from such rediscount, when the Federal reserve bank rate is


ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD. 9

sufficiently below the customer rate to make such a transactionprofitable, is not present under the English system.

That this difference in the respective banking situations of the twocountries is a fact to be reckoned with in the application of the dis-count policy of the Federal reserve banks is certain, but the methodsby which it will most appropriately be reckoned with, experienceis already making it clear, are not to be found principally, if at all,in the establishment and maintenance of reserve bank rates atpunitive levels. The outlook for Federal reserve credit regulationwould indeed be unpromising, in view of the great disparity of cus-tomer rates at member banks in different sections of the country,if the reserve banks had no other means than discount rates by whichto regulate the volume of their credit used, and if this discount ratecould exert no effective influence unless it were a penalty rate.

The experience of the Federal reserve banks under normal con-ditions of operation has as yet been too brief to make it possible tospeak comprehensively and definitely concerning the proper relationof Federal reserve bank discount rates and member bank customerrates. This is particularly true because of the variety of economicand financial conditions in the United States, partially expressed,as has just been pointed out, in the lack of uniformity of interestrates in the different sections of the country. It will take muchfurther and fuller experience under more normal conditions to enableeach Federal reserve bank operating in the particular circumstancesof its district to work out the most practicable method of relatingits rates to competitively determined member bank rates within itsfield of operation. The regional organization of the Federal reservesystem was recognition of the fact that Federal reserve discount ratesneed not at all times and in all circumstances be uniform in theseveral districts, and experience appears to confirm the conclusionthat no single and uniform method of adjusting discount rates will befound equally workable and equally satisfactory in all the districts.

While it is not, therefore, possible to speak dogmatically on the sub-ject of Federal reserve rates and the basis on which they will best andmost usefully be adjusted in fulfilling the purpose of the Federalreserve act, to wit, that of fixing rates "with a view of accommodat-ing commerce and industry/7 it is possible to point to certain con-siderations derived from the experience of the Federal reserve bankswhich have an important if not a decisive bearing upon the problemof regulating the flow and use of Federal reserve bank credit by meansof the discount rate. Broadly stated, an effective Federal reservediscount rate will be one that gives effective support to a Federal re-serve bank's credit and discount policy. The objective in Federalreserve discount policy is the constant exercise of a steadying influ-ence on credit conditions.


JLU ANNUAL REPORT OF T H E FEDERAL, RESERVE BOARD,

The Federal reserve banks are the country's supplementary reser-voir of credit and currency, the source to which the member banksturn when the demands of the business community have outrun theirown unaided resources. The Federal reserve supplies the neededadditions to credit in times of business expansion and takes up theslack in times of business recession. It is its responsibility to regu-late the flow of new and additional credit from its reservoirs in accord-ance with solid indications of the economic needs of trade and industry.When production, trade, and employment are in good volume and thecredit resources of the commercial banks of the countay are approxi-mately all employed and there are signs neither of speculative businessexpansion nor of business reaction, Federal reserve bank rates shouldbe neither so low as to invite the use of credit for speculative purposesnor so high as to discourage its use for meeting legitimate productiveneeds of the business community. It seems clear that if business isundergoing a rapid expansion and is in danger of developing an un-healthy or speculative boom, it should not be assisted by too easycredit conditions. In such circumstances the creation of additionalcredit by rediscounting at Federal reserve banks should be discour-aged by increasing the cost of that credit—that is, by raising the dis-count rate. It seems equally obvious that if industry and trade arein process of recovery after a period of reaction, they should be giventhe support and encouragement of cheaper credit by the prompt estab-lishment at the Federal reserve banks of rates that will invite the useof Federal reserve credit to facilitate business recovery. The reasonfor variable Federal reserve discount rates is the necessity of adjust-ing rates to these changes in business and credit conditions.

The experience of the Federal reserve banks, notwithstanding thatthe brief period of their active operation on a considerable scale hasbeen one of disturbed economic and financial conditions, is demon-strating that there is a sufficiently close connection between changesin Federal reserve bank rates and changes in rates charged theircustomers by member banks on a sufficiently large volume of cus-tomer borrowings to make Federal reserve rates an important andat times a leading influence in money centers. In that sense theFederal reserve bank rate may be said to be effective. Its effective-ness and the range of its influence have been promoted in no incon-siderable degree in recent years by the increasing fluidity of theAmerican credit system—that is, by the ease with which credit flowsbetween the larger financial centers and the interior of the country.

Member bank customer rates have shown a tendency to move withchanges in Federal reserve bank rates. This is particularly notice-able in the larger financial centers of the country, for reasons that neednot be detailed, and when after a considerable period of stable ratesthe Federal reserve bank rate is advanced. This is not merely



or principally because of the addition made to the cost of credit, butbecause an advance of rates when properly timed is taken by thebusiness community as an indication of the attitude of the Federalreserve system toward the credit situation—the relation of thevolume of the country's credit to the volume of its production andtrade. It is for this reason that the leadership of the Federal reservebanks when rates are advancing appears from experience to be morepromptly recognized than when rates are declining.

OPEN-MARKET POLICY AND OPERATIONS.

The credit policy of the Federal reserve system in 1923 was ex-pressed not in its discount policy alone, but also in the open-marketoperations of the Federal reserve banks. The year has witnessed aconsiderable development in the scope, purpose, and method ofthese open-market operations. The results of the year have demon-strated that open-market operations, when wisely timed and wellconceived, are, in a larger measure than has hitherto been generallyappreciated, capable of giving effective support to the discount policyof Federal reserve banks without an accompanying change of rates.This new chapter of experience is of sufficient consequence in its bearingupon the development of the Federal reserve system co merit extendednotice.

Discount and open-market operations.—Two broadly distinguishableclasses of credit operations, that is to say, ways of making "discounts,advancements, and-accommodations," are recognized and authorizedby the Federal reserve act. There are, first, the so-called rediscountoperations, and, second, the so-called open-market operations, thesebeing the terms used by the Federal reserve act to distinguish thetwo major classes of Federal reserve bank operations. The provi-sions of the law governing rediscount operations are found in section13 of the Federal reserve act and those governing open-market oper-ations in section 14.

An "open-market" operation consists in the purchase or sale inthe general or open market by a reserve bank of such classes of in-vestments as it is authorized by the act to buy and sell. The classesof investments specified by the act as appropriate for purchase andsale by the Federal reserve banks in the open market are cable trans-fers, bankers' acceptances, bills of exchange, securities of the UnitedStates Government, and certain types of obligations of minor politicalsubdivisions. In making purchases and sales of these classes of se-curities the Federal reserve banks may deal directly with the public,for the act provides that they may purchase and sell "at home orabroad, either from or to domestic or foreign banks, firms, corpora-tions, or individuals."


12 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD,

By a rediscount operation, on the other hand, is meant the redis-count by a member bank with a reserve bank of the paper of it&customers, when that paper conforms to the êligibility'7 tests setup by the reserve act. There is no open market for customerpaper or so-called line of credits loans—no market, at least, in thesense in which the term market may be applied to such two-namepaper as trade bills, bankers' acceptances, etc. An important pur-pose of the Federal reserve act was to improve the status of customerpaper of eligible character, or, as the Federal reserve act states in itstitle, "to afford means of rediscounting commercial paper."

There can be no doubt that the Federal reserve act looked forwardto the development in the United States in the course of time of anopen market of considerable extent for dealings in short-termbills of the kinds described in section 14 of the act, and itwas expected and desired that operations in the open market shouldbe engaged in by the Federal reserve banks from time to time muchafter the manner of the central banks of leading foreign countries bythe purchase or sale of securities for the purpose of exerting an in-fluence on the state and course of credit.

A review of the history of the open-market transactions of the Fed-eral reserve system shows that during the first three years of theiroperation the volume of open-market securities held by the reservebanks was larger than the volume of their discounts for memberbanks. Easy money conditions during this period, the large influx ofgold, and the strong reserve position of the member banks made itpossible for them to finance the great growth that was then takingplace in the volume of the country's business without borrowing fromthe Federal reserve banks. The reserve banks entered the openmarket at this time partly to secure earnings from the investmentsfrom which their operating expenses could be defrayed, but largelyalso for the purpose of building up a broader discount market in theUnited States by encouraging the use of bankers' acceptances andby freely dealing in them.

After the entry of the United States into the World War the in-creased demand for credit for Government financing resulted in arapid increase in borrowing by member banks at the reserve banks.From that time until the end of 1921, when the liquidation followingthe crisis of 1920 had pretty well completed its course, the volume ofpaper held by the Federal reserve banks as discounts was muchlarger than the holdings of open-market investments. The volumeof such investments was at times considerable during this period,but, taking the period as a whole, the holdings of open-market invest-ments during the five years from the time of our entry into the waruntil the spring of 1922 constituted a relatively small proportion ofthe total earning assets of the Federal reserve banks.


ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 1 3

Open-market operations in 1922 and 1923.—During the years 1922and 1923 the open-market transactions of Federal reserve banksentered upon a new phase. Not only were these transactions attimes large in their absolute volume as well as in their volume relativeto the rediscount operations of the banks, but they also showedbetween the beginning and the end of the period great fluctuations,both absolutely and relatively. Moreover, during these two years,in contrast to the earlier period, open-market transactions of theFederal reserve banks were principally in Government securitieseFollowing the general liquidation in 1921 there was a rapid and con-tinued repayment of borrowings by member banks. The volume ofpaper held under discount by the Federal reserve banks reached a lowlevel during the first part of the year 1922. Some of the reservebanks, in order to assure themselves of sufficient earnings to meet theirexpenses and their dividend requirements, began to purchase con-siderable amounts of short-term Treasury securities. By mid-yearthe volume of such securities held by the reserve banks reachednearly $600,000,000. The course of these operations, entered uponindependently by each of the twelve banks, made evident the needfor a better coordination of the open-market operations of the severalbanks, and in 1922 led to the creation of a committee of officers ofthe reserve banks for the purpose of coordinating reserve bankdealings in Government securities, so as to prevent possible conflictbetween their own transactions and those which as fiscal agents ofthe Government they were conducting for the Treasury. Moreover,and eventually destined to be far more important, the character andscale of the open-market operations engaged in by the Federalreserve banks during the year 1922 and the early part of 1923 showedthe need of bringing these operations more definitely into line withthe general credit policy of the system.

The part that open-market operations may play in general creditpolicy is influenced by the fact that changes in the volume of securi-ties held by the reserve banks have an effect on the volume of theirdiscounts for member banks. The purchase of securities in the openmarket by a Federal reserve bank places funds in the hands of mem-ber banks which these banks may use in the repayment of borrowingsfrom the reserve banks; the sale of securities, on the other hand, bywithdrawing funds from the market may lead to additional borrowingfrom the reserve banks. The difference between discount operationsand open-market operations is that the initiative in rediscountinglies with the member banks, while in the purchase and sale of secu-rities the initiative may be taken by the reserve banks. The extentto which member banks borrow in order to replace the funds with-drawn by the reserve banks through the sale of securities is a measure



of the demand for reserve bank credit. The sale of securities by areserve bank may thus serve as a test of the degree of adjustment be-tween the demand for reserve bank credit and the outstanding volumeof such credit.

The changes in the volume of open-market holdings and of dis-counts during 1922 and 1923 and the extent to which these changesoffset each other in the total volume of earning assets are shown inthe chart. The volume of open-market holdings with which theFederal reserve banks entered the year 1923 amounted to $712,000,000,made up as follows: Government securities, $457,000,000; accept-ances, $255,000,000. At that time the discounts of the Federal re-serve system amounted to $628,000,000. The earning assets of the 12

MILLIONS OF DOLLARS MILLIONS OF DOLLARS

1200

600

1200

600

1922 1923

reserve banks, therefore, at the beginning of the year 1923 consistedof discounts and open-market investments in approximately equalvolume. By the end of the year the volume of open-market holdingsfor the 12 banks amounted to $440,000,000, made up of Govern-ment securities, $104,000,000, and acceptances. $336,000,000. Thereduction in the volume of open-market investments was accom-panied by a substantially equal increase in the volume of discounts,with the result that the total volume of Federal reserve bank creditoutstanding changed but little. The gradual withdrawal from theopen market by the reserve banks during the first half of 1923 placedupon the member banks the responsibility for validating the con-tinued use of the existing volume of reserve bank credit and tested



the degree of dependence of the credit structure upon the volume ofFederal reserve bank accommodation outstanding. The recordshows that member banks met the test by discounting in a volumesubstantially equal to the reduction in open-market holdings. Therewas no material change in the volume of reserve bank credit in use.The reduction of open-market holdings by reserve banks, therefore,did not result in the withdrawal of support, but in a change inits character. The fact that the reduction of the open-marketholdings durmg 1923 was accompanied by an increased amountof discounting by member banks in a volume approximately equalto the funds withdrawn by the reduction of open-market holdingsshowed that the total volume of reserve bank credit outstandingwas not in excess of the demand for such credit.

The relationship just described between open-market operations,discount operations, and the total volume of reserve bank credit isbased upon the experience of the Federal reserve system as a whole,and is not evident to the same extent in the operations of the indi-vidual reserve banks. The purchases of Government securities in1922 by reserve banks outside the money centers did not result in acorresponding decline in the discounts for their member banks, andin the early part of 1923 the security holdings of some reserve bankswere materially reduced without causing a commensurate increasein the borrowings of member banks of those districts. The fact thatopen-market operations of individual reserve banks may not bereflected in changes in the demand for credit at these banks, but mayinfluence the credit situation in the money centers where the purchasesor sales are made, makes it evident that open-market policy shouldbe a system policy.

Open-market policy in 1923.—It was for these and related consider-ations that the Federal Reserve Board in April, 1923, took steps tobring about a better coordination of the open-market operations ofthe Federal reserve banks with their discount operations and theirgeneral credit policy. The necessity of coordinated action amongthe several banks with respect to open-market policy and operationswas also an important consideration leading to the earlier appoint-ment of the committee of reserve bank officers to act under the generalsupervision of the Board in handling open-market problems andoperations. This committee is now the agency through whichtransactions in furtherance of the system's open-market credit policyare carried out. In view of the influence which the open-marketoperations of any reserve bank in the general money market mayhave on the credit situation, the board regarded it as essential thatthe purchases and sales of securities by reserve banks should be madewith primary regard to their broader consequences and in accordancewith the credit policy of the system. The following was the principle



laid down by the Board in this matter: "That the time, manner,character, and volume of open-market investments purchased byFederal reserve banks be governed with primary regard to the ac-commodation of commerce and business and to the effect of such pur-chases or sales on the general credit situation.77

As the Federal reserve act provides that discount rates shall befixed "with a view of accommodating commerce and business/' theadoption of this principle by the Board has established the open-market policy on the same basis as the discount policy.

The experience of the past year in open-market and discountoperations of the reserve banks is significant, because it has demon-strated that with a constant demand for reserve bank credit con-tinuous readjustments in the composition of this credit may occurwithout resulting in an increase in the total volume outstanding.That throughout 1923, a year of growing business activity andincreased credit and currency requirements, there was no demandfor additional reserve bank credit was due to the continued inflow ofgold from abroad which furnished to member banks the funds neededto finance the enlarged volume of trade and industry.

GOLD AND CREDIT.

The important influence exerted by the inflow of gold from abroadduring the year 1923 on the banking situation in the country atlarge and on the position of the Federal reserve banks in relation tothe general credit situation has already been the subject of briefreference in this report. Net gold imports into the United Statesduring the past year amounted to $294,000,000. A gold movementof this magnitude in the course of a single year would constitute animpressive development and a factor of consequence even if it were anisolated occurrence. The gold inflow into the United States in thelast year, however, presents itself as a continuance of the influx whichhas been in process since the closing months of the year 1920, andthe indications are that the movement which has been bringing goldto our shores during the past three years has not yet spent its force.The shifting of the world's principal monetary metal which has takenplace in this period of time is without precedent in monetary history.

Gold imports and the Federal reserve hanks.—Since the Federalreserve banks began operations in November, 1914, over two billions ofgold have been added to the stock of the United States by importa-tion. It is the gold which has been thus received from abroad thatnow constitutes the larger portion of the gold reserves of* the twelveFederal reserve banks.

The first billion of this gold came prior to the entry of the UnitedStates into the World War. Under the policy of gold concentrationpursued by the reserve banks during the war, the bulk of the gold



received during the two years before our entry into the war was addedto the gold holdings of the reserve banks. That concentration formeda part of the general policy of financial mobilization and was a mostmaterial factor in the success of the plan adopted for the financing ofthe war. During the period of our participation in the war goldmovements were on a relatively small scale.

The second billion of gold has been received during the five yearssince the conclusion of the war. This second billion was the netaddition to our gold stock after the loss of some $400,000,000 of

GOLD MOVEMENT AND RESERVES( IN MILLIONS OF DOLLARS ) IMPORTS AND EXPORTS

1120

1919 1920 1921 1922 1923

Bars above baseline represent imports; bars below base line, exports. Black portions represent netimports or exports.

gold between the removal of the gold embargo in 1919 and theautumn of 1920. Net imports of gold during the year 1921 aloneamounted to around two-thirds of a billion dollars. The goldreserves of the Federal reserve system, which stood at $2,063,000,000at the end of the year 1920, increased to $2,875,000,000 at the endof the year 1921, to $3,047,000,000 at the end of the year 1922, andto $3,080,000,000 at the end of the year 1923. Gold movementsinto and out of the United States and the growth of the reserves ofthe Federal reserve banks from 1919 to 1923 are shown in the chart.Digitized for FRASER

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Gold is the tangible and conventional basis of bank lending andcurrency issuing power. The particular effect exerted by an influxof gold, therefore, depends upon business and credit conditions andneeds at the time when the gold is received. Gold received fromabroad in the usual course first finds its way into the member banks.So long as it remains in their hands, it does not count as part oftheir legally required reserves. A member bank receiving the gold,therefore, deposits it with its reserve bank. If this bank has paperunder rediscount with its reserve bank at the time, the gold maybe used to reduce its rediscounts. If it has no paper under rediscountthe gold adds to its reserve balance and to that extent increases itslending power.

The first billion of gold which, as already noted, came prior to theentry of the United States into the World War, by increasing thereserves of member banks constituted a banking basis for the enor-mous growth of bank credit and currency which was used to financethe production of war materials and other supplies bought by Euro-pean Governments in great volume. That was a period of businessand credit expansion calling for enlarged lending by the banks of thecountry.

Further expansion of credit and currency was occasioned by thevast expenditures of the Government during the period of our par-ticipation in the war. The addition of $1,149,000,000 of gold to thereserves of the Federal reserve banks after our entry into the warformed the basis of an increase in the discount and investment opera-tions of the Federal reserve banks from $226,000,000 in April, 1917,to $2,291,000,000 in December, 1918. The reserve ratio of the Federalreserve system, which stood at 84.7 per cent in April, 1917, whenthe aggregate reserves of the system amounted to $963,000,000, fellto 48.8 per cent in December, 1918, when the aggregate reserves ofthe system stood at $2,151,000,000.

The imports of gold, which took place during the year 1921 andwhich amounted to $667,000,000, came to the United States in pay-ment of foreign indebtedness and reached us at a time when generalloan liquidation which followed the crisis of 1920 was under way.This gold was a substantial factor in facilitating reduction of bor-rowings by member banks at the Federal reserve banks. As nearlyas can be estimated, about one-half of the total reduction in theborrowings of member banks during the years 1921 and 1922 waseffected by the use of the imported gold.

Influence of gold imports duriruj 1922 and 1923.—The gold receivedin the United States since the middle of 1922 has had an effect dif-ferent from that just noted in 1921 and the first half of 1922. Thisrecent influx of gold has taken place after a period of liquidationand during a period when business was in process of recovery andexpansion, and when demand for credit was increasing member bank



loans. With the turn in credit and currency demands arising aboutthe middle of 1922, not as many member banks had occasion to usetheir imported gold to repay borrowings at their reserve banks.The gold, therefore, constituted an addition to their reserve balancesand enabled them to expand their loans to their customers withoutthe need of rediscounting, and also to supply the cash requirementsof their customers, just as was the case in the two years before ourentry into the war in 1917. In brief, the gold received during theperiod of liquidation in 1921 and 1922 enabled the member banks torecover a considerable degree of the independence of reserve banksupport which they had lost in the preceding years, while the goldreceived since the middle of 1922 has enabled them to maintain theirstate of relative independence notwithstanding the great interveninggrowth of credit.

The increase in credit extended by member banks to their cus-tomers which, during the past two years has amounted to over$3,000,000,000, has been large enough to absorb the gold receivedduring this time and, taking the banking situation in the country atlarge, to require the continued maintenance of the volume of reservebank credit outstanding at the beginning of 1922. While thisincrease in credit and currency demands was large enough to main-tain the existing volume of reserve bank credit, it was not so largeas to result in an additional demand for reserve bank credit.

Gold received by a member bank is in ordinary course depositedwith its reserve bank. Its first effect is to add both to the reservebalance of the member banks and to the gold reserves of the Federalreserve banks. The reserve bank has no control over the use madeof its free reserve balance by its member banks. Therefore, the usemade in the first instance of credit arising from a gold import lieswith the member bank. When, however, the member bank hasexpanded its operations to the full extent for which the gold deposithas furnished the required reserves, or has withdrawn currency ina volume equivalent to this deposit, a further use of the additionallending power arising out of the gold can be made only by borrowingfrom the reserve bank.

The ordinary bank, like any business concern, is organized and con-ducted for profit. Banks seldom carry surplus reserves. Their dispo-sition is to make full use of their surplus cash resources. . If these re-sources are in excess of what is needed to meet their customers' creditrequirements, they will put them into the general market through thepurchase of commercial paper, bond investments, or call loans, soas to keep all of their available funds in one way or another alwaysfully and profitably employed. The reserve banks are in a differentposition. They are the holders of the ultimate and only true bank-ing reserves of the country. They are the reserve banks of the coun-


2 0 ANNUAL REPORT OF THE FEDERAL. RESERVE BOARD.

try, and as such they are charged with large responsibilities for theconstant maintenance of a sound credit situation. They must,therefore, be conducted with primary regard to the bearing of theiroperations upon credit conditions rather than by the desire to makefull use of their earning power. Reserve bank credit is properlyused when in response to the credit and currency requirements ofindustry and trade. The present large gold holdings of the reservebanks not only afford assurance of adequate credit support for thegrowth of productive industry in the United States, but also willmake it possible for this country to meet any probable future demandfor gold from abroad that may arise in connection with the restora-tion of the international gold standard. It is the part of prudencefor the United States and for the Federal reserve banks in particular,as the holders of over $3,000,000,000 of gold (that is, about three-fourths of the total estimated stock of monetary gold in the UnitedStates), to pursue a course which will enable them to part with suchportion of this gold as Europe will need to reclaim for currencyrestoration with a minimum of inconvenience and disturbance toour internal financial and economic situation.

Future gold movements.—In view of the important effects of goldimports upon the American credit situation and upon the inter-national monetary situation, the probable extent and direction offuture gold movements is a matter of great concern. No inflowcomparable with that which has already taken place can be expected,since this movement has drained a large part of the European goldformerly in circulation and has in addition absorbed the bulk of thegold reserves of those countries, notably Russia and Germany, whosefinancial and monetary conditions were such as to make it impossiblefor them to keep their central banking reserves intact. The reservesof the central banks of other principal countries of Europe were con-siderably enlarged during the war and have not declined during thepost-war period. Present government policy in these countries isto control gold exports and not to permit the reduction of thereserves of the central banks. In fact, of the $600,000,000 of goldimported into the United States during 1922 and 1923, the bulkconsisted of newly mined gold. It is hardly to be expected, there-fore, that in the immediate future the gold inflow will exceed or evenequal the current gold production of the world. During the pastyear India has received a share of the new gold because improvedeconomic conditions have led to a favorable trade balance, and goldhas gone also to Egypt. A larger or smaller share of the gold outputof a year constitutes the probable maximum which can be expectedto be available for distribution to the United States and other coun-tries. On the other hand, the prospect of net gold exports dependsupon the balance of international payments as influenced by trade


ANNUAL, REFORT OF THE FEDERAL RESERVE BOARD. 2 1

movements and international loans and investments and upon thedisposition and ability to withdraw gold on the part of those countrieswhich are undertaking to reorganize their currency systems on agold basis.

Gold standard and currency reorganization.—The attempts duringthe past year at currency stabilization by European countries havebeen steps in the direction of the reintroduction of gold as a standard.They have not yet resulted in any considerable addition to goldreserves. Though they differ in method and detail, European effortsto promote better monetary conditions have aimed at the establish-ment and maintenance of a constant relationship between the value oflocal currencies and gold. Thus far experiments, which have been ona relatively small scale, have made use of the American dollar andother stable currencies as the equivalent of gold. In view of the lowgold value of the total volume of these currencies and the limiteduse of gold in the settlement of trade balances, the demand for goldfor purposes of reestablishing currency stability has not been con-siderable.

In international trade gold has retained its conventional position asa standard throughout the decade of currency disorganization.. Thenecessity of a common basis for calculating the prices of commoditiesentering into world trade has had the result that through mutualadjustments of prices and exchange rates international price levels,when expressed in terms of gold, have tended toward equalization.In this adjustment the American dollar, not only because of its con-vertibility into gold, but because of its stability and because of thetrade position of the United States, has become increasingly the unitof account in international trade. Thus the dollar has become thelink between countries on a paper currency basis and the gold standard.

The premium on dollar exchange and the large movement of goldto the United States in the postwar period both arose out of the largevolume of goods exported to foreign countries during and since thewar. Through shipments of gold to the United States foreign coun-tries have been able to meet their unfavorable merchandise tradebalance and to reduce their indebtedness for goods bought on creditin earlier years. In spite of the disorganized conditions of the ex-changes, the volume of trade between the United States and othercountries has been in large volume, and in the payment for goodspurchased in the United States the foreign countries have used gold,not as before the war chiefly in the settlement of balances but moreas one of the commodities that they were able to export to the UnitedStates. An added circumstance favorable to the shipment of goldto this country has been the commanding role now played by theUnited States as the world's most important and, practically speak-ing, only "free" gold market.

86538—24f 3Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis


By a free gold market is meant a market in which credits, how-soever established, are gold credits; that is to say, credits for whichgold can be promptly obtained for foreign shipment and withdrawnwithout obstacle or objection. It is well known that in the financialeconomy of the world previous to 1914 London was the most im-portant of the world's free gold markets—the one which commandedthe greatest confidence and the one, therefore, which attracted thelargest volume of foreign financial accounts and the large volume ofvaried business from every quarter of the world which followed intheir wake. By virtue of its creditor position and its unprecedentedlystrong gold position the United States has now become the world'sgold center. As such it has assumed the high responsibility of somanaging the vast gold supply domiciled here that it may be avail-able for redistribution by export as occasion may arise withoutproducing any untoward or disturbing effects in our own domestic,economic, and financial situation.

The United States now holds an aggregate of about $4,000,000,000of gold. This is approximately four-tenths of the estimated totalstock of monetary gold in the world. It is more than double thetotal.monetary stock of the United States before the beginning ofthe World War in 1914. The history of the distribution of gold inthe past demonstrates that monetary gold under normal conditionsdistributes itself at a fairly steady rate among gold-using countriesin proportion to their ability to command it. It is to be expectedwhen conditions are on a more normal basis that a situation similarto this will reestablish itself through the redistribution of gold.Great and impressive as has been the industrial growth of theUnited States in the past ten years, it can not be contended thatit will require a twofold amount of gold to insure the integrity andimpregnability of the gold standard. It is to be expected and de-sired that some portion of the gold which the tides of disorganizedtrade have brought us in the past ten years will eventually returnto the countries whence it has come.

Changes in the gold position of the United States for significantdates since the organization of the Federal reserve system are pre-sented in the table. The increase in the gold reserves of the Federalreserve banks during the nine years of their operation has arisenfrom net gold imports of over $2,000,000,000, from domestic goldproduction and from a reduction of about $400,000,000 of gold andgold certificates in circulation. The gold withdrawn from circulationwas replaced by Federal reserve notes, largely in pursuance of thepolicy of concentrating the gold of the country in the reserves ofthe reserve banks. During 1923, however, there was an increase inthe circulation of gold certificates, so that the larger portion of the



gold received from abroad during the year has been added to circula-tion rather than to the gold holdings of the reserve banks.

[In millions of dollars.]

DateStock ofgold inUnitedStates.*

Gold incircula-

tion.!

Goldreserves of

Federalreservebanks.

Nov. 27, 1914Apr. 6,1917May 28,1920Dec. 13,1922Dec. 12, 1923

1,8173,0892,6643,9094,210

1,3381,991

674670

228944

1,9533,0613,116

1 Figures for the nearest first of the month.

CURRENCY AND CREDIT.

Currency in 1923.—The increased demand for currency during1923 was met by the payment of gold certificates into circulation andnot by the issue of Federal reserve notes. This reflects the recentpractice of certain reserve banks, particularly New York, of supply-ing the currency requirements of their members by paying out gold.For the system as a whole there was during the year a decrease inthe volume of Federal reserve notes in circulation, though the totalof money in circulation increased. Changes in the total, rather thanin the various forms of money in circulation, measure the fluctuationsin the demand for currency. Federal reserve banks continued tobe the source from which currency was supplied in a volume responsiveto changing requirements and the form of money paid out by thereserve banks affected merely the composition of the total moneyin circulation. The table shows the volume of different kinds ofcurrency in circulation on January 1, 1923, and January 1, 1924.

Kind of money

Gold and gold certificatesSilver and silver certificatesUnited States notes..Federal reserve notesFederal reserve bank notesN ational bank notes

Total

Amount (in mil-lions).

Jan. 1,1923.

732597286

2,37337

708

4,733

Jan. 1,1924.

997696307

2,22414

713

4,951

Percentage dis-tribution.

Jan. 1,1923.

15.512.66.0

50.1.8

15.0

100.0

Jan. 1,1924.

20.114.16.2

44.9.3

14.4

100.0

The effect of meeting the currency demand by paying gold ratherthan Federal reserve notes into circulation has been to increase theproportion of gold in the total circulation to the largest percentage,and to decrease the proportion of Federal reserve notes to the lowestpercentage in five years.



While the Federal reserve banks during 1923 continued to functionas the source from which the public obtained the currency requiredto transact the larger volume of business, the increased use of cur-rency did not result in an increased use of Federal reserve bank credit.The reason for this was that the gold received from abroad and de-posited with the reserve banks furnished member banks withfunds to meet the increased currency demand. The relation betweengold imports and currency demand in 1923 was similar to that in 1915and 1916, which was also a period of gold imports and increasingcurrency requirements. In those years also the inflow of gold fromabroad supplied member banks with credit in sufficient volume tofinance a business expansion with little resort to the Federal reservebanks. The experience of 1923 is in contrast, however, to that of1919-20, when there were no net gold imports and when businessexpansion led to heavy borrowing at the reserve banks to meet thelarge and increasing demand for currency.

Currency demand and the reserve banks.—In the experience underthe reserve system, changes in the demand for currency in the ab-sence of gold imports have been the principal factor accounting for

MILLIONS OF DOLLARS MILLIONS OF DOILAHS

3000

2000

1000

3000

2000

1000

1917 1918 1919 1920 1921 1922 1923

fluctuations in the total volume of borrowing. Thus total earningassets of the reserve banks and Federal reserve note circulation fol-lowed a parallel course until 1921, when the large inflow of goldbegan. The chart shows the movement of Federal reserve notes


ANNUAL, REPORT OF THE FEDERAL, RESERVE BOARD. 2 5

and earning assets from 1917 to 1923. The divergence between assetsand notes in 1921 was the consequence of the large gold imports whichwere used in the liquidation of borrowings, and the difference of about$1,000,000,000 between earning assets and note circulation during thepast two years measures the extent by which earning assets were re-duced by the use of gold received from abroad. During 1922 and 1923the relative position of earning assets and notes in circulation has re-mained unchanged, since the gold imported during those years waspaid into circulation and was sufficient to supply the increased de-mand for currency. It is the coincidence of a volume of gold importsin 1923 about equivalent to the increased demand for currency whichchiefly accounts for the absence of growth in reserve bank assets, andmakes the relation between the movement of assets and notes differ-ent from the experience of earlier years.

Credit demand and currency demand.—Though the increase in cur-rency demand in 1923 has not, as in earlier years, been accompaniedby a growth of Federal reserve bank credit, it has, as at other times,followed upon a growth in member bank credit. The larger currencyrequirements of 1923 were preceded by an increase in 1922 of loansand deposits of member banks. This is the usual sequence—an in-crease of deposits being followed by an increase of the currency.Ordinarily the first effect of an increase in business activity upon thebanking position is a growth in loans and deposits. In the earlierstages of a period of banking expansion there is usually a roughlyparallel upward movement of the loans and deposits of the banks.Later on, however, the situation changes. There comes a time whenthe increase of business activity and the fuller employment of laborand increased pay rolls call for an increase of actual pocket money tosupport the increased wage disbursements and the increased volumeof purchases at retail. At this stage the rough parallelism be-tween the growth of loans and deposits of the banks gives wayto a divergent movement between these items. Loans may con-tinue to increase while deposits will remain either, stationary or showa decline. When the point is reached in a forward movement ofbusiness where manufacturers and dealers need more currency forpay roll and other purposes they draw down their deposits at thebanks. What in the first instance was the creation of bank credit inthe convenient form of a checking account has now become a demandfor cash. In other words, the customer's demand for book money(deposits) at the bank becomes converted into a demand for pocketmoney. This change is reflected in the altered position of the banks.The ratio of loans to deposits rises with an increased demand for cur-rency.

Movements of this character have occurred during the past twoyears. The year 1922 was one of business recuperation calling for



increased banking accommodation. So far as the banking position wasconcerned, what was going on in 1922 was reflected in the simultaneousgrowth of member bank loans and deposits.- The first half of the year1923 saw the forward movement in business quickened to an extraordi-nary degree. Production in basic industries was at an unprecedentedrate; there was full employment with wage increases in many industries.The stage had been reached where bank borrowers were availing them-selves of their credits to an increasing degree in the form of actual with-drawals of currency. The ratio of loans to deposits was in consequencerising.BILLIONS OF DOLLARS13

BILLIONS OF DOLLARS13

MEMBER BANKSIN LEADING CITIES

1922 1923The chart shows that in 1922 deposits of member banks in leading

cities increased more rapidly than their loans,while in 1923 deposits de-clined and loans continued to increase. Thus the ratib of loans to de-posit^ rose during 1923, reflecting the increased demand for currency.

In days before the establishment of the Federal reserve system,the ratio of loans to deposits was commonly used as a trustworthyindicator of the banking position and of the general credit situation.This ratio is still frequently appealed to as foreshadowing changes inmoney rates. But it is not commonly recognized that the establish-ment of the Federal reserve system has introduced a new factor


ANNUAL, REPORT OF THE FEDERAL. RESERVE BOARD. 2 7

which has worked a great change in the situation. Previous to theestablishment of the reserve banks a rise in the ratio of loans todeposits was properly regarded as indicating an approach to thelimits of bank lending power because it indicated also the approach-ing exhaustion of the surplus reserves of the banks. It foreshadowedan approaching shortage of cash, and, under a currency sys-tem lacking elasticity, a period of credit stringency. Under theFederal reserve system, as before, fluctuations in the ratio of loansto deposits are occasioned by changes in the country's demand forcurrency. This increased demand, however, under present conditionsleads to increased borrowing at the reserve banks. In the absenceof gold imports in sufficient volume to meet the currency demand,it will be reflected in larger rediscounting at the Federal reservebanks for the purpose of obtaining currency.

At the reserve banks there is a relationship between the de-mand for credit and for currency similar to that at the memberbanks. An increased demand for currency follows upon an in-crease in the demand for deposit credit at the reserve banks. Thefirst step in the sequence which finally leads to an increase in thedemand for currency takes the form of a demand for reserve bankcredit to support the larger volume of loans and deposits at memberbanks. Later, as business continues to expand and as customers ofmember banks withdraw a larger proportion of their checking accountsin currency, the member bank turns to the reserve bank to obtainthe additional currency needed to meet the demands of customers,and for this purpose discounts the customer's note or other eligiblepaper. As the member bank's customer in availing himself of hiscredit takes currency in increasing proportion, the member bank isobliged more nearly to match each dollar of cash withdrawn by itscustomer by a dollar of cash obtained by borrowing at the reservebank. A point is finally reached where the member bank finds itnecessary to rediscount with the reserve bank a larger proportion ofthe loans it has made to its customers in order to meet their currencyrequirements. It is then that the resources of the reserve bank arebrought more fully into play and its loans mount rapidly. Solong as the member bank's customer required only book money, theamount of member bank credit which a dollar of reserve bank creditwould sustain was on the average in the ratio of about 10 to 1.But, as the demand for currency increases, this ratio declines andeventually reaches a point where a dollar of reserve bank creditmust be obtained by the member bank for each dollar of currencytaken from the bank by its customer. It follows that there is noconstant ratio trhich can be safely assumed in estimating the extentto which a given amount of reserve bank credit will enable memberbanks to expand their loans. This ratio varies according to thestage of business activity and the resulting requirements for cur-


28 ANNUAL, REPORT OF THE FEDERAL RESERVE BOARD.

rency. From the point of view of the reserve system the importantfact is that member banks must depend increasingly upon borrowingfrom the reserve banks as the demand for currency increases.

It thus appears that the chief occasion for extensive changes in thevolume of rediscounting at Federal reserve banks, taking them as awhole, arises out of variations in the demand for currency. Federal re-serve banks, therefore, from the point of view of the chief use made oftheir credit, may be regarded as currency supplying banks. An increaseddemand for currency is first felt at the counters of the member banks.Since these banks carry little or no surplus cash, that is, cash in excessof what they need to make their customary day-to-day disbursements,an increase in the demands for cash made upon them is promptly

MILLIONS OF DOLLARS MILLIONS OF DOLLARS,

3000

2000

1000

300Q

200O

1000*

1917 1918 1919 1920 1921 1922 1923

passed on to Federal reserve banks. The reserve banks are therepositories of the country's surplus cash, and in meeting the demandfor currency may supply cash either out of their surplus reserves orby the creation of new currency through the issue of Federal reservenotes. The outflow or return flow of Federal reserve notes or othercurrency at the Federal reserve banks under ordinary conditionsquickly and accurately reflects changes in the country's need of cur-rency. Both the increase and the decrease in the total volume ofmoney in circulation are in response to changes in the currencyrequired to transact the country's business with a given, volume oftrade and production. The Federal reserve note circulation,, being;


ANNUAL, REPORT OF THE FEDERAL RESERVE BOARD. 2 9

the elastic element in our currency system, ordinarily expands whenneed for additional circulation arises because of a swell in trade andindustry, or because of seasonal or emergency demands, and as quicklycontracts when the need or emergency which has occasioned it&issue disappears.

Experience shows that fluctuations in the volume of Federalreserve note circulation have been much Wider than changes in thedeposit liabilities of the reserve banks. The movements of notes anddeposits from 1917 to 1923 are shown in the chart on page 28.These two liabilities, notes and deposits, constitute the itemsagainst which the reserve banks must carry reserves. Changesin the reserve position of Federal reserve banks, owing to the largerchanges in the volume of notes than of deposits, have reflected prin-cipally increases and decreases in note circulation and in gold reserves.It was in 1920, at the time of the largest volume of Federal reservenote circulation, that the reserve ratio of the system was at its lowestlevel, and the subsequent rise in the combined reserve ratio occurredat a time when note circulation was rapidly decreasing. Changes indeposit liabilities, on the other hand, have been but a minor influencein their effect upon the reserve ratio. Changes in the ratio of totalreserves to notes and deposits combined do not distinguish betweenthe effect on the reserve position of changes in Federal reservenote circulation and in the volume of deposits. The ratio, there-fore, represents on the liability side an average of two items whichhave widely different ranges of fluctuation, and does not give a clearpicture of changes in the reserve position of the Federal reserve sys-tem and of the factors responsible for those changes.

GUIDES TO CREDIT POLICY.

It is to the reserve ratio that the public in most countries looks toget an indication of changes in the banking position and in the creditsituation. This habit of looking at the reserve ratio as an indicatoris particularly prevalent in the United States, because the UnitedStates is more than any other the country of legally regulated reserves.However theoretically imperfect any reserve ratio may be as a creditand banking index even in normal circumstances, and however defec-tive reserve ratios may have become as a result of the suspension ofthe gold standard in many countries, the reserve ratio is neverthelessthe one banking index that has uninterruptedly enjoyed the prestigeof tradition, and there is little or no indication of the displacement ofthis tradition in the near future. The reserve ratio must, therefore,be reckoned with as a fact in banking administration.

In thus recognizing the importance generally attached by thebusiness public to changes in the reserve ratio as an index of the bank-



ing position, the board is not oblivious of, nor indifferent to, the factthat central bank practices associated with an effective internationalgold standard are now inoperative and that this seriously affects theserviceability of reserve ratios as working guides in credit and cur-rency administration.

The reserve ratio can not be expected to regain its former positionof authority until the extraordinary international gold movementswhich, in part, have occasioned and in part have resulted from thebreakdown of the gold standard, have ceased and the flow of goldfrom country to country is again governed by those forces which inmore normal and stable conditions determine the balance of inter-national payments. The gold standard as a regulatory influencecan not be effective for one country alone, no matter how impregnableits gold position. Gold movements in the years before the war werein response to changes in the trade and financial position of countriesoperating on the gold standard, and the changes in the reserveratios of the central banks, which reflected these movements, weretherefore indicative of trade movements and current bankingand credit developments. A decline in the reserve ratio reflected-either a growth in the liabilities arising chiefly from domesticbusiness or a loss of reserves owing to an unfavorable balance ofinternational payments. Under an effective international goldstandard the movements of gold among the money markets of theworld exercised a corrective influence on exchange rates, tended toequalize mone}^ rates in various countries, and to keep domesticprice levels in line with the world price level. In these circumstances,changes in the reserve ratios of the various central banks served as val-uable indicators of the changes in the credit and trade relations of thecountries and were consequently important guides in the shaping ofdiscount policies. Under the present conditions, with goldembargoes in force in most foreign countries and the United Statespractically the only free gold market of the world, the movement ofgold to this country does not reflect the relative position of themoney market* nor does the movement give rise to corrective influ-ences, working through exchanges, money rates, and price levels,which tend to reverse the flow. The significance which movementsin the reserve ratios formerly possessed rested upon the fact thatthey were the visible indicators of the operation of the nicely adjustedmechanism of international finance. With this mechanism nowinoperative, the ratios have lost much of their value as admin-istrative guides. It has therefore been necessary for bankingadministration even in those countries that have been most suo-cessful in maintaining a connection with the gold standard todevelop or devise other working baset. This has been as true inthe United States where the gold standard has been consistently


ANNUAL, REPORT OF THE FEDERAL, RESERVE BOARD. 3 1

maintained as in other countries where that standard is for the timebeing inoperative.

The anomalous situation thus confronting central banking ad-ministration in all countries has led to much discussion in the UnitedStates and elsewhere as to workable substitutes for reserve ratios asguides to credit and currency administration. Particular prominencehas been given in discussions of new proposals to the suggestionfrequently made that the credit issuing from the Federal reservebanks should be regulated with immediate reference to the pricelevel, particularly in such manner as to avoid fluctuations of generalprices. Entirely apart from the difficult administrative problemsthat would arise in connection with the adoption of the price indexas a guide and entirely apart from the serious political difficultieswhich would attend a system of credit administration based on prices,there is no reason for believing that the results attained would be assatisfactory as can be reached by other means economically validand administratively practicable. In saying this the boardis not unmindful of the abundant evidence recent years havegiven of the economic and business disturbances occasioned byviolent fluctuations of prices. But it must not be overlookedthat price fluctuations proceed from a great variety of causes,most of which lie outside the range of influence of the credit system.No credit system could undertake to perform the function of regu-lating credit by reference to prices without failing in the endeavor.

The price situation and the credit situation are no doubt frequentlyinvolved in one another, but the interrelationship of prices and creditis too complex to admit of any simple statement, still less of a for-mula of invariable application. An oversimplified statement ofcomplex problems contributes nothing toward the development ofan effective administrative procedure. It is the view of the FederalReserve Board that the price situation and the credit situation,while sometimes closely related, are nevertheless not related toone another as simple cause and effect; they are rather both to beregarded as the outcome of common causes that work in the economicand business situation. The same conditions which predispose toa rise of prices also predispose to an increased demand for credit.The demand for credit is conditioned upon the business outlook.Credit is created in increasing volume only as the community wishesto use more credit—when the opportunity for the employment ofcredit appears more profitable. Sometimes borrowers want toborrow more and sometimes they are content with less. Sometimeslenders are ready to lend more and at other times less. Why thisshould be so depends on all those multifarious conditions and cir-cumstances that affect the temper of the business community.For the most part these conditions lie beyond the radius of action of



the Federal reserve banks. When the business outlook is inviting:business men are apt to adventure and new business commitmentsare made in increasing volume. But only later will these commit-ments be reflected in the possible rise of prices and an increase in thevolume of credit provided by the commercial banks of the country.The Federal reserve banks will not to any considerable extent feelthe impact of the increased demand for credit until the whole trainof antecedent circumstances which has occasioned it is well advancedon its course; that is, until a forward movement of business, nomatter from what impulse it is proceeding, has gained momentum.

Credit administration must be cognizant of what is under way orin process in the movement of business before it is registered in theprice index. The price index records an accomplished fact. Goodcredit administration in times of active business expansion shouldnot encourage or assist the excessive accumulation of forward com-mitments in business and banking which only later on will definitelyreflect the rate at which they have been taking place in resultingchanges of credit volume and changes of price levels; and in times-of business reaction should discourage enforced liquidation of pastcommitments which also will only later on reflect the rate at whichit has been taking place in altered credit volume and price levels.The problem of efficient credit administration is, therefore, largelya question of timeliness of action.

No statistical mechanism alone, however carefully contrived,.can furnish an adequate guide to credit administration. Credit isan intensely human institution and as such reflects the moods andimpulses of the community—its hopes, its fears, its expectations.The business and credit situation at any particular time is weightedand charged with these invisible factors. They are elusive and cannot be fitted into any mechanical formula, but the fact that they arerefractory to methods of the statistical laboratory makes themneither nonexistent nor nonimportant. They are factors which mustalways patiently and skillfully be evaluated as best they may and dealtwith in any banking administration that is animated by a desireto secure to the community the results of an efficient credit system.In its ultimate analysis credit administration is not a matter ofmechanical rules, but is and must be a matter of judgment—ofjudgment concerning each specific credit situation at the particularmoment of time when it has arisen or is developing.

There are among these factors a sufficient number which aredeterminable in their character, and also measurable, to relieve theproblem of credit administration of much of its indefiniteness, andtherefore give to it a substantial foundation of ascertainable fact.In large part these factors are recognized in the Federal reserve act.The act, therefore, itself goes far toward indicating standards by which


ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD. 3 3

the adequacy or inadequacy of the amount of credit provided by theFederal reserve banks may be tested.

The Federal reserve act has laid down as the broad principle forthe guidance of the Federal reserve banks and of the Federal ReserveBoard in the discharge of their functions with respect to the adminis-tration of the credit facilities of the Federal reserve banks the princi-ple of '" accommodating commerce and business." (Sec. 14 of theFederal reserve act, par. (d).) The act goes further. It gives afurther indication of the meaning of the broad principle of accom-modating commerce and business. These further guides are to befound in section 13 of the Federal reserve act, where the purposesfor which Federal reserve credit may be provided are described as'" agricultural, industrial, or commercial purposes." It is clear thatthe accommodation of commerce and business contemplated as pro-viding the proper occasion for the use of the credit facilities of theFederal reserve banks means the accommodation of agriculture, indus-try, and trade. The extension of credit for purposes " covering merelyinvestments or issued or drawn for the purpose of carrying or trading instocks, bonds, or other investment securities, except bonds andnotes of the Government of the United States," is not permitted bythe Federal reserve act. The Federal reserve system is a system ofproductive credit. It is not a system of credit for either investmentor speculative purposes. Credit in the service of agriculture, industry,and trade may be described comprehensively as credit for productiveuse. The exclusion of the use of Federal reserve credit for specula-tive and. investment purposes and its limitation to agricultural,industrial, or commercial purposes thus clearly indicates the natureof the tests which are appropriate as guides in the extension ofFederal reserve credit. They clearly describe the nature or char-acter of the purposes for which such credit and currency may beextended. The qualitative tests appropriate in Federal reservebank credit administration laid down by the act are, therefore,definite and ample.

But the problem of credit and currency administration impliesthe use not only of qualitative tests but also of quantitative tests.By what means may it be known whether the volume of creditprovided by the Federal reserve banks is in any given set of circum-stances adequate, excessive, or deficient? The problem in goodadministration under the Federal reserve system is not only that oflimiting the field of uses of Federal reserve credit to productive pur-poses, but also of limiting the volume of credit within the field of itsappropriate uses to such amount as may be economically justified—that is, justified by a commensurate increase in the Nation's aggre-gate productivity. The Board is fully aware of the fact that theproblem of credit extension involves the question of amount or



volume as well as the question of kind or character; otherwise stated,involves a quantitative as well as a qualitative determination. Butit is the view of the Board that it is not necessary to go outside of theFederal reserve act to find suitable methods of estimating the ad-justment of the volume of credit provided by the Federal reservebanks to the volume of credit needs. The Federal reserve act itselfsuggests the nature of the tests, guides, or indicators—whatever theymay be called—to be used in gauging the need for and the adequacyof Federal reserve credit. The provisions of the act already quotedindicate that the needs for credit which are recognized by the act asappropriate are those derived from agriculture, industry, and trade.It is the belief of the Board that there will be little danger that thecredit created and contributed by the Federal reserve banks will bein excessive volume if restricted to productive uses.

A characteristic of the good functioning of the economic system isto be found in the smooth unobstructed movement of goods from theproducer through the channels of distribution to their several ulti-mate uses. The characteristic of the good functioning of the creditsystem is to be found in the promptness and in the degree with whichthe flow of credit adapts itself to the orderly flow of goods in industryand trade. So long as this flow is not interrupted by speculative in-terference there is little likelihood of the abuse of credit supplied bythe Federal reserve banks and consequently little danger of the unduecreation of new credit. The volume of credit will seldom be at va-riance with the volume of credit needs as they are reflected in thedemands of productive industry as long as (1) the volume of trade,production, and employment, and (2) the volume of consumption arein equilibrium. Credit for short-term operations in agriculture, in-dustry, and trade, when these operations are genuinely productiveand nonspeculative in character, that is to say, credit provided for thepurpose of financing the movement of goods through any one of thesuccessive stages of production and distribution into consumption, is aproductive use of credit. But when the effect of the credit used isto impede or delay the forward movement of goods from producer toconsumer, unless such delay is made necessary by some unavoidablecause, e. g., the interruption of transportation facilities, credit is notproductively used. The withholding of goods from sale when there is amarket or the accumulation of goods for an anticipated rise of price isnot a productive use. It is the nonproductive use of credit that breedsunwarranted increase in the volume of credit; it also gives rise to un-necessary maladjustment between the volume of production and thevolume of consumption, and is followed by price and other economicdisturbances. Administratively, therefore, the solution of the economicproblem of keeping the volume of credit issuing from the Federalreserve banks from becoming either excessive or deficient is found.



in maintaining it in due relation to the volume of credit needs as theseneeds are derived from the operating requirements of agriculture,industry, and trade, and the prevention of the uses of Federal reservecredit for purposes not warranted by the terms or spirit of the Federalreserve act.

There are no automatic devices or detectors for determining, whencredit is granted by a Federal reserve bank in response to a redis-count demand, whether the occasion of the rediscount was an exten-sion of credit by the member bank for nonproductive use. Paperoffered by a member bank when it rediscounts with a Federal reservebank may disclose the purpose for which the loan evidenced by thatpaper was made, but it does not disclose what use is to be made ofthe proceeds of the rediscount. A farmer's note may be offered forrediscount by a member bank when in fact the need for rediscountinghas arisen because of extensions of credit by the member bank forspeculative use. Similarly, the note of a member bank collateraledby United States Government securities may be offered for discountto a Federal reserve bank when in fact the proceeds are to be used insupporting the extension of credit for " agricultural, industrial, or com-mercial purposes." Protection of their credit against speculative usesrequires that the Federal reserve banks should be acquainted withthe loan policies and credit extensions of their member banks—suchacquaintance as can be obtained by examination of their memberbanks or by other forms of contact with them. In brief, the tech-nical administrative problem presented to each reserve bank is thatof finding the ways and means best suited to the circumstances inwhich it operates of informing itself of when and to what extent theextension of credit for speculative uses is the real occasion of memberbank rediscounting.

The administrative problems presented to the Federal Reserve Boardare of different character and require a different technique. Unlikethe Federal reserve banks, the Federal Reserve Board makes no loans.I t is not an operating body, but a supervising body. As a supervis-ing body it is not primarily concerned with the detail of the transac-tions of the Federal reserve banks. Its concern lies rather with thetotal volume and the aggregate effects of the credit transactions ofthe Federal reserve banks. In the discharge of the responsibilityplaced upon it by the act for the " review and determination " of thediscount policy and discount rates of the Federal reserve banks"with a view of accommodating commerce and business/7 the FederalReserve Board must look for guidance primarily to information con-cerning the state of industry and trade and the state of credit.Changes in the volume of bank credit in use are the outcome ofchanges in the volume of business. A proper and effective creditpolicy, considered in its broader aspects must, therefore, be based onthat wide variety of economic facts which, when brought together,


3 6 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

throw light on the changes taking place in the business situationand their relation to current banking and credit trends.

While statistical information concerning production and distribu-tion, covering the whole range of business activity from producer toconsumer, is not complete, it is sufficient to indicate currently therate at which goods are being produced and marketed. Informationof this character, as a result of the growing recognition of its value;and of the activities in collecting such information both by govern-mental and private agencies, is now available more currently andin more lines of industry and trade than ever before. The changesfrom month-to-month recorded in these figures, when brought to-gether and interpreted, indicate the nature and rate of readjustmentswhich are constantly taking place in the industrial and businesssituation. The activity of business, as measured by these currentstatistics, is the outcome of the decisions and actions of a large number,of individual business men. They are, to be sure, in form and in.substance an account of the immediate past, but they also give indi-cations of the conditions affecting the course of business in thefuture. While this information does not make it possible to measure.or estimate in advance the probable aggregate volume of credit needsor to combine into any single formula the elements of judgmentapplicable to varying credit situations as they arise, it providesibasic data needed in banking administration. No statistical an-alysis can ever be a substitute for judgment in matters of creditadministration, but such analyses of economic conditions are indis-pensable as furnishing the factual basis for credit judgment and forthe development of credit policy.

In view of the importance of this information in the determinationof credit policy the Board and the Federal reserve banks collectthrough their statistical organizations, in addition to current reportson banking and credit conditions, basic economic data bearing onchanges in the volume of production, trade, and employment, andthe movement of prices both in the United States and abroad. Thevolume of production in physical units indicates the extent of indus-trial activity and measures the output of goods which will sub-sequently come into the market. Monthly data are available forbasic industries, and while fluctuations in the volume of productionin these industries are wider than those in the total for all industries,the data are sufficiently representative to indicate at any given timethe direction and trend of industrial activity. Changes in the volumeof employment at industrial establishments, figures for which areavailable for a larger number of industries, not only reflect the degreeof current productive activity and thus supplement the figures onproduction, but because of their bearing on the earnings of workers,also indicate changes in the purchasing power of a large body of



consumers. It is the buying power of consumers which primarilydetermines the demand for goods and the rate at which current pro-duction can be maintained. The movement of goods into the handsof final purchasers is measured by the volume of retail buying,which for many lines of trade throughout the country is reportedmonthly. The rate at which goods are moving through the inter-mediate channels of distribution is reflected in the volume of wholesaletrade and of the shipments of merchandise. A smooth distributionof goods requires that stocks of raw materials and merchandise shallbe held at different points in the marketing process, and the extentto which the marketing is orderly—that is, without undue accumula-tion or exhaustion of stocks—is shown in the changes in the volumeof stocks held by producers and distributors. While information con-cerning stocks is not yet as complete or as current as information onproduction and trade, it is now available for many commodities andis steadily becoming more satisfactory.

Since the purpose of the Board and of the Federal reserve banks incollecting and compiling this current economic information is tomeasure changes in the volume of production and trade in relation tochanges in the volume of credit, the various lines of information areput into the form of index numbers for purposes of comparison.The use of index numbers, by placing the wide variety of informationon a common basis, makes possible comparisons of the direction andrate of change in the basic industrial and commercial activities intheir relation to credit trends.

In the current surveys of business conditions published by theBoard and the Federal reserve banks, the economic data which theycollect are made available to the business community. These publi-cations and the activities of other Government and private agenciesin the gathering and interpretation of information with reference tocurrent economic conditions are contributing to a better under-standing of the factors at work in the business situation and a betterappreciation of the relation between business movements and thevolume of credit. The business community from which the demandfor credit arises is in a position, on the basis of the more adequateinformation now available, to shape its policies with reference tothe use of credit in accordance with fundamental factors and thus tocooperate with banking authorities in the maintenance of sound creditconditions.

The circumstances whiqh have unavoidably led central bankingadministrations in all countries to exercise a more direct judgmentconcerning credit conditions and needs than was necessary in periodswhen the gold standard functioned as an effective regulator of inter-national trade and financial movements have been discussed earlierin this report. Under the conditions that formerly obtained, action

S6538—24t 4Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis


of a central bank was largely determined by forces that were regis-tered in changes in its reserve position. No test so simple, so definiter

so easily understood, and so practicable has been found, nor is likelyto be found, as the old reserve ratio. The banking and business com-munity in prewar days, looking at the position of the central bank—that is, the state of its reserve and the position of its reserve ratio—could see for itself what the state of credit was and what course ofaction was indicated. The business community could, therefore,closely approximate both the kind of action and the time of actionto be taken by central banking authorities. In circumstances whichmade necessary the protection of their gold reserves, little scope wasleft for the exercise of large discretion. Under present conditions,however, and until the restoration in some form of the internationalgold standard, discretion must inevitably play a larger r&le in centralbanking administration than in pre-war days when more reliancecould be placed on changes in the reserve ratio. There is muchevidence that this altered situation in which the banking communityfinds itself is being more fully understood by the general businessand borrowing public, and that a more intelligent comprehensionof present day credit problems is resulting.

The more fully the public understands what the function of theFederal reserve system is and on what grounds and on what in-dications its policies and actions are based, the simpler and easierwill be the problems of credit administration in the United States.For this reason it has been the policy of the Board to inform the pub-lic, either through its official monthly publication or by statementsto the press, on matters in which the public has an interest and towhich its attention should be drawn. By this means the Boardpresents to the public a statement of the problems confronting thesystem and of the attitude of the Board toward current bankingand credit developments. The public is a partner in the Federalreserve system. The cooperation of the public based upon an un-derstanding of the broad outlines of Federal reserve credit policyis of the greatest advantage to a good functioning of the system.The difficulties and disturbances which have confronted businessmen, both in this country and abroad, during the period of post-war readjustments, have obliged them to take cognizance of thefundamental factors which influence the movement of trade and in-dustry and of the relation between these factors and the volume ofcredit. In the United States more than ip any other country busi-ness men in recent years have shown a disposition to use currentstatistical data measuring the rate and movement of basic factorsin the economic situation and to adjust the policies of their individualbusiness enterprises to the underlying economic forces. The Federalreserve system in developing its policies is also in a position to use



as guides these indicators of changes in the state of industry andtrade, and with the increasing public appreciation of the value andmeaning of these guides will to a larger degree have the cooperationof an informed public opinion in the carrying out of its policies. Itis the belief of the Board that out of the experience of the UnitedStates and other countries that are now endeavoring to adapt theirbanking systems to the changing conditions and needs of industryduring this period of unprecedented disturbance, there may result alarger conception of the function of these banking systems andthe development of a new and more competent basis of .creditadministration.

OPERATIONS OF THE FEDERAL RESERVE SYSTEM.<•

In what follows there is presented the detail of the operation ofthe Federal reserve banks and branches, together with an accountof administrative matters with which the Federal Reserve Board hasdealt during 1923.

CONDITION OF FEDERAL RESERVE BANKS.

At the end of 1923 total earning assets of the Federal reserve bankswere $1,211,000,000, or about $115,000,000 less than at the end of1922. This reduction in earning assets was the result of a decline of$303,000,000 in United States Government security holdings, partlyoffset by increases of $105,000,000 in discounts and of $83,000,000 inacceptances. Federal reserve note circulation was $149,000,000 smalleron December 31, 1923, than on December 30, 1922. Total depositsshowed a decline of $14,000,000 for the year and reserves a decrease3f $8,000,000.

Statements of condition for each of the 12 Federal reserve banksxnd for the system as a whole are published in the appendix. The'ollowing summary for the system as a whole shows the principalterns for December 31, 1922 and 1923, and the changes for the year.

CONDITION OF THE T W E L V E F E D E R A L R E S E R V E B A N K S COMBINED.

[In thousands of dollars.]

'otal reservesJold reservesJills discountedJills bought in open marketJnited States Government securities'otal earning assetsfederal reserve notes in circulation..'ota ] deposits

1

Dec.

3,3,

1,21,

30.1922. i

176047617272436326395,973,

872393780122155096789532

Dec.

3,

1,2,1,

1923

168,

?1,

934080,032723,068354,637133,211,246,959,

566322673579

Increase(+ ) or de-crease (—).

+32,639+105,288+82,515

-302,589-114,774-149,116-13,953



EARNINGS, EXPENSES, AND VOLUME OF OPERATIONS OF THE

FEDERAL RESERVE BANKS.

Gross earnings of the Federal reserve banks in 1923, as in thepreceding year, were about $50,000,000, owing to the fact that thetotal volume of earning assets remained at about the same levelduring the two years, though their composition was changed. Theaverage holdings of discounts and of acceptances was considerablylarger in 1923 than in the year before, while the average holdings ofUnited States securities was much reduced through the policy ofallowing maturing obligations of the United States Government tobe redeemed without purchasing other securities in their place. Asa consequence, earnings of the reserve banks from paper discountedfor member banks and from acceptances were larger in 1923 than in1922, while earnings from Government securities showed a substan-tial decline.

A comparison for the past two years of daily average holdings ofeach class of earning assets, earnings therefrom, and annual rates ofearnings is given in the following table:

HOLDINGS OF EAENING ASSETS, EARNINGS THEREFROM, AND ANNUAL RATES OFEARNINGS.

[Amounts in thousands of dollars.]

Bills discountedBills bought in open marketUnited States Government securitiesMunicipal warrants

TotalMiscellaneous earnings

Total earnings

Daily averageholdings.

1923

738 114226,548185,823

85

1 150 570

1922

573 247159,207454, 750

66

1 187 97ft

Earnings.

1923

32 9569,3717,444

4

49, 775934

50, 709

1922

26 5235,629

16,682

48,8381,653

50,491

Annual rates ofearnings (percent).

1923

4 464.144.014.50

4.33

1922

4 633.543.675.40

4.11

Current expenses of the Federal reserve banks have also been onabout the same scale for the past two years, in spite of the fact thatin the larger departments, such as transit and cash, the volume ofwork handled has continued to increase. Salaries paid to clericalemployees showed a reduction for the year of $196,000—from$14,222,000 to $14,026,000. Total current expenses, however, ex-clusive of fiscal agency department expenses reimbursable by theTreasury Department, increased slightly and aggregated $29,771,000,as compared with $29,559,000 in 1922.

A general idea of the volume of work performed by Federal reservebanks in rendering services to member banks, mainly free of charge,may be obtained from the table below, showing the number of pieces



and the amounts handled in each of the larger departments of thebanks during the past three years. In the currency department, forinstance, it will be noted that the banks received and counted1,723,000,000 different bills during 1923, or about 300,000,000 morethan were received and counted during 1922. In the coin departmentthe banks received and counted 2,076,000,000 pieces, as compared with1,954,000,000 during 1922. The work of the transit department alsoincreased quite materially, as will be noted from the fact that the num-ber of checks handled during 1923—697,000,000—exceeded the num-ber handled in 1922 by 58,000,000, or by about 9 per cent. Depart-ments mentioned above, whose services are rendered free of charge tomember banks, are the largest operating units in the Federal reservebanks, and the work performed in these departments constitutes avery large proportion of the total operations of the banks. Not-withstanding substantial increases in the volume of work in thesedepartments during 1923 over that handled in 1922, the work wasperformed at a slightly reduced cost for clerical help. This was due inpart to the work of the committees on economy and efficiency of theFederal Reserve Board and of the individual Federal reserve banks,which have continued their endeavors to reduce the cost of conductingthe various activities of the banks in so far as consistent with efficientoperation and with the rendering of adequate service to memberbanks.

VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS.

1923 1922 1921

NUMBER OF PIECES HANDLED.

Bills discountedBills purchased in open marketCurrency received and countedCoin received and countedChecks handledCollection items handled:

United States Government coupons paidAll other . . .

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

Transfers of funds ,Envelopes received and dispatched

AMOUNTS HANDLED. :

Bills discountedBills purchased in open marketCurrency received and countedCoin received and countedChecks handledCollection items handled:

United States Government coupons paidAll other


Transfers of funds

782,000179,000

1,722,877,0002,076,075,000697,464,000

64,662,0005,732,000

2 109,115,0001,413,000

44,932,000

$38,379,926,0002,547,010,00010,306,411,000

308,051,000206,919,707,000

761,731,0005,900,520,000

8,414,107,00078,867,108,000

841,000142,000

1,424,672,0001,953,632,000638,634,000

81,694,0004,722,000

24,753,0001,190,000

$22,082,887,0001,954,688,0008,602,185,000221,871,000

160,472,450,000

759,124,0004,768,971,000

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

1,435,000127,000

1,353,020,0001,647,677,000574,921,000

98,501,0003,575,000

42,067,0001,080,000(3)

$57,759,128,0001,534,401,0009,223,815,000i 251,680,000

130,482,253,000

772,330,0004,267,651,000

18,527,752,00050,936,519,000

i Partly estimated.8 Large increase due to redemption of war savings securities which matured Jan. 1, 1923.* Data not available.NOTE.—Figures for 1922 arid 1921 have been revised where necessary to place them-on a comparable

basis with those for 1923.



At the time of closing the books on December 31 the Federalreserve banks obtained permission from the Board to charge theircurrent net earnings with $4,022,246 to cover depreciation on bankpremises. These depreciation charges were made in accordance withthe instructions of the Board, which provide that in general depre-ciation allowances on bank buildings in excess of 2 per cent of theestimated replacement cost of the buildings (including vaults butexcluding fixed machinery and equipment) will not be approved. An-exception is made in cases where the book value of the buildings,owing to high construction costs during the war and post-war periods,is materially above the estimated replacement cost; under such cir-cumstances requests for permission to write off a depreciation chargein excess of 2 per cent are given consideration. No depreciationallowances are authorized on land when the estimated market valueof the land is equal to or in excess of its book value. The Federalreserve banks are allowed to set up a separate depreciation reserve tocover depreciation on fixed machinery and equipment, such depre-ciation reserve being based on the estimated life of the machinery andequipment, but in no case to exceed 10 per cent per annum.

The Board also authorized eight of the Federal reserve banks to setaside reserves aggregating $2,448,775 to cover probable losses inconnection with doubtful or worthless paper held under discount formember banks. In case any part of the reserves set aside for thispurpose is not actually required to cover losses it will be returned tothe banks' profit and loss accounts and distributed in accordancewith section 7 of the Federal reserve act.

Gross and net earnings of each Federal reserve bank during theyear, dividends paid to member banks, additions to surplus account,and amounts paid to the Government as franchise taxes are shown inthe following table:

FINANCIAL RESULTS OP OPERATION OF THE FEDERAL RESERVE BANKS DURING1923.

Federal reserve bank.

BostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas CityDallasSan Francisco

Total

Grossearnings.

$3,506,683.2011,413,182.764,592,770.814,655,090.442,878,896.242,682,313.706,511,358.492,753,434.721,749,253.462,993,919.412,3.56,436.184,615,227.13

50,708,566.54

Currentexpenses.

$2,134,253.816,880,136.172,295,726.152,550,659.261,551,155.581,294,231.434,373,023.941,472,675.251,082,137.351,928,119.361,391,228.152,817,165.11

29,770,511.56

Current netearnings.

$1,372,429.394,533,046.592,297,044.662,104,431.181,327,740.661,388,082.272,138,334.55I)280,759.47

667,116.111,065,800.05

965,208.031,798,062.02

20,938,054.98

Net deduc-tions from

current netearnings.

$120,294.251,489,367 49

119,208.121,183,210.13

234,897.961,035,903.26

959,979.7398,596.84

341,660.93718,088.59632,925.80

1,292,636.20

8,226,769.30

Net earningsavailable fordividends,

franchise taxand surplus.

$1,252,135.143,043,679.102,177,836.54

921,221.051,092,842.70

352,179.011,178,354.821,182,162.63

325,455.18347,711.46332,282.23505,425.82

12,711,285.68



FINANCIAL RESULTS OF OPERATION OF THE FEDERAL RESERVE BANKS DURING1923—Continued.


BostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas CityDallasSan Francisco

Total

Dividendspaid.

$480,267.311,749,239.47

582,291.58725,626.57342,295.22264,621.84904,370.94296,809.68212,732.68275,313. 51251,429.01467,719.53

6,552,717.34

Transferred to surplus account.

For purpose ofbringing sur-

plus up to sub-scribed capital.

""$i,"i32;259"57"195,594.48343,721.73

353,927.08

80," 853." 22'37,706.29

2,144,062.37

10 per cent ofbalance of net

earnings.

$77,186.78129.443.9646,328.54

40,682.578,755.72

27,398.3953,142. 5811,272.257,239.80

401,450.59

Total.

$77,186.78129,443.96

1,178,588.11195,594.48384,404.30

8,755.7227,398.39

407,069.6611,272.257,239.80

80,853.2237,706. 29

2,545,512.96

Paid toUnited StatesGovernmentas franchise

tax.

$694,681.051,164,995.67

416,956.85

366,143.1878,801.45

246,585.49478,283.29101,450.2565,158.15

3,613,055.38

While in 1921 and 1922 franchise taxes were paid to the Govern-ment by all Federal reserve banks except Dallas, in 1923, owing tosmaller earnings and to larger transfers to surplus account, therewere three reserve banks, those of Cleveland, Dallas, and San Fran-cisco, that paid no franchise tax to the Government. Larger transfersto surplus account by these banks were occasioned by the substantialincrease during 1923 in the capital accounts of these reserve banksas a result primarily of increases in the paid-in capital and surplusof their member banks. In accordance with the provisions of theFederal reserve act, Federal reserve banks transfer to surplus accountall net earnings remaining after the payment of dividends until thesurplus account equals 100 per cent of subscribed capital. Increasesin the capital of member banks, therefore, result in larger transfers tosurplus by the reserve banks and in a corresponding decrease inearnings available for the payment of the franchise tax.

RATIO OF CURRENT N E T EARNINGS TO CAPITAL AND TO CAPITAL AND SURPLUSCOMBINED, 1923.


BostonNew YorkPhiladelphia..ClevelandRichmondAtlanta . . .ChicagoSt. LouisMinneapolis..Kansas City..DallasSan Francisco

Total...

Current netearnings.

$1,372,4294,533.0472,297,0452,104,4311,327,7401,388,0822,138,3351,280,760

667,1161,085,800

965,2081,798,062

20 938,055

Daily average

Paid-incapital.

$8,004,45029,153,9839,704,867

12,093,7675,704,9174,410,367

15,072,8504,946,8333,545,5504,588,5504,190,4837,795,333

109,211,950

Surplus.

Ratio of current netearnings to average

Paid-incapital.

$16,312.59,799;18,748.23,495;11,288,8,941,

30,398,9,664,7,472,9,488,7,496,

15,263,

376523740543078553177673 I947 I300 I307 !332 i

Per cent..17.115.523.717.423.331.514.225.918.823.223.023.1

218,369,549 19.2

Paid-incapital

andsurplus.

Per cent.5,65.18.15.97.8

10.44.78.86.17.68.37.8

6.4



BUILDING OPERATIONS OF FEDERAL RESERVE BANKS.

At the end of 1923 all the Federal reserve banks except New York,St. Louis, and Minneapolis were occupying their own buildings.During the year the Federal Reserve Banks of Cleveland and ofSan Francisco moved into their new buildings, though the buildingof the San Francisco bank was not yet completed. The buildingin New York is approaching completion, and it is expected that itwill be occupied some time during 1924. The building in Minne-apolis is more than half completed, and contracts have been let fora building to be constructed in St. Louis. The New Orleans branchof the Federal Reserve Bank of Atlanta and the Oklahoma Citybranch of the Federal Reserve Bank of Kansas City also movedinto their new buildings during 1923, so that in addition to nineFederal reserve banks there are now ten Federal reserve branchesoccupying their own buildings.

The addition to the building of the Federal Reserve Bank ofAtlanta was completed during the year, and construction has begunon the building for the Jacksonville branch. The Board also author-ized the Federal Reserve Banks of St. Louis and San Francisco toobtain bids for the construction of banking houses at Little Rockand Salt Lake City. In December the Federal Reserve Bank ofPhiladelphia purchased property adjoining its present bank build-ing, with a view of providing additional space either by remodelingthe building purchased or by the construction of an annex.

All Federal reserve banks and branches now have buildings orbuilding sites, except the branches at Buffalo, Birmingham, Mem-phis, Seattle, Spokane, Los Angeles, and Portland. The cost ofbuilding operations at each Federal reserve bank and branch toDecember 31, 1923, is shown on pages 198 and 199.

BRANCHES AND AGENCIES OF FEDERAL RESERVE BANKS AND THEIROPERATIONS.

Of the 23 branches of Federal reserve banks at the close of 1923, 1(New Orleans) was established in 1915, 5 in 1917, 10 in 1918, 4 in1919, 2 in 1920, and 1 (Helena) in 1921. No applications for theestablishment of additional branches were approved by the Boardin 1923 or were under consideration at the end of the year. Hear-ings on a petition for the establishment of a branch of the FederalReserve Bank of Kansas City at Wichita, Kans., were held by theBoard on September 6 and on December 18, 1923. This applicationwas denied on the ground that the improvement that would belikely to result in the services rendered banks in the proposed ter-ritory would not appear to be sufficient to warrant the additionalexpense required to maintain a branch at Wichita.



In addition to the branches there are three agencies of the Federalreserve banks, one of which (in Savannah) was established in 1919 bythe Federal Reserve Bank of Atlanta for the purpose of supplyingthe currency needs of member banks in that city. In 1923 the Boardauthorized the establishment of agencies in Havana, Cuba, by theFederal Reserve Banks of Boston and Atlanta, and these agencieswere opened for business on September 1. The occasion for theestablishment of the Cuban agencies, the first to be opened in foreignterritory, was that United States currency is legal tender in Cubaand a considerable volume of our currency, chiefly Federal reservenotes, has been in circulation in Cuba for a number of years. Noadequate machinery, however, had been in operation for the with-drawal from circulation of unfit United States currency and for itsreplacement with new money. It was felt that this could be accom-plished through the purchase and sale of cable transfers, bankers'acceptances, and bills of exchange in Cuba, and the agencies of thereserve banks in Cuba were established for the purpose of performingthese functions. The Board's resolution authorizing these agenciesis appended.

The agency of the Federal Reserve Bank of Boston is authorizedto buy and sell cable transfers, to buy, sell, and collect prime bankers'acceptances and prime bills of exchange, but, except under certainspecified conditions, is not permitted to pay out any currency inCuba. The activities of the Federal Reserve Bank of Atlanta, on theother hand, are limited to currency operations and to the purchase,sale, and collection in Cuba of such bankers' acceptances and bills ofexchange as have originated in, or are drawn upon, banks or otherdrawees in the Sixth Federal Reserve District. The Atlanta agencymay purchase other bills only upon request of and for account of theFederal Reserve Bank of Boston. Acceptances and bills of exchangeeligible for purchase by the Cuban agencies must be payable indollars, must arise out of actual import or export transactions, mustbear the signature of two or more responsible parties, as well as asatisfactory bank indorsement, must have not more than 90 days torun exclusive of days of grace, and must be secured at the time ofpurchase by shipping documents evidencing the actual import orexport and sale of goods.

CUBAN AGENCIES—RESOLUTION ADOPTED BY FEDERAL RESERVE BOARD AT MEET-

ING JULY 30, 1923 (AMENDING ACTION OP JUNE 27, 1923).

Whereas the United States Government, by virtue of the so-called Plattamendment has entered into relations with Cuba which it does not have withany other foreign country, especially in matters of finance and currency, thecurrency of the United States having been made legal tender by Cuba;

Whereas the Federal Reserve Board is of the opinion that the establishment ofan agency in Cuba is desirable as a means of stabilizing banking conditions andfurnishing an adequate supply of clean currency;



Whereas the President of the United States and the State Department haveadvised this Board that it is important that such an agency should be established;

Whereas the Federal Reserve Bank of Atlanta and the Federal Reserve Bankof Boston have each petitioned the Federal Reserve Board for authority to estab-lish an agency in Havana, Cuba, for the purpose of conducting operations per-mitted under section 14 of the Federal reserve act;

Whereas the Federal Reserve Bank of Boston desires to establish such anagency primarily for the purpose of buying and selling cable transfers and buying,selling, and collecting bankers' acceptances and bills of exchange bearing satis-factory bank indorsements;

Whereas a substantial portion of the currency now in circulation in Cubaconsists of Federal reserve notes of the Federal Reserve Bank of Atlanta; and itis feared that the establishment of an agency of another Federal reserve bank inCuba might result in the retirement of such notes from circulation; and theFederal Reserve Bank of Atlanta desires to establish an agency in Cuba primarilyin order that it may maintain the circulation of its Federal reserve notes in Cuba;

Whereas the Federal Reserve Bank of Boston does not desire to put its Federalreserve notes in circulation in Cuba but is willing, if authorized to establish suchan agency, to preserve as far as possible the circulation in Cuba of Federalreserve notes issued through the Federal Reserve Bank of Atlanta;

Be it resolved by the Federal Reserve Board, that the applications of the FederalReserve Bank of Atlanta and the Federal Reserve Bank of Boston for permissionto establish such agencies are hereby granted on the following terms and condi-tions:

(1) The Federal Reserve Bank of Atlanta and the Federal Reserve Bank ofBoston are each authorized to establish an agency in Havana, Cuba, and throughsuch agency to buy and sell cable transfers; buy, sell, and collect prime bankers'acceptances and prime bills of exchange, which acceptances and bills are payablein dollars, arise out of actual import or export transactions, bear the signaturesof two.or more responsible parties, bear a satisfactory bank indorsement, havenot more than 90 days to run, exclusive of days of grace, and are secured at thetime of purchase by shipping documents evidencing the actual import or exportand the actual sale of goods and conveying or securing title to such goods; andto exercise only such incidental powers as shall be necessary to the exercise ofthe above powers. The term " bills" as hereinafter used shall mean cabletransfers, bankers' acceptances, and bills of exchange of the kinds described inthis paragraph.

(2) The Federal Reserve Bank of Atlanta shall not buy or sell any cabletransfers except at the request of the Federal Reserve Bank of Boston as pro-vided in paragraph 3 hereof, and shall not purchase, sell or collect any bills inCuba except such as originate in or are drawn upon banks or other drawees, inthe Sixth Federal Reserve District; and shall purchase no other bills nor pur-chase or sell any cable transfers except upon the request of, and for the accountof, the Federal Reserve Bank of Boston.

(3) The Federal Reserve Bank of Boston shall not pay out any currency inCuba, except as hereinafter provided, and whenever bills or cable transfers areoffered for sale to its Havana agency and the sellers request payment in Federalreserve notes or other currency, the Federal Reserve Bank of Boston shall re-quest the Federal Reserve Bank of Atlanta to purchase such bills or cable trans-fers for it and immediately pay for them with Federal reserve notes issuedthrough the Federal Reserve Bank of Atlanta or other currency. The FederalReserve Bank of Atlanta shall comply with all such requests and shall makeimmediate payment, and shall immediately resell such cable transfers or billsto the Federal Reserve Bank of Boston at cost and without recourse. If theFederal Reserve Bank of Atlanta shall fail to purchase such bills or cable trans-Digitized for FRASER



fers promptly for the Federal Reserve Bank of Boston or shall not have availablein Havana a sufficient supply of currency, the Federal Reserve Bank of Bostonmay itself purchase such bills and pay for them with its own Federal reservenotes. In making sales of cable transfers and bills of exchange where currencyis tendered in payment, the Federal Reserve Bank of Boston shall require thepurchasing banks to make the currency payments to the agency of the FederalReserve Bank of Atlanta for credit to its account. All settlements betweenthe agencies shall be made at the request of the creditor bank by the head officesthrough the gold settlement fund. Neither bank shall make any direct exchangesof currency in Cuba.

(4) The establishment and operation of such agencies, and the exercise of allthe above powers through such agencies, shall be subject to such changes and suchfurther rules and regulations as the Federal Reserve Board may prescribe fromtime to time.

(5) The Federal Reserve Board expressly reserves the right to revoke its con-sent at any time to the continuance of such agencies, to require the discontinu-ance of such agencies or to authorize the establishment of new agencies wheneveran its discretion it considers it desirable to do so.

CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM DURING1923.

At the close of the year 1923 the total number of member banksIn active operation was 9,774? as indicated by reports of condition atthat time. Of this number 8,179 were national banks and 1,595State banks and trust companies. During the year there was a netdecrease in active membership of 85; the decrease in the numberof national banks was 41, and the decrease in the number of Statebanks and trust companies 44. Decreases in membership occurredin most of the districts, particularly in the Minneapolis, KansasCity, and San Francisco districts. In the New York, St. Louis, andPhiladelphia districts, on the other hand, the number of membersincreased during the year. Changes in membership by districts forthe year are shown in the table below.

MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM.

System

BostonNew YorkPhiladelphia. . .ClevelandRichmond .Atlanta...ChicagoSt LouisMinneap olisKansas CityDallasSan Francisco

Total membership.

Dec. 29,1922.

9,859

429803716880630536

1,440608

1,0001,142

855820

Dec. 31,1923.

9,774

424835722

' 877627525

1,427624940

1,122849802

Increase(+)ordecrease

- 8 5

— 5+ 32+ 6- 3

o-11- 1 3+ 16-60-20- 6

- 1 8

State banks anccompanie

Dec. 29,1922.

1,639

3913658

11668

14337912113043

199207

Dec. 31,1923.

1,595

3614366

11866

14036912710936

190195

I trust

Increase( + )ordecrease

- 4 4

- 3+ 7+ 8

- 2- 3

-10+6

- 2 1- 7- 9

- 1 2

National banks.

Dec. 29,1922.

8,220

390667658764562393

1,061487870

1,099656613

Dec. 31,1923.

8,179

388692656759561385

1,058497831

1,086659607

Increase(+)ordecrease

(-).

- 4 1

—2+25

- 2- 5— 1— 8

3+10-39-13+3- 6



The reduction of 85 in Federal reserve membership was the netresult of the addition of 210 member banks and the loss of 295. Ofthe banks added to the membership, 2 were banks previously closedwhich resumed activities during the year, 89 were newly organizednational banks, and 121 were formerly nonmembers which joinedthe system. Of the losses in membership, mergers accounted for 87,of which the largest number were in the San Francisco district, vol-untary liquidation accounted for 31, absorption by nonmemberbanks for 48, voluntary withdrawal of State banks and trustcompanies for 29, and insolvencies or suspensions for 102.

BRANCH BANKING.

The Board has called attention in previous reports to the growthof branch banking in some portions of the country. In the Stateof California the development has been rapid and continuous inrecent years. The growth of branch banking presents a problemwhich is receiving the serious attention of the Board, with a view offinding a satisfactory method of dealing with the situation. Thedifficulties of the problem arise in part from the differences in thelegislation of the various States and the competitive disadvantagessuffered by national banks in States that permit branch banking.The Board is hopeful that it can by administrative measures findsome reasonable method of harmonizing existing differences of inter-est of State and national banks in the matter of branch banking,and thus lay the basis for a policy which will result in shaping thedevelopment and practice of branch banking in the United Statesalong useful and serviceable lines.

CHECK CLEARING AND COLLECTION.

On June 11, 1923, the United States Supreme Court handed downdecisions in the Atlanta and Richmond par clearance cases, whichare of great importance in the Federal reserve par collection system.In the Board's annual report for 1922, at pages 30 to 33, the prelim-inary steps of this litigation were reviewed and a brief statementrelative to the final decisions will be given here.

Atlanta par clearance case.—In a unanimous opinion the SupremeCourt affirmed the right of Federal reserve banks to collect for otherFederal reserve banks, for member banks and for affiliated non-member banks checks on any bank within their respective districts,if such checks are payable on presentation and can in fact be collectedconsistently with the legal rights of the drawee without paying anexchange charge. The court said that within these limits Federalreserve banks have ordinarily the same right to present a check tothe drawee bank for payment over the counter as any other bank


ANNUAL REPORT OF THE FEDERAL, RESEEVE BOARD. 49

would have. The Federal Reserve Bank of Atlanta was fully exon-erated of all charges of coercion and wrongful intent in its check-collection methods. The court held that it had acted not onlyentirely within its own rights, but also without violating any rightof the nonmember banks involved in the case, which are not entitledto protection against legitimate competition and whose loss of revenuefrom exchange charges resulting from the superior collection facilitiesof the Federal reserve system must be considered damnum absqueinjuria. The decision also stands for the proposition that Federalreserve banks are prohibited from paying exchange charges on checksforwarded by them for collection. This decision is reported in 262U. S. 643, under the caption American Bank and Trust Co. v. FederalReserve Bank of Atlanta.

Richmond par clearance case.—In this case the primary questioninvolved was the validity of a North Carolina statute which author-ized State banks to charge exchange on remittances covering checksdrawn on them and made such checks, when presented by or througha Federal reserve bank or any agent thereof, payable at the optionof the drawee banks in exchange drafts on their reserve deposits,unless the drawer of the check had expressly stipulated for paymentin cash. The Supreme Court, two justices dissenting, held this statuteto be constitutional. In reaching this conclusion, the court ruledthat the Federal Reserve Board is not required by law to establisha universal system of par clearance and that Federal reserve banksare not required to receive for collection or collect at par checksdrawn on nonmember banks which refuse to remit at par, althoughthey have the right to do so. The court affirmed the right of un-affiliated nonmember banks to charge exchange on remittances forchecks drawn on them, but intimated that if they insist on chargingexchange they should not share in the facilities of the par collectionsystem. In this case, also, the court held that Federal reserve bankscan not pay exchange charges. This decision is reported in 262U. S. 649, under the caption Farmers & Merchants Bank v. FederalReserve Bank of Richmond.

The effect of these two decisions is that Federal reserve banks areauthorized, but not required, to collect any check which is payableon presentation Without deduction for exchange; that the checkclearing system should be voluntary in that unaffiliated nonmemberbanks should not be compelled to forego their right to charge ex-change, and that it should be reciprocal in that nonmember bankswhich will not remit at par for checks drawn on them should notbe permitted to share in the par collection facilities. The text ofthe Supreme Court's opinions discussed above is published onpages 296-304.



There have been no important developments in the par clearance1

litigation affecting the Federal Reserve Banks of Cleveland andSan Francisco since the publication of the Board's annual reportfor 1922, in which the preliminary aspects of this litigation werediscussed.

Following the decisions of the Supreme Court in the Atlanta andRichmond par clearance cases, the Board took under considerationwhat changes should be made in existent check collection practicesin order to conform to the fullest extent to the spirit as well as theletter of these decisions. The Board had conceived it to be its dutyunder the law to establish in the United States a universal systemof par clearance and collection of checks, and in accomplishing thatpurpose certain of the Federal reserve banks had found it appropriateto maintain agents other than banks for the purpose of makingcollections at par of checks drawn on nonpar remitting banks. The-Supreme Court, however, having declared that the Board has noduty to establish par clearance, the Board directed Federal reservebanks until further notice to discontinue the use of all such agentsother than banks, with the result that Federal reserve banks do notnow handle for collection checks drawn upon nonmember banksand not collectible at par through usual banking channels. Othersuggested changes in the par collection system have also been care-fully studied, but no final action has been taken by the Board.

REDISCOUNTS FOR NONMEMBER BANKS.

-On June 26, 1923, the Board revoked the permission which hadformerly been granted to member banks to act as the media or agentsof nonm ember banks in rediscounting paper with Federal reservebanks. In order to relieve the general financial stringency duringthe emergency of 1921, the Board had granted blanket authorityto member banks to rediscount nonmember bank paper with Federalreserve banks, but the emergency period having passed, the Boardfelt that it would contravene the intent of Congress if this generalpermission were continued. Section 19 of the Federal reserve actprovides in part that "No member bank shall act as the mediumor agent of a nonmember bank in applying for or receiving discountsfrom a Federal reserve bank * * * except by permission ofthe Federal Reserve Board.M The obvious purpose of this provisionis to prevent nonmember banks from obtaining the benefit of therediscount privilege, Congress apparently intending that all bankswhich desire the benefits of the Federal reserve system ought tobecome member banks and contribute their quota to its resourcesand successful operation. That this is still the policy of Congress isindicated by the provision in the agricultural credits act of 1923y

which authorizes Federal reserve banks to discount agricultural



paper for Federal intermediate credit banks, excepting such paperas bears the indorsement of a nonmember bank which is eligible formembership in the Federal reserve system.

In withdrawing from member banks the general privilege of re-discounting nonmember bank paper, the Board let it be known thatFederal reserve banks might continue to discount bankers' acceptancesand other eligible paper bearing the signature or indorsement of anonmember bank if such paper were bought by the offering bank ingood faith in the open market from some party other than a non-member bank. The Board also indicated that in exceptional casesand upon specific application it would grant member banks permis-sion to rediscount nonmember bank paper, particularly in caseswhere the nonmember bank involved was ineligible by law formembership in the Federal reserve system.

ADMINISTRATION OF CLAYTON ACT.

During 1923 there have been a number of developments in theadministration of the law relating to interlocking bank directorateswhich the Board desires to call to the attention of Congress.

In its annual report for the year 1921, on pages 87 to 89, theBoard pointed out certain difficulties in the administration of theKern amendment to the Clayton Act and certain illogical and in-equitable situations created by the unscientific modus operandi ofthat provision and recommended the enactment of an amendmentto remedy the situation. A bill to effect this purpose had been in-troduced in the House of Representatives on April 21, 1921, and re-ferred to the Committee on Banking and Currency. Pending consid-eration of this bill a number of applications for the Board's permis-sion for interlocking directorates were received, which the Boardhad no power to grant under the terms of the existing law, becausethe banks involved appeared to be in substantial competition. Ifthe proposed amendment were enacted, however, the Board believedthat it would be authorized to grant its consent to the interlockingdirectorates in such cases, and it accordingly deferred final action onthese applications in the anticipation that the proposed bill wouldbecome law. Upon the adjournment of the Sixty-seventh Congress,however, without any action having been taken upon this bill, theBoard felt that it could not properly continue to hold the pendingapplications in abeyance, and it therefore proceeded to their finalconsideration. All these applications have now been disposed of,the permission applied for being refused or granted, depending uponwhether the banks involved were or were not in substantial compe-tition.

Questions have been raised from time to time in the past with re-gard to the Board's attitude in the matter of the revocation of per-


5 2 ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD.

mits for interlocking directorates which have been granted, particu-larly in cases where the banks involved have come into substantialcompetition since the time when the permits were granted. In suchcases the Board has no power under the law to permit additionalcommon directors between the banks involved, and it has been repre-sented that, because of the anomalous situation thereby created, theBoard should exercise its undoubted power to revoke the permitsformerly granted. The Board gave this question very careful con-sideration. Its counsel advised that the law does not require it torevoke permits in any case, but that the power to revoke them is dis-cretionary. To aid it in determining how this discretionary powershould best be exercised, the Board directed its 12 Federal reserveagents to make a comprehensive review of the situation affectinginterlocking directorates in their districts, designed to inform theBoard in detail whether the terms of section 8 of the Clayton Actwere being complied with, and with particular reference to all casesinvolving banks having interlocking directorates which had beengranted at a time when no substantial competition existed, but whichcould not then be granted under the Kern amendment, because theinstitutions affected had since become substantial competitors. Thisinvestigation disclosed that in a few cases banks with common direc-tors have become substantial competitors since the time when per-mits for such directorates were granted, either through the naturalgrowth of competitive business or through the acquisition of competi-tive business incident to a consolidation.

After careful study, the Board decided not to revoke permits incases where the interlocking directorates have resulted in the growthof competition between the banks involved, believing that this policywould best serve to carry out the underlying intent of the ClaytonAct, which, in the Board's view, is to preserve competition betweennaturally competitive elements and thus prevent the formation ofmonopolies in various kinds of business in their inception. Wherebanks having common directors have become substantial competitors,it is obvious that such interlocking directorates have fostered, or atleast not prevented, the free growth of competition, and this seems tobe precisely what the Clayton Act was designed to accomplish. TheBoard, therefore, saw no valid reason for breaking up such directorates.It is true that in cases where competition has grown up between cer-tain banks having common directors the Board has no power, underthe Kern amendment, to permit additional common directors betweenthe same banks, but this apparent discrimination, resulting from theBoard's lack of adequate power under the present terms of the lawto deal appropriately with such cases, is a condition which should beremedied by suitable legislation. It surely is not of sufficient gravityto warrant the Board in penalizing directors who have permitted their



banks to come into substantial competition and have thus acted inharmony with the spirit and purpose of the law. The Board believesrather that such directors should be permitted to continue to servetheir institutions, and that permits granted under the Kern amend-ment should be revoked only in cases where the interlocking direc-torate has the effect of lessening or stifling competition between bankswhich, but for the common directorate, would normally compete, orwhere there is some other violation of the intent and purpose of thelaw.

As noted above, a bill was introduced in the House of Representa-tives on April 21, 1921, which would authorize the Board to grantpermits for interlocking directorates between competitive banks ifin its judgment uno restriction of banking credit or lessening ofcompetition will result." This amendment was framed by theBoard's committee on the Clayton Act, and cogent reasons for itsenactment are contained in that committee's report to the Board,published on pages 352 to 356 of the Board's annual report for 1921.

In its present form the act operates in an illogical way and oftendefeats the very purpose for which it was enacted. It empowers theBoard to permit interlocking directorates between banks which arenot in substantial competition, even though they have deliberatelyeliminated competition; but it does not authorize the Board to permitsuch relationships between banks which have become active com-petitors in spite of the presence of common directors on their boards.(Of course, if the Board finds that the banks in question have stifledcompetition by common agreement, it would not permit interlockingdirectorates between them, even though it has power to do so.) Theact also operates inequitably against national banks, because itrestricts them in their choice of directors, but does not restrict Statebanks and trust companies, and thus national banks are seriouslyhandicapped in their competition with State incorporated institu-tions. If Congress desires the continuance of free competitionbetween banking institutions, this factor should be considered.Very recently a large national bank in New York, which had underconsideration the question of denationalization, represented to theBoard that the applicability of the Clayton Act in the case of a certaindirector would be the determining factor in its decision upon thisquestion. Other similar cases have been brought to the Board'sattention.

In some cases, also, the refusal to permit an interlocking directoratemay have an adverse effect upon the banking and credit situation inthe community, and the Board believes it should have power to dealwith such cases appropriately. A recent case in point involved twonational banks in a small southern city, which had as a commondirector a man of great influence in the community. The banks were



in an extended condition due to the large amounts which they hadloaned to the farmers, and their ability to continue their agriculturalloans and at the same time keep their doors open depended upon theunshaken confidence of their depositors. It was represented to theBoard that if the law were strictly enforced and the influential com-mon director were required to resign from either bank, the com-munity would fail to understand the reason for his resignation, butwould immediately suspect the solvency of the institution and afinancial crisis would ensue, which might cause irreparable injury tothe banking and farming situation in that district. Yet the twobanks were admittedly in substantial competition, and under the lawas it stands the Board had no power to permit the interlocking direc-torate. Under these extreme circumstances, however, the Boardheld that it might properly defer final action upon the application,pending improvement of the financial and agricultural situation inthe affected district and pending action by Congress on the billproposed by the Board.

For these various reasons the Board believes that it will be verydesirable to amend the Clayton Act substantially as proposed bythe bill introduced in 1921, and it takes this opportunity to renewits urgent recommendation that some such legislation be enacted.

During the past year the Board has received and considered 347applications presented to it for permission to serve in interlockingdirectorates.

TRUST POWERS OF NATIONAL BANKS.

The right of national banks to exercise trust powers has during thepast year been involved in litigation in the States of Pennsylvania andMissouri.

The Board's annual report for 1922 discussed the preliminary stagesof the litigation in Pennsylvania which concerned the right of the CornExchange National Bank of Philadelphia to act in a fiduciary capac-ity. It will be recalled that the Orphans' Court, in which the questionfirst arose, refused to recognize the bank's right to act as guardian orto appoint it as such, on the ground that the exercise of trust powersby national banks in Pennsylvania was in contravention of the Statelaw. The court based this conclusion upon certain conflicts betweenthe State law relating to the administration of trusts by State bankinginstitutions and the provisions of section 11 (k) of the Federal reserveact. On appeal, the Superior Court of Pennsylvania reversed theOrphans' Court and upheld in all respects the rights of national banksin Pennsylvania to exercise trust powers. An appeal was then takento the Supreme Court of Pennsylvania by the Commonwealth, whichhad intervened in the proceeding.

On April 9, 1923, the Supreme Court of Pennsylvania rendered itsdecision in this case, affirming the decision of the Superior Court andfinally establishing the right of national banks in that Commonwealth



to act in fiduciary capacities when authority therefor is given by theBoard under section ll(k) of the Federal reserve act. The courtconsidered the various conflicts between State and Federal laws andruled definitely that the latter are paramount and must prevail;that Congress, in defining what should be considered u in contra-vention oh State law/" had made the right of national banks toexercise trust powers depend upon the existence of that right incompetitive State institutions, and that if such State banks or trustcompanies are given the right to exercise trust powers, nationalbanks must be accorded the same right, irrespective of differencesin the rules governing the exercise of trust powders. The decisionis reported under the caption In re Turners Estate, 277 Pa. 110; 120Atl. 701, and the text of the opinion is published on pages 304-307.

The litigation in Missouri concerned the right of the Burnes Na-tional Bank of St. Joseph to act as executor under a will in which ithad been named. The Probate Court on January 29, 1923, refusedto issue letters testamentary to the national bank on the ground thatthe bank was not authorized to act as executor under the laws ofMissouri. The national bank applied to the Supreme Court ofMissouri for a writ of mandamus requiring the Probate Court toissue letters testamentary to the national bank. On January 47

1924, the Supreme Court of Missouri rendered an opinion upholdingthe decision of the Probate Court and denying the writ of manda-mus. In its decision the court held that the exercise of trust powersby national banks in Missouri, is in contravention of State law,largely because of the conflicts between the provisions of the Statelaw and of section 11 (k) of the Federal reserve act relating to theadministration of trusts. The court considered the provision insection ll(k) that the exercise of trust powers by national banksshall not be considered in contravention of State' law when State in-stitutions, which compete with national banks, are permitted to ex-ercise such powers, but failed to apply it, arguing that it was notcontrolling and that trust companies in Missouri did not competewith national banks in the sense contemplated by the statute. Thefull text of the opinion is published on pages 307-314.

A number of the larger national banks in St. Louis and KansasCity were represented in the proceeding and have appealed the caseto the United States Supreme Court on a writ of error. The UnitedStates has also intervened in the proceeding, through the SolicitorGeneral, in order that the right of national banks to exercise trustpowers, granted by Federal law, may be fully protected. The casehas been set for argument before the United States Supreme Courton April 7, 1924.'

1 On April 28, 1924, the United States Supreme Court rendered its decision in this case, reversing thedecision of the Missouri Supreme Court and definitely upholding the right of national banks in Missourito exercise trust powers. Th3 full text of the opinion is published on pages 314-315.



Permits to exercise fiduciary powers.—During the year 1923 theBoard approved 182 original and 19 supplementary applications bynational banks for permission to exercise trust powers. The totalnumber of national banks holding permits to exercise trust powerson December 31, 1923, was 1,819, a list of which, with the powersgranted, is published on pages 226-242.

AMENDMENTS TO THE FEDERAL RESERVE ACT.

During the year 1923 the Federal reserve act was amended inseveral important respects by the act of March 4, 1923. This act isknown as the IC agricultural credits act of 1923," and its purpose wasto provide additional credit facilities for the agricultural and livestockinterests of the country. This purpose was in part accomplished bycreating new credit institutions adapted to extend credits to theagricultural interests for intermediate periods of from nine monthsto three years. The act further enlarged the operations of the Federalfarm loan system and broadened the provisions of the Federal reserveact relating to agricultural credits. Only the provisions whichamended the Federal reserve act will be discussed here.

Capital requirements of member banks.—This act amended the ninthparagraph of section 9 of the Federal reserve act so as to permit banksto become member banks with a capital of 60 per cent of the amounttheretofore required, with the proviso that such banks must increasetheir capital to 100 per cent within the time and under conditionsprescribed by the Federal Reserve Board, but in all cases such banksmust set aside annually at least 20 per cent of their net income forthe preceding year as a fund to be devoted exclusively to such increaseof capital.

Discount of factors7 paper.—Section 13 of the Federal reserve actwas amended so as to provide that notes, drafts, and bills of exchangeof factors, issued for the purpose of making advances exclusively toproducers of staple agricultural products in their raw state, shouldbe eligible for discount by Federal reserve banks.

Sight and demand bills of exchange.—Section 13 of the Federalreserve act was further amended to provide for the discount and pur-chase by Federal reserve banks of sight and demand bills of exchangedrawn to finance the domestic shipment of nonperishable, readilymarketable staple agricultural products, and secured by satisfactoryshipping documents. The amendment prescribed that such billsmust be forwarded promptly for collection and that in no eventmight a Federal reserve bank hold such bills for a period in excessof 90 days.

Maturity of acceptances.—The maturity of acceptances eligible fordiscount, formerly described as "three months' sight/7 was amendedto read "90 days' sight."



Six months1 agricultural acceptances.—The act further broadenedthe power of Federal reserve banks to discount acceptances by author-izing the discount of acceptances with maturities up to six monthswhen drawn for an agricultural purpose and secured at the time ofacceptance by documents of title covering readily marketable staples.

Nine months7 agricultural paper.—The new section 13a added bythe act of March 4, 1923, extends the maturity of agricultural papereligible for discount from six to nine months. It provides further,however, that such paper having maturities in excess of six monthscan not be eligible as a basis for the issuance of Federal reserve notesunless secured by negotiable warehouse receipts or similar documentscovering readily marketable staple agricultural products or by chattelmortgage upon livestock being fattened for market. This provisionin effect, therefore, amends that portion of section 16 of the Federalreserve act which deals with collateral security for Federal reservenotes.

Discounts for Federal intermediate credit banks.—Section 13a alsoauthorizes Federal reserve banks to discount eligible agriculturalpaper for Federal intermediate credit banks, which latter corpora-tions are one class of the credit institutions established by other pro-visions of the act. No such paper, however, which bears the indorse-ment of a nonmember bank which is eligible for membership may bethus discounted.

Purchase and sale of debentures issued by Federal intermediate creditbanks and national agricultural credit corporations.—The Federalreserve banks are authorized by section 13a to buy and sell deben-tures and other similar obligations issued by Federal intermediatecredit banks and national agricultural credit corporations, suchtransactions, however, to be subject to the same limitations as areplaced upon the purchase and sale of farm loan bonds, and State,county, and municipal bonds and warrants.

Paper of cooperative marketing associations.—Section 13a furtherprescribes when paper of cooperative marketing associations shall bedeemed to be issued or drawn for an agricultural purpose. Suchpaper is classified as agricultural paper when (a) the proceeds thereofare advanced by the association to its members for an agriculturalpurpose, (6) the proceeds are used by the association in making pay-ments to members for agricultural products delivered by the mem-bers, or (c) such proceeds are used by the association to pay forgrading, processing, packing, or marketing any agricultural productshandled by the association for its members. This section also con-tains a proviso that the express enumeration of certain classes ofpaper of cooperative marketing associations as eligible for discountshall not be construed as rendering ineligible any other class of suchpaper which is otherwise eligible for discount.



Limitation of amount of paper of six and nine months maturitywhich Federal reserve hanks may discount.—The Federal reserve actformerly provided that paper having a maturity not exceeding sixmonths may be discounted in an amount to be limited to a percent-age of the assets of the Federal reserve bank, to be fixed by the FederalReserve Board. Section 13a now authorizes the Board to limit to apercentage of the Federal reserve bank's assets the amount of nine-month paper, as well as six-month paper, that such bank maydiscount.

Open-market dealings in acceptances of Federal intermediate credithanks and national agricultural credit corporations.—The act of March4, 1923, adds a new subsection (f) to section 14 of the Federal reserveact, authorizing Federal reserve banks to purchase and sell in theopen market acceptances of Federal intermediate credit banks andnational agricultural credit corporations, whenever the Board shalldeclare that the public interest so requires.

Federal reserve hanks as depositories and fiscal agents.—This actadds a new paragraph to section 15 of the Federal reserve act, author-izing. Federal reserve banks to act as depositories for and fiscalagents of any national agricultural credit corporation or Federalintermediate credit bank.

Repeal of progressive discount rate.—The Phelan Act. approvedApril 13, 1920, which provided for progressive discount rates, isrepealed by the agricultural credits act.

Provisions affecting the Federal reserve system without making anytextual changes in the Federal reserve act—

Section 207 (a) of the agricultural credits act of 1923 providesthat national agricultural credit corporations, having an authorizedcapital stock of $1,000,000 or more, may discount for any memberbank, upon its indorsement, agricultural paper with maturities upto nine months which is secured by warehouse receipts or similardocuments covering readily marketable agricultural products, or bychattel mortgages on livestock. Such corporations may also redis-count for a member bank notes, with maturities up to three years,which are secured by chattel mortgages conferring a paramount lienon maturing or breeding livestock or dairy herds.

Section 208 (a) authorizes Federal reserve banks to act as deposi-taries of United States bonds which national agricultural credit cor-porations must deposit as a condition to opening for business. Fed-eral reserve banks are also to act as depositaries of United Statesbonds which such corporations must deposit as security against theirindebtedness.

Section 210 authorizes any member bank, with the permission ofthe Comptroller of the Currency, to invest up to 10 per cent of itscapital and surplus in the stock of national agricultural credit cor-porations.Digitized for FRASER



Section 212 provides that the moneys of national agriculturalcredit corporations may be kept on deposit subject to check in anymember bank.

Federal reserve branch bank buildings.—The Federal reserve actwas also amended by the act of February 6, 1923. The act of June3, 1922, had inserted a paragraph at the end of section 10 whichplaced a limitation of $250,000 upon the amount which a Federalreserve bank might expend in the construction of a building, and theact of February 6, 1923, amended that provision so as to provide thatthe $250,000 limitation should apply only to branch-bank buildingsand should cover only the cost of the building proper, exclusive ofthe cost of the vaults, permanent equipment, furnishings, and fix-tures. It was further provided that the limitation should not applyto any buildings under construction prior to June 3, 1922.

AMENDMENTS TO REGULATIONS OF FEDERAL RESERVE BOARD.

The amendments made in the Federal reserve act by the agri-cultural credits act, approved March 4, 1923, necessitated changesin several of the Board's regulations, and the Board took this oc-casion to make a revision of its regulations. A new issue of theregulations was published under date of July 10, 1923, and a briefdiscussion of the more important changes is here presented.

The new Regulation A supersedes Regulation A, series of 1922,and has been changed materially in order to conform to the amend-ments to the Federal reserve act made since the date of issue of theformer regulation. Among other things, the new regulation con-tains a more liberal interpretation of eligible agricultural paper,with its extended maturity of nine months, and incorporates thenew provisions of law classifying as agricultural paper certain paperof cooperative marketing associations. The regulation makes pro-vision for the new classes of paper which were made eligible fordiscount by the agricultural credits act, viz, sight and demanddrafts secured by bills of lading covering the domestic shipmentof nonperishable, readily marketable agricultural staples, and paperof factors issued for the purpose of making advances to producersof staple agricultural products. Provision is also made for thediscount, with maturities up to six months, of bankers' acceptancesdrawn for an agricultural purpose and secured by documents oftitle covering readily marketable staples.

The act of July 1, 1922, amended the law with reference to theamount of paper of any one borrower which a Federal reserve bankmight discount for a State member bank, fixing such amount at thesame limit applicable to cases involving national banks, and thenew Regulation A has been modified accordingly.



Regulation B supersedes Regulation B, series of 1922, and has-been simplified by the omission of the provision in the former regu-lation which made a very limited class of bankers7 acceptancesdrawn by cooperative marketing associations eligible for purchasein the open market. The amendments to the law made a muchbroader class of bankers' acceptances drawn for agricultural pur-poses eligible for discount and for purchase in the open market,thus rendering the former provision unnecessary.

Regulations C and D supersede the corresponding regulations ofthe 1920 series and contain no material changes.

Regulation E, superseding Regulation E, series of 1920, has beenrearranged, but no substantial change has been made except theelimination of the 10 per cent limitation on the amount of warrantsof any municipality which might be purchased by a Federal reservebank with the indorsement of a member bank.

Regulation F is the same as the 1920 regulation, which it super-sedes.

Regulation G, superseding Regulation G, series of 1920, has been,changed only to the extent that it no longer requires notes repre-senting real-estate loans to be canceled at maturity and new notestaken in their place. The new regulation permits a maturing noteto be renewed or extended, but, as before, it provides that a nationalbank must not obligate itself in advance to make any renewal.

Regulation H, superseding Regulation H, series of 1920, has beenchanged materially so as to conform to the amendments to section9 of the Federal reserve act contained in the agricultural creditsact, which made a State bank with a capital of 60 per cent of theamount theretofore required eligible for membership, provided itincreases its capital to 100 per cent under certain terms and con-ditions, in large part to be prescribed by the Federal Reserve Board.In the new Regulation H, the Board has provided that banks ad-mitted to membership with 60 per cent of the normal capital mustincrease their capital to the required 100 per cent within five yearsafter admission to membership and to this end must set aside annu-ally not less than 50 per cent of their net earnings for the precedingyear. Certain other less important changes have also been madein the new regulation.

Regulation I, which supersedes the corresponding 1920 regulation,has been changed so as to conform to the present practice in con-nection with the applications of newly organized national banks formembership in the Federal reserve system, and also so as to requirereceivers and liquidating agents of failed member banks to apply forthe surrender and cancellation of Federal reserve bank stock held bysuch banks within six months after their appointment.



A new draft of Regulation J was tentatively approved, but has notyet become effective. Consequently check clearing and collectionoperations are still governed by the provisions of Regulation J, seriesof 1920. The Board has, however, instructed Federal reserve banksto discontinue the use of agents other than banks for the purpose ofmaking collections at par of items drawn upon nonpar remittingbanks.

Regulation K is identically the same as the 1920 regulation, whichit supersedes.

Regulation L has been changed slightly by broadening the definitionof the term "national bank/' as used in the regulation, to include allbanking institutions organized or operating under the laws of theUnited States. A statement of the general principles adopted by theBoard for its guidance in determining whether two or more banksare in substantial competition has also been inserted in the regulation.

The text of the Board's new series of regulations is published onpages 265-294.

PUBLICATION OF DIGEST OF RULINGS.

In 1923 the counsel of the Federal Reserve Board completed thepreparation of a u Digest of rulings of the Federal Reserve Board."The main part of this publication is given over to digests or sum-maries of all the Board's rulings, court decisions, legal opinions, andsimilar matters which have been published in the Federal ReserveBulletin to the end of 1923. These digests contain the gist of therulings and opinions which have interpreted the Federal reserve actand other legislation affecting the operation of the Federal reservesystem, and they state the salient facts and conclusions reached insufficient detail to make it unnecessary in most cases to refer to thefull text of the rulings as published in the Bulletin. The digest isfully indexed and the arrangement is such as to make reference to thevarious rulings as convenient as possible. In this respect the digestis substantially an annotated edition of the Federal reserve act. Inaddition, the Digest of Rulings includes the regulations of the FederalReserve Board, the full text of the Federal reserve act, with appendicesand index as published in the 1923 edition, the act in its original formas enacted December 23, 1913, with a composition, showing by italicsand canceled words the textual changes made by all amendments tothe act, and a nontechnical summary of all these amendments show-ing the purpose and effect of the changes made.

FEDERAL ADVISORY COUNCIL.

Four meetings of the Federal Advisory Council were held inWashington during 1923, on the following dates: February 20r



May 21, September 17, and November 19. The recommendationsof the council to the Board are printed on pages 457-465.

CONFERENCES HELD BY THE BOARD.

As customary, the Federal Reserve Board conferred with theFederal Advisory Council on the occasion of each of its meetingsduring the year.

The governors of the Federal reserve banks convened in Washing-ton on March 26 and conferences of the governors and chairmen ofthe Federal reserve banks were held, beginning November 12.

ORGANIZATION, STAFF, AND EXPENDITURES.

During the year 1923 the following changes have occurred in theorganization and staff of the Federal Reserve Board:

On March 14, 1923, Hon. Milo D, Campbell, of Coldwater, Mich.,was appointed a member of the Federal Reserve Board, in accordancewith the amendment to section 10 of the Federal reserve act wherebythe number of appointive members of the Board was increased fromfive to six. Mr. Campbell died suddenly on March 22, after havingserved as a member of the Board only eight days. To fill this vacancyHon. Edward H. Cunningham, of Des Moines, Iowa, was appointed,effective May 14, to fill the unexpired term of 10 years.

On May 1 Hon. D. R. Crissinger, of Marion, Ohio, Comptroller ofthe Currency, was appointed governor of the Federal Reserve Boardto fill the vacancy caused by the expiration on August 9, 1922, ofthe term of office of Hon. W. P. G. Harding, of Birmingham, Ala.,and on the same date Hon. Henry M. Dawes, of Chicago, 111., assumedthe office of Comptroller of the Currency and ex officio member ofthe Federal Reserve Board.

Hon. John R. Mitchell, of St. Paul, Minn., resigned as a member ofthe Board on May 12 and was succeeded by Hon. George R. James,of Memphis, Tenn., whose appointment was effective May 14.

On September 15, Mr. Wm. W. Hoxton, general secretary, resignedto accept an appointment as Federal reserve agent and chairman ofthe board of directors of the Federal Reserve Bank of Richmond,and *Mr. Walter L. Eddy, executive secretary, was appointed sec-retary, effective October 1, 1923. Mr. J. C. Noell, Federal reserveexaminer, was appointed assistant secretary, effective October 1, 1923.

On March 6, 1923, Mr. George B. Vest, who had been employed in1 the office of the Board's general counsel since October, 1922, was

appointed assistant counsel.On July 1 the division of analysis and research and the office of

statistician were consolidated into one division under the title of



division of research and statistics. Mr. W. W. Stewart, who hadbeen the director of the division of analysis and research, becamedirector of the consolidated division.

The total cost of conducting the work of the Board during theyear 1923, including salaries of members and the cost of printingand circulating the Federal Reserve Bulletin, was $726,428.28.

Two assessments were levied against the Federal reserve banksaggregating $702,634.68, or approximately 215 thousandths of 1 percent of their 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.—-CHANGES DUBING 1922 AND 1923 ON ALL CLASSES AND MATURITIES OF DISCOUNTED BILLS.

[Per cent.]

In effect Jan 1, 1922Changes effective:

1922—Jan. 9 , _ _ . . . .Jan 11Jan 23Feb. 14Mar 15Mar 25\pr 6Apr. 14

Boston.

June 22June 23July8July 12Aug 12\ug 15

1923—Feb. 23Mar 6In effect Dec. 31

4

H

4i

NewYork.


Phila-delphia.

4

4*

44 44

Cleve-land.

5

Rich-mond.

44

4*

44

Atlanta.

5

4i

Chicago.

5

44

St.Louis.

5

44

j

44 4*

Minne-apolis.

54

5

a

KansasCity.

5

44

Dallas.

54

5

44

44

SanFran-cisco.

5

44

4

4444

NOTE—On Apr. 7 and 19, 1923, respectively, the Federal reserve banks of Boston and Philadelphia established a rate of 5 per cent on 6-9 month agricultural and livestock papermade eligible by the Mar. 4, 1923, amendment to the Federal reserve act. The remaining banks established a rate of 4£ per cent on such paper on the following dates: New York,Aug. 6; 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,March 21.

w

w

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wo


No, 2.—AVERAGE RATES CHARGED ON DISCOUNTED BILLS, BY MONTHS, DURING 1923.

[Per cent.]


Boston _ .New YorkPhiladelphiaCleveland . _ . .

RichmondAtlanta _Chicago .-_ . . . _ . - - _St Louis

Minneapolis _ _Kansas CityDallasSan Francisco

All banks: 1923..192219211920 _ _ .19191918

Janu-ary.

4.004 004 504 50

4 504.504.504 50

4.504 504.504.00

4.254 846.364.904.184.02

Febru-ary.

4.104 094 504.50

4 504.504.504 50

4 SO

4 504.504.00

4.284 776.365.524.144.02

March.

4 504 504 504 50

4 504 504.504 50

4.504 504 504.33

4.494 706 435.644.154.08

April.

4 504 504 504 50

4 504 504 504 50

4.504 504 504.50

4 504 606 335.674.184.23

May.

4.504 504 504 50

4 504 504.504 50

4 504 504 504.50

4.504 596 205 744.164.35

June.

4.504 504 504 50

4 504 504 504 50

4.504 504.504.50

4 504 546 146.204.194.42

July.

4.504 504 504 50

4 504 504 504 50

4.504 504 504.50

4 504 396 026.214.144.37

Au-gust.

4.504 504 504 50

4.504.504.504 50

4.504 504.504.50

4.504 345.766.194.124.25

Sep-tem-ber.

4.504 504 504.50

4 504.504.504 50

4.504 504.504.50

4.504 365.756.394.184.24

Octo-ber.

4.504 504.504.50

4 504.504.504 50

4.504 504.504.50

4.504 345 626.404.194.21

No-vem-ber.

4.504 504 504 50

4 504.504.504 50

4.504 504. 504.50

4 504 295 036.454.534.20

De-cem-ber.

4.504 504 504 50

4 504 504,504 50

4.504 504 504.50

4.504 304 916 494.674.18

Year1923.

4.424 424 504.50

4 504.504.504 50

4.504 504 504.44

4.474 526 016 024.264.26

Year1922.

4.214.214.504.60

4 704.644.634 65

4.854 794 864.32

Year1921.

5.886.065.445.72

5.916.056.295.90

6.356.146.015.79

dF

^

§

Iwo

Cn


No. 3.—ANNUAL RATES OF EARNINGS ON DISCOUNTED BILLS, BY MONTHS, DURING 1923.

[Per cent".]

a

Federal reserve bank .

Boston _ -New YorkPhiladelphiaCleveland - _ _ _

RichmondAtlanta - - _ _ - . _ _ _ . _ChicagoSt. Louis

MinneapolisKansas CityDallasSan Francisco

\11 hanks- 1P°319221921192019191918 .19171916

Janu-ary.

4.004.004.504.50

4.504.504. 504.50

4. 544. 504 504.00

4 264 996. 304 714.213. 944 014.18

Febru-ary.

3.984.054.504. 50

4. 504. 504. 504. 50

4. 504. 504 504. 00

4 ?A4 900. 375 204. 184.024.024. 15

March.

4.384.444.504. 50

4. 504. 504. 504. 50

4.504. 504 504. 16

4 45

4 836.365 474. 163.944 144. 21

April.

4.464.494.504.50

4. 504. 504. 504. 50

4. 504. 504.50

4.47

't 494. 756. 325 584. J64. 143. 924. .7

M a y .

4. 504. 504.504. 50

4. 504.504.504. 50

4. 504. 504. 504. 47

4 504.686. 295 664. 154. 383. 824.24

June.

4. 504. 504.504.50

4. 504. 504. 504.50

4. 504. 504. 504. 50

4 504. 616. 205 894.204.313. 494. 36

July.

4. 504. 504.504.50

4. 504. 504.504.50

4. 504. 504. 504.50

4. 504. 506. 096 134.154.403. 824. 24

August.

4.504. 504.504.50

4.504. 504. 504. 50

4. 504. 504 504. 50

4 504 475.916 194. 134. 353 774.31

Sep-tember.

4.504. 504.504. 50

4. 504. 504.504. 50

4. 504. 504 504.50

4 504 425. 856 224. 174.273.794.43

Octo-ber

4. 504. 504.504. 50

4.504. 504.504. 50

4. 504. 504.504.50

4. 504.365. 696 354. 154.223.474.35

Novem-ber.

4.504.504.504.50

4. 504. 504. 504.50

4. 504. 504. 504.50

4 504.295. 396 414. 404.273.424.08

Decem-ber.

4.504.504.504.50

4. 504.504.504.50

4. 504. 504 504.50

4 504 295. 116 424. 554.293.753.81

Year1923.

4.414.414.504.50

4.504.504.504.50

4. 524.504. 504.42

4 464.636.075 884.234.243.614.20

Year1922

4.244.254.504.64

4.784.764.764.71

5. 124.955 084.42

Year1921. £

6.03 ^6.13 tr*5.49 w

5 85 hrj

5.92 §6. 12 H6.40 o

5.97 ^

H6.48 ft6.06 W6 °5 w5.82 g

wCTJ

m_ H-H

wJAR

D


No. 4 . — C H A N G E S SINCE JANUARY 1, 1922, IN MINIMUM AUTHORIZED RATES ON ACCEPTANCES BOUGHT IN OPEN MARKET.

B A N K E R S' A (' C E P T A N C E S.

[Per cent.]

In effect Jan. 1, 1922Changes effective—

1922—Jan. 18 .Jan 19Jan 20Jan. 21Jan. 23Jan 27Mar. 13Mar 15Mar. 24Apr. 4Apr 7Apr 8

Boston. v-NrTY 01 K .

4 4

3 A

|!

3 1 ';1

3 'i

1 3

Phila-delphia-

4

3

Apr 12 ! !Apr. 15Apr. 21May 25June 13June 22June 23June 24June 27July 6July 8Aug. 11Sept 26

1923—Apr. 24Tn effect Dec. 31.. .

2 1 !

2- '•

Cleve-land.

4

31

1

Rich-mond.

1 4-5

>,deral res<

Atlanta.

3

i i

!.. - _ _ - . - | __ __ __

212

! j

2k j 21 1 2> \ 4

3-1

3

2*

3

3 i 2A

?rve bank.

Chicago.

4

S1

3

St. Louis.

4

3i

3

Minne-apolis.

KansasCity.

5 i 5

j

21

!

Dallas.

6

4

San Fran-cisco.

4

I31

3

!

ij 3

3 i 3 i 3

3 i

24

3 21

cwHo

HW

o

bdo>

1 Minimum and maximum rates.NOTE.—Acceptances purchased direct from the acceptor are taker} at a rate not less than the discount rate on commercial paper.


No. 4.—CHANGES SINCE JANUARY 1, 1922, IN MINIMUM AUTHORIZED RATES ON ACCEPTANCES BOUGHT IN OPEN MARKET—Continued. &

TRADE ACCEPTANCES.

[Per cent.]

I Î Federal reserve bank. ^

gIn effect Jan. 1, 1922 2

Changes effective—1922—May27 __.

May 29.May 31June 1 - _ - _ . _ - _ . .June 9 - . -. .- .June 13June 22 ..-June 27

1923—In effect Dec 31 .

Boston. NewYork.

31

3

3

Phila-delphia.

3*

3*

Cleve-land.

4A

Rich-mond.

4

4

Atlanta.

4

4

Chicago. St.Louis.

4

4

Minne-apolis.

KansasCity. Dallas.

4

4

SanFran-cisco.

31

3i

O*4

2 Open-market rates applicable to trade acceptances only were first established on May 27, 1922. For rates chargeable prior to that time, see preceding table showing mini-mum authorized rates on bankers' acceptances purchased in open market.

Iwo&


No. 5.—AVERAGE RATES CHARGED ON BILLS BOUGHT IN OPEN MARKET, BY MONTHS, DURING 1923.

[Per cent.]

mQ° Federal reserve bank.

—f.

Boston1 New York

Philadelphia - __ . . . . .Cleveland. . . . _ ___

RichmondAtlantaChicagoSt. Louis- . . . . .

MinneapolisKansas City . _ _DallasSan Francisco.. . . . ._

All banks: 19231922 . . . _19211920 . .1919 .

Janu-ary.

4.044.094.074.09

4.184.314.114.05

3.93

4.064.12

4.094.286.055.104.28

Febru-ary.

4 054.094.074.09

4.174.084.04

4.06

4 044.08

4.084.216.015.534.24

March.

4 064.084.094.11

4 184 104 104.06

4.564.064.11

4.093.926.015.804.24

April.

4 104 124.124.13

4 254 124.124.07

4.064.13

4.123.485.945.824.24

May.

4 204 114.194.23

4 314 194 234.15

4.564 114.23

4.163.285 885.964.24

June.

4 204 124.204.24

4 314 224.214. 15

4 174.21

4.183.225 886.074.24

July.

4 184.124.204. 19

4 314 234.27

4.134.21

4.203.135 706.064.25

Au-gust.

4 184 104.204.21

4 314 254 284. 18

4.18

4.24

4 203.105 316.044.25

Sep-tem-ber.

4 194 124.194.23

4 314 244 27

4.564.214.22

4.213.195 356.044.25

Octo-ber.

4 184 134.194.22

4 334 374 284.31

4.184.564 194.23

4.213.684 976.054.26

No-vem-ber.

4 194 134.194.21

4 314 354 254.31

4.564 194.22

4.194.104 606.454.47

De-cem-ber.

4 184 094.184.21

4 314 334 224.31

4.194.564 184.21

4.184.114.416.084.84

Year1923.

4 144 114 154.17

4 294 214.214.09

4.074.374.164.17

4.163.595.495.854.36

Year1922.

3 553 573 533.70

4 644 143 503.67

4.603.773.55

Year1921.

5 395 405 355.81

5 936 105 515.47

5.966.466.085.49

S3

w

O

H

ft

WO

CO


Mo, 6.—ANNUAL RATES OF EARNINGS ON BILLS BOUGHT IN OPEN MARKET AND FROM OTHER FEDERAL RESERVE BANKS, BY MONTHS,DURING 1923.

[Per cent.]


Boston -New YorkPhiladelphiaCleveland _ . - ._

Richmond - _Atlanta . .ChicagoSt. Louis

MinneapolisKansas CityDallas . . . . - -San Francisco

All banks: 1923 _1922192119201919 _191819171916

Janu-ary.

3.973.944.014.02

4.174.264.004.05

3.884.564.024.04

4.014.446.144 794.293.642.802.09

Febru-ary.

4.044.084.074.09

4.174.224.034.05

4.244.564.054.16

4.094.255.995.064.253.793.022.07

March.

4.054.114.074.12

4.184.134.064.05

4.064.104.054.17

4.104.066.015.474.263.923.192.04

April.

4.074.104.074.09

4.194.094.084.05

4.084.304.064.03

4.083.835.975.704.234.183.102.04

May.

4.114.114.094.13

4.254.104.094.07

3.944.564.064.14

4.113.505.985.774.254.363.152.07

June.

4.154.104.154.18

4.294.124.124.11

4.564.154.17

4.143.295.975.984.194.253.162.14

July.

4.184.124.194.21

4.314.224.184.17

4.574.214.20

4.183.185.966.074.274.243.232.21

August.

4.184.134.204.20

4.314.234.204.18

4.184.204.21

4.193.115.366.074.224.383.192.31

Sep-tember.

4.184.144.204.21

4.314.224.214.18

4.184.154.20

4.193.115.336.064.274.193.352.46

Octo-ber.

4.194. 124.164.22

4.314.284.194.23

4.184.204.204.21

4.193.245.046.074.224.253.402.12

Novem-ber.

4.184.124.184.22

4.314.364.214.30

4.184.434.204.21

4.183.594.916.034.334.363.532.52

Decem-ber.

4,184.134.184.27

4.324.344.204.30

4.314.564.194.21

4.203.844.506.054.544.333.432.71

Year1923.

4.134 114.134.15

4.274.194.154.07

4.134.264.134.14

4.143. 545. 705 664.304.143.262.36

Year1922.

3.523 543.503.48

4.834.153.503.36

4.963.673.47

Year1921.

5. 615 595.615.90

6.036.285.675.68

6.406.105.70

I

i

1

cj

3H

O

fedbw

wo


No. 7.—ANNUAL RATES OF EARNINGS ON DISCOUNTED BILLS AND ON PURCHASED BILLS.

[Per cent.]


BostonNew YorkPhiladelphia-Cleveland

Richmond.AtlantaChicagoSt. Louis_._

1916

3.523.693.754.25

4.003.774.604.04

Minneapolis 4.80Kansas City 4. 77Dallas j 4.49San Francisco I 5.01

System. 4.20

3.663.123.733.94

3.913.993.853.85

4.224.144.484.53

3.61

Discounted bills.

1917 1918 1919

4.014.044.294.28

4.404.274.304.29

4.63 I4.74 |4.67 !4.65 |

4.24

4.214.124.134.22

4.344.254.264.2.5

4.334.684.644.51

4.23

1920 1921 i 1922

5.915. 885.485.88

6.036.135.495.85

5.69 5.92 |5.77 j6.175.83

6.226.055.675.79

5.88

66.5.

6.

6.

124097

48

06

6.25

5.82

6.07

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

2.222.382.312.29

3.092.712.282.34

2.322.393.362.39

2.36

Purchased bills.

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

1919

4.254.254.244.27

4.574.574.334.36

1920

5.815.695.855.67

5.745. 555.645.30

4. 27 5. 284. 36 5. 454. 79 I 5.494.29 ! 5.61

4.30 5.66

1921

5.61

5.59

5.61

5.90

6.03

6.285. 67

5.68

6.40

6.10

5.70

5.70

1922

3.52

3.54

3.50

3.48

4.83

4.15

3.50

3.36

4.96

3.67

3.47

3.54

1923

4.134.114.134.15

4.274.194.154.07

4.134.264.134.14

4.14

§HO


No. 8.—ANNUAL RATES OF EARNINGS ON UNITED STATES SECURITIES, BY MONTHS, DURING 1923.

[Per cent.]


BostonNew York.. . .Philadelphia^.Cleveland

RichmondAtlantaChicagoSt. Louis

Janu-ary.

3.623.694.053. 50

2.453.173.594.00

Minneapolis I 4. 05Kansas City j 3.96Dallas | 3.49San Francisco i 3.95

All banks: 1923..1922..1921.1920..1919..1918..1917..1916..

3.743.162.132.182.263.272.642.14

Febru-!

3.79

3.884.253.93

2.363.573.804. 14

i

4. 29 j4.07 j3.70 |4.19 i

March. April.

3. 75 4. 123. 89 4. 174. 22 ! 4. 283.94 | 4.08

i2. 35 2. 333. 80 4. 003.77 | 3.804. 17 j 4. 21

4. 284. 15

4. 24| 4. 26

3.80 3. 794.16 4.26

3.96 !3.58 I2.11 !2.17 \2.31 !3.25 |2.67 j

2.33 ;

3.993.722.242. 102.413.592.662.14

4. 113.772.152. 102.433.562.362.34

May.

4.394.264.294. 12

2.334.403. 794.31

4.27

June.

4.354.224.284.04

2.374.533.654.51

4.284. 32 J 3. 643. 80 3. 334. 26 4.18

July.

4.464.494.274. 15

2.304.293.584.36

4.304.362.674.28

4.173. 632.312. 152.242.762.672.38

August.

4.464.504.264. 15

2.314. 133.484.37

4.244.412.674.28

4. 153.602.332 222.212.872.712.36

Sep-tember

3.924.104.244. 14

2.314.163.404.23

4.204.452.664.29

4.073.652.492.272.172.732. 752.38

Octo-ber.

4.674.514.304. 17

2.314.143.274.64

4.284.494.044.32

4.213.712.382 202. 182.443.062.47

iNovem-j ber.j

4.494.47

I 4.29! 4. 18

2.314.213.42

4.264.444.094.33

4. 183.782.682 172.222.492.862.44

Decem-ber.

4.313.824.364. 12

2.314. 143.39

4.344.444.094.33

4.033.792.922 432. 192.402.982.38

Year1923.

3.933.944. 253.96

2. 363.713.684.21

4.254.163.724.19

4.013.672.372 212.262.992.682.35

Year1922.

3.673.633.833.84

2.062.543.683.70

3.433.682.834.00

Year1921.

2.162.702.222.21

2.042.792.232.17

2.062.162.172.16

j

swHOH

w

wo

g


No. 9.—ANNUAL RATES OF EARNINGS ON TOTAL EARNING ASSETS, BY MONTHS, DURING 1923.

[Per cent.]

ily.

4.424.444.404.40

4.454.464.334.46

4.444.474.394. 43

4.423.90.5.605.723.984.313.342.62

A ugust

4.454.444.404. 35

4.454.464.324.48

4.424.484.434.44

4.423.855.425. 813. 934.273.372.69

Sep- Octo-

4.434.434.394.36

Year1923.

4.284.304.374.29

4.444.414.264.40

4.424.374.264.32

4 334.115 615. 504.044. 123 292.67

Year1922.

3.873.824. 114.10

4.574.404.234.14

4.644. 254.564.08

Year1921.

5.425.694.955.39

5.615.635.915.43

6.095.395.795.56

1

I

NOTE.—Average annual rates of earnings (per cent) on municipal warrants during 1923 were as follows : Philadelphia—March, 4.56; April, 4.56; May, 4.50; June, 4.62; July, 4.54;November ,4.56; December 4.56; year, 4.54. Atlanta—June, 4.50; July, 4.50; August, 4.50; September, 4.50; October, 4.50; November, 4.50; December 4.50; year, 4.50. Minneapolis-January, 4.49; year, 4.49. Kansas City—September, 4.50; October, 4.50; November, 4.50; year, 4.50. All banks combined—January, 4.49; March, 4,56; April, 4.56; May, 4.50; June,4,51; July, 4.52; August, 4.50; September, 4.50; October, 4.50; November, 4,50; December, 4,54; year, 4,50

i

wo>


CONDITION OF FEDERAL RESERVE BANKS.

No. 10.—EARNING ASSETS OF FEDERAL RESERVE BANKS, 1914-1923.


Xov. 27.Dec. 31.

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

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

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

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

Date.

1915.

1916.

Bills discounted.

Secured byU.S. Govern-ment obliga-

tions.1

Other.

7,3839,909

13, 955

20, 469

31,683

36, 586

33, 951

25, 996

29,102

29, 275

31, 373

30, 448

32, 794

32, 388

26,901 |22,82721, 26721, 448

Total .

7,3839,909

13, 95520, 46931, 68336, 586

33, 95125, 99629,10229, 275

31, 373

30, 44832, 79432, 368

26, 90122, 82721, 26721, 448

Bills boughtin open mar-

ket.

10, 37911, 62513, 564

13, 05813, 61918,17923, 013

2G, 31429, 05440, 40847, 585

Total billson hand.

7,3839,909

13, 95520, 46931, 68336, 586

33, 95136, 37540, 72742, 839

44, 431

44, 067

48, 97355, 381

53, 21551, 88161, 67569, 033

United Statessecurities

205

13,180

17,41?

21, 579

25, 469

6,9477,6017,9238,836

10, 50512,91915, 797

21, 37229, 63240, 27549, 681

Municipalwarrants.

734

23, 094

11,509

16,107

25, 808

24, 945

25, ©14

27, 308

12, 220

20, 602

25, 403

33, 015

36, 933

Total earnin :assets.

7,383

10,848

27,135

37, 886

53, 262

62, 055

63, 992

55, 485

64, 757

77, 483

78, 704

79, 586

89,200

83, 398

95,189

106, 916

134, 965

155, 647

HW

wo


May 26..June 30..July 28..Aug. 25..

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

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

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

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

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

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

1918.

1,90025, 54612, 67011,867

65, 923209, 230405, 608283, 421

312, 520263, 905301, 451642, 429

562,993434, 509673, 231896, 228

25,36o21,18827, 59427, 032

25,95321,13120, 50130,196

15, 71120, 26620,10635,043

45, 687193, 546125, 789135, 448

167, 616187, 864350, 790397, 285

315,142245, 629281, 777259, 314

334, 364434, 666628, 920531, 967

20, 36521,18827, 59427, 032

25, 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

52, '70S71, 09583, 45482,146

80, 62586, 085

102, 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

1

11,1,1,

73, 0?392, 283111,048109,178

106, 578107, 216122, 593157, 693

113, 408144, 232104, 579106, 443

154, 964421, 362333, 556301,906

409, 708574, 684961, 852956, 072

901, 574805, 704887, 293204, 587

153, 730086, 023507, 425660, 798

55, 78257,12956, 58155,001

53, 47151, 90450, 59455,414

55, 76948,11847, 700117,818

117, 65870, 72876, 95377, 927

95,005110,04289, 096107, 233

123,194222,657310, 76978, 853

146, 924259, 06657, 01256,122

44, 94622,67127,22027,863

24, 02829, 89022,1668,975

12, 24917,12415,71514, 999

14, 6752,4461,4691,230

224233

1,4291,005

2 4,9023 3,436» 3, 5233 2, 722

? 7363 233 10367

1,1,

1,1,1,1,

1,1,1,1,

173, 801172,083194, 849192,042

184, 077189, 010195, 353222,082

181, 426209, 474167, 994239, 260

287, 297494, 536411, 978381,063

504, 937684, 959052, 377064,310

029,670031, 797201, 585286,162

301, 390345,112564, 540716,987

>

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•1 Figures to Nov. 30, 1917, inclusive, represent only member banks' collateral notes secured by Government war obligations and are exclusive of customers' paper similarly se-

cured, the amount of which, however, was small.2 Includes loans on gold coin and bullion—$21,850,000.s Includes bill of lading drafts as follows: Jan. 25,$2,765,000; Feb. 21. $2,824,000; Mar. 29, $2,994,000; Apr. 26, $2, 168,000; May 31, $235,000; June 28, $12,000; July 26, $37,000


No. 10.—EARNING ASSETS OF FEDERAL RESERVE BANKS, 1914-1923—Continued.


Date.

1918Sept. 27 . . . .Oct 25Nov. 29Dec. 27

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

May 29

July 25Aug 29

Sept 26Oct. 31 . .Nov 28Dec 26

1920.Jan 30Feb 27Mar 26

Apr. 30 , , - , — , , , - , , - - - - -

Bills discounted


tions.

1,221, 5331,002,4171,412,5111,400,371

1. 357, 5711, 667, 9651,691,0101, 760, 672

1,802,8931 573 4831,616,2101,609,296

1, 572 5031,681,0821,736,0331, 510, 364

1, 457, 8921, 572, 9801,441,015I, 465, 320

Other.

491,897453, 747402. 084302, 567

243, 557211,855195, 230189, 740

186, 499244 557251,392205, 838

309, 779447, 465478,176684, 514

716, 465880, 531

1, 008, 2151, 069, 751

Total.

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

1,601,1281,879,8201,886, 2401, 950, 412

1,989,3921 818 040

•1,867,6021,815,134

1, 882, 2822, 128, 5472,214.2092,194, 878

2,174, 3572,453,5112, 449, 2302, 535, 071


ket.

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

Tota l billson h a n d .

2, 001, 8211,944, 7872,190, 5362,006,611

1, 882, 4212,156,7392,134, 3472,136, 234

2,173, 0422 122 5982, 243,1582,178,272

2, 224, 7732, 522, 9022, 709, 8042, 780,090

2, 735, 6702, 984,8782,901,1092, 942, 318

United Statessecurities.

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

Municipalwarrants.

» 102

242713

443

Total earningassets.

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

O

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May 28 '___; 1,447,962June 25 j 1,277,980J uly 30 : | 1, 241, 017Aug 27 I 1,314.830

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

Jan. 3 1 . .Feb. 28.Mar. 31.Apr. 30.

May 31.June 30_.

.July 31...Aug. 31.

Sept. 30.Oct. 31 . .Nov. 30-Dfcc. 3 1 . .

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

1921.

1922.

May 31June 30July 31Aug. 31

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

1.220,4231,203, 0051, 192,42.51, 141, 030

1,040,367 j997,965 |971,100 !937,652 |

I787, 244637, 590577, 774545,176

496, 844462, 436476, 360485, 233

363, 586284, 614260, 781185, 743

171,106167, 241132, 390126,113

1,071, 4 91, 153,8141,250,6131,352,297

1, 434, 0411, 597, 3921, 542, 9751, 578, 098

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

1,120, 6691,113, 7601, 063, 838946, 759

916,169850, 591705, 941659,113

475, 299427, 963419,686324, 361

300, 384294,177273, 788271, 335

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

838, 885712, 577680, 467510,104

471, 490461, 418406,178397, 448

418,600 ;399, 185 i345,305 i321,965 j

307,624 !298,375 i247,703 j255,702 I

163,700 I169,421 j119,340 j109,763 !

75,457 |40,223 j17,977 I35,320 I

45,04286,11072,954145, 263

74,935 j93,458 I105, 270 j90,677 j

ii

118, 182 I161,112 |140,111 |180,176 !

2,938,0312,830,979 |2,836,9352, 989, 092

3, 012, 0883, 099, 6722, 983,1032, 974, 836

2,620,8172, 558,9312,352, 4462,186, 331

1, 983, 3701, 791, 5731, 659, 5891, 527, 255

1, 458, 0551,399,1371, 255, 2551,289,609

913, 820806, 035785, 737600, 781

589, 672622, 530546, 289577. 624

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

1067379

206242102 I

321 !

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, 111.1, 214,1661, 241, 3451,187, 861

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

WO>


No. 10.—EARNING ASSETS OF FEDERAL RESERVE BANKS, 1914-1923—Continued.


GO

Date.

1922.Sept. 30Oct. 31Nov. 29Dec. 30

1923.

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


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

Bills discounted.


tions.

162, 780269, 042315, 280331, 790

377, 482356, 039372, 768386, 079

Other.

300,916307, 393334, 816285, 990

219, 769239, 721326,146338, 914

406, 824407, 356391, 937412, 318

401,186425, 650406, 533353. 685

363, 910429, 593433, 999452, 244

482, 367458,150396, 821369, 383

Total.

463, 096576, 435650,096 |617,780 !


ket.

244,375258,165259, 226272,122

597,251 I595, 760 I

724,993

770, 734836, 949825, 936864, 562

883, 553883,800803, 354723, 068

188, 566207, 678263, 358271, 573

258, 680205, 600183, 096171, 607

173, 258204, 698300, 207354, 637

Total billson hand .

708, 071834, 600909, 322889, 902

785,817803, 438962, 272996, 566

1, 029, 4141, 042, 5491, 009,0321,036,169

1,056,8111, 088,4981,103, 5611, 077, 705


482, 676362, 639304, 461436,155

353, 735363, 074250, 360185, 305

191, 964101, 50398, 083

101, 995

96, 28591, 837

104,169133, 566

Municipalwarrants.

152424

39

41

55651020

31731715451

Total earning cassets ^

C

1,190, 762 ^1,197, 2631, 213, 807 £1,326,096

1,139, 552 j .1,166, 512 t*-1,212,673 d1,181,871 £

1, 221, 433 ^1,144,117 SC1,107,125 §31,138,184 g

<1,153, 413 W1,180, 652 ^1,207, 884 O1,211,322 §5

d


No. 11.—RESERVES, DEPOSITS, AND NOTE CIRCULATION OF FEDERAL RESERVE BANKS, 1914-1923.


F. R. notesin circula-

tion.

2,70010,608

272, 095282, 248282, 644285,364

284,615303,038299,105309, 999

337, 532350, 021398, 899394, 245

441, 663435, 793445,328439,013

14,50022,95733, 76746,444

57,84772, 48985,12795, 233

115,662146,025165,304189,026

179, 224171,368163,066163, 094

286, 595305, 205316,411331, 808

342, 462375, 527384,232405, 232

453,194496, 046564, 203583, 271

620,887607,161608,394602,107

Totaldeposit

andF . R. noteliability.

Requiredreserve.

251,968 !206,626 I

88, 32493,850

101, 033107, 970112,433118,455

122, 754135,059138, 738146, 593

164, 401180, 917205,736213, 596

226, 272221, 075221, 091218, 892

Excessreserve.

174,146174, 049

171,155190,868183,802188, 606

207, 566236, 972230, 737232,450

263, 923289,377323, 639342, 342

344, 465322,816303, 368280,148

Reservepercentage.

104.2100.5

95.097.993.692.5

96.599.196.293.5

94.594.893.895.3

91.989.686.2S2.9

F.R.banknote circu-lation—netliability.

9641,669

o

H

O* j

HM

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1 Figures not reported separately until January, 1917.Figures shown in this column represent net deposits up to and including Feb. 28, 1921, and total deposits thereafter.

- 7

to



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

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

No. 11.—RESERVES, DEPOSITS, AND NOTE CIRCULATION OF FEDERAL RESERVE BANKS, 1914-1923—Continued.


o

Date.

1917.

Reserves.

Gold.

515,255542, 744527, 536536, 221

584, 767617,481701, 501736, 236

791, 245803, 324938,046945,141

Total.

537, 227570,192544,125548, 486

592,578627, 457719,475753,774

808, 824818,573 ;947,328 !975,481 |

May 25. ! 977,371 1,014,263!June 29 | 1,294,512 1,334,352!July 27 \ 1,362,263 j 1,414,052 ;

Aug. 3 1 - . . ! 1,353,498 I 1,406,108 !

Sept. 28 1,408,470Oct. 26 1,503,436Nov. 30 1,621,725T W 9R 1.671. 133

Deposits.

Govern-ment.

44,131101,15256, 54250,099

!38,985 j29,982 i26,319 I28,837 !

25, 60713, 40720, 56799, 689

76, 114300, 986143,032154, 358

Members'reserve.1

687,841629,475711,117719,785 ;

813,326 |1,033,460 I1,135,4561,069,804 |

Net.2

! F. R. notes ji in circula- !! t ion. I

504,299 !538,211 :535,548 I530,866 I

529,360 I548,703 !620,128 ;650,665 !

688, 508677, 036706, 905743, 532

1, 261, 8001, 232, 2001,133, 926

159,389152, 244 j152, 590 j156,345 !

196, .538214, 622240, 448275,353

259, 768303,171357, 610420, 509

721,171 454,402 |508,753 |534,015 |587,915 i

1,457,5591,552,1, 676,1.720.

942211768 !

71132

289221

220, 962108, 213

1,136,1, 264.

930 ;323 !

1,489,370 ;

1,453, 166

1,1,

1,1,

193,886 J318,798595, 512 j

457,694 j1,

1,

700,847,

212506

056, 983246, 488

Totaldeposit

F . R. noteliability.

663,688690, 485688,138687, 211

725,898763, 325860, 576926,018

948, 276980, 207

1,064,5151,164, 041

1,175, 5731, 770, 5531, 766, 2151, 721,841

1,894, 0982,166,3042, 652, 4952, 704, 482

Requiredreserve.

240, 260249, 282248, 478248, 341

263, 891277, 894313,224337, 874

344, 885358, 231390, 461428, 441

434,170645,131644,876632,040

697, 945800, 581981,222

1,008,893

Excessreserve.

296, 967320,910295, 647300,145

Ipe

328,687 |349, 563406,251415,900

463,939460, 342556,867547, 040

580,093689,221769,176774,068

759, 614752, 361694. 989711,875

Reservepercentage.

80.982.679.179.8

81.682.283.681.4

85.383. 589.083.8

86.375.480.181.7

77.071.763.263.6

F. R.banknote circu-lation—netliability.

1,7321,7211,6921,690

3,0331,0311,028

9342, 4596,023

8,0008,0008,0008,000

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1918.Jan. 25 J 1,726,507Feb. 21 1,772,395Mar. 28-29Apr. 26,.


Sept. 27.Oct. 25..Nov. 29.Dec. 27..

1, 815, 7041, 827,000

1, 917,8261, 949,0211, 974, 2002, 013, 794

2,020,8132,045,1322,065, 2132,090, 274

1919.Jan . 31 2,112,106Feb . 28 2,122,998M a r . 28 j 2,142,305Apr . 25 j 2,169,216

M a y 29 j 2,187,743J u n e 27 ! 2,147,784J u l y 25 2,095,151Aug. 29 2,066,788

Sept. 26..Oct. 3 1 . _Nov . 28_.Dec. 2 6 . .

2,177,8542,138,0002,093, 6412,078, 432

1920.Jan . 30 2,012,656 2,073,933F e b . 27 I 1,966,836 2,083,215M a r . 26 i 1,934,755 2,057,155Apr . 30 | 1,936,720 2,070,765

1 Figures not reported separate ly un t i l J a n u a r y , 1917.

1,782, 7591,832,524 ;1,874,063 I1,890,945

1,975,709 |2,006,1992,029, 3292,066,962

2,072,1762,098,1692,120, 3712,146, 219

2,179, 6462,188, 7232, 210, 5242,240,152

2, 255,1062,216,2562,161,0232,135,976

2,187, 5052,205, 5922,159, 6662,135,536

135, 69156,165

104, 086130, 668

1,480,7431,459,720 ;1,499,400 :1,497,416 j

1,492,878 ; 1,234,9341,462,627 i 1,314,5811,535,367 I 1,452,8381,556,303 I 1,526,232

166,191 1,440,413 j 1,586,60884, 535 | 1, 557, 587 I 1, 529, 819 j

233, 040104, 729

1, 435,1961. 478, 639

191, 623 1, 535,490278, 218 1,683, 499207,157 | 1,488,89363,367 | 1,587,318

64,928 1, 693,132210,547 1,620,972168,147 I 1,631,16791,726 I 1.664,320

141,479 ! 1,656,11873, 614 | 1, 713,030116,038 1,718,39654, 494 1, 729, 950

61, 276100, 46598,15772, 357

72,974133,91327, 71137, 592

1, 731, 4131,833,4811,844,4341, 786,874

1, 850, 7121, 871,9611,867,1251, 859,844

1, 622, 8701, 572, 898

1, 667,1091, 723, 9021,668,2831,552,892

1,659,457, 796, 739, 741,425, 752, 094

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

1,634,0741,850, 5181, 889, 3991,704,470

1,806, 4961,884, 5761, 772,9041,812,732

1, 600, 9681, 722, 2161, 870,8352,092, 708

2, 349, 3262, 507, 9122, 568, 6762,685,244

2, 450, 7292,472, 3072? 521, 7762, 549, 552

2, 519, 2922,499,1802, 504, 4972, 580, 629

2, 655, 3542,752, 8762,852,2773,057, 646

2, 850,9443,019, 9843,048, 0393,074, 555

2, 727, 8122, 777, 2082, 988, 2053,082, 535

3,187, 5763, 252,0353, 493, 7053, 665, 606

4,016, 4354,231,8144, 236,9594, 238, 136

4,110,1864, 269, 0464, 263, 2014, 301, 646

4, 350, 2124, 249, 8744,301, 0584, 210, 426

4, 289,4284, 603,3944, 741, 6764,762,116

4,657, 4404,904, 5604, 820, 9434, 887, 287

1,016,4811,037, 7511,118,5131,155,199

1,195, 7001, 224,3231, 316, 3391, 387, 597

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

1, 561,1021,617,7811,618,2091, 633,054

1, 648, 5391,612,4151,630,5951, 602, 681

1,634,0681,748,8311,802,2001,819,623

1,772,6501, 867, 5941, 839, 7311, 864, 278

766, 278794, 773755, 550735, 746

780,009781, 876712, 990679, 365

548,958491, 638509,002528, 609

618, 544570,942592, 315607,098

606, 567603,841530, 428533, 295

553, 437456, 761357, 466315,913

301, 283215, 621217, 424206,487 j

65.466.062.761.3

62.061.758.156.4

51.649.650.050. 6

53. 051. 351.952,1

51.852.150.250.7

51. 047.945.544.8

44.542.542.742.4

8,0007,9*7,9787,895

8,32410, 39011,08420,687

35,81958,85986,003117,122

129,445134, 042145,540158,848

168, 427177,185193,849219,815

239, 451254,933256, 793261,039

250, 530237,131201,392177,881

0

ft

w

2 Figures shown in this column represent net deposits up to and including Feb. 28, 1921, and total deposits thereafter.

wo

00


No. 11.—RESERVES, DEPOSITS, AND NOTE CIRCULATION OP FEDERAL RESERVE BANKS, 1914-1923—Continued.


00to


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

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

Date.

1920.

1921.

Reserves. •

Gold.

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

1,989, 8352, 003, 3202,023,9462, 059, 333

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

M a y 31 2,408,058June 30 ! 2,467,659July 31 .Aug. 31.

Sept. 30..Oct. 3 1 . .Nov. 30..Dec. 3 1 . .

2, 543,0392, 641,061

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

Total.

2,092, 4962,108, 6052,128,6402,127,827

2,151, 5942,168,0382,195, 3102, 249,163

2,319,7552, 363, 4752, 436, 7412, 505, 612

2, 571, 5792, 627, 4942, 697,0322, 787,920

2,879, 3312,934,9602, 989,1423,010, 252

Deposits.

Govern-ment.

36,43314,18912,16743,510

46, 49318, 75415,90927,639

28, 62750, 82891,61731, 664

39, 08043, 44632, 68046,809

98, 54043,08645,91395,951

Members'reserve.

1,852,9161,831,9161,808,1561,818,502

1,800, 6771,805,6611,711,7741, 748,979

1, 721, 8951, 705, 2531, 658, 6251, 666, 509

1, 601, 6341, 603, 8451, 625,1231, 618,901

1, 581,0321, 658, 6271, 670, 3621, 753, 217

Net.i

1,794,4401, 722, 2231, 697, 2451, 717,867

1,658,4641, 674,5531,623,6411, 604,190

1, 650, 6631,670,0101, 784, 3941, 732, 214

1, G70, 6241, 675, 2171, 683,0481, 690, 754

1, 704, 8071, 732, 8981, 742, 8301, 876,082

F. R. notesin circula-

tion.

3,107,0213,116, 7183,120,1383, 203, 637

3, 279, 9963, 351, 3033,325,5383, 344, 686

3, 083,1553,048,5542,904,9482,844,011

2, 751,8692, 648,0862, 549, 6262, 481, 466

2, 482,4272, 421,4262, 366,0062, 409, 392

Totaldeposit

andF. R. noteliability.

4,901,4614, 838,9414, 817,3834,921,504

4,938, 4605,025, 8564,949,1794, 948, 876

4, 733, 8184, 718,5644, 689, 3424,576,225

4,422, 4934,323, 3034,232,6744,172, 220

4,187, 2344,154,3244,108, 8364, 285,474

Requiredreserve.

1,870,8621,849,4651,842,0911,882, 708

1,892,4601,926,6151,898,4891,899,341

1,810,9941, 803, 9251,786, 5171, 743,879

1, 685,4661, 645, 5601, 608,9171, 584, 348

1, 589,6531, 575,0851, 556, 3921,620,385

Excessreserve.

221, 634259,140286, 549245,119

259,134241,423296.821349.822

508, 761559, 550650, 224761, 733

886,113981,934

1,088,1151, 203, 572

1, 289, 6781, 359, 8751,432, 7501, 389, 867

Reservepercentage

42.743.644.243.2

43.643.144.445.4

49.050.152.054.8

58.160.863.766.8

68.870.672.770.2

F. R. banknote circu-lation—net

liability.

179,185185, 604192,168200, 793

214,180214,961214, 610216, 960

200,159i 87, 633169,885154,944

143, 706132, 568125, 046109,864

100,37£85, 51575, 86283, 690

HO

H

wo


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

May 31..June 30..July 31. .Aug. 31 _.

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

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

2, 908, 9582, 946, 7392,974, 7842,996, 425

3,007, 6213,021, 7673,047, 9493,061,049

3,077, 2103,079,9663, 072,8583,047,393

3,075,8103,072,8133,059, 5923,082, 282

M a y 31 3,112,106June 30 3,095,217July 31 j 3,100,814Aug. 31 3,105,903

Sept. 3 0 - . . 3,112,717Oct. 31 3,111,078Nov. 30..Dec. 3 1 . .

3,101,1583,080, 032

3,062, 7053,079, 7843,105, 0393,128, 306

3,130, 4973,144,5423,178, 6523,195,558

3, 207, 4943, 217,8823, 202, 8103,176,872

3, 227,1323, 201, 6003,167,4463,179, 666

3, 201,3333,194, 6653,190,9323.188, 541

3.189, 5983,191,1453,185, 2773,168,934

82, 81053, 75987, 58851, 981

54, 29533,09358, 58348,446

14,51134,35533, 44910, 756

46,01443, 40179, 35440, 290

28,13033, 54435,81146, 551

50, 30440, 33432, 50138, 074

1, 677,8371, 710, 2491, 708, 7611, 754,844

1, 782,0041,820, 3771, 760,8241,803, 622

1, 857, 2601,812,5701,807, 6311,933,888

1, 913,4651, 887, 5521,862, 6761, 864, 756

1, 895, 2851,86. 7&41, 898,315

1,790, 6851,799,4011, 834, 8111, 849, 442

1,870,1531,883, 3291,846,5821.874, 688

1,897,1821.875, 4361, 860, 2231,973, 532

1,991,0621, 952,3171,961,6511, 926,109

1,899,810 ! 1,964,1281,851,938 | 1,914,0431,878, 367 1,936,9381,844,718 1,911,730

1, 912,4601,958,6601,919,2141,959, 579

2,179,0522,196,0582,194, 7432,169, 420

2,141,1842,152,9622,132,1452,155, 515

2, 268, 6522,301, 7772,329,8142, 395, 789

2, 203,7012, 246,9432, 247, 2572, 235,435

2, 245, 8292, 253, 0332,177, 7432, 226,998

2, 267, 6202, 224,8652, 252,492

3,969,737 I 1,498,3613,995,459 I 1,508,2144,029, 554 i 1, 520,0814, 018,862 1, 515,073

4,011,337 1,511,0274,036,291 I 1,520,3503, 978, 727 1, 499,1624,030, 203 1, 518,347

I

4,165, 8344,177, 2134,190,0374,369, 321

4,194, 7634,199, 2604, 208, 9084,161, 544

4, 209, 9574,167,0764,114, 6814,138, 728

4,180,0804,183, 5254,171, 706

2, 246, 673 4, 206,252

1,571,4751,577,1131,583,0041, 649,052

,578, 354, 582,086, 585,480, 568, 311

., 585, 775, 571,1281,549,0261, 559,905

1,576,4091,575, 4751, 572, 7221, 584, 522

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

1, 619, 4701, 624,1921, 679, 4901, 677, 211

1, 636, 0191, 640, 7691, 619, 8061, 527, 820

1, 648, 7781,619, 5141, 581, 9661,611,355

1, 615, 5581, 623, 5371, 641,9061, 628, 636

1, 613,1891, 615, 6701, 612, 5551, 584, 412

77.277.177.177.8

78.077.979.979.3

77.077.076.472.7

76.976.275.376.4

76.076.777.677.0

76. 376.376.75.

43

82, Sll80T 71780, 57577,135

70, 55367,35161,05253, 636

44, 00534,96120,8682,770

3,1052,6452,4312,286

1,7241,4251,570

520

485523498471

oH

o

<

wo1 Figures shown in this column represent net deposits up to and including Feb. 28, 1921, and total deposits thereafter.

NOTE.—Figures of cash reserves, Federal reserve note circulation, excess reserves, and reserve percentages for dates prior to June, 1917, have been calculated on a basis com-parable with figures published subsequent to the passage of the June 21, 1917, amendment to the Federal reserve act, which provides that gold with Federal reserve agent" maybe counted as part of the bank's required reserves.

