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FIFTEENTH ANNUAL REPORT
OF THE

FEDERAL RESERVE
BOARD




COVERING OPERATIONS

FOR THE YEAR 1928

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1929

THE FEDERAL RESERVE BOARD
DECEMBER 31, 1928

ROY A. YOUNG, Governor.
EDMUND PLATT, Vice Governor.

EX OFFICIO MEMBERS
A. W. MELLON,

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

Comptroller of the Currency,

WALTER L. EDDY, Secretary.

ADOLPH C. MILLER.
CHARLES S. HAMLIN.
GEORGE R. JAMES.
EDWARD H. CUNNINGHAM.

E . A. GOLDENWEISER,

Director, Division of Research and
Statistics.

J. C. NOELL, Assistant Secretary.
E. M. MCCLELLAND,

Assistant Secretary.

CARL E. PARRY,

J. F. HERSON,

Chief, Division of Examination, and
Chief Federal Reserve Examiner.
WALTER WYATT, General Counsel.

Assistant Director, Division of Research and Statistics.
E. L. SMEAD,

Chief, Division of Bank Operations

W. M. IMLAY, Fiscal Agent.
II




ADDITIONAL COPIES
OF THIS PUBLICATION MAY BE PROCURED FROM
THE SUPERINTENDENT OF DOCUMENTS
U. S. GOVERNMENT PRINTING OFFICE
WASHINGTON, D. C.
AT

35 CENTS PER COPY (paper covers)

CONTENTS
TEXT OF REPORT
Member bank credit
Federal reserve policy
Position of reserve banks in the banking structure
Banking policy and credit policy
Money rates
Acceptances
Progress of the gold standard

1
3
7
9
10
12
14

Federal reserve bank credit in 1928
Earnings, expenses, and volume of work of the Federal reserve banks
Branches and agencies of Federal reserve banks
Building operations of Federal reserve banks
Changes in membership in the Federal reserve system
Bank examinations
Bank suspensions
Branch banking
Chain banking
Bank mergers
Banks on the par list
Trust activities of national banks
Agreements with foreign central banks in 1928
Changes in the board's regulations
Amendments to the Federal reserve act
The Clayton Antitrust Act
Discretion of board in approving the organization of foreign banking
corporations
Discretion of Federal reserve system regarding matters relating to credit
poli cies
Check clearing and collection
Legislation recommended
Meetings of the Federal Advisory Council
Conferences held by the Federal Reserve Board
Board's organization, staff, and expenditures

17
19
23
23
24
26
26
28
30
32
33
34
35
35
36
37
37
39
40
40
42
42
43

TABLES
FEDERAL RESERVE BANK CREDIT
RESERVE BANK CREDIT:

No. 1. Reserve bank credit outstanding, by months, 1914-1928
No. 2. Deposits, reserves, note circulation, and reserve percentages
of Federal reserve banks, by months, 1914-1928
No. 3. Reserve bank credit outstanding, by weeks, 1922-1928
No. 4. Deposits of Federal reserve banks, by weeks, 1922-1928
No. 5. Principal resources and liabilities of Federal reserve banks,
by weeks




in

47
50
53
60
63

IV

CONTENTS

RESERVE BANK CREDIT—Continued.

No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.

6. Resources and liabilities of Federal reserve banks, in detail,
December 31, 1928
7. Resources and liabilities of Federal reserve banks at the end
of each month
8. Condition of each Federal reserve bank at end of 1927 and
and 1928
9. Number of member banks discounting paper at Federal
reserve banks, by months, 1914-1928
10. Average maturity of bills discounted and bills bought by
Federal reserve banks, by years, 1918-1928
11. Bills discounted by Federal reserve banks—Holdings at the
end of each month, by classes
12. Bills bought by Federal reserve banks—Holdings at the end
of each month, by classes
13. Holdings of bills discounted and bills bought by Federal
reserve banks, by maturities
14. Holdings of United States securities by Federal reserve banks
at the end of each year, 1924-1928, by classes
15. Holdings by Federal reserve banks of United States securities in special investment account, 1923-1928
16. Holdings by Federal reserve banks of temporary one-day
certificates of indebtedness issued by the United States
Treasury, 1923-1928

page

64
66
68
70
70
71
71
72
73
74
75

VOLUME OF OPERATIONS OF FEDERAL RESERVE BANKS:

No. 17. Volume of operations in principal departments, 1924-1928-_
No. 18. Bills purchased by Federal reserve banks during 1928,
classified according to underlying commodities

76
76

GOLD SETTLEMENT FUND:

No. 19. Summary of transactions through the fund, 1923-1928

77

FEDERAL RESERVE AGENTS' FUND:

No. 20. Summary of transactions through the fund, 1923-1928

77

MEMBERSHIP IN PAR COLLECTION SYSTEM:

No. 21. Number of banks on par list and not on par list, 1920-1928-.

78

FEDERAL RESERVE BANK PREMISES:

No. 22. Cost of premises of Federal reserve banks and branches to
December 31, 1928

79

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS:

No. 23. Gross and net earnings and disposition made of net earnings, 1914-1928
No. 24. Earnings, by sources, 1914-1928

80
80

FEDERAL RESERVE NOTES:

No. 25. Federal reserve agents' accounts at the end of each m o n t h . .

81

GOLD STOCK, GOLD MOVEMENTS, AND MONEY IN CIRCULATION
-GOLD:

No. 26. Monetary gold stock of the United States, by months, 19141928
No. 27. Monetary gold stock of the United States, by weeks, 19221928
No. 28. Gold earmarked by Federal reserve banks for foreign account, 1916-1928
No. 29. Gold imports and exports, by countries, 1925-1928
No. 30. Gold imports and exports, by months, 1915-1928



85
86
88
88
89

CONTENTS
MONEY IN CIRCULATION:

No. 31. United States money in circulation, by months, 1914-1928__
No. 32. United States money in circulation, by weeks, 1922-1928.__
No. 33. Kinds of money in circulation, by months, 1926-1928

V
Page

90
92
94

DISCOUNT RATES AND MONEY RATES
DISCOUNT RATES AND MONEY RATES:

No. 34. Federal reserve bank discount rates on all classes and maturities of discounted bills—Changes from January 1, 1922, to
December 31, 1928
No. 35. Federal reserve bank buying rates on acceptances—Changes
from January 1, 1919, to December 31, 1928
No. 36. Average rates charged by Federal reserve banks on bills discounted and bills bought, 1918-1928
No. 37. Average rates earned by Federal reserve banks on bills and
securities, 1916-1928
No. 38. Average rates charged by member banks on customers' paper
rediscounted with Federal reserve banks, 1921-1928
No. 39. Open-market rates in New York City, by months, 1924-1928.
No. 40. Open-market rates in New York City, by weeks
No. 41. Money rates in New York City—Prevailing rates charged
customers, by months, 1924-1928

97
99
100
101
102
103
104
105

FOREIGN RATES:

No. 42. Discount rates at central banks in foreign countries—Changes
from January 1, 1922, to December 31, 1928
No. 43. Open-market rates in foreign countries, by months, 19241928
"
_

106
107

MEMBER AND NONMEMBER BANK CREDIT
ALL BANKS IN THE UNITED STATES:

No. 44. Loans and investments of member and nonmember banks,
1914-1928
No. 45. Deposits of member and nonmember banks (exclusive of
interbank deposits), 1914-1928

111
111

ALL MEMBER BANKS:

No. 46. Resources and liabilities of national and State bank members, December 31, 1927 and 1928
No. 47. Resources and liabilities of reserve city and country banks,
December 31, 1927 and 1928
No. 48. Principal resources and liabilities, on call dates, 1914-1928-_
No. 49. Net demand and time deposits, by size of city, 1924-1928
No. 50. Reserve balances, by months, 1917-1928
No. 51. Borrowings at Federal reserve banks, by months, 1914-1928-_
No. 52. Classification of loans on June 30, 1925-1928
No. 53. Classification of securities on June 30, 1925-1928

112
113
114
116
117
117
118
119

REPORTING MEMBER BANKS IN LEADING CITIES:

No. 54. Principal resources and liabilities, 1927-28, by weeks (revised series)
No. 55. Loans and investments, deposits, reserve balances, and borrowings at Federal reserve banks, by months, 1919-1928
(old series)
No. 55a. Principal resources and liabilities, by wreeks (old series)
No. 56. Bankers' balances, by weeks: Total, New York City, other
leading cities (revised series)



120
124
126
128

VI

CONTENTS

BROKERS' LOANS:

No. 57. Loans to brokers and dealers, secured by stocks and bonds,
made by reporting member banks in New York City, by
weeks
No. 58. Brokers' borrowings, 1926-1928, as reported by New York
Stock Exchange

page

129
130

BANKERS' ACCEPTANCES AND COMMERCIAL PAPER OUTSTANDING:

No. 59. Bankers' acceptances and commercial paper outstanding, by
months, 1922-1928
No. 60. Bankers' acceptances outstanding, by classes
No. 61. Distribution of bankers' acceptances outstanding, by months,
1927-28

131
131
132

BANK D E B I T S :

No. 62. Debits to individual accounts by banks in 141 principal
cities, by months, 1920-1928

132

BANK SUSPENSIONS:

No. 63. Banks suspended and reopened, by years, 1921-1928
No. 64. Bank suspensions, by months, 1921-1928
No. 65. Bank suspensions: Number, classified according to capital
stock, 1921-1928
No. 66. Bank suspensions: By size of town or city, 1921-1928

133
134
136
136

CHANGES IN MEMBERSHIP OF THE FEDERAL RESERVE SYSTEM:

No. 67. Summary of changes, by years, 1925-1928
No. 68. Changes, by class of member, 1927 and 1928

137
137

EARNINGS, EXPENSES, AND DIVIDENDS OF MEMBER BANKS, 1923-1927:

No. 69. Earning assets, capital funds, and profits
No. 70. Earnings, expenses, and dividends
No. 71. Ratios of earnings, expenses, etc., to average earning assets. _

138
138
139

BANKING CONDITIONS IN FEDERAL RESERVE DISTRICTS AND STATES
CONDITION OF EACH FEDERAL RESERVE BANK:

No. 72. Bills discounted for member banks—Holdings, by months,
1924-1928
No. 73. Discounted bills—Holdings on December 31, 1928, by
classes
No. 74. Discounted bills—Holdings on December 31, 1928, by
maturities
No. 75. Average maturity of bills discounted, 1926-1928
No. 76. Principal resources and liabilities, by weeks

143
144
144
144
145

VOLUME OF OPERATIONS OF EACH FEDERAL RESERVE BANK:

No. 77. In principal departments
No. 78. In branches

157
158

GOLD SETTLEMENT FUND:

No. 79. Summary of transactions through the fund, by districts

159

FEDERAL RESERVE AGENTS' GOLD FUND:

No. 80. Summary of transactions through the fund, by districts._

159

MEMBERSHIP IN PAR COLLECTION SYSTEM:

No. 81. Number of banks on par list and not on par list, by districts
No. 82. Number of banks on par list and not on par list, by States,
December 31, 1927 and 1928

160
161

EARNINGS AND EXPENSES OF EACH FEDERAL RESERVE BANK:

No. 83. Gross and net earnings and disposition made of net earnings,
1914-1928
No. 84. Earnings and expenses in detail




162
166

CONTENTS

VII

CONDITION OF ALL BANKS IN EACH DISTRICT, 1923-1928:

No.
No.
No.
No.

85.
86.
87.
88.

Total loans and investments
Totalloans
Investments
Deposits (exclusive of interbank deposits)

Page

-__

168
169
170
171

CONDITION OF ALL BANKS, BY STATES, 1924-1928:

No. 89. Total loans and investments
No. 90. Totalloans
No. 91. Investments

172
173
174

CONDITION OF ALL MEMBER BANKS IN EACH DISTRICT:

No.
No.
No.
No.
No.

92.
93.
94.
95.
96.

Principal resources and liabilities, on call dates, 1921-1928-_
175
Net demand and time deposits, by months
187
Net demand and time deposits, by size of city
188
Reserve balances, by months, 1927 and 1928
190
Borrowings at Federal reserve banks, by months, 1927 and
1928
191
No. 97. Number of member banks discounting paper at Federal
reserve banks, 1923-1928
191

CONDITION OF ALL MEMBER BANKS, BY STATES:

No. 98. Total loans and investments, 1926-1928
No. 99. Total loans, 1926-1928
No. 100. Investments, 1926-1928
No. 101. Borrowings at Federal reserve banks, by months, 1927-1928No. 102. Number of member banks discounting paper a t Federal
reserve banks, 1923-1928

192
193
194
195
197

CONDITION OF REPORTING MEMBER BANKS IN EACH DISTRICT:

No. 103. Loans, investments, and borrowings at Federal reserve
banks, by months, 1927-28 (revised series)
No. 104. Total loans and investments, by weeks (old series)
No. 105. Total loans, by weeks (old series)
No. 106. Loans on securities, by weeks (old series)
No. 107. All other loans, by weeks (old series)
No. 108. Investments, by weeks (old series)
No. 109. Net demand deposits, by weeks (old series)
No. 110. Time deposits, by weeks (old series)
No. 111. Reserve balances, by weeks (old series)
No. 112. Borrowings at Federal reserve banks, by weeks (old series).

198
200
201
202
203
204
205
206
207
208

BANKERS' BALANCES OF REPORTING MEMBER BANKS, BY DISTRICTS:

No. 113. Amounts due from other banks, 1927-28, by months (revised series)
209
No. 114. Amounts due to other banks, 1927-28, by months (revised
series)
209
BANK SUSPENSIONS:

No. 115. Banks suspended and reopened, by districts
No. 116. Banks suspended and reopened, by States

210
211

CHANGES IN MEMBERSHIP:

No. 117. Changes, by districts

212

EARNINGS, EXPENSES, AND DIVIDENDS OF MEMBER BANKS:

No. 118. All member banks, by districts
No. 119. National banks, by districts
No. 120. State member banks, by districts




214
215
216

VIII

CONTENTS
INDUSTRIAL AND TRADE CONDITIONS

INDEX NUMBERS OF PRODUCTION, EMPLOYMENT, TRADE, AND PRICES:

No.
No.
No.
No.

121.
122.
123.
124.

Production, employment, trade, and prices, 1919-1928
Production of manufactures, by groups, 1919-1928
Production of minerals, by products, 1919-1928
Wholesale distribution, by individual lines of trade, 19191928

Page

219
222
223
224

APPENDIX
Recommendations of the Federal Advisory Council
Amendments to the Federal reserve act
Amendment to Clayton Antitrust Act
Regulations of the Federal Reserve Board
Court decision in Minneapolis par clearance case
Court opinion as to discretion of Federal reserve system regarding matters
relating to credit policies
Directory of the Federal Reserve Board
Salaries of officers and employees of the Federal Reserve Board
Receipts and disbursements of the Federal Reserve Board
Salaries of national-bank examiners
Directory of the Federal Advisory Council
"
Governors and directors of Federal reserve banks
Salaries of officers and employees of Federal reserve banks
State bank and trust company members of Federal reserve system:
List of members, with location, loans, investments, etc
Summary classification according to capital stock
Fiduciary powers granted to national banks
Banks authorized to accept bills up to 100 per cent of capital and surplus. _
Description of Federal reserve districts
Description of Federal reserve branch territories
Map of Federal reserve districts
.




227
231
231
232
238
242
243
243
246
248
250
250
258
261
282
284
307
310
316
318

ANNUAL BEPOBT OF THE FEDEEAL EESEEVE BOAED
WASHINGTON, February 25', 1929.
Nineteen hundred and twenty-eight, the year covered by this, the
Fifteenth Annual Report of the Federal Reserve Board, has been a
year of active business, of continued growth in the demand for
credit, and of a rising level of money rates. Industrial activity,
which had receded in the latter part of 1927, recovered and reached
new high levels in 1928. Agricultural production was large, and the
income of farmers was at about the same level as the year before.
The flow of commodities through the channels of trade to consumers
kept pace with production, and there was no accumulation of inventories. Commodity prices, which had begun to advance in the summer of 1927, continued to rise through most of 1928, but receded in
the last quarter of the year, and in December were at the same level
as at the close of the preceding year.
Gold withdrawals on a large scale and continued growth of bank
credit resulted in an increased demand for reserve bank credit and,
owing to security sales by the reserve banks, in an even larger increase
of indebtedness of member banks. As a consequence, money rates
advanced to the highest level in seven years. Rate advances, however, were much sharper for loans on securities than for commercial
loans, and there was no evidence of unfavorable effects of higher
money rates on trade and industry.
During the year much progress was made in monetary and financial
reconstruction in foreign countries, and the reestablishment of the
international gold standard was practically completed.
MEMBER BANK CREDIT

Active industry and trade in 1928 was accompanied by a growth
in the demand for bank credit, both for financing security transactions
and for commercial purposes, and there was also a large growth in the
use of acceptances for financing the storage and marketing of crops
and other products. The banks7 investments showed little change
for the year, while their loans on securities increased rapidly. Changes




1

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

for the year in the principal items of condition of member banks in
leading cities are set forth in the following table:
MEMBER BANKS IN LEADING

CITIES

[Monthly averages of weekly figures—revised series. In millions of dollars]

December, December,
1927
1928

Increase (+) or decrease (—)
Per cent

Loans and investments.

21, 328

22,189

+861

+4.0

Loans
On securities
Allother

15, 396
6,676
8,720

16, 253
7,198
9,055

+857
+522
+335

_

5,932

5,936

+4

+5.6
+7.8
+3.8
+.1

Net demand deposits...
Time deposits.._

13, 872
6,419

13, 399
6,842

-473
+423

-3.4
+6.6

Investments

Growth of security loans in 1928 accompanied an extraordinary
growth in activity in the securities market and a rapid advance in
security values. This increase in stock-exchange activity was reflected
in a rise to the highest level on record of the total volume of loans to
brokers and dealers in securities. The volume of brokers' loans has
been increasing with some fluctuations since the beginning of 1924,
and in December, 1928, it reached a total of $6,440,000,000, as
reported by the stock exchange, which includes in its reports brokers'
borrowings from all sources. Brokers' loans made through reporting
member banks in New York City increased by $1,600,000,000 in
1928 and averaged about $5,200,000,000 during the last month of
the year. The chart shows the course of brokers' loans reported by
member banks in New York City for the years 1923 to 1928. For
the three years, 1926-1928, the total is subdivided into loans made
by the banks for their own account, for account of out-of-town
domestic banks, and for account of others, including individuals,
firms, corporations, and foreign banks.
Of the growth of $1,600,000,000 in brokers' loans placed by member
banks in New York City during 1928 about $400,000,000 was for
account of out-of-town banks, which includes a certain amount of
loans by these banks for account of their customers, and $1,330,000,000
was for account of nonbanking lenders, while loans by the New
York banks for their own account showed a decrease for the year.
The large growth in the volume of loans by nonbanking lenders
reflected in part the strong cash position of corporations, which had
funds available in excess of their current requirements. These loans
by nonbank lenders do not create deposits and it is for this reason
that the growth of brokers' loans during the year has not been



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

accompanied by a growth of bank deposits. A consequence of this
development has been the absence of growth of member bank
MILLIONS OF DOLLARS

MILLIONS OF DOLLARS

60001

'

I BROKERS' LOANS I

6000

MADE BY REPORTING MEMBER BANKS IN N E W YORK CITY

50001

5000

40001

4000

3000

3000

2000-

2000

1000

1000

1923
1924
1925
1926
1927
1928
Based on weekly figures reported to Federal Reserve Board; figures beginning with 1926 are somewhat
more inclusive than earlier figures. Figures for domestic banks are a combination of those for own account
and for out-of-town banks

reserve requirements and of the demand for reserve bank credit
from that source.
FEDERAL RESERVE POLICY

In the autumn of 1927 the Federal reserve system, in view of
business recession in this country and a money stringency abroad,
adopted a policy directed toward easier money. This policy was a
factor during the latter part of 1927 in bringing about a reversal of the
gold movement, which had been toward the United States for several
years, and a substantial outflow of gold to other markets. The effect
of this outflow on the domestic money market was at first fully
offset by the reserve banks by open-market purchases of securities.
Toward the end of the year, however, in view of the rapid increase in
the demand for credit from the security markets, these purchases were
reduced in volume and finally discontinued. Credit conditions
nevertheless remained easy, partly because the autumn and holiday
increase in currency demand was considerably smaller than usual.



A.NNUAX, REPORT OF THE FEDERAL RESERVE BOARD

Until the end of 1927 borrowing at banks on securities continued to
increase rapidly, and early in 1928, when it began to be apparent
that industry in this country was again active and that the emergency
abroad had passed, the Federal reserve system determined to exert
its influence more actively toward firmer money conditions. The
reserve banks accordingly sold United States securities in the first
six months of 1928 in approximately the same amount as they had
purchased to offset the effects of gold withdrawals in the late months
of the preceding year. These sales, coming at the time of the postholiday inflow of currency, absorbed a part of this inflow, which was
unusually large, with the consequence that member banks were not
in a position to reduce their borrowings by its full amount. In
January and February, furthermore, discount rates at all the reserve
MILLIONS OF DOLLARS

MILLIONS OF DOLLARS

2000

[2000

1500

1500

Discount RateF.R.BankofNewYork

Reserve Bank Holdings
of U.S.Securities

1924

1925
1926
1927
Based on weekly averages of daily figures

1928

banks were raised from 3 ^ to 4 per cent, and advances were also
made in the reserve banks' buying rates on bankers' acceptances.
Demand upon member banks for loans on securities fell off considerably during January and February, but the growth was resumed
in March, reflecting a resumption of activity in the securities market,
and continued into May. The growth in the amount of credit used
in the securities market during this period occurred notwithstanding
a rapid rise of money rates in the open market, due in part to continued gold exports and to further sales of United States securities
by the reserve banks. Between April 20 and June 7 discount rates



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

5

at all the Federal reserve banks were advanced from 4 to 4% per cent,
and in July the rates in eight of the reserve banks were further raised
to 5 per cent. Buying rates for bankers' bills were also gradually
advanced, and ranged at the end of July from 4J^ to 5 per cent, according to maturities, compared with a range from 3 to 3 ^ per cent at
the beginning of the year. The discount rate and open-market policy
of the reserve banks in recent years is illustrated by the accompanying chart, which shows the security holdings of the reserve banks and
the discount rate at the Federal Reserve Bank of New York, together
with the total volume of reserve bank credit outstanding.
It appears from this chart that security holdings of the reserve
banks declined from over $600,000,000 in January, 1928, to less than
$250,000,000 in June and remained at about that level during the rest
of the year, while successive advances in the New York discount rate in
February, May, and July carried it from 3V£ to 5 per cent. The dates
on which discount rates were advanced by the different Federal reserve
banks are shown in the following table, which brings out the fact that
at the beginning of the year a uniform rate of 3 J^ per cent prevailed at
all of the reserve banks, while at the end of the year the rate was 5 per
cent in eight of the banks and 43^ per cent in the banks located in the
western agricultural districts.
DATES OF CHANGES IN DISCOUNT RATES BY FEDERAL RESERVE BANKS IN
From 4 to 4H per cent

From V/i to 4 per cent

Date

Bank
Chicago
Richmond
New York
San Francisco
Minneapolis
Boston
Dallas
Kansas City
Atlanta
Philadelphia
St. Louis
Cleveland

Jan.
Jan.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Mar.

25
27
3
4
7
8
8
10
11
16
21
1

Boston
Chicago
St. Louis
Richmond.
Minneapolis
Dallas
Philadelphia
New York
Cleveland
Atlanta
San Francisco
Kansas City

From 4H to 5 per cent

Date

Bank

•

Apr.
Apr.
_- Apr.
Apr.
Apr.
May
May
May
May
May
June
June

1928

20
20
23
24
25
7
17
18
25
26
2
7

Bank
Chicago
New York
Richmond
Atlanta
Boston
St. Louis
PhiladelphiaCleveland..
Minneapolis
Kansas City
Dallas
San Francisco

Date
July
July
July
July
July
July
July
Aug.

11
13
13
14
19
19
26
1

In consequence of gold exports and security sales by the reserve
banks during the first half of the year, the member banks rapidly
increased their borrowings at the reserve banks, notwithstanding
the advances in discount rates, and by midyear member bank indebtedness was in larger volume than at any time in the preceding six
years. This heavy indebtedness caused member banks to reduce
their holdings of investments and of loans on securities, and after
the end of May, while their commercial loans continued gradually
to increase, their total loans and investments, as shown on the chart
on page 6, declined almost without interruption for a period of about
three months.



6

ANNUAL REPORT OF THE FEDERAL RESERVE BOiRD

Federal reserve policy, as expressed in sales of securities and successive advances in discount rates, was thus an important factor
during the larger part of 1928 in restraining the growth of member
bank credit. From about the middle of May until toward the end of
August the loans and investments of reporting member banks in
leading cities declined considerably, but after the last of August the
seasonal increase in demand for commercial credit and for currency,
together with further growth in stock exchange activity, resulted
BILLIONS OF DOLLARS

23

BILLIONS OF DOLLARS

LOANS AND INVESTMENTS OF REPORTING MEMBER BANKS

23

( Monthly avera£$s of weekly figures )

20

19

1927

1928

Based on revised series published in Federal Reserve Bulletin for January, 1929

in renewed growth in bank credit, which at the end of the year was
higher than at any previous time.
The growth in bank credit during this part of the year was accompanied by renewed growth, largely seasonal, in the volume of reserve
bank credit outstanding. In the autumn of the year a larger volume
of currency is needed for harvesting, industrial pay rolls, and retail
trade, and member banks are also under pressure to provide increased reserves against the seasonal increase in their deposit liabilities. These have usually been met in part by increased borrowing
and in part by increased sales of acceptances to the reserve banks.
In 1928, however, the increase in acceptance holdings of the reserve
banks during September, October, and November was sufficient to
provide all of the autumn increase in the demand for funds, and in
addition to permit member banks to reduce their borrowings, with
the result that money rates declined for a time during a period of
heavy seasonal demand for credit. The relatively favorable rates
on acceptances as compared with other types of loans had resulted
in Jan^unusual growth of this form of bank credit, and the high money



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

/

rates prevailing in the open market rendered them unattractive to
investors. As a consequence, a large part of the outstanding acceptances was offered for sale to the reserve banks, which held for
their own account and for account of their foreign correspondents
about two-thirds of the total volume of outstanding acceptances.
During December offerings of acceptances to the reserve banks
did not increase further, and the holiday increase in the demand for
currency was met out of increased borrowing by member banks.
The rapid increase in the bill portfolio of the reserve banks during the autumn, which enabled member banks to reduce their
indebtedness at a time of seasonal increase in the demand for
reserve bank funds, was accompanied by a relatively large growth
in offerings of bills of maturities of over 30 days. System holdings
of such acceptances increased from about $67,000,000 on September
5 to $260,000,000 on November 7. The bill portfolio of the system,
therefore, was not only growing more rapidly than usual but was also
becoming increasingly composed of longer term bills. A continued
growth in the proportion of long-term bills in the acceptance portfolio
of the reserve banks would have been undesirable because such bills
would not fall due during the return flow of currency in January
and thus would not absorb the funds that member banks receive
during that period. For this reason the Federal reserve banks, in their
purchases of acceptances in the last two months of the year, showed
preference to short bills, and in January advanced their buying rates
on bills, particularly of the longer maturities.
POSITION OF RESERVE BANKS IN THE BANKING STRUCTURE

In a period like the present, when the gold reserves of the country
have been diminished by more than 10 per cent through gold exports,
while member bank credit has continued to expand, it is appropriate to
define the character and extent of the Federal reserve system's
responsibility for changes in credit conditions. The Federal reserve
system is under obligation to make such use of its own lending power
as will be, in the broadest sense, in the interests of the business of the
country. Since the reserve banks hold all the reserves of member
banks, and through credit policy can influence the rate of growth of
these reserves, the Federal reserve system has a responsibility,
within the limit of its powers, for the character of growth in the
total volume of member bank credit. Increased loans and. investments of member banks, regardless of the purpose for which the loan
or investment is made, result in the creation of additional deposits.
A growth in deposits, resulting from an increase in any class of loan
or investment, in turn increases the reserve requirements of member
banks and consequently their demand for reserve bank credit. Every



8

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

class of loan or investment, therefore, rests in the final analysis upon
reserve bank credit, which is the base of the entire credit structure,
and excessive or too rapid growth in any field of credit, whether it
be commerce, industry, agriculture, or the trading in securities, is a
matter of concern to the Federal reserve system. Too rapid expansion of bank credit in any field may result in serious financial disorganization and it inevitably leads to increased demand for reserve
bank funds. Because the system has a broad responsibility for the
general soundness of credit conditions, and because a growth of bank
credit for any purpose ultimately leads to a demand for reserve bank
credit, it is its duty to use its influence against undue credit expansion
in any direction.
In recent years the most rapid expansion of bank credit has been
in the direction of increasing use of bank funds in investments and
in loans on securities. Between the middle of 1925 and the middle
of 1928 member bank holdings of investments increased from
$8,863,000,000 to $10,758,000,000 and their loans on securities from
$6,718,000,000 to $9,068,000,000. At the present time, of the total
volume of nearly $35,700,000,000 of loans and investments of mem*
ber banks, more than 57 per cent are either in investments or in
loans on securities. Securities thus underlie considerably more than
half of the outstanding volume of member bank credit. The proportion of bank credit that is based on securities has been rapidly
increasing.
When the question is considered in the light of the reserve banks*
position as holders of the reserves against all member bank credit it
becomes apparent that the Federal reserve system's responsibility is
not limited to the control of funds obtained directly from the Federal
reserve banks. There is no way of earmarking for special purposes
the credit extended by the Federal reserve banks, and even if that
were possible, it would still be true, under existing law, that
the entire credit structure ultimately rests upon Federal reserve
credit as a base; the reserve system has a correspondingly broad
responsibility.
It is a generally recognized principle that reserve bank credit
should not be used for profit, and that continuous indebtedness at
the reserve banks, except under unusual circumstances, is an abuse
of reserve bank facilities. In cases where individual banks have
been guilty of such abuse, the Federal reserve authorities have taken
up the matter with officers of the offending banks and have made
clear to them that their reserve position should be adjusted by
liquidating a part of their loan or investment account rather than
through borrowing. Abuses of the privileges of the Federal reserve
system, however, have not been general among the member banks.
The tradition against continuous borrowing is well established, and
itFRASER policy of the Federal reserve banks to maintain it.
is the
Digitized for


ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

9

BANKING POLICY AND CREDIT POLICY

Influence exerted by a reserve bank on the loan and investment
policy of an individual member bank is ordinarily exercised only over
banks that are borrowers from the reserve banks. It is in the nature
of banking supervision, and is akin in many respects to the bank
examination function of the reserve system. This phase of reserve
bank policy may be called banking policy, as distinguished from
credit policy, which deals with more general developments of banking
in relation to the credit needs of the country. Banking policy ordinarily has but limited effect on credit conditions as a whole, because
no class of borrowers is confined for accommodation to any single
bank or group of banks, and because of the general mobility of bank
credit. When one member bank, for example, on its own initiative
or at the instance of the reserve bank, repays indebtedness to the
reserve bank by withdrawing funds lent on the stock exchange, the
effect may be to cause the borrower to seek accommodation at another
bank, member or nonmember, that is not indebted to the reserve bank.
For the purpose of meeting the demand thus transferred without borrowing at the reserve bank, the bank to which the borrower applies
may borrow from a member bank, which in turn may borrow from the
reserve bank. As the result of this series of transactions there would
be no reduction in security loans or in borrowings at the reserve bank.
The importance of banking policy lies in promoting the soundness of
member banks, and cooperation of these banks with the Federal
reserve system in carrying out banking policy is essential to the maintenance of sound banking conditions. For influencing general credit
conditions, however, the Federal reserve system relies on credit policy
rather than on banking policy.
Credit policy is essentially impersonal and finds expression chiefly
through the influence that the Federal reserve system may exert on
the volume and cost of bank credit through its policy of sales or purchases in the open market and through discount rates on memberbank borrowings and buying rates on acceptances. In determining
upon credit policy the Federal reserve system is always under the
necessity of balancing the advantages and disadvantages that are
likely to follow a given course of action. Low money rates may have
a favorable effect on domestic business, but at the same time may
stimulate speculation in securities, commodities, or real estate. High
money rates, on the other hand, may exert a moderating influence on
speculation, but at the same time may result in a higher cost of credit
to all lines of business, and thus be detrimental to commerce and
industry; ultimately they may draw gold from abroad, which would
tend to ease the domestic situation. It is impossible to foresee all
the effects of a credit policy and difficult to appraise them even after
41223—29 2




10

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

they have developed. It is certain, however, that the Federal reserve
system must steer its course with reference to broader developments
and longer time objectives than day-to-day or month-to-month
changes in any particular line of credit. Principal among such objectives are the continuous provision of credit at reasonable cost in
amounts adequate for the requirements of trade and industry and the
safeguarding of our gold reserves, which are held in trust to meet
future needs, against unduly rapid absorption through expansion of
credit.
MONEY RATES

Diminution of the country's gold reserves through exports, and
the firm money policy of the reserve system, adopted in view of the
MONEY RATES IN NEW YORK CITY

1921

1922

1923

192**

1925

1926

1927

1928

Prevailing rates in open market; monthly basis

continued growth of security loans, were reflected in a rapid rise of
money rates in 1928. The chart shows the course of rates in the New
York market on acceptances; commercial paper, and call loans since
1922.
After a rise in the first nine months of the year money rates declined
somewhat in October and November, reflecting a reduction in memberbank indebtedness made possible through the sale of acceptances to
the reserve banks. The autumn decline in rates, however, came to
an end in the latter part of November, and in December rates, particularly for loans on securities, rose to the highest levels of the
year.



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

11

Throughout the year the advance in money rates bore most heavily
on open-market security loans in New York City. Between December, 1927, and December, 1928, rates on call loans on securities in
New York rose from 4.38 to 8.60 per cent and on time loans on
securities from 4-4% to 7-7% per cent, while open-market rates on commercial paper advanced from 4 to 5K-5K per cent, and on 90-day
bankers' acceptances from 3/4 to 4}£ per cent. Among the reasons for
the greater rise in rates for loans on securities than in rates for commercial paper has been the greater intensity of the demand for credit
PERCENT

CUSTOMERS RATES:

- in 8 Other Northern
and Eastern Cities

OPEN MARKET RATE:
— onh-6 months
Prime Commercial Paper

1926

1927

1928

Figures for rates charged customers are weighted averages of prevailing rates

in the securities market and the fact that security loans are not
eligible for discount at the reserve banks. At a time when memberbank indebtedness at the reserve banks was large and increasing,
member banks were inclined to accord preferential treatment to
paper that could be rediscounted with the Federal reserve banks.
Comparison of open-market rates with rates charged by member
banks to their regular customers shows that customer rates increased
much less than rates in the open market. This is brought out by
the chart, which shows the course of open-market rates on commercial
paper, compared with the movement of rates charged to customers



12

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

by member banks in New York City, by banks in 8 other cities in
the North and East, and by banks in 25 cities in the South and West.
The rates shown on the chart are averages for different kinds of
loans made to customers, weighted by the volume of each class of
bank loans and also by the volume of bank loans in the cities included
in the averages. The chart brings out the fact that, while openmarket rates for commercial paper increased by nearly 13^ per cent
during the year, rates charged to customers by New York banks and
banks in 8 other cities in the North and East increased by little
more than 1 per cent, and rates charged to customers by banks in
southern and western cities increased by less than one-half of 1
per cent.
These figures indicate that the greatest pressure of the higher
money rates has been felt in the open market, where rates are most
sensitive to changes in credit conditions, and that, geographically,
advances in the level of rates charged customers have been largest
in New York and other financial and industrial centers that are close
to the money markets. Advances in rates charged to customers by
banks throughout the greater portion of the South and West have
been negligible. Among the factors causing this differential has
been a preference accorded by member banks to their regular commercial and industrial customers as against borrowers in the open
market with whom the banks have no established relationship.
Among the rates on open-market paper, the lowest and the ones
showing the smallest increases for the year were the rates on bankers'
acceptances, which during the year were used in unusually large
volume in financing the movement of agricultural and other products
to market.
ACCEPTANCES

The use of bankers' acceptances has increased steadily in recent
years, and at the end of 1928 American bankers' acceptances were
outstanding to the amount of $1,284,000,000, the largest volume on
record, approximately equal to the combined total of open-market
time loans on securities in New York and of open-market commercial
paper outstanding, and in excess of the total outstanding volume of
United States Government obligations with maturities under six
months. This is in contrast to the situation as recently as 1922,
when the acceptance market was probably the smallest of the open
markets. Since that time, as is indicated on the chart on page 14,
the use of American bankers' acceptances has increased steadily, with
only seasonal fluctuations. This increase has been particularly rapid
since the summer of 1927, when rates on acceptances were below those
ruling abroad. The summer recession was smaller than customary
in 1928, and the rapid increase continued despite the fact that rates



ANNUAL KEPOBT OF THE FEDERAL EESERVE BOARD

13

in the acceptance market advanced. The volume of acceptances
outstanding by classes in 1924, 1927, and 1928 is shown in the following table:
DOLLAR BANKERS' ACCEPTANCES

OUTSTANDING

[End of December figures. In millions of dollars]
1924

Imports
_
Exports
___
_
Domestic
.
Warehouse credits.._
Dollar exchange
Based on goods stored in or in transit between foreign
countries

Total.

1927

1928

Change,
1924-1928

316
497
16
173
39

+24
+191
-22
+11
+16

131

243

+243

1,081

1,284

+463

292
306
38
162
23

313
391
21
197
28

821

Compared with December, 1924, the volume of acceptances outstanding at the end of 1928 was larger by $463,000,000. The larger
part of dollar acceptances, as is shown by the table, is used to finance
imports and exports of commodities. A large increase in the past
three years has occurred in the volume of acceptances based on goods
stored in or in transit between foreign countries. The growth of this
class of acceptances may be due in part to a liberalization by the
Federal Reserve Board of its rulings relating to acceptances in November, 1927. At that time the board ruled that "acceptances may
be properly considered as growing out of transactions involving the
importation or exportation of goods when drawn for the purpose of
financing the sale and distribution * * * of imported or exported goods, * * * whether or not the bills are accepted after
the physical importation or exportation has been completed."
During 1927 the growth in acceptances outstanding was accompanied by corresponding growth in the demand for acceptances by
investors and was not reflected in a growth in the portfolio of the reserve banks. This is indicated on the chart, which shows the distribution of the total volume of acceptances outstanding during recent years
between those held by the reserve banks for their own account and those
held by others. According to this chart, total holdings of the reserve
banks fluctuated seasonally but showed little year to year growth between 1925 and the middle of 1928, while holdings by others increased
rapidly during this period. A large part of this growth occurred in the
portfolio of acceptances which the reserve banks purchased for the account of their foreign correspondents, which increased from $43,000,000
at the end of 1924 to $325,000,000 at the end of 1928. In the autumn
of 1928, however, the demand for acceptances, particularly from abroad,
declined, partly because of the relatively low yield on this type of invest


14

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

ment and partly because the total volume of foreign funds available
for investment in acceptances was reduced by a cessation in offerings
of long-term foreign loans in this market. As this came at a time when
the volume of acceptances outstanding was rapidly increasing, the bill
portfolio of the reserve banks increased by about $300,000,000 between August and November.
MILLIONS OF DOLLARS

1300

MILLIONS OF DOLLARS

AMERICAN BANKERS ACCEPTANCES OUTSTANDING

100

1925

1926

1927

1928

End of month figures. Total acceptances outstanding as reported by American Acceptance Council

PROGRESS OF THE GOLD STANDARD

During the year 1928 the reestablishment of the gold standard
throughout the world was completed with the exception of a few countries. Italy returned to a gold basis on December 22, 1927, just prior
to the beginning of the year; soon afterwards Estonia, Norway, and
Greece returned to a gold basis, and on June 25 monetary reform was
effected by France. On November 22 the parity of the Bulgarian lev
was fixed by law, at a level approximating that which had prevailed
since the end of 1923 ($0.0072, equals 92 levas per gram of fine gold).



ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD

15

Currencies of nearly all the principal countries now bear a definite
relationship to gold, and their gold parities are in the majority of cases
established by law, though in a few countries they are maintained as
a matter of administrative practice. The return to gold has reduced
the danger of wide fluctuations in foreign exchanges and has removed
the obstacles to international trade arising from uncertainty of currency values.
The progress of the gold standard during the past year has been
accompanied by the withdrawal of a considerable amount of gold from
the United States. The following table shows gold holdings of the
central banks and governments of principal countries at the close of
the years 1924 to 1928, and changes for the 4-year period:
GOLD HOLDINGS OF CENTRAL BANKS AND GOVERNMENTS
[End of December figures. In millions of dollars]
1924

United States:
France
England
Germany
Argentina 2 - _
Japan
Spain.
Italy
.
Netherlands
Other countries
Total. .
1
2

..

_.

1925

1926

1927

1928

4,090
710
757
181
444
586
489
218
203
1,238

3,985
711
703
288
451
576
490
219
178
1,290

4,083
711
735
436
451
562
493
221
166
1,304

3,977
954
742
444
529
542
502
239
161
1,424

3,746
1,254
750
650
607
541
494
266
175
1,497

8,916

8,891

9,163

9,514

9,981

Change,
192M928
-344

+544
+469
+163
—45

+5
+48
-28

+259
1,065

Treasury and Federal reserve banks.
Argentine Government (conversion fund) and the Bank of the Nation.

Growth during recent years in the total of central gold holdings
has represented for the most part the excess of gold production over
consumption by the arts and absorption by India, but has reflected
also the acquisition of gold by central banks from private hoards and
the release for monetary use of gold previously held as security for
loans. In 1925 India took a large amount of gold, and monetary
gold holdings were somewhat diminished in that year. In the succeeding three years, however, takings by India were much smaller,
and to the product of the mines was added the gold released from
pledge and returned from private or unreported holdings As a result,
holdings of central banks and governments increased $272,000,000
in 1926, $351,000,000 in 1927, and $467,000,000 in 1928. The
addition to central gold holdings during 1928 was more than the
total amount of new gold mined during the year.
The total increase in central gold reserves for the period was in
excess of $1,000,000,000 and increases were shown by all the countries
listed in the table, with the exception of the United States, Japan,
and Netherlands, all of which had relatively large gold reserves at



16

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

the beginning of the period; a small decrease was shown also for
England. If the gold withdrawn from these four countries be added
to the gold derived from other sources, it appears that the central
institutions outside of these four countries have increased their gold
reserves by nearly $1,500,000,000 during the last four years. Of
this amount, $544,000,000 went to France, $469,000,000 to Germany,
$163,000,000 to Argentina, and $95,000,000 to Brazil. Increases in
the gold stock of other countries were relatively small, but a large
number of countries not listed in the table showed an increase in gold
reserves amounting in the aggregate to over $250,000,000. The
United States is the only country which lost a considerable amount
of gold over the period, and the proportion of central gold reserves
that are held in the United States declined from 45.9 per cent in
1924 to 37.5 per cent in 1928. The loss of gold reserves by the
United States, however, still leaves the Federal reserve banks in a
strong reserve position, while the increase in the gold holdings of
foreign countries has increased the security of the gold standard in
the world.
The reserve position of nearly all the important central banks of
Europe improved during the past year, and this improvement has
been brought about in part through the transfer of gold from the
United States. The credit policies of the Federal reserve system,
which during the period from 1924 to 1927, when the gold standard
was being reestablished, were a factor favoring the redistribution of
gold, have, therefore, contributed to the maintenance of the gold
standard and indirectly to the improvement of world trade. The
return to free gold movements has also reduced the fluctuations of the
exchanges to a range within the gold points, and has brought about a
closer adjustment of money rates at the principal money markets
and a closer interrelationship in the movements of commodity prices
in different countries. Reestablishment of these relationships has
had the important consequence, from the point of view of the Federal
reserve system, of restoring at least in part the influences that under
the gold standard have tended to correct excessive credit expansion
in any country that takes an important part in international finance
and trade.
OPERATIONS OF THE FEDERAL RESERVE SYSTEM

In the preceding pages there has been presented a brief discussion
of business and banking developments in 1928 and of the policies
pursued by the Federal reserve system during the year. In the
following sections of this report there is given a more detailed account
of the operations of the Federal reserve banks and branches and of
administrative matters with which the Federal Reserve Board has
dealt during 1928.




ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

17

FEDERAL RESERVE BANK CREDIT IN 1928

Keserve bank credit outstanding increased rapidly throughout
1928, and for the year as a whole was larger than in any other year
since 1921. This increase was due chiefly to loss of gold during the
first half of the year, and thereafter to the seasonal increase in the
^

RESERVE BANK CREDIT OUTSTANDING AND PRINCPAL FACTORS IN CHANGES

MILLIONS OF DOLLARS

MILU-iS OF DOLLARS

5400

.fll
1925

1926

1927

1928

Based on weekly averages of daily figures

demand of the public for currency, as shown on the chart, which
illustrates for the last five years the course of reserve bank credit in
relation to the major factors by which changes are accounted for—
monetary gold stock, money in circulation, and member bank reserve
balances.
The principal factor of increase in demand for reserve bank credit
during the year was the decrease in gold stock, which was a con


18

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

tinuation of the movement that started in May of 1927 and which in
the course of a year reduced the gold stock of the country from the
highest level on record to the lowest level since August, 1923. During
the latter part of 1928 net changes in gold stock were relatively
small. The decrease in member bank reserve balances during the
first half of 1928 reflected chiefly a decrease in net demand deposits
in the principal banking centers, which resulted partly from the
withdrawal of deposits in the form of gold and partly from their conversion into call loans. These lower requirements for reserves offset
in part the effect of gold withdrawals until the autumn months,
when an increase in member bank deposits increased the demand of
member banks for reserve balances to about the same level as at the
end of the preceding year. The effect of gold exports on the demand
for reserve bank credit was also offset in part by the fact that the
demand for money in circulation averaged less during 1928 than in
any other year since 1922.
Demand for currency showed less than the usual seasonal increase
in the last half of 1927, and more than the usual decrease after the
peak of the demand was reached. By the middle of April the total
volume of money in circulation was $160,000,000 smaller than in the
same week in the preceding year. Between the end of July and
Christmas the seasonal increase in currency demand was larger than
in 1927, with the result that by December the volume of money in
circulation had increased to a level only $40,000,000 below that of a
year earlier.
The reasons for the sharp decline in the general level of currency
requirements between the middle of 1927 and the early part of 1928
are not entirely clear. At the outset it reflected in some measure
the decline in industrial production, and in factory pay rolls and
employment, which until the late summer of 1928 continued in
smaller volume than in the same period of the previous year. That
the total volume of money in circulation remained below the level
of the year before, even after the upturn in business activity in the
summer, is to be attributed in part to the fact that member banks
carried smaller aggregate amounts of vault cash in 1928 than in 1927,
owing to a desire to use all available surplus cash in reducing the
heavy borrowings at the reserve banks. Another factor tending to
diminish the demand for currency was lower retail prices for certain
commodities.
In addition to the major factors which account for changes in
reserve bank credit and which are shown on the chart, there are
various other factors of importance. The following table shows the
change for the year in reserve bank credit outstanding and in each
of the principal factors in accounting for this change:



A.NNUAX REPORT OF THE FEDERAL RESERVE BOARD
FACTORS INCREASING AND DECREASING DEMAND FOR RESERVE BANK
BETWEEN DECEMBER, 1927, AND DECEMBER,
1928

19
CREDIT

[Monthly averages of daily figures. In millions of dollars]

Factors increasing demand for reserve bank credit outstanding:
Decrease in monetary gold stock
Increase in unexpended capital funds
Decrease in Treasury credit
Increase in nonmember clearing balances 3
Total

274
* 47
2
5
2
328

Factors decreasing demand for reserve bank credit outstanding:
Decrease in money in circulation
Decrease in member bank reserve balances

40
32

Total
Net increase in reserve bank credit outstanding

72
256

The volume of reserve bank credit outstanding showed an increase
of $256,000,000 for the year as a whole. This increase is accounted
for, disregarding minor items, by a loss of $274,000,000 in the stock
of monetary gold and an increase of $47,000,000 in unexpended
capital funds of the reserve banks, offset in part by a decrease of
$40,000,000 in money in circulation and $32,000,000 in member bank
reserve balances. The increase of $47,000,000 in "unexpended
capital funds" during 1928 represents the difference between the
amounts paid into the reserve banks for capital, earnings, etc., and
the amount returned to the market for expenses, buildings, dividends, franchise taxes, etc.
EARNINGS, EXPENSES, AND VOLUME OF W O R K OF THE FEDERAL
RESERVE BANKS

Total earnings of the reserve banks were $64,053,000 in 1928, a
larger total than in any earlier year since 1921 and in excess of those
for 1927 by more than $21,000,000. This increase in earnings over
those of the year before was due largely to an increase of $343,000,000
in the banks' average daily holdings of bills and securities and to the
fact that the average rate of earnings increased from 3.60 per cent in
1927 to 4.24 per cent in 1928. The increase in the average rate of return
on total bills and securities was due both to a higher rate of return on
each class of earning assets and to the fact that holdings of United
States Government securities, having yields lower than the discount
i Represents increase of $15,000,000 in capital of the Federal reserve banks, $4,000,000 in their surplus
account, and $22,000,000 in "All other liabilities," plus decrease of $6,000,000 in the combined total of
"Bank premises" and "All other resources."
8
This figure includes the effect of changes in Treasury balances at the reserve banks, which were itemized separately in corresponding computations for 1927 as given on page 18 of the Board's Annual Report
fn-r 1927.
for 1Q97
3 Including balances due to foreign banks




20

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

rate, were substantially less and therefore constituted a much lower
proportion of earning assets than in 1927. Holdings of discounted bills
averaged $839,942,000 daily during 1928, as compared with $442,287,000 in 1927, and owing to a series of increases in discount rates the average return on discounted bills was 4.56 per cent, as compared with 3.83
per cent in 1927. The increase in the amount of member bank borrowings from Federal reserve banks, together with the higher rate of
return, resulted in an increase in earnings on discounted bills from
$17,011,000 in 1927 to $38,334,000 in 1928. Average daily holdings
of bills bought in open market were larger than in any preceding year
since 1920 and exceeded those of 1927 by $64,500,000, while average
daily holdings of United States Government securities were $297,499,000, as compared with $417,480,000 in 1927. Average daily holdings
of bills and securities, earnings thereon, and rates of return for each
of the past six years are given in the following table:
AVERAGE HOLDINGS OF BILLS AND SECURITIES AND EARNINGS

THEREON

[Amounts in thousands of dollars]
Bills and securities held by all Federal reserve banks

Total

Daily average holdings:
1923
1924
1925
1926
1927
1928

Average rate of earnings (per cent):
1923
_
_
1924
1925
1926
1927
1928
Earnings:
1923
1924
1925
1926
1927
1928

.
.

_

.

. .

Bills discounted

United
Bills
States
bought in
Governopen mar- ment secuket
rities

All other
bills and
securities

1,150, 570
950, 317
1,139, 507
1, 209, 309
1,124, 538
1, 467, 371

738,114
374,834
481, 515
570, 613
442, 287
839,942

226,548
172,428
287, 329
281, 386
* 263,258
327, 806

185, 823
401, 365
358, 962
349,790
417,480
297,499

85
1,690
11, 701
7,520
•1,513
2,124

4.33
3.83
3.51
3.76
3.60
4.24

4.46
4.25
3.67
3.95
3.83
4.56

4.14
3.31
3.17
3.55
3.49
3.97

4.01
3.67
3.56
3.60
3.41
3.64

4.50
3.61
3.59
4.21
3.88
4.34

49, 775
36, 426
39, 986
45, 460
40, 482
62, 275

32, 956
15,943
17,680
22, 552
17,011
38,334

9,371
5,710
9,104
10, 003
9,207
13,021

7,444
14, 712
12,783
12, 589
14, 206
10,828

4
61
419
316
58
92

* Revised.

Total operating expenses of the Federal reserve banks, exclusive
of the cost of Federal reserve currency, aggregated $26,099,000 in
1928, as compared with $25,674,000 in the year 1927. The cost of
printing Federal reserve notes, including shipping charges to the
Federal reserve banks and the cost of redeeming mutilated Federal
reserve notes, was $805,000 in 1928, compared with $1,845,000 in
1927. The number of Federal reserve notes printed in 1928 was
54,900,000, compared with 174,700,000 in 1927. The reduction in



21

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

the number of Federal reserve notes printed in 1928 was in anticipation of the adoption of the smaller size currency expected to be put
into circulation on or about July 1, 1929.
While the average number of officers and employees decreased from
10,132 in 1927 to 10,095 in 1928, there was a substantial growth in
the volume of work handled by the principal departments of the
banks, as will be noted from the following table showing the work
handled in the principal departments during 1928 and the three
preceding years:
VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS
1925

1926

1927

1928

NUMBEK OF PIECES HANDLED

Bills discounted:
Applications..
Notes discounted
_
Bills purchased in open market for
own account
_.
Currency received and counted
Coin received and counted
Checks handled..
_
Collection items handled:
United States Government coupons paid
Allother
United States securities—issues, redemptions, and exchanges by fiscal agency department
Transfers of funds

116,000
475,000

123,000
506,000

97,000
371,000 I
I
254,000
•2,194, 608,000
2, 691,184,000
862, 275,000

123, 000
443, 000

201,000
1, 947, 419, 000
2, 329,014,000!
778,686,000

232, 000
2, 099, 605,000
2, 590,057, 000
822,907,000

44,174,000
5,467, 000

39,678,000
5, 595, 000

37,045,000
5, 909,000

28, 765,000
6,461,000

7,116,000
1, 566,000

4,691,000
1, 710, 000

7, 201, 000
1, 830,000

6,682, 000
2,011,000

$32, 562,620,000 $37,682,137,000
Bills discounted
Bills purchased in open market for
own account
2,961,170, 000 3, 353, 326,000
11, 556,980,000 12, 584,960,000
Currency received and counted
609, 359,000
467,732,000
Coin received and counted
Checks handled
258,611, 276,000 272, 945,160, 000
Collection items handled:
United States Government cou644, 273, 000
680, 921,000|
pons paid
6,116,958,000 6, 219, 361, 000
All other
United States securities—issues, redemptions, and exchanges by fiscal
5, 578,995,000 4,971,442,000
agency department
109,430,683,000 120,909,439, 000
Transfers of funds
.__

$31,934, 607, 000

$62,412,961,000

4,050, 867,000
•12,939,578,000
791,049, 000
278, 399, 627, 000

4,240,669,000
13,315,551,000
888, 621,000
301,703,814,000

553,703, 000
6, 710, 317,000

543, 373. 000
7,414,440,000

10,803,043, 000
136,383,899,000

9,002,383,000
148,749,027,000

251,000
2, 270,555,000
2,929,091,000
887, 997, 000

AMOUNTS HANDLED

* Revised.

The number of items handled in the cash department increased by
over 6 per cent in 1928 as compared with 1927 and the number of
checks handled by more than 3 per cent, and the amounts both of
checks and of currency and coin handled in 1928 reached new record
totals of $301,704,000,000 and $14,204,000,000, respectively. Discounts by the Federal reserve banks for member banks totaled
$62,413,000,000 for the year, purchases of bills in the open market
$4,241,000,000, Government coupons paid $543,000,000, noncash
items collected for member banks $7,414,000,000, transfers of funds
for member banks $148,750,000,000, and redemptions and exchanges of United States securities for the Treasury $9,002,000,000.



22

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

Principally in consequence of the increase in gross earnings,,
current net earnings for 1928, which amounted to $37,148,000, exceeded those of 1927 by $21,000,000. With the approval of the
Federal Reserve Board the banks charged their current net earnings
with $1,959,000 for depreciation on bank premises, with $639,000 for
furniture and equipment purchased during the year, with $581,000
for reserves for probable losses on paper of failed banks, and with
$628,000 for reserves for self-insurance. After making these charges
and other deductions, including a net loss of $1,595,000 on the sale
of United States securities, there was a balance of $32,122,021 available for dividends, surplus, and franchise tax. The 6 per cent dividend to member banks on their paid-in capital stock of the Federal
reserve banks amounted to $8,458,463, and of the remainder $21,078,899 was transferred to surplus accounts in accordance with section 7 of the Federal reserve act and $2,584,659 was paid to the United
States Government as a franchise tax. Section 7 of the Federal
reserve act provides that all net earnings of the Federal reserve banks
shall be transferred to their surplus accounts until such accounts
amount to 100 per cent of their subscribed capital, and that thereafter 10 per cent of net earnings shall be paid into surplus accounts
and 90 per cent to the Government as a franchise tax. At the end
of 1928 the Federal Reserve Banks of Richmond, Atlanta, St. Louisr
Minneapolis, Kansas City, and Dallas, all had surplus accounts in
excess of their subscribed capital, and, therefore, each paid a franchise tax to the United States Government. All net earnings of
the six other reserve banks remaining after the payment of dividends,
$16,111,000, were transferred to their surplus accounts. Notwithstanding the consequent increase in the surplus accounts of these
banks, the excess of their subscribed capital over surplus at the end
of 1928 was substantially greater than at the end of 1927, owing to
increases in the amount of their capital stock as a result of increases
during the year in the amount of capital and surplus of member
banks in their districts. The total subscribed capital of the Federal
reserve banks on January 1, 1929, amounted to $293,870,000 and
their surplus accounts to $254,398,000.
Gross and net earnings during the year and the distribution of net
earnings of each Federal reserve bank are shown in the following
table:




23

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

FINANCIAL RESULTS OF OPERATION OF THE FEDERAL RESERVE BANKS DURING

1928

Gross
earnings

Federal reserve bank

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas.
San Francisco..
Total.

__
_

Net earnings available for
dividends,
surplus,
and
franchise
tax

$4,465,342 $2, 316,522
18,483,042 11,018,433
3, 282, 641
5,394,546
3,180, 715
6,250, 553
1,118,960
2,857,648
1, 693,985
j 3, 578,156
4, 763,429
8,936,418
785,159
_ — | 2,901,925
614, 704
1,710, 304
659, 760
___! 2,597,968
713,455
2,119,666
1,974,258
4, 757, 292

_

64, 052,860

32,122,021

Dividends
paid

Transferred
to surplus
account

Franchise
tax paid
United
States

$590,830 $1, 725, 692
2, 743, 725 8,274, 708
843, 755
2,438,886
856,843
2, 323, 872
370, 683
74,828
312,259
558,425
1,099, 761
3, 663, 668
321,855
423, 011
181, 203
43, 350
253, 254
40,651
258, 544
163, 301
625, 751
1,348, 507
8,458,463

$673, 449
823, 301
40, 293
390,151
365,855
291, 610

21,078,899

2, 584, 659

BRANCHES AND AGENCIES OF FEDERAL RESERVE BANKS

All of the branches and agencies of the Federal reserve banks which
were in operation at the end of 1927 continued to function throughout
1928. The volume of work handled by the branches and agencies in
their principal operating departments has continued to increase, as
may be seen by the following comparisons for 1925, 1926, 1927,
and 1928:
VOLUME OF OPERATIONS OF FEDERAL RESERVE BANK BRANCHES AND AGENCIES
1927

1928

240, 818,000
230, 685,000
$60,989, 227,000 $64, 716,081, 000

253, 322,000
$64, 724,395, 000

268,814, 000
$68, 273,066, 000

451,132,000
$2, 621,983,000

492,936, 000
$2, 893, 286,000

497,795,000
$2, 801,165,000

535, 352,000
$2,939,837,000

393, 994, 000
$63, 619,000

416,936,000
$66, 361,000

441,072,000
$63, 450, 000

453, 200,000
$67,949, 000

1925

Checks handled:
Number of items
__
Amount —
_
. . ._
Currency received and counted:
Number of pieces
Amount
Coin received and counted:
N u m b e r of pieces
Amount

_

1926

Current expenses during 1928 for the 25 branches and 2 agencies
in operation during the year were $5,770,000, as compared wdth
$5,387,000 in 1927.
BUILDING OPERATIONS OF FEDERAL RESERVE BANKS

The building for the use of the Baltimore branch, construction of
which was begun in 1927, was completed in 1928 and was occupied
on September 4. Construction of buildings for the use of the San
Antonio and Memphis branches was begun in 1928, and the building
for the San Antonio branch was occupied on October 6. Plans are



24

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

now in preparation for a building for the Los Angeles branch. The
building purchased for the use of the Buffalo branch was occupied by
the branch on May 26, 1928, and alterations in the building subsequently undertaken were practically completed at the end of the year.
Alterations in progress at the end of 1927 in the building at No. 10
Gold Street, owned by the Federal Reserve Bank of New York, with
a view to adapting the building for rental purposes, were completed
in 1928, and this building, as well as the Annex building, is now occupied by tenants. Quarters in the new Chamber of Commerce Building
in Cincinnati had been made ready for the Cincinnati branch by the
end of 1927 by the construction of a vault and the installation of other
special equipment and were occupied on January 3. Occupancy of
quarters in this building, constructed on the site owned by the Federal
Reserve Bank of Cleveland and leased to the Chamber of Commerce
for a period of 99 years, is to continue for a minimum period of 25
years. Provision for the lease of quarters for the Habana agency of
the Federal Reserve Bank of Atlanta for an extended period was also
made during the year, including the installation of a vault, and the
new quarters were occupied by the agency on December 19.
CHANGES IN MEMBERSHIP

During 1928 there was a net decrease of 197 in the number of banks
in active operation in the Federal reserve system, as indicated by the
number of banks submitting the required reports of condition at the
beginning and end of the year. On December 31, 1928, there were
8,837 member banks in the system, compared with 9,034 banks on
December 31, 1927. Membership at the end of 1928 included 1,208
State banks, which was 67 less than a year earlier, and 7,629 national
banks, which represented a decrease of 130 for the year. As in other
recent years, the decline in the number of member banks resulted
largely from mergers between member banks, suspensions, and voluntary liquidations, as brought out in the accompanying table.
CHANGES IN MEMBERSHIP DURING

1928

Number
of banks
Active member banks Dec. 31, 1927Banks joining the system l ___
_
_
___
_.
Banks withdrawing from the system 2
_
Net loss owing to withdrawals
_
_
_.
Decrease in membership through mergers between member banks, suspensions, voluntary
liquidations not intermediate in some further change in status, etc
Net decrease for the year.

9,034
115
120
5
192
197

Active member banks Dec. 31,1928..
1
Not including 37 nonmember banks absorbed by member banks without effect on membership in
system.
^Including 59 member banks absorbed by nonmember banks.



25

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

During the year 115 banks joined the system and 120 banks withdrew, resulting in a net loss of 5 banks on account of withdrawals.
However, the banks here designated as joining the system do not
include 37 nonmember banks that were absorbed by member banks,
and the withdrawals include 59 banks whose action was incidental
to merger with nonmember banks. The banks which joined include
70 newly organized national banks and 40 State banks—17 that
became members by converting into national banks and 23 that
were admitted with State charters. There were also 5 banks which,
having previously suspended operations, reopened again during the
year. The banks shown in the table as withdrawing include in
addition to 37 State banks that withdrew voluntarily after required
advance notice to the Federal Reserve Board, 24 that went into liquidation to be succeeded by nonmember banks organized for the purpose,
and 59 that were absorbed by existing nonmember banks.
Mergers between member banks accounted for the loss of 108
banks in 1928, as against 146 in 1927, and suspensions for the loss of
72, as against 124 in 1927. There were 9 instances in which
voluntary liquidation, terminating the existence of member banks,
was not intermediate in some further change in status. Three banks
were compelled to withdraw by reason of violations of the Federal
reserve act. Bank suspensions and mergers affecting members of the
Federal reserve system—including mergers between member banks
and between member and nonmember banks—are discussed in some
detail elsewhere in this report.
In the following table changes in membership for the year 1928
are summarized, by class of member bank:
CHANGES IN THE NUMBER OF NATIONAL AND STATE BANK MEMBERS DURING

1928

Number of member banks
Procedure effecting change
Total
Active member banks, Dec. 31, 1927
_
Additions to membership:
Organization of national hank . . . ,
Conversion of nonmember bank to national
Admission of State bankResumption following suspension
Conversion within the system
Total additions.
Losses to membership:
Merger between member banks—
Intraclass
Interclass
Voluntary liquidation (terminal)
Suspension and insolvency.
..
Absorption of member bank by nonmember bank
Conversion of member bank to nonmember bank.
Withdrawal of State bank
Conversion within the system
Total losses
Net decrease
_
,
Active member banks, Dec. 31, 1928

_
.

,.,-

_
„.

National

9,034

7,759

70
17

State

70
17

1,275

l

23
5
115

78
30

__
_

9
72
59
24
40
312
197

8,837

2
5
94

23
3
14
30

70
19
6
56
50
19

8
11
3
16
9
5

U
224
130
7,629

2 40
15

97
67
1,208

i Conversions between the two classes of member banks, without effect on total membership in system.
* Including 3 compulsory withdrawals.

41223—29
3



26

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
BANK EXAMINATIONS

The board, through its Division of Examination, conducted at
least one examination of each Federal reserve bank during the year;
two of the reserve banks were examined twice.
The one corporation operating under the provisions of section 25a
of the Federal reserve act, generally referred to as the Edge Act, providing for banking corporations authorized to do foreign banking
business, was also examined during the year.
Four other banking corporations operating under an agreement with
the board, as provided for in section 25, three of which are domiciled
in Boston and one in New York City, were also examined.
BANK SUSPENSIONS

General improvement in the condition of banks during the year was
reflected in a decline from 662 in the number of banks that suspended
operations in 1927 to 491 in 1928. The number of suspensions
was smaller in 1928 than in any previous year since 1922, when 354
banks suspended, and was about one-half as large as the number reported in 1926. The deposits of closed banks aggregated $139,000,000
in 1928, about $55,000,000 less than in 1927, and about $134,000,000
less than in 1926, when both the number and deposits of suspending
banks were the largest on record. Among member banks, which
constitute about one-third of the total number of banks in the country
and have about three-fifths of the aggregate deposits of all banks,
there were 73 suspensions in 1928, or about 15 per cent of the total
for the year; the deposits of suspended member banks were
$42,000,000, or about one-third of the total deposits of all suspended
banks. Both the number and deposits of suspended member banks
were considerably smaller in 1928 than in any year since 1922. During 1928, 39 banks, which had previously suspended, resumed operations, as against 95 banks the year before. Of the reopened banks,
which had deposits of nearly $16,000,000 at the time of suspension,
5 with deposits of about $7,000,000 were members of the Federal
reserve system, and 34 with deposits of about $9,000,000 were nonmembers. The number and deposits of suspended banks are shown
in the following table for the past eight years, by class of bank:




27

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
BANK SUSPENSIONS, 1921-1928
Number of suspensions
Year

NonMember member
banks
banks

Total
1921
1922
1923
1924
1925
1926
1927
1928

Deposits (in millions of dollars)

502
354
650
777
612
956
662
491

70
57
124
159
146
160
124
73

432
297
526
618
466
796
538
418

NonMember member
banks
banks

Total
198
111
189
213
173
272
194
139

43
24
51
74
67
69
66
42

156
86
138
139
106
204
128
96

That bank failures were less numerous in 1928 than in other recent
years was due in part to the elimination, through failure in previous
years, oi many weaker institutions and in part to the improvement
of the condition of banks in operation. Decline in the number of
suspensions in 1928 was largest in the middle western and western
Federal reserve districts, as shown in the accompanying table.
NUMBER OF BANK SUSPENSIONS, BY FEDERAL RESERVE DISTRICTS,
1927 AND 1928
Member banks

Total

DURING

Nonmember banks

Federal reserve district
1928

All districts
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta Chicago
St. Louis
Minneapolis
Kansas City
Dallas ;
San Francisco

-

1927

1928

491

_
__
_

1927

._

662

73

1
3
1
17
43
66
87
57
94
88
24
10

1
2

1928

124

1927

1

29
43
63
124
82
142
100
44
32

21
2
10
9
5
3

12
8
6
34
7
21
12
9
15

538

3
1
4
10

418

1
2

13
33
59
66
55
84
79
19
7

17
35
57
90
75
121
88
35
17

Decrease in the number of suspensions was for the most part in
agricultural areas, particularly in Illinois, Tennessee, Minnesota,
Iowa, Missouri, South Dakota, Kansas, Oklahoma, and Texas.
Suspensions were more numerous in 1928 than in 1927 in 11 States.
The increases were small, except in the case of Nebraska where
the number increased from 25 to 50, due largely to the closing of banks
which had previously been taken over and were being operated
by the Guaranty Fund Commission, and in Georgia, where there
were 26 suspensions in 1928 as against 18 in 1927. The following
table shows the number and deposits of banks that suspended operations in these and other selected States, which together accounted



28

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

for about four-fifths of the total number of bank suspensions both in
1927 and in 1928:
BANK SUSPENSIONS IN SELECTED STATES DURING 1927 AND 1928

Number of suspensions
State
1928

Iowa
Nebraska
Minnesota
North Dakota
Florida
Missouri
Georgia
TTftnsflp

Indiana
Texas ._
South Carolina
Illinois
South Dakota
Oklahoma
Tennessee
Allother-

.

-

__
,

,

-__
-

_-

-

-_ . .
_ _ ..

_

Total

51
50
46
38
35
31
26
26
24
23
22
18
7
5
4
85

Increase
or decrease
in 1928

70
25
65
37
31
48
18
36
25
38
21
29
27
28
17
147

491

._

.

1927

662

Deposits (in millions of dollars)

1928

Increase
or decrease
in 1928

1927

-11
-20
-23
-13
-62

12
9
10
5
21
4
13
4
5
7
7
5
2
1
3
32

28
6
1
5
11
7
6
11
5
6
3
55

-171

139

194

-19

+25
-19

+1
+4
— 17
+8

—10
-1
-15

+1

21
8
14

—9

+1
-4

Q

-8
—2

+12
-6

+1
-7
-3
-5

-26
-55

That suspensions in 1928, as in earlier years, were most numerous
among small banks located in relatively small centers is indicated in
the following table:
BANK SUSPENSIONS IN 1928, CLASSIFIED ACCORDING TO SIZE OF BANK AND SIZE
OF CENTERS IN WHICH LOCATED

Banks with capital o—
f

Less t h a n $25,000
$25,000
$25,001 to $50,000
$50,000 to $100,000
$100,000 t o $200,000
$200,000 t o $500,000, i n c l u s i v e Figures n o t available
'

Total.

Number
suspended

Per cent
of all
suspensions

191
106
38
94
46
11
5

38.9
21.6
7.7
19.2
9.4
2.2
1.0

Less than 500-.
500 to 1,000
1,000 to 1,500...
1,500 to 2,500...
2,500 to 5,000...
5,000 to 10,000..
10,000 and over.

207
93
48
52
33
18
40

42.2
18.9
9.8
10.6
6.7
3.7
8.1

491

100.0

Total....

491

100.0

Per cent
Banks located in centers with Number
of all
suspopulation o—
f
pended suspensions

BRANCH BANKING

For the period of 16 months, from February 25, 1927, the date on
which the Federal amendatory act defining branch banking powers of
member banks became effective, to June 30, 1928, some extension of
branch banking in particular States and urban communities is indicated in the returns covering developments of this character made to the
board in June.1 Of the 779 national, State member, and nonmember
* Tabulations covering these returns are published in the Federal Reserve Bulletin for February, 1929.




ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

29

banks which were operating branch offices at the beginning of this
period, 10 discontinued all such offices during the period, 4 suspended
operation on account of financial difficulties, and 39 merged with
other banks. In the same period 109 banks initiated branch banking,
giving a net increase of 56 for the number of banks operating branches.
The increase of 330 shown for the number of branches operated by
banks of all classes covered 144 cases of independent banks acquired
and converted into branch offices, and 258 cases of establishment of
offices de novo as branches, with deduction for 72 cases of discontinuance of established branches. Within the branch banking area as
a whole, composed of States which permit banks to establish branch
offices, increase in the number of such offices during the year ended
June 30, 1928, more than offset the decrease shown for these States
in the number of independent banks.
As indicating the extent to which branch banking developments
have been confined to certain States and urban communities, it may
be noted that of the 3,230 branch offices in operation at the end of
June, 1,855, or more than one-half, were reported for banks located
in three States—California, New York, and Michigan—and over 1,500
for banks located in four cities of these three States—San Francisco,
Los Angeles, New York, and Detroit. In California, where 63 out of
496 banks of all classes were operating 826 branch offices, such offices
constituted nearly two-thirds of the total banking offices serving the
public in the State, including in this total independent banks and their
branches. This proportion was not approached in any other State.
In New York, the State reporting the second largest number of
branches, where 112 out of 1,146 National and State banks were
operating 607 branches, and in Michigan, the third State in respect
to number of branches, where 64 banks were operating 422 branch
offices, the proportion of branches in the total banking offices was
approximately one-third. It also amounted to one-third in Louisiana and Maryland and to one-fifth or more in Massachusetts, Maine,
and Ohio, but was much lower in other States which permit banks
to establish branches.
Under present provisions of State banking codes 10 States permit
the establishment of branches in and outside the home city of the
parent bank, including in this group 2 States in which no branches
have been established; 10 States permit the establishment of branches
only in the home city or county of the parent bank, or in territory
contiguous thereto; 22 States do not permit banks to establish any
branch offices either in or outside the home city, in 10 of which States
banks are permitted to continue in operation branches established
prior to enactment of the prohibitory legislation; and 6 States, in




30

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

which no branches are in operation, do not by law expressly permit
or prohibit the establishment of branches.
In 12 of the 28 States in which banks were operating branches on
June 30, there had been no change over the period under review in
the number of such banks, while decreases were shown for 5 States
and increases for 11. The number of branches remained unchanged
in 10, decreased in 2, and increased in 16 States and in the District
of Columbia. The more considerable increases in number of branch
offices were shown for New York (90), California (64), and New
Jersey (61).
A decrease over the period of 340 in the number of branches
operated by State member banks and an increase of 551 in the number
of national bank branches reflected largely the merger and nationalization of State branch systems, and the development of branch
banking under national charters in California. It should be noted,
however, that extensive merger procedures consummated in this
State during the last half of 1928 materially modified the distribution
of branches as between national and State banks. These procedures
included the taking over late in December by a nonmember bank of a
national bank operating 35 branches and the absorption earlier in
the same month of some 30 national and State banks with their
branches and resulted in the building up of a nonmember branch
system of nearly 140 branches.
A large proportion of the banks operating branches on June 30 were
country banks operating only one or tw~o branches in near-by communities. Of the 1,016 branches located outside the home city of the
parent bank on this date 700, or more than two-thirds, were located
in places of less than 5,000 population, 572 of these offices being located
in places of less than 2,500. Nevertheless, important developments
of branch banking during the past two years have taken place in some
of the larger urban centers, in which the number of branches and the
size of individual branch systems have generally increased.
CHAIN BANKING

What has come to be known as the chain-banking relationship
covers a wide range of association of banking institutions under
single control exercised principally through stock ownership by an
individual or group of individuals, or by a holding, or investment,
or financing company, or in some instances by a bank either directly
or indirectly through a subsidiary company. Generally the immediate agency of control in such an association is not a banking institution. A characteristic of chain systems, which differentiates them
from branch systems, is found in the composition of chain-banking
groups, which frequently embrace in the same chain both national
and State institutions, and may also embrace institutions located
in two or more States. While the informal and constantly shifting




ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

31

affiliations of this character are not susceptible of precise statistical
measurement, it would appear that, outside of California and a few
other States of the branch-banking area, the more considerable
development of chain banking has been generally in certain of the
States which prohibit the establishment of branch offices by banks.
In States which permit the establishment of such offices, an alternative to chain banking is presented in the possibility of developing
branch systems, but even within what has been defined as the branchbanking area some development of chain banking has occurred.
Nevertheless, in a majority of the States which permit banks to
establish branch offices no developments or only inconsiderable
developments of chain banking have occurred—more specifically,
in 11 of the 21 States of the branch-banking area no chain banking
developments have been reported; in 4 additional States of this
area the development was restricted to one instance, and in 2 States
to three or four instances with a maximum of 7 banks embraced in
any one chain. In two of the four remaining States of this area—
New Jersey and New York—affiliations of two to four banks are not
uncommon, and four instances of chains embracing six to eight
banks were specifically enumerated. Individually controlled groups
of banking institutions in Michigan included one chain of 16, one of
9, and two of 5 banks, and a number of affiliations probably embracing a smaller number of banks. Finally, in California an extensive
affiliation of branch systems with chain systems has been consummated.
No chain-banking developments were found in 2 of the 21 States
which have prohibited the establishment of branches, and such
developments were restricted to from one to four well recognized
instances in 13 of these States, the maximum number of banks
included in any chain in these 12 States being 20, the number reported
for one chain in the State of Washington. Instances listed for other
States of this area included, in addition to some smaller groups, for
Arkansas 1 chain of 33 banks and 4 of 5 to 12 banks each; for Illinois
8 chains of 4 to 11 banks each; for Iowa 7 chains of 5 to 17 banks
each, 1 including Iowa banks in affiliation with banks outside the
State; for Nebraska 7, of 5 to 10 banks; and for Utah 4, of 6 to 17
banks. For Minnesota, the State in which chain banking seems to
have developed most extensively, 1 chain of 81 banks, 1 of 35, 1 of 21,
and over 30 smaller chains of 5 to 14 banks each are listed.
In North and South Dakota, Kansas, and Oklahoma—4 of the 6
States which have made no provision by law either permitting or
prohibiting branch banking—some 28 instances of chain affiliations
of 5 to 17 banks each are noted, as well as a number of smaller groups,
no association of this character being listed for either New Hampshire or Vermont.



32

ANNTJAX REPORT OF THE FEDERAL RESERVE BOARD
BANK MERGERS

Mergers affecting member banks of the Federal reserve system
during 1928 included consolidations of national with national banks
under the act of November 7, 1918, consolidations of State with
national banks under this act as amended February 25, 1927, the
consolidated bank continuing under the national charter, and absorptions of one bank by another following liquidation of the absorbed
bank. With respect to the class of bank involved, these mergers
may be grouped as shown in the table following, which gives comparable figures for earlier years. Fewer such mergers were reported
for 1928 than for 1927, although the number reported for last year
was greater than for any earlier year, with exception of 1927, and in
individual instances large aggregations of banking resources in the
more important financial centers were involved. Included in the
total for 1928 are 108 cases of merger within the Federal reserve
system of a member with a member bank; 37 cases of merger of
a nonmember with a member bank; and 59 cases of merger of a
member with a nonmember bank.
MERGEKS AFFECTING MEMBER BANKS, 1924-1928
Number of mergers
1924

Total-

1925

1926

1927

1928

120

164

259

204

96

82

128

164

139

44
22
30

41
13
28

68
20
40

96
19
49

70*
19

22

31

23

37

28

8
9
5

6
11
14

7
12
4

17
14
6

8
11
9

6

7

13

58

37

6

7

2
11

35
23

15
22

Merger of member with member
Merger of member with nonmember
Merger of nonmember with member

83
35
6

71
42
7

107
44
13

146
55
58

108
59
37

Merger of national with State
Merger of State with national

52
8

41
6

60
9

68
52

69
23

124

Merger of national bank:
Total

_

With national bank
With State member bank
With nonmember bank
Merger of State member bank:
Total_
With national bank
With State member bank. ._With nonmember bank
Merger of nonmember bank:
Total..
With national bank
With State member bank

,

_
_

Summary

While merger procedures necessarily result in reduction of the
number of corporately independent banking institutions, they do not
necessarily in each case result in reduction of the number of banking



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

33

offices serving the public, since absorption of one bank by another
may in any individual instance mean conversion of the merged
institution into a branch office. The number of such conversions is
noted elsewhere in the account of branch banking developments.
The reduction in number of banking institutions of all classes in the
country as a whole amounted during the year ended June 30, 1928,
nearly to 850 (from 26,994 to 26,145), this reduction being a net
decrease covering primary organizations, voluntary liquidations,
insolvencies, consolidations, and absorptions. Total resources of
banks increased during the year by nearly $3,500,000,000, and average
resources per banking institution by over $200,000. Decrease in
number of banks and increase in banking resources has been continuous since 1921. In the period of seven years ended June 30, 1928,
the number of banking institutions decreased in round numbers by
4,600, and banking resources increased by nearly $22,000,000,000,
average resources per bank increasing from $1,600,000 to $2,700,000.
This increase in average size of the banking unit is attributable in
part to accumulation of banking resources in the country, and in
part to decrease in the number of institutions in consequence of
liquidation and of merger procedures.
Mergers consummated during the year in California and in some
other States involved banks operating branch offices and a corresponding development of branch systems, subject to the legal restrictions
imposed by Federal and State laws upon branch banking, and where
nonmember banks have been free under State law to develop statewide branch systems, the process of developing such systems has in
individual instances involved the absorption through merger procedures of National and State member by nonmember banks.
BANKS ON PAR LIST

At the end of 1928 there were 25,391 incorporated banks other than
mutual savings banks in the United States. Of this number, 21,480,
or 84.6 per cent, were on the Federal reserve par list, which comprises
all member banks and such nonmember banks as have agreed to
pay, without deduction of exchange charges, such checks drawn
upon them as are presented or forwarded for payment by the Federal
reserve banks. During the year the number of nonmember banks on
the par list declined by 604, owing in part to suspensions and consolidations. Of the 3,911 banks not on the par list at the end of
1928, 2,171 were located in the Southern and 1,388 in the West
North Central States. As will be seen from the following table, all of
the banks in the Boston, New York, and Philadelphia districts and
all but nine in the Cleveland district were on the Federal reserve par list.




34

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

NUMBER OP BANKS ON PAR LIST AND NOT ON PAR LIST AT END OP 1928 AND 1927

Member banks
Federal reserve district

Nonmember banks
On par list

1928

1928

United States.__

_

Boston
_ _____
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis __
_
Kansas City
Dallas
San Francisco
1

._

__.

_
_
_

Not on par list i

1927
1927

1928

1927

8,837

9,034

12,643

13,247

3,911

3,910

408
938
778
816
547
453
1,252
587
719
932
780
627

413
937
111
835
564
464
1,290
594
735
968
799
658

251
410
493
1,007
627
315
3,570
1,757
672
2,234
626
681

248
411
501
1,027
657
312
3,695
1,891
761
2,369
667
708

9
572
959
213
490
1,123
282
208
55

10
587
1,016
190
452
1,137
256
204
58

Incorporated banks other than mutual savings banks.
TRUST ACTIVITIES OF NATIONAL BANKS

The Federal Reserve Board in 1928 approved 185 original and 42
supplementary applications by national banks for permission to exercise fiduciary powers under the provisions of section 11 (k) of the Federal reserve act.
Since the first fiduciary permit was issued by the board on February
25, 1915, continuous growth has been shown in the number of national
banks receiving authority to engage in trust activities, and at the
end of 1928 there were 2,391 national banks holding fiduciary permitsconstituting 31 per cent of the total number of national banks, with
a combined capital aggregating 73 per cent of the total capitalization
of the banks in the national banking system.
Of the 2,391 national banks having authority to exercise trust powers on December 31, 1928, 1,624 were acting in one or more of the
fiduciary capacities authorized, and from the most recent figures
compiled for 1928 were administering 63,776 trusts, with individual
trust assets of $3,297,310,119. These banks were also acting as
trustees for outstanding note and bond issues aggregating $7,978,388,854, and reported gross earnings from trust department operations
of $16,165,000. Compared with 1927, these figures for 1928 show an
increase of 242, or 17 per cent, in the number of active trust departments; an increase of 18,193, or 39 per cent, in the number of trusts
being administered; an increase of $1,217,451,882, or 58 per cent, in
the volume of individual trust assets; an increase of $1,623,675,119,
or 25 per cent, in the amount of bond and note issues outstanding for
which these banks were acting as trustees, and an increase of $5,354,000, or 49 per cent, in gross earnings from trust department operations.
A list of the national banks holding permits to exercise trust powers
on December 31, 1928, will be found on pages 284-306.



ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD

35

AGREEMENTS WITH FOREIGN CENTRAL BANKS IN 1928

On October 13, 1928, the credit extended by the Federal reserve
banks and other banks of issue to the Bank of Poland was renewed
for a second year. Under the terms of this arrangement the Federal
Reserve Bank of New York, in association with the other Federal
reserve banks, had agreed, if desired, to purchase from the Bank
of Poland up to a total of $5,250,000 of prime commercial bills.
No bills have been offered to the Federal reserve banks by the Bank
of Poland under this arrangement.
A similar agreement, with a maximum of $15,000,000 made with
the Bank of Italy at the time of the stabilization of the lire, expired
in December, 1928.
In November an arrangement was concluded between the National
Bank of Rumania and the banks of issue of 14 countries by which
the latter agreed to purchase, if desired, from the National Bank of
Rumania prime commercial bills up to an amount of $25,000,000 or
its equivalent. The share of the Federal reserve banks in this arrangement was $4,500,000. The arrangement became effective on February
7, 1929.
CHANGES IN THE BOARD'S REGULATIONS

Effective January 3, 1928, the board promulgated a new edition
of all its regulations applicable to member banks. The changes
made were discussed in the annual report of the board for 1927.
The board has subsequently had occasion to make several amendments to its regulations, and these may be briefly mentioned.
Regulation A—Discounts

for Federal intermediate credit hanks.—

The board's regulation regarding the discount of agricultural paper
by a Federal reserve bank for a Federal intermediate credit bank
contained limitations providing that no Federal reserve bank shall
discount paper for any Federal intermediate credit bank when its
own reserves amount to less than 50 per cent of its own aggregate
liabilities for deposits and Federal reserve notes in actual circulation,
and further that the aggregate amount of paper discounted by all
Federal reserve banks for any one Federal intermediate credit bank
shall at no time exceed an amount equal to the paid-up and unimpaired
capital and surplus of such Federal intermediate credit bank. On
August 30, 1928, the board amended these limiting provisions so
as to authorize exceptions to them where the permission of the
board is obtained.
Regulation A—Warehouse

receipts securing bankers1 acceptances.—

As Regulation A existed prior to October 9, 1928, a Federal reserve
bank was authorized to discount a banker's acceptance arising out of
the storage of readily marketable staples, provided the acceptance



36

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

was secured at the time of acceptance by a warehouse, terminal, or
other similar receipt conveying security title to such staples and issued
by a party independent of the customer, subject to certain prescribed
conditions. The board on the date mentioned amended this provision of its regulation so that such warehouse, terminal, or other
similar receipts securing bankers' acceptances might be issued by a
party independent of the customer or issued by a grain elevator or
warehouse company duly bonded and licensed and regularly inspected
by State or Federal authorities with whom all receipts for such staples
and all transfers thereof are registered and without whose consent
no staples may be withdrawn.
Regulation K.—On August 3, 1928, that section of the board's
Regulation K which deals with the titles of corporations organized
under section 25 (a) of the Federal reserve act for the purpose of
engaging in international or foreign banking was amended so as to
require that every such title include the word "Foreign" or the word
"International" and so as to prohibit the use of the word "bank" as
a part of any such title.
Regulation L.—As a result of the act of March 9, 1928, amending
section 8 of the Clayton Antitrust Act with regard to interlocking
bank directorates, it was necessary for the board to make certain
changes in its regulation on this subject in order to conform to the
provisions of the new law. Under the law previously existing the
board was authorized to grant its permission for an interlocking bank
directorate when the banks involved were not in substantial competition. The new law provides that such a permit may be granted if
in the judgment of the Federal Reserve Board it is not incompatible
with the public interest. In changing its regulation to conform to
the new law the board stated that in determining whether the issuance
of such a permit would be compatible with the public interest it will
consider whether the banks involved are natural competitors, whether
their having the same directors, officers, or employees would tend to
lessen competition or restrict credit, and any other facts having a
bearing upon the interest of the public in such banks as affected by
their having the same directors, officers, or employees.
AMENDMENTS TO THE FEDERAL RESERVE ACT

There were two amendments to the Federal reserve act enacted
during the year 1928.
By act of Congress approved May 7, 1928, a new paragraph was
added to section 9 of the Federal reserve act providing that State
banks and trust companies which are members of the Federal reserve
system shall be depositaries of public money, when designated for that
purpose by the Secretary of the Treasury, and may be employed as



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

37

financial agents of the Government. Satisfactory security is to be
required of such banks and trust companies for the proper performance of their duties in these respects.
By act of Congress approved May 29, 1928, the authority of
Federal reserve banks to discount or purchase bills of exchange payable at sight or on demand, as contained in the third paragraph of
section 13 of the Federal reserve act, was materially broadened.
Under the statute as it existed theretofore a Federal reserve bank
was authorized, subject to certain prescribed conditions, to discount
or purchase sight or demand bills drawn to finance the domestic
shipment of nonperishable, readily marketable staple agricultural
products when secured by bills of lading or other shipping documents
conveying or securing title. Under the law as amended a Federal
reserve bank is authorized to purchase or discount sight or demand
bills which grow out of the exportation as well as the domestic shipment of nonperishable, readily marketable staples, whether such
staples are or are not of an agricultural character.
THE CLAYTON ANTITRUST ACT

Section 8 of the Clayton Antitrust Act was amended by act of
Congress approved March 9, 1928, so as to broaden the power of the
Federal Reserve Board to grant permits for interlocking directorates
between banks in the classes affected by that section. Previous to this
amendment the board was authorized to grant such permits only (1)
if the banks were not in substantial competition, and (2) if a member
bank of the Federal reserve system was involved. Under the amendment the board is authorized to grant such permits if in the judgment
of the board the issuance of such a permit is not incompatible with the
public interest, and such permits may be granted even though no
member bank of the Federal reserve system is involved. As heretofore, the Federal Reserve Board is authorized to grant permits to
serve not more than three banks in the prohibited classes.
The Federal Reserve Board received and considered 457 applications for permits authorizing interlocking directorates during the year
1928. The Comptroller of the Currency reported to the board 32
alleged violations of section 8 of the Clayton Act. These were investigated by the board and where the law was being violated the bank
directors involved were required to comply therewith.
DISCRETION OF BOARD IN APPROVING THE ORGANIZATION OF FOREIGN
BANKING CORPORATIONS

The authority of the Federal Reserve Board to exercise its discretion in the matter of approving the organization of corporations pursuant to the provisions of section 25 (a) of the Federal reserve act to



38

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

engage in international or foreign banking or international or foreign
financial operations was upheld by a decision of the Supreme Court
of the District of Columbia on June 28, 1928. The decision was rendered in the case of United States ex rel. Apfel et al. v. Mellon et al.,
which arose in the following manner:
Certain individuals residing in New York City filed with the
Federal Reserve Board the articles of association and organization
certificate of a proposed foreign banking corporation to be organized
under section 25 (a) of the Federal reserve act and requested the
board to approve such articles of association and organization certificate and to issue to the organizers a preliminary permit to commence business. The board was advised by its counsel that the
approval of such papers and the issuance of a permit to commence
business are matters within the discretion of the board and that the
board should carefully investigate the proposed organizers and the
proposed organization before undertaking to exercise its discretion
in the premises. The board thereupon caused investigations to be
made through official sources from which it obtained information
which led the board to the conclusion that the experience and business qualifications of the organizers of the proposed corporation
were not such as to hold promise of the successful conduct of a
corporation engaged in the highly technical activities of those organized under section 25 (a) of the Federal reserve act and that it would
not be in the public interest to approve the articles of association
and organization certificate and to issue a preliminary permit for
the proposed corporation to commence business. Thereupon the
organizers of the proposed corporation filed a petition in the Supreme
Court of the District of Columbia praying for a writ of mandamus
to compel the board to approve the articles of association and organization certificate and to issue to the proposed corporation a preliminary permit to commence business. The board filed an answer
to the petition and the petitioners then demurred to the answer of the
board. The court overruled the demurrer, thus deciding the issue in
favor of the board. The case has been appealed to the Court of
Appeals of the District of Columbia and is now pending there.
The case turns upon the question whether the board has a discretion
in the matter of approving the organization papers of such a corporation or whether its duty is merely a ministerial one. In other words,
the question is whether the board must grant a charter for a corporation of this kind to any and every group of persons applying therefor
without regard to the financial standing, integrity, experience or
business qualifications of such persons or whether the board in the
exercise of its discretion may decline to grant a charter when in its
opinion it would be incompatible with the public interest to do so.



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

39

DISCRETION OF FEDERAL RESERVE SYSTEM REGARDING MATTERS
RELATING TO CREDIT POLICIES

In August of 1928 a suit was brought against the Federal Reserve
Bank of New York testing its authority and the authority of the
Federal reserve system generally to exercise discretion in raising or
lowering the discount rate and in performing other functions relating
to the credit policy of the Federal reserve system. The suit was
brought in the United States District Court for the Southern District
of New York by one Frank G. Raichle in his capacity as a private
citizen. He filed a bill of complaint alleging that the Federal Reserve
Bank of New York and the Federal reserve system generally had
spread propaganda concerning an alleged money shortage, had set
about to restrict the supply of credit available for investment purposes
by selling large amounts of securities for the purpose of taking money
and credit out of the market, had raised the rediscount rate for the
purpose of increasing rates of interest and of reducing the volume of
security loans, and had sought to control the action of member banks
in the Federal reserve system by coercing them to call collateral loans
made to their customers. It was further alleged that all of these
actions injured the complainant by causing the market price of stocks
and bonds owned by him to decline and also that all of such courses
of action were beyond the corporate and legal powers of the Federal
reserve bank and resulted in depriving complainant of his property
without due process of law. The court was asked to grant an injunction restraining the defendant from spreading propaganda concerning
an alleged money shortage and alleged credit stricture in the United
States, from doing any act or thing calculated to curtail the credit
resources of the United States, from engaging in unwarranted and
excessive open-market operations and removing a large amount of
cash and its incidental credit from the use of the investing public, from
controlling or interfering with the member banks in the free and
unrestricted use of their own independent resources in all legitimate
banking activities including the making of collateral loans, and from
further arbitrarily and unreasonably raising the rediscount rate.
The court was also asked to grant a mandatory injunction directing
the Federal reserve bank to fix a reasonable rediscount rate and a
prohibitory injunction restraining the defendant from taking any
action for the purpose of forcing liquidation of brokers' loans.
The Federal Reserve Bank of New York in response to the bill of
complaint filed a motion to have the bill dismissed on the ground that
it stated no cause of action against the Federal reserve bank. This
motion was argued by counsel for both parties and the court subsequently dismissed the bill of complaint, thus deciding the case in favor
of the Federal reserve bank.



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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

The most important points involved in the case were whether a
Federal reserve bank or the Federal reserve system generally is
authorized to exercise its discretion in fixing rediscount rates and in
engaging in open-market operations and whether a private citizen
may bring a suit of this kind to enjoin a Federal reserve bank from
engaging in alleged ultra vires transactions. The court by its decision
in effect decided these questions in favor of the Federal reserve bank
and the Federal reserve system.
CHECK CLEARING AND COLLECTION

The Supreme Court of Minnesota, on June 8, 1928, rendered a
decision in the case of First State Bank of Hugo v. Federal Reserve
Bank of Minneapolis, holding that the Federal reserve bank was
not liable to the plaintiff, a nonmember State institution, for damages
alleged to have been sustained by reason of the action of the Federal
reserve bank in attempting to collect at par checks drawn on the State
bank.
The First State Bank of Hugo, Minn., instituted suit in 1925 against
the Federal Reserve Bank of Minneapolis in the State court, alleging
in substance that the Federal reserve bank, in order to coerce the
First State Bank to remit at par during the year 1920, presented
checks over the counter by means of an agent until the First State
Bank finally surrendered and agreed to remit at par, which it continued to do until October 1, 1924. The case came to trial in the
lower court and a verdict was rendered by the jury against the Federal
reserve bank. A motion was thereupon made to the court by the
Federal reserve bank for a judgment in its favor notwithstanding the
verdict of the jury or, in the alternative, for a new trial. Upon this
motion being overruled by the lower court, the case was taken to the
Supreme Court of Minnesota. On June 8, 1928, a decision was
rendered by the Supreme Court of Minnesota holding that there was
no evidence to justify the jury in finding that there was coercion by
the Federal reserve bank and that, therefore, the Federal reserve
bank was entitled to a directed verdict and to judgment notwithstanding the verdict of the jury. The Supreme Court accordingly
reversed the decision of the lower court with a direction that
judgment should be entered for the Federal reserve bank.
LEGISLATION RECOMMENDED

In its annual report for the year 1927 the board pointed out the
desirability of the enactment of certain amendments to the Federal
reserve act concerning matters of detail which have arisen in the
administration of the Federal reserve system, and the board wishes
again at this time to recommend the passage by Congress of these
proposed amendments to the law. Briefly stated, these amendments



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

41

are as follows: (1) An amendment to section 9 of the Federal reserve
act to permit State member banks of the Federal reserve system
to have foreign branches; (2) an amendment to section 4 of the
Federal reserve act to permit an officer, director, or employee of a
mutual savings bank to serve as a class B director or class C director
of a Federal reserve bank; (3) an amendment permitting the cancellation of Federal reserve bank stock held by member banks which have
gone out of business without a receiver or liquidating agent having
been appointed therefor; (4) an amendment making it discretionary
with the Federal Reserve Board to assess the costs of examining
member banks against the banks examined; (5) an amendment
exempting Federal reserve banks from attachment or garnishment
proceedings before final judgment in any case or proceeding; (6) an
amendment to the Judicial Code restoring to the United States
district courts jurisdiction of suits by and against Federal reserve
banks; and (7) an amendment to section 13 of the Federal reserve
act increasing from 15 days to 90 days the maximum maturity of
advances made by Federal reserve banks to member banks on their
promissory notes secured by paper eligible for rediscount by Federal
reserve banks.
The board also wishes to recommend an amendment to section 9
of the Federal reserve act, which would authorize the Federal Reserve
Board in its discretion to waive the six months' notice now required
by law before a State member bank may withdraw from the Federal
reserve system and to permit any such bank to withdraw from membership in the system prior to the expiration of such six months'
notice. It frequently happens that a State member bank desiring to
terminate its membership in the Federal reserve system asks the
Federal Reserve Board to waive the six months' notice of withdrawal
now required and states to the board forceful reasons why immediate
withdrawal is, from the standpoint of the bank, important. Although
in many such cases the board sees no valid practical reason for not
granting the request of the State bank, it is unable to do so under the
terms of the now existing statute. Sometimes also a State member
bank transfers its assets or its banking business to another institution,
but retains its corporate identity and engages either in no business
at all or in a business other than banking. In such cases where a
State member bank has in fact gone out of business or is engaged in
some business other than banking, it seems manifestly desirable that
its membership in the Federal reserve system should be terminated
as soon as possible. For these reasons the board believes it should
be given authority in its discretion to waive the .six months' notice
now required of a State member bank wishing to withdraw from the
Federal reserve system.
41223—29



4

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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

In addition to the amendments to the Federal reserve act proposed
above, the board wishes to recommend the enactment of S. 4039, a
bill pending in the present Congress, the purpose of which is to
exempt joint-stock land banks organized under the provisions of the
Federal farm loan act from the provisions of section 8 of the Clayton
Antitrust Act. The Attorney General has ruled that joint-stock
land banks are technically banks within the prohibitions of the
Clayton Act. The principal function of joint-stock land banks is
to make long-term loans on real estate; they are not authorized to
accept deposits except from the Secretary of the Treasury and are
prohibited from transacting any banking or other business not
expressly authorized by the Federal farm loan act. They are not
commercial banks in any sense and do not compete with commercial
banks or trust companies. While they are technically banks within
the meaning of the Clayton Act, therefore, they clearly are not the
kind of banks to which the Clayton Act was intended to apply,
since interlocking directorates between them and ordinary commercial
banks could not possibly lead to any restriction of banking credit or
lessening of competition. In this respect they are analogous to
mutual savings banks, which are now exempted altogether from the
provisions of the Clayton Act, and the board believes that the same
exemption should apply to joint-stock land banks. There have come
to the board's attention certain cases in which outstanding bankers
have been requested to serve as directors of joint-stock land banks,
but have been unable to do so because of the fact that they are already
serving as many banks as they are permitted to serve under section 8
of the Clayton Act. To exempt joint-stock land banks from the
prohibitions of the Clayton Act would make it easier to strengthen
the management of such banks by obtaining the services on their
boards of directors of such outstanding bankers who are now ineligible. The bill S. 4039 passed the Senate in the first session of the
Seventieth Congress and the board hopes for the reasons given that
it will be enacted into law.
MEETINGS OF FEDERAL ADVISORY COUNCIL

Four meetings of the Federal Advisory Council were held in Washington during 1928 on the following dates: February 17, May 18,
September 28, and November 22.
CONFERENCES HELD BY THE FEDERAL RESERVE BOARD

The Federal Reserve Board, as usual, conferred with the Federal
Advisory Council on the occasion of its meetings during the year.
The governors of the Federal reserve banks met in Washington
on April 30-May 2, and the governors of the Federal reserve banks



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

43

and Federal reserve agents conferred, separately and jointly, on
November 12-15. At both conferences special sessions were held
at which the board was in attendance.
ORGANIZATION, STAFF, AND EXPENDITURES

Hon. Edmund Platt, whose term of office expired on August 9,
1928, was reappointed for a 10-year term.
On November 21, 1928, Mr. J. W. Mclntosh resigned as Comptroller of the Currency, and Mr. J. W. Pole, appointed to that office,
became an ex officio member of the Federal Reserve Board. No
other changes took place in the organization or official staff of the
Federal Reserve Board during the year.
The total cost of conducting the work of the board during the year
1928 was $763,563.41. Two assessments were levied against the
Federal reserve banks aggregating $697,676.92, or approximately onefifth of 1 per cent of their average paid-in capital and surplus for
the year.
By direction of the Federal Reserve Board.
R. A. YOUNG, Governor.
The SPEAKER OF THE HOUSE OF REPRESENTATIVES.




FEDERAL RESERVE BANK CREDIT




45

RESERVE BANK CREDIT
No.

1.—RESERVE BANK CREDIT OUTSTANDING, BY MONTHS, 1914-1928
[Monthly averages of daily figures. In thousands of dollars]
Bills and securities held by Federal reserve banks

Month

Total
Total

Bills
discounted
Bills
for mem- bought
ber
banks

Due
from Reserve
U.S.
Other Foreign foreign bank
securi- securi- loans banks float
ties
ties on gold

1914
November..
December..

i 5, 944
i 9, 627

5,944
9,627

5,871
9,525

3 39

1915
January
February...
March
April
May
June
July.
August
September,.
October
NovemberDecember..

119, 942
i 32, 336
1
48, 750
i 58, 394
i 62, 772
i 54, 395
i 58, 873
i 68, 777
i 75, 879
i 78, 567
i 80,178
i 81,141

19, 942
32,336
48, 750
58,394
62, 772
54, 395
58, 873
68, 777
75, 879
78, 567
80,178

11, 743
16, 634
20, 341
21, 632
23,132
24, 695
27,136
27, 860
29, 674
28, 355
29, 237
31, 511

4,310
<301
7,550 6,413
13, 222 6,801
10, 994 6, 845
9,840 7, 246
9,666 7,855
12,328 8,628
12, 664 9,081
13,958 10,106
14, 030 11, f
19,883 14, 683

1916*
January
February. _.
March
April
May
June
--.
July
August
SeptemberOctober
NovemberDecember. .

91, 795
101,434
i 125,805
148, 658
i 167, 252
i 163, 920
i 187, 016
i 191,941
1
186, 742
i 185, 811
1
186,423
1
220, 454

91, 795
101,434
125,805
148, 658
167, 252
163,920
187,016
191,941
186, 742
185, 811
186, 423
220,454

235, 470
239, 576
221, 786
282, 310
349,761
516, 622
521,395
454, 577
521, 310
736, 715
1, 004,804
1,173,180

196, 703
196,482
183, 526
228,900
274,120
433,445
422,998
367,839
438, 554
612,103
879,793 I
1, 028,824

1917*
January
February...
March
April
May.
June
July
August
September..
October
November..
December. _

1

1

1

81,141

73

1, 0201

28,640 26,125
21,981 28, 307
21, 526 35, 247
21, 770 43, 775
20,066 50,489
20,612 62,484
25,092 78,429
27,905 81,052
27, — 81, 592
22,060
19, 715 94,925
32,844 121,24"
20,861
18, 237
18, 528
25,169
42,980
155,199
151,191
134, 253
181,476
320,178
562, 522
682, 625

110, 266
114,886
98,418
77, 271
97, 346
162,136
196,966
158, 774
167, 830
179,173
191, 574
243, 03r

7,179
11, 091
14,446
16, 739
21, 801
12, 614
14, 216
19, 961
24,460
26,148
24, 972
15, 064

18, 534
26,489!
36,632j
47,481
54,936!
56, 750
56,991
55,214
55, 229
52, 8041
50,461
53,761

18,496
24,657
32,400
35,632
41,761
24,074
26, 504
27,770
22, 834
30, 249
21, 322
12,602

55,140
47,779
50, 261
111, 292
119,116f
111,516!
72,625
73, 564
89,034
112,489
124,373
101, 850

()
(2)

10,436
15,580
16, 319
15,168
14, 678
4,594
2,216
1,248
214
263
1,324
1,317

5 38,767
43,094
38, 260
53,410
75,641
83,177
98, 397
86, 738
82, 756
124,612
125,011
144, 356

1918*
612, 235 265, 613 148, 678 1,284
1,170,175 1, 027, 810
January
1,142,894 1,002, 906
528, 779 288,468 184,834
February. _.
825
1, 262, 626 1,122, 797
536, 591 315,087 270, 590
March
529
1,381, 279 1,238,085
751,398 312, 749 173,402
April
536
1,412, 099 1, 260, 904
896, 711 278,137 85, 520
May
536
1, 553,826 1, 275, 567
938, 909 238, 939 97,465
June—
254 i
1, 630, 522 1,435, 710 1,162, 031 208, 321 65, 297
July
1, 750,120 1,602,534 1,332,661 216,782 53,027
August
2, 073, 358 1,919, 653 1, 603, 675 249, 207 66, 703,
September()
2,355, 063 2,160, 793 1,683, 268 354,158 123, 320
October
47!.
339
2,415,998 2, 263, 569 1, 760,406 373, 565 129, 569
November..
29;.
1,598
2,491,046 2, 325, 307 1,765, 209 345,698 214,379i
December..
4,420
•Revised figures.
1 Exclusive of reserve bank float.
2 Figures not available.
3 First purchase of United States securities, Dec. 26, 1914.
* First purchase of bankers' acceptances in open market, Feb. 19, 1915.
6
Includes Government overdrafts during the period 1917-1920.
e Initial deposit with a foreign bank, Sept. 6, 1918; average for September less than $1,000.




47

142, 365
139,988
139, 829
143.194
151.195
278, 259
194, 812
147, 586
153, 705
193,931
150, 831
161, 319

48

&NNU&L REPORT OF THE FEDERAL RESERVE BOARD

No. 1,—RESERVE BANK

CREDIT OUTSTANDING, BY MONTHS, 1914-1928—Con.

[Monthly averages of daily figures. In thousands of dollars]
Bills and securities held by Federal reserve banks

Month

Total
Total

1919*
January
February...
March
April
May
June
July
August
SeptemberOctober
November.
December..

2,359,321
2, 341, 350
2,480, 341
2, 450, 798
2,498, 368
2,467,272
2, 599,467
2, 559,194
2, 636,140
2,847,070
3, 037, 588

Bills
discounted
for member
banks

Bills
bought

2, 209,020
2, 225, 220
2,318,167
2, 340, 658
2, 391, 263
2,322,011
2,471, 285
2,440, 330
2,468, 296
2, 707,123
2,902,459
2,990, 525

1,731,412
1, 765, 051
1,862, 833
1, 919,808
1, 976,150
1,839,610
1,864, 386
1, 798, 207
1, 776, 228
2, 067,889
2,140, 368
2,114, 527

278, 042
273,875
260, 795
207, 467
187,056
246, 555
357,973
371, 892
350, 648
343, 369
454, 820
548, 767

199, 557
186,290
194, 535
213, 382
228,057
235, 846
248,926
270, 231
341,420
295, 865
307, 271
327, 231

6,298
4,520
3,843
2,141
2,011
2,499
2,499
2,500
1,993
1,776
1,777
1,403

144,003
111,610
158,331
107, 999
105,094
142,762
125, 683
116,364
165,851
138,171
133,352
211,460

569, 567
540,971
479, 709
413, 315
410, 548
399, 710
362,185
324, 250
310, 268
302, 592
275, 781
241, 577

325,845
309,343
343, 710
331, 621
301,971
346, 781
318,811
303, 505
338, 506
304, 805
319,991
339,487

815
809
787
787
787
787
788
789
789
789
792
794

172, 711
165, 669
211, 911
187,434
135,334
178,638
148,610
127,870
178, 347
134,083
108,081
142,276

199, 778
168, 741
137, 274
109, 559
84, 270
54,448
26, 303
38, 064
39,805
56, 229
79,002
105,198

297,831
287, 268
295, 702
276, 681
303,112
301,930
261,087
248, 512
254,163
207,427
208,161
226, 290

689
691
691
692
692
693
693
693
693
694

83, 506
60, 585
67,378
47,368
39,076
42,964
42,028
27, 971
30,154
34,607
27, 798
35,143

302
195
102
90

694
697
698
698
699
701
701
701
701
701
701
701

27,301
18,931
16,677
23, 564
21,091
27,106
44, 248
49,196
64,373
59,033
55, 599
76,715

20

701
701
701
701
701
701
701
701
701
701
70:
701

62,193
50,621
50,124
54,893
51,118
58, 659
62,047
52,286
62,158
53,675
56,420
58,581

1920*
January
February
March.
April
May
June
July
August
September. _
October
NovemberDecember--.

3.205,255
3, 313,991
3,412,917
3, 364,109
3, 384, 595
3, 381, 588
3, 343,814
3,352, 705
3,495,222
3, 521,806
3,466, 582
3.442,256

3, 031, 729
3,147, 513
3, 200, 219
3,175,888
3, 248,474
3, 202,163
3,194,416
3, 224, 046
3, 316,086
3,357,709
3, 299,186

2,136, 317
2, 297,199
2, 376,800
2,430,952
2, 535,955
2,455, 672
2, 513,420
2, 596, 2911
2, 667, 312
2,779, 537
2, 761,937
2, 718,122

1921*
January
February- _
March
April
May
June
July...
August.
September
October
November
December

3,109,998
2,917,708
2,797,785
2,563,546
2,385,740
2,210,574
2,049,168
1,863,057
1,767,205
1,669,492
1,543,614
1,547,752

3,020, 804
2,856,434
2, 729, 718
2, 515,487
2, 345, 973
2,166, 918
2, 006,448
1,834, 393
1, 736, 358
1,634,192
1, 515,123
1, 511, 915

2, 523,195
2,400, 425
2, 296, 742i
2,129, 247!
1,958,591'
1, 810, 540
1, 719, 058!
1, 547,8171
1,442, 390
1, 370, 531
1, 227, 699
1,180,169

1922*
January
February
March
April.
May

June
July..
August
SeptemberOctober
NovemberDecember..

„

„

1,326,095
1,233,072
_ | 1,206,587
.
1, 210,045
1, 207,841
1,191, 524
1,169,986
1,102,169
1,179,870
1, 245, 574
1, 264,889
1, 377,109

1, 298,100
1, 213, 444
1,189, 212
1.185, 783
1.186, 051
1,163, 717
1,125, 037
1,052, 272
1,114, 796
1,185, 840
1, 208, 589
1, 299, 693

961, 966 i 98,195 237, 637
768,836 87, 507 356,906
92, 318 458, 584
572, 466 93,003 520, 224
479,100 103, 452 603,499
437,436! 135, 591 590, 690
425, 399 152, 550 547, 083
395, 588! 159,490 497,185
417,251! 211, 538 485, 989
486,155! 251, 534 448,129
623, 372 259,871 325, 319
660,427 259, 296 379, 939

1923*
547,058
1, 248,888 1,185,
January
608,165
1, 205,043 1,153, 721
February...
627, 799
1,228,242 1,177, 417
March
657,730
1,158, 872
1, 214,466
April
705, 312i
1, 221, 73" 1,169, 918
May
741, 246
1.119, OK
1.178, 371
June
834, 084
1.179, 386 i 1,116, 638
July
808,870
1,074, 252
1,127, 239 '
August
845, 227
1,183,823 1.120, 964
September873,142
1, 204,123 1,149, 74"
October
798, 529
1, 204, 312 1,147,19
November771,034
1, 200, 916
1, 260,19£
December..
* Revised figures.
i n c l u d e s Government overdrafts during t h e period




Due
from Reserve
U. S. Other- Foreign foreign bank
securi- securi- loans banks float
ties
ties on gold

217,939
189,819
233, 753
272, 439
271, 333
224,313
186,002
175, 351
173,909
184,838
264,95:
323,90:

420,97'
355, 737
315,848
228, 664
193, 224
153, 395
96, 532
90,01i
101, 690
91,450
83, 45f
105,893

1917-1920.

261
258

17..
39..
49.
56..
19.,

138|I
317L
255.

RESERVE BANK CREDIT
No.

49

1.—RESEKVE BANK CREDIT OUTSTANDING, BY MONTHS, 1914-1928—Con.
[Monthly averages of daily figures. In thousands of dollars]
Bills and securities held by Federal reserve banks

Month

Total
Total

Bills
discounted
for member
banks

Due
from

Bills
bought

U. S. Other Foreign foreign

securi- securi- loans banks
ties
ties on gold

Reserve
bank
float

1924*
January
February
March
__.
April
May
June
July_.__
,
August
September...,
October
November....
December

1,040,781
955,227
989,838
981, 361
879,242
886, 324
878,500
880, 895
982,574
1, 057,166
1,134,950
1, 288,061

991,382
921,228
948,007

932,736
836,507
838, 062
827,001
838,956
931,595
1, 006,986
1,087,235
1,220,693

573,865
513,920
475,712
488,558
432, 613
370,159
315,343
268,475
261, 655
240, 200
228,236
301, 351

299,914
272,678
228,101
170,525
79,995
50, 376
43, 878
29,532
91, 617
179,735
268, 346
357, 504

117, 576
134, 611
244,121
273,601
323, 557
416,251
466,530
539,409
575, 360
585,118
587, 666
554, 048

27
19
73
52
342
1,276
1,250
1,540
2,963
1,933
2,987
2,056 6 5,734

1925*
January
February
March
April
May
June.
July
August
SeptemberOctober
NovemberDecember

1,125,416
1,094,047
1,121, 951
1,109, 656
1, 099,973
1,118, 344
1,118,239
1,142, 706
1,226, 636
1,320,582
1,351,693
1,506,515

1.070,746
1,050,935
1, 076, 506
1, 057,215
1, 050, 034
1,058, 393
1,061,438
1,092,215
1,165, 601
1.254,747
1,289,509
1,427,225

267, 003
340,253
389, 611
402, 766
397, 352
437,177
480,105
545,196
594, 080
618,770
597,158
687,766

329,258
313,419
298,177
287, 322
279, 054
263,497
231,122
205,401
225, 728
298,211
351,751
368, 659

463, 722
383,790
375, 566
354,984
361,261
344,969
337, 667
329,091
335,425
327,685
331,962
359,242

2,,
2,973
2,652
1,643
1,867
2,250
2,044
2,058
2,414
2,703
3,378
3,191

8,224
10,500
10,500
10,500
10,500
10,500
10,500
10,469
7,954
7,378
5,260
8,367

641
642
720
639
640
730

1926*
January
February
March
April
May
June...
July
August
SeptemberOctober
November
December

1,278, 808
1,218,403
1,216, 042
1,203, 653
1,199,838
1,185,468
1,221, 421
1,202, 639
1,277,787
1,321,568
1, 318,027
1,445, 340

1,221,575
1,175,626
1,171,970
1,155, 739
1,153,771
1,134, 860
1,165,286
1,157, 013
1,223,551
1,267, 776
1,267, 825
1, 377,175

519,917
525, 678
556,541
537, 003
511, 490
472,871
549,107
555, 241
639,508
663,296
614,501
668, 453

323,874
304,816
267, 833
234,409
232,219
243,233
229,923
245,117
264, 813
295,249
348,365
384, 603

367,789
334, 816
335,742
370, 754
398,201
407,896
379,618
353,192
315,530
306.189
302,434
321,540

3,143
3,185
3,653
4,886
4,103
3,453
3,117
3,373
3,700
3,042
2,525
2,579

6,852
7,131
8,201
8,687
7,758
7,407
3,521
90

642
709
696
645
707
676
681
702
659
677
650
650

56,591
42,068
43,376
47,269
45, 360
49,932
55,454
44,924
53,577
53,115
49, 552
67,515

1927
January
,
February
March
April
May
June
July
August
September...
October
,
November....
December

1,186,381
1,043,153
1,055,163
1,087,141
1,041,297
1,081,275
1,114, 788
1,093,486
1,187,227
1,254,435
1,377,135
1,567,814

1,138,106
1, 005, 923
1, 024, 251
1,038, 857
999,504
1, 033,123
1,026,152
1,021, 830
1,139, 342
1, 213,191
1, 331, 008
1,513,119

480, 622
392, 996
424, 543
447, 286
472,984
428, 563
453, 997
409,439
422,192
424,413
415, 216
528, 624

343,448
304, 071
252, 722
248, 429
233, 224
205, 273
189, 774
173,122
215, 926
281,903
335, 908
377, 712

310, 486
306,606
344, 922
341, 081
291, 495
397, 754
381, 081
438, 511
500, 637
506,177
579, 238
605, 841

3, 550
2,250
2,064
2,061
1,801
1,533
1,300
758
587
698
646
942

657
658
658
659
660
8,627
45, 370
36,190
7,141
628
564
566

47,618
36,572
30,254
47,62-5
41,133
39,525
43,266
35,466
40,744
40,616
45,563
54,129

1928
January
February
March
April
May
,
June
July
August
September....
October
November....
December

1, 387, 591
1, 263,814
1, 295,246
1,405,135
1,471,559
1, 531,133
1, 530, 993
1, 485,196
1, 581,421
1, 621, 327
1, 652,841
1,824, 070

1,350, 322
1,236, 649
1,271, 525
1,371,048
1,441, 788
1,494, 972
1,488, 065
1,449,136
1,533, 941
1,584,146
1,610,442
1, 766,080

465,275
470, 680
513,233
660,927
835,502
1,018, 735
1,089, 579
1,060,811
1,064,302
975,204
897,309
1,013,003

372, 538
359,883
342, 790
358,026
348,600
243, 540
185,018
177, 951
226,0331
367,595
470,638^
482,704

511,85!
657
405, 551
535
414, 681
821
351,105
990
256,686 1,000
231,907
790
212,978
490
209,610
764
240,429 3,177
236,914 4,433
4,160
262, 776 7,597

566
566
568
570
571
573
572
574
574
645
729
727

36, 703
26,599
23,153
33, 517
29,200
35,588
42,356
35,486
46,906
36, 536
41,670
57,26a

* Revised figures.
» Foreign loans on gold outstanding from Dec. 2, 1924, to Augs 2,1926, only.




701
701
701 41,130
701 47,924
701 42,034
701 47,561
701 50, 798
701 41,238
596 50,383
476 49,704
477 47,238
573 66,795
54, 029
42,470
44,725
51,802
49,299
59,221
56,165
49,846
735 60, 300
639 65,196
652 61,532
738 78,552

50

A.NNU A.L REPORT OF THE FEDERAL RESERVE BOAJRD

No. 2 . — D E P O S I T S , RESERVES, N O T E CIRCULATION, AND RESERVE PERCENTAGES
OF FEDERAL RESERVE BANKS, BY MONTHS, 1914-1928

[Monthly averages of dailyfigures.In thousands of dollars]
Deposits

Month
Total

1914
November
December

1

1917*
January
February
March
April
May
June
July
August.
September
October
November
December

Foreign
Gov- bank
ernand
Other
ment Government

Total

Excess

Federal
reserve |
notecirculation

fe

2,301 3103.1
7,658 a 104.1

231,646
247,764

241,159
265,900

159,162
176,119

i 264, 533
i 278, 583

12,500
15,000
15,000
15,000

269, 393
295,312
295.983
302,713
323,644
358.984
368, 075
377, 652
411,339
451,494
507, 234
547, 594

171,848
190,127
185, 223
185, 369
202,121
227,862
231, 395
234, 233
253, 650
277,040
311,124
336,116

12, 396
19, 203
30,081
41, 644
52,771
69, 845
81,880
90,856
107,692
135, 739
158, 312
179,936

3 97.3
3 99.2
3 94.8
3 91.9
3 95.3
3 98.4
3 97.2
3 95.2
3 94.5
3 94.2
3 94.3
3 94.7

26,243
29, 548
34,002
36,868
41,255
59,450
83, 706
51,892
42,119
29,424
24, 992
33, 619

568,642
555,316
534, 345
511, 865
514,267
553,407
564,343
548, 223
578, 518
614, 053
679, 830
719, 588

344,247
331,187
312,506
290,386
285, 280
312, 280
311,421
299,944
319, 973
342, 571
383,413
395, 643

184,690
177,823
164, 527
165,073
159, 581
154,650
154,688
154,717
182,834
207, 588
232,970
265, 002

3 92.5
3 90.3
3 87.6
3 84.0
3 81.4
3 83.0
3 80.6
3 79.8
3 81.2
3 82.3
3 83.6
3 81.1

785,112
802, 656
904,432
972, 326
1,017,794
1,133,707
1, 399,985
1,423,491
1,438, 475
1, 516,037
1, 637,386
1,695,039

430, 321
439, 802
511, 236
531, 315
536, 240
549,017
717, 968
756, 553
741,790
711, 659
688, 724
659, 802

266,334
285, 531
335,435
399,133
442, 571
492, 299
530,383
558, 867
647,901
795,481
967,013

«80.5
80.6
84.1
80.8
77.5
70.8
74.8
78.0
75.8
69.4
63.7
60.7

1

1915
January
February
March
April.
May
June
July
August
September
October
November
December
1916*
January
February
March
April
May...
June
July
August
September
October
November
December

Member
bank
reserve

Cash reserves

i 287, 674
i 294,810
i 296,937
1305,932
1
327.462
1
343,309
1379,386
1

_.

398, 582

i 430,054
» 437,143

i 445, 794
1
i
1
i
1
i

444,141
471,870
512,190
545,849
532,550
529,748

» 538, 418
i 580, 655
i 622, 698

709, 306
710,404
740,063

803, 879
870,072
107,916
342,467
266,832
250,071
389,103
605,305

622, 864

679,704 26, 595
690, 950 15,400
718, 300 17, 818
743, 348 55,451
744, 352 99,162 15,193
804,135 289, 669 1,000
1,100,951 212, 586 2,290
1,141,408 93,829 2,419
1,130, 265 64,119
1,000
1, 243, 366 89,929
1,483
1,408,901 160,352 2,511
1,438, 543 153,147 4,759

3,007
4,054
3,945
5,080
11,365
13,112
26, 640
29,176
54, 687
54,325
33, 541
26,415

1918*
627,304
1.466, 915 124, 623 12,974 22, 792 1, 760, 269 693, 830 1,242, 207
61.3
January..
610, 807
1.467, 507 80, 643 45, 850 16, 807 1, 819,394
742,427 1,282,961
February
62.9
635, 828
1,466,296 84, 564 70, 796 14,172 1,854,012
717,803 1,409,172
March..
60.9
693, 329
1, 503,866 94, 550 75,407 19, 506 1, 890,769
696, 621 1, 503,708
59.1
April
707, 880
1,482,394 99, 635 95,189 30, 662 1, 944,089
717,751 1, 571,450
59.3
May
792,425
1, 512,350 142,075 99, 613 38,387 1,982, 510
690, 659 1, 661, 255 57.4
June
734, 527
1, 447, 791 162,257 99,115 25, 364 2,016, 536
679,752 1,824, 249
56.7
July
712,431
1,459, 204 127, 635 105, 777 19,815 2,049,051
654, 216 1,988, 711
55.4
August..
779,086
1, 506, 742 151, 590 101,215 19,539 2,072,458
549, 274 2, 251, 259
51.4
September
825, 699
1, 538, 898 156,307 94, 597 35, 897 2, 086, 562 455,135 2,481,081
48.4
October.
813, 791 1, 520,163 162, 242 93, 945 37, 441 2,110, 245
454, 251 2, 552,917
48.3
November
803, 767
1, 585, 612 100, 965 92, 276 24,914 2,134,125
450, 929 2, 629,695
48.1
December
* Revised figures.
1
Figures for total deposits not available; figures given are for net deposits, i. e., gross deposits including
deferred availability accounts less items in process of collection and other uncollected items.
2
Figures not available since deferred credits, which are not a part of legal reserves, are included in
"Amounts due to member banks" as reported on current balance sheets.
3 Ratio of total cash reserves to Federal reserve note and net deposit liabilities combined.
* Initial Government deposits were $5,000,000 on Sept. 4, 1915, with Federal Reserve Bank of Dallas, and
$5,000,000 each on Sept. 7 with the Federal reserve banks of Richmond and Atlanta.
s Ratio of total cash reserves to total deposits and Federal reserve note liabilities combined is shown for
January, 1917, and subsequent months.
* The initial foreign government deposit was opened with the Federal Reserve Bank of New York on
May 3, 1917. No foreign bank deposits were received prior to 1918.




51

RESERVE BANK CREDIT

No. 2.—DEPOSITS, RESERVES, NOTE CIRCULATION, AND RESERVE PERCENTAGES
OF FEDERAL RESERVE BANKS, BY MONTHS, 1914-1928—Continued
[Monthly averages of daily figures. In thousands of dollars]
Deposits
Month
Total

Member
bank
reserve

Cash reserves

Foreign
Gov- bank
ernand
Other
ment Government

Reserve
percentage

Total

Excess

Federal
reserve
note circulation

2,164,167
2,183,641
2, 202, 368
2, 224, 948
2, 246,087
2, 248, 265
2,176,779
2,146,003
2,157,932
2,207, 386
2,185,149
2,149,653

509,096
549, 374
517, 914
548, 326
551, 851
568,651
481, 280
459,124
1
431,174
418, 792
355, 370
270,885

2, 540,642
% 462,435
2, 503, 350
2, 547, 535
2, 534,112
2, 500,969
2, 523,960
2, 544, 357
2, 627, 295
2, 738, 394
2, 812, 247
2,955,476

49.6
50.6
49.4
50.3
50.2
*50.6
48.5
48.2
47.3
46.8
45.3
43.5

1919
January..
*1,825,182
February
I 1,855,124
March.
1,951,753
April..
1,878,879
May..
1,944, 547
June..
1,940, 647
July.
1,959, 758
August
1*1,911,819
1,930,970
September
1,980, 676
October.
November.... 2,013,944
December
. 1,990,221

1, 635,440 71,354
1,611,611 129, 576
1, 651, 764 176,7] 9
1,655, 697 97,133
1, 685,845 123, 661
1, 696, 286 111, 5?5
1, 719, 373 119,053
1, 740,241 *67,654
1,769,146 53,970
1, 793,321 88.300
1, 837,047 79,978
1,819, 639 70.301

93. 291
93; 488
94, 784
96,634
95,069
93, 383
81,451
81,755
73,921
73,393
73,403

25,097
20,449
28,486
29,415
38, 348
37,767
27,949
22,473
26,099
25,134
23, 526
26,878

1920
January
February
March.
April
May...
June
July
August
September
October.
November
"December

2,027, 861
2,002,503
_ *2,032, 797
1,998, 732
1,987,323
1,974, 537
1,909,221
1,885,062
1,912,070
1,867, 589
1,830,011
1,821,746

1,
1, 858,339
1,877,761
1, 870, 337
1,853,139
1,852,756
1,840,195
1,807,447
1, 817,076
1,814, 536
1, 782,158
1,758,479

46, 678
49,749
*56, 762
22, 219
31,257
34,066
14,801
32,032
57,341
25,946
21,062
38,661

73, 297
73,442
75, 522
77,595
76,872
59,468
31,464
27,994
19,923
8,371
7,713
5,928

24, 800
20,973
22, 752
28, 581
26,055
28, 247
22, 761
17, 589
17, 730
18,736
19,078
18, 678

2,098,498
2, 053,422
2,058,293
2,084,077
2,078,822
2,102,985
2,118,899
2,127,305
2,139,280
2,162,178
2,182, 795
2, 221,573

233, 608 2,887,846
173, 801 2,946,863
3,040,440
155, 819 3,071, 754
147,364 3,089,737
166,317 3,113,949
193,286 3,143,465
201,444 3,165,222
159,841 3,275, 535
173,815 3,336,768
211,238 3, 327, 632
246,954 3,342,520

42.7
41.5
40.6
41.1
40.9
41.3
41.9
42.1
41.2
41.5
42.3
43.0

1921
January..
February
March
April....
May
June
July
August
September
October
November
December

822,576
803,782
804,851
749, 568
717,423
723,271
696,481
691,137
716,162
728, 029
732,504
755,226

1,772,885
1, 728,141
1, 694,073
1, 664, 641
1, 656, 585
i, 663, 568
1, 639,493
1, 621,292
1, 629, 372
1, 651,791
1,662,684
1,673,406

25,277
49, 643
79,731
50, 627
28,487
28, 579
29,764
43,879
59, 339
50, 234
42, 242
54,364

5,659
5,596
9,171
11,561
10, 260
9,521
8,971
9,452
10,024
9,035
9,960
11, 303

*18,755
*20,402
*21,876
22,739
22,091
21,603
18,253
16, 514
17,427
16,969
17,618
16,153

2, 287,274
2,343, 537
2,403,470
2,485,079
2, 541, 647
2,605,779
2,655,179
2, 740, 388
2,836,396
2,905,727
2,964,419
2,994, 982

378,310 3,177, 656
491,925 *3,050, 721
579,978 2,979,486
724,461 2,870,672
825, 597 2, 787,379
929, 610 2,682, 560
1,019,511 2, 604, 750
1,143, 550 2, 512,350
1,238,175 2,493,910
1, 318,468 2,456,121
1, 397,066 2,402,442
1,414, 214 2,416,096

45.7
*48.3
50.2
53.8
56.4
59.1
61.7
65.2
67.4
69.4
71.7
71.8

800,990
814,446
794,895
822,788
877, 269
892, 591
882,118
859, 524
866, 300
876, 362
890, 022
891,457

1, 707, 286
1, 688,637
1, 711, 366
1,733,256
1, 782, 515
1, 820, 254
1, 812,022
1, 799,155
1, 811,036
1, 835, 728
1, 825,092
1,840,300

65,116
91,940
44,212
49, 553
57, 588
38, 537
41,874
35, 648
32,468
19,176
38,123
23,387

9,589 18, 999
8,571 25,298
7,872 31,445
6,437 33, 542
5,234 31, 932
4,729 29,071
4,515 23,707
4,580 20,141
4,726 18,070
3,216 *18, 242
2,748 24,059
2,485 25,285

3,043,984
3,070,045
3,095, 762
3,114,928
3,126, 773
3,136, 308
3,158, 276
3,195, 502
3,192,420
3, 211, 513
3, 208, 752
3,166,019

1, 504,815
1, 564, 377
1, 589, 496
1, 600, 773
1, 608, 508
1, 618, 529
1,636, 573
1, 684,195
1, 649,032
1, 631,181
1, 617, 298
1, 537, 803

2, 272,057
2,176, 529
2,195,133
2,190, 447
2,153,053
2,138,430
2,157,405
2,151,185
2,225,457
2,309,013
2, 324, 865
2, 415, 515

74.7
76.9
77.6
77.6
77.6
77.8
78.2
79.7
78.0
76.7
76.1
73.5

1923
January..
981, 717
February
969, 757
960, 540
March.
944, 805
April...
948,878
May...
931,212
June.-_
919, 779
July....
890, 069
August
908,193
September
919, 312
October
November
December
931,408
* Revised figures.

1,918,353
1,900, 663
1,873,018
1, 868, 551
1,873,901
1,866, 929
1,866, 761
1,834, 762
1,847, 503
1, 864,146
1,875, 291
1,881,913

17,176
44,017
65,860
54,884
38,762
35,902
28,752
32,863
38,234
31,807
32,422
27, 522

2,822 43,366
2,933 22,144
2,116 19, 546
3,595 17, 775
3,143 33,072
2,794 25, 587
2,605 21, 661
2,456 19,988
3,121 19,335
4,594 18,765
4,184 27,067
4,121 17,852

3,201,969
3, 208, 682
3,190,625
3,176, 630
3,180,433
3, 204,303
3,181,220
3,194,364
3,187,000
3,194,285
3,199,810
3,168,984

1, 592, 957
1,621,374
1,603,160
1, 601,397
1, 601,050
1, 629, 765
1, 612,440
1,641,261
1, 613,496
1, 611,971
1, 618,462
1, 576,069

2,288,527
2, 244, 733
2, 253,189
2, 236, 378
2,243,189
2,246,535
2, 242,143
2,228,947
2,264, 090
2,276, 388
2,256,777
2, 292, 306

75.0
76.1
75.7
76.0
75.9
76.7
76.4
77.6
76.4
76.1
76.3
75.0

1922
January. February
March.
April...
May...
June.-_
July....
August.
September
October
November
December

_




52

ANNUAL EEPOKT OF THE FEDERAL RESERVE BOARD

No.

%•—DEPOSITS, RESERVES, NOTE CIRCULATION, AND RESERVE PERCENTAGES OF FEDERAL RESERVE BANKS, BY MONTHS, 1914-1928—Continued

[Monthly averages of daily figures. In thousands of dollars]
Deposits
Month
Total

Member
bank
reserve

Cash reserves

Foreign
Gov- bank
ernand Other
ment Government

Total

Excess

Federal
reserve
note circulation

Reserve
percentage

1924
January
February
March
April
May_._
June
July
August
September
October
November
December

1,979,913 1,910,877 44,460 3,819 20, 757 3,241,596 1, 703,477 2,112,873
1,954,479 1,892,160 40,182 3,279 18,858 3,239,282 1,741,398 2,034,540
1,991,066 1,915,420 53,861 2,792 18.993 3,222,877 1,720,598 2,013,515
2,004,391 1, 905,354 75, 951 3,008 20,078 3,201,763 1,711,753 1,971,184
1,980,210 1,922,012 34,340 2,864 20.994 3,221,809 1,762,556 1,915,449
2,064,532 2,000,505 42, 582 3,725 17, 720 3,246,997 1,776,082 1,870,823
2,109,552 2,046,240 35,568 7,183 20,561 3,248, 713 1,780,266 1,825,260
2,139,536 2,071,875 34,668 13,350 19,643 3,211,455 1,759,629 1,757,470
2,188,401 *2,120,210 36, 981 13,157 18,053 3,156,623 1,690,483 1,750,498
2,208,309 2,140,761 40,833 8,755 17,960 3,124,202 1,643,552 1,769,354
2,223,364 2,164,429 29,107 8,372 21,456 3,131,153 1,618,500 1,836,189
2,255,346 2,181,761 41, 529 13, 798 18,258 3,056,709 1,513,611 1,884,318

79.2
81.2
80.5
80.5
82.7
82.5
82.6
82.4
80.1
78.5
77.1
73.8

1925
January
February
March
April
May
June
July...
August
September
October
November
December

2,276,911
2,233,531
2,193,473
2,181,000
2,191,354
2,208,968
2,204,389
2,209,321
2,214,359
2,266,442
2,294,052
2,281,484

2.194,270
2,158,816
2,137,427
2,123,131
2,132,087
2.141,271
2,160,281
2,151,478
2,161, 329
2,203,011
2,221,367
2,218,552

39,930
32,457
26,202
30,431
31,454
42,269
17, 576
33,186
26,752
33,689
32,054
31,105

21,853
21,689
8,887
6,659
6,657
6,384
5,722
5,212
6,708
8,922
12,278
10,821

20,858
20.569
20,957
20, 779
21,156
19,044
20,810
19,445
19.570
20,820
28,353
21,006

3,072,677
3,041,913
3,000,252
2,978,628
2, 977,357
2,953,024
2,921,585
2,896,876
2,872,807
2,867,444
2,877,578
2,805,791

1,574,016
1,574,206
1,540,047
1, 531,866
1,536,433
1,515,833
1,495, 771
1,473,059
1,425,944
1,388,700
1,384,915
1,280,282

1,754,356
1, 714, 929
1,731,223
1,708,529
1,684,876
1,660,130
1,635,694
1,626,387
1,679, 594
1, 713,723
1, 724,362
1,817,473

76.2
77. D
76.4
76.6
76.8
76. a
76.1
75.5
73.8
72. a
71.6
68.5

1926
January
February
March
April
May
June.
July...
August
September
October
November
December

289,298
274,728
276,724
251,846
253,294
241,415
262,420
253,350
273,205
280,180
279,135
289,632

2,235, 986
2,208,272
2,197,682
2,183,479
2,199,229
2,205,974
2,211, 545
2,200,909
2,211,367
2,219,023
2,214,441
2,218,186

23, 714
40, 736
52,511
42,143
27,671
12,193
26,246
25,098
31, 723
34,264
28,229
39,758

7,944
5,999
7,254
5,502
5,248
5,738
5,407
10,127
10,856
7,271
11,917
13,843

21,654
19.721
19,277
20.722
21,146
17,510
19,222
17,216
19,259
19,622
24,548
17,845

2, 922,466
2,925, 529
2,933,885
2,932,794
2,952,013
2, 975,552
2,969,505
2, 965,896
2,950,380
2,934,877
2,955,169
2,929,074

1,426,550
1,459,140
1,467,665
1,474,570
1,488,672
1,509, 732
1,491,804
1,497,539
1,460,967
1,436,684
1,450,555
1,385,128

1, 736,653
1,675, 586
1,673,416
1,675,195
1,686,721
1,703,312
1,714,636
1,699,212
1, 734,479
1,750,326
1,767,291
1,856,436

72.5
74.1
74.3
74.7
74.9
75.4
74.7
75.0
73.6
72.8
73.0
70.6

1927
January.
February
March
April
May
June
July
August...
September
October
November
December

2,300,204
2,266,460
2,284,809
2,301,120
2,326,816
2,355,428
2,339,478
2,331,452
2,350,875
2,380,856
2,429,976
2,435,984

2,242,854
2,212,206
2,239,952
2,248,302
2,262,397
2,300,897
2,288,948
2,283,097
2,300,450
2,326,009
2,372,954
2,399,182

24,132 11,316
28,132 4,924
21,823 6,021
29,622 5,521
25,374 5,309
20,660 5,341
17,420 5,233
17,890 5,100
20,324 5,675
20,426 8,365
12,812 6,227
9,976 5,063

21,902
21,198
17,013
17,675
33,736
28,530
27,877
25,365
24,426
26,056
37,983
21, 763

3,064, 506 1,557,915
3,137,737 1,662,595
3,168,365 1,679,931
3,182,325 1,679,121
3,191,623 1,684,975
3,170,162 ! 1,658,481
|
3,156,204 1,651, 520
3,145, 581 1, 657,149
3,117,062 1,605,565
3,089,483 1,563,305
3,011,346 1,469,223
2,893,417 1,322,856

1,753, 799
1, 704,703
1, 721,876
1, 744, 530
1, 730,655
1,718,203
1, 714,666
1,681,059
1, 721, 726
1, 732,196
1, 729,078
1, 794,917

75.6
79.0
79.1
78.7
78.7
77.8
77. &
78.4
76.5
75.1
72.4
68.4

1928
January
February
March
April
_
May
June
July..
August
September
October
November
December

2,472,425
2,419,482
2,411, 714
2,450,188
2,438,812
2,394,875
2,372,629
2,330,159
2,370,075
2,380, 594
2,401,637
2,415,052

2,426,360
2,368,092
2,365,030
2,396,460
2,387,642
2,354,547
2,323, 506
2, 273, 919
2,314,257
2,332,177
2,352,294
2,366,803

19,438
25,606
23,018
26.796
23,821
12.797
19,468
27,860
17,648
18,694
17,542
18,807

5,233
5,373
5,368
6,080
6,373
8,437
9,495
9,225
7,318
6,522
6,419
6,483

21, 394
20,411
18, 298
20,852
20,976
19,094
20,160
19,155
30,852
23,201
25, 382
22,954

2,944,811
2,971,768
2,940, 725
2,885,356
2,806, 772
2, 727,906
2, 730,221
2, 747, 578
2,751,167
2,753,956
2, 767, 562
2, 714,744

1,664,263
1,597,043
1,591,615
1,600,356
1,597, 780
1,617,605
1,642,226
1,649,836
1,701,237
1,725,464
1,745,656
1,851,969

71.2
74.0
73.5
71.2
69.5
68.0
68.0
69.0
67.6
67.1
66.7




1,413, 756
1,486,132
1,459,979
1,387,648
1,314,076
1,242,658
1,242,910
1,272,088
1,241,146
1,230,562
1,228,727
1,128,688

53

RESERVE BANK CREDIT
No.

3.—RESERVE BANK CREDIT OUTSTANDING,

BY WEEKS, 1922-1928

[Averages of daily figures. In millions of dollars]
Bills and securities held by Federal
reserve banks
Week ending (Saturday)—

Total
Total

Jan. 7....
Jan. 14...
Jan. 21...
Jan. 28...

Bills discounted
Bills
for
member bought
banks

United
States
securi-

Due from Reserve
foreign
bank
banks
float

1922

234
218
226
253

0.7
.7
.7
.7

38.2
30.9
24.5
21.5

847
806
753
724

303
351
366
361

.7
.7
.7
.7

19.9
13.5
25.6
16.3

1,207
1,182
1,204
1,169

704
639
604

411
447
515
447

.7
.7
.7
.7

22.4
19.1
17.1
11.7

1,206
1,216
1,232
1,212
1,180

1,192
1,199
1,202
1,178
1,162

647
632
593
554
509

102
102
97
87
84

443
466
512
537
569

.7
.7
.7
.7
.7

13.1
16.3
28.9
33 2
17.7

6...
13..
20..
27..

1,238
1,221
1,201
1,186

1,214
1,195
1,173
1,168

505
477
477

101
103
99
104

607
615
597
595

.7
.7
.7
.7

22.9
24.7
27.4
16.8

June 3...
June 10..
June 17..
June 24..

1,210
1,205
1,214
1,145

1,195
1,182
1,177
1,119

467
428
419
436

126
139
127
126

602
614
631
556

.7
.7
.7

14.1
23.0
36.8
26.0

July
July
July
July
July

1...
8.. .
15..
22..
29..

1,182
1,235
1,185
1,151
1,120

1,155
1,194
1,129
1,100
1,082

455
482
422
412

150
157
154
147
153

550
556
553
541
540

26.4
40.0
54.9
49.7
36.6

Aug. 5...
Aug. 12..
Aug. 19_.
Aug. 26..

1,123
1,094
1,100
1,091

1,075
1,047
1,045
1,041

407
395
396
387

149
152
157
166

519
501
492
487

47.7
46.0
53.7
49.7

Sept. 2...
Sept. 9...
Sept. 16..
Sept. 23..
Sept. 30..

1,126
1,166
1,182
1,185
1,189

1,075
1,100
1,111
1,113
1,140

395
401
396
438
440

177
191
204
220
238

502
508
511
455
462

50.1
64.9
70.6
71.3
48.9

Oct.
Oct.
Oct.
Oct.

1,217
1,264
1,275
1,226

1,162
1,211
1,193
1,171

485

242
245
255
261

477
478
453
414

54.4
52.6
82.2
53.9

1,261
1,283
1,280
1,235

1,208
1,234
1,207
1,179

579
626
623
619

262
262
260
257

367
346
325
303

52.5
48.5
71.7
55.3

1,505
1,335
1, 269
1,238

1,466
1,303
1,244
1,216

1,106
993
924
873

4...
11..
18..
25..

1,257
1,263
1,226
1,188

1,236
1,249
1,200
1,171

Mar. 4...
Mar. 11..
Mar. 18..
Mar. 25..

1,230
1,202
1,222
1,181

Apr.
Apr.
Apr.
Apr.
Apr.

1...
8...
15..
22..
29..

May
May
May
May

Feb.
Feb.
Feb.
Feb.

Nov.
Nov.
Nov.
Nov.

7..
14.
21.
28.
4...
11..
18..
25_.

126
92
94

Dec. 2 . .
1,232
1,270
664
260
Dec. 9 . .
1,278
1,327
699
314
265
Dec. 16.
1,267
1,331
673
333
261
Dec. 23.
1,322
1,432
643
426
253
Dec. 30.
1,333
1,433
622
456
254
i Includes "other securities," of which the amount in 1922 was less than $1,000,000; see Table 1.




37.5
48.1
62.7
109.0

54

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No.

3.—RESERVE BANK CREDIT OUTSTANDING, BY WEEKS, 1922-1928—ContcL
[Averages of daily figures. In millions of dollars]
Bills and securities held by Federal
reserve banks

Week ending (Saturday)

otal

Total

1923

Bills discounted
for
member
banks

Bills
bought

United
States
securities i

Due from Reserve
foreign
bank
banks
float

I
!
i
j

1,307
1,232
1,133
1,125

596
510
512
562

256
227
206
204

455
495
415
359

0.7
.7
.7
•7

88.7
72.2'
64.1
44.1

Feb. 3..
Feb.10.
Feb. 17.
Feb. 24.

1,176 !
1,166 !
1,217
1,218

1,136
1,120
1,151
1,168

587 ,
581
614
623

193
186
186
188

356
352
352
358

_7
'.7
.7
.7

39.6
46.0
64.6
49.2

Mar.
Mar.
Mar.
Mar.
Mar.

3...
10..
17_.
24..
31..

1,238
1,210
1,208
1,229
1,262

1,190
1,162
1,150
1,178
1,219

617
596
590
643
694

211
219
225
241
258

362
347
336
295
267

.7
# 7
.7
.7

Apr.
Apr.
Apr.
Apr.

7...
14..
21..
28..

1,253
1,202
1,220
1,182

1,197
1,146
1,154
1,134

690
635
639
651

264
271
278
276

243
239
237
206

.7
. 7
.7

May 5...
May 12..
May 19..
May 26-

1,239
1, 218
1,220
1,216

1,186
1,166
1,158
1,166

723
699
687
697

275
275
278
267

187
191
194
201

#7

June 2__.
June 9-..
June 16..
June 23..
June 30..

1,231
1,220
1,159
1,132 1
1,172 J

1,190
1,164
1,095
1, 066
1,122

740
732
695
727
803

258
250
224
208
205

192
182
177
130
114

#7

.7
m 7
.7
.7

40.0>
56.1
63.4
65.4
49.6.

July
July
July
July

7...
14..
21_.
28..

1, 250
1,211
1,162
1,115

1,185
1,137
1,091
1,066

894
853
810
790

196
187
183
180

95
97
98
96

.7
.7
.7
.7

64.1
73.5
69.6
49.1

Aug. 4__.
Aug. 11..
Aug. 18..
Aug. 25..

1,121
1,139
1,142
1,108

1,072
1,082
1,078
1,059

799
814
816
798

181
178
172
174

93
90
89
87

.7
.7
.7
.7

48.2'
55.8
62.5
48.3

Sept.
Sept.
Sept.
Sept.
Sept.

1,135
1,176
1,206
1,164
1,183

1,094
1,122
1,137
1,087
1,131

825
852
844
808
868

173
173
179
172
171

96
96
113
107
91

.7
.7
.7
.7
.7

40.8
53.3
68.7
75.8
51.8

Oct. 6..
Oct. 13.
Oct. 20.
Oct 27.

1,212
1,208
1,228
1,175

1,154
1,159
1,158
1,123

887
885
878
848

172
181
188
188

95
93
92
88

.7
.7
.7
.7

56.7
48.4
69.2
51.4

Nov.
Nov.
Nov.
Nov.

3...
10..
17..
24..

1,199
1,225
1,235
1,165

1,153
1,176
1,146
1,116

855
839
794
762

210
246
267
280

88
91
85
75

.7
.7
.7
.7

45.4
48.2
89.2
48.6

Dec.
Dec.
Dec.
Dec.
Dec.

1-.
8._
15.
22.
29.

1,195
1,216
1,235
1,266
1,327

1,161
1,166
1,178
1,189
1,266

782
764
745
758
824

292
307
322
321
339

]11

87
95

.7
.7
.7
.7
.7

33.9
49.6
56.1
76.0
60.2

Jan.6-..
Jan.13..
Jan.20..
Jan. 27..

1

1..
8_.
15.
22.
29.

1,396
1,305
1,197
1,170

no
103

#7

#7

.7
. 7
•7

Includes "other securities," of which the amount in 1923 was less than $1,000,000; see Table 1.




47.9
47.3
57. 0
50.4
41.7
55.0
55.9
65.6
47.4
52.4
51.1
61.1
50.1

55

RESERVE BANK CREDIT
No.

3.—RESERVE BANK CREDIT OUTSTANDING, BY WEEKS, 1922-1928—Contd.
[Averages of daily figures. In millions of dollars]
1

Bills and securities held by F 3deral reserve banks
Week ending
(Saturday)—

1924
Jan. 5
Jan. 12____
Jan.19 .
Jan. 26

Total
Total

Bills discounted
for
member
banks

Bills
bought

155
181
240
305
257

.7
.7
.7
.7
.7

28.9
42.2
45.3
48.4
31.6

265
270
267
278
297
314
323
327
341

.7
.7
.7
.7

42.4
41.0
65.8
44.5

.7
.7
.7
.7
.7

42.3
47.8
50.4
37.6
27.5

397
423
416
431

.7
.7
.7
.7

37.5
48 8
65.7
41.8

439

122
106
117
122

915
908
927
911

515
501
519
509

276
282
281
262

125
125
127
139

946
941
956
938
940

532
498
472
433
481

260
262
244
200
202

519
510
489
467

212
199
174
140

453
439
420
427
432

976
984
1,002
987
972

Apr.
Apr.
Apr
Apr.

5
12 19
26 -

1,040
1,020
998 i
930

May
May
May
May
May

3
10 _
17 .
24
31 .

909
892
874
851
879

996
979
931
885
866
843
823
812
851

901
893
891
871

863
844
825
828

406
376
355
352

116
91
80
59
78
60
45
54
46

922

863

366

58

July 5
July 12
July 19
July 26
Aug 2
Aug. 9
Aug. 16
Aug. 23
Aug 30

33.6
27.3
37.1
39.6

348
319
293
277

1
8
15 .
22
29

897
864
842
. .

836
810
802

322
304
293

59
39
32

I

455
467
478
509
537
543

864
878
871

827
835
824

293
277
264

25
21
18

871

829

259

27

50

948

899

283

69

544

917

259

91

'.7
.7
.7
.7
.7

543

893

859

266

Sept. 6
Sept. 13
Sept. 20
Sept. 27

1,030
969

966
925

253
251

Oct. 4 .
Oct. 11
Oct. 18
Oct. 25

1,031
1,053
1,092
1,036

985
1,004
1,028
986

Nov. 1
Nov. 8
Nov. 15
Nov. 22
Nov. 29

1,049
1,121
1,135
1,143
1,142

1,014
1,076
1,078
1,091
1,105

970

Eeserve
bank
float

.7
.7
.7
.7

729
605
533
515

Mar.
Mar.
Mar.
Mar.
Mar.

Due
from
foreign
banks

52.6
57.2
50.6
43.9

1,200
1,030
943
914

2
9
16
23

_

Other
securities i

0.7
.7
.7
.7

1,253
1.088
994
959
949
936
964
951

_

Feb.
Feb.
Feb.
Feb.

June 7
June 14
June 21
June 28

United
States
securities

543

564

.7

.7
3.0
3.0

98
95

613
576

3.0
3.0

271
247
240
224

136
172
193
175

576
582
593
585

229
238
219
225
228
241

198
246
264
277
290

584
589
592
586
584
564

.7
.7

36.7
43.1
46.0
41.5
32.6
48.5
52.3
63.3
43.9

1.9
1.9
1.9
1.9

.6
.5
.5
.5
.5
.5

45.5
49.1
63.3
49.7

3.0
3.0
3.0
3.0
3.0

.5
.5
.5
.5
.5

33.9
44.3
56.4
51.9
36.7

2
340
1,152
7. 8
.5
1,200
Dec. 6
2
558
354
257
.5
7.8
1,177
1,228
Dec. 13
2
570
345
281
7. 8
1,203
1,281
.6
Dec. 20
2
537
373
382
7. 8 |
.6
1,299
1,396
Dec. 27
1 "Other securities" did not exceed $1,500,000 until August, 1924, see Table 1; prior to September,
they are included in U. S. securities.
2
Includes foreign loans on gold; see Table 1.




58.3
59.9
54.1
38.9

47.3
50.3
76.9
96. 0
1924,

56

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No.

3.—RESERVE BANK CREDIT OUTSTANDING, BY WEEKS, 1922-1928—Contd.
[Averages of daily figures. In millions of dollars]
Bills and securities held by Federal reserve banks

Week ending
(Saturday)—

Total
Total

Bills discounted
for
member
banks

Bills
bought

United
States
securities

Other
securities i

Due
from
foreign
banks

Reserve
bank
float

1925
Jan. 3 .
Jan.10..
Jan.17..
Jan. 24..
Jan. 31..

1,328
1,215
1,114
1,044
1,052

1,269
1,143
1,062
995
1,011

341
277
239
237
295

380
349
328
310
307

537
505
484
437
397

10.8
10.8
10.8
10.8
10.8

0.6
.6
.6
.6
.6

58.9
71.5
51.4
48.3
41.1

Feb.
Feb.
Feb.
Feb.

7...
14.
21..
28..

1,075
1,103
1,085
1,115

1,031
1,058
1,040
1,075

311
328
337
385

313
326
309
306

394
391
381
370

13.5
13.5
13.5
13.5

.6

43.6
43.8
44.1
39.8

Mar.
Mar.
Mar.
Mar.

7_.
14.
21.
28.

1,144
1,149
1,111
1,084

1,092
1,099
1,059
1,050

396
404
357
391

305
297
284
302

378
384
405
344

13.2
13.2
13.2
13.2

50.8
49.5
51.5
33.1

Apr.
Apr.
Apr.
Apr.

4__.
11..
18..
25..

1,124
1,125
1,109
1,096

1,087
1,073
1,045
1,042

409
391
395
408

309
308
282
272

356
362
356
351

12.2
12.2
12.2
12.2

36.6
51.2
63.8
53.3

May
May
May
May
May

2..
9..
16.
23.
30.

1,104
1,116
1,093
1,075
1,100

1,058
1,067
1,037
1,022
1,060

432
420
365
363
414

264
271
283
285
284

349
363
376
361
350

12.4
12.4
12.4
12.4
12.4

45.9
48.3
55.2
53.0
39.7

JUD6 6 - .
June 13.
June 20..
June 27.

1,144
1,126
1,115
1,093

1,084
1,068
1,035
1,042

430
423
436
447

287
278
254
245

355
354
333
337

12.8
12.8
12.8
12.8

58.6
56.6
78.7
49.4

July 4 . . .
July 11—
July 1 8 July 25..

1,172
1,151
1,110
1,081

1,117
1,082
1,043
1,034

511
486
459
462

246
242
233
226

347
341
339
333

12.8
12.8
12.6
12.4

53.7
68.4
66.1
46.7

Aug. 1-Aug. 8 . .
Aug. 15.
Aug. 22.
Aug. 29.

1,075
1,133
1,140
1,143
1,153

1,035
1,083
1,083
1,089
1,111

479
529
534
554
564

213
210
208
197
204

331
332
329
325
330

12.4
12.4
12.4
12.9
12.9

38.8
49.9
57.0
52.6
41.5

Sept.
Sept.
Sept.
Sept.

1,175
1,221
1,226
1,245

1,126
1,162
1,145
1,187

578
613
553
615

212
214
217
236

326
325
365
325

10.3
9.8
9.9
10.7

48.3
58.0
80.7
58.0

3...
10—
17..
24..
31-

1,284
1,319
1,347
1,308
1,314

1,232
1,258
1,266
1,236
1,264

621
635
633
602
601

284
290
299
329

330
326
333
327
326

12.4
13.0
11.1
8.6

52.1
60.7
79.6
71.2
49.9

Nov. 7 - .
Nov. 14.
Nov. 21.
Nov. 28.

1,362
1,340
1,337
1,353

1,301
1,259
1,270
1,307

616
568
576
611

348
351
352
354

330
331
333
332

7.0
8.5
8.9
9.6

60.5
80.7
66.1
45.8

362
373
366
369

340
348
374
359

11.2
11.5
11.8
11.5

55.7
55.4
80.9
111. 2

Oct.
Oct.
Oct.
Oct.
Oct.

5-.
12.
19.
26.

1,411
Dec. 5—
1,452
Dec. 12.
Dec. 19..
1,500
Dec. 261,599
1
Includes in 1925 foreign loans on




1,354
641
1,396
664
1,418
667
1,487
747
gold; see Table 1.

RESERVE BA.NK CREDIT
No.

bi

3.—RESERVE BANK CREDIT OUTSTANDING, BY WEEKS, 1922-1928—Contd.
[Averages of daily figures. In millions of dollars]
Bills and securities held by Federal reserve banks
Week ending
(Saturday)—

Jan. 2.
Jan. 9_
Jan. 16Jan. 23.
Jan. 30-

1926

Total

Bills discounted
for
member
banks

Bills
bought

United
States
ties

1,541
1,406
1,271
1,206
1,180

1,467
1,338
1,211
1,150
1,135

712
607
506
461
463

370
348
326
310
301

374
372

Other
securities i

11.2
10.5
10.0

361

Due
from
foreign
banks

0.6
.6
.6
.6
.6

Reserve
bank
float

72.8
67.9
59.4
55.1
44.2

Feb.
Feb.
Feb.
Feb.

6—
13..
20_.
27_.

1,207
1,210
1,219
1,228

1,162
1,166
1,175
1,189

495
512
533
549

309
308
301
302

336
331
328

9.7
10.6
10.3
10.5

44.3
42.7
42.5
38.5

Mar.
Mar.
Mar.
Mar.

6_13.
20..
27..

1,258
1,204
1,184
1,200

1,210
1,160
1,130
1,164

572
504
509

294
285
260
248

332
359
350
307

11.6
11.8
11.4
11.9

47.3
43.9
52.7
34.8

Apr.
Apr.
Apr.
Apr.

3...
101724-

1,269
1,216
1,226
1,168

1,217
1,172
1,180
1,118

629
580
524
483

244
232
266
233

331
346
376
388

13.3
14.0
13.7
13.3

51.3
42.8
44.9
50.2

May
May
May
May
May

1__
8_.
15..
22..
29-.

1,178
1,221
1,196
1,187
1,182

1,136
1.175
1,145
1,135
1,142

531
549
499
487
491

202
217
237
236
240

390
396
398
401
399

13.0
12.4
11.7
11.0
11.9

40.5
46.0
50.8
51.1
38.9

June 5_.
June 12.
June 19June26_.

1,230
1,186
1,181
1,163

1,180
1,137
1,113
1,119

522
466
426
479

242
243
238
248

404
416
438
382

12.7
12.0
10.8
9.7

49.2
48.5
67.3
43.0

July
July
July
July
July

3—
10172431-

1,239
1,293
1,218
1,171
1,163

1,191
1,228
1,156
1,118
1,124

551
598
530
509
535

248
242
233
222
213

384
379
386
381
372

8.8
8.2
6.6
5.9
4.8

47.1
65.3
62.0
52.1
38.2

Aug. 7 . .
Aug. 14_.
Aug. 21-.
Aug. 28_.

1,210
1,184
1,203
1,201

1,163
1,133
1,152
1,161

560
525
538
571

228
238
254
256

372
367
358
330

3.5
3.2
3.3
3.7

46.6
49.8
49.5
39.7

Sept.
Sept.
Sept.
Sept.

1,232
1,258
1,272
1,298

1,191
1,206
1,205
1,240

611
627
601
667

258
265
261

319
310
339
304

3.7
3.7
3.7
3.7

40.1
52.1
66.2
56.6

4..
11.
18..
25.

Oct.
Oct.
Oct.
Oct.
Oct.

2...
9__.
16_.
23.
30-

1,329
1,328
1,344
1,297
1,305

1,282
1,271
1,288
1, 237
1,265

681
634
651

274
282
295
294
311

307
309
310
306
301

3.7
3.7
3.4
2.5
2.5

46.0
56.4
55.3
59.3
38.5

Nov.
Nov.
Nov.
Nov.

6.1320.
27.

1,349
1,301
1,299
1,309

1,305
1,239
1,239
1,269

664
585
577
621

338
351
354
344

300
300
306
302

2.5
2.5
2.5
2.5

44.0
61. 7
59.1.
38.5

Dec.
Dec.
Dec.
Dec.

4—
1118..
25-

1,358
1,374
1,431
1,539

1,314
1,325
1,360
1,439

640
623
623
732

387
388

306
312
349
317

2.6
2.6
2.6
2.6

43.7
48.3
69.7
99.1

i Includes in 1926 foreign loans on gold; see Table 1.

41223—29




5

58

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No.

3.—RESERVE BANK CREDIT OUTSTANDING, BY WEEKS, 1922-1928—Contd.
[Averages of daily figures. In millions of dollars]
Bills and securities held by Federal reserve banks

Week ending
(Saturday)—

Total

1927

Bills discounted
for
member
banks

Bills
bought

United
States
securities

Other
securities

Due
from
foreign
banks

Reserve
bank
float

Jan. 1
Jan.8
Jan.15
Jan. 22
Jan. 29

1,482
1,378
1,198
1,124
1,048

1,421
1,319
1,148
1,074
1,012

719
622
484
421
393

383
378
346
338
314

317
316
313
311
303

2.6
3.5
4.8
3.9
2.5

0.7
.7
.7
.7
.7

60.2
58.2
49.7
49.3
35.7

Feb.
Feb.
Feb.
Feb.

5
12
19
26

1,052
1,028
1,037
1,044

1,017
991
991
1,013

388
380
377
413

323
304
304
291

304
305
307
308

2.5
2.5
2.1
2.0

.7
.7
.7
.7

33.6
36.4
45.8
29.8

Mar.
Mar.
Mar.
Mar.

5
12
19
26

1,081
1,052
1,075
1,028

1,046
1,021
1,041
1,000

441
429
387
434

291
277
241
227

312
312
411
337

2.0
2.0
2.0
2.0

.7
.7
.7
.7

35.1
30.5
33.3
26.8

Apr.
Apr.
Apr.
Apr.
Apr.

2__
9.
16
23
30

1,067
1,096
1,110
1,089
1,049

1,037
1,057
1,052
1,030
1,011

458
465
436
435
444

239
243
253
255
243

338
347
361
338
322

2.4
2.5
2.4
.5

.7
.7
.7

28.8
39.1
57.3
59.0
37.4

May
May
May
May

7
14
21
28

1,083
1,004
1,002
1,057

1,035
963
956
1,020

473
456
470

242
232
224
234

303
257
274
315

.7
.7
.7
.7

47.4
40.1
44.9
35.8

June
June
June
June

4
11
18
25

1,127
1,100
1,060
1,034

1,086
1,063
1,007

485
404
394
435

236
224
189
186

363
433
423
361

.5
.3

.7
.7
3.9
14.6

39.9
37.0
48.6
36.0

July
July
July
July
July

2
9__
16
23
30

1,130
1,194
1,108
1,077
1,053

1,065
1,103
1,010
986
976

484
523
435
415
415

206
203
196
185
172

374
375
378
384
387

1.3
1.3
1.3
1.3
1.3

26.6
39.5
47.8
48.7
48.7

38.0
52.0
49.7
41.6
27.5

Aug.
Aug.
Aug.
Aug.

6
13
20
27

1,101
1,088
1,102
1,086

1,016
1,004
1,019
1,032

440
408
402
401

170
175
171
174

404
420
446
457

1.3
1.3
.4
.3

48.7
48.8
40.6
22.1

36.2
34.7
41.9
32.6

Sept.
Sept.
Sept.
Sept.

3
10
17
24

1,124
1,194
1,204
1,164

1,080
1,144
1,141
1,121

413
445
401
412

192
205
206
218

474
493
533
490

.3
.3
.5

12.3
12.3
10.5
1.6

32.5
37.9
52.6
40.9

1,203
1,254
1,267
1,238
1,250

1,169
1,212
1,225
1,187
1,219

430
445
442
405
409

241
261
272
277
306

497
506
510
505
503

1.1
.7
.6

32.9
41.6
41.8
50.2
30.9

Oct.
Oct.
Oct.
Oct.
Oct.

1_
8
15
22
29

Nov.
Nov.
Nov.
Nov.

5
12
19
26

1,301
1,370
1,411
1,380

1,257
1,305
1,358
1,348

396
433
376
413

338
340
335
326

523
532
646

42.8
63.8
52.8
31.0

Dec.
Dec.
Dec.
Dec.
Dec.

3
10
17
24
31

1,437
1,488
1,546
1,634
1,647

1,403
1,449
1,497
1,553
1,592

482
468
481
585
599

358
379
373
375
386

562
601
642
592
60S

33.2
38.7
48.5
80.0
54.5




1.0
1.0

RESERVE BANK CREDIT
No.

3.—RESERVE

59

BANK CREDIT OUTSTANDING, BY WEEKS, 1922-1928—Contd.
[Averages of daily figures. In millions of dollars]
Bills and securities held by Federal reserve banks

Week ending
(Saturday)—

1928
Jan 7
Jan. 14 .
Jan.21
Jan.28
Feb 4
Feb. 11
Feb 18
Feb. 25

Total
Total

Bills discounted
for
member
banks

Bills
bought

United
States
securities

Other
securities

Due
from
foreign
banks

Reserve
bank
float

1,593
1,422
1,329
1, 258

. .

1,536
1,382
1,294
1,235

545
461
436
432

387
386
364
352

603
533
493
450

0.9
.8
.5
.5

0.6
.6
.6
.6

56.6
40.1
34.7
22.8

1,271
1,267
1,272
1,247

.

1, 246
1,240
1,238
1,223

445
465
475
471

375
370
358
350

426
405
404
401

.5
.5
.5
.5

.6
.6
.6
.6

24.4
26.7
33.7
23.4

Mar.
Mar.
Mar.
Mar.
Mar.

3
10
17 ._
24
31 . .

1,285
1,292
1,308
1,262
1,309

1,262
1,266
1,280
1,243
1,289

510
519
491
490
543

348
341
340
340
347

403
405
448
412
398

.9
1.0
.8
.5
.9

.6
.6
.6
.6
.6

21.7
25.9
25.6
19.1
19.5

Apr.
Apr.
Apr.
Apr.

7
14
21
28

1,407
1,392
1,409
1,397

1,368
1,358
1,368
1,371

627
615
660
705

348
363
360
361

393
379
346
303

1.0
1.0
1.0
1.0

.6
.6
.6
.6

38.5
33.2
40.8
25.6

May
May
May
May

5
12
19
26

1,458
1,456
1,477
1,472

1,426
1,424
1,442
1,447

768
781
827
870

370
367
353
337

287
275
260
239

1.0
1.0
1.0
1.0

.6
.6
.6
.6

31.5
30.8
34.7
24.9

June 2
June 9
June 16
June 23
June 30

1,531
1,525
1,556
1,499
1,522

1,507
1,488
1,515
1,463
1,492

985
1,004
1,006
1,004
1,047

302
265
242
231
224

219
218
267
227
221

1.1
1.1
.9
.5
.5

.6
.6
.6
.6
.6

23.5
37.0
39.8
36.2
28.9

July 7
July 14
July 21
July 28

1,662
1,558
1,480
1,453

1,610
1,510
1,435
1,420

1,183
1,103
1,045
1,041

207
190
180
171

220
216
209
207

.5
.5
.5
.5

.6
.6
.6
.6

51.9
47.2
44.9
32.5

Aug.
Aug.
Aug.
Aug.

4
11__
18
25

1,486
1,490
1,472
1,474

1,451
1,456
1,429
1,440

1,073
1,077
1,038
1,048

165
169
183
184

213
210
207
207

.5
.5
.8
1.0

.6
.6
.6
.6

34.6
33.6
42.8
33.2

Sept. 1.
Sept. 8
Sept. 15
Sept. 22.
Sept. 29

1, 506
1,556
1,581
1,600
1,582

1,475
1,516
1,529
1,539
1,544

1.075
,103
,064
L,042
L,040

186
194
210
232
264

214
217
253
260
235

1.0
1.3
2.4
4.6
4.6

.6
.6
.6
.6
.6

29.9
39.7
51.6
60.5
37.4

Oct. 6
Oct. 13
Oct 20
Oct. 27

1,634
1,637
1,634
1,598

1, 589
1,604
1,588
1,566

L,045
L.019
966
921

305
340
374
406

234
240
242
235

4.6
4.6
5.0
4.0

.6
.6
.6
.7

44. 2
32.3
45.4
31.0

Nov.
Nov.
Nov.
Nov.

1,625
1,662
1,652
1,597

1,591
1,631
1,586
1,555

915
940
880
816

438
454
474
484

235
233
227
251

3.7
3.7
4.3
4.5

.7
.7
.7
.7

32.8
30.5
65.9
41.3

1,728
1,790
1,794
1,818
1,882

1,698
1,752
1,743
1,728
1,821

970
1,024
978
930
1,090

482
490
484
462
491

242
233
276
326
230

4.4
4.4
5.3
10.4
10.1

.7
.7
.7
.7
.7

29.3
37.6
50.2
89.4
60.2

.. _

3 .
10
17
24

Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec 29

_




60

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 4—DEPOSITS

OF FEDERAL RESERVE BANKS, BY WEEKS, 1922-1928
[Averages of daily figures.

Week ending
(Saturday)—

Total

Member Governbank
reserve ment

All
other

1922
Jan. 7
Jan 14
Jan. 21 „
Jan 28

1,835
1,782
1,790
1,797

1,741
1,732
1,692
1,675

66.7
23.1
67.3
92.6

27.4
26.9
30.2
29.6

Feb 4
Feb. 11- .
Feb 18
Feb. 25

1,823
1,839
1,818
1,781

1,678
1,685
1,700
1,683

113.2
123.3
78.7
65.4

31.6
30.5
39.5
32.2

Mar. 4
Mar 11
Mar. 18
Mar 25

1,794
1,776
1,816
1,784

1,702
1,713
1,751
1,690

58.3
27.4
21.1
52.2

33.5
35.3
43.9
42.1

Apr. 1 „
Apr 8
Apr 15
Apr 22
Apr. 29 . .

1,803
1,802
1,823
1,835
1,830

1,693
1,715
1,727
1,747
1,744

70.4
46.7
55 3
46.9
48.3

39.9
39.8
40 4
41.1
38.1

May
May
May
May

6
13
20
27

1,874
1 877
1,882
1 881

1,765
1,789
1,794
1,783

66.3
49 7
51.8
63 5

42.8
38 0
36.0
34 0

June 3
June 10
June 17 __
June 24

1,881
1 891
1,926
1,860

1,788
1,809
1,852
1,807

58.3
48 7
37.3
19.5

34.8
32 9
37.0
33.7

July 1
July 8
July 15
July 22
July 29

1,884
1,880
1,885
1,893
1,879

1,816
1,814
1,826
1,819
1,801

37.0
35.5
31.2
45.6
51.2

30.7
30.0
28.2
27.9
26.9

Aug. 5
Aug 12
Aug 19
Aug 26

1,883
1,854
1,859
1 844

1,818
1,798
1,801
1,782

36.1
31.4
33.5
39 0

28.8
25.0
24 0
22 8

Sept. 2 _
Sept 9
Sept 16
Sent 23
SeDt 30

1,865
1,858
1,876
1,870
1,857

1,791
1,797
1,829
1,809
1,812

51.3
38.6
22.5
38.4
23.3

23.1
22.8
24.5
22 1
21 7

Oct 7
Oct 14
Oct. 21
Oct 28

1,859
1,877
1,902
1,868

1,820
1,837
1,869
1,824

17.8
16.7
12.2
24.8

21.5
23.3
21.0
19.2

Nov. 4
Nov. 11
Nov 18
Nov 25

1,890
1,893
1 904
1,880

1,826
1,826
1,836
1,818

38.4
31.6
38 2
41.3

25.7
35.7
29 6
20.3

Dec
Dec
Dec
Dec
Dec

1,868
1,884
1,876
1,887
1,915

1,806
1,817
1,828
1,842
1,876

43.2
47.7
21.8
8.3
7.8

19.2
18.9
26.6
36.8
30.9

1,989
2,001
1,970
1,973

1,923
1,940
1,917
1,909

8.2
6.6
8.7
29.5

58.2
54.5
44.1
34.4

1,978
1,955
1,985
1,961

1,901
1,892
1,911
1,893

47.9
38.5
42.9
46.6

28.9
24.3
30.8
21.7

2
9
16
23
30

1923
Jan. 6._
Jan.13
Jan. 20
Jan. 27
Feb 3
Feb. 10
Feb 17
Feb. 24___

_
_




In millions of dollars]
Member Govbank
ernreserve ment

All
other

Week ending
(Saturday)—

Total

Mar.
Mar.
Mar.
Mar.
Mar.

1923
3
10
17
24
31

1,966
1,944
1,952
1,968
1,980

1,898
1,881
1,899
1,851
1,856

45.3
41.7
31.9
96.1
101.3

22.4
21.0
21.1
20.5
23.1

Apr.
Apr.
Apr.
Apr.

7_
14 .
21
_..
28 - -

1,964
1,935
1,960
1,923

1,872
1,863
1,882
1,857

71.0
51.4
54.6
44.9

21.2
20.4
23.0
21.1

May
May
May
May

5
12
19
26 _.-

1,956
1,935
1,950
1,956

1,871
1,867
1,870
1,882

51.5
39.2
50.0
26.4

33.1
29.1
29.6
47.6

June 2
June 9
June 16
June 23__
June 30

1,956
1,953
1,928
1,904
1,925

1,879
1,872
1,887
1,851
1,856

40.8
48.1
12.8
26.3
43.7

36.0
32.7
28.2
26.5
25.1

July 7
July 14 —
July 21
July 28

1,926
1,922
1,925
1,909

1,880
1,877
1,865
1,851

19.2
20.7
36.5
35.7

27 0
24.6
23 9
22.3

Aug 4
Aug. 11__
Aug. 18-_
Aug. 25

1,907
1,894
1,892
1,876

1,847
1,838
1,841
1,824

37.4
31.5
29.8
29.4

22 5
24.7
21.5
22.4

Sept.
Sept.
Sept.
Sept.
Sept.

1,892
1,891
1,927
1,904
1,910

1,832
1,835
1,875
1,846
1,835

39.4
35.1
28.8
33.5
52.6

21.0
20.9
22.9
24.1
22.0

1,912
1,902
1,942
1,913

1,856
1,854
1,879
1,859

33.2
22.9
40.2
31.6

22.5
25.5
23.1
22.7

1,928
1,940
1,970
1,926

1,866
1,880
1,885
1,874

36.1
30.0
37.0
28.4

25.4
30.4
47.7
23.6

Dec. 1
Dec. 8 —
Dec. 15
Dec. 22
Dec 29

1,927
1,929
1,939
1,902
1,944

1,872
1,876
1,892
1,862
1,890

32.3
31.6
24.4
17.3
33.6

22.9
21.8
22.2
23.0
20.8

1924
Jan. 5
Jan.12
Jan 19
Jan. 26

1,999
1,974
1,977
1,972

1,932
1,917
1,909
1,892

40.9
31.8
44.1
56.5

25.9
25.1
24.3
23.8

Feb.2
Feb. 9
Feb. 16
Feb 23
Mar. 1
Mar. 8
Mar 15
Mar. 22
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26

1,974
1,953
1,965
1,944
1,953
1,966
2,003
2,004
1,987
2,025
2,017
2,015
1,982

1,902
49.5
42.9
1,889
33.4
1,906
1,882
40.5
43.4
1,889
60.6
1,885
52.2
1,928
12.9
1,967
75.3
1,892
110.2
1,895
102.2
1,893
1,915 I 73.1
47.7
1,910

22.2
21.1
25.5
21.2
20.6
20.8
22.6
24.2
20.1
19.4
21.3
26.4
24.5

1
8
15
22
29

Oct. 6
Oct. 13
Oct 20
Oct. 27
Nov.
Nov.
Nov.
Nov.

3
10
17
24

_.-

61

RESERVE BANK CREDIT
No.

4—DEPOSITS OF FEDERAL RESERVE BANKS, BY WEEKS, 1922-1928—Con.
[Averages of daily figures. In millions of dollars]

Member Govbank
ernreserve
ment

Member Govbank
ernreserve
ment

Week ending
(Saturday)—

Total

July
July
July
July

1925
4
11
18
25

2,229
2,198
2,205
2,197

2,174
2,154
2,166
2,155

26.6
17.3
13.3
16.3

28.3
27.0
25.3
25.5

21.9
19.9
22.8
21.1

Aug.
Aug.
Aug.
Aug.
Aug.

1-..
8...
15..
22..
29..

2,191
2,221
2,212
2,206
2,203

2,142
2,158
2,153
2,149
2,149

22.9
37.3
33.8
31.8
30.1

25.8
25.4
25.3
24.9
23.7

34.1
26.3
33.1
42.6

26.8
25.3
24.7
29.8

Sept. 5 —
Sept. 12..
Sept. 19_.
Sept. 26-.

2,204
2,207
2,210
2,223

2,150
2,157
2,166
2,161

29.6
25.5
16.6
34.0

24.2
24.4
27.5
27.5

2,067
2,071
2,081
2,072
2,066

50.7
38.3
25.5
32.0
36.1

31.4
32.0
33.4
33.5

Oct.
Oct.
Oct.
Oct.
Oct.

3—
10172431-

2,234
2,249
2,280
2,271
2,281

2,177
2,199
2,213
2,201
2,211

29.6
22.8
35.2
40.6
38.7

27.6
27.4
31.9
29.1
31.4

2,146
2,181
2,248
2,176

2,075
2,113
2,195
2,101

32.3
31.2
32.4
29.9

Nov.
Nov.
Nov.
Nov.

7_.
14.
2128.

2,309
2,298
2,305
2,273

2,234
2,224
2,235
2,201

31.5
22.7
34.0
37.7

43.0
51.5
35.9
34.1

Oct. 4
Oct. 1 1 - Oct. 18—.
Oct. 25--.

2,196
2,204
2,238
2,196

2,114
2,133
2,159
2,141

38.6
36.8
20.6
45.2
54.3
44.6
52.0
28.0

28.0
26.8
26.8
27.0

Dec.
Dec.
Dec.
Dec.

5—
12..,
19..
26..

2,283
2,287
2,278
2,262

2,205
2,214
2,224
2,205

44.7
41.1
23.9
26.6

33.1
31.7
30.0
30.6

Nov.
Nov.
Nov.
Nov.
Nov.

1
8-...
15.22..
29..

2,189
2,218
2,231
2,244
2,212

2,132
2,159
2,175
2,183
2,154

26.8
31.7
29.9
29.3
28.3

2,301
2,309
2,297
2,285
2,264

34.5
34.1
30.3
29.4
24.9

6--..
13...
20...
27...

2,243
2,246
2,236
2,264

2,249
2,257
2,248
2,229
2,208

17.7
18.3
19.0
26.3
31.4

Dec.
Dec.
Dec.
Dec.

1926
Jan. 2
Jan. 9
Jan.16
Jan.23
Jan. 30

1925
Jan.3
Jan.10
Jan. 17-...
Jan. 2 4 . - .
Jan. 31

Feb.
Feb.
Feb.
Feb.

2,279
2,274
2,283
2,261

2,215
2,210
2,217
2,192

41.3
33.6
41.9
44.2

22.4
30.7
24.5
25.1

Mar. 6__
Mar. 13.
Mar. 20_
Mar. 27.

2,279
2,263
2,265
2,273

2,204
2,188
2,215
2,178

50.3
50.0
21.0
67.9

25.0
24.5
29.0
26.7

Feb.
Feb.
Feb.
Feb.

Apr. 3—
Apr. 10..
Apr. 17..
Apr. 24..

2,312
2,256
2,272
2,230

2,197
2,172
2,202
2,178

84.8
58.4
44.5
25.6

30.0
25.2
25.2
26.3

Mar.
Mar.
Mar.
Mar.

All
other

Week ending
(Saturday)—

Total

1924
3
10.-.
17...
24...
31.-.

1,981
1,972
1,981
1,976
1,987

1,919
1,922
1,926
1,917
1,921

37.2
26.5
31.4
34.7
43.0

24.9
23.1
23.7
24.4
22.8

June 14...
June 21.-.
June 28...

2,026
2,067
2,093
2,081

1,963
2,003
2,037
2,008

40.7
43.6
33.5
51.7

July
July
July
July

5
12. _.,
19-.
26-..

2,074
2,078
2,114
2,126

2,013
2.026
2,056
2,054

Aug.
Aug.
Aug.
Aug.
Aug.

2.-.
9..16. -.
23...
30--.

2,149
2,141
2,140
2,138
2,136

Sept. 6 —
Sept. 13...
Sept. 20-.
Sept. 27-.

May
May
May
May
May

June 7

All
other

2,182
2,177
2,174
2,173

30.2
26.9
25.9
31.3
29.8
30.6
38.0
29.4
59.0

29.9
31.2
32.2
32.1

2,307
2,301
2,288
2,248
2,256

2,214
2,220
2,213
2,170
2,164

53.5
38.5
31.8
33.9
51.3

39.0
42.8
43.1
43.9
41.1

7--..
14.-.
21. _.
28.-.

2,250
2,242
2,222
2,220

2,166
2,165
2,152
2,152

38.9
29.0
30.4
31.5

44.8
48.1
39.7
36.1

7_._
14..
21...
28. .

2,207
2,216
2,187
2,166

2,143
2,161
2,147
2,108

35.1
26.3
8.1
27.6

28.4
28.3
32.3
30.7

May
May
May
May
May

1__
8__
15.
22 _
29 _

2,232
2,260
2,254
2,258
2,238

2,184
2,203
2,198
2,205
2,189

21.9
28.9
28.2
27.5
25.7

25.9
28.2
27.4
25.6
23.4

Apr. 4 . . . .
Apr. 1 1 . . .
Apr. 18-_.
Apr. 2 5 . . .

2,181
2,174
2,180
2,185

2,115
2,116
2,125
2,126

37.7
28.8
30.1
31.2

28.4
28.8
25.1
27.7

June5__
June 12 _
June 19,
June 26.

2,249
2,239
2,245
2,235

2,203
2,209
2,210
2,197

25.1
22.8
25.4
21.8

May
May
May
May
May

2.,..
9
16...
23...
30-..

2,196
2,201
2,192
2,182
2,186

2,135
2,142
2,140
2,122
2,123

31.1
28.9
25.1
33.4
36.8

29.7
29.7
27.2
26.1
26.3

July 3 —
July 10. _
July 17..
July 24. _
July 3 1 -

2,268
2,273
2,266
2,248
2,248

2,225
2,222
2,220
2,199
2,193

20.5
7.0
9.5
16.6
17.9
22.1
23.5
27.5
32.0

25.1
28.5
22.7
21.6
23.4

June 6
June 13-..
June 20...
June 27...,

2,206
2,209
2,220
2,201

2,136
2,135
2,161
2,128

43.2
49.1
32.5
48.7

26.7
25.1
26.0
24.5

Aug.
Aug.
Aug.
Aug.

2,274
2,240
2,250
2,247

2,217
2,197
2,199
2,191

29.7
16.1
25.4
27.9

27.2
26.9
25.8
27.8




6
13
20
27

7__
14 _
21 _
28.

62

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No.

4—DEPOSITS OF FEDERAL RESERVE BANKS, BY WEEKS, 1922-1928—Con.
[Averages of daily figures. In millions of dollars]

Week ending
(Saturday)—

Member Govbank
reserve

ernment

2,251
._! 2,244
2,271
2,296

2,197
2,207
2,225
2,203

22.2

Oct.2_.
Oct. 9._
Oct. 16..
Oct. 23..
Oct. 30..

2,297
2,280
2,293
2,273
2,274

Nov.
Nov.
Nov.
Nov.

6
13
20
27

Dec.
Dec.
Dec.
Dec.

4...
11..
18..
25.

1926
Sept. 4_
Sept. 11
Sept. 18
Sept.25_

Total

All
other

Week ending
(Saturday)—

Total

Member Governbank
reserve

ment

All
other

13.5
63.4

32.2
28.9
32.3
29.8

Nov.
Nov.
Nov.
Nov.

1927
5
12....
19 ...
26.__.

2,395
2,423
2,475
2,415

2,338
2,342
2,416
2,372

18.8
25.0
10.5

38.1
56.1
48.0
39.0

2,219
2,226
2,233
2,213
2,206

51.0
29.8
29.5
35.2
40.6

26.7
24.6
30.6
24.7
27.1

Dec.
Dec.
Dec.
Dec.
Dec.

3__
10_
17_
24_
31 _

2,431
2,430
2,436
2,419
2,460

2,395
2,399
2,405
2,377
2,415

3.4
2.2
4.0

16.7
20.6

32.5
28.8
27.1
24.9
24.5

2,294
2,273
2,283
2,265

2,222
2,212
2,219
2,203

31.6
18.2
30.7
30.7

40.2
42.6
32.9
31.7

2,283
2,268
2,282
2,298

2,217
2,208
2,229
2,205

34.8
30.9
29.3
63.1

31.4
28.7
23.9
29.4

1928
Jan. 7
Jan.14
Jan. 21
Jan. 28

1927
Jan.1
Jan. 8
Jan. 15
Jan. 22
Jan. 29

2,466
2,441
2,424
2,391
2,387
2,378
2,372
2,351

21.3
18.2
18.1
20.1
24.3
25.5
26.1
23.8

23.5
24.3
33.0
23.2

2,316
2,349
2,298
2,297
2,267

2,231
2,284
2,251
2,237
2,213

35.8
13.2
19.5
32.3
29.8

2,366
2,369
2,392
2,342
2,353

30.6
27.6
15.5
14.3
28.6

22.6
23.0
24.2
24.9
23.0

Feb. 5.Feb. 12..
Feb. 19 _
Feb.26_.

2,271
2,255
2,276
2,258

2,219
2,204
2,219
2,203

Mar.
Mar.
Mar.
Mar.

5__
12_
19_
26.

2,277
2,271
2,313
2,277

Apr. 2...
Apr. 9...
Apr. 16..
Apr. 23..
Apr. 30..

2,292
2,296
2,308
2,312
2,293

2,218
2,222
2,271
2, 246
2,240
2,249
2,251
2,251
2,246

May
May
May
May

7__
1421 _
28_

2,335
2,323
2,325
2,331

June4__
June 11.
June 18_
June 25 _

8.0

3.7

Feb.
Feb.
Feb.
Feb.

4__.
11..
18..
25..

49.5
52.1
27.7
27.6
23.9

Mar.
Mar.
Mar.
Mar.
Mar.

3..
10.
17.
24.
31.

2,517
2,486
2,469
2,436
2,435
2,428
2,431
2,398
2,419
2,420
2,432
2,381
2,405

28.8
22.3
26.4
33.0

23.0
28.6
30.9
22.1

Apr.
Apr.
Apr.
Apr.

7—
14..
21..
28..

2,451
2,447
2,458
2,439

2,397
2,400
2,401
2,382

25.4
21.9
28.6
30.8

28.3
25.2
28.2
26.1

37.1
23.8
17.2
8.9

22.2
24.9
24.5
22.0

May
May
May
May

5_.
12.
19.
26.

20.5
21.8
25.2
25.5
21.4

June 2...
June 9—
June 16-.
May 23.
May 30.

2,407
2,401
2,391
2,377
2,379
2,372
2,377
2,325
2,326

32.0
21.7
19.7
21.4
26.2
16.1
13.1

30.4
26.9
25.9
25.8

31.2
24.7
32.2
35.2
25.1

2,469
2,450
2,437
2,424
2,432
2,415
2,418
2,359
2,367

13.0

26.9
26.8
27.4
29.0
27.7

2,261
2,264
2,262
2,270

22.9
21.2
27.6
27.4

51.0
38.0
35.0
33.4

July 7_._
July 14..
July 21..
July 28..

2,434
2,381
2,350
2,341

2,369
2,337
2,308
2,294

31.5
13.7
12.8
20.2

33.0
30.6
28.9
26.7

2,354
2,369
2,353
2,324

2,289
2,311
2,306
2,275

28.0
24.8
11.8
18.3

36.5
32.9
35.3
30.2

Aug.
Aug.
Aug.
Aug.

2,356
2,342
2,320
2,310

2,298
2,274
2,271
2,259

30.4
39.8
20.2
22.3

27.7
28.3
28.4
28.7

July 2...
July 9__.
July 16..
July 23..
July 30..

2,368
2,360
2,335
2, 330
2,321

2,305
2,307
2,287
2,283
2,270

25.2
15.5
14.4
16.3
21.1

37.7
37.0
33.1
31.0
29.8

Sept.
Sept.
Sept.
Sept.
Sept.

2,330
2,329
2,376
2,404
2,371

2,278
2,284
2,324
2,335
2,312

22.9
19.4
15.7
14.4
20.9

28.6
25.3
35.8
54.8
38.3

Aug.
Aug.
Aug.
Aug.

2, 344
2,328
2,338
2,322

2,291
2,286
2,287
2,272

23.1
12.5
19.2
19.7

30.3
29.5
31.4
30.4

Oct.
Oct.
Oct.
Oct.

2,387
2,376
2,388
2,373

2,334
2,331
2,340
2,324

20.2
10.5
18.1
23.7

32.6
34.4
29.7
25.7

2,332
2,350
2, 371
2,333

2,282
2,300
2,323
2,284

20.2
20.6
14.1
20.1

30.0
29.7
33.1
28.7

Nov. 3..
Nov. 10.
Nov. 17.
Nov. 24.

2,393
2,401
2,416
2,381

2,342
2,347
2,357
2,346

21.4
19.0
20.4

29.6
35.0
38.6
25.5

2,352
2,376
2,386
2,377
2,386

2,299
2,322
2,332
2,324
2,328

23.6
25.0
17.6
15.8
23.1

28.9
29.3
36.1
36.7
35.3

Dec.
Dec.
Dec.
Dec.

2,416
2,429
2,424
2,369
2,412

2,368
2,375
2,369
2,332
2,366

21.3
26.0
24.3

26.2
28.2
30.5
30.2
30.1

6__
13_.
20_.
27_.

Sept.
Sept.
Sept.
Sept.

3__
1017.
24.

Oct. 1..
Oct. 8 Oct. 15.
Oct.22.
Oct. 29.




4...
11..
18..
25..
l._
8._
15.
22.
29.

6._
13.
2027.

8...
15..
22..
29..

5.4

9.9

6.4

16.3

30.0
26.8
26.7
24.4

63

RESEKVE BANK CREDIT

No. 5.—PRINCIPAL RESOURCES AND LIABILITIES OP FEDERAL RESERVE BANKS,
BY W E E K S
[In millions of dollars]
Deposits

Bills and securities

Federal
Total
reBills
Memcash
serve
disber Other notes
recountUn- serves Total bank de- in cirUnT o t a l i ed for
reserve pos- culaBought der
Bought der
mem- Total out- resale Total out- resale
its tion
balber s
right agreeright agreeances
bank
ment
ment
Bills bought

Date

1928
Jan.4
Jan. 11....
Jan. 18....
Jan. 25,—
Feb. 1_.__
Feb. 8
Feb. 15—
Feb. 2 1 . . .
Feb. 29...
Mar. 7....
Mar. 14...
Mar. 21...
Mar. 28...
Apr. 4
Apr. 11 —
Apr. 18...
Apr. 25...
May 2
May 9
May 16.._
May 23...
May29_._
June 6
June 13___
June 20.._
June 27—
July 3
July 11.. _
July 18...
July 25. .Aug. 1
Aug. 8....
Aug. 15.._
Aug. 22...
Aug. 29...
Sept. 5....
Sept. 12...
Sept. 19...
Sept. 26—

U.

S. securities

1,536
1,378
1,281
1,174

521
439
412
385

387
393
369
347

308
338
330
319

79
55
39
28

627
545
499
441

544
521
493
435

83.0 2,889
24.3 2,967
6.8 2,976
5.8 2,988

2,536
2,517
2,472
2,402

2,486
2,473
2,432
2,355

51
44
40
47

1,761
1,680
1,624
1,585

1,235
1,230
1,245
1,216
1,245

423
459
481
461
493

377
369
355
353
344

335
341
323
315
303

42
28
32
38
41

434
401
408
402
408

419
399
401
399
399

14.4 2,971 2,452
2.4 2,985 2,445
7.2 2,981 2,444
2.4 2,984 2,405
8.5 2,974 2,426

2,405
2,395
2,391
2,357
2,375

47
50
53
48
51

1,577
1,584
1,586
1,592
1,588

1,224
1,218
1,195
1,257

482
472
477
524

338
343
333
346

299
303
294
289

39
40
39
57

403
401
385
386

399
396
380
379

2,976
2,957
2,946
2,931

2,411
2,403
2,360
2,404

2,361
2,362
2,322
2,357

49
41
37
47

1,591
1,574
1,565
1,567

1,329
1,359
1,312
1,381

601
619
620
709

344
362
351
366

290
299
315
332

54
63
36
34

383
378
341
305

377
369
326
293

6.1 2,908
9.2 2,913
14.3 2,885
11.4 2,886

2,435
2,478
2,423
2,475

2,401
2,432
2,392
2,417

34
46
31
57

1,601
1,589
1,582
1,573

1,413
1,421
1,418
1,410
1,468

757
111
807
847
944

363
365
347
331
304

332
344
329
308
283

31
21
18
23
21

292
277
262
230
219

279
264
251
221
204

13.7 2,868 2,494
13.6 2,848 2,474
11.1 2,802 2,434
9.1 2,795 2,417
15.5 2,757 2,408

2,442
2,426
2,382
2,370
2,357

52
48
52
47
50

1,591
1,591
1,583
1,579
1,593

1,460
1,508
1,438
1,468

982
1,043
991
1,032

266
240
224
223

253
229
212
199

13
11
12
24

210
223
223
212

197
212
215
200

12.9 2,761
11.0 2,734
8.0 2,737
12.0 2,738

2,424
2,436
2,366
2,382

2,385
2,392
2,332
2, 345

39
44
34
37

1,598
1,605
1,599
1,605

1,621
1,495
1,403
1,402

1,191
1,089
1,012
1,025

210
188
181
169

181
173
169
161

29
15
12
8

220
218
209
208

197
202
197
197

166
162
190
184
184

154
152
170
159
156

12
10
20
25
28

212
208
206
207
209

201
197
197
197
197

2,403
2,365
2,307
2,300
2,344
2,266
2,285
2,281
2,269

1,660
1,640
1,619
1,607

1,086
1,061
1,003
1,037
1,039

2,459
2,407
2,349
2,346
2,402
2,334
2,323
2,326
2,325

56
42
42
46

1,464
1,431
1,400
1,429
1,433

23.0
15.8
12.3
10.5
10.6
10.8

59
69
38
45
56

1,613
1,628
1,639
1,642
1,651

1,474
1,504
1,560
1,508

1, 080
1,069
1,094
1,011

187
211
237
263

148
161
190
204

39
50
47
59

206
221
225
229

197
213
213
213

9.3 2,747 2,306
8.7 2,771 2,388
12.1 2,768 2,459
15.7 2,771 2,366

2,273
2,349
2, 361
2,316

32
39
98.
50

,701
L, 688
L, 680
,682

3.7
4.7
5.7
6.4

9.2
9.8

11.9

2,693
2,747
2,759
2,761
2,756
2,755
2,763
2,761
2,765

Oct.
Oct.
Oct.
Oct.
Oct.

3
10-__
17_ . .
24__.
31__-

1,571
1,556
1,552
1,548
1,603

1,026
993
936
912
932

310
332
379
401
440

242
266
303
329
356

68
66
76
72
84

231
227
231
231
227

213
211
210
207
200

17.2
15.8
21.0
24.4
26.6

2,751
2,753
2,769
2,778
2,773

2,414
2,346
2,395
2,374
2,419

2,350
2,313
2,359
2,322
2,371

64
33
36
53
48

L, 704
L, 725
L, 717

Nov.
Nov.
Nov.
Nov.

7....
14...
21...
28...

1,632
1,558
1,515
1,706

957
858
800
990

449
474
484
482

380
401
421
430

69
73
63
52

223
222
226
229

197
197
205
206

25.6
25.7
21.4
23.6

2,768
2,788
2,800
2,722

2,385
2,406
2,378
2,411

2,330
2,365
2,346
2,361

55
41
32
50

1,742
1,732
1,717
1,766

1,721
Dec. 5
Dec. 12... 1,763
Dec. 19... 1,701

1,012
1,028
947
1,168

478
494
453
489

420
434
419
422

58
60
34
67

227
236
291
232

197
203
275
197

30.1
33.0
15.8
35.3

2,737
2,746
2,724
2,689

2,436
2,466
2,356
2,455

2,382
2,409
2,326
2,409

53
57
31
46

1,790
1,814
1,869
1,911

Dec. 26__. 1,899
1

Includes "other securities."
Backfigures.—See Annual Report for 1927 (Table 5), 1926 (Table 12), etc.




L, 710
L, 710

64
No.

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
6 . — F E D E R A L R E S E R V E B A N K S — R E S O U R C E S AND L I A B I L I T I E S I N D E T A I L ,
D E C E M B E R 3 1 , 1928 l

[Amounts in the column to the right are those shown in the Board's weekly statement, their components
being shown in the column to the left. In thousands of dollars]
RESOURCES

Gold with Federal reserve agents
Gold redemption fund with United States Treasurer
Gold held exclusively against Federal reserve notes
Gold settlement fund with Federal Reserve Board
Gold and gold certificates held by banks:
Gold coin
Gold bullion and foreign gold coin
Gold certificates

_
_
132,482
174,769
282,500

Total gold and gold certificates held by banks
Total gold reserves
Eeserves other than gold:
Legal-tender notes..
Silver certificates
Standard silver dollars

589,751
2,584,232
48,529
64,552
11,527

Total reserves other than gold
Total reserves
Nonreserve cash:
National-bank n o t e s . .
Federal reserve bank notes
Subsidiary silver, nickels, and cents
Total nonreserve cash
Bills discounted:
Secured by United States Government obligations
Other bills discounted
Total bills discounted
Bills bought in the open market:
Bills bought outright
„_
Bills bought under resale agreement

_

79,885
659,216
397,250
1,056,466
_

_

489,070

30,931
39,764
8,882
2,948

Total bonds
Treasury notes
_
Certificates of indebtedness

51,594
95,783
49,756

Total United States securities bought outright
Total United States Government securities...
Other securities:
Federal intermediate credit bank debentures
Municipal warrants

Total uncollected items
Before closing of books at end of year.




439,004
50,066

2,290
10,180
18,461

Total United States securities bought under resale agreement
United States securities bought outright:
Liberty bonds
Bonds issued since 1921___
_
Other United States bonds
_

1

124,608
2, 708,840
66,955
6
12,924

Total bills bought in open market
United States securities bought under resale agreement:
United States bonds
Treasury notes)
Certificates...

Total other securities
Total bills and securities
Due from foreign banks
Uncollected items:
Transit i t e m s . . .
Exchanges for clearing house
Other cash items
_
_
Federal reserve notes of other Federal reserve banks

1,229,537
77,900
l, 307,437
687,044

197,133
228,064
9,825
60
-

9,885
1,783,485
728
630, 735
31,863
21,370
28,706

-

712, 674

RESERVE B^LNK CREDIT
No.

65

6.—FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES IN DETAIL
DECEMBER 31, 1928—Continued

[Amounts in the column to the right are those shown in the Board's weekly statement, their components
being shown in the column to the left. In thousands of dollars]
All other resources:
Bank premises
_
_
60,604
Claims account closed or suspended banks
_
3,158
Overdrafts—member banks
232
Premium on securities
_ _ _._
_
_
565
Interest accrued..
_
__
_
...
1,140
Deferred charges
714
Suspense account and miscellaneous assets
_
_
1,702
Total all other resources
Total resources

_
_

-

-- 7,511

.

_

5,353,727

LIABILITIES

Federal reserve notes outstanding (issued to Federal reserve bank)_
Held by banks and branches
_._
_
Forwarded for redemption

2,277,354
426,322
12,838

_
_

Federal reserve notes in actual circulation

1,838,194

Deposits:
Members—reserve account
_
Government
_
_
_
Foreign bank
_
Other deposits—
Nonmembers' clearing account
_
_
Officers' checks.-.
_
Federal reserve transfer and exchange drafts
Allother
._
Total other deposits.-

_
_

2,388,071
20,888
5,775

_
17,617
2,066
280
1,510

_
_
-

21,473

Total deposits
Deferred availability items:
Government transit items
_
All other transit items
Total deferred availability items
Capital paid in
_
__
_
Surplus
_-.
All other liabilities:
EarningsGross earnings
Current expenses
Current net earnings
_._
Add—Other real estate—net income
Deduct—
Profit and loss
_
Furniture and equipment
Dividends accrued since closing of books

_

-

2,436,207
5,620
653,883

...

_
_

_._

_

659,503
._._ 146,936
233,319
64,053
26,905
37,148
49

_._

_

1,488
640
8,459

_

Net earnings available for depreciation allowances, reserves, surplus, and franchise
tax
_
26,610
Reserve for self-insurance
2,157
Reserves for losses account failed or suspended banks
3,199
Miscellaneous reserves. _
293
Accrued dividends unpaid
894
Unearned discount
_.
_
_
_
_. 3,882
Accrued taxes, other than franchise tax, unpaid. _
581
Discount on securities
1,308
Suspense account and miscellaneous liabilities
_.
644
Total all other liabilities

-

Total liabilities
Contingent liability on bills purchased for foreign correspondents
i Before closing of books at end of year.
Back figures—See Annual Reports for 1927 (Table 6) and 1926 (Table 13).




39,568
5,353,727
324,699

66

A.NNUAX REPORT OF THE FEDERAL RESERVE BOARD

No. 7.—RESOURCES AND LIABILITIES OP FEDERAL RESERVE BANKS AT THE
END OF EACH MONTH
[In millions of dollars]
1927

1928

Dec. 31 Jan. 31 Feb. 29 Mar. 31 Apr. 30 M a y 31 June 30
RESOURCES

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

1,539
57

1,461
42

1,389
46

1,352
51

1,189
62

1,109
64

1,143
65

1,596

1,503

1,435

1,403

1,251

1,173

1,208

528

659

753

691

865

789

685

111
161
337

131
148
356

121
140
359

149
162
325

139
128
315

156
160
317

164
207
284

Total gold reserves
Reserves other than gold

2,733
134

2,797
169

2,808
166

2,729
162

2,698
155

2,595
148

2,549
146

Total reserves

2,867

2,966

2,974

2,891

2,854

2,742

2,695

77

85

70

57

57

56

51

582

423

493

599

834

1,021

1,095

310
82

333
46

303
41

296
54

326
31

272
21

194
23

Gold held exclusively against Federal
reserve notes
Gold settlement fund with Federal Reserve
Board
Gold and gold certificates held by banks:
United States gold coin
Gold bullion and foreign coin
Gold certificates
_

Nonreserve cash
Bills discounted
Bills bought:
Outright- . . .
Under resale agreement

_

Total bills bought
United States securities:
Bought outright
Under resale agreement

392

379

344

350

357

292

217

560
57

431
6

402
6

387
8

281
15

204
16

199
36

Total United States securities
Other securities

617
1

437
1

408
1

395
1

296
1

220
1

235

1,591
1
63

1,240
1
14

1,245
1
18

1,345
1
19

1,488
1
7

1,534
1
14

1,548
1
37

1,655

1,255

1,264

1,365

1,496

1,549

1,586

24
651
58
15

20
563
59
10

17
580
59
11

13
540
59
10

15
534
59
10

18
599
60
9

16
562
60
8

5,346

4,957

4,975

4,935

5,025

5,033

4,977

24
1,766

20
1,561

17
1,571

13
1,590

15
1,587

18
1,588

16
1,629

Total notes in circulation

1,790

1,581

1,588

1,603

1,602

1,606

1,645

Deposits:
Member bank—reserve account
Government
Foreign bank
Other deposits...

2,487
18
5
21

2,391
20
5
19

2,375
28
6
17

2,366
21
6
17

2,442
30
6
24

2,371
40
6
19

2,325
24
9
20

2,531
651
132
233
8

2,435
563
134
233
10

2,426
580
137
233
12

2,410
540
136
233
14

2,502
534
138
233
16

2,436
599
140
233
19

2,378
562
141
233
18

5,346

4,957

4,975

4,935

5,025

5,033

4,977

229

237

239

242

261

268

308

Total bills and securities
Due from foreign banks «
.
Reserve bank float1

_

Total reserve bank credit outstanding
Federal reserve notes of other Federal Reserve
banks
Other uncollected items not included in floatBank premises
All other resources..
__
Total resources

_

LIABILITIES

Federal reserve notes:
Held by other Federal reserve banks
Outside Federal reserve banks

Total deposits
Deferred availability items
Capital paid in
Surplus.All other liabilities

_

_
_ ._ .

Total liabilities
Contingent liability on bills purchased for
foreign correspondents

1 Uncollected items (exclusive of Federal reserve notes of other Federal reserve banks) in excess of deferred availability items.
2 Less than $500,000.




67

RESERVE BAJSTK CREDIT
No.

7.—RESOURCES AND LIABILITIES OP FEDERAL RESERVE BANKS AT THE

END OF EACH MONTH—Continued
[In millions of dollars]
1928
July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31

RESOURCES
Gold with Federal reserve agents
Gold redemption fund with U. S. Treasury

1,125
70

Bills discounted
Bills bought:
Outright
Under resale agreement
Total bills bought
United States securities:
Bought outright
Under resale agreement

.

. -

_._

1,230
78

1,194
678

1,157
736

1,265
680

1,254
709

1,214
790

1,307
687

171
247
307

168
252
286

164
197
302

164
200
314

144
176
233

132
175
282

2,600
137

2,609
131

2,641
132

2,556
112

2,584
125

2,737

2,739

2,773

2,668

2,709

49

47

57

44

80

1,031

Total reserves
Nonreserve cash

1,140
74

58

».

1,182
72

2,751

Total gold reserves
Reserves other than gold

1,200
66

2,597
154

Gold held exclusively against Federal reserve
notes
Gold settlement fund with Federal Reserve Board
Gold and gold certificates held by banks:
United States gold coin
_« Gold bullion and foreign coin
Gold certificates.

1,090
66

1,108

1,071

932

1,088

1,056

149
13

160
32

224
60

356
84

427
59

439
50

162

Total bills and securities
Due from foreign banks
Reserve bank float 1

.

197
31

215

219
1

243
5

227
4

237
4

228
10

1,519
1
33

1,602
1
38

1,603
1
19

1,815
1
21

1,783
1
24

1,553

1,641

1,623

1,837

1,808

21
573
60
8

23
546
60
9

19
615
60
9

20
656
61
9

21
665
61
10

29
660
59
7

4,978

5,130

5,198

5,305

23
1,663

19
1,700

20
1,690

21
1,771

29
1,809

1,615

Total resources

489

206
31

21
1,594

Total reserve bank credit outstanding
Federal reserve notes of other Federal reserve banks.__
Other uncollected items not included in float.
Bank premises
All other resources
_

486

200
27

1,433

.

440

214
29

1,408
1
24

_

284

208
11

4,905

Total United States securities
Other securities

192

204
11

1,686

1,719

1,710

1,792

1,838

2,267
24
10
19

2,294
22
10
18

2,334
18
7
30

2,371
20
6
21

2,373
31
6
20

2,389
23
6
21

2,320
573
143
233
21

2,343
546
145
233
25

2,389
615
146
233
29

2,419
656
146
233
34

2,429
665
147
233
39

2,440
660
147
254
13

4,905

4,978

5,130

5,198

5,305

5,352

306

278

265

251

263

325

5,352

LIABILITIES

Federal reserve notes:
Held by other Federal reserve banks
Outside Federal reserve banks
_
Total notes in circulation
Deposits:
Member bank—reserve account
Government
Foreign bank
_
Other deposits
_
Total deposits
Deferred availability items,. _ . - _ . _
Capital paid in
Surplus
All other liabilities
Total liabilities

..

.._
_

_

Contingent liability on bills purchased for foreign correspondents
1

Uncollected items (exclusive of Federal reserve notes of other Federal reserve banks) in excess of deferred
availibility items.
2 Less than $500,000.
Back figures—See Annual Report for 1927 (Table 7), 1926 (Table 11), 1925 (Table 11), etc.




68

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 8.—CONDITION OF EACH FEDERAL RESERVE BANK AT THE END OF 1927
AND 1928
[In thousands of dollars]
Boston

New York

1928

1928

Philadelphia
1927

1928

RESOURCES

Total gold reserves
Reserves other than gold
Total reserves..
Nonreserve cash
Bills discounted
Bills bought
United States securities.
Total bills and securities _
Due from foreign banks
Uncollected items
Bank premises
All other resources
Total resources
LIABILITIES

194. 437
14,477

171,951
17,756 I

868, 601
24, 599

716, 698
22, 040

143, 894
6,066

179,131
6,453

208, 914
9,860

189, 707
11,538

893, 200
20, 924

738,738 149,960
23,449 I 1,490

185, 584
1,486

67, 371
44, 523
45, 664

84, 314
16, 234
21, 447

28,598
69,244
281, 338
48,410 I 54,619
97, 652
33, 358 ! 8,173 181, 480

463, 980
152,414
49, 377

110, 366 132, 036
55
37
69,175 70,990
3,824
3,702
79

560,470
213
193, 847
15, 882
5,892

665, 771 157, 558
47
205
63, 738
195,086
1,749
16,087
213
786

121, 995
69
60, 242
1,752
199

402, 255 408,104

1, 690,428

1, 640,122 374, 755

371, 327

r^
149, 631

161, 292

390,343

137, 552

142, 949

158, 024
1,642
347
305

146,177
1,103
488
80

1, 009, 923
1,565
1,302
11,460

970, 895 143, 833
1,242
8,497
444
1,104
257
8,281

133, 515
985
618
70

Total deposits
Deferred availability items..
Capital paid in
Surplus
All other liabilities

160, 318
64, 792
9,412
17, 893
209

147, 848
68, 752
10,156
19,619
437

1, 024, 250
170, 613
40, 310
63,007
1,905

988, 777 145, 776
172, 070 56, 309
13, 237
50,124
71, 282 21, 662
219
3,686

135,188
54, 342
14, 536
24,101
211

Total liabilities.

402, 255

408,104

1, 690,428

1, 640,122 374, 755

Federal reserve notes in circulation
Deposits:
Member bank—reserve account
Government
Foreign bank
Other deposits

Cleveland

354,183

Richmond

371, 327

Atlanta

1927

1928

265, 440
13, 013

238, 839
11, 686

65, 227
7,945

82,369 167,329
7,729 j 11,946

278, 453
7,560

250, 525
6,504

73.172

90,098
7,287

60, 845
20, 175
61, 510

92 702
52, 377
32,9o2

25, 424
48, 837
12,452

38, 561
24, 369
3,427

28, 203
2,238
13, 585
260

41, 020
32, 002
7, 255

142, 530
52
67, 868
6,865
1, 265

178,041
76

86, 713
25
54, 660
2,721
367

66,357
37
54, 027
3, 575
693

44, 286
20
26, 545
2,823
1,341

80, 277
31
22, 455
2,744
1,488

504, 593

509,787

216, 595

216, 890 I

77, 405

86, 339

144, 097

134, 966

182, 380
1,340
491
1,296

182,774
1,216 !
i
676
832

73, 715
1,022
241
217

64, 705
1,432
332
114

73, 243
1,532
190
170

63, 385
1,944
273
140

j 185,507
63, 509
| 13,979
i 24,021
982

185,498
65, 383
14, 419
26, 345
1,252

75,195
52, 728
6,252
12,324
752

66, 583
49, 722
6,154
12, 399
877

75,135
23, 981
5,175
9, 996
277

65, 742
21, 361
5, 231
10, 554
1,028

504,593

509,787

224,656 j

222,074 | 258,661

238,882

1928

1927

1928

RESOURCES

Total gold reserves
Reserves other than gold
Total reserves..
Nonreserve cash
Bills discounted
Bills bought
United States securities.
Other securities
Total bills and securities.
Due from foreign banks
Uncollected items
Bank premises
All other resources
Total resources.._

67,068
6, 535
1,038

224,656

118,346
9,363

] 79, 275
127,709
4,371 ]
4,178

222,074 j 258,661

238, g

LIABILITIES

Federal reserve notes in circulation..
Deposits:
Member bank—reserve account.
Government
Foreign bank
Other deposits
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
Total liabilities
Back

figures.See

Annual Report for 1927 (Table 8), 1926 (Part I I , Table 1), etc.




69

RESERVE BAJNK CREDIT
§ # —CONDITION OF EACH FEDERAL RESERVE BANK AT THE END OF

1927

AND 1928—Continued
[In thousands of dollars]
Chicago

St. Louis

Minneapolis

1927

1928

1927

1928

1927

1928

411,186
16,831
428, 017
9,362
52, 670
62, 295

463,910
11, 765
475, 675
10, 781
146, 519
39,078
35, 850

73,452
12,898
86,350
4, 251
19, 417
5,046
38,163

77,926
15, 422
93, 348
3, 573
35, 539
11,335
21, 043

73,034
4,029
77,063
1,223
1,905
18,319
23, 900

85.650
2,510
88,160
1,393
4, 495
21,820
10, 907
1,635

204, 963
67
88, 620
8,609
1,308
740, 946

221, 447
101
89, 931
8,527
748
807, 210

62, 626
21
40, 038
3,791
723
197, 800

67, 917
31
28, 783
3,812
433
197, 897

44, 744
15
15,162
2,202
1,776
142,185

38, 857
20
15, 830
2,110
822
147,192

265, 293

323, 590

56, 666

64,463

61, 224

65, 274

345, 676
2,518
639
1,108
349, 941
73,124
I 7 , 965
b2, 778
1,845
740, 946

343,099
1,068
904
2,101
347,172
79,336
18, 478
36, 442
2,192

1,062
199
419
91, 542
33, 286
5, 341
10, 397

54, 836
1,874
139
274
57,123
13, 010
3,009
7,039

807, 210

197, 800

83, 560
1,119
280
596
85, 555
30, 583
5,408
10, 820
1,068
197,?

56, 067
1,336
176
332
57, 911
13, 079
3,009
7,082
837
147,192

RESOURCES

Total gold reserves
Reserves other than gold.
Total reserves
Nonreserve cash.__
Bills discounted
Bills bought
_
United States securities
Other securities
Total bills and securities
Due from foreign banks
Uncollected items
Bank premises
All other resources, _.
Total resources..

_-.

LIABILITIES

Federal reserve notes in circulation-.
Deposits:
Member bank—reserve account.
Government
Foreign bank__
Other deposits
Total deposits.
Deferred availability items
Capital paid in
Surplus
_..
All other liabilities
Total liabilities

Kansas City
1927

Total gold reserves
Reserves other than gold.
Total reserves
Nonreserve cash
Bills discounted—
Bills bought
United States securities.
Other securities
Total bills and securities.
Due from foreign banks
___
Uncollected items
Bank premises
All other resources
Total resources

1928

Dallas

1927

1928

142,185

San Francisco
1927

118, 664 59, 812 71,067 312,742
9,391
5,766
6, 943
5,537
124,430 69, 203 76, 604 319, 685
2,418
3,189
3llO
4,457
31,143
878 11,161
5,220
96 22, 811 25, 420 13, 842
10, 513 31, 989 10, 008 46, 075
6,500
1,500
55, 867
43, 252 55,678 53,089
65,137
18
26
17
25
34
46, 471
38, 765 29, 964 27, 587 41,484
4,308
4,140
1,785
1,920
3,374
415
502
245
427
800
213, 998 213,276 160,338 163, 062 434, 971
98,033
5,826
103, 859
3,060
9,634
7, 891
38, 342

1928

259, 681
8,581
268, 262
3,868
37, 788
59, 306
17,102
250
114, 446
52
41,910
3,687
385
432, 610

LIABILITIES

Federal reserve notes in circulation..
Deposits:
Member bank—reserve account.
Government
Foreign bank
Other deposits
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
Total liabilities

67,189

70, 663 47,472

48, 585

176, 400

169,000

89, 991 70, 970 71, 017
1,661
1,111
774
234
228
162
313
92
104
97,869 92,199 72,010 72,448
35, 284 36, 580 27, 798 28, 654
4,235
4,224
4,264
4,329
9,046
9,086
8, 527
8,690
375
524
267
356
213,998 213, 276 160, 338 163, 062

189,269
1,704
324
4,677
195,974
36, 598
9,302
16, 629
68

183, 779
2,000
462
8,524
194,765
39,638
10,868
17,978
361

434,971

432,610

95, 046
2,082
171
570

Back figures.—See Annual Report for 1927 (Table 8), 1926 (Part II, Table 1), etc.




70

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 9 . — N U M B E R OF MEMBER BANKS DISCOUNTING PAPER AT FEDERAL R E SERVE BANKS, BY MONTHS, 1914-1928

1914

Month

1915

1916

1917

1918

1919

1920

January...
February..
March
April

398
469
570
606

614
451
535
606

309
262
315
384

1,432
1,353
1,568
2,100

3,316
3,091
3,575
3,875

3,461
3,338
3,670
4,175

May....
June
July....
August.

813
760
711

655
678
642
483

590
900
960
990

2,793
3,021
3,462
3,671

4,035
4,047
3,685
3,460

4,642
4,948
4,858
4,780

761
794
835
754

448
383
336
314

953
1,140
1,574
1,701

3,464
3,610
3,667
3,288

3,722
3,839
3,649
3,659

4,758
4,952
5,275
5, 551

1,920

1,788

3,127

5,493 1

5,993

6,941

September..
October
November..
December..

132
339

Year..

1921

Month

1922

1923

1924

1925

1927

1926

1928

January...
February..
March
April

5,293
5,107
5,320
5,568

5,350
4,847
4,701
4,738

3,294
2,976
3,282
3,507

3,465
3, 516
3,744

2,554
2,415
2,731
3,016

2,838
2,659
3,045
3,155

2,825
2,566
2,717
2,707

2,256
2,104
2,405
2,522

May
June..
July
August

5,632
5,745
5,607
5,453

4,636
4,436
4,167
4,042

3,942
3,999
4,110
3,960

3,795
3,706
3,432
3,052

3,209
3,289
3,207
2,979

3,282
3,458
3,190
3,016

2,858
2,834
2,511

2,742
2,957
2,927
2,797

September.
October
November.
DecemberYear

5,427
5,572
5,622
5,676

3,944
3,793
3,859
3,873

3,600
3, 752
3,732
3,698

2,786
2,663
2,573
2,783

2,729
2,796
2,876
3,021

2,879
2,856
2,871
3,024

2,361
2,377
2,350
2,345

2,562
2,663
2,639
2,801

7,415

6,956

6,333

6,060

5,183

5,343

No.

4,718

10.—AVERAGE MATURITY OF BILLS DISCOUNTED AND BILLS BOUGHT BY
FEDERAL RESERVE BANKS, BY YEARS, 1918-1928
[Days]
Bills discounted
Year
Total

1918
1919
1920
1921__
1922
1923
1924
1925..
1926
1927
1928
1

.

.

Exclusive of bills purchased under resale agreement.




11.81
10.13
13.29
13.63
12.14
9.89
12.39
7.99
8.04
7.58
6.78

Member
bank
collateral
notes

5.48
5.58
5.37

Rediscounted
bills

54.28
52.97
54.42

Bills
bought in
open
market

1
1
1

50.45
43.83
28.53
39.91
39.42
35.33
39.41
51.17
41. 51
55.13

71

RESERVE BANK CREDIT
No.

11.—BILLS DISCOUNTED BY FEDERAL RESERVE BANKS—HOLDINGS AT THE
END OF EACH MONTH, BY CLASSES
In thousands of dollars]
Member bank
collateral notes

Rediscounted bills

ComSecured Secured
Total
(all classes) mercial Demand Bankers' Trade by U. S. by U. S. Otherand
and
agricul- sight
accept- accept- Govern- Govern- wise
ment
ment
ances
tural
ances
drafts
obliga- obliga- secured
paper,
tions
tions
n. e. s.

Month

January
February
March

1928

423,310
492, 568
598,681

88, 585
114,359
145, 540

277
229
57

1,239
1,293
1,224

162 297,821
317 306,091
338 363,439

35,226
70,279
88,083

April
May
June

834,228
1,021, 352
1,095,423

159,352
207, 940
215, 636

213
72
94

1,038
1,565
1,283

316 588, 731
442 708, 202
2,287 747, 577

84, 503
103,046
128, 538

July
August
September

1,
1,107, 512
1,070,759

242,222
252, 692
213,332

58
56
1,350

1,236
1,833
1,679

2,326
2,914
2,476

620, 008
661, 538
663,982

165,120
188,471
187,940

October___
November
December

932, 271
1,087, 840
1, 056,466

214, 713
214, 586
214, 703

1,265
528
283

1,862
1,649
1,644

2,391
2,375
974

559, 705
733, 371
658,242

152, 332
135,323
180, 573

10

NOTE.—Figures include bills discounted for Federal intermediate credit banks as follows: January ,
$723,000; February, $57,000; March, $252,000; April, $572,000; May, $107,000; June, $412,000; July, $962,000;
August, $2,826,000; September, $6,136,000; October, $11,700,000; November, $11,872,000; December, $12,641,000. Figures also include notes secured by adjusted service certificates discounted for nonmember banks
as follows: January, $33,000; February, $57,000; March, $77,000; April, $79,000; May, $88,000; June, $107,000,
July, $112,000; August, $114,000; September, $113,000; October, $88,000; November, $67,000; December,
$86,000.
Back figures—See Annual Report for 1927 (Table 11), 1926 (Table 19), etc.
No.

12.—BILLS

BOUGHT BY FEDERAL RESERVE BANKS—HOLDINGS AT THE
END OF EACH MONTH, BY CLASSES

[In thousands of dollars]
Bills payable in dollars
Bankers' acceptances

Month

Total
Total

Import

Export

Bills
payTrade able in
Based
accept- foreign
on goods
ances currenstored Dollar
cies
exAll
Doin or
mestic shipped change other
between
foreign
countries

1928
January
February__
March
April

378, 669
343, 759
350,180
356,946

377,105
342, 202
347, 888
355,172

93,769
89,722
95,548
91, 613

97,045
82, 219
82, 210
85,015

81,323 93, 305
64, 809 92,054
63,671 96,312
58,527 105,834

May
June
July
August __ _.

291,616
216,865
162,021
191,667

290, 690
216, 248
161, 527
190,862

77, 435
63,062
54, 288
65, 272

69, 348
55, 988
38,438
45, 258

45,760
37, 235
29, 583
27,442

SeptemberOctober
November.
December.,

283, 650 283,014
440, 376 438,873
486,174 484, 763
489,069 487, 515

5,563
6,732
4,484
10, 756

845
523
595
629

719
1,034
1,697
1,145

3,263 5,035
53,230 2,800 3,933
34, 601 1,987 2,630
48,394 2,097 2,399

512
359
236
546

414
258
258
259

77, 501 76, 926 40,310 79, 015 4,662 4,600
106, 558 120,772 76,142 121,132 8,791 5,478
116,796 132, 372 84, 883 134,271 9,747 6,694
108,431 131, 386 90, 664 143,123 8,707 5,204

374
496
395
537

262
1,007
1,016
1,017

Back figures.—See Annual Report for 1927 (Table 12), 1926 (Table 24), etc.




6,100
6,666
5, 663
3,427

72
No.

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
13.—HOLDINGS OF BILLS DISCOUNTED AND BILLS BOUGHT BY FEDERAL

RESERVE BANKS, BY MATURITIES, 1927-28
[In thousands of dollars]
Maturity
Date

Total

Bills discounted:
1927—Jan. 26..
Feb. 23._
Mar. 30Apr. 27..

Within
15 days

16 to 30
days

31 to 60
days

61 to 90
days

91 days
to 6
months

Over 6
months

365,157
397,929
456,023
443, 553

266, 642
309, 200
364,820
351, 538

25, 299
26,246
22,153
21, 037

41,069
35,922
36, 630
36, 778

22, 479
17,628
21, 380
21, 561

8,479
7,'
10,660

1,189
2,027
3,074
1,979

428,620
477,311
398,130
400,524

329,889
372,875
297,756
307,428

24,429
24,913
21, 223
21, 396

36, 602
36,849
37, 583
42,029

15.840
18, 916
11, 698
5,805

1,063
256
117
126

430,312
402, 398
477,025
609,209

354,775
330,843
412,153
537,482

22,886
17,524
19,893
18, 330

31,560
31,467
27,224
26,892

20, 797
23, 502
29, 753
23, 740
17, 739
17, 276
10,912
18,617

3,203
5,044
5,839
6,423

149
244
1,004
1,465

385,224
492, 568
524,096
709,073

318,991
420. 680
442,928
585,962

14,912
17, 933
18,829
26,741

26, 751
29,469
32,801
50, 317

17,352
18,156
20, 294
31,899

6,091
4,215
5,698
11,857

1,127
2,115
3,546

943,791
I 1,031,874
1,025,109
1,038,773

892,122
844, 643
854,964

35,865
36,139
38,675
53,014

53, 093
48,934
71,495
83,138

28, 907
35,368
57,393
37,542

18,428
19,071
12,834

Sept. 26.
Oct. 3 1 . .
Nov. 28.,
Dec. 26..

1,010,766
932,271
990,240
1,167,579

863,522
770,441
855,540
1,012, 581

44,257
42,312
36,200
38,749

57,729
66, 556
47,981
59,509

37.780
35,014
29,979
38, 616

7,185
17,096
19,467
16,993

Bills bought:
1927—Jan. 26—
Feb. 23..
Mar. 30..
Apr. 27..

301,827
280,189
237,409
241,899

123,999
140,345
115,041
121,147

72,313
61,531
53,777
68,003

81, 778
51,939
53.125
38,412

17,618
23,234
13, 242
10,815

6,119
3,140
2,224
3,522

May 25..
June 29__
July 27. _
Aug. 3 1 . .

236,170
216,118
169,385
185,128

58, 539
50, 539
45,906
29,169

242,148
301, 111
354,740
385, 527

32,390
46,176
31,743
27,835
60, 278
59,583
108,980
78,434

10.016
22,064
12,697
17,486

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

132,322
91,041
76,112
107,871
111,362
125,700
137, 746
172,348

19,107
45, 566
34,501
23.207

2,903
6,298
2,927
2,767
4,453
3,901
2,141
1,337

1928-Jan. 25..
Feb. 29..
Mar. 28.
Apr. 25_.

347,305
343, 759
346,103
365.841

122, 510
111,382
167,981
120, 797

73,182
92, 357
77, 976

74,684
107,092
83,644

73,660
29,762
35,457
82,147

3,269
3,166
5,901
10, 447

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

303,988
223,432
169,083
184,299

97, 597
103,443
57,426
80,174

73,-528
47, 389
36,340
36,280

95,842
42, 764
44, 314
41,153

30, 204
23, 651
25,410
20,965

6,817
6,185
5,593
5,727

Sept. 26.
Oct. 3 1 . .
Nov. 28.
Dec. 2 6 -

263,419
440,376
482,343
489, 270

97,048
131,511
139, 415
166,325

35,435
52,332
91, 570
93,021

43,168
139,843
154, 218
131, 901

81,424
111, 296
93,194
93, 531

6,344
5,394
3,946
4,492

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

I

Sept. 28...
Oct. 26_...
Nov. 30...
Dec. 28....
1928—Jan. 25._
Feb. 29..
Mar. 28.
Apr. 25..
May 29
June 27...
July 25.
Aug. 29

_

46, 948
66,361
71,372
110, 201

2,297
240
69
434
852
1,073
1,131

Back figures.- See Annual Report for 1927 (Table 13), 1925 (Tables 20 and 25), 1924 (Tables 21 and 30),
etc.




73

RESERVE BANK CREDIT
No. 14.—HOLDINGS OP UNITED STATES SECURITIES BY FEDERAL
BANKS, AT END OF EACH YEAR, 1924-1928, BY CLASSES

RESERVE

[Par value. In thousands of dollars]
1924

1925

1926

1927

1928

TOTAL HOLDINGS

Bonds:
2 per cent consols of 1930
2 per cent Panamas, 1936-1938
3 per cent conversion bonds of 1946-47
3H per cent Liberty loan
—
Qi per cent Liberty loan
3% per cent Treasury bonds of 1940-1943..
3% per cent Treasury bonds of 1947
4K per cent Treasury bonds of 1947-1952..
4 per cent Treasury bonds of 1944-1954
Z% per cent Treasury bonds of 1946-1956..

Total United States securities .

915
237
1 2,046
96
1
51, 278

153
5,747

172
6,082

148
i, 278
296

2,622
148
6,019
10

75, 266
349, 355
115,539

60, 826
187,063
126, 684

47,963
87, 360
179,497

290, 705
69,113
256,698

53,884
105, 963
68, 217

540,160

374, 573

314,820

616,516

228,064

30,100
318, 501
100, 434

2,500
164,690
92,810

30
41, 297
170,976

188,181
30, 300
204,678

35, 301
40,291

449,035

260,000

212, 303

423,159

75,592

915
237
i 2,046
69
34,999

915
237
i 2,046
96
2 46,878

915
237
12,046
49
2
36,729

915
237
1 2, 046
10
2 75,403

143
5,702

172
6,082

148
6,278

2,622
148
6,019
10

915
237
11,796
51
2 39,713
63
2,634
156
6,019
10

44, 111

Total bonds
Treasury notes.__
_
Certificates of indebtedness.

915
237
1 2,046

56,426

87,410

51, 594

28,184
14,795

17,630
32, 025

21, 913
27, 475

60,482
9,465

915
915
237
237
1 2,046
* 2,046
49
10
J
37,994 3 278,698

915
237
1 1, 796
51
2 40, 524
842
2,784
156
6,119
460

BOUGHT OUTRIGHT

In special investment account:
4H per cent Liberty loan.
Treasury notes
Certificates of indebtedness
Total in special investment accountIn other accounts:
Bonds—
2 per cent consols of 1930
2 per cent Panamas of 1936-1938
3 l per cent conversion bonds of 1946-47
Z A per cent Liberty loan
4M per cent Liberty loan
V/% per cent Treasury bonds of 1940-1943
2>Ys per cent Treasury bonds of 1947
4^4 per cent Treasury bonds of 1947-1952
4 per cent Treasury bonds of 1944-1954
3M per cent Treasury bonds of 1946-1956
Total bonds _
Treasury notes

45, 211
7,446

Certificates of indebtednessTotal in other accounts..

87, 090

106,081

99, 355

136,798

121, 541

Total bought outright__.

536,125

366,081

311,658

559,957

197,133

1,000

1,900

1,235

15,114

811
779
150

BOUGHT UNDER RESALE AGREEMENT

Bonds:
434 per cent Liberty loan
3% per cent Treasury bonds of 1940-1943...
3% per cent Treasury bonds of 1947
A}4 per cent Treasury bonds of 1947-1952...
4 per cent Treasury bonds of 1944-1954
3% per cent Treasury bonds of 1946-1956...
Total bonds
Treasury notes
Certificates of indebtedness..
Total bought under resale agreement.

100
450
1,055
2,670
310

1,900
4,743
1,849

1,235
852
1,075

15,114
16, 900
24, 545

2,290
10,180
18,461

4,035

8,492

3,162

56, 559

30, 931

i Includes $900, 3 per cent loan of 1961, 1924-1925, and $500, 1926-1927-1928.
»Includes 4 per cent Liberty bonds as follows: 1925, $50; 1926, $3,700; 1927, $2,650; 1928, $1,250.
Back figures.—See Annual Report for 1925 (Table 27).

41223—29




6

74

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No.

15.—HOLDINGS BY FEDERAL RESERVE BANKS OF UNITED STATES SECURITIES
IN

SPECIAL

INVESTMENT

ACCOUNT,

1923-1928

[In thousands of dollars. Monthly data are averages of daily figures]
Month or
date
1924
Jan.i
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Jan. 2 i . . .
Jan. 9
Jan. 16....
Jan. 23.—
Jan. 30....
Feb. 6 —
Feb. 13—
Feb. 20—
Feb. 27—
Mar. 5
Mar. 12...
Mar. 19...
Mar. 26—
Apr.
Apr.
Apr.
Apr.
Apr.

2—
9—
16—
23...
30—

May7—
May 14...
May 21.-.
May 28—
June4
June 11—
June 18...
June 25—
July 2 - . - .
July 9 . . - .
July 16...
July 23...
July 30...
Aug.
Aug.
Aug.
Aug.

6
13...
20...
27...

Sept.
Sept.
Sept.
Sept.

3....
10...
17...
24...

Oct. 1--..
Oct. 8
Oct. 15__.
Oct. 22__.
Oct. 29. _.
Nov. 5...
Nov. 12-.
Nov. 19—
Nov. 26..
Dec. 3___
Dec. 10.Dec. 17..
Dec. 24-.
Dec. 31..

Holdings

Month or
date

Holdings

Month or
date

Holdings

34,664
59,586
148,517
195,430
247,392
340,640
400,196
471, 528
495, 712
500,000
498, 550
445, 515

1925
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

370,289
290,893
255,711
247,918
250,042
231, 654
216,409
215,296
212, 396
210, 000
210,000
218,955

1926
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

1927
257,524 Jan
228,173 Feb
202,846 Mar
257,773 Apr
275,000 May
277,474 June
265,548 July
255, 637 Aug
204, 262 Sept
199, 758 Oct
200,067 | Nov
203,367 Dec

12,773
24, 695
36, 886
43, 602

Jan. 7...
Jan. H.Jan. 21..
Jan. 28..

408, 035
388,126
335,376
304, 276

Jan.6
Jan. 13...
Jan. 20—
Jan. 27—

260,000
260,000
260,000
255,850

47, 635
51,547
51, 547
68, 757
83,891

Feb.
Feb.
Feb.
Feb.

Feb.
Feb.
Feb.
Feb.

3—
10—
17—
24...

4... 300,000
11- 300,000
18.. 290,000
25.. 270, 000

Mar. 4_- 270,000
107, 772 Mar. 11. 275,350
140, 265 Mar. 18. 234,804
164, 215 Mar. 25- 245, 204
179, 793
Apr. 1— 245, 204
187,293 Apr. 8— 245, 204
187,886 Apr. 15- 250,042
190,886 Apr. 22.. 250,042
198,386 Apr. 29.. 250,042
224,487
May6-_ 250,042
235,700 May 13 _ 250,042
247,443 May 20_ 250,042
247, 593 May 27. 250,042
258,093
June 3 — 250,042
321,043 June 10.. 255,042
June 17_. 201, 409
359,414 June 24.. 221,409
362,831
July 1 — 216,409
370,731 July 8 — 216,409
385,931 July 15... 216,409
400,000 July 22-. 216,409
400,000 July 29... 216, 409
400,000
Aug. 5__. 216, 409
456,255 Aug. 12_. 214, 409
473,105 Aug. 19_. 214, 759
473,105 Aug. 26_. 215,134
473,105
Sept. 2... 215,134
473,105 Sept. 9... 215,134
497,670 Sept. 16.. 210,000
510, 768 Sept. 23.. 210,000
500,000 Sept. 30.. 210,000
500,000
500,000
500,000
500,000
500,000
500,000
500,000
500,000
495,000
485,000
412,600
436,440
449,035
449,035

Oct.
Oct.
Oct.
Oct.

7...
142128-

210,000
210,000
210,000
210,000
210,000
210,000
210,000
210,000

Month or
date

Holdings

Month or
date

Holdings

202,147
200,036
195,420
200,911
170,821
263, 225
258,999
316, 882
358,637
376,089
412,125
421,859

1928
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

366,708
275,466
258, 531
216, 680
121,653
84,213
84,875
80,085
89, 834
76, 617
79,861
77,067

Jan.5—
Jan. 12...
Jan. 19...
Jan. 26...

200,000
200,000
200,000
200,000

Jan.
Jan.
Jan.
Jan.

4....
11...
18--.
25...

423,159
399, 531
368, 080
309, 019

236,850
221,850
220,000
210,000

Feb.
Feb.
Feb.
Feb.

2....
9....
16...
23...

200,000
200,000
200,000
200,000

Mar. 3 —
Mar. 10Mar. 17..
Mar. 24..
Mar. 31—

189,339
217,150

Mar. 2...
Mar. 9...
Mar. 16..
Mar. 23..
Mar. 30..

I....
8—.
15...
21...
29-.

292, 394
273,194
273,194
273,194
273,194

210,000
244,906

Feb.
Feb.
Feb.
Feb.
Feb.

200,000
200,000
176,324
201,179
201,324

Mar. 7.-.
Mar. 14..
Mar. 21..
Mar. 28..

273,194
269,446
258, 270
258,494

Apr. 7—.
Apr. 14...
Apr. 21...
Apr. 28...

230,000
263, 650
275,000
275,000

Apr. 6—
Apr. 13Apr. 20Apr. 27-

201,344
201,344
201, 344
201,344

Apr. 4...
Apr. 1 1 Apr. 18Apr. 25-

256,038
247,808
199, 968
170,078

May 5__:
May 12_.
May 19_.
May26_.

275, 000 May4__
275,000 May 11_.
275,000 May 18-.
275,000 May25_.

199, 794
136, 312
152,112
188,477

June 1...
June 8-—
June 15—
June 22..
June 29-

222.447
316,050
244, 256
250.448
250,498

2__
9__
16 _.
23_.
29_.

157,158
140, 508
124,958
100,000
81,690

282, 500
295,000
238,700
275,000
275,000

May
May
May
May
May

June 6—.
June 13June 20June 27__

84, 590
83,410
83,738
84,488

273, 250
275, 000
275,000
275,000

July 6—
July 13July 20July 27-

250,498
250,998
265, 214
265,998

July 3 —
July 11..
July 18July 25-

84,488
84,988
84,988

275,000
270,200
262,863
223,438

Aug.
Aug.
Aug.
Aug.
Aug.

286,498
299,393
317,956
326,031
353,467

Aug. 1-Aug. 8_ _
Aug. 15_
Aug. 22_
Aug. 29 _

84,988
75,488
75,488
75,488
92,113

7..
14.
21.
28.

374,407
355,007
362, 820
362,850

Sept.
Sept.
Sept.
Sept.

5-.
12..
19..
26..

374,490
374, 890
374,890
386,710

June 2—..
June 9
June 16...
June 23...
June 30...
j July 7....
July 14...
July 21...
July 28...
Aug.
Aug.
Aug.
Aug.

4__.
11_.
18..
25_.

Sept.
Sept.
Sept.
Sept.
Sept.

1815.
22.
29.

219,975
209,975
200,000
200,000
191,000

Oct. 6._. 200,000
Oct. 13-. 200,000
Oct. 20-. 200,000
Oct. 27_..I 200,000

3_.
10.
17 _
24_
31-

Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.

92,113
92,113
92,113
80,488
Oct. 3.-. 80,488
Oct. 10... 75,488
Oct. 17... 75,488
Oct. 24... 75,488
Oct. 3 1 — 75,488
5...
12..
19..
26..

Nov. 3.. 200,000 l]Nov. 2.. 402, 770
Nov. 9.. 409, 242 Nov. 7...
Nov. 10. 200, 000
Nov. 17. 200,000 Nov. 16. 415,824 Nov. 14..
Nov. 24. 199,481 Nov. 23. 415, 824 Nov. 21-.
Nov. 30. 419,934 Nov. 28..
Dec. 2 — 210.000 Dec. 1— -I 199,299
Dec. 9— 210,000 Dec. 8... 209,178 Dec. 7... 419,934 Dec. 5—
Dec. 16- 180,000 Dec. 15- 190, 564 Dec. 14.. 426,772 Dec. 12..
Dec. 23- 228, 750 Dec. 22.. 206,064 Dec. 21. 423,159 Dec. 19Dec. 30.. 259, 700 Dec. 29.. 206,064 Dec. 28.. 423,159 Dec. 26..

Nov.
Nov.
Nov.
Nov.

4-.
10.
18.
25.

75,488
75,488
83,488
75,488
81,387
75, 592
75, 592

i Account dates from Dec. 15, 1923; holdings on Dec. 19, 3,500,000; on Dec. 26, $6,800,000; average daily

holdings Dec.
 15-31 (corrected), $5,385,000.


75

RESERVE BANK CREDIT

No. 16.—HOLDINGS BY FEDERAL RESERVE BANKS OF TEMPORARY O N E - D A Y
CERTIFICATES OF INDEBTEDNESS ISSUED BY THE UNITED STATES TREASURY,

1923-1928
[In thousands of dollars]
Date
Jan. 2
Jan 3
Jan. 4
Jan.5
Jan 8
Jan 9
Jan.10
.
Jan 11
Jan.12
Jan. 13 and 14
Jan.15
Jan.16
Jan 17
Jan.18
Jan. 19
Jan 20 and 21
Jan 22
Mar 15
Mar. 16
.
Mar 17
Mar. 18
Mar 19
Mar. 20
Mar 21
Mar. 22
Mar 23
May 23
May 24
.
May 28
June 8
_.
__
June 9
June 10
June 15
_
June 16
June 17
.
June 18
June 19
June 20
June 21
July 9
.
Sept 15
Sept. 16
Sept. ]7
Sept. 18
Sept 22 and 23
Oct. 18
Nov. 15
Nov 16
Nov. 17
Nov. 18
Nov 19 and 20
Nov 21
Nov. 22
Nov 23 and 24
Nov 25
Nov 26 and 27 .
Nov 28
Nov 30
Dec 1
Dec 2
Dec. 3 and 4
Dec. 5 . . .
Dec 6
Dec. 7
Dec 8
Dec 9
Dec. 10 and ll._
Dec 12
Dec. 13 - . . .
Dec 14
Dec 15
Dec. 16
Dec 17
Dec. 18
D e c 19
D e c . 20 —
1

1923
57,000
88,000
128, 500
91,500
i 117,000
156, 500
100,000
131, 500
109,500
139,000
1
150,500
134,500
69,500
73,000
14,000
7,000
1
7,000
19,000
86,000
23,000

i 184,000
i 184,000
108, 500
87,000
58,000
14,000

1925

182,000
122, 500
100,500
58, 500
34, 500
i 2,000
12,000

1926

1927

209,000
157,000
99,000
38,000

251,500
177, 500
176,000
79, 000
i 48,000
i 48,000
16, 000
9,000
3,000

1928

201,000
208,000
155,000
i 155,000
75,000
13,000
1

5,000
31,000
7,000

115, 500
29,000
29, 000

1
1

66, 000
20, 000

108,000
42, 500
8,000

4,000
4,000
4,000
246,000
141, 500
77,000
23,000

185,000
44, 500
15, 500
*6,500
i 6, 500

192, 500
i 82,000
i 82,000
5,000
19,000
4,000

1
1

3,000
90, 500
90, 500
6,000

i 130, 500
i 130, 500
36,000
19,000

2-day certificates, account Sunday or holiday.




1924

118, 000
62,000
35,000
5,000

148,000
75,000
40,000

177,500
94,000
41,000

172,000
91,000
34,500

192,000
72, 500
7,000

188,000
70,000

196, 500
91, 500
i 54,000
i 54,000
89, 500
164, 500
214, 500
134, 500
i 156, 500
45, 500
62,000
i 80, 500
20, 500
i 27,000
38,000
2,000
4,000
15,000
i 27,000
38,000
47,000
50,000
54,000
58,000
i 57, 000
54,000
50,000
40,000
197, 500
106, 500
1
57,000
i 57,000
10,000

i 158,000
158,000
31,000
47, 000
1
4,000
6,000
1

i 316,000
i 316,000
132,000
183,000
77,500
63,000

76

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

VOLUME OF OPERATIONS OF FEDERAL RESERVE BANKS
No.

17.—VOLUME

OF OPERATIONS IN PRINCIPAL DEPARTMENTS,

1924-1928

[Number in thousands; amounts in thousands of dollars]
1924
NUMBER OF PIECES HANDLED
Bills discounted:
Applications
Notes discounted
Bills purchased in open market for own
account
Currency received and counted
C oin received and counted
C hecks handled
Collection items handled:
United States Government coupons
paid
All other
United States securities—issues, redemptions, and exchanges b y fiscal agency J
department
Transfers cf f u n l -

1925

129
583
143
838, 279
186, 737
742, 878

1926

116 I
475 |
201
1, 947, 419
2, 329, 014
778,686

50, 471
6,113

123
506

1928

123
443

97
371
I

232
254
2, 099,605 * 2,194, 608
2, 590, 057 2, 691,184
822,907
862, 275

44,174
5,467

16, 097
1,503

1927

251
2, 270, 555
2, 929, 091
887, 997

39, 678
5,595

7,116 |
1,566 !

37, 045
5,909

28, 765
6,461

4,691
1,710

7,201
1,830

6,682
2,011

AMOUNTS HANDLED
$15, 419,155 $32, 562, 620 >37, 682,137 $31,934,607 | $62,412,961
Bills discounted
Bills purchased in open market for own
2,172,142
account
2, 961,170
3, 353, 326
4,050,867 j 4,240,669
10, 777, 306 11,556,980 12, 584, 960 •12, 939, 578
Currency received and counted
13, 315, 551
293, 924
Coin received and counted
467, 732
609, 359
791, 049
888, 621
219, 832,179 258, 611, 276 272, 945,160 278, 399^ 627 301, 703, 814
Checks handled
Collection items handled:
United States Government coupons
719, 784
680, 921
644, 273
paid
553,703
543, 373
5, 509, 093
6,116, 958
6, 219, 361 6, 710, 317
All other
7, 414, 440
United States securities—issues, redemptions, and exchanges b y fiscal agency
6, 708, 272
4, 971, 442 10, 803, 043
5, 578, 995
department
9, 002, 383
98, 359, 028 109, 430, 683 120, 909, 439 136, 383, 899 148, 749, 027
Transfers of funds

Backfigures.—SeeAnnual Reports for 1924 (p. 14) and 1923 (p. 41).
No.

* Revised.

1 8 . — B I L L 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 B A N K S D U R I N G
C L A S S I F I E D ACCORDING TO U N D E R L Y I N G C O M M O D I T I E S

1928,

[In thousands of dollars]
Based on—

Commodity

Total
Imports

Aut omobiles
Coffee
Copper
Cotton
Furs
Grains
Hides and skins
Iron and steel
_ __ _..
Lard and meats
Lumber
. - -Raisins
Rubber and rubber products
Silk
Sugar
Tobacco
Wood pulp
- - Wool
All other and unclassified
All commodities
Other bills purchased:
Taken under repurchase agreement
Dollar exchange bills
Unclassified
Bills payable in foreign currencies.
Total bills purchased
1

Includes $3,744,000 of trade



--

acceptances.

23,817
107,413
49, 574
566, 298
14, 800
125, 946
67, 224
51, ?82
19, 644
19, 576
6,695
51, 887
79,505
184,340
32,978
12, 691
49,989
536,883
1
2,000,642
2,182, 035
29,020
25, 374
3,598
4, 240, 669

80, 741
566
8,751
12,446
890
45, 851
2,289
2,243
29, 649
76, 712
47,467
5,765
6,897
21, 303
134,875
476,445

Exports

23,817
1,022
31, 785
307, 936
1,058
66, 960
1,768
888
8,817
8,155
1,444
1,067
146
567
1,861
119
249
93, 078
550, 737

Goods
stored in
Domesor in
tic trans- transit
actions between
foreign
countries
4,214
272
192, 744
1,296
28, 851
10, 780
274
7,233
3,675
5,251
18,415
2,647
16, 226
18, 069
14,157
63, 586
387,690

21,436
16, 951
56, 867
29,245
8,825
47, 931
3,594
5,503
2,756
120,080
7,283
5,675
14, 280
245, 344
585, 770

77

GOLD FUND

GOLD SETTLEMENT FUND
No. 19.—GOLD SETTLEMENT FUND—SUMMARY OF TRANSACTIONS THROUGH THE
FUND, 1923-1928
[In millions of dollars]
Daily settlements
between Federal
reserve banks

Balance
at beginning of
period

Interreserve
bank
transfers

Balance
Withend of
drawals Deposits atperiod

Transit
clearing

Federal
reserve
note
clearing

554.4
571.1
679.5
689.2
665. 3
528.2

89,614. 7
97, 698. 3
108, 289. 5
115, 455. 3
123, 031. 5
132, 525. 2

01
)
C1)
C)
635.8
673.2
658.4

1,039. 2
919.6
909.0
1, 043. 4
1, 436. 7
1,172. 6

1,764.3
1, 921>8
1, 779. 0
3, 029. 2
3, 797. 3
2, 855. 6

1, 781.1
2, 030. 2
1, 788. 6
3, 005. 3
3, 660. 3
3, 014. 4

571.1
679.5
689.2
665.3
528.2
687.0

528.2
659.0
752.5

12, 002. 4
9, 746. 8
11, 598. 0

67.5
46.2
51.5

15.5
19.5
201.4

274.0
186.3
355.2

404.8
279.8
293.6

659.0
752.5
691.0

10, 950. 0
10, 994. 9
11, 026. 7

43.9
48.1
53.6

51.9
22.2
210.2

204.1
240.9
325.0

378. 3
164.5
221.1

865.1
788.7

July
August
September-

691.0
865.1
788.7
684.8
678.3
736.4

10, 346. 3
9, 759. 4
10,155. 9

51.8
60.5
65.2

33.5
28.2
269.8

228.6
136.2
249. 5

222.2
194. 2
193.7

678.3
736.4
680.5

October
November..
December..

680.5
709.2
789.6

12,160.9
11, 332. 5
12, 451. 3

66.1
53.2
51.0

94.6
31.8
194.0

167.2
174.4
314.1

195.9
254.9
211.5

709.2

1923.
1924.
1925.
1926.
1927.
1928.

January. _
February.
March

1928

April.
May..
June..

789.6
687.0

1

Included in transit clearing.
Back figures.—See Annual Report for 1927 (Table 66), 1926 (Table 61), etc.

FEDERAL RESERVE AGENTS' GOLD FUND
No. 20.—SUMMARY

OF TRANSACTIONS THROUGH THE FEDERAL
AGENTS' FUND, 1923-1928

RESERVE

[In millions of dollars]
Balance
beginning Withdrawals
of period
1923
1924
1925
1926...
1927
1928

1, 681. 0
1, 648.9
1,307. 9
960.2

Deposits

Transfers
to bank

Transfers Balance at
end of
from bank
period

148.5
149.5
126.0
112.3
63.3
70.5

565.7
1, 022. 8
975.6
1, 799.4
2, 458. 4
1, 631.4

1,140. 0
1,158. 3
1, 061. 7
2, 258. 5
2, 914. 3
1, 768.1

1, 648. 9
1, 307.9

1, 028.3

755.0
626.0
559.8
568. 2
454.2
473.6

1, 028. 3
940.4
878.0

43.7
31.2
52.3

16.5
2.0
1.0

255.0
165.5
192.2

194.4
132.2
202.6

940.4
878.0
837.1

April
May...
June.

837.1
663.6
652.9

46.6
35.5
23.8

1.0
2.0

274.0
65.7
86.0

147.1

663.6
652.9
702.8

July
August
September

702.8
679.2
655.8

50.5
32.3
32.5

12.0
11.0
8.0

104.7
76.1
52.6

119.5
74.1
189.8

679.2
655.8
768. 5

October
November
December

768.5
732.7
700.6

59.0
35.0
31.2

5.0
5.0
7.0

92.6
140.9
126. 2

110.8
138.7
211.6

732.7
700.6
761.9

January
February
March...

963.4

1928

Back figures.—See Annual Report for 1927 (Table 68), 1926 (Table 63), etc.




960.2

963.4
1, 028.3
761.9

78

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

MEMBERSHIP IN PAR COLLECTION SYSTEM
JVo. 21.—NUMBER OF BANKS ON PAR LIST AND NOT ON PAR LIST, 1920-1928
[The figures for member banks, beginning with March, 1925, represent the number of banks in actual
operation; prior to that time the number of banks shown by capital-stock records of Federal reserve
banks]
1920 1

19211

NonEnd of 'month Mem- mem- Member
ber banks ber
banks on par banks
list 2

Nonmember
banks
on par
list 2

1922

1923

Nonmember
Nonmember
Nonbanks
banks
Mem- mem- MemMember
ber banks ber
ber
on par banks On par Not on banks On p a r N o t on
list par list
list2
list par list

January
February
March
April

9,0891
9,140!
9,196
9,246

May
_
_
June
July
August
_.
September. __
October
November
December

9,303 18,502
9,366 18, 614
9,421 18, 605
9,472 18, 605

9,747
9,775
9,779
9,792

19,101
19, 023|
18,804|
18,792|
!
18,781!
18,716i
18, 599
18,550;

9,506 18,620
9,544 18,675
9,574; 19,188
9,612! 19,172

9,795
9,803
9,805
9,827

18, 5031
9,917 17, 863
18,388; 9,918 17,851
18,319, 9,916 17,836
18, 2171 9, 916 17, 822

16,985
17,429
18,308
18,492

9,

637

9,726

1924

18, 071
18, 019
17,976
17,943

9,911
9,917
9,922
9,923

17, 777
17, 724
17, 692
17, 663

2,289
2,282
2,285
2,280

9,875
9,856
9,820
9,8061

16,484
16,337
16,246
16,119

3,013
3,084
3,142
3,185

17, 918
9,
9,927 17, 889
17, 884
9,917 17,865

9,927
9,933
9,916
9,905

17,643
17, 589
17, 565
17, 381

2,279
2,310
2,324
2,489

9,785
9,763
9,745
9,733

15,981
15,896
15,820
15,736

3,240
3,301
3,353
3,419

9,906 17, 255
17,114
16,919
16, 725

2.580
2,672
2,791
2,896

9,718
9,708
9,700
9,682

15, 662
15, 601
15, 524
15,445

3,496
3,550
3,612
3,647

9,852
9, 856
9,873
9,904

1928

1925

End of month

bankS

banks

January
February
March
April

Nonmember
banks

Nonmember
Member

On par Not on
list par list

9,674
9,662
__j 29,5351
9,540,

15,361
15,268
15,193
15,079

May
June
July
August..

9,550
9,546'
9,544!
9,540

14,970
14,932
14,888
14,857

September
October
November
December

9,545 14.786
9,532 14, 742
9,521 14, 701
14, 643

1

3,
3,

On parlNot on!
list par list!
9,206
9,168
,143
9,130

679!
733!

3, 7571
3,824
,400!
9,384
9,377
9,377

14,325
14,257
14,207
14,164

3,971
3,965
3,901
3,907

3,963 ,360 14,130 3,924
3,968! 9,336i 14,073 3,935
3,968! 9,301 13,991 3,925
3,970' 9,260 13,911 3,913

13,852
13, 781
13, 700
13, 643

9,110
9,106 13,556! 3, _ „ .
9,105 13,528| 3,857
9,099 13,486! 3,8581

On parlNot on
list
list
13,155
13,101
13, 035
12, 960

3,918
3,905
3, 910

12,925
12,888
12,864|
12,838i

3, 916
3,926
3, 934
3,936

12, 800
12, 758 s
12,713i
12,643;

3,913
3,911

Figures as of 15th of month.
Figures for nonmember banks not on par list not available.
3 Reduction from preceding months due largely to exclusion of member banks carried on capital-stock
records, but not in actual operation; on this date (March 31,1925) the number of such banks was 108.
NOTE.—Nonmember banks not on par list comprise all incorporated banks, other than mutual savings
banks, that have not agreed to pay, without deductions for exchange, such checks drawn upon them as are
presented for payment by the Federal reserve banks.
2




ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

79

FEDERAL RESERVE BANK PREMISES
No. 22.—COST OF BANK PREMISES OF FEDERAL RESERVE BANKS AND BRANCHES
TO DECEMBER 31, 1928
NEW BUILDINGS CONSTRUCTED BY FEDERAL RESERVE BANKS
Cost of buildings
Cost of
land, including
Federal reserve bank
Fixed
old
or branch
buildings machindemol- ery and All other Total
equipished,
ment
net

Total
cost of
land and
buildings

Book
value,
net

Date occupied

Boston
$1,246,726 $662,157 $3, 542, 603 $4,204, 760 $5,451,486 $3,701,984March, 1922.
New York:
Main building
4,850,210 2, 819,733 11,928,960 14, 748, 693 19, 598,903 13, 783,436October, 1924.
592, 679 194,344 1,472, 644 1, 666, 988 2, 259, 667 1, 611, 834
Annex building
Cleveland
1,295,490 1,423, 366 6, 582, 227 8,005, 593 9, 301,083 5, 762,126 0).
352, 257 410,409 2, 031,444 2,441, 853 2, 794,110 1, 698, 516 August, 1923.
Richmond
250,487 306, 843 1, 259,997 1, 566,840 1, 817,327 1, 696,875 October, 1921.
Baltimore
283,000 175, 279 1, 355,487 1, 530, 766 1,813, 766 1,232,170 September, 1928.
Atlanta
124,137
Birmingham
__
46, 788 311, 336 358,124 482, 261 388, 254 October, 1918.
45, 842
25, 956 214,312 240, 268 286,110 207, 300 January, 1927.
Jacksonville
201, 250 159, 502 738,404 897, 906 1,099,156 730, 657 June, 1924.
New Orleans
Chicago
2, 963, 548 1, 276, 579 6, 217,105 7,493,684|l0,457,232 6, 788,054 October, 1923.
650, 000 113,161 1,003, 438 1,116,599 1,766,599 1, 738,986 July, 1922.
Detroit
1, 355, 374 1,058,979 2,178, 866 3,237,845 4, 593, 219 3,023, 670 December, 1927.
St. Louis
85, 007 101,143 235, 544 336, 687 421, 694 334,126 June, 1925.
Little Rock.
__
100,831
Memphis..
2,975
84,469
87,444 2188, 275 188,275 March, 1925.
600, 521 520,054 2,416, 745 2,936, 799 3, 537, 320 2,040, 749 (3).
Minneapolis.._
495,300 777, 940 3,391,101 4,169,041 4, 664, 341 2, 765, 363 February, 1925.
Kansas City
101, 512
55,448 449, 876' 505, 324 606, 836 460,103 November, 192L
Denver
Oklahoma City
65, 021
74,891 409,890! 484, 781 549, 802 387, 675 November, 1925.
176, 427
Omaha
_
70,487 397,938 468,425 644, 852 526, 631 April, 1923.
181,120 325, 273 1,169, 8711 1,495,144 1, 676, 264 1, 222, 339 December, 1925.
Dallas
10, 374 111,819! 122,193
El Paso
39,003
161,196 120,193 March, 1921.
Houston
59,554 288,091) 347, 645 4 413, 958 325, 893 August, 1920.
66, 313
San Antonio...
75,002
19, 953 156, 557; 176, 510 251, 512 251, 512 February, 1922.
San Francisco
__
412,9961 700, 661 3,218,654' , 919, 3154, 332, 311 2, 740, 012 October, 1928.
450, 976!
Los Angeles..
450,976 450, 976 December, 1923.
114,075!
Salt Lake City
71, 873 354, 390 426, 263 540, 338 495, 753 (5).
February, 1927.
Total..
17,175,10411,463, 722 51, 521, 768 62, 985,490 80,160, 594 54, 673,462
I
BUILDINGS PURCHASED BY F E D E R A L RESERVE BANKS
[Amounts shown under "Cost of land" represent appraised value of land—remainder of actual cost included i n ' ' Cost of buildings "]
New York (No. 10 Gold
Street).
Buffalo..
_
Philadelphia
_
Pittsburgh
Baltimore
Nashville
_
__
Louisville
._
_
Helena.._
Total
Grand total

$45,000

$125,864 $125, 864 $170, 864 $98,900 0).
457, 734 457, 734 712, 734 593,100 May, 1928.
255,000
800, 717 $339,584! 2,044,661 2, 384, 245 3,184,962 1, 751, 956 December, 1917.
297,000 138, 994j 560,460 699,454 996,454 773,054 February, 1920.
120, 000
81,023
81,023 201,023
180, 000 Unoccupied.
48,000
25,1011 211,616 236, 717 284, 717 185, 794 December, 1922.
131,177
33, 650 227, 669 261, 319 392,496 266, 233 June, 1919.
5,000
68,983 February, 1921.
16,1091 156, 290 172, 399 177, 399
1, 701,894

553,4381 3,865,317 4,418,755 6,120, 649 3,918,020!

18, 876, 998 12,017,160^55,387, 085 67,404, 245 86, 281, 243 58, 591,482

1 Occupied by tenants.
2 Estimated cost to complete, $178,000.
3 Building under construction.
* Estimated cost to complete, $2,000.
fi
Building plans in preparation.
NOTE.—No bank buildings or sites therefor have been acquired for the following branches and agencies:
Branches—Charlotte, Portland, Seattle, Spokane; agencies—Savannah, Habana. The Cincinnati branch
on January 3, 1928, moved into its new quarters in the Chamber of Commerce building, erected on the
site leased to the Cincinnati Chamber of Commerce by the Federal Reserve Bank of Cleveland under a
99-year lease.




80

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS
No.

2 3 . — G R O S S AND N E T E A R N I N G S O F F E D E R A L R E S E R V E B A N K S , AND D I S P O SITION M A D E OF N E T E A R N I N G S , 1914-1928

[Figures for each Federal reserve bank are given in Table 83]
Earnings

Disposition of net earnings

Year
Gross

Net

Dividends
paid

Transferred to
surplus i

Franchise
tax paid to
U. S. Government i

1914-15
1916
1917
1918
1919

$2,173,252
5,217,998
16,128, 339
67, 584, 417
102, 380, 583

-$141,459
2,750,998
9, 579,607
52,716,310
78,367,504

$217,463
1,742,774
6,801, 726
5, 540, 684
5,011,832

$1,134,234
48, 334, 341
70,651, 778

$1,134,234

1920
1921
1922
1923
1924

181,296,711
122, 865, 866
50,498, 699
50, 708, 566
38, 340,449

149,294,774
82,087, 225
16,497,736
12,711,286
3, 718,180

5,654,018
6,119, 673
6,307, 035
6, 552, 717
6, 682,496

82,916,014
15,993,086
-659, 904
2, 545, 513
- 3 , 077,962

60,724,742
59,974, 466
10,850, 605
3,613,056
113, 646

41,800, 706
47, 599, 595
43, 024,484
64, 052, 860

9,449, 066
16, 611,745
13,048, 249
32,122,021

6,915,958
7, 329,169
7, 754, 539
8, 458,463

2,473,808
8,464,426
5,044,119
21,078, 899

Profit ( + )
or loss (—)
carried
forward

59, 300
818,150
249, 591
2, 584, 659

.

1925
1926
1927
1928

-$358,922
+1,008, 224
+509, 413
-1,158,715

2, 703,894

1
Amount paid as franchise tax for 1922 includes additional franchise tax payments for prior years withdrawn from surplus account on December 31, 1922, as follows: For 1920, $270,389; for 1921, $3,129,673.

No.

24.—EARNINGS OF FEDERAL RESERVE BANKS, BY SOURCES, 1914-1928

Earnings

Total

1914-15
1916
1917
1918
1919
1920
1921
1922
1923
1924

_

.

.

On
purchased
bills

On
United
States
securities

Deficient
reserve
penalties

From
miscellaneous sources

$2,173, 252
5, 217, 998
16,128, 339
67, 584, 417
102, 380, 583

$1, 218, 516
1, 025, 675
6, 971, 479
48,348,007
80, 768,144

$244, 664
1, 560, 918
4, 951, 729
11, 939, 808
13, 994, 544

$171,831
1,106,860
2, 367,989
3, 828, 782
5, 761, 300

$1,157
194, 526
698,991
727, 844

$538, 241
1, 523, 388
1, 642, 616
2,768, 829
1,128, 751

. . 181, 296, 711
122, 865, 866
50,498,699
50, 708, 566
38, 340, 449

149, 059,825
109, 598, 675
26, 523,123
32,956, 293
15, 942, 845

22,020,158
5, 234,141
5, 628,956
9, 371, 288
5, 709, 809

7,140, 615
6, 253, 854
16, 682,463
7,444,089
14, 712, 593

1,573, 335
1,177, 562
602,951
521,061
381, 619

1, 502,778
601, 634
1,061,206
415, 835
1, 593, 583

9,103, 915
10,003,081
9, 206, 677
13, 020, 535

12, 783,001
12, 589,119
14, 206,174
10, 827, 702

310,406
382,946
273, 839
277, 401

1, 923, 835
2,072, 888
2, 327,016
1, 593,082

.
_

On
discounted
bills

1925
1926
1927
1928




41, 800, 706
47, 599, 595
43, 024, 484
64,052, 860

17,
22,
17,
38,

679, 549
551, 561
010, 778
334,140

FEDERAL RESERVE NOTES
No.

»—FEDERAL RESERVE AGENTS' ACCOUNTS AT THE END OF EACH MONTH

25—FEDERAL,

[In thousands of dollars]
1928

1927
Dec. 31

J a n . 31

F e b . 29

M a r . 31

A p r . 30

M a y 31

J u n e 30

J u l y 31

A u g . 31

Sept. 30

Oct. 31

N o v . 30

Dec. 31

Federal reserve notes received from the
comptroller
_. 3, 030,152 2,930,271 2, 870,453 2, 819, 306 2, 793,131 2, 783,146 2, 823, 791 2, 821,388 2,805, 291 2, 864, 750 2, 911, 308 2,931, 673 3, 016, 416
Federal reserve notes held by Federal re795, 330
820, 980
777,19<
781, 095
813, 920
739, 062
841,185
827, 305
790, 830
serve agents
796,055
878,280
870,150
901,170
Federal reserve notes issued to Federal reserve banks:
411, 524
365,044
387, 572
349,344
358,307
341, 810
348, 476
439,160
349,916
444, 230
403,935
Held by issuing Federal reserve bank..
447, 758
346, 427
21, 410
22, 999
19, 584
20, 921
28, 707
16,481
18, 720
15,113
18, 219
Held by other Federal reserve banks...
23,504
17,150
19, 616
13, 451
1,037
1,264
1,434
1,590
988
1,014
1,061
1,027
887
1,303
Held by United States Treasury
965
1, 689,171 1, 770,182 1,808,053
In circulation L
1,762,794 1,560, 762 1, 570,061 1, 588,391 1,585,903 1,586,975 1, 626,433 1, 592,136 1, 662, 250 1, 698, S
Total notes issued .

2,23'4,097 2.029,101 1,992,173 1, 949,156 1, 951,946 1, 955,841 2,002,811 2, 026, 058 2,028,096 2, 083, 655 2,097, 388 2,140, 843 2, 277, 354

Collateral held as security for Federal reserve notes issued to Federal reserve
banks:
Gold and gold certificates—
In v a u l t Gold bullion
United States gold coin
Gold certificates __

105,150
96,605
205,995

105,150
97,105
212,186

105,150
97,105
212,586

105,150
97,105
211,886

105,150
97,105
218,985

53,161
92,105
209,341

53,161
92,105
210,110

53,161
84, 605
210, 710

53,161
87,605
200, 555

110,408
90,105
143, 555

110,407
92, 605
143, 555

110,408
92,355
138,445

139, 998
92, 255
139,020

Total in vault _

407, 750

414,441

414,841

414,141

421, 240

354,607

355,376

348,476

341,321

344, 068

346, 567

341, 208

371,273

87,019
102,686
84,953
93,077
98, 454
102,613
In gold redemption fund
105,601
103,973
97,036
96,347
101, 500|
96,068
100,235
732, 791
652,922
702, 876
679, 204
700, 625
655,897
761, 917
768, 576
In gold fund, Federal Reserve Board.. 1, 028,333 940,499 878,048 837,171
Total gold and gold certificates.
1,460, 541 1,388,957 1,351, 547 1,188,879 1,109,029 1,143, 205 1,124, 716 1,090, 295 1,199, 663 1,182, 044 1,140,287 1,229,537
Eligible paper
943,553
752,258
801,275
912,442 1,134,415 1, 247,727 1, 263,982 1,158, 896 1, 209,910 1,327,331| 1, 318,367 1,501,931 1,470,000

2

O
W
m

Total collateral held
2,482,249 2, 212,799 2,190,232 2,263,989 2,323,294 2,356,756 2, 407,187 2, 283, 612 2, 300, 205 2, 526, 994 2, 500, 411 2, 642, 218 2, 699, 537
Collateral required as security for Federal
reserve notes
_. 2,234,097 2,029,101 1,992,173 1,949,156 1,951, 946 1,955,841 2,002,811 2, 026, 058 2, 028,096 2,083, 655 2, 097, 388 2,140, 843 2, 277, 354
Collateral pledged in excess of Federal re422,183
404,376
443,339
403,023
248,152
257, 554
272,109
501,375
serve notes issued
_
314,833
371, 348
400,915
183, 698
198,059
i This figure corresponds with that given under same caption in Table 33. It differs from that given in Table 7, by the amount of Federal reserve notes held by other Federal
reserve banks and by the United States Treasury.
Back figures.—See Annual Report for 1927 (Table 76), 1926 (Tables 29-31), etc.




OO

GOLD STOCK, GOLD MOVEMENTS, AND
MONEY IN CIRCULATION




83

GOLD
No. 26.—MONETARY GOLD STOCK 1 OF THE UNITED STATES, 1914-1928
[In thousands of dollars]
E n d of month figures

Month

1914

Month
January
February..
March
April
May
June
July
August
September.
October
November.
December.

1916

1917

1918

1919

1,922,502
1,918,972
1, 930,975
1,941,575
1,929,093
1, 890, 657
1, 858, 708
1, 852, 679
1,843,823
1,808,205
1, 806, 623
1, 813,005

January
February..
March
April
May
June
July
August
September.
October. _ .
November.
December.

1915

1, 821, 943
1, 838,176
1, 869,340
1, 892, 752
1, 929, 441
1,985, 539
2,006, 733
2,076,303
2,123,509
2,197,957
2, 259,823
2,312,061

2,325,198
2,325,006
2,322, 977
2,317,740
2,336,304
2,444, 636
2,505, 732
2, 549, 435
2,630,234
2, 713, 572
2, 736,133
2, 842, 804

2,921,617
2, 995, 698
3,105,084
3,136, 892
3,133,453
3,220,242
3,190,084
3,164, 856
3,150,660
3,153,250
3,153, 704
3,155,009

3,160,062
3,162,196
3,164,639
3,165, 994
3,171,643
3,162, 808
3,162,404
3,160, 693
3,153,168
3,156,264
3,159,066
3,159, 915

3,162,269
3,164, 873
3,165,026
3,177,055
3,177,312
3,113,307
3,064,104
3,124, 909
3,146, 931
3,103,167
3,044,293
2, 994,127

1922

1921

2,966,142 3, 684, 990
2,999,771 3, 723, 379
3, 750,085
3,163, 637 3, 764, 263
3, 231, 240 3, 771,434
3, 274, 730 3, 784, 651
3, 347, 010 3, 828, 618
3,439,464 3,854, 714
3, 519,165 3, 872, 801
3, 572,215 3,887,873
3, 626, 765 3,906, 015
3,660, 301 3,928, 816

1920

1923

1924

1925

1926

1927

3, 952, 533
3, 963, 397
3,970, 269
3,981, 650
4, 027, 835
4, 049, 554
4, 078, 804
4, 111, 443
4,136,465
4,167, 065
4, 207, 063
4, 243, 869

4, 289, 342
4, 323,136
4, 363,632
4, 410, 959
4,455,162
4, 488, 390
4, 511, 352
4, 520, 963
4, 511,263
4, 509, 297
4, 526, 659
4, 499,481

4,422,889
4, 369, 389
4, 346,144
4, 349, 762
4,361,234
4,364, 632
4, 370,119
4, 382, 751
4,381,538
4,407,476
4, 397,440
4, 399,425

4,411, 624
4,423,164
4,441, 550
4,438,158
4,433, 389
4, 447, 397
4,471,115
4,473,123
4,465, 760
4,473,447
4, 476, 628
4,492, 060

2, 929, 548
2, 887,062
2, 850,451
2,841,249
2, 855, 677
2, 865,483
2, 862,302
2, 850,640
2, 872,805
2, 867, 838
2, 897,329
2, 925, 750

4, 564, 328
4, 585, 641
4, 596, 724
4, 609, 668
4,608,241
4, 587, 298
4, 579, 833
4, 588, 360
4,570,840
4, 540, 681
4,450, 958
4, 379, 268

Averages of end of month figures

1928

4, 373, 277
4, 362, 096
4, 304, 536
4, 265,857
4,160,188
4,109,152
4,112, 592
4,122, 892
4,124,947
4,142, 267
4,128,242
4,141,421

M o n t h l y averages of daily figures

Month
1914

1915

1916

1917

2, 318, 630 2, 882, 211
2, 325,102 2, 958, 658
2, 323,992 3,050, 391
2, 320, 359 3,120, 988
2, 327, 022 3,135,173
2, 390,470 3,176, 848
2,475,184 3, 205,163
2, 527, 584 2 3,182,927
2, 589, 835 2 3,152,186
2, 671, 903 2 3,151,254
2,724,853 2 3,152, 765
2, 789,469 2 3,153,360

1918

3,151,906
3,158, 603
3,162, 393
3,163,187
3,162, 855
3,161, 513
3,160,765
3,156, 692
3.155, 665
3,151, 263
3,154,675
3.156, 364

1919

1920

3.160, 234 2, 961, 253
3,162,433 2, 909, 001
3.161, 280 2,859,069
3,165, 692 2,820, 572
3,175,943 2,835, 000
3,168, 636 2, 853,965
3,086, 527 2, 862, 381
3,114, 266 2,854, 781
3,143, 230 2, 847, 398
3,120,099 2, 855,131
3,070,199 2, 872, 802
3, 020,905 2,893, 649

1,917,876
1,920, 737
1,924,974
1,936, 275
1,935, 334
1,909, 875
1,874,683
1, 855,694
1,848, 251
1,826, 014
1,807,414
1, 809, 814

1,817,474
1,830, 060
1,853,758
1,881, 046
1, 911, 097
1, 957, 490
1,996,136
2, 041, 518
2, 099,906
2,160, 733
2,228,890
2,285, 942

1921

1922

1923

1924

1925

1926

1927

2,930,716
2,975,124
3,040, 214
3,117,465
3,196, 564
3, 253,620
3, 304, 856
3, 391, 804
3,478,923
3, 547,431
3, 594, 514
3,642,643

3,671,794
3, 704, 096
3, 735, 928
3, 755, 570
3, 767, 885
3, 776, 390
3, 802, 601
3, 840, 306
3,860, 308
3, 884,178
3, 895, 934
3, 916, 905

3,944,625
3,959, 603
3, 965, 619
3,975, 064
3,993, 030
4, 039, 565
4, 060, 867
4, 096, 674
4,122,741
4,154, 556
4,182,405
4, 226,033

4, 266,366
4, 302, 069
4, 340,144
4, 382, 695
4,432,923
4,471,057
4, 502, 621
4, 515, 518
4, 514, 648
4, 506, 326
4, 516, 993
4, 506, 582

4,467,776
4, 392, 586
4, 347, 038
4, 346, 014
4,359, 001
4, 364, 012
4, 365, 248
4, 374,403
4, 386,147
4, 390, 815
4,406, 689
4, 397, 494

4,406, 525
4, 425, 068
4, 443, 721
4,448, 050
4, 433,791
4,438, 249
4, 460,151
4, 467,137
4,470,882
4, 471, 833
4, 477, 035
4,481, 381

4, 527, 046
4, 575, 667
4, 594,823
4, 601, 256
4, 650, 698
4, 606, 350
4, 575, 095
4, 585, 081
4, 584, 345
4, 566, 212
4,489, 500
4,415, 742

January...
February..
March
April
May
June
July
August
September.
October. _.
November.
December.

M o n t h l y averages of daily figures
Month
January
February
March
ApriL..
May._
June
July
August
September...
October
November. __
December

1928

4, 376,903
4, 373, 000
4, 334, 581
4, 286, 767
4, 206, 806
4,118, 500
4,113, 355
4,118,194
4,125, 267
4,133, 323
4,151, 233
4,141, 548

1 Gold coin and bullion (including foreign coin) held by United States Treasury and Federal reserve
banks (including gold held abroad) and United States gold coin in circulation. Amounts held abroad
(end of month figures) as follows: 1917, June-December, $52,500,000; 1918, J a n u a r y - M a y , $52,500,000; June,
$16,271,000; July, $11,630,000; August-December, $5,829,000; 1919, January-March, $5,829,000; August,
$107,119,000; September, $159,618,000; October, $149,166,000; November, $135,694,000; December, $131,320,000; 1920, January, $114,322,000; February, $112,822,000; March-April, $112,780,000; May-July, $111,530,000;
August-September, $111,458,000; October, $16,536,000; November-December, $3,300,000; 1921, J a n u a r y February, $3,300,000; 1927, May, $59,548,000; June, $23,300,000.
2
Monthly averages of daily figures.




85

86

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 27.—MONETARY GOLD STOCK OF THE UNITED STATES, BY WEEKS, 1922-1928
[Averages of daily figures. In millions of dollars]
Week ending
(Saturday)—

Jan. 7—.
Jan. 14...
Jan. 21...
Jan. 28...

Week ending
(Saturday)—

Gold
stock

1922

3,663
3,669
3,675
3,676

Jan.6
Jan. 13..
Jan. 20
Jan. 27

Week ending
(Saturday)—

Gold
stock

1923

3,932
3,942
3,949
3,950

Jan.5.
Jan. 12..
Jan.19.
Jan. 26.

1924

Gold
stock

4,245
4,258
4,270
4,276

Feb.
Feb.
Feb.
Feb.

4__.
11..
1825..

3,684
3,695
3,706
3,715

Feb.
Feb.
Feb.
Feb.

3.
10—.
17
24...

3,953
3,957
3,959
3,962

Feb.
Feb.
Feb.
Feb.

2...
9...
1623..

4,283
4,292
4,299
4,308

Mar.
Mar.
Mar.
Mar.

4...
11..
18..
25..

3,721
3,728
3,737
3,742

Mar.
Mar.
Mar.
Mar.
Mar.

3..
10
17.
24
31

3,963
3,966
3,964
3,964
3,968

Mar.
Mar.
Mar.
Mar.
Mar.

1__
8..
15.
22.
29.

4,316
4,325
4,337
4,343
4,353

Apr
Apr.
Apr.
Apr. 22.._
Apr 29.May 6
May 13
May 20
May 27

3,746
3,750
3,753
3,758
3,762

Apr.
Apr.
Apr.
Apr.

7
14..._
21
28...

3,970
3,974
3,976
3,978

Apr. 5...
Apr. 12..
Apr. 19..
Apr. 26_.

4,362
4,370
4,385
4,393

3,764
3,768
3,769
3,769

May
May
May
May

5__.
12___
19
26

3,984
3,990
3,997

May
May
May
May
May

3__
10_
17 _
24_
31_

4,408
4,419
4,431
4,441
4,450

June 3__.
June 10_.
June 17_.
June 24_.

3,770
3,771
3,774
3,780

June
June
June
June
June

2
9
16
23..__
30

4,017
4,029
4,039
4,046
4,048

June 7...
June 14..
June 21 _.
June 28-

4,459
4,466
4,474
4,481

July 1
July 8
July 15
July 22
July 29

3,784
3,788
3,797
3,806
3,816

July
July
July
July

714....
2l._
28

4,051
4,053
4,059
4,072

July5-.
July 12..
July 19..
July 26_.

4,490
4,496
4,505
4,509

Aug. 5...
Aug. 12..
Aug. 19..
Aug. 26.

3,829
3,836
3,840
3,845

Aug.
Aug.
Aug.
Aug.

4__
11
18___
25

4,080
4,088
4,096
4,104

Aug.
Aug.
Aug.
Aug.
Aug.

4,510
4,512
4,515
4,516
4,520

Sept.
Sept.
Sept.
Sept.
Sept.

2
9
16
23
30

3, 851
3,855
3,859
3,862
3,867

Sept.
Sept.
Sept.
Sept.
Sept.

l._
8
15
22
29

4,109
4,112
4,117
4,128
4,134

Sept.
Sept.
Sept.
Sept.

Oct. 7__.
Oct. 14__
Oct. 21__
Oct. 28. _

3,880
3,884
3,886
3,885

Oct.
Oct.
Oct.
Oct.

6
13.
20
27

4,139
4,150
4,158
4,163

Oct. 4...
Oct. 11..
Oct. 18..
Oct. 25-

4,509
4,505
4,506
4,506

Nov. 4...
Nov. 11..
Nov. 18..
Nov. 25..

3,888
3,891
3,896
3,899

Nov.
Nov.
Nov.
Nov.

3
10
17
24...

4,166
4,172
4,180
4,188

Nov,
Nov
Nov,
Nov
Nov,

4,507
4,510
4,514
4,520
4,524

Dec.
Dec.
Dec.
Dec.
Dec.

3,904
3,907
3,916
3,921
3,925

Dec.
Dec.
Dec.
Dec.
Dec.

1
8.
15
22....
29-...

4,200
4,210
4,223
4,232
4,236

Dec.
Dec.
Dec.
Dec.

2__
9__
16.
23.
30.




_

_.

-.
--.

2__
9__
16_.
23 _.
30_.
6_.
13..
20.
27.

6...
13..
20..
27..

4,518
4,516
4,515
4,512

4,522
4,513
4,502
4,498

87

GOLD
No.

27.—MONETARY GOLD STOCK OF THE UNITED STATES, BY WEEKS,

1922-

1928—Continued
[Averages of daily figures. In millions of dollars]
Week ending
(Saturday)—

Gold
stock

Week ending
(Saturday)—

Gold
stock

Week ending
(Saturday)—

Gold
stock

Jan. 3.
Jan.10.
Jan.17.
Jan. 24.
Jan. 31.

4,492
4,470
4,455
4,441

Jan.
Jan.
Jan.
Jan.
Jan.

1926
2
9
16....
23....
30

4,398
4,403
4,403
4,413
4,409

Jan.
Jan.
Jan.
Jan.
Jan.

1927
l._..
8
15...
22...
29...

4,488
4,499
4,518
4,537
4,551

Feb.
Feb.
Feb.
Feb.

7___
14..
21..
28..

4,417
4,394
4,385
4,375

Feb.
Feb.
Feb.
Feb.

6—
13..
20..
27..

4,416
4,426
4,429
4,427

Feb.
Feb.
Feb.
Feb.

5—
12...
19...
26-.

4,561
4,571
4,578
4,585

Mar. 7 . .
Mar. 14.
Mar. 21.
Mar. 28.

4,356
4,349
4,341
4,343

Mar. 6-.
Mar. 13.
Mar. 20.
Mar. 27.

4,432
4,444
4,447
4,446

Mar. 5-._
Mar. 12..
Mar. 19..
Mar. 26..

Apr.
Apr.
Apr.
Apr.

4__.
11..
18..
25..

4,344
4,344
4,346
4,347

Apr.
Apr.
Apr.
Apr.

3...
10..
17..
24..

4,449
4,452
4,452
4,445

May
May
May
May
May

2_.
9..
16.
23.
30.

4,351
4,359
4,358
4,360
4,360

May
May
May
May
May

1_8__
15.
22.
29.

4,440
4,439
4,432
4,432
4,432

June 6__.
June 13..
June 30..
June 27..

4,362
4," "
4,364
4,366

June 5—.
June 12..
June 19..
June 26..

July
July
July
July

4
11
18
25

4,365
4,366
4,366
4,364

Aug.
Aug.
Aug.
Aug.
Aug.

1...
8...
15..
22..
29..

Week ending
(Saturday)—

Gold
stock

1928
Jan. 7___.
Jan.14...
Jan. 2 1 . . .
Jan.28._.

4,377
4,376
4,376
4,380

Feb.
Feb.
Feb.
Feb.

4—_
11—
18...
25...

4,374
4,376
4,376
4,373

4,588
4,593
4,594
4,599

Mar. 3-__
Mar. 10..
Mar. 17-.
Mar. 24..
Mar. 31. _

4,362
4,357
4,335
4,324
4,310

Apr. 2_—
Apr. 9—_
Apr. 16...
Apr. 23...
Apr. 30—

4,598
4,599
4,600
4,602
4,605

Apr. 7—.
Apr. 14—
Apr. 21...
Apr. 28—

4,304
4,301
4,280
4,267

May
May
May
May

7...
14..
21..
28..

4,629
4,684
4,681
4,627

May
May
May
May

5
12..
19—
26..

4,263
4,236
4,194
4,180

4,433
4,434
4,436
4,444

June 4
June 11—
June 18—.
June 25—

4,608
4,614
4,615
4,600

June 2 —
June 9
June 16—
June 2 3 —
June 3 0 —

4,165
4,148
4,106
4,103
4,105

July 3 . . .
July 10..
July 17..
July 24..
July 31..

4,446
4,449
4,462
4,466
4,469

July 2 . . . .
July 9 — .
July 1 6 - .
July 23—
July 30...

4,589
4,577
4,570
4,573
4,578

July 7
July 14_ __
July 2 1 . . .
July 2 8 - .

4,110
4,115
4,114
4,115

4,366
4,370
4,372
4,376
4,379

Aug.
Aug.
Aug.
Aug.

4,467
4,463
4,468
4,470

Aug.
Aug.
Aug.
Aug.

4,579
4,583
4,586
4,588

Aug.
Aug.
Aug.
Aug.

4...
11..
18..
25..

4,113
4,115
4,119
4,120

4,385
4,390
4,390
4,382

Sept.
Sept.
Sept.
Sept.

4,470
4,473
4,471
4,470

Sept. 3.-.
Sept. 10-_
Sept. 17. _
Sept. 24..

4,589
4,593
4,584
4,582

Sept. 1...
Sept. 8...
Sept. 15. _
Sept. 22._
Sept. 29. _

4,123
4,123
4,124
4,126
4,128

Oct. 3__
Oct. 10.
Oct. 17..
Oct. 24.
Oct. 31.

4,382
4,384
4,385
4,396
4,402

Oct. 2__.
Oct. 9...
Oct. 16_
Oct. 23..
Oct. 30. .

4,470
4,471
4,471
4,472
4,473

4,574
4,571
4,573
4,572
4,555

Oct. 6 . - . .
Oct. 13...
Oct. 20._.
Oct. 27._-

4,125
4,128
4,136
4,139

Nov. 7 . .
Nov. 14.
Nov. 21.
Nov. 28.

4,408
4,410
4,411
4,401

Nov. 6 . .
Nov. 13.
Nov. 20.
Nov. 27.

4,475
4,478
4,479
4,477

Oct. l_-._
Oct. 8
Oct. 15_._
Oct. 22...
Oct. 29__.
Nov. 5-._
Nov. 12..
Nov. 19-.
Nov. 26..

Nov. 3-._
Nov. 10..
Nov. 17..
Nov. 24..

4,143
4,148
4,158
4,160

Dec.
Dec.
Dec.
Dec.

4,397
4,398
4,401
4,395

Dec.
Dec.
Dec.
Dec.

4,475
4,480
4,478
4,484

Dec.
Dec.
Dec.
Dec.
Dec.

4,449
4,437
4,420
4,403
4,391

Dec.
Dec.
Dec.
Dec.
Dec.

4,138
4,131
4,140
4,149
4,148

1925

Sept.
Sept.
Sept.
Sept.

5-_
12.
19.
26.

5...
12..
19..
26..




7...
14..
21..
28..
4..
11.
18.
25.

4...
11..
18..
25..

6...
13..
20..
27-.

3
10—
17—
24...
31—

4,530
4,508
4,487
4,465

1—.
8—_
15—
22...
29-.

88
No,

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
28.—GOLD

l

EAEMAEKED

BY

FEDERAL

RESERVE

BANKS

FOR

FOREIGN

ACCOUNT, BY MONTHS, 1916-1928
[In thousands of dollars]
1916

End of month
January
February-..
March
April
May
June
July
August
September .
October
NovemberDecember—

2 2,391
4,571
4,571
5,071
5,402
5,502
5,955
5,981
5,981
6,097

1923

1922

End of month

5,329
1,000
1,000

January
February-_.
March
April.
May
Tune
July
August
September..
October
November..
December..

1,500
1,500
1,000
3,000
3,000
3,000

1,500
1,700
3,700

1918

1917

6,942
6,942
6,942
6,942
6,942
6,942
6,942
6,942
6,942
6,942
6,942
6,942

6,097
6,097
6,097
6,097
6,097
6,097
6,097
6,778
6,942
6,942
6,942
6,942

29.—GOLD

IMPORTS INTO

6,942
6,942
6,842

3,000
4,000
5,000

1924

1925

1926

3,000
2,407
4,859
5,417
4,417
2,417
5,000
12, 984
26, 213
43, 213
43,713
45, 213

46,023
47, 389
54, 214
39, 364
26,639
21, 564
25,465
16, 740
15, 839
12, 969
10,969
12,969

19,012
30,012
53, 000
53, 000
53,000
53, 580
49, 580
30,380
32,780
32, 776
40, 274

2

i Gold bullion (bars) and United States gold coin.
No.

1919

1921

1920

18,010
20, 000
20,000
20,000
20,000
23, 000
18,000
18, 000
8,000

6,000
5,000
6,000
9,000
10,000
11, 500
14, 500
16, 500
17, 500
20,000
20, 500
22, 000

1927

1928

19, 779
16, 599
18,101
19,101
114,101
114, 601
114, 417
116, 918
125.918
150.919
190, 919
199,419

193,919
191,051
155,251
109, 511
136, 050
105, 997
45, 050
39,134
40, 334
39,134
64,136
79,897

First transaction Mar. 21, 1916.

AND EXPORTS FROM THE UNITED
COUNTRIES

STATES, BY

[In thousands of dollars]
Imports into United States
1925
Belgium
France
Germany
Great Britain
Greece
Italy
Netherlands
Spain
Sweden
_-_
Canada
Central America
Mexico
West Indies
Argentina
_
Chili
Colombia
Ecuador
Peru
Venezuela
Australia
China
Dutch East Indies...
Hong Kong
Japan
New Zealand
Philippine Islands. __
Egypt
Portuguese Africa.._
Allother
Total

Exports from United States
To—

From—
1926

2
49,294

1
1
351 21, 048
1
1
1,212 39, 396

7
10,085
87

105

1927

1928

154
1
37, 524
3,406

15, 075
3
1
3:
75:
63,650 102,371
1,224
1,041!
6,001
4,610
329
631|
23
4,500
7,021
624
1,489
1,374
2,247
1,483
2,268
1,458
531
481
21,920
3
1,674
1,499 ""I," 262

33,123 82,543
2,324 1,516
5,097 23,913
405
611
8
447 21,180
1,611 1,663
896 1,307
1,728 2,644
647
51,119
120 5,032
2,108 1,707
1,508
11, 008 14, 000 20, 000
241
213
259
1,833 1,990 1,
15
30
552
244
43
77
157
126

4
773
1,773
13:
5, 336|

1925
Belgium
France.
Germany
Great Britain
Italy
Netherlands
Poland and Danzig.
Spain
Sweden
Switzerland
Canada
Central America
Mexico
West Indies
Argentina
_.
Brazil
Colombia
Uruguay
Venezuela
Australia
British India
British Malaya
ChinaD u t c h East Indies..
Hong Kong
Philippine Islands..
Allother
.
Total

1926

1927

1928

2,200 2,000
1,339
18 10,000 308, 002
68, 270 47, 550 13,994 28, 759
6,160
8,562 32, 525
* 1,050
26, 093
4,318
8,055 4,000
1,104
5,000 6,000
392
1,003
1,027
1
12
45, 658 42, 392 29,i
22, 641
1,503 3,855
253
323
8,810 6,202 6,984 4,490
214
154
40
101
7,573
438 61,499 69,400
281
369 34, 351 25, 012
3,004 2,019 1,001 2,053
802
2,000 9,000
2,660 1,700 1,530 5,970
' .92;
58, 775
578 2,974 1,485
7,378 3,332 3,064
706
1,203
454
878 1,827
1,314 2,231 1,960 2,531
12, 276 4,041 6,288 7,547
30
5991
370
83
296
1262, 64o|ll5, 708 201, 455 560, 759

|128, 273 213, 504 207, 535 168,897

Back figures.—See Annual Reports for 1927 (Table 19), 1926 (Table 102) and 1925 (Table 102).
by months (by countries) see Federal Reserve Bulletin.




For figures

89

GOLD
No.

30.—GOLD

IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, BY

MONTHS, 1915-1928
[In thousands of dollars]

Year and month

1915
January
February
March
April
May
June
July_...
August.
September...
October
November...
December....
Total-.
1916

January
February
March
April
May
June...
July
August
September..
October
November. _
DecemberTotal..
1917
January
February.-_
March
April.
May
June
July
.-August
September __
October
November-.
December...
Total

Imports

Exports

12,726
25,620
16, 203
31,136
52, 342
17,263 ,
61,641 l
42,062 I
79,669 i
60, 982
45,413

451,955
15,008 |
6,016
9,776
6,122
27, 322
122,735
62,108
41, 239
92, 562
97, 509
46, 973
158, 621

Net imports or
exports

1920
6,205 January
11,673 February
24,697 March
15, 389 April
29, 859 May
49, 520 June
15,071 July
60, 513 August
40,028 September
76, 731 October
57, 320 November
33, 523 December
Total
420, 529

692
1,054
924
814
1,278
2,822
2,192
1,128
2,034
2,939
3, 661
11,889
31,426
10,214
13, 685
10, 774
11, 503
11,919
8,312
9,395
11,780
6,849
7,054

4,795
- 7 , 669
-998
-5,381
15,403
114,423
52, 713
29,459
85, 713
90, 455
20, 638
130, 647
530,19'

26, 335
27, 974

685, 990 I 155, 793

20, 720
22,068
17, 920
16,965 i
57,697 !
67,164 I
69,052
46,049 l
31, 332
11,154
7,223
4,538
371,884

38, 206
81,698
121, 579
15,407
-5,435
24,175
- 4 1 , 749
-27,357
-27,161
-7,004
-4,316
12,528
180, 570

3,746
4,404
2,549
5,084
1,912
2,809
2,746
3,560
6,621
3,599
31,892
2,704
2,597
7,200
1,555
3,277
2,611
2,284
1,470
2,178
1,920
3,048
1,766
1,580
62,043 i 41,070 |

658
- 2 , 535
-897
-814
3,022
29,188
- 4 , 603
- 1 , 722
327
-708
-1,128
186

58, 926
103, 7f>fi
139,499
32, 372
52, 262
91, 339
27, 304
18,692
4,172
4,150
2,906
17, 066

552,454

1918

January
February
March
April.May
June
July...
August
September...
October
November...
December
Total-.
1919
January
February
March
April
May
June
JulyAugust
September..
October
,
November. .
December
Total..

41223—29


2,113
3,945
10,481
6,692
1,080
26,134
1,846
2,490
1,472
4,970
2,397
12,914
76, 534



Year and month

20, 973

3, 396
3,110
3,803
1,770
1,956
82,973
54,673
45,189
29,050
44,149
51, 858
46, 257

-1,283
835
6,678
4,922
-877
-56,838
- 5 2 , 827

368,185

- 2 9 1 , 651

- 2 7 , 579
-39,179
-49,461
- 3 3 , 343

1921
January
February
March
April
May
June
July
August
_.
September..
October
November...
December.,..
Total..
1922
January
February
March
April
May...
June
July
August
September..
October
November..
December...
Total-.
1923
January
February
March
April
May
June
July
August
September..
October
November..
December
Total..
1924
January
February. __
March
April..
May
June
July
August
September..
October
November..
December...
Total

Net imports or
exports

Imports

Exports

12,018
4,473
' '"
16, 985
48, 522
15, 688
26, 765
19, 818
15, 378
39,110
116, 762
56,889
44, 660

47,817
42,873
47,050
44, 622
7,562
5,320
21, 873
24,986
17,129
25, 931
19, 870
17, 058

417,068

322,091

- 3 5 , 799
-38,400
-30,065
3,900
8,126
21,445
-2,055
- 9 , 608
21,681
90, 831
37, 019
27,602
94, 977

33, 634
42. 627
87, 272
80, 662
58,171
43, 576
64, 247
84. 902
66, 085
47,107
51, 299
31, 666

2,725
1,036
710
384
1,063
774
3, 735
672
2,448
7,576
607
2,162

30,909
41, 591
86,562
80, 278
57,109
42,803
60, 513
84,230
63, 637
39, 531
50, 691
29, 504

691, 248

23, 891

667, 357

863
1,732
963
1,579
3,407
1,601
644

956
1,399
17, 592
3,431
2,710
36, 875

25, 708
27, 007
32, 525
10,665
5,587
11,376
42,343
18,136
23,066
3,275
14,877
23, 730
238, 295

8,472
1,399
10,392
655
824
548
523
2.201
863
1,307
747
712
28, 643

24, 348
6,984
5,559
8,533
45, 332
18,885
27,407
30, 655
26, 941
28,488
39, 010
31, 930
294, 073

45,136
35,111
34, 322
45,418
41, 074
25,181
18,834
18,150
6,656
19, 702
19,862
10. 274

281
505
817
1,391
593
268
327
2,398
4,580
4,125
6,689
39, 675

44,855
34, 606
33,505
44,027
40,481
24, 913
18, 507
15, 752
2,076
15, 577
13,173
- 2 9 , 401

I 319,721

61,648

258, 073

26,
28,
33,
12,

571
739
488
244

12, 977
42, 987
19, 092
24,464
20, 866
18,308
26, 440
275,170
32, 820
8,383
15, 951
9,188
46,156
19,434
27, 929
32, 856
27,804
29, 795
39, 757
32. 641
322, 716

90

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 30.—GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, BY
MONTHS, 1915-1928—Continued
[In thousands of dollars]

Year and month

1925
January
February
March.
April
May
June
_
July
August
September. _
October
November...
December
Total.
1926
January
February
March
April
May
June
July
August
September. _
October
November...
December...
Total

Imports

Net imports or
exports
()

Exports

5,038
3,603
7,337
8,870
11, 393
4,426
10, 204
4.862
4,128
50, 741
10.456
7,216
128, 273

73, 526
50, 600
25,105
21, 604
13, 390
6,713 '
4,417
2,136
6, 784
28, 039
24, 360
5,968

- 4 6 , 997
- 1 7 , 768
- 1 2 . 734
-1,997
- 2 , 287
5, 787
2,726
- 2 , 656
22, 702
- 1 3 , 904
1,248

1927
January
February
March
April....
May..
June
July
August
September...
October
November
December

262, 640 -134,367

19, 351
25, 416
43,413
13,116
2,935
18, 890
19, 820
11, 979
15, 987
8, 857
16, 738
17, 004

3,087
3,851
4,225
17,884
9,343
3,346
5,069
29, 743
23, 081
1,156
7.727
7.196

16, 264
21, 565
39,188
- 4 , 768
-6,408
15, 544
14, 751
-17, 764
- 7 , 094
7,701
9,011
9,808

213,504

115, 708

Imports ! Exports

Year and month

59,355
22,309
16,382
14,503
34,212
14,611
10,738
7,877
12,979
2,056
2,082
10,431

|
j
!
j
!
j
|
j
|

14,890
2,414
5,625
2,592
2,510
1,840.
1,803
1,524
24,444
10,698
55,266
77,849

207,535 |

201,455

!

l

!
i

Total
1928
January..
February..
March
April
May
June
July
August
September.
October
November .
December..

97, 796

!
|
j

38, 320 I
14,686 |
2, 683 i
5,319 i
1,968 !
20,000
10,331
2,445
4,273
14.331
29,591
24,950

Total

._;

Net imports or
exports
()

!
!
!
!
!
!

!

52, 086
25, 806
97, 536
96, 469
83, 689
99,932
74,190
1,698
3,810
992
22,916
1,636

44,465
19, 895
10, 757
11,911
31, 702
12, 771
8,935
6,353
-11,465
- 8 , 642
-53,184
-67,418

-13,766
-11,120
- 9 4 , 853
-91,150
- 8 1 , 721
-79,932
-63,859
747
463
13, 339
6, 676
23, 304

168,897 j 560,759 | -391,872

Back figures.—In 1914 net exports were $165,228,000; for 1914 figures, by months, see Annual Report
for 1927 (Table 20).

MONEY IN CIRCULATION
No.

31.—UNITED STATES MONEY IN CIRCULATION, 1 BY MONTHS, 1914-1928
[In thousands of dollars]
End of month figures
Month
1914

1915

1916

3, 252, 844
3, 241, 725
3, 263, 846
3,283,839

3, 592,466
3, 603, 464
3, 612, 911
3,621,308

January. _.
February—
March-....
April

3,
3,
3,
3,

May
June
July
August

3, 532,861
3,459,434
3, 393, 510
3,541,416

September.
October. _.
November.
December.

3,731,997 3,455,320 3,821,786
3,743,682 3,518,919 | 3,876,301
3,410,339 ! 3,544,335 i 3,877,061
3,318,977 | 3,589,284 j 3,966,198

501, 763
502,963
508, 438
530, 019

1918
3, 988,
4,119,
4,172,
4,194,

882
577
946
450

3,316,956 I 3,585,421 4, 255, 855
3, 319, 582 3, 649, 258 2 4, 066, 404
3, 323,141 3, 657, 559 3,972,992
3, 402, 252 3, 736, 753 3,980,404
4, 051, 349
4,106, 781
4, 252, 267
4, 372,668

1919

4,136, 044
4,314,675
4,396, 289
4,433,817

4,919,171
4,921,563
4, 947,979
4,942,963

5,177, 275
5, 360,312
5, 390, 734
5, 409, 242

4, 416, 409
4,4S1, 698
4,563,653
4, 776, 271

4,917,706
4, 876, 638
4,869, 621
4,947,630

5, 451, 646
5,467,588
5,453,998
5, 548, 268

5,026,618
5,145, 344
5,195, 492
5, 237, 706

5, 036, 501
5,126,856
5,269,335
5,378,470

5, 616,174
5, 698, 215
5, 643,187
5, 612,113

1920

1 Money outside Treasury and Federal reserve banks (prior to November, 1914, money outside Treasury).
2
Figures prior to June 21, 1917 (when legislation became effective changing reserve requirements of
member banks), while comparable with one another, are not strictly comparable with those for succeeding
dates; the transfer to the Federal reserve banks of that part of legal reserves of member banks formerly
held in own vaults reduced the volume of money outisde Treasury and Federal reserve banks (see note 1).
T he increasing membership of State banks in the Federal reserve system after June, 1917, had a similar effect
upon the figures.




91

MONEY IN CIRCULATION

No..'31.—UNITED STATES MONEY IN CIRCULATION, BY MONTHS, 1914-1928—

Continued
[In thousands of dollars]
End of month figures
Month
1921

1922

1923

1924

1925

January
February..
March
April

5,303,128
5, 272, 679
5,123, 759
5,079, 594

4,441, 453
4,490, 831
4, 496, 845
4,468, 354

4,614,248
4,703,366
4, 746,834
4, 759, 236

4,777,368
4,887,227
4,899,375
4, 853,195

4, 802, 358
4, 853, 229
4,818, 339
4, 789, 486

4,841, 088
4, 903, 627
4, 859, 825
4,907,096

4, 845, 755
4, 884, 768
4, 861, 706
4,890, 607

4, 677, 055
4, 690,4304, 748, 934
4,748,458-

May
June.
July
August

5,015,363
4,910, 993
4, 796, 956
4, 740, 063

4,454, 765
4,463,172
4, 423, 728
4, 479, 762

4, 797,
4, 823,
4, 786,
4, 876,

4,
4,
4,
4,

4,
4,
4,
4,

4,
4,
4,
4,

4,
4,
4,
4,

667
322
782
773

4, 744, 074
4, 796, 621
4, 700, 535
4,802,820

September.
October
November.
December.

4,
4,
4,
4,

4,
4,
4,
4,

4,945,182
4, 928, 900
5, 017, 653
5, 043, 819

4, 948, 462
4,945, 772
4,951,972
5, 002, 956

4, 846,198
4, 806, 230
4,990,114
4,973,168

744,
694,
651,
689,

111
606
484
785

607, 717
645,957
703, 630
817, 039

068
275
907
474

904,
849,
755,
858,

842
307
558
907

4, 863,185
4,941, 514
5, 051, 945
5, 047, 463

841, 282
815, 208
795, 304
867,068

4,916,116
4,968, 536
5,044, 345
5,104,116

Averages of end of m o n t h figures

923,181
885, 266
909,186
930, 233

4, 978, 221
5,021,411
5,036,980
5, 095,155

892,
851,
845,
853,

M o n t h l y averages of daily figures

Month
1914
January...
FebruaryMarch
April.

3,496,
3, 502,
3, 505,
3, 519,

June
July
August

May

September.
October
November.
December.

586
363
701
229

1915
3,
3,
3,
3,

285,
247,
252,
273,

911
285
786
843

1916

I

1917

1919

1918

1920

3,590,875 3,977,540
3,597,965 \ 4,054,230
3, 608,188 ! 4,146, 262
3, 617,110 ! 4,

4, 306,
4, 280,
4, 373,
4, 422,

3, 531, 440 I 3,300, 398
3,496,148 3, 318, 269
3,426,472 \ 3, 321, 362
3,467,463 | 3, 362, 697

3, 603, 365
3,617,340
3,653,409
3,697,156

I 4, 225,153
1 4,161,130
2
| 4,019,698
1 4, 000, 915
3

4, 400, 914
4,147, 540
4, 519, 874
4, 665, 633

4, 941,180
4, 891, 072
4,895, 527
4, 913, 022

5,
5,
5,
5,

3, 636, 707 !
3,737,840 i
3,577,011 I
3, 364, 658

3,779,270
3,849,044
3,876,681
3,921,630

• 3 4, 000,535
34,151,763
3 4,203,491
j3 4, 341, 762

4,910, 572
5,133, 585
5,183,177
5, 243, 327

4,
5,106, 214
5, 208, 249
5, 341, 602

5, 599, 979
5,672,811
5, 661,943
5, 657, 948

3,428, 786
3,487,120
3, 531, 627
3, 566, 810

482
333
414
529

5, 050,
4, 931,
4, 941,
4, 970,

060
902
839
215

5, 230, 993
5, 285,197
5, 398, 428
5,371,767
413, 870
448, 004
478, 485
509,074

M o n t h l y averages of daily figures

Month
1921

1922

January
February
March..
April

5,400, 844
5, 263,156
5, 203, 789
5, 077, 860

4, 527,113
4,451,112
4, 483, 102
4,481,854

4,
4,
4,
4,

May
June..
July....
August

5,041, 886
4, 936, 416
4, 857, 299
4, 770,750
4,
4,
4,
4,

...

September...
October
November...
December

751,
721,
673,
718,

599
382
213
396

1925

1926

839
172
062
995

4, 847,097
4,831, 590
4, 870, 489
4, 886, 311

4,863,082
4,805,607
4, 821, 033
4, 809, 246

4, 890, 766
4,854,080
4, 864,166
4, 881, 896

4, 903, 373
4, 842, 545
4,856, 221
4, 879, 341

4,
4,
4,
4,

4, 450, 004
4,429, 253
4, 443, 282
4,448,134

4, 764, 007
4, 778, 732
4,811,543
4,833, 271

4,865,883
4, 830, 265
4, 809, 789
4, 799, 567

4,797,177
4, 794,480
4, 797, 559
4, 819, 351

4, 871,035
4,881, 317
4,916, 380
4, 912, 369

4, 859, 532
4,830, 793
4, 851, 410
4, 848, 610

4, 722,419
4,735,667
4, 746, 290
4, 743,452

4,
4,
4,
4,

4, 900, 730
4, 941, 474
4, 953,008
5,070, 774

4,852, 571
4, 891, 317
4, 970,056
5,088,133

4,907,881
4, 945,455
4,959, 729
5,119,140

4,968,626
5,001, 406
5, 005, 378
5,130, 680

4,917,420
4, 933, 869
4,936, 200
5,048, 451

4, 804, 267
4,836,484
4, 860, 333
5, 008,161

678,
672,
713,
730,

I
I

1928

1924

552,159
642, 683
671, 455
827,164

1923

1927

784,806
708,966
709,613
729, 600

2 Figures prior to June 21, 1917 (when legislation became effective changing reserve requirements of
member banks), while comparable with one another, are not strictly comparable with those for succeeding
dates; the transfer to the Federal reserve banks of that part of legal reserves of member banks formerly
held in own vaults reduced the volume of money outside Treasury and Federal reserve banks (see note 1).
The increasing membership of State banks in the Federal reserve system after June, 1917, had a similar effect
upon the figures.
3 Monthly averages of daily figures.




92

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No.

32.—UNITED STATES

MONEY

IN CIRCULATION,

BY W E E K S , 1922-1928

I Averages of daily figures. I n millions of dollars]

Week ending (Saturday)—

Money
in circulation

Week ending (Saturday)—

1922

Money
in circulation

Week ending (Saturday)-

Money
in circu- lation

1923

Jan.7__
Jan.14_
Jan. 21.
Jan. 28.

4,665
4, 558
4,483
4,438

Jan. 6_
Jan.13.
Jan. 20Jan. 27.

4,706
4,643
4,619

Jan. 5__
Jan.12.
Jan.19.
Jan. 26_

5,018
4,896
4,806
4,780

Feb.
Feb.
Feb.
Feb.

4..
11.
18.
25.

4,440
4,438
4,445
4,460

Feb.
Feb.
Feb.
Feb.

3...
101724..

4,631
4, 647
4,668
4,693

Feb.
Feb.
Feb.
Feb.

2...
9—
1623-

4,781
4,802
4,826
4,846

Mar.
Mar.
Mar.
Mar.

4...
1118_.
25..

4,490
4,490
4,480
4,477

Mar.
Mar.
Mar.
Mar.
Mar.

3-.
10.
17.
24.
31.

4,716
4,715
4,707
4,705
4,720

Mar. 1__
Mar. 8_.
Mar. 15Mar. 22.
Mar. 29.

4,869
4,875
4,869
4.862
4,867

Apr.
Apr.
Apr.
Apr.
Apr.

l._.
8-_
15.
2229.

4,479
4,500
4,497
4,476
4,454

Apr.
Apr.
Apr.
Apr.

7-..
14..
21..
28-

4,736
4,729
4,725
4,727

Apr.
Apr.
Apr.
Apr.

4,897
4,898
4,895
4,871

May
May
May
May

6
13
20
27

4,472
4,461
4,442
4,429

May
May
May
May

5..
12.
1926.

4,759
4,761
4,759
4,758

May 3
M a y 10
M a y 17
May24
M a y 31

June3__
June 10_
June 17_
June 24_

4,454
June 2 , . .
4,442 I June 9__
4,416
June 16.
4,419
June 23 _
June 30-

4,795
4,793
4.770
4,763
4,778

June
June
June
June

7
14
21
28

4,870
4,832
4,810
4,806

July
July
July
July
July

l._
8__
15.
22.
29.

4,433
4,496
4,452
4,419
4,407

July 7 - .
July 14-.
July 21.
July 28..

4,859
4,829
4,791
4,777

July
July
July
July

5-.
1219..
26..

4,880
4,858
4,792
4,758

Aug.
Aug.
Aug.
Aug.

5__.
12..
19-.
26..

4,427
4,439
4,447
4,459

Aug.
Aug.
Aug.
Aug.

4,793
4,834
4,843
4,833

Aug.
Aug.
Aug.
Aug.
Aug.

2-_.
9-..
16_.
23..
30..

4,761
4,784
4,793
4,799
4,820

4,480
4,541
4,545
4.555
4,579

Sept.
Sept.
Sept.
Sept.
Sept.

4,851
4,899
4,900
4,891
4,908

Sept.
Sept.
Sept.
Sept.

4,622
4,660
4,654
4,634

Oct.
Oct.
Oct.
Oct.

6_
13_.
20_
27_

4,942
4,959
4,945
4,927

Oct.
Oct.
Oct.
Oct.

4__.
11
18..
25_.

4,875
4,885
4,898
4.887

Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.

2__
9_16.
23_
30.

7_.
14.
21.
28.

4..
1118.
25.
1.8._
15_
22.
29.

5__.
12-.
1926-.

6-_
13.
20.
27.

_

4, 871
4.875
4,860
4,849
4,872

4,866
4,854
4,843
4,844

Nov.
Nov.
Nov.
Nov.

4...
111825_.

4,650
4,681
4,674
4,659

Nov.
Nov.
Nov.
Nov.

3.
10.
17.
24.

4,939
4,960
4,952
4,936

Nov.
Nov.
Nov.
Nov.
Nov.

1-.
8__
15.
22.
29.

4,907
4,956
4,964
4,958
4,995

Dec.
Dec.
Dec.
Dec.
Dec.

2..
9__
1623.
30.

4,708
4,761
4,794
4,894
4,880

Dec.
Dec.
Dec.
Dec.
Dec.