GO


No. 12.—RESOURCES AND LIABILITIES OF ALL FEDERAL RESERVE BANKS COMBINED, AT CLOSE OF BUSINESS ON THE LAST BUSINESS

DAY OF EACH MONTH FROM DECEMBER, 1922, TO DECEMBER, 1923.


00

RESOURCES.

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

Gold held exclusively against Federalreserve notes

Gold settlement fund with Federal reserve

BoardGold and gold certificates held by banks._.

Total gold reservesReserves other than gold

Total reservesNonreserve cashBills discounted:

Secured by United States Governmentobligations \

Other bills discounted

Total bills discounted.Bills bought in open marketUnited States Government securities:

BondsTreasury notesCertificates of indebtedness

Decem-ber, 1922

2,166,87954, 366

2, 221, 245

554,363271, 785

2,174, 67747,066

2, 221, 743

561,403292,664

3,047, 393129,479

3,176,872

0)

331,790285,990

617, 780272,122

28,877180, 387226,891

1923

January. Febru-ary.

2,108, 76757, 427

3,075,810151,322

3, 227,13254, 463

377,482219, 769

597, 251188, 566

29,898133,054190, 783

2,166,194

604,008302, 611

3,072,813128, 787

3, 201, 60045,824

356,039239, 721

595, 760207, 678

29,197144,778189,099

March. April, j May

2,021, 726 2, 009,192 |2,027, 00960,522 62,642 | 58,029

2,082,248 2,071,834

662, 709314,635

691,673318, 775

2,085,038

685,808341, 260

3,059,592 {3,082,282107,854 97, 384

3,167,44639,654

372,768326,146

698,914263, 358

29,3002 145, 655

75,405

3,179, 66637,558

386,079338,914

2,090,418

693,038311, 761

3,112,10689, 227

3, 201,33337,019

406,824363,910

724,993271, 573

27,9482 119,133

38, 224

770, 734258, 680

26,900126, 65238, 412

June.

2,032, 64157, 777

July.

2, 052, 88358,588

2,057,159 2,054, 54149, 509 54, 857

3,095,21799,448

3,194, 66535, 354

407, 356429, 593

3,190,93240, 417

836, 949205, 600

25,35271, 4594,692

2,111,471

648,318341,025

3,100, 81490,118

August. Septem-ber.

2,106, 668

647, 581351,654

2,109, 398

654,168349,151

October.

2,085, 68261,471

Novem-ber.

2,052,24350,926

2,147,153

609,186354, 739

3,105, 903 |3,112, 717 J3, 111, 07882,638 76,881 j 80,067

3,188,541 3,189,59836,044 39,981

391,937 412,318433,999 452, 244

825,936183,096

25,00163,1189,964

864, 562171, 607

21,19479, 390

1,411

3,191,145 13,185, 27739,152 j 30,852

401,186482, 367

883, 553173, 258

21,86069, 5394,886

2,103,169

647, 768350, 221

3,101,15884,119

425, 650458,150

883, 800204, 698

18, 21359,36114, 263

406,533396,821

803, 354300, 207

18, 50652,51533,148

Decem-ber.

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

s1

o


Total United States Governmentsecurities

Municipal warrants

Cjo 5I r

Total earning assets5 per cent redemption fund—Federal

•eserve bank notesUncollected itemsBank premisesAll other resources

Total resources _

LIABILITIES.

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

net . . .Deposits:

Member bank—reserve accountGovernmentOther deposits -

|436,155

1, 326,096

2,096687, 698

45, 27813,929

353, 735

1,139, 552

311530, 43146,47115,180

1,166,512 i 1,212,673

5, 251,969

2,395,789

2,770

1, 933, 88810, 75628, 888

5,013, 540

2, 203, 701

3, 105

1,913, 46546,01431, 583

5,087,084

Total depositsDeferred availability items_Capital paid inSurplusAll other liabilities . . :

Total liabilities..

Ratio of total reserves to deposit and Fed-eral reserve note liabilities combined—per cent _

Contingent liability on bills purchased forforeign correspondents

1, 973,532544, 797107, 271218, 369

9,441

5, 251,969

1,991,062479, 551107, 703218,369

10,049

5,013, 540

363,074 250, 360 I 185, 3054 1 i

191,96455

101,50365

311608,167

47, 86316, 807

5,022,573 |4,989,313

2, 246, 943

2, 645

1, 887, 55243, 40121, 364

1,952,317546, 254

218,36911,689

5, 087,084

191540, 425

48, 90113, 283

1,181,871

191526, 434

49,99513, 598

1,221,433

191561,168

51,18414, 220

2, 247, 257

2, 431

1, 862, 67679, 35419, 621

1,961, 651470, 214108,635218, 369

14,016

5, 022, 573

72.7

34, 393

il

76.9 | 76.2

34,390 28,397

! 75.3

2,235,435

2,286

•1,864,75640, 29021, 063

1,926,109482,602108, 824218, 369

15,688

j 1,144,117

192569,923

52, 29611,868

5,086, 548 5,008,415

98,08310

1,107,125

193552, 651

53, 34812,859

4,957, 525

101,99520

1,138,184

27530, 712

54, 24612,921

4,960,675

2, 245, 829 2, 253,033 2,177, 743 |2, 226,

1,724 | 1,425 1,570 520

1, 899, 81028,13036,188

1,851,938 j 1, 878, 367 jl, 844, 71833,544 35,811 | 46,55128,561 22,760 j 20,461

96, 285317

1,153, 413

28583,10355,08413, 253

5,034, 460

2, 267, 620

485

1, 839,14250, 30423,014

11,964,128| 529,570! 109,355I 218,369I 17,573

14,989,313 15,086,548

1,914, 043496, 087109, 539

1,936,938 |l,911,730495, 728 473, 895

109, 756109, 492218,369 | 218,369 218,36915,919 17,685 19,407

5,008,415 4,957,525

1,912, 460505, 011109, 627218,38920,888

4,960, 675

36,150 33, 058

76. 0 i 76. 7 j 77. 6 77. 0

29,279 | 33,626 I 33,129 35,414

91, 837317

1,180, 652

611,27155,94313,076

1, 207,884

579, 27056, 72214,444

5,091, 267 5, 074, 477

I

2, 224, 865

523

1, 895, 26540, 33423,061

1,958,660555, 914109, 726218, 36923, 210

104,169154

133, 56651

1, 211, 322

28565,61453,99914,179

5,066,395

2, 252, 492

1,864,794 I32, 50121,919

1,919, 214548, 897110, 084218, 36924,923

5,034,460 15,091,267 5,074,477

2, 246, 673

471

1,898,31538,07423,190

1,959, 579516, 803110,145220,915

11, 809

5,066, 395

76.3

34,256 |

76.3

44,102

76.4

24,531 I

75.3

18,995I

s

o>

QO1 Not shown separately prior to January, 1923 2 Including Victory notes.


No. 13.—RESOURCES AND LIABILITIES OF ALL FEDERAL RESERVE BANKS COMBINED, BY WEEKS, DURING 1923.


QO

Date.

1923.Jan. 3

101724

31

Feb. 7142128

Mar. 7142128

Apr. 4111825

May 29

Cash reserves.

Goldwith F. R.

agent.

2,165,6272,186,1942,195,4742,181,1212,174,677

2,139, 3752,144,0362,142,0762,108,767

2,074,0432,068,6132,052,1032,034,099

2,013, 5382,041, 5092,036,4902,007, 555

2,005,9982,005,066

Gold re-demp-tionfundwithU.S.Treas-ury.

61,19451,87349,94944,16747,066

59,85660,12055,64157,427

52, 76358,26250,40055, 586

53,25762,21059, 87057, 562

63,27754,435

Gold.

Goldsettle-mentfundwithF. R.

Board.

550,126543, 591535,229556, 642561,403

569,278572,152574,857604, 008

645, 285638,208648, 226653, 708

677, 216657,410659,887695, 630

693,564706,261

Goldandgold

certifi-cates

held bybanks.

272,504281,300296, 840298,207292,664

307, 567302,189302, 668302, 611

311, 550313, 211323, 572320, 401

325,484324, 630326, 375323,822

317, 740323,062

Totalgold

reserves.

3,049,4513,062,9583, 077,4923,080,1373,075, 810

3,076,0763,078,4973, 075,2423,072,813

3,083,6413, 078,2943,074,3013,063, 794

3,069, 4953,085, 7593,082,6223, 084, 569

3,080, 5793, 088,824

Re-servesotherthangold.

113,319124,509136,645141,844151,322

143, 288140,464128,367128,787

117, 633118, 275118,323112,494

103, 52298, 68095, 92094,473

93,80992,557

Totalreserves.

3,162,7703,187,4673, 214,1373,221,9813,227,132

3,219, 3643, 218,9613,203,6093,201,600

3,201, 2743,196,5693,192,6243,176,288

3,173,0173,184,4393,178,5423,179,042

3,174,3883,181,381

]

Non-reservecash.

94, 56592,16582,17876,04354, 463

67,77067,78968,10845, 824

70,14467,91769, 45165, 815

66, 66366,25867,22570, 691

61, 64267, 726

Bil

Securedby U.S .Govern-

mentobliga-tions .

351,483281,996284,017341,454377,482

344.. 646428, 724368, 241356,039

330, 093361, 286351,861388, 238

380, 785327,412334, 611339, 880

362, 633358, 637

s discounted.

Otherbills dis-counted.

276,162230,053229,328228,281219, 769

224, 663224, 715259,682239, 721

241, 394251, 773278,126311, 781

314,445295,238308,851296, 717

367,707336,380

Total.

627,645512,049513,345569,735597,251

569,309653,439627,923595, 760

571,487613,059629, 987700,019

695, 230622, 650643,462636, 597

730, 340695, 017

Billsboughtin openmarket.

255,182225, 760201,335204,547188, 566

184, 945184,476182, 353207, 678

218, 886225,416237,965254,251

259,879274, 389277,447274,041

275,429266,992

Earning assets.

U. £

Bonds.

28,05928, 70428,04328, 78129,898

29,99829,53229,31529,197

28, 84228, 86529, 29829, 303

29, 33029,29328,15527,939

27,96329, 573

>. Government securities.

Treas-ury

notes.

U54,2561147, 0051128, 835U38, 0761133,054

U36, Q881133, 708U38,105U44, 778

1129,1341131,8141134, 291U42,905

1135,2561133, 5331130,7551129,091

U20,030il 19, 387

Certifi-cates ofindebt-edness.

274,239332,467255, 554185, 962190, 783

187,038190,283186,614189,099

186,911184,034128,32277,201

74,56375, 32879,09736,780

36, 77936,854

Total.

456, 554508,176412, 432352,819353, 735

353,124353,523354,034363,074

344,887344, 713291, 911249, 409

239,149238,154238,007193, 810

184, 772185, 814

Mu-nici-pal

war-rants.

3924104

4141

41414141

4040

Total.

1, 339, 4201, 246,0091,127,1221,127,1051,139, 552

1,107,3781,191,4381,164,3101,166, 512

1,135,2601,183,1881,159,9041,203, 720

1,194,2991,135,2341,158,9571,104,489

1,190, 5811,147,863


162329

June 6132027

July 3

111825

Aug. 1

8152229

Sept. 5

121926

Oct. 3

10172431

Nov. 7

142128

Dec. 5

121926

1,999,818

1,993,724

2, Oil, 734

2,031, 4212,057, 6112,033, 3592,035, Oil

2,040,9922,047, 7872,052,1312,058, 246

2,048,0622,040,0122,079, 7192,081, 2652,061,164

2, 060, 7002, 070, 5572,066,4882,061, 965

2,055,6632,074, 3722,087, 3712,089,3582,085, 682

2,107,9702,107,1682, 098, 7842,104,845

2, 055, 6252,100,8952,140,4452,109,814

57,31753,37953, 545

58,26656,45957, 34157, 970

58, 67653, 48352,00160, 539

mf 72561, 70157,98869,04049,304

50, 68857,05359, 24553, 328

59,10860, 27562,22953,17461, 471

67, 78954, 74859, 71560, 944

56,00963,08561,09566,278

686, 707698,872702, 308

677,179678,665688,063691, 429

661, 593658, 617653,784662,477

650, 318664,114634,519615,695649, 455

645,876633,454638, 892641,647

643,874623,054607, 734618, 424609,186

573, 514584, 046600, 741587,079

647,658584, 501541, Oil553, 604

344,043347,320341,175

346,800346, 522350,252326,334

326,442340,492341,804332,289

344, 561346, 809348,655356,864361,066

344, 746349, 597357, 345359,664

357,185364, 693367,835375,456354, 739

373, 643388, 047376, 216359, 568

358,847367,158348, 584341, 401

3, 087,8853,093,2953,108, 762

3,113, 6663,139, 2573,129, 0153,110, 744

3,087,7033,100,3793, 099,7203,113, 551

3,109, 6663,112, 6363,120,8813,122,8643,120,989

3,102,0103,110, 6613,121,9703,116, 604

3,115, 8303,122,3943,125,1693,136,4123, 111, 078

3,122,9163,134,0093,135, 4563,112,436

3,118,1393,115,6393,091,1353,071,097

93,16694,48886,735

84, 55287,35785,96691,735

79,20076, 76983,70286,454

84,05877,48474,18678,61280, 245

76,32477,00477, 83276,094

72,16071, 52972,85472,71080,067

72,32575, 37077,42584, 846

79, 51678,01072, 30366,419

3,181,0513,187,7833,195,497

3,198, 2183,226,6143, 214, 9813, 202, 479

3,166,9033,177,1483,183,4223, 200,005

3,193, 7243,190,1203,195,0673, 201,4763,201, 234

3,178,3343,187,6653,199,8023,192,698

3,187,9903,193,9233,198,0233,209,1223,191,145

3,195, 2413,209,3793,212,8813,197, 282

3,197,6553,193,6493,163, 4383,137, 516

66, 64268,73161, 245

71,90873,86068, 91472,030

59, 58981,16881, 26174,025

66,49264,13870,94779,58569,504

65, 78277,13984, 29574,248

72,35468, 93274,87776,87239,152

68,17272, 86071,88158, 754

68,46067,61264, 54869, 661

360,200366,803371, 533

384,131359, 488352, 733383,297

477,053419,930408, 359364, 413

381,862397, 209380, 560359,999376,194

399,118389,071324, 640402,141

400,158406,269386,175384,346425, 650

377,705373,536341, 635382, 643

359,093363, 293385, 425441,842

337,131333,510359, 462

350, 790348,382378,368391, 666

452,786426, 439397, 470396,126

424, 575425, 893420,879420,597439,324

450,976452,288449, 600459,867

481, 503462, 748468,346451,892458,150

439,747417, 576404, 553411, 738

387,170398, 635364, 771415,309

697, 331700,313730,995

734, 921707,870731,101774,963

929, 839846, 369805,829760,539

806,437823,102801,439780,596815,518

850,094841,359774, 240862,008

881, 661869,017854, 521836,238883,800

817,452791,112746,188794, 381

746, 263761,928750,196857,151

281,609270, 850257,818

248, 234218, 618205, 716204,225

198,912186,284183,121176,864

182,630177,409173,189176,610173,485

174,563179,313171,044172,124

172,902182, 407190,518179,747204, 698

248,028268, 450284, 554289, 004

298,370329,383322,379336, 415

27,12527,18026,952

26, 67825,14925,07025,220

25, 61825,61625,01625,128

24,90524, 81524, 82421,14521, 666

20,90420,87521, 38721,462

22, 06722,09819,73319,74418, 213

18,20318,19218, 23418, 509

18, 61218,49118,46423,555

l124, 538123, 710125,059

115,199100,13883,49382,938

64,12668,59566,99959,888

58,89758,10660,04359,78069, 812

75, 41673,84363, 28366, 275

67, 56164,71066, 51860,16359, 361

57,23760, 46550, 09852,832

51,77258, 69154,49365, 280

37,22656,06937, 277

40,87432, 81312,96626,818

4,9577,027• 5,94011,268

9,9917,2854,9743,8342,052

2,4525,1397,9194,148

5,5145,0757,7908,28614, 263

14,85211, 6635,03113,119

20,91119,1128,29215,323

188,889 i206,959189, 288

182,751158,100121, 529134,976

94,701101,23897,95596,284

93,79390, 20689, 84184,75993, 530

98, 77299, 85792, 58991, 885

95,14291,88394,04188,19391,837

90, 29290, 32073,36384, 460

91, 29596,29481, 249104,158

405555

55555555

25251010

1010202020

2020317317

317317317317317

31731751154

154515151

1,167,8691,178,1771,178,156

1,165,9611,084,6431,058,4011,114,219

1, 223,477

1,133,9161,086,9151,033,697

1,082,870

1,090,7271,064,4891,041,9851,082, 553

1,123, 4491,120,5491,038,1901,126,334

1,150,0221,143,6241,139,3971,104,4951,180, 652

1,156,0891,150,1991,104,1561,167,999

1,136,0821,187,6561,153,8751,297,775

including Victory notes.


No. 13.—RESOURCES AND LIABILITIES OF ALL FEDERAL RESERVE BANKS COMBINED, BY WEEKS, DURING 1923—Continued.


CO00

Jan.

Date.

1923.3

10172431

Feb. 7.14.21 -

7.14.21 _28.

5% re-demp-

tionfund,F. R.banknotes.

Apr.

May

4

1118

25

29

16-- . . .2329

2,097

911

311

310

311

311

311

311

311

311

291

291

191

191

191

191

191

191

191

191

191

191

Uncol-

items.

770,070606,288653,495580,151530,431

524,349676, 813606,809608,167

618,956689,039645,874559,481

621,458638,391723,336622, 644

640,543600,834734,416615, 373572,394

Bankpremises.

45,28145,52145,89546,40046, 471

46, 64046, 77747,04247,863

47,93748,10848, 76148,847

48,93849,20849,69249, 945

50,05950,15550,48450,93251,164

All otherresources.

15,50614,89415,32915,49715,180

15, 82316,04516,56616,807

17,12017,34814,43913, 588

13,43413,62713,87114,065

14,19913,81114,05714,37214,734 !

Note circulation. Deposits.

Totalresources

andliabili-ties.

F. R.notes inactual cir-culation.

5,429,709 2,411,0585,193,255 2,312,6745,138,467 2, 256,4915,067,487 I 2,221,3165,013, 540 2, 203, 701

4, 981,6355,218,1345,106, 7555,087, 084

5,091, 0025,202, 4605,131,3445,067, 930

5,118,0005,087, 3485,191,8145, 041,067

5,131, 6035,061,9615, 214, 7105,115, 5595,073,381

2,217,8172, 243, 6032, 260,4972,246, 943

2, 256,3022, 242,9022,231,4872,232,482

2,240,9512,231,0412,220,2512, 222,588

2,237, 5052, 241, 7802, 232,9992, 227, 7002, 250, 217

F. R.bank

notes incircula-

tion, net.

2,9472,8663,1173,1323,105

3,3093,0743,0662,645

2,7882, 5992,3682,435

2,4882,4722,4432,287

2,2992,0651, 8781,6531,752

Memberbank,

reserveaccount.

1,942, 7491,960,3461,918,4941.924,5411, 913, 465

1,905, 5301,964, 5611,897, 6851, 887, 552

1, 879, 6971,932, 7141,866,4751, 871,373

1, 894,0351,876,4141,924,5251, 853,935

1,894, 6511, 886,4551, 907, 8931,930, 5191, 874,106

Govern-ment.

6,6306,1939,341

33,042

35,13143, 49246, 30643,401

38, 77342,44298, 62785,432

74,42345, 21844, 93634, 692

49,08322, 61656,0576,338

Otherdeposits.

75,39453,33741, 61633, 243

40,014 I 31,583

23, 78022, 63921,91721,364

Total.

Deferredavail-

abilityitems.

2,024,773 655,5322,019,876 521,6671,969,451 I 573,7051,990,826 | 515,0001,991,062 J 479,551

1,964,4412, 030, 6921, 905, 9081, 952, 317

24,392 1, 942,86220,633 | 1,995,78919,931 1,985,03319,465 1, 976, 270

20,14820,49921, 54019, 916

40,11428, 59929, 74149, 429

41,439 I 36,041

., 942,131

., 991,0011, 908, 543

1,1,937, 6701, 993, 6911,986, 2861, 951, 586

459, 255602,878538, 329546, 254

549, 513621,433572,000515, 298

544,367569, 272635,966564,398

564, 788536,222641, 510554, 650524, 323

Capitalpaid in.

107, 450107,465107,484107, 648107, 703

107,810108, 373108,874108, 867

108, 852108,483108, 563108, 623

108, 647108, 683108, 649108, 857

108,822 I109,029 i109,273 ;109,278 !109,348 !

a1 ] r r i l l s , ) All otherfeuiplu*. l i a b i l i t i e s >

218,369 i218,369218,369218,369218,369 |

218,369218,369218,369218,369

218,369 I218,369218, 369218, 369

218, 369218, 369218,369218, 369

218, 369218,369218, 369218, 369218, 369

9, 58010, 3389,85011,19610, 049

10, 63411,14511,71211,689

12, 31612, 88513, 52414,453

14,57215,38015,13516,025

15, 97216,82616,99017, 62317, 786

ow

wo


June

July

A tig

Sept.

Oct

Nov.

Dec.

6

132027 .-

3.11 -18 . -25

18152229

5 . . .1219 ..26

310172431

142128

5 _..121926

191191191193

193193193193

193193939393

28282828

2828282828

28282828

28282828

609,959689, 539685,812583, 917

649,037655,976674,936578, 566

578,520539,877679,279583. 815546,129

594, 984670,862747, 873616,211

663, 548646, 278840, 286660,460611,271

588, 520787, 899680, 640603, 579

643, 289683, 968734,270591, 608

51,25151, 71952,21552, 270

52,33052, 65753,20353,309

53,36053,42453, 66454,18354, 239

54,26954,36154,91555,023

55,17355,20255, 64055, 89555,943

55,95456,16256, 55956, 649

56, 71556,45656,95157,105

14, 21614,17012,29912, 394

12, 93212,85713,03112,967

12,98213,05813,18413,04313,477

13,33913,53213,33113,717

13,11813, 47013, 69013,47013,076

14,01913,94513,82813,987

14, 60214,8C015,51515, 684

5,111,7045,140, 7365,092, 8135,037, 502

5,164, 4615,113,9155,092,9614, 952, 762

4,988 1414,951 5375,076,7234,974,1804, 967,229

5,030,1855,124,1365,138,4355,078, 259

5,142, 2335,121,4575, 321, 9415.120,3425, 091, 267

5, 078,0235, 290,4725,139, 9735, 098, 278

5,116, 8315, 204,2295,188, 6255,169,377

2, 250,2132, 235, 7552,222.3522,226, 954

2,282,0542, 265,1492,216,9942.194,871

2,187, 7292, 224,3582, 231, 8152, 225,0632, 224, 760

2, 257, 2782, 262, 5252, 254, 7642, 247, 830

2, 272,3082,288,5802, 272, 3912, 255, 3542, 224, 865

2, 265, 5562,263,0482, 223,0742, 246,300

2, 252, 5982, 266, 8312, 296,4362,340,375

1,1,1,1,

1,1,1,

1,1,1,1,1,

628410489548

518471296608

556571550521565

509509497492

485480473529523

517507502498

489483477470

1,1,1,1,

1,1,1,1,

1,1,111

111

}

11111

1111

1111

895, 62^913, 879874,220867, 650

931, 762909,006883, 644839, 262

879, 504860,022850, 690824,572848, 617

843,065872,773825, 005851,790

884, 046863, 850915, 740872,179895, 265

864,808913,355891, 027881,025

, 884,010, 923, 505, 849,596, 874, 486

50, 87^14, 3^320, 76443,952

14, 65715, 77834,43234, 784

41, 58421, 93530,03834, 28537,960

38,53439,59737,97056,279

30, 06520,15136, 57528, 82340, 334

18,48544, 91126,07234,803

30,06526, 61211,33442,811

29, 53028,12126,33024,997

27, 83224, 93824,44522, 521

23,46322, 83421, 68223,04821,005

20. 77624,08624, 86522,004

22,12621, 75423, 00722, 53623, 061

26,09024,16524,38022, 765

21,42921, 55621,92220, 572

I,1,1,1,

1,1,1,1,

1,1,1,

1,1,

111

11111

1

1

1111

976,029956, 323921,314936, 599

974, 251949, 722942, 521896, 567

944, 551904, 791902,410881,905907, 582

902,375936, 456887,840930, 073

936, 237905, 755975, 322923, 538958,660

909, 383982,431941,479938, 593

935, 504971, 673882,852, 937, 869

537, 938601,040601,028525,165

562,198552,512586, 567513, 767

508,543474, 269594,033518,3C6485, 041

522,057576,015645, 866550, 527

583, 742576, 277723, 251589, 636555, 914

550, 606691, 589621,692559, 044

j 574,347610, 980654,456535,490

109, 363109,381109, 422109,427

109, 584109, 621109,714109, 629

109,497109,673109,886109, 678109,751

109,718109.682109, 644109, 657

109,669109,676109,688109, 709109,726

109,835110, 023110,103110,095

110,114110,142110,156110,103

218,369218,369218,369218,369

218, 369218,369218,369218,369

218,369218,369218, 369218, 369218, 369

218, 369218,369218, 369218,369

218,369218, 369218, 369218, 369218,369

218,369218, 369218, 369218, 369

218,369218, 369218,369218, 369

18,16418,45818, 83919,440

16,48717,07117,50017,951

17,89618,50618, 66019, 27820,161

19,87920, 58021,45521,311

21, 42322, 32022, 44723, 20723,210

23,75724, 50524, 754

! 25,379i

25,41025, 75125,87926, 701

>

> •

3HO

HWw»ftW

1ww

O

P

00CO



ALL FEDERAL RESERVE BANKS

MILLIONS OF DOLLARS

1000

500

0

1000

500

0

3000

2500

2000

1500

1000

MILLIONS OF DOLLARS

1000

•

*

IUNITED £

i

W///A

>TATE

mk5 SECURITIES

mmm. v//ssZv.

i r iPURCHASED BILLS

1 I TDISCOUNTED BILLS

1000

500

500

1000

500

3000

2000

1500

1OO0

I I I ! !TOTAL EARNING ASSETS

30OO

2000

1921 1922 1923



ALL FEDERAL RESERVE BANKS

100

8 0

6 0

4 0

20

0

o ESERV P B AT

80

60

20

MILLIONS OF DOLLARS3000

2000

1000

4000

3000

2000

1000

5000

4000

3000

DEPOSITS

F. R. NOTE CIRCULATION


2000

1000

4000

3000

2000

TOTAL CASH RESERVES

4000

3000

2000

1921 1922 1923


No. 14.—DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, REQUIRED RESERVES, EXCESS RESERVES, AND RESERVE PERCENTAGES,

BY WEEKS, DURING 1923.


to

Jan.

F e b .

M a r . 7_14 _21 _28 _

Apr 4_

25_

May

16.23_29 .

Date.

1923.

Deposits.

2,024,7732, 019, 8761,969,4511, 990,8261,991,062

1,964,4412,030,6921, 965,9081,952,317

1,942,8621,995, 7891,985,0331,976, 270

1,988, 6061,942,1311, 991,0011,908,543

1,983,8481,937,6701,993,6911,986,2861,951, 586

Liability on—

F. R. notesin circu-lation.

2,411,0582,312,6742,256,4912,221, 3162, 203, 701

2, 217,8172, 243, 6032,260, 4972,246,943

2,256, 3022, 242,9022,231,4872,232,482

2,240, 9512,231,0412,220, 2512, 222, 588

2,237, 5052, 241,7802, 232, 9992,227,7002, 250,217

Depositsand notescombined.

4,435,8314, 332, 5504, 225, 9424,212,1424,194, 763

4,182,2584, 274,2954, 226, 4054,199, 260

4,199,1644, 238,6914, 216, 5204,208, 752

4, 229, 5574,173,1724, 211, 2524,131,131

4,221,3534,179,4504,226, 6904, 213,9864, 201,803

Reserves required—

Againstdeposits(35 percent).

708,673706,956689,308696,790696,873

687, 554710,741688,069683,309

680,002698, 526694, 761691, 694

696,013679, 746696,850667,989

694,347678,185697,791695,199683,055

AgainstF. R. notes

(40 percent).

964,424925,070902,597888,526881,481

887,128897,442904,200898, 777

902, 521897,161892, 594892, 992

896,382892,417888,099889,035

895,003896, 712893,200891,080900,086

Total.

1,673,0971, 632,0261, 591,9051,585,3161, 578, 354

1, 574, 6821, 608,1831,592, 2691, 582,086

1, 582, 5231, 595, 6871, 587, 3551, 584, 686

1, 592,3951, 572,1631, 584, 9491, 557,024

1, 589,3501, 574,8971, 590,9911, 586, 2791, 583,141

Totalcash

reservesheld.

3,162,7703,187,4673, 214,1373, 221, 9813, 227,132

3,219,3643, 218,9613, 203,6093,201, 600

3,201,2743,196, 5693,192, 624"3,176, 288

3,173,017•3,184, 4393,178, 5423,179.042

3,17*, 3883,181,3813,181,0513,187,7833,195,497

Gold inexcess ofrequiredreserves.

1,489,6731, 555,4411,622,2321,636,6651, 648, 778

1, 644, 6821, 610, 7781, 611, 3401, 619, 514

1,618, 7511, 600, 8821,605,2691, 591, 602

1,580, 6221, 612, 2761, 593, 5931,622,018

1,585,0381,606,4841,590,0601, 601, 5041,612, 356

Ratio of >total cash tz*reserves to fejdeposit and <-F. R. note ^liabilities ^

combined.

Per cent. k

71.3 O73.6 %76.1

76.5 §76.9

77.0 tf75.3 ^75.8 W

J

76.2 6

76.2 >

75.4 ^75.7 W75.5 m

75.0 376 .3 fed75-5 w77.0 O

75.2 §76.175.375.676.1


June 6_13 _20,27 _

July

Aug.

Oct.

8.15.22 _29 _

Sept.

19.26.

24 _

Nov. 7_

Dec.

26.

1,976,0291,956,3231,921, 3141,936, 599

1, 974, 2511,949, 7221, 942, 5211, 896, 567

1,944,5511, 904,7911, 902,4101,881,9051, 907, 582

1,902,3751,936,4561,887,8401,930,073

1,936,2371,905, 7551,975,3221,923,5381,958, 660

1,909,3831, 982,4311,941,4791,938r 593

1,935, 5041,971,6731,882,8521,937,869

2, 250, 2132, 235, 7552, 222,3522, 226,954

2, 282,0542, 265,1492, 216, 9942,194,871

2,187, 7292, 224,3582,231,8152, 225, 0632,224, 760

2, 257,2782, 262, 5252, 254,7642, 247, 830

2,272,3082,288, 5802,272,3912, 255,3542, 224, 865

2,265, 5562,263,0482,223,0742,246,300

2, 252, 5982,266, 8312,296,4362,340,375

4,226,2424,192,0784,143, 6664,163, 553

4,256, 3054, 214, 8714,159,5154, 091,438

4,132, 2804,129,1494,134, 2254,106,9684,132,342

4,159,6534,198,9814,142, 6044,177, 903

4,208, 5454,194,3354, 247, 7134,178,8924,183, 525

4,174,9394, 245,4794,164,5534,184,893

4,188,1024,238,5044,179,2884,278, 244

691,610684,712672,458677,810

690,988682, 402679, 882663, 799

680, 593666, 676665,844658, 667667, 655

665,833677,761660,744675, 527

677, 684667,012691, 363673,236685, 531

668, 285693,851679, 517678, 509

677,426690,086659,000678,254

900,085894,301888, 940890, 780

912,822906,062886,800877,947

875,090889,743892, 726890,025889,904

902,911905,008901,906899,133

908,923915,432908,956902,142889,944

906,223905, 218889,232898, 519

901, 040906,732918, 575936,150

1, 591, 6951, 579,0131,561,3981, 568, 590

1,603, 8101, 588,4641, 566, 6821,541,746

1, 555,6831,556, 4191, 558, 5701, 548, 6921, 557, 559

1, 568, 7441, 582, 7691, 562, 6501, 574, 660

1, 586, 6071, 582,4441, 600,3191, 575,3781, 575,475

1, 574, 508I, 599,0691, 568, 7491, 577,028

1, 578,4661,596,8181,577, 5751,614,404

3,198,2183,226,6143,214,9813, 202,479

3,166,9033,177,1483,183,4223,200,005

3,193,7243,190,1203,195, 0673, 201, 4763, 201, 234

3,178, 3343,187, 6653,199,8023,192, 698

3,187,9903,193,9233,198,0233, 209,1223,191,145

3,195, 2413, 209,3793,212,8813,197,282

3,197,6553,193,6493,163,4383,137, 516

1,606,5231,647,6011,653,5831,633,889

1,563,0931,588,6841, 616,7401,658,259

1,638,0411,633,7011,636,4971,652,7841,643,675

1, 609, 5901,604,8961, 637,1521, 618,038

1, 601,3831,611,4791, 597,7041, 633,7441, 615,670

1,620,7331,610,3101,644,1321,620,254

1,619,1891,596,8311,585,8631, 523,112

75.777.077.676.9

74.4 >

75.4 g76.5 ^78.2 £

77.3 £|77.3 W

77.3 g

77.9 #

77.5 H

Q

76.4 ^

75.9 H

77.2 ffl

76.4 W

75.8 j-,

76.i m

75.3 P

76.8 f<76.3 y

76.5 |

75.6 £

77.1 276.4

W76.4 £75.3 g75.7 •

73.3

Co


No. 15.—CASH RESERVES, TOTAL EARNING ASSETS, DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, AND RESERVE PERCENTAGES, ^

BY MONTHS, DURING 1923, 1922, 1921, AND 1920. " ^

[Average daily figures. Amounts in millions of dollars.]

Month.

January._-February-MarchApril

May.June.July-

September.OctoberNovember .December. .

Year.

1. Cash reserves.

1923 1922 1921 1920

3,2023,2093,1913,177

3,1803,2043,181

August 3,194

3,1873,1943,2003,169

3,191

3,0443,0703,0963,115

3,1273,1363,1583,196

3,1923,2123,2093,166

3,144

2,2872,3442,4032,485

2,5422,6062,6552,740

2,8362,9062,964

2,649

2,0982,0532,0582,084

2,0792,1032,1192,127

2,1392,1622,1832,222

2,119

2. Total earning assets.

1923 1922 1921 1920

1,1911,1531,1791,165

1,1731,1251,1201,078

1, 304 3,035 3,0441,215 | 2,869 3,1541,191 | 2, 736 3, 2121,190 I 2, 527 I 3,192

3. Deposits.^

1923 1922 1921 1920

1,1891,1671,1281,053

1,123 1,1131,151 1,1851,148 I 1,2101,200 | 1,304

2,3542,1752,0131,842

1,7401,6411,5201,517

1,151 1,187 2,160

3,2563, 2103,2013,234

3,3293,3903,3753,314

3,243

1,9821,9701,9611,945

1,9491,9311,9201,890

1,9081,9191,9391,931

1,937

1,801 1,6341,814 1, 6601,795 '• 1,8091,823 j 1,750

|1,877 I 1,7171,893 | 1,7231,882 1,6961,860 ! 1,691

i1,866 | 1,7161, 876 1, 7281, 890 1, 7331,891 | 1,755

1,856 ! 1,745

1,7901,7971, 7831,770

1,8111,7481,7061,699

1,6651,6811,6681,622

1,728

4. Federal reserve notes incirculation.

1923 1922 1921 1920

2,2892,2452,2532,236

2,2432,2472,2422,229

2,2642,2762,2572,292

2,256

2,272 3,178 2,8882,177 I 3, 0692,195 2, 9792,190 2,871

2,1532,1382,1572,151

2,7872,6832,6052,512

2,9473,0403,072

3,0903,1143,1433,165

5. Reserve percentages.1-K3+4).

1923 1922 1921 1920

2,225 2,494 3,2762,309 ! 2,456 j 3,3372,325 I 2,402 3,3282,416 | 2,416 3,343

2,226 | 2,702 3,146

75.076.175.776.0

75.976.776.477.6

76.476.176.375.0

74.776.977.677.6

77.677.878.279.7

78.076.776.173.5

76.1 77.0

47.549.650.253.8

56.459.161.765.2

67.469.471.771.8

44.943.342.743.0

42.443.343.743.7

43.343.143.744.7

59.6 43.5

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

Wo


No. 16.—AVERAGE DAILY HOLDINGS OF ALL CLASSES OF EARNING ASSETS, BY MONTHS, DURING 1923.



BostonNew YorkPhiladelphia..Cleveland

Richmond..AtlantaChicagoSt. Louis...

Minneapolis. __Kansas City...Dallas... _San Francisco.

January. Febru-ary. March.

97,0342,594 i 323,91299,343 | 112,523

110,807 95,442

48,11136,895

137,91856,072

32,08064, 56151, 955

113,756

April.

99,786 I 87,662 75,440262,893 I 243,648114,585 108,092109,524 115,446

58, 92953,280

165, 72462,461

37,55264,86650,009129,159

Total: 1923 1,191,1911922 il, 304,1631921.1920.1919.1918_1917.1916.

|3,034, 6553, 043, 9522, 213, 5111,026, 365198, 23492, 502

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

May.

68,815257,181109,618115,115

66,05459,854149,18560,350

39, 68373,86348,100125,376

June.

73, 779240,187110,230105,477

51,028143,88461,784

40,42773, 32847, 561108, 237

1,152,862 (1,178,919 1,164,6061,191,013 ll, 190,0042,735,784 2,527,253

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

1,173,194 jl, 124, 8911,188,849 i 1,166,6172,353,794 |2,175,1753,255,859 j3, 209, 650391,774 12,323,992

July.

74,374259, 745108,411101,471

70,19646,409

140,47958,105

41,15460,53549, 757

109,151

72,903240,406101,899106,994

71, 62252,868

130,02657, 992

40, 38052,00449, 787

101,323

1,119,787 jl, 078,2041,053,098

Septem-ber. October.

77,441 61,252239,805 235,90397,813 ! 95,973

101,182 100, 272

77,40968, 263

133,80069,946

42,44554, 82152, 842

107, 705

75,31487,378

156,98774,177

41, 74865,42359,07497,092

Novem-ber.

81,408242,49594,676

105,433

Decem-ber.

106,489268,13699, 766

112,939

65,163 58,97493,680 | 87,867

149,489 | 148,43969,849 | 58,639

31,162 i67,91463, 44083,056

1,123,472 ll, 150, 5931,113,343 1,184,7001,127,

2,012,699 1,841,596 1,740,474 1,640,740J3,200, 973 13,233,862 13,329,481 3,390,089|2,478, 863 2,442,627 12,471,515 12,709,330

1,265,748 1,274,898 jl, 439,286 11,607,709 1,920,057

275,310168, 538

432,291164,893

422, 269189,824

372, 358193,458

438, 753188,510

2,194, 707603,544188, 358

1,147, 7651, 210,1261, 520, 2833, 375,3952, 907,8032,273, 599883, 252188,414

30,27966,42364,98497,416

1,200,3511,304, 4331, 517,194|3,313, 502|3,034, 2242,298,3131,016,938221,301

Year1923.

81,267262,812104,363106, 765

62, 73659,596148, 76662,368

Year1922.

91,159283,116102,855120, 473

59,93152,448153,47557,778

37,120 39,56163,943 I 68,55853,218 1 43,950107,616 113,966

1,150,570 I.1,187,2702,160,179 I3, 242, 6792,487,4831,557,058440,499164, 583

Year1921.

127,981606,949160,990171, 675

116, 780129, 800339,33593,229

103,18569,232162,315

o

Ohrj

s

wo

CD


No. 17.—AVERAGE DAILY HOLDINGS OF DISCOUNTED BILLS, BY MONTHS, DURING 1923.


CD


Boston..New YorkPhiladelphiaCleveland

RichmondAtlanta . -Chicago.St. Louis

MinneapolisKansas Ci tyD a l l a s . . .San Francisco.

Total : 1923.1922192119201919191819171916

January.

45,159188,09043, 64028,916

Febru-ary.

57, 622242,469

56,71126,966

42, 253 j 40,76223,518 18,59465,267 ! 57,95317, 617 I 15, 793

I19,421 ! 18,14223,006 I 17,65016,13335,949

16, 30341, 790

548,969 610,755968,971 772, 417

2, 536,105 12, 408, 7922,142,788 |2,298,9171,734,655 1,763,226

611,235 I 531,54120,877 1 17,90029,078 I 24,134

March. April.

50,567 | 47,603204,519 | 185,440

57, 218 ! 56,73434, 555 43,967

46,17619,16186, 24322, 835

17,94922,14318,16348,990

628, 519640,303

55,91622, 66290,97427,652

20,20127,30021, 49159,992

659,932576,631

May .

42,648177,18862,58354, 660

June.

50,627163,89370,47357, 297

62,479 65, 22629,407 j 34, 24989,789 | 88,21032,566 | 42,346

24,84939, 29726, 75966,169

26, 99347,20431,91565, 873

2,301,628 |2,139,982

708,394 ! 744,306481,626 | 438, 789

1,966,646 1,817,7492, 386, 5371, 861, 532567,47518,19121,609

2,440,376 J2,537, 5511,919,461769,25924,90321,956

1,973,926902,10242,710

2,461,0221,842,112938,442151, 234

20,184 20,514

July.

52, 533207,57771,16467,629

66,81239,74585, 56946, 783

29,27948,24840,001 j81,699

August.

56,799197, 75864, 58757,773

44,17675,58051, 274

28, 40740, 92247,32877,762

Septem-ber.

63,561191,526

54, 591

75,41959,04481,20465, 877

29,34241,59038, 743

837,039 811,251 847,885428,327 J 396,242 416,612

1,725,162 [1,554,702 1,445,6902,519,044 12,605,113 |2, 677,0521,867,920 [l, 801, 887 |1, 777,3341,165,649 i 1,337, 701 11,603,153

147,797 134,988 182,43925,421 28,058 27,320

October.

47,179192,01758,97461, 757

72,91579, 241

108, 88772, 304

29,09052,88724,08275,825

875,158484, 443

1, 376, 9142, 782,0552,073,4161, 709,766

313, 77122,154

Novem-ber.

50,093154,40655,91665,493

61,57283,902

101, 65369, 755

Decem-ber.

67,728146,10059,29665,075

55, 48275,96299,08958, 529

23, 302 ; 21, 70759,683 | 56,78617,371 | 12,87258,152 56,107

801,388 !623,825 !

774, 733663,562

Year1923.

52,633187, 28259,84651, 717

59,59044,28386,04643, 754

24,10339,86125,99363,006

1,232,576 11,185,4322, 776,4572,145, 6311, 768, 746568,35219,923

2, 730,3602,157, 0211, 749,156664,15432, 645

738,114573, 247

1,804, 3052, 530, 3791, 908,1981,140,053

24,416

Year1922.

. 36, 393

53,18148,410

53, 75141,01681,19727,680

Year1921.

99,581501,877124,879137,468

104,097108, 252294,161

79, 427

28,357 71, 79430,127 I 84,66031,655 61, 23848,112 136, 871

Is8


No. 18.—HOLDINGS OF DISCOUNTED BILLS ON DECEMBER 31, 1923, DISTRIBUTED BY CLASSES.





Minneapolis. _Kansas City..DallasSan Francisco

Total.. _

Total(all classes).

67,701164,53558,92449, 018

52, 02255, 74295,33457, 282

18, 65741, 8678,872

53,114

I Customers'j paperi securedi b y U. S.I Government1 obligations.

86120

356

287742371271

28359

26118

723, 068

Member banks' collateralnotes.

Secured ;by U. S. :

Government jobligations, j

20, 883136,15542, 45825, 353

22, 76510, 22648, 49517, 021

3,26110, 844

52411,781

Otherwisesecured.

J CommercialI paper, n. e. s.

3, 919 349, 766

2234,142

40 |

103247180800

557

6,292

44, 37127,435 i15,406 |21,137 !

25, 244 I37,326 |28,674 |34,424 !

5,140 !14,198 j3,340

28,904

Agriculturalpaper.

658524567605

2,6286,13817, 0673,391

7,9756,0461,3675,745

Livestockpaper.

Domestic Domesticbankers' trade

acceptances, acceptances.

35

412

275

1,47210, 4143,2461,520

285,599 ! 52, 711 17, 506

210

23

233

401137991

5471,100

2246

146881

7,042

fedOfed

intel

wo


No. 19.—HOLDINGS OF DISCOUNTED BILLS ON THE LAST DAY OF EACH MONTH DURING 1923, DISTRIBUTED BY CLASSES.


CD00

Date. Total(all classes).

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

May 31June 30July 31 - -Aug. 31

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

Dec. 30, 1922Dec. 31,1921

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

597, 251595, 760698,914724,993

770, 734836, 949825,936864, 562

883, 553883, 800803, 354723, 068

617, 7801,144, 346

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

680, 706

Customers'paper se-cured by

U. S. Gov-ernment

obligations.

2,9443,2423,2084,653

3,4184,0003,7534,806

4,9004,9824,7973,919

3,618

41,511

271,526

352, 598

363,023

132, 774

Member banks' col-lateral notes.

Secured byU. S. Gov-ernment

obligations.

374,538352,797 |369,560 |381,426 '

403,406403, 356388,184407,512

396, 286420, 668401, 736349, 766

328,172443, 722

869, 5101,157, 7661,037,348

150, 647

Otherwisesecured.

8,4098,7908,6498,041

7,2747,3937,2477,402

7,5326,9776,6606,292

Commer-cial paper

n. e. s.

131,367157,244242,134249,021 j

263,372317,308311,165 !330,145 I

371, 200359, 434306, 233285,599

Agricul-tural paper.

10,03517, 752

17,907 I8,255

21,61587,751

185, 616452, 331

1, 274, 606576,015208, 248293, 241

63,510129,037

143,145

24,825

29,384

8,631

I

WO

» Included with "Commercial paper, n. e. s."


No. 20.—HOLDINGS OF DISCOUNTED BILLS ON DECEMBER 26, 1923, DISTRIBUTED BY MATURITIES.



Boston .-New YorkPhiladelphia. _Cleveland

RichmondAtlantaChicago -St. Louis

Minneapolis..Kansas City..DallasSan Francisco

Total -

Total.

79, 262204, 95662,15068,840

55, 50369,335

105,16762, 209

22,83149, 65112,29364,954

857,151

Maturity.

Within 15days.

69, 508195, 64356,81547,013

35,88234, 24667,45332,505

9,31723,2076,692

34,379

612, 660

16 to 30 days.

3,1783,2411,2336,905

6,45510, 6838,9179, 766

2,2255,2171,0225,468

64, 310

31 to 60 days.

3,9543,5692,0919,230

7,92014,42710,41110,625

2,4207,0171,54310, 862

84, 069

61 to 90 days.

2,6112,4942,0035,455

5,0678,59111,2118,700

3,2865,3901,13510,571

66, 514

91 days to 6months.

237

1791,343

581

4,9848,6381,8113,480

28, 269

Over 6months.

- s- I

HOw

45187 H

32 g59918290

194

1,329

O

i

wol

COCO


No. 21.—HOLDINGS OF DISCOUNTED BILLS ON THE LAST REPORT DATE OF EACH MONTH DURING 1923, DISTRIBUTED BY MATURITIES.

[In thousands of dollars.}

OO

Maturity.

Jan.31__Feb. 28..Mar. 28..Apr. 25..

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

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

Dee. 27, 1922..Dec. 28, 1921..Dec. 30, 1920..Dec. 26, 1919..Dec. 27, 1918..Dec. 28, 1917..Dec. 29, 1916..Dec. 30, 1915-.

Dec. 31, 1914..

1923.

Total.

597,251595, 760700,019636,597

730,995774,963760,539815, 518

862,008883,800794,381857,151

629, 8851,179,8332, 719,1342,194, 8781, 702,938680, 70630,19632, 368

Within 15days.

453, 690455,438513, 267431,439

508,360524, 586484,677531, 631

571,155594, 529542, 731612,660

16 to 30 days.

34,94632,45742,89946, 760

54,92356,28258, 72564,241

81,295 !74,667 !73,51264, 310

31 to 60 days .

46,58954,32171,24583,264

82,48783,48091,938

120,476

120,935121,853104,881

436,465708,361 j

1,632,885 !1,484,790 j1,149,955 |

355,373 '1 9, 92715, 229

48,609116,690 |280,406 I244,890 I266,107

57,367 j2 1 1 , 794 I

29,012

4,632

63,372161, 202430,676292, 715166,876175, 006

5,0069,352

3,531

61 to 90 days .

38,25832,51951, 77250, 385

44, 54961,40385, 07376,809

75,15575,10448, 28766, 514

50,059131, 936311,619152,125

93, 06183,9742,4234,694

91 days to 6months.

23,76821,02520,82124, 046

39, 98848,85339, 99722,127

13, 223

Over 6months.

15703

688359129234

24517,12424,02428, 269

31, 38061,64463, 54820,35826,939

1,0464,081

1,746

523946

1,329

fed

w

tr1

i

wo

Within 10 days. a From 11 to 30 days.


00

No. 32.—HOLDINGS OF DISCOUNTED BILLS SECURED BY UNITED STATES GOVERNMENT OBLIGATIONS ON DECEMBER 26, 1923, AND

DECEMBER 27, 1922.


Federal reserve bank.Total (all classes).

BostonNew York.Philadelphia -

27,180158,19045, 453

Cleveland j 39,947

1923

Richmond -AtlantaChicagoSt. Louis...

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

Total . . . .

26, 74020,30153, 29219, 785

6,41318, 5992,808

23,134

441, 842

1922

25,036125, 48739,61828,147

25,0243,036

29,10616, 549

2,1779,767

99211, 556

316,495

Member banks'collateral notes.

1923

26,299158,17145,09939,590

26,47919,31452, 91719,309

6,38518,3382,772

23,010

1922

24, 293125,05839,35027, 415

24,5062,816

28,72816,352

2,1679,569

98711,483

437,683 | 312,724

Customers' paper.

1923

88119

354357

261987375476

26136

124

4,159

1922

743429268732

518220378197

3,771

Secured by—

United States bonds.

20,41284,46931, 57830, 717

1922

18, 23263,54231,45822,476

19,602 21,00211,126 2,00827, 517 21,10315,025 I 9,615

3,91314, 675

87015, 551

275, 455

1,8225,778657

9,211

206, 904

Victory notes. ! Treasury notes.

1923 1923

62 6,528109 ! 73,123186 | 13,351660 7,650

239 6,376136 2,524131 23,932504 3,935

10 j149 j21 I55 i

2,5003,6681,7387,306

2, 262 152, 631

1922

Certificates ofindebtedness .

1923

6,642 |61,766 I

7,8074,171 I

!3,443 I

835 j4,3723,068

3453,410

3142,260

240598524

1, 580

7626,6511,843

825

256200277

98,433 ! 13,756

1922

10070

167840

34057

3,5003,362

430

30

ft!Q

H

O

gso

WO>


No. 23.—HOLDINGS OF DISCOUNTED BILLS SECURED BY UNITED STATES GOVERNMENT OBLIGATIONS ON THE LAST REPORT DATE OF

EACH MONTH DURING 1923.oto


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

May 29_.June27_.July 25..Aug. 29..

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

Date.

1923.

Total.i MemberI banks' collat-

eral notes.

377,482356,039388, 238339, 880

371, 533383,297364,413376,194

402,141425, 650382, 643441, 842

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

316,495487,193

1,141,0361, 510,364

374,539352,934383, 761335, 517

368,315379, 581360, 619371,420

397,456420,667377,936437,683

312, 724444, 244869,510

1,157, 766

Customers'paper.

2,9433,1054,4774,363

3,2183,7163,7944, 774

4,6854,9834,7074,159

3,77142, 949271, 526352, 598

United Statesbonds.

163,811167, 479208, 593187, 512

214,037243,028231, 811251,156

262,320250, 404248, 922275,455

206, 904345,372648,352732, 401

Secured b y -

Victorynotes

4,2882,2142,4822,961

2,26266, 671

304, 686337, 663

Treasurynotes.

151,823178,691168,457139, 735

143,307121,470115,854108, 563

125,178158, 632118,485152,631

98, 43326, 026

Certificatesof indebted-

ness.

57, 5607, 6558,7069,672

14,18918, 79916, 74816,475

14,64316,61415, 23613, 756

49,124187, 998440, 300

owH

O

HW

WO


No. M.—AVERAGE DAILY HOLDINGS OF BILLS BOUGHT IN OPEN MARKET AND FROM OTHER FEDERAL RESERVE BANKS, BY MONTHS,DURING 1923.


Federal reserve bank. Janu-ary.

Boston 18,958New York 36,873Philadelphia 22,877Cleveland 44,851

Richmond,AtlantaChicagoSt. Louis.-

Minneapolis. __Kansas City_._DallasSan Francisco.

1,0109,053

13, 08014, 203

7166

23,18736, 468

Total: 1923 | 220,7331922.1921.1920.1919.1918.1917.1916.

98, 742200,913575, 667280, 732265, 590111,57526,155

Febru-ary.

13,74128, 50826, 70832,013

4397, 32615, 50311,965

3,39183

22,12124, 850

186, 64887, 398173,082546, 458276, -087289, 072117,86528, 251

March.

16,18731, 44428, 76241,989

71213, 85329, 09211,198

3,766956

20, 87633,651

232,48692,965138, 397481, 238262, 787318, 77899,02635,292

April. May.

18, 55441, 41526, 04951, 006

1,67228, 51434, 54912,446

1,822117

17, 22241,167

274, 53393, 086110, 372419, 746208, 905311,98478,81244,150

20, 53566,44922,24941,712

2,23429,83833,48511,170

June.

18, 65857,11019, 85232,145

1,93516, 47934, 4608,613

175112 115

12, 058 12,07031, 246 23,959

July.

17, 66042, 26819,85723, 537

2,0436,389

43,8364,071

227,977

18,147

271, 263103,07284, 395416, 520189, 768278,464 I99,517 151,155 |

225, 396135,18154, 716

401,184246,158238, 507164, 355

63, 403

185,807154,01026, 395363, 621362, 298209,174198, 70380, 264

August

11,94834, 85719, 93139, 010

1,3968,457

44, 3371,192

876680

14,266

Septem-ber.

30, 29419, 51536, 075

8,92842, 359

230

2,04512,18712, 057

176,950159,02038,124

325, 461371,091217,109162, 25282, 391

173,619209, 79340,020

313,864353, 936249, 751167, 40382, 807

October. Novem-ber.

10,05334, 75419, 59128,129

1,0587,811

40,36812

472,016

27, 84111,991

27, 06876, 31523, 95229, 270

2,2509, 47338,954

94

51999

38, 24015, 638

183,671251,61856,196

303, 981340,189360, 451178, 68082, 601

262, 304259,98078, 867

278, 521455, 057378, 036195, 63596,493

Decem-ber.

32, 59893, 89327, 72436, 498

Year1923.

17, 96647, 97023,06736, 380

Year

2,15111, 57339,335

110

95716

45, 685

1,46913,14534, 2286,239

762689

19, 99532,053 24,638

322, 431261,077105, 499244, 001549,959344, 329250, 438122, 315

226, 548159, 20791,817

388, 746325, 232288,422152, 04666, 280

16, 80545, 76120, 36921, 376

1, 5473, 96815, 6477,610

1785,391

20, 555

Year1921.

9,18732, 7549,159

12, 491

3,0632,4596,613

730

0)767116

14, 478

H

O

ft

r

wo

1 Less than $500.

OCO


No. 25.—HOLDINGS OF BANKERS' ACCEPTANCES BOUGHT IN OPEN MARKET AND FROM OTHER FEDERAL RESERVE BANKS, ON DECEMBER31, 1923, DISTRIBUTED BY CLASSES OF ACCEPTING INSTITUTIONS.


Boston...New YorkPhiladelphia..--Cleveland -

RichmondAtlanta .GhicagoSt. Louis

Minneapolis...Kansas City.-DallasSan Francisco.

Total

Federal reserve bank. Total.

38,72690, 56433, 26144,046

2,07812,15442, 437

43

623545

49, 43838, 059

351, 974

Member banks.

National.

15, 21529,72815,10310,194

1252,462

16, 99634

68545

17, 42811, 058

118,956

Non-national.

12,91629, 62010, 83110, 572

6,04221, 697

9

325

14, 98313, 410

120, 405

Nonmemberbanks andbanking

corporations.

7,07615, 8783,4338,551

1,9533,5003,298

115

6,9484,879

55, 631

Privatebanks.

2,0158,4042,1028, 635

347

20

4,7365,096

31,355

Branchesand agencies

of foreignbanks .

1,5046,9341,7926,094

15099

95

5,3433,616

25, 627

owHO

Hft

W

wo


No. 26.—HOLDINGS OF BANKERS' ACCEPTANCES BOUGHT IN OPEN MARKET AND FROM OTHER FEDERAL RESERVE BANKS AT THE ENDOF EACH MONTH IN 1023, DISTRIBUTED BY CLASSES OF ACCEPTING INSTITUTIONS.

January...February.MarchApril

MayJuneJuly.....August.

September.OctoberNovember.December..

Pec. 30,1922.Dec. 31, 1921.

Dec. 31, 1920.Dec. 31, 1919.Dec. 31, 1918.Dec. 31, 1917-Dec. 30, 1916.Dec. 27, 1915-


Month

Member banks.

Total.

187, 428206, 306261, 242269,851

257, 491205,065182,956171, 436

172, 987203,870298, 615351,974

270,944145,045

258, 878566,369285, 273266,853121,15420, 599

National.

69,82682, 58699,459101, 063

98, 76275, 55862, 32158, 746

53,13565,363

Non-national.

118, 956

57, 60564,10783, 90788,135

83, 39165, 40360, 42456, 268

56, 89269, 618

102,193120, 405

97,12860,173

92,04850,091

169, 387405,339238, 257227, 71766,80313, 790

Nonmemberbanks and

bankingcorporations.

23, 39225, 43831, 88334, 765

32, 64330, 22026,93524, 313

27, 46829, 37043, 75055, 631

38,03613,656

38, 37465, 33413,18711, 34236,1275,989

Privatebanks.

Branches

of foreignbanks.

24,189 |23,30731,549 f31, 475

28,85523,49623,62624,015

23,82623, 80430, 96731, 355: V27,01212,319

24,90555,53720,38520,13718, 224

820

12, 41610,86814, 44414, 413

13, 84010,3889,6508,094

11,66615, 71523,00725,627

16, 7208,806

26,21240,15913,4447,657

3d

io

oC7T


No. %1.—HOLDINGS OP BILLS BOUGHT IN OPEN MARKET AND FROM OTHER FEDERAL RESERVE BANKS, ON DECEMBER 31, 1923, DIS-TRIBUTED BY CLASSES.



Boston --. _. . . .- _ .- -.-New YorkPhiladelphiaCleveland. . . -

RichmondAtlanta.ChicagoSt. Louis

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

Total

Total.

38, 80293,15133, 26144,046

2,07812,15442, 437

43

623545

49,43838,059

354, 637

Total.

38,72690, 56433, 26144,046

2,07812,15442, 437

43

623545

49, 43838, 059

351, 974

Bankers'

Imports.

11,86732, 303

9,63123, 778

50730

10, 785

168

17, 94313,911

121,166

icceptances based on—

Exports.

12,33132, 28111,25411,526

7327,099

15, 279

412

15, 73913, 258

119,911

Domestictrans-

actions.

10, 93921,71610,1907,284

1,2964,325

14, 54843

43545

10, 3029,214

90,445

Dollarexchange.

3,5894, 2642,1861,458

1, 825

5, 4541,676

20, 452

Trade acceptances based o n -

Total.

762, 587

2,663

Imports.

132,130

2,143

11 Domestic

Exports. 1 trans-j actions.

63457

520

O

o

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No. 28.—HOLDINGS OF BILLS BOUGHT IN OPEN MARKET AND FROM OTHER FEDERAL RESERVE BANKS AT THE END OF EACH MONTH

DURING 1923, BY CLASSES.

[In thousands of dollars.J

January...February..MarchApril

MayJuneJulyAugust..

September .OctoberNovember.December.,

Dec. 31, 1922.

Dec. 31, 1921.

Month, Total.

188, 566207,678263, 358271, 573

258, 680205,600183, 096171,607

173, 258204, 698300,207354,637

272,122

145, 263

Bankers' acceptances based on—

Total .

187, 428206,306261, 242269, 851

257,491205, 065182,956171,436

172,987203,870298, 615351,974

Imports.

85, 97797,413

133, 773149, 880

142,254113,906104, 851100,372

85,19680, 913

110, 320121,166

270,944

145, 045

108,992

Exports.

59, 21859,85468,13461, 364

55, 31546, 21135, 20731, 748

43,08763, 60898, 530

119,911

86,929

9, 919

Domestictrans-

actions.

36,18142,12248, 57946,135

48, 36537,11534, 80833,188

36, 58148, 88575,13190, 445

65,280

33, 962

Dollarexchange.

6,0526,917

10, 75612,472

11,5577,8338,0906,128

8,12310, 46414, 63420, 452

9,743

11,164

Trade acceptances based on-

Total.

1,1381,3722,1161,722

1,189535140171

271828

1,5922,663

1,178

218

Imports. Exports.

1,1381,3721,9321,643

1,189535140171

271828

1,5922,143 I.

1,130

218

Domestictrans-

actions.

O

184 ^

79 O

520

48

O

1


N o . 2 9 . — H O L D I N G S OF B I L L S B O U G H T IN O P E N M A R K E T AND FROM O T H E R F E D E R A L R E S E R V E B A N K S ON D E C E M B E R 26, 1923 M

DISTRIBUTED BY M A T U R I T I E S . QQ



BostonNew York. _PhiladelphiaCleveland..,Richmond - .AtlantaChicago

Total.

33,97390,05232,95139,8092,32112, 49340, 602

Within15 days.

9,85465,1526,1856,541772

4,4379,731

Maturity.

16 to 30days.

9,3227,4046,2548,378

3221,6179,576

31 to 60days.

8,10712,92913,16611,9561,1524,925

12, 682

61 to 90days.

5,2174,2897,224

11,30375

1,5148,613

Over 90days, butwithin

sixmonths.

1,473278122

1,631


St. LouisMinneapolis-.Kansas CityDallasSan Francisco

Total. -

Total.

43182670

47, 97635,343

336, 415

Within15 days.

1257,7206,772

117, 289

16 to 30days.

21512,1169,920

65,124

Maturity

31 to 60days.

37

33019, 2879, 649

94, 220

61 to 90days.

6182

8,3968,300

55,119

Over 90days, but

withinsix

months.

457702

4, 663

H

wo


No. 30e—HOLDINGS OF BILLS BOUGHT IN OPEN MARKET AND FROM OTHER FEDERAL RESERVE BANKS ON THE LAST REPORT DATE IN

EACH MONTH DURING 1923, DISTRIBUTED BY MATURITIES.


Date.

1923.Jan. 31Feb. 28Mar. 28Apr. 25May 29June 27July 25Aug. 29 . . .Sept. 26Oct. 31Nov. 28Dec. 26

Total.

188,566 ]207,678 |254, 251274, 041257, 818204, 225176,864173,485172,124204, 698289,004336, 415

Maturity.

Within15 days.

65,98358,13768,20161, 70389,43077, 78553,11454,60056, 83164,18088, 265

117, 289

16 to 30days.

41, 65442, 25350,12141,60061, 74847, 01327,60032,09434, 30830,10145,43165,124

31 to 60days.

61 to 90days.

45, 442

57,810

57,897

96,885

74,037

36, 906

38,337

52, 339

38,148

53, 832 |

85,172 I

94, 220

27, 565

38, 789

63, 829

65, 005

23,972

37, 723

55, 535

29,674

38, 749

52, 217

63,376

55,119

Over 90days, but

withinsix

months.

7,92210, 68914, 2038,8488,6314,7982,2784,7784,0884,3686,7604,663

Date.

1923Dec. 27, 1922..Dec. 28, 1921._Dec. 30, 1920..Dec. 26, 1919..Dec. 27, 1918..Dec. 28, 1917..Dec. 29, 1916..Dec. 30, 1915.-

Total.

246, 293114,240255, 702585, 212303, 673275,366127, 497

23, 013

Maturity.

Within15 days.

83, 21058, 30687, 030

123, 723104, 435

40, 321i 20, 329i 1, 236

16 to 30days.

50, 73724, 74364, 745

100,06173, 91461,177

2 29, 7202 5, 266

31 to 60 61 to 90days. days.

Over 90days, but

withinsix

months.

69, 05626, 06276, 805

209, 280104, 880105,13242, 7667,508

38, 0835, 114

27,122152,14820,44468, 73634, 682

9, 003I

5, 20715

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

1


No. 31.—AVERAGE DAILY HOLDINGS OF MUNICIPAL WARRANTS, BY MONTHS, DURING 1923.



BostonNew YorkPhiladelphiaCleveland

RichmondAtlanta - . . . .ChicagoSt. Louis.

MinneapolisKansas City

January.

20

Dallas - -San Francisco _._

Total: 19231922192119201919191819171916

20302

81,284

10, 69018, 765

Febru-ary. March.

17

195

4825

15, 82224,658

17102

4528

16, 33932,486

April.

39

3990

1

53615,11235, 703

May.

49

49

53514, 69542, 239

June.

55

1

56

2544,666

24, 216

July.

9

10

August.

15

195

612,239

26, 763

159

641,252

27, 711

Septem-ber.

32

106

13818

68213

22, 973

October.

51

Novem-ber.

27

Decem-ber.

36

51

266

317224

47285

30, 334

177

25527

261

291,324

21, 493

51

8731

258

211,664

12, 692

Year1923.

20

18

146

856643

1351

7,01826,815

Year1922.

46

CO

136

Year1921.

7

729

OwHO

i Less than $500.

WO


No. 32.—AVERAGE DAILY HOLDINGS OF UNITED STATES SECURITIES, BY MONTHS, DURING 1923.





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

Total: 1923-1922..1921..1920..1919..1918..1917..1916..

January.

32, 982117, 63132, 82637,040

4,8484,324

59, 57124, 252

12, 63241,38912,63541, 339

Febru-ary.

421,469236,148297,638325, 497198,123148, 25655,09318, 504

28,42352, 93529,10436,463

1,3416,35974,67728, 870

11,08639, 97911,05235,170

March.

355,459355, 210287,359308, 619186, 372180,51648,27326, 576

20,90826, 93028, 58832, 980

1,34110, 71065,66728,294

13, 85842,32712,26334,031

317, 897457, 643295,758344,161194,103235,96149,24736, 756

April.

9,28316, 79325,27020,473

1,3412,10440,20122,363

15,52937,44911,29628,000

230,102520,197276, 899331,824213,358155, 588111,02947,497

May.

5,63213, 54424, 73718, 743

1,341609

25,91116,614

14, 65934, 4549,28327, 961

193, 488604,151302, 753301, 789228,080

84, 646118,38754, 959

June

4,49419,18419,85016,035

1,808299

21, 21410, 825

13,43426,0093,57618,405

155,133592,647302, 710347, 445235, 72297, 696112, 03656, 759

July.

4,1819,90017, 38110,305

1,341265

11, 0747,251

11,87512, 2651,7799,305

August.

4,1567,791

17,38110, 211

1,341220

10,1095,526

11, 97310, 2061,7799,295

96, 922545, 546261,141318,309248, 645

64, 40273, 52957, 377

497, 827248, 770303,288269, 64852,16573,86655,297

Septem-epteber.

4,60017,98517,60610, 516

1,341259

10, 2373,839

13,10311,0801,9129,352

October.

101,830486,920254,764338, 565340, 246

67,085

55,410

4,0209,132

17, 40810, 386

1,341275

7,7321,861

12,61110, 2547,1519,276

91, 447448, 617207, 625304,053295, 725124, 443110,808

53, 270

Novem-ber.

4,24711, 77414, 78110, 670

1,341254

8,882

7,7197,0537,8299,266

83,818326, 294208, 579320,417307,115126, 789117, 941

50, 504

Decem-ber.

6,16328,14312, 70911,366

1,341281

10, 015

8,4778,9216,4279,256

103,099379, 763226,005339,140327,244204, 807100, 68353, 649

Year1923.

10,66827, 56021,430

Year1922.

37,962143, 98829, 259

18, 668 50, 688

1,6772,15128, 49212,375

12,25423,3477,23019,972

185, 823454, 750264, 014323, 554254,053128,23288,35347, 072

4,6327,46356, 63122, 487

11,19138, 2476,90445,298

Year1921.

19,21272, 31826,94621,716

9,62019, 09038, 56113,072

6,90717, 7287,87810, 96b

gg

wo


No. 33.—PAR VALUE OF EACH CLASS OF UNITED STATES SECURITIES HELD ON DECEMBER 31, 1923.

Federal reservebank.

BostonNew York. _PhiladelphiaCleveland

RichmondAtlantaChicagoSt. Louis . _


Total: 1923....1922.. __1921

1920-.-1919_ —1918....19171916

1915

All classes of securities. Bonds.

Total.

$9,866, 50046, 755, 95012,951,50011,195, 100

1,340,900382, 650

10, 756, 800

10, 036,41014, 418, 3006, 679, 5009,185, 400

133, 569, 010436,165, 860234,089,110287,026, 610300,106, 685238, 562, 510121, 689, 68255t 414, 650

15, 918, 470

Under re-! purchase

agreement.

$4,056,80036,495,000

4, 198, 900

All other.

$5, 809, 70010, 260, 95012,951, 50011,195, 100

1, 340,900382, 650

6. 557. 900

2,000,0007, 250, 000

54, 000, 700

8, 036, 4107,168, 3006, 679, 5009,185,400

79, 568, 310

Total.

$529,0006, 202, 450

747, 300918, 400

1,190,900261, 250

4, 425, 600

7,121, 7106 331, 9001, 779, 500

29, 508,01028,881, 71033,033, 61026, 309, 31026,836,11027,859,01051,847,18244,247, 650

15,918,470

2 per centConsols of

1930.

!

2 percent

Pana-mas of1936-1938.

$100

$915,100

1, 862, 500

237,000

367. 300i

545, 900

3, 323,5006, 728, 600

11,328, 60014, 267,35015,053, 70015,053, 70015, 784,05024, 331,150

260

604,660624, 660624, 660906,160927,160927,160

1,412,6005.149.800

11,951 350

4 percent loanof 1925.

3 percentloan

of 1961.

1$1, 768,000 $400

1, 768, 0001, 768,0002, 593,0002, 593,0002, 593,0002, 593,000

U2,741,290'12,589,500

500

900900900900

3 percent con-version

bonds of1946-47.

$529,000

549, 200414,800

10,300427, 400

114,800247, 500

1, 233, 600

3, 526, 6005, 270, 9005,270,9006. 526. 300

900 ! 6.526.300900900900

* 3, 967,120

6, 526, 3006, 526,4002,176, 300

3^ percent

Libertyloan.

4 | per; cent

Libertyloan.

$8,400

20,200

28,600134,100229, 200197, 050114, 900503, 600

3,612,650

$6, 202,450198,000458, 400

38, 800241, 750

7, 006,1506 008 400

Treas-ury

bonds,of 1947-

1952.

$45, 200

800

55 son

20,153, 95013, 729, 25012,986, 35021,818, 5502l,620,1505 2, 254, 350511,769,292

101, 800625, 300

Treasurynotes.

$6,701,00029,972,00012,057, 7009, 029, 700

150,00091 400

Certifi-cates of

indebted-ness.

$2, 636, 50010, 581, 500

146, 500L 247,000

2f> nnn

4,867,700 1 1,463,500

2, 749, 7007, 571,9004 575 0009,185,400

86, 951, 5001180, 393,1501 17, 565, 000

3 72,8003 67, 575

9,301,00026, 792,00011,167,000

165,000514,500325,000

17,109, 500226,891,000183, 490, 500260, 644, 500273, 203,000201,402, 50043,050, 500

1"""""

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1 Includes Victory notes. 2 Includes 4 per cent Liberty loan bonds. 3 Victory notes. * Includes 3 per cent bonds of 1918 s 4 per cent Liberty loan bonds of 1942-1947.


FEDERAL RESERVE NOTES.

No. 34.—FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS DECEMBER 31, 1923, AND DECEMBER 30, 1922.

fin thousands ol dollars.]

RESOURCES.

Federal reserve notes on handFederal reserve notes outstanding (is-

sued to bank—net)Collateral security for Federal reserve

notes outstanding:Gold and gold certificatesGold redemption fundGold fund, Federal Reserve Board.Eligible paper-

Amount requiredExcess amount held

Total

LIABILITIES.

Federal reserve notes received fromComptroller of the Currency—netamount (liability to comptroller)

Collateral received from Federal re-serve bank (liability to bank):

GoldEligible paper....

Total...

Total.

1923

813,454

2,822,327

326,584

128,778

1,648,893

718,072

303,644

6,761,752

3,635,781

2,104,255

1,021,716

6,761,752

1922

874,437

2,817,191

. 353,462

132,318

1,681,099

650,312

208,893

6,717,712

3,691,628

2,166,879

859,205

6,717,712

Boston.

1923

81,050

255,108

35,300

14,971

118,000

86,837

19,666

610,932

336,158

168,271

106,503

610,932

1922

83,100

226,800

15,300

16,313

123,000

72,187

14,804

551,504

309,900

154,613

86,991

551,504

New York.

1923

284,620

712,413

235,531

32,094

316,000

128,788

95,492

1,804,938

997,033

583,625

224,280

1,804,938

1922

399,610

774,934

283,184

31,786

341,000

115,964

104,425

2,053,903

1,174,544

658,970

220,389

2,053,903

Philadelphia.

1923

38,400

255,837

14,000

13,180

153,889

74,768

6,082

556,156

294,237

181,069

80,850

556,156

1922

48,920

243,718

7,000

14,461

157,890

64,367

4,958

541,314

292,638

179,351

69,325

541, 314

Cleveland.

1923

43,120

281,713

8,780

15,240

201,000

56,693

30,185

636,731

324,833

225,020

86,878

636,731

1922

31,340

274,900

13,275

15,028

165,000

81,597

7,894

589,034

306,240

193,303

89,491

589,034

Richmond.

1923

27,630

117,875

3,851

66,295

47,729

5,210

268,590

145,505

70,146

52,939

268,590

1922

27,259

112,064

1,270

62,795

47,999

6,126

257,513

139,323

64,065

54,125

257,513

Atlanta.

1923

72,017

158,092

2,400

8,289

83,000

64,403

3,350

391,551

230,109

93,689

67,753

391,551

1922

75,959

135,143

2,400

6,782

100,000

25,961

11,765

358,010

211,102

109,182

37,726

358,010

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No. 34.—FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS DECEMBER 31, 1923, AND DECEMBER 30, 1922—Continued.


RESOURCES.

Federal reserve notes on handFederal reserve notes outstanding (issued to

bank, net)Collateral security for Federal reserve notes

outstanding:Gold and gold certificatesGold redemption fundGold fund, Federal Reserve BoardEligible paper-

Amount requiredExcess amount held

Total..

LIABILITIES.

Federal reserve notes received from Comp-troller of the Currency—net amount (lia-bility to comptroller)

Collateral received from Federal reservebank (liability to bank):

GoldEligible paper

Total-

Chicago.

1923

119,640

462,628

8,273376,644

77,71159,859

1,104,755

582,268

384,917137,570

1,104,755

1922

83,960

470,603

16,464393,644

60,49527,939

1,053,105

554,563

410,10888,434

1,053,105

St. Louis.

1923 1922

22,740

92,258

10,1303,294

36,000

42,83414,467

221,723

114,998

49,42457,301

23,940

113,038

11,7803,293

55,500

42,465645

250,661

136,978

70,57343,110

221,723 250,661

Minneapolis.

1923

12,275

69,168

13,0521,500

40,000

14,6162,815

1922

10,890

62,633

13,0521,320

32,000

16,2614,720

153,426 140,876

81,443

54,55217,431

153,426

73,523

46,37250,981

140,876

Kansas City.

1923

29,153

80,544

3,560

3,576

193,817

109,697

41,92042,200

193,817

1922

19,060

79,608

2,67152,360

24,5772,368

180,644

55,03126,945

180,644

Dallas.

1923

25,009

7,3913,92314,500

32,84524,454

166,781

83,668

25,81457,299

166,781

1922

San Francisco.

1923

16,929 57,800

43,801 278,032

7,4712,60512,500

21,22519,881

124,412

60,730

22,57641,106

124,412

20,603205,205

52,22438,488

652,352

335,832

225,80890,712

652,352

1922

53,470

279,949

17,325185,410

77.2143,368

616,736

333,419

202,73580,582

616,736


No. 35.—FEDERAL RESERVE NOTES OUTSTANDING, HELD BY ISSUING FEDERAL RESERVE BANK, AND IN ACTUAL CIRCULATION; ALSOGOLD AND ELIGIBLE PAPER PLEDGED AS COLLATERAL FOR OUTSTANDING NOTES.

MONTHLY FIGURES FOR 1923.


Total.

Federal reserve notes:Outstanding-

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

2, 632, 7272, 647, 5622, 598,0322, 595,039

May 31 [ 2,612,983June 30_July 31 _.

2,676, 9012,671, 082

Aug. 31 I 2,6

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

Held by issuing b a n k -Jan. 31Feb. 28Mar. 31Apr. 30

May 31.June 30_.July 31. .Aug. 31..

2,733,8032, 720,5862, 719, 7452,822,327

429,026400, 619350, 775359, 604

367,154

423,868

493,339

471,811

Boston.

210,831218,530221,192224, 570

224,014236, 568241,374240,039

243,760244,431241,452255,108

18, 48220,45020,11725,062

15, 53223,03528, 23720, 242

NewYork.

745, 741741,927729,197724, 469

733, 425753,012747, 844743, 615

734,333715, 714701, 757712,413

194, 712173,803151,379152, 289

162,169206,908247,854256,689

Phila-delphia.

219,334228,161227,376231,457

240,188244,869237, 783235, 246

234,204229,027240, 593255,837

23,14324, 58221, 59329,232

34, 23934, 61034,05516,880

Cleve-land.

247,898253,881244,133247, 390

250,067254,886258,105264,388

271,779266,986264,904281, 713

23,28818,16313,83615,664

19,98920,32828,30923,700

Rich-mond.

99, 70296, 88492,63288,109

85, 35684, 34684,01989,170

97,188109, 942112,006117,875

10, 7179,1497,1197,009

7,4995, 0236,9656,520

Atlanta.

123, 529127,120130, 734136, 613

137, 579138,143136, 375141, 055

145,769151, 740155,013158, 092

8,1218,1036,5895,871

5,8554,9635,865

14,467

Chicago.

447,971449,264438,812439, 917

449,172457,080460, 771466,020

463,983455,443448, 714462,628

65, 27856, 36642, 66143,066

46,38648, 56758, 37852, 783

St. Louis.

106, 269107,387100, 92697,857

94, 52891, 86089, 68088, 542

91,10690, 24991, 53792, 258

20,27319, 78117, 76318, 774

19, 25417, 73718, 75917, 678

Minne-apolis.

59,313

59,281

59, 736

60,175

58, 242

59,137

59, 388

60, 516

61,498

62,452

64,540

3,7733,6583,1994,532

4,058

4,612

5,090

6,377

KansasCity.

74,11372,95971,08069,052

68, 29869,14769, 62173, 355

73,94773,18576, 64880, 544

Dallas.San Fran-

cisco.

7,6618,5207,743

8,637

9,068

9,962

10,952

36, 412

34,765

32, 961

31,105

29, 221

31, 654

35,191

46,729

58,925

62, 018

60, 587

58, 659

3,733

3,965

3,930

3,238

2,516

2,708

3,724

4,616

261, 614

257,403

249, 253

244,325

242,893

256,199

250, 931250,134

257,311

259,399

261,994

278,032

49,07054,93854,06947,124

41, 020

46,309

46,141

40,907

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No. 35.—FEDERAL RESERVE NOTES OUTSTANDING, HELD BY ISSUING FEDERAL RESERVE BANK, AND IN ACTUAL CIRCULATION;ALSO GOLD AND ELIGIBLE PAPER PLEDGED AS COLLATERAL FOR OUTSTANDING NOTES—Continued.

MONTHLY FIGURES FOR 1923—Continued.


Federal reserve notes—Continued.Held by Issuing bank—Continued.

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

In actual circulation-Jan. 31Feb. 28Mar.31Apr.30

May 31June 30July31Aug. 31


Collateral pledged as security for out-standing Federal reserve notes:

Gold and gold certificates-Jan. 31Feb. 28Mar.31Apr, 30 -----

Total.

466,183495, 721467,253575,654

Boston.

21,32124,71319,81734, 993

2, 203, 701 192, 3492,246,943 I 198,0802,247,257 | 201,0752,235,435 | 199,508

2, 245,8292,253,0332,177, 7432, 226, 998

2, 267, 6202,224, 8652, 252, 4922, 246, 673

2,174, 6772,108, 7672,021,7262,009,192

208,482213,533213,137219, 797

222, 439219, 718221, 635220,115

163,244163,443172,106173, 533

253, 340265, 831267, 582292,042

551, 029568,124577,818572,180

571, 256546,104499,990486, 926

480,993449, 883434,175420, 371

645,414624, 745638,997638,282

17,47916,58616, 67634,799

25,18928,15620,45538,390

196,191 224, 610203,579 235,718205,783 | 230,297202,225 231,726

205, 949210,259203, 728218,366

216, 725212,441223,917221,038

171,567161,193151,209163, 890

230,078234, 558229,796240, 688

246,590238,830244, 449243,323

195,851206,334206,136205,392

I

Rich-mond.

5,15410,4247,667

13, 717

88f 98587, 73585, 51381,100

77,85779,32377, 05482, 650

92,03499, 518

104, 339104,158

70, 52264, 08556, 44339,440

Atlanta .

14, 68618,98014, 26517,198

115,408119, 017124,145130, 742

131, 724133,180130, 510126, 588

131,083132, 760140, 748140, 894

109,879109,784

101, 57292, 616

Chicago. |st. Louis

48, 37849,14141,00255, 727

382,693

396,151396,851

402, 786408, 513402, 393413, 237

415, 605406, 302407, 712406,901

418,276391,889354, 537355, 481

18,71516, 57814, 69316, 386

85, 99687, 60683,16379,083

75, 27474,12370, 92170, 864

72, 39173, 67176, 84475, 872

79,00480,13363,02260,902

^ inne

3, 6453,3263, 4354,216

54,18454, 52554, 29854,139

57,85359,12661,10564,952

47, 70246, 79946, 63047. 421

11,68411,74912,08113, 379

55, 540 65, 67755,623 65, 29856, 537 I 62, 56055, 643 61,309

59, 66160, 07959,65962, 403

62, 26361,43664, 56767,165

59,83658, 77252, 44444, 738

Dallas. I San Fran-! cisco.

4,0684,2304,0925,857

32, 67930,80029,03127,867

26, 705

31, 46742,113

54,85757, 78856, 49552, 802

14, 78714, 36612, 35612, 471

42, 52446,00745, 48848, 950

212, 544202, 465195,184197, 201

201, 873209,890204, 790209, 227

214,787213,392216, 506 -229,082

198,595187,224166,274175,026

ftoHOft

ft

ftw




Eligible paper -Jan. 31Feb. 28Mar. 31Apr. 30



2,027,0092,032,6412,052,8832,057,159

2,054, 5412,085,6822,052,2432,104, 255

753,115749, 098926, 754952,474

993,9731,004,251963, 508

1,000,366

1,025, 5121,047, 5881,038,3551,021,716

175,077177,731189,337191,302

195,123206,094167, 515168, 271

66,19361,11078, 32970,396

81,16683, 21967, 60181, 767

65,75654, 63293, 896106,503

637, 780637,244636, 710635,982

634,944634, 350633,964583, 625

256,802210, 212209, 862262, 467

247, 241208,038252,091220, 200

189,203230, 520207,171224, 280

166,881167,662168,476165,738

167,696166,320179, 985181,069

71, 08868, 37096,43070,029

79, 75693, 36070,06974,126

77,92068, 40561,97380, 850

210, 949206, 299208, 317206, 701

208, 791208,193220, 711225,020

56, 32149, 21779,65989,834

88,138103,12673, 66393,037

85, 42090, 34887, 46186,878

33,46728,09727, 65128,601

28, 54048, 29363,07870,146

37,16243,35155,96359,156

61,17170,62966,48970,702

79,08971, 60754, 51252, 939

94,727102,619105,38895,173

72,22265, 66364,33093, 689

28, 78826, 76946,04659,234

375,937382, 859382,434391,905

401,446400,933345, 411384, 917

66,082103, 497134, 712113,888

57,064 129,59245,886 I 125,161

126,08451, 25558, 613

84,11391, 68396, 66867, 753

126, 933

135, 786155,494159,827137, 570

59,87348, 85551, 62549,447

35, 65235, 33536,60349, 424

30,35331, 23838,87642,098

52,48653,06145,89060,294

76,15572,47666, 44957,301

47,91837,04635, 24235, 304

38, 69238, 83646, 71454, 552

18,61120, 56822,47822,047

23,47031,02926,90927,517

29,02425, 50219,83717,431

31,30429,15438,27840,112

42,90334, 63131, 66541, 920

16, 69417, 92025,21432,298

47,44051,90641,14442,634

49,26258,39159, 99542, 200

12,32712,76012,89717,364

25, 60628, 53827,09725,814

38,02838, 27940, 51539,114

39, 37746,19046, 29049, 385

56,00952,46956, 47957, 299

180,769202,315196, 528199, 530

202,926218,496235,170225,808

66,99378,56798,67091,913

87 ,072 O92 ,646 ^9 6 , 0 2 3 H95 ,158 W

97 ,775 Hrj76,061 g74,087 ferj90 ,712 W

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No. 36.—COLLATERAL (GOLD AND ELIGIBLE PAPER) PLEDGED WITH FEDERAL RESERVE AGENTS AS SECURITY FOR FEDERAL RESERVENOTES OUTSTANDING.

WEEKLY FIGURES FOR 1923.


00

Date.

Jan. 3..10..17..24..31..

Feb. 7_.14..21..28..

Mar. 7.14.21.28.

Apr. 4.1118.25.

Federalreserve

notes out-standing.

2,810, 2542, 747, 7052, 691, 5112, 654,1252, 632, 727

2, 619, 7582,633,1752, 652, 8792,647, 562

2,650,1832,637,4822, 617, 5392,601,079

2,618,6992,613,0722, 595,4322,601,820

Collateral pledged as security.

Gold and gold certificates.

In redemp-tion fund,

UnitedStates

Treasury.

130,431122,876134,719133, 647133,752

1, 681, 7341, 710,8561,718,2931, 707, 6651, 701,116

850, 750713,616

,399746,805753,115

2,165, 6272,186,1942,195, 4742,181,1212,174, 677

353,462352,462342, 462339,809339,809

2,860, 6552, 944,4582, 902,3172,857, 865

721, 280800, 422760, 241749, 098

2,139, 3752,144,0362,142, 0762,108, 767

329, 799330, 809327,398317, 399

130, 567128,130126, 833136,023

1, 679, 0091, 685, 0971, 687, 8451,655, 345

240,897311, 283249,438210,303

756,291789, 610813, 671907,160

2, 074,0432, 068, 6132, 052,1032, 034,099

322,399312,399314,899314,899

124, 765126,836123, 544129,141

1, 626,8791, 629,3781, 613, 6601, 590,059

910, 978861,802879, 878877, 446

2,013, 5382, 041, 5092,036,4902,007, 555

314,899314,899314,899314, 899

128,082130, 285123, 761119,082

1, 570, 5571, 596,3251, 597, 8301, 573, 574

2, 830,3342,858,2232, 865, 7742,941, 259

2,924, 5162,903,3112,916, 3682,885,001

180,151220, 741248, 235340.180

305,817290, 239320, 936283.181

H

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woi


May 2.9.

16_23.29.

June 6.13.20.27.

July 3_11.18.25.

Aug. 1.8.

15.22.29.

Sept. 5.12.19.26.

Oct. 3__10._17__24..31_.

Nov. 7..14..21. .

2, 599,4402, 599,2662, 595,9252,607, 2382, 615, 206

2, 635, 2282, 640, 3562, 651,5022, 665,141

2, 687,5722, 693, 7462, 701,9092, 680,126

2, 673,1582, 676,1992,684, 7382,687,3352, 686, 759

2,701, 5772, 716, 6902, 721, 7352, 725,864

2, 736, 5002, 739, 8842, 743, 7262, 736,8522, 720, 586

2, 725,3922, 730, 6682, 721, 5042, 719, 721

2, 968,8672, 932, 7772,939, 7602,928, 7272, 961, 566

2, 978, 2062, 950,8572,922, 8122,973,482

3,120, 9423,043,8263,000, 7292,948, 673

2,996,3663,002,0773,014,1432,999,4383,011,626

3,041, 6473,050, 6272, 966,4063,053,080

3,070, 4593, 081, 9163, 093, 2693, 055,0343,133, 258

3,119,4303,115,5143, 088,4083,141.243

962,869927, 711939,942935,003949, 832

946, 785893, 246889, 453938,471

1,079, 950996,039948, 598890,427

948, 304962, 065934, 424918,173950,462

980, 947980, 070899, 918991,115

1,014, 7961,007, 5441, 005,838. 965, 676

1, 047, 576

1, Oil, 4601,008, 346989,624

1,036,3^

2,005, 9982,005,0661,999,8181,993,7242,011,734

2, 031, 4212,057, 6112,033,3592,035,011

2, 040,9922, 047, 7872,052,1312,058,246

2,048,0622,040,0122, 079, 7192,081, 2652,061,164

2, 060,7002,070,5572,066,4882, 061,965

2,055, 6632,074,3722, 087, 3712,089, 3582, 085, 682

2,107, 9702,107,1682,098, 7842,104,84-5

314, 899314,899314,899314,899314,899

314, 899318,899319, 429320,429

320,429320,429320, 429320,429

320,429320,429320,429320, 424320,424

320,924321,359320,959320,959

320,534320, 534320, 534320, 534320, 534

320, 534320, 534320, 534320,534.

135,068125,819126,812123, 318118, 977

128, 937129, 635124, 088118,451

118,202111,569123,612122, 967

117,262114,013114,772125,847124, 045

119,710119,921116, 797120,813

114,668112, 074122,860113, 435116, 669

107, 548119,972115, 375106,648

1,556,0311, 564, 3481,558,1071, 555, 5071, 577,858

1, 587, 5851,609, 0771, 589,8421, 596,131

1,602,3611, 615, 7891, 608, 0901, 614, 850

1, 610, 3711, 605, 5701, 644,5181,634,9941, 616, 695

1, 620, 0661, 629, 2771,628, 7321, 620,193

1, 620, 4611, 641, 7641,643,977'1,655, 3891,648, 479

1, 679, 8881, 666, 6621, 662,875lt 677, 663

369,427333,511343,835321,489346, 360

342,978 ^310,501 ^271,310 }>308,341 tT1

433,370 fe350,080 c298,820 &268,547 -

o323,208 ^325,878 H329,405 £

312,103324,867 J

340,070 fe333,937 S244,671 P

327,216 W

333,959 ^

342,032 &349,483 ^318,182

412,672 §

394,038 g

384,846366, 904421,522


No. 36.—COLLATERAL (GOLD AND ELIGIBLE PAPER) PLEDGED WITH FEDERAL RESERVE AGENTS AS SECURITY FOR FEDERAL RESERVE

NOTES OUTSTANDING—Continued.

WEEKLY FIGURES FOR 1923.


Date.

Dec. 5121926

Dec. 27, 1922

Dec. 28, 1921

Dec. 30, 1920

Dec. 26, 1919

Dec. 27, 1918

Dec. 28, 1917

Dec. 29, 1916

Dec. 30, 1915

Dec. 31, 1914

Federalreserve

notes out-standing.

2,732, 7432,755, 9492, 793,8372,838, 398

2,835,0922,796, 5403, 738,8803,292,0982,855, 6041,341,752

300, 511214,125

17,199

Total.

3,051,1353,136, 2593,159, 5743,246, 522

3,035, 7793, 092,8764,169, 2193, 951,9303, 244, 6661, 388, 556

300,925214,190

17,205

Collateral pledged as security.

Eligiblepaper.

995, 5101,035, 3641,019,1291,136, 708

836, 9331, 246, 5072,893,0052, 711,8981, 956,357

606, 70518,40216, 7404,953

Gold and gold certificates.

Total.

2,055, 6252,100,8952,140,4452,109,814

2,198,8461, 846, 3691, 276, 2141, 240,0321, 288,309

781, 851282, 523197, 450

12, 252

In vault.

320,534320,084327,084326, 584

353,657349,013264,926244,148246,327250,423164, 567139,94012,252

In redemp-tion fund,

UnitedStates

Treasury.

117,197119,439113, 751114, 480

133,090115,832118, 596103, 57581,95141, 47915, 376

650

In gold fund,FederalReserveBoard.

1, 617,8941, 661, 3721, 699, 6101, 668, 750

1, 712,0991, 381, 524

892, 692892, 309960,031489,949102, 58056,860

Excesscollateralpledged

withFederalreserveagents.

318,392380, 310365, 737408, 124

200, 687296, 336430,339659,832389, 062

46,804414

65

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No. 37.—FEDERAL RESERVE NOTES ISSUED AND RETIRED BY EACH FEDERAL RESERVE AGENT, BY MONTHS, DURING 1923.


Month.

January..February.MarchApril

MayJuneJuly . . . .August.

September..OctoberNovember. .December. .

Total: 19231922.. _192119201919.. _

Outstand-ing at

beginningof each

month in1923.

Outstanding: Jan. 1, 1924..Jan. 1, 1923..Jan. 1, 1922..Jan. 1, 1921..Jan. 1, 1920..Jan. 1, 1919..

2T 817,1912, 632, 7272, 647, 5622, 598,032

2, 595, 0392,612, 9832, 676,9012, 671, 082

2,2, 733,8032, 720, 5862, 719, 745

Total.

Issued.

83,619177, 941132,150151,013

130, 250154,420124, 610158,810

154,260139, 925146, 285244,110

V- 797,3931, 949, 5952,049, 6372,215, 2542, 482, 515

Retired.

268, 083163, 106181, 680154,006

112,30690, 502

130,429131,083

119,266153,142147,126141, 528'

1, 792,2571, 914,1953,003,5771,775,3122,046, 570

2, 822, 3272, 817,1912, 781, 7913, 735, 7313,295, 7892,859, 844

Boston.

Issued.

8,40017,50014,000]6,450

11,50019, 90016, 2009,700

14, 90019, 70015, 60031. 800

195, 650179, 290190,900225, 680225, 500

Retired.

24, 3709,801

11,33713, 072

12,0567, 346

11,39411, 035

11,17919, 02918, 57918,144

167, 342172, 647272, 297178,844139,768

255,108226,800220,157301, 554254, 718

New York.

Issued

34, 88064, 76051,35042, 720

Retired.

64,07368, 57464,08047,448

24, 700 15, 74433, 380 13, 79313,000 | 18,16815,880 ! 20,108

I12,040 21,32311,500 | 30,1199,940 ! 23,89732,120 21, 464

346, 270470, 200538,810373,080753,120

408, 791512, 014758, 416276, 442632,420

Philadelphia.

712,413774,934816, 748

1,036,354939, 716819, 016

Issued.

7,40023,20015,20012,400

16, 24011,40011, 60018,200 |

17,00013,20031, 40029,160

Retired.

206, 400191,860183,410177, 420195, 660

31, 78414,37415,9848,319

7,5096,720

18, 68620, 736

18, 04218, 37619, 83513, 916

194, 281171,012251,839134,017189,635

255,837243,718222, 870291, 299247, 896241, 871

Cleveland.

Issued.

3,45017,8006,650

16,000

14,12013,00014,20017,900

17,30010, 78012,30030,500

174,000191,045121,440249, 000163, 565

Retired.

30,45211,81716,39812, 743

11,4438,181

10, 98111,617

15, 57314, 38213, 691

Richmond.

Issued.

1,3806,7806,4004,840

6,3607,0807,58015,960

17, 58023, 02010, 91017,220

167,187156, 009260, 269154,109146,283

125,110109, 720153,820179, 004162, 777

Retired.

13, 7429,597

10, 6529,363

9,1138,0907,90710,810

9, 56110,2678,84511,352

119, 299115,113197,397169,675162,070

281, 713274, 900239, 864378, 693283,802266, 520

117,875112, 064117,457161,034151, 705150, 998

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No. 3?,—FEDERAL RESERVE NOTES ISSUED AND RETIRED BY EACH FEDERAL RESERVE AGENT, BY MONTHS, DURING 1928—Contd.[In thousands of dollars.]

Month.


MayJuneJulyAugust..

September.OctoberNovember.December-

Outstanding: Jan. 1, 1924..Jan. 1,1923..Jan. 1, 1922..Jan. 1, 1921..Jan. 1, 1920..Jan. 1, 1919..

Atlanta.

Issued.

3,67510,52610,82022,335

10, 5957,8835,730

14,225

10, 45510, 77510,92011, 525

Total: 1923 129,4641922 98,7801921 _ 148,9401920 _ .! 196,0351919 183,598

Retired.

15,2886,9357,207

16,456*

9,6307,3187,4989,544

5,7414,8047,6488,446

106, 51592,281

200,056176,383147,110

158,092135,143128,644179, 760160,108123, 620

Chicago.

Issued.

8,20022,68019, 50025,160

33,80029,20026,80031,400

23, 36022, 34022, 40042,000

306,840329,140293,980345,330324,320

Retired.

30,83221,38729,95224,055

24, 54421,29223,10926,152

25, 39830, 88029,12928,085

314,815305, 755480, 999246,552239, 799

462, 628470,603447, 218634,237535, 459450,938

St. Louis.

Issued.

1.6005,990

6501,350

700850

1,5502,540

5,5602,4605,0204,950

33,22063,43074,960106,470134,025

Retired.

8,3694,8717,1114,420

4,0293,5183,7303,678

2,9963,3173,7324,229

54,00064, 495116,248115,798

92,258113,038114,103155,391164,719129,120

Minneapolis.

Issued.

2,1502,3702,6252,648

1,5703,9673,8803,340

2,5953,3104,2107,540

40, 20543, 36139,26539, 45039,990

Retired.

5,4702,4032,1702,208

3, 5033,0723,6292,213

1,6122, 3562,1222,912

33, 67041, 20560,17446, 50750, 272

69,16862, 63360, 47781,38688, 44398, 72,5

Kansas City.

Issued.

1,9101,450

760

2,6803,0003, 3506,900

2,8002,5107,8306,640

39,83045,18036, 73072, 57057,900

Retired.

5,4953,0643,3292,788

3,4342,1512,8763,166

2,2093,2714,3672,744

41,01079, 41765,00067, 662

80, 54479, 60875, 438118,125110,555120,317

Dallas.

Issued. Retired.

325265705

1,030

1,1604,0005, 400

13, 565

13,8906,8102,8352,255

52, 24033, 68425, 76269, 24555, 730

7,7141,9122,5102,885

3,0441,5671,8632,027

1,6933,7184,2664,183

37, 38229, 42170,97863,13537,581

58, 65943,80139, 53884, 75478, 64460, 495

San Francisco.

Issued.

12,1594,1602,8005, 320

6,82520, 76015,3209,200

16, 78013, 52012, 92028, 400

148,164193, 905241,620181,970186,330

Retired.

30,4948,371

10, 95010, 249

8,2577,454

20,5889,997

9,60311, 43210,32412,362

150,081213, 233255, 487148, 850135, 544

278,032279,949299, 277313,144280,024229,238

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No. 38.—FEDERAL RESERVE NOTES OP EACH DENOMINATION OUTSTANDING, HELD BY FEDERAL RESERVE AGENTS, AND ON HAND IN

WASHINGTON AS OF DECEMBER 31, 1923.


OUTSTANDING—NET AMOUNT ISSUED BY FEDERAL RESERVE AGENTS TO FEDERAL RESERVE BANKS.


BostonNew YorkPhiladelphiaCleveland -_. .

RichmondAtlanta .ChicagoSt. Louis


Total

Total.

255,108712,413255, 837281, 713

117,875158,092462,628

92,258

69,16880, 54458, 659

278,032

2,822,327

Fives.

39,637198, 557

42, 75933, 843

18, 72628, 73481, 73716, 717

16, 69719,10013,39545,484

555,386

Tens.

84,420182, 49365,09544, 727

30,84836,653

116,04021, 755

20,81517,19916,19953,970

690,214

Twenties.

95,471131,85587,977

115,722

46,03745, 374

171,67637,103

25, 58329, 76823,992

112,866

923,424

Fifties.

10,81342,52037,43463,053

12,86010,13442, 551

6,902

1,7054,9531,717

14,222

248,864

Hundreds.

18,97878,17417,34718,139

7,75813,47931, 2996,169

3,1547,5012,361

31, 770

236,129

Fivehundreds.

1,67621,0591,1832,253

2504,8487,0641,116

396793296

2,988

43,922

Thousands.

3,54349,3354,0423,361

1,37118,87011, 2811,956

8181,230

6998,852

105, 358

Fivethousands.

2601,840

175

5

980210

3,930

7,400

Tenthousands.

3106,580

440

20

330

3,950

11, 630

HELD BY FEDERAL RESERVE AGENTS.

>

8IH

Ii?

— <

BostonNew York. .PhiladelphiaCleveland,...

Richmond. .AtlantaChicagoSt. Louis

81,050

38,40043,120

27,63072,017119,64022, 740

15,80050,9409,2006,800

2,9408,57017,2403,200

21,90083, 64011,000

4,28013,57524,6003,560

20, 20058, 24010,80013,040

4,72015, 54746,0004,660

2,60019, 2005,0004,600

3,8007,92513,6002,000

2,40045, 6001,6004,800

2,65012, 6105,6001,200

8505,000400

1,000

1,1705,5645,2001,500

2,1258,2264,4001,400

7,5008,000

3,440

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No. 38.—FEDERAL RESERVE NOTES OF EACH DENOMINATION OUTSTANDING, HELD BY FEDERAL RESERVE AGENTS, AND ON HAND

IN WASHINGTON AS OF DECEMBER 31, 1923—Continued.

HELD BY FEDERAL RESERVE AGENTS—Continued.



MinneapolisKansas CityDallas . _. __ .San Francisco

Total

Total.

12, 27529,15325,00957,800

813, 454

Fives.

2,2202,2638, 5403,300

131,013

Tens.

2,8705,7407,4606,600

191, 705

Twenties.

4,2006,2006,2406,400

196, 247

Fifties.

8704,910

5023,400

68,407

Hundreds.

1,3305,540

7503,200

87, 280

Fivehundreds.

4102,200

7013,400

27, 395

Thousands.

3752,300

8165,500

42,842

Fivethousands.

10,000

26,165

Tenthousands.

16,000

42,400

BostonNew YorkPhiladelphia _Cleveland

Richmond -AtlantaChicagoSt. Louis...

MinneapolisKansas City. . .DallasSan Francisco..

Total.....

ON HAND IN WASHINGTON.

122, 980

121, 50076, 660

106, 7.40132, 96090, 820105, 500

77, 02049, 82065,920125,100

1,481, 700

5,98050,48010,9407,380

13,66021, 7206,70028,460

20,3808,7809,40025, 260

209,140

32,080114, 92014, 32020, 520

12, 64031,80016, 56027,080

27,88011, 88015,12022,480

347,280

17,120117,28019,44023,360

13,84043,84016, 96020,160

20, 96010,16011,60044,160

358, 880

13,00023,00012,00013,800

17, 8008,4002,6005,000

4001,2002,8006,400

106, 400

6,00014,00012,8003,600

18,8009,60018,0004,800

2,0003,2007,200

100, 800

4,8007,0009,6001,200

10,0004,4004,0004,000

6004,6001,8003,600

55, 600

22, 00020,0008,400800

10,0007,2004,0004,000

6,00011,2004,0004,000

101,600

10,00020, 00010,0002,000

6,0002,00010,0004,000

6,0004,000

74,000

12,00040,00024,0004,000

4,0004,00012,0008,000

12,0008,000

128,000

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No. 39.—FEDERAL RESERVE AGENTS' STATEMENTS OF FEDERAL RESERVE NOTE TRANSACTIONS FOR 1923.


RECEIVED BY FEDERAL RESERVE AGENTS FROM COMPTROLLER OF THE CURRENCY.

Federal reserve agent at—

BostonNew York....Philadelphia..Cleveland


Minneapolis..Kansas City..DallasSan Francisco.

Total...

Total.

167,600231, 280177,880172,380

78,60071,000

339, 92024,020

35,24046,14048,120

124,340

1, 516, 520

Fives.

36,200104,80036,80031,020

14,00016,12080,6006,100

9,56012, 66016,00036,380

400,240

Tens.

61,"20083, 56050,08028,960

24,00020,04095,0004,640

10,6009,680

16,00032, 640

436, 400

Twenties.

62,400

15, 520

61, 200

78,800

32,80019, 440

122, 7209,680

12, 08011, 20014, 32050, 720

490,880

Fifties.

3,400

4,200

23, 800

28,800

7,8003,000

31, 2002,000

1,2005,400

6001,000

112,400

Hundreds.

4,400

6,400

4,400

3,600

1,2002,4001,600

1,600

6,000

800

3,600

36,000

Fivehundreds.

4,400400400

4,000

200400400

10,200

Thousands.

12,4001,200

800

11, 2004,000

800

30,400

Fivethousands.

Ten

thousands.

I%

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R E T U R N E D BY F E D E R A L R E S E R V E A G E N T S TO C O M P T R O L L E R FOR D E S T R U C T I O N .

BostonNew Y o r k . .PhiladelphiaCleveland

Richmond . .AtlantaChicagoSt. Louis

141,342408, 791176,281153,788

72,41951, 993

312, 21545,999

24,487105,93840, 70128, 313

16,85117, 80265,06515, 041

59, 469153,07052,46533,855

19, 62015, 02095,84912, 645

44,985108, 84057, 76766,800

25, 610

15,437

113,801

14,125

4,543

12,881

19, 223

19, 512

5,6592,172

28,2312,473

5,662

13, 472

4,996

4,078

3,6191,3187,1761,302

5185,163

210583

2666

841151

1,5739,107

919617

1,034178

1,247257

50240

20


No. 39.—FEDERAL RESERVE AGENTS' STATEMENTS OF FEDERAL RESERVE NOTE TRANSACTIONS FOR 1923—Continued.

RETURNED BY FEDERAL RESERVE AGENTS TO COMPTROLLER FOR DESTRUCTION—Continued.


to

Federal reserve bank agent at—

Minneapolis _ __Kansas City.DallasSan Francisco

Total

Total.

27,32035, 11125,182

121, 926

1,572,367

Fives.

10,44413,1649, 592

37,466

384,864

Tens.

8,3668,0726,120

29, 571

494,122

Twenties.

7,30911,8297,807

44, 689

518,999

Fifties.

400799651

3,498

100,042

Hundreds.

6211,022

8165,971

50,053

Fivehundreds.

6710163

283

8,072

Thousands.

113124133408

15, 710

Fivethousands.

40

195

Tenthousands.

310

ISSUED BY FEDERAL RESERVE AGENTS TO FEDERAL RESERVE BANKS.

BostonNew York....Philadelphia..Cleveland

RichmondAtlantaChicago8t. Louis

Minneapolis-.Kansas City_.DallasSan Francisco.

Total...

195, 650346,270206,400174,000

125,110129,464306,84033,220

40,20539,83052,240

148,164

1,797,393

43,600149,43045,60028, 720

23,94026, 45573,5608,050

11,61513,34014, 51040, 380

479,200

74,900103,24057,80029,480

37,64031, 95081,8406,890

12,8209,22016,57536,800

499,155

65,40066, 20069, 40075, 600

47,44032,350104,24011, 880

13, 20011,36018, 69054,800

570, 560

4,0004,20026,80032, 400

10,9005,07334,2002,700

2,530735

3,900

128, 298

6,0006,4004,8006,100

4,4004,5118,5002,900

1,2603,080910

5,600

54, 461

5504,400400700

1,8801,800150

140100175940

11, 235

1,20012,4001,6001,000

70027,2452,400450

310200645

2,324

50, 474

30050

1,710

2,060

90

150

1,710

1,950

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RETURNED TO FEDERAL RESERVE AGENTS BY OR FOR THE ACCOUNT OF FEDERAL RESERVE BANKS.

Boston __.New York_...Philadelphia..Cleveland


Minneapolis..Kansas City. .DallasSan Francisco.

Total...

167,342408,791194,281167,187

119,299106, 515314,81554,000

33,67038,89437,382150,081

1, 792,257

32,888105, 93846, 70130,713

26,53124,97665,06516,192

11,74413,44712,07238, 266

424, 533

71,469153,07057,46536,655

33,42028,04595,84915,695

11,0169,7529,89530, 731

553,062

49, 784108,84062,76770,800

42,01028, 617113,80116,825

9, 70913, 54913,18747,170

577,059

4,54312, 88121, 22322, 512

10,1594,27228,8312,773

400899726

114, 217

6,46213,4724,9965,078

4,7194,8587,6762,002

6211,022886

6,771

I

58, 563

5185,163210582

126646841151

67101148

1,223

9,776

1,5739,107919817

2,23415,1011,447357

113124468

4,232

36,492

5580

1,3055

50240

20

100

7,170 1,520

8,625

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No. 40.—FEDERAL RESERVE NOTES OP EACH DENOMINATION ISSUED ANDOUTSTANDING.


RETIRED BY FEDERAL RESERVE AGENTS AND AMOUNTSto00

Issued:1914 15191619171918191919201921 _. . . ___19221923

Total -Retired:

1914-1519161917191819191920 -192119221923 - - ,

Total - - _Outstanding, Dec. 31:

19151916 .1917191819191920 - -- ..9211922 - _ - - .1923

Total.

222, 155208,457

1,265,0872, 095, 6952,482,5152, 215, 2542, 049, 6371, 949, 5951, 797, 393

14, 285, 788

8,030122, 472214,573586,475

2, 046, 5701,775,3123,003, 5771, 914,1951, 792, 257

11,463,461

214,125300,110

1,350, 6242,859, 8443, 295, 7893, 735, 7312, 781, 7912,817,1912,822, 327

Fives.

82, 51978,051

192,057383, 769527, mis431,450473, 930507, 890479, 200

3,156, 531

2,49055, 18374,918

162,964452, 728401,856608,182418, 291424, 533

2, 601,145

80,029102, 897220,036440,841515, 778545,372411,120500, 719555, 386

Tens.

78,. 76268, 591

433, 228634, 451807, 561568,800654, 842583, 790499,155

4, 329,180

1, 35546, 23165,049

231,835708,838566, 580907,888558,128553, 062

3, 638, 966

77,40799, 767

467, 946870, 562969, 285971, 505718,459744,121690, 214

Twenties.

43,05948,832

423,376805,055796,030779,060661,485577,310570, 560

4, 704, 767

2, 35515, 26935,807

151,949690, 313590, 996

1,099, 340618, 255577,059

3, 781, 343

40, 70474, 267

461, 8361,114, 9421,220,6591,408, 723

970,868929, 923923, 424

Fifties.

8,1905, 772

90,126140, 305155, 588184, 240103, 069122, 465128,298938, 053

1,1352,9348,487

21,392107, 802101,432198, 417133,373114,217

689,189

7,0559,893

91, 532210,445258, 231341, 039245, 691234, 783248, 864

Hundreds.

9,6257,211

126, 300124,11592,639

120, 75590,11382,80554,461

Fivehundreds.

22, 75727, 21415, 79119,19611.235

708 024 ' Ofi IQQ

6952,855

30,31218,33572, 56161,606

125, 322101, 64658,563

471,895

8,93013, 286

109, 274215,054235,132294, 281259, 072240, 231236,129

1,6028,211

16,87315, 8099, 776

52, 271

21,15540,15839,07642, 46343, 922

Thousands.

8,00055, 95578, 90531,80738, 46950, 474

Fivethousands.

9,00010,7008,2007,3802.060

263 610 'i7 ^ 4 n

5,62126,97647, 01542,14836,492

158, 252

8,00058, 334

110,26395,05591,376

105,358

Tenthousands.

15,32014,13010,40010, 2901,950

52,090

• • r

2,4056,335

12012,4558,625

29, 940

6,59510, 96019,04013,9657,400

4,70011,320

42014,0909,930

40,460

10, 62013, 43023,41019, 61011,630

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N o . 41 .—INTERDISTKICT M O V E M E N T OF F E D E R A L R E S E R V E N O T E S D U R I N G 1923.

[Represents fit notes returned to the bank of issue and unfit notes returned to the United States Treasurer for redemption.]


Returned by—

BostonNew YorkPhiladelphiaCleveland.

RichmondAtlantaChicago.-.St. Louis


Total

Grand total1923_.__1922...-1921....1920....19191918___1917....1916....

Federal reserve notes of Federal reserve bank of—

Total.

Fit . Unfit.

31,142164,01240,51840,979

19, 98219, 56545,40739,449

13,22717, 58811,76626, 396

470,031

22, 65254,89831,84539, 557

27, 59830,11449, 28619, 461

13,76811,09412,868

322, 774

792,805777, 353

1,212,1571,176,154

988,334408,60792,10940,155

Boston.

Fit. Unfit.

43,9123,2471,409

1,1921,1142,538

611

263377254

1,681

56, 598

13,1071,8461,049

1,2611,2501,885

218

115189148466

21, 534

78,13264,842115,85598, 75561, 69522,5954,2191,599

New York.

Fit. Unfit.

18,894

19,4756,651

4,1913,7428,3771,946

1,248923

4,801

71,154

15,909

16, 6587,754

5,94310, 7068,7171,123

552870591

1,479

70,302

141, 456158,611205,360235,657236, 525114, 61030,3259,376

Philadelphia.

Fit. Unfit.

3,91443,255

12,099

7,1671,3002,678

244404303

1,338

73,600

1,92713,899

6,624

7,6071,4432,590

129267168

Cleveland.

Fit. Unfit

1,75619,0627,540

4,0662,2559,6515,635

927485

2,102

1,164

6,511

35,491 54,082

6,7352,92413, 5942,822

468781373813

44,474

109,09196,951

' 140,957124,934114,20447, 7058,0112,100

98,55685,647

140,049130,99594,72039,9755,0002,087

Richmond.

Fit Unfit.

1,12910,3515,3704,730

2,1111,257877

120242207718

27,112

6133,3583,1674,459

2,7161,423

567

74185142236

16,940

44,05250,53986,22269, 56167,91931, 5476,3924,750

Atlanta.

Fit.

10,871866

1,022

1,331

1,9663,400

148500

2,0091,062

23,978

Unfi t .

3872,914

4901,348

2,513

1,8902,282

93378

1,628518

14, 441

38,41942,75988,14268,957

21,3856,1184,434

3>t"1

n

3ft

1ftOft

ft

i

W

o

toCD


No. 41.—INTERDISTRICT MOVEMENT OF FEDERAL RESERVE NOTES DURING 1923—Continued.

[In thousands of dollars.]COO

Returned by-

BostonNew YorkPhiladelphia.Cleveland

Richmond -AtlantaChicagoSt. Louis..,

Minneapolis-..Kansas Ci ty . . .DallasSan Francisco..

Tota l . . . .

Grand total:192319221 9 2 1 . . . . _ .19201919-191819171916

Federal reserve notes of Federal reserve bank of—

Chicago.

Fit.

2,96023,005

2,60011,726

1,1843,063

19,193

7,4265,7301,4276,652

84, 966

Unfit.

1, 5888,3332,111

13, 578

1,9773,678

St. Louis.

Unfit.Fit.

2392,269

3171,526

2883,6275, 526

7,176

5,569' 4,432

1,1953,231

2,3781,4381,021

52, 868 18,898

178932253

2,380

619J4,159J5, 704

2411,7421,517

531

18,256

137,834136, 697203,243195,128146, 27648,857

5,006327

37,15436, 54858, 54359,06450,84815,4323,419],369

Minneapolis.

Fit.

1, 444149334

1225,069

502

1,099144

2,665

11, 791

Unfit.

Kansas City.

Fit.

140646124500

109195

5,616338

1,091167

2,109

11,035

22,82621,06732,58742, 52239, 52013,9065,5083,463

Unfit.

1921,563198471

118345

3,4583,659

147728177712

234559

3,7152,452

945 !

1,6572,957

15, 563

807

2,1452,202

13,878

29,44128,28750,67955,17751, 42725, 8867,8954,181

Dallas.

Fit.

84498

144

791,232

5401,548

761,394

1,399

7,442

Unfit.

567108287

1941,817

7291,331

781,329

914

7,443

14,88514,11834,83744, 54225,16911,6145,7604,355

San Francisco.

Fit.

9697,436658867

301654

4,3471,180

2,2273,2892,919

24,847

Unfit.

40,95941, 28755,68350,86241, 54215,0954,4562,114

5102,125

400866

406667

3,423

1,5072,5043,020

16,112

sI

W

i

wo


FEDERAL RESERVE BANK NOTES.

No. 42.—FEDERAL RESERVE BANK NOTES OF EACH DENOMINATION ISSUED AND REDEEMED BY COMPTROLLER OF THE CURRENCY

DURING 1923, AND AMOUNTS OUTSTANDING.


Federal reserve bank of issue.

IsUallas

Total , all banks* 192319221921192019191918191719161915

Red eemed:BostonNew YorkPhiladelphiaCleveland

JtiphrnondAtlantaChicagoSt. Louis - -


Total.

260

26034, 328

126,324243,076222,353120,816

2, 73211 285

770

1 1795,0491,8191,967

1,9362,6854,5292,014

1,3614,1272,0111,077

Ones.

17,21269, 668

171,496157,14863, 368

3662,767

964654

592510

3,3481,770

9501,1541,386

782

Twos.

8,45626, 09645,12038,00017, 520

8001,524

620124

1,344212825104

292384220276

Fives.

260

2606,300

28,60024,46025, 07432,339

2, 3522,065

10

13639235

1,189

25018485

1192,445

24919

Tens.

1,0801,3201,480

7235,877

1205,560

280

119

8158810

4971

Twenties.

1,280640320

1,4081,712

2603,660

480

Fifties.

200

II

8988426

9585

19

oHO

Ufed

wo

OO


No, 4#.—FEDERAL RESERVE BANK NOTES OF EACH DENOMINATION ISSUED AND REDEEMED BY COMPTROLLER OF THE CURRENCYDURING 1923, AND AMOUNTS OUTSTANDING—Continued.


Federal reserve bank of issue.

Redeemed—C ontinued.Total* 1923

19221921

19201919

1918 _1917

Outstanding Dec. 31 'See Note):Boston .New York.Philadelphia _Cleveland.


Minneapolis.. _.Kansas CityDallasSan Francisco

Tota l : 19231922 .

1921

1920 , .191919181917

19161915

Total.

29,754107,084259,121267,060

77,1945,1292,182

641

2,630918999

5981,7191,821

688

6012,105

880820

14,42043,914

116,670249,467273,451128,29212,60512,055

770

Ones.

15,24358,803

176,394188,38732, 657

981

3331,434

534

500

323428979382

294

385353482

6,42721,67063,261

169,987186,87862,387

Twos.

6,72525,82142,19148,7848,316

148

288652

280136

275166340

76

236410

56292

3,2079,932

27, 29743,39247,05617,372

Fives.

5,42719,63636,69824,31930,110

1,781706

20472104

363

170234

105

71929269

46

2,7837,950

21,28629,38429,24334,279

3,7212,075

10

Tens.

1,1521,8452,2023,4664,5001,5301,015

72

28713127

14073

7301,8822,6473,5295,5159,2924,9455,840

280

Twenties.

' 1,188926

1,5682,0971,611

689461

66813745

241129

1,2202,4082,0542,9824,7594,9623,9394,140

480

Fifties.

1953

687

53

5372

125193

NOTE .—At the end of 1923 all Federal reserve banks except Dallas had extinguished their liability on outstanding Federal reserve bank notes by depositing lawful money withthe United States Treasurer to provide for their retirement. The liability of the Federal Reserve Bank of Dallas on $879,870 Federal reserve bank notes outstanding on Dec. 31,1923, was $471,000, lawful money having been- deposited to provide for the retirement of all notes of $1 and $2 denominations.

to

sHO

13WO


DISCOUNT AND OPEN-MARKET OPERATIONS OF FEDERAL RESERVE BANKS.

No. 43.—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS DURING 1923, DISTRIBUTED BY CLASSES.



BostonNew York...PhiladelphiaCleveland __.



Total

Total (allclasses).

4,161, 28420, 820, 276

3,169, 2772, 979,171

3,021,880902,284

3,316, 6311, 797, 508

386, 7111, 011, 266

419, 7022,496, 533

44,482, 523

Bills discounted for member banks.

Total

3, 652, 77517, 951,8432,911,1422, 436, 808

2, 910, 687728, 081

2, 508,0821, 679,671

290,054901,126300, 694

2,108,963

38,379,926

Memberbank

collateralnotes.

1,481,92415,945, 9692,060, 5191,817,359

2,532,491284, 717

1,869, 6961,198,129

194,261732,179150,812

1, 648,812

29,916,868

Kedis-countedpaper,n. e. s.

2,164,3511,993,904

846,548601, 650

342, 276400, 933572,957417,364

61,84295,49465,183

414, 681

7,977,183

Agri-culturaland live

stockpaper.

4,3394,9253,3223,689

27, 201136, 56663,29326,140

33,12372,23851, 686

2 36,971

363,493

De-mandand

sightdrafts.

361932

31,604

759673

32, 264864

67,457

Bank-ers' ac-cept-

ances.

470

590

50655

75

1,692

3,532

Tradeaccept-ances.

2,1616, 575

75314,110

7,7684,9332,0865,779

69467749

5,943

51,393

Acceptances purchased inopen market.

Total.

302,0831,177, 647

159,105196, 774

10,64394, 701

265, 36032, 580

6,0642,016

74,875225,162

2, 547,010

Bankers ' .

302, 0071,164, 377

159, 066196, 670

10, 64394, 701

265,36032, 580

6,0642,016

74,875225, 111

2, 533, 470

Trade.

7613, 270

39104

51

13, 540

United States securities purchased.

Total.

206,4281, 690, 786

98,831345, 589

100, 55079,431

543,18985, 257

90, 593107,85844,133

162,408

3, 555,051

Bonds.

1416, 904

673

4,797190

18

3,8779,560

36,033

Vic-tory

notes.

39,320_ _ r_ _

1112,023

41,454

Treas-ury

notes.

29, 436476, 836

1,8991,813

503,777

104,8963,417

28, 79619,3927, 275

49

677,636

Certifi-cates of

indebted-ness.

176,9761,157, 726

96, 259343, 776

100, 50070, 746

436,08081, 822

57,92078, 90636,858

162,359

2, 799,928

Munic-ipalwar-rantspur-

chased.

199

71

266

536

1 Includes $250,000 discounted for the Federal Intermediate Credit Bank of Columbia, S. C.* Includes $2,000,000 discounted for the Federal Intermediate Credit Bank of Berkeley, Calif.

CO


No. 44.—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS, BY MONTHS, DURING 1923, DISTRIBUTED BY CLASSES.[In thousands of dollars.] CO

Month.

JanuaryFebruaryMarchApril

M a yJuneJulyAugust

SeptemberOctoberNovember .December

Total: 1923-1922_1921.

1920.1919.1918.1917.1916.

1915.1914.

Total (allclasses).

5, 636, 2994, 038, 9963, 971, 4293, 543, 495

3, 880, 3353, 580, 3863, 765, 9513, 296, 502

2,981,3493, 098, 4303,114, 4793, 574, 872

44, 482, 52328, 670, 59863,141, 608

96, 527, 54886, 737,06747, 414, 531'10,152,126

741, 402


Total.

3, 691, 2593, 720, 5473,519,7003, 291, 071

3, 532, 5133, 098,1313, 487, 4073,052, 050

2, 621, 9612, 794,8522, 676, 7992,893, 636

38, 379, 92622,082,88757, 759,128

85, 320, 87479,173, 97039, 752, 9348, 968, 991

207, 871

307, 771 161, 35322, 293 21, 411

I

Memberbank

collateralnotes.

3,171,1523,148, 2932, 849, 8082, 661,608

2, 869, 0882, 334, 7032, 662, 3332, 346,099

1, 889,8352, 016, 6741,939, 9082,027, 367

29, 916, 86815, 683, 48331, 229,142

55, 565, 44772, 548, 00833,007, 7887, 742,806

Redis-countedpaper.n. . s.

491,128549,065639, 085594, 996

620,866720,156784,138674,026

695, 249720, 429678,909809,136

7, 977,1835,883, 95125,502,115

Agri-culturaland live

stockpaper.

23, 97918,23227, 60230,980

39, 03038, 81436, 59726,168

24, 32934,18131, 36432, 237

De-mandand

sightdrafts.

1691

9071

1361,823

7,29617, 99621,22918, 709

363,493! 67,457467,765841,832 i

29, 376,1086, 415,8996, 537, 8331,188,414

163, 692

Bank-ers' ac- Tradecept'._' accept-

6701, 757

104113

234295

205772

210

3,5323,416

57, 095

.87,16271, 64319,940

159, 394

4,3303,2003, 0853,303

3,4394,3873,9693,639

5, 2325,5155,3175,977

51, 39344, 272128,944

192,157138, 420187, 37337,7715,212

1,959

21,411

Acceptances purchased inopen market.

Total.

152, 754186, 464254,141194, 851

186, 363183, 733

160, 373

159, 420215, 351327, 596339,136

2, 547, 0101,954,6881, 534,401

3, 218, 3642,825,1771,809, 5391,077, 713

386,095

64,845

Bankers'.

151,865184, 935252,019193, 262

185, 074182,858186, 769160,051

158, 666214, 628325, 972337, 371

2, 533, 4701, 948, 3791, 527, 235

3,143, 7372, 788, 6191, 748, 5031,046, 765

369, 762

64, 814

Trade

1,5292,1221,589

1,289875

59322

754723

1,6241,765

13, 5406,3097,166

'4, 62736, 55861,03630,94816, 333

31

United States securities purchased.

Total.

1, 792,286131,985197,54757, 573

161,404298, 51291, 71684, 069

199, 67188, 227

109, 981342,080

3, 555, 0514, 632, 8473,847, 094

', 988, 3104, 737, 920», 850, 348

56, 750

15,714205

Bonds.

2,5801,4731,275

141

12, 2271,046

7711,027

1,4581,286

55012,199

36, 03363, 46717, 732

3231,329

'3,99681, 53756, 450

15, 714205

Vic-tory

notes.

1,5868,4798,191

19,800

41, 454321,57920,800

9428

Treas-ury

notes.

73,17464,53147,18327,854

45,44176,02553, 56854,889

58,15352,00141, 75583,062

677,636845,12065,898

5207,063

300

Certifi-cates of

indebted-ness.

1, 714,94657,502

140, 89826,180

83,936221, 441

37, 37728,153

140, 06034,94067, 676

246, 819

2, 799, 9283,402, 6813, 742, 664

, 987,9784,736,1635,775,832


chased.

5510

297

10320

536176

1,71016,82290,686

65,859677

1 Includes $250,000 discounted by the Federal Reserve Bank of Atlanta for the Federal Intermediate Credit Bank of Columbia, S. C , in November and $2,000,000 discountedby the Federal Reserve Bank of San Francisco for the Federal Intermediate Credit Bank of Berkeley, Calif., in December.

2 Included in preceding column. 2 Exclusive of certificates of indebtedness. * Figures not available.


No. 45.—VOLUME OF TOTAL DISCOUNT AND OPEN-MARKET OPERATIONS, BY MONTHS, DURING 1923.


T " iFederal reserve

bank.Janu-ary.

Boston.. 412,511New York . . . J s , 174,378Philadelphia | 238,147Cleveland 395,543


Minneapolis ___Kansas CityDallasSan Francisco

Total: 1923.. .1922...1921.__

204, 06197, 750

408, 518150, 765

60,145111,38340, 676

292, 422

15, 636, 299% 652, 595

J8, 654,1341920 |7,186, 3171919._.J7, 025, 3361918--. 1,525,98519171916

1914-

49,10537,15123, 450

Febru- !ary. March.

421, 2702, 512,945

243, 434148, 011

144, 80539, 201

208, 45373,193

18, 05234,13122, 560

172,941

4, 038, 9962, 524, 7588, 309,1857,122,0485, 454, 8191, 443, 795

99, 50340, 02920, 346

April.

381,325 262,3172,185,951 il, 917, 015

250,613 I 230,206172,259 155,055

226, 49658, 963

321, 81092, 898

21, 56352, 67421, 976

184, 901

246, 57851, 444

244, 291113, 421

25,10954, 44226, 263

217, 354

May.

269,0501, 997, 541

255, 528251, 583

265,13255,689

242, 409163, 639

38, 098• 78, 72629. 42]

233,519

June.

299, 3791, 378, 937

333,255297, 382

328,18153, 282

303, 277214, 846

July . August.

321,388 | 377,4731,652,573 11,266,024

294, 635246, 517

290, 82955, 328

232,019201,936

333, 829

311, 07261,617

263, 837173.190

37, 930 ! 28, 742

95, 82132,105

225, 991

8334

215,

045190

630

J3, 971, 4292,616,2617, 967, 01018, 770,1005,706,0851, 993, 080

66, 495

50, 98126, 835

3, 543,4951, 666, 6185,084,648',474,478

6,125,8842, 605, 720

95, 73950, 86117, 839

3, 880, 3351, 384, 7245, 040, 8586, 452, 9447, 620,1073, 309, 207

174,12948, 20020, 243

3, 580, 3862,135,1734, 799, 5347, 800, 8396, 771, 913

13, 655, 664

887, 50260, 78523,179

I

13,765, 9511,606,899

.3, 847, 0057, 518, 90717, 692, 825|3, 490, 037i 547,434I 64,355) 27,048

29, 45260, 01142, 516

199, 762

3, 296,1, 471,3, 663,8, 366,16, 808,3, 955,

297,47,29,

502,469163571747612024902375

Septem-

321, 0621, 019, 393

241,134192, 539

272, 84893, 731

261, 404192, 231

33,16477, 28045, 268

231, 295

October.

259, 5121,100, 741

257, 002

Novem-ber.

348, 2121, 218, 375

233, 577269,697 i 247,572

275, 929119, 823274, 592154, 798

209, 214114,191267, 419134,165

Decem-ber. Year.

487, 785 4,161, 284 2, 733, 8511, 396, 403 20, 820, 276 12, 985, 522

Prior years.

1922

274,908269,184

246, 735101, 265288, 602132,426

34,867 25,818 33,771 386,711117,264 124,042 122,447 1,011,26650, 064 37, 613 37, 050 | 419, 702

184,141 154,281 184,296 j 2,496,533

3,169, 2772,979,171

3, 021, 880902, 284

3, 316, 631

1, 797, 508

3,098,430 3,114,479 3,574,872 44,482,5232,825,699 3,400,191 4,465,624 28,670,598o TOO KQI 3^525,792 4,870,435 63,141,608

8, 715, 061 10,659,740 W 527, 5483, 729, 581

, 981, 349, 920, 587, 650, 263, 447, 267 18, 013, 276, 801, 292 18, 468, 032, 953, 969 16, 793, 019678, 063

58, 68023, 556

2, 750, 5181, 832, 763

1,465,127546,954

2, 431, 2271, 044, 836

273, 513414,990273, 560

1,917, 737

2, 770, 80663, 28223, 961

7,812,081 |S, 449, £5, 569, 709 i 8,118, 734 ;47, 414, 531

;6, 737, 067

3,394,417 (1,091,90979, 64538,1799,949

139, 53133, 76012,344

'10,152,126741, 402307, 77122, 293

1921

4, 864, 77834, 239, 6674,162, 5803, 655, 555

2, 812,0161, 688, 9384, 538, 4421, 674, 828

736, 6039G0, 337776, 261

3, 031, 603

HOft

jftft

ftCOft

O

i Exclusive of purchases of United States certificates of indebtedness.

oo


No. 46.—VoLtTMi OF BILLS DISCOUNTED, SY MONTHS, DURING





MinneapolisKansas CityDallas.San Francisco.._

Total: 1923—.1922._ .1921__.1920.__1919._.1918.--1917.-.1916-.1915—-1914

January.

261,8322, 612,835

176, 62388, 757

113,29637, 343

142, 68572, 252

10,96041,37417, 906

115, 396

3, 691, 2592,345, 3658,258,1636, 241,2715,994, 382

18,32611,11510, 713

Febru-ary

391,5952, 393, 409227,102113,962

144,80523, 830162, 00764,382

9,66926,49412, 981

150, 311

3, 720, 5472,080, 3728,120,8496, 517,4394,980, 936762,44522,4097,665

12, 530

March.

330, 9041, 995,976238,144138, 462

225, 34530,403251, 53083, 021

18, 01248, 66312, 743

146, 497

3, 519, 7001, 753, 0987,368,2686, 970, 3315, 473, 564754,93426, 7899,38713,400

April.

235, 2751, 793,116

224, 302140,173

244, 91736,144212, 954107, 645

21, 69553,93223,004197,914

3, 291,0711, 308,0554,912, 6526,229, 7405,901,4022,172, 580

50,05611, 52210,549

May.

248,7621, 747, 309248,967240,137

264, 31349,834212, 300161,808

33, 41177, 66226,167

221, 843

3, 532, 5131,113, 9304, 253,8646,135, 9847, 385,8332,993,019

91,41311,19512,145

June.

263,4881,113, 221301,009266, 360

317, 25351,102214,158206,688

34,48491, 86426, 714

211, 790

3,098,1311,159, 3183, 674,9776,336, 6426,328,9123,137, 226750, 27011, 66013,406

I

July.

295, 6711,503,907279, 008322,132

310, 04453, 243206, 526173,190

25,77682,17332,491203, 246

August.

359, 7551,137,185284, 243220, 704

October.

I

292, 654806, 281228, 029182, 290

290, 578 272, 64352,628 88,071195,874 i 207,283201, 896 189,159

3, 487,4071, 317, 6023, 735, 0786, 714,9247,183,4353,343, 458

460, 73320,18313, 238

T««

26, 48452, 76642, 516187,421

3, 052,0501, 094, 3073, 513, 0637, 982, 5246,433, 6623, 762, 259220, 94017,35212, 234

29, 24073, 09833, 804

219, 409

, 621, 961, 267, 358,033,109,298,972, 726,155,685,140548,164

14, 30914, 405

231, 352939, 392241, 003252, 550

274, 434109, 444242, 094154, 754

32, 914115,85030, 549170, 516

2, 794, 8522,172,1143, 489, 2687, 548, 4568, 060, 3185,903, 9632, 681,166

11,86315, 051

Novem-ber.

310, 025942,119209, 771234, 746

207, 741104, 315229, 722133, 421

22, 859123,11923,311135, 650

2, 676, 7993,155, 7753,231, 2717,882, 933', 414,4985,154, 5973, 206,487

17,90418,2709,949

Decem-ber.

431, 462967, 093252, 941236, 535

245, 31891, 724230,949131, 455

24, 550114,13118, 508148, 970

2, 893, 6363, 315, 5934,168, 5669, 461, 6587, 290, 8736, 215, 083892,23863, 71615, 41211,462

Total.

Total reduced to acommon maturitybasis1 (exclusive ofdemand and sightdrafts).

3, 652, 77517,951, 8432,911,1422, 436, 808

2, 910, 687728, 081

2, 508, 0821, 679, 671

290, 054901,126300, 694

2,108,963

38, 379,92622, 082, 88757, 759,12885, 320, 874'9,173, 970

39, 752,9348,968,991

207, 871161, 35321,411

2, 809,5479, 467,0792, 564, 0952, 272,626

2, 282,3102, 507.799b, 026, 7472, 901, 584

1,104,2492, 032,4451,106, 7753, 237, 214

38,312, 470

Per centof total.

7.324.76.75.9

6.06.5

15.77.6

2.95.32.98.5

100.0

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i Total discounts multiplied by ratio of average maturity of bills discounted by each bank to average maturity (9.89 days) forjsystem.


No. 47.—NUMBER OF BANKS IN EACH DISTRICT ACCOMMODATED THROUGH DISCOUNT OPERATIONS, BY MONTHS, DURING 1923.

Federal reservebank

BostonNew YorkPhiladelphia.Cleveland _.

KichmondAtlantaChicagoSt. Louis

MinneapolisKansas Ci ty . .DallasSan Francisco

Total: 19231922 __._192119201919_-191819171916 .19151914

Janu-

182332285240

255212598192

274257207260

3,2945,3505,2933, 4613,3161,432

309614

Febru-

194341270220

244226444169

174240222232

2,9764,8475,1073,3383,0911,353

262451

March , j April

223 I375 I313 I240 I

243213502191

209254253

3,2824,7015,3203,6703,5751,568

315535570

220

376

323

275

296229451201

242296328270

3,5074, 7385,5684,1753,8752,100

384606606

M a y .

238399359292

325258512228

292345375319

3,9424,6365,6324,6424, 0352,793

590655693

Tune.

244393337

327272521230

314349413311

3,9994,436 |5,745 I4,9484, 0473,021

900678813

July.

212367338294

344278515251

328 |338508337

August. II Septem- Oetober.

4,1104,1675, 6074,8583,6853, 462

960642760

190334329260

318313511258

294322515316 !

3,9604,0425, 4534,7803, 4603,671

990483711

199340322276

316321521271

215327224268

3,6003,9445,4274,7583,7223,464

953448761

190374325300

303345568287

253397143267

3,7523,7935, 5724,9523,8393,6101,140

383794

Novem-ber.

203394342300

266311594284

264406128240

3.7323, 8595,6225 2753,6493,6671 574

336835132

Decem-ber.

225431353323

274267604279

28433692

230

3,6983,8735,6765 5513,6593, 2881 701

314754339

Year.

313590532

470

453351973362

559653617460

6, 3336 9567, 4156 9415,9935,4933 1271,7881 920

Prior

1922

330544538540

491353

1,129400

706733661531

vears..

1921

341531509509

494444

1,191390

765920704617

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No. 48.—VOLUME OF BILLS DISCOUNTED, BY STATES; NUMBER OF MEMBER BANKS IN EACH STATE, AND NUMBER ACCOMMODATEDTHROUGH DISCOUNT OPERATIONS, 1923, 1922, 1921, AND 1920.


CO00

Division and State.

United States.Geographic divisions:

New EnglandMiddle AtlanticEast North Central..West North Central-South AtlanticEast South Central..West South Central..MountainPacific

New England:Maine..New Hampshire.VermontMassachusettsRhode IslandConnecticut

Middle Atlantic:New YorkNew JerseyPennsylvania

East North Central:OhioIndianaIllinoisMichiganWisconsin

West North Central:MinnesotaIowa.-

Number of member banks on Dec. 31. Number accommodated during—

1923

4361,8581,7901,829

923442

1,395603620

645547

1832067

620299939

456272591284187

j

3 7 5 J455 1

9,916

4391,8201,7951,830

937440

1,380651624

635648

1852067

603282935

457274591283190

377459

1921

9,841

4491,7961,7951,826

909426

1,319682

635649

19220

602272922

463275585282190

375459

1920

9,628

4501,7661,7601,816

852409

1,284680611

5549

1892071

595260911

459275566272188

368459

1923

6,333

1922

3231,2401,0851,115

671238903433325

404229

1531346

433220587

282176335185107

161 !333 I

6,956

3391,236J,2213,304

703260

1,005523365

414334

1641146

408198630

307185390212127

222400

1921

7,415

3521,1781,2401,480

750307

1,120574414

1920

6,941

404636

1661351

188592

291193402217137

254

429

354

1,134

1,130

1,430

j 646

273

1,037

549

38

45

40

160

16

55

404

182

548

260

185

380

242

424

Total amount of paper discounted.

1923

38, 379, 926

3, 665, 25922, 265, 6773, 392,1861, 772, 3723, 237, 8051, 067, 396691, 458346, 847

1, 940, 926

1922

22, 082,887

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

2, 276, 63312, 422, 2452,156,040749, 919

1, 651, 636680, 626477, 098426, 817

1, 241, 873

42, 62140, 24621,409

2, 068, 56416, 39287, 401

1921

57, 759,128

4, 488,11036,492, 5724,906, 7572, 573, 7933, 356, 4921, 215, 6951,632,417790, 360

2, 302, 932

52, 76548, 79026. 739

4,170, 61220, 649168, 555

8, 837, 014506, 559

3, 078, 672

669,974i57, 255694? 581540, 79193, 439

97, 457198, 467

30, 228,160727, 867

5, 536, 545

1,

1,

215, 924303, 207782,989295, 999308, 638

474, 581635, 256

1920

85, 320, 874

4, 960, 41257, 985, 9336, 736, 7424, 274,1164,059,9151, 656, 7722, 345, 534836, 761

2, 464,689

50, 29449,93230, 253

4, 554, 28041, 954233, 699

49, 805, 621888, 470

7, 291, 842

1, 062, 757411, 878

3,105, 2571,749,911406, 939

734,318823, 605

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Missouri.__North DakotaSouth DakotaNebraskaKansas

South Atlantic-DelawareMarylandDistrict of ColumbiaVirginiaWest VirginiaNorth CarolinaSouth Carolina.GeorgiaFlorida..

East South Central:KentuckyTennesseeAlabama.- . .Mississippi

West South Central:ArkansasLouisianaOklahomaTexas

Mountain:MontanaIdahoWyomingColorado.New MexicoArizonaUtahNevada

Pacific:WashingtonOregonC alif or nia

192188147194278

229415

19514297

10318471

14912213239

12650

465754

16411049

14646255211

165136319

181188153198274

22941519214010410418878

14811913340

12249462747

1891205114851265511

164135325

188155202275

22971619013610310017372

14511513036

11951400749

2001275114657256511

150134355

187152210271

229816185132979813965

14411112133

11453380737

2001295014556256411

146119346

121118105149128

17621214675878114348

716275

8140259523

1328327894122

10163161

126145127146138

197211150

14239

80658332

9537312561

16510235994723493

10475186

120152145169211

20761014678

16858

848810530

10350

360607

165122391055224625

11086218

127144130192171

20701014045859613446

80729526

9445294604

151112351145022614

10779202

1,118, 52314, 27619, 594.173,45832,926

11, 578485,142613, 041

1,235,751206,836358, 458146.491210,44370,065

746, 537229, 72265,37725, 760

87, 571275, 52360,393267,971

17,997127,9645,041

139,37715,0565,337

35, 792283

122, 584107, 644

1, 710, 698

290, 00820, 76827, 88585,13430,200

16, 731269, 905284, 791526,888124, 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

2 1,107, 212

1, 044, 63765, 30493, 325175,23085,460

38, 614569 55099,228

1, 428,846123, 204311, 828253, 535422, 646109, 041

396, 523615, 489148, 35055, 333

186,439511,488239, 655694,835

65, 531227,46128,863141, 25528,15133, 709263,1522,238

234,339144,946

1,923, 647

2, 095, 0«055, 64982,986356,931125, 537

43,016 ^830,265 Z.124,352 ^

1, 737, 538 t"1

75,972 w

303,320 te304,961 §

540,167 &

100,324 ^

O475,954 ^

986,790 H144,048 fc49,980 W

204,422 j|672,361 fe267,739 g

1, 201,012 M

52,344 %

186,543 g

25,666 £222,453 <30,723 m

21,407 W

295,679 {£

1,946 #

339,012

214,358

1,911,3191 Includes $250,000 discounted by the Federal Reserve Bank of Atlanta for the Federal Intermediate Credit Bank of Columbia, S. C.2 Includes $2,000,000 discounted by the Federal Reserve Bank of San Francisco for the Federal Intermediate Credit Bank of Berkeley, Calif.

CO


No. 49.—VOLUME OF BILLS DISCOUNTED FOR NATIONAL BANKS AND FOR STATE BANK AND TRUST COMPANY MEMBERS OF THE FEDERAL

RESERVE SYSTEM DURING 1923, 1922, 1921, AND 1920.



BostonNew Y o r k . . .Philadelphia _Cleveland

3, 652, 77517, 951, 843

2, 911,1422, 436,808

2, 910, 6871 728, 081

2, 508,082St. Louis 1, 679, 671

Richmond.AtlantaChicago

1923

Minneapol i s - . .Kansas C i t y . . .DallasSan Francisco..

Total

290,054901,126300,694 j

2 2,108, 963

38, 379,926

Total.

1922

2, 262, 0879, 206, 3642, 450, 8431, 523, 346

1,424, 567489, 930

1, 581,004865, 856

193, 014328, 019222, 557

1, 535, 300

22,082, 887

1921

4,454, 76030, 768, 990

3, 872, 3673, 218, 833

1920

Discounted for national banks.

1923

4, 876,556 j 2, 981, 22250,539,429 I 14,015,5755, 820, 258 2, 275, 5132,895, 670 1,402,831

2, 749, 671 3, 346, 3221, 647, 255 2, 231,9464,168,477 6,305,4921, 609, 024 2,438,041

730, 662944, 074

953,3921, 667,943

771,997 j 1,280,1782,823,018 I 2,965,647

57,759,128 85,320,874

2, 485,609410, 837

1, 794, 6811,183, 856

274,791446, 854274, 271

1,138, 509

28, 684, 549

1922 1921

1, 732,0397,231, 9411, 940, 277940, 014

3, 596,01223, 572, 5513,096,8201, 431, 026

1, 272,000 2, 478, 801290,808 | 1,080,731979,373 I 2,821,976632, 877 1, 005,416

162, 458280, 273189,187

654,869787,229653, 382

971,337 1,549,496

16,622,584 42,728,309

1920

3, 903, 57042, 514, 2794, 985, 3431,759,446

3,119, 2601,520,3114, 335, 2901, 689, 278

887,1481, 474, 2771,150, 0001, 949,150

69, 287, 352

Discounted for State bank and trust companymembers.

1923 1922

671, 553 530,0483, 936, 268 1, 974, 423

635, 629 510, 5661, 033, 977 583, 332

425,078316, 994713,401495, 815

15, 263454, 272

26, 423

9, 693,127

152, 567199,122601, 631232, 979

30, 55647, 74633, 370

563, 963

5,460, 303

1921

270, 870566, 524

1,346,501603, 608

75, 793156, 845118, 615

1, 273, 522

15,030, 819

Cj

1920

858, 748 972,9867,196,439 8,025,150

775, 547 834,9151, 787, 807 1,136, 224

227,062711,635

1,970, 202748, 763

66, 244193, 666130,178

1,016, 497

16,033, 522

1 Includes $250,000 discounted for the Federal Intermediate Credit Bank of Columbia, S. C.2 Includes $2,000,000 discounted for the Federal Intermediate Credit Bank of Berkeley, Calif.

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No. 50.—VOLUME OF BILLS DISCOUNTED, BY MATURITIES AND RATES OF DISCOUNT CHARGED.




Richmond..Atlanta....ChicagoSt. Louis...


Total: 1923

Total.

Amount.Averagematuri ty(indays). ]

3, 652, 77517,951, 8432,911,1422,436,808

2,910,687728,081

2, 508,0821, 679,671

290,054. 901,126

300, 694

7.615.228.719.22

Maturity.

Demandand sightdrafts.

7.7634.11 ! 93223.77 |17.41 31,604

37.7522.3240.7815.19

759673

32,264

Within 15days.

3,439,20417,808,9232, 869,1322, 287, 795

2, 689, 744

1,949,0841, 264,107

195.989738, 603154.990

1,866, 270

67,457 | 35,672,207

16 to 30days.

45,34029,9756,018

43, 230

45, 74052, 064

111,89591,481

7,11917,05712,31128, 771

491,001

31 to 60days.

79,08746, 29614,17354, 544

80,627109,558200,085158, 695

21, 48240, 41826, 73276, 757

908,454

61 to 90days.

88, 67066,40521, 54549, 518

88, 785143,083210, 540123, 261

39, 73061, 44044, 409

115, 658

1,053,044

91 days to6 months.

474244272

1,718

5,39513, 73836,0259,460

24,13042, 41029, 20119, 247

182, 314

Over6butwithin 9months.

35340453

1,063

525787

1,396

Rate charged.

4 per cent. 4£ per cent.

591,1384,568,027

5,449

296,855

5, 456,020

3,061, 63713,383,8162, 911,1422, 436,808

2, 910, 687728, 081

2,508,0821, 679, 671

290, 054901,126300, 694

1,812,108

32,923, 9

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1 Based on time bills only.

ftuift

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No. 51.—VOLUME OF BILLS DISCOUNTED, BY MONTHS, DURING 1923, DISTRIBUTED BY MATURITIES AND RATES OP DISCOUNT CHARGED.


Month .


MayJuneJulyAugust . . __.

September. _.OctoberNovemberDecember .

Total: 1923.19221921.1920.1919.1918.1917.

19161915.1914.

Total.

Amount.

3,691,2593, 720, 5473,519, 7003, 291,071

3,532, 5133,098,1313, 487,4073,052,050

2, 621,9612, 794, 8522, 676, 7992,893, 636

38,379,926

22,082,887

57, 759,128

85,320, 874

79,173,970

39, 752,934

207,871161,35321,411

Averagematur i ty(in days).

6.086.708.86a 04

9.4511.1710.0810.65

12.5613.1511.9711.77

12.1413.6313.2910.1311.81

Maturity.

Demandand sight

drafts.

1690

9071

1361,823

7,296

17,996

21, 229

18, 710

67,457

Within 15days.

3, 562, 686

3, 570, 541

3, 285, 607

3,084,351

3, 302, 764

2,842,111

3, 252, 898

2,821,477

2,358,654

2,512,581

2,440, 712

2, 637, 825

35, 672, 207

19,931,136

51, 248, 594

75,914, 215

76,131,886

36, 906, 711

8,129, 286

16 to 30days.

24, 526

26,916

49, 892

36, 616

44,121

50,033

39,066

40, 680

51, 287

46,259

40,033

41, 572

491,001

377, 738

1,062, 513

1,327, 285

387, 563

383,901

181,029

115,053

26,509

12,381

31 to 60days.

39,59762, 24084,16672,067

83,86288,03969, 78681,875

90, 62584, 57273,20878,417

908,454714, 398

2, 025, 5132, 774, 388

791,316754,479272,499

34,42357,8385,180

61 to 90days.

52,30851,63485, 64480,055

76, 20192,093

106, 55096, 654

105, 843119,878

100,096

1,053,044829, 626

3,049,3364,953,0991, 737,9201, 551, 597

357, 046

41,57757,3223,206

91 days to6 months.

12,142

9,216

14,183

16, 723

24, 542

25,149

18,908

9,382

13,182

14, 841

15,960

182, 314

229,989

373,172

351,887

125, 285

156,246

29,131

16, 81819, 684

644

Over 6 butwithin 9months.

1921,169

933

635

63

159

170

384

688

1,056

5,449

Rate charged.

4 per cent.

2,990,0642, 434,809

31,147

4 | per cent.

701,1951,285,7383,488, 5533,291, 071

3,532, 5133,098,1313,487,4073,052,050

2, 621, 9612, 794,8522, 676, 7992,893, 636

5,456,020 32,923,906

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« Figures not available.


No. 53.—AVERAGE MATURITY OF BILLS DISCOUNTED, BY MONTHS, DURING 1923.

[Days.]


BostonNew York __PhiladelphiaCleveland

Richmond.AtlantaChicagoSt. Louis

MinneapolisKansas CityD aliasSan Francisco

All banks: 1923.1922.1921.1920-1919.1918-

Janu-ary.

8.442.888.77

10.84

9.7239.1122.0710.84

56.5118. 7144. 5613.19

Febru-ary.

13.7510.1913.2110.3418.90

3.638.247.86

8.6836.6025.3318.34

51.0224.7744.4210.74

March.

6.974.479.14

10. 95

7.7133.2825. 8322.20

38.1924.3958.2117. 57

6.7011.949.61

12.2610.7427.73

15.3912.3813.7710.1522.25

April.

9.884.188.68

12.16

7.9937.2823.7416.47

45.7526.4043.1513. 80

9.0415.8615.6615.0811. 0711.25

May.

10.884.509.128.31

7.8532.8223.8714.23

38.1925.9549.5413. 00

June.

9.4517.4416.7614.749.13

12.59

9.416.638.638.39

7.0134.4524.0912.82

34.7624.2654.5915.27

11.1715.6119.2914.489.79

10.09

July.

7.965.908.486.96

6.6733.9224.0316.75

34.4121.5850.0916.25

10.0811.9716.1813.639.41

12.85

August.

6.627.358.409.34

7.6630.7523.2714.27

27.9923.5931.8514.49

10.6513.4815.7612.389.33

12.70

Septem-ber.

6.389.398.72

10.81

8.7432.8723.6516.76

31.4320.2421.7614.25

12.5613.4317.2214.279.44

10.38

Octo-ber.

Novem-ber.

7.858.358.669.29

7.9835.9424.3423.24

36.8220.3329.8716.55

13.159.99

14.7813.269.54

11.17

6.506.979.128.92

7.2232.6622.9823.98

37.0321.5832.3315.68

11.978.43

14.4212.1711.3612.37

Decem-ber.

6.056.798.71

10.37

7.5733.6421.5624.04

43.7220.3437.8722.67

11.779.00

11.6711.5511.52'8.54

Year.

7.615.228.719.22

7.7634.1123.7717.41

37.7522.3240.7815.19

9.8912.1413.6313.2910.1311.81

Prior years.

1922

8.195.088.89

13.30

13. 5340.9430.6917.74

53.9339.0455.3814.29

1921

9.246.99

13.0615.90

15.2628.9435.1124. 59

44.4837. 0338.4420.17

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No. 53.—VOLUME OF BILLS, SECURED BY UNITED STATES GOVERNMENT OBLIGATIONS, DISCOUNTED DURING EACH MONTH IN 1923.




RichmondAtlantaChicagoSt. Louis .__

MinneapolisKansas City __DallasSan Francisco

Total: 1923-_.1922_ _.1921.__1920.._1919.__1918. __1917.__

Year

Total.

1, 489, 57315, 961,9462, 062, 7231, 820, 900

2, 524, 369282,954

1,867, 7871,198, 309

184, 906733,645145,193

1, 505, 709

Memberbanks'

collateralnotes.

1,481,92415, 945,9692,060, 5201, 816, 772

2, 521, 421279,014

1,866,0971,195, 580

184, 818731, 992144,739

1, 503,305

29,778,01415,464, 64231, 925,45757, 440,01874,187, 28033, 390,0805,884,161

Redis-countedpaper

January

7,649 110,16215,977 i 2, 438,9652,203 | 142,1424,128 62, 082

29, 732,15115, 379,46330,870,988

2,9483,9401,6902,729

1,653454

2,404

45, 86385,179

1, 054,46955,410,876 |2, 029,14272,289, 83532,142, 4065, 884,161

1,897, 4451, 247, 674

99, 5397,122

110, 66662, 521

4,22436, 6499,01671,356

3,154,4441, 678, 5374,141, 4875,456, 3445, 713, 903378, 507

February

170, 5792, 277, 516

160,99189, 788

124,9747r926

119,16546,811

2,34021,0656,713

104,202

3,132,0701, 284,6983,856, 2325, 544, 2804, 755, 629

400,037

March.

183,5541,816,501

167, 57293, 291

200,10511, 407

171, 27052, 839

10, 36137, 0203,775

89, 026

2,836,7211,032,4023,549,8625,298,8845,271, 540

315,116

April.

81, 453,631,148

162,15087,032

218,95810, 937

162, 62482, 353

11, 65540, 78812,107

149,102

May .

2, 650,307883,804

3, 265,9584, 771,0725,693,8111,806, 669

107, 2341,589,235

175,973177, 028

240, 23413, 322

159, 036123,911

22, 68461, 06413, 367

174,169

2,857, 257736, 259

2, 708,6194, 508,4667,169, 3672, 523, 506

5,184

June.

88,068970, 572188, 752196,187

279, 40614,457

153,338164, 444

24,97674, 58810,066

158, 814

July.

2,323, 668797,893

2,058,1594, 544,8366,036, 2782, 621,132

354, 016

113,2881, 265, 989

191,955254,646

275,85918, 739

151,666127,109

17, 52968, 33313, 579

152, 744

August.

180,290 I994,132 :187,274 j166,461

I

250,334 '23,130

149,131156.731

Septem-ber. October. Novem-

ber.

101, 525674, 464158, 248139, 428

220, 09736,618151,482139, 293

I

19,685 ! 20,09340,444 ! 58,31425,346 I 21,476143,042 158,431

2,651,436 2,336,000 jl, 879, 469932,038 I 729,487 j 804,932

2,184,275 [2,070,133 jl, 610, 696

91, 697753, 426179,166193,114

226, 60546,867177, 75592, 385

19,94096, 26712,646

116, 840

111,703778, 491147,222188, 653

177, 34851,066

174,27573, 848

Decem-ber.

150,020771, 507201, 278173, 190

210,91041,363

187, 37976,064

16,248 [ 15,171102,149 j 96,96410,838 6, 26498, 678 89,305

j 2,006, 708 1,930,5191,499, 0401,871, 588

4, 533, 506 4, 933, 983 J4,164, 062 14,305, 269

2,411,3231, 930, 6494, 349, 723

6, 824,988 6,170, 782 6, 238, 301 i7,348,942 |6, 761, 5422,469,385 3,127,333 ;4,077, 897 J5,308, 281 4,601,248192,916 30,478 j 215,651 i2,262,475 2,586,064

I I

2, 019, 4152, 674, 2292, 677, 7995, 029, 5936,202,1975, 760,969237,377

owHQ

H

ftWft

wo


No. 54.—VOLUME OF TRADE ACCEPTANCES DISCOUNTED, BY MONTHS, DURING 1923.



BostonNew YorkPhiladelphia-Cleveland

Richmond-.AtlantaChicagoSt Louis

Minneapolis..Kansas City-Dallas..San Francisco.

January. February.

58250135

2,604

257156184192

11332336

3677964

333

March.

12469556

789

604

April.

4461061

1,102

8901118983

May.

6447985

1,047

679214162319

June.

20690874

749

99218934478

July.

69137

929

412151204272

4,330 j5,773

20,17116, 52010, 90413,998 |

574444

3,2003,854

13, 26311,001

51,39344, 272

128, 944192,157138, 420187, 37337, 7715,2121,

3,4393,5569,094

16, 5417,062

13,1661,768

4,3873,247

10,01313, 9387,

14,8112,521

276

3,9692,8918,67313,457

8,505

13,822

1,077

199

3,6392,4028,824

14,0116,428

12, 7621,

245

5,232 !2,9777,983

17,16010,60820,9171,126

594320

5, 5153,1209,682

19, 38916,06423, 5204,355

415629

5,3174,5247,851 !

15,14321,92416,191

5,9774,133

[ 10,058! 16,318

23, 46911,61715,4251,103

514

August.

5359225

1,235

398361277263

Septem-ber. October.

12456727

1,014

1,40591061

670

10439869

1,141

714860201

Novem-ber.

18255824

889

4771,043

1851,415

Decem-ber.

1,006504124985

573760109

1,085

Year.

2,1616,575

75314,110

7,7684,9332,0865,779

Year1922.

1,1878,523

76713,881

5,5394,7421,3214,182

Year1921.

1,905

33,517

1,521

26,119

11,817

11,811

9,147

5,141

s

wo


No. 55.—VOLUME OF BANKERS' ACCEPTANCES DISCOUNTED, BY MONTHS, DURING 1923.




RichmondAtlantaChicagoSt. Louis . .

Minneapolis .Kansas CityDallasSan Francisco

Total* 19231922192119201919 .

Janu-ary.

94

576

670873

8,97417, 2261,577

Febru-ary.

290

561

906

1,75792

6,15928,611

737

March.