1...
8—
15..
22_.
29..

4,976
5,010
5,036
5,117
5,134

Dec.
Dec.
Dec.
Dec.

6...
13..
20..
27..

5, 024
5,043
5, 097
5,181




93

MONEY IN CIRCULATION
N o . 32.—UNITED STATES MONEY IN CIRCULATION, BY W E E K S ,

1922-1928—-

Continued
[Averages of daily figures. I n millions of dollars]

Week ending
(Saturday)—

Money
in circulation

Week ending
(Saturday)—

Money
in circulation

Week ending
(Saturday)—

Money
in circulation

4,951
4,811
4.729
4,690

4,831
4,836
4,832
4,859

Feb. 4___.
Feb. 11..
Feb. 18..
Feb. 25..

4,696
4,708
4,710
4,714

5-.
12.
19.
26.

4,875
4,861
4,852
4,848

Mar.
Mar.
Mar.
Mar.
Mar.

3__
10.
17.
24.
31.

4,719
4,718
4,705
4,699
4,705

2...
9__.
16..
23..
30..

4,866
4,893
4,894
4,869
4,855

Apr.
Apr.
Apr.
Apr.

7...
14..
21.
28_

4,751
4,735
4,718
4,710

4,875
4,881
4,866
4,852
4,867

May7._
May 14 _
May 21 _
May 28 _

4,870
4,861
4,850
4,846

May
May
May
May

5__
12.
19 _
26_

4,738
4,726
4,717
4,709

4,913
4,884
4,873
4,867

June 4
June 11
June 18
June 25

I 4,8
4,843
4,823
4,808

June 2__
June 9_.
June 16.
June 23.
June 30.

4,742
4,737
4,728
4,727
4,740

July 3 July 10..
July 17..
July 24_ _
July 3 1 -

4,918
4,971
4,913
4,880
4,881

July
July
July
July
July

2
9
16
23
30

4,848
4,911
4,845
4,819
4,812

July 7 - .
July 14..
June 21.
July 28..

4,816
4,769
4,720
4, 696

Aug.
Aug.
Aug.
Aug.

7-_
14 _
21 _
28_

4,900
4,913
4,914
4,915

Aug.
Aug.
Aug.
Aug.

6__.
13 _.
20 _.
27 _.

4,838
4,843
4, 851
4, 854

Aug.
Aug.
Aug.
Aug.

4__.
11 _.
18_.
25_.

4,714
4,733
4,744
4, 752

Sept.
Sept.
Sept.
Sept.

4
11
18
25

4,944
4,988
4,970
4,958

4,885
4,935
4,916
4,909

Sept. 1_Sept. 8...
Sept. 15.
Sept. 22.
Sept. 29_

4, 769
4,818
4,797
4,789
4, 806

4,917
4,942
4,951
4,929
4, 909

Oct.
Oct.
Oct.
Oct.

6__13__
2027__

4,836
4,852
4,846
4,824

*4,930
4,949
4,926
4,934 !

Nov.
Nov.
Nov.
Nov.

3_10.
17.
24.

4,834
4,865
4, 852
4, 835

4,956
4,997
5,033
5,120
5,075

Dec.
Dec.
Dec.
Dec.
Dec.

1...
S.15-.
22-.
29..

4,908
4,947
4,968
5,060
5,074

5,141
5,023
4,908
4,850
4,823

Feb.
Feb.
Feb.
Feb.

5...
12..
19_.
26_.

4,886
4,867
4,861
4,852

Mar.
Mar.
Mar.
Mar.

3...
1017..
24..

4,878
4,885
4,887
4,874

Apr.
Apr.
Apr.
Apr.
Apr.

May
May
May
May
May

1__
S.15_
22_
29_

4,824
4,801
4,782
4,774

June
June
June
June

5
12
19
26

July4._.
July 11July 18..
July 25..

4,832
4,836
4,790
4, 765

Aug.
Aug.
Aug.
Aug.
Aug.

4,767
4,797
4, 810
4,824
4,838

5,073
4,954
4,846
4,795
4.778

1926
Jan. 2
Jan.9
Jan. 16
Jan. 23.-.
Jan.30

Feb.
Feb.
Feb.
Feb.

7...
14..
21..
28..

4,791
4,809
4,801
4,821

Feb. 6
4,833
Feb. 13....
4,851
Feb. 20
I 4,852
Feb. 27
..-! 4,871

Mar. 7_.
Mar. 14.
Mar. 21Mar 28-

4,844
4,827
4,812
4,803

Mar.
Mar.
Mar.
Mar.

6.13.
20.
27.

Apr.
Apr.
Apr.
Apr.

4...
11..
18..
25-

4,825
4,833
4,814
4,789

Apr.
Apr.
Apr.
Apr.

May
May
May
May
May

2__
9__
16.
23_
30.

4,792
4,805
4,789
4,781
4,803

June
June
June
June

6
13
20
27

Sept. 5
Sept. 12
Sept. 19-__
Sept. 26
Oct. 3__
Oct. 10_.
Oct. 17Oct. 24.
Oct. 31_.

4,870
4,915
_ 4,917
4,910

5,139
4,998
4,872
4,828
4,815

4,936
4,959
4,956
4,932

Oct.
Oct.
Oct.
Oct.
Oct.

2...
9__.
16..
23_.
30..

4,983
5,005
5,015
4,989
4,988

Nov.
Nov.
Nov.
Nov.

7
14
21
28

4,956
4,950
4,939
4,975

Nov.
Nov.
Nov.
Nov.

6
13
20
27

5,016
5,002
4,985
5,008

Dec.
Dec.
Dec.
Dec.

5
12
19
26

5,016
5, 055
5,119
5,235

Dec.
Dec.
Dec.
Dec.

4__.
11..
18..
25.

5,038
5,082
5,126
5,221

*Revised.




Money
in circulation

1928
Jan.7
Jan.14
Jan. 21
Jan. 2 8 . . -

1927
Jan.1
Jan.8
Jan. 15.,_.
Jan. 2 2 . . . .
Jan. 2 9 . . . .

1925
Jan.3Jan.10..
Jan.17..
Jan. 24..
Jan.31..

1_8__
15_
22_
29.

Week ending
(Saturday)—

Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.
Oct.

3..
10..
17.
24-

1
8
15
22
29

Nov.
Nov.
Nov.
Nov.

5-.
1219.
26.

Dec.
Dec.
Dec.
Dec.
Dec.

3
10
17
24
31

CD

No. 33.—KINDS OF MONEY IN CIRCULATION, 1926-1928
[In thousands of dollars]

End of month

1928—January
February.-.
March
April.
May
June
July
August
September..
October
November..
December..
1927—January
February...
March
April
May
June..
July
August
September..
October
November..
Deceniber..
1928—January
February...
March
_
April
May
June
July
August
September..
October
November..
December..

Total

4, 841, 088
4, 903, 627
4, 859,825
4, 907, 096
4,923,181
4, 885, 266
4,909,186
4, 930, 233
4, 978, 221
5. 021, 411
5, 036, 980
5,095,155 j
4,845, 755
4,884, 768
4,861,706
4,890, 607
4,892, 667
4,851, 322
4,845, 782
4,853. 773
4,948, 462
4, 945, 772
4, 951, 972
5, 002, 956
4, 677, 055
4, 690, 430
4, 748,934
4, 748,458
4, 744, 074
4, 796, 621
4, 700, 535
4, 802,820
4, 846,198
4, 806, 230
4, 990,114
4, 973,168

Back figures—See Annual Report for 1927 (Table 22)




Gold
coin

402,687
399,862
396,929
395, 032
393, 323
391, 703
390,915
389,177
388, 049
389, 205
388, 831
408, 681
396,436
393,317
389, 926
388, 742
386, 560
384,957
382, 674
381, 551
380,476
381,045
382, 647
402, 087
389, 364
385, 856
383,116
381, 203
379, 684
377,017
374, 980
373, 558
372,909
373, 202
374, 306
395, 310

Gold cer- Standard
silver
tificates
dollars
1,036,902
1,084, 374
1, 089, 573
1,102, 782
1, 076, 242
1,057,371
1, 072,374
1, 086,132
1,100,551
1,101,462
1, 095, 622
1, 092, 039
1, 037, 264
1, 034, 647
1.019, 437
1,019,372
1, 003, 792
1, 007, 075
1, 031,188
1, 045, 241
1, 061,478
1, 068,301
1,094, 767
1, 073, 735
1, 015,888
1, 003, 880
1,024, 875
1.020, 267
1, 013,139
1, 019,149
977, 077
981, 785
977, 673
959, 652
1,030, 546

52, 721
52,218
51, 752
51,465
51, 258
51, 577
51, 513
51, 633
51,847
51, 623
51, 849
51,633
49, 678
49.187
48, 726
48, 396
48, 707
48, 717
48, 626
48, 321
48, 022
48, 642
48, 812
48, 775
46, 764
46, 412
46.188
46,154
46, 228
46, 223
46, 082
46, 241
46,411
46, 299
46, 342
46, 475

Silver
certificates
372,345
371, 623
367,778
367,891
374, 470
377, 741
384,134
385, 598
391, 494
393,179
391.158
396, 752
374,836
376,839
372, 854
377,139
379, 505
375, 798
377,653
378, 913
390,335
392, 296
392, 299
400, 269
372,485
368,938
372, 709
377,946
379,604
384,577
384.159
391, 047
397, 589
394,328
404, 860
410, 334

Treasury Subsidiary
notes of
silver
1890
1,371
1,369
1,367
1,364
1,359
1, 356
1,354
1,352
1,349
1,347
1,344
1,340

1,336
1,335
1,333
1,331
1,329
1,327
1,325
1,323
1,321
1,319
1,318
1,315
1,312
1,311
1,308
1,306
1,305
1,304
1,301
1,300
1,298
1,296
1,295
1,294

265,959
265,809
267, 270
267, 055
268, 249
270, 072
269, 868
271,641
275, 504
277, 021
279,876
281, 398
272,163
271, 251
271,970
272,804
274,527
275, 605
274, 950
277, 331
280,128
281, 600
285, 058
285, 602
276,105
275,101
274,544
276,089
277,404
278,174
279, 072
280, 661
283, 296
285, 350
288, 002
291, 314

Minor
coin

United
States
notes

Federal
reserve
notes

102,476
102, 677
103, 014
103, 323
103, 694
104,194
104, 442
104, 971
105, 919
106, 464
107, 913
108,179
106, 880
106, 571
106, 836
107, 034
107, 531
108,132
108,130
108, 891
109, 566
110, 001
111, 249
111,771
109, 727
109, 640
109, 922
110,306
110,921
111,067
111,400
111,937
112, 431
113, 427
114, 641
115,613

289,963
295.109
291, 658
294.915
294, 505
294.916
295, 977
300, 735
302, 277
307,199
303,172
296, 810
287, 672
291, 588
290, 761
292,829
292.888
292, 205
296, 625
299, 268
304, 294
298,493
298,116
292.889
283,119
286,187
290, 046
293,119
296,189
298, 438
293, 235
300, 563
303.110
300, 659
306,015
294,199

1,672,195
1, 672, 022
1, 639, 225
1,662,607
1, 693,813
1, 679,407
1,679,381
1, 684, 429
1, 709,173
1, 737,363
1, 764,653
1,824,459
1, 683,878
1, 709, 816
1, 706,684
1, 724, 368
1, 733, 647
1, 702, 843
1, 667, 777
1, 657, 305
1, 715, 073
1, 711, 227
1, 694, 354
1, 762, 794
1, 560, 763
1, 570,063
1, 588, 391
1, 585, 904
1, 586, 975
1, 626,433
1, 592,137
1, 662, 249
1, 698,908
1, 689,171
1, 770,184
1,808, 053

Federal
reserve
bank
notes

Nationalbank
notes

5,890
5,804
5,715
5,640
5,549
5,453
5,289
5,211
5,124
5,127
5,054
4,967
4,902
4,848
4,781
4,718
4,673
4,606
4,536
4,477
4,420
4,358
4,323
4,282
4,237
4,178
4,138
4,096
4,072
4,029
3,985
3,948
3, 916
3,880
3,848
3,820

638,578
652, 761
645, 542
655, 023
660, 720
651, 477
653, 939
649, 353
646,935
651,421
647, 509
628,896
630, 710
645, 369
648, 399
653,875
659, 507
650, 057
652, 300
651,151
653, 350
648, 492
639,029
619,439
617, 290
638, 866
653, 696
652, 068
648, 552
650, 212
637,109
649, 532
648, 656
638, 965
650, 077
615, 761

DISCOUNT RATES AND MONEY RATES




95

DISCOUNT RATES AND MONEY RATES
No. 34.—FEDERAL RESERVE BANK DISCOUNT RATES ON ALL CLASSES AND
MATURITIES OF DISCOUNTED BILLS—CHANGES FROM JANUARY 1, 1922, TO
DECEMBER 31,
1928
[Per cent]
Federal Reserve Bank
Date effective

St. Min- Kan- Dal- San
Bos- New Phila- Cleve- Rich- At- Chinesas
delton York phia land mond lanta cago Louis apolis City las Fran*
Cisco

In effect Jan. 1, 1922....
1922—Jan. 9
Jan 11
Jan. 23
Feb. 14
Mar. 15
Mar 25
Apr. 6
Apr. 14
June 22
June 23
July 8
July 12
Aug 12
Aug 15

5

4K

5

5

5

5

*

5

5
5

5

4H

4V£

4V£
4V<?

41/

4

4

4
4M
I

1

1923—Feb. 23..
Mar. 6

41/

1924—May 1
June2._
June 10
June 12
June 14
June 18
June 19
June 26
July 1
July 16
Aug. 8
Aug. 15
Aug. 25
Oct. 15

4
4

4
VA

3H

4

__.

1925—Feb. 27
Nov. 10
Nov. 17..
Nov. 20
Nov. 23
1926—Jan. 8
Apr. 23___
Aug. 13.

2 giz

4

4
4

VA

4

3

4

VA
4
4

VA
4
4

4

4
4

1927—July 29
VA
Aug. 4
VA
Aug. 5
__.
VA
2
VA
Aug. 6
Aug. 12
V/
Aug. 13
VA
Aug. 16
V/
Sept. 7
VA.
Sept. 8-._
VA
Sept. 10
3M
VA
Sept. 1 3 . . .
__.
1
5 per cent on 6-9 month agricultural and livestock paper from Apr. 7, 1923, to June 11, 1924, inclusive.
2
5 per cent on 6-9 month agricultural and livestock paper from Apr. 19, 1923, to June 25, 1924, inclusive;
4H per cent on 91-day to 6-month agricultural and livestock paper from June 19 to June 25, 1924.
NOTE.—Discount rates became applicable to 6-9 month agricultural and livestock paper, which was
made eligible by the Mar. 4, 1923, amendment to the Federal reserve act, on the following dates in 1923:
Boston, Apr. 7; New York, Aug. 6; Philadelphia, Apr. 19; Cleveland, Apr. 9; Richmond, Apr. 7; Atlanta,
Mar. 22; Chicago, Aug. 16; St. Louis, Apr. 5; Minneapolis, Apr. 11; Kansas City, Apr. 14; Dallas, Apr. 12;
San Francisco, Mar. 21.
Back figures.—For years previous to 1922, when different rates were generally in effect for different
classes of bills, see Annual Reports, Federal Reserve Bulletin, and pamphlet issued by the board in 1922:
"Discount Rates of the Federal Reserve Banks, 1914-1921."




97

98

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 34.—FEDERAL RESERVE BANK DISCOUNT RATES ON ALL CLASSES AND
MATURITIES OF DISCOUNTED BILLS—CHANGES FROM JANUARY 1, 1922, TO

DECEMBER 31, 1928—Continued.

;Per cent]
Federal Reserve Bank
Date effective

1928—Jan. 25.
Jan. 27
Feb. 3
Feb. 4
Feb. 7
Feb. 8
Feb. 10
Feb. 11
Feb. 16
Feb. 21
Mar. 1
Apr. 20
Apr. 23
Apr. 24
Apr. 25
May 7
May 17
May 18 _ _
May 25
May 26
June 2
June 7
July 11
July 13
July 14
July 19
July 26 ._
Aug. 1

San
Bos- New Phila- Cleve- Rich- At- Chi- St. Min- Kan- Dal- Frandelne- sas
ton York phia land mond lanta cago Louis apolis City las cisco
4

4
4

4
4
4

4
4

4

_

4
.

4

4H

4HI

4H
4M

4H

1

1}^

4H

4H
4H

5
i

5
5

e

5
_

5

_.




5
5

43^

4H

5

In effect Dec. 31, 1928__

4

5

5

5

:

:

:

:

5

_

•

:

:

:

:

:

5

:

5

5

4M

4H

4M

4H

99

DISCOUNT RATES AND MONEY RATES
No.

35.—FEDERAL
RESERVE BANK
BUYING RATES
ON
ACCEPTANCES
C H A N G E S F R O M J A N U A R Y 1, 1919,
TO D E C E M B E R 31,
1928

J

—

[Buying rates at the Federal Reserve Bank of New York. Per cent I
Date effective

1 to 15
days

16 to 30
days

31 to 45
days

46 to 60
days

In effect Jan. 1, 1919.
1919—Nov. 5_.
Nov. 26..
Dec. 4_.
Dec. 23..
Dec. 30..

61 to 90 i 61 to 12, '21 to 180
days
days
days
4MI-

4i

1920—Jan. 6_
Jan. 20_
Jan. 23 _
Jan. 27..
Feb. 27_
May 5_
May 13..
June 1_.
Sept. 1_
1921—Jan. 3_
June 15.
July 21 _
Aug. 8.
Sept. 26.
Oct. 4_
Oct. 13_
Nov. 3.
Nov. 16.
Nov. 28.
Dec. 8_
Dec. 27_
1922-Feb. 6...
Feb. 16..
Mar. 6__.
Mar. 13.
Mar. 21..
Mar. 27..
Apr. 10..
Apr. 14..
May 5...
May 18..
June 2__.
June 19..
June 26..
July5__.
July 15_.
July 25 _.
Sept. 21..
Sept. 25.
Sept. 27..
Oct. 2 . . .
Oct. 6._.
Oct. 13. _
Oct. 18..
Oct. 19. _
Oct. 24. _
Oct. 27_.

5 I
4%i

4M!

4M

434
4 I.

3M

"zli

1923—Apr. 17..
May 23..
July7__.
1924—Apr. 24..
May 1...
May 16_.
May 22_.
June 2__.
June 17..
June 26 _.
2M
2H\
Aug. 8...
2H
2 |
Nov. 17..
2H
Nov. 28..
Dec. 3 . . .
Dec. 5...
2}4
Dec. 8._.
2M!
Dec. 22..
i"
1
Kates on prime bankers' acceptances. Higher rates may be charged for other classes of bills.




100
No.

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
35.—FEDERAL RESERVE
BANK BUYING RATES ON ACCEPTANCES—•
CHANGES FROM JANUARY 1, 1919, TO DECEMBER 31, 1928—Continued
[Buying rates at the Federal Reserve Bank of New York. Per cent]
1 to 15 16 to 30 31 to 45 46 to 60 61 to 90 91 to 120 121 to 180
days
days
days
days
days
days
days

Date effective
1925— Feb. 6 . . .
Feb. 27...
June 12—
Adgi, M^.
Sept. 2 2 -

3
3H

1926—Jan. 8—.
Apr. 2 7 May 20_.
May 21..
Aug. 16Aug. 23..
Sept. 1 - .
1927—July 29..
Aug. 5...
Aug. 22..

3

1928—Jan. 27..
Feb. 3 . . .
Mar. 30_.
Apr. 13..
May 18..
July 13..
July 26-.

l\l
3'

&A

3
4
4!_
43^

4

In effect Dec. 31, 1928..

4H

4H

No. 36.—AVERAGE RATES CHARGED BY FEDERAL RESERVE BANKS ON BILLS
DISCOUNTED AND BILLS BOUGHT, 1918-1928

[Per cent]
Month

1918

1919

1920

1921

1922

1923

1924

1925

1926

1927

Bills discounted:
January
._
February
- . .
March
April

4.02
4.02
4.08
4.23

4.18
4.14
4.15
4.18

4.90
5.52
5.64
5.67

6.36
6.36
6.43
6.33

4.84
4.77
4.70
4.60

4.25
4.28
4.49
4.50

4.50
4.50
4.50
4.50

3.53
3.44
3.68
3.73

3.97
4.00
4 00
3.96

4.00
4.00
4 00
4.00

3.52
3.84
4 00
4.05

4.35
4.42
4.37
4.25

4.16
4.19
4. 14
4.12

5.74
6.20
6.21
6.19

6.20
6.14
6.02
5.76

4.59
4.54
4.39
4.34

4.50
4.50
4.50
4.50

4.42
4.16
3. 89
3.78

3.71
3.69
3.68
3.70

3.87
3.89
3.84
3.94

4.00
4.00
4.00
3.72

4.28
4.50
4.69
4.92

September . . . -._ 4.24
4.21
October
4.20
November
December . _ ._. 4.18
_

4.18
4.19
4.53
4.67

6.39
6.40
6.45
6.49

5.75
5.62
5.03
4.91

4.36
4.34
4.29
4.30

4.50
4.50
4.50
4.50

3.69
3.65
3.63
3.56

3.70
3.69
3.77
3.86

4.00
4.00
4.00
4.00

3.53
3.50
3.50
3.50

4.93
4.91
4.92
4.94

4.26

6.02

6.01

4.52

4.47

4.20

3.70

3.96

3.81

4.56

4.28
4.24
4.24
4.24

5.10
5. 53
5.80
5.82

6.05
6.01
6.01
5.94

4.28
4.21
3.92
3.48

4.09
4.08
4.09
4.12

4.18
4.16
4.16
4.14

3.01
3.08
3. 18
3. 16

3.60
3 64
3.61
3.60

3.65
3 64
3.63
3.61

3.26
3 45
3.49
3.72

May
June
July
August

4.24
4.24
4.25
4.25

5.96
6.07
6.06
6.04

5.88
5.88
5.70
5.31

3.28
3.22
3.13
3.10

4.16
4.18
4.20
4.20

3.48
3.15
2.35
2.25

3.16
3. 19
3.24
3.26

3.37
3. 35
3.39
3.47

3.61
3.63
3.60
3.22

3.87
4.08
4.26
4.62

September
October
November
December

4.25
4.26
4.47
4.84

6.04
6.05
6 45
6.08

5.35
4.97
4.60
4.41

3.19
3.68
4. 10
4.11

4.21
4.21
4.19
4.18

2.23
2.20
2.32
2.79

3.42
3.43
3.43
3.42

3.77
3.78
3.76
3.75

3.12
3.19
3.19
3.16

4.57
4.57
4.56
4.58

4.36

5.85

5.49

3.59

4.16

3.08

3.26

3.60

3.40

4.10

May
June. .
July
August

Year

._

4.26

Bills bought:
January
February
March
April

Year




1928

101

DISCOUNT RATES AND MONEY KATES
o -

37.—AVERAGE RATES EARNED BY FEDERAL RESERVE BANKS ON BILLS AND
SECURITIES, 1916-1928
[Per cent]
1918

Month

1919

1920

1921

1922

1924 ! 1925 1926

1923

Total bills a n d
curities:
January
February
March
April

2. 85
2.70
2.26
2,50

2.90
3.03
3.14
2.83

3.75
3.81
3.86
4.07

4.04
4.03
4.02
4.01

4.46
4.88
5.12
5.23

5. 88 4. 62
5. 92 4. 47
5.90 4. 34
5.85 4.25

4.03
4.13
4.26
4.32

4.39
4.36
4.30
4.34

3.27
3.32
3.41
3.49

3.73
3. SO
3.80
3.81

3.80
3.76
3.75
3.75

3.36
3.52
3.63
3.74

May
June
July
August

2.47
2.53
2.62
2.69

2.93
3. 08
3.34
3.37

4.29
4.20
4.31
4.27

3.99
4.01
3.98
3.93

5.36
5.51
5.72
5.81

5.79
5.67
5.60
5.42

4.08
3.98
3.90
3.85

4.35
4.36
4.42
4.42

4.26
4.03
3.80
3.67

3.50
3.50
3." 55

3.72
3.66
3.65
3.67

3.78
3.72
3.73
3.58

3.96
4.24
4.39
4.63

September..
October
November..
December..

2.78 3.41 4.21
2.79 ! 3.37 4.13
2.72 ! 3.37 4.19
2.83 3.53 4.14

3.91
3.95
4.16
4.29

5.81
5.94
5.98
5.98

5.35
5.25
4.99
4.74

3.84
3.88
4.00
4.06

4.41
4.44
4.40
4.38

3.45
3.30
3.21
3.17

3.56
3.59
3.61
3.68

3.77
3.83
3.84
3.83

3.45
3.39
3.33
3.34

4.67
4.69
4.68
4.70

5.61 | 4.11 4.33 i 3.S

3.51

3.76

3.60

4. 24

i 3.55
3.42
3.60
3.66

3.91
3.99
4.00
3.98

4.00
4.00
4.00
4.00

3.50
3.77
3.95
4.01

Year_.
Bills discounted:
January
PTebruary
March
April

I

2.67 3.29

4.12 I 4. 04 5.50

4.18
4.15
4.21
4.17

4.01
4.02
4.14
3.92

3.94
4.02
3.94
4.14

4.21
4.18
4.16
4.16

4.71
5.20
5.47
5.58

6.30
6.37
6.36
6.32

4. 99 I 4. 26 [ 4. 50
4.90 4.24 i 4. 50
4.83 4.45 ! 4.50
4.75 4.49 ! 4.50

May
June
July
August

4.24
4.36
4.24
4.31

3.82
3.49
3.82
3.77

4.38
4.31
4.40
4.35

4.15
4.20
4.15
4.13

5.66
5.89
6.13
6.19

6.29
6.20
6.09
5.91

4.68
4.61
4.50
4.47

4.50 j 4.45 3.69
4.50 | 4.35 3.69
4.50 4. 11 3.68
4.50 I 3.99 3. 68

3.87
3.88
3.85
3.91

4.00
4.00
4.00
3.83

4.20
4.45
4.60
4.87

September..
October
November..
December..

4.43
4.35
4.08
3.81

3.79
3.47
3.42
3.65

4.27
4.22
4.27
4.29

4.17
4.15
4.40
4. 55

6.22
6.35
6.41
6.42

5.85
5.69
5.39
5.11

4.42
4.36
4.29
4.29

4.50
4.50
4.50
4.50

3.99
4.00
4.00
4.00

3.62
3.52
3.51
3.51

4.90
4.92
4.92
4.93

3.85
3.75
3.69
3.59

3.66
3.66
3.71
3.84

4.20

3.61

4.24

4.23

5.88 I 6. 07 | 4.63 4.46 I 4.25 | 3.67 3.95

Bills bought:
January..
February.
March
April

2.09
2.07
2.04
2.04

2.80
3.02
3.19
3.10

3.64
3.79
3.92
4.18

4.29
4.25
4.26
4.23

4.79
5.06
5.47
5.70

6.14
5.99
6.01
5.97

4.44
4.25
4.06
3.83

4.01
4.09
4.10
4.08

4.20 ; 2.70 3.46
4.18 i 2.88 3.55
4.17 3.06 3.61
4.17 3.13 3.63

3.73
3.70
3.68
3.67

3.21
3.28
3.38
3.52

May
June
July
August

2.07
2.14
2.21
2.31

3.15
3.16
3.23
3.19

4.36
4.25
4.24
4.38

4.25
4.19
4.27
4.22

5.77
5.98
6.07
6.07

5.98
5.97
5.96
5.36

3.50
3.29
3.18
3.11

4.11
4.14
4.18
4.19

4.05
3.66
2.80
2.49

3.16
3.17
3.19
3.24

3.52
3.37
3.33
3.32

3.65
3.66
3.67
3.51

3.72
3.84
4.01
4.34

September..
October
November..
December..

2.46
2.12
2.52
2.71

3.35
3.40
3.53
3.43

4.19
4.25
4.36
4.33

4.27
4. 22
4.33
4.54

6.06
6.07
6.03
6.05

5. 33
5.04
4. 91
4.50

4.19 i 2.22
4.19 | 2.20
4.18 2.23
4. 20 ! 2.46

3.32
3.37
3.40
3.43

3. 50
3.67
3.75
3.76

3.31
3.19
3.19
3.20

4.50
4.56
4.56
4.56

2.36

3. 26

4, 14

4.30

5.66

5.70 3.54

4.14

3.31 I 3.17 3.55

3.49

3.97

2.14
2.33
2.14
2.34

2.64
2.67
2.66
2.36

3.27
3.25
3.59
3.56

2.26
2.31
2.41
2.43

2.18
2.17
2.10
2.10

2.13
2.11
2.24
2.15

3.16
3. 58
3.72
3.77

3.74
3.96
3.99
4.11

4. 26
4.17
4.04
4.14

May
June
July
August

2.26
2.29
2.38
2.36

2.41
2.39
2.67
2.71

3.06
3.00
2.76
2.87

2.42
2.33
2.24
2.21

2.22
2.24
2.15
2.22

2.49
2.40
2.31
2.33

3.70
3.67
3.63
3.60

4.17
4.02
4.17
4.15

September
October
November
December

2.38
2.47
2.44
2.38

2.75
3.06
2.86
2.98

2.73
2.44
2.49
2.40

2.17
2.18
2.22
2.19

2.27
2.20
2.17
2.43

2.49
2.38
2.68
2.92

3.65
3.71
3.78
3.79

4.07
4.21
4.18
4.03

3.46
3.44
3.46
3.39

2.35

2.68

2.99

2.26

2.21 I 2.37 3.67

4.01

3. 67 i 3. 56

Year..

Year
United States securities:
January
February
March
April

Year




|
J
I
i

3.11
3.24
3. 59
3.84

I
I
i
!

4.05
3.79
3.68
3.57

3.83

4.56

! 3. 51
I 3. 59
< 3.50
I 3. 58

3.69
3.71
3.60
3.65

3.55
3.53
3.49
3.48

3.35
3.44
3.44
3.46

3.57
3.53
3.54
3.54

3.61
3.56
3.55
3.52

3.54
3.46
3.43
3.37

3.53
3.68
3,67
3.69

I 3.55
1 3.62
| 3.62
3.63

3.53
3.62
3.61
3.55

3.37
3.38
3.27
3.28

3.83
3.94
4.05
4.05

3.41

3.64

102

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 38.—AVERAGE RATES CHARGED BY MEMBER BANKS ON CUSTOMERS' PAPER
REDISCOTTNTED WITH FEDERAL RESERVE BANKS, 1921-1928
[Per cent]
Federal reserve district
All

Month of rediscounting

San
tricts I Bos- i New : adel- Cleve- Rich- At- Chi- St. Min- Kan- Dal- Franton I York
land mond lanta cago Louis neap- sas
las cisco
olis City
phia
BANKS IN SMALL CITIES AND TOWNS (UNDER 15,000)

1921—December
1922—December
1923—June
December
1924—June
December
1925—June
December
1926—June
December
1927—June
December
1928—June

8.0
7. 7

•

j
i
i
j
.|
\
|
i
|

6.2
5.8
6.0
6.0

7.6
7.1
7.3
6.9

6.1
. 5.7 i
6.0 i
5.9

6.9
6.7
6.4
6.2
6.1 : 6.3
6.2 1 6.4
6.2 ; 6.3

6.0
5.9

6.3 !
6.2

6.0
6.0

6.0 i 6.0
5.9
5.6

6.1
6.0
6.0
5.8
5.9
5.9

6.2 ; 6.3
5.8 ! 6.0
6.0 ; 6.0 ; 6. 3 6.3

7.8
7.7

7.5
7.5
7.3
7.4

7.8
7.7
7.7
7.5

7.3
7.4
7.2
7.3

7.8
7.7
7.8

7.1
7.1

7.9
7.9

7.2
6.9

5.9
5.9 : 6.2 1 6.2
5.8 : 6.0 ; 6.0 ! 6.4
6.4 ! 6.3
5.8 ! 6.0 i 6.0
5.8 ! 6.0 ; 6.0 ; 6.0 ' 6.2

7.0

5.8

7. <
'

5.9

5.9

6.2

6.1

9.7
9.8

8.9
8.6

9.6
9.8
9.4
8.3

8.7
8.2

9.0
8.3
8.7
8.1

8.1
7.1

8.7
8.3

8.6
8.4

9.6
8.9

7. 7

8.4

8.8

9.3

8.7
9.0

8.0
7.7
7.8
7.9

8.6
8.2

7.0
6.3

7. Q

7.2
7.0

8.9
8.8
8.7
8.6

8.0
7.8
8.0
7.7
8.0
7.4

9.0
8.9
8.8
8.6

9.6
9.7

9.3
9.1

BANKS IN MEDIUM-SIZE CITIES (15,000 TO 100,000)
1921—December...—;
1922—December
j
1923—June
...J
December
|
1924—June
I
December.
I
1925—June
December
1926—June
i
December...... <
1927-June
I
December
j
1928—June
!

7.2
6.4
6.4
6.3
6.3
6.2
6.1
6.0
6.2
6.0
6.1
5.8
6.2

6.0
6.0

6.4
6.1

6.8
6.2

7.5
7.0

7.1
6.3

7.6
6.6

8.9
7.4

6.0 ! 6.0
6.0
5.9

6.1
6.1

6.1
6.1

7.1
6.8

5.9
6.2

5.6
6.5

6.9
6.6

7.0

7.5

6.2

7.0
7.1
7.3
7.1
7.1

8.0

7.8
8.6

7.0

6.7

6.6
5.5

6.0
6.1
5.5 i 6.0

5.4
5.6

5.7 i 5.8
5.1 I 5.7

6.0
6.0

6. 0 j 6.1
6.1 ! 6.1

5.0 I
5.2 I
5.6
5. 7

5.6
5.8

6.0
6.0

6.1
6.1

6.1
6.2

5.9 i 6.0
5.8 j 6.0

6.1
6.1

6.0
6.1

5.6
5.6

6.0
5.8
5.8 i 6.0

6.0
6.0

6.2
6.0

6.0

6.1

5.6 ! 5.i

7.3
6.4

8.3
8.6
8.1
8.3

5.9
5.8

6.7

6.0
6.0

6.4
6.5

5.8
5.0

7.7
6.2

6.1
8.8

7.2
7.4

5.9

7.0

6.0

6.2 !

7.4

6.3

BANKS IN LARGE CITIES (100,000 AND OVER)
[

6.1 i 6.0
4.8
4.9
5.0 ! 5.3
5.3
5.4

6.0 ! 6.3
5. 0 j 5. 6

6.1
5.9

7.1
5.8

6.4
5.0

6.4
5.3

6.8
5.7

7.2
6. 3

7.6
6.3

6.1
5.2

5. 2 | 5. 6
5.5 ! 5.7

5.8
6.0

5.7
5.8

5.3
5.6

5.2
5.6

5.9
5.7

6.6
6.3

6.6
6.4

5.7
5.7

5.7
5.3

5.4 1 5.4
5.3 ' 5.7

6.0
6.0

5.8
5.7

5.5
4.9

5.3
4.9

6.0
6.0

6.7

6.5
6.2

5.7
6.6

5. 2
5.3
5.9
5.8
5. 9
45

5. 6 ' 5. 5
6. 0 ; 5. 5

6.0
5.9

6.2
5.6

4.5
4.7

5.0
5.0

6.0
5.9

5.5
5.5

6.1
5.5

5. 5 ' 5. 3
5.5 ; 5.6

6.0
6.0

6.0
5.9

4.9
4.9

4.9
4.9

6.0
5.5
5.6
5.5

6.9
7.2

6.2
6.0

5.5
6.2

50
50

5.3 1
!
!
4. 9 !
4.9 |
5.1
5.2 ;
54 i
43

56
5 5'

5.6
5.6

6.0
6.0

6.0
5.8

4.6
4.7

4.6

5.3

4.6 : 4.8

5.4 ; 5.6

5.7

5.8

4.8

5.4

1921—December... _.
1922—December

6.1
5.1

1923—June_ __
December

5.3
5.4

1924—June
December

5.6
4.9

1925—June
December......

5.2
5.1

1926—June
December

5.3
5.2

1927—June
December
1928—June




5.9
6.5

6.1
7.3

4. 5
5.3

6.8

6.8

6.1

103

DISCOUNT RATES AND MONEY KATES
No.

39.—OPEN MARKET RATES IN N E W YORK CITY, BY MONTHS, 1924-1928
[Per cent]
Prevailing rate o n -

Month

Prime
commercial
paper,
4-6
months

Average rate on1—
Call loans

Prime !
bankers' \ Time
accept- : loans, 2
ances, 90 I 90 days
days j

Average yield on*—

u. s.

3

Prime
bankers'
acceptRenewal ances,
90 days

Treasury
Treasnotes Liberty ury
4
and bonds bonds5
certificates,
3-6
months

1924—January
February
March.
April
May
June
July.
August
September
October
November
December

4.09
4.07
4.04
3. 95
3.29
2.45
2.01
2.10
2.33
2.21
2.37
2.89

3.76
3.54
3.57
3.38
2.99
2.44
1.92
1.90
2.14
2.41
2.58
2.57

4.32
4.29
4.29
4.24
4.15
4.01
3.94
3.92
3.95
3.93
3.98
4.05

1925—January
February
March
April
May
June
July
August
September
October
November
December

3.00
3.08
3.25
3.14
3.17
3.25
3.25
3.27
3.50
3.50
3.50
3.50

2.61
2.62
2.78
2.78
2.73
2.86
3.06
3.01
3.33
3.53
3.65
3.51

4.04
4.02
4.02
3.96
3.93
3.90
3.95
3.98
3.98
4.02
4.04
4.04

1926—January
February...
March
April
May__
June
July
August
September..
October
NovemberDecember..

4.33
4.85
4.55
4.06
3.81
4.15
4.27
4.52
5.02
4.75
4.56
5.16

3.67
3.63
3.63
3.42
3.20
3.32
3.38
3.57
3.88
3.88
3.79
3.83

3.49
3.18
3.25
3.08
3.17
2.90
3.11
3.27
3.47
3.58
3.35
3.11

4.04
4.01
3.98
3.94
3.93
3.90
3.93
3.95
3.96
3.95
3.91
3.84

1927—January
February
March
April
May__
.Tune
July
August
.._
September
October.
November—__
December

4.32
4.03
4.13
4.18
4.26
4.33
4.05
3.68
3.83
90
3.60
4.38

3.69
3.69
3.63
3.63
3.63
3.63
3.50
3.13
3.13
3.25
3.25
3.25

3.23
3.29
3.21
3.39
3.33
3.09
2.96
2.70
2.81
3.08
3.04
3.17

3.80
3.80

1928—January
February.....
March..
_
April..
,
May
June
_!.._.
July
August
September.....
October.
November....
December

4.24
4.38
4.47
5.08
5.70
6.21
6.05
6.87
7.26
6.98
6.67
8.60

3.36
3.51
3.52
3.81
3.94
4.05
4.32
4.62
4.50
4.50
4.50
4.50

3.31
3.33
6 3.30
6 3.62
6 3.90
6 3.92
4.12
4.36
4.57
4.70
4.24
4.35

3.75
3.74
3.73
3.68
3.64
3.60
3.58
3.48
3.47
3.44
3.47
3.48
3.45
3.44
3.43
3.39
3.34
3.35
3.36
3.30
3.32
3.35
3.40
3.50
3.56
3.54
3.55
3.48
3.53

1
These rates are monthly averages of daily quotations for the month.
2 Stock exchange 90-day time loans.
3 Stock exchange call loans; new and renewal rates. .
* Second,. third, and fourth A\i per cent Liberty bonds.
s
Three issues—3^, 4, and Al/i per cent: yields calculated on basis of last redemption dates—1956, 1954,
•and 1952.
6
Based, at least in part, on certificates of 6-9 months maturity.
Back figures—See Annual Report for 1927 (Table 28).




104

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No.

40.—OPEN-MARKET RATES IN N E W YORK CITY, BY WEEKS
[Per cent]
Prevailing rate o n -

Week ending (Saturday)—

Jan.
Jan.
Jan.
Jan.

7
14
21
28

Feb.
Feb.
Feb.
Feb.

Average rate on—

Prime
Prime
commer- bankers'
Time
cial
acceptloans
paper,
ances, 90 days 1
4 to 6
months 90 days

Average yield
on—

Call loans 2

U. S.
Prime Treasury
banknotes Treasers'
acceptReances,
newal 90 days

New

j

3 to 6 I
months!

1928
4
4

4.57
4.20
3.88
3.82

4.88
4.20
4.10
3.70

3.25
3.35
3.38
3.40

3.25 !
3.25 j
3.35
3.36 j

3.33
3.33
3.35
3.37

4_—
11
18
25

4
4
4
4

4.45
4.34
4.42
4.21

4.55
4.40
4.44
4.25

3.53
3.53
3.50
3.50

3.39 !
3.39
3.30 ;
3.28 I

3.38
3.37
3.35
3.35

Mar.
Mar.
Mar.
Mar.
Mar.

3
10-.
1724.
31-

4
4-4^
4-4^
4-4^
4-4

4.42
4.25
4.50
4.45
4.73

4.45
4.25
4.50 ,
4.45
4.65

3.50
3.50
3.50
3.50
3.58

3.30 !
3.25 !
3.29 i
3.33 !
3.33 i

3.33
3.30
3.30
3.28
3.29

Apr.
Apr.
Apr.
Apr.

7
14
21
28..

5.20
5.39
4.71
4.98

5.00
5.45
4.90
4.95

3.70
3.76
3.88
3.88

3.38 I

3.30
3.31
3.33
3.34

May
May
May
May

5
12
19
26

5 i 5.25
5 I 5.67
5-5^ i 5. 67
6.00

5.30
5.60
5.60
6.00

3.88
3.88
3.90
4.06

June
June
June
June
June

2
9
16
23
30

6.10
6.09
5.80
6.21
7.20

6.00
6.10
5.80
6.00 I

4.06
4.00
4.00
4.08

July
July
July
July

7
14
21
28..

6.59
6.55
5.44
5.50

Aug.
Aug.
Aug.
Aug.

4
11
18
25

6.77
6.91
6.27
7.05

6.75
6.40
5.80
5.50
6.60
6.50
6.60
6.80

4.13
4.38
4.38
4.53
4.63
4.63
4.63
4.63

Sept. 1
Sept. 8
Sept. 15
Sept. 22
Sept. 29
Oct. 6.Oct. 13
Oct. 20.
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29

7.45
7.69
7.39
7.65
6.93
7.70
6.42
7.06
6.85
7.53
6.35
6.20
6.50
8.39
9.87
7.25
7.26
10.83

7.40
7.50
7.40
7.30
6.90
7.50
6.50
7.00
6.50
7.50
6.38
6.20
6.50
7.38
8.80
8.00
7.20
10.00

4.60
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.51
4.50

/%

3K

434-5
4M5

--.

4-43^8
4
4
4-4H
4M

I

3.46
3.71 i
3.82 !
3.82 ]
3.90 !
3. 93 j

3.33
3.33
3.36
3.37

3.88
3.93
3.93
3.87
3.94

!
!
I
I
j

3.38
3.41
3.39
3.39
3.39

4.01 !
4.04 !
4.18 !
4.17 I

3.40
3.52
3.53
3.53

4.28 '
4.52
4.55
4.19

3.53
3.56
3.58
3.56

4.23
4.27
4.51
4.61
4.75
4.86
4.77
4.71
4.53
4.58
4.54 I
M. 00
3.99 j
4.16
4.24
4.27
4.39
4.49

3.53
3.51
3.54
3.54
3.56
3.56
3.58
3.55
3.52
3.49
3.47
3.48
3.46
3.50
3.51
3.53
3.55
3.55

5

<±. 1 0

4

3.96 j

1 Stock exchange 90-day time loans.
Stock exchange call loans new and renewal rates.
3 issues—33A, 4, and 4J^ per cent; yields calculated on basis of last redemption dates—1956, 1954, and
1952.
* Change of issues on which yield is computed.
* Based on certificates of 6-9 months maturity.
Backfigures.—SQQAnnual Reports for 1927 (Table 29), 1926 (Table 107), and 1925 (Table 106).
2
3




105

DISCOUNT RATES AND MONEY KATES
No.

41.—MONEY

RATES

IN

N E W YORK CITY—PREVAILING
CUSTOMERS, 1924-1928

RATES

CHARGED

[Rates prevailing during 7-day period ending with 15th of month. Per cent]
Loans secured by stocks and I ,
! Loa
bonds
°s
Demand I Time

January
February
March
April
May
June
July
August
September
October
November
December

j receipts

1925

January
February
March
April
May
June.
July
August
September
October...
November
December.
January.
February
March
April
May
June
July
August.
September
October...
November
December.

334-5
4 -5
334-5
4 -5

January.
February.
March
April
May
June
July
August.
September
October...
November.
December.

434-4
434-5
43^-5
5 -534
534-534|

434-5
4 -5
434-5
4%-5
5 -6
5 -534
5 -6
534-6
534-6
'534-6
5 -6

5 -6
5 -6
534-6
534-6
534-6
534-6
5%-6

Back figures.—See Annual Report for 1927 (Table 30).
NOTE.—For corresponding figures relating to cities other than New York, see the Federal Reserve Bulletin; also Annual Reports for 1926, Part II, Table 16, and 1925, Part II, Table 12.

41223—29




8

106

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
FOREIGN RATES

No.

42.—DISCOUNT RATES AT CENTRAL BANKS I F FOREIGN COUNTRIESCHANGES FROM JANUARY 1, 1922, TO DECEMBER 31, 1928

[Per cent]
Central bank of—
Date effective

[

Germany

In effect Jan.
i922—Feb. 16
Mar. 2
Mar. 10
Mar. ll._Apr. 13,._
June 15
July 1
July 11
July 13
July 18..
July 28
Aug. 17__
Aug. 28
Sept. 21
Nov 13
1923—Jan. 18
Apr. 23
July 5.
July 14
Aug. 2
Sept. 15
Nov. 9
Dec. 12
Dec 29
1924—Jan. 10
Jan. 17
Jan. 24_._
Dec 11
Dec 13
1925—Jan 15
Feb 26
Mar. 5
Mar. 9
Apr 15
June 2
June 18
Julv 9
July 24
A.ug. 6
Oct. l._
• Oct. 3
Oct. 9
Oct 22
Dec. 3
I92Q—Jan 12
Mar 27
June 7
July 6
July 31
Oct. 4
Dec 16
1927 Tan 11
Feb 3
Mar 9
Apr 14
Apr. 21
Apr. 22
June 10
Oct 4
Oct 10
Oct. 13
Dec 29
1928—Jan. 2
Jan 19
Mar. 5 .
Apr 1
May 1 _ __
June 25
Aug. 24
In effect Dec.

1, 1922—

5

Italy

5

England ! France

6

Japan

.

Nether- Sweden Switzerlands
land

8.03

4
5

i
I

4

5

4H
-

3

I

4

D

,

_

3

7
8
10
12
18

__
_
_._
__
_
„_
_

"I::::::!".""™

4

4

30
90

_

&A

1 10

__
_

"~

5V
6

_-.

5

i

7

*Yl

" """

i

4
9

5
6

. . .

7.30

i
7

2

6

_

_

j
j

4

..-

3K

•&

iiA

5
8
7
6

iy2

6.57
6V2

5

ly2

».

!

5 84

5

&A

4
6
7
5.48

4H

4

3K
L

j

,

6

I

•
31, 1928,.

2

4

•
Ay2

3,H;

7

5.48

4H

a

*i Rate charged on bills payable in stable values ;the rate charged on bills payable in paper marks remained

90 per cent until discontinued Jan. 29, 1924.



107

DISCOUNT BATES AND MONEY RATES

No. 43.—OPEN-MARKET RATES IN FOREIGN COUNTRIES, BY MONTHS, 1924-1928 l
[Per cent]
England
(London)

France
(Paris)

Germany
Italy
(Berlin) (Milan)

Japan
(Tokyo)

NetherSwitzerlands
land
(Amster(Zurich)
dam)

Month
Bankers' Private Private Private
Private
Discounted discount Private
acceptdiscount
bills
ances, 3 discount discount discount
rate
rate
rate
rate
rate
months
January
February
March
April
May

1924

. .

June
July
A ugust
September
October
November
December
January
February
March
April
May

1925
_ .

4.88
5.19
5.13
5.06
4.19
3.56
3.13
2.88
3.25
4.634.44
4.00

3.58
3.57
3.69
3.73
3.39
3.19
3.56
3.70
3.69
3.59
3.32
3.01

„

_ _

_ ._

3.80
3.83
4.48
4.30
4.59
4.44
4.35
3.94
3.68
3.57
3.92
4.67

6.40
6.31
6.31
6.37
6.30
6.00
5.47
5.22
5.37
4.92
4.78
4.80

8.38
8.00
8.00
8.00
8.00
7.83
7.88
7.78
7.27
7.16
6.78
6.75

5.37
5.47
6.00
6.50
6.50
6.94
7.50
7.50
8.50
8.50
8.50
8.50

7.306.947.306.946. 216.216.216.576.756.756.947.12-

9.86
9.13
9.13
9.13
8. 76
8.76
8.76
8. 76
8. 76
8. 76
9.13
9.13

2.63
2.14
2.34
3.23
3.45
3.08
2.72
3.72
3.63
3.47
3.34
3.43

2.69
2.25
2.44
2.50
2.46
2.29
2.16
2.02
2.00
2.00
2.22
2.29

4.76
4.31
4.37
4.33
4 37
4.27
4 26
4 45
4.54
4 69
4 57
4.53

.

June
July
August.
September
October
November
December.
January.
February

8.03-10. 22
8.40-10.22
8.40-10.22
8.40 10.40
8.40-10.40
8.03-10. 22
7.67-10.22
7. 67- 9. 86
7.67- 9.86
7.67- 9.86
7. 67- 9.86
8.03-10.04

3 29
3.54
3.20
3.07
3.05
3 03
3.59
3 79
3.74
3 72
3.72
3 73

4.57
4.27
4.25
4.25
5.15
5.73
6.00
7 00
6.98
7.25
6.69
5.77

6.28
5.46
5.00
4.88
4.69
4 53
4.54
4.61
4.88
4.82
4.63
4.72

8.18
8.00
8.00
8.00
8.00
8.17
8.50
8.50
8. 50
8.96
9.25
9.25

6.756.576.576.756. 757.126.94
6.756. 396. 216. 396.75-

9.13
8.76
8.40
8. 76
8.76
8. 76
8.76
8.40
8.40
8. 40
8. 40
8.76

2.95
2.19
2.67
2.90
2.95
2.83
2.74
2.63
2.78
2.83
3.21
3.39

2.44
2.22
2.18
2.30
2.38
2.38
2.37
2.34
2.52
2.80
2.96
3.35

4 17
4.19
4.33
4 04
3.88
4.34
4 33
4.33
4.32
4.32
4 33
4.31

4.99
4.45
3.89
3.17
2.46
2.25
2.13
2.04
2.01
1.82
2.75
2.95

4.20
4.23
4.59
4.61
4.90
5.39
5.90
5.82
5.90
6.69
6.76
6.87

9.25
9.25
9.25
9.25
8.50
7.60
7.00
7.00
6.81
6.50
6.27
6.00

6.396.21
5.845. 846. 576. 576.215.485.114.755.115.48-

8.76
8.03
7.67
8 03
7.67
8.76
8 40
8.03
7. 67
7.30
7 30
7. 67

2.97
3.47
3.50
3 47
3.46
3.57
3.53
3.45
3.56
4.11
4 50
4.49

3.16
2.87
2.98
3 13
3.19
3.42
3 47
3.44
3.39
3.38
3.39
3.40

4.19
4.18
4.12
4.02
3.97
3.82
3.99
4.27
4.23
4.35
4.38
4.37

2.81
2.75
2.72
2.62
2.62
2.90
3.12
3.23
3.26
3.37
3.37
3.41

6.27
6.20
6.72
6.71
6.66
6.59
6.74
6.68
6.65
6.57
6.28
6.28

6.00
5.89
o. 75
5.49
5.25
5.25
5.25
5.25
5.25
5.25
5.45
5.50

4. 384. 384. 024. 754. 754. 384. 384, 384. 754. 754. 754. 93-

7 67
6. 21
5. 84
5. 84
5. 81
5. 84
5. 84
5. 84
5. 84
6. 21
6. 75
6. 94

4 29
3.97
3.97
4.18
4.27
4.18
4.10
4.13
4.39
4 40
4.44
4.46

3 29
3.12
3.20
3.29
3.32
3.40
3.44
3.41
3.38
3 38
3.35
3.32

1926

March
April
May

June

July
August.
September
October . . _
November

December

1927
January
February

March

April...
May

June
_. _
July
August
September
_ _
October
November _
December
January.. _
February
March
April
May ..
June...
July
August
September
October
November
December

1928

. .

_

i All figures are monthly averages. For sources used and detailed explanation of methods of quotation,
see Federal Reserve Bulletin for November, 1926, and April, 1927.




MEMBER AND NONMEMBER BANK
CREDIT




109

ALL BANKS IN THE UNITED STATES
No.

44.—ALL BANKS 1 IN THE UNITED STATES—LOANS AND INVESTMENTS OP
MEMBER AND NONMEMBER BANKS, 1914-1928
[In millions of dollars]

Loans and investments
Date2

All
banks

NonMem- member
ber
banks banks

1914—June 30 _
1915—June 231916—June 301917—June 201918—June 29-

20, 789 3 8,313
21,466
8,764
24, 587 10, 315
28,287 12, 453
31,813 18, 507

1919—June 301920—June 301921—June 30..
1922—June 30,

36, 570
41,685
39, 999
39, 956

1923—June 30.
Dec. 31..

43, 738
44, 003
45,180
47,182

1924—June 30_
Dec. 31..
1925—June 30 _
Dec. 31..

48,830
50, 603
51, 562
52,018

1926—June 30_
Dec. 31..

1928—June 30_.
Dec. 31..

All
banks

NonMem- member
ber
banks banks

NonMem- memAll
ber
ber
banks banks banks

'12, 475 15,248 3 6,443 « 8,804
12, 702 15, 643 6,720 8,923
14,271 17, 961 7,964 9,996
15, 833 20, 510 9,370 11,140
13,306 22,392 13,233 9,158

5,541
5,823
6,626
7,777
9,421

I 3 l,870

h

2,044

2,351
3,083
5,274

• 3,671
3,779
4,274
4,147

22, 242
25, 559
24,121
24,182
26, 507
26, 487

14,330
16,125
15, 880
15, 774

24, 710
30,824
28, 970
27, 732

15, 414 9,297
19, 533 11,290
18,119 10,852
17,165 10, 567

11.860
10.861
11, 029
12.224

6,827
6,026
6,002
7,017

5,033
4,835
5,028
5,207

17, 230
17, 516

18, 750
18,842

7,757
7, 645

5,603
5,580

18, 013
18,437

11, 627
11, 936
12,320
12, 507
13, 210
13, 644
14, 097
14,106

13,360
13.225

27,167
28, 746
29, 518
30,884

30, 378
30, 778
31, 523
32, 440
33, 865
35, 640
36,157
36, 759
37, 360
38, 407
39,464
40, 763

13, 657
14, 742

7,963
8,813

5,693
5,929

14, 965
14, 963

8,863

6,102
6,076

15, 404
15, 260

9,123
8,990

6,281
6,269

22,938 14,421 16,391
14, 521 17,043

9,818 |
10,361 I

6,573
6,683

24, 303 15,161
25, 155 15,607

10,758 I
10,529 !

7,043
6,975

31,184
31, 642
53, 750 32, 756
55,450 34, 247
57, 265 35, 061
58, 266 35, 684

1927—June 30..
Dec. 31..

Investments

Loans

19, 312
19, 720
20, 378
20, 376
20, 994
21,204
22, 204
22, 582

19,204
19, 933

20, 655
21, 996
22, 060
22, 652

17, 801
17, 504

No. 45.—ALL BANKS 1 IN THE UNITED STATES—DEPOSITS OF MEMBER AND
NONMEMBER BANKS (EXCLUSIVE OF INTERBANK DEPOSITS), 1914-1928
[In millions of dollars]

Date 2

All
banks

Member
banks

Nonmember
banks

1914—June
1915—June
1916—June
1917—June
1918—June

30
23
30
20
29

18, 568
19,131
22, 759
26, 352
28, 765

3 6,374
6,678
8,395
10, 301
15, 670

* 12,192
12, 453
14, 364
16, 052
13,095

1919—June
1920—June
1921—June
1922—June

30
30
30
30

33,
37,
35,
37,

19,171
21,915
20, 637
22,397

14,433
15, 805
15,104
15, 219

603
721
742
615

Date 2
1923—June 3 0 . . .
Dec. 31....
1924—June 3 0 . . .
Dec. 31....
1925—June 3 0 . . .
Dec. 31....
1926—June 30. _.
Dec. 31....
1927—June 30. _.
Dec. 31-_._
1928—June 30
Dec. 3 1 . . .

All
banks

40,688
42,163
43, 405
45, 835
47, 612
49, 224
49, 733
50, 029
51, 662
52, 909
53, 398
56, 766

NonMember member
banks
banks
23,871
24,996
25, 711
27, 836
28,440
30,029
29,781
30, 474
31, 269
32,063
32,133
34, 826

16,817
17,167
17, 694
17,999
19,172
19,195
19,952
19, 555
20,393
20,846
21,265
21,940

1 Includes member and nonmember banks (25, 941 in June, 1928) as follows: National banks, State
commercial banks and trust companies, mutual and stock savings banks, and all private banks (about
280 in June, 1928) under State supervision.
2 Dates of reports of member banks;figuresfor nonmember banks are as of nearest available date.
3
National banks.
4
Nonnational banks.
NOTE.—Figures of nonmember banks and all banks for 1927 slightly revised, on account of the receipt
from some States of data more nearly current; alsofiguresfor deposits of member and all banks, beginning
1919, to include "letters of credit and travelers' checks sold for cash and outstanding."




Ill

112

ANNUAL REPOET OF THE FEDERAL RESERVE BOARD
ALL MEMBER BANKS

No. 46.—ALL MEMBER BANKS—RESOURCES AND LIABILITIES OF NATIONAL AND
STATE BANK MEMBERS, DECEMBER 31, 1927 AND 1928
[In thousands of dollars]
Total
Dec. 31,
1927

Dec. 31,
1928

National banks
Dec. 31,
1927

!

State bank members

Dec. 31,
1928

Dec. 31,

1927

Dec. 31,
1928

RESOURCES

Loans (including overdrafts) 2
'23,886,393 25,155,255
United States Government securities
3,977.557 4, 311, 790
Other securities.
6,382,962 6, 216, 890
Total loans and investments
34,246,912 35,
.,683,935
Customers' liability on account of acceptances
_.
699,701 929, 540
Banking house, furniture, and fixtures. _. 1,067, 200 1,107, 287
Other real estate owned
177, 229
177, 716
Cash in vault
523, 370
564, 384
Reserve with Federal reserve banks
2, 514,465 2, 409, 367.
Items with Federal reserve banks in process of collection
784, 391 967, 836
Due from banks in United States 3
2, 209, 831 2,124, 252
Due from banks in foreign countries
258, 337
306,950
Exchanges for clearing house and other
1, 508,418 3,493, 061
checks on local banks
Outside checks and other cash items
200,159
203,884
Redemption fund and due from United
33, 281
32, 995
States Treasurer...
_.._
.__
Acceptances of other banks and bills of
exchange or drafts sold with indorse431,968 677,994
ment
35, 212
35, 947
Securities borrowed
197, 666
220,498
Other assets...
^

Total.

4, 641, 073 15, 285,144 9, 245,320 9, 870, 111
2,744,827! 3,006,236 1, 232, 730 1, 305, 554
4,149,498i 4,115,260 2, 233,464 2,101, 530
11,535,398 22,406, 740 n] 711, 514 13;277,195
'"I,
\
369,855
531, 305 329, 846 398, 235
699, 725 730,063
367,475
377, 224
122,878
123,047
54,351
54, 669
360,071
386,954
163, 299 177,430
1, 509, 253 1,496,316 1, 005, 212 913, 051
520,399
577,086
1,649, 557 1, 581, 969
152, 929 206,003
781, 537 1,923,860
106, 321 116,161
33, 281

329, 764
20, 341
110, 853

590, 750
542, 283
100, 947

726,881 1, 569, 201
93, 838
87, 723

32, 995

194, 530
24,193
88, 630

263, 992
560, 274
105,408

237,438
11,019
109,036

348, 230
15, 606
109, 645

16,
44,888,140 48,935, 646 28,148, 557 30, 573, 457 739, 583 18, 362,189
LIABILITIES

2,337,780 2,474, 223 1,527, 709 1,615,601 810, 0/1 858, 622
Capital stock paid i n . .
Surplus-_
_
2,124,020 2,440, 709 1, 313,483 1,489,099 810, 537 951,610
f 832,564
' 491, 559|\
' 341,005
Undivided profits—net
85, 317 J
Reserves for dividends, contingencies, etc_ [ 879,480 I 151,744 • 530,576
66,427
Reserves for interest, taxes, and other exT6, 602
52,317
54,074
128, 757
120, 676
penses accrued and unpaid
76, 410
40,748
12, 692
15,762
52, 073
56, 510
39,381
Due to Federal reserve banks.
3,808, 222 3, 649,037 2, 729, 931 2,595,768 1,078, 291 1,053,269
Due to other banks in United States
316,987
246, 512
745,691 543, 273
428, 704 296,761
Due to banks in foreign countries
383, 437 1, 049,943
Certified and officers' checks outstanding.
839, 556 2,184,138 456,119 1,134,195
Cash letters of credit and travelers' checks
10, 344
12, 423
12, /84
9,218
outstanding
|
21,641
23,128
6,946,538 i, 128, 786
Demand deposits
j 18,170,140 18,903,658 11, 223, 602 11, 774, 872
Time deposits
...112,764,79813,453,311 7,805, 787 8, 304, 3 4,959,011 5,148, 950
167,3141 183,337
78,168
99,667
United States deposits
I 266,9811 261,505
Total deposits
136,669,102 39,074,560 22,860, 056 24, 340, 386 13,809, 046 14, 734,174
Agreements to repurchase United States I
12,843
19,942
58, 919
Government or other securities sold
|
32,785
134,084
75,165
Bills payable and rediscounts
663,475 1,1G2,178
481, 382 785, 059 182,093! 3/7,119
Acceptances of other banks and bills of
exchange or drafts sold with indorse194,530 329, 764j 237,438 348, 230
ment
--..
431,968
677,994
374, 852 524, 725j 346, 621 403,604
Acceptances executed for customers
721,473 928,329
Acceptances executed by other banks for
23, 248!
7,812
14, 506
20, 388
account of reporting banks
22,318
43,636
649, 877
National bank notes outstanding
649,877
649,893
20,3411
11,519
15, 606
24, 417
Securities borrowed
35,936
35,947
132,411
76, 6981 103, 283
87,;"
Other liabilities.,
i 191,169
209,109
Total

144,888,14048,935,646128,148,557 30,573,457 16,739,583 18,362,189

1 Member banks only—i. e.. exclusive of national banks in Alaska and Hawaii.
2
Exclusive of acceptances of other banks and bills of exchange or drafts sold with indorsement, now
shown separately.
3 Includes amounts due from own foreign branches.
* Includes amounts due to own foreign branches.
Back figures.—For principal items see Table 48, also Annual Report for 1926 (Tables 77-78: separate figures
for national and State members); for detail see (1) Member Bank Call Report, Nos. 35-42; (2) Annual
Reports for 1927 (Table 84), 1926 (Table 79), 1925 (Tables 78-80), 1924 (Tables 78-80); (3) Federal Reserve
Bulletin.




113

ALL MEMBER BANKS

No. 47.—ALL MEMBER BANKS—RESOURCES AND LIABILITIES OF RESERVE CITY
AND COUNTRY BANKS, DECEMBER 31, 1927 AND 1928
[In thousands of dollars]
Central reserve
city banks

Other reserve
city banks

D e c . 31,
1927

Dec. 31,
1928

7,014, 378
1,128,979
1,126, 574
9,269,931

7, 537,414 8,461,824
1,267,8"" 1, 546, 869
1,055, 740| 1,895,487
9,860,990 11,904, 180
~

Dec. .31,
1928

D e c . 31,
1927

Country banks
Dec. 31,
1927

Dec. 31,
1928

RESOURCES

Loans (including overdrafts)i
United States Government securities
Other securities
Total loans and investments
Customers' liability on account of acceptances
Banking house, furniture, and fixtures
Other real estate owned
Cash in vault
Reserve with Federal reserve banks
Items with Federal reserve banks in process of collection
Due from banks in United States 2
Due from banks in foreign countries
Exchanges for clearing house and other
checks on local banks
Outside checks and other cash items
Redemption fund and due from United
States Treasurer
Acceptances of other banks and bills of
exchange or drafts sold with indorsement
Securities borrowed
Other assets
Total.

8, 702, 347 8, 410,191 8,915,494
1,662, 415 1, 301, 709 1,381, 539
1,791,212 3, 360, 901 3, 369,938
974
12,155,"-" 13,072, 801 13, 666, 971

510, 342
163,307
3,357
71,917
1,036, 253

700,731
179, 829
5, 037
78, 414
978, 2891

171, 959
405,151
57,648
157, 666
814, 687

212, 534
415,097
59, 954
167, 273
779, 327

17,400
498, 742
116, 224
293, 787
663, 525

16,275
512,361
112, 725
318,697
651, 751

243,693
240, 835
204, 989

369, 501
248,126
239, 502

420, 231
899,057
49, 259

458, 926 120,467
899, 258 1,069, 939
63, 934
4, ~~~

139,409
976,868
3,514

1, 070, 489
62, 978

81, 414

339, 708
104, 213

489,157
87,169

98, 221
32,968

123, 295
35, 301

1,881

1,994

8,192

23,431

22,809

359, 228
350
65, 422

550, 487
350
108, 909

125, 571
20, 720
64, 236

1,830
13, 338
46, 296

1,936
14, 877
47, 353

70, 910
21, 524

13, 304,972 16,284,182 15, 510,110 16, 007, 32: 16, 073, 058 644,142
16,
LIABILITIES

Capital stock paid in
Surplus
Undivided profits—net
Reserves for dividends, contingencies, etc.
Reserves for interest, taxes, and other expenses accrued and unpaid
._.
Due to Federal reserve banks
Due to other banks in United States
Due to banks in foreign countries 3
Certified and officers' checks outstanding.
Cash letters of credit and travelers' checks
outstanding
Demand deposits
Time deposits
_.
United States deposits

Total deposits

Agreements to repurchase United States
Government or other securities sold
Bills payable and rediscounts
Acceptances of other banks and bills of
exchange or drafts sold with indorsement
Acceptances executed for customers
Acceptances executed by other banks for
account of reporting banks
National bank notes outstanding
Securities borrowed
Other liabilities

Total1

573, 500
654, 796
\ 270,103 /
I

674, 972
846, 755
265,732
65,060

44, 340
50, 265
14
1
1, 454, 322 1, 541, 351
699, 850
486, 888
503, 874 1, 786,960

977, 558
796, 530 821, 693 967, 750
698, 044 777, 835 771,180 816,119
f 243,524 • 336,236 323,308
273,141 I 45, 174
I
41,510
43, 831
12, 822

41, 325
34, 661
39, 237
12. 508
1, 680, 614 485, 214
43, 802
2,039
54, 035
212, 824 271, 081 122, 858

35, Oil
44,001
427,072
2,350
126, 097

1,0531
262, 233 i

4, 642
6, 085
204
470
573
224 5, 943, 198 6, 034, 666 078, 080 6,120, 768
6,
601 4,692,468 4,832,306 6, 471, 517 6, 794, 404
,
, ,
382
146, 518
152, 702
50.1611
50,421
87; 12, 924,960113,043,997
13, 349, 31013, 565, S86
29, 4281
52, 854
72,870
2,3041
210, 8351 375,922 190, 407 j 330,200
456,050

359, 2281
525, 432|

550, 486: 70, 910!
700, 366 180, 592J

125, 5'
212, 882

26,980
39,399
350
75,939

15,348
161,234
20,720
69,243

16,
16, 795
6,148, 862 6, 748,
1, 600, 813 1, 826,
70, 302
58,
3,464,
10, 494, 833 1

15,4541
37,287!
350|
60,439

j

5,287 i
155,758
21,524
99,270!

1, 830
15, 449 j

1, 577|
456, 832.
14, 062!
31, 460;

1,937
15,081
1, 308
449, 260
14, 877
63,927

13,304, 972 16, 284,182 15, 510,110 16,007, 322 16, 073, 058 16, 644,142

Excludes acceptances of other banks and bills of exchange or drafts sold with indorsement, which are
shown separately.
2
Includes amounts due from own foreign branches.
3
Includes amounts due to own foreign branches.
Back figures.—See (1) Member Bank Call Report, Nos. 35-42 (where data are given by cities); (2) Annual
Reports for 1927 (Table 85), 1926 (Table 80), 1925 (Tables 81-84), 1924 (Tables 81-84); (3) Federal Reserve
Bulletin.




No. i 8 . — A L L MEMBER BANKS—PRINCIPAL

RESOURCES AND LIABILITIES ON CALL DATES, 1914-1928
[In millions of dollars]

Loans and investments
Investments

Call date
Cotal

Loans i

Total

Net
Total D e m a n d Time United Due to demand
de- ; States b a n k s 6 deposits
deposits deposits 4
deposits posits
(*)
(*)
(*)
(•)

Due
from
banks2

U.S.
securi-

Net
demand
(*)

Bills
pay- N u m able ber oi
and
reserve redis- banks
banks counts

"Dp

1914

8,305

5,125

1,233

1,876 i

6,235

7,468

266

133

7,582

1,353
1.322
1,282
1,443
1,637
1,563

8,666
8,967
8,894
9,437
10, 389
10, 636

5,092
5,367
5,278
5,491
6,152
6,334

1,264
1,320
1,352
1,416
1,463
1,506

2,252
2,234
2,216
2,486
2,734
2,761

6.622
6,735
6,811
7,145
7,879
7,971

7,886
8, 055
8,163
8,561
9,342
9,477

295
295
317
324
376
414

96
91
98
106
104
99

7,607
7,614
7,615
7,630
7,640
7,631

1,644
1,648
1,766
1,850
1,871

1,767
1,564
1,748
2,057
1,874

11,404
11,133
11, 737
12, 893
12, 661

6,661
6,581
6,892
7,522
7,340

,775
,853
,940

3,022
2,738
2,958
3,397
3,303

8,336
8,226
8,804
9,567
9,502

10,022
10,001
10,657
11,507
11,485

438
490
554
674
733

64
69
95
80
95

7,605
7,606
7,618
7,614
7,614

3,734
3,438
3,096
3,643

10, 044
9,869
9,690
12,487

12,169
12,132
11,993
15,643

778
802
862
1, 497

75
8 95
8 327
8 783

7,614
7,629
7,653
7,907

|
3,353 j
3, 284
3,446 |
3,804 |

12,
12,
13,
14,

451
217
322
563

15, 797
15, 612
16, 973
18,397

1, 536
1, 565
1, 520
1, 655

8 1,043
8
1, 022
8 1,912
« 1, 876

8,132
8,213
8,596
8,692

14,160
14,725
16, 261
16, 576

18, 252
19,069
21, 310
21, 881

1, 633
1, 724
1, 825
1, 904

8 1, 962
8 1, 927
8 2, 257
8
2, 347

8,725
8,822
8,995
9,066

16, 426
16, 422
15,924
15,345

22,173
22, 333
22,068
21, 533

1, 866
1, 839
1, 827
1, 763

2,755
2,701
3,080
3,036

9, 291
9,399
9, 567
9,606

8,498

6,419

2,079

760

1,319

1,163

8,570
8,707
8,764
9,048
9,693
9,861

6,563
6, 705
6,720
6, 965
7,483
7,622

2,007
2,002
2,044
2,083
2,210
2,239

747
750
749
747
745
742

1,260
1, 252
1,295
1,336
1,465
1,497

10, 252
10,315
10, 732
11, 259
11, 275

Dec. 31

7,898
7,964
8, 263
8,712
8,714

2,354
2,351
2,469
2, 547
2,561

710
703
703
697
690

2,093

1915
Mar. 4.
May 1
June 23
Sept. 2
Nov. 10
Dec. 31

_

1916
M a y 1—
June 30Sept. 12
Nov. 17
Dec. 27
1917
Mar. 5
._
May 1
June 20...
Dec. 31
1918
M a y 10
June 29
Nov. 1
Dec. 31
1919
Mar. 4
June 30
Nov. 17
Dec. 31
May 4
June 30
Nov. 15
Dec. 29

1920
_

9,096
11,701
8
9, 208
11,985
s 9, 370
12, 453
16, 896 8.8 12,316

2, 605
2,777
3,083
4,580

687
748
1, 065
1,759

1,918
2,029
2,018
2,820

2,056
1,897
1,695
2,129

2,218 j
2,258
2,307 j
2,807 j

396
651
397
628

7,503
7,915
7,856
11,180

2,125
2,263
2,304
3,156

34
35
141
649

18,673
18, 507
20, 981
20, 593

6,006
5,274
6,431
6,368

3,203
2,465
3,591
3,472

2,803
2,809
2,840
2,896

1,870
1,906
2,036
2,194

3, 005 I 19. 210
3,002
18,954
3, 222 ! 20,864
3,220 ! 21,457

11,051
10, 754
12,059
13, 347

3,347
3,395
3, 651
3,834

1,459
1,521
1,708
472

,
3.913, 233
814, 550
8 14, 224
8

13,
13,
13,
18,

I

21, 484
22, 242
24,187
24, 778

13, 877
8 15, 414
8 17,423
818,149

7,607
6,827
6,765
6.630

4, 652
3,803
3,494
3,324

2,955
3,024
3,271
3,306

2,137
2,125
2,575
2,519

3, 280
3, 350
3,587
3,542

21,511
22, 833
25,183
26,139

12, 727
13, 925
15, 652
16,080

4, 092
4,344
5,050
5,305

902
386
648

25, 418
25, 559
25,769
25, 531

19,198
19, 533
19,852
19, 555

6,220
6,026
5,917
5,976

2,958
2,811
2,655
2,619

3,262
3,215
3,262
3, 357

1,874
1,824
1,774
1,577

3,833
3,853
4,086
4,120

24,871
25,401
25,106
24,220

15,
15,
15,
14,

5,747
5,911
6,144
6,188

190
260
220
316




388
744
512
632

3,808
3,662
4,095
4,106
i
I
I
I

3,546
3,486
3,230
3,084

!

24,390
24,121
23,482

18,487
17, 394

5,903
6,002
6,088

2,496
2,561
2,581

3,407
3,441
3,507

1,325
1,354
1,450

4,156
4,133
4,093

22,830
23,350
23,247

13,527
13.881
13,630

6,343
6,367
6,451

273
390
306

2,687
2,713
2,860

14,389
14,321
14,449

20,732
20,688
20,900

1,654
1,625
1,758

2,313
2,022
1,364

9,745
9,779

23,278
24,182
25, 579

17,080
17,165
17, 930

6,198
7,017
7,649

2,701
3,205
3,754

3,497
3,812
3,896

1,614
1,647
1,806

4,185
4,214
4,364

23, 660
25, 547
27,288

13, 503
15,065
15,689

6,662
7,175
7,645

330
156
462

3,165
3,150
3,492

14,498
15, 539
16,203

21,160
22,714

23, 848

1,723
1,835
1,939

758
592
727

9,816
9,892
9,859

26,141
26, 507
26,319
26,487

18, 419
18, 750
18,719
18,842

7,722
7,757
7,600
7,645

3,849
3, 835
3,685
3,603

3,873
3,922
3,915
4,042

1,774
1,596
1,640
1,824

4,356
4,367
4,436
4,378

27, 200
27,088
26, 942
28, 507

15,145
15,196
15,128
16,107

8,143
8,378
8,466
8,651

404
297
145
237

3,508
3,217
3,203
3,512

16,086
16, 066
15,919
16, 376

24, 229
24, 444
24, 385
25,027

1,909
1,871
1,869
1,900

815
944
983

9,850
9,856
9,843
9,774

26, 663
27,167
28,311
28, 746

19,045
19,204
19,713
19,933

7,618
7,963
8,599
8,813

3,534
3,575
3,866
3,874

4,084
4,387
4,733
4,939

1,644
1,940
2,430
2,339

4,468
4,486
4,594
4,532 j

28, 270
29, 566
30,795
32, 384

15, 609
16,329
16,406
17, 788

8,890
9,204
9,597
9,805

292
179
302
242

3,480 j
3,854 I
4,490 '
4,548

16,112
16, 838
17, 804
18, 468

25,002
26,042
27,401
28, 273

1,893
1,965
2,121
2,228

614
443
325

9,681
9,650
9,635
9,587

29,046
29, 518
30,176
30,884

20,176
20,655
21,285
21, 995

8,869
8,863
8,890
8,888

3,894
3.780
3,761
3,728

4,975
5,082
5,129
5,160

2,091
2,017
2,031
2,155

4,669
4,690
4,688
4,678

31, 249
32, 457
32, 075
34, 250

16,629
17.882
17, 452
19, 072

10,127
10,381
10,- 467
10, 653

412
177
278
304

4,081
4,018
3,878 !
4,221

17, 708
18, 277
18, 259
19, 260

27,835
28, 658
28, 726
29,913

2,092
2,191
2,147
2,238

486
559
712
733

9,531
9,538
9,539
9,489

30, 819
31,184
31, 642

21, 785
22, 060
22, 652

9,034
9,123
8, 990

3,805
3, 745
3,389

5,229
5,378
5,601

1,934
1,980
2,066

4,
4,832
4,944

32, 893
33,762
34, 528

17,710 10,955
18, 381 11,173
18,800 11,440

379
228
234

3,849
3,980
4,054

18,392 i 29, 347
18,804
29, 977
30,362
18,922

2,136
2,236
2,210

620
612
760

9,412
9, 375
9,260

31, 949
32, 756
33,186
34, 247

Apr. 28..
June 30..
Dec. 31..

22,327 9,622
22,938 9,818
23, 227 9,959
23, 886 10, 361

3,835
3,796
3,856
3,978

5,787
6,022
6,103
6,383

1, 896
1,968
2,077
2,210

5,086
5,147
5, 295
5,341

33, 756
35, 398
35, 482
36,669

17,644 !11,818
18,842 I12, 210
18,378 12, 459
19,032 j12, 765

407
218
435
267

3,887
4,129
4, 209
4,606 I

18,542
19,250
19,170
20,105

2,321
2,280
2,320
2, 514

546
541
528
663

9,144
9,099
9,087
9,034

18,119

1922
Mar. 10..
June 30_.
Dec. 29..
1923
Apr. 3 .
June30_.
Sept. 14..
Dec. 3 1 . .
1924
Mar. 31_.
June30_.
Oct. 1 0 . .
Dec. 3 1 . .
1925
Apr. 6_
June 30_.
Sept. 28..
Dec. 31._
1926
Apr. 12.
June 30_.
Dec. 31..

I

1927
Mar. 23..
June 30_.
Oct. 10.Dec. 3 1 . .
1928

i
i

j
!
i
i
i

30, 360
31, 460
31, 629
32,870

i

23,099 10, 590 ! 4,216 6,374 1,941
33, 688
5,404
32,158 2,367
581 I
19, 236
18,182 12,923
4,184 !
86
35, 375
35, 061
24,303 10, 758 4,225 6,534 1,897
1,209 ! 8,929
19,191
5, 625
18, 437 13, 439
3,927 i
32, 629 2,342
257
36, 060
34,929
4,386 6,218 2,026
1,154
24,325 10, 604
18, 570 13, 410
4,037 !
18,995
159
32,405 2,348
8,896
36,175
5,842
35,684
21,111 13, 453
4,249 1
19,944
1,162 | 8, 837
25,155 10, 529 ! 4,312 6,217 2,124
262
39, 075
33, 397 2,409
5, "
*"Demand deposits" and ''Net demand deposits" revised to include letters of credit and travelers' checks sold for cash, beginning Nov. 1, 1918; "Due to banks" revised to
include amounts due to own foreign branches, beginning Mar. 23, 1927.
1 Includes rediscounts and overdrafts; excludes acceptances of other banks and bills of exchange sold with indorsement.
2
Does not include items with Federal reserve banks in process of collection, or amounts due from foreign banks or own foreign branches.
3 Includes reserves for dividends, contingencies, etc., but excludes, beginning Sept. 28, 1925, reserves for interest, taxes, and other expenses accrued and unpaid.
4
Includes certified and cashiers' or treasurers' checks, and letters of credit and travelers' checks sold for cash.
5 Includes postal-savings deposits, except that such deposits of State bank members prior to June 20, 1917, are included with demand deposits.
6
Includes amounts due to Federal reserve banks, foreign banks, and other banks and bankers; also amounts due to own foreign branches beginning Mar. 23, 1927.
7
Deposits subject to reserve requirements.
8
Includes small amounts of bills sold with indorsement.
• Excludes customers' liability on letters of credit for State bank members.

Feb. 28.
J u n e 30..
Oct. 3 . _ .
Dec. 31..




w

3

w
GO

116
No.

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
49.—ALL MEMBER BANKS—NET DEMAND AND TIME DEPOSITS, BY SIZE

OF CITY, 1924-1928
[In millions of dollars]
;

Time deposits

Net demand deposits

Banks in cities and towns having a population of—

Banks in cities and towns having a population of—

Date

Total

Total
5,000
to
5,000 ! 15,000

1924
Jan. 23
Feb. 27
Mar. 26
Apr. 23
May 28
June 25
July 23
Aug. 27
Sept. 24
Oct. 29
Nov. 26
Dec. 24
1925
Jan. 28
Feb. 25..
Mar. 25.
Apr. 2 2 May27_.
June 24..
July 29..
Aug. 26..
Sept. 23.
Oct. 28..
Nov. 25.
Dec. 2 3 1926

Jan.27.
Feb. 24..
M'ar. 24.
Apr. 28—
May 26..
June 23—
July 28..
Aug. 25..
Sept. 22.
Oct 27..
Nov. 24,
Dec. 29—

1927
Jan.26
Feb. 23—
Mar. 23
Apr. 27
May 25
June 22
July 27
Aug. 24
Sept. 28
Oct. 26
Nov. 9
.Dec. 7
1928
Jan.11Feb. 8—
Mar. 7.Apr. 1 1 May9_.
June13—
July 11.Aug. 8-.
Sept. 12.
Oct. 10-_
Nov. 7 . .
Dec. 12-

15,943
15,846
15,815
. . . 15,944
15,987
16,397
! 16,710
17,040
17,360
17,765
17,947
17,957
!
I
I 17,927 |

1,626
1,601
1, 582
1,555
1,524
1.512
1.513
1,550
1,615
1,678
1,699
1,690

Less
than

1,073
1,056
1,048
1,049
1,025
1,022
1,012
1,024
1,044
1,067
! 1,077
i 1,081

2,046
2,037
2,030
2,041
2,021
2,007
2, 017
2,034
2, 053
2,093
2,132
2,144

I
|

2,170 : 13,002 !
12,907 | 10, 006
2,211
2,225 ! 12,528 | 10,094
12,749 j 10,187
2,240
2,247 i 12,612 ! 10,325
2,265 i 12,713 | 10, 407
2,295 ! 12,812 i 10, 406
12, 747 10, 475
2,322
12,752 ! 10, 503
2,376
2,393 i 13,101 | 10, 629
2,407 • 13,031 ! 10, 692
13,107 ! 10, 627
2,420

j

!
j
i
i
!
i
j

17,
17,503
17, 715
17, 552
17, 671
17, 817
17, 840
18, 005
18, 432
18, 371
18, 443

1,673
1,682
1,663
1,638
1.614
1,614
1,624
1,669
1,742
1,779
1,774
1,756

18, 356
18, 261
18, 009
18, 064
18,138
18,110
18,112
18, 072
18, 234
18, 280
18.216
| 18,395

1,721
1,724
1,697
1,603
1,648
1,635
1,653
1,664
1,702
1,710
1,695
1,660

|
' 18,121
! 18,105
j 18,357
I 18,346
! 18,471
_J 18,534
i 18,555
i 18,493
I 18,667
i 18,960
J! 19,180
19,586

633
644
628
614
609
597
611
632
690
726
754
750

j
i
!
I
j
!
i
i
|
j
!

19, 719
19,162
19,107
19, 391
19,315
19,170
18, 789
18, 273
18, 691
18, 779
19, 005
19,160

709
701
690
656
655
637
648
653
694
757
,771
,736

!|
I
j
;

i
!
!
!
!
|
I

!
i
!
•
!
I
I
|
I
|
!
i

1,081
1,087
1,086
1,088
1,078
1,078
1,086
1,102
1,136
1,159
1,158
1,160

11,197
11,153
11,155
11,299
11,416
11,856
12,167 !
12,432 I
12,647 !
12,926 i
13,039 I
13,042 j

i
i
;
|

1,569
1,575
1,581
1, 583
1,585
1,588
1, 603
1, 617
1,624
1,633
1,640
1,637
1,063
1,073
1,080
1,082
1,083
1,091
1,096
1,105
1,113
1,116
1,119
1,114

13,022
13, 070
13,042
13,263

10, 803
10,880
10, 970
11,048
11,102
11,177
11, 281
11, 313
i 11, 352
i11, 402
I11,438
i 11, 430

1,762
1, 775
1,782
1,783
1,782
1,789
1,803
1, 807
1,802
1,809
1,803
1,802

1,130
2,169
1,138
2,173
1,147
2,192
1,151
2,202
1,157
2,203
1,158
2,217
1, 164 | 2, 225
1,175
2,225
1,180
2,244
2,261
1,181
2,263
1,185
2,238
1,182

5. 742'
5, 794
5,849
5, 912
5, 959
6,014
6, 088
6,10&
6,125
6,151
6,187
6,208

2,332 13,044
2,348 12, 997
2,354 I 13, 260
2,358 i 13, 260
2,353
13, 405
2,335 ' 13,490
2,340
13,493
2,336
13,411
2,363
13, 468
2,388
13, 683
2,412
13,834
2,414 • 14, 238

11, 608
11, 795
11, 900
12, 002
12,124
12,159
12, 261
12,334
12, 452
12, 527
12, 579
12,677

1,821
1,823
1,844
1,840
1,857
1,855
1,875
1,873
1,872
1,887
1,894
1,901

1,196
1,202
1,211
1,220
1,222
1,233
1,243
1,253
1,258
1,266
1,272
1,282

2,274
2,295
2,316
2,338
2,358
2,363
2,390
2,411
2,436
2,450
2,453
2,456

6,316
6,475
6, 529
6,604
6, 686
6,707
6,753
6,798
6,885
6,925
6,960
7,038

14, 392
13, 930
13, 906
14,181
14,125
13, 968
13, 600
13,158
13, 475
13,465
13, 643
13,799

12, 928
12, 990
13.059
13,259
13, 420
13, 443
13, 422
13, 378
13, 368
13, 462
13, 511
13, 418

1,925
1,941
1,949
1,958
1,960
1,963
1,973
1,978
1,981
2,010
2,018
2,003

1,298
1,308
1,316
1,321
1, 325
1,327
1,333
1,331
1,335
1,353
1,361
1,344

2,488
2,503
2,519
2,546
2,572
2,577
2,580
2,584
2,576
2,604
2,608
2,577

7,217
7,238
7,276
7,435
7,564
7,577
7,536
7,485
7,475
7,495
7,524
7,494

; 2,396
: 2,399
i 2,367 !
2,355 I
2,348 I
i 2,363 :
2,370 !
1, 1 2 3 • 2,343
2,365
1, 144
1,143 : 2,357
2,342
1,137
1,129 i 2,343 ;

'
i
;
i
:

8,975
9,041
9,148
9,269
9,368
9,517
9,675
9,796
9,727

15,000

1,668
1,678
1,685
1,691
1,693
1,702
1,722
1,728
1,736
1,738
1,735
1,734

1,159
1, 158
1, 140
1,128
1,130
1,118
1,125

1,113
1,117
1,115
1,114
1,105
1,112
1,112
1,114
1,146
1,162
1,180
1,185

8,805

5,000

5,000

15,000 100,000
and
to
100,000

Less
than

13,080 :
12,980 s
12, SOS i
12,919 j
13,013 !
12,994 |
12,963 |
12,943 i

1,997
2,021
2,048
2,044
2,076
2,082
2,097
2,117
2,126
2,143
2,150
2,136

5,157
5,233
5,281
5,3705, 473
5, 532
5,491
5, 525'
5, 528
5, 631
5,689
5, 643

I

i
!
!

1,181
1,160
1.148
1,151
1, 150
1,147
1,144
1,132
1,146
1,176 i
1,186 I
1,178 I

2.437
2,371
2,363
2,403
2, 384
2,417
2, 397
2,330
2,377
2,381
2,404
2,447

Back figures—See Annual Report for 1927 (Table 36).



117

ALL MEMBER BANKS

No. 50.—ALL MEMBER BANKS—RESERVE BALANCES, BY MONTHS, 1917-1928
[Monthly averages of daily figures. In millions of dollars]
Month
January.. _
February.
March
April
May
June
July
August._._
September
October, _.
November
December..

1917 1 1918

1919

1,467
1,468
1,466
1,504
1,482
1,512
1,448
1,459
1,507
1,539
1,520
1,586

635
\f612
\f652
\f656
686
Xf
1t696
\f719
1, 740
1, 769
1, 793
1, 837
1, 820

L, 883
L, 858
1,878
1,870
L, 853
1,853
1,840
1,807
1,817
1,815
1,782
1,758

1925

1920

*680
*691
718
743
*744
804
1 101
1 141
1 130
•1 243
•1
* 409
*1 439

1,773
1,728
1,694
1,665
1, 657
1,664
1,639
1,621
1,629
1, 652
1,663
1,673
1

* Revised.

i
j
i
|
|
j

1,707
1,689
1,711
1,733
1,783
1,820
1,812
1,799
1,811
1,836
1,825
1,840

1,918
1, 901
1,873
1,869
1,874
1,867
1,867
1,835
1,848
1,864
1,875
1,882

1,911
1,892
1,915
1,905
1,922
2,001
2,046
2,072
2,120
2,141
2,164
2,182

1926

1927

2,194
2,159
2,137
2,123
2,132
2,141
2,160
2,151
2,161
2,203
2,221
2,219

2,236
2,208
2,198
2,183
2,199
2,206
2,212
2,201
2,211
2,219
2,214
2,218

2,243
2,212
2,240
2,248
2,262
2,301
2,289
2, 283
2,300
2,326
2,373
2,399

2, 426
2,368
2,365
2,396
2,388
2, 355
2,324
2,274
2,314
2,332
2,352
2,367

Figures prior to 1917 not available.

No. 51.—ALL MEMBER BANKS—BORROWINGS AT FEDERAL RESERVE BANKS,
BY MONTHS, 1914-1928
[Monthly averages of daily figures. In millions of dollars]
1914

ay
June
July
August
September
October
November
December
Month
January...
February.
March
April
May
June
July
August
September
October. __
November.
December.

2,523
2,400
2,297
2,129
1,959
1,811
1,719
1,548
1,442
1,371
1,228
1,180

962
769
638
572
479
437
425
396
417
486
623
660

547
608
628
658
705
741
834
809
845
873
799
771

574
514
476
489
433
370
315
268
262
240
228
301

267
340
390
403
397
437
480
545
594
619
597
688

i
I
|
;
j
I
j
I
i
I
I

520
526
557
537
511
473
549
555
640 I
663
615

481
393
425
447
473
429
454
409
422
424
415
529

465
471
513
661
836
1,019
1,090
1,061
1,064
975
897
1,013

* Revised.
NOTE.—Figures include a small amount of borrowing by intermediate credit banks, etc.; see Table 11.




118
No.

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
53.—ALL MEMBER BANKS—CLASSIFICATION

OF LOANS ON JUNE

30,

1925-1928
[In millions of dollars]
Loans on securities

Total
loans

Total:

20, 655
1925
22,060
1926
1927
22,938
1928
24, 303
Central rese
citybanks—
1925.
5,382
1926
5,753
1927.
6,267
1928
Other reserve city banks—!
1925
! 7,443
1926
J 7,987
1927
8,291
1928
! 8,657
Country banks—
I
1925
I 7,831
1926
! 8.320
1927
| 8,380
1928
| 8,757
National bank members:
j
1925
! 12, 592
1926
; 13, 322
1927
| 13, 849
1928
14, 921
Central
reserve
city
banks—
I
1925
: 2,631
1926
2,844
1927
2,951
1928
3,408
Other reserve city banks—
1925
3,975
1926
4,157
1927
4,618
1928
4,990
Country banks—
1925
5,986
1926
6,321
1927
6,279
1928
6,523
State bank members:
1925
8,063
1926
8,738
1927
9,089
1928
9,382
Central
reserve
city 1
banks—
I
1925
2,751
1926
I 2,909
1927
I 3,315
1928
j 3,481
Other reserve city banks—I
1925
3,468
3,830
1926
1927
3,673
1928
3,667
Country banks—
1925
1,845
1926
1,999
1927
2,101
1928
2,234

!| Se! cured
I

by

U. S.
Total I Gov|j erni! ment
Ijobliga! tions

All other loans
Secured by real estate

Secured
by
other
stocks
and
bonds

Total
Total

2,338.3
2, 649. 5
2, 926. 4
3, 068. 3

6,718
7,321
8,156
9,068

243.3
206.7
180.8
178.2

6,474
7,114
7,975
8,890

13, 937
14, 740
14, 782
15, 235

2,857
2,985
3,398
3,610

80.2
64.5
56.5
63.0

2,777
2,920
3,342
3,547

2, 525
2,769
2,868
3, 279

2,275
2,557
2,824
3,213

2,187
2,483
2,763
3,141

5.168
5,430
5,467
5,444

1,323.3 1 122.0
1
1,475. 9 154. 2
1, 514. 6 134. 7

1,586
1,779
1,934
2,245

87.7
74.5
61.4
71.7
75.5
67.8
62.9
43.5

1,510
1,711
1,871
2,201

3.659
4,034
4.436
5, 111

159. 2
130. 7
109.7
108.3

1.246
1,348
1,525
1,739

117.9
151.0 |
180.1 j
169.8 !!

11,599
12, 090
11, 856
12,167

148.3
177. 5
166.6

2,407
2, 618
2,688
3,109

1, 201. 3
1,321.6
1,379. 9

3,984
4.107
3,991
3,930

6,245
6,540
0,446
6,512

1.036.3 !
1.175. 2 I 364. 2 | 811. 0
1.270.4 I 321.0 | 949.4
1,383.9 || 306.4 ] 1,077.4

5,209
5,365
5,176
5,128

3,500
3,904
4,326
5,003

8,934
9,287
9,413
9,810

636.5
725.0
1, 062. 0
1, 285. 3

48.2
32.2
23.5
37.7

1,197
1,316
1,501
1,701

1,385
1,496
1,427
1,669

1,259
1,391
1,539
1,787
1,154
1,296
1,372
1,585

52.9
44.5
35.8
34.5

1,206
1,347
1, 504
1, 752

58.1
54.0
50.3
36.1

3,058
3,286
3,720
3,957

2.7 |
2. 6 !
3.2 i

1,184.2 i

I

255.9 |
252.1 !
305. 0
325. 1

380.7
472.9
757. 0
960. 2

8,297
8,562
8,351
8,525

2.9
4.4
4.5
15.5

.3
.3
.3
.3

2.6
4.1
4.3
15.2

1,382
1,492
1,422
1,654

2,716
2,768
3.079
3,203

94.9
111.0
387.0
510.3

23.4
19.9
77.8
93.8

71.5
91.2
309.2
416.5

2,621
2,655
2,692
2,693

1,098
1,242
1,321
1,549

4,832
5,026
4,908
4,938

538.7
609.6
670.5
759.5

232.1
231.9
226.9
231.1

306.6
377.7
443. 6
528.4

4,293
4,416
4,237
4,178

84.2
75.9
71.1
69.9

2,974
3,211
3,649
3,887

5,005
5,452
5,369
5,425

1, 701. 8
1,924. 5
1, 864. 4
1, 782. 9

236.8 j 1,687.7
172.9 I 1,691.6
119.2 ! 1,663.7

3,303
3,527
3.505
3,642

1,611
1,637
1,873
1.871

31.1
32.2
32.0
25.3

1,580
1,604
1, 841
1,846

1,139
1,273
1,442
1,610

115.0
146.7
175.6
154.3

2.4
2.3
3.0

144. 3
173. 3
151. 3

1.024
1,126
1,266
1,455

1,016
1,166
1,285
1,426

34.8
30.0
25.6
37.2

981
1,136
1,259
1,389

2,452
2,664
2,388
2,241

1, 089. 3
1, 212. 2
1, 088. 9
1,004. 3

102.1
76.4
40.9

1, 110.1
1, 012. 5
963. 3

1,363
1,452
1,299
1,237

432
484
562
660

17.4
13.8
12.6
7.4

414
470
550
652

1,414
1,516
1,539
1,574

497.6
565.6
599.9
624.3

132.3
94.1
75.3

433.3
505.8
549.0

916
950
939
950

Includes overdrafts; excludes acceptances of other banks and bills of exchange sold with indorsement.
NOTE.—Figures comparable to the above are not available for earlier dates.
Of the total loans of all member banks on June 30, 1923, about $4,650,000,000 was reported as eligible for
rediscount at the reserve banks, as compared with about $4,770,000,000 on June 30, 1927, and $4,920,000,000
on June 30, 1928; figures not available for earlier dates.




ALL MEMBER BANKS
No. 53.—ALL MEMBER BANKS—CLASSIFICATION OF SECURITIES ON JUNE 30,.

1925-1928
[In millions of dollars]
Foreign securities

Domestic securities

Total
securities

Total

8,362
8, 625
9.246
10, 032

3,781
3, 744
3 796
4,225

1,029
1,149
1,277
1,307

2,781
2, 918
3, 343
3,512

115.0
122. 5
129. 0
142.1

275.3
327. 2
34S. 3
407. 3

381.5
334. 7
351.8 j
378.8

500.5
498. 1
572. 1
726.4

327.3
300.6
316. 3
392.3

173. 2
197.5
255. 8
334.1

1,913
1,987
2,110
2,335

1 066
1,066
1 080
1,314

233
250
277

476
478
547
485

28.0
31.6
34.1
40.4

73.8
91.0
83.2
95.4

36. 3
69.8
78.7
123.9

S9.2
66.1
84.8
123.0

62.8
37. 3
48. 4
66.9

36.3
28.6
30.5
56.1

2,715
2,793
3, 050
3,352

1 331
1, 325
1,408
1.599

343
406
461
504

702
776
885
917

38.9
11. 0
43.3
47.2

134.0
149.9
163.1
190.5

165.9
914
89.3
94.3

140.4 !
139. 3
141.7
182.8

92.6
81.8
71.4
95.3

47.7
57.4
70.3
87.5

3,735
3, 845
4,087
4,345

1,385
1,353
1 308
1,312

453
493
530
586

1, 003
1,693
1,911
2,110

47. S
49.7
51.5
54.4

67,3
86.2
101.9
121.4

179.1
170.3
183.8
160.6

260.7
292. 5
345. 6
420.6

171.7
181.3
196.6
230.1

89.0
111.2
149.0
190. 5

5,338
5,465
5,961
6,592

2,513
2 466
2,593
2,889

594
647
743
839

1,863
1,948
2,215
2,451

74.4
78.7
81.9
91.1

78.7
90.5
92.5
105.1

215.3
234. 1
236. 0
217.9

362.8
372.3
426.7
549.1

240. 7
225.8
237.8
296.4

122.1
146.5
188.9
252. 7

994
984
1,027
1,184

587
579
596
725

107
90
105
117

239
237
246
252

15.0
17.0
17.5
21.5

23.0
26.8
19.4
21.0

22.8
34.5
42.5
47.8

62.6
38.7
48.0
73.6

40.5
21.3
27.9
42.7

22.1
17.2
20.1
30.9

1, 406
1,457
1,757
2,033

770
765
920
1,085

157
187
242
284

353
369
456
530

21.2
21.9
24.0
27.8

34.3
39.1
45.5
52.4

70.2
75.0
68.9
53.6

78.6
84.6
88.5
116.2

54.8
50.3
47.2
61.3

23.8
34.3
41.3
54.9-

2. 937
3, 024
3, 178
3,376

1,156
1,122
1,077
1,079

329
370
395
438

1,270
1,343
1, 513
1,669

38.2
39.6
40.4
41.8

21.3
24.4
27.6
31.7

122.1
124.6
124.6
116.6

221.4
248.9
290.2
359.3

145.3
154.0
162.6
192.3

76.1
94.8
127. 5
167. 0

3,025
! 3,161 I
i 3.285 |
3,440

1,269
1,278
1,203
1,336

435
503
535
528

918
999
1.128
1,061

40.4
43.7
47.1
51.0

196. 5
236.6
255. 7
302.2

166.1
100.6
115. 8
160.9

137.6
125.7
145.4
177.3

86.5
74. 7
78.6
95.9

51.0
50.9

918
1,003 |
1, 083
1,152

478
487
484
589

126
160
182
160

237
241
301
233

12.9
14.6
16.6
19.0

50.7
64.1
63.8
74.4

13.3
35.3
36.1
76.1

36.4
27.3
36.8
49.3

22.2
15.5
20.4
24.1

14.2
11.3
16.3
25.2

1, 309
1, 336
1,293
1,319

561
560
488
514

186
219
219
220

349
408
429
387

17.7
19.0
19.4
19.4

99.7
110.7
117.6
138.1

95.7
19.4
20.4
40.7

61.7
37.8
54.7 I 31.5
53.2
24.1
34.0
66.7

23.9
23.1
29.0
32.7

230
231
231

124
123
135
148

332
350
398
441

9.6
10.0
11.1
12.6

46.0
61.7
74.3
89.7

57.0
45.7
59.2
44.0

39.2
43.6
55.4
61.2

12.9
16.4
21.5
23.5

Total:
1925 .__
8,863
9,123
1926
P 818
1927
1928
10, 758
Central reserve
city banks—
1925
2 012
2,053
1926
.
1927
2 195
2,458
1928
Other
reserve
citv banks—
1925
2 855
1926
„ - . 2,932
3,191
1927
3, 535
1928
Country banks—
3 996
1925
4,138
1926
4 432
1927
4,765
1928
National bank members:
1925
5, 700
1926
5 837
6,388
1927
7,141
1928
Central reserve
city banks—
1,057
1925
1926
. . 1,023
1, 075
1927
1,257
1928
Other
reserve
city banks—
1925
1,485
1, 542
1926
1927
1,846
2,149
1928
Country banks—
3,158
1925
3,273
1926
3,468
1927
3,735
1928
State bank members:
3,163
1925
3,286
1926
3,430
1927
3,617
1928
Central reserve
city banks—
954
1925
1,031
1926
1,120
1927
1928
. - 1,201
Other
reserve
city banks—
1,371
1925
1,391
1926
1,346
1927
1,386
1928
C o u n t r y banks—
838
1925
865
1926
964
1927
1,030
1928




All
other
Bonds forof for* eign
secueign
gov- rities,
ern- includments
ing
municipal

U. S.
Government
securities
(total)

!

799 1
821
909
969 1

233

State,
Stock Stock
counf Fedof
All
y, and other ral re- other
nunic- bonds serve corpoipal
bank rations
bonds

All
other
do- j Total
mestic
securities

26.3
27.2
33.9
37.7

66.9
81.4

120

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

REPORTING MEMBER BANKS IN LEADING CITIES
No.

54—REPORTING MEMBER BANKS—PRINCIPAL RESOURCES

[In millions of dollars. For corresponding series for (a) New York City and (b) other leading cities.
Total
loans
and
investments

Investments

Loans
Total

Onsecu-i A l il oot - heprr
A
m
rities

Other
U. S.
securities securities

Total

19271
Jan. 5-..
Jan. 12
Jan. 19
J a n . 26
Feb. 2
Feb. 9
Feb. 16
Feb. 23
Mar
Mar. 9
M a r . 16
Mar. 23
Mar. 30
Apr. 6
Apr. 13
Apr. 20
Apr. 27
May 4
M a y 11
M a y 18
M a y 25

!
|
j
|

J u n e 1__

I

June 8
J u n e 15
J u n e 22
June 29
July 6
July 13
July 20
July 27
Aug. 3_*
Aug. 10
Aug. 17
Aug. 24
Aug. 31
Sept. 7
Sept. 14
Sept. 21
Sept. 28
Oct. 5
Oct. 12
Oct. 19
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
M o n t h l y averages:
January
February
March
April
May
June
July
August
September
October
November
December
1

19,865
19, 754
19, 586
19, 541
19, 592
19, 528
19, 538
19,576
19 779
19* 775
20,171
20,116
20.105
20,114
20,036
20,015
20.106
20, 245
20, 234
20, 316
20, 298
20, 432
20, 365
20, 642
20, 503
20, 589

14, 750
14, 588
14, 442
14, 374
14,411
14,333 |!
14, 309
14, 334
14, 489
14, 477
14, 584
14, 567
14, 565
14, 607
14, 556
14, 526
14, 564

6,086
5,933
5,841
5,801

8,664
8,655
8,601
8,573

5,114
5,166
5,145
5,167

2, 309
2, 330
2,350
2,366

5,849
5, 758
5,751
5, 764

8,562
8,576
8, 558
8,570

5,181
5,194
5,228
5,242

2, 362
2,370
2,383
2,380

5, 858
5, 817
5,888
5,860 .

8,631
8,660
8,697

2,396
2,394
2,658
2,588
2,555

2,806
2,837
2,795
2,801
2,819
2,824
2,845
2,862
2,894
2,804
2,929
2,961
2, 985

I
;
|
i
;
!
|
-

8,707 I
8,655 I

5,932
5,891
5, 918
5, 978

8, 675 !
8,665 !
8, 608 |
8, 587 |

5, 506
5,479
5,489
5, 542

2,566
2,547
2,554
2, 595

2,941
2,933
2,935
2,947

14,695
14, 659
14, 669
14,639

6,044
5,981
6, 039
3,003

8,651
8,678
8,630
8,636

5, 550
5,575
5,647
5,660

2, 610
2,639
2,659
2,640

14,838
14, 792
14, 853
14, 829
14,931 |

6, 204
6,179
6, 230
6, 210
6, 279

8, 634 I
8,612
8,623
8,619 j
8,653 j

5, 594
5, 573
5,789 I
5,674 I
5,658 j

2,533
2,538
2,713
2,599
2,570

20, 584
20, 370
20, 332
20, 331

14,925
14, 742
14, 734 j
14, 726 I

6,291
6,152
6,148
6,175

8,634 j
8, 590 I
8, 585 !
8,551 |

5,659
5,628 |
5,598 j
5,605 j

2,561
2,552
2,551
2, 549

2,939
2,936
2,988
3,020
3,061
3,035
3,076
3,076
3,088
3,098
3,076
3,047
3, 056

20,
20,
20,
20,
20,

346
384
347
271
436

14, 794
14,835
14,831 |
14,763 !
14,903 |

6,213
6,202
6, 206
6, 157
6, 229

8, 582
8, 633
S,625
8,606

5,552
5, 549
5,516
5, 508
5,532

20, 761
20, 812

14,902 j
15,071 j
15, 121
15,169 !

6, 208
6,315
6. 300
6,367

8, 694
8,757
8, 821
8,801

2,516
2,510
2,494
2,492
2,500
2,485 I
2,495
2,596
2,607

3, 035
3,038
3,023
3,016
3,033

20, 426

I
I
I
j
J
!
I
I
|
i
-I
I
j

5,910 j

5,290
5,298
5,587
5, 548
5, 540

20,952
20, 912
20.936
20. 871

15,302 !
15,251 •
15,262 j
15,218 !

6,457
6, 375
6. 381
6, 401

8, S45 I

2,610
2,617
2,627
2,614

3,040
3,044
3, 047
3,040

20,
20,
21,
21,
21,

886
963
204
208
298

15.233 i

6,418 |
6,4.22 I
6,528
6,507

2, 590

6.585 I

8,815 '
8, 865
8,796
8,802
8,801

3,062
3,091
3,101
3,102
3,112

21.
21,
21,
21,

250
267
387
409

15, 350 I

6, 580 I
6,621 !
6.705 j
6.798 I

8,770
8, 731
8,703
8,677

19,686
19, 558
19, 989
20,068
20, 273
20. 506
20, 404
20, 357
20, 653

14.538 I

5, 915
5, 780
5.867
5,930
6,017
6,220
6, 191
6,201
6,298
6,403
«, 492
6, 676

8, 623
8,566
8,670
8,634
8,649
8,628
8,590
8,624
8,768
8,855
8,816
8,720

20.614 1
1

20, 918
21,112
21, 328

15.288 ;
15,324 ;
15,309 !
15,386 !
15.353 ;
15,408 !
15,476 !

14,347 !
14,536 !
14.564 i
14,666 !
14,849 !
14,781 !
14.825 j
15,066 I
15,258 l
15, 308
15,396

Comparable figures for previous years not available.




!
j
I
I

8, 674 j

8.877 ;
8,881 I
8, 817 I

5,524
5,542
5,640
5,643
5,650
5,661
5.674
5,654
5,652
5.675
5,880
5.899
5,912
5.900
5,914
5,979

i!
|
|
|
!
i
j
j
!
i
j
!
j
j
!
|

5,934 I

I

2,585 j
2,779 !
2,797
2,800
2,803
2,811
2,866
2,802

5,148 j
5,212 i
5,453 I
5,504 j
5, 608 !
5,658 j,
5,623 jj
5,531 1
1
5,587 |
5,660
5,804
5,932 I

2,339
2,374
2,518
2,565
2,637
2,591
2, 553
2,502
2,546
2,617
2,710
2,820

3,039
3,047
3,043
3,036

3,097
3,103
3,114
3,132
2,809
2,838
2,935
2,939
2,971
3,067
3,069
3,029
3,041
3,043
3,094
3,111

REPORTING MEMBER BANKS IN LEADING CITIES

AND L I A B I L I T I E S I N 1927-28, BY W E E K S

(REVISED

SERIES)

with explanation of revision, see Federal Reserve Bulletin for March and January, 1929]
Reserve
with
Federal
reserve
banks

!
!
I
:
\
!
I
i
1
1
1
!

i
j
|
1

N e t d e m a n d plus time deposits
Cash in

vault

Net demand

Total

1,744
1,677
1,666
1,600
1,646
1, 630
1,695
1,583
1,636
1,629
1,676
1,706
1,680
1,624
1,670
1,646
1,673
1,718
1,669
1,695
1,681
1,720
1,730
1,810
1,712
1,746
1,686
1,704
1,699
1,671
1,740
1, 708
1,662
1,708
1,691
1,699
1,699
1,699
1, 717
1,707
1,699
1,748
1,724
1,727
1,750
1,819
1,753
1, 755
1,763
1,780
1,774
1,808

306
295
270
267
257
270
253
281
255
268
252
260
263
262
269
259
263
260
265
257
259
259
268
254
257
269
276
271
254
258
252
257
248
253
252
268
270
259
259
262
267
263
266
257
286
262
279
276
288
313
338
316

19, 055
19, 039
18, 863
18, 725
18, 818
18, 719
18, 806
18, 740
18, 960
18, 931
19, 201
19, 040
18, 983
19, 026
19, 059
19, 036
19, 097
19, 228
19, 287
19, 346
19, 308
19, 541
19, 510
19, 866
19, 409
19, 560
19, 568
19, 514
19,433
19, 416
19, 488
19, 563
19, 499
19, 384
19, 587
19, 574
19, 818
19, 501
19,544
19, 742
19, 755
19, 791
19, 739
19,807
19,939
20,189
20,197
20, 428
20, 320
20, 399
20, 241
20, 201

1,672
1,639
1,665
1,653
1,691
1,744
1,690
1,702
1,703
1,719
1,761
1,781

284
265
260
263
260
261
265
252
264
265
272
314

18,921
18, 771 i
19, 023
19, 054
19, 292
19, 577
19,483
19, 504
19, 609
19. 757
20,112
20, 291

41223—29


;
:
|

!

j
1
I
!

i

Time

Government
deposits

Borrowings at
Federal
reserve
banks

13, 210
13,175
13,015
12, 867
12,958
12, 844
12, 924
12,804
12,965
12, 923
13,224
13, 062
12, 996
13, 034
13, 048
13,021
13, 030
13,147
13,185
13, 203
13,180
13, 407
13, 336
13, 715
13,243
13,369
13, 387
13, 346
13,264
13, 225
13, 278
13,332
13, 270
13,153
13, 346
13, 326
13, 554
13, 233
13, 245
13, 407
13, 401
13, 444
13,396
13,473
13,548
13, 779
13,743
13,970
13, 919
14,000
13,809
13, 757

5,845
5,864
5,848
5,858
5,860
5, 875
5, 882
5,936
5,995
6.008
5,977
5, 978
5.987
5,992
6,011
6.015
6,067
6,081
6,102
6,143
6,128
6,134
6,174
6,151
6.166
6.191
6,181
6,168
6,169
6,191
6,210
6,231
6,229
6,231
6,241
6,248
6,264
6,268
6,299
6,335
6,354
6,347
6,343
6,334
6,391
6,410
6,454
6,458
6,401
6,399
6,432
6,444

156
120
120
120
120
102
102
104
103
92
344
313
303
282
260
176
166
156
129
95
91
74
44
209
200
162
132
107
95
96
88
53
40
40
40
8
8
352
352
336
337
252
194
179
120
315
111
11
6
7
192
192

446
305
248
197
222
223
242
243
279
266
190
309
296
252
280
263
286
356
288
305
260
329
241
198
269
306
342
265
246
233
285
261
236
257
240
295
224
270
278
320
286
271
254
232
310
233
274
331
304
353
432
463

13, 067
12,883
13, 034
13, 033
13,179
13,414
13, 306
13, 276
13, 340
13,412
13, 703
13, 872

5,854
5,888
5,989
6,021
6,113
6,163
6,177
6,228
6,269
6, 345
6,409
6,419

129
107
231
221
118
138
108
52
180
280
147
99

299
233
268
270
302
268
272
256
267
283
276
388

1927
Jan. 5.
Jan. 12.
Jan. 19.
Jan. 26.
Feb. 2.
Feb. 9.
Feb. 16.
Feb. 23.
Mar. 2.
Mar. 9.
Mar. 16.
Mar. 23.
Mar. 30.
Apr. 6.
Apr. 13.
Apr. 20.
Apr. 27.
May 4.
May 11.
May 18.
May 25.
June 1.
June 8.
June 15.
June 22.
June 29.
July 6.
July 13.
July 20.
July 27.
Aug. 3.
Aug. 10.
Aug. 17.
Aug. 24.
Aug. 31.
Sept. 7.
Sept. 14.
Sept. 21,
Sept. 28.
Oct. 5.
Oct. 12.
Oct. 19.
Oct. 26.
Nov. 2.
Nov. 9.
Nov. 16.
Nov. 23.
Nov. 30.
Dec. 7.
Dec. 14.
Dec. 21.
Dec. 28.
Monthly averages:
January.
February.
March.
April.
May.
June.
July.
August.
September.
October.
November.
December.

121

122

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No.

54.—REPORTING

fin millions of dollars.

MEMBER BANKS—PRINCIPAL

RESOURCES AND

For corresponding series for (a) New York City and (b) other leading

Total
loans
and
investments

Investments

Loans

Total

On securities

Total

All other

U. S. se- Other se- j
curities
curities |

1928
Jan.
Jan.
Jan.
Jan.

4...
11..
18.
25..

21,
21,
21,
21,

629
548
447
348

7,022
6, 806
6,742
6, 073

8, 652
8,682
8,630
8, 559

5,955
6,061
6,075
6, 116

2,824
2,923
2,965
3,021

3,131 !
3,138
3,110
3,095 '

Feb.
Feb.
Feb.
Feb.
Feb.

1__
8...
15.
21..
29.

21,419
21, 333
21, 292
21, 200
21, 328

6,769
6, 634
6, 566
6, 510
6, 554

8,547
8,614
8,642
8,615
8, 667

6,103
6,086
6,084
6,075
6,107

3,018
3,010
2,998
2,985
2,945

3,085 '•

Mar.
Mar.
Mar.
Mar.

7...
14..
21..
28..

21,
21,
21.
21,

6, 510
6, 614
6, 545
6,675

8,721
8,793
8,805
8,815

6,078
6,088
6,205
6,160

2,935
2,924
3,030
2,986

3,143 j
3,164
3,175
3,175

Apr.
Apr.
Apr.
Apr.

4
11
18..
25..

21,972 !
21,930 !
21,958
21,918

6,
6,
6,
6,

8,878
8, 933
8,888
8,822

6,141
6,122
6,149
6,147

2,972
2,980
3,001
2, 999

3,170 i
3,142
3,148
3,148 |

Mav
May
May
May
May

2...
9._.
16..
23..
29..

22, 162 i
22, 122 I
22,171 j
22,124 I
22,160

8,904
8,899 !
8,885 |
8, 877 j
8,857 j

6,166
6,174
6,181
6,213
6,206

3,021
3,022
3,014
3,029

3,145
3,152
3,167
3.184
3,212

June
June
June
June

6__.
J3..
20_.
27..

22, 085
22, 115
22,049 i
|

7,092 |
7,048 !
7,106 !
7,035 !
7,097 j
I
7,052
6,997
6, 9LI
6, 888

8, 859
8,936
8,922
8,918 j

6,175
6, 182
6. 215
6, 199

3.010
3.011
3,045
3,014

July
July
July
July

3...
11..
18..
25-.

7, 151 j
7,003
6,854 i
6,815 j

8, 992 I
8,889 I
8,943 !
8,922 i

6, 170
6, 140
6,094
6,054

3.007
3, 005
2,980
2,952

3,164 i
3, 135
3,114 ]
3,102 |

6,954 I
6,860 |
6,781
6, 745 !
6, 740

8,963
9, 003
9,016
9,011
9, 051

6,113
5,983
5,968
5,930
5,925

3,036
2,935
2,919
2,904
2,903

3,077
3,047 |
3,049 !
3,026 i
3,022 !

21,833 :
j
21,787 !
l
21,980 |
21,884 !

6, 860
6, 814
6, 874
6,811

9,046
9, 065
9, 066
9, 058

5,927
5,908
6,039
6,016

2,921
2,922
3,056
3,027

3,007 i
2,986 i
2,984 j
2,989 |

21,
21,
21,
21,
22,

6,865
6,807
6,856
6,882
6,958

9,147
9,160
9,133
9,089
9,119

5,914
5,871
5,983
5, 953
5,951

2, 987
2,975
3,076
3,055
3,027

2,927 j
2,896 i
2,907
2,898
2,924

9,065
9,043
8.993
8,954
9,009
9,038
9,119
9,054

5,895
5,885
5,876
5,894
5, 899
5,880
5,985
5,980

3,009
2,993
2,972
2,977
2,978
2,961
3,059
3,051

2,886
2,892
2,904
2,917

22, ISO
22,068 ,
.
22, 233 1
22,264

7,031
6,947
7,104
7,246
7,282
7,150
7,129
7, 230

21, 493
21,315
21, 502
21, 944
22,148
22, 063
22, 006
21,809
21,871
21, 938
21, 983
22,189

6,811
6, 606
6,586
6, 921
7, 075
6,962
6, 955
6, 816
6,840
6, 874
7, 082
7,198

8,631
8, 617
8,784
8,880
8,884
8,90S
8,937
9,009
9. 059
9.130
9,014
9, 055

6, 052
6, 091
6,133
6,140
6,188
6,193
6,114
5, 984
5,973
5, 934
5,888
5,936

2,933
2,991
2,969
2,988
3,016
3,020
2, 986
2, 940
2,981
3,024
2,988
3,013

3.119 j
3,100 i
3,164 ;
3,152 i
3.172 !
3.173 •
3,129
3,044 ;
2,991 :
2,910 ;
2,900
2,924 !

Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.

_

1...
8...
15. _
22,.
29..
5._
12.
19.
26_

i
I
I
1

309
494
555
651

22,005 1
1
22,314 I
22,032 I
21,890 I
21, 790 |

16,143
15, 892
15, 796
15,737

22,030 :
l
21.846 !
l
21, 765
21, 686
21,716

!'£iii

953
875
920 j
919

3,075 '
3,087 i
3,091
3,161

2, 994
!
j
I
I

i
I
i
!

3,164 \
3,171
3,170
3.185 :

I
Oct.
Oct.
Oct.
Oct.
Oct.

3..
10.
17.
24.
31.

Nov. 7
Nov. 14
Nov. 21
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Monthly average:
January
February
March
April
May
June
July
August
September
October
November
December




926
838
972
924
028

21,991
21,875
21, 973
22, 094

2,921
2,919
2,926
2,929

REPORTING MEMBER BANKS IN LEADING CITIES
LIABILITIES IN 1927-28, BY WEEKS (REVISED SERIES)—Continued
jities, with explanation, see Federal Reserve Bulletin for March and January, 1929]
i

Reserves
with
Federal
reserve
bank

Government
deposits

Borrowings at
Federal
reserve
bank

Net demand plus time deposits
Cash in
vault
Total

Net
demand

Time

1928
20, 714
20, 631
20,484
20, 336

14,176
14,077
13, 924
13, 749

6,538
6,554
6, 560
6,587

164
124
89
81

392
313
291
261

Jan.
Jan.
Jan.
Jan.

4.
11.
18.
25.

254 1
245 '•
242

20, 449
20, 281
20, 313
20,076
20,310

13,
13,
13,
13,
13,

855
655
692
470
693

6,594
6,626
6,621
6, 606
6, 617

77
43
35
35
34

299
339
360
336
355

Feb.
Feb.
Feb.
Feb.
Feb.

1.
8.
15.
21.
29.

1,737
1,730
1,701
1, 738

248
248
242
242

20,256
20,436
20,143
20, 235

13, 618
13, 773
13,431
13, 492

6, 638
6, 663
6,712
6,743

10
10
281
281

360
352
353
383

Mar.
Mar.
Mar.
Mar.

7.
14.
21.
28.

1,773
1,801
1,760
1,797

244
249
239
242

20,556
20, 619
20, 621
20, 510

13,
13,
13,
13,

825
871
855
707

6,731
6, 748
6,766
6,803

273
235
169
117

468
470
469
545

Apr.
Apr.
Apr.
Apr.

4.
11.
18.
25.

1,809
1,797
1,754
1,752
1, 742

240
248
235
245
246

20, 745
20, 695
20, 738
20,555
20, 528

13,910
13, 808
13, 840
13, 644
13, 598

6,835
6,887
6,898
6,911
6, 930

109
72
50
38
37

585
608
629
659
737

May
May
May
May
May

2.
9.
16.
23.
29.

1, 756
1,758
1, 714
1, 732

247
254
243 !
249

20, 542
20, 609
20,206
20,134

13,
13,
13,
13,

625
681
290
204

6,917
6, 928
6, 916
6,930

14
211
203

773
834
774
803

June
June
June
June

6.
13.
20.
27.

1,780
1,741
1,687
1,683

250 !
261
243
240

20,438
20,183
19,976
19,831

13, 534
13, 297
13,146
13, 007

6,904
6, 886
6,830
6,824

163
122
93
72

960
870
787
799

Julv
July
July
July

3.
11.
18.
25.

1, 731
1,650
1,665
1,661
1,654

234
243 j
236
245
246

19,985
19,662 |
19, 741
19, 608
19,668

13,145
12,838
12, 910
12, 785
12, 829

6,840
6,824
6, 831
6, 823
6,839

245
194
185
148
118

854
827
765
798
787

Aug.
Aug.
Aug.
Aug.
Aug.

1.
8.
15.
22.
29.

1,659
1,722
1,730
1,685

247
253 j
245
248

19. 847
19,968
19, 876
19,830

13, 019
13,151
13, 045
12, 981

6,828
6,817
6,831
6,849

94
67
207
165

825
825
861
778

Sept. 5.
Sept. 12.
Sept. 19.
Sept. 26.

1, 708
1,682
.1,717
1,689
1,738

248
267
248
252
249

20,006
19, 991
20,100
20,010
20,190

13,182
13,158
13, 252
13,165
13, 325

6,824
6,833
6,848
6, 845
6,865

99
65
190
142
135

801
770
720
688
703

Oct.
Oct.
Oct.
Oct.
Oct.

1,699
1,715
1, 717
1,725
1,722
1,783
1,709
1,776

269
265
253
268
269
289
313
326

20,151
20, 219
20, 245
20, 254
20, 342
20, 325
20,167
20,130

13, 305
13, 367
13,396
13, 408
13, 511
13, 498
13, 322
13. 266

6,846
6,852
6. 849
6,846
6,831
6,827
6,845
6,864

92
73
73
54
18
4
249
198

736
641
585
762
785
793
700
918

1,799
1,758
1,726
1, 783
1,771
1,740
1,723
1,672
1,699
1,707
1, 714
1,748

270
246
245
244
243
248
248
241
. 248
253
264
299

20, 542
20, 286
20, 268
20, 576
20, 652
20, 373
20,107
19,733
19,880
20,059
20, 217
20, 241

13,982
13,673
13,579
13, 814
13, 760
13, 450
13, 246
12, 902
13, 049
13, 216
13, 369
13, 399

6,560
6,613
6,689
6,762
6,892
6,923
6,861
6,831
6,831
6, 843
6,848
6,842

115
45
146
198
61
103
113
178
133
126
73
117

314
338
362
488
644
796
854
806
822
736
681
799

Nov. 7.
Nov. 14.
Nov. 21.
Nov. 28.
Dec. 5.
Dec. 12.
Dec. 19.
Ded. 26.
Monthly averages:
January.
February.
March.
April.
May.
June.
July.
August.
September.
October.
November.
December.

1,846
L, 826
L, 798
,728

294

,777
,773
,755
,737
,749

238

282 j

255
248
251 !




3.
10.
17.
24.
31.

123

124
No.

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

55.—REPORTING
MEMBER
BANKS—LOANS,
INVESTMENTS,
DEPOSITS,
RESERVES, AND BORROWINGS AT FEDERAL R E S E R V E BANKS, 1919-1928

[Series discontinued after 1928; see footnote 1]
[Monthly averages of weekly figures. In millions of dollars]
Month

1919

Loans and invest- I
ments:
{
January
14,178
February. _
I 14,257
March
! 14,578
April
| 14,559
May
| 14,886
June
I 14,969
July _
14,813
August
15,214
15, 577
September
October
. . 15,961
16,143
November
16,337
December
Total loans:
2 9,837
January
2 9,677
February
2 9,736
March
2 9, 757
April
2 9,935
May
10, 565
June
10, 713
July
10,880
August
11,247
September
11,806
October
1
12, 097
November
12, 316
December
Loans on securities:
January
February
March
April
May
June
July
August
September
October
j w
November
| (3)
December
j 4,594
All other loans:
January
(3)
February
(3)
March
| (3)
April
! (3)
May
-• (3)
June
I (3)
July
J
(3)
August
! (3)
September
' (3)
October.
_j (3)
November
j (3)
December
| 27,723
Investments:
2 4, 341
January
2 4, 580
February
2 4, 842
March
2 4,802
April
May
Tune
July.__.
August
September
October
November
December

2 4, 951
2 4,404
2 4,100
2 4, 333
2 4,330
2 4,155
2 4,046
2 4,021

1926

16,430
16,408
16, 513
16, 615
16,645
16, 825
17,129
17,450
17, 768
18, 242
18,426
18, 577

18, 629
18, 557
18, 636
18, 657
18,616
18, 711
18, 782
18, 836
19,040
19, 319
19,437
19, 547

19, 502
19,450
19, 529
19,491
19, 601
19, 692
19, 662
19, 703
19, 892
19, 964
19,880
20,055

19,999
19, 853
20, 267
20, 340
20, 549
20, 784
20, 687
20, 646
20, 951
21, 227
21, 462
21, 728

21, 917
21, 737
21, 922
22, 366
22, 568
22,486
22,430
22, 227
22, 288
22,378
22, 494
22, 767

11,495
11, 530
11, 723
11,841
11,916
11,818
11,821
11, 704
11,845
11,953
11,913
11,934

11, 923
11,918
12,028
12,079
12,015
12,068
12,210
12,406
12, 543
12, 781
12,834
12, 993

13,092
13,135
13,210
13,167
13,139
13,194
13,280
13,357
13, 596
13,865
14,006
14,096

14,052
13,968
13, 973
13, 920
13, 934
14,001
14,006
14,080
14,269
14,377
14,330
14,470

14, 423
14, 213
14, 388
14, 406
14, 508
14, 689
14, 621
14, 671
14, 917
15,112
15,198
15, 332

15, 395
15,177
15,322
15, 758
15, 906
15, 816
15,842
15, 667
15, 834
15, 961
16,127
16, 345

3,603
3,558
3,533
3,549
3,717
3,801
3,787
3,754
3,800
3,952
3,995
4,015

4,085
4,011
4.006
4,060
4,106
4,045
4,038
3,883
3,915
3,937
3,944
4,030

4,140
4,062
4,070
4,107
4,110
4,200
4,368
4,467
4,558
4,608
4,623
4,800

4,890
4,935
5,002
4,979
5,048
5,168
5,249
5,256
5,325
5,433
5,569
5,717

5,747
5,642
5,528
5,453
5,468
o,568
5,617
5,643
5,717
5, 629
5,521
5,694

5,839
5,705
5,790
5,854
5,941
6,146
6,117
6,125
6,221
6,325
6,410
6,594

6,711
6,507
6,482
6,821
6,971
6,853
6,845
6,704
6,729
6,768
6,973
7,095

7,458
7,325
7,359
7,307
7,181
7,074
7,019
7,033

7,410
7,518
7,717
7,781
7,809
7,773
7,782
7,821
7,930
8,016
7,970
7,904

7,783
7,856
7,957
7,972
7,905
7,868
7,842
7,939
7,984
8,173
8,211
8,193

8,201
8,200
8,208
8,188
8,091
8,025
8,030
8,101
8,271
8,433
8,437
8,379

8,305
8,326
8,446
8,467
8,466
8,432
8,389
8,437
8,553
8,748
8,809
8,776

8,585
8,509

8,685
8,670
8,840
8,937
8,935
8,963
8,997
9,061
9,105
9,193
9,154
9,250

5,537
4,507
5,421
4,490
5,427
4,486
5,491
4,535
5,476
4,630
5,517
4,757
5,502
4,919
5,043
5,478
5,444
5,225
5,461 i 5,453
5,432
5,593
5,451
5,584

5,450
5,481
5,556
5,571
5,667
5,692
5,656
5,623
5,623
5,586
5,550
5,585

1922

1923

16, 637
16, 607
16, 808
16,938
16, 947
16, 926
16, 876
16, 862
17,012
17,147
16,823
16,692

16,402
16,131
16,021
15, 733
15,466
15,319
15,020
14, 876
14,857
14, 897
14, 792
14, 797

14,649
14,643
14,572
14,643
14, 923
15,197
15,209
15, 328
15,401
15, 687
15, 771
15,961

16, 291
16, 284
16,427
16,506
16, 549
16,491
16,468
16, 271
16, 378
16,472
16, 395
16,438

212, 642
" 12, 786
213,140
13,240
213, 248
2 13,321
213, 400
" 13, 410
13,583
213, 786
13, 468
2 13,317

13,046
12,806
12,661
12,379
12,143
11,906
11, 723
11, 558
11, 540
11,529
I 11,357
11, 281

11,061
10,883
10,892
10,856
10,898
10,875
10,806
10,787
10,910
11,181
11,236
11,279

4,629
4,396
4,346
4,282
4,195
4,141
4,073
3,979
4,003
4,047
3,964
4,003

3,853
3,813
3,741
3,734
3,697
3,632
3,562
3,559
3,609
3,613
3,657

2 8,013
2 8,390
2 8, 794
2 8, 958
2 9,054
2 9,180
2 9,327
2 9, 431
2 9, 580
2 9, 739
2 9, 505
2 9, 314

9,118
8,953

2 3,995
2 3,821
2 3, 668
2 3, 698
2 3, 699
2 3, 606
2 3, 476
2 3,453
2 3, 429
2 3,361
2 3, 355
2 3, 374 I

3,356
3,324
3,360
3,355
3,322
3,413
3,298
3,318
3,316
3,368
3,435
3,515

8,409
8,210
8,091
7,995
7,981
7,920
7,744
7,624

19271 ! 19281

1925

1921

7,110
7,229
7,241
7,264

4,796
3,588
3, 760 i 4,754
4,704
3,680
3,787 i 4,664
4,025 I 4,633
4,322 I 4,672
4,403; 4,647
4,541 | 4,567
4,490 I 4,533
4,506 j 4,519
4,535 ! 4,482
4,682 | 4,504

8,552
8,567
8,543
8,504
8,545
8,787
8,787
8,739
5,576
5,639
5,879
5,934
6,041
6,095
6,066
5,976
6,033
6,115
6,265
6,396

i For revised series, comparable with figures published currently in 1929, see Table 51.
2
3
Partly estimated.
Not available.




6,522
6,560
6,599
6,662
6,670
6,588
6,461
6,454
6,416
6,367
6,422

125

REPORTING MEMBER BANKS IN LEADING CITIES

No. 55.—REPORTING MEMBER BANKS—LOANS, INVESTMENTS, DEPOSITS, R E SERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS, 1919-1928—Con.

[Series discontinued after 1928; see footnote 1]
[Monthly averages of weekly figures. In millions of dollars]
1923

1924

1925

15, 284
15, 267
15,184
15,176

15,407
15,422
15,482
15, 550

18,060
17, 943
17, 839
17, 796

18, 561
18, 432
18,378
18, 356

19, 032
18, 884
19,136
19,167

20, 645
20, 396
20,376
20,686

15, 731
16,135
16, 573
16, 936
14,063 12, 871 14, 649 15,000 17, 231
14, 070 13, 063 14, 822 15,128 17, 657
13, 831 13, 206 14, 766 15,201 17,912
13, 636 13, 226 14,836 15,183 18, 005

17, 877
17,973
18,084
18,015

18, 507
18, 678
18, 638
18, 602

19,404
19, 687
19, 593
19, 616

20, 760
20,484
20, 226
19,848

18,088
18,351
18, 523
18,494

18, 708
18, 740
18, 720
18, 910

19, 723
19, 870
20, 217
20,395

19,998
20,172
20,337
20, 373
14,012
13, 707
13,611
13, 849

1920 1921

Month

1919

N e t demand plus
time deposits:
January...
February.
March..
April

11, 632
11, 538
11, 783
11,841

14, 008
13,991
14,170
14,153

12,164
12,130
12,373
12, 693

14,153
14,178
14,170
14, 029

May
June
July
August
September
October
November
December
Net demand
posits:
January
February
March
April

12,
13,
13,
13,

940
226
582
532

1922

13,736 13,379
13,496 13,309
13,326 13,499
13,131 13, 736
14,140
14, 457
14, 597
14, 572

13,191
13,114
12, 946
12, 827

15,202
15,169
15,175
14, 947

1926

19281
19271

de-

May
June
July
August
September
October
November
December
T i m e deposits:
January..
February
March
April

10,048
9,908
10,115
10,135

11, 576
11,482
11, 600
11, 546

10,362
10,275
10,386
10, 582

11, 556
11,517
11, 279
11, 209

11, 296
11, 270
11, 278
11,295

13,198
13, 015
12,862
12, 738

13,190
13,015
12, 912
12,825

10,439
10,393
10, 604
10, 800
10,984
11,140
11,330
11, 244

11, 506 10,194 10, 914
11,499 10,182 11,133
11,466 10,037 11,108
11, 299 9,922 11,002

11,218
11,173
11,194
10, 965

11.420
11, 768
12,109
12,390

12, 737
12,800
12, 916
12,825

12, 947
13, 068
12, 958
12, 893

13,104
12, 919
13, 069
13, 069
13, 215
13,449
13,340
13,309

11, 286 9,953 11,071
11, 266 10,107 11, 223
11,025 10,210 11,116
10,823 10, 242 11,141

10,989
11,105
11,168
11,125

12, 624
12, 931
13,075
13,179

12,886
13,080
13,180
13,168

13, 020
13,024
12,950
13,070

13,374
13,447
13, 734
13,904

13,094
13, 255
13,413
13, 454

10,816
10, 583
10, 404
10, 201

13, 794
13,488
13,288
12,943

1,584
1,630
1,669
1,706

2,432
2,509
2,570
2,607

2,920
2,914
2,922
2,930

3,017
3,034
3,113
3,154

3,728
3,750
3,905
3,967

4,111
4,153
4,204
4,255

4,862
4,928
4,977
5,058

5,371
5,417
5,466
5,531

5,928
5,965
6,067
6,097

6,634
6,690
6,764
6,837

1,725
1,737
1,769
1,893

2,646
2,679
2,704
2,730

2,997
2,932
2,909
2,905

3,226
3,324
3,489
3,570

3,984
3,996
3,981
3,981

4,311
4,367
4,464
4,546

5,140
5,173
5,168
5,190

5,560
5,610
5,680
5,709

6,190
6,239
6,253
6,307

6,966
6,996
6,938
6,905

1,956
2,086
2,252
2,288

2,777
2,804
2,806
2,813

2,918
2,956
2,996
2,984

3,579
3,599
3, 650
3,695

4,011
4,023
4,033
4,058

4,607
4,726
4,837
4,826

5,202
5,271
5,343
5,326

5,688
5,717
5,770
5,840

6,349
6,424
6,483
6,491

6,905
6,916
6,923
6,919

1,295
1,240
1,260
1,271

1,431
1,406
1,411
1,420

1,330
1,305
1,273
1,254

1,289
1,299
1,318
1,324

1,450
1,437
1,407
1,400

1,436
1,410
1,438
1,442

1,666
1,659
1,630
1,611

1,675
1,655
1,652
1,642

1,678
1,645
1,671
1,659

1,805
1,765
1,733
1,789

1,295
1,288
1,306
1,336

1,402
1,402
1,405
1,375

1,256
1,296
1,241
1, 212

1,381
1,405
1,414
1,370

1,411
1,403
1,405
1,369

1,452
1, 542
1,561
1,598

1,615
1,625
1,630
1, 643

1,650
1,666
1,651
1,643

1,697
1,749
1,696
1,707

1,778
1,747
1,730
1,679

1,327
1,383
1,426
1, 368

1,384
1,370
1,334
1,330

1,224
1,246
1,258
1,266

.1,357
1,412
1,379
1,383

1,363
1,384
1,385
1,385

1,648
1,647
1,641
1,694

1,642
1,655
1,670
1,688

1,677
1,632
1,636
1,686

1,709
1,725
1,767
1,787

1,707
1,714
1,721
1,749

1,306
1,400
1,449
1,443

1,803
2,019
2, 053
2,069

1,947
1,878
1.792
1,601

514
374
264
215

343
402
417
420

347
285
245
258

108
218
234
229

318
351
372
329

299
233
268
270

315
338
362
488

May
June
July
August

1,497
1,361
1,454
1,393

2,085
1,981
2,005
2,072

1,421
1,267
1,167

161
130
151
115

455
466
552
516

185
131
89
61

191
238
264
351

290
252
315
335

302
271
273

September
October
November
December

1,383
1,660
1,763
1,739

2,117
2,222
2,200
2,132

906
854
723

145
240
376
392

545
585
505
502

83
86
75
145

403
437
411
491

428
440
422
447

267
283
276

May
June
July
August
September
October
November
December
Reserve balances:
January
February
March
April
May
June
July
August
September
October
November
December
Borrowings at Federal reserve banks:
January
February
March
April




!
|
I
I

i
|
|
j

854
806
823
736
681
799

126

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No.

55a.—REPORTING MEMBER BANKS—PRINCIPAL
[Series discontinued after 1928; for figures comparable
[In millions of dollars]

| Total !
j loans and [ \
invest- j|
ments ji Total

Loans
On

Investments

u. s.

! All other j Total

securities
Jan.
Jan.
Jan.
Jan.

4_
11..
18
25

Feb.
Feb.
Feb.
Feb.
Feb.

1
8
15
21
29

Mar. 7
Mar. 14
Mar. 21
Mar. 28.
Apr. 4
Apr. 11
Apr. 18
Apr. 25
May 2
May 9
May 16
May 23
May 29-30
June 6
June 13
June 20
June 27
July 3
July 11
July 18
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Oct. 31
Nov. 7
Nov. 14
Nov. 21
Nov. 28
Dec. 5
Dec. 12
Dec. 19.
Dec. 26
Monthly average:
January
February
March
April
May
June
July
August
September
October
November
December

!
!
i
|
I

Other I
securities j

22, 057
21, 972
21,870
21,769

15, 631
15, 443
15,326 i
15,182 [

6,922
6,706 ;
6, 642
6,573

8,709
8, 737
8,684
8, 609

6,426
6, 529
6,544
6,588

2,827
2,926
2,967
3,023

3,600
3,603
3,577
3,564

21,840 ,
21,754 !
21,715
21,624
21,750

15,265 !
15,197 |
15,164
15, 082
15,175

6,669
6, 534
6,466 '
6,410 1
6,454 I

8,596
8.663
8,698
8, 672
8,721

6,575 i
6,557 j
0,551 I
6,543 i
6,575 |

3,021
3,013 |
3,001 |
2,987
2,948

3,554 i
3,544 I
3,551 l
3,555 i
3,627 '

21, 730
21, 913
21, 975
22, 070
22, 393
22, 351
22,381
22,338
22,588
22,546
22,591
22, 540
22, 576

6,406
6, 510
6,441
6, 572
6, 849
6,771
6,817
6,846
6,989
6,943
7,001
6,929
6,992
6,942
6,888
6,802
6,779
7,042
6,892
6,743
6,705
6,842
6,749
6,669
6,634
6,628
6,747
6,701
6,761
6,707
6, 759
6,701
6,750
6, 777
6,852
6,919
6,835
6,992
7,144
7,179
7,047
7,026
7,128

8, 780
8,848
8,863
8,871
8,937
8. 988
8,946
8,876
8,962
8,955
8, 936
8,921
8,902
8,908
8,990
8,983
8,971
9,047
8,946
9, 007
8,987
9,018
9,054
9,070
9,064
9,101
9,100
9,114
9,116
9,090
9,181
9,208
9,196
9,168
9,215
9,179
9,181
9,142
9,116
9,189
9,231
9,319
9,261

6,545 I
6, 554 I
6,671
6,627 I
6,606
6,592
6,618
6,616
6,637
6, 647
6,654
6,689
6,683
6,653
6,658
6, 692
6,679
6,647
6,613
6, 567
6,527
6,589
6,460
6,445
6, 408
6,405
6,405
6, 391
6,522
6,498
6,397
6,352
6,464
6,434
6,432
6, 376
6,362
6, 355
6,375
6,380
6,368
6,473
6,468

2,938
2,927
3, 033

22, 736
22, 451
22, 316
22, 219
22,449 |
22,262 i
22, 184
22,106
22,134 I
22,252 |
22,206 j
22,399
22,295
22,337
22,262
22,411 ,
22,379 I
22,499 |
|
22,474 1
1
22,378
22,489 |
!
22,635 |
|
22,747 1
1
22, 647 I
22,818 |
22,857 !

15,185
15, 359
15, 303
15, 442
15, 787
15, 759
15, 763
15, 722
15, 951
15, 899
15,937
15, 851
15, 893
15, 851
15, 878
15, 785
15, 750
16, 089
15, 837
15, 750
15, 692
15,861
15, 803
15, 739
15, 698
15, 729
15, 847
15, 815
15, 877
15, 797
15,940
15, 909
15, 946
15, 945
16, 067
16,099
16,016
16,134
16, 260
16, 367
16, 279
16, 345
16, 388

3,607 l
3,627 |
3,639 I
3.639 i
3,632 !
3,609 !
3.614 !
3.615 i
3,613 !
3, 622 j
3,638 j
3,658 !
3,686 !
3.640 !
3,644 j
3,644 j
3, 662 j
3,638 I
3,605 !
3,582 j
3,570 !
3,548
3, 520
3,521
3,499
3,497
3,480
3,464
3,462
3,466
3,405
3.373 i
3,383 I
3.374 '
3,400
3,362
3,364 i
3.378 j
3,393 i
3,397 j
3,401
3,408 I
3,412 ;

21,917
21,737
21,922
22,366
22,568
22,486
22, 430
22, 227
22, 288
22,378
22, 494
22, 767

15, 395
15,177
15, 322
15, 758
15, 906
15, 816
15, 842
15, 766
15, 834
15, 961
16,127
16, 345

6,711
6,507
6,482
6,821
6,971
6,853
6,845
6,704
6,729
6,768
6,973
7,095

8,685
8,670
8,840
8,937
8,935
8,963
8,997
9,061
9,105
9,193
9,154
9,250

6.522
6,560
6,599
6,608
6,662
6,670
6,588
6,461
6,454
6,416
6,367
6,422

22,
22,
22,
22,

,,
1
1
1
1
1
1

503
536
477
429

j
|
i
i
i
'

2,974
2,983
3,004
3,002
3,024
3,025
3, 017
3,032
2,997
3,013
3,014
3,048
3,017
3,009
3,008
2,985 J
2,957
3,041
2,940
2,924
2,909
2,908
2, 925
2,927
3,060
3,038
2,992
2,979
3,081
3,059
3,032
3,014
2,998
2,977
2,982
2,983 !
2,966 i

3,064 I
3,056 !
2,936
2, 994
2,971
2,991 !
3,019
3,023
2,990

2,944
2,986
3,029
2,993
3,017

i
I
!
:

3,586
3,566
3,628
3,617
3,643
3,647
3,599
3,517
3,468
3,387
3,374
3,405

Back figures—See Table 55; also Annual Eeport for 1927 (Tables 42-43), 1926 (Table 88), 1925 (Table
86), etc.




127

REPORTING MEMBER BANKS IN LEADING CITIES
RESOTJKCES AND LIABILITIES BY WEEKS (OLD SERIES)
with those published currently in 1929 see Table 54]
[In millions of dollars]
I

i

.

N e t d e m a n d plus time deposits
Reserves
with
Government
Federal Cash i n
reserve
deposits
Net
Time
Total
bank
demand

..

Borrowings at
Federal
reserve
bank
1928

I
!
!

!
|
|
!

|
i
1
j
!
|
i

1

817 i
736 j
589 1
440 j

14,206
14,108
13,955
13,779

6,611
6,628
6,634
6,662

164
124
89
81

394
314
291
261

Jan.
Jan.
Jan.
Jan.

4.
11.
18.
25.

20, 555
20, 391
20,427
20,189
20,421

!
!
;
!
1

13,886
13,686
13,729
13,506
13,727

6,670
6,705
6,698
6,682
6,693

77
43
35
35
34

299
339
360
336
355

Feb.
Feb.
Feb.
Feb.
Feb.

1.
8.
15.
21.
29.

20, 365
20, 546
20, 251
20, 339
20, 662
20, 729
20, 731
20, 620
20 8 7
20, 802
20,847
20, 661
20, 631
20, 650
20, 719
20, 322
20, 247
20, 551
20, 297
20,101
19, 956
20, 099
19, 777
19, 856
19, 723
19, 783
19, 964
20.089
19, 999
19,941
20, ]16
20,103
20, 212
20,122
20, 304
20, 266
20, 336
20, 363
20, 382

I
i
i

13,651
13,808
13,462
13, 523
13, 857
13,905
13, 890
13, 742
13, 946
13,843
13,875
13,676
13,628

6,714
6,739
6,789
6,816
6,805
6,824
6,841
6,878
6,911
6,959
6,972
6,985
7,003

10
10
281
281
273
235
169
117
109
72
50
38
37

13, 660
13? 717
13' 332
13,244
13, 574
13,338
13,190
13,051

6 990
7^002
6,989
7,004
6,977
6,959
6,911
6,905
6,913
6,898
6,904
6,897
6,912
6,900
6,890
6,905
6,923
6, 897
6,906
6,921
6,918
6,940
6,921
6,927
6,924
6,921

360
352
353
383
468
470
469
545
586
608
629
659
737
773
834
774
803
960
870
787
799
855
827
765
798
787
827
825
861
778
801
770
720
688
703
737
641
585
762
785
793
700
918
315
338
362
488
644
796
854
806
823
736
681
799

Mar. 7.
Mar. 14.
Mar. 21.
Mar. 28.
Apr. 4.
Apr. 11.
Apr. 18.
Apr. 25.
May 2.
M a y 9.
May 16.
May 23.
May 29.
June 6.
June 13.
June 20.
June 27.
July 3.
July 11.
July 18.
July 25.
Aug. 1.
Aug. 8.
Aug. 15.
Aug. 22.
Aug. 29.
Sept. 5.
Sept. 12.
Sept. 19,
Sept. 26.
Oct. 3.
Oct. 10.
Oct. 17.
Oct. 24.
Oct. 31.
Nov. 7.
Nov. 14.
Nov. 21.
Nov. 28.
Dec. 5.
Dec. 12.
Dec. 19.
Dec. 26.
Monthly average:
January.
February.
March.
April.
May.

1,852
1,832
1,804
1,734

296
284
256
250

20,
20,
20,
20,

1,783
1,779
1, 762
1,744
1,755

240
252
256
247
244

1, 743
1,730
1,708
1,744
1,780
1,807
1,767
1,804
1,816
1,804
1,763
1,758
1, 748
1, 762
1,765
1,721
1,739
1,787
1,748
1,694
1,690
1,739
1,657
1,671
1, 668
1,661
1,666
1,731
1, 738
1,692
1,715
1,689
1,725
1,696
1,745
1,706
1,722
1,724
1,734
1,729
1,783
1,709
1,776

249
250
244
244
245
250
241
243
241
250
236
246
247
248
256
245
251
252
262
245
242
235
245
237
246
247
249
254
247
249
250
268
249
254
250
270
267
254
269
270
290
314
328

1,805
1,765
1,733
1,789
1,778
1,747
1,730
1,679
1,707
1,714
1,721
1,749

271
248
247
245
244
250
250
242
250
254
265
301

i

j
'
|
!

20, 468
20,455
20, 304
20, 266

13,186
12,879
12,952
12,826
12, 871
13,064
13,198
13,094
13,018
13, 220
13,197
13,291
13, 204
13, 364
13,345
13,409
13,439
13, 460
13, 562
13, 549
13, 381
13, 324

6,906
6,905
6,922
6,942

211
203
163
122
93
72
245
194
185
148
118
94
67
207
165
99
65
190
142
135
92
73
73
54
18
4
249
198

20, 645
20, 396
20, 376
20, 686
20, 760
20,484
20, 226
19, 848
19,998
20,172
20, 337
20,373

14,012
13, 707
13,611
13, 849
13,794
13,488
13, 288
12,943
13,094
13, 255
13,413
13, 454

6,634
6, 690
6,764
6,837
6,966
6,996
6,938
6,905
6,905
6,916
6,923
6,919

115
45
146
198
61
103
113
178
133
126
73
117




i
1

!
i
1
1
i
!

!
|
!
i

!
I
!

June.
July.
August.
September.
October.
November.
December.

128
No.

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
56.—REPORTING MEMBER BANKS—BANKERS'
BALANCES,
TOTAL, NEW YORK CITY, OTHER LEADING CITIES (REVISED

In millions of dollars.

BY WEEKS ;
SERIES)

For corresponding series for 1927, with explanation of revisions, see Federal
Reserve Bulletin for March and January, 1929]
Due to banks
Total

Jan. 4
Jan.11
Jan.18
Jan.25
Feb. 1
Feb. 8
Feb. 15
Feb. 21
Feb. 29
Mar. 7
Mar. 14
Mar. 21
Mar. 28
Apr. 4 . . .
_-.
Apr. 11
Apr. 18
_.
Apr. 25
May 2.
May 9
May 16
May 23
May 29
June 6.
June 13
June 20
__
June 27
July 3.
....
July 11..
July 18
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Aug. 29-.Sept. 5
Sept. 12
Sept. 19_Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Oct. 31
Nov. 7
Nov. 14
Nov. 21.
Nov. 28
Dec. 5
Dec. 12
Dec. 19.
Dec. 26
Monthly averages:
January
February
March
April
May
June
July
August
September
October
November
December




Due from banks

New York Other leading cities
City

3,684
3,499
3,399
3,354
3, 527
3,351
3,396
3,225
3, 373
3,400
3,364
3,202
3,201
3,400
3,215
3,170
3,045
3,260
3,115
3,089
2,939
2,917
2,953
2,929
2,870
2,835
3,145
2,948
2,838
2,811
2,945
2,813
2,798
2,723
2,727
2,908
2,913
3,008
2,963
3,174
3,031
3,150
2,936
3,075
3,082
3,119
3, 000
2,960
3,089
2,996
2,969
2,991

1,238
1,148
1,080
1,081
1,202
1,039
1,077
1,008
1,162
1,098
1,128
1,054
1,074
1,151
1,044
1,025
992
1,107
1,013
1,024
976
981
940
930
929
931
1,087
932
880
927
1, 019

3,484
3,374
3, 292
3,207
3,064
2,897
2,936
2,801
2,948
3,073
3,040
3,011

852
872
935
935
932
935
982
913
1,043
954
1,069
987
986
975
977
976
957
946
945

2,446
2,351
2,318
2,274
2,325
2,312
2,319
2,217
2,211
2,302
2,235
2,147
2,127
2,249
2,171
2,145
2,053
2.153
2,103
2,064
1,962
1,936
2,013
1,999
1,941
1,904
2,058
2,016
1,958
1,885
1,926
1,933
1,913
1,871
1,855
1,972
1,978
2,075
2,029
2,192
2,117
2,106
1,983
2,006
2.095
2,133
2,025
1,983
2,113
2,038
2,023
2,046

1,137
1,098
1,089
1,053
1,020
933
957
901
934
992
981
956

2, 347
2,276
2,203
2.154
2,044
1,964
1,979
1,900
2,014
2,081
2,059
2, 055

Total
1,383
1, 248
1,237
1, ISO
1,217
1,148
1,244
1,132
1, 166
1, 141
1,192
1,169
1,141
1,248
1,183
1,180
1,123
1,230
1,153
1,188
1,098
1,092
1,109
1,148
1,130
1,078
1,220
1,139
1,098
1,057
1,110
1,023
1,058
1,037
1,002
1,109
1,152
1,174
1,133
1,196
1,138
1,231
1,129
1,154
1,193
1,266
1,192
1,149

New York Other leadCity
ing cities

1,191
1,163
1,207
1,160

134
106
111
99
111
97
107
108
102
99
100
121
120
124
119
131
117
124
114
112
112
111
101
104
111
100
122
97
93
94
103
86
85
86
78
86
103
112
107
98
88
108
103
103
98
111
115
106
103
101
124
111

1,250
1,142
1,127
1,081
1,106
1, 051
1,137
1,025
1,064
1,042
1,092
1,049
1,020
1,125
1, 064
1,049
1,006
1,106
1,038
1,076
986
981
1,008
1,044
1,019
978
1,098
1,042
1,005
963
1,007
938
973
951
924
1,023
1,048
1,061
1,027
1,098
1,050
1,123
1,026
1,051
1,095
1,155
1,078
1,044
1,089
1,062
1,083
1,050

1, 262
1,182
1,161
1,184
1,152
1,116
1,129
1,046
1,142
1,170
1,200
1,180

112
105
110
123
115
104
102
88
102
100
108
110

1,150
1,077
1,051
1,061
1,037
1,012
1,027
958
1,040
1,070
1,092
1,070

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

129

BROKERS' LOANS
No.

57.—LOANS TO BROKERS AND DEALERS, SECURED BY STOCKS AND BONDS,
MADE BY REPORTING MEMBER BANKS IN N E W YORK CITY, BY W E E K S

I In millions of dollars]
D e m a n d a n d time loans

Total

For
For
own out-of- For
town others Total
account banks

3,810
3,820
3,788
3,789

1,511
1,321
1,260
1,275

3,816
3,835
3,819
3,728
3,722
3,696
3,746
3,779
3,825
3,979
3,994
4,129
4,144
4,282
4,361
4,502
4,456
4,469

1,267
1,171
1,152
1,094
1,149
1,019
1,090
1,027
1,121
1,265
1,144
1,164
1,200
1,329
1,252
1,312
1, 247
1, 219

4,563
4,428
4,270
4,178
4,307
4,243
4,194
4,184
4,259
4,274
4,223
4,201
4,235
4,289
4,385
4,470
4,525
4,570
4,590
4,664
4,772
4,907
4,979
4,981
5,157
5,290
5,395
5,176
5,111
5, 091

1,167
1,079
1,004
941
1,132
942
820
824
928
860
783
809
793
907
865
925
850
930
867
890
957
1,021
1,064
994
1,126
1,235
1,271
1,045
1,030
1,109

1,642
1,618
1,528
1,483
1,494
1,554
1,587
1,537
1,477
1,528
1,559
1,513
1,535
1,522
1,599
1,634
1,674

3,802
3,784
3,761
4,062
4,414
4,360
4,232
4,239
4,417
4,701
5,102
5,193

1, 342
1,167
1,064
1,193
1,272
1,048
929
835
887
933
1,105
1,114

1,470
1, 500
1,450
1,616
1,628
1,568
1,543
1,522
1, 607
1,720
1,749
1,760

1928

Jan.4.
J a n . 11
J a n . 18._
J a n . 25
Feb. 1 .
Feb.8
Feb. 15
Feb. 22
F e b . 29
Mar. 7
M a r . 14..
M a r . 21
M a r . 28
Apr. 4 .
Apr. 11
Apr. 18
Apr. 25
May 2
May 9
M a y 16
M a y 23.
M a y 29
June 6
J u n e 13
J u n e 20
J u n e 27
July3
July 11
July 18
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Aug. 29
Sept. 5
Sept. 12
Sept. 19..
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Oct. 31
Nov. 7
Nov. 14
Nov. 21_
Nov. 28
._
Dec. 7
Dec. 12
Dec. 19
Dec. 26
Averages:
January
February
March
April
May
June
July
August
September __
October
November..
December.._

Back Figures.—See Annual



928
996
993
1,041

1,052
1,110
1,136
1,140
1,149
1,461 1,215
1,446 1,210
1,467 1,285
1,427 1,278
1,500 1,215
1,649 1,201
1, 703 1,263
1,614 1,331
1,586 1,366
1,684 1,425
1, 656 1,535
1,607 1,602
1,608 1,642

For
For
For I For
own out-of- For
own out-of- For
town others
actown others Total
ac! count banks
count! banks
,167
976
910
916
912
822
803
750
811
690
766
706
802
927
794
811
840

2,970
2,974
2,916
2,894
2,914
2,920
2,898
2,810
2,812

1,371
1,503
1, 535
1,472
1,497
1, 554
1,531
1,495
1,424

1,682
1,715
1,733
1,737
1,732
1,726
1,751
1,751
1,768
1,838
1,794
1,750
1,660

1,755
1,731
1,737
1,754
1,681
1,747
1,787
1,824
1,854
1,885
1,881
1,880
1,907
1,861
1,921
1,911
2,001
1,958
2,008
2,041
2,078
2,154
2,188
2,235
2,280
2,287

T i m e loans

Demand loans

2,790
2,847
2,884
2,925
3,074
3, 068
3,174
3,170
3,271
3,325
3,452
3,397
3,397

957
860
924
856
832
787
704
649
607
800
617
512
528
655
608
547
575
563

3,496
3,352
3,225
3,161
3, 261
3,201
3,182
3,185
3,304
3,360
3,362
3,350
3,418

2,285
2,337
2,331
2,322

3,482
3,642
3,771
3,842
3,917
3,953
4,048
4,162
4,296
4,368
4,347
4,532
4,685
4,804
4,601
4,551
4,538

680
652
721
646
739
677
708
770
828
867
787
908
1,016
1,054
825
820
904

1,117
1,247
1,252
1,514
1,744
1,760
1,881
1,924
2,048
2,248
2,319

2,938
2,871
2,862
3,122
3,368
3,309
3,207
3,359
3,684
4,075
4,483
4,623

992
820
741
843
885
687
614
590
675
744
895
901

Report for 1927 (Table 46).

1,004
i 1,127
i 1,137
! 1,066
| 1,093
j
! 1,136
! 1,111
1,072
1,006
1,043
1,031
1,055
1, 017
I 1,104
j 1,247
I 1,279
I 1,184

799
871
869
912
909
962
983
987
995
1, 056
1,050
1,123
1,107
1,043
1,027
1,084
1,146
1,157 1,157
1,250 1,215
1,230 1,298
1,179 1,363
1,174 1,391
1,210 1,499
1,183 1,466
| 1,106 1,470
1,073 1,482
1,070 1,391
1,134 1,450
1,193 1,478
1,149 1,507
1,104 1,546
1,171 1,581
1,215 1,601 !
1,178 1,597
1,223 1,632
1,220 1, 581
1,319 1,671
1,367 1,683
1,421 1,775
1,448 1,730
1,490 1,785
1,524 1,818
1,539 1,853
1,532 1,936
1,530 1,972
1,554 2,006
1,566 2,058
1,586 2,083
1,660 2,089
1,621 2,154
1,576 2,155
1,488 2,145
1,083
1,084
1,036
1,204
1,198
1,143
1,136
1,178
1,332
1,507
1, 559
1,586

863
967
1,084
1,075
1, 285
1,479
1,456
1,591
1,677
1,825
2,030
2,136

840
846
872
895

344
345
350
359

367
375
398
406

129
125
124
129

902
915
922
919
910
906
899
894
900
905
926
955
974
1,011
1,036
1,050
1,059
1,073
1,067
1,075
1,045
1,017

355
350
348
343
338
329
324
321
319
338
350
353
360

404
418
4^0
423
417
418
416
411
410
395
402
424
430
429
434
426
428
434

142
148
153
152
154

256
265

1,046
1,042
1,012
999
955
914
861
851
817

332
324
309
295

432
435
422
410
425
421
395
387
374
358
344
334
312

807
744
700
683
652
637
616
610
611
611
633
625
605

372
392
388
391
388
379
375
355
334

273
252
237
234
230
227
213
204
204

159
160
161
171
172
174
178
185
209
210
236
239
251

290
297
309
317
308
304
281
283
275
279
250
228
226
228
222
222
225
219

190
189
184
187
192
197
207
218
219

301
280
268
253
234
225
209
198
200
197
197
185
182

591
575
560
554

217
220
210
205

178
173
174
172

196
182
176
177

863
913
900
940
1,046
1,051
1,025
880
733
625
618
570

350
347
323
350
386
361
315
245
212
189
210
213

387
417
414
413
430
425
407
344
276
213
190
174

127
150
163
177
229
265
303
290
246
223
218
183

217
229
222
204

130

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 58.—BROKERS' BORROWINGS, 1926-1928

{Net borrowings on collateral in New York City as reported by members of the New York Stock Exchange]
[In millions of dollars]
On demand and on time

On demand

From
New
York
banks
and
trust
companies

From
private
banks,
brokers,
foreign
banking
agencies, etc.

From
New
York
banks
and
trust
companies

3,142
3,219
3,111
3,129
3,293

3,043
3,080
2,553
2,468
2,392
2,509
2,583
2,698
2,745
2,668
2,636
2,804

470
455
447
367
375
417
415
444
474
444
493

2,517
2,495
2,033
1,970
1,987
2,225
2,283
2,364
2,419
2,289
2,330
2,542

2,123
2,123
1,678
1,699
1,703
1,852
1,918
1,984
2,021
1,924
1,932
2,128

394
372
355
271
285
374
365
379
398
365
397
414

1,041
967
866
780
701
715
778
800
822
800
751

920
958
875
770
690
657
665
713
724
743
704
676

90
43
50
65
76
78
96
76

1927
Jan.31.
Feb. 28..
Mar. 31 _
Apr. 30..
May 31.
June 30..
July 30..
Aug. 31..
Sept. 30.
Oct. 31..
Nov. 30.
Dec. 31__

3,139
3,256
3,290
3,341
3,458
3,569
3,642
3,674
3,915
3,946
4,092
4,433

2,670
2,757
2,790
2,865
2,968
3,065
3,145
3,170
3,340
3,363
3,519
3,812

469
499
500
476
490
504
497
504
575
583
573
621

2,328
2,475
2,505
2,541
2,674
2,757
2,765
2,746
3,018
3,023
3,134
3,481

1,964
2,085
2,112
2,146
2,254
2,316
2,343
2,330
2,539
2,549
2,675
2,963

365
391
393
395
420
441
421
415
479
475
459
518

810
781
785
800
784
812
877
928
897
923
958
952

707
673
679
719
713
749
802
840
801
814
844
849

104
108
107
81
70
63
76
89
96
108
113
103

1928
Jan. 31.
Feb. 29..
Mar. 31.
Apr. 30..
May31_.
June 30..
July 31...
Aug. 31..
Sept. 29.
Oct. 31__.
Nov. 30.
Dec. 31_.

4,420
4,323
4,640
4,908
5,274
4,898
4,837
5,051
5,514
5,880

3,805
3,737
3,947
4,246
4,568
4,169
4,150
4,260
4,647
4,994
5,412 I
5,401

615
585
693
662
707
730
687
791

3,393
3,294
3,580
3,739
4,070
3,742
3,768
4,094
4,690
5,116
5,614
5,722

2,882
2,807
3,016
3,201
3,455
3,122
3,183
3,420
3,939
4,360
4,771
4,810

511
488
564
537
616
619
585
674
751
756
843
913

1,027
1,028
1,060
1,169
1,204
1,157
1,070
958
824
764
777
717

923
931
931
1,045
1,113
1,046
967
840
709
634
641
591

104
98
129
124
91
110
102
117
116
130
136
126

Date
Total

1926
Jan.30
Feb. 27
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31.
Sept. 30.
Oct. 30..
Nov. 30.
Dec. 31..

3,513
3,536
3,000
2,836
2,767
2,926
_.|

6,440

979
1,039

Total

On time

From
private
banks,
brokers,
foreign
banking
agencies, etc.

I From
!! New
T o tt a li
l

I1 Y o r k

From
private
banks,
foreign
banking
agen-

|j banks,
' trust
companies, cies, etc.
etc.

76

Back figures.—See Annual Report for 1927 (Table 47) for figures for 1918-1922; figures for 1923-24 not
available.




131

ANNUAL EEPOET OF THE FEDERAL RESERVE BOARD

BANKERS' ACCEPTANCES AND COMMERCIAL
OUTSTANDING
No. 59.—BANKERS' ACCEPTANCES AND COMMERCIAL

PAPER

PAPER OUTSTANDING, BY

MONTHS, 1922-1928
[In millions of dollars]
Bankers' acceptances outstanding
End of month
1922

January
February.. ._
March
April

1923

1924

1925

1926

1927

Commercial paper outstanding 2

l

1928

1922

1923

1924

1925

1926

1927

1928

835
808
800
757

788
767
746
721

774
785
809
811

1,058
1,056
1,085
1,071

705
718
760
792

807
838
864
867

818
867
889
871

820
820
813
801

654
655
668
663

551
577
605
599

577
567
570
571

May
June_
July
August

680
608
569
555

685
622
600
583

775 1,041
751 1,026
741
978
782
952

791
795
805
807

888
885
854
831

852
864
879
911

776
759
727
722

668
652
655
638

582
579
569
591

541
503
483
458

September
October
November
December

607
674
690
774

614
864 1,004
975 1,123
682
726 1,029 1,200
755 1,081 1,284

805
775
748
722

803
815
799
763

915
925
888
798

708
684
666
621

612
593
566
526

600
611
603
555

430
427
421
383

416

524

618

821

1
2

Figures collected and compiled by American Acceptance Council.
Paper maturing within 7 months. Figures reported by about 25 dealers to the Federal Reserve Bank
of New York.
No. 60.—BANKERS* ACCEPTANCES OUTSTANDING, BY CLASSES, 1

1928

[In thousands of dollars]
Imports and exports
End of month

Total
Total

Imports

Exports

Domes- Warehouse
tic
credits

on goods
Dollar stored
in or
exshipped
change between
foreign
countries

1928
January
February
March
April

1,057,980
1,056,390
1,085, 469
1,070, 712

704,060
702,454
717,088
712,498

318,253
319,740
328,449
333,062

385, 807
382,714
388, 639
379,436

21,035
19,053
21,075
19, 240

172,819
167, 631
165,906
152,677

30,345
28,995
29,170
25,034

129, 721
138,257
152, 230
161, 263

May
June
July
August

1,040, 735
1,026,165
977, 864
952,051

701, 292
690,169
670,929
668, 963

317, 930
329, 486
319,045
316, 343

383,362
360, 683
351,884
352, 620

18,910
19, 899
17,803
15,305

133,115
117, 277
99,845
92, 260

25,434
25,205
24,861
23,807

161,984
173,615
164,426
151, 716

September
October
November
December

1, 004,166
1,122,747
1, 200,356
1, 284,486

690,825
730,393
765,945
812, 267

320,909
313,925
317,438
315, 614

369,916
416,468
448, 507
496, 653

15,088
15,327
17, 968
16,198

99,433
138,318
162,812
173,590

27,980
31, 577
32,414
39,153

170,840
207,132
221,217
243, 278

i Figures collected and compiled by American Acceptance Council.
Back figures.—See Annual Report for 1927 (Table 49).




132

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 61.—DISTRIBUTION OF BANKERS' ACCEPTANCES OUTSTANDING, 1927 AND 1928
[In thousands of dollars]
Held b y F . R . banks
For
foreign
correspondents 2

End of month

1927—January...
February..
March
April
May.
June
July
August
September
October. __
November.
December.
1928—January...
February.
March
April
May
June
July
August
September
October...
November
December.

773,604
785,488
809, 446
810, 966
774, 720
751, 270
741, 258
782,055
863, 823
975,167
029, 490
080, 581
057, 980
056, 390
085, 469
070, 712
040, 735
026.165
977,864
952, 051
004.166
122, 747
200, 356
284, 486

Held

by others

94,125 I
92,674 '
147,677
146, 805
159, 927
146,106
151, 258
165,748
188, 254
189, 273
186,186
228,687
614, 308 377,105 237, 203
581, 019 342,202 238, S17
589, 517 347,888 241, 629
616, 645 355,172 261, 473
558, 226 290,690 267, 536
523, 962 216,248 i 307, 714
467,177 161,527 i 305, 650
469,194 | 190,862 278, 332
548,425 283,014 265, 411
689, 814 438,873 250,941
748, 205 484,763 263, 442
812, 214 487,515 324, 699

362, 286
399, 318
425, 685
427, 657
388, 950
407, 312
431, 507
445, 380
435, 027
447,113
490, 243
461,395
443, 672
475, 371
495,952
454,067
482, 509
502, 203
510, 687
482,857
455, 741
432, 933
452,151
472, 272

1
Reserve bank holdings of "Bills bought," exclusive of (1) trade acceptances and (2) bills payable in
foreign currencies.
2
Contingent liability of Federal reserve banks on bills bought for foreign correspondents.

BANK DEBITS
No.

62.—DEBITS TO INDIVIDUAL ACCOUNTS, BY BANKS
CITIES, BY MONTHS, 1920-1928
[In millions of dollars]

Month

IN 141

PRINCIPAL

1920

1921

1922

1923

45,367
35,788
43,431
41,644
39,257
40, 347
39,868
36,275
37, 378
41,028
39, 696
42,948

38,029
29,728
33, 903
32,235
32, 512
33, 606
31,515
30,097
31, 625
34,323
33,441
38,020

34, 944
30,585
36,932
36,388
37,976
39, 236
36,056
34,136
35, 768
40, 745
36,160
40,437

41, 753
35, 925
42,185
39,294
40,072
40,574
36,504
33,496
34,060
38, 911
38, 504
42,448

41, 498
37, 398
40, 739
39,519
40,044
40.230
40,131
38, 692
38,972
43,418
41,893
49,157

483,026

699,036

439, 364

463,726

491,691

21,731
17,734
21,146
20, 324
19, 676
20,541
20,805
18, 904
19,779
20,891
19, 525
20, 540

17, 996
14, 599
16,550
15, 886
15,342
15,852
15,175
14,911
15,523
16, 713
15,949
17,446

15,879
14, 042
16, 535
15, 671
16, 322
17,173
16, 343
15, 849
16, 553
18,423
17,133
19, 586

19, 666
16,906
19, 644
18,816
19,368
19, 532
18,184
17,307
17, 261
19,759
18, 521
20,367

19, 384
17,512
19,193
18, 865
18, 639
18, 304
18, 662
17,776
18,238
20,912
18,846
21,830

22, 301
18, 593
21, 240
20, 613
20,417
21, 702
21, 580
19,869
20, 895
24,039
21. 357
24,085

23, 607
20,102
23,458
22, 537
21,449
22, 466
23, 300
20,778
21,336
23,780
21, 593
24,493

23,456
20, 781
24, 026
23,576
22, 873
23, 812
22, 932
22, 048
23,381
25, 111
23,803
26, 503

25, 001
21, 755
25,847
25, 225
26, 346
27,029
23,897
23, 401
24, 450
27, 705
25,880
29,659

241, 596

191,941

199,509

225,330

228,161

256, 691

268, 900

282,303

306,195

1924

1925

1926

1927

1928

49, 982
41,517
47, 623
44,558
46, 596
48, 631
47,037
43,134
45,264
52,955
48, 367
54, 399

54,145
44,915
56,464
51,837
48,020
50, 662
50,959
47,011
46,954
52,535
47,384
57,070

54, 714
48, 220
58, 518
55, 583
54,143
56,820
53, 682
53, 702
56, 750
59, 201
57, 085
65, 441

62,885
54,494
70, 633
67,003
71, 616
72, 485
58, 981
58,504
63,176
72, 894
71, 349
82,386

570,064

607,956

673, 861

806, 406

T O T A L , 141 C I T I E S

January
February
March
April
May,_
June.
July
August
September
October
November .
December
Total

140
January
February
March
April.
May

June...
July
August.
September
October
November
December
Total

_-.




CITIES (EXCLUDING NEW YORK CITY)

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

133

BANK SUSPENSIONS
Figures for suspensions represent banks closed permanently or temporarily by
order of supervisory authorities or by the directors of the banks on account of
financial difficulties.
No. 63.—BANKS SUSPENDED AND REOPENED, BY YEARS, 1921-1928
Banks suspended

Banks reopened

Class of bank and year
Number

Capital

!

Deposits

All banks:
1921—
1922
1923....
1924....
1925....
1926—.
1927....
1928....

502
354
650
777
612
956
662
491

Member banks:
1921
1922
1923.
1924
1925...
1926.
1927
1928

70
57
124
159
146
160
124
73

5,369,000
3,956,000
6,845,. 000
10,305,000 |
9, 920,000
8, 569,000
8,034,000
5,175, 000

42, 503,000
24, 243,000
51, 228,000
74, 469,000
67, 264,000
68, 812,000
66, 336,000
42, 240, 000

475,000
1, 580,000
685,000
860,000
800, 000
710,000
845,000
325, 000

3,132,000
11, 618, 000
5,068,000
7,190,000
6, 779,000
8,179,000
8,311,000
6,610,000

51
45
90
122
118
125
91
57

3,060,000
3, 335,000
4, 610,000
7, 660,000
7, 970, 000
6,020,000
5, 415,000
4, 200, 000

21, 285,000
19,092,000
32,904,000
60, 889,000
58, 537,000
47, 866,000
46, 581,000
31,619,000

2,499,000
8,076,000
3,973,000
6,895,000
6,300,000
4,665,000
5,073,000
417,000

19
12
34
37
28
35
33
16

2, 309,000
621, 000
2, 235, 000
2, 645, 000
1, 950,000
2, 549, 000
2, 619,000
975,000

21, 218,000
5,151, 000
18,324,000
13, 580, 000
8, 727,000
20,946,000
19, 755,000
10, 621, 000

325,000
22 i 1, 330,000
11
570,000
785,000
700,000
490,000
485,000
10 !
75, 000
8 i
2
150,000
250,000
115,000
75,000
100,000
220,000
360,000
250,000

432
297
526
618
466
796
538
418

17, 533, 000
9, 787,000
15,133,000
18,068, 000
14, 521,000
24, 235,000
16, 729, 000
14, 540,000

155, 851,000
86,478,000
137, 577,000
138,975,000
105,636,000
203, 676,000
127, 555,000
96, 402, 000

1, 443,000
2,423,000
821,000
1,955,000
1,194,000
4,389,000
3,061,000
1,215,000

14, 361,000
23,947,000
6,499,000
15, 272,000
9,837,000
52,001,000
27,418,000
9,117,000

$22,902,000 $198, 354, 000
13, 743, 000 110, 721,000
188, 805,000
21,978,000
28, 373,000 213,444,000
24, 441,000 172,900,000
32,804,000 272,488, 000
24, 763, 000 193, 891,000
19, 715,000 138,642, 000

60
65
36
94
62
147
95
39

$1, 918,000 $17,493,000
4,003,000
35, 565,000
1, 506, 000 11, 567,000
2,815,000
22,462,000
1,994,000
16, 616,000
5, 099,000 60,180,000
3, 906,000 35,729,000
1, 540, 000 15,727,000

National banks—
1921
1922_
1923

_.

1924...

1925
1926
1927
1928

State banks—
1921.
1922
1923
1924.
1925
1926..
1927
1928

Nonmember banks:
1921.
1922
1923
1924
19251926...
1927
1928...




If I

50
41
22
74
48
133
84
34

633,000
3, 542,000
1, 095,000
295,000
479,000
3, 514,000
3, 238,000
6,193, 000

134

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 64.—BANK SUSPENSIONS, BY MONTHS, 1921-1928
[Amounts in thousands of dollars!

Total

Month
Number

Deposits

Nonmember
banks

Member banks

All banks

National

State
Lm-

Number

Deposits

Number

Deposits

Number

Deposits

er

De-

posits

1921
January
February
March
April

23, 301
25,202
17,867
9,653

6
3
7
4

2,094
2,134
2,700
1,469

1,260
1,495
2,525
1,469

834
639
175

53
24
38
40

21,207
23, 068
15,167
8,184

May
June
July
August..

13,957
17, 543
12, 315
6,493

5
3
4
4

2,662
10, 580
4,207
1,094

2,197
86
227
1,064

465
10,494
30

34
17
23
31

11, 295
6,963
8,108
5,399

September.
October
November.
December..

4,804
15,972
18,825
32,422

4
11
8
11

755

6,554
2,791
5, 463

568
4,951 i
2,232
3,211

187
1,603
559
2, 252

27
46
53
146

4,049
9,418
16, 034
26,959

1922
January
February
March
April

13,873
20,024
15,196
9,404

6
9
3
3

1,973
3,499
4,201
1,236

1,882
3,499
461
1,236

91

8,430
4,389
4,071
7,733

2

605

3
4

1,885
890
1,429

605
1,843
724
1,256

September .
October
November.
December..

3,223
5,072
10,105
9,201

2
9
3
10

2,493
1,612
4,115

1923
January
February
March
April

9,032
9,240
14,629
7,887

7
7
11
5

May
June
July
August-

7,961
14,110
13,353
15,946

September.
October
November.
December..

11,367

110
121

1924
January
February
March
April

145
92
69
74

May_._.
June
July.....
August..

May
June
July
August..

81
51
47
34

2

3 740

45
34
30
25

11,900
16, 525
10,995
8,168

1
1
1

42
166
173

23
14
11
24

7,825
2,504
3,181
6,304

305
2,081
1,437
3,763

412
175
352

15
19
32
125

2,918
2,579
8,493
5,086

1,539
2,486
4,371
980

485
1,704
3,145
980

1,054
782
1,226

34
34
35
23

7,493
6,754
10, 258
6,907

7
8
6
5

4,010
2,733
1,525
2,938

1,348
2,513
1,137
2,143

2,662
220
795

23
24
30
41

3,951
11,377
11,828
13,008

21, 534
30,617
33,129

7
10
28
23

1,842
3,907
11,618
13, 279

1,842
1,960
6,760
8,887

1,947
4,858
4,392

44
58
82
198

9,525
17,627
18,999
19,850

45,403
26, 501
15,667
17,843

35
24
18
10

15,889
12, 703
6,121
3,918

110
68
51
64

29,514
13,798
9,546
13,925

29,861
9,033 !
16,620 i
7,545 !

8
11
7
7

7,053
3,727
8,088
2,838

73
40
40
27

22,808
5,306
8,532
4,707

o
O

305

20

11,183
8,401
5,747
3,918
10

7,053
3,710
7,993
2,444

4,706
4,302
374

1
1
2

17
95
394

2
315
36 6,081 I
September315
October
39 9,824
2,792
9
2,878
November _
47 10, 418
2,880
804
13
3,684
December..
62 18,648 I
4,453
2,802
15
7,255
1
Includes banks for which month of suspension was not reported, as follows: 1921, 3; 1922,




34
5,766
30
6,946
34
6,734
47
11,393
1; 1923, 8.

135

BANK SUSPENSIONS
No, 64.—BANK SUSPENSIONS, BY MONTHS, 1921-1928—Continued
[Amounts in thousands of dollars]
All banks

National

Total

Month
Num- ! Deber I posits

Nonmember
banks

M e m b e r banks

State

Number

Deposits

NTumber

Deposits

Number

Deposits

Num-

103 25,477
61 | 15,593
43 10,142
48 ! 16,055

32
17
7
15

10, 824
5,252
2,969
6,475

23
16
6
13

8,044
5,074
2, 943
5,892

9
1
1
2

2,780
178
26
583

71
44
36
33

May
June
July
August..

54 I 15,930
34 i 10,368

8,116
2, 377
1,376
601

9
3
3
2

5,477
2,304
1,376
542

5
1

2,639
73

29 ! 5,882
14 I 1,837

14
4
3
3

1

59

40
30 i
26
11

September.
October
November.
December..

30 j 14,141
53 15,581
74 19,791
69 ! 22,103

6
13
11
21

6,871
6,620
5,533
10, 250

5
10
10
18

6,571
6,177
4,883
9, 25,4

1
3
1
3

300
443
650
996

24
40
63
48

7,270
8,961
14, 258
11,853

1926
January
February
March
April

65
52
51
56

7
8
5
5

2,701
2,475
523
1,322

4
2
1
1

1,291
386
187
2,212

54
42
45
50

9,392
8,902
9,539
8,978

9
13
4
9

3,338
4,138
1,337
2,127

1
3
1

896
1,180
300

58
61
135
43

12,090
28,911
46,981
7,874

1925
January.
February
March
April

3,992 i
2,861
710 |
3,534 !

! 13,384
j 11,763
! 10,249
! 12,512

ber

Deposits

14, 653
10, 341
7,173
9,580
7,814
7,991
4,506
1,236

May....
June
July
August -.

16, 324
34,229
140 48, 618
52 10,001

4,234
5,318
1,637
2,127

September.
October
November.
December..

12,050
18, 209
154
116

4,317
6,280
19,389
14, 413

14
27
17

3,890
5,165
14, 334
6,516

1
5
6
10

427
1,115
5,055
7,897

29
69
121
89

7,733
11, 929
26, 594
24, 753

11, 555
8,744
7,700
5,462

18
14
11
6

5, 662
7,566
5,501
3,769

9
2
5
4

5,893
1,178
2,199
1,693

106
65
59
39

20, 483
16,413
23, 522
6,288

6.434
5,521
2,638
8,881

8
8
2
4

5,564
1,932
2,638
8,670

3
1

870
3,589

1

211

36
32
35
22

6,764
5, 263
9,524
8,483

6 1,257
3,729
6 3,105
7 1,310

2
7
5
6

504
2,101
1,413
1,261

4
2
1
1

753
1,628
1,692
49

30
35
37
42

7,731
7,813
8,105
7,166

2,552
9,373
3,026
2,446

7

7
6
5

1, 736
3,162
1,783
2,294 |

1
4
3
1

816
6,211
1,243
152

45
39
57
37

8,431
8,979
13, 927
5,744

5 , 1,927
2 1,819
413
2
4 1,944

5
1
1
4

1
1

199
239

24
26
22
17

4,467
11,677
4,955
4,203

2,997
803
11,021
3,919

3
2
8
8

1
1
1
2

567
483
412
299

16
38
63
34

4,891
8,208
13, 763
7,157

1927

January
February
March
April

39,166

September.
October
November.
December..

133 32, 038
81 25,157
75 31, 222
49 11, 750
47 13.198
41 10, 784
37 12,162
27 17, 364
8,988
11,542
43 j 11,210
49 I 8,476

1928
January
February
March
April

10, 983
18, 352
16, 953
43 8,190

May
June
July
August.

May_._.
June
July
August.September.
October..-.
NovembetDecember..

6,394
13, 496
5,368
6,147
20
7,888
41 9,011
72 24,784
44 I 11,076




8
11
9
6

4
3
9
10

I
I
i
I)

1,927 !
1,620 !
174
1,944
I
2,430 j
320 |
10,609 i
3,620

136
No.

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
65.—BANK SUSPENSIONS:

NUMBER, CLASSIFIED ACCORDING TO CAPITAL.
STOCK

ALL BANKS
1921

Banks having capital stock of—

1922

_
.._.

Total

194
104
31
78
48
1
16
31

117
85
39
53
24
15
21

502

Less than $25,000
.
$25 000
$25,001 to $50,000
$50,000 to $100,000
$100,000 to $200,000 _
$200,000 to $600,000, inclusive
N o t available.

1923

354

1924

1925

1926

1927

1928

320
191
55
130
61
15
5

234
135
46
133
43
18
3

384
230
100
164
46
16
16

247
165
60
122
47
13
8

191
106
38
94
46
11
5

777

296
152
49
91
32
2 16
14
650

612

956

662

491

15
3
24
10
5

NATIONAL BANKS
23
2
14
9
3

Total

14
5
13
7
6

41
10
26
9
4

44
9
42
19
8

41
5
46
15
11

46
20
45
12
2

31
6
40
12
2

51

$25,000
$25,001 to $50,000
$50,000 to $100,000
$100,000 to $200,000
$200,000 to $600,000, inclusive.

45

90

122

118

125

91

STATE M E M B E R

BANKS

Less than $25,000
$25,000
$25,001 to $50,000
$50,000 to $100,000
$100,000 to $200,000
$200,000 to $600,000, inclusive.

13
4
4
8
4

Total.

34

19

NONMEMBER

1
2

Includes
Includes
3 Includes
* Includes
No.

117
67
29
39
16
8
21

296
100
37 I
51 |
19
29

432

Total.

35 !

28

33

16

247 ;
121 :
50 !
78
27

191
88
33
64
31

538

418

BANKS

194
79
26
57
34
4
11
31

Less than $25,000
$25,000
$25,001 to $50,000
$50,000 to $100,000
$100,000 to $200,000....
$200,000 to $600,000, inclusive.
Not available

37 I

3
2
6
5

297

14 I

320
138
42
78
30
5
5

233
83
40 I
79
23
5
3 :

179
73
107
27
12
16

526 |

618

466

796

3 banks with capital of $1,000,000 and 1 with $1,309,000.
1 bank with capital of $750,000.
1 bank with capital of $1,000,000.
2 banks with capital of $1,000,000 and 1 with $1,309,000.
66.—BANK SUSPENSIONS, BY SIZE OF TOWN OR CITY-, 1921-1928
Number of suspensions

Places w i t h p o p u l a t i o n

of—

1921
Less t h a n 5 0 0 . .
500 to 1,000
1,000 to 1,500...
1,500 to 2,500.-.
2,500 to 5,000_..
5,000 to 10,000..
10,000 to 25,000.
25,000 a n d over.

Total




1922

1923

1924

1925

1926

1927

1928

181
99
47
39
33
33
21
49

120
75
23
44
30
18
12
32

332
105
58
55
35
24
14
27

335
158
71
75
55
29
22
32

226
130
67
56
60
32
18
23

372
204
115
88
79
30
22
46

266
142
61
65
53
22
30
23

207
93
48
52
33
18
17
23

502

354

650

777

612

956

662

491

137

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE
SYSTEM
No. 67.—SUMMARY OF CHANGES IN MEMBERSHIP, B Y YEARS, 1925-1928
Number of banks
1926

1925

Active member banks, first of year.

1927

1928

9,587

9,489

9,260

9,034

Banks joining the system !
___ . . .
Banks withdrawing from the svstem 2

237
100

174
125

154
101

115
120

Net accession to membership
.
Banks lost to membership through mergers between member
banks, suspensions, etc

137

49

53

235

278

279

Net decrease for the year

3 _

5

192

98

229

226

197

9,489

Active member banks, end of year..

9,260

9,034

8, 837

1 Not including nonmember banks absorbed by member banks without effect on the number of banks
in 2system.
Including withdrawals which were incidental to the absorption of member banks by existing nonmember banks as follows: 1925, 42; 1926, 44; 1927, 55; 1928, 59.
3
Net loss owing to withdrawals.
Back figures.—Qee Annual Report for 1925 (Table 93).
No. 68.—CHANGES IN MEMBERSHIP, BY CLASS OF MEMBER, 1927 AND 1928
Number of member banks
Procedure effecting change

National

Total

State

1927

Additions to membership:
Organization of national bank
Conversion of nonmember bank to national
Admission of State bank
Resumption following suspension
Conversion within the system.. . . . . ___ _
All other
Total additions

1927

1928

1927

9,260

Active member banks, first of year

1928
9,034

7,906

7,759

1,354

82
32
29
10

70
17
23
5

82
32

70
17

8

2
15

29
2
13

18
21

1

1928
1,275

1

23
3
4

154

___

Suspension and insolvency
Absorption of member bank by nonmember bank.
Conversion of member bank to nonmember bankWithdrawal of State bank
Conversion within the system
._
Total losses
Net decrease
Active member banks, end of year

131

94

34

110
36
124
55
20
26

78
30
9
72
59
24
40

96
19
8
91
49
12

70
19
6
56
50
19

14
17
1
33
6
8
* 26

13

14

18

8
11
3
16
9
5
3
40
15

312

278

224

113

97

226

Voluntary liquifiatifvn (torTnina.1)

115

380

Losses to membership:
Merger between member banks—
Intraclass
Interclass _
__ __ ______

197

147

130

79

67

9,034

8,837

7,759

7,629

1,275

1,208

n

30

1
Conversions between two classes of member banks, without effect on the number of banks in the
system.
2
National bank organized to succeed a national bank that had previously suspended.
3
Includes 3 compulsory withdrawals.
4
Includes 2 banks which were dropped from membership in the system at the expiration of their State
charters.
Back figures.—See Annual Reports for 1927 (Table 117), 1926 (Table 97), and 1925 (Table 93).

41223—29




10

138

ANNUAL KBPORT OF THE FEDERAL RESERVE BOARD

EARNINGS, EXPENSES, AND DIVIDENDS OF MEMBER
BANKS
No.

69.—MEMBER BANKS—EARNING

ASSETS, CAPITAL FUNDS, AND PROFITS,

1923-1927
Amounts

Loans

Total

State member banks:
1923....
1924
1925
1926
1927

(in thousands of dollars)

Principal earning assets

Year ending Dec. 31

All member banks:
1923
1924
1925
1926..
1927
National banks:
1923
1924
1925
1926
1927

l

Investments

18,531,961 ! 7,675,027
19, 347,300 8,127,427
20,809,107 , , "'
22,123, 397 8,864,784
23,006,039 9,008, 752
9, 749,932
16, 713, 739 11, 725,163 4,988,576
17,233,431 12,007,447 5,225,984 !
18,430, 579 12, 729, 675 5,700,904
19,135,960 13, 353,101 5, 782,859 '
20, 349, 562 13,949,969 6,399,593

26,206,988
27,474, 727
- 29, 673,891
31,132,149
32, 755, 971

9, 493,249

. 10, 241, 296
11, 243, 312
11, 996,189
- 12,406,409

6, 806, 798
7,339,853
8,079,432
8, 770, 296
9,056,070

2,686,451
2,901,443
3,163,880
3, 225,893
3,350,339

2,890,930
2,916,791
2,970,453
3, 077,183
3,254,507

6.72
7.33
8.22
7.96
7.91

1,489,144
1,574,872
1,618,841
1, 742,946
1,908,195

6.72
9.37
10.83
10.70
9.94

1
Figures are averages of amounts for call dates during year; figures for loans are revised to exclude "Acceptances of other banks and bills of exchange or drafts sold with indorsement."
2
For explanation of these ratios, see Federal Reserve Bulletin for December, 1928, pp. 826-828.
Soa °°°
3
Capital, surplus, and undivided profits including, in 1923 and 1924 only, reserves for taxes, interest,
etc., accrued.

No.

70.—MEMBER BANKS—EARNINGS,

EXPENSES, AND DIVIDENDS,

1923-1927

lln thousands of dollars]
Expenses

Gross earnings

Interest paid

Year ending Dec. 31
Total

All member banks:
1923__
1924__
1925
1926__
1927
National m e m b e r
banks:
1923
1924
1925__
1926
1927.

State member banks:
1923_
1924_
1925
1926___
1927__

_.
..
_.
_.

1,719,360
1,786,471
1,918,094
2,027,752
2,120, 277

Interest
earned

All
other

1,493,755 225, 605
1, 514, 500 271,971
1, 615, 595 302, 499
1, 710,492 317, r "
1. 749, 008 371, 269

1,064,295
963, 443 100, 852
1,093,832
960, 601 133, 231
1,159, 595 1,015, 352 144, 243
1,210,911 1,060, 589 150, 322
1,289,297 1,107,242 182,055
655,065
692,639
758,499
816, 841




530,3121
553,899
600,243
649,903
641,766!

124,753
138. 740
158, 256
166,938
189,214

Total

On de- On borrowed
posits money

Salaries
and

Taxes

All
other

1,232,654
1,280, 524
1,367, 318
1,441,745
1, 515, 704

547,910
594,432
643,158
672, 927
713, 038

42,151
24,746
25,954
31,350
24, 514

335, 680
355,018
372,741
396,796
420,128

102, 673
97, 341
102,411
105, 885
109, 778

204, 24C
208,987
223,054
234, 787
248, 246

757,802
776,070
822, 255
856, 765
918, 816

329,304
356, 311
382, 483
395, 352
431, 763

29, 641
17, 001
17,172
20, 089
15,429

205, 391
213, 994
223, 756
235, 969
253, 634

69, 873
64, 676
66,645
68, 270
69, 219

123, 593
124, 088
132,199
137, 085
148, 771

474, 852
504,454,
545,063
584,980

218, 606 12, 510
238,121 7.745
260, 675 8,782
277, 575 11,261
281, 275 9,085

130,289
141, 024
148,985
160,827
166,494

32,8C0
32, 665
35, 766
37, 615
40, 559

80,647
84, 899
90, 855
97, 702
99,475

EARNINGS, EXPENSES, AND DIVIDENDS OF MEMBER BANKS 1 3 9
N o . 70.-

-MEMBER BANKS—EARNINGS, EXPENSES, AND DIVIDENDS, 1923-1927-

Continued
[In thousands of dollars]
Losses

Year ending Dec, 31

All member banks:
1923..
1924
1925
1926
1927
National m e m b e r
banks:
1923
1924.__
1925..
1926
1927
_
State member banks:
1923
1924
1925
1926
1927

No.

Net
earnings

On
investments

All
other

Net

Rec overies

Net
profits

Dividends
declared

Total

On
loans

486, 706
505,947 j
550, 776!
586,007!
604,573:

207,127
197,343
193,099
207, 530

143,011
133,079
128,774
124,885
123,745

36,411
33,196
35,127
35,9091
37,284

27, 705
31,068
29,198
46, 736
47, 664

57,307
52, 739
61,806
53,006
51,129

149,820
144, 604
131, 293
154, 524
157,564

336, 886
361, 343
419,483
431,483
447,009

257,933
258,044
272, 686
284,809
312,680

306,493i
317,762 j
337, 340!
354,146
370,481

154,753
140, 250
136,269
145,831
148,225

108, 819
97, 582
92,127
88,017
91,214

26,450
23,960!
23, 692
26,261
25,665

19,484
18, 708
20,450
31, 553
31, 346

42,642
36,270
43,122
36, 662
35,027

112, 111
103,980
93,147
109.169
113,198

194, 382
213, 782
244,193
244,977
257, 283

166,492
162,636
171,324
176,421
197, 555

180,213!
188,185
213,436J
231,8611
234,092!

52, 374
57,093
56, 830
61, 699
60,468

34,192 9,961
35,497 9,236
36, 647 11,435
36,868 9,648
32, 531 11,619

8,221
12, 360
8,748
15,183
16, 318|

14, 665
16,469
18, 684
16,344
16,102!

37, 709
40, 624
38,146
45, 355
44, 366

142, 504
147, 561
175,290
186, 506
189,726

91,441
95,408
101, 362
115,125

7 1 . — M E M B E R BANKS—RATIOS OF EARNINGS, EXPENSES, ETC., TO AVERAGE
EARNING ASSETS, 1923-1927

[Amounts per $100 of earning assets]*
Gross earnings
Year ending Dec. 31
Total

All member banks:
1923
]924
1925
1926
1927
National banks:
1923
1924
.
1925
1926
1927
State member banks:
1923
1924
1925
1926
1927

Interest
earned

$6.56
6.50
6.46
6.51
6.47
6.37
6.35
6.29
6.33
6.34

_.

$5.70
5.51
5.44
5.49
5.34
5. 76
5.57
5.51
5.54
5.44

6.90
6.76
6.75
6.81
6.70

5.59
5.41
5.34
5.41
5.17

Losses

Expenses

Total

Interest
paid on
deposits

Total

Net

Net
profits

$2.09
2.16
2.17
2.16
2.18

$0.79
.72
.65
.67
.64

$0. 57
.53
.44
.50
.48

$1.29
1.32
1.41
1.38
1.36

4.53 i
4.50
4.46
4.48 i
4.52

1.97
2.07
2.08
2.07
2.12

.93
.81
.74
.76
.73

67
.60
.51
57
.56

1 16
1.24
1.32
1 28
1.26

5.00 !
4.93
4.85
4.88
4.81 ;

2.30
2.33
2.32
2.31
2.27

.55
.56
.51
.51
.49

.40
.40
.34
.38
.36

1.50
1.44
1.56
1.55
1.53

$4.70
4.66
4.61
4.63
4.63

1
i Figures for earning assets, as used in computing the ratios in this table, are revised to exclude
"Acceptances of other banks and bills of exchange or drafts sold with indorsement."
NOTE.—For explanation of these ratios, see Federal Reserve Bulletin for December, 1928, pp. 826-828.




BANKING CONDITIONS IN FEDERAL
RESERVE DISTRICTS AND STATES




141

CONDITION OF EACH FEDERAL RESERVE BANK
No. 72.—BILLS DISCOUNTED FOR MEMBER BANKS1—HOLDINGS OF EACH
FEDERAL RESERVE BANK, BY MONTHS, 1924-1928
[Monthly averages of daily figures. In millions of dollars]
Federal Reserve Bank
Month

Boston

33.2
31.0
27.6
23.0
17.9
16.9
11.0
11.7
10.0

Dallas

New
York

1924*
January
February
March
April
May
June
July
August
September
October
November
December

13.4
21.7

119.5
122.0
79.4
86.0
62.7
41.1
45.2
31.8
41.4
44.8
38.0
76.6

1925*
January
February
March
April
May
June
July.
August
September
October
November
December

19.6
19.8
31.0
33.6
29.1
35.9
33.1
36.5
29.7
42.2
37.9
52.1

77.1
150.0
150.9
119.3
105.2
126.4
144.7
169.2
206.0
193.3
170.0
207.3

25.
30.0
36.
37.6
37.2
40.0
45.3
48.8
48.5
52. 7
52. 7
58.6

1926*
January
February
March
April
May
June
July
August
September
October
November
December

31.3
39.1
35.1
27.7
27.5
25.0
34.5
37.0
46.0
| 41.3
j 38.6
56.1

160.1
182.1
139.6
130.8
135.5
115.5
168.5
163.3
181.8
164.7
134.6
155.2

47.5
55.7
59.2
52.8
49.4 I
48.6 !
48.0 I
45.5 i
45.6 |
49.1 I
43.1 I
59.9 I

58.6
42.2
55.7
55.9
51.7
43.6
36.7
33.2
44.5
69.9
74.9
89.3

38.1
38.1
43.6
45.0
46.8
47.3
41.7
45.0
46.2
45.5
35.1
29.3

27.3
26.6
40.9
44.0
35.1
38.5
42.2
47.7
55.7
55.6
50.2
47.1

79.5
67.2
76.6
73.8
55.8
53.9
59.7
55.0
68.4
90.1
105.0
118.6

19.8
20.8
26.2
28.3
26.7
28.5
30.7
35.2
43.5
42.2
37.6
37.9

1927
January
February
March
April
May
June
July
August
September
October.
November
December

I
..! 33.4
29.0
35.8
23.2
_. 37.1
33.8
29.7
29.9
28.4
i 33.3
j 36.4
| 40.2

118.3
91.2
112.2
121.6
137.8
91.9
122.9
118.4
142.4
126.9
106.5
171.1

43.7
35.7
41.0
43.7
45.8
45.2
46.8
39.6
38.2
38.4
38.1
47.9

61.5
38.9
31.7
53.9
43.6
41.8
35.4
27.8
34.8
43.7
46.8
S8.6

22.5
23.4
22.1
22.5
25.5
22.4
21.8
19.7
26.3
28.9
21.5
24.4

34.2
26.8
31.7
34.1
34.6
32.6
36.3
34.7
31.1
26.0
32.7
36.1 |

90.2
78.5
71.1
56.3
52.7
63.9
59.7
40.5
31.4
36.5
46.9
65.0

152.9
119.3
130.0
210.9
296.9
376.1
382.6
321.3
352.3
300.7
238.1
298.7

44.4
53.1
49.2
52.7
60.4
80.2
93.8
99.1
106.5
93.7
79.3
91.3

51.0
50.8
57.0
60.8
68.4
89.3
100.8
80.1
77.8
75.5
85.6
108.0

26.9
27.3

29.3
28.3
25.2
38.9
51.9
59.8
68.5
76.8
82.9
79.4
68.7
57.8

59.0
50.9
67.9
87.6
109.5
136.1
156.7
159.4
113.8
134.1
138.8
178.9

6.9

1928
|
January
!
February
j
March
_j
April
!
May
!
June
__|
July...
...J
August
j
September
I
October
i
November
j
December
j

23.5
45.2
49.5
44.4
59.6
84.8
68.0
61.1
50.9
45.9
50.6
65.0

SanFrancisco

48.9
43.6
46.5
43.8
40.1
32.4
25.2
19.6
16.5
13.6
10.6
11.5
11.6
16.9
25.1
31.2
32.3
36.7
42.5
46.2
53.9
55.6
60.4
56.4

27.8
34.6
43.0
48.0
54.9
56.6
57.2
47.8
42.5
40.8

8.1
4.9

15.4
17.3
17.2
19.1
19.9
18.1
16.1
12.6
13.3
12.4
16.7
13.3

7.5
5.7
6.4
7.3
9.7
11.7
16.1
20.1
24.6
19.1
16.9
10.0

30.7
25.0
49.8
46.1
46.7
37.3
47.6
48.0
59.6
62.3
53.6
46.8

19.1
14.6
14.4
16.2
24.0
26.3
29.8
24.7
28.0
21.5
18.1
19.3

4.1
4.0
4.5
6.1
6.7
6.5
6.0
6.1
4.4
2.7
2.6
3.0

10.4
9.3
8.6
11.9
17.3
16.5
12.5
9.3
10.7
15.7
18.1
15.2

5.4 i
3.1
3.2
4.4
4.7
6.2
7.4
12.7
11.0
7.2
8.4
5.4

37.8
38.6
48.3
53.3
43.1
41.4
45.8
46.1
35.6
43.7
39.1
42.4

16.6
24.0
26.1
33.1
39.0
52.9
55.1
58.8
65.0
49.8
43.9
39.6

3.7 |
4.0 I
3.3 i
10.1 !
10.6 I
8.5 !
12.2 |
18.5 i
17.8 |
18.1
16.0
10.4

12.7
11.4
10.5
18.8
22.9
22.4
23.9
22.7
24.0
31.3
43.1
44.2

4.3
4.1
3.8
8.0
9.0
11.3
16.7
29.8
29.6
25.3
21.3
17.9

41.0
52.3
63.1
61.3
64.3
49.4
56.5
76.7
86.5
73.5
69.6
60.3

4.2
5.8
6.3
6.2
6.7
4.9
7.4

12.7
10.5
11.0

1

Including small amounts of bills discounted for intermediate credit banks, etc.; see Tables 11 and 101.
* Revised.
Backfigures—SeeAnnual Report for 1927 (Table 55).




143

144

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 73.—DISCOUNTED BILLS—HOLDINGS OF EACH FEDERAL RESERVE BANK ON
DECEMBER 31, 1928, BY CLASSES
[In thousands of dollars]
Rediscounted bills
CommerTotal
Demand Bankers'
(all classes)
tiiral
and sight acceptances
tural
rlrnftq
dratts
paper,
n. e. s.

Federal reserve
bank

Boston
New York
Philadelphia.
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas .
San Francisco
Total

Suf

_
_
_

69, 244
463,980
84, 314
92,702
38, 561
41,020
146, 519
35, 539
4,495
31,143
11,161
37, 788

40,354
18,503 '
10,175
19,296
12,129
22,410 i
58,795 '
6,452
2,013
18,079
1,373
5,124

1, 056, 466

214,703 !

.

Trade
acceptances

..

Paper
secured
by U. S.
Government obligations

74
176
139
327
53
673
127
76

69
41

190
21
42
69
519
129
4

28, 626
349,156
59,548
60,063
17,036
9,398
80, 353
20,339
2,228
7,451
9,001
15,043

96,145
14,452
12, 995
9,301
8,401
6,684
8,543
250
5,613
573
17, 616

974

658,242

180, 573

214
5
283

46

Member
banks*
collateral Collateral
notes
notes
secured
by U. S. otherwise
secured
Government obligations

1,645

Back figures.See Annual Report for 1927 (Table 56), 1926 (Table 18), etc.
No. 74.—DISCOUNTED BILLS—HOLDINGS OF EACH FEDERAL RESERVE BANK ON
DECEMBER 26, 1928, BY MATURITIES

[In thousands of dollars]
Maturity
Federal reserve bank

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

Total

Within
15 days

16 to 30
days

31 to 60 61 to 90 91 days to Over 6
days
days
6 months months

87,095
91,947
387, 841
379, 747
96,304
87,364
112, 640
98,314
40, 517
31,184
59, 882
35,407
201,769 | 151,244
35, 594
43,177
9,347
13,201
31,515
48, 533
14, 625
15, 660
51,145
56,108 !

1,282
2,366
3,023
4,781
3,697
6,459
13,020
1,790
147
1,148
129
907

2 204
3,143
4, 571
5,297
3,571
9,973
22,285
3,861
476
2,726
503
899

1 228
2,565
1,290
4,124
1,921
6,452
13,251
1,745
2,362
2,291
360
1,027

138
20
56
102
109
1,557
1,876
179
676
10, 321
43
1,916

214

-. 1,167, 579 1,012,581

38, 749

59, 509

38, 616

16, 993

1,131

_
__

Total

22
35
34
93

s

193
532

Back figures.—See Annual Report for 1927 (Table 57), 1926 (Table 20), etc.
No.

75.—AVERAGE

MATURITY OF BILLS DISCOUNTED BY FEDERAL RESERVE

BANKS, 1926-1928
[Days]

Federal reserve bank

Member bank collateral
notes
1926

Boston
New York
Philadelphia. _
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. _.
Kansas City...
Dallas
San Francisco.
Total .




5.96
4.18
7.74
4.82
2.80
11.37
11.26
7.45
10.43
5.20
12.51
7.15
5.48 I

1927
6.70
4.29
8.13
3.99
3.20
12.89
10.72
7.29
7.95
5.35
7.29
6.31
5.58 !

1928

Rediscounted bills
1926

5.28
4.77
5.99
4.46
2.61
10.41
9.09
6.45
5.76
4.69
7.48
5.18

50.23
56.36
52.11
50.39
54.95
56.31
51.96
44.66
90.19
77.20
63.36
70.77

5.37

54.28

1927
46.96
53.32
49.60
49.90
55.58
53.79
49.20
43.67
111.22
79.44
52.90
77.86
52.97

1928
52.10
50.48
48.88
53.35
48.20
58.12
43.70
53.22
87.17
98.89
55.26
64.16
54.42

145

E\CH FEDERAL RESERVE BANK

No. 76.—PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE
BANK, BY WEEKS
BOSTON
[In thousands of dollars]

Date

Bills bought United States
Bills in open marsecurities
ket
disTotal counted
Total
bills
cash
for
and seBought Under reserves
curities memresale
ber
outarrrna
agreebanks
i agree- right ment
ment

1928
Jan. 4
Jan. 11...
Jan.18._
Jan. 25. _.
Feb. 1___.
Feb. 8....
Feb. 15..
Feb. 21...
Feb. 29...

40,631' 9,553
49,0431 10,039
39, 949! 9, 352
34,043! 8,730

33, 358
31, 534
29,106
24, 564

35, 591
48,033
32,956
43, 382
55, 240

35,173
36,179|
29,939!
32, 866!
34, 662|

3,595
2,224
4,487
2,742
4,843

23, 281
21, 798
21,798
21, 798
21, " ~

45, 738
48,182
46,013
58, 572

34, 721
40, 782
35, 897
40, 767

7,462
6,171
7,744
8,476

21, 799
21, 509
20, 647
20, 664

39, 553 40, 073
45, 472 48,928 4,619
8,795
56, 396
41,317 43, 412 7,514

97, 640
108, 234
89,180
100, 938
116, 543
109, 720
116, 644
110, 386
129, 024
106,169
118, 859
139,926
106,081

Mar. 7...
Mar. 14..
Mar. 21..
Mar. 28..
Apr. 4....
Apr. 11...
Apr. 18—
Apr. 25—

May 2__. 95,409 40, 885
May 9__. 104, 519 54, 589
May 16_. 107, 940 57, 562
May 23.. 121, 764 69, 585
May 29.. 127,752 79,046

35, 763
34, 343
34, 892
35, 992
35,987

5,921
4,032
5,131
7,760
5,368

June 6
June 13...
June 20—
June 27...

Total

j Federal
! reserve
notes
Member
in cirOther culation
bank
dereserve
balances posits

150

85
545

>

11, 555
10,355
8,427
7,351

160,146
159,478
156,293
152,134

158,047
157,475

189, 958
181,109
193, 691
187, 236
170, 530

150, 633
152, 861
149, 604
151, 422
149, 022

148, 939
150, 216
146, 630
149, 022
146. 636

177, 963
175, 259
179,781
161, 828

150, 081
155, 779
154, 213
153, 634

147, 517 2,564 120,933
442 119,223
155, 33;
649 119,021
153, 564
150,186 3,448 119,161

159, 512
158,127
157,340
158, 374

158, 361
155, 816
156,197
155, 072

1,151 123,598
2,311 121, 551
1,143 123,652
3,302 122,129

201, 718
194, 730
185, 244
176,884
170, 777

2,384
2.586
2,668
2,130

207, 597
193, 694
193,"
201,450

194, 531
178, 754
160, 015
192, 696

20, 475
19, 840
16.1461
13, 838|

105, 767 19, 841
113,448 20, 246
102, 263 21,188
86, 308 16, 841

Deposits

158,065
156,336
151, 032
156, 520
151,315

155, 698
152,820
148,921
155,147
149,844

2,367
3,516
2,111
1,373
1,471

124, 615
124, 659
124,177
125,484
129,063

152, 618
150, 702
147, 297
147, 510
151, 206
150,339
152, 332
148,081

1,000
856
1,232
884

132, 232
131,441
132, 550
134.134

1,666
1,656
1,302
1,430

138,573
138, 511
139.135
139,299

146,154
150, 350
149,458
145, 799
147, 016

2,354
2,275
1,491
1,601
4,219

142,023
142,475
142, 892
144, 220
147,982

2,099 147,858
2,003 137,186
155, 111 1,182 129,145
149, 496 2,638 122,905
1,694
2,645
2,974
2,400!
2,386!

124,095
122,574
121,369
122,598
121,131

118,160
127, 638
130, 331
131,156

78, 551
83, 700
89,322
86, 291

27, 692
30, 925
27, 665
26, 624

4,330
5,523
5,828
10, 664

7,587
7,490
7,516
7,577

183, 606
172,487
168, 089
169, 313

July 3 . . . . 114, 825
July 11... 90,880
July 18... 92,056
July 25... 93, 24f

82, 367
58,348
62,171
66,385

16, 791
20,314
16,051
13,036

8,090
4,601
6,217
6,204

7,577
7,617
7,617
7,617

192, 840
216,088
216, 543
212,146

66,047
63, 403
67, 738
59, 998
57, 715
Sept. 5... 87,821 56,182
Sept. 12.. 78,023 46,143
Sept. 19.. 79,190 48,314
Sept. 26.. 76, 342 47, 484

15, 508
11, 390
13, 919
14, 012
13, 323

4,348
2,971
4,920
5,418
5,687

7,616
6,843
6,843
6,843
8,816

209, 705
229,038
216, 803
222,999
231, 320

153, 618
151, 558
148, 529
148,394
152, 872
151,995
153, 634
149, 511
148, 508
152, 625
150, 949
147,400
151, 235

16,868
19,874
14, 207
14,290

5,955
3.190
7, 853 i
7,132

8,8161
8,816!
8,816
7,436

234,310
237,831
245, 361
241, 039

151,457
148, 782
158, 236
151, 873

150, 719
7381 153,261
147, 726 1,056) 150,805
147, 767 10,469 150,024
150,149 1,724 149,324

246, 881
230,679
245, 886
240, 475
236, 347

159, 672
152,876
156, 423
158, 319
153, 644

155, 679 3,993 151,585
151,:""
977 152,599
155, 589
834 151,036
153,180 5,139 149,238
151,171 2, 473| 149,712

Aug. 1 . . .
Aug. 8 . . .
Aug. 15...
Aug. 22...
Aug. 29...

Oct.
Oct.
Oct.
Oct.
Oct.

93, 519
84, 607
93,420
86, 271
85, 541

3....
10...
17...
24...
31...

81,477
93,483
76, 796
84, 236
83, 609

Nov. 7 . . . 82, 783
Nov. 14.. 108,471
Nov. 21.. 108,114
Nov. 28.. 118, 904
Dec.
Dec.
Dec.
Dec.

5....
12..
19..
26..

105, 647
109,319
119,908
149,404

47,057 16, 272
57,133 16,982
35, 693 21, 820
32, 999! 31, 482
32, 826 j 27, 598
I
32,474 26, 757
50, 725 '35,368
53, 321 33, 731
62,184 37, 559
j
52, 306 36, 679
58,459 36, 545
65,007 41, 295
91,947 41, 472

I

10, 712
12,8391
12, 642 i
12, 756|
16, 297

7,436
6,529
6, 530J
6,

16, 664
13,490;
13,531!
11, 630

v, uoo,
6,8881
7,531
7, 531

231, 697
218,392
207, 979
199, 531

153, 955
156,015
152, 731
147,580

149, 880 4,075! 150,907
153,781 2,234J 151,880
151, 983
7481 149,606
146,030 1, 550j 154,339

9, 786 •
6, 955!
5,821!
7, 812i

6, 876
7,360!
7,785|
8,173!

224, 549
223, 847
203,099
184, 729

153,527
153, 277
145, 369;
152, 800

150,110 3,417 161, 510
150,071 3,206 166,819
144, 524
845 166,221
739! 167,041
152, 061

111
111

Back figures—See Annual Report for 1927 (Table 58), 1926 (Part I I , Table 2), 1925 (Part I I , Table 2), etc.




146

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 76.—PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL

RESERVE

BANK, BY WEEKS—Continued
NEW YORK
[In thousands of dollars]
Bills bought
in open markt
*:

United States
securities

Deposits

Bills
disTotal counted ||
bills
for j
and securities1 mem jI
ber
banks !

Bought
outright

465, 048
361, 933
264, 634
280, 486

178, 771 j
148, 839:
84, 902j
115,073'

39, 216
47, 423
52, 692
63,492

57, 224!
38, 209 i
25, 928|
16,4911

309,605
297,167
330, 824
266, 561
260, 7"'

114.
125,
153,
87.
83,

68, 573
70, 512
74,106
72, 879
63, 425

35,
24,
22,
29.
33,

042
991
290
918i
080!

82,196!
75,918!
78,118!
75,918;
75, 9181

9, 500:
!
2,500:
:
5,0201

1,052,03'
1,065,719
1,027,157
1,069,560
1,088,804

980,325;!
980, 315u
959,733!!
934,733!!
956,162!;

958, 445
956, 368
642, 040
917, 038
938, 064

21,880; 344,481
23,947; 342,996
17, 693 i 347,293
17,695! 350,348
18, 098| 348,715

Mar. 7___
Mar. 14 _.
Mar. 2 1 . .
Mar. 28_.

293, 546
287, 774
244, 946
328, 066

124, 388
111,0361
82,402
154,018[

66,
70,
67,
63,

372
663
504
347

26, 868 i
30,152;
25,085!
40, 687j

75,918!
75, 923i
69,955!
70, 014!

!
i
I
f

1,050,012
1,037,254
1,069,883
1,018,257

954,145!
942,198
923, 5331
956,0801!

934, 620
919, 622
902, 604
943, 494

19,525!
22,576!
20,929!
12, 586i

Apr. 4____
Apr. 11...
Apr. 18.._
Apr. 25...

379,901
396, 239
302, 883
392, 516

206, 859 i
207,043
153, 029
242, 617

57, 664
65, 586
58,114
71,183

44, 996
53, 568'
24,214
24, 081

69,492^
67,177
59,476!
48, 430}

969,114i
890
980,457
2, 865
999,198 l,013,513!|
957,758!i
8,050! 1,029,227
985, 5001 j
6, 2051
979, 242

955, 880
995, 222
946, 080
971, 935

13, 234i 350,748
18,291! 336,101
11,678s 338,067
13,565! 335,683

May 2
May 9___
May 16__
May23__
May 29_ _

387,109
423, 677
413, 613
404,473
416, 380

249, 255
290,126
296, 829
307, 780
321, 895

22, 574J

68,
59,
52,
50,

43, 1101
40, 084;
39, 428!
27, 934!
24, 9921

9,781 1,010,090 1,007, 971 j
9, 417 949, 319 987,402;
7,472 936, 543 966, 560 i
3,510 941, 736 962,608H
9,98" 928, 654 949,3411!

989, 042
969, 787
943, 584
947,128
932, 742

18,929;
17,615!
22,976
15,480|
16, 599j

343,753
337,881
340,111
336,811
339,236

June
June
June
June

6
13..
20..
27..:

444, 836
474, 950
454,119
444, 692

365, 354
397, 024
377, 560
373,079

948, 416
949, 997
921,169
959, 52311 939, 566

12,116!
23, 861!
12,750}
19,957!

338,181
331,888
332,481
334,072

July 3- —j
July 11 |
July 18.. .
July 25—1

526,869
523,416
372,653
369,814

Date

1928
Jan. 4
Jan. 11.. _
Jan.18.__
Jan. 2 5 . . .
Feb. l..._
Feb. 8____
Feb. 15...
Feb. 21___
Feb. 29—

294'
746:
8101
846!
336:

.

Under i B u h t
resale j ° ?
outagree- right
ment

586 15, 464
595 10, 289
989 12, 260
065 9,441

Total
cash |
Under reserves j
resal.
agreement

ji

Total

I Member
|l bank
|! reserve
balances

113,776 76,061
975,202 1, 041, 635J 1. 020, 508!
108,902; 18,500 1.018,146 1,000,788! 985, 678j
101,112
i 1,105,349
988,4121! 974,016
926,928!, 910,546
85,430|
! 1,024,946

n
p

I Federal
! reserve
i notes
j in ciriculation
|

21,127!
15,110J
14,396!
16,382!

374,185
354,371
348,726
342,292

346,519
342,668
343,352
341,906

960,532!!
973, 858; j
933, 919! I

436,537
449,633
304, 323
310,344

901, 420
44, 297 2, 301 25, 499 7,385
877,127
30, 815
41, 676i 5,435
865. 675
27, 255 1,645 43, 959j 3,700
9,311 28, 044; 6,710
902, 605
27, 548
33, 285 16,144) 25, 018 15, 905j 832, 567
811,839
26,634 6, 852| 30,158; 10,1391
32, 561 3,502 25,158 7,109 ' 921,619
919, 551
28,514
298 25,158: 5, 500

936,503
929, 535
894,417
889,235

25, 6971
14,965
15,068;
12,274!

349,202
341,685
340,243
336,272

Aug. 1_—| 410,6501
Aug. 8
I 390,064
Aug. 15. 351,159
Aug. 22. 382,823
Ausr. 29. 373, 350

339,883
329, 393
274, 575
314, 026
292, 522

28, 716 6,572
29,017 3,153
38, 849 11, 544
25, 851 15, 840
29,429 15,613!

894, 254
932, 095
911,917
917, 599

953,343 935,417
863, 957
890, 624 877, 781
891, 7751 879,519
891, 354 877, 231

17,926!
26,652
12,843
12,256!
14,123;

340,067
339,951
344,739
344,684
343,565

Sept. 5 . . .
Sept. 12..
Sept. 19..
Sept. 26..

431,651
467, 763
518,330
467,909}

350, 202 21,117 25, 996;
356,416 23, 701 37,690
29,741
396, 360
337,621 35, 542 42, 755

4,550
4,650
7,675
10, 880

860,153
852, 643!
792, 803 j
834, 038!

875, 768'
929,863
925,039
901, 697

866, 874
917, 249
907,199
888,308

8,894;
12,614!
17,840
13,389j

359,216
344,107
339,228
335,178

Oct.
Oct.
Oct.
Oct.
Oct.

3_...
10_..
17...
24...
31...

506, 661
485, 760
480, 701
419, 439
447,184

53,408 46,4941 40,361 11,350
338,004 57,581 42, 929| 34,746 11,450
298, 309 77, 225 54,177! 34,2451 14,995
247, 253 69,026 52, 428 31,757! 18,775
261,461 78,004 60,192 26,257| 21,070

798, 776;
809,1341
833,870 [
877, 587!
916,73l!

922,126
887, 221
917, 212
896,340
959,162

902,802
878,495
905,153
881,428
944,109

19,324!
8,726
12, 059
14,912
15,053|

339,506
342,420
337, 556
332,304
333,457

Nov.
Nov.
Nov.
Nov.

7...
14..
21 _.
28_.

469,458
380,164
354,328
504, 524

294,522
194, 397
169, 752
316, 706

84, 782 46, 782J
91,105 51.665
98, 259 44, 705|
107, 596 35, 490

20,415
20,040
16,390
19,250|

872, 044:
896,444[
945,773'
855, 842;

916,389
907, 006
910, 399
945,060

893, 732 22,657 341,971
894, 993 12,013 332,685
898, 694 11,705 333,497
12,452] 343,818

Dec.
Dec.
Dec.
Dec.

5
12..!
19. J
26..!

526,657
552,259
467,015
602,020

329,891
326,926
232, 793
387,841

104,306
124, 510
105,114
108, 503

22,782 27,510
24,427! 29,530
95,785| 12,040
24,127 30,665|
I
I

825,751:
827, 554!
878,0641
805, 507

946, 933
976,141
928,038
979, 274

932, 318
960,509
919,099
957,831

1

T 353, 998

Includes other securities




41, 968
46.666
21, 283
50,884

29,159!
22,501!
22,501;
22,501!
29, 2,r 29, 286
44,806
44, 806
40, 061

22,757
22,757!
25,022!
25,282

6,320
6,000
3,190
4,1051
6, OOO!

962, 200;
944, 500i
909, 485 i
901,509||

14,615!
15,632!
8,939!
21,443;

339,816
340,658
359,365
364,133

147

EACH FEDERAL RESERVE BANK

No. 76.—PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE

BANK, BY WEEKS—Continued

PHILADELPHIA
[In thousands of dollars]

! Bills bought United States
11
Bills ! i n OP^e t m a r "
securities
k
dis- |
Total counted!
Total
bills
cash
and se-1 for i
Under Bought Under reserves
curities m e m - ! Bought resale
resale
outagree- right agreement
ment

Date

1928
Jan. 4...
Jan. 11 _.
Jan. 18..
Jan. 25..
Feb. 1...
Feb. 8...
Feb. 15.Feb. 21..
Feb. 29..

146,259
124,533
113,403
98, 859

58, 672'
41,617
37,108
30, 5411

113, 704
112,111
125, 702
121,886
131, 902

Mar. 7-.
Mar. 14.
Mar. 21.
Mar. 28.

Deposits

Total

Federal
reserve
notes
Member Other in cirbank
culation
dereserve
balances posits

45,663
43,962
41,
37, 443

154,080
175, 021
179,268
187, 996

141, 578
143,900
145,114
141,130

139,003i
142,476|
142, 588
139, 670

2,575
1,424
2,526
1,460

136, 746
128,351
121,406
118,033

48,325 29,134
46,553 30,695
58409 32430
58,409 32,430
52,035 34,988
59,755' 37, 284L

36,245J
34,863 .
34,863
34,863
34,863

173,841
174,152
165,631
169,666
160, 220

139, 955
138,162
139,643
139, 746
137,662

138, 264
136, 111
137, 536
138,020
135, 883

1,691
2,051
2,10"
1,726
1,779

109,530
116,551
106,918
101,094

42,361 ! 32,306
51,362! 30, 596
45, 624! 27, 504i
42,880j 24,408

34,863
34, 593
33,790
33,806

180,408
173,209

187, 370[

136,924
136,429
140,047
132, 836

1,922
91"
657
1,758

Apr. 4...
Apr. 11_.
Apr. 18Apr. 25..
May 2...
May 9__.
May 16 _
May 23.
May 29.

104,099
114,120
107, 893
104, 535

45,316'
55, 634
48,191
44,211

25,153
25,449
30,110
32, 885

33,630
33,037
29, 592
27,439

195,498
186.003
183, 423
188, 713

138,846
137,346
140,704
134, 594
141,870
144,380
141,016
141, 344

120.486
120,383
124, 639
124, 330
125, 271
123,569
125.495
124,043
126,110

140,601
142, 670
139,822
137, 888

1,269
1,710
1,194
3,456

130, 770
127,268
124.496
123,590

116,140
110,773
118,370
113,694
135,2211

54. 977j
47,215
55,1971
55,438i
80,480

34,655
38, 249
38, 984
35, 866
33, 254

26, 508
25, 309
24,189
22, 390
21,387

144. 797
140,011
139,972
137, 262
139, 315

142. 205
138, 004
138,064
135,856
138,217

2,592
2,007
1,908
1,406
1,098

125,448
126, 766
127,744
125,989
131,162

June 6 —
June 13..
June 20..
June 27..

114, 535|
115,899
132,617
142,693

60,823
64,062
84,629!
97, 5821

32,005
30, 220
26,335
23, 501

21,607
21.517
21,553
21,610

181,390
184.004
178,355
178, 337
166,218
181, 501
180,696
159,818
150,170

143,312
139, 219
134,882
134,811

141, 654
138,394
133,349
133,870

1,658
825
1, 533
941

125,089
130,280
126, 588
128,233

July 3...
July ll_.
July 18_.
July 25..

148,024 106,008
127,845 85,748
135,1511 93,793
126, 0971 87,3701

21, 609
21, 648
21,
21, 648

150,148
171, 251
159,880J
165, 446

142, 561
140,142
138,922
135, 059

138, 720
138,344
136,853
132, 693

3,841
1, 798
2,069
2,366

Aug. I . . .
A u g . 8 .__
Aug. 1 5 . . .
Aug. 2 2 . . .
Aug. 2 9 . . J

130,336! 94,398
126,494 91,677
134,198 98,079
133,177 98,639
139,845 105,187

20,407
20,449
19, 71*0
17, 079
14, 290
13,890
15,192
13, 611
12,468

21, 648
20, 927
20, 927
20, 927
22,190

158, 426
165, 784
161, 040
160,932
154, 078

131,512
131,825
134, 340
132, 887
131, 222

2,200
2,472
1,304
1,077
2,750

138,-959 105,415
I 137,324 104,490
j 139,269 104, 220 j
141,678 105, 044 j

11, 355
10, 615
12,830
15,298

22,189
22,189
22,189
21, 306

156, 581
157,165
162,798
155,347

133, 712
134, 2971
135, 644
133, 964
133, 972!
133, 418
134,871
144,195 s
136,673;

132,416
130, 408
128,125
126,349
126,898
128,879
131, 219
129,388
130,155

132,146
133, 250
137, 587
134,212

1,272
1,621
6,608
2,461

132, 669
131,867
130, 599
130, 603

103,311 j
106,3691
80,196
78,466
•86,118

16,449
17,277
18, 472
19,131
20, 671

21,306
20, 635
20,665
21, 072
21, 072

160,140
153, 641
174,538
175,428
168, 214

144, 881 i
135, 242
136, 892
136,531
134,888

140, 731
134, 056
135, f~"
134, 719
133,368

4,150
1,186
1,013
1,812
1,520

128, 012
131, 714
128, 238
126,218
128,123

79,849
89,386
"
70,;053|
75,806

21, 570
22,927
22,104
20,226

21, 072
21, 072
21, 692
21, 692

179,126
173,255
181,986
192,415

135,856
137, 782
135,919
133, 770

134,160
135,142
131,483

I, 1
1,1
777
2,287

132, 930
136,017
129,180
144,367

76,273
90,259
97,825
96,304

17,816
15, 057
15,152
15, 502

21, 072
21,529
21,079
21, 447

201, 915
191,079
180,962
190, 686

142,293
136,365;
133, 586!
137,853 j

138,019
134,100
132,481
136,328

4,274
2,265
1,105
1,525

146, 025
151, 952
155,926
157, 257

Sept.
Sept.
Sept.
Sept.

o._
12.
19.
26.

Oct. 3...
Oct. 10..
Oct. 17..
Oct. 24..
Oct. 31..

141, 096
144,311
119,363
118, 699
127.891

Nov.7-.
Nov. 14.
Nov. 21.
Nov. 28.

122, 521 i
133, 540
114,004
117,879

Dec. 5...
Dec. 12Dec. 19..
Dec. 26..

115,316i
127, 000
134,181
133, 253

1

nn nn

Includes .other securities.




41, 924
38,954
34,598
30,875

148

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 76.—PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL R E SERVE

BANK, BY WEEKS—Continued
CLEVELAND
[In thousands of dollars]

Date

Total
bills
and securities

Bills bought United States
Bills in open marsecurities
ket
dis- j
counted
for
mem- Bought Under Bought Under
ber
out- resale outbanks right agree- right agreement
ment

1928
Jan. 4___.
Jan. 11...
Jan. 18...
Jan. 25...

152.069
140, 219
136,012
115,156

Feb.
Feb.
Feb.
Feb.
Feb.

1___.
8—
15...
21...
29...

118, 749
128,368
127, 740
134,746
143, 783

Mar.
Mar.
Mar.
Mar.

7...
14_.
21..
28..

Apr.
Apr.
Apr.
Apr.

Deposits
Total
cash
Total

Federal
reserve
notes
Member Other in circulation
bank
reserve debalances posits I

68, 285
53, 623
51,090
35,483
33,992
44, 561
46, 054
54, 602
65, 984

21,543
26, 325
27, 273
26,947
33,417
34,067
31, 946
30, 404
28, 059

62,241
60, 271
57, 649
52, 726

261,350i
285, 295
276,646'
300, 400

183,404
193, 573
191,027
192, 322

180, 569
189, 993
188,187
188, 579

2, 835
3,580
2,840
3,743

212, 84&
210, 058
201, 024
199, 908

51,340
49,740
49, 740
49, 740
49, 740

287, 431
278, 078
277, 761
271, 739
275, 682

190,889
186, 736
188, 535
188, 600
196,497

2,802i
2,367
3,911
2,928!
3,531

193,772
195,122
193,771
193,714
197,343

53, 620
51,188
56,856
52,996

30,154
28, 691
29, 333
30, 905

49, 739
49,427
48,087
47,856

274, 301
275,924
263, 537
276, 866

188,934

4....
11...
18...
25...

133, 513
129, 306
134, 276
131, 757
130, 688
141,421
129, 907
129,850

188,087|
184, 3691
184, 624
185, 672
192,966J
i
185, 586J
184,431
183,441
185,833j

50, 542
63,644
57, 251
56, 249

32,494
30,811
29,678
33,115

47, 652
46,966
42,978
40,486

272,910
268, 412
279, 649

May 2 . . .
May9__.
May 16_.
May23_.
May 29 _.

140.070
141, 598
130,341
134, 875
133,041

64,348
67,575
59,439
70,001
71, 938

36, 314
35, 589
34,178
30, 231
27, 621

39,408
38,434
36,724
34,643
33,482

266,950
274,937
274,831
271, 933
281, 452

190,541
195, 296
189,958
187,968
194,056

192,370
187,139
196,148192,058
187,401 2,557 191,972
183,952 4, 016 193,095
190,. 231 3,825 193,825

June 6—..
June 13—.
June 20—.
June 27...

144,962
148,726
136,195
149, 760

85,364 25,862
90,995 24,098
78,620 23, 787
92,447 23,459

33, 736
33, 633
33, 788
33,854

190,003
190, 593
188,392
185,139

187,6251
187,641|
185,616
182,894|

July 3 . . .
July 11...
July 18...
July 25...

168, 778
153,108
141, 327
149,438

116,135
101,103
90,920
96, 746

18, 789
18,107
16, 509
18, 795

33, 854
33,898
33, 898
33,897

261, 361
262, 309
267, 722
254,823
244,679
258, 543
260, 659
261,457

193, 746
189,653
186, 944
192, 291

190r527J 3,219 194,158185,773i 3,880 197,372
183, 5471 3 r 397 191, 623
188, 5351 3,756 191,88&

Aug.
Aug.
Aug.
Aug.
Aug.

138, 514
136,933
132,436
122, 318
136, 605

87, 299
85,148
79, 244
68, 377
81,645

17, 318
18, 678
20,085
20, 834
19,724

33,897
33,107
33,107
33,107
35, 236

266,010
269,120
276,973
287, 759
280, 743

185,654
187, 573
188, 613
191, 510

186> 837
182,421
185, 277
185, 560
187, 844!

129,529 76,100 18,193
142,066 86,955 19,875
127,466 70,351 21,879
127,240 68, 785 24,058
131, 338 68,973 28,032
140,436 76,602 30,489
139,079 73, 617 32,122
148, 524 77,026 37, 647
145,94" 71,130 41,531

35, 236
35, 236
35,236
34, 397

281,687
278, 530
299, 558
296,877

188,005
191,0921
209,935
192,997

185,841! 2,1641 199,687
187,3751 3,717 204,712
197,527; 12,408 200,17a
189,021) 3,976| 203,868

34, 333
33,345
33, 340
33,8511
33, 286'

290, 351
283, 466
274, 272
272,352
268, 792

196,1031
190,854)
189, 5041
189, 628
187, 520

190,
188,
187,
18%
184,

665|
5571
223 j
755i
739 j

5, 4381
2,297
2,281
2?873j
2,781;

200,385
206,452
202,122
205,175,
200,927

45, 773
49,861
51, 649
54,805

33,286
33,286'
34,007
34, 007!

257, 325
248,910
251, 721
244, 799

188, 348
191, 392
185, 591
184.445

185, 7431
183,316
180, 551

2,605!
2,727
2,275
3,894|

203,694
207,694
204,620
212,527

53,
54, 860
53,359
51, 699

33, 286
33,817!
32, 550
32, 962

256, 234
221,841
231,491
247, 083

192.446
183, 541
173, 857
187,900 |

187,869!
179,952]
172,159
186,171

4, 577P 212, 75&
3,589j'218,867
1,6981223,345
1,729|J230,145-

1...
8__.
15 _.
22..
29..

Sept.
Sept.
Sept.
Sept.

5._
12.
19.
26-

Oct.
Oct.
Oct.
Oct.
Oct.

3__.
10._
17_.
24..
31..

Nov.
Nov.
Nov.
Nov.

7__
14.
21.
28.

163,144
176, 310
165, 609
183, 297

Dec.
Dec.
Dec.
Dec.

5.__
12..
1926-

175,748
207,900
187,909
197, 301

84, 085
93,163
79,953
94,485
88,
119,
102,
112,

576
223
000
640




185,445
191, 064
189, 229
188,181
195,246
192, 782

2,378!
2, 952|
2,776
2,245

3,028
3,233i
2,296
3,053!
3,666i

192,367
195,479
190, 381
193, 441

188, 798193,621
196,607
195,625.
199, 555

149

EACH FEDEKAL KESERVE BANK
Ho,

76.—PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE

BANK, BY WEEKS—Continued
RICHMOND
[In thousands of dollars]

Bills

Date

disTotal eounted
bills
for
and se- mem-

curities

Bills bought
in open mar- United States
securities
ket

Bought Under Bought
ber
out- resale outbanks right agree- right
ment

I

Deposits
Total
cash
reserves
Total

Federal
reserve
notes
in circulation

Member
bank
reserve
balances

1928
Jan. 4
Jan. 11...
Jan. 18.. _
Jan. 25 —

83, 546
78,529
76, 795
63,711

25, 317
22, 561
27,423
24, 563

45,777
44,147
38,391
29,744!

12,452
11,821
10,981
9,404

72,810
71,35^
71,879
83,668

75,677
74,035
74, 670
74,818

74,405
72,874
73,949
72,219

1,272
1,161
721
2,599

76,880
73,458
70,685
68,672

Feb.
Feb.
Feb.
Feb.
Feb.

1....
8....
15...
21—
29...

64,820
59,957
55,111
55,480
54,270

29,168
26,919
25,319
28,191
29, 715

26,692
24,590
21,344
18,840
16,107

8,960
8,448
8,448
8,449
8,448

81,824
86,923
92,397
90,496
88, 702

72,884
74, 699
76,060
74,641
72,904

71,247
73,338
72,323
72, 234
70, 601

1,577
1,361
3,737
2,407
2,303

68,050
67,061
66,176
65,826
63,629

Mar.
Mar.
Mar.
Mar.

7__. 47, 549
14.. 51,123;
21.. 49,250,
28.. 46, 519

24, 375
27,845
27,258
25, 612
28,763
31, ""'
33,359
36,408

14, 726
14,929
13,942
12,851

8,448
8,349
8,050
8,056

95, 627
90, 697
91,536
94,931

73,167
70,755
70,774
72,234

71,855 1,312
69,964
791
69,887
887
69,072 3,162

62,788
62,151
60,692
60,266

14,369
12, 568
13,337
15,836

7,990

^, 770
6,493
5,694

90,858
89,049
81,789
82,245

71,950
71,058
70,"""
73,139

71,298
69,108
69,375
68,039

652
1,950
688
5,100

60,271
59,462
57, 755
56, 560

16,290
16,941
16, 754
15, 580
14,040

5,350
4,905
4,490
3. "
3,453

75,929
77,752
72,335
75,693
75,062

72,156
70,808
67,925
70,885
73,745

69,841
69,363!
66,390 i
69,259!
69,642|

2,315
1,445
1,535
1,626
4,103

57, 620
57,066
56,638
57,383
55,335

11,085
10, 402
9,920
9,225

3,534
3, 500
3, 510
3,530

77, 532
78,678
72,640
66,997

73, 623
71, 645
69, 075
67,940

71,
71,107
67,233
67,099

2, 534
538
1,
841

55,169
54.211
53,213
52,662

74,040
68,849
69,443
69, 634

71,598J
67,930!
68,302J

2,442
919
1,141
3,651

53, 339
53,096
52.212
51,140

69,066
71, 333
70,04'
66,550
71,070

65,067!
67, 633
67, 689
64.929
65, 967

3,999
3,700
2,358
1,621
5,103

51,078
52,409
53, 543
54,771
55, 284

May 2 . . .
May 9__.
May 16_.
May23__
May 29..

51,122
51,346
53,189
57, 938
62,399
60,871
63,495
61,029
64,074

June
June
June
June

59,351
58.073
61,133
64,782

40, 759
39,025
42,251
41, 625
46, 581
44,732
44,171
47, 703
52,027

July3.._.
July 11...
July 18. _.
July 25...

63,115
63, 695
63,049
69,229

50,571
53,411
53,320
58, 635|

9,014
6,740
6,185
7,050

3,530
3,544
3,544
3,544

Aug.
Aug.
Aug.
Aug.
Aug.

l._.
8__.
15_.
22_.
29..

66,568
65,473
64,511
65,842
69,472

56,347
54,7"53,442]
54,487
60,012!

6,677
7,461
7,793
8,079
6,183

3,544
3,276
3,276
3,276
3,277

70,256
65, 536
66, 669
60,059
63,066
66, 934
64, 744
65,409
65,842

Sept. 5...
Sept. 12..
Sept. 19..
Sept. 26..

68,222
64,812
65,394
70,198

58,822| 6,124
54,917 6,619
52,358 9,760
54,947 11, 975

3,276
3,276
3,276
3,276

68,878
73,710
69,424

71,090
66, 792
71, 667
70,855

68,142
65,577
69,180
68,817

2,948
1,215
2,487
2,038

58,067
58,505
59,333
59,873

Oct. 3 . - .
Oct. 10..
Oct. 17. _
Oct. 24..
Oct. 31..

64,119
66, 766
64,390
69,172
69,037

46, 632
47, 637
43,831
46,636
44, 615

14,211
15,961
17, 391
19,112
20,998

3,276
3,168
3,168
3,424
3,424

77,087
77,463
81,554
80,991

69, 670
68,338
69, 994
70,516
73,938

68,275
67, 314
69,139
67,351
70,026!

1,395
1,024
855
3,165
3,912

63, 521
66,809
69, 312
71, 503
73,481

Nov. 7..
Nov. 14.
Nov. 21.
Nov. 28.

70, 296
72, 731
69,159
72, 812

42, 770
44, 381
38,819
41, 822

24,102
24,926
26,676
27,326

3,424
3,424
3,664
3,664

87,975
86,472

70, 222
73, 634
70, 263
72,953

69,607!
70, 232j
69, 625
68, 587

615 77, 299
3,402 78, 898
638 79,932
4,366 82, 203

Dec.
Dec.
Dec.
Dec.

64,001
69,355
69, 298
69.074

33, 567
39,264
39,994
40,517

27,010
26,490
25,877
25,130

3,424
3,601
3,427
3,427

96, 873
94,026
95, 676

72,184
70,892
69,350
69,788

69.930
68, 905

2,254 83,048
1, ~" 84,035
1,252 88,140
89, 520

Apr. 4....
Apr. 11...
Apr. 18__.
Apr. 25...

6_..
13 _ _
20-.
27 _.

5—
12..
19..
26..




88,062

69,097

150

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 76.—PKINCIPAL RESOURCES AND LIABILITIES OP EACH FEDERAL RESERVE

BANK, BY WEEKS—Continued
ATLANTA
[In thousands of dollars]

Deposits
Federal
reserve
notes
in cirOther culation
deposits

Date

1,73
1,510
1,596
2,302

142, 796
140,700
136,484
134,944

2,071
2,741
2,179
2,031
2,098

133, 856
144,494
140, 889
140,927
140,035

2,131
1,166
477j
3, 612[

143,426
142,001
142,291
141,451

Apr. 4...
Apr. 11..
Apr. 18Apr. 25_.

1,191
3,618
1,247
4,934|

144,681
144,096
142,709
141,506

May2__
May9-_
May 16May 23.
May 29 _

2,365;
2,5031
2,748]
1,7721
2, 312,

142,250
142,535
141,039
139,256
138,168

137,897
134, 880
134, 013
131,970

167,800
174, 291
171,643
169, 528
168, 541

June 6__
June 13_
June 20_
June 27.

1
9

2,1171
1,025
669
606

July 3-_
July 11..
July 18..
July 21..

1
5
i7

1,160| 133,363
1,756 132,100

Aug.
Aug.
Aug.
Aug.
Aug.

1__
8__
15_
22 _
29.

12, 406;
12, 754 S
13, 000j
12, 9831
12,860|

782 130,338
2,584; 129,096
3,228
3806
3,806
1,652
1,979
2,291

128,696
128771
128,771
128,240
127,167
126,261

Sept. 5__
Sept. 12.
Sept. 19.
Sept. 26.

1,416
1,606
8, 551
2,691

127,
125,
125,
125,

Oct.
Oct.
Oct.
Oct.
Oct.

3...
10-.
17..
24..
31..

2,430|
l,22l!
1,185
3,097
2,725

128,710
128,227
129, 026
128, 922
128, 684

Nov.
Nov.
Nov.
Nov.

7..
14.
21.
28.

2,837
1,601
1,237|
3,1551

130,320
129,116
128,127
131,284

Dec.
Dec.
Dec.
Dec.

5...
12..
W.26-

3,370
2,848
1,005
458!

135,103
133,232
136,582
139,247

1

Includes other securities.




507
799
325
214

151

EACH FEDERAL RESERVE BANK
No.

76.—PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE

BANK, BY WEEKS—Continued
CHICAGO
[In thousands of dollars]

Date

Bills bought
in open marBills
ket
disTotal
counted
bills
for
and se- memUnder
Bought resale
curities ber
outbanks
agreeright
ment

United States
secur
Bought
outright

Deposits
Federal

Total
cash
Under reserves
resale
agreement

1928
Jan.4
Jan. 11.._
Jan. 1 8 . . .
Jan. 2 5 . . .

214, 798
211,297
203,142
174,437

63, 723
64, 939
64,131
45,158

58, 940
58, 735
57.488
56, 806

4,177
4,642
2,444
2,721

85,143
81, 501
76, 654
67, 552

2,815
1,480
2,425
2,200

432,
420,
416,
433,

Feb.
Feb.
Feb.
Feb.
Feb.

l.___
8....
15...
21...
29.._

165, 819
165, 294
157, 396
166, 643
168,264

39, 769
49, 947
47, 765
61, 818
61, 385

56,103
51, 785
42, 709
39,498
39,195

1,858
1,177
2,397
1,827
2,904

64,989
62, 030
62,030
62,030
62,030

3,100
355
2,495
1.470
2 750

Mar. 1...
Mar. 14. _
Mar. 21
Mar. 28..

165,460
154, 081
184,160
174, 739

60, 957
51,058
83, 757
73,960

37,
36,
35,
35,

3,919
3,402
2,954
3,525

62, 030
61,454
59, 731
59, 766

Apr.
Apr.
Apr.
Apr.

4
11_._
18...
25—

192, 570
170,104
166, 981
186,059

89,118
71, 043
74, 298
97, 544

42,153
37, 568
38, 320
39,124

572
1,394
1,617
2,221

May
May
May
May
May

2___
9___
16__
23__
29. _

189,976 97,146
199, 312 105, 670
199, 698 112,779
177, 304 96,031
196; 995 127, 717

45, 225
48,271
45, 256
40, 766
30,980

June 6
June 13—
June 20—
June 27...

186,490
200,145
185, 566
211, 257

121,155
140,003
127, 932
156, 606

July 3
July 11.-.
July 18_..
July 25. -

232, 015
188, 840
202, 606
202, 366

181,
138,
154,
154,

Aug.
Aug.
Aug.
Aug.
Aug.

1...
8...
15—
22—
29___

231,135
209,356
199,334
196,115
184, 673

Sept.
Sept.
Sept.
Sept.

5...
12..
19..
26..

535
649
795
717

reserve

Total

notes j
Member Other in cirbank
culation
dereserve posits
balances

360,027
357, 295
358, 205 354, 855
356, 643 i 353,159
351,460
347, 878

2,732
3,350
3,484
3,582

263,128
248, 270
237, 401
230,928

441,198
441, 217
460, 781
452, 717
448, 303

350, 542
349, 060
354, 740
351, 548
348, 771

346, 389
345,468
350, 085
348, 071
342, 971

4,153
3,592
4,655
3,477
5,800

229, 549
230,027
231,520
236, 596
236,535

965
1, 655
2,000
1,980

456,081
462,395
427, 314
443,028

351,205
350, 367
343. 367
341, 809

347,110
348, 290
340, 607
339,488

4,095
2,077
2,760
2,321

238, 772
235,178
236, 246
238,153

59, 387
58,119
50, 746
46,140

1, 340
1.980
2; ooo
1,030

432, 479
450,678
454, 405
454,132

149, 289
545,125
£43, 707
161,431

346, 328
341, 552
341,439
356, 343

2,961
3, 573
2,268
5,088

245, 288
246,152
248,381
248,054

2,401
1,888
2,426
3,168
3,105

44,149
41, 583
39,187
35, 339
33,193

1,055
1,900
50
2,000
2,000

441, 730
435, 692
430, 723
446,433
438, 404

359, 264
365,042
361, 360
349, 316
352, 581

352, 905
360, 813
356, 596
344,129
346, 835

6,359
4,229
4,764
5,187
5,746

247, 909
247.040
243,989
247, 311
252, 558

25, 658
22, 248
19, 454
16,198

3,998
2, 422
2, 655
1,595

33, 664
33, 472
33, 525
33, 858

2,015
2,000
2,000
3,000

448,
437,
441,
424,

307
318
7>36
299

352, 077
358,296
348,136
346, 879

347, 835
355, 719
345, 400
343, 840

4, 242
2.577
2; 736
3, 039

257, 548
255, 322
256, 455
258, 358

13,135
12, 545
10, 938
11, 788

1,219
2,044
1,528
1,019

33,
33,
33,
33,

647
728
728
728

2,925
2,000
2. 00C
I,! 440

450,519
468, 274
445,159
446, 432

383, 739
359, 738
350, 441
348, 999

379,
355,
345,
345,

474
867
040
495

4,265
3,871
5,401
3,504

271,227
273, 054
271,337
271, 734

186,141 9,766
164, 878 9,311
152, 579 9,792
150,134 10, 206
137, 613 10, 796

910
2,196
2, 777
1,589
2,078

33, 728
32,186
32, 186
32,186
32,186

590
785
2,000
2,000
2,000

430,
446,
455,
464,
467,

928
577
050
581
808

358, 883
351, 450
350, 440
353, 432
341, 484

350,
346,
346,
346,
335,

522
932
540
902
592

8,361
4,518
3,900
6,530
5,892

273, 783
275, 889
276,194
278,178
280, 611

161, 701 112, 064 11,650
148,936 99, 217 11,953
164, 647 114,312 12, 517
170, 520 118,592 15,319

3,551
3, 470
3,512
2,. 153

32,186
32,186
32,186
32,186

2,250
2,110
2,120
2,270

502, 081
524, 852
518, 767
502, 224

347,184
360, 850
369, 647
353, 981

343, 875
357,122
360, 736
349, 917

3,309
3,728
8,911
4,064

287, 544
287,109
288, 541
290,452

089
523
412
391

589
512
718
508

Oct.
Oct.
Oct.
Oct.
Oct.

3_.._
10._.
17...
24__.
31...

179, 697
164, 977
187, 544
207, 073
233,975

123,100
109, 454
125, 804
143, 517
168, 031

17,457
20, 676
23, 300
26, 663
28,162

3, 834
2 595
4^724
2, 673
3,457

32,186
31,562
31, 561
32,330
32, 330

3,120
690
2,155
1,890
1, 995

495, 923
513,181
493, 217
479, 066
443, 230

353,125
352, 832
354, 872
355, 699
347, 662

346,
348,
351,
350,
342,

027
673
050
756
218

7,098
4,159
3,822
4,943
5,444

294, 262
296, 028
296, 901
297, 737
297, 041

Nov.
Nov.
Nov.
Nov.

7...
14..
21..
28..

220, 051
195, 520
213, 043
224, 436

152, 576
125, 629
137, 995
146,837

31, 073
32, 250
36,171
38, 062

3,547
4,351
3,723
2,693

32,330
32, 330
33, 644
33, 644

525
960
1, 510
3,200

471, 575
496, 283
470, 470
464, 315

351, 448
362, 362!
357, 973
355, 482

348,164
359, 702
355, 789
349, 415

3,284
2,660
2,184
6, 067

300, 018
294, 573
291, 845
296, 475

Dec.
Dec.
Dec.
Dec.

5_...
12—
19...
28—

266, 531
249. 068
251, 416
278, 664

191,016
173, 887
175,951
201, 766

39,141
37,160
37,168
36, 287

3,474
3,308
3,976
3,918

32, 330
33, SOS
32, 356
33,135

570
1,405
1,965
3,555

425, 516
451, 970
442, 857
443, 269

354,113
361, 599
352, 370!
359, 407

349,
357,
349,
356,

4.529
4,524
2,999
2,654

302, 727
306, 594
318,211
331,855




584
075
371
753

152

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 76.—PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE

BANK, BY WEEKS—Continued
ST. LOUIS
[In thousands of dollars]

Date

Bills bought
in open mar- United States i|
Bills
securities
ket
disTotal counted
Total
bills
for
and se- memBought Under
curities ber
resale
outbanks right agreement

1928
Jan.4
Jan. 11._.
Jan. 18...
Jan. 25...
Feb. 1—.
Feb. 8....
Feb. 15...
Feb. 21...
Feb. 29...

65, 567 18, 850
65,151 18,490
22,309
75,391 29, 2511
72,342 28,0111

Mar.
Mar.
Mar.
Mar.

7...
14..
21..
28..

Deposits
Federal
reserve
notes
Member
in cirI Other culation
bank
dereserve i

Total

I balances!

5,083
6,7721.
9, 2291
10, 244

•38,1631.
36,960'
35,359.
33, 742! _

88,082!
93, 637
86, 218
89, 348

88,022
86,995
86,172
87, r

13,821
14, 742
14,836
14, 222
12,413

32,896J.
31,9191.
31,9191.
31,918j.
31,918,.

83, 225 j

87, 667 j

80, 615 j
72,043!
74, 574!

\6, 420
!4, 932

67,457
67,169
66, 586
59, 925

24,776 10, 762
25, 769 9,671
28.690 8,120
23, 765 6,372

31, 919;_
31,729!.
9, 776|.
29, 788i.

80,
79,
78,
84,

592
948'
500!
4391

86,170
86, 362
82, 522 ,
83,126

Apr. 4___.
Apr. 1 1 Apr. 18..
Apr. 25..

60,182
58,132
72,741
63, 608

4,472
3,086
4,497
3,667

29, 662|_
29,2431.
26,8071.
25,285'.

85,
87,
74,
83,

846!
248
826
700

84,421!!
83, 8371
83, 957
85,425

82,832
82, 709

May
May
May
May
May

2__.
9__
16_.
23 _.
29..

65, 865
57, 682
59, 782
69, 316
67, 320

26,048
25, 803
41,437
34, 6561
38,194
31,134
35, 322
46, 666
49, 861

3,044
2,769
1,472
934
834

24,627 ! .
23,779!.
22, 988 L
21, 716116, 625 i.

81,318
88, 453
87,427|
76, 971!
78, 539

84, 732
84, 980
84,178
83,958
83, 227

June 6—_
June 13June 20. _
June 27..

57, 324
57, 826
61, 826
57, 66'

529
497
415
354

7,125;.
7,125 _
7,125!.
7,125!.

88,082
87, 927
82,814
87, 870

July 3 . . .
July 1 1 July 1 8 July 25..

61, 784
54, 564
68,091
61, 219

49, 670 [
50, 204'
54, 286!
50,188!
54, 337!
47,292!
60,819|
53, 951!

322
147
147

7,125;.
7,125!.
7,125!.
7, 125: _

Aug. l-_
Aug. 8__
Aug. 15 _.
Aug. 22 _
Aug. 29-

62,400
71,027
71,129
82, 328
65, 396

55,139
54,274
54,493
65,6921
65,3851

13
12
11
11
11

7,125|.
16, 625 .
16,625'.
16,625;.

Sept. 5__
Sept. 12.
Sept. 19 _
Sept. 26.

68,291
67,675
63,132
71,806

68,280l
67, 6641
63,121
60,170

11
11
11
11

Oct.
Oct.
Oct.
Oct.
Oct.

3___
10..
17..
24..
31..

11
69,040 57,404j
66,947 45, 240 1,238
76,120 51,131 4,520
77,104 46, 8631 9,465
80,087 47,393 11,918

Nov. 7..
Nov. 14.
Nov. 21.
Nov. 28.
Dec.
Dec.
Dec.
Dec.

nnqitq
poslts

5...
12..
1926..

62, 565
55, 657
60, 762
59, 279

19,319
11, 925
16,174
15,293

56, 371
54, 902
54, 453
53, 686
282
624
272!
496
757

1, 385
1, 565
2, 054
2, 924
2,175

53, 287
52, 739
52, 806
52, 674
52,471

84, 931
82, 000
81,486

2,217
1,431
522
1,640

52,886
52,585
52,194
52.115

83,387

1,589
1,128
1,009
2,038

52,408
52,975
52,629
52,064

83,489
83, 862
82, 726
82, 212
81, 335

1,243
1,118
1,452
1,746
1,892

81,484
81, 768
81, 856!
80,635||

53, 251
53,106
53, 447
53, 570
54, 247
80,471 1,014 55, 312
80,49l| 1,277 55, 263
80, 595 1, 261 55, 453
79, 719
916 55, 694

83, 598
95,102
77, 876
86, 747

79, 274i
84,0291!
79, 328
82, 371

78,109
82,087
77, 639
80, 583

1,165
1,942
1,689
1,788

56, 769
57,917
57, 683
56, 786

85,460
81, 5811
74,872!
63, 550
81,324

80, 7521 i
81, 68611
80,241ji
79,615! I
81,933|i

78, 698
79, 306
78, 844!
77,143
79, 340;

2,054
2,380
1,397
2,472
2.593

57, 570
57,490
57, 394
56, 794
56, 354

11, 625

77, 631
79, 629
91,126
80, 750

80,472!
81, 047i
88,530!
84,618;

79,184
79, 294 1,753
82,161 6,369
81, 287 3,331

57,129
57, 002
57,357
57,363

11, 625j.
20,4691.
20,4691.
20, 776! .
20,776!

85,
87,
78,
76,
73,

316
223
074
068
322!

85, 22S!
84, 345|
82, 543!
81,47l|
81,863!

81,997
82,927
81. 267
79,125
79, 718

3,228 58, 813
1,418 59,058
1,276 60, 667
2,346 60, 718
2,145 60,974

75, 503 43,085 11,642
78,459 47.691 9,992
72,096 41,181 9,699
37, 990 9,281

20,776|20,776'.
21,216.
21,216.

83. 700
77,834
82,840
89,113

84, 379
84, 539
84,6281

HI. 900
82,196
81,663
82,301

2,479
2,343
1,833
2,327

67, 258
69, 717
74, 612
75,87f

20, 776|.
21,101!.
22, 282 .
21,042.

90,972
91, 632
82, 631
85, 338

85,091 j
87, 675i
81,176!
85,5591-

83,026
85,101
79, 931
84, 420

2,065
2,574
1,245
1,139

36, 268
37, 519
41, 021
43,177




10,214
11,097
11,309
11,653

86,
84,
86,
83,
82,

60,893
60, 710
60, 762
61, 395
61, 723
62.116
64, 533
65, 747

153

EACH FEDERAL RESERVE BANK

No. 76.—PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE

BANK, BY WEEKS—Continued
MINNEAPOLIS
[In thousands of dollars]
Bills bought United States
Bills in open marsecurities
ket
disTotal counted
Total
bills
cash
for
and securities^ mem- Bought Under Bought Under reserves
resale
resale outber
outbanks right agree- right agreement
ment

Date

Deposits

Total

Federal
reserve
notes
M e m b e r Other in circulation
bank
dereserve
balances posits

1928
Jan. 4 . . .
Jan. 11._
Jan.18..
Jan.25..

44,791
43,506
43,182
37,394

3,35!
2,952
4,154
3,644

16,91'
17,067
16,756
13,759

23,900
22,987
21, 772
19,491

75,451!
74, 785;
73,194
77,521;

54,798
55, 595
53,495
54,258

52,196
53,959
51, 992
52,788

2,602
1,636
1,503
1,470

60,961
59,300
58,225
56,798

Feb.
Feb.
Feb.
Feb.
Feb.

1...
8...
15..
21..
29..

37,321
34,419
34,316
34,824
33,778

3,761
2,291
3,232
4,936
3,900

14,211
13, 520
12,449
11,253
10, 743

18,849
18,108
18,135
18,135
18,135

76,876!
80,833
81,713!
83, 526j
83,1731

53,382
53, 621
53, 719
57,000
55,130

52,033
52,372
52,494
55, 535
53, 580

1,349
1,249
1,225
1,465
1,550

55,844
55,924
56,275
56,138
56,167

Mar.
Mar.
Mar.
Mar.

7_.
14.
21.
28.

30,857
31, 506
37, 267
35,644

1,591
1,868
5,441
3,842

10,131
10,648

13, 767
13,244

18,135
17,990
17, 559
17,568.

88,094
81,474
78,642
79,933

56,525
52, 568
54,434
54, 5201

54,397 2,128
51, 734
834
53,125 1,309
52,598 1,922

56, 950
56,011
56,087
55,654

Apr.
Apr.
Apr.
Apr.

4...
11..
18..
25..

40,155
45, 580
47,502

6,342 14,062
7,580 14,429
14,090 15,191
13,867 18,490

17,474L
17,156'.
15.309;_
14,155;-

77,489'
74,854
71,187
68,294

53,956
54,843
55,533
54,160

52,96:
994 57,331
53, 508 1,335 57,258
54,706
827 56,344
52,275 1,885 56,247

May
May
May
May
May

2__
9._
16_
23 _
29_

48,299
44,274
42, 906
44,222
43,706

14, 759
10,346
9,001
11, 040
10,834

June 6...
June 13..
June 20..
June 27__

40, 990
38,483
36, 557
33,683

July 3__.
July 11..
July 18. _
July 25..

32, 832
31,894
34, 504
37, 541

8,135
7,933
10, 225
13, 213

Aug.
Aug.
Aug.
Aug.
Aug.

Sept.
Sept.
Sept.
Sept.

5..
12.
19.
26.

13,656'13,013 .
12,413.
11,449.
10,910.

66,842
70, 596
71,003j
69,635
68.197

52, !
53,353
52,698;
52,9391
51,034!

51,460
51,905
51,521
50,815
49, 613

11, 029
10,981
10,994
11,024

75,343
75,884|
75, 612
79, 651

55,024 1,618
54,844
586
51,224
841!
52, 967
626j

13.183
12, 426
12, 744
12, 793

11,024
11, 045
11, 045
11,045

16,038 9,971
14, 953 10.184
18, 363 9,932
19,134 9,865
19, 038 9,497

52, 020
51, 092
50, 799
51,950
52, 720

49, 757
48,822
49, 668
50,039
50, 200

2,263
2,270
1,131
1,911
2,520

54, 002
53,829
53,342
53, 680
53, 273

39,190|
39, 934|
39, 857j
40, 203 i

18, 786 8, 579
19, 615 8,494
17, 522| 10, 500
17,420 11,422

11,045
10, 658
10, 658
10, 658
11, 335
11,335
11,335
11,335
10,861

80, 393
80.198
76, 5061
74,031!
!
73, 795
73, 062
69,123
70, 408i
71, 026J

56,642
55,430
52,065
53, 593
52,801
52,027
51, 589
51,839

37,544
36,285
39,443
40,147
40, 360!

1__
8__
15_
22.
29..

18,894
19, 925
20, 502
20,743
20, 972
9,028 19, 943
8,390 18,122
7,643 17,430
7,646 14,523

72, 859
74, 311
79, 201
76, 936

52, 656
54,111
57, 475
54,428

50, 917
52, 804
54, 404
52, 312

1,739
1,307
3,071
2,116

81, 999J
81, 940
77, 4851
76, 563 i
81,6151
I
78, 087
77, 539
76,037
77, 858
84, 076
84, 633
79,263
77,033

56, 376,
55, 586 j
58,186!
57, 422
58, 027

54, 909
54,176
56, 721
55,899
56, 433

1,467
1,410
1,465
1,523
1, 5"

55,002
55, 548
56, 446
57,113
60,136
61, 848
62,198
62,103
61, 768

55, 640|
58, 567|
55, 535{
55, 736

54, 226
56, 631
54, 070
54, 288

1,414
1,936
1,465
1,448

63, 017
62, 317
62, 383
62, 581

55, 236
58,110
53, 842
55, 410

53, 748 1,
56,186 1,924
52, 962
880
53,901 1,509

64, 317
64, 295
65, 094
66, 374

Oct.
Oct.
Oct.
Oct.
Oct.

3...
10_.
17__
24..
31__

39, 6261
40,499
47,014!
48, 289|
43,867|

15, 000!
15, 069
20, 7891
20, 561
13, 643

13, 265
14,429
15, 224
16, 522
19,018

10, 861
10, 501
10, 501
10, 706
10, 706

Nov.
Nov.
Nov.
Nov.

7..
14.
21 _
28.

45, 5511
49,895J
47, 074!
46,853

14, 596 19, 749
18, 260 20, 429
13,995 21, 507
14,073 21, 208

10, 706
10, 706
11, 037
11, 037

Dec.
Dec.
Dec.
Dec.

5___
12..
19..
26-

40,
42,
42,
47,

8,633
11, 353
7,348
13, 201

10, 706
10, 950
13, 711
10,907

1

662
881
687
925

20, 788
20, 018
19, 643
21, 932

Includes other securities.
41223—29

1.1




1,507
1,448i
1,177
2,124
1,421

56,621
56, 820
56, 808
56,110
55,414

55,210
55,081
55,187
54, 617
51, 535 1, 266 55, 957
50,936 1,091 56,117
50, 298 1,291 55, 516
50, 339 1,500 54, 723

154

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 76.—PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE
BANK, BY WEEKS—Continued
KANSAS CITY
[In thousands of dollars]

Date

Member
bank
reserve

60,636
60,142
63, 221
56,842

12,956
12, 554
16, 526
13, 672

7,588
9,099
10, 340
10, 821

38, 342
36, 739
34, 605
30, 599

,812!
101,085
94, 429
101, 245
1, 750
2, 0001
2,0001
700
700

7,844
11,062
54, 836 11,992
54, 294 11, 829

12, 290
12, 098
12, 388
11, 694

28, 269
28, 014
27, 256
27, 271

Apr. 4—
Apr. 11.
Apr. 18.
Apr. 25_

61,120
62,118
63, 345
58, 518

17, 523
19, 296
23, 369
19,448

12,992
12,475
13, 375
14, 797

63,918
55, 709
56,956
54, 585
54,

25, 716
19, 643
22,006
22, 357
23, 418

16, 056
15, 050
14,489
13,
13, 750

June
June
June
June

6.
13
20
27

53, 445
51,
52, 592
46, 425

22,
22,
24,
17,

12, 794
11,179
10,079
10, 467

July 3__
July 11.
July 18.
July 25.

53, 740
48, 344
57, 668
52, 596

23, 733 11, 485
19, 379 10, 407
27, 941 11,169
25, 000 9,039

Aug. 1__
Aug. 8__
Aug. 15_
Aug. 22_
Aug. 29 _

49, 201
50, 607
48, 820
49. 447
56, 054

Sept. 5.
Sept. 12
Sept. 19
Sept. 26

52, 769
52, 751
58,467
55, 848

92, 501
92, 524
90,
89, 963

2,151 66, 794
1,682 65, 213
1,243 63,769
2,511 62, 248

96, 495 i
100, 341 j
100, 997 i
106, 275!
106, 5691

91, 651
93,891
92, 770
93,260
95, 258

89, 572
91, 947
90, 605
90, 985
92, 312

2,079
1,944
2,165
2,27£
2,946

61,420
61,124
60, 661
60,134
59, 204

105, 610
103, 763
100, 494|
102,116!

95,141
95, 916
92, 510
95,420

92, 759
94,440
91, 335
055 j

2,382
1,476
1,175
2,365

59,186
58, 396
58,119

27,105
26, 547
23, 301
21, 273

May 2_
May9_
May 16
May 23
May 29

94, 652
94, 206
92, 211
92,474

Mar.
Mar.
Mar.
Mar.

Oct.
Oct.
Oct.
Oct.
Oct.

7.
14
21
28

50,903
54,174

88, 994
,136
95,103
99,030
95, 630:

57, 538
57, 074
56,834
56. 395

91,
92, 390
91, 602
92, 520
90, 346

90,054
90, 424
,4/
88,975
°" 357'

1,512 56, 742
1,966 56, 958
2,124 56, 759
3,545 56, 395
1,
55, 918

95, 892
98, 847
93, 383
102, 341

90,437
90, 957
,035
90,830

88,805
89,147
87,
89,7411

1,632
1,810
1,375
1,089

56, 538
55, 907
55, 604
54, 768

99,48
101,711
91, 385i
97, 664|

95, 394
2, 581
91,
93, 012

94,110
90, 611
89, 422!
90,"""'

1,284
1,970
1,844
2,124

55, 543
55, 627
55, 432
55, 933

22,1
,467
23,966
,512
21, 813
,878
21, 834 10, 284
26, 714 10, 823

102, 694!
107, 402!
104, 824;
107, 6851
99, 025;

94, 862
90, 591
93, 590
95,128
93, 869

2,472
2, 755
1,
2,300
1,905

55,897
57,931
58, 802
59,135
58, 826

24, 848
25, 303
27, 695
23, 787

103, 810!
101, 293!
103,909
102, 325

92,415!
92, 627
08
94, 317

91, 335 1,080
91,198 1,429
92, 395 7.313
, 605! 4, 712

60, 769
60, 787
61,143
61, 308

93, 271
90,198
92, 586
92,479
89, 544

63,036
63, 723
63, 995
63, 603
63,269

621
769
535
926

15,
15,
15,
15,

780
695
728
782

15, 772
15, 808
15,
15,80

10, 604
10, 231
13, 655
15, 975
15, 486
14, 853
14, 854|
,732!
9, 732

3..
10.
17.
24.
31_

Nov.
Nov.
Nov.
Nov.

7.
14
21
28

80,081
77,939
,844
67, 279

41,191
40,943
46,1271
47,083

Dec.
Dec.
Dec.
Dec.

5..
12.
19.
26.

61,412
59, 208
59,934
61. 755

44, 046
43, 855
43, 941
48, 533|

1

92, 435
91,952
91,320
91, 341

Includes other securities.




104,
,508
,326
,356
83,404

,732
9,732
9, 732j
9, 732

7,309
82,421
76, 565
93, 830

94,518
94,092!
91,389!
92,647!

92, 414
92,024
, 718!
90,711

99, 529
107, 625
103, 923
110,449

2,320
95, 578
91, 705
94,238'!

91, 284
93, 300
90, 638
93,446

4,064
2,188
2,068
2,363
1,

66,700
68,178
70, 227
72, 332

155

EACH FEDEKA.L EESEKVE BANK

No. 76.—PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE

BANK, BY WEEKS—Continued
DALLAS
[In thousands of dollars]

Date

Bills bought
in open mar- United States
Deposits
Bills
securities
ket
disTotal counted
Total i
bills
cash j
for
and sei M e m b e r Other
curities1 mem- Bought Under Bought Under reserves |
:
bank
resale out- resale
ber
deoutTotal ;! reservi
banks right
;
right agreei| balances posits
ment
ment

1928
Jan. 4___
Jan. 11 __
Jan. 18..
Jan. 25..

57, 769
57, 835
57,'"""

Feb.
Feb.
Feb.
Feb.
Feb.

1—
8...
15..
21 _
_
29..

48, 637
44, 620
43,410
42, 801
40, 377

Mar.
Mar.
Mar.
Mar.

7..
14.
21.
28-

64,410
66,890
60, 618

65, 775J

69,156 I
73,720'!
68, 535 I
68, S18ji

67, 869
69, 275
67,070
67, 351

1,287
4, 445J
1, 465
1,467

46,837
44, 394
42,973
41,184

69, 86OI
73,717|
75, 7351
73, 660
74, 902

70, 976
71, 349
72,9971
70,451
69, 364;

69, 661
70, 365
71, 459
68, 826
68, 349

1, 3151
984
1, 538
1, 625
1,015

40,089
39, 267
38,195
38,114
37, 330

200

71, 310J

435
360

70, 220!
70,146
69, 919

69, 54:
68, 635
65,003
68, 538

69, 488
65,063
65, 501
65,417

67, 6761
66, 756!
67, 2591
66,192j

1,064
843
483
2, 545
772
1,559
1,020
2,881

37,175
35, 958
35, 812
34, 755

23, 874
350
23,434
20, 838
930
19,217 1,155|

68, 483
67, 792
64, 520
65, 993
66, 904
65,197
66, 239
63, 311

18, 516 1,135!
17, 612
564 S
16, 773 1, 298|
15,418
200 14, 663

61,134
67, 722
66, 930
65, 731
62, 450

65, 526
67,212
66: 6041
66,015
65, 635
|l

64, 716
65,91"
65, 303
64, 736
63, 930

810 33,013
1,295 32, 779
1,301 32,017
1,279 31, 531
1,705 30,994

63, 231
61,813
65, 2361
63, 709;

66.125
65, 294
65, 084
64, 234

64, 401 1,724
64,070 1,224
64, 339
745
63, 807| 427

824
853
852
852

61,148;

64, 3681
67, 278,
66, 221
66,460

63, 101
65, 277
65,126
64,191

93 14, 853
14, 310
14,310
14, 310
14, 310

50, 792j
46, 506
45, T "
46, 354
48,115

65, 719
66, 504
63,841
64, 854
64, 593
64,475
68,9451
70,696|
68,397

64, 251 1,468
3,805
62,427 1,414
63,133 1, 721
63, 019 1,574

63,382 1,093 36,015
67,927 1,018 38,386
65,474 5,222 40, 300
66,538 1,859 41, 635
67,554 2,796
69,384
871
70, 625
834
70; 566 2,209
70, 352 1,149

44,609
45,841
47, 351
48, 581
48,042
48, 756
47, 260
47,397
47, 340

3,
3,006
5,423
4,615

21, 663
23, 226
22,170
19,615
17, 832
16, 639
14, 622
13,916
12, 914

42, 565
42, 044
40, 938
41, 549

4,
3,156
3,771
3,"
2,647
3,442
3,754
3,153
4, 315

31, 700
31, 603
29, 969
26, 768
450l 25, 867
24, 825
24,817
24, 817
24, 816

13, 706
13, 677
13, 344
12, 787

400 24, 817
24, 613
24, 006
73 24, 014

Apr. 4...
Apr. 11..
Apr. 18..
Apr. 25..

41, 571
44, 388
45, 051
44, 270)

4,943
7,172
8,705
9,471

12,185
13,010
13, 978
13, 82'

219
212
600
600

May 2_ _
May 9_ _
May 16_.
May 23..
May29_.

46,130
41,1521
40,070
40, 655)
42, 517

9, 895
6,832
7,144
9,062
11,332

16, 534
16,126
14, 83'
14, 87'
15, 024

June 6._.
June 13_.
June 20_.
June27_.

44,154
42, 602
40,790
39,057

12,475
11, 04S
11, 34(
10, 312

15, 552
15, 491
14, 661
13, 921

14,829
14, 762
14, 780

July3___,
July 11__.
July 18...
July 25. _.

40, 816!
39, 200
44, 881
48,459

11,910
11,479
18, 250
22, 611

12, 612
12, 003
11, 362
10,179

14,
14,
14,
14,

Aug. 1...
Aug.8_._.
Aug. 15...
Aug. 22...
Aug. 29—

53, 289
57, 935
57,400
58, 868
59,086

51, •

Federal
reserve
notes
in circulation
1

386
500

50
18

14, 824

200
100

I

60, 549|
56,137 j

1,267
2,001
1,095
2,269

34,905
34, 369
33,980
32,887

31,893
31,074
30, 771
29, 931
30, 353
30, 097
29, 898
29,498

10, 614
11,835
12, 486
13, 527
12, 592
Sept. 5... 56, 350 29,914 10, 623
Sept. 12.. 56,178 28, 573 10, 611
Sept. 19.. 58, 605 25,914 13,186
Sept. 26.. 62, 350 29, 245 15,443

12
618
710
100

14,
14,
14,
14,

310
310
304
303

52,483
60, 263
63,119
57, 385

16, 230
17, 747
18,123
20,146
21,192

296
836
778
220
540

14, 304
14.083
14.084
14, 278
14, 288

63,909
65, 443
66,910
66, 277

70,350
70, 255
71,459|
72, 775 i
71, 5011

750

14,
14,
14,
15,

288
288
767
494

67, 622|
65,460j
64,1381
64,191

72, 790!
71, 335i
73,0511
73,806j

70,275
70, 040
72,014
72,027

129
369
496
917

14, 288
14, 624
14, 294
9,988

67, 284j
71,017|
66, 5081
75, 370

73, 920!
76, 950
70,945
72, 473

71,365 2,555
74, 326 2,624 48,396
404 48,040
70, 541
71, 389 1,084 49, 236
50, 594

60,381
60, 272
59, 600
64,209
63,114
Nov. 7... 65,922
Nov. 14.. 61,411
Nov. 21-. 63, 273
Nov. 28.. 65,078
Oct.
Oct.
Oct.
Oct.
Oct.

3___.
10...
17...
24...
31...

26, 758
30, 774
29, 638
29, 527
30,468

26, 293
22,847
21,962
24,840
22,474

22, 475
23, 295
24, 938
24, 991
Dec. 5.... 64, 249 19, 935 24, 677
Dec. 12... 61, 530 17,365 23, 962
Dec. 19. _. 63.405 17, 523 23, 882
Dec. 26... 56, 687 15, 660 23, 622
24,434
19,103
18, 718
19,- "

1 Includes other securities.




2,515
1,295
1,037
1,779

29, 555
30,479
30, 320
31,833
32, 278

m

156

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 76.—PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE

BANK, BY WEEKS—Continued
SAN FRANCISCO
[In thousands of dollars]

Date

Bills bought
United States
Bills in open marsecurities
ket
"disTotal counted
Total
bills
for
cash
and sereserves
curities1 mem- Bought
Bought
ber
out!
banks r l g n t
rigM ! ment right
^
ment

Deposits

Total

Federal
reserve
notes
Member
in cirOther culation
bank
dereserve
balances posits

1928
Jan. 4 . . .
Jan. 11..
Jan.18._
Jan. 25..

95,82:
87,182
110,975
102, 582

35,851 6,876! 7,018
28,459 12,975j 1,704
54,239 14,410i
985
51, 571 14,748;.

46,076
44, 044
41,341
36, 263

284, 832
297, 024
254,008
256,811

191, 669
205,424
188, 27'
186, 60'

182,943
198,924
180,440
179,7~~

8,726;
6,500!
7,8341
6,819|

175,308
163,421
159,494
153,324

Feb. 1—
Feb. 8...
Feb. 15..
Feb. 21..
Feb. 29..

106,532
109, 223
110,086
116, 773
123, 611

54, 770
54, 275
50,865
57, 696
64,919

710
16,219l
21,765.
23,432 2,606
22, 578 3,316
25, 509;

34, 833
33,183
33,183
33.183
33,1831

250,085
248, 586
252, 690
237,904
234, 301

187,082
194, 600
184, 597
188,364

181, 665
181,391
186, 229
177, 780
180, 955

5,233!
5,691
8,37l!
6,817
7,409

152,056
152,472
152,601
150,499
150,407

Mar.
Mar.
Mar.
Mar.

7..
14.
21.
28.

126,175
124, 750
125,034
107, 111

66,149
66, 358
63,459
48, 955

26,01'
25, 53:
26, 32'
21, 545

825

33.184
32,861
31, 901
31,920

221,356!
230, 656
223, 325
241, 453

174,311
185, 601
178,706
181, 941

167, 725
179,911
173,086
175,459

6,586
5,690
5,620
6,482

153, 337
150, 274
148,430
148,460

Apr.
Apr.
Apr.
Apr.

4—
1118..
25-

109,458
105,020
118,395
116,065

57,414
51,164
66, 775
65, 555

18, 527
19,266
23,913
26, 209

31,709
31, 001
26,871
24, 301

245, 941
257,452
243,189
246, 514

182, 658
187,470
187,961
188, 750

176, 642
180, 697
181, 707

6,016
6,773
6,254
8,724

153, 777
156, 691
155, 397
153,477

May 2__
May 9__
May 16_.
May 23_.
May 29_.

121,912
103, 628
110,017
105, 912
103,142

71,968
56, 201
63, 646
64,196
64, 330

26, 697
25, 669
25,950
23, 239
19,329

200
2,402

23,190
21, 758
20,421
18,277
17,081

250, 290|
266, 799
259, 602
260, 443
261,409|

193,165
190,085
190, 336
186, 864
186, 633

184,905
182, 513
182, 992
179, 531
178,510

8,260
7,572
7,344
7,333
8,123

June 6-_. 106, 665
June 13- 102, 307
June 20.
64, 710
June 2768, 285

69, 607
65, 676
27, 664
30,876

17, 447
16,063
18, 384
17, 285

2,267
3,330
1,395
2,788

17, 344
17, 238
17, 267
17, 336

261, 21l| 185, 763
283,435 190, 301
322, 592 189, "" '
312, 6711 184,144

178, 804
184,126!
183, 644
178, 624

6,959
6,175
6,240
5,520

157,047
159,470
158, 394
156,448
157, 399
160,934
174, 599
176, 676
176, 755

July 3—
July 1 1 July 18July 25..

94, 749
88,314
96, 655
105, 081

56, 255 17, 459 3, 699 17,336
49, 899 19, 899 1,134! 17,382
18,7r
548! 17,382
625 17, 382
67, 558 19, 516

307, 238
293,542
276, 746!
268, 0761

184, 524
183, 040
179, 770
179,481

9,152
6,196
7,331
8,977

189, 232
174,166
167,321
163, 863

Aug. 1__
Aug. 8__
Aug. 15_
Aug. 22_
Aug. 29 _

101,479
109, 669
112, 575
119,471
127,476

Sept. 5-.
Sept. 12.
Sept. 19.
Sept. 26 _

143,854
150.613
142,148
119, 543

3,347
4,691
3,589
836
57

19, 718
18, 648
19, 620
19, 709
19, '

369
1,719
1,104!
1, 768!
4,156!

17,382
16, 521
16, 522
16,522
18,720|

270,4511
265,740
258, 854
254,631
245.661

193, 676
189, 236
187,101
188,458
188, 759
189,944
184,478
186,967
185, 329

20,572
27, 541
30, 271
32,173

3,716j
5,281
5,529
6,474

18,720
18,720
18,720

235,341
237, 744.!
239,108
261, 539

185, 248
195,412
192, 200
190,139

178,955
187, 032
183,031
182,162

6,293
8,380
9,169
7,977

174,169
173,640
171,052
169, 650

33,588
35, 748
36,393
36, 299
36,865

6,321
6,809
3,500
3,549
3,411

17,181
16.172
16.173
16,635
16,635

193, 234
190, 723
197,234
193,537
191,559

184,180
183,639
188,686
185, 284
184,185

9,054
7,084
8,548
8,253
7,374

171,055
170.493
168,648
164,307
164,338

Nov. 7__. 133,037 75, 759 38,472
Nov. 14. 125,169 66,068 38,693
Nov. 21. 128, 783 66,337 43, 546
Nov. 28.. 140.614 73,032 48,908

2,171
3,772
1,525
1,300

16.635
16.636
17,375
17,374

252,700!
254, 052
251,476
245, 8381
251,347;
252, 7561
261,655!
250, 2161
239,935

194, 059
200, 088
193,698
195,229

168,406
185,451
193, 049 7,039 166,812
187,444 6,254 164,820
186, 387 8,842 164,469

2,454
2,553
2,868
3,061

16, 638

247.662
259, 083
244, 770!
253,1031

198, 200
193,654
189, 815
192, 081

189,037
180,105
180, 707
179, 946

Oct. 3-._
Oct. 10_.
Oct. 17..
Oct. 24..
Oct. 31_.

m

J
i 132,655
| 131,106
! 132,169
133,942
127,227

139,148

Dec. 5—. 124,131
Dec. 12.. 136,339
Dec. 19- 131,545
Dec. 26...
1

64, 010
72, 781
75,329
81,472
85, 541
100,846
99, 071
87, 628
63,715
75,565
.72,377
76,103
77,459
70,316

71, 893
55,358
65, 036
56,108

Includes other securities.




48,163
49, 039
51, 520
55,024

17,181

17,181

16, 665
17,102

179,422 9,337 164, 323
179,006 10,938 165,862
177,418 7,060 165, 330
178,418 8,549 166.492
175,965 9,364 166,852

9,163
13,549
9,108
12,135

167,724
168,934
172,312
176, 593

N O . 7 7 . — V O L U M E OF OPERATIONS IN PRINCIPAL DEPARTMENTS OF EACH FEDERAL RESERVE BANK.

1928

Federal Reserve Bank
Total
Boston

{New York

Philadelphia

Cleveland Richmond

Atlanta

Chicago

St. Louis

Minneapolis

Kansas
City

Dallas

San Francisco

N U M B E R OF P I E C E S H A N D L E D : 1928
Bills discounted:
Applications
9,115
2,243
5,918
123,008
9,252
5, Oil!
3,850
11, 348
16, 552
13,056
18,318
18,086|
10, 259
"I
Notes discounted...
26,094!
23, 773
23, 714
26,902
16,117
443, 265
65, 671
38, 05i
41, 284
51,198
60,473
21, f
Bills purchased in open market for own account
2,358
6,804
6,947
11,948
21,781
9, 268
22, 062
251,035
47,587
95,845
6,580
14,207
5,648
Currency received a n d counted 2, 270, 555,000 242, 602, 000 666, 298, 000 214,881,000 148,386,000 109, 237,000 122, 280, 000 376, 595,000 116. 552, 000 39, 464,000 59, 698,000 51,125, 000; 123,437,000
i,
!,
Coin received a n d counted
2, 929, 091, 000 213, 018, 00011,341,374,000 328,886,000 175,442,000 133, 611,000 60, 994,000 279, 743,000 154i, 633, 000 10, 056,000 72, 308, 000 43, 351, 000 115, 675, 000
Checks handled
887, 997, 000 86,246,000177,303,000 68,338,000 81,761,000 54,570,000 31, 384,000 123, 365,000 50, 887, 000 24, 874, 000 69, 569,000 39, 799, 000 79, 901, 000
Collection items handled:
United States Governm e n t coupons paid
493, 000 1, 822, 000
28, 765, 000 2,191,000 7,602,000 2, 545,000 3,812, 000
810,000 1, 481, 000
900,000
663,000 4, 743, 000 1, 703, 000
Allother
340,000
324, 000
129, 000
282, 000
702, 000
296, 000
6,461,000
409,000 2, 616,000
552,000
155,000
270,000
386,000
United States securities, issues, redemptions, a n d exchanges
367, 000
127,000
224,000
6, 682,000
232, 000
440,000
449,000 1, 504,000
169, 000 1, 377, 000
473, 000
554,000
766,000
Transfers of funds
153, 000
127,000
403,000
261, 000
140,000
2,011,000J
62,000!
117,000
142,000
337, 000
69,000
115,000
85,000

O

3
g
tj

AMOUNTS H A N D L E D : 1928 (IN M I L L I O N S OF DOLLARS)
Bills discounted
Bills purchased in open market for own account
Currency received and counted
Coin received and counted
Checks handled
Collection items handled:
United States Government coupons paid
All other
United States securities, issues, redemptions, and exchanges
Transfers of funds

62, 413.0
4, 240. 7
13, 315. 6
301,703.!
543.4
7,414.4
9, 002. 4
148,749.0

4, 284. 6

24, 791.8

2,018. 5
748.4|
1,527.51
4,347.9
23. 6
^
668.1
21, 510. 5| 115,192. 0

4, 969. i

6, 058. 5

3,840.11

1,326.6;

5,928.1

3,002. 2!

139.8
1, 220. 6
51.2
28, 362. 0

195.4
930.0
16.3
30, 222. 6

103. 3
545. 7!
14.9|
13,990.1

96.8;
536.4
8. 2
11,975.81

324.6
2,103. 7
38. 31
29,077. 21

36.21
513. 0
16.8
11, 780. 3

6.1
163. 2|

63.6)
1,004. g

18.8]
208.1

1, 506. 8
27,047.8

326.3i
6, 283. 61

41.4|
797.0j

250.0
2, 808. 7

34.5
587. 7i

58.8
551.4j

454. 3!
$, 070. 3|

3, 985.1
55,469. 9

508.1
6, 021. 5

578.5
6, 932. 0

221. 2;
5,676. 5|

236. 8i
2, 296. 71

1, 359. 3

737. 7|

5 ,*. 18.8

71.7
208. 3!
279.1
13.2
4.0
4, 591. 8 11, 523.6

114. 7i
223. 3l
7.4!
8, 341. 5

322. 0
880,1
26.5
15,136. 4

625. 4!

10.1!
146. 2!

18.1
300. 2|

5.6i
218. 3|

24.9
340.1

149. 6
2,957. 4;

289. 6!
6,501.9!

268. 81
5, 092. Oi

477.4
16, 399.4

J
Back figures.—See Annual Reports for 1927 (Table 60), 1924-1926 (Part II, Table 6).




_i

o,

158
No.

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
78.—VOLUME OF OPERATIONS OF BRANCHES OF FEDERAL RESERVE BANKS
Noncash collection items
handled

Federal reserve branch
and district number

dis-

counted

I Currency
! received
and

| counted

Coin
received
and
counted

Checks
handled

Government
coupons

All
other

Fiscal
agency
issues,
redemptions, Transfers
and ex- of funds
changes
of U. S.
securities

I
NUMBER OF PIECES HANDLED 1928
No. 2—Buffalo
No. 4—Cincinnati
Pittsburgh
No. 5—Baltimore
Charlotte.
No. 6—Birmingham..
Jacksonville..
Nashville
New Orleans.
No. 7—Detroit
No. 8—Little Rock...
Louisville
Memphis
No. 9—Helena
No. 10—Denver
Oklahoma
City
Omaha
No. 11—El Paso
Houston
San Antonio..
No. 12—Los Angeles..
Portland
Salt L a k e
City
Seattle
Spokane
Total

3,981!
1

~7~ 0341

12, 689|
6, 582J
2, 764!
5,667
5,077
459
4,077

27,461, 000 13,401, 000 129,000
48, 376, 000 19,308,000 !l. 086, 000
.
37, 230, 000! 27,427, 000i 859,000
)2,
92, 000 102, 205, 000 19,027, 000; 486, 000:
5, 558, 000 j 6, 589,000 i 32,000
7, 472, 000 4, 848, 000 [ 39, 000
9, 202, 000 5, 781, 000) 53,000!
2, 642, 000 5, 893, 000! 74, 000 i
22, 763, 000 4, 264, 0001 230, 000,
30, 608, 000 23, 244, 000 i 406, 0001
6, 262, 0001 5, 026, 000 55, 000
38, 251, 000* 9, 962, 000 320, 000 j
11, 765, 000J 3, 500, 000 81, 000j
743, 000 2, 550, 000 68, 000
13,345, 000 8,955, 000 293, 0001

7,851,000 6,697,000
5,874 6,964,000 5,814,000
640 4, 293,000 3,431,000
812 11, 003,000 14, 569,000
843 9, 241, 000 4,821,000
2,092 62, 282, 000 33, 051,000
1,289 6, 618, 000 7, 331, 000

19,131,000
11,557,000
2. 922, 000
6,437,000
5, 372,000
34, 912,000
8, 231, 000

73, 000
230, 000
31,000
108, 000
53,000
461, 000
225, 000

3,403 3, 627. 000 2, 017,000 8, 071, 000 112,000
1,303 10.732,000 10,339, 000 7, 385, 000 222,000
3,892 1. 834, 000 956, 000 5, 021, 000 109,000

20, 000
139,000
36,000 114,000
29, 000 130, 000
141,000
67,000
25,000
15,000
3,000
36,000
30,000.
3,000
27,000
43.000
112,000
49,000
35,000
8,000
25, 0001 36, 000
40, 000 10, 000
18, 000
1, 000 i
45, 000 22, 0001
76,0001
44, 000;
13, 000 j
37,000
14,000
82.000 j
30.0001

19,000
23, 000
17, 000
34,000
26,000
6,000
12,000
6,000
17,000
47,000
16,000
31,000
30,000
10, 000
18, 000
9,000
29, 000
10,000
28, 000
14,000
38, 000
14, 000

10.0001
13, ooo;
2, 0001
10, 000!
5, 000
41, 000
27.000
95,000 i 9,0001
36,000
28, 000;
28,0001 13, 000|

19,000
18,000
11,000

! 68, 478 529, 097, 000 452. 909, 000 268,814, 000 5, 835, 000 1, 208, 0001 664, 000 j
i
i
I

502, 000

A M O U N T S H A N D L E D : 1928 (in t h o u s a n d s of dollars)
No. 2. -Buffalo
N o . 4. -Cincinnati
No.
No.

No.
No.
No.
No.

No.
No.

|l, 042,837|
I_
j
Pittsburgh
I.
j
|l. 244,375
5. -Baltimore
Charlotte
L
|
6. —Birmingham..; _
Jacksonville. _ <
__
Nashville
i_
New Orleans..' 479, 552'.
7. -Detroit
1, 676,702!
8. -Little Rock...! 199,146j
Louisville
1 094,779!
Memphis
i 85,126!
2,5421
9. -Helena
i
10.,—Denver
i 302,192!
j
Oklahoma !
City
Omaha
157, 3551
11 —El Paso
11,977!
Houston
146,7741
San Antonio .
20,783!
12 ,—Los Angeles. . 154, 264!
Portland
121, 777
Salt Lake
155,026
City
600,608
Seattle
Spokane
20,117
Total _ _

7,515,932

3,390| 3,306,423!
6,525 6,573,8721
4,129 11,966,723;
10,492 4,294,471

944
1,073
1,311
413
3,216
6,641
857
2,389
2,068
747
2,538

1,288
87,817
5,556
14,397
57,142 46,919
16, 499 50, 268j 71,273
6,910 129,836! 54, 243
256! 29,840 j
1,691, 92l!
818
2521 20, 4681
1,908,994!
6681 23,583'
1,956,382!
429 i 50,1611
1,874,360 i
|
2,1251 28, 649i 55, 680|
1,998,3471
7,781,263!
8,496 155,759! 22,001
397
29,008'
999.983!
1,167
2,710,932!
3,568 39,0101 11,006
51,0821
1,240,1751
757
3,183
9,045S
495
477,130
1
2,112, 788j 3,974 45,7941
7,110

33, 492
38, 045
25, 208
45, 718
40, 259
308, 573
54,573

1,5111
2,348
1,186
1,438
1,311
6,789
1,739

2,439,097!
1,740,003!
441, 204i
], 682,186!
1, 051, 752
5,496, 732
1, 524, 065

958
1,811
401
995
574
6,605
2,656

47,276!
66,816
10,578
58,700
17,3631
69,8771
48,820;

30,956
83,659
14,817

1,272
2,944
606

1, 094,194
1,279, 738
630,331

1,157
2,176
720

41, 340
41,556
17,261

2,197
575,991
5,590 1,090, 631
2,394
241,032

78, 564 1,227,049

324,200 25, 779,910

256, 0791
134, 438!
365,701!
270,011!
47,020;
61,352:
83, 817 '•
50,003:
110,526:
551,005!
39,399;
107,056
84,384
13,946
49,042

2,899,079

67,877 68,273,066

1,815,780
633,238
983,635
1, 279, 219
1,187,774
122,178
218,193
183,935
650, 567
4,650,833
425,241
679,486
746,771
185,280
840,519

290, 721
1,780
3,734 1,292,937
225,146
457
1,877 1, 638,733
421,228
836
20, 438 4, 704,001
5,937
696,841

Back figures.—See A n n u a l Reports for 1927 (Table 61), 1926 (Table 67), 1925 (Table 69), 1924 (Table 72),
1923 (Table 72), 1922 (Table 74), 1921 (p. 80), 1920 (p. 93), 1919 (p. 39).
N O T E . — C u r r e n c y received an counted during 1928 b y agencies of t h e Federal Reserve B a n k of A t l a n t a :
H a v a n a , C u b a , 3,559,000 pieces, a m o u n t $29,837,000; Savannah, Ga., 2,696,000 pieces, a m o u n t $10,921,000,
Coin received a n d counted b y Savannah, Ga., agency, 291,000 pieces, a m o u n t $72,000.




159

EACH FEDERAL RESERVE BANK

GOLD SETTLEMENT FUND
No. 79.-

-GOLD SETTLEMENT FUND—SUMMARY OF TRANSACTIONS THROUGH THE
F U N D , BY D I S T R I C T S , 1928
[In millions of dollars]
Daily settlements between
Federal reserve banks

Federal reserve
bank

Balance
Jan. 1

Transit clearings

Payments
1928
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis

Receipts

Interreserve
bank transfers

Federal reserve note
clearings

PayPay- Rements ceipts ments

Balance
in
fund
at
close
of
business
Dec.
31

Withdrawals

Deposits

125.0
5.6
735.0 1,113.1
10.1
240.2
74.0
92.5

154.1
831.1
194.5
162.2

27.6
142.4
34.6
72.5

Receipts

19.9
159.3
37.2
43.4

- .

MinneapolisKansas City.
Dallas
San Francisco

12,153.7
42, 719. 3
10,006. 8
9, 998. 2

12, 279. 2 61.0
42,478. 8 122.2
10,157. 3 73.1
10,025. 0 102.5

50.1
182.1
61.9
49.5

141.7
289.3
106.3
88.5

20.8
11.8
103.2
18.1

10, 023. 5 10, 077. 5 29.8
4,123. 2 4,187. 4 39.6
18,064.4 18,081. 9 103. 4
7,150. 2 7, 029.0
28.1

43.9
40.4
87.2
40.8

94.5
108.0
125.0
8.0

24.6
8.1
83.8
73.7

103.8
284.9
153.0
114.5

98.7
320.8
269.7
171.4

14.0
12.9
180.1
32.3

21.6
30.5
20.0
30.3

10.3
15.5
61.5
124.0

27.7
69.2
7.9
53.0

31.0
46.0
45.5
506.1

43.5
128.9
30.1
609.5

29.6
52.0
33.5
55.6

658.4 1,172. 6 1,172. 62,855. 6 3, 014. 4

687.0

16.8
27.5
14.7
55.3

2,337.1
5, 700. 6
4, 349. 7
5,898. 6

2,318.1
5, 585. 6
4,433. 9
5, 871. 5

19.6
27.6
16.4
35.3

528.2 132, 525. 2 132, 525. 2 658.4

Total

Back figures.—See Annual Report for 1927 (Table 66), 1926 (Table 61), etc.

FEDERAL RESERVE AGENTS' GOLD FUND
No. 80.—SUMMARY OF TRANSACTIONS THROUGH THE FEDERAL RESERVE AGENTS'
FUND, BY DISTRICTS, 1928
[In millions of dollars]

Federal reserve bank

Balance
Jan. 1

Boston
New York
Philadelphia .
Cleveland

74.0
95.0
65.8
125.0

Richmond—.
Atlanta
Chicago
St. Louis
Minneapolis-..
Kansas City__.
Dallas
San Francisco..
Total.

Withdrawals

Deposits

Transfers
to bank

90.0
355.0
57.2
90.0

125.0
265.0
238. 2
20.0

53.0
5.0
101.8
55.0

271.3
120.0
89.0

74.5
284.4
90.0
110.5

44.0
60.5
211.0
20.0

12.0
.5

18.0
22.5
16.0
502.4

22.0
46.0
24.5
468.0

31.0
53.4
7.0
120.3

70.5

1, 631. 4

1, 768.1

761. £

110.0

54.0

121.0
245.0
31.5

32.5
73.6
4.0
35.0

2.0

33.0
55.9
13.5
168.7

6.0
38.0
15.5
14.0

1,028. 3

473.6

Back figures—See Annual Report for 1927 (Table 68), 1926 (Table 63), etc.




I Balance at
Transfers
close of
from bank I business
Dec. 31

160

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

MEMBERSHIP IN PAR COLLECTION SYSTEM
No. 81.—NUMBER OF BANKS ON PAR LIST AND NOT ON PAR LIST, BY DISTRICTS,

1928

End of month

Nonmember
Nonmember
Nonmember
banksi
banksi
banksi
MemMemMember
ber
ber
banks On par Not on banks On par Not on banks On par Not on
list par list
list par list
list par list
Boston district

January. _.
February..
March
April
May
June
July
August
September.
October--.
November.
December.

415
413
414 ;
412
412
410
410
409
408 ;
409 i
408 ;
408 i

New York district

247
247
248
248
248
249
250
251
251
251
251
251

935
934
931
934
930
934
935
933
933
935
937
938

Cleveland district
January
February..
March
April
May
June
July
August
September.
October. _.
November.
December.

835
834
833
827
825
823
821
820
819
819
820
816

1,029
1,030
1,027
1,025
1,026
1,024
1,024
1,021
1,021
1,017
1,012
1,007

January
February..
March
April
May
June
July
August
September.
October-_.
November.
December.

1,284
1,276
1,274
1,266
1.263
1.264
1,262
1,262
1,261
1,258
1.255
1,252

3,684
| 3,673
i 3,669
!
3,653
| 3,644
' 3,628
, 3,619
! 3,610
!
3,602
;
3,591
i 3.582
! 3,570

1

965
961
956
951
947
945
945
944
940
939
936
932

i 2,346
• 2, 327
2,310
i 2,291
! 2,281
i 2,272
I 2,260
i 2,261
! 2,255
2,251
2,241
2,234

652
648
640
637
636
636
638
637
635
632
631

588
575
581
581
580
579
579
579
581
577
570
572

191
192
193
198
199
202
204
208
206
211
213

593
592
593
593
593
592
593
591
589
589
587

1,880
1,874
1,855
1,834
1,824
1,812
1,802
1,795
1,788
1,778
1,762
1,757

450
447
451
454
461
462
467
469
474
479
486
490

Dallas district
267
271
274
273
272
277
284
283
286
288
286
282

795
794
794
792
792
791
789
787

653
652
652
652
647
642
640
641
637
633
633
626

500
501
499
497
497
496
498
497
496
493
494
493

Atlanta district
463
460
460
459
456
457
456
456
455
454
454
453

309
308
304
304
306
310
310
310
305
309
316
315

1,013
1,011
1,012
1,013
1,010
1,005
1,003
1,000
1,003
982
969
959

Minneapolis district

St. Louis district

Kansas City
January
February. ..
March
April
May
June
July
August
September..
October
November..
December..

777
779
783
782
785
786
784
785
784
781
779
778

Richmond district
564
562
562
559
558
557
555
554
554
553
550
547

Chicago district

408
407
407
407
407
410
410
411
411
408
409
410

Philadelphia district

735
732
729
730
729
728
727
725
724
724
723
719

746
733
728
718
716
709
713
702
700
697
687
672

1,135
1,136
1,134
1,130
1,127
1,133
1,127
1,133
1,132
1,129
1,117
1,123

San Francisco district
207
205
199
197
200
204
205
203
204
209
210
208

653
649
643
644
645
641
644
644
644
644
644
627

701
701
696
694
693
700
700
702
699
698
695
681

59
59
57
57
58
57
57
55
56
56
55
55

Incorporated banks other than mutual savings banks.
Back figures—See Annual Reports for 1927 (Table 71), 1926 (Table 64), 1925 (Table 65), 1924 (Table 71),
1923 (Table 71), 1922 (Table 73), 1921 (Table 71). 1920 (Table 63). 1919 (Table 55), and 1918 (Table 48).




161

EACH FEDERAL RESERVE BANK

No. 82.—NUMBER OF BANKS ON PAR LIST AND NOT ON PAR LIST IN EACH STATE
ON DECEMBER 31, 1927 AND 1928
1927

State

New England:
Maine
New Hampshire
Vermont
Massachusetts
_
Rhode Island
Connecticut
Middle Atlantic:
New York
New Jersey
Pennsylvania
East North Central:
Ohio
Indiana
Illinois
Michigan
Wisconsin
West North Central:
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
South Atlantic:
Delaware
Maryland
District of ColumbiaVirginia
West Virginia__
North Carolina
South Carolina
Georgia
Florida
East South Central:
Kentucky
Tennessee
Alabama
Mississippi
_.
West South Central:
Arkansas
_.
Louisiana.
Oklahoma
__.
Texas
Mountain:
Montana
Idaho
Wyoming
Colorado
New Mexico..
__.
Arizona
Utah
Nevada
PacificWashington
Oregon
California.

Total.

1928

On par
list

Not on
par list 1

Member
banks

Not on
par list l

On par
list

50
13
39 i
73

60
56
46
178
17

49
14
39
72
8
86

57
46
178
15

672
362
966

274
177
629

673
363
965

273
174
616

419
247
569
287
175

629
795
1,247
587
578

23
3
218

404
240
563
289
174

619
758
1,227
578
570

;

6
28
2
225

296
345
197
143
106
163
263

322
1,080
1,176
72
143
638

552
56
38
306
165
235
3

291
321
190
134
105
159
254

265
1,009
1,104
64
134
563 j
845

551
74
50
278
169
263
3

12
177
136
83
64
128

34
163
31
202
180
61
18
43
82

103
9
298
162
272
125

|
|
j
i
!
|
i
|
i
!

9 !

I
(
I

23
89
13
179
137
85
74
134
70

33 I
165 L
31 |_
213
19
52
87

97
9
305
176
290
155

148
112
121
40

412
178
21
20

24
249
210
271

147 i
109 |
121 j

403
190
22
17

23
236
210
268

101
42
344
737

209
25
336
629

138 I

100
42
327
720

167
24
334 I
590 i

168
166
5
12G

32
128
31
18
44
10

99
75
51
162
27
26
64
25

155
124
244

159
100
267

9,034

13,247

167
4
122

12
1
5
6
1
4

!
!
I
1

3,910

92 j
60
29
126
30
18
43
10

78
53
154
26
26
62
25

153
122
226

* Incorporated banks other than mutual savings banks.
Back figures.—See Annual Reports for 1926 (Table 65) and 1924 (Table 70).




Nonmember banks

Nonmember banks
Member
banks

158
98
242

35
19

!,837

12, 643

3,911

20
1
5
6
2
3

162

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

EARNINGS AND EXPENSES OF EACH RESERVE BANK
No.

83.—GROSS AND N E T EARNINGS OF EACH FEDERAL RESERVE
DISPOSITION MADE OF N E T EARNINGS, 1914-1928

Gross

All Federal reserve banks:

Dividends
paid

Transferred to
surplus 1

Franchise
tax paid to
U. S. Government 1

Profit ( + )
or loss (—)
carried
forward

$1,134, 234

-$358,922
+ 1 , 008,224
+509,413
-1,158,715

-$141,459
2, 750, 998
9, 579,607
52, 716, 310
78,367, 504
149, 294, 774
82,087, 225
16,497, 736
12, 711, 286
3, 718,180
9, 449, 066
16, 611, 745
13, 048, 249
32,122,021

5.011. 832
5,' 654J 018
6.119. 673
6, 307, 035
6, 552, 717
6, 682, 496
6, 915, 958
7, 329,169
7, 754, 539
8,458,463

$1,134, 234
48, 334, 341
70, 651,778
82, 916,014
15, 993, 086
-659, 904
2,545, 513
- 3 , 077, 962
2, 473, 808
8, 464,426
5,044,119
21,078,899

833,672, 525

478, 813,242

81,088, 547

254,898,352

142,826,343

125, 459
490, 888
1, 285, 884
4, 475,195

- 3 4 , 603
295,935
740, 359
3, 305,180

249, 735
601, 756
384,180
414.447
447, 266
473.109
481,951
480, 267

75,100
2,921,000
5, 362, 934
7, 351, 799
772,324
-170,782
77,187

75,100

_.

1924
1925
1926
1927
1928
Total
Boston:
1914-15
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928

Net

$2,173, 252
5,217,998
16,128, 339
67, 584, 417
102,380, 583
181, 296, 711
_ _ 122,865, 866
50,498, 699
. . 50, 708, 566
38,340,449
41, 800, 706
47, 599, 595
43, 024, 484
64, 052,860

1914-15
1916
1917
1918
1919
1920
1921
1922
1923

AND

Disposition of net earnings

Earnings
Federal reserve bank

BANK,

_

Total
New York:
1914-15
1916
1917
1918. .
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928

Total..
Philadelphia:
1914-15
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928

Total

7,497, 583
12, 273, 253
6,968, 662
3, 541,313
3, 506, 683
2, 559, 016
3, 288, 546
3, 319, 077
2, 975, 357
4, 465, 342
56, 772, 258

$217,463
1, 742,774
6,801, 726
5,540, 684

5, 777, 381
10, 272, 564
4,281,353 !
1, 097,402
1, 252,135
470,422
477, 798
502, 648
1,140, 581
525,023
1,156, 873
550. 446
837,612
2,316,522 |
590,830
32,909,716 ! 6,179,456
•

345, 035
971,026
4,929, 214
25, 314, 736
35,332,412
60, 525, 321
34,710, 274
11, 349, 279
11, 413,183
8, 569, 350
10, 217,174
10; 600, 968
10, 647, 759
18,483, 042

-123,887
414,064
3, 078,481
21, 662,917
27,959,619
53,128,130
26, 093,832
3, 721, 593
3, 043, 679
616,852
3,103, 298
3, 749, 748
3, 720, 601
11,018,433

127,113
1, 942, 819
1,195,026
1, 291, 047
1,477, 096
1, 608,721
1, 652,138
1, 749, 239
1, 796, 530
1,888,196
2,100,191
2, 327, 355
2, 743, 725

243,408, 773

161,187,360

21,899,196

113,972
448,180
1, 095, 540
4, 357, 740
8, 609,880
11, 848, 551
8, 008, 095
4, 251, 950
4, 592, 771
2, 915, 846
3,135, 550
3, 626, 648
3,363, 626
5,394, 546
61, 762,895

-31,517
249, 941
753. 875
2. 972. 089
6, 659,169
9,065,116
5, 339, 454
2, 236,876
2,177,837
747, 092
1, 078,120
1, 533, 733
1,176, 469 !
3, 282, 641
37, 240,895

128,458
623, 603
583, 983
462, 380
496, 679
517, 663
541,552
582. 292
615,135
673. 212
730, 598
781, 540
843, 755
7, 580,850

-7,376
637,933
585, 888
287,166
1, 725, 692
19,618,865

2, 703, 894
60, 724, 742
59, 974,466
10,850,605
3, 613,056
113, 646
59,300
818,150
249, 591
2, 584,659

-34,603
+46, 200
-11,597

2,473,499
3,035,920
786,233
694,681

45,962
7, 111, 395

649,363
20,467,891
23, 964,678
12, 332, 523
3, 782, 671
-1,397,603
129,444
-1,179,678
1, 215,102
1, 649, 557
1,393,246
8,274,708
71,281,902

-123,887
+286,951
-163,064

2, 703,894
39,318,511
20,702,440
3,467,058
1,164,996

68,006,262

2, 608, 344
6,196, 789
8, 204, 775
935, 239
803, 594
1,178, 588
131,957
404,908
803,135
394, 929
2,438, 886
24,101,144 i

649,363

- 3 1 , 517
+121,483
+130, 272
-220, 238
363, 662
3,886, 552
891, 730
416, 957

5,558,901

i 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 United States 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,
for FRASER $208,170; San Francisco, $306,926; total, $3,129,673.

Digitized


163

EACH FEDEBAL RESERVE BANK

No. 83.—GROSS AND N E T EARNINGS OF EACH FEDERAL RESERVE BANK, AND
DISPOSITION MADE OF N E T EARNINGS, 1914-1928—Continued
Disposition of net earnings

Earnings
Federal reserve b a n k

Gross

Cleveland:
1914 15
1916
1917
1918

Net

$113,815
452,129
1, 367, 216
5, 226, 864

-$55,774
293, 808
753, 682
4,135, 796

7, 800,829
14,458, 619
9,390,863
4, 994, 282
4,655,090
3, 770, 689
4, 013, 456
4, 517,884
4,197,836
6,250, 553

Dividends
paid

Transferred to
surplus l

Franchise Profit (+)
tax paid to or loss (—)
U. S. Govcarried
ernment !
forward

-$55, 774

+150, 571
+37, 514
-132,311

6,093, 785
11,820,031
6, 284, 383
2,268,688
921, 221

$143, 237
716,168
716,107
556, 785
604,194
660, 228
692,436
725, 626

$3, 552,000
5, 537,000
11,215,837
2,329,442
861, 264
195, 595

-473,153
1, 210, 576
1, 660, 762
1,108,190
3,180, 715

756,152
778,811
808, 505
832, 583
856,843

- 1 , 229, 305
431, 765
852, 257
275, 607
2,323,872

71,210,125

39,202, 710

8,847,675

26,345,334

4,009, 701

Richmond:
1914-15
1916
1917.
1918
1919
1920
1921
1922 .
1923
1924
1925
1926 . .
1927
1928.