26

5025

3

104124

11, 51234, 534

800

April.

113

113289

7,40528,172

420

May. June.

1

1576,563

15, 2541,112

1153,7909,431

496

July.

9

200

25

23461

1,9427,069

361

August.

12

179

24

75

5

2958

1,4185,490

182

Septem-ber.

20

2033

2,6068,103

388

Octo-ber.

24

33

57515

3, 84810, 3541,271

Novem-ber.

15

10

25

22

721,007

64013, 2752,053

Decem-ber.

201

9

210142

2,2389,643

62, 246

Year.

470

590

50655

75

1,692

3,5323,416

57, 095187,16271, 643

Prior years.

1922

192

700

751,459

107883

1921

15323,192

51417 264

6911, 4467,974

903212154

4, 592

m

wo


No. 56.—VOLUME OF BILLS BOUGHT IN OPEN MARKET, BY MONTHS, DURING 1923.



Boston. _New York _ . . .PhiladelphiaCleveland , _ .

RichmondAtlantaChicagoSt. Louis.

MinneapolisKansas City-DallasSan Francisco

Total: 192319221921. .__192019191918191719161915.

1914

January.

28, 49649, 22818, 60710, 626

2153,110

15, 4384,706

132

2,67019, 526

152, 754103,910121, 868302,452201, 492130 620

February

26, 06250,17916, 24822, 720

6,91626, 3545,521

5, 259

4,57922, 626

March.

33, 23675, 77512, 03233, 242

1,15122,90722,3039,756

756,435

37, 229

186,464 254,141139,022 144,352169, 456 149, 255300,307 303 25Q

147, 410148 9,75

20, 617 70. 641

9,603 12, 4162,666

143, 662138,99628,15322,9188,356

April.

25,45085, 6505,903

14, 623

1,66114, 40719, 4965,486

2,75919, 416

194, 85195, 724

123, 511247,594140, 639108, 51641,31318, 4994,018

May.

17, 769119, 752

6,1009,501

8194,193

11, 3851,830

1293,254

11, 631

186,363150, 607138,601274, 237147,650115,91482, 54421,9122,865

June.

26,14693,12111, 6457,324

9281,557

25, 7863,504

2,18111, 541

183, 733175,49364, 673

285, 753291,91589, 580

135, 23042, 3254,701

July.

22, 66692,822

7,83011, 696

1,0287,330

29, 373

1,69912, 384

186, 828158, 75846, 670

219, 464276, 485123, 57466,86436, 5755,986

August.

14, 55576, 81510, 39225, 770

2512,367

16, 83040

1,012

12, 341

160, 373185, 208107, 303259, 708194, 211162, 79672,12328, 4474,656

Septem-ber.

14, 77176, 7779,9915,636

2055,006

26,609

759, 464

10,886

159, 420217, 053

81, 883257, 989205, 048183,132109, 04637, 0874, 548

October.

24, 304101, 59215, 99916, 874

1, 4959,446

22,15422

50375

9,41513, 625

215, 351206, 617139, 081281, 833335, 262256, 70586, 89440, 8956,340

Novem-ber.

33,892190, 81123, 38112, 625

1,4739,253

22, 224744

26014, 30218, 631

327, 596175, 378161, 999231, 840340, 695195, 698186, 21948,5477,919

Decem-ber.

34, 736165,12520,97726,137

1,4178,209

27, 408971

62390

18,11735, 326

339,136202, 566230,101253, 828400, 708155, 733178, 06966,87112, 790

Total.

302, 0831,177, 647

159,105196, 774

10, 64394, 701

265, 36032, 580

6,0642,016

74, 875225,162

2, 547, 0101, 954, 6881, 534, 4013, 218, 3642, 825,1771, 809, 539

21,077,713386,09564,845

Total reduced to acommon maturity

basis.i

Amount.

209,034661, 219300,167337, 411

14, 220139, 065467,75147, 688

8,3133,926

125, 005233, 211

2, 547, 010

Per centof total.

8.226.011.813.2

.55.5

18.41.9

.3

.14.99.2

100.0

d

SII3ftftftu

i

wo>

1 Total purchases multiplied by ratio of average maturity of bills purchased by each bank to average maturity (39.42) for system.3 Includes $168,411,520 of acceptances purchased from the Federal Reserve Banks of Boston and New York by other Federal reserve banks.


IVo. 57.—VOLUME OP BILLS BOUGHT IN OPEN MARKET DURING 1923, BY CLASSES.



BostonNew York . . . .Philadelphia _Cleveland

Richmond _AtlantaChicagoSt. Louis

MinneapolisKansas City _ _._DallasSan Francisco

Total

Total(all classes).

302,0831,177, 647

159,105196, 774

10,64394,701

265,36032,580

6,0642,016

74,875225,162

2,547,010

Bankers' acceptances.

Total.

302,0071,164,377

159, 066196,670

10, 64394, 701

265,36032, 580

6,0642,016

74,875225, 111

2,533,470

Foreign.

180,924838,374105, 453156,695

2,50874, 738

170, 78522,853

4,697980

55,140144,192

1,757,339

Domestic.

104, 783270, 521

41, 76735,823

8,13519,02483,8058,001

1,3321,036

17,04475,904

667,175

Dollarexchange.

16,30055, 48211,8464,152

93910, 7701,726

35

2,6915,015

108,956

Trade acceptances.

Total.

7613,270

39104

51

13, 540

Foreign.

1312, 621

39

51

12, 724

Domestic.

63649

104

816

OO

cj>

IS

owHo

I

wo


S300

to

No. 58.—VOLUME OF BILLS BOUGHT IN OPEN MARKET DURING EACH MONTH IN 1923, BY CLASSES.


Month.

JanuaryFebruary.MarchApril..

MayJuneJulyAugust

SeptemberOctoberNovemberDecember

Total: 1923.1922.192119201919

Total(all classes).

Bankers' acceptances.

Total .

152,754186,464254,141194, 851

186, 363183, 733186, 828160,373

159,420215,351327, 596339,136

2, 547,0101,954,6881,534,4013,218, 3642,825,177

151,865184, 935252,019193, 262

185,074182, 858186, 769160,051

158, 666214,628325,972337, 371

2, 533,4701,948,3791, 527,2353,143, 7372, 788, 619

Foreign.

104,402129,276189,820135,112

122, 366138,409132,950109,472

115,004140,155217,039223, 334

1, 757,3391, 400,0571,019, 6892, 367,8812,020,888

Domestic.

43,90549, 57849,42848, 580

53, 55539, 47943, 53846, 561

36, 54062, 23196,29497,486

667,175484, 530368, 972711,311756, 425

Dollarexchange.

3,558

6,081

12, 771

9,570

9,153

4,970

10, 281

4,018

7,122

12, 242

12, 639

16, 551

108,956

63, 792

138, 574

64, 545

11,306

Trade acceptances.

Total.

1,529

2,122

1,589

1,289

875

59

322

754723 j

1,624. 1, 765

Foreign.

13,5406,3097,166

74, 62736, 558

1,5291,9391,589

1,289875

59322

754723

1,6241,132

12, 7245,8447,081

68, 87627,289

Domestic.

1o

633 £

81646585

5,7519,269

wo

i

CO


No. 59.—VOLUME OF BILLS BOUGHT I.V OPEN MAEKET DURING 1923, BY RATES OF DISCOUNT CHARGED.



Boston.New YorkPhiladelphia-...Cleveland

RichmondAtlanta _._Chicago.. ...St. Louis

MinneapolisKansas City....DallasSan Francisco

Tatal

Total.

302,0831,177,647

159,105196, 774

10, 64394,701

265, 36032, 580

6,0642,016

74,875225,162

2, 547,010

3 % percent .

24,53823, 527

65015, 557

4,5699, 6184,121

1,450

3,66917,699

105,398

4 per cent.

88,1121,029,951

59,41165,025

42,86081,80722, 646

3,609

17,83654,004

1,465, 261

4 | per cent.

154,54491,33491, 95190,014

2,56222,929

121, 7843,917

1,0051,012

49,91486,413

717,379

4J per cent.

30,37415, 7836,798

23, 236

7,5561,697

39, 5691,896

2,92664,138

193,973

4 | percent.

3,8563,247

2562,411

525167

5,827

5301,541

18,360

4& per cent.

100

100

4J per cent.

46712, 653

39531

22,4796,651

1,004

1,367

45,191

4 | per cent.

168942

4

1,114

4 |per cent.

8210

218

4J per cent.

4

4

5 per cent.

12

12

CnO

wo


No, 60.—VOLUME OF BILLS BOUGHT IN OPEN MAKKET DURING EACH MONTH IN 1923, BY RATES OF DISCOUNT CHARGED.


Month.

JanuaryFebruary. .MarchApril

May.JuneJulyAugust „

September _ . .October _ • -_NovemberDecember.._

Total

Total.

152,754186,464254,141194, 851

186,363183,733186,828160, 373

159, 420215,351327, 596339,136

2,547,010

3|per cent.

28,48330, 20827,61818,993

96

105, 398

4 per cent.

97,118128,690174,174124, 546

130, 57694, 78990,99082,900

80, 587109,410171,874179,607

1,465, 261

4 | per cent.

22,61022,32243,21836, 660

32,91566, 56769,19751,488

56,85974, 813

117, 330123,400

717, 379

4| per cent.

2,0541,0314,5439,668

18, 25019, 73120, 57322, 728

15, 34020, 66530, 42828, 962

193,973

4 | per cent.

95146589

1,850

2,0681,0624,0371,231

2,6122,1681,3161,186

18,360

4-rg- per cent.

100

100

4J per cent.

2,1843,9753,9132,948

2,2041,4752,0311,907

4 0228,2876 6485,597

45,191

4 | per cent.

9286

186

25011

119

8

362

1,114

4J per cent.

210

2

6

218

4f per cent.

4

4

5 per cent.

12

12

3O

W

B

wo


No. 61.—AVERAGE MATURITY OF BILLS BOUGHT IN OPEN MARKET, BY* MeMM&, DURING 1923.

[Days.]


BostonNew York . . . .PhiladelphiaCleveland.



System. _ . .Prior years: 1922.

1921.1920.1919.

Janu-ary.

22.5319.9477.9955.47

52.3245.9559.8655 41

19.83

49.5832.11

37.7431.5638.2247.0555.51

Febru-ary.

27.1123.7585.1157.36

49.3955.3354.54

52.70

47.8038.16

43.1431.9936.9850.5045.67

March.

28.5820.1478.3172.22

50.0164.2171.0761.45

31.0459.6651.61

46.5933.9133.9949.3342.69

April.

39.7330.6974.6663.79

62.0762.2671.1758.58

54.6738.88

44.2835.2826.6051. 5942.00

May.

23.7724.3978.0469.63

59.0655.3352.3152.42

58.9852.5044.98

33.0237.0123.2044.2245.80

June.

26.3321.0474.3877.50

62.4839.7370.6344.73

47.6629.86

36.0737. 5728.8345.7245.60

July.

20.9223.5971.2564.32

46.5563.5386.23

41.5338.50

40.5136.6331.2647.8251.21

August.

21.3819.0275.8168.29

56.8961.0275.4961.79

77.70

32.43

38.8542.1825.3336.7850.73

Septem-ber.

24.3320.5976.6669.15

58.5149.4372.08

85.2382.3333.85

40.3251.2425.8941. 7146.15

October.

24.1522.7771.0066.30

54.4764.2971.9988.17

75.2085.8573.4130.81

39.8746.2325.7735.5148.36

Novem-ber.

38.3123.9475.8267.38

46.5951.7374.7879.98

85.5469.1040.94

38.2643.4125.6035.1155.55

Decem-ber.

22.7416.6259.7375.52

• 40.9847.7861.6182.88

70.8059.9168.3148.98

35.3839.1423.3938.4357.11

Year.

27.2822.1374.3767.59

52.6657.8969.4857.70

54.0376.7865 8140.83

39.4239.9128.5343.8350.45

Prior years.

1922

28.3725.1861.5960.89

58.7551.7371.7169.21

73.0165.5940.90

1921

18.3220.6144 8137.81

43 9152 2162.1816 85

39.2956.7851.7933.69

to

o


No. 62.—VOLUME OF BILLS BOUGHT IN OPEN MARKET DURING 1923, BY MATURITIES.



Total.

Amount.Averagematurity

(days.)'

Maturity.

Within 15days.

16 to 30days.

31 to 60days.

61 to 90days.

Over 90days.

BostonNew York.. . .Philadelphia..Cleveland

RichmondAtlanta..ChicagoSt. Louis

Minneapolis..Kansas City._DallasSan Francisco

Total. . .

302,0831,177, 647

159,105196, 774

10,64394, 701265, 36032, 580

6,0642,01674,875225,162

2, 547,010

27.2822.1374.3767.59

52.6657.8969.4857.70

54.0376.7865. 8140.83

205, 634952, 9884,8153,472

4004,8725,384958

15020938

90, 531

39.42 1, 270,162

25, 85478, 23614, 38737, 608

2,22919, 29844,0028,169

1,409

22,31253, 66524,88940,116

4,51624,844

8,90235, 609

7,664

2,148227

19,95838,159

275, 703 287, 344

43, 94772, 81591,46283, 030

3,49842,173139, 59115, 561

2,0851,769

42, 01647,913

585,860

4,33619, 94323, 55232; 548

3,51427, 537

228

272

3,06112,950

127,941

OWHO

5o

C7100


No. 63.—VOLUME OF BILLS BOUGHT IN OPEN MARKET DtraiNG 1923, BY MONTHS AND MATUKITIES.


Month.


May.—JuneJuly—-August-.

September.OctoberNovemberDecember..

Total: 1923.1922..1921..1920..1919..1918..1917..1916..1915..1914..

Total.

Amount.

152, 754186, 464254,141194, 851

186, 363183, 733186,828160, 373

159, 420215, 351327, 596339,136

2, 547, 0101,954,6881, 534,, 4013, 218, 3642, 825,1771, 809, 5391, 077, 713

386, 09564, 845

Averagematuri ty

(days.)

37. 7443.1446.5944.28

33.0236.0740.5138.85

40. 3239.8738.2635.38

39.4239.9128.5343.8350.45

Maturity.

Within 15days.

76, 29768, 21098, 68077, 517

107, 657102, 68696,13590, 629

84, 543112, 949172, 392182, 467

16 to 30days.

22, 73728,17931, 88323, 789

19, 69917, 06018, 56412,149

14,17522,38630, 80634, 276

0)0)(0(0

1,270,162939, 086937, 607

1, 060,151578, 751161, 96432, 048

275, 703207,194215, 338449, 424455, 789276, 656128, 89338,442

31 to 60days.

15,18333, 26332,07029,130

24, 03718, 72316, 49111, 382

14, 28316, 52934, 28141, 972

287,344270,126224, 037848, 890807, 326466, 589267, 03563, 6519,057

61 to 90days.

27, 87743, 72772, 09454, 082

23, 95337, 75945,10536, 735

38,15655. 77478, 75671,842

585, 860429, 425153, 945859,899982, 877876, 539613, 296284, 00252, 808

Over 90days.

10, 66013, 08519, 41410, 333

11,0177,505

10, 5339,478

8,2637,713

11,3618,579

127, 941108, 857

3,474

43427,79136, 441

s

wo

i Figures not available.


No. 64.—VOLUME OP UNITED STATES BONDS AND VICTORY NOTES PURCHASED, BY MONTHS, DURING 1923.



Boston ._ . .New YorkPhiladelphiaClevelandKichmond.AtlantaChicagoSt LouisMinneapolisKansas City-DallasSan Francisco

Total: 1923 - -1922 .1921 _

1920. .191919181917191619151914-.

Bonds and Victory notes purchased during1923, distributed by classes:

XJ S Victory notesU. S. bonds -

Liberty bondsAll other

Jan-uary.

141,190

570523

41,865

4,16655,388

11

2181,014

14, 3372,4316,6272,651

1,586

2,356224

Febru-ary.

8,104

1,226353

14255

9,95255,369

5146

14, 747145

9,4972 566

8,479

959514

March.

7,438

278730

895

9,46657,310

21166

9,8238,6418,2501 340

8,191

1,147128

April.

3,026

141372

3,53947, 792

520

11

3,2392,870

10, 43075

3,398

141

May.

31,41250

205235

125

32, 02711,9628,362

8615, 832

526,114

285

19, 800

12,19829

June.

300

252

94400

1,04636, 530

1,640

27813,0481,2421,322

560

1,01531

July

1 1

635

77114, 708

601,142

18, 367341478

68190

August.

195

532300

1,02720, 334

240

19

2853,825

501735

1,00720

Sep-tember.

439

191,000

1,45828,127

50

1

10720,8312,193

488

1, 43919

Octo-ber.

233

531,000

1,28645,1256,856

61

1,306190

71,200

1,27511

Novem-ber.

198

231

21100

5505,927

5

61

931,5475,6282,989

5482

Decem-ber.

5,054

1,017

1286,000

12,1996,474

20, 848

14

3721, 3965,5402,347

205

12,14257

Total.

1456, 224

673

4,9082,213

183,8779,560

77, 487385,046

38, 532

3321,757

73, 99681, 53756, 45015, 713

205

41, 454

34,9081,125

Distribution, by

U.S .Victorynotes.

39,320

1112,023

41, 454321, 579

20, 800

9428

classes

U. S. bonds.

Libertybonds.

1416,904

548

4,505

3,4779,460

34, 90846, 83517, 702

1,73,81,

Allother.

125

29219018

400100

1,12516, 632

30

323329396537

56,45015, 714

205


No. 65.—VOLUME OF UNITED STATES TREASURY NOTES PURCHASED, BY MONTHS, DURING 1923.

[In thousands of dollars.] O)


Boston _New YorkPhiladelphiaCleveland „«.RichmondAtlanta - _Chicago *St. LouisMinneapolis . . . .Kansas CityDallasSan Francisco _

Total: 192319221921192019191918 i1917 1

1916 *

Treasury notes purchased during 1923:Under repurchase agreementAll other

Janu-ary.

5,62351,890

1,046464

50935

6,5472,5043,009

61,100

73,1746,771

520

63, 7829,392

Febru-ary.

2,91540, 215

45103

72910, 455

6142,7346,717

4

64,531114, 884

456

53,35411,177

March.

51933,322

100

158,816

212,354

4361,600

47,18399, 387

1,882

45, 7571,426

April.

82519,364

1

3545,868

2751,167

27, 85458,803

1,22050

26,8071,047

May.

1,62429,700

35625

2159,163

13,554

758

45

45, 44120, 948

42,9172,524

June.

1,81056, 389

881,215

13611, 465

22,4182,502

76,025110, 36813, 624

756

70,3645,661

July.

1,75934,807

77913, 729

2,304190

53, 56837, 7614,626

1,370

51, 4152,153

August.

1,85736, 340

938,924

1,9475,728

54, 88970, 562

942

47,1217,768

Septem-ber.

1,15544, 678

1367,988

3,0071,189

58,15392, 84511, 253

54, 8733,280

Octo-ber.

1,21439, 998

964,630

1,55211

4,500

52,00189,86610, 775

1,369250

45,8426,159

Novem-ber.

2,42428, 635

24

1508,626

1,364532

41, 75545, 4559,178

40,6851,070

Decem-ber.

7,71161, 498

2405

1398,685

3,3861,323

75

83,06297, 47015, 500

10

77, 4375,625

Total.

29, 436476,836

1,8991 813

503,777

104,8963,417

28,79619,3927,275

49

677, 636845,120

65, 898

5207,063

300

620,35457,282

Takenunderrepur-chaseagree-ment.

28,986474,079

102, 667

8,8023,1202,700

620,354561, 383

Allother.

4502,7571,8991 813

503,7772,2293,417

19, 99416, 2724, 575

49

57, 282283,737

1 Figures for 1916-1918 represent renewable one-year gold notes; those for later periods represent Treasury notes with a definite maturity in excess of one but of not more thanfive years.


No. 66.—VOLUME OF UNITED STATES CERTIFICATES OF INDEBTEDNESS PURCHASED, BY MONTHS, DURING 1923.

[In thousands of dollars.] .


BostonNew YorkPhiladelphia...ClevelandRichmondAtlantaChicagoSt. Louis.Minneapolis...Kansas City.-.DallasSan Francisco.

Total: 1923..1922..1921..1920..1919..1918..

Certificates purchased during1923:

From U. S. Treasury(temporary certificates):

Under repurchase agree-ment

Allother

January

116,546459, 23591,871

295, 69890,50055, 792

243, 32571,29944,17970,00319,000

157, 500

1,714,946141,101274,092642,376828, 447511,022

1,593,000

55, 39666, 551

Feb-ruary.

21,03839

11, 226

6,5009,2842,662

135920

5,000

57,502135,060

304,296326,327518,192

24,78032,722

March.

16, 66673, 440

171555

5,36038,431

100302

3,5001,1981,175

April.

76715, 859

1258

3985,601

152,247

51050024

140,898 ! 26,180562,114449,487

1,496,38788,694

1,089,232

156, 24447,965

997,14383,842

321,326

109,000

18,53713,361

22,7273,453

M a y .

89569, 368

1,920

1,2429,326

1,13352

83,93687, 277

640,03142, 72386, 537

184,426

43,000

33,1347,802

June. July.

I7,935 1,292

116,206 j 21,037213 '

22,483 | 110,000 I

22551,8684,652

9341,0553,2102,660

221, 441653,464

, 044, 6201,178,445

150, 808415, 800

144, 500

58,19418, 746

14414,209

Au-gust.

1,30615, 684

Septem-ber.

Octo-ber.

Novem-ber.

43

12, 48291, 657

3,1144,613

2,64219, 759

273

1,87156, 810

100201

35 j10,391

37,37778,06160,631584, 519232,84521,797

28,153101,04041,615124,321

3,000

33,583794

489205

4819, 5243,072898

1,6522,0001,000

6045,714

2229828

5,600

140,060 34,940315,204 |311,965523,968890,308

83, 592182,927

180,874 j 1,870,088 | 72,45330,222 j 85,5S2 '631,044

24,7063,446

96, 500

39,9133,647

2426,847

1,57431

67,67617, 653

122, 676600,282

Decem-ber.

13, 876197, 633

7506,507

15621, 560

5,084903350

Total.

176, 9761,157, 726

96, 259343, 776100, 50070, 746436,08081,82257, 92078,90636,858

162, 359

Tempo-rary cer-tificates

pur-chasedfromU . S .

Treasury

155,000758,00094,000

325,000100, 50054,500

311,50070, 50047,00073,50024,000

161,000

Certifi-catestakenunderrepur-chaseagree-ment.

18,446333, 525

246,819 12,799,928 j 2,174,500843,498 3,402,681 2,148,500435,107944, 253

3,742,664 2,993,100

56,887 758,3617,987,9784, 736,163

7,262,000

219,309 1,747,880 ;5,775, 832

28,1156,825

65, 5282,149

185,500

44,34316,976

2,174, 500

448,956176,472

95, 685

1,090210

Allother.

448,956411,817254, 986312,581

3,53066, 2012,259

18, 776

16, 24628,89511,32210,9204,316

12,6481,359

176,472842,364494, 578413,397


GOLD SETTLEMENT FUND.

No. 67.—SUMMARY OF TRANSACTIONS, JANUARY 1 TO DECEMBER 31, 1923.


00


BostonNew YorkPhiladelphiaCleveland.Richmond -_AtlantaChicagoSt. Louis. . .MinneapolisKansas CityDallasSan Francisco

Year: 192319221921192019191918191719161915

Balance With-Jan. 1. | drawals.

28,077169, 37830, 59971, 88827, 61820,15377, 26131,20723, 49930, 7686,214

37, 700

20, 062436,000

5078,160

40560

40, 270139

12, 5052,700

32, 8141,044

Deposits.

554,362522, 063357, 278329, 737401, 926311, 644169, 74077, 760

0)

624, 344466, 218652, 011539, 684392, 293102, 433382, 858136, 550

25, 580

65, 022415, 500185, 000

15, 00079,88720, 522

128, 28439, 80015, 29674, 23528, 320

148, 500

Transfersto

agent'sfund.

110,000

30,000

224, 000

46, 000

78, 500

91, 000

145, 000

86, 500

23, 000

45, 000

14, 000

247, 000

1, 215, 366

1, 215, 831

1, 880, 634

1,186,940 |

1,124,304

693,181

966, 556

301, 570

155, 800

1,140, 0001, 326, 8161, 651, 2101,118, 3001,479,6401, 512, 297

852,88194,52052, 460

Transfersfrom

agent'sfund.

25, 000

50, 000

53, 000

10, 000

10, 000

65, 000

95, 000

76, 000

10, 000

28, 000

7,500

136, 204

£65, 704609, 502587, 372498, 585675, 440

1,011,831411, 08721,480

Interbank transfers.

Debits.

124,150

396, 900

87, 000

79, 000

52, 000

46, 500

104, 500

32, 500

29,100

17, 000

26, 500

44, 000

Credits.

Settlements from Jan. 1, 1923, to Dec. 31,1923, inclusive.

Netdebits.

21, 200 i

469, 750 |

38, 400

43, 700

47, 000

23, 500

106,100

59, 500

28, 500

82, 000

12, 000

107, 500

131,914

1,039,150

1,153, 975

3, 289, 081

7, 551, 585

7, 930, 859

4,812,105

2,643,846

1, 039,1501,153,9753, 289, 0817, 551, 5857,930, 8594,812,105

2, 643, 846

9,97552, 095

103, 249

92, 006

389, 239748, 639

1,150, 0021, 565, 8393, 526, 2742, 670, 3392,154, 721

223, 87085, 697

7, 883, 938

25, 971, 805

7, 962 170

7, 235, 202

6, 363, 899

3, 038, 467

12, 832, 348

6, 018, 696

1, 725,160

4, 350, 576

2, 858, 300

3,374,172

89, 614, 733

75. 335, 987

64, 934,801

85, 074, 220

66, 053, 393

45, 439, 487

24, 319, 060

5, 533, 966

1, 052, 649

Totalcredits.

8, 031, 733

25, 839, 891

7, 996 160

7, 366, 526

6, 370,897

3, 065,125

12, 822, 373

5, 966, 601

1, 736, 015

4, 247, 327

2, 889, 919

3, 282,166

89, 614, 733

75, 335, 987

64, 934,801

85, 074, 220

66, 053, 393

45, 439, 487

24, 319, 060

5, 533, 966

1, 052, 649

Netcredits.

147, 795

33, 990131, 324

6, 99826, 658

Balancein fundat close

ofbusinessDec. 31.

10,855

31, 619

389, 239748, 639

1,150, 0021, 565, 8393, 526, 2742, 670, 3392,154, 721

223, 87085, 697

32, 882109,81429, 93968, 75240, 96317, 773

106, 90035, 27323, 54547, 05412, 33945, 854

Net changes inownership of goldthrough interbank

transfers andsettlements.

Loss.

59, 06414,610

Gain.

8,37525, 095

38, 249

28, 506

571, 088

554,362

522, 063

357, 278

329, 737

401, 926

311,644

169, 740

77, 760

44, 845

96,0241,9983,658

10, 255

17,119

§

8

wo

i Established May 20, 1915. 2 Included in settlements.


No. 68.—CLEARINGS AND TRANSFERS OF ALL FEDERAL RESERVE BANKS COMBINED THROUGH THE GOLD SETTLEMENT FUND, BYWEEKS, DURING 1923.


Week ending-

Jan. 4 (3 days)11._1825

Feb. 1____8

1521

Mar. 18 . . . .

152229

Apr. 5 _.1219.26

May 3 ._10172431

June 714.. ...2128

July 5 - . .1219..„.._..26

Aug. 2

Totalclearings.

1,078, 1111,793,5761,814, 3631, 715,3651, 679,3951, 523,0231, 478,4891, 501, 2331,993, 0131, 691,9421,694, 8241,944, 3271, 704, 7991, 677, 2441, 655, 8211, 815,3671, 893, 4621, 798, 5681, 636,1871,858, 6971,816, 8831, 502, 3831, 734, 6221, 673,1171,909,0821, 775, 7511,667,3691, 635, 4961,751,3501, 693, 6531, 606,0291, 472,455

Totaltransfers.

Total clear-ings andtransfers.

3,00084,00062, 50018, 5006,1006,0005,000

6,000 J5,00055,00042,00014,000

4,00014, 50021, 5008,50012,000127,00043, 7009,00029,85075,50024, 50018, 40023,1007,5002,5002,0006,000

1, 081, 1111,877, 5761, 876, 8631,733,8651, 685, 4951, 529,0231,483, 4891, 501, 2331, 999,0131,696,9421, 749, 8241, 986,3271,718, 7991, 677, 2441, 655,8211,819, 3671, 907,9621,820,0681, 644, 6871, 870, 6971,943, 8831, 548,0831, 743, 6221,702, 9671,984,5821, 800, 2511,685, 7691, 658, 5961,758,8501,696,1531, 608,0291,478, 455

Week ending—

Aug. 16.23..30..

Sept. 6_.13..20..27..

Oct. 4..11..18..25..

Dec.

Nov.

15..22-

6.-13202728-31 (3 days).

Total: Year 192319221921 _.1920191919181917.- . . _.19161915 (from M a y 20).

Totalclearings.

1,392,9741, 638,6561, 505, 7001, 288,0381, 559,1971,898, 8191, 768, 5751,789, 7531, 684, 0061, 799,0381, 885, 7711, 799,2311, 655,8631, 701, 3481, 999,407

1, 566, 9662, 005, 6251, 729,6892, 047, 6311, 645, 3921, 067,058

89, 614, 73375, 335, 98764, 934, 80185, 074,22066, 053,39345,439,48724, 319,060

Totaltransfers.

4,0007,5001,0003,000

10,00051, 500

1,00015,00011,00021,00021,00016,0006,0006,000

11,0002,500

10,00012, 50085, 5005,0002.000

1, 039,1501,153, 9753, 289,0817, 551, 5857,930, 8594, 812,1052, 643, 846

Total clear-ings andtransfers.

1,396,9741,646,1561, 506, 7001, 291,0381, 569,1971, 950,3191, 769, 5751,804, 7531,695,0061,820,0381, 906,7711, 815, 2311, 661, 8631, 707,3482,010, 4071, 569, 4662, 015, 6251, 742,1892,133,1311, 650,3921,069, 058

90, 653, 88376, 489, 96268, 223, 88292, 625, 80573, 984, 25250,251, 59226,962,9065, 553,9661,052, 649

cj

Xfl

o

OrCD


FEDERAL RESERVE AGENTS' GOLD FUND.

No. 69.—SUMMARY OF TRANSACTIONS, JANUARY 1 TO DECEMBER 31, 1923.


Federal reserve agent at—

BostonNew YorkPhiladelphia.-.ClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas C i t y . . .Dallas - .San Francisco..

Year 1923.19221921.192019191918191719161915

BalanceJan. 1.

123,000341,000157,889165,000

62, 795100,000393,64455,50032,00052,36012,500

185, 410

1,681,0981, 394,884

886, 327928,497496, 604102,58056,8600)

Withdrawals.

140,0005,000

175,000

75,00053,500

124,00046,000

5,00036,0004,500

91,000

755,000924,000

1, 589, 5001,060, 7001,011,370

103,59456,59027,320

Deposits.

50,000

10,00010,50057,00016,000

5,000

Transfersto bank.

25,00050,00053,00010, 00010,00065,00095,00076,00010,00028,0007,500

136, 204

148, 500492,900

1,023, 854451, 350165,00035,0218,820

4,400

565, 704609,502587, 372498, 585675, 440

1,011,831411,087

21,480

Transfersfrom bank.

110,00030,000224,00046,00078, 50091,000145,00086,50023,00045,00014,000247,000

"I

1,140,0001,326, 8161, 651, 2101,118,3001,479,6401, 512,297852,88194,52052,460

Total with-drawals andtransfers to

bank.

165,00055,000228,00010,00085,000118, 500219,000122,00015,00064,00012,000

227, 204

Total depos-its and trans-

fers frombank.

160,00030,000

224,00046,00088,500

101, 500202,000102,50023,00050,00014,000

247,000

1, 320, 7041, 533, 5022,176, 8721, 559, 2851,686,8101,115, 425

467,67748,800

1, 288, 5001, 819, 7162,675,0641,569,6501,644,6401,547,318

861,70194,52056,860

Balance atclose ofbusinessDec. 31.

118,000316,000153,889201,00066,29583,000376, 64436,00040,00038,36014,500

205, 206

1, 648, 8941,681,0981,394,884

886,327928,497496,604102,58056,860

O

HW

wo

i Established^September 8, 1915.


CLEARING OPERATIONS.

No. 70.—OPERATIONS OF THE FEDERAL RESERVE CLEARING SYSTEM DURING 1923,

[Numbers in thousands. Amounts in thousands of dollars.1

Federalreserve bank.

BostonNew YorkPhiladelphiaClevelandRichmondAtlanta.Chicago ._St. LouisMinneapolis _Kansas CityDallas _.San Francisco

Total: 1923...-1922__._192119201919

Items drawn on banks in-

Federal reservebank cities.

Num-ber.

7,86228,12913,6768,3731,6291,574

13,1165,0343,3715,3662,8943,619

Amount

8, 430, 73451,192, 70310, 327, 4625,891, 8163,917,5091, 364, 366

12,302, 7554, 363, 2201, 538, 7502,676,8491, 802, 2124,671,228

94,643

97, 517

78, 374

63, 599

43,206

1108,479,60487,698,64258, 365, 28472, 494, 62062, 481, 093

Federal reservebranch cities l

Num-ber.

2,648

10, 508

3,490

3,500

3, 816

3,245

319

4,170

1,421

9,687

42,804

39, 544

33,142

23, 447

14, 833

Amount.

District outsideFederal reserve

bank and branchcities.

Num-ber.

T1, 489,055

12, 520, 1112, 567, 8193,173, 3224, 244,1382,879, 770

190, 5761,918, 4.85

777, 8074,851,045

67, 24029, 87042, 51635, 48114,67761, 25432, 00821, 74641, 27324, 40844,564

34,612,128 465,73617,320,887 1413,67916, 297, 746 [377,85620,228,821 J337, 62813,115,715 1214,177

Num-ber.

5,897,8559, 301, 3543,901, 3994, 681,3794,913,9431, 601, 2265, 272,8121, 974, 2251, 230, 2272, 865, 5223, 400, 2333,106,614

Other Federalreserve dis-tricts (for-

warded directto drawee

bank).

Amount.

48,143,789

40, 423, 947

38,825,254

57, 083,187

46, 340,904

190162104

7543

20,242

61, 7304, 024

85,996

48, 641

22,017

23, 593

37, 240

Items drawn onUnited States

Treasurer.

Num-ber.

1,82413,125

1,9522,5361,3341,4445,0162,362

7702,007

7852,648

35,80333, 98033, 20027, 367

Amount.

200,9541, 392, 272

330, 887254, 317185,101199, 957674,650220, 776

227, 70592, 368

639,064

4,511,7355, 014,3835, 649, 7476, 679, C43

32,900 '14,518,471

Total items handled (exclusive of duplications'

Number.

1923

60, 385

111, 142

45, 498

64, 049

41,934

21,195

83, 202

42, 649

26, 268

52, 828

29, 508

60,518

639,176

584,882

522,676

452,116

305,159

1922

52,696

103, 871

50, 445

55, 570

38, 239

25, 313

74, 417

37, 350

24, 031

48, 043

26, 044

48, 863

1921

48, 852

90, 873

45, 944

46, 446

35, 374

17, 763

65, 273

32,905

22, 543

51, 403

26,104

39,196

Amount.

1923

14, 529, 54363, 375, 38414, 559, 74823, 367, 86511, 584,372

6, 338, 87122,494, 3559, 437, 9913,114,9677, 692, 5856, 072, 620

13,267,951

195,836,252(150,506,500119.160,048156,509,264136,493,423

1922

11,509,40360,499, 55112, 590, 78911,146,0257,418, 8494, 713, 618

14,176,1585,993, 0272, 703, 6647,123, 4284, 591, 0568, 040, 932

1921

11, 060, 48234, 212, 78611, 691, 60810, 493, 330

7, 276,9093, 463, 3383. RRO. 4545,452,4572,658, £337, 646, 054

4, 431,9247,191, 873

3

W

j

a

W

o

1 For list of Federal reserve branch cities, see p. 165.


No. 70.—OPERATIONS OF THE FEDERAL RESERVE CLEARING SYSTEM DURING 1923—Continued.

[Numbers in thousands. Amounts in thousands of dollars.]


BostonNew YorkPhiladelphia-..ClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas City. . .Dallas...San Francisco..

Total: 1923..1922..1921..1920..1919..

Items forwarded to

Branches in own dis-trict, by head office.

Number.

302

541

471

663

153

164

12

1,192

599

1,913

6,0105,6165,7836,6714,844

Amount.

64, 452

149, 525111, 027121, 57931,71518, 082

1,200195, 223

78, 214245,166

1,016,183921, 022

1,141, 6121, 799, 8562, 056, 827

Head office, bybranches.

Number.

432

5791,040

32744

114

16490143639

3,8243,8003,5802,6951,326

Amount.

223,148

158,949107, 054389, 303

21, 2899,213

14, 254211, 624

21, 793112,880

1,269,5071, 095, 9431,175, 5971, 644, 7751,119,942

Other Federal reservebanks and branches.

Number.

2, 77317, 2545,8272,2643,7801,7335,250

8091,1374,0561,1992,372

48,45444, 33642, 88242, 71630, 265

Amount.

639, 9402,142,6481, 248, 381

678, 0131, 309, 371

601, 806526, 88482,148

252, 944717, 736157,356440,538

8, 797,7657,948,9859, 004, 996

19, 551, 32817, 230, 824

Total items handled (including duplications).

Number.

1923

63,158129,13051,32567, 43347, 22523, 918

43, 73627,43358, 56631, 44965,442

697,464638, 634574,921504,198341, 594

1922

55,123119,31657,11358,14342, 88327, 75078, 50938, 47625,148 |54, 520 |27, 92453, 729

1921

50, 830105, 21554,29648, 71639, 25920, 23668, 94333, 99823, 70658, 24628, 03843, 338

Amount.

1923

15,169, 48365, 805, 63215, 808,12924, 354, 35213, 111, 8247, 451, 55923, 074,2439, 547, 4343, 383, 3658, 817,1686, 329, 98314,066,535

206,919,707160, 472, 450130,482,253179, 505, 223156,901, 016

1922

12,082, 66362, 563,78913, 880, 22211, 956, 4228, 762, 8195, 587,997

14, 661, 2276,114, 4422, 960, 2348, 290, 0194, 835, 5688, 777,048

1921

11,651,34536, 397, 63313, 497, 57311, 500, 5348, 620,8874, 378, 84014, 054, 4055, 605, 4652,942, 3628,980, 3684, 797, 2678,055, 574

-I-

to

d>

i§

wo


So, 71.—NUMBER OF MEMBER AND OF NONMEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AT THE END OF EACH MONTH IN 1923.

1923JanuaryFebruaryMarchAprilMay___JuneJulyAugust..SeptemberOctober...NovemberDecember

December, 1922December, 1921December, 1920December, 1919December, 1918

Total.

Mem-ber

banks.

9,9119,9179,9229,9239,9279,9339,9169,9059,906

9,896

9,9169,8419,6299,0668,692

Nonmemberbanks.

On

17, 77717, 72417,69217,66317,64317, 58917,56517,38117, 25517,114

16,919

16, 725

17, 822

18,102

19,139

16,499

10,305

Noton par

list.

2,2822,2852,2802,2792,3102,324

2,5802,6722, 7912,896

2,2882,2631,7553,996

10,247

Boston.

Mem-ber

banks.

427427428429429427424424423423423424

427436436432423

Nonmemberbanks.

Onparlist.

259234234232232230229229230230229228

259257255245246

Noton parlist.

New York.

Mem-ber

banks.

812812814816823827830831831833835839

800783753723

Nonmemberbanks.

Onparlist.

342341344344348351352351355358359360

343334329322339

Noton parlist.

Mem-ber

banks.

Philadelphia.

715715715717718720721721722721721725

717704698678661

Nonmemberbanks.

Onparlist.

492492491494495495501503504505506514

473439415329

Noton parlist.

* 102

Cleveland.

Mem-ber

banks.

882882882889886885882882882883882

881884871843814

Nonmemberbanks.

Onparlist.

1,0851,0841,0871,0841,0821,0841,0751,0751,0741,0711,0721,071

1,0851,0851,0791,085

728

Noton parlist.

Richmond.

Nonmemberbanks.

Mem-ber

banks.

1411

Onparlist.

632 j635639634635635631630629630629631

634626610585565

960961959953954932927917912910888865

Noton parlist.

564561558558556573576589591592615637

962990

1,266485351 I U,156

568577334

Atlanta.

Mem-ber

banks.

541542542539537538536534536536535535

543515462426426

Nonmemberbanks.

Onparlist.

379377378383377380378381380379378380

380390408355209

Noton parlist.

1,1311,1321,1291,1241,1261,1241,1311,1271,1281,1271,1271,127

1,1291,1561,2331,2191, 345

CO


No. 71.—NUMBEE OP MEMBER AND OF NONMEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AT THE END OF EACH MONTH IN

1923—Continued. OS

1923JanuaryFebruary- _.MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..

December, 1922_December, 1921 _December, 1920.December, 1919.December, 1918-

Chicago.

Mem-ber

banks.

1,4421,4411,4411,4381,4381,4401,438

1,4401,4401,4401,4371, 435

1,4431,4431,4211,3741,334

Nonmemberbanks.

On parlist.

4,2434,2474, 2414,2384,2394,2364,2364,1784,1624,1394,1194,105

4,2464,2354,2663,8962,392

Not onpar list

607187

101114

St. Louis.

2931,805

Mem-ber

banks.

613616620622623624624624624626627630

610588571538514

Nonmemberbanks.

On parlist.

2,4662,4612,4602,4592,4572, 4532, 4502,4242,4052,3992,3952,373

2,*4672,4892,5142,3091,046

Not onpar list.

159159159159159159159187201210215233

159167188355

1 1, 600

Minneapolis. Kansas City. Dallas.

Mem-ber

banks.

1,0131,0121,0101,0091,0041,006999993991987979979

1,0141,0241,009920867

Nonmemberbanks.

On parlist.

2,5942,5912,5832,5762,5702, 5582,5422,4862,4162,3212,1952,085

2,5962,6352,8911,8791,169

Not onpar list.

189182184180182187191233287342406445

188154

1,0251 1, 743

Mem-ber

banks.

1,1491.1521,1541,1521,1541,1541,1551.1531,1551,1471,1471,146

1,1521,1031,087

Nonmemberbanks.

On par j Not onlist, par list.

2,9762,9662,9522,9432,9412,9302,9352,9232,908 !2,8932,8732,858

3,0073,0913,391

1,038994

3,3462,200

167167170173169174173177182189194196

165185

Mem-ber

banks.

i 979 I

863861862862863863863862862863864863

861861850756727

Nonmemberbanks.

On par j Not onlist, par list.

1,0391,0391,0321,0231,0141,003

999

979974958

1,0451,1511,2741,220

247 1947

San Francisco.

Mem-ber

banks.

822822815816817814813811811809810

857831723644

Nonmemberbanks.

On parlist.

942931931934934937941934929930931928

946972

1,027942

1,049

Not onpar list.

272829292928303740404344

26

109i 159

tr1

wo

1 Approximate figures.


OPERATIONS OF BRANCHES.No. 72.—OPERATIONS OF FEDERAL RESERVE BRANCH BANKS DURING 1923.


Federal reserve branch and district number.

No. 2—BuffaloNo. 4—Cincinnati . _ _ .

PittsburghNo. 5—BaltimoreNo. 6—Birmingham _

Jacksonville _. . _ . . _NashvilleNew Orleans.

No. 7—DetroitNo. 8—Little Rock

LouisvilleMemphis

No. 9—HelenaNo. 10—Denver. _

Oklahoma CityOmaha

No. 11—El PasoHouston _ ._

No. 12—Los AngelesPortland . ._Salt Lake City

• SeattleSpokane _

Total: 1923 . . . _ ._ . . ._192219211920

Bills dis-counted and

bought.

7,584

11,597

24, 4718,1199,1555,237

14, 5999,518

11, 447

16,51610,1677,6856,2424,942

12, 689819

9,151

169,938

Currencyreceived and

counted.

38,150, 00028, 200, 44652,035,61137, 831,12213,142, 53716, 040, 956

10, 652, 54322,087, 67648,140, 335

7, 453, 35020, 771, 70716, 395, 3252, 289, 4815,969,5003, 854, 6045,184, 5323, 523,0638,396, 672

37, 735,1845, 417,8732, 793, 9068, 348, 5661, 550, 464

395, 965,453

Checkshandled.

10,976,00015, 500,00021, 992, 00016, 749, 0004,169, 0003, 999, 0004, 206, 0003, 787, 000

13, 007, 0005, 331, 0008, 079,0003, 934, 0002,108, 0008,120, 000

14, 419, 0009, 940, 0002, 640,0006, 207, 000

31,214,0004,863,0006, 438,0005,814, 0003,657,000

207, 149, 000183, 028, 000

1 157, 692, 000i 125, 435, 000

Noncash collection itemshandled.

Governmentcoupons.

417,0601,813,0511, 807, 3521,138, 327

80, 354121, 310

All other.

137,959105,982

70, 04276,96414, 72024.162

74,511 24.813595, 921974, 632105, 557641,963197, 839122, 894583,16733,021

470, 79863, 498

227, 5941, 240,023

559,024263, 931620, 723296, 681

12,449,231

36, 29261, 74624, 48735, 84137, 38125,31836, 69156, 87333, 94619, 89228, 460

109, 05615, 24045,01632, 78618, 272

1,071, 939

Transfers offunds.

13,09418, 59315, 52725,0355,9926,337

3,99014, 68530, 3319,470

12,14012, 38811,86411,4247,779

227 83112, 87520, 77934, 21514, 441

17, 61714, 2738,883

344,563

-

Fiscal agency—Issues,

redemptionsand exchanges

of U. S.securities.

547,6566,147,1522,903,591

471,737

190,358202,171

1,351, 4781, 804, 3802, 386,153

810,4152,053,410

421,891399,136982,093

1, 284,0771,505,079

125, 727560, 298

1, 519, 8161, 576, 834

519,9521,420, 551

515, 329

29,699,284

i Figures for 12-month period ending Dec. 15.

i

wo


No. 72,—OPERATIONS OF FEDERAL RESERVE BRANCH BANKS DURING 1923—Continued.

AMOUNT OF ITEMS HANDLED.

Federal reserve branch and district number.

No.No.

2—Buffalo4—Cincinnati.

Pittsburgh _5—Baltimore6—B irmingham

JacksonvilleNashvilleNew Orleans

7—Detroit8—Little Rock

LouisvilleMemphis

9—HelenaNo. 10—Denver

Oklahoma City.Omaha

No. 11—El PasoHouston

No. 12—Los AngelesPortlandSalt Lake City..Seattle...Spokane

No.No.

No.No.

No.

Total: 1923..1922..1921..1920..

Bills dis-counted and

bought.

$860,519,802

553,129,469

312,881,126730, 668, 550

70, 521,970710, 682, 510147, 895, 34817,997,318

140,844, 728

178,498, 74134,867, 58540, 085, 723

123,129, 583107, 675, 307162, 748, 61351,946,17571, 408,296

4, 315, 500, 8442,941,917,0005,742,170,0006,836,678,000

Currencyreceived and

counted.

$200,440,000130,329,400388,847,573218, 909, 945

54,731, 39065,100, 62737, 473,07698, 253, 231

401,142, 80028, 404,133

111,412,87661,193, 20019, G09, 48544,186,70019, 802,05028,374,89425, 732, 30041,911,404

269,740, 33552, 780, 78722, 641, 70671,448, 59211,905, 898

2,404,372,4022 1,815,877,0002 1,804. 992,0002 1,616,708,000

Checkshandled.

$2, 782,914,0005, 806, 826, 000

10,191, 398, 0004, 224,491,0001, 486, 994, 0001, 257, 806, 0001,412, 033, 0001, 097, 428, 0005,197, 928, 000

873, 456, 0002, 252, 263, 000

703,121, 000361, 930, 000

1, 408, 098, 0001, 733, 581, 0001, 298, 461, 000

346, 537, 0001,464, 372, 0004,752,026, 0001, 354, 011, 000

854,738,0001, 053,355, 000

483,561,000

52,397, 328,00032,160, 339, 00030, 841,136, 00037, 560, 687,000

Noncash collection itemshandled .

Governmentcoupons.

$3, 815,73016, 654,26520, 860, 40710, 807, 773

477, 290706, 635471, 659

5, 014, 87612, 333, 060

510,1165, 729,1521, 336, 568

616, 5544, 517, 787

270, 8942, 385, 526

262, 7391, 421, 3389,157,9583, 680, 5131, 074, 9473, 735,4541, 292,382

All other.

107,133,623

$102,934,10167,002, 67181, 445,00988, 526, 24229, 525, 76216, 544, 44327, 354, 77037, 809, 75499, 343,79028, 364, 70141,104, 24886, 206, 9689, 579, 043

34, 935, 63238, 668, 67135, 027, 42812, 712,12867, 780, 24060,160,10120,128,44128, 363, 72545, 471, 79610, 938, 922

1,069,928, 586

Transfers offunds.

$683,072, 625394,108, 230546,362, 652798,335,886137, 282,35398, 737, 29564, 746,670

481, 494, 4652, 438, 735, 440

248, 705, 842397, 240, 376389, 451, 752141, 328, 753257, 465, 912139, 227, 433391, 270, 296153, 098, 639973, 430, 946

2, 811, 203, 714505, 950, 271397, 246,802683,145, 565149, 902,799

Fiscal a g e n c y -Issues,

redemptionsand exchanges

of U. S.securities.

$8, 565, 57877,426,85385, 485, 9544,125,0625, 229, 5792, 577, 5476,390,406

51,477, 23439, 789, 9375,125,960

17, 216, 3064,865,1151, 623, 014

10,688, 3196, 099, 264

10,925,3171,156, 5754, 545, 686

24,925, 88414, 267,1064,467,882

23,178,4975,093,008

13, 281, 544, 716 415,246,083

F

whrj

I

wo

NOTE.—Currency received and counted during 1923 by agencies of the Federal Reserve Bank of Atlanta: Havana, Cuba, agency—561,830 pieces, amounting to $7,226,600 (fourthquarter only); Savannah, Ga., agency—2,007,171 pieces, amounting to $10,983,430.

1 Figures for 12-month period ending Dec. 15. 2 Represents currency and coin received from member and nonmember banks.


EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS.

No. 73.—EARNINGS AND EXPENSES OF EACH FEDERAL RESERVE BANK DURING 1923.

EARNINGS.

Total.

Discounted bills $32,956,293Purchased bills 9,371,288United States securitiesDeficient reserve penalties...Miscellaneous

Total earnings.

7, 444,089521,061415,835

50,708,566

Boston.

$2,320,839741,384419,739

9,17215,549

3,506,683

New York.

$8,255,6161,969,8371,087,251

40,80059,649

11,413,183

Philadel-phia.

Cleve-land.

$2,693,392952,999910,01021,75414,616

j$2,326,5791,511,554

739,93529,56447,458

4,592,771 4,655,090

Rich-mond.

12,681,59062,79539,51183,61411,356

2,878,896

Atlanta. Chicago. St. Louis.

SI, 998,189550,770

79, 75242,27811,325

$3,872,139 i$l,968,7881,420,395 I1,049,666 '

37,573131, 586

2,682,314 6,511,359

253,773520,78038,857

1 28,763

2,753,435

Minne-apolis.

$1,088,89931,414520,72491,94316,273

1.749,253

KansasCity. | Dallas. San Fran-

cisco.

SI, 793,861 $1,170,022 $2,786,34929,361 826,172 1,020,834

971,27137,374

162,052

268,65962,36129,222

2,993,919 2,356,436

836,76125,771

154,488

4,615,227

CURRENT EXPENSES.

Salaries:Bank officersClericalstaffSpecial officers and

watchmenAllother

Governors' conferencesFederal reserve agents' con-

ferencesFederal Advisory Council—Directors' meetingsTraveling expenses3

Assessments for Federal Re-serve Board expenses

Legal fees

i Debit.

,471,411,025,794

812,283,625,025

6,923

3,45012,358

147,287281,469

702,63444,768

$137,500895,768

103,019378

176478

6,17310,022

52,4741,978

$469,3283,873,284

193,627312,456

758

332657

21,66428,320

190,846586

$131,499994,796

59, 811103,077 j

312

138540

6,22313,965

60,8832,588

$223,067 $166,7921,045,915 | 729,497

97,326 j178,431 i

492 I

211950

7,81219,218

76,1587,059

38,58770,547

345

132663

6,51519,618

36,4493,207

$177,065 I $332,875426,492 j 1,947,951

32,90939,336

551

239952

26,07920,341

28,6166,741

108,696344,363

711

1,0079,09431,780

97,426

$160,116749,767

32,96943,970

523

4431,26611,33329,183

31,300185

$113,236460,128

24,04135,756

606

901,1959,50732,649

23,70414,149

$161,747821,310

76,369148,210

589

261707

25,85014,999

30,2966,040

$135,730619,370

37,365111,275

510

3611,2786,06424,976

25,034321

$262,4561,461,516

77,260134,5851,148

7042,66510,97336,398

49,4481,914

2 Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council.


No. 73.—EARNINGS AND EXPENSES OF EACH FEDERAL RESERVE BANK DURING 1923—Continued.

CURRENT EXPENSES—Continued. 00

Insurance (other than oncurrency and security ship-ments)

Insurance on currency andsecurity shipments

Taxes on banking houselight, heat, and powerRepairs and alterations,

banking houseRentOffice and other suppliesPrinting and stationeryTelephoneTelegraphPostageExpressageFederal reserve currency:

Original cost, includingshipping charges

Cost of redemption, in-cluding shippingcharges

Taxes on Federal reservebank note circulation

All other expenses

Total

Total.

$378,427

545,985

625,109

246,381

255,979

830,238

594,440

696,934

200,151

590,287

1,723,758

367,565

1,651,134

332,390

8,131

590,200

29,770,511

Boston

$26,967

71,248

108,063

25,532

7,25829, 61028,46261,78420,4278,233

167,09733,827

236,694

31,439

36,294

2,134,254

New York.

$65,411

98,065

31,882

20,131

1,700311,78688,30886,52346,83765,172248,05285,492

421,229

76,748

110,942

6,880,136

Philadel-phia.

$24,089

88,80121,61429, 565

76,7372,90353,95757,67926,67923,146141,36347,148

252,141

40,627

35,445

2,295,726

Cleve-land.

Rich-mond.

72,77927,52821,019

5,830129,65057,83368,75314,92937,614156,67721,147

182,662

20,880

Atlanta. I Chicago. St. Louis.

$28,300 j $22,289

32, 996

41,831

10,724

7,883

1,186

31,489

43,926

6,057

40,489

126, 823

24,063 |

25,840

8,419 | 21,88ft

$18,995 | $38,601

28,608 ;

41,967 i

11,108 |

5,668

19,789

30,365

46,209

4,97077, 34696, 99122,036

41,328 I 78,992

18,039

103

33,725

2,550,659 1,551,156 11,294,232

56,083

230,455

49, 602

88,30842,176144,239112,92230,16462,125207,99455,244

57,752

2,006110,094

Minne-apolis.

$20,323

17,630 |7,397 I3,097 j

36070,38922,13537,1576,97044,223123,98613,017

210,993 | 7,287

7,835

29,814

4,373,024 1,472,675

$30,474

11,4091,5931,836

19646,69923,86036,7576,98825,75790,303

7,955

40,005

10,622

32,622

1,082,137

KansasCity.

$36,202

17,057

76,594

44,288

55,00724,14337,49045,2167,85071,530142,083

9,075

11,749

3,540

50, 449

1,928,119

Dallas.

$28,073

20,918

33,070

25,622

6,7381,248

27,46735,06712,18950,98895,40922,304

San Fran-cisco.

6,437

2,482

33,497

,391,228

$38,703

30,391

3,115

3,857

294

120,629

48,835

64,941

16,091

83,664

126,980

25,864

27,435 143,2

24,422

47,019

2,817,165


No. 74.—PROFIT AND LOSS ACCOUNT OF EACH FEDERAL RESERVE BANK DURING 1923.

Earnings

Current expenses

Current net earnings...

Additions to current net

earnings:

Amounts deducted from

reserve for depreciation

on U. S. bonds

All other

Total additions

Deductions from current net

earnings:

Depreciation allowances

on bank premises

Reserve for probable

losses.

Reserve for self insurance

Reserve for depreciation

on U. S. bonds

Furniture and equip-

ment . .

All other

Total deductions

Net deductions from current

net earnings.. . . ,

Total.

$50,708,566

29,770,511

20,938,055

158,857

77,865

236,722

4,022,246

2,448,775

202,756

66,034

1,202,808

520,872

8,463,491

8,226,769

Boston.

13,506,683

2,134,254

1,372,429

5,290

20,559

25, S49

122,048

20,309

3,786

146,143

120,294

New York

$11,413,183

6,880,136

4,533,047

1,697

1,697

1,235,937

52 756

58,021

144,351

1,491,065

1,489,368

Philadel-phia.

$4,592,771

2,295,726

2,297,045

18,807

810

19,617

23,733

70,648

44, 444

138, 825

119,208

Cleve-land.

$4,655,090

2,550,659

2,104,431

4 148

7,803

11,951

699,651

100,000

336,702

58,808

1,195,161

1,183,210

Rich-mend.

$2,878,896

1,551,156

1,327,740

1,888

1,888

89,671

50,000

50,000

43, 216

3,898

236,785

234,897

Atlanta.

$2,682,314

1,294,232

1,388,082

848

1,941

2,789

305,411

668,416

57,228

7,637

1,038,692

1,035,903

Chicago.

$6,511,359

4,373,024

2,138,335

29,946

11,957

41,903

451,044

363,586

166,662

20,591

1,001,883

959,980

St. Louis

$2, 753,435

1,472,675

1,280,760

80,294

564

80, 858

2,200

123,687

29,971

23,597

179, 455

98,597

Minne-apolis.

$1,749,253

1,082,137

667,116

8,327

8,327

40,405

200,000

53,856

23,328

32,399

349,988

341,661

KansasCity.

$2,993, 919

1,928,119

1,065,800

4,547

4,547

393,983

128,086

12,178

60,379

128,010

722,636

718, 089

Dallas.

$2,356,436

1,391,228

965,208

17,795

4,659

22,454

42,242

590,000

12,062

11,076

655,380

632,926

San Fran-cisco.

$4,615,227

2, 817,165

1,798,062

1,729

13 ;U3

14, 842

615, 921

325,000

324,282

42,275

1,307,478

1,292,636


No. 74.—PROFIT AND LOSS ACCOUNT OF EACH FEDERAL RESERVE BANK DURING 1923—Continued.

Total. Boston. New York.Philadel-

phia.Cleve-land.

Rich-mond. Atlanta. Chicago. St. Louis.

Minne-apolis.

KansasCity.

O

Dallas. S a » F i ? n -

Net earnings available fordividends, surplus, andfranchise tax

Dividends paid ,Transferred to surplus ac-

countFranchise tax paid U. S.

Government

$12,711,286 11,252,135 $3,043,679 2,177,837 $921,221 $1,092,843 $352,179 $1,178,355 $1,182,163 $325,455 $347,711 $332,282 i $505,420

6,552,717

2,545,513

3,613,056

480,267

77,187

694,681

1,749,239

129,444

1,164,996

582,292

1,178,588

416,957

725,626

195,595

342,295

3.84,404

366,144

264,622

8,756

78,801

904,371

27,398

246,586

296,810

407,070

478,283

212,733

11,272

101,450

275,313

7,240

65,158

251,429 467,720

80,853 37,706

No. 75.—REIMBURSABLE EXPENDITURES OF FISCAL AGENCY DEPARTMENT.

Expenditures during 1923:Salaries . .All other

Amounts reimbursable Jan.1,1923

TotalReimbursements received

during 1923.

Balance reimbursableJan. 1,1924

Total.

$1,326,500586,160

368,243

2,280/903

2,154,253

126,650

Boston.

$71,9536,788

25,491

104,232

100,083

4,149

New York.

$128,106293,985

110,312

532,403

514,205

18,198

Philadel-phia.

$76,81324,150

14,377

115,340

110,627

4,713

Cleve-land.

$227,94780,314

v 34,728

342,989

323,246

19,743

Rich-mond.

$31,52414,527

6,360

52,411

46,151

6,260

Atlanta.

$56,32211,223

8,719

76,294

68,604

7,690

Chicago.

8239,35450,686

39,741

329,781

307,126

22,655

St. Louis.

$74,38617,879

25,168

117,433

109,329

8,104

Minne-apolis.

$141,08733,360

28,032

202,479

191,026

11,453

Kansas.City.

$146,61318,921

33,782

199,316

190,900

8,416

Dallas.

$46,01114,270

6,674

66,955

62,887

4,068

San Fran-cisco.

$86,38420,057

34,829

141,270

130,069

11,201


No. 76.—GROSS AND NET EARNINGS OF EACH FEDERAL RESERVE BANK, ALSO DISPOSITION MADE OF NET EARNINGS, 1914-1923.


All Federal reserve banks:1914 .1915 . .1916191719181919192019211922 . . .1923

Total...

Boston:19141915191619171918 .19191920192119221923

Total

Earnings.

Gross.

$63,1452,110,1075, 217,937

16,128,33967, 584, 417

102,380, 583181, 297, 338122, 864, 605

50, 490, 73950, 708, 566

598, 845, 776

891124, 568490, 888

1, 285, 8844, 475,1957, 497, 583

12, 273, 2536, 968, 6623, 541, 3133, 506, 683

40,164,920

Net.

2 $310,287168, 828

2, 750,9989, 579, 607

52, 716, 31078, 367, 504

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

403, 863, 981

2 25, 8182 8, 785295, 935740, 359

3, 305,1805, 777, 381

10, 272, 5644, 281, 3531,097,4021, 252,135

26,987, 706

Disposition of net earnings.

Dividendspaid.

$217,4631, 742, 7746,801, 7265, 540, 6845,011, 8325, 654, 0186,119, 6736, 307,0356, 552, 717

43,947, 922

249, 735601,756384,180414,447447, 266473,109481,951480, 267

3, 532, 711

Transferred tosurplus.1

$1,134,23448, 334, 34170, 651, 77882, 916, 01415, 993, 086

-659, 9042, 545, 513

220, 915, 062

75,1002,921,0005,362,9347,351, 799

772, 324-170,782

77,187

16, 389, 562

Franchise taxpaid to U. S.Government.1

$1,134,234

2, 703,89460, 724,74259, 974,46610,850,605

3, 613,056

139, 000, 997

75,100

2,473, 4993,035,920

786,233694,681

7,065, 433

Profit (+) orloss (—) carried

forward.

-$310,287-48,635

+1,008,224+509,413

-1,158, 715

-25,818-8,785

+46,200-11,597

1 Amounts shown as transferred to surplus account for 1922 are net, i. e., after the deduction of amounts charged to surplus account on Dec. 31, 1922, and paid to the UnitedStates Government as franchise tax for 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.

IH

O

wo


No. 76.—GROSS AND NET EARNINGS OF EACH FEDERAL RESERVE BANK,


New York:1914 .191519161917191819191920 -1921 -- -19221923

Total

Philadelphia:1914 - - - . . .1915 _._

1916 - -1917 _

1918 -1919

1920 ,1921 . . ._ „ „

1922 - - * *1923 , , „ -

Total - r—

Cleveland:1914J915 , . , . „ - _ . - _ r _ _ r r _ _ . r _ - . r - r . — r . , „ _ - _ _ _ _ . r r _ r _ , _ _ r ?

ALSO DISPOSITION MADE OF NET EARNINGS, 1914-1923—Con.

Earnings.

Gross.

$13,927331,108971,026

4,929, 21425, 314, 73635, 332,41260, 525,32134, 704, 93911,341,31911,413,183

184, 877,185

2,739111, 233448,180

1, 095,54084, 357,74011, 609,8808, 848, 5514, 008, 0954,251,9504, 592, 771

43,326, 679

20,077111,738

Net.

2 $43, 4852 80,402414, 064

3, 078, 48121,662,91727, 959, 61953,128,13026, 093, 8323,721,5933, 043, 679

138, 978, 428

2 21, 3222 10,195249, 941753,875

2,972, 0896, 659,1699, 065,1165, 339,4542, 236, 8762,177,837

29,422, 840

2 28,937

? 26,837


Dividendspaid

$127,1131, 942,8191,195, 0261, 291, 0471, 477, 0961, 608, 7211, 652,1381,749,239

11, 043,199

128, 458623, 603583, 983462, 380496, 679517, 663541, 552582, 292

3, 936, 610


$649, 36320, 467, 89123, 964, 67812,332,5233, 782, 671

-1,397,603129, 444

59, 928,967

2, 608, 3446,196, 7898, 204, 775

935, 239803, 594

1,178, 588

19,927, 329

Franchise taxpaid to IT. S.Government.1

$649, 363

2, 703, 89439,318.51120, 702, 440

3, 467, 0581,164,996

68,006, 262


forward.

-$43,485- 8 0 , 402

+286, 951-163,064

-21,322-10,195

+121,483+130, 272-220, 238

363,662 j3,886, 552

891'730416,957

5, 558, 901

-28,937

-26,837

to

o

O


191619171918 _1919192O._1921 _ _1922 __.1923

Total ,.

Richmond:1914 _ „1915 _1916 _ ._19171918 .._._1919 ._ ._1920 _1921 _1922 _1923 ...

Total

Atlanta:19141915 _191619171918...1919 „ _1920.19211922 _ _---1923

Total -

*See note on page 171.

452,1291,367, 2165,226,8647,800, 82914, 458, 6199, 390, 8634,994,2824, 655,090

48, 459, 707

4,730314,850334,102821,195

2, 979,0484, 775, 3246,903, 2706, 729, 6792,832, 9442, 878,896

28, 574,038

2,808233, 652279, 520589, 789

2,293,0584, 416, 0017,476,4317,406, 6522, 352, 7362, 682,314

27, 732,961

293,808753, 682

4,135, 7966,093, 78511,820,0316, 284,3832, 268, 688921, 221

32,515,620

220,073195,028186, 571462, 224

2, 312,0303,877, 2665, 238, 5064, 393, 627867,448

1,092,843

18, 605,470

2 19, 571102,103129, 307288,083

1, 652, 4733,382, 3976, 010,3245, 496, 219

672, 730352,179

18,066, 244

143,237716,168716,107556, 785604,194660,228692, 436725, 626

4,814,781

151,940197, 922240, 944232,432252, 872293,052322, 203333, 321342,295

2, 366,981

201, 719218, 203182,473197, 397225, 571245, 862256, 618264, 622

1, 792,465

3, 552,0005, 537, 00011, 215, 8372, 329,442861, 264195,595

23, 691,138

116, 4722, 079, 5983, 624, 3944, 740,869

693, 79232,954384,404

11, 672, 483

40,0001, 470, 0003,185, 0003, 648, 465770,106

-172, 0188,756

8, 950, 309

3,294, 713714,988

4,009,701

116,472

204,5853, 377, 632501,173366,144

4, 566,006

40,000

2,136, 2884, 480, 251588,13078,801

7, 323,470

+150, 571+37, 514-132,311

-20,073+43,088-11,351-11,664

-19, 571+102,103-72,412-10,120

O

HW

o

2 Excess of expenses.


ISO, 7U.—UROSS AND NET EARNINGS OF EACH FEDERAL RESERVE BANK, ALSO DISPOSITION MADE OF NET EARNINGS,1914-1923—Continued.

Chicago:1914191519161917191819191920192119221923

Total

St. Louis:1914191519161917191819191920192119221923

Total


Earnings.

Gross.

$17,814251,071665, 937

2, 083,1648, 481, 747

12, 012, 07830, 303, 21820, 382,1706, 748, 8636, 511, 359

87, 457, 421

9,46377,370

297, 948773,106

2, 676,8283,884, 4787,180,1175,166,3152, 456, 4472, 753, 435

25, 275, 507

Net.

2 $22,16942,260

403, 2061, 231, 8796, 805,0818, 576, 204

25, 875, 74914, 505,1171,405, 2151,178, 355

60,000, 897

216, 2572 80,912141,017502,156

1, 777,8102, 355,1544, 875, 5662, 951,926

647, 5721,182,163

14, 336,195


Dividendspaid.

$361,319862, 259604, 635700,807792, 769853, 785876, 203904, 371

5,956,148

31,100284, 566404,838234, 660253, 711270,253283,166296, 810

2, 059,104


$215,7996, 200, 4467, 875, 397

14, 688, 5002, 075, 323-657,289

27, 398

30,425, 574

"""

1, 603, 3102,120,4944, 621,8551,042, 564

276,450407,070

10,071,743

Franchise taxpaid to U. S.

Gove rnmen t . l

$215,799

10, 394,48011, 576, 0091,186, 301

246, 586

23, 619,175

_

1, 639,10987,956

478, 283

2, 205, 348


forward.

-$22,169+42, 260+41, 887-61,978

-16,257—80, 912

+109, 917+217,590-230, 338

§

o

w

wo


Minneapolis:19141915191619171918191919201921 _... _.1922...1923 _

Total .

Kansas City:

1914

19151916191719181919-..19201921 . _ _ _ .1922.1923-. .

Total

Dallas:191419151916 .191719181919192019211922 _

1,32298,790255,177672, 799

2,049,9543, 007,0415, 307, 3814,966, 3111, 969, 2481, 749, 253

20,077, 276

1,934100,540380, 208

1,002, 6603,451,9364, 961, 4827, 409,9875, 712,8583,094, 6602,993,919

29,110,184

2,679241,987326, 372621, 970

2,089, 5263,062, 2514, 904,5224, 243, 6482,085, 775

2 23,5302 8,811134, 603394, 353

1, 545,8472, 333,9434,131,0533,151,154

782, 695325, 455

12, 766, 762

2 26, 2302 40,546224,989566,404

2, 437, 7483, 923,3625, 540,6813, 056, 0967S3,036347,711

16,813, 251

227,640103,028166,046352,067

1,240,1752,041, 8643, 228, 2311, 613, 564354,125

* 57,720363,895168,103180,186195,871211,657213, 774212, 733

1, 603, 939

66, 707364, 503309, 729228, 755257, 672268, 620275, 655275, 313

2, 046,954

65,523134,008188, 234261, 503196, 335225, 424252, 211251, 915

37, 5001,377, 7442,153, 7573, 410, 948

488, 5304,46911, 272

7,484, 220

2, 421,4263, 694,6073, 042, 781

486, 918-157,432

7,240

9, 495, 540

1,184,4081, 845, 5293, 002, 807i, 361, 353102,210

37,500

524,2342,450, 967564,452101,450

3,678, 603

2, 240, 2282, 300, 558664,81365,158

5, 270, 757

-23,530-8,811+76,883-44, 542

-26, 230-40,546

+158, 282+201, 901

-293,407

-27, 640

+37,505

+32, 038

+163, 833

-205, 736

j

wo

1 See note on page 171. 2 Excess of expenses.


No. 76.—GROSS AND N E T EARNINGS OF JÂCH TJSDEUAL JÊSEKVJK JDAJNK, ALSO JLUSFOSITION MADE OF N E T EARNINGS,

1914-1923—Continued.


Dallas—Continued.1923 _ . _

Total _

San Francisco:1914191519161917 . . . .19181919 - ~1920192119221923- . . ._ - _

Total - - -. - -.

Earnings.

Gross.

$2, 356,436

19,935,166

2,761113,200316, 450885,802"

4,187, 7857,021, 224

12, 706, 6689,184, 4134, 821, 2024, 615, 227

43, 854, 732

Net.

$332, 282

9,403, 742

2 35, 255217,103111,511456,044

2, 869,1645, 387, 360

10,108, 8234,920, 5001, 660, 356

505, 426

25, 966, 826


Dividendspaid.

$251,429

1,826, 582

43,736394, 776497, 675296,161384, 713435,361448, 306467, 720

2, 968, 448

Transfered tosurplus.1

$80,853

7, 577,160

2, 448,1745,091,1996, 654,8551, 254,824-185, 721

37, 706

15, 301, 037

Franchise taxpaid to U. S

Government. J

3,069,2553,230,3151, 397, 771

7, 697, 341


forward.

-$35, 255-17,103+67, 775+61, 268-76 , 685

. . . . .

>fa

I

i See note on page 171. 2 Excess of expenses.

wo


RECEIPTS AND DISBURSEMENTS OF THE FEDERAL RESERVE BOARD.

No.{77.—RECEIPTS AND DISBURSEMENTS OF THE FEDERAL RESERVE BOARD FOR THE YEAR 1923.

Balance January 1, 1923: >>Available for general expenses of the board . $80, 024. 07 Âvailable for expenses chargeable to the Federal reserve banks 236, 452. 10 <H

Total _ $316,476.17 ?

§RECEIPTS. hj

Available for general expenses of the boa rd : PAssessments on Federa l reserve banks for es t imated general expenses of t h e boa rd $702, 634. 68 HRefunds of expendi tu res dur ing 1922 878. 87 oSubscr ip t ion t o Federa l Reserve Bulletin 8, 388. 17 ^Refund b y T r e a s u r y D e p a r t m e n t of salaries of laborers 1. 519. 99 MMiscel laneous receipts a n d re imbursements 885. 59 fei

hrj

Total receipts available for general expenses of the board 714, 307. 30 gAvailable for expenses chargeable to Federal reserve banks: t*J

Assessments on Federal reserve banks— j>For cost of preparing Federal reserve notes, including redemption of Federal reserve

notes „ 1,467, 123. 77 gFor expenses of gold shipments between Treasury offices and Federal reserve banks §

under the provisions of section 16, Federal reserve act 4, 155. 24 #For expenses of leased-wire system 253, 109. 54 tgFor miscellaneous expenses 10, 794. 46 g

f>

Total receipts available for expenses chargeable to Federal reserve banks 1, 735, 183. 01 Wp

Total receipts 2, 449, 490. 31Total available for disbursements 2, 765, 966. 48


No, 77.—RECEIPTS AND DISBURSEMENTS OF THE FEDERAL RESERVE BOARD FOR THE YEAR 1923—Continued. ^-a

DISBURSEMENTS.For general expenses of the board:

Expenses for 1922 paid in 1923 $14, 371. 58Expenses for 1923 (per detailed statement) $726, 428. 28 ^Less accounts unpaid December 31, 1923 12, 666. 29 %

713,761.99 £Salaries of laborers reimbursable by Treasury Department 2, 539. 99 ^Miscellaneous expenses reimbursable 88. 09 &Refund account of Federal Reserve Bulletin 6. 69 ^

oTotal disbursements for general expenses of the board $730, 768. 34 H

For expenses chargeable to Federal reserve banks: oCost of preparing Federal reserve notes, including redemption of Federal reserve notes__ 1, 498, 576. 47Expense of gold shipments between Treasury offices and Federal reserve banks under £j

the provisions of section 16, Federal reserve act 3, 254. 11 teiExpense of leased-wire system 252, 894. 74 ^Miscellaneous expenses 10, 515. 65 O

Total disbursements for expenses chargeable to Federal reserve banks 1, 765, 240. 97 j>F

Total disbursements $2, 496. 009. 31 #Balance December 31, 1923: gjj

Available for accounts unpaid, December 31, 1923 12, 666. 29 HAvailable for general expenses of the board 50, 896. 74 Âvailable for expenses chargeable to Federal reserve banks unpaid, December 31, 1923 206, 394. 14 w

Total balance 269,957. 17 |


DETAILED STATEMENT OF COMMITMENTS.

January.

PERSONAL SERVICES.

Board members and their staff ||6,305.41Office of secretary 2,088.74Ofllce of general counsel 1,955.82Office of fiscal agent 513.33Division of examination 8,657.90Division of bank operations 5,525.74Division of chief clerk 2,186.22Division of gold settlement 1,362.99Division of supply agent 441.66Division of currency 737.91Division of printing I 423.33Division of research and statistics j 6,756.78DivLion of architecture 763.88Division of issue and redemption 4,630.82Messengers 1,625.80Charwomen \ 96.00

Total 44,072.33

NONPERSONAL SERVICES.

Transportation and subsistence:Board members and their staffOffice of secretaryOffice of general counselDivision of examinationDivision of research and statisticsDivision of architectureTotal all other divisions, including local

car fare

27.3130.45

5,799.3338.90

16.73

Febru-ary. March. April.

86,305.412,088.751,955 83

513.338,748.745,516.422,252.281,314.05

403.34706.55423 33

6,848.20763.89

4,864.171,630.84

96.00

1*6,570.43| 2,313.76

1,980.85513 34

8,607.125,285.112,315 041,354.27

445.00699.17423.34

6,902.58763.89

5,196 671,630.85

96.00

44,431.13 45,097.42

186.91

7,348.9621.89

244.4468.37

5,971.37172.37

«, 817.892,313.742,005.82

513.338,607.055,173.272,274.961,336.24

445.00699.16423.33

6,987.42763.89

5,194.491,630. 81

96.00

45,282.40

49.95

5,335.5463.39

20.27

May.

;7,964.87

2,313.75

2,115.8351333

8,619.585,176.632,335.001,342.99

445.00699.17423.33

6,829.85763.88

4,961.671,624.18

96.00

June.

46,225.06 46,344.06 |47,004.35 |47,380.70

i. 16

5,234.36

16.05

58,372.112,313.762,165.85

513.348,632.124,982.602,270.871,359.52

445.00699.17423.34

7,013.12763.90

4,665.841,627.52

96.00

July.

18,480.402,313.742,223.82

513.338,632. 054,997.442,202.061,355.74

410.00699.16423.33

7,699.43763.88

4,563.161,630.81

96.00

August.

$8, 480.412,313.752,295.83

513.339,132.084,997.462,205.501,368.49

450.00699.17423.33

7,486.95763.89

4,560.341,594.17

96.00

Septem-ber.

$8,562.661,837.092,256.68

513.3410,582.124,997.602,222 531,282.7?

450.00699.17423.34

6,927.61763.89

4,635.341,630.85

96.00

47,. 880.99

237.17 180.0689.81

182.19

October.

| $8,658.732,113.742,217.48

513.3310,380.384,668.692,202.471,423.49

450 00699.16423 33

6,982.4376389

4,737.321,644.70

96.00

Novem-ber.

47,975.14 147,719.60 ;47,830.69 |557,243.87

365.3435.74

4,348.99 I 4,754.43 132.3026.02 I 11.89

6.38 27.10 j

3,914.69

$8, 658.742,113.752,217.50

513.3310,380.414,792.052,327.501, 407,74

450.00699.17423.33

6, 624.18763.88

4,593.321,660. 84

93.86

Decem-ber.

$8,658.782,113.762,217.52

513.3410,380.464,802.192,427.531,419.02

450.00699.17423.34

6,677.56763.90

4,580.651,609.61

93.86

Total.

«93,835.8426,238.3325,608.836,160.00

111,360.0160,915.2027,221.9616,327.315,285.008,436.135,080.00

83,736.119,166.66

57,183.7919,540.981,147.72

261.66

49.265,753.30

124.47

104.0056.50

5,319.46 I 4,214.9247.03 31.28

1,923.19280.8749.26

58,127.65537.24

86.53


No, 77.—RECEIPTS AND DISBURSEMENTS OF THE FEDERAL RESERVE BOARD FOR THE YEAR 1923—Continued.

NONPERSONAL SERVICES.

Communication service:

Telephone

Telegraph

Postage

Printing, binding, etc

Repairs

Electricity (light and power)

Steam (heat)

Miscellaneous, unclassified

Equipment rental

Supplies:

Stationery and office

Periodicals

Equipment:

Furniture and office

Books

Rent

Total

Grand total

January.

$633.25

1,101.72

49.00

8,470.57

32.54

44.00

35.00

301.91

375.00

1,571.47

64.67

1,248.22

207.57

2,293.09

Febru-ary.

22,340.73

66,413.06

$649.76

1,081.55

40.00

233.65

4.00

44.00

35.00

108.96

375.00

559.92

6.00

404.75

2,293.09

13,393.44

57,824.57

March. April

$523.23

1,730 11

41.00

3,559.02

55.01

44.00

35.00

448.60

378.00

493.95

22.82

$566.77

1,064.88

66.00

3,062.90

130.46

44.00

35 00

143.86

375.00

346.96

509. 91 345.15

65.88 10.00

2,293.09 2,293.09

16,656.17 114,053.22

61,753.59 159,335.62

May.

$650.62

1,058.51

SO. 00

4,260.62

36.32

44.00

35.00

154.99

375.00

779.61

1,54S.17

June.

$654.61

1,626.65

3,292.61

30.87

44.04

138.91

378.00

584.65

91.58

109.50

50.00 31.83

1,876.42 1,876.42

16,393.33 113,386.59

62,618.39 59,730.65

July.

$624.10

1,076.98

80.00

3,434.42

112.56

44.00

220 02

375.00

1,050.01

473.39

80.65

1,876.42

August.i Septem-| ber. October.

$630 75

1,08353

75.00

2,203.31

61.08

44.00

$623.09

1,399.45

14,483.74

214.87

375.00

943.65

201.62

24.72

1,876.42

8,075.54

01,488.09 J55,456.24

2,195.89

21.86

44.00

301.11

381.81

593.99

14.90

27.88

33.10

1,876.42

$651.67

901.82

80.00

1,533.59

137.64

44.00

35.00

56.01

375.00

799.09

179.09

1,876.42

N ovem*ber.

$645.32

1,210. 46

2,094.83

67.40

44.00

35.00

1,003.66

375.00

415-91

100-00

52.00

121.21

1,876.42

Decem-ber.

$661.79

1,606.75

75.00

1,79*2.16

43.26

44.00

35.00

44.25

382.00

793.23

16.00

515.10

15.00

1,876.42

Total.

11,829.27 12,858 02 13,407.70 12,306.

59,710 26 60,833.16 61,127.30 60,137.35

$7,614.96

14,942.41

586.00

36,133.57

733.00

528.04

280.00

3,137.15

4,519.81

8,932.44

1,864.14

4,084.47

639.96

24,183.72

OO

o

HW

169,184.41 gj

726,428.28 &

WO


ALLOTMENTS OF UNITED STATES SECURITIES.

No. 78.—ALLOTMENTS OF UNITED STATES NOTES AND CERTIFICATES OF INDEBTEDNESS DURING 1923.

Federal reserve district.

BostonNew YorkPhiladelphiaCleveland_ _RichmondAtlanta _ _O hieagoSt. Louis ___•___MinneapolisKansas City.DallasSan Francisco

Total

Rate of interest (per cent)Date issuedMaturity date

Tax certificates. Treasury notes.

TS-2, 1923.Series

TD-2, 1923.

$10,366,00062, 789,0008,001,000

10, 817,5004,495, 5006, 390, 500

14,005,0004,049,0004,893,0005, 683, 5008,187,000

14, 575,000

$22,480,000

74, 855,500

16,189, 500

8,895,500

6,095,500

7,579,500

21,839, 500

5,699, 500

5,323,500 j

3, 381,000

4,576, 500

12,918,000

SeriesT M , 1924.

154, 252,000 189,833, 500

4i3-15-239-15-23

4

6-15-23

12-15-23

$18,042,000

118, 685, 500

30, 281, 500

26, 687,000

11, 269, 500

11, 395, 500

34, 777, 500

14,999, 500

8, 496, 500

12,497,500

14, 353, 500

19, 710, 500

SeriesT M - 2 , 1924.

$30,693, 00078,348, 50016, 535,00023, 405, 5009, 053,0009,032, 500

32, 792,5009, 399, 5006,179,0005, 463,000

10,211,00018, 638,000

SeriesT D , 1924.

$17, 847,00062, 405,00015, 255,00021,636,500

5, 739, 5007, 590, 500

24,727,0009, 669, 5003, 571, 5003, 225, 5007,002,000

15, 480,000

SeriesT J , 1924.

321,196,000

3-15-233-15-24

249, 750, 500 I 194,149, 000

4i9-15-233-15-24

12-15-2312-15-24

$8,029, 50043, 743, 5005,925, 000

10,143,0003,142,0005, 013, 500

13, 207, 5003, 622,0003,924,0001,581,0006,962, 500

29, 835,000

Series A,1927.

$32,151,000131,411,40035, 479, 50023, 319, 20018, 246,10010,046, 30050, 343, 30017,893,10014, 580,3006, 285,9006, 214, 200

20,957,300

Series B,1927.

$58,653,500262,491,60048,314,30053,084,00019,853,50018,393,60088, 289,90040,115,30015,414,00019, 751,400

7, 771,80033,837,800

Total.

$198, 262,000834, 730,000175,980, 800177,988,200

77, 894, 60075,441,900

279,982, 200105, 447, 40062,381, 80057, 868,80065, 278, 500

165,951, 600

135,128, 500 366,927,600 665,970,700 j 2, 277, 207,800

412-15-236-15-24

1-15-23

12-]5-275-15-23 I3-15-27 |

i

V

oH

oH

W

Om

03O

CO


182 ANNUAL EEPORT OF THE FEDERAL RESERVE BOARD.

CONDITION OF MEMBER AND NONMEMBER BANKS.

No. 79.—ABSTRACT OF CONDITION REPORTS OF ALL MEMBER BANKS (NATIONALAND STATE) OF THE FEDERAL RESERVE SYSTEM.


Dec. 29,1922 (9,859

banks).

RESOURCES.

Loans and discountsOverdraftsCustomers' liability on account of accept-

ancesUnited States Government securitiesOther bonds, stocks, and securitiesBanking houses, 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-

paniesExchanges for clearing house, also checks on

other banks in same placeOutside checks and other cash itemsRedemption fund and due from United

States Treasurer . . . -United States securities borrowed l

Other securities borrowed z

Other assets

18,061,45919,328

372, 5503, 788,3773,899,339

711,917123, 354561, 576

1,939,028

635,926

1,805,5791, 405,121

117,963

36,80019,4712,012

382, 771

Total.

LIABILITIES.

33,882, 571

Capital stock paid in |Surplus fund |Undivided profits, less expenses and taxes |

paidDue to Federal reserve banksDue to banks, bankers, and trust companies.<3wtified 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 (including ac-ceptances of other banks and foreign billsof exchange or drafts sold with indorse-ment)

Cash letters of credit and travelers' checksoutstanding._

Acceptances executed for customersAcceptances executed by other banks for

account of reporting banksNational-bank notes outstandingUnited States securities borrowedOther securities borrowedOther liabilities

Total.

Ratio of reserve with Federal reserve banksto net deposit liability (per cent)

1,940,9161, 625, 765

797, 23339,610

3, 452, 773

857, 23414,815, 5077, 644,881

461,79927, 271, 804

429,930

447, 597

15, 628366,539

33, 652723,31754,1384,960

171,092

Apr. 3,1923 (9,850

banks).

18, 554,98316,842

378,1593,883, 2663, 877,102

731,082134,143518,112

1,908, 586

601, 519

1, 774,287989, 629103, 242

June 30,1923 (9,856

banks).

18,4491,954

323,817

33,852, 041

1,979,9531, 630, 553

745,07634, 477

3,473, 760

601,46514, 525, 7568,142, 574

404, 42727,182, 459

494,412

473,407

17,723380, 245

41,126727, 574

52, 5426,115

120, 856

18,864, 32115,737

334,3833,870, 2323,924, 715

752,048145,180428,911

1,871,015

559,308

1, 596,184946,179128,907

37,08415,6292,048

303, 445

33, 795,326

1,998, 2951, 631,702

737,08133, 472

3,183,978

468,15414, 692,9058, 378, 211

296, 48227,053, 202

33,882,571 I 33,852,041

10.2 10.0

522,989

550, 222

34, 577319, 381

45,819719,489

50, 5865,025

126,958

Sept. 14, Dec. 31,1923 (9,843 j 1923 (9,774

banks) . banks).

18, 838, 47818, 622

295, 8413, 722, 4413,918,011

767, 651145, 279523,407

1, 868,926

654, 791

1, 640,178

105,965

36,90915,1882,186

287, 755

33, 728,424

2,004,1401, 626,922

805,17037, 771

3,165, 502

534,64214, 565, 9098,466,416

144, 47826, 914, 718

516, 637

604, 725

27,112291, 713

26, 679730, 980

52,1754,936

122, 517

19,034,99616, 690

391, 5953, 641,1324,045,312

786, 792147, 634561,433

1,900,153

665, 709

1,824,3481, 709, 537

140,987

36,72014,9692,232

318, 367

35, 238, 606

2,003,0541, 641,319

733,19336,674

3, 475, 656

922, 54915,164,1828,650, 610

236,94228,486,613

444, 983

572, 661

20,360400,200

26,197725,441

53, 2565.270

126,069

33,795,326 33,728, 424 35, 238, 606

9.8 9.7

1 Exclusive of securities borrowed by national banks.



•No. SO,—ABSTRACT OF CONDITION R E P O R T S OF STATE BANK AND T R U S T C O M -PANY M E M B E R S OF THE F E D E R A L R E S E R V E SYSTEM.


RESOURCES.


ancesUnited States Government securitiesStock of Federal reserve banksOther bonds, stocks, and securitiesBanking houses, furniture, and fixturesOther real estate ownedGold and gold certificatesAll other cash in vaultReserve with Federal reserve banksItems with Federal Reserve banks in process



other banks in same placeOutside checks and other cash itemsUnited States securities borrowedOther securities borrowedOther assets

Total .

LIABILITIES.

Capital stock paid inSurplus fundUndivided profits, less expenses and taxes

paidDue to Federal reserve banksDue to banks, bankers, and trust companies _Certified and cashiers' or treasurers' checks

outstandingDemand deposits...Time deposits __IUnited 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 banksUnited States securities borrowedOther securities borrowedOther liabilities

Total.


Dec. 29,1922

(1,639banks).

6,464,1276,284

164,0851,135,381

35,4031,517,361

241, 39348,19010, 505

160,021718,181

Apr. 3,1923

(1,626banks).

6, 889, 4185,181

June 30,1923

(1,620banks).

7,049, 2925,309

175, 333 147, 2521,192,691 1,179, 861

36,9621, 512, 818258, 83958,06211, 278127,188728, 279

36, 6701,494,519251,61952, 0189,547

150,115729,086

180,134 | 176,899I

424,176 j 441,096557,683 I55,769 I19,4712,012

176,841

406,09149,31918,4491,954

168,865

11,917,017 j 12,248,870

624,656550, 750

268,50811,501

725, 717

351,0595,283,4883,326,958160,005

9,858,728

119,149

661,559563,491

259,0097,960

814,205

276,9685,349,0663,563,258142,281

10,153,738

124,247

162,397

391,948

391,73457,35615,6292,048

156,872

12,293,124

185,176 |I

10, 756 !166,695 j10,021 i19,5232,012

101,043 |

182,940 |

12,184 !179, 372

14, 98218,4621,954

76, 932

670,154561,676

261,0039,278

799,481

215,1475,408, 9213,624,048105,921

10,162,796

152,068

197, 421

26,018147.173

15,41015, 6342,048

81, 723

Sept. 14, Dec, 311923(1,609

banks).

11,917,017 12,248,870 I 12,293,124

10.8 ! 10.7 10.6

6, 906, 5635,675

142, 3561,123, 272

37, 2711, 483, 616263, 03858, 88211,713

150, 797

699, 581

191,335

388,354355,90046, 64315,1882,186

143,623

1923(1,595banks ) .

7,161,2746,222

184,1581,077, 773

37,6911,530,967

274,01453,76813, 749

162,438

719,315

205, 536

476, 640698,68667,38814,9692,232

156,483

12,025,993 I 12,843,303

672,4965.59,202

282,2888,008

750,174

237,0315,238,9103, 603,093

45, 4349, 882,650

163. 642

203, 926

19, 615145,927

7,78215,1922,18671,087

12,025,993

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, 9692,23269,839

12,843, 303

10.4 !


184 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD,

No. 81.—ABSTRACT OF CONDITION REPORTS OF ALL MEMBER BANKS (NATIONALAND STATE) IN NEW YORK CITY.


RESOURCES.


ancesUnited States Government securitiesOther bonds, stocks, and securitiesBanking houses, furniture, and fixturesOther real estate owned 1.Cash in vaultReserve with Federal reserve banksItems with Federal reserve banks in process




States TreasurerUnited States securities borrowed1

Other securities borrowed l

Other assets

Total .

LIABILITIES.


paidDue to Federal reserve banksDue to banks, bankers, and trust companies-Certified and cashiers' or treasurers' checks

outstandingDemand depositsTime depositsUnited States depositsTotal depositsBills payable (including all obligations repre-

senting money borrowed other than redis-counts)

Notes and bills rediscounted (including ac-ceptances of other banks and foreign billsof exchange or drafts sold with indorsement)



account of reporting banksNational bank notes outstandingUnited States securities borrowedOther securities borrowedOther liabilities

Dee. 29,1922 (58banks).

Apr. 3,1923 (58banks).

3, 764,1271,310

215, 0531, 008, 895

553, 43487,519 [

3,170 i69,365 i

624,956 j

125, 5,58 i

78,019 I

1, 019, 81919,122 i

1,913 |86 | .40 ;

227,998 i

3, 754, 5711, 355

218,055979,944502. 26689,3113,159

62,483587, 359

106, 714

64, 273

614,32618, 291

1,922

179, 223

June 30,1923 (61banks).

Sept. 14, i Dec. 31,1923 (62 S 1923 (63banks). j banks).

3,722,909 i1,437 l

204,764 l:955, 692 •512,832 ',89,483 I3,39751,437 I569,931 ;

111, 451

65,863 |

576,14921,490 i

|1,953

3,611,946 !1,106 j

180,378 I873,990 I503,901 !90,199 |3,71257,424 !550,056 |

123,095 i

55,980 !

3, 790, 9601,840

240, 591897,303517, 68991, 5983, 502

61, 383577,156

133, 325

82, 285

575, 747 j 1,163,04519,478 ! 29,379

1,944 ! 1, 924

173,450 | 159,605 180, 010

7, 800, 384 ! 7,183, 252 j 7, 062, 238 j 6, 808, 561 I 7, 771, 990

314,230 '390,130 j

324, 925378,824 I

165,184 165, 9081,573 486

1,119,972 I 1,105,840

587,971 | 369,3473,921,252 | 3,493,958534,287197,876

6, 362, 931

328,200 I373,520 j

171,253 |130 |

1,124,776 j

329,183 i 330,298373,414 i 373,520

182,382 ! 174,408168 I 211

1,016,859 ! 1,227,355

Total | 7,800,384




AXXTJAL REPORT OF THE FEDERAL RESERVE BOARD. 185

82.—ABSTRACT OF CONDITION REPORTS OP ALL MEMBER BANKS (NATIONALAND STATE) IN THE CITY OF CHICAGO.


j Dec. 29,1922

(25 banks).

RESOURCES.

.Loans and discountsOverdrafts _.Customers' liability on account of accept-

ancesUnited States Government securitiesOther bonds, stocks, and securitiesBanking houses, furniture, and fixturesOther real estate ownedCash in vaultReserve with Federal reserve banksItems with Federal reserve banks in process




States TreasurerUnited States securities borrowed J

Other securities borrowed *Other assets.. j

1,036,257179

32,475138, 966155, 91014,8942,334

28,265144,185

43,050

117,868

77, 0669,195

29

i30, 514

Total.. 1,831,187

LIABILITIES. !

Capital stock paid in jSurplus fund |Undivided profits, less expenses and taxes

paid !Due to Federal reserve banks |.Due to banks, bankers, and trust companies, jCertified and cashiers' or treasurers' checks

outstanding . !Demand deposits ITime deposits __.{United States deposits ITotal deposits IBills payable (including all obligations

representing money borrowed other thanrediscounts) j

Notes and bills rediscounted (including jacceptances of other banks and foreign jbills of exchange or drafts sold with in- jdorsement)



account of reporting banksNational bank notes outstandingUnited States securities borrowedOther securities borrowedOther liabilities

87,53083,325

57, 906

336,076

40, 490828,966278, 97525,935

1, 510,442

7,670

18,238

1,72331,835

1,156575

Apr. 3,1923

(23 banks).

1,064,072272

27,049121,832159, 73815,4452,280

24,888129,125

40,127

117,717

48, 7199,812

June 30,1923

(24 banks).

1,061,854235

19, 549115,430150,22121,5272,288

22,468134,484

31,480

117,393

62,3549,059

131

Sept. 14,1923

(25 banks).

1,061,276157

25, 930123,163132,17123,0062,401

23,538136,557

39, 717

115,146

48,1975,826

134

26,045

1,787, 233

86, 65083, 435

54, 523

356,235

22,404

Total.,


30,787

1,831,187

276, 07316,304

1,439, 944

24, 615

33,470

2,22427, 702

1,4362,2481,000

21,396 13, 910

1,769,869 j 1,751,129

91, 972

79, 984

55,125

29, 986

330,171

14,191824,857279,02214, 745

7,304

13,197

8,02518,195

1,9882,5841,000

27,509

1,787,233 | 1,769,869

13.5 | 12.8 13.0

93,020

80,495

56, 622

337,140

17,379799, 717272,3984,955

1,431,589

Dec. 31,1923

(24 banks).

1,057,462244

31,463124,680139,29820,439

6425, 618133,458

41,597

122,877

85,559>

7,781

19, 702

1,810,372

92, 050f

79,995

55, 708.

331,182

22,941843,438*281,6519,835

1,489, 047

18, 950 20,03Q

15, 035

2, 75125,031

15,080

2,04229,465

1,821 2,3492,670 2,6651,000

22,145 21,941

1,751,129 1,810,372

13.3 12.9*

Exclusive of securities borrowed by national banks.



No. 83.—ABSTRACT OF CONDITION REPORTS OF ALL MEMBER BANKS (NATIONALAND STATE) IN RESERVE CITIES.


Dec. 29,1922

(574 banks).

Apr. 3,1923

(569 banks),

June 30,1923

(569 banks).

Sept. 14,1923

(565 banks).

Dec. 31,1923

(560 banks).

RESOURCES.

Loans and discountsOverdraftsCustomers' liability on account of accep-

tancesUnited States Government securitiesOther bonds, stocks, and securitiesBanking houses, furniture, and fixturesOther real estate ownedCash in vaultReserve with Federal reserve banksItems with Federal reserve banks in process



other banks in same placeOutside checks and other cash itemsRedemption fund due from United States

TreasurerUnited States securities borrowed 1.__Other securities borrowed iOther assets

6, 255, 2575,772

111,9521,211,3401, 208, 404

263, 90152, 205

171, 785620, 807

379,457

737, 542

251, 66358, 703

9,43310, 507

93,342

Total. 11, 442,070

LIABILITIES.


paidDue to Federal reserve banksDue to banks, bankers, and trust companies.Certified and cashiers' or treasurers' checks

outstanding.. _ _Demand depositsTime depositsUnited States depositsTotal depositsBills payable (including all obligations rep-

resenting money borrowed other thanrediscounts)

Notes and bills rediscounted (including ac-ceptances of other banks and foreign bills ofexchange or drafts sold with indorsement).



account of reporting banksNational bank notes outstandingUnited States securities borrowedOther securities borrowedOther liabilities....

639,401553, 777

239,37810,945

1, 589, 723

6, 562, 6615,187

120, 6071, 273, 2971,177, 706

273, 65755, 798

149, 989645, 672

363,162

696,101

252,18849, 417

9,2988,832 j

4385,765 I

6, 681, 8534,608

99. 8751, 266, 4941,206,017

279,11761, 460

129, 690

620,147

332, 026

652, 373

234, 35369,1289,3557,341

5776, 297

6, 703,1374, 603

84, 3491,208,1501,190, 725

288, 59957, 018

160, 848

627, 971

398, 638

666, 037209, 03158,110

9,2767,661

14582, 290

6, 672, 0324,651

105,9231,116,2761, 233, 995

297,34155,149

164, 263615, 270

390,009

713, 700

367, 75072,143

8,9616, 515

28387, 581

11,729,380 11,730,191 11,756,588 11,911,842

657, 301556, 670

663, 042560, 526

229, 609 230,16310,189 7, 675

1, 577, 467 1, 358, 783

143,8464,807,1702,618,276 | 2,784,614

175,398 !

9, 345,358

129, 815

157, 291

2,238107,801

9,473185, 39529,314

1,35441, 475

Total 11,442,070

Ratio of reserve with Federal reserve banksto net deposit liability (per cent) 10.2

127, 928 113, 0664,903,972 4,990,803o IOA *, A ! 2, 854, 411

159, 449181,0049, 585,174

148,112

162, 006

2,230123, 765

11, 652183, 27125, 3262,644

41, 620

11, 729, 380

10.3

9, 484,187

209,404

222,270

4,19892, 475

13,755180, 75026,155

1,62241, 644

11, 730,191

663,499554, 096

255, 25710, 205

1, 436, 250

117,6294,981,8012, 867, 437

82, 3319, 495, 653

194, 806

240, 048

2,82784,077

6, 705184,15229,141

1,56044, 767

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

11, 756, 588 11,911,842

10.0 9.9

L Exclusive of securities borrowed by national banks.



No. 84.—-ABSTRACT OF CONDITION REPORTS OF ALL MEMBER BANKS (NATIONALAND STATE) OUTSIDE CENTRAL RESERVE AND RESERVE CITIES (SO-CALLEDCOUNTRY BANKS).


RESOURCES.


ances _ _United States Government securities _.Other bonds, stocks, and securitiesBanking houses, furniture, and fixturesOther real estate owned--Cash in vault -.Reserve with Federal reserve banksItems with Federal reserve banks in process

of collection-_Due from banks, bankers, and trust com-

panies _Exchanges for clearing house, also checks on

other banks in same place _..Outside checks and other cash itemsRedemption fund and due from United

States Treasurer _United States securities borrowed1

Other securities borrowed 1

Other assets.__

Total _ —.

LIABILITIES.


paid.Due to Federal reserve banks. _Due to banks, bankers, and trust companies.Certified and cashiers' or treasurers' checks

outstandingDemand deposits. _ _ _Time deposits __ _United States deposits _ .._.Total deposits.-. —.Bills payable (including all obligations rep-

resenting money borrowed other thanrediscounts) , „.._

Notes and bills rediseount&di (including ac-ceptances of other banks azusl foreign billsof exchange or drafts sold-with indorse-ment _ _.,._,, _.,

Cash letters of credit and travelers' checksoutstanding-, „,„_

Acceptances executed for customers.. _Acceptances executed by other feanks for

account of reporting banks , , ,National bank notes outstandingUnited States securities borrowedOther securities borrowed _ „Other liabilities.

Total

Batio of reserve with Federal reserve banksto net deposit liability (per cen t ) . .

Dec. 29,1922 (9,202

banks).

7, 005, 81812, 067

13, 0701,429,1761,981, 591

345, 60365,645

292,161549, 080

87, 861

872,150

56, 57330, 943

25,4258,8781,972

30,917

12,808,930

Apr. 3,1923 (9,200

banks).

7,173, 67910,028

12,4481, 508,1932,037, 392

352, 66972, 906

280, 752

546, 430

91,516

896,19674, 39625, 722

25, 5379,6171,911

32, 784

13,152,176

899,755598, 533

334, 76527,092

407,002

84,9275,258,119 ,4, 213,343

62, 59010,053,073

194, 738

168, 641

12,992

501,68022, 2603,56618,269

12, 808,930

7.6

911,077611, 624

295, 03623,802

434, 218

81, 7865,358,8984,489,651

68,20010,458,555

174, 814

142, 476

27212,140

482504,29323, 7383,47116,198

13,152,176

June 30,1923 (9,202banks).

7, 397, 7059,457

10,1951, 532, 6162, 055, 645361,92178, 035

225, 316546, 453

84, 351

760, 555

73, 32329,230

25, 645

1,99132,302

13,233, 028

915,081617, 672

280, 54025, 667

370, 248

75, 2965,282,4394,653, 454

58,73610,465,840

208, 311

196,567

3699,681

763

20,9533,40315, 559

13, 233,028

7.4 7.4

Sept . 14,1923 (9,191

banks ) .

7, 462,11912, 756

5,1841, 517,1382,091, 214

365,84782,148

281, 597

554, 342

93,341

803, 01553,82122, 551

25, 5557,5272,041

31,950

Dec . 31,1923(9,127banks) .

13, 412,146

918, 438618,917

7, 514, 5429,955

13, 6181,502,5732,154,330

377,41488,919

310,169

574, 269

100, 77S

905, 48693,18331, 684

25, 7058,4541,949

31, 074

13, 744, 402

921, 601631,136

310,909 279, 88127,398 i 27,671

375,253 418,690

91,5105, 560,1814, 830,374

41,81710,970,243

205, 790

171, 614

17713,015

677508,17521,1813,418

17,494

5,370, 8674,735, 241

32,12410,607,831

196, 065

206,856

3524,735

597506,037

19, 5563,376

18,477

13,412,146

7.4

13,744,402

7.4



No. 85.—LOANS, INVESTMENTS, DEPOSITS, AND BORROWINGS OF NATIONAL BANKS ON CALL DATES FROM 1914 TO 1923.

[En thousands of dollars.]0000

Number| of! banks.

1914. !Dec. 31 i 7,581

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 _.Sept. 11..Nov. 20..Dec. 31. .

1917.

Mar. 4..May 10..June 29..Aug. 31..Nov. 1...Dec. 31..

1918.

7, 5997,6047, 6057,6137,6177,607

7,5867,5787, 5797, 5897,5847,584

7,5817,5897,6047,6387,6567,662

7,6707,6887,7057,7287,7547,767

Loans anddiscounts.1

6, 363, 435

6,507,011fi, 649, 7926, 665, ] 456,814,0627,315,3357,450, 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, 62310,126,38810, 755,47110, 446, 473

U. S. Gov- Other bonds,eminent I stocks, and

securities. I securities.

795,078 i

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, 466,2683,166,4922, 956, 394

Deposits.

1,331,838

1,256,9011,243,8711,284,9151,311,8091,436,6131,468,874 I

1,558,3941,619,3431.620,7551,717,9161,801,9201,818, 603

1,863,5941,950,7521,936,8121,961,2352, 005,317

1,910, 7721,856,7561,840,4871, 795,082

1,

1,238,0531,293,9921,326,8501,379,4211,423,8911,466,015

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, 74714, 285,95414,134, 39314. 387, 73815; 688, 03215,191,499

6,135, 8286, 461,9666, 395,0246, 605, 9227, 211, 4037, 034, 098

7, 169, 2497, 498,8917, 433, 4937, 679, 3708, 056, 9488, 436, 395

8,084,1468,094, 6867,838,1508, 095, 7498,640, 8189,460, 577

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, 5892,397,4912,372, 5122, 473f 868

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

1,136, 884313,381

2, 243, 7442, 226, 5342, 208, 0062, 466, 0562, 709, 6732, 738, 432

3, 074, 0802,995, 3442, 712. 9402, 915, 6633, 348, 7553, 261, 620

3, 683, 2653, 379,1383, 025, 6143, 048, 5503,107, 5173,193, 697

3, 301, 2322,887,6012,802,0832,885,9362, 901, 2593,175,255

8, 236,468

8, 593, 9678, 892, 0478, 821, 24)9,229,517

JO, 157,47210,402,386

10,791,76511, 135,32210, 877,08711,362,34112, 489, 27912,266,846

12,958,18013,080,33812,771,83313,234,29714, 798, 33614,445,689

14, 438, 76914,385,12014,021,60913, 885, 75915,051,47315,423,081

Bills pay-able and

rediscounts.

132,442

95, 66090, 53398,120105, 719103, 45598,416

61,95663, 72008, 61891,89373, 67189, 758

69, 72792,314373,028285,104599,945741, 848

656,896844,175883,271

1,294,0041,566,9951,380,831

8H

HIW

w

wo>


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. 31 . .

1923.

7,7617,7737, 7857,8217, .8657,890

7,9337,9908,0308,0938,1238,130

8,1438,1528,1548,1558,169

8,1978,2308,2498,2408,225

8,2298,2418,2398,184

10,096,300 I10, 267,153 !11,027,280 i11,546,09512,268,757 I12, 784, 460

13,117,765 i13,524,92113,637,115 I13,732,32113,783,998 j13,543,932 |

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

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

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, 5841, 973, 7492, 081, 442

2,086, 5962,162, 5872, 277, 8662, 289, 7822, 347, 479

2,346,9152, 375, 8572, 398, 3042,477,843

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

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

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

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

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. 540,2, 615, 0212, 502, 0512, 640, 5642, 755, 377

2, 686, 5302, 409,1982, 445, 4402,595,811

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

1 Includes rediscounts, overdrafts, and customers' liability on account of drafts paid under letters of credit.2 Includes certified and cashiers' checks outstanding.3 Includes postal savings deposits.

1,451,2231,547,7231, 484, 7691, 505, 5161, 742, 6311,911,810

2,064, 5902, 265, 0792, 206, 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

in

fed


No. 86.—LOANS, INVESTMENTS, CAPITAL, SURPLUS, DEPOSITS, AND SORROWINGS OF ALL MEMBER BANKS ON CALL DATES

1914 TO 1923.


O

Date.

Dec. 31, 1914..

Mar. 4, 1915...May 1, 1915...June 23, 1915,.Sept. 2, 1915..Nov. 10, 1915..Dec. 31, 1915..

Mar. 7, 1916..May 1, 1916,..June 30, 1916..Sept. 12, 1916..Nov. 17, 1916 _.Dec. 27, 1916...

Mar. 5, 1917..May 1, 1917...June 20, 1917..Dec. 31, 1917-

May 10,1918..June 29, 1918..Nov. 1, 1918..Dec. 31, 1918..

Mar. 4, 1919..June 30, 1919..Nov. 17, 1919.

7,852

7,6077,6147,6157,6307,6407,631

7,6127,6057,6067,6187,6147,614

7,6147,6297,6537,907

8,1328,2138,5968,692

8,7258,822

, 8,995Dec. 31, 1919... I 9,066

Num-ber ofbanks.

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, 017,96912,558,839

3 17,132, 205

18,874,8893 18,724,14921,345,61720,883,958

21, 760, 98922, 603, 35324, 527, 85325, 181,511

Loans anddiscounts.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, 423,427

3 12,419, 748

3 12,758, 5723 13,318, 58914, 670, 52314, 318, 523

13,975, 74415, 535, 75817, 589, 82818,363,644

UnitedStates

Govern-ment

securities.

794,239

780, 355783,157782,619780,895776,932773,807

753, 049737,997730,374728,948723,643716,129

713, 713776,189

1,098,036

Otherbonds,

stocks, andsecurities.

3,281,1202, 567,0443,819, 6413, 657, 243

4,823,0014,036,8993, 660,9433, 506, 426

1,346,565

, 271,436, 260,047, 303,681, 342,381, 470,454., 502, 294

, 589, 3431,648,437, 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

2,962, 2443, 030,6963, 277, 0823,311,441

Capital.

1,074,757

1,075,8051,075, 2581,077, 8851,087,2891,087, 5491, 087,150

1,086, 5901,086,8071, 085,3751, 090, 8911,094, 5421, 095, 719

1,100,1261,111,3451, 123,2051, 311,150

1, 367,0601, 381, 2201, 442, 2061, 459, 095

1,466,268 i1,489,792 i1,565,871 j1,593,833 !

Surplus.

734, 527

731,978727, 039729, 799738, 276738, 663741, 529

740, 669740, 727747, 431754, 202762,134767, 450

778,239791, 368799, 331

1,085,110

1,143,3211, 157,792

.1,223,3421, 254, 535

1, 269, 0071, 292, 7161,343,6841,375,727

Deposits.

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, 39G, 92218, 628,027

19, 209,95918,954,30820,820,81521,419,330

21, 493, 28822, 807, 52025, 168, 89026, 121,621

Demand(includingcertified

andcashiers'checks).

Time(including

postalsavings).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, 30312. 708, 81613, 899, 42115, 638,03816,062,684

1,233,280

, 264,006, 319, 921, 351, 699, 416, 641, 463, 258, 506,018

, 592, 376., 685, 830, 774,839, 852, 7611,939, 4881,983, 202

2,125,0492, 262,8972, 303, 7323,150, 241

3, 346,8283, 395, 3813, 650, 9433, 834, 320

4,092, 4774, 343, 3825, 049, 4935, 304, 793

UnitedStates.

70, 77G

58, 71945, 96048, 26143, 95140, 30034, 866

32, 29634, 41f>38, 60733,94334, 40834, 543

33, 71734, 675140, 584649,413

1, 459, 2741, 521, 4031,707,627471, 632

884, 280902, 339386, 309648, 555

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

3, 807, 7153, 562, 3784, 095, 0504, 105, 589

Billspayableand redis-counts,

132, 902

95, 94390, 09898, 487106, 083104,01899,109

62, 42864, 11709, 06795, 00879,61894, 670

75,34195, 440379,917886, 773

1,134, 9591,106, 4412, 032, 5551,969,851

2, 060, 4692,048, 7532, 423, 8862, 561, 607

QWH

O

H

w

td

o


May 4, i920_.June 30> 1920,Nov. 15, 1920.Dec. 29, 1920.

Apr, 28, 1921.June 30, 1921.Dec. 31, 1921 _

Mar. 10, 1922.June 30, 1922.Dec. 29, 1922.

Apr. 3, 1923..June 30, 1923.Sept. 14, 1923Dec. 31, 1923.

9,2919,3999,5679,606

9,7459,779

9,8169,8929,859

9,8509,8569,8439,774

25,847,11625,945, 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

19,497,57419, 784, 37020, 079,50519, 767, 353

18,606,92418,206,01117,483, 518

17,161,13517, 295,94318,080, 787

18,571,82518,880, 05818,857,10019,051,686

3,081,1562, 941, 6552, 786,1092, 759,428

2, 627,0732, 661,0782, 647, 793

2, 754, 8463, 246,8243, 788, 377

3, 883, 2663, 870, 2323, 722, 4413, 641,132

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, 312

1, 695, 5551, 717, 0441, 787,1601, 799, 061

1,850,0741, 858, 7101,867, 821

1,886,1721,912, 2271,940, 916

1,979,9531,998,2952,004,1402,003,054

1, 446, 9151, 480, 4291, 518, 9581, 526, 901

1, 552, 4181, 557, 7191, 557,475

1, 561, 0431, 584, 0921, 625, 765

1,630. 5531, 631, 7021, 626, 9221, 641, 319

24,835,33825, 372,33625, 088, 27724, 201, 659

22, 812, 21623, 324, 85123, 231, 356

23, 641, 41825, 516, 68727, 271, 804

27,182, 45927, 053, 20226, 914, 71828, 486, 613

15, 351, 73215, 715, 53315,494,18914, 613, 290

13, 509, 48313,855, 62013, 014, 458

13,484,05415, 035,17915,672,741

15,127,22115,161,05915,100, 55116,086, 731

5, 747, 532 |5, 910, 926 I6,144, 064 !6,187,921 |

6, 343, 4436, 366, 6326, 450, 629

6,7,175; 0057,644,881

8,142, 5748, 378, 2118, 466, 4168, 650, 610

190,168 I2G0,179219,831316,191 I

272, 561389, 910306,103

329,503 I156,118 !461,799 !

404,427 I296,482 j144,478230,942

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

3,054,0682, 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

1 Includes rediscounts, overdrafts, and customers* liability on account of drafts paid under letters of credit.2 Postal savings deposits of State bank members are included with demand deposits for dates prior to June 20, 1917.3 Exclusive of customers' liability on drafts paid under letters of credit by State bank members.


No. 87.—PRINCIPAL RESOURCES AND LIABILITIES OF ABOUT 764 REPORTING MEMBER BANKS IN LEADING CITIES.

[In millions of dollars.]

Loans and discounts and investments.

CO

to

Yearly average(based on weeklyfigures):

19211922.

19231923.

Jan. 3.101724

?1

Feb. 7.142128

Mar. 7142128....

Apr. 4.

H — — - . -

Loans and discounts, gross.

15,34615,163

16, 413

16,35316,18516, 37816, 24916, 289

16, 24316,29916, 26416, 330

16, 37616, 49416, 498

16, 56916, 501

Total.

11,98010, 970

11, 789

11,61911,49811,51311,40511, 440

11, 43911,50911, 53111,640

11, 63511,72311,75011,784

11,88011, 825

Se-cured

byU. S.Gov-ern-

mentobliga-tions.

667331

255

306304297277276

270273278283

272270270265

271272

Se-cured

byotherbonds

andstocks.

3,0303,424

3, 750

3,909

3,787

3,811

3,733

3, 723

3,677

3, 729

3,736

3,800

3,7173,7113,7533,766

3,8283,763

Allother.

Investments.

Total.

8,2837, 215

3,3664,193

7,784 I 4,624

7,4047,407

4,7344,687

7,405 4,8657,3957,441

7,4927,5077,5177,557

7,6467,7427,7277,753

7,7817,790

4,8444,849

4,8044,7904,7334,690

4,7034,6534,7444,714

4,6894,676

United States securities.

Total.

1,3171,985

2, 457

2,5022,4942,6612,6382,627

2,6112,5992,5522,504

2,5172,4912,5842,553

2,5332,516

Pre-war

bonds.

Lib-erty

bonds.

Treas-ury

bonds

8791,241

278

275279279279281

281282282283

283283283283

283282

1,044

1,0841,0821,0811,0771,069

1,0681,0721,0631,042

1,0601,0611,0451,042

1,0381,035

132

129

130

128

131

125

121

118

112

114

112

110

108

106

105

Vic-torynotesand

Treas-ury

notes.

236568

907

801

807

960

955

952

957

959

943

921

943

935

941

929

918

921

Certif-icatesof in-debt-

edness

202176

129

210

197

211

199

194

180

165

146

146

100

205

191

Otherbonds,stocks,

andsecuri-ties.

2,0492,208

2,167

2,2322,1932,2042,2062,222

2,1932,1912,1812,186

2,1862,1622,1602,161

188 2,156173 ! 2,160

Re-servewithFed-eral

re-servebanks.

1,2631, 361

1,400

1, 4581,4731,4341,4431,444

1,4301,4841,4251,408

1,4031,4431,3881,395

1,4071, 387

Cashin

vault.

320286

291

326317290288275

284287289277

285289276283

283289

Deposits.

Netde-

mand.

10, 22910,859

11, 420

11, 52711, 59611,60011, 51911,537

11,48511,61211,44611,525

11,38511, 46411,18411,082

11, 21211, 251

Time.

2,9403,372

3,950

3,7483, 7153,7353,7153,729

3,723

Gov-ern-

ment.

230211

183

351

186299181150

1343,728 1143,7733,776

3,8563,8913,9233, 948

3,9593,951

99100

100109326337

337336

Accommodation atFed

Total.

l r 261

254

475

390289296359379

357446417386

372406416475

469396

eral reservebanks.

Se-cured

byU.S.Gov-ern-

mentobliga-tions.

494121

268

254195199260287

257343278267

248274259290

282239

Otherwisese-

curedand

unse-cured

767

133

207

13694979992

100103139119

124132157185

187

157


25May 2

916

29-30

June 6_...

2027

July 3111825

Aug. 18

152229

Sept. 5

Oct.

Nov.

Dec.

16,47916,47316, 56816, 49116, 63516, 55816,49016, 46716,47216, 48116, 54316, 62516,49716,40716, 34416, 35016, 27916, 27316, 21116, 24416, 284

12 ! 16,34919 | 16,45626 ! 16,422

3 J 16,50610 I 16,47617 | 16,47324 | 16,43331 | 16,474

7 ! 16,41814 ! 16,41921 I 16,37528 | 16,368

5 I 16,38512 I 16,38919 16,48926 16,490

11, 82111, 83911,98611,92211,93811, 89211, 84011,80811,82311,79011,85011,95211,85211, 76311,71611, 74011, 69611, 70211, 67711, 70811, 77111, 84011, 89211, 87711, 98411, 95611,96111, 92011, 94311, 92111, 93011, 89911,90411, 92711, 91811, 95611, 934

273284271262266261259252251257241239231231230230228230230232245258258257258230233229241225227226224225228

3,7733, 793

3,9233,8243,8243, 8043,800

3,8073,7863, 7553,806

3,880 |3,818 i3,745 |3, 742 i

3, 712 '3,6533,6463,6163,642

3,6613,6603,6973,677

3,7383,6653,6653,6733,706

3,6993,6873,7343,732

3,7613,7683,8303, 858

7,7707,7847,7907,8147,8437,8267,7747,7407,7787,7837, 7937,8157,7937,7797,743

7, 7977,8137,8257,8337,8367,8807,9487,9507,9427,9888, 0348,0388,0178,0047,9938,0027,9407,9457,9407,9267,9017,848

4,6584,6344,5824,5694,6974,6664,6504,6594,6494,6914,6934,6734,6454,6444,6284,6104, 5834,5714,5344,5364,5134,5094,5644,5454,5224,5204,5124,5124,5314,4974,4894,4764,4644,4584,4714,5334,556

2,5002,482

2,4322,4372,5592,5332,501

2,5192, 5162,5512, 535

2,5102,4942,4672,443

2,4372,4232,4152,3912,392

2,3732,3632,4102,387

2,3762,3802,3672,3592,341

! 2,330! 2,319J 2,284J 2,279! 2,279j 2,294I 2,338j 2,350

282 | 1,037281 | 1,033

281 j 1,023281 j 1,025281282279279280280281280277278278277277275275274275275275275275274274277275275275276276276274276276

1,0191,0051,0021,0131,0181,0311,0401,0581, 0641,0601,0541,0631,0601,0631,0531,0641,0581,0591,0511,0531,0431,0451,0431,0401,0411, 0421,0291,0131,0111,0131,0121,0051,016

10310010098

907

8941,0231,019992998989984974949940928912901893886 |879 I881 |871 |860 !861 i

856 j

860 |876 I874 !877 |864 i857 |857 |845 !842839841 ;840 i853

171159

140139138129130

132130160143

128117108107

104101999383

8181136116

11199918078

73766869

6986134124

2,1582,152

2,1502,1322,1382,1332,149

2,1402,1332,1402,158

2,1622,1512,1772,185

2,1732,1602,1562,1432,144

2,1402,1462,1542,158

2,1462,1402,1452,1542,190

2,1672,1702,1922,185

2,1792,1772,1952,206

1,4381,368

1,4121,4021,4261,4321,386

1,4061,4201,3971,390

1,4411,4241,3991,356

1,3961,3831,3601,3411,366

1,3681,3801,3401,366

1,3961,3721,4101,3511,388

1,3581,4051,3901,385

1,3841,4241,3551,379

279281

276288273283282

293290279282

285307285283

272295279281283

287293286284

287305290290283

305300290297

305321336355

11,21811,156

11, 28511,19411, 22011, 21611,173

11,17211, 32011,09411,104

11, 25311, 28111,16311, 078

11, 08010, 96511, 00810, 89010, 880

10, 96311, 08211, 02010, 891

11,04511, 06011,18611, 07711,158

11,13011, 27611,15811,107

11,11111, 25211,10311, 034

3,9673,989

3,9963,9693,9663,9874,004

3,9993,9913,9964,000

4,0123,9683,9813,964

3,9723,9723,9723,9814,006

4,0094,0054,0124,020

4,0164,0104,0244,0334,032

4,0344,0294,0224,048

4,0444,0594,0584,072

300266

251240416282192

147147256256

227180157146

147147132132122

11098236238

23620913110798

97735549

4233196186

412402

486449445436459

471441462491

644565527472

516540511489521

557557491573

598590582561593

539504467508

474489470575

236243

263259257259258

278253246271

364310304255

278295276256270

297288221294

293298280273304

264253222256

239241254306

176159

223190188177201

193188216220

280255223217

238245235233251

260269270279

305292302288289

275251245252

235248216269

3HO

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OO


No. 88.—ASSETS AND LIABILITIES OF ALL BANKS IN THE UNITED STATES AND ISLAND POSSESSIONS FOR WHICH REPORTS ARE AVAILABLE

ON OR NEAR JUNE 30, 1914-1923.CO

[Taken from annual reports of the Comptroller of the Currency.]

(In thousands of dollars.)

June 30.1919(29,123

banks).

RESOURCES.

Loans and discountsOverdraftsInvestmentsTotal loans and investmentsBanking house, furniture, and fixturesOther real estate ownedDue from banks »Exchanges for clearing houseChecks and other cash itemsCash on handOther resources -,._

Total

LIABILITIES.

Capital stock paid inSurplusUndivided profits, less expenses and taxes paidNational-bank circulationDue to banks__- rIndividual deposits 3

United States depositsTotal depositsNotes and bills rediscountedBills payable (including certificates of deposit repre-

senting money borrowed)Other liabilities

Total

1914 (26,765 1915 (27,062banks) . I banks) .

15, 288, 35751,121

Ft, 584 ,92520,924,403

609, 697129, 983

2,872,697

15,722,44036, 232

5,881, 93121,640,603

636, 821156,584

3, 233,943307, 246

69, 6301, 457,702

301, 601

17, 895, 36638,211

6, 796, 57024,730,147

610, 046216, 596

4,032,125488, 849281, 576

1,486,118425,781

520, 9951, 639, 219

274, 404

2,132, 0741, 714,486

562, 031722, 555

2, 705, 07518,588,112

4 66, 65521,359,842

38,130

194, 432247,848

26,971,398

2,162, 8421, 732,918

639, 778722, 704

2, 783. 31219,199,393

4 48, 96422,031,669

59,452

2,195,1011, 849, 693

564, 338676,116

3,463,60922, 873, 493

< 39,45726,376,559

53,468 I

27,8

2, 274, 2001,945, 544

674,191660, 431

3,913, 94426, 396,167

4 132, 96530,443,076

167, 471

317,853643,997

4,130 32, 271, 238 37,126, 763

166,762 | 113,251288,005 i 442,712

2, 351, ,5882, 034, 764

684, 260681, 631

3, 595, 06227,956, 3784 1,037,78732,689,227

680, 877

40, 726,439

2, 437,3652,181,994

825, 889677,162

3,890,48733,211,631

« 566, 79337,668,911

659, 219

1,641,2721, 523, 635

June 30,1920 (30,139

banks).

30, 791, 725309, 186

11,387,52542,288,436

863,191137,785

5, 833, 241849, 910607, 868

1,076,3781,422,299

Juno 30,1921 (30,812

banks) .

53, 079,108

47, 615, 447

2, 702, 6392, 410, 346

976, 261688,178

3, 708, 30237,829, 985

4 175, 78841,714.075

1, 499, 262

1, 785, 5981,302,749

,693, 72181, 849

,381,923157,4%993,898153,623

,794, 205, 049, 507241,160946, 567

,334,934

June 30,1922 (30,389

banks).

49, 671, 390

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

',684,205 j74,600

1,547,567 ;,306,372 i, 078, 174 |

198,457., 414, 241

930, 594644, 014829. 892

, 023, 623

June 30,1923 (30,178

banks) .

30, 229, 44657, 982

13, 672, 54743,959,975

1. 176,098' 256, 119

5, 597, 150646,590549, 485797,101

1,052,393

53, 079,108 49, 671, 390 j 50, 425, 367

50, 425, 367

2, 943, 9502, 697, 409

933, 843725, 748

3, 244, 38637, 746, 823

128,88741,120,096

435,711

635, 564933. 046

54,034,911

3, 052, 3672, 799, 494

954,145720, 001

3, 610, 21140, 392, 305

238. 43944,240,955

534, 706

780, 761952, 182

54,031,911

1 Includes lawful reserve with Federal reserve banks or other reserve agents.2 Included in "Checks and other cash items."3 Includes certified and cashiers' checks.« For national banks only.

C"J

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w

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DEBITS TO INDIVIDUAL ACCOUNTS.

No. 89.—DEBITS TO INDIVIDUAL ACCOUNTS AS REPORTED BY BANKS IN 141PRINCIPAL CITIES, BY MONTHS.

SUMMARY, BY FEDERAL RESERVE DISTRICTS.

[Figures for each city appear in Part II.]


JanuaryFebruary...MarchAprilMayJuneJulyAugustSeptember.OctoberNovember _December..

Total

1923

Total.

1922

41, 752, 91335, 925, 21242,185,14339,294,40840,071,90640,573,59536, 504, 27533, 495, 56734,060,23438,900,24138, 503,87042, 448,051

463, 715, 415

34, 936, 96730,585,31036, 932, 27436, 388, 04037, 976,00839, 236,17736, 055, 78834,136,12935, 768, 45340, 745,18636,159, 89640,436, 981

1921

37,917,48929, 710,13333,882,892.32, 214, 52032,492, 79833, 585,69831,494,14830,077, 62131, 604,96434, 300,23233, 420,85637,997,186

439,357,209 398,698,537

Dis t r ic t N o . 1—Boston (11 cities).

1923

2,197,9971,889,8992, 222,0862,119, 7872,139, 6452,172,8721, 983, 2231, 771, 5721, 760,9562,154, 6172,150,666 |2,287,912 !

1922

1, 928, 0211, fill, 6051,857,8091,760,1571,837,9391,992,8981,899, 3731,586,0941, 717, 6352,087,6221,986, 5232,126,314

24, 851, 232 22, 391, 990

1921

2,058,410-1, 611, 6031,821,1961,796,118*1, 788, 5481,826, 5301, 734,8241, 588, 5421, 630, 2991,947,9921, 925, 7532,005, 698'

21, 735, 513

JanuaryFebruary _.MarchApril ._May ._JuneJulyAugustSeptember.OctoberNovember.December..

Total

District No. 2—New York (7 cities). District No. 3—Philadelphia (10 cities),

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

1922

246, 492. 994

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

1921 1923

20, 666, 73215, 645,82717, 940,13316,950, 77217, 774, 98018, 355, 75016, 907, 78015, 683,07216, 617, 93918,170, 74018, 018, 31521,178, 533

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

1922

lr 583, 0081,431,5931,628,1171,569,3121,634,3141, 720, 6491, 668, 3161, 589,8191, 646, 5391,891,0671, 682,8451, 939,197

247,067,229 j 213,910,573 22,301,080 19,984,776

1921

1, 679, 2831,391,3921,615, 9081, 582, 2991, 503, 6071, 622,4991, 523, 2961,407.35S1, 500, 5861, 581,8671, 515, 2061, 766, 389

18, 689, 687

District No. 4—Cleveland (13 cities). District No. 5—Richmond (7 cities)..

1923

JanuaryFebruary . .MarchAprilMayJuneJulyAugustSeptember .OctoberNovember.December..

Total

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

1921

2, 236, 4851, 754, 5681, 869, 4441,841,1551, 716, 2411, 751, 9031, 620,9861, 521, 0311, 585, 9951, 689, 7841, 643, 9191, 873, 095

1923

21,104,606

746, 047631, 628737, 293.676,260701,164742, 692081,119668,610655, 258746, 504710, 408804,167

8, 501,150

1921

630,971535,864618, 568614, 409664, 853681,167636, 506616, 520596, 901705,455660, 697753, 942

737,917600, 411677, 832645, 676633,007677,168660, 222674, 846666,886743,458724, 232793, 239

7,715,853 ! 8,234,894


196 AXKUAL REPORT OF THE FEDERAL RESERVE BOARD.

No. 89.—DEBITS TO INDIVIDUAL ACCOUNTS AS REPORTED BY BANKS IN141 PRINCIPAL CITIES, BY MONTHS—Continued.

S U M M A R Y , BY F E D E R A L R E S E R V E DISTRICTS—Cont inued .[In thousands of dollars.]

JanuaryFebrua ry . -MarchAprilM a yJuneJulyAugustSeptember.OctoberNovember .December.-

Tota l .

District No. 6—Atlanta (15 cities).

1923 1922 1921

1,

1,

1,

11,

005, 714827, 440991, 806886, 328922, 450902, 403837, 023790, 799835, 330020, 357991,989124, 910

136,549

774, 821676, 960781, 076710, 303764, 397785, 260743, 297739, 642800, 649901, 535911, 367989, 297

9, 578, 604

895, 433741,122811,214770, 072725, 043728, 734735.144704,823 I796,832 I858,216 I785,252831, 379

District No. 7—Chicago (21 cities).

9, 383, 264

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

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

55,366,897 j 49,303,650

1921

4, 321,9913, 512, 7643, 992, 9273, 819,0833, 765,9133, 827, 9103. 781, 4283, 874,8993,848, 0684,068, 9103, 827,1664,195, 461

46, 836, 520

District No. 8—St. Louis (5 cities). District No. 9—Minneapolis (9 cities)

1923 1922

JanuaryFeb rua ry . .MarchAprilMayJuneJulyAugustSeptemberOctoberNovember-December..

1,178, 722952, 802

1,112, 3951, 039, 5491, 076, 5601, 104,142980,103930, 888945,160

1,184, 8541, 094, 4281, 194, 752

Total. 12, 794, 355

858, 795739, 485859, 417826, 599911, 346930, 887871, 384830,180908, 393

1, 067, 437988, 780

1,145, 954

1921

879,881813,884875, 995836, 575830, 702859, 644813, 249780, 771837, 548945, 072879, 322957, 258

1923 !

647,312 !510,811 j600,805 i596,914 !634,217 I652,341 :593,964 i598,206 \635,309 i700,333 !664,498 j660,760

1922 1921

492, 323455, 305556, 282512, 419546, 252569, 323554, 605580, 550654,491698, 732633, 665710, 631

10, 938, 657 10, 309, 901 | 7, 495, 470 ! 6, 964, 578

580, 703464, 851516, 962524, 033505, 338554.127501, 752539,110614,893622, 728543,110573, 961

6, 541, 568

District No. 10—Kansas City (14 cities)

January... __February. . .MarchAprilMayJuneJulyAugustSeptember..OctoberNovember..December.. _

Total .

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

1921

District No. 11—Dallas (11 cities).

1923 I1,152, 595942, 309

1, 067, 0661, 006,119953, 761992, 057994, 617

1, 025,1411, 022,1821, 006, 694966, 224992, 594

605, 258494, 600547,188488, 255486, 003465, 461420, 874448, 966540, 722629, 517583, 636620, 979

1922

526, 519460,149524, 469470, 827486, 707479, 097432, 944440, 729541, 700589,166556, 549605, 692

12,121, 359 | 6, 331, 459 | 6,114, 548

1921

5, 893,495

JanuaryFebruary. . .MarchAprilMayJuneJulyAugustSeptember.OctoberNovember..December..

Total,

District No. 12—San Francisco (18 cities).

1923 1922

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

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

1921

2,156, 2961, 765,1282,197,4411, 999, 5271, 858, 5701, 935,9911, 796, 4311,842, 5211,970, 7492, 097, 3242, 065, 0612, 252,118

23, 937,157



GOLD IMPORTS AND EXPORTS.

No. 90.—GOLD MOVEMENT INTO AND OUT OF THE UNITED STATES, JUNE 1, 1919-DECEMBER 31, 1923.[In thousands of dollars.]

FranceGreat BritainNetherlandsSweden _CanadaArgentinaChina-India ._- . _Japan .All other

Total

Total since lifting ofembargo, June 1, 1919-

Dec. 31, 1923.

Netimports.

261,147756,195

45,13798, 561

131, 058

96, 034

991, 850

Netexports.

138, 36235, 41629, 305

193,199

Period of net loss,June 1, 1919-Aug. 31, 1920.

Netimports.

82, 5141,147

59,315

Netexports.

2,409

1

146, 37559, 39540, 804

132,856146, 462

385,326

Period of net gain,Sept. 1, 1920-Dec. 31, 1923.

Netimports.

263, 556673, 68143,99098, 56271, 7438,013

23, 97911, 499

242, 496

1, 377,176

Netexports.

60,343

No. 91.—TOTAL IMPORTS OP GOLD INTO AND EXPORTS OF GOLD OUT OF THEUNITED STATES, BY COUNTRIES, DURING CALENDAR YEARS 1922 AND 1923.

DenmarkFranceGermanyGreece.NetherlandsNorwaySpainSwedenEngland..ScotlandCanadaCentral AmericaMexicoWest IndiesArgentinaBoliviaChileColombiaPeruVenezuela .ChinaDutch East indies-JapanPhilippine Islands..British OceaniaEgypt,Portuguese Africa. _.Allother

Total..

86538—24f-

1922

$17, 769, 57627,043,158

35,1184,798, 2949,957, 8708, 423,894

71,12532, 885, 875

121,732,152151, 320

10,372,0924, 373, 2205,912, 7371, 780,020

26,82819,591

395,2796, 847,9101, 619,119

915,1698,937,9751, 626,911

853,034 I4,230,900 !2,569,101 i

491,857 I1,329,660 I

1923

$3, 561,82919,036, 30149, 551, 586

13, 291, 819168

35,8395,357

147,11^9582,560, 382

49, 374, 5492, 443, 6206, 581,439

547, 6245, 337, 914

26, 295245,556

4, 451,5792,069,820

686,1295,588,0152, 330,112

6,0001, 571, 8601, 656, 5631,736, 664

932,3021,974,532

275,169,785 j 322,715,812

-14

FranceNetherlands.SwedenSwitzerland _ _ _EnglandCanadaCentral AmericaMexico

i West IndiesArgentinaColombia 500,000British India 4,445,339

! China 350,200Dutch E ast Indies 435,010Hongkong 3,582,385Allother 204,090

1922

$19,000727, 00078,00029,50120,990

22,161, 75912,127

4, 303, 6095,884

Tota l . 36, 874,894

1923

$2, 660,00090,000

500

1,379,957138, 249

1,704,605

4, 706,47515

48,600700,000

14, 637,246110,00560,010

2, 377,91529,840

28, 643,417


No, 92.—COST OF BANK PREMISES OWNED BY THE FEDERAL RESERVE BANKS AS OF DECEMBER 31, 1923.

Federal reserve bank orbranch.

Cost ofland, in-

cluding oldbuildingsutilized or

demol-ished—net.

Cost of buildings.

Buildings,exclusive ofvault, fixedmachinery,

and mis-cellaneousexpense.

Miscella-neous

expenses,includingarchitect

fees.

Vaultconstruc-

tion.

Vaultequip-ment.

Fixedmachineryand equip-

ment.

Total costof

buildings.

Total cost jof land

and !buildings. !

Deprecia-tion

charges.

Bookvalue,

net.

00

Remarks.

NEW BUILDINGS CONSTRUCTED BY FEDERAL RESERVE BANKS AND NOW OCCUPIED AS BANK QUARTERS.

BostonNew York (annex

building).ClevelandRichmondAtlantaNew Orleans.. _.ChicagoKansas City

. Oklahoma CityDallas. . . .1El PasoHoustonSan Francisco.

Total.

$1, 246, 726592, 679

920,490202,025283,000201,250

2,963,548495, 300

65,021181,12039,00366,312

416,045

7,672,519

$2, 561, 9541,157, 873

4,982,2561, 603,0641,023, 279

565,5524,789, 5292,815,078

304,095909, 564

73, 618234,751

2,145, 653

23,166,266

$220,062185,016

676,786128,86195,06263,114

356,840243,94729,39594,8744,867

15,687213,116

2,327,627

$760,5873,715

483,64217,12663,10849,347

436,82196,38132,90032,5323,410

15,065114,590

2,109,224

0)$315

593,980282,393174,03753,410

633,915235,69543,500

132,28029,97518,810

132,800

2, 331,110

$662,157120,300

1, 336,722410,409175, 279157,568

1, 276, 579777,94067,866

325,20910,37457,692

596,498

5, 974, 593

$4, 204,7601,467, 219

8,073,3862,441,8531,530.765

888,9917, 493, 6844,169, 041

477, 7561,494,459

122, 244342,005

3, 202,657

35,908,820

$5,451,4862, 059,898

8,993,8762,643,8781,813, 7651, 090, 241

10,457, 2324,664,341

542, 7771, 675,579

161,247408,317

3, 618, 702

43,581,339

$1,139, 263494, 720

1, 087, 064484,062394, 599231, 881

2, 843,443833,303

34, 454293,001

26, 05415,446

956, 258

8,833,548

$4,312, 2231, 565,178

7,906,8122,159.8161,419,166

• 858,3607, 613, 7893.831,038

' 508,3231, 382, 578

135,193392,871

2, 662, 444

34, 747, 791

Occupied March, 1922.Occupied May, 1921.

Occupied August, 1923.Occupied October, 1921.Occupied October, 1918.Occupied October, 1923.Occupied July, 1922.Occupied November, 1921.Occupied April, 1923. 4Occupied March, 1921.Occupied August, 1920.Occupied February, 1922.Occupied December, 1923;

estimated cost to com-plete, $797,343.

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B U I L D I N G S P U R C H A S E D BY F E D E R A L R E S E R V E BANKS A N D N O W O C C U P I E D AS B A N K Q U A R T E R S .(Amounts shown under "cost of land" represent total original cost; figures shown in columns 2 to 7, inclusive represent remodeling costs only.)

New York (No. 10 GoldStreet).

Philadelphia 2

PittsburghBaltimore 3

NashvilleLouisville 4

HelenaOmaha*

Total

$91, 715

999, 488515, 000201,02383,704

202,87714, 925

165, 6022, 274, 334

$8,172

271,803165, 712

124,206

57, 64338,216

665, 752

$671

91,11933, 657

11,6643,060

12,8761,532

154, 579

$833,99894,765

11,987

9,266

950,016

$128,914175,950

28,055

66, 580

399,499

$3,004

218,23611,370

25,101

16,109

273,820

$11,847

1, 544, 070481,454

201,0133,060

162,47439, 748

2,443, 666

$103, 562

2, 543,558996,454201,023284, 717205,937177,399205, 350

4,718,000

$53, 562

1,433,00673, 26421,02371, 99556,42486,01030, 350

1,825,634

$50,000

1,110, 552923,190180, 000212, 722149, 51391,389

175, 0002,892,366

Occupied November, 1921.

Occupied December, 1917.Occupied February, 1920.Occupied March, 1918.Occupied December, 1922.Occupied June, 1919.Occupied February, 1921.Occupied May, 1920.

WOf

B U I L D I N G S IN COURSE OF C O N S T R U C T I O N OR A U T H O R I Z E D .

New York (main build -ing).

Jacksonville -

$4,850, 209

145,842

>, 455,361

105, 695

$1,365, 707

13,586

$134,827

10,791

$575,475 I $1,547,575

13,804 14,570

$10,078,945

158,446

[, 929,154

204, 288

$3, 246, 270

30, 566

$11,682,884

173, 722

Estimated cost to complete,$4,185,000.

Estimated cost to complete,$68,100.


St. Louis..

Little Rock

Minneapolis

Salt Lake City

Total ._ _ . - -

1,304,849

85,007

600,521

114,075

7, 000, 503

327,255

1,086,314

7,974,625

199, 625

13,454

196,047

1,788, 419

59,099

204,717 589, 279

322,121

1,884, 266

526, 880

13,454

1,663, 581

12,441,306

1,831,729

98,461

2, 264,102

114,075

19,441,809

733,300

252,251

6,708

4, 269, 095

1, 098, 429

98, 461

2,011,851

107, 367

15,172,714

Estimated cost of proposedbuilding, $3,401,500.

Estimated cost of proposedbuilding, $357,200.

Estimated cost to complete,$1,338,100.

Estimated cost of proposedbuilding, $250,000.

BUILDINGS OCCUPIED BY TENANTS.

(Amounts shown under "cost of land" represent total original cost.)

Cincinnati

Baltimore

Total

$380,744

251,193

631,937

1 $380, 744

251,193

631,937

$113,744

63,193

176,937

$267, 000

188, 000

455,000

Will remodel or erect newbuilding.

New building proposed.

DetroitDenver

Total

Grand total for allbanks and branches..

$650,000101, 263

751, 263

18,330, 556 $31, 806.643

BUILDING SITES (CONSTRUCTION

$182

182

4, 270,807 $3, 263,957 $3,319,888 $8,132, 679

N O T AUTHORIZED)

$182

182

50, 793, 974

$650,000101, 445

751,445

69,124, 530

$21, 263

21, 263

15,126,477

$650,00080,182 1

730,182

53, 998, 053

No. 93.—COST OF BANK PREMISES SOLD PRIOR TO DECEMBER 31, 1923, ALSO REMODELED BUILDING TO BE DEMOLISHED.


Boston

Dallas

San Francisco.

Total

Originalcost.

$1,000,000

08, 400

Cost ofremodeling.

$53,336

239, 749

10,098, 400 293,085

Total cost.Depre-ciation

charged off.

$1,000,000

151,736

239, 749

1, 391,485

$200,,000

76, 736

239,749

516,485

Book valuewhen sold.

$800,000

75,000

875,000

Sale price.

$1,150,000

130,000

Remarks.

1, 280, 000

Profit of $150,000 deducted from cost of new premises and depreciation allow-ance of $200,000 applied to new property.

About $18,000 of material salvaged from this building before sale used in newbuilding.

Represents cost of remodeling for temporary occupancy of old building on landpurchased as site for new building. This building was not in use at end of1923 and will be demolished and site used for part of new building.

1 Included in cost of vault construction.2 Will remodel building purchased in 1923 or build annex.3 Will be sold if new building is erected.

4 Annex being constructed at an estimated total cost of $177,500.,> Erection of new building contemplated.

* win De soia II newT Duuaing is erectea.No bank buildings or sites therefor have been acquired for the following branches and agencies: Branches—Buffalo, Birmingham, Memphis, Los Angeles,

Spokane. Agencies—Savannah, Havana (Boston), Havana (Atlanta).Portland, Seattle

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STATE BANK AND TRUST COMPANY MEMBERS.

The following is a list of State bank and trust company membersof the Federal Reserve System on December 31, 1923, snowing thecapital, surplus, and total resources, as compiled from the latestavailable figures:

DISTRICT NO. 1.

CONNECTICUT.

(See also District No. 2.)

New Britain—New Britain Trust CoNew Haven—Union & New Haven Trust Co.South Manchester—Manchester Trust CoWater bury—Colonial Trust Co

MAINE.Bangor—Merrill Trust CoEllsworth—Union Trust CoPortland—Fidelity Trust CoSanford—Sanford Trust Co

MASSACHUSETTS.

Arlington—Menotomy Trust CoBoston-

American Trust CoBeacon Trust CoExchange Trust Co _Bank of Commerce & Trust Co..Liberty Trust CoMassachusetts Trust CoNew England Trust Co _Old Colony Trust CoState Street Trust CoUnited States Trust Co.*

Cambridge-Harvard Trust CoInman Trust Co

Fitchburg—Fitchburg Bank <fc Trust CoGloucester—Gloucester Safe Deposit & Trust Co.Greenfield—Franklin County Trust CoHolyoke—Hadley Falls Trust CoLawrence—Merchants Trust Co _ _..Lynn—Security Trust Co _Newton—Newton Trust CoNorwood—Norwood Trust CoSalem—Naumkeag Trust Co . .Waltham—Waltham Trust CoWinchester—Winchester Trust CoWorcester—Worcester Bank & Trust Co.

RHODE ISLAND.

Providence-Industrial Trust CoRhode Island Hospital Trust Co.Union Trust Co _._

DISTRICT NO. 2.

CONNECTICUT.


Bridgeport—Bridgeport Trust Co

200

Capital.

$500,000650,000200,000500,000

500,000100,000400,000100,000

200,000

., 500,000

., 000,000

., 000,000500,000750,000, 000,000., 000,000', 000,000I, 000, 000,000,000

400,000200,000500,000200,000200,000500,000300,000200,000600,000200,000250,000300,000100,000

L, 500,000

Surplus.

4,000,0003,000,0001,000,000

1,000,000 I

$200,000650, 000100,000600,000

400,000100,000400,00050,000

100,000

2,000,0001,800, 0001,000,000

105,000750,000500,000

2,000, 0009,000,0002,500,0001, 000,000

500,00057,500

500,000200,000100,000250,000150,000300,000600,00026,000200,000200,00050,000

1,000,000

6,000,0004,500,000

500,000

300,000

Totalresources.

$5, 787, 83511,501,1402, 547, 8308, 474, 359

11, 389, 9892,830,80515, 681, 6131,633,934

3, 671, 261

29, 855, 65230, 782,11819,811,8474, 695, 78115, 513, 43921, 284, 93428, 315, 496168, 751, 53646, 714, 82120, 269, 976

12, 525,1012,392,9665,808, 6515, 003,9423,411,8548, 684, 9699, 261,0438, 640, 26812,850,9764,103,6886, 540, 6616, 713, 5781, 578,108

35,152, 242

116, 228,18.'.84,962,53418,325,261

10, 465,152


AXXUAL KEPORT OF THE FEDERAL RESERVE BOARD. 201

Capital.

DISTRICT NO. 2—Continued.

NEW JERSEY.


Asbury Park—Seacoast Trust Co_Bayonne—Bayonne Trust CoBloomfield—

Bloomfield Trust CoWatsessing Bank

Bogota—Bank of BogotaBoonton—Boonton TrustCoCarteret—Carteret Trust CoCranford—Cranford Trust CoEast Orange-

East Orange BankSavings Investment & Trust Co

Elizabeth—Elizabethport Banking CoFort Lee—Fort Lee Trust CoFranklin—Sussex County Trust Co ,Glen Ridge—Glen Ridge Trust CoHaekensack—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—

B ank 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—Bank of NutleyPassaic—Peoples Bank & Trust CoPaterson—Hamilton Trust CoPerth Amboy—Perth Amboy Trust CoPlainfield— Plainneld Trust CoRahway—Rahway Trust CoRidgeneld Park—

Overpeck Trust Co *Ridgefield Park Trust Co

Ridgewood—Ridgewood Trust CoRutherford—Rutherford Trust CoWestfield—

Peoples Bank & Trust CoWestfield Trust Co

West Hoboken—Hudson Trust Co. of West Hoboken-Westwood—Westwood Trust Co

NEW YORK.

Adams—Citizens Trust CoAlbion—Orleans County Trust CoAmsterdam—Montgomery County Trust Co___ _Batavia— Bank of GeneseeBelmont—State Bank of BelmontBinghamton—Peoples Trust CoBlasdell—Bank of BlasdellBrooklyn—

Brooklyn Trust CoGlobe Exchange Bank_.'_Manufacturers Trust CoMechanics BankMidwood Trust CoPeoples Trust Co

Buffalo-Buffalo Trust CoCitizens Trust Co 1Fidelity Trust CoLiberty Bank of BuffaloMarine Trust CoPeoples Bank of Buffalo

Cam'steo—First State Bank -Cape Vincent—Citizens Bank of Cape VincentChatham—State Bank of Chatham _Coney Island, New York City—Bank of Coney Island-

Surplus.

$175,000300,000

250,000100,00075,000100, 000100, 000100,000

150,000 j500,000 !250,000 I100,000 !100, 000 i100,000 I600,000 !50,000 !400,000 i

200,0002, 000, 0001, 300, 000150,000 ;

250.000 !500,000 I600,000 |

200,000 '1, 500, 0005, 250, 000300,000 !200,000 I200,000 1100,000 |400.000 I500,000 i300,000 i500,000 I100,000 |

100,000 !100,000 ;150,000 !100.000 I

200,000 I200,000 i

1,000,000 i100,000 !

150,000 I100,000 I200,000 i100,000 i50,000 j

500,000 |30, OCC |

i

1, 500, 000400, 000

5, 000,0001,600,000;

700,000 ;1, 600, 000 I

1, 500,000 !1,250,0001,000,000 !2,000,000 i

10,000,000 !1,000,000 !

50, 000 j50,000 i50,000

200,000 !

Totalresources.

$175,000200, 000

150,000100, 00040, 00050, 00025; 000

100, 000

100,000500,000250,00020,00050, 00050,000

400, 00040, 000100,000

200, 0001, 500, 0001,000,000100,000 j

100,000 I500,000 i300,000 I

100, 0001,750,0003, 250,000300, 000160, 000100, 00065,000600,000500,000200,000500,000100,000

9,96975,00050,000150,000

I100,000 j50.000 j

1,000,000- 20,000 I

75,00050, 000

200, 000100.00050, 000100, 0005, 500

2, 750, 000120,000

3,000, 0001, 600, 000300, 000

2, 400, 000

1, 250, 0001,250,0001, 000, 0002, 000, 0007,000, 000

600, 00044,00010,00050, 000100,000

$4, 812,9427,167,416

4, 931,1942,150,1921, 004, 8251,475,285527,484

2, 509,053

3, 554,05313,687,0035,804,082395,451

1,521,8522,029,39910,010,877

709,169)7,471,060s

8, 041, 03T48,190,. 59123, 322,4952, 308,172

4, 798, 57810,947,2949,125,327

4, 550, 55£22,533,332;66, 633, 655,13, 033,8842, 621, 2816,815, 882:;2, 419, 5129,339, 09011, 309,853;8, 367, 31711,046,313.1,411,455

681,9002, 324, 5382,975, 8022,337,386

3,614, 9483, 788,842

52, 390, 297520, 835

1, 745, 7051,133,1124, 396, 6171,777,103512,820

7, 793, 545323, 682

50, 466,4184, 091,786.

120, 215, 30348, 387,8014,492, 215

58, 550, 312:

35, 620, 79528,190, 02ft24, 583,155.49, 327, 707135, 549,00924, 718,113.

650,940441, 093

2, 045,8406,108,764



DISTRICT NO, 2—Continued.

NEW YORK—continued

Depew—BankofDepew ._Dunkirk—Dunkirk Trust Co _.East Aurora-

Bank of East AuroraErie County Trust Co. .

Elmira— Chemung Canal Trust CoEndicott—State Bank of EndicottFloral Park—Floral Park BankFredonia—Citizens Trust CoGeneva—Geneva Trust Co , .Gloversville—Trust Co. of Fulton County.Hamburg— Peoples BankHammondsport—Bank of HammondsportHicksville—Bank of Hicks villeIthaca—Ithaca Trust CoJohnson City—Workers Trust CoKatonah—Northern Westchester Bank__ •Kingston—Kingston Trust CoLackawanna—American Bank of LackawannaLittle Falls—Herkimer County Trust Co.Lowville—Lewis County Trust Co _Malone—Peoples Trust CoMillbrook—Bank of MillbrookMineola—Nassau County Trust CoNew York—

Amalgamated BankBankers Trust CoBank of AmericaBank of EuropeBank of New York & Trust CoBank of United States.Central Union Trust CoCommonwealth Bank of the City of New YorkContinental BankCorn Exchange BankEquitable Trust CoFarmers Loan & Trust CoFederation Bank of New YorkFidelity International Trust CoFifth Avenue Bank .Fulton Trust CoGuaranty Trust CoIrving Bank-Columbia Trust CoManhattan CoMetropolitan Trust Co. of the City of New York__.?__Mutual BankNew Netherland BankNew York Trust CoPacific BankUnited States Mortgage & Trust CoUnited States Trust Co. of New YorkW. R. Grace & Co.'s Bank jYorkville Bank of New York City

Niagara Falls—Power City Bank . iNyack—Rockland County Trust Co IOgdensburg—St. Lawrence Trust Co |Olean—Olean Trust Co IOneida—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 SmithtownStony 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

$50, 000250, 000

150, 000100,000600,00050,00050, 000

100, 000250, 000250, 00060,00050,000

100,000250, 000100, 00050, 000

250,000100,000350, 000200,000300, 000

50,000150,000

200, 00020, 000, 000

6, 500,000450, 000

4, 000, 0002, 000, 000

12, 500, 000600,000

1, 000, 0009,075, 000

23,000, 0005, 000, 000

250, 0002, 000, 000

500, 000500, 000

25, 000, 00017, 500, 00010, 000, 000

2, 000, 000500, 000600, 000

10, 000, 0001, 000, 0003, 000, 0002, 000, 000

500, 000200, 000

1, 000, 0001007 000100, 000100, 000200. 00030. 00050, 00050, 000

300, 0002, 000, 000

300, 000400,000

50, 00050, 000

2, 380, 3002, 500, 0001, 500,000

1,000, 000250, 000

1, 000, 000100, 000400, 000

50,000150, 00050,000

$15,000125, 000

30,00050,000

400, 00050,00050,000

100,000225, 000150,00090, 00050,000

125, 000150,000100,00025,000

200,00025,000

350, 000100,000100,00050,000

100, 000

75, 00015, 000, 000

5, 000,000225,000

8, 000.000400,000

17, 500, 000700, 000

* 500,00010, 000, 0008,000, 000

10, 000, 000220, 489

1, 500, 0002, 000, 000

250, 00015, 000, 0007, 500, 000

10. 000, 0003, 000, 000

400, 000300, 000

10,000,0001, 500, 0003, 000, 000

12, 000, 0001,200,000 !

800,000 i500,000 i25,000 ;

10.000 ;40,000 !

120,000 I15,000 !12,500 I70,000 j

150,000 !2,000,000 !

100, 000 j100,00025,000 i25,000 !

1,000,000 I1,000,000 I

750,000 |

1,000,000 i250,000 j700,000 j20,000 I

400, 00013,25050, 00014, 283

$1, 098, 8622,215,894

2,364, 2261, 755, 232

10, 740, 2463, 380, 0871,801,5562, 056,402

* 4,916,3261,912, 4452, 055,9461, 260,1252, 481, 2625, 365, 8214,203,815

898r 9184, 237, 2631,104,9945, 312, 7011,966,8163, 575, 2291, 348, 7993,103, 350

2, 580, 265386, 628, 270176, 876,135

9, 268, 752119,594,53255,106, 566

254, 907, 42314, 571, 56617, 234, 701

240, 616, 737381, 987, 487158, 840, 267

3, 593, 05229, 252, 25829, 095, 44611, 081, 690

546, 077, 582412, 412, 540256, 596, 305

51, 875, 50516, 277, 29311,041,265

266, 270, 55837, 786, 21067, 487, 25171. 709, 76711,106,95127,433,41416,341,384

2, 989, 4601, 098, 9971, 340, 6683, 589, 618

952, 689104, 363

1,497,7334,711,295

54, 248, 9744, 648, 302

15, 032, 925924, 892657, 493

24, 361, 63945,175,17132, 080, 632

20, 677, 6343, 214, 843

15,937,496990,977

9, 536, 5461,091,7146, 53?, 649

558, 631



Surplus. Totalresources.

DISTRICT NO. 3.DELAWARE.

Milford—Milford Trust Co.Wilmington— _._ - . .

Equitable Trust Co... _Security Trust & Safe Deposit CoWilmington Trust Co _

NEW JERSEY.

(See also District No. 2.)Atlantic City—

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 Co.. .Princeton—Princeton Bank & Trust CoRiverside—Riverside Trust Co _Swedesboro—Swedesboro Trust Co _

PENNSYLVANIA.

(See also District No. 4.)Allentown—Penn Trust CoBloomsburg—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 Co..Peoples Savings & Trust Co

Honesdale—Wayne County Savings BankHuntingdon—Grange Trust CoJenkintown—Jenkintown Bank & Trust CoKulpmont—Dime Deposit BankLemoyne—Lemoyne Trust CoLewistown—Lewistown Trust CoLock Haven—Lock Haven Trust CoLykens—Miners Deposit BankMill Hall—Mill Hall State BankNew Oxford—Farmers & Merchants BankOlyphant—The Olyphant Bank..Orrstown—Orrstown BankPhiladelphia—

Aldine Trust CoBank of North America & Trust CoColonial Trust CoFederal Trust CoFidelity Trust CoGirard Trust CoNinth Bank & Trust Co..Northeast-Tacony Bank & Trust CoOxford Bank & Trust Co.._Pennsylvania Co. for Insurance on Lives and Granting

AnnuitiesPeoples Bank& Trust CoPhiladelphia Trust CoProvident Trust CoWest Philadelphia Title & Trust Co

Reading—Berks County Trust Co.Northeastern Trust Co

Schnecksville—Schnecksville State BankSchuylkill Haven—Schuylkill Haven Trust CoScranton—Peoples Savings & Dime Bank & Trust CoShamokin—Dime Trust and Safe Deposit CoTamaqua—Peoples Trust Co..Wilkes-Barre—

Dime Bank Title & Trust CoUnion Savings Bank & Trust Co.. .

Williamsport—Northern Central Trust CoSusquehanna Trust Co

Williamstown—Williams Valley BankY o r k -

Guardian Trust CoYork Trust C o . - . . _

$50,000

500,000600,000

2, 000, 000

300, 000100,000200,000100, 000500,000100, 000100,000200,000100, 000100,000

300, 000125,000150, 000500,000250,00050, 00060, 000125, 000300, 000

400, 000300,000250, 000200,000125, 000250,00050,000

200,000125, 000250,00050, 00035, 00050,000100, 00025,000

750, 0005, 000, 000500, 000200, 000

5, 200, 0002, 500, 000750, 000250, 000250,000

2, 000, 0001,000, 0001, 000, 0002, 000, 000500, 000

750, 000454,07025, 000125, 000700, 000125, 000125, 000

200, 000250, 000

500,000400, 00050,000

300,000300, 000

$100, 000

500,000700,000

1, 015,000

350,000100,000200, 000100,000900,00065,00020,000150,000125,00020,000

100, 00025,000200,000400,000500,00010,00030,00050,000400, 000

300, 000700, 000200, 000350,00035,000600, 00052,000200,00025,000

250, 000130,00015,00075,000100, 00013,500

500,0005,000, 000500, 000250,000

16,000, 0007, 500, 0001, 500, 000

75,000150,000

5, 000,000250, 000

5, 000,0005, 000,000750,000

650, 00075, 0272,500

125,000700,000200,000100, 000

200,00075,000

350, 000400, 00050,000

240, 000225, 000

$1,315, 640

6,359,0937, 574, 89619, 539, 725

6,857, 5001, 578,8593,821, 8952,141,14913,326,2151,027, 448933,753

3, 245, 2852, 383, 743789,865

2,439,9091,213,6402, 500,0716, 596, 0662,885, 946

183, 684610, 635655, 562

5, 091,985

4, 920,9367, 237, 0054, 092, 5054, 508, 742980, 743

6,974, 660630, 765

1,407, 562860, 390

3, 385,1991, 201,490429, 336801,471

2, 809,839250, 880

6, 059,08564,860,40610, 281,2415, 212, 762

69. 843,77260, 653,40516,909,8851,245, 2784,815, 241

52,194, 29412, 711, 01932, 282,69326, 277,19810,102,156

8, 244, 3622, 703,446

62, 3981,657, 08717,097, 6982, 521, 3741, 508, 372

3,508,0251, 704,409

4, 713, 2344, 363,677975,810

2,480,0074, 434,325Digitized for FRASER


204 ANNUAL REPORT OF THE FEDERAL RESERVE BOARJ>.

Capital. Surplus.

DISTRICT NO. 4.

KENTUCKY.


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 BankFirst 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 GreenBridgeport—Bridgeport Bank CoBuckeye City—Commercial & Savings Bank Co.Canton—Dime Savings Bank CoChagrin Falls—Chagrin Falls Banking CoCincinnati-

Brighton Bank & Trust CoFourth & Central Trust CoPearl Market Bank CoProvident Savings Bank & Trust Co.Union Trust CoWestern Bank & Trust Co

Cleveland-Cleveland Trust CoCommonwealth Banking & Trust CoGuardian Savings & Trust CoLake Erie Trust CoMidland Bank_Pearl Street Savings & Trust Co__Reliance Trust CoState Banking & Trust CoUnion Trust CoUnited Banking & Savings Co

Columbiana—Union Banking CoColumbus—Citizens Trust & Savings BankConneaut—Conneaut Mutual Loan <fc Trust Co._Cuyahoga Falls—Falls Banking CoDayton—Dayton Savings & Trust CoDelphos—Peoples Bank of DelphosDelta—Peoples Savings Bank Co.._Eldorado—Farmers State BankFrazeysburg—Peoples Bank Co,Geneva—Geneva Savings Bank CoGibsonburg—

Gibsonburg Banking CoHome Banking Co

Hillsboro—Hillsboro Bank & Savings CoHubbard—Hubbard Banking CoLodi—Lodi State Bank.. . _Lyons—Farmers State Bank__McCutchenville—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 Co _ _Minerva Savings & Trust Co

Minster—Minster State BankNapoleon—Napoleon State BankNewark—Newark Trust CoNew Philadelphia-

Merchants State BankOhio Savings & Trust Co _

Orrville— Oreville Savings BankPemberville—Pemberville Savings Bank CoPeninsula—Peninsula Banking CoPortsmouth—Security Bank_

$100,000 i

300, 000 J500,000 |150,000 j

60,000 i

500,000 I325,000200,000

1, 500, 000250, 00025,00025, 00025,000100,000100,00075, 00025,000

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, 000 <1, 500, 000

125, 000150. 000600, 00050, 00025, 00035, 00025,000100,000

50, 00025, 00050,00050, 00040.00025, 00030, 000200. 000500, 00025, 00025,000350,00025, 000

50, 000125,00025, 00050. 000

200, 000

100, 000150,00050, 00050, 00025,000

300, 000

Totalresources.

$75, 000

50, 000150, 00055, 000

6,000

500,000 1300,000125, 000

1,500,000125, 0007,50025,00012,50036,000 !21,00040, 00013,500

217, 500100,000

150, 0002, 000, 000

200, 0001, 200, 0003, 000, 0001, 000, 000

4, 300, 00018,000

4, 000, 000250, 000475, 000600, 00050,000 j285,000

11,125,000 I700,00055, 000550,000125,00075, 000

600, 00018, 50035, 0008,00050, 000100, 000

29,00025, 00025, 00050, 00060,0002,0002,700

200, 000152, 00010, 00030,00034,00015, 000

6,00033, 00035, 00050, 000200, 000

65, 00075, 00052, 0001,2509,000

200. 000

$1,110, 690

3,191,9792, 356, 5071, 206, 962

603,018

14, 273, 5418, 300, 6113,874,421

28, 642,1034,157, 623

368, 761268, 245393,880

1,924,540669,435816,990292,460

5, 863,4851,917,524

10, 827, 57523, 917,4708, 564, 82324,870, 61530, 247, 79316, 625,993

192, 989, 6732, 272, 012

103, 857, 7033, 578, 742

21, 094,63625,489,1402, 059, 42615,942,405

273,122,79623,892, 021

662, 32123, 008, 5562, 679, 2291, 695,992

17, 550, 508467, 580601,458443, 026598, 795

1, 703,104

836,330642, 755593, 859976, 435840, 873204,483132,133

2, 382, 3782,803, 333

403, 372543, 607

2, 434,224552, 234

441,0991, 597, 275455, 536

1, 088, 5053, 587, 285

1,069, 7412,187,951988,962414,819242, 371

3, 384, 665




OHIO—continued.

Rittman—Rittman Savings BankRossford—Rossford Savings BankSt. Clairsville—Dollar Savings Bank CoSt. M a r y s -

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-

Commercial Savings Bank & Trust CoCommerce Guardian Trust & Savings Bank.

Upper San dusky—Citizens Savings BankLewis Bank & Trust Co .

Vermilion—Erie County Banking CoWakeman—Wakeman Bank CoWarren—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 CoBellevue—Bellevue Savings & Trust CoButler—Guaranty Trust CoEast Pittsburgh—East Pittsburgh Savings & Trust CoErie—Security Savings & Trust CoGreensburg—Merchants Trust CoMead ville—Crawford County Trust CoNew Brighton—Beaver County Trust CoNew Castle—Lawrence Savings & Trust CoPit tsburgh-

Allegheny Trust CoCity Deposit BankColonial Trust CoCommonwealth Trust CoOakland 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 CoWheeling-

Security Trust CoWheeling Bank & Trust Co

DISTRICT NO. 5.

DISTRICT OF COLUMBIA.

Washington—Continental Trust Co

MARYLAND.Baltimore-

Atlantic Exchange Bank & Trust CoBaltimore Commercial BankBaltimore Trust CoHamilton BankLiberty Bank of Baltimore County _Maryland Trust Co

Forest Hill—Forest Hill State BankSalisbury—Farmers & Merchants Bank.

Capital.

$60, 00050, 00050, 000

50, 000100, 00035,000

100, 00025, 000

650, 000350,00050, 000

200, 0001, 400, 000

50, 000150,00050, 00025, 000

600, 00085, 000

100, 00030, 000

150, 000i

600,000 I2, 500, 000

Surplus.

125. 000300 000200, 000125, 000500, 000200, 000200, 000200, 000200, 000400, 000300, 000

700. 000200, 000

2, 600, 0001, 500, 000

300, 0002. 000,000' 505, 000

1, 500, 000200, 000] 2/5, 000

150, 000 (200,000 1

300,000 I500,000

1,000,000

1, 000, 000750,000

1, 000,00030,00025,000

1, 000,00025, 000

100,000

$18, 50028,00060, 000

25,00030, 5009,000

50, 00040, 000

304, 700350, 000

20, 000

350, 000700, 000

50, 00050. 00017; 50015, 000

600, 000100, 00050,00015, 00051, 500

650, 0001, 250, 000

125, 000100, 00040, 00050, 000600, 000200, 000500, 000200, 00050,000200, 000400,000

750, 000800, 000

3, 000, 0001, 250, 000200, 000

2, 000, 000200, 000

42, 000, 000400, 000125, 000

50,000100, 000

200, 000500, 000

100,000

1,000, 000250, 000

2,000,00022, 50025, 000

6, 500100,000

Totalresources.

$719, 327748, 612984,093

737, 4371,116,148595, 503

1, 488, 639373, 896

5, 525,1005, 515, 761913, 306

11,321,79327, 819, 696

773, 483958, 063661, 639315, 440

5,982, 8751, 218, 0281,173, 333326, 587

1, 359, 048

9, 846, 46721, 050,171

3,451,3162, 641, 7281,501,3971, 902, 0646, 982, 0544, 693,1226, 439, 4032, 822, 2782, 851,3031,724,4145, 220,128

6, 614, 34116, 057, 22825, 888, 72214,997,2856,163, 68021,373.1597,103! 887

148, 826, 5073, 062,1271, 982, 577

1, 784, 3742, 242, 963

4,154, 0648, 749, 059

4, 608, 356

26,417,88010,198, 66517, 498, 0881,149, 652928,461

10, 773,909240, 789977,951Digitized for FRASER




NORTH CAROLINA.

Belhaven—Farmers BankBenson—Farmers Commercial Bank.Charlot 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 CityNew Bern—New Bern Banking & Trust CoTarboro—Farmers Banking & Trust CoWashington—Bank of WashingtonWinston-Salem—Wachovia Bank & Trust Co. . .

SOUTH CAROLINA.

Bishopville—Peoples BankCharleston—Carolina Savings BankCher aw—

Bank of CherawMerchants & Farmers Bank

Chester—Commercial BankDarlington—Bank of DarlingtonFlorence-

Commercial & Savings BankPalmetto Bank & Trust Co

Georgetown—Bank of GeorgetownPeoples Bank of Georgetown

Hartsville—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 B ankWoodruff—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.)

Capital.

$25,000100,000

Surplus.

25,000200,000

110, 000100,000100,000100, 000

250, 000100, 000

WEST VIRGINIA.


Berwind—Berwind Bank.Charleston—Kanawha Valley BankFranklin—

Farmers Bank of PendletonFranklin Bank

Grafton—Grafton Banking & Trust CoHarpers Ferry—Bank of Harpers FerryHurricane—Putnam County BankMartinsburg—

Peoples Trust CoShenandoah Valley Bank & Trust C o . . .

Moorefield—Hardy County BankPetersburg—Potomac Valley BankSt. Marys—Pleasants County BankSalem—Merchants & Producers Bank

50,000500,000

75,000150, 000

50, 00025,000

100, 000100, 000

100, 00017, 50042. 50018, 5009,000

30, 00014, 700

200, 00030, 00025, 00040,000

65,00025, 00041. 80579, 000500, 000141, 700

500, 000300, 000

1, 200, 000750, 0004,00011,000

100, 0001, 600, 000

50, 00018, 00050, 0006,000 !

50, 000

102, 50025,0002,0503,00026, 00035, 000

$236,928660,014

426, 3713, 704, 323

1, 294, 056555, 223

1, 335, 5691, 537, 064

1, 839, 291947, 465

1,182, 388627, 782

1, 002, 436740, 048299, 627443, 593564, 209

1, 766, 837661, 372832, 662593, 331

872, 254588, 817420, 650602, 091

8, 582, 9325, 337, 535

5, 765, 1952. 748, 817

21, 120. 4494, 822, 630248,176447,128

1, 303, 63313, 025,161

604, 393413,381

1, 521, 594204, 876518,688

1, 619. 886560, 235166,112253, 809520, 334726, 686


ASTNUAL REPORT OF THE FEDERAL, RESERVE BOARD. 207

Totalresources.

DISTRICT NO. 6.

ALABAMA.

Athens—Farmers & Merchants BankBirmingham-

American Trust & Savings BankBirmingham Trust & Savings Co.

Carrollton—Pickens County State Bank . . .Clayton—Bank of CommerceCullman—Alabama Bank & Trust CoGuin—Marion County Banking CoHartselle—Farmers & Merchants BankHuntsville—Farmers State BankHurtsboro—Farmers & Merchants Bank . . .Jasper—Central Bank & Trust CoMarion—Marion Central BankMobile—

Merchants BankPeoples Bank

Monroeville—Monroe County BankMontgomery—Alabama Bank & Trust Co.•Orrville—Orrville Bank & Trust CoPittsview—Bank of PittsviewRoanoke—

Merchants & Farmers BankRoanoke Banking Co

Selma—Peoples Bank & Trust CoTalladega—Bank & Trust CoTuskegee—Macon County BankUnion Springs—American Bank

De Land—Volusia County Bank & Trust Co.Jacksonville—American Trust CoLakeland—Central State BankLake Wales—Citizens Bank of Lake WalesLeesburg—Leeshurg State BankMarianna—Citizens State BankM i a m i -

Commercial Bank. Trust & Title CoSouthern Bank & Trust Co

Orlando—Bank of Orange & Trust CoTallahassee—Exchange BankT a m p a -

Bank of CommerceCitizens Bank & Trust Co

Winter P a r k -Bank of Winter ParkUnion State Bank

$80,000

500,0001, 000,000

60,00050, 00050,000

• 25,00050,000100,00031,40050,00050,000

200, 000200,000100,000300,00025,00025,000

125, 000200, 000100,000100, 00050. 00050, 000

200, 000200. 000100, 00075, 00050, 00030, 000

300,000100, 000200,00050,000

200, 0001,000,000

40, 00050,1*00

GEORGIA.Athens—

American State Bank 100,000Commercial Bank of Athens. . _ 200,000

Atlanta— !Atlanta Trust Co 1,500,000 !Georgia Savings Bank & Trust Co . I 500,000 jLowry Bank & Trust Co. of Georgia.. 2,500,000 i

Bainbridge—Citizens Bank & Trust Co ! 100,000 jBarnesville—Barnesville Bank. _ _ 50,000 jBartow—Bartow Bank j 25,000 !Boston—Bank of Boston 25,000 iBowersville—Bank of Bowersville 25,000Bowman—Bank of Bowman 35, 000 jBrunswick—Brunswick Bank & Trust Co 230,000 ;Calhoun—Peoples Bank . 60.000!Camilla—Bank of Camilla ! 50, 000 iCanon— " " j |

Canon Bank j 25,000 !Farmers Bank 25,000 i

Carlton—Planters Bank 25,000 jCarrollton—Peoples Bank . . j 60,000 sCartersville—Bank of Cartersville ! 100,000 jCave Spring—Bank of Cave Spring j 25,000 iChipley—Farmers & Merchants Bank _ . 50.000Claxton—Citizens Bank of Claxton 30,000 jCommerce— . j

Commerce Bank & Trust Co 50,000 jNortheastern Banking Co i 100,000 ,

Cordelle—Exchange Bank j 100,000 iCrawford—Farmers Bank i 100,000 ;

Dacula—Dacula Banking Co j 25, 000Dawson—Bank of Dawson | 100, 000 ]

$50,000

250,000750,0004,00010,00010,00037, 5004, 50030,00015, 00010, 000

100, 000

450, 000300,00030,00042, 00030,0005,000

16,071200, 00050,00022,000110, 00010,000

40, 00045, 0005, 0009,00025, 000

150, 00025,00051, 60025,000

40,000500,000 j

10,0003, 500

20,00050,000

300, 000200, 000

3, 000, 00020, 00010,00015,0005,0005,00010, 000

101, 00011, 00050,000 j

12,500 I1, 250

~"~36,~6o6~i60,000 i25,00010,000 I4, 000

12, 05560, 000100,00050,0005, 000

42, 500

$988, 308

13,939,49419,199, 792

264, 245241,118293,609370,882434,905809,163152,981960, 214603, 211

9, 853,9196, 214, 588

760, 6922, 925, 588176, 66170,139

472,1331, 399,154974,621684,031589,685260, 536

2, 4S6, 562571, 392816,384248,183

1.191,333247, 205

1,552,2542, 628, 2321, 469, 272423, 296

1,965, 54312, 682,997

616,421406, 355

953, 8661, 556, 237

6, 972, 6493, 529, 332

32, 676, 603901, 519220, 469220, 520163,408109, 400333, 275

2, 228, 650482, 650645, 212

110,10994, 39264, 880

652, 343661, 925184, 788298, 321139, 552

194, 552712, 612646, 567611, 62285, 361

328, 765Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis


$50, 00051, 5001,000

00050, 000

100, 00025,00025,00025. 00040, 000

50, 00025, 00030, 000

1,00020, 00010,000

30,000 i15,000 j20, 000

7,100650, 000

20, 00050, 00025,00010, 0005,000

55, 000

1,25020, 00050, 000

731, 369576, 328163,249603, 078

73, 925444, 250113,042

91, 757474, 579

97,114158,428

15,00030,000

6, 00050,0005,000

35, 0002,0004, 500

30, 0006, 000

32, 500

3, 000, 000300, 000300, 000700, 000125. 00025,000

100, 00025, 00050, 000

100,00025,000

100. 000

150, 00060.00025,000 !

200, 000300, 000

4, 000, 0001,000, 000

50, 000200, 000

2, 000,000250, 000


GEORGIA—continued.

Donalsonyille—Bank of Donalsonville.Douglasville—Douglasville Banking CoDublin—Southern Exchange BankEastman—

Bank of EastmanCitizens Banking Co

Eatonton—Farmers & Merchants BankMiddle Georgia Bank

Elberton—Bank of ElbertonForsyth—Monroe County BankGirard—Farmers & Merchants BankGraymont—Bank of GraymontGrayson—Bank of GraysonGreenville-

Greenville Banking CoPeoples Bank

H art well—Hartwell BankHoschton— Bank of HoschtonJackson—Jackson Banking Co.Jefferson—Citizens Bank & Trust Co.La Grange—La Grange Banking & Trust CoLavonia—Bank of LavoniaLawrenceville—Brand Banking CoLexington—Oglethorpe County BankLincolnton—Farmers State BankLocust Grove—Bank of Locust GroveLouisville—Bank of LouisvilleMadison-

Bank of MadisonMorgan County Bank

McDonough—Bank of Henry CountyFarmers & Merchants Bank

Metter—Bank of Candler CountyCitizens Bank

Millen—Bank of Millen.Monroe—

Bank of MonroeFarmers BankUnion Banking Co.

Pelham—Farmers BankPendergrass—Pendergrass Banking CoPlains—Plains BankPortal—Bank of PortalRhine—Rhine Banking CoRoyston—Royston BankSardis—Peoples BankSasser—Bank of SasserSavannah—

Citizens & Southern BankCitizens Trust CoLiberty Bank & Trust CoSavannah Bank & Trust Co

Social Circle—Walton County BankSoperton—Bank of SopertonStatesboro—Bank of StatesboroSwainsboro—Central BankToccoa—Bank of ToccoaValdosta—Exchange Bank of ValdostaWadley—Bank of WadleyWest Point—Citizens BankWinder-

Farmers BankNorth Georgia Trust & Banking Co.

Winterville—Pittard Banking CoZebulon—Bank of Zebulon

LOUISIANA.


Baton Rouge—Union Bank & Trust CoGretna—Jefferson Trust & Savings BankIota—Bank of IotaNew Orleans-

Algiers Trust & Savings BankAmerican Bank & Trust CoCanal-Commercial Trust & Savings BankCitizens Bank & Trust Co. of Louisiana..

72, 028,1351, 359, 7683, 793, 890«0,020, 529

647,390327, 585830, 264181,652253, 204252,809242, 613431, 325

231, 473740,131109, 235173, 006

2, 796,8671, 378, 217369,438

1,178, 4113, 445,02583, 451,18810, 887, 638




LOUISIANA—continued.

New Orleans—Continued.Hibernia Bank & Trust CoInterstate Trust & Banking CoMarine Bank & Trust CoNew Orleans Bank & Trust Co

New Roads—Pointe Coupee Trust & Savings Bank.Opelousas—Parish Bank & Trust CoVille Platte—Evangeline Bank & Trust Co

MISSISSIPPI.


Crystal Springs—Peoples Bank

TENNESSEE.


Bellbuckle—Peoples Bank & Trust CoChattanooga—Chattanooga Savings BankMurfreesboro—Rutherford County State BankWartrace—Wartrace Bank & Trust Co

DISTRICT NO. 7.

ILLINOIS.


Argenta—The Gerber State BankAuburn—Auburn State Bank_ _.Barrington—First State BankBlandinsville—Huston Banking CoOJiicago—

Adams State BankAuburn Park Trust & Savings BankAustin State BankCapital State Savings BankCentral Trust Co. of Illinois-Chicago Trust CoDepositors State BankDrexel State BankFirst Trust & Savings BankHarris Trust & Savings BankHome Bank & Trust CoHyde Park State BankIllinois Merchants Trust CoIndependence State BankKasper State BankMadison & Kedzie State BankMercantile Trust & Savings BankNoel State BankNorthern Trust CoNorthwestern Trust & Savings BankReliance State BankSecond Security Bank _Security Bank of Chicago.South Side Trust & Savings BankStandard Trust & Savings Bank_State Bank of ChicagoTwenty-sixth Street State BankUnion Trust CoUnited State Bank of Chicago _Woodlawn Trust & Savings Bank

Oiceo—Cicero Trust & Savings BankWestern State Bank

•Cowden—State Bank of CowdenDes Plaines—Des Plaines State Bank..Divernon—First State Bank..Eureka—Farmers State BankEvanston—

Evanston Trust & Savings Bank...State Bank & Trust Co

Fulton—Whiteside County State Bank'Geneva— State Bank of GenevaHinckley—Hinckley State Bank _Hinsdale—Hinsdale State Bank

$2, 000, 000750, 000

1, 500,000400, 00060,00050,00075,000

25,000

30,000750, 00050,00025,000

25,00025,00050,00060,000

200,000200,000300,000300,000

6,000,0001, 500,000300,000350,000

6,250, 0003, 000, 0001,000,000300,000

15, 000, 000200,000

1, 000,000750,000400,000

1, 000, 0002,000,0001, 000,000500,000250,000500,000500,000

1,000,0002, 500,000200,000

2,000,000200,000400,000

100,000200,00025,000100,00050,000100,000

200,000300,00050,00050,00050,000100,000

$2, 500,000800, 000800, 000100,0006,60010,00037, 500

2,700

250,00025,0001,500

5,00050,00020,00040,000

40,00030,000100,00060,000

1, 000,000500,000150,000150, 000

6, 250,0003,000,000400,000200,000

15, 000,00040,000250,000250, 000125,000150,000

3,000,000500,000150,000200,000350,000100,000500,000

5,000,00030,000

3,000,00075,000100,000

60,00050,00010,00025,0009,00020,000

40,000400,0008,00025,00025,00025,000

Totalresources.

$64, 507, 26417, 588, 86131,407, 4145,895, 341382,789314, 432

1,011,172

159, 267

141, 3876,855,421236,86082, 437

242,891549, 215555, 725

1, 341, 847

2,121, 617815, 545

6,457, 3214,023,155

90, 658, 58523, 836,0725, 740,8729,119, 417

128, 406, 91555,976,19410, 515,9575, 310, 364

291,377, 5694,970,87913, 899,08210,481,6438,179, 69710,444, 73759,249,73020,479, 8359,963, 6305,879,4838, 718, 50510,326,88815, 744,89660, 507,2902,011, 383

67, 398,0552,930, 6469,103,713

1,915,6323,142,949255,066

1,465,683654, 217674,368

2.467,4168,327,153593, 669

1,325,593558,855

1.092,417




ILLINOIS— continued.Joiiet—

Commercial Trust & Savings Bank_Joiiet Trust & Savings Bank__

Kewanee—Union State Savings Bank & Trust Co.La Grange—La Grange State BankMagnolia—First State BankMarshall—Marshall State BankMartinsville-y-Martinsville State Bank.Matteson—First State Bank__Mattoon—Central Illinois Trust & Savings Bank_Mount Carroll—

Carroll County State Bank __First State Bank__

Oak P a r k -Oak Park Trust & Savings BankSuburban Trust & Savings Bank

Oswego—Oswego State BankPolo—Polo State BankRock Island—First Trust & Savings Bank...St. Charles—Stewart State BankSeneca—

Farmers Trust & Savings BankState Bank of Seneca

Shannon—State Bank of ShannonSpringfield—Ridgely Farmers State BankWenona—First State Bank

INDIANA.


Angola—Steuben County State BankBargersville—Farmers State BankColfax—Farmers State BankConnersville—Fayette Bank & Trust CoCromwell—Sparta State Bank.. . _Elkhart—St. Joseph Valley Bank.. .Indianapolis—Fletcher Savings & Trust CoJamestown—Citizens State BankKentland—Kent State BankLa Fontaine—Farmers State BankMarion—Grant Trust & Savings CoNorth Liberty—North Liberty State Bank-.Richmond—Dickinson Trust CoRochester—United States Bank & Trust CoSouth B e n d -

American Trust Co_St. Joseph Loan & Trust Co. . ,

South Whitley—Mayer State Bank__Terre Haute—Terre Haute Trust CoTipton—Farmers Loan & Trust Co

Algona—County Savings BankAlta Vista—Alta Vista Savings BankAmes—Story County Trust & Savings Bank _.Armstrong—State Bank of ArmstrongAudubon—Iowa Savings BankBarnes City—Farmers Savings BankBattle Creek—Battle Creek Savings BankBellevue—Bellevue State BankBennett—Bennett Savings Bank _Blairsburg—State Bank of BlairsburgBrighton—Brighton State BankBritt—Commercial State BankBurlington—First Iowa State Trust & Savings Bank.Cedar Falls—Security Trust & Savings Bank. _Cedar Rapids—Iowa State Savings BankChariton—State Savings Bank . . _Charter Oak—Farmers State BankCherokee—Cherokee State BankClearfield—Taylor County State BankClinton—Peoples Trust & Savings Bank_Corwith—Peoples State BankCorydon—Wayne County State BankDavenport—American Commercial & Savings Bank..Decorah—

Citizens Savings BankWinneshiek County State Bank

Capital.

$100,000100. 000150,000100,00025.0006o;ooo50, 00025,000100,000

50,000100,000

400,000100,00050,00075,000200,000100,000

25,00050,00050,000600,00050,000

40,00025,00025,000400,00027,500250,000., 500,000

30,00050,00035,000174, 60050,000200,00075,000

500,000800, 00025,000500,00050,000

100,000. 30,000

50,00025,00050, 00050,000

1130,00060,00050, 00025, 00050, 000


60, 000600, 00050, 000200, 00050,00040,00075,00025,000300,00040,00075,000

,000,000

50,000150,000

$10, 00050,00025,00060,0006,00010,00020,00020,00075,000

50,0005,000

200,00050, 00010,00015,00050,00050, 000

6,50025,0003,000

150,00050,000

17,60025,000

46,0001,500

150, 000500,00020,00047, 5004,000

140,75012,50050,00025,000

160,000200,00020, 500500, 00050,000

60,00020,00019,0005,000

15,0005,00020,0005,000

10, 500

70,000450, 00010,00070,00050,00010,00075,000

300,0005,00025,000500,000

50,00075,000

$1, 368, 6682,184, 0031, 373,1062,195,474

193, 519462, 844466, 686.208,148,

1,160, 759*

1, 369, 70&1,150, 299'

5, 960, 3242,030,004414,983559, 432

1, 505, 7321, 310, 514

142, 63a447, 74&296, 065

7,175, 556803, 297

404, 996233, 495154, 655

2, 421, 748185, 931

5,031, 59219,304,935

457, 764438, 086142, 635

2, 446, 500395, 874

2, 730, 644862,893

5, 589, 383.5, 528, 731313, 032

9, 287, 739679, 787

2, 323, 811583,087

1, 016, 452261, 624300, 853597, 001

1,032,0501, 246,802443, 684294,739444, 516

1, 511, 98010,197, 213

526, 9143, 247,8371,031,128496.102

1,371,712157,118

6,143, 392161,730461,920

20,825,050

2, 257, 580




IOWA—continued.Des Moines—

Bankers Trust CoCentral State BankIowa Loan & Trust Co._

Dexter—Iowa State BankE a r l y -

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 BankGilman—Citizens Savings BankGrand River—Farmers State BankGrant—Farmers Savings BankGreenfield—Greenfield Savings BankHudson—Hudson Savings BankHumboldt—Peoples State BankJefferson—Jefferson Savings BankKnoxville—Guaranty State BankLake View—Lake View State BankLakota—Farmers & Drovers State BankLeon—Farmers & Traders State BankLockridge—Lockridge Savings BankLogan—State Savings BankLow den—Lowden Savings BankLytton—Farmers Savings Bank._Magnolia—Magnolia Sayings BankMalcolm—Malcolm Savings BankMapleton—Mapleton Trust & Savings BankMarshalltown—Marshalltown State BankMason City—City Commercial Savings BankMechanicsville—Mechanicsville Trust & Savings Bank-Mediapolis— Commercial State BankMissouri Valley—State Savings BankMondamin—Mondamin Savings BankMonticello—

Lovell State BankMonticello State Bank

Moorhead—Moorhead State BankMoville—Moville State Bank ,_ __.New Hampton—State BankNewton—

Citizens State BankJasper County Savings Bank

Osage—Home Trust and Savings Bank.. .Osceola—Iowa State BankOttumwa—Ottumwa Savings BankPerry—Peoples Trust & Savings B a n k . . .Remsen—Farmers Savings BankRiceville— RiceviUe State BankRoland—Farmers Savings Bank_ ._Royal—Home State BankSac C i t y -

Farmers Savings Bank _Sac County State Bank

Schaller—Schaller Savings Bank__.Shenandoah—Security Trust & Savings BankSibley—Sibley State Bank.. __Sioux Center—Sioux Center State BankSolon—Ulch Bros. State BankStorm Lake—Security Trust & Sayings BankStrawberry Point—Strawberry Point State BankTerril—Terril Savings Bank _Thompson—State Bank of Thompson _.Tipton—Farmers & Merchants Savings Bank

$1, 000, 000250, 000500, 00025, 000

30, 00040,00050,00050,00050, 000

25,00035,00026, 000

50,000200, 00040,000100, 000

100,000100,00025,00040, 00050,00050,00050,00025,00025,00030, 00050,000100, 00050,00050,00025,00030,000100, 00025, 00050,00025,00030, 00025,00050,00075,000100,000400, 00050, 000100, 00050, 00035,000

200,000200,00030,00035,00050,000

60,000100,00050, 00050. 000100, 00050,00050,00025,00035, 00025,000

100,00075, 00025,00060,00050,00025,00050, 00075,00050,00025,00030,000 I50, 000 J

$200,000250,000250,00015, 000

9,00015,00025,00025,00025,000

7,0003.00024,000

12.50075,0004,0006,000

21,00070,000

14,00015,00025,00010,0005,000

11,00020,00017,50010,0008,00015,00050,00065,00050, 00045,00010,00015,000

100,000200,00030,00023, 00030,000

25,00050,00025, 0004,00030,0006,20030,00015,00025,0002,000

30,00050,00025,0009,000

15,00025,00015,0005, 253

10,0002,0008,000

20,000

Totalresources.

$6, 714, 0267, 979, 41910,949, 059

279, 254

379, 764393, 339824,995284,337

1,179,197

185, 685362,954573,896

474, 3961, 759, 715199, 821725, 583

1, 730, 0892,070,015196,958504, 819597,081317, 472507, 870364,625220, 764282, 288622, 263902,448657,748524,038305,936296,436750,265393,890586, 003309,044456,820327,129334, 771857, 301

2, 653,1202,835,831721,739532, 832468, 703339, 745

1,457,7732,811, 680448, 683427, 305961,079

640,0211,408, 413735,100406,911

1, 631,760702, 954491,445278, 287491,849202,280

753,4591,286,446395, 592453, 335606, 007367,021868,357412, 538894, 283326, 586326,048527,741




IOWA—continued.Ute—

Farmers Savings BankState Savings Bank

Vail—Farmers State BankVan Wert—Van Wert State BankVictor—Victor Savings BankWapello—Wapello State Savings BankWaterloo—Waterloo Bank & Trust CoWebster City—Hamilton County State Bank.Winterset—Madison County State Bank

(See also District No. 9.)Adrian—

Adrian State Sayings BankCommercial Savings BankLenawee County Savings Bank

Albion-Albion State BankCommercial & Savings Bank

Alpena—Alpena County Savings BankAnn Arbor-

Farmers & Mechanics BankState Savings Bank

Armada-Armada State BankFarmers State Bank

Bay City-Bay City BankFarmers State Sayings BankPeoples Commercial & Savings Bank

Bellevue—Farmers State Bank _ _Benton Harbor—Ben ton Harbor State BankBig Rapids-

Big Rapids Savings BankCitizens State Bank

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.Carsonyille—First State BankCass City—Pinney State Bank..Cassapolis—Cass County State BankCharlotte—Eaton County Savings BankChelsea-

Farmers & Merchants BankKempf Commercial & Savings Bank

Coloma—State Bank of ColomaConstantine—Commercial State Bank.Coopersville—Peoples Savings BankCroswell—

First State Savings Bank... .-_State Bank of Croswell..

Davison—Davison State BankDearborn—Dearborn State BankDetroit-

American State BankBank of DetroitCentral Savings Bank.Commercial State Savings BankDetroit Savings Bank _.Dime Savings BankFirst State Bank -Peninsular State BankPeoples State BankUnited Savings BankWayne County & Home Savings Bank.

Eaton Rapids—Michigan State BankEdmore—Edmore State BankElk Rapids—Elk Rapids State BankEvart—Evart State Bank _Farmington—Farmington State Savings Bank...Fennville—Old State BankFenton—

Commercial State Savings Bank..Fenton State Savings Bank

Capital. Surplus. Totalresources.

$25,000 !50,000 :50, 000 i25,00050,000 i30,000 !250,000 !100,000 i125,000 i

$2,500 I15,CKXi12,50{' i25,00( !30,00C !10,00C !50,00C 130,00C i125,000 I

$181, 559467, 725299,093317,859628, 660597,893

2, 271,1121, 452, 0831, 498,109

150,000110, 000150,000

50,00075,000100,000

200,000300,000

25,00025,000

350, 000100,000400,00025,000100,000

50,00050,000100, 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, 0002,498, 7162,500,0005,000,000750,000

4,000,00075,00030,00035,00050,00040,00050,000

50,00025,000

90,00030,00050,000

40,00040,000200,000

75, 000300, 000

25,00012, 500

300,00075,000500,0005,00075,000

25,00025,00025, 0005,000

22, 5005,0008,00010,00025,0005,0005,0005, 5008,00020,000

50,00040, 00025,0008,0005,000

6,00012, 00010,000150, 000

650,000500,000600,000200,000

2, 000,0002, 500, 000699,827

1, 500,00010,000,000

150,0006,000,000

75,00010,00012,800

30,00015,000

27,50020,000

2, 059,1021, 694,4022,150, 726

1, 082, 7171, 141,1873, 720,182

3, 757,1164,190, 381

518, 344400, 347

5, 420, 7191, 783, 710

11, 656, 437173, 970

1, 642, 272

1, 013, 9421,655,3121, 494, 371251, 746815, 489345, 240645, 263527, 763

1, 117, 072275, 570471, 249667, 257370, 684

1, 314,197

776, 122786, 484687, 017466, 228477, 581

635, 6131, 218, 496535, 930

2, 211, 010

26, 989, 61137, 363, 69227, 362, 5825, 598, 500

35, 735, 08550, 510,83818,649,46739,031,462131, 573, 78711,054,37396,052,102

707,071411,623377, 452647,031893, 506546,343

639,913844,726




MICHIGAN—continued.F l i n t -

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 H a v e n -Grand Haven State BankPeoples Savings Bank

Grand Rapids—Commercial Savings BankGrand Rapids Savings BankKent State BankPeoples Savings Bank_

Greenville—Commercial State Savings BankHart—Oceana County Savings Bank .Highland P a r k -

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 BankJackson State Savings Bank

Jonesville—Grosvenor Savings BankLake Odessa—Lake Odessa State Savings BankLakeview—

Commercial State Savings BankFarmers & Merchants State Bank

Lansing—American State Savings BankLapeer—Lapeer Savings BankLenox—Macomb County Savings BankLowell—City State BankLudington—Ludington State BankManchester— m

Peoples Bank ™Union Savings Bank

Manistee—Manistee County Savings BankMarcellus—G. W. Jones Exchange BankMarshall—Commercial Savings BankMarysville—Marysville Savings BankMason—

Farmers BankFirst State & Savings Bank

Midland—Chemical State Savings BankMilan—Milan State Savings BankMilford—

Farmers State Savings BankFirst State Bank

Monroe— Dansard State Bank 1Montague—Farmers State BankMorenci—Wakefield State BankMount Clemens—Ullrich Savings Bank. . .Mount Pleasant—

Exchange Savings BankIsabella County State Bank

Nashville-Farmers & Merchants BankState Savings Bank

New Haven—New Haven Savings BankNiles City—Niles City BankNorthville—Lapham State Savings Bank . . .Onsted—Onsted State BankPaw Paw—Paw Paw Savings BankPetersburg—The H. C. McLachlin & Co. State Bank.Petoskey—First State Bank

50,000100, 000

100,00050,000

300,000500,000500,000200,00050,00040,000

200, 0001,000,000100,000

100,000100,000100, 00025, 00075,000

50,00050,000100, 000

100,000300,00050,00025,000

25,00040, 000500,00075, 00050,00025,000100,000

25, 00025, 000100,00040, 000100,000.50,000

50,00025,00050,00025, 000

50,00025,000200,00025,00050,000100,000

50,00060,000

35,00030,00025,000100,00050,00025,00040,00025,00060,000


$350,000500,000300,000270, 00015, 0005, 000

50, 000I

40,000 I50,000

100,00030,000

60,000500,000

1,100,000100,00030,00013,000

50,000900, 00025, 000

65, 00050, 00050, 0005. 00019,000

10,00010, 000100, 000

26,000125, 00025, 00025, 000

7,00010,000

250,00015,00015,00010,00025, 000

15, 00050, 000100,00035, 00020, 00025,000

10, 00015, 00015, 0001.6,000

8,00012, 50030,0005,000

30,000100, 000

32,50027,000

50,00012,50025,00025,00030,00010,00010,0005,000

15,000

$6,618,51610, 141, 864

2. 960, 4656, 603, 548

396, 605191, 517

1,087, 933

683, 4051, 226,189

2, 289, 8401,170,125

3, 467, 72217, 486, 49516,045, 2182,841,3141, 285,838

608, 392

4, 062, 55225, 699, 534

1, 377, 713

2, 903, 4902, 598, 5141, 606, 385

441,473943,287

1,027,684719, 250

1,875, 377

1,853, 6362, 624, 471

660, 241498, 422

354,090297, 786

9, 641, 660827,843

1,167,825545,148

2, 032, 435

523, 313712, 276

2,828,142878,552

1,257,161302,932

686,349737,471900, 513467, 734

294, 670667, 766

2, 816, 595429,646

1,909,1382,358,156

1,054,1271, 527,364

1,928, 625477,559509,856

1,451,5351,085,384

321, 722540,329549, 325

1,183, 607



Capital. Surplus.

DISTRICT NO. 7—Continued. \

MICHIGAN—continued. j

Pinconning—Pinconning State Bank $30,000POntiac—Pontiac Commercial & Savings Bank 1,000,000Port Huron—Federal Commercial & Savings Bank : 300,000Redford—Redford State Savings Bank | 100,000Rochester—Rochester Savings Bank I 50,000Rogers City—Presque Isle County Savings Bank | 35,000Romeo—Romeo Savings Bank I 100,000Royal O a k -

First State Bank of Royal Oak j 200,000Royal Oak Savings Bank j 100,000

Saginaw— IAmerican State Bank I 200,000Bank of Saginaw | 1,000,000

St. Charles—St. Charles State Bank 25,000St. Clair—Commercial & Savings Bank i 75,000Saline—Saline Savings Bank j 25,000Saugatuck—Fruit Growers State Bank j 100,000Sebewaing—Farmers & Merchants State Bank i 25,000South Haven—Citizens State Bank | 100,000Sparta—Sparta State Bank I 30,000Spring Lake—Spring Lake State Bank ! 25,«00Suttons Bay—Leelanau County Savings Bank ! 25,000Tecumseh— I

Lilley State Bank ! 40,000Tecumseh State Savings Bank j 50,000

Traverse City—Traverse City State Bank 200,000Vicksburg—

Farmers State Bank i 25,000First State Bank 30,000

Warren—State Savings Bank of Warren. 25,000Washington—Washington Savings Bank I 25,000Wayne—Wayne Savings Bank. . j 50,000Williamston—

Crossman & Williams State Bank. . . 40,000Williamston State Bank I 50,000

WISCONSIN. !

* (See also District No. 9.)

Baraboo—Bank of BarabooBurlington—Bank of BurlingtonClinton—Citizens BankDelavan—Citizens Bank of DelavanGreen Lake—Green Lake State BankKenosha—Merchants & Savings BankKewaunee—State Bank of KewauneeMadison—Bank of WisconsinMilwaukee-

American Exchange BankBadger State BankMarshall & Ilsley BankSecond Ward Savings Bank

Mineral Point—Iowa County BankMosinee—State Bank of MosineeOakfield—Bank of OakfieldPlatteville—State Bank of PlattevilleP lymouth-

Plymouth Exchange BankState Bank of Plymouth

Seneca—Farmers & Merchants State Bank.Sheboygan—Citizens State BankSturgeon Bay—Bank of Sturgeon BayWaupun—State Bank of WaupunWausau—Marathon County BankWinneconne—Union Bank

DISTRICT NO. 8. j

ARKANSAS. |

Arkansas City—Desha Bank & Trust Co IBates ville— I

Citizens Bank & Trust Co jUnion Bank & Trust Co |

Blytheville—Farmers Bank & Trust Co _ jBrinkley—Monroe County Bank jCabot—Peoples State BankGonway—Farmers State Bank _.Dardanelle—Dardanelle Bank & Trust Co !

100,000125,00050,00050,00040,000100,00070,00031)0,000

1,000,000200, 000

1,000,0001,000,000100, 00050,00050,00050, 000

100,000125,00035,000200, 000100,00050,000150,00025,000

104,000

50,000100,000100,00035, 00025,00060,00050,000

$6, COO200, COO150, COO42,00010,00015, 03025, 030

100,030100,0)0

100, 000500,0i)09,00020, 00025,00025,0006, 2oO

100, 0008, 00025,00010,0(i0

20,0(030,0(0100,0(0

5.0C07,2C025,0C015,00050, 000

20,00310,003

$567, 17513,711,3116, 549, 4431,264, 247623, 409

1, 274,1531, 439, 940

2, 786,4602, 486, 700

5, 265,17823,434, 780

820, 7251,102, 071536,810950, 337425,305

1, 587,448547, 252503, 750400, 535

727, 230872,989

3, 454,363

488,005415, 536755,800299, 266

1,460, 306

505, 222664,000

50,00)25,00010,00050,00020,00024,00020,00060,000

200, 00050,000

1,500,0002,000,00d

50, 00(30, 00010, 00(10,00C

50,00C32, 50C17, 50C

200,00C20,00030,00060,00013,500

100,000

20,00020,00010, 00010,0003,25015,00010,000

Totalresources.

2, 223, 5521, 667, 620572,686

1,064,396465, 288

1, 982, 4591,168, 2074, 722, 339

12, 329, 6215, 639, 834

26, 543, 93637,611,4421, 261, 590646, 516288, 621

1,122,048

1, 262,1881,158, 712460,068

4,098,6972,305,711859, 551

2,184, 009483, 585

1, 214,642

658,2851,124, 5321,047,183387,612114,000

1,166,243414,717




ARKANSAS—continued.

Dumas—Merchants & Farmers BankEarle—Bank of CommerceEngland—Citizens Bank & Trust CoForrest City—Bank of Eastern ArkansasFort Smith—Arkansas Valley BankGillett—Citizens BankHelena—Security Bank & Trust CoJonesboro—

Bank of JonesboroJonesboro Trust Co

Lake Village—Chicot Bank & Trust CoLittle R o c k -

American Bank of Commerce & Trust CoBankers Trust CoSouthern Trust CoUnion Trust CoW. B. Worthen Co., Bankers

Magnolia—Columbia County BankFarmers Bank & Trust Co

Marion—Crittenden County Bank & Trust CoMarvell—Bank 'of MarvellNewport—Arkansas Bank & Trust CoParis—American Bank & Trust CoPine Bluff-

Cotton Belt Savings & Trust CoPeoples Savings Bank & Trust Co

Russellville—Bank of RussellvillePeoples Exchange Bank

Texarkana—Merchants & Planters BankWaidron—Bank of WaldronWalnut Ridge—Lawrence County BankWarren—Warren Bank

ILLINOIS.

(See also District No. 7.)Belleville—Belleville Savings BankEast St. Louis—Union Trust CoEdwardsville—Citizens State & Trust BankEffingham—Effingham State BankGreenville—State Bank of Hoiles & SonsHarrisburg—First Trust & Savings BankHillsboro—Montgomery County Loan & Trust CoLitchfield—Litchfleld Bank & Trust CoMadison—Union Trust CoMount Carmel—First State BankMount Olive—Mount Olive State BankNew Athens—Farmers State BankO'Fallon—First State BankPalmyra—First State BankQuincy—State Savings, Loan & Trust Co

INDIANA.

(See also District No. 7.)Corydon—Corydon State Bank_Evansville—Mercantile Commercial BankPaoli—Paoli State Bank

KENTUCKY.

(See also District No 4.)Louisville-

Kentucky Title Savings Bank & Trust GoLiberty Insurance- BankLincoln Bank & Trust CoLouisville Trust Co

Owensboro—Central Trust Co

MISSISSIPPI.

(See also District No. 6.)Greenwood—Greenwood Bank & Trust CoGrenada—Grenada BankPontotoc—Bank of PontotocRosedale—Bolivar County BankRuleville— Planters Bank & Trust CoTunica—Citizens Bank of Tunica

Capital.

$50,000150,000100,00050,000

100,00025, 000

250,000

200.000iod! ooo150,000

750, 000300,000500,000500,000200,000

50,00050, 000

275,00050,000

200,00050,000

100, 000100,000

75,000100,000200,00060,000

125,00075,000

300, 000300,000100,000110, 000120,000150,000100,000100, 00050,000

100,00050,00025,00025,00025, 000

, 000, 000

75,000200,00040,000

350,000500,000750,000806,100200, 000

Surplus.

$10,00030,00040,00050,00020, 0002,500

50,000

100,00030,00015,000

150, 00080,000100,000250, 000300,000

50, 00050, 00025,00010,00037, 50010,000

60,00050, 000

37, 75050,00023, 20020,00031,25042, 000

250,000300,00035,00025, 00040,00075, 00050, 00025,00012, 00020,00010,0003,5005,000

25, 000200, 000

19, 25050,00010, 000

200,000750,000175,000275, 000110,000

Totalresources.

$365, 762968,483504, 271940,342

1, 425, 58584,692

1, 582,378

1,731,6801, 095, 549550,165

12,429,2757,664,0275,134, 2998,129,2223, 500,690

684,8141,105,1712, 516,926501,033

1, 283,930555, 404

1,458,122914, 718

772,8861,117,068986,224409, 208

1,055, 970567, 095

4,416, 2424, 331,9071, 222,732981,869

1, 539,8762,375,011

842, 423985, 865387, 537492,855445,925144,021214,818193,401

10,979,415

434, 5332, 367, 630456, 504

11,937,42819, 785,1186, 748, 3275, 486,-8753, 512, 365

200,000250,000100,00075,00050,00075,000

50,000300, 00025,000"6,00025,00015,000

1,7,

1,

498,865166, 274871,225332, 309303, 537072,100



Capital.

DISTRICT NO. 8—Continued

(See also District No. 10.) j

Bertrand—Commercial Bank of Bertrand \ $25,000Bowling Green—Pike County Bank 25,000Cabool—Citizens Savings Bank ! 25,000Iberia—Farmers & Traders Bank I 25,000Jefferson City—Exchange Bank of Jefferson City i 100,000Lexington—Lafayette County Trust Co ! 75,000Linn Creek—Camden County Bank : J 25, 000Luxemburg—Lemay Ferry Bank _* j 50,000Macon—State Exchange Bank of Maeon \ 100,000Maplewood— \

Bank of Maplewood I 50,000Citizens Bank of Maplewood 100,000

Marshall—Wood & Huston Bank _' 100,000Pine Lawn—Pine Lawn Bank 30,000St. Louis -

American Trust Co 1,000,000Bremen Bank 200,000Cass Avenue Bank 200,000City Trust Co 200,000Easton-Taylor Trust Co 200,000Farmers & Merchants Trust Co 400,000Franklin Bank 1,000,000Grand Avenue Bank of St. Louis 200,000Grant State Bank 200,000Gravois Bank of St. Louis County 25,000International Bank of St. Louis 1,000,000Jefferson Bank 200,000Jefferson Gravois Bank of St. Louis 200,000Laclede Trust Co 200,000Lafayette South Side Bank 1,000,000Liberty Central Trust Co 3,000,000Lindell Trust Co 200,000Lowell Bank 200,000Manchester Bank 500,000Mercantile Trust Co 3,000,000Mississippi Valley Trust Co 3,000,000Mound City Trust Co 200,000Natural Bridge Bank 200,000North St. Louis Trust Co 200,000Northwestern Trust Co 500,000Park Savings Trust Co. (Richmond Heights) 50,000Savings Trust Co 200,000Scruggs Vandervoort & Barney Bank 200,000Shaw State Bank 120,000South Side Trust Co 200,000Southern Commercial & Sayings Bank 200,000Southwest Bank of St. Louis 125,000Tower Grove Bank 1 200,000United States Bank 1,000,000Water Tower Bank I 200,000West St. Louis Trust Co j 200,000

Versailles—Bank of Versailles | 75,000Washington—Franklin County Bank 50,000Waynesville—Bank of Waynesville 50,000Webster Groves—Webster Groves Trust Co 100,000

TENNESSEE.


Alamo—Bank of Alamo 25,000Bells—Bank of Crockett 25,000Brownsville—First State Bank 200,000Dyer—Farmers & Merchants Bank 40,000Greenfield—Greenfield Bank I 30,000Halls—Peoples Savings Bank & Trust Co 25,000Henning—Bank of Henning 50,000Memphis-

Bank of Commerce & Trust Co. . 3,000,000Guaranty Bank & Trust Co 500,000Union & Planters Bank & Trust Co 2,000,000

Surplus.

$5,00C10,00C5, 00C10,00025,00015,00035,00020,00040,000

25,00015, 000200,0004,000

450, 000500, 000150,00065,00012,00080,000300,000100, 00050,00035,000200,000175, 000100,00040,000800, 000

1, 000, 00020, 00050, 000100,000

7, 000, 0003, 500, 000

40,00050,00050,000500,00010,00050, 00022,00012,00050,00050,00018, 500100, 000700,00075,00090,00010,00020,0006,00040,000

4,0005,00040,00023,30025,00010,000

Totalresources.

1, 500,000120,000700,000

$105,200263,411344,020256, 872

1,800, 502466,060303,496

1, 297, 2471,213,429

1, 221, 087842, 341

1, 816,170214, 566

15,197,2966, 784,1084, 659, 4922,122, 0321,877,0206, 299,19911,779,3523, 200, 8671, 03?, 549880,110

9, 229, 8294, 759,0364,155,1122, 206, 383

25, 014, 26041, 467, 273

220,4273, 535, 8795,975,912

67, 427, 08937, 372, 8452, 068, 3991, 543, 3613,013,6639, 637, 694

124, 6592, 810, 6521, 787, 033400, 726

3, 385, 4933, 692, 6901, 324, 8477,167,14410, 657,9991, 672, 7023,134,289470,155437, 395544, 266

1, 213, 959

267,196390, 723

1,408,929324,833299,850207,994307,807

36,913, 57910, 470, 34139, 857,810



DISTRICT NO. 9.


Ewen—State Bank of EwenGladstone—Gladstone State Savings Bank.Gwinn—Gwinn State Savings BankIron Mountain—Commercial BankLaurium—State Savings BankManistique—Manistique BankMenominee—Commercial BankSault Ste. Mar i e -

Central Savings BankSault Savings Bank

South Range—South Range State Bank

MINNESOTA.

Anoka—State Bank of AnokaBenson—Swift County BankClinton—Clinton State BankExcelsior—Minnetonka State BankHayfield—Farmers State BankHutchinson—Farmers & Merchants State Bank (Inc.) -Ihlen—Ihlen State Bank .JefTers—State Bank of JefTersKenyon—Kenyon State BankLake City—Lake City Bank of MinnesotaLewiston—Security State Bank._Luverne—Rock County BankMadelia—State Bank of MadeliaMenahga—Farmers & Merchants State BankMinneapolis-

Mercantile State Bank __.Wells-Dickey Trust Co

New Richland—State Bank of New RichlandNew Ulm—Citizens State BankRed Wing—First Security State BankRevere—State Bank of RevereSt. Paul—Central Metropolitan BankSt. Peter—Citizens State Bank of St. PeterSouth St. Paul—Drovers State BankSpring Valley-

Farmers State Bank iFirst State Bank

Walnut Grove—First State BankWanamingo—Security State Bank (Inc.)Westbrook—Citizens State BankWillmar—Kandiyohi County BankWinona—

Deposit Bank & Trust Co. of WinonaMerchants Bank of Winona

MONTANA.

Anaconda—Daly Bank & Trust CoBelgrade—Belgrade State BankBelt—Farmers & Miners State BankBillings—Security Trust & Savings Bank....Boulder—Bank of BoulderBozeman—

Gallatin Trust & Savings BankSecurity Bank & Trust Co

Broadus— Powder River County BankButte—

Metals Bank & Trust CoMiners Savings Bank & Trust Co

Culbertson—Citizens State BankDenton—Denton State BankDillon—Security State BankEast Helena—East Helena State BankEdgar—Edgar State BankEnnis—Southern Montana BankEureka—Farmers & Merchants State Bank.Forsyth—Bank of CommerceFromberg— Clarks Fork Valley BankHamilton—Ravalli County BankHelena-

Conrad Trust & Savings BankMontana Trust & Savings BankUnion Bank & Trust C o . , .

Hinsdale—Valley County BankHuntley—Huntley State Bank

Capital. Surplus.

$25,00050,00025,000100,000100, 00050,000100,000

100,000100,00030, 000

50, 00050, 00025,00025,00025,00050,00025, 00025, 00050,00050,00050,00050, 00050,00025,000

300, 000500,000. 50,000100,000125,00030, 000400,00050,000100,000

25,00030,00050,00040,00025,000100,000

300, 000200, 000

100, 00050,00050,000100, 00075,000

100, 000100, 00050,000

400, 000200, 00025, 00025,00050, 00050,00030, 00025, 00025,00075,00025, 00050, 000

200,000150,000250,00025, 00025, 000

$20,00025,00025,000100, 000125,00050,00025,000

20,00060,00030,000

25,00050,0006,00010,00018,00012, 5004,000

25,00012,00050,00010,00025, 00010,0005,000

80, 000190, 00025, 000100, 00065,00030,00080,00025,00050,000

6,00040,000

8,00010,00040,000

200, 00050,000

100, 00025, 00012, 50012,00025,000

25,00010, 0001,200

300,00050,00010,0005,000

Totalresources,

12, 500

25, 00020,000

2,50012, 500

100,00075,000150,0008,00010,000

$420,1451, 213, 569417, 218

2, 533,1861,063,077861,065

1, 209, 503

1,343, 5511,826, 546718,429

925, 6851, 376,522282,074573, 670540, 540927, 249210, 599409,107627,561923, 365546, 897733, 281687,409255,652

2,347,9275, 468, 255697,006

2,374, 8151, 469, 485238,307

4,933,060784, 087

1,851,915

261,89159&, 866315, 628216,488272,466

1,639, 394

4,064, 2413, 568, 594

3, 307,975444,447330, 370

1, 686, 780495, 658

874, 692405, 774223,088

10,949, 6461, 837, 765294, 315226, 230188, 545226,413145, 665268, 754303,985764, 648163, 248640,139

1, 672, 7831,825,3523, 552, 253169,102172, 615



DISTRICT NO. 9—Continued. \

MONTANA—continued. !

Joliet—Joliet State Bank j $25,000Kalispell—Bank of Commerce | 100,000Laurel—American Bank of Laurel I 25,000Lewistown—Empire & State Bank J 150,000Missoula— American Bank & Trust Co j 100,000Moccasin—Moccasin State Bank j 25, 000Nashua—State Bank of Nashua • 25,000Opheim—First State Bank of Opheim j 25,000Park City—Park City State Bank ! 40,000Philipsburg— j

First State Bank. _. _____ j 50,000Philipsburg State Bank ! 40,000

Plenty wood—State Bank of Plenty wood , 25,000Reed Point—Reed Point State Bank | 25,000Richey—First State Bank j 25,000Roundup—Citizens State Bank j 50,000Saco—Farmers & Merchants State Bank of Saco | 25,000Stevensville—First State Bank • 40,000Townsend—State Bank of Townsend _! 100,000White Sulphur Springs—Central State Bank | 60,000Willow Creek—Willow Creek State Bank \ 25,000Wolf Point— i

First State Bank __ i 30,000Security State Bank j 25,000

Worden—Farmers State Bank____ 25, 000

NORTH DAKOTA. j

Enderlin—Enderlin State Bank | 50,000Fullerton—Farmers State Bank | 25, 000Jamestown—Security Savings Bank ! 50, 000Noonan—Security State Bank j 25, 000

SOUTH DAKOTA. |

Bellefourche—Butte County Bank I 75, 000Big Stone City—Gold & Co. State Bank 50,000Brookings—Bank of Brookings j 150,000Camp Crook—Little Missouri Bank j 25, 000Gregory—Commercial State Bank j 50,000Groton—Brown County Banking Co \ 25,000Hecla—Farmers & Merchants State Bank ! 25, 000Mitchell—Commercial Trust & Savings Bank i 100,000Newell—Reclamation State Bank i 25,000Philip—Bank of Philip ! 40,000Rapid City—Security Savings Bank I 50, 000Sioux Falls—Commercial & Savings Bank | 200, 000South Shore—South Shore Bank i 25,000Stratford—First State Bank | 30,000Timber Lake—Stock Growers State Bank I 25, 000Webster—Security Bank & Trust Co | 60, 000White River—Mellette County State Bank I 25,000

WISCONSIN. !


Balsam Lake—Polk County BankBoyceville—Bank of BoycevilleEllsworth—Bank of EllsworthGlenwood City—First State BankGrantsburg—First Bank of GrantsburgNew Richmond—Bank of New RichmondWest Salem—La Crosse County BankWhitehall—Peoples State Bank

DISTRICT NO. 10.COLORADO.

Denver—American Bank & Trust CoInternational Trust Co

Fort Lupton—Fort Lupton State Bank , . .KANSAS.

Anthony—Home State BankFort Scott—Fort Scott State BankHiawatha—Morrill & Janes BankJamestown—Jamestown State BankLiberal—Citizens State BankSt. Marys—Farmers Reserve State Bank__Sedan—Sedan State BankWinfield—State Bank of Winfield

25, 00030, 00050, 00042, 00050, 00075,00050, 00030,000

Totalresources.

$25,0002,50325,00325, 0034,0035,003

5,003

10,00)20, 00)5, 00D1,5005, 000

50, 0005,000

10, 00011, 000

20, 0(Xi

15, OOC3, 5006,00f

10, OOC1, OOC10,0005, 000

25,0005,000

50,00010,0007,04010, 0005,000

20,0005,00010,00016, 0002,0005,0002,0005,000

30, 0002,500

$188, 599715, 974149,400

1, 638, 2791,481,018148,989255,942142,424285, 611

453, 070342, 857291, 364123,909116,828782,496215, 638355,361643, 728212, 301380, 293

539,987219,104195,304

431, 531150, 012248, 714326, 660

110,207503, 203

2, 485, 048305, 019757, 241589,583358, 767

1, 514, 007259, 932454, 262719, 084

1, 349,078265, 426320,198272, 680

1, 499, 877130, 295

5,000 j6,000 !

25,000 !

4,000 •6,700 !

37,50027, 500

6,000

284, 048458, 270

1, 060,954380,191645,453

1, 228,131723, 240474. 849

500, 000500,00025, 000

25, 000100, 000100,00025, 00050, 00025, 00030, 000100,000

250, 000500, 00015,000

6,00050, 00050, 00025, 00025, 0005,00050,00050,000

10, 831,18118,175, 293

428, 134

289.1101, 385, 830967,199338,896400, 625214,625526, 213

1,383,188Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis



MISSOURI.


Joplin—Conqueror Trust CoKansas City—

Commerce Trust CoFederal Trust Co . .Live Stock State Bank

South St. Joseph—St. Joseph Stock Yards Bank

NEBRASKA.

Aurora—Fidelity State BankBroken Bow—Custer State BankChappell—Chappell State BankElgin—Elgin State Bank .Genoa—Farmers State BankLewellen—Bank of LewellenMeadow Grove—

Meadow Grove State BankSecurity Bank

Oakland—Oakland State BankOrd—Nebraska State BankPender—Fender State BankSt. Edward—Farmers State BankWestern—Saline County Bank

NEW MEXICO.


Aztec—Citizens Bank

OKLAHOMA.


Chelsea—Bank of Chelsea „Clinton—Clinton State Bank.-Okarche—First Bank of OkarcheSallisaw—Security State Bank

WYOMING.

Cheyenne—Cheyenne State BankEvanston—The Stockgrowers BankMountain View—Uinta County State Bank.Van Tassell—Bank of Van Tassell

DISTRICT NO. 11.

ARIZONA.


Safford—Bank of Safford

Tombstone—Cochise County State Bank

LOUISIANA.

(See also District No. 6.)Monroe—Central Savings Bank & Trust Co.Shreveport—Continental Bank & Trust Co_.

Capital.

NEW MEXICO.


Alamogordo—First State Bank Âlbuquerque—State Trust & Savings BankCorona—Stockmens State BankPortales—Security State Bank

OKLAHOMA.


Broken Bow—McCurtain County BankColeman—Coleman State BankFort Towson—First State BankValliant—Farmers State Guaranty Bank. . .

$250, 000

6, 000, 000200,000200, 000350,000

50, 00035,00050,000100, 00025, 00050, 000

25,00025,00025, 00035, 00085, 00025, 00030, 000

40,000

50, 00050, 00050,00030,000

100, 00050,00040,00025, 000

33,00030,000

375, 000300,000

50,000100, 00030,00025, 000

Totalresources.

$100, 000

2,000,00040,00037, 500150, 000

15,00015,00025, 00020,0001, 2506,100

5, 0002,50010, 00012,00015,0004,50030,000

10, 000 |

7,0005,00015,0005,000

20,00035,0004,0007,000

47,000 I7,000 i

125, 000100,000

5,ooe80, 0005, 000

$4, 350,960

98, 092, 4691,052, 0041, 500, 7963, 639, 489

828, 526401,998545, 635023.366242, 351300, 384

311, 269307, 735424,120488,609666.367275, 699261, 682

204,160

480,826207, 778299,706268,466

916, 224548,119112, 232107, 034

798, 753292,360

3,866, 6715,844, 759

627,8671,212,260127, 614321, 800

25,00025, 00050, 00025, 000

3,000500

5,000

239, 757211,031498, 619262, 730




TEXAS.

Abernathy—First State BankAlice—Citizens State BankAlto—Alto State BankAnson—Anson State BankAustwell—Austwell State BankAvery—Avery State BankBallinger—Ballinger State Bank <fe Trust C o . . .Bay C i t y -

Bay City Bank & Trust CoFirst State Bank

Bedias—First State BankBeeville—Beeville Bank & Trust CoBishop—First State BankBlooming Grove—Blooming Grove State Bank.Bomarton—First State BankBonham—First State Bank of BonhamBremond—First State BankBrownfield—Brownfield State BankBryan—First State Bank & Trust CoCaddo Mills—Caddo Mills State BankCanton—Texas State BankCanyon—First State BankCelina—

Celina State BankFirst State Bank

Chil dress-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 BankCrowell— First State BankCuero—First State Bank & Trust CoDal las -

Central State BankMercantile Bank & Trust Co .

Decatur—Security State BankDel Rio—Del Rio Bank & Trust CoDenton—First Guaranty State BankEast Bernard—Union State BankEdgewood—Farmers & Merchants State Bank..El Paso—American Trust & Savings BankEmhouse—First State BankFalfurrias—Falfurrias State BankFerris—Farmers & Merchants State BankFlatonia—Flatonia State BankFloydada—First State BankForney—Forney State BankFranklin—First State BankFrost—Citizens State BankGalveston—Texas Bank & Trust CoGanado—Farmers State BankGatesville—Guaranty State Bank & Trust Co..Georgetown—Farmers State BankGeorge West—First State BankGilmer—Gilmer State BankGoldthwaite—Trent State BankGonzales—Gonzales State Bank & Trust CoGrand Prairie—

First State BankGuaranty State Bank

Greenville—Citizens State BankHallsville— Farmers State BankHamilton—Hamilton Bank & Trust CoHamlin—First State BankHedley—Guaranty State BankHereford—First State Bank & Trust CoHillsboro—First State BankIdalou—First State BankIola—Iola State BankItaly—Farmers State Bank

Capital.

$25, 00060, 00025,00050,00025, 00025, 00060,000

65,000100, 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, 00025,000

100, 00035, 000

200, 00030, 00030, 000

100, 000

1, 000, 000

Surplus.

500, 00060,000100, 00050, 00050, 00035,000350,00030, 00075, 00050,00050,00050, 00025, 00030, 00025,000

400, 00035,00050, 00050. 00050,00050, 000100,00075, 000

ViO, 00025,000100, 00025,00050,00040, 00025, 00050, 000150, 00025,00025,00040, 000

$5,(KK)20,(00

4, £9350,(00

5, COO12, £00

4, COO

20,0003,0005,030

32,53015, OX)

5, OX)4,5'X>

100, 0)013, 2)025,0D050,00015, 0005,0<>07,0(10

13, 5(060, 0(02,2<4

30,0C010,0C0l,8C0

12, 50010, 00025,003

6,00340,0034,003

30, 00350, 003

150,000

70,00010,00011, 50020, 00020, OOd20, OOd1, 50C

20, 0007,00(5,00C35,00C15, 00C50, 00C

600,00Cl,00C

16, 00050, 000

5,50050, 00025, 000

20,200

6,0003,00050, 00011, 0008,00050, 00018, 000

9,00013,000

Totalresources.

$230, 444387,209201, 790754, 75662, 479123, 415362, 885

696.470503, 200211, 529399, 498562,828241, 046166, 338

1, 621, 668550, 881463,578

1, 422,134272, 625169,992274,462

296, 034344,484

709,9451,116,277191, 569

555, 873412, 113304, 487

257, 022389,199263, 913417, 841240,421

2,184, 210316, 814356, 653658, 654

5, 768, 2267, 577, 419200,153577,976513, 074344,198190, 208

1, 734, 441190,097549, 707490, 290663, 704544.471263, 334457, 094375, 033

9, 927,46284,429800, 832697, 571250, 899287,188948, 303740,136

365, 500132,918608, 412175, 853418,839782, 714237, 551621,152

1, 006, 345461, 510193, 544431, 335




TEXAS—continued.

Jacksonville—First Guaranty State BankJosephine—Josephine State BankJunction—Junction State BankKaufman—First State BankKerens—First State BankKilgore—Kilgore State BankKilleen-


Kirkland—First State BankLadonia—First State BankLa Feria—Cameron County BankLamesa—First State BankLeakey—First State BankLiberty—Liberty State BankLockney—Lockney State BankLongview—Commercial Guaranty State BankLoraine—First State BankLorenzo—First State BankLubbock—

Lubbock State BankSecurity State Bank & Trust Co.. . .-

Lufkin—Citizens Guaranty State BankLuling—

Citizens State BankLipscomb Bank & Trust Co

McAllen— First State Bank & Trust CoMcGregor—First State BankMcKinney—Central State Bank.Madison ville—Farmers State BankMatador—First State BankMathis—First State BankMay pear l -

Citizens State BankFarmers & Merchants State Bank

Memphis—Citizens State BankMertens—First Guaranty State BankMission—First State BankMoran—Moran State BankMount Calm—First State Bank .Mount Pleasant—Guaranty State BankMunday—First State BankMurchison—First State BankNacogdoches—Commercial Guaranty State BankNormangee—First State BankNorth Zulch—Farmers Guaranty State BankOlney—Farmers State BankOrange—Guaranty Bank & Trust CoPaducah—First State BankPalmer—First Guaranty State BankPampa—Gray County State BankParis:

First State BankLamar State Bank & Trust Co

Pecos—Pecos Valley State BankPiano—Farmers State BankPost City—First State BankRa i l s -

First State BankGuaranty State Bank & Trust Co

Reagan—First State BankRice—First State BankRichardson—Citizens State BankRichland—First State Bank of RichlandRoaring Springs—First State Bank iRobstown—


Roby—First State BankRochester—First State BankRockwall—Guaranty State BankRoyse—First State BankRusk—Farmers & Merchants State Bank & Trust Co.Sabinal—First State BankSan Antonio—Central Trust CoSan Augustine—Commercial Guaranty State BankSanta Anna—First State BankSavoy—First State BankSeminole—First State BankSeymour—First Guaranty State BankShamrock—Farmers & Merchants State Bank

Capital.

$62, 50030,000100,000100, 00050,00025,000

35, 00030,00050, 00035,00025, 00060,00025,00035,00050,00050,00030,00025,000

100,000100,00075,000

25,00075,000100, 00050, 00075, 00025,00037, 50030,000

25,00025,00075,00025,00050, 00040,00040,00060,00035, 00025,000100,00025,00025,00030,000100, 00050.00025, 00025,000

150,000150, 000110, 00060, 00025, 000

25,00060,00025,00050,00035, 00025,00025,000

25,00050, 00040,00025,00050,00050, 000100,00080,000200, 00050,00035,00025,00040,00035,00050,000

Surplus.

$25,0007,000

100,00080,00030,00012,500

17, 500

2,5005,0003,00030,0002,000

2,5002,50030,00025,000

50,0008,000

7,50055,000

8,0007,00025,00012, 50020,000

15, 00012,50025,0008,00010, 000

2,50030,000

4,00050,00025,0004,0006,000

50,00017,5008,000

100,00056,5008,00030,0004,000

15,00010,00025,000

4,10025,00015,000

15,00015,0005,0007,00018,50025,0002,5004,000

Totalresources.

12,500 !20,000 i9,000 i

30,000 i5,500 I

25,000 I

$796, 009164,914801, 304654, 425411, 321212, 278

472, 906221,363164,169492, 455409, 337847. 652111, 282453, 849250, 906460, 713702, 988512,985

1, 703, 748806,811567,193

373,847601,551700, 224509, 677906, 312493,473363, 810162,173

251, 885186,053681,021215, 680508,166363,815167, 715526,049385,196139, 022

1, 343,413209, 730234, 203267,100777, 265679,809327,597210, 602

1, 523,0911, 772, 858503, 959532, 236229, 908

288,037481, 886282, 778322,605240, 737308,124282, 681

555, 680744,886648, 519497, 508406, 501372,768659, 620530, 206

3, 512, 475468, 714591, 726189,259213, 776228,071556, 257


222 ANNUAL REPORT OF THE FEDERAL RESERVE BOABD.

Capital.


TEXAS—contin ued.

Shiro—Farmers State BankSinton—Bank of CommerceSlaton—

First State BankSlaton State Bank

Snyder—First State Bank & Trust CoSpearman—Guaranty State BankStamford—First State BankStephenville—Farmers Guaranty State BankSweetwater—Texas Bank & Trust CoSylvester—First State BankTaft—First State BankTahoka—Guaranty State Bank..

. $25,00050,000

' 40,00025, 00050, 000

i 25,000: IOO, ooo

100, 000ioo, ooo

i 50,00025,00025,000

Teague—First State Bank ! 75,000Terrell—First State Bank_Tioga—First Guaranty State BankTrenton—Guaranty State BankTyler—Peoples Guaranty State BankValley Mills—Citizens State BankValley View—First Guaranty State BankWaco—First State Bank & Trust CoWaxahachie—Guaranty State Bank & Trust Co.Weatherford—First State BankWellington—Wellington State BankWest—First State Bank of West—Wharton—

Security Bank & Trust CoWharton Bank & Trust Co

White Deer—First State BankWills Point—First State BankWinnesboro—Merchants & Planters State Bank.Wolfe City—First State BankWortham— First State BankWylie—First State BankYoakum—Yoakum State Bank

DISTRICT NO. 12.

ARIZONA.


Buckeye—Buckeye Valley Bank,Phoenix—Valley B ank

CALIFORNIA.

Alameda—Bank of AlamedaBakersfleld—Security Trust CoBrawley—Imperial Valley BankBurbank—Farmers & Merchants Savings BankCedarville—Surprise Valley BankChico—Peoples Savings & Commercial BankDowney—Los Nietos Valley BankFresno—Valley BankFullerton—Standard Bank of Orange CountyHoltville—Hoitville BankKingsburg—Kingsburg B ankLong Beach—Farmers & Merchants BankLos Angeles-

Pacific Southwest Trust & Savings BankSecurity Trust & Savings BankUnion Bank & Trust Co. of Los Angeles

Norwalk—Bank of Norwalk ,Pasadena—Citizens Savings Bank of PasadenaPlacerville—Eldorado County BankPorterville—

Pioneer BankThe Home Bank

Quincy— Plumas County BankSacramento—Peoples BankSt. Helena—Bank of St. Helena ._.Salinas—Monterey County BankSan Bruno—California Bank of San Mateo County..San Fernando—San Fernando Valley Savings Bank.San Francisco—

American BankAnglo-California Trust CoBank of ItalyBritish-American BankFrench-American Bank -

200,00030,00025,000100,00030,00025, 000

300, 000200,000125, 00050, 00050, 000

50,00050,00025, 000100, 00030, 00050, 00050,00075, 000100,000

25,000750,000

500,000600,000300,00050, 00025, 000100, 00050, 000900, 00050, 00075,000110, 000500, 000

6, 830, 0007; 700, 0001, 500, 000

50,000300, 00067, 000

150, 000100,000100, 000800, 00085,000275,80030,00050, 000

2, 750, 0001, 500,00015, 000, 0001,000, 0001, 250, 000


$15,00032,000

1,30016, 50025,0005,0005,0006,00075, 0001,500

12, 000

40, 0004,5001,000

30, 00023, 50028, 00010, 0003,500

16,000150, 0005,00050,00030, 00021, 00025, 00027, 000100,000

5,000250,000

250, 000300,000

14,00050, 0008,50054,00080, 00010, 7502, 500

60, 000500,000

3,415, 0002, 825, 000258, 00040, 00075, 000139, 000

46, 50015, 00030, 000163,00040, 50070, 0002,2008,000

687, 5001, 000, 0005,000,000

44, 500400,000

$209,727532, 939

435,453862, 762508,677103, 212808,186757,132

1,198, 045296, 563172,363225, 211593,025

1, 385,920223,334103, 083

1,855,163219,305136. 742

2,133, 9131, 624,228842, 426493, 806505, 065

446, 290944, 713200, 290723, 907423,777449, 517622,435600,926

1, 989, 241

155, 42410, 922, 811

7,160, 41310, 313, 0042, 060, 201248,308378, 952915, 233

1,196, 53813, 051,186

632,963494, 540

1, 293,06111, 692, 762

174,154,903202, 264, 79815, 533,1381,115,0253, 936, 6411, 871, 080

1, 542, 262501, 012

1, 096, 2179,081, 482

960, 8433, 554,142293,293661, 548

30, 254, 23752,323,089302, 694, 8013,863,61117, 605, 219



DISTRICT NO. 12—Continued.CALIFORNIA—continued.

San Francisco—Continued.Italian-American BankMercantile Trust CoMission BankMission Savings BankUnion Trust CoUnited Bank & Trust Co

San Jose—Growers BankSan Luis Obispo—Citizens State BankSanta Ana—Orange County Trust & Savings Bank_Sausalito—Bank of Sausalito iSawtelle—Citizens State Bank.Turlock—Commercial Bank of Turlock

IDAHO.

Arco—Butte County BankAshton—Security State BankBlackfoot—

Blackfoot Citv BankD. W. Standrod & Co., Bankers

Cambridge—Peoples BankCastleford—Bank of CastlefordDrummond—First State BankEagle—Bank of EagleEmmett—Bank of EmmettFiler—Farmers & Merchants BankGenesee—Genesee Exchange BankGooding—Citizens State BankGrangeville—Bank of Camas PrairieHazelton—Hazelton State BankHomedale—First Bank of HomedaleIdaho Falls—Anderson Bros. BankKimberly—Bank of KimberlyKuna—Kuna State BankMackay—W. G. Jenkins & CoMalad City—J. N. Ireland & Co., BankersMeridian—Meridian State BankMontour—Farmers & Stockgrowers BankNew Plymouth—Farmers State BankOakley—Farmers Commercial & Savings Bank_Orofmo—Bank of OrofinoPicabo—Picabo State BankPocatello—Citizens Bank & Trust CoRexburg—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.

Albamy—Albany State BankAthena—Athena State BankAurora—Aurora State Bank_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 HainesHelix—Bank of Helix :Hood River—Butler Banking CoJordan Valley—B ank of Jordan ValleyJoseph—First Bank of JosephLake view—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 Rock. . .

Capital.

$1, 500, 0005, 500,000

200, 000500,000

1, 200, 0004, 500,000

300,000150, 000300,00097, 750

100,00075, 000

25,00050, 000

50, 000100, 00040, 00025, 00025,00025, 00060,00025, 00025, 00025, 00050, 00025, 00025, 000100, 00035, 00025, 00050,00040,00025, 00025,00025,00025, 00025,00025, 000200,00050,00025,00025,00025,00025,00030,00025,000100, 00025,000

50,00045, 00025,00025,00050, 00050,000100, 00075,00030, 00025, 00050, 000100, 00050,00050, 00040,00025, 000100, 000100, 00045,00050,000100, 00050,000

200,000150, 000250,00030, 000

$415, 0004, 000, 000

120,00075,000

1, 975, 000571, 00032,00020,000100, 00020,00080,00060,000

1,00012,000

10, 000110,1004,0001,250

3,55025,0001,00012, 50015,00050,0002,000

100, 00015, 0001,50010,00012, 5003,5001,600

10,0005,2975,0005,000

60,000

2,00012,00013,0005,000

1,00045,00010, 000

10,000

16,0005,00019,00022, 5007,00025,00025,0005, 50012,00040,00025,00013, 50010, 00025, 00020, 00020, 0007,00015, 00010,00015, 000

35, 00030,00032,00020, 000

Totalresources.

$20,177,857138, 045, 5563, 032,4378, 556,987

43, 258, 25546,182,3431,475,601867,470

2,494,1401, 009,0572,386, 3931, 398,137

111, 874443, 459

449, 5051, 603, 862212, 81281, 09173,337150, 551663,444

. 154,796486, 044225, 550674, 387133,179104, 316

1, 747, 869400, 056111,195284,842481,863184, 562100,000215,173184,267328, 015219,182

1, 872,623274, 584153,359524,133192, 044213, 681129,920122, 466

1, 382,178185,163

944, 761120, 793315,786328, 523585, 608400,929431,879

1, 073, 766631, 686194,953223,001

1,410,883427, 399341,133290,191209, 949

1,146,7021, 201, 649180,125261, 209921,918675, 368

1, 533,3132, 246,8541, 062, 534328, 594Digitized for FRASER




OREGON—continued.Portland—

Citizens BankHibernia Commercial & Savings Bank. .Ladd & Tilton Bank

Prineville—Bank of Prineville.Reedsport—First Bank of ReedsportShaniko—Eastern Oregon Banking Co _Stanfield—Bank of StanfieldThe Dalles—Wasco County Bank.Tillamook—Tillamook County BankWasco—Bank of WascoWoodburn—Bank of Woodburn

UTAH.

Bingham Canyon—Bingham State BankCedar C i t y -

Bank of Southern UtahIron Commercial & Savings Bank _._

Delta—Delta State BankEphraim—Bank of EphraimFillmore—Fillmore Commercial & Savings BankFountain Green—Bank of Fountain GreenGunnison—Gunnison Valley Bank.Helper—Helper State BankKaysville—Barnes Banking CoLogan— .

Cache Valley Banking CoThatcher Brothers Banking Co

Monticello—Monticello State Bank .Parowan—Bank of Iron CountyPayson—

Exchange Savings Bank .State Bank of Payson . . . . . .

P r i c e -Carbon County BankPrice Commercial & Savings Bank_.

Provo—Farmers & Merchants BankKnight Trust & Savings Bank

Richfield—James M. Peterson BankState Bank of Sevier

Richmond—State Bank of RichmondSalina—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

WASHINGTON.

Albion—Albion State BankAlmira—

Almira State BankFarmers State Bank

Buena—Buena State Bank __Centralia—Centralia State Bank.Chehalis—Coffman, Dobson Bank & Trust CoColfax—First Savings & Trust Bank of Whitman CountyCoulee—Security State BankDavenport—Lincoln County State Bank. .Ellensburg—Farmers BankEverett—Bank of CommerceFarmington—Bank of Farmington.. .Goldendale—State Bank of GoldendaleHoquiam—Lumberman's Bank & Trust CoKelso—Cowlitz Valley BankLa Crosse—

First State BankSecurity State Bank

Molson—Molson State BankOdessa—Farmers & Merchants BankOkanogan—Commercial BankPine City—Pine City State BankPomeroy—Pomeroy State BankPullman—Pullman State B ank

Capital.

$200,000200,000

lf 000, 00050,00025,00050,00025,000

100,00040,00025,00050,000

25,000

75,00050,00025,00050,00050,00025,00050,00050,00050,000

100,000100,00050,00035,000

50,00050,000

100,00050,000

100,000300;000

50,00045,00025,00025,000

250,000500,000238, 600300,000850,00050,00060,000

25,000

50,00025,00025,000100,000150,00075,00025,00050,000100,000100,00025,00075,000100,00030,000

60,00030,00025,0QD25,00050,00025,00050,00037,500

Surplus,

$10,000100,000

1,000,0(0

2,0(010,0C015,OC05,00010,00315,00310,00D

6,500

85. 00010, 50012, 50(i37; 50010,00C23,00018,50050,00080,000

40,000100,0009,50021,000

30,00017,000

10,00070,000

21,00045,000

50,00045,00013,50070,000

25,000300,000159,84075,000

350,00025,00015,000

6,000

13,0006,5001,50013,000

100,000

20,00025,00025,00010,0008,50025,00010,000

40,0007,50010,00015,00010,0003,800

150,00010,000

Totalresources.

$2,998,1536,808,805

28, 634,155221, 561239,405309, 655169, 805820, 995691,086235, 413797, 228

533,356

693,078352, 613329,139609, 550348,557334, 619411,492771, 410567, 507

1, 761, 4081, 781,169

178, 978283,691

457, 823623, 334

536, 6241,988,039

909, 6921, 503, 808

662, 494523, 203190,244726, 658

1,254,2286, 500,1561,103,5342, 335, 64619, 244, 561

425, 861368, 722

73,964

355, 774138,57291, 804676, 642

2, 682, 285499,128107, 560434, 243

1, 252, 5491,936, 494252,045439,025

1,454, 010495, 652

562,943172, 509308, 523391,116447, 472132,174

1, 239, 441603, 393




w ASHIN GTON—continued.Puyallup—

Citizens State Bank. . .Puyallup State Bank

Reardan—Farmers State BankRenton—Renton State BankRitzville—Ritzville State BankRockford—Farmers & Merchants BankRosalia—Bank of RosaliaSt. John—Farmers State BankSelah—Selah State BankSouth Bend—Pacific State Bank .Spokane—

Spokane & Eastern Trust CoWashington Trust Co

Stanwood—Bank of StanwoodTekoa—

Citizens State BankTekoa State Bank

Toppenish—Central Bank of ToppenishTraders B ank

Uniontown—Farmers State BankWalla Wal la -

Farmers & Merchants BankPeoples State Bank

Wenatchee—Columbia Valley BankCommercial Bank & Trust Co . .

Wilbur—State Bank of Wilbur ._Yakima—

Yakima Trust CoYakima Valley Bank _

Zillah—Zillah State B a n k . . .

Capital. Surplus.

$50, 00050, 00050, 00025,00025, 00025,00025, 00040,00030, 000100, 000

., 000, 000200, 000 ,25,000 !

25,00030, 000

50,00025,00025,000

200,000100, 000

100,000100, 00050,000

200, 000275, 00025,000

$6,0002,50020,0002,5004,5002,5675,00010,0006,00011,100

250,00050, 000.25,000

12, 00015,000

35, 00015,0007,000 !

40,000 !50,000 i

25,000 !40,00010,000 |

50,000 I51,000

513

Totalresources.

$778, 698683, 707398,102306, 710272, 617178, 653304, 376307, 578315, 676

1,160, 500

11, 528, 3581,856,911681,958

327,904422, 248

390, 245359, 271230, 244

1, 355, 7051, 588, 842

1, 580, 5871,642, 874505, 645

1, 388, 5772, 506,036

67 990


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.Executor.Administrator.

(2)(3)(4)(5)(6)(7)(8)(9)

Registrar of stocks and bonds.Guardian of estates.Assignee.Receiver.Committee of estates of lunatics.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 Bank. . „ .Hartford-

First National BankHartford-Aetna National Bank__.Phoenix National Bank__ .

Meriden—Home National Bank ofMeriden.

Middletown—Middletown NationalBank.

Naugatuck—Naugatuck NationalBank.

New Britain—New Britain NationalBank

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__.Rockville—

First National BankRockville National Bank

Torrington— Torrington NationalBank.

Wallingford— First National Bank . . .Waterbury—

Citizens and Manufacturers Na-tional Bank.

Waterbury National Bank t

Powersgranted.

1 to 9.1 to 8.

1 to 9.1 to 4, and 91 to 9.1 to 9.

1 to 4.

1 to 4.

1 to 9.

Ito8.1 to 8.1 to 4.

1 to 9.1 to 9.

;1 to 5.1, 2, 3, 5, 7,

8, and 9.1 to 9.

1 to 9.1 to 91 to 7.

1 to 9.

1 to 9.

1 to 9.

DISTRICT NO. 1-Continued.

MAINE.

Auburn—National Shoe & LeatheiBank.

Bangor—First National Bank .Bar Harbor—First National Bank .Bath—Bath National BankBelfast—City National BankBiddeford—First National Bank oi

Biddeford.Damariscotta—First National Bank

of Damariscotta.Lewiston—Manufacturers National

BankNorway—Norway National BankPortland—

Canal National BankFirst National Bank _.Portland National Bank

Waterville—Ticonic National Bank_.

MASSACHUSETTS.

Adams—First National BankGraylock National Bank

Amherst—First National BankAttleboro—First National BankBeverly—Beverly National BankBoston—

Citizens National Bank .Commonwealth - Atlantic Na-

tional Bank.Federal National BankFirst National BankMerchants National BankNational Shawmut BankNational Union BankSecond National BankWebster & Atlas National Bank._

Powersgranted.

1 to 7.

1, 2, and 4.1 to 4.1 to 8.1 to 8.1 to 9.

1,2, 3, 5, and6.

1 to 5 and[9.

1 to 8.

1 to 9.1, 2, and 4.1, 2, and 4.1 to 4.

1 to 8.1 to 7, and 9.1 to 9.1 to 9.1 to 4.

1 to 9.I t o 9 .

1 to 9.1 to 9.1 to 9.1 to 9.1 to 9.Ito9.1 to 9.

226




MASSACHUSETTS—continued.

Brockton—Brockton National BankHome National Bank

Edgartown—Edgartown NationalBank.

Fall River-Fall River National BankMassasoit Pocasset National BankMetacomet National Bank

Fitchburg—Safety Fund NationalBank.

Foxboro—Foxboro National BankGardner—First National BankGloucester—Cape Ann National BankGreat Barrington—National Mahai-

we Bank.Greenfield—First National BankHaverhill—

Essex National BankFirst National BankMerrimack National Bank

Holyoke—City National BankHolyoke National Bank

Hudson—Hudson National BankLawrence—Bay State National Bank.Leominster—

Leominister National BankMerchants National Bank

Lowell—Appleton National BankOld Lowell National Bank

Lynn-Central National BankManufacturers National BankNational City Bank

Marlboro—First National BankPeoples National Bank

Methuen—National Bank of Meth-uen_

Milford—Home National BankNantucket—Pacific National Bank...New Bedford—

First National BankMerchants National BankSafe Deposit National Bank

Newburyport—Merchants NationalBank.

North Adams—N o r t h Adams Na-tional Bank.

Northampton-First National BankNorthampton National Bank

Pittsfield—Agricultural National BankPittsfield National Bank

Plymouth—Plymouth National BankThe Old Colony National Bank..

Provincetown—First National Bank.Reading—First National BankSalem—Merchants National BankShelburne Falls—Shelburne F a l l s

National Bank.Southbridge—Southbridge National

Bank.Springfield—

Chapin National BankChicopee National BankSpringfield National BankThe Third National Bank

Tisbury—Martha's Vineyard Na-tional Bank.

Turners Falls—Crocker NationalBank.

Uxbridge—Blackstone National BankWareham—National Bank of Ware-

ham.Watertown—Union Market National

Bank.

Powersgranted.

I to9 .1 to 4.Ito3.

1 to 9.1 to 9.1 to 9.1 to 9.

1 to 9.1 to 9.1 to 9.1 to 9.

1 to 9.

I to4 .

1 to 4.

1 to 4.1 to 4.1 to 9.1 to 9.

1 to 4.1 to 7 and 9.

I to9 .1.

I to8 .1 to 9.1 to 5 and 7.

I to4 .1 to 9.1 to 8.

1 to 4.1 to 9.

1 to 9.1 to 9.1 to 9.I to8 .

1 to 9.

1 to 9.I to9.

1 to 9.1 to 7 and 9.

1 to 4.I to5 .I to9 .I to4 .1 to 9.1 to 7 and 9

1 to 9.

1 to 9.1 to 9.1 to 8.1 to 9.1 to 8.

1 to 7 and 9.

Ho 4.I to4.

1 to 4.


MASSACHUSETTS—continued.

Webster—First National BankWest Newton—First National Bank.Woburn—Woburn National Bank

Worcester—Mechanics National BankMerchants National Bank

Yarmouthport—First National Bank.

NEW HAMPSHIRE.

Berlin—City National Bank. .Claremont—

Claremont National BankPeoples National Bank

Concord—First National Bank .Mechanics National Bank ___ .National State Capital Bank

Dover-Merchants National Bank .StrafTord National Bank

Keene—Ashuelot National BankKeene National Bank

Laconia—Peoples National BankManchester—

Amoskeag National BankManchester National Bank. . . .Merchants National Bank

Milford—Souhegan National Bank...Nashua-

Indian Head National Bank.Second National Bank. ._ __

Newport—Citizens National Bank...Wolfeboro—Wolfeboro National Bank

RHODE ISLAND.

Newport—AquidneckNational Bank.Providence—National Bank of Com-

merce.VERMONT.

Barre—Peoples National BankBellows Falls—National Bank of Bel-

lows Falls.Bennington—

County National BankThe First National Bank

Brandon—First National BankBrattleboro—Vermont Peoples Na-

tional Bank.Montpelier—First National BankPoultney—Citizens National Bank...Rutland-

Baxter National Bank.Clement National Bank

St. Albans—Welden National Bank..St. Johnsbury—First National Bank.Springfield—First National BankWindsor—State National Bank

DISTRICT NO. 2.

CONNECTICUT.

(See also District No. 1.)Bridgeport-

City National BankFirst National Bank

Danbury—City National BankDanbury National Bank...

New Canaan—First National Bank..Norwalk—National Bank of Nor-

walk.ltidgefield—First National Bank &

Trust Co.South Norwalk—City National BankStamford—First-Stamford National

Bank.

Powersgranted.

1 to 4.1 to 9.1, 2, 3, 6, 7

and 9.

1 to 4.1 to 9.1 to 9.

1.

1 to 4.1.

I to9.1 and 4.1 and 4.

1 to 3.1 to 4.

1 and 4.1 to 4.1 and 4.

1 and 4.1.1 and 4.1 and 4.

I to3 .1 and 4.1 and 4.1 and 4.

1 to 9.1 to 9.

I to9.1 to 3.

1 to 9.1 to 9.1 to 4.1 to 9.

1 to 4.1 to 4.

4.1 to 3, 5 to 7I to4.1 to 6 and 91 to 4.I to3 .

Ito9.1 to 9.

I to9.1 to 9.I to9.Ito9.

Ito9.

Ito4.Ito9.


228 ANNUAL REPORT OF THE FEDERAL RESERVE BOAED.


NEW JERSEY.


Allentown—Farmers National Bank.Asbury Park—Merchants National

Bank.Atlantic Highlands—Atlantic High-

lands National Bank.Belleville—Peoples National Bank, . .Belvidere—Belvidere National Bank.Bloomneld—Bloomfield N a t i o n al

Bank.Boonton—Boonton National Bank. . .Bound Brook—First National Bank..Butler—First National BankCaldwell—Citizens National Bank. . .Carlstadt—Carlstadt National BankClifton—First National BankCranbury—First National Bank |Dover—National Union Bank jElizabeth-

National State BankPeoples National Bank

Freehold—National Freehold Bank-ing Co.

Frenchtown—Union National Bank..Garfleld—First National BankHackettstown—Hackettstown Na-

tional Bank.Hoboken—

First National Bank.Second National Bank

Jersey City—Bergen National BankFirst National BankMerchants National BankUnion Trust & Hudson County

National Bank.Kearny—First National Bank &

Trust Co.Lambertville—Lambertville National

Bank.Long Branch—Citizens National

Bank.Lyndhurst—First National BankMontclair—First National BankMorristown—

First National BankNational Iron Bank

Newark—Merchants & Manufacturers Na-

tional Bank.National Newark & Essex Bank-

ing Co.National State BankNorth Ward National Bank

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-

Brick Church National BankOrange National BankSecond National Bank

Passaic—Passaic National Bank &Trust Co.

Paterson—First National BankNational Bank of AmericaPaterson National BankSecond National BankTotowa National Bank

Perth Arnboy—City National BankFirst National Bank

Powersgranted.

1 to 9.1 to 9.

1 to 3.

1 to 9.Ito8.1 to 4.

1 to 9.1 to 9.1 to 9.1 to 8.1 to 9.1 to 9.Ito4.1 to 9.

1 to 7 and 9.1 to 9.

Powersgranted.


NEW JERSEY—continued.

Phillipsburg—Phillipsburg National BankSecond National Bank

Plainfield—City National BankRed B a n k -

Broad Street National BankSecond National Bank

Ridgewood—Citizens National Bank .First National Bank

Roselle—First National BankRutherford—Rutherford N a t i o n a l

Bank.Somerville—Second National Bank..South Amboy—First National Bank.South River—First National Bank...Summit—First National BankSussex—Farmers National BankWashington—First National Bank._.

NEW YORK.

1 to 8.1 to 9.1 to 4.

I t o 9 .1 to 9.

1 to 9.1 to 9.1 to 9.1 to 4

1 to 4.I t o 9 .1 to 9.I t o 9 .1 to 4.1 to 9.

1 to 9.

l and 4.I t o 9 .1 to 9.

I t o 4 .1 to 9. i

I t o 9 . !

1 to 9.I t o 9 .1 to 9.

1 to 9.

I t o 9 .

I t o 9 .

1 to 9. \1 to 9. j

I t o 9 . ;

1 to 9. i

1 to 4. I

1 to 9.

1 to 9.1 to 4.

1 to 9. i1 to 9. !

1 to 9.1 to 9.1 to 9.1 to 9.

i1 to 9.I t o 8 .I to9.1 to 9.

1 to 9.1 to 9.1 to 9. !1 to 9.1 to 5, 7 to 9.

I t o 9 .1 to 9.

Adams—Farmers National BankAlbany—

First National BankNational Commercial Bank &

Trust Co.New York State National Bank-

Amsterdam—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 Bank. . _ . . _First National Bank

Brooklyn-First National BankNassau National Bank ._

Buffalo—Manufacturers & TradersNational Bank.

Canandaigua—Canandaigua Na-tional Bank.

Can ton-First National BankSt. Lawrence County National

Bank.Carthage—

Carthage National BankNational Exchange Bank

Catskill—Catskill National BankCedarhurst—Peninsula Nat iona l

Bank.Clayton—National Exchange Bank. .Cohoes—National Bank of CohoesCooperstown—

First National BankSecond National Bank

Corning—First National Bank &Trust Co.

C u b a -Cuba National BankFirst National Bank _

Dolgeville—First National BankDover Plains—Dover Plains National

Bank.Dunk i rk -

Lake Shore National BankMerchants National Bank

Edwards—Edwards National Bank..Elmira—

Merchants National BankSecond National Bank

Far Rockaway—National Bank ofFar Rockaway.

1 to 9.

4.1 to 8.

1 to 9.

1 to 9.1 to 9.

1 to 8.1 to 9.1 to 9.

1 to 9.

1 to 9.1 to 9.

1 to 9.1 to 9.1 to 9.

1 to 9.

I t o 9 .1 to 3, 5 to 8

1 to 9.1 to 9.1 to 8.1 to 9.

4.1 to 8.

1 to 9.1 to 8.1 to 8.

I t o 9 .Ito9.1 to 9.1 to 9.

Ito9.I to 8.i.

L t o 7 .L to 9.4.




NEW YORK—continued.

Fredonia—National Bank of Fre-donia.

Freeport—Citizens National BankFulton—Citizens National BankGloversville—

City National BankFulton County National Bank.. .

Goshen—National Bank of OrangeCounty.

Granville—Farmers National BankWashington County National

Bank.Hempstead—First National BankHerkimer—Herkimer National Bank.Hoosick Fa l l s -

First National BankPeoples National Bank

Hornell—Citizens National BankHudson—

Farmers National BankFirst National Bank

Hudson Fa l l s -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 wState of New York National

Lackawanna—Lackawanna NationalBank.

Larchmont—Larchmont NationalBank.

Liberty—Sullivan County NationalBank.

Little Falls—Little Falls NationalBank.

Lockport—National Exchange BankNiagara County National Bank..

Long Beach—National Bank of LongBeach.

Lowville—Black River NationalBank.

Lynbrook—Peoples National Bank__Middletown—

First National BankMerchants National Bank

Mineola—First National Bank..Monticello—National Union Bank of

Monticello.Morristown—Frontier National Bank.Mount Kisco—Mount Kisco National.

Bank.Mount Vernon—First National Bank.New burgh—

Highland National BankNational Bank of New burghQuassaick National Bank

New Rochelle—National City Bank..New York—

American Exchange NationalBank.

Bronx National BankChase National BankChatham & Phenix National

Bank.Chemical National BankCoal & Iron National Bank.First National BankGarfield National Bank

86538—24f 16

Powersgranted.

I to9.1 to 9.

I to9.1 to 9.1 to 9.

4.4.

1 to 9.I to8 .

1 to 9.1 to 8.1 to 9.

I to9.1 to 9.

1 to 9.I to9.

I to9.1 to 9.1 to 9.

1 to 9.I to8 .

1 to 9.1 to 9.I to9.I to9.

I to9.

I to9.

1 to 9.

1 to 9.1 to 9.1 to 8.

1 to 9.

I to9.

I to9.1 to 9.4.1 to 9.

4.1 to 9.

1 to 8.

1 to 9.1 to 9.1 to 9.1 to 9.

1 to 9.

4.1 to 9.I to9.

I to9.1 to 9Ito9.1 to 9.



New York—Continued.Gotham National Bank 1 to 9.Hanover National Bank 1 to 8.Harriman National Bank 1 to 9.Liberty National Bank 4.Mechanics & Metals National 1 to 9.

Bank.National American Bank of New 1 to 9.

York.National Bank of Commerce 1 to 9.National City Bank 1 to 9.National Park Bank 1 to 9.Public National Bank 1 to 9.Seaboard National Bank 1 to 9.

North Tonawanda—State National 1 to 9.Bank.

Norwich—Chenango National Bank 1 to 8.National Bank of Norwich 1 to 9.

Nyack—Nyack National Bank 1 to 9.Ogdensburg—National Bank of Og- 1 to 8.

densburg.Olean—Exchange National Bank 1 to 9.Oneida—Oneida Valley National 1 to 9.

Bank.Oneonta—

Citizens National Bank 1 to 9.Wilber National Bank 1 to 9.

Ossining—Ossining National Bank. . . 1 to 9.Oswego—Second National Bank 1 to 9.Ovid—First National Bank 4.Owego—

First National Bank 1 to 9.Owego National Bank _. 1 to 9.

Peekskill—Peekskill National Bank 1 to 9.Westchester County National 1 to 9.

Bank.Plattsburg—

Merchants National Bank 1 to 9.Plattsburg National Bank & 1 to 5, 7 to 9.

Trust Co.Port Chester—First National Bank.. . 1 to 9.Port Henry—Citizens National Bank. 1 to 9.Port Jervis—

First National Bank 1 to 9.National Bank of Port Jervis 1 to 9.

Potsdam—Citizens National Bank. . . 1 to 9.Poughkeepsie—

Fallkill National Bank | 1 to 9.Farmers & Manufacturers Na- I 1 to 9.

tional Bank. jRichfield Springs—First National | 1 to 9.

Bank. jRiverhead—Suffolk County National 1 to 9.

Bank.Rockville Center—Nassau County i 1 to 9.

National Bank.Rome—Farmers National Bank 1 to 9.Roscoe—First National Bank 1 to 9.Rye—Rye National Bank 1 to 9.Saratoga Springs—Saratoga National 4.

Bank.Scarsdale—Scarsdale National Bank.. | 1 to 9.Schenectady—

Mohawk National Bank | 1 to 9.Union National Bank 1 to 9.

Southampton—First National Bank.. 1 to 8.Spring Valley—First National Bank.. 1 to 9.Stapleton—Richmond Borough Na-' j 4.

tional Bank. |Suffern— Suffern National Bank 1 to 9.Syracuse—Liberty National Bank | 1 to 9.Ta r ry town—Tar ry town National ! 1 to3, 5to9

Bank. !Troy— I

Manufacturers National Bank_..J 1 to 9.Union National Bank I 1 to 9.

Powersgranted.



Powersgranted.



Utica—First National Bank & Trust

Company.Oneida National BankUtica City National Bank

Walton—First National BankWarsaw—Wyoming County National

Bank.Watertown—

Jefferson County National Bank.Watertown National Bank

Waverly—First National BankWellsville—Citizens National Bank..Westfield—National Bank of West-

field.Yonkers—

First National BankYonkers National Bank & Trust

Co.

DISTRICT NO. 3.

DELAWARE.

Dover—First National BankLaurel—Peoples National BankMilford—First National BankSeaford—First National BankSmyrna—Fruit Growers National

Bank.Wilmington—

Central National BankUnion National Bank

NEW JERSEY.


Atlantic C i ty -Atlantic City National BankChelsea National BankUnion National Bank

Bordentown—First National Bank...Burlington—Mechanics N a t i o n a l

Bank.Camden—First National State Bank.Cape May—Merchants N a t i o n a l

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.Mill ville—Mill ville National Bank...Mount Holly—Mount Holly National

Bank.Ocean City—First National Bank.__Point Pleasant Beach—

Ocean County National BankPrinceton—First National BankRiverton—C innaminson National.. _

Bank.Salem—

City National BankSalem National Banking Co

Swedesboro—Swedesboro NationalBank.

Trenton—Broad Street National BankFirst National BankMechanics National Bank

Ventnor City—Ventnor City NationalBank.

Woodbury—First National BankWoodstown—Woodstown National

Bank.

1 to 9.

1 to 9.1 to 9.1 to 9.1 to 9.

1 to 9.I to8 .1 to 9.1 to 9.4.

1 to 9.1 to 9.

I

1 to 9.1 to 8.1 to 9.1 to 8.1 to 4, 6 to 9.

1 to 9.1 to 9.

1 to 4.1 to 9.1 to 3.1 to 9.1 to 9.

1 to 9.4.

1 to 9.

1 to 9.I to9 .1 to 9.

I to9 .

1 to 9.I to9.I to8.

1 to 7 and 9.

1 to 8.1 to 4.Ito9.

1 to 9.Ito9.1 to 9.

1 to 4.1 to 9.1 to 9.1 to 9.

1 to 9.1 to 9.


PENNSYLVANIA.


Allentown—Allentown National BankMerchants National BankSecond National Bank

Ambler—First National BankAnnville—Annville National Bank...Ashland—The Ashland Nations 1

Bank.Atglen—Atglen National BankBelleville—Belleville National Bank _.Bethlehem-

Bethlehem National BankFirst National BankLehigh Valley National Bank

Bloomsburg—Bloomsburg Nations!Bank.

Blossburg—Miners National Bank...Boyertown—

Farmers National BankNational Bank of Boyertown

Bradford—Commercial N a t i o n a lBank.

Catasauqua—National Bank of Cate-sauqua.

Chambersburg—National Bank of Chambersbun;.Valley National Bank ..

Chester-First National Bank ..Pennsylvania National Bank.. .

Clearfleld—Clearfleld National BankCounty National Bank

Columbia—Central National Bank....Danville—First National BankDarby—First National BankDu Bois—

Deposit National BankDu Bois National Bank .

East Stroudsburg—Monroe County.National Bank.

Emaus—Emaus National Bank .Emporium—First National BankEphrata—

Ephrata National BankFarmers National Bank

Fleetwood—First National BankFrackville—First National BankGettysburg—First National Bank....Greencastle—First National BankHarrisburg—Merchants N a t i o n a l

Bank.Hazleton—

First National BankHazleton National Bank

Honesdale—H o n e s d a 1 e NationalBank.

Honeybrook—First National Bank...Houtzdale—First National BankHuntingdon—

First National BankUnion National Bank

Johnstown—First National BankKutztown—Kutztown National Ban'.iLancaster—

Conestoga National BankFulton National BankLancaster County National Bank.

Lansdale—First National BankLebanon—

First National BankLebanon National Bank

Lehighton—Citizens National Bank.Lititz—Farmers National BankLock Haven—First National Bank..Mahanoy Ci ty -

First National BankUnion National Bank

Powersgranted.

Ito9.1 to 8.I to9.1 to 9.1 to 9.I to9.

1 to 3.1 to 3.

1 to 9.1 to 9.I to8.1 to 9.

1 to 4.

1 to 9.1 to 9.I to9.

1 to 9.

1 to 9.1 to 9.

I to9.1 to 9

1 to 9.1 to 9.1 to 9.1 to 3.I to9.

1 to 9.1 to 4.I to9.

1 to 9.1 to 9.

1 to 9.1 to 9.1 to 9.1 to 9.1 to 9.1 to 9.1 to 4.

1 to 9.1 to 9.I to9.

I to9.1 to 9.

1 to 9.1 to 8.1 to 8.1 to 9.

I to9.1 to 9.1 to 9.1 to 9.

1 to 9.1 to 9.1 to 9.1 to 4I to9.

1 to 9.I to8.



Powersgranted.

Powersgranted.


PENNSYLVANIA—continued.

Manheim—Keystone National Bank 1 to 9.Manheim National Bank . _ _ 1 to 9.

Marietta—Exchange National Bank.. 1 to 4.Mauch Chunk—Mauch Chunk Na- 1 to 9

tional Bank.Maytown—May town National Bank. 1 to 4.Mechanicsburg—First NationalBank. 1 to 9.Mqntrose—First and Farmers Na- 1 to 9.

tional Bank & Trust Co.Mount Carmel—

First National Bank 1 to 9.Union National Bank 1 to 9.

Mount Joy—First National Bank 1 to 9.Union National Mount Joy Bank. 1 to 9.

Mountville—Mountville National 1 to 4.Bank.

Myerstown—Myerstown National 1 to 4Bank.

Nanticoke—First National Bank 1 to 4.Nazareth—Nazareth National Bank.. 1 to 9.New Holland—New Holland Na- 1 to 5 and 9.

tional Bank.Newton—First National Bank 1 to 7 and 9.Newville—First National Bank 1 to 4.Northampton—Cement N a t i o n a l 1 to 8.

Bank of Siegfried.Oxford—National Bank of Oxford 1 to 9.Patton—First National Bank 1 to 4.Pen Argyl—First National Bank 1 to 9.Philadelphia-

Broad Street National Bank. . . 1 to 7Central National Bank 4.Corn Exchange National Bank... 1 to 9.Drovers andMerchants National 1 to 9.

Bank.Eighth National Bank 1 to 9.Fourth Street National Bank 1 to 9.Market Street National Bank 1 to 7 and 9.National Bank of Commerce 1 to 9.National Bank of Germantown_ _ 1 to 8.National Bank of North Phila- 1 to 9.

delphia.Perm National Bank 1 to 9.Philadelphia National Bank 1 to 9.Quaker City National Bank 1 to 9.Second National Bank 1 to 9.Southwark National Bank 1 to 8.Southwestern National Bank 1 to 8.Textile National Bank _ _ l to 9Third National Bank 1 to 9*.Tradesmen's National Bank 1 to 9.Union National Bank 1 to 8.

Philipsburg—Moshannon National to 9.Bank.

Pittston—First National Bank. _ 1 to 9Port Allegany— First National Bank 1 to 9Pottstown—

National Bank of Pottstown 1 to 9.National Iron Bank l to 9.

Reading—Penn National Bank l to 4.Reading National Bank 1 to 9.

Red Lion—Red Lion First National 1 to 9Bank.

Scranton—Third National Bank 1 to 9.Shickshinny—First National Bank 1 to 3, 5 to 8Souderton—Union National Bank_ _. 1 to 9.Spring City—National Bank of Spring 1 to 9.

City. IState College—First National Bank.. 1 to 9.Stroudsburg—

First National Bank l to 9.Stroudsburg National Bank 1 to 9.

Sunbury—First National Bank 1 to 9.Tamaqua—Tamaqua National Bank. 1 to 9.Tioga—Grange National Bank 1 to 4.Topton—National Bank of Topton... 1 to 4.Towanda—Citizens National Bank. . 1 to 9.Tyrone—Farmers & Merchants Na- 1 to 9.

tional Bank



Waynesboro—Citizens National BankWest Chester-

First National BankNational Bank of Chester County

West Grove—National Bank of WestGrove.

Wilkes-Barre—Second National BankWyoming Jlational Bank

Williamsport—First National BankLycoming National BankWest Branch National BankWilliamsport National Bank

Wrightsville—First National Bank.. .Y o r k -

Central National BankFirst National BankIndustrial National Bank of West

York.Western National Bank . . . .

1 to 9.

1 to 9.1 to 9.1 to 4.

1 to 9.1 to 9.

1 to 9.1 to 9.1 to 4.1 to 9.1 to 9.

1 to 9.1 to 9.1 to 4.

1 to 9.

DISTRICT NO. 4.

KENTUCKY.


Ashland—Ashland National BankSecond National BankThird National Bank

Brooksville—First National Bank_._Cynthiana—The National BankGeorgetown—Georgetown National

Bank.Lexington—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 Bank..Pineville—Bell National BankRichmond—Madison National Bank

& Trust Co.Somerset—


fVilliamsburg—First National Bank.Winchester—Clark County National

Bank.

OHIO.

Akron—National City Bank _.Alliance—Alliance First National ..'.'.Ashtabula—National Bank of Ashta-

bula.Athens-

Athens National BankBank of Athens, N. B. A

Bellaire—First National BankCadiz—Fourth National BankCanton—First National BankCincinnati—

Atlas National BankCitizens National Bank & Trust

Co.Fifth-Third National BankFirst National BankSecond National Bank

Cleveland-Brotherhood of Locomotive En-

gineers Cooperative NationalBank of Cleveland.

Central National Bank, Savings& Trust Co.

National City Bank

1 to 5, 7 to 9.1 to 5, 7 to 9.1 to 5, 7 to 9.I t o 4 .1 to 5, 7 to 9I to5 , 7 to 9.

1 to 9.

1 to 5, 7 to 9.

1 to 4.1 to 5, 7 to 9.1 to 5, 7 to 9.I t o5 , 7 to 9.1 to 5, 7 to 9.1 to 5, 7 to 9.1 to 5, 7 to 9.

1 to 5, 7 to 9.1 to 9.1 to 4.1 to 5, 7 to 9.

1, 4, and 9.1 to 9.1 to 7 and 9

1 to 7 and 9.1 to 7 and 9.1, 4, and 9.1 to 7 and 9.4.

], 4, and 9.1 to 7 and 9.

1, 4, and 9." to 7 and 9.1 to 7 and 9.

1 to 9.

to 7 and 9.

1 to 7 and 9.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis


DISTRICT NO. 4—Continued,

oino—continued.

Columbus—City National BankCommercial National BankHuntington National BankOhio National Bank

Coshocton—Commercial NationalBank.

Dayton—Merchants National Bank &

Trust Co.Winters National Bank_._.

East Liverpool—First National Bank.Fostqria—Union National BankHamilton—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 BankMt. Vernon—The Knox National

Bank.New Philadelphia—Citizens National

Bank.Painesviile—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 & Trust Co.Tiffin-

Commercial National Bank..! . . .Tiffin National Bank

Toledo-First National BankNorthern National Bank

Troy-First Troy National Bank &

Trust Co.Warren—Western Reserve National

Bank.Wilmington—C l i n t o n C o u n t y

National Bank & Trust Co.Youngstown— "

Commercial National BankFirst National Bank

Zanesville—First National BankOld Citizens National Bank

PENNSYLVANIA.


Blairsville—First National BankBrownsville—Second National Bank.Butler-

Farmers National BankMerchants National Bank

Canonsburg—First National Bank...

Powersgranted.'

1 to 7 and 9.1 to 7 and 9.1 to 7.1 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. 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 9.4.

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 9.1 to 7 and 9.1, 4. and 9.1 to 7 and 9.1 toO.

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.

1 to 7 and 9.

1 to 7 and 9.

1 to 7 and 9.

1 to 7 and 9.4.

1, 4, and 9.1 to 7 and 9.

1 to 9.1 to 9.

1 to 91 to 91 to 9.



Ellwood City—First National Bank..Erie—First National BankFord City—First National Bank &.Trust Co.

Franklin—LambertonNationalBank.Greensburg—First National BankGreenville—First National BankGrove C i ty -

First National Bank .Grove City National Bank

McKeesport—First National Bant:...Meadville—New First National Bank.Myersdale—Citizens National Bank..Monessen—Peoples National Bank __New Brighton—UnionNationalBank.New Castle-

Citizens National BankFirst National Bank

New Kensington—First Natior. alBank.

Oakmont—First National BankOil City—Oil City National Bank . . .Pittsburgh-

Bank of Pittsburgh, N. ADiamond National BankDuquesne National BankFarmers' Deposit National Bank-First National BankHighland National BankMonongahela National BankNational Bank of America at

Pittsburgh.Second National Bank of Alle-

gheny.Third National BankUnion National Bank

Punxsutawney—Punxsutawney N a-tional Bank-

Sharon—First National BankMcDowell National Bank

Titusville—Second National Bank .._Uniontown—National Bank of Fay-

ette County.Vandergrift— Citizens National Bank.Warren—Warren National BankWashington—

Citizens National Bank

First National BankWay nesbur g—C itizensN ational B ank.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.

DISTRICT NO. 5.

DISTRICT OF COLUMBIA.

Washington—Commercial National BankDistrict National BankFarmers & Mechanics National

Bank of Georgetown.Federal-American National BankLincoln National BankNational Bank of Washington...National Metropolitan BankRiggs National BankSecond National Bank

Powersgranted.

1 to 9.1 to 9.1 to 9.

1 to 9.1 to 9.1 to 4.

1 to 9,1 to 9.1 to 9.1 to 5, 7 to 9.1 to 9.1 to 8.1 to 9.

1 to 9.I t o9 .1 to 8.

1.1 to 9.

1 to 9.1 to 9.1 to 9.4 and 9.1 to 9.1 to 9.4.1 to 4.

1 to 9.

1 to 9.1 to 9.1 to 9.

1 to 9.1 to 4.I to9 .1 to 9.

1 to 9.1 to 9.

1, % 3, 5, 6,7, and 9.

1 to 9.1 to 9.i to 4.

1 to 9.1.

1 to 9.1 to 9.

1.1 to 8.1 to 8.

1 to 8.I t o 81 to 8.1 to 8.1 to 8.1 to8.




MARYLAND.Baltimore—

Drovers & Mechanics NationalBank.

. Farmers & Merchants NationalBank.

Merchants National BankNational Bank of BaltimoreWestern National Bank

Cumberland—Second National Bank.Easton—Easton National BankFrederick-

Farmers & Mechanics NationalBank.

Frederick County National Bank.Hagerstown—Second National Bank.Hyattsville—First National BankNew Windsor—First National Bank.Pocomoke City—Citizens National

Bank.Rising Sun—National Bank of Rising.

Sun.Rockville—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

Durham—First National BankElizabeth City—First & Citizens

National Bank.Goldsboro—Wayne National Bank...Graham—National Bank of Ala-

mance.High Point—Commercial National

Bank.Mooresville—First National BankNew Bern—National Bank of New

Bern.Oxford—First National BankRaleigh-

Citizens National BankCommercial National Bank

Rocky Mount—Planters NationalBank.

Salisbury—First National BankWinston-Salem—Farmers National

Bank & Trust Co.

SOUTH CAROLINA.

Charleston-Atlantic National BankPeoples National Bank

Columbia-Columbia National BankNational Loan & Exchange Bank.

Elloree—First National BankGreenville-

First National BankNorwood National BankPeoples National BankWoodside National Bank

Holly Hill—First National BankLake City—Farmers & Merchants

National Bank.Orangeburg—Edisto National Bank..Rock Hill—National Union BankSpartanburg—

Central National BankFirst National Bank

Powersgranted.

1 to 9.

1 to 9.

1 toft.I to9.1 to 9.1 to 9.1 to 9.

1 to 4.

1 to 9.1 to 9.1 to 4.1 to 4.1 to 9.

1 to 4.

1 to 3.

1 to 9.

1 to 9.Ito9.

1 to 9.Ito9.1 to 9.

1 to 9.Ito9.1 to 9.

1 to 9.1 to 9.

1 to 9.1 to 4.

1 to 4.

1 to 9.1 to 9.1 to 9.

1 to 9.1 to 9.

1 to 9.1 to 4.

1 to 9.1 to 9.1 to 9.

1 to 9.1 to 9.1 to 4.Ito9.1 to 3, 5 to 9.1 to 4.

1 to 9.1 to 9.

1 to 4.Ito9.


VIRGINIA.

Abingdon—First National BankAlexandria-

Citizens National BankFirst National Bank

Appalachia—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 Bank...Fredericksburg—Planters N a t ional

Bank.Hampton—Merchants National BankHarrisonburg—First National Bank..Loesburg—Peoples National Bank...Lexington—Rockbridge Na t i o n a 1

Bank.Martins ville—Peoples NationalBank.Newport News—First National Bank.Norfolk-

National Bank of CommerceSeaboard National Bank

Petersburg—Virginia National Bank-Portsmouth—American National

Bank.Pulaski—

Peoples National BankPulaski National Bank

Richmond—American National B ankCentral National BankFirst National BankMerchants National BankPlanters National Bank

Roanoke—American National BankColonial National BankFirst National BankNational Exchange Bank

Rocky Mount—Peoples NationalBank.

Salem—Farmers National BankSouth Boston—

Boston National BankPlanters & Merchants National

Bank.Staunton—

Augusta National BankNational Valley Bank

Warrenton—Farquier National Bank.Winchester-

Farmers & Merchants NationalBank.

Shenandoah Valley NationalBank.

WEST VIRGINIA.


Beckley—Beckley National BankBluefield—

First National BankFlat Top National Bank

Charleston—Charleston National BankKanawha National Bank

Powersgranted.

1 to 9.

I to4.I to4.1.

I to4.1 to 9.1 to 9.1 to 3.

1 to 4.1 to 6, and 9.

1 to 4.1 to 4.

1 to 9.I to9.1 to 9.1 to 9.

I to9.1 to 9.1 to 9.1 to 9.

I to4.1 to 4.

I to4.1 to 9.Ito3.1.

Ito9.1 to 9.

Ito4.Ito9.1 to 9.1 to 9.Ito9.

1 to 4.Ito9.1 to 9.1 to 9.1 to 4.

Ito9.

Ito9.1 to 4.

1 to 9.1 to 9.Ito9.

Ito9.

Ito4.

Ito9.

Ito9.1 to 9.

Ito9.Ito9.




WEST VIRGINIA—continued.

Clarksburg-Empire National BankUnion National Bank

Fairmont—National Bank of Fair-mont.

Fairview—First National BankGrafton—First National BankHuntington—

First National BankHuntington National Bank

Madison—Madison National Bank__jMartinsburg— Old National Bank iParkersburg— j

First National Bank IParkersburg National Bank jSecond National B ank I

St. Marys—First National Bank IWelch—First National Bank

1 to 4.I t o 4 .1 to 9.

1 to 4.1 to 9.

1 to 9.1 to 9.1 to 4.1 to 9.

1 to 9.1 to 9.1 to 9.1 to 9.1 to 9.

DISTRICT NO. 6.

ALABAMA.

Anniston—Anniston National Bank . _. .Commercial National Bank

First National BankAthens—First National Bank _ _ _Bessemer—First National Bank in

Bessemer.Birmingham—First National Bank, .Cullman—Leeth National Bank .Florence—First National Bank _.Gadsden—First National Bank_ . . .Mobile—First National BankMontgomery—First National Bank..Oxford—First National BankPiedmont—First National BankSelma—City National BankTalladega—Talladega National Bank.Trov—First National BankTuscaloosa—

Citv National BankFirst National Bank. . . .

FLORIDA.

Bartow—Polk County National Bank.Bradentown—First National Bank...Brooksville—First National BankDe Funiak Springs—First National

Bank.Jacksonville—

Atlantic National BankBarnett National BankFlorida National Bank

Miami Beach—Miami Beach FirstNational Bank.

Panama City—First National Bank_.St. Augustine-

First National Bank _ .St. Augustine National Bank

St. Petersburg-Central National Bank & Trust

Co.First National Bank.

Tampa—First National BankWest Palm Beach—

American National Bank . .First National Bank

GEORGIA.Athens-

Georgia National Bank . _..National Bank of Athens

At lan ta-Atlanta National BankFourth National Bank.Fulton National Bank

Barnesville—First National BankBrunswick—National Bank of Bruns-

wick.Carrollton—First National Bank

1 to 7 and f.1

111

to 5, 7,and 9.to 8.

'to 8.

1 to 9.1 to 4.I t o 8 . !11111111

11

1111

to 3. !to 8. !to 9.to 8. ito 3. |to 8. ito 4. ;

to 8.to 8.

to 9.to 4.to 8.to 8.

I t o 9 .111

4

1

to 4.to 8.to 9.

to 9. iI t o 9 . ;

1 to 3.

11

11

11

to 4.to 8.

to 9.to 9.

to 8.to 4.

1 to 8.1 to 9.1 to 9.11

to 8.to 9.

1 to 9.


GEORGIA—continued.

Dalton—First National BankDawson—Dawson National BankElberton—First National BankFitzgerald—

Exchange National BankFirst National Bank

Powersgranted.

I t o 5 .1 to 3, 5 to 9.I t o 9 . .

1 to 4.1 to 4, 6, 7

and 9.1 to 8.

I t o 9 .1 to 4.1 to 8.1 to 9.

La Grange—La Grange NationalBank.

Louisville—First National BankMacon—Fourth National BankQuitman—First National BankWinder—Winder National Bank

LOUISIANA.


Crowley—First National Bank ofAcadia Parish.

Lake Charles—Calcasieu NationalBank of Southwest Louisiana.

New Orleans—WThitney-Central Na- 1 to 9.tional Bank.

MISSISSIPPI.


Biloxi—First National Bank 1 to 4.Canton—First National Bank j 1 to 4.Gulfport—First National Bank •__! 1 to 8.Hattiesburg—Commercial National 1 to 9.

Bank.Jackson—Jackson State National 1 to 7 and 9.

Bank. jLaurel-

Commercial National Bank & 1 to 9.Trust Co. !

First National Bank 1 to 9.Meridian—First National Bank 1 to 8.

TENNESSEE.(See also District No. 8.)

Copperhill—First National Bank ofPolk County.

Dickson—Citizens National Bank...-.Fayetteville—

Elk National BankFirst National Bank

Gallatin—First and Peoples Natio lalBank.

Greenville—First National BankJohnson City—Tennessee National

Bank.Kingsport—First National BankKnoxville—

City National BankUnion National Bank

McMinnville—Peoples N a t i o r a 1Bank.

Nashville—American National BankBroadway National BankFourth & First National Bank. . .Tennessee-Hermitage National

Bank.

DISTRICT NO. 7.

ILLINOIS.


1 to 3, 5 to

1 to 8.

1 to 3 and 5.1 to 3, 5 to 9.1 to 9.

1 to 9.1 to 9.

1 to 7 and 9.

1.1 to 7 and 9.1 to 3, 5 to 8.

1 to 9.1 to 7 and 9.1 to 8.1 to 4.

Amboy—First National Bank __Aurora—

First National BankMerchants National BankOld Second National Bank

Batavia—Batavia National BankFirst National Bank _

1 to 9

1 to 91 to 91 to 9

1 to 91 to 8Digitized for FRASER


ANNUAL. REPORT OF THE FEDERAL RESERVE BOARD. 235


ILLINOIS—continued.

Belvidere—First National BankSecond National Bank

Bushnell— First National BankCambridge—Farmers National Bank.Canton—

Canton National BankFirst National Bank_ _

Casey—First National BankCharleston—National Trust BankChicago—

Calumet National Bank .Corn Exchange National Bank_._First National Bank of EnglewoodLawndale National B ankLive Stock Exchange National

Bank.National Bank of the Republic. . .National City Bank

Chillicothe—First National BankDanv i l l e -

First National Bank .Palmer National BankSecond National Bank

Decatur—Citizens National BankMilliken National Bank, .National Bank of Decatur . -

Dixon—Dixon National Bank.Elmhurst—First National BankEl Paso—

First National BankWoodford County National Bank

Evanston—City National Bank .__ _Freeport—

First National Bank_. . . . . _.Second National Bank

Galesburg—First National Bank . . .Galesburg National Bank

Henry—First National BankJoliet—

First National BankJoliet National Bank ___ .Will County National Bank . . .

Kankakee—City National Bank.Kewanee—First National Bank,La Salle—La Salle National BankLincoln—Lincoln National BankMacomb—Union National BankMarengo—First National Bank .Marseilles—First National BankMat toon.—National Bank of Mattoon.Monticello—First National BankMoweaqua— First National BankOttawa—National City BankPeoria—

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 Bank . .Sycamore National Bank

Waukegan—Waukegan N a t i o n a lBank.

INDIANA.


Attica—Central National Bank . . . .Batesville—First National BankBloomington—First National Bank . .

Powersgranted.

l t o 8.1 to 4.l t o 9.1 to 9.

1 to 9.l t o 8.l t o 4.1 to 9.

l t o 9.4.1 to 4.l t o 9.1 to 9.

1 to 9.1 to 9.l t o 9.

1 to 9.1 to 9.1 to 8.

l t o 9.1 to 4.1 to 4.1 to 9.1 to 9.

1 to 9.l t o 9. 1l t o 9.

1 to 9.1 to 9.

1 to 9.1 to 9.l t o 7.

1 to 4.1 to 9.1 to 9.1 to 4.1 to 9.1 to 4.1 to 9.1 to 9.l t o 9.l t o 4.l t o 3.1 to 9. i1 to 3.1 to 9.

1 to 9.1 to 8.l t o 9.

1 to 3, 5 to 8.

1 to 9.1 to 9.1 to 4.1 to 9.l t o 8.l t o 8.

l t o 9.1 to 9.1 to 9.

1 to 9.1 to 4.1 to 7 and 9.


INDIANA—continued.

Brazil—Citizens National BankFirst National BankRiddell National Bank

Brookville—Franklin County National Bank.National Brookville Bank

C ambridge C ity—Fir st N ational B ankClay City—First National BankColumbia City—First National BankColumbus—First National BankCrawfordsville—

Citizens National BankElston National BankFirst National Bank. _ _ _ . .Dana—First National Bank

Delphi—Citizens National BankDublin—First National BankDyer—First National BankEdinburg—Farmers National Bank..Elkhart—First National BankElwood—First National BankFort W a y n e -

First National Bank . .Old National Bank

Frankfort—American National Bank.Franklin—Franklin National Bank. .Gary—National Bank of AmericaGoshen—City National BankGreencastle—First National BankHammond—First National BankIndiana Harbor-

Indiana Harbor National Bank ofEast Chicago.

United States National Bank,East Chicago.

Indianapolis—Fletcher American National BankIndiana National Bank of

Indianapolis.Kokomo—

Citizens National BankHoward National Bank. . . . _ _

La Porte—First National BankLibert v—Union County National

Bank.Lognnsport—

City National Bank _ .FJrst National Bank

Lowell—First National Bank inLowell.

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 Bank. . _.Montpelier—First National BankMuncie—Delaware County National

Bank.New Carlisle—First National Bank..Peru—First National BankRichmond—

First National Bank .Second National Bank

Rising Sun—The National Bank of._Rochester—First National Bank

Rockville—Rockville National Bank.Rushville—

Rush County National BankRushville National Bank

Russiaville—First National BankShelbyville—


Sheridan—Farmers National BankFirst National Bank

Powersgranted.

1 to 7.l t o 4.1 to 9.

1 to 4.1 to 4.1 to 8.1 to 9.l t o 9.1 to 9.

1 to 4.1 to 8.1 to 9.1 to 3.1 to 9.1 to 3.1 to 4.l t o 4.1 to 9.l t o 8.

l t o 8.1 to 9.1 to 8.1 to 4.1 to 9.1 to 9.l t o 9.1 to 4.

l t o 9.

l t o 9.

1 to 7 and i).l t o 9.

1 to 4.l t o 9.1 to 4.1 to 3.

1 to 8.1 to 8.1 to 7.

1 to 4.l t o 9.1 to 7.1 to 9.

1 to 4.1 to 4.l t o 3, 5 to 91 to 9.1 to 9.

1 to 3.1 to 9.

1 to 9.1 to 4.1 to 9.1 to 5, 7, and

9.1 to 4.

1 to 4.1 to 4.1 to 3.

l t o 9.l t o 9.

l t o 8.l t o 4.Digitized for FRASER



Powersgranted.


INDIANA—continued.

South B e n d -First National BankMerchants National Bank

Swayzee—First National BankTerre Haute—

First National BankTerre Haute National Bank

Thorntown—Home National Bank.Tipton—Citizens National BankWabash—Farmers & M e r c h a n t s

National Bank.Whiteland—Whiteland N a t i o n a l

Bank.Whiting—First National BankWilkinson—Farmers National BankWinamac—First National Bank

IOWA.

Arlington—American National Bank.Aurelia—First National Bank...Bancroft—First National BankBoone—First National BankBuffalo Center—First National BankBurlington—Merchants N a t i o n a l

Bank.Cedar Rapids—

Cedar Rapids National BankMerchants National Bank

Charter Oak—First National Bank...Cherokee—First National BankClarence—First National Bank.Clinton—

City National BankMerchants National Bank..

Colfax—First National Bank.. .Coon Rapids—First National Bank..Council Bluffs-


Davenport—First National BankDecorah—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 BankFonda—First National BankFontanelle—First National BankFort Dodge—Fort Dodge National

Bank.Gladbrook—First National BankGraettinger—First National Bank...Greenfield—First National BankGrinnell—

Citizens National Bank. . .Merchants National Bank

1 to 4.1 to 9.1 to 9.

1 to 9.1 to 9.1 to 8.1 to 4.1 to 4.

1 to*.

l t o 7.1 to 3.1 to 8.

l t o 3.l t o 9.2, 3, 5 to 7.1 to 4.l t o 9.1 to 9.

l t o 9.1 to 4.1,2,3, and 51 to 9.l t o 4.

l t o 4.1 to 5.1 to 3, 5 to 9.l t o 3.

1 to 8.1 to 9.l t o 9.1 to 9.1 to 8.

Griswold—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 Bank.. .Manchester—First National Bank. . .Marengo—First National BankMarshalltown—First National Bank.Mason City—First National Bank__.Milford—First National BankMontezuma—First National Bank...Muscatine—First National BankNewell—First National Bank

l t o 9.1 to 9.l t o 9.l t o 7.l t o 8.1 to 4.l t o 9.1 to 8.

l t o 3.1 to 9.l t o 5, 7 to 9.

l t o 9.1,2, 3, 5 to 7,

and 9.1 to 7 and 9.l t o 9.1,2, 3, 5 to 8.l t o 4.l t o 4.l t o 3.l t o 3.1 to 9.1 to 3, 5 to 9.l t o 9.l t o 4.1 to 4.1 to 3.l t o 9.l t o 3.1 to 4.1 to 9.1 to 9.


IOWA—continued.

New Sharon—First National Bank...Newton—Clark National BankOdebolt—First National BankOskaloosa—Oskaloosa National Bank:.Paullina—First National BankPerry—Perry National BankPeterson—First National BankRed Oak—First National BankRemsen—First National Bank

Powersgranted.

Rippey—First National BankRockwell City—Rockwell City Na-

tional Bank.Royal—Citizens National BankRuthven—First National BankSheffield—First National BankShenandoah—Farmers National B an] c.Sibley—First National BankSidney—National Bank of Sidney...Sioux City—

First National Bank ..Security National Bank .Sioux National Bank

Sioux Rapids—First National Bank..Spencer—First National BankStanton—First National Bank .Storm Lake—Citizens National Bank.Story City—First National Bank...Thornton—First National BankTipton—City National BankWashington—Washington National

Bank.Waterloo-

Commercial National BankFirst National BankLeavitt & Johnson National Bank.

Waverly—First National BankWebster C i t y -

Farmers National BankThe First National Bank

MICHIGAN.


Battle Creek-Central National BankCity National BankOld National Bank

Bay City—First National BankBenton Harbor-

American National BankFarmers and Merchants Na-

tional Bank.Birmingham—First National Bank.Boyne City—First National Bank.. .Detroit—National Bank of Com-

merce.Flint—First National BankGrand Rapids -

Grand Rapids National BankOld National Bank

Hillsdale—First National BankJackson-

National Union BankPeoples National Bank *._.

Kalamazoo—First National BankLansing—

Capital National BankCity National Bank

Muskegon—Hackley National BankUnion National Bank

Petoskey—First National BankPontiac—American National Bank-Port Huron—First National Bank in

Port Huron.Rochester—First National BankSaginaw— Second National BankTraverse City—First National Bank

1 to 7.1 to 9.1 to 4.1 to 3.1 to 7 and 9.1 to 9.1 to 4.1 to 4.1 to 8.1,2,3, 5 to 8.1 to 9.

1 to 3.1 to 8.1 to 9.1 to 9.1 to 3.1 to 9.

1 to 9.1 to 9.1 to 9.1 to 3.1 to 9.1 to 4.1 to 9.1 to 4.l t o 9.1 to 8.1 to 8.

1 to 4.1 to 7.1 to 4.1 to 4.

1 to 4.1 to 9.

1 to 4.l t o 8.1 to 9.l t o 4.

l t o 9.1 to 9.

l t o 4.l t o 3.1 to 8.

l t o 4.

l t o 9.1 and 4.1 to 4.

l t o 9.l t o 9.l t o 9.

l t o 4.1 to 9.

1 to 7 and 9.l t o 9.1 to 4.1 to 9.1 to 4.

1 to 4.1 to 8.1 to 3.




WISCONSIN.


Antigo—First National Bank. _ ._ _ . . .Langlade National Bank

Appleton—Citizens National Bank...Beaver Dam—Old National BankClintonville—First National Bank. . .Darlington—First National BankEdgerton—First National BankFond du Lac—

Commercial National BankFirst-Fond du Lac National 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 Bank. . . . .Neenah—National Manufacturers

Bank.Oshkosh—City National BankRacine—

First National BankManufacturers National Bank

Ripon—American National Bank. . . .First National Bank

Shawano—Wisconsin National Bank.Sheboygan— Security National Bank.Sparta—Farmers National BankStevens Point—First National Bank.Viroqua—First National Bank.Waukesha—

National Exchange Bank . . . .Waukesha National Bank

Wausau—American National BankFirst National Bank _ . .

West Bend—First National BankWisconsin Rapids—First National

Bank.

DISTRICT NO. 8.

ARKANSAS.

Batesville—First National BankCorning—First National BankEl Dorado—First National BankFordyce—First National Bank.Fort S m i t h -

First National BankMerchants National Bank. . _ __

Hot Springs—Arkansas National BankCitizens National Bank

Jonesboro—First National BankLake Village—First National Bank__Little R o c k -

England National B ankExchange National Bank

Marianna—Lee County NationalBank.

Mena—First National BankNewport—First National Bank.Paragould—First National BankPine Bluff—Simmons National Bank.Texarkana—State National Bank

ILLINOIS.


Anna—First National BankBelleville—

•First National BankSt. Clair National Bank

Powersgranted.

1 to 8.1 to 3, o to 8.1 to 9.1 to 4.1 to 4.1 to 8.1 to 8.

1 to 9.I t o 8 .1 to 7 and 9.1 to 4.1 to 9.

1 to 9.

1 to 9.1 to 9.1 to 9.1 to 41 to 3.

1 to 4.

I to 9.1 to 9.

1 to 9.1 to 9.1 to 8.I t o 9 .1 to 9.1 to 8.1 to 9.

1 to 4.I t o 8 .

1 to 9.1.1 to 9.1 to 9.

1 to 7 and 9.1 to 9.I t o 9 .1 to 4.

1 to 9.1 to 9,.

I t o 9 .1 to 3, 5 to 9.I t o 9 .1 to 9.

I to 9.1 to 9.1 to 4.

1.1 to 8.I t o 9 .1 to 9.I t o 9 .

I t o 4 .

• I t o 8 .1 to 9.


ILLINOIS—continued.

Benld—First National Bank of Benld.Breese—First National BankCairo—Cairo National Bank. . _ . .Carlinville—Carlinville Nat iona l

Bank.Carlyle—First National Bank . . .East St. Louis—Security National

Bank.Edwardsville—Edward s v i 11 e Na-

tional Bank.Highland—First National BankJacksonville—Ayers National Bank. .Lawrenceville—First National Bank.Lebanon—First National BankMarion—First National Bank _ ._Mascoutah— First National BankMetropolis—City National BankMount Carmel—American National

Bank.Mount Sterling—First NationalBank.Murphysboro—First National Bank.Nashville-

Farmers & Merchants NationalBank.

First National Bank. _ . . .Nokomis—Nokomis National Bank..O'Fallon—First National BankPittsfield—First National BankQuincy—

Quincy-Ricker National Bank& Trust Co.

Sparta—First National BankVandalia—First National Bank.

INDIANA.


Bedford—Bedford National BankBicknell—First National BankEvansville—

National City BankOld National Bank __ . . .

Farrnersburg—First National Bank. .Jeffersonville—First National Bank. .Mitchell—First National BankMount Vernon—Old First National

Bank.New Albany—New Albany National

Bank.Orleans—National Bank of Orleans__Princeton—

Farmers National Bank

Peoples American National Bank.Seymour-

First NationalBankSeymour National Bank .

Sullivan—National Bank of Sullivan.Tell City—Citizens National Bank.. .Vevay—First National Bank.. . _.Wadesville—The Farmers National

Bank.KENTUCKY.


Bowling Green—American NationalBank.

Columbia—First National Bank.Danville-

Citizens National Bank . . .Farmers National Bank

Elizabethtown—First - Hardin Na-tional Bank.

Glasgow—Farmers National BankHarrodsburg—First National Bank..Henderson—Henderson National

Bank.Hopkinsville—First National Bank .Lawrenceburg—

Anderson National BankLawrenceburg National Bank

Powersgranted.

1 to 3, 5 to 81 to 9.1 to 9.1 to 9.

I t o9 .I to9 .

1,2,3,5,(5,7,and 9.

1 to 9.1 to 4.1 to 9.1 to 9.I to9 .1 to 9.1 to 4.1 to 9.

1 to 4.1 to 8.

1 to 9.

1 to 9.1 to 3.1 to 9.1 to 9.

1 to 9.

1 to 3, 5 to 7.1 to 8.

1 to 3, 5 to 9.1 to 9.

1 to 9.1 to 9. ,1 to 6 and 8.I to9 .1 to 4.I t o 8 .

I t o 9 .

1.

1,2,3,5,6,7,and 9.

I t o 8 .

1 to 9.1 to 9.1 to 7 and 91 to 4.1 to 9.1 to 9.

1 and 4.

I t o 3 , 5 to 8.

1 to 9.I t o 8 .1 to 9.

1 to 4.I t o 9 .1 to 9.

1 to 9.

1 to 3, 5 to 91 to 8.Digitized for FRASER



Powersgranted.

Powersgranted.


KENTUCKY—continued.

Lebanon—Citizens National BankMarion National Bank

Louisville-Citizens Union National Bank___iFirst National BankLouisville National BankNational Bank of Kentucky

Mayfield—First National BankMorganfield—Morganfield National

Bank.Murray—First National BankOwesboro— First National BankPaducah—


Princeton—Farmers National Bank..

MISSISSIPPI.


1 to 4.1 to 4.

1 to 9.1 to 9.4.1 to 9.1 to 8.1 to 4.

1 to 9.1 to 9.

1 to 9.I t o 3 .1 to 9.

IGreenville—First National Bank | 1 to 4.Greenwood—The First N a t i o n a l j 1.

Bank. jMISSOURI. !


Boonville—Boonville National Bank.Carrollton—First National BankChillicothe—First National BankColumbia—

Boone County National BankExchange National Bank

Hannibal—Hannibal National Bank.Jefferson City—First National Bank.Kirksville—Citizens National Bank.,Pierce City—First National BankBidgeway—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 BankSouthern National Bank

DISTRICT NO. 9.


1 to 9.1 to 8.I t o 9 .

1 to 4.1 to 4.1 to 9.1 to 9.1 to 8.1 to 9.1 to 9.

1 to 4.1 to 4.

1 to 9.1 to 9.

1 to 9.

1 to 4.1 to 3, 5 to 7.1 to 4.1 to 3, 5 to 7.1 to 3.

1 to 4.1 to 9.

1 to 4.Manistique—First National BankMarquette—

First National Bank 1 to 9.Union National Bank 1 to 9.

Menominee—First National Bank.. .) 1 to 9.Negaunee—Negaunee National Bank. 1 to 3.

MINNESOTA.

Albert Lea—First National BankAlexandria—First National BankArgyle—First National Bank


MINNESOTA—continued.

Austin—Austin National BankFirst National Bank

Bemidji—First National Bank__Blooming Prairie—First National

Bank.Chatfield—First National BankCrookston—Merchants N a t i o n a l

Bank.Duluth—

American Exchange N a t i o n a lBank.

City National BankFirst National BankMinnesota National Bank__Northern National Bank

Eveleth—First National Bank_.Fairmont—Martin County National

Bank.Fairbault—Security National Baik__Fergus Falls—Fergus Falls National

Bank.Hutchinson—Farmers National B ankLanesboro—First National Bank ._.Little Fa l l s -

American National BankFirst National Bank

1 to 8.1 to 9.1, 2, 3, 5, 6,

7, and 9.

Minneapolis-Metropolitan National BankMidland National Bank

Northwestern National BankNorthfield—Northfield N a ti o i . a l

Bank.Owatonna—

First National BankNational Farmers Bank

Red W i n g -First National BankGoodhue County National B;mk_

St. Peter—First National BankStillwater—First National BankTruman—Truman National BankVirginia—American Exchange Na-

tional Bank.Waseca—Farmers National BankWelcome—Welcome National Baik._Windom—First National BankWinona—Winona National Bank

MONTANA.Billings-

Midland National BankMontana National Bank

Bozeman—Commercial N a t i o r a lBank.

Dillon—First National BankGreat Falls—Great Falls National

Bank.Kalispell-First National BankLewistown—First National BankMiles City—

Commercial National BankFirst National Bank

Missoula—First National BankWestern Montana National Bank.

NORTH DAKOTA.Bismarck—First National BankEllendale—First National BankFargo—

First National BankMerchants National BankSecurity National Bank

Forman—First National BankGrand Forks—First National Bank_.Jamestown—James River National

Bank.Minot—

Second National BankUnion National Bank

1 to 9.1 to 8.1 to 9.1, 2,3 and 5.

1 to 5.1 to 8.

1 to 8.

1 to 9.1 to 8.1 to 9.1 to 9.1 to 3, 5 to 9.1 to 9.

1 to 9.1 to 8.

1 to 9.1 to 3.

1 to 9.1, 2, 3, 5, 6,

8, and 9.

1 to 9.1 to 8.4.1 to 9.

1 to 9.1 to 3, 5 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 8.1 to 9.1 to 9.

1 to 9.1 to 9.1 to 4.

1 to 7 and 9.1 to 4.

1 to 4.1 to 7.

1 to 9.1 to 9.

1 to 7 and 9.1 to 8.

1 and 9.1 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 9.1 to 7 and 9.




SOUTH DAKOTA.

Aberdeen—Aberdeen National BankArlington—First National BankBrookings—First National BankCanton—First National BankColman—First National BankFlandreau—First National BankLake Preston—First National Bank,Lead—First National BankRapid City—First National Bank...Sioux Falls—

Minnehaha National BankSecurity National BankSioux Falls National Bank

Spe:Vermilion—First National BankWatertown—First National Bank...

WISCONSIN.


Ashland—Ashland National BankNorthern National Bank

Barron—First National BankChippewa Falls—

First National BankLumbermens 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 Bank.Exchange National Bank.First National Bank

Craig—Craig National Bank..Denver—

Broadway National BankColorado National Bank..Denver National BankFirst National BankGlobe National BankHamilton National Bank.Stock Yards National BankUnited States National Bank

Durango—Burns National BankEagle—First National Bank of Eagle

County.Englewood—First National BankFort Collins-

First National B ankFort Collins National BankPoudre Valley National Bank

Fort Morgan—First National Bank..Grand Junction—Grand Valley Na-

tional Bank.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 Bank,

Powersgranted.

1 to 4.1 to 4.I to9 .1 to 9.I to4 .1 to 3.1 to 4.1 to 9.1 to 7 and i

1 to 8.1 to 4.1 to 8.1 to 3.2 to 9.1 to 9.

1 to 9.1 to 7 and 9.1 to 3.

1 to 9.I to9 .

1 to 7.1 to 9.

1 to 4.

1 to 4.1 to 7.

I to 3, 5 to 8.1 to 4.

1 to 4.

1 to 9.1 to 9.1 to 9.1 to 9.

1 to 9.1 to 9.I to9 .1 to 9.1 to 8.1 to 9.1 to 9.1 to 9.1 to 7.1 to 4.

1 to 4.

1 to 4.1 to 9.1 to 7 and 9.1 to 4.1 to 9.

I to9 .1 to 9.1 to 4.1 to 9.1 to 3.I to4 .1 to 9.1 to 9.1 to 9.


COLORADO—continued.

Loveland—First National Bank.

Loveland National BankMancos—First National BankMontrose—Montrose National BankSterling—Logan County National

Bank.Telluride—First National BankTrinidad-

First National BankTrinidad National Bank

Walsenburg—First National Bank...

KANSAS.

Anthony—First National BankAtchison—City National BankCoffeyville—

Condon National BankFirst National Bank

Emporia—Citizens National BankCommercial National Bank &

Trust Co.Fort Scott—Citizens National Bank..Goodland—Farmers National Bank..Greal Bend—First National Bank. . .Horton—First National BankHutchinson—First National BankIndependence—Commercial National

Bank.Jewel City—First National BankLawrence—

Lawrence National BankMerchants National Bank

Luray—First National BankOttowa—Peoples National BankPittsburg—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 BankFourth National B ank

Winfield—First National Bank


Cameron—First National BankCarthage—Central National BankJoplin—Jqplin National BankKansas City—

Columbia City National Bank...Drovers National BankFidelity National Bank & Trust

Co.First National BankGate City National BankInterstate National BankLiberty National BankNew England National Bank

King City—First National Bank &Trust Co.

Maryville—First National BankNeosho—First National BankSt. Joseph—

American National BankBurns National BankTootle-Lacey National Bank

Powersgranted.

1 to 4, 6, and

1 to 7.1 to 9.1 to 9.1 to 9.

1 to 8.

1 to 3.1 to 9.1 to 9.

I to4 .1 to 9.

1 to 3, 5 to 9 .1 to 3 and 5.

1 to 9.1 to 9.

1 to 7 and 9.1 to 4.1 to 9.1 to 4.1 to 4.1 to 9.

1 to 3.

1 to 8.1 to 8.1 to 3.1 to 4.1 to 9.

1 to 9.1 to 4.

1 to 4.1 to 9.1 to 4.1 to 3.1 to 9.

1 to 9.1 to 9.1 to 9.

1 to 3.1 to 3.1 to 9.

1 to 4 and 9.1 to 4.1 to 9.

1 to 9.1 to 9.1 to 9.1 to 7 and 9.1 to 9.1 to 9.

1 to 5.1 to 9.

1 to 4.1 to 4.1 to 8.




NEBRASKA.

Belden—First National BankButte—First National Bank.Columbus—First National BankDecatur—First National BankEmerson—First National BankLyons—First National BankMadison—Madison National Bank...Nebraska City—Nebraska City Na-

tional Bank.Norfolk—Norfolk National BankOmaha—

First National BankMerchants National BankUnited States National Bank

Ord—First National BankPender—First National BankRandolph—First National BankSouth Omaha—Stock Yards National

Bank.Utica—First National Bank

NEW MEXICO.


Gallup—First National Bank in Gal-lup.

Las Vegas—First National BankRaton—First National BankSanta Fe—First National Bank.

OKLAHOMA.


Ada—First National BankBartlesville—First National BankCleveland—First National BankEnid—American National BankGuthrie—First National BankHominy—

First National BankNational Bank of Commerce

Hooker—First National BankLawton—City National Bank

McAlester—American National BankFirst National Bank

Muskogee—First National BankOklahoma City-

American National Bank

Farmers National BankFirst National BankLiberty National BankSecurity National BankTradesmens National Bank

Pond Creek—First National Bank...Sallisaw—First National Bank ___Shawnee—Shawnee National Bank__Tulsa—

Central National BankExchange National BankFirst National Bank

Woodward—First National Bank

WYOMING.

Basin—First National BankBuffalo—First National BankCasper—

Casper National BankCitizens National BankNational Bank of CommerceWyoming National Bank

C heyenne—American National Bank...Citizens National Bank •___.First National BankStock Growers National Bank

Powersgranted.

1 to 3, 5 to 91 to 3.1 to 9.1 to 3.1 to 8.I to3.1 to 7 and 9.1 to 9.

] to 3.

1 to 4.1 to 4.4.1 to 4.1, and 3 to 7.1 to 9.4.

2 and 3.

2 and 3.

1 to 9.1 to 7 and 91 to 9.

1 to 7.1 to 8.1 to 9.1 to 9.1 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 3, 5, 7 to9.

1 to 4.1 to 9.1 to 9.1 to 8.1 to 7 and 9.1 to 4.1 to 3, 5 to 7.1 to 9.

I to9.1 and 4.1, 2, and 4.2 and 3.

1 to 7.1 to 4.

Ito4.1 to 7.1 to 7.1 to 4.

1 to 9.Ito9.1 to 9.1 to 9.

DISTRICT NO. 10—Continued .

WYOMING—continued.

Cody—Shoshone National BankEvanston—First National BankKemmerer—First National BankLaramie—First National BankPowell-

First National Bank.Powell National Bank

Rawlins—First National Bank _.Rawlins National Bank

Rock Springs—First National BankRock Springs National Bank

Sheridan-First National Bank .__Sheridan National Bank . . .

Shoshoni—First National BankThermopolis—First National Bank-,

DISTRICT NO. 11.

ARIZONA.


Nogales—First National BankTucson-

Arizona National BankConsolidated National Bank

Powersgranted.

1 and 4.1 to 3.1 to 4.I to3 .

1 to 8.1 to 4.

1 to 9.1 to 3.

1 to 8.I to9.

I to9.1 to 3, 5 to 9.1 to 8.I to9.

1 to 8.

1 to 9.1 to 4.

LOUISIANA.


Shreveport—Commercial National Bank j 1 to 4.First National Bank | 1 to 4.

NEW MEXICO. |


Albuquerque—Citizens National BankFirst National BankState National Bank

Carlsbad—First National BankSilver City-

American National Bank.Silve1* City National Bank

TEXAS.

Abilene—Citizens National BankAmarillo—First National BankAustin—American National BankBeaumont—

First National BankTexas National Bank

Bonham—First National Bank .,Brenham—First National Bank |Brownsville—Merchants National I

Bank. |Brownwood—Citizens National Bank)Cameron—Citizens National Bank...Clarksville—First National BankColorado—

City National BankColorado National Bank

Corsicana—Corsicana National Bank.Dallas-

American Exchange NationalBank.

City National BankDallas National Bank _.National Bank of CommerceRepublic National Bank

Denison—State National BankEl Paso—

City National Bank _.First National BankState National Bank

1 to 9.1 to 7 and 9.1 to 4.I to9.1 to 3.

2 and 3.1 to 6, 8,

and 9.

1 and 2.1 to4.1 to 3.

I to4.1 to 9.I to3 .1 to 7 and 9.1.

1 to 9.I to9.1 to 3, 5 to 8.

1 to 4.1 to 3, 5 to 7.1 to 4.

1 to 9.

I to9.I to9.1 to 4.I to9.1 to 9.

1 to 9.1 to 7 and 91 to 9.




TEXAS—continued.

Fort Worth-Farmers & Mechanics National

Bank.First National BankFort Worth National BankStockyards National Bank

Galveston— •First National BankSouth Texas National Bank

Granger—First National BankGreenville—Greenville National Ex-

change Bank.Haskell—Haskell National BankHouston-

National Bank of CommerceState National BankUnion National Bank

Italy—First National BankLongview—First National Bank

McKinney—First National BankMarshall-

First National BankMarshall National Bank

Orange-First National BankOrange National Bank

Palestine—Royal National BankPort Arthur—First National Bank...San Angelo—

Central National BankFirst National BankSan Angelo National Bank

San Antonio—Alamo National BankFrost National BankLockwood National BankNational Bank of Commerce._

Sealy—Sealy National BankSherman-

Commercial National Bank,. _ .Merchants & Planters National

Bank.Stanton—First National BankTexarkana—Texarkana N a t i o n a l

Bank.Troup—First National BankTyler—Citizens National Bank.Victoria—Victoria National BankWaco—First National BankWaxahachie—Citizens National BankWichita Falls-


DISTRICT NO. 12.

ALASKA.

Fairbanks—First National Bank

Calexico—First National BankChico—First National Bank .Fullerton—Farmers & Merchants

National Bank.Long Beach-

California National Bank .First National Bank

• Long Beach National BankLos Angeles-

Continental National BankFarmers & Merchants National

Bank.M ountain View—F irst N ational B ank.Oakland—Central National BankOrland—First National BankPleasanton—First National BankRedwood City—First National Bank

of Mateo County.

Powersgranted.

2 to 9.

1, 2, and 4.1 to 4.1 to 4.

1 to 9.1, 2, and 3.1 and 2.1 to 4.

1 to 3, 5 to 8.

1 to 7 and 9.1 to 9.1 to 9. .1 to 9.1 to 3, 5,

and 8.1 to 4.

1 to 3.1 to 4.

I to9 .I to9 .1 to 4.1 to 4.

1 to 4.1 to 9.1 to 3.

1 to 9.1 to 9.I to9.1 to 9.1 to 4.

1 to 3, 5 to 8.1 to 9.

1 to 3.1 to 9.

1.I to3 .I to4 .1 to 8.1 to 9.

I to9 .1 to 9.

I to9 .

4.I to8 .4.

1 to 9.1 to 9.1 to 9.

4.1 to 9.

4.1 to 9.4. |4.1 to 3, 5, 7

to 9.


CALIFORNIA—continued.

Sacramento-Capital National BankNational Bank of D.O. Mills & Co.

San Francisco—Anglo & London Paris National

Bank.Bank of California, N. ACrocker National Bank

1 Santa Ana—First National BankSanta Barbara—

County National Bank & TrustCo.

First National BankSanta Paula—First National Bank &

Trust Co.Stockton—First National BankWilmington—First National Bank...

IDAHO.Boise-

Boise City National Bank . . .First National Bank of Idaho

Hagerman—First National BankHailey—Hailey National BankLewiston—Lewiston National Bank..Moscow—First National BankPayette—First National Bank

NEVADA.

Reno—Farmers and Merchants Na-tional Bank.

Tonopah—Nevada First National IBank.

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..

Marshfield— First National Bank ofCoos Bay.

Medford—Medford National Bank...Milton—First National BankOntario—First National BankPendleton—

American National BankFirst National Bank

Portland—First National BankPeninsula National BankUnited States National Bank

Salem—First National Bank in Salem.

UTAH.

Salt Lake Ci ty-Continental National Bank . . .Deseret National Bank

Bellingham—Bellingham National BankFirst National Bank _.

Clarkston—First National BankColfax—Farmers National BankEllensburg—Washington National

Bank.Everett-

First National BankSecurity National Bank .

Hoquiam—First National BankMount Vernon— First National Bank.Okanogan—First National BankOlympia—Olympia National Bank__Oroville— First National BankPasco—First National Bank

Powersgranted.

1 to 9.1 to 7 and 9.

1 to 9.

I to9 .1 to 9.1 to 9.

1 to 9.

1 to 9.1 to 9.

1 to 3, 5 to 74.

1 to 9.1 to 5.1.1 to 3.1 to 9.1 to 4.1 to 9.

1 and 4.

4.

1 to 9.1 to 4.I to41, 2, 3, 5, 6,

7, and 9.1 to 3.1, 2, 3, 5, 6,

7, and 9.1 to 9.

1 to 9.1 to 4.2 and 3.

1 to 4.1 to 4.

1 to 4.1 to 9.1 to 9.1 to 9.

I to4 .1 to 4.

1 to 4.1 to 5 and 91 to 91 to 4.1 to 3.

1 to 9.I to9 .1 to 9.I to3 .1 to 9.1 to 9.1 to 9.1 to 9.




WASHINGTON—continued.

Port Angeles—First National Bank..Pullman—First National BankRosalia—Whitman County National

BankSeattle—

Dexter Horton National BankFirst National BankMarine National BankMetropolitan National BankNational Bank of CommerceNational City Bank.Seaboard National Bank..Seattle National BankUnion National Bank._University National Bank

Spokane-Exchange National BankFidelity National Bank

Powersgranted.