319, 580
334,102
821,195
2, 979,048
4, 775,324
6, 902, 643
6, 729, 679
2,832,944
2,878, 896
2,210,240
2,182,460
2,429,017
2,086,303
2,857, 648

174, 955
186, 571
462, 224
2, 312,030
3,877, 266
5, 238, 506
4, 393, 627
867,448
1,092,843

151,940
197,922
240,944
232,432

116,472

252,872
293,052
322, 203
333,321
342, 295

116,472
2,079, 598
3,624,394
4,740, 869
693, 792
32, 954
384,404

204, 585
3, 377,632
501,173
366,144

379, 791
576,110
727, 645
497, 711
1,118,960

351, 251
358,162
363, 957
372,230
370,683

28,540
217, 948
279,216
125,481
74,828

673,449

Total

40,339, 079

21, 905,687

4,183,264

12,398,496

5,323, 927

236,460
279, 520
589, 789
2, 293, 058
4,416, 001
7, 476,431
7,406, 652
2, 352, 736
2, 682, 314
1, 907,121
2,072, 378
3, 045, 867
2,067, 839
3, 578,156

82, 532
129, 307
288, 083
1, 652,473
3,382, 397
6,010,324
5,496, 219
672, 730
352,179
272, 656
26,191
1, 228, 327
669, 904
1, 693, 985

201, 719
218,203
182,473
197, 397
225, 571
245,862
256, 618
264, 622

40,000
1,470,000
3,185,000
3,648,465
770,106
-172,018
8,756

40,000

272, 656
276,488
296, 573
305,817
312,259

- 2 5 0 , 297
931, 754
364, 087
558,425

40,404, 322

21,957,307

3,256,258

268, 885
665, 937
2,083,164
8,481, 747

20,091
403, 206
1, 231, 879
6,805, 081

361,319
862, 259
604, 635

_

1919
1920
1921
1922
1923
1924
1925
1926
1927
1928

Total

Atlanta:

1914-15
1916
1917
1918
1919
1920
1921
1922..
1923
1924
1925
1926.__
1927 .
1928

__

Total
Chicago:
1914-15
1916
1917
1918
1919
1920
1921
1922
1923 _
1924
1925
1926
1927
1928

Total
1

See note on p . 162.




8, 57G, 204
12, 012.078
25, 875, 749
30, 303, 218
14, 505,117
20, 382,170
1.405.215
6, 748,863
6, 511, 359 i 1.178. 355
5, 202,169
909,123
5, 424, 663
1,121,273
6, 567,043
2, 253, 923
6,167, 352
1, 927, 645
8, 936,418
4, 763,429
119, 755,066

70,976, 290

$3, 294, 713
714, 988

84,472

+82, 532

10,554,278 I

700,807
792, 769
853, 785
876, 203
904, 371

215,799
6, 200,446
7,875, 397
14, 688, 500
2, 075, 323
- 6 5 7 , 289
27, 398

909,123
934,016
985, 959
1,029,990
1,099, 761

-72,412
-10,120

2,136, 288
4,480, 251
588,130
78,801

823,301
8,146,771

187, 257
1, 267, 964
897, 655
3,663,668

10, 914, 997

+23,015
-11,351
-11,664

215, 799

10, 394,480
11,576,009
1,186,301
246, 586

36,442,118 • 23,619,175

+20, 091
+41,887
-61,978

164
No.

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
8 3 . — G R O S S AND N E T EARNINGS OF EACH FEDERAL RESERVE BANK, AND
DISPOSITION MADE OF N E T EARNINGS, 1914-1927—Continued

Disposition of net earnings

Earnings
Federal reserve bank
Gross

Net

Dividends
paid

Transferred to
surplus i

Franchise
tax paid to
U. S. Government *

St. Louis:
1914-15
1916
1917
1918

$86, 833
297,948
773,106
2, 676, 828

-$97,169
141,017
502,156
1,777, 810

$31,100
284, 566
404, 838

$1, 603,310

1919
1920
1921
1922
1923

3, 884, 478
7,180,117
5,160,315
2, 456, 447
2, 753, 435

2,355,154
4, 875, 566
2, 951,926
647, 572
1,182,163

234, 660
253,711
270, 253
283,166
296,810

2,120 494
4, 621, 855
1, 042, 564
276,450
407, 070

1924
1925
1926
1927
1928

1, 688,143
2, 055, 637
2, 511, 509
2, 228, 079
2,901,925

203,937
- 9 3 , 540
683, 022
775, 681
785,159

304, 976
306, 753
314, 420
317, 727
321,855

-101,039
-400, 293
368, 602
457,954
423,011

40, 293

36, 660, 800

16, 690, 454

3, 624, 835

10,819,978

2, 245, 641

100,112
255,177
672,799
2,049,954

- 3 2 , 341
134, 603
394, 353
1, 545,847

57, 720
363, 895
168,103

37, 500
1,377, 744

3, 007, 041
5, 307, 381
4, 966, 311
1, 969, 248
1, 749, 253

2, 333,943
4,131,053
3,151,154
782, 695
325,455

180,186
] 95, 871
211,657
213,774
212,733

2,153, 757
3, 410,948
488,530
4,469
11, 272

524, 234
2,450,967
564, 452
101, 450

1, 609,070
1, 438, 341
1, 622, 333
1, 390, 031
1,710,304

329,102
234, 954
448, 033
296, 077
614,704

202,828
193, 560
187, 009
180, 726
181, 203

12, 628
4,139
26, 043
11, 535
43,350

113, 646
37, 255
234, 381
103, 816
390,151

27, 847, 355

14, 689, 632

2, 549, 865

7, 581,915

4, 557,852

102 474
380 208
1,002,660
3, 451,936

—66,776
224, 989
566, 404
2, 437, 748

66, 707
364, 503
309, 729

2, 421,426

4,961,482
7,409, 987
5,712,858
3,094, 660
2, 993, 919

3,923,362
5,540,681
3,056,096
783, 036
347,711

228,755
257, 672
268, 620
275, 655
275,313

3,694, 607
3, 042,781
486, 918
-157,432
7,240

2, 240, 228
2,300,558
664,813
65,158

2,262,910
2,309,985
2, 677,340
2,304, 938
2,597,968

-253,182
282, 921
756, 469
414,726
659,760

265, 697
258,426
252, 764
252,753
253, 254

-518,879
2,450
50,370
16,198
40,651

22,045
453, 335
145, 775
365, 855

41, 263,325

18,673,945

3, 329, 848

9,086,330

6, 257, 767

Profit ( + )
or loss (—)
carried
forward

.

Total
Minneapolis:
1914 15
1916
1917
1918
1919
1920
1921
1922
1923

_

1924
1925
1926
1927
1928
Total

_--

--

Kansas City:
1914-15
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928

-

Total
* See note on p. 162.




-$97,169
+109,917
+217, 590
—230,338

$1,639,109
87,956
478, 283

-32,341
+76, 883
- 4 4 , 542

~
37, 500
_

—66, 776
+158, 282
+201,901
- 2 9 3 , 407

165

BACH FEDERAL RESERVE BANK
No.

83.—GKOSS AND N E T EARNINGS OF EACH FEDERAL RESERVE BANK, AND
DISPOSITION MADE OF N E T EARNINGS, 1914-1927—Continued
Disposition of n e t earnings

Earnings
Federal reserve bank
Gross

Dallas:
1914-15
1916
1917
1918

Net

Dividends
paid

Transferred to
surplus1

Profit (+)
Franchise
tax paid to or loss (—)
carried
U. S. Govforward
ernment i

$244,666
326,372
621, 970
2, 089, 526

$75, 388
166,046
352,067
1, 240,175

$65, 523
134, 008
188, 234
261, 503

$1,184, 408

3, 062, 251
4, 904, 522
4, 239, 574
2, 085,775
2, 356,436

2,041, 864
3, 228, 231
1, 613, 564
354,125
332, 282

196, 335
225,424
252,211
251,915
251,429

1, 845, 529
3,002,807
1,361,353
102, 210
80,853

2,157, 964
1, 813, 626
2,127, 049
1,741,922
2,119, 666

265, 024
278,135
857, 211
568, 209
713,455

249, 789
255,239
257, 502
256, 310
258, 544

15, 235
22 896
599,' 709
311, 899
163, 301

$291, 610

29,891, 319

12, 085, 776

3,103, 966

8, 690, 200

291,610

115, 961
316, 511
885, 802
4,187,785

-52,358
111,511
456, 044
2,869,164

43, 736
394,776
497,675

2,448,174

1919
1920_
1921
1922
1923

7, 021, 224
12, 706,668
9,184,413
4, 821, 202
4, 615, 227

5, 387,360
10,108, 823
4,920, 500
1, 660, 356
505,426

296,161
384, 713
435,361
448,306
467,720

5,091,199
6, 654, 855
1, 254,824
- 1 8 5 , 721
37, 706

1924
1925
1926
1927
1928

3,487,931
3, 848,890
4, 554, 860
3, 853,442
4,757, 292

250,516
490,447
1, 555,999
1, 055, 424
1,974, 258

480, 561
490, 447
506, 068
547, 062
625, 751

1,049,931
508, 362
1,348, 507

31, 293,470

5,618,337

17, 977, 792

1919
1920
1921
1922
1923
1924
1925
1926
1927
1928

-

_.-

Total
San Francisco:
1914-15
1916
1917
1918

-.

Total
1

See note on p. 162.




64,357,208

+$9,865
+32, 038
+163,833
-205, 736

-52,358
+67,775
+61,268
-76,685
3,069,255
3, 230,315
1, 397, 771

-230,045

7, 697,341

No. 84.—EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING

1928

EARNINGS

Total
Discounted bills. _ _
Purchased bills
United States securities
Deficient reserve penalties.
Miscellaneous
Total earnings

Boston New York

Philadelphia

Cleveland

Richmond

I
j
Atlanta | Chicago I St. Louis

$38, 334,140 '$2,465,266 $12,210,527 $3,498,453 $3,438, 719 $1,943,947|$2, 529,951 $5,427, 825 $1, 928,302
685,8301 687,533| 1,301,910
206,700
13, 020, 535 j 1,486,467 3,482,649
932, 744 1, 249,560
10, 827, 702 j 454,142 2,421,172
914,403 1, 393, 522
166,544
245,502! 1,722,821
725,490
277,401 |
12,791
46,009
7,468
28,838
36,496
32,996;
44,287
15,023
1,593,082 j
46,676
322,685
41,478
139,914
24,831
82,174^
439,575
26,410

Minneapolis

Kansas
City

$490, 751 $1,034, 216
19, 535
521,901
512,433
778,027
7, 763
15, 232
89, 822
248, 592

Dallas

San Francisco

$669, 514 $2, 696,
1,175,042
807, 953
685, 693
16, 661
13, 837
60,967
69, 958

64,052,860 I 4,465,3421 18,483,042 5,394,546 6,250,553 2, 857, 648| 3, 578,156;1 8, 936, 418 2,901,925 1,710,304 2,597,968 2,119,666 4,757,292

CURRENT EXPENSES
Salaries:
Bank officers
Clerical staff
Special officers and watchmen
All other.
Governors' conferences
Federal reserve agents' conferences
Federal Advisory Council
Directors' meetings
Traveling expenses i
Assessments for Federal Reserve Board's
expenses
Legal fees
Insurance (other than currency and security shipments)
Insurance on currency and security
shipments
Taxes on banking house
Light, heat, and power
j
Repairs and alterations, banking house..
Rent
_
Office and other supplies
Printing and stationery _ _
Telephone. _
Telegraph...
Expressage. _
Miscellaneous expenses..




s
o

$2, 554, 649 $120, 000 $531,920 $138,916 $215, 800 $176, 500 $207,183 $307, 419 $168, 215 $117, 503 $169, 900 $155, 299 $245, 994
11, 786, 262 869, 837 3,115,314 901,090 1, 060,447 592, 268 405, 562 1, 712, 899 558, 968 350, 452 621, 265 520, 235 1, 077, 925
870, 712
35, 745
187,333
49,293 104, 232
55, 675
36, 511 129, 351
47, 812
29, 962
66, 840
42, 732
85, 226
1, 848,181
94,104
481,534
93,669 254,012
84,098
37, 656 275, 378
83, 202
65, 636 173, 036
75, 508 130, 348
6,392
212
694
230
400
243
398
344
400
687
644
682
1,458
3,538
207
210
204
206
187
67
269
430
587
278
295
598
14, 078
676
706
533
792
832
1,089
1,054
1,300
1,150
1,300
1,346
3,300
6,983
18, 605
7,094
7,450
8,128
22, 651
9,797
14, 003
6,793
25,076
8,547
15,490
150,617
222,178
4,860
33,023
14, 705
19,148
15, 970
19, 368
23, 687
21, 849
20,146
10,970
17, 367
21,085
29, 622
66, 695
34, 939
28, 590
199,975
71, 837
95, 764
18,931
24,138
50, 340
51, 885
24,961
697, 677
108, 745
1,981
10, 620
4,960
6,584
1,946
11, 323
3,444
27,839
7,600
16,397
13, 864
2,187
413, 432

28, 789

70,186

35,428

34, 818

21, 093

24, 374

31, 603

23, 748

30,899

39,433

27, 548

45, 513

612, 459
1,426, 929
328, 050
193, 329
264, 303
404, 965
457, 648
202, 593
484, 788
1, 860, 311
457, 085
729, 989

84, 354
122, 220
20, 299
6,856
480
22, 354
40, 995
20, 649
6,041
211, 423
40, 549
39, 565

119, 751
403, 230
72, 999
26,828
21, 291
90, 587
77, 456
58, 950
50, 662
306, 755
117,172
196, 586

91, 508
40, 640
20, 513
44, 529
1,420
30, 632
32, 620
26,179
13,416
177,196
66, 665
51,382

70,981
130, 922
34,867
30, 455
92, 863
37, 648
41, 975
14, 708
33, 204
159,525
33, 547
53,150

34, 934
38, 370
10,388
2,038
19,943
19,431
26,649
7,019
34,825
125,174
32,082
31,088

35, 600
61, 045
15,182
18, 891
6,120
21, 659
30,321
6,243
64,419
99,074
36, 918
35,621

67,496
281, 601
35,136
21,373
5,134
61, 235
76, 749
20, 638
41, 758
243, 679
55, 671
82, 894

14,132
58,309
18, 713
9,363
19,337
20,021
27, 678
12, 296
38, 818
90, 722
13, 976
37, 852

14,163
86, 306
17, 370
7,656
90
19,403
19, 370
5,120
17, 817
63, 880
8,399
47, 814

18,400
93, 648
44, 785
10, 664

21, 877
34, 059
19, 785
10,144
8,841
17, 211
22, 622
8,153
52, 269
93, 209
16,162
41, 536

39, 263
76, 579
18, 013
4,532
88 784
36, 007
38, 587
14, 999
71, 558
140,879
22, 055
66, 854

>6,098,910 1,831,064 6,192,387 1,909, 517 2, 509, 571 1, 373, 820 1, 225, 865 3, 584,373 1,312,953

28, 777
22, 626
7,639
60, 001
148, 795
13, 889
45, 647

977, 973 1, 636,174 1,235,962 2, 309, 251

H

GO

I
H
W

o

Federal reserve currency,
shipping charges:
Original cost
Cost of redemption

including |
I
|
\

T o t a l current expenses

678,721
127,179i

26,860
12,079

| 26,904,8101 1,870,003

221,701i
30,177j

64, 720
12,005

74,826
12,417

23,376
5,196

19,914J

90,615
21,691!

19,051
4,790

20,992
1,509

20, 577
5,229

6,444,265j 1, 986, 242| 2,596,814 1,402, 392 1,253,134 3,696,679 1,336,794 1,000,474 1,661,

5,855
3,662

90,234
11,069

1,245,479 2,410, 554

P R O F I T AND LOSS ,A C C O U N T
Earnings.
Current expenses

$64,052, 860 $4, 465, 342 $18,483,042 $5, 394, 546 $6, 250, 553 $2, 857,648 $3, 578,156 $8, 936, 418 $2, 901, 925 $1, 710, 304 $2, 597,968 $2,119,666 $4,757, 292
_ 26, 904, 810 1,870,003 6,444, 265 1, 986, 242 2, 596, 814 1,402, 392 1, 253,134 3, 696, 679 1, 336, 794 1,000,474 1,661,980 1,245,479 2,410,554

.

Current net earnings _

_ ._

37,148,050

Additions to current net earnings:
Withdrawn from reserve for probable losses __
Allother... . .

2, 595, 339 12, 038,777 3,408, 304 3, 653, 739 1,455, 256 2, 325,022 5, 239, 739 1,565,131

709,830

935,988

874,187 2, 346, 738

375,065
196,412

97,169

1,481

3,193

1,057

5,462

II, 833

86 065
3,957

289 000
42, 879

17,996

5,491

3,362

571,477

2,532

97,169

1,481

3,193

1,057

5,462

11,833

90,022

331,879

17,996

5,491

3,362

122,048
43,101

545, 545
142, 768

38,873

273, 532
56, 027

85,673
49,980
403,018

192, 810
68,872
23, 658

166, 745
51, 596

91,982
32,026

168,188
22,889

42, 551
51,992

141,064
16,119
104,090

116, 200

58. 706
370,494

88, 271

19, 267
127, 391

129,151
64, 597
50, 000
50, 000
43, 605

97, 828

202, 803

250, 000
401, 653

250, 000
52, 997

103,147

71,680

U4, 569

5, 597, 506

281, 349

1,117,513

127,144

476, 217

337, 353

636,499

488,143

869,994

427,005

294,224

166, 223

375,842

5, 026, 029

278, 817

1,020,344

125, 663

473, 024

336, 296

631, 037

476,310

779,972

95,126

276, 228

160, 732

372,480

32,122, 021 2, 316, 522 11,018,433 3, 282, 641 3,180, 715 1,118,960 1, 693,985 4, 763,429

785,159

614, 704

659,760

713,455 1,974, 258

8,458, 463
590, 830
21, 078, 899 1, 725, 692

Total additions

2,532

321, 855|
423,011

181, 203
43,350

253,254
40, 651

625, 751
258, 544
163, 301 1, 348, 507

40, 293

390,151

365,855

291,610

Deductions from current net earnings:
Bank premises—depreciation..
1,959, 289
Furniture and equipment
_
638, 840
580, 766
Reserve for probable losses
627,973
Reserve for self-insurance
_. _
Allother
2 1, 790, 638
Total deductions. __
Net deductions from current net earnings
Net earnings available for dividends,
surplus, and franchise t a x . .
_
Dividends paid .
Transferred to surplus account
Franchise tax paid United States Government
__

2, 743,725
856, 843
843, 755
8, 274, 708 2,438,886 2, 323, 872

312, 259 1, 099, 761
558,425 3,663, 668

673,449

2, 584, 659

370, 683
74, 828

823, 301

REIMBURSABLE E X P E N D I T U R E S OF FISCAL AGENCY D E P A R T M E N T
Salaries
All other
Total.

J

$242,727
128,535
371, 262

2,012

$12,112
76,697

2, 360|
12, 320

$16, 345
5,827

$11,992

22,172

15, 300

$5, 289
2,321

$81,152
16, 507

$10,201
3,580

$13,640
6,212

$56,180
4,528

$8, 657
1,797

$10,403
3,386

7,610

97, 659

13, 781

19, 852

60, 708

10,454

13, 789

2

i Other than those connected with governors' and agents' conferences and of the advisory council.
Includes net loss of $1,594,749 on United States securities sold.
Back figures.—See Annual Reports for 1927 (Table 75), ]926 (Table 68), and 1925 (Table 67 and Part II, Table 5).




168

ANNUAL REPORT OP THE FEDERAL RESERVE BOARD

CONDITION OF ALL BANKS IN EACH DISTRICT
JVo.

85.—ALL

B A N K S — T O T A L L O A N S AND I N V E S T M E N T S 1
N O N M E M B E R B A N K S , 1923-1928

OF

MEMBER

AND

[In millions of dollars]

Date 2

All
banks

Member
banks

Nonmember
banks

Boston district
1923—June 30_.
Dec. 31..
1924—June 30.
Dec. 31..
1925—June 30.
Dec. 31..
1926—June 30.
Dec. 31..
1927—June 30.
Dec. 31..
1928—June 30.
Dec. 3 1 . .

4,948
4,989
5,139
5,285
5,523
5,705
5,891
5,940
6,199
6,367
6,644
6,649

2,032 !
2,017 !
2,052
2, 134
2,234 j
2,362 i
2,409 !
2,428 j
2,536 !
2.583 !
2,642
2,571

3,910
4,050
4,158
4,310
4,358
4,487
4,481
*4,635
*4,689
4,898
4,854

2,735
2,725
2,827
2,915
3,021
3,045
3.161
3,133
3,267
3,296
3,448
3,414

2,916
2,972
3,087
3,151
3,289
3,343
3,482
3,512
3, 663
3,784
4,002
4,078

1,163
1,185
1,223
1,243
1,289
1,313
1,326
1,348
*1,368
* 1,393
1,450
1,440

Chicago district
1923—June 30.
Dec. 31.
1924—June 30.
Dec. 31.
1925—June 30.
Dec. 31.
1926—June 30.
Dec. 31.
1927—June 30.
Dec. 31.
1928—June 30.
Dec. 31.

6,174
6.190
6,324
6,562
6,834
6,999
7,186
7,174
7,407
7,495
7,826
7,904

1923—June 30.
Dec. 31.
1924—June 30.
Dec. 31.
1925—June 30.
Dec. 31.
1926—June 30.
Dec. 31.
1927—June 30.
Dec. 31.
1928—June 30.
Dec. 31.

1,145
1,880
1,825
1,096
1,737
1,038
1.781
1,079
1,823
1,115
1,847
1,131
1,157
1,848
1,828
1,136
1,832
1,154
1,868 1 1,191
1,893
1,224
1,929
1,250

3,906
3,899
4,010
4,210
4,370
4,479
4, 579
4,543
4, 712
4,859
5,118
5,163

Member
banks

New York district

Cleveland district
1923—June 30.
Dec. 31.
1924—June 30.
Dec. 31.
1925—June 30
Dec. 31.
1926—June 30.
Dec. 31.
1927—June 30.
Dec. 31_
1928—June 30.
Dec. 31.

All
banks

12, 235
12,280
13,187
14, 023
14,398
14,925
15, 364
15, 728
16,693
17,502
18,202
18. 776

7,497 !
7,494 '
8,071 :
8,667
8,746 I
9,297 j
9,308 '
9,667 !
10,126 i
10,947 !
11,098 i
11,593 !

4,738
4,786
5,116
5,356
5,652
5,628
6,056
6,061
6,567
6, 555
7,104
7,183

Richmond district
2,200
2,224
2,237
2,273
2,333
2,392
2,401
2,395
2,423
2, 517
2,531
2,522

1,182
1,204
1,193
1,220
1,252
1,290
1,281
1,275
1,311
1,362
1,344
1,338

1,018
1,020
1,044
1,053
1,081
1,102
1,120
1,120
1,112
1,155
1,187
1,183

Kansas City district
735
729
699
702
708
716
691
692
678
677
669
679

728
725
721
714
756
757
766
746
*759
*752
756
757

745
810
732
789
791
831
808
807
831
898
916
993

I
!
|
!
!
j
!

!
i
i
|
i
!
1
i
1
!
i
!

1,963
1,969
2,031
2,163
2,249
2,337
2,420
2,478
2,531
2, 588
2,656
2,666

1,232
1,255
1,303
1,343
1,403
1,474
1,500
1,556
1,584
1, 653
1,709
1,730

Atlanta district
1,410
1,490
1,454
1,531
1,696
1,994
1,849
1,787
1,726
1, 754
1,753
1,749

920
978
934
995
1,081
1,242
1,172
1,158
1,141
1,165
1,173
1,188

490
512
520
536
615
752
677
629
585
589
579
560

1,665
1,604
1,487
1,564
1,571
1,567
1,549
1,495
1,485
1,527
1,549
1,555

|
i
I
I
!
I
|
!
!

824
907

851
897
909
933

769
741
663
657
683
674
668
633
634
630
640
622

San Francisco district

Dallas district
953
1,016
962
1,016
1,015
1,069
1,044
1,029
1,064
1,136
1,163
1,247

3,195
3,224
3, 334
3, 506
3,652
3,811
3,920
4,034
4,115
4,241
4,365
4,395

Minneapolis district

St. Louis district

1,883 | 1,155
2,268
1,907 | 1,182
2,291
1,157
2, 314 1,878
2,352
1,937 1 1,223
1,984
1,22b
2,464
2,067
1,310
2,520
2,607
2,086
1, 320
2,631
2,059
1,313
2,695 •2,096
1,337
2,636 *2,128
1,377
2,709
2,141
1,384
2,741
2,163
1,406

Philadelphia district

208
206
230
227
224
238
236
222
233
238
248
254

3,296
3,342
3,389
3,546
3,693
3.872
3,937
4,068
4,077
4,227
4,300
4,523

2,331
2,248
2,296
2,444
2,545
2,669
2,688
2,842
2,961
3,084
3,149
3,169

965
1,094
1,093
1,102
1,148
1,203
1,249
1,226
1,116
1.143
1,151
1,354

* Revised.
1
Includes rediscounts and overdrafts; excludes acceptances of other banks and bills of exchange sold with
indorsement.
t
2
Dates of reports of member banks; figures for nonmember banks are from reports of nearest available
date.
NOTE.—Table covers following classes of banks: National banks, State commercial banks and trust
companies,, mutual and stock savings banks, and private banks under State supervision.




169

ALL BANKS IN EACH DISTRICT

No. 86.—ALL BANKS—TOTAL LOANS l OF MEMBER AND NONMEMBER BANKS,

1923-1928
[In millions of dollars]

All
banks

Date »

Member
banks

Nonmember
banks

Boston district
3,064
3,115
3,220
3,333
3,530
3,682
3,779
3,817
3,930
4,021
4,226
4,271

1923—June 30.
Dec. 31.
1924—June 30.
Dec. 31.
i925—June 30.
Dec. 31.
1926—June 30.
Dec. 31.
1927—June 30.
Dec. 31.
1928—June 30.
Dec. 31.

1,444
1,440
1,443
1,504
1,602
1,692
1,690
1,708
1, 744
1, 765
1,849
1,824

1,620
1,675
1,777
1,829
1,928
1,990
2,089
2,109
2,186
2,256
2,377
2,446

Cleveland district
2,594
2,621
2,680
2,722
2,874
2,959
3,037
3,067
*3, 098
3,100
3,237
3,279

1923—June 30
Dec. 31
1924—June 30
Dec. 31.
1925—June 30
Dec. 31
1926—June 30
Dec. 31
1927—June 30
Dec. 31
1928—June 30
Dec. 31

1,838
1,842
1,877
1,896
2,011
2,060
2,135
2,144
2,179
2,162
2,266
2,291

756
779
803
826
863
899
902
923
*919
*939
972
988

Chicago district
1923—June 30
Dec. 31
1924—June 30
Dec. 31
1925—June 30.
Dec. 31
1926—June 30
Dec. 31
1927—June 30.
Dec. 31
1928—June 30
Dec. 31

_

4,764
4,798
4,876
4,935
6,173
5,319
5,452
5,497
5,575
5,583
5,810
5,933

2,880
2,870
2,951
3,031
3,181
3,276
3,374
3,388
3,461
3,519
3,698
3,812

Dec. 31.
1925—June 30.
Dec. 31.
1926—June 30.
Dec. 31.
1927—June 30.
Dec. 31.
1928—June 30.
Dec. 31.

1,547
1,496
1,423
1,421
1,429
1,432
1,418
1,374
1,355
1,353
1,336
1,332

849
800
801
S05
805
812
777
776
783
789
803

5,017
5,066
5,404
5,720
5,848
6, 511
6,399
6,861
7,026
7,789
7,759
8,404

2,760
2,815
3,088
3,218
3,509
3,525
3,911
3,932
4,362
4,377
4,846
5,031

Richmond district
1,675
1,713
1,740
1,745
1,803
1,863
1,865
1,865
1,841
1,871
1,881
1,879

752
765
788
788
813
833
849
854
827
843
861
857

923
948 !
952 !
957 i
990 I
1, 030 i
1,016 !
1,011 i

1,014
1,028
1 021
1,022

1,428
1,885
1,463
1,928
1,455
1,925
1,475
1,904
1,494
1,992
1,563
2,043
1,575
2,077
1,541
2,109
2,114 *1, 537
2,064 i *1, 546
1,535
2,113
1,546
2,121

661
647
623
620
624
627
606
597
579
570
547
530

819
853
843
884
877
950
952
946
930
953
942
954

610
612
591
617
613
623
595
*607
*592
593
592

Dallas district
792
830
801
846
837
875
855
841 |
853 '
891 1
895
938

601
649
597
645
638
668
650
652
654
694
692
736

1,806
1,879
1,939 !
2, 037
2,158
2, 364 ;
2,434
2,547
2,504
2,592
2,636
2,747

1,174
1, 190
1,240
1,283
1,381
1,485
1,574
1,616
1,604
1,616
1,690
1,745

754
777
879
860
931
900
976
946
1,002

Atlanta district
1,165
1,240
1,221
1,281
1,412
1,647
1,518
1,458
1,373
1,369
1,378
1,346

737
794
764
813
877
995
939
927
885
888
910
895

428
446
457
468
535
652
579
531
488
481
468
451

Minneapolis district

St. Louis district

Kansas City district
1923—June 30.
Dec. 31.
1924—June 30.

7,777
7,881
8,492
8,938
9,357
10, 036
10,310
10, 793
11, 388
12,166
12, 605
13, 435

1,333
1,265
1,150
1,139
1,106
1,078
1,039
995
956
955
947
951

691
656
611
630
597
586
568
554
531
547
544
560

642
609
539
508
509
492
471
441
425
408
403
391

San Francisco district
191
181
204
201
199
207
205
189
199
197
203
201

2,431
2,478
2,527
2,567
2,692
2,821
2,877
2,962
2,949
2,959
2,977
3,107

1,740
1,686
1,722
1,767
1,848
1,937
1,952
2,067
2,134
2,141
2,144
2,190

691
792
805
800
844
884
925
895
815
818
833

•Revised.
1
Includes rediscounts and overdrafts; excludes acceptances of other banks and bills of exchange sold
with indorsement.
2
Dates of reports of member banks; figures for nonmember banks are from reports of nearest available
date.
NOTE.—Table covers following classes of banks: National banks, State commercial banks and trust
companies, mutual and stock savings banks, and private banks under State supervision.


41223—29
12


170
No.

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
87.—ALL BANKS—TOTAL INVESTMENTS OF MEMBER

AND NONMEMBER

BANKS, 1923-1928
[In millions of dollars]

Date 1

1923—June
Dec
1924—June
Dec
1925—June
Dec
1926—June
Dec
1927—June
Dec
1928—June
Dec.

30
31
30
31
30
31
30
31
30
31
30
31

1,884
1,874
1,920
1,952
1,993
2,023
2,112
2,123
2,269
2.345
2,418
2,378

.

1,296
588
1,297
577
610 I 1,310
1,322
630
1,361
632
1, 353
670
1,393
719
1,403
720
1,477
792
1,528
817
1,626
793
1,632
747

..
-

1,304
1,290
1,370
. . 1,436
1,436
1,399
._ 1,449
1,414
*1, 538
*1, 588
1,660
1,575

|
884
950
1,019
1,010
985
1,025
989
1,089
1,135
1,182
1,123

407
406
420
417
426
414
424
425
*449
*454
479
452

Ch] cago district
1923—June 30
Dec. 31
1924—June 30..
Dec. 31..
1925—June 30..
Dec. 31..
1926—June 30..
Dec. 3 1 1927—June 30..
Dec. 31..
1928—June 30..
Dec. 31..

— i

1,409
1,391
1,448
1,627
1,661
1,679
1,735
1,676
1,832
1,911
2,016
1, 971

Dec. 31.
1924—June 30.
Dec. 31.
1925—June 30.
Dec. 31.
1926—June 30.
Dec. 31.
1927—June 30.
Dec. 31.
1928—June 30.
Dec. 31.

333 i
329
314 !
361 I
394 i
416
430 !
454 :
476 j
515 j
557 !
596 !

525
512
496
528
530
529
536
530
582
646
650
643

I
i
|
i
!
!
!
1
;
!

455
444
423
462
489
503
511
517
558
583
605
617

1,026
1,028
1,059
1,179
1,189
1,202
1,205
1,154
1,251
1,339
1,420
1, 350

259
247
238
278
310
327
345
359
377
408
436
447

1,389
1,345
1,395
1,469
1,494
1,447
1,485
1,487
1,611
1,650
1,729
1,649

1,978
1,971
2,028
2,138
2,143
2,103
2,145
2,129
2,205
2,178
2,258
2,152

259
257
240
263
262
260
265
264
297
334
324
317

74
82 I
76 I
83
84
89 |
85 i
95 ;
99 !
107 |
122
149 I

336
329
314
339
350
359
368
366
406
423
442
452

244
251
233
250
284
347
331
329
353
384
375
402

266
255
256
265
268
269
271
266
285
*312
326
326

!
1
!
j
1
!
i
1
!

144
161
135
144
153
163
158
156
177
204
224
257

600
566
604
589
626
595
640
625
684
678
763
728

182
185
170
182
204
247
233
231
256
276
263
293

62
66
63
68
80
100
97
108
112
109

Minneapolis district

119 i
115
109
123 i
139
144
143
151
*152
*159
163
166

333
340
337
424
465
489
509
499
528
571
601
605

206 i
208
213
276
291 I
307
313
308
320
350
365
373

127
132
124
148
174
182
197
192
209
222
237
232

| San Francisco district

Dallas district
161
186
161
170
178
194
189
189
211
245
268
310

789
779
791
880
868
852
845
862
927
972
966
921

Atlanta district

St. Louis district

Kansas City district
1923—June 30.

2,480
2,428
2,667
2,946
2,898
2,785
2,910
2,806
3,100
3,158
3,340
3,189

Richmond district

Cleveland district
1923—June 30
Dec 31
1924—June 30
Dec. 31
1925—June 30
Dec. 31
1926—June 30
Dec. 31
1927—June 30
Dec. 31
1928—June 30
Dec. 31

4,458
4,399
4,695
5,084
5,041
4,888
5,055
4,935
5, 305
5, 336
5,598
5,341

17
25
26
26
25
31
31
33
34
41
44
53

866
864
863
979
1,001
1,051
1,060
1,107
1,128
1,267
1,323 |
1,416

592
562
575
677
697
732
736
776
827
943
1,005
1,060

274
302
288
302
304
319
324
331
301
325
318
356

* Revised.
1
Dates of reports of member banks; figures for nonmember banks are from reports of nearest available
date.
NOTE.—Table covers following classes of banks: National banks, State commercial banks and trust
companies, mutual and stock savings banks, and private banks under State supervision.




171

ALL BANKS IN EACH DISTRICT
IVo.

88.—ALL

BANKS—DEPOSITS (EXCLUSIVE OF INTERBANK
MEMBER AND NONMEMBER BANKS, 1923-1928

DEPOSITS)

OF

[In millions of dollars]

Date i

New York district

Boston district
1923—June 30
Dec. 31
1924—June 30. _ .
Dec. 31.
1925—June 3 0 . . Dec. 31
1926-June 3 0 . . .
Dec. 31
1927—June 30...Dec. 31.
1928—June 30
Dec. 31

4,581
*4,688
*4. 868
*5, 033
*5,220
f 5,402
•5,580
*5, 594
*5,811
•6,009
6,106
6,225

.-.
.._

Mem- j Non>
All
ber
member
banks banks banks

MemNonAll
ber
member
banks banks banks

All
banks

1,830

1 * 1,880

j *1,939
•2,051
•2,114
2, 245
•2,297
1 *2,286
*2,359
! *2,444
i 2,351
! 2,397

2,751
2,808
2,929
2,982
3,106
3,157
3,283
3,308
3,452
3,565
3,7.55
3,828

11,415 •6,800
11,986 *7,433
12,997
*7,952
13,564 •8,817
14,362 *8,866
14,414
*9,469
15,000 *9, 206
15,168 *9, 701
16,264 •10, 002
16, 312 •10, 021
9, 982
16, 614
18, 915 12,140

4,615
4,553
5,045
4,747
5,496
4,945
5,794
5,467
6,262
6,291
6,632
6,776

Mem- I Nonber
member
banks
banks

Philadelphia district
2,776
2,898
2,971
3,166
*3,279
•3,451
3,479
3,602
*3,646
3,787
3,764
3,874

1,657
1,727
1,757
1,894
•1,960
•2, 077
2,094
2,166
*2,187
2,243
2,232
2,287

1,119
1,171
1,214
1,272
1,319
1,374
1,385
1,436
1,459
1,543
1,532
1,587

i
Cleveland district
1923—June 30
Dec. 31
1924—June 30-__
Dec.31
1925—June 30
Dec.31
1926—June 3 0 . . .
Dec. 31
1927—June 30.
Dec.31
1928—June 30
Dec.31

I
—i
|
j
j
|
!
— _|
|
—!
!

2,447
2,494
*2,605
2,637
*2, 782
*2,805
*2,930
*2,883
*3, 035
*3, 029
3,139
3,165

3,596
3,662
*3,809
3,855
*4,043
*4,079
*4,227
*4,146
*4,332
*4,355
4,498
4,526

Richmond district

1,149
1,168
1,204
1,218
1,261
1,274
1,297
1,263
•1,297
*1,326
1,359
1,361

Chicago district
1923—June 30
Dec.31
1924—June 30._ _
Dec.31
1925—June 30
Dec.31
1926—June 30
Dec.31
1927—June 30
Dec.31
1928—June30
Dec.31

_

_.J *5,870
j *5,953
_ . . | *S,121
! *6,448
! *6,740
| *6.858
j *7,009
i *6,972
i *7,171
*7,327
! 7,5.17 1
1
I 7, 667 |!

I
i
1923—June 30
Dec. 31
1924—June 30.._
Dec.31
1925—June 30._ _
Dec.31
1926—June
Dec.31
1927—June 30.
Dec. 31..
1928—June 30..
Dec. 31..

*3, 570
*3,620
*3, 765
*4,006
*4,188
*4, 288
*4, 344
*4,318
*4,465
*4,649
4,806
4,914

1,927
2,041
1,982
2,103
2,083
2,217
2,170
2,222
2,244
2,378
2,284
2,351

988
1,044
1,018
1,092
1,090
1,157
1,138
1,164
1,193
1,242
1,188
1,214

939
997
964
1,011
993
1,060
1,032
1,058
1,051
1,136
1,096
1,137

St. Louis district

2,300
2,333
2,357
2,442
2,552
2,570
2,665
2,654
2,705
2,679
2,712
2,752

•1,305
•l', 365
1,553
1,704
2,107
1,805
1,741
1,674
1,736
1,640
1,673

•818
•880
•852
953
1,027
1,220
1,108
1,092
1,066
1,104
1,072
1,093

487
531
513
600
677
887
697
649
608
632
568
580

Minneapolis district

747
721
1, 016
706
1,014 !
!
752
1,121
807
1,097 I
1,182 ' 849
1,171 ' 814
779
1.186 !
1.187 ! *789
1, 250 ! *803
787
1,215 i
788
1,256 I

1,727
1,737
1,720
1,873
1,904
2,031
1,985
1,965
•1,976
•2,053
2,002
2, 045

Atlanta district

754
731
676
720
731
742
715
679
665
674
673
666

1,570 ! 816
1,538 I 807
1,481
805
1,596
876
1,602
871
1,622
880
1,576
861
1,526
847
1,507
. 842
886
1, 560
1,567
895
929
1,596

li
Kansas City district

1,814
1,765
1,732
1,901
_
1,922
.__- 1,950
1,920
i 1,924
1,916
1,957
1,962
2,028

1, 046
1,021
3,013
1,082
1,113
1,140
1,154
1,148
1,158
1,185
1,208
1,241

768
744
719
819
809
810
766
776
758
773
755
787

Dallas district
851
1,059
917
1,075
1,006
1,099
1,008
1,053
1,049
1,182
1,146
1,290

1

!
1
I
!
!

645
779
076
795
764
822
761
800
800

i 897
885
989

San Francisco district
206
280
241
280
242
277
247
253
249
285
261
301

•3, 253
3,424
*3,441
*3,667
•3,747
•3,994
•3,973
•4,116
*4,073
•4,253
4,297
4,576

•2, 272
2,292
•2,315
*2,511
•2,568
•2, 744
•2,716
•2,883
•2,974
•3,114
3,160
3,200

981
1,132
1,126
1,156
1,179
1,250
1,257
1.233
1,099
1,139
1,137
1,376

•Revised for member banks to include letters of credit and travelers' checks sold for cash and outstanding,
and for nonmember banks on account of receipt for certain States of data more nearly current.
1
Dates of reports of member banks; figures for nonmember banks are from reports of nearest available date.
NOTE.—Table covers following classes of banks: National banks, State commercial banks and trust
companies, mutual and stock savings banks, and private banks under State supervision.




172

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
CONDITION OF ALL BANKS, BY STATES

So.

89.—ALL BANKS—TOTAL LOANS AND INVESTMENTS/ BY STATES, 1924-1928
[In millions of dollars]
1924

1925

1927

1928

State
June 30 Dec. 31 J u n 30 Dec. 31

United States

J u n e 30 D e c . 31

57,
45,179. 8 47,182. 3J48, 830. 2 50, 603. 3|51, 561. 9;52, 018. 2|53, 750. 9 55, 450. 5 265. 3 58, 266.4

New England:
428.
411. 5
371. 8
389. 2
394. 6! 410. 0
352.4
356. 0|
363.8
Maine
246.8
283.6
258.5
269.9
270.41
282.5
245.3
255.7
301.
New Hampshire.
208.4
217.4
239.3
219.8
227.2
227.9!
235.5
205.3
Vermont
251.
M a s s a c h u s e t t s . . 3,174.7 3,275.1 3, 443. 3 3,569.3 3,683.91 3, 699. 71 3,862.9 3, 959. 9 4,137.
456.2
"*" rl
479. l|
495.0 513.5
426. 2
440. 2!
Rhode Island
525.1
537.
Connecticut
j
1, 052. 9|| 1,088.7 1,101.0!! 1,159.1 1, 224. 6 1,282.
938.1!
970. 0 1,009.
Middle Atlantic:
11,633. 8 12, 378. 5 12, 647.8 13, 086. l | l 3 , 437. 5 13, 711. 6:14, 581.1 15, 290. 4 15,:
New York
1,652.61 1,756.7 1,867.0 1,979.8! 2.073.1! 2,175.5! 2,255.4 2, 351. 5 2, 451.
New Jersey
P e n n s y l v a n i a . . . 4, 551.1 4, 764. 9 4, 916. 8 5,052.5 5,181.4 s 5,284.1 5,406.5 5, 557. 2 5, 742.
East North Central:
2,190. 2 2,225.5| 2,349.2 2, 379.1 2, 466. 0, 2,451.9 2,552.1 2, 562.6 2, 684.
Ohio
890.
880.9
832.1
780. 2|
803. 4
770.8
Indiana
875.9
869. 3
868. 7
3, 079. 4 3,261.4! 3,348.6 3, 444.1 3,515. ljj 3,516.9 3,657.2 3, 710. 4 3, 885.
Illinois
,
,
,
8
Michigan
_ 1, 386.1 1,452.1 1,599.7 1, 659. 3 1,736.2; 1, 761. 0j 1,835.2 1, 860. 9 1, 986.
938.
Wisconsin
834.9
777. 6
813. 9
773.0
905.9
874. 7
876. 31 904.
West North Central:
926.
934.2
943.9
922.4
940.1
923.1 902.61 896.1
875.3
Minnesota
788.
886.6
889. 81
786.8
856.61
836.4
791.1|
783.3
911.0
Iowa
_
1,131. 3 1, 214. 3 1, 217. 7 1,272.3 1, 254. 3 1,237.7! 1,242.3 1, 269. 8 1,267.
Missouri
125.
152.9
147.9
128.0
149.9
154.6
148. Oj
135.0! 129.1
North D a k o t a . . .
132.
163.5
164.7
126.8
163.
146.9
144.5 123. Oj 120.3
South Dakota
424.3
414.5
411.0
398.6
430.8
419.1 412.7 404.6
Nebraska
401.5
389.4
400.6
378.5
409.1
408.4
404.5
400.7
Kansas._
407.1
South Atlantic:
144.
112.2
109.0
136.3
114.8
119. 0:
104.4
131.6
123. 8|
Delaware
820.
680.2
749.9
719.9
650.2
Maryland
837.6
769. 8|
745.5
788.5
District of Co254.
232.2
236.5
232.8|
218.8
230.8
209.
195.4
241.5
lumbia
562.
532. 5)
560.0
531. 3
515. 31
536.9
536.5
507.5
506.6
Virginia
363.
366. 2|
364.5
364. 01 365.4
360. 71
366.3
367.0
367.8
West Virginia
416.
397. 4
408.0
392. 9
380. 0l
383.9
387.8
368.0
368.5
North Carolina.
195.
201.1
190.2
181. 6|
215. 41 205.7
180.8
218.
224.
South Carolina._
371.
374.2
360.6
346. 21 352.2
360.6!
367.8
350.2
353.3
Georgia
357.
501.7
376.6
460. 6|
435. 51
652.1
401.9
296.3
252.3
Florida
East South Central:
533.
461.2
453.4
465. 21 *504. 4 •514.0
444. 2;
433. 2|
430.2
Kentucky..
407.
391.3
393.7
372.1!
390.6
383.3
364. 21
370.5
400.5
Tennessee..
301.
269.2
267.3
248. 8|
261.9
242. 5|
233.5
272.
289.7
Alabama
223.
217.0
206. Oi 212.6
194. 4;
180.2
182.0
207.3
225.1
Mississippi.
West South Central:
204.
199.4
213.8
198.8
201. 3i
207.9
189.7
192.5
Arkansas
402.
417.4
405.
397.4
413.1
371. 8| 422.3
375.3
Louisiana
348.8
395.
356.1
367.7
370.7
335. 3! 348. 7
308. 5
379.6
Oklahoma
310.0
904.6!
920.1
942.8 1, 008. 0 1,032.
891. 3! 935. 5i
894. 8j
833.5
Texas
I
Mountain:
I
147.
130.2
129. 3!
140.9
123.9
122.4
113.2
Montana
_.
105.6
118. 2;
79.
76.7|
73.2
78.3
73.3
73.6
69.
Idaho
__
70.0
69.7
55.
52.4!
54.6
50.3
51.4
48.3
51.
Wyoming
61.8
49.2!
266.
262. 4|
264.2
256.6
272.6
256.1
258.7
Colorado
260.2
271. 2|
37.
31. Oj
35.4
29.0
27.9
31.
26.8
30.9
New Mexico
27.2
58.3
75.
66.4
57.6
61.9
56.7
58.3
58.7
Arizona
59.6!
143. 4
140.8
152. 2 152.
135.5
137.5
128.4
Utah
122.3
129. 2|
37.
35.2
35.7
35.9
34.0
34.8
30.6
Nevada
30.4
32. 2i
Pacific:
439.1
401.1
398.4
423.1
379.5
360.7
406.6
388.6
357.1
Washington
262.:
260.7
253.1
254.0
253.0
249. 5|
238. 21 243.4
237.5
Oregon
._
2,681.2 2, 799. 5| 2,953.2 3,004.2 3,121. 3 3,128. 2 3, 234.9 3, 281.:
2, 533.
California

427.3
302.8
254.0
4,125.1
537. 2
1,302. 5
16,438.0
2,463. 2
5, 742.0
2,662.8
897.3
3, 918. 3
2,019. 5
943.1
915.3
791.4
1, 276.0
124.7
136.7
408.1
417.4
149.5
834.5
253.1
563.6
360.7
408.2
184.5
355.7
334.9
546.6
413.0
312.1
220.2
202.4
429.4
404.8
1,105.8
158.9
82.2
59.7
272.6
41.0
81.3
160.2
38.9
448.6
263.1
3, 478. 2

*Revised.
i Includes rediscounts and overdrafts; excludes acceptances of other banks and bills of exchange sold
with indorsement.
Back figures.—See Annual Report for 1927 (Table 81).
NOTE.—For classes of banks included see note to Tables 85-88. Figures for member banks are for
dates specified; for nonmember banks, for nearest date for which reports are available.




173

ALL BANKS, BY STATES
No. 90.—ALL BANKS—TOTAL LOANS, 1 BY STATES, 1924-1928
[In millions of dollars]
1928

1927

1926

1925

1924
State

June 30 Dec. 31 June 30 Dec. 31 June 30 Dec. 31 June 30 Dec. 31 June 30 Dec. 31
United States

31,523.1 32,440. 5 33,865.4 35, 640.0 36,157.4 36,758.8 *37,360.0 *38,407.1 39,464.1 40,762.7

New England:
Maine..
New Hampshire
Vermont
Massachusetts _ _
Rhode Island...
Connecticut
Middle Atlantic:
New York
New Jersey
Pennsylvania
East North Central:
Ohio..
Indiana
Illinois
Michigan
Wisconsin
_.
West North Central:
Minnesota
Iowa...
_
Missouri.._
North Dakota. _
South Dakota...
Nebraska
Kansas
South AtlanticDelaware
Maryland
District of Columbia
Virginia
West Virginia...
North Carolina _
South Carolina..
Georgia
Florida
East South Central:
Kentucky.
Tennessee
Alabama
Mississippi
West South Central:
Arkansas
Louisiana
Oklahoma
Texas
Mountain:
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Pacific:
Washington
Oregon
California

194.5 209.8 214.0
176.1
196.2
168.7
167.4
187.6
183.8
179.8
147.7
149.3
140.0
126.4
131.1
131.5
140.0
127.9
121.1
120.9
156.1
158.8
149.0
151.
152.4
151.4
148.4
155.0
144. 3 143.3
2,168.0 2, 254. 2 2,399. 2 2, 501. 7 2, 560. 6 2, 581. 2 2, 637. 3 2, 691.0 2,831.8 2,844. 7
285.1 290.0
233.0 246.7
258.8 265.8 274.3 276.5
221.9
216.7
738.6 764.4
595. 5 615.. 5 620.1
702.5
658.1
526.1 557.9
502.0
7, 620. 6 8, 022. 2 8,345.3 8,942.6 9,146.1
970.1 1,018. ' 1,130.7 1,232.9 1,315.6
2, 549. 7 2, 661.3 2,785.3 2,994.2 3, 068. 9
1, 619. 7 1, 638. 5 1, 754.1 1,804. 1,857. 6
618.0
676.1
641.0
594.5
594.0
2, 281.0 2,356.8 2,479. 6 2, 560.1 2, 606.8
1,001.0 1,023.1 1,115.3 1,177.3 1, 248.0
573. 7 602.5 606.1 625.8
591.8

.,
\,
9, 549. 2 10,081. 010, 787. 711,148. 6 11. 931.6
1,412.81 1,464.8 1, 535.8 1, 607.4 1,650.1
3,193.81 3,136.4 3. 206. 7 3,309.6 3,433.1
1,
1,985.6
1,857.5 1,895.8 1,
662.5 664.5
676. 2! 673. ~ 658.7
2.651.4J 2,694.2 2, 714.3 2,831. 2,902.8
1, 279.7| 1,328.4 1,330.7 1,424.3 1,455. 7
642.8 657.3
625. 21 633. 4 618.3

646.7
832.6
870.9
132.1
148.8
358.8
325.0

665.7
800.2
924.1
117.4
143.2
366.7
321.2

630.5
784.3
901.3
117.8
137.01
367.6
325.9

622.4
761.8
949.2
114.5
123.1
371.7
328.8

589.9
733.9
921. 4j
113.0
114.7
360.5
331. 6|

580.3
695.5
906.5
103.0
94.3
351.0
318.4

546.
676.0
891.1
99.9
91.0
338.7
311.5

549.9
678.2
902.9
93.3
93.3
335.3
303.0

539.0!
670.4
885.4
91.1
94.3
308.3
298.4

538.3
670.8
881.4
88.6
95.8
312.9
298.3

59.6
394. 7

58.2

63.8
429.3

67.6

462.3

69.5
465.3

78.4
476.4

83.2
493.0

92.6i
484.4|

98.2
502.6

140.1
435.9
303.
331. 2
194.7
319.8
189.7

148.2
435.8
310.0
331.0
185.1
314.2
225.6

157.7
446.1
301.5
344.9
184.4
320.1
335.2

465.6
309.2
348.2
170.5
324. 5
509.8

171.3
457. 9
305.5
357. 2|
169.7!
326. 61
379.8

73.2
488.6
174.4
455. 9;
306.5
353.0
148.5
298.8
343.3

190.41
467.6
294.9
358.9
147. 6\
312.8
235.5

190.8
466.8
294.4
349.4
138.8
287.9
213.0

343.5
322.5
192.0
147.8

346.2
319.5
196.9
143.

356.1
327.5
206.0
154.6

364.1
344.1
213.4
163.4

404.4
343.8
243.7
17O O
172.2

416. 5
348.3
251.2
166.8

170.5
301.8
243.3
691.6

164.9
325.1
230.1
746.0

175.4
321.6
247.4
734.2

78.5
53.7
52.9
178.8
26.1
46.8
95.4
23.8

75.4
50.
38.4
181.8
22.6
46.1
98.0
23.7

78.8
50.4
38.2
178.3
21A
45.6
100.5
25.2

247.1
165.9
1, 909. 6

235.7
158.6

176.7
181.8
457.2 469.8
299.9
299.9
348.6
342.4
144.4
144.1
297.8 295.3
252.0
278.4
*392. 2 *395. 5
334.2 344.7
231.7
221.7
172.3
163.1

371.8
345.6
219.2
160.9

182.2
360.6
244.9
766.5

371.1
344.2
223. 5
173.3
186.9
341.4
255.7
754.1

173.8
354.0
236.5
740.5

170.5
331.4
245.4
756.2

166.7
336.1
246.0
793.4

167.6
330.6
255.1
793.6

160.2
340.1
255.4
831.4

78.3
50.6
38.7
169.4
19.5
43.2
108.9
26.9

80.6
49.4
37.4
162.9
20.4
42.9
106.5
27.1

81.3
49.8
38.1
166.1
20.7
40.2
114.3
27.5

47.8
37.4
159.4
20.3
42.5
111.5
27.9

88.1
48.6
38.4
164.3
22.8
44.2
122.5
27.8

94.5
48.0
39.0
165.8
23.8
51.2
119.4
28.7

100.1
49.5
40.3
173.6
26.2
51.8
123.5
29.8

251.2
262.5 275.8 278.5
257.6 264.5
260.0 261.1
162.0
162.4 160.9
149.6
145.7
147.6
168.0
163.9
2,071. 0 2,185. 6 2,232. 5 2,321. 7 2,312. 7 2,318. 6 2, 322.6 2,444.1

*Revised.
1
Includes rediscounts and overdrafts; excludes acceptances of other banks and bills of exchange
sold with indorsement.
Back figures—Sea Annual Report for 1927 (Table 82).
NOTE.—For classes of banks included see note to Tables 85-88. Figures for member banks are for dates
specified; for nonmember banks, for nearest date for which reports are available.




174

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 91.—ALL BANKS—INVESTMENTS, BY STATES, 1924-1928
[In millions of dollars]
1924

1925

1926

1927

1928

State
June 30 Dec. 31 June 30 Dec. 31 June 30 Dec. 31 June 30 Dec. 31 June 30 Dec. 31
United States

13,656.6 14,741.8 14,964. 8 14,963.3 15,404. 5 15,259.5 *16,390.7 •l7,043.4|17,801.2 17, 503. 7

New England:
187.3 187.7! 192.0
205.4 207.0 213 8 217 0
Maine
185.0
129.3 130.6
New Hampshire 124.4 125.7
138.8 138.9 142.5
143. 6
Vermont
76.5
71.4
68.4
65.1
61.0
80 5
74.8
87.7
Massachusetts.. 1,006.7 1,020. 9 1,044.1 1,067.6 1,123.3 1,118.5 1,225. 6 1,268.9
209.5 218.3 223.2 221.8 220. 3 229.2 239.2 248.6
Rhode I s l a n d - . .
436.1 443.9 452.0 457.4
Connecticut
473.2 480.9
522.1
501.0
Middle Atlantic:
4,013. 2 4,356. 3 4, 302. 5 4,143. 5 4,291. 4 4,162. 4 4,500.1 4, 502. 7
New York
682.5 737.8 736.3 746.9
790.6
757.5 762.7
New Jersey
815.7
Pennsylvania-.. 2,001. 4 2,103. 6 2,131.5 2,058. 3 2,112.5 2,090.3 2, 270.1 2,350. 5
East North Central:
656.3 656.4
570.5 587.0
Ohio
595.1
574.2 608.4 594.4
193.2
192.5 207.1 217.2
191.1
176.8 185.7
185.4
Indiana
996.1
908.3 865.5 963.0
798.4 904.6
869.0 884.0
Illinois
385.1 429.0 484.4 481.9 488.2
481.3 506.9 530.2
Michigan
287.6
Wisconsin
181.2 203.9 211.4 228.8 248.9 251.1 271.5
West North Central:
333.2 322.3 349.5 372.5
228.6 278.2 303.7 317.7
Minnesota.102.5
107.3 108.6
95.6
78.4
Iowa..
94.8
102.3
89.6
332.9 331.2 351. 2 366.9
260.4 290.2 316 4 323.1
Missouri29.2
34.7
32.0
35.1
30.5
35.0
40.1
17.8
North Dakota..33.5
28.7
26.5
29.3
29.8
23.8
15.0
21.5
South D a k o t a 61.7
56.7
75.7
58.6
59.1
65.9
39.8
Nebraska
.
47.8
80.3
89.2
76.8
97.6
86.1
75 6
53 5
Kansas 68 2
South Atlantic:
53.1
49.5
50.6
48.4
53.2
47.2
44.8
50.8
Delaware
255.5 282.9 290.6 283.2 284.6 281.2 312.1 344.6
Maryland—
District of Co59.7
58.4
60.9
55.3
61.5
59.8
61.0
61.1
lumbia
79.3
90.2
74.6
75.4
71.3
70.7
71.7
69.2
Virginia
60.7
57.5
57.1
65.5
59.2
64.2
64.6
West V i r g i n i a 57.0
40.2
45.4
39.9
35.7
59.4
37.3
35.1
North Carolina.
37.0
36.7
45.8
31.4
33.1
35.2
30.2
South Carolina31.0
33.6
54.4
65.3
47.4
43.3
47.6
33.5
Georgia
36.0
40.5
121.9
117.3 123.5 124.6
70.7 100.3 142.3
62.6
Florida
East South Central:
93.4 *112.2 *118.4
88.1
89. 3
86.7
90.1
Kentucky
87.0
56.0
49.1
47.1
48.1
44. 6
46. 5
44.7
48.0
Tennessee
57.9
50.3
45.7
48.1
42. 8
48. 5
41.5
45.6
AlabamaMississippi
52.8
49. 5
43.7
45.1
39. 8|
43. 9
34.2
36.6
West South Central:
28.3
32.7
24.8
25 9
25. 7
26.9
22 0
24.8
Arkansas
64.2
63.4
77.0
66.0
50.2
61.7
50.2
47.0
Louisiana .
133.6
125.3
119.6
87. 9! 103. 8 112.0
66.7
78.4
Oklahoma
214.6
186.6
164.1
141.9
148.8 157. li 169.0 166.0
Texas. _- Mountain:
46.4
43.3
48.0
39. 4! 44.1
52.8
27.1
37.8
Montana
29.7
25.4
23.9
26.9
19. 3l
23. 0
16.3
19.0
Idaho162
14.4
12.9
14.3
9.9
Wyoming
11.0i
12.7
8.9
99.9
96.7
93.7
96.3
92. 9
89. 3
81.4
90.8
Colorado
10.3
8.6
12.6
11.5
5.3
5. 8!
7. 3
4.8
New Mexico
14.7
19.4
22.2
18.1
14.0!
13.5
11.9
12.2
Arizona
29.7
29.3
29.1
29.0
26.9
30.4
28. 71
28. 6
Utah - .8.1
7.8
7. 7
7.7
7. 0!
7. 1
6.9
6.6
Nevada
Pacific:
133.9
141.1 145.5 160. 6
128.3 131.0
125.0
110.0
Washington
111.1
92.1
91.6
79.6 !
81.4
85.6
71.6
Oregon
85.1
799.6 815. 5 916.3
728. 5 767. 7 771.7
623.9
712.3
California

218.3
213.3
153.2
153.5
95.0
95.2
1, 305. 9 1, 280.4
252.3
247.2
543. 5 538. 2
4, 732.1 4, 506.4
844. 5 813.1
2,433.0 2, 308. 9
715. 7 677. 2
227.7
232.8
1, 053. 7 1, 015. 5
561.9
563.8
295.8 285.9
387.7
117.6
381.5
34.2
37.7
91.3
108.7

377.0
120.6
394.6
36.1
40.9
95.1
119.1

51.4
336.1

51.2
331.9

64.1
95.2
68.9
57.3
48.4
58.8
122.5

62.3
96.8
66.3
58.8
45.7
67.8
121.9

129.3
63.9
58.0
51.5

130.1
64.7
60.9
53.4

37.1
71.4
140.1
238. 5

42.2
89.3
149.4
274.4

53.1
31.0
16.3
100.2
13.7
24.2
32.9
9.0

58.8
32.7
19.4
99.0
14.9
29.5
36.6
9.1

164. 0 170.1
114. 6 117.1
958.5 1,034.1

•Revised.
Back figures.—See Annual Report for 1927 (Table 83).
NOTE.—For classes of banks included see note to Tables 85-88. Figures for member banks are for
dates specified; for nonmember bank?, for nearest date for which reports are available.




CONDITION OF ALL MEMBER BANKS IN EACH DISTRICT
No.

92,—ALL

MEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, 1921-1928
BOSTON DISTRICT
[In thousands of dollars. For back figures see Annual Report for 1927, Table 86]

Loans and investments
Investments

Call date
Total

1921—Dec. 31
1922—Mar. 10
June 30 _ _
Dec. 29
1923—Apr. 3
June 30
Sept. 14
Dec. 31
1924—Mar. 31
June 30
Oct. 10
Dec. 31
1925—Apr. 6
June 30
Sept. 28
Dec. 31
1926—Apr. 12
June 30
Dec. 31
1927—Mar. 23
June 30
Oct. 10
Dec. 31
1928—Feb. 28
June 30-.___
Oct. 3
Dec. 31

Loans l

1,728,951 1, 292, 866
1,753,634 1, 297,605
1,840,370 11, 290, 819
1,940, 910 11, 360, 707
1,969, 736 jl, 395,154
2,031, 548 il, 443, 972
2,046,991 11, 466,144
2, 017, 467 il, 440, 407
2,008,34211, 441, 409
2, 052, 373i 1, 44!
2,159,930: 1, 524, 296
2,133, 539! 1, 503, 933
2,174, 362.|l, 547, 736
2, 233, 55ll|l, 601, 878!
2,304,449 1, 670, 0701

2, 361,
2, 373,498
2, 409, 270
2,428,155
2, 436, 708
2, 535, 667
2, 597, Oil
2, 582, 622
2, 565, 655
2, 641,830
2, 587,156
2, 571,115

692, 247|
668, 643!
690,0631
708,2811
687,125^
743, 9481
785,651!
765,143;
742, 626!
849, 278;
806,495
824, 366!

Total
436, 085
456,029
549, 551
580, 203
574, 582
587, 576
580, 847
577,060
566, 933
609, 713
635, 634
629, r-626,626
631,673
634, 3791
669, 5321
704,855
719, 207
719, 874
749, 583
791, 719
811,360
817,479
823, 029
792, 552
780, 661
746, 749

159,646
172, 566
222, 231
252, 241
247, 503
257,459!
253,106
249,397
237, 550
249, 332
243, 543
243,009
239,983
232, 736
232, 530
247,490
274, 757
256,848
237,182
255, 739
254,097
250, 600
267, 616
267, 776
245,492
269,057
235,373

Capital,
Net
Reserve Bills
surplus, Total Demand Time United
Net
demand with payable Numand
deplus
Due to
Fedber of
de- 5 States banks 6 d e m a n d
and
undi- deposits posits
time
deeral re- redis- banks
deposits
posits
vided
posits
deposits serve counts
(*)
(*)
(*)
profits 3
banks
(*)
328, 859
336, 880
336, 676
341,189;
341, 830;
343, 218;
340, 726
335,621'
340, 304

341, 710
347, 779
338,921
361, 307
363,459
359, 046
357, 928
368, 659
361, 503
365, 463
379,172
389,942
397, 255
394, 661
400,829
415, 764
424,207
429, 459

1, 667,1611,093, 535
1,679,355 1,078, 201
1,821, 910 1,185, 526
1,923, 693 1,234, 774
198,
1, 929, 943 1, 935
217,
1, 962, 709 1, 221
228,
1, 976, 910 1, 530
2,023,190 1,256, 960
1,990,907 1,196, 287
2,103, 255 1, 256, 930
2, 220, 595 1, 297, 219
2, 226,423 1, 329,125
2,193,088 1, 254, 916
2, 272,117 1, 342,065
2, 303, 432 1, 365, 614
2, 411, 894 1, 434, 657
2, 396, 760 1, 362,354
2,459, 050 1, 422, 959
2,447,476 1, 404, 878
2,432,829 1, 330,989
2, 553,8711, 403, 348
2, 614, 755 1, 421,146
2,651,444 1, 448, 088
2,530,462 1, 364, 539
2,526,299 1, 344,158
2, 590, 588 1, 407, 211
2, 580,809 1, 435,056

408, 778
429, 645
480, 337
510, 961
551,:
574, 781
593, 934
599.437
633, 558
657, 438
702, 701
685, 875
733, 041
758, 742
762, 858
782, 875
812, 461
844, 070
858,168
890,963
932, 343
964, 529
973, 967
975, f "
993,097
973,494
953.438

25,445
29,199
14, 363
25,124
26, 303
38,182
20, 803
23, 552!
21, 555
25,119
41, 814
36,150
35, 902
12, 913
19, 656
27, 916
53, 727
30, 211
22, 566
39,132j
23, 936
39, 269!
21, 577|
5, 729
13, 808
14,936|

139,403 1, 120, 719 1, 529,497 110, 440
142,31011, 118, 827 1, 548,472 110, 244
141,684 1, 197, 925 1, 678, 262 118, 829
152,834 ! 1, 255, 210 1, 766,171 129, 027
153,37711, 223, 726 1, 775, 054 123,011
132,525:1, 234,101 1, 808, 882 125, 773!
133,643 1, 247, 5691 1, 841, 503 122, 910
143,24111, 262,126j 1, 861, 563 124, 243
139, 507! 1, 213,113 1, 846, 671 121, 920
163,7681, 281, 509 1, 938, 947 130,161
178, 8611, 340, 766 2, 043, 467 136, 458
175, 273 1, 349, 294 2,035,169 140,840
169, 229 1, 294, 818 2,027, 859 132,902
158, 397 1, 352, 242 2,110, 984 141, 042
155, 304 1, 382, 824 2,145, 682 141, 545
166,446 1, 427, 788 2, 210, 663! 141,116
168, 218 1, 386, 713 2,199,174| 143, 796
161,81011, 407, 219 2, 251, 289) 145, 607
161, 864! 1, 404, 289! 2, 262,4571 147, 7551
171,745 1, 361,169J 2, 252,132| 142,872!
194, 244| 1, 419, 891 2, 352, 234 149, 723
189,8111, 455, 932 2,420,461! 148, 087
207,8121, 480,026 2,453, 993! 155, 948
185,107! 1, 411,270 2, 386, 357 149, 208
175, 236 '1, 383, 589! 2, 376, 686 140, 412
194,947(1, 440,131 2, 413, 625 157, 605
183,3291, 427, 987 i2, 381, 425 145,171

63, 273
37,155
33, 601
59, 859
63, 903
71, 377
80, 249
74, 200|
40, 896
20, 886
9,842
39, 777
41,082
55, 649
46, 249
71, 910
31, 261
48, 321
83, 467
37,8211
60, 484
37, 781
31, 975
62, 089
92,444
51,850
76,144

* "Demand deposits" and " N e t demand deposits" revised to include letters of credit and travelers' checks sold for cash.
Includes rediscounts and overdrafts; excludes acceptances of other banks and bills of exchange sold with indorsement.
2 Does not include items with Federal reserve banks in process of collection, or amounts due from foreign banks or own foreign branches.
a Includes reserves for dividends, contingencies, etc., but excludes, beginning Sept. 28,1925, reserves for interest, taxes, and other expenses accrued and unpaid.
* Includes certified and cashiers' or treasurers' checks and letters of credit and travelers' checks sold for cash.
«Includes postal-savings deposits.
« includes amounts due to Federal reserve banks, foreign banks, and other banks; also amounts due to own foreign branches.
1




436
436
433
429
427
427
42 i
421
421
421
419
419
420
420
420
420
418
416
416
415
414
414
413
413
410
408
408

1
W

G
O

5

No.

92.—ALL MEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, 1921-1928—Continued
NEW YORK DISTRICT
[In thousands of dollars.

Loans and investments
Investments

Call date

1921—Dec. 3 1 . . .
1922—Mar. 10. _
June 30...
Dec. 29...
1923—Apr. 3___
June30__.
Sept. 14..
Dec. 3 1 . .
1924—Mar. 31..
June 30. _.
Oct. 10...
Dec. 31. _
1925—Apr. 6—.
June 30...
Sept. 28__
Dec. 3 1 . .
1926—Apr. 12...
June 30...
Dec. 3 1 . .
1927—Mar. 23..
June30__.
Oct. 10...
Dec. 3 1 . .
1928—Feb. 28...
June 30...
Oct. 3 . . .
Dec. 3 1 . .

Loans 1

Total

U. S.
securities

Other
securities

For back figures see Annual Report for 1927, Table 86]

Capital,
Demand
Due surplus,
Total
de- I Time
and
from
dedeposits posits
undi2
banks
posits 6
vided
(*)
(*)
profits 3

6, 745,932 4,829,2961,916,636
153, 590; 1,101,914 7,175, 938 4, 908,099; 1,047, 905
811,563 1,
6, 584, 7374,648,8311,935,906
869, 643 1, 066, 263' 141,43511,140,107 7,157, 025 4, 794, 918|1,108,473|
7,126,832 4, 721, 868 2, 404, 964
170,106 1,, 234, 858162, 33611,144,688 8, 265, 879|5, 709,170 1, 343, 726)
7, 466, 6084, 932, 801 2, 533, 807
339,19711, 194, 610! 169,438 !l,185,280 8, 591, 886 5, 720,8301,438, 246
510'
7,454, i 4, 980, 882 2, 473, 201 323, 622 1, 149, 5791 155, 347)1,189, 347i 8, 023, 814 5, 079, 498 1, 578, 7081
7, 497, 4515, 017,444 2, 480, 007
314, 49] 1, 165, 516| 153,136:1,192, 425; 8, 017,195 5,108,106 1, 610, 5601
7, 293, 2534,902, 895 2, 390, 358
219,196J1, 171,162, 141, 226!1, 217. 694! 7. 769, 87414, 993, 407 ! l, 639, 550
7, 494, 01015, 066,154 2, 427, 856! 228,1641, 199, 692 19U, 096! 1, 208,144 8, 747,802J5| 703, 986 1, 666,420
7, 590, 7305,179,101 2, 411, 629
172, 822'l,, 238, 807155, 082 1, 234,431 8,809,42415, 622, 719 1, 744, 610|
8,070, 966 5, 404, 044 2, 666, 922
226, 982' 1, 439, 940 189,547,1, 239, 667 9, 535, 373;6,128, 884 1, 786, 274J
8,471, 246 5,544,2112,927,035
366, 79111, 560, 244 190,055 1, 267,110 9, 454, 508(5, 794, 888 1, 978, 009
8, 666, 6835, 720, 312 2, 946, 371 321,606il, 624, 765 203, 212 1, 267,123 10, 481, 558j6, 754,878 2, 011, 599
8, 499, 4105, 634, 028 2, 865, 382
252,94lil, 612, 441 169,194 1, 322, 771 9, 433, 563 5, 845, 209 2, 082,315
243,957J1, 653, 643 207, 783 1, 339, 541 10, 419, 292i6, 740, 915 2, 099, 725
8, 745, 7485, 848,148 2,897, 600
202,5171,, 648, 255178,142 1, 343, 249 9, 697, 315J6,186, 688 2, 111, 813
8,833,166 5, 982, 394 2, 850, 772
9, 296, 5986, 511, 496 2, 785,102 186, 237II, 598, 865 205, 724 1, 367, 649 11, 052, 855|7, 216,381 2,178,484
9,039, 654 6, 207, 468 2, 832,186 171, 414|l, 660, 772 187, 772 1, 431, 456 10,062, 890 6, 323, 716 2, 253,128
9, 308, 438! 398, 775 2, 909, 663 196, 774)1, 712,889 202,914 1,432, 738 10, 772,488 6, 852,192 2, 312, 027
6,
9, 666, 9816,861, 318 2, 805, 663 060,40411, 745, 259 230, 709 1,499, 733 11, 263, 683|7,194, 385 2, 445, 925
9, 595, 9246, 601,146 2, 994, 778 183, 807 i 1, 810,971 182, 240 1, 559,062 10, 490, 336(6, 428, 938 2, 527, 820
10,125, 804 7, 026,078.3,099, 726 176,808jl,, 922,918 227, 765 1, 602,008 11, 722, 453*7, 314,105 2, 654, 557
!
7,
io, 135, oio; 111, 070|3,023,940 162,683,1, 861, 257 198, 737 1, 652, 653 11, 206, 035 6, 70.4, 641 2, 748. 230
10, 946, 991 7, 788, 539 3,158, 452 212, 650 1,, 945,802 248,865 1, 702, 548 11, 943, 780|7,108. 056 2, 837,085
7,167, 804 3, 259, 838 341, 43011, 918,408 188, 780 1, 742,07111, 259, 540^6, 708, 895 2, 902,196
10, 427, 642;
11,098, 295 7, 758, 512 3, 339, 783 372, 248! 1, 967, 535 207,414 1,863, 665 11,683, 615)6, 875, 421 3, 037, 691
!
10, 826,917 7, 590, 497 3, 236, 420 399, 687 1,,836,733 191,928 2,005,088 11, 440, 606 6,817, 686 3, 069, 337
11, 592, 9088, 404, 303 3,188, 605 353,4381, 835,167 234,068 2, 064, 233113, 939, 287J8, 930, 673J3,145, 434




United I
Net
States ! Due to demand
dei banks V deposits
posits !
(*)

108,464:1, 111,
112, 268! 1, 141,
45,0181, 167,
218,3921, 214,
163, 621 il, 201,
81, 80611, 216,
31,(58711, 105,
62, 666! 1, 314,
74, 248 1, 367,
36, 472 1, 583,
62, 615 1, 618,
50, 538 1, 664,
84, 799 1. 421,
25,851 1, 552,
66,115 1, 332,
74, 352 1, 583,
71,037 1, 415,
42, 021 1, 566,
60, 037 1, 563,
112, 072 1, 421,
32, 922 1, 720,
152,037 1, 601,
75, 808 1, 922,
17, 542 1, 630,
69, 077 1, 701,
34, 636 1, 518,
63, 493 1, 799,

Net Reserve Bills
demand with payable Numplus
Fedand ber of
time eral re- redis- banks
serve counts
deposits
banks
C)

470 5,364,986 6,412,891 724, 373 212,069
366(5,194, 832( 6, 303, 305 683,409 74, 846
965! 5, 709, 699| 7,053,425 732, 042 70,956
418 5,681,802! 7,120,048 756, 0201 167, 268
987J5, 431, 859 7, 010, 567 717, 5371 238, 334
"23 j 5, 521, 324J 7,131,884! 700, 431.! 203, 963
lov'o, 315, 749j 6, 955, 299! 682,911! 209, 2071
730:5, 640, 3081 7, 306, 728j 713,147! 166,190
847 5,606,831 7, 351, 441 738, 616 107,153
743 6,184,928 7, 971,202!
756,506 61,985
996 6, 444,058 8,422, 067|831,948! 47,157,
543 6, 760, 924 8, 772, 5231885, 556 100,1521
240 6,178, 514 8, 260,829 777,110 168, 7801
801 6, 629, 782 8, 729, 507 848, 817! 138, 950
699 6, 351,193 8,463, 006 801, 882; 231,187
638 6, 960,131 9,138, 615 868,685 258,133
009 6,444,716 8, 697, 844 781,876! 156,512
248 6, 836, 535 9,148, 562 864, 614: 110,458
336 6, 935, 656 9, 381, 581 840, 895! 211, 854
506 6, 662, 934 9,190, 754 929,202> 161, 514
869 7, 235, 629 9, 890,186 918,1691 112, 560
127 6, 858,140 9, 606, 370 901, 892[ 185, 495
1,037,8831 314, 259
831 7, 629, 367 10, 466, 452!
90', 7, 067, 895 9,970,091 933,218! 142,917
426| 7,197,614 10,235,305' 943, 631 481,0481
947 6,741,434 9,810,771 891,999 391,150
687 7,612,54910,757,983 980, 644 499,445

795
796
799
803
813
821
827
835
843
840
845
855
857
866
874
880
885
896
913
924
927
933
937
934

8

W
O

PHILADELPHIA DISTRICT
1921—Dec. 31

I 1,691,345 1,026, 609 j 664,736

223,694

441,042

91,794

1922—Mar. 10. _
June 30._
Dec. 2 9 . .

1, 707, 462' 1, 028, 830
1,731,097 1,020,011'
1, 831, 634 1,075, 741 j

678,632 I 229,1041 449, 528 89, 318
711,086 ' 231, 886i 479,200 93, 557
755,893 262, 7941 493,099 109,103

1923—Apr. 3___
June 30—
Sept. 14__
Dec. 3 1 . .

1,913,640
1,963,141
1,968,196
1, 969,009

774, 288
779,256

1,134,757:
1,173,858;
1,193, 908;
1,189,753;

279,312!
281,681
269,162
262,7631
I
251,066
236, 300
244,084
257,384

1924—Mar. 3 1 . . . _
June 30
Oct. 10
Dec. 31.

11,988,084 1,214, 437 i 773,647
I 2,031,362 1,240, 4071 790,955
I 2.137,583 1,285,853? 851, 730
'
j 2,162,974|jl, 283,288 879,686

1925- -Apr. 6 . . .
June30._
Sept. 28..
Dec. 3 1 . .

!
I
!
I

1926—Apr. 1 2 . .
June 30..
Dec. 3 1 . .

244,189
2, 404, 47711,545,600
2,419; 615 1,574,278 845,337! 213,342
I 2,478,121 1,615, 7011 862,42011 205, 786

1927—Mar. 23_.
J u n e 30. _
Oct. 10__
Dec. 31__
1928—Feb. 28
J u n e 30.

Oct. 3 _ .
Dec. 31.

2, 229, 6411! 1,350, 269
2, 248, 606111,380, 644
2,307,840||l,446,386
2,336,929 11,484,944

2,518,269 II, 593,840
2,531,08011,604,480
2,589,323 11,619,599
2,588,373 11,616,325
! 2,574,616 1, 597. 468
• 2,655,802 il, 690,219
- • • - - - I 2,693,461 !l, 729,944
I 2,665,75511,744,565

For footnotes 1-6 see p. 175.




7

879,372

254,8281
867,962j I 233, 020
861,454j! 225,886
851,98511 224,877

941,483; 1,408,014| 104,413

93,971;

902,326

466, 5311

29,405

169,222

354, 309 1,586,729 899,109
359,539 1,653,396 960, 961
383, 421 1,775,782 1,019, 587

486,240
495, 846
521,677

23, 635
11,420
30, 622

177, 745 963,583 1,449,823 104,0011 64, 707 i
185,169 ,021,300! 1,517,1461 113,460! 53,036
1,066,597! 1,588,274; 116,132| 53, 701!
203,896 1

710
712
716
717
720
722
722

347,822 1,567,484

704

499, 571 108, 467
507, 602 97, 850
505,126 97, 357
516,493 113,505

387,467
390, 655
398.264
400, 928

1, 841,932 1 ,027,471
1,842,47 , 018,886;
1,861,07 ,026,379
1,940,235 1 , 063,120

575, 226;
613,728i
628,441i
645, 252;

32, 59;
24, 776
14,018
18,769

206, 638 1 ,071,449:
185,086 1 ,057,052'
192,232 1,072,889'
213,094 1 ,075, 482 i

1,646,675!
1,670,780!
1,701,330 i
1,720,734!

116,272! 70,502i
116,108' 86,022?
114,2751 64,331'
118,960! 68,468;

522, 581
554,655
607,646!
622,302|

98,310
132,372
160,512
119,99"

410,062
425.265
443,186
441,738

1, 897, 466 985, 701
1,987,313 1 , 030, 686
2,110,591 1,063,780
2,137, 279 ,093,975

679,593j 33,448
705, 706; 20, 906
742, 7701 42, 937
774,356: 25, 549

.,033,544!
198, 724 1
230,015 1,080,153!
261,104 1.135,386|
243,399 1 ,154,183

1,713,137!
1,785,859'
1,878,156!
1,928,539!

114,381
121,313
124,297
129,361

51,173!
32, 632:
23, 0991
42,386;

724
730
736
738

624,544J
634,942
635,5681
627,108|

122,145
108,951
109,112
126,891

454, 274.
460, 206
463,378
467,109

2,145,079 1 ,082, 756
2,178, 883 1,131,811
2,193, 043 1
1,131,363
2, 300, 317 1,198,146

782, 709 49,749
809, 256: 18,91"
829,146i 26,712'
849,9181 28, 906

229,865 1,143,679
218,899 1 . 180, 408
205, 822 ,181,373
223, 347 1, 220, 88"

1,926,388 i
1,989,6641
2,010,5191
2,070,805 j

119,790
139,752
129,518
139,801

40,180:
54,793;
54,980!
61,698|

740
749
753
751

880, 283
897, 745
942, 801

47, 298
27,070
29, 388

211, 62111,192, 583 2, 072, 866 131,9io'
224,407|l,210.594 2,108, 339 135,378,
219, 433(1,219,381 2,162,182 139, 7541

65,059
66,680
75,116

756
760
769

614,688| 118,656
631,9951 117,493
656,634) 122,531

486, 082 2, 292,189 1 ,152,987
488,052 2, 318, 643 1 ,169, 421
5.07,067 2, 385, 649 1 , 194, 027

924 429 247,173
926, 600 233,691
969 724 248,642
972, 048 233, 553

677,256
692,909!
721,082
738,495

105,424
112,284
105,960
130,785

516, 626
520,155
543, 5:"
542, 259

2,369, 542 1 ,141,824 975, 913
.,
2,395,9"" , 160, 679 1 000, 432
2, 443, 615 1 ,163,603 1, 025,994;
.,
2, 468, 86: 1,167,963 1. 054, 625

45, 592
25,778
41,613
21,013

206,213Jl,202,784
209,0891,198,405
212,405il,225,298
225,266 1,200,390

2,178, 697
2,198, 837
2, 251, 292
2,255,015

138,391 52,640
140,900 65,731
141,789 39,513
142,118 72,839

770
773
776
777

977
965
963
921

735, 823 99, 071
739, 087 115,888
713,919 119, 703
690, 213 126,280

550, 082
563,490
582, 059
578, 972

2,-387, 9921 ,115, 7091, 070, 330i
2, 419, 77" ' , 114, 254|1,104, 008'
7781
2, 467, 61 1,140,456 1,106,901
2,487, 654 1,179,8551,091,091
~"

4,833
13,208
8,499
15, 572

197,12011,176, 753
188,308ll, 149,187
211,7611,177,"""
201,1361,171,440

2, 247,083
2, 253,195
2,284, 587
2, 262, 531

141,136 66,396
137,420; 112,785
142, 438! 113,808
136, 047 99, 244

779
786
784
778

148
583
517
190

241,325
226,496
249,598!
230,977

Due to banks revised (for New York district only) to include amounts due to own foreign branches beginning March 23, 1927.

F

H

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p>

w
tel
o

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a

No.

93.—ALL

MEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES,

1921-1928—Continued

CLEVELAND DISTRICT
[In thousands of dollars.

For back figures see Annual Report for 1927, Table 86]

Loans and investments
Investments
Call date
Loans l

Total

Total

U.S.
securities

Other
securities

Capital,
surplus,
Due
Total
Demand
and
from
dedeposits
b a n k s 2 undiposits 4
vided
(*)
(')
profits

Net
Reserve
Bills
United
Net
demand
with
States Due to demand
plus
Fed- payable Num6
and
ber of
de- I banks
time
deposits
eral reredis- banks
posits I
deposits serve counts
(*)
banks
(*)

1
|

721,982

256,831

465,151 120,055

443, 540 2,140, 882 1,110,0751

1922—Mar. 10
June 30
Dec. 29

2, 323, 519 ! 1 , 601, 537
2, 361, 397: 1, 604, 331
2,415, 212 H, 623,155
2,566,545!! 1,674, 543

757,066
792, 057
892, 002

282,186
302, 612
368, 591

474,880 136,594
489.445 143,735
523,411 159,714

458, 202 2/238, 272 1,135, 608 886, 964
464,96f 2, 346,939 1 221, 790| 915, 898
:,
479,440 2, 532,
., 265, 529J1, 005, 547

1923—Apr. 3
June 30
Sept. 14
Dec. 31

2,
2,
2,
2,

635, 721 i 1, 735, 661 900, 060
735, lOl] 1, 838, 266
896, 835
737, 022 1, 829,479 907, 543
725,468!! 1, 841, 586 883,882

389, 771
378, 219
374,800
337, 937

510,289'
518,616!
532,743
545,945

165,469
153,032
153,484
147,088

482, 0.34
484,360
493,451
492, 586

2,
2,
2,
2,

1, 340, 858
1, 359, 759
1, 358,576
1, 331, 240

1, 024, 774
1, 068, 268
1,104,348
1,135, 752

28, 690 234, 051 1,407, 058 2,431,
18, 919 208,476 1,415,216 2,483,484
7, G08 222, 870 1, 421, 4162, 525, 764
27, 205 203, 766 1, 358, 5152, 494, 287

1924—Mar. 31
June 30
Oct. 10
Dec. 31

2, 785,473 1, 862, 522 922,
2,827,379!!l,877,061 950,
2, 927, 572 11,896,""" 1 030,
77 L,
L
2,915,147il,896, 063 1;, 019,

951
318
795
084

364,992
380, 895
446,091
426, 795

557,959
569,4231
584,7041
592,289]

159,580
178,200
202,198
169,935

501,
504,
519,
513,

2, 747, 624 1,330,507
2, 833,901 1, 352, 411
2, 951, 279 1.,374,189
'9
2,917,911 1, 367, 064

1,172,043
1, 233, 441
1,252,237
1, 246, 764

34, 566 210, 508 1, 383, 4942,
19, 129 228,92011,411,454 2,
33,165 291, 688 1, 488,136 2,
22, 816 281, 267 1, 453, 9512,

1925—Apr. 6_ —
June 3O._
Sept. 28..
Dec. 31._

2, 990, 768 :1,969,494 1. 021,
[,
3,021, 365} 12, 011, 473 1 009,
,
L,
3,082,835 |i 2,063, 8151; , 019,
L
;,
3, 044, 613]|2,059,826 984,

274
892
020
787!

423, 828
407, 929
415,174
377,444

597.446
601,963
603,846i
607,343

169,015
158,871
161,947
170,764

525, 296
523, 686
520,333
516,112

3,114,603 2,110, 503 1,004,100
I 3,160.748 2,135, 311 1, 025,437
3,132, 525 2,143,838 ' 988, 687!
"

404,163
402, 385
353, 932

599, 937 161, 630!
623, 052 177, 936i
634,755 170,647;

527,090 3, 096, 756! 1,426,150J1, 388,458
526,168 3,169,922| 1,478, 616 1,426, 613
529, 783 3,129,859:1,439, 708 1, 423, 674

734 1 , 072, 545
L
525 1, 088, 540
L
L
739 1. , 124, 561
1,134, 668
765 1

411, 282
398, 760
425,1481
411, 708

661, 263
689,780
699,413
722,960

185, 496)
168, 759!
185,855i
184,196;

540, 208
539, 565
551, 294
549,921

3,270,117(1, 495,113 1 479,
3, 290,484! 1, 490,17111. 523,
3,335,184; 1, 458,387|l! 568,
3,303,756|l, 460,34811 544,

2,187, 6271,1,159,496
2, 265, 7981
1,181, 787
2, 274, 465 1 152, 513
L,
2, 291, 196 1 123, 095
L,

434, 356i
429, 473
447, 786
423,961

725,140
752, 314
704,727
699,134

179, 299;
159, 780
182, 543i
181,140;

533.163
560,096
569, 862
570,421

3,356, 766; 1, 458,1271 610,144
3,366,288il, 477,849! l! 643, 809j
3, 413, 370jl. 479,88511. 645, 637
3,401,112)1, 497,7651 642, 632

1921—Dec. 31

1926—Apr. 12
June 30
Dec. 31.
1927—Mar. 2 3 , .
J u n e 30 ._
Oct. 10-_
Dec. 31 ._

3, 232, 279 2,159,
3, 267,065! 2,178,
3, 325, 300i 2, 200,
3,296,433J 2,161,
.,

1928— F e b . 2 8 . .
J u n e 30.Oct. 3___
Dec. 31—

3, 347,123;
3,447, 585
3,426, 978
3,414, 291




837
602
340
341

628, 373
655, 422
693, 402
697, 972

829,679

2, 997, 555 1, 383, 080 1, 298, 976
3,034, 500 1, 429,17811, 328, 000
3, 052,192 1,429, 266 1, 342, 045
3, 052, 56511,438, 295 1, 338, 656

320
8541
627i
204

31, 965;

169,163 1,153, 702| 1, 983, 381 132,128 128, 557!

31,023: 184,6771,197,895 2,084, 859 132, 516
15, 308 193,94311, 271,007 2,186, 905 141,369
35, 701: 225,376 1,368,130 2, 373, 677 153, 239

J

159, 367
151, 213
159,162
152, 093

65, 240i
46, 6371
56, 797|
41, 37;
83, 832
64,120
57,914

878
880
881
877

884
880

555,
644,
740,
700,

537
895
373
715

156, 029
158,172
168, 858
163, 59S

46, 290
31,671
28, 647
55,626

876
873
872
871

266, 932 1, 479, 8782, 778,
252, 626 1, 504, 3782, 832,
245,48811, 502,967 2, 845,
247, 863 1, 473, 21; 2,811,

854
378
012
874

177,
175,
176,
172,

348
224
535
340

40,069
47,997
65, 761
76, 722

869
865
864
863

41, 796
25,181
20,495

240,3 1, 477, 901 2,866,359 177,825
352 .
239, 512 1, 529, 853 2,956,466! 179,455
245, 982 ',471,472 2,895,1461 179,490
""" 1

65, 634
58, 821
91,355

860
860
8S6

30,
21,
31,
24,

265, 390 1, 570, 3903,049,710
255,196 1,559,309 3,083,163
276,927 1,549,143 3,117, 770
274, 80311,523,126 3,067, 330

194, 278
180,034
193, 891
180,917

44,937
48, 511
60, 721
68, 372

846
841
836
835

196,926 74, 224
181,671 111, 464
191,919 78,368
185,295 105, 201

834
823
818.
816

48,
24,
35,
27,

567
698i
393
751

294
243
243
401

9,267 279, 228; 1, 534,957
17, 629 227, 001 1, 521, 844
12, 773 275, 075! 1,553,712
24,153 236,562,1,490,257

3,145,101
3,165,653
3,199,349
3,132,889

RICHMOND DISTRICT
1921—Dec. 31

1,111,299|

246,361

141, 942

104,419

71,059

209, 590;

1922—Mar. 10.. _
June 30_-_
Dec. 29_._

1,094,817| j 852,392 242. 42.!

864,938

1,090,441 ( 854,484
1,147, 755 893, 543

235; 957
254, 212

137, 650
125, 241
142,681

104,775
110, 716
111,531

69, 019
81, 798
86,156

214,9321 964. 750 479, 730 371, 994 11,497
218,077j 1,022,971 513,230 395, 2351 7,056
223,193| 1,089,119 543,219 399,1751 13,095

1923—Apr. 3 - . . .
June 30...
Sept. 14..
Dec. 31...

1,168,8671
1,181, 802
1,194,326!
1,204,4451!

910, 300
922,863
932,180
947,604

258, 567
258,939
262,146
256,841

147,561!
145, 510
147,139
141, 937

111.006 90,335!
113,429 80,5101
115.007 80,302
114, 904) 102,331

1924—Mar. 31..
June 30..
Oct. 10...
Dec. 31 . .

1,212,007 I
1,192,8371
1,215,112J i
1, 220,335 j

958,139
952,353
957,002
957, 330

253, 868
240,484
258,110
263,005

132, 974
124,328
132, 989
132,612

1925—Apr. 6 —
June 30. _
Sept. 28..
Dec. 31..

1, 243,086
975, 772
1,251,624
989, 566
1,275,481 •'1,016,936
1,289, 955 1,030,047

267,314
262, 058
258, 545
259,908

138, 297
131,765
129, 0711
126, 227

129,017 18, 2361
130, 293 »i, 496,
129,474 104,110
133, 681 112, 063

1926—Apr. 12..
June30._
Dec. 31..

1, 292, 990 1,028,153
1, 281,068 1. 016,044
1, 274, 867 jl, Oil, 253

264,837
265,024
263,614

1927—Mar. 23..
June 30..
Oct. 10...
Dec. 31-.

1, 288, 676
1,310,826
1, 358, 261
1,362,094

1,007,986
1,013,610
1, 033,609
1,028,354

1928—Feb. 28..
June 30 _.
Oct. 3_...
Dec. 31...

1,341, i
1, 344,487
1,338,981
1,338, 263

'l, 012,275
1, 020, 535
1,023,137
1,021,518

978, 693 499, 7

362,861! 13,2351 102,822

880, 933 58,0241 114,37!

625

101, 529 502,082 874,076 54,126
107, 450 530, 628: 925, 863 59, 714 53,494
133, 630 573, 281 972,456 61,123 64,328

518, 072,

626
628
630

222,836' 1,116,138
222,392! 1,095,204
226,592| 1,101,106
222, 4811 1,193,361

552,363
540, 503
546, 525
592, 546

422, 732!
432, 936
432, 629
441, 388

14, 702
14,090
8, 775
10, 494!

126,341
107, 67"
113,177
148, 933

576, 244 998, 976 61,
61,853
553, 972
986, 908
83,340
559, 966! 992,59r 59, 493 92, 951
617,517 1,058,905 60, 947 63,393
66,378

632
629
626
627

120,
81,830 230, 271
116,156 87,187! 229,001
125,121 107, 074 234, 073
130,393 109,057 229, 014

1,141, 728
1,141,676
1,193,038
1, 241,166

556,141
541,144
551,704
596, 804j

455,391
466,110
479, 437!
483, 072

14, 257
10, 6351
20,641
12,472

115, 939
123, 787
141, 256
148,818

571,757!
552,623
576,343|
614,340!

1,027,148
1,018,733
1,055,780
1,097,412

61, 50c
61, 079
64,699
69, 632)

72,649
67,596
51,434
47,745

626
624
620
617

235,034
234,199
234,1031
229,688

1,224,377
1,213,258
1,248,596
1,316,353

566, 497|
567, 657,
583, 238
631.108

494, 553
510, 542
507, 871
510, 316

22, 934
12, 088
13,877
15, 543

140, 393
122, 971
143, 610
159, 386

592, 666
577, 037
604, 262
650, 431

1, 087, 219
1.087, 579
1,112,133
1,160, 747

65,060
62, 745
68,417
70,031

48, 083
66, 788
68, 642
55, 249

607
606
604

132, 506
126, 264
120,744

132, 331 94, 614 234, 457 1, 275,337 598, 041 517, 887 21,124 138, 285 617,119 1,135, 006 66, 746 53, 065
138,760 99, 617 232,255 1, 267, 999 601,696 522, 721 13, 775 129,807 611,544 1,134, 265 66,977 58,373
142,870 111,896 233, 269 1,313,711 626, 016 526, 267 12,489 148, 939 643, 917 1,170,184 71,890 36, 895

592
587
583

280, 690
297, 216
324, 652
333,740

131, 424
132,422
143,394
139,141

149,:
164, 794
181, 258
194,599

102,055
104,877
120, 437
124, 077

238,412
237, 349
243, 624
239, 425

1, 299, 956
1, 331, 522
1, 396, 304
1,414,728

593, 218
613, 596
627, 914
626,750

538,140
566, 449
580,490
599,094

146,692
138, 555
163, 841
172, 468

620,750
630,919
655550
655, 550
654,181

1,158,890
1,197,368
1, 236, 040
1,253,275

70, 75l|
73,254
74,167
76,460

27,457
35,479
34, 572
31,557

571
569
568
564

329,373
323, 952
315,844
316, 745

135,934
130,587
131,460
129,800

193,439
193,365
184,384
186, 945

97,880
90,184
104,668
103, 575

242,136
240,848
237,724
238,406

1, 336, 705
1,303, 391
1, 326,052
1,355,455

587,171
571,878
582.109
602,158

599, 928 8,525 141, 081
606, 060 10, 655i 114, 798
599, 678 10, 798! 133,467
596,387 15, 727 141,183

622, 355
580,900
598,316
613,570

.1, 222, 283
1,186, 960
1,197,994
1, 209, 957

71, 705
69,881
70, 995
67, 986

34, 039
69,150
63,165
48, 723

561
557
554
547

21, 906
12, 922
24, 0591
16,416

I
3
W
GO

P
O

K

For footnotes, see p. 175.




CD

No.

92.—ALL

MEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, 1921-1928—Continued

00
O

ATLANTA DISTRICT
[In thousands of dollars.

For back figures see Annual Eeport for 1927, Table 86]

Loans and investments
Investments
Call date
Total

Loans !

U. S.
securities

Total

Other
securities

Capital,
Due surplus,
and
from
undibanks ; vided
profits 3

Total
deposits
(*)

Demand Time
dedeposits
posits 8
(*)

United
States
deposits

Due to
banks 6

Net
Reserve
Bills
Net
demand
with
demand
plus
Fed- payable Number of
and
deposits
time
eral reredis- banks
deposits serve
(*)
counts
banks
C)

1921—Dec. 31

847,324

684, 694

162,630

84,367

157,632

754, 658

416, 479

246, 313

9,445

807,198
807, 453
882, 540

656,420
654, 288
714,160

150,778
87, 911
153,105:
90, 877
168, 380; 100, 228

62, 867 91,177
62,""" 93, 224
68,152 115,426|

162,347
163, 580
168, 360

775,984| 417,:
802, 854| 434,167
927, 000 499, 465

247, 524
264, 680
281, 241

10,749
6,114
13, 395

100.403 435, 3151
97, 893 j 448,132
132,899 519, 551|

44, 357 121,681
I
682,839j 45, 210 59, 856
712, 812i 45, 301 38,116
800, 792! 55, 669 39, 587

512

1922—Mar. 10
June 30
Dec. 29
1923—Apr. 3 - - .
June 30-_
Sept. 14..
Dec. 3 1 -

907,130
919, 555
922, 357
978, 266

730,
737,
739,
793,

565
•"""
312
646

176,
182,
183,
184,

565
0671
045!
620|

69,
119, 606
75, 635 96, 574
78, 803 91,633
82, 982 120, 703

169, 795
963, 289
170,178
926, 811
173, 278,
901, 0501
168,988; 1,014,180

505,043
486, 685
476, 242
542, 810

306, 252
317, 947
316,151
323, 934

14, 606
13, 421
8,432
13,421

137,
108,
100,
134,

388
758
225
015

833,
823,
801,
877,

987
721
232
445

533
530
528
525

1924—Mar. 3 1 June 30_ _
Oct. 10--.
Dec. 3 1 -

963, 919
934,134
950, 287
995,156

784,499
764,146
778, 419
813, 079

179,
169,
171,
182,

420
988
868
077

173, 57O| 980,911
175,148
966,022
177, 989 j 1,021,003
172,972 1,125,180

513,
490,
512,
585,

519!
845
505
685

334, 010
353, 746
353,174
359, 373

8,964
7,113
11,001
7,904

124,
114,
144,
172,

418 531, 205
3181 501, 765
323 530, 425
218 607,

57, 512
63,489

59, 592
46, 248
38, 723
26,809

519
518
515
510

1925—Apr. 6 . . .
June 30-.
Sept. 28Dec. 3 1 . .

1, 056, 772
1, 080, 744
1,196, 653
1, 241, 844

860, 245
877,181
962, 891
995, 262

196,
203,
233,
246,

527
563
762
582 I

1. 204,1
1, 208, 026|
1,371,1681
1, 447, 965

603, 787
617,
700, 987
777, 929

382,108
398, 360
407,425
425, 613

18,188
11, 584
18, 521
16,176

200, 718 642, 390 1, 024, 498
180, 676 649, 793 1, 048,153!
244,235( 755,671 1,163, 096j
1, 234, 562J
228, 247 j

68,
70,
77,
79,

983
528
372
311

25, 254
31, 015
37, 247
32,135

505
501
500
495

1026—Apr. 12..
June 30..
Dec. 31 —

1, 235,196
1,171, 995
1,158,183

989, 474
938, 772
927, 002

245, 722|
233, 2231
231,1811

188, 245 1, 356, 323
188,184 1, 266, 473
187, 212 1, 266, 229

715, 043
651, 910
645, 511

432, 954
443, 009
431, 328

20, 542
12, 751
15,471

187, 784
158, 803
173,919

748, 555 1,181, 509J
667, 695 1,110, 704
660, 973 1,092, 301)

77, 529
67,406
68, 292

52,124
49, 667
52, 551

492
488
475

1927—Mar. 2 3 June 30—
Oct. 10__
Dec. 3 1 -

1,154,415
1,141, 096
1,159, 731
1,164, 625

902,
885,
899,
888,

251, 564'
255, 614
260, 2261|
276,419 |

191,831
192, 237
195,180
192, 703

1,235,743
1, 217,106
1, 269,428
1, 288, 011

601,
587,
596,
623,

447,148
461, 993
454, 642
462,740

25,170
16, 844
24, 357
17, 330

161, 990
150,445
193, 619
184,437

629, 897
611, 919
635, 345
650,431

1, 077, 045 69, 360 47, 029
1, 073, 912 65,820! 42,495
1, 089, 987 67, 307! 36, 781
1,113,1711 73, 215 34,421

471
469
465
464

1928—Feb. 2 8 June 30-_
Oct. 3__.
Dec. 3 1 -

1,139, 061
1,173, 465
1.187, 513
1.188, 390

880, 600
910, 221
901,140
895, 201

141,847 196, 841
124,169' 198, 004
127,258! 201, 877
144,035 199, 912

1, 227, 296
1, 205,967
1,165,149
1, 254, 032

594, 333
577, 566
548,165
609, 252

458,
476,
466,
466,

5,000
18,165
12,186
17, 022

169.404
133,713
137, 975
161,156

630,232
595,928
564,397
625,566

1,088,791)
1,072,451
1,031,220
1,092,168

460
457
454
453




851
482
505
206

96, 933

j

106,
106,
104,
101,

877
432
242
638

94, 421
80, 497
78, 776
80, 359

65,697

84,
89,
93,
101,

999
491
092
718

106, 991
116,989
144,634
161, 860

91,181 105,346 186,971
90, 891 112,672 168,938
106, 200 127,562, 215,141
106,137 140,445! 210,957
I
108,152 137,570 172,755
95, 441 137,782 154,822
87,187 143,994! 161,!
I
113, 80' 137,757 143,649
142,651 136,702
112, 963!
118,192( 142,034 160, 49SJ
124, 664j 151,755 158, 654j

258, 461 | 113,
263, 244 I 113,
286, 373 I 134,
293,189!! 134,

431
831
003
779

145,030
149,413
152,370
158,410

178, 380
178,489
180,729
177, 718

435
824
810
504

559
523
823
602

82,421

418, 551

527,
505,
485,
553,

310
089
203
646

664,864

562! 57, 037
0361 53, 814
354! 51, 438
580| 55, 029

865, 2151
855, 511
883, 599'
966,462

55,143

27,
43,
69,
64,

70, 583 33, 578
65, 795 54, 288
64, 351 110,903
63,852 52,139

520
530
536

CHICAGO

DISTRICT

1921—Dec. 31

j 3,481,917 2, 713, 580

768, 337

574, 517 3,415,153 1, 679,438jl, 285, 597 37, 466 412, 652 1, 816,032 3,101, 629 235,593| 228,810

1,442

1922—Mar. 10
June 30
Dec. 29

I 3,481,108 2, 701, 518
3,542,924 2,671,998
1 3,749,072 2, 751, 216

779, 590J 299, 205 j 480, 385 304,804 578, 532 3, 583, 323 1, 704,145:1, 297, 553 43, 887! 537, 738 1,939,601 3, 237,154 250,924j 101,633
870,926 372,845 498,081 290, 833 583, 672 3, 721,013 1, 876, Oll'l, 336, 36418, 363! 490, 275 2,045, 567 3, 381, 931 266,273i 79,739
997,856! 463,459' 534,397 296, 525| 608, 627 3,938, 631,1,949,008 1,433,100 49,1211 507,402 2,108,478 3, 541, 578 277,73l| 106,724

1,440
1,441
1,440

297,435| 470,902 247,

1923—Apr. 3 . _ June 30__
Sept. 1 4 Dec. 3 1 . .

i, 875,140 2, 857, 546 1, 017, 594
3, 905,944 2,880,042 1,025,902
3,896,856 2, 885, 975 1, 010, 881
3,898, 506! " 870,0741,028,432

464,811
474,862
475, 597
457, 545

552, 783
551,040
535, 284
570,887

323,115
306, 254
300, 297
299, 879

603, 560
605, 630
615, 238
608, 381

4,045, 088 1, 956, 6011, 483, 743 39, 014
4,091, 564 2,001, 394 1, 530, 721 37, 941
4,074,409 1,986, 7511, 535,188 17,458
4,123, 464 2,022, 700 1, 572, 311 25, 441

565, 730 2,158,605
521, 508 2,178, 847
535,012 2,173, 344
503, 012 2,153,042

3,
3,
3,
3,

1924—Mar. 3 1 June30_.
Oct. 10-.
Dec. 3 1 . .

3,935, 0471 2,919, 539 1, 015,508
K/|
4,009, n9542, 950, 86311, 059,091
4,220,466| 3, 074,978 1,145,488
4, 209, 725 3, 031,120 1,178, 605

466, 741
493,414
522,874
523,365

548, 767
565, 67"
622, 614
655,240

295, 935
372,892
400,150

365,987

617,270
619, 066
633,161
617,035

,
4,116,023 1,941, 527 . 589, 791
,
1,
4,385,733 2,096,7 , 645, 284
7741
4,571,553 2,168,5 1, 678, 438
!, 534 .
4, 630,437'(2, 238,4951 732, 371
,

38, 552
22, 736
28, 753
35, 548

546,153 2,149,297
620, 939 2,287,485
695, 828 2,443,302
624, 023 2,423,364

3,739,
3,932,769
4,121,740
4,155, 735

261, 675
298,035
308, 679
314, 698

1925—Apr. 6 _ . . .
June 30
Sept. 28
Dec. 31

4, 263,294!3,058,0621,205,232
4,370,447 3,181, 236 1,189, 211
4,433,495i 3, 245, 976 1,187, 519
4,478, 729;3, 276, 272 1, 202,457

532,802
509,219
496,673
495, 286

672,430
679,992
690,846
707,171

357, 215
375, --"
334, 589
341,102

630, 730
630,078
626, 355
617, 289

4,600,40312,168,7981,, 761, 612
4, 798, 7022, 324, . 833, 638
,
4,742,329 2,300,4091, 837, 642
L,
4, 873, 893|2, 369, 677 1. 042
L, 881,

56,497
29, 852
31, 319
37, 068

613,496 2, 389, 382
610, 788 2,480, 853
572,959 2,493,037
586, "" 2, 535, 719

4,150, 994
4, 314, 491
4,330, 679
4, 416, 761

312,949
322, 224
319, 513
305, 336[

1926—Apr. 1 2 . . .
June 3 0 . . .
Dec. 31-__

642,348
709, 568
708, 532
725,353

269,689 123,996
273,134 89, 375
282,042 92, 722
270,698) 109,317
I

1,437
1,434
1,432
1,427

70,960
51,190
35,094
44, 245

1,423
1,422
1,419
1,408

60, 618
71, 238
66, 770
93, 857

1,407
1,404
1,406
1,398

4,490, 062 3, 286,195! 1,203, 86' 481, 67'
4, 579,409 3,374,23211,205,17'
496,670
4, 542, 539 3,388,470!^, 154,06! 414,941

722,190 337, 713 629, 089 4,831,96112,292,0781L, 898,341 35,324
5,218 519, 704 4,418, 045 321,071 80,919
708, 507 368, 451 644, 846 4,957,253:2,388,3761L, 935, 044 20, 975 612,2,858 2, 558, 731 4, 493, 775 342,157 98,965
858
739,128 333,944 653, 259 4, 887, 284!2, 358, 790 1 935, 865 23, 380 569, 249 512,156 4, 448, 021 310, 644 108, 289
\,

1,379
1,366
1,335

1927—Mar. 23..
June30_.
Oct. 10..
Dec. 3 1 . .

4, 589,907 3,328,2151,261,692
4, 711,934!3,460,58811,251,346
4, 748, 809'3, 486, 417 1, 262, 392
4, 858, 646'3, 519, 373 1, 339, 273

493, 243
497,669
489, 950
503,45f

768,449
753,677
772,4421
835,8211

314,242
336,691
329,073
328,559

668, 841
679,468
694,979
709,876

4, 844, 7512, 273, 464 1,932, 931 42, 309
5,038,300 2,411, 982 2, 029, 289 23, 968
5,092,939 2,410,072 2,054, 586 42,100
5, 212,830 2,483, 882 2,140, 008 24, 823

596, 047 2, 508, 605
573, 061 2, 587, 617
586,181 2, 612, 648
564,11 2, 642, 263

4, 441, 536
4,616,""
4, 667,234
4, 782, 271

316, 516 71, 693
310,885 68,414
339,688 34,196
348, 638 67, 714

1,319
1,308
1,300
1,290

1928—Feb. 28.
June 30.
Oct. 3 . . .
Dec. 31.

4, 849, 212 3, 462, 236. 386,976
!
,
,
1
5,117, " 3, 697, 574 . 420,024
1,
,
5,137,348 3, 772,110 1 365, 238
,
5,162, 585 3, 812,187 1,350,398

542, 576
563, 600
559, 299
535, 597

844,400
856,424
805,939)
814,801!

318,925
341,938
335,282
345,051

713, 227
724, 958
748,066
755,061

5,120,664 2,380,803 2,138,482 7,795
5, 334, 624 ! 512,35812, 275, 300 18, 278
2,
,
5, 350,410 2, 502, 605|2, 256, 640)
!
,
16,454
5,458,419 2,637; 746 2, 257,1631 19,421
~",

593, 584
528, 688
574, 711
544,089

4, 735, 593
4,918, 633
4, 922, 587
4,937,905

335, 785
330,451
344, 880
343,073

1,274
1,264
1,260
1,252

For footnotes, see p. 175.




2, 597, 111
2, 643, 333
2, 665, 947
2,680, 742

63, 81
164, 798
132, 964
163, 576

H
W
W
GO

O

o

00

No.

92.—ALL MEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, 1921-1928—Continued

00

ST. LOUIS DISTRICT
[In thousands of dollars. For back figures see Annual Report for 1927, Table 86]

to

Loans and investments
Capital,
surplus, Total
and
undi- deposits
(*)
vided 3
profits

Investments
Call date
Loans 1

1921—Dec. 31

983,886

Other
securities

764, 021 219,

97, 610 122,255

77, 350 178,1

Net Reserve Bills
Net
demand with payable NumDue to demand
Fedplus
and ber of
banks e deposits
time eral re- redis- banks
serve counts
deposits
banks
(*)

Demand Time
dedeposits
posits 5
(*)

8,106

548,756

832, 899

515, 877

284,143

65,171 74,;

585

1922- Mar. 10...
June 30...
Dec. 29 —

978, 769 750, 634 228,135
999, 039 738,395 260, 644
1,118, 350 802, 437 315,913

90,208
98,241
162, 5481 122,420

180,603
963,122
185,964 1,005, 568
190,985 1,166, 601

535, 843
616, 833

295,259
313, 782
340, 447

11, 306 147, 575
6,232 149,711
14, 731! 194,590

558, 639
853,898
379, 673
893, 455
675,376) 1,015,823

61, 769 38, 469
63,491 26, 301
69, 7321 37,073

1923- Apr. 3
June 30—
Sept. 14 __
Dec. 31 —

1,151, 916 820,105 331, 811
1,154,982 818, 861 336,121 !
1,171, 327 843, 535 327,792 '
1,182,166 852, 844 329, 322

168,454 110,40;
171, 321
170, 074
175,997

192,375
193,783
197, 612
194, 054

1,182, 334
1,133, 448
1,124,062
1,181,238

620, 410
597, 800
595, 760
622,433

362,186
367,
381, 404
384, 646

13, 977
14,196
3,823
9,028

685, 678
652,449
640,475
663, 726

1,
1,
1,
1,

047,864
020, 331
021, 879
048, 372

75, 621
68, 782
65, 053
70, 058

34,084
50,220
70,875
63,914

618
621
622
624

1924—Mar. 31...

1,175,542 855,217
1,157, 068 843, 421
1,182,971 872,907
1,223,248 884,240

320, 325
313, 647
310, 064
339, 008

139, 818
130,447
121,502
133, 431

180,507
183,200
188,562
205,577

87,826
117,085
139,485
153,630

196, 445
197,101
199,528
186,176

1,152,961
1,175,581
1,243,101
1, 343, 832

586,834
600, 776
618,154
676,122

408, 703
407, 587
423, 605
431,261

9,417 148, 007
5,945 161,273
8,208 193,134!
13,823 222, 626

638,
643,
664,
733,

255
954
836
571

1, 046,958
1, 051, 541
1, 088,441
1,164, 832

68, 304
63, 376
75, 346
80, 758

46,967
31, 460
36, 232
13,912!

628
627
625
624

1925—Apr. 6__.
June 30_ _
Sept. 28_.
Dec. 31..

1,246,141
1,227, 649 877,430
1,280, 843 929, 520
1, 309,595

355, 303
350,219
351,323
359, 097

206,599
220, 450
220,506
222,904

133, 538
117,784
126,163
127,239

198, 830
198,454
198,054
197,456

1,319,398
1,272,211
1, 303,544
1, 387,086

660,267
647, 306
650,955
717,570

434, 778
441,922
452,819
452,196

26, 881
7, 621
10,168
12, 590

197,
175,
189,
204,

720, 347
698,112
708,163
776, 927

1,155,125
1,140, 034
1,160,982
1,229,123

78,523
73, 343
75,114
81, 912

1, 331, 924 971, 770 360,154
1,320,071 951, 830 368,241
1,312,593 946, 432 366,161

220, 887 114,311 203,567 1, 374, 746
232,387 110,096 202,920 1, 343,430
246,232 116,093 205, 057 1, 358,840

700,582
684, 784
697, 613

479,134
476, 569
479,590

16,123
9,865
8,560

178,907
172,212!
173, 077)

17,531
24,160
48,272i
28, 786|
i
82, 611 30, 631
76, 904 35,107
83, 017 35, 985

624
621
629
628

1926—Apr. 12 _.
June 30..
Dec. 31..

148, 704
129, 769
130, 817
136,193
139,267
135, 854
119,929

1, 331,123
1, 336, 751
1,358,406
], 376,531

932,548
930, 367
948,412
953, 365

398,575 I
406,384
409, 99411
423,166|

146, 861
148,543
146,142
146,241

251, 714
257, 841
263, 852
276,925

125,568
111,535
121, 761
129,113

207, 018
205,417
210, 769
209,206

1, 381,426
1,358, 778
1, 416,481
1, 451, 096

668, 643
670, 557
694, 111
715,913

513,973
509,282
521, 318
525, 641

14,205
6,9811
13, 980
8,885

171, 958
187, 072)
200, 6571

723,990 1,233,272
748,984 1,270, 302
775, 833 1, 301,474

80,965
77, 050 38,453
81, 813 20,272
88, 51" 20, 8771

602
599
596
594

1,373,441
1,384,322
1,400,512
1,405,7'"

935,779
942,221
972, 723
954,105

437, 662
442,101
427, 789
451, "

154,2981
147,651'
149, 654
161, 431

283, 364
294,450
278,135
290,263

110,726
105, 381
116, 803
118,481

208, 310
209,984
211,608
212,829

J, 412, 730
1, 367,318
1, 394,849
1, 441,124

681,249
660,201
664,964
711,206

537, 775
543, 605
544,774
537, 601!

4,370
11, 359
5,517
7, 549 j

189, 33(j|
152,153
179, 594
184,768:

747,982
699,176
712, 637
756, 987

82, 822
78, 552
81, 855
84, 641

593
593
590
587

3

589
605

1928- -Feb. 28_.
June 30_ _
Oct. 3 _ - .
Dec. 31..




935, 653

I

127, 527

185, 761
153, 570
143, 075
165,1311

472
362
602
730|

751,311 1,230,445
740, 575 1,217,144
734, 044 1,213, 634

184, 6051 727, 471 1,241,444

1,285,757
1,242, 781
1,257,411
1, 294, 588

I

28,958
64, 806
70,135!
39, 363!

G
O

622
619
609

o

MINNEAPOLIS DISTRICT
140,960

1923—Apr. 3 —
June 3 0 Sept. 14__
Dec. 3 1 -

899,193i
896, 406[

696,161
690, 6811
684,105!
655, 670

203,032,
205,7251
204,844
207,637
214,247
213, 389
238,1021
276,142

944,127
916,088
913, 062
914, 802
120,890 93, 357 106, 392 126, 691 913, 853
116, 699 96, 690 123, 707 123, 376| 909, 020
123, 301 114,801 157,181 125,202 1,005,093
143, 677 132, 465 151, 229 125,050 1,044,751

818,666

135, 421
134,341
134, 939
132, 022

393,011
392,112
386, 4451
387, 722
386,117
395, 763
422, 371
439,0411
I
424, 363 i
430, 509!
426, 3581
435,382

408,234!
416,088
417, 529,
413,926

9,611
8, 394|
6,023
5,413

133,271
99, 494
103,065
107, 741

440, 539
411, 603
409,468
410, 581

848,773
827, 691
826, 997
824, 507

51, 805
46, 937
48, 065
46, 652

31,8331
43,100
41,838
26, 978

989
989
977
940

404, 271
403, 578J
412, 826|
430,315|

9, 521
5, 692
6,903
6, 3211

113,944
103, 987
162, 993
169, 074

418, 757
404, 538
465, 671
502, 738

823, 028
808,116
878, 497
933, 053

46, 235 17, 702
47, 410 18,984
53, 559 12, 061
55, 513 6,384

903
895
890
885

441,834|
435,281|
433, 906
437, 717

8, 562
5,188!
8,161
7,429

141,
117, 485
127,318
131,041

471, 763
463, 201
466,136
467, 865

913, 597
898, 482
900, 042
905, 582

54,1721
54,175
53,789
52,192

5, 526
7,260
7,652
4,639

872
859
848
829

9, 499] 114, 389 450, 935
6,009! 104, 511 444, 447
4, 667J 116, 034 432, 083

889, 899 53,592
879, 896 48, 457
867, 980 50, 606

5,670
5,226
5, 277

817
804
764

7, 272j 111,012 425, 526
98, 500 417, 583
5, 6931
5,421 131, 550 468, 971
5, 743! 124, r~~ 460, 037
I

855, 903
852, 570
904,110
911, 644

6,838
5,066
3,428
2,654

743
740
742
735

3,847
8,290
13,951
5,279

731
728
722
719

1924—Mar. 3 1 June 30..
Oct. 10__
Dec. 31. _

853, 424|
824, 3331
867, 5821

639,177
610, 944!
629,480
630, 474

1925—Apr. 6 . . .
June 30..
Sept. 28..
Dec. 3 1 . .

906, 691
888, 227
895, 430
893, 181

1926—Apr. 12_.
June 3 0 Dec. 31._

889, 722
880. 562
861, 998

611,8611 294,830) 149,018
596,898! 291,329 140, 961
599,474 295,
140, 792
586,117! 307,064
146, 370
575, 372 314, 350 147, 729
567, 7631 312. 799 142, 334
554,196! 307, 802 133, 351

166, 621 104, 869 115,870
170, 465 101, 544 114, 627
174, 451 116, 230 114, 625

1927—Mar. 23..
June 30 _
Oct. 1 0 . . .
Dec. 31—

862,142
851, 382J
881, 950i
896, 998!

540, 495
531, 054
552, 992
547, 075

321, 647
320, 328
328,958
349, 923

134, 337
1295 820
131, 275
137, 006

187, 310
190, 508
197, 683
212, 917

99,188
105, 616
140, "
127,025

113,260 938, 043
112, 367 940, 303
115,882 1, 016, 515
115, 323 1,011, 277

389, 382
401,123
444, 405
428, 9421

430, 377
434,987 S
435,139i
451, 607

1928—Feb.
June
Oct.
Dec.

904,
908,
927,
932,

544, 744
543, 940J
557,522
560,043

359,918
364, 720
370,464
372,809

137, 347
136, 480
146, 729
146, 579

222,571 114,559
228,240! 110,549
223,7351 121,438
226,230 116,775

115, 508 1, 001, 684
115, 966 996, 752
116, 592 1, 037, 290
117, 971 1,042,148

416, 759
427,884!
444, 512
443,805

460, 308
461,363
468, 509
480, 054

28...
30. _.
3__..
31__.

662
660
986!
852i

122, 753
110,190
112, 913
127, 243

74,017! 1,017
1,015
1,014
1, 000

81,000
92, 664
102, 217J

145, 812
150, 368
155,164
160, 694

43,537

753, 5641 43,316 53/
771, 635| 45, 544 50,920
818, 004! 49, 024 38, 226

74,171

159,202
172, 540
189,855

92, 004
90, 964 97, 236
91,851 97,195
94,139 105, 461

739,316

86, 870j 376,306

150,067

694, 202
687,166
694, 312

78, 202 109, 693 139, 863
79, 876 97,116 139, 416
87, 638 113, 987 140, 995

358,4651 363,010

113, 552! 389, 396
102, 738!
123, 0881 427, 421

712,371

863, 307

87,079

10, 321

862,4381
853,4041
859, 706
884,167|

111,028
114,761
112, ~~
113, 498

75,896

853, 503 364,167 364,168 11,616J
856, 304 373, 432 373, 566 6, 568
923,070 400, 397 390, 583 9,002

1921—Dec. 31
1922—Mar. 10
June 30
Dec. 29

122,137 1, 016,127
120,444 988, 463
118,414 995, 743
116, 395 1, Oil, 569

983,324 420, 4721 438, 964
965, 833 419, 864 i 435, 449
962, 635 406, 037 435, 897

j

3, 274J
5,578
4,579
5,550

121, 343
101, 927
119, 690
112,739

454, 430
446, 544
472, 204
465, 402

50, 717
47,781!
51,26ll
54,2171

914, 738
907,907 53, 926!
940, 713 55, 323!
945, 456 55, 467|

H
n
W

For footnotes, see p. 175.




OO
CO

No.

9£.—ALL

MEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, 1921-1928—Continued

00

KANSAS CITY DISTRICT
[In thousands of dollars.

For back figures see Annual Report for 1927, Table 86]

Loans and investments
Investments
Call date
Total

Loans l
Total

U . S.
securities

Other
securities

Due
from
banks 2

Capital,
surplus,
and
undivided
profits 3

United
States
deposits

Due to
banks 6

Net
Reserve Bills
Net
demand
with payable Numdemand
plus
Fedber of
and
deposits
time
eral re- redis- banks
deposits serve counts
(*)
banks
(*)

649, 732

242, 616

8,834

191, 089

687, 3361

929, 952

72, 322

94, 963

1,092

173,056 1,145, 868 656,861
174,200 1, 232, 772 728,199
179,43' 1, 288, 845 751, 291

243,049
262, 921
273, 040

14, 636
7, 776
12, 542

231, 322
233,876
251, 972

949,122
1,045,559
1,076,244

72,,
79, 765
81,143

48, 722
31, 238
35, 840

1,112
1,147
1,142

202,278
173, 949
172, 014
179,835

174,377
172,908
173,860
165,727

1, 309.043
1,259, 218
1, 256, 380
1,234,717

285, 648
300, 687
299, 566
291,930

12,864
9,209
6,652
6,764

250, 904
213,168
215, 080
213,776

1,109,634
1,088,521
1,086,286
1,051,365

85,040
81,198
82,152
76, 579J

32,564
58, 649
48,862
53, 396

1,145
1,145
1,142
1,122

98, 414
104,115
114,973
128,339.

I
168,733
201,079
306,566;
313,260!

759. 627
736,154
735,072
722, 247

706, 0731
782,638;
803, 2041
j
823,986;
787,8341
786,720!
759,435!

165, 666
162,393
163,859
158,657

1,197, 704
1, 228,956
1, 381. 434
1, 441,426

694,
708,368
745,421
779, 782

293,850
298, 607
297, 288
295, 985

8,404
6,504
7,665
6,538

200,654
215,477
331, 060
359,121

745, 699
747,807
812, 291
876,091

1,039, 549
1,046,414
1,109, 579
1,172,076

74, 998
78, 241
86,096
93, 892

24,914
22,815
10, 232
6.256

1,098
1,087
1,082
1,066

169,898]
173,670
177, 337
181, 677

133,698
136,021
141,114)
144,859

240,836
231,461
197,240
229,406

1,387,051
1,384,705
1,364,381
1,408,528

772,474
793,938
795, 356
836, 732

305,237 j 13, 561
312,102j
7,120
309, 748!
7,965
294, 962i
8,330

295, 779
271, 545
251,312
268, 504

868, 714
863, 783
871, 428
891,887

1,173, 9511
1,175,8851
1,181,176!
1,186,8491

89, 453
91, 446
87, 775
92, 986

6,959
8,753
10, 896
16,858

1,056
1,048
1,038
1,027

343,600
345, 490
358, 557

198,072i
187, 698!
182,962

145, 528 188,641
157, 792 199,704
175,595 218, 763

159,361!
159,6431
158,118!
154,037]
I
156,0551
153,771)
152,389!

1,349,052
1,391,656'
1,403,513

794, 590
818,430
822,221

315, 685
323, 494
317, 771

15, 808 222, 969 845,448 1,161.133
11, 509 238, 223 871, 245 1,194, 739
7,856 255, 665 874, 880 1,192, 651

83, 990
88, 973
86,102

20,000
16, 503
7,38"

1,017
1,011
992

786,494
776,100
776, 398
783,062!

372,955
377, 409
391,525
408,429

194,040
183,255
183,435
183,534

178,915
194,154
208,090
224,895

199,661
200, 021
206, 774
223,608

156,146]
155, 302
158, 872
156,841

1,387,912
1,394,004
1, 407, 018
1, 456, 338

800,740
819,'"'
815,969
837, 111

330, 719
331,110
340, 449
338,815

10,033
7,038
9,844
8,718

246,420
235,974
240, 756
271, 694

872,960
868,642
869,300
907,363

1,203, 679
1,199, 752
1,209,749
1, 246,178

89,173
90, 771
86, 813
95,336

11, 579
11,892
14, 757
10, 292

984
972
972
968

787, 419
788, 794
806,155
802, 632

409,339
435, 601
435, 552
447, 387

189,019
193, 958
206, 458
212, 331

220,320
241,643
229,094
235,056

217,308
194,403
220, 264
224,876

158,370
157, 315
161, 046
160,297

1,447, 630
1,438, 933
1,496,063
1, 505,060

814,687
826, 745
846,154
866,873

355,464
372,402
374,313
364,599

5,219
8,531
7,737
9,926

272, 260
231, 255
267,859
263,662

885,470
886,190
906, 882
916,693

1, 240, 934
1,258, 592
1, 281,195
1,281,292

92,138
94,149
94, 286
90, 950

9,773
19,468
20, 613
22,443

961
945
941
932

1921—Dec. 31

1,048, 918

858, 205

190, 713

103, 419

87, 294 156, 266

1922—Mar. 10
June 30
Dec. 29

1,017,869
1,067,002
1,115,378

827, 3'
842, 236
866, 655

190, 490
224, 766
248, 723

106, 213
130, 918
148,269

84,277 199,510
93,848] 206.791
100,454! 206,544

1923—Apr. 3 . _.
June 30..
Sept. 14. _
Dec. 31 _.

1,133,839
1,145,159
1,127,800
1,096, 091

876, 757
886,108
872, 614
849, 063

257,082 I
259, 051
255,1861
247,028

158,559
160, 367
157, 510
141,171

98,523
98,684
97, 676
-105, 857

1924—Mar. 31._
June 30..
Oct. 10..
Dec. 31-.

1.056, 702
1.037,719
1.057, 681
1,078, 924

822, 704
799,805
795,1331
800, 838

233,998
237,914
262,548
278,086

135, 584
133,799
147,575
149,747

1925—Apr. 6 . . .
June30__
Sept. 28..
Dec. 3 1 . .

1,115,184
1,114,620
1,135, 728
1,131,484

811,
804, 929
817, 277
804, 948

303, 596
309, 691
318,451

1926—Apr. 12..
June 30. _
Dec. 3 1 . .

1,137, 826
1,157,139
1,135, 968

794, 226
811, 649
777,411

1927—Mar. 23..
June 30..
Oct. 10..
Dec. 31-.

1,159,449
1,153,509
1,167, 923
1,191,491

1928—Feb. 2 8 . .
June 30-_
Oct. 3 . . .
Dec. 3 1 . .

1,196, 758
1, 224, 395
1,241, 707
1, 250,019




Demand Time
Total
dedeposits posits
deposits 5

170,917 1,092,271

DALLAS DISTRICT
1921—Dec. 31

711,182

593,536

117, 646

87, 667

29,979 84, 728 155,137

667, 712 476, 696

474,536

579, 371 45, 305 69,883

851

1922—Mar. 10
June 30
Dec. 29

700, 308
706,745
749,295

585,235
587,036
609,481

115,073
119, 709
139, 814

90,028
94,918
111, 502

25, 045 105, 033 158,491
24, 791 99, 262 157,974
28, 312 130, 690 161,749

688, 418 480, 355 109,919 10,206 87,938 486, 781
693,049 488,854 116, 888 4,976 82, 331 495,142
816,216 553,220 120,460 14, 648 127,888 573, 351

596, 700 46,261 49,856
612, 030 46,605 45, 753
693, 811 54,457 20,000

854
857
855

769,406
745,119
780,557
810,155

619, 939
601,128
636, 701
648, 797

149,467
143, 991
143, 856
161, 358

123, 063
117,288
112, 706
126,154

26,404
26,703
31,150
35,204

108, 337
81,491
129,188
162,898

157,933
158,084
159, 606
155,715

798,955
719,951
818,915
947,461

1924—Mar. 31
June 30
Oct. 10
Dec. 31

776, 846
732, 301
765,113
789, 329

628, 944
596, 881
625,135
645,115

147,902
135,420
139,978
144,214

114,436
103, 975
101, 834
100,578

33,466
31,445
38,144
43, 636

119,535
105,145
198, 361
214, 390-

1925—Apr. 6__.
June 30. _
Sept. 28_.
Dec. 31..

812,534
790, 668
821,844
830,918

650, 719
637,954
664,145
667,782

161,815
152,714
157, 699
163,136]

120,284
112, 608
113,439
114,026

41,531
40,106
44,260
49,110

179,811
133, 823'
163, 817'
152, 668

160,130
159,968
161,567
156, 760

1926—Apr. 12..
June 30..
Dec. 31..

831,859
807, 697
807,291

667, 758 164,101
649,757 157,940
651,583 155,708

119,757
113, 323
105,145

44, 344 135, 343 165,120
44, 617 121, 089 162, 495
50, 563 146,403 158,562

1927—Mar. 23June 30..
Oct. 10__.
Dec. 31-.

841, 697
830, 856
876, 888
898,228

668, 338 173, 359
654, 072 176, 784
688,449
694, 344 203, 884

123, 319
121, 634
126,439
131,898

50, 040
55,150
62, 000
71,986

143, 791
130, 524
168,244
170, 732

162, 710 948, 345
161, 355 918,194
165,245 1, 024,493
160,040' 1,068,016

1928—Feb. 28..
June 30-.
Oct. 3___
Dec. 31..

904,469
915, 653
960,054
993, 420

701,202
691, 939
725, 485
736, 396

136,835
149, 822
156,541
173,509

66,432
73,892
78,028
83,515

152,311
129,968
161,291
165, 301

163,257! 1,027,194 683, 851
163,982 1,005,100 654,947
166,562 1,081,380 695,270
162,510 1,154,849 743,439

tk 1923—Apr. 3...
June 30..
Sept. M.Dec. 31..
CO

203,267
223, 714
234,569
257, 024

104, 835

8,325

77,856

538, 639
500, 307
550,485
623,728

133,776 20,228
136, 750 8,278
137,250 5,886
143,250 12,182

106, 312
74, 616
125,294
168,301

557, 673
505,926!
562,566)
659,117

691,449
642, 676
699, 816
802, 367

51,077
48,288
52, 759
60, 602

26,335
47, 065
54, 754
12,121

855
857
858
849

157,950 836,043
156,502 768, 294
159,418 931, 725
153,452 1, 004,243

555, 706
517,041
590,447
637, 826

149,971 13,192 117,174
152,454 6,452 92, 347
154, 713 9,084 177, 481
150,856 6,382 209,179

578, 018
524,251!
608,091;
683, 038!

727,989
676, 705
762,804
833,894

52, 319 16,782
49,293 24,316
55,895 15,168
65,708 6,094

835
837
838
828

966, 613
883,042
951,509
980,534

616, 774
588, 053
612,231
649, 672

163, 632 16,230
167, 305 8,598
164, 640 13,917
158, 382 14,065

658,243
601,105
642,249
680,728

821,875 62.061
768,410 57,174
806,889 59,010
839,11< 66.062

3,721
12,684
15,'
5,878

824
847
854
852

805,961 58,172 12,220
762,961 57, 342 25, 359
802,290 64,423 9,721

624,466
608,564
663, 643
699,161

647, 887
623,023
689,988
732,147

823,550
803, 853
872,361
916,179

62, 783 7,829
62,028 11,513
65,538 8,725
73,133 1,404

817
815
816
799

195,227 4,122 143,994 712,409
212,836 17,263' 120,054 665,916
214, 665 9,463 161,982 721, 625
222,906 22,190 166,314 762,961

907, 636
878, 752
936, 290
985, 867

67,861 4,156
65,532 11, 480
68,974 29,910
73, 685 11, 648

794
791
787
780

w

850
843
827

929,171 623,112 169,465 12,496
871, 479 590, 335 163,897 7,372
940, 370 631, 382 160, 377 8,571
175, 663
180, 830
182, 373
184, 032

15,049
10, 972
15,823
13, 789

169,977
119,086
160, 7211
158, 415

124,098 636,496
109, 875 599, 064
140,040 641,913
133,167
117, 828
162,654
171,034

H

w

o
W

For footnotes, see p. 175.




•3

00

No.

92.—ALL

MEMBER

BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES,

1921-1928—Continued
00
O5

SAN FRANCISCO DISTRICT
[In thousands of dollars.

For back figures see Annual Report for 1927, Table 86]

Loans and investments
Investments
Call date
Loans l

Total

U. S.
securities

Total

Other
securities

Capital,
Due surplus,
and
from
banks 2 undivided
profits 3

Demand
Total
dedeposits posits *
(*)
(*)

Time
deposits 5

United
States
deposits

Net
D u e to
demand
banks < deposits
s
(*)

Reserve Bills
Net
w i t h payable Numdemand
Fedand
plus
eral re- redis- ber of
time
serve counts banks
deposits b a n k s
(*)

1921—Dec. 31

1,945,470 l,452,507j

492,963

229,9591 263,004 186,231

284,002 2,033,522 1,020,398

808,361

15,092

189, 671.1,029, 005 1,837,366 122,678

87,617

837

1922—Mar. 10__
June 30__Dec. 2 9 . . .

1,937,309 1, 432,613'
1,995, 347 1,474,013s
2,127,852 1, 554, 357|

504, 696
521, 334
573,495

243,0071 261,689 195,201
255,454 265,880 191,404
309, 218 264, 277 209,604

287,605 2,023,635 983, 236
285.168 2,123,592 1, 037, 556
301,238 2, 314,436 1,134, 216

821,610
875,762
930,404

19,481
12,924
25,426

199,308 1,004,992 1,826, 602 118, 353
197,350!l,058,851 1,934, 613 122, 723
224, 390 1,150,211 2,080,615 135, 731

75,600
62, 479
47,290

835
842
820

1923—Apr. 3_._
June 30..
Sept. 14_.
Dec. 3 1 -

2, 262, 529
2, 331,250
2, 291,651
2, 247, 952|

1,661,246:
1,739,729i
1, 731, 718|
1 686,175
".,

601,283
591, 521
559,933
561,777j

333, 722
319,410
301, 289
289, 266

267, 561
272, 111
258,644
272, 511

198,523
186,8131
210,971
206,645|

298,607
299,104
304,972
292,919

2,417,146 1,172,488 1 009,967 28,214
i,
2,467,693 , 236, 709 1,, 007,863 27, 270
L
2,451, 591 1, 243, 492 980,426 13, 313
,237, " L
2,488, 5411 ', 580 1 , 032,364 22,007

206,477 1,181,769
195,8511,241,877
214, 360 1,244,013
196,5901,223,234

2,191,736
2,249,740
2, 224,439
2, 255, 598

140, 735
145,844
147, 212
145, 714

66,497
82,929
93,687
47, 395

806
803
804
802

1924—Mar. 31..
June 30. _
Oct. 10..
Dec. 3 1 -

2, 317,292
2,296," •
222
2,355,433
2,444,038

1, 739, 615
l! 721, 530
1,
1,728,349
1,766,978

577, 677
574, 692
627,084
677,060

302, 675
336, 531
361,"""

275, 002
276,105
290, 553
315, 760

189,796
213,363
321,506
274, 380

313,857
312, 644
323,460
318,247

2,485,894 1,239, 279 1,024,132
2,530,47811 209,388| 1,093,320
— ,
2, 710,651 1, 266, 241|1,122,197
2 , 7 8 9 ,156 "., 289, 381 1, 202,911
i, " " 1

25,643
12, 243
29,017
18,441

196,84011,242,162
215, 527 1, 217, 751
293,196 1,294, 598
278,423 1,309,245

2, 266, 294
2,311,071
2, 416,795
2,512,156

142,176
145,385
158,081
164, 529

59,027
33, 220
17,700
18,818

785
776
774
766

1925—Apr. 6_...
J u n e 30. _.
Sept. 2 8 . .
Dec. 3 1 . . .

2, 507, 708
2, 545,159
2, 607, 781
2,668, 572

1,815, 310
1,847,940!
1,886, 381
1,936,858

692, 398
697,219
721,400
731,714;}

372,486
374,161
390,497
386, 395

319,912
323,058
330,903
345,319

226,571
223,855
240,799
246,305

320,
321,813
324,441
319, 792

2, 760, 630 1, 249, 785 1, 246,185
2,804,682 1., 268, 694 1, 286,613
,269,390)1,307,324
2,851,559 1,269',
,
3, 006, 607 1 366,876 1, 342,867
i,

29, 749
12, 225
26,407
34,005

234,9111,267,396
237,150 1,276,642
248,4381
'
262,859 1,365', 162J

2, 513,581
2, 563,255
2, 606, 208
2, 708,029

153,194
154, 521
156,641
168,461

28,613
39, 511
57,972
26, 959

749
751
749
740

1926—Apr. 12__
J u n e 30—
Dec. 31 —

2,677, 238 1,939,856
2,687, 583 !l,951,713
2,842,494 2,066,559

737,382'I
735,870!
775,935|

383, 784 353, 598 226, 665 320, 376 2, 944, 974 1,, 300, 755 1,, 367,987
377,996 357,874 232, 588 324, 646 2, 977, 7611, 302, 567 l! 392, 225
.,
367,400 408, 535 245,121 337,894 3,169, 4151,379,681 1,482,196

34, 676
20, 636

,320,467 2,688,454 156.830
241,556 1,
,
262,061 1, 327, 266 2,719,491 162,902
286,9021 , 391, 564 2,873, 760 167,180

46,473
38,139
41,969

724
725
721

1927—Mar. 2 3 . .
June 3 0 Oct. 1 0 . . .
Dec. 31 __

2, 938, 375
2,960,511
2,987,169
3,083,880

2,118,265
2,133,903
2,123, 672
J 1 140;
12) 4 0 , 8 4 2

820, HOj
826,608:
863,497
943,038 i

400,119
406,685
430, 249
486,094

1928—Feb. 2 8 , .
June 30..
Oct. 3 . . .
Dec. 3 1 . _

3,064,101
3,149, 081
3, 200, 375
3,168, 538

2,079,156 984,945 1
2,143, 756 1,005, 325 !
2,165,3401,035,035!
2,108,7431,059,795!

For footnotes, see p. 175.




!

419,991 210,075
419,923 230,367
433,248| 245,597
456,944 264,224

352,694
352, 233
365, 257
368,477

3,157,, 199
3,236,603
3,259, 281
i,
3, 398, 959
!,

i,
1, 296,034 1, 574,727
1., 359,714 1, 584.708
L
1, 378,16011,582,871
L
1,431, 61911, 652, 980
i;

43,816
29,325
35, 729
28,478

242,622 1,311,191
262,85611,372,810
262,5211,400,997
285,8821,449,321

2,885,918
2,957, 518
2,983,868
3,102, 301

176,406 58,287
164,024 40,650
167,490! 51,974
7,111
188.0831

682
672
669
658

521,495 463,450 237,807
515,092 490,233 232,181
535, 558 499,477 253,477
574,015

360,021
410,852
417, 606
409.169

3, 266, 1861, 375, 602! 1,619,138
3,411, 761 1,394,2501,711,891
3,411, 2041
",440,8651,688,837
3,454, 6111. ,453,096.1,695,404

10, 356
53,130
21,183
51,916

261,0901,394,392
252,4901,420,733
260,3191,440,113
254,195.1,419,429

3,013,530
3,132, 624
3,128,950
3,114,833

171,724
180,625
183, 393:
182, 556

649
641
644
627

57,100
19,416
77,099
38, 973

187

ALL MEMBER BANKS IN EACH DISTRICT

No. 93.—ALL MEMBER B A N K S — N E T DEMAND AND TIME DEPOSITS, BY MONTHS,

1928
[In millions of dollars]

Date

Net
Net
Net
demand Net
demand Net
Time Lemand Net
Time
plus demand deposits plus demand Time
plus demand deposits
time | deposits
time deposits
time deposits
deposits
deposits}
deposits
Boston district

Jan. 11
Feb. 8
Mar. 7
Apr. 11
May9
June 13
July 1 1 Aug. 8
Sept. 12
Oct. 10
Nov. 7
Dec. 12

1928
2,459
2,403
2,395
2,473
2,446
2,421
2,410
2,375
2,384
2,389
2,415
2,369

1,483
1,428
1,407
1,471
1,438
1,422
1,412
1,384
1,404
1,415
1,447
1,409

975
976
988
1,002
1,008
999
998
991
980
974
968
960

[
3,111
3,151
3,150
3,157
3,177
3,168
3.173
3,158
3,167
3,173
3,152
3,142

1,555
1,559
1,529
1,531
1,535
1,534
1,518
1,513
1,531
1,534
1,506
1,509

4,808
4,724
4,780
4,845
4,896
4,964
4,889
4,820
4,899
4,919
4,925
4,941

2,663
2,571
2,608
2,625
2,645
2,685
2,641
2,589
2,660
2,655
2,661
2,680

1,556
1,592
1,621
1,626
1,642
1,634
1,655
1,644
1,636
1, 639
1,646
1,633

1,247
1,230
1,216
1,213 i
1,202
1,204
1,183 i
1,165 i
1,170
1,192
1,202
1,205
i

1,242
1,244
1,259
1,254
1,244
1,231
1,255
1,264
1,265
1,281
1,272
1,276

894
891
899
886
874
860
883
892
892
905
896
904

2,145
2,153
2,171
2,220
2,251
2,279
2,248
2,230
2,240
2,264
2,264
2,261

347
353
360
368
370
371
372
372
372
375
376
372

Back figures.—See Annual Report for 1927 (Table 87).




3,121
3,157
3.118

645
632
614
611
597
597
582
566
575
592
605
616

602
598
602
602
605
607
601
599
595
600
597
589

St. Louis district

Kansas City district
Jan. 11. _
Feb. 8 . . .
Mar. 7 . .
Apr. 11..
May9__
June 13..
July 11..
Aug. 8__
Sept. 12.
Oct. 10..
Nov. 7 . .
Dec. 12..

2,930
2,969
2,939
3,023
3,085
3,075
3,070
3,085

Richmond district

Chicago district
Jan. 1 1 . .
Feb. 8 . . .
Mar. 7...
Apr. 11..
May 9__
June 13..
July 1 1 Aug. 8__
Sept. 12.
Oct. 10..
Nov. 7_.
Dec. 12..

7,225
6,964
7,003
7,158
7,161
7,020
6,782
6,497
6,648
6,597
6,709
6,836

10,155
9,933
9,942
10,181
10, 246
10,096
9,852
9,582
9,736
9,718
9,866
9,953

Cleveland district
Jan. 11..
Feb. 8 . . .
Mar. 7__
Apr. 11_.
May 9_.
June 13 _.
July 11..
Aug. 8__.
Sept. 12..
Oct. 10..
Nov. 7__
Dec. 12..

Philadelphia district

New York district

1,304
L, 303
L, 284
1,291
1,285
1,264
1,255
1,237
1,235
1,266
1,267
1,282

778
764
742
747
741
723
714
695
695
721
722
749

904

720
736
710

QOO

892
S67
885
869
903
946
963
975

689
665
669
657
692
731
748
760

1,246
1,200
1,194
1,216
1,207
1,195
1,177
1,138
1,161
1,154
1,170
1,170

1,061
1,069
1,068
1,074
1,088
1,107
1,100
1,095
1,091
1,093
1,097
1,076

Atlanta district
1,100
L, 087
1,087
L, 080
1,079
L, 069
1,053
1,028
L, 017
1,030
1,036
1,057

635
625
621
612
607
597
578
557
551
561
570
594

465
461
466
467
472
472
475
472
467
469
467
463

Minneapolis district
527
539
542
544
545"
541
541
542
540
545
545
533

Dallas district
910
932

2,306
2,269
2,262
2,291
2,295
2,302
2,276
2,233
2,252
2,247
2,267
2,246

909
906
920
915
904
919
906
882
911 ;
945
974
949

454
443
462
452
438
454
445
424
445
473
499
474

455
462
458
463
465
465
461
458
466
471
475
476

San Francisco district
189
196
194
199
203
203
216
212
211
215
215
215

3,096
2,969
2,968
3,062
3,068
3,109
3,074
3,038
3,121
3,137
3,176
3,183

1,421
1,348
1,317
1,393
1,382
1,419
1,388
1,360
1,438
1,442
1,472
1,460

1,675
1,621
1,651
1,669
1,686
1,690
1,686
1,678
1,683
1,695
1,704
1,722

188

AJSTNUAX. REPORT OF THE FEDERAL RESERVE BOA.RD
No. 94.—ALL MEMBER BANKS—DEPOSITS, BY SIZE OF CITY,

1928

[In millions of dollars. For back figures see Annual Report for 1927 (Table 88).]
Net demand plus time
deposits
Federal reserve district and date

Boston:
Jan 11
Feb. 8
Mar. 7.
Apr. 11
May 9
June 13
July 11
Aug. 8
Sept. 12 _Oct. 10
Nov. 7
Dec 12
New York:
Jan.11
Feb. 8
Mar. 7
Apr. 11
,
May 9
June 13
_. .
July 11
Aug. 8
Sept. 12
Oct. 10
Nov. 7
Dec. 12
Philadelphia:
Jan. 11
Feb. 8
Mar. 7
Apr. 11
May 9- _
June 13
July 11
Aug. 8
Sept 12
Oct. 10
Nov. 7
Dec 12
Cleveland:
Jan. 11
Feb. 8
Mar. 7
\pr. 11.
May 9
June 13
July 11
Aug. 8
Sept. 12...
Oct. 10 .
Nov. 7
Dec. 12
Richmond:
Jan. 11
Feb 8
Mar. 7
Apr 11
May 9
June 13
July 11
Aug. 8 _ _
Sept. 12
Oct. 10
Nov. 7 .
Dec 12
Atlanta:
Jan.11
Feb. 8
Mar. 7
Apr. 11
_.
May 9
June 13
July 11
Aug. 8
_
Sept. 12
Oct. 10
Nov. 7
Dec. 12

Net demand deposits

Time deposits

Un- 5,000 15,000 100,000 Un- 5,000 15,000 100,000 Un- 5,000 15,000 100,000
to
der
der
to
to
to
der
to
to
and
and
and
5,000 15,000 100,000 over 5,000 15,000 100,000 over 5,000 15,000 100,000 over
122
121
121
121
122
121
124
127
131
131
129
127

175
174
172
176
176
177
178
178
180
185
187
183

437
425
426
434
434
439
436
434
422
420
428
420

1,724
1,683
1,677
1,742
1,714
1,684
1,671
1,636
1,651
1,652
1,672
1,640

49
47
46
46
47
46
49
52
55
54
52
50

79
77
73
76
76
77
78
77
81
83
84
81

218
208
205
211
209
214
210
208
205
202
208
205

1,137
1,096
1,083
1,138
1,106
1,084
1,074
1,047
1,064
1,076
1,102
1,073

73
74
74
75
75
75
75
75
76
77
77
77

96
98
99
100
100
100
100
101
100
102
103
101

219
217
220
223
225
225
226
226
217
218
219
215

588
587
594
605
608
600
597
589
587
577
570
567

604
607
606
617
619
627
638
648
652
659
660
649

331
330
330
335
339
343
343
346
346
345
347
347

877
863
863
877
881
892
888
884
890
891
900
900

8,342
8,133
8,143
8,352
8,407
8,235
7,982
7,704
7,847
7,822
7,959
8,058

211
210
207
211
213
221
228
232
234
234
231
225

130
127
124
129
132
135
133
136
135
132
131
135

344
324
319
327
332
336
333
320
329
325
333
340

6,540
6,303
6,353
6,491
6,485
6,328
6,089
5,809
5,950
5,906
6,014
6,136

393
397
400
406
406
405
411
416
418
425
429
423

202
203
206
206
207
208
210
210
212
213
216
212

533
539
544
550
549
556
555
564
561
566
567
560

1,802
1,830
1,790
1,861
1,923
1,906
1,893
1,896
1,898
1,916
1,945
1,922

440

223

434

145

74

159

868

295

149

276

341

438

223

429

141

73

150

837

297

150

279

343

279
279

365
360

934

439
441
440
443

224
226
225
226

454
464

229
233

461

235

231

1,209
1,179
1,169
1,188
1,192
1,197
434 1,174
433 1,130
438 1,131
438 1,113
440 1,132
488 1,122

356

294

443

358
357
351
3S0
346
348

300
297
291
293
291
295

440
438
434
437
441
441

443
445

454

227
225

430
436
437
436

448

2,018
2,053
2,058
2,080
2,097
2,090
2,089
2,077
2,076
2,067
2,054
2,046

252
255
250
247

174
170
171
169

351
346
342
346

470
459
454
452

241
239
239
247
249
248

167
162
163
169
172
171

152
154
155
154
150
145
142
138
136
140
146
146

349
351
357
355
353

242
242




293
294
297
295
295

168
169

439
447
452
448

140
141
139
142
140
141

73
74
74
74

152
156
155
155

153
152

158

785

782

312

307

156

153

280
282
282
277

129

202

216

165

241

133
129
124
125
122
125

196
193
192
192
197
197

217
217
216
216
215
214

167
168
168
169
169
169

244
245
242
244
244
244

140
141
140
135
134
132
134

162

808
771

127
126
126
123

194
200
199
194

135

125

196

1,084
1,089
1,067
1,079
1,083
1,083
1,062
1,057
1,068
1,070
1,053
1,052

98
100

73
70
69
68

181
178
173
176

292
285
277
274

95
92

278
279
282
281

303
303

148

135
137
139
136

151
151
152
152

305
312

154
154

158
156

148

300
300
301
301

777
769

74
73

76
78
79
78

149
152

830
845
839
824

67
67

168
170

273
273

153
155

339
343
353
373
353
344
347
340
964
992

166
168
171
172

245
246
254
255

218

1,000
1,014
1,007
1,027
1,020
1,008
997
1,001

169

252

994

154
155
155
155

100
101
102
101

170
169
169
169

178
174
177
177

214
214
218
219

154
155

172
172

178
178

451
451

89
87

331
319
322
327
333
339

444
444
445
449
447
447

87
86
86
93
95
95

65
61
62
67
71
70

161
153
157
160
167
174

269
266
269
272
273
278

154
154
153
154
155
153

102
101
101
102
102
101

170
166
165
167
166
165

175
178
176
177
175
170

148
150

390
384

409
400

87
88

79
80

209
205

259
253

65
66

69
70

182
179

150
146

150
149
146
144
141
138
137
140
140
141

390
393
394 I
391
382
372
370
367
366

393
384

88
86
83
78
74
71
69
72
77

79
77
74
72
70
66
65
68
68
70

207
208
207
206
197
189
188
187
189
194

246
241
243
241
237
231
228
233
235
252

67
68
67
68
68
67
67
68
68
68

70
72
72
72
71
72
71
72
72
71

183
184
187
185
185
182
182
180
177
172

146
143
146
148
151
150
146
149
150
152

340
342

365

389
388
388
380
374
383
385
404

78

101
103

189

ALL MEMBER BANKS IN EACH DISTRICT

No. 94.—ALL MEMBER BANKS—DEPOSITS, BY SIZE OF CITY, 1928—Con.
[In millions of dollars. For backfiguressee Annual Report for 1927 (Table 88).]
Net demand plus time
deposits
Federal reserve district and date

Chicago:
Jan. 11
Feb. 8
Mar. 7
Apr. 11_—
May 9
June 13
July 11
Aug. 8
Sept. 12__.
Oct. 10
Nov. 7 . . . .
Dec. 12..._
St. Louis:
Jan. 11
Feb. 8
Mar. 7_._Apr. 11....
May 9
June 13-_July 1 1 . . . .
Aug. 8 _ . . .
Sept. 12...
Oct. 10....
Nov. 7
Dec. 12....
Minneapolis:
Jan. 1 1 . . . Feb. 8
Mar. 7
Apr. ll.___
May 9
June 13
July 11
Aug. 8
Sept. 12-..
Oct. 10
Nov. 7
Dec. 12....
Kansas City:
Jan. 11____
Feb. 8
Mar. 7
Apr. 11
May 9
June 13-__
July 1 1 . . . .
Aug. 8___.
Sept. 12...
Oct. 1 0 - . Nov. 7
Dec. 12....
Dallas:
Jan. 11
Feb. 8
Mar. 7__._
Apr. 1 1 . . . .
May 9
June 13
July 1 1 . . . .
Aug. 1
Sept. 12...
Oct. 10
Nov. 7 . . . .
Dec. 12____
San Francisco:
Jan. 11
Feb. 8
Mar. 7__._
Apr. 11....
May 9
June 13....
July 11
Aug. 8
Sept. 12...
Oct. 10
Nov. 7__._
Dec. 12....

Net demand deposits

Time deposits

Un- 5,000 15,000 100,000 Un- 5,000 15,000 100,000 Un- 5,000 15,000 100,000
to
to
der
and der
der
to
to
and
to
to
and
5,000 15,000 100,000 over 5,000 15,000 100,000 over 5,000 15,000 100,000 over

903
892
903
910
908
900

3,188
3,107
3,144
3,185
3,226
3,288
3,205
3,150
3,214
3,220
3,231
3,265

182
186
195
193
197
192
192
188
190
191
188
182

132
133
134
135
136
134
133
130
129
133
134
135

191
190
187
186
190
190
189
187
183
186
187
195

784
782
765
774
763
743
737
727
730
747
745
751

105
104
103
102
103
102
101
103
104
104

104
73
101
73
98
74
97
74
100
75
101
73
101
72
68
67
70 .
72
73
106

257
255
258
257
258
259
257
254
258
267
268
262

196
199
199
199
201
200
199
201
208
211
209

161
162
165
165
164
173
170
161
172
176
182
181

294
293
295
294
283
286
279
268
280
294
312

105
102
105
103
103
104
102
99
104
112
113
108

83
86
84
83
85
84
84
85
90
92
90

310
309
313
300
299
294
305
311
310
319
319
315

191
185
186
186
186
184
186
186
189
191
191
188

332
331
337
352
344
345
351
351
353
356
350
358

410
419
422
416
416
408
413
416
413
414
412
415

214
211
213
201
200
194
204
210
209
218
218
217

127
121
121
122
121
119
121
120
124
126
126
123

237
243
232
214
219
208
209
211
222
244
259
258

143
147
140
138
139
137
138
136
139
148
151
150

196
199
194
195
195
192
194
189
194
197
201
204

335
343
338
337
339
330
343
333
348
357
353
364

217
222
211
196
198
186
187
189
201
222
238
237

268
262
262
262
263
267
264
267
276
283
288
278

148
142
140
143
140
141
141
140
144
149
151
145

255
249
245
246
253
256
258
253
260
264
270
276

2,426
2,316
2,321
2,411
2,412
2,445
2,411
2,378
2,441
2,441
2,466
2,484

155
149
147
149
150
152
150
151
160
166
170
159

439
443
450
451
455
452
454
450
452
457
455

323
318
321
324
326
327
328
328
331
332
332

857
856
864
885

198
198
196
196
197
196
196
193
193
200
201
202




135
131
134
136
138
138
138
137
138
138
136
133

410 1,936
407 •1, 847
413 1,866
429 1,867
425 1,885
434 1,921
433 1,879
419 1,845
430 1,901
432 1,894
427 1,909
426 1,939

1,252
1,261
1,278
1,318
1,341
1,366
1,326
1,306
1,313
1,326
1,322
1,325

257
256
255
258
258
260
262
261
262
266
267
266

188
188
187
188
188
189
190
191
192
195
195
195

448
449
451
457
464
464
470
473
473
478
481
474

496
485
467
474
463
446
440
429
434
450
447
466

92
94
94
94
94
94
95
95
95
96
97

59
60
60
60
61
61
61
62
62
63
63
62

87

184
180
190
185
176
182
176
165
175
187
204

152
153
153
154
155
155
155
155
154
155
155
154

112
113
113
116
116
116
116
116
117
118
119
119

111
113
108
109
107
104
103
103
104
107
109
110

238
236
240
244
235
235
242
242
244
245
240
249

315
323
325
318
319
311
316
320
315
316
312
316

96

64
64
65
64
65
65
65
66
65
65

94
96
98
97
97
97
97
97

112
115
107
106
106
104
105
103
105
113
116
116

137
139
137
136
134
132
133
128
132
135
137
141

254
260
255
251
252
243
244
237
254
260
257

19
21
21
21
22
22
22
22
22
22
21
21

58
60
57
60
61
61
61
61
62
62
63
63

84
79
78
80
79
81
80
79

156
149
145
147
151
154
152
148
155
158
162
167

1,027
971
947
1,017
1,002
1,032
1,006
983
1,039
1,033
1,052
1,051

113
114
114
114
113
114
114
116
116
117
119
119

99
99
100
99
102
102
105
105
104
107
108
109

84

99
99
101
101
100
101
101
99

61

89

108
109
110
109
109
109
111
110
109

297
298
300
300
297
297
298
296
297
297
285

100
81
83
83
86
87
87
100
96
94
97
96
97

1,399
1,345
1,374
1,394
1,410
1,413
1,405
1,395
1,401
1,408
1,414
1,433

190

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 95.—ALL MEMBER BANKS—RESERVE BALANCES, BY MONTHS, 1927-1928
[Monthly averages of daily figures. In millions of dollars]
Federal Reserve District
Month

New Phila- Cleve- Rich- AtBoston York delphia land mond lanta

Chicago

Min- KanSan
St.
sas Dallas FranLouis neap- City
cisco
olis

1927
January
February..
March
April

864.3
144.5 838. 3
144.1 856.6
145.6 863.3

139.0
136.7
136.9
137.4

178.6
179.9
185.7
184.7

70.1
69.4
68.9
68.3

70.5
69.8
69.5
69.4

324.6
324.6
325.1
328.0

81.4
81.2
81.4
81.6

50.6
49.2
50.3
48.9

88.9
89.1
89.6
89.0

60.7
62.4
62.2
60.9

168.1
167.1
169.7
171.3

May
June
July.....
August..

146.2 875.3
147.9 913.3
151.1 894.8
150.2 880.9

136.1
135.8
136.4
136.8

185.2
187.2
187.1
189.3

68.8
69.5
71.6
72.0

68.4
67.1
66.7
65.6

335.1
334.5
333.9
341.2

81.1
80.8
81.0
80.0

47.7
48.5
49.1
48.3

87.4
87.2
88.8
89.9

59.7
58.5
58.8
58.3

171.3
170.5
169.6
170.5

September.
October
November..
December..

151.0 888.7
155.0 895.9
157.4 922.5
155.1 944.9

138.6
139.4
139.8
138.7

187.4
187.4
188.5
186.3

72.1
71.8
74.1
73.5

67.6 339.7
68.5 343.0
68.6 342.5
69.3 347.2

80.1
82.5
85.3
86.3

51.0
54.0
56.3
55.2

88.9
88.8
91.0
91.3

61.7
64.8
67.7
69.0

173.8
174.9
179. 3
182.3

Pi 1928
January
February. _
March
April

155.9 957.9
151.0 924.4
151.2 931.6
156.3 955.5

141.7
138.5
138.6
139.3

188.9
188.1
186.0
186.7

73.8
72.4
70.6
69.9

70.7 352.1
70.0 345.8
69.4 345.7
69.1 348.1

86.1
85.0
82.8
82.5

53.3
53.1
53.9
52.4

92.1
92.4
92.4
91.9

68.8
69.3
67.1
65.4

185. 2
178.2
175. 8
179.5

May
June
July
August..

153.6
149.3
149.9
147.1

946.8
925.9
902.4
872.0

138. 5
136.2
134.7
132.0

188.7
185.9
186.8
185.8

69.0
68.5
67.2
66.2

68.3
66.6
64.7
63.7

353.2
352.0
351.0
344.8

82.3
80.3
79.7
78.5

51.6
52.9
52.0
50.7

90.6
90.3
91.7
92.4

64.9
64.1
63.7
62.5

180.3
182.5
179.9
178.2

September..
October
November..
December-

149.6 883.2
152.5 889.7
152.0 903.4
148.6 923.4

134.9
134.8
134.4
134.5

190.3
187.8
185.4
183.4

67.6
68.3
69.1
69.6

62.7
63.4
64.8
67.5

352.3
353.3
354.0
353.0

80.1
80.5
81.5
83.4

53.0
55.1
56.1
55.1

92.8
92.5
93.0
93.0

65.5
68.9
71.4
72.2

182.4
185.2
187.3
183.2

Back figures.—See Annual Report for 1927 (Table i




191

ALL MEMBER BANKS IN EACH DISTRICT

No. 96.—ALL MEMBER BANKS—BORROWINGS 1 AT FEDERAL RESERVE BANKS,
BY MONTHS, 1927-1928
[Monthly averages of daily figures. In millions of dollars]
Federal Reserve District
Month

New Philaoston York del- Cleve- Rich- Atphia land mond lanta

1927
January
February
March
April

MinSt. neapLouis olis

Chicago

KanSan
sas Dallas Francisco
City

33.4
29.0
35.8
23.2

118.3
91.2
112.2
121.6

43.7
35.7
41.0
43.7

61.5
38.9
31.7
53.9

22.5
23.4
22.1
22.5

34.2
26.8
31.7
34.1

90.2
78.5
71.1
56.3

19.1
14.6
14.4
16.2

4.1
4.0
4.5
6.1

10.4
9.3
8.6
11.9

5.4
3.1
3.2
4.4

37.8
38.6
48.3
53.3

37.1
33.8
29.7
29.9

137.8
91.9
122.9
118.4

45.8
45.2
46.8
39.6

43.6
41.8
35.4
27.8

25.5
22.4
21.8
19.7

34.6
32.6
36.3
34.7

52.7
63.9
59.7
40.5

24.0
26.3
29.8
24.7

6.7
6.5
6.0
6.1

17.3
16.5
12.5
9.3

4.7
6.2
7.4
12.7

43.1
41.4
45.8
46.1

September
October
November
December

28.4
33.3
36.4
40.2

142.4
126.9
106.5
171.1

38.2
38.4
38.1
47.9

34.8
43.7
46.8
58.6

26.3
28.9
21.5
24.4

31.1
26.0
32.7
36.1

31.4
36.5
46.9
65.0

28.0
21.5
18.1
19.3

4.4
2.7
2.6
3.0

10.7
15.7
18.1
15.2

11.0
7.2
8.4
5.4

35.6
43.7
39.1
42.4

1928
January
February
March
April

23.5
45.2
49.5
44.4

152.9
119.3
130.0
210.9

44.4
53.1
49.2
52.7

51.0
50.8
57.0
60.8

26.9
27.3
27.8
34.6

29.3
28.3
25.2
38.9

59.0
50.9
67.9
87.6

16.6
24.0
26.1
33.1

3.7
4.0
3.3
10.1

12.7
11.4
10.5
18.8

4.3
4.1
3.8
8.0

41.0
52.3
63.1
61.3

May
June
July.__
August

59.6
84.8
68.0
61.1

296.9
376.1
382.6
321.3

60.4
80.2
93.8
99.1

68.4
89.3
100.8
80.1

43.0
48.0
54.9
56.6

51.9
59.8
68.5
76.8

109.5
136.1
156.7
159.4

39.0
52.9
55.1
58.8

10.6
8.5
12.2
18.5

22.9
22.4
23.9
22.7

9.0
11.3
16.7
29.8

64.3
49.4
56.5
76.7

September
October
November
December

50.9
45.9
50.6
65.0

352.3
300.7
238.1
298.7

106.5
93.7
79.3
91.3

77.8
75.5
85.6
108.0

57.2
47.8
42.5
40.8

82.9
79.4
68.7
57.8

113.8
134.1
138.8
178.9

65.0
49.8
43.9
39.6

17.8
18.1
16.0
10.4

24.0
31.3
43.1
44.2

29.6
25.3
21.3
17.9

86.5
73.5
69.6
60.3

May..
June
July
August

_..

i Includes small amounts of borrowing by intermediate credit banks; see Table 101.
Backfigures.—SeeAnnual Report for 1927 (Tables 90 and 55).
No.

9 7 . — N U M B E R O P M E M B E R B A N K S D I S C O U N T I N G P A P E R AT F E D E R A L
R E S E R V E B A N K S , BY F E D E R A L R E S E R V E D I S T R I C T S , 1923-1928
District

1923

1924

1925

1926

1927

1928

Boston
_..
New York
Philadelphia..
Cleveland

313
590
532
470

317
593
525
485

297
600
450
483

286
603
558
466

261
602
552
430

265
623
562
421

Richmond—
Atlanta
Chicago
St. L o u i s - - . . .

453
351
973
362

463
390
922
391

428
320
825
339

430
333
814
330

383
300
746
309

386
315
685
292

MinneapolisKansas City..
Dallas.San Francisco.

559
653
617
460

476
586
492
420

290
410
361
380

270
453
453
347

275
377
318
316

224
381
296
268

Total--.

6,333

6,060

5,183

5,343

4,869

4,718

Back figures.—See Annual Reports for 1922 (Table 48), 1919 (Table 39), 1916 (p. 93), and 1915 (p. 71).




192

ANNUAL REPORT OP THE FEDERAL RESERVE BOARD

CONDITION OF ALL MEMBER BANKS, BY STATES
No.

9 8 . — A L L M E M B E R B A N K S — T O T A L L O A N S AND I N V E S T M E N T S , 1 BY S T A T E S ,

1926-1928
[In millions of dollars]
1926

1928

1927

State
June 30 Dec. 31 Mar. 23 June 30 Oct. 10 Dec. 31 Feb. 28 June 30 Oct. 3 Dec. 31

United States.__ 31,183. 6 31,641.7 31,949.0 32,756.5 33,185.8 34, 246. 9 33, 688.4 35, 061. 2 34, 929. 0 35, 683.9
New England:
180.2
164.1
168.2
Maine
170.0
154.1
167.5
174.7
151.1
184.7
69.2
66.4
New Hampshire69.2
68.0
66.8
73.4
71.5
73.9
68.0
69.0
65.
Vermont
65.5
59.
68.2
69.2
63.6
61.7
70.7
65.0
61.9
Massachusetts. . 1, 612.3 1, 602.8 1, 595.0 1, 662.4 1, 704.4 1, 700.5 1,681.9 1, 738.6 ., 706.5 1,686.3
Rhode I s l a n d . . .
Connecticut
Middle Atlantic:
New Y o r k . . .
New Jersey
Pennsylvania.._
East North Central:
Ohio
Indiana
Illinois.-.
Michigan
Wisconsin
West North Central:
Minnesota
Iowa
_.
Missouri
North D a k o t a . _
South Dakota
Nebraska
Kansas.
South Atlantic:
Delaware.
Maryland
Dist.of Columbia
Virginia
West Virginia...
North CarolinaSouth CarolinaGeorgia
Florida
East South Central:
Kentucky
Tennessee
AlabamaMississippi
West South Central:
Arkansas
Louisiana
Oklahoma
Texas
Mountain:
Montana
_.
Idaho
_
Wyoming
Colorado
New Mexico
Arizona
Utah.
Nevada
Pacific:
Washington
Oregon
California

306.8
254.6

316.1
264.9

321.4
271.9

326.0
293.8

329.9
303.7

333.5
306.0

336.3
304.7

335.6
321.1

330.4
317.0

335.0
318.7

8,220. 5 8,512.5 8,430.9 8,923.1 8,897.2 9,673.9 9,171.5 9,768. Oj 9,492.6 10,, 238. 2
>
1, 277.0 1, 347.3 1,356.8! 1,392.7 1.430.8 1,472.2] 1,453.3 1,528.4! 1, 531.4 1, 548.6
3, 342.2 3,398.9 3,502.4| 3,486.1 3, 538. 6 3,554.8 3,560.8 3,693.0! 3. 682.0 3,651.5
!,
1, 813.3 1, 780. 6 1,810.0! 1,868.8 1, 926.5 1,872.1 1, 903. 6 1,946.3 1, 970.2 1,949. 0
429.7
399.3
394.4
422.0
401.6
409.3
385.2| 400. 5
436.0
401.1
2,389.9 2,383.9 2,421.1 2,493.5 2, 535.8 2, 630. 5 2, 617.7 2,762.5 2, 759.2 2, 776. 2
1, 302. 7 1, 305.0 1,313.6! 1,358.4 1, 348.0 1,350.7 1, 356. 5 1,459.2 1, 461.4 1, 472.3
459.8
490.2! 496.1
456.1
494.6
478.0
466. 6i 466.1
468.8
462.6
522.0
387.9
890.3
80.7
67.5
178.9
188.6

516.9j
359.0
871.8
75.0
60.3
172.0
189.6

515.9:
362. 7i
893. 2i
74.9|
59.61
173. lj
191.6!

509.5
357.8
898.0
72.6
59.6
167.2
194.2

532.3
362.4
899.0
74.6
62.3
173.3
194.2

541.1
361.0
917.8
74.9
63.1
176.4
199.4

540.1
363.8
913.8
73.7
63.8
181.1
198.2

535.9
359.4
922. 2i
73.8|
66.8
183.2
204.3

542.9
369.4
915.6
73.4
69.1
188.7
210.1

537.5
363.8
916.4
75.1
68.4
190.8
209.3

54.1
300.7
117.5
374.5
196.8
211.5
114.8
251.3
275.8

56.9
303.2
117.3
374.2
198.4
202.2
112.4
244.6
258.2

61.0'
311.3;
122.4!
375.71
198.9
203.1
110. 5i
249.21
255.9

62.7
313.4
125.3
382.1
202.9
208.7
113.0
252.4
238.3

64.2
333.6
126.2
393.6
202.1
220.4
116.2
266.8
228.7

64.5
328.5
122.1
400.8
201.2
222.7
121.1
257.1
222.5

65.7
314.3
128.0
394.1
197.6
223.5
118.5
255.7
220.9

69.5
308.3
130.4
392.4
200. 2
227.1
121.41
220.4j

75.7
316.4
127.6
391.5
198.3
227.6
112.8
262.5
204.9

85.9
312.8
129.2
397.4
200.7
222.2
112.1
260.4
203.1

283.2
252.2
194.4
82.0

290.7
253.7
196.3
79.1

298.1
251.1
194.81
82.4

304.9
253.4
197.1
75.0

314.5
260.3
207.6
77.8

317. l|
270.8!
212. 7!
77.9!

316.8
270.8
209.0
79.2

318.5
271.6
218.3
79.2

332.4
271.9
225.8
80.2

342.2
274.5
231.7
77.6

127.9
264.2
299.8
741.5

118.3
273.4
291.3
741.2

114.3
264.5!
304.9
778.0

116. 5
260.7
305.4
767. 5|

120.5
262.8
307.8
811.2

120. 5
273. 2]
313. 5l
830.1

122.0
250.4
312.1
838.5

125.0
261.8
328.4
848.1

129.6
287.2
330.5
889.3

126.2
287.8
337.2
917.7

90.9
51.6
32.7
216.6
21.
30.0
79.1
15.0

94.1
54.2
34.3
222.7
23.4
29.9
79.4
15.4

93.5
52.4
32.7
226.4
23.5
30.9
78.0
14.9

93.6
51.2
33.2
215.8
23.7
32.7
75.5
15.3

98.2
51.4
32.9
225.1
24.0
32.7
76.7
15.6

105.8
52.1
34.6
226.9
27.9
38.2
81.
15.3

107.4
52.8
34.6
224.0
28.1
41.4
82.5!
16.6

117.4
54.0
35.7
230.1
28.4
40.5
83.9
16.5

126.2
54.0
37.7
228.2
30.9
43.7
87.0
17.0

299.3
282.8
281.5
275.1
278.0
202.0
196.1
194.2
198.3
198.0
2,043. 7 2,197. 7 2,294.0 2,315.0 2.317.9

314.9
296.6
206.7
203.0
2,386.4 2,444.7

316.1
319.5
210.9
209.9
,488. 6 2,448.8

1 Includes rediscounts and overdrafts; excludes acceptances of other banks and bills of exchange sold with
indorsement.
Back figures.—See Annual Report for 1927 (Table 91).




ALL MEMBER BANKS, BY STATES
No.

193

99.—ALL MEMBER BANKS—TOTAL LOANS,1 BY STATES, 1926-1928
[In millions of dollars]

1926

1928

1927

State
June 30 Dec. 31 Mar. 23 June 30 Oct. 10 Dec. 31 Feb. 28 June 30

Oct. 3 Dec. 31

United States— 22,060. 2 22, 652. 0 22,327. 0 22,938.2 23, 226. 5 23,886. 4 23,098.9 24,302.8 24,325.0 25,155. 3
New England:
Maine.
New Hampshire
Vermont
Massachusetts __
Rhode Island.__
Connecticut
Middle Atlantic:
New York
New Jersey
Pennsylvania. __
East North Central:
Ohio....
Indiana
Illinois
Michigan
Wisconsin
West North Central:
Minnesota
_
Iowa
Missouri __
North D a k o t a . . .
South D a k o t a Nebraska
Kansas
South Atlantic:
Delaware
Maryland
Dist. of Columbia..
Virginia
West Virginia.._
North Carolina .
South Carolina..
Georgia.._
_
Florida
East South Central:
Kentucky
Tennessee
Alabama
Mississippi
West South Central:
Arkansas
Louisiana
Oklahoma
Texas
Mountain:
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona...
_
Utah..
_
Nevada
PacificWashington
Oregon
California

91.3
83.3
85.9
87.0
95.9
97.3
93.1
80.8
91.4
42.6
41.2
44.2
44.2
40.8
40.3
40.7
40.6
39.4
39.
37.7
41.7
39.4
40.5
37.7
36.6
37.4
^.. .
35.
35.
34.6
1, 202. 4 1, 203.0 1,173. 5 1,208.91 1,237.9 1,228. 6 1, 208. 5 1,291.1 1, 253. 5 1,265.9
193.5
189.4
183.5
191.5
187.6
186.8
185.8| 188. 2
185.6
181.2
185.4
237.7
232.7
232.6
216.6
190.4
176.6
218.6
208. 4
216. 5
5, 739. 0 6,137. 5,881. 3 6,277.5! 6,342.4 6,984.6 6,378.6 6, 914.1 6, 726. 3 7, 511. 7
947. 3 i 930.0
985.0 1, 002. 6 1,030. 5
795.9
888.6! 905.4
860.0
864.5
2,046.0 2,100.4 2,095. 0 2,083.6 2,092.1 2,070.0; 2,068.4 2,207. 3 2,222.1 2, 242. 6
1, 363. 5 1, 351. 1, 348. 3 1. 384.8 1,416. 7 1,386.9' 1,397.2 1,421.5 1,450.8 1,445. 6
277.9l
271. 5
284.1
284.9
294.2
288.4
273.4
278.4
270.6
279.3
1, 773. 7 1, 810. 6 1, 770. 6 1,847. 7 1,904. 6 1,918.5! 1,879.4 2,009.2 2,049. 3 2,063. 3
950.7
935. ll; 1,027. 9 1,043. 6 1,062.1
958.2
911.4
897.0
935.4
915.2
315.1
320.7| 333. ~ 343.8
323.1
322.5
326.1
348.7
317.5
319.7
341.2
295.4
627.0
54.1
45.3
144.3
139. 3 i

341.4
270.
620.4
49.
39.4
135.3
135.1

329.4
269.1
615.4
50.1
38.8
130.9
.9
138..0

322.6
259.8
620.9
49.3
38.2
128.3
137.6

341.6
258.3
621.1
50.1
39.3
132.2
135.2

337.4
258. 3
630. 5
47.6
38.6
131.2
136.8

331. 7
259. 2
620.0
46.1
38.6
136.2
136.7

325.9
250.4
615.9
46.7
40.3
129.8
136.0

334.2
256.3
624.9
46.4
41.4
133.2
138.8

333.1
251.7
613.7
46.3
39.8
133.2
135.0

33.5

36.5
209.

39.6
209.4

40.7
206.6

41.8
214.0

42.5
206.2

44.0

50.3
202.7

55. J
214.i

67.7
211.3

85.3
314.2
156. 7
184.0
92.6
213.8
193.7

313.0
160.6
177.7
88.0
206.9
179.8

91.9
314.3
156. 6i
174.0
85.7
203.9
172.6

92.9
317.4
158.9
177.4
85.2
208.1
153.9

94.3
322.6
157.6
183.3
85.7
218.2
143.1

90.1
328.4
158.4
181.5
88. 2
202.8
139.4

94.3
320.6
153. 9
183.1
86.5
201.0
140. 7

96.3
317.6
155.3
187.5
86.4
217.8
139.6

92.6
317.1
153.3
188.6
82.2
207.3
123.4

95.4
319.5
157.5
181.9
82.2
203.7
121.4

219.
217.5
156.4
62.4

223.3
218.8
155.9
58.

220.7
215.4
153. 3
59.7

223.0
216.1
154.6
53.2

224.9
222.4
162.9
57.2

227.1
229.4!
164. 6
56.1

225.4
226. 7
163.1
57. 9!

230.2
225.2
169.5
58.5

246.9
225.5
174.7
60.9

254.4
225.1
179.5
57.0

107.2
222.6
205.4
596.4

99.2
233.6
190.1
599.0

95.1
220.9
201.3
618.4

94.8
214.
198.4
604.1

96.9
218.3
198.3
637.8

95.5
218.9
199.9
643.8

94.5
210.3
196.6
651.8

95.8
215.6
207.1
641.5

98.7
227.1
208.2
672.4

93.4
224.2
209.7
680.9

58.
35.
22.4
131.8
14.
22.0
58.5
10.3

58.3
36.4
23.2
135.8
15.1
19.6
61.2
10.7

57.1
35.3
21.
137.7
15.0
20.3
59.
10.2

58.1
34.4
22.3
128.4
14.
21.2
57.4
10.5

61.3
33.8
21.8
136.0
15.6
21.2
58.0
10.8

62.8
34.3
22.7
134.3
17.2
22.6
64.8
10.3

66.0
33.5
22.3
134.8
17.7
25.1
62.3
10.2

67.
33.7
22.6
134.4
17.4
26.3
61.9
11.2

72.5
34.5
23.3
143.4
18.2
24.0
62.8
11.4

78.3
34.5
23.2
140.7
19.4
25.3
64.5
11.7

184.2
179.0
179.1
185.7
187.8
197.2
194.6
177.6
181.1
195.7
112.1
127.1
121.2
122.3
118.6
106.7
120.5
110.8
109.5
109.7
1, 519. 4 1,642.4 1,699.7 1, 713. 6 1,695. 5 1, 716. 2 1, 668.8 1, 712. 0 1, 729.8 1, 672. 5

1
Includes rediscounts and overdrafts; excludes acceptances of other banks and bills of exchange sold
with indorsement.
Back figures.—SGQ Annual Report for 1927 (Table 92).




194

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No.

100.—ALL MEMBER

I

1926

BANKS—INVESTMENTS,

1927

BY STATES

1928

State
June 30 Dec. 31 Mar. 23 June 30 Oct. 10 Dec. 31 Feb. 28 June 30 Oct. 3
United S t a t e s . . .

9,123.4

Dec. 31

1.7 9,621.9 9,818. 3 9,959. 3 10, 360. 5 10, 589. 5 10, 758. 4 10, 604. 0 10, 528. 7

New England:
70.3
81.6
78.4
76.3
Maine
70.i
84.3
78.7
82.3
87.4
80.5
New Hampshire.
29.2
27.4
27.0
27.0
29.1
28.9
28.4
27.8
27.3
28.9
29.0
28.6
26.3
25.9
24.7
Vermont
28.8
27.9
27.3
28.8
26.2
453.1
420.4
447.4
471.9
466.5
421.5
399.
409.9
Massachusetts473.2
453.5
138.8
146.2
145.9
141.7
Rhode Island
141.5
149.6
135.8
125.6
132.6
140.2
84.4
88.3
87.4
87.2
88.1
81.0
81.5
78.0
Connecticut
79.5
85.4
Middle Atlantic:
New Y o r k . . .
2,481. 5 2, 374. 6 2, 549.6 2, 645. 6 2, 554.8 2,689.3 2, 792.9 2,853.9 2, 766. 3 2, 726. 5
496.8
518.1
504.1
482.8
481.1
New Jersey
528.7
543.5
523.4
524."
525.4
Pennsylvania. ._ 1, 296. 2 1, 298. 5 1,407.4 1, 402. 5 1,446. 5 1,484.8 1,492. 4 1,485. 7 1,459. 9 1,408. 9
East North Central:
I
503.3
461.7
428.8
Ohio....
_
449.8
506.4
485.2
524. 8j 519.5
509.8
484.0
141.8
114.6
115.1
114.4
Indiana..
141.3
137.9
130.1
131.4
127.7
122.1
712.9
650.5
616.2
Illinois
709.9
573.3
753.3
631.2
738.3
712.0
645.8
410.2
416.6
391.3
Michigan..
417.9
431.3
412.6
389.8
421.5
400.0
400.2
145.9
140.5
137.3
152.2
156.3
145.1
Wisconsin
136.4
157.3
153.7
143.0
West North Central:
204.4
186.5
175.5
180.8
Minnesota
208.7
208.5
186.
210.1
203.7
190.7
93.6
88.1
92.5
Iowa
113.11 112.1
104.7
109.0
104.1
98.0
102.7
Missouri.
293.8
251.4
263.3
306. 31 290. 7j 302.7
277.9
277.1
277.
287.3
28.8
North Dakota
27.6
25.1
26.6
27.1
24.5
27. 0i
24.8
23.3
27.3
28.6
25.2
20.9
22.2
South D a k o t a . . .
26.5
23.0
27.8!!
20.8
21.4
24.5
57.5
44.9
36 7
34.6
53.4
41.1
Nebraska
55. 5
42.2
38.'
45.2
74.3
61.5
54! 5
49.3
68.2
59.0
71. 3j
53.6
Kansas
_
56.1
62.6
South Atlantic18.2
Delaware
_
21.4
20.4
19.9
19.3
22.4
20.6
21.6
22.0
22.0!
101.5
Maryland
93.4
92.1
101
105.7
101.9
122. 3f 116.1
139.
106.8
District of Col33.7
umbia
34.2
30.5
30.7
32.2
34.9
33.7
32.4
31.9
32.0]
77.8
61.4
61.2
60.3
74.9
64.7
Virginia
74.4!
73.5
71.0
72.4
42.3
37.8
40.1
43.2
42.81
44.0
45.0
44.9
44.5
West Virginia
43.7
41.21
29.1
24.5
27.5
31.3
40.3
39.0
37.1
North Carolina _
39.7
40.3
32.9)
24.8
24.4
22.2
30.6
30.5
South C a r o l i n a 29.9
35.0
31.9
27.8
54.3
45.3
37.7
37.5
55.3
48.6
Georgia
56.8
48.6
54.
44.3
83.1
83.3
78.4
82.1
81.5
85.6
Florida
81.7
80.2
80.
84.4
j
East South Central:
77.4
67.4
87.8
85.4
88.3
91.4
81.9
63.6
Kentucky
89.6
90.0
35.7
34.9
49.4
46.4
46.3
44.1
37.3
34.7
Tennessee
37.9
41.4
41.5
40.4
52.3
51.2
48.8
45.9
42.5
38.0
44.7
Alabama.
48.1
22.7
20.8
20.7
19.3
20.7
21.2
21.8
19.6
20.6
Mississippi
21.81
West South Central:
19.2
20.7
19.1
32.9
30.9j
29.1
27.5
25.
21.7
Arkansas
23.6
41.6
60.1
46.2
40.1
44.5
45.8
43.6
Louisiana
63.6
54.3!
39.
94.4
109.5
122. 3| 127.5
121.3
107.0
Oklahoma
113. 6| 115.5
103.
101.2
173.4
145.1
216.9
206.6
186.7
163.4
Texas..
236.8
186.3
142.2
159.6
Mountain:
36.4
32.3
47.8
39.5
35.5
35.8
44.8
39.'
Montana
_
39.8
17.1
17.
15.7
19.5
19.1
17.6
16.8
Idaho
....
19.5
18.6
11.1
10.9
10.3
Wyoming
14.4
12.0
12.41
11.1
10.9
12.3
12.3
86.9
88.7
84.8
87.4
89.7
89.71
89.1
87.4
Colorado
86.7|
92.1
8.5
8.3
11.5
10.7
10. Oi
8.4
9.1
7.0
New Mexico
10.21
10.2
10.6
10.3
18.5
15.1
13. Oj
11.5
11.5
8.0
16.5
Arizona
13.1
18.2
18.2
22.5
20.6
18.3|
18.7
18.1
Utah...
21.1
20.6
19.4
4.7
5.3
5.4
4.9|
5.1
4.7
4.7
5.1
4.8
4.8
Nevada
Pacific102.4
93.8
Washington
123.8
120.3
117. Oj 119.0
111.5
101.7
96.1
118.9
75.6
70.9
Oregon
80.8
76.0
100.2
97.2
93.7
75.6
100. ll
96.3
622.4
594.3
555.3
524.3
776.3
732.8
681.2
601.4
California
758.8
717.7

Back figures.—See Annual Report for 1927 (Table 93).




195

ALL MEMBER BANKS, BY STATES

No. 101.—ALL MEMBER BANKS—BORROWINGS FROM FEDERAL RESERVE BANKS,

BY STATES, 1927-1928
[End of months figures. In thousands of dollars]
1927 !
State
Jan.

Feb.

Mar.

Maine
1,781
1,634 1,
N. Hampshire. 1,550 1,779 1,644
Vermont
1,246 1,370 1,530
Massachusetts. 23,265 33,330 40, 281
394
Rhode Island.. 1,595
93
Connecticut
2,617 4,004 5,088

Apr.

May

June

July

1,155 1,319 2,300
1,225 2,113 2,231
1,248 1,041 1,375
16,966 45,293 35, 360
30 4,263
487
3,443 3,005 4,354

Oct.

Aug.

733
951
1,366
927
1,078
884
33, 511 28, 760
1,304 2,047
3,343 4,439

Nov.

Dec.

1,473
2,394
805
636
730
875
649
558
783 1,128
25, 520 20,388 33,404 24,314
552
304
787
1,772
2,530 2,504 3,096 3,083

New York
New Jersey
Pennsylvania-

90,135 120,431 53,083 127,888 72,497 73, 559 76, 794 84, 443 104,472 83,170 129,769 266,687
25, 951 22, 226 24, 434 25, 012 24, 989 25, 548 30,156 24,924 25, 258 22, 225 22,140i 19,150
49, 741 45, 242 51,733 46, 622 57,920104,217
47,802 48,122 80, 587 57,341 77, 521

Ohio
Indiana..
Illinois
Michigan
Wisconsin

23,982
6,246
18,439
36, 679
8,406

Minnesota
Iowa
_..
Missouri
North DakotaSouth Dakota. .
Nebraska
Kansas

15,860
7,890
29,492
31, 267
7,103

1,981
8,259 6,532
6,903 9,621
826
713
929
951
5,753 3,252
1,556 1,312

Delaware
644
499
Maryland
4,106 5,126
Dist. Columbia
438
865
Virginia
6,269
7,
West Virginia. _ 2,640 2,317
North Carolina 4,580 4,586
South Carolina. 4,321 4, 576
Georgia
4,309 4,461
Florida
_._ 5,""" 4,982
Kentucky
3,299 3,112
5,537 5,537
Tennessee
4,299 5,507
Alabama
2,122 1,573
Mississippi....
Arkansas
Louisiana
Oklahoma
Texas

1,989
8,804
1,291
3,328

Montana
Idaho...
Wyoming
Colorado
New Mexico.,
Arizona
Utah
Nevada

77
567
57
2,179
47
326
871

Washington
Oregon
California
1

17.136
4,302
51,134
20, 585
9,228

17,458 15,633 20,777 21,992
3,522 4,0551 4,975 5,189
, 1
24,408 26,334 18,996 19,662
18,445
11,122 14, 864 24, 6441 18445
9,030
11,008 7,513

l,547i
3,772 3,754 3,471
6,280 5,810 3,463 3, 509|
V
17.137 17, 232 23,104 27, 646 17,1411
791 1, ~ " 1,199 1,171 1,554
953 1,037 1,095 1, 262 i 1,479
2,434 7,467 6,745 2,289 1,674
1,493 2,078 2,927 2,314 1,794

857
2, 545
1,070
5,167
2,134
5, 758
4,612
5,332
3,448

813
3,163
1,020
6,491
2,984
6,484
4,242
5,374
2,441

4,342
704
7,349
2,954
7,447
2,636
5,505
1,955

4,231 2, 283
3,033 3,633
8,557 7,139
ir ' 2,520
1,185 1,542
1,277 1,
10,100: 12,146 19,688 13,961
l,095i 1,546 1,787 2,094
2,827| 3,130 3,531 5,147
115|
540|
711

2,500
3,057
7, 514
1,382

165
604

1,5011 1,325
105! 146
323 175
753 541

303
770
87
1,702
144
198
1,938

534
1,184
152
2,729
96
534
1,719

13,485 21,483 24,403 15, 868
3,545 3,577 1,686
3,321
9,712 17, 639 25, 266 23, 797
13, 751 10, 691 21, 582 27,696
4,679 3,944 4,132 3,320

722
1,033 2,375
4,555 6,870 4,023
9,913 11, 837 11, 475
312
319
427
695
640
570
5,167 9,119 4,705
3,639 2,"
1,246

1,416
3,461
2,913
17,850 16,947
830
1,761
794
1,283
1,310 1, 6971
1,338 1,417

3171
532
646
2, 742| 1,477 5,150
115 1,315
485
5, 002J 7,520 11, 267
2, 2811 2,455 3,227
6,802i 7,856 6,977
2, 030} 2,800 2,607 1,529
5,882 6,457 5,467
6, 5711
1,8171 2,504 3,445 4,142
81
5,278
3,441

7, 7991 8,199
2, 314, 4, 028!
6,107| 6,177
3,045i

15, 535
3,115
14,203
27,231
6,658

711
5,547
1,465
11, 289
2,497
5,293
1,323
4, 722
4,406

474
5,498
920
500
5,877 11,894
1,631 5,363
2,429 1,998
1,671 1,425
6,575 3,582
3,502 2,619

9,667
3,914
2,830
1,945

6,911 6,663
3,096 2,845
5,380 2,411
1,563 1,239

6,593 9,575
5,276 6,879
5,310 3,670
4,028 3,725

783

7,

210
1,353 2,343 3,306 4,550 2, 332 2,001
11,125 20,169 12, 612 8,736 11,156 21, 557 16, 620
688
2,316
1,995 2,583 4,695 2,388 1,245
848
5,481
9,393 12, 574 4,767 10, 323
761
1,582
278
3, 568
258
346
2,201

604
1,217
192
1,503
170
240
995

768
1,328
427
1,366
186
389
1,977

393
7791
230
1,388
200
325
1,171

79
551
104
1,938
99
284
952

30
351
1,282
10
180

21
161
48
1,018
190
168

330
2,421 1,613 2, 254 1,
1,622 2,304 1,782
855 2,116 1,946 3,271
393
875
247
672
492
3,568 4,957 4, 254 2,332 1,850 1,684 1,811
33,921 44,385 35,572 52, 647 29, 754 30,470 44,064 38, 763 46, 218 38,955 38, 490 3,978

Figures given include borrowings by Federal intermediate credit banks as follows:
Jan.
Missouri
Washington
California

Feb.

1,350

100

Mar. Apr. May

June

July

650

1,050

Aug. Sept. Oct.

Nov. Dec.
123




106

400

600

123

1,000

2,150

196

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 101.—ALL MEMBER BANKS—BORROWINGS FROM FEDERAL RESERVE BANKS,
BY STATES, 1927-1928—Continued
[End of months figures. In thousands of dollars]
1928 2

State
Jan.

Feb. Mar. Apr. May June

July

Aug. Sept.

Oct. Nov. Dec,

752
718
909 1,072 2,123 2,672 1,901 1,309 1,378 2,204 2,184 1,810
Maine
1,446 1,802
1,112 1, 305 2,746 1,332 2,334 2,584 1,340 1,675 1,7" 1,502
N. Hampshire.
992
934
980
794 1,356
534
698
1,029 1,711 1,358 1,204
937
Vermont
Massachusetts. 33,751 49, 918 44, 350 36,340 69, 264 62, 703 48, 727 39, 314 34, 270 19,144 58, 729 53, 583
396 1,225
593 5,918 4,291 8,310 7,368 8,923 6,113 7,907 6,830
102
Rhode Island..
Connecticut
I 2,196 3, 260 1,809 1,759 5,203 7,619 6,713 6,246 7,092 4,436 5,632 5,522
N e w York
103,025 69,063128, 001 262, 280 328,125 415, 561 273, 071 247, 904 324,420 218, 675 304,468 425, 657
5,67
""
19, 923 19,642 23,051 32,784 35,636 44,111 52,000 49, 245 51,620 48, 685 50, 341 46, 220
N e w Jersey
P e n n s y l v a n i a . - 59,006 83,277 80,029 82, 553 103, 524 143,416 123, 920 149, 496 135, 274 104,113 112, 818 113,477

43, 741
5,191
74,320
59,147
15,555

50,436
8,940
77,243
50, 501
12,528

44, 738
9,992
99, 335
42,281
17,025

39,432
7,628
49,009
47,418
17,161

41,622
10,128
88,353
46,584
21,020!

53,206
6,282
96,613
45,746
18,906

50,357
7,047
72,417
42,224
21, 912

2,408 2, 895j 2, 696 12, 814 8,371 5,696
Minnesota
4, 586
3, 772! 3, 887 3,599 4,015 1,547
Iowa
16,2281 20, 277| 24,168 20, 753 45, 216 43, 707
Missouri..
575
472
369; 543
688
734
North D a k o t a 391
421
619
508| 381
511
South D a k o t a . .
4,182 2,940 4,429 5,990 4,992 2,329
Nebraska
1,199! 1,061! 1,052 1,452 3,269 1,969
Kansas

11, 674
2,927
39, 304
1,050
558
3,723
963

17, 550
2,833
52, 773
1,475
547
2,523
1, 722

12, 391
4, 618
34, 464
972
436
4,644
4,026

12,47
6,835
23, 849
395
414
11,066
11, 799

14,094
9,487
29,146
523
587
16,354
15,0131

3,122
6,696
20,273
347
445
13, 589
10,617

597
979 1,977 3,063 1,283 1,431
719!
620
Delaware
11,744 5, 315! 3,747 9,547 11,214 8,323 5,894 8,161
Maryland
550
245 1,520 3,895 3,770 1,470
320|
Dist. Columbia.
9, 297!'II~868| 13, 347 14,257 15, 394 19, 755 20, 703 22,832
Virginia
West Virginia.. 3,367 2, 710 3,543 3,497 3,951 5,847 5,665 6,225
N o r t h Carolina- 4,738 7, 602j 7,449 10,043 10,105 12, 563 18, 407 21, 614
South Carolina- 2,1721 2, 610; 3,471 4,358 3,739 2,812 5,101 4,496
4, 013! 5. 2291 7,041 20, 600 23,114 14,191 22, 523 19,306
Georgia
1,799 L 946| 1,345 1,360 2,643
985 3,353 4,512
Florida

1,295
7,652
1,320

1,494 If!
6,775 13, 727
2,121 2,447

1,415
7,802
4,471
15, 762
4,702
6,286
1,390
6,776
3,963

Ohio
Indiana.Illinois
Michigan.
Wisconsin.

Kentucky
Tennessee
Alabama
Mississippi
Arkansas
Louisiana
Oklahoma
Texas
Montana.
Idaho
Wyoming
Colorado
N e w Mexico
Arizona..
Utah
Washington
Oregon
California
2

12, 783
3,587
15, 356
17,884j
2,735

34,405 33,392 28,779 42,039
6,209 4,825 5,491 4,361
18, 645 66,447 63,390 64,288
23,093; 23,152 33,599 52,692
12,932j 16,557 14, 781 13,837

2,177 3, 587!
1, 842! 2, 803'
4,6411 4,96l!
1, 225^ 1, 639!

20,461
4, 052
18, 310
4,066
20, 242
3,903

16,458
5,386
11, 738
3,549
15, 652
8,281

8,276 14, 597 14, 783 13, 935 15, 242 19,175 17, 460 17, 468
1,900
4,540 4,378 5, 444 7,349 9,148 14, 607 8,039
6,412 10,412 8,632 11,075 13, 879 19, 019 19,136 19, 330
3,456 4,103 5,464 5,180 5,846 6,814 6,815 4,705

4,973 7,559
21, 7! " 28, 900
4,618
3,9!
24,133 27, 780

14, 408
4,186
8,065
4,169
15, 528
8,961
16, 855
5, 736
15, 874
3,218

16,044
6,373
11,288
1,401

7,'
6,934 2,543
375
30, 972 25,162 14,371 11,368
1,199
497
4,248
26,156 21* 350 20, 616 10,918

2,529 2,077
13,889 20, 703
3,656 5,006
9,302

2,680
15, 688
4,646
8,192

126
339
103
3,407
175
184
2,163

250
405
129
3,773
77
180
1,644

231
554
96
1,305
178
187
1,278

1, 543! 1, 3171 1, 566 3,540
9581 1,948| 2,203 3,463
45,210 60,869| 48,191 81,553

3,720
3,077

2,492 6,104 5,079 2,011 7,506 6,043 2,652
1,948 1,763 1,849 1,718 1,615
l, r • - 1 , " "
9,873 55,984 83,607 65,784 59,767 70, 207 32,837

2, 688
2, 017! 1, i
13,853! 12,926! 9,014
1, 325j 1, 66l| 2, 287
4, 960! 1, 949 3, 991
l!
1991
48|
1, 5421
129
164
255!

39j
234!
2, 5611
124
183
368|

33
241
2
2,527
187
198

218
505
275
251
658
664
222
212
151
2, 792 3,541 2,766
242
176
242
170
205
193
1,657 1,912

100
60
101
150
139
35
5,360 3,630
152
147
140
897 1,718

213
35
7
2,309
15
133
16

Figures given include borrowings by Federal intermediate credit banks as follows:
Jan.
Minnesota.. _ .
Missouri
Nebraska
Kansas
South Carolina
Louisiana..
Washington
California

123

57

7
245

600

Less than $500.




7
565

7

June J u l y

7

7
745

Aug.

Sept.

Oct.

1,846

Feb. Mar. Apr. M a y

1,627

1,298

481
499

1,318
2,160

1,378
7,495
244

200
831

1,285

60

100
405

150

Nov.
683
1,672
7,495
506
400
1,116

Dec.
500
1,642
7,495
250
900
1,096
758

197

ALL MEMBER BANKS, BY STATES

No. 102.—NUMBER OF MEMBER BANKS DISCOUNTING PAPER AT FEDERAL
RESERVE BANKS, BY STATES, 1923-1928

State
New England:
Main p.
New Hampshire
Vermont
Massachusetts
Rhode Island ».
Connecticut
Mi ddle Atlantic:
New York
New Jersey
Pp,nnsvlva.nia_

1923

1926

1927

1928

|

42
42
36
148
13
45

37
39
28
146
14
41

33
39
30
135
12
46

31
36
28
126
6
44

29
37
22
133
11
43

!
:

433
220
587

436
221
592

438
235
509

429
247
613

418
261
596

437
264
610

282
176
335
185
107

281
169
342
177
95

285
149
311
161
73

276
141
321
174
68

251
135
286
182
71

241
131
267
166
78

333
121
118
105
149
128

139
303
123
106
95
133
118

99
265
110
52
52
108
74

91
230
108
53
59
112
95

85
190
124
66
52
109
87

80
153
116
61
36
97
105

17
62
12
146
75
87
81
143
48

15
58
11
155
92
80
78
156
42

15
54
9
146
82
78
69
131
17

14
54
10
143
83
75
74
121
41

16
53
9
124
74
72
59
104
35

16
50
9
132
77
78
48
108
36

71
62
75
30

75
80
90
32

67
63
88
26

60
65
88
31

52
56
79
32

51
53
92
33

81
40
259
523

88
41
237
415

77
35
146
309

74
28
167
417

59
29
100
290

55
30
102
267

132
83
27
89
41
22
38
1

102
66
27
76
27
19
34
1

60
56
11
72
21
8
36
1

48
38
9
67
14
8
33

45
38
10
60
10
6
33

25
28
8
51
12
3
35

101
63
161

Ohio.
Indiana
Illinois
__
MinhiEran
Wisconsin
We>st North Central:
Minnesota
Iowa
Missouri

87
61
159

82
60
138

78
57
134

73
56
111

67
48
87

6, 333

6,060

5,183

5,343

4,869

4,718

;

..
i
!

North Dakota

South Dakota
Nebraska.
Kansas. _ .
Soi ith Atlantic:
Delaware
Maryland
District of Columbia _
Virginia
West Virginia
North Carolina-- . .
South Carolina
Georgia..
Florida
Ea st South Central:
Kentucky
.
. . .
Tennessee
Alabama
Mississippi
We st South Central:
Arkansas
Louisiana.
_ . .
Oklahoma
Texas.
MJMontana
<untain:
Idaho
Wvnminff
Colorado
New Mexico
Arizona.
- .
.
Utah
Np.va.da,
Pac ific:
Washington
Oreeron
California
-

1925

40
42
29
153
13
46

_

East North Central:

Total

1924

.

.

. .

.

.

Back figures.—See Annual Reports for 1922 (Table 49), 1919 (Table 30), 1918 (Table 23), and 1917 (p. 104).




198

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

CONDITION OF REPORTING MEMBER BANKS IN EACH
DISTRICT
N o . 1 0 3 . — R E P O E T I N G M E M B E R B A N K S — L O A N S , I N V E S T M E N T S , AND B O R R O W I N G S
AT F E D E R A L R E S E R V E B A N K S , BY M O N T H S , 1 1927-28 ( R E V I S E D S E R I E S )

[Monthly averages of weekly figures. In millions of dollars]
] federal

Boston

Total loans and investments:
1,347
1927—January
February. _ 1,347

Reserve Dis trict

New Phila- Cleve- Rich- AtdelYork phia land mond lanta

ChiSt. Min- Kan- Dal- San
sas
cago Louis neap- City las Franolis
cisco

1,375
1,368
1,377
1,419
1,446
1,425
1,448
1,487
1,508
1,500

7,266
7,132
7,327
7,413
7,538
7,690
7,590
7,540
7,681
7,779
7,920
8,074

1,175
1,162
1,180
1,185
1,175
1,179
1,182
1,186
1,207
1,223
1,210
1,208

1,977
1,966
2,038
2,048
2.076
2,080
2,064
2,081
2,096
2,109
2,082
2,095

651
656
659
660
659
664
674
683
691
698
695
696

602
597
610
614
609
607
600
594
608
619
619
629

2,969
2,983
3,004
3,002
3,053
3,080
3,096
3,113
3,132
3,147
3,162
3,143

691
692
697
697
706
697
700
699
705
715
722
732

356
358
364
357
349
355
353
350
362
375
393
389

614
623
633
630
629
629
633
637
636
634
638
647

386
400
410
406
403
405
404
403
417
428
440
443

1,652
1,643
1,693
1,687
1,700
1,700
1,662
1,644
1,669
1,705
1,722
1,772

1,492
1,483
1,524
1,558
1,543
May
1,512
June
1,499
July
1,493
August
September _ 1,477
1,482
October
November _ 1,481
December. - 1,461

8,214
8,046
8,108
8,365
8,505
8,404
8,375
8,172
8,238
8,229
8,267
8,384

1,228
1,214
1,215
1,235
1,236
1,246
1,244
1,248
1,245
1,235
1,225
1,232

2,095
2,128
2,152
2,182
2,192
2,198
2,216
2,204
2,185
2,192
2,187
2,191

699
687
684
691
689
688
676
676
680
675
676
678

622
611
612
625
631
637
635
641
641
643
639
648

3,161
3,123
3,167
3,213
3,285
3,313
3,287
3,299
3, 285
3,321
3,329
3,358

730
732
723
726
731
720
723
719
725
722
714
720

382
381
386
385
372
375
373
369
377
393
403
397

646
656
666
678
676
670
678
684
683
684
685
687

435
442
439
446
442
445
455
455
466
478
479
489

1,790
1,812
1,825
1,840
1,846
1,857
1,845
1,849
1,867
1,883
1,897
1,945

352
344
348
345
336
357
367
361
384
396
390
387

2,471
2,358
2,428
2,490
2,534
2,654
2,606
2,589
2,631
2,698
2,799
2,959

444
426
415
408
402
411
404
409
424
417
412
426

577
572
595
613
641
635
612
608
621
622
607
623

158
157
157
158
159
161
160
161
160
162
163
167

115
115
115
114
110
112
114
116
120
122
120
123

979
984
981
974

1,001
1,047
1,076
1,111
1,103
1,120
1,118
1,087

198
192
195
198
197
198
208
209
211
212
214
217

78.9
83.9
80.8
78.9
79.5
79.0
79.6
79.1
77.4
84.6
92.0
92.1

136
136
137
134
135
143
152
150
150
143
141
143

90.0
94.9
94.2
96.6
98.2
97.2
93.2
93.9
97.4
99.7
102.1
104.8

316
318
321
320
325
327
319
314
320
327
333
348

402
390
420
447
433
438
428
412
392
413
441
443

3,089
2,904
2,823
3,060
3,185
3,004
3,003
2,911
2,947
2,966
3,096
3,160

436
425
428
442
437
454
456
454
452
451
452
469

630
659
657
674
675
680
694
675
666
656
665
674

169
164
164
174
180
183
188
186
187
185
189
190

122
126
127
130
132
137
139
137
143
141
137
139

1,074
1,040
1,072
1,091
1,128
1,155
1,134
1,132
1,138
1,144
1,164
1,186

214
212
203
206
210
218
222
222
218
215
216
218

82.0
81.8
77.7
74.7
74.0
82.3
81.5
76.7
76.3
82.6
87.1
78.7

144
152
155
154
147
143
146
147
146
139
134
134

104
108
106
104
105
103
106
105
107
107
110
110

346
345
353
366
369
365
358
359
366
374
391
394

March
April
May

June
July
. .
August
September.
October
November.
December..
1928—January
February__
March
April

Loans on securities:
1927—January
February, _
March.. __
April -.
May

June
July
August
September.
October
November _
December. .
1928—January
February. _
March
April May

June
July
August
September .
October
November.
December..

All other loans:
893
224
284
319
165
391 1,318
789
359
399
666 2,817
1927—January
890
232
288
320
157
383 1,303
361
779
398
February,_ 673 2,782
911
232
293
316
161
383 1,309
359
783
405
680 2,838
March
901
224
289
158
310
386 1,308
788
357
412
670 2,830
April
908
219
286
148
305
387 1,322
789
354
412
673 2,846
May
902
217
279
155
305
379 1,299
358
783
412
682 2,857
June
881
219
276
305
154
369 1,290
361
787
417
686 2,845
July
877
219
282
151
308
366 1,287
363
804
422
678 2,866
August
862
228
277
312
165
373 1,300
366
800
417
September _ 676 2,993
876
232
277
315
170
379 1,292
366
794
420
694 3,039
October
864
238
282
319
175
377 1,293
359
773
413
November. 701 3,021
874
236
284
321
167
378 1,284
770
356
391
December.. 699 2,959
» For corresponding series for 1927-28 by weeks (with figures for deposits, etc.), see Federal Reserve Bulletin
for March and January, 1929.




199

REPORTING MEMBER BANKS IN EACH DISTRICT

No. 103.—REPORTING MEMBER BANKS—LOANS, INVESTMENTS, AND BORROWINGS
AT FEDERAL RESERVE BANKS, BY MONTHS, 1 1927-28 (REVISED SERIES)—

Continued
[Monthly averages of weeklyfigures.I n millions of dollars]
Federal Reserve District
Boston
All other l o a n s Continued:
1928—January- _.
February. _
March
April
May.
June
July
August
September.
October
November.
DecemberInvestments:
1927—January
February. _
March
April
May.

June

July
August
September.
October
November..
December—
1928—January
February. _
March
April
May

June
Julv.

August
September.
October
NovemberDecember. .
Borrowings at F. R.
bank:
1927—January
February. _
March
April
May..
June.
July
August
September.
October
November.
December..

New Phila- Cleve Rich AtdelYork phia land mond lanta

683
689
693
689
683
671
686
695
696
702
678
660

2,909
2,898
3,013
3,083
3,083
3,116
3,125
3,145
3,157
3,136
3,049
3,087

393
391
400
406
419
419
422
421
426
424
424
413

760
764
778
783
784
785
788
796
803
820
816
809

354
347
346
343
335
333
328
330
333
334
332
331

371
363
361
368
372
371
364
366
360
364
369
374

328
330
347
353
368
379
393
385
389
396
418
414

1,978
1,993
2,062
2,093
2,158
2,179
2,139
2,085
2, 058
2,042
2,100
2,157

332
338
360
365
360
356
361
356
365
386
385
391

611
616
659
647
647
661
666
669
676
693
702
702

134
137
143
145
146
146
153
159
165
170
172
172

407
405
411
421
427
403
385
386
389
367
362
357

2,216
2,244
2,272
2,222
2,237
2,283
2,248
2,116
2,134
2,127
2,122
2,137

399
399
387
387
380
372
366
372
367
360
349
349

706
705
718
725
733
732
734
733
717
716
706
708

Chicago

St. M i n Kan- Dal- San
sas
Louis neap City las Franolis
cisco

1,295
1,289
1,301
1,314
1,343
1,357
1,364
1,390
1,384
1,419
1,407
1,418

317
317
315
312
303
297
300
301
314
316
307
305

167
166
175
177
165
160
159
158
168
177
183
185

279
282
285
290
292
286
292
296
293
302
307
311

229
232
230
233
228
228
229
228
237
248
249
251

875
879
887
882
877
886
880
883
886
887
892
912

96.7
98.5
111.5
114.0
111.9
116.7
116.1
112.3
114.7
118.6
121.3
127.8

673
696
714
720
730
734
729
716
729
735
751
772

175
179
186
189
204
194
187
182
182
188
189
194

113
117
122
121
121
121
119
120
119
120
126
130

194
199
204
207
209
207
206
205
210
213
215
220

72.7
73.7
83.6
84.
86.4
91.8
91.8
90.2
92.0
95.6
99.1
102.3

443
436
461
466
467
471
462
452
488
503
525
550

176
176
174
175
174
171
160
160
158
157
156
156

129
122
124
126
127
129
132
139
138
137
133
134

792
794
794
808
813
801
789
777
764
757
758
754

199
204
205
209218
206
202
196
194
191
191
197

133
133
133
134
133
132
132
135
133
133
133
134

223
221
225
234
238
241
239
241
243
243
244
242

103
102
104
108
109
115
120
122
122
123
120
128

569
588
585
592
600
606
607
607
615
623
614
639

14.3
12.7
20.5
9.0
24.6
21.1
15 7
18.5
19.2
22 0
19.9
24.9

89.7
67.6
82.1
88.8
103.6
64.5
89 1
91.8
109.8
94 2
90.3
151.0

13.2
9.4
14.1
13.6
15.3
21.2
17.7
15.9
16.2
15.3
14.2
22.7

44.8
32.3
22.4
36.4
36.6
37.4
26 1
22.7
27.7
31.8
33.5
50.0

7.7
10.8
9.4
9.1
8.3
6.8
7 6
5.1
10.6
16.5
11.2
16.6

16.3
10.4
15.8
16.4
18.2
15.5
17.2
15.4
13.1
10.5
18.6
21.3

62.8
48.3
49.7
36.8
36.2
43.5
37.0
26.8
20.1
26.0
31.2
47.6

8.6
4.5
7.4
6.2
12.2
16.8
19.8
15.2
16.5
12.8
9.0
9.7

1.2
1.2
1.8
2.9
3.5
2.6
1.9
1.6
.6
1.1
.2
.6

5.7
3.9
3.1
6.4
10.8
9.5
6.1
3.2
4.6
9.3
10.2
8.6

3.6
1.5
1.3
2.2
1.7
2.1
2.4
6.6
4.6
4.3
6.6
4.0

31.8
30.3
40.5
42.4
31.0
27.6
31.2
33.2
23.9
39.1
31.1
31.1

6.5
1928—January
February. _ 29.4
34.3
March
30.9
April

109.8
88.2
94.7
172.9
251.6
328.0
329.0
267.3
310.5
253.9
200.3
274.8

21.3
32.5
25.8
28.2
34.2
46.9
61.1
67.2
75.6
62.8
49.8
55.1

40.8
40.1
44.3
46.3
54.2
73.1
85.8
64.7
60.6
60.0
74.0
89.8

16.5 19.2
17.8 16.1
15.5 12.1
18.4 22.1
24.3 32.6
26.0 42.6
30.4 47.9
28.6 47.6
27.7 54.1
22.4 49.0
24.0 40.1
22.9 ! 33.7
1

41.9
35.1
50.8
64.6
86.9
114.2
132.5
131.5
88.3
112.3
116.4
153.0

9.1
16.3
17.3
20.7
26.7
35.9
37.7
40.0
43.8
33.4
28.7
25.7

1.6
1.8
1.5
8.4
8.7
5.6
6.7
12.1
12.9
12.4
11.0
6.7

7.6
5.8
6.1
15.2
17.2
15.8
18.5
17.2
17.7
18.1
25.0
25.4

3.4
2.3
2.0
5.1
5.6
6.8
10.3
20.7
19.8
18.3
16.0
14.6

36.6
52.4
57.6
55.2
57.5
42.7
52.2
69.9
81.5
69.1
64.3
56.0

May

June

July

August
September.
October
November.
December-

44.1
58.5
41.7
40.1
30.1
24.8
31.2
41.4




200

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No.

104.—REPORTING MEMBER BANKS—TOTAL LOANS AND INVESTMENTS, BY
WEEKS, WITH MONTHLY AVERAGES OF WEEKLY FIGURES (OLD SERIES)
[In millions of dollars. These series discontinued after 1928; for figures comparable with those published
currently in 1929 see Table 103 and Federal Reserve Bulletin for January, 1929]
Federal Reserve District
San
St. Min- Kansas
Louis neap- City Dallas Franolis
cisco

Boston
1928
Jan.4
Jan. 11...
Jan.18
Jan. 25
Feb. 1
Feb. 8
Feb. 15
Feb. 21
Feb. 29
Mar. 7
Mar. 14
..
Mar. 21
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
May 2
May 9
May 16
May 23
May 29-30
June 6
June 13
June 20
June 27._.
July 3
July 11
July 18
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Oct. 31
Nov. 7
Nov. 14
Nov. 21
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Average:
January.._
February..
March
April
May
June
July
August
September
October
November.
December.

New
York

Philadelphia

Cleve- Rich- Atland m o n d lanta

Chicago

1,530
1,537
1,535
1,506
1,526
1,529
1,515
1,513
1,511

8,612
8,461
8,357
8,373
8,402
8,277
8,245
8,159
8,304
8,249

1,235
1,246
1,236
1,208
1,219
1,227
1,215
1,214
1,216

706
702
700
704
693
692
690
690
689
685
687
690
688
694
697
692
693
692
694
690
689
690
689
690
686
691
677
680
676
675
678
675
679
676
680
679
678
682
684
678
674
678
679
678
678
677
682
678
678
682
683
680

627
623
624
620
614
616
616
613
607
605
609
619
623
621
629
627
629
634
631
629
629
634
633
639
641
641
636
639
639
632
643
643
645
639
638
638
637
650
644
640
639
650
645
644
644
639
638
638
648
643
655
649

3,154
3,198
3,189
3,152
3,142
3,131
3,132
3,127
3,138
3,165
3,174
3,195
3,175
3,206
3,227
3,233
3,221
3,268
3,285
3,303
3,291
3,312
3,308
3,345
3,305
3,313
3,310
3,283
3,292
3,277
3,319
3,306
3,310
3,290
3,289
3,279
3,272
3,315
3,290
3,304
3,301
3,332
3,338
3,349
3,335
3,329
3,349
3,332
3,369
3,377
3,384
3,346

726
731
734
730
732
738
734
731
726
724
724
724
720
725
728
732
720
723
721
722
741
748
712
722
722
724
722
723
727
721
720
718
717
720
719
725
722
727
728
728
722
724
716
720
714
715
711
717
715
722
728
716

382
383
383
379
378
382
382
380
383
382
386
388
386
386
388
385
382
376
374
369
370
371
375
376
378
369
369
372
376
374
370
368
368
369
373
372
378
379
378
382
391
395
397
400
404
405
401
400
397
400
397
396

644
646
648
645
650
658
660
656
655
662
666
669
667
674
682
682
675
678
676
678
676
673
666
668
672
674
671
674
684
681
680
686
688
681
684
681
682
683
685
678
685
685
685
686
682
687
688
684
682
687
688
692

436
435
437
438
444
444
446
443
436
436
437
447
445
447
448
447
444
445
446
438
441
439
439
439
450
456
452
455
460
456
460
461
459
453
453
456
461
476
481
475
476
482
483
484
479
482
482
486
482
481
505
500

1,967
1,963
1,983
1,976
1,970
1,985
1,981
1,989
1,982
1, 985
1,964
1,985
1,980
1,976
1,975
1,989
1,990
1,987
2,001
1,998
2,018
2,009
2,009
2,016
2,027
2,031
2,030
2,031
2,044
2,043
2,056
2,078
2,082
2,131
2,131

703
691
688
694
691
689
677
677
681
677
679
681

624
613
614
627
632
638
636
642
642
644
640
649

3,173
3,134
3,177
3,222
3,292
3,318
3,291
3,303
3,289
3,325
3,336
3,369

730
732
723
726
731
720
723
719
725
722
714
720

382
381
386
385
372
375
373
369
377
393
403
397

646
656
666
678
676
670
678
684
683
684
685
687

436
443
441
446
443
446
456
457
468
480
482
492

1,912
1,936
1,948
1,965
1,972
1,984
1, 979
1,983
2,007
2,023
2, 043
2,106

8,781
8,740
8,752
8,693
8,719
1,541 8,689
1,561 8,658
1,551 8,630
1,555 8,568
1,552 8,870
1,538 8,635
1,539 8,476
1,528 8,443
1,549 8,570
1,545 8,423
1,541 8,327
1,518 8,319
1,508 8,349
1,506 8,471
1,512 8,425
1,520 8,503
1, 519 8,440
1,521 8, 475
1,508 8,412
1,525 8,471
1,522 8,460
1,537 8,528
1,537 8,542
1,529 8,439
1,528 8,546
1,533 8,681
1,510 • 8,764
1,515 8,614
1,528 ! 8,665
1, 524 | 8,782

1,233
1,239
1,241
1,246
1,251

1,232
1,233
1,222
1,230
1,231
1,232
1,242
1,243

2,102
2,105
2,105
2,099
2,116
2,137
2,141
2,144
2,146
2,146
2,143
2,175
2,181
2,197
2,193
2,186
2,185
2,195
2,196
2,203
2,205
2,197
2,214
2,201
2,199
2,204
2,234
2,227
2,215
2,218
2,232
2,206
2,208
2,201
2,206
2,193
2,191
2,196
2,189
2,202
2,198
2,204
2,196
2,207
2,196
2,197
2,199
2,201
2,193
2,211
2,212
2,196

1,527 I 8,451
1,519 8,278
1,560 8,338
1,596 8,596
1,582 8,737
1,552 I 8,637
1,539 8,606
1,532
1,514 8,460
1,523
1,532 8,552
1,519 8,706

1,231
1,218
1,220
1,240
1,242
1, 253
1,250
1,252
1,249
1,237
1,229
1, 237

2,103
2,137
2,161
2,190
2,199
2,205
2,223
2,211
2,192
2,201
2,198
2,203

1,521
1,555
1,583
1,583
1,589
1,597
1,608
1,588
1,597
1,581
1,578
1,583
1,572

8,307
8,429
8,660
8,546
8,571




1,215
1,216
1,222
1,226
1,237
1,252
1,247
1,225

1,251
1,255
1,252
1,252
1,258
1,261
1,248
1,232
1,254
1,256
1,254
1,249
1,248
1,250
1,250
1,250
1,245
1,245
1,240
1,236
1,227
1,237

1,904
1,906
1,924
1,916
1,925
1,922
1,939
1,954
1,939
1,939
1,949
1,956
1,948
1,956
1,962
1,972
1,971

201

REPORTING MEMBER BANKS IN EACH DISTRICT
No.

105.—REPORTING MEMBER BANKS—TOTAL LOANS, BY WEEKS, WITH
MONTHLY AVERAGES OF WEEKLY FIGURES (OLD SERIES)
[In millions of dollars. These series discontinued after 1928; for figures comparable with those published
currently in 1929 see Table 103 and Federal Reserve Bulletin for January, 1929]
Federal Reserve District
Boston
1928
Jan 4
Jan. 11
Jan.18
Jan. 25
Feb. 1
Feb. 8
Feb. 15
Feb.21
Feb. 29
Mar. 7
Mar. 14___.
Mar. 21
Mar. 2 8 . . . .
Apr. 4
Apr. 11
Apr. 18
Apr. 25
May2
May 9
May 16
May 23
May 29-30
June6___
June 13
June 20
June 27
July 3 . .
July 1 1 . July 18_
July 25._
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Aug. 29
Sept. 5_.
Sept. 12_
Sept. 19
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Oct. 31
Nov. 7
Nov. 14
Nov. 21__
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Average:
January
February._
March
April
May.
June
July
August
September.
October
November.
December..

New
York

1,052
1,067
1,061
1,035
1,054
1,058
1,047
1,041
1,038

6,261
6,038
5,940
5,911
5,950
5,839
5,818
5,747
5,828
5,774
5,887
5,840
5,982
6,233
6,135
6,155
6,196
6,367
6,304
6, 321
6,250
6,274
6,235
6,192
6,123
6,061
6,393
6,164
6,047
6,036
6,175
6,116
6,028
6,030
6,050
6,164
6,099
6,145
6,076
6,162
6,114
6,116
6,117
6,168
6,211
6,114
6,238
6,343
6,422
6,280
6,318
6,430

1,053
1,087
1,095
1,097
1,107
1,115
1,114
1,095
1,101
1,083
1,084
1,092
1,085
1,064
1,083
1,089
1,097
1,101
1,091
1,086
1,078
1,085
1,094
1,091
1,070
1,063
1,058
1,066
1,055
1,058
1,079
1,073
1,090
1,092
1,112
1,107
1,099
1,102
1,106
1,090
1,096
1,097
1,093
1,054
1,048
1,083
1,108
1,089
1,083
1,089
1,080
1,059
1,089
1,104
1,094

41223—29

5,836
5,871
6,180
6,303
6,153
6,160
6,121
6,136
6,227
6,362




Phil- Cleve- Rich- Atadel- land m o n d lanta
phia

Chicago

841 1,484
847 1,486
849 1,477
853 1,496
858 1,490
858 1,472

531
527
524
527
516
514
515
514
516
515
515
512
512
518
521
517
521
518
520
518
515
516
514
518
516
521
518
520
504
516
515
514
519
518
522
521
522
523
526
521
518
521
523
521
523
523
522
524
523
528
524
524

497
495
494
492
487
492
495
492
488
486
490
489
494
493
503
502
504
507
505
503
502
505
504
509
511
513
506
507
506
500
501
503
504
504
504
504
505
503
504
504
503
509
508
508
510
506
505
507
518
513
515
512

2,265
2,277
2,276
2,275
2,299
2,314
2,309
2,295
2,331
2,366
2,385
2,364
2,398
2,397
2,430
2,400
2,404
2,404
2,381
2,398
2,390
2,423
2,415
2,419
2,411
2,411
2,403
2, 401
2,439
2,419
2,436
2,444
2,461
2,468
2,477
2,469
2,466
2,471
2,464
2,503
2,517
2,518
2,483

802
789
802
820
828
846
850
846
848
843
846
854

527
515
514
519
517
517
517
518
523
521
523
525

495
491
490
500
504
509
505
503
504
506
507
515

2,273
2,231
2,273
2,304
2,369
2,408
2,393
2,416
2,415
2,457
2,467
2, 505

813
810
802
781
789
797
786
786
789
793
800
805
810
822
831
825
805
817
822
829
833
839
844
849
856
856
849
839
845
850
848
845
844
849
851
847
846
848
845
841
836
846

1,382
1,386
1,391
1,386
1,401
1,423
1,425
1,427
1,428
1,436
1,430
1,432
1,431
1,453
1,460
1,455
1,448
1,453
1,451
1,456
1,464
1,452
1,465
1,456
1,459
1,467
1,481
1,479
1,473
1,480

1,479
1,465
1,466
1,458
1, 468
1,465
1,470
1,464
1,459

1,478
1,478
1,468
1,468
1, 479
1,477
1,478

1,386
1,421
1,432
1,454
1,455
1,462
1,478
1,467
1,465
1,474
1,481
1,484

2,271
2,298
2,285
2,236
2,236
2,227
2,226
2,225
2,240

Min- KanSan
St.
sas
Louis neap- City Dallas Franolis
cisco

519
516
519
515
516
520
515
511
510
507
507
504
499
502
506
509
499
501
500
499
498
496
494
501
502
505

249
250
250
246
245
250
248
246
249

420
422
426
423
427
436
439
435
436
440
443
440
440
444
448
446
438
442
440
441
435
433
427
428
429
431
430
435
446
442

334
332
333
336
342
343
344
341
336

1,302
1,302
1,299
1,295
1,302
1,297
1,306
1,318
1,316
1,329
1,332
1,318
1,314

1, 414
1,412
1,432
1,435
1,299
1,308
1,323
1,333
1,330
1,335
1,328
1,334
1,351
1,359
1,389
1,423

508
513
516
503

236
241
244
241
234
232
233
235
238
240
247
245
244
249
258
262
263
268
273
275
265
266
262
264
264
263

439
445
447
449

336
337
338
337
339
341
340
335
336
338
330
333
329
329
330
331
335
333
336
340
334
334
337
336
333
335
337
343
351
354
352
353
357
361
383
359
362
363
366
362
362
366
367

517
514
504
504
499
500
508
509
518
517
510
510

249
248
253
251
239
242
240
235
244
260
270
263

423
434
441
444
438
429
438
443
440
441
442
445

334
341
337
339
334
331
336
335
346
357
362
364

505
507
512
507
506
508
508
512
511
516
517
519
521
523
518
518
511
517
512
513
506
509

251
253
254
252
252
253
251
249
244
242
236
236
238
242
243
246
237

440
445
446
439
443
438
441
438
441
438
444
441
440
443
439
442
445
440

1,325
1,332
1,340
1,336
1,334
1,329
1,330
1,329
1,327
1,336
1,339
1,333
1,330
1,328
1,322
1,335
1,329
1,324
1,325
1,342
1,342
1,340
1,351
1,353
1,349
1,349

1,350
1,362
1,362
1,360
1,364
1,373
1,389
1,391
1,401

202

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

N o . 1 0 6 . — R E P O R T I N G M E M B E R B A N K S — L O A N S ON S E C U R I T I E S , B Y W E E K S , WITH
MONTHLY A V E R A G E S OF W E E K L Y F I G U R E S ( O L D S E R I E S )
[In millions of dollars. These series discontinued after 1928; forfigurescomparable with those published
currently in 1929 see Table 103 and Federal Reserve Bulletin for March and January, 1929]
Federal Reserve District
Bos-

1928
Jan. 4
Jan.11
Jan. 18
Jan. 25
Feb. 1—
Feb. 8
Feb. 15—.
Feb. 21
Feb. 29
Mar. 7
Mar. 14
Mar. 21._______
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
May 2
May 9
May 16
May 23
May 29-30
June 6
June 13
June 20
June 27
July 3
July 11.
July 18
July 25
Aug. l
Aug. 8
Aug. 15_
Aug. 22
Aug. 29
Sept. 5__
Sept. 12
Sept. 19
Sept. 26
Oct. 3
Oct. 10
Oct. 17
__..
Oct. 2 4 . . . .
Oct. 31
Nov. 7.
Nov. 14
Nov. 21
Nov. 28
_.
Dec. 5.
Dec. 12.
Dec. 19..
Dec. 26
Average:
January
February..
March
April
May
June
_.
July
August
September.
October
November.
December..

412
409
388
397
402
388
381
381
398
423
430
430
453
456
449
431
439
426
428
434
437
423
440
443
445
442
431
422
419
427
428

390
393
390
394
398
400
411
422
436
441
432
444
449
434
442
449
402
390
420
447
433
438
428
412
392
413
441
443

New
York

Philadelphia

3,271
3,042
2,977
2,993
3,055
2,897
2,860
2,786
2,831
2,755
2,829
2,751
2,878
3,083
2,967
3,016
3,095
3,229
3,165
3,189
3,096
3,137
3,079
3,002
2,944
2,891
3,145
3,020
2,883
2,865
3,004
2,911
2,846
2,841
2,826
2,954
2,894
2,956
2,886
2,955
2,881
2,934
2,944
2,990
3,047
2,946
3,086
3,192
3,234
3,067
3,052
3,160

446
442
437
417
432
433
419
418
422
419
425
429
438
445
450
446
428
423
429
437
447
450
454
455
451
458
461
457
456
448
454
456
454
454
452
454
451
455
451
451
453
450
446
453
449
450
450
460
465
467
472
474

3,071
2,886
2,803
3,040
3,163
2,979
2,978
2,886
2,922
2,941
3,068
3,128

436
425
428
442
437
454
456
454
452
451
452
469




Cleve- Rich- Atland mond lanta

624
627
636
632
646
658
661
666
662
661
653
657
656
668
676
675
675
669
670
676
684
675
684
672
679
704
693
686
691
686
672
670
666
679
667
670
660
665
661
659
650
652
657
659
655
666
678
670
684
673
667

171
171
167
168
162
163
162
166
166
165
165
163
163
170
173
173
180
180
180
180
180
182
181
184
182
186
188
188
187
189
186
187
188
185
186
187
189
189
189
185
182
183
187
186
186
189
189
190
190
193
191
188

122
119
123
124
124
126
126
126
127
126
128
125
127
128
130
131
131
132
133
131
131
131
135
138
136
139
138
144
138
136
136
136
134
138
138
144
146
136
145
141
143
143
142
136
137
138
135
139
139
139
140
140

659
657
674
675
680
694
675
666
656
665
674

169
164
164
174
180
183
188
186
189
185
189
190

122
126
127
130
132
137
139
137
143
141
137
139

Chicago

1,030
1,033
1,024

MinSt.
Louis neapolis

KanSan
sas Dallas FranCity
cisco

971
992
998
1,017
1,012
1,021
1,023
1,033
1,041
1,041
1,030
1,034
1,068
1,087
1,075
1,098
1,094
1,110
1,088
1,098
1,095
1,079
1,070
1,065
1,076
1,075
1,076
1,072
1,073
1,072
1,073
1,091
1,083
1,082
1,079
1,079
1,090
1,096
1,103
1,105
1,103
1,108
1,129
1,135
1,124
1,121

213
213
216
214
213
214
214
208
209
206
203
203
200
203
206
210
207
209
209
209
210
214
217
217
218
219
221
219
223
222
220
224
223
221
220
218
218
217
218
219
214
214
213
214
212
217
216
219
216
220
216
221

83
81
84
80
82
82
82
81
82
78
79
78
76
76
75
74
73
70
71
75
75
78
83
84
84
78
78
82
83
83
77
77
77
76
76
75
77
77
76
77
81
83
86
87
89
92
84
84
80
79
78
79

124
125
132
128
130
138
139
136
133
135
139
139
137
139
140
137
130
132
129
128
127
126
122
123
126
127
119
129
136
130
127
129
130
126
133
129
131
126
127
122
125
121
117
117
113
116
118
114
111
115
118
116

88
88
89
90
92
95
94
94
91
91
92
90
89
88
90
90
90
90
91
90
91
88
88
87
87
89
90
91
92
89
90
92
90
90
88
88
92
94
90
88
95
93
90
91
92
94
94
93
91
92
95
97

355
351
348
345
350
343
349
355
351
354
363
355
353
364
368
375
377
381
372
371
378
376
382
376
363
363
361
359
365
367
361
360
366
365
366
369
367
369
383
380
389
389
387
390
392
402
407
419
420
415
419
418

1,020
986
1,018
1,036
1,072
1,098
1,077
1,074
1,080
1,085
1,105
1,127

214
212
203
206
210
218
222
222
218
215
216
218

82
82
78
75
74
82
82
77
76
83
87
79

127
135
137
136
129
125
128
129
128
120
115
115

89
93
91
89
90
88
91
90
91
91
93
94

350
350
356
371
375
371
363
363
372
387
405
418

203

REPORTING MEMBEB BANKS IN EACH DISTRICT

No. 107.—REPORTING MEMBER BANKS—"ALL O T H E R " LOANS, BY WEEKS, WITH
MONTHLY AVERAGES OP WEEKLY FIGURES (OLD SERIES)
]In millions of dollars. These series discontinued after 1928; for figures comparable with those published
currently in 1929 see Table 103 and Federal Reserve Bulletin for March and January, 1929]
Federal Reserve District
Boston

Jan. 4_—
Jan. 11—
Jan. 18
Jan. 25
Feb. 1
Feb. 8
Feb. 15
_..
Feb. 21
_--.
Feb. 29
Mar. 7.
Mar. 14
Mar. 21-.Mar. 28
Apr. 4...
Apr. 11
--.
Apr. 18.—
Apr. 25..
May 2__
May 9
May 16
May 23
May 29-30
June 6-.
June 13
June 20.
June 27
July 3
July 11
July 18
July 25
Aug. 1__Aug. 8
Aug. 15
Aug. 22__
Aug. 29Sept. 5___
Sept. 12
Sept. 19
Sept. 26
Oct. 3_
_..
Oct. 10
Oct. 17._
Oct. 24..
Oct. 31—
Nov. 7
Nov. 14
Nov. 21
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26—
Average:
JanuaryFebruary- .
March
April
May
June
July
August
September
October
November
December.

654
655
651
647
657
656
659
659
657
655
664
665

New
York

St. MinLouis neapolis

359
357
357
359
354
351
353
347
350
350
351
349
349
348
348
344
341
337
340
338
335
334
333
334
334
335
330
331
316
327
330
326
331
333
335
334
333
333
337
336
336
338
336
335
337
334
333
334
333
335
333
336

375
376
371
368
364
366
369
366
361
360
363
364
367
364
373
371
373
375
372
371
371
374
369
371
375
374
368
362
368
364
365
367
369
366
366
360
359
366
360
363
360
366
366
372
373
368
370
368
379
374
375
372

1,241
1,265
1,262
1,243
1,251
1,245
1,255
1,232
1,242
1,247
1,265
1,256
1,252
1,266
1,273
1,268
1, 264
1,297
1,297
1,298
1,289
1, 301
1,303
1,320
1,313
1,306
1,309
1,303
1,328
1,324
1,347
1,340
1,344
1,339
1,338
1,331
1,328
1,348
1,335
1,354
1,365
1,382
1,378
1,381
1,366
1,360
1,368
1,356
1,374
1,382
1,394
1,362

306
302
303
301
302
306
301
303
302
301
303
301
299
299
300
299
292
292
291
290
288
282
277
284
284
286
284
288
289
285

3,188
3,213
3,266
3,270

759
759
756
754
755
765
763
762
766
775
777
775
775
785
784
779
773
784
781
781
780
776
781
784
779
781
777
787
786
789
794
793
795
792
789
798
800
804
794
817
818
818
815
822
818
823
818
807
807
813
817
805

2,967
2,951
3,067
3,140
3,140
3,174
3,182
3,194
3,199
3,195
3,159
3,234

366
364
374
378
391
392
394
392
396
392
394
385

757
762
776
780
780
781
785
793
799
818
817
810

358
351
350
346
337
334
329
331
334
336
335
334

373
365
363
370
373
372
365
367
361
365
370
375

1,253
1,245
1,255
1,268
1,296
1,310
1,316
1,342
1,336
1,372
1,363
1,378

303
303
301
298
289
283
286
287
300
303
294
292

2,895
2,942
2,958
2,961
2?997
3,019
3,058
3,104
3,150
3,168
3,139
3,102

668
673
665
663

3,210
3,205
3,189
3,190

652
658
663
660
656
645
661
669
667
676
662
651

Chicago

367
368
365
364
357
364
367
367
367
374
375
376
372
377
381
379
377
394
393
391
386
389
388
394
393
391
394
399
393
391
390
394
395
391
392
396
400
39,2
395
397
392
391
389
393
397
400
392
388
384
386
386
384

2,990
2,995
2,963
2,918

654
659
665
663
662
656
656
657
648
640
643
646
652
660
660
664
659
658
665
674
671
674

673
680
669
676
666
667
658
658
656
654
648
646

Phil- Cleve- Rich- Atadel- land mond lanta
phia

3,138
3,139
3,132
3,154
3,138
3,156
3,190
3,179
3,170
3,248
3,144
3,163
3,171

3,171
3,205
3» 182
3,188
3,224

3, 207
3,233
3,181
3,173
3,179
3,164
3,168
3,153
3,150




2£6
284
285
291
291
298
299
302
303
304
304
304
298
303
299
295
289
291
293
293
300
283

KanSan
sas Dallas FranCity
cisco

167
169
166
166
164
168
166
165
167
173
175
176
176
176
178
177
176
174
171
161
161
160
159
159
162
159
158
159
161
158
157
155
157
159
162
164
170
169
168
173
177
179
177
181
184
182
182
182
182
186
186

246
296
244
297
244
294
245
294
250
297
247
298
250
299
247
298
245
302
245
305
245
305
248
302
247
302
251
305
308
252
310
249
309
246
309
246
310
247
245
314
242
308
241
307
241
305
243
304
244
303
304
246
243
311
245
305
248
310
245
312
244
313
244
316
245
316
243
313
246
310
249
309
251
309
257
312
263
315
264
316
258
319
264
320
271
323
273
326
267
326
326 I 268
268
327
327 ! 273
272
327
270
329
329
271
270

947
950
951
950
952
954
957
963
965
975
968
963
961
961
964
965
959
953
957
959
951
951
954
963
971
967
967
963
969
963
963
965
976
977
974
•982
986
980
966
970
972
973
972
973
981
987
985
983
994
997
1,013
1,017

167
166
175
177
165
160
159
158
168
177
183
185

296
299
303
308
310
304
310
314
311
321
326
330

245
248
246
249
244
244
245
245
255

950
958
967
962
954
964
966
971
979
972
984
1,005

271

204

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

N o . 1 0 8 . — R E P O R T I N G M E M B E R B A N K S — I N V E S T M E N T S , BY W E E K S ,
MONTHLY AVERAGES OF W E E K L Y F I G U R E S (OLD S E R I E S )

WITH

[In millions of dollars. These series discontinued after 1928; forfigurescomparable with those published
currently in 1929 see Table 103 and Federal Reserve Bulletin for January, 1929]
Federal Reserve District
Boston

1928
Jan. 4
Jan. 11
Jan.18
Jan.25
Feb. 1
Feb. 8
Feb. 15
Feb. 21
Feb. 29
Mar. 7
Mar. 14
Mar. 21
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
May 2
May 9
May 16
May 23
May 29-30. . .
June 6
June 13
June 20
June 27
July 3
July 11
July 18
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Aug. 29
Sept. 5.
Sept. 12
Sept. 19
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Oct. 31
Nov. 7
Nov. 14
Nov. 21
Nov. 28
Dec. 5.
Dec. 12
Dec. 19
Dec. 26
Average:
January
February__
March
April
May
June
July
August
September _
October
November _
December. _

New
York

Phil- Cleve- Rich- Atadel- land mond lanta
phia

Chicago

San
Francisco

St. Min- KanLouis neap- sas
olis City

478
470
474
471
472
471
468
472
473
469
468
488
486
483
482
493
493
496
499
494
491
487
477
479
462
458
451
447
453
450
464
451
450
448
445
448
445
466
461
442
435
435
430
425
430
430
426
426
420
419
431
431

2,351
2,423
2,417
2,462
2,452
2,438
2,427
2,413
2,476
2,475
2,482
2,467
2,447
2,427
2,411
2,416
2,409
2,414
2,436
2,431
2,443
2,445
2,454
2,466
2,507
2,507
2,477
2,471
2,429
2,408
2,395
2,308
2,300
2,289
2,299
2,307
2,326
2,358
2,365
2,313
2,298
2,355
2,343
2,359
2,331
2,325
2, 307
2,338
2,343
2,334
2,347
2,352

422
436
433
427
430
431
429
429
427
421
416
417
416
415
421
422
421
416
417
412
413
412
409
405
409
403
402
405
399
393
409
406
406
404
404
401
399
403
400
397
395
396
392
390
386
384
381
382
382
379
384
386

719
719
713
713
714
715
717
717
718
710
713
743
750
744
733
731
736
741
745
747
741
746
750
746
741
737
752
748
742
738
753
741
742
743
738
728
722
732
730
724
721
736
728
728
718
719
716
715
716
715
722
724

176
175
176
177
177
177
175
177
173
171
172
178
176
176
175
175
172
174
174
172
174
174
175
171
170
170
159
160
159
159
162
162
160
157
158
158
157
160
158
157
156
158
156
156
155
154
160
154
155
155
159
156

130
128
129
128
126
124
121
121
118
119
119
130
129
129
127
125
124
127
126
126
127
129
129
129
130
128
130
132
133
132
141
140
142
135
135
134
132
147
140
136
136
141
137
135
134
133
133
131
130
130
140
137

883
900
903
916
906
904
906
903
897
900
896
918
899
907
913
924
927
937
919
918
927
914
910
915
905
910
907
902
894
887
896
891
891
879
878
876
870
876
872
868
857
871
870
872
866
864
878
868
866
860
866
864

207
215
215
215
217
218
219
219
216
217
217
220
220
223
223
223
221
222
221
223
243
252
218
221
220
219
218
216
215
214
214
210
209
209
209
208
205
208
208
205
204
206
205
203
203
203
205
207
207
210
212
212

133
132
133
133
133
132
134
133
134
131
133
134
134
134
135
133
133
132
132
133
134
133
133
133
131
132
133
131
133
133
136
136
134
133
135
133
131
133
134
133
133
133
134
132
131
130
135
135
135
135
133
133

224
223
222
222
223
222
221
221
220
222
222
229
227
229
234
236
237
237
235
237
240
240
239
240
243
242
241
239
238
239
240
241
242
242
241
243
241
245
244
240
240
244
245
243
243
245
243
244
243
243
241
243

102
103
104
102
102
102
102
102
100
100
100
109
108
108
107
107
108
109
108
108
108
109
109
109
119
122
120
119
121
122
126
124
123
119
118
119
118
126
127
124
123
125
122
121
121
120
119
120
120
119
139
134

602
604
625
620
623
625
633
636
623
610
617
639
634
631
630
631
635
633
635
653
647
643
649
642
656
652
657
642
650
651
652
650
647
648
647
650
645
668
660
660
654
665
671
667
658
655
652
654
664
670

473
471
478
488
493
469
450
452
455
433
428
425

2,413
2,441
2,468
2,416
2,434
2,484
2,446
2,318
2,339
2,334
2,325
2,344

430
429
418
420
414
406
400
406
401
394
383
383

716
716
729
736
744
743
745
743
728
727
717
719

176
176
174
175
174
171
160
160
158
157
156
156

129
122
124
126
127
129
132
139
138
137
133
134

901
903
904
918
923
910
898
887
874
868
869
864

213
218
218
222
232
220
216
210
207
205
204
210

133
133
133
134
133
132
132
135
133
133
133
134

223
221
225
234
238
241
239
241
243
243
244
242

103
102
104
108
109
115
120
122
122
123
120
128

613
628
625
632
642
650
650
649
656
663
655




205

EEPOETING MEMBEE BANKS IN EACH DISTEICT

No. 109.—REPORTING MEMBER BANKS—NET DEMAND DEPOSITS, BY WEEKS,
WITH MONTHLY AVERAGES OF WEEKLY FIGURES
[In millions of dollars]
Federal Reserve District
Boston
1928

Jan. 4
Jan.11
Jan 18

Jan. 25
Feb. 1
Feb 8
Feb. 15
Feb 21
Feb 29
Mar 7
Mar. 14
Mar 21
Mar. 28
Apr 4
Apr. 11
Apr 18
Apr. 25
May 2
May 9
May 16
May 23
May 29-30 __.
June 6
June 13
June 20
June 27
July 3
July 11
July 18
July 25
Aug. 1
Aug. 8 _
Aug. 15
Aug. 22 _
Aug. 29
Sept. 5
Sept. 12
Sept. 19._
Sept. 26
Oct. 3.
Oct. 10
. .
Oct. 17
Oct. 24.. . . .
Oct. 31
Nov. 7
Nov. 14.
Nov. 21
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Average:
January
February._
March
April . . .
May
June
July.
August
September.
October
November.
December..

New
York

Philadelphia

978
983
976
959

6,431
6,250
6,179
6,085

785
808
795
770

965
946
950
927
925
933
937
936
927
980
982
985
964

767
772
756
757
758
772
763
786
762
779
785
786
765
773
778
776
769
760
769
763
727
723
742
752
732
722
716
716
710
706
707
718
722
715
707
723
716
725
718
722
729
726
729
723
728
724
714
718

1,071
1,060
1,048
1,036
1,040
1,040
1,039
1,036
1,045
1,023
1,033
1,037
1,034
1,044
1,044
1,047
1,051
1,063
1,057
1,059
1,039
1,048
1,032
1,041
1,041
1,032
1,034
1,032
1,020
1,015

353
354
355
348
349
354
359
359
361
364
359
367
360
360
368
366
367
366
377
378
365
364

320
316
318
313
310
314
314
304
306
309
317
318
311
312
319
324
323
326

919
920
918
901

6,205
6,038
6,032
5,934
6,160
6,079
6,188
5,964
6,045
6,233
6,217
6,238
6,175
6,324
6,215
6,205
6,103
6,116
6,115
6,082
5,913
5,871
6,119
5,848
5,757
5,710
5,824
5,576
5,580
5,550
5,592
5,680
5,710
5,640
5,607
5,695
5,670
5,691
5, 691
5,826
5,769
5,765
5,851
5,920
5,983
5,884
5,827
5,864

974
942
933
978
951
911
915
895
905
938
936
914

6,236
6,074
6,069
6,216
6,193
5,995
5,858
5,624
5,659
5,715
5,826
5,889

789
762
771
779
771
746
737
711
715
721
727
721

1,062
1,060
1,032
1,061
1,070
1,054
1,039
1,035
1,047
1,053
1,037
1,025

391
380
369
369
363
361
357
352
358
362
367
371

975
951
956
946
924
927
926
895
896
922
920
922
898
911
897
894
887
885
896
912
909
903
935
922
945
939
951
946
948
940
909

Cleve- Richland mond

1,047
1,065
1,062
1,073
1,074
1,065
1,067
1,053
1,041
1,038
1,032
1,026
1,032
1,067
1,059
1,058
1,059
1,060
1,062
1,080
1,078
1,070

391
391
387
395
384
385
381
375
375
372
373
365
366
370
373
369
365
365
368
362
360
360
363
369
357
355
360
360
358
352

Atlanta

Chicago

St.
Louis

354
351
350
344
344
345
352
343
339
340
348
333
334

1,913
1,932
1,909
1,880
1.865
1,843
1,863
1,837
1,846
1,865
1,874
1,820
1,822
1,838
1,859
1,851
1,832
1,861
1,875
1,880
1,867
1,861

434
442
431
432

336
338
335
331
342
336
341
334
334
332
337
320
325
330
325
316
315

326
339
338
332

1,864
1,911
1,845
1,830
1,861
1,864
1,841
1,823
1,829
1,821
1,852
1,816
1,812
1,859
1,880
1,875
1,852
1,868
1,872
1,895
1,884
1, 857
1,882
1,900
1,900
1,869
1,872
1,916
1,882
1,828

350
345
339
335
337
329
321
315
309
313
323
334

1,908
1,851
1,845
1,845
1,869
1,862
1,847
1,826
1,867
1,875
1,888
1,875

432
431
429
415
415
412
415
399
401
400
415
404
402
400
405
406
393
390
384
393
377
382

Min- KanSan
neap- sas Dallas Fran-l
City
olis
cisco

229
229
223
221
222
223
227
225
235
235
235
230
231
228
229
222
218
214
218
216
214
216
226
228
225
219
218
222
223
218

499
499
492
491

305
307
305
302

493
506
507
504
506
512
511
504
503
514
511
503
500
498
502
502
499
492

313
314
317
310
306
308
308
300
298
302
302
300
292
297
302
302
294
290
290
292
288
288

843
851
845
828
822
819
848
826
820
785
822
800
803
810
833
837
837
837
831
850
817
816
826
856
846
815
816
825
830
812

403
418
409
405

211
208
208
208
211
214
220
221
219
228
234
235
233
245
244
240
238
237
238
238
230
225

492
499
492
503
502
502
503
499
506
503
510
502
499
499
502
495
501
509
507
499
498
504
499
506
496
500
498
509
498
502

287
293
292
287
281
283
288
282
283
291
303
302
304
304
311
314
313
313
313
320
312
317
319
324
317
317

833
835
851
833
840
849
882
853
863
864
869
864
854

435
425
406
405
399
384
380
375
380
390
395
409

225
226
233
224
216
225
220
209
218
235
239
233

495
503
508
507
499
497
502
504
499
503
500
502

305
312
303
299
297
289
290
283
300
311
315
319

842
827
803
829
830
836
821
813
836
838
862
863

377
388
375
379
379
377
378
368
373
378
381
380
384
387
398
392
383
388
396
393
390
399

811
805
826
809
814
817
853
849
824

* This series discontinued after 1928; for figures comparable with those published currently in 1929 see
Table 103 and Federal Reserve Bulletin for January, 1929.




206
No.

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
110.—REPORTING MEMBER BANKS—TIME DEPOSITS, BY WEEKS,
MONTHLY AVERAGES OF WEEKLY FIGURES
[In millions of dollars]

WITH

Federal Reserve District
Boston
1928
Jan. 4
Jan. 11
Jan.18
Jan. 25
Feb. 1
Feb. 8
Feb. 15
Feb. 21..
Feb. 29
Mar. 7
Mar. 14
Mar. 21
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
May 2
May 9
May 16
May 23
May 29-30
June 6
June 13
June 20
June 27
July 3
July 11
July 18
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
Oct. 3.
Oct. 10...
Oct. 17
Oct. 24.
Oct. 31.
Nov. 7
Nov. 14
Nov. 21
Nov. 28
Dec. 5
Dec. 12.._
Dec. 19
Dec. 26
Average:
January
February..
March
April
_.
May
June
July._
August
September.
October
November.
December..

New
York

483
485

1,622
1,622
1,623
1,628

Phil- Cleve- Rich- Atadel- land mond lanta
phia

296
293
295
299

893
900

249
245
246
245

295
296
292

909
918
924
928
941

244
244
247
247
247

484

1,624
1,640
489 1,623
i 1,609
490 | 1,609
493
520
524
531

1,586
1,584
1,613
1,644

290
288
288
295

948
953
968
967

247
246
247
247

504
503
503

1,648
1,642
1,650

293 j
294
296 '
297 |

956
954
958
962

248
248
247
249

506 I 1,673
504
506
506
503
510

1,696
1,716
1,726
1,741
1,739

300
300
303
308
309

964
966
965
963
958

249
250
250
250
250

502
499
497
497

311
321
312
314

958
959 |

251
252
249
249

498
498
494
492

1,723
1,723
1,740
1,748
1,699
1,705
1,683
1,683

314
312
305
306

978
981
975
977

I
I
!
i

251
248
246
245

489
490
490
490
491

1,695
1,698
1,715
1,700
1,705

309
306
307
306
303

980 I
980 I
979 j
977 i

245
248
248
247
247

961 !
962
964
964

246
245
245
245

1,715
488 | 1,707
485
1,726
1,732
487

301
300
296
294

976

!
I
I
I

480
477
477
474
472

1,719
1,728
1,754
1,760
1,759

297 '
291
294
296 !
295 |

962
957
956
954
963

246
247
246
246
245

471
469
472
475

1,749
1,757
1,747
1,743

294
292
296
297

|
|
i
!

958
956
957
958

244
243
243
241

475
474
476
477

1,728
1,722
1,726
1,736

293 i
292 i
295 i

959
953
949
950

241
239
244
241

489
488
517
504
506
499
496
490
487
476
472
475

1,624
1,621
1,607
1,653
1,724
1,734
1,692
1,703
1,720
1,744
1,749
1,728

296 !
296 i
290
295 |
304
314
309
306
298
295
295
292

894
924
959
957
963
958
978
979
963
958
957
953

246
246
247
248
250
250
248
247
246
246
243
241

288 I

Chicago

St.
Louis

243
241
238
241
242
241
239
239
240
240
239
239
239
241
239
241
239
241
243
243
243
242

1,192
1,200
1,203
1,203

240
238
246

1,211
1,208
1,205
1,208
1,206

246
246
246
247
245
248
248
249
249
249
248

244
242
246
245
244
246
244
243
241
238
238
239
238
236
237
236
237
237
234
234
236
235
235
234
237
235
238
238
237
236

1,309
1,312
1,306
1,296

241
240
239
240
242
244
244
239
237
235
235

1,200
1,207
1,228
1,260
1,289
1,306
1,269
1,257
1,261
1,264
1,268
1,271

237

1,224
1,228
1,237
1,224
1,249
1,263
1,264
1,264
1,273
1,287
1,290
1,287
1,301

1,284
1,271
1,263
1,258
1,264
1,256
1,246
1,259
1,259
1,256
1,258
1,266
1,265
1,263
1,270
1,263
1,259
1,266
1,266
1,268
1,268
1,270
1,265
1,272
1,275
1,273

Minneapolis

Kansas Dallas
City

160
162
163
164
164
165
165
165
166
168
168
168
169
168

248
247
249
246
246
246
245
243
243
244
243
242
243
241
241
242
240
241
241
241
240
239
241
241
241
240
240
241
240
239
238
238
230
232
231

136
137
138
138
138
138
138
138
133
133
133
134
134
134
135
134
134
133
133
132
131
130
131
130
129
128
128
130
129
130
129
129
128
129
130
130
130
131
130
131
134
134
135
135
136
137
137
137
137
135
137

231

137

243
246

137
137

249
248
247
244
243
241
240

134
134
132
129
129
129
130
134
137
137

247

247

241
239
231

177
177
178
178
178
178
178
179
178
179

178
177
177
178
178
179

177
174
176
174
177
178
179
179
180
179
179
181
180
182

115
116
116
116
115
118
118
118
117
117
117
118
118
118
120
121
121
121
122
122
122
123
126
126
126
130
131
134
134
132
132
130
129
128
128
128
129
131
131
131
131
130
130
131

San
Francisco l

972
994
994
1,002
1,010
998
1,009

1,019
1,014
1,004

1,003
1,001
1,009
1,005
1,009
1,011
1,013
1,016
1,014
1,016
1,006
1,017
1,030
1,016
1,017
1,019
1,011
1,012
1,006
1,006
1,016
1,019
1,016
1,005
1,018
1,010
1,016
1,013
1,009
1,016
1,016
1,017
1,016
1,013

179

131
131
132
132
132
133
139
140

162

116

165
168

117
118
120
122
127
132
130
130
131
132
136

987
1,003
1,009
1,003
1,011
1,013
1,021
1,010
1,014
1,013
1,016
1,038

181
181
181
180
180
180
180

175
178
178
178
176
179
180
181
179

1,028
1,038
1,038
1,047

i This series discontinued after 1928; for figures comparable with those published currently in 1929 see
Table 103 and Federal Reserve Bulletin for January, 1929.




207

REPORTING MEMBER BANKS IN EACH DISTRICT

No. 111.—REPORTING MEMBER BANKS—RESERVE BALANCES, BY W E E K S , WITH
MONTHLY AVERAGES OF WEEKLY FIGURES
[In millions of dollars]
Federal Reserve District
PhilRich- Atadel- Cleve- mond lanta
phia land

Boston
1928
Jan.4
Jan. 11
Jan.18.
Jan. 2 5 . . .
Feb.1
Feb. 8
Feb. 15..
Feb. 21
Feb. 29.
_.
Mar. 7
Mar. 14
Mar. 21
Mar. 28
_
Apr. 4
Apr. 11...
Apr. 18
Apr. 25
May 2
May 9
May 16
May 23
May 29-30
June 6_
June 13
June 20
June 27__
July 3
July 11
July 18
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Aug. 29..
Sept. 5
Sept. 12
Sept. 19
Sept. 26..
Oct. 3.
Oct. 10.
Oct. 17__
Oct. 24
Oct. 31.
Nov. 7
Nov. 14
Nov. 21
Nov. 28
_.
Dec. 5 . . . .
Dec. 12
Dec. 19
Dec. 26
Average:
January....
February..
March
April
May
June
July
August
September.
October....
November.
December.

NewYork

106
106
105
101
99
101
100
101
100
100
106
106
101
108
107
106
105
105
103
101
106
100
102
100
99
98
101
99
99
97
96
100
99
97
98
101
97
97
100
103
102
103
102
102
100
102
100
97
101
101
98
101

896
860
849
788
838
836
817
797
815
814
797
782
821
831
865
821
850
865
846
822
828
813
828
818
802
821
817
810
777
769
818
747
758
753
756
748
795
804
768
781
760
786
762
821
773
771
781
807
787
840
801
830

83
87
86
84
82
80
81
83
81
81
81
84
79
84
86
84
82
86
83
82
81
84
85
83
78
79
84
83
81
78
77
77
79
78
76
78
78
76
76
81
78
78
79
77
79
79
79
78
80
78
77
80

122
132
130
131
130
128
125
130
135
129
126
127
129
130
132
135
134
131
136
131
128
134
131
131
130
128
133
128
127
131
130
125
128
130
131
130
131
134
133
132
131
128
129
130
130
131
126
125
132
125
117
129

104
100
103
106
103
100
99
98
99
102
100
100

848
821
804
842
835
817
793
767
779
782
783
815

85
82
81
84
83
81
81
78
77
79
79
79

129
130
128
133
132
130
130
129
132
130
128
126

!
i
!
I
!

Chicago

St. MinLouis neapolis

273
269
270
263
262
261
264
263
257
259
261
254
252
260
254
253
269
265
271
267
256
259
258
267
258
256
291
266
255
258
263
258
258
257
247
255
267
267
260
256
257
260
261
253
259
267
268
262
262
269
263
269

50
51
51
51
52
50
51
48
49
49
50
48
47
48
48
48
49
48
49
48
48
46
46
46
45
46
43
48
44
46
45
45
45
43
46
45
46
46
46
46
48
47
46
45
48
47
47
47
48
50
46
49

269
262
257
259
264
260
268
257
262
258
264
266

51
50
48
48
48
46
45
45
46
46
47
48

25
27
25
25
25
26
25
29
27
27
25
26
26

26
27
28
26 |
25
25
25
25
23
28
28
24
26
24
24
24
24
24
22
23
24
23

24
26
26
25
26
25
28
27
28
26
27
26
26

25
28
24
26

San
Kansas Dallas Francisco 1
City

57
57
56
56
55
57
56
56
58
58
59
57
59
58
58
57
59
56
57
56
56
55
55
56
54
56
60
56
54
56
58
53
57
58
57
57
56
56
54
58
54
57
57
54
57
56
55
55
56
59
55
58

33
34
34
33
36
35
37
35
35
35
35
32
34
35
33
34
32
33
34
34
33
33
33
33
33
33
32
34
34
34
33
32
32
33
33
33
36
33
33
34
35
37
36
35
36
34
36
37
35
38
35
36

118
122
114
114
117
118
121
115
116
106
111
110
113
115
116
117
116
118
117
116
116
117
114
120
119
116
119
119
118
118
115
115
114
116
115
117
121
120
117
120
116
120
118
118
118
123
123
117
122
113
112
114

56
56
58
58
56
55
57
57
56
56
56
57

34
36
34
33
33
33
34
33
34
35
36
36

117
117
110
116
117
117
118
115
119
119
120
115

1
This series discontinued after 1928; for figures comparable with those published currently in 1929 see
Table 103 and Federal Reserve Bulletin for January, 1929.




208
No.

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
112.—REPORTING MEMBER BANKS—BORROWINGS AT FEDERAL RESERVE
BANKS, BY WEEKS, WITH MONTHLY AVERAGES OF WEEKLY FIGURES
[In millions of dollars]
Federal Reserve District
Boston

Jan. 4 . . .
Jan. 11
Jan.18
Jan. 25.
_.
Feb. 1
Feb. 8.
Feb. 15..
Feb. 21
....
Feb. 29
Mar. 7
Mar. 14
Mar. 21
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
May 2__
May 9
May 16
May 23
May 29-30
June 6
June 13
June 20
June 27
July 3
July 11.
July 18...
July 25
Aug. 1__
Aug. 8_
Aug. 15
Aug. 22
Aug. 29
Sept. 5
_.
Sept. 12
Sept. 19
Sept. 26
_.
Oct. 3 . . . .
Oct. 10.
Oct. 17
Oct. 24
_...
Oct. 31
Nov. 7
Nov. 14
Nov. 21
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Average:
January....
February _.
March
April
May
June
July
August
September.
October
November.
December.

New
York

Phil- Cleve- Rich- Atadel- land mond lanta
phia

Chicago

San
St. Min- Kansas
Louis neap- City Dallas Francisco 1
olis

155
127
64
93
92
103
130
63
53
101
88
60
129
183
178
124
207
211
252
254
264
276
316
348
329
319
384
404
260
268
301
288
231
271
246
302
308
349
283
307
292
254
203
214
250
152
128
272
287
283
186
343

37
21
17
10
26
26
39
33
39
23
32
25
23
25
36
29
23
33
24
31
29
54
34
35
54
65
73
54
62
56
64
60
68
69
74
74
74
76
78
75
78
54
50
57
51
60
42
46
46
56
61
58

56
41
40
25
25
36
37
46
57
45
44
46
42
39
54
46
46
52
55
47
58
59
72
77
65
78
100
85
77
82
72
70
63
53
65
60
71
55
56
56
63
61
63
56
70
79
66
80
74
104
83
98

18
14
19
15
20
17
15
18
19
14
18
17
14
17
19
18
20
24
22
25
24
28
25
24
26
29
29
31
29
33
30
28
27
27
31
31
26
26
28
22
22
21
24
23
24
26
21
25
19
25
24
24

21
19
18
19
16
17
14
19
15
15
11
11
11
16
14
28
31
31
31
28
35
37
44
48
40
37
44
46
54
47
45
49
50
46
48
50
52
57
57
53
48
48
48
47
45
42
38
35
34
30
34
36

46
47
47
28
23
34
32
45
42
45
36
70
53
73
52
56
78
75
86
94
77
102
100
119
106
133
156
115
130
129
158
137
125
124
113
87
75
93
99
102
89
105
122
143
129
104
114
119
160
141
145
167

13
6
10
8
12
12
15
21
20
17
18
21
14
17
15
29
22
26
19
23
32
34
34
35
39
34
39
31
44
37
37
37
36
47
44
47
46
42
40
39
29
33
31
35
28
34
29
24
24
24
27
27

4
2
5
6
12
12
12
8
7
8
8
7
6
5
5
6
5
7
10
11
10
13
13
13
13
14
12
12
10
11
16
16
9
10
14
10
10
5
8
4
10

110
88
95
173
252
328
329
267
310
254
200
275

21
33
26
28
34
47
61
67
76
63
50
55

41
40
44
46
54
73
86
65
61
60
74
90

17
18
15
18
24
26
30
29
28
22
24
23

19
16
12
22
33
43
48
48
54
49
40
34

42
35
51
65
87
114
133
131
88
112
116
153

9
16
17
21
27
36
38
40
44
33
29
26

2
2
1
8
9
6
7
12
13
12
11
7

2
1
2
2
2
1
2
3
2
7
7
13
15
19
14
20
15
17
17
18
17
16
18
12
18
15
22
19
16
18
16
16
20 |
15

19 I
21 !
16
14
13
19
23
20

23
22
28

i This series discontinued after 1928; for figures comparable with those published currently in 1929 see
Table 103 and Federal Reserve Bulletin for January, 1929.




209

EEPORTING MEMBER BANKS IN EACH DISTRICT

BANKERS' BALANCES OF REPORTING MEMBER BANKS,
BY DISTRICTS
No. 113.—REPORTING MEMBER BANKS—DUE TO BANKS, BY MONTHS, 1927-28
(REVISED SERIES)
[Monthly averages of weekly figures. In millions of dollars]
Federal Reserve District
Month

Boston

1928
January
February

March
April
May.
June
July .
August.
September
October
November
December .

1,021
1,051
1,019
1,009
1,044
1,038
1,027
1,042
1,070
1,172
1,114

179
179
177
176
171
176
175
176
181
181
175

251
246
248
243
239
249
259
256
257
262
259

159
141
134
142
130
117
123
110
119
124
124
117

June
July...
August...
September
October
November
December

Philadelphia

131
130
137
128
132
150
141
132
138
148
141

1927
January February.
March
April
May__ . .

New
York

1,207
1,165
1,156
1,119
1,084
996
1,021
961
995
1,054
1,043
1,015

212
199
197
195
182
171
170
160
168
174
175
170

266
267
243
240
229
214
215
210
232
233
222
214

St. Min- Kansas
Louis neap- City
olis

Dallas

San
Francisco

Cleve- Rich- Atland mond lanta

Chicago

114
114
114
114
113
117
120
124
126
136
132

121
113
111
111
104
108
112
128
138
135
131

506
525
511
517
494
509
514
523
521
513
508

150
149
144
139
133
136
130
134
143
155
157

94
95
90
82
83
82
80
97
110
110
105

229
228
212
200
199
214
226
216
213
218
228

112
104
97
96
90
87
88
112
128
134
130

242
217
210
214
207
219
219
214
221
244
243

129
117
109
105
102
97
98
92
98
108
112
114

136
129
122
119
114
103
98
92
95
107
115
123

529
527
533
530
502
503
493
483
498
492
469
475

161
155
136
129
126
119
119
112
119
128
134
141

102
102
109
100
94
91
88
81
89
100
96
94

228
236
230
215
210
201
224
230
223
221
213
222

122
117
102
98
95
90
90
85
107
127
131
127

233
220
219
214
194
196
197
184
204
204
206
200

No. 114.—REPORTING MEMBER B A N K S — D U E FROM BANKS, BY MONTHS,
1927-28 (REVISED SERIES)
[Monthly averages of weekly figures. In millions of dollars]
Federal Reserve Di strict

Month

Philadelphia

53
54
63
57
59
60
59
57
68
62
58

134
143
147
142
135
132
124
134
150
144
142

64
61
60
59
62
57
58
58
58
67
58

105
109
107
106
107
103
108
108
110
110
99

56
56
54
56
56
57
55
58
61
63
58

• 78
74
71
69
71
76
78
87
94
91
86

227
241
239
260
238
236
229
242
238
244
237

65
62
58
55
54
52
50
50
57
61
59

48
47
46
45
49
52
48
59
67
63
52

136
133
120
108
113
118
114
115
122
129
126

69
66
64
62
58
57
56
68
70
72
69

136
141
140
140
143
142
146
152
151
163
165

71
57
51
59
53
49
56
47
49
52
51
49

158
147
150
167
157
143
142
121
138
139
146
147

65
58
61
63
62
58
59
55
57
61
62
61

111
102
97
97
94
88
94

59
54
52
53
49
51
49
46
47
54
56
53

86
77
75
77
72
67
68
65
71
80
85
83

233
230
233
242
253
250
242
224
251
242
245
236

63
58
53
54
51
48
47
44
47
53
58
60

51
49
48
44
48
46
51
47
51
57
59
56

127
126
122
120
112
112
123
118
124
125
127
127

68
63
58
60
58
59
56
53
63
67
70
68

170
159
160
149
145
146
144
133
146
141
145
143




Cleve- Rich- Atland mond lanta

OOOO CO CO CO

._

New
York

CO CO CO CO CD

1927
January
February
March
April
May

June . .
July._
August
September
October
November
December
1928
January
February
March
April.
May
June
July
August
September
October
November
December

St. Min- Kansas
Louis neap- City
olis

Boston

Chicago

Dallas

San

Francisco

210

ANNUAL REPOET OF THE FEDERAL RESERVE BOARD

BANK SUSPENSIONS
No.

115.—BANKS SUSPENDED AND REOPENED, BY DISTRICTS,

Banks reopened

Banks suspended
Class of bank and Federal
reserve district

Number

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
_
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

$1,540,000

$15,727,000

4
3
3
7
5
12
1
2
2

180,000
91,000
365,000
325,000
110,000
214,000
50,000
120,000
85,000

1,277,000
712,000
6,591, 000
2,573,000
876,000
2,144,000
250,000
735,000
569,000

5

325,000

6, 610,000

1
1
1
1
1

100,000
50, 000
100, 000
50,000
25, 000

816,000
252,000
5,138, 000
239,000
165,000

2

75,000

417,000

1

50,000

252,000

1

25, 000

165,000

_

State bank members, total.
Boston
New York...
Philadelphia
Cleveland
Richmond
Atlanta
_
Chicago
St. Louis
Minneapolis
Kansas City.
Dallas—
San Francisco

10,621,000

3

250,000

6,193,000

Nonmember banks, total
Boston
New York
Philadelphia
Cleveland . __
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City
Dallas
San Francisco..

._

125,000
100,000
275,000
400,000

1,033,000
483,000
6,331,000
2,462,000

1

100,000

816,000

1
1

100,000
50,000

5,138,000
239,000

1
1

50,000
25,000

146,000
166.000

418

14,540,000

96,402,000

34

1,215,000

9,117,000

3

45, 000

1,356,000

13
33
59
66
55
84
79
19
7

605,000
2,133.000
2,988,000
2,160,000
1, 885,000
1,564,000
2,057,000
801,000
302,000

5,584,666
9, 922,000
19,296,000
14,251,000
12,132,000
12,041,000
13,176,000
6,405,000
2,239,000

3
2
2
6
4
12
1
2
2

80,000
41,000
265,000
275,000
85,000
214,000
50,000
120,000
85,000

461,000
460, 000
1,453,000
2, 334, 000
711.000
2,144,000
250,000
735,000
569,000

5,175,000

42,240,000

100, 000

1,078,000

80,000
235,000
650,0000
1, 275, 000
1,150,000
150,000
550,000
455,000
255,000
275, 000

425,000
1, 979, 000
3,417,000
16,099, 000
7,495,000
660,000
5,106,000
2,466,000
986,000
2,529, 000

57

4, 200,000

31,619,000

1

_

1,078,000
1,356,000
425, 000
7,563, 000
13,339, 000
35,395, 000
21, 746, 000
12, 792, 000
17,147,000
15,642,000
7,391,000
4, 768, 000

1
4
10
7
21
2
10
9
5
3

.._

$138,642,000

100,000
45,000
80, 000
840, 000
2, 783,000
4, 263,000
3,310,000
2,035, 000
2,114,000
2,512, 000
1,056, 000
577,000

1

National bank members,
total.-.
Boston _
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis.
MinneapolisKansas City
Dallas
San Francisco

39

$19,715,000

73

Member banks, total
Boston _.
New York . .
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago _
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

Deposits

Deposits

1
3
1
17
43
66
87
57
94
88
24
10

-_

Number

Capital

Capital

491

All^banks, total

100,000

1, 078,000

1
2
9
4
13
2
10
9
4
2

80,000
110,000
550,000
1,000,000
750,000
150,000
550,000
455,000
205,000
250,000

425,000
946,000
2, 934,000
9, 768,000
5, 033,000
660,000
5,106,000
2, 466,000
840,000
2,363,000

16

975, 000

2
1
3
8

Back figures—See Annual Reports for 1927 (Table 111) and 1926 (Table 98).




1928

211

BANK SUSPENSIONS, BY STATES
No.

116.—BANKS SUSPENDED AND REOPENED, BY STATES,

1928

[Figures are for member and nonmember banks]
Banks reopened

3anks suspended
State
Number

Deposits

491

United States
New England:
Rhode Island
Middle Atlantic:
New York
Pennsylvania..
East North Central:
Ohio.
Indiana
Illinois
_
Wisconsin
West North Central:
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
South Atlantic:
Delaware
Maryland
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
East South Central:
Kentucky
Tennessee
Mississippi
West South Central:
Arkansas
Louisiana
Oklahoma
Texas.
Mountain:
Montana
Idaho
Colorado
Utah
Nevada
Pacific:
Washington
Oregon

Capital
$19, 715, 000

$138, 642, 000

Number

Capital

Deposits

39

$1,540,000

$15, 727,000

1

100,000

1,078, 000

3
1

45, 000
50, 000

1, 356. 000
53, 000

__

11
24
18
6

615, 000
847, 000
675, 000
150,000

5,315, 000
5,456, 000
4, 797, 000
1,640, 000

4
4
4

180, 000
175, 000
175, 000

1, 277, 000
1, 535, 000
1, 203, 000

46
51
31
38

1, 047, 000
2, 008, 000
951,000
752, 000
250,000
1,306, 000
850,000

9, 805, 000
12, 033, 000
4,091, 000
5,143, 000
1, 912, 000
8, 973, 000
4,366,000

9

.

174, 000

1, 676, 000

4
2
1

125,000
25, 000
15, 000

886, 000
290, 000
178, 000

80, 000
000
000
000
000
000
000

425, 000
194, 000
1,899, 000
1, 678, 000
2,118, 000
7,450, 000
12, 616, 000
20,841, 000

220, 000
385, 000
110, 000

2,395, 000
3,390, 000
1,818, 000

«

_ __

50
26

__

1

1
1
7
5
8
22
26
35
7
4
4

0)
505,
465,
402,
1,411,
1, 636,
2,442,

__
""
1

25, 000

349, 000

1
1

50, 000
16, 000

252, 000
111, 000

3

365, 000

6, 591, 000

000
000
000
000

1

10,000

75, 000

2

120, 000

735, 000

000
000
000
000
000

14, 000
287,000
734, 000
669,000
138, 000

1
1

35,000
50,000

432, 000
137, 000

115, 000
275, 000

821,000
2,853, 000

14
2
5
23

445,
65,
130,
1, 041,

000
000
000
000

1
2
3
2
1

20,
75,
135,
62,
50,

2
3

3,370,
421,
1,161,
7,332,

Mutual savings bank without capital stock.
Back figures' See Annual Reports for 1927 (Table 112), 1926 (Table 100), and 1925 (Tables 97 and 98).




CHANGES IN MEMBERSHIP IN FEDERAL RESERVE SYSTEM

to
to

No. 117.—CHANGES IN MEMBERSHIP IN THE FEDERAL RESEEVE SYSTEM DUKING 1928 BY DISTRICTS

Boston district

New York district

Philadelphia district

Cleveland district Richmond district

Atlanta district

Procedure affecting change
NaNaNaNaNaNaTotal tional State Total tional State Total tional State Total tional State Total tional State Total tional State
Active member banks, Dec. 31,1927. _

_ .

Additions to membership:
Organization of national bank
Conversion of nonmember bank to national
Admission of State bank
Resumption following suspension.
Conversion within the system

Total losses

376

7

7

937

771

19
2
4

37

19
2
12

166

777

687

11
3
4

11
3

4

90

835

726

1

1

4

2
1

564

512

1
1

.

.. ._

.-

25

23

5

18

14

5

4

1

4

2

4
3

3
3

1

10
12

7

3
2

6
2

6
1

1

5
1

4
1

1

2
1

2

2 10

1
2
1
1

1
2
1

1

1

1
2
3
3

1
2
3

4
7
6

2
7

2

2

1 1

12

24

19

8

17

+1

+4

Q

+1

938

775

10

-5

-3

408

373

2
-2
35

163

3

778

..

6

6
1

1

2

i 1

380

84

1
1

i l

0

1

464

6
1
1

1

7

12

..

Active member banks, Dec. 31, 1928 ._




__-

52

1

2
1
i1

i1

i 1

109

7

Total additions
Losses to membership:
Merger between members—
Intraclass
Interclass
Voluntary liquidation (terminal).. _
Suspension and insolvency
Absorption of member by nonmember
Conversion of member to nonmember
Withdrawal of State bank
._ . .
Conversion within the system

Net change

413

10
3
1
2

|rvr

9

7

2

5

4

1
1

1
4
1

3

2

5

1

9
2
1
iI

I

5

687

4

23

15

19

15

+1

14

-19

-14

-5

-17

-13

-4

-11

-3

-8

91

816

712

104

547

499

48

453

377

76

9

1

1

2
7
1

1

5

20

10

10

3
H
W
O

Chicago district

St. Louis district

Minneapolis district

Kansas City district

San Francisco district

Dallas district

Procedure affecting change
NaNaNaNaNaNaTotal tional State Total tional State Total tional State Total tional State Total tional State Total tional State

Active member banks, Dec. 31,1928
1
2

483

2

7
1

594

2

5
1

1

2
1

1
l1

111

735

674

2
3
1

2
3

2

___

9

6

5

4

2

6

5

10
4
2
21
5
2

9

31
4
1
8
1
2
8
i 1

2
2

1

1
2

2
3
1
2

2
2

3
1
1
10
3

3
1
1
10
1

8

968

941

27

701

6

6

4

12

12

7

1
9
7
7

3
3
4
3
2

526

10
1
2

1

2

13

12

12
1

12
1

3
21
7

2
18

1
1
2
l1

4

1

2
4

<6

1
1
1
2
3

3

2

§

B
w
H

1
«3

67

s

i 1

52

27

26

5

8

22

16

6

42

36

6

25

17

8

44

40

-18

-20

-7

-1

-6

-16

-11

-5

-36

-30

—6

-19

-13

-6

-31

-28

1,252

964

288

587

482

105

719

663

56

932

911

21

780

688

92

627

498

Succession between members of one class and members of the other without effect on the number of banks in the system.
Includes 5 instances in which national banks were converted into or absosorbed by nonmember banks which were subsequently absorbed by a member State bank.
3 Includes an instance in which 2 State member banks were succeeded by a single State member organized for the purpose.
4
Includes 3 compulsory withdrawals.
5
Includes a national bank which merged with a nonmember that was subsequently admitted to membership and so classified.
8 Includes a State bank which was succeeded by a nonmember that was subsequently admitted to membership and so classified.
Back figures.—See Annual Reports for 1927 (Table 117), 1926 (Table 97), and 1925 (Table 94).




2
2

-38

12

132

10
1

7

1
9
7
7
6

658

2
2

6

98

2

799

l ]

14

1
13
4

61

coco to to

7
1
5

308

to to to

982

coco

Net change -

1,290

coco

Active member banks, Dec 31, 1927
Additions to membership:
Organization of national bankConversion of nonmember bank to national
Admission of State bank
Resumption following suspension
Conversion within the system
Total additions
Losses to membership:
Merger between members—
Intraclass
Interclass
Voluntary liquidation (terminal)
Suspension and insolvency
Absorption of member by nonmember
Conversion of member to nonmember
Withdrawal of State bank
Conversion within the system _
Total losses

5
Q

129

w

S3
M

to
GO

214

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

EARNINGS, EXPENSES, AND DIVIDENDS OF MEMBER BANKS
No. 118.—MEMBER BANKS—-EARNINGS, EXPENSES, AND DIVIDENDS, BY FEDERAL
RESERVE DISTRICTS, 1924-1928
[In thousands of dollars]
Total
Total
net
expenses earnings

District and year ending June 30

Net
losses
charged
off

N e t addition to
profits

Dividends
declared

Boston:
1924
1925
1926
1927
1928
New York:
1924
1925
1926
1927
1928
Philadelphia:
1924
1925
1926
1927
1928
Cleveland:
1924
1925
1926
1927
1928
Richmond:
1924
1925
1926
1927
1928
Atlanta:
1924
1925
1926
1927
1928
Chicago:
1924
.._
1925
....
1926
1927
1928
St. Louis:
1924
1925..,
1926
1927
1928
Minneapolis:
1924
1925
1926
1927
1928
Kansas City:
1924
1925
1926
1927
1928

Dallas:

1924
1925
1926
1927
1928
San Francisco:

1924
1925
1926
1927
1928

120,742
131, 456
138,040
148, 413
159, 629

87,914
93,492
100,017
107, 527
114,499

32,828
37, 964
38,023
40, 886
45,130

12, 618
14, 704
9,850
15, 337
13, 309

20,210
23, 260
28,173
25, 549
31, 821

16, 651
17, 258
18, 641
20,145
20, 859

473, 333
514, 053
564, 605
607,316
668, 002

324, 597
348,252
380.170
409, 335
444, 702

148, 736
165, 801
184, 435
197, 981
223,300

32, 302
31,275
34,914
29, 600
37, 741

116.434
134, 526
149, 521
168, 381
185, 559

78,198
81,526
89,147
97, 859
107, 226

124, 724
134,631
148, 480
155, 340
161, 382

80, 057
87,878
96, 326
102,921
108, 009

44, 667
46, 753
52,154
52,419
53, 373

5,935
3,672
6,519
6,702
8,375

38, 732
43, 081
45, 635
45, 717
44, 998

20,827
23,004
24,533
26,493
26,807

183, 860
199.114
204, 532
213, 798
220.115

132, 544
142, 792
149, 059
155,507
162, 218

51,316
56, 322
55, 473
58, 291
57,897

10, 575
10.956
12, 512
16, 031
13, 713

40, 741
45, 366
42,961
42, 260
44,184

26, 529
26, 715
28,416
27, 636
28, 737

77, 685
79, 311
83, 082
84, 385
87, 233

55,103
57, 659
59,692
60,973
63, 227

22, 582
21, 652
23, 390
23,412
24,006

5,649
5,804
6,609
7,216
7,847

16, 933
15, 848
16, 781
16,196
16,159

13,151
12, 709
15,618
13,096
12, 756

70,187
75, 091
89, 091
83, 277
83, 018

51, 305
53, 255
61, 743
60, 993
61, 537

18, 882
21, 836
27,348
22, 284
21, 481

6,349
7,894
7,793
9,225
8,599

12, 533
13, 942
19,555
13,059
12, 882

11,760
10, 746
11,908
12, 208
11, 247

253,480
262, 486
284, 142
296, 084
311,247

188, 434
196, 220
209,295
218,617
232, 407

65, 046
66, 266
74,847
77,467
78, 840

21, 678
20, 641
15, 684
18, 282
19, 602

43, 368
45, 625
59,163
59,185
59, 238

33,954
33, 380
35, 291
36, 317
45,198

77, 699
79, 986
85, 605
86, 541
87, 894

56,477
58. 090
62, 372
64, 488
64, 601

21, 222
21, 896
23, 233
22, 053
23, 293

8,119
9,707
6,165
6,842
5,786

13,103
12, 189
17, 068
15,211
17, 507

13, 732
11, 722
11, 685
13, 746
12, 988

58, 610
58, 236
56, 983
55, 750
57, 354

49, 044
47, 000
44, 785
43, 063
43, 724

9,566
11,236
12,198
12, 687
13, 630

7,719
7,443
5,635
6,506
5,729

1, 847
3,793
6,563
6,181
7,901

5,560
5,302
5,544
5,699
5,780

82,132
80, 048
81, 780
83, 067
84, 241

63, 913
62,103
62, 224
61, 401
63, 034

18,
17,
19,
21,
21,

219
945
556
666
207

15, 653
12, 322
11, 899
13, 063
9,671

2,566
5,623
7,657
8,603
11, 536

8,738
8,157
8,031
8,347
9,821

60, 244
59, 362
63,193
61, 370
64, 591

42, 945
42,131
43,215
43, 872
44,939

17, 299
17, 231
19, 978
17,498
19, 652

9,919
7,939
7,674
8,480
9,044

7,380
9,292
12, 304
9,018
10, 608

8,148
10, 318
9,467
8,289
9,156

159, 636
170,134
183,684
193, 529
208, 721

121, 650
132, 093
140, 208
146, 504
160,441

37, 986
38, 041
43, 476
47,025
48, 280

14, 718
12,182
14, 449
16, 968
20, 323

23, 268
25, 859
29, 027
30, 057
27, 957

19, 025
19, 840
21, 077
22, 231
33,713

Back figures.—See Annual Report for 1927 (Table 118).
Ratios.—For district ratios of figures given, which relate to fiscal years, to average earning assets, etc.,
see Federal Reserve Bulletins as follows: 1928—December, p. 879; 1927—January, pp. 26-28; December,
pp. 883-884; 1925—December, pp. 872-873.




215

EARNINGS AND EXPENSES OF MEMBER BANKS
No.

119.—NATIONAL

BANKS l—EARNINGS,

EXPENSES,

AND

DIVIDENDS,

BY

FEDERAL RESERVE DISTRICTS, 1924-1928
[Amounts in thousands of dollars]

District and year ending June 30

Boston:
1924_.
1925
1926_
1927
1928_
New York:
1924
1925.
1926
1927
1928.
Philadelphia:
1924
1925
1926.
1927
1928..
Cleveland:
1924
1925
1926
1927.
1928.
Richmond:
1924
1925
1926
1927
1928.
Atlanta:
1924
1925.
1926
1927
1928
Chicago:
1924
1925
1926.
1927
1928
St. Louis:
1924...
1925
1926
1927
1928
Minneapolis:
1924.
1925...
1926
1927
1928
Kansas City:
1924
1925
1926.
1927
1928
Dallas:
1924..
1925__
1926
1927
1928.

San Francisco:
1924
1925
1926
1927
1928

Total
Gross
Total
net
earnings expenses earnings

Net
losses
charged
off

80,837
88,983
92, 214
98, 200
106,268

57,827
61,839
65,676
69,154
74, 620

23, 010
27,144
26, 538
29,046
31, 648

9,650
11, 297
6,897
12, 716
10,839

13, 360
15,847
19, 641
16, 330
20, 809

12,0*3
12,472
13,642
14, 243
14,654

246,192
269, 596
290,138
302,553
326, 641

164,308
180, 239
193, 722
201,892
217, 385

81, 884
89, 357
96, 416
100, 661
109, 256

23, 059
18,647
24,860
16, 510
26,313

58,825
70, 710
71, 556
84,151
82, 943

41,871
43, 280
46,183
50,438
52,496

91, 267
97,425
105,882
109,098
110, 689

32, 226
33, 654
37, 765
36,385
36, 774

5,554
3,684
5, 775
5,403
6,421

26,672
29, 970
31, 990
30, 982
30, 353

14,188
15,629
16,105
17,842
17,168

102,867
109,002
110,461
112,423
113,341

59,041
63, 771
68,117
72, 713
73, 915
72,805
76, 661
79, 730
81,023
82, 202

30,062
32, 341
30, 731
31,400
31,139

6,306
6,697
6,953
11, 049
8,061

23, 756
25, 644
23, 778
20, 351
23,078

65, 358
65,897
68,353
68,658
70,610

46, 200
47,869
48,801
49, 559
51,366

19,158
18,028
19, 552
19,099
19, 244

4,841
5,295
5,602
6,077
5,860

14, 317
12, 733
13, 950
13, 022
13, 384

15,861
15, 705
16, 744
15, 286
15,121
11, 388
10,816
13, 590
10, 956
10, 623

44, 581
48, 757
59, 757
58,473
62, 438

32, 363
34, 693
41,152
42,919
46, 224

3,847
4,684
4,508
6,077
6,486

8,371
9,380
14,097
9,477
9,728

8,041
7,110
8,388
8,819
8,392

137, 243
136, 776
143, 770
149, 420
160, 244

101, 692
101,958
106, 111
109, 604
118,428

12, 218
14,064
18,605
15, 554
16, 214
35, 551
34,818
37, 659
39,816
41,816

14, 342
14, 545
11, 225
11,003
13, 930

21, 209
20, 273
26, 434
28,813
27,886

20,019
18,731
19, 653
19, 574
27, 679

45, 870
46, 783
49, 459
51,376
53,184
52, 751
52,998
52,128
51, 711
53, 376
73, 769
72, 047
73, 280
74, 233
75, 636

33,069
33,408
35, 875
38,863
39, 094

12,801
13, 375
13, 584
12, 513
14, 090

4,358
3,547
3,900
3,761
3,552

8,443
9,828
9,684
8,752
10, 538

8,955
7,835
7,537
9,394
8,722

44,117
42,645
40,961
39, 915
40, 761
57,407
55,805
55, 459
54,815
56, 553

8,634
10, 353
11,167
11, 796
12, 615

6,964
6,844
4,862
5,766
5,126

1,670
3,509
6,305
6,030
7,489

5,151
4,915
5,183
5,379
5,461

16, 362
16, 242
17, 821
19,418
19,083

14, 761
11,465
11,315
11,822
8,530

1,601
4,777
6,506
7,596
10, 553

7,768
7,212
7,058
7,397
8,867

52, 849
53, 663
59,006
58, 053
61,111

37, 724
38, 062
40, 326
41, 355
42, 535

15,125
15, 601
18, 680
16, 698
18, 576

8,407
6,614
6,799
7,863
8,046

6,718
8,987
11,881
8,835
10, 530

7, 325
9,815
9,123
8,022

80, 429
81, 556
87, 079
108, 064
150, 025

59,143
61, 371
65, 297
80, 060
114,048

21, 286
20,185
21, 782
28,004
35, 977

10, 705
8,085
8,662
10, 267
13, 346

10, 581
12,100
13,120
17, 737
22, 631

10,947
11, 399
10,429
13, 279
27, 224

i Member banks only, i. e., exclusive of national banks in Alaska and Hawaii.
Back figures.—See Annual Report for 1927 (Table 119).




Net adDividition to dends
profits declared

216
No.

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
120.—STATE BANK MEMBERS—EARNINGS, EXPENSES, AND DIVIDENDS,
FEDERAL RESERVE DISTRICTS, 1924-1928

BY

[Amounts in thousands of dollars]

District and year ending June 30

Boston:
1924
1925
1926
1927
1928.
N e w York:
1924
1925
1926.
1927___
19J28

Philadelphia:
1924
1925
1926
1927
1928..
Cleveland:
1924
1925
1926
1927
1928
Eichmond:
1924

1925
1926
1927
1928
Atlanta:
1924.
1925.
1926
1927
1928
Chicago:
1924.
1925.
1926
1927
1928_
St. Louis:
1924.
1925.
1926
1927.
1928.
Minneapolis:
1924.
1925
1926.
1927.
1928...
Kansas City:
1924.

1925.
1926.
1927
1928
Dallas:
1924
1925
1926
1927
1928
San Francisco:
1924
1925
1926.
1927
1928_

Gross
earnings

Total
Total
net
expenses earnings

Net
losses
charged
off

39,905
42, 473
45, 826
50, 213
53,361

30,087
31, 653
34, 341
38, 373
39,879

9,818
10,820
11, 485
11, 840
13,482

2,968
3,407
2,953
2,621
2,470

6,850
7,413
8,532
9,219
11,012

4,578
4,786
4,999
5,902
6,205

227,141
244,457
274,467
304, 763
341,361

160, 289
168,013
186,448
207,443
227,317

66, 852
76,444
88,019
97,320
114,044

9,243
12,628
10,054
13,090
11,428

57,609
63, 816
77,965
84, 230
102, 616

36, 327
38, 246
42,964
47,421
54,730

33,457
37, 206
42, 598
46,242
50, 693

21,016
24,107
28, 209
30, 208
34,094

12,441
13,099
14, 389
16,034
16, 599

381
-12
744
1,299
1,954

12,060
13, 111
13,645
14, 735
14, 645

6,639
7,375
8,428
8,651
9,639

80,993
90,112
94,071
101, 375
106, 774

59, 739
66,131
69,329
74,484
80,016

21, 254
23,981
24,742
26,891
26, 758

4,269
4,259
5,559
4,982
5,652

16, 985
19, 722
19,183
21, 909
21,106

10, 668
11,010
11,672
12,350
13, 616

12,327
13,414
14, 729
15, 727
16,623

8,903
9,790
10,891
11,414
11,861

3,424
3,624
3,838
4,313
4,762

509
1,007
1,139
1,987

2,616
3,115
2,831
3,174
2,775

1,763
1,893
2,028
2,140
2,133

25,606
26,334
29,334
24,804
20, 580

18,942
18, 562
20, 591
18,074
15,313

6,664
7,772
8,743
6,730
5,267

2,502
3,210
3,285
3,148
2,113

4,162
4,562
5,458
3,582
3,154

3,719
3,636
3,520
3,389
2,855

116, 237
125, 710
140, 372
146, 664
151,003

86,742
94, 262
103,184
109,013
113,979

29,495
31, 448
37,188
37, 651
37, 024

7,336

22,159
25, 352
32, 729
30,372
31, 352

31, 829
33, 203
36,146
35,165
34, 710

23,408
24, 682
26,497
25,625
25, 507

8,421
8,521
9,649
9,540
9,203

3,761
6,160
2,265
3,081
2,234

4,660
2,361
7,384
6,459

13,935
14, 649
15, 638
16,743
17, 519
4,777
3,887
4,148
4,352
4,266

5,859
5,238
4,855
4,039
3,978

4,927
4,355
3,824
3,148
2,963

1,031
891
1,015

755
599
773
740
603

177
284
258
151
412

409
387
361
320
319

8,363
8,001
8,500

6,506
6,298
6,765
6.586
6,481

1,857
1,703
1,735
2,248
2,124

857
584
1,241
1,141

965
846
1,151
1,007
983

970
945
973
950
954

4,187
3,317
3,480

5,221
4,
2,517
2,404

2,174
1,630
1,298
800
1,076

1,512
1,325
875
617

662
305
423
183
78

823
503
344
267
350

79, 207
88, 578
96, 605
85, 465
58,696

62, 507
70, 722
74,911
66,444
46, 393

16, 700
17, 856
21, 694
19,021
12, 303

4,013
4,097
5,787
6,701
6,977

12, 687
13, 759
15,907
12, 320
5,326

8,078
8,441
10. 648
8,952

8,605
7,395

Back figures.—See Annual Report for 1927 (Table 120).




Net adDividition to dends
profits declared

4,459
7,279
5,672

INDUSTRIAL AND TRADE
CONDITIONS

41223—29




15

217

INDUSTRIAL AND TRADE CONDITIONS
No. 121.—INDEX NUMBERS

l

OF P R O D U C T I O N , E M P L O Y M E N T , T R A D E , AND P R I C E S

[As revised in February, 1929; see footnote 1]
Building
contracts
awarded
§•3

Year and
month

•la

1923-1925=100
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928

Wholesale Department Department
distribustore sales store stocks
tion

1919=100

83
87
67
85
101
95
104
108
106
110

84
87
67
87
101
94
105
108
106
111

77
89
70
74
105
96
99
108
107
106

64
63
57
81
84
95
122
130
128
135

1919
January
February
March
April
May
June
July__._
August
September
October
November
December

82
79
76
78
78
83
87
89
87
86
85
85

82
81
78
79
78
84
88
91
87
86
89
87

79
70
66
71
74
76
81
78
85
87
63
77

16
30
37
57
70
85
95
88
69
92
66
68

90
97
102
105
119
123
132
138
128
130

87
101
107
108
126
113
114
119
125
150

1920
January...
February.
March
April
May
June
July
August
September
October
November
December

94
94
93
87
90
90
88
89
86
83
76
71

96
96
94
88
91
91
88
88
86
81
73
68

86
84
87
82
85
88
88
91
85
91
94
94

68
60
91
91
74
78
61
61
53
53
39
30

124
109
138
126
122
120
120
123
123
107
94
78

137
121
132
129
128
123
127
113
106
93
91

.__

1926=
100

1923-1925=100
111
115
87

139
154
98
97
101
98
104
100
95

79
105

89

87

101
105

87

103

102
101
97

106
107
108

102
103
103
102

61
55
66
78
75
74
60
62
74
94
95
139

72
73
72
70
73
82
92
98
100
87

84
69
95
92
100
97
75
74
85
104
109
145

89
98
92
100
98
99
95
92
92
95
87

107
110
107
104
103
108
117
119
114
90

93
97
101
104
106
105
107
110
113
113
108
101

134
130
131
133
135
136
141
144
141
142
145
151
158
157
159
166
167
167
166
161
155
144
133
121

1921
76
67 65 81 33
January
114
89
80
February
105
66 64 77 30
98
March
102
64 63 72 49
87
April
99
64 63 72. 66
83
May
96
66 64 73 70
86
June
93
87
65 64 71 66
80
July
93
63
65 64 68 62
94
94
August
66
67 67 69 64
98
93
73
September
97
67 67 67 71
100
94
October
97
100
71 71 71 65
86
94
95
November
71 71 68 56
101
72
93
December
138
70 70 69 58
All of the indexes given in the table (except that for prices) are those of the Federal Reserve Board.
Descriptions of these indexes, and of revisions made from time to time, have been published in the Federal
Reserve Bulletin as follows: Indexes of industrial production, production of manufactures, production of
minerals, February and March, 1927 (certain revisions, March, 1929); indexes of factory employment and
factory pay rolls, May, 1925 (certain revisions, September, 1925); indexes of building contracts awarded
and freight car loadings, August, 1927 (certain revisions, March, 1929); index of wholesale distribution,
December, 1927 (certain revisions, see footnote to Table 124); indexes of department-store sales and department-store stocks, February, 1928 (certain revisions, March, 1929).
2 Adjusted for seasonal variations.
3 Index of the U. S. Bureau of Labor Statistics; monthly average, 1926=100, base adopted by bureau.
A description of this index was given in the Bulletin of the U. S. Bureau of Labor Statistics, No. 453, "Revised Index Numbers of Wholesale Prices, 1923-July, 1927," and in the Federal Reserve Bulletin for October, 1927.




219

220

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 121.—INDEX NUMBERS OF PRODUCTION, EMPLOYMENT, TRADE, AND PRICES-

Continued

1923-1925== 100

1922
73
January
76
February
80
March
April
_ . . . 77
81
May
86
June.
86
July
. ...
84
August
88
September
94
October
97
November
100
December

1926=
100

1923-1925 = 100

1919 = 100

Wholesale commodity
price s

Adjusted

Unadjusted

Adjusted

Unadjusted

Adjusted

Wholesale Department Department
distribustore sales store stocks
tion
Unadjusted

Freight-car lo adings

rolls
Factory pay i

Factory emp]oyment

Adjusted

Building
contracts
awarded
Unadjusted

Production ()f minerals

Production ()f manufactur es

Year and
month

Industrial prc duction

[As revised in February, 1929; see footnote 1 on p. 219]

73
75
78
81
86
90
91
87
89
94
98
100

77
85
92
53
54
59
57
62
81
90
94
100

48
52
85
102
105
100
102
93
79
73
71
62

68
70
83
82
85
84
92
86
81
71
82
77

84
86
87
86
88
90
87
90
93
96
99
100

78
81
83
81
85
88
85
90
94
98
102
105

81
86
89
83
79
87
84
84
88
89
95
95

73
74
88
81
85
88
82
98
103
106
97
86

80
80
85
83
90
92
86
91
90
92
97
97

71
65
81
89
90
86
63
70
84
103
105
150

85
83
85
88
87
88
87
87
90
91
92
93

80
84
91
91
88
85
82
86
93
96
100
85

90
89
89
87
86
88
88
90
90
88
89
90

91
93
93
93
96
96
99
99
99
100
101
101

100
100
103
107
107
106
104
102
100
99
98
97

100
100
103
107
106
106
103
101
101
98
97
97

101
99
103
111
108
109
112
110
97
104
105
98

61
71
94
101
109
93
79
75
73
91
80
76

83
97
87
81
89
81
76
70
75
88
90
93

101
103
105
105
105
105
104
104
104
104
103
101

104
107
113
113
117
117
113
113
114
117
115
113

98
96
99
105
103
103
102
101
99
97
100
96

92
92
108
97
98
97
94
112
113
118
100
83

101
99
103
100
103
102
99
102
98
102
100
93

80
72
99
94
101
101
71
79
89
117
113
161

92
93
99
97
98
103
98
99
100
100
99
100

83
90
98
101
99
93
91
96
105
110
113
94

93
94
95
97
97
96
97
100
101
100
100
99

102
103
105
104
102
10C
98
98
100
99
9£
98

1924
100
January
102
February
101
March
95
April.
May
. _- 89
85
June
84
July
89
August
94
September
95
October
97
November
101
December .

99
102
101
96
88
84
82
88
93
95
98
102

102
104
98
92
93
93
92
92
97
96
96
99

76
78
109
121
108
101
87
89
87
103
95
83

99
104
99
98
93
91
84
83
90
100
103
98

100
101
101
99
96
93
89
89
91
93
92
94

108
114
113
111
105
100
92
96
99
103
101
106

99
103
98
98
96
92
92
95
99
99
100
101

95
95
98
95
90
86
90
104
115
116
99
91

103
102
94
98
95
90
95
95
100
100
99
102

87
82
90
104
100
94
72
74
93
110
111
168

99
101
99
99
97
100
96
95
100
94
101
100

89
96
105
107
103
97
93
96
105
111
112
94

100
101
102
103
101
100
100
100
101
101
99
100

100
IOC
99
97
96
95
96
97
97
9£
99
102

1925
106
January
105
February
105
March
103
April.
103
May
June
.- 102
104
July
103
August
102
September
October . . . . 105
107
November
109
December

106
106
106
104
103
102
104
102
104
108
109
111

104
99
95
99
104
101
104
107
89
90
94
93

75
76
120
138
124
137
133
149
138
129
116
129

98
104
107
113
113
128
128
135
135
125
127
145

94
96
96
96
95
94
93
94
95
97
97
97

103
109
110
107
107
105
102
105
104
111
112
112

103
103
99
104
104
101
101
105
102
100
105
106

93
95
105
97
93
95
97
112
117
123
102
92

102
102
100
100
99
100
102
102
102
106
102
98

86
80
95
106
100
99
75
78
94
130
114
178

98
103
103
102
101
101
100
101
102
111
104
106

90
96
105
106
103
98
94
98
107
112
115
97

102
101
102
102
101
101
101
102
103
101
102
103

103
104
104
102
102
103
104
104
103
104
105
103

1923
January
F ebruary
March
April
May.

June
July
August
September
October
November
December




221

INDUSTRIAL AND TKADE CONDITIONS

No. 121.—INDEX NUMBERS OF PRODUCTION, EMPOYMENT, TRADE, AND PRICES

Continued
[As revised in February, 1929; see footnote 1 on p. 219]
Building
contracts
awarded

Wholesale
p
p
distribu- Department Department
store sales store stocks
tion

Year and
month

1926
January
February
March
April.
May
June
July
August
September
October--.
November
December.

95
96
106
96
95
95
95
111
118
111
101
87

104
103
101
99
101
100
100
101
103
96
101
98

88
81
101
103
107
101
79
83
101
123
121
184

105
104
101
103
108
103
105
107
109
109
106
110

93
98
107
107
104
98
93
97
107
114
117
96

105
104
104
103
102
101
100
101
102
104
103
102

104
102
100
100
101
101
100
99
100
99
98
98

1927
January
February
March
April.
_
_
May
June
July
August
September
October-.
November.
December

88
91
102
92
91
91
91
112
113
108
97
85

95
97
98
95
97
96
96
102
98
94
97
95

89
83
100
111
102
102
75
89
100
119
122
186

106
107
105
105
103
103
104
111
108
106
107
111

93
98
107
107
104
98
95
98
108
114
117
96

104
103
103
103
102
101
102
102
104
104
104
103

97
96
95
94
94
94
94
95
97
97
97
97

1928
January
February
March
April
May
June
July
August
September
October
November
December

88
93
100
88
93
89
90
110
111
112
99
84

96
99
96
92
99
92
94
101
96
97
99
95

88
86
103
102
108
104
78
85
107
123
122

104
105
104
103
103
105
107
105
119
105
106
116

93
99
106
107
104
97
94
98
105
114
117
95

105
104
103
103
102
100
101
102
101
103
103
101

96
96
96
97
99
98
98
99
100
98
97
97

_
_

112




145 I 90
139
113
140
141
126

222

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No.

122.—INDEX OF PRODUCTION OF MANUFACTURES, BY GROUPS

f As revised in February, 1929; see Bulletin for March, 1929. Adjusted for seasonal variations. 1923-1925
average = 100]
CeAll
Au- Leather ment, NonPaper
ferman- Iron Tex- Food and
toYear and month ufac- and tiles prod- print- Lum- mo- and brick, rous
ber
ucts ing
tures steel
biles shoes and metglass als
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928

84
87
67
87
101
94
105
108
106
111

82
99
46
82
105

1925—January
February..
March
April
May
June
July
August
September.
October
November.
December..

106
106
106
104
103
102
104
102
104
108
109
111

110
111
111
100

1926—January
February..
March
April
May
June
July.August
September.
October
November.
December..

109
109

_..

107
109
108
111
112
111
107
104

84
87
99
105
91
104
104
113
107

76
87
70

79
79
68
89
99
96
105
100
94
89

50
58
41

104

Tobacco
manufactures

55
66
63
80
95
95
110
113
109
120

78
39
69
94
99
107
112
109
115

54
64
64
74

55
77

86
99
115
125
136
152

86
98
116
116
1120
144

110
108
109
110
110
109
111
112
111
112
111
111

105
109
113
107
104
105
108
105
108
109
107
109

106
110
110
112
114
121
120
120
116
117
117
116

110
111
108
112

100
135
135
125

99
95
98
96
92
96
99
96
98
95
95

116
126
123
120
109
118
121

105
106
102
104
105
104
106
104
104
105
104
111

97
90
102
110
94
96
98
103
102

67

82
87
85
89
96
99
105
112
118
124

96
98

85
95
99
106
115
113
117

108
108
96
95
93
95

104
105
106
106
105
104

97
103
104
106
114
117

103
104
107
107
104
102
105
102
101
104
106
107

94
94
97
97
93
104

107
107
106
109
111
111

112
111
114
114
113
115
115
120
117
116
105
103

104
104
104
101
97
101
99
104
109
110
110
110

103
96
96
96
95
98
98
100
100
100
97
97

112
113
113
113
115
114
114
115
117
117
116
113

101
108
105
105
102
99
100
95
99
97
95
96

121
121
115
111
114
112
106
128
124
108
92
69

93
95
94
94
93
98
101
101
103
104
100
101

116
112
109
107
112
123
118
117
117
114
108
96

108
108
109
115
115
107
111
111
112
113
119
118

116
117
119
123
124
126
126
128
128
129
133
135

116
111
107
112
107
115
112
125
136
126
112
115

108
111
116
113
112
113
110
112
113
115
114
112

108
108
114
113
116
120
118
118
118
113
112
106

96
94
100
100
103
101
96
96
91
92
93
95

113
113
113
114
113
113
114
112
114
112
110
112

97
96
92
86
96
94
95
95
98
94
95
93

98
100
104
104
106
93
83
89
81

71
49

99
102
98
99
100
106
112
112
111
107
99

57

97

100
107
120
109
108
109
110
114
113
109
108
106

115
111
109
111
110
108
107
109
106
107
106
111

135
134
135
134
132
134
136
136
139
142
140
137

118
114
122
134
127
140
119
117
114
117
122
113

114
115
116
123
122
115
109
118
122
120
121
114

103
110
105
98
96
93

115
116
118
118
121
118
117
117
118
116

92
93
94
95
93
91

93
101
111
108

100
108
108
109
111
115
113

124
135
134
134
133

117

94
103

97
92

114
117
112
111
116
123
119
126
130
122
122
130

135
139
141

117
119
133
139
122

99
103
102
97
96
108
112
112
110
103

160
162
160
159
159

119
120
120
120
120
125
125
129
128
126
124
127

8a
106
113
104
119

1927—January
February..
March
April
May
June
July
August
September.
October
November.
December.

105
107
110
109
112
109
108
107
106
103
99

103
112
115
114
116
108
105
102
98
94
89
94

1928—January. _..
February-.
March
April.......
May
June
July
August
September.
October
November.
December.

106
110
110
110
110
111
111
113
115
114
112

107 107
113 108
114 107
122 ! 101
107
116
108
115
124
100
121
107
128
107
126
112
120
113
123
111

114

94
84
83
94
99
103
98
97

Petro- Rubleum ber
refin- tires
ing

89
90
95
98
102 1115
104 1114

110

104
104
101
102
103
105
106
107
108
106
108

94
87
82
81
85

87

66
102
90
107
illl
188
113

90
92
101
107
110
111
112
77

107

97

117
121
126
128

147
150
153
156

117

143
149
151
169

167
155
143

i Corrected.

Backfigures—SeeFederal Reserve Bulletin for March, 1929 (for revised monthly data back to January,
1923, and for March, 1927 (for monthly data back to January, 1919).




223

INDUSTRIAL AND TRADE CONDITIONS
No.

123.—INDEX OF PRODUCTION OF MINERALS, BY PRODUCTS

[As revised in February, 1929; see Bulletin for March, 1929. Adjusted for seasonal variations. 1923-1925
average=100]

77

109

52

91

.

109
79
78
108
92
100

110
99
94

105
99
95

61
64
75
100
97
103
104
121
122

104
99
95
99
104
101
104
107
89
90
94
93

105
91
85
90
92
92
96
103
101
104
113
112

112
116
104
111
116
106
117
130
1
1
3
• 4

100
98
98
102
109
109
106
106
105
103
103
101

92
95
104
107
104
106

111
108
100
108
103
104

3
33
124
124
117
124

100
99
98
100
99
101

106
106
106

120
118
126

95
105

107
109
110

103
105
105

111
125
117

119

_

122

114

120

116
118
118

118
123
131

102
96
87

120
123
122

106
108
105

94
93
91

106
115
102

120
122
122

108
107
106
1925

January..
February
March
April
May
June.. . . .
July
August.
September
October
November
December
January .
February
March
April
May
June
July
August
September
October
November
December

89

89
70
74
105
96
99

. _

__

1926

.

_ .

1927

January
February
March
April
May
June
July—
August
__
September
October
November
D ecember.