1 to 9.1 to 7.1 to 9.

1 to 9.1 to 9.1 to 9.1 to 7 and 9.Ito9.Ito9.1 to 9.1 to 4, 6, andIto9.1 to 9.

1 to 9.1 to 9.

Powersgranted.


WASHINGTON—continued.

Spokane—Continued.Old National Bank

Tacoma—National Bank of TacomaPuget Sound National Bank

Toppenish—First National BankVancouver—Vancouver N a t i o n a l

Bank.Walla Walla—

Baker-Boyer National BankFirst National BankThird National Bank

Wenatchee— First National BankYakima—Yakima National Bank

HAWAHAN ISLANDS.

Honolulu—First National Bank ofHawaii.

1 to 9.1 to 9.1 to 9.1 to 9.Ito4.

1 to 9.1 to 9.1, 3, and 4.1 to 9.1 to 9.

1 to 8.


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:Port land-

Canal National Bank.Portland National Bank.

Massachusetts:Boston—

American Trust Co.Beacon Trust Co.Citizens National Bank.Commonwealth-Atlantic National Bank.First National Bank.Merchants National Bank.National Shawmut Bank.National Union Bank.

Massachusetts—Continued.Boston—Continued.

Old Colony Trust Co.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.Merchants National Bank.National Bank of Commerce.Providence National Bank.

DISTRICT NO. 2.Connecticut:

Bridgeport—Bridgeport Trust Co.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 t y -

American Exchange National Bank.Bankers Trust Co.Bank of America.Bank of Manhattan Co.Bank of New York & Trust Co.Central Union Trust Co.Chase National Bank.

New York—Continued.New York City—Continued.

Chemical National Bank.Corn Exchange Bank.Equitable Trust Co.Farmers Loan & Trust Co.Fifth Avenue Bank.First National Bank.Garfield 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.W. R. Grace & Co.'s Bank.

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 and TrustCo.

Ohio:Cincinnati—

Fifth-Third National Bank.Union Trust Co.

Cleveland-Brotherhood of Locomotive Engineers

Co-operative National Bank.Central National Bank, Savings & Trust Co.Cleveland Trust Co.Guardian Savings & Trust Co.Union Trust Co.

Columbus—City National Bank.Ohio National Bank.

Ohio—Continued.Toledo—Commerce Guardian Trust & Savings

Bank.Pennsylvania:

Braddock—First National Bank.Greensburg—First National Bank.Pit tsburgh-

Bank of Pittsburgh, N. A.First National Bank.Mellon National Bank.Pittsburgh Trust Co.Union National Bank.Union Trust Co.

West Virginia:Wheeling—Wheeling Bank & Trust Co.

243



DISTRICT NO. 5.

Maryland:Baltimore-

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 Exchange Bank.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 BankBank of Commerce & Trusts.Central National Bank.First National Bank.Merchants National Bank.Planters National Bank.

DISTRICT NO. 6.

Alabama: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.At lan ta -

Atlanta National Bank.Fourth National Bank.

Macon—Fourth National Bank.Macon National Bank.

Savannah—Citizens Trust Co.Citizens & Southern Bank.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.

Clarksvil le—First National Bank.

DISTRICT NO. 7-

Illinois:Chicago-

Chicago Trust Co.Continental & Commercial National Bank.Corn Exchange National Bank.Drovers National Bank.First National Bank.Fort Dearborn National Bank.Harris Trust & Savings Bank.Illinois Merchants Trust Co.Live Stock Exchange National Bank.National Bank of the Republic.National City Bank.Union Trust Co.

Illinois—Continued.Peoria—Merchants & Illinois National Bank

Indiana:Brazil—The Riddell National Bank.Indianapolis—Fletcher-American N a t i o n a l

Bank.Michigan:

Det ro i t -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. Lou i s -

First National Bank in St. Louis.Liberty Central Trust Co.Mercantile Trust Co.

Missouri—Continued.St. Louis—Continued.

Merchants-Laclede Nationa.. Bank.Mississippi Valley Trust Co.National Bank of Commerce1.

Tennessee:Memphis—

Central-State National Bank.Union & Planters Bank & Trust Co.

DISTRICT NO. 9.

Minnesota:Minneapolis—•

First National Bank in Minneapolis.Northwestern National Bank.

Minnesota—Continued.St. P a u l -

Capital National Bank.First National Bank.



DISTRICT NO. 10.

Colorado:Denver—Denver National Bank.

Kansas:Hutchinson—First National Bank.Lawrence—Lawrence National Bank.

Missouri:Kansas C i t y -

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 Nationa iBank.

DISTRICT NO. 11.

Arizona:Nogales—First National Bank.

Texas:Austin—American National Bank.Brownwood—First National Bank in Brown-

wood.Dal las-

American Exchange National Bank.City National Bank.Dallas National Bank.Republic National Bank.The Southwest National Bank.

El Paso—First National Bank.Fort W o r t h -

Farmers & Mechanics National Bank.Fort Worth National Bank.Stockyards National Bank.

Gainesville—First National Bank.Hillsboro—Citizens National Bank.

Texas—Continued.Honey Grove—State National Bank.Houston-

First National Bank.Houston National Bank.Second National Bank.National Bank of Commerce.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.Terrel l-

American National Bank.First National Bank.

Waco—First National Bank.Waxahachie—Waxahachie National Bank.

DISTRICT NO. 12.

California: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.

Santa Barbara—First National Bank.Oregon:

Port land-First National Bank.Ladd & Tilton Bank.Northwestern National Bank,

Oregon— C ont i nued.Portland—Continued.

United States National Bank.Washington:

Seatt le-Dexter Horton National Bank.First National Bank.National Bank of Commerce.Seaboard National Bank.Seattle National Bank.Union National Bank.

Spokane—Exchange National Bank.Old National Bank.Spokane & Eastern Trust Co.

Tacoma—National Bank of Tacoma.

86538—24t- -17


PERSONNEL AND SALARIES.

SALARIES OF OFFICERS AND EMPLOYEES OF THE FEDERAL RESERVEBOARD AS OF DECEMBER 31, 1923.

OFFICE OF SECRETARY.

Walter L. Eddy, secretary . $10, 000. 00J. C. Noell, assistant secretary 4, 500. 00Staff:

1 at 84,500 4, 500. 001 at $4,000. 4, 000. 001 at $3,900. 3, 900. 001 at $3,300 3, 300. 002 at $3,000 _ 6, 000. 001 at $2,800 2, 800. 001 at $2,650 2,650.001 at $2,300 2,300.001 at $2,150 2, 150. 001 at $2,140 . . . . . 2, 140. 001 at $2,080 2, 080. 001 at $2,000 2, 000. 002 at $1,905--.- 3, 810. 004 at $1,800 7, 200. 001 at $1,730 '._. 1, 730. 002 at $1,665—*. — 3, 330. 004 at $1,500 6, 000. 004 at $1,440 5, 760. 001 at $1,400 - -. 1, 400. 001 at $1,300--.. _.__ 1, 300. 001 at $1,260 1, 260. 001 at $l,200__ . . . . 1, 200. 001 at $820 8201 at $720 720

$86, 850. 00OFFICE OF GENERAL COUNSEL.

Walter Wyatt, general counsel 8, 000. 00Edgar W. Freeman, assistant counsel 5, 500. 00George B. Vest, assistant counsel 3, 000. 00Staff:

1 at $2,850 2, 850. 001 at $2,000 2, 000. 001 at $1,920 1, 920. 001 at $1,800 1, 800. 001 at $1,540 . 1, 540. 00

26, 610. 00OFFICE OF FISCAL AGENT.

Wm. M. Imlay, fiscal agent 4, 500. 00Staff:

1 at $1,660 1, 660. 006, 160. 00

ARCHITECTS.

A. B. Trowbridge, consulting architect 6, 666. 66O. W. Ten Eyck, assistant architect 2, 500. 00

9, 166. 66246


ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 2 4 7

OFFICES OF MEMBERS OF THE BOARD.Staff:

2 at $3,000 $6, 000. 001 at $2,800 2, 800. 001 at $2,700 2, 700. 002 at $2,500 5, 000. 001 at $2,000 2, 000. 001 at $1,800 1, 800. 001 at $1,665 1, 665. 001 at $1,500 1, 500. 001 at $1,440 1, 440. 00

$24, 905. 00

DIVISION OF BANK OPERATIONS.

Edward L. Smead, chief of division $7, 000. 00John R. Van Fossen, assistant chief 4, 000. 00Staff:

1 at $3,200 3, 200. 002 at $2,665 5, 330. 001 at $2,320 2, 320. 003 at $2,080 6, 240. 001 at $1,960 1, 960. 001 at $1,905 1, 905. 001 at $1,860— — - 1, 860. 001 at $1,680 1, 680. 002 at $1,620 - 1 3,240.001 at $1,600 1, 600. 001 at $1,560- 1, 560. 001 at $1,540 1, 540. 001 at $1,525 1, 525. 001 at $1,500 1, 500. 001 at $1,465.- 1, 465. 003 at $1,440 4, 320. 002 at $1,400 2, 800. 001 at $1,380 _ _ • 1,380.001 at $1,200 1, 200. 00

• 57, 625. 00DIVISION OF EXAMINATION.

James F. Herson, chief of division and chief Federalreserve examiner $12, 000. 00

Examiners:James Buchanan 7, 500. 00W. J. Donald — 7, 000. 00J. A. Griffin 6, 000. 00Ralph M. Chapman 4, 800. 00P. A. Gordon 4, 800. 00Frank J. Drinnen 4, 500. 00

Assistant examiners:1 at $4,000 4, 000. 004 at $3,900 15, 600. 002 at $3,600 7, 200. 001 at $3,20(L__- 3, 200. 002 at $3,000 6, 000. 001 at $2,900_ 2, 900. 001 at $2,800__ 2, 800. 002 at $2,700_ — 5, 400. 001 at $2,100 2, 100. 001 at $2,080 2, 080. 00

Office staff:1 at $2,000 2, 000. 002 at $1,920 3, 840. 001 at $1,465 -__---- 1, 465. 001 at $1,380 1, 380. 00

106, 565. 00


2 4 8 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

DIVISION OF RESEARCH AND STATISTICS.

Walter W. Stewart, director of division $8, 000. 00Morris Jacobson, statistician 8, 000. 00E. A. Goldenweiser, associate statistician 5, 400. 00Staff:

1 at $3,500 3, 500. 001 at $3,000 3, 000. 001 at $2,750 2, 750. 002 at $2,700 5, 400. 002 at $2,500 5, 000. 001 at $2,400 2, 400. 001 at $2,080 2, 080. 003 at $2,000 6, 000. 002 at $1,800 3, 600. 001 at $1,700 , 1, 700. 003 at $1,680 5, 040. 001 at $1,665 1, 665. 001 at $1,620 1, 620. 001 at $1,600 1, 600. 001 at $1,525 1, 525. 002 at $1,500 3, 000. 005 at $1,440 7, 200. 002 at $1,200 2, 400. 00

$80, 880. 00

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. 003 at $1,620 4, 860. 007 at $1,500 : 10, 500. 008 at $1,440 11, 520. 004 at $1,380 5, 520. 003 at $1,320 3, 960. 002 at $1,260 2, 520. 002 at $1,200 2, 400. 002 at $l,020_ 2, 040. 00

58, 040. 00EMPLOYEES DETAILED.

Redemption Division, Office of the Comptroller of theCurrency:

2 at $1,020 (laborers) 2, 040. 00

MESSENGERS.

2 at $1,440 . $2, 880. 001 at $1,400 1, 400. 001 at $1,300 1, 300. 001 at $1,250 1, 250. 007 at $1,200 8, 400. 001 at $1,160 . - . - 1, 160. 001 at $1,080 1, 080. 001 at $1,000 1, 000. 001 at $900 900. 00

19, 370. 00CHARWOMEN.

3 at $240 720. 00

Total 478,931.66


ANNUAL, REPORT OF THE FEDERAL RESERVE BOARD. 249

SALARIES OF OFFICERS AND EMPLOYEES OF FEDERAL RESERVEBANKS AS OF DECEMBER 31, 1923 AND 1922.

ALL FEDERAL RESERVE BANKS AND BRANCHES COMBINED.

Number.

1923. 1922.

Annual salaries.

1923. 1922.

Officers:Chairmen and Federal reserve agent.GovernorsOther officers

Employees, by departments:Banking department..Federal reserve agent's department __Auditing departmentFtecal agency department *

1212

309.23

9,904.17344315526.76

1212

313. 50

9,614. 50382351. 81652. 98

$229,000309,000

2, 005,196

13,459, 381743, 574609,876866,719

$223,000306,000

' 2,020,408

12,879,122801, 238660, 761

1, 023,948

Total.

Fiscal agency and auditing department officers andemployees whose salaries are reimbursed by the Treas-ury Department:

Officers _Employees1 ,

Other employees whose salaries are reimbursed to bank

11,423.16

2.77429.74140. 33

11,338. 79

4.50610. 2191.50

18, 222, 746

14, 374721, 767143,981

17,914, 477

20, 230 '984,40993,806

Grand total. 11,996. 00 12,045.00 19,102,868 19,012,922

1 Exclusive of temporary employees engaged in the redemption of Victory notes and war savings securities.

FEDERAL RESERVE BANK OF BOSTON (INCLUDING HAVANA AGENCY).

Officers:Chairman and Federal reserve agent.GovernorOther officers. _ _

Employees, by departments:Banking department.. . .Federal reserve agent's department. _Auditing department _Fiscal agency department

TotalFiscal agency department employees whose salaries are re-

imbursed by the Treasury Departmenti

Grand total.

Number.

1923

11

13

639311641

742

17

759

1922

11

14

599341729

695

94

789

Annual

1923

$18,00025,00099,040

838,11065, 44032,22067,144

1,144,954

25, 680

1,170, 634

salaries.

1922

$18,00025,000

105,040

783,00467,82033,90060,060

1,092, 824

132, 720

1, 225, 544

1 Exclusive of temporary employees engaged in the redemption of Victory notes and war savings securities.

FEDERAL RESERVE BANK OF NEW YORK (INCLUDING BUFFALO BRANCH).

Officers:Chairman and Federal reserve agent.Governor. _ _Other officers

Employees, by departments:Banking departmentFederal reserve agent's department. _Auditing departmentFiscal agency department

Total.Fiscal agency department employees whose salaries are re-

imbursed by the Treasury Department l


Grand total.

11

38

2, 352. 56972

140

2, 673. 5

4321.5

2,738

11

38

2,405. 57878

205

2, 806. 5

7419.5

2,900

$30, 00050,000

409, 500

3, 374,423150, 350159,040261,110

4, 434, 423

89,92023, 590

4,547, 933

$30, 00050,000

415, 200

3, 281, 383159,040166,880331, 500

4,434, 003

133,36020, 070

4, 587, 433

1 Exclusive of temporary employees engaged in the redemption of war savings securities.


2 5 0 ANNUAL REPORT OF THE FEDERAL RESERVE BOAED.

FEDERAL RESERVE BANK OF PHILADELPHIA.

Officers:Chairman and Federal reserve agent.GovernorOther officers.

Employees, by departments:Banking department.._Federal reserve agent's department..Auditing departmentFiscal agency department.._

Total . __.Fiscal agency department employees whose salaries are re-

imbursed by the Treasury Department l

Grand total.

Number.

1923

11

12

683543236

819

836

1922

11

12

683533336

819

833

Annual salaries.

1923

$15, 00025,00095,300

900,825110,14462, 55049,910

1922

$15,00025,00093,300

859,080102,42863,11047, 980

1,258, 729

31, 520

1, 290, 249 I 1,229,358

23, 460


FEDERAL RESERVE BANK OF CLEVELAND (INCLUDING CINCINNATI AND PITTSBURGHBRANCHES).

Officers:Chairman and Federal reserve agentGovernorOther officers _

Employees, by departments:Banking departmentFederal reserve agent's departmentAuditing department _Fiscal agency depar tment . . .


imbursed by the Treasury Depar tment 1

Other employees whose salaries are reimbursed to bank, in-cluding building employees in space rented to tenants

Grand total _

11

25

897283051

1,033

72

28

1,133

880

53

933

$25,00030, 000

170, 270

1,193, 58264, 50064, £9678, 616

1, 626, 7 64

123,618

30, 338

1,781,020

$25,00030, 000

175,168

980, 79766, 34066,74472, 836

1,416, 885

96,292

1, 513,177

i Exclusive of temporary employees engaged in the redemption of war savings securities.

FEDERAL RESERVE BANK OF RICHMOND (INCLUDING BALTIMORE BRANCH).

Officers:Chairman and Federal reserve agentGovernorOther officers _

Employees, by departments:Banking departmentFederal reserve agent's departmentAuditing departmentFiscal agency department _


imbursed by the Treasury Department*_.Other employees whose salaries are reimbursed to bank

Grand total _

1123

624141816697

347

738

1124

605162028695

198

722

$15,0(3018,000

134, 700

726, 25028,56033, 27018,150

1, 027,140

$15,00018,000

137, 500

711,40031,86038, 07035,460

987,290

29,9905,970

1,023, 250

i Exclusive of temporary employees engaged in the redemption of Victory notes and war savings securities

FEDERAL RESERVE BANK OF ATLANTA (INCLUDING BIRMINGHAM, JACKSONVILLE,NASHVILLE, AND NEW ORLEANS BRANCHES AND HAVANA AND SAVANNAH AGENCIES).

Officers:Chairman and Federal reserve agentGovernor _Other officers

Employees, by departments:Banking departmentFederal reserve agent's departmentAuditing department-_Fiscal agency department _


imbursed by the Treasury Department iGrand total

11

31

3699

1719

447

25

472

11

2 30

330111820

411

22

433

$12,00018,000

159, 300

421,50319, 58029,04026, 080

685,500

37, 980

723,480

$12,00018,000

2152,300

387,35422,08030, 72027, 660

650,114

32,138

682, 252

1 Exclusive of temporary employees engaged in the redemption of war savings securities. J Revised.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis


FEDERAL RESERVE BANK OF CHICAGO (INCLUDING DETROIT BRANCH).

Number.

1923 1922

Annual salaries.

1923 1922

Officers:Chairman and Federal reserve agent.Governor.Other officers. _

Employees, by departments:Banking department _Federal reserve agent's department- _Auditing department-Fiscal agency department

11

41

1,464613855

11

43

1,456714260

$24,00035,000

276,650

2,018,430122,98070,860

$24,00035,000298,850

2,023,995141,35077,42099,940

Total- _Fiscal agency department employees whose salaries are re-

imbursed by the Treasury Department iOther employees whose salaries are reimbursed to bank, in-

cluding building employees in space rented to tenants....

1,661

50

1,674

41

15

2,636,580

93,580

13,200

2,700,555

70,000

Grand total. 1,726 1,715 2,743,360 2,770,555


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 department._ ._Auditing department..Fiscal agency department


imbursed by the Treasury Department1

Grand total

1126

543131336

633

22

655

1126

560131740

658

22

680

$18,00025,000

133, 540^

708,95629,70017, 94052,580

985,716

36,720

1,022,436

$18,00025,000

128,340

718,10928,26022,86062,180

1,002,749

35,640

1,038,389

Exclusive of temporary employees engaged in the redemption of war savings securities.

FEDERAL RESERVE BANK OF MINNEAPOLIS (INCLUDING HELENA BRANCH).

Officers:Chairman and Federal reserve agentGovernorOther officers

Employees, by departments:Banking department..Federal reserve agent's department _Auditing department _ _Fiscal agency department

TotalFiscal agency and auditing department officers and employ-

ees whose salaries are reimbursed by the Treasury De-partment:

Officers.Employees *__ _ _.

Grand total

11

15.5

357.5121218

417

1.569.5

11

13

341131131

495

$15,00020, 00080,200

437,49823, 38021,20023,704

620,982

9,00091,754

721,736

* —

$15,00018,00070,300

409, 35625,58017,90038,450

594, 586

10,800115,288

720,674




FEDERAL RESERVE BANK OF KANSAS CITY (INCLUDING DENVER, OKLAHOMA CITY,AND OMAHA BRANCHES).

Officers:Chairman and Federal reserve agent.Governor. _Other officers. _ _

Employees, by departments:Banking departmentFederal reserve agent's department. _Auditing department __Fiscal agency department

Total _.Fiscal agency department employees whose salaries are re-

imbursed by the Treasury Department 1Other employees whose salaries are reimbursed to bank, in-

cluding building employees in space rented to tenants

Grand total.

Number.

1923

11

26

560151832

653

41

66

760

1922

11

28

578172451

700

75

60

835

^nnual salaries.

1923

$15, 00020,000

133,820

809,37732,04030,12060, 680

1,101,037

73, 560

68, 663

1, 243,260

1922

$15,00020,000

142, 740

819, 37434,10041, 53086,400

1,159,144

127,470

59,876

1,346,490


FEDERAL RESERVE BANK OF DALLAS (INCLUDING EL PASO AND HOUSTON BRANCHES).

Officers:Chairman and Federal reserve agent _GovernorOther officers

Employees, by departments:Banking department .-.Federal reserve agent's department__Auditing department _._ _,Fiscal agency department _ _

Total.--Fiscal agency department employees whose salaries are re-

imbursed by the Treasury Department *Other employees whose salaries are reimbursed to bank, in-

cluding building employees in space rented to tenants

Grand total _ _

11

21

452.17152126.25

537.42

16.75

1.83

556

11

20

465192224

552

30

3

585

$18,00018,000

103, 350

623, 47036,62039,42043,650

882, 510

29,660

2,850

$12,00018,00096,900

646,09047,94042,03037,740

900,700

50,330

6,390

915, 020 957,420


FEDERAL RESERVE BANK OF SAN FRANCISCO (INCLUDING LOS ANGELES, PORTLANDSALT LAKE CITY, SEATTLE, AND SPOKANE BRANCHES).

Officers:Chairman and Federal reserve agent.Governor.Other officers

Employees, by departments:Banking departmentFederal reserve agent's department. .Auditing departmentFiscal agency departmentl

Total.. _Fiscal agency and auditing department officers and em-

ployees whose salaries are reimbursed by Treasury De-partment:

OfficersEmployees.1.- -


11

37.73

963232856.51

11

38.50

8542934.8178.98

1,110.24 I 1,037.29

1.27 .22.49 I

1

2.5084.21

1

Grand to t a l . . . 1,135 i 1,125

$24,00025, 000

209, 526

1, 406, 96060, 28049,32096,535

1,871, 621

5,37438,1051,500

1,916, 600

$24,00024,000204,770

1, 259,18074, 44059, 597123, 742

1,769,729

9,430137, 7211,500

1,918,380



SALARIES OF NATIONAL BANK EXAMINERS, AS OF DECEMBER 31,1923.

Allanson, Edward A $3, 500Allen, Edgar F. (junior grade) 2, 500Allsup, Archie S 3, 300Alvey, John C 5, 000Amrhein, Joseph A 3, 000Anheier, Christopher H 3, 000Armstrong, George E 5, 500Ashwood Cecil (junior grade) _ 2, 400Baker, William B 5, 000Baldridge, Wm. H 3, 600Barrett, John W 4,500Bartee, James S 3,300Basham, Albert A 3, 600Bean, Norwin S — -- 8, 500Bina, James C. (junior grade) 3, 000Black, Harold W 5, 000Bly, J. Garver (junior grade). 2, 700Boldin, Bernard E 3, 000Borden, John C 4,200Boysen, Alfred 3, 300Brennan, F. P. (junior grade) _ 2, 400Brewer, Henry F 5, 000Brock, Roland F 3, 300Brooks, Roger E 4,200Carolan, William B 3, 600Carson, Thomas D 3, 600Chambers, Arthur R 3, 300Chapman, Charles H 5, 500Chapman, Edward L 4, 000Chase, H. Guy 4, 500Chorpening, Ira I 5, 000Cloe, William B 4, 200Coffin, George M 4, 200Coffin, G. S 4, 000Colley, Leon H. (junior grade) 2, 750Collier, Richard H 10, 000Conner, Joseph H 2,400Cooney, Dan H 4, 500Cooper, Roy A 4,000Cooper, T. A 4, 200Craig, Claude O 3, 900Crawley, William C 3, 000Crossen, Gail W 3,300Culver, Wm. A__*. 3, 300Cutts, Arthur D 3, 300Cutts, Leo M 1, 200Dalton, John W 4, 200Davenport, Henry B 5, 500DeBaun, Claud 4,500Derr, Ralph H 3,000Dillistin, William HDooley, Thos. E. (junior grade) 2, 700Doty, Robert W 3, 000du Bois, Nathan S 3, 900Dunaway, Warren W 3, 600Dwyer, Thomas R 4, 000Dye, Samuel W 4,000Ebnother, Charles W 3, 000Embry, Jacob 4, 500

Evans, Clyde J $3,600Evans, William C 4, 000Faris, A. B 3,900Filson, Chas. H 4,800Fiman, Chas. F 3, 600Fletcher, Thos. E 4, 500Folger, William P 4, 800Fredlund, John 0. (junior

grade) 2, 700Funsten, J. B., jr 5,000Funsten, Wm. P . _ 3, 900Furbee, Ernest M 3, 300Gilbert, H. B 2,700Glazier, Chas. A 3, 000Goodhart, Richard W 6, 000Gough, E. H 6, 000Graham, Chas. S 3, 600Graham, H. A. (junior grade) 2, 700Gray, W. M 4,500Greene,Thos. M. (junior grade) 2, 700Greenfield, Jas. B 5, 100Griffey, O. A 5, 500Griswold, Wm. C 4, 500Hackney, Wm. N_ 3, 300Hane, Henry B 5, 500Haneke, Edw. C 5, 000Harrington, T. J 3, 900Harris, Thos. E 8, 500Hartman, Chas. H_ 3, 900Haugen, Nels E__ 4, 500Hedrick, Gilbar C 3, 600Herndon, Jas. B. (junior grade) 3, 000Hilliard, Walter B 3, 600Hodgson, R. M 4,500Hooper, Marshall 4,000Horner, Harry N 3, 600Houston, Robt. C 4, 500Hughes, John P 3,000Hurley, Michael J 3, 600Hutt, W. E 5, 000Idleman, Perry L 3, 600James, A. L 4, 800Johnson, A. W. (junior grade) 2, 700Johnson, C. E. H 4, 000Johnson, Robin M 2,400Jorres, G. W. (junior grade)__ 2, 700Joseph, E. M 3,600Kelly, Burdett___. 3, 300Kennedy, L. G _-__ 3,000Ketner, J. H 3, 000Klein, Benton 3, 300Knight, Marvin J. (junior

grade) 2, 700Lahman, H. S 3, 300Lamb, Ernest 4, 500Lamm, R. Foster 4, 000Lammond, W. M 3, 600Lanum, H. L 3, 000LaRoque, O. K 4,800

253


254 ANNUAL REPORT OF THE FEDERAL RESERVE BO.VRD.

Leyburn, A. P $4,000Lifsey, W. P 3, 600Logan, J. M 7, 000Longmoor, S. A 5,000Lorang, P. J 5,400Luce, Frank H . 5, 000Luiken, John B 3,600McBryde, W. W 3, 900McCans, A. B 4, 800McCreight, H. A . . . 3, 600McGarvey, F. S. (junior grade) 2, 700McGrath, John C 4, 800McKee, H. J 3,300McKee, J. S 3, 600McLean, Chas. H. (junior

grade) 2, 700McMullan, John R 3, 600McPike, B. M 3, 300Macdonald, F. G __ 3, 000Machen, H. L _ . . 10, 000Madland, L. L 4,200Maguire, Edw. J ___ 3, 300Maloney, Wm. W 3, 000Mann, S. H __. 4, 000Mansfield, F. S . . . 4,500Marcuse, Benj 2, 400Martin, L. H 3,600Maxey, Chas. T . . . . — _ 3, 900Mertens, Chas. R 3, 000Miles, Albert F. (junior grade) 2, 700Millard, Sam. T 3, 600Montgomery, Robt 4, 200Moon, E. W 4, 200Moore, Geo. M 3,600Moore, S. A 3, 600Morgan, W. M 5, 500Mueller, A. M. (junior grade) 2, 700Murphy, D. F. (junior grade) 2, 700Nelson, Nels (junior grade) __ 2, 700Newnham, S. L 10, 500Noone, D. L 3, 000Norris, F. L 7, 500Northcutt, V. H 4, 500Otto, Chas. C 4, 500Parker, Edw. F 5, 000Patterson, B. K 5,400Pearson, Herbert 3, 300Peightel, J. C 3, 900Penix, J. L 5, 000Peterson, F. R 3, 000Pole, J. W 12, 000Potter, F. F 3, 600Power, R. E 3, 300Proctor, J. L 5, 000Ramsdell, Paul C 3, 000Reeves, Owen T., jr 16, 500Reinholdt, C. A 3, 600Riley, Jay M 3, 000Robb, Ellis D 8, 000Roberts, L. K _. 10, 000

Robinson, E. Robert $4, 200Rockey, K. H 6, 000Roots, J. O 5, 500Rorebeck, E. F 8, 500Ryan, F. J 3, 600Sailor, V. L_ ______ . . __..___ _ 3, 000Sawyer, L. M., jr 5, 000Schechter, W. J 8, 500Schlotzhauer, H. A - 3, 600Sellers, W. B_-_-_ 3, 000Sheehan, W. F 5, 000Shively, E. F 3, 600Sims, H. M 10, 000Sisk, C. M: .__ 4, 500Smiley, M. D____ 4, 200Smith, A. B 4,000Smith, C. F 4,800Smith, G. F 3,000Smith, G. H 4, 000Smith, J. H 5, 500Smith, R. E__ 3, 600Smith, W. A. (junior grade)-- 2, 700Snapp, J. W.___- 3, 300Snyder, V. G 4, 000Stanfield, A. J_ 3, 600Stearns, E. Willey_ _ 8, 500Stewart, A. M 3, 300Stewart, C. A 4, 200Storing, Chas. C__ 3, 000Stuart, Robt. K 3, 600Sullenberger, S. F 4, 500Thomas, Tfaos. C 9, 000Thompson, K. W_ _ - _ _ 3, 600Thorn, Leslie D 3, 000Tucker, G. H 3, 300Vann, John R. (junior grade). 2, 700Waldron, W. J 3, 500Walker, H. W 4, 500Watson, E. H 6, 000Whiteman, H. C 3, 600Wilde, Max C 5, 000Wilde, Otto F. (junior grade)_ 3, 000Williams, F. D 4, 500Williams, R. Clyde 3, 900Williams, T. M 6,000Willson, E. V. K 3, 600Wilson, Chas. F 3, 300Wilson, E. B 4, 500Wilson. R. F 3, 600Wilson, W. P. (junior grade). 2, 700Wood, D. R 4, 200Wood, John S •__ _- 9, 500Woods, J. K 5, 500Woodside, Hal 4, 200Wright, E. M 2, 700Wright, I. D 4, 200Wylie, Robt, W 3, 600Young, Wm. R 4,200Younger, Cole J 4, 200


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, Chair-

man.HENRY M. DAWES,

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.W.'M. IMLAY, Fiscal Agent.J. F. HERSON,

Chief, Division of Examinationand Chief Federal Reserve Ex-aminer.

WALTEB W. STEWART,

Director, Division of Research andStatistics.

WALTER WYATT, General Counsel.

M. JACOB SON, Statistician.

E. A. GOLDENWEISER,

Associate Statistician.E. L. SMEAD,

Chieff Division of Bank Opera-tions.

FEDERAL ADVISORY COUNCIL.[Elected for year 1924.]

District No. 1.—Alfred L. Aiken, president National Shawmut Bank, Boston,Mass.

District No. 2.—Paul M. Warburg, American Acceptance Council, New YorkCity.

District No. 3.—L. L. Rue, president Philadelphia National Bank, Philadel-phia, Pa.

District No. 4.—C. E. Sullivan, president Central National Bank Savings &Trust Co., Cleveland, Ohio.

District No. 5.—John M. Miller, jr., president First National Bank, Rich-mond, Va.

District No. 6.—Oscar Wells, president First National Bank, Birmingham, Ala.District No. 7.—John J. Mitchell, chairman Illinois Trust & Savings Bank,

Chicago, 111.District No. 8.—Festus J. Wade, president Mercantile Trust Co., St. Louis, Mo.District No. 9.—G. H. Prince, chairman Merchants National Bank, St. Paul,

Minn.District No. 10—E. F. Swinney, president First National Bank, Kansas City, Mo.District No. 11.—W. M. McGregor, president First National Bank, Wichita

Falls, Tex.District No. 12.—D. W. Twohy, president Old National Bank, Spokane, Wash.

255


OFFICERS AND DIRECTORS OF FEDERAL RESERVE BANKS.1

DISTRICT NO. I—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:Edward S. KennardFrederick S. Chamberlain.Alfred L. Ripley

Class B:Charles G. WashburnE. R. Morse__ _Philip R. Allen

Class C:Allen HollisJesse H. MetcalfFrederic H. Curtiss _

Residence.

Rumford, MeNew Britain, Conn -Boston, Mass

Worcester, Mass. . .Proctor, VtEast Walpole, Mass

Concord, N. HProvidence, R. I _Boston, Mass

Term expires.

Dec. 31,1924Dec. 31,1925Dec. 31,1926

Dec. 31,1924Dec. 31,1925Dec. 31,1926

Dec. 31,1924Dec. 31,1925Dec. 31,1926

HAVANA 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. BENJAMINSTRONG, Governor.

Class A:Charles Smith.Gates W. McGarrahR. H. Treman.

Class B:Frank L. StevensOwen D. YoungTheodore F. Whitmarsh.

Class C:C. M. WoolleyPierre JayWm. L. Saunders

Oneonta, N. Y.._.New York, N. Y.Ithaca, N. Y

North Hoosick, N. Y_New York, N. Y

do

.do__do__do_

Dec. 31,1924Dec. 31,1925Dec. 31,1926

Dec. 31,1924Dec. 31,1925Dec. 31,1926

Dec. 31,1924Dec. 31,1925Dec. 31,1926

BUFFALO BRANCF

W. W. SCHNECKENBURGER, Manager.

W. J. HumphreyFred J. CoeJohn A. Kloepfer__Elliott C. McDougalHarry T. Ramsdell_W. W. Schneckenburger_Carlton M. Smith

Warsaw, N. YNiagara Falls, N. Y-.Buffalo, N. Y

do_..do._do_.do.

Dec. 31,1924Do.Do.Do.Do.Do.Do.

DISTRICT NO. 3—FEDERAL RESERVE BANK OF PHILADELPHIA.

RICHARD L. AUSTIN, Chairman and Federal Reserve Agent. H. B. THOMPSON, Deputy Chairman.GEO. W. NORRIS, Governor.

Class A:Francis DouglasJohn C. CosgroveJos. Wayne, jr

Class B:Charles K. HaddonAlba B. JohnsonEdwin S. Stuart

Class C:Chas. C. HarrisonH. B. ThompsonR. L. Austin ._

Wilkes-Barre, PaJohnstown, PaPhiladelphia, Pa

Camden, N. JPhiladelphia, Pa

do . . . .

doWilmington, DelPhiladelphia, Pa

Dec. 31,1924Dec. 31,1925Dec. 31,1926

Dec. 31,1924Dec. 31,1925Dec. 31,1926

Doc. 31,1924D3C. 31,1925Dec. 31,1926

1 Includes directors elected in December, 1923, for the 3-year term beginning January 1,1924.

256


ANNUAL, REPORT OF THE FEDERAL. RESERVE BOARD. 257

DISTRICT.NO. 4—FEDERAL RESERVE BANK OF CLEVELAND.

D. C. WILLS, Chairman and Federal Reserve Agent. LEWIS BLAIR WILLIAMS, Deputy Chairman. E.FANCHER, Governor.

Director.

Class A:0 . N. SamsChess LambertonRopert Wardrop _

Class B:John StambaughR P WrightGeo. D. Crabbs

Class C:W.W. Knight _L. B. WilliamsD. C. Wills

Residence.

Hillsboro, Ohio. . .Franklin, PaPittsburgh, Pa

Youngstown, Ohio.. .Erie PaCincinnati, Ohio

Toledo, Ohio- .Cleveland, Ohio

do - . .

Term expires.

Dec. 31,1924Dec. 31,1925Dec. 31,1926

Dec. 31,1924Dec. 31,1925Dec. 31,1926

Dec. 31,1924Dec. 31,1925Dec. 31,1926

CINCINNATI BRANCH.

L. W. MANNING, Manager.

Chas. Du PuisJudson HarmonE. S. LeeL. W. Manning _ _John Omwake

Cincinnati, Ohiodo

Covington, KyCincinnati, Ohio

do

Dec. 31,1924Do.Do.Do.Do.

PITTSBURGH BRANCH.

GEORGE D E CAMP, Manager.

Chas. D. Armstrong.Chas. W. BrownJames D. Callery. . . .George De CampR. B. Mellon

Pittsburgh, Pa ..do

..do.

..do.-do.


DISTRICT NO. 5—FEDERAL RESERVE BANK OF RICHMOND.

W . W . HOXTON, Chairman and Federal Reserve Agent. FREDERIC A. DELANO, Deputy Chairman.GEORGE J. SEAY, Governor.

Class A:Charles E. RiemanJohn F. Bruton. -L. E. Johnson.._ _ ._

Class B:Edmund StrudwickEdwin C. GrahamD. R. Coker

Class C:Frederic A. DelanoRobert LassiterW. W. Hoxton

Baltimore, Md. .Wilson, N. C .Alderson, W. Va

Richmond, VaWashington, D. C ...Hartsville S. C

Washington, D. CCharlotte, N. CRiohtnopd, V*i

Dec 31,1924Dec. 31,1925Dec. 31,1926

Dec 31,1924Dec. 31,1925Dec. 31,1926

Dec. 31,1924Dec. 31,1925Dec. 31,1926

BALTIMORE BRANCH.

ALBERT H. DUDLEY, Manager.

Edmund P. Cohill.Albert H. Dudley..Wm. H. Mat tha i . .Carter G. Osburn..Henry B. Wilcox...

Hancock, Md. . .Baltimore, Md..

.do..do.. .do.




DISTRICT NO. 6—FEDERAL RESERVE BANK OF ATLANTA.

JOSEPH A. MCCORD, Chairman and Federal Reserve Agent. W. H KETTIG, Deputy Chairman. M. B .WELLBORN, Governor.

Director. Residence. Term expires..

Class A:John K. Ottley ,Oscar NewtonP. R. Kittles

Class B:J. A. McCrary.W. H. HartfordLeon C. Simon

Class C:Lindsey HopkinsW. H. KettigJoseph A. McCord

Atlanta, Ga _.Jackson, MissSylvania, Ga _

Decatur, Ga.Nashville, Tenn . .New Orleans, La._

Atlanta, Ga _Birmingham, Ala.Atlanta, Ga

Dec. 31,1924Dec. 31,1925Dec. 31,1926

Dec. 31,1924Dec. 31,1925Dec. 31,1926

Dec. 31,1924Dec. 31,1925Dec. 31,1926

NEW ORLEANS BRANCH.

MARCUS WALKER, Manager.

A. P. BushJ. P. Butler, jrJohn E. Bouden, jr__ . ._ .F. W. FooteR. S. HechtP. H SaundersLeon C. Simon... _

Mobile, AlaNew Orleans, La

..do _Hattiesburg, Mis s . . .New Orleans, La

do. . .do

Den. 31.19246 6 6 6 6 6

BIRMINGHAM BRANCH.

A. E. WALKER, Manager.

W. W. Crawford.JohnH. FryeW. H. KettigOscar WellsT. O. Smith

_i Birmingham.-| do. do_i do.i do.


JACKSONVILLE BRANCH.

GEORGE R. D E SAUSSTJRE, Manager.

John C. CooperCourts P. KendallEdward W. LaneFulton SausSy . - . _ - .Giles L. Wilson .

Jacksonville, Flado

..dododo

Dec 31 1924Do.Do.DoDo.

NASHVILLE BRANCH.

J. B. MCNAMARA, Manager.

James E. Caldwell.Paul M. DavisT. A. EmbryW. H. Hartford... .E. A. Lindsay

Nashville, Tenn.do

Winchester, Tenn.Nashville, Tenn . . .. . . . . d o . . '


HAVANA AGENCY.

L. C. A DELS ON, Manager,

SAVANNAH AGENCY.

ROBT. N. GROOVER, Manager.



DISTRICT NO. 7—FEDERAL RESERVE BANK OF CHICAGO.

WILLIAM A. HEATH, Chairman and Federal Reserve Agent. JAMES SIMPSON, Deputy Chairman. JAMESB. MCDOUGAL, Governor.

Director.

Class A:George M. Reynolds __Charles H. McNider _E. L. Johnson. _

Class B:A. H. Vogel . - . -S. T. Crapo _Robert Mueller

Class C:Wm. A. HeathF. C. Ball. ._.James Simpson

Residence.

Chicago, 111 _Mason City, Iowa__ _Waterloo, Iowa__ _ .-

Milwaukee, WisDetroit, MichDecatur, 111 :.

Chicago, 111 _Muncie, Ind _Chicago, 111

Term expires.

Dec. 31,1924Dec. 31,1925Dec. 31,1926

Dec. 31,1924Dec. 31,1925Dec. 31,1926

Dec. 31,1924Dec. 31,1925Dec. 31,1926

DETROIT BRANCH.

W. R. CATION, Manager.

Emory W. ClarkJulius H. Haas _Charles H. Hodges. _James Inglis__ _John W. Staley . .

Detroit, Mich..do__.do..do_.do-


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:J. C. Utterback... .John C. MartinJohn G. Lonsdale _ . . . .

Class B:Rolla WellsW. B. PlunkettLeRoy Percy . .

Class C:Wm. McC. Martin . . .C. P. J. MooneyJohn W. Boehne .

Paducah, Ky__ _ _.Salem, t i l . .St. Louis, Mo

St. Louis, Mo _ .Little Rock, ArkGreenville, Miss

St. Louis, Mo _ . ._ . . .Memphis, Tenn._ _ _.Evansville, Ind

Dec. 31,1924Dec. 31,1925Dec. 31,1926

Dec. 31,1924Dec. 31,1925Dec. 31,1926

Dec. 31,1924Dec. 31,1925Dfcc. 31,192ft

LOUISVILLE BRANCH.

W. P. KINCHELOE, Manager.

W. P. KincheloeW. C. MontgomeryGeorge W. NortonF. M. SackettEmbry L. Swearingen.

Louisville, KyElizabethtown, Ky_Louisville, Ky

.do.

.do-


MEMPHIS BRANCH.

DHN J. HEFLIN, Manager.

John J. HeflinJohnD. McDowell .S. E. RaglandT. K. RiddickR. B. Snowden

Memphis, Tenn..do_do_.do_.do-




DISTRICT NO. 8—FEDERAL RESERVE BANK OF ST. LOUIS—Continued.

LITTLE ROCK BRANCH.

A. F. BAILEY, Manager.

Director.

A. F. Bailey -John M. DavisJ. E. Eneland, jrC. S. McCain.Moorhead Wright._ __ _

Little Rockdodo .dodo

Residence.

Ark

Term expires.

Dec 31 1924DoDoDoDo.

DISTRICT NO. 9—FEDERAL RESERVE BANK OF MINNEAPOLIS.

JOHN H. RICH, Chairman and Federal Reserve Agent. HOMER P. CLARK, Deputy Chairman. R. A.

YOUNG, Governor.

Class A:Wesley C. McDowell _Theodore WoldJ. C. Bassett

Class B:F. P. HixonF. R. Bigelow_N. B. Holter _

Class C:Homer P. Clark-Geo. W. McCormickJohn H. Rich _.

Marion, N. DakMinneapolis, MinnAberdeen, S. Dak _

La Crosse, Wis...St. Paul, Minn.... _..Helena, Mont . . . .

St. Paul, MinnMenominee, MichMinneapolis, Minn

Dec. 31,1924Dec. 31,1925Dec. 31,1926

Dec. 31,1924Dec. 31,1925Dec. 31,1926

Dec. 31,1924Dec. 31,1925Dec. 31,1926

HELENA BRANCH.

R. E. TOWLE, Manager.

L.M. FordR. O. Kaufman..Chas. J. Kelly. _.Thomas Marlow.H. W. Rowley-..

Great Falls, Mont.Helena, MontButte, Mont..Helena, Mont_.Billings, Mont.


DISTRICT NO. 10—FEDERAL RESERVE BANK OF KANSAS CITY.

M. L. MCCLUBE, Chairman and Federal Reserve Agent. HEBER HORD, Deputy Chairman. W. J.BAILEY, Governor.

Class A:J. C. MitchellFrank W. Sponable.E. E. Mullaney

Class B:T. C. ByrneJ. M. Bernardin....Harry W, Gibson...

Class C:Heber HordFred O. RoofM. L. McClure

Denver, ColoPaola, KansHill City, Kans....

Omaha, NebrKansas City, Mo..Muskogee, Qkla--.

Central City, NebrDenver, ColoKansas City, Mo..

Dec. 31,1924Dec. 31,1925Dec. 31,1926

Dec. 31,1924Dec. 31,1925Dec. 31,1926

Dec. 31,1924Dec. 31,1925Dec. 31,1926

DENVER BRANCH.

J. E. Olson, Manager.

John Evans....A C FosterC C ParksMurdo MacKenzieJ E Olson

Denver, Colodo . . .do

.do . . .do




DISTRICT NO. 10—FEDERAL RESERVE BANK OF KANSAS CITY—Continued.

OMAHA BRANCH.

L. H. EARHART, Manager.

Director.

Geo. E. AbbottW. J. CoadL. H. Earhart _J. E. MillerR. 0 . Marnell . . _ _ . . .

Residence.

Cheyenne, Wyo __..Omaha, Nebr

do ._Lincoln, Nebr .Nebraska City, Nebr

Term expires.

Dec. 31, 1924Do.Do.Do.Do.

OKLAHOMA CITY BRANCH.

C. E. DANIEL, Manager.

C. E. DanielWalter Ferguson. _P. A. JanewayWilliam MeeE. K. Thurmond.

Oklahoma City, Okla...do.do.,.do.,.do-

Dec. 31, 1924Do.Do.Do.Do.

DISTRICT NO. 11—FEDERAL RESERVE BANK OF DALLAS.

L. P. TALLEY, Chairman and Federal Reserve Agent. W. B. NEWSOME, Deputy Chairman. B. A.MCKINNEY, Governor.

Class A:John T. ScottW. H. PatrickHowell E Smith

Class B:Frank Kell . .Marion SansomJ. J. Culbertson . . . . . .

Class C:W. B. NewsomeL. P. TalleyClarence E. Linz . _

Houston, TexClarendon, Tex . . . . .McKinney Tex

Wichita Falls, TexFort Worth, TexParis, Tex

Dallas, Tex_ ..do

do

Dec. 31, 1924Dec. 31, 1925Dec. 31, 1926

Dec. 31, 1924Dec. 31, 1925Dec. 31, 1926

Dec. 31, 1924Dec. 31, 1925Dec. 31, 1926

EL PASO BRANCH.

W. C. WEISS, Manager.

A. P. ColesE. M. HurdW. W. Turney..W. C. Weiss... .J. F . Williams..

El Paso, Tex..do.do...do...do-

c. 31, 1924Do.Do.Do.Do.

HOUSTON BRANCH.

R. B. COLEMAN, Manager.

Frank Andrews . . .Guy M. Bryan _ _R. B. ColemanR. M. FarrarE. F. Gossett

Houston, Texd o • . .dododo _


86538—24t 18



DISTRICT NO. 12—FEDERAL RESERVE BANK OF SAN FRANCISCO.

JOHN PERRIN, Chairman and Federal Reserve Agent. WALTON N. MOORE, Deputy Chairman. J. U .CALKINS, Governor.

Director.

Class A:M. A. BuchanC. K. MclntoshJ. S. Maodonnell

Class B:Wm. T. SesnonE. H. CoxA. B. C. Dohrmann

Class C:Walton N. MooreWm. Sproule _ __ . .John Perrin

Residence.

Palo Alto, CalifSan Francisco CalifPasadena, Calif

San Francisco, CalifMadera CalifSan Francisco, Calif

dododo

Term expires

Dec. 31,1924Dec 31 1925Dec. 31,1926

Dec 31,1924Dec 31 1925Dec 31,1926

Dec 31 1924Dec. 31,1925Dec. 31,1926

PORTLAND BRANCH.

FREDERICK GREENWOOD, Manager.

J. C. AinsworthEdward CookinghamFrederick GreenwoodNathan Strauss _Jos. N. Teal

Portland, Oregdodododo

Dec 31 1924Do.DoDo.Do.

SEATTLE BRANCH.

C. R. SHAW, Manager.

M. A. ArnoldM. F. BackusChas. H. ClarkeChas. E. Peabody _C. R. Shaw

Seattle, Washdo . .dodo . .do


SPOKANE BRANCH.

W. L. PARTNER, Manager.

C. E. McBroomPeter McGregorW. L. Partner . . . .R. L. RutterG I. Toevs

Spokane, Wash __Hooper, WashSpokane, Wash _

dodo


Chapin A. DayL. H. Farnsworth...Lafayette Hanchett.R. B. Motherwell.__G.G.Wright

SALT LAKE CITY BRANCH.

R. B. MOTHERWELL, Manager.

Ogden, UtahSalt Lake City, Utah,

.do.do.,.do.


H. S. McKeeI. B. NewtonHenry M. Robinson.J. F. SartoriC. J. Shepherd

LOS ANGELES BRANCH.

C. J. SHEPHERD, Manager.

Los Angeles, Calif...do..

Pasadena, CalifLos Angeles, Calif..

do




AMENDMENTS TO THE FEDERAL RESERVE ACT.

On February 6, 1923, section 10 of the Federal Reserve Act wasamended as follows:

[PUBLIC—No. 405—67TH CONGEESS.]

[S. 4390.]

An Act To amend the last paragraph of section 10 of the Federal Reserve Act as amended by the Act ofJune 3, 1922.

Be it enacted by the Senate and House of Representatives of the United States ofAmerica in Congress assembled, That the last paragraph of section 10 of theFederal Reserve Act as amended by the Act of June 3, 1922, is amended to readas follows:

"No Federal reserve bank shall have authority hereafter to enter into anycontract or contracts for the erection of any branch bank building of any kind orcharacter, or to authorize the erection of any such building, if the cost of thebuilding proper, exclusive of the cost of the vaults, permanent equipment, fur-nishings, and fixtures, is in excess of $250,000: Provided, That nothing hereinshall apply to any building under construction prior to June 3, 1922."

Approved, February 6, 1923.

The following amendments to the Federal Reserve Act were incor-porated in the agricultural credits act, approved March 4, 1923.These amendments constitute Title IV of that act:

TITIÊ IV.—AMENDMENTS TO THE FEDERAL RESERVE ACT.

SEC. 401. That the ninth paragraph of section 9 of the Federal Reserve Act isamended to read as follows:

" No applying bank shall be admitted to membership in a Federal reserve bankunless (a) it possesses a paid-up, unimpaired capital sufficient to entitle it tobecome a national banking association in the place where it is situated under theprovisions of the National Bank Act, or (b) it possesses a paid-up, unimpairedcapital of at least 60 per centum of the amount sufficient to entitle it to become anational banking association in the place where it is situated under the provisionsof the National Bank Act and, under penalty of loss of membership complies withrules and regulations which the Federal Reserve Board shall prescribe fixing thetime within which and the method by which the unimpaired capital of such bankshall be increased out of net income to equal the capital which would have beenrequired if such bank had been admitted to membership under the provisions ofclause (a) of this paragraph: Provided, That every such rule or regulation shallrequire the applying bank to set aside annually not less than 20 per centum of itsnet income of the preceding year as a fund exclusively applicable to such capitalincrease/'

SEC. 402. That the second paragraph of section 13 of the Federal Reserve Actis amended and divided into two paragraphs to read as follows:

"Upon the indorsement of any of its member banks, which shall be deemeda waiver of demand, notice and protest by such bank as to its own indorsementexclusively, any Federal reserve bank may discount notes, drafts, and bills ofexchange arising out of actual commercial transactions; that is, notes, drafts,and bills of exchange issued or drawn for agricultural, industrial, or commercialpurposes, or the proceeds of which have been used, or are to be used, for suchpurposes, the Federal Reserve Board to have the right to determine or define thecharacter of the paper thus eligible for discount, within the meaning of this Act.Nothing in this Act contained shall be construed to prohibit such notes, drafts,and bills of exchange, secured by staple agricultural products, or other goods,wares, or merchandise from being eligible for such discount, and the notes,drafts, and bills of exchange of factors issued as such making advances exclu-sively to producers of staple agricultural products in their raw state shall beeligible for such discount; but such definition shall not include notes, drafts, orbills covering merely investments or issued or drawn for the purpose of carryingor trading in stocks, bonds, or other investment securities, except bonds andnotes of the Government of the United States. Notes, drafts, and bills admitted



to discount under the terms of this paragraph must have a maturity at the timeof discount of not more than 90 days, exclusive of grace.

"Upon the indorsement of any of its member banks, which shall be deemed awaiver of demand, notice, and protest by such bank as to its own indorsementexclusively, and subject to regulations and limitations to be prescribed by theFederal Reserve Board, any Federal reserve bank may discount or purchasebills of exchange payable at sight or on demand which are drawn to financethe domestic shipment of nonperishable, readily marketable staple; agriculturalproducts and are secured by bills of lading or other shipping documents con-veying or securing title to such staples: Provided, That all such bills of exchangeshall be forwarded promptly for collection, and demand for payment shall bemade with reasonable promptness after the arrival of such staples at their desti-nation : Provided further, That no such bill shall in any event be held by or forthe account of a Federal reserve bank for a period in excess of 90 days. In dis-counting such bills Federal reserve banks may compute the interest to be deductedon the basis of the estimated life of each bill and adjust the discount after pay-ment of such bills to conform to the actual life thereof."

SEC. 403. That the fourth paragraph of section 13 of the Federal Reserve ActIs amended to read as follows:

"Any Federal reserve bank may discount acceptances of the kinds hereinafter•described, which have a maturity at the time of discount of not more than 90days' sight, exclusive of days of grace, and which are indorsed by at least onemember bank: Provided, That such acceptances if drawn for an agriculturalpurpose and secured at the time of acceptance by warehouse receipts or othersuch documents conveying or securing title covering readily marketable staplesmay be discounted with a maturity at the time of discount of not more thansix months' sight exclusive of days of grace."

SEC. 404. That the Federal Reserve Act is amended by adding at the end ofsection 13 a new section to read as follows:

" S E C . 13a. Upon the indorsement of any of its member banks, which shallbe deemed a waiver of demand, notice, and protest by such bank as to its ownindorsement exclusively, any Federal reserve bank may, subject to regulationsand limitations to be prescribed by the Federal Reserve Board, discount notes,drafts, and bills of exchange issued or drawn for an agricultural purpose, orbased upon live stock, and having a maturity, at the time of discount, exclusiveof days of grace, not exceeding nine months, and such notes, drafts, and billsof exchange may be offered as collateral security for the issuance of Federalreserve notes under the provisions of section 16 of this Act: Provided, That notes,drafts, and bills of exchange with maturities in excess of sk: months shall notbe eligible as a basis for the issuance of Federal reserve notes unless secured bywarehouse receipts or other such negotiable documents conveying or securingtitle to readily marketable staple agricultural products or by chattel mortgageupon live stock which is being fattened for market.

"That any Federal reserve bank may, subject to regulations and limitationsto be prescribed by the Federal Reserve Board, rediscount such notes, drafts,and bills for any Federal Intermediate Credit Bank, except that no Federalreserve bank shall rediscount for a Federal Intermediate Credit Bank any suchnote or obligation which bears the indorsement of a nonmember State bank ortrust company which is eligible for membership in the Federal reserve system,in accordance with section 9 of this Act.

"Any Federal reserve bank may also buy and sell debentures and other suchobligations issued by a Federal Intermediate Credit Bank or by a NationalAgricultural Credit Corporation, but only to the same extent as and subject tothe same limitations as those upon which it may buy and sell bonds issued underTitle I of the Federal Farm Loan Act.

"Notes, drafts, bills of exchange or acceptances issued or drawn by coopera-tive marketing associations composed of producers of agricultural productsshall be deemed to have been issued or drawn for an agricultural purpose, withinthe meaning of this section, if the proceeds thereof have been or are to be ad-vanced by such association to any members thereof for an agricultural purpose,or have been or are to be used by such association in making payments to anymembers thereof on account of agricultural products delivered by such membersto the association, or if such proceeds have been or are to be used by such asso-ciation to meet expenditures incurred or to be incurred by the association inconnection with the grading, processing, packing, preparation for market, ormarketing of any agricultural product handled by such association for any ofits members: Provided, That the express enumeration in this paragraph of cer-tain classes of paper of cooperative marketing associations as eligible for redis-



shall not be construed as rendering ineligible any other class of paper<of such associations which is now eligible for rediscount.

"The Federal Reserve Board may, by regulation, limit to a percentage ofthe assets of a Federal reserve bank the amount of notes, drafts, acceptances, orbills having a maturity in excess of three months, but not exceeding six months,•exclusive of days of grace, which may be discounted by such bank, and theamount of notes, drafts, bills, or acceptances having a maturity in excess of sixmonths, but not exceeding nine months, which may be rediscounted by suchbank."

SEC. 405. That section 14 of the Federal Reserve Act is amended by addingat the end thereof a new paragraph to read as follows:

" (f) To purchase and sell in the open market, either from or to domesticbanks, firms, corporations, or individuals, acceptances of Federal IntermediateCredit Banks and of National Agricultural Credit Corporations, whenever theFederal Reserve Board shall declare that the public interest so requires."

SEC. 406. That section 15 of the Federal Reserve Act is amended by addingat the end thereof a new paragraph to read as follows:

"The Federal reserve banks are hereby authorized to act as depositories forand fiscal agents of any National Agricultural Credit Corporation or Federal:Intermediate Credit Bank."

SEC. 407. That the Act entitled "An act to amend the act approved De-cember 23, 1913., known as the Federal reserve act," approved April 13, 1920,is repealed.

REGULATIONS OF THE FEDERAL RESERVE BOARD.

WASHINGTON, July 10, 1928.The Federal Reserve Board transmits herewith a new issue of all of its regula-

tions applicable to member banks. Regulations A and B of the new seriessupersede the corresponding regulations of the series of 1922, and the otherregulations of the new series supersede corresponding regulations of the seriesof 1920. It is to be noted that Regulation J of the new series will not be effec-tive until August 15, 1923.

Regulation A has been materially amended in order to make it conform tothe provisions of the Federal reserve act as amended by the agricultural credits&et of 1923. This regulation has also been amended so as to conform to theamendment to section 9 of the Federal reserve act contained in the act of July 1,1922, and has also been amended in a few other respects.

Regulation B has been clarified and Section II (c) of the old regulation hasbeen omitted because it is no longer necessary in view of the broader provisionswith reference to six months' agricultural acceptances contained in the law andIn Regulation A as amended.

Regulation C is identically the same as in the series of 1920.Regulation D has not been changed, except that a slight inaccuracy in the

quotation from section 19 has been corrected and section numbers have beeninserted.

Regulation E has been rearranged and the appendices heretofore publishedseparately have been incorporated in the body of the regulation. No materialchange has been made in the substance of the regulation, however, except theelimination of the 10 per cent limitation on the amount of warrants of any muni-cipality which might be purchased by a Federal reserve bank with the indorse-ment of a member bank.

Regulation F is identically the same as in the series of 1920.Regulation G has been changed only in one respect. Paragraph (g) thereof

has been changed so as not to require a note representing a real-estate loan tobe canceled at maturity and a new note taken in its place. It now permits theold note to be renewed or extended for an additional period.

Regulation H has been changed materially so as to conform to the amend-ments to section 9 of the Federal reserve act contained in the agricultural creditsact of 1923, which make State banks with a capital equal to not less than 60per cent of the amount required for the organization of a national bank eligiblefor admission to membership under certain terms and conditions.

Regulation I has been changed so as to conform to the present practice inconnection with the applications of newly organized national banks for mem-bership in the Federal reserve system, and also so as to require the receiversof insolvent member banks and the liquidating agents of member banks in


266 ANSTUAL REPORT OF THE FEDERAL RESERVE BOARD.

voluntary liquidation to apply for the surrender and cancellation of the Federalreserve bank stock held by such banks within six months after their appointment.

Regulation J has been rewritten and brought up to date. This new regulation,however, will not become effective until August 15, 1923.

Regulation K is identically the same as in the series of 1920.Regulation L has been changed slightly by broadening the definition of the

term "national bank" as used in the regulation to include all banking institu-tions organized or operating under the laws of the United States. A statementof the general principles adopted by the board for its guidance in determiningwhether two or more banks are in substantial competition has also been insertedin the regulation.

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.WM. W. HOXTON, Secretary.

REGULATION A, SERIES OF 1923.

(Superseding Regulation A of 1922.)

DISCOUNTS UNDER SECTIONS 13 AND 13 (a).

ARTICLE A. NOTES, DRAFTS, AND BILLS OF EXCHANGE.

SECTION I. General statutory 'provisions.

Any Federal reserve bank may discount for any of its mem ber banks any note,draft, or bill of exchange: Provided—

(a) It has a definite maturity at the time of discount of not more than 90 days,exclusive of days of grace; except that (1) if drawn or issued for an agriculturalpurpose or based on livestock, it may have a maturity at the time of discount ofnot more than nine months, exclusive of days of grace, and (2) certain bills ofexchange payable at sight or on demand are eligible even though they have nodefinite maturity (see Section VII, below);

(6) 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, orit is a note, draft, or bill of exchange of a factor issued as such making advancesexclusively to producers of staple agricultural products in their raw state;

(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 States;

(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 no timeexceed 10 per cent of the unimpaired capital and surplus of such bank; but thisrestriction shall not apply to the discount of bills of exchange drawn in goodfaith against actually existing values;

{e) I t 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 any of the notes, drafts, or bills of exchange of any one borrower who isliable 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 of the War FinanceCorporation.

SECTION II. General character of notes, drafts, and bills of exchange eligible.

The Federal Reserve Board, exercising its statutory right to define the characterof a note, draft, or bill of exchange eligible for discount at a Federal reserve bankhas determined that—

(a) It must be a negotiable note, draft, or bill of exchange which has been issuedor drawn, or the proceeds of which have been used or are to be used in the first



instance, in producing, purchasing, carrying, or marketing goodsJ in one or moreof the steps of the process of production, manufacture, or distribution, or for thepurpose of carrying or trading in bonds or notes of the United States, and thename of a party to such transaction must appear upon it as maker, drawer,acceptor, or indorser.

(6) It must not be a note, draft, or bill of exchange the proceeds of which havebeen or are to be advanced or loaned to some other borrower, except as to paperdescribed below under Sections VI (6) and VIII.

(c) It must not be a note, draft, or bill of exchange the proceeds of which havebeen used or are to be used for permanent or fixed investments of any kind, suchas 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 which havebeen used or are to be used for investments of a purely speculative character.

(e) I t 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, or billof 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 nationalbanking 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.

(b) 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 adepositor (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 marketedor fattened 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.

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 oi this regu-lation, is defined as an unconditional order in writing, addressed by one personto another, signed by the person giving it, requiring the person to whom it is

i When used in this regulation the word "goods" shall be construed to include goods, wares, merchan-lise, or agricultural products, including livestock.Digitized for FRASER


268 ANNUAL. REPORT OF THE FEDERAL RESERVE BOARD.

addressed to pay in the United States, at a fixed or determinable future time,a sum certain in dollars to the order of a specified person; and a trade accept-ance is defined as a draft or bill of exchange, drawn by the seller on the pur-chaser of goods 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 theeligibility of the draft, bill, or trade acceptance offered for discount and mayrequire a recent financial statement of one or more parties to the instrument.The draft, bill, or trade acceptance should be drawn so as to evidence thecharacter of the underlying transaction, but if it is not so drawn evidence ofeligibility may consist of a stamp or certificate affixed by the acceptor ordrawer in a form satisfactory to the Federal reserve bank.

SECTION VI. Agricultural paper.

(a) Definition.—Agricultural paper, within the meaning of this regulation, isdefined 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, includ-ing the production of agricultural products, the marketing of agriculturalproducts by the growers thereof, or the carrying of agricultural products by thegrowers thereof pending orderly marketing, and the breeding, raising, fattening,or marketing of livestock, and which has a maturity at the time of discount ofnot more than 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 prod-ucts are deemed to have been issued or drawn for an agricultural purpiose, 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 thereofon account of agricultural products delivered by such members to the associa-tion, 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.

(c) Eligibility.—To be eligible for discount, agricultural paper, whether anote, draft,, bill of exchange, or trade acceptance, must comply with the respec-tive sections of this regulation which would apply to it if its maturity were 90days or less.

(d) Discounts for Federal intermediate credit banks.—Any Federal reserve bankmay discount agricultural paper for any Federal intermediate credit bank; butno 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 su«ch 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 shalldiscount paper for any Federal intermediate credit bank when its own reservesamount to less than 50 per cent of its own aggregate liabilities for deposits and

2 A consignment of goods or a conditional sale of goods can not be considered "goods sold" withinthe meaning of this clause. The purchase price of goods plus the cost of labor in effecting their installa-tion may be included in the amount for which the trade acceptance is drawn.



Federal 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 maybe discounted by any Federal reserve bank shall not exceed 10 per cent of itsotal assets.

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

(b) 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 orfor the account of a Federal reserve bank for a period in excess of 90 days.

In discounting such bills Federal reserve banks may compute the interestto be 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 Section II (a)and II (b).

ARTICLE B. BANKERS' ACCEPTANCES.

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 bankers' acceptance credits.

SECTION X. Eligibility.

A Federal reserve bank may discount any such bill bearing the indorsement of amember bank and having a maturity at the time of discount not greater than thatprescribed by Section XI (a), which has been drawn under a credit opened forthe purpose of conducting or settling accounts resulting from a transaction ortransactions 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 or insularpossessions, or between foreign countries, or between dependencies orinsular 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,3 provided that the bill issecured at the time of acceptance by a warehouse, terminal, or other similar

3 A readily marketable staple within the meaning of these regulations may be denned 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 (&) the staple itself easy to realize upon by sale at any time.


270 ANNUAL REPORT OF THE FEDERAL RESERVE BO.1RD.

receipt, conveying security title to such staples, issued by a party independ-ent of the customer, and provided further that the acceptor remains securedthroughout the life of the acceptance. In the event that the goods must bewithdrawn from storage prior to the maturity of the acceptance or the retire-ment of the credit, a trust receipt or other similar document covering thegoods may be substituted in lieu of the original document, provided that suchsubstitution is conditioned upon a reasonably prompt liquidation of thecredit. In order to insure compliance with this condition it should be re-quired, 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 (6) that a new document, similar to the original one,will be resubstituted 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 memberbanks this security must consist of shipping documents, warehouse receipts, orother such documents, or some other actual security growing out of the sametransaction as the acceptance, such as documentary drafts, trade acceptances,terminal receipts, or trust receipts which have been issued under such circum-stances, and which cover goods of such a character, as to insure at all times acontinuance of an effective and lawful lien in favor of the accepting bank, othertrust receipts not being considered such actual security if they permit the cus-tomer to have access 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,provided 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 which has amaturity at the time of discount in excess of 90 days' sight, exclusive of days ofgrace, except that acceptances drawn for agricultural purposes and secured atthe time of acceptance t>y warehouse receipts or other such documents conveyingor securing title covering readily marketable staples may be discounted withmaturities at the time of discount of not more than six months7 sight, exclusiveof days of grace.

(b) General conditions as to maturity of domestic acceptances.—Although a Fed-eral reserve bank may legally discount an acceptance having a maturity at thetime of discount not greater than that prescribed under (a), it may decline todiscount any acceptance the maturity of which is in excess of the usual or cus-tomary period of credit required to finance the underlying transaction or which isin excess of that period reasonably necessary to finance such transaction. Sincethe purpose of permitting the acceptance of drafts secured by warehouse receiptsor other such documents is to permit of the temporary holding of readily market-able staples in storage pending a reasonably prompt sale, shipment, or distribu-tion, no such acceptance should have a maturity in excess of the time ordinarilynecessary to effect a reasonably prompt sale, shipment, or distribution into theprocess 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 terms of,the law and the provisions of this regulation. The bill itself should be drawn soas 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 1923.

(Superseding Regulation B of 1922.)

OPEN-MARKET PURCHASES OF BILLS OF EXCHANGE, TRADE ACCEPTANCES, ANDBANKERS' 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 Reserve Board, Federal reserve banks may pur-chase and sell in the open market, at home or abroad, from or to domestic orforeign 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 discountunder the terms of Regulation A is eligible for purchase by Federal reserve banksin the open market, with or without the indorsement of a member 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;

(b) A banker's acceptance growing out of a transaction involving the im-portation or exportation of goods may be purchased if it has a maturity not inexcess of six months, exclusive of days of grace, provided that it conforms inother respects to the applicable requirements of Regulation A; and

(c) A banker's acceptance growing out of a transaction involving the storagewithin the United States of goods actually under contract for sale and not yetdelivered or paid for may be purchased, provided that the acceptor is securedby the pledge of such goods, and provided further, that the acceptance conformsin other respects to the applicable requirements of Regulation 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 con-dition of 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 statementof its financial condition in form to be approved by the Federal reserve bankand has agreed in writing with a Federal reserve bank to inform it upon requestconcerning the transaction underlying the acceptance.

REGULATION C, SERIES OF 1923.

(Superseding Regulation C of 1920.)

ACCEPTANCE BY MEMBER BANKS OF DRAFTS AND BILLS OF EXCHANGE.

ARTICLE 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 Federal re-serve 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 shipmentof goods, provided shipping documents conveying or securing title are attachedat the time of acceptance; or which are secured at the time of acceptance by awarehouse receipt or other such document conveying or securing title covering"readily marketable staples.4 This paragraph limits the amount which any bankshall, accept for any one person, company, firm, or corporation, whether in aforeign or domestic transaction, to an amount not. exceeding at any time, in theaggregate, more than 10 per cent of its paid-up and unimpaired capital stockand surplus. This limit, however, does not apply in any case where the accept-ing bank remains secured either by attached documents or b} some other actualsecurity growing out of the same transaction as the acceptance. A trust receiptwhich permits the customer to have access to or control over the goods will notbe considered by Federal reserve banks to be "actual security" within themeaning 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 Board uponthe standing of the applying bank, stating whether the business and bankingconditions 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.

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 bankmay 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 countriesor dependencies or insular possessions of the United States for the purpose offurnishing 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 one bankfco an amount exceeding in the aggregate 10 per cent of the paid-up and unim-paired capital and surplus of the accepting bank unless the draft or bill of ex-change 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 distinctProm and not included in the limits placed upon the acceptance of drafts andbills of exchange as described under Article A of this regulation.

* A readily marketable staple within the meaning of these regulations may be defined as sn article ofjommerce, agriculture, or industry of such uses as to make it the subject of constant dealings in readynarkets with such frequent quotations of price as to make (a) the price easily and definitely ascertainablemd (b) the staple itself easy to realize upon by sale at any time.



SECTION IV. Regulations.

Any member bank desiring to accept drafts drawn by banks or bankers in foreigncountries or dependencies or insular possessions of the United States for the pur-pose of furnishing dollar exchange shall first make an application to the FederalReserve Board setting forth the usages of trade in the respective countries, depend-encies, or insular possessions in which such banks or bankers are 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 approval andwill 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 pur-pose of 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 purpose offurnishing dollar exchange.

REGULATION D, SERIES OF 1923.

(Superseding Regulation D of 1920.)

TIME DEPOSITS AND SAVINGS ACCOUNTS.


Section 19 of the Federal reserve Act provides, in part, as follows:"Demand deposits within the meaning of this act shall comprise all deposits

payable within thirty days, and time deposits shall comprise all deposits payableafter thirty days, all savings accounts and certificates of deposit which are subjectto not less than thirty days' notice before payment, and all postal savings deposits.

SECTION II. Time deposits, open accounts.

The term "time deposits, open accounts" shall be held to include all accounts,not evidenced by certificates of deposit or savings pass books, in respect to whicha written contract is entered into with the depositor at the time the deposit ismade that neither the whole nor any part of such deposit may be withdrawn bycheck or otherwise, except on a given date or on wirtten notice which must begiven by the depositor a certain specified number of days in advance, in no caseless than 30 days.

SECTION III. Savings accounts.

The term "savings accounts" shall be held to include those accounts of thebank in respect to which, by its printed regulations, accepted by the depositorat the time the account is opened—

(a) The pass book, certificate, or other similar form of receipt must be presentedto the bank whenever a deposit or withdrawal is made, and

(jb) The depositor may at any time be required by the bank to give notice ofan intended withdrawal not less than 30 days before a withdrawal is made.

SECTION IV. Time certificates of deposit.

A "time certificate of deposit" is defined as an instrument evidencing thedeposit with a bank, either with or without interest, of a certain sum specifiedon the face of the certificate payable in whole or in part to the depositor or onhis order—

(a) On a certain date, specified on the certificate, not less than 30 days afterthe date of the deposit, or

(&) After the lapse of a certain specified time subsequent to the date of thecertificate, in no case less than 30 days, or

(c) Upon written notice, which the bank may at its option require to be givena certain specified number of days, not less than 30 days, before the date ofrepayment, and

(d) In all cases only upon presentation of the certificate at each withdrawalfor proper indorsement or surrender.Digitized for FRASER



REGULATION E, SERIES OF 1923.

(Superseding Regulation E of 1920.)

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 pur-chase of not exceeding six months, issued in anticipation of the collection of taxesor in anticipation of the receipt of assured revenues by any State, county, dis-trict, political subdivision, or municipality in the continental United States,including irrigation, drainage and reclamation districts, such purchases to bemade in accordance with rules and regulations prescribed by the Federal ReserveBoard."

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."The term "municipality" shall be construed to mean "State, county, district,

political subdivision, or municipality in the continental United States, includingirrigation, drainage, and reclamation districts."

The term "net funded indebtedness" shall be construed to mean the legal grossindebtedness of the municipality (including the amount of any school district orother bonds which depend for their redemption upon taxes levied upon propertywithin the municipality) less the aggregate of the following items:

(1) The amount of outstanding bonds or other debt obligations made payablefrom current revenues;

(2) The amount of outstanding bonds issued for the purpose of providing theinhabitants of a municipality with public utilities, such as waterworks, docks,electric plants, transportation facilities, etc.: Provided, That evidence is submittedshowing that the income from such utilities is sufficient for maintenance, for pay-ment of interest on such bonds, and for the accumulation of a sinking fund suffi-cient for their redemption at maturity;

(3) The amount of outstanding improvement bonds, issued under laws whichprovide for the levying of special assessments against abutting property in amountsufficient to insure the payment of interest on the bonds and the redemptionthereof at maturity: Provided, That such bonds are direct obligations of the mu-nicipality and included in the gross indebtedness of the municipality; and

(4) The total of all sinking funds accumulated for the redemption of the grossindebtedness of the municipality, except sinking funds applicable to bondsdescribed in (1), (2), and (3) above.

SECTION III . Class of warrants eligible for purchase.

Any Federal reserve bank may purchase warrants issued by a municipality inanticipation of the collection of taxes or in anticipation of the receipt of assuredrevenues, provided—

(a) They are the general obligations of the entire municipality; it beingintended to exclude as ineligible for purchase all such obligations as are payablefrom "local benefit" and "special assessment" taxes when the municipality atlarge is not directly or ultimately liable;

(6) They are issued in anticipation of taxes or revenues which are due andpayable on or before the date of maturity of such warrants; but the FederalReserve Board may waive this condition in specific cases. For the purposes ofthis regulation, taxes shall be considered as due and payable on the last day onwhich 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 either prin-cipal or interest of any funded debt authorized to be contracted by it;

(3) Whose net funded indebtedness does not exceed 10 per centum of thevaluation of its taxable property, to be ascertained by the last precedingvaluation of property for the assessment of taxes.Digitized for FRASER



SECTION IV. "Existence" and "nondefault."

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, subsequentto the issuance of such warrants, consolidated with or merged into an existingpolitical division which meets the requirements of these regulations, will be deemedto be the warrants of such political division: Provided, That such warrants wereassumed by such political division under statutes and appropriate proceedings theeffect of which is to make such warrants general obligations of such assumingpolitical division and payable, either directly or ultimately, without limitation to aspecial fund, from the proceeds of taxes levied upon all the taxable real and per-sonal 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 years willbe deemed to be warrants of such succeeding political division: Provided, Thatduring such period none of such political divisions shall have defaulted for aperiod exceeding 15 days in the payment of any part of either principal or interestof any funded debt authorized to be contracted by it: And provided further, Thatsuch warrants were assumed by such new political division under statutes andappropriate proceedings the effect of which is to make such warrants generalobligations of such assuming political division and payable, either directly or ulti-nately, 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 a polit-ical division which has been in existence for a period of 10 years: Provided, Thatduring such period none of such original, succeeding, or consolidated politicaldivisions shall have defaulted for a period exceeding 15 days in the payment ofany part of either principal or interest of any funded debt authorized to be con-tracted by it.

SECTION V. Limitations.

(a) Except with the approval of the Federal Reserve Board, no Federalreserve bank shall purchase and hold an amount in excess of 25 per cent of thetotal amount of warrants outstanding at any time and issued in conform-ity with provisions of section 14 (6), above quoted, and actually sold by amunicipality.

(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 50,000 popula-tion or over;

Three per cent of such deposits in warrants of a municipality of over 30,000population, 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 member bank, with waiver ofdemand, notice, and protest if such warrants comply with Sections III and V(h) of these regulations, except that where a period of 10 years is mentionedin I I I (c) hereof a period of 5 years shall be substituted' for the purposes of thisclause.



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 ReserveBoard will make special rulings.

SECTION VII. Opinion of counsel.

Opinion of recognized counsel on municipal issues or of the regularly ap-pointed counsel of the municipality as to the legality of the issue shall be securedand approved in each case by counsel for the Federal reserve bank.

REGULATION F, SERIES OF 1923.

(Superseding Regulation F of 1920.)

TRUST POWERS OF NATIONAL BANKS.


The Federal reserve act as amended by the act of September 26, 1918, pro-vides in 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, registrat of stocks and bonds, guardianof estates, assignee, receiver, committee of estates of lunatics, or in any other fiduciary capacity in whichState banks, trust companies, or other corporations which come into competition with national banksare permitted 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 powers byState banks, trust companies, or other corporations which compete with national banks, the granting toand 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 booksand records showing in proper detail all transactions engaged in under authority of this subsection. Suchbooks and records shall be.open to inspection by the State authorities to the same extent as the books andrecords 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 of thenational 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 shallnot 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 individuals ifState 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, admin-

istrator, 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 oatli 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 applyingbank, whether or not such capital and surplus is sufficient under the circumstances of the case, the needsof the community to be served, and any other facts and circumstances that seem to it proper, and maygrant or refuse the application accordingly: Provided, That no permit shall be issued to any national bank-ing association having a capital and surplus less than the capital and surplus required by State law ]ofS te banks, trust companies, and corporations exercising such powers.

SECTION II. Applications.

A national bank desiring to exercise any and all of the powers authorized bysection 11 (k) of the Federal reserve act, as amended by the act of September26, 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. In the



case of an original application—that is, where the applying bank has never beengranted the right to exercise any of the powers authorized by section 11 (k)—theapplication should be made on F. R. B. Form 61. In the case of a supplementalapplication—that is, where the applying bank has already been granted theright to exercise one or more of the powers authorized by section 11 (k)—theapplication should be made on F. R. B. Form 61-B. Both forms are made apart of this regulation and may be obtained from the Federal Reserve Boardor any Federal 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•of directors 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.

SECTION VI. Investment of trust funds.

(a) Private trusts.—Funds held in trust must be invested in strict accordancewith the terms of the will, deed, or other instrument creating the trust. Wherethe instrument creating the trust contains provisions authorizing the bank, itsofficers, or its directors to exercise their discretion in the matter of investments,funds held in trust rnsiy be invested only in those classes of securities which areapproved by the directors of the bank. Where the instrument creating thetrust does not specify the character or class of investments to be made and doesnot expressly vest in the bank, its officers, or its directors a discretion in thematter of investments, funds held in trust shall be invested in any securities inwhich corporate or individual fiduciaries in the State in which the bank is locatedmay lawfully invest.

(b) Court trusts.—Except as hereinafter provided, a national bank acting asexecutor, administrator, or in any other fiduciary capacity, 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 soappointed 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 anddistinct from other books and records of the bank. All accounts opened shallbe so 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.

86538—24t 19



SECTION VIII. Examinations.

Examiners appointed by the Comptroller of the Currency or designated by theFederal Reserve Board will be instructed to make thorough and complete auditsof the cash, securities, accounts, and investments of the trust (department of thebank at the same time that examination is made of the banking department.

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 (k) 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 s ct.

SECTION X. Revocation of permits.

The Federal Reserve Board reserves the right to revoke permits grantedunder the provisions of section 11 (k), as amended, in any case where in theopinion of the board a bank has willfully violated the provisions of the Federalreserve act, or of these regulations or the laws of any State relating to the opera-tions of such bank when acting in any of the capacities permitted under theprovisions of section 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 G, SERIES OF 1923.(Superseding Regulation G of 1920.)

LOANS ON FARM 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 may 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 makeloans 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 such farmland shall be made for a longer time than five years, and no loan made upon the security of such real estateas distinguished from farm land shall be made for a longer time than one year nor shall the amount of anysuch loan, whether upon such farm land or upon such real estate, exceed fifty per centum of t'le actual valueof the property offered as security. Any such bank may make such loans, whether secured by such farmland or such real estate, in an aggregate sum equal to twenty-five per centum of its capital and surplus orto one-third of its time deposits and such banks may continue hereafter as heretofore to receive time depositsand 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 mortage or deed of trust.(b) 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-thirdof its time deposits at the time of the making of the loan, and not in excess, ofone-third of its average time deposits during the preceding calendar year: Pro-vided, 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.Digitized for FRASER



(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 includes theright 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 by farmland shall have a maturity of more than five years from the date on which it waspurchased or made by the national bank and that no loan secured by other realestate shall have a maturity of more than one year from such date.

(g) Though no national bank is authorized under the provisions of section24 to 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 note maybe renewed or extended for another year, and in order to obviate the necessityof making a new mortgage or deed of trust for each renewal the original mortgageor deed of trust may be so drawn in the first instance as to cover possible futurerenewals of the original note. Under no circumstances, however, must thebank obligate itself in advance to make such a renewal. It must in all casespreserve the right to require payment at the end of the year and to foreclosethe mortgage should that action become necessary. The same principles applyto 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 ofthe loan that all of the requirements of law have been duly observed.

REGULATION H, SERIES OF 1923.

(Superseding Regulation H of 1920.)

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 timewithin which and the method by which the unimpaired capital of such bankshall be increased 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 inhabitantsExceeding 6,000 but not exceeding 50,000 inhabitants . _Exceeding 50,000 inhabitants

Minimumcapital ifadmitted

underclause (a)

Minimumcapital ifadmitted

underclause (6).

$25,000 $15,00050, 000 30,000

100,000 I 60,000200,000 120,000



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 tosuch capital increase not less than 50 per cent of its net earnings for the pre-ceding } ear prior to the payment of dividends, and if such net earnings exceed12 per cent of the paid-up capital of such bank, then all net earnings in excessof 6 per cent of the paid-up capital shall be carried to such fund, until suchfund is large enough to provide for the necessary increase in capital. Wheneversuch fund shall be large enough to provide for the necessary increase in capital,or at such other time as the Federal Reserve Board may require, such fund oras much thereof as may be necessary shall be converted into capital by a stockdividend or used in any other manner permitted by State law to increase thecapital of such bank to the amount required under (a): Provided, however, Thatsuch bank may be excused in whole or in part from compliance with the termsof this paragraph if it increases its capital through the sale of additional stock:Provided, further, That nothing herein contained shall be construed as requiringany such bank to violate any provision of State law, and in any case in whichthe requirements of this paragraph are inconsistent with the requirements ofState law the requirements of this paragraph may be waived and the subjectcovered by a special condition of membership to be prescribed by the FederalReserve 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 6per cent of the paid-up capital stock and surplus of such State bank or trustcompany. This application must be forwarded direct to the Federal reserveagent of the district in which the applying bank or trust company is locatedand must be accompanied by Exhibits I, II, and III, referred to on page 1 ofthe application blank.

SECTION III. Approval of application.

In passing upon an application the Federal Reserve Board will considerespecially—

1. The financial condition of the applying bank or trust company and thegeneral character of its management;

2. Whether the corporate powers exercised by the applying bank or trustcompany are consistent with the purposes of the Federal reserve act; and

3. Whether the laws of the State or district in which the applying bank ortrust company is located contain provisions likely to prevent proper compliancewith the provisions of the Federal reserve act and the regulations of the FederalReserve 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 toinsure compliance with the act and these regulations. When the conditionsimposed by the board have been accepted by the applying bank or trust com-pany the board will issue a certificate of approval, whereupon the applyingbank or trust company shall make a payment to the Federal reserve bank ofits district of one-half of the amount of its subscription, i. e., 3 per cent of theamount 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 deemednecessary by the Federal Reserve Board.

SECTION IV. 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 or trustcompan}', subject to the provisions of the Federal reserve act and to the regu-lations of the Federal Reserve Board;



2. Shall maintain such improvements and changes in its banking practice asmay have been specifically required of it by the Federal1 Reserve Board as acondition of its admission and shall not lower the standard of banking thenrequired of it;

3. kShall enjoy all the privileges and observe all those requirements of theFederal reserve act and of the regulations of the Federal Reserve Board madein conformity therewith wThich are applicable to State banks and trust com-panies which have become member banks; and

4. Shall comply at all times with any and all conditions of membership pre-scribed by the Federal Reserve Board at the time of the admission of such memberbank to the Federal reserve system.

SECTION V. 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 ReserveBoard or of the Federal reserve bank by examiners selected or approved by theFederal Reserve Board.

In order to avoid duplication, examinations of State banks and trust companiesmade by State authorities will be accepted in lieu of examinations by examinersselected or approved by the board wherever these are satisfactory to the directorsof the Federal reserve bank, and examiners from the staff of the board or of theFederal reserve banks will, whenever desirable, be designated by the board toact with the examination staff of the State in order that uniformity in the standardof 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 Federalreserve bank of its district on call of such bank, on dates to be fixed by theFederal Reserve Board. They shall also make semiannual reports of earningsand dividends on F. R. B. Form 107. As dividends may be declared from timeto time, each 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 1923.

(Superseding Regulation I of 1920.)

INCREASE OR DECREASE OF CAPITAL STOCK OF FEDERAL RESERVE BANKS ANDCANCELLATION OF OLD AND ISSUE OF NEW STOCK CERTIFICATES.

SECTION I. Increase of capital stock.

(a) New national banks.-—Each new national bank, while in process of organ-ization (including each nonmember State bank converting into a national bank, 5while in process of such conversion), shall file with the Federal reserve bank of itsdistrict an application to the Federal Reserve Board on F. R. B. Form 30 (or asto a nonmember State bank converting into a national bank, on F. R. B. Form30a), made a part of this regulation, for an amount of capital stock of the Federalreserve bank of its district equal to 6 per cent of the paid-up capital stock andsurplus of such new national bank. Such application shall be forwarded promptlyto the Federal Reserve Board, and if it is found to be in proper form the FederalReserve Board will grant its approval effective if and when the Comptroller of theCurrency issues to such bank his certificate of authority to commence business.If its application is approved, the applying bank shall thereupon make a paymentto the Federal reserve bank of its district of one-half of the amount of its sub-scription, i. e., 3 per cent of the amount of its paid-up capital and surplus; andupon receipt of this payment the Federal reserve bank will issue a receipt therefor,

5 Whenever any State member bank is converted into a national bank under section 5154 of the RevisedStatutes, as amended by section 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 application forFederal reserve bank stock, unless the aggregate amount of its capital and surplus is increased, in whichevent it should file an application for additional stock, as provided in Section I (c). The certificate of stockissued in the old name of the member bank, however, should be surrendered and canceled, and a newcertificate should be issued in lieu thereof, in the new name of the member bank, as provided in Section III .



place the amount in a suspense account, and notify the Federal Reserve Board thatit has been received. When the Comptroller of the Currency issues to such apply-ing bank his certificate of authority to commence business the Federal reservebank shall issue a stock certificate to the applying bank, and the capital stock ofthe Federal reserve bank represented by such certificate shall be considered asissued as of the date upon which the Comptroller of the Currency issues hiscertificate of authority to commence business. The remaining half of the sub-scription of the applying bank shall be subject to call when deemed necessary bythe Federal Reserve Board.

(b) State banks becoming members.—Any State bank or trust company desiringto become a member of the Federal Reserve System shall make application asprovided in Regulation H, and when such application has been approved by theFederal Reserve Board and all requirements of Regulation H have been compliedwith the Federal reserve bank shall issue an appropriate certificate of stock asprovided 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 ofthe capital 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 ii:s additionalsubscription, and when this amount has been paid the appropriate certificate ofstock shall be issued by the Federal reserve bank. The remaining half of suchadditional 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 6 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 applica-tion for additional stock, as provided in Section I (c).

(e) Certifying increases of Federal reserve bank stock.—Whenever the capitalstock of any Federal reserve bank shall be increased the board of directors ofsuch Federal reserve bank shall certify such increase to the Comptroller of theCurrency 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 reducesthe amount of its paid-up capital stock and, in the case of redaction of the paid-up capital of a national bank, such reduction has been approved by the Comp-troller of the Currency and by the Federal Reserve Board in accordance with theprovisions of section 28 of the Federal reserve act, it shall file with the Federalreserve bank of which it is a member an application for the surrender and can-cellation 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 andthe Federal 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 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 of theassets of the liquidating bank by the bank continuing in existence, it is necessary for the liquidating bankto surrender its Federal reserve bank stock and for the purchasing bank to apply for new stock. On theother hand, if member banks consolidate, under a statute which does not require the liquidation of any ofthe consolidating banks, and the assets and obligations of the consolidating banks are transferred to theconsolidated bank by operation of law, the consolidated bank becomes the owner of the Federal reservebank stock of the consolidating banks as soon as the consolidation takes effect and such stock technicallyneed 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, in the new nameof the consolidated bank, as provided in Section III. A consolidation of national banks under the act ofCongress entitled "An act to provide for the consolidation of national banking associations," approvedNov. 7, 1918, meets all of these conditions.



(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 Federal reservebank of which the insolvent bank is a member an application on the F. R. B.Form 87, which is made a part of this regulation, for the surrender and cancella-tion of the stock held by such insolvent member bank, and for the refund of allbalances due to it. If the receiver shall fail to make such application withinthe time 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 receiver additional time in which to filesuch an application. Upon approval of such an application by the Federalreserve agent and the Federal Reserve Board, or upon the issuance of such anorder by the Federal Reserve Board, the Federal reserve bank shall cancel suchstock and shall adjust accounts between the member bank and the Federalreserve bank by applying to any indebtedness of the insolvent member bankto such Federal reserve bank all cash-paid subscriptions made by it on the stockcanceled with one-half of 1 per cent per month from the period of last dividend,if earned, not to exceed the book value thereof, and the balance, if any, shall bepaid to the duly authorized receiver of such insolvent member bank.

(c) Voluntary liquidation of member bank.—Whenever a member bank goes intovoluntary liquidation and a liquidating agent is appointed, such agent shall,within six months from the date of his appointment, file with the Federal reservebank of which the liquidating bank is a member an application on F. R. B.Form 86, if a national bank, and on F. R. B. Form 143, if a State bank,which forms are made a part of this regulation, for the surrender and cancellationof the stock held by it and for the refund of all balances due to such liquidatingmember bank. If the liquidating agent shall fail to make such applicationwithin the time specified, the Federal reserve agent shall report the facts tothe Federal Reserve Board with a recommendation as to the action to be taken,whereupon the Federal Reserve Board will either issue an order to cancel suchstock, or, if the circumstances warrant it, grant the liquidating agent additionaltime in which to file such an application. Upon approval of such an applicationby the Federal reserve agent and the Federal Reserve Board, or upon the issuanceof such 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 madoby 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.

(d) Consolidation of member banks.—Whenever there is a consolidation of twoor more member banks which results in the consolidated bank acquiring byoperation of law (see note 6 on p. 282) 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 propor-tionate 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 provisionsof section 6 of the Federal reserve act, be certified to the Comptroller of theCurrency 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 bemade quarterly as of the last days of December, March, June, and Septemberof each year. A duplicate copy of each certificate shall be forwarded to theFederal Reserve Board.

SECTION III. 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 6 on p. 282) the Federalreserve bank stock previously held by such other member bank, it shall surrender



to 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 banksurrendering it or by the member bank to which it was originally issued andshall be accompanied by proper proof of the change of name or consolidation.Upon receipt of such certificate of stock so indorsed, together with such proof, theFederal reserve bank shall cancel the certificate so surrendered and shall issue inlieu thereof to and in the name of the member bank surrendering it a new certi-ficate for the number of shares represented by the certificate so surrendered, orif the member bank is entitled to surrender some of the stock which is representedby the surrendered certificate, and an application for the surrender and cancella-tion of such stock is at the same time made in accordance with this regulation,the new certificate shall be for the number of shares represented by the surrend-ered certificate less the number of shares canceled pursuant to such application.All cases where certificates of stock are surrendered and new certificates issued inlieu thereof and in a different name shall be reported to the Federal ReserveBoard by the Federal reserve agent.

REGULATION J, SERIES OF 1920.

(Superseding Regulation J of 1917.)

C H E C K CLEARING AND COLLECTION.

(See note below.)

Section 16 of the Federal reserve act authorizes the Federal Reserve Board 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 receive fromany nonmember bank or trust company, solely for the purposes of exchange or ofcollection, deposits of current funds in lawful money, national-bank notes, Fed-eral 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 transit heldfor its account by the Federal reserve bank.

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 check col-lection and settlement of balances, has arranged to have each Federal reservebank exercise the functions of a clearing house for such of its member banks asdesire to avail themselves of its privileges, and for such nonmember State banksand trust companies as may maintain with the Federal reserve bank balancessufficient to qualify them under the provisions of section 13 to send items toFederal reserve banks for purposes of exchange or of collection. Such non-member State banks and trust companies will hereinafter be referred to in thisregulation as nonmember clearing banks.

Each Federal reserve bank shall exercise the functions of a clearing house underthe following general terms and conditions:

(1) Each Federal reserve bank will receive at par from its member banks andfrom nonmember clearing banks in its district, checks 7 drawn on all member andnonmember clearing banks and on all other nonmember banks which agree toremit at par through the Federal reserve bank of their district.

(2) Each Federal reserve bank will receive at par from other Federal reservebanks, and from all member and nonmember clearing banks, regardless of theirlocation, for the credit of their accounts with their respective Federal reserve

7 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 a certain person thereinnamed, or to him or his order, or to bearer, and payable instantly on demand.

NOTE.—The Federal Reserve Board, by telegram dated August 2,1923, instructed Federal reserve banksto discontinue the use of agents other than banks for the purpose of making collections at par of items drawnupon nonpar remitting banks. Under date of July 10, 1923, in connection with the revision of all theboard's regulations, the board had issued Regulation J, series of 1923, which was intended to supersedeRegulation J, series of 1920. but the effective date of that regulation was fixed as of August 15, 1923, andbefore that date the regulation was suspended and never became effective. Regulation J, series of 1920,has since been superseded, however, by Regulation J, series of 1924, which was adopted by the FederalReserve Board and became effective on May 9, 1924.



banks, checks drawn upon all member and nonmember clearing banks of itsdistrict and upon all other nonmember banks of its district whose checks arecollected at par by the Federal reserve bank.

(3) Immediate credit entry upon receipt subject to final payment will be madefor all such items upon the books of the Federal reserve bank at full face value,but the proceeds will not be counted as part of the minimum reserve nor be-come available to meet checks drawn until such time as may be specified inthe appropriate time schedule referred to in subdivision 7.

(4) Checks received by a Federal reserve bank on its member or nonmemberclearing banks will be forwarded direct to such banks and will not be chargedto their accounts until sufficient time has elapsed within which to receive advice ofpayment, as shown by the appropriate time schedule referred to in subdivision 7.

(5) Under this plan each Federal reserve bank will receive at par from itsmember and nonmember clearing banks checks on all member and nonmemberclearing banks and on all other nonmember banks whose checks can be collectedat par by any Federal reserve bank. Member and nonmember clearing bankswill be required by the Federal Reserve Board to provide funds to cover at parall checks received from or for the account of their Federal reserve banks:Provided, however, That a member or nonmember clearing bank may ship cur-rency or specie from its own vaults at the expense of its Federal reserve bankto cover any deficiency which ma}^ arise because of and only in the case ofinability to provide items to offset checks received from or for the account ofits Federal reserve bank.8

(6) Section 19 of the Federal reserve act provides that—"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 pre-scribed by the Federal Reserve Board, be checked against and withdrawn bysuch member bank for the purpose of meeting existing liabilities: Provided,however, That no bank shall at any time make new loans or shall pay anvdividends unless and until the total balance required by law is fully restored."

Items can not be counted as part of the minimum reserve balance to be car-ried by a member bank with its Federal reserve bank until such time as may bespecified in the appropriate time schedule referred to in subdivision 7. There-fore, should a member bank draw against items before such time, the draftwould be charged against its reserve balance if such balance were sufficient inamount to pay it; but any resulting impairment of reserve balances would besubject to all the penalties provided by the act.

Inasmuch as it is essential that the law in respect to the maintenance bymember banks of the required minimum reserve balance shall be strictly com-plied with, the Federal Reserve Board, under authority vested in it by section19 of the act, has prescribed as the basic penalty for any deficiency in reservesa sum equivalent to an interest charge on the amount of the deficiency of 2per cent per annum above the ninety-day discount rate of the Federal reservebank of the district in which the member Bank is located, and has announcedthat it wTill prescribe for any Federal reserve district, upon the application ofthe Federal reserve bank of that district, as an additional progressive penaltyfor any subsequent deficiency by the same member bank during the samecalendar year a sum equivalent to an interest charge on the amount of thesubsequent deficiency at a rate increasing one-half of 1 per cent for each suchsubsequent deficiency.

(7) Each Federal reserve bank will determine by analysis the amounts ofuncollected funds appearing on its books to the credit of each member bank.Such analysis will show the true status of the reserve held b} the Federal reservebank for each member bank and will enable it to apply the penalty for impair-ment of reserve.

Each Federal reserve bank will publish time schedules showing the time atwhich any item sent to it will be counted as reserve and become available tomeet any checks drawn.

(8) In handling items for member and nonmember clearing banks, a Federalreserve bank will act as agent only. The board will require that each memberand nonmember clearing bank authorize its Federal reserve bank to send checks

8 In accordance with instructions issued by the Federal Reserve Board on April 24, 1917, the variousFederal reserve banks have issued circulars setting forth the conditions under which their respectivemember banks may draw drafts on their reserve bank accounts payable with or through any otherFederal reserve bank.



for collection to banks on which checks are drawn, and, except for negligence,such Federal reserve bank will assume no liability. Any further requirementsthat the board may deem necessary will be set forth b} the Federal reservebanks in their letters of instruction to their member and nonmember clearingbanks. Each Federal reserve bank will also promulgate rules and regulationsgoverning the details of its operations as a clearing house, such rules and regula-tions to be binding upon all member and nonmember banks which are clearingthrough the Federal reserve bank.

REGULATION K, SERIES OF 1923.

(Superseding Regulation K of 1920.)

BANKING CORPORATIONS AUTHORIZED TO DO FOREIGN BANKING BUSINESSUNDER THE TERMS OF SECTION 25 (a) OF THE FEDERAL RESERVE ACT.

I. Organization.

Any number of natural persons, not less in any case than five, may form aCorporation 9 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.

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 151,wrhich is suggested as a satisfactory form of articles of association) which shallspecify in general terms the objects for which the Corporation is formed, andmay contain any other provisions not inconsistent with law which the Corpora-tion may see fit to adopt for the regulation of its business and the conduct of itsaffairs. The articles of association shall be signed by each person intending toparticipate in the organization of the Corporation and when signed shall beforwarded to the Federal Reserve Board in whose office they shall be filed.

III . Organization certificate.

All of the persons signing the articles of association shall under their handsmake an organization certificate on F. R. B. Form 152, which is made a part ofthis regulation, 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 has subscribed.Sixth. The fact that the certificate is made to enable the persons subscribing

the same and all other persons, firms, companies, and 'corporations who or whichmay thereafter subscribe to or purchase shares of the capital stock of suchCorporation to avail themselves of the advantages of this section.

The persons signing the organization certificate shall acknowledge the execu-tion thereof before a judge of some court of record or notary public who shallcertify thereto under the seal of such court or notary. Thereafter the certificateshall be forwarded to the Federal Reserve Board to be filed in its office.

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 apart of this regulation. This application should state merely that the organiza-

9 Whenever these regulations refer to a Corporation spelled with a capital 0 they relate to a corporationorganized under section 25 (a) of the Federal reserve act.



tion of a Corporation under the proposed name is contemplated and may requestthe approval of that name and its reservation for a period of 30 days. NoCorporation which issues its own bonds, debentures, or other such obligationswill be permitted to have the word "bank" as a part of its title. No Corpora-tion which has the word " Federal" in its title will be permitted also to havethe word "bank" as a part of its title. So far as possible the title of the Corpora-tion should indicate the nature or reason of the business contemplated and shouldin no case resemble the name of any other corporation to the extent that it mightresult in misleading or deceiving the public as to its identity, purpose, connec-tions, or affiliations.

V. Authority to commence business.

After the articles of association and organization certificate have been madeand filed with the Federal Reserve Board, and after they have been approvedby the Federal Reserve Board and a preliminary permit to begin business hasbeen issued by the Federal Reserve Board, the association shall become andbe a body corporate, but none of its powers except such as are incidental andpreliminary to its organization shall be exercised until it has been formallyauthorized by the Federal Reserve Board by a final permit generally to com-mence 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 UnitedStates, by corporations the controlling interest in which is owned by citizensof the United States, chartered under the laws of the United States, or by firmsor companies the controlling interest in which is owned by citizens of the UnitedStates; and (c) that of the authorized capital stock specified in the articles ofassociation at least 25 per cent has been paid in in cash and that each shareholderhas individually paid in in cash at least 25 per cent of his stock subscription.Thereafter the cashier shall certify to the payment of the remaining installmentsas and when each is paid in, in accordance with law.

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.

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 corpora-tions the controlling interest in which is owned by citizens of the United States,•chartered under the laws of the United States or of a State of the United States,or by firms or companies the controlling interest in which is owned by citizensof the United States."

In order to insure compliance at all times with the requirements of this provi-sion 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 partyto whom it is desired to issue or transfer stock, or by his or its duly authorizedagent, 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; (6) Whether thereis or 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 in any•way under the control of any foreign state or any foreigner, foreign corporation,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 charteredunder the laws of the United States or of a State of the United States. If it isnot, no further declaration is necessary, but if it is, it must also be stated (6)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 corporationunder foreign control, and if so, the nature thereof.

In the case of a firm or company.— (a) Whether the controlling interest in such firmor company is or is not owned by citizens of the United States and, if so. (b) whetherthere is or is not any arrangement under which such firm or company will holdthe shares or any of the shares if issued or transferred to such firm or companyin trust lor or in any way under the control of any foreign state or any foreigneror foreign corporation or any corporation under foreign control, and if so, thenature 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 ofthe law. No issue or transfer of stock which would cause 50 per cent or more ofthe total amount of stock issued or outstanding to be held contrary to the pro-visions of the law or these regulations shall be made upon the books of the Cor-poration. The decision of the board of directors in each case shall be final andconclusive, and not subject to any question by any person, firm, or corporation,,on any ground 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 theboard of directors, becomes subject to the control of any foreign state or foreigneror foreign corporation or corporation under foreign control, 50 per cent or moreof the total amount of capital stock issued or outstanding is held contrary to theprovisions of the law or these regulations, the board of directors may, wheniapprised 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 been transferred as required above and if on the expirationof two months after such notice the shares shall not have been so transferred, theshares shall be forfeited to the Corporation.

The board of directors shall prescribe in the by-laws of the Corporationappropriate regulations for the registration of the shares of stock in accordancewith the terms of the law and these regulations. The by-laws must also provide-that 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.

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.

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 corpora-tions, and It is accordingly provided that a Corporation may invest in the stock,or other certificates of ownership, of any other corporation organized—

(a) Under the provisions of section 25 (a) of the Federal reserve act;(6) 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 businessof 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 corpora-tion.

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 in sub-stantial competition therewith or which holds stock or certificates of ownershipin corporations which are in substantial competition with the purchasing Cor-poration. This restriction, however, does not apply to corporations organizedunder foreign laws.

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.

XI. Issue of debentures, bonds, and promissory notes.

Approval of the Federal Reserve Board.—No Corporation shall make any publicor private issue of its debentures, bonds, notes, or other such obligations withoutthe approval of the Federal Reserve Board, but this restriction shall not applyto notes issued by the Corporation in borrowing from banks or bankers fortemporary purposes not to exceed one year. The approval of the Federal Re-serve 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 wayto imply that the Federal Reserve Board has approved or passed upon the meritsof such obligations as an investment. The Federal Reserve Board will considerthe general character and scope of the business of the Corporation in determin-ing the amount of debentures, bonds, notes, or other such obligations of theCorporation which 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 Corpor-ation 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 theywere based; and (3) such other data as the Federal Reserve Board may from timeto time require.

Advertisements.—No circular, letter, or other document advertising the issueof the obligations of a Corporation shall state or contain any reference to thefact that the Federal Reserve Board has granted its approval of the issue to whichthe advertisement relates. This requirement will be enforced strictly in orderthat there may be no possibility of the public's misconstruing such a referenceto be an approval by the Federal Reserve Board of the merits or desirability ofthe obligations as an investment.

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 ReserveBoard has approved or passed upon the merits of such securities as an invest-ment.

Application.—Every application for the approval of such sale shall be accom-panied by a statement of the character and amount of the securities proposedto be sold, their indorsements, guaranties, or collateral, if any, and such otherdata as the Federal Reserve Board may from time to time require.

Advertisements.—No circular, letter, or other document advertising the saleof foreign securities by a Corporation with its indorsement or guaranty shallstate or contain any reference to the fact that the Federal Reserve Board hasgranted its approval of the sale of the securities to which the advertisementrelates.



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 or bank-ers located in foreign countries or dependencies or insular possessions of the UnitedStates for the purpose of furnishing dollar exchange as required by the usages oftrade in such countries, dependencies, and possessions, provided, however, that,except the approval of the Federal Reserve Board and subject to such limita-tions as it may prescribe, no Corporation shall exercise its power to accept draftsor bills of exchange if at the time such drafts or bills are presented for acceptanceit has outstanding any debentures, bonds, notes, or other such obligations issuedby it,

Maturity.—Except with the approval of the Federal Reserve Board, no Cor-poration shall accept anj^ draft or bill of exchange which grows out of a trans-action involving the importation or exportation of goods with a maturity inexcess of six months, or shall accept any draft or bill of exchange drawn for thepurpose of furnishing 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 the trans-action be fully secured or represents an exportation or importation of commodi-ties and is guaranteed by a bank or banker of undoubted solvency. (2) Aggre-gates: Whenever the aggregate of acceptances outstanding at any time (a) ex-ceeds the amount of the subscribed capital and surplus, 50 per cem: 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 fulty secured. (The Corporation shall electwhichever requirement (a) or (b) 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 or lessa reserve of at least 15 per pent shall be maintained, and against all acceptancesoutstanding which mature in more than 30 days a reserve of at least 3 per centshall be maintained. Reserves against acceptances must be in liquid assets ofany or all of the following kinds: (1) cash; (2) balances with other banks; (3)bankers' acceptances; and (4) such securities as the Federal Reserve Board mayfrom time to time permit.

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 outtransactions 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 may re-ceive deposits of any kind from individuals, firms, banks, or other corporations,provided, however, that if such corporation has any of its bonds, debentures,or other such obligations outstanding it may receive abroad only such depositsas are 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.

XV. General limitations and restrictions.

Liabilities of one borrower.—The total liabilities to a Corporation of any person,company, firm, or corporation for money borrowed, including in the liabilities ofa company or firm the liabilities of the several members thereof, shall at no timeexceed 10 per cent of the amount of its subscribed capital and surplus, exceptwith the approval of the Federal Reserve Board: Provided, however, That the



discount of bills of exchange drawn in good faith against actually existing valuesand the discount of commercial or business paper actually owned by the personnegotiating the same shall not be considered as money borrowed within the mean-ing of this paragraph. The liability of a customer on account of an acceptancemade by the Corporation for his account is not a liability for money borrowedwithin the meaning of this paragraph unless and until he fails to place the Cor-poration in funds to cover the payment of the acceptance at maturity or unlessthe 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 suchobligations 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 these regu-lations, a Corporation may exercise abroad not only the powers specifically setforth in the law but also such incidental powers as may be usual in the determi-nation 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.

XVI. Management.

The directors, officers, or employees of a Corporation shall exercise theirrights and perform their duties as directors, officers, or employees, with due regardto both the letter and the spirit of the law and these regulations. For the purposeof these regulations the Corporation shall, of course, be responsible for all acts ofomission or commission of any of its directors, officers, employees, or representa-tives in the conduct of their official duties. The character of the managementof a Corporation and its general attitude toward the purpose and spirit of the lawand these regulations will be considered by the Federal Reserve Board in actingupon any application made under the terms of these regulations.

XVII. Reports 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.

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 1923.

(Superseding Regulation L of 1920.)

INTERLOCKING B A N K DIRECTORATES U N D E R THE CLAYTON 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 of thesources 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 individualengaging in one or more phases of the banking business as that term is generallyunderstood and to any member of an unincorporated firm engaging in such busi-ness.

The term "Edge Act" shall mean section 25 (a) of the Federal reiserve 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 at the sametime as director, officer, or employee of any other national bank, regardless ofits location.

(2) No person who is a director in a State bank or trust company having re-sources aggregating more than $5,000,000 or who is a private banker havingresources aggregating more than $5,000,000 can legally serve at the same time asdirector of any national bank, regardless of its location.

(3) No person can legally be a director, officer, or employee of a national banklocated in a city of more than 200,000 inhabitants who is at the same time aprivate banker in the same city or a director, officer, or employee of any otherbank (State or national) located in the same city, regardless of the size of suchbank.

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 cf directors, and when a director, officer, oremployee has been elected or selected in accordance with the provisions of theClayton Act it is lawful for him to continue as such for one 3 ear thereafter undersaid election 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 insuch capacity 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.

SECTION III. Exceptions.

The provisions of section 8 of the Clayton Act—(1) Do not apply to mutual savings banks not having a capital stock repre-

sented 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 national bank, Statebank, or trust company, where the entire capital stock of one is owned by thestockholders of the other.

(3) Do not prohibit a person from being at the same time a class A director ofa Federal reserve bank and also an officer or director, or both an officer and adirector, in one member bank.

(4) Do not prohibit a person who is serving as director, officer, or employee of anational bank, even though it has resources aggregating over $5,000,000, fromserving at the same time as director, officer, or employee of any number of Statebanks and trust companies, provided such State institutions are not located in thesame city of over 200,000 inhabitants as the national bank and do not haveresources 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 of them are locatedin the same city of over 200,000 inhabitants and no one of them has resourcesaggregating over $5,000,000.

(6) Do not prohibit a person who is not a director, officer, or employee of anynational bank from serving at the same time as officer, director, or employee ofany number of State banks or trust companies, regardless of their locations andresources.

(7) Do not prohibit a person who is an officer or employee but not a director of aState bank from serving as director, officer, or employee of a national bank, eventhough either or both of such banks have resources aggregating over $5,000,000,provided both banks are not located in the same city of over 200,000 inhabitants.

(8) Do not prohibit a person who is an officer or employee but not a directorof a national bank from serving at the same time as director, officer, or employeeof a State bank, even though either or both of such banks have resources aggrega-ting over $5,000,000, provided both banks are not located in the same city of over200,000 inhabitants.

(9) Do not apply to persons who have obtained the consent or approval of theFederal Reserve Board under the provisions of the Kern amendment, section 25of the Federal Reserve Act, or the Edge Act, as hereinafter provided.

Exceptions cumulative.—The above exceptions are cumulative.

SECTION IV. Permission of the Federal Reserve Board under Kern amendment.

By the Kern amendment, approved May 15, 1916, as amended May 26, 1920,the Clayton Act was amended so as to authorize the Federal Reserve Board topermit 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,or employee of not more than two other banks, banking associations, or trustcompanies coming within the prohibitions of the Clayton Act, provided suchother banks are not in substantial competition with such private banker ormember bank.

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 hasno discretion 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 within themeaning of the Kern amendment to the Clayton Act:

"In general, two banks will be deemed to be in substantial competition if theyactually compete for a considerable amount of business, i. e., if a considerableportion of the business of each is of the same character and in doing or seekingsuch business they actually compete for the same customers or prospective cus-tomers, regardless of whether or not it is probable or possible that an interlockingdirectorate between them would result in injury to the public by making creditless available. If the statements of two banks show that each has a considerableamount of the same class of deposits or loans and it appears from the evidencesubmitted that they are so located as to be in a position to serve the same cus-tomers conveniently, the board will presume, in the absence of evidence to thecontrary, that they are in substantial competition. This presumption may berebutted, however, b) any evidence showing that they are not actually com-peting for such business, e. g., that they actually serve different classes of cus-tomers, that the business in question is not actually sought by one bank but ismerely incidental to its other business, or that competition has already beeneliminated through common stock ownership. The existence of substantial com-petition, however, may be shown by evidence other than that described above."

This is not intended as a precise definition of the term "substantial competi-tion," but merely as a broad statement of the general principles which will beobserved 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.

When obtained.—Inasmuch as the Kern amendment excepts from the prohibi-tions of the Clayton Act only those "who shall first procure the consent of theFederal Reserve Board," it is a violation of the law to serve two or more institu-tions in the prohibited classes before such consent has been obtained. Such con-



sent should be obtained, therefore, before becoming an officer, director, or em-ployee of more than one bank in the prohibited classes. Such consent may beprocured before the person apptying therefor has been elected as a class A directorof a Federal reserve bank or as a director of any member bank.

Applications for permission.—A person wishing to obtain the permission of theFederal 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, onF. R. B. Form 94d. Each of these forms is made a part of this regulation.

(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 character of its business,,together with a copy of its last published statement of condition, and, if a privatebanker, make a statement on F. R. B. Form 94e showing the character of his orhis firm's business.

(3) Forward all these papers to the Federal reserve agent of his district, whowill attach his recommendation on F. R. B. Form 94b, which is made a part ofthis regulation, and forward them in due course to the Federal Reserve Board.

Approval or disapproval.—As soon as an application is acted upon by the board,the applicant will be advised of the action taken.

If the board approves the application, a formal certificate of permission to serveon 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 additionalfacts 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 anj^ time in thediscretion of the Federal Reserve Board. The issuance of a permit to any personshall have the effect of revoking any or all permits which may have been issuedpreviously 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, under theprovisions 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 application inthe form of a letter addressed to the Federal Reserve Board either by the officer,director, or employee involved, or in his behalf by one of the banks which he isserving. Such application should be sent directly to the Federal Reserve 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 in whosecapital stock the member bank shall have invested.

(2) Any officer, director, or employee of any Edge corporation may serve atthe same time as officer, director, or employee of any other corporation in whosecapital stock such Edge corporation shall have invested under the provisions ofthe Edge Act.

Applications for approval.—Such approval may be obtained through an informalapplication in the form of a letter addressed to the Federal Reserve Board eitherby the director, officer, or employee involved, or in his behalf by one of the banksor corporations involved. Such applications should be sent directly to theFederal Reserve Board.



CUBAN AGENCIES.

RESOLUTION ADOPTED BY FEDERAL RESERVE BOARD JULY 30, 1923.

Whereas the United States Government, by virtue of the so-called Plattamendment, has entered into relations with Cuba which it does not have withany other foreign country, especially in matters of finance and currency, thecurrency of the United States having been made legal tender by Cuba;

Whereas the Federal Reserve Board is of the opinion that the establishmentof an agency in Cuba is desirable as a means of stabilising banking conditionsand furnishing an adequate supply of clean currency;

Whereas the President of the United States and the State Department haveadvised this board that it is important that such an agency should be estab-lished;

Whereas the Federal Reserve Bank of Atlanta and the Federal Reserve Bankof Boston have each petitioned the Federal Reserve Board for authority to es-tablish an agency in Havana, Cuba, for the purpose of conducting operationspermitted under section 14 of the Federal reserve act;

Whereas the Federal Reserve Bank of Boston desires to establish such anagency primarily for the purpose of buying and selling cable transfers and buy-ing, selling, and collecting bankers' acceptances and bills of exchange bearingsatisfactory bank indorsements;

Whereas a substantial portion of the currency now in circulation in Cubaconsists of Federal reserve notes of the Federal Reserve Bank of Atlanta; andit is feared that the establishment of an agency of another Federal reserve bankin Cuba might result in the retirement of such notes from circulation; and theFederal Reserve Bank of Atlanta desires to establish an agency in Cuba pri-marily in order that it may maintain the circulation of its Federal reserve notesin Cuba;

Whereas the Federal Reserve Bank of Boston does not desire to put its Fed-eral reserve notes in circulation in Cuba but is willing if authorized to establishsuch an agency, to preserve as far as possible the circulation in Cuba of Federalreserve notes issued through the Federal Reserve Bank of Atlanta;

Be it resolved by the Federal Reserve Board, That the applications of the FederalReserve Bank of Atlanta and the Federal Reserve Bank of Boston for permis-sion to establish such agencies are hereby granted on the following terms andconditions:

(1) The Federal Reserve Bank of Atlanta and the Federal Reserve Bank ofBoston are each authorized to establish an agency in Havana, Cuba, and throughsuch agency to buy and sell cable transfers; buy, sell, and collect prime bankers'acceptances and prime bills of exchange, which acceptances and bills are payablein dollars, arise out of actual import or export transactions, bear the signaturesof two or more responsible parties, bear a satisfactory bank indorsement, havenot more than 90 days to run, exclusive of days of grace, and are secured atthe time of purchase by shipping documents evidencing the actual import orexport and the actual sale of goods and conveying or securing title to such goods;and to exercise only such incidental powers as shall be necessary to the exercise ofthe above powers. The term "bills" as hereinafter used shall mean cable trans-fers, bankers' acceptances, and bills of exchange of the kinds described in thisparagraph.

(2) The Federal Reserve Bank of Atlanta shall not buy or sell any cabletransfers except at the request of the Federal Reserve Bank of Boston as pro-vided in paragraph 3 hereof, and shall not purchase, sell, or collect any bills inCuba except such as originate in or are drawn upon banks or other drawees inthe Sixth Federal Reserve District; and shall purchase no other bills nor pur-chase or sell any cable transfers except upon the request of, and for the accountof, the Federal Reserve Bank of Boston.

(3) The Federal Reserve Bank of Boston shall not pay out any currency inCuba except as hereinafter provided, and whenever bills or cable transfers areoffered for sale to its Havana Agency and the sellers request payment in Federalreserve notes or other currency, the Federal Reserve Bank of Boston shallrequest the Federal Reserve Bank of Atlanta to purchase such bills or cabletransfers for it and immediately pay for them with Federal reserve notes issuedthrough the Federal Reserve Bank of Atlanta or other currency. The FederalReserve Bank of Atlanta shall comply with all such requests and shall makeimmediate payment, and shall immediately resell such cable transfers or bills tothe Federal Reserve Bank of Boston at cost and without recourse. If the Fed-



eral Reserve Bank of Atlanta shall fail to purchase such bills or cable transferspromptly for the Federal Bank of Boston or shall not have available in Havanaa sufficient supply of currency, the Federal Reserve Bank of Boston may itselfpurchase such bills and pay for them with its own Federal reserve: notes. Inmaking sales of cable transfers and bills of exchange where currency is tenderedin payment, the Federal Reserve Bank of Boston shall require the purchasingbanks to make the currency payments to the agency of the Federal ReserveBank of Atlanta for credit to its account. All settlements between the agenciesshall be made at the request of the creditor bank by the head offices throughthe gold settlement fund. Neither bank shall make any direct exchanges ofcurrency in Cuba.

(4) The establishment and operation of such agencies, and the exercise of allthe above powers through such agencies, shall be subject to such changes andsuch further rules and regulations as the Federal Reserve Board may prescribefrom time to time.

(5) The Federal Reserve Board expressly reserves the right to revoke itsconsent at any time to the continuance of such agencies, to require the discon-tinuance of such agencies, or to authorize the establishment of new agencieswhenever in its discretion it considers it desirable to do so.

COURT OPINIONS IN PAR CLEARANCE CASES.

ATLANTA CASE.

DECISION OF SUPREME COURT OF THE UNITED STATES, JUNE 11, 1923.

AMERICAN BANK & TRUST CO. ET AL., APPELLANTS, V. FEDERAL RESERVEBANK OF ATLANTA ET AL.

Appeal from the United States Circuit Court of Appeals for the Fifth Circuit.

Mr. Justice BRANDEIS delivered the opinion of the court.After the decision in this case reported in 256 U. S. 350 an answer was filed

which denied, in large part, the allegations of the bill. Then, by an amendedanswer, the Federal reserve bank disclaimed any intention of demanding paymentin cash, when presenting checks at the banks, and averred its willingness toaccept payment in drafts, either on the drawee's Atlanta correspondent or onany other solvent bank, if collectible at par. The District Court heard the caseupon the evidence. It found that the Federal reserve bank was not inspiredby any ulterior purpose to coerce or to injure any non-member bank whichrefused to remit at par. It found that the evidence was insufficient to sustainany charge that the Federal reserve bank was exercising its rights so as to injureor oppress plaintiff banks. And it found, specifically, that the evidence did notsustain the charge that the Federal reserve bank accumulated checks upon non-member country banks until they reached a large amount and then caused thechecks to be presented for payment over the counter, in order to compel plain-tiff banks to keep in their vaults so much cash that they would be obliged eitherto agree to remit at par or to go out of business. With regard to publication onthe par list of the names of non-assenting banks, the District Court held thatthe evidence did not justify a finding that such publication was made in order toinjure or oppress plaintiff banks. But it was of opinion that insertion of theirnames might lead to the belief that the plaintiff banks had agreed to remit atpar. An injunction was, therefore, granted against inclusion of their names onthe par list. The relief sought was in all other respects denied. The decreeleft the Federal reserve bank free to publish that it would make collection atpar of checks upon any bank in any town, thus including those ir. which plain-tiffs had their respective places of business. 280 Fed. 940. These findings wereapproved by the Circuit Court of Appeals; and the decree was affirmed, 284Fed. 424.

The case is here on an appeal taken by the plaintiffs. The evidence wasconflicting. No adequate reason is shown why the concurrent findings of factmade by the two lower courts should not be accepted by us. Luckenbach v.W. J. McCahan Sugar Refining Co., 248 U. S. 139, 145. Whether on the undis-puted facts plaintiffs were entitled to additional relief is the main question fordecision. In order to decide that question it is necessary to consider the course



of business former1^ prevailing and the changes wrought by the attempt tointroduce universal par clearance and collection of checks through the Federalreserve banks.

A large part of the checks drawn on country banks are sent to payees who residein places other than that in which the drawee bank is located. Payment of such acheck is ordinarily secured through the payee's depositing it in his local bank forcollection. This bank ordinarily used, as the means for presenting the check tothe drawee, a clearing house and/or correspondent banks. Formerly when thecheck was so presented, the drawee ordinarily paid, not in cash, but by a remit-tance drawn on his balance in some reserve city or by a credit with some corre-spondent. This process of collection yielded to the country bank a twofoldprofit. It earned some profit by the small service charge called exchange, whichit made for the remittance or the credit. And it earned some profit by using thedepositor's money during the period (sometimes weeks) in which the check wastravelling the often circuitous route, with many stops, from the payee's bank toits own, and also while the exchange draft was being collected. These avenuesto profit are, in large measure, closed by the Federal reserve banks' course of action.These banks do not pay any exchange charges to the drawee. And their superiorfacilities so shorten the time required to collect checks that the drawee bank'sbalances available for loans are much reduced. Largely because of the fact thatthe reserve banks thus make the collection without any deduction for exchange,most checks on country banks are now routed through the reserve banks.Although there is, as the District Court found, no intentional accumulation orholding of checks in order to embarrass, the advantages offered by the Federalreserve banks have created a steady flow in increased volume of checks on countrybanks so routed. That the action contemplated by the Federal reserve bankwill subject the country banks to certain losses is clear.9 In order to protectthem from the resulting loss it would be necessary to prevent the Federal reservebanks from accepting the checks for collection. For these banks cannot becompelled to pay exchange charges or to abandon superior facilities.

The contention is that the injunction should issue, because it is ultra viresthe Federal reserve banks to collect checks on banks which are not members ofthe system or affiliated with it, through establishing an exchange balance, andwhich have definitely refused to assent to clearance at par. It is true thatCongress has created in the reserve banks institutions special in character, withlimited functions and with duties and powers carefully prescribed. Those inrespect to the collection of checks are clearly defined. The original act (act ofDecember 23, 1913, c. 6, sec. 13, 3S Stat. 251, 263) authorized the reserve banksto" receive from any of its member banks, and from the United States, depositsof ...checks ... upon solvent member banks payable upon presentation; or solelyfor exchange purposes may receive from other Federal reserve banks deposits of ...checks ... upon solvent member or other Federal reserve banks payable uponpresentation."

By the amendment to section 13 of September 7, 1916, c. 461, 39 Stat. 752,the class of checks receivable was extended to " checks payable upon presentationwithin the district." By the amendment to section 13 of June 21, 1917, c. 32,sec. 4, 40 Stat. 232, 235, the class of banks from which checks might be received"solely for collection" was extended. By the latter amendment the facilitiesoffered by the Federal reserve banks were made available also to such nonmembersas became affiliated with the Federal reserve system by establishing the requiredbalance a to offset items in transit." It is true, also, that in practice this amend-ment might result in excluding checks on particular banks from the class collectiblethrough the Federal reserve banks. For it enacted the clause which prohibitspayment of exchange charges by Federal reserve banks. And as this piohibitionwould prevent reserve banks from using the usual channels in making collectionof checks drawn on those country banks which insist upon exchange charges, thereserve bank might find it impossible or unwise, as a matter of banking practice,to collect such checks at all. But the class of checks to which the reserve bank'scollection service might legally be applied was left by the amendment as those"payable upon presentation within its district." Wherever collection can bemade by the Federal reserve bank, without paying exchange, neither the com-mon law nor the Federal reserve act precludes their undertaking it; if it canbe done consistentlv with the rights of the country banks already determined inthis case, 256 U. S. 350.

9 It is said that introduction of a universal system of par clearance and collection of checks through theFederal reserve banks would bring compensatory advantages to the country banks.


298 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD'.

Federal reserve banks are, thus, authorized by Congress to collect for otherreserve banks, for members, and for affiliated non-members, checks on anybank within their respective districts, if the check is payable on presentation andcan in fact be collected consistently with the legal rights of the drawee withoutpaying an exchange charge. Within these limits Federal reserve banks haveordinarily the same right to present a check to the drawee bank for paymentover the counter as any other bank, State or national, would have. For section4 (38 Stat. 251, 254) provides that the Federal reserve banks shall have power:

"Seventh. To exercise by its board of directors or duly authorized officers oragents, all powers specifically granted by the provisions of this act and suchincidental power as shall be necessary to carry on the business of banking withinthe limitations prescribed by this act."

The findings of fact negative the charges of wrongful intent and of coercion.The Federal reserve bank has formally declared that it is willing, when presentingchecks, to accept in payment a draft of the drawee bank upon its Atlanta corre-spondent or a draft upon any other solvent bank—if collectible at par. Countrybanks are not entitled to protection against legitimate competition. Their losshere shown is of the kind to which business concerns are commonly subjectedwhen improved facilities are introduced by others, or a more efficient competitorenters the field. It is damnum absque injuria. As the course of action contem-plated by the Federal reserve bank is not ultra vires, we need not consider whetherlack of power, if it had existed, would have entitled plaintiffs to relief. CompareNational Bank v. Matthews, 98 U. S. 621; Blair v. Chicago, 201 U. S. 400, 450.

Some minor objections are urged. The Federal Reserve Bank of Atlantaserves, directly, only the sixth reserve district, which includes Georgia. It iscontended that the decree should be reversed because the District Court refusedto allow the intervention as plaintiffs of banks located outside of that district;because that court refused to admit evidence of the activities engaged in byother Federal reserve banks in other districts under the approval o:f the FederalReserve Board; and because the court admitted certain joint answers to inter-rogatories propounded under equity rule 58. We cannot say that the trialcourt abused the discretion vested in it, or erred, in so ruling.

Affirmed.

RICHMOND CASE,

DECISION OF SUPREME COURT OF THE UNITED STATES, JUNE 11, 1923.

FARMERS AND MERCHANTS BANK OF MONROE, N. C, ET AL., PETITIONERS,-^.FEDERAL RESERVE BANK OF RICHMOND, VA.

[On writ of certiorari to the Supreme Court of the State of North Carolina.]

Mr. Justice BRANDEIS delivered the opinion of the court.

The Legislature of North Carolina provided by section 2 of chapter 20, PublicLaws of 1921, entitled "An act to promote the solvency of State banks":

"That in order to prevent accumulation of unnecessary amounts of currencyin the vaults of the banks and trust companies chartered by this State, all checksdrawn on said banks and trust companies shall, unless specified on the facethereof to the contrary by the maker or makers thereof, be payable at the optionof the drawee bank, in exchange drawn on the reserve deposits of said draweebank when any such check is presented by or through any Federal reserve bank,postoffice, or express company, or any respective agents thereof."

Section 1 authorizes banking institutions chartered by the State to charge afee not in excess of one-eighth of one per cent on remittances covering checks,the minimum fee on any remittance therefor to be ten cents. Section 4 exemptsfrom the operation of Sections 1 and 2 all checks drawn in payment of obligationsto the Federal or the State government. Whether this statute conflicts with sec-tion 13 of the Federal reserve act (December 23, 1913, c. 6, 38 Stat. 251, 263; asamended September 7, 1916, c. 461, 39 Stat. 752; June 21, 1917, c. 32, section 4,40 Stat. 232, 234) or otherwise with the Federal Constitution is the question fordecision.

The legislation arose out of the effort of the Federal Reserve Board to introducein the United States universal par clearance and collection of checks throughFederal reserve banks. See American Bank & Trust Co. v. Federal ReserveBank of Atlanta, 256 U. S. 350. The Federal Reserve Bank of Richmond serves



the Fifth Federal Reserve District which includes North Carolina. Upon theenactment of this statute the bank gave notice that it considered the legislationvoid under the Federal Constitution; that, when presenting checks to NorthCarolina State banks for payment over the counter, it would refuse to accept ex-change drafts on reserve deposits as required by section 2; and that it wouldreturn as dishonored checks for which only exchange drafts had been tenderedin payment. Some checks were returned thus dishonored; and to enjoin suchaction, this suit was brought in a court of the State by the Farmers and Mer-chants Bank of Monroe and eleven other State banks. Two hundred and seventy-one more joined later as plaintiffs. So far as appears, none of them was a memberof the Federal reserve system or was affiliated with it. The trial court granted aperpetual injunction. The Supreme Court of the State reversed the decree,183 N. C. 546; and the case is here on writ of certiorari, 261 U. S. —. Defendantadmits that, if the North Carolina statute is constitutional, plaintiffs are entitledto an injunction.

To understand the occasion for the statute, its operation and its effect, theapplicable banking practice must be considered.10 Par clearance does not meanthat the payee of a check who deposits it with his bank for collection will becredited in his account with the face of the check if it is collected. His bankmay, despite par clearance, make a charge to him for its service in collecting thecheck from the drawee bank. It may make such a charge although both it andthe drawee bank are members of the Federal reserve system; and some thirdbank which aids in the process of collection may likewise make a charge for theservice it renders. Such a collection charge may be made not only to memberbanks by member banks, National or State, but it may be made to memberbanks also by the Federal reserve banks for the services which the latter render.The collection charge is expressly provided for in section 16 of the Federal reserveact (38 Stat. 268) which declares that:

"The Federal Reserve Board shall, by rule, fix the charges to be collectedby the member banks from its patrons whose checks are cleared through theFederal reserve bank and the charge which may be imposed for the service ofclearing or collection rendered by the Federal reserve bank."

Par clearance refers to a wholly different matter. It deals not with chargesfor collection, but with charges incident to paying. It deals with exchange.Formerly, checks, except where paid at the banking house over the counter,were customarily paid either through a clearing house or by remitting, to the"bank in which they had been deposited for collection, a draft on the drawee'sdeposit in some reserve city. For the service rendered by the drawee bank inso remitting funds available for use at the place of the deposit of the check, itwas formerly a common practice to make a small charge, called exchange, andto deduct the amount from the remittance. This charge of the drawee bankthe Federal Reserve Board planned to eliminate and, in so doing, to concentratein the twelve Federal reserve banks the clearance of checks and the accumula-tion of the reserve balances used for that purpose. The board began by effortsto induce the banks to adopt par clearance voluntarily.11 The attempt was notsuccessful. The board then concluded to apply compulsion. Every nationalbank is necessarily a member of the Federal reserve system; and every Statebank with the requisite qualifications may become such. Over members theboard has large powers, as well as influence. The first step in the campaign of•compulsion was taken in the summer of 1916, when the board issued a regula-tion requiring every drawee bank, which is a member of the Federal reserve systemto pay without deduction, all checks upon it presented through the mail by theFederal reserve bank of the district. The operation of this requirement was atfirst limited in scope by the fact that the original act (section 13) authorizedthe reserve banks to collect only those checks which were drawn on memberbanks and which were deposited by a member bank or another reserve bank orthe United States. Few of the many State banks had then elected to becomemembers. In September, 1916, section 13 was amended so as to authorize areserve bank to receive for collection from any member (including other reservebanks) also checks drawn upon nonmember banks within its district. Thereby,the Federal Reserve Board was enabled to extend par clearance to a large pro-portion of all checks issued in the United States. But the regulation (j) then

i° See Annual Reports of the Federal Reserve Board, 1914, pp. 19, 20, 174; 1915, pp. 14-17; 1916, pp. 9-12;Regulation I, Series of 1916, p. 169; 1917, pp. 23, 24; Regulation J, Seri?s of 1917, pp. 131-183; 1918, pp. 74-77:204-206; 810, 811, 817, 821; 1919, pp. 40-44; 222-228; 1920, pp. 63-09; 1921, 03-73; 228-230; Latter from the Gover-nor of the Federal Reserve Board of January 26, 1920, Senate Document No. 181, 66th Congress, 2d session;.also "Par Clearance of Checks," by C. T. Murehison, 1 No. Car. Law Review 133.

n See Report, Federal Reserve Board, 1915, pp. 14-17; ibid, 1916, pp. 9-11.



issued expressly provided that the Federal reserve banks would receive frommember banks, at par, only checks on those of the nonmember banks whosechecks could be collected by the Federal reserve bank at par. It was recognizedthat nonmembers were left free to refuse assent to par clearance. By December15, 1916, only 37 of the State banks within the United States, numbering about20,000, had become members of the system; and only 8,065 of the State bankshad assented to par clearance.

Reserve banks could not, under the then law, make collections for nonmembers •I t was believed that if Congress would grant Federal reserve banks permissionto make collection also for nonmembers, the board could offer to all banksinducements adequate to secure their consent to par clearance. A further amend-ment to section 13 was thereupon secured by act of June 21, 1917, c. 32, section4, which provided, among other things, that Federal reserve banks:

"Solely for the purposes of exchange of or collection, may receive from anynonmember bank . . . deposits of checks . . . payable upon presentation: Pro-vided, Such nonmember bank . . . maintains with the Federal reserve bank ofits district a balance sufficient to offset the items in transit held for its accountby the Federal reserve bank/ '

To this provision, which embodied the legislation proposed by the FederalReserve Board, there was added, while in the Senate, another proviso, relatingto the exchange charge, now known in a modified form as the Hardwick amend-ment, which declares:

"That nothing in this or any other section of this act shall be construed asprohibiting a member or nonmember bank from making reasonable charges, tobe determined and regulated by the Federal Reserve Board, but in no case toexceed 10 cents per $100 or fraction thereof, based on the total of checks anddrafts presented at any one time, for collection or payment of checks and draftsand remission therefor by exchange or otherwise; but no such charges shall bemade against the Federal reserve banks.1'

Thus a Federal reserve bank was authorized to receive for collection checksfrom nonmembers who maintained with it the prescribed balance; and strenuous-efforts were then made to induce all State banks to so arrange. But the law didnot compel State banks to do this. Many refused; and they continued to insiston making exchange charges. On March 21, 1918, the Attorney General, 31Ops. Atty. Gen. 245, 251, advised the President:

"The Federal reserve act, however, does not command or compel these Statebanks to forego any right they may have under the State laws to make chargesin connection with the payment of checks drawn upon them. The act merelyoffers the clearing and collection facilities of the Federal reserve banks uponspecified conditions. If the State banks refuse to comply with the conditionsby insisting upon making charges against the Federal reserve banks, the resultwill simply be, so far as the Federal reserve act is concerned, that since theFederal reserve banks cannot pay these charges they cannot clear or collectchecks on banks demanding such payment from them."

The Federal Reserve Board and the Federal reserve banks were thus advisedthat they were prohibited from paying an exchange charge to any bank. Butthey believed that it was their duty to accept for collection any check on anybank; and that Congress had imposed upon them the duty of making par clear-ance and collection of checks universal in the United States. So they under-took to bring about acquiescence of the remaining State banks to the systemof par clearance.12 Some of the nonassenting State banks made stubborn resist-ance.13 To overcome it the reserve banks held themselves out as prepared tocollect at par also checks on the State banks which did not assent to par clear-ance. This they did by publishing a list of all banks from whom they undertookto collect at par, regardless of whether such banks had agreed to remit at par ornot. This resulted in drawing to the Federal reserve banks for collection thelarge volume of checks which theretofore had come to the drawee bank by mailfrom many sources and which had been paid by remittances drawn on the bank'sbalance in some reserve city. If a State bank persisted in refusal to remit atpar, the reserve banks caused these checks to be presented, at the drawee bank,

12 North Carolina was placed on the par list on November 15, 1920. There were on January 1, 1921, inthe United States, 30,523 banks, State and national. Of these, 1,755 State banks had refused to enter thepar list. About 250 of the banks so refusing were in North Carolina. During the year 1921 the numberwhich refused to consent to par clearance increased to 2,353. Annual Eeport of Federal Reserve Board,1921, p. 71.

13 See American Bank & Trust Co. v. Federal Reserve Bank of Atlanta, supra; Brookings State Bankr. Federal Reserve Bank of San Francisco, 277 Fed. 430; 281 Fed. 222; Farmers & Merchants Bank ofCatlettsburg, Ky., v. Federal Reserve Bank of Cleveland, 286 Fed. 610.



for payment in cash over the counter. The practice adopted by the reservebanks would, if pursued, necessarily subject country banks to serious loss ofincome. It would deprive them of tjieir income from exchange charges; andit would reduce their income-producing assets by compelling them to keep intheir vaults in cash a much larger part of their resources than theretofore. Thatsuch loss must result was admitted. That it might render the banks insolventwas clear. But the Federal reserve banks insisted that no alternative was leftopen to them, since they had to collect the checks and were forbidden to payexchange charges. The State banks denied that the Federal reserve banks wereobliged to accept these checks for collection; and insisted that Federal reservebanks should refrain from accepting for collection checks on banks which didnot assent to par clearance.

It was to protect its State banks from this threatened loss, which might disablethem, that the legislature of North Carolina enacted the statute here in question.14

It made no attempt to compel the Federal reserve bank to pay an exchangecharge. It made no attempt to compel a depositor to accept something otherthan cash in payment of a check drawn by him. It merely provided that, unlessthe drawer indicated by a notation on the face of the check that he requiredpayment in cash, the drawee bank was at liberty to pay the check by exchangedrawn on its reserve deposits. Thus the statute merely sought to remove (whenthe drawer acquiesced) the absolute requirement of the common law that acheck presented at the bank's counter must be paid in cash. It gave the draweebank the option to pay by exchange only in certain cases; namely, when thecheck was "presented by or through any Federal reserve bank, post office orexpress company, or any respective agents thereof." The option was so limited,because the only purpose of the statute was to relieve State banks from the pres-sure which, by reason of the common-law requirement, Federal reserve bankswere in a position to exert and thus compel submission to par clearance. It wasexpected that depositors would cooperate with their banks and refrain frommaking the prescribed notation; and that when the reserve banks were nolonger in a position to exert pressure by demanding payment in cash, they wouldcease to solicit, or to receive, for collection checks on nonassenting State banks.Thus, these would be enabled to earn exchange charges as theretofore. Suchwas the occasion for the statute and its purpose. Whether this legislative modi-fication of the common-law rule which requires payment in cash violates theFederal Constitution is the question for decision. That it does is asserted onfive grounds.

First. It is contended that in authorizing payment of checks by draft onreserve deposits section 2 violates the provision of Article I, section 10, clause 1of the Federal Constitution, which prohibits a State from making anythingexcept gold and silver coin a tender in payment of debts. This claim is clearlyunfounded. The debt of the bank is solely to the depositor. The statute doesnot authorize the bank to discharge its obligation to its depositor by an exchangedraft. It merely provides that, unless the depositor in drawing the check specifieson its face to the contrary, he shall be deemed to have assented to payment bysuch a draft. There is nothing in the Federal Constitution which prohibits adepositor from consenting, when he draws a check, that payment may be madebv a draft. And, as the statute is prospective in its operation, Denny v. Bennett,128 U. S. 489; Abilene National Bank v. Dolley, 228 U. S. 1, 5, there is no con-stitutional obstacle to a State's providing that, in the absence of dissent, consentshall be presumed. Laws which subsist at the time and place of the making of acontract, and where it is to be performed, enter into and form a part of it, as fullyas if they had been expressly referred to or incorporated in its terms. Thisprinciple embraces alike those laws which affect its construction and those whichaffect its enforcement or discharge. See Odgen v. Saunders, 12 Wheat. 213, 231;Von Hoffman v. Quincy, 4 Wall. 535, 550. If, therefore, the provision of section2 authorizing payment by exchange draft is otherwise valid, it is binding upon thedrawer of the check. Since it binds the drawer, it binds the payee and everysubsequent holder, whether he be a citizen of North Carolina or of some otherState, and wherever the transfer of the check was made. Brabston v. Gibson, 9How. 263. For the holder of a check has, in the absence of acceptance by thedrawee bank, no independent right to require payment under the general law.

14 Statutes similar in purpose were enacted in Alabama, Florida, Georgia, Louisiana, Mississippi, SouthDakota, and Tennessee. See Annual Report of Federal Reserve Board, 1921, p. 70; Alabama, Gen. &Loc. Acts, 1920, No. 35; Florida, Laws, 1921, c. 8532; Georgia, Laws, 1920, p. 107; Louisiana, Acts, l920,No.23; Mississippi, Laws, 1920, c. 183; South Dakota, Laws, 1921, c. 31; Tennessee, Pub. Acts, 1921, c. 37.



Bank of the Republic v. Millard, 10 Wall. 152. He takes it subject to the con-struction and with rights conferred by the laws of North Carolina, the place ofthe bank's contract and of performance. Pierce v. Indseth, 106 U. S. 546.Compare Rouquette v. Overmann, L. R. 10 Q. B. 525.

Second. It is contended that section 2 violates the due process clause. Theargument is that defendant is a Federal corporation authorized to engage in thebusiness of collecting checks payable upon presentation within the district, abusiness common to all banking institutions; that the right to engage in thisbranch of the business is a valuable property right; that while defendant has,in the past, not made any charge for such collections, it has the right to do so,and could make this branch of its business an important source of revenue;that to compel defendant to accept in payment of checks exchange drafts onreserve deposits, whether good or bad, deprives it of liberty of contract, and ineffect of an important branch of its business, since that of collecting checks cannot be conducted under such limitations. To this argument the answer is clear.The purpose of the statute, as its title declares, was to promote the solvency ofState banks. We should, in the absence of controlling decision of the highestcourt of the State to the contrary, construe the statute not as authorizing paymentin a "bad" draft, but as authorizing payment in such exchange drafts only ashad customarily been used in remitting for checks. So construed the statuteis merely an exercise of the police power, by which the banking business is regu-lated for the purpose of protecting the public and promoting the general welfare.Noble State Bank v. Haskell, 219 U. S. 104, 575. The regulation here attemptedis not so extreme as inherently to deny rights protected by the due process clause.Compare Chicago. Burlington & Quincy R. R. Co. v. McGuire, 219 U. S. 549, 567,568; Central Lumber Co. v. South Dakota, 226 U. S. 157, 162. If the regulationexceeds the State's power to protect the public, it must be because some otherprovision of the Federal Constitution is violated by the means adopted or by themanner in which they are applied.

Third. It is contended that the statute is obnoxious to the equal protectionclause. The argument is that the Federal Reserve Bank of Richmond is obligedto accept payment in exchange drafts, whereas other banks with whom it mightconceivably compete may demand cash, except in those cases where they presentthe check through an express company or the post office. It is well settled thatthe legislature of a State may (in the absence of other controlling provisions)direct its police regulations against what it deems an existing evil, without coveringthe whole field of possible abuses. Lindsley v. National Carbonic Gas Co., 220U. S. 61, 81; Missouri Pacific Ry. Co. v. Mackey,, 127 U. S. 205. If ~he legislaturefinds that a particular instrument of trade war is being used against a policywhich It deems wise to adopt, it may direct its legislation specifically and solelyagainst that instrument. Central Lumber Co. v. South Dakota, supra, p. 160.If it finds that the instrument is used only under certain conditions, or by aparticular class of concerns, it may limit its prohibition to the conditions and theconcerns which it concludes alone menace what it deems the public welfare.The facts recited above disclose ample ground for the classification made by thelegislature. Hence, there was no denial of equal protection of the law. Thereremains to consider whether section 2 exceeds the State's power, because Congresshas imposed specifically upon Federal reservs banks duties, the performance ofwhich isection 2 obstructs; and that in this way it conflicts with the Federal re-serve act. This is the ground on which the invalidity of the North Carolina acthas been most strongly assailed.

Fourth. One contention is that section 2 conflicts with the Federal reserve actbecause it prevents the Federal reserve banks from collecting checks of such Statebanks as do not acquiesce in the plan for par clearance. The argument rests onthe assumption that the Federal Reserve Bank of Richmond is obliged to receivefor collection any check upon any North Carolina State bank, if such check ispayable upon presentation; and is obliged to collect the same at par withoutallowing deductions for exchange or other charge. But neither section 13, norany other provision of the Federal reserve act, imposes upon reserve banks anyobligation to receive checks for collection. The act merely confers authorityto do i3O. The class of cases to which such authority applies was enlarged fromtime to time by Congress. But in each amendment, as in section 13, the wordsused were "may receive"—words of authorization merely. It is true that instatutes the word "may" is sometimes construed as "shall". But that is wherethe context, or the subject matter, compels such construction. Supervisors v.United States, 4 Wall. 435. Here it does not. This statute appears to have been



drawn with great care. Throughout the act the distinction is clearly madebetween what the board and the reserve banks "shall" do and what they "may"do.15

Moreover, even if it could be held that the reserve banks are ordinarily obligedto collect checks for authorized depositors, it is clear that they are not requiredto do so where the drawee has refused to remit except upon allowance of ex-change charges which reserve banks are not permitted to pay. There is surelynothing in the act to indicate that reserve banks must undertake the collection ofchecks in cases where it is impossible to obtain payment except by incurringserious expense; as, in presenting checks by special messenger at a distant point.Furthermore, the checks which the act declares reserve banks may receive forcollection are limited to those "payable on presentation." The expression wouldseem to imply that the checks must be payable either in cash or in such fundsas are deemed by the reserve bank to be an equivalent. A check payable at theoption of the drawee by a draft on distant reserves would seem not to be withinthe limited class of checks referred to in the act. The argument for the Federalreserve bank is not helped by reference to the incidental power conferred bysection 4. It is only "such incidental powders as shall be necessary to carry onthe business of banking within the limitations prescribed by this [the Federalreserve] act" wiiich are granted. No duty or right of the Federal reserve bankto collect checks is obstructed by the North Carolina statute which merely givesto the drawee bank the right to pay in the customary exchange darft, where itsdepositor has, by the form used in drawing the check, consented that this be done.

Fifth. The further contention is made that section 2 conflicts with the Federalreserve act because it interferes with the duty of the Federal Reserve Board toestablish in the United States a universal system of par clearance and collectionof checks. Congress did not in terms confer upon the Federal Reserve Board orthe Federal reserve banks a duty to establish universal par clearance and collectionof checks; and there is nothing in the original act or in any amendment fromwhich such duty to compel its adoption may be inferred. The only sectionswhich in any way deal either with clearance or collection are 13 and 16. Inneither section is there any suggestion that the Reserve Board and the reservebanks shall become an agency for universal clearance. On the contrary section 16strictly limits the scope of their clearance functions. It provides that the FederalReserve Board:

"may at its discretion exercise the functions of a clearing house for such Federalreserve banks . . . and may also require each such bank to exercise the func-tions of a clearing house for its member banks."

There is no reference whatever to "par" in section 13, either as originallyenacted or as amended from time to time. There is a reference to "par" insection 16; and it is so clear and explicit as to preclude a contention that it hasany application to nonmember banks; or to the ordinary process of check collec-tion here involved. Section 16 (38 Stat. p. 268) declares:

"Every Federal reserve bank shall receive on deposit at par from memberbanks or from Federal reserve banks checks and drafts drawn upon any of itsdepositors, and when remitted by a Federal reserve bank, checks and draftsdrawn by any depositor in any other Federal reserve bank or member bank uponfunds to the credit of said depositor in said reserve bank or member bank. Noth-ing herein contained shall be construed as prohibiting a member bank from charg-ing its actual expense incurred in collecting or remitting funds, or for exchangesold to its patrons."

The depositors in a Federal reserve bank are the United States, other Federalreserve banks, and member banks. It is checks on these depositors which are tobe received by the Federal reserve banks. These checks from these depositorsthe Federal reserve banks must receive. And when received they must be takenat par. There is no mention of nonmember banks in this section. When, in191(3, section 13 was amended to permit Federal reserve banks to receive from

*5 In the original Federal reserve act (38 Stat. 251) "may" is used in sections 2, 3, 4, 5, 8, 9, 10, 11, 12, 13,14, 15, 16, 18, 19, 21, 22, 24, 25, 28, 28. "Shall" is used in those sections and also in sections 1, 6, 7, 20, 23,27, 29. Thus: Sec. 2: "The Secretary . . . shall designate . . . cities to be known as Federal reservecities, and shall divide the Continental United States into districts. . . . The districts . . . may be read-justed. . . . Such districts shall be known as Federal reserve districts and may be designated by number";Sec. 3: "Each Federal reserve bank shall establish branch banks within the Federal reserve district inwhich it is located and may do so in the district of any Federal reserve bank which may have been sus-pended"; Sec. 5: "outstanding capital stock shall be increased . . . as member banks increase their capitalstock . . . and may be decreased as member banks reduce their capital stock . . . "; Sec. 13: " . . . mayreceive . . . deposits . . . may discount . . . shall at no time exceed"; Sec. 16: "Every Federal reservebank shall maintain reserves . . . "; "Every Federal reserve bank shall receive on deposit."



member banks solely for collection other checks payable upon presentation withinthe district—and when, in 1917, section 13 was again amended to permit suchreceipt solely for collection also from certain nonmember banks—section 16 wasleft in this respect unchanged. In other respects section 16 was amended bothby the act of 1916 and by the act of 1917. The natural explanation of the omis-sion to amend the provision in section 16 concerning clearance is that the sectionhas no application to nonmember banks—even if affiliated.

Moreover, the contention that Congress has imposed upon the board the dutyof establishing universal par clearance and collection of checks through theFederal reserve banks is irreconcilable with the specific provision of the Hard-wick amendment which declares that even a member or an affiliated nonmembermay make a limited charge (except to Federal reserve banks) for "paymentof checks and . . . remission therefor by exchange or otherwise/' The rightto make a charge for payment of checks, thus regained by member and preservedto affiliated nonmember banks, shows that it was not intended, or expected,that the Federal reserve banks would become the universal agency for clearanceof checks. For, since against these the final clause prohibited the making of anycharge, then if the reserve banks were to become the universal agency for clearance,there would be no opportunity for any bank to make as against any bank a chargefor the "payment of checks." The purpose of Congress in-amending section 13by the act of 1917 was to enable the board to offer to nonmember banks the useof its facilities, which it was hoped would prove a sufficient inducement to themto forego exchange charges; but to preserve in nonmember banks the rightto reject such offer;16 and to protect the interests of member and affiliated non-member banks (in competition with the nonaffiliated State banks) by allowingalso those connected with the Federal system to make a reasonable exchangecharge to others than the reserve banks. The power of the Federal ReserveBoard to establish par clearance was, thus, limited by the unrestricted rightof unaffiliated nonmember banks to make a charge for exchange and the re-stricted right of members and affiliate nonmembers to make the charge thereforfixed as reasonable by the Federal Reserve Board. No bank could make such acharge against the Federal reserve banks, because these were prohibited frompaying any such charge. Member and nonmember affiliated banks, becausethey were such, performed the service for the Federal reserve banks withoutcharge. Unaffiliated nonmember banks were under no obligation to do so.Thus construed, full effect may be given to all clauses in the Hard wick amend-ment as enacted. It in no way interferes with the right of a depositor in anonaffiliated State bank to agree with his bank that the checks which he might-draw should (unless otherwise indicated on their face) be payable, at the optionof the drawee, in exchange in certain cases.

The North Carolina statute here in question does not obstruct the: performanceof any duty imposed upon the Federal Reserve Board and the Federal reservebanks. Nor does it interfere with the exercise of any power conferred uponeither. It is therefore consistent with the Federal reserve act and with theFederal Constitution.

Reversed.Mr. Justice VAN DEVANTER and Mr. Justice SUTHERLAND dissent.

COURT OPINIONS ON EXERCISE OF FIDUCIARY POWERS.

DECISION OF SUPREME COURT OF PENNSYLVANIA, APRIL 9, 1923.

IN THE MATTER OF THE PETITION OF EDNA FRISBIE TURNER, D E C E A S E D -APPEALS OF COMMONWEALTH OF PENNSYLVANIA—APPEAL FROM THE DECI-SION OF THE SUPERIOR COURT OF PENNSYLVANIA, REVERSING DECREE OFTHE ORPHANS' COURT OF PHILADELPHIA COUNTY.

FRAZER, / .

These two appeals involve the same question, namely, whether a nationalbank lias the right to act as a fiduciary under the laws of the Commonwealthof Pennsylvania; they were argued together and will be decided in a single opinion.

16 The Governor of the Federal Reserve Board stated in his letter to the Senate, January 26, 1920, Sen.Doc. 184, 66th Cong., 2d session, p. 6: "That a relatively small number of nonmember banks should notwant to become members of the clearing system, or should not want to remit at par is, of course, their ownconcern, and the Federal Reserve Board and the Federal reserve banks have not and will not dispute theirright to decline to do so."



In settling the account of executors of the estate of Edna Frisbie Turner, afund was awarded to minor children, beneficiaries under the will of decedent.The court appointed The Rittenhouse Trust Company, of the City of Philadelphia,guardian of their estate and before the account was called for audit that com-pany was converted into a national bank and consolidated with the Corn Ex-change National Bank, with power granted by the Federal Reserve Board totransact a fiduciary business. The latter applied for and secured a certificatefrom the State Banking Department authorizing it to do fiduciary's business inPennsylvania and presented a petition asking that funds belonging to the minorsbe paid to it. This the court refused to do until the bank secured the approvalof the Orphans' Court of Philadelphia County, under rule 21 of that court relat-ing to approval of fiduciaries. Accordingly, a petition was presented for thatpurpose setting forth the fact of petitioner's incorporation under the Nationalbanking laws and its subsequent consolidation with The Rittenhouse NationalBank, formerly The Rittenhouse Trust Company, stating it was authorized bythe Federal Reserve Board to transact a fiduciary business and had compliedwith the law of Pennsylvania governing the transaction of such business; hadconformed to the acts of May 9th, 1889, P. L. 159, and May 20, 1921, P. L. 991,agreeing to be subject to supervision and examination by the Banking Depart-ment of Pennsylvania in the same manner as corporations of Pennsylvania; andstipulated, pursuant to requirements of the before mentioned rule of court, that"securities and other property received by the corporation both in a fiduciarycapacity and from the person or persons for whom it is surety, shall not be takenout of the jurisdiction of the court and shall be kept separate and apart from allmoneys, securities, and property of the said bank, so that the same can, at alltimes, be easily identified as belonging to the estate of the person for whoseaccount the same has been received, and that trust funds received by said bank,whether as fiduciary or for the person or persons for whom it is surety shall bedeposited in a separate account" in another bank or trust company of goodstanding. This application was refused by the orphans' court, whereuponthe bank filed a petition, as guardian of the minors, asking that, notwithstandingthe refusal to approve its application to act as fiduciary, the funds in questionbe awarded to it as guardian. This petition was also dismissed and an appealtaken to the Superior Court, which reversed the court below and from that decreewe have the present appeals.

The act of Congress, approved December 23, 1913, (38 Stat. 251), gave theFederal Reserve Board power, inter alia, "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, or registrar of stocks and bondsunder such rules and regulations as the said board may prescribe." It wasthus left to the courts to ascertain whether, in any given case, the exercise ofthe powers granted would be in contravention of State or local law. Diffi-culties arose in the construction of the act, resulting in its amendment in 1918(act September 26, 1918, 40 Stat. 867) by permitting "national banks to act asexecutor, administrator, trustee, guardian, etc., in all cases where 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," and also providing that "whenever the laws of such Stateauthorize or permit the exercise of any or all of the foregoing powers by Statebanks, trust companies, or other corporations which compete with national banks,the granting to and exercise of such powers by national banks shall not be deemedto be in contravention of State or local law within the meaning of this act."The statute contained a further provision that banks exercising fiduciary powersshould "segregate all assets held in any fiduciary capacity from the generalassets of the bank and shall keep a separate set of books and records showingin proper detail all transactions engaged in under authority of this section- . . but nothing in this act shall be construed as authorizing the Stateauthorities to examine the books, records, and accounts of the national bankwhich are not held in trust under authority of this subsection." It also re-quired that "funds deposited or held in trust by the bank awaiting investmentshall be carried in a separate account and shall not be used by the bank in theconduct of its business, unless it shall first set aside in its trust department,United States bonds or other securities approved by the Federal Reserve Board."Numerous other administrative provisions are found in the Federal act thatneed not be referred to here.

The contention of the Commonwealth is that, to permit a Federal bank toact in a fiduciary capacity in this State, under the statutory provisions referredto, would amount to a violation of our laws. The act of May 21, 1919, P. L.



209, provides, inter alia, that the banking department shall have supervision ofall corporations or persons receiving money on deposit for safe keeping, includingbanks incorporated under the laws of the United States, which shall, pursuantto Federal law or regulations, be permitted to act in any fiduciary capacity andmakes all such corporations subject to inspection and examination by the bank-ing commissioner. By act of May 20, 1921, P. L. 991, it was provided that noperson should have the right to appoint, in a fiduciary capacity, any corporationother than a corporation organized and doing business under the laws of Penn-sylvania and subject to the supervision and examination of the banking depart-ment of the State, or a corporation organized under the laws of the United Statesand doing business in Pennsylvania by resolution of its board of directors agree-ing to place itself under and subject to the supervision and examination of theState Banking Department "in the same manner and to the same extent ascorporations organized and existing under the laws of this State."