1928
January _
February
March
April .
May
June
July
August
September
October
November _
December

114
118

111
124

Stoo

1919
1920
1921
1922
1923
1924
1925
1926
1927
1928

All
Bitu- Anthra- Crude [ron-ore
miner- minous cite
petro- ship- Copper
leum ments
coal
als
coal

115
108
77

123
112

112
117

99
106
103

85
92
91

74
106
99

105

101
102

90

85
87

106

123

103
102
103
105

92
92
95
91

89
88
80
107

105
101
100
105
107
114
113
112

93
91
93
91
94
99
99
96

124
123

112
76
67
94
95
119
113

120
118
119
123
124
127
127

98

132

Lead

Silver

113
36
82
114
82

85
30
62
93
100

87
39
68
96
97

104

106

107

116
111
112

114
1 112
U06

95
193
88

111
110
108
106
105
105
105
102
106
106
105
108

101
103
104
103
105
105
109
110
110
111
112
112

106
103
111
110
110
112
110
110
110
117
111
117

103
97
87
105
97
103
104
108
93
85
96
94

106
109
110
110
109
107

113
117
109
113
113
111

115
116
117
111
116
109

93
94

111
108
113

111
119
121

113
116

113
116
117

112

119

121

114
111
100

114
113
114

113
112
115

106
107
105

109
108
114

120
113
113

113
195
1 104

129

95
95
99
89
94

110

130
98

120
101

110
105
115

99
98
88

101
101
104

94
50

121
119
121
120

104
91

124
123
121

81

Zinc

^0 to

Year and month

66
77
88
102
111

118
116

84
87
102
100
98

96
96
94
98
90
96
96
93
93
107

97
95
90
90
90
93
94

116
112
111

102

110

105

110
108

100
95

102
104
102
103

80
107
104
104
110
114
106

109
112
111

105
107
112
113

103
109
109
100

93
83
94
89

106
104

108
109

110
110
113
116
123
128
131

113
117
117
120
114
110
111

101
100
97
107
115
108
111

133

106

112

94
90
91

85
93
76
87
79
79
93

103

1
Corrected.
Back figures.—See Federal Reserve Bulletin for March, 1929 (for revised monthly data back to January,
1923), and for March, 1927 (for monthly data back to January, 1919).




to
to

No. 124.—INDEX OF WHOLESALE DISTRIBUTION, BY INDIVIDUAL LINES OP TRADE
[1923-1925 average=100]
With seasonal adjustment
Year and month

Without seasonal adjustment

Groceries

Meats

Dry
goods

Men's
clothing

Boots
and
shoes

Hardware

Wholesale
Drugs Furni- distriture
bution

Groceries

Meats

Dry
goods

Men's
clothing

Boots
and
shoes

Hardware

111
115
87
89
100
98
102
101
97
96

Wholesale
distribution i

118
126
93
93
100
101
99
98
94
95

145
121
80
83
94
96
110
115
108
113

100
107
91
89
103
97
100
94
89
85

78
106
72
80
99
98
103
95
92
91

140
125
99
97
104
98
98
101
104
98

96
116
80
86
102
97
101
100
95
93

91
95
86
87
97
99
104
107
108
113

73
85
102
93
105
102
100
98

1919.
1920.
1921.
1922.
1923.
1924.
1925.
1926.
1927.
1928.

1927
January
February...
March
April
May
June
July
August
September..
October
NovemberDecember..
1928
January
February, _.
March
AprilMay
June
July
August
September..
October
NovemberDecember..

Drugs Furniture

95
97
98
95
97
96
96
102
98
94
97
95

93
93
96
95
97
98
91
97
94
90
94
92

113
112
108
111
109
104
102
109
109
109
105
109

83
87
90
86
87
88
88
102
91
86
89
87

84
97
101
87
87
90
90
101
92
81
86
93

112
110
97
94
110
90
134
111
104
91
105
101

92
93
98
94
91
92
92
97
99
94
100
97

104
103
106
106
104
106
105
112
114
111
112
106

98
98
101
96
98
102
102
109
103
99
100
89

88
91
102
92
91
91
91
112
113
108
97
85

86
81
94
90
95
101
92
97
102
102
100
90

113
107
104
104
109
106
104
111
117
122
101
103

78
88
95
76
76
78
81
125
113
99
88
70

65
123
138
85
52
46
78
165
140
101
61
48

92
87
111
100
111
85
107
122
127
114
110
82

82
82
102
96
93
96
90
98
106
105
98
90

102
95
117
108
98
99
100
110
122
128
113
99

86
98
114
97
93
90
84
111
117
118
105
83

96
99
96
92
99
92
94
101
96
97
99
95

93
98
97
93
99
94
91
100
92
95
94
89

106
113
109
112
109
112
111
116
122
111
122
115

89
88
83
78
86
79
80
90
84
85
91
86

99
99
94
77
96
76
79
90
89
99
95
101

115
110
96
94
113
82
123
109
90
87
100
72

92
93
91
86
94
92
91
94
92
97
100
93

110
110
111
117
110
107
117
112
116
113
128

89
96
95
87
92
94
95
106
112
112
101
94

88
93
100
88
93
89
90
110
111
112
99
84

85
85
95
88
96
97
92
101
100
108
100
88

106
108
105
105
109
114
113
118
130
125
117
108

85
89
87
70
75
71
74
110
105
99
90
69

76
128
131
75
57
39
68
148
137
123
66
51

94
87
111
99
114
77
98
119
110
108
105
59

82
82
95
88
97
96
90
95
100
108
98
86

106
101
121
113
110
104
102
115
119
134
114
120

78
96
107
88
87
83
78
108
126
133
106
89

1
Beginning with January, 1929, reports of sales of women's clothing were discontinued, and the index of wholesale distribution revised to include only 8 lines of trade. For
monthly figures (of the general index) on this basis back to 1923, see Federal Reserve Bulletin for March, 1929, p. 180; back figures by lines of trade—in most cases to January, 1919—
are given in the Bulletin for December, 1927.







APPENDIX

225

RECOMMENDATIONS OF THE FEDERAL ADVISORY
COUNCIL TO THE FEDERAL RESERVE BOARD
OFFICERS AND MEMBERS OF THE FEDERAL ADVISORY COUNCIL FOR
THE YEAR 1928
OFFICERS
President, F. O. WETMORE.

Vice President, J. F. BRUTON.
Secretary, WALTER LICHTENSTEIN.

EXECUTIVE

COMMITTEE

F. O. WETMORE.
J. F. BRUTON.
J. S. ALEXANDER.

L. L. R U E .
HARRIS CREECH.
W. W. SMITH.

MEMBERS
A. M. HEARD, Federal Reserve District No. 1.
J. S. ALEXANDER, Federal Reserve District No. 2.
L. L. RUE, Federal Reserve District No. 3.
HARRIS CREECH, Federal Reserve District No. 4.
J. F. BRUTON, Federal Reserve District No. 5.
P. D. HOUSTON, Federal Reserve District No. 6.
F. O. WETMORE, Federal Reserve District No. 7.
W. W. SMITH, Federal Reserve District No. 8.
THEODORE WOLD, Federal Reserve District No. 9.
P. W. GoEBEL, Federal Reserve District No. 10.
B. A. MCKINNEY, Federal Reserve District No. 11.
F. L. LIPMAN, Federal Reserve District No. 12.

RECOMMENDATIONS OF THE FEDERAL ADVISORY COUNCIL
FEBRUARY 17, 1928

No recommendations were made by the Federal Advisory Council
at its first meeting in 1928, held Friday, February 17.
MAY 18, 1928
TOPIC NO. 1.—Discount and open-market policy of the Federal
reserve system.
Recommendation.—Report by Gov. Roy A. Young but no recommendation made by Federal Advisory Council.
TOPIC NO. 2.—Purchase and sale of Government securities by Federal reserve banks for their own account apart from the system's
open-market investment account.
Recommendation.—The Federal Advisory Council believes it to be
desirable to include in the open-market portfolio of the Federal reserve




227

228

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

system all operations connected with any Government security holdings of the system. This would seem to be the only means of making
the policy of the open-market committee effective.
TOPIC NO. 3.—The desirability of requiring member banks in Federal reserve bank and branch bank cities and in other cities designated
by the Federal Reserve Board from time to time to calculate and
adjust their lawful reserves daily instead of on an average semiweekly basis as at present.
Recommendation.—The Federal Advisory Council is emphatically
opposed to any further shortening of the period for calculating and
adjusting reserves because of the unnecessary disturbance to current
business caused thereby. The council regards the suggestion to
require a daily adjustment of reserves as being aimed at a relatively
few offending banks. It is the view of the council that the purpose
desired could be attained if regulations were adopted penalizing those
banks abusing the present average system. The council begs to
inform the Federal Reserve Board that it will file a memorandum
reciting in detail the difficulties and disturbances which would be
caused by the suggested change in the calculation and adjustment of
reserves.
TOPIC NO. 4.—The desirability of recommending legislation amending section 19 of the Federal reserve act relating to required reserves
of member banks and of writing into law a complete definition (along
the lines of the board's Regulation D) of what constitutes savings
and other time desposits.
Recommendation.—The Federal Advisory Council believes that it
would be inadvisable to approach the Congress on the question of
reserve requirements and definition of savings and other deposits or
any like matters. The Federal reserve banks and the Comptroller
of the Currency through information obtained by the examiners
should be able to correct the abuses referred to in the topic suggested
by the Federal Reserve Board. In general, Regulation D seems to
the council equitable and just. It might be amplified to prevent
some of the abuses which have developed, such as the withdrawal by
check of savings and time deposits and the lack of a clear distinction
between demand and time deposits. The council has considered the
matter of reserves to be required in the recommendation to topic 6.
TOPIC NO. 5.—The advisability of formulating a program of advising all member bank directors as soon as possible of their legal
responsibilities individually arising out of noncompliance with the
reserve requirements of the Federal reserve act on the part of their
respective banks.
Recommendation.—The Federal Advisory Council does not favor
communications such as suggested except in cases of persistent
wrongdoers. The present regulations appear to be adequate.
TOPIC NO. 6.—The desirability of revising the present list of reserve
cities and including in the list certain cities not now so designated
which are within a short distance of a Federal reserve bank or branch
city and other cities in which a large volume of bank deposits are
carried.
Recommendation.—The Federal Advisory Council believes those
cities should be designated as reserve cities whose banks are carrying
a substantial volume of deposits from other banks.




RECOMMENDATIONS OF AJDVISOKY COUNCIL

229

SEPTEMBER 28, 1928
TOPIC NO. 1.—Business conditions in the respective Federal reserve
districts.
Recommendation.—Members of the council have been polled and
report that business is generally good and on a sound basis. The
aggregate volume is greater than the most optimistic forecasts of the
earlier part of the year prophesied.
TOPIC NO. 2.—Effect of prevailing rediscount rates on business.
Recommendation.—The prevailing rediscount rates have not retarded business since its demands have been taken care of satisfactorily by the banks in this time of high money rates and generally have
been favored by a preferential discount rate. The council believes
the banks are disposed to continue this practice of favoring commercial
borrowers as long as possible. It should also be noted that some
financing of a more or less permanent type has been delayed by the
present high money market.
TOPIC NO. 3.—Open-market committee.
Recommendation.—The Federal Advisory Council without any
intention of criticizing the present arrangements but in order that all
governors of the Federal reserve banks may participate in the discussions leading up to actions of the open-market committee suggests
to the Federal Reserve Board to consider the advisability of having
the membership of the open-market committee consist of all the
governors of the Federal reserve banks with an executive committee
composed of five members with full power to act.
TOPIC NO. 4.—Suggestion that the board revoke its ruling of 1919
to the effect that balances due from foreign banks may not be deducted
from balances due to other banks by a member bank in calculating
its reserves.
Recommendation.—The council understands fully the need of the
ruling of 1919 at the time it was made, but it urges strongly that now
under altered conditions deposits in foreign banks immediately
available be made a deductible item in figuring the required reserves
of member banks.
TOPIC NO. 5.—Suggestion that the board's regulations be amended
so as to fix seven days as the minimum limitation on advances by
Federal reserve banks to member banks on their promissory notes
secured by eligible paper or Government securities.
Recommendation.—The Federal Advisory Council is opposed
to the above amendment of the board's regulations. It seems to the
council it will tend to increase rather than diminish the funds available for speculation and to increase the sale and purchase of Federal
reserve funds. It is obvious that, if a member bank must borrow
for a period of seven days even though it needs the money for a
shorter period only, such a bank will be compelled either to place its
idle funds temporarily at the disposal of the call-money market or to
sell such Federal funds to some other member bank.




230

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
NOVEMBER 22, 1928

TOPIC NO. 1.—The relation of Federal reserve discount rates and
security loan market rates.
Recommendation.—The Federal Advisory Council believes there is
a relationship between the rediscount rates established by the Federal
reserve banks and the New York call-money rate. The establishment of a 5 per cent rate by most of the Federal reserve banks has
been followed by a minimum renewal rate of 6 per cent in the New
York call-money market, the actual rate depending upon the supply
of and demand for money on the New York stock market from day
to day. A change at this time of the rediscount rates in either direction is not regarded as advisable having regard to the needs of the
commercial, industrial, and agricultural interests and the speculative
situation. A raising of the rates would be detrimental to business
interests and a lowering would probably encourage continued speculation on the stock markets of the country.
TOPIC NO. 2.—The effect of open-market operations and buying
rates of the Federal reserve system on the security loan market.
Recommendation.—The open-market operations have a direct and
immediate influence upon all money markets. The buying rates
prevailing in the open-market operations should not be inconsistent
with the policy adopted in fixing the rediscount rates.
TOPIC NO. 3.—The relation of security loan rates to other money
rates.
Recommendation.—The demand for loans on securities has undoubtedly caused an advance in interest rates generally. However,
the requirements of business have been fully met at preferential rates
which have not been burdensome or restrictive.
TOPIC NO. 4.—The proper function and use to be made of banking
investments in brokers' loans.
Recommendation.—In so far as this refers to noncustomer loans, the
council is of the opinion that such investments are proper for member
banks to make with surplus funds only except for the purpose of
meeting a temporarily disturbed situation. Member banks, however, should not borrow to carry these loans solely for the purpose of
making a profit.
TOPIC NO. 5.—In the opinion of the council, under what conditions,
and what methods of policy, management, or operation, may the
Federal reserve system in discharging its duties under the Federal
reserve act use to prevent a seepage of Federal reserve credit into
the call-loan market, retaining at the same time every assurance of a
minimum interference with the free play of credit to accommodate
business and commerce?
Recommendation.—The council in its answer to question No. 4 has
indicated the cooperation which it believes the member banks of the
system would give to the Federal reserve banks in order to prevent
a seepage of Federal reserve credit into the call-loan market. In the
opinion of the council this is the most effective method of accomplishing the desired object.



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

231

AMENDMENTS TO THE FEDERAL RESERVE ACT
[PUBLIC—No. 352—70TH CONGRESS]
[H. R. 10151]
An act to amend section 9 of the Federal reserve act

Be it enacted by the Senate and House of Representatives of the United States of
America in Congress assembled, That section 9 of the Federal reserve act be
amended by adding thereto a new paragraph as follows:
"All banks or trust companies incorporated by special law or organized under
the general laws of any State, which are members of the Federal reserve system,
when designated for that purpose by the Secretary of the Treasury, shall be
depositaries of public money, under such regulations as may be prescribed by the
Secretary; and they may also be employed as financial agents of the Government;
and they shall perform all such reasonable duties, as depositaries of public
money and financial agents of the Government, as may be required of them. The
Secretary of the Treasury shall require of the banks and trust companies thus
designated satisfactory security, by the deposit of United States bonds or otherwise, for the safe-keeping and prompt payment of the public money deposited
with them and for the faithful performance of their duties as financial agents of
the Government."
Approved, May 7, 1928.
[PUBLIC—No. 594—70TH CONGRESS]
[S. 1989]
An act to amend the third paragraph of section 13 of the Federal reserve act

Be it enacted by the Senate and House of Representatives of the United States of
America in Congress assembled, That the third paragraph of section 13 of the
Federal reserve act (Title 12, section 344, United States Code), be amended and
reenacted to read as follows: "Upon the indorsement of any of its member
banks, which shall be deemed a waiver of demand, notice, and protest by such
bank as to its own indorsement exclusively, and subject to regulations and
limitations to be prescribed by the Federal Reserve Board, any Federal reserve
bank may discount or purchase bills of exchange payable at sight or on demand
which grow out of the domestic shipment or the exportation of nonperishable,
readily marketable agricultural and other staples and are secured by bills of
lading or other shipping documents conveying or securing title to such staples:
Provided, That all such bills of exchange shall be forwarded promptly for collection, and demand for payment shall be made with reasonable promptness after
the arrival of such staples at their destination: Provided further, That no such bill
shall in any event be held by or for the account of a Federal reserve bank for a
period in excess of ninety days. In discounting such bills Federal reserve banks
may compute the interest to be deducted on the basis of the estimated life of
each bill and adjust the discount after payment of such bills to conform to the
actual life thereof."
Approved, May 29, 1928.

AMENDMENT TO CLAYTON ANTITRUST ACT
[PUBLIC—No. 120—70TH CONGKESS]
[H. E. 6491]
An act'to amend section 8 of the act entitled "An act to supplement existing laws against unlawful restraint
and monopolies, and for other purposes," approved October 15, 1914, as amended

Be it enacted by the Senate and House of Representatives of the United States of
America in Congress assembled, That the last proviso of the second paragraph of
section 8 of the act entitled "An act to supplement existing laws against unlawful
restraints and monopolies, and for other purposes," found in title 15, chapter 1,
section 19, United States Code, approved October 15, 1914, as amended, is amended
to read as follows:



232

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

11

And provided further, That nothing in this act shall prohibit any private
banker from being an officer, director, or employee of not more than two banks,
banking associations, or trust companies, or prohibit any officer, director, or
employee of any bank, banking association, or trust company, or any class A
director of a Federal reserve bank, from being an officer, director, or employee of
not more than two other banks, banking associations, or trust companies, whether
organized under the laws of the United States or any State, if in any such case
there is in force a permit therefor issued by the Federal Reserve Board; and the
Federal Reserve Board is authorized to issue such permit if in its judgment it is
not incompatible with the public interest, and to revoke any such permit whenever it finds, after reasonable notice and opportunity to be heard, that the public
nterest requires its revocation/'
Approved, March 9, 1928.
REGULATIONS OF THE FEDERAL RESERVE BOARD
REVISION OF REGULATION L

The Federal Reserve Board has revised its Regulation L on the
subject of interlocking bank directorates under the Clayton Act so as
to conform to the change in the law made by the amendment of
March 9, 1928, which is set out above. The text of the board's
Regulation L as revised is as follows:
REGULATION L, SECOND SERIES OF 1928
(Superseding Regulation L of 1928)
INTERLOCKING BANK DIRECTORATES UNDER THE CLAYTON ACT
SECTION I. DEFINITIONS

Within the meaning of this regulation—
The term "bank" shall include any bank, banking association, or trust company organized or operating under the laws of the United States or of any State
thereof.
The term "national bank" shall be construed to apply not only to national
banking associations but also to banks, banking associations, and trust companies
organized or operating under the laws of the United States, including all banks
and trust companies doing business in the District of Columbia, regardless of the
sources of their charters.
The term "resources" shall be construed to mean an amount equal to the sum
of the deposits, capital, surplus, and undivided profits.
The term "State bank" shall include any bank, banking association, or trust
company incorporated under State law.
The term "private banker" shall apply to any unincorporated individual engaging in one or more phases of the banking business as that term is generally understood and to any member of an unincorporated firm engaging in such business.
The term "Edge corporation" shall mean any corporation organized under
the provisions of section 25 (a) of the Federal reserve act, as amended.
The term "city of over 200,000 inhabitants" includes any city, incorporated
town, or village of more than 200,000 inhabitants, as shown by the last preceding
decennial census of the United States. Any bank located anywhere within the
corporate limits of such city is located in a city of over 200,000 inhabitants within
the meaning of the Clayton Act, even though it is located in a suburb or an outlying district at some distance from the principal part of the city.
SECTION I I . 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 same
time as director, officer, or employee of any other national bank, regardless of its
location.



REGULATIONS OF THE FEDERAL RESERVE BOARD

233

(2) No person who is a director in a State bank or trust company having
resources aggregating more than $5,000,000 or who is a private banker having
resources aggregating more than $5,000,000 can legally serve at the same time
as director of any national bank, regardless of its location.
(3) No person can legally be a director, officer, or employee of a national bank
located in a city of more than 200,000 inhabitants who is at the same time a private
banker in the same city or a director, officer, or employee of any other bank
(State or National) located in the same city, regardless of the size of such bank.
The eligibility of a director, officer, or employee under the foregoing provisions
is determined by the average amount of deposits, capital, surplus, and undivided
profits as shown in the official statements of such bank, banking association, or
trust company filed as provided by law during the fiscal year next preceding the
date set for the annual election of directors, and when a director, officer, or employee has been elected or selected in accordance with the provisions of the Clayton Act it is lawful for him to continue as such for one year thereafter under said
election or employment.
When any person elected or chosen as a director, officer, or employee of any
bank is eligible at the time of his election or selection to act for such bank in such
capacity his eligibility to act in such capacity is not affected by reason of any
change in the affairs of such bank from whatsoever cause until the expiration of
one 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 represented by shares.
(2) Do not prohibit a person from being at the same time a director, officer,
or employee of a national bank and not more than one other national bank, State
bank, or trust company, where the entire capital stock of one is owned by the
stockholders of the other.
(3) Do not prohibit a person from being at the same time a class A director
of a Federal reserve bank and also an officer or director, or both an officer and a
director, in one member bank.
(4) Do not prohibit a person who is serving as director, officer, or employee
of a national bank, even though it has resources aggregating over $5,000,000,
from serving at the same time as director, officer, or employee of any number of
State banks and trust companies, provided such State institutions are not
located in the same city of over 200,000 inhabitants as the national bank and
do not have resources aggregating in the case of any one bank more than
$5,000,000.
(5) Do not prohibit a person from serving at the same time as director, officer,
or employee of any number of national banks, provided no two of them are located
in the same city of over 200,000 inhabitants and no one of them has resources
aggregating over $5,000,000.
(6) Do not prohibit a person who is not a director, officer, or employee of any
national bank from serving at the same time as officer, director, or employee of
any number of State banks or trust companies, regardless of their locations and
resources.
(7) Do not prohibit a person who is an officer or employee but not a director
of a State bank from serving as director, officer, or employee of a national bank,
even though 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 director
of a national bank from serving at the same time as director, officer, or employee
of a State bank, even though either or both of such banks have resources aggregating over $5,000,000, provided both banks are not located in the same city
of over 200,000 inhabitants.
(9) Do not prohibit a private banker or an officer, director, or employee of
any bank or a class A director of a Federal reserve bank from being at the same
time an officer, director, or employee of not more than two other banks within
the prohibitions of the Clayton Act, if there is in force a permit therefor issued by
the Federal Reserve Board.
Exceptions cumulative.—The above exceptions are cumulative.
41223—29
16



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ANNUAL KEPOKT OF THE FEDERAL RESERVE BOARD
SECTION IV. PERMISSION OF THE FEDERAL RESERVE BOARD

(a) In general.—Section 8 of the Clayton Antitrust Act, as amended by the
acts of May 15, 1916, May 26, 1920, and March 9, 1928, authorizes the Federal
Reserve Board to permit any private banker or any officer, director, or employee
of any bank, banking association, or trust company, or any 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 trust companies coming within the
prohibitions of the Clayton Act, if in the judgment of the Federal Reserve Board
it is not incompatible with the public interest.
(6) When obtained.—Inasmuch as this exception to the prohibitions of the
Clayton Act applies only when ''there is in force a permit therefor issued by the
Federal Reserve Board," it is a violation of the law to serve two or more banks
in the prohibited classes before such a permit has been obtained. A permit
should be obtained, therefore, before becoming an officer, director, or employee
of more than one bank in the prohibited classes. It may be procured before the
person applying therefor has been elected as a director or appointed an officer or
employee of any bank in the prohibited classes.
(c) Applications for permission.—A person wishing to obtain a permit from
the Federal Reserve Board to serve banks coming within the prohibitions of the
Clayton Act should—
(1) Make formal application on F. R. B. Form 94, or, if a private banker, on
F. R. B. Form 94d. Each of these forms is made a part of this 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 private
banker, make a statement on F. R. B. Form 94e showing the character of his or
his firm's business.
(3) Forward all these papers to the Federal reserve agent of his district, who
will attach his recommendation on F. R. B. Form 94b, which is made a part of
this regulation, and forward them in due course to the Federal Reserve Board.
(d) Compatibility with the public interest.—In determining whether the
issuance of such a permit would be compatible with the public interest, the
Federal Reserve Board will consider:
(1) Whether the banks involved are natural competitors;
(2) Whether their having the same directors, officers, or employees would
tend to lessen competition or to restrict credit; and
(3) Any other facts having a bearing upon the interest of the public in such
banks as affected by their having the same directors, officers, or employees.
(e) 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 permit to serve on the banks
involved will be issued to the applicant.
(/) Hearing.—If it appears to the board that it would be incompatible with
the public interest to grant such permit, the board will so notify the applicant
and will afford him every opportunity to present any additional facts or arguments bearing on the subject before making any final decision in the case.
(g) Effect of permits.—A permit once granted continues in force until revoked,
and need not be renewed.
(h) Revocation.—All permits, however, are subject to revocation whenever
the Federal Reserve Board, after giving reasonable notice to the persons to whom
they were issued and affording them an opportunity to be heard, finds that the
public interest requires their revocation.
SECTION V.

PERMITS UNDER SECTION 25 OF THE FEDERAL RESERVE ACT

With the approval of the Federal Reserve Board, any director, officer, or
employee of a member bank which has invested in the stock of any corporation
principally engaged in international or foreign banking or financial operations or
banking in a dependency or insular possession of the United States, under the
provisions of section 25 of the Federal reserve act, may serve as director, officer,
or employee of any such foreign bank or financial corporation.
Applications for approval.—The approval of the Federal Reserve Board for
such interlocking directorates may be obtained through an informal application
in the 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 is serving. Such application should be sent directly to the Federal
Reserve Board.




REGULATIONS OF THE FEDERAL RESERVE BOARD
SECTION VI.

235

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 whose
capital stock the member bank shall have invested.
(2) Any officer, director, or employee of any Edge corporation may serve at
the same time as officer, director, or employee of any other corporation in whose
capital stock such Edge corporation shall have invested under the provisions
of the Edge Act.
Applications for approval.—Such approval may be obtained through an informal application in the form of a letter addressed to the Federal Reserve
Board either by the director, officer, or employee involved, or in his behalf by one
of the banks or corporations involved. Such applications should be sent directly
to the Federal Reserve Board.
AMENDMENT TO REGULATION K

The Federal Reserve Board on August 3, 1928, amended Section
IV of its Regulation K, series of 1928, which has to do with the titles
of corporations organized under section 25 (a) of the Federal reserve
act, so as to read as follows:
SECTION IV. TITLE

Inasmuch as the name of the Corporation is subject to the approval of the
Federal Reserve Board, a preliminary application for that approval should be
filed with the Federal Reserve Board on F. R. B. Form 150, which is made a part
of this regulation. This application should state merely that the organization of a
Corporation under the proposed name is contemplated and may request the
approval of that name and its reservation for a period of 30 days. The title of
every such Corporation shall include the word "foreign" or the word "international." No Corporation will be permitted to have the word " b a n k " as a part of
its title. So far as possible the title of the Corporation should indicate the nature
or reason of the business contemplated and should in no case resemble the name
of any other corporation to the extent that it might result in misleading or
deceiving the public as to its identity, purpose, connections, or affiliations.

AMENDMENT TO REGULATION RE REDISCOUNT OF PAPER FOR
FEDERAL INTERMEDIATE CREDIT BANKS

The Federal Reserve Board amended subdivision (d) of Section VI
of Regulation A, series of 1928, relating to rediscounts by Federal
reserve banks for intermediate credit banks, to read as follows:
(d) Discounts for Federal intermediate credit banks.—Any Federal reserve bank
may discount agricultural paper for any Federal intermediate credit bank; but
no Federal reserve bank shall discount for any Federal intermediate credit bank
any such paper which bears the indorsement cf any nonmember State bank or
trust company which is eligible for membership in the Federal reserve system
under the terms of section 9 of the Federal reserve act as amended. In discounting such paper each Federal reserve bank shall give preference to the demands of
its own member banks and shall have due regard to the probable future needs of
its own member banks. Except with the permission of the Federal Reserve
Board, no Federal reserve bank shall discount paper for any Federal intermediate
credit bank when its own reserves amount to less than 50 per cent of its own aggregate liabilities for deposits and Federal reserve notes in actual circulation. Except
with the permission of the Federal Reserve Board, the aggregate amount of paper
discounted by all Federal reserve banks for any one Federal intermediate credit
bank shal1 at no time exceed an amount equal to the paid-up and unimpaired
capital and surplus of such Federal intermediate credit bank.




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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

AMENDMENT TO REGULATION RE BANKERS' ACCEPTANCES

The Federal Reserve Board, on October 9, amended Section XI (3)
of Regulation A, series of 1928, which has to do with the eligibility for
discount at a Federal reserve bank of bankers7 acceptances arising
out of the storage of readily marketable staples, so as to provide that
warehouse, terminal, or other similar receipts securing such acceptances be issued by a party independent of the customer "or issued by
a grain elevator or warehouse company duly bonded and licensed and
regularly inspected by State or Federal authorities with whom all
receipts for such staples and all transfers thereof are registered and
without whose consent no staples may be withdrawn/ 7 The entire
Section XI of Regulation A now reads as follows:
SECTION XI. ELIGIBILITY

A Federal reserve bank may discount any such bill bearing the indorsement of
a member bank and having a maturity at the time of discount not greater than
that prescribed by Section XII (a) which has been drawn under a credit opened
for the purpose of conducting or settling accounts resulting from a transaction or
transactions involving any one of the following:
(1) The shipment of goods between the United States and any foreign
country, or between the United States and any of its dependencies or insular
possessions, or between foreign countries, or between dependencies or insular
possessions and foreign countries;
(2) The shipment of goods within the United States, provided shipping
documents conveying security title are attached at the time of acceptance; or
(3) The storage in the United States or in any foreign country of readily
marketable staples, provided that the bill is secured at the time of acceptance
by a warehouse, terminal, or other similar receipt, conveying security title
to such staples, issued by a party independent of the customer, or issued by
a grain elevator or warehouse company duly bonded and licensed and regularly inspected by State or Federal authorities with whom all receipts for
such staples and all transfers thereof are registered and without whose consent no staples may be withdrawn; and provided further that the acceptor
remains secured throughout the life of the acceptance. In the event that
the goods must be withdrawn from storage prior to the maturity of the
acceptance or the retirement of the credit, a trust receipt or other similar
document covering the goods may be substituted in lieu of the original
document, provided that such substitution is conditioned upon a reasonably
prompt liquidation of the credit. In order to insure compliance with this
condition it should be required, when the original document is released,
either (a) that the proceeds of the goods will be applied within a specified
time toward a liquidation of the acceptance credit or (b) 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
the capital and surplus of the accepting bank must remain actually secured
throughout the life of the acceptance, and in the case of the acceptances of
member banks this security must consist of shipping documents, warehouse
receipts, or other such documents, or some other actual security growing out of
.the same transaction as the acceptance, such as documentary drafts, trade
acceptances, terminal receipts, or trust receipts which have been issued under
such circumstances, and which cover goods of such a character, as to insure at
all times a continuance of an effective and lawful lien in favor of the accepting
bank, other trust receipts not being considered such actual security if they
permit the customer to have access to or control over the goods.
A Federal reserve bank may also discount any bill drawn by a bank or banker
in a foreign country or dependency or insular possession of the United States for
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 three months,
exclusive of days of grace.



REGULATIONS OF THE FEDERAL RESERVE BOARD

237

AMENDMENT TO REGULATION J

On December 10, 1928, the Federal Reserve Board voted to amend
paragraph (4) of Section V of its Regulation J, series of 1928, by
striking out that provision authorizing a Federal reserve bank to
reserve the right in its check collection circular to charge checks to
the reserve account or clearing account of a drawee bank at anytime when in any particular case the Federal reserve bank deems it
necessary to do so. The paragraph referred to, as amended, reads
as follows:
(4) Checks received by a Federal reserve bank on its member or nonmember
clearing banks will ordinarily be forwarded or presented direct to such banks,
and such banks will be required to remit or pay therefor at par in cash or bank
draft acceptable to the collecting Federal reserve bank, or at the option of such
Federal reserve bank to authorize such Federal reserve bank to charge their
reserve accounts or clearing accounts.

This amendment was made effective as of February 1, 1929.




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ANNUAL REPORT OP THE FEDERAL RESERVE BOARD

COURT DECISION IN MINNEAPOLIS PAR CLEARANCE
DAMAGE CASE
[Opinion of the Supreme Court of Minnesota]
T H E FIRST STATE BANK OF HUGO, MINN., RESPONDENT, V. T H E FEDERAL R E SERVE BANK OF MINNEAPOLIS, APPELLANT
SYLLABUS

1. To sustain an action for damages on the ground of coercion there must be
some wrongful or unlawful act, acts, or conduct on the part of the defendant, sufficient to constrain the plaintiff, against his will, to do or refrain from doing something which he has a legal right to do or refuse to do,,
and resulting in damage to him.
2. A Federal reserve bank is required to receive on deposit for collection at par r
from member banks of the Federal reserve system, checks payable on
presentation drawn upon any member bank in its district. It is authorized but not required to so receive checks upon nonmember banks
within its district. Federal reserve banks are not authorized to pay
exchange on checks collected by them.
3. State banks, not members of the Federal reserve system, are not affected by
the provisions of the Federal reserve act against charging exchange, and
may continue to demand exchange on remittances made by them.
4. Where a nonmember bank declines to remit at par, the Federal reserve bank
may present checks for payment at the counter of such bank and employ
proper agencies for so doing, subject to the limitations that it may not
delay presentation so as to accumulate checks in a body in a large amount
for presentation at one time for the purpose of coercing or injuring the
bank, or employ other unreasonable and oppressive means or threats in the
collection thereof.
The publication of a list, known as a par list, stating that defendant
reserve bank will receive for credit and collection checks upon all banks in
Minnesota, held not wrongful or oppressive, although not all banks in the
State had consented to remit at par.
5. Held, that there is no evidence to sustain a finding of coercion in the present
case.
Reversed.
OPINION

Defendant appeals from an order denying its alternative motion for judgment
or a new trial.
The action was brought to recover damages from the defendant for the alleged
coercion of plaintiff thereby compelling and forcing plaintiff against its will to
agree to and remit to defendant for all checks sent to plaintiff by mail, drawn
upon plaintiff bank, without making any exchange charge.
The defendant is a Federal reserve bank located at Minneapolis, in this State.
Plaintiff is a small State bank with a capital of $10,000, located in the village of
Hugo, about 25 miles from Minneapolis, and the only bank in that village. I t
is not a member of the Federal reserve system, but is located in defendant's district.
Plaintiff recovered a verdict. Defendant contends that there was no evidence
presented justifying the submission of the question of coercion to the jury; that
there was no evidence of any wrongful or unlawful conduct on its part; and no
evidence that plaintiff acted under coercion or duress in the matter, hence defendant was entitled to a verdict and judgment in its favor.
1. The term "coercion" is somewhat difficult to define with sufficient exactness to apply to all cases. It is said to be compulsion, force, or duress. It is
said to exist where one, by the unlawful act of another, is induced to do or perform some act under circumstances which deprive him of the exercise of his free
will. (11 C. J. 946, 947.) This definition is adopted in State ex rel Young v.
Ladeon, 104 Minn. 252, 116 N. W. 486. In State ex rel Smith v. Daniels, 118
Minn. 155, 136 N. W. 584, coercion is stated to be either physical force, used to
compel a person to act against his will, or implied legal force, where one is so
under subjection of another that he is constrained to do what his free will would
refuse, and that coercion is usually accomplished by indirect means, such as
threats or intimidation. Coercion, as a misdemeanor, is defined by section 10431,
G. S. 1923, which provides that every person who, with intent to compel another
to do or abstain from doing an act which such other person has a legal right to do,




COURT OPINIONS

239

or abstain from doing, shall wrongfully and unlawfully attempt to intimidate
such person by threats or force, shall be guilty of a misdemeanor.
To sustain an action for damages on the ground of coercion, there-must be
some wrongful or unlawful act, acts or conduct, on the part of the defendant
sufficient to constrain the plaintiff, against his will, to do or refrain from doing
something which he has a legal right to do or refuse to do, and resulting in damage
to him. The acts or conduct complained of need not be unlawful in the technical
sense of that term. It is sufficient if same is wrongful in the sense that it is so
oppressive under given circumstances as to constrain one to do what his free will
would refuse.
2. Federal reserve banks are required to receive on deposit at par from member
banks and reserve banks checks and drafts upon any of its member banks.
They are authorized to so receive checks, payable on presentation, upon any bank
within their respective districts, whether such bank is a member bank or not.
No exchange charge can be made against the reserve banks by member banks,
and the reserve banks are not to pay exchange. The result is a system of par
clearance of checks and items among member banks and between such banks and
the reserve banks.
3. These provisions as to exchange are held not to apply to nonmember State
banks, and such banks are not compelled to forego any rights they may have
under State laws and may continue to charge exchange. Where checks on a nonmember bank were presented to a reserve bank for deposit and collection, the
reserve bank could not accept or clear such checks unless either the nonmember
bank agreed to remit therefor at par, without charging exchange, or the reserve
bank, at its own expense, employed other agencies to collect same by presentation for payment at the banking house of the nonmember bank. In this situation the Federal Reserve Board and reserve banks sought to have a system of
par clearance agreed to and adopted by the nonmember State banks so as to
include all banks and banking institutions in the United States. Letters and
circulars were sent out by the board and the reserve banks explaining the system
and urging nonmember banks to agree to remit to reserve banks without exchange
charge. Many State banks agreed; others refused. Par lists were prepared and
sent out by the board through the reserve banks, showing towns and cities where
all banks remitted at par, and, where not all so remitted, the names of banks not
so doing were given. Where all banks in a State so remitted, the name of the
State was given.
4. Negotiations were carried on by defendant, by correspondence, with plaintiff in the matter. On July 31, 1919, defendant sent plaintiff a circular letter,
stating that it was making a final appeal and that, if no reply was received, it
would be assumed that plaintiff preferred to have checks drawn on it and received by defendant presented at plaintiff's counter for payment in cash. On
March 30, 1920, defendant wrote to plaintiff stating that, as it has received no
reply to a letter of March 10, it assumed that plaintiff would remit at par, and
that on April 15 it would commence sending regular remittances with the understanding that plaintiff would remit in payment without exchange charges. A
par list was issued by the Reserve Board under date of April 1, 1920, stating
that the reserve bank would receive for collection and credit items on all banks
in Minnesota. Upon receipt of defendant's letter of March 30, plaintiff wrote
on the bottom thereof the statement that it did not wish to be on the par list
and would continue to charge exchange, and return such letter and statement
to defendant. The exact date when this was received by defendant does not
appear. On April 12, the defendant wrote to plaintiff acknowledging receipt
and expressing regrets. In this letter defendant called attention to the fact
that the reserve bank was prohibited from paying exchange, and stated that
where a nonmember bank refused to remit at par the reserve bank would be
forced to seek some other method and through some agency present checks and
drafts at the bank's counter for payment in cash. The letter further stated
that it had been said that it was defendant's practice to hold back items until
they amounted to a considerable sum and then, for the purpose of embarrassing
the bank, present them on one day. It assured plaintiff that this was not the
case and that it had no desire to cause any unnecessary inconvenience; that it
might be possible, if it received items amounting to less than $100 on one day,
that it would hold such items for a day or two to save unnecessary expense.
The defendant then, on or about April 17, adopted the method of turning over
checks in its hands on the plaintiff bank to the American Railway Express Co.
for collection. That company, as part of its business, collects and transmits
money for compensation. A few days later, on or about April 28, it changed
agencies and employed the postmaster at Hugo to collect and transmit such



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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

collections by mail. These two agencies presented checks on plaintiff bank,
coming into defendant's hands, daily at plaintiff's counter from April 17 to 30
inclusive, and received payment therefor in cash. The evidence tends to show
that defendant was willing to receive drafts on plaintiff's correspondent bank
instead of cash, if plaintiff had so requested. Plaintiff's correspondent bank,
at the time, was the First National Bank of St. Paul, located adjacent to Minneapolis and somewhat nearer to plaintiff's place of business than Minneapolis.
The amount of checks so presented varied from day to day and ran in amounts
from $100 to $1,200. On April 30 plaintiff wrote to defendant that it might
discontinue sending checks to be cashed over the counter; that plaintiff had
decided to remit at par by draft, and that defendant might send the checks by
mail in the usual way. Thereafter plaintiff continued to remit to defendant at
par, by draft on its correspondent, for checks and items sent to it by defendant
by mail from day to day until October 1, 1924. On September 25, 1924, plaintiff informed defendant, by letter, that on October 1 it intended to again charge
exchange. Thereupon defendant ceased to accept for collection checks on plaintiff bank and, on the par list issued under date of October 1, plaintiff was listed
as withdrawn from the list. During the 10 days that defendant had its checks
presented for payment in cash at plaintiff's banking house, no difficulty arose.
The presentation was courteous and orderly; so far as appears plaintiff suffered
no injury or embarrassment; relations were apparently friendly.
There is evidence that the reserve banks were conducting what is called a
campaign to induce nonmember banks to agree to remit at par; that placing
Minnesota banks on the par list resulted in bringing to defendant bank a large
number of checks drawn on nonmember banks and on this plaintiff; that the
gathering of such checks in defendant's hands and presentation thereof at plaintiff's counter for payment required plaintiff to keep a larger cash reserve on hand
than otherwise necessary and resulted in the loss of interest which it could have
earned by keeping more of its reserve in its correspondent bank. It is urged
also that plaintiff feared and had cause to fear that on some days so large an
aggregate amount of checks might come to the reserve bank and be presented
for payment in cash that the plaintiff would be unable to pay them and be forced
to suspend. As evidence of that, it is shown that during the four and a half
years that plaintiff remitted to defendant at par there were two days on which
checks aggregating slightly over $8,000 each day were mailed to it by defendant
for payment by draft on plaintiff's correspondent; and on a number of other
days checks aggregating over $3,000 were so received. The answer to that is
the uncontradicted evidence of defendant's officer that it would readily have
accepted drafts on plaintiff's correspondent bank instead of cash at any time if
inconvenient for plaintiff to pay in cash. It is further to be noted that plaintiff's
place of business is not over 20 miles distant from its correspondent bank in St.
Paul, where it carried its reserve, and funds available from that source within
an hour, if needed.
The case of American Bank & Trust Co. v. Federal Reserve Bank of Atlanta,
262 U. S. 643, 67 L. ed. 1153, is of interest. In that case a number of State banks
in Georgia brought suit to enjoin the reserve bank from publishing their names
in the par list and to enjoin it from collecting checks on them by presenting such
checks by its agents for payment at the counter of these banks in cash, or collecting such checks otherwise than in the usual way, which was alleged to be by
mailing them to the bank upon which drawn and accepting remittance therefor
by draft, less exchange. We infer there was the usual prayer for other and further
relief. The Federal district court dismissed the case for insufficiency of the
complaint and the decision was affirmed by the Circuit Court of Appeals. The
case then came before the United States Supreme Court, reported in 256 U. S.
350, 65 L. ed. 983. It was there held that the complaint stated a cause of action
in that it alleged that defendant intended to accumulate checks in large amounts
and present them at one time in a body for the purpose of injuring and coercing
the plaintiff and breaking down its business, and the decree of dismissal was reversed. The case was then tried in the district court and is reported in 280 Fed.
940. The trial court granted an injunction restraining the defendant from including the names of plaintiffs in the par list and denied any other relief. It was held
that the reserve bank, in the exercise of its clearing-house functions, was authorized
to accept any and all checks payable on presentation, when deposited with it for
collection; that checks so accepted must be collected by it at par; that it was not
permitted to accept less than full face value; that it was authorized to adopt any
reasonable measure for these purposes; that, if the drawee bank refused to remit
without exchange charge, the reserve bank had power to employ any proper
agency to collect the checks from the drawee bank and to pay the necessary cost



COURT OPINIONS

241

of such service; that the daily collection of such checks did not constitute any
accumulation thereof and was lawful; that it was proper for such bank to publish
a par clearance list, but not to place thereon the name of a nonmember bank
without its consent. The court further found that there was no evidence to
sustain any charge that the reserve bank had acted illegally or exercised any of
its rights so as to oppress or injure the plaintiffs. This decision was affirmed
by the Circuit Court of Appeals, 284 Fed. 424. It came again before the United
States Supreme Court, 262 U. S. 643, 67 L. ed. 1153, and was affirmed. In that
decision it is stated that the decree left the reserve bank free to publish in its par
list that it would collect at par checks on all banks in any town, that is, it might
name the town or city as one wherein it collected checks at par, although there
were banks in that town or city which would not remit at par, so long as it did
not publish the names of such banks. Here, in our present case, the par list
complained of did not even name the town in which plaintiff bank is located, but
named merely the State of Minnesota as a district in which defendant would
collect checks at par. The court further states that Federal reserve banks are
authorized to collect for member banks and affiliated nonmember banks checks
on any banks within their respective districts, if the checks are payable on
presentation and can in fact be collected consistently with the legal rights of the
drawee without paying an exchange charge; that, within these limits, reserve
banks have ordinarily the same right to present checks, to the drawee bank for
payment over the counter as any other bank, State or national, would have.
The limitations referred to are that the reserve bank may not accumulate checks
for presentation or make other unreasonable or oppressive demands or threats in
connection with the collection for the purpose of injuring the drawee bank or
compelling it to agree to remit without exchange. The court states that the
advantages offered by the reserve banks have created a steady flow in increased
volume of checks on country banks to the reserve banks, and that collecting such
checks over the counter will subject the country banks to certain losses of exchange
and interest, but that country banks are not entitled to protection against legitimate competition and such losses are of the kind to which business concerns are
commonly subjected when improved facilities are introduced by others, or a
more efficient competitor enters the field.
It is urged that the reserve banks had adopted a plan to coerce and compel
country banks to remit at par and that defendant, in what it did, was engaged in
carrying out such unlawful purpose, and that plaintiff was thereby coerced and
compelled to act against its free will. A wrongful purpose or intent alone can
not constitute coercion. There must be threats or oppressive acts or conduct
sufficient to overcome the will and constrain the one coerced to go against his
free will. There were here no threats, wrongful publication of par lists, accumulation of checks, or other oppressive conduct.
Brookings State Bank v. Federal Reserve Bank of San Francisco, 277 Fed. 430,
281 Fed. 222, was a case where the reserve bank treated checks as dishonored
where plaintiff refused to remit at par by mail, and so informed its clients. This
was held wrongful and defendant enjoined from sending letters to its clients
advising them that they must look to plaintiff bank for protection for its failure
to protest the checks.
Farmers & Merchants Bank of Catlettsburg v. Federal Reserve Bank of Cleveland, 286 Fed. 610, is cited. A mere reading of the statement of facts in that
case shows that the collection of checks there was accompanied by such disturbance, threats, armed messenger, interference with the bank's customers and
business, public display of checks and claims against the bank, espionage and such
words and acts of oppression as to clearly render the defendant's conduct wrongful
and unlawful. The holdings of the Federal district court that defendant should
be enjoined from continuing to so collect checks drawn on plaintiff bank and from
advertising that it would collect such checks free of charge, must be held to be
limited to the facts in the case. That case was decided by the district court
before the final decision by the Supreme Court in the Atlanta Bank case.
The case of Farmers & Merchants Bank of Monroe v. Federal Reserve Bank of
Richmond, 262 U. S. 649, 67 L. ed. 1157, was decided at the same time and the
opinion written by the same justice as in the Atlanta Bank case. It does not
change or modify the holdings in that case. The question there decided was the
constitutionality of a State statute authorizing State banks to pay their checks,
when presented by a Federal reserve bank or its agents, in exchange drawn on
the reserve deposits of the drawee bank. This permitted the State banks to deduct exchange. The law was held constitutional. While the Federal reserve
act is construed as applied to that situation, it is so construed in harmony with
the Atlanta Bank case.



AK N AL REPORT OF THE FEDERAL RESERVE BOARD
J T U .
Primarily the benefit from having checks cleared at par goes to the makers of
such checks, the customers of the bank upon which they are drawn. If such a
customer can send his check to another city or place in payment of his debts or
purchases and have the check cleared at par, he saves money and inconvenience,
saves purchasing a draft and paying the exchange thereon. He can not compel
his debtor or obligee at the other end to accept his check subject to exchange
charges. . His bank is, to that extent, favoring him and incidentally attracting
customers to itself.
5. This case has been fully and fairly tried. Our conclusion is that there is no
evidence justifying the jury in finding that there was coercion. Defendant,
therefore, was entitled to a directed verdict and to judgment notwithstanding
the verdict.
The order appealed from is reversed with direction to have judgment entered
for defendant.

COURT OPINION AS TO DISCRETION OF FEDERAL RESERVE
SYSTEM REGARDING MATTERS RELATING TO CREDIT
POLICIES
The following is the opinion of the United States District Court
for the Southern District of New York in the case of Frank G. Raichle,
plaintiff, v. Federal Reserve Bank of New York, defendant, rendered
November 2, 1928, testing the authority of the Federal reserve bank
and of the Federal reserve system generally to exercise discretion in
raising or lowering the discount rate, in engaging in open market
operations, and in performing other functions relating to the credit
policies of the Federal reserve system:
UNITED STATES DISTRICT COURT, SOUTHERN DISTRICT OF
NEW YORK
FRANK G. RAICHLE, PLAINTIFF

}

v.

E 46-113

FEDERAL RESERVE BANK OF NEW YORK, DEFENDANT J

Appearances: Frank G. Raichle, attorney for plaintiff (Carlos C. Alden, of
counsel); Walter S. Logan, counsel for defendant, (Newton D. Baker, of counsel).
WINSLOW, D.

J.:

At this late day the power of the Congress to establish a banking system will
hardly be questioned. The necessary limitation or restraints and subjection of
individual opinion to official discretion incidental to the establishment and present
operation of the national banking system do not, in my judgment, run counter
to the provisions of the fifth amendment.
A careful study of the bill of complaint leads me to the inevitable conclusion
that it does not state facts sufficient to constitute a cause of action. The bill
will be dismissed.
New York, November 2, 1928.




FRANCIS S.

WINSLOW,

United States District Judge.

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

243

DIRECTORY OF THE FEDERAL RESERVE BOARD
[December 31, 1928]

ROY A. YOUNG, Governor.
EDMUND PLATT, Vice Governor.

EX OFFICIO MEMBERS
A. W. MELLON,

Secretary of the Treasury, Chairman.
JOHN W. POLE,

Comptroller of the Currency.

ADOLPH C.
CHARLES S.
GEORGE R.
EDWARD H.

MILLER.
HAMLIN.
JAMES.
CUNNINGHAM.

E . A. GOLDENWEISER,

WALTER L. EDDY, Secretary.

Director, Division of Research and
Statistics.

J. C. NOELL, Assistant Secretary.
E. M. MCCLELLAND,

Assistant Secretary.

CARL E. PARRY,

Assistant Director, Division of
Research and Statistics.

JAMES F. HERSON,

Chief, Division of Examination and
Chief Federal Reserve Examiner.

EDWARD L. SMEAD,

Chief, Division of Bank Operations.

WALTER WYATT, General Counsel.

W. M. IMLAY, Fiscal Agent.

SALARIES OF OFFICERS AND EMPLOYEES OF THE
FEDERAL RESERVE BOARD
[December 31,1928]
OFFICE OF SECRETARY

Walter L. Eddy, secretary
J. C. Noell, assistant secretary
E. M. McClelland, assistant secretary
Staff:
1 at $4,800
1 at $3,800
1 at $3,700
1 at $3,600
2 at $3,000
1 at $2,800
1 at $2,700
1 at $2,500
2 at $2,400
2 at $2,200
2 at $2,100
5 at $2,000
3 at $1,900
1 at $1,680
4 at $1,500
1 at $1,400
1 at $1,200
1 at $1,000
1 at $900
9 part-time employees
Total




$14, 000. 00
7, 000. 00
7, 000. 00
4, 800. 00
3, 800. 00
3,700. 00
3, 600. 00
6,000. 00
2, 800. 00
2, 700. 00
2, 500. 00
4, 800. 00
4, 400. 00
4, 200. 00
10,000. 00
5, 700. 00
1, 680. 00
6, 000. 00
1,400.00
1, 200.00
1, 000. 00
900. 00
3, 001. 50
_-_

_---...

102, 181. 50

244

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
OFFICE OF GENERAL COUNSEL

Walter Wyatt, general counsel
George B. Vest, assistant counsel
B. M. Wingfield, assistant counsel
Staff:
1 at $2,700
1 at $2,500
1 at $2,400
1 at $1,680
1 at $1,500
Total

$12, 000. 00
7, 000. 00
4, 500. 00
2, 700. 00
2,500.00
2,400.00
1, 680. 00
1, 500. 00
34, 280. 00

OFFICE OF FISCAL AGENT

W. M. Imlay, fiscal agent
Oliver E. Foulk, deputy fiscal agent
Staff: 1 at $2,000
Total
f

5, 000. 00
4, 200. 00
2,000. 00
11, 200. 00

OFFICES OF MEMBERS OF THE BOARD

2 at $3,000
2a,t$2,900
2 at $2,700
1 at $2,500
1 at $1,500
Total

6,000.00
5,800.00
5, 400. 00
2,500.00
1, 500. 00
21, 200. 00
DIVISION OF BANK OPERATIONS

Edward L. Smead, chief of division
John R. Van Fossen, assistant chief
Staff:
1 at $4,400
4 at $2,700
2 at $2,500
1 at $2,200
1 at $2,000
5 at $1,700
2 at $1,600
3 at $1,500
.
3 at $1,400
1 at $1,200
Total

12, 000. 00
6, 000. 00

.

4,400. 00
10,800.00
5, 000. 00
2, 200. 00
2,000.00
8, 500. 00
3, 200. 00
4, 500. 00
4, 200. 00
1, 200. 00
64, 000. 00

DIVISION OF EXAMINATION

James F. Herson, chief of division and chief Federal reserve examiner
Examiners:
Frank J. Drinnen
Rolfe H. Brett
L. A. A. Siems
Assistant examiners:
1 at $4,900
1 at $4,800
2 at $4,500
3 at $4,300
1 at $4,200
2 at $3,500
1 at $3,200 __
1 at $2,700
1 at $2,500
1 at $2,400
Staff: 1 at $2,100
Total



_

_--

-

14, 000. 00
7, 500. 00
5,300. 00
4,800.00
4,900. 00
4, 800. 00
9, 000. 00
12, 900. 00
4,200.00
7,000. 00
3,200. 00
2,700.00
2,500.00
2,400. 00
2, 100. 00
87, 300. 00

FEDERAL RESERVE BOARD SALARIES

245

DIVISION OF RESEARCH AND STATISTICS

E. A. Goldenweiser, director of division
Carl E. Parry, assistant director
Staff:
1 at $4,800
1 at $4,500
1 at $4,200
2 at $4,000
1 at $3,600
1 at $3,060
1 at $2,700
1 at $2,500
1 at $2,400
2 at $2,100
3 at $1,900
6 at $1,800
5 at $1,680
1 at $1,600
5 at $1,440
1 at $1,200
1 at $900
Total

$12, 000. 00
7, 500. 00
4, 800. 00
4, 500. 00
4,200.00
8, 000. 00
3, 600. 00
3, 060. 00
2, 700. 00
2, 500. 00
2,400. 00
4,200.00
5, 700. 00
10, 800. 00
8,400.00
1,600.00
7, 200. 00
1,200. 00
900. 00
95, 260. 00

DIVISION OF FEDERAL RESERVE ISSUE AND REDEMPTION

L. G. Copeland, chief of division
W. J. Tucker, assistant chief
Staff:
1 at $2,280
1 at $1,860
2 at $1,800
1 at $1,620
1 at $1,560
18 at $1,500
2 at $1,380

4, 500. 00
2, 760. 00
2,280. 00
1, 860. 00
3, 600. 00
1, 620. 00
1, 560. 00
27,000.00
2,760.00

Total

47, 940. 00
MESSENGERS

1 at $1,600
3 at $1,500
7 at $1,250
2 at $1,200
1 at $1,150
1 at $1,000
1 at $900__

1, 600. 00
4,500. 00
8, 750. 00
2,400. 00
1, 150. 00
1,000.00
900. 00

Total

20,300. 00
CHARWOMEN

5 at 45 cents per hour

2, 592. 00
GENERAL

H. W. Black, examiner
Staff:
1 at $4,800
1 at $1,600
1 at $1,500
Total
Grand total



7, 500. 00
4,800.00
1,600.00
1, 500. 00
15,400. 00
501, 653. 50

246

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

RECEIPTS AND DISBURSEMENTS OF THE FEDERAL
RESERVE BOARD
RECEIPTS AND DISBURSEMENTS OF THE FEDERAL RESERVE BOARD FOR THE Y E A R

1928
Balance Jan. 1, 1928:
Available for general expenses of the board

$139, 224.23

Available for expenses chargeable to the Federal reserve banks

__ 227,462. 67

Total

_

$366,686.90

RECEIPTS

Available for general expenses of the board:
Assessments on Federal reserve banks for estimated general expenses of the board
$697,676.92
Reimbursement of expenditures during 1927
_.
55. 27
Subscriptions to Federal Reserve Bulletin
._.
4,392.01
Miscellaneous receipts, refunds, and reimbursements.
1, 726.13
Reimbursement on account of cost of bank examinations
4,480. 27
Total receipts available for general expenses of the board
_ 708,330. 60
Available for expenses chargeable to Federal reserve banks:
Assessments on Federal reserve banks—
For cost of preparing Federal reserve notes
553,871.07
For expenses of leased wire system
196,850. 97
For expenses of private telephone lines
27,582.72
For miscellaneous expenses
9,165.47
Total receipts available for expenses chargeable to Federal reserve banks_.

787,470.23

Total receipts

1,495,800.85

Total available for disbursement...

_

_ 1,862,487.73

DISBURSEMENTS

For general expenses of the board:
Expenses for 1927 paid in 1928
Expenses for 1928 (per detailed statement)
Less accounts unpaid Dec. 31, 1928 (estimated)

$763, 563.41
15,488.06

Miscellaneous expenses reimbursable.
_
Refunds on account of subscriptions to Federal Reserve Bulletin.
Total disbursements for general expenses of the board
For expenses chargeable to Federal reserve banks:
For cost of preparing Federal reserve notes
For expenses of leased wire system
For expenses of private telephone lines
_
For miscellaneous expenses
_

14,120.33
748,075.35
98.33
7.99

_

762,302.00
738,932. 50
200,477.82
27, 582.72
6,153.08

Total disbursements for expenses chargeable to Federal reserve
banks
Total disbursements._

Balance Dec. 31, 1928:
Available for general expenses of the board, 1929, and accounts unpaid Dec.
31, 1928
Available for expenses chargeable to Federal reserve banks, unpaid Dec. 31,
1928
Total balance




973,146.12

__

1, 735,448.12
85,252.83
41,786.78
127,039.61

DETAILED STATEMENT OF EXPENSES OF THE FEDERAL RESERVE BOARD IN

Total

January

February

March

April

May

June

July

August

1928
September

October

November

Decem*
ber

PERSONAL SERVICES

Board members and their staff
Office of secretary
_
Office of general counsel.
Office of fiscal agent
Division of examination
Division of bank operations
__
Division of research and statistics
Division of issue and redemption
Messengers
C harwomen __
General

__

Total

$100, 349.99 $8,341. 64 $8, 341.67 $8,341. 69 $8,341. 64
103, 534. 83 8,933. 65 8,914.24 8,959. 36 8,942. 65
34, 277. 50
2,874. 99 2,874.99 2,875. 02 2,874.99
11, 200. 00
933. 32
933. 34
933. 32
933. 34
90, 677. 50
7,699. 95 7,554.16 7,408.
7,408.28
65, 364. 71 5, 541. 58 5, 601.69 5,591. 73 5,491.58
103, 332. 55 8, 366. 64 8, 589.64 8,751. 72 8,766.64!
50, 512. 31 4, 290. 00 4,290.00 4, 290.00 4,290.00
20, 265. 71 1, 691. 61 1,691.68 1,691. 71 1,666.61
2, 588. 40
192.00
200. 00
200. 00
216.00
27, 690.47 2,116. 66 2,116.66 2,183. 35 2,116. 66|

$8,341.67 $8,341.69 $8,391.64 $8,429.16 $8,429.19 $8, 349. 98 $8,350.00 $8, 350. 02
8, 595. 77 8,518.60 8,498.11 8, 524. 41 8, 505.10 8, 397. 91 8, 364.24 8, 380. 79
2,874.99 2,875.02 2,874.99 2, 795.83 2, 786. 68 2, 856. 66 2,856. 66 2, 856. 68
933. 34
933. 32
933. 34
933. 34
933. 32
933. 34
933. 34
933. 34
7,408. 33 7,408. 39 7,408. 28 7,408. 33 7,408. 39 7,414. 95 7,275.00 8,875. 05
5,491. 69 5,491. 73 5,420. 75 5, 350. (52 5, 316. 73 5, 358. 80 5, 354.18 5, 354. 23
8, 751. 64 8,912. 7r 8, 851.64 8, 842. 97 8, 721. 72 8,418. 31 8, 371. 64 7,987. 27
4, 290.00 4,186. 50 4,175.00 4,175. 00; 4, 270. 83 4,171. 66 4,144.49 3,938.83
1,684.18 1, 691. 71 1, 691. 61 1, 691. 68 1, 689.92 1, 691. 61 1,691. 68 1,691. 71
225. 00
212. 40
243. 00
216. 00
243. 00
208.00
208.00
225.00
2,176. 34 2,116. 68 2,116. 66 4, 614.12 2,116. 68 2,116.66 2,616.66 1, 283.34

609, 793. 97 50,990. 04 51,100.07 51,242. 31 51,032.37i 50,755.95 50, 684. 38 50, 587. 00 53, 007.86 50,394. 58 49,952.86 50,182.89 49,863.66

NONPERSONAL SERVICES
Transportation and subsistence:
Board members and their staff
Office of secretary
Office of general counsel
Division of examination
Division of research and statistics
Total all other divisions, including
local car fare
_
Communication service:
Telephone
Telegraph
Postage
Printing, binding, etc
Repairs
Heat, light, and power
Miscellaneous, unclassified.
E q u i p m e n t rental
_
Supplies, stationery and office
Equipment, furniture and office
Books and periodicals
Rent
._

3,763. 55
395. 09
" 301.66
56, 520. 02i
957. 30

228. 39
74.94

288.81
70.81

157.91

213.40
36.47

4, 640.94
31.41

4,014.16
221. 24

4. 852. 24
85.64

4,148. 54
1.88

2,648. 46:

594.07

365.18

441.18

857. 75

7,044.79
4, 743. 55
622.00
45, 334. 31
496. 25
896. 99,
1, 384. 03
36.00
5,616. 23
4, 622. 25
1, 886. 98
16,499.98

547.10

575. 71
258.83
33.00
2,837. 53
22.11
99.47
123.13
3.00
22.74
474.90
36.41
1,458.33

561. 55
640. 34
51.00
3,890. 85
19.90
99.47
106.81
3.00
1, 778.34
760.06
125.48
1,458.33

635. 70
296.96
32.00
2, 771.18
65.56
99.47
52.26
3.00
79.41
733.15
45.78
1,458. 33

67.00^
6, 782.14
73.36
99.46
146. 58
3.00
216.11
1, 286. 52
1, 232. 99
1,458. 33

183. 76

588.04
37.91

331.62

31.49

4,933. 20
145. 32

4,276. 05
130. 79

33.58
3,916.57
230. 33

571.14
232. 23
42.00
3,115. 06
15.88
90.05
82.54
3.00
825. 58
108.99
87.50
1,333. 34

627.49
743.14
70.00
3, 713. 75
12.64
90.06
166. 77
3.00
629. 22
67.99
12.56
1,333.34

57.07

580.47

364. 50

108. 33
', 043.34

33.78
2,574. 56
35.84

33.78
2,889.77
40.26

55.96

627.17
266.97
74.00
3,485. 73
30.06
39.82
201.44
3.00
226. 70
771.19
75.00
1, 333. 33

586.42
568. 40
69.00
2,133. 39
35.18
39.82
56.77
3.00
697. 21

580.99
278. 83
65.00
3, 599. 24
43.60
90.05
67.73
3.00
24.45
244. 57
11.65
1, 333. 33

738. 09
174.
92.19
9,450.15
39. 54

3, 780. 50
35.31

151.18

51.02

91.86

552.84
602.64
575.23
333.89
73.00
46.001
2,539.45, 8, 210. 61
52.62
78.491
69. 69! - 39.82
127.97
144.91
3.00
3.00
6.43J
997.90
14.40|
71.44
193.00
33.66;
1, 333. 33 1, 333. 33

576.04
284.65
2, 255. 38
46.85
39.81
107.12
3.00
112.14
89.04
31.41
1, 333. 33

1.54
1, 333.33

8,852. 37 12,102.87 11,245.77 11,681.93

Total

153, 769. 44

Grand t o t a l . .

763, 563. 41 68,736.46 62,005.43 66,274.41 62,563.21 66,591.01! 66,982.67 62, 766. 37 63,366.92 59,246.95 62,055. 73 61,428.66 61, 545.59




17, 746. 42 10,905.36 15,032.10 11,530.84 15,835.06 16,298.29 12,179. 37 10,359.06

248

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
SALARIES OF NATIONAL BANK EXAMINERS
[As of December 31, 1928]
DISTKICT No. 1—BOSTON

F. D. Williams, chief examiner
$12,000
1 examiner, at $6,500; 2 examiners, at $4,800; 2 examiners, at $4,500;
3 examiners, at $3,900; 1 examiner, at $3,600. Total, 9 examiners._ 40, 400
DISTRICT N O . 2 — N E W YORK

0. T. Reeves, jr., chief examiner
1 examiner, at $7,500; 2 examiners, at $6,300;
1 examiner, at $5,600; 1 examiner, at $5,500;
1 examiner, at $4,800; 1 examiner, at $4,500;
1 examiner, at $4,000; 1 examiner, at $3,900;
3 examiners, at $3,500; 2 examiners, at $3,300;
Total, 25 examiners

1 examiner, at $6,000;
1 examiner, at $5,000;
2 examiners, at $4,200;
5 examiners, at $3,600;
2 examiners, at $3,000.

20, 000

108, 900

DISTRICT N O . 3—PHILADELPHIA

S. L. Newnham, chief examiner
15, 000
1 examiner, at $6,300; 1 examiner, at $5,800; 2 examiners, at $5,500;
1 examiner, at $5,000; 1 examiner, at $4,800; 2 examiners, at $4,500;
2 examiners, at $4,000; 2 examiners, at $3,900; 1 examiner, at $3,600;
1 examiner, at $3,300; 1 examiner, at $3,000. Total, 15 examiners.. 67, 600
DISTRICT N O . 4—CLEVELAND

A. P. Leyburn, chief examiner
10, 000
1 examiner, at $6,000; 1 examiner, at $5,600; 1 examiner, at $4,800;
2 examiners, at $4,200; 4 examiners, at $3,300; 4 examiners, at $3,000;
1 examiner, at $2,700; 1 examiner, at $2,500. Total, 15 examiners. 55, 200
DISTRICT N O . 5—RICHMOND

W. P. Folger, chief examiner
12, 000
1 examiner, at $4,800; 2 examiners, at $4,500; 2 examiners, at $4,200;
5 examiners, at $3,900; 2 examiners, at $3,300. Total, 12 examiners. 48, 300
DISTRICT N O . 6—ATLANTA

E. D. Robb, chief examiner
11, 000
1 examiner, at $5,400; 1 examiner, at $4,800; 1 examiner, at $4,700;
1 examiner, at $4,500; 2 examiners, at $4,200; 1 examiner, at $3,000.
Total, 7 examiners
30, 800
DISTRICT N O . 7—CHICAGO

B. K. Patterson, chief examiner
1 examiner, at $6,400; 1 examiner, at $6,200; 1 examiner, at
3 examiners, at $5,000; 1 examiner, at $4,800; 1 examiner, at
1 examiner, at $4,100; 1 examiner, at $4,000; 3 examiners, at
4 examiners, at $3,600; 2 examiners, at $3,000; 1 examiner, at
Total, 20 examiners

$5,400;
$4,200;
$3,900;
$2,700.

13, 000

84, 900

DISTRICT N O . 8—ST. LOUIS

J. S. Wood, chief examiner
15, 000
2 examiners, at $5,500; 2 examiners, at $5,000; 1 examiner, at $4,500;
1 examiner, at $4,000; 1 examiner, at $3,900; 2 examiners, at $3,600;
1 examiner, at $2,700. Total, 10 examiners
43, 300
DISTRICT N O . 9—MINNEAPOLIS

1. D. Wright, chief examiner
3 examiners, at $4,200; 2 examiners, at $3,900; 3 examiners, at $3,600;
3 examiners, at $3,300; 1 examiner, at $3,000. Total, 12 examiners.



8, 500
44, 100

SALARIES OF NATIONAL BANK EXAMINERS

249

DISTRICT NO. 10—KANSAS CITY

L. K. Roberts, chief examiner
$15,000
1 examiner, at $5,400; 1 examiner, at $4,800; 1 examiner, at $4,200;
1 examiner, at $4,000; 3 examiners, at $3,900; 3 examiners, at $3,300;
4 examiners, at $3,000; 1 examiner, at $2,700. Total, 15 examiners. 54, 700
DISTRICT NO. 11—DALLAS

R. H. Collier, chief examiner
2 examiners, at $5,700; 1 examiner, at $5,400; 1 examiner, at $5,000;
1 examiner, at $4,500; 2 examiners, at $4,200; 1 examiner, at $4,000;
1 examiner, at $3,600; 5 examiners, at $3,000; 1 examiner, at $2,500.
Total, 15 examiners

12, 000

59, 800

DISTRICT NO. 12—SAN FRANCISCO

T. E. Harris, chief examiner
2 examiners, at $6,000; 1 examiner, at $5,500; 2 examiners, at $5,000;
1 examiner, at $4,500; 1 examiner, at $4,300; 2 examiners, at $3,900;
1 examiner, at $3,600; 3 examiners, at $3,300; 6 examiners, at $3,000;
2 examiners, at $2,700; 1 examiner, at $2,500. Total, 22 examiners,

15, 000

83, 500

RECAPITULATION

Examining staff:
Chief examiner, at $15,000
Assistant chief examiners, at $8,500
Office of Comptroller, at $4,500
Total
Chief examiners of districts—
At $20,000
At $15,000
At $13,000
At $12,000
At $11,000
At $10,000
At $8,500
Total
Other examiners—
At $7,500
At $6,500
At $6,400
At $6,300
At $6,200
At $6,000
At $5,800
At $5,700
At $5,600
At $5,500
At $5,400
At $5,000
At $4,800
At $4,700
At $4,500
At $4,300
At $4,200
At $4,100
At $4,000
At $3,900
At $3,600
At $3,500
At $3,300
At $3,000
At $2,700
At $2,500
Total
Total examining staff
Total salaries

1
3
2
6

49, 500

1
4
1
3
1
1
1
12 158,500
1
1
1
3
1
4
1
2
2
6
4
10
9
1
11
1
15
1
7
22
18
3
18
26
6
3

,

l

177 721,500
195
929, 500

i In addition there are 24 national bank examiners not receiving salaries, who are acting as receivers or
are unassigned.

41223—29
17



250

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

DIRECTORY OF THE FEDERAL ADVISORY COUNCIL
[Elected for the year 1929]

District No. 1.—ARTHUR. M. HEARD, president Amoskeag National Bank,
Manchester, N. H.
District No. 2.—WILLIAM C. POTTER, president Guaranty Trust Co., New York,
N. Y.
District No. 3.—LEVI L. RUE, chairman Philadelphia National Bank, Philadelphia, Pa.
District No. 4.—HARRIS CREECH, president Cleveland Trust Co., Cleveland,
Ohio.
District No. 5.—JOHN POOLE, president Federal American National Bank,
Washington, D. C.
District No. 6.—J. P. BUTLER, jr., president Canal Bank & Trust Co., New
Orleans, La.
District No. 7.—FRANK O. WETMORE, chairman First National Bank, Chicago,
District No. 8.—WALTER W. SMITH, president First National Bank, St. Louis,
Mo.
District No. 9.—THEODORE WOLD, vice president Northwestern National Bank,
Minneapolis, Minn.
District No. 10.—P. W. GOEBEL, president Liberty National Bank, Kansas
City, Mo.
District No. 11.—B. A. MCKINNEY, vice president American Exchange National
Bank, Dallas, Tex.
District No. 12.—F. L. LIPMAN, president Wells Fargo Bank & Union Trust Co.,
San Francisco, Calif.

GOVERNORS AND DIRECTORS OF FEDERAL RESERVE
BANKS1
DISTRICT NO. 1—FEDERAL RESERVE BANK OF BOSTON
FREDERIC H. CURTISS, Chairman and Federal Reserve Agent. ALLEN HOLLIS, Deputy Chairman.
W. P. G. HARDING, Governor

Director
Class A:
Alfred L. Ripley
Edward S. Kennard
Frederick S. Chamberlain
Class B:
Philip R. Allen
A. F. Bemis.
_
Albert C. Bowman
Class C:
Frederic H. Curtiss
Allen Hollis.._
Chas. H. Manchester

Boston, Mass
Rumford, Me
New Britain, Conn
East Walpole, Mass
Boston, Mass
Springfield, Vt
Boston, Mass
_
Concord, N. H
__
_
Providence, R. I

Term
expires
Dec. 31

Residence

_
._
__
_

1929
1930
1931

1

1929
1930
1931
1929
1930
1931

DISTRICT NO. 2—FEDERAL RESERVE BANK OF NEW YORK
GATES W. MCGARRAH, Chairman and Federal Reserve Agent. OWEN D. YOUNG, Deputy Chairman.
GEO. L. HARRISON, Governor

Class A:
R. H. Treman
Delmar Runkle
._
_
Chas. E. Mitchell .
Class B:
Theodore F Whitmarsh
Samuel W Reyburn
Wm. H. Woodin
Class C:
Owen D. Young
Clarence M. Woolley
_
_
Gates W. McGarrah.._
1

Ithaca, N. Y
Hoosick Falls, N. Y
New York, N. Y__

1929
1930
1931

do
do

do
do
Greenwich, Conn...
New York, N. Y...

1929
1930
1931

_.

Includes directors elected in December, 1928, for the 3-year term beginning January 1, 1929.




1929
1930
1931

251

GOVERNORS A.ND DIRECTORS
DISTRICT NO. 2—FEDERAL RESERVE BANK OF NEW YORK—Continued
BUFFALO BRANCH
W. W. SCHNECKENBURGER, Managing Director

Term
expires
Dec. 31

Residence

Director

Buffalo, N. Y .
do..
do
Batavia, N. Y__
Buffalo, N. Y.._
do
Lockport, N. Y_

W. W. Schneckenburger.
F. B. Cooley
Harry T. Ramsdell
Arthur G. Hough...
Geo. F. Rand
Edward A. Duerr
J. T. Symes

1929
1929
1929
1930
1930
1931
1931

DISTRICT NO. 3—FEDERAL RESERVE BANK OF PHILADELPHIA
RICHARD L. AUSTIN, Chairman and Federal Reserve Agent. ALBA B. JOHNSON, Deputy Chairman.
GEO. W. NORRIS, Governor

Class A:
Jos. Wayne, jr
Geo. W. Reily
John C. Cosgrove
Class B:
Arthur W. Sewall
A. C. Dorrance
C. F . C . Stout.
Class C:
R L. Austin
Alba B Johnson
H. L. Cannon

Philadelphia, Pa
Harrisburg, P a .
Hastings, P a

_

1929
1930
1931

Philadelphia, P a
Camden* N . J_
Philadelphia, Pa

1929
1930
1931

do..
do
Bridgeville, Del

.

1929
1930
1931

DISTRICT NO. 4-FEDERAL RESERVE BANK OF CLEVELAND
GEO.

DECAMP, Chairman and Federal Reserve Agent. LEWIS BLAIR WILLIAMS, Deputy Chairman.
E. R. FANCHER, Governor

Class A:
Robert Wardrop_.
O. N. Sams
C hess Lamberton.
Class B:
Geo. D. Crabbs...
S. P. Bush
R.P.Wright
Class C:
George DeCamp..
W. W. Knight....
L. B. Williams...-

Pittsburgh, Pa..
Hillsboro, Ohio.
Franklin, Pa

1929
1930
1931

Cincinnati, Ohio..
Columbus, Ohio..
Erie, Pa

1929
1930
1931

Cleveland, Ohio..
Toledo, Ohio
Cleveland, Ohio.

1929
1930
1931

CINCINNATI BRANCH
C. F. MCCOMBS, Managing Director
C. F. McCombs
John Omwake
Charles W. DePuis
Geo. M Verity
B. H. Kroger
Fred. A. Geier
E. S. Lee

Cincinnati, Ohio
do
do
Middletown, Ohio
Cincinnati, Ohio
do
Covington, Ky

_

1929
1929
1929
1930
1930
1931
1931

PITTSBURGH BRANCH
J. C. NEVIN, Managing Director
J. C. Nevin
A. L. Humphrey
Jos. R. Eisaman
Jos. R. Naylor
R. B. Mellon
A. E. Braun
_
Jos. B. Shea

_
_
_




_

Pittsburgh, Pa
do
Greensburg, Pa
Wheeling, W. Va
Pittsburgh, Pa
do
do

1929
1929
1929
1930
1930
1931
1931

252

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
DISTRICT NO. 5—FEDERAL RESERVE BANK OF RICHMOND

WILLIAM W. HOXTON, Chairman and Federal Reserve Agent. FREDERIC A. DELANO, Deputy Chairman.
GEORGE J. SEAY, Governor

Director

Term
expires
Dec. 31

Residence

Class A:
L. E. Johnson___
Chas. E. Rieman.
Jas. C. Braswell
Class B:
D. R. Coker
J. P . Fishburn
Edwin C. Graham
Class C:
Wm. W. Hoxton
Frederic A. Delano
Robert Lassiter

Alderson, W. Va
Baltimore, Md
Rocky Mount, N. C

_._

Hartsville, S. C
Roanoke, Va
_ Washington, D. C

_

Richmond, Va.
Washington, D. C
Charlotte, N. C

_

_.

__.

_

1929
1930
1931
1929
1930
1931

_
__

1929
1930
1931

BALTIMORE BRANCH
ALBERT H. DUDLEY, Managing Director

Albert H. Dudley
Edmund P. Cohill
Carter G. Osburn _,
Norman James
Henry B Wilcox
Wm. H. Matthai
Levi B Phillips

Baltimore, Md-Hancock, Md
Baltimore, Md_ _ . .
do
do
_. .do _
Cambridge, Md

_
_

1929
1929
1929
1930
1930
1931
1931

CHARLOTTE BRANCH
HUGH LEACH, Managing Director

Hugh*1 Leach
W. J. Roddey
Chas. A. CannonRobert Gage
John A. Law
W. H. Wood
Jno. L.Morehead_.

Charlotte, N. C
Columbia, O V^
\^' KJLlXX±±lJLClyS. . C

1929
1929
1929
1930
1930
1931
1931

Concord, N . C
Chester, S. C_
Spartanburg, S. C_
Charlotte, N . C . . .
....do

DISTRICT NO. 6—FEDERAL RESERVE BANK OF ATLANTA

OSCAR NEWTON, Chairman and Federal Reserve Agent. W. H. KETTIG, Deputy Chairman. E. R.
BLACK, Governor.

Class A:
G. G. Ware
H. Lane Young
E C Melvin
Class B:
Leon C. Simon _
J. A. McCrary
Luke Lea
Class C:
Oscar Newton
Geo S Harris
W. H. Kettig..

_

Leesburg, Fla.
Atlanta, Ga
Selma, Ala

_

>

_.

.

1929
1930
1931

New Orleans, La
Decatur, Ga
Nashville, Tenn_

1929
1930
1931

Atlanta, Ga
do
Birmingham, Ala

1929
1930
1931

NEW ORLEANS BRANCH
MARCUS WALKER, Managing Director

Marcus Walker
L. C. Simon
F. W. Foote
Albert P. Bush
James E. Bouden, jr
P. H. Saunders
R. S. Hecht




_

-

-

--- New Orleans, La_.
do_
Hattiesburg, Miss_
Mobile, Ala
I New Orleans, La__
|
do
J
do

1929
1929
1929
1930
1930
1921
1£31

253

GOVERNORS AND DIRECTORS
DISTRICT NO. 6—FEDERAL RESERVE BANK OF ATLANTA—Continued
BIRMINGHAM BRANCH
A. E. WALKER, Managing Director

Term
expires
Dec. 31

Residence

Director

Birmingham, Ala.
do
do
Bellamy, Ala
Birmingham, Ala_
do
do

A. E. Walker
Oscar Wells
W. W. Crawford...
E. F. Allison
Walter E. Henley..
W. H. Kettig
John H. Frye

JACKSONVILLE

1929
1929
1929
1930
1930
1931
1931

BRANCH

W. S. M C L A R I N , Jr., Managing Director
W. S. McLarin jr
Fulton Saussy
E d w a r d W. Lane
S. 0 . Chase
A. F . Perry
J. C. Cooper
G. G. Ware

l
...

1929
1929
1929
1930
1930
1931
1931

Jacksonville. Fla
_
do . .
do
Sanford, Fla
Jacksonville, Fla
do
Leesburg, Fla
NASHVILLE

BRANCH

J O E L B . F O R T , Jr., Managing Director
Joel B . Fort, jr
P . M . Davis
E . A. Lindsey
W m . P . Ridley.
J. E . Caldwell

Nashville,
do
do
Columbia,
Nashville,
do
_ Knoxville,

J. B . Ramsey

Tenn

1929
1929
1929
1930
1930
1931
1931

Tenn
Tenn
Tenn

DISTRICT N O . 7—FEDERAL RESERVE BANK OF CHICAGO
WILLIAM A. H E A T H , Chairman a n d Federal Reserve Agent. J A M E S SIMPSON, D e p u t y Chairman.
B. M C D O U G A L , Governor
Class A:
E . L. Johnson
George M . Reynolds.
Edward R. Estberg..
Class B :
Robert Mueller
A. H . Vogel
S. T . Crapo
Class C:
James Simpson
W . A. Heath
F . C. B a l l . .

JAMES

Waterloo, I o w a .
Chicago, 111.
Waukesha, W i s .

1929
1930
1931

Decatur, 111
Milwaukee, W i s .
Detroit, M i c h _ _ .

1929
1930
1931

Chicago, 111.
do_
Muncie, I n d .

1929
1930
1931

DETROIT BRANCH
W M . R. CATION, Managing Director
Wm. R. Cation
N. P. Hull
Julius H. Haass
David McMorran
Geo. B. Morley
James Inglis .
Wm. J. Gray




_

._

.

Detroit, Mich
Lansing, Mich
Detroit, Mich
Port Huron, Mich
Saginaw, Mich
Detroit, Mich
do__
_.

.

.
_

1929
1929
1929
1930
1930
1931
1931

254

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
DISTRICT NO. 8—FEDERAL RESERVE BANK OF ST. LOUIS

HOLLA WELLS, Chairman and Federal Reserve Agent. JOHN W. BOEHNE, Deputy Chairman.
McC. MARTIN, Governor.

Director

Class A:
John G. Lonsdale
Max B. Nahm
John C. Martin
Class B:
LeRoy Percy
Vacancy
W. B. Plunkett___
Class C:
John W. Boehne
Rolla Wells
Paul Dillard

WILLIAM

Term
expires
Dec. 31

Residence

St. Louis, Mo
Bowling Green, Ky._
Salem, 111

_

1929
1930
1931

Greenville, Miss

___
__

1929
1930
1931

Little Rock, Ark
Evansville, Ind
St. Louis, Mo
Memphis, Tenn

_

LOUISVILLE

1929
1930
1931

_

BRANCH

W. P. KINCHELOE, Managing Director
W. P. Kincheloe..
Wm. Black
Eugene E. Hoge..
E. H. Woods
T. D . Scales
E. L. Swearingen.
Jno. T. Reynolds.

Louisville, K y .
.doFrankfort, K y .
Lucas, K y .
Boonville, I n d .
Louisville, K y . .
Greenville, Ky_.

1929
1929
1929
1930
1930
1931
1931

MEMPHIS BRANCH
W. H. GLASGOW, Managing Director
W. H. Glasgow
Wm. Orgill
Jno. D. McDowell
E. L. Anderson
R. Brinkley Snowden___
Jno. W. Alderson.
S. E. Ragland..

Memphis, Tenn_.
do
do
I Clarksdale, Miss..
Memphis, Tenn.
Forrest City, Ark.
Memphis, Tenn...

1929
1929
1929
1930
1930
1931
1931

LITTLE ROCK BRANCH
A. F. BAILEY, Managing Director
A. F. Bailey.
G. H. Campbell
Stuart Wilson
Hamp Williams.
John M. Davis
Moorhead Wright
Jo. Nichol

j Little Rock, Ark
do
| Texarkana, Ark
! Hot Springs, Ark
j Little Rock, Ark
j
do.. __.
! Pine Bluff, Ark

_.
_

1929
1929
1929
1930
1930
1931
1931

DISTRICT NO. 9—FEDERAL RESERVE BANK OF MINNEAPOLIS
JOHN R. MITCHELL, Chairman and Federal Reserve Agent. HOMER P. CLARK, Deputy Chairman.
W. B. GEERY, Governor.
Class A:
J. C. Bassett
Karl J. Farup
Paul J Leeman
Class B:
N. B. Holter...
John S. Owen
Paul N . Myers
Class C:
John R. Mitchell—.
Homer P. Clark
Geo. W. McCormick




.

1929
1930
1931

Aberdeen, S. Dak _
Park River, N. Dak
Minneapolis, Minn
Helena, Mont
Eau Claire, Wis
St. Paul, Minn
- Minneapolis, Minn
St. Paul, Minn.
Menominee, Mich

._

1929
1930
1931
1929
1930
1931

255

GOVERNOKS AND DIRECTORS
DISTRICT NO. 9—FEDERAL RESERVE BANK OF MINNEAPOLIS—Continued
HELENA BRANCH
R. E. TOWLE, Managing Director

Term
expires
Dec. 31

Residence

Director
TTftlp.na., M o n t

R E Towle
Henry Sieben.
T A Marlow
C. J. Kelly.
R. 0. Kaufman

1929
1929
1929
1930
1930

do . .
Butte, Mont
Helena, Mont

DISTRICT NO. 10—FEDERAL RESERVE BANK OF KANSAS CITY
M. L. MCCLURE, Chairman and Federal Reserve Agent. WM. L. PETRIKIN, Deputy Chairman.
W. J. BAILEY, Governor

Class A:
E. E. Mullaney
C. C. Parks
Frank W. Sponable.
ClassB:
L. E. Phillips..
Thos. C. Byrne
J. M. Bernardin
Class C:
M. L. McClure
E. M. Brass....
Wm. L. Petrikin

Hill City, Kans.
Denver, Colo
Paola, Kans
Bartlesville, Okla.
Omaha, Nebr
Kansas City, Mo..
...-do
Grand Island, Nebr..
Denver, Colo

1929
1930
1931
1929
1930
1931
1929
1930
1931

DENVER BRANCH
J. E. OLSON, Managing Director
J. E. Olson
R. H. Davis
Henry Swan
Merritt W. Gano
Harold Kountze .
Murdo MacKenzie
Harry W. Farr

__
. _. .

_._

_

_

Denver, Colo
do - —
do
_
do
_. do
do
_ Greeley, Colo

_

__

_

1929
1929
1929
1930
1930
1931
1931

OMAHA B R A N C H
L. H. EARHART, Managing Director
L. H . Earhart..
Wm. E. Hardy
T. L. Davis
W. W. Magee..
R. O. Marnell..
Wm. Diesing...
A. H . M a r b l e . .

Omaha, Nebr
_
Lincoln, Nebr
___
Omaha, Nebr
Bennington, Nebr ___
Nebraska City, Nebr.
Omaha, N e b r . .
_
Cheyenne, Wyo

1929
1929
1929
1930
1930
1931
1931

OKLAHOMA CITY BRANCH
C. E. DANIEL, Managing Director
C. E. Daniel.
Austin Miller.
Walter Ferguson.
E. J. Murphy
William Mee.
W. F. Nichols.
Ned Holman




Tulsa, Okla
Clinton,. Okla
Oklahoma City, Okla
Tulsa, Okla
Guthrie, Okla

1929
1929
1929
1930
1930
1931
1931

256

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

DISTRICT NO. 11—FEDERAL RESERVE BANK OF DALLAS
C. C. WALSH, Chairman and Federal Reserve Agent. CLARENCE E. LINZ, Deputy Chairman. LYNN P.
TALLEY, Governor

Director
Class A:
Howell E. Smith
J. H. Frost
W. H. Patrick
Class B:
J. J. Culbertson
J. R. Milan
A. S. Cleveland
Class C:
Clarence E. Linz
S. B. Perkins
C. C. Walsh

Term
expires
Dec. 31

Residence

_

McKinney, Tex
San Antonio, Tex
Clarendon, Tex
Paris, Tex
Waco, Tex
Houston, Tex
Dallas, Tex
do
1 do

_

_
_

_.

1929
1930
1931
1929
1930
1931
1929
1930
1931

EL PASO BRANCH
W. O. FORD, Managing Director
W. O. Ford
A. P. Coles
E. A. Cahoon
A. J. Crawford
Geo. D. Flory
C. M. Newman
E. M. Hurd

El Paso, Tex.,
.do..
Roswell, N. Mex__.
Carlsbad, N. Mex.,

1929
1929
1929
1930
1930
1931
1931

El Paso, Tex
do
do

HOUSTON BRANCH
D. P. REORDAN, Managing Director
D. P. Reordan
J Cooke Wilson
E. F. Gossett ._
E.A. Peden
Fred W. Catterall—
R M. Farrar
Guy M. Bryan

Houston, Tex.
Beaumont, Tex
Houston, Tex.
do
Galveston, Tex
Houston, Tex
do

.

1929
1929
1929
1930
1930
1931
1931

SAN ANTONIO B R A N C H
M . CRUMP, Managing Director
M. Crump.
__
Frank G. Crow
Franz C. Groos
Jno. M. Bennett
.
R T Hunnicutt .
Reagan Houston
Ernest Steves.
_

San Antonio, Tex
McAllen, Tex
San Antonio, Tex
..
do
Del Rio, Tex
San Antonio, Tex .
do

.

__ _

1929
1929
1929
1930
1930
1931
1931

DISTRICT NO. 12—FEDERAL RESERVE BANK OF SAN FRANCISCO
ISAAC B. NEWTON, Chairman and Federal Reserve Agent. WALTON N. MOORE, Deputy Chairman.
J. U. CALKINS, Governor

Class A:
T. H. Ramsay....
Vernon H. Vawter
C. K. Mclntosh
Class B:
A. B. C. Dohrmann
Wm. T. Sesnon...
E. H. Cox
Class C:
Isaac B. Newton
Walton N. Moore
Wm. Sproule




I
! Red Bluff, Calif
i Medford, Oreg
I San Francisco, Calif..
....do
Soquel, Calif...
Madera, Calif..

_.

_

_

i
i

San Francisco, Calif..
do.
do

1929
1930
1931
1929
1930
1931
1929
1930
1931

257

GOVERNORS AND DIRECTORS
DISTRICT NO. 12—FEDERAL RESERVE BANK OF SAN FRANCISCO—Continued
PORTLAND BRANCH
R. B. WEST, Managing Director

Residence

Director

R. B. West
Nathan Strauss..
J C. Ainsworth
Edward C. Pease
John F. Daly

.
._

.

_.

Portland, Oreg.
_ do
do_ .
The Dalles, Oreg
Portland, Oreg___

Term
expires
Dec. 31
1929
1929
1929
1930
1930

SEATTLE BRANCH
C. R. SHAW, Managing Director
C. R. S h a w . . .
Chas. H. Clarke. .
M . A. Arnold.
Henry A. Rhodes
M. F . Backus

.
_

.
_

Seattle, Wash.
_
do
do
Tacoma, Wash
Seattle, W a s h . . . . . .

1929
1929
1929
1930
1930

SPOKANE BRANCH
D. L. DAVIS, Managing Director
D. L. Davis
G. I. Toevs
D. W. Twohy...
Peter McGregor..
R. L. Rutter

Spokane, Wash.
dodo
Hooper, Wash
Spokane, Wash.

1929
1929
1929
1930
1930

SALT LAKE CITY BRANCH
W. L. PARTNER, Managing Director
W. L. Partner
Lafayette Hanchett.
Chas. H. Barton
L. H. Farnsworth...
G. G. Wright

Salt Lake City, Utah.
.do,.
Ogden, Utah
_
. Salt Lake City, Utah.
1
...do
.....

1929
1929
1929
1930
1930

LOS ANGELES BRANCH
W. N. AMBROSE, Managing Director
W. N. Ambrose
W. L. Valentine
J. F. Sartori
J. B. Alexander
_
Henry M. Robinson.




Los Angeles, CalifFullerton, Calif-...
Los Angeles, Calif..
..do..
..do..

1929
1929
1929
1930
1930

258

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

SALARIES OF OFFICERS AND EMPLOYEES OF FEDERAL
RESERVE BANKS
ALL FEDERAL

RESERVE

BANKS AND BRANCHES

COMBINED

Number

Annual salaries

Officers and employees
1928
Officers:
Chairman and Federal reserve agent.
Governor
Other officers
_
._
Employees by departments:
Banking department
Federal reserve agent's department...
Auditing department
Fiscal agency department

1927

1928

12
12
242

12
12
241

$278, 000
33?, 500
1, 924,230

$276, 000
332, 500
1,854,850

8, 991. 08
291. 88
197
363. 04

12, 985, 500
702,056
443,086
559,139

12,839, 794
693,962
439, 298
622, 061

17, 223, 511

17, 058,465

1
1
8

$20, 000
25, 000
75, 000

$20, 000
25,000
73, 000

650
30
10
25

636
29
10
23

871,360
72,400
23,980
49,800

846, 232
68, 450
23,380
45,120

725

708

1,137, 540

i

8,925.38 I
289.88 I
198
i
309.74
9,989

Total.

1927

10,108

FEDERAL R E S E R V E BANK OF BOSTON
Officers:
Chairman and Federal reserve agent
Governor
Other officers
Employees by departments:
Banking department
Federal reserve agent's department..
Auditing department _
Fiscal agency department
Total
FEDERAL

_...
RESERVE

BANK OF NEW YORK (INCLUDING

Officers:
Chairman and Federal reserve agent
Governor...
Other officers....
_
Employees by departments:
Banking department
_
_
Federal reserve agent's departmentAuditing department __
Fiscal agency department

BUFFALO

1,101,182

BRANCH)

1
1
28

$50,000
37,000
412, 700

$50,000
50,000
381, 700

2,305
63
42
40

2,244
67
41
47

3, 513, 571
147,450
95,960
77, 640

3,389, 916
154, 490
99, 590
91,320

2,482

Total

1
1
30

2,429

4, 334, 321

4, 217,016

FEDERAL RESERVE BANK OF PHILADELPHIA
Officers:
Chairman and Federal reserve agent
Governor
_
_.
Other officers
Employees by departments:
Banking department_
Federal reserve agent's department..
Auditing department
Fiscal agency department

1
1
10

$20,000
27,000
92, 500

$20,000
25,000
88,500

623
29
25
21

635
30
25
27

888,106
71, 776
53, 350
34, 454

878,316
69, 774
52,710
39,290

710

Total

1
1
10

729

1,187,186

1,173, 590

FEDERAL RESERVE BANK OF CLEVELAND (INCLUDING CINCINNATI AND PITTSBURGH
BRANCHES)
Officers:
Chairman and Federal reserve agent
Governor..
Other officers
Employees by departments:
Banking department
Federal reserve agent's department..
Auditing department
Fiscal agency departmentTotal

_




1
1
19

$20,000
30, 000
165, 800

817
28
22
30

1, 237,344
69, 740
59,476
54,140

1, 216,
66,
57,
76,

1,636, 500

1, 637, 778

918

956

$18,000
30,000
173,100
313
768
238
359

259

FEDERAL RESERVE BANK SALARIES

FEDERAL RESERVE BANK OF RICHMOND (INCLUDING BALTIMORE AND CHARLOTTE
BRANCHES)
Annual salaries

Number
Officers and employees
1928

Officers:
Chairman and Federal reserve agent
Governor
Other officers
Employees by departments:
Banking department
Federal reserve agent's department..
Auditing department
Fiscal agency department
Total.

1928

1927

1927

1
1
17

1
1
17

$20, 000
25,000
131, 500

$20,000
25,000
125, 900

523
9
7
14

505
9
7
14

697, 710
24, 900
16, 620
18, 540

657, 980
23, 640
15, 780
18,210

572

554

934, 270

886, 510

FEDERAL RESERVE BANK OF ATLANTA (INCLUDING BIRMINGHAM, JACKSONVILLE, NASHVILLE, AND NEW ORLEANS BRANCHES AND HABANA AND SAVANNAH
AGENCIES)

Officers:
Chairman and Federal reserve agent
Governor __
Other officers
Employees by departments:
Banking department
_
Federal reserve agent's department..
Auditing department
Fiscal agency department
Total__

1
1
28

1
1
27

$20, 000
25, 000
159, 280

$20, 000
25, 000
153, 700

370. 58
7.88
10
9.54

366. 61
6.88
9
9.51

461, 805
20, 610
21, 480
16, 645

448, 598
17,990
21, 000
16, 740

428

421

724, 820

703,028

FEDERAL RESERVE BANK OF CHICAGO (INCLUDING DETROIT BRANCH)
Officers:
Chairman and Federal reserve agent
Governor
Other officers.._
_
_
Employees by departments:
B anking department
Federal reserve agent's department.
Auditing department__
Fiscal agency department
Total. _

1
1
30

1
1
30

$24, 000
35,000
253, 050

$24,000
35,000
241, 050

1,246
41
20
57

1,348
39
21
74

1, 890,832
98,860
45,120
107,720

1, 977, 340
93,970
47, 240
124,190

1,3

1,514

2,454,582

2,542, 790

FEDERAL RESERVE BANK OF ST. LOUIS (INCLUDING LITTLE ROCK, LOUISVILLE, AND
MEMPHIS BRANCHES)
Officers:
Chairman and Federal reserve agent
Governor __
Other officers
Employees by departments:
Banking department
Federal reserve agent's departmentAuditing department
Fiscal agency department
TotaL.
-_.




1
1
20

1
1
20

$20,000
25,000
127,400

$20,000
25,000
126, 600

465
15
13
23

468
14
12
25

593,791
37, 920
21, 920
39,160

599, 755
35, 220
19, 260
43, 300

538

541

865,191

19,135

260

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

FEDERAL RESERVE BANK OF MINNEAPOLIS (INCLUDING HELENA BRANCH)
Number

Annual salaries

Officers and employees
1928

Officers:
Chairman and Federal reserve agent
Governor.
Other officers
Employees by departments:
Banking department
Federal reserve agent's department...
Auditing department
Fiscal agency department
Total

1927

1
1
13

1928

1
1
13

1927

$20, 000
22, 500
79,800

$20, 000
17, 500
74, 000

261. 70
11
11
15.3

286. 47
11
11
16.53

368, 522
21,900
23,640
25,858

391, 204
21, 060
22, 900
26,492

314

340

562, 220

573,156

FEDERAL RESERVE BANK OF KANASAS CITY (INCLUDING DENVER, OKLAHOMA CITY,
AND OMAHA BRANCHES)

Officers:
Chairman and Federal reserve agent
Governor
_
Other officers
Employees by departments:
Banking department
Federal reserve agent's department..
Auditing department
Fiscal agency department...
Total

1
1
18

516.10

13
17
35.90

603

$20, 000
25,000
124,900

$20, 000
25, 000
116,300

514
13
18
41

748, 759
30,800
35,160
61,802

744, 920
30, 500
36, 820
66, 400

606

1
1
19

1,046, 421

1, 039, 940

FEDERAL RESERVE BANK OF DALLAS (INCLUDING EL PASO, HOUSTON, AND SAN
ANTONIO BRANCHES)

Officers:
Chairman and Federal reserve agent
Governor
Other officers
Employees by departments:
Banking department. _
Federal reserve agent's department..
Auditing department
Fiscal agency department
Total

1
1
18

1
1
18

$20, 000
25,000
110,300

$20, 000
25, 000
106, 200

366
16
14
17

370
16
14
18

541, 060
40,300
31, 080
34,800

535, 720
38, 660
28, 980
35, 700

802, 540

790, 260

433

FEDERAL RESERVE BANK OF SAN FRANCISCO (INCLUDING LOS ANGELES, PORTLAND,
SALT LAKE CITY, SEATTLE, AND SPOKANE BRANCHES)

Officers:
Chairman and Federal reserve agent
Governor.
Other officers.
Employees by departments:
Banking department
Federal reserve agent's department _.
Auditing department
Fiscal agency department
Total




1
1
30

1
1
31

782
27
7
22

780
29
7
23

1,172,
65,
15,
38,

640
400
300
580

1,153, 500
73, 440
14, 400
38, 940

872

1, 537, 920

1, 524, 080

$24, 000
30, 000
192, 000

$24, 000
25, 000
194,800

STATE BANK AND TRUST COMPANY MEMBERS
The following is a list of 1,208 State bank and trust company
active members of the Federal reserve system on December 31,
1928, with their loans, investments, deposits, capital, and surplus:
[Figures of "loans" include overdrafts and rediscounts, but exclude acceptances of other banks and
bills of exchange sold with indorsement]
[In thousands of dollars]
Investments

Total
deposits

Capital

24,349
4,500
1,758
7,548

878
978
66
2,140

29,032
4,774
1,789
7,588

1,600
1,000
200
1,000

1,600
700
100
2,500

1,799
1,403

1,507
924

3,314
2,070

100
100

100
100

Loans

Surplus

DISTRICT NO. 1
CONNECTICUT

Hartford—Phoenix State Bank & Trust Co..
New Britain—New Britain Trust Co
South Manchester—Manchester Trust Co__.
Waterbury— Celonial Trust Co
MAINE

Ellsworth—Union Trust Co.
Sanford—Sanford Trust Co._
MASSACHUSETTS

Arlington—Menotomy Trust Co
Boston—
American Trust Co
Bank of Commerce & Trust Co
Beacon Trust Co
Exchange Trust Co
New England Trust Co
Old Colony Trust Co
State Street Trust Co
United States Trust Co
Cambridge—
Harvard Trust Co
Inman Trust Co
Fall River—B. M. C. Durfee Trust Co
Gloucester—Gloucester Safe Deposit & Trust Co
Greenfield—Franklin County Trust Co
Holyoke—Hadley Falls Trust Co
Lawrence—Merchants Trust Co
Lynn—Security Trust Co
Newton—Newton Trust Co
Norwood—Norwood Trust Co
Quincy— Quincy Trust Co
Salem—Naumkeag Trust Co
Waltham—Waltham Trust Co
Winchester—Winchester Trust Co
Worcester—Worcester Bank & Trust Co

3,024

783

200

200

21, 882
7,168
36,153
13, 309
19, 326
141,158
53,616
11, 304

4, 983
1,026
2,541
5,716
2,784
28, 615
4,607
12, 284

33, 335
7,618
39, 282
18,165
25, 576
181, 896
66, 244
21,169

1,500
1,000
3,000
1,500
1,000
15,000
3,000
2,500

2,000
368
3,000
1,500
2,000
11, 000
3,500
3,000

14,657
3,079
10, 753
4,402
4,526
12, 449
6,289
6,790
11, 265
3,298
4,116
4,377
6,532
1,250
22, 338

3,882
904
3,323
963
719
3,037
1,705
1,673
5,112
2,299
1,225
2,014
1,590
1,162
12,188

18, 718
4,001
11, 848
5,624
4,851
16,123
8,717
8,672
14, 591
5,364
5,421
6,339
7, 669
2,303
33,142

750
200
1,200
200
200
750
300
200
750
300
200
250
400
100
2,000

550
150
800
200
100
275
300
300
750
250
100
250
400
100
2,000

949

328

1,365

2,026
81, 528
58,480
17, 628

1,326
65, 954
43, 557
9,014

3,129
143, 337
97, 820
27, 517

5,064
8, 627
4,834
800
2,126

1,605
1,740

5,364
10, 610

3,796

NEW HAMPSHIRE

Conway—Carroll County Trust Co-_

75 |

25

RHODE ISLAND

ProvidenceColumbus Exchange Bank
Industrial Trust Co
Rhode Island Hospital Trust Co.
Union Trust Co
DISTRICT NO. 2

200
4,000
3,000
1,000

80
7,500
7,000
750

NEW JERSEY

(See also District No. 3)
Asbury Park—Seacoast Trust Co
Bayonne—Bayonne Trust Co
Bloomfield—
Bloomfield Trust Co
Community Trust Co
Watsessing Bank.




4, 902
8, 874
309
1,150
17
1,117 I 3,170

500
400 !

500
500

1,000 !
100
200

600
50
100

261

262

ANNUAL REPOKT OF THE FEDERAL RESERVE BOARD
[In thousands of dollars]
Investments

Total
deposits

Capital

1,139
1,498
607
2,824
306

662
322
378
763
120

1,863
1,801
845
3,269
412

100
100
100
200
100

75
100
25
200
50

1,440
16,863

187
6,707

200
1,500

50
1,800

4,589
5,906
888
1,428
1,755
12, 594
559
7,347

673
1,664
165
1,361
1,549
3,576
515
1,004

1,563
24, 369
5,125
7,038
1,077
2,911
3, 331
13, 683
1,078
8,318

500
457
100
100
200
1,000
75
400

250
500
50
100
50
650
75
100

41, 822
29, 468
1, 013

3,719
15,846
6,988
189

11,013
63, 741
28, 985
1,132

200
3,000
2,000
200

400
5,500
2,000
50

5,342
10, 408
8,357

1,922
3,675
5,728

7,018
13, 557
13,632

400
1,000
1,000

150
750
750

7,320
1,306
28, 111
78,456
11,160
1,694
20, 072
3,910
2,392
2,008
364
6,891
8,585

2,193
237
10, 744
56,196
1,881
304
6,254
1,016
694
635
77
2,389
3,752

8,771
1,309
38,092
135,508
14,100
1,745
25, 933
3,795
3,026
1,939
470
8,587
12, 610

700
400
3,900
6,000
1,200
500
2,500
1,200
200
700
100
600
750

1, 000
200
2,700
6,000
500
188
2,500
820
125
250
25
900
650

5,655
1,392

2,807
229

300
200

500
150

1,196
1,507
15, 546
1,065

269
450
5,459
556

10, 242
1,767
1,494
1,749
21,180
1,617

250
200
650
200

50
80
1,000
100

1,451
1,622
2,012
3,279
14, 478

327
1,153
1,094
637
IS,427

1,751
2,784
3,416
3,304
32, 262

150
100
150
200
1,000

50
150
75
400
3,000

4,404
4,593
957
1, 365

1,091
627
257
66

5,333
4,930
1,134
1,323

200
300
150
150

200
200
26
75

1,381
19, 257
612
3,570
283
1, 760
' 527
7,687
297

202
8,127
201
2,043
426
940
125
2,678
33

1,647
33, 849
829
4,812
638
2,702
617
9,597
320

150
1,000
100
200
50
100
50
500
30

75
1,000
10
500
50
100
50
500
11

46, 387
1,233
5,961
39, 233
9,028

22, 695
257
1,416
12, 933
2,101

78, 627
1,651
7,093
54, 020

2,080
200
900
4,000
1,000

3,500
50
520
9,000
450

Loans

Surplus

DISTRICT NO. 2—Continued
NEW JERSEY—continued

Bogota—Bank of Bogota
Boonton—Boonton Trust Co
Carteret—Carteret Trust Co
Cranford—Cranford Trust Co
Dunellen—People's Trust Co
East OrangeEast Orange Trust Co
Savings Investment & Trust Co
ElizabethCentral Home Trust Co
Elizabethport Banking Co
Fort Lee—Fort Lee Trust Co
Franklin—Sussex County Trust Co
Glen Ridge—Glen Ridge Trust Co..
Hackensack—Peoples Trust & Guaranty Co
Hasbrouck Heights—Bank of Hasbrouck Heights..
Hoboken—Jefferson Trust Co
Jersey City—
Claremont Bank
Commercial Trust Co
New Jersey Title Guarantee & Trust Co
Linden—Linden Trust Co
Montclair—
Bank of Montclair.
Montclair Trust Co
Morristown—Morristown Trust Co
Newark—
Clinton Trust Co
Columbus Trust Co
Federal Trust Co
Fidelity Union Trust Co
Franklin Washington Trust Co
Guaranty Trust Co
Merchants & Newark Trust Co
United States Trust Co
Nutley—Bank of Nutley
Orange—Trust Co. of Orange
Palisades Park—Morsemere Trust Co
Passaic—Peoples Bank & Trust Co
Paterson—Hamilton Trust Co
Perth Amboy—
Perth Amboy Trust Co
Raritan Trust Co.
Plainfield—
Guaranty Trust Co
Mid-City Trust Co.
Plainfield Trust Co
Rahway—Rahway Trust Co
Ridgefield Park—
Overpeck Trust Co
Ridgefield Park Trust Co
Ridgewood—Ridgewood Trust Co
Rutherford—Rutherford Trust Co
Union City and Hoboken—Hudson Trust Co
Westfield—
Peoples Bank & Trust Co
Westfield Trust Co
West Orange—West Orange Trust Co
Westwood—Westwood Trust Co
NEW YORK

Adams—Citizens Trust Co
Albany—First Trust Co
Albion—Orleans County Trust Co
Amsterdam—Montgomery County Trust Co_.
Avoca—Bank of Avoca
Batavia—Genesee Trust Co
Belmont—State Bank of Belmont
Binghamton—Peoples Trust Co
Blasdell—Bank of Blasdell
BrooklynBrooklyn Trust Co
Erasmus State Bank
Globe Exchange Bank
Mechanics Bank
Midwood Trust Co




12, 584

263

STATE BANK MEMBERSHIP
[In thousands of dollars]
Investments

Total
deposits

Capital

58,935
112, 790
183,845
411
986
438
791
1,831
2,556
6,271

21, 232
19, 719
43,566
145
1,590
79
878
629
603
5,172

76, 513
132, 053
217,009
524
2,390
548
1,493
2,196
2,949
11, 976

4,000
5,000
10, 000
50
100
50
100
250
175
600

5,000
10,000
10,000
34
100
25
100
125
75
800

2,840
825
688
2,032
1,154
3,176
2,127
1,702
731
2,291
4,206
2,497
601
4,377
1,130
3,154
1, 600
3,112
644
482
1,013
1,697
810

1,636
1,075
483
970
1,201
1,619
422
802
541
1,007
3,155
2,623
732
3,920
819
2,809
1,169
1,252
558
222
1,258
3,198
129

1,845
1,196
2,910
2,061
5,010
2,075
2,559
1,084
3,160
7,568
4,725
1,304
8,001
2,014
5,395
2,954
4,126
1,267
681
2,173
5,174
871

100
100
50
100
200
250
350
100
50
100
300
200
50
250
100
350
200
300
50
100
100
150
100

100
100
40
50
150
200
250
170
100
200
400
200
25
525
60
350
100
100
100
25
50
150
15

8,583
407, 621
39, 693
14, 020
373, 698
9,265
203, 546
58. 863
140, 373
6,028
236, 111
7,649
110, 045
269, 202
122,841
13,156
35, 342
21, 074
12, 819
406, 613
10, 490
13,001
3,943
31,760
219,164
1,155
49,733
9,905
176,771
4,098
5,528
5,105
49,165
65,426
13,173
2,981
993
1,953
748
492
216
958

3,010
95,970
13, 799
1,600
102, 722
8,208
52,448
26, 304
20, 858
618
61, 600
1,641
103, 963
38, 273
31,731
4,764
13,817
7,043
3,249
97, 015
5,180
2,567
689
10, 018
76,168
426
13, 983
2,500
19, 584
6,818
1,633
1,386
14,289
17,532
6, 686
1,314
459
1,496
454
667
192
347

11, 718
732, 029
64, 586
16, 035
519, 690
16, 891
465, 762
161, 239
156, 782
6,012
297, 398
54, 565
258, 125
417, 326
183,502
18, 366
60,671
31,521
17, 097
721,928
17,119
13,688
4,919
48,815
318, 288
1,561
66,511
11,466
394,823
23,156
5,581
6,177
74, 782
71,936
20,399
4,022
1,382
3,709
1,148
1,034
396
1,309

650
40,000
4,000
2,000
25,000
1,000
16,000
6,000
17,867
1,000
12, 500
1,000
11, 000
30, 000
10,000
750
4,000
500
1,000
40,000
1,000
4,000
500
5,175
17, 500
300
5,000
2,000
10,000
1,500
2,000
600
5,000
2,000
1,000
100
100
200
60
100
50
50

350
40,000
2,250
1,000
50, 000
500
16, 000
8,000
7,500
250
37, 500
1,000
11, 000
20, 000
10,000
750
2,500
2,000
500
50,000
1,000
2,000
500
1,500
22, 500
100
6,000
1,500
20,000
1,750
500
400
5,000
20,000
1,000
100
65
120
60
50
16
100

Loans

Surplus

DISTRICT NO. 2—Continued
NEW YORK—continued
BuffaloLiberty Bank
_
Manufacturers & Traders-Peoples Trust Co
Marine Trust Co
_
Canisteo—First State Bank
Chatham—State Bank
Cohocton—Cohocton State Bank
Depew—Bank of Depew
Dunkirk—Dunkirk Trust Co
East Aurora—Bank of East Aurora
Elmira—Chemung Canal Trust Co
Endicott—
State Bank of Endicott
Union Trust Co
Farmingdale—Bank of Farmingdale
Floral Park—Floral Park Bank
Fredonia—Citizens Trust Co__
Geneva—Geneva Trust Co
Gloversville—Trust Co. of Fulton County
Hamburg—Peoples Bank of Hamburg
Hammondsport—Bank of Hammondsport
Hicksville—Bank of Hicksville
Ithaca—Ithaca Trust Co
Johnson City—Workers Trust Co
_._.
Katonah—Northern Westchester Bank
Kingston—Kingston Trust Co.__
Lackawanna—American Bank
Little Falls—Herkimer County Trust Co...
Lowville—Lewis County Trust Co
_.
Malone—Peoples Trust Co
Mayville—State Bank of Mayville
Middleport—Community Trust Co.
Millbrook—Bank of Millbrook
Mineola—Nassau County Trust Co
Mount Kisco—Trust Co. of Northern Westchester..
New Y o r k Amalgamated Bank
American Exchange Irving Trust Co
American Trust Co
American Union Bank__
Bankers Trust Co
Bank of Europe Trust Co
Bank of the Manhattan Co
Bank of New York & Trust Co
Bank of United States
Bank of Yorktown
Central Union Trust Co
Continental Bank
Corn Exchange Bank
Equitable Trust Co
Farmers Loan & Trust Co
Federation Bank & Trust Co
Fidelity Trust Co
Fifth Avenue Bank
Fulton Trust Co
Guaranty Trust Co
International Acceptance Trust Co
International Germanic Trust Co
International Union Bank
Interstate Trust Co
Manufacturers Trust Co
Merchants Bank
Municipal Bank & Trust Co
Murray Hill Trust Co
New York Trust Co
Pacific Coast Trust Co
Times Square Trust Co
Trade Bank of New York
United States Mortgage & Trust Co
United States Trust Co
Niagara Falls—Power City Bank
Nyack—Rockland County Trust Co
Olean—Olean Trust Co
Oneida—Madison County Trust & Deposit Co
Orchard Park—Bank of Orchard Park
Oriskany Falls—First Trust & Deposit Co
Pearl River—State Bank of Pearl River
Perry—Citizens Bank of Perry




264

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
[In thousands of dollars]

joans

Investments

Surplus

DISTRICT NO. 2—Continued
NEW YORK—continued
Pleasantville—Mount Pleasant Bank & Trust Co. _
Port Chester—Mutual Trust Co. of Westchester
County
Rochester—Lincoln-Alliance Bank
Rome—Rome Trust Co
Schenectady—Schenectady Trust Co
Smithtown Branch—Bank of Smithtown
Spring Valley—Ramapo Trust Co
Stony Brook—Bank of Suffolk County
SyracuseCity Bank Trust Co
First Trust & Deposit Co
Syracuse Trust Co__
Utica—
Citizens Trust Co. of Utica
First Bank & Trust Co
__
Utica Trust & Deposit Co
Warsaw—Trust Co. of Wyoming County
Watertown—Northern New York Trust Co
Westbury—Bank of Westbury
_
White Plains—County Trust Co__
Williamsville—Amherst Bank
_
_.

3,269

642

3,665

200

100

4,092
46,389
3,683
14,151

652

300
2,000
300
500
50
100
50

200
2,000
150
1,000
25
35
25

618

433
276
232

4,605
57,304
6,262
19, 519
1,253
1,267
857

33,745
36,112
25,331

3,610
21,650
15,922

34, 407
56, 640
40, 717

3,000
3,000
1,500

1,500
3,000
750

13,312
13,852
8,864

5,191
9,385
6,476

19, 299
21, 266
15,259
1,091
10,735
1,976
11,211
1,691

1,000
1,500
1,000
100
400
100
500
100

1,000
1,500
700
50
400
50
1,500
30

764

1,127

6,916
2,362
5,463

710

422

8,354
1,096
9,746
1,012

2,509

791
1,782

937

DISTRICT NO. 3
DELAWARE

Milford—Milford Trust Co..
WilmingtonEquitable Trust Co
Security Trust Co
Wilmington Trust Co._

1,354

482

1,564

100

200

11,974
6,512
35,409

1,133
3,485
2,631

8,017
8,751
23,318

1,500
1,000
2,000

2,100
1,100
1,500

5,140
2,908

1,633
1,039
1,652
8,814

7,097
4,129
2,190
17,744
987
4,151
2,202
939
1,151

300
200
100
850
100
300
100
100
100

600
400
300
2,000
50
300
175
50
150

500
647
400
50
375
200
750
125
250
250
50
60
125
300

450
793
456
50
125
250
1,350
25
600
1,100
25
75
65
150

NEW JERSEY

(See also district No. 2)
Atlantic City—
Atlantic Safe Deposit & Trust Co
Equitable Trust Co
Burlington—Burlington City Loan & Trust Co
Camden— Camden Safe Deposit & Trust Co
Hightstown—Hightstown Trust Co
Princeton—Princeton Bank & Trust Co
Riverside—Riverside Trust Co
Swedesboro—Swedesboro Trust Co
Wildwood—Wildwood Title & Trust Co

915

11,747

839

126

3,212
1,660

1,011

629

252
306
174

1,899
1,768
2,975

1,150

1,265

PENNSYLVANIA

(See also District No. 4)

Allentown—
Dime Savings & Trust Co
Liberty Trust Co
Penn Trust Co
Auburn—Bank of Auburn
Bloomsburg—Bloomsburg Bank-Columbia Trust Co.
Carlisle—Carlisle Trust Co
Chester—Cambridge Trust Co
Danville—Montour County Trust Co
_
Du Bois—Union Banking & Trust Co
Easton—Easton Trust Co
East Petersburg—East Petersburg State Bank
Egypt—Farmers' Bank of Egypt
Frackville—Peoples Trust Co
_
Glenside—Glenside Bank & Trust Co
Harrisburg—
Central Trust Co
Dauphin Deposit Trust Co._.
Hazleton—
American Bank & Trust Co
Markle Banking & Trust Co
Peoples Savings & Trust Co
Honesdale—Wayne County Savings Bank
_.
Houtzdale—Houtzdale Trust Co
Huntingdon—Grange Trust Co
Jenkintown—Jenkintown_ Bank & Trust Co
Kulpmont—Dime Deposit Bank & Trust Co
Lansdale—Lansdale Title & Trust Co




512

1,366
5,420

1,377
2,735

189
445
331
2, 579

67
341
205
543

1,847
1, 637
3,077
655
2,853
2,215
6,536
598
2,161
7,749
172
739
544
2,871

6,333
3,056

1,453
1,631

3,826
4,998

400
300

600
600

3,554
4, 654
2,647
1,744

1,557
3,020
2,561
2,888

5,096
6,810
4,557
3,789
950
1,109

400
600
250
200
125
125
250
125
125

500
1,300
500
800
100
80

83
2,073
2,721
5,157

280

569
666
988
827
3,140

345

355
762

748
420

5,626

4,652

552
318

294
144

648 I

379 I

1,000
120
33

265

STATE BANK MEMBERSHIP
[In thousands of dollars]
Loans

Investments

Total
deposits

Surplus

DISTRICT NO. 3—Continued
PENNSYLVANIA—continued

Lemoyne—Lemoyne Trust Co
_
Lewistown—Lewistown Trust Co
Lock Haven—Lock Haven Trust Co
Luzerne—Merchants & Miners State Bank
Lykens—Miners Deposit Bank & Trust Co
Mahanoy City—Merchants Banking Trust Co
Mechanicsburg—First Bank & Trust Co
Middletown—Citizens Bank & Trust Co
Mount Carmel—Liberty State Bank & Trust Co
Myerstown—Myerstown Trust Co.__
Nanticoke—
Miners Trust Co
Peoples Savings & Trust Co
New Oxford—Farmers' and Merchants' Bank
Norristown—
Montgomery Trust Co
_
Norristown-Penn Trust Co__
Olyphant—Olyphant Bank
Orrstown—Orrstown Bank.
_
__
Paoli—Paoli Bank & Trust Co
Philadelphia—
Aldine Trust Co
Bank of North America & Trust Co
__
Colonial Trust Co_
Federal Trust Co
Fidelity-Philadelphia Trust Co
Girard Trust Co._
__
Ninth Bank & Trust C o . . .
Northeast-Tacony Bank & Trust Co
Pennsylvania Co. for Insurances on Lives and
Granting Annuities
_.
Provident Trust Co. of Philadelphia
West Philadelphia Title & Trust Co
Port Carbon—Port Carbon State Bank
Quakertown—Quakertown Trust Co
_
ReadingBerks County Trust Co
Northeastern Trust Co
_
Schnecksville—Schnecksville State Bank
Schuylkill Haven— Schuylkill Haven Trust Co
Scranton—
Dime Bank-Lincoln Trust Co._
Dollar State Bank & Trust Co
Shamokin—
Dime Trust & Safe Deposit Co__
_.
Shamokin Banking & Trust Co
Steelton—Steelton Bank & Trust Co
Tamaqua—Peoples Trust Co
Temple—Temple State Bank
Wilkes-Barre—
Dime Bank Title & Trust Co
Union Savings Bank & Trust Co
Wilkes-Barre Deposit & Savings Bank
Williamsport—
Lycoming Trust Co
Susquehanna Trust Co
Williamstown—Williams Valley Bank
Wyomissing—Peoples Trust Co
YorkCitizens' Savings & Trust Co
I
Guardian Trust Co
North York State Bank
York Trust Co
DISTRICT NO. 4

2,426
795
2,003
283
829
1,348
1,340
634
823
658

504
209
1,331
106
674
602
1,255
264
690
432

1,023
760
2,932
419
1,307
1,518
1,383
685
1.294
858

200
125
250
50
135
200
250
125
150
125

200
75
450
12
135
250
250
75
150
125

1,845
383
490

1,133
575
421

2,387
895
831

300
180
50

731
36
100

3,413
6,449
1,535
207
450

3,402
4,376
1,774
59
317

5,763
9,053
3,163
254
630

1,000
1,000
100
25
125

1,OOC
1,000
300
28
75

5,279
39,384
26,147
4,062
69,579
31,980
10, 556
1,205

694
12,400
7,173
2,900
41,0fi9
36,149
6,966
695

4,627
49,198
33, 034
6,400
95,498
62, 111
17,766
1,697

1,000
5,000
2,500
200
6,700
3,000
1,000
250

700
5,000
3,150
450
21, 000
10, 000
2,000
150

62,917
22,809
4,842
175
581

27,010
21,350
5,803
303
633

95,082
27,038
9,741
494
1,076

4,000
3,200
500
50
125

15,000
12, 260
900
20
250

5,504
2,963
79
1,407

1,815
1,274
113
1,015

6,046
3,217
193
2,173

1,000
600
25
125

1,250
435
10
300

15,028
645

4,702
622

17, 531
1,043

1,350
200

1,000
175

1, 334
651
1,219
950
106

685
634
1,385
487
224

2,021
1,157
2,256
1,200
250

125
125
350
125
75

300
125
350
125
15

4,406
1,486
3,740 |

660
1,749
2,784

3,693
2,604
5,255

500
500

1, 000375
1,693

8,933
4,347
570
3,374

3, 272
1,001
333
1,097

11, 695
4,216
840
2,775

2,000
500
50
500

500
700
75
400

2,398
2,722
149
3,872

967
1,556
216
880

2,982
4,005
344
4,146

500
500
40
500

300
650
20
800

2,342
1,088

1,289
59

3,241
1,162

500 |
150

15055

15, 221
7,562
4,047
21, 968
2,722
280
202
200

2,945
1,321
1,938
6,630
1,015
225
82
74

21, 016
9,828
6,607
28, 399
4,027
563
258
331

KENTUCKY

(See also District No. 8
Lexington—Security Trust Co
Richmond—State Bank & Trust Co..
o m o
AkronCentral Savings & Trust Co
Depositors Savings & Trust Co
Firestone Park Trust & Savings Bank..
First Trust & Savings Bank
Alliance—City Savings Bank & Trust Co_.
Antwerp—Antwerp Exchange Bank Co
Apple Creek—Apple Creek Banking Co
Atwater—Atwater Savings Bank

41223—2




1,500
500
200
1,500
250
25
25
25

750
513
200
1, 500
125
10*
17

266

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
[In thousands of dollars]
Investments

Total
deposits

Capital

1,798
1,139
804
587
5,235
2,194

336
148
368
127
3,716

2,391
1,373
1,575
700
9,468
3,080

100
125
50
100
500
100

85
33
50
22
250
100

5,801
10, 944
30, 019
53, 615
9,452
21, 757
13, 563

1,015
3,491
9,894
21,456
2,642
6,779
3,315

6,503
16, 266
39, 238
76, 718
11, 663
32, 795
16, 979

1,000
500
4,000
5,000
500
1,700
1,000

363
250
3,650
5,000
600
2,000
1,000

194, 718
96, 532
17,611
22, 266
214,998
27, 060
447
21, 091

25, 272
38, 811
5,794
6,629
62,199
4,964
215
8,118

242, 550
147,186
24, 341
28, 588
310, 606
33, 265
675
34, 576

10,000
4,000
2,000
1,500
22, 850
2,000
50
2,500

5,140
6,000
1,000
1,250
12,150
1,200
60
1,500

819
1,570
370
413
456
1,109

307
1,089
35
160
222
313

1,254
2,792
354
607
723
1,366

125
125
25
50
25
100

20
125
31
25
41
100

519
423
702
201

105
150
139
174
21

735
726
549
978
231

50
25
50
50
25

29
25
50
50
5

1,718
4,371
148
465
1,901

641
1,326

2,256
5,860
128
553
2,540

200
1,000
30
25
150

250
281
4
30
66

512
930
383
1,432

161
320

682
1,342
459
1,666

50
125
25
100

24
45
50
50

3,839
4,845

292

200
300

711
1,192
1,470
576
215
2,404
506
482

100
527
362
215
100
449
149
293

4,400
6,852
775
1,729
2,199
791
267
2,557
677
729

150
150
125
50
50
300
60
50

200
62
56
125
60
52
11
200
24
40

377
743
847
318

100
403
664
47

503
1,280
1,469
320

50
100
100
25

25
38
60
40

3,795
3,497

870
881

4,587
3,916

650
350

273
350

24, 859
12, 048
31, 382
574
529
284
4,172
1,084
570

3,259
4,583
18, 448
175
154
68
908
113
297

29, 557
18, 410
38, 249
740
746
384
5,370
1,108
818

1,400
700
5,000
50
50
25
600
100
150

1,100
325
3,000
50
23
15
300
100
61

13, 757
23, 210

1,672
719

14, 612
23, 551

1,000
2,500

1,150
1,250

Loans

Surplus

DISTRICT NO. 4—Continued
OHIO—continued
Barberton—Peoples Savings & Banking Co..
Bellefontaine—Peoples-Commercial Bank
Bellevue—Wright Banking Co
Bowling Green—State Bank
Canton—Dime Savings Bank
Chagrin Falls—Chagrin Falls Banking Co...
CincinnatiBank of Commerce & Trust Co
Brighton Bank & Trust Co
Central Trust Co
Fifth Third Union Trust Co
Pearl-Market Bank & Trust Co
Provident Savings Bank & Trust Co
Western Bank & Trust Co
ClevelandCleveland Trust Co
Guardian Trust Co
Midland Bank
Pearl Street Savings & Trust Co
Union Trust Co
United Banking & Trust Co
Columbiana—Union Banking Co
Columbus—First Citizens Trust Co
Conneaut—
Citizens Banking & Trust Co
Conneaut Mutual Loan & Trust Co
Danville—Commercial & Savings Bank Co..
Delphos—Peoples Bank
Delta—Peoples Savings Bank Co
Geneva—Geneva Savings Bank Co
Gibsonburg—
Gibsonburg Banking Co
Home Banking Co
Hillsboro—Hillsboro Bank & Savings Co
Hubbard—Hubbard Banking Co
_
Lyons—Farmers State Bank
Mansfield—Farmers Savings & Trust Co
Massillon—Ohio Merchants Trust Co
McCutchenville—Farmers Bank
Middlefield—Middlefield Banking Co
Middletown—American Trust & Savings Bank.
Minerva—
Minerva Banking Co
Minerva Savings & Trust Co
Minster—Minster State Bank
Napoleon—Napoleon State Bank
NewarkNewark Trust Co
Union Trust Co
New PhiladelphiaMerchants State Bank
Ohio Savings & Trust Co
Newton Falls—First State Bank
Orrville— Orrville Savings Bank
Peninsula—Peninsula B anking Co
Portsmouth—Security Bank
Kittman—Rittman Savings Bank
St. Clairsville—Dollar Savings Bank Co
St. M a r y s American State Bank
Home Banking Co
Shelby—Citizens Bank
Shiloh—Shiloh Savings Bank Co
Steubenviile—
Steubenviile Bank & Trust Co
Union Savings Bank & Trust Co
ToledoCommerce Guardian Trust & Savings Bank..
Commercial Savings Bank & Trust Co
Toledo Trust Co
Upper Sandusky—Citizens Savings Bank
Vermilion—Erie County Banking Co
Wakeman—WTakeman Bank Co
Warren—Union Savings & Trust Co
Wellington—First Wellington Bank
Wooster—Commercial Banking & Trust Co
...
Youngstown—
City Trust & Savings Bank
Dollar Savings & Trust Co




652

316

267

STA.TE BA.NK MEMBERSHIP
[In thousands of dollars]
Loans

Investments

Total
deposits

Capital

Surplus

DISTRICT NO. 4—Continued
PENNSYLVANIA

(See also District No. 3)
Aliquippa—Woodlawn Trust Co
Ambridge—Ambridge Savings & Trust Co
Beaver—Beaver Trust Co
Beaver Falls—Federal Title & Trust Co
Butler—Guaranty Trust Co
East Pittsburgh—East Pittsburgh Savings & Trust
Co
Erie—Security Savings & Trust Co
Greensburg—
Merchants Trust Co
Union Trust Co
Meadville—Crawford County Trust Co
New Brighton—Beaver County Trust Co-_.
New Castle—Lawrence Savings & Trust Co
Scalp Level—Merchants & Miners Bank
PittsburghAllegheny Trust Co
City Deposit Bank & Trust Co
Colonial Trust Co
Commonwealth Trust Co
Oakland Savings & Trust Co
Pittsburgh Trust Co
Potter Title & Trust Co
Union Trust Co
Washington—First Bank & Trust Co
Windber—Windber Trust Co
-

1,655
2,026
1,437
1,475
3,096

549
2,601
520
253
1,883

2,150
4,274
1,597
1,471
4,360

125
125
300
200
500

200
250
200
50
600

1,892
5,422

4,970
7,426

200
200

400
600

2,471
2,099
1,790
1,194
2,506
212

2,696
1,758
1,156
344
745
304
2,351
134

3,246
2,160
2,555
974
4,690
293

300
400
200
400
300
30

325
100
100
250
500
40

3,304
12, 782
18,197
11, 362
4,029
11,850
6,131
102, 444
5,095
1,725

4,283
6,275
7,623
4,683
2,501
5,500
3,100
82, 204
1,408
2,084

6,701
17,815
24,180
14, 699
6,282
16, 861
9,404
141, 949
5,950
3,216

700
1,000
2,600
1,500
300
2,000
500
1,500
600
250

1,000
1,000
3,000
1,500
500
2,000
750
55,000
600
550

WEST VIRGINIA

(See also District No. 5)
Sisters ville—First Tyler Bank & Trust Co
Wheeling—
Security Trust Co
Wheeling Bank & Trust Co
DISTRICT NO. 5

2,088

200

3,108
6,686

1,301
1,114

3,843
7,964

300
500

300
500

7,767
35, 508
6,600
203
1,176

2,932
14, 869
2,774
119
143

12, 337
56,317
12, 730
284
1,224

1,000
3,500
1,000
25
100

350
3,500
750
25
100

12, 087
6,277
1,007
851
1,499
834

1,647
603
52
21
138
150
75

18, 982
7,293
918
761
1,264
1,181
1,252

1,200
1,000
100
125
250
100
100

800
500
100
5
250
75
91

29, 933

9,117

43, 877

2,500

2,000

185
1,504
732
530
806
675
342
374
318

45
1,743
253
82
772
85
66
41
4

235
3,133
1,186
666
1,938
1,055
420
580
383

25
200
100
100
125
75
100
50
78

75
150
100
"50
43
30
5
21

692
674
499
613

101
26
3
94

810
648
515

100
100
50
65

70
45
36
110

3,442 [

923

3,926

750

250

1,893

MARYLAND

BaltimoreBaltimore Commercial Bank
Baltimore Trust Co
Maryland Trust Co
Forest Hill—Forest Hill State Bank
Salisbury—Farmers & Merchants Bank

_.

NORTH CAROLINA

Charlotte—
American Trust Co
Independence Trust Co
Edenton—Bank of Edenton
Elizabeth City—Carolina Banking & Trust Co
Forest City—Farmers Bank & Trust Co
Tarboro and Speed—Farmers Banking & Trust Co_
Washington—Bank of Washington
Winston-Salem, Asheville, Salisbury, High Point,
and Raleigh—Wachovia Bank & Trust Co__
SOUTH CAROLINA

Bishopville—Peoples Bank
Charleston—Carolina Savings Bank
Chester—Commercial Bank
Darlington—Bank of Darlington (Inc.)
Florence—Commercial Savings Bank
Hartsville—Bank of Hartsville
W^alterboro—Farmers & Merchants Bank.
Westminster—Westminster Bank
Woodruff—Bank of Woodruff. _

Blackstone—Citizens Bank & Trust Co
Chase City—Peoples Bank & Trust Co
Galax—Peoples State Bank
Kenbridge—Bank of Lunenburg (Inc.)
Petersburg—Petersburg Savings & American Trust
Co




268

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
[In thousands of dollars]
Loans

Investments

Total
deposits

Capital

17,198
4,878
1,787
33.086
3.541
147
260

3,500
500
200
2,500
750
35
30

Surplus

DISTRICT NO. 5—Continued
VIRGINIA—continued
RichmondAmerican Bank & Trust Co
Bank of Commerce & Trusts
Savings Bank of Richmond
State Planters Bank & Trust Co
Union Bank & Federal Trust Co
Rural Retreat—Peoples Bank
Victoria—Bank of Victoria

__

15, 798
5,276
2,173
23, 208
3,993
134
263

3,722
595
125
7,892
784
3
20

1,000
500
400
1,500
500
4

WEST VIRGINIA

(See also District No. 4)
Berwind—Berwind Bank
Charleston—
Kanawha Banking & Trust Co
Kanawha Valley Bank
FranklinFarmers Bank of Pendleton
Franklin Bank
Grafton—Grafton Banking & Trust Co
Harpers Ferry—Bank of Harpers Ferry
Hurricane—Putnam County Bank
Martinsburg—
Peoples Trust Co
Shenandoah Valley Bank & Trust C o . .
Moorefleld—Hardy County Bank
Petersburg—Potomac Valley Bank
___
St. Marys—Pleasants County Bank
Salem—Merchants & Producers Bank.

1,011

260

1,068

100

100

3,030
7,666

877
2,199

3,226
9,947

500
1,000

250
1,200

606
327
817
146
509

3
3
148
37
27

321
1,080
200
471

50
40
100
25
50

30
20
30
6
35

1,500
476
136
258
374
466

141
8
2
10
29

1,715
499
116
230
366
485

200
100
50
50
75
50

100
25
3
7
30
4

17,135
2,070
233
336
369
447
480
99

2,515
50
17
14
2
109
328
11

21, 090
1,705
248
435
478
531
624
80

1,000
500
50
25
50
50
100
35

1,200
55
30
50
10
100
50
7

394
1,086
243
1,157
372
118

3
112
63
34
42
12

531
1,028
266
938
466
313

75
200
60
100
50
25

15
100
20
100
75
15

248
711
210
334
11, 944
397

43
624
67
113
2,799
196

349
1,353
283
577
16,134
797

75
100
30
50
1,000
60

13
50

""56

4,259
3,610
8,958
656
1,141
255
120
402
544
442

1,732
5,935
14
472
304
3
134

4,616
4,655
8,756
834
1,737
747
148
532
642
303

1,500
500
2,000
100
230
60
30
100
100
100

300
450
1,000
20
103
12
6
65
100
50

200
431

64
108

210
382

60
100

11
20

53
180
225
35

25
50
25
25

25

DISTRICT NO. 6
ALABAMA

BirminghamBirmingham Trust & Savings Co
Southern Bank & Trust Co
Clayton—Bank of Commerce
Guin—Marion County Banking Co
Hartselle—Farmers & Merchants Bank
Marion—Marion Central Bank
Monroeville—Monroe County Bank
Orrville— Orrville Bank & Trust Co..
Roanoke—
Merchants & Farmers Bank
Roanoke Banking Co
Samson—Farmers & Merchants Bank
Selma—Peoples Bank & Trust Co
Tuskegee—Macon County Bank
Wetumpka—Bank of Wetumpka
FLORIDA

Lake Wales—Citizens Bank
Leesburg—Leesburg State Bank
Marianna—Citizens State Bank
Tallahassee—Exchange Bank
Tampa—Citizens Bank & Trust Co
Winter Park—Bank of Winter Park

__.

1,000
20

GEORGIA

AtlantaAtlanta Trust Co
Georgia Savings Bank & Trust Co
Trust Co. of Georgia
Bainbridge— Citizens Bank & Trust C o . . .
Brunswick—Brunswick Bank & Trust Co
Carrollton—Peoples Bank
Claxton—Citizens Bank
Commerce—Northeastern Banking Co
Cordele—Exchange Bank
Dawson—Bank of Dawson
Eastman—
Bank of Eastman
Citizens Banking Co
Eatonton—
Farmers & Merchants Bank
Middle Georgia Bank
Forsyth—Monroe County Bank
Graymont—Bank of Graymont




39
144
194
33

269

STATE BANK MEMBERSHIP
[In thousands of dollars]
Loans

Investments

Total
deposits

Capital

305
111
51
175
238
1,777
901
232
3,863

65
30
30
100
95
250
50
25
150

58
28
12
20
15
410
50
15
50

121
137

50
50

12
25

Surplus

DISTRICT NO. 6—Continued
GEORGIA—continued
GreenvilleGreenville Banking Co
Peoples Bank
Hoschton—Bank of Hoschton
Jackson—Jackson Banking Co
Jefferson—Citizens Bank & Trust Co
LaGrange—LaGrange Banking & Trust Co
Lawrenceville—Brand Banking Co
Lincolnton—Farmers State Bank
Macon—Continental Trust Co
McDonough—
Bank of Henry County
Farmers & Merchants Bank
Metter—
Bank of Candler County
Citizens Bank
Millen—Bank of Millen__
MonroeBank of Monroe
Farmers Bank
Pelham—Farmers Bank
Portal—Bank of Portal
Reynnolds—Citizens State Bank
Rhine—Rhine Banking Co
Sardis—Peoples Bank
Sasser—Bank of Sasser
SavannahCitizens Bank & Trust Co
Liberty Bank & Trust Co
Savannah Bank & Trust Co
Soperton—Bank of Soperton
Statesboro—Bank of Statesboro
Swainsboro—Central Bank
Toccoa—Bank of Toccoa
Wadley—Bank of Wadley
Winterville—Pittard Banking Co

284
164
37
184
253
1,988
276
158
2,233

10
2
1
53
40
133
238
9
539

248
141
140
173
267

178
147
466

25
30
50

4
20
50

449
381
305
83
45
45

_..

1
2
13
93
189
52
2

528
622
344
59
44
87
26

150
100
100
25
25
25
25
25

75
30
50

1,399
3,688
3,612
220
550
122

23
815
65
12
139
1
8
2
12

1,144
4,875
3,454
279
660
173
212
73

937

507

1,335

911
8,035
67,173
37,435
10,150
9,023
383

1,000
3,725
21,083
14,810
2,132
3,341
20

1,355
11,322
99,632
59, 626
12, 435
9,661
513

5,402

578

6,426

193
430
634

34
112
75

1,062
3,853
2,904
81, 705
30, 309
3,103
5,841
85, 627
48, 035
6,730
262, 691
4,443

1,363
2,057
1,772
26, 092
5,212
2,112
1,745
45, 809
30,187
3,164
87, 499
846

23

21
1
2

300
300
700
25
100
25
50 i
25
25

5
6
6
33
75
350
200
25
75
15
10
25
1

LOUISIANA

(See also District No. 11)
Gretna—Jefferson Trust & Savings Bank
New OrleansAlgiers Trust & Savings Bank
American Bank & Trust Co
Canal Bank & Trust Co
Hibernia Bank & Trust Co
Interstate Trust & Banking Co
New Orleans Bank & Trust Co
Opelousas—Parish Bank & Trust Co

40
200
500
6,000
2,500
750
1,200
50

55
250
3,000
3,000
1,150
300
14

TENNESSEE

(See also District No. 8)
Chattanooga—Chattanooga Savings Bank & Trust
Co

1,000 I

500

222
577
729

25
50
50

10
21
50

2,686
6,677
4,698
114, 801
42, 410
5,480
8, 528
115,117
85,093
9,175
369,846
5,526

200
500
300
8,000
3,000
350
350
7,500
4,000
1,000
15, 000
400

50
150
100
6.000
2,000
250
250
7,500
5,000
500
30, 000
125

DISTRICT NO. 7
ILLINOIS

(See also District No. 8
Argenta—Gerber State Bank
Auburn—Auburn State Bank
Barrington—First State Bank
ChicagoAdams State Bank
Austin State Bank
Capital State Savings Bank
Central Trust Co. of Illinois
Chicago Trust Co
Depositors State Bank
Drexel State Bank
First Trust & Savings Bank
Harris Trust & Savings Bank
Home Bank & Trust Co
Illinois Merchants Trust Co
Independence State Bank




270

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
[In thousands of dollars]
Investments

Total
deposits

Capital

7,404
12, 713
8,515
8,619
45, 755
10, 858
4,278
6,510
6,403
52,678 j
634 I
72, 929
1,809
6,033
2,094
256
1,557
328

8,284
903
1, 454
186
11, 224
6,626
1,746
2, 513
1,546
5, 988
1,482
11, 498
1,441
2,832
954
7
300
164

14,710
14, 966
11,474
9,592
64, 495
19, 557
6,192
9,119
8,693
59, 730
2,381
95, 579
3,309
9,475
3,380
288
2,140
485

1,600
1,350
600
1,000
2,000
1,250
350
700
750
5,000
200
4,000
200
600
350
25
200
50

400
250
400
400
3,000
600
350
500
250
5,000
55
6,000
200
200
150
10
125
30

2,187
8,351
495
1,070
695

891
2,297
4
756
546

3,489
11, 782
529
1,870
1,242

260
500
50
100
100

100
500
8
50
25

1,359
1,385
839
158
920

412
736
271
68
47
11
158

1,976
2,330
1,269
444
392
163
1,043

100
100
150
60
50
25
100

20
100
25
15
10
25
100

1,273
1,022

169
300

1,448
1,449

100
100

50
25

5,603
1,396
235
536

2,403
1,711
2
78

8,049
3,105
158
499

500
200
25
60

250
200
25
30

90
272

56
52

131
316

25
50

10
25

167
224
4,496
115
447
560
2,233

75
97
2,447
65
566
304
1,061

243
323
8,558
137
1,013
880
3,559

40
50
600
50
50
100
100

11
10
150
10
50
40
100

1,504
2,938
4,778
7,722
305
342
82
2,485
3,781
525

533
1,535
1,749
12, 256
23
21
121
315
799
239

2,026
4,776
7,008
22, 379
360
347
272
2,722
2,497
906

400
250
500
1,500
30
50
25
241
300
75

36
200
350
1,500
20
50
5
120
200
25

5,170
3,287
6,058

489
1,860
1,959
6

5,422
4,222
8,026
707

500
800
500
50

160
200
500
50

232
512
324
288
6,043

270
21
2
92
2,179

671
613
319
394
8,733

50
50
50
50
600

Loans

Surplus

DISTRICT NO. 7—Continued
ILLINOIS—continued

Chicago—Continued.
Kaspar American State Bank
Madison & Kedzie State Bank
Mercantile Trust & Savings Bank__.
Noel State Bank
Northern Trust Co
North-Western Trust & Savings Bank
Second Security Bank
Security Bank
South Side Trust & Savings Bank
State Bank of Chicago
Twenty-Sixth Street State Bank
Union Trust Co
United State Bank
Woodlawn Trust & Savings Bank
Cicero—Western State Bank
Cowden—State Bank of Cowden
Des Plaines—Des Plaines State Bank
Eureka—Farmers State Bank
Evanston—_
Evanston Trust & Savings Bank
State Bank & Trust Co
Fulton—Whiteside County State Bank
Geneva—State Bank of Geneva
Hinsdale—Hinsdale State Bank
Joliet—
Commercial Trust & Savings Bank
Joliet Trust & Savings Bank
Kewanee—-Union State Savings Bank & Trust Co..
Marshall—Marshall State Bank
Martinsville—Martinsville State Bank
Matteson—First State Bank
Mattoon—Central Illinois Trust & Savings Bank...
Mount CarrollCarroll County State Bank
First State Bank
Oak ParkOak Park Trust & Savings Bank
Suburban Trust & Savings Bank
Oswego—Oswego State Bank
Polo—Polo State Bank__
Seneca—
Farmers Trust & Savings Bank
State Bank of Seneca
Shannon—
Peoples State Bank
State Bank of Shannon
Springfield—Ridgely-Farmers State Bank
Stockland—Sumner State Bank
Wenona—First State Bank
Wheaton—Wheaton Trust & Savings Bank
Wilmette—Wilmette State Bank
(See also District No. 8)
Connersville—Fayette Bank & Trust Co
Elkhart—St. Joseph Valley Bank
Hammond—First Trust & Savings Bank_
Indianapolis—Fletcher Savings & Trust Co
Jamestown—Citizens State Bank
Kentland—Kent State Bank
Ladoga—Ladoga State Bank
__.
Marion—Grant Trust & Savings Bank
Richmond—Dickinson Trust Co
Rochester—United States Bank & Trust Co
South Bend—
American Trust Co
St. Joseph Loan & Trust Co
Terre Haute—Terre Haute Trust Co
Tipton—Farmers Loan & Trust Co
_
IOWA

Algona—Iowa State Bank
...
Ames—Story County Trust & Savings Bank
Barnes City—Farmers Savings Bank
_
Bennett—Bennett Savings Bank
_._
Burlington—First Iowa State Trust & Savings Bank



20
5
450

271

STATE BANK MEMBERSHIP
[In thousands of dollars]
Investments

Total
deposits

Capital

Surplus

DISTRICT NO. 7— Continued
IOWA—continued
Cedar Rapids—Iowa State Savings Bank
Chariton—State Savings Bank
Charter Oak—Farmers State Bank
Cherokee—Cherokee State Bank
Clinton—Peoples Trust & Savings Bank
Davenport—American Commercial & Savings Bank
Des Moines—
Bankers Trust Co
Central State Bank
Dexter—Iowa State Bank
Elberon—Farmers State Bank
EllsworthFarmers State Bank
State Bank of Ellsworth
Fairbank—Fairbank State Bank
Fairfield—
Iowa Loan & Trust Co
Iowa State Savings Bank
Farragut—Commercial Savings Bank
Fort M a d i s o n American State Bank
Fort Madison Savings Bank
Gilbert—Gilbert Savings Bank
Gilman—Citizens Savings Bank
Grand River—Farmers State Bank
Grant—Farmers Savings Bank
Greenfield—Greenfield Savings Bank
Lake View—Lake View State Bank
Lakota—Farmers & Drovers State Bank
Lowden—Lowden Savings Bank
Mechanicsville—Mechanicsville Trust & Savings
Bank
Mediapolis—Commercial State Bank
Missouri Valley—State Savings Bank
Mondamin—Mondamin Savings Bank
Monticello—Monticello State Bank
Moorhead—Moorhead State Bank
Moville—Moville State Bank
Newton—Jasper County Savings Bank
Osage—Home Trust & Savings Bank
Osceola—Iowa State Bank
Ottumwa—Ottumwa Savings Bank
Riceville—Riceville State Bank
Royal—Home State Bank
Schaller—Schaller Savings Bank
Shenandoah—Security Trust & Savings Bank
Sibley—Sibley State Bank
Sioux Center—Sioux Center State Bank
Solon—Ulch Bros. State Bank
Storm Lake—Security Trust & Savings Bank
Van Wert—Van Wert State Bank
Winterset—Madison County State Bank
(See also District No. 9)
AdrianAdrian State Savings Bank
Commercial Savings Bank
Lenawee County Savings Bank
AlbionAlbion State Bank
.._
Commercial & Savings Bank
Alpena—Alpena Trust & Savings Bank
Ann A r b o r Farmers & Mechanics Bank
State Savings Bank
ArmadaArmada State Bank
Farmers State Bank
Bay C i t y Bay City Bank
Peoples Commercial & Savings Bank
Bellevue—Farmers State Bank
Benton Harbor—Benton Harbor State Bank
Big R a p i d s Big Rapids Savings Bank
Citizens State Bank
Birmingham—First State Savings Bank
Blanchard—Blanchard State Bank




2,266
657
358
994
3,433
24,443

393
166
29
516
1,494

2,834
935
368
1,635
5,286
29,166

5,057
4,492
153
474

1,984
3,015
1
166

7,576
9,713
225
671

107
170
428

17
2
112

402
1,724
134

61
114
22

1,352
145
306
229
98
247
146
212
205

200
50
40
75
300
1,500
1,000 1
250
25 I

50
50
10
75
300
1,000
200
250
15

50

20

551
470
1,988
173

25
35
26

5
3
24

50
200
40

13
75

106
632
6
2
1
8
149
5
1
136

800
2,644
162
307
280
126
469
161
267
361

100
100
25
50
25
25
30
25
30
25

22
80
10
10
15
5
10
8
10
15

355
357
229
272
2,384
323
334
1,657
468
186
1,097
117
222
203
494
394
217
460
301
207

78
4
37
18
480
21
2
692
412
2
462
1
33
85
352
70
28
105
104
2
305

507
263
336
309
2,841
333
328
2,816
907
187
1,671
128
281
344
945
523
266
668
463
183
1,283

50
100
50
35
200
30
35
100
50
50
100
25
25
25
60
50
25
50
75
25
125

25
20
10
15
200
30
26
50
30

875
892
1,363

1,164
775
1,103

2,069
1,797
3,290

150
110
150

100
30
50

461
718
2,166

366
469
1,818

852
1,228
3,774

50
100
200

12
55
200

3,318
3,506

508
1,829

3,874
5,107

200
400

200
300

520

84
45

566
313

25
25

25
13

2,941
4,970
94
1,202

3,094
4,387
57
439

6,389
9,281
148
1,644

400
400
25
100

300
800
5
75

708
1,016
2,235
131

330
845
655
167

1,014
1,963
2,883
312

50
50
200
25

50
50
150
5

Wo

100
15
5
10
15
15
20
15
8
15
125

272

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
[In thousands of dollars]
Invest- | Total
ments I deposits

Surplus

DISTRICT NO. 7—Continued
MICHIGAN—continued
Blissfield—Blissfield State Bank
Britton—Peoples State Savings Bank
Brown City—Brown City Savings Bank
Caledonia—State Bank of Caledonia
Caro—State Savings Bank
Carson City—Farmers & Merchants State Bank
Cass City—
Cass City State Bank
Pinney State Bank
Cassopolis—Cass County State Bank
Center Line—Center Line State Savings Bank
Charlotte—Eaton County Savings Bank
ChelseaFarmers & Merchants Bank
Kempf C ommercial & Savings B ank
Coloma—State Bank of Coloma
Coopersville—Peoples Savings Bank
Croswell—
First State Savings Bank
State Bank of Croswell
Davison—Davison State Bank.._
Dearborn—Dearborn State Bank
DetroitAmerican State Bank
Bank of Detroit
i
Detroit Savings Bank
_...
Dime Savings Bank._
_
Griswold-First State Bank. _
Guardian Detroit Bank
Peninsular State Bank
Peoples Wayne County Bank
Redford State Savings Bank
United Savings Bank.
Eaton Rapids—Michigan State Bank
Edmore—Edmore State Bank
Elk Rapids—Elk Rapids State Bank
Farmington—Farmington State Savings Bank
Fennville—Old State Bank..._
Fenton—
Commercial State Savings Bank
Fenton State Savings Bank
FlintCitizens Commercial & Savings Bank
Genesee County Savings Bank
Industrial Savings Bank
Union Trust & Savings Bank_
Flushing—Peoples State Bank
Fordson—Fordson State Bank
Frankenmuth—
American State Bank.
Frankenmuth State Bank
FremontFremont State Bank
Old State Bank
Grand H a v e n Grand Haven State Bank
Peoples Savings Bank..
Grand Rapids—
•
Grand Rapids Savings Bank
Home State Bank for Savings
Kent State Bank
Greenville—Commercial State Savings Bank
Hart—Oceana County Savings Bank
Highland Park—
American State Bank
Highland Park State Bank.
Hillsdale—Hillsdale Savings Bank
HollandFirst State B a n k . . . _
Holland City State Bank
Holly—First State & Savings Bank.
Hopkins—Hopkins State Savings Bank
Howell—First State & Savings Bank
Imlay City—
Lapeer County Bank
Peoples State Bank
Ionia—State Savings Bank
Jackson—Central State Bank
Jonesville—Grosvenor Savings Bank
Kalamazoo—Kalaamzoo Trust & Savings Bank




|

304
419
353
820
624

159
360
131
271
474

467
800
486
1,178
1,133

16
18
10
60
20

372
212
71
191

975
749
459
618

50
40
20
9

286
586
85
1,670

585
1,170
495
4, 765

12
20
250

28,261
32,731
32,364
40,061
33,826
33,304
38,429
201,683
1,877
13,338
370
223
290
908
264

6,842
11,187
12,627
18,910
5,549
9,557
7,928
68,547
177
4,203
255
207
77
368
406

534
639

85
155

689
914

25

7,406
9,996
14,917
6,919
357
1,070

1,943
3,450
5,316
1,874
56
619

8,443
12, 963
18,150
7,982
406
1,837

500
500
300
400
15
40

413
1,311

353
367

835
1,756

20
70

367
911

201
296

595
1,267

40
50

1,437
992

805
211

2,128
1,093

100
50

16,376
5,186
17,345
846
385
3,257
17,317
448

1
I

234
107
71
269
227
90

301
489
475
2,876

I
j
I
!
I
[
I

666
228
345
405
812
201

612
607
363
410

I
I

2,416
1,526
2,258
516
238

22,482
7,109
22, 271
1,345
647

750
125
1,000
50
25

1,166
9,493
975

4,707
26, 561
1,634

90
1,800
25

2,891
2,541
1,388
209
326

606
810
454
253
529

3,772
3,644
1,777
469
1,054

100
100
50
5
34

875
554
1,450
1,017
531
5,429

215
255
65
158
193
1,211

1,139
840
1,439
1,237
735
6,602

10
10
100
26
25
200

25
5
8
14
25
10

750
1,000
2,500
3,000
2,500
3,000
2,000
22, 000
58
600
13
10
16
30
15

273

STA.TE BA.NK MEMBERSHIP
[In thousands of dollars]
Investments

Total
deposits

Surplus

DISTRICT NO. 7—Continued
MICHIGAN—continued
Lake Odessa—Lake Odessa State Savings Bank
Lakeview—
Commrecial State Savings Bank
Farmers & Merchants State Bank
Lansing—American State Savings Bank
Lapeer—Lapeer Savings Bank
Lenox and Richmond—Macomb County Savings
Bank
._
Lowell—City State Bank
Ludington—-Ludington State Bank
Manchester—•
Peoples Bank
Union Savings Bank
Manistee—Manistee County Savings Bank
Marcellus—G. W. Jones Exchange Bank
Marshall—Commercial Savings Bank
Mason—
Farmers Bank
First State & Savings Bank
Midland—Chemical State Savings Bank
Milan—Milan State Savings Bank
Milford—
Farmers State Savings Bank
First State Bank
Monroe—Dansard State Bank
Montague—Farmers State Bank
Mount Clemens—
Citizens Savings Bank
_
_
Ullrich Savings Bank
Mount PleasantExchange Savings Bank
___
Isabella County State Bank
NashvilleFarmers & Merchants Bank
State Savings Bank
New Baltimore—Citizens State Savings Bank
New Haven—New Haven Savings Bank
Niles—Niles City Bank
Northville—Lapham State Savings Bank
Onsted—Onsted State Bank
Petoskey—First State Bank
Pigeon—Pigeon State Bank
_
__.
Pinconning—Pinconning State Bank
Pontiac—Pontiac Commercial & Savings Bank
Port Huron—Federal Commercial & Savings Bank..
Rochester—Rochester Savings Bank
Rogers City—Presque Isle County Savings Bank
Romeo—Romeo Savings Bank
Royal O a k First State Bank.
Royal Oak Savings Bank
Saginaw—
American State Bank
_
Bank of Saginaw
St. Charles—St. Charles State Bank
St. Clair—Commercial & Savings Bank
_
Saugatuck—Fruit Growers State Bank
Sebewaing—Farmers & Merchants State Bank
South Haven—Citizens State Bank
Sparta—Sparta State Bank
_
Spring Lake—Spring Lake State B a n k . . .
__.
Tecumseh—
Lilley State Bank
Tecumseh State Savings Bank
Traverse City—Traverse City State Bank
Utica—Utica State Savings Bank
Vicksburg—
Farmers State Bank
First State Bank
Warren—State Savings Bank
Washington—Washington Savings Bank
_.
Wayne—Wayne Savings B a n k . .
Williamston—
Crossman & Williams State Bank
Williamston State Bank




410

126

567

25

25

230
243
7, 503
814

154
163
2,535
277

377
399
10, 409
1,040

25
40
750
75

7
8
400
20

837
527
1,027

270
275
786

1,208
832
2,078

50
25
100

25
25
50

375
238
1,228
344
740

146
417
1,966
312
378

518
642
3,159
703
1,161

25
25
100
40
100

25
50
100
40
20

437
441

111
98
422
49

614
680
1,479
481

50
25
50
25

10
15
15
25

297
898
1,697
335

80
15
638
84

432
947
2,589
428

25
25
200
25

13
25
40
10

3,251
1,610

1,269
635

4,649
2,237

150
100

200
100

504
878
469
389
381
331
912
1,095
290
763
443
300
15,185
5,524
686
224
1,254

530
520

1,118
1,603

50
60

33
30

91
88
254
195
704
190
40
355
150
125
1,715
1,534
151
1,200
422

564
646
551
1,697
1,283
322
1,213
629
457
19, 912
7,599
922
1,538
1,652

35
30
25
25
100
50
25
60
25
30
800
400
50
35
100

35
20
25
25
50
55
10
35
400
210
25
15
100

3,809
2,998

814

5,061
4,005

250
250

225
250

3,294
11, 267
355
858
783
592
1,137
362
385

1,565
5,786
588
677
241
501
573
307
141

4,913
17, 981
976
1,609
921
1,229
1,492
741
521

300
1,250
25
75
100
50
100
30
25

200
1,000
18
25
50
16
175
15
50

547
637
2,454
562

248
318
1,726
230

862
997
4,238

40
50
200
25

20
30
200
25

248
257
879
220
1,412

209
80
163
51
363

481
389
1,114
257
1,937

25
30
50
25
50

5
4
50
15
100

367

177
380

471
720

40
50

20
10

274

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
[In thousands of dollars]
Investments

Total
deposits

Capital

992
1,105
305
807
4,855

1.224
'284
57
457

2,533
1,382
384
1,254
5,277

100
125
50
80
500

50
25
10
40
180

6,663
23,194
936
677

1,625
5,558
124
547

8,446
28,661
1,175
1,284

400
1,500
100
50

100
1,500
50
50

910
776
423
4,073
1,934
364

90
308
63
634
1,136
558

1,015
1,135
517
5,170
3,413
967

100
125
35
200
100
50

50
33
18
400
50
50

344
676
276
920
317
538
577
1,440

502
9
61
47
24
288
21
257

1,057
1,176
421
1,138
488
1,044
671
1,846

50
200
35
60
100
50
75
200

20
30
19
20
40
50
25
100

10,382
7,597
1,727
5,935
2,806
213
770
430
461

2,631
926
106
1,966
696
50
207
9
120

17,046
11,641
2,881
9,618
4,228
432
1,434
414
623

1,000
500
200
500
200
50
100
50
100

220
110
23
250
300
10
38
25
25

481
610
133
285
566

182
28
4
26
5

833
131
304
544

75
100
25
60
125

38
80
5
20
31

2,611
2,159
643
716
972
1,229
1,010
457
482
295
194
115
183
184
6,486

1,359
2,644
453
250
327
217
854
128
224
153
185
117
41
2
1,360

3,879
4,779
1,107
1,032
1,328
1,528
1,906
583
791
408
367
241
240
211
7,799

300
600
100
110
150
120
150
100
100
50
50
25
25
25
1,000

300
200
70
25
88
40
75
50
33
20
10

1,450
409

392
4

2,054
407

200
40

50
10

Loans

Surplus

DISTRICT NO. 7—Continued
WISCONSIN

(See also District No. 9)
Baraboo—Bank of Baraboo
Burlington—Bank of Burlington
Clinton—Citizens Bank
Kewaunee—State Bank of Kewaunee
_
_
Madison—Bank of Wisconsin
MilwaukeeBadger State Bank
Marshall & Ilsley Bank
Mineral Point—Iowa County Bank
Platteville—State Bank of Platteville
PlymouthPlymouth Exchange Bank
State Bank of Plymouth..__.
Seneca—Farmers & Merchants State Bank.
Sheboygan—Citizens State Bank
Sturgeon Bay—Bank of Sturgeon Bay
Waupun—State Bank of Waupun
DISTRICT NO. 8

Batesville—Citizens Bank & Trust Co..
Blytheville—Farmers Bank & Trust Co
Brinkley—Monroe County Bank
Conway—Farmers State Bank
—
England—Citizens Bank &Trust Co
Forrest City—Bank of Eastern Arkansas
Hot Springs—Community Bank & Trust Co
Jonesboro—Bank of Jonesboro
Little R o c k American Southern Trust Co
Bankers Trust Co
Federal Bank & Trust Co
Union Trust Co
W. B. Worthen Co., Bankers
Marvell—Bank of Marvell
North Little Rock—Twin City Bank.
Paris—American Bank & Trust Co
Pine Bluff—Peoples Savings Bank & Trust Co
Russellville—
Bank of Russellvile
Peoples Exchange Bank
Siloam Springs—Producers State Bank
Waldron—Bank of Waldron
Walnut Ridge—Lawrence County Bank
ILLINOIS

(See also District No. 7)
Belleville—Belleville Savings Bank
East St. Louis—Union Trust Co
Edwardsville—Citizens State & Trust Bank
Effingham—Effingham State Bank
Granite City—Granite City Trust & Savings Bank
Greenville—State Bank of Hoiles & Sons
Harrisburg—First Trust & Savings Bank
Hillsboro—Montgomery County Loan & Trust Co.
Litchfield—Litchfield Bank & Trust Co
Madison—Union Trust Co
Mount Olive—Mount Olive State Bank
New Athens—Farmers State Bank
O'Fallon—First State Bank
Palmyra—First State Bank
Quincy—State Savings Loan & Trust Co

15
200

(See also District No. 7)
Evansville—Mercantile-Commercial Bank.
Paoli—Paoli State Bank




275

STATE BANK MEMBERSHIP
[In thousands of dollars]
Investments

Total
deposits

Capital

13, 737
25, 514
10, 757
6,392
3,063

4,142
3,887
970
2,716
96

4,673
22, 478
8,923
6,559
3,391

1,000
1,000
750
1,000
200

500
2,000
400
600
110

1,382
399
153

22
343
104

1,739
717
309

200
100
25

50
15
15

145
386
187
223
151
949
887

41
130
4
80
73
608
416

238
496
176
330
246
1,587
1,278

25
35
25
50
25
50
100

10
25
5
5
25
40
40

871
207
1,520
214
486

826
91
17
136
319

1,772
370
1,505
341
681

100
60
100
30
50

25
10
200
15
10

1,675
2,491
717
2,756
1,376
1,391
1,535
22,419
719
837
2,171
3,319
1,622
17,173
21, 342
1,297
1,647
3,782
35, 629
31, 760
1,527
1,484
1,689
4,869
197
2,382
1,937
484
2,529
1,072
8,208
5,963
1,092
1,687

1,358
4,442
249
3,058
459
622
1,519
3,585
1,158
491
2,367
1,569
1,205
10, 245
18, 835
721
2,802
1,879
24, 781
11,189
639
840
1,064
4,896
178
973
1,615
697
1,088
1,008
2,196
2,646
631
1,502

3,004
6,905
1,068
5,529
1,773
2,089
2,391
27, 347
1,830
1,653
4,446
4,739
2,429
26,181
40, 888
1,996
4,264
5,521
62, 324
41, 874
2,338
2,175
2,785
8,933
338
3,544
4,274
1,273
3,610
2,344
9,505
8,042
1,721
3,123

200
200
200
300
200
200
200
2,000
200
200
200
200
300
2,150
3,000
200
200
500
3,000
3,000
200
200
200
500
120
200
200
120
200
200
500
1,000
200
200

150
500
20
400
50
75
50
1,000
100
60
200
200
100
1,000
500
40
100
200
7,000
3,500
50
100
110
1,000
24
50
40
40
100
50
300
500
100
100

452
26
203
194
379
513

501
154
327
3
121
986

975
168
528
288
480
1,565

50
25
100
40
50
100

50
5
25
15
25
100

Loans
DISTRICT NO. 8—Continued
KENTUCKY

(See also District No. 4)
LouisvilleKentucky Title Trust Co
Liberty Bank & Trust Co
Lincoln Bank & Trust Co_._
Louisville Trust Co
Owensboro—Central Trust Co
MISSISSIPPI

Greenwood—Greenwood Bank & Trust Co.,
Pontotoc—Bank of Pontotoc
Rosedale—Bolivar County Bank
MISSOURI

(See also District No. 10)
Bowling Green—Pike County Bank
_.
Festus—Citizens Bank
Iberia—Farmers & Traders Bank
La Plata—Bank of La Plata
Linn Creek—Camden County Bank
Luxemburg—Lemay Ferry Bank
Macon—State Exchange Bank
Maple w o o d Bank of Maplewood & Trust Co__
Peoples State Bank
Marshall—Wood and Huston Bank___
Pine Lawn—Pine Lawn Bank
Richmond Heights—Park Savings Trust Co.
St. L o u i s Baden Bank
Bremen Bank
Broadway Trust Co_
Cass Avenue Bank
Chippewa Trust Co
Easton-Taylor Trust Co
_..
Fidelity Bank & Trust Co
_.
Franklin-American Trust Co
Grant State Bank
Guaranty Bank & Trust Co
_.
Jefferson Bank
Jefferson-Gravois Bank_
___
Laclede Trust Co
Lafayette-South Side Bank & Trust Co_
Liberty Central Trust Co
Lindell Trust Co
Lowell Bank
_
Manchester Bank..
__
Mercantile Trust Co
_.
Mississippi Valley Trust Co
Mound City Trust Co
Natural Bridge Bank
North St. Louis Trust Co
Northwestern Trust Co
Sarah-Olive Bank
Savings Trust Co
Scruggs Vandervoort & Barney Bank
Shaw Bank
Southern Commercial & Savings Bank_.
Southwest Bank.
Tower Grove Bank
United States Bank
Water Tower Bank
West St. Louis Trust Co
St. Louis County—
Gravois B a n k . . .
North Side Bank
Sedalia—Sedalia Trust Co.
Versailles—Bank of Versailles
Washington—Franklin County Bank
Webster Groves—Webster Groves Trust Co_




276

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
[In thousands of dollars]
Loans

Investments

Total
deposits

Surplus

DISTRICT NO. 8—Continued
TENNESSEE
(See also District No. 6)
Brownsville—First State B a n k . .
Greenfield—Greenfield Bank
Halls—Peoples Savings Bank & Trust Co_.
Henning—Bank of Henning
MemphisBank of Commerce & Trust Co
Union and Planters Bank & Trust C o . .