A comparison of the foregoing Federal and State acts shows the main pointsof difference are that the Federal statute allows inspection of the: books andrecords of only that part of the assets of national banks as are received in afiduciary capacity and requires them to segregate all assets held in a fiduciarycapacity and prohibits commingling them with other assets in its business, unlessit shall first set aside in the trust department United States bonds or othersecurities approved by the Federal Reserve Board, while on the other hand, theState acts authorize supervision t>y the banking department of all assets of thecorporation and forbid substitution of securities for the funds, but require thecompanies, in all cases, to keep trust funds separate from their other assets andto indicate all investments made as fiduciaries, so that the trust to which theinvestment belongs shall be clearly known. It is argued this difference in the twoprovisions produces a conflict, making the Federal reserve act in direct violationof State law by permitting uninvested funds to be mingled with the general assetsand removing such funds from the inspection and supervision of State authorities.The Corn Exchange National Bank has complied with every provision of theState rules, regulations, and laws by consenting to the examination of all its assetsby the State bank examiners and agreeing to keep trust securities on deposit in aseparate bank. This voluntary compliance with State rules would, in itself, seemto render unnecessary a further discussion of the questions raised. Appellantcontends, however, that the national bank can not, validly, agree to be bound byState law or by local rule of court, wrhich is contrary or inconsistent with theFederal law and that, consequently, the question still remains whether it was notbeyond the power of the bank to agree to comply with the State regulations wherethey are in conflict with Federal practice.

The answer to this contention is that in so far as the State law is inconsistentwith the Federal act, the former must yield to the latter, even though the resultmay be to place upon Federal banks a benefit or burden not received or assumedby the State banks and trust companies.

The definition given in the Federal act as to what constitutes a violation of theState law takes no cognizance of the fact that certain administrative details in theregulations of Federal banks were different from those governing State institutions.The existence of these differences, however, is not sufficient to deprive a nationalbank of the enjoyment of its powers under the Federal law. The establishmentof the Federal reserve bank was a matter within the scope of Federal power anda State can not, in any way, interfere with the powers of such banks, except in so.far as Congress has permitted it to do so. When the Federal ad: was passedCongress had knowledge of the fact that various States had adopted different lawsand systems governing persons or corporations acting in a fiduciary capacity.Having this knowledge, they gave to the Federal Reserve Board power to pre-scribe regulations for the government of Federal banks. Regulations thus estab-lished are paramount to State rules and the latter must yield whenever a conflictarises. I t was with knowledge of this situation and the existing difference betweenrules governing State and Federal banks that Congress undertook to define, bythe act of 1918, what would be construed "in contravention of State law." Itwill be observed the definition refers to "powers" only and not the rules governingthe exercise of such powers. It is the right itself, not the rules governing theexercise of the right, to which reference is made. Concede the existence of theright in the State banks and trust companies and we have the same right bestowedupon national banks. Had Congress intended the latter to be governed by Statelaws in the exercise of the right given, surely expression of that intention wouldbe found in the statute. In the absence of such utterance, we must assume Con-gress was satisfied with the rules already prescribed by the Federal ReserveBoard. If these rules happen to conflict with State regulations on the subject,



the latter must yield to the former because the right being conceded the powerto regulate the exercise of the right would follow as a necessary incident. Webelieve this view is fully supported by the opinion in First National Bank v.Union Trust Company, 244 U. S. 416, and cases therein cited.

The decree of the Superior Court is affirmed.

DECISION OF SUPREME COURT OF MISSOURI, JANUARY A, 1924.

STATE E X REL. BURNES NATIONAL BANK OF ST. JOSEPH V. A. B. DUNCAN,JUDGE OF PROBATE COURT OF BUCHANAN COUNTY.

Mandamus.

The relator filed its petition in this court setting forth its organization as anational bank and alleging that one Mar}^ E.. Bird, a citizen of the State ofMissouri and resident of the city of St. Joseph, died November 27, 1922, leavinga will which was duly admitted to probate in the probate court of BuchananCounty, in which will she named the relator as executor; that the Federalreserve act, section 9704, paragraph K, in granting certain powers to nationalbanks, included the right to act as executors of estates; that the Federal ReserveBoard, under the rules and regulations prescribed by the Federal reserve act,granted the petitioner the right to exercise its privileges so granted in so far assuch exercise of that right was not in contravention of the State or local law; thatunder the Revised Statutes of Missouri for 1919 trust companies of this State areauthorized to act as executors, and in fiduciary capacities; that subsequent to theprobate of said will the petitioner made application to the probate court ofBuchanan County for appointment as executor, and for the issuance of letterstestamentary under the terms of the will; that January 29, 1923, the respondent,judge of said probate court, entered an order declining to appoint the petitioneron the grounds that under the laws of the State of Missouri, said petitioner wasnot authorized to act as executor. The proceedings of the probate court in thatconnection were set out in full, including the order declining to appoint the BurnsNational Bank as executor, and appointment of Mary E. Williams, to be adminis-tratrix, with will annexed, of said estate. The petition thereupon prays thiscourt for an alternative writ of mandamus, directing the respondent judge of theprobate court to set aside said order appointing Mary E. Williams, and toappoint the petitioner as executor of said estate, or show cause why he had notdone so.

Upon the filing of such petition this court caused an alternative writ to beissued March 3, 1923.

The respondent then for return to the alternative writ demurred on the groundthat the aforesaid petition did not state facts which would authorize the issuanceof a peremptory writ of mandamus. The case, then, is to be determined upon thefacts stated in the petition for an alternative writ.

I. The petitioner calls attention to section 11, R. S. Mo. 1919, providing thatafter the probate of a will, letters testamentary shall be granted to the personstherein appointed executors, arguing that "persons7' mentioned in the sectionincludes corporations as well as natural persons. There can be no force in thisargument unless petitioner means that this and other sections of the chapterrelating to administration, authorize any and every corporation to act as executoror in other fiduciary relation as provided for in that chapter. It is true that inmany instances where the word "person" is used in a statute, it is construed toinclude corporations. The use of the term applies particularly to criminalstatutes where a criminal act affects the property of a person. But that construc-tion is by no means universal; it depends upon the context and the intent withwhich the term is employed. (30 Cyc. p. 1526; see Words & Phrases, title"Person.") The entire purpose and context of article 1 on administrationexcludes the idea that "person" means corporation. Section 7, relating topersons who may administer on estates; section 6, excluding certain personsfrom acting as administrator or executor; section 36, providing the form of lettersissued to an executor; in fact, all the provisions of that article show that thelegislature was dealing with and granting powers to natural persons.

It must be remembered that there was no common law right to make a will orappoint an executor. It is purely a matter of statutory regulation. The statuteauthorizing certain persons to act as executor is an enabling statute, and it must



be construed according to the intent and purpose of the legislature in enacting it.The intent of the legislature to include only natural persons in the authoritygranted in that article appears not only in the terms of the article, but is shownby the actual grant, in another statute, of authority to trust companies to act asexecutors, and in other fiduciary relations. There would have been no need ofsuch affirmative act if this chapter on administration had granted such authorityto all corporations. Before any corporation in this State can have a right to act ina fiduciary relation in administrating estates there must be express authoritygiven that kind of a corporation and that statutory authority must be construedin part materia with the chapter relating to administration. Certainly there is nowarrant for a contention that any corporation which might be named as executorin the will would have authority to act as such unless the law creating and denningthe powers of such corporation should authorize it to perform such duties. Thepetitioner can not derive authority to act as executor from the article on adminis-tration or the section of that article relating to executors. It must be authorizedto act through some other statute, Federal or State, giving it such authority.

II. The petitioner claims authority to act as executor under the provisions ofthe Federal reserve act. A brief filed herein by several amid curiae, presumablyrepresenting national banks, has a good deal to say about the authority of theFederal Government, quoting precedents to the effect that the Constitution ofthe United States and the acts of Congress, within the scope of authority dele-gated to them, are paramount—the supreme law of the land—and binding uponall the States; that when Congress has enacted a statute within its constitutionalpower, regulating and defining the powers of any agency created b} Congress,a State can not by any enactment nullify or abridge the powers thus granted ordefined. Of course those principles are well established, and the extent of suchauthority is not in issue in this case.

In accordance with its constitutional authority, Congress, it was held, hadpower to authorize the organization of national banks and invest them withwhatever functions it thought necessary to make the business of the bankssuccessful. Thus, incidental authority was founded upon necessity; nationalbanks could be empowered to perform any duties when "Congress was of theopinion that these faculties were necessary to enable the bank to perform theservices which are exacted from it, and for which it was created." (First NationalBank v. Fellows, 244 U. S., 1. c. 420.) That quotation is taken from an earliercase and the principle applied to the section of the Federal reserve act authoriz-ing banks to act in fiduciary capacities. That case is the only case cited, and,so far as we know, the only case decided by the United States Supreme Courtconstruing that feature of the Federal reserve act under which the petitionerasserts its right. It is mentioned often in later decisions of other courts, and theargument of petitioner is largely based upon deductions drawn from it by suchother courts. We think it settles a good many questions which have arisen inrelation to the act-—questions which occur in this case. It is well to note whatis said there regarding the authority granted by Congress to a national bank toserve in fiduciary relations, such as executor, as necessary to enable the bank toperform the services required of it. We will notice below just what is meant bythose duties in the light of the provision of the Federal reserve act.

III. While Congress has power, unless restrained by the Federal Constitution,to absorb to itself the entire regulation of such matters as are under considerationhere, it has not done so. On the contrary, while the Federal reserve act author-izes national banks to act in the capacity of executors, administrators, etc.,Congress appeared to have in mind the popular protest against its supposedtendency to legislate in matters of purely local and State concern, for it limitedthe authority of national banks in that respect to cases where such authority was"not in contravention of the State or local law." The question at issue here iswhether the exercise of the fiduciary function by national banks authorized bythat provision of the Federal reserve act is in contravention of the law of theState of Missouri. First, however, we must ascertain what authority is todecide that question. Is its determination peculiarly within the jurisdictionof the Federal court? Or does this court have authority to say whether theexercise of such functions by national banks is in contravention of the law ofthis State?

It has always been held that the power to regulate the acquisition and transferof property, descents and distributions, the devolution of estates, etc., is exclu-sively within the jurisdiction of the State. Overly v. Gordon, 177 U. S. 214;Pennoyer v. Neff, 95 U. S. 714. Trustees, executors, and administrators are theinstruments through which the State regulates and controls certain classes ofproperty. This is recognized by the Federal courts in the cases just mentioned.



It naturally follows that the State, by statute, has the right to say, and the Statecourts have the right finally to determine, what agencies may exercise suchcontrol without acting in contravention of the State law. That was expresslyheld by the Federal Supreme Court in the Fellows case. (244 U. S., 1. c. 427-8),where Chief Justice White said:

"In other words, we are of opinion that as the particular functions in questionby the express terms of the act of Congress were given only 'when not in contra-vention of the State or local law,; the State court was, if not expressly at leastimpliedly, authorized by Congress to consider and pass upon the question whetherthe power was or was not in contravention of the State law, and we place our con-clusion on that ground. * * * The nature of the subject dealt with addscogency to this view since that subject involves the action of State courts ofprobate in a universal sense, implying from its very nature the duty of suchcourts to pass upon the question and the power of the court below within thelimits of State jurisdiction to settle, so far as the State was concerned, the questionfor all such courts by one suit, thus avoiding the confusion which might arisein the entire system of State probate proceedings and the very serious injuryto many classes of society which also might be occasioned."

Since that decision the Federal reserve act has been amended. Originallyit authorized the Federal Reserve Board—

"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, adminis-trator, or registrar of stocks and bonds under such rules and regulations as the saidboard may prescribe."

Section 11 (k) of the act was amended by Congress in September, 1918, sothatphe provision read as follows:

"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, adminis-trator, registar of stocks and bonds, guardian of estates, assignee, receiver,committee of estates of lunatics, or in any other fiduciary capacity in which Statebanks, trust companies, or other corporations which come into competitionwith national banks are permitted to act under the laws of the State in whichthe national bank is located.

"Whenever the laws of such State authorize or permit the exercise of any orall of the foregoing powers by State banks, trust companies, or other corporationswhich compete with national banks, the granting to and the exercise of suchpowers by national banks shall not be deemed to be in contravention of Stateor local law within the meaning of this act."

It can not be contended that Congress by this amendment took away fromthe courts of a State the right to interpret its own statutes and to determinethis particular question. The reasoning of the Supreme Court in the Fellowscase negatives the existence of any such authority on the part of Congress.

The petitioner argues that this amendment enlarges the authority of nationalbanks, giving them authority to act in such matters, where before the amendmentthey had none. On the contrary, the first paragraph of the amendment limitsthe exercise of that authority. Under the original act the authority to actas executor, etc., given to national banks was only when such function was"not in contravention of the State or local law." Under the first paragraph ofthe amendment it is not sufficient that it is not in contravention of the Statelaw, but there must be competition with State institutions, authorized to act insuch fiduciary capacities, before a national bank has such authority.

The petitioner calls attention to the second paragraph of the amendmentquoted as further limiting the right of the State to exclude national banks fromacting in such capacities, by declaring that where the State gives such authorityto State banks and trust companies or other corporations u which compete withnational banks" the exercise of such power "shall not be deemed to be in contra-vention of the State or local laws." Some courts have held this to be a legislativeinterpretation of the authority granted and not binding upon the courts.

Appellant says that it was not necessary for Congress to make any qualifica-tion; that it had a right to authorize national banks to act in fiduciary relationswithout any exceptions and regardless of the State law. It is sufficient answerto say that Congress has not seen fit to do so. On the contrary, Congress hasdealt very tenderly with the supposed sensitiveness of States in regard to en-

86538—241 21Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis


croachment upon their authority. It is not contended and can not be that thatprovision attempts to take away from the State courts the right to determinewhen the exercise of such powers is in contravention of State law, except to defineone particular instance where it shall not be so considered. It remains for thecourts to say what is meant by the competition with national banks as mentionedin the act. That the provision relating to the contravention of State or locallaw is retained in the amendment shows an intent to give it some meaning, andthat meaning is not taken away by the attempted definition following. If thelatter paragraph should be construed to state the entire case as to when nationalbanks should be excluded from exercising such authority, the use of the expression"not in contravention of the State or local law" would be superfluous.

We hold, therefore, that this court has the right and the duty to determinewhether the office which the petitioner seeks to discharge is in contraventionof the laws of this State.

IV. In consideration of the terms of paragraph 11 (k) of the Federal reserveact we must ascertain what Congress had in mind. Congress did not grant suchpowers to national banks because it claimed any right to provide for the custodyof property which is within the constitutional control of the State. Congresshad no intention to trespass upon State preserves. National banks were vestedwith such functions because they were necessary to enable them to " performthe services which were exacted from them and for which they were created."It was a matter of surviving against unequal competition. That idea is apparentin the act, and particularly in the amendment. Unless it was necessary to theproper discharge of its duties there was no reason why a national bank shouldact in fiduciary relations, and such function would not be necessary unless thebank came in competition with.the State institutions, which wquld thereby havean advantage over their national competitors. This appears in the expressionswhere the act speaks of other corporations, "which come in competition withnational banks" * * * "which compete with national banks." If Stateinstitutions of like character are denied the right to exercise such functions,national banks have no right to exercise them. It is in contravention of Statelaw; that is, in contravention of the State legislative policy. It is only becausenational banks, by reason of an advantage given to State institutions, could notcompete and survive that this authority is conferred upon them.

When Congress in the act speaks of competition of course it means competitionon equal terms with State corporations. It can not be that Congress intendednational banks to have privileges and advantages which State institutions couldnot enjoy in matters relating to control of estates which are peculiarly within theState authority. The entire purpose of the act was not to give national banksan advantage but to place them upon equal terms with competitive State banks.It was said by the Federal Supreme Court in the Fellows case, 1. c. 426:

"This must be since the State may not by legislation create a condition as toa particular business which would bring about actual or potential competitionwith the business of national banks and at the same time deny the power ofCongress to meet such created condition by legislation appropriate to avoidthe injury which otherwise would be suffered by the national agency. Of course,as the general subject of regulating the class of business just referred to is pecul-iarly within the State administration control, State regulation for the conduct ofsuch business, if not discriminatory or so unreasonable as to justify the conclu-sion that they necessarily would so operate, would be controlling upon banks char-tered by Congress when they came in virtue of authority conferred upon them byCongress to exert such particular powers."

This is a distinct recognition of our interpretation of the act. National bankshave no right to exercise the fiduciary functions enumerated in the statute unlessthe State has discriminated against national banks in that respect and put themat a disadvantage. If national banks, without such authority can competesuccessfully with State institutions, then under the terms of the act they have notright to demand the exercise of such functions.

V. In determining whether the exercise of fiduciary capacities by a nationalbank is in contravention of the State law it is not necessary to point to a specificstatute which forbids the exercise of such functions by such banks or similarinstitutions of the State. If it is contrary to the policy of the State and plainlyso appears from its statutory enactments, then it is in contravention of the Statelaw. The legislative power of the State has not given authority to State banksto act as executors, administrators, etc., but has selected trust companies as theonly and peculiar corporations to be invested with such trusts. This authorityis not given to trust companies as a convenient incident to the conduct of their



ordinary business. The legislature was not considering the prosperity of trustcompanies, but was looking for the safety of certain important trust funds whichare attended with the natural insecurity and danger of dissipation, making themthe especial and peculiar concern of the law. The legislative purpose was notto confer a privilege upon trust companies but to seek additional sources ofsecurity for those funds. Hence the law-making body hedged about the custo-dians of such funds with restrictions, conditions, and securities with which onlya trust company could conveniently comply—restrictions which the State courtsare powerless to impose upon national banks. National banks with the regula-tory provisions in the Federal reserve act may be just as safe as the State trustcompanies. With that we have no concern. The propriety and expediencyof statutes are for the sole determination of the legislative body. We mustdeclare the legislative policy as we find it.

Now let us consider for a moment what that policy is:(a) The legislature has not given authority to act as executors and adminis-

trators to State banks, the natural inevitable competitors of national banks inthe transaction of ordinary business. «

(6) In giving this authority to trust companies it has provided in section11801 R. S. 1919, subdivision 5, that:

"All investments made by any trust company of money received by it in anyfiduciary capacity shall be at its sole risk, and for all losses of such money thecapital stock and property of the company shall be absolutely liable."except on certain unimportant conditions.

(c) Subdivision 8 of the said last-mentioned section provides that the propertyheld by a trust company in trust "shall not be mingled with the investmentsof the capital stock or other property belonging to such trust company or beliable for debts or obligations thereof." For the purposes of that section thetrust company is required to have "a trust department in which all the businessauthorized by the act" shall be kept distinct and separate from its generalbusiness.

{d) Subdivision 9, of the said section, provides that, unless otherwise providedin the instrument creating the trust on certain of the money held by the trustcompany in a fiduciary capacity interest shall be allowed at not less than 2 percent per annum, compounded annually.

(e) Section 11802, R. S. 1919, provides that the directors may set apart atrust or guaranty fund, and provides for its investment. Section 11803 providesthat the guaranty fund shall be absolutely pledged for the faithful performanceof the duties of the trust company under the provisions of the act.

(/) Section 11838, R. S. 1919, provides that when any company now doingbusiness in this State, or which may hereafter be organized under the provisionof this article relating to trust companies, * * * "which shall make withthe bank commissioner a deposit of two hundred thousand dollars * * *shall be permitted to qualify as guardian and curator, executor, etc., withoutgiving bond as such, and the fund so deposited is primarily liable for the obli-gation of the company as guardian, curator, executor, etc."

The Federal reserve act provides that the assets held by a national bank in afiduciary capacity shall be segregated from the general assets of the bank and aseparate set of books and records shall be kept which shall be open to inspec-tion of the State authorities. It further provides that funds deposited or held intrust by the company "awaiting investment" shall be carried in a separate ac-count and shall not be used by the bank in the conduct of its business unlessfirst set aside in the trust department in United States bonds, etc., and in theevent of the failure of such bank the owners of the funds held in trust for invest-ment shall have a lien on the bonds. It further provides that when the lawsof the State require corporations acting in fiduciary capacity to deposit securitieswith the State authorities, national banks shall be required to make similardeposits.

It can not be contended that these regulations in any way conform to therequirements which the State law imposes upon trust companies. The extra-ordinary burden which trust companies carry by acting in a fiduciary relation isshown in subdivision 5, in section 11801, which makes all the capital stock andproperty of the company liable for the loss of trust funds. Nothing to comparewith this appears in the Federal reserve act. The State requirement of trustcompanies further provides that money so deposited shall be a special deposit.It shall not be mingled with the investments of the capital stock nor withother money belonging to the trust company or liable for its debts, and two percent interest shall be allowed on it. Not only must the money be kept separate



and accounted for separately; it is a separate department and completely inde-pendent in its management, as if it were indeed a separate and distinct organization.When a trust company takes on the discharge of duties as executor, etc., it electsto conduct new business distinct from its trust company business, and to becomepeculiarly responsible for funds which have nothing to do with and can not addto the prosperity of its ordinary business, nor make the functional discharge ofits regular business any easier or more effective. The trust company might-fail with complete loss to all stockholders and depositors, and yet that would notaffect in the least the security of the trust funds if the statute is complied with.A trust company, by reason of taking on this additional duty and engaging inthis outside business, is not competing with national banks as a trust company.It would be exactly the same as if the legislature should attach such a functionto probate courts. Considering then that the legislative department of theState has not seen fit to give such authority to State banks, and has not givensuch authority to trust companies as an aid to the conduct of their ordinarybusiness, but has selected trust companies to discharge such duties only on con-dition that they* create a separate and distinct operative agency, there is no suchcompetition with national banks, as is contemplated in the Federal reserve act.The exercise of such functions by national banks is not necessary in the per-formance of the service for which they were created. We can not admit thatCongress intended to give national banks an advantage in competition withState banks.

The relator hastens to assure us that State authorities have no control what-ever over national banks, except as permitted by the congressional act. Thiscourt has recognized that in the recent case of State v. National Bank, 249 S. W.619. The legislature of this State can not, by any means, require on the part ofnational banks a compliance with the conditions mentioned which reflect thelegislative policy of the State and national banks, restrained by the law of theirorganization can not comply with them. Thus it plainly appears that therelator can not act as executor in this case because the exercise of such functionwould be in contravention of the State law.

VI. The authorities support the conclusion we have reached. The mostimportant case, of course, is the First National Bank v. Fellows (244 U. S. 416),referred to above. That case arose in Michigan where the Attorney Generalbrought a quo warranto proceeding against a nationa} bank (92 Mich. 640),questioning its right to act as trustee, executor, etc. The Supreme Court ofMichigan held by a majority ruling (a) that the provision in the Federal reserveact 11 (k) was not in contravention of the State law, neither of any express pro-vision of the statute, nor of the legislative policy of the State, (b) but that theexercise of such function by a national bank was unconstitutional. The UnitedSupreme Court, where the case went on writ of error, gave special emphasis asquoted above, to the fight of the State to determine the question of contraven-tion. The court said (244 U. S., 1. c. 425), referring to the Michigan decision:"In view of the express ruling that the enjoyment of the powers in question bythe national bank can not be in contravention of the State law," the State courtproceeded upon the erroneous assumption that because a particular function wassubject to be regulated by State law, "Congress was without power to give anational bank the right to-carry on such functions." The United States courtthen reversed the ruling, not because the Michigan Supreme Court erred indetermining the question of contravention, but erred in holding that Congresshad no constitutional right to invest national banks with such functions. Thecourt then further indicated a deference to the power of the State to control itsown affairs, as follows (1. c. 426-427):

"That the statute subjects the right to exert the particular functions whichit confers on national banks to the administrative authority of the reserve board,giving besides to that board power to adopt rules regulating the exercise of thefunctions conferred, thus affording the means of coordinating the functions whenpermitted to be exercised. It charged all national banks with reasonable andnondiscriminating provisions regulating their exercise as to said corporations, thewhole to the end that harmony and the concordant exercise of Notional and Statepower might result."

This is a definite statement of the United States Supreme Court that the rulesregulating the exercise of the functions under consideration provided by theReserve Board must coordinate with the State regulations. No doubt the con-ditions in section ll(k) were framed to meet the usual requirements and regu-lations to be expected in State statutes uto the end that harmony and the concordantexercise of National and State power might result." This seems to be a plain indi-



cation that if the State has regulations and exacts conditions for the exercise ofthese fiduciary powers, with which a national bank can not comply and withwhich the State legislature is powerless to compel compliance, then the exerciseof such functions by a national bank is in contravention of the State law.

The case of the People v. Brady, 271 111. 100, is referred to in the cited casesand furnishes an important illustration of the subject. That was a mandamusproceeding at the relation of a national bank, asking a peremptory writ requiringthe issuance to relators of a certificate of qualification to act as trustee, executorêtc. The Supreme Court of Illinois, in a very able and lucid opinion, held thatthe exercise of functions prescribed in section ll(k) were in contravention ofthe State law, pointing out as regulating the exercise of such functions the IllinoisStatutes which could not be applied to national banks. The opinion also deniesthe constitutional authority of Congress to regulate and provide for the exerciseof fiduciary functions because they come strictly within the State control.

That decision was rendered before the Fellows case got to the Supreme Court.After that ruling the same national bank brought another mandamus proceedingin the Illinois State court on the theory that in the Fellows case the UnitedStates Supreme Court overruled the conclusion reached by the Illinois court inthe Brady case. That case came before the Supreme Court of Illinois. (Stateex rel. v. Russell, 283 111. 520.) The court then refused to grant the relief prayedon the ground that the former ruling was res adjudicata and indicated (1. c, 524)that if it were not for the conclusiveness of the former judgment the court wouldbe obliged to rule differently, conceding that the former judgment was erroneous.In that obiter statement the Illinois court shows a misunderstanding of the pointdecided in the Fellows case. The only question considered in the Fellows caseand the only point upon which the Michigan Supreme.Court was overruled wasas to the constitutionality of the provision in the Federal act. The Illinoiscourt evidently failed to notice that the Federal Supreme Court did not passupon the question of whether the Federal act was in contravention of the law ofMichigan so as to affect that question when applied to the Illinois law. As amatter of fact, under the ruling in the Fellows case, the judgment in the Bradycase was not erroneous and would have been sustained by the Federal SupremeCourt if the question had got before it on the sole ground that the exercise ofsuch powers by national banks in Illinois was in contravention of the State law.So that the ruling in the Brady case is still the law of Illinois on that question.

The case of Aquidneck National Bank of Newport v. Jennings, 117 Atl. 743, iswhere the Supreme Court of Rhode Island held that the provisions of section l l(k)were in contravention of the State law of Rhode Island. The court points outthe statutes regulating the exercise of fiduciary relations such as are mentionedin section 11 (k), and holds that the State can not impose such regulations uponnational banks and therefore the exercise of such functions by a national bankis in contravention of the State law. Rhode Island, like the State of Missouri,did not grant such powers to the State banks. The opinion says (1. c. 746):

"The extension by the general assembly of this power of trust companies alone,of all corporations, is plainly because the provisions governing their creationand their regulation safeguard in a peculiar manner the rights of those bene-ficially interested in such trusts.7'

The same may be said of the Missouri statutes in relation to that matter; theselection of trust companies alone and the peculiar manner of managing trustfunds required show that it is the legislative policy of the State that generalbanking institutions shall not be endowed with such functions. The brief ofamid curids calls attention to recent statutes of this State giving trust companiescertain additional powers which make them competitors of banks in respectswhere they were not such competitors before. This does not alter the attitudeof the State toward such institutions. Trust companies are selected as fiduciaryagents doubtless because the legislature deemed them best fitted to meet therigid exactions which the statute imposes upon the exercise of such trusts.

In the appeal of Henry W. Woodbury, 78 N. H. p. 50, the question came beforethe Supreme Court of New Hampshire. In that case there was an express statuteforbidding the appointment of banking companies and trust companies asadministrators and executors. The court held that the exercise of the fiduciaryfunctions mentioned in ll(k) of the Federal reserve act wTere in contraventionof the State law. Of course there is no express denial in the Missouri statute,but the denial to banks of such functions is clearly implied and as emphatic asif there had been express denial.

No cases have been cited by petitioners in support of their position, when regu-lations and restrictions such as are imposed by the Missouri legislature are present,



where it has been held that the provisions of the Federal reserve act are not incontravention of the State law.

The Supreme Court of Pennsylvania, in case of In re Turner Estate, 120 Atl.701, held that the provisions of the Federal act were not in contravention of thelaw of Pennsylvania, on the ground that the regulation of such fiduciary func-tions was in harmony with the State regulations. There were no such stringentregulations as are provided in our statute. (Hamilton v. State, 94 Conn. 648.In re Estate of Stanchfield, 171 Wis. 553; In re Mullinax, 179 N. Y Supp. 90;are cited.) In each case the exercise of such powers was expressly granted toState institutions which act in direct and general competition with nationalbanks in the exercise of their ordinary functions.

In the regulation of trust funds the Federal act is in direct conflict with theMissouri statute, above pointed out. Necessarily there would be a want of that"harmony and concordant exercise of National and State powers" which ChiefJustice White, in the Fellows case, held was necessary in such cases.

We think that both reason and authority support the view that the exerciseof fiduciary functions mentioned in Federal reserve act, ll(k), are in contra-vention of the law of Missouri, the legislative policy, and the express statutes.

The premptory writ is therefore denied.All concur.

J. T. WHITE, Judge.

DECISION OF SUPREME COURT OF THE UNITED STATES.

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 wasdeniei 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 applving 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 has 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 wrhich 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."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 Stanchfield, 171 Wis. 553. Hamilton v.State, 94 Conn. 648. People v. Russell, 283 111. 520, 524. In re Mollineaux179 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 reviewsimpty made national banks competent to act as executors, etc., "when not incontravention of State or local law." The statute did not attempt to overrridethe 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 power ofa 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/ '


316 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD,,

Tarble's case, 13 Wall. 397, 407-8. Except as otherwise provided by the Constitu-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 means,essential 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 importantand 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 ever}' other power or function of a government subjectto the control of another."

It 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 an}7 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 public



moneys—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 negligible in-cident, 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 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 wiiom 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 geographical 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 cur at lex.

I am authorized to say that Mr. Justice MCREYNOLDS concurs in this dissent.



FEDERAL RESERVE BOARD INDEXES.

FEDERAL RESERVE BOARD INDEXES OF PRODUCTION, EMPLOYMENT, AND TRADE.[Average for 1919=100.]

Year and month.

Produc-tion inbasic

indus-tries. ing pro- Ji^tr movement.

duction j ments.

1919 average..1920 average-1921 average._1922 average._1923 average..

1919.JanuaryFebruaryM a r c h . .AprilMayJuneJulyAugustSeptember. _.OctoberNovemberDecember

1920.JanuaryFebruaryMarchAprilMayJune . ._JulyAugustSeptemberOctoberNovember. ._December

1921.JanuaryFebruaryMarch _April..MayJuneJulyAugustSeptemberOctoberNovemberDecember

1922.JanuaryFebruaryMarchApril . .MayJune . . . .JulyAugustSeptember . . .OctoberNovember . . .December

1923.JanuaryFebruaryMarchAprilMayJune .

yAugust..September.OctoberNovemberDecember

10010580

107100

939310210310510198103

116115115108105107105102102999590

848581797777747979

83

91958692949595100107116116

121120125124127122121120114118116110

Indexes of industrialactivity.

Fac-tory

10010280103124

1008895969696101108105107104103

112106118109110108101104101978575

746980788180758583898678

84829895109109103110106118120113

121116134131138128118126117128118109

1001179295132

1088590

10811011412775100

118104119102108117117123115128124125

106919385929285929010293

961011236170736779103122122126

133117134128137135136142125142130123

Whole-sale

trade.

10091105110108

108717077808795100 i115 j142 I131 |123 |

10582816069818183103119124104

1068790778998101117128146111108

99 !90 !83 !73 j101 I98 i99 j109 !137 j160 !139 i131 |

114 i80 I8978 I85 i8590 I111128158144130

100 ;1048390 !101 j

i98 ;95 !95 |96 i96 i9 8 ;100 i102 !104 I103 i105 I108 I

1101091111091081071031031029994

101103103103103101101101101100

Departmentstore sales.1

Departmentstore stocks.1

1001127374

7971808895103112111114121111123

120 |105126 !119 i118 I124126 I117 |1171019175

Unad-justed.

100120110111124

8172901029895777896118119173

107891221211261229494110132137183

10390117114113111808495124120173

90801021131151108087106130131188

1019012411912812789100112148142202

Ad-justed.

100120110111124

9293909896961041011051051061C8

121116122117123122126121:20U8122114

117117117110110111107108104110107108

102104102109112111107113117116117117

114116124115125127120129123132126125

Unad-justed.

100136115116129

85

92

Ad-justed.

100136115116129

9592909493

8891102114122124108

115125137142138133133141151154146115

101106113116114110108116125130131108

103110120120116110115113122127130109

107118128132129122119129139146149123

9297102106109111116

128133136138138139141141140138131124

113113112113114115116116117117117116

115117119117117115114113113114116118

120126127129130128127129129131133133

i The index of production in basic industries is adjusted for changes due to seasonal influences. Theindexes of department-stores sales and stocks are shown with and without adiustments for seasonalvariation.Digitized for FRASER



FEDERAL RESERVE BOARD INDEXES OF WHOLESALE PRICES AND FOREIGNEXCHANGE.

[For prices, 1913 average=100. For foreign exchange, par value=100.]

Year and month.

1919 average. . . _1920 average1921 average1922 average1923 average

1919JanuaryFebruary __ . .._ __ _.MarchAprilM a yJune _ ._ __ _JulvAugust. . . . .SeptemberOctober.. .NovemberDecember

1920JanuaryFebruary _. __MarchApril . . . .MavJune.JulvAugustSeptemberOctoberNovember . . .December

1921JanuaryFebruaryMarch .Apr i l . . . . __M a yJune . .

/July _. _.!AugustSeptember -OctoberNovemberDecember . __

1922JanuaryFebruaryMarchAprilM a y .JuneJulvAugust _ . . . _.SeptemberOctober. . . _NovemberDecember.. __ _

1923JanuaryF e b r u a r y . . .MarchApril. .May .JuneJulyAugust . . . _ .SeptemberOctoberNovemberDecember., . . . . .

Federal Reserve Board indexes

UnitedStates.

211239149158164

201194195200206207216223217218225233

248248253267269262254240232214196179

168157152146145143146147147146145143

142146147149158161165166164165164165

166166169170167 |164159159163163163163

England

241310198165170

227222210214224234242249251261272283

301316325330336334322317311293277257

240223210203198195193193191185174170

167165166165169167169166163160162164

165168173175173171168164165166171177

France.

344319394

447472513562575535520536533517489450

414389370357346333334323322316313307

306303307320324325328320315315329337

346380398390386394391391404404416427

> of wholesale prices.

Canada.

207250167149150

196191193198202204207218216214217223

239249253265279276274258244234221208

199189184177168165163166158149145145

144149150152154153154149144145147147

148152155156155153151150149147145144

Japan.

235240181182188

209208198197210225241241248262283294

302308313280246223220209199197197180

176171167169173172378177192202197193

191185182180183187195187179174172173

176183185185187186183179190196199205

Foreignexchange.

8766626965

969795919091888583838075

726567656871716663615857

606262636663626060616164

656970727271706968676770

686667676665636263636160


PART II

This section of the report, which is arranged by Federal reservedistricts, presents, in convenient form for reference, tables relating tothe condition and operations and earnings and expenses of eachFederal reserve bank, to the condition of reporting member banks,and to the volume of debits to individual account by banks in lead-ing centers.

Other statistics relating to the operations of the Federal reservebanks, together with a discussion of banking and business develop-ments in each district, will be found in the annual reports of therespective Federal reserve agents.

321


DISTRICT NO. 1—BOSTON.

SCHEDULE 1.—COMPARATIVE STATEMENT OF CONDITION.


RESOURCES.

Gold with Federal reserve agentsGold 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 banks.

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 notes. .C e r t i f i c a t e s o f i n d e b t e d n e s s . _ _ _ _ _ _ .

Total United States Government securities. _ 1.

Total earning assets

5 per cent redemption fund—Federal reserve bank notes

Bank premises.All other resources

Total resources.

LIABILITIES.

Federal reserve notes in actual circulationFederal reserve bank notes in circulation—net

Deposits:Member bank—reserve account. . . _ . .Government . . . . . .Other 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. 31,1923.

168, 27113, 527

181, 79832, 88220, 078

234, 7588,266

243, 0243, 520

21, 74445, 957

67, 70138, 802

5296, 6972,636

9, 862

116,365

55 0344,312

131

422, 386

220,115

123, 6372,356

117

126,110

51,6097,890

16, 390272

422, 386

70 2

Dec. 30,1922.

154, 6139,421

164, 03428, 07716, 036

208,14712, 730

220, 877C1)

23, 67537, 909

61, 58425, 407

5296,610

"22, 454

29, 593

116,584

42259,1424,434

297

401, 756

201, 314

126, 342534980

127, 856

47, 9068,126

16, 312242

401, 756

67.1

2 511

Dec . 31,1921.

159, 91027, 746

187, 65642,312

7,117

237, 08514, 675

251, 7600)

21, 53337, 638

59,17113,149

5392 949

9,818

11, 306

83, 626

42252, 8124,740

359

393, 719

202. 5356,277

110. 7608,3681,086

120, 214

39, 5027, 936

16, 483772

393,719

78.0

2, 336

1 Not shown separately prior to 1923.2 Including Victory notes.

322


DISTRICT NO. 1 BOSTON. 323

SCHEDULE 2.—MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES DURING 1923.


Date

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

310

24__3 1 - .

7

2128

7142128

4111825

2g

1623 .29

613 . _ . .2027

3 _11

25

18

152229

5 . . . .

1926

3 . .10172431

71421 . .28

5121926

Totalearningassets

(2+5 +6).

Bills discounted formember banks.

Total.

Billsse-

curedby

U. S.Gov-ern-

mentobli-ga-

tions.

51, 66038, 23244, 99449, 29051, 342

54,13350, 81459, 64648, 565

41, 58949, 93150,11256, 760

47, 35446, 79650, 33034, 145

44, 68735, 74044, 893i38, 127!56, 842|

20, 88515. 33414, 35220, 98523, 857

27, 35027, 72122, 774

19, 70722, 07222, 94724, 356

19, 67016,82115, 82516, 695

Otherbillsdis-

count-ed.

Billsbought

inopenmar-ket.

UnitedStates

se-curi-ties.

30,77522,89830, 64228, 30527, 485

26, 78323, 09336,87228, 479

21, 88227,85927,16532, 404

27, 68429,97534, 50517,450

18,466 26,22117,495! 18,24518, 86321, 60726, 5!"

42,122 20,80248, 704| 21,70054,3741 20,23248,342 -' - -

55, 20752, 50743, 60845, 322

46, 34953, 89652, 47960, 70669, 959

!70, 20069,91556, 92153, 215|

54, 011149, 667i46, 042|30, 879i40, 481

20, 713

21, 26421, 50719, 88818, 449

18,98620, 44322, 23223,21124, """'

21, 26420, 55618, 22521,181

23, 62719,90616,18318, 31914,851

26, 03016, 52030, 256

21, 32o!27, 00434,14227, 629

Daily average.

116,09396,83489, 27696, 78795, 262

96,83093, 218101,14089, 302

81, 89094,48581, 48984, 648

74, 55674,39780, 30760, 552

72,16861, 24870, 76564, 38483,400

65, 70370, 91076, 51171, 067

78, 20576, 49065, 05465, 725

65, 50771,40268, 52575,72583, 724

84, 71184,19269, 87164, 846

66, 59262, 38860, 02645.18059,277

65, 42084, 29085, 597106, 760

94, 781107,859 . , .95, 167 58, 5451 25, 462; 337 083) 32, 095120,709i 79,262 27,180J 52,082 33,973

40, 80638, 69628, 09929,17829, 069

14,585 28,11214,160 28,24412,796 28,69812,545 28,192

12,85417, 11117,19617, 482

17, 06517,42819, 59520,979

21,91119, 62020,10220, 31821, 024

19,81818, 26718, 02818, 564

33,943 19,16631,000 19,54323,7201 16,77326,873 16,512

14, 81412. 87011, 77110, 32310,12f

48,936! 10,74849,359) 10,33038, 696 9, 38132, 034 7, 578

27, 36333, 45330, 24737, 49545, 673

19,489 34,522 8,02118,900! 30,767! 8,90317,367| 28, 675J 10,24714,602 16,277; 10,73418,249 22, 232; 14,151

35,630 18,771 16,85949,647 19,286 30,36150,786 19,4681 31,31870,235! 25,8951 44,340

58,215! 23,9981 34, 2V,

26,18530, 23230, 67531, 910

32, 11670,588! 25.586J 45, 002| 32,078

27,44727, 44314,18110, 406

10,13'10.17310, 3825,428

5,5705,8885,7705, 9395, 534

3,7633,9394,1094,161

3,83:4, 4404,6733,891

4,3444,6364,2754,3,639

3, 7633,9473, 5694, 053

4, 5603,8183, 7373, 5674,645

Totalcashre-

serves.

226, 887232, 036244,102237,130238, 761

234, 504241, 026236, 775245,861

247,054242, 959258, 240255,612264,825261,314260, 968273, 604

264, 502271, 673267, 663280, 487266, 614

280,146275, 987271, 892276, 679

Mem-ber

banks'reserve

de-posits.

127, 649129, 267128, 061127, 214125,148

Totalde-

posits

137, 297133, 095130, 458132, 588128, 470

124,649! 129,076127,504 133,134121,258 129,023118,175 123,666

123, 700123, 303120,424120,433

123, 450122, 921127, 962124, 533

124, 822120, 378126,197127, 730125, 395

124, 333128,854129, 099122,546

274, 142 126, 991271,987 126,336283,257 129,311279,896 125,056

284, 506281, 853283, 861276, 15:27.1, 042

273. 351272, 432281, 087296,906

29G, 743297.124305, 474314, 829309, 885

125, 588123, 453124, 741125, 380125, 581

122, 361126, 597122, 629125, 504

126,144128, 908129, 700128, 649

130, 474128,772131,064126, 077

128,227122, 239127, 658129, 751130, 266

128, 445129,876129,81126,705

127, 324127, 268130, 952126, 207

127, 886125, 350126, 416126, 99r129, 230

Fed-eral

reservenotesin cir-cula-tion.

10

Re-serveper-cent-ages.

207,208201, 717197, 663195, 086192, 349

197, 381198,457201,331

202,499202, 290202,940203, 836

204, 987202,916203, 780205, 2951

204, 873205, 214205, 230207, 219211,291

214,846213,763214,194216,027

221, 837222, 514217, 089216, 489|

I219, 63l|223,142223, 409222, 851222, 895

126,340 228,29:130,375 227,148 ,.127,2211 228,2081 7!122 8Q5 ??A fUO 8:

65.969.374.472.474.4

71.872.771.776.4

75.273.477.676.9

78.978.877.982.6

79.483.080.483.278.1

81,680.379.080.7

78.577.881.481.7

81.980.981.178.977.0

132,

3,605 291,4034, 4111 275, 1944, 1361 264,499

129,472 131,724123,607 125,315135,624 136,836128,719 131,714133,498 135,286

131,139131,550124, 429

4,615 252, 7611 125,791

81,267 52,633!.

4, 4505,1934,5277, 474

257, 763248,441263, 938243, 670

17,9661 10,668 267,33'

124, 033127,318

131,989136, 057126, 743128, 508

224, 640

229, 712232, 514231, 872|226, 59:219,718

77.176.279.183.0

82,183.082.887.987.3

225, 290 81. 6222,190! 76. 8220, 369! 76. 2224, 516! 71. 6

125,175 228,186.128, 770J 226,417:

124,219 125,109 234,1081121, 784j 126,015 234,830;

125,822: 129,377| 214,619; 77.7

72.969.073.567.5



FEDERAL RESERVE BANK OF BOSTON

MILLIONS OF DOLLARS

350

300

250

200

150

100

F. R. NOTE CIRCULATION

MILLIONS OF DOLLARS

1350

100 I I IPURCHASED BILLS

1 I I I IUNITED STATES SECURITIES

200 I I I I IDISCOUNTS FOR OWN MEMBERS

1921 1922 1323


DISTRICT NO. 1 BOSTON. 3 2 5

SCHEDULE 3.-—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS.


Month.


Secured byU S. Gov-ernment

obligations.

January i 261February i 391,595March ! 330,904April 235, 275

151,291220, 524146,896153, 395

MayJuneJulyAugust

141, 215174, 854181,847178, 997

SeptemberOctober.NovemberDecember

292, 654231, 352310, 025431, 462

190, 618139,174197, 790280,101

Total: 1923 | 3,652,775 1,489,5731922 ; 2,262,087 714,5371921 ' 4,454,760 2,361,087

4.339 ! 2,156,7024,371 i 1,541,9924,027 i 2,087,589

LT. S. securitiespurchased.

Total discount and openmarket operations.Bills bought in open market.

Certifi-cates ofindebt-

i edness.

Trade Bondsaccept- andances. notes.


412,511421, 270381, 325262, 317

191, 714325, 952304, 764167, 170

521,894548, 590772, 882384,035

17, 76926, 14622, 66614, 555

J 29, 425163,809129, 735184, 130

446,190333, 569209, 0G4311, 774

1,495 1,155 ! 12,4822.095 | 1,214 j 2,6421,385 I I 2,424 \ 1,871

14, 77124, 30433, 89234, 736

321, 062259, 512348. 212

September.OctoberNovemberD ecember

Total: 192319221921.. . .

302, 083 2S5, 707261, 691 253, 485211, 703 192, 643

16,300 *76 | 29,450 J 176,976 '4,161,2848,206 | j 29,137 180,936 !

19,060 | 7, 798 I 190,517 j_2, 733,851 I

I 4,864,778

86538—24t 22



SCHEDULE 4.—VOLUME OF BILLS DISCOUNTED FOR MEMBER BANKS IN EACHSTATE.


Num-ber ofmem-

berbanksaccom-

mo-datedduring

themonth

Num-ber ofmem-

berbanksin dis-trict

at endof

month

SeptemberOctoberNovember.December.

Total: 1923 I 49,002 | 60,7221922 42,621 I 40,2461921 I 52,765

Number of memberbanks at end ofyear:

192319221921

Number of Memberbanks accommo-dated:

192319221921

48, 790

27,118 3,395,56221,409 I 2,068,56426, 739 4,170. 612

183185192

153164166

424427436

313330341

199190203225

1 Figures relate only to that part of the State located in the Boston district.

SCHEDULE 5 . — E A R N I N G S AND E X P E N S E S .

1923 1922 1921

Discounted billsPurchased billsUnited States securitiesDeficient reserve penalties.Miscellaneous

Total earnings..

CURRENT EXPENSES.Salaries:

Bank officersClerical staffSpecial officers and watchmenAll other

Governors' conferencesFederal reserve agents' conferencesFederal Advisory CouncilDirectors' meetings_ _Traveling expenses l

Assessments for Federal Reserve Board expenses.Legal fees

$2, 320, 839741, 384419,739

9,17215, 549

3, 506, 683

137, 500895, 76833, 323

103,019378176478

6,17310, 02252, 4741,978

$1, 543, 539591, 647

1,391, 6919,7774,659

3,541,313

141, 000925,07234,430

100, 932411426250

7,3679,820

55,241775

$6,007,117515,192415, 9<-1

13,77816,644

6,968, 662

135, 500905,811

31, 64835, 233

461118200

9,2638,436

57,2181,200

1 Other than those connected with governors' and agents' conferences and meetings of directors and ofthe advisory council.


DISTRICT NO. 1 BOSTON.

SCHEDULE 5.—EARNINGS AND EXPENSES—Continued.

327

1922 1921

CURRENT EXPENSES—continued.

Insurance (other than on currency and security shipments).Insurance on currency and security shipmentsTaxes on banking houseLight, heat, and power _._Repairs 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.

PROFIT AND LOSS ACCOUNT.

EarningsCurrent expenses _

Current net earnings.

Additions to current net earnings:Amounts deducted from reserve for depreciation on United

States bondsAll other __.

Total additions-

Deductions from current net earnings:Depreciation allowances on bank premises.Furniture and equipmentAllother

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 Government. _ r

$26, 96771, 248

108, 06325, 5327, 258

29, 64028, 46261,78420,4278,233

167,09733, 827

236,69431, 439

36, 294

$31, 53449, 27190,90025,489

1,76752, 77226, 53974, 58821,1697,977

186,990

65, 50138, 79223, 87149,516

2,134, 254 2,022,400

3,506,6832,134, 254

3, 541, 3132,022,400

1,372,429 1,518,913

5, 29020, 559

25, 849

122,04820, 3093,786

146,143

120, 294

1, 252,135

480, 26777,187

694, 681

32,1009,494

41, 594

328, 215133,106

1,784

463,105

421,511

1,097,402

481, 951• 76, 568

4 538, 883

$25, 22026, 29747, 336

3,110

95,63722,12377,14116, 36510,960

159, 649

302, 26488, 52656,749

J 122, 542

2, 239,007

2,239,007

4, 729,655

43, 6813,894

47, 575

£9,000

6,877

495, 877

448, 302

4, 281, 353

473,109772,324

3,035,920

2 Includes $73,692 for furniture and equipment, which since 1921 has been charged direct to profit andloss.

3 Included with current expenses prior to 1922.* Bank also charged its surplus account and paid the United States Government $247,350 as an additional

franchise tax for 1921.


3 2 8 ANNUAL EEPOET OF THE FEDERAL RESERVE BOARD.

SCHEDULE 6.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS.


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 fundsEnvelopes received and dispatched

AMOUNTS HANDLED.

Bills discountedBills purchased in open market for own accountCurrency received and countedC oin received and counted iChecks handled |Collection items handled: J

United States Government coupons paidAll other j

United States securities—issues, redemptions, and ex- ichanges by fiscal agency department 1

Transfers of funds

3,61055, 60119,165

206, 6G4,000196, 501,00063,158, 000

5, 478. 000727, 000

3 7, 594, 000 !50, 000 i

2,011,000 I

3,71151,08517, 351

176,618,000174,1S8, 00055,123, 000

6, 925, 000488., 000

v 1,559.00047, 000

0)

0)70, 39813,973

142,316,0002 159, 331, 000

50,830, 000

7, 767, 000319, 000

3,823,00038, 000

0)

$3, 652, 775, 000302, 083, 000

1. 259, 323, 00020, 170, 000

15, 169, 483, 000

69,761,000722, 651, 000

$2,262,0*7,000 I $4,454,760,000261,691,000 j 211,703,000

1,022,617,000 ! 862,200,00018,442,000 ! 2 15, 910.000

12,082,663,000 | 11,651,345,000

797,105,0004,186, 430, 000

67,777,000 I515,597,000 i

1,184, 543, 000 I3,033,806,000 j

66, 757, 000552, 657, 000

1, 710, 904, 0001, 963, 283, 000

1 Data not available.2 Estimated.'• Large increase due to the redemption of war savings securities which matured January 1, 1923.

SCHEDULE 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.

JanuaryFebruaryMarch'\prilM a vJuneJulvAugustSeptember _ . .OctoberNovemberDecember

Total: 1923. _1922..1921..

Items drawn onbanks in own

district

Number.

4, 6213, 9874,7184, 6125,1105,1735, 1904, 8454,4995, 3885,0235, 395

58, 56150, 90647, 164

Amount.

1,124,629' 949. 858

1,214,6411. 199, 1761, 271, 6501, 32.3, 2921, 208, 9651,3 24,7321,129, 3151, 256, 0701. 232, 9341,291,327

14, 328, 58911,292,19010, 814, 383

Items forwarded toother Federal re-serve banks andtheir branches.

Number . : Amount .

232 : 52,890192 46,739231 , 63.131223 53,901238 55,429234 55,074239 52,122251 52,894223 54,144241 54,334223 : 48,080246 51,202

2,773 639,9402,427 ! 573,2601, 978 590, 863

Items drawn onTreasurer of

United States.

Number.

146131159170] 69154131131145171166151

1,8241,7901,688

Amount.

20, 94t914, 62415.70219, 85H16, 51515,64914, 63615,24914, 35921, 48515, 65716, 273

200, £54217,213246, 099

Total .

Number .

4,9994,3105,1085, 0055, 5175. 5615, 5005, 2274, 8675, 8005,4125, 792

63,15855, 12350, 830

Amount.

1,198,4681,011,2211, 293, 4741, 272,9331,343.5941,396,0151. 275, 7231,192,8751.197,8181, 331, 8891, 296. 6713,358, 802

15. 169, 48312. 082, 66311,651,345


DISTRICT NO. 1 BOSTON. 329

SCHEDULE 8.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENTFUND.


Week ending-

Jan 4 (3 days)11 - -1825 - -

Feb 18 . .

1521

Mar. 1 - -8

152229

Apr 5121926

May 310172431

June i - -142128 .

Ju ly 51219 _- - - . .26

Aug. 2 . _ _ _ _ - . . _9

162330

Sept. 6 _ . _V 13

2027

Oct. 4 . . . _ _111825 .

Nov. 18 .

1522 128 i

Dec 61320 '2728-31 (3davs)

Total" 192319221921

Paymentsto other

Federal re-serve banks .

87, 756142, 053156, 476143. 899129, 217115,700134, 843125 941170, 968150, 615150, 743180. 522144, 223168, 556147, 097163, 480196 375152,145160 568191,174165, 556138, 734177,844169, 285186,911152, 646145. 760157,900161, 727138,673144, 021133, 828123 198143,451123, 355116,220129,453163,090152, 423157,487137, 323155,189158. 777149, 074164, 774149 770167,496160,834183.763 !149 227196,106129,401 ;112,436 i

8, 008, 0885, 946, 6645, 301, 614

Receiptsfrom otherFederal re-

serve banks

99, 578157, 956155,054133, 069133, 864119,123129, 451133, 580187,187146, 546151,475182,128144, 370182. 633156' 293151 276207 544157, 443151 432198, 473169,182131. 257186, 034174, 794176, 183147,009158.190160, 588162,112146,195147, 301130, 925118 458137, 669119 457123, 434124, 477180, 374157, 933157, 540144, 525166, 278154,637145, 779139, 864137 957164, 753149, 085194, 566135 815201, 628133, 09397, 366

8.052,9335, 922, 5705, 387,823

Net loss.

1, 42210, 830

5,392

4,069

12, 204

9 136

7,477

10, 7285,637

2," 903"4 7405,7823 898

4,976

4,1403,295

24, 91011 8132,743

11, 749

13 412

15,070

24," 094"

Net gain.

11,82215,903.

4 , %A%3,423

7 63916, 219

7321, 606

14714,0779,196

11 1695, 298

7,2993, 626

8.1905, 509

12, 4302,688

3857 5223, 280

7,214

17. 2845,510

7,19711,089

10, 803

5,5223,692

44,845

86, 209

Net gain in ownership of gold since establishment of fund in 1915, $193,337,000.



SCHEDULE 9.—PRINCIPAL ASSETS AND LIABILITIES OF REPORTING MEMBERBANKS IN LEADING CITIES AS OF THE LAST REPORT DATE IN THE MONTH.


Last report date in—

JanuaryFebruary- _MarchAprilMayJune*JulyAugustSeptember.OctoberNovember.December..

Loans and discountsgross.

1923

861,214860, 569863, 964869, 575861,392875,430882, 655879, 359885, 595882, 635877,157879,457

1922

803,405808, 588791, 753785, 435788,624788,363791, 571782, 557809, 927838,014831, 339830,233

Investments.

United States securities

1923

139,946129, 037126, 400125, 764131,601139, 794129,167127, 518137,810132, 578128, 297121, 580

1922

63,07172, 54070, 58386, 60898,192115,983118,570131,227126, 951134,408129, 239133, 532

All other

1923

173, 087172, 549170,437173, 743174, 936173, 956169, 210168,453171, 950175, 344174, 020170,441

144, 533142,795144, 433147, 228162, 694170, 936169,211171,171172, 788168,820171,071171,120


Net demand deposits. Time deposits. Accommodation atFederal reserve bank.

JanuaryFebruary. _MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..

839,642804,063780, 632810,006804,688799, 808814,181786,114797, 135846, 974802, 468788,151

1923

756, 517740, 521718,550763,155782, 250786, 609798, 522782, 660808, 606832,019798, 593813,832

241,585245, 527247,898252,619255,636257, 712265, 629268, 582270, 567269,872268, 857266,077

1922 1923 1922

183,565189,094196,380200,442213, 512231,462228, 826240,308246, 742242, 376238, 964237, 567

32,685 i30,643 !37,68217,801 I35,379 !27,75726,884 I48,102 |33,62621, 93147,48355, 067

19, 73130,31124,8206,47012, 29812, 72316, 51314,36315, 52719, 94653, 92947,432

NOTE.—Figures are for about 43 banks in Boston, Hartford, New Haven, Providence, and Springfield,which submit weekly reports to the Federal reserve bank.

SCHEDULE 10.—DEBITS TO INDIVIDUAL ACCOUNTS.


Month.

J a n u a r y . . .February . .MarchAprilMayJuneJulyAugustSeptember-OctoberNovember.December .

Total

Summary for 11 centers.*

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

1922

'i, 928,0211, 611, 6051,857,8091, 760,1571, 837, 9391,992, 8981, 899, 3731, 586,0941, 717, 6352,087, 6221, 986, 5232,126, 314

24, 851, 232 22, 391,990

1921

2, 058, 4101, 611, 6031, 821,1961,796,1181, 788, 5481, 826, 5301, 734, 8241, 588, 5421, 630, 2991, 947, 9921, 925, 7532,005, 698

21, 735, 513

i Figures for cities marked with an asterisk are not included in the district summary or in the nationalsummary of 141 centers.


DISTRICT NO. 1—BOSTON. 331

SCHEDULE 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued.[In thousands of dollars.]

Month.

JanuaryFebruary .MarchAprilMayJuneJuly.AugustSeptemberOctoberNovemberDecember

Total

Month.

January .FebruaryMarch .AprilMayJuneJulyAugust . .SeptemberOctoberNovemberDecember .

Total

Month.

JanuaryFebruaryMarch... _ . _AprilMayJuneJulyAugust . . . .SeptemberOctober.November .December

Total.

Month

J anuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

Total

Bangor, Me .

1923

15, 05312, 57414, 55313,46314, 22316,12115,31114, 91915,01518, 44614, 35215, 838

179, 868

1922

13, 52911,91614, 50313, 24213, 91014, 39113,70512,89614, 32815, 71113, 36916, 693

168,193

1921

15, 78013, 65415, 53915, 61414, 91516, 94915, 76315,08314, 49617, 43515, 38216, 678

187, 288

Brockton, Mass.*

1923

21, 27418,93122,14822, 27221, 20021, 62617, 97319, 81021,06325, 07523, 88322, 469

257, 724

1922

19,96319,17019,11219, 79818, 51119, 33219, 52721,84823, 55522, 604

203, 420

1921

Hartford, Conn.

1923

111, 97799, 351

106, 384113,103113, 296113,833111,86999,91598, 234

111,759110,831123, 902

1, 314, 454

1922

98, 55680, 20390, 74896, 83293, 62297,15097, 55786, 49688, 843

108, 45194, 968

110,641

1,144,067

1921

101, 82281, 33290, 37196, 74285, 32189, 74595, 29480, 53286, 90189,65787,92799, 696

1, 085, 340

Lowell, Mass.

1923

21, 81918, 59022, 76422, 91525, 33425, 50221, 76821, 46720, 59724, 23025, 36521,140

271,491 1

1922

19,10616, 60219, 42619,19220, 02519, 36119, 63619, 29819, 49423, 35824, 94623, 260

243, 704

1921

20, 94516, 21817, 47318, 91618, 98919, 92718, 37518, 06818, 90621,71321,68921, 393

232, 612

1923

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

17,947,997

Boston, Mass.

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

1921

L, 522, 703L, 182, 520L, 341, 714L, 311, 520L, 319, 737L 335. 4341, 260, 9531,162,0851,176,0421, 425,1991, 430, 8761, 483, 833

15, 952,616

Fall River, Mass .

1923

36, 65030, 38532, 46133, 73433, 38532, 26429,16428, 52231, 74241, 45346, 20137, 537

413,498

1922

29, 60822, 74125, 67026, 06228, 92530, 33729, 00026,89727, 80337,06541,48837,102

362,698

1921

26, 64723, 94724, 76724, 41722, 66823, 87623, 91523, 43027, 99734,11234, 24627, 865

317, 887

Holyoke, Mass.

1923

17, 71614, 65617, 79918, 21018, 65720, 30717, 08615, 56715, 41019, 40218, 22217, 514

210, 546

1922

12, 57110, 67613, 52312, 860

• 13,08713, 59213,60012, 35814, 53418,09818, 63117, 528

171,058

1921

15, 31811, 50213,30812, 78911,79613,37611,99610, 51411,72313,29713, 57213, 217

152, 408

Lynn, Mass.*

1923

22, 22419, 21027, 84528, 65228, 88226, 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

1921



SCHEDULE 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued.


Month .

JanuaryFebruary._M a r c h . . . . .AprilM a yJuneJulyAugustSeptember.OctoberNovember .December. .

To ta l .

Manchester, N . H.* New Bedford, Mass.

1923 1922

18, 80315, 23918, 50517, 33216, 60317, 52416, 06416, 39316, 35618, 02618.16726, 801

1921

18, 49616,12820, 54519, 05618,54819, 75419, 28218, 92118,14119, 69818, 57224, 944

1923

243,500 ! 215,813 I 232, 085

Month .

JanuaryFebruary . . .MarchAprilM a yJuneJulyAugustSeptember.OctoberNovember .December. .

Total

New Haven, Conn.

1923

88, 44874, 09882, 60881, 25792. 43994, 27490. 54487. 53381, 60395, 78787, 58293. 901

1,050,074 j

1922

73, 88958, 44574, 46869, 72873, 66073, 47384, 63675, 87478, 06181. 98174, 55682, 450

901, 221

1921

78, 90464, 85473, 67872, 23471.81072,13173, 06667,11665, 26172, 37968, 73574, 499

31,14630,18433, 54431, 73132, 24134,10531,11528, 74226, 54732,13236, 55034, 635

1922

26, 46024, 79626, 02224, 75527, 09428, 09927, 59826, 48725, 79534,16235,16733, 325

1921

23, 88222, 44023, 43522,98524, 22425, 97224, 54024,33525, 83129, 63430, 79329, 612

382, 672 339,760 ! 307, 683

Portland, M e . *

1923

37,18035, 25539,14036, 81242, 85444, 66642, 62738, 78338, 73048,19543, 43842, 735

854, 667 488, 415

1922

29, 93026,16531, 97231,46133, 89232, 78735, 40735, 73336, 86341,15234, 62838, 913

408,903

1921

38, 95531, 76134, 43132, 08430, 23729, 63128,94731, 04931, 50634, 74031, 33232, 675

387, 348

Month.

Providence, R. I.

1923 1921

Springfield, Mass."

1923 ! 1922

JanuaryFebruary . _.MarchAprilM a yJuneJulyAugustSeptember.OctoberNovember .December..

159,503 i136,280 !151, 269 !152.709 !154,009162.329 •143, 654134, 111127,659176,754 i158,803169,304

133,213 !122,416 I133,438 j130,900 !131,740145,839 I127,917 ;113,859 1128,983 1165,025145,167 i160.285 i

150, 600117,545132, 814131, 855131, 425138, 392128, 743114, 622123, 964154, 831138, 006142, 981

72. 90461,61374,14372, 61177, 89980, 53070, 56265, 46061,47176, 60269, 01271,100

55, 42348, 96157, 43557, 27162, 37067, 43064, 39558, 71763, 01478,17074,14073,478

64, 83853,12259, 86955, 34553, 63659, 52952, 29550, 18151, 94363,16661, 53860, 296

Total I 1,826,384 1,638,782 i 1,605,778 j 853,907 760, 804 685, 758

Month.

JanuaryFebruaryMarchApril _ - _ _ - - - .Mi ayJuneJulyAugust .September.. . . .OctoberNovember .December. _

Total

Waterbury, Conn.

1923

32. 30628, 32530, 49137, 23935 52738. 78532, 64031, 08229, 04633. 37330, 21335, 806

394, 833

1922

26, 02427, 99426.850 i26, 37728, 52729, 64126, 08327,006 ;27. 21431, 22728,054 ;

35. 149 ;

340, 146

1921

28, 04420. 86323, 85524, 73624, 59926. 21922, 98818, 35922,19324, 41323, 83927, 975

288, 083

Worcester, Mass.

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

1921

73, 76556,72864, 24264, 31063,06464, 50959,19154, 39856, 98565, 32260, 68867,949

751,151

NOTE.—Centers which have not reported continuously for the 18 months ending Dec. 31, 1923, are notincluded in the table.Digitized for FRASER


DISTRICT NO. 2—NEW YORK.

SCHEDULE 1 .—COMPARATIVE STATEMENT OF CONDITION.


RESOURCES.

Gold with Federal reserve agents _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 banks.

Total gold reserves _Reserves other than gold _ _ _

Total reservesNonreserve cash. _


Total bills discountedBills bought in open market __

United States Government securities:BondsTreasury notesCertificates of indebtedness ._ _

Total United States Government securities _

Total earning assets __ _ __

5 per cent redemption fund—Federal reserve bank notes -Uncollected itemsBank premisesAll 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 itemsCapital paid inSurplus... _._ _..All other liabilities. _ _

Total liabilities


Contingent liability on bills purchased for foreign correspondents...

Dec. 31,1923.

583, 6259,441

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, 2981,067

1, 341, 650

420, 371

712, 8589,562

12, 406

734,826

95, 34229,43959, 929

1, 743

1, 341, 650

77.66,572

Dec. 30,1922.

658,97010, 309

669, 279169, 378118,127

956, 78431,314

988, 098

168, 23616, 053

184, 28960, 864

1,14960, 618

105,485

167, 252

412, 405

134, 30310,1001,893

1, 546, 799

597, 071

749, 006518

11,439

760,963

98,10128, 68859,800

2,176

1, 546, 799

72.812, 624

Dec . 31,1921.

653, 00415,000

668, 004130, 058283,142

1,081, 20450, 336

1,131, 5400)

156,01453,066

209,08072, 593

5963,570

99,359

103, 525

385,198

1,603103, 363

6,648% 2,852

1, 631, 204

663, 36320, 559

726, 09832, 61614,451

773.165

83, 84827,11460,197

2,958

1, 631, 204

78.812, 036

1 Not shown separately prior to 1923.333





Date.

Jan. 310172431

F e b . 7_' 14_

21_28_

Mar. 7_14.21.28-

Apr. 4_11_18.25 _

May 2_9_

16.23_30_

June 6_.13..20..27_.

July

25_

Aug.

15.22-29-

Sept . 5_12_19-26_

Oct. 3_.10-17_24-31- .

Totalearningassets(2+54-6).

358, 749352, 055322,176345, 55'358, 718


! Bil1 I• secured;

by I OtherTotal.

! yU. S.

! Gov-| ern-I ment1 obliga-| tions.

billsdis-

count-ed.

185,584 169,695 15,889167,852 154,575 13,277182,733 161,502 21,231216,641 191,283 25,358251,864 230,612 21,252

Billsbought

inopenmar-ket.

UnitedStatessecuri-ties.

51, 796 121, 36937, 724 146, 47929, 394 110, 04932,0661 96,85027,785 79,069

Totalcash

reserves

1, 013, 5701, 025, 054

986, 428977, 44*983, 86*

300,749 221,033 193,109 27,924! 27,410 52,3061,041,269377,278 294,250 259,758) 34,492 29,793 53, 235!1, 002, 764311,349 240,447 194, 473; 45,974! 27,312 43, 590! 1,024, 725289,490, 210,222 179, 216j 31, 006| 30,470 48, 798J1, 050, 354

255,775 200,239* 170,341 29,898' 29,480 26,0561,061,547269,173 209,482 176,173 33,309; 35,264 24,4271,069,933216,941) 170,037 136,465; 33,572 29,242 17,5621,115,002287.949 228,901 176, 967j 51, 934i 34,309 24, 739! 1, 081, 560

256,891! 210,603 165, 668! 44,935 27,462 18, 826Jl, 085, 976246,046 182,175 137,3361 44, 8391 46,840 17, 031 | l , 074, 395239,528; 169,576' 131,015 38,561! 50,911 19,041)1,094,888210,444; 154,134 123,134 31,000 45,161 11,149 1,091,527

269,686) 211,574 136,4562dO, 141 i 198, 730: 148,603236,031! 153,237; 124,537263,019| 163,317 133,017259,851j 171,125i 127,711

75,11850,12^28, 70030, 30043, 414

289,6251 194,419! 153,421 40,998248, 003! 179, 079 130,194J 48, 885198,320i 138,845 105,381 33,464235,183[ 160,328: 120,956 39,372

304,651) 259,723' 197,137271,961; 219,643 161,777243,237' 185, 821! 149,662219, 475; 167,569 126,417

261, 5801 209,406: 148,391266,498 222,872 172,663233,1841 195,625 146,794

62, 58657, 86636,15941,152

61, 01550, 20948, 831

207,142i 167,391: 124, 742i 42,649226,163! 180,312 125,507 54,805

Nov.

21 _28_

Dec. 5_12.19-26.

Daily average.

269,440 209,788 152,620259, 772 205, 694! 144, 183172,216j 138,737; 90,196236,967j 200, 452J 146,370

239,907! 203, 9761 136,459244,637 205,047j 146,344220,604! 170, 808! 116,593204,087! 163,441! 111,001265,149, 201, 803| 149,580

265,486' 174,430! 119,262257,436 162,286! 117,986216, 164' 125, 645; 86, 575235,440' 131,843! 102,644

57,16861,51148, 54154, 082

67, 51758, 70354, 21552, 44052, 223

55,16844,30039, 07029,199

238,789j 124,149' 92,041 32,108270,1191 143,5941 98,610 44,984229,591' 130,598; 104,894! 25,704317,407; 204,9561 1£8,190! 46,766

262,8121 187,282.

54,37356, 83875, 64573, 55275, 500

74,05852, 31438, 96443, 712

40,10142, 34546, 45639, 671

40, 00037, 00231,91035, 90533, 440

3,7394,573

26! 15013,

1491

226 L

, 148 121,16, 610 120,51131,143

8271 .4,9,973

10, 96012, 235

12,174 1, 017, 3216,6245,6493, 846 1.12,411

41,271 18,38136, 82823, 43526, 556

22, 35732, 74143, 72736, 09752, 437

17,25010, 0449,959

13, 5746,849

12, 0694,54910, 909

78,407 12,64978, 420i 16,73084, 420| 6,09987,993j 15,604

1, 094, 6951, 071, 201., 105,1631,070, 674, 065, 71

, 057, 622, 076, 726

1,116, 8841, 083, 365

, 031, 2671, 025, 0901, 027, 6591, 011,198

989, 687986, 539

., 013, 247998, 367

951, 030975,459

, 029, 633995, 597

Mem-ber I

banks' !reserve i

de- iposits, j

Totalde-

posits.

Federalreserve

notes incircula-t ion. |

Re-serveper-cent-

| ages.

10

741,929 754,455! 597, 350|762,804 775,0001 565,213711,692 723,930; 552,218722, 717. 739,942! 545,265720,929; 744,157j 551,029

719,607; 743,923! 554,344755,686! 778,494! 560,010707,269; 327, 7401 569,795712,1061 734,747' 568,124

683,969! 704,761724,458! 734,753681, 0531 719,303707, 865

1,544691, 416722, 586682, 516

756,172

733, 83771745, 315704, 004

713,310 753,009694,445 719,109722,577 751,348707,626! 728,269680,128^ 707,548

570, 391567,169568, 287565, 691

574,400565.181£61, 366559, 220

571,466566, 318562.182559, 876566, 030

704,990 735,840| 568,599714,054, 737,6731 555,158700,5601 727,047 547,527705,3231 739,368 533,713

730, 923719, 493697, 983661, 780

715, 734690,236 707,441668,701 690,204659,730 683,676

753,915 546,814737,686 526,422720,222 513,330684,3141 503,111

738, 899 497, 762504, 061496, 945495, 327484, 705

674,965 692,207 486,765689,101| 718,050 481,804664,932! 696,654 478,053690, 80S 720,6421 469,443

674, 46". 694, 471

990,412 700,035! 721,257 474,894' 3, 640! 711,542j 471,073

463,507457, 029449,!

982,225 705,579! 725,956996,601 688,145| 706,001977,501 718,144 742,567

948,503 673,563 692,226 455,559930,354 695,8281 723,644 443,898981,238 699,803 717,909! 433,315964,147 701,181 720,319J 429,997

932,116 685,630 703, 261! 426,837927,206 716,648! 731,9951 421,946914,396 669,737! 684,474 422,105885,222 705,485' 725,480 428,579!

47,970 27, 5C0 1, 013, 732 689,362 713,488 519,435; 82.2

75.076.577.376.176.0

80.274.979.080.6

83.282.286.681.8

83.083.783.8

82.783.384.183.183.7

81.183.387.685.1

79.381.183.385.2

82.381.783.185.984.7

80.781.387.783.7

82.982.685.782.0

82.679.785.283.8

82.580.482.676.7


DISTRICT NO. 2 NEW YORK. 335

FEDERAL RESERVE BANK OF NEW YORK

MILLIONS OF DOLLARS

200

000

800

600

4 0 0

200

4 0 0

200

400

200

1000

800

600

4 0 0

200

I I IPURCHASED BILLS

I I I f IUNITED STATES SECURITIES

I | | I IDISCOUNTS FOR OWN MEMBERS

MILLIONS OF DOLLARS

1200

1000

800

600

4 0 0

200

400

200

400

200

1000

800

600

400

200

1921 1922 1923



SCHEDULE 3.—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS.


Month.


Total.


obligations.

January.FebrusrMarch...April...

MayJuneJulyAugust,.

Sept ember _OctoberNovember . .D e c e m b e r . .

Tota l : 1923.1922..1921..

2, 612, 835 2,438. 9652,393,409 2,277,5161,995,976 1,816,5011,793,116 1,631,148

1,747,309 1,589,2351,113,221 : 970,5721,503,907 ' 1,265,9891,137,185 ' 994,132

806,281 !939,392 !942,119 i967,093 !

674,464753,426778, 491771, 507

17,951,843 ! 15,961,9469,206,364 ! 7,685,801

30,768,990 ! 14,704,624

Bankers'accept-ances.

94290

26

912

24 !15

Tradeaccept-ances.

250323695610

479908691592

567398558504

Agricul-tural andlivestock

paper.

291229387511

430510416274

420465465527

All other

173,235115,051178,367160,847

157,165141,231236, 802142,175

130,830185,079162,590194,555

19223,192 I

6, 5758,523

33, 517

4,9258,0426,066

1,977,927.1,503,806

16,001,591

Month.


May. _ . .JuneJulyAugust


Total:192319221921.

Billc bought in open market.

Total.

49,22850,17975, 77585, 650

119, 75293,12192, 82276, 815

* 76, 777101, 592190,811165,125

1,177,647871, 433799,813


47,48945, 64868,65577,919

112,21590, 08987,18474, 719

72, 62194, 687

181, 786155,883

1,108,895

Dollarex-

change.

8503,0025.1536,142

6,2482,1965, 5791,774

3,4026,1827,4017,553

55. 482828,802 i 37.123703,315 90,311

Tradeaccept-ances.

8891,5291,9671,589

1,289836

59322

754723

1,6241,689

13,2705,5086,187

U. S. securitiespurchased.

Bondsand

notes.

53,08048,31940, 76022,390

61,11256,38934, 80736,340

44,67839, 99828, 63566, 552

533,060796,33539.024


459,23521,03873, 44015, 859

69, 368116,20621,03715, 684

91,65719, 75956, 810

197,633

1,157, 7262, 111, 3902, 631,840

Total discount and open-maiket operations.

1923

3,174,3782, 512, 9452,185, 9511, 917, 015

1, 997, 5411, 378, 9371, 652, 5731, 266, 024

1,019, 39S1,100, 7411, 218, 3751, 396, 403

20,820,276

1922

1,102, 9971,026,4591,074,055

641, 050

414, 737971, 945788, 744520, 361

844, 5111,497,2351,811,9932, 291, 435

12, 985, 522

1921

5,789,8035,692,2334,631,2962, 568,238

N*2, 351, 0082,066, 8871,871,2131,688,228

1,561,2181, 718, 2441, 538, 3192, 762, 980

34,239, 667


DISTBICT NO. 2—NEW YORK. 337



Month.

JanuaryFebruaryMarch . . .April

May. . . .June _ .JulvAugust _ _ _ _

SeptemberOctoberNovember _ .December

Total- 192319221921

Number of member banks atend of year:

192319221921

Number of member banksaccommodated:

19 319221921

Connecti-cut.1

2451,320

799. 839

8262,1251,6601,455

670900600

1,045

12.48414, 54633,350

121213

109

11

New York .

2, 572 5852, 352, 6021,953,4421, 749,165

1, 708, 3421, 072,7191,460,2151,086, 790

760,163oor> ™893,489916, 062

17,408,0978 837 014

30, 228,160

620603602

433408398

N e wJersey.1

40,00539,48741,73543,112

38,14138, 37742, 03248, 940

45, 44855, 96948, 03049,986

531, 262354 804507, 480

207193185

147127122

Total.

2, 612,8352,393,4091,995,9761, 793,116

1, 747,3091,113, 2211, 503, 9071,137,185

806, 281939,392942,119967, 093

17,951,8439, 206,364

30, 768,990

839808800

590544531

Number ofmemberbanks indistrictat end

of month.

812812814816

823827830831

831833835839

Number ofmemberbanksaccom-

modatedduring

the month.

332341375376

399393367334

340374394431

1 Figures relate only to that part of the State located in the New York district


1921

Discounted billsPurchased bills"United States securitiesDeficient reserve penalties..Miscellaneous

Total earnings..



Governors' conferencesFederal reserve agents' conferencesFederal Advisory CouncilDirectors' meetingsTraveling expenses x

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 houseRentOffice and other suppliesPrinting and stationeryTelephone

498,1143, 928, 025

208,144303,314

448156

1,20032,10137,891

202, 8022,275

84, 05858, 7868,0369,6789,279

422, 660115,928136, 31947,388

1 Other than those connected with governors' and agents' conferences and' meetings of directors and ofthe advisory council.

$3, 970, 2101, 619, 5125, 227, 488

49, 738474,371





TelegraphPostageExpressageFederal reserve currency:

Original cost, including shipping charges. _Cost of redemption, including shipping charges.




EarningsCurrent expenses

Current net earningsMiscellaneous additions to current net earnings..

Deductions from current net earnings:Depreciation allowances on bank premises...Reserve for self-insurance.Furniture and equipmentAllother

Total deductions. . .



Dividends paidTransferred to surplus accountFranchise tax paid United States Government

1923

$65,172248,052

85, 492

421, 22976, 748

110, 942

6, 880,136

11, 413,1836, 880,136

4, 533, 047• 1 ,697

1, 235, 93752, 75658,021

144,351

1, 491,065

$63,943

310,005

553,12570,17469, 374

142, 277

'3, 776, 530

11,341,3196, 776, 530

4, 564, 7892,743

365, 053294, 072

50,172136, 642

845,939

1, 489, 368

3, 043, 679

843,196

1, 749, 239129, 444

1,164,996

3, 721, 593

1, 652,138* 206,946

4 1, 862, 509

1921

$65,191

284, 399

1, 091, 592213, 287136,310

2 270, 399

8,167, 780

34, 704, 9398,167, 780

26, 537,1593,654

60, 404250,000(3)136,577

446, 981

443, 327

26, 093, 832

1, 608, 7213, 782, 671

20, 702, 440

2 Includes $89,418 for furniture and equipment, which since 1921 has been charged direct to profit and loss.3 Included with current expenses prior to 1922.* Bank also charged its surplus account and paid the United States Government $1,334,160 as an addi-

tional franchise tax for 1921, and $270,389 for 1920.


1923 1922 1921


Bills discounted:Applications 17,418Notes discounted 72,177

Bills purchased in open market for own account 75,701Currency received and counted 477,257,000Coin received and counted 816,128,000Checks handled 129,130,000Collection items handled:

United States Government coupons paid 17, 684,000Allother 2,177,000

United States securities—issues, redemptions, and ex-changes by fiscal agency department.... 8,247,000

Transfers of funds 284,000Envelopes received and dispatched 7, 673, 000

AMOUNTS HANDLED.

Bills discounted $17,951,843,000Bills purchased in open market for own account 1,177,647, 000Currency received and counted._ 3,006,283, 000Coin received and counted 125,506,000Checks handled 65,805,632,000Collection items handled:

United States Government coupons paid 337, 344. 000Allother 1,920,719,000

United States securities—issues, redemptions, and ex-changes by fiscal agency department. 3,148,870,000

Transfers of funds 28,031,500,000

14,17860, 71556, 474

412, 347, 000801,277,000IK, 316,000

22, 685, 0001, 741, 000

7,030, 000236, 000

1 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

6,449, 625, 00025,126,090,000

21, 461149, 86846, 836

411,515,000671, £85, 000105, 215, 000

26,126,0001, 430, 000

8, 368, 000214, 000

(2)

$30, 768, 990, 000799, 813, 000

3,192, 093, 00099,118,000

36,397, 633, 000

312,873, 0001.580,526,000

7, 206, 611, 00018,160, 300, 00C

* Excluding Buffalo branch.2 Data not available.


DISTRICT NO. 2 NEW YORK. 339

SCHEDULE 7 . — O P E B A T I O N S OF F E D E R A L R E S E R V E CLEARING SYSTEM.


Month.

JanuaryFebruary •_.March __.April _.MayJuneJulyAugustSeptemberOctoberNovemberDecember _.

Total: 1923.1922.1921.

Items drawn onbanks in owndistrict.

Num-ber.

8,7557,1858,9937,9587,9678,1338,2107,8907,5698,6948,0128,651

98, 01791,14478, 385

Amount.

5, 076, 7544, 206, 9255,978, 2055, 223, 2945, 370, 8615,402, 5654,896, 2234, 784, 4094, 695, 3185,804, 9995,115, 2345, 428, 325

61, 983,11259,190, 79932, 574, 692


Num-ber.

1,4831,2771,5651,4721,4491,4381,3691,3211,3171,5601,4271,576

17, 25414, 71713, 646

Amount.

177, 666147, 045183, 537190, 220190, 452185, 530178,196170, 380172, 297204, 650173, 818168,857

2,142, 6481, 780, 5711,888, 725

Items drawn onTreasure r ofUnited States.

Number.

1,292940

1,1151,1981,1701,031

9061,0121,1281,2601,082

991

13,12512,72712, 488

135, 53294,404

101,41895, 307

140,361112, 623103, 723104, 38899, 571

145,188130, 590129,167

Total.*

Number.

11, 5309,40211, 67310, 62810, 58610, 60210,48510, 22310, 01411,51410, 52111, 218

1,392,272 128,3961, 308, 752 118, 5881, 638, 094 104, 519

5, 389,9524, 448, 3746, 263,1605, 508,8215, 701,6745, 700, 7185,178,1425, 059,1774, 667,1866,154, 8375, 419, 6425, 726, 349

65, 518, 03262, 280,12236,101, 511

1 Exclusive of duplications on account of items handled by both parent bank and branch.

SCHEDULE 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 THE GOLD S E T T L E M E N TF U N D .


Week ending-

Jan. 4 (3 days)1118 _ . .25

Feb. 18

1521 .

Mar. 18

1522 . .29

Apr. 5 ._121926

May 310172431

June 714 _2128

July 51219 _26

Aug. 29

162330

Payments toother Federal

reservebanks.

303,739581, 627566,168506,066475, 534430, 161444, 891423,155592, 023492, 341470, 482591, 028517, 691507, 005483, 533499,512583, 244520,159477, 398543,471602, 872447, 652525, 658506, 504566, 599530, 425533 669514, 045479, 677498, 309459 374432, 330387,174440, 055419,257

Receipts fromother Federal

reservebanks.

339, 546562,442554,935485, 947522, 962451, 212426, 519440, 227607, 792499, 589534, 681600, 892473, 027514, 680479, 555542, 216552, 946538, 767467,923569, 078552, 988426, 575516, 857497, 261618, 405507, 726497 048468,137515, 305460, 247463 664412, 752402, 529458, 991401,818

Net loss.

19 18511, 23320,119

18, 372

44, 664

3,978

30 298

9,475

49, 88421, 0778,8019,243

22, 69936 62145 908

38,062

19, 578

17, 439

Net gain.

35,807

47, 42821, 051

17,07215, 7697,248

64,1999,864

7,675

42,704

18, 608

25,607

51,806

35, 628

4 290

15, 35518, 936


340 ANNUAL REPORT OF THE FEDERAL RESERVE EOARD.

SCHEDULE 8.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENTFUND—Continued.[In thousands of dollars.]

Week ending-

Sept. 61320 .27

Oct. 4111825

Nov. 18

1522 .28

Dec 613202728-31 (3 days) _.

Tota l - 192319221921

Payments toother Federal

reservebanks.

378, 220439, 852544,636507, 593526,941488, 889510, 626530, 443506, 399488, 041502, 824540, 993451, 256626, 064496, 708647, 867507, 260321, 265

26, 368, 70522, 359, 49919, 261, 642

Receipts fromother Federal

reservebanks.

356,572445, 112591, 638493, 244508, 762468, 575527, 764525,646512, 385453, 713502, 680571,785442,155580,124504,199654, 833465, 669339, 546

26, 309, 64122,198, 46918, 963, 838

Net loss.

21, 648

14, 34918,17920, 314

4,797

34,328144

9. l6I45, 940

41, 591

59,064161, 030297, 804

Net gain.

5,26047, 002

17,138

5,986

30, 792

7,4916,966

18, 281

Net loss in ownership of gold since establishment of fund in 1915, $1,650,102,000.


SCHEDULE 9.—PRINCIPAL ASSETS AND LIABILITIES OF REPORTING MEMBER BANKS AS OF THE LAST REPORT DATE IN THE MONTH

MEMBER BANKS IN LEADING CITIES.1

[In thousands of dollars .\

rLast report date in-

January...February_MarchAprilMayJuneJulyAugustSeptemberOctober. __NovemberDecember.


Total.

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

1922

3, 960, 4183.928, 7473, 982,3334,006,9424, 026, 2353,960, 8763, 876,7863, 868. 6313,965, 2464,032, 9373, 982, 2714,050, 699

Secured by stocksand bonds otherthan United Statesbonds.

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

1922

1, 329,1011.342,0011,406,0251,499, 5981.667,0021, 637, 7751, 593,4831,572, 3181,655,8841,702,4121,667,9401, 715,780

Investments.


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

1922

710, 620727, 658748,485793,134870, 593004,186036, 386070, 755020,918050, 542054, 214178, 246,

Net demand deposits.All other.

1923

766,717742, 222717,423713,185713,108728,440745, 588727,846731,336764,052747, 754755, 773

1922

746,649724,239716,691755, 343833,177842,185848, 734796,436773,955770, 890753, 214757, 335

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

1922

4, 682, 7914.612, 2354,699, 7644,881,1585,091,1255,107,4744, 911,6934,799,7904,847, 5234,859, 3034,831,6844,904,010

Time deposits.

1923

744,304768, 377889, 867912,134914, 493900, 653890,143902, 635906, 769899, 301887,858

480,013519,149539, 953573,154590,187665,806789, 423828,129779,049775, 383774,207764,230

Accommodation atFedera l reservebank

1923

227,078184, 867201, 683126, 676140, 813129, 236138, 632154, 607172,095168,97497, 337165, 822

1922

88,99174,22148,88323,46520, 79565,00815,46931,63633,46270,793110,556115,915

Htot—(OH

T9

j

o

1 Figures are for about 112 banks in New York City, Buffalo, Albany, Bridgeport, Jersey City, Newark, Rochester, and Syracuse which submit weekly reports to the Federalreserve bank.

REPORTING MEMBER BANKS IN NEW YORK CITY.*

January...February.MarchAprilMayJuneJulyAugustSeptemberOctober . . .NovemberDecember.

3,633,0273, 729, 5813, 734, 6973, 712, 4513, 692, 7893, 676, 2723, 593,1673, 582, 5583,647,0603,658, 5243, 627, 2413, 683,968

3, 488,8103, 448, 9553, 510, 4423, 530,9503, 558, 7583, 502,9253, 413,5903,409; 4783, 496,0743, 555,4103, 515, 6613, 579, 220

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

1,159, 6961,167, 3211,236,1021,316, 6871, 491, 3931,471,9211,416,3781, 401,8861, 479, 5541, 525,1781, 495, 7961, 544,413

1,073,419992,494

1,002, 692959, 290972, 874977, 710953, 506905, 545904, 922915, 793894,950915, 775

645,161657, 355674, 839724, 642800, 680923,160953,730979,718925, 511942, 417940,508

1,055,049

565, 391540,677518,171513, 691514,060526,120540,124521,549523,067553,634536,071539, 583

570,093542,135533, 536565,106640, 263647, 033650,556597, 435581, 862580,021555,132555,838

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

4, 212,3394,139,1914,223,9764, 383, 2864,600,1154,623,8644,414,2724,316,4094,357,4714,361,0824,346, 5834,402,658

493,608508,750626,165646, 845649,844631,021613,049618,118621,085611,641601,102608,830

302, 355329, 864347,842379,448393, 628465,108579,825606,620551,949544,917542,754530,110

197, 747150, 631165, 55297,301106,73492,133102,440118,152132,939129, 75356, 282123, 251

61,85143,47222, 5298,0585,783

52, 5799,72821,08223,78157,15081,23481,964

CO

2 Figures are for about 67 banks in New York City, which submit weekly reports to the Federal reserve bank.





Month.

January 22, 763, 018February _ 19, 595,761March 23,231,535April.. 21,180, 741May _. - . 21,399,850June _ _ 21,789,805July ! 19,008,372

Summary for 7 centers.1

1923

August-.September.OctoberNovember.December..

16, 829, 38617,414,97619, 846,05220, 632,11222,801, 386

Total. 1246,492,994

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

1921

20, 666, 73215, 645, 82717, 940,13316,950, 77217, 774,98018, 355, 75016,907, 78015, 683,07216, 617,93918,170, 74018,018,31521,178, 533

213, 910, 573

Albany, N. Y.

1923

96, 48899,302115,288124,851111,455126,000101, 94893, 06385,94993, 62592,19598, 825

1,238, S

1922

106, 28597, 690112, 671131, 779123, 383102, 969109,14589,11084, 57897, 25784,977111,472

1,251,316

1921

109,494

120,103120, 323149,174119, 637100, 59482, 06681, 30383, 66883, 571

102, 764

1, 245,685

Month.

JanuaryFebruary..March __..__AprilMayJuneJuly..AugustSeptember.OctoberNovember.December..

Total—

Binghamton, N. Y. Buffalo, N. Y.

1923

20, 89917, 35319,94421,16421,20421,81320,54020, 87318,14320, 61018, 96220, 821

242, 326

1922

16, 50515,48017, 27817, 53118,68418, 41517, 35817, 45817,48818, 78117, 97420, 294

1921

17, 70114,12916, 68217, 04516,41916,52916, 67415, 88415, 45516,99315, 87117, 746

213,246 197,128

1923

309, 057254,456294,347303, 951305, 735318, 927315, 071294, 753282,954323, 020299, 217323, 095

1922

3, 624, 583

249, 559203, 493241,149247, 947260, 515271, 332277, 708259,810260, 908290,914278,248303, 351

3,144,934

1921

281, 253226,348243, 280251, 920238,882246, 588249,419221,871226,008254, 931229, 598259, 247

2,929, 345

Month.Elmira, N. Y.* Jamestown, N. Y.*

1923 1922 1921 1923 1921

JanuaryF e b r u a r y . .MarchApri l . .M a yJuneJulyAugustSeptember.OctoberNovember .December. .

15, 53114, 35416, 53317, 26117, 69518, 98118,10617, 32517, 93916, 25217,11318,080

11, 70312, 59312, 72713, 45914,97114, 29514, 88614,12616,34614, 26015,926

Total j 205,170 155, 292

17, 05314, 53017, 98118, 34518, 44719, 39518, 43018,24ft16,70818,88217,95'318, 713

214, 685

11,861 I14,369 !15,679 I15,746 !15,931 j15,54115,178 !16, 167 I16,627 i17,11018,081

172, 290

Month.

JanuaryFebruary..MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..

Total—

Montclair, N. J.*

1923

13, 91710,17612, 34212, 82014, 65415, 82612, 90611,88111, 52414, 08513, 36616,180

159, 677

1922

9,586 |10,24210,63811,46312,60210,1329, 79011,41612, 01212,04714,838

124,766

1921

Newark, N. J.*

1923

277, 975222, 213278, 535266, 328275, 852296,553264, 990240, 512242, 744277, 612257, 057305, 588

3, 205 959

1922

227, 780233,104250, 328236,385221, 356230, 383251, 240236. 096286, 633

2,173, 305

1921

1 Figures for cities marked with an asterisk are not included in the district summary or in the nationalsummary of 141 centers.


DISTRICT NO. S—NEW YORK, 343



Month.

JanuaryFebruary—MarchAprilMayJuneJulyAugustSeptember-OctoberNovember..

22,087,15619, 019, 49122, 541, 29820, 478, 56220, 703, 87121, 041, 29618, 320, 62616,188, 61316, 799. 45419,151,90219, 982,927

December _. | 22,081,149

New York, N . Y.

1923

Total J238,396,345

1922

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

1921

20,032, 52815,129, 77517,353,17916, 348, 75417,170, 76017, 754,82116,339, 68515,186, 09316,102, 52317, 610, 32117,492, 22420, 574, 899

239,854, 582 207, 095, 562

Northern New Jersey ClearingHouse Association.*

1923

200,171133,591173,782157.625158.910183, 334170, 362150, 729152, 771190, 038179, 600243,447

2, 094, 360

1922

116, 720142, 903136, 359136,301158,881153, 973146, 439156, 013185, 039163,073217, 012

1921

1,712,713

Passaic, N. J. Rochester, N. Y.

Month.1923

January 31,074February 22,634March 29, 751April | 32,460~ "ay 35,047MayJune..July-AugustSeptember...OctoberNovember. _.December.-.

Total..

35,12032, 54833.12031. 2583i 47532, 77536, 637

1922

22, 96118, 54724, 45623, 39823, 58127, 08022, 09224, 88325, 77427, 99627, 30433, 345

301,397

1921

20, 487

1923i

20,36520, 39521, 30222, 86122, 59220, 70922, 01521, 94122, 07426, 988

258,718

151,864126,157157, 969150,969151,875174,062146,802135,127133, 279147, 872138,358175, 716

1922

131, 292103, 594128, 087127, 470130, 071150, 944128, 672121, 878130, 274145.926134,120155, 020

1, 790,050 1,587,348

1921

138, 027112, 459126, 285131, 896118. 263

• 136, 790121,803107,984118,762125,156116, 592136, 847

1, 490,864

Stamford, Conn.* Syracuse, N . Y.Month.

1923

JanuaryFebruary . . .MarchAprilMayJuneJulyAugustSeptember-.OctoberNovember..December -

Total. 157, 734

9,61811,62112,84614,16014, 89613, 96412, 56713, 09714, 70812,44613, 264

8,13110,4168,86311,09013,11011, 22810, 66811,25312, 90511,21912, 732

121,615

1923

66, 48056, 368

68,78470, 66372, 58770,83763, 83763, 93974, 54867, 67865,143

813, 802

1922

53, 37447,19457,16761, 55858, 99859, 49060, 40154, 07958, 68763, 90367, 76471, 791

714, 406

1921

67, 24253,13960, 23960,43960,18058, 52457, 01348,46551,87357, 73058, 38560, 042

•3, 271

NOTE.—Centers which have not reported continuously for the 18 months ending Dec. 31, 1923, are notincluded in the table.


DISTRICT NO. 3—PHILADELPHIA.



RESOURCES.

Gold with Federal reserve agents _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 banks. . .J


Total reservesNon-reserve 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

Dec. 31,1923.

181,0694,659

Dec. 30,1922.

179, 3516,116

185,72829,939 j33,367

185, 46730, 59919, 523

249,034 110,747 !

235, 58914,805

259,781 ;1,345 I

42,814 !16,110

58,924 I33,261 i

74712, 058

147

Total United States Government securities I 12, 952Municipal warrants

Total earning assets.

29,190

105,137 102,180 |

1 Not shown separately prior to 1923. 2 Including Victory notes.

344

Dec. 31,1921.

144,402

250,394 |0) !

38,872 |10,738 |

49,610 !23,380 j

148,76861, 776

1,950

212, 4947,159

219,653

66,61521,937

88,55215, 895

1,800 ! 1,43422,640 i 2 7394,750 ! 10,189

12, 362140

116, 949

.F> per rent redemption fnnri—Federal reserve hank notesUncollected itemsBank premisesAll other resources ._

Total resources

LIABILITIES.


Deposits:Member bank—reserve account. _GovernmentOther deposits _

Total deposits

Deferred availability items . . . . .Capital paid inSurplus _ - _All other liabilities _._

Total liabilities


Contingent liability on bill's purchased for foreign correspondents...

53,3561, 111

184

420,914

221, 038

119,1292,437

337

121,903

47, 8059,941

19,927300

420,914

75.81, 633

58, 032640366

411,612

214,067

119, 075255587

119,917

49,3319,327

18, 749221

411,612

75.02,752

70046, 296

600218

384,416

200, 7245,886

104, 7061,7861,210

107, 702

43,0498,736

17,945374

384, 416

71.22,560


DISTRICT NO. 3—PHILADELPHIA. 345

SCHEDULE 2.— MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES DURING 1923.


Date.

Jan. 3 .10.17.24.31.

Feb. 7.14.21.28.

Mar. 7.14.21.28.

Apr.

18 _25.

May 2.9.

16.23.29.

June 6_13.20.27.

July 3 .11_18.25.

Aug.

104,05399,24890,43096,168107,759

107,922111, 372113,335110, 709

103, 302112,047

1 118, 761i 119,959

i 114,137i 106,834i 100,3201 101,1982107,9072 103, 9662109, 5353 112,7543114,960

3 109, 734s 100,7603 108,7733 109, 6254 114,674* 104, 548105, 345100, 141

102, 683101,173102,80296,898

29 ! 100,221

Totalearn-ing

(2+5+6).

Sept. 5.12.19.26.

Oct.

99, 64'95, 80094, 83095, 661

3 88,13410 90,13717 1 95,16524 I 96,06031 96,188

Nov. 7.14.2 1 .28 .

Dec . 5 .12.19.26.

Daily average

89, 929100, 25190, 87r

5 91,511

« 86,17093, 77"100, 742108, 053

6104,363


Total.

48,04339,57439,70641,16351,807

52, 24657, 25457,91153, 556

Billsse-

curedby !

U.S . |Gov- !

ern-mentobliga-tions.

38,03332,62532,30033,78441,899

39, 83942,08442,67038, 828

Otherbillsdis-

count-ed.

Billsbought

inopenmar-ket.

45,545! 34,00454,35761, 37465, 555

60, 51055,10749,94751, 691

40,89043, 62246,424

41,82840,78035,43238,188

59,537 41,79956,171! 42,43162,294 43,89966,521 42,39370,083 44,378

64,42363,15171,47272, 380

42,10642,18944,34245,820

77,968 50,63667,272 44,82367, 379 46, 72662,447 43,604

66, 02863,83365, 20959,211|62, 6271

62,400i58, 641 i59, 064!58,9951

42,17142,39242,13537, 28841, 469

39,14736,59636, 77438, 077

51,838! 33,44254,885! 36,52957, 333 i 37,08058,383! 37,82561, 820! 40, 274

52,686i 35,01656, 765| 3 9 > 1 4 9

51,247! 37,74155,686 39,869

49, 71356, 36161,127

38, 28842, 87545, 516

62,150| 45,453

59,846'

10, 0106,9497,4067,3799,908

12,40715,17015,24114, 728

11, 54113,46717, 75219,131

UnitedStates

se-curi-ties.

21,91020,07421,51025, 61426, 768

26,57825,02126,35728,083

34,10039,60029, 21429,39129,184

29,09829,09729, 06729,070

28, 687| 29,07028,620 29,07028,302 29,04428,946 25,417

28,169!26,269!24,91524,680

23,634!23,107122,273!21,125!20, 0031

25,41725,41725,41724,786

24,69624, 64824,92825,05324,819

14,32714, 51513,503

17, 73813, 74018,39524,12825, 705

22,3120, 96227,13026, 560

27,33222, 44920,65318,843

23,857 19,274] 17,381 j 241,92821,441 19,959 17,381 i 248,05423,074 20,212| 17,38l! 255,83121,923| 20,306 17,381) 253,88821,158 20, 213 j 17,381; 257,345

20,462J 24,79420,119 17,43519, 860| 17,38619,509! 17,681

19,310' 17,38119,880! 17,38120.585 17,38120,313i 17,381

Totalcashre-

serves.

245,988237,905244, 884241,904229,889

Mem-ber

banks'reserve

its.

114,912113,878113,349115,918114,890

221,417 112,271227,621 113,327224,786 112,450230,489 113,449

234,429228,364215,770220,028

227,641228,150235,777230,976

231,770232,136229, 368226,905232, 531

231, 766236,112219,911227, 786

230,175234, 894234,974240,463

23,253 19,866!22,045 19,778|22,290i 18,333120,9181 19,2561

18,396 j 18,88818,3561 17,844!20,253! 20,424!20,558! 20, 269;21,546! 16,962

17,381' 261,89817,381 259,98617,433 259,15917,410| 258,073

17,408^ 265,77617,408! 263,46217,408! 252,45217,408 256,28717,406! 257,973

115,821115,378114,124110,475

118, 746113, 066118, 525110,652

Totaldepos-its.

121, 225117,117115,842120,951120,149

114,389115,968115, 734115, 506

117,915119, 785118,747114, 994

122, 883116,495120,157113, 496

116,059 119,710115,783 117,771114,315 119,164114,949 117,714113,529 117,341

17, 67017, 61613,50615,817

11,42513,48615,61116,697

116,403114,145111,368109, 581

114, 092116,009117,981114,756

115, 529112, 581118,438114,806117,859

120, 292114, 658114, 071112, 850

119,909114,837115,469118,949115,641

115,322116, 263116, 246113, 791

115,542114,974113,177115,177

23,067: 21,430; 243,674 114,145

119, 879115, 077112, 647112, 020

114,940116, 683120, 358117,517

Fed-eral

reservenotes

incircu-lation.

10

Re-serveper-cent-ages

212, 917!204,617202,412197,481196,191

196, 947204, 224205, 045 i203, 579

200, 809202, 025198,180202,8111

199, 270198, 690197, 788199,451

201,014200, 383202, 774202, 2531206, 755

202, 694204, 884201,381206, 686 j

211, 259211, 184205, 324203, 458

19,838' 17,405! 270,86226, 081! 17, 405! 262,82927,221 12,4051 259,90623,119 12, 603 269, 708

23,751 12,603| 272,23224,808! 12,603! 270,49026,948! 12,6671 265,07132,951: 12,952! 259,102

118,469 204,916114,421 214,366121,157 218,992117,582 211,043120,772 215,674

122, 050 218, 611117,334 220,316117,123 218,244117, 079 214,104

121,4141 213,198115,629 216,938117,329 213,006119,901 210,635117,882 212,441

119,605 216,905118,999; 221,153118,323 212,679116,140 222,613

116,505 220,839117,693 225,915114,340 229,829117,484 233,016|

73.673.976.976.072.7

71.171.170.172.2

73.671.068.169.2

70.772.474.273.8

72.373.071.270.971:7

71.873.870.071.5

70.671.672.174.9

74.875.475.277.376.5

76.977.077.377.9

79.479.276.477.578.1

80.577.378.579.6

80.778.777.073.9

116,807 210,656; 74.4

1 Includes $41,000 municipal warrants.3 Includes $55,000 municipal warrants.5 Includes $103,000 of municipal warrants

1 Includes $40,000 municipal warrants.4 Includes $15,000 municipal warrants.8 Includes $20,000 of municipal warrants.Digitized for FRASER



FEDERAL RESERVE BANK OF PHILADELPHIA

MILLIONS OF DOLLARS

350

3 0 0

250

200

150

100

MILLIONS OF DOLLARS

350

300

250

200

150

100

100

DISCOUNTS FOR OWN MEMBERS

100

200

150

100

1921 1922 1923


DISTEICT NO. 3 PHILADELPHIA. 347



Month.


Total.Secured byU. S. Gov-

ernmentobligations.


Agricul-Trade ac- i tural andceptances. j livestock

paper.All other.

Janua ry . .FebruaryM a r c h .April _..

M a yJuneJulyAugust

SeptemberOctoberNovemberDecember. .

Total: 1923.1922.1921.

176, 623227,102238,144224, 302

248,967301,009279,008284, 243

228, 029241, 003209, 771252, 941

142,142160,991167, 572162,150

175,973188, 752191, 955187, 274

158, 248179,166147, 222201, 278

135365661

85743725

276924

124

2, 911,1422, 450, 8433,872, 367

2, 062, 7231, 771, 2452, 708,180

753767

1,521

160158271335

387334319240

232234246406

34,18665,91770, 24561, 756

72, 522111, 84986,69796,704

69, 52261, 53462, 27951,133

3,3223,5083,189

844, 344675, 323

1,158, 963

Month.

January !February IMarch __.April.— _.

MayJuneJulyAugust

SeptemberOctober \NovemberDecember

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

Bills bought in open market.

Total.

18, 60716,24812, 0325,903

6,10011, 6457,83010, 392

9,99115, 99923, 38120,977

159,105137,12292,353

Bank-ers' ac-cept-ances.

18,04215,80810,8175,078

5,75011,3866,9659,447

8,99613,60921, 42019, 902

147, 220132, 53380,373

Dollarex-

change,

565440

1,215825

350220865945

9952,3901,9611,075

11, 8464,366

11,980

Tradeac-

cept-ances.

39


I

Bondsand

notes.

i Certifi-cates ofindebt-edness.

1,04645

225

406388

222240

39223

2,57238, 67911,622

91, 87139

1711

213

3,114

100750

96, 259123, 772186,098


chased.

41

55

103

199102140

Total discount and open-market operations.

1923

288,147243,434250, 613230, 206

255,528313,255286, 838294, 635

241,134257, 002233, 577274,908

3,169, 277

1922

265.135254,008263,529197, 711

197, 571221,492172,636184,277

174, 425218,965258.136342, 633

2,750, 518

1921

383, 218328, 233435, 206379, 880

400,274431, 835284,217316,031

280, 490294, 490288,992339, 714

4,162,580


348 ANNUAL REPOET OF THE FEDERAL RESERVE BOARD.

SCHEDULE 4.—VOLUME OF BILLS DISCOUNTED FOR MEMBER BANKS IN EACH

STATE.


Month.

JanuaryFebruary __.March _ _..April

May _ _JuneJu ly . . _August

SeptemberOctoberNovember _December

Total: 1923 _.1922.1921

Number of member banks atend of year:192319221921

Number of member banks ac-commodated:

1923 . . .19221921

New-Jersey.1

11,98412,88517, 63117,860

21, 26920,47415,60912, 779

12,48819,48620,79024,175

207,430151,755220,387

Delaware.

1,035996829

1,120842749

1,878

6091,304

769751

11,57816,73138,614

Pennsyl-vania.1

163,943213,182219,517205,613

226, 578279,693262,650269,586

214,932220, 213188,212228,015

2,692,1342,282,3573,613,366

611606595

442448

Total.

176,623227,102238,144224,302

248,967301,009279,008284,243

228,029241,003209, 771252,941

Number ofmemberbanks indistrict

at end ofmonth.

2,911,1422,450,8433,872,367

715715715717

718720721721

722721721725

Number ofmemberbanks

accommo-dated

during themonth.

285270313323

359337338329

322325342353

1 Figures relate only to that part of the State located in the Philadelphia district.


Discounted billsPurchased bills _United States securitiesDeficient reserve penalties..Miscellaneous

Total earnings..

Salaries: CURRENT EXPENSES.Bank officers __ _.Clerical staff _ _._Special officers and watchmenAll other. _ __

Governors' conferences _•_ _Federal reserve agents' conferencesFederal Advisory Council _Directors' 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 powerRepairs and alterations, banking house _Rent.Office and other supplies..Printing and stationery...TelephoneTelegraphPostageExpressage

1923 1922

$2,693, 392952,999910, 010

21, 75114,615

$2,393,673712, 383

1,119, 45714,40912, 028

4,592,771 ! 4,251,950

1921

$6,849,905513, 710597, 55334,44212,485

I131,409994, 796

59,811103,077

312138540

6,22313, 96560, 883

2,58824, C8988,80121, f.1429, 56576, 737

2, 90353,95757, (37926, i37923, 146

141, 36347,148

129, 499982, 600

57, 95283,477

206181461

6,40716, 37860, 6254,370

44,43946, 02521, 27639, 08520, 396

1,67531, 45751, 97323, 43118, 745

167,973

8,008, 095

124,020999,460

69, 93484,970

343137382

6,50917,83962,008

5,74542, 939

(2)22, 82034, 79479,11710, 62138,10364, 50828,55820,385

2 186,112


2 Insurance on currency and security shipments is included with postage and expressage.





Federal reserve currency:Original cost, including shipping charges _ _Cost of redemption, including shipping charges


Total current expenses _ _


EarningsCurrent expenses _

Current net earnings.Additions to current net earnings:

Amounts deducted from reserve for depreciation on UnitedStates bonds

All other

Total additions _ _ _Deductions from current net earnings:

Depreciation allowances on bank premises . _Furniture and equipment _ _All other - .

Total deductions

Net deductions from current net earnings _


Dividends paidTransferred to surplus account . . .Franchise tax paid United States Government

1923

$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

$118,01443,38124,72359,170

2,053, 919

4,251,9502,053,919

2,198,031

67, 73214, 946

82,678

42,931902

43,833

5 38,845

2, 236,876

541,5528 839,9606 855,364

1921

$320,923113, 211

58, 313» 374, 692

2,766,443

8,008,0952, 766,443

5, 241,652

127,1928,188

135, 380

30,000

7,578

37, 578

* 97, 802

5,339,454

517,663935,239

3,886, 552

Includes $309,696 for furniture and equipment, which since 1921 has been charged direct to profit andloss.

4 Included with current expenses prior to 1922.5 Net addition.6 Bank also charged its surplus account and paid the United States Government $36,366 as an additional



1923 1921


Bills discounted:ApplicationsNotes discounted _ __

Bills purchased in open market for own accountCurrency received and counted.Coin received and counted __Checks handledCollection items handled:

United States Government coupons paid .Allother

United States securities—issues, redemptions, and ex-changes by fiscal agency department-.. __


AMOUNTS HANDLED.Bills discountedBills purchased in open market for own accountCurrency received and counted _Coin received and counted _Checks handledCollection items handled:


United States securities—issues, redemptions, and ex-changes by fiscal agency department

Transfers of funds ._• _..

17,58353,61411,367

156,722, 000194,118, 00051, 325, 000

6,355,000382,000

3 6, 754, 000 I74,000 |

2,420,000 !

$2,911,142, 000159,105, 000

1, 011, 761, 00027, 062, 000

15,808,129, 000

63, 054, 000432, 479, 000

578,493, 0003,379, 281, 000

C1)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

0)71, 054

5,914104, 744, 000

2 142, 057, 00054,296, 000

8, 782, 000221, 000

3, 701, 00059,000

0)

$3,872, 367, 00092, 353, 000

766,822, 0002 17, 796, 000

13, 497,573, 000

69, 587, 000364, 897, 000

1,874,428, 0002,192, 523,000

3 Data not available.2 Ten-month period, Mar. 1 to Dec. 31, 1921.3 Large increase due to redemption of war savings securities which matured Jan. 1, 1923.



SCHEDULE 7.—OPERATIONS OF FEDERAL RESERVE CLEARING SYSTEM.


Month.

JanuaryFebruary...MarchApril.MayJuneJulyAugustSeptember.OctoberNovember.December..

Items drawn onbanks in own dis-trict.

Num-ber.

3,0553,6583,5523,7013,8053,7553, 5253,3193,8793,6323,967

Amount.

1, 219,089986, 476

1,187,8091, 170,0711, 231, 6181, 289,8791,182, 5761,131,3271,121, 0261, 286, 7391,161, 0241, 261, 227

Total: 1923 43,546 j 14,228,8611922 ! 48,546 12,287,1121921 I 43,878 11,229,057


Num-ber.

532426479474470464444444423559530582

5,8276,6688,352

Amount.

103,03386,123

108,161104, 772111,357111,764103, 35796,174

101, 634116,09697, 679

108, 231

1, 248, 3811, 289, 4331,805,965


United States.

Num-ber. Amount.)

166146172191164152150144152184183148

1, 9521,8992,066

Total.

32, 01125, 32029,44236, 28728, 80326, 30922, 39131, 05827, 57125, 53723, 23522,913

330, 887303, 077462, 551

Num-ber.

4,3963,6274,3094,2174,3354,4214,3494.1133,8944,6224,3454,697

51, 32557,11354, 296

1, 354,1331, 097, 9191, 325, 4121, 311,1301, 371, 7781,427, 9521, 308, 3241, 258, 5691, 250, 2311, 428, 3721, 281,9381, 392,371

15, 808,12913, 880, 22213,497, 573



Week ending-

Jan.

Feb.

4 (3 days) _1118251

15..21_.

Mar. 1..

Apr.

15..22..29..

5 . .12..19..26..

M a y 3 . .10..17..24..3 1 -

June 7. .14..21. .28..

July 5..12..19..26..

Aug. 2..9..

16..23..30..

Paymentsto other

Federal re-serve banks.

Sept.13.20.27.


serve banks.

103, 735166,878176, 566153,896142, 474139, 398126, 729148, 792172,124155,163160, 251176,801148,497138, 563146,905171, 598163, 639161, 326152, 731170,422167,983133,378149,401146, 641188, 351149,572141,927146,883163, 420148, 453138,527131,648123,939156,194136, 834113,173138,447169, 584156,923

101, 65(5162, 612169, 654154, 779130, 508144, 3C7131, 224147, 542178,171156, 457145,4i59173,405154,822144,771143, 822177, 308160.339161,621152, 170168,139169,846135, 583143, 272150,466175. 965158,776145,034151,032158,108154,619141,429134, 533125, 375151, 600137,711118, 517138,981164,173155, 576

Net loss.

2,0794,2666,912

11, 966

Net gain.

14,7923,396

3,300

5612,283

6,129 ;

883

4,9094,495

6,0471,294

6,3256,208

5,710

"~295

1,8632,205

12,386

5,312

4,594

5, 4111 1.347

3,825

9,2043,1074,149

6,1662,9022,8851,436

8775,344534



SCHEDULE 8.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT

FUND—Continued.


Week ending—

Oct. 4111825

Nov. 18 .

152228

Dec. 6132027 " ' ' "28-31 (3 days)

To ta l : 19231922._ .1921

Paymentsto other


158, 404148, 393167, 746163,191154, 426139,621160,254179, 824133, 635181, 712153,453185,998151,41793, 330

8,049,1707,109, 6926, 527, 572


serve banks.

164, 715147,126155, 763165, 458156, 691142,108161,007176, 692139,975186,711151,917176,145151,18789, 703

8,034, 5607,134,1366, 538, 701

Net loss.

1 26711,983

3,132

1 5369,853

2303,627

14, 610

Net gain-

6,311

2,2672,2652,487

753

6,3404,999

24, 44411,129




JanuaryFebruarvMarchAprilM a yJune _JulyAugustSeptemberOctober ._NovemberDecember


JanuaryFebruary . _March.. .AprilMay...JuneJulyAugust __ . .SeptemberOctober,NovemberDecember


Loans and discounts,gross.

1923

583,151594,187614, 654625, 442615, 274628, 772633,199632,933642, 599634,509627, 785621,768

1922

571, 726570,161562,456560,101554, 873555,696557, 803563.521583,931599,951603,564592,418

N e t d e m a n d deposits.

1923

703,453700, 795684,876707,984692,381680,115692,859684,238681,066681,025679, 521671,953

1922

622,056616,302628,919649,894662,943667, 252677,264677,443695,195690,083692,601698,089

Investments.

United State securities.

1923

124,591118, 954124, 420124,121128, 336124, 813120, 030113,302112,173107,706105,092108,896

Time d

1923

68, 86475,46789, 50788, 75398,009

103, 538105, 666104, 599103,006109,417113,074114, 593

1922

74, 85580, 90778, 34479,06883,86594, 54092, 67596,33297, 52999,02392,484

111,460

eposits.

1922

47,30847,78148,62749,28350,36950,83851,84354,37156,19456, 28958,11658,857

All other.

1923

188,066185,211183,491182,831184, 798185,356184,933181,047180,344181,424182,349185,397

1922

165,483164,361165,975173,494183,243185,034189,097187, 445184,097181,849183,495182, 679

Accommodation atFederal reserve bank.

1923

28,33630,94039,75926,49340,34243,47535,55737,22734,45134,90325, 44229,214

1922

34,20537,86527,83913,89518,21317,76015,73713,92716,36518, 66930,93926,918

NOTE.—Figures are for about 55 banks in Philadelphia, Camden, Scranton, and Wilmington which sub-mit weekly reports to the Federal reserve bank.





Month


JanuaryFebruary...MarchAprilMayJuneJulyAugustSeptember-OctoberNovember..December..

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

Total I 22,301, C

1,583,0081,431,5931,628,1171, 569,3121,634,314:<, 720,6491,668,3161,589,8191,646, 5391,891,0671, 682, 8451,939,197

1,679,2831, 391, 3921, 615,9081,582, 2991,503, 6071,622,4991, 523,2961,407,3551,500, 5861, 581,8671,515,2061,766,389

19, 984, 776 18,689, 687

Month.

JanuaryFebrua ry -MarchApril _MayJune .July _AugustSeptember _OctoberNovember.December-

Total

Allentown, Pa.*

1923

28, 44623,03330,18831,47632,44533,29229, 73527, 82728, 88233, 61527,92131, 392

1922

20,18124, 70226,55525,82626,64825,85324,09325,96629,66826,01629,830

358,252 I 285,338

1921

Altoona, Pa.

1923

16,17614,65817,33517,34019, 29618,86C18,09617,60516, 291.19,24814,78116,487

206,173

1922

11,64010,10912,92012, 78713,32913, 70813,17714, 70614,36615,66313, 87615, 700

161,981

1921

14,63411,72114,18813,70813,39213,49113,20413,02211,74513,31412, 45813,509

158,386

Month .Camden, N . J.*

January 48,832February- 39,346M a r c h . __ _ | 47,378April _ 45,375May 49,639J u n e . . 53,274July 49,812August i 47,104September 46,869October 52,784November _ 49,023December __ I 57,462

Total. 586, 898

1922

34,44441,12540, 57545, 68045, 93442, 34841,86144,17544, 67041,04656,359

478,217

1921

Chester, Pa.

1923

22,84920, 22922, 26422, 30023,98925, 32124, "0424, 30723,08128, 22424,14125, 699

287,108

1922

17,88615, 58318,39019, 02620, 27318, 74018, 30918,24318,82623, 53520, 27122,234

231,316

21,79218,65421,21320,08818,44718,66317,80416,47816,68219,09216,28618, 809

224,008

Month.

JanuaryFebruaryMarch _ _AprilMay _ . .June . . . _ _ .JulyAugust . .SeptemberOctoberNovemberDecember __

Total

Harrisburg, PE

1923

31,61028,19437,59936,66138,81940,78138,94137,26135,76940,30136, 29943, 676

445,911

1922

33,45124,91729,80632,10331, 59730,40132, 20829, 71531,31734,00731,29035,970

376,782

i.*

1921

31,05223,93027,91728,71226,21629, 72827,98627,24626,92628,54625,56033,377

337,196

Hazleton, Pa

1923

10,3996,903

11,22115!, 05412,31712,75512,11912,00810,84114,37012,61113,260

143, 858

1922 | 1921

8,2649,5779,6038,7599,0529,3389,0219,412

11,31210, 60110,865

105,804

1 Figures for cities marked with an asterisk are not included in the district summary or in the nationalsummary of 141 centers.Digitized for FRASER


DISTRICT NO. 3 PHILADELPHIA. 353



Month.

JanuaryFebruaryMarchAprilMayJune..July...AugustSeptember..OctoberNovember..December...

Total.

Johnstown, Pa.*

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

1921

22,92722,45421, 49922, 21820,10319,07619, 57119,82118,95021,429

Lancaster, Pa.

1923

27, 23522,16531, 53532,026

25, 49524,62623,31724,09928,90024, 89826, 751

208,048 317,855

1922

18,06317, 89725,41326, 61520,47822, 63720,99020,45821, 94325, 73122, 73326, 652269, 610

1921

22, 73518, 86526, 29632,95319,82120,52018,46417,83819,29521, 60120,36121, 752

260, 501

Month.

JanuaryFebruary...MarchAprilMayJuneJulyAugustSeptember..OctoberNovember..December..

TotaL

Lebanon, Pa.* Norristown, Pa.*

1923

6,4255,1816, 7737, 3867,5977, 9487, 2507,3446, 7698,1606,7447, 639

1921 1923

4,0685,1346,1075,4145, 4025, 2395,0885, 3386,5085,8806,625

84,916 60,803 I

3,7093,0924,092 !

3,7664,3564,9664,057 i3,942 I3,965 I4,393 !3,949 I4,245

2,4512,9193,1033,2213,5153,4053,1603,3353,9493,7283,847

48, 532 36, 633

1921

Month.

JanuaryF e b r u a r y . . .MarchApr i l . .MayJuneJ u l y . . .AugustSeptember. .OctoberNovember . .December. . .

To ta l .

Philadelphia, Pa.

1923

1, 596, 9941,375,1591, 606, 5401,541,4441, 642, 5791, 752, 8261, 495, 4591, 392, 2511, 379, 5161, 583, 9171, 42S, 4161, 647, 903

18, 443, 004

1922

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

16, 767, 254

1921

1, 388, 5931,140,1131, 331, 8291, 297,8331, 243,4271, 347,1531, 258, 3081,154, 4451, 242, 3561, 312, 6881, 263, 1331, 477, 185

15, 457, 063

Reading Pa."

41,36234, 48742, 34344, 08746, 71345, 25441,81343, 65137, 67743, 60740,10044, 856

505, 950

31, 36226, 46632,04033, 00833,41035, 71232,19631, 40433,82637,43036, 73941,347

404,940

1921

27, 98324, 30129,88433, 43335,15035,93529,15328,10228, 69633, 75231, 69734,920

373, 006

Month.

Scranton, Pa. Trenton, N. J.

1923I

JanuaryFebruary..MarchApril.MayJuneJulyAugustSeptember.OctoberNovember.December..

Total

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

1921 1923

67, 95160, 06766,17963,43364, 52470, 29364, 23861,81163, 88864, 55461, 90569, 718

55, 50154, 24855, 85561, 39863,01061, 29062, 35354, 78155,18861, 23456, 42970, 480

778, 561 711,767

1922

45, 78146, 88448, 45547, 28152,12949, 91549, 78249,43854,16653, 51751, 85765, 902

615,107

1921

49, 55241, 22846, 92447, 42844, 05546,49649, 38547,01948,51247,88746, 21958,165

572, 870





Month.

JanuaryFebruary..MarchApril.MayJune _.JulyAugustSeptember.OctoberNovember.December..

Total

Wilkes-Barre, Pa.

1923

41, 95334,13842, 72141,83943,70045,50044, 39342, 80339,12647,07548,64952,060

1922

36, 52331,19036,49435, 66934, 40334,29929,08128, 24833, 02539,15639,43242,200

1921

38,20032,04737, 70737, 24935, 58936, 62334,93535,51637,04837,40736,06139,729

523,957 419,720 438,111

Williamsport, Pa.

" 1923

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

216, 733 216, 078

1921

19,92615,47218, 72517, 68816,86016, 74117, 20916,88117,16218,12515, 60919,109

209, 507

Month.

Wilmington, Del. York, Pa.

1923 1922 1921 1923 1922 1921

JanuaryFebruary _.MarchAprilMayJune.JulyAugustSeptember _OctoberNovember.December __

Total.

35, 82828, 87335,09337, 65236,35835, 92235, 61769,40334,01038, 74235, 08240, 661

30,18427, 59431,88630, 73932,39033, 57736, 32331, 79031,132

30,94435, 573

39, 01839, 47134, 07932,04630, 75036,06633, 55429,71628, 30230, 67627, 80830, 998

19, 95216, 32819, 26819, 65721, 21&21,11019, 41:.20,19418, 71221, 65419, 07321, 550

17,06313, 93318,94320, 28416, 54515, 74417, 58816,44317, 66019, 79116, 73521, 739

463, 241 390,831 392,484 238,122 212,468

16,88213,75418, 76819,87316, 74216,45316,19514, 62915, 59616, 52315, 36617, 415

198,196

NOTE.—Centers which have not reported continuously for the 18 months ending Dec. 31,1923, are notincluded in the table.


DISTRICT NO. 4—CLEVELAND.



RESOUBCES.

Gold with Federal reserve agents __ _Gold 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 banks __ __

Total gold reservesReserves other than gold _


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 securities.._

Total earning assets __ _____

5 per cent redemption fund—Federal reserve bank notesUncollected items _ ;Bank 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 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. 31,1923.

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. 30,1922.

193,3035,924

199,22771,88913,484

284,6007,391

291, 991C1)

19, 90718, 634

38, 54151,007

91810, 97913,842

• 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

Dee. 31,1921.

177,3275,107

182,43441,45512, 241

236,1307,156

243, 2860)

46,16868, 426

114, 5945,378

8892 4, 467

8,326

13, 682

133, 654

53954, 273

3, 952912

436, 616

214, 7755,797

130, 9336,275

783

137,991

43. 52011,13422, 634

765

436, 616

69.02,624


355




[Amounts in thousands of dollars.l

Date.

Jan. 310172431.

Feb. 7142129

Mar. 7142128

Apr- it::::::::1825

May 29

162329

June 6 _-132027

July 31118...25

Aug. 18 _

152229

Sept. 5 _.121926

Oct. 310172431 _.

Nov. 7 ._142128

Dec. 512192 6 . . . — . .

Daily average

Totalearn-ing

assets(2+5+6).


| Total.

Billsse-

curedby

U. S.Gov-ern-

mentobliga-tions.

28,52225,89929,16220,223

24,84933, 54734,33623,252

147,867| 49,043120,928107,80396, 61982,923

93,439101,235102,39496,262

104,021115,993118, 633107, 638

111, 583121, 789120, 257111, 890

108, 041111,853126, 570119,043111,736

101,071104,36799,9*8103, 323

122,040110, 674101,84891,705

96, 291106, 602111,319106, 748105, 813

96, 355106, 64094, 20698, 258

92,06798,00496, 026102, 748102, 518

106, 228110, 743100, 234100,974

101, 003120,099122,207119,839

106, 765

24, 33914,25215, 08619,06311,529

13, 72423, 68022,89916,554

27,633! 12,75639,981! 26,19542,488 21,27639,741 22,095

38,731 21,61348,873 28,83847,640 22,73347,191 24,335

46, 75451,66765,15458,13854, 714

i

46, 094]53, 36559,27864,932

86, 53577, 79569,79354,860

25, 57429, 01237, 69936, 05032,105

24, 58434, 39935,00738, 289

49, 56'46, 56337, 87433, 025

54,803 30,80662,112 34,78263,008 37,57154,846 29,63952,875 30,040

47,04160,10149,46655, 359

51, 77659, 50961,17263,30863, 240

27, 63537,22926, 63630,600

29,04432, 94529, 55335,95434,191

67,528 35,93970,538 42,57460,541 34,41460,267 34,645

61, 44571,37970, 68268, 840

33,11842, 29043, 61039,947

! Bills;bought

dis- ]count-

ed, iket.

UnitedStates

se-curi-ties.

24,704! 50,06514,270! 46,64110,813! 43,14810,099! 41,1238,694! 36,376

11,125^ 32,3019,867i 31,282

ll,437i 30,5066,698| 35,440

14,87713, 78621,21217, 646

17,11820,03524,90722, 856

21,18022,65527, 45522,088

38, 774!

44, 51946, 597

51, 50651, 54951, 25147,110

43,45242, 34742,10241, 460

22,609 37,553

21,51018,96624,27126, 643

36,96831, 23231,91921, 835

23,99727,33025,43725, 20722, 835

19,40622,87222,83024, 759

22, 73226, 56431,619 _-,___ ..,__.27,354 28,894) 10,54629,049 28,716 10,56231,589 28,138 10,56227,964) 29,443 10,76226,1271 28,930 10,76325,622 29,944j 10,763

28, 32729,08927,07228, 893

35,18130, 76930,59227, 591

25,10322,47721,85326, 643

31, 28734, 28838,11041, 70142, 704

39,05636, 28134, 52432, 610

48, 75945, 76538, 75626, 33426,324

36,40637, 55237, 570

37, 61437, 62431,62621,300

21, 34621,36721,36617, 589

17,83517,83919,31419,44519, 469

19, 79620, 23310,07810, 800

10,40210,40210, 20210,202

10, 20110, 20210, 20110, 20110, 234

10, 25810, 25810,21610, 289

30,002 10,28<28,206; 10,28924,508! 10,346

«

302, 672318,985314,240322, 533

306,808301, 470290.920307,186

298, 566293,437283,717303,501

300, 361305, 203280, 645297, 240309, 737

305, 354307,404304,249313.921

300,906310,633310,735329,460

Mem-ber

banks'reservedepos-

its.

Totaldepos-

its.

161,643 176,470151, 715162,164163,669159,283

152,748163,919157,631158,292

152, 552162,684157, 589156, 767

164, 026161, 594161,780163,434

161,601166, 347163, 225167,164162, 335

160,465167,277169,021163, 317

155,285167, 558161,235161, 648

Fed-eral Re-

reserve I servenotes

incircu-lation.

10

per-cent-ages.

242,859|238,215229, 016228,464224,610

227,249234,687237, 050235,7181

159,296 232,328168,138 230,514168,9461 224,874162,868 230,500

170,886 225,773165,965 233,270165,501 228,359166,298 231,179

168,83lj 226,835169,3931 231,465168,232 227,686170,1741 229,283167,562 233,232

159,558 162,812168,025 170,637161,628] 163,874

227, 403232,872225,330

162,3261 165,446! 233,504

167,:166,692162, 426165, 534

169,2291 234,373169,035! 240,099167,3491 232,461170,438 232,169

318,167 164,342 169,143! 227,907311,037! 162,220 164,304,480 158,7561 162,148313,471 163,247| 167,040319,295| 161,804j 166,169

236,466239, 675237,127242,910

329, 747325,169317,381326, 712

324, 244326, 692316,873320,121314,375

161,632 167,836! 241,383164,861! 169,830! 250,045154,225 156,154 242,49815'3,193 160,444 247,792

157,165159, 069lfO, 794159,751155,947

159,991 241,581162,275 247,896163,873 241,601162,118! 243,964159,475j 238,830

312,543' 156,485 158,663 241,502317,032 1-33, 748 168, 613) 246,188311,667323, 267

157,339 160,178! 236,817156,430 160,1081 244,680

28,803! 10,755 321,947] 161,9411 165,763! 239,03337,965) 10,7551 310,218! 160,529 163,572 250,90840,285 11,240| 308,356: 158,337 160,390! 253,56339,809 11,190} 322,820 \ 56,678 160,133 263,478

51,717 _ _| 36,380 312,132| 158,370j 162,723! 237,238

67.773.475.980.383.8

79.179.378.981.2

78.375.673.978.1

75.373.572.076.4

75.976.170.974.477.3

78.376.278.278.7

74.675.977.781.8

80.177.575.877.678.1

80.677.479.680.0

80.779.678.178.878.9

78.176.478.5

79.574.874.576.2

78.0


DISTRICT NO. 4 CLEVELAND. 357

FEDERAL RESERVE BANK OF CLEVELAND


3 0 0 3 0 0

MILLIONS OF DOLLARS3 5 0

100

PURCHASED BILLS

100

too UNITED STATES SECURITIES

2 0 0

150

100

r i^' i i iDISCOUNTS FOR OWN MEMBERS

100

50

200

150

100

1921 1922 1923

86538—24t 24


358 ANNUAL REPORT OE THE FEDERAL RESERVE BOARD.

SCHEDULE 3.—VOLUME OP DISCOUNT AND OPEN-MARKET OPERATIONS.


Month.


Total.

Secured byU. S. Gov-ernmentobliga-tions.


Tradeaccept-ances.

Agricul-tural andlivestockpaper.

All other.


MayJuneJulyAugust


Total, 1923_..1922...1921...

88,757113,962138,462140,173

240,137

322,132220,704

182,290252, 550234,746236, 535

62, 08289,78893,29187,032

177,028196,187254,646166,461

139,428193,114188, 653173,190

2,6041,626789

1,102

1,047749929

1,235

1,0141,141889985

193150477427

321124246155

580437251

23,87822, 39843,90551,612

61,74169,30066,31152,853

41, 52057, 71544, 76762,109

2,436,8081,523, 3463,218,833

1,820,9001,083,4882,225,602

70017,264

14,11013,88126,119

3,6894,4505,734

598,109420,827944,114

Month.

JanuaryFebruaryMarch .April

MayJuneJulyAugust


Total, 19231922....1921....

Bills bought in open market. U. S. securitiespurchased.

!Bankers' DollarTotal. | accept- ex-

i ances. I change.

10,62622,720

14,623

9,5017,324

11,69625, 770

5,63616,87412,62526,137

196, 77495, 55187,844

10, 54122,61832,25614,158

9,1017,245

11,44925, 579

5,51216,45412, 36525,240

192, 51892, 81283, 321

85102882465

40079

247191

124420260897

4,1522,6104,277

Tradeaccept-ances.

104

Bondsand

notes.

464103

251,215

104 1,813129 30,936246 4,532


295,69611, 226

555258

1,92022,483

143

4,613273201

6,507

343, 776182,930344, 346


1S23 1922

395,543143,011172,259155,055

251, 583297,382333,829246, 517

192, 539259,697247, 572269,184

2, £79,171

195,952192, 206159, 517123,480

140,468163,13891,698

112,868

106,431124,971205,318216, 716

1,832, 763

1921

412,391408,287361, 566261,154

361, 311372,483268, 060196,941

231,416259,639261,617260, 690

3,655, 555





Month. Penn-sylvania.1 Ohio. Ken-

tucky .iWest

Virginia.1 Total.

Num-ber of

memberbanks indistrict

at end ofmonth.

Num-ber of

memberbanks

accommo-dated

during themonth.

January _February _MarchApril

May ,JuneJu ly . .August

SeptemberOctober. _NovemberDecember _

Total: 1923...19221921

Number of member banksat end of year:

19231922__1921

Number of member banksaccommodated:

1923__1922__1921

31, 262

65, 77851,989

148,623166,936215,181140, 413

104,006159,066150, 721126, 510

52, 69043, 72267, 59981,793

84,71994,014

100, 44973,949

70,86585,89976, 549

101, 662

3,1762,7662,3522,909

3,2233,0463,3664,031

4,3954,2964,0883,714

1,6291,2052,7333,482

3,5722,3643,1362,311

3,0243,289

4,649

88,757113,962138,462140,173

240,137266,360322,132220, 704

182, 290252,550234,746236, 535

1,426, 754796, 315

1,923,179

328329327

145182169

933,910669, 974

1, 215,924

456457

282307291

41,36241,56443, 210

34,78215, 49336, 520

2, 436, 8081, 523, 3463, 218, 833

881

470540509

882

882882

882883882

240220240275

292288294260

276300300323

_

1 Figures relate only to that part of the State located in the Cleveland district.

S C H E D U L E 5 . — E A R N I N G S AND E X P E N S E S .

EARNINGS.Discounted billsPurchased billsUnited States securitiesDeficient reserve penalties..Miscellaneous

Total earnings..

Salaries: CURRENT EXPENSES.

Bank officersClerical staffSpecial officers and watchmen ._Allother

Governors' conferences __Federal reserve agents' conferencesFederal Advisory Counci l . - .Directors' meetings _Traveling expenses KAssessments 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 house.-R e n t .Office and other supplies .Printing and stationery. iTelephoneTelegraphPostageExpressage. .

1923

$2, 326, 5791,511, 554

739,93529, 56447,458

1922

$2, 247, 667743,759

1,946,91527,22328,718

1921

223,067,045,915

97, 326178,431

492211950

7,81219,21876,1587,059

28,30072, 77927, 52821,0195,830

129, 65057,83368, 75314,92937, 614

156, 67721,147

220,1001,081, 239

93, 785108, 236

360260613

8,38621, 03676,7375,538

26, 60042, 56423,4937,4946,845

162, 64837,96566,08015,96936,516 j

151,764 |

$8,041, 788737,533479,84057,01774, 685

4, 655,090 4,994,282 9, 390, 863

194,4641,166,854

82, 332136,031

329133859

7,13317, 60077,1822,000

57,723(J) '28,82611,5564,120

148,51151,119

107, 49414, 90138,018

2 180, 769

1 Other than those connected with governors' and agents'conferences and meetings of directors and ofthe advisory council.





1923

CURRENT EXPENSES—Continued. I

Federal reserve currency: jOriginal cost, including shipping charges [ $182, 662Cost of redemption, including shipping charges 20, 880

Taxes on Federal reserve bank-note circulation. ; |All other expenses 48,419 |

Total current expenses _ ' 2,550,659 2,461,266 2,956,802

PROFIT AND LOSS ACCOUNT. \

Earnings. . . _J 4,655,090 ' 4,994,282 9,390,863Current expenses i 2,550,659 j 2,461,266 i 2,956,802

Total additions..

Deductions from current net earnings:Depreciation allowances on bank premisesReserve for probable lossesReserve for self-insuranceFurniture and equipmentAllother "1 _ZIIIIII.IIIIIIIIIIIIIIIIIIIIZIIIIII

11,951 | 48, S

689, 651 125,428

Total deductions.

100,000336,702

58, 808

1,195,161

Nef diductions from current not earnings J 1,183, 21C

Net car l ings available for dividends, surplus, and franchise tax


313,217

1921

$124,508 ! $209,29537,788 ! 90,99921,335 i 75,92083,407 3 252,634

Current net earnings ' 2,104,431 | 2,533,016! 6,434,061


States bonds . . .Assessment account expenses Federal Reserve Board previously

charged to profit and lossAll other

4,

7,

|

148

!

803

43,

5.

728 l

161

57T 296

37,20932. 229

126,734

64, 759100, 000

100,000 ! 100,00042,779 0)45,010 11,653

276,412

264,328 I 149, 678

921,221

725, 626195,595

2, 268, 688

692, 436861. 264714,988

6, 284, 383

660, 2282, 329,4423,294,713

3 Includes $85,684 for furniture and equipment , which since 1921 has been charged direct to profit and loss 'A Included wi th current expenses prior to 1922.


1923 1921


Bills discounted:Applications.Notes discounted





AMOUNTS HANDLED.

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


United States securities—issues, redemptions, and ex-changes by fiscal agency department..

Transfers of funds

12,09234,932 i16,021 i

128,085,000 j161,788,000 !67,433,000 I

6, 434. 000 i390,000 I

j2 17, 228, 000 |

88,000 I3,611.000 !

$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

13,139 !36,444 ;

0 ) I117,437,000 i139,105, 000 !58,143, 000 |

7,921,000350,000

3, 007, 00068,000

2, 905, 000

SI, 523, 346, 00095, 551, 000

653, 478, 00012, 269, 000

11, 956, 422,000

62, 051, 000405, 362, 000

1, 002, 514, 0003, 098, 602, 000

17, 46354,186

0)116,934,000

0)48, 716, 000

9,132, 000244, 000

2,917, 00052,000

3,106, 000

$3, 218, 833, 00087, 844, 000

742, 541, 0000)

11, 500, 534, 000

62,120, 000265,615,000

1,735, 643, 0002,058, 580, 000

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


DISTEICT NO. 4 CLEVELAND. 361



Month.

January . , .February _.MarchAprilMay . ._ _..JuneJulyAugustSeptember.OctoberNovember.December

Total: 192319221921.


district.

Items forwardedto other Federal

reserve banks andtheir branches.

Num-ber.

5, 2394,2395,2615,0305,0105,2615,0685,0184,8115,5685,2335,659

Amount.

1,714,0011, 361, 2371, 863, 3131, 977,1922,143, 2932,155,1642, 064, 8511, 904, 7591,886,6062,150,9771,907,1211, 964, 792

61,397 | 23.093,30653,252 | 10,911,36444,292 10,237,703

Num-ber.

189164212187194191194186186218215 |244

57, 02048, 46459,41358, 58057,42860,91857, 59256, 90056,14762, 80162, 84560,147

2 2,380 2 698, 2552 1, 841 ! 2 618, 9402 1,519 I 2 799,115


United States.

Num-ber. j Amount.

191179228265232191175165221267218204

27, 62522, 43821, 51622, 38722, 77220,41917, 88717,56118, 01922, 48120, 45020, 762

2,536 i 254,3172, 201 ! 215,1672,062 I 240,487

Total.i

Num-ber.

5,6194,5825,7015,4825,4365, 6435,4375,3695,2186,0535,6666,107

66, 31357, 29447, 873

Amount.

1, 798,6461, 432,1391,944, 2422, 058,1592,223,4932, 236, 5012,140, 3301,979, 2201,960, 7722, 236, 25&1, 990, 4162,045, 701

24,045, 87811, 745, 47111, 277, 305

1 Exclusive of duplications on account of items handled by both parent bank and branches.2 Includes 116,000 items, aggregating $20,242,000; 117,000 items, aggregating $19,494,000; and 92,000 items,

aggregating $15,140,000; forwarded direct to drawee banks in other districts during 1923, 1922, and 1921,respectively.



Week ending-

Jan. 4 (3 days).11

25..Feb. 1..

8_.15..21..

Mar. 1_.8_.15..22..29..

Apr. 5_.

26..May 3. .

10..17..24..31 . .

June 7_.14..21 . .28..

July 5__12..19..26..

Aug. 2..9..

16..23..30-.

Paymentsto otherFederalreservebanks.

88, 794135, 770133,430139, 772137, 803134,171114.96512l| 978156,315135, 536137, 397164,845134, 738136, 733132,865155, 050154,858146, 996133, 980162,494158, 344130,824131,180133, 739168, 646167,611141,350125,185151,880148,897139,231126,213"124,187141.902128,747

Receiptsfrom other


Net loss.

79,492156,181138, 807156, 755132, 268127, 984117,241125,126169, 017130, 026130, 763160, 316147, 923130, 984126, 549153, 668171,816145, 249137,875140, 985176, 773140,499133,745133, 637166, 744163. 784139,380144, 785154,911164, 881133, 474117,672122,891154,696135,667

9,302

5,535 |6,187 j

5,510 |6,634 |4,529 i

5, 7496,3161,382 |

1,747 |

21,509 j

Net gain.

1021,902 j.3,827 I1.970

5, 7578,5411,296

20,4115,37716,983

2,2763,14812, 702

13,185

16,958

3,8

18,4299,675

565

19, 6003,03115,884

12, 7946, 920'




FUND—Continued.[In thousands of dollars.]

Week ending-

Sept. 613.2027

Oct. 4111825

Nov. 18 . .

152228

Dec. 6 . . . . . . . .1320 . .27

28-31 (3 days)

Total: 192319221921 .


102,135119,060157,351141,964148, 263125, 493148,907167,625147, 276121,802135, 506161, 476118,621140, 845132,410156, 760125, 65286, 530

7,314, 2025,844,2935, 555, 625

Receiptsfrom other


102,382125, 380154,339152, 760146,182127,943141,943169,314140, 806122,989135, 203165, 572122,913144,752124,011159,615136, 22677, 332

7, 410, 2265, 931,4615, 599, 722

Net loss.

3,012

2,081

6,964

6,470

303

8 399

9,198

Net gain.

2476,320

10, 796

2,450

1,689

1,187

4,0964,2923 907

2,85510, 574

96, 02487,16844,097





JanuaryFebruaryMarch . . __AprilM a yJune -JulyAugustSeptember - - .OctoberNovemberDecember


JsnuaryFebruary -March .AprilMay ^ - —-JuneJuly . -AugustSeptember _ . .OctoberNovemberDecember . .


1923

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

1922

981,3971,004,649

998, 500994,945990, 081987,778997, 813

1,003,4251,027,0741,035, 5351,034,1111,055,974

Net demand deposits.

1923

943, 270932,774915,114939,497926, 211927,090936,276923, 308902, 981896, 634898, 952868,188

1922

770, 217779,381793,801801,881812,106844,801859,807865, 298875, 704872, 391861,747858,189

Investments.


1923

242, 690243, 978254,336244, 790239, 519241, 621234,077234,026236,878233,828227,108223, 569

Time d

1923

548,435547, 603553,728554,762561,869563,753576,348592,008591, 570602,614603,982607, 724

1922

147,090159,990163, 541171,867170, 610185. 024187, 490206,872209,922225,013217,789239,048

eposits.

1922

425, 539470,050474, 518470,468475, 271486,157493, 561£04, 625603,405512,882.319, 322,562,241

All other.

1923

297,117287, 202287, 533289,207284, 576286, 447299, 718297,954299,061294,855299, 254300, 636

1922

268,984278, 747274,205269, 626275,746282,812285, 901283,683281, 294277,181282,410293, 444


1923

8,03110,94324,12631,30238,46948, 98040, 31738,18739,08943, 61439,13046,177

1922

55, 56242,81733,01027,00928,92717, 5157,700

10,42616,93721, 11134,88031,718

NOTE.—Figures are for about 80 banks in Cleveland, Cincinnati, Pittsburgh, Canton, Columbus, Day-ton, Erie, Lexington, Toledo, and Youngstown which submit weekly reports to the Federal reserve bank.Digitized for FRASER


DISTRICT NO. 4—CLEVELAND. 363



Month.

JanuaryFebruary . ._March - ._April _Ml ayJune *. - -_Julv.-.T....AugustSeptemberOctoberNovemberDecember

Total

Month.

JanuarvFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

Total


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

1921

2,236,4851,754,5681,869,4441,841,1551,716,2411, 751,9031,620,9861, 521,0311,585,9951,689, 7841,643,9191,873,095

21,104,606

Butler, Pa.*

1923

11,2459,696

11, 53311, 59411,83213,04211,15110,77412,17213,39811, 78712,683

140,907

1922

6,8247,9879,766

10,05510,63310,11210, 51210,72612,3769,867

11,288

110,146

1921

1923

70,89160,01275,16575,37277,52879,64677,04070,12174,12570,84764,84872,586

868,181

ikron, Ohio.

1922

52,21344,68350,97555,61954,46962,39660, 22258,25960,66060,14256,35967,073

683,070

1921

60,57949,50358,54464,19062,58960,68460,57155,01557,54351,40647,73351,749

680,106

Canton, Ohio.*

1923

46,33636,01947,91045,83644,86950,66945,44441,66040,73643,76137, 72944,474

525,443

1922

22,87032,40434,32632,81437,76937, 79135,78838,63439,89336,21948,587

397,095

1921

Month.

January _.FebruaryMarchAprilMay . . _ . _June ..JulyAugustSeptemberOctoberNovemberDecember

Total

Month.

January _._February __March . .April. ._MayJune _JulyAugust.SeptemberOctober .November..December

Total

Cincinnati, Ohio

1923

357,392288,000367,067358,462351,875344,432326,414282,836300, 788327,438290, 932365, 752

3,961,388

1922

284,242232,459288, 287289. 537279, 292316,334281, 577264,307288,992303,163290, 087357,962

3,476,239

Columbus, Ohio.

1923

163,204118,679146,337165, 708369,640158, 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

*

1921

319,045226, 244286,113278,132244,926261,365251,983237, 729248, 530272,496255, 254307, 571

3,189,388

1921

130,424103,647124,179133,325111,994121,905121,269108,988]18,639115, 780107,006128,183

1,425,339

Cleveland, Ohio

1923

689,980542, 818629,468676,374668,494692,395662,147626,360612, 713678, 058592, 533703,121

7, 774,461

1922

523; 990446,019474,124527,212499,125591,911575,181560, 088574, 640601,503547,363667, 269

6, 588, 425

Connellsville, Pa.

1923

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

55 836

1921

734, 722471,510556,289580,207521,056521,476486,086455, 243480,877490,925518,719604,968

6,422,078

*

1921

1 Figures for cities marked with an asterisk are not included in the district summary or in the nationalsummary of 141 centers.Digitized for FRASER




Month.


T o t a l .

Month.

JanuaryFebruaryMarchAprilMay ___JuneJuly .August...SeptemberOctober .NovemberDecember

Total __

Month.

January.. .FebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

Total-

Month.

January.. '...February .MarchAprilMayJuneJulyAugust.._SeotemberOctober . . . . _NovemberDecember

Total

Dayton, Ohio.

1923

69, 93659,75678, 64270,94471, 57273,84274,61163, 76866, 84569, 86160,10273, 632

833,511

1922

52, 23945, 83056, 50151, 88054, 52058, 61361,94954, 79856, 74459, 01153, 96568, 998

675,048

Greensburg, Pa.

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

226,344

Lexington, Ky .

1923

33, 57634, 79535,93824, 37421,83722,89120,12617,03016, 35919,29117,46724,906

288,590

1922

19,75125, 74233, 21018,13819, 55019, 34119, 21816, 47216, 84820, 33125, 48826, 985

261,074

!

1921

51, 84147. 29356,98755,02351,03553, 47656,42057,94154, 52156, 32254,662 i59,099

654, 620

1921

23, 24215, 39619, 69916, 76516, 59617, 45319 19417,17719, 36119, 20815, 27919, 322

218, 692

1921

21,90322,48126, 70518, 75215, 39715, 40215,44614,95214,10715, 79615, 26119,155

215, 357

1923

33, 69426, 54531, 68730, 82032, 41734,40232, 26332, 75531,93235,38831,04532,916

385, 864

Erie, Pa.

1922

23, 26020, 54526, 29224,29026 72326,92225, 67227,10727, 26829, 29027, 23330, 224

314, 826

Homestead, Pa.*

1923

3,4332 9353,3503,4814,1254,2834 2013,9753,7974,4064,2164, 502

46, 704.

1923

17,15614,76619, 04717, 54717,21717,77817,67117,13316, 07518, 22316, 32120, 449

209, 383

1922

2 173 '2,5552 7363,4483 4063 2802,9843, 6U3,8893,1413.468

34, 694

Lima, Ohio.*

1922

11, 65913 81913, 26012, 23614,06514, 44014, 22613, 79413,96014, 45316,732

152, 644

1921

29, 63424,49928, 20527, 29026 28126, 697

* 25,12223,93126,10125,60423 71726,926

314, 007

1921

1921

Lorain, Ohio."

1923 1922

5,598 !4,292 !5,393 !6,016 |6,198 :6,960 I6,803 j6,4517,364 i7, 240 !6.019 i6,522 ;

1921

3,4234,4444,8004, 5225,5195,1854,912 I5,794 I6,495 !5,6925,923

New Brighton, Pa.*

1923

10, 6439,18510, 42011,44812, 71412,47911, 78111,65511,56012, 97610, 64211,713

1922

6,1887,9217,7578, 5369,6299, 7179,7209, 9059, 6319,37710,903

1921

74,856 ! 56,709 187,216 j 99,284




Month.

January . _FebruaryMarch .April__MayJuneJulyAugustSeptember..OctoberNovemberDecember

Total__

Oil

1923

14, 35912, 21613, 84614,15414, 67613, 80613, 37412,81911, 04213, 05711,61112, 923

157,883

i

City, Pa

1922

11,1349,067

10, 89011,45314,10214, 97413, 01413, 48112, 34915, 24213, 05513, 771

152, 532

1921

15, 33611,48511, 55411, 35510, 0339,9508,7437,9928,4829,780

10, 38311, 775

126, 868

Pi t tsburgh, P a .

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

1921

922, 583821, 505771,115719,332703,152717,983615, 312591, 063604, 918687, 486638, 060704,068

8,496, 577

I

Month.

JanuaryFebruary ._MarchAprilMay 1June . _JulyAugust..SeptemberOctober.NovemberDecember

Total...

Month.

JanuaryFebruary _March\pril __ _ _ _ _MayJuneJuly _-. . .AugustSeptemberOctoberNovemberDecember

Total

Month.

January ._ _FebruaryMarchAprilMayJuneJulv . .August ._SeptemberOctober . .NovemberDecember.

Total

Springfield, Ohio.

1923

24, 25318,53322, 73020, 25420, 26622, 95022, 06520, 02220,19820,38118,18120,117

249, 950

1922

16, 09913, 83718, 54716, 87816, 33018,14920, 63119,17420, 72619, 96519, 40622, 246

221,988

*

Warren, Ohio.*

1923

13, 35810, 62514, 78713, 62013, 73613,91913, 42712, 97513, 75113, 45711, 80913, 365

158, 829

1922

9,06910, 8319, 562

10,16710, 71310, 77010, 97212,18112, 58311, 23912, 731

120,818

. . .

Youngstown, Oh'io.

1923

64, 80348,12660, 23866, 68459, 47167, 00267, 61759, 29660, 93865, 69654, 25565. 555

739, 681

1922

41, 82234, 22543, 86848, 33249, 49355, 04361, 69647, 89055, 67055, 52747, 84161, 665

603,072

1921

18,61115, 05019, 81518, 37015, 97315,81316, 70214, 72715, 28915,14813, 54814, 923

193, 969

1921

1921

69, 04945, 08653,12251, 60243, 82446, 09745,16739, 01645, 37343, 59338, 09243, 920

583, 941

Toledo, Ohio

1923

186, 451138, 615183, 290192, 377187, 049188, 986173, 592172, 289158, 769189, 401164, 259196. 797

2,131,875

1922

153,141128, 013132, 550142,065149, 544152, 234164, 428156, 766151, 073170, 357156, 719185, 429

1, 842, 319

Wheeling, W. Va.

1923

53, 95236, 55046, 45450, 89846, 37047, 29845, 83642, 76641, 46544, 75843, 54953, 086

552, 982

1922

31,49227, 39834, 74335, 90238, 48439, 91940, 25637, 49837, 68743,36939,12848. 551

454, 427

Zanesville, Ohio.*

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, 40611,141

—

12,420 _ . .

117,142

1921

118, 23095, 680

106,989108,441105, 666110, 315121,170106,833112,853124, 952127, 093151,941

1, 390,163

1921

40, 33131, 43336, 24136, 50332 64534. 65229', 78428,15327, 93133, 78434 36637, 066

402, 889

1921



DISTRICT NO. 5—RICHMOND.

SCHEDULE 1.—COMPARATIVE STATEMENT OF CONDITION,


RESOURCES.

Gold with Federal reserve agentsGold 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 banks _


Total reserves . _ .Nonreserve cash _ _

Bills discounted:Secured by United States Government obligations. ___Other bills discounted - -

Total bills discountedBills bought in open market ___ _

United States Government securities:BondsTreasury notes. . . . .Certificates of indebtedness

Total United States Government securities


5 per cent redemption fund—Federal reserve bank notesUncollected itemsBank premisesAll other resources. _ _

Total resources

LIABILITIES.


Deposits:Member bank—reserve accountGovernmentOther deposits _ _

Total deposits _..

Deferred availability i tems. .Capital paid inSurplus _ . _ - . _ _ . - _ _ . .All other liabilities . . .

Total liabilities



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, 58.21,801

200

67, 583

49, 3525,816

11,672628

239, 209

71 9988

Dec. 30,1922.

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

Dec. 31,1921.

38,0574,962

43, 01919,0942,663

64, 7766,781

71, 5570)

41,04753,621

94, 6683,558

1,233

3,760

4,993

103, 219

18846, 414

2, 545305

224, 228

107,1013,516

56,1274, 456

438

61, 021

35, 6205, 429

11. 030511

224, 228

42 61,568

1 Not shown separately prior to 1923.

366


DISTRICT NO. 5 RICHMOND. 367

SCHEDULE 2.—MOVEMENT OP PRINCIPAL ASSETS AND LIABILITIES DURING 1923.


Date.

Jan . 3 .

17.24 _

Feb. 7

28IIZIIII

Mar. 7

28IIIIIII

Apr. 4

Totalearningassets(2+5+

6).


Total.

57,2931 49,48353,172| 42,91944,46241, 28639,935

40,83640,15944, 64245, 299

37,86239, 23937, 863

39,02938, 36743, 08143, 793

43,409 41,38845,583 43,46253,950 51,83452,663 50,366

1825

54,43056, 20560, 04662,410

M a y 2__

52, 06353,14856,92'

Billsse- ,

curedby

U.S.Gov-ern-

mentobli-

Otherbillsdis-

count-

tions. I

3 4

19,82415,40713,15915, 48115, 624

15,16, 00918, 02418, 937

16, 02717,75423,32920,906

21,05322, 34024, 020

58,940! 24,459

162329

62,224 58,704! 23,22863,813 60,200| 23,98167,263 63,7131 26,58266, 8431 63, 225| 24,14066,300 62,789 25,717

June13_20.27.

July 3 .11.18.25.

Aug. 18

152229

Sept. 5 .12_19_26.

Oct. 3__10.17.24.31_

Nov. 714.21__ _.28

Dec. 5_12_19.26-

69,270 65,67667,391 64,11870,290 67,01270,820 67,598

71, 52872. 54778, 47077, 380

77, 88176,21676,04573, 65474, 541

65, 58765,19962,18758,808

Daily average j 62,736

76,04573,96073, 56371,04771,434

29, 65927, 51224, 70323, 75822, 239

23,04822, 35825,05'24, 856

25, 36i25, 70828, 50529, 460

31,01030, 80832,90734, 481

35,47636, 21937,13139, 08537,072

36, 67435,97737,46938,083

26, 08327, 61330, 04529, 795

36,64338,31338, "39, 82741,318

28,756 42,77228,724 43,82330,9521 47,51830,897 46,483

28,92528, 63228,13026,87426,935

62,370! 22,45861,496i 24,85758,523 24,40154,839 21,914

52, 76353, 75260, 074

Billsbought

inopenmar-ket.

United] T . ,States! l o t a i

• se-curi-ties.

47,12045, 32845, 433!44,17344,499|

22,284 30,47924,826 28,92629,518) 30,556

55,503i 26,7401 28,763

59,5901.

cashre-

serves.


6,291,291

5,8411,3411,341

105,618107, 6851

114, 387 i119,142|119,849

62,85963,29061,766, 32661,252

64,21064,18662, 72767, 77865, 015

1,3411,3411,3411,341

89,53689, 03489,01187, 735

117, 743117, 753112, 920114, 471

, 435j62,425j60,813!63,806!

64, 68364,87562, 49466, 384

1,3411,3411, 3411,341

62, 313i61,349!60, 595;59,

112,493110, 819|100, 428101, 585

64,11265, 859

7,26764, 305

60,26261,361,642|57, 74Si

83, 66218282,195180, 513

61,51563, 01262,15259, 447!

80,334!79, 562|78,885!77, 653!77,243!

89,037!84, 61580,12178, 92881, 797!

65, 07261, 61661, 58161, 32965. 358

61,07358,43158,323,87

77,997!78, 223!77,12877, 251

1,9451,9001,7501.778

81,03077, 87077,78, 665

2,2531,9321,9371,881

75, 96879, 615|74, 341178, 234j

60,638!58,88958,12459.697

61, 30859, 82759,46662, 489

78, 91679, 35178,12477, 012

79,18379, 52979, 214177,08079.890

77,03678, 25479,45380,10880, 480

59, 86959, 224159,10158,549

76,89677,91272, 50880, 963

82, 49382,95585, 04988,320

1,3411,3411,3411,3411,341!

83, 71991,805

,97596,252

62, 637!63, 59163,60561,63562, 031 j

92, 73895, 04696, 78797,166

,518

64,90766, 61563,90164, 685

1,341! 109,5481,341! 109,0051,3411 109,6381,341 119,576

63, 780,295

61, 489163, 277

101,149101, 824100,907102, 809

1,9592,1951,8542,321

65, 00263,51960, 95558,139

1,3411 123,2181,341 122,1611, 341| 113,6341,341) 116,175

104, 015105, 205108,119109, 265

1,677 94,731 60,829 63,510 88,1,469

72.271.866.968.4

62.4


368 ANNUAL EEPOBT OF THE FEDERAL RESERVE BOABD.

FEDERAL RESERVE BANK OF RICHMOND

MILLIONS OF DOLLARS

200MILLIONS OF DOLLARS

180

160F. R. NOTE CIRCULATION

180

1 6 0

PURCHASED BILLS

tI

i 40

20

40

20

0

1 UN TED STATES SECURITIESI ' l l

-p6Q


1322 1923


DISTRICT NO. 5 RICHMOND. 361)

SCHEDULE 3 . — V O L U M E OF DISCOUNT AND O P E N - M A R K E T OPERATIONS.


January,._ 113,298February 144,805March j 225,345April 244,917

99; 539 ! 1124,974 i... !200,105 i218,958 ;

May. . . .JuneJulyAugust.

September.OctoberNovember-December..

Total: 1923.

' 264,313317,253 I310.044 I290,578 I

272,643 I274,434 i207,741245,318 !

240, 234279, 406275,359250,334

220, 097226,605177,348 !210,910 1

200179

10201

367604890

679992412

1,405714 ;477 I573 i

2,257 !1,8561,6412,648 ;

2,825 12,695 !3,217 I3,049 !

2,363 149 48,6292,033 200 44,8821,239 I 12 28,6551,378 I 32,256

11,24317,60822, 99522, 421

20, 57534,16030,35636, 618

2,910,687 I 2,524,369 ; 590 i1,424,567 I 1,190,949 !._. I2,749,671 I 2,311,900 I i

7, 7685, 53911,817

49'59,

201B78184

361 350, 398185,401366, 770

Month.

January ._FebruaryMarchApril

Mfiv .JuneJulyAuaiist

S^Dtember. ._OctoberNovember.. __December

Total: 1923.. .19221921


Total .

215

1,1511,661

819

Bank-ers'

accept-ances.

215

1,1511,661

S19928 1 928

1,028 1 1,028251 1 251

2051,495

2051.495

1, 473 1. 4731,417

10, 6438,460

25,345

1,417

10, 6438, 460

25, 345

Dollarex-

change.

Tradeaccept-ances.


Bondsand

notes.

50


90, 500

10, 000

50100

100, 50032,00037,000


1923

204,061144, 805226, 496246, 578

265,132328,181311,072290, 829

272, 848275, 929209, 214246, 735

3, 021, 880

1922

205, 840159, 622167,88088,619

72, 71972,18557,45645,487

76,418112,459150, 947255, 697

1,465,127

1921

247, 729226, 995307, 639295,358

213,118247,186211, 059216,410

226, 413202, 541200,050217, 518

2, 812,01 e





Month.

JanuaryFebruary,MarchApril _MayJuneJulyAugustSeptember _OctoberNovemberDecember

Total: 192319221921.. . .

Number of memberbanks at end ofyear:192319221921

Number of memberbanks accommo-dated:192319221921 __

WestVir-

ginia, i

8,6735, 313(3, 2416,77911,14715, 89518,25317, 53217, 23223, 35917, 81423, 816

172,054108,939

127125120

Dis-trict

of Co-lumbia.

44,38333,63943, 51834,442

39,41677,11177, 82980,063

48,00538, 87836, 42859, 329

613,041284, 79199, 228

12 i1110

Mary-land.

14,74730, 78942,35239, 551

40, 58550, 26658,15051,091

46, 84538,17736,40336,186

485,142269, 905569, 550

Vir-ginia.

26, 53355,223

108,246124,018

119,133124,724125,403103,761

112,779133, 81697,080

105,035

1, 235, 751526, 888

1, 428, 846

195192190

146150146

NorthCaro-lina.

14,03815, 29121, 93936,35849, 26541, 83525, 55935,14545,44937, 58217,49918,498

358,458131,470311, 828

97104103

SouthCaro-lina.

4,9224, 5503,049

4,7677,4224,8502,986

2,3332,6222,5172,454

46, 241102, 574253, 535

103104100

Total.

113, 296144, 805225,345244, 917

264,313317,253310,044290, 578

272,643274, 434207, 741245,318

, 910, 6871,424, 5672, 749,671

631634626

453491494

Num-ber ofmem-

berbanksin dis-trict atend of

month.

1 Figures relate only to that part of the State located in the Richmond district.

SCHEDULE 5.—EARNINGS AND EXPENSES.

632635639634635635631630629630629631

Num-ber ofmem-

berbanksaccom-

mo-datedduring

themonth.

255244243296

325327344318

316303266274

EARNINGS.Discounted billsPurchased billsUnited States securitiesDeficient reserve penalties.Miscellaneous

1923

Total earnings..

Salaries: CURRENT EXPENSES.Bank officers _ _Clerical staffSpecial officers and watchmen _Allother

Governors' conferencesFederal reserve agents' conferences__ ___ _Federal Advisory Council __Directors' meetingsTraveling expenses 'lAssessments for Federal Reserve Board expenses. _Legal 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 house . - .Rent.

$2,681,59062,79539,54183, 61411,356

2,878,896

Office and other supplies .

1922

166, 792729,497

38, 53770, 547

345132663

6,51519,61836,4493,207

22, 28932,99641,83110, 7247,3831,186

31,489

$2, 569, 88774, 65595, 37887,0805,944

2,832, 944

i, 477184, 592196, 299175, 797

1, 514

6, 729, 679

155, 467760,88333,18978, 739

166123629

5,79523,10137,40212,21824, 92819,78340,90110,98924,8544,341

39,175

149, 702858, 86129,94162,102

55088

4937,021

33,93138, 7234,292

22,09020,054

7,8734,093

16,15716,33132.690

1 Other than those connected with governor's and agents' conferences and meetings of directors and ofthe advisory council.


DISTRICT NO. 5—RICHMOND.


371

CURRENT EXPENSES—cont inued. 1922 1921

Printing and stationeryTelephoneTelegraph ___Postage _.Expressage _Federal reserve currency:

Original cost, including shipping charges.Cost of redemption, including shipping charges..

Taxes on Federal reserve bank-note circulationAll other expenses _

Total current expenses .PROFIT AND LOSS ACCOUNT.


Current net earnings..Additions to current net earnings:


Allother, _.. ___ _Total additions _ _.

Deductions from current net earnings:Depreciation allowances on bank premises-Reserve for probable losses.Reserve for self-insurance..__Furniture and equipmentAllother _ _•___

Total deductions


Net earnings available for dividends, surplus, and franchise tax..

Dividends paidTransferred to surplus account _ _Franchise tax paid United States Government

$43,9266,057

40,489126,82324,063

41,32825,840

21,880

1,551,156

2, 878, 8961, 551,156

1,8

89,67150,00050,00043,2163,898

236,785

234,897

1,092,843

342,295384,404366,144

$48,4315,944

34,934

134,456

68, 35824, 73413,18428,632

1,631,356

2,832,9441, 631,356

1,327,740 I 1,201,588

3,6188,831

12,449

178,35850,00050,00064,7103,521

346, 589

334,140

867,448

333,321* 53,413

4 480,714

$52; 0374,910

34, 210

119,001

262,61477,71232, 240

2 239,458

2,127,174

6,729,6792,127,174

4, 602,505

6,8274,202

11,029

54,069100,00050,000

15,838

219,907

208,878

4,393, 627

322,203693, 792

3,377,632

2 Includes $197,329 for furniture and equipment, which since 1921 has been charged direct to profit andloss.

3 Included with current expenses prior to 1922.* Bank also charged its surplus account and paid the United States Government $20,459 as an additional



1923 1922 1921

NUMBER OF PIECES HANDLED.Bills discounted:

Applications.Notes discounted


United States Government coupons paid.Allother . ..__

United States securities—issues, redemptions, and ex-changes 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 paidAllother-.


Transfers of funds ___

17,80477,959

56580, 985, 000

186, 736, 00047,225, 000

2, 083, 000204, 000

25,811,00085,000

3,132, 000

$2,910, 687, 00010, 643, 000

440, 247, 00014, 000, 000

13, 111, 824, 000

17, 732, 000235, 548, 000

187,687, 0002,747,662, 000

0)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, 000

18, 075,000213,232, 000

296, 264,0002,455,199, 000

124, 057783

50,178, 000167,312, 00039,259, 000

3, 264,000100, 000

1, 750, 00076,000

0)

$2, 749, 671, 00025, 345, 000

333, 535, 00010, 946,000

8, 620,887, 000

21, 761, 000147, 587, 000

643, 474, 0002, 031, 290, 000

1 Da ta not available.2 Large increase due to redemption of war savings securities which matured Jan. 1, 1923.



SCHEDULE 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.

JanuarvFebruaryMarch.. _AorilMavJuneJulv__AugustSeptember .October _November _.December

Tota l : 192319221921 _.

Items drawn onbanks in owndistrict,

Num-ber.

3,4052,9633, 6043,3423,5103,4623,2693,1593,0613, 6313.4283, 766

40, 60036, 98134, 084

Amount.

768, 804796, 375979. 426901, 228960, 655944 812885. 586883, 555926,180

1, 167,1151, 074, 8371,110,698

11,399,2717, 260, 8837, 071, 625

Num-ber.

346299339312310301292280263322320396

3,7803, 2502,473

Amount.

105, 26087, 111

109, 27297, 796

100,425107, 536104,466106, 033i l l , 116139, 019122, 047119, 290

1, 309, 3711,142, 4841, 101, 378

Num-ber.

13992

1151271151019993

108132111102

1, 3341,2581,290

irer ofI States.

Amount.

30, S0211, 53411, [-19217, 99317, 61316, 67512, ,54012,31011, 57014, 34113, 28514,446

185,101157, 966205, 284

TotaU

Num-ber.

3,8903, 3544, 0583,7813,9353,8643,6603,5323,4324,0853, 8594,264

45, 71441, 48937, 847

Amount.

904,966895,020

1,100,0901,017, 0171, 078, 6933,069, 0231, 002, 5921, 002, 3981, 048,8661, 320,4751, 210,1691.244, 434

•12,893, 7438, 561, 3338, 378, 287




Week ending—

Jan.

Feb.

4 (3 days).11.11825

1

21 . .Mar. 1 .

8_.15..22.29..

Apr. 5..12..19..26.

May 3..10..17..24_.31..

Paymentsto other


June

July

Aug.

Sept.

14..21 . .28..

5. .12..19..26..

9 "16..23..

30..

20. ,2 7 .

73, 664123,899111,289108, 420108,473104, 551100, 947105, 305120, 933106,167123, 759145, 742117, 864113,861118,670130,148121,865139, 663118,709129, 469134, 824102, 729117, 937123, 668140,405135, 020123, 223124, 240138,902128, 869117, 245114, 371104, 085123, 695117, 926

99, 470110, 374159,125120,966


serve banks.

67, 546125, 754115. 068113, 099109,165103, 074102, 629

98. 6150121, 6o9101, 711117,041146, 978120,302105, 925113,C78126, 533112,4M144, 727111, 195124, 089131^019109, 734118, 366116, 503139,618136,750131,930120, 410134, 366130, 502119,313114. 524

99:, 849123, 044120,131101, 713107,137153, 250130, 376

Net loss. ! Net gain.

6,118

1,477 j

~6~645~j

1,8553, 7794,679

692

1, 682

4,4266, 718

7,9365, 5923,6159,421

7,5145,3803,805

7,165787

3,8304,536

4,236651

3,2375, 875

1,2362,438

5,064

7,005429

1,7308,707

1,6332,068

153

2,2052,243

9.410


DISTEICT NO. 5 RICHMOND. 373

SCHEDULE 8.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENTFUND—Continued.


Week ending—

Oct. 41 1 . . .1825

Nov. 1 .8

15-._2228

Dec. 61320. _27.28-31 (3 days)

Total: 192319221921

Paymentsto other


129, 556119, 885142,124135, 398129, 031108, 029130,433156,446100, 237140, 424135,497159,685112,48156, 201

6,415,8995, 255, 7326,104,150


serve banks.

139,086123, 561143, 778140,329131,449118, 213130, 203153, 737110, 823140, 445134,941152,618116, 758

62, 714

6,417,8975, 271,9576, 054, 210

Net loss.

2302,709

5567,067

49,940

Net gain.

9,5303,6761,6544,9312, 418

10,184

10,58621

4,2776, 513

1, 99816, 225

Net loss in ownership of gold since establishment of fund in 1915, $14,726,000.





1923 1922

Investments.


1923

All other.

1923 1922

January . . .February.MarchAprilMayJuneJuly .AugustSeptemberOctober. __November.December.

447,948449, 291457, 985461, 448459,330457, 690454,384458,172467, 306467, 417462, 519465,120

442, 625437, 016435,607437, 535429, 237430, 203426, 063427,988431, 229439, 279445,182459,380

82, 67880,08281,91479,16281,09680, 28180, 84379, 25581, 99375,16875, 61278, 776

70,06870,41466,12765, 34563, 33365,14164, 54668,10267, 50072,98473, 22476,938

53,25752, 64251, 53851,11150, 74252, 20652, 43051,18751, 77151, 50050, 73650,061

48,41948, 43050,96249,85951,71754, 76555, 79755, 68366, 03457, 28256, 74054, 946

Last report date in-Net demand deposits. Time deposits. Accommodation at


1923

January . . .February. .MarchAprilMay _JuneJulyAugustSeptemberOctober. - .November.December.

343,285337, 358330, 768324, 714327, 578321, 775323, 361323,443321,139333,182343, 742339,153

1922

304, 679301,479298, 257311, 896312, 067327, 080334, 715327, 243326, 791332,088332,001335, 679

1923

148,871151, 784152,874155, 981156, 853154, 363152,299151, 536152. 481151, 989151,739150, 444

1922 1923 1922

130,973130, 383134, 453135, 674141, 581149,473145,144141, 567145, 266145,929147, 065345,619

20,16425, 80231,20036, 84535, 57537,09938,07838, 78444, 56943, 54332, 02635, 039

44, 62038, 56836,02725,05416, 28211,0988,06410, 44514, 50817, 67125, 738

NOTE.—Figures are for about 76 banks in Richmond, Baltimore, Charleston, S. C , Charleston, W. Va.,Charlotte, Columbia, Huntington, Lynchburg, Norfolk, Raleigh, Roanoke, Washington, and Wilming-ton, which submit weekly reports to the Federal reserve bank.

86538—24f- -25Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

374 ANNUAL EEPOfJT OF THE FEDERAL EESERVE BOABD.

SCHEDULE 10.—DEBITS TO INDIVIDUAL ACCOUNTS.[In thousands of dollars.]


Month.

JanuaryFebruary..MarchAprilMayJuneJuly:.AugustSeptember.October^__.November.December..

1923

746,047631, 628737, 293676, 260701,164742, 692681,119668, 610655, 258746, 504710, 408804,167

Total 8,501,150

1922 1921

630,971535,864 !618,568614,409 I664,853 !681,167 !636,506 i616,520 i596,901 !705,455 i660,697 |753,942

737, 917600,411677, 832645, 676633, 007677,168660, 222674,846

743, 458724, 232793, 239

7,715,853 ; 8,234,894

Asbeville, N . C *

1923

20, 28219, 31720, 58319, 91520,98621, 05122,58325, 08021, 88723, 31821, 64924, 224

1922 1921

17, 01617, 58317, 64618,767 i18,918 I18,950 j20,327 !19, 55919,418

260,875 I 168,184

Month.


Baltimore, Md. Charleston, S. C.

1923

387,836327,800392, 850372, 373387. 050411,764387, 263367, 717345, 300395, 600348, 020400, 315

1922

Total 4,523,

364, 215301,165350,817351, 291385, 653399, 702369, 680362, 288327, 258373, 575343, 370388, 798

4, 317, 812

1921

448, 090353,382413, 200395, 722393,187421,517418, 510440, 523417,881465, 576443, 218480, 385

1922

34, 64741,31131, 21526,82826,45632, 43628, 10126,257 I20,39023,84S j27,645 !34,580 |

27,070 i24,162 !24,370 I26,230 i26,064 |23,828 i26,039 |24,326 !17,180 i21,561 ;28,111 j28,494 !

28, 78823,88025,03228, 35423,57125, 05225,17923, 21423,12524,81922,58227,398

5, 091,191 353,715 297, 435 300,994

Month.Charleston, W. Va.*

1923

JanuaryFebruary . .MarchApril.MayJune.JulyAugustSeptember.OctoberNovember.December-

Total

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

Charlot te , N . C,

1923 1922 !

39, 09434, 6&843, 74040,36242, 81542, 313836, 24434,45539,44844,84945,92451,110

495, 097

27,156 j24,047 S28, 226 i28,537 !30,891 !31,424 !31,609 i28,026 i33,874 !37,282 !35,567 j43,376 !

24, 48920,20924, 21824,17323, 51226,19621,18521, 57125,840

28, 59530, 710

378,015 i 299,591

Month.

JanuaryFebruary. .MarchAprilMayJune.July—AugustSeptember.OctoberNovember.December..

Total.

Columbia, S. C. Cumberland, Md.*

1923 1922

26,68722,90028,98222, 96524, 72624, 43218,43321, 87422, 56626, 74125, 12930, 248

23,02819,58323, 70321,77124,96422, 33917, 45315,16720,82925, 76023, 59023, 512

1921

21, 60918, 29520, 73121, 08721,17419, 32418, 92617, 49720, 72723,98021, 84823, 778

1923

8, 055

9,8729,8899,4649,38510, 1208,6628,6389.8278,9169, 738

1922 1921

6,6467,5598,643

8,382 L7,981 !_7,815 L8,073 i.8,422 '.8,168 I.9,009 i_

295,683 261,699 248,976 109,465 j 88,766 !_



DISTRICT XO. 5 RICHMOND. 375


Month.

JanuarvFebruary -MarchApril .MayJuneJuly


Total

Month.

JanuaryFebruaryMarch\prilMayJuneJulyAugustSeptemberOctoberNovemberDecember

Total

Month.

January . .FebruaryMarch\pril

JuneJuly\ugustSeptember.. .October

December

Total

Month.

JanuaryFebruary . . . . .March __ _\prilMay.. __JuneJulyAugus t _. __•SeptemberOctober. _ _NovemberDecember __ .

Total


Danville, Va.*

1923

12,8539,1919,0738,5628,2648,6289,0727 9408,208

11,15713, 46914,115

120,532

1922

7,8618,3377,6847,4937,3637,5297,4367, 705

15,59913, 50214,909

105, 418

1921

Greensboro, N. C*

1923

23, 83420, 65522, 74220, 63120,92821,18821,48719, 29219, 47026, 71726,32825, 656

268,928

1922

12, 89414, 51814,97714,92915,79116, 02115, 28118, 30221,11223, 29123, 020

190,136

1921

__

Hagerstown, Md.*

1923

9, 3567,882

10, 75211, 50310, 91411,92410, 64810,1029,661

11,0869,600

11, 500

124, 928

1922

6,3048,3948,5368,4588,6178,7828,0458,9329,8488,6119,580

94,107

1921

Lynchburg, Va.*

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

1921

Durham, N. C*

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

1921

Greenville, S. C*

1923

22, 46023, 50023, 34020,05521, 24520, 79919, 71121,71723,93930,92027,72631,192

286, 604

1922

16, 24812, 27615, 24813, 60515, 74914,95015, 44614, 78215, 95220,46723,88120,440

199, 044

1921

12, 68713, 25613,89612 63913,45611, 62711,34715,89318, 07716, 30818,063

157, 249

Huntington, W. Va.*

1923

27,85325,18627, 25926,17427,85228, 22625, 23726, 40624, 22926, 27224, 29428, 904

317, 892

1922 | 1921

1

19,311 24,75415, 923 99 HQQ19,13017, 67219,47721,92120,03419, 79320, 79224,13223,16028, 719

250,064

25,33921, 88321,06621,89520,13519, 75818, 66221, 48920,13421,809

259,023

Newport News, Va.*

1923

8,0786,5278,4627,7087,0907,4717,7887,4346,7087,3667,1479,069

90, 848

1922

5,7017,0396 5376,6827,2667 6357,6036 6586,9657 0418,371

77 498

1921





Month.

JanuaryFebruary...MarchApril.MayJuneJulyAugustSeptember-OctoberNovember..December..

Total.

Norfolk, Va. Raleigh, N. C.

1923

72,99264,18478, 24168, 95969, 52569, 75465, 62964, 37069,84283, 58787, 64296, 691

891,416

1922

58, 98151, 51563,10264, 45870,12572,46765, 02662. 88256,83874,88167, 89685, 571

793, 742

1921

70, 00853,14861, 68653,88553, 83162, 47258, 71553, 32353, 77563,98363, 20774, 540

1923

36,45024,00031,30028,11730,70030,93529, 69631, 62026,73931. 07029, 35833,876

1922 1921

722,573 i 363,861

21, 22515,38717,38317, 05018,19018,18020, 72017, 77419, 05031, 53326, 36736,000

258, 859

17, 63316, 34718, 96717,18317,71017,97118,27016,80016, 85315,95415,13318,850

207,

Month.Richmond, Va.

JanuaryFebruary...MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December. .

Total

1923

148, 341116, 745130,965116, 656119, 892131, 003115,753122, 317130, 973140, 808146, 690157, 347

1,577,490

1922

109, 296100,005110, 967105, 072108, 966113, 227105,979106,057121,872140, 863135, 796150,191

1, 408, 291

1921

127, 300115,150113,998105, 272100,022104, 63699, 437101,918108, 685120, 253129, 649137, 578

1, 363, 898

Month.Spartanburg, S. C*

1923

JanuaryFebruary...MarchApril..MayJune _.July.AugustSeptember..OctoberNovember..December. _

Total...

11,7129,62114, 07510, 47211, 07710,8319,5879,4999,957

18, 35214, 38613,489

143, 058

1922

7,1979,0977,7018,0629,3148,4427,4108,59413,30611, 78010,662

101, 565

1921

Roanoke, Va.'

1923

25, 29520,05323,94823,73525, 24325, 36623,96623, 91022,47125, 26624,06128,090

291, 404

1922

17,09219, 25119,42721,95422,63421, 50521,11022,03924, 59823, 61128,067

241, 288

1921

Washington, D. C*

197,842168,733202,135192, 636217,940215, 672188,418172, 211172, 548200,156188,996205,872

2,323,154

1922

159.902153, 095184,375181, 542196,473201, 728180, 651162,052173,976186.903176,812

2,156,145

1921

157,959138, 591154,835159,646157,122180, 668156,184140, 433148, 229169,698160,796186, 080

1,910, 241

Month.Wilmington, N. C*

1923

JanuaryFebruaryMarchAprilMayJuneJuly..August.September.,OctoberNovember. _December...

Total..

21,14220, 21123,93319,78318, 21920, 57717,40015,86918,25426, 74124, 93226,386

253, 447

1922

19,04616,96821,23619,94022,90219,44818, 55318, 50121,28325, 37124, 77825, 225

253,251

1921

Winston-Salem, N . C *

1923 1922 1921

21,00622,36723, 38720, 53820, 57520,04418,89021,07523,90222,03222, 728

32, 93529, 5S134, 59832,00730,72132, 35333,86328, 33828, 05434, 29432, 51431, 878

236, 544 381,886

18, 53823,34827,15626, 76129,14122,88824,02027,42035,07527,86233,449

295, 658



DISTRICT NO. 6—ATLANTA.



RESOURCES.

Gold with Federal reserve agents _Gold 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 banks _.


Total reserves . . _ _Nonreserve cash


Total bills discounted _Bills bought in open market

United States Government securities:BondsTreasury notes . _ .Certificates of indebtedness „

Total United States Government securities .Municipal warrants

Total earning assets _ ._ _ __

5 per cent redemption fund—Federal reserve bank notesUncollected items _ . _Bank premises . . _ _ _All other resources _ _ .

Total resources

LIABILITIES.

Federal reserve notes in actual circulation . _Federal reserve bank notes in circulation—net

Deposits:Member bank—reserve accountGovernmentOther deposits _._

Total deposits

Deferred availability itemsCapital paid in _ __ . . .Surplus .All other liabilities _ ._

Total liabilities



Dec. 31,1923.

93,6895,178

98, 86717, 7736,466

123,1064,980

128,0866,128

10,96844, 774

55, 74212,154

2619231

38451

68, 331

23,4112,664

386

229, 006

140,894

54, 6972 561

313

57, 571

16,1174,4308,9501,044

229, 006

64 5779

Dec. 30,1922.

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

Dec . 31,1921.

45,2255,450

50,67514,8065,159

70,6405,642

76, 2820)

24, 42066, 407

90,8273,686

10,314

8,566

18,880

113,393

52523,592

1,008729

215,529

121,4718,034

42,96711 213

336

54,516

17,4804,1899,114

725

215, 529

43 31,152

1 Not shown separately prior to 1923. 2 Including Victory notes.

377





Date.

Jan.

Feb.

Mar.

Apr.

M a y

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

310172431

7142128 - -

7 _ _14_2128_

4_

1825

29

2329 _

613_20 . .27

3

1825

15 _22_29

121926

3 _10172431

714 _ .2128

512.1926

48,692 28.45141,840 22,523i31,072 20,79732, 249| 22,62132,342 21,303|

56,903i

54, 772|46, 935!49,020i45,149

i 52,489|1 45,16011 42, 352j1 45, 632J1 51,15o!1 49,7971251,043!2 53,466]2 56,16012 61, 555:2 62,0863 71,047!3 76,83lJ3 80,311J3 84, 518!

3 88, 241;3 89,4153 92,157;3 90, 5043 87, 783:3 93,4263 98,352;

"3 96,8063 88, 2643 82, 7203 82,170

Dai ly average ; 4 59, 596

31,23328,45035,70336, 778

1,7642,1882,0552,4722,456

18,864! 2, 38716, 262' 1,81918,074 2, 75318, 505 2,087

44,156! 19,405 2,98442,588j 15,994 2,00145,553! 19,438 3,44842,346 18,635i 2,856

26,687 10,89720,335 9, 87518, 742 8,10820,1491 7,19918,847 V"~

16,47714,44315, 32116,418

16, 42113,99315,99015,779

49,324| 20,665 2,665 18,00049,492| 19,305! 2,238 17,06754,9581 23,852| 4,012 19,84059,173j 26,579 4,969 21,610

63,52059,12358,637

28.99426,36827,36230, 88632, 345

33,71029, 63535,99635,175

44,11538,11837,60340,78841.99540,68442, 22945,04048,15252, 77252, 79261, 37367, 32370, 87775,16482,49783,44084, 45981,646!

82,' 71687, 08785, 507J76,13771,31169, 335j44, 283j

4,8103,8094,3913,8873,507

3,9504,9016,6076,259

6,9256,4035,7867,118

6, 27o!6,600!8,6339,051

10,885

10,98312,83615, 83516,14717,33218,04221,10820,33919,04219,56022, 52023,35124,93123, 29620,63020,44320, 301

24,18422, 55922,971

28,838

6,5627,0747,615

9,3449,4422,1672,4293,541

Totalcashre-

serves.

139,480141,220144,339145, 529145,015

5,8071 147,3615,1141 153,278

10,014 146,2358,283! 9,990 143,480

9,65911,53216,07421,199

26,11727,67828, 58132,065

33,96832,20730,31727,17923,998

29,760 20,57324,734 17,05729,389 12,84028,916 9,652

37,19031,71531, 8r33, 670

35,72534,08433,59635,98937,26741, 78939,95645, 53851,17653,54557,12261,38963,10165,41762,086J55, 255!59,365|62,136

62, 21155, 50750,86849,034

8,1446,8004,4624,640

8,9388,8868,5428,2097,780

8,5059,0449,3839,142

9,1089,0265,4525,6717,404

8,5629,75210,40711,00610,91811,86911,15512,49313,145

15,09215,06210,041

2, 512

2,5422,5092,525

529

558548958563560

489243184

22023227'19420721725219720825823024031527;27'24125324;245205252228330207203291

2,150

139,184143,333142, 700145, 619

141,992136, 221136, 311132,986

128,846131, 076134,413130, 276135,646

138,085141,453142,643140, 732

140,964142, 416143,991142,762135,339136,857132,869126,813121,015117, 329113,460i104, 648104,025

99,37398, 55699,34896, 28196,349j102, 658109,666101,82297,80299,941

108, 771117,0251120,811;

Mem-ber

banks'reserve

de-posits.

59,06259,30654,97955,62354,433

57,48957,923157,48153,0129

i55, 6i3j57,106|56, 50354,896

55,948|54, 508156, 69953, «00|

54,685!55,464|57, 262!55, 32955, 974

58, 487156,124;58, 292j51,151;

56,14354, 139!52. 95053,84852,24053,343!51,09354,17550, —52, 83851,05252,67753,019|52,08351, 27353, 50452,969153, 375!52, 295!53,927!53, 520!54,278i56,060|56,08055, 912.33, 691

Totalde-

posits.

9

65,22962,83456,82758, 69657, 717

59,79561, 39660,19656,187

58,96961,31762,66761, 608

61,26858,481

Fed-eral


10

126,325122, 950120,164118, 718115,408

118,668122,441121,472119,017

123,654124,317124,851123, 757

126,657126,035

Re-serveper-cent-

62,842 126,951156,432 132,463j

129,022, 54,442

56,98757,10961,46156, 73059,229

60,48156,47158, 94453, 284

57,45755, 21854,74554,956

53,90554,51153, 24855, 85452, 623

53,96953,77853,87557, 550

54, 56852,81256,70755,14456, 410

53, 78157,30355, 54456,43"

58,03457,87956,27958,53"

57, 218

72.876.081.682.083.8

82.683.480.581.9

76.277.276.178.6

75.673.871.870.4

67.868.468.768.470.3

71.274.473.975.5

73.474.876.375.672.773.371.667.567.564.362.457.355.653.352.952.050.950.952.354.451.149.149.754.058.258.4

131, 726 68. 3

133,050!134, 593|134,188!133, 802i133, 656j

133, 5021133, 735134,004|133,190j

134, 633!135,149j134,057!133,906!

132,256*132,209!132,203!132,138i126, 776|

128,483;128,051!128, 673!129, 467j

131,892!133,426|134, 518!133,911!132, 760;

142,620J144,178!

143,669!142, 698-

143,090i143, 502;144,932:148,367

Încludes $10,000 of municipal warrants.3 Includes $51,000 of municipal warrants.

2 Includes $20,000 of municipal warrants.4 Includes $18,000 of municipal warrants.


DISTRICT NO. 6 ATLANTA. 379

FEDERAL RESERVE BANK OF ATLANTA


MILLIONS OF DOLLARS

?80

4-0

20

1 1 1 r i i • •• • r • " • • T ••! | UNITED STATES SECURJTES

20

1 1 1 1 1DISCOUNTS FOR OWN MEMBERS

1921 1922 1923





Month.

JanuaryFebruary __.MarchApril

MayJuneJulyAugust. __

September.October..NovemberDecember..

Total: 192319221921


Total.

37,34323,83030,40336,144

49,83451,10253,24352,628

88,071109, 444104,315

91, 724

728,081489,930

1,647,255

Securedby U. S.Govern-ment ob-ligations.

Bankers'accep-tances.

7,1227,926 I

11,407 j10,937 I

13,322 j14,457 j18,739 !23,130

36, 61846,86751,06641, 363

282, 954186, 946936,800 691

Tradeaccep-tances.

1567999111

214189151361

910860

1,043760

4,9334,74211,811

Agri-cultural

andlivestock

paper.

2,9132,2672,1523,096

3,7853,0732,9662. 869

3, 0794,027

i 3,0923,247

36, 5664£, 73471,054

Demandandsight

drafts.

40260276220

932

Allother.

27,15213,55816, 72921,944

32,45233,38031,38726,268

47,42457,430

46,134

402,696248, 508

Month.

January.,.February.MarchApril

May....JuneJulyAugust..

September.OctoberNovember..December..

Total: 1923.1922.1921.


Total.

3,1106,916

22,90714,407

4,1931, 5577,3302, 367

.'5, 0069,4469,2538,209

94, 70146,42922,128

Bank-ers'

accep-tances.

3,1106,90622,37814, 282

4,1181,5577,1302,367

5,0069,4469,2538,209

93,76246,42922,128

Dollar Tradeex- I accep-

change.l tances.

10529125

U.S . securitiespurchased.

Bondsand

notes.

1,5051,955

495

420

575329381

1,156

8,6856,205

12,540

Certi-

of in-debted-ness.

55, 7926,5005,360

398

1,24222514435

48604242156

70, 7464,3827,015

Mu-nici-pal

war-rantspur-

chased,

Total discount and openmarket operations.

1923

10

10

20

97,75039,20158,96351, 444

55,68953,28261, 61755, 328

93,731119,823114,191101,265

1922 1921 '

902,284

83,17462,89055,89942, 518

31,09528,77625,29121,483

42,41452, 76549,82350,826

546,954

185, 274150,014164, 074152, 514

153, 502132,349122,118124, 661

137,489133,016111, 241122,686

1,688,938

i Includes $250,000 discounted for the Federal Intermediate Credit Bank of Columbia, S. C.


DISTKICT NO. 6-—ATLANTA. 381



Month. Ten- Georgia. Florida. Ala-bama.

Missis-sippi.i

Louisi-ana.1 Total.

Numberof mem-

berbanks indistrict

at end ofmonth.

Numberof mem-

berbanksaccom-

modatedduring

themonth.

January.February _.MarchApril

MayJ*me. __JulyAugust

SeptemberOctober _NovemberDecember

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


19231922..1921

Number of memberbanks accommo-dated:

192319221921

3,498930

2,3445,332

7,6139,526

10,17512,804

14,78413,64713, 77012, 348

8,5309,2559,012

11,419

22, 72520,08615, 98611,982

23,44829, 71423,61224,674

2,6692,4373,0593,183

2,5312,6544,0067,934

10,42713,14810,8097,208

1,9892,8823,7185,685

5,3544,6993,4703,171

7,15411,7507,9627,543

13915678424

589746780745

1,1201,6651,348717

20,5188,17012,19210,101

11,02213,39118,82615,992

31,13839, 52046, 56439,234

37, 34323, 83030,40336,144

49, 83451,10253,24352, 628

88,071109,444

2104,31591,724

106,77175,357

455, 731

210,443157, 386422,646

184188173

143142168

70,06537, 459109,041

65, 37761,382

148,350

132133130

7583

105

8,5077,392

26,250150,954485, 237

728,081489,930

1,647,255

535543515

351353444

541542542539

537538536534

536536535535

212226213229

258272278313

321345311267

Figures relate only to that part of the State located in the Atlanta district.Includes $250,000 discounted for the Federal Intermediate Credit Bank of Columbia, S. C.


1923 1922

EARNINGS.Discounted bills ! $1,998,189Purchased bills 550,770United States securities 79,752Deficient reserve penalties. _ 42,278Miscellaneous. 11,325

$1,951,695164, 704189,39044,3572,590

Total earnings. ; 2,682,314 2, 352,736CURRENT EXPENSES.

Salaries:Bank officersClerical staffSpecial officers and watchmenAll other, _

Governors' conferencesFederal reserve agents' conferencesFederal Advisory CouncilDirectors' meetings..! _Traveling expenses 1

Assessments for Federal Reserve Board expenses.

Insurance (other than on currency and security shipments).Insurance on currency and security shipmentsTaxes on banking house _Light, heat, and power.Repairs and alterations,RentOffice and other supplies.Printing and stationery. _

ations, banking house.

177,065426,49232,90939,336

551239952

26,07920,34128,6166,74118, 99528,60841,96711,1085,66819, 78930,36546,209

159, 994487, 75123,37538, 758

656286690

21,75819,28430,164

28,15917,2539,39310,5551,10125,84117,81933, 225

$6,624,052154,440533, 02290,8254,313

7, 406, 652

163,432530,32522,65340, 751

819442

1,25925,70826,25130,2427,53828,401

8,789

2,60925, 99926,78358,406


2 Insurance on currency and security shipments is included with postage and expressage.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis



CURRENT EXPENSES—continued.TelephoneTelegraphPostage _Expressage _Federal reserve currency:

Original cost, including, shipping chargesCost of redemption, including shipping charges _


Total current expenses

PROFIT AND LOSS ACCOUNT.Earnings _Current expenses _

Current net earnings _


States bonds _All other

Total additions

Deductions from current net earnings:Depreciation allowances on bank premisesReserve for probable lossesFurniture and equipment__All other _.

Total deductions.. . .



Dividends paid _ _Transferred to surplus account *Franchise tax paid United States Government

1923

$4,97077,34696,99122,036

78, 99218,039

10333, 725

1, 294, 232

2, 682,3141. 294,232

1,388,082

1,941

2,789

1922

$4,54664, 789

99, 431

107, 93825,21922,36033, 760

1, 293, 053

2,352, 7361,293, 053

1,059, 683

2,5901,823

4, 413

305, 411668, 41657, 2287,637

163, 294200,000

17, 38710,685

1,038,692 ! 391,366

1, 035,903 386,953

352,179 672, 730

264,622 ,8,756

78,801

256,618s 41, 611

a 374, 501

1921

$4,98757,223

1 127,661

203, 50466, 97251,963

3 59, 332

1, 580, 585

7,406,6521, 580, 585

5,826,067

8,379622

9,001

47,088250,0000)

41, 761338,849

329,848

5,496, 219

245, 862770,106

4,480,251

2 Insurance on currency and security shipments is included with postage and expressage.3 Includes $33,399 for furniture and equipment which since 1921 has been charged direct to profit and loss.4 Included with current expenses prior to 1922.5 Bank also charged its surplus account and paid the United States Government $213,629 as an additional




ApplicationsNotes 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 funds.Envelopes received and dispatched

AMOUNTS HANDLED.Bills discountedBills purchased in open market for own accountCurrency received and counted •_Coin received and countedChecks handledCollection items handled:

United States Government coupons paidAllother


Transfers of funds

1923

13, 24085, 4796,673

97,814,00050, 084, 00023,918, 000

1,689,000 I147.000 I

i 3, 981, 00068,000

2, 329, 000

$728,081,00094, 701, 000

415, 248, 0007,119,000

7, 451, 559,000

1922

13,97593,6033,312

85, 585, 00051, 786,00027, 750, 000

1921

28,456157,8741,584

85,048,00068,135,00020,336,000

12,194, 000 ;165,548,000 !

151,539,000 ;1,466,213,000 ;

2, 045, 000134.000

1, 695, 00060.000

$489, 930. 00046, 429, 000

415, 416, 0006, 675,000

£,587,997,000

12, 205, 000151, 741, 000

182,122, 0001, 603, 403, 000

2, 650, 00079,000

2, 578,00058,000

$1,647,255,00022,128,000

454,145,0009, 066,000

4. 378,840,000

15, 699, 00096, 359, 000

369, 521, 0001,079, 298,000

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



S C H E D U L E 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.

JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

Total: 1923.19221921.


district.

Num-ber.

1,6381,4651,7571,6021,6771,6231,5741,5491,5351,8081,7041,819

19, 75123,97016, 567

Amount.

530,789451,923558, 375514,818538,417494, 529424, 274465, 427449, 777579,754561,782569,049

6,138,9144, 486, 0703, 251, 278


reserve banksand theirbranches.

Num-ber.

166150194159145131116115120136133168

Amount.

48,07344,65260, 64149,83855,35046,61243,46341, 65143,95456,07653,90757, 589

1,733 |1,548 I1,625 !

601,806483, 802527, 643


United States.

Num-ber.

121112128134127111112111118133120117

Amount.

39, 69714,68217,96115,00125,11912,71512,33812,01811,39214, 48912, 25612, 289

1,444 '1,3431,196

199,957227, 548212, 060

Total.*

Num-ber.

1,9251,7272,0791,8951,9491,8651,8021,7751,7732,0771,9572,104

22,92826,86119,388

Amount.

618,559511, 257636,977579, 657618, 886553,856480,075519,096505,123650, 319627, 945638, 927

6,940, 6775,197, 4203,990, 981




Week ending—

Jan. 4 (3 days)111825

Feb 18 ._

1521_

Mar. 1 _8

1522 .29

Apr. 512 . . . .1926

May 3 _ _10172431.

June 7142128

July 5 .121926_

Aug. 2 _ ,. . .9

162330 _._

Payments toother Fed-eral reserve

banks.

32,92961, 83465 83758, 33359,34253,36047, 54255,03767,63561,46466, 85571,82860, 34455,18960,32168, 27559, 84263, 60253,30058,14264,58653,46948, 23351, 66663, 60154,95651, 04345. 79952,90554, 27054, 21742, 82546,95660 12047, 556


serve banks.

28, 21068,96164, 65757, 23558, 20158, 61950, 39150, 86264, 51961, 49268, 98469, 64565, 51351, 49257, 23963, 98561, 59159,86856, 58761, 26563,09754, 88252, 92857, 69263,14557,29950,91052,28950. 82452, 91344,95747, 01341,90550,93443, 325

Net loss.

4,719

1,1801,0981,141

4,1753,116

2,183

3,6973,0824,290

3,734

1,489

456

133

2, 0811,3579,260

5,05l9 1864, 231

Net gain.

7,127

5,2592,849

282,129

5,169

1,749

3,2873,123

1,4134,6956,026

2,343

6,490

4,188





Week ending-

Sept. 6__ _ .132027

Oct. 4 .1118. .25

N o v . 18

15 .2 2 . . .2 8 . . . .

Dec. 6132027

28-31 (3 days)

To ta l : 19231922. . .1921

Payments toother Fed-eral reserve

banks.

39, 27853, 55465,25461,14258, 84861,98666, 53570,34664, 39863, 36460, 27381, 73562,03372, 21064,48473, 23356,92036,161

3,084, 9672, 392, 2432,140,046


serve banks.

34, 72749, 91458, 26461, 27958, 84757,71569,36665, 86364,16071,91764, 29475, 35656,95179, 20873, 80282, 74757, 79842, 983

3, 088, 6252,482, 2282,125, 232

Net loss.

4,5513,6406,990

I4,271

4,483238

6,3795,082

14, 814

Net gain.

: : : : : : : :

137

2,831

8,5534,021

6,9989,3189,514

8786,827

3,65889,985




January ._FebruaryMarchAprilM a yJuneJulyAugustSeptember .OctoberNovemberDecember


JanuaryFebruary _ _ _MarchAprilMayJune - -July. .AugustSeptember .OctoberNovemberDecember



1923

403, 283405, 999407, 878404, 830406, 230405, 240400, 022400,989415,065438, 680450,398446, 595

1922

359. 818350,132358,443351, 251354, 445354,126353, 882357, 735370, 506390, 270404, 027399, 831


1923

289, 314287, 739276, 891271, 846276, 062273, 444268,312262, 748253, 023259, 039266, 076270, 848

1922

222, 953229,394229,326237,040238, 750244,819244, 202250, 856260,425264,894271, 688271, 316

Investments.

Uni ted States securities.

1923

42, 77340, 56146, 29246, 86245, 04548, 35643, 57044,02144, 78441,67941, 20546, 548

1922

29,30732, 50530, 53132,12930, 75338, 46936, 75242, 25540, 63840. 52340. 88946,011

Time deposits.

1923

163, 802164,837167,168168, 775171, 881179, 381178, 686178, 295181,107181,428181, 370180, 701

1922

143, 321142, 354143, 925144,172147, 724150,442151, 976154, 211153, 920157,438159,189161, 595

All o ther .

1923

35, 33537,19336, 50636, 48935, 63339,38539, 68341, 24942,92343, 35743,11442,480

1922

35, 27036,47231, 63832, 21333, 28133,16633,89734,71133,11733,90135,29835, 645


1923

7,5584,8244.515

10, 60912,46213,881

, 16,49319,02535,93851, 55057, 68345, 540

1922

25,39312, 50111,3086,4072,9593,1584,1233,5488,1779,029

17,13410,850

NOTE.—Figures are for about 39 banks in Atlanta, Birmingham, Jacksonville, Nashville, New OrleansChattanooga, Knoxville, and Savannah which submit weekly reports to the Federal reserve bank.Digitized for FRASER



SCHEDULE 1 0 . — D E B I T S TO INDIVIDUAL ACCOUNTS.


Month.

JanuaryFebruaryM archAprilMayJuneJulyAugustSeptemberOctoberNovember ,.December

Total

Month.

JanuaryFebruary.- _MarchAprilMay _JuneJulyAugust _ _.September . .October...NovemberDeecember

Total

Month.

January _ _FebruaryMarch . _. _AprilIVtayJuneJuly .AugustSeptemberOctober __ _NovemberDecember

Total

Month.

JanuaryFebruaryMarch..AprilMay _JuneJuly _ .-AugustSeptember _OctoberNovemberDecember _

Total.,


1923

1 005 714827, 440991, 806886,328922, 450902, 403837,023790, 799835, 330

1, 020, 357991,989

1,124, 910

11,136,549

1923

135, 236119, 234146, 675127, 305136,068138,249121, 402115, 754121,497 '149,831144, 066148,091

1, 603,408

1922

774,821676,960781,076710, 303764, 397785, 260743, 297739,642800,649901, 535911,367989,297

9, 578,604

Atlanta, Ga

1922

104, 41388,157

111, 02098, 210

115,450109, 070106, 592105,893111, 530125,714120, 795134, 522

1, 331, 366

1921

895, 433741,122811,214770, 072725, 043728,734735,144704,823796,832858, 216785, 252831,379

9, 383, 264

1921

110, 77497,342

107, 659101,106101,043100,23298,40692, 619

102, 355119, 381104, 775118,583

1,254, 275

Birmingham, Ala.

1923

114, 37899, 365

106,438102, 313108, 046106, 472103, 70899,004

100,167126,990105,137118,073

1, 290,091

1922

61, 71061, 27575,89465, 74371, 72872, 52771, 54873, 21583, 06699, 027

103, 604103, 566

942,903

1921

76, 34365,03067,89761, 57358,16458, 01051, 07750, 58960,48454, 87954, 97868,062

727, 086

Chattanooga, Tenn.

1923

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

1921

41, 44434, 32041,67837, 38732,77033, 27132, 86331,57032, 69634, 21733,92736, 695

422,838

Albany, Ga.*

1923

4,9904,2995,6064,1104,3304,1303, 5682,8724,4405,3735,4075,843

54,968

1923

32, 71428,95940,69229, 57227, 37425,33222, 78119, 55030, 22437,79038,98935,831

369,808

1922

3,7343,9093,6113,7163,6813,3863,9284,7905,0414,9075, 774

46, 477

Yugusta, Ga

1922

26,83520,12624,17922,03925, 79625, 55321, 61621,35827, 53833,44632,08331,730

312, 299

1921

1921

25, 40422,18321,99622,12520,39720, 70821, 53919,08229, 54231,78226,04730, 321

291,126

Brunswick, Ga.*

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

Columbus, GE

1923

13, 58711,18613,95611,03512,07911,17910,42210,40113,14016,43116, 31215, 260

154,988

1922

8,43210,0229,794

10, 33910, 3019,5949,199

12, 58215 21414, 38114, 646

124, 504

1921

i.*

1921

1 Figures for cities marked with an asterisk are not included in the district summary or in the nationalsummary of 141 centers..




Month.

JanuaryFebruary .MarchAprilMay..JuneJulyAugustSeptember..October. .NovemberDecember. .

Total...v

Month.

JanuaryFebruary..March..AprilMayJuneJuly .AugustSeptember. _ .OctoberNovemberDecember .. . ..

Total

Month.

JanuaryFebruaryMarchApril.May..JuneJuly .AugustSeptember.. _. _ . __October..NovemberDecember

Total..

Month.

JanuarjrFebruaryMarchApril .M a yJuneJulyAugust . .SeptemberOctoberNovemberDecember

Total

1923

1,4631,4511,5141,0561,186

994958913

9,535

"ordele, Ga.*

1922

1,079957

1,026894757

1,7992,6802,4582,2321,890

15,772

Elberton, Ga.*

1923

1,166883

1,151839772685593761906

1,6791,4311,394

12, 260

1922

7741,097

9341,064

773706593790

1,1021,0461,196

10, 075

Jacksonvil le, F la .

1923

54, 63949, 78159, 92258, 38456, 71855, 01552, 20148, 22846,46554,64351, 56364,697

652, 256

1923

21,07218, 98722,18719.66124', 89420, 76521, 09618, 52419,21022, 24322,14123, 522

254, 302

1922

42, 68139,83351, 34547, 75151,44747,31043, 42047, 83641, 74746,01747, 38756,326

563,100

Mêon, Ga.

1922

14,86513,09015,13316,07416,10517,70719,26616, 86319,80021,67720,94323,026

214, 549

1921

1921

1921

53, 84945,26751,97352,19145,17742, 73240,07838,19036, 77739, 61840,31147,006

533,169

1921

19, 67315, 09517,48516, 76516, 37716,91017, 21916,16818, 53919, 36217, 02719,166

209, 786

Dothan, Ala.*

1923

3,8452,9612, 5922,6762,4682,3751,8231,8053,1083,9014,1103,785

35,449

1922

1,7892,1561,9431,9541,8361,9622,6024,0584,0534,4303,225

30,008

Jackson, Miss.*

1923

13,77813,13714,36112, 20;12,07211,76712, 38711,21012,45915, 89114, 98317,230

161,476

1922

10, 5808 3289,648

11 0579,6239,640

11,67511,93913,02513,418

108,933

-

Knoxville, Tenn

1923

33, 36727,02431, 78229,01831, 45234, ,')1630, 77030,00430, 10933, 31929,14736, 707

377, 215

1922

26,41723,81726, 39225,45824,13526, 21525, 58524, 73727, 25128, 07926, 99832,628

317,712

Meridian, Miss.*

1923

9,8949,520

11,46110t 04812,00418,84414,2908,427*, 0579,989

10,32210,158

134,014

1922

8,1617,8568,9778,3987,5487,5699,749

10, 5619.4529,123 |__

87, 394

1921

1921

1921

27, 77523,18727,04426, 37424,01&23,80823,61323,69825,89129,77524,85&27,864

307,906

1921


DISTBICT NO. 6 ATLANTA. 387


fin thousands of dollars.]

Month.

JanuaryFebruary..MarchAprilMayJune _JulyAugustSeptember.OctoberNovember.December.

Total

32, 50726, 45330, 99928, 70530, 24128,18327,15527,47125,16630, 50531,97334, 710

355, 068

25,45723,90727, 33222, 97625, 00624, 88223,88423, 62026, 29330,41927,95231, 723

313,451

30, 09924, 66327, 63224,95624, 76824,11823,45721,63227, 75427, 50425, 54829, 092

311,223

Montgomery, Ala.

1923

22, 80920,14524, 74921,13719, 67418. 76016, 63915,66120, 88828,35025,34025, 793

1922

15,06112,69015,61914, 20815, 42315, 22013,25115,07820,19923,10621,16522,672

259,945 203, 692

1921

17,15112, 79215,14314, 85315,93911,21910.52714,10816,883-18, 62015, 69617, 455

180,386

Nashville, Tenn. Newnan, Ga."

Month.

January . . .February..MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December.

Total

1923

78, 53764, 05276,81271, 79079, 09177, 27268, 25366, 84068, 25677,96870, 70876, 669

876, 248

63,06956. 52067,96664, 40363. 03568, 03764,14664, 76266, 68772,97767, 90475,178

794, 684

1923 1922

92, 36983,18894, 87385, 57080, 640

105, 055114, 664107, 064113,275125, 076104, 28264,872

2,0381,9962,3061,7251.6621,4941,5101,3882, 2102,2082,5812,599

1,1491,3511,1951,3131,4621,7271,2561,5921,828 i1, 4711,982

1,170, S 23, 717 16, 326

Valdosta, Ga.*

Month.1923 1922 1921

JanuaryF e b r u a r y . .MarchAprilM a yJuneJulyAugustSeptember .OctoberNovember .December . .

To ta l .

5,5364,9455,2184,4834,4504,4904,4674,7454,7114,8874,6825, 236

57, 850

3,7924,1273, 5993.7393,9223,8944, 0784,3844,7905,2135,178

46,716

New Orleans, La.

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

1921

312, 392240, 544254, 019246, 015228, 485218, 587230, 915218,773248,384265,983256, 265281,031

3,262, 273 3,001,393

Pensacola, Fla. Savannah, Ga.

Month.1923 1922

JanuaryFebruary--MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..

Total .

I7,3126,3277, 2236,8587,4937,4737,3377,2486,6867, 2306,4368,730

5,6685, 6836,0557,4796,3146,3745,9116,1185.7286 0945,8127,426

1921

7,327 j5,864 |6,881 !6,422 I6,727 I6,657 !6,059 |6,195 ;5,970 i6,002 |6, 187 I6,525 j

1923

45, 77038, 43443, 76242, 24341,18443,38939, 85836, 02146, 69363, 02549, 47250, 465

86, 353 74,662 76, 816 540.316

1922

40, 23234, 26640, 79738, 65141, 68442, 50537, 93837, 24844, 65446,61641, 03944,126

489, 756

1921

47,96340, 49743,16542, 73241,04840, 20239, 20739, 79351, 43256, 09044, 91551, 374

538, 418





Month.

January. _.February , .MarchApril.MayJuneJ u l y . .AugustSeptember.OctoberNovember.December..

Total

Tampa, Fla.

1923

30, 73527, 62934,60033, 54635,30032,89028, 65931,01526, 39329,95330, 47136,162

377,353

1922

26, 76626, 25725, 47724, 53227,47722, 78923, 32821,90121, 38423,65625, 25530,930

299, 752

9121

25, 23724, 63627, 80226, 53624, 38921,96220, 58820, 50020, K 721,42822, 65925, 533

281,427

Vicksburg, Miss.

1923

9,8117,4587,5706,1896,5866,0856,1576,0077,0209,19310,39010, 711

93,177

1922

7,4246,3935,8315,1735,8175,5805,2485,2496,5968,9769,28710,076

81, 650

1921

7,6336,5145,9675,4675,1005,2634,9324,8426,6938,4997,7777,800

76,487



DISTRICT NO. 7—CHICAGO.



RESOURCES.

Gold with Federal reserve agents .Gold 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 banks


Total reservesNonreserve cash.. . _ _ _ _StiBills 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 securities._

Total earning assets.. _ _.

5 per cent redemption fund—Federal reserve bank notes - . . .Uncollected itemsBank premisesAll other resources _

Total resources _ --

LIABILITIES.

Federal reserve notes in actual circulationFederal reserve bank notes in circulation—net _ _

Deposits:Member bank—reserve account _ _Government _ _ . . _ . . _ .Other deposits. __ _ _.

Total deposits

Deferred availability itemsCapital paid inSurplus - - .All other liabilities _ , _.

Total liabilities . .



Dec. 31,1923.

384,9174,196

389,113106, 90049, 091

545,1048,286

553, 3907,500

48,86646, 468

95,33442,437

4,4254,8681,464

10, 757

148, 528

66,4518,264

240

784,373

406,901

268, 2122,7451,052

272,009

58, 61115,17930, 4261,247

784, 373

81.52,640

Dec. 30,1922.

410,1082,199

412, 30777, 26150,981

540, 54921,704

562, 253C1)

24, 87548,996

73,87114,565

4,4262 10,855

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

Dec . 31,1921.

312,16326, 284

338, 44779,13022,025

439, 60215,870

455, 472

59,832125, 688

185, 5208,489

4,490* 5,11517, 039

26, 644

220, 653

1,66577, 273

7,0101,521

763, 594

402, 4637,386

237,0129, 8492,353

249, 214

57, 20114,30729,025

3,998

763, 594

69.93,808


86538—24f 26 389



SCHEDULE 2.—MOVEMENT OF PEIXCIPAL ASSETS AND LIABILITIES DURING 1923.


Date.

Bills discounted for |member banks. j

Total \earning Iassets i

(2+5+6).!

I arc

Feb.

M a r .

Apr.

M a y

June

July

Aug.

Sept.

Oct.

N o v

D e c

330 .172 4 . .31

142128 _.

14.2128.

41118.25

2

9 __162329.

6 . . .1 3 . . .2027

3111 8 . . .25

8152229 .

51 2 . .1926

3 . .101724 . .31

714.2 1 .28--

5121926 ___

Daily average

] Billssecured

by I OtherU. S. | bills

Total. Gov- j dis-ern- | count-

ment j ed.obliga-tions.

I Bills'bought United

in -" 'openmar- I ties.ket.

150, 684;151,277!136, 742!126,034!134,133|

77,791: 31,246! 46, 545j 16,098-•' — 05564,4771 22,1051 42,37260,9881 23,420i 37,56867,380| 29,232j 38,148

16,0559,85010, 03967,380! 29,232j 38,148

56,666| 19,875 36,791 9,502

Totalcashre-

serves.

Mem-ber |

banks' jreserve jdepos- i

its. j

56,7951 547,39570, 745!65,904i48, 61567,965

144,420! 55,619 22,012 33,607! 13,863 74,145, 534t 56. 534 23, 394| 33,140! 13, 821 75,179153, 295| 61, 697i 28, 332J 33, 365] 17,194 74, 404178,024! 75, 682J 41, 620 i 34,062 27,841 74,501

179,952 76,753; 45,770 30,983 29,499182.558! 79,898! 46,804 33, 0941 28,375179,816! 92,742, 53,822 38,920 28,400173,152! 96,986! 50,602' 46,384 31,112

188,4061 112,202! 57,884155,750) 78,683j 40,124160,257! 83,7111 43,128151,879! 89,746; 43,563

161,991! 101,302! 46,724148,509! 88,4121 35,417150,683! 91,068! 36,636145,584! 83,778! 32,949135,667 80,554; 33,984

136,595) 82,795! 39,193 43,602131,759| 73,830! 33,281136,993! 84,367! 38,112157,252j 101,347i 50, 760! 50,587

54,318! 32,138,559 33,45240,583 33,85346,183 36,320

54,578 35,01'52,995 33,78354,4321 33,90650,829 33,35446,570 29,859

146,384! 91,023!133, 369' 82, 250:141, 742' 86,113i133,006 77,403;

43,896j 47,12731,902 50,34836,296 49,81731,254 46,149S

28, 34331, 05541, 47143,043

44,14439,14143,16145, 575

73,70074, 28558, 67445,054

43, 50843, 61542, 69325, 813

25, 67226, 31425, 70928, 45225, 254

25, 45'26, 87411,15512,862

11,21711,97812,46810,028

140,089! 81,490! 38,714 42, 7761 47, 346| 11,253133,610; 78,392 28,474| 49,918| 45,1521 10,066129,731) 75,515 26,6681 48,847] 44,690 9,526123,182! 72,249| 28,300 43,949 42,071 8,862121,3331 68,635j 32,548 36,087 43,081 9,617

123,521;118, 505!130.108!135, 826;

153,153!150, 525!164,1961158,316;165, 2831

151, 227J131,816'142, 832!162,147!

74,148! 37,14566.054J 26,85775I251! 29,48187,122| 38,427

105,286101, 096115,062111,951;118,527|

53,00249, 71459, 335

j105,382!82, 545!92, 7021

114,025!

56,5741 55,377162, 515i 56,012!

52,89139,03346, 66362, 968

151,396 104,432! 57,261143,417! 93,579! 47,708134,137 86,159! 40,914156,720! 105,167! 53,292

I !148,766! 86,046^

37,0031 39,89739,197! 41,93245,770 43,95548,695| 40,257

40,18842, 65942,15537, 75137, 087

36,95;39, 45341, 87139,107

52, 284 j51, 38255, 727

52, 49143, 51246,03951, 057

47,171 39,36545,871 39,94045,245| 38,35451,875 40,602

34, 228

9,47610, 51910,9028,447

7,6796,7706,9798,6149,669

8,8889,8188,2599,015

7, 5999,8989,62410,951

28, 492

541,477557,393559,128551, 692

539, 050538,022542,802512,153

513, 490509, 722517,757515,415

509, 314538, 588536, 514535, 583

532, 477548,155547, 257566, 787574,643

571, 093566, 571548,094543, 410

565,821568,995559,933556, 362

555, 242570, 058575,099571, 261586, 497

591, 457579, 597562, 631564, 638

Total

its.

I

Federalreservenotes

incircu-lation.

10

269,917! 273, 6276, 817284,192278, 797283, 330

278,166275,902281,931279,117

280, 978281,017277,022269,434

280, 477277, 572281,988271, 744

277, 670281, 919275. 632292,137278, 287

276, 940281,643271,169276,172

281, 752273, 474281, 238269,127

270, 650274, 586281, 424264, 270273,910

267,141271, 723269, 634267, 618

557,784 268,229554,747 266,221547,986| 277,769544, 650! 268,524528,259! 264, 27f

I550,668} 270,186576,351) 283,980560,732! 277,146542,974 269,285

554,446 272,870568,983 281,008564,115 266,496564,900 271,265

280,151287, 625283,002288, 659

281, 430280, 779288,057282,975

286, 420285, 423295,054274, 784

287,097281,091287, 441275,511

287, 216284, 545289, 340298,97"287, 307

294,780283, 629272,855280, 879

284, 575282, 393287, 305272,588

279, 482278,529284,364267, 555278, 779

278, 890274, 556274,828272, 593

277, 556269, 404284,083273,145266, 756

272, 716287, 724281, 758

Re-serveper-cent-

419,333406,086395, 522389,307

383, 252386,353389,883

394,691391,487391,856393, 330

395,330395, 284395, 506394, 382

394,132396, 092396, 287396, 773402, 403

401,993

399, 386400, 752404,058

413,982410, 779404,928400,976

401,106406.102407,970408,953409,967

417, 207414,481412,134412, 250

415, 011415,859412, 236410,865406,302

407, 790404,136401,919

274,312 405,089

279,404! 406,311284,395! 405,855268,849! 409,723276,541! 420,296

I280,953! 403,605

79.078.981.683 282! 2

81.180.680.175.8

75.475.375.477.1

74.679.678.680.0

78.280.579.881.583.3

82.083.081.479.3

81.082.180.982.6

81.683.383.184.485.2

85.084.181.982.4

80.581.078.779.678.5

80.983.382.079.9

80.982.483.181.1

80.7


DISTRICT NO. 7—CHICAGO. 391

FEDERAL RESERVE BANK OF CHICAGO


5 0 0

4 0 0

300

200

100

I I I I IF. R NOTE CIRCULATION

MILLIONS OF DOLLARS

600

200

too

0

PUR CHAS ED Bl LLS

500

4 0 0

300

200

100

2 0 0

100

2 0 0

100

500

4 0 0

300

200

too

UN1

ITED STATE!

:s SECURITY

w/M

ES

liiii

2 0 0

100

I I I • I IDISCOUNTS FOR OWN MEMBERS

5 0 0

4 0 0

3 0 0

200

100

1921 1922 1923




[la thousands of dollars.]

Month.

January.FebruaryMarchApril.

M a y . . .JuneJulyAugust. _.

SeptemberOctoberNovemberDecember.

Total: 1923.1922.1921.


Total.

142, 685162,007251, 530212,954

212,300214,158206, 526195,874

207, 283242,094229,722230, 949

2, 508, 0821, 581,0044,168, 477


obligations.

110,666119,165171, 270162,624

159,036153,338151, 666149,131

151,482177, 755174, 275187,379

1,867, 787996, 767

2,323, 715


50

5075

1,446

Tradeaccept-ances.

1846420689

162344204277

201185109

2,0861,3219,147


paper.

4,4813,6217,4364,954

5,3735,1043,7083,097

4,9207,3256,1137,161

63, 293105, 376192, 620

All other.

27,35439,15772, 56845, 287

47. 72955, 37250,94843, 369

50,82056,81349,14936, 300

574, 866477,465

1, 641, 549

Month.

JanuaryFebruary . . .MarchApril..

MayJuneJulyAugust

SeptemberOctober-.NovemberDecember..

Total: 1923.1922.1921.


Total.

15, 43826, 35422, 30319, 496

Bank-ers'

accept-ances.

15,12325, 53020, 49218, 280

11,385 10,80025,786 I 24,72629, 373 27, 55816,830 16,698

26, 60922,15422, 22427, 408

265, 360253, 464138, 276

25, 92321, 38421, 69326, 383

! 254, 5901249,637132,825

Dollarex-

change.

Tradeaccept-


Bondsand

notes.

315824

1,8111,216

585 ,1,0601,815

132

770531

1,025 | I 8,685

7,07010,8089,5466,240

11,46513, 7298,924

4,6308,626

10,770 I 1107,1093,827 I !158,1985,451 j 21,214


243,3259,28438, 4315,601

9,32651,86814, 20910,391


1923

408,518208, 453321, 810244, 291

242, 409303, 277263, 837232, 019

19, 524 261,4045, 714 274, 5926, 847 267, 419

21, 560 288, 602

436, 080438, 561210,475

3, 316, 631

1922

244, 003195, 692204, 015166, 841

146, 747182, 778106, 017148, 930

181,859218, 640214,084421, 621

2, 431, 227

1921

474, 436405, 294556,911387, 789

426,025455,443331, 867312, 805

333,920294,722250, 410308,820

4, 538, 442


DISTRICT NO. 7 CHICAGO. 393



Month.


M a yJuneJulyAugust-

September . . .October. .NovemberDecember

Total: 192319221921

Number of memberbanks at end of year:

192319221921.. .

Number of memberbanks a c c o m m o -dated :

1923.-19221921

Illinois.1

48,94195, 943

141, 510110, 615

107,857114, 62596, 27086,975

108, 434117,999101, 753101, 260

1, 232,182628,790

1, 687, 314

404406404

244282297

Indiana.1

9,4348,584

16,90017,146

14, 68415, 70417,91515, 364

15, 74217, 26210, 28113,014

172,030138, 051273,191

210212214

147155160

Iowa.

9,6395, 3407,9868,630

14,21612,44015, 72915,034

15,87423,50927,85225,147

181,396198,467635, 256

455459459

333400429

Michi-gan.1

71, 30247,02671, 26466, 853

61, 59053, 57766,41567, 531

54, 37867,46975,16778, 696

781, 268532, 518

1, 284, 464

235234233

167194195

Wiscon-sin.1

3,3695,114

13,8709,710

13,95317,81210,19710, 970

12,85515,85514,66912,832

141, 20683,178

288, 252

131132133

8298

110

Total.

142,685162,007251, 530212, 954

212, 300214,158206, 526195,874

207, 283242,094229, 722230,949

2, 508, 0821, 581,0044,168,477

1,4351,4431,44a

9731,1291,191

Numberof mem-

ber banksin districtat end ofmonth

1,4421,4411,4411,438

1,4381,4401,4381,440

1,4401,4401,4371,435

Numberof mem-

ber banksaccommo-

datedduring

themonth.

598444502451

512521515511

521568594604

1 Figures relate only to that part of the State located in the Chicago district.


EARNINGS.

Total earnings.CURRENT EXPENSES.

Salaries:Bank officers. _ .__Clerical staff _Special officers and watchmen _._ ._All other__

Governors' conferences _ _Federal reserve agents' conferencesFederal Advisory Council. _Directors' meetings _Traveling expenses iAssessments for Federal Keserve Board expensesLegal feesInsurance (other than on currency and security shipments).Insurance on currency and security shipments _Taxes on backing house.Light, heat, and power _Repairs and alterations, banking house.--Rent .Office and other supplies.Printing and stationery,. .Telephone.. ._Telegraph _PostageExpressage

1923

Discounted bills $3,872,139Purchased bil ls . . . 1,420,395United States securities _ 1,049,666Deficient reserve penalties 37,573Miscellaneous 131,586

6,511,359

332,875, 947,951

344,363711363

.1,0079,094

31, 78097,426

38,60156,083

230,45549, 602

42,176144, 239112,92230,16462,125

207,99455, 244

1922

$3,862,291 $18,829,302547, 339 374,864

2,081,340 ! 858,20549,761 ! 123,250

208,132 ! 196, 549

6,748,863 i 20,382,170

367,1561,907,058

155,333236, 665

309348992

8,22142,08398,307

1,38767,40048, 424

205, 72983,090

109,17231,32862,168

245,014

332,6521, 888,877

138,792156, 492

615244

1,09911,73148,131

105,227

76,12824,663

273,625120,847128, 77031,87271, 621

237,238

1 Other than those connected with governors' and agents' conferences and meetings of directors and ofthe advisory council.Digitized for FRASER



SCHEDULE 5—EARNINGS AND EXPENSES—Continued.


Federal reserve currency:Original cost, including shipping chargesCost of redemption, including shipping charges..

Taxes on Federal reserve bank-note circulation. . . .All other expenses

Total current expenses . . . . . . .PROFIT AND LOSS ACCOUNT.

Earnings __ . . .Current expenses _

Current net earnings _ _Additions to current net earnings:

Amounts deducted from reserve for—Depreciation on United States bondsProbable losses. _.AH other

Total additionsDeductions from current net earnings:

Depreciation allowances on bank premisesReserve for probable losses _Furniture and equipmentAll other . . . _

Total deductions... _Net deductions from current net earnings...Net earnings available for dividends, surplus, and franchise taxDividends paid ,Transferred to surplus accountFranchise tax paid United States Government

1923

$210,99357,752

2,006110, 094

4,373, 024

6, 511, 3594, 373,024

2,138,335

29,946

11,957

1922

$95,37882, 63133,425

198,439

4,080,057

6, 748,8634, 080,057

2, 668,806

144, 554300,000127. 465

41,903

451,044363, 586166,66220, 591

572,019

1,400,000

238,923196.687

1,001,883 | 1,835,610

959, 980

1,178, 355

1,263,591

1,405,215

904,371 i 876,20327,3S8 ! * 52,901

246,586 ! «476, 111

1921

$768,220106,81198,655

2 229,948

4, 852, 258

20,382,1704,852, 258

15, 529,912

4,826

4,826

145,000500,000

384,621

1,029,621

1,024. 795

14, 505,117

853, 7852,075,323

11,576,009

2 Includes $118,158 for furniture and equipment, which since 1921 has been charged direct to profit and loss.»Included with current expenses prior to 1922.< Bank also charged its surplus account and paid the United States Government $710,190 as an additional

franchise tax for 1921,


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 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 discountedBills 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

21,19694,97120,241

268,485,000206,613,00088,649, 000

10,459,000442,000

2 22,041, 000246, 000

7,460, 000

$2, 508,082,000265,360, 000

1,501,901, 00028,843,000

23, 074, 243, 000

89,818,000763,273,000

1,116, 402,00015, 588,668,000

29,349140,99420, 326

200,648,000165,914, 00078, 509,000

13,898, 000378, 000

a 4 , 0 5 4 , 0 0 0

214, 0004 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

51,656245,885

10,819187,790,000161,448,00068,943,000

17,644, 0001412,000

3 6,180,000178,000

(5)

$4,168,477,000138,276,000

1,133,869,00017,273,000

14,054,405,000

97,607,000480,383,000

1,765,445,0009,284,101,000

1 In this figure, coupons received for collection have been counted separately, each as one item, whereasin 1922 and 1923 the number of coupon "collections" were counted, a "collection" including one or morecoupons.

2 Large increase due to redemption of war-savings securities which matured Jan. 1,1923.3 In this figure, war savings and thrift stamps were counted according to the number of certificates to

which attached, as the number of stamps is not available.* Partly estimated.6 Data not available.Digitized for FRASER



SCHEDULE 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.

Number. Amount.

JanuaryFebruaryMarchApril . .MayJuneJulyAugustSeptemberOctoberNovember . .December

Total: 1923.1922.1921.


district.

6,4705,3646,7066, 2116,5496,7836,3196,2836,2707,2036,6617,367

78,18669,61760,411

1,435,1261, 548, 6702,175, 6061,868,2671,922,1931, 983,1181,791, 0111, 756,4481.722,2001.973,2011,800,6301,843, 235

21,819,70513, 547, 00612,850, 573


reserve banks andtheir branches.

Number. Amount. Number. Amount.

432370504396417 i463416412428466428518

5,2503,9273,533

41,71238,16250,95544,09846,43850,97041,71243, 05446,41246, 02337, 79239, 556

526,884432, 250415,171


United States.

481395477501445355323298413545426357

5,0164,8004,862

Number

77, 91357, 89157, 48654, 35852,98760, 30545, 54244, 32152, 43059,15054,82357, 444

674, 650629,152729,881

Total .

7,3836,1297,6877,1087,4117,6017,0586,9937,1118,2147,5158,242

88,45278,34468,806

Amount.

1, 554, 7511, 644,7232,284,0471,966, 7232, 021,6182,094, 3931,878, 2651,843,8231,821,0422,078,3741,893, 2451,940, 235

23,021, 23914, 608,40813,995,625




Week ending-

Jan 4 (3 davs)1118 . ---25

Feb. 18 _ _ _

1521

Mar. 1 . - . -.-8

152°29

Apr. 5 _1219 . . . .26

May 310 . . _..1724 .31

June 7_1421.28

July 5 „1219. . . .26

Aug. 28 9

16...2330. _.

Sept 613 . . .2027


156,859259, 543258,480262,994279,139212, 415199, 305213,905316, 505228, 230251, 869248, 943241, 665231, 696226, 015259,690272,765277, 291223, 758259,322 i266,158229, 836261, 307238, 530296, 745268, 510253, 624225, 268270, 206256, 019247, 665215,172197, 362246, 020217,646188, 079229,047288, 768251, 567

Receiptsfrom other


139, 898245, 888274, 082271,192251, 464213, 264211, 087205, 780280, 605242, 789235,143264, 288255, 883230, 425233, 404256, 607284, 222259,975235, 363256,337295, 458242, 722248, 299237, 385286,409273, 303263,418239, 863249, 315259, 562242, 028231, 096205, 620242, 095228,375188, 396228, 284265, 390252, 990

Net loss.

16,96113,655

27,675

8,12535, 900

16, 726

1,271

"~3,~ 083

17, 316

~~2~ 985

13,0081,14510,336

20, 891

5, 637

3,925

76323,378

Net gain.

15,6028,198

84911, 782

14, 559

15, 34514, 218

7,389

"Il,~457

11, 605

29,30012,886

4, 7939,79414, 595

3, 543

15,9248, 258

10, 729317

1, 423





Week ending—

Oct. 41118.25

N o v . 18

152228

Dec. 6132027

28-31 (3 days)

Tota l : 19231922 .1921


245,843238, 666241,947269,707259, 395220,380235,083300,199212, 671257, 403240,917289,093237,902159, 724

12,936, 84811, 279, 6328, 698, 247

Receiptsfrom other


244,089228,621236, 256269, 341248, 790243, 341236,060282,493212, 271272,323238, 221293,408246, 075149, 480

12,928,47311, 346,0288,900,334

Net loss.

1, 75410, 0455,691

36610, 605

17,706400

2,696

10, 244

8,375

Net gain.

22,961977

14,920

4,3158,173

66,396202,087

Ne t gain in ownership of gold since es tabl ishment of fund in 1915, $271,579,000.


SCHEDULE 9 . — P R I N C I P A L ASSETS AND LIABILITIES OF R E P O R T I N G M E M B E R BANKS AS OF THE L A S T R E P O R T D A T E IN THE M O N T R .

MEMBER BANKS IN LEADING CITIES.*



January...February.MarchAprilMayJuneJuly..AugustSeptemberOctober...NovemberDecember.


Total.

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

1922

1, 565, 2701,573,1081, 546, 5021, 534, 6541,586,5101, 550,6191, 562, 8861, 576, 3231, 573,9821,624,9091, 599,0001, 609, 200

Secured by stocksand bonds other

than United Statesbonds.

1923

539, 754542, 358548,045552,066584, 887584,018585, 652573,127579, 630588, 236587,949592,150

1922

435,471445, 514422,754426, 514484,871484,141499,847528,071519,930552,361543,436539,093

Investments.


1923

319, 468300, 189286, 800273, 708279, 874289, 699280, 734295, 508273,066264, 946255,052284, 270

1922

123, 950144, 992142, 974167,969185,109212,037209, 502243, 097245,846252, 647256, 353295,202

All other.

1923

359, 748362, 354370,367367, 495358, 607348,113354, 777342, 664340, 384337, 456342,051349, 770

382, 457384,686

391,155404,225401, 532402,093408, 320405,146407, 299419,044432, 776


1923

, 527,981,517, 589,470,340, 487, 567, 516,121, 480, 302, 485, 725., 495, 870, 453, 7401, 458, 6221,436, 2411,470, 801

1922

260, 280320, 730

336, 576422,458400, 916440, 402440, 503437,964439,081434, 443467,033

Time deposits.

1923

757, 734759, 810771,486773,061785, 341787,171783, 683779, 960781,944790, 046798, 630801,341

648,472658, 773657, 473659,041667, 576681,109682, 359701,687700,355731,179732,092744,470

Accommodation atFederal reserve

bank.

1923

19,17744,10863, 95254,87244,12063, 24341,47536,60552, 88177, 06569,89559, 722

1922

56, 80427,29033,67717,99115,87710,0207,19619,66517,44325,66940, 36038, 244

wH2oH

s>oo

REPORTING MEMBER BANKS IN CITY OF CHICAGO.2

January...February.MarchAprilMayJuneJulyAugustSeptemberOctober...NovemberDecember.

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

1, 046,1821,056, 9631,037, 5151,026, 6331,082,0251,049,0001,052,0491,066, 0131,063,3431,101, 5741,068, 6411,075, 246

407, 277407,902413, 570415,026447,605440, 276437, 250423, 629430, 234440, 545439,416440, 290

319,626329, 845303, 439310, 389365,780360,484373,041400, 369394,786424,850414,965408, 470

176,906158, 554143, 282126, 931127,067138, Oil122, 531143,918124, 991121, 549114,088146,506

40,12760,96457,60979, 67893,825112, 734107, 937133, 330132, 374130,024136, 818162, 254

186, 264186, 686191, 798190, 384179,937171,844177,649163, 550166, 339163, 975166, 786171,468

173, 519176,144176, 425177, 728185, 422181, 261176, 799175, 726171, 682172,417180, 520193, 538

1,036, 3361,030,135995,110

1,002,8771, 029,031997,832993,046

1,000, 820971,908983,175970,116

1,003, 369

870,020921,926878, 356916,070986, 569959, 519981,590997, 652990,053995,441990, 967

1, 008, 717

367, 254367,688376,425370, 831375, 673373,107369, 333363, 946365, 201371,100372,891378,930

312,419315,973311,474310,959315,083324,492322, 781334, 514328,505352,616350,499361,27/6

8,04726,18640, 95634, 23216, 79538, 94417, 48417,18729, 48344,08831,62629, 536

15, 8176,30719, 7203,4609,2745,9792,4426,2258,5008,64811,08114,763

1 Figures are for about 106 banks in Chicago, Detroit, Cedar Rapids, Des Moines, Dubuque, Grand Rapids, Indianapolis, Joliet, Milwaukee, Peoria and Sioux City whichsubmit weekly reports to the Federal reserve bank.

? Figures are for about 49 banks in Chicago which submit weekly reports to the Federal reserve bank,

COCO


398 AXNUAL REPORT OF THE FEDERAL RESERVE BOARD,



Month.

JanuaryFebruary. _MarchAprilMayJuneJuly -AugustSeptember.OctoberNovember.December..

Total.


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

4,321,9913, 512, 7643,992,9273,819,0833, 765,9133, 827, 9103, 781, 4283,874, 8993,848,06§4,068, 9103, 827,1664,195,461

49, 303,650 46,836, 520

Adrian, Mich.*

1923

4,0672,6953,7163,5463,6933,4763,3733,5573,0572,9432,7863,508

40,417

1922 1921

2,4713,0823,0762,9983,4822,9042,9822,9773,1332,9683,700

33,773 i

Month.

JanuaryFebruary..MarchApril.MayJuneJulyAugustSeptember .OctoberNovember.December-

Total -

Aurora, 111.*

1923

13, 74911,335 I15,92214, 55715,04914,88514,87915,00414,09815, 63713,40215, 783

1922

9,65412, 26611,89811,39112,87511,82711, 93012, 54513,11811, 30914,190

174,300 | 133,003

1921

Bay City, Mich.

1923 | 1922 1921

10, 3038,4429,8769,18010, 36210, 59110,04310,79710,43812,84811, 68613, 111

9,9988,95910,0829,71310,44910,0269,80410,01910,11510, 59810,04311, 346

13,12310,01811,22910,5859,8749,7049,91510,14511,53410, 70711,38012,125

127,677 121,152 130, 339

JanuaryFebruary . . .MarchAprilMayJune --.July.. .AugustSeptember -.OctoberNovember..December.. .

Total .

Bloomington, 111.

1923

11,48110,39715,97011,99711, 23311,56210, 73410, 39810, 91811,2049,56411,281

136, 739

1922

8,9178,84913,40910,6179,2009,5539.7519,5389,7999,9539,44211, 702

120, 730

10,12610,49913,10511, 5318,8609,6249,9369,5199,6319,3968,5489,923

120,698

Cedar Rapids, Iowa.

1922

27,13921,69331, 24*328,18928,69629, 24127,29625, 86227,87731,626 |25, 30628,650

37, 64629,79427, 79922, 60621,22822,83029, 69321, 34221,89923, 55520,81424,255

1921

48,22037,99757,13047,39039,86341,94040,09439,38839,66842,94837,86141,157

332,821 j 303, 461 513, 654

Month.

January. _ 3,153,458February 2,929,918March. 3,069,933April.... 3,054,525May— -. 3,100,634June 2,941,388July 2,859,024August ----- 2,644,705September 2,631,379October 2,929,548November.. -j 2,812,412December i 3,152,048

Chicago, 111. Danville, 111.*

1923 1922

2, 628, 9222, 377,9772,937,0132, 625,0142, 688, 6862,866, 5202. 526,4942, 551, 2432, 630,9762,929, 3462, 618, 6192,950, 223

1921 1923 1922

2,898,0582,330,8762,593, 598

2,454, 6622,497,9602,424, 5562, 547, 3082, 525, 6882, 709, 9782, 581,0232,799,188

9,60013,68411,48310, 55010, 64011,9609,5609,64010, 68310, 61711,940

Total 35,278,972 j 32,331,033 , 30,831,583 177,944 120,357






Month.

JanuaryFebruary. _MarchApril..MayJune.July . . .AugustSeptember.OctoberNovember.December..

Davenport, Iowa.

1923

37,54832,348 136,377 !35,404 l

38,235 !34,292 !31,746 !30,29430,129 !33,949 131,650 i33,847 1

1922

29,00230,17034, 64931,90435,19433,81736,13630, 66735, 57636, 21034,93338, 111

Decatur, 111.

1921

31,07328, 26134, 22731,12027,940 I26,65526, 72525, 28928,43430, 27425,96330, 226

Total- 405,819 i 406,369 346,187

1923

14,48812,61116, 68415,47815, 60816,42315,75416,05415, 07614,98614,16514,363

11, 83111, 24514, 61012, 66413,29013,90814, 31015,43013, 89714,58313, 52515,520

181,690 ! 164, 813

1921

13, 76811,14715.08314, 49113,07212,88914,14513,57213, 38912, 66111,31813, 619

159,154

Month.

JanuaryFebruaryMarch _AprilMay. _-JuneJulyAugustSeptemberOctoberNovemberDecember _

Total

Month.

JanuaryFebruaryMarchAprilM a yJuneJuly _.AugustSeptemberOctoberNovember ._December

Total

Des Moines, Iowa.

1923

82,32267,29895,65086,65585,332

103,41679,81573,40472,22383,40672, 24974, 312

976,082

1922

64, 24656,73878,20165,99768,22971, 58767, 21764,69068,51072,38473,02875,536

826,363

Dubuque, Iowa.

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

1921

75, 67465,53090,76378,73267,07369,18563,28963,842§4, 23869,50665,02568,934

841, 791

1921

14,43811, 78115,03413,09213, 67611, 63911, 67610, 74611, 69912, 35812, 24812, 207

150, 594

1923

623,392583,430684,043672, 530709,107720,921638,497630,679628,324675,990654,044697,177

7,918,134

1923

31,00727, 21833,65534,14934, 61935,41328,41230,14131,03934, 05732, 32534, 610

386, 645

Detroit, Mich

1922

443,087403,803516,859490,190526,023542,982574,030588, 363548, 708554,040545,937651, 296

6,385,318

Flint, Mich.

1922

19, 55817,08722, 78732, 36928. 074

! 27,27822, 286

! 24.46624. 781

: 26,740) 27,099i 28,547

301, 072

L.

1921

479, 627389,988461,007477, 262493,899472,623535, 570509,487490,863486,356444,616504,924

5, 746, 222

1921

18, 69514,88218, 30120, 45021,46621,33824,70025,25024, 39923,03221,55421,069

255,136

Month.

JanuaryFebruaryMarchAprilMayJune .. .July,AugustSeptemberOctober _ . .NovemberDecember

Total -

; Fort Wayne, Ind.

! 1923

! 35,643j 31,500

38,4471 35,5791 48,989

. . . .s 46,975| 41,142

. . 37,442i 35,643

39,92239,44140,788

. J 471,511

1922

27,98626, 26130, 35028, 31130, 21331,94131, 35728,07233,12532,83232,30535, 246

367, 999

1921

30, 02225, 53031,11530,58828,71430,07228,11326, 69027,09527, 66927, 29933,487'

346, 394

Gary, Ind.*

1923

14,16013, 07915, 28815, 63018, 56317, 61517, 54417, 21016, 42018,53817, 48116,204

197, 732

1922

8,26010, 21110, 72112,68011, 87412, 53012, 33311,50012,54213, 75014,181

130, 582

1921





Month.

Month.

Grand Rapids, Mich. Hammond, Ind.*

1923

JanuaryFebruary . .MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December-.

Total

JanuaryFebruary. .MarchAprilMayJ u n e . . .JulyAugustSeptember.OctoberNovember.December..

Total

57,098 i69,493 !64,583 |69,715 ;70,870 i67,208 !67,594 ;69,300 !67,279 |60,650 !70,626 I

922

65, 33450,12460,01155,95063, 23263,34459, 98362,15659,10464,15560, 86865, 870

800, 799 730,131

1921

85,43272,30976, 85776, 92276, 26180, 85272,06180, 55785,08689,18785, 42596,801

977, 750

Indianapolis, Ind.

1923 1922

174,966145, 289156, 646148, 337167, 536168,050161,827148, 841141,040155, 313149, 060162,951

128,100119,521153,018125, 229139,871150, 564145,641136, 234140,381147, 215144,353176,168

1,879,855 j 1,706,295

1921

143, 600122, 209140, 939132, 927131, 828144, 606139, 243133, 658128,617135, 80a130,011147, 696

1, 631, 437

1923

15,18212, 24916,06916, 73218,46318,53319,10617, 52316,17718, 75515, 46217,620

201, 871

1922

13, 76212, 49712,03214,05213, 70315,108

81,154

1921

Jackson, Mich/

1923

24, 23816,23920, 64721, 59422, 64623, 69721,28623,03823,03922,28918, 87921,923

1922

14, 88911,71614, 54414,91917, 87319,99919,00218, 07116, 83718, 21616, 99418,800

259, 515 201, 860

17,04812, 54314,72914, 74515,11313, 72616,18915, 40714,87115,58113, 338-16, 44a

179, 733

Month.Kalamazoo, Mich. Lansing, Mich.

JanuaryFebruary..MarchAprilMayJuneJulyAugustSeptember.October-...November.December..

Total

1923 1922

22,643 i17,432 i21,746 I20,69921,02822,676 I21,207 I19,715 !19,79521,216 !19,785 I21,103

249, 045

17,43714,71017, 20917.26517,07918, 03817, 73119,09019,03819, 87718, 88621, 978

218, 338

1921

19, 96315, 32219, 66217, 65317, 24917,98715, 96916, 70317,24617,27016, 66320,119

1923

211, 806

30,50028, 50040, 45040, 06141,09241,61336,16836.92429, 82029, 70027, 62633.925

1922

17,91716, 86321, 73423, 26226,078

416, 379

26, 60625, 72725, 59727, 21025,25430,500

295, 734

1921

19, 88017, 59322, 08423,09120,19223, 31121, 599'21, 37820,91521, 57718,19820,155

249,973

Month.Mason City, Iowa/ Milwaukee, Wis.

1923 1922

JanuaryFebruary..MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December, .

Total

10, 5798,706

12,2279,942

10, 92410, 83410, 3799,8859,450

10, 2758,920

10,193

122, 314

1923

279, 922242,053279,199269, 564295, 825291, 793271,807256, 490259, 652293, 767264, 781278, 62<3

104,782 3,283,479 2,886,023 2,765,928-

1922

217,005213, 848263, 205220, 409237, 263244, 219241, 747226, 383244, 496269, 351240, 463267, 634

1921

274, 058222, 297233, 644222,181215, 763225, 594218,209222,327227, 746243,189221,342239, 578


DISTRICT NO. 7 CHICAGO. 401



Month.Moline, 111.*

1923 1922 1921

Muscatine, Iowa.*

1923 1922 1921

JanuaryF e b r u a r y . .MarchAprilM a y _.J u n e . .JulyAugustSeptember .OctoberNovember .December. .

Total.

7,7467,1578,5569,8949,3159,1938,1688,5868,5578,8157,8238,087

6,8056,4948,0879,8749,4728,5269 7527^3277,7767,6197,4357,152

8, 5239,02710, 3519,9758,659

7,4946,8377,5827,5227,5897,694

6,7114,9828,2186,9016,0486,0365,7366,0455,5566,2955,3166,887

4,3026,7735,4405,1824,6314,8525,0135,5166,4775,0676,474

101, 897 6, 319 99, 942 74, 731 59, 727

Month.

JanuaryFebruary. _MarchAprilMayJuneJulyAugustSeptember.OctoberNovember .December. _

Total

Oshkosh, Wis.* Peoria, 111.

1923 1922

11,6409,20011,75010, 75012,00011, 64010, 47711,06310, 47010,950 j10,000 i11,600

7,34710,0008,9119,3119,9209,21311,96711,0009,9509,95011, 560

1923

40, 40132, 74041, 24439, 41540,99541,19439, 07237,89537, 57041, 55339, 21242, 315

131, 540 ! 109,129 473, 606

1922

31, 21029, 85434, 98833, 09036, 64637, 43536,19135, 07735, 26538, 73535, 70645, 019

429, 216

1921

40, 24332, 59738, 67935, 74334,12232,51232, 89131, 20332, 97333, 47327,97635, 461

407, 873

Rockford, 111.Month.

1923

JanuaryFebruary._MarchAprilMayJuneJulyAugustSeptember.OctoberNovember .December. .

Total

24, 66216, 45628, 04224, 68825, 86226, 62524, 75822, 17821,86724, 70222, 65625, 235

1922

18, 20516,11420, 32120, 69819, 66320, 36820, 01519,40819, 74522, 04419, 09623, 224

287, 731 238,901

1921

21, 79919,42222, 90822, 25420, 81720,00421, 35718. 63718,19018, 26917, 41820, 220

241, 295

Sioux City, Iowa.

1923

74, 77063,91486, 04476,10076,44178, 03572,02370, 58469, 78180, 40371,16678, 650

1922

897,911

35, 49846, 33076, 06865, 61870, 03771,95966,85664, 27767,14674, 29461,94570, 660

770, 688

1921

55, 86247, 91760, 93045,15633, 77838, 86035, 44434, 02233, 04535, 48630,83230,852

482,182

Month.South Bend, Ind.

1923 1922

January j 34,904February | 29,067March | 36,006April | 38,121MayJuneJulyAugustSeptember.OctoberNovember.

44,97247, 86740, 74140, 30536,13044, 89338,953

December | 38,754

22, 28722, 21226,82126,19429,82932, 80633,14834,15934, 20735, 34033, 03740, 227

Total 470,713 370,267

1921

15, 58415, 59122,95325, 71826, 57728, 66324, 20723, 87926, 06326, 55322, 21625, 601

Springfield, 111.*

1923

28,12124,71629, 57927, 89326, 90528, 88728,91726, 21424, 73827,18725, 08528,116

1922 1921

23, 27121, 25426, 55825,01122, 77525,38225,415 I23,194 I21,83023, 64722, 79725, 652

283,605 | 326,358 286, 786

25, 25020, 50727, 89325, 63522, 59623, 48126, 57623, 27022,87622,48022, 21824, 212

286,994

Waterloo, Iowa.

1923

18,16114,14621, 48318, 21418, 684

17, 75817, 38617, 24819, 67817, 44818, 251

217,150

1922 1921

12, 53111, 79516,33515, 51714, 78514,90514, 39213, 63914, 98716, 59714,14517, 041

12, 44810,99813, 67913, 50910, 22711, 89211, 72911, 29911, 54913, 22010, 25012,119

142,919

NOTE.—Centers which have not reported continuously for the 18 months ending December 31, 1923,are not included in the table.


DISTRICT NO. 8—ST. LOUIS.

SCHEDULE 1.—COMPAEATIVE STATEMENT OF CONDITION.


RESOURCES.

Gold with Federal reserve agentsGold redemption fund with United States Treasurv

Gold held exclusively against Federal reserve notesGold settlement fund with Federal Reserve BoardGold and gold certificates held by banks


Total reservesNonreserve cash... .


Total bills discountedBills bought in open market

United States Government securities:Bonds.Treasury notes.Certificates of indebtedness...

Dec. 31,1923.

49. 4242,773

52,19735, 2725,060

92, 5299,802

102,3313,321

17,29239, 990

57 28243

Total United States Government securities _ . . . J »


5 per cent redemption fund—Federal reserve bank notesUncollected itemsBank oremisesAll other resources

Total resources

LIABILITIES.


Deposits:Member bank—reserve account.Government .Other 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. . .

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. 30,1922.

70, 5732,960

73, 53331 207

2,852

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

Dec. 31,1921.

66,1583, 695

69,85322 9633,257

96,07310,568

106 641(l)

21, 83141, 222

63 053218

1,1538

6,772

7,933

71, 204

52333, 744

615760

213,487

95, 2463,923

64, 6133,802

849

69, 264

30, 2634, 6039,388

800

213,487

64.81,504


402


DISTRICT NO. 8 ST. LO1TIS. 403


(Amounts in thousands of dollars.)

Date.

Totalearn-ing

assets(2+5+6.)


Total.

Jan.

Feb.

Mar.

Apr.

M a y

June

July

Aug.

Sept.

Oct.

Nov.

Deo

310. _172431 . .

142128 . . . .

7142128. _

411 !18 . . .25 !

29 - .'

162329 . .

6132027

311 ':18 . 125

1 i8

15 i22 ;29

512 '1926 !

3_ i1017 i243 1 . _ !

7 . . . . 11 4 . j21 !28

12 i192 6 . '

63,99354,65052,75054,26657,109

55,49753,00054,39060,128

57,8725 7 , "65,90065,906

64, 35359,24063,99063,159

63,29560, 51061,11456,84358, 633

60,92256, 70063, 33756,151

69, 00955,07756, 93456,435

55, 74855, 09359, 729

26,66915,11913,37414, 79515,804

12,96212, 72516,19621,199

18,85719, 22525,47926,431

23,34429,84431, 592

32,46530,58132, 52331, 3413 3 , r " "

Billsse-

curedby

U.S.Gov-ern-

mentobliga-tions.

Otherbillsdis-

count-ed.

13,182 13,4877, 282! 7,8377,3728,8209,893

7,6386,8978,431

6,0025,9755,911

5,3245,7,76513,057j 8,142

7,765 11,0928,524 10.70110,594! 14,88511,786! 14,645

10, 67610,04514, 55015, 757

14, 78313, 66415, 02614, 22417, 054

39,549 16,02536,111 15,26547,569 17,65140,687 17,674

55,77943,38046, 23746,073

46, 27046, 31551, 367

62,394! 57,84460,9761 5 6 ~ - ~

21, 57318,49817,91016,390

15, 78815, 79818,91220, 98521, 829

63,632! 59,575 22,19563,349 59,292! 20,65572,739| 69,027 21,10875,411! 71,704 24,097

79, 43274,10771,95174, 58572, 530

70, 52173, 773|70,04666, 946

59,418j54,676i61,459!62, 252 j

75,757;70,43271,944

23, 25022,17422, 684

74,578j 24,74072,501 j 23,075

70,34873, 74470,02466,424

59,29654, 60461,43062,209

Daily average....: 62,368| 43,754

Billsbought

inopenmar-ket.

21, 57920,93420, 978120,885|

18,00316,92821,12919, 785

17, 35213,29915,29415,835

17.68216.91717, 49717, ir16, 926

23, 52420, 84629.91823,013

34, 20624,88228,32729.683 j

30,482!30,517!32,455!36,859135, A t m

37,38038,63^47, 91947, 60752,48, 25849, 26049, 83849,42648, 769|52,81049,04645, 539

1

41, 293J37,676!40,30l!42,424!

12, 77813, 82014,92615, 22814,549

13,65711,4959,20210,'—

10,1629,92311,99712, 448

12,45512, 05711,96612, 909

12, 68611,79611,15810, 5699,719

9,8219,0777,3597,061

5, 979J4,44613, 446)3, 111)

2,2271, 5271,111

882390

3893894039

UnitedStatessecur-ities.

Totalcashre-

serves.

24, 546i25, 71124,45024, 24326, 756

28,878S, 780

28, 890

28,85328,83628, 42427,027

Mem-ber

banks'reserve

de-posits.

Totalde-

posits.

Fed-eral

reservenotes

incircu-lation.

Re-serveper-

cent-ages.

118, 586120,420122,485117, 553118,309

115,223118, 51l]117, 7381117, 014J

114,232117, 564102,3061102, 817J

23, 870| 107,105!23,839 106,626]22,180 99, 656!18,658 100,525:!

18,1441 98,650!18,133 98, 597 j17,43314, 933

99,676|106,612|

14,934 103,745

11, 552s 95, 68811,512! 97,8958,409! 88,0928, 403| 94, 826

7,251; 91,6407, 251! 95,9867, 251 93,2227, 251 96, 020

7,2517,25117, 251)3, 668i3, 668!

3,668i3, 668j3,672!3, 668!

7 i7;

29 | .

173L29k2 2 .

522!.

122L72L29j_43! .

97,20998,96892, 52988, 25491,127

87,80587,04672, 61871, 510

71,4303, 6681 75,928

! 80,72477, 55683, 459

81, 34384, 77183,69192,910

97, 851I 102,006!

90,341196, 853i

78,17173, 75876,34970,73974,002

72, 74272,25472,68169,993

73,97274,05470, 54672,450

75, 42671, 53970, 64370, 508

71, 51870, 96267,14575, 37768,955

70,02970,33769,40366, 372

74, 71469,14066,64869, 748

68, 83770,706!68,981!68, 234!68, 302;

67, 87768,764

10

1, 239! 12,375

64, 399!

65,957)66, 544!67, 5081

67,128!64, IOO;

66, 814S

68, 338|65,280!68,076!

67,13670, 276;65,920;68, 027i

80, 75975,83778,03974,62079,316|

75,95874,86476,97074,876

77,71078,28773,73175,192

79, 253i74, 505i74, 020173,491;

74,34673,29271,873178,32574,102J

73,538!72,260i70, 527|69,103!

76, 522|70,794)70, 687|73, 910!

72, 339!73, 574i71,485!70,897!72, 249;

72, 256172, 020!67, 572!67,320!

I68, 388i68, 5181

70,336;69,464!69,1221

68, 637170,65568,16870, 748

70,03472, 98167,30070,678|

93,91889, 53388,14586, 41985,996

85,909J87, 500|86, 59487, 606

87,03586, 93685,91683, 690

82,46580,99480, 51278, 241

78, 578!77, 20676,96275,376!75,4551

74,90073,91l |73, 702173, 214!

75, 073|73,82773, 24472,108J

72, 23571, 65672, 52171,75771, 585|

71, 527!72,297)72, 310!73,038;

74, 717J75, 074!76, 004|75, 31073,671!

75,528!76,844174,808!77,140!

77,695;77,6761

77,478!78, 896!

67.972.873.773.071.6

71.273.072.072.0

69.371.264.164.7

66.268.664.566.3

64.565.567.069.469.4

64.567.061.166.6

60.566.464.865.8

67.268.164.261.963.4

61.160.351.950.9

49.952.955.253.658.4

56.457.558.562.8

66.267.762.464.8

>9,975 73,201! 78,508; 64.6



FEDERAL RESERVE BANK OF ST. LOUIS


MILLIONS OF DOLLARS

160F. R. NOTE CIRCULATION

160

120

100

8 0

6 0

UNITED STATES SECURITIES

DISCOUNTS FOR OWN MEMBERS!

1921 1922


DISTRICT NO. 8 ST. LOUIS. 405



Month.

January..February-MarchApril

MayJuneJuly—August.

September.OctoberNovember..December..

Total: 1923.1922.1921.


Total.

Securedby U. S.Govern-

mentobliga-tions.

72,252 62,52164, 382 I 46, 81183, 021 52,839

107, 645 82, 353

161,808 i 123,911206, 688 164,444173,190 127,109201, 896 156, 731

189,159 i 139, 293154,754 92,385133,421 73,131,455 76,064

1,679,671 11,198,309865, 856 659, 587

1, 609, 024 994, 539


56125

6551,4597,974

Tradeaccept-ances.

19233324083

31978272263

670829

1,4151,085


paper.

1,0021,4301,6021,753

1,9562,5522, 7282,635

2,4983,1032,3872, 494

5,7794,1825,141

26,14032,80352,192

Demandand

sightdrafts.

28

118

1,1796,48813, 45210, 339

31,604

Allother.

8,53715, 24728, 31523,456

35, 62239, 58643,08142,125

45,49951,94942, 29441,473

417,184167, 825549,178

Month.


Total.Bankers'accept-ances.

Dollarex-

change,

Tradeaccept-ances.



Bondsand

notes.


1922 1921

J a n u a r y . .February-MarchApril

M a y . . -JuneJuly.__.August .

September..OctoberNovember..December. .

4,7065,5219,7565,486

1,8303,504

22744971

Total: 192319221921

32, 58033, 73620,187

4,4315,3968,9405,476

1,5803,254

275125816

10

250250

2,50862821

275

12

71, 2992,662

10015

4,652

22744971

30, 85432, 44119, 277

1,7261,295

910

3,07222

150, 76573,19392, 898

113, 421

163, 639214, 846173, 190201, 936

192, 231154, 798134,165132, 426

75, 95165, 61050, 45461, 662

74,127126, 24463, 40753, 871

70, 07379, 702

116, 022207, 713

146, 871124,617157,862137,868

139,852177,169135, 362120,338

133, 338124, 503151, 381125, 667

3,43522, 914

1,198

81, 822122, 33044, 419

1, 797, 508, 044, 836

1, 674, 828

86538—24f 27





Month.

January _.FebruaryMarchApril

MayJuneJulyAugust


Total: 1923..1922_.1921..

Number of mem-ber banks at endof year:192319221921

Number of mem-ber banks ac-commodated:

192319221921

Ken-tucky.1

42, 67319,86015, 05544,330

77, 257127, 30184,659100,185

86, 46844, 62530,89331, 869

705,175405,027353,313

Ten- \ Missis-nessee.1; sippi.1

Illi-nois.1

In-diana.1

578435

7,4395,562

8,5054,4134,8899,663

296 I 5,476332 I 6,926506 I 9,376798 | 9,789

9601,3061,2741,294

9,5947,6647,8235,912

13,654 1, 674 7,04525,089 2,752 I 9,85725,512 3,114 8,10717,212 ! 2,947 8,534

122,951 | 17, 25375,179 ! 14,725159,758 I 29,083

27 : 1927 I 2026 l 18

855329

2, 5282,3612, 6612,6452,9322,0442,2803,6153,3353,914

Mis-souri.1

19, 01532,45245, 09441,095

58, 57457, 68565, 88676,907

67, 58852,42250, 04954, 352

96,10365, 79195, 675

187185181

91 |108 j105 !

19, 20430, 016

I 621,119I 211,480! 754,740

62 I62 |61 I

141126116

Ar-kansas.

3,3594,0483,0233,710

4,2575, 6745,7275,89110,45016, 39412,41112, 62787,571 i74,450 !186,439

126 !1 2 2 j1 1 9 I

8195

103

Total.

72, 25264, 38283,021

107,645

161, 808206, 688,73,190201, 896

189,159154, 754133, 421131,455

1,679,671865, 856

1,609,024

630610588

Num-ber ofmem-

berbanksin dis-trict

at endof

month.

613616620622

623624624624

624626627630

Num-ber ofmem-ber

banksaccom-

mo-datedduring

themonth.

192169191201

228230251258

271287284279

362400

1 Figures relate only to that part of the State located in the St. Louis district.


1923 1922

$1. 303, 808' 255, 750832,169

45, 91518, 805

EARNINGS. : iDiscounted bills _ _j $1,968,788 |Purchased bills _ _ _ 253,773United States securities I 520, 780 iDeficient reserve penalties i 38, 857 IMiscellaneous _ *28, 763

Total earnings 2,753,435 | 2,456,447


Bank officers __Clerical staffSpecial officers and watchmenAllother

Governors' conferences ._Federal reserve agents' conferencesFederal Advisory CouncilDirectors' meetings -Traveling expenses 2

Assessments for Federal Reserve Board expensesLegal feesInsurance (other than on currency and security shipments) IInsurance on currency and security shipments !Taxes on banking house jLight, heat, and powerRepairs and alterations, banking house -

1921

$4,739,03241, 427

284,15180, 64021, 065

Rent,.Office and other supplies.

160,116749, 76732, c<6943, 970

523443

1.26611,33329, 18331, 300

18520, 32317. 6307. 3973,097

70, 38922, 135

I

155,877829,07228, 41840, 750

456228

1,25010, 67524, 49831, 8202,919

41, 78513,2353,0763, 014

38273, 62718, 244

5,166,315

151,043931,158

28, 06938, 763

675287

1,20011, 94829, 37331, 597

11640, 730

(»)2,1153,184

29663,89719, 718

- Debit.2 Other than those connected with governors' and agents' conferences and meetings of directors and of

the advisory council.3 Insurance on currency and security shipments is included with postage and expressage.Digitized for FRASER


DISTRICT NO. 8 ST. LOUIS. 4 0 7


1923 1922


Printing and stationeryTelephoneTelegraphPostage-ExpressageFederal reserve currency:



$37,157 |6,970 I

44,223 !123,986 |\13,017 I"

Total current expenses..

PROFIT AND LOSS ACCOUNT.EarningsCurrent expenses

Current net earnings .Additions to current net earnings:


All otherTotal additions

Deductions from current net earnings:Depreciation allowances on bank premisesReserve for probable lossesFurniture and equipmentAll other

Total deductionsNet deductions from current net earningsNet earnings available for dividends, surplus, and franchise taxDividends paidTransferred to surplus accountFranchise tax paid United States Government

7,2877, 835

29, 814

$37,9777,448 !

42,841 I

132,763 |

52, 719'11,58616, 37741,185

$46, 0918,217

43, 262

« 123,197

236, 04720, 04926,500

4 103, 718

1, 472, G75 i,

2,1,

623,

456,623,

222

447222

1, 961, 25G

2, 753, 435 I 2, 456, 447 j 5,166, 3151, 472, 675 I 1, 623, 222 j 1, 961, 250

1,280,760 | 833,225 | 3,205, 065

80, 294564

80, 858

2, 200123, 687

29, 97123, 597

179, 455

98,597"

3, 8832,257

6,140

13, 241

13, 241

2,000 I125,000 |44,755 I20,038 |

191, 793

112, 224150, 00£(5)

4,156

266,380

1,182,163

296, 810407, 070478, 283

185,653 |

72" I253,139

64' 2, 951, 926

283,166276, 450

87, 956

270,2531, 042, 5641, 039,109

B Insurance on currency and security shipments is included with postage and exprcssage.4 Includes $54,082 for furniture and equipment, which since 1921 has been charged direct to profit and loss5 Included with current expenses prior to 1922.

SCHEDUL -VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS.

1921

NUMBER OF PIECES HANDLED. IBills discounted: j

Applications |N otes discounted j

Bills purchased in open market for own account iCurrency received and counted iCoin received and countedChecks handledCollection items handled:



Transfers of funds *.Envelopes received and dispatched

AMOUNTS HANDLED.

10,61857, 0361,934

105, 278, 000121, 128, 00043, 736, 000

3, 470, 000244, 000

i 9,645. 000104, 000

2, 965, 000

Bills discountedBills purchased in open market for own accountCurrency received and countedCoin received and countedChecks handled

' Collection items handled:United States Government coupons paidAll other


Transfers of funds

$1, 679, 671, 00032, 580, 000

520,881,00014, 705, 000

9, 547, 434, 000

28,416, 000395, 426, 000

356, 984, 0003, 582, 323, 000

9,80243,624 !2,423 !

94, 931, 000 j126,429,000 !38,476,000 i

4,222,000 I197,000 |

919, 00083, 000

(2)

$865,856,000 I33; 736, 000 I

473,065,000 j13,631,000 !

6,114,442, 000 !

27,806,000 i267, 681, 000 I

19, 82978, 898

1, 92292, 016, 000

130, 666, 00033, 998, 000

5, 216, 000131, 000

2, 333, 000SO, 0G0-

(2)

$1,609, 024, OCHJ-20, 187, 000

495, 761, 000-14,115, OOG

5, 605, 465, OGOf

30, 405, 0(1(1190,104, 0GO

494,025,000 741,401,0003,779,461,000 I 2,455,721,000

1 Large increase due to redemption of war saving securities which matured Jan. 1, 1923.s Data not available.




[Figures include cash items only. Numbers in thousands; amounts in thousands of dollars.1

Month.

JanuaryFebruary...MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..


district.

Number. Amount.

3, 3322,9133,5213,3263,3663,3263,1283,2273,1943,7513,5383, 665

834,511668, 873800, 039760, 958788, 905761, 244724,181716, 620709, 806850,193783, 660818, 225

Total: 1923 I1922..,.!1921 I

40, 287 I 9, 217, 21535,088 i 5,796.02030, 893 5, 250, 399


Number.! Amount.

58 i51 I70 !62 '64 !66 j

77 I75 j

6,3696,1658,3186,4326, 5577, 5815,8497,3046,4527,0907,0197,012

809 | 82,148676 i 79,364629 i 102,686

Items drawn onTreasurer of United

States.

Number. Amount.

260159211237181166158160205260199166

2,3622,2622,012

45, 66914, 32417, 34216, 74719,86415, 44013, 8'r912, 97915,19918, 34615, 61315, 374

220, 776197, 007202, (158

Total.*

Number. Amount.

3,6503,1233,8023,6253,6113,5583,3503,4573,4654,0883,8123,917

43, 45838, 02633, 534

689,362825,699784,137815,326784, 265743, 909736, 903731,457875,629806, 292840, 611

9, 520,1396, 072, 3915, 555,143




Week ending—

Jan. 4 (3 days)111825

Feb. 18

15 _21

Mar. 18

152229

Apr. 5121926

May 310172431 .

June 7142128

July 512 _ . .192 6 " " : : : : . : . : : : " : : : : : : : : : : : : :

Aug. 29

23 " v ":Y~"Y::::::30

Sept. 613 _.._2027

Oct. 411 _1825 . : : : : :

Paymentsto other


73,133140, 592143 005125 900114, 532112,812110,609105, 039134, 372126,172129, 352138, 969116,540108,473116, 096129, 097116,390120, 271108,429122,878127, 870107, 998111, 541109, 380126, 877107, 22396, 263

101, 452114,33299, 235

100,69091,61998, 869

108,96495,18881, 544

110, 353125, 040109, 248116,472121, 864128, 471131, 426


serve banks.

71, 559140, 392137 502121 257112,986111, 688112, 568106,17't134,730123,314123, 521131, 003119, 445109, 94S115, 955122,170116, 5C7118, 746109, 877120, 053138,39297, 629

111, 330113, 646116, 004111,47196, 651

105,177110,012102, €92100,45194, 29692,905

105, 58898,09077, 305

107, 792111, 277108, 222119, 070125,160131, 064132,164

Net loss.

1,574200

5 5034 6431,5461,124

2,8585,8317,961

1416,927

1,525

2,825

10, 369211

10,873

4,320

239

5,9643,376

3,7392, 561

13, 7631,026

Net gain.

1,9591,135

358

2,9051,475

117

1,448

10, 522

4,266

4,248388

3,725

3,457

2,677

2,902

2,5983,2962,593

738Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT SO. 8 ST. LOUIS. 409



Week ending—

Nov. 18

152228

Dec. 6132027 . .28-31 (3 days)

Total: 19231922 . . .1921

Paymentsto other


121, 687110, 937113, 983139, 69098, 740

131, 932117,177135, 514102, 650

64, 306

6, 051,1965, 371, 6604,488,154


serve banks.

120, 005116, 983109, 588142, 039110,101135, 995124,750125,109109,440

65, 803

6, 026,1015, 355, 5794, 507, 392

Net loss.

1,682

4,395

10,405

25, 09516, 081

N e t gain.

6,046

2,34911,3614,0637,573

6,7901,497

19, 238


SCHEDULE 9.—PRINCIPAL ASSETS AND LIABILITIES OF REPORTING MEMBERBANKS IN LEADING CITIES AS OF THE LAST PURPORT DATE IN THE MONTH.



JanuaryFebruary ._ . . .MarchApril . . . . . . .May ___ .JuneJulyAugust . .SeptemberOctoberNovember _December


JanuaryFebruary._MarchAprilMay . . . .JuneJuly.. . .August _.SeptemberOctober. . _NovemberDecember..

Loans and discountsgross.

1923

450, 275456, 848457,190456, 156455,546449, 386455, 521457, 904465, 910471, 259470, 663473,216

1922

434,036436, 854423,146416, 762414,495404, 628412,721407, 824419, 859437, 700443, 875458, 001

N e t d e m a n d deposits.

1923

378,922376, 217364,106363, 057358,883343, 099342, 855335, 069329, 493328, 896334,281342, 263

1922

309, 318320, 376315, 073314.652313, 504307, 995313, 315319, 741323,167328, 872337 315365, 572

Investments.


1923

81 04277, 80679 74378,38077, 25982, 37776,16976,133

6? 90866, 95871, 009

1922

35, 92740, 05540, 60842, 24740, 39152, 63351, 15353, 14158, 72971, 94871,42175, 914

T i m e deposits.

1923

182, 383184,211183, 497182, 333183, 678182, 206190, 328191,179188, 578192,478194, 522189,793

1922

155, 196157, 761157,883160,105158, 346159. 965163, 873170, 38G172, 033174. 654178 201179,379

All other.

1923

91,53591, 67490, 50585, 70589,28487,81985, 89985,11685,18984, 75787, 42687, 658

1922

69,02969, 68570,93574,01194, 20580. 38782, 27084, 35984,87886, 30987, 41988, 234

Accommodat ion atFederal reserve b a n k

1923

5, 58611,19815, 07717, 62118.65425, 20327, 89738,11647, 77247, 32444 71943,588

1922

23, 22814, 3779,3327, 372

15,5695,8272, 4951,940

10, 46513,33915 95318, 703

NOTE.—Figures are for about 35 banks in St. Louis, Little Rock, Louisville, Memphis, and Evansville,which submit weekly reports to the Federal reserve bank.


410 REPORT OF THE FEDERAL RESERVE BOARD,


I In thousands of dollars.]

Month.

Januarv.FebruaryMarch __ . . .AprilMay _ _ _ - . .JuneJulyAugustSeptemberOctober

December

Total

Month.

JanuaryFebruary.. .. . _ .MarchAprilMav. . . .JuneJulyAugust... .SeptemberOctoberNovemberDecember

Total

Month

JanuaryFebruaryMarchAprilMay . .JuneJulyAugust _. _ _ . _ .SeptemberOctober.November. . _ _ . . _December

Total

Month.

January..February.. __ . . .March..AprilMayJuneJulyAugustSeptember. . _October _NovemberDecember.

Total

Summary

1923

1,178, 722952, 802

1,112,3951.039,5491, 076, 5601, 104,142

980,103930,888945,160 i

1,184,854 1 1

i ] 9J-' 75?

12, 794, 355

1

10

* for 5 centers 1

1922

858, 795739,485859, 417826, 599911,346930, 887871,384830,180908,393 !067,437 !988.780 i145,954 |

1921

879, 881813, 884875, 995836, 575830, 702859, 644813,249780, 771837, 548945, 072879, 322957, 258

938,657 | 10,309,901

Evansvilie, Ind.

1923

35,71533, 64031, 00330, 59933, 96833, ?8231,91630. 99129,21932, 39831,61832. 615

386, 964

1922 j

23,887 !21,271 I28,153 :

24,307 i29, 82431,13531,297 i26, 64329, 65130,843 !29,062 <35,128 !

341,201 |

Greenville, Miss.*

1923

6,1224,4624 2933 5243,3883,1832,9512,7303,0343,8544,7004,934

47,175

Little

1923

65,32654, 36962, 72859, 54360,10749, 51949, 72251, 56253, 33076, 88275, 05273, 751

731, 891

1922

3, 8093, 6723,4433, 7593,6233,3532,7493,3054,0554,5095,327

41, 604-

Rock, Ark.

1922

42, 66938, 80040, 69037, 47938, 86539, 94133, 86636, 95852,60966,11761,91665, 544

555, 454

1921

22, 41918, 43220,15020,81620, 72822, 44923, 91220, 58820, 68622, 26021, 95923,935

258,334

1921

1921

47,85838, 42539,14639, 79736,57438, 68235, 21836, 96548,83851, 04746, 20748,101

506, 858

East St. Louis and National StockYards, 111.*

1923

47, 01237, 24341,18842, 02549,93845, 90143, 07648, 56545, 69950, 60147, 78643, 865

542, 899

Fo

1923

12, 27611,01012, 37511,92111,724H, 74110, 05£9, 884:

11,46016, 01815, 77814, 37.5

149, 221

1923

7,1064, 7165 5494 3304, 4334 0413,7234,3494, 0156 -707,9889, :.94

65,944

1922

34, 51533, 54335, 88537,19742, 54941, 32037,85137, 26339.35444, 61443, 07044, 449

471, 610

rt Smith, Ar

1922

9,4888, 853

12,48415, 08814, 63213, 221

73, 766

Helena, Ark

1922

1921

34, 64636,95836,87135, 87238, 22935,38236, 49933,91836,33235, 21837, 043

397,028

1921

1921

3, 4233 8053 5744, 6133 9834,2783,4335,9278 9767,8476,739

56,598 !

Louisville, Ky.

1923

179,318153,307166,446153, 355159. 006174 205155,176143, 397142, 30416C, 310152, 224167', 244

1,900, 292

1922

125,911123, 319137,985129,881147, 613143,172134, 931124,800129,403143, 091139, 758165, 524

1, 645, 388

1921

111,484155,340133,617126,910126,822133, 233122, 852116,249117,138126,325127,122137, 584

1, 534, 676

& l Figures for the cities marked with an asterisk are not included in the district summary or in the nationalsummary of 141 centers.


DISTRICT NO. 8 ST. LOUIS. 411



Month.

JanuaryFebruaryMarchApril.M a yJuneJulyAugustSeptember .OctoberNovember _ _December

Total

Memphis, Tenn.

1923

176,959134, 391175, 837136, 946122,192127, 928106, 390103, 702115,481165, 494180,435190, 255

1, 736,010

1922

109,44483,856

301,082101, 944107, 955105, 50294.67289, 476

116, 048163, 089175, 584173,180

1, 421,832

1921

119, 53586, 37593, 86583, 40284,37882, 673

' 80,91081,025

104, 310141, 828125,156119, 710

1, 203,167

Owensboro, Ky.*

1923

7,8846,8677,5186,2626,1285,7285,6775,3694,8196,2095,5718,057

76,089

1922

6, 2366,1364,8174,7624.6305,4594,9764,5324,9065,4428,737

60, 633

1921

ûincy, 111.*

Month.1923 I 1922 1921

JanuaryFebruary. _.March.April.May..JuneJulyAugustSeptember..OctoberNovember..December..

11,14310,14112, 76612, 28412,15311, 37011, 06410,8209,82110,89810, 58710,937

Total 133,984 114,820 115,534

8,5787,46710,1189,1539,2859,9138,9709, 7949,46910, 5949,77411, 705

8,1639,64112, 39011,0689,6529,5079,6898,4318,7219,3288,98«9,958

St. Louis, Mo. Springfield, Mo.*

1923 ! 1922 1921 1923 1922 1921

721,404577,095676, 381659,106701, 287719, 208

601, 236604,826749, 770655,099730,887

556, 884472, 239551, 507532,988587,089611,137576,618552, 303580, 682664,297582,460706, 578

8,033,198 16,974, 782 6,806,866

578,585515,312589, 217565, 650562, 200582, 607550, 357525,944546, 576603, 612558, 878627,928

15, 59512, 29514,17113, 78715, 32515, 22512, 59313,67814,12415,45515,13915, 683

173,070

13,13911,10612, 60512, 28112,43713, 73611, 89212, 40112, 25012, 75213, 64715, 717

153, 963

11,51910,42012,16412, 25011, 52012,94511, 20911,06211,83812,02711, 94812,666

141, 568



DISTRICT NO. 9—MINNEAPOLIS



RESOURCES.

Gold with Federal reserve agentsGold 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 banks




Total bills discountedBills bought in open marketUnited States Government securities:

Bonds.Treasury notesCertificates of indebtedness . . . .

Total United States Government securitiesMunicipal warrants _ .


Dec. 31,1923.

54, 5522,053

56, 60523, 5458,828

88, 978955

89,933943

3,28915,368

18,657623

7,1212,750

16£

10,03(i

29, 310

Dec . 30,1922.

46, 3723,423

49, 79523,499

7,535

80,8291,190

82,0190)

2,53919, 377

21,916

4,5238,049

499

13, 07139

35,026

Dec . 31,1921.

16,8562,765

19, 62131,115

9,140

59, 876811

60, 6870)

7,28943, 923

51,212

115

4,450

4,56589

55, 866

5 per cent redemption fund—Federal reserve bank notes.Uncollected itemsB ank premisesAll other resources

Total resources _

Federal reserve notes in actual circulationFederal reserve bank notes in circulation—net.Dcposits:

Member bank—reserve account.GovernmentOther deposits

14,5072,1033, 526

19618,166

9421,809

140, 328

64,952

46, 9042,416

497

58, 735

49, 310800916

Total deposits | 49,817 | 51,026

Deferred availability items.Capital paid inSurplusAll other liabilities

Total liabilities.



13, 4823,4987, 4841, 095

140,328 I

16, 5883,5357, 473

801

138,158

78.4646

74.7929

20114, 505

7631,033

138,158 j 133,055

56,7894,220

43, 5242,964

477

46, 965

12, 9193, 5697,4681,125

133,055

58.5864


412


DISTRICT NO. 9 MINNEAPOLIS. 413



Date.

Jan. 3.10.17 .24 .3 1 .

Feb.14.21.28.

Mar. 7.14.21.

Apr. 4.l l

2 5 .

May 2.9.

16.23.29.

June 6.13.20.27.

July 3 .11.18.25.

Aug.8.

15.22.29.

Nov. 7.14.21.28.

Dec.12.19.26 .

Totalearningassets

(2+5+6)

1 38, 6012 35, 3983 29.690* 27,39628,982|

32, 28832,02835, 35933, 280

33,40934, 67139, 21437, 630

37, 87636, 43637, 85938, 304

39,00037,19439, 66340, 60940,93'

38, 702

Sept. 5 i12 '1926

Oct. 3.10.17.24.31 _

I

Daily average. __

37, 01140,89"41,014,

42,92243,114140,163(

40, 249

38, 99641, 072142,10841, 99641, 774

39, 40142, 70140, 51r44, 094

I42,092!43, 35"'43, 25044,00634, 403

31, 64231, 79032, 68729, 211

30,019128, 01630,10231, 665


Total.

21,25119, 56518,372118, 60218,9091

19,37417,07318,79316, 022]

16,57517, 079121, 08319, 758

20,46619,10420, 61521, 723

23, 81422, 359|25,01825, 71725,951

23, 57023, 47628,41628, 399

29, 54529, 72929,17828, 945

27, 58629, 22730, 29329, 43128, 947;

26, 545129, 82927, 36529,711

28, 425129, 41929,31130, 0701

26,8491j

23,753!24, 350j24,771|21, 2451

21, 602^19, 59721, 710i22,831'

Billsse-

curedby

U.S.Gov-ern-

mentobliga-|tions.

2,4131,6861,0501,0732,102

1,490731779489

1,4681,4894,3502,647

3, 572|

4^6334,038

6,1254,0106,3685,3956,505

4,8104, 452'8,986|7, 282

Bills(bought;

Other inbills opendis- mar-

count-ed.

18,83817,87917,32217, 52916,807

17,88416, 34218,01415,533

15,10715, 59016, 73317, 111

16, 89416, 00715, 98217, 685

17, 68918, 34918, 65020, 32219,446

18,76019, 02419,43021,117

6,835| 2 2 , 343 |

4, 727)6, 8517,8076, 982|6,915!

j5, 529 j7,9634,4987,379

22,154|

22, 85922, 37622, 48622, 44922, 032

21, 01621,866)22, 86722,332)

7, 584j 20,8418,648j 20,7719,037! 20,2746, 507j 23,563,3, 637 23, 212!

3,6135,65, 9442, 613

4, 664;

'7: 6 7696, 413

37,120| 24,103j-

20,14018, 74218, 82718, 632

16, 83816, 307'14,94116,418)

ket.

132|

1,4,0125,1084,959

4,1823,9273,1972,797

2,2751,9971,6691, 217

60127181

2|

UnitedStatessecuri-ties.

50|51j50,5151

51150i5151

4141

6182

17,31115, ~ "11, 308]8, 7909,941

10,93210,94311,45812, 299]

12, 65213, • "14,93415, 075

15,13515,33515, 57515, 364

14, 58514, 564|14, 56414, 89014,986

15,13213, 53."12, 48112, 61513, 37713, 38510, 985)11, 304

11,41011,84511,81512, 56512, 82'

12, 85612, 87213,15214, 3!

13, 617'13, 88'13, 889;13, 88c7,503

7,8387,3907,8657, 915

8, 3768,3788,3868,652

762 12,254i

Totalcashre-

serves.

82,33783, 296

90,38987,764

82,29784,34481, 71480,361

85,17082,51179,"""77,847

78, 72680,41280, 60375,313

75,11374, 81972,93573,12571, 673

72,56870, 61066,97066,181

68,10765, 83067,40870, 04"

67, 26'68,19667, 87966, 79767, 55967, 83068, 56969, 41469, 356j

73,4371

70, 792)71, 75371, 57981, 716|

88, 70188, 32484,33086, 256;

87,98790, 29088, 46287,111

Mem-ber

banks'reservedepos-

its.

Totaldepos-

its.

50,94849,37249, 38850,30648, 552

48,52551, 36751,05046, 526

51,776i52,195]53,44049, 252

50,056)50, 39050, 642147,978j

47, 54346, 81046,97148, 856149,045)

46, 773)45,009146,139)44, 575

46, 81145, 89745,91147, 550

43, 84748, 00748, 53446, 96746, 639

43, 60247, 68845,078146, 6591

48,10147, 84646,468;47, 418|46, 7551

51,88549, 93948, 61146, 707

47,19'47, 619)47, 356147,118!

Fed-eral


10

56, 21955,29254,33655,10552,974

51,96455,33555, 259!49,840]

55, 825'55,14756, 330)52,375

52,84553,05954,922)50,416)

j50,139J48, 52949, 46051,46051, 494|49, 550)46, 446)47, 269146,137)

48, 085)47, 50048, 258!49, 989

46, 038;49, 300|49, 812148, 803148, 5531

44, 280149, 590!45, 578!48, 439!

I49, 557i48, 898|48, 985!49,912;50, 364!53, 573|52,166150, 24048, 213:

49, 043!50, 096;48, 422!49, 937[

59, 539li58, 742,57, 60456,39855,540

56,07755,85455,93955, 623

56,44655, 88556,14356,032

57, 06956,5!56, 386)56,011

56, 37256,15355,55055, 09254, 367

54,936|54, 37354, 776)54,391

56,19856, 96556,19455, 595

55, 01055, 00854, 81355, 07"54, 755)

56, 69157,163!57, 95458, 002

59, 21959, 33'59, 496|59, 37959,126

60, 88961, 253]61,12460, 973

62, 61963, 53865,14366, 749


11

7,262 47,781) 50,220| 57,44.2) 71.8

71.173.077.481.180.9

76.275.973.576.2

75.974.371.171.8

71.673.372.470.8

70.571.569.568.667.7

69.570.065.665.8

65.363.064.566.3

65.464.964.365.4

67.264.267.065.2

67.565.466.165.574.6

77.577.975.779.0

78.879.577.974.7

1 Including $39,000 of municipal warrants.2 Including $24,000 of municipal warrants.3 Including $10,000 of municipal warrants.

4 Including $4,000 of municipal warrants.5 Including $1,000 of municipal warrants.


414 ANXUAL REFORT OF THE FEDERAL RESERVE BOARD.

FEDERAL RESERVE BANK OF MINNEAPOLIS


100

s i I T !F. R. NOTE CIRCULATION


• 100

so

6 0



1921 1922 1923


DISTRICT ISTO. 9 MINNEAPOLIS. 4 1 5

SCHEDULE 3-—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS.


Month.


MavJuneJulyAugust

SeptemberOctoberNovemberDecember, . . .

Total: 1923 J19221921J

Month.

JanuaryFebruaryMarch . .April

MavJuneJuly _August


Total: 1923..1922 .1921..

Tota .

10, 9609. 669

13, 01221, 695

33,41134, 4S425, 77626, 484

29, 24032 91422, 85924. 550

290, 051193,014730, 662


Securedby U. S. ;'Govern-

mentobligations.1

4,2242,340 !

10,361 !11,655 i

22,68424,97617,52919,685 ;

20.093 i19 94016,24815,171 1

Bankers'accept-ances .

• " " " "

184,906 !86,029 ;

314,276 i 903


Total.

1325,259

Bankersaccept-ances.

5,

Dollarex-

change

132 !224 35

Tradeaccept-ances.

i

50 I1

623

6,064

39

Tacar

radejept-lces.

6

20

56

10116

1732,696

!


Bondsand

notes.

40

3

,874;989

94 Q1, 167

3. 554! 2,5121 2.311)

9 , 479

02«50 j | 1.605

623 |

029 ! 35

39

13

385514

32.673

!

491

372031

tificatesof in-

debtedness,

44, 179135302

2, 247

1, 133934647489

898298

1,5745,084

57, 92038, 0614,782


paper.

2,91,1

0Ml

Demandand sight

drafts.

1,686 !2,8

4.0

?3

SI4,0233, 3321,931 |

1,478 !3, 196 13,1063,447

33,12346. 951

95175

16345

24833

759

106,266

Mu-i nicipalI war-i rantsi pur-

J chased.

All other.

3,8266,1995,9657,211

6,6465, 4804,8154,687

7,4969,7223,2515, 899

71,19759, 861

306, 521


1923

30,145L8, 05221, 56325,109

?8. 09837| 93028, 74229, 452

33.1641 34.867i ! J 15, 818

3,771

i 386.7116689

1922

26, 08020, 71225, 89020, 477

23, 78529, 45916,17718, 760

22, 68520, 62614, 86633,996

273, 513

1921

81, 98069, 32766, 55165, 359

68,13168, 66252, 38857, 260

52, 56557, 55549, 84446,981

736, 603




Month.

JanuaryFebruary . .MarchApril . . . . .

M a y . .JuneJuly.August . _

September . . .OctoberNovemberDecember

Tota l : 1923-1922. . .1 9 2 1 . . .

N u m b e r of m e m b e rbanks at end ofyear:

192319221921


192319221921

Michi-gan.1

30825

25

142470208103

137291301398

2,4088,273

11, 535

49^949

181822

[Amounts in th ousands of dollar

Wiscon-son.1

235133485460

397632163105

120185272393

3,58010, 26120, 386

565857

252927

Minne-sota.

6,4907,512

14 74617, 736

27, 43827 53419, 68921,515

25, 11128, 20417, 34618,878

232,19997, 457

474, 581

375377375

161222254

NorthDakota.

608400494750

1,1831 2481,5451,868

1,4201, 3761, 7241,660

14, 27620, 76865, 304

188188188

118145152

SouthDakota.

1,351788

1,1231,589

1,9301,8292,0731,362

1,5031,9462,0482,052

19, 59427, 88593, 325

147153155

105127145

S.I

Mon-tana.

1,968811

1,1641,135

2,3212 7712,0981,531

949912

1,1681,169

17, 99728, 37065, 531

164189200

132165165

Total.

10, 960% 669

13, 01221, 695

33,41134, 48425, 77626, 484

29, 24032, 91422, 85924, 550

290. 054193, 014730, 662

9791,0141,024

559706765

Numberof

memberbanks indistrictat end ofmonth.

1,0131,0121,0101,009

1,0041,006

999993

991987979979

Numberof

memberbanksaccom-

modatedduring

themonth.

274174209242

292314328294

215253264284

1 Figures relate only to that part of the State located in the Minneapolis district.


1923

Discounted bills.Purchased billsUnited States securitiesDeficient reserve penalties.Miscellaneous

Total earnings-

$1, 088, 89'331,414

520, 72191, 94316, 273

$1, 451, 659

383, 531128, 087

5, 971

$4, 649, 55413

142, 001157,158

17, 585

1,749,253 r 1,969,248 4. 966, 311



Governors' conferencesFederal reserve agents' conferencesFederal Advisory CouncilDirectors' meetingsTraveling expenses l

Assessments for Federal Reserve Board expensesLegal feesInsurance (other than on currency and security shipments)Insurance on currency and security ship .nents |Taxes on banking house 1Light, heat, and power !Repairs and alterations, banking houseRentOffice and other supplies.Printing and stationery ..TelephoneTelegraph '..

113, 236460,128

24, 04*135, 756

6(16{'0

1, 1959, 507

32, fr:923, 70414, 14930, 4'7411, 409

1, 5')31, 836

19646, 69923, 86036, 7576,988

25,757 i

107, 977463, 390

22, 28116, 446

467267

1,14011, 40721, 47024, 94511, 59225, 792

9, 4971, 578

902.1, 667

44, 03821, 95442, 515

7, 09021.697

115,499517, 448

23, 61818, 807

770403908

11, 90235, 50525, 55411. 62830, 818

7,2101. 9641,5561,015

44, 12829, 92167, 1517,248

23, 4941 Other than those connected with governors' and agents' conferences and meetings of directors and of

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

DISTRICT 1ST0. U MINNEAPOLIS.


417

CURRENT EXPENSES—continued.Postage _ExpressageFederal reserve currency:




PROFIT AND LOSS ACCOUNT.Earnings _

Current expenses _

Current net earnings

Miscellaneous additions to current net earnings.

Deductions from current net earnings:Depreciation allowances on bank premises -.Reserve for probable lossesReserve for depreciation on United States bonds..Furniture and equipmentAllother

Total deductions..


Ne learnings available for dividends, surplus, and franchise tax


1923

$90, 3037,955

40,00510, 622

32, 622

1, 082,137

1, 749, 2531, 082,137

667,116

8,327

40,405200, 000

53, 85623, 32832, 399

349,988

1922

341,661 |

325,455

212, 73311,272

101, 450

$95, 002

53, 33416, 76514, 26047, 469

1, 084, 942

1, 969, 2481, 084, 942

884, 306

41, 231

9,713

78, 05824, 64030,431

142,842

101, 611

782, 695

213, 7744 56,892

4 512, 029

1921

$96, 584

124, 58416, 55226, 980

» 84, 620

1,325, 867

4, 966, 3111, 325, 867

3, 640, 444

17,264

5,275500, 000

1,279

506, 554

489, 290

3,151,154

211, 657488, 530

2,450, 967

2 Includes $53,368, for furniture and equipment which since 1921 has been charged direct to profit and loss .3 Included with current expenses prior to 1922.4 Bank also charged its surplus account and paid the United States Government $52,423 as an additional



1923 1922 1921


Bills discounted:ApplicationsNotes discounted

Bills purchased in open market for own account..Currency received and countedCoin received and countedChecks handledCollection 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 countedChecks handled _.Collection items handled:



Transfers of funds__^ *_

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

203,764,000 i2,189,155,000 j

0)47, 933

~27,"6l9~666'9, 397, 000

25,148, 000

2, 435. 000327,000

1, 277, 0003 28,000

0)

$193, 014, 000

"""156,734," 6662,157,000

2, 960,234,000

11,296,000137,087, 000

225, 517, 000; 1,640, 524,000

0)109,195

0)25, 276, 00013, 416, 00023, 706,000

3,588, 000282, 000

3,933,0003 23, 000

0)

$730, 662,00039, 000

165, 717,0003, 038, 000

2, 942, 362,000

14, 347,000131,130, 000

245,520, 0003 1 , 307,121, 000

1 Daln noi •.•vaiuiule.2 Ln.rgo iv..Traso due to redemption of war savings securities which matured Jan. 1, 1923.3 Exclusive of transfers to the 5 per cent redemption fund of national banks.Digitized for FRASER


418 ANXUAL REPORT OF THE FEDERAL RESERVE BOARD.


[Figures include cash items only. Number? in thousands; amounts in thousands of dollars.]

Month.

Items drawn onbanks in owndistrict.

I Number . !

Items forwarded toother Federal re-seiye banks andtheir branches.

January | 2,110 < 233,38"February j 1,749 ! 188,486March j 2,242 i 255,579April j 2,128 ; 2*0.605May ! 2,170 j 249.055June i 2,228 ! 255.794July ! 2,055 i 241,927August I 2,037 ; 234,109September.__- j 1,989 : 247.075October 2,334 ' 294,208November i 2,118 ; 261.389December ! 2,276 257.939

10382978795

103

109114

Tota l : 1923 i1922. . . . ;1921 J

25, 436 • 2, 959. 55!23,447 •• 2.562.07'21,995 : 2, 581, 57.

' 1,199! 1,071; i,O77

25, 29519,01925, 99725, 77426,45826, 27229, 38G25, 51726, 87430,77729, 20927,096

2 314, 6742 263, 7432 262,103

Items drawn onTreasurer o! !United States. |

Total.1

Number, j Amount. Number, i Amount

50 I40 i61 !

62 '61 j56 j69 !9269 |

2,2631,8712,4002.3022, 3282,3852,2192,1922,1542,5432, 2962,452

770 93,684 27,405550 116,758 25,068544 74,847 23,616

082236 !332 :527 !796 |224 !458 !390 I520 I423 |C53 !C33 I

267, 764213, 741288, 908273. 906283; 309289, 290275, 781266, 016282,469334,408298,651293, 668

3,367,9112,942, 5782, 918, 528

1 Exclusive of duplications on account of items handled by both parent bank and branch.2 Includes 34,000 items aggregating $24,829,000: 4,000 items aggregating $2,411,000; and 62,000 items aggre-

gating $61,730,000 forwarded direct to drawee banks in other districts during 1922,1121, and 1923, respectively.



Week e n d i n g -Payments toother Fed-eral reserve

banks.

Jan. 4 (3 days) ! 19, £

Feb

Mar

May

June

11.18.25.1_.8..

15..21 -.1..8..

15_.22_.29..

5..12..19..26..

3_.10..17..24..31. .

Receipts fromother Fed-eral reserve

banks.

July28.

5..12..19..26..

Sept.

40, 26337, 08133, 96837,948 j32,96226, 36828, 36432, 67333,01840,12841, 22433,73726, 35930, 07136, 36832, 44632, 76029.64338, 32535, 66328, 54031, 70933, 65939,409

S54803792522199810525486600508358o i l958065

Net loss.

19. 67537,9174L 48037, OGi34, 20826,10128, 76127, 34234.14634,28434, SCI41, 40033,46227, 62234. 20831,88530, 2,5333, 94330,23236, 65433, 24529, CSS37,25127, 65035. 54534, 57731, 5S129, 45334,14835, ,50929,80028, 57225. 70934, 68733,15423, 78833, 92435, 75136,683 !

2,346 !

3.740 j6,861 I

Net gain

88

4,3993,093

2,3931, 022

5,267

275

4, 4832,193

1,6712,418

0,~609~3,864277

1,374

10

2, 777

568

1, 207

-----

1,266

176

1,2634,137

1,183589

4935,542

1,778661

"310

347

872,646

1,4.13

1, 618


DISTRICT NO. 9—MINNEAPOLIS. 419

SCHEDULE 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 THE GOLD SETTLEMENTFUND—Cont inued .


Week ending—

Oct. 411 . .1825

8152228

Dec. 613202728-31 (3 d a y s ) - . .

Total: 192319221921

Payments toother Fed-

banks.

32, 55035, 61540. 28139, 51 i34,76634, 54433, 32637,98633, 79534, 23533,76339,14529,42718,054

1, 754, 2601, 566,0831, 517, 488

Receipts from:

e"aieresFe'v; Net loss.banks.

34, 50436,09436, 83646, 30741, 623

3,445

40,625 l

30,246 i 3, 0S038, 34734,15338,13035, 71637,910 1. 23529,646 -----18,523

1, 764, 5151, 587, 5571, 546, 650

__ _ _

Net gain.

1,954479

6,7966 8576,081

361358

3,8951,953

219469

10, 25521,47429,162


SCHEDULE 9 . — P R I N C I P A L ASSETS AND L I A B I L I T I E S OF R E P O R T I N G M E M B E RB A N K S IN LEADING C I T I E S AS OF THE L A S T R E P O R T D A T E IN THE M O N T H .



Investments.Loans and discounts,

gross.


247,447246,447249, 373249,412240, 097236,407233,441234, 776244,154249, 354247, 575240, 379

1922

246,148242,369235, 159235, 950235, 346232, 500233, 064239, 447243, 783243, 443251, 555247, 387

United States

1923

51, 73052, 50952, 77550,84954, 07255, 20553, 68652, 36355, 02253, 36652, 67153, 840

securities.

1922

24, 75331, 76634, 36136,14534,16442, 49840. 37138, 88940, 91741. 50741,14247.312

Ail other

1923

30,80630,48631,06430,43429, 21929, 67129, 34929,13727, 62027, 38826, 78128, 746

1922

20, 76721,40721,93921, 95923,04924,16423, 79826, 57326, 98627,46528, 84528,889

Net demand deposits. | Time deposits.


i1923 1922 1923

January. . .February.MarchAprilMayJuneJulyAugustSeptemberOctober. _.November.December.

214, 403214, 735209,647204,427205, 822194, 525192, 776192,170197,835208,496206,104197, 019

175,030177, 989174, 230179,432184,126186,643186, 478190, 986198, 286199, 449203,471207, 652

84, 38982, 64183, 65385, 31284, 24983, 95785, 53187,129 I84,452 I82, 68583,80285, 309

1922

76, 20576, 85577, 38276, 76976, 53677,41777, 61177, 71680, 80381, 79382, 98884, 326


1923 1922

2,6681,3605, 9078,24211, 22512,33210, 4539,64813,82812, 5367,7769,631

6,1793,8742,3042,5072,8492,8502.7322,8793,3063,8383, 5203,719

NOTE.—Figures are for about 28 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.

January _February _ _MarchAprilMayJune .July . . .August . .September.October.NovemberDecember _

Total..

Month.

January _ _FebruaryMarch _ __ __AprilMav.- - -JuneJulyAugustSeptemberOctober. _November . _December _

Total.-.

Month.

January _ __February _MarchApril .M a yJuneJulyAugustSeptemberOctoberNovemberD ecember

Total

Month.

JanuaryFebruaryMarchAprilMay.. _JuneJulyAugustSeptember. _October. _NovemberDecember

Total

Summary for 9 centers.*

1923

647, 312510, 811600, 805596, 914634,217652, 341593, 964598,206635,309700, 333664,498660, 760

7, 495, 470

1922

492, 323455,305556, 282512,419546, 252569, 323554,605580, 550654, 491698, 732633, 665710, 631

6, 964, 578

1921

580, 703464,851516, 962524, 033505, 338554,127501, 752539,110614,893622, 728543,110573,961

6, 541, 568

Billings, Mont .

1923

8,8106,5938,5257,9968,3827,7418,2447,8797,5389,0208,1468,495

97, 369

1922

7,1065,5926,3816,3566,5767,4197,3537,3037,0828,4189,028

10, 607

89, 221

1921

8,0386,1547,2187,5737,3317,2867,1476,8457,1958,2838,1038,602

89, 775

Duluth, Minn.

1923

67,13053, 62761, 80169, 77284,17993, 73977, 71570, 65487,96290, 44194,11569, 984

921,119

1922

46,41242,49058, 38651,48769,08377, 27665, 44577, 927

105, 005105, 44996,42389,197

884, 580

Grand Forks, N.

1923

7,8505,5637,9637,9367,7587,7687,2297,3058,293

10, 5158, 9167,690

94, 786

1922

5,4814,4535,8276,2756,1745,6995,4396,3187,781

10, 6228,3878,555

81,011

1921

87,04557,12759, 68767, 58268,87676,60266,16973, 531

111, 75492,05082,04468,186

910, 653

Dak.

1921

5,1814,2095,1474,9964,6014,7954,9574,9976,0518,4997,7707,061

68, 264

A b

1923

5,3453,8245,0655,0515,4905,9385,6536,0906,0496,5865,9026,258

67, 251

erdeen, S. Dak.

1922

5,0813,9024,8225,1965,4166,0005,7826,0316,2865,9195,3406,471

66, 246

1921

9,3305,0606,3965,6265,7115,9045,5085.8385,9756,3905,8406,476

74,054

Dickinson, N. Dak.*

1923

1,5821,0801,4301,3711,5591,1921,4121, 3051,3931, 6681, 7831, 680

17, 455

1922

7581,1531,3051,0511,0021,2221,3301,2741,6451,6681,793

14, 201

1921

Fargo, N. Dak.

1923

11,6978,415

11, 72912,00913,04513, 33211,71312,10912, 39215,05613,19813,109

147,854

1922

9,0307,4339,745

10, 28411, 24711,31611, 67612, 79113,49314, 28012,02111, 597

134,913

Helena, Mon1

1923

11,31810,1759,3697,7188,9769.0879.1739, 7878,008

10, 3239,4899,957

118,380

1922

10,6608,5688,4158,5718,8709,0949,6399,4479,336

10, 97911,07013, 698

118, 347

1921

9,2259,171

11,18310,97910,95210,93411, 30411, 50011,84012,87311,45010,851

132, 262

1921

11,9528,2789,5838,8208,035

10, 6299,870

10,42711, 09012, 64211, 33015, 354

128, 010



DISTRICT NO. 9 MINNEAPOLIS. 421


[[In thousands of dollars.]

Month.

JanuaryFebruaryMi archAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

Total

Month.


Total

Month.

JanuaryFebruaryM archAprilMi ayJune,JulyAugustSeptember

NovemberDecember

Total

Month.

JanuaryFebruary. __MarchAprilMay_.JuneJulvAugustSeptemberOctoberNovemberDecember __

Total

Jamestown, N. Dak

1923

2 4421, 5661 8622,3522,1101, 9981,92,1

92

1922

1,3851 5811,8931,8011.925

791,8691.981

2,211 | 2,1442, 515 ! 2 3422, 3672,137

25, 729

2,1552,451

21, 527

.*

1921

Lewistown, Mont.*

1923

5, 9013, 4564 9954. 6354.020

Minneapolis. Minn.

1923

348, 571261,922306, 702311,353326, 414317, 838296, 945300, 538336,186377, 697348 131352, 648

3, 884, 945

1922

263, 320250, 487299,324275, 383286, 922280 435276, 775292, 781336, 043356,016321 796369, 553

3, 608, 835

3,7163,9623, 5233, 6974. S775,12/

1921

3

320, 867258, 662288, 842288, 323275, 653307 020267, 518303, 873333,129336, 457288 724311, 532

, 580, 600

Red Wing, Minn.*

1923

2,2411, 6501,9092,1372,2452,4761,9742,120

' 2,1852,5482,2422,717

26, 444

1922

1,6892,0161,9251,9152,4332.0821,9502,0292,3022,2672,639

23, 247

Sioux Falls, S. Dak.*

1923

17. 80313, 52818, 64215, 22315,19816,47414, 25514, 96214, 69315,99116,16517, 353

190,285

1922

16, 56111,75014,17913,15714, 34213, 84315, 51514, 22313, 74815, 20214, 37516,911

173,806

1921

19,55316,96720, 62217, 94516,96718,74417,57216, 57315, 72217,13315, 72617, 384

210, 908

1921

•17, 909

1922

2,8713 0813,1622.9243,1493, 2513,3484,9936, 7056,1618.900

48,545

Minot, N. Dak.*

1923

4,8213, 0883,9123,9784,1873,8684,8424,5214,3495,1784 6624,035

51,441

1922

2,5493, 5873,6853,3303,3293,6873,9394, 7476,3234 9425, 233

45, 351

1921

1921

. . . .

St. Paul, Minn.

1923

179,114153, 677181, 252167, 046172, 401189,128169, 326174, 387160, 408171,910168, 642184, 368

2,071, 659

Superior, Wis.

1923

7,4777,0158,3998,0337,5727,7207,9669,4578,4738,7857,9598,251

97,107

1922 1921

6,3825,9377,4486, 6326,9127,1907,0127,7447,9798,5157, 3348,356

87,441

8,6388,0338,4688, 5538,1088,2068,2167,2968, 4178,2827,9178,281

1922

138, 851126,443155,934142, 235145, 052164,894165,484160, 208161, 486178, 534162, 266192, 597

1, 893,984

1921

120,427108,157120,438121,581116,071122, 751121, 063114,803119,442137,252119, 932137, 618

1,459, 535

Winona, Minn.*

1923

9 1274,4534,714

1922

4,1053,2634.270

4, 529 3. f4,7495,2185,2484,2764,4834,9595 080

4,(5,14, (q •

4,*4. .f

5,112 5,1

98,415 61.948 52,7

39515384

)43'97176864692

10

1921

3 9843,8664,5624,4174,2144,4474,8334,1394,1574,8544,2934,666

52, 432


S6538—24f 28Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 10—KANSAS CITY.

SCHEDULE 1.—COMPARATIVE STATEMENT OP CONDITION.


Gold with Federal reserve agentsGold redemption fund with United States Treasury

Gold held exclusively against Federal reserve notes .Gold settlement fund with Federal Reserve Board.Gold and gold certificates held by banks.. .

Total gold reservesReserves other than gold..

Total reserves _Nonreserve cash _

Bills discounted:Secured by United States Government obligations..Other bills discounted

Total bills discounted..Bills bought in open market.

United States Government securities:B ondsTreasury notesCertificates of indebtedness

TotalUnited States Government securities.Municipal warrants

Total earning assets.

5 per cent redemption fund—Federal reserve bank notes.Uncollected itemsBank premisesAll other resources

Total resources _

Total deposits .

Deferred availability i tems.Capital paid inSurplus..

Dec. 31,1923.

41, 9203, 390

45, 31047, 0543,142

95, 5063,241

Dec. 30,1922.

98, 7473,044

11,20330, 664

41, 867545

6, 3327.572

514

14, 418

56, 830

-| 34.340J, 4,595 |.1 570 |

198,132

LIABILITIES. i

jFederal reserve notes in actual circulation . . . ! 67,165Federal reserve bank notes in circulation—net jDeposits:

Member bank—reserve accountGovernmentOther deposits

All other liabilities._

Total liabilities

Ratio of total reserves to deposit and Federal reserve note liabilities Icombined (per cent) j 68.1

Contingent liability on bills purchased for foreign correspondents.! 817

55,0312,354

57, 38530, 7682, 682

90, 8353,902

94, 7370)

Dec. 31,1921.

28,0423,474

7,35219,192

26, 544402

4,09123,46811, 630

39,189

66,135

20047, 9684,695

665

214,400 j

31,51633, 7642,517

67, 7976,861

74, 658C1)

17, 83952,140

69, 9791,337

8,8672 1

5, 386

14, 254150

85, 720

88940, 9264,400

518

207, 111

50.51,536

t Not shown separately prior to 1923.

422

2 Victory notes.


DISTRICT SO. 10 KANSAS CITY. 423




Date.

Jan. 3 80,293] 34,73310 68,27l! 25,04617 62,653J 19,04924 I 57,181 18,57231 _| 55,2151 16,609

Totalearningassets(2+5+ 6). Total.

Billsse-

curedby

U.S.Gov-ern-

mentobli-ga-

tions.

15,9788,3802,9544,7682, 938

Feb. 71421

M a r . 7__I4__21....

A p r .11IS

May 2

16 _23

June 0_13-20

July

Aug.

Otherbillsdis-

count-ed.

18, 755;16,666'16, 095!13, 80413,671

14, 75013, 74813, 50613,168

Bills I : i Mem-bought! United j Total j ber

in i States j cash j banks'open j seeuri- ! re- j reservemar- I ties. I serves, i depos-ket. ! i its.

56,682; 18,074 3,32456,684! 18,076' 4,32860,225! 17, 687 4,18163, 9S4! 17,851 4,683

65,573' 18,7841 5, 4Ioj 13,368G8,487| 21,8981 7, SS3j 14.01566,915; 27,035i 11,2681 15,76761,312! 22, 818| 6, 816J 16,002

66,288! 28,157; 12, 5141 15,64'GO, 3l0| 22,329' 7,4121 14, 91166,974! 29,033| 11,193 17,84067, 27Gj 31,144; 12,378; 18, 7661.

69,422! 33,810; 12, 624J 21,186j69.146! 34,026' 11,6611 22, 365j74,721! 39,844! 15,666 24,17878, 425i 45,079! .18,774 26,30579,678! 46,404! 19,324 27,080

71 >21

71 7 2 ¥

l i l 1/ 0 i 2 - 1807T5 IC ' • " 9S 03

22 19, >U t J S4M 19 A 20,4 0

1 ) r 10 2*•>/-$ 4<M 7 1(>

Si

_

1*>

26

3

r'4">I j

V)

4 i

l

7

0 o2Mm

">)2^.7

1S<J

^ l

, J(i

1

>(

\

'"^SS

/ I< "7(

S S

0/

" f I

()(]

10Ki

i-\<

1

2 )

2

Oh'741 1 '•y

c )

•* 1

>lî o

; t

2~

90u

^ *

Nov. 7_

Dec.

Daily average.

( ) f i i Q 3^^ 2 10»1 66 (V) 18, J > 21 0^

67 242 5% 7 *> 2° 30^f 7 113 >J, }J> 21 5 J

70,868! 62,367! 27,0821 35, 285|66,200! 57,230; 22,23865,710; 57, 0071 22,89563, 339| 49,651- 18,599

2 63, 943! 39,861'

34. 992;34,112131, 052!

1 1 )

710

785:

740 i705670!

689!

45,158! 90, 522!43,114! 99, 205!43,519: 100,790!38,524: 104,892,!38,521! 106,649!

I I38, 523| 105,141!38, 523 i 108, 666!42,453! 100,789)46,058' 97,277:

45,712! 96,336!45,512j 94,110!38.803: 96,128137, 417! 94,144|

84, 96883, 37780, 96880, 44977, 846

82, 07287, 54082, 46081,960

82, 459J83, 89583, 23380. 295

Totaldepos-

its.

Fed-eral

reservenotes

incircu-lation.

10


11

37, 90G;7,906!

93, 739!

, 203i

96,976 70,32892, 267 68, 53287,8011 67,21586,606! 66, 70184,012 65, 677

86,424 66, 58090,921 65, 98185, 908 65, 68185, 500| 65, 298

86, 408 65, 23488, 459 64, 53989, 4721 63, 75982, 6751 62,631

87, 866! 91, 364!36,132s 86,651!

84, 920 87, 814 62, 71979, 7441 82, 872 62, 54882, 504 85, 658 61, S8979,988 82,820! 61,379

35, 61234,99134. 748!33, 217!33,145!

!

84, 366!84, 502'79. 957;75, 678:72,128;

7t 4)

7 S,

97, t J

78, 72180, 62080, 96882, 06681, 060

79, 28779,712179, 754 j77, 569

80, 336181, 24379, 83382, 090!

81, 52982, 775'85, 54988, 257j85, 550

82, 229J81, 779j81,918;79, 794|

82, 327:83, 172!83, 20o!85, 777;

61, 20861, 25360, 56000, 58959, 915

60, 43259, 74560, 37159, 946

60, 93901, 08961, 29760, 678

54.161.765.068.471.2

68.769.366. 564.5

63.561.562.764.8

62.366.261.960.1

59.158. 754.750.849.6

53.254.751.952.9

57.359.361. 166.5

' - 101 4" 79.533! 82.621; 59,994 71.0"> "- 79,008! 81.267; 60. 093 j 69.31 i) 78, S79| 82, 102! 60'. 5891 69.3r / < t' 80,3601 82,996' GO. 906! C7.4i> (K 1 78.093J 80,374! 0 3 ^ 5 9 8 , 6 8 . 2

01 81, 132j 83.0761 / 7 7 . 8 3 8 80 039

63,99763,7936330877.816 80.570 63,308

78,753! 81,451; 62,552

SO

,-2)

79,500|75,942178,21375,213|73771

81,13277,425:80,71i:77,71877158

63,06362,85263,26262,5036] 436, | , ,

73,7671 77,158: 6], 436

( -0 s^ f 91 75,387C , J4 S2, 0 3 73, 433o 79 8), 074 77,9216, "11 >°, 149 72,996

7, 716| S3, 77418,2301 85,789!

~! 89,542;

76, 40075, 39376, 775

13, 018J 92, 758J 75, 240

23, 3471 90,316| 80,560

77, 409,76, 576!

80, 571!76, 525j

79,193!78, 688!78, 791'77, 375

62, 59165, 13863, 95'64, 336

65, 66960,167, 49468, 994

84,195, 63,369

68.068. 563.861. 8

60.261.757.855.057.2

57.657.959.659.0

57.859.461.263.4

61.2

5 Includes $266,000 of municipal warrants. 1 Includes $46,000 of municipal warrants.



FEDERAL RESERVE BANK OF KANSAS

MILLIONS OF DOLLARS MILLIONS OF DOLLARS


5 .^ ^ <<£ 3 > S

1921 1922 1923


DISTRICT NO. 10 KANSAS CITY. 425




Month.

JanuarvFebruarvMarchApril

MayJuneJulyAugust _ _

SeptemberOctoberNovember __ ._ _ .December

Total : 192319221921

Total .

41, 37426, 49448, 66353, 932

77, 66291 86482,17352, 766

73, 098115, 850123,119114,131

901,126328, 019944, 074

Securedby U. S.Govern-ment ob-ligations.

36, 64921, 06537, 02040, 788

61, 06474 58868, 33340,444

58, 31496, 267

102,14996, 964

733, 645206, 307630, 652


75

75

212

Tradeaccept-ances.

• 3 8

10

795031

107146

6

46788

4,516

Agri-culturaland live-

stockpaper.

2,9662, 5385,2615,909

7, 8558 9636,5783,577

4,8198,1829, 5206,070

72, 23859, 475

121, 869

Demandand

sightdrafts.

210

923

307322

673

*

All other.

1, 7592,8536,3727,235

8,6648 2637, 2298, 660

9,95611, 27110,99710, 769

94, 02862,149

186, 825

Month.

Januarv.FebruaryM archA pril . _

May -JuneJulyAugust

SeptemberOctoberNovemberDecember..

Total: 1923..19221921


Total.Bank-

ers'accept-ances.

Dollarex-

change.

\ i75

129

75

129

!1,012

7537526090

2, 0161,8495, 558

1,012

7537526090

2,0161,8495, 558

Tradeaccept-ances.

IT. S. securitiespurchased.

Bondsand

notes.

66,717

436

8832,902

8256, 028

2,189l' 011

6327,323

28, 95241, 298

800

Certif-icatesof in-

debted-ness.

70,003920

3,500510

521,055

47205

1, 6522831

903

78, 90643, 8249.149

, Munic-ipalwar-rantspur-

chased.

266


1923

111,38334,13152, 67454, 442

78, 72695, 82183. 04560,011

77, 280117,264124, 042122, 447

266 i 1.011.266

758

1922

46, 25448, 22545, 55827, 361

18, 77032, 61914, 6419, 550

20, 28632, 61837,44381,665

414,990

1921

100, 74291,629

112,11491,178

73, 09577, 41069,10960, 347

72, 91681, 73068, 47&61, 591

960, 337


426 ANXUAL REPORT OF THE FEDERAL RESERVE BOARD.



Month. Mis- | Wyo- ! Ne-souri.1 | ming. ! braska.

Colo-rado.


16, 204 453 : 6,868 14,6626,549 ! 221 I 9,396 . 7,732

22,142 i 330 i 14, 870 8, 28727,693 | 657 i 13, 660 6, 616

M a y - . ! 45,088 !June ! 55.776 !

July- ' 44,110 !

August _| 15,163 ;

September ! 37,607October i 70,194November i 80,302December j 76,576

7S1 I 13.061 ! 11,303800 i 16,945 I 10,610547 I 13,391 16,398308 i 17,853 J 12,825

64151131634

Kansas.i

817

Okla-homa.1 {

2,2791, 867

1.999 j 9713, 085 2,058

3,0113,2482,5802, 771

Total: 1923....497,404 5,0921922...J 78,528 8,9551921 ! 289, 897 2S, 863

Number of member jbanks at end of |year: I

1923... _„. 51 491922 _. 55 511921 ' 56 51

Number of member ibanks accomino- !dated: j

1923 i 35 271922 __.. | 38 351921 I 54 39

14.237 ' 12,522 2,42017,379 j 15,231 j 4,01618,746 ' 11,621 i 5,37817,001 ! 11,570 2,915

173,407 1139,377 32,92685,134 I 77, 258 30, 200

175,230 141,255 I 85,460

194198202

149146 ,169 !

146 j148 !146 i

105

278274275

128138211

6,1448,8056,8455,256

Total.

86 , 41,37443 I 26,49464 | 48,663

163 53,932

77, 66291, 86482,17352, 766

73,098 1,155115,850 [ 1,147123.119 ! 1,147114,131 1,146

901,126328, 019944,074

1,146 |1,152 |1,103

653733920

i Figures relate only to that part of the State located in the Kansas City district.


336

1923

Discounted billsPurchased billsUnited States securitiesDeficient reserve penalties-Miscellaneous

EARNINGS. "T$1, 793, 361

29, 361971, 271

37, 374162,052

Total earnings 2,993,919

Salaries: CURHENT EXPENSES.Bank officersClerical staffSpecial officers and watchmenAll other

Governors' conferencesFederal reserve agents' conferencesFederal Advisory CouncilDirectors' meetingsTraveling expenses 1

Assessments for Federal Reserve Board expensesLegal feesInsurance (other than on currency and security shipments)-Insurance on currency and security shipmentsTaxes on banking house __Light, heat, and power |Repairs and alterations, banking house jKent IOffice and other supplies jPrinting and stationery JTelephone I

1922

$1,492, 6578,828

1,408, 73847, 215137,222

3, 094, 660

1921

$5,134, 00449,148382, 855126,43420,417

5, 712,858

161,747 !821, 310 ;

76. 369 i148,210 !

589 !261 !707 !

2^,850 i14,999 i30,296 i6,040 !

36,20217,057 i70,594 !44,288 i55,007 !24,143 i37,490 i45.216 !7.850 i

161,530957,88362,918

107, 316512250460

25,60417,94132,2306,911

31,74516, 70515,49528, 25325,88318, 78632,40845, 3009,127

160,5431, 051, 627

45, 97655,097

620211410

25, 82328, 70532,7496,769

45,360(2)

13,6547,7817,088

63,96439, 47565. 50710,984


2 Insurance on currency and security shipments is included with postage arid expressage.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis



CURRENT EXPENSES—continued.TelegraphPostageExpressageFederal reserve currency:


Taxes on Federal reserve bank-note circulationAll other expenses _

Total current expensesPROFIT AND LOSS ACCOUNT.


Current net earningsAdditions to current net earnings:

Amounts deducted from reserve for depreciation on UnitedStates bonds _._ _ - _.

Allother

1923 1922

$71, 530142,083

9,468

9,07511, 7493,540

50,449

1,928,119

2,993,9191,928,119

1, 065,800

4,547

$73, 831

156, 451

64,99028, 07737, 71352, 501

2, 010, 820

3,094, 6602, 010, 820

1,083, 840

1921

$77,611

2 184,179

124, 49132,05462, 938

8 267,463

2,411,079

5, 712,8582,411,079

3, 301, 779

95,999 j5,930

38, 6053,826

Total additions..Deductions from current net earnings:

Depreciation allowances on bank premisesReserve for probable lossesReserve for depreciation on United States bonds.Furniture and equipmentAllother

4,547

Total deductions



Dividends paid -Transferred to surplus accountFranchise tax paid United States Government

393,983128, 08612,17860, 379

128,010

722,636

718,089

347, 711

275, 3137, 240

65,158

101, 959

337,810

60,1284,825

402,763

10, 804

783,036

275, 655» 50,738

5 456, 643

42,431

88,114200,000

8,114

245,683

3, 056,096

268, 620486, 918

2,300, 558

2 Insurance on currency and security shipments is included wi th postage and expressage.3 Includes $183,223 for furniture and equipment which since 1921 has been charged direct to profit and

loss.4 Included wi th current expenses prior to 1922.s Bank also charged its surplus account and paid the United States Government $208,170 as an addi-

tional franchise tax for 1921.








AMOUNTS HANDLED.Bills discountedBills purchased in open market for own accountCurrency received and countedCoin received and countedChecks handledCollection items handled:



Transfers of funds _.

1923 1922 1921

11. 84167, 667

15048,265, 00066,188.00058, 566', 000

2, 863, 000238, 000

2 9, 032, GOO113, 000

4,173, 000

$901,126, 0002, 016, 000

256,300,00010, 257, 000 |

8,-817,168, 000 |

20, 684, 000 j193,652,000 |

317,045,000 !3,189, 812, 000

0)70,249 i

54 !41,488,000 !71,080,000 j54,520,000 ;

3,360,000 !215, 000 I

819,000 '113,000 ;

0) I

$328,019,0001,849.000 i

288, 221, 000 ;11, 010, 000 ;

8, 290, 019, 000 !

20,362,000 I106, 830, COO I

530,649,000 |3, 753, 239, CGO I

0)110, 067

68638. 515, 00067, 261, 00058, 246, 000

4, 352, 000136, 000

1, 534, 000114, 000

CO

$944, 074, 0005, 558, 0C0

320,102, 00010, 658, 000

8, 980, 368, 0C0

22, 217, 000144, 271, 000

66G, 996, 0002, Cyl), 017, 000

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


428 ANNUAL EEPOET OF THE FEDERAL RESERVE BOARD.



Month.


Total: 1923....19221 9 2 1 . . . ,

I t e m s d rawn onbanks in own dis-trict.

Number.

Items forwarded to jother Federal re-serve banks andtheir branches.

T r e a s u r e r ofUnited States.

4,4293,8224,5514,2554,2124,2144,1204, 1093, 9444,4124,1874, 554

652, 854525, 123691, 086635, 617636, 062615,124604, 646589,422587, 764668, 092617, 233637, 833

50,80946.17449, 656

7,460,8566, 882, 5987, 422, 353

Number.

457400488392323292297309277298258277

Amount. I Number.

73, 70060, 99775, 07967,61155, 56357,546 I53,099 j53,603 I52, 510 !59,61856,91955,515 i

140126188227181148132130181232174148

2 4, 0682 4, 7242 5, 029

2 721, 760 |2 765, 807 |2 858, 949 |

2,0071,8581,740

Amount.

18, 26216, 37520,45119,31119, 26522, 06216, 22915, 27920, 6G921, 66818, 05420, 080

227, 705236, 512219, 246

Total.1

Number.

5,0264,3485,2274, 8744,7164,6544,5494,5484,4024,9424,6194,979

Amount.

744, 816602, 495786, 616722, 539-710, 890694, 732673, 974658, 304660,943749, 378692, 206713,428

56, 88452, 75656, 425

8, 410, 3217, 884, 9178, 500, 548

1 Exclusive of duplications on account of items being handled by both parent bank and branch.2 Includes 12,000 items aggregating $4,024,000; 11,000 items aggregating $4,318,000; and 7,000 items

aggregating $4,455,000, forwarded direct to drawee banks in other districts during 1923, 1922 and 1921,respectively.



Week ending—

Jan. 4 (3 days)11._ _1825

Feb. 1.8

1521

Mar 18

159229

Apr. 5_ .121926 _

Mav 3101724 __.31

June 7 -142128

July 5121926

Aug. 29

1623 .30

Sept. 6 .-13

Paymentsto other


61, 27099,44498, 29986, 64088, 67182, 60774, 66874, 04993 89884,90489,05885,88982, 57178, 30582, 76392,16786, 31187, 73481, 61885,14790, 62273, 38483, 80083, 35286,16287,19067,05882,10879, 70580, 58782, 59475, 75973,93383, 91980, 63461, 95384,13191 238S~, (l-2i


serve banks.

56, 32296, 66 599, 31986, 82884,17576, 96175, 0C972 80088 9>i784, 85985,43993, 51679. 69074,87982, 52787, 31984.12282, 62378, 67682, 88086, 28969,63693, 52581, 40581, 221

101, 27764, 25987, 31583, 45881, 89788, 03575, 24072, 27779, 78581. 04565.21480,03882 61]

Net loss.

4 9482, 779

4,4965,646

1 2494 911

453 619

2,8813,426

2364,8482,1895,1112,9422,2674,3333,748

1,9474,941

2,799

5191,6564,134

4,0938 627G, 420

Net gain.

1,020188

341

7,627

9,725

14,087

5 2073 7531,3105 441

4113,261




FUND—Continued.


Week ending—

Oct 4111825

Nov. 18

152228

Dec. 613202728-31 (3 days)

Total : 192319221921 ._ . .

Paymentsto other


84, 44881,82381, 30094, 80189,17175, 80471,81192,18373, 73889, 34784,799

100,12771, 83244, 426

4, 367, 5764,063, 8223, 708,356


serve banks.

81,03781, 69173,74891, 33493, 80874, 32471,09896, 70769,91188,12791,137

100,49578, 58447, 806

4,329,3274, 052, 6553, 706, 733

Net loss.

3,411132

7,5523,467

1,480713

3, 8271,220

38, 24911,1671,623

Net gain.

4,637

4,524

6,338368

6, 7523, 379

Net loss in ownership of gold since establishment of fund in 1915, $15,696,000.

SCHEDULE 9.—PRINCIPAL ASSETS AND LIABILITIES OP REPORTING MEMBERBANKS IN LEADING CITIES AS OF THE LAST REPORT DATE IN THE MONTH.



JanuaryFebruaryMarchAprilM a yJuneJulyAugustSeptemberOctober.November.. . __ _December


JanuaryFebruary ___March.AprilMay _JuneJulvAugustSeptemberOctoberNovemberDecember..


1923

443, 779453,053449, 786446, 504446,890449, 060446, 599442, 912443,296444,923433,542428,175

1922

432,403425, 953424, 626423, 895428, 026425, 061428, 666426, 234431,210440,338446, 538449,299


1923

460, 828469, 637460,539443,341431,957427,529433,675436,266425,867407, 442394, 263396,110

1922

372,034382, 424389,659400, 618418, 750433, 281444,067446, 858448,209447,825437, 060445,741

Investments


1923

91, 09388, 27091, 88993,67493, 62092, 06192, 36291, 33389, 27486, 19282, 43680,164

1922

42, 59553, 76750, 85058, 88260. 97779,12980, 51983, 06285.23685, 11187, 64390, 027

Time deposits.

1923

124, 775122, 652125, 587126,767131, 807132,421133,514134,526134, 702134,159133,824132, 672

1922

105, 020106,227104, 761109,005110, 745115,956116,048116,844117,821121, 674122, 384123,436

All other.

1923

59,01357, 76558,72557, 60660,33558, 91959,58759,93461, 96261, 25158,16159,413

1922

47, 27546 97848, 98250, 79153, 24256, 24459,20460, 86662,14059,28659, 21660, 289


1923

4,0665,690

11,64919,61632, 27933, 66028, 76824,97332, 21240,88641,77233,199

1922

23, 77113,1489,6669,1424,5703,1572,2543,5387,5969,291

14,50617,034

NOTE.—Figures are for about 73 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.Digitized for FRASER





Month.

JanuaryFebruary- .MarchAprilMayJuneJu ly . . .AugustSeptember.OctoberNovember.December..

Total


1923 1922

1, 202, 253996, 426

1,199,4811,130,0151,142,1721,155,8791,081,9431,106,1541,069,497 i1,159,741 i1,053,147 f1,082,885

950, 759872, 689

1, 012, 278956, 757

1, 026,8491, 081, 8131, 041, 7781,056, 4491, 058,4931,155, 0941,050, 8961,181,287 |

1,152, 595942, 309

1,067,0661,006,119

953, 761992, 057994, 617

1, 025,1411, 022,1821, 006, 694

966,224992, 594

13,379,593 ; 12,445,142 12,121,359

Atchison, Kans.*

1923

6,8235,6576,0906,2086,3386,2435,8635,9135,5096,3846,3536,094

73,475

1922

4,8094,6335, 6975,0795,3074,9875,2145,6495,4116,0875,810 i6,610 j

1921

5,4564,4376,1734,7594,7615,2075,2905,4465,3775,5045,1795,245

65,293 | 62,834

Month.Bartlesyille, Okla. Casper, Wyo.*

1923 1922

January . -„February . .MarchApril.MayJuneJulyAugustSeptember.OctoberNovember.December..

Total

17,20310, 48G13, 74815, 22913,11711, 89211,4129,0908,4229, 247

10, 059

138, 294

8,002 i9,787 j

10,197 S10,648 I12,002 !10,887 !10,143 !9,486 I

10,186 I9,309 '

12,724 i

1921

14, 49011,51611,14010, 7649,2598,8229,3816,8197,4917,5988,1949,701

1923 1922 1921

15,90613, 67716,18216, 66117,61020, 34920,19520, 38716,17116, 53814, 95114,052

9,78012, 33211, 07212, 47314, 46113,20614,02613, 95216.02814, 24516, 808

122,459 | 115,175 202, 679 148, 383

Month.Cheyenne, Wyo.* Cclorado Springs, Colo.

January _.! 13,933February. 10,976March .: 8,893 !April 9,752May 9,504June 10,012Ju ly . . . . 8, 424August . . . 11, 250September ; 9, 205October 12, 308N o v e m b e r . . . 12,063December 11,334

T o t a l . . . 127,774

1922 !

12,798 i11,0548,247 I6,817 I6,9587,8178,9188, 462

10, 86215, 34712, 72113, 076

9,716 I8,370 |8,410;7,487 j7,462 j

10, 3358,5918,9668,2468,7978,405 |10,663

11, 69610, 79714, 03312, 20712, 86913, 02211, 68713, 45212, 25212,145 |12,1,5913,637

1922 1921

11, 4079,28810, 99510, 54611, 07912, 59712, 02213, 34712, 65811, 88110, 66312, 698

Month.

11, 7229,57511,88410,39510, 27611,03311,31313, 09511, 62810, 73710, 56011, 941

Enid, Okla.*

JanuaryFebruary. .MarchAprilMayJuneJulyA ugustSeptember.OctoberNovember _December.-

1923

169, 737140, 669169, 830158, 398166, 013160,127152, 532163, 029166, 607175, 004159, 668163,194

1922 1921 1923 1922 1921

145,063123, 969147, 539133,143145, 505148, 609149, 814147, 947156, 454181, 510151, 881166, 625

Total | 1,950,5

161, 559125,159146, 832143, 061134,817144,114135, 268143, 743141, 396141,438152,598 j152,894 i

13,27311, 84913, '79213, 06612, 85412, 40017, 19715, 18010, 83910, 54710. 30810U28 ;

11, 78913, 77613, 87712, 28011, 86310, 60912, 838

1,798,059 ! 1,722,879 j 151,533 | 87,032



DISTRICT KO. 10—KANSAS CITY. 431



Month.

FebruaryMarchAprilM a yJuneJulyAugustSeptemberOctoberNovemberDecember

Total

Month.

JanuaryFebruaryMarchAprilM a yJuneJulyAugustSeptemberOctoberNovemberDecember _

Total

Month.

JanuaryFebruaryMarchApril.M a yJuneJulyAugustSeptemberOctoberNovemberDecember.. . _

Total

Month.

JanuarvFebruarv _MarchAprilMavJunoJulvAupif-t...

Otobcr . !

Ne\T-in;v:

To? ; :

Fremont, Nebr.*

1923

3 8563,9085,3573,9193,6253,8563,3603,2553,3463,6962,9263,082

44,186

C

1923

3,7242,9263,7483,1693,3993 1173,0923,0462,9343,3983,5424,310

40,405

1922

3,3803,3243, 6673, 2062,8643,2173,2313,1193,813

29,821 -

Juthrie, Okla.*

1922

2,1862, 3432,1942,1962 5002,3182,4252,5063, 8333, 5714,220

30, 292

Independence, Kans.

1923

10,2947,796

12, 06410, 43511, 02612, 98710, 9658 5737,6948,7408,8728,500

117, 946

1922

. . .8,1749,1009, 8628, 9609, 6098,319?, 3797,9369,080 . . .

80,419

Kansas City, Kans.

1923

22,728 114,774 I18,671 i19,659 i19,208 i21,214 i20,452 !21,096 i19,41422,117 i18, 540 !21,390 1

239,263 !

i

1922

15,20512,41015,84714,10515,016 i16 48816,31015, 60016, 98716,46116, 34719,159

1S9.935 ji

1921

1921

*

1921

1921

19, 03214, 63416, 25413,96814,19015, 42913, 79513,57315, 26013,99113,45516.147

"' i179, 72S

Grand Junction, Colo.*

1923

2,762! 2,184

3,0392,6612,9583,2522,5182,8122,9993,4333,4573,359

35, 434

1922

2,1502,7612,6322,7862,7112,3222,5082,8933,0622,7643,179

29, 768

Hutchinson, Kans.

1923

14, 64611,66911,98711, 58410, 85211,05713, 34512,97510, 05611,45110,08710, 536

140, 245

1923

13,85413,17716,41315, 21514, 41914, 32011, 30412,71714,16914, 54313, 06014, 729

167,920

1922

i 13,32211,40110, 62711,09412, 34714,96214, 60113, 53812,84011,31416,246 . . .

142, 292—

Joplin, Mo.

1922

9, 7588,3019, 756

10,00410, 78612, 03410, 56710, 63110,90311,57911, 89814,400

130, 617

Kansas City, Mo.

3923

365, 511301, 282359,268 |341,194344, 277352, 62832,5, 668366, 5703-51,015363,131 !351 725353,419

4,175, 088

1922

254, 819256,277289,130276,842293,519317, 689295, 825328, 058333, 290354, 218330,124348, 865

3,678,656

1921

*

1921

1921

10,3548,3889,6119,0658,5919,1417,9697,2868,6698,7689,042

10,363

107, 247

1921

331, 579268,012304,325302, 025294, 254300, 532312, 347338,241339, 883322, 374293, 056291, 863

3, 668, 491Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis



Month.

January _ . .FebruaryMarch.AprilMayJuneJulv-AugustSeptemberOctoberNovemberDecember

Total

Month.

JanuaryFebruaryMarchApril . .MayJuneJulyAugust .SeptemberOctober..NovemberDecember

Total .

HE thousands of dollars.]

Lawrence, Kans.*

1923

4, 5503,7684,4604 4534,3624.8314, 1834 1453, 7535,1584, 5785, 568

53, 809

1922

3,3894,2544,0833,9894, 6553, 9343,4624,4384, 2814,3934,857

1921

45,735 1

Muskogee, Okla.

1923

30, 74222, 40827 34426,40223, 76725,16723, 55321, 34022 28631, 71827, 06215 845

297. 634

1922

15. 62721,47227,38123, 28824, 42525, 21224, 59224, 34626, 56033.83230, 43232, 377

309, 544

1921

25, 57721, 27223, 58216, 38917,16316, 05213,12811,80314,13417, 45115, 60215, 525

207, 678

McAlester, Okla

1923

4, 8483,4444,0853 7614,3473,7643,9244,1214,0944,4934 4125, 276

50, 569

Okla

1923

83, 28271,41991, 35676, 72280, 96985, 20078, 50774,84368, 52076, 72977,89073, 783

939, 220

1922

3,6014, 0534 0363,6173,7283,3043,4844,1345,5595 7845,112

46, 412

loma City,

1922

78, 90169,13986, 57981, 25783, 44590, 83083, 83374, 25776, 47081, 46980,14786, 454

972, 781

.*

1921

Okla.

1921

99, 61782, 29095, 49386,95080, 60S83. 08084, 32882, 51091, 66592, 85392, 68186, 886

1, 058, 961

Month.Okmulgee, Okla.*

1923 1922 1921


Total _

513588793354433 i721 I293 |911 !026126 j607643 I

7,6188,6077,6298,9049,5077.8804,3937,4968,0218,4229,799

101,008

Parsons, Kans.*Month.

1923 1922 1921

JanuaryFebruary . .MarchApril. _MayJuneJulyAugustSeptember _OctoberNovember.December..

278 J639402437106581984015757916994135

3,1003,9033,4183,1924,4373,7913,4643,7853,9953,7684,751

Total ' 40, 244 41,604

Omaha, Nebr.

1923

216, 862181, 285226, 919210,511211, 557211, 572200,193202, 406200, 377230, 670178,139185, 286

2,455, 783

1922

158, 262162, 265199, 605178, 609200, 081201, 650192, 971197, 637198, 214216, 034190, 507216,110

2, 311, 945

1921

192,280163,951199, 501177,817169, 355184, 021183,479191, 749181, 479178, 900152, 974161,439

2,136, 945

Pittsburg, Kans.*

1923 1922 1921

4,8385,2824,8604,5114,6574, 5785,6375,3906,3766,1546,801

75,385 59,084 I





January 17,272February 11, 983March 16, 939April 18,925May 16,412June , 17,126July 15,930August t 16, 502September 16,136October 18, 064November I 20,848December | 24,150

Pueblo, Colo.

1923 1922 1921

14, 34113, 40018, 42515; 75415, 83515, 45316, 37415, 66313, 05715,13923, 07719,669

Total . 1210, 287 J196,187

19, 74113, 24019, 78719, 71515, 31210, 84017, 88520, 39016,18318, 70431, 46217. 205

220, 464

St. Joseph, Mo. Topeka, Kans.

Tulsa, Okla.

1923 ! 1922 ! 1921 j 1923 ! 1922 1921

16, 94814, 28717, 76416, 25215, 81316, 30915, 90914, 59413,16715, 66015, 05817, 364

15, 06713,76413, 67113, 21714, 25814, 38514, 67513, 61013, 21015, 03513, 85316, 067

707, 032 828, 418 189,123

1923 1922

JanuaryFebruary. . .MarchAprilMay __JuneJulyAugustSeptember.OctoberNovember.December..

Total

115, 25099, 943114, 205111,171112,216115, 061103,12286, 84778, 21386, 86570, 53188, 528

1,181, 952

112,14987, 28890, 89993, 42898, 990117, 349106, 07497, 47587, 25095, 92385, 965113, 433

1,186, 223

1921

119,091108, 36897 23290, 58682,19284, 80368.11262, 20062, 91062, 38467, 20290,141

995, 221

1921

51, 43143, 38646, 44844, 45543, 92946, 55457, 04146, 98239,51441, 27940, 70342, 632

39, 49538,73740, 86837, 72943, 49346, 25748,97450, 33146, 03945, 77842, 50951, 501

48, 61338, 88542, 45142, 67741, 73344, 61952, 35748, 60846, 41742, 99038, 95239,968

544,354 531,711 j 528, 270



DISTRICT NO. 11—DALLAS

SCHEDULE 1.—COMPARATIVE STATEMENT OF C O N D I T I O N .


RESOURCES.

Gold with Federal reserve agents ___Gold redemption fund with United States Treasury

Gold held exclusively against Federal reserve cotes.Gold settlement fund with Federal Reserve BoardGold and gold certificates held by bank?



Dec. 31,1923.

Dec. 30, Dec. 31,1922. i 1921.

25, 8142,252

22, 576 j1,349 !

11, 0932,941

28, 06612, 33911, 904

52, 3096,015

58, 3242,866

Bills discounted:Secured by United States Government obliga.tions.Other bills discounted

Total bills discounted..Bills bought in open market.

5508,322

23,925 i 14,0346,214 ! 8.518

10,121 ! 7,263

40, 260 f

6,289 !29, 8156,149

46, 549C1)

35,964

71013,712 !

8,96241, 635

United States Government securities:BondsTreasury notesCertificates of indebtedness..

Total United States Government securities i


5 per cent redemption fund—Federal reserve ban)-: notesUncollected items .-Bank premisesxUl other resources

8,49

1.4,

6,

872438

780575325

680

14, 42226, 827

2, 630

8, 678

11, 308

50,

2,

1,

4,

597165

630

900

530

Total resources.

LIABILITIES

Federal reserve notes in actual circulatioE j 52. 802Federal reserve bank notes in circulation—net !

Deposits:Member bank—reserve account.GovernmentO ther deposits

Total deposits - --

Deferred availability items.Capital paid inSurplusAll other liabilities.

Total liabilities.


Contingent liability on bills purchased for foreign correspondents..

54, 461641537

55, 639

43, 3724, 344

297

48, 013

26,089 22,6354,195 | 4, 2037,496 I 7,3941,422 l 1,588

133, 306

49.8

122, 029

43.1832


434


DISTRICT NO. 11 DALLAS. 435



Fed-eral

reservenotes

incircu-lation.

10

Re-serveper-

cent-ages.

11


Mem-ber

banks're-

servede-

posits.

14,42615,34616, 28216, 71416,820

1,0741,7061,1,6251,850

13, 35213, 64014, 58315,08914,970

44,82946, 77147,988

52,19255, 22755, 63754, 25454,968

54,47057,48957, 90756,04457, 362

36, 78235, 35334, 43732, 679

48,67350,10349, 91849, 934

15,44115, 58716, 78016, 913

54, 07854, 36154,05552, 626

32, 61731, 83231,314

52,41250, 28852, 71751, 297

18,552 l,840| 16,71218,826 1,254 17,57218,S00 1,715 17,08519,286 1,0021 18,284

56,623! 31, 21055,896| 30, 38154, 013 29, 80055, 885 28, 954

12, 70612,43911, 5041

7411 18,792 20,130 11,50451,16749, 29050,48, 367

19, 53319, 94823, 23824, 526

53, 335 29, 44954,1651 29,13652, 933 28, 72352, 7641 28,160

162329..

47,983 25,9748,106 27,73847,323 29,422

47,334 31,31245,384 30,616j46,832 31,82648,1511 33,734

3,890 27,422 12,6422,942 27,6741 12,3,2641 28,5621 13, 22'i2,752! 30,982 12,63^

38, 595 48. 2

Sept.

Oct.

Nov.

Dec.

Dai ly

. . . .

51926 . . .

310.17. .2431

7.142128

5

19.. .26

average

47, 64S| 44,59947, 629 45, 18248,572 46,16250,681! 48,282!50,180| 47,937j

47,755J 45,54150, 710! 38,932!53,6121 33,960!54,449 30,1241

7, 78137; 432| 2, 627

6,484! 38,115! 1, 27016,566| 38, 616| 667!6, 5541 39,608| 630J8, 6011 39,681 6197,170 40,767 464!

3,380! 39,951! 48,827!1,779| 36,931! 48,336!1, 779 37,169 46, 3841, 779| 35, 963 45, 205)

1, 779! 36, 069| 46,127I1,780! 33, 651 i 46,17111, 780 35, 715! 44, 6961, 780 36, 378| 44, 293|

1,779| 30,045! 43,314!1.7801 37,822! 43, 352ji; 780! 39,991| 43,74111,780 42,360! 44, 097J

45,031! 44,423!

27,195!26, 768!

50, 855! 28, 045|49, 307! 27, 28447,176 27, 83148, 020J 27, 561|

47, 379'! 29, 996146, 940! 30, 347!47, 308! 30, 702?45,9251 32, 0361

8,265 37,276 435' 1,7796,571 32,361 9,999| 1,7796,522 27,438 17,872! 1,7805,025 25,099 22,5461 1,

57,120!59, 51160, 80658, 25965, 203

26, 870|22, 9201

4,067 22,8032,057 20,863

22.812| 3,353j 19,45922,3531 3,856! 18,49721, 3051 3,139 18,166

64,884 19,82661,068) 17,17462, 8401 15,67565,28Ij 15,019)

66,673 14,95763,692 13,54465, 330l 12,66766, 974| 12,293

3,3803, 2273, 0323,030

28, 47G! 1, 78027, 966) 8, 62529, 214 8, 78027,127 8, 77932,118 11,780

16,446! 33,27813,947 37,61512,643 40.88611,989 43,982

3,163 ll,794j 45,436!2, 352 11,192 43, 869!1,917 10,750 46,2842,808 9,485 47, 9761

11, 7806, 2796, 2796,280

6, 2806, 2796,3796,705

53,218! 25,993 j I 19, 995; 7,230

44, 994|45,027;45, 440'46, 059 j46, 359J

31,858!32, 989134, 385|38, 064!40, 394 J

53, 915! 47,196: 48, 764| 44, 290;52,072 48,671| 49,857! 45,796;

60,549 51,553! 53,790| 49,970!62,376| 51,9731 56,392| 51,653|

63,407J 53,633; 55,373i 56,737!62,155 54,153! 55, 7181 58, 272!

57,759! 60,184 59,583!56, 865 59, 722 59, 509j

67,13667,109!64, 733! 59,14 62, § , :

57, 7881

49.651.550.856.7

51.450.149.950.0

49.450.147.047.9

46.848.346.647.7

50.448.147.447.647.1

50.648.249.647.6

46.643.545.847.3

46.948.550.150.451.9

57.954.458.4

56.654.556.156.353. 7

52.014. 953.6

61,830 58,515! 60,7341 58,161!65,713 58,9731 62,211 57,450;62,822 58,230 60,452! 56,810!62,792 59.716 62.720! 56,5961

60,497! 61,225 63,522) 56,724: 50.360, l l l | 58,465 60,689! 55,274! 51.858,777! 59,425! 60,493! 55,118| 50.861,218j 58,082j 62,265| 55,508j 52.0

46, 929J 52,0211 54, 240j 39,183i 50.2


4 3 6 ANXUAL REPORT OF THE FEDERAL RESERVE BOARD.

FEDERAL RESERVE BANK OF DALLAS

M1LL!ONS OF DOLLARS

100 i i i i rF.R.NOTE CIRCULATION

MILLIONS OF DOLLARS

100

UNi7£D STATES SECURITIES

! DiSCQUISTS FOR OWN MEMBERS

120

100

1921 192.2 1923





Month,


Total.

SecuredbyU. S.Govern-

mentobliga-tions.


Tradeaccept-ances.

Agricul-tural and

live-stockpaper.

Demand Iand i All

sight other,drafts.


May _June -JulyAugust


Total, 192319221921.

17,90612, 98112, 74323,004

26,16726, 71432,49142, 516

33, 80430, 54923, 31118,508

300, 694222, 557771,997

9,0166,7133,77512,107

13, 36710, 06613, 57925, 346

21,47612, 64610, 8386,264

145,19380, 694454, 685

107154

10510165

156437026

1811016723

4,1753,1224,0365,274

6,9437,3288,3034,753

1,8542,1752,0721,651

294039 ;

1,432 |

5,67210, 557

7,761

4,6103,1364,9165,583

5,6729,23710, 50010, 959

5,0613,5352,809

749694

3,865

51,68671,112

120,105

32, 264 70, 80269,950

193,188

Month.

January. .February..MarchApril

May. . . .June.l..July____August.

September..OctoberNovember..December. .

Total, 1923.1922.1921.

Bills bought in open market. U. S. securitiespurchased.

Total.

2,6704,5796,4352,759

3,2542,1811,699

9,4649,41514, 30218,117

74, 87533,153

Bank-ers'

accept-

2,6454,3266,2292,759

3,1742,1811,584

9,1899,16513, 67617, 256

72,18431,013

694

Dollarex-

change.

25253206

80

275250626861

2,6912,140

Tradeaccept-ances.

Bondsand

notes.

1,100

1,600

4,500

7,2751,161


19,0005,0001,198

500

3,210

2,0005,600

36, 85816, 6893,570


1923

40, 67622, 56021, 976

1922

39,19623, 66128,10119,180

29,421 16, 53332,105 20, 81134,190 17, 31142, 516 18,827

1921

45, 26850, 06437, 61337, 050

419, 702

18,81732, 58420, 80417, 735

273, 560

92, 74367,37473, 57364, 555

60,49567, 65559,17563, 453

62, 60553, 51545, 053

776,261

86538—24f- -29





Month.

JanuaryFebruary _MarchApril

M a yJuneJulyAugust

September -October _ . .NovemberDecember

Total: 1923. .19221921


192319221921

Number of memberb a n k s accommo-dated:

192319221921

Louisi-ana.1

8991

10143

134359684906

1,2852,1761,9811,006

8,8552, 998

26, 251

171718

107

17

Okla-homa.1

1,030581542914

1,500764

1 112778

298539470413

8,94112, 28522, 942

505042

434531

New-Mexico.1

1,159974

1,350812

1,1571,1981, 5891,305

1, 0711,0331,019

921

13,58810, 91921,495

333742

323739

Texas.

15, 38311,17110, 60221,143

23, 34724, 34228, 84339, 369

31, 09326, 76519,75716,156

267,971192, 019694, 835

754747749

523561607

Arizona.1

24516414892

2951

263158

57368412

1,3394,3366,474

91010

91110

Total.

17,90612,98112, 74c.23, 004

26,16'r

26, 71432, 49 L42,513

33, 80430, 54923,31118, 508

300, 694222, 557771, 997

863861861

617661704

Numberof mem-

ber banksin districtat end ofmonth.

863861862862

863863863862

862863864863

Numberof mem-

ber banksaccom-

modatedduring

themonth.

207222253328

375413508515

22414312892

1 Figures relate only to that part of the State located in the Dallas district.


1923

Discounted billsPurchased billsUnited States securitiesDeficient reserve penalties.Miscellaneous

Total earnings

EARNINGS.

Salaries: CURRENT EXPENSES.Bank officersClerical staffSpecial 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 shipmentsTaxes on banking houseLight, heat, and powerRepairs and alterations, banking houseRent.Office and other supplies.Printing and stationery...TelephoneTelegraphPostageExpressage..

$1,170,022826,172268, 65962, 36129,222

2, 356, 436

135,619,37,111,

$1, 609, 383197, 994195, 04950, 43232, 917

2, 085, 775

132,184680, 62937,134105, 356

261297250

6,00330, 38326,189

70826,00114, 85730, 48528, 2123,2153,743

31, 79354, 66712,21358,383112,819

1921

$3, 829,8407,980

171,151124,163110, 514

4, 243, 648

133, 545735, 90434, 59882, 470

714295200

7,00439,18525, 759

9347, 348(2)30,05227, 63218,4769,66049, 81864, 5879,652

2 146,419

1 Other than those connected with governors' and agents' conferences and meetings of directors and ofthe advisory council,





1923 1922 1921

C U R R E N T E X P E N S E S — c o n t i n u e d .

Federa l reserve currency:Original cost, including shipping chargesCost of redempt ion , including sh ipp ing charges. .

Taxes on Federal reserve bank-note circulationAll o ther expenses


PROFIT AND LOSS ACCOUNT.EarningsCurrent expenses.

Current net earningsAdditions to current net earnings:

Amounts deducted from reserve for—Depreciation on United States bonds .Probable lossesAll other

Total additionsDeductions from current net earnings:

Depreciation allowances on bank premisesReserve for probable lossesReserve for depreciation on United States bonds..Furniture and equipmentAll other

$27, 4356,4372,482

33,497

$44, 26212, 33612, 63950, 372

1, 391, 228 1, 515, 391

2, 356, 4361,391,228

2,085, 7751, 515,391

965,2 570, 384

17, 795

"~4~659

231, 52380,984

< 107,113

22, 454 419, 620

42, 242590,000

161,018439,000

12,06211,076

32, 7103,151

Total deductions



Dividends paidTransferred to surplus account

655,380 635, 879

632, 926 216, 259

332, 282 354,125

251, 42980, 853

251,915102, 210

$65, 91523,15022, 286

!217, 414

1,860,856

4, 243, 6481, 860, 856

2, 382,792

139, 230561, 500

49, 295

20, 087

770,112

769, 228

1, 613, 564

252, 2111,361,353

3 Includes $155,843 for furniture and equipment which since 1921 has been charged direct to profit and loss.4 Includes $55,000 representing excess of sale price over net book value of old bank building sold during

the year.6 Included with current expenses prior to 1922.


1921

NUMBER Ot PIECES HANDLED.Bills discounted:






AMOUNTS HANDLED.Bills discountedBills purchased in open market for own accountCurrency received and countedCoin received and countedChecks handledCollection items handled:



Transfers of funds

10,12389,801

4,68137,912, 00034,815,00031,449,000

1,011,000128,000

i 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

13,075108,463

2,20230, 747,00030,924,00027,924,000

1, 268, 000126,000

484,00089,000

(2)

$222, 557,00033,153,000

162, 973,00013, 647,000

4,835, 568,000

6,241,000133, 845,000

142, 583,0002,538,172,000

24,887147,405

3447,098,00047, 430,00028,038,000

1,358,00087,000

548, 00087,000

(2)

$771,997, 000694,000

237, 472,00021,901,000

4, 797, 267,000

6,476,00096,438,000

191,913,0002,555, 584,000

1 Large increase due to redemption of war saving securities which matured Jan. 1, 1923.2 Data not available.


440 ANNUAL REPORT OF THE FEDERAL RESERVE BOAKL\



Month.

JanuaryFebruaryMarchAprilMay._..___JuneJulyAugust.SeptemberOctober[NovemberDecember

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

Items forwardedItems drawn on to other Federal

banks in own i reserve banksdistrict. i a n d t h e i r

branches.

Number.

2,3941,9992,4022,1612,2502, 2872,2022, 2162, 4022,9232,6922,795

Amount.

Items drawn onTreasurer ofUnited States.

Number.

452,449394,819478,318454, 356435,149416, 238388, 933446,153574,867718,841645,183574,946

13010011098103999992799589105

28,723 5,980,252 i25,054 ! 4,481,056 |24,958 I 4,332,648 !

1,1991,2711,196

Amount. Number.

16,51612,19714, 52213,35914, 57413,93412, 34212,14211,51212,60511, 26412, 389

157,356167,430267, 237

785991

1,146

Amount.

9,1507,1917,9417,0667.776S, 4097,1397,0327,6328,0177,3387,677

92,368110,00099, 276

Total.1

Number.

2.5922,1642,5802,3302,4232,4492,3622,3692,5433,0872,8442,964

30, 70727,31627,300

Amount.

478,115414,207500, 783474, 781457,499438, 581408,414465, 327594.011739,463663, 785595.012

6,229,9764,758,4864,699,161




Week ending—

Jan. 4 (3 days) . _111825

Feb. 18

1521 . .

Mar. 18

152229

April 5121926

May 3101724 . . _.31

June 7142128

July 5121926

Aug 29

162330

Sept. 6 .- -132027 . -

Payments toother Federalreserve banks.

32,27854, 92857, 94248, 27650, 09051, 08049, 91044,49662, 89453, 67054, 67055, 94246, 55143, 94547, 26551,00046, 22948, 45246,10346,45952, 52437, 83344, 74446, 25549, 49142,98839,84641, 33545, 27142,96738,05235,93438,40547,85947,84941,10667,41680,82177,049

Receipts fromother Federalreserve banks.

34,30052, 63253,94251, 91552, 81445,06749, .54943, 91262,30551,17851, 67753, 24047, 65943,71346, 27749, 43947, 60551, 63044,33146,10352, 52239, 68748, 51541,87750, 76042,46941, 70037, 46943,03943, 79737,91835,52938,98350, 775b% 47949, 45668, 57884, 51579,782

Net loss.

2,2964,000

6,01336158489

2,4922,9932,702

232988

1,561

1,772356

2

4,378

519

3,866232

134405

Net gain.

2,022

3,6392,724

1,108

1,3763,178

1,8543,771

1,269

1,854

3,830

5782,9164,6308,3501,1623,6942,733





Week ending—

Oct. 4 _1118._ _ __25

Nov. 18

152228 - --

Dec . 613202728-31 (3 days) _

To ta l : 19231922 .1921

Payments toother Federalreserve banks.

74,41977,09875, 40274, 86885,00974, 33559, 64078, 32359, 36378, 29066, 28771, 80560, 53039, 506

2,884, 8002, 315,1602, 452,558

Receipts fromother Federalreserve banks.

76, 31577,38375,93777,82881, 83773, 24962,19777,98059, 60877, 48665, 75973,66162,38635, 655

2,901,9192, 321, 7262, 435, 566

Net loss.

3,1721,086

343

804528

3,851

16,992

Net gain.

1,896285535

2,960

2,557

245

• 1,8561,856

17,1196,566



[In thousands of dollars. .

Last report date in.

January._.February.MarchAprilMayJuneJulyAugustSeptemberOctober. _.NovemberDecember.


1923

262, 388268, 243269,109258, 305248,147248,159250, 885257, 915270,534287, 266296, 014293, 868

1922

235,051233, 678237,071236,133237, 786236, 679233,949239, 069254,071274,805272,972267,865

Investments.

United States securi-ties.

1923

53,30454, 65661, 92764, 32860, 58262,91454,84952, 75856,19253,11353,18159, 462

1922

39,07143, 93741, 92742, 92645, 94849, 80247, 84148, 85050, 48548,02348, 01657,830

All other.

1923

8,2919,0179,5159,0549,0369,29110,44310,74610,94012,30913, 65514,141

1922

9,0918,0407,8907,3258,2908,1127,2417,8997,4528,0258,6518,955

Last report date in.

January. . .February-MarchAprilMayJuneJulyAugustSeptemberOctober.. .NovemberDecember.

Net demand deposits. Time deposits. Accommodation atFederal reserve bank.

1923

239, 686247, 213236,134226,181220, 570214,175208, 505208,088227, 821251,102260, 504257, 638

1923 1922

190,998198,312197,130203,908209, 587208, 737204, 553206, 793223, 564239, 796240,187235,044

72, 63874, 76275, 66675,76473, 66775, 80674, 78374,41575, 54376,83379,38483,038

1923

61,48662, 59363,00464,02165,50064, 96465,18664, 01365, 94969, 57869, 46870, 527

4,3713,0712,7167,1587,4848,16313, 76816,4128,2928,6174,9675,491

1922

7,7406,0724,6804,0852,9313,5993,9434,2225,7475,0333,6662,690

NOTE.—Figures are for about 52 banks in Dallas, El Paso, Houston, Fort Worth, Galveston, SanAntonio, Shreveport, and Waco, which submit weekly reports to the Federal reserve bank.Digitized for FRASER





Month.Summary for 11 centers.1

1923 1922 1921

Albuquerque, N . Mex.

1923 1922 1921

JanuaryFebruary..MarchApril.MayJuneJulyAugustSeptember.OctoberNovember _December..

Total

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

551, 763466, 274496, 774443, 091437, 088453, 385424, 419435, 510512, 987567, 447527, 296577, 461

9,514

9,8,7799,53410, 40310,2629,1688,5688,97910, 5399,975

7,6837,0038,2327,9448,9679,6849,3898,1917,9669,6709,72110, 377

7f9947,2546,1875,7135,5727,7877,6526,5987,0697,6178,134

6,331,459 6,114,548 5,893,495 113,918 104, 827 86, 275

Austin, Tex.Month.

Beaumont, Tex.

1923 1922

JanuaryFebrua ry . .MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..

Total

17,33714, 97916, 20916, 55613, 96714,06511,95614, 64918, 29120,23922, 36323, 766

204,377

12,13410, 55013, 28012,98113,26813, 27411,75811,71119, 31919, 29716,40518,329

172, 306

1921 1923

15, 29612, 09413, 30311,31312, 76411,22610,906 j10,32214, 24814, 25614,51313, 326

1922

18, 33415, 22016,01716, 52517,13317,40116,29915, 66014, 56416, 49515,91515, 634

153,567 195,197

15,08514, 49815,15412, 85114,21114, 53413, 53813, 42514,17715, 52814,17017,195

174, 366

1921

19,10815, 77516,15212,80012,73613,59212, 58814,06312,61313,33112,84814,782

170, 388

Month.Corsicana, Tex.*

1923

JanuaryFebrua ry . .MarchAprilMayJuneJulyAugustSeptember .OctoberNovember .December. _

Total.

6,7334,9785,5255,6195,5605,7676,5048,115

10, 20711,16411,06812, 639

>3, 879

1922

4,8474,7084,6543,9753,7893,3333,5235,8135,7695,0576,266

51, 734

Month.

JanuaryFebruary..MarchAprilMayJuneJuly..AugustSeptember.OctoberNovember _December..

Total

El Paso, Tex.

1923

31,99328, 54336, 07032,12530, 72333, 46228, 25227,11824,65629, 70628, 75634,185

365, 589

1922

34,45827, 06131,69628, 70733, 77933,42330,92030, 58927,86029, 83530,13734, 532

372,997

1921

35, 21530, 33235, 42832, 32833,46937, 23228, 73129, 08028, 38431,93033,13236, 454

391, 715

Dallas, Tex.

1923

193, 256159,058167, 932145, 326149,039146,415128,462139,566184,133218, 768217,059226, 674

2,075, (588

1922

150,103131,028148, 763132, 670138,789144, 514128,096130,049179,770200, 507183, 245199,070

1, 866, 604

1921

164, 375131, 552152, 704137, 276135, 629133, 439123, 822124, 531155, 576172,329157, 269166,224

1, 754, 726

Fort Worth, Tex.

1923

122, 250105,992111, 87095, 64988., 71573,59162,19362,98367,01283,46473, 61086,041

1,033,370

1922

137, 684125, 653142, 066119, 459106, 776101, 70788, 40887, 52086, 428100, 674105, 617120,962

1, 322, 954

1921

103,00595, 53791,14282, 27378, 56484,96186,15694,230103,673122,466128,667144,458

1,215,122






Month.

JanuaryFebruary..MarchAprilMayJuneJulyAugustSeptember-OctoberNovember.December __

Total

Galveston, Tex.*

1923

96,20673, 96381, 76387, 28871,73876, 88171, 83896, 674128, 501149, 58578,30157,409

1921

101, 32876, 25183, 29877,83484, 20285, 50780, 65691,195104, 42189, 75769, 42174,102

1, 070,147 899, 254 1, 017, 972

Houston, Tex

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

1921

136, 519114, 046127,971107, 668101, 218109, 569104,179108, 250129, 307138, 705115, 573128, 691

1, 421, 696

Month.Roswell, N. Mex.* San Antonio, Tex."

1923

JanuaryFebruary. .MarchAprilMayJuneJulyAugustSeptember _OctoberNovember.December..

Total

2,4911,9202,8472,2922,7092,7772,1802, 4262,2732,6882,7062,587

29, 896

1922

2,4212,4052, 4842,3022,304-2,6092,9622,1923,0632,5662,926

1921 1923

28, 234

31,28726,82631,63927,87532, 52931, 50227, 96233, 20132,15335, 23633, 29533, 380

376, 885

1922

27,17922,82427,27124, 65628, 03327,34826,06928, 86730, 97231,14328, 86531, 095

334,322

1921

32, 26625,60330,76028, 71929,94132, 91726. 47729,18428,13826, 75727,12929,103

346, 994

M o n t h .Shreveport, La. Texarkana, Tex.

JanuaryFebruary- -MarchAprilMayJuneJulyAugustSeptember .OctoberNovember _December..

Total

1923

41,61429, 42838, 64534, 64034, 56533, 91131, 04731, 84231,89539, 08036, 91339,352

422, 932

1922

31, 44128, 03630, 99429, 67336, 50432, 51430,15127, 22629, 94534, 21637, 76436,108

384,572

1921 1923

37, 47731, 69924, 44627, 70630,J00227, 05124, 50823, 61829, 57731, 23527, 01631, 737

9,07310,94810, 5868,7278,9628,6728,4458,2739,54111, 2879,50110, 218

346, 072 114,233

1922

5,8886,4516,8496,1037,8317,8666,8216,5266,7597,1167,0619,882

85,153

1921

7,3036,0396,7526,5416,3616,7205, 5485,7336,7526,9946,6228,597

79,962

Month.Tucson, Ariz. Waco, Tex.

1923 1922 1921 1923 1922 1921

JanuaryFebruary. _MarchAprilM a yJuneJulyAugustSeptember.OctoberNovember.December..

Total

8,7446,4757,8437,5058,6477,4386,6056,4396,9877,7919,1748,793

6,5556,8596,6666,8517,4267,7437,2486,1816, 4567,3588,4739,166

6,8936,3986,6835,7317, 6458,4677,1476,2776,3117,1717,4157,623

92, 441 86, 982 83, 761

19, 57216,18416, 26314,45413, 77813, 62412, 77220, 09028, 79329, 32623, 74324,960

15, 38012, 64914, 80013, 07814, 09714,20813, 07514, 21324, 37525, 02320,00418, 862

233, 559 199, 764

18, 57815, 54816,00613, 74213,13813,3411& 18212.80819,47721,41316,10716,871

190, 211

NOTE.—Centers which have not reported continuously for the 18 months ending Dec. 31, 1923, are notncluded in the table.


DISTRICT NO. 12—SAN FRANCISCO.

SCHEDULE 1 .—COMPARATIVE STATEMENT OF C O N D I T I O N .


RESOURCES.

Gold with Federal reserve agents 'Gold redemption fund with United States Treasury

Gold held exclusively against Federal reserve notes.Gold settlement fund with Federal Reserve Board-Gold and gold certificates held by banks _


Total reserves _.Nonreserve cash


Total bills discounted . _ _ _Bills bought in open market

United States Government securities:BondsTreasury notes . _ . . _Certificates of indebtedness

Total United States Government securities


5 per cent redemption fund—Federal reserve bank notesUncollected itemsBank premisesAll other resources

Total resources •

LIABILITIES.

Federal reserve notes in actual circulation -Federal reserve bank notes in circulation—net _

Deposits:Member bank—reserve accountGovernment, .__ _ _ .Other deposits

Total deposits

Deferred availability itemsCapital paid in -Surplus _ __ _ _All other liabilities _ _ r .

Total liabilities _


Contingent liability on bills purchased for foreign correspondents. _

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

42,13.52, 7704,102

453, 944

229, 082

152,4883,0154,929

160,432

39, 6767. 862

15, 3011, 591

453,944

77.31,349

Dec. 30,1922.

202, 7353,977

206, 71237, 70019,106

263, 5184,286

267, 8040)

6, 86730,437

37, 30443,486

9227, 5257,149

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

Dec. 31,1921.

220,4333,356

223, 78937,46018, 254

279, 5033, 249

282, 7520)

13,68353, 410

67, 09320, 795

2102 2, 717

7,927

10. 854

98, 742

39437,180

8096,244

426,121

240,4114,751

121,1084,2253,876

129, 209

28,0457,375

15,1991,131

426,121

76.51,472

1 Not shown separately prior to 1923. * Victory notes.444


DISTRICT NO. 12;—SAN FRANCISCO. 445

SCHEDULE 2.—MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES DURING 1923-


Date.

Jan. 310172431

Feb. 7142128

Mar. 7142128

Apr. 4II1825

May 29

162329

June 61320.27

July 3111825

Aug. 18

152229

Sept. 512 . .1926

Oct. 310. . .1724 . . .31 _

Nov. 7142128

Dec. 5 . . .1219.26

Daily average.

Totalearningassets

(2+5+6).

120, 236119, 726109,346103,122101,805


Total.

40, 51132, 87433, 28935, 55638, 041

37, 685102; 377! 42,950102, 560 43, 275113,322 50,200

113,489109, 331120, 0 i :119, 220

125,288119,445123,633129, 837

125,940124, 516124, 904123, 939122, 768

120,845104,80094, 789

104, 005

108, 729112,090107, 416106, 926

106, 04699, 05397, 52096, 964

111,265

112, 288110, 637101, 426104, 495

108, 54798, 03591, 79689, 48586, 023

80,04080, 02885, 456

84, 09694, 254

103, 441109,482

107, 616

Billssecuredby U. S.Govern-ment

obliga-tions.

46,16742, 92649, 56554, 782

56, 91853,83858, 74965,186

63, 71465, 05166, 24"66, 44666, 786

67,94260, 62964,10874,169

76, 92884,07881, 59081,876

81,17374, 52873,44074, 47089, 759

91, 44289, 44080, 68583,805

86, 29376, 97671,21769,94064, 388

65, 50556, 57953,80558, 239

51,81751, 563158,886J64, 954j

63, 006

13, 0506,4569,06812, 86814, 847

16,48020, 99521,14719,169

12, 01510, 24719, 02521, 78122, 90117, 61325, 42029, 790

30, 32826,93328,18830, 69231, 693

31, 21925, 37125, 95825, 345

26,46129, 44331, 93832, 312

30, 43625, 41425, 20129, 39636, 259

34, 64736, 50130,12928, 002

27,09923, 08121, 57421,85720, 201

21, 82716, 85416, 76019, 656

15, 89515, 96022, 35823,134

Otherbillsdis-

count-ed.

Billsbought

in0 penmar-ket.

27,46126,41824, 22122,68823,194

21, 20521,95522,12831,031

34,15232,67930, 54033, 001

40,95837,08635, 29032, 80028,998

26, 38224, 68424, 53828, 375

32, 58031, 66335, 70836, 821

UnitedStatessecu-rities.

34,017 40,75336,225 37,99033,329! 37,26735,396 37,010

33,38638,11838, 05935, 75435, 093

36, 72335,25838,15048,824

50,46754, 63549, 65249, 564

50, 73749,11448, 23945, 07453,500

56, 79552, 93950,55655, 803

59,19453,89549, 64348,08344,187

43, 67839, 72537,04538, 583

35, 92235, 60336, 52841, 820

34, 58531,86931, 06129, 89728,341

25, 26224, 96221, 49620, 651

22,61518, 82'16, 64115, 865

15, 68815, 34014, 89513, 30912, 321

11,66112, 01211, 55611,505

13, 06911,87411, 39410, 36012,450

13, 29614, 27617, 03818,03223,09433, 50635,37035, 343

24, 638

38, 76749,76640, 76734, 76634, 766

34,74234, 74334, 74734, 747

Totalcash re-serves

263, 565259, 788263, 836263,932269, 321

267, 217263, 599257,452244, 921

34,742 247,13334,742| 252,53434,742! 234,16027,617 233,819

27,617 229,88627, 61727,61727, 641

232, 574229, 878225, 238

27,641 234,21427, 596! 241,11427, 596 246, 87027, 596 243,96027,641 245,172

27,64119,2099,1859,185

249, 047261, 598267, 725267, 079

9,186! 269, 6689,185 262,5669, 185 263, 9569,185 261,754

9,185! 260, 2709,185 269,9,1859,1859,185

9,1859,1859,1859,185

9,1859,1859,1859,1859,185

9,1859,1859,1859,185

9,1859,1859,1859,185

19,972

277, 820275, 098265, 943

267, 036277, 466278,420273, 496

274, 849285,900296, 790290, 766298, 202

296,491308,107306,462301, 940

305, 883299,183289, 781286,876

265, 065

Mem-ber

banks'reserve

de-posits.

138,499141, 535139,946138, 529138, 832

139,798142, 353138, 606138,473141,909143,779140, 663139, 226

140, 725140,174139,181140, 208

140, 219143, 896145, 005150. 038149, 237

148, 929149, 209142,101146, 955

145,967146, 523146, 243145, 783

140,885143,649147, 709144,188147, 781

Totalde-

posits.

Federalreservenotes in

circu-lation.

143,846146,143146, 682146, 473149, 914


244,187:226, 388219, 075212, 458212, 544

145,676 209,2571150,561 207,230147,505 207,379146,421 202,465

148, 679153, 817149,803146, 945

147, 399146, 006148, 996147, 787

146, 950149, 738157, 493154,514155,955

155,143154, 047148,173154, 391

151,190153, 206152, 671152, 457

148, 709149, 907154, 628153, 079156,040

144,160 150, 988 217, 534152,596 160,003 218,676147,591 154,686 218,363145,465 152,423 216,569j

205,150202, 383200,818197, 722

199,170197, 494196, 796196, 294

201, 374205,414205, 267202, 589203,102

204, 866202, 441205,356!207,413'

217, 984217,423210, 244208, 333

208, 018209, 412210, 860211,712211,021

147,295J 151,991147,127 153,312153,448 163,707146,863 154,798148,588 156,14^

149,437 155,437154,081 161,692151,013 158,405149,497! 157,525

150,974| 159,012!151,6761 159,917!151, 257i 156,560143, 800j 152,739

219, 546220, 293220, 519218,486i213, 392

217, 572218,796216, 700214, 853

221, 580224,905!228, 764j232, 397

143,564 150,921 212,280

67.969.772.173.574.3

75.373.772.570.2

69.870.966.867.8

66.367.766.565.5

67.267.968.168.368.3

69.273.475.773.8

73.070.872.772.6

73.075.076.075.472.5

72.573.374.674.1

74.076.577.277.980.7

79.581.081.781.1

80.477.775.274.5

73.0



FEDERAL RESERVE BANK OF SAN FRANCISCO

MILLIONS OF DOLLARS

350

300

250

2C0

150

100

I I I I IF. R. NOTE CIRCULATION

MILLIONS OF DOLLARS

350

300

200

150

100

22! 0

100

50

100

50

200

150

100

I I IPURCHASED BILLS

100

I I ! I IUNITED STATES SECURITIES

I I I I IDISCOUNTS FOR OWN MEMBERS

100

50

2 0 0

150

100

1921 1922 1923


DISTRICT NO. 12 SAN FRANCISCO. 447



Month.


MayJuneJulyAugust


Total: 192319221921


Total.

115, 396150,311146,497197, 914

221, 843211, 790203, 246187, 421

219, 409170, 516135, 650148, 970

2,108, 9631, 535, 3002, 823,018

Securedby U. S.Govern-

ment obli-gations.

71, 356104, 20289, 026149,102

174, 169158, 814152, 744143, 012

158, 431116, 84098, 67889, 305


576906

3113

Tradeaccept-

1, 505, 709802, 292

1, 959, 397

1,692883

4,592

389211246302

135749

1,084403

426970226802

5,9433,175

16, 888


paper.

2,3101,3522,3232,847

4,8453,7484,3313,173

1,9512,4842, 337

1 5, 270

36, 97139, 26599,531

Demandand sight

drafts.

8442323534

864

Allother.

40, 76543, 64054, 89945, 550

42, 69448, 47945,06240, 710

58, 51749, 76634,15253, 550

557, 784689, 685742, 610


Month.


MayJuneJulyAugust


Total: 192319221921.

I Total.

19, 52622, 62637, 22919, 416

11,63111, 54112, 38412, 341

10, 88613, 62518, 63135, 326

225,162211, 800130, 461

Bank-ers'

accept-ances.

18,99322,12136, 50719, 336

11,30611, 20112,19912, 265

10, 74113, 49018, 15633, 781

Dollar I Tradeex- accept-

change.j ances.

U.S . securitiespurchased.

Bondsand

notes.

220, 096207,127123,143

533505671 !80 |

I32534018576

145135475

1,545

5,0154,2246,585

51449733

4962,8314,671

Cer-tificates!

of in-debt-

edness.


157,500 j

1,17524

2,660

1, 000

162, 359107, 806

73, 453

292, 422172, 941184, 901217, 354

233,519225, 991215, 630199,762

176, 299149, 721236, 799110, 549

118,747121,917123, 786152, 925

231,295 159,901184,141 167,962154, 281 155, 524184, 296 243, 607

2, 496, 5331, 917, 737

1921

217, 053196, 592327, 336296, 720

347,857368, 886233, 373194, 915

192, 744230, 610203,419222,098

3, 031, 603

1 Includes $2,000,000 discounted for the Federal Intermediate Credit Bank of Berkeley, Calif.





Month.

JanuaryFebruary..MarchApril __MayJuneJulyAugustSeptember.OctoberNovember.December..

Ari-zona.1

556440359302197230566|4931

Utah.

4,1841,1961,4742,2092,6762,0354,0793,912

Ne-vada.

Cali-fornia.

57!

28!

Total: 192319221921

Number of memberbanks at end ofyear:192319221921


192319221921

391! 3 ,636 .403! 3,541 ( .

46s 2,517;.15! 4,333| 124

3,9981 35,792;13,422| 68,666!27, 235|263,152

16! 52;16! 55;15 65!

38j491

62:

283 1, 710, 6981263 1,107, 212

2, 238 1, 923, 647

87, 517127, 640112,335166, 691

188,699178,121167, 294150, 419

181, 747129, 030105, 67'

2 115,528

Ore-gon.

2,0374, 8359,99412,48710, 6188,4816,0557,412

11, 45914, 4238,951

10,892

319325355

161186218

107, 64459,387

144, 946

136135134

Idaho.

12,3369,80912, 06610,13511, 67711, 52211, 32811,38010, 52210, 4559,5327,202

127,964211, 076227,461

Wash-ington.

8,7096,391

10, 2416,090

7,97611, 37613,90313, 777

11,65412, 6648,927

10,876

Total.

Num-ber ofmem-

berbanksin dis-trict atend ofmonth.

Num-ber ofmem-

berbanksaccom-

mo-datedduring

themonth.

135, 650!148, 970J

822822815816

817814813811

811809810809

122, 584 275, 274 1

234, 339 2,

110! 165120J 164127 150

108.963 L535, 300! -823 ,018 .

809j826i857

260232266270

319311337316

269267240230

83102122!

101104110

5 3 1 .617j.

1 Figures relate only to tha t part of the State located in the San Francisco district.2 Includes $2,000,000 discounted for the Federal Intermediate Credit Bank of Berkeley, Calif.


EARNINGS.Discounted billsPurchased billsUnited States securitiesDeficient reserve penalties.Miscellaneous

Total earnings..CURRENT EXPENSES.

Salaries:Bank officers __Clerical staffSpecial officers and watchmenAll other

Governors' conferencesFederal reserve agents' conferencesFederal Advisory CouncilDirectors' meetingsTraveling expenses 2 . . -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 supplies..Printing and stationery...

1923

$2, 786,3491,020,834

836, 76125, 771

1 54, 488

4, 615, 227

262,456,461,516

77, 260134,585

1.148704

2, (56510, 97336, 39849, 448

1,91438, 70330, 3913,1153,857

294120, 62948,83564,941

1922

$2,126,654 j712,385 i

1,811,317 |48, 957 I •121,889 |

$7,965, 583825, 577236,876130, 25426,123

4,821,202 | 9,184,413

235, 6951, 543, 561

81,750113, 764

1,2211,1161,483

11, 38638, 31951, 0033.974

40, 08525, 8895,1345,346

94797, 46542, 06085,511

225, 4801,687,043

74,17488,954

1,4071,9292,312

12,41335,11552, 3756,509

69,05630, 5836,7137,480

25, 497137, 76650,565

154,529

1 Debit.2 Other than those connected with governors' and agents' conferences and meetings of directors and of

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

DISTRICT NO. 12—SAN FRANCISCO. 449


1923

CURRENT EXPENSES—continued.Telephone __TelegraphPostage.ExpressageFederal reserve currency:

Original cost, including shipping charges.Cost of redemption, including shipping charges.

Taxes on Federal reserve bank-note circulationAll other expenses ._.

$16,09183,664

126,98025,864

143, 29324,422

47, 019

$15,77588,034

137,922

230, 46542, 69615,00090, 78.6

Total current expenses.. 2,817,165 3,006, 387

$16,915100,108

141, 285

498, 76274,96343, 485

3 271, 538

3, 816,964


EarningsCurrent expenses.

4, 615, 2272,817,165

4,821,2023, 006, 387

9,184,4133, 816,964

Current net earnings. 1,798,062


States bonds JAllother

1,72913,113

Total additions.. 14,842

Deductions from current net earnings:Depreciation allowances on bank premisReserve for probable lossesFurniture and equipmentAll other

615,921325,000324, 282

42, 275

Total deductions.

Net deductions from current net earningsNet earnings available for dividends, surplus, and franchise taxDividends paid _Transferred to surplus accountFranchise tax paid United States Government.

467, 72037, 706

1,814,815 5,367,449

4,395 |1,814 !

78,8761,497

6,209 j

36,406 !72,000 136,003 !16,259 I

80, 373

16, 512500,000(4)

10,810

1

1

307 478

292, 636505,426 1,

160,668

154, 459660, 356 4,

527,322

446, 949920, 500

448,306 ! 435,3615 121, 205 i 1, 254, 824

' 1,090,845 j 3, 230, 315

3 Includes $155,031 for furniture and equipment which since 1921 has been charged direct to profit andloss.

4 Included with current expenses prior to 1922.5 Bank also charged its surplus account and paid the United States Government $306,926 as an additional




Bills discounted:Applications.. __Notes discounted





AMOUNTS HANDLED.

Bills discountedBills purchased in open market for own accountCurrency received and countedCoin received and countedChecks handledCollection items handled:



Transfers of funds

1923

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, 765,000

24, 767,00014, 066, 535,000

41, 522, 000278, 560,000

486,429,0008,241,696,000

1922

0)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

1921

0)116,38036, 916

51, 590,00018,636,00043, 338,0C0

8, 622,000134,000

6,407,000101,000

(l)

$2,823,018,000130,461, 000519,558,00031, 859,000

8, 055, 574,000

52,481, 000217,684,000

1, 375,896,0005,158,701,000

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





Month.


Total, 192319221921

Items forwarded| to other Federali reserve banks and; their branches.

Num-ber. !Amount.

245185210202189188206192159201182213

2,3722,3781,928

39, 80433, 20341, 97938, 03036, 33232, 87935, 28036, 01732, 46540, 43537, 82236, 292


United States.

Num-ber.

440, 538400, 542407, 164

255202215225234207204218217239221211

2,6482,3012,1C6

Total.*

Amount.Num-ber.

96, 58949, 83262,18542, 87959, 26656.16944, 48836, 67148, 05544, 88242, 09955, 949

5,1234,4475,4285,0245,1925,2105,1995,1964,9515.7515,4155,954

639, 0641,294,6311,319,864

62, 89051, 24141,123

Amount.

1,091,181905, 550'

1,157,0671,075, 9361,164, 4461,188, 5611,110, 7251, 089, 7871,137,0471, 333,4511,194, 9441, 259, 794

13, 708, 489-8, 441, 4747, 599, 026


SCHEDULE 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 THE GOLD S E T T L E M E N TF U N D .


Week ending-

Jan 4 (3 days)11 ._ . . . .1825

Feb. 18

1521

Mar. 18

1522 . - >. __ .29

Apr 5121926

May 310172431

June 71421 .28

July 5121926

Aug 29

162330

Sept 613 . . . .-2027


47, 36670, 74772, 28965, 70062, 27259, 80852, 71255,172

• 78,67469, 66475, 26084, 59474, 37868, 55764, 22062, 98273, 99869, 66858, 44963 39476, 88061, 70560, 26960, 28871, 38569, 25462 20265, 59165, 30364, 57356, 60250, 23250, 38259, 37861,19845, 50254, 99968, 45467, 812

Receiptsfrom other


43, 32870,17672, 36264. 73062, 87951, 62449, 05849, 22969, 39P64, 66970, 78]69, 51176, 70360,17166, 91456, 96278, 57465, 47669,02666, 64075,07168, 84755, 50070, 65174, 58465, 80965, 66762, 07961,25160, 33859, 66056, 00450, 47556, 29155, 44849, 03159, 58068, 73759, 331

Net loss.

4,038571

970

8,1843,6545,9439,2784,9954,479

15,083

8,386

6,020

4,192

1,809

4,769

3,445

3,5124,0524,235

3,0875,750

8,481

N e t gain.

73

607"

2,325-

2,694

4,576

10, 577"3,246

7,142

10, 3633,19£

3,465

1 3,0585,772

93

3,5294,581

283


DISTRICT NO. 12 SAN FRANCISCO. 451



Week ending—

Oct. 41118 -- -- . - _- - .25

Nov. 1 - - - - -8

1522 .28

Dec. 6 - . . .13-2027.-28-31 (3 days)

Total:19231922 _1921


71, 52057, 96761,51170, 67874, 59860, 23554, 44574, 05464, 54279, 40267, 46977, 79964.91937,120

3, 418,1722, 985,4822,468, 430

Receiptsfrom other


74, 60776,61161, 30668, 54877, 89764, 53866, 81364, 94561, 52077, 75861, 92374, 96363, 53042, 144

3, 389, 6662, 885, 5962, 457, 681

Net loss.

2052,130

9,1093,0221,6445, 5462,8361,389

28, 50699, 88610, 749

Net gain.

3,08718, 644

3,2994,303

12, 368

5,024





JanuaryFebruaryMarchApril _ . '-May - _ . - _ . -June _JulyAugustSeptemberOctoberNovember ___ . - . , . _December


January _._FebruaryMarch.- _April .M a yJune.JulyAugustSeptember _ _ _ _ _ _ _ _ _OctoberNovember . , _ _December


1923 *

913,314938,773954,423979, 407997, 822

1, 008, 699992, 021992, 954

1,007,488992,406

1, 000, 5611, 007, 606

1922

886, 232839, 261846, 502862, 506860, 559856, 592863,942868,441876,709891,727904,297908, 690


1923

670, 542669,061672, 293690, 500723,696715, 309731,410723,097726, 630753, 650742, 732730,864

1922

603, 719565,595575, 242596,137601, 795608, 270628, 375634, 061639,987656, 001653, 246653,268

Investments


1923

199,070201, 232216,870215,645212, 690209, 628197,895198,616197, 671187,113185,079194, 283

1922

141,945145,185141, 426150, 946150, 780161,131160,292172,049174, 235179, 233181,151197,179

Time deposits.

1923

590, 722598,156607, 489612,522586, 569579,048527,822540, 909549, 631540, 873551,100565, 053

1922

564, 239530, 007532,248541, 521534, 573546,845549, 529544,831551, 864559, 012565,981576, 219

All other.

1923

158,985157,981154, 380154, 912158,663158, 531153,468148, 600154, 972156,732159,171161, 595

1922

174,006162, 092170,556164, 290164,910165, 410166,468160, 572159,323161,534163,638159,833


1923

19, 67432, 06836, 68745, 24142, 32948,03253, 81659,56757,16841,93940, 01446, 208

1922

23,06920,14326,02416, 04615,51211,85811, 60610, 8489,613

12,18030, 71221, 370

NOTE.—Figures are for about 65 banks in San Francisco, Los Angeles, Portland, Salt Lake City, Seattle,Spokane, Oakland, Ogden, and Tacoma, which submit weekly reports to the Federal reserve bank.Digitized for FRASER





Month.

JanuaryFebruary. _MarchAprilMayJuneJulyAugustSeptember.OctoberNovember,December..

Total.

Month.


Total.

Summary (or 18 centers.1

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

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

28,935,859 I 24,562,305

Bakersfield, Calif.*

1921 i 1923 1922

2,156, 2961, 765,1282,197, 4411,999, 5271, 858, 5701, 935,9911, 796,4311, 842, 5211, 970, 7492,097, 3242, 065,0612, 252,118

12, 2649,78112, 88511, 82910,92410,80710,4009.9338,89410,91510, 70910, 703

23,937,157 130, 044

14, 55511, 34611, 42811,11010, 89610, 6309,4609,42911, 62911,753

112, 236

1921

Bellingham, Wash.*

1923

7, 559

1922

6,0009,0118,7128,4737,9468,2878,6388,6329,2168,0938,886

4,9586,8086,2626,5597,8106,8877,3717,3537,6327,0946,997

Berkeley, Calif.*

1923

21,21114,88218,04616, 62016, 57816, 26916,80416, 56014, 38618, 62417, 75717, 016

99,453 { 75,731 204, 783

1922 1921

15, 49615, 96719, 20216,10020, 63017,00615, 36515, 37417, 84817, 89916,19317, 334

13, 60811,03113, 06212, 30712, 71412, 06112,46514, 26713, 83814, 91613, 72016, 285

204, 414 160, 274

Month.

JanuaryFebruary. _MarchAprilMayJune.JulyAugustSeptember..OctoberNovember.December..

Total.

Boise, I d a h o .

1923 1922 1921

14,45410,44412, 36411, 83412,32513, 22612, 81311, 62111, 97113, 77711, 78813, 473

150, 090

13, 4709,632

10, 35510,35412, 31012,82912,07211, 27912,17212,96313,03816,434

12, 6519,458

10, 01011, 3249,616

10, 55712, 21410,84911,71212,28013,17413, 025

Eugene, Oreg.*

1923

8,3228,2079,94510, 35812, 93810, 44910, 21711, 18510. 86313,52412, 04911, 746

146,908 I 136,870 12£>, 803

1921

5,8676,8287,7468,3217,8678,0688, 5768,705

10,3459, 8759,800

91, 098

Month.

JanuaryFebruary- _MarchApril _MayJuneJulyAugustSeptember.OctoberNovember.December..

Total-

Fresno, Calif.

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

1921

44, 39951, 26644, 53540, 24938,16236, 20735, 24638, 22952,63671, 65865,00858,310

607,904 575,905

Long Beach, Calif, "i

1923

54, 40249,853C3,49611, 22460, 24861,16158, 518•31, 83357, 23064,93559,16062,345

710,405

1922

28, 24925, 41931, 23629,03930, 39332, 54738,10336, 24338, 07241,442 |40,848 I51,536 j

1921

23, 80720,32826, 39125,03221,89924,04425,10823,93023, 09524,09724,622

423,127 291, 037



DISTRICT NO. 12—SAN FRANCISCO. 453


Month.

JanuaryFebruaryMarchApril _ _M a yJune .JulyAugustSeptemberOctoberNovemberDecember

Total

Month.

JanuaryFebruary.. .March.April._. . . .May.June . .JulyAugust _September-. ___ _ __. - _OctoberNovemberDecember -

Total

Month.

JanuaryFebruaryMarch.April - .MavJuneJulv.. .AugustSeptemberOctober._ _ .NovemberDecember..

Total...

Month.

January .February .MarchAprilMay. _June .July..August .SeptemberOctoberNovember.December

Total


Los Angeles, Calif.

1923

659, 256586, 622749, 004673, 080713, 892706, 985706, 623672, 468668, 497770, 469722 837789, 512

8, 419, 245

1923

32 19526, 27229.91731, 22529 29224, 48824, 65725, 87924, 16232, 46134 40531,070

346, 023

1922

511,034436, 496520, 741473, 001526, 172518, 489498, 524494, 186516, 679549, 286535, 054632, 291

6,211,953 5

Dgden, Utah.

1922

20, 72216, 09319, 74017, 55721 51717, 72716, 48318, 86720, 07221, 99732 40336, 821

259,999 I

Phoenix, Ariz.*

1923

20, 56616,44219, 32817, 26919, 27420, 76015, 87317, 23317,11822, 22924, 36525, 065

235, 522

1923

11,3217,8699,3149,323

10,04211,65410, 7399,935

10,12111, 20311, 52712, 018

125, 066

1922

14, 69814,80715, 63120, 50720,14016, 66114,46314, 79318,49720, 00421, 239

191, 440

Reno, Nev.

1922

9,9297,9339,8629,100

10,00611,90611,20710,11510, 97311,53711,06511,837

125, 470

1921

459,122380,139482, 278433, 981407, 791441,855425, 222433, 829424,648473, 648484 115538,157

384, 785

1921

21,11012, 58014, 16113, 74912 93013, 88112,19912.19312, 26516, 26320 14718. 529

180,007

1921

1921

11,6308,926

11,20810,88510, 65011,75311,54911,36010, 54110,89510, 91411,354

131, 665

Oakland, Calif.

1923

116,062110, 542336,503125,121121, 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

Pasadena, Calif.

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

Portland, Oreg.

1923

137. 699124, 494149, 822157, 439151 119150,081152, 587154 315160, 280196, 793162, 622169, 701

1,866, 952

1922

124, 454113,711142, 945136, 292127, 805141, 368133, 170141, 005147, 297161, 536136, 941145, 142

1,651,666

Ritzville, Wash.*

1923

676545691539567612532594905

1,0731,079

956

8,769

1922

571732712763688562532789792647812

7,600

1921

86, 49073, 73185,86679, 05383,05179, 94277, 88877, 49677, 08080, 21280, 76693, 787

975, 362

1921

24, 33321,94328,11025, 27321, 57622, 39521,12619,03219, 86022, 51823, 47522, 134

271, 775

1921

159,187142, 462161, 572169, 062140,306147,327130, 602148, 810160, 839158, 665131, 367138, 317

1, 788, 516

1921

86538—24f 30Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis




Month.

JanuaryFebruary. _MarchAprilMayJune .JulyAugustSeptember.OctoberNovember.December..

Sacramento, Calif. Salt Lake City, Utah.

1923 1922

78, 91141,23740,23235,53646,26235.20235,57937,83135.74943,88149,82657,360

58, 01047, 38462, 74163,14958, 26564, 03660, 09966, 03170,14768, 08854, 64583, 394

58,10247, 62755, 58854, 55351, 58453, 72054, 09448, 81363, 30473, 42373, 69780, 027

68, 04854, 47861, 86960, 65763, 45266, 63958,85057, 61358, 03267,19866, 20383, 304

1922

58, 77144, 62552, 98753,44055. 78855, 81955, 67057, 33155, 83062, 83967, 62981, 461

1921

80, 93753, 78363, 71170,07650, 29860, 64055, 33954,84660, 65260, 37869,42891,098

Total .

Month.

Januarv,. .__FebruaryMarch ._April-May __June. .JulyAugust.SeptemberOctober.NovemberDecember

Total

Month.

JanuaryFebruaryMarchApril....Ma} 7

JuneJuly .AugustSeptember . _OctoberNovember..December

Total

537, 606 755, 989

San Bernardino, Calif

1923

7,4766,4327,0280, 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

San Francisco, Calif.

1923

776. 762680, 420885, 456778, 350809, 640829, 547750, 868739,784760, 056849, 907785, 434835, 640

9, 481, 864

1922

725,176626, 032738, 831698, 205705, 661730, 557708,828708,090 1757,110751,195723,098765,177

8, 637, 960 9,

714, 532

*

1921

1921

878,190696, 854915, 361777, 769744, 094750, 204663, 710690, 619751, 523791, 526780, 411848, 436

288, 697

766, 343 702,190

San Diego, Calif.

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

San Jose, Calif.*

1923

24, 90219, 65422, 37423, 68320, 74520, 76421, 84222, 04121, 22827, 05823,47423,014

270, 779

1922

21, 60615, 47519, 55418, 57218, 59619 93720,87823,286 12], 937 !

26 94826,235 I24,351 !

257, 375

771,186

1921

37 47732, 63834, 90935, 87032, 05432, 23334, 22031, 89731, 46931 65733, 71939, 613

407, 756

1921

24, 28416,91418, 07822, 27017, 48116, 89519, 34319,96121,17624 80622, 56623,263

247,637

Month.

JanuaryFebruary..March rAprilMay__JuneJulyAugustSeptember.OctoberNovember.December-

Total.

Seattle, Wash. Spokane, Wash.

1923

165,674140, 288179, 710166, 272168, 652178, 691166, 824170, 001169, 561182, 264174, 742187,985

2, 050, 664

1922

137, 260126, 991157,044146,820139,118149, 944138, 580155, 736158,135163,193165, 608168,185

1, 806,614

1921 1923

138,209117, 602141, 534137, 329128,901140, 342131,109133,171149,195144, 675139, 790147,809

1922

40,31235, 97947, 25842, 20647, 83846, 63441, 64541, 57241, 70452, 69443,15951, 400

1, 649, £ 598,105 532, 401

51,15939, 91949, 45445.87542.87648,01044, 47844,07050,11848,83543, 07047,286

555,150


DISTEICT NO. 12—SAN FRANCISCO. 455



Month.

Stockton, Calif.

! 1923 1922 1921

JanuaryFebruary...MarchAprilMayJune.JulyAugustSeptember.OctoberNovember.December..

Total

23,49218, 85623,44325, 53124, 08425, 58125, 62524, 72826, 36326, 77326, 40027, 742

21, 23217, 89521, 58722, 08820, 69221, 78221,02721, 79322, 22823, 70626, 07924, 941

20,72118, 39321,12921, 61718,14818,82318, 77820,13121,51323, 06020, 29523, 898

265, 050 246, 508

Tacoma, Wash. f

1923 1922 1921

36, 92531,45640, 75838, 31838, 74745, 29439, 55538, 01338, 79538,86937, 56740, 587

464,884

33, 74029,80139, 46535,47536,16539, 41137, 59538, 22836, 87340,31137, 66840,951

38, 71828, 92041, 33138, 39535, 75335, 57135, 34134,17738, 00638, 46737,67438, 337

Yakima, Wash.

1923 1922 1921

445,683 440,690

9,6588,385

10, 28110,0349,6139,4198,8908,794

11, 29312, 89812, 88011,414

10,11310,02711, 84711,03610, 42010, 2169,5869,19310,82811, 69911, 54810, 832

123, 559 127, 345

10, 0548,55910, 2939,4358,8818,4878,2089,06912, 29315, 06713, 38913,317

127, 052



PART III.

RECOMMENDATIONS OF THE FEDERAL ADVISORYCOUNCIL TO THE FEDERAL RESERVE BOARD

FOR THE YEAR 1923.DESCRIPTION OF FEDERAL RESERVE DISTRICTS.

457


OFFICERS AND MEMBERS OF THE FEDERAL ADVISORYCOUNCIL FOR THE YEAR 1923.

OFFICERS.

President, L. L. RUE.Vice President, PAUL M. WARBURG.Secretary, HARRY L. HILYARD.

EXECUTIVE COMMITTEE.

L. L. RUE. J. M. MILLER, Jr.PAUL M. WARBURG. J. J. MITCHELL.A. L. AlKEN. E. F . SWINNEY.

MEMBERS.

A. L. AIKEN, Federal Reserve District No. 1.PAUL 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.E. W. LANE, 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.R. L. BALL, Federal Reserve District No. 11.D. W. TWOHY, Federal Reserve District No. 12.

RECOMMENDATIONS OF THE FEDERAL ADVISORY COUNCILTO THE FEDERAL RESERVE BOARD, FEBRUARY 20, 1923.

TOPIC 1.—Rates.Recommendation,—Council believes that time and conditions now

warrant increases in the rediscount rates of the Federal Reserve-Banks of Boston, New York, and San Francisco to 4J per cent.

TOPIC 2.—Provision for 3 per cent extra dividend on stock ofFederal reserve banks as contained in Capper bill S. 4280 and Lenrootbill S. 4287.

Recommendation.—Council is of the opinion that the provision inthe Capper and Lenroot bills, providing under certain conditions foran extra dividend of 3 per cent to member banks, violates an im-portant principle which was adopted when, after mature deliberationat the time of the passage of the Federal reserve act, dividends onstock of the Federal reserve banks were limited to 6 per cent. TheFederal reserve banks were not organized for profit, and in this liesan important protection to the system. After 6 per cent has beenpaid to stock-holding banks, and provision made for surplus as

459



required by law, all additional profits should be turned over to theGovernment and thus benefit the taxpayer.

Council requests that the Federal Reserve Board forward thisrecommendation to the Banking and Currency Committees of theSenate and House of Representatives.

Recommendation 3.—At the request of the Federal Reserve Board,council discussed a paper submitted by the vice president, Mr. PaulM. Warburg, entitled: "Annual address of President Paul M. Warburg,American Acceptance Council, New York, January 19, 1923." Thispaper contains two suggestions:

(1) Finance bills.Council is impressed with the importance of securing for xlmerican

banks power to accept finance bills to be drawn by banks of suchforeign countries as may attain economic and fiscal conditionssufficiently strong to warrant them to undertake the stabilization oftheir exchanges and the êstablishment of their gold standards;such bills to be drawn under the auspices of the government banksof the foreign countries involved and accepted by member banksunder the regulations of and with the approval of the Federal ReserveBoard. The council recommends to the board close study of thisquestion and would welcome an expression of the board's view atthe next meeting of the council.

(2) Rediscount and open-market policies.Council believes that the second suggestion contained in Mr,

Warburg's address is deserving of the Federal Reserve Board's mostcareful study and investigation. This suggestion deals with theimportance of having the Federal reserve system adopt two entirelydistinct policies, one affecting the rediscount transactions of theFederal reserve system, and the other the open-market operationsof the system, as fully described in that paper.

If the board shares the view of the council it is suggested that itinvite the officers of the Federal reserve banks to devote their atten-tion to the topic with a view of developing some plan which bygradual steps would lead to a broader use of acceptances as invest-ments by the member banks.

Recommendations of the Federal Advisory Council to the FederalReserve Board, May 21, 1923.

Recommendation 1.—The Federal Advisory Council believes thatall the services inquired about by the Federal Reserve Board in itsletter of May 3, 1923, inclosing copy of u Memorandum for governor'sconference, X-3676," should be continued, except that the councilholds to the opinion that the service rendered in the free collectionof noncash items, both city and country, should be reduced. Thefree collection of coupons, however, should be continued. The coun-cil understands that this question is now being studied by a specialcommittee of governors appointed by the board.

Recommendation 2.—The Federal Reserve Board has submitted tothe Federal Advisory Council a copy of its resolution in tentativeform authorizing the Federal Reserve Bank of Boston to establishan agency in Havana, Cuba, and specifying the terms and condi-



tions under which such an agency should operate. The board hasasked the Federal Advisory Council to express its views particu-larly on the question whether the restrictions embodied under No. 1of the resolution are far-reaching enough to insure safety; and, onthe other hand, whether in the opinion of the council these restric-tions are so far-reaching that they might prevent the attainment ofthe objects of the establishment oi the agency—the outstandingobjects being, as members of the board have explained to the council,the so-called stabilization of the Cuban currency and banking situa-tion, and the furnishing of a continuous supply of clean money.

A careful examination of the resolution leads the council to theview that the limitations are not stricter than the circumstances re-quire. The stupendous losses that American banks operating inCuba have recently suffered can not but impress the council withthe absolute necessity of placing the greatest possible safeguardsupon the open-market operations of Federal reserve banks in Cuba.If these bills are to be bought by the agency before they are actuallyaccepted by the bank on which they are drawn, it is obvious that theboard is well advised if it stipulates that they shall be secured byshipping or other documents conveying title. Also that they shouldbear what the board calls " a satisfactory bank indorsement." With-out these safeguards obviously the agency would not be safe inbuying these bills. With these safeguards it is doubtful, however,whether the agency will find an adequate supply of bills which arethus made eligible for purchase by it. A very large number of thesebills are being drawn as so-called ^dry-season credits"—that is, thelarge sugar-growing concerns are permitted to draw on the banksgranting the credit for the making of the crop in advance of thegrinding, and during the grinding period, and the shipping documentsare forthcoming in due course as soon as the raw sugar becomesavailable for shipment. While these bills are excellent investmentsfor Federal reserve banks after they have been accepted, they are,therefore, not available for purchase by the foreign agency in theforeign country where they are drawn. Another difficulty ariseswhen we reach the point of defining what is a " satisfactory bankindorsement." If we were restricting this definition so as to includeonly member banks, there would be only two banks available forsuch indorsement for the agency, and this would give them a posi-tion of preference. On the other hand, it will be very difficult forthe agency to discriminate and to refuse the indorsement of localbanks or the Canadian banks. The fact remains, however, that theFederal reserve bank is in no position to examine these Canadian orlocal banks in a similar manner as it ca.n secure statements and ex-aminations of American indorsing or accepting institutions. Therehave been quite a number of important Cuban banks that have goneinto receivers7 hands, and one of the important Canadian branchbanks became heavily involved only about a year ago.

Moreover, it should not be overlooked that some of the large sugarestates are practically owned, voluntarily or involuntarily, by banksand banking firms and that in such cases the bank indorsement is notquite as independent a guarantee as it would appear. If the agencywould be very careful in selecting the names that it would consideras satisfactory indorsements, and in keeping the amount that itwould take of each name within very conservative limits, it wouldsoon be charged with giving a position of preference to AmericanDigitized for FRASER



branch banks. It is hard to conceive, however, how such a develop-ment could be avoided. Moreover, the supply of these bills will beforthcoming only during certain seasons of the year. The operationsof the agency will, therefore, not be continuous, but only seasonal.On the whole, the council can not escape the conclusion that on thisof necessity restricted scope a basis can not be found which wouldprove satisfactory to the Cuban banks or secure any position of con-tinuous effective influence for the agency.

What has been said about power to purchase acceptances appliesto a certain degree also to power given to the agency to buy and sellcable transfers. This, too, would be only a sporadic business, andthere is grave doubt whether the agency would be able to secure thebulk of this business as long as it could not buy the bulk of the longbills which would be offered in the market, and as long, therefore, asa great many of the sellers of these bills are more likely to send theirremittances to some New York, Philadelphia, or Boston correspondentand draw against these remittances by cable. Moreover, the volumeof cable transfer business to be done by the agency would be deter-mined by its willingness to carry, itself, the expense of shipping cur-rency. It also must be borne in mind that a bank buying or sellingcable transfers would not of necessity pay in currency or receive cur-rency. It may simply receive or make payment by transfer in thesettlement at the clearing house. It is, therefore, a mistake to assumethat all of these transactions would result in currency movements.

Governor Harding, of the Federal Reserve Bank of Boston, ap-peared before the council and explained his thoughts concerning thefuture operations of the contemplated agency. When asked howthese operations wTould tend to stabilize the currency he replied thatCuban currency was practically stable; and about the currency situ-ation itself he stated that in his opinion it seemed worse than itactually was, inasmuch as there was a great deal of clean currencyin Cuba, but this was held back by the banks and the people whilethe unclean currency was put into circulation. He said that thetotal amount of objectionably soiled currency in circulation wasestimated at about ten million dollars.

While the council is in full sympathy with the ends that the boardis trying to attain, it believes that the plan as now contemplatedwould not prove successful in actual operation and that what theboard desires to achieve can and should be accomplished by otherand simpler means which would not involve the ominous step ofpermitting Federal reserve banks to establish organizations of theirown in foreign countries—a step which in the opinion of the councilwas not contemplated by the act—a step for which the traditions ofthe important European central banks would give no precedent.

The following thoughts have suggested themselves to the counciland are herewith respectfully submitted to the board for its con-sideration. It has been stated as an element of uncertainty in theCuban banking situation that in case of runs or emergencies thebanks can not count on obtaining an adequate supply of currencywithin a reasonably short time. It would seem to the council thatif provisions were made to maintain at all times an adequate currencysupply at the Jacksonville branch of the Federal Reserve Bank ofAtlanta, or, if need be, at a branch to be established by it at KeyWest, a currency reserve could be made available for the banks inHavana in practically one night or even in a shorter time. The mereDigitized for FRASER



fact that such an arrangement would be announced would have areassuring effect, and in case of need no doubt this arrangement wouldprove entirely sufficient. While a provision of this sort would giveCuba assurance that a sufficient volume of currency would be forth-coming, there remains the second phase of the problem, which is toprovide for Cuba a constant stream of clean currency. If the boardauthorized Federal reserve banks to appoint correspondents amongthe banks operating in Cuba, for which appointment the Federalreserve act gives them undoubted authority, it would be an easy andentirely practicable matter to have accounts of Federal reserve banksopened not only with the American branches but also with the leadingCanadian and local banks. If such accounts were opened by Federalreserve banks transmitting to such Cuban banks, let us say, $100,000in clean currency, for which balances collateral could be required, andif at the same time arrangements were made with these correspondentbanks by which the return of unfit currency to the United Stateswould be facilitated, a simple machinery would be set up by whichthese balances could be continuously replenished by the remittanceof clean currency, while the soiled currency would flow back to theUnited States. What volume this stream of currency would assumeis a matter that could be ascertained and developed on the strength ofactual experience gained from month to month. If a plan of thissort would be announced, the council has no doubt it would be mostpopular, because it would meet the two main requirements of thesituation without subjecting the system to the charge of unduediscrimination or exposing it to the danger of opening the crack of thedoor which might lead the Federal reserve system to operation of itsown organizations in other foreign countries. If, as these opera-tions develop, the Boston Federal Reserve Bank, or any otherFederal reserve bank, should feel that the general interest requiresthat they should buy bills in Cuba direct, instead of purchasing themafter they are in the United States and properly accepted, or that theyshould deal in cable transfers, they are free to do so through theintermediary of their correspondents or agents, or agencies (whichevername may be preferred). The council fails to see that these trans-actions would in any way promote or that they are directly relatedwith the attainment of the end sought by the board, viz, the creationof an adequate currency reserve, or the furnishing of a constantstream of clean circulating notes. From Governor Harding's state-ment, it would appear that the dealing in cable transfers and the openmarket operations are proposed mainly for the reason of giving theagency a legal status, which then would enable it to exercise thecurrency functions which are the real object to be accomplished, butfor which section 14-e does not grant any special authority.

With the question of which of the Federal reserve banks shouldsecure a larger or smaller share in this development, the council haslittle concern, nor does the council think that the Federal reservebanks among themselves should look upon this problem from thepoint of view of competition or of securing any special advantage forany particular district. The question must be judged from the pointof view of what is best for the Federal reserve system, best for theUnited States, and also in this case of what is the most advantageousmethod of procedure in working out the financial problems of Cuba,in which the United States has so large an interest, and for the welfare



of which our country has responsibilities that it has toward no otherforeign nation.

Recommendation 3.—Council is of the opinion that there is nothingin business and financial conditions which would occasion any changein rediscount rates at this time.

Recommendation of the Executive Committee of the Federal AdvisoryCouncil to the Federal Reserve Board, June 14, 1923.

(Subsequently approved by the council.)

Hon. D. R. CRISSINGER,Governor, Federal Reserve Board, Washington, D. C.

DEAR GOVERNOR CRISSINGER: The executive committee of theFederal Advisory Council met to-dayr and considered the letter ofthe Federal Reserve Board dated June 7, inclosing communicationfrom the First Federal Foreign Banking Association of New YorkCity, dated June 6, urging the board to redraft its regulations cover-ing section 25a of the Federal reserve act to provide lor two require-ments, marked (1) and (2), on page 2 of their letter.

The executive committee of the Federal Advisory Council begs tostate its opinion as follows:

With regard to (1), the committee does not consider it equitableto make rulings on the eligibility of acceptances made by acceptancecorporations different from the rulings covering acceptances made bymember banks. If it is necessary for member banks to secure theapproval of the Federal reserve authorities before issuing accept-ances beyond six (6) months, the same rule should also be applied toacceptance corporations.

With regard to (2), the so-called Edge law is a combination oftwo separate projects; one was a law prepared several years beforeby the counsel of the Federal Reserve Board, which law was designedto provide for a Federal charter for banks or corporations in whichnational banks should have the privilege to invest, such corporationsdoing an acceptance business, and operating in foreign countries,either through branches or through the ownership of subsidiarycorporations. In providing for acceptance corporations of thiskind, two objects were had in mind:

(1) That it should be possible for several banks to combine in theownership of such a corporation, thereby creating a joint instrumentwith which to operate in foreign countries, it being realized that unlesssuch a combination were permitted, only very few of the very strong-est banks would be able to engage in foreign banking. The AmericanForeign Banking Corporation and the Mercantile Bank of theAmericas were the immediate outgrowth of this legislation, which,it is interesting to remember, was proposed and adopted as againstMr. McAdoo^s plan, who wished the Federal reserve banks them-selves to go to foreign countries with organizations of their ownacting as "agencies."

(2) American deposit banks being properly restricted with regardto their acceptance powers to 100 or 150 per cent of their capitaland surplus, while acceptance corporations were not permitted toaccept domestic deposits, it was provided that acceptance corpora-tions, like British acceptance houses, should be allowed to accepta multiple of their capital and surplus.



Congress amended the Federal reserve act so as to permit nationalbanks to invest in acceptance corporations of this kind, but neg-lected to pass a law authorizing their existence under a Federalcharter. The draft of the law remained, therefore, hanging fireuntil Senator Edge became interested in passing legislation per-mitting national banks to invest in investment corporations in asimilar manner as they had been authorized to do with regard toacceptance corporations. He then took the draft of the law pre-pared for acceptance corporations and simply added to it the powersgoverning investment corporations. Two entirely distinct projectswere thus covered by one law. When the board was asked to writeits regulation it quite properly proceeded to separate these twofunctions, and the committee holds the view that it would be a mistaketo make the changes now proposed by the First Federal ForeignBanking Association.

Investment banking and acceptance banking are two entirelydifferent matters; acceptance banking deals entirely with short-termed credits of a commercial nature, the risk being short, and thefunds of the corporation being kept liquid as a reserve fund to beavailable in case of default in payment on the part of any debtors.It would interfere with the liquidity and safety of these corporations,as acceptance corporations, if they locked up their funds in illiquidloans against which they would put out their own obligations. Allbanking traditions in Europe, where this acceptance business hasbeen developed, abhor the thought of having an acceptance bankissuing its long term obligations in the market. It is obvious ifany of these long term loans went bad, and the debentures of theacceptance corporation would begin to sell at a discount, that theiracceptances could not be sold; also that in case the collateral of thesecurities, on which these debentures had been issued, could not beliquidated w hen the debentures matured, that the safety of theacceptances would be impaired.

As against these considerations, very little importance may beattached to the argument of the First Federal Foreign Backing Asso-ciation to the effect that some business may be u switched " from accept-ances into long term obligations. Such transactions, if they arereally based on import and export transactions, are extremely un-likely, and if they existed, they could be carried temporarily by acash advance, or an acceptance credit might be secured from others.It is true that acceptance corporations have no easy time in makingboth ends meet, and earning a dividend. If greater latitude, how-ever, is to be given to them, it must be sought on other lines, whichdo not run counter to safe banking principles.

Very truly yours,L. L. RUE,

Chairman; Executive Committee.

Recommendations of the Federal Advisory Council to the FederalReserve Board, September 17, 1923.

Recommendation No. 1.—The Federal Advisory Council has con-sidered carefully the letter from the Undersecretary of the Treasuryto the Governor of the Federal Reserve Board dated August 3,1923, suggesting a certain differential between the rediscount rate



for commercial paper and the open market rate for bankers' accept-ances and approves of the principle, but is of the opinion that thetime is not opportune to increase the existing differential rate to theextent suggested.

Recommendation No. 2.—Recognizing the great importance of thedevelopment of the acceptance market and the market for short-term Treasury certificates, the Federal Advisory Council recom-mends to the Federal Reserve Board, if possible, some legal plan beadopted whereby the Federal reserve banks may extend accommo-dation to member banks and corporations or firms dealing in accept-ances and short-term Treasury certificates by the purchase of theseacceptances and certificates; and in the event of resale of thesesecurities to such member banks and corporations or firms, propercompensation should be exacted for the service rendered; but thesetransactions should be confined to acceptances and short-term Treas-ury certificates and should not include United States bonds or Treas-ury notes.

Recommendation No. 3.—The Federal Advisory Council havingheard Messrs. Claiborne and Adams in support of the so-calledClaiborne-Adams check collection plan and the recent amendmentsthereto, is of the opinion that the plan is unsound, and thereforeunanimously recommends its rejection by the Federal ReserveBoard. The council concurs in the essential objections to the planas set forth in the report of the advisory committee of governors ofthe Federal reserve banks to the Federal Reserve Board datedAugust 1, 1923.

Recommendation No. 4.—The Federal Advisory Council has con-sidered the effect of Regulation J, series of 1923, and recommendsthat it be amended as follows:

(1) To provide that Federal reserve banks shall receive at parfrom member banks and nonmember clearing banks in their respec-tive districts, checks drawn upon member and nonmember banksthat are collectible at par in acceptable funds; and shall receive atpar from or for account of other Federal reserve banks such checkspayable within its district. Collectibility at par may be establishedby an agreement of a drawee bank to remit at par in acceptablefunds or ability of a Federal reserve bank to make collection at parthrough another member or nonmember bank.

(2) To provide that Federal reserve banks shall not receive upondeposit checks upon any nonmember bank which are not collectibleat par.

(3) To provide that Federal reserve banks shall not charge exchangeupon checks drawn upon a member bank deposited with a Federalreserve bank, which checks are drawn by, indorsed by, or whichemanate from any nonmember bank which does not remit at par.

Recommendations of the Federal Advisory Council to the FederalReserve Board, November 19, 1923.

Recommendation No. L—Referring to letter from Vice GovernorPlatt, of the Federal Reserve Board, addressed to the Federal Ad-visory Council, dated October 31, 1923, relative to the shipmentabroad of Federal reserve notes of the Federal Reserve Bank of Dallas,the transaction as proposed involves in substance the shipment abroadDigitized for FRASER



by a New York member bank of Federal reserve notes. It wouldrequire a very strained construction of the Federal reserve act toconceive that the Federal Reserve Bank of New York for suchpurpose would be warranted in paying out Federal reserve notesissued by the Federal Reserve Bank of Dallas; nor does the councilapprove such a transaction for the purpose either of increasing thereserve or the open market investments of the Federal Reserve Bankof Dallas, in view of its position as disclosed b} its latest publishedstatement showing Government securities and open market invest-ments of $44,000,000, and a reserve of 54.9 per cent. The councilsees all the less reason for giving favorable consideration to thissuggestion inasmuch as the object to be sought is not to create neededadditional credit facilities for the Federal Reserve Bank of Dallas butapparently to enlarge its earning capacity.

Recommendation No. 2.—Council refers to its recommendationNo. 1 to the Federal Reserve Board of May 21, 1923, relative to thecollection of noncash items by Federal reserve banks, at which timeit was understood that the question was being studied by a specialcommittee of governors appointed by the Federal Reserve Board.Council is not informed of the committee's report, but upon furtherconsideration is of the opinion that the collection of noncash items byFederal reserve banks, other than coupons, should be discontinued.

Recommendation No. 3.—At the request of the Federal ReserveBoard, the council has considered the resolution and reports of theboard dated November 7, 1923, concerning state-wide branch bank-ing. Council believes that the resolution, if carried into effect, willgive a position of monopoly to those State banks that have alreadyestablished state-wide systems of branches, while those State banksthat have refrained from branch banking will be placed in a positionof great disadvantage.

Recommendation No. 1±.—Council has received no communicationfrom the Federal Reserve Board with respect to discount rates, but isof the opinion that no changes at this time 'are necessary or warranted.

Resolution.—The Federal Advisory Council has been informed thatin connection with pending appointments or reappointments of classC directors of Federal reserve banks, the Federal Reserve Board hasbeen subjected to the embarrassment of an attempt to influence it bypolitical pressure and organized campaign, with the object in view ofreplacing tried servants of the Federal reserve system by othersaspiring for their positions.

The council expresses itself as unanimously opposed to suchattempts which are gravely detrimental to the best interests of thecountry and apt to injure the system and to undermine its highstandards.

The council requests that each member convey these views to hisown district and use his influence to counteract movements of thischaracter wherever they may arise. The council feels that theboard should not be embarrassed in the exercise of its duties by illadvised campaigns of this kind and that the board may safely berelied upon not to sacrifice deserving and trusted officers or directorsto the aspirations of ambitious and unqualified persons.


DESCRIPTION OF FEDERAL RESERVE DISTRICTS.


No. 1—BostonNo. 2—New YorkNo. 3—PhiladelphiaNo. 4—ClevelandNo. 5—RichmondNo. 6—AtlantaNo. 7—ChicagoNo. 8—St. LouisNo. 9—MinneapolisNo. 10—Kansas City. . .No. 11—DallasNo. 12—San Francisco.

Total ! 2,973,776 ! 111,371,056

Land areaSquaremiles).

Population,i Jan. 1, 1924| (estimated).

61, 34551, 89036, 84273, 424152, 316248, 226190, 513194, 810414, 004473, 565392, 989633,852

7, 398, 30413,911,7457, 079, 91610, 562,21410, 249, 05710, 324, 58616, 342, 6369, 284, 5965, 368, 0547, 308, 0416,121,2847, 420, 623

FEDERAL RESERVE DISTRICTS.

District No. 1—Boston.,.

Connecticut (excludirMaine . _MassachusettsNew HampshireRhode IslandVermont


lg Fairfield Countv). _ . _..

District No. 2—New York

Connecticut (Fairfleld Conrstv^New Jersey.-

Counties of—Bergen.Essex.Hudson.

New York

District No. 3—Philadelp

DelawareNew Jersey

Counties of—Atlantic.Burlington.Camden.

PennsylvaniaCounties of—

Adams.Bedford.Berks.Blair.Bradford.Bucks.Cambria.Cameron.Carbon.Center.Chester.Clearfield.

Hunter don.Middlesex.Monmouth.

hia

Cape May.Cumberland.

Clinton.Columbia.Cumberland.Dauphin.Delaware.Elk.Franklin.Fulton.Huntingdon.Juniata.Lackawanna.Lancaster.

Morris.Passaic.Somerset.

Gloucester.Mercer.

Lebanon.Lehigh.Luzerne.Lvcoming.McKean.Mifflin.Monroe.Montgomery.Montour.Northampton.Northumberland.Perry.

Sussex.Union.Warren.

Ocean.Salem.

Philadelphia.Pike.Potter.Schuylkill.Snvder.Sullivan.Susquehanna.Tioga.Union.Wayne.Wyoming.York.

Land area(squaremiles).

61, 345

4, 18929. 8958 0399 03J1,0679,124

51, 890

6313,605

47, 654

36, 842

1,9653,909

30,968

Population,Jan. 1, 1924(estimated).

7, 398, 304

1,138, 085778 579

4 052 572448 237629, 854350, 977

13,911,745

352 0912, 650, 502

10,909,152

7, 079, 916

231, 524760, 327

6,088,065

.

468


ANNUAL REPORT OP THE FEDERAL RESERVE BOARD. 469

FEDERAL RESERVE DISTRICTS—Continued.


District No. 4—Cleveland

Kentucky (eastern part) _ _Counties of—

Bath.Bell.Boone.Bourbon.Boyd.Bracken.Breathitt.Campbell.Carter.Clark.Clav.Elliott.Estill.Fayette.

Ohio

Fleming.Floyd.Garrard.Grant.Greenup.Harlan.Harrison.Jackson.Jessamine.Johnson.Kenton.Knott.Knox.Laurel.

Pennsylvania (western part) . __ .Counties of—

Allegheny.Armstrong.Beaver.Butler.Clarion.

Crawford.Erie.Fayette.Forest.Greene.

West Virginia (northern part)Counties of—

Brooke.Hancock.

Marshall.Ohio.

District No. 5—RichmondDistrict of ColumbiaMarylandNorth CarolinaSouth Carolina . .Virginia - __ _ _ .West Virginia (southern naxt)

Counties of—B arbour.Berkeley.Boone. 'Braxton.Cabell.Calhoun.Clay.Doddridge.Fayette.Gilmer.Grant.Greenbrier.Hampshire.

District No. 6—Atlanta.AlabamaFloridaGeorgia . _. ___

Hardy.Harrison.Jackson.Jefferson.Kanawha.Lewis.Lincoln.Logan.McDowell.Marion.Mason.Mercer.Mineral.

Louisiana (southern r>art")Parishes of—

Acadia.Allen.Ascension.Assumption.Avoyelles.Beauregard.Calcasieu.Cameron.E a s t B a t o n

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.86538—24f—

Harrison.Hinds.Issaquena.Jackson.Jasper.Jefferson.Jefferson Davis.Jones.Kemper.Lamar.Lauderdale.—31

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. Bernaid.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.Perrv.Pike.Rankin.

Nicholas.Owsley.Pendleton.Perry.Pike.Powell.Pulaski.Robertson.Rockcastle.Rowan.Scott.Whitlev.Wolfe."Woodford.

Venango.Warren.Washington.Westmoreland.

Roane.Summers.Taylor.Tucker.Upshur.Wayne.Webster.Wirt.Wood.Wyoming.

Tangipahoa.Terrebonne.Vermilion.Vernon.Washington.West B a t o n

Rouge.West Feliciaua.

Scott.Sharkey.Simpson.Smith.Stone.Walthall.Warren.Wayne.WilkinsonYazoo.


73, 424

17, 614

40, 74013,864

1,206

152, 316

629,941

48, 74030,49540, 26222, 816

248,226

5], 27954,86158, 72526,891

i

25,519


10, 562, 214

1,149, 343

i

•

6,168, 2273, 066, 592

178,052

10, 249, 057

481, 4511, 513, 2422, 704,4971, 753, 0772,411,1921, 385, 598

10,324r 586

2, 434, 7311, 057, 4033,013,9611, 288, 789

842,59 &




Federal reserv<

District No. 6—Atlanta—Continued.Tennessee (eastern narfi

CountiesAnderson.Bedford.Bledsoe.Blount.Bradley.Campbell.Cannon.Carter.Cheatham.Claiborne.Clay.Co eke.Coffee.Cumberland.Davidson.Dekalb.Dickson.Fentress.Franklin.

District No. 7—Chics

of—Giles.Grainger.Greene.Grundy.Hamblen.HamiltonHancock.Hawkins.Hickman.Houston.Humphreys.Jackson.Jefferson.Johnson.Knox.Lawrence.Lewis.Lincoln.Loudon.

igo

Illinois (northern Dart")Counties

Boone.Bureau.Carroll.Cass.Champaign.Christian.Clark.Coles.Cook.Cumberland.De Kalb.De Witt.Douglas.Du Page.Edgar.

of—Ford.Fulton.Grundy.Hancock.Henderson.Henry.Iroquois.Jo Daviess.Kane.Kankakee.Kendall.Knox.Lake.La Salle.Lee.

Indiana (northern Dart")Counties

Adams.Allen.BartholomewBenton.Blackford.Boone.Brown.-Carroll.•Cass.Clay.Clinton.Dearborn.Decatur.Dekalb.Delaware.Elkhart.Fayette.

IowaMichigan (southe

CountiesAlcona.Allegan.Alpena.Antrim.Arenac.

• Barrv.Bay.*Benzie.Berrien.Branch.Calhoun.•Cass.Charlevoix.Cheboygan.Claire.Clinton.Crawford.

of—Fountain.Franklin.Fulton.Grant.Hamilton.Hancock.Hendricks.Henry.Howard.Huntington.Jasper.Jay.Jennings.Johnson.Kosciusko.Lagrange.Lake.

rn part)of—

Eaton.Emmet.Genesee.Gladwin.Grand Traverse.Gratiot.Hillsdale.Huron.Ingham.Ionia.Iosco.Isabella.Jackson.Kalamazoo.Kalkaska.Kent.Lake.

3 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.

Laporte.Madison.Marion.Marshall.Miami.Monroe.Montgomery.Morgan.Newton.Noble.Ohio.Owen.Parke.Porter.Pulaski.Putnam.Randolph.

Lapeer.Leelanau.Lena wee.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.Wavne.White.Williamson.Wilson.

Rock Island.Sangamon.Schuyler.Shelby.Stark.Stephenson.Tazewell.Vermilion.Warren.Whitside.Will.Winnebago.Woodford.

Ripley.Rush.St. Joseph.Shelby.Starke.Steuben.Tippecanoe.Tipton.Union.Vermilion.Vigo.WabashWarren.WTayne.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


1,687,107

16,342, 636

5, 562,999

2,423,448

2,477,8743,686,618




471

Federal reserve district.Land area

(squaremiles).


District No. 7—Chicago—Continued.Wisconsin (southern part)

Counties of—Adams.Brown.Calumet.Clark.Columbia.Crawford.Dane.DodgeDoor. *Fond du Lac.Grant.Green.

Green Lake.Iowa.Jackson.Jefferson.Juneau.Kenosha.Kewaunee.Lafayette.Langlade.Manitowoc.Marathon.Marinette.

Marquette.Milwaukee.Monroe.Oconto.Outagamie.Ozaukee.Portage.Racine.Richland.Rock.Sauk.Shawano.

Sheboygan.Vernon.Wai worth.Washington.Waukesha.Waupaca.Waushara.Winnebago.Wood.

2,191, 697

District No. 8—St. Louis.

Arkansas __.Illinois (southern part)

Counties of—Adams. Franklin. Macoupin. Randolph.Alexander. Gallatin. Madison. Richland.Bond. Greene. Marion. St. Clair.Brown. Hamilton. Massac. Saline.Calhoun. Hardin. Monroe. Scott.Clay. Jackson. Montgomery. Union.Clinton. Jasper. Morgan. Wabash.Crawford. Jefferson. Perry. WashingtonEdwards. Jersey. Pike. Wayne.Effingham. Johnson. Pope. White.Fayette. Lawrence. Pulaski. Williamson.

Indiana (southern part)Counties of—

Clark. Greene. Martin. Sullivan.Crawford. Harrison. Orange. Spencer.Daviess. Jackson. Perry. Switzerland.Dubois. Jefferson. Pike. Vanderburg.Floyd. Knox. Posey. Warrick.Gibson. Lawrence. Scott. Washington

Kentucky (western part) _Counties of—

Adair. Crittenden. Hopkins. Ohio.Allen. Cumberland. Jefferson. Oldham.Anderson. Daviess. Larue. Owen.Ballard. Edmonson. Livingston. Russell.Barren. Franklin. Logan. Shelby.Boyle. Fulton. Lyon. Simpson.Breckenridge. Gallatin. McCracken. Spencer.Bullitt. Graves. McLean. Taylor.Butler. Grayson. Marion. Todd.Caldwell. Greene. Marshall. Trigg.Calloway. Hancock. Meade. Trimble.Carlisle. Hardin. Mercer. Union.Carroll. Hart. Metcalfe. Warren.Casey. Henderson. Monroe. WashingtonChristian. Henry. Muhlenberg. Wayne.Clinton. Hickman. Nelson. WTebster.

Mississippi (northern part).__ _-_Counties of—

Alcorn. De Soto. Monroe. Tate.Attala. Grenada. Montgomery. Tippah.Benton. Holmes. Noxubee. Tishomingo.Bolivar. Humphreys. Oktibbeha. Tunica.Calhoun. Itawamba. Panola. Union.Carroll. Lafayette. Pontotoc. Washington,Chickasaw. Lee. Prentiss. WTebster.Choctaw. Leflore. t Quitman. Winston.Clay. Lowndes. ' Sunflower. Yalobusha.Coahoma. Marshall. Tallahatchie.

194,810

52, 52520, 595

1, 825, 4411, 271,130

9,338

22, 567

601,507

1, 319, 500

20, 843 945,348


4 7 2 ANNUAL REPORT OF THE FEDERAL RESERVE EOARD.



District No. 8—St. Louis—Continued.Missouri (eastern part)

Counties of—Adair. Douglas. Maries. Reynolds.Audrain. Dunklin. Marion. Ripley.Barry. Franklin. Mercer. St. Charles.Benton. Gasconade. Miller. St. Clair.Bollinger. Greene. Mississippi. St. Francois.Boone. Grundy. Moniteau. St. Louis.Butler. Harrison. Monroe. St. Louis City.Caldwell. Henry- Montgomery. Ste. Genevieve.Callaway. Hickory. Morgan. Saline.Camden. Howard. New Madrid. Schuyler.Cape Girardeau. How ell. Oregon. Scotland. .Carroll. Iron. Osage. Scott.Carter. Jefferson. Ozark. Shannon.Cedar. Johnson. Pemiscot. Shelby.Chariton. Knox. Perry. Stoddard.Christian. Laclede. Pettis. Stone.Clark. Lafayette. Phelps. Sullivan.Cole. Lawrence. Pike. Taney.Cooper. Lewis. Polk. Texas.Crawford. Lincoln. Pulaski. Warren.Dade. Linn. Putnam. Washington.Dallas. Livingston. Rails. Wayne.Daviess. Macon. Randolph. Webster.Dent. Madison. Ray. Wright.

Tennessee (western part)Counties of—

Benton. Fayette. Henry. Shelby.Carroll. Gibson. Lake. Tipton.Chester. Hardeman. Lauderdale. Weakley.Crockett. Hardin. McNairy.Decatur. Hay wood. Madison.Dyer. Henderson. Ob ion.

District No. 9—Minneapolis

Michigan (northern part) _Counties of—

Alger. Dickinson. Keweenaw. Menominee.Baraga. Gogebic. Luce. Ontonagon.Chippewa. Houghton. Mackinac. Schoolcraft.Delta. Iron. Marquette.

Minnesota _Montana _North DakotaSouth DakotaWisconsin (northern part) _..

Counties of—Ashland. Dunn. Oneida. Sawyer.Barron. Eau Claire. Pepin. Taylor.Bayfteld. Florence. Pierce. Trempealeau.Buffalo. Forest. Polk. Vilas.Burnett. Iron. Price. Washburn.Chippewa. La Crosse. Rusk.Douglas. Lincoln. St. Croix.

District No. 10—Kansas City __ __

Colorado _ _. —Kansas _ _ ^ —Missouri (western part of) _. -- -

Counties of—Andrew. Cass. Holt. Nodaway.Atchison. Clay. Jackson. Platte.Barton. Clinton. Jasper. Vernon.Bates. Dekalb. McDonald. Worth.Buchanan. Gentry. Newton.

Nebraska _ ._New Mexico (northern part)_._

Counties of— iCoif ax. Rio Arriba. San Miguel. Union.McKinley. Sandoval. Santa Fe.Mora. San Juan. Taos.


335,403

80, 858146,13170,18376, 86823, 273

473, 565

103, 65881, 77410, 521

76,80841, 486

2, 515, 434620,101675, 637658, 244563, 235

7,308,041

997, 5611, 801, 522841,858

1,339, 286160,065




473

Federal reserve district.Land area

(squaremiles).

District No. 10—Kansas City—Continued.Oklahoma (part of)

Counties of—Adair. Ellis. Logan. Pontotoc .Alfalfa. Garfield. Love. PottawatoraieBeaver. Oarvin. McClain. Roger Mills.Beckham. Grady. Mclntosh. Rogers.Blaine. Grant. Major. Seminole.Caddo. Greer. Mayes. Sequoyah.Canadian. Harmon. Murray. Stephens.Carter. Harper. Muskogee. Texas.Cherokee. Haskell. Noble. Tillman.Cimarron. Hughes. Nowata. Tulsa.Cleveland. Jackson. Okfuskee. Wagoner.Camanche. Jefferson. Oklahoma. Washington.Cotton. Kay Okmulgee. Washita.Craig. Kingfisher. Osage. Woods.Creek. Kiowa. Ottawa. Woodward.Custer. Latimer. Pawnee.Delaware. Le Flore. Payne.Dewey. Lincoln. Pittsburg.

Wyoming

District No. 11—Dallas..

Arizona (southeastern part)Counties of—

Cochise. Greenlee. Pima. Santa Cruz.Graham.

Louisiana (northern part)Parishes of—

Bienville. De Soto. Madison. Tensas.Bossier. East Carroll. Morehouse. Union.Caddo. Franklin. Natchitoches. Webster.C aid well. Grant. Ouachita. West Carroll.Catahoula. Jackson. Red River. Winn.Claiborne. La Salle. Richland.Concordia. Lincoln. Sabine.

New Mexico (southern part)- .Counties of—

Bernalillo. Dona Ana. Lea. Roosevelt.Catron. Eddy. Lincoln. Sierra.Chaves. Grant. Luna. Socorro.Curry. Guadalupe. Otero. Torrence.De Baca. Hidalgo. Quay. Valencia.

Oklahoma (southeastern part)Counties of—

Atoka. Choctaw. Johnston. Marshall.Bryan. Coal. McCurtain. Pushmataha.

Texas

District No. 12—San Francisco

Arizona (northwestern part) _Counties of—

Apache. Maricopa. Navajo. Yavapai.Coconino. Mohave. Pinal. Yuma.Gila.

California _IdahoNevada _ ._Oregon _ _ _UtahWashington


61, 770 1,953, 391

214,358

90, 398

155,65283, 354

109, 82195, 60782,18466,836

255,460

3,859,194475, 65175, 568

828, 967480, 729

1, 445, 054


FEDERAL RESERVE DISTRICTS

} ^"

' BOUNDARIES OF FEDERAL RESERVE DISTRICTS----BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES® FEDERAL RESERVE BANK CITIES• FEDERAL RESERVE BRANCH CITIESO FEDERAL RESERVE BANK AGENCY


INDEX TO PART I.

Acceptances: Page.As investments by member banks, recommendation of advisory

council 458Banks granted authority to accept up to 100 per cent of capital and

surplus 243-245By American banks, of finance bill drawn by banks of foreign coun-

tries, recommendation of advisory council 460Differential between open-market rate for bankers' acceptances and

rediscount rate for commercial paper, recommendation of advisorycouncil 465

Discounted by Federal reserve banks 145, 146(See also Index to Part II.)

Edge Act corporations, recommendation of advisory council 464Foreign bankers', held by Federal reserve banks 104, 105Held by Federal reserve banks 74-79, 86-89, 97, 98, 103Imports and exports, based on, discounted or purchased and held by

Federal reserve banks 98, 106, 107, 148, 149Market, development of, by extending accommodation to member

banks, corporations, or firms dealing in acceptances, recommenda-tion of advisory council 466

Maturity of bills purchased and held by Federal reserve banks 108,109, 152-154

Member bank, held by Federal reserve banks 104, 105National bank, held by Federal reserve banks 104, 105Nonmember bank, held by Federal reserve banks 104, 105Private bankers', held by Federal reserve banks 104, 105Purchased by Federal reserve banks 147-150

(See also Index to Part II.)Rates—Discount and open-market—

Annual rates of earnings on bills bought by Federal reserve banks 70, 71Average rates charged by Federal reserve banks 69Changes in Federal reserve bank rates during 1923 64, 67, 68Volume of acceptances purchased by Federal reserve banks at

each rate 149-151(See also Index to Part II.)

Regulations—A—Rediscounts under section 13 : 59, 266B—Open-market purchases 60, 271

Accommodation:At Federal reserve banks of reporting member banks 137, 138, 192

(See also Index to Part II.)Granting of, to member banks, corporations, or firms to develop

acceptance market and market for short-term Treasury certifi-cates, recommendation of advisory council 466

Acts:Amending Clayton Act, proposed 53Amending Federal reserve act 56-59, 263-265

Administrative problems of Federal Reserve Board 35Administrator, executor, etc. (See Fiduciary powers.)Advisory council, Federal. (See Federal advisory council.)Agencies of Federal reserve banks. (See Branches and agencies.)Agents for nonmember banks, Federal reserve banks acting as, permission

revoked 50Agricultural movements, index of 318Agricultural paper:

Holdings of, by Federal reserve banks 97, 98Regulation A 268Volume discounted by Federal reserve banks 133, 134

(See also Index to Part II.)Amendment to Clayton Act, proposed 53Amendments to Federal reserve act 56-59, 263-265

475


4 7 6 INDEX TO PART I.

Page.Amendments to regulations of the Federal Reserve Board 59—61, 265—294Area of Federal reserve districts 468Assessment for expenses of Federal Reserve Board 63, 167, 177Assets and liabilities. (See Resources and liabilities.)Atlanta par clearance case, decision of Supreme Court 48, 296Balance sheets. (See Condition statements.)Bank buildings, Federal reserve and branches 44, 85, 88, 169, 198

Act limiting cost 59. 263Book value..._ _ _ - _ 83, 88', 198Cost of 198Depreciation allowances 169Expense of maintaining 168(See also Index to Part II.)

Bank credit, discussion of [ 2, 5, 10, 16, 23, 25, 29Bank debits—debits to individual account 195, 196

(See also Index to Part II.)Bank notes. (See Federal reserve bank notes.)Bank premises, Federal reserve, cost of 198Bankers' acceptances. (See Acceptances.)Banking and business during 1923, discussion of 1Bills bought. (See Acceptances.)Bills discounted. (See Discount and open-market operations.)Bonds, United States. (See United States securities.)Branch banking 48

Recommendation of Federal advisory council 467Branches and agencies of Federal reserve banks:

Buildings,. _ _ ___ 44,198Cost of 198

Directors and managers of ^ 256-262Foreign, recommendation of advisory council 460Habana agency established 45, 295Operations, volume of 165, 166Premises, cost of 198

Building operations of Federal reserve banks and branches 44, 198Act limiting cost.. _ 59, 263Book value of bank premises 83, 88, 198Cost of bank premises 198Depreciation allowances 169Expense of maintaining bank premises 168

Campbell, Milo D.:Appointed member of Federal Reserve Board 62Death of 62

Capital:Federal reserve banks 43, 85, 88

Increase or decrease in—Regulation I 281(See also Index to Part II.)

Member banks 183-187, 190Ratio of current net earnings to capital and to capital and surplus

combined 43State bank members 184-187, 200

Cash reserves of Federal reserve banks. (See Reserves.)Certificates of indebtedness. (See United States securities.)!Check clearing and collection:

Atlanta par clearance case, decision of Supreme Court 48, 296Claiborne-Adams par collection plan, recommendation of advisory

council 466Gold settlement fund transactions 84, 158

(See also Index to Part II.)Operations, volume of—

Federal reserve banks 161, 162Federal reserve branch banks 165, 166(See also Index to Part II.)

Par list, number of banks on 163, 164Regulation J 284

Amendment to, proposed by Federal advisory council 466Richmond par clearance case, decision of Supreme Court 49, 298

Circulation- (See Federal reserve bank notes; Federal reserve notes.)Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO PART I. 477

Page.Claiborne-Adams par collection plan, recommendation of advisory council 466Clayton Act:

Administration of 51Amendment to, proposed _ 53Regulation L _- 291

Clearing-house bank debits 195, 196(See also Index to Part II.)

Clearing operations, volume of:Federal reserve banks 161, 162Federal reserve branch banks 165, 166(See also Index to Part II.)

Collateral held as security against Federal reserve notes 113, 114, 116, 118Collateral notes of member banks discounted by Federal reserve banks:

Holdings of 97, 98Volume discounted 133, 134

Collection, free, of noncash items, recommendation of advisory counciL 460, 467Commercial paper:

Differential between rediscount rate for, and open-market rate forbankers' acceptances, recommendation of advisory council 465

Discount rates 64Holdings of paper discounted by Federal reserve banks 97, 98(See also Discount and open-market operations.)

Condition statements:Abstract of condition reports of member banks 182-187All banks in the United States , 194All Federal reserve banks combined 39, 74-89Each Federal reserve bank. (See Index to Part II.)Member banks 182-187

Conferences, Federal Reserve Board with agents and governors 62Counties in Federal reserve districts 468Court decisions:

Fiduciary powers granted to national banks—Burnes National Bank, St. Joseph, Mo 55, 307, 314Corn Exchange National Bank of Philadelphia, Pa 54, 304

Par clearance cases—Atlanta case 48, 296Richmond case 49, 298

Credit, discussion of 2, 5, 10, 16, 23, 25, 29Crissinger, D. R., appointed governor of Federal Reserve-Board 62Cuba, branch Federal reserve bank agency established in 45, 295Cunningham, Edward H., appointed member of Federal Reserve Board,_ 62Currency:

Circulation 23Demand for 24Receipts—

Federal reserve banks (see also Part II) 41Federal reserve branch banks 165, 166

(See also Federal reserve bank notes; Federal reserve notes.)Currency stabilization and the gold standard ., 21

Federal advisory council on 460Customers' paper discounted by Federal reserve banks, holdings of 97, 98Dawes, Henry M., appointed ex-officio member of the Federal Reserve

Board 62Debits to individual account 195, 196

(See also Index to Part II.)Deferred availability items (checks, drafts, transit items, etc.) of Federal

reserve banks " 85, 88Department store sales and stocks, index of 318Deposits:

Federal reserve banks—All banks combined 79-83, 85, 88, 92, 94Each Federal reserve bank. (See Index to Part II.)Movement of, 1917-1923, chart showing 28Reserve required against 92

Government, held by Federal reserve banks 79, 85, 88



Deposits—Continued. Page.Member banks 183-192

Reserve deposits 80, 82, 85, 88(See also Index to Part II.)

Ratio of member bank loans to deposits, chart showing 26Reserves required against j, 92Time deposits and savings accounts—Regulation D 273

Depreciation, amounts charged off by Federal reserve banks on account of _ 42, 169(See also Index to Part II.)

Digest of rulings of Federal Reserve Board, publication of 61Directors of Federal reserve banks and branches, list of 256-262Directory:

Federal advisory council 255Federal reserve banks 256Federal Reserve Board 255

Discount and open-market operations of Federal reserve banks (see alsoIndex to Part II):

Acceptances—Annual rates of earnings on bills bought by Federal reserve

banks 70, 71Average rates charged by Federal reserve banks 69Changes in Federal reserve bank rates during 1923 67, 68Discounted by Federal reserve banks 145, 146Foreign bankers', held by Federal reserve banks 104, 105Held by Federal reserve banks 74, 86, 97, 98, 103Imports and exports, based on, discounted or purchased and

held by Federal reserve banks 98, 106, 107, 148, 149Maturity of bills purchased and held by Federal reserve banks

108, 109, 152-154Member bank, held by Federal reserve banks 104, 105National bank, held by Federal reserve banks 104, 105Nonmember bank, held by Federal reserve banks 104, 105Private bankers', held by Federal reserve banks 104, 105Purchased by Federal reserve banks 147-150Regulations 266, 271Volume of, purchased by Federal reserve banks at each rate__ 149-152

Branches of Federal reserve banks, bills discounted and bought by. 165, 166Changes in volume of open-market holdings and of discounts, chart

showing 14Discounts—bills discounted—

Agricultural and livestock paper—Held by Federal reserve banks 97, 98Volume discounted 133, 134

Commercial paper held by Federal reserve banks 97, 98Customers' paper held by Federal reserve banks 40, 97, 98Discussion of 11-16Holdings of 40, 74, 86, 96-98Livestock paper held by Federal reserve banks 97, 98Maturity of 99, 100, 143Member banks accommodated, number of 137, 138Member banks' collateral notes discounted and held by Federal

reserve banks 97, 98, 133, 134National banks, bills discounted for 140Rates charged and rates of earnings on bills discounted, _ 64-71, 141, 142State banks and trust companies, bills discounted for 140United States securities, paper secured by, discounted and held

by Federal reserve banks 74, 86, 97, 98, 101, 102, 144Volume of bills discounted for member banks in each State 138Volume (total) of bills discounted 136, 138-146

Open-market operations:Discussion of 11-16Federal advisory council on ^ 458Regulation C__l 271

Par value of United States securities held by Federal reserve banks__ 112Rates charged and rates of earnings. (See Discount and open-

market rates.)United States securities purchased and held by Federal reserve

banks 74, 86, 111, 112, 155-157Volume of operations—total . 41, 133-135Digitized for FRASER


INDEX TO PART I. 4 7 9

Discount and open-market rates: Page.Acceptances purchased, volume at each rate 150, 151Annual rates of earnings on—

Acceptances purchased 70, 71Bills discounted 68, 71Municipal warrants purchased 73Total earning assets 73United States securities purchased 72

Average rates charged on acceptances purchased 69Average rates charged on bills discounted 65Bills discounted, volume, at each rate 141Changes during 1923 in Federal reserve bank rates 64, 67, 68

Federal advisory council on 459, 464, 467Comparison of Federal reserve bank rate and member bank rate 7Comparison of money rates with discount rates of Federal Reserve

Bank of New York 6New York and London rate_ 8Relation of, to market rates 6(See also Index to Part II.)

Discount policy:Discussion of 3—10Federal advisory council on 461

Districts, Federal reserve. (See Federal reserve districts.)Dividends:

Paid by Federal reserve banks . 43, 170Provision for extra dividend on stock of Federal reserve banks,

recommendation of advisory council 459(See also Index to Part II.)

Dollar exchange bills purchased or discounted and held by Federal reservebanks 98, 106, 107, 148, 149

Earning assets of Federal reserve banks:Earnings, annual rates of 40, 73Holdings of 40, 74, 86, 94, 95Movement of, 1917-1923, chart showing 24(See also Index to Part II.)

Earnings and expenses of Federal reserve banks 40—43, 167—176(See also Index to Part II.)

Earnings, rates of. (See Discount and open-market rates.)Economy and efficiency in Federal reserve banks 41Eddy, Walter L., appointed secretary of Federal Reserve Board 62Edge Act corporations:

* Recommendations of advisory council 464Regulation K 286

Eligible paper h d as security for Federal reserve notes 117, 118, 120Employees:

Federal reserve banks, number and salaries 249-252Federal Reserve Board, salaries 246-248

Employment, index of 318Examiners, national bank, salaries of 253, 254Exchange, foreign, index of 319Executor, administrator, etc. (See Fiduciary powers.)Expenses:

Federal reserve banks 167-170(See also Index to Part II.)

Federal Reserve Board 63, 167, 177Fiscal agency departments of Federal reserve banks 170

Exports and imports:Acceptances based on, purchased, and held by Federal reserve

banks 98, 106, 107, 148, 149Gold 197

Expressage, cost of, Federal reserve banks 168Federal advisory council:

Meetings of 61Members of 255, 459Recommendations of 459-467

Federal intermediate credit banks, discounts for_ 57, 134Federal reserve act, amendments to 56-59, 263-265



Federal reserve agents: Page.Conferences of 62Federal reserve note accounts of 113, 114Gold fund, summary of transactions during 1923 160Gold held by 84, 86, 116, 120List of 1 256-262Salaries of 249-252

Federal reserve bank notes:Circulation of all Federal reserve banks combined 79-82, 88Issued by Comptroller of the Currency 131Outstanding 132Redeemed by Comptroller of the Currency 131Redemption fund against 85, 88Taxes paid on circulation 168

Federal reserve banks (see also Index to Part II):Acceptances purchased or discounted by. (See Acceptances.)Agricultural paper discounted or held bv 97, 98, 133, 134Bank premises I 44, 85, 88, 169, 198

Cost of _ _ 198Branches of 44

Buildings 44, 198Directors and managers of . 256-262Operations, volume of 165, 166

Building operations 44, 198Capital i 43, 85, 88Clearing operations 161, 162Commercial paper held by 97, 98Condition of all Federal reserve banks combined 39, 74-89Condition of each bank. (See Index to Part II.)Deferred availability items (checks, drafts, transit items, etc.) 85, 88Deposits—

Of all banks combined 79-83, 85, 88, 92, 94Of each Federal reserve bank. (See Index to Part II.)Reserves required against 92

Depreciation charges made by 169Directors and officers 256-262Discount rates. (See Discount and open-market rates.)Discounts. (See Discount and open-market operations.)Dividends—

Paid by Federal reserve banks 43, 170Provision for extra, recommendation of advisory council 459

Earning assets. (See Earning assets.)Earnings, transfers to surplus fund 43, 170Earnings and expenses 40-43, 167-170Economy and efficiency 41Employees, number and salaries 249-252Excess reserves ("free gold")- (See Reserves.)Expenses of 40-43, 167-170Expressage, cost of 168Federal reserve bank notes. (See Federal reserve bank notes.)Federal reserve notes. (See Federal reserve notes.)Fiscal agency operations 170, 181Franchise tax paid by 43, 170Furniture and equipment, cost of 168Gold held by 79,84,86Gold redemption fund 84, 86Gold settlement fund 84,86, 158Government deposits held by 79-83, 85, 88Governors—

Conferences of 62List of _ 256-262Salaries of 249-252

Investments of. (See Earning assets; Discount and open-marketoperations.)

Livestock paper discounted and held by 97, 98, 133, 134Member-bank reserve deposits held by 80, 82, 85, 88



Federal reserve banks—Continued.Municipal warrants— Page.

Holdings of 110Purchases of 133, 134Rates of earnings on 73

Officers and directors, list of 256-262Officers, salaries of 249-252Postage, cost of 168Profit and loss account 169, 170Rent paid by 168Reserve ratio. (See Reserve ratio.)Reserves. {See Reserves.)Resources and liabilities of all banks combined 39, 74-89Salaries 40, 167, 249-252Self insurance 168Surplus account 43, 85, 88, 170Telephone and telegraph expenses 168Uncollected items (checks, drafts, transit items, etc.) 85, 88United States securities purchased and held by. {See United States

securities.)Federal Reserve Board:

Assessment for expenses of 63, 167, 177Campbell, Milo D.—

Appointed member 62Death of 62

Conferences with—Federal advisory council 62Federal reserve agents 62Governors of Federal reserve banks 62

Crissinger, D. R., appointed governor 62Cunningham, Edward H., appointed member 62Dawes, Henry M., appointed ex officio member 62Directory 255Division of analysis and research and office of statistician consolidated 62Eddy, Walter L., appointed secretary 62Employees, number and salaries 246-248Expenses of 63, 177-180Harding, W. P. G., expiration of term as member 62Hoxton, W. W., resignation as secretary 62Members of 255Mitchell, John K., resignation as member 62Noell, J. C, appointed assistant secretary 62Officers of, number and salaries 246-248Organization 62Receipts and disbursements 177-180Regulations 59-61, 265-294Resolution on Cuban agency 45, 295Salaries of officers and employees 246—248Vest, George B., appointed assistant counsel 62

Federal reserve currencv:Cost of 1 168Taxes paid on Federal reserve bank-note circulation 168

Federal reserve districts:Area 468Counties in divided States 468Description 468Map showing outline 474Population 468

Federal reserve notes:Circulation—

All Federal reserve banks combined •_ 79, 85, 88, 94Each Federal reserve bank 116{See also Index to Part II.)

Collateral security held against 113, 114, 116, 118Cost of preparing 177, 178Eligible paper held as collateral against '. 117, 118, 120Excess collateral pledged against 118Gold and gold certificates held as collateral against 116, 118, 120


482 INDEX TO PART I.

Federal reserve notes—Continued. Page.Held by Federal reserve agents 113, 114, 123Held by Federal reserve banks 115, 116Interdistrict movement of 129, 130Issued by Federal reserve agents to Federal reserve banks. 121, 122, 126, 128Movement of, 1917-1923, charts showing 24, 28On hand in Washington on December 31, 1923 124Outstanding 113, 115, 121, 122, 128Received by Federal reserve banks from Comptroller of the Cur-

rency 113, 125Received from and returned to other Federal reserve banks 129Reserves required against 92Retired (returned by Federal reserve banks to Federal reserve

agents) 121, 122Returned to and received from other Federal reserve banks 129, 130Returned by Federal reserve agents to Comptroller of the Currency

for destruction 126Shipment of notes abroad, advisory council on 466

Fiduciary powers:Court decisions—

Burnes National Bank, St. Joseph, Mo 55, 307Corn Exchange National Bank, Philadelphia, Pa 54, 304

Permits issued to national banks 54, 226-242Regulation F 276

Finance bills, acceptance of, recommendation of advisory council 460Fiscal agency operations of Federal reserve banks 170, 181Foreign banking—Regulation K 286Foreign banks:

Acceptances of, held by Federal reserve banks 104, 105Acceptance of their finance bills by American banks, advisory coun-

cil on 460Foreign exchange, index of_ 319Franchise tax paid by Federal reserve banks to Government 43, 170

(See also Index to Part II.)Furniture and equipment purchased by Federal reserve banks 168

(See also Index to Part II.)Gold:

Federal reserve agents' gold fund 113, 118, 160Held as security for Federal reserve notes 84, 113, 116, 118, 120Held by Federal reserve agents 84, 86, 118Held by Federal reserve banks 79, 84, 86Held in the United States 22Imports and exports 17, 18, 197

Chart showing 17Reserves. (See Reserves.)Shipments, cost of 177, 178

Gold and credit situation, discussion of , 16-22Gold redemption fund:

Federal reserve agents 113, 118Federal reserve banks 84, 86

Gold settlement fund:Balance of all Federal reserve banks combined 84, 86Summary of transactions 158

Gold standard and currency stabilization 21Advisory council on 460

Government bonds. (See United States securities.)Government deposits held by Federal reserve banks 79, 85, 88Government, Federal reserve banks as fiscal agents of 170, 181Governors of Federal reserve banks:

List of 256-262Meetings of 62Salaries of 249-252

Harding, W. P. G., expiration of term as member of Federal ReserveBoard 62

Havana agency established 45Recommendations of advisory council 460



Hoxton, Wm. W.: Page 8Appointed Federal reserve agent a t Richmond 62Resignation as secretary of Federal Reserve Board 62

Imports and exports:Acceptances based on, purchased or discounted and held by Federal

reserve banks 98, 106, 107, 148, 149Gold 17, 18, 197

Chart showing 17Indexes of production, employment, and t rade 318Insurance, self, of Federal reserve banks 169Inter district movement of Federal reserve notes 129, 130Interest rates. (See Discount and open-market rates.)Investments of-Federal reserve banks. (See Earning assets; Discount

and open-market operations.)Interlocking bank directorates under the Clayton Act—Regulation L 291Kern amendment to Clayton Act, amendment to , proposed 53Land area of Federal reserve districts 468Leased-wire system, cost of 177, 178Livestock paper discounted and held by Federal reserve banks ._ 97, 98, 133, 134Loans, deposits, investments, etc., of member banks 190Loans on farm and other real estate—Regulation G 278Managers of branches of Federal reserve banks 256-262Manufacturing production, index of 318Map outlining Federal reserve districts 474Matur i t ies :

Acceptances purchased and held by Federal reserve b a n k s , 108, 109, 152-154Bills discounted by Federal reserve banks 99, 100, 141-143

Member banks:Acceptances as investments of, advisory council on 460Acceptances of, held by Federal reserve banks 104, 105Accommodation a t Federal reserve banks 137, 138, 192

(See also Index to Par t II.)Capital 182-187, 190, 200Collateral or promissory notes of, discounted and held by Federal

reserve banks 97, 98, 133, 134Condition reports, abst ract of 182—187Dividends paid to , by Federal reserve banks 43, 170Loans, investments, deposits, etc 188-190National banks—

Loans and discounts 188-190Paper discounted for 140

Number of 138, 182Number accommodated through discount of paper 137, 138Number in each district 163Number in each State _ 138Reporting banks in leading cities, assets and liabilities of 192, 193Reserve deposits of 80, 82, 85, 88

(See also Index to Pa r t II.)Resources and liabilities 182-194State banks and t rust companies—

Abstract of condition reports 183Bills discounted for 140Capital j 183, 200Membership in system 47, 183, 200Number, capital, surplus, and tota l resources 183-187, 200

Surplus of 182-194, 200United States securities owned by 182-194(See also National banks; State banks.)

Membership in Federal reserve system 47, 183, 200Regulation H 279

Mining production, index of 319Mitchell, John R., resignation as member of Federal Reserve Board 62Money rates :

New York and London markets 8(See also Discount and open-market rates.)

Municipal warrants :Purchased and held by Federal reserve b a n k s . _ 74, 85, 86, 110, 133, 134Rates of earnings on 73



National banks: Page.Acceptances of, held by Federal reserve banks 104, 105Bills discounted for 140Changes in membership 47Examiners, salaries of 253, 254Fiduciary powers granted to 226—242Loans, investments, deposits, etc 188

Noell, J. C., appointed assistant secretary of Federal Reserve Board 62Noncash items, free collection of, advisory council on 458, 465Nonmember banks:

Acceptances of, held by Federal reserve banks 104, 105Number on par list 163, 164Rediscounting for, by Federal reserve banks, permission revoked 50

Notes. (See Federal reserve bank notes; Federal reserve notes.)Officers and directors of Federal reserve banks 256-262Officers and employees:

Federal reserve banks, number and salaries 249-252Federal Reserve Board, salaries 246-248

One hundred per cent of capital and surplus, list of banks granted authorityto accept up to 243-245

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—Burnes National Bank, St. Joseph, Mo 55,307,314Corn Exchange National Bank, Philadelphia, Pa 54, 304

Par clearance cases—Atlanta case _ _ _ 48, 296Richmond case 49 298

Par collections. (See Check clearing and collection.)Par list, number of banks on 163, 164Par value of United States securities held by Federal reserve banks 112Percentage of reserves to deposit and note liabilities of Federal reserve

banks. (See Reserve ratio.)Political influence in appointments, advisory council on 467Population of Federal reserve districts 468Postage, cost of, Federal reserve banks 168Private banks, acceptances of, held by Federal reserve banks 104, 105Production in basic industries, index of 318Profit-and-loss account of Federal reserve banks 169, 170

(See also Index to Part II.)Purchased paper. (See Acceptances.)Rates, discount. (See Discount and open-market rates.)Ratio of cash reserves to deposit and note liabilities of Federal reserve

banks. (See Reserve ratio.)Real estate, loans on—Regulation G 278Receipts and disbursements of the Federal Reserve Board J _ _ 177-180Recommendations of the Federal advisory council 459—467Redemption fund against Federal reserve bank notes S57 88Rediscounts for nonmember banks by Federal reserve banks, permission

revoked 50Regulations of the Federal Reserve Board:

A—Rediscounts under section 13 266B—Open-market purchases under section 14 271C—Acceptance by member banks of drafts and bills of exchange 271D—Time deposits and savings accounts 273E—Purchase of warrants 274F—Trust powers of national banks 276G—Loans on farm land and other real estate 278H—Membership of State banks and trust companies 279I—Increase or decrease of capital stock of Federal reserve banks 281J—Check clearing and collection 284K—Banking corporations authorized to do foreign banking business

under section 25a 286L—Interlocking bank directorates under the Clayton Act 291

Rent paid by Federal reserve banks 168(See also Index to Part II.)


INDEX TO PART I. 485

Page.Reporting member banks in leading cities, assets and liabilities of 192-194

(See also Index to Part II.)Reserve balances of member banks:

Held by all Federal reserve banks combined 79-83, 86Held by each Federal reserve bank. (See Index to Part II.)

Reserve ratio:All Federal reserve banks combined 79, 85, 92, 94As indicator of banking and credit situation 29Each Federal reserve bank. (See Index to Part II.)

Reserves of Federal reserve banks:C a s h -

All banks combined 79, 84, 92, 94Each Federal reserve bank. (See Index to Part II.)

Excess reserves 79, 92Gold, chart showing 17Required against notes and deposits „ 79, 92Reserves against worthless or doubtful paper 42

Resolution of the Federal Reserve Board on Cuban agency 45, 295Resources and liabilities:

All banks in the United States 194Federal reserve banks 39, 74-89Member banks 182-190, 200Reporting member banks 192(See also Index to Part II.)

Richmond par clearance case 49, 298Salaries:

Federal reserve banks 40, 167, 249-252Federal Reserve Board 246-248National bank examiners 253, 254

Savings accounts—Regulation D 273Staff. (See Employees.)State banks and trust companies:

Acceptances of, held by Federal reserve banks 104, 105Admitted to system 200-225Membership in system—Regulation H 279

State bank and trust company members:Abstract of condition reports 182—187Bills discounted for 140Capital, surplus, and total resources 183, 200Changes in membership 47Number of 183Resources and liabilities 183

Subscriptions to Federal Reserve Bulletin 177Supreme Court of Missouri, decision of, on right of national banks to

exercise fiduciary powers 55, 307Supreme Court of Pennsylvania, decision of, on right of national banks to

exercise fiduciary powers 54, 304Supreme Court of United States, decisions of:

Atlanta par clearance case 48, 296Richmond par clearance case 49, 298Right of national banks in Missouri to exercise fiduciary powers 314

Surplus account:Federal reserve banks 43, 85, 88, 170Member banks _ 182-187, 200Ratio of current net earnings to capital and to capital and surplus

combined 43Tax, franchise, paid to Government by Federal reserve banks 170Telegraph, leased-wire system, cost of 178Telephone and telegraph expense of Federal reserve banks 168Time deposits—Regulation D 273Trade acceptances. (See Acceptances.)Treasury certificates of indebtedness. (See United States securities.)Treasury notes. (See United States securities.)Trust companies. (See State banks and trust companies.)Trust powers. (See Fiduciar\< powers.)

86538—24t 32



Page.Uncollected items (checks, drafts, transit items, etc.) of Federal reserve

banks 85, 88United States bonds. (See United States securities.)United States certificates of indebtedness. (See United States securities.)United States Government, franchise tax paid to, by Federal reserve

banks 170United States securities:

Allotments of 181Bills discounted, secured by—

Held by Federal reserve banks 74, 86, 97, 98, 101, 102, 144Volume discounted by Federal reserve banks 144

Certificates of indebtedness:Development of market for, advisory council on 466Purchased by Federal reserve banks 157

Depreciation on, charges made by Federal reserve banks on ac-count of 169

Discount rates on paper secured by 64Held by Federal reserve banks 74, 86, 111

Par value of 112Owned by member banks 182-187Rates of earnings on purchases by Federal reserve banks 72Treasury notes purchased by Federal reserve banks 156Victory notes purchased by Federal reserve banks 155Volume purchased by Federal reserve banks 155-157(See also Index to Part II.)

United States Treasurer, items drawn on, and handled by Federal reservebanks 161

(See also Index to Part II.)Vest, George B., appointed assistant counsel of Federal Reserve Board 62Victory notes. (See United States securities.)Warrants, municipal:

Purchased by Federal reserve banks 74, 85, 86, 110, 133, 134Rates of earnings on 73Regulation E 274

Wholesale prices, index of 319Wholesale trade, index of 318


INDEX TO PART II.DATA FOR EACH FEDERAL RESERVE DISTRICT.

District No. 1—Boston: Page.Assets and liabilities of Federal reserve bank—holdings of bill dis-

counted, acceptances, United States securities and total earningassets; also cash reserves, members' reserve deposits, total deposits,Federal reserve note circulation, and reserve percentages; byweeks during 1923 323

Chart showing 324Assets and liabilities of reporting member banks—loans and dis-

counts, investments, deposits, and accommodation at Federalreserve bank; by months during 1922 and 1923 330

Condition of Federal reserve bank—comparative statement of, De-cember, 1921-1923 L 322

Debits to individual accounts (bank debits)—figures for each report-ing center and summary for the district; by months, 1921-1923. _ 330-332

Discount and open-market operations of Federal reserve bank—volume of bills discounted and of acceptances and United Statessecurities purchased 325

Discounts—volume of bills discounted by Federal reserve bank formember banks in each State, and number of banks accommodated. 326

Earnings, expenses, and profit and loss account of Federal reservebank, 1921-1923 326

Federal reserve clearing system—operations of Federal reserve bankin 328

Gold settlement fund—clearings and transfers of Federal reservebank, by weeks during 1923 329

Volume of operations in principal departments 328District No. 2—New York:

Assets and liabilities of Federal reserve bank—holdings of bills dis-counted, acceptances, United States securities and total earningassets; also cash reserves, members' reserve deposits, total de-posits, Federal reserve note circulation, and reserve percentages;by weeks during 1923 334


counts, investments, deposits, and accommodation at Federal re-serve bank; by months during 1922 and 1923 341

Condition of Federal reserve bank—comparative statement of, De-cember, 1921-1923 333

Debits to individual accounts (bank debits)—figures for ea.cn report-ing center and summary for the district; by months, 1921-1923__ 342


Discounts—volume of bills discounted by Federal reserve bank formember banks in each State, and number of banks accommodated 337

Earnings, expenses, and profit and loss account of Federal reservebank, 1921-1923 337-338


Gold settlement fund—clearings and transfers of Federal reservebank, by weeks during 1923 339-340

Volume of operations in principal departments 338District No. 3—Philadelphia:

Assets and liabilities of Federal reserve bank—holdings of bills dis-counted, acceptances, United States securities and total earningassets; also cash reserves, members' reserve deposits, total de-posits, Federal reserve note circulation, and reserve percentages;by weeks during 1923 345

Chart showing 346Assets and liabilities of reporting member banks—loans and discounts,

investments, deposits, and accommodation at Federal reservebank; by months during 1922 and 1923 351

487Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

4 8 8 INDEX TO PART II.

District No. 3—Philadelphia—Continued. Page.Condition of Federal reserve bank—comparative statement of, De-

cember, 1921-1923 L 344Debits to individual accounts (bank debits)—figures for each reporting

center and summary for the district; by months, 1921-1923 352-354Discount and open-market operations of Federal reserve bank—

volume of biUs discounted and of acceptances and United Statessecurities purchased : 347

Discounts—volume of bills discounted by Federal reserve oank formember banks in each State, and number of banks accommodated. 348

Earnings, expenses, and profit and loss account of Federal reservebank, 1921-1923 348,349


Gold settlement fund—clearings and transfers of Federal reserve bank,by weeks during 1923 351, 352

Volume of operations in principal departments 349District No. 4—Cleveland:

Assets and liabilities of Federal reserve bank—holdings of bills dis-counted, acceptances, United States securities, and total earningsassets; also cash reserves, members' reserve deposits, total de-posits, Federal reserve note circulation, and reserve percentages; byweeks during 1923 356




Debits to individual accounts (bank debits)—figures for each report-ing center and summary for the district; by months, 1921-1923- 363-365

Discount and open-market operations of Federal reserve bank—volume of bills discounted and of acceptances and United Statessecurities purchased _ _ • 358

Discounts—volume of bills discounted by Federal reserve bank formember banks in each State, and number of banks accommodated _ 359

Earnings, expenses, and profit and loss account of Federal reservebank, 1921-1923 359, 360

Federal reserve clearing system—operations of Federal reserve bank in _ 361Gold settlement fund—clearings and transfers of Federal reserve

bank, by weeks during 1923 361, 362Volume of operations in principal departments 360

District No. 5—'Richmond:Assets and liabilities of Federal reserve bank—holdings of bills dis-

counted, acceptances, United States securities and total earningassets; also cash reserves, members' reserve deposits, total deposits,Federal reserve note circulation, and-reserve percentages; by weeksduring 1923 367



Condition of Federal reserve bank—-comparative statement of, De-cember, 1921-1923 366

Debits to individual accounts (bank debits)—figures for each report-ing center and summary for the district; by months, 1921-1923. 374-376





Gold settlement fund—clearings and transfers of Federal reserve bank,by weeks during 1923_____ - 372, 373

Volume of operations in principal departments 371Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO PART II. 489

District No. 6—Atlanta: Page.Assets and liabilities of Federal reserve bank—holdings of bills dis-

counted, acceptances, United States securities, and total earningassets; also cash reserves, members' reserve deposits, total depos-its, Federal reserve note circulation, and reserve percentages; byweeks during 1923 378


investments, deposits, and accommodation at Federal reserve bank;by months during 1922 and 1923 384


Debits to individual accounts (bank debits)—-figures for each reportingcenter and summary for the district; by months, 1921-1923 385-388

Discount and open-market operations of Federal reserve bank—vol-ume of bills discounted and of acceptances and United Statessecurities purchased 380

Discounts—volume of bills discounted by Federal reserve bank formember banks in each State, and number of banks accommodated, _ 381



Gold settlement fund—clearings and transfers of Federal reservebank, by weeks during 1923 383, 384

Volume of operations in principal departments 382District No. 7—Chicago:

Assets and liabilities of Federal reserve bank—holdings of bills dis-counted, acceptances, United States securities, and total earningassets; also cash reserves, members' reserve deposits, total deposits,Federal reserve note circulation, and reserve percentages; byweeks during 1923 390



Condition of Federal reserve bank—comparative statement of,December, 1921-1923 389

Debits to individual accounts (bank debits)—figures for each report-ing center and summary for the district; by months, 1921-1923-_ 398-401

Discount and open-market operations of Federal reserve bank—vol-ume of bills discounted and of acceptances and United Statessecurities purchased 392


Earnings, expenses, and profit and loss account of Federal reservebank, 1921-1923__ 393, 394


Gold settlement fund—clearings and transfers of Federal reserve bank,by weeks during 1923 395,396

Volume of operations in principal departments 389District No. 8—St. Louis:

Assets and liabilities of Federal reserve bank—holdings of bills dis-counted, acceptances, United States securities, and total earningassets; also cash reserves, members' reserve deposits, total deposits,Federal reserve note circulation, and reserve percentages; by weeksduring 1923 403

Chart showing " 404Assets and liabilities of reporting member banks—loans and discounts,



Debits to individual accounts (bank debits)—figures for each report-ing center and summary for the district; by months, 1921-1923-_ 410-411


4 9 0 INDEX TO PART II.

District No. 8—St. Louis—Continued Page.Discount and open-market operations of Federal reserve bank—vol-

ume of bills discounted and of acceptances and United Statessecurities purchased 405





Volume of operations in principal departments- 407District No. 9—Minneapolis:

Assets and liabilities of Federal reserve bank—holdings oi" bills dis-counted, acceptances, United States securities and total earningassets; also cash reserves, members' reserve deposits, total deposits,Federal reserve note circulation, and reserve percentages; by weeksduring 1923 I 413




Debits to individual accounts (bank debits)—figures for each report-ing center and summary for the district; by months, 1921-1923_ 420-421

Discount and open-market operations of Federal reserve bank—vol-ume of bills discounted and of acceptances and United States securi-ties purchased 415

Discounts—volume of bills discounted b3 Federal reserve bank formember banks in each State, and number of banks accommodated- 416


Federal reserve clearing system—operations of Federal reserve bankin 1 418

Gold settlement fund—clearings and transfers of Federal reservebank; by weeks during 1923 418, 419

Volume of operations in principal departments 417District No. 10—Kansas City:

Assets and liabilities of Federal reserve bank—holdings of bills dis-counted, acceptances, United States securities and total earningassets; also cash reserves, members' reserve deposits, total deposits,Federal reserve note circulation, and reserve percentages; by weeksduring 1923 1 423




Debits to individual accounts (bank debits)—figures for each reportingcenter and summary for the district, by months, 1921-1923 430-433


Discounts—volume of bills discounted by Federal reserve bank formember banks in each State, and number of banks accommodated- 426




Volume of operations in principal departments 427


INDEX TO PART II. 4 9 1

District No. 11—Dallas: Page.Assets and liabilities of Federal reserve bank—holdings of bills dis-

counted, acceptances, United States securities, and total earningassets; also cash reserves, members' reserve deposits, total deposits,Federal reserve note circulation, and reserve percentages; bv weeksduring 1923 1 435




Debits to individual accounts (bank debits)—figures for each reportingcenter and summary for the district; by months, 1921-1923 442-443


Discounts—volume of bills discounted by Federal reserve bank formember banks in each State, and number of banks accommodated- 438

Earnings, expenses, and profit and loss account of Federal reservebank, 1921-1923 • 438,439

Federal reserve clearing system—operations of Federal reserve bankfîn 440Gold settlement fund—clearings and transfers of Federal reserve

bank, by weeks during 1923 440, 441Volume of operations in principal departments 437

District No. 12—San Francisco:Assets and liabilities of Federal reserve bank—holdings of bills dis-

counted, acceptances, United States securities, and total earningassets; also cash reserves, members' reserve deposits, total deposits,Federal reserve note circulation, and reserve percentages; by weeksduring 1923 I 445




Debits to individual accounts (bank debits)—figures for each report-ing center and summary for the district; by months, 1921-1923__ 452-455

Discount and open-market operations of Federal reserve bank—vol-ume of bills discounted and of acceptances and United States se-curities purchased 447




Gold settlement fund—clearings and transfers of Federal reserve bank,by weeks during 1923 - 450, 451

Volume of operations in principal departments 447


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Tenth Annual Report of the Federal Reserve Board 1923

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