960
180
159
254

152
27
29
8

1,158
225
234
245

24, 003
17, 447

3,505
4,695

33, 767
27, 297

3,000
2,500

1.500
200

268
970
163
1,787
838

101
381
196
691
420

415
1,379
369
2,813
1,336

25
50
25
100
100

25
25
25
100
30

715
783
103

553
999
639

1,466
1,882
821

100
100
30

40
60
30

351
813
259
309
294
163
645
151
930
159
975
433
167

101
157
61
250
37
5
29
228
299
24
343
13
41

534
959
358
585
339
180
625
412
1,172
153
1,434
456
257

50
100
25
25
50
25
50
20
200
30
100
30
25

5
20
6
20
10
4
10
4
50
25
10
25
10

3,022
344
1,550

1,574
82
1,022

5,458
455
3,223

100
50
100

100
13
100

591
409
191

263
129
112

1,099
549
389

100
100
25

30
20

12,919
776
154
223
89
283

7,964
492
64
2
10
224

23, 858
1,586
220
276
141
570

600
200
50
25
25
50

400
50
14
25
5
15

960
2,315
106
101
54
275
426
107
369
87

1,321
674
8
196
63
43
308
44
252
39

2,901
3,599
121
350
112
345
717
170
743
179

150
250
25
25
25
25
100
30
30
25

100
150

350
64
12
106

1,373
290
421
419

75
25
25
50

20Cf
30
25
100

25
29
10

DISTRICT NO. 9

(See also District No. 7)
Ewen—State Bank of Ewen
Gladstone—Gladstone State Savings Bank
Gwinn—Gwinn State Savings Bank
Iron Mountain—Commercial Bank
Menominee—Commercial Bank
Sault Ste. M a r i e Central Savings Bank
Sault Savings Bank
South Range—South Range State Bank
MINNESOTA

Anoka—State Bank of Anoka
Benson—Swift County Bank (Inc.).
Clinton—Clinton State Bank
Excelsior—Minnetonka State Bank
Hutchinson—Farmers & Merchants State Bank__
Ihlen—Ihlen State Bank
Madelia—State Bank of Madelia
Plainview—Peoples State B ank
Red Wing—Security Bank & Trust Co
Revere—State Bank of Revere
South St. Paul—Drovers State Bank
Spring Valley—First State Bank of Spring Valley.
Westbrook—Citizens State Bank
MONTANA

Anaconda—Daly Bank & Trust Co
Belgrade—Belgrade State Bank..
Billings—Security Trust & Savings Bank
Bozeman—
Gallatin Trust & Savings Bank
Security Bank & Trust Co
Broadus—Powder River County Bank
Butte—
Metals Bank & Trust Co
Miners Savings Bank & Trust Co
East Helena—East Helena State Bank
Ennis—Southern Montana Bank
Fromberg—Clarks Fork Valley Bank
Hamilton—Ravalli County Bank
HelenaMontana Trust & Savings Bank
Union Bank & Trust C o . .
Opheim—First State Bank
Park City—Park City State Bank
Reed Point—Reed Point State Bank
Richey—First State Bank
Townsend—State Bank of Townsend
White Sulphur Springs—Central State Bank
Wolf Point—First State Bank.__
Worden—Farmers State Bank

2
13
17
~~20
4

NORTH DAKOTA

Fullerton—Farmers State Bank

56

SOUTH DAKOTA

Belle Fourche—Butte County Bank
Buffalo—First State Bank
Camp Crook—Little Missouri Bank
Gregory—Commercial State Bank




778
213
292
225

25
*5
10

277

STATE BANK MEMBERSHIP
[In thousands of dollars]
Loans

Invest
ments

Total
deposits

Capital

Surplus

DISTRICT NO. 9—Continued
SOUTH DAKOTA—continued

Groton—Brown County Banking Co
Mitchell—Commercial Trust & Savings Bank
Newell—Reclamation State Bank
Philip—Bank of Philip.
Stratford—First State Bank

259
1,030
396
406
106

92
961
18
157
8

448
2,514
526
615
100

25
100
25
40
30

10
30
15
10

231
268
531

190
70
578

444
371
1,110

30
42
75

6
7
38

2,796
8,294
339

559
4,184
95

4,013
13, 784
468

500
500
75

50
500
38

473
247
366
317
533
744

64
30
102
100
701
583

608
316
550
441
1,563
1,872

100
25
50
30
200
125

10
25
25
50
50
63

37, 497
207

33, 289
38

95, 603
253

6,000
50

2,000
3

1,234
2,522

803
472

2,278
3,590

200
350

80
150

594
337
231

158
90
51

848
362
286

50
25
30

15
10
30

190

53

267

30

15

341

107

541

50

15

414
90
929

83
7
439

503
83
2,084

50
40
100

41
4
100

218

76

504

30

5

2,893

780

4,541

300

200

WISCONSIN

(See also District No. 7)
Boyceville—Bank of Boyceville
Glenwood City—First State Bank
Hurley—Iron Exchange Bank __

_

_ . __

DISTRICT NO. 10
COLORADO

DenverCentral Savings Bank & Trust Co
International Trust C o . .
_
_
La Junta—Colorado Savings & Trust Co
KANSAS

Hiawatha—Morrill & Janes Bank
Jamestown—Jamestown State Bank
_
Liberal—Citizens State Bank
Sedan—Sedan State Bank
_ _
Topeka—Fidelity Savings State Bank
Winfield—State Bank.,

.

MISSOURI

(See also District No. 8)
Kansas City—Commerce Trust Co
King City—First Trust Co
St. J o s e p h Empire Trust Co
.
St Joseph Stock Yards Bank

__

NEBRASKA

Aurora—Fidelity State Bank
Oakland Oakland State Bank
Western—Saline County Bank
NEW MEXICO

(See also District No. 11)
Aztec—Citizens BankOKLAHOMA

(See also District No. 11)
Okarche—First Bank of Okarche
WYOMING

Evanston—Stockgrowers Bank
Mountain View—Uinta County State Bank
Rock Springs—First Security Bank
DISTRICT NO. 11
ARIZONA

(See also District No. 12)
Tombstone—Cochise County State Bank
LOUISIANA

(See also District No. 6)
Shreveport—Continental Bank & Trust Co




278

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
[In thousands of dollars]
Investments

Total
deposits

287

409

840

50

129

80

224

25

223
227
215
45
298
100
102
249
303
324
692
1,082
278
183
280
309
133
140
968
209
467
60
259
192
180
177
404
370
450
105
230
201
520
134
127
811
609
111
188
108
119
62
301
357
754
297
563
109
180
276
443
600
91
293
167
84
818
87
822
512
305
148
189
174
209
147
148

9
45
40
42
31
2
17
2
140
3
3
160
30
2
2
79
1
2
217
53
11
33
3
2
60
87
187
67
403
1
55
1
16
8
1
188
23
107
2
1
26

254
469
407
120
411
130
133
286
531
557
865
1,438
367
233
358
393
221
161
1,408
436
350
108
325
153
350
248
668
517
924
139
335
278
819
205
116
1,194
719
252
410
166
208
124
420
428
1,038
435
746
132
197
338
628
830
124
496
281
101
1,316
170
1,092
1,041
403
143
263
218
295
193
228

Surplus

DISTRICT NO. 11—Continued
NEW MEXICO

(See also District No. 10)
Deming—Mimbres Valley Bank..
OKLAHOMA

(See also District No. 10)
Valliant—Farmers State Guaranty Bank
TEXAS

Abernathy—First State Bank
Anson—Anson State Bank
__.
Ballinger—Ballinger State Bank
_
Bedias—First State Bank
_
Beeville—Beeville Bank & Trust Co
Bishop—First State Bank
_..
Bomarton—First State Bank.
Brady—Farmers & Merchants State Bank
Bremond—First State Bank
Brownfield—Brownfield State Bank
Brownsville—Texas Bank & Trust Co
Bryan—First State Bank & Trust Co
Canyon—First State Bank
Celina—First State Bank
Clarendon—Farmers State Bank
Clifton—Farmers State Bank
Coahoma— First State Bank
Copperas Cove—First State Bank.
Corsicana—First State Bank
_
_
Cross Plains—First State Bank
Del Rio—Del Rio Bank & Trust Co
Edgewood—Farmers & Merchants State Bank
Ferris—Farmers & Merchants State Bank
Forney—Forney State Bank
Franklin—First State Bank
Frost—Citizens State Bank
Gatesville—Guaranty Bank & Trust Co
Georgetown—Farmers State Bank
Greenville—Citizens State Bank____
Hallsville—Farmers State Bank.
_
Hamilton—Hamilton Bank & Trust Co
Hedley—Security State Bank
Hillsboro—First State Bank
Idalou—First State Bank
Iola—Iola State Bank
Jacksonville—First State Bank.
Junction—Junction State Bank
Kerens—First State Bank
Killeen—First State Bank
Kirkland—First State Bank
Kosse—First State Bank
_
Leakey—First State Bank
_
Loraine—First State Bank
Lorenzo—First State Bank...
Luling—Lipscomb Bank & Trust Co...
Madisonville—Farmers State Bank
Matador—First State Bank
Mathis—First State Bank
Maypearl—Citizens State Bank
McGregor—First State Bank...
McKinney— Central State Bank
Memphis—Citizens State Bank
_
Mertens—First State Bank...
Mount Pleasant—Guaranty Bond State Bank.
Munday—First State Bank
_.
Murchison—First State Bank...
Nacogdoches—Commercial State Bank
Palmer—First State Bank
Pampa—Gray County State Bank
Paris—Lamar State Bank & Trust Co
Rails—Security State Bank & Trust Co
Richardson—Citizens State Bank
Roaring Springs—First State Bank
Roby—First State Bank....
Rochester—First State Bank
Rock wall—Security State Bank
_
Royse—First State Bank
_
._



7

32
32
130
80
2
12
2
3
56
3
1
33
1
1
215
57
69
246
2
1

7

15
1
24
29

25
50
40
25
50
25
32
50
50
25
100
100
40
25
50
30
25
25
200
30
100
35
50
25
30
25
50
50
100
25
50
25
150
25
25
63
100
50
35
35
25 I
25
30
25
75
25
38 I
30 I
25 I
50
75
75
25
60
35
25
100
25
50
150
60
35
25
40
25
50
50 I

11
18
20
5
33
25
3
6
21
25
25
50
18
30
3
2
52
15
31
~45
50
15
50
26
30
11
1
30
11
13
58
100
11
14
6
5
1
12
25
80
15
25
20
3
10
7
29
11
4
50
18
10

16
I

5
25

279

STA.TE BANK MEMBERSHIP
[In thousands of dollars]
Loans

Investments

Total
deposits

Capital

Surplus

DISTRICT NO. 11—Continued
TEXAS—continued
Rusk—Farmers & Merchants State Bank & Trust Co.
San A n t o n i o Guaranty State Bank
Texas State Bank & Trust Co
Savoy—First State Bank
Seymour—First State B a n k . . .
Sherman—Central State Bank
Shiro—Farmers State Bank
Sinton—Commercial State Bank
Slaton—
First State Bank
Slaton State Bank
Snyder—First State Bank & Trust Co
Spearman—Fidelity Bank of Commerce
Stamford—First State B a n k . . .
__
Sweetwater—Texas Bank & Trust C o . .
Taft—First State Bank
Tahoka—Security State Bank.
Wellington—Wellington State Bank
Wharton—
Security Bank & Trust Co
_
Wharton Bank & Trust Co
.
Wolfe City—First State Bank
Wortham—First State Bank
_

_

119

85

415

50

4,492
1,562
102
190
218
139
472

244
202
1
20

5,682
2,351
119
240
391
150
578

300
300
25
35
100
25
50

321
474
701
160
545
1,000
121
144
483

25
50
25
100
100
50
25
50

214
330
472
93
270
567
134
66
330
__.

300
40
1
6
10
15
50
1
3
17
5
5
100
13

528
893
74
193

246
663
5
52

978
1,772
77
306

50
100
25
50

38
100

112
8,743

75
6,357

224
18, 838

25
1,050

8
250

457
792
229
557
6,955

695
427
62
158
2,369

1,195
1,257
318
904
12,180

100
50
75
110
1,000

22
76
3
60
200

165, 844
16, 503
455
2,075
750
2,870

71, 901
5,334
362
1,485
645
2,017

264, 065
22, 888
1,001
3,848
1,487
5,684

12,000
3,000
50
300
110
303

3,000
800
40
75
40
138

170, 612
48, 328
4,875
87, 069
1,207

67, 903
15,441
32
40, 354
426

261, 023
71, 979
4,092
129, 611
1,802

10, 000
1,500
1,000
9,000
300

10, 000
1,750
110
5,000
35

113
119
426
94
1,865
154
161
297
100
143

152
41
168
75
1,168
72
77
224
18
183

321
160
657
217
3,353
262
250
511
134
443

35
25
50
25
150
25
25
40
25
25

450
1,391
81
564
171
1,153

603
1,361
84
190
53
618

1,214
3,376
173
901
244
2,302

200
100
25
25
25
100

JO

DISTRICT NO. 12
ARIZONA

(See also District No. 11)
Buckeye—Buckeye Valley Bank
Phoenix—Valley Bank

_

CALIFORNIA

Chico—Peoples Savings & Commercial Bank
Downey—Los Nietos Valley Bank
Holtville—Holtville Bank
Kingsburg—Kingsburg Bank
Long Beach—Farmers & Merchants Bank
Los Angeles—
Security Trust & Savings Bank
Union Bank & Trust Co
_
Norwalk—Bank of Norwalk
Pasadena—Citizens Savings Bank
Quincy—Plumas County Bank
Salinas—Monterey County Bank
San FranciscoAmerican Trust Co
Anglo-California Trust Co
_
Bank of Montreal
Wells Fargo Bank & Union Trust Co
San Jose—Growers Bank
IDAHO

Arco—Butte County Bank
Eagle—Bank of Eagle
Grangeville—Bank of Camas Prairie.
Hazelton—Hazelton State Bank
Idaho Falls—Anderson Bros. Bank
Kimberly—Bank of Kimberly
Mackay—W. G. Jenkins & Co., bankers
Malad City—J. N. Ireland & Co., bankers
Oakley—Farmers Commercial & Savings Bank
Orofmo—Bank of Oroflno..
Pocatello—
Citizens Bank & Trust Co
First Security B a n k . . .
_
Richfield—First State Bank
Soda Springs—Largilliere Co., Bankers
Sugar City—Fremont County Bank.
Twin Falls—Twin Falls Bank & Trust Co




5
25
5
75

10
60
50
5
13
5
20

280

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
[In thousands of dollars]
Total
deposits

Surplus

DISTRICT NO. 12—Continued
OREGON

Albany—Albany State Bank
Aurora—Aurora State Bank
Beaverton—Bank of Beaverton
_
Central Point—Central Point State Bank
Dallas—Dallas City Bank
Enterprise—Enterprise State Bank
Fossill—Steiwer & Carpenter Bank
Grants Pass—Grants Pass & Josephine Bank
Gresham—First State B a n k . .
_
Haines—Bank of Haines
Helix—Bank of Helix
Hood River—Butler Banking Co
Marshfield—Bank of Southwestern Oregon...
Medford—Jackson County Bank
Moro—Farmers State B a n k . .
Multnomah—Multnomah Commercial & Savings
Bank
Myrtle Point—Bank of Myrtle Point
North Portland—Live Stock State Bank
Oakland—E. G. Young & Co. Bank
Oregon C i t y Bank of Commerce
Bank of Oregon City
Pendleton—Inland Empire Bank
PortlandAmerican Exchange Bank
Citizens Bank
Hibernia Commercial & Savings Bank
Reedsport—First Bank of Reedsport _
Shaniko—Eastern Oregon Banking Co
Wasco—Bank of Wasco
Woodburn—Bank of Woodburn

160
408
142
339
220 !
387
560
136
182
204
840
382
1,090
147

507
75
195
155
101
71
106
439
619
39
22
85
370
418
7

1,170
255
619
356
501
337
447
1,021
793
244
132
1,171
825
1,802
132

50
25
25
25
50
50
100
75
30
25
25
125
100
100
45

25
5
25
5
19
10
8
35
25
2
31
50
20
20
7

169
153
369
375

30
77
135
368

207
243
647
824

25
25
50
50

5
8
5
15

697
700
1,446

700
937
307

1,467
1,953
1,409

200
150
250

40
30
45

1,756
2,553
4,375
74
243
167
306

1,072
1,194
2,302

3,541
4,594
7,699
176
349
185
708

200
200
500
25
25
25
50

50
100
100
5
10
5
10

297
943
526
321
186
637
516
1,178
1,406
309
347

303
17

646
893
469
354
244
901
429
1,879
1,926
284
402

26
100
50
25
25
50
50
100
100
35
50

26
75
50
32
13
50
100
50
100
21

460
647

49
173

512

10
70

828
1,304
782

202
314
34
4

1,161
1,494
834

100
50
100
300
50
25

33
70
50
100

946
1,605
15, 638
413
366

61
177
500
4,336
2
10

1,229
1,048
2,025
23, 814
354
409

200
250
300
1,500
50
60

32
200
150
525
25
18

239
131
72
2,249

50
25
25
150

13
7
2
100

525
125
536
1,226
2,112
287
2,307
582

75
25
50
100
150
25
100
30

20
50
30
10
50
30

3
357

UTAH

Bingham Canyon— Bingham State Bank
Cedar City—Bank of Southern Utah
Ephraim—Bank of Ephraim
Fountain Green—Bank of Fountain Green Gunnison—Gunnison Valley Bank
Helper—Helper State Bank
Kaysville—Barnes Banking Co
Logan City—Cache Valley Banking Co
Logan—Thatcher Bros. Banking Co
Parowan—Bank of Iron County
Payson—State Bank of Payson
PriceCarbon County Bank
Price Commercial & Savings Bank
Provo—
Farmers & Merchants Bank
Knight Trust & Savings Bank
Richfield—James M. Peterson Bank
Salina—First State Bank
Salt Lake C i t y Columbia Trust Co
Tracy Loan & Trust Co
Utah Savings & Trust Co
Walker Bros., Bankers.
Spanish Fork—Commercial Bank.
Vernal—P.
-Bank of Vernal.

187
14
497
290
4

WASHINGTON

Almira—
Almira State Bank
Farmers State Bank
Buena— Buena State Bank
Chehalis—Coffman-Dohson Bank & Trust Co
.
Colfax—First Savings & Trust Bank of Whitman
County
Coulee—Security State Bank
Davenport—Lincoln County State Bank
Ellensburg—Farmers Bank
Everett—Bank of Commerce
Farmington—Bank of Farmington
Hoquiam—Bank of Hoquiam
Kelso—Cowlitz Valley Bank




232
108
77
1,090
448
58
411
602
771
232
1,043
222

27
119
623
1,178
27
625

281

STATE BANK MEMBERSHIP
[In thousands of dollars]
Loans

Investments

Total
deposits

Capital

Surplus

DISTRICT NO. 12—Continued
WASHING TON—con tinued
La Crosse—
First State Bank
Security State Bank
Odessa—Farmers & Merchants Bank
Okanogan—Commercial Bank
Pine City—Pine City State Bank
Pomeroy—Pomeroy State Bank
Pullman—Pullman State Bank.
Puyallup—
Citizens State Bank._
Puyallup State Bank
Reardan—Farmers State Bank
Ritzville—Ritzville State Bank
Rockford—Farmers & Merchants Bank
Rosalia—Bank of Rosalia
St. John—Farmers State Bank___
Seattle—Peoples Bank & Trust Co
Selah—Selah State Bank
South Bend—Pacific State Bank
SpokaneSpokane & Eastern Trust Co.__
Washington Trust Co
Stanwood—Bank of Stanwood
Tekoa—
Citizens State Bank
Tekoa State Bank
Toppenish—
Central Bank of Toppenish
Traders Bank
Uniontown—Farmers State Bank
Walla W a l l a Peoples State Bank
Union Bank & Trust Co
Wenatchee—
Columbia Valley Bank
Commercial Bank & Trust Co
Wilbur—State Bank of Wilbur
Yakima—Yakima Valley Bank & Trust

41223—2S




478
128
502
224
100
677
630

74
12
90
119
3
398
174

447
99
602
369
102
979
836

60
30
25
50
25
50
50

20
4
15
10
4
150
10

__-

391
329
374
223
164
264
403
5,400
207
295

231
330
105
214
41
47
76
3,810
137
552

712
448
474
178
290
435
11, 044
422
902

50
50
50
25
25
25
40
500
30
100

15
10
20
14
3
13
12
100
6
11

__

8,294
1,695
314

1,869
375
288

12,110
2,103
663

1,000
200
25

250
100
25

188
264

74
160

255
449

25
30

7
16

149
222
205

107
129
15

435
185

50
25
25

10
15
6

1,045
1,183

665
596

1,842
2,015

100
200

50
28

1,363
1,190
385
1,658

328
300
122
584

2,087
1,706
522
2,410

100
100
50
275

25
40
10
55

-..

_

Co.

282
STATE

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
BANK

M E M B E R S — S U M M A R Y C L A S S I F I C A T I O N ACCORDING TO C A P I T A L .
STOCK

[Amounts in thousands of dollars]
Banks having a capital stock o—
f
Total
$25,001 to $50,000

$25,000 1

$50,001 to $100,000

3
1 "§•

a 3
9

State
,0

3

1

11
03

O

0

New England:
5,384
2
200
Maine
1
1,365
75
New Hampshire.
550,464
Massachusetts.. . 24 36,500
271,802
4
Rhode Island
8,200
4
3,800
43,183
Connecticut
Middle Atlantic:
108 32, 537 6,341,606
New York
64 40,232
635,689
New Jersey
101 63,316
880,285
Pennsylvania
East North Central:
76 80,240 1,303, 956
Ohio
5,460
64,131
16
Indiana __
Illinois
75 67,440 1,189,729
996,580
155 53,460
Michigan
64,536
3,662
18
Wisconsin
West North Central:
7,464
730
13
Minnesota
52
6,386
93, 722
Iowa
56 28,305
416,998
Missouri _
25
59
1
North Dakota. _.
395
6,708
9
South Dakota...
105
1,495
3
Nebraska
530
5,350
6
Kansas
. . ..
South Atlantic:
41,651
4,600
4
Delaware
82,892
5,625
5
Maryland
12 8,580
67,444
Virginia
17 3,390
34,310
West Virginia-_
8
75, 528
5,375
North Carolina9
9,596
853
South Carolina .
47
45,396
8,030
Georgia
1,315
6
19,493
Florida
East South Central:
50,427
Kentucky
7 4,600
7
69,354
6,855
Tennessee
28, 734
14 2,320
Alabama
2,764
3
325
Mississippi
West South Central:
22
3,855
58, 655
Arkansas
9 11, 580
200,421
Louisiana
2
765
75
Oklahoma .
46,353
88 4,872
Texas
Mountain:
22 2,110
47,060
Montana
14,516
900
16
Idaho
2,670
190
3
Wyoming
18, 266
1,075
3
Colorado
1,107
New Mexico
80
2
19, 565
1,105
3
Arizona 43,064
23 3,596
Utah
Pacific43 4,195
Washington
56,496
29
2,625
33,805
Oregon
783,336
16 38,898
California
Total
1,208 858,622 14,734,174

3'i

0

0

&

1

1

30

320

448

2

70

637

4,902
272
1,653
800 17,106

1
2
1

30
70
40

2

50

11
1
8

275
25
200

1,365

13
1
8

660
75
435

12,142
1,078
4,400

14
3
13
5

710
175
670
2,175
305

10,254
1,96ft
6,221
42,384
4,997
Ml

3

3?

107

128
767
243
2,250
1,331

9
9
4

60
301
155

608
2,970
1,378

3
17
6

150
910
310

1,499
10,550
4,423

2
1
1

70
30
30

715
285
441

2
1
1

125
50
50

1,793
848
550

2
1

65
40

407
321

2
6

115
325

1,161
2,360

675

40

5

120

12
4
1
4
1
1

300
100
25
100
25
25

1,792
2,590
828
59
1,686
362
316

1

25

284

1

25

200

1
14

25
350

1,522

4
1

120
30

457
283

3
10
3

203
580
185

2,018
3,518
1,723-

1
1

30
35

226
80

6

335

2,521

1

35

421

8
9,

470
130

5,74&
1,848

235

1

25

234

2
1

50
25

748
309

1

25

131

1

25

224

29

725

6,284

8

200

9

225

1,914
2,784

1
3

25
75

13
10

325
250

1

50

541

17

590

5,272

27

1,457

14,175

2
1

60
75
40

913
832
83

224
1,492

1
1
2

30
30
61

267
504
930

3
1
1
1
1

150
50
50
75
50

1,245
657
503
469
840

8

410

4,66a

3,799
2,766

5
2

160
75

1,987
925

12

635
375
175

6,597
5,206
2,577

92 3,144 35,981 233 12,695

162,832

178 4,445 55,164

1 Includes 1 bank in Minnesota with a capital of $20,000 and deposits of $412,000.



75

c

i

283

STATE BANK MEMBEKSHIP
STATE

BANK

MEMBERS—SUMMARY CLASSIFICATION ACCORDING

TO CAPITAL

STOCK—Continued

[Amounts in thousands of dollars]
Banks having a capital stock o—
f
$100,000 to $200,000 $200,000 to $500,000 $500,000 to $1,000,000 $1,000,000 and over *

State
o

1
ft

B
a

O

11

New England:
Maine
Massachusetts. _
Rhode IslandConnecticut
Middle AtlanticNew York
New Jersey
Pennsylvania...

2
1

200
100

5,384
2,303

23
18
21

2,475
2,000
2,690

East North Central:
Ohio
Indiana
Illinois
Michigan
Wisconsin

17
17
29
6

West North Central:
Minnesota
Iowa
Missouri
South Dakota...
Kansas
South Atlantic:
Delaware. _
Maryland
Virginia
West Virginia...
North Carolina..
South CarolinaGeorgia
Florida
East South Central:
Kentucky
Tennessee
Alabama
Mississippi
West South Central:
Arkansas
Louisiana
Oklahoma
Texas
Mountain:
Montana
Idaho
Wyoming
_.
Colorado
_
New Mexico
Arizona
Utah
Pacific:
Washington
Oregon
California
Total

o

H

Xi tn

1
s
1

1
2,250

31

o

1 1
a 'ft
g O

*n

10
3
3

31, 700
8,000
3,600

438,275
268, 673
41,395

43 318, 622
13 26,300
18 41, 350

6, 065, 753
416, 532
649,945,

ll

&

49,433

10
1
1

2,450
200
200

60,453
3,129
1,788

3

50,186
28,404
27, 872

18
23
33

4,750 81,109
6,107 106,609
9,324 116, 359

10
9
17

2,025

27, 881

1,880
3,060
650

25, 343
61, 575
10,654

7
5
13
16
2

1,800
1,390
3,600
4,600
600

30, 614
14, 075
54, 792
81, 347
13, 616

7
4
9
5
1

3,950
2,300
5,350
3,400
500

75,591
24, 678
78, 606
67,847
5,277

19
1
14
14
1

71, 450
1,500
55, 700
38,750
1,500

1,154, 586
22, 379
1,022, 871
714,071
28, 661

2
6
7
1
2

200
625
740
100
225

2,393
9,476
8, 259
2,514
2,480

1
5
25

200
1,150
5,350

1,172
22, 662
75, 895

1
3

600
1,500

8,733
23,958

2
7

2,500
20,150

36, 741
302,257

1

200

1,563

1
1
2
3
4
4
11
1

100
100
200
300
425
425
1,200
100

1,564
1,224
1,459
2,647
4,111
4,210
8,885
1,353

3

4,500

40,087

1
3
1
1
4

200
700
250
200
1,080

1,787
7,645
1,264
3,133
9,533

3
2

2,000
1,000

12,345
11,190

3
2
1
3

5,500
6,000
1,000
4,700

81,384
50, 285
9,947
70,153

2

1,200

8,109

2
1

3,500
1,000

13, 372
16,134

1
1
2
1

150
100
200
100

1,162
245
1,562
717

1
1
1
1

200
200
200
200

3,392
1,158
1,028
1,738

2

1,250

12,164

1

500

1,705

3
3
1

3,000
6,500
1,000

33, 709
67,491
21, 090

5

525

3,922

4
2

800
500

10,131
5,896

2
2

1,000
1,250

21, 259
23,758

1
3

1,000
9,700

17,045
168,919

12

1,300

11,182

3

800

9,440

6
3
1

650
350
100

13,946
9,030
2,084

2
1

450
200

5,184
1,213

1

600

23, 858

2

1,000

1,050
1,500

18,837
23,814

....
5

500

6,370

4

1,050

900
575
320

14,432
6,198
3,586

3
4
3

675
850
903

6,528
11,011
11, 335

17, 797 . . . .
1
1

5,795

8
5
3

6,000 132,096
5,750 83,066
9,397 80,624

232 25, 590 364, 613 204 55,879 802,481

1
1

500
500

11, 043
7,699

1

1,000

12,110

7

37, 500

765,838-

88 51, 797 780,836 181 705, 072 12, 532, 267

2 Includes 14 banks with capital in excess of $10,000,000, as follows: Massachusetts, 1 with capital of
$15,000,000 and deposits of $181,896,000; New York, 9 with capital of $209,867,000 and deposits of $3,887,330,000;
Ohio, 1 with capital of $22,850,000 and deposits of $310,606,000; Illinois, 1 with capital of $15,000,000 and
deposits of $369,846,000; Michigan, 1 with capital of $11,000,000 and deposits of $274,221,000; California.
1 with capital of $12,000,000 and deposits of $264,065,000.




FIDUCIARY POWERS GRANTED TO NATIONAL BANKS
Under section ll(k) of the Federal reserve act as amended, the
Federal Reserve Board has authorized the national banks listed
below to exercise one or more fiduciary powers as follows:
(1) Trustee.
(2) Executor.
(3) Administrator.
(4) Registrar of stocks and bonds.
(5) Guardian of estates.
(6) Assignee.
(7) Receiver.
(8) Committee of estates of lunatics.
(9) Any other fiduciary capacity in which State banks, trust companies, or other corporations which come into competition
with national banks are permitted to act under the laws of
the State in which the national bank is located.
The numerals opposite the name of each bank, which refer to the
list given above, indicate the power or powers it is authorized to
exercise.
Powers
granted
DISTRICT NO. 1—Continued

DISTRICT NO. 1

CONNECTICUT—continued

CONNECTICUT

(See also District No. 2)
Ansonia—Ansonia National Bank
Bristol—Bristol National Bank
Derby—Birmingham National Bank.
HartfordCapitol National Bank & Trust
Co.
First National Bank
Hartford National Bank & Trust
Co.
Meriden—Home National Bank
Middletown—
Central National Bank
Middletown National Bank &
Trust Co.
Naugatuck—Naugatuck
National
Bank.
New BritainCity National Bank
New Britain National Bank
New HavenFirst National Bank & Trust Co.
Merchants National Bank
National Tradesmens Bank &
Trust Co.
NPW Haven Bank, N. B. A
Second National Bank
New LondonNational Bank of Commerce
New London City National Bank
Norwich—Thames National Bank...
Putnam—Citizens National Bank
Eockville—
First National Bank
Rockviile National Bank..
Torrington—-Torrington
National
Bank.
"Wallingford—First National Bank...
Waterbury—
Citizens and Manufacturers National Bank.
"Waterbury National Bank
284



Powers
granted

1 to 9.
1 to 8.
Ito9.

Willimantic—Windham
National Ito9.
Bank.
Winsted—Hurlbut National Bank.._ 1 to 9.
MAINE

Auburn—National Shoe & Leather
Bank.
Augusta—First National Granite
Ito9.
Bank.
Bangor—
1 to 9.
Merchants National Bank
1 to 9.
Bar Harbor—First National Bank
Bath1 to a
Bath National Bank
First National Bank
1 to 9.
Belfast—City National Bank
1 to 9.
Biddeford—First National Bank of
Biddeford.
Damariscotta—First National Bank
of Damariscotta.
Ellsworth—Liberty National Bank..
1 to 8.
Fort Kent—First National Bank
1 to 9.
Houlton—First National Bank
Lewiston—
1 to 8.
First National Bank
1 to 8.
Manufacturers National Bank...
Ito9.
Norway—Norway National Bank. ..
Pittsfield—Pittsfield National Bank .
Ito9.
Portland —
1 to 9.
Canal National Bank...
First National Bank.
1 to 5.
Portland
1, 2. 3, 5, 7, Rockland— National Bank
8. and 9.
North National Bank
1 to 9.
Rockland National Bank
Ito9.
Rumford—Rumford National Bank..
Saco—York National Bank
1 to 9.
Sanford—Sanford National Bank
1 to 9.
Ito7.
Skowhegan—First National Bank
Springvale—Springvale
National
Bank.
Ito9.
Thomaston—Georges National Bank.
Ito9.
Van Buren—First National Bank
Ito9.

1 to 7.
Ito9.
1 to 9.
1 to 4.
1 to 8.
1 to 8.
1 to 8.
1 to 9.
1,2,3, 5, and
6.
1 to 9.
1 to 3, 5 to 9.
1 to 5, and 9.
Ito9.
1 to 5, and 9.
1 to 8.
Ito9.
1 to 9.
1, 2, and 4.
1 to 9.
1 to 9.
Ito9.
1 to 9.
Ito9.
1 to 9.
Ito9.
1 to 9.
1 to 3, 5, and
8.
1 to 3, 5 to 7,
and 9.

285

FIDUCIARY POWERS

Powers
granted

Powers
granted
DISTRICT NO. 1—Continued
MAINE—continued

DISTRICT NO. 1—Continued
MASSACHUSETTS—continued

Waldoboro—Medomak
National 1 to 3, 5 to 7, Nantucket—Pacific National Bank...
Needham—Needham National Bank.
Bank.
and 9.
New BedfordWaterville—
First National Bank
Peoples National Bank
_ Ito9.
Merchants National Bank
1 to 4.
Ticonic National Bank
Safe Deposit National Bank
Newburyport—Merchants National
MASSACHUSETTS
Bank.
Adams—
North Adams—North Adams Na1 to 8.
First National Bank
tional Bank.
Graylock National Bank
1 to 7 and 9. North Attleboro—Manufacturers Na1 to 9.
Amherst—First National Bank
tional Bank.
Andover—Andover National Bank... 1 to 9.
Athol—Athol National Bank
1 to 3, 5 to 8. Northampton- Bank
First National
_
1 to 9.
Attleboro—First National Bank
Northampton National Bank
1 to 4.
Beverly—Beverly National Bank
Orange—Orange National Bank
Boston—
Palmer—Palmer National Bank
1 to9.
Atlantic National Bank
Pittsfield—
1 to 9.
Boston National Bank
Agricultural National Bank
1 to 9.
Federal National Bank.
Pittsfield National Bank & Trust
1 to 9.
First National Bank
Co.
1 to9.
Merchants National Bank
Plymouth1 to 9.
National Rockland Bank
Old Colony National Bank
1 to 9.
National Shawmut Bank__
Plymouth National Bank
1 to 9.
Second National Bank
Province town—First National Bank.
Webster & Atlas National Bank. 1 to 9.
Quincy—National Mount Wollaston
BrocktonBank of Quincy.
Brockton National Bank
_ 1 to 9.
Reading—First National Bank
1 to 5.
Home National Bank
Salem—Merchants National Bank...
Dedham—Dedham National Bank... 1 to 9.
Shelburne Falls—Shelbume Falls
Edgartown—Edgar town
National 1 to 3.
National Bank.
Bank.
Southbridge—Southbridge National
Fall RiverBank.
1 to 9.
Fall River National Bank
Springfield—
Falmouth—Falmouth National Bank 1 to 9.
Chapin National Bank
__
Fitchburg—Safety Fund National 1 to 9.
Springfield National Bank
Bank.
Third National Bank & Trust Co.
1 to 9.
Foxboro—Foxboro National Bank
Tisbury—Martha's Vineyard NaFramingham—Framingham National 1 to 9.
tional Bank.
Bank.
Townsend—Townsend National Bank
Ito9.
Gardner—First National Bank
Turners Falls—Crocker National
Gloucester—
Bank.
Cape Ann National Bank
1 to 9.
Uxbridge—Blackstone National Bank
Ito9.
Gloucester National Bank
Waltham—Waltham National Bank.
Great Barrington—National Ma- 1 to 9.
Wareham—National Bank of Warehaiwe Bank.
ham.
1 to 9.
Greenfield—First National Bank
Watertown—Union Market National
Haverhill—
Bank.
Essex National Bank...
Webster—First National Bank
to 4.
First National Bank
Wellesley—Wellesley National Bank.
to 4.
Merrimack National Bank
Westfield—First National Bank
Holyoke—Hoi yoke National Bank___ to 9.
West Newton—First National Bank.
to 9.
Hudson—Hudson National Bank
Woburn—Woburn National Bank...
to 9.
Ipswich—First National Bank
Lawrence—Bay State National Bank. to 9.
Worcester—
Leominster—
Mechanics National Bank..
Leominster National Bank
_. I t o 4 .
Worcester County National Bank
Merchants National Bank
1 to 7 and 9. Yarmouthport—First National Bank
Lowell—
of Yarmouth.
1 to 9.
Appleton National Bank
Old Lowell National Bank
__ 1.
NEW HAMPSHIRE
Union National Bank
1 to 9.
LynnBerlin1 to 8.
Central National Bank
Berlin National Bank
Manufacturers National Bank... I t o 9 .
1 to 5 and 7.
National City Bank
City National Bank
1 to 9.
State National Bank
_
Charleston—Connecticut River NaMaidentional Bank.
First National Bank
Ito9.
Claremont—
Second National Bank
1 to 9.
Claremont National Bank__
Marblehead—National Grand Bank. 1 to 9.
Peoples National Bank
MarlboroConcordFirst National Bank
1 to4.
First National Bank
Peoples National Bank
1 to 9.
Mechanicks National Bank
_
1, 2, 3, md
Medford—First National Bank
National State Capital Bank
5.
Derry—Derry National Bank..
Methuen—Methuen National Bank. 1 to 8.
DoverMilford—
Merchants National Bank
Home National Bank
1 to 4.
Strafford National Bank
Milford National Bank & Trust I t o 9 .
Franklin—Franklin National Bank..
Co.
Hanover—Dartmouth National Bank




1 to 9.
Ito9.
1
1
1
1

to
to
to
to

9.
9.
9.
8.

1 to 9.
1 to 9.
1 to 9.
Ito9.
ltoflL
Ito9.
1 to 7 and 9.
1 to 5..
1 to 4.
1 to 9.
1 to 9,
1 to 4.
1 to 9.
1 to 7 and 9.
Ito9.
1
1
1
1

to 9.
to 8.
to 9.
to 8.

1 to 3.
1 to 7 and 9,
1 to 4.
1 to 7 and 9.
l to 9.
Ito4.
1 to 4.
Ito9.
Ito8.
1 to 9.
1, 2, 3, 6, 7,
and 9.
1 to 4.
Ito9.
1 to 9.

1, 2, 4, 6,
and 7.
1.
1 and 4.
Ito4.
1.
1 to 9.
1, 2, and 4.
1 and 4.
1.
1 to 3.
1 to 4.
1.
1, 4, and 9.

286

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Powers
granted

DISTRICT NO. 1—Continued
NEW HAMPSHIRE—-continued
Keene—
Ashuelot National Bank
Keene National Bank
Laconia—
Laconia National Bank
Peoples National Bank
Manchester—
Amoskeag National Bank
First National Bank

DISTRICT NO. 2
CONNECTICUT

1 and 4.
1 to 4.
1 and 4.
1 and 4.

1, 2, and 4.
1, 2, 4, 6, 7,
and 9.
Manchester National Bank...
1.
Merchants National Bank
1, 4, and 9.
Milford—Souhegan National Bank._. 1 and 4.
NashuaIndian Head National Bank
1,2,3,4,6,7,
and 9.
Second National Bank
1, 2, and 4.
Newport—Citizens National Bank.,. 1 and 4.
Peterboro—First National Bank
1, 4, and 9.
Plymouth—Pemigewasset National 1 and 4.
Bank.
PortsmouthFirst National Bank
1, 2, 4, 6, 7,
and 9.
New Hampshire National Bank.. 1 and 9.
Rochester—Public National Bank... 1, 2, 4, 6, 7,
and 9.
1 and 2.
Tilton—Citizen's National Bank
Wolfeboro—Wolfeboro National Bank 1 and 4.
KHODE ISLAND

Newport—
Aquidneck National Exchange
Bank & Savings Co.
Newport National Bank
Providence—
Blackstone Canal National Bank.
National Bank of Commerce
Providence National Bank
VERMONT

Barre—Peoples National Bank
Bellows Falls—National Bank of Bellows Falls.
Bennington—
County National Bank
First National Bank
Bethel—National White River Bank.
Brandon—First National Bank
Brattleboro—Vermont Peoples National Bank.
Burlington—Howard National Bank.
Chelsea—National Bank of Orange
County.
Chester—National Bank of Chester..
Danville—Caledonia National Bank..
Derby Line—National Bank of Derby
Line.
Enosburg Falls—First National Bank
Manchester Center—Factory Point
National Bank.
Middlebury—National Bank of Middlebury.
Montpelier—
First National Bank
Montpelier National Bank
Newport—National Bank of Newport
Northfield—Northfield National
Bank.
Poultney— Citizens National Bank...
RutlandCentral National Bank
Clement National Bank
Rutland County National Bank.
St. A1 bans—Welden National Bank..
St. Johnsbury—First National Bank.
Springfield—First National Bank
Windsor—State National Bank




Powers
granted

(See also District No. 1)
BridgeportCity National Bank & Trust Co.
First National Bank
_
Danbury—
City National Bank & Trust Co.
Danbury National Bank
Greenwich—First National Bank in..
New Canaan—First National Bank...
Norwalk—National Bank of Norwalk
Ridgefield—First National Bank &
Trust Co.
South Norwalk—City National Bank.
StamfordFirst Stamford National Bank...
Peoples National Bank

1 to 9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
Ito9.
Ito9.
Ito9.
1 to 5.
1 to 9.
1 to 9.

NEW JERSEY

(See also District No. 3)
Allenhurst—Allenhurst N a t i o n a l
Bank & Trust Co.
Allentown—Farmers National Bank.
Asbury Park—Merchants National
Bank.
Atlantic Highlands—Atlantic Highlands National Bank.
Bayonne—Mechanics' National Bank_
Belleville—Peoples National Bank &
Trust Co.
Belvidere—Belvidere National Bank.
Bergenfield—Bergenfleld
National
Bank & Trust Co.
1 to 9.
Bernardsville—Bernardsville National Bank.
Ito9.
Bloomfield—Bloomfield N a t i o n a l
Bank.
1 to 9.
Boonton—Boonton National Bank...
1 to 9.
Boundbrook—First National Bank...
Ito9.
Butler—First National Bank
Caldwell—
Caldwell National Bank
Citizens National Bank & Trust
1 to 9.
Co.
Ito9.
Carlstadt—Carlstadt National Bank.
Carte ret—First National Bank
Clifton—First National Bank
1 to 9.
Closter—
Ito9.
Closter National Bank & Trust
1 to 9.
Co.
1 to 4.
Cranbury—First National Bank
Ito9.
Dover—National Union Bank
Dunellen—First National Bank
1 to 8.
East Orange—First National Bank...
Ito8.
ElizabethNational State Bank
1, 2, 3, and
Peoples National Bank
5.
Englewood—Citizens National Bank
1 to 9.
& Trust Co.
1 to 3,5 and 9. Flemington—Flemington National
Bank.
1 to 9.
Freehold1 to 9.
Central National Bank
First National Bank
1 to 9.
National Freehold Banking Co...
Frenchtown—Union National Bank..
Garfield—First National Bank....
Ito4.
Hackettstown—
Ito9.
Hackettstown National Bank
1 to 7 and 9.
Peoples National Bank
Ito9.
Highland Park—First National BankHillside—Hillside National Bank
Ito4.
Hoboken—First National Bank
1 to 7 and 9. Irvington—
Irvington National Bank
1 to 3,5 to 7.
Peoples National Bank..
1 to 9.
Jersey City—
1 to 4.
First National Bank
1 to 6 and 9.
Franklin National Bank
1 to 4 and 5.
Hudson County National Bank..
1 to 3, 5, 6,
Journal Square National Bank
and 7.

1 to 9.
1 to 9.
Ito9.
Ito8.
Ito9.
Ito9.
Ito8.
Ito9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
1 to 8.
Ito9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 7 and 9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
Ito9.
Ito9.
1 and 4.
Ito9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
1 to 4.
1 to 9.
Ito9.
Ito9.
1 to 7 ar.d 9.
1 to 9.
1 to f.

FIDUCIARY POWERS

Powers
granted

Powers
granted
DISTRICT NO. 2—Continued
NEW JERSEY—continued
Kearny—First National Bank &
Trust Co.
Lambertville—
Amwell National Bank
_
Lambertville National Bank
Linden—Linden National Bank &
Trust Co.
Little Falls—Little Falls National
Bank.
Long Branch—Citizens National
Bank.
Lyndhurst—First National Bank
Madison—First National Bank
Manasquan—Manasquan National
Bank.
Metuchen—Metuchen National B ank.
Milburn—First National Bank
Milltown—First National Bank
Montclair—
First National Bank & Trust
Co.
Montclair National Bank
Morristown—
First National Bank
National Iron Bank
Newark—
Hayes Circle National Bank &
Trust Co.
Labor National Bank
Lincoln National Bank
Mount Prospect National Bank..
National Newark & Essex Banking Co.
National State Bank.
New Jersey National Bank &
Trust Co.
North Ward National Bank
Port Newark National Bank
South Side National Bank &
Trust Co.
New BrunswickNational Bank of New Jersey
Peoples National Bank
Newton—Sussex & Merchants National Bank.
Nutley—
First National Bank
_
Franklin National Bank
Ocean Grove—Ocean Grove National
Bank.
Orange—
Orange National Bank_
Second National Bank
Passaic—
American National Bank
Lincoln National Bank
Passaic National Bank & Trust
Co.
Paterson—
Broadway National Bank
Columbus National Bank
First National Bank
Labor National Bank
National Bank of America
Paterson National Bank
Second National Bank
Perth Amboy—
First National Bank
Perth Amboy National Bank
Phillipsburg—
Phillipsburg National Bank &
Trust Co.
Second National 'Bank
Plainfield—First National Bank
Pompton Lakes—First National
Bank & Trust Co.
Rahway—
Citizens National Bank
Rah way National Bank
Ramsey—First National Bank &
Trust Co.




287

DISTRICT NO. 2—Continued
NEW JERSEY—continued
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1 to 9.
Ito9.
Ito8.
1 to 9.
1 to 9.
1 to 9.

Red B a n k Broad Street National Bank
Second National Bank & Trust
Co.
Ridgewood—
Citizens National Bank & Trust
Co.
First National Bank
Roselle—First National Bank
Rutherford—Rutherford
National
Bank.
Somerville—Second National Bank..
South Amboy—First National Bank.
South River—First National Bank...
Summit—First National Bank &
Trust Co.
Sussex—Farmers National Bank
Tenafly—Northern Valley National
Bank.
Union City—First National Bank
Washington—First National Bank...
Weehawken—Hamilton
National
Bank.
West New York—First National
Bank.
West Orange—First National Bank..
Westwood—First National Bank
Woodbridge—First National Bank...

1 to 9.
1 to 9.
1 to 9.
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Ito9.
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NEW YORK

Adams—Farmers National Bank
AlbanyNational Commercial Bank &
Trust Co.
New York State National Bank..
Amity ville—First National Bank &
Trust Co.
AmsterdamAmsterdam City National Bank.
Farmers National Bank
First National Bank
Auburn—
Cayuga County National Bank..
National Bank of Auburn
Babylon—Babylon National Bank
& Trust Co.
Ballston Spa—
Ballston Spa National Bank
First National Bank
Batavia—First National Bank
Bath—Bath National Bank
Bay Shore—First National Bank &
Trust Co.
Beacon—
Fishkill National Bank
Matteawan National Bank of
Beacon.
Binghamton—
City National Bank
First National Bank
Bridgehampton— B r i d g e h a m p t o n
National Bank.
Bronxville—Gramatan N a t i o n a l
Bank & Trust Co.
BrooklynNassau National Bank
Prospect National Bank & Trust
Co. of Brooklyn in New York.
Traders National Bank
Buffalo—Community National Bank
Camden—First National Bank &
Trust Co.
Canajoharie—National Spraker Bank
Canandaigua—Canandaigua
National Bank & Trust Co.
CantonFirst National Bank
St. Lawrence County National
Bank.

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1 to 9.
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1 to 9.
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1 to 3,5 to 8

288

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Powers
granted
DISTRICT NO. 2—Continued

DISTRICT NO. 2—Continued
NEW YOEK—continued
Carmel—Putnam County National
Bank.
Carthage—
Carthage National Bank
National Exchange Bank
Catskill—Catskill National Bank
Cedarhurst—Peninsula N a t i o n a l
Bank.
Chester—Chester National Bank
Clayton—National Exchange Bank..
Cohoes—National Bank of Cohoes...
Cooperstown—
First National Bank.
Second National Bank
Corning—First National Bank &
Trust Co.
Cortland—
National Bank of Cortland
Second National Bank & Trust
Co.
CubaCuba National Bank
_
First National Bank
Delhi—Delaware National Bank
Dolgeville—First National Bank
Dover Plains—Dover Plains National Bank.
DunkirkLake Shore National Bank
Merchants National Bank
Edwards—Edwards National Bank..
E llenville—First National Bank &
Trust Co.
Elmira—
Merchants National Bank &
Trust Co.
Second National Bank
_
Fairport—Fairport National Bank &
Trust Co.
Far Rockaway—National Bank of
Far Rockaway.
Floral Park—First National Bank
& Trust Co.
Fonda—National Mohawk River
Bank.
Fort Plain—Fort Plain National
Bank.
Frankfort—Citizens First National
Bank.
Fredonia—National Bank of Fredonia.
Freeport—
Citizens National Bank
First National Bank & Trust Co.
Fulton—Citizens National Bank
Geneseo—Genesee Valley National
Bank.
Glens FallsFirst National Bank
National Bank of Glens Falls
Gloversville—
City National Bank
Fulton County National Bank..
Goshen—National Bank of Orange
County.
Granville—
Farmers National Bank
Washington County National
Bank.
Hampton Bays—Hampton Bays
National Bank.
Hancock—First National Bank
Haverstraw—National B a n k
Trust Co.
Hempstead—First National Bank
Herkimer—Herkimer National Bank.
Highland Falls—First National Bank
Hoosick FallsFirst National Bank
Peoples National Bank




Powers
granted

Ito9.
1 to 9.
1 to 9.
1 to 8.
1 to 9.
1 to 9.
4.
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1 to 8.
1 to 8.
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4.
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4.
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1 and 4.
4.
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1 to 9.
1 to 9.
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1 to 9.
1 to 9.
1 to 8.

NEW YORK—continued
Hornell—
Citizens National Bank & Trust
Co.
First National Bank
HudsonFarmers National Bank.
First National Bank & Trust Co.
Hudson FallsPeoples National Bank
Sandy Hill National Bank
Ilion—
Ilion National Bank & Trust Co.
Manufacturers National Bank
Islip—First National Bank
Ithaca—First National Bank
JamestownAmerican National Bank
National Chautauqua County
Bank.
Kenmore—First National Bank
KingstonFirst National Bank of Rondout.
National Ulster County Bank &
Trust Co.
Rondout National Bank
State of New York National
Bank.
Lackawanna—Lackawanna National
Bank.
Larchmont—Larchmont National
Bank & Trust Co.
Liberty—Sullivan County National
Bank.
Little Falls—Little Falls National
Bank.
Lockport—Niagara County National
Bank & Trust Co.
Lowville—Black River National
Bank.
Lynbrook—
Lynbrook National Bank &
Trust Co.
Peoples National Bank & Trust
Co.
Malone—Farmers National Bank...
Mamaroneck—First National Bank
& Trust Co.
Manhasset—First National Bank &
Trust Co.
Massena—First National Bank &
Trust Co.
Middletown—
First National Bank & Trust Co.
Merchants National Bank
Mineola—First National Bank
Monticello—National Union Bank of
Monticello.
Morristown— Frontier National
Bank.
Mount Kisco—Mount Kisco National Bank & Trust Co.
Mount Vernon—
American National Bank <c
f
Trust Co.
First National Bank
Newark—Arcadia National Bank
& Trust Co.
Newburgh—
Highland Quassaick National
& Trust Co.
National Bank of Newburgh
New Rochelle—
Central National Bank
National City Bank
_
New YorkBank of America National Association..
Bedford National Bank of Brooklyn in New York.
Central National Bank

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289

FIDUCIARY POWERS

Powers
granted

Powers
granted
DISTRICT NO. 2—Continued
NEW YORK—continued
New York—Continued.
Chase National Bank
Chatham & Phenix National
Bank & Trust Co.
Chemical National B a n k Commercial National Bank &
Trust Co.
Dunbar National Bank
First National Bank
Garfield National Bank
Grace National Bank
Hanover National Bank
Harriman National Bank &
Trust Co.
Industrial National Bank
Liberty National Bank
National Bank of Commerce
National City Bank
National Park Bank
Public National Bank & Trust
Co.
Seaboard National Bank
Seward National Bank
Straus National Bank & Trust
Co.
Niagara Falls—National Bank of Niagara & Trust Co.
Norwich—
Chenango National Bank &
National Bank & Trust Co
Northport—First National Bank &
Trust Co.
Nyack—Nyack National Bank
Ogdensburg—National Bank of Ogdensburg.
Olean—
Exchange National Bank
Oneida—Oneida Valley National
Bank.
Oneonta—
Citizens National Bank & Trust
Co
Wilber National B a n k . . .
Ossining—First National Bank &
i rusi oo.
Oswego—Second National Bank &
Trust Co.
Ovid—First National Bank
Owego—
First National Bank
Owego National Bank
Patchogue—Peoples National Bank,
Pearl River—First National Bank &
Trust Co.
Peekskill—
Peekskill National Bank
_..
Westchester County National
Bank.
Perry—First National Bank
Plattsburg—
Merchants National Bank
Plattsburg National Bank &
Trust Co.
Port Chester—First National Bank
& Trust Co.
Port Henry—Citizens National BankPort Jervis—
First National B a n k . . .
National Bank & Trust Co. of
Port Jervis.
Port Richmond—Staten Island National Bank & Trust Co.
Port Washington—Port Washington
National Bank & Trust Co.
Potsdam—Citizens National B a n k . . .
Poughkeepsie—
Fallkill National Bank & Trust
Farmers & Manufacturers National Bank.
Merchants National Bank




DISTRICT NO. 2-Continued
NEW YORK—continued
1 to 9.
Ito9.

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1 to 9.
1 to 9.
Ito9.

Red Hook—First National Bank
Richfield Springs—First National
Bank.
Riverhead—Suffolk County National
Bank.
Rockville CenterFirst National Bank
Nassau County National Bank__
Rome—Farmers National Bank &
Trust Co.
Roscoe—First National Bank
Rye—Rye National Bank
St. Johnsville—First National Bank—
Saranac Lake—Adirondack National
Bank & Trust Co.
Saratoga Springs—Saratoga National
Bank.
Saugerties—First National Bank &
Trust Co.
Sayville—Oystermens National Bank
Scarsdale—Scarsdale National Bank
& Trust Co.
Schenectad}^—
Mohawk National Bank__
Union National Bank
Silver Creek—Silver Creek National
Bank
Skaneateles—National Bank & Trust

1 to 9.
1 to 9.
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1 to 9.
1 to 9.
1 to 9.
1 to 9.
I to 9.

1.

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1
1
1
1

to 9.
to 9.
to 9.
to 9.

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1 to 9.
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Ito9.
1 to 8.
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1 to 9.
Ito9.

Southampton—FirstNationa 3Bank.
Spring Valley—Firs National Bank.
Stamford—National Bank of Stamford.
Suffern—Suffern National Bank &
Trust Co.
SyracuseLiberty National Bank & Trust Ito9.

Merchants National Bank &
Trust Co.
Salt Springs National Bank
Ito9.
Tarrytown—Tarrytown N a t i o n a l
Bank.
Ito9.
Ticonderoga—Ticonderoga National
Bank.
1 to 9.
Troy—•
1 to 9.
Manufacturers National B a n k . . .
National City Bank
Union National Bank._
4.
United National B a n k . .
_.
Tuckahoe—First National Bank &
1 to 9.
Trust Co.
1 to 9.
Tuxedo—Tuxedo National Bank
Ito9.
Utica—
1 to 9.
Oneida National Bank
Utica National Bank & Trust
Co.
Ito9.
Valley Stream—Valley Stream Na1 to 9.
tional Bank & Trust Co.
Walton—First National Bank
1 to 9.
Warrensburg—Emerson N a t i o n a l
Bank.
Ito9.
1 to 5, 7 to 9. Warsaw—Wyoming County Na1 to 9.

1,2, and 3.
1 to 9.
Ito9.

Warwick—First National Bank.
Watertown—
Jefferson County National Bank.
Watertown National Bank
_
Waverly—First National Bank,
Wellsville—Citizens National Bank-.
Westbury—Wheatley Hills National
Bank.
Westfield—National Bank of Westfield.
Whitehall—Merchants N a t i o n a l
Bank.
White Plains—Peoples
National
Bank & Trust Co.
i onKers—

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1 to 9.
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1 to 9.
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1 to 9.

Ito9.
First National Bank
Yonkers National Bank & Trust Ito9.
Co.

290

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Powers
granted

Powers
granted
DISTRICT NO. 3—Continued

DISTRICT NO. 3

NEW JERSEY—continued

DELAWARE

Delmar—First National Bank
Dover—First National Bank..
Laurel—Peoples National Bank
Milford—First National Bank &
Trust Co.
Seaford—First National Bank
SmyrnaFruit Growers National Bank &
lrust uo.
National Bank of Smyrna
WilmingtonCentral National Bank.National Bank of Delaware
Union National Bank

Ito8
Ito9
ltoS
Ito9.
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Ito9.
Ito9.
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Ito9.

NEW JERSEY

(See also District No. 2)
Absecon—First National Bank
Atlantic City—
Atlantic City National Bank
Chelsea National Bank
Pacific Avenue National Bank._.
Second National Bank
Union National Bank
Audubon—Audubon National Bank.
Barnegat—First National Bank
Beach Haven—Beach Haven National Bank & Trust Co.
Beverly—First National Bank &
Trust Co.
Blackwood—First National Bank &
Trust Co.
Bordentown—First National Bank._
Bridgeton—
Bridgeton National Bank
Farmers and Merchants National Bank.
Burlington—Mechanics N a t i o n a l
Bank.
Camden—
American National Bank
First Camden National Bank &
Trust Co.
Third National Bank & Trust Co.
Cape May—Merchants National
Bank.
Collingswood — Collingswood National Bank.
Elmer—First National Bank
Glassboro—First National Bank
Haddonfield—Haddonfield National
Bank.
Hightstown—First National Bank
Hope well—Hope well National Bank.
Medford—Burlington County National Bank.
Merchantville—First National Bank
& Trust Co.
Millville—
Mechanics National Bank
Millville National Bank
Mount HollyMount Holly National Bank
Union National Bank & Trust
Co.
New Egypt—First National Bank &
Trust Co.
Ocean C i t y First National Bank
Ocean City National Bank
Paulsboro—First National Bank &
Trust Co.
Pemberton—Peoples National Bank.
& Trust Co.
Penns Grove—Penns Grove National
Bank & Trust Co.
Pitman—Pitman National Bank &
Trust Co.
Pleasantville—Pleasantville National
Bank.




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1 to 9.
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1 to 9.
Ito9.
Ito9.

Point Pleasant Beach—Ocean County National Bank.
Princeton—First National Bank
Salem—
City National Bank & Trust Co.
Salem National Bank & Trust
Co.
Swedesboro—Swedesboro National
Bank.
Toms River—First National Bank..
TrentonBroad Street National Bank
First-Mechanics National Bank..
Prospect National Bank
Ventnor City—Ventnor City National Bank.
Vineland—Vineland National Bank
& Trust Co.
Wildwood—Marine National Bank..
Woodbury—First National Bank &
Trust Co.
Woodstown—Woodstown National
Bank & Trust Co.

Ito9.
Ito9.
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Ito9.
Ito9.
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Ito9.

PENNSYLVANIA

(See also District No. 4)

Allentown—
Allentown National Bank
Merchants National Bank
1 to 9.
Second National Bank
Altoona—
Ito9.
First Nationa) Bank
Second National Bank
Ito9.
Ambler—First National Bank
1 to 9.
Annville-Annville National Bank
Ardmore—Ardmore National Bank
Ito9.
& Trust Co.
Ashland—The Ashland National
Bank.
1 to 9.
Ashley—First National Bank
Ito9.
Atglen—Atglen National Bank
Bangor—
1 to 9.
First National Bank
4.
Merchants National Bank
Bedford—Farmers National Bank &
Ito9.
Trust Co.
Beliefonte—First National Bank
Ito9.
Belleville—Belleville National Bank.
Ito9.
Berwick—
Ito9.
Berwick National Bank
_.
First National Bank
BethlehemIto9.
Bethlehem National Bank
1 to 9.
First National Bank
Ito9.
Lehigh Valley National Bank
Blossburg—Miners National Bank...
Ito9.
Boyertown—
Farmers National Bank
National Bank of Boyertown
Ito9.
Bradford—Commercial N a t i o n a l
Ito9.
Bank.
Bridgeport—Bridgeport N a t i o n a l
1 to 8.
Bank.
1 to 9.
Bristol—Farmers National Bank of
Bucks County.
Ito9.
Catasauqua—
Lehigh National Bank
1 to 7 and 9.
National Bank of Catasauqua
Ito9.
C hambersburg—
Ito9.
National Bank of Chambersburg.
Valley National Bank
Ito9.
ChesterDelaware County National Bank.
1 to 9.
First National Bank
_
_
Clearfield—
Clearfield National Bank
Ito9.
County National Bank
Coatesville—National Bank of ChesIto9.
ter Valley.
Ito9.

Ito8.
Ito9.

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1 to 9.
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Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
1 to 9.

291

FIDUCIARY POWERS

Powers
granted

Powers
granted
DISTRICT NO. 3—Continued
PENNSYLVANIA—continued

Columbia—
Central National Bank.
....
First Columbia National Bank__
Conshohocken—First National Bank.
Dallastown—First National Bank...
Danville—
Danville National Bank__
First National Bank
Darby—First National Bank.
Doylestown—Doylestown National
Bank & Trust Co.
Du Bois—
Deposit National Bank
Du Bois National Bank
East Stroudsburg—Monroe County
National Bank.
Easton—First National Bank
Ebensburg— First National Bank
Edwardsville—Peoples National
Bank.
Elizabethtown—First National Bank
& Trust Co.
Emaus—Emaus National Bank.
Emporium—First National Bank
Ephrata—
Ephrata National Bank
Farmers National Bank
Fleetwood—First National Bank—
Frackville—First National Bank &
Trust Co.
GettysburgFirst National Bank
Gettysburg National Bank
Greencastle—First National Bank
Hamburg—First National Bank &
Trust Co.
Harrisburg—Harrisburg National
Bank.
Hazleton—
First National Bank
Hazleton National Bank
Honesdale—Honesdale N a t i o n a l
Bank.
Honeybrook—First National Bank—
Houtzdale—First National Bank
Hummelstown—Hummelstown National Bank.
HuntingdonFirst National Bank
Union National Bank
Jenkintown—Citizens National
Bank.
Johnstown—
First National Bank
Moxham National Bank
Kane—First National Bank
Kennett Square—National Bank of
Kennett Square.
Kutztown—Kutztown National
Bank.
Lancaster—
Conestoga National Bank
Fulton National Bank..
Lancaster County National Bank.
Langhorne—Peoples National Bank
& Trust Co.
Lansdale—First National Bank
LebanonFirst National Bank
Lebanon National Bank
Peoples National Bank
Lehighton—
Citizens National Bank
First National Bank
Lewisburg—
Lewisburg National Bank
Union National Bank
Lewistown—
Citizens National Bank.
Russell National Bank
Lititz—Farmers National Bank



DISTRICT NO. 3—Continued
PENNSYLVANIA—continued

Littlestown—Littlestown National
Bank.
Ito9.
Lock Haven—First National Bank—
1 to 9.
Luzerne—Luzerne National Bank
1 to 9.
Mahanoy City1 to 9.
First National Bank
Union National Bank
1 to 9.
Malvern—National Bank of Malvern.
1 to 9.
Manheim—
Ito9.
Keystone National Bank
_.
1 to 9.
Manheim Nationall Bank.
Marietta—Exchange National Bank.Mauch Chunk—Mauch Chunk NaIto9.
tional Bank.
1 to 9.
Maytown—Maytown National Bank
Ito9.
Mechanicsburg—Second National
Bank.
Ito9.
Media—First National Bank
._
1 to 9.
Millheim—Farmers National Bank
1 to 9.
& lrust v>o.
Ito9.
Milton—First National Bank
_
_
Montoursville — First National
Bank.
Ito9.
Montrose—First and Farmers Na1 to 9.
tional Bank & Trust Co.
Mount Carmel—
Ito9.
First National Bank
1 to 9.
Union National Bank
1 to 9.
Mount Joy1 to 9.
First National Bank
Union National Mount Joy Bank.
Mountville—Mountville National
Ito9.
Bank.
1 to 9.
Myerstown—Myerstown National
Ito9.
Bank.
Ito9.
Nanticoke—
First National Bank
1 to 9.
Nanticoke National Bank
Nazareth—Nazareth National BankNew Holland—New Holland Na1 to 9.
tional Bank.
1 to 9.
Newtown—First National Bank &
1 to 9.
Trust Co.
Newville—First National Bank
1 to 9.
Norristown—Peoples National Bank1 to 9.
Northampton—Cement National
1 to 9.
Bank of Siegfried.
Northumberland—Northumberland
National Bank.
1 to 9.
Oley—First National Bank__
1 to 8.
1 to 7 and 9. Orwigsburg—First National Bank
& Trust Co.
Oxford—National Bank of Oxford
Patton—First National Bank
1 to 8.
Pen Argyl—First National Bank
1 to 9.
Philadelphia—
1 to 9.
Central National Bank
1 to 9.
City Exchange National Bank
Corn National Bank & Trust Co.
Ito9.
& Trust Co.
Drovers and Merchants National
Bank.
1 to 9.
Eighth National Bank
1 to 9.
Erie National Bank
1 to 9.
First National Bank
___
1 to 9.
Kensington National Bank.
_
Manayunk-Quaker City National
Ito9.
Bank.
Market Street National Bank
Ito9.
1 to 9.
Mount Airy National Bank &
1 to 9.
Trust Co.
National Bank of Germantown__
1 to 9.
National Bank of Olney in PhilaIto9.
delphia.
National Security Bank
1 to 9.
Northeast National Bank of
1 to 9.
Holmesburg.
Northern National Bank
1 to 9.
Overbrook National Bank
1 to 9.
Pelham National Bank & Trust
Co.
1 to 4.

Ito9.
Ito9.
1 to 9.
Ito9.
1 to 8.
1 to 9.
Ito9.
1 to 9.
Ito4.
1 to 9.
1 to 4.
Ito9.
1 to 9.
Ito9.
Ito9.
1 to 9.
Ito9.
Ito9.
1 to 9.
Ito9.
1 to 9.
1 to 4.
Ito9.
1 to 9.
1 to 9.
Ito9.
1 to 5 and 9.
1 to 7 and 9.
1 to 9.
l to 9.
Ito8.
Ito9.
Ito9.
Ito9.
1 to 9.
Ito9.
Ito9.
Ito9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
1 to 3, 5 to 9,
1 to 9.
1 to 7 and 9.
1 to 9.
Ito8.
1 to 9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
Ito9.

292

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Powers
granted

Powers
granted
DISTRICT N O . 3—Continued

DISTRICT NO. 3—Continued

PENNSYLVANIA—continued

PENNSYLVANIA—continued

Philadelphia—Continued.
Penn national B ank
Philadelphia National Bank
Second National Bank.._
Soiithwark National Bank
Southwestern National Bank
Tenth National Bank
_
Textile National Bank.
Tioga National Bank
Tradesmens National Bank &
Trust Co.
Philipsburg—
First National Bank
Moshannon National Bank
Phoenixville—
Farmers and Mechanics National Bank.
National Bank of Phoenixville
Pittston—First National Bank
Liberty National Bank
Plymouth—First National Bank
Port Allegany—First National Bank.
Pottstown—
Citizens National Bank & Trust

1 to 9.
1 to 9.
Ito9.
1 to 9.
Ito8.
1 to 9.
Ito9.
1 to 9.
Ito9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.

1 to 9.
National Bank of Pottstown
National Iron Bank
1 to 9.
Potts ville—
Miners National Bank
1 to 9.
Merchants National Bank
1 to 9.
Pennsylvania National Bank & I t o 9 .
Trust Co.
Beading—
Farmers National Bank & Trust I t o 9 .
Co.
National Union Bank
. . . Ito9.
Peira National Bank..
1 to 9.
Beading National Bank & Trust 1 to 9.
Co.
Red Lion—Red Lion First National 1 to 9.
XlaWir
x>anK.
Ito9.
Sayre—First National Bank
Schuylkill Haven—First National 1 to 9.
Bank.
Sen wenks ville—National Bank of
1 to 9.
Scranton—
First National Bank
1 to 9.
Third National Bank
1 to 9.
Union National Bank
1 to 9.
Selinsgrove—First National Bank
1 to 9.
Shamokin—•
Market Street National Bank
1 to 9.
National Bank of Shamokin.
1 to 9.
Shenandoah—Merchants
National 1 to 9.
Bank.
Shickshinny—First National Bank,.. 1 to 3, 5 to 8.
omppens DUrg'—
1 to 9.
First National Bank
Peoples National Bank
1 to 9.
Smethport—Grange National Bank 1 to 9.
of McKean County.
Souderton—Union National Bank & 1 to 9.
Trust Co.
Spring City—National Bank & Trust 1 to 9.
Co.
State CollegeFirst National Bank
1 to 9.
Peoples National Bank
1 to 9.
Stroudsburg—
First National Bank.
1 to 9.
Stroudsburg National Bank
1 to 9.
Sunbury—First National Bank
1 to 9.
Swarthmore—Swarthmore National I 1 to 9.
Bank & Trust Co.
Tamaqua—
First National B a n k . . .
1 to 9.
Tamaqua National Bank
Ito9.
Tioga—Grange National Bank
1 to 4.
Topton—National Bank of Topton... 1 to 4.
Towanda—Citizens National Bank_. 1 to 9.




TyroneBlair County National Bank &
Trust Co.
Farmers & Merchants National
Bank.
First National Bank
Watsontown—Farmers N a t i o n a l
Bank.
Waynesboro—
Citizens National Bank..
First National Bank & Trust Co.
Weatherly—First National Bank
West Chester—
First National Bank
National Bank of Chester County
West Grove—National Bank & Trust
Co.
Wilkes-Barre—
Second National Bank
Wyoming National B a n k . . .
Williamsport—
First National Bank
Williamsport National Bank
Wrightsville—First National Bank...

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.
1 to 9.
1 to 9.

Ito9.

Ito9.
1 to 9.
1 to 9.
Vnrlr
X OTK.—
1 to 9.
Central and Mechanics
Drovers National Bank National 1 to 9.
Bank.
First National Bank
1 to 9.
Industrial National Bank of 1 to 4.
West York.
Western National Bank
1 to 9.
York County National Bank
1 to 9.
York National Bank & Trust Co. 1 to 9
DISTRICT NO. 4
KENTUCKY

(See also District No. 8)
ASDlaUQ—

AshlandNational BBank . .
Second National a n k .
Third National Bank
Brooksville—First National Bank
Covington—First National Bank &
Trust Co.
Cynthiana—
Farmers National Bank
National Bank of Cynthiana
Georgetown—Georgetown National
Bank.
Harlan—
Citizens National Bank
Harlan National Bank
Lexington—Phoenix National Bank
a i rubi v^o.

Middlesboro—National B a n k of
Middlesboro.
Mount SterlingMontgomery National Bank
Mount Sterling National Bank...
Traders National Bank
NewportAmerican National Bank
Newport National Bank
Paintsville—
Paintsville National Bank
Second National Bank
_
Paris—First National Bank
Pike ville—First National Bank
Pineville—Bell National B a n k . .
Richmond—Madison National Bank
& Trust Co.
Somerset—
Farmers National Bank
First National Bank
Williamsburg—First National Bank..
Winchester—Clark County National
Bank.

1 to 5, 7 to 9.
1 to 5, 7 to 9.
1 to 5, 7 to 9.
Ito4.
1 to 9.
1 to 9.
1 to 5, 7 to 9.
Ito5, 7 to 9.
1 to 9.
1 to 5, 7 to 9.
Ito9.
Ito5, 7to9.
1 to8.
1 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 8.
1 to 5, 7 to 9
1 to 8.
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

293

FIDUCIARY POWERS
Powers
granted
DISTRICT NO. 4—Continued
OHIO

Akron—National City Bank
Alliance—Alliance First National
Ashtabula—
Farmers National Bank.
National Bank of Ashtabula
AthensAthens National Bank_._
Bank of Athens, N. B. A
Bellaire—First National Bank
Bradford—First National Bank
Cadiz—Fourth National Bank
Canton—First National Bank.
Cincinnati—
Atlas National Bank.
First National Bank..
_
Lincoln National Bank
Second National Bank...
Cleveland—
Central National Bank
Engineers National Bank
National City Bank
Columbus—
City-National Bank of Commerce
Commercial National Bank
Huntington National Bank
Ohio National Bank
_
Coshocton—
Commercial National Bank
Coshocton National Bank
Dayton—
City National Bank & Trust Co.
Merchants National Bank &
Trust Co.
Third National Bank & Trust
Co.
Winters National Bank & Trust
Co.
East Liverpool—First National Bank
Findlay—American-First National
Bank.
Fostoria—Union National Bank
Greenville—Second National Bank...
HamiltonFirst National Bank & Trust
Co.
Second National Bank
_
Hillsboro—Merchants National Bank
Lancaster—Fairfield National Bank..
Lebanon—Lebanon-Citizens National
Bank & Trust Co.
Lima—Old National City Bank
Lorain—National Bank of Commerce.
Mansfield—Citizens National Bank
& Trust Co.
Marietta—
Citizens National Bank
First National Bank
Marion—National City Bank &
Trust Co.
Mount Vernon—The Knox National
Bank.
Newark—Park National Bank
New Philadelphia—Citizens National
Bank.
Norwood—Norwood National Bank..
Painesville—Painesville N a t i o n a l
Bank.
Piqua—
Citizens National Bank & Trust
Co.
Piqua National Bank & Trust
Co.
Portsmouth—First National Bank...
Ravenna—Second National Bank
St. Clairsville—First National Bank..
Sandusky—Third National Exchange^
Bank.
SpringfieldFirst National Bank & Trust Co..
Mad River National Bank




1, 4, and 9.
Ito9.
1 to 9.
1 to 7 and 9.
1 to 7 and 9.
1 to 7 and 9.
1, 3,4,5, 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 to 9.
1 to 7 and 9.
1 to 7 and 9.
1 to 9.
1 to 7 and 9.
1 to 7 and 9.
1 to 7 and 9.
1 to 7 and 9.
1 to 7 and 9.
1 to 7 and 9.
1 to 9.
1 to 7 and 9.
1 to 9.
1 to 7 and 9.
Ito9.
1 to 7 and 9.
1 to 7 and 9.
1 to 7 and 9.
1 to 7 and 9.
1 to 7 and 9.
Ito9.
1 to 7 and 9.
1 to 7 and 9.
1 to 7 and 9.
1 to 9.
1 to 7 and 9.
1 to 4 and 9.
1 to 7 and 9.
Ito7and9.
1 to 7 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 to 9.
1 to 7 and 9.
1 to 7 and 9.
1, 4, and 9.
1 to 7 and 9.
Ito9.
Ito9.
1 to 7 and 9.

Powers
granted
DISTRICT NO. 4—Continued f
OHIO—continued
i
Steubenville—
National Exchange Bank & Trust'
Co.
Peoples National Bank
_
TiffinCommercial National Bank
Tiffin National Bank..
_
Toledo—First National Bank..
Troy—First Troy National Bank &
Trust Co.
Urbana—Champaign National BankWarren—Second National Bank
Wilmington—Clinton County National Bank & Trust Co.
Wooster—Wayne County National
Bank.
Youngstown—
f|
Commercial National Bank
'
First National Bank
Mahoning National Bank
Zanesyille—
First National Bank
Old Citizens National Bank

1 to 7 and &
1 to 7 and 9.
Ito7and9t
1 to 7 and 9.
Ito7and9.
1 to 7 and 9.
1 to 7 and 9.
Ito9.
1 to 7 and 9,

a
4.
Ito9.
1,4, and 9.
Ito7and9.

PENNSYLVANIA

(See also District No. 3)
Brookville—Jefferson County National Bank.
Brownsville—Second National Bank.
Canonsburg—First National Bank...
Ellwood City—First National BankErie—
First National Bank
Second National Bank...
,
Ford City—First National Bank &
Trust Co.
Franklin—Lamberton National Bank
Greensburg—
First National Bank
Merchants & Farmers National
Bank.
GreenvilleFirst National Bank
Greenville National Bank
Grove C i t y First National Bank
Grove City National Bank
Knox—Clarion County National
Bank of Edenburg.
McKeesport—First National Bank...
Meadville—
Merchants National Bank.New First National Bank
Meyersdale—Citizens National Bank.
Monessen—
First National Bank & Trust Co..
Peoples National Bank & Trust
Co.
New Brighton—Union National Bank
New CastleCitizens National Bank
First National Bank of Lawrence
County.
New Kensington—First National
Bank.
Oakmont—First National Bank
Oil C i t y First National Bank
Oil City National Bank
_
PittsburghBank of Pittsburgh, N. A
Diamond National Bank
Duquesne National Bank
Exchange National Bank of Pittsburgh.
Farmers' Deposit National Bank.
First National Bank
_
Forbes National Bank
Highland National Bank
Marine National Bank

1 to 9.
Ito9.
1 to 9.
Ito9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1 top.
1 to J.
1 to 9.
Ito9.
1 to 9,
I to 9.

Ito9.
Ito5,7to9.
1 to 9.
1 to 9.
Ito8.
Ito9.

1 to 9.
Ito9.
lto&
Ito9.
4and&
Ito9.
Ito®.
Ito9.
4.

294

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Powers
granted

DISTRICT NO. 4—Continued

Powers
granted
DISTRICT NO. 5—Continued

PENNSYLVANIA—continued

M ARYLAND—con tinued

Pittsburgh— C ontinued.
Mellon National Bank
Monongahela National Bank
National Bank of America at
Pittsburgh.
Second National Bank of Allegheny.
Third National Bank
Union National Bank
Punxsutawney—Punxsutawney National Bank.
c u ax on—
First National Bank
McDowell National Bank__
Merchants and Manufacturers
National Bank.
Tarentum—First National Bank &
Trust Co.
Titusville—Second National Bank._.
Uniontown—
National Bank of Fayette
County.
Second National Bank..
Uniontown National Bank &
Trust Co.
Vandergrift—Citizens National BankWarren—
Citizens National Bank
Warren National B ank _ _
TXT nVi* »4-/N-n
Washington—
Citizens National Bank

FrederickFarmers & Mechanics National
Bank.
Frederick County National Bank.
Hagerstown—
First National Bank
Nicodemus National Bank.
Second National Bank __ . . ._ _
Hyattsville—First National Bank....
New Windsor—First National Bank.
Pocomoke City—Citizens National

Ito9.
4.
Ito9.
Ito9.
Ito9.
1 to 9.
Ito9.
Ito9.
1 to 4.
Ito9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
Ito9.
1 to 9.

Rising Sun—National Bank of Rising
Sun.
Rockville—Montgomery County National Bank.
Salisbury—Salisbury National Bank.
Snow Hill—First National Bank
Towson—Towson National Bank
WestminsterFarmers & Mechanics National
Bank.
First National Bank

1 to 4.
Ito9.
Ito9.
Ito9.
Ito9.
Ito4.
Ito4.
Ito9.
Ito4.
Ito3.
1 to 9.
Ito9.
1 to 9.
Ito9.
Ito9.

NORTH CAROLINA

Asheboro—First National Bank
Asheville—
American National Nank.
National Bank of Commerce

Ito9.

Charlotte National Bank
Commercial National Bank
_
First National Bank
Merchants & Farmers National
Bank.
Union National Bank
Concord—Concord National Bank...
Durham—First National Bank
Elizabeth City—First & Citizens

1 to 9.
Ito9.
1 to 9.
1 to 9.

Fayetteville—Cumberland National
Bank.
Gastonia—First National Bank.
Goldsboro—Wayne National Bank...
Graham—National Bank of Alamance.
Greensboro—American N a t i o n a l
Bank & Trust Co.
Hendersonville—Citizens National
Bank.
High Point—Commercial National
Bank.
Monroe—First National Bank _
Mooresville—First National Bank__
Mount Airy—First National Bank..
New Bern—National Bank of New
Bern.
OxfordFirst National Bank
National Bank of Granville at
Oxford.

1 to 9.

Ito9.
1 to 9.

n

1 to 3, 5 to
7, and 9.
Waynesburg—First National Bank 1 to 5, 7 to 9.
& Trust Co.
Zelienople—Peoples National Bank... 1 to 4.
WEST VIRGINIA

(See also District No. 5)
Elm Grove—First National Bank
Sistersville—Union National Bank...
WheelingNational Bank of West VirginiaNational Exchange Bank

1 to 9.
1 to 9.
1 to 9.
1 to 9.

DISTRICT NO. 5
DISTRICT OF COLUMBIA

WashingtonCommercial National Bank
,.
District National Bank
Federal-American National Bank
Franklin National Bank...
_
Liberty National Bank
Lincoln National BankNational Bank of Washington,_.
National Metropolitan Bank
Riggs National Bank__
Second National Bank

1 to 8.
1 to 8.
Ito8.
Ito8.
1 to 8.
1 to 8.
Ito8.
Ito8.
1 to 8.
1 to 8.

"RaloicrVl
xtaieigii—

MARYLAND

Baltimore—
Drovers & Mechanics National
Bank.
Farmers & Merchants National
Bank.
First National Bank
National Bank of Baltimore
Western National Bank
CumberlandFirst National Bank
Second National Bank
Denton—Denton National Bank
Easton—Easton National Bank
Elkton—National Bank of Elkton—




Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
l t 0 9;
Ito9.
Ito9,
Ito9.
1 to 9.

Citizens National Bank.
Commercial National Bank
Reidsville—First National Bank....
xvOCKy IVLOuDX—

First National Bank
Planters National Bank.
Salisbury—First National Bank . . . .
Snow Hill—National Bank of Snow
Hill.
Thomasville—First National Bank.
Wadesboro—First National Bank...
Wilmington—Murchison National
Bank.
Winston-Salem—Farmers National
Bank & Trust Co.

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.
Ito9.
1 to 9.
1 to 9.
1 to 9.
Ito4.
1 to 4.
Ito9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
7.
Ito9.
1 to 9.
Ito9.
1 to 9.

295

FIDUCIARY POWERS
Powers
granted
DISTRICT NO. ^-Continued

DISTRICT NO. 5—Continued
VIRGINIA—continued

SOUTH CAROLINA

Anderson—Carolina National Bank.
Camden—First National Bank
CharlestonAtlantic National Bank
Peoples First National Bank
South Carolina National Bank._.
Chester—Peoples National Bank
ColumbiaColumbia National Bank
National Loan & Exchange Bank.
Elloree—First National Bank
Gafmey—Merchants & Planters Na*
GreenvilleFirst National Bank
Peoples National Bank
Woodside National Bank._
Holly Hill—First National Bank
Orangeburg—
Edisto National Bank
Orangeburg National Bank
Rock Hill—National Union Bank
Spartanburg—
Central National Bank
First National Bank
Springfield—First National Bank
Sumter—
National Bank of South CarolinaNational Bank of Sumter.. _

Powers
granted

Ito9.
Ito9.
Ito9.
1 to 9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.

Lovingston—First National Bank of
Nelson County.
Lynchburg—Lynchburg N a t i o n a l
Bank & Trust Co.
Marion—Marion National Bank
Marshall—Marshall National Bank
& Trust Co.
Martinsville—
First National Bank
Peoples National Bank
Narrows—First National Bank
Newport News—First National Bank

Norfolk National Bank of ComIto9.
merce and Trusts.
Ito4.
Seaboard Citizens National Bank.
Ito9.
Virginia National Bank.
1 to 3, 5 to 9. Norton—First National Bank
Orange—Citizens National bank
Ito9.
Petersburg1 to 3 and 5.
National Bank of Petersburg
Ito9.
Virginia National Bank
Phoebus—Old Point National Bank.
Ito9.
PortsmouthIto9.
American National Bank
5.
First National Bank
_
Pulaski—
Ito9.
Peoples National Bank.
_
Ito9.
Pulaski National Bank
Radford—Farmers and Merchants
VIRGINIA
National Bank.
RichmondIto9.
Abingdon—First National Bank
Central National Bank
AlexandriaFirst & Merchants National
Ito9.
Alexandria National Bank
Bank.
Ito9.
Citizens National Bank
Roanoke—
1 to 9.
First National Bank
American National Bank
1.
Appalachia—First National Bank
Colonial National Bank
_.
Ito9.
Bedford—Peoples National Bank
First National Exchange Bank...
1 to 9.
Blackstone—First National Bank
Rocky Mount—Peoples National
Bristol—Dominion National Bank... Ito9.
Bank.
•Charlottesville—
Salem—Farmers National Bank.
National Bank & Trust Co. at Ito9.
South BostonCharlottesville.
Boston National Bank
_.
Peoples National Bank.._._ __ __ Ito9.
Planters & Merchants First
Chase City—First National Bank
1 to 9.
National Bank.
Chatham—First National Bank
Ito3,
Staunton—
Clifton ForgeAugusta National Bank
Clifton Forge National Bank
1 to 9.
National Valley Bank.
First National Bank
1 to 6 and 9.
Staunton National Bank & Trust.
Covington—
Co.
Citizens National Bank
Ito9.
Strasburg—
Covington National Bank__
1 to 4.
First National Bank
<3rewe—First National Bank
Ito9.
Massanutten National Bank
Danville—
Suffolk—National Bank of Suffolk...
American National Bank__
Ito9.
Warrenton—Fauquier N a t i o n a l
First National Bank
Ito9.
Bank.
Emporia—
Waynesboro—First National Bank...
Citizens National Bank
Ito9.
WinchesterFirst National Bank
Ito9.
Farmers & Merchants National
Fairfax—National Bank of Fairfax... Ito9.
Bank & Trust Co.
Farmville—
Shenandoah Valley National
First National Bank
Ito9.
Bank.
Peoples National Bank
Ito9.
WEST VIRGINIA
Fredericksburg—Planters National Ito9.
Bank.
(See also District No. 4)
Hampton—Merchants N a t i o n a l I t o 9 .
Bank.
Beckley—Beckley National Bank
Harrisonburg—
Bluefield—
First National Bank
Ito9.
First National Bank
National Bank of Harrisonburg- _ Ito9.
Flat Top National Bank
Rockingham National Bank
1 to 9.
Charleston—
Leesburg—
Charleston National Bank
Loudoun National Bank. _ _
Ito9.
Citizens National Bank
Peoples National Bank
Ito9.
Kanawha National Bank
Xexington—
ClarksburgFirst National Bank
Ito9.
Empire National Bank
Peoples National Bank
1 to 9.
Merchants National Bank
Rockbridge National Bank
1 to 9.
Union National Bank




Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
1 to 4.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
1 to 9.
lto&.
Ito9.
1 to 9.
Ito9.
1.
Ito9.
1 to 9.
Ito9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
1 to 9
Ito9.
Ito9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
Ito9.

1 to 9.
Ito9.
Ito9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 toO.

296

ANNUAL EEPOET OF THE FEDERAL RESERVE BOARD
Powers
granted

Powers
granted
DISTRICT NO. 6—Continued

DISTRICT NO. ^-Continued

ALABAMA—continued

WEST VIRGINIA—continued

Fairmont—National Bank of Fairmont.
Fairview—First National Bank
Grafton—First National Bank
Huntington—First Huntington National Bank.
Madison—Madison National Bank__
Martinsburg—Old National Bank....
Morgan town—Second N a t i o n a l
Bank.
Parkersburg—
First National Bank
Parkersburg National Bank
St. Marys—First National Bank
WelchFirst National Bank
McDowell County National
Bank.
Williamson—
First National Bank
National Bank of Commerce

1 to 9.
1 to 4.
1 to 9.
Ito9.

Tuscaloosa—
City National Bank
First National Bank
Wetumpka—First National Bank
FLORIDA

1 to 4.
Ito9.
1 to 9.

Bartow—Polk County National Bank
Bradentown—First National Bank...
Brooksville—First National Bank
Daytona Beach—First National Bank
De Funiak Springs—First National
1 to 9.
Bank.
1 to 9.
Deland—First National Bank
1 to 9.
Fort Myers—First National Bank
Jacksonville—
1 to 9.
Atlantic National Bank
1 to 9.
Barnett National Bank
Florida National Bank
_.
Lake City—First National Bank
1 to 9.
Miami1 to 9.
City National Bank in Miami....
First National Bank
DISTRICT NO. 6
Miami Beach—Miami Beach First
ALABAMA
National Bank.
Ocala—Munroe & Chambliss National Bank.
Albertville—Albertville National 1 to 9.
Orlando—First National Bank &
Bank.
Trust Co.
Anniston—
1 to 7, and 9. Palatka—Putnam National Bank
Anniston National Bank.
1 to 5, 7 Panama City—First National Bank _
Commercial National Bank
Pensacola—Citizens & Peoples Naand 9.
tional Bank.
1 to 8.
First National Bank
Perry—First National Bank
Bessemer—
St. Augustine2.
City National Bank
First National Bank
First National Bank in Bessemer- 1 to 8.
St. Augustine National Bank
Birmingham—
St. PetersburgA m e r i c a n - T r a d e r s National 1 to 9.
Central National Bank & Trust
Bank.
Co.
1 to 9.
First National Bank
First National Bank
1 to 4.
Cullman—Leeth National Bank
Sanford—
Decatur—
First National Bank
1.
Central National Bank. _
Sanford Atlantic National Bank..
Morgan County National Bank.. 1,2, 3, and 5.
Dothan—
X allipa—
1 to 8.
First National Bank...
E xchange National B ank
First National Bank
1 to 9.
Houston National Bank__
Winter Haven—Snell National Bank.
Fayette—First National Bank
_ 1 to 9.
1 to 8.
Florence—First National Bank
GEORGIA
Fort Payne—First National Bank.__ 1.
Gadsden—
Athens—National Bank of Athens...
1 to 3.
First National Bank
Atlanta1 to 8.
Gadsden National Bank
Atlanta and Lowry National
1 to 3, and 5.
Greenville—First National Bank
Mobile—
Fourth National Bank
1 to 9
First National Bank.
Fulton National Bank
_.
1 to 9.
Merchants National Bank
Augusta—National Exchange Bank..
Ito9.
Mobile National Bank
Barnesville—First National Bank
MontgomeryBrunswick—National B a n k of
1 to 9.
Alabama National Bank...
Brunswick.
1 to 9.
First National Bank
Carrollton—First National Bank
1 to 9.
Fourth National Bank
1 to 3, 5 to 9. Cartersville—First National Bank..
Oneonto—First National Bank
Columbus—
Opelika—
First National Bank
1 to 9.
Farmers National Bank
Fourth National Bank
1 to 7.
First National Bank
_
Dalton—First National Bank.._
1 to 9.
Opp—First National Bank
Dawson—Dawson National Bank
1 to 8.
Oxford—First National Bank
Elberton—First National B ank
Piedmont—First National Bank . . . 1 to 3.
Fitzgerald1 to 8.
Selma—City National Bank
Exchange National Bank
Sylacauga—Merchants & Planters 1 to 9.
First National Bank
National Bank.
i anaaega—
1 to 3, 5 to La Grange—La Grange National
Isbell National Bank
7 ano. y,
/, nnrl Q
Talladega National Bank
Louisville—First National Bank
1 to 9.
Quitman—First National Bank
TroyFarmers and Merchants Na- 1 to 7 and 9. Rome—National City Bank
Savannah—Citizens & Southern National Bank.
tional Bank.
1.
First National Bank




1 to 8
1 toS.
1 to 9.

1 to 9.
1 to 4.
1 to 8.
1 to 9.
1 to 8.
Ito9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
4.
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.
1 to 8.
1 to 3, 5 to 7
1 to 4.
1 to 8.
Ito9.
1 to 9.
1 to 9.
Ito8.
1 to 9.
Ito9.
Ito9.
Ito9.
1 to 9.
1 to 5.
1 to 3, 5 to 9
1 to 9.
Ito4.
1 to 4, 6, 7
and 9.
Ito8.
1 to 9.
Ito8.
Ito9.
Ito9.

297

FIDUCIARY POWERS

Powers
granted

Powers
granted
DISTRICT NO. 6—Continued

DISTRICT NO. 6—Continued
GEORGIA—continued
Statesboro—First National Bank
Ito9.
Thomasville—First National Bank... Ito9.
Ito9.
Winder—Winder National Bank
LOUISIANA

(See also District No. 11)
Hammond—Citizens National BankLa Fayette—
First National Bank
Commercial National Bank.
Lake Charles—
Calcasieu National Bank of
Southwest Louisiana.
First National Bank
New Orleans—W^hitney-Central National Bank.
MISSISSIPPI

(See also District No. 8)
Biloxi—First National Bank
Canton—First National Bank
Gulfport—
First National Bank
_
National Bank of Gulfport
_
_
Hattiesburg—Commercial National
Bank.
JacksonCapital National Bank
First National Bank
Jackson State National Bank
LaurelCommercial National Bank &
Trust Co.
First National Bank
_
McComb City—First National Bank.
MeridianCitizens National Bank
First National Bank
Natchez—Britton & Koontz National Bank.
Vicksburg—
Merchants National Bank &
Trust Co.
National City Savings Bank &
Trust Co.
Yazoo City—Delta National Bank...
TENNESSEE

(See also District No. 8)
Bristol—First National Bank
Chattanooga—
First National Bank
Hamilton National Bank
Clarksville—First National Bank
Copperhill—First National Bank of
Polk County.
Dickson—Citizen National Bank
Fayetteville—
Elk National Bank
First National Bank
Gallatin—First <e Peoples National
f
Bank.
Greenville—First National Bank
Harriman—Harriman National Bank.
Johnson City—Tennessee National
Bank.
Kingsport—First National Bank
Knoxville—
City National Bank
East Tennessee National Bank...
Holston-Union National Bank,._
McMinnville — Peoples National
Bank.
Morristown—First National Bank...




Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.

TENNESSEE—continued

Nashville—
American National Bank
Broadway National Bank
Fourth & First National Bank...
Tennessee-Hermitage National
Bank.
Third National Bank
_
Shelbyville—Peoples National Bank.
South Pittsburg—First National
Springfield—First National Bank

Ito9.
1 to 7 and 9.
1 to 9.
Ito4,
Ito9.
1 to 3, 5 to 9.
Ito9.
2, 3, 5 to 7,
and 9.
Tullahoma—Traders National Bank. Ito9.
Winchester—Farmers National Bank. 1 to 3, 5 to 9
DISTRICT NO. 7
ILLINOIS

(See also District No. 8)
Amboy—First National Bank
Aurora—
American National Bank
Aurora National Bank..
1 to 5.
First National Bank
Ito4.
Merchants National Bank
Old Second National Bank
Ito8.
Batavia—
1 to 9.
Batavia National Bank
Ito9.
First National Bank
Belvidere—
First National Bank
Ito9.
Second National Bank
_
_
Ito9.
1 to 7 and 9. Berwyn—First National Bank
Blue Island—First National Bank...
Bushnell—First National Bank
Ito9.
Cambridge—Farmers National Bank
Canton- National Bank
Ito9.
Canton
1, 2, and 3.
First National Bank.
_
Casey—First National Bank..
Ito9.
Charleston—
Ito8.
National Trust Bank1, 6, and 7.
First National Bank
Chicago—
Ito9.
Albany Park National Bank &
Trust Co.
Ito9.
Austin National B ank
Calumet National Bank
Ito9.
Continental National Bank &
First National Bank of Englewood.
Guardian National Bank.
Hyde Park National Bank
Irving Park National Bank
Ito9.
Jackson Park National Bank
Jefferson Park National Bank
Ito9.
Lawndale National Bank
Ito9.
1.
Mutual National Bank
National Band of the Republic...
1 to 3, 5 to 8.
National Builders Bank
Portage Park National Bank
Ito8.
Roseland National Bank
Straus National Bank & Trust
1 to 3 and 5.
Co.
1 to 3, 5 to 9.
Washington Park National Bank.
Ito9.
Chicago Heights—First National
Bank.
Ito9.
Ito9.
Chillicothe—First National Bank
Ito9.
DanvilleFirst National Bank
_
1 to 7 and 9.
Palmer National Bank
Second National Bank
1, 4. and 9.
Decatur—
Ito9.
Citizens National Bank
Ito9.
Milliken National Bank
1 to 3, 5 to 8.
National Bank of Decatur
Dixon—Dixon National Bank
1.
Elmhurst—First National Bank

Ito9.
Ito9.
Ito9.
Ito9.
1 to 9.
Ito9.
Ito9.
Ito8.
Ito8.
Ito4.
Ito9.
Ito9.
1 to 9.
Ito9.
Ito9.
1 to 8.
Ito4.
Ito9.
Ito9.
1 to 9.
1 to 9.
Ito9.
Ito9.
Ito4.
Ito9.
1 to 9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
1 to 9.
Ito9.
Ito9.
1 to 9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
1 to 9.
Ito8.
Ito9.
1 to 4.
Ito9.
Ito9.
Ito9.

298

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Powers
granted

DISTRICT NO. 7-Continued
ILLINOIS—continued
El Paso—
First National Bank
Woodford
County
National
Bank.
Evanston—City National Bank &
Trust Co.
Freeport—
First National Bank
Second National Bank
Galesburg—First Galesburg National
Bank & Trust Co.
Havana—Havana National Bank
Henry—First National Bank
Joliet—
First National Bank
Joliet National Bank
Will County National Bank
Kankakee—City National Bank .
Kewanee—First National Bank
Knoxville—Farmers National Bank..
Lake Forest—First National Bank...
La Salle—La Salle National Bank
Libertyville—
First National Bank
Lake County National Bank
Lincoln—Lincoln National Bank
Macomb—Union National Bank
Marengo—First National Bank
Marseilles—First National Bank
Mattoon—National Bank of Mattoon
Monticello—First National Bank
Naperville—First National Bank
Ottawa—
First National Bank
National City Bank
Paris—First National Bank & Trust
Co.
Pekin—American National Bank
Peoria—
Central National Bank & Trust
Co.
Commercial National Bank
First National Bank
Merchants & Illinois National
Peru—Peru National B ank _
Pontiac—National Bank of Pontiac.
Princeton—Citizens National Bank..
Riverside—First National Bank
Rockford—
Commercial National Bank
Forest City National Bank
Manufacturers National Bank &
Trust Co.
Rockford National Bank
Security National Bank
_.
Swedish-American National Bank
Third National Bank
Savanna—First National Bank
Springfield—Illinois National Bank..
Sterling—Sterling National Bank
Sycamore—First National Bank.
Taylorville—First National Bank
Waukegan—
First National Bank
Waukegan National Bank..
Wilmette—First National Bank
Woodstock—American N a t i o n a l
Bank.
INDIANA

(See also District No. 8)
Attica—Central National Bank
_
Auburn—City National Bank
Batesville—First National Bank
Bloomington—First National Bank..
BrazilCitizens National Bank
First National Bank
Riddell National Bank




Powers
granted
DISTRICT NO. 7—Continued
INDIANA—continued

Brookville—
Franklin County National Bank.
Ito9.
National Brookville Bank
1 to 9.
Cambridge City—First National
Bank & Trust Co.
Ito9.
Clay City—First National Bank
Clinton—First National Bank
Cloverdale—First National Bank
Ito9.
Columbus—First National Bank
Ito9.
Connersville—First National Bank..
1 to 9.
Crawfordsville—
Citizens National Bank
Ito9.
First National Bank
Ito7.
Dana—First National Bank
Delphi—Citizens National Bank
Ito9.
Dublin—First National Bank
Ito9.
Dyer—First National Bank
1 to 9.
East Chicago1 to 4.
First National Bank & Trust Co_
1 to 9.
Indiana Harbor National Bank..
Ito9.
United States National Bank
Ito9.
Edinburg—Farmers National Bank..
Ito9.
Elkhart—First National Bank
Elwood—First National Bank.
1 to 9.
Fort WayneIto9.
First National Bank
._
1 to 9.
Lincoln National Bank & Trust
Ito9.
Co.
1 to 9.
Old National Bank...
Ito4 s
FranklinIto9.
Citizens National Bank..
Ito9.
Franklin National Bank
Ito9.
Gary—
Ito9.
First National Bank
National Bank of America
1 to 9.
Goodland—First National Bank
Ito9.
Goshen—City National BankGreencastle—First National Bank
Ito9.
Greensburg—Third National Bank
& Trust Co.
Ito9.
Hammond—Hammond National
Bank & Trust Co.
Ito8.
Hartford City—First National Bank.
Ito9.
Huntington—First National Bank
Ito9.
Indianapolis—
Continental National Bank
Ito9.
Fletcher American National Bank
Ito9.
Indiana National Bank
1 to 3, 5 to 8.
Knightstown—Citizens N a t i o n a l
Ito9.
Bank.
Kokomo—
Ito9.
Citizens National Bank
1 to 9.
Howard National Bank
1 to 9.
La Fayette—
First-Merchants National Bank..
Ito4.
National Fowler Bank
Ito9.
La Porte—First National Bank &
Ito9.
Trust Co.
Ito8.
Lebanon—First National Bank
1 to 8.
Liberty—Union County National
Ito9.
Bank.
Ito9.
Logansport—
Ito9.
City National Bank
1 to 9.
First National Bank
Lowell1 to 9.
First National Bank in Lowell...
Ito9.
Lowell National Bank
1 to 9.
MarionIto9.
First National Bank
Marion National Bank
Martinsville—
Citizens National Bank
First National Bank
Michigan C i t y 1 to 9.
First National Bank
Ito9.
Merchants National Bank
Ito9.
1 to 7 and 9. Mishawaka—First National Bank
Monrovia—First National Bank
Monterey—First National Bank
Ito7.
Montezuma—First National Bank...
Ito4.
Montpelier—First National Bank
Ito9.

Ito4.
Ito9.
1 to 8.
Ito9.
1 to 9.
Ito9.
1 to 9.
Ito9.
1 to 4.
Ito9.
1 to 3.
1 to 9.
Ito3.
Ito4.
Ito9.
Ito9.
1 to 9.
1 to 4.
1 to 9.
Ito8.
1 to 9.
Ito9.
Ito9.
Ito8.
1 to 4.
Ito9.
Ito9.
1 to 3, 5 to 9.
Ito9.
Ito9.
Ito9.
Ito9.
1 to 9.
Ito9.
1 to 9.
1 to 7 and 9
Ito9.
1 to 3, 5 to 7,
and 9.
Ito9.
Ito9.
Ito8.
Ito8.
Ito9.
Ito9.
Ito3.
Ito8.
Ito8.
Ito7.
Ito8.
Ito9.
Ito9.
Ito9.
Ito7.
Ito9.
Ito9.
Ito9.
Ito4.
1 to 3, 5 to 9
Ito8.
Ito9.

FIDUCIAKY POWERS
Powers
granted
DISTRICT NO. 7—Continued
INDIANA—continued
Mulberry—Citizens National Bank..
Muncie—Delaware County National
Bank.
New Carlisle—First National Bank..
New Castle—Farmers & First National Bank.
Peru—First National Bank
Plainfield—First National Bank
Plymouth—First National Bank of
Marshall County.
Remington—Farmers National Bank.
RichmondFirst National Bank
._
Second National B ank
Rising Sun—National Bank of Rising
Sun.
Rochester—First National Bank
Rockville—Rockville National Bank.
Rushville—
American National Bank
Rush County National Bank
Rushville National Bank.
Russiaville—First National Bank
Shelbyville—
Farmers National Bank
First National Banki
South BendFirst National Bank
Merchants National Bank
Swayzee—First National Bank
Terre Haute—
Citizens National Bank & Trust
Co.
First-McKeen National Bank &
Trust Co.
Terre Haute National Bank &
Trust Co.
Thorntown—Home National Bank__
Tipton—Citizens National Bank
Wabash—Farmers & Wabash National Bank.
Westport—First National Bank
Whiteland—Whiteland N a t i o n a l
Bank.
Whiting—First National Bank
Wilkinson—Farmers National Bank.
Winamac—First National Bank




Powers
granted
DISTRICT NO. 7—Continued

1 to 9.
1 to 9.
Ito3.
Ito9.
1 to 9.
Ito9.
1 and 4.
1 to 3, 5 to 8.
Ito9.
ltoQ.
1 to 9.
1 to 5, 7, and
9.
Ito9.
Ito9.
1 to 4.
1 to 4.
1 to 3, 5 to 9.
Ito9.
Ito9.
Ito4.
1 to 9.
Ito9.
Ito9.
Ito9.
Ito9.
1 to 8.
Ito9.
Ito7.
Ito9.
Ito4.
1 to 7.
1 to 3.
Ito8.

IOWA

Akron—First National Bank...
Arlington—American National Bank.
Aurelia—First National Bank
Boone—First National Bank
Buffalo Center—First National Bank.
Burlington—Merchants National
Bank.
Cedar Falls—Cedar Falls National
Bank.
Cedar RapidsCedar Rapids National Bank
Merchants National Bank
_.
Charles CityCitizens National Bank.
Commercial National Bank
Charter Oak—First National Bank..
Cherokee—First National Bank
Clarence—First National Bank
ClintonCity National Bank
Merchants National Bank
Colfax— First National Bank...
Columbus Junction—Louisa County
National Bank.
Coon Rapids—First National Bank..
Council BluffsCity National Bank
First National Bank.._
Cresco—First National Bank

299

1 to 9.
1 to 3.
1 to 9.
1 to 7 and 9.
1 to 9.
1 to 9.
1 to 7 and 9.
1 to 9.
1 to 4.
Ito9.
1 to 9.
1,2,3, and 5.
1 to 9.
Ito4.
Ito9.
1 to5.
1 to 3,5 to 9.
1,2,3, and 5.
Ito3.
1 to 8.
1 to 9.
1 to 9.

IOWA—continued
Davenport—First National Bank
Decorah—National Bank of Decorah.
Des Moines—Des Moines National
Bank.
Dubuque—
Consolidated National Bank
First National Bank
Dysart—Dysart National Bank
Eldon—First National Bank
Eldora—First National Bank
Elkader—First National Bank
Everly—First National Bank...
Fairfield—First National Bank
Fonda—First National Bank....
Fontanelle—First National Bank
Fort Dodge—Fort Dodge National
Bank.
Gladbrook—First National Bank
Graettinger—First National Bank
Grinnell—Citizens National Bank
Griswold—Griswold National Bank..
Hampton—Citizens National Bank..
Harlan—Harlan National Bank
Hawarden—First National Bank,
Humboldt—First National Bank
Indianola—First National Bank
Jewell Junction—First National Bank
Kanawha— First National Bank
Keokuk—Keokuk National Bank
Knoxville—Knoxville National Bank
& Trust Co.
LeMars—First National Bank
Linn Grove—First National Bank...
Manchester—First National Bank...
Mason City—First National Bank...
Montezuma—First National Bank...
Muscatine—First National Bank
Newell—First National Bank..
Odebolt—First National Bank
Oelwein—First National Bank
Orange City—Orange City National
Bank.
Oskaloosa—Oskaloosa National Bank
Ottumwa—First National Bank
Paullina—First National Bank
Perry—First National Bank
_
Peterson—First National Bank
Red Oak—First National Bank
Remsen—First National Bank
Rippey—First National Bank
Rockwell City—Rockwell City National Bank.
Ruthven—First National Bank
Sheffield—First National Bank
Sibley—First National Bank
Sidney—National Bank of Sidney
Sioux CityFirst National Bank
Live Stock National Bank
Security National Bank
Sioux National Bank
Toy National Bank..
Sioux Rapids—First National Bank._
Stanton—First National Bank
Storm Lake—Citizens First National
Bank.
Story City—First National Bank
Thornton—First National Bank
Tipton—City National Bank
Washington—Washington National
Bank.
WaterlooCommercial National Bank
First National Bank
Pioneer National Bank
Waverly—First National Bank...
Webster CityFarmers National Bank—
First National Bank

Ito9.
1 to 9.
Ito8.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
1 to 7.
Ito8.
1 to 4.
Ito9.
Ito8.
Ito3.
1 to 9.
Ito9.
1 to 7 and 9.
Ito9.
Ito8.
1,2,3, 5 to 8.
Ito4.
Ito3.
1 to 9.
1 to 3.
1 to 9.
1 to 9.
1 to 3, 5 to 9
1 to 9.
Ito4.
1 to 9.
Ito4.
1 to 9.
Ito9.
1 to 4.
Ito7.
Ito9.
1 to 3.
Ito9.
1 to 7 and 9.
Ito9.
1 to 4.
Ito9.
Ito8.
1,2,3, 5 to 8.
Ito9.
Ito8.
1 to 9.
1 to 3.
1 to 9.
Ito9.
1 to 9.
1 to 9.
Ito9.
Ito9.
Ito3.
Ito8.
Ito9.
Ito9.
Ito9.
Ito8.
Ito8.
Ito9.
Ito7.
Ito9.
1 to 4.
Ito4.
Ito9.

300

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Powers
granted

DISTRICT NO. 7-Continued

Powers
granted
DISTRICT NO. 7—Continued

MICHIGAN

WISCONSIN—continued

(See also District No. 9)

Kenosha—United States National

Alpena—Alpena National Bank
Ann Arbor—First National Bank
Battle C r e e k Central National Bank
City National Bank & Trust Co.
Old National Bank & Trust C o . .
Bay City—First National Bank
Benton H a r b o r American National Bank & Trust
Co.
Farmers & Merchants National
Bank & Trust Co.
Birmingham—First National B a n k , .
Boyne City—First National B a n k . - .
0 old water——
Coldwater National Bank
Southern Michigan National
Bank.
DetroitNational Bank of Commerce
Merchants National Bank
Flint—First National Bank
Grand R a p i d s Grand Eapids National Bank
Old National Bank
Hillsdale—First National Bank
Ionia—National Bank of Ionia
JacksonNational Union Bank & Trust
L>0.

Peoples National Bank
Kalamazoo—
First National Bank & Trust Co.
Kalamazoo National Bank &
Trust Co.
Lansing—
Capital National Bank
City National Bank
_
Lapeer—First National Bank
Ludington—First National Bank
Monroe—First National Bank
Muskegon—
Hackley National Bank
Union National Bank
Petoskey—First National Bank
Pontiac—First National Bank &
Trust Co.
Port Huron—First National Bank &
Trust Co.
Quincy—First National Bank
_
Rochester—First National Bank
St. Johns—St. Johns National Bank..
St. Joseph—Commercial National
Bank.
Saginaw—Second National Bank
Traverse City—First National BankUnion City—Union City National
Bank.

2,3,5, and 8.
Ito9.
1 to 9.
Ito8.
1 to 9.
1 to 9.
Ito9.
Ito9.
1 to 5.
1 to 3.
2,3,5, and 8.
1 to 9.
1 to 8.
Ito9.
1 to 9.
Ito9.
Ito9.
1 to 4.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
1 to 4.
1 to 9.
2,3,5, and 8.
2,3,5, and 8.
1 to 9.
1 to 7 and 9.
Ito9.
1 to 4.
Ito9.
1 to 9.
2,3,5, and 8.
Ito4.
2,3,5, and 8.
Ito9.
Ito8.
Ito3, and 5.
2,3, 5, and 8.

WISCONSIN

(See also District No. 9)
Antigo—
First National Bank
_.
Langlade National Bank
Appleton—Citizens National Bank...
Baraboo—First National Bank
Beaver Dam—Old National Bank
Brillion—First National Bank
_.
Chilton—Chilton National Bank
Clintonville—First National Bank...
Darlington—First National Bank
Edgarton—First National Bank
Fond du L a c Commercial National Bank
First Fond du Lac National Bank
Green Bay—Kellogg Citizens National Bank.
Hartford—First National Bank
Janesville—First National Bank




1 to 8.
1 to 3,5 to 8.
1 to 9.
Ito9.
1 to 9.
1 to 8.
1 to 9.
1 to 4.
1 to 8.
Ito8.
Ito8.
1 to 8.
Ito9.

"RQTII^ XT -LrilbL C^r\
JOdlliv O£ T r n c t V_/O.

Lake Geneva—First National B a n k Madison—Commercial N a t i o n a l
Bank.
Manitowoc—First National Bank in
Manitowoc.
Marinette—First National Bank
Marshfield—American N a t i o n a l
Bank.
MilwaukeeMarine National Bank
National Bank of Commerce
National Exchange Bank
Monroe—First National Bank..
Neenah—National Manufacturers
Bank.
Neillsville—First National Bank
Oconomowoc—First National Bank..
Oshkosh—City National Bank.
Platteville—First National Bank
Racine—
First National Bank
_
_
Manufacturers' National Bank &
Trust Co.
Ripon—
American National Bank
,.
First National Bank
Shawano—Wisconsin National Bank.
Sheboygan—Security National BankSparta—Farmers National Bank
oLfc5VcXlo x OlXlL—

Citizens National Bank
First National B a n k . . .
Viroqua—First National Bank.
Waukesha—
National Exchange Bank
Waukesha National Bank,
Wausau—
American National Bank
First National B a n k . . .
West Bend—First National Bank
Wisconsin Rapids—First National
Bank.

1 to 9.
Ito9.
Ito9.
1 to 9.
Ito9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 3.
1 to 9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
Ito8.
1 to 9.
1 to 9.
Ito9.
Ito8.
Ito9.
1 to 4.
1 to 8.
Ito9.
Ito9.
1 to 9.
1 to 9.

DISTRICT NO. 8
ARKANSAS

Batesville—First National Bank
Bentonville—First National B a n k . . .
Corning—First National Bank..
El Dorado—First National Bank
Fayetteville—First National B a n k . . .
Fordyce— First National Bank
T^nrtCity National Bank
Smith
First National Bank.
Merchants National Bank
Hot Springs—Arkansas National
Bank.
Lake Village—First National Bank...
Little Rock—Exchange National
Bank
Marianna—Lee County National
Bank.
Newport—First National Bank
Paris—First National Bank
Pine BluffNational Bank of Arkansas
Simmons National Bank..
Texarkana—State National Bank
Van Buren—First National Bank

1 to 7 and 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
Ito9.
1 to 9.
Ito9.
Ito9.
1 to 9.
1 to 9.
1 to 8.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.

ILLINOIS

(See also District No. 7)

AltonAlton National Bank
1 to 7 and 9.
Citizens National Bank
Ito9.
Anna—First National Bank

1 to 9.
Ito9.
1 to 9.

301

FIDUCIAKY POWERS

Powers
granted

Powers
granted
DISTRICT NO. 8—Continued

DISTRICT NO. 8—Continued
ILLINOIS—continued

INDIANA—continued

BellevilleFirst National Bank...
St. Clair National Bank
Benld—First National Bank of Benld.
Breese—First National Bank
Bridgeport—First National Bank
Bunker Hill—First National Bank...
Cairo—Cairo National Bank..
Carlinville—Carlinville N a t i o n a l
Bank.
Carlyle—First National Bank
Car mi—National Bank of Carmi
Centralia—Old National Bank
Ed wards ville—Ed wards ville Na
tional Bank.
Effingham—First National Bank
Highland—First National Bank
Jacksonville—Ayers National Bank..
Lawrence ville—First National Bank.
Lebanon—First National Bank
Marion—First National Bank
Mascoutah—First National Bank
• Metropolis—City National Bank
Millstadt—First National Bank
Mount Carmel—American National
Bank.
Mount Sterling—First National Bank
Murphysboro—First National Bank.
Nashville—
Farmers & Merchants National
Bank.
First National Bank
N okomis—Nokomis National Bank..
O'Fallon—First National Bank
Pittsfield—First National Bank
Quincy—Quincy-Ricker N a t i o n a l
Bank & Trust Co.
Sparta—First National Bank..
Vandalia—First National Bank

Vevay—First National Bank
Vincennes—
A merican National Bank
First National Bank
Wadesville—Farmers National Bank.
Washington—
Peoples National Bank & Trust
Co
Washington National Bank

1 to 9.
1 to 9.
1 to 3,5 to 8.
Ito9.
1 to 9.

Ito9.
1 to 9.
Ito9.
1 to 9.
Ito9.
1 to 9.

1, 2, 3, 5, 6, 7,
and 9.
1 to 9.
Ito9.
1 to 4.
1 to 9.
Ito9.
1 to 9.
Ito9.
1 to 4.
1 to 9.
Ito9.

1 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.

KENTUCKY

(See also District No. 4)
Bowling Green—American National
Bank.
Clay—Farmers National Bank
Columbia—First National Bank &
Trust Co.
Danville—
Citizens National Bank
Farmers National Bank
_.
Elizabethtown—
First-Hardin National Bank
Union National Bank—

1 and 4.
1 to 9.
1 to 3, 5 to 8.
1 to 9.
1 to 8.

1 to 9.
1 to 3, 5,6,8,
and 9.
Frankfort—State National Bank
1 to 9.
Glasgow—Farmers National Bank... 1 to 5.
1 to 4.
Harrodsburg—
1 to 8.
First National Bank
1 to 9.
Mercer National Bank
1 to 8.
Ito9.
Henderson—Henderson N a t i o n a l I t o 9 .
Bank.
Ito9.
Hopkinsville—First National Bank.. 1 to 9.
1 to 3.
Lawrenceburg—
1 to 9.
Anderson National Bank
1 to 3, 5 to 9.
1 to 9.
Lawrenceburg National Bank
1 to 8.
1 to 9.
Lebanon—
Citizens National Bank
1 to 9.
1 to 3, 5 to 7.
Marion National Bank..
1 to 6.
1 to 8.
Louisville—
Citizens Union National Bank... 1 to 9.
INDIANA
First National B ank
1 to 9.
Louisville National Bank & 1 to 9.
(See also District No. 7)
Trust Co.
National Bank of Kentucky
1 to 3, 5 to 9. Madisonville—Farmers N a t i o n a l 1 tto99.
Bedford—Bedford National Bank
I o .
1 to 9.
Bank.
Bicknell—First National Bank
1 to 3, 5 to 7, Mayfleld—First National Bank
1 to 9.
Brownstown—First National Bank..
and 9.
Cannelton—Cannelton N a t i o n a l 1 to 3,5 to 8. Morganfield—Morganfield National 1 to 4.
Bank.
Bank.
Murray—First National Bank
l"to"9.
Evansville—
Owensboro—First National Bank & 1 to 9.
1 to 9.
National City Bank
_
Trust Co.
1 to 9.
Old National Bank
Paducah—
Fort Branch—Farmers & Merchants I t o 9 .
City National Bank
1 to 9.
National Bank.
First National Bank
1 to 9.
Jeffersonville—First National Bank.. 1 to 9.
Peoples National Bank
1 to 9.
1 to 7.
Linton—First National Bank..
Princeton—
1 to 9.
Madison—First National Bank
Farmers National Bank
1 to 9.
Ito5.
Mitchell—First National Bank
First National Bank
1 to 3,5 to 9.
Mount Vernon—
MISSISSIPPI
Mount Vernon National Bank & Ito9.
Trust Co.
(See also District No. 6)
Ito8.
Old First National Bank
Columbus—
New Albany—New Albany National 1 to 9.
Columbus National Bank
1 to 9.
Bank.
First National Bank
1 to 9.
Orleans—National Bank of Orleans. _ 1.
2, 3, and 5. Greenville—First National Bank
1 to 4.
Petersburg—First National Bank
Posey ville—Bozeman Waters Na- 1, 3, 5, 6, 8, Greenwood—The First National 1,2, 3, 5 to 8.
and 9.
tional Bank.
Bank.
PrincetonMISSOURI
Farmers National Bank
__. 1, 2, 3, 5, 6, 7,
(See also District No. 10)
and 9.
Boonville—Boon ville National Bank. 1 to 9.
Peoples American National Bank. 1 to 8.
Carrollton—First National Bank
1 to 8.
Rockport—First National Bank
1 to 9.
•Seymour—
Chillicothe—First National Bank
1 to 9.
Columbia—
First National Bank...
_ 1 to 9.
1 to 9.
Seymour National Bank
Boone County National Bank
1 to 9.
Sullivan—Peoples National Bank &
Exchange National Bank
1 to 4.
1 to 9.
Trust Co
Hannibal—Hannibal National Bank. 1 to 9.
Tell C i t y Jefferson City—
1 to 4.
Citizens National Bank
Exchange National Bank
1 to 9.
Tell City National Bank
| 1 to 9.
First National Bank
| 1 to 9.




302

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Powers
granted

Powers
granted
DISTRICT NO. 8—Continued

DISTRICT NO. 9—Continued

MISSOURI—continued
Kirksville—Citizens National Bank._
Pierce City—First National Bank
Ridgeway—First National Bank
St. Charles—First National Bank
St. LouisBoatmen's National Bank
First National Bank
Merchants' Laclede National
Bank.
National Bank of Commerce
Security National Bank, Savings
& Trust Co.
State National Bank
_
Sedalia—
Citizens National Bank
Third National Bank
Springfield—
McDaniel National Bank..
Union National Bank
Trenton—Trenton National Bank
Unionville—Marshall National Bank.
Versailles—First National Bank
TENNESSEE

(See also District No. 6)
Dyersburg—First-Citizens National
Bank.
JacksonNational Bank of Commerce
Security National Bank
Memphis—First National Bank
DISTRICT NO. 9
MICHIGAN

(See also District No. 7)
Calumet—First National Bank
Hancock—First National Bank
Houghton—
Citizens National Bank_.
Houghton National Bank
Iron Mountain—United States National Bank.
Ironwood—
Gocrpbip National Bank
Iron National Bank.
Ishpeming—Miners National Bank..
Lake Linden—First National Bank..
Laurium—First National Bank
Manistique—First National Bank—
Marquette—
First National Bank & Trust Co.
Union National Bank
•vfpnnrm'npp First National Bank
Munising—First National Bank of
Alger County.
Negaunee—
First National Bank.
Negaunee National Bank
MINNESOTA

Albert Lea—First National Bank...
Austin—
Austin National Bank
First National Bank
Bemidji—First National Bank
Blooming Prairie—First National
Bank.
Chatfield—First National Bank
Duluth—
American Exchange National
Bank.
City National Bank
First National Bank
Minnesota National Bank
Northern National Bank




MINNESOTA—continued
1 to
1 to
1 to
1 to

8.
9.
9.
9.

1 to 9.
1 to 4.
Ito4.
1 to 9.
1 to 9.
Ito9.
Ito4.
1 to 3, 5 to 7.

Eveleth—First National Bank
FairmontFirst National Bank
Martin County National Bank__
Faribault—Security National Bank,.
Fergus Falls—
Fergus Falls National Bank
First National Bank
Hutchinson—Farmers N a t i o n a l
Bank.
Lanesboro—First National Bank
Little FallsAmerican National Bank
First National Bank

Minneapolis—
First National Bank.
Metropolitan National Bank
Midland National Bank & Trust
Co.
Northwestern National Bank
Northfield—N o r t h f i e 1 d National
Bank.
Owatonna—First National Bank
Park Rapids—First National Bank..
Red Wing—
First National Bank
1 to 9.
Goodhue County National Bank.
Rochester—First National Bank
1 to 9.
St. P a u l Ito9.
Midway National Bank
Ito9.
Twin Cities National Bank
St. Peter—First National Bank
Sauk Center—First National Bank...
Stewartsville—First National Bank__
Stillwater—First National Bank
Truman—Truman National Bank
Virginia—American Exchange National Bank.
1 to 9.
2,3, 5, and 8. Waseca—Farmers National Bank
Welcome—Welcome National Bank..
2,3, 5, and 8. West Concord—First National Bank.
Windom—First National Bank
Ito9.
2, 3, 5, and 8. Winona—
First National Bank.
Winona National & Savings
Bank
2,3,5, and 8.
2,3, 5, and 8.
MONTANA
2,3,5, and 8.
2, 3, 5, and 8. BillingsMidland National Bank
2, 3, 5, and 8.
Montana National Bank...
1 to 4.
Bozeman—Commercial N a t i o n a l
Bank.
Ito9.
Deer Lodge—United States National
Ito9.
Bank
1 to 9.
2,3,5, and 8.
Dillon—First National Bank
Great FallsFirst National Bank..
2,3, 5, and 8.
Great Falls National Bank
1 to 3.
Helena—National bank of Montana..
Kalispell—First National Bank
Lewistown—National Bank of
Missoula—
1 to 8.
First National Bank
Western
Montana
National
1 to 9.
Bank.
1 to 8.
1 to 9.
NORTH DAKOTA
1, 2, 3, and 5.
Bismarck—First National Bank
1 to 5.
Ellendale—First National Bank
Far g o 1 to 8.
First National Bank & Trust Co
Merchants National Bank
Ito9
Forman—First National Bank
1 to 8.
Grafton—Grafton National Bank...
1 to 9.
Grand Forks—First National Bank
1 to 9.

1
1
1
1
1

to
to
to
to
to

9.
4.
9.
3, 5 to 7.
3.

1 to 3, 5 to 9.
1 to 9.
1 to 9.
1 to 9.
Ito8.
Ito9.
1 to 9.
Ito3.
1 to 9.
1, 2, 3, 5, 6,
8, and 9.

Ito9.
1 to 9.
1 to 8.
4.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
1 to 8.
Ito9.
1.

1 to 9.
1 to 9.
1 to 3, 5 to 8
1 to 9.
Ito8.
1 to 9.
Ito9.
1 to 9.
1 to 9.

1 to 9.
1 to 9.
1 to 4.
1 to 5, 7,
and 8.
1 to 7 and 9.
1 to 9.
1 to 4.
1 to 9.
1 to 4.
Ito9.

1 to 7 and 9
Ito8.

1 and 9.
1 to 4
Ito9.
1 to 9.
Ito3.
Ito9.
Ito9.

303

FIDUCIARY POWERS

Powers
granted

Powers
granted
DISTRICT NO. 9—Continued

DISTRICT NO. 10—Continued

NORTH DAKOTA—continued

COLORADO—continued

_
Jamestown—James River National 1 to 3, 5 to 7, Golden—Rubey National Bank
Grand Junction—Grand Valley NaBank.
and 9.
tional Bank.
Minot—
Greeley—
First National Bank
__ 1 to9.
First National Bank
Union National Bank__
1 to 7 and 9.
Greeley Union National Bank
SOUTH DAKOTA
Gunnison—First National Bank
Hugo—First National Bank
Aberdeen—Aberdeen National Bank- I t o 4 .
Idaho Springs—First National Bank.
1 to 4.
Arlington—First National Bank
Lamar—Lamar National Bank
1 to 9.
Canton—First National Bank
Las Animas—First National Bank...
1 to 9.
Deadwood—First National Bank
Longmont—
1 to 3.
Flandreau—First National Bank
First National Bank
1 to 9.
Lead—First National Bank..
Longmont National Bank
Ito9.
Miller—First National Bank
1 to 7 and 9. Loveland—First National Bank
Rapid City—First National Bank
Citizens National Bank.
Minnehaha National Bank
Security National Bank
Vermilion—First National Bank
Watertown—
Citizens National Bank
First National Bank
Yankton—First National Bank &
Trust Co .
WISCONSIN

(See also District No. 7)
Ashland
Ashland National Bank
Northern National Bank
Barron—First National Bank
Chippewa FallsFirst National Bank
Lumbermens National Bank
Eau Claire—Union National Bank...
Menomonie—First National Bank
SuperiorFirst National Bank
National Bank of Commerce
United States National Bank
DISTRICT NO. 10
COLORADO

BoulderBoulder National Bank
Citizens National Bank
National State Bank
Brighton—First National Bank
Brush—First National Bank
Canon City—Fremont County National Bank.
Center—First National Bank
Colorado SpringsColorado Springs National Bank.
Exchange National Bank
First National Bank...
Craig—Craig National Bank
DenverAmerican National Bank
Colorado National Bank.
Denver National Bank...
First National Bank
Stock Yards National Bank
United States National Bank
Durango—Burns National Bank
Eagle—First National Bank of Eagle
County.
Englewood—First National Bank
Florence—First National Bank
Fort CollinsFirst National Bank.
Fort Collins National Bank
Poudre Valley National Bank....
Fort Morgan—First National Bank...
Glenwood Springs—First National
Bank.




Ito9.
1 to 8.
Ito9.
2 to 9.
Ito9.
Ito9.

Mancos—First National Bank
Montrose—Montrose National Bank.
Ordway—First National Bank
TrinidadFirst National Bank
Trinidad National Bank
Walsenburg—First National Bank...

1 to 4.

1 to 9.
Ito9.
Ito9.
1 to 9.
1 to 9.
1 to 3.
Ito4.
Ito9.
Ito9.
Ito9.
1 to 9.
1 to 4, 6,

KANSAS

AnthonyCitizens National Bank.
First National Bank
Atchison—City National Bank
Chanute—First National Bank
1 to 9.
1 to 7 and 9. Coffeyville—
Condon National Bank
Ito3.
First National Bank
Emporia—
1 to 9.
Citizens National Bank
Ito9.
Commercial National Bank &
1 to 9.
Trust Co.
1 to 9.
Fort Scott—Citizens National BankGreat Bend—First National Bank
Ito7.
Horton—First National Bank
1 to 9.
Hutchinson—
1 to 9.
American National Bank
_
Exchange National Bank
First National Bank
Independence—
Citizens First National
_
1 to 4.
Commercial National Bank
1 to 7.
Jewel City—First National Bank
1 to 9.
Kansas City—Peoples N a t i o n a l
1 to 4.
Bank.
1 to 3, 5 to 8. Lawrence—
1 to 4.
Lawrence National Bank
Merchants National Bank
Ito4.
Watkins National Bank
_.
Luray—First National Bank
1 to 9.
Manhattan1 to 9.
First National Bank...
_.
1 to 9.
Union National Bank..
1 to 9.
Ottawa—Peoples National Bank
Paola—Miami County National
Ito7.
Bank.
1 to 9.
Pratt—First National Bank
1 to 9.
Sabetha—National Bank of Sabetha_.
Ito9.
Salina—
1 to 9.
Farmers National Bank
1 to 9.
National Bank of America
1 to 7.
Topeka—
1 to 4.
Farmers National Bank
National Bank of Topeka
1 to 4.
Troy—First National Bank...
Wellington—First National Bank
Ito9.
WichitaIto4.
First National Bank
1 to 9.
Fourth National Bank
1 to 7 and 9.
Union National Bank..
Ito4.
Winfield—
1 to 3, 5 to 7
First National Bank
Winfield National Bank

Ito9.
Ito9.
1.

Ito3.
1 to 9.
Ito9.
Ito8.
Ito4.
Ito9.
1 to 9.
1 to 3, 5 to 9.
1 to 3 and 5.
Ito9.
Ito9.
1 to 7 and 9.
Ito9.
Ito4.
Ito9.
Ito8.
Ito4.
Ito9.
Ito9.
Ito3.
Ito9.
Ito8.
Ito8.
Ito9.
Ito3.
1 to 9.
1 to 9.
1 to 4.
Ito9.
Ito9.
Ito4.
1 to 5 and 8.
Ito9.
Ito4.
1 to 9.
Ito3.
Ito9.
Ito9.
1 to 9.
Ito9.
Ito9.
Ito9.

304

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Powers
granted

Powers
granted
DISTRICT NO. 10—Continued

DISTRICT NO. 10—Continued

OKLAHOMA—continued
(See also District No. 8)
Cameron—First National Bank
Carthage—Central National Bank...
Independence—First National Bank.
Joplin—Joplin National Bank
Kansas C i t y Columbia National Bank
Fidelity National Bank & Trust
Co.
First National Bank
Gate City National Bank
_..
Interstate National Bank
Liberty National Bank
Stockyards National Bank
Traders National Bank
Maryville—First National Bank
Neosho—First National Bank
Plattsburg—First National Bank
St. Joseph—
American National Bank
Burns National Bank...
Tootle-Lacey National Bank

1 to 3.
1 to 3.
1 to 9.
1 to 9.
1 to 4 and 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 7 and 9.
1 to 9.
1 to 7 and 9.
1 to 5.
1 to 9.
1 to 9.
1 to 4.
1 to 4.
1 to 8.

NEBRASKA

Belden—First National Bank
1 to 3, 5 to 9.
Butte—First National Bank.
1 to 3.
Columbus—First National Bank
1 to 9.
David City—First National Bank... 1 to 9.
Decatur—First National Bank
1 to 3.
Emerson—First National Bank
1 to 8.
Grand Island—First National Bank.. 1 to 9.
LincolnFirst National Bank
1 to 9.
Lincoln National Bank & Trust 1 to 9.
Co.
Lyons—First National Bank
1 to 3.
Madison—First National Bank
1 to 7 and 9.
Nebraska City—Nebraska City Na- 1 to 9.
tional Bank.
I
Norfolk—Norfolk National Bank
I 1 to 3.
Omaha—
First National Bank
1 to 4.
Omaha National Bank
1 to 9.
United States National Bank
4.
Ord—First National Bank
1 to 4.
Osmond—First National Bank
1 to 9.
Pender—First National Bank..
1, and 3 to 7.
Kandolph—First National Bank
1 to 9.
South Omaha—•
Packers National Bank
1 to 9.
Stock Yards National Bank
4.
Utica—First National Bank
2 and 3.
Wahoo—First National Bank..
1 to 3, 5 to 9.
NEW MEXICO

(See also District No. 11)
AlbuquerqueAlbuquerque National Trust & 1 to 9.
Savings Bank.
First National Bank
1 to 7 and 9.
Farmington—First National Bank... 1 and 2.
Gallup—First National Bank in Gal- 2 and 3.
lup.
RatonFirst National Bank in Raton. _. 1 to 7.
National Bank of New Mexico
I 2 and 3.
Santa Fe—First Nationa IBank
1 to 9.
OKLAHOMA

Ada—First National Bank
Ardmore—First National Bank
Bartles ville—
First National Bank
Union National Bank...
._.
Blackwell—First National Bank
Bristow—American National Bank.
Broken Arrow—First National Bank.




Ito9.
Ito8.
Ito8.
4.
1 to 9.
1 to 9.
1 to 4, 6 to 8

Cleveland—First National Bank
Dewey—First National Bank
EnidAmerican National Bank. _
Central National Bank
First National Bank
Guthrie—First National Bank
Holdenville—First National Bank
HominyFirst National Bank
National Bank of Commerce
Hooker—First National Bank
Lawton—City National Bank
McAlester—First National Bank
Miami—Ottawa County National
Bank.
Muskogee—
Commercial National Bank
First National Bank
._
Norman—First National Bank
Okemah—
First National Bank
Okemah National Bank
Oklahoma City—
American-First National Bank...
Farmers National Bank
Fidelity National Bank
Liberty National Bank
Security National Bank.
Tradesmens National Bank
Okmulgee—
American National Bank
Central National Bank
Citizens National Bank
_..
Pond Creek—First National Bank...
Shawnee—
Shawnee National Bank
State National Bank.
Stillwater—Stillwater National Bank.
Tulsa—
Central National Bank & Trust
Co.
Exchange National Bank
First National Bank & Trust Co.
National Bank of Commerce
Producers National Bank
Woodward—First National Bank

1 to 9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 8.
1 to 9.
1 to 3, 5 to 9.
1 to 9.
1 to 3 and 5.
1 to 3, 5 to 7
and 9.
1 to 3, 5 to 7.
1 to 9.
1 to 8.
1 to 9.
1 to 9.
1 to 8.
1 to 9.
1 to 9.
1 to 4.
1 and 4.
1 to 9.
1 to 8.
1 to 7 and 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 and 4.
1 to 9.
1 to 3, 5 to 9.
1 to 9.
2 and 3.

WYOMING

Buffalo—First National Bank
CasperCasper National Bank
Wyoming National Bank
CheyenneAmerican National Bank _ _
Stock Growers National Bank-__
CodyFirst National Bank
Shoshone National Bank
Evanston—First National Bank_-___
Kemmerer—First National Bank--..
Laramie—First National Bank
Powell—First National Bank
_._
Rawlins—
First National Bank
._
Rawlins National Bank
Rock Springs—Rock Springs National Bank.
Sheridan—First National Bank
Therrnopolis—First National Bank..

1 to 4.
Ito5.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 and 4.
1 to 3.
1 to 4.
1 to 3.
1 to 8.
1 to 9.
1 to 3.
1 to 9.
1 to 9.
1 to 9.

DISTRICT NO. 11

(See also District No. 12)
Nogales—First National Bank
| 1 to 8.
Tucson—Consolidated National Bank1 1 to 4.

305

FIDUCIARY POWERS

Powers
granted

Powers
granted
DISTRICT NO. 11—Continued

DISTRICT NO. 11—Continued

LOUISIANA

TEXAS—continued

(See also District No. 6)

Houston—Continued.
Second National Bank
South Texas Commercial National Bank.
State National Bank...
Union National Bank
Italy—First National Bank..
_
La Grange—First National Bank
Longview—First National Bank

Shreveport—
Gommereial National Bank
First National Bank

1 to 9.
_ 1 to 4.

NEW MEXICO

(See also District No. 10)
Ito3.
Roswell—First National Bank
Silver City—American National Bank 2 and 3.

McKinney—
Collin County National Bank
First National Bank
MarshallAbilene—
First National Bank
_
1 and 2.
Citizens National Bank._
Marshall National Bank
Farmers & Merchants National I t o 9 .
Orange—
Bank.
First National Bank
4.
Albany—Albany National Bank
Orange National Bank
1 to 4.
Amarillo—First National Bank..
Palestine—Royall National Bank
AustinPort ArthurAmerican National Bank-_ 1 to 3.
First National Bank
Ito9.
Austin National Bank
Merchants National Bank
Beaumont—
San Angelo—
Ito9.
American National Bank
Central National Bank
1 to 9.
City National Bank.
First National Bank
Ito4.
First National Bank
San Angelo National Bank
1 to 9.
Texas National Bank
1 to 3, 5 to 7. San AntonioBonham—First National Bank
Alamo National Bank ___
_.
1 to 3 and 5.
Brady—Brady National Bank
Frost National Bank
_
1 to 7 and 9.
Brenham—First National Bank.
Groos National Bank .
BrownsvilleLockwood National Bank.
First National Bank
1.
National Bank of Commerce
Merchants National Bank.
1.
Sherman—
Brownwood—Citizens National Bank I t o 9 .
Commercial National Bank
Cameron—Citizens National Bank
Ito9.
Merchants & Planters National
Clarksville— First National Bank
1 to 3, 5 to 8.
Bank.
Colorado—
Stanton—First National Bank
_
City National Bank.
1 to 4.
Colorado National Bank
_. 1 to 3, 5 to 7. Terrell—American National Bank
Texarkana — Texarkana
National
Corpus Christi—
Bank.
City National Bank & Trust Co. 1 to 9.
Troup—First National Bank..
_
Corpus Christi National Bank... 1 to 7.
TylerIto4.
Corsicana National Bank
Citizens National Bank
Peoples National Bank
First National Bank
1 to 9.
Victoria—Victoria National Bank
DallasWacoAmerican Exchange National 1 to 9.
Citizens National Bank
Bank.
First National Bank
City National Bank
_. I t o 9 .
Waxahachie—Citizens National Bank
Dallas National Bank.
l t o 9.
Wichita FallsMercantile National Bank
Ito9.
City National Bank.
National Bank of Commerce
l t o 4.
First National Bank
North Texas National Bank .___ l t o 9.
Republic National Bank & Trust 1 to 9.
Co.
DISTRICT NO. 12
Denison—
ALASKA
Citizens National Bank
l t o 9.
State National Bank
l t o 9.
Fairbanks—First National Bank.
El Paso—
El Paso National Bank
l t o 9.
ARIZONA
First National Bank
1 to 7 and 9.
State National Bank
1 to 9.
Phoenix—First National Bank.»
Floresville—City National Bank
1 to 9.
Winslow—First National Bank
Fort WorthContinental National Bank
_ l t o 9.
CALIFORNIA
First National Bank
_ 1, 2, and 4.
Fort Worth National Bank
l t o 9.
Alhambra—First National Bank
Stockyards National Bank
_ l t o 4.
Anaheim—First National Bank
Gainesville—Lindsay National Bank. 1 to 9.
Berkeley—First National Bank
Galveston—
City National Bank
l t o 9.
Chico—First National Trust & SavFirst National Bank
_ l t o 9.
ings Bank .
South Texas National Bank
l t o 9.
United States National Bank
l t o 9.
Fullerton—First National Trust &
Savings Bank.
Greenville—Greenville National Ex- l t o 4.
Long Beachchange Bank.
California National Bank..
Haskell—Haskell National Bank
1 to 3, 5 to 8.
First National Bank.
HoustonLos Angeles—
First National Bank
l t o 9.
Citizens National Trust & SavNational Bank of Commerce
1 to 7 and 9.
ings Bank
_
Public National Bank
1 to 9.
TEXAS




1 to 7 and 9.
l t o 9.
l t o 9.
l t o 9.
l t o 9.
1.
1 to 3, 5,
and 8.
1 to 9.
1,2, and 4.
1 to 3 and 5.
l t o 5.
1 to 9.
l t o 9.
1 to 4.
1 to 4.
1 to 9.
l t o 4.
1 to 9.
l t o 3.
l t o 9.
l t o 9.
1 to 9.
l t o 9.
l t o 9.
Ito3,5to8.
l t o 9.
1 to 3.
l t o 8.
l t o 9.
1.
l t o 9.
1 to 9.
1 to 4.
l t o 9.
1 to 8.
l t o 9.
1 to 9.
l t o 9.

1 to 9.

l t o 9.
1.

l t o 9.
l t o 9.
1 to 3, 5 to 7,
and 9.
1 to 8
l t o 9.
1 to 9.
1 to 9.
1 to'9.

306

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Powers
granted

Powers
granted
DISTRICT NO. 12—Continued
CALIFORNIA—continued

Los Angeles—Continued.
Farmers & Merchants National
Bank.
Los Angeles-First National Trust
& Savings Bank.
Pacific National Bank__
Seaboard National Bank
The United States National Bank
of Los Angeles..
Mountain View—First National
Bank.
OaklandCentral National Bank.
First National Bank
.
Orange—First National Bank
Orland—First National Bank
Pleasanton—First National Bank
Pomona—First National Bank..
Redwood City—First National Bank
of Mateo County.
Riverside—Citizens National Trust
& Savings Bank
Sacramento—Capital National Bank.
San Bernardino—American National
Bank
San Diego—First National Trust &
Savings Bank.
San FranciscoAnglo & London Paris National
Bank.
Bank of California, N. A
Bank of Italy National Trust &
Savings Association.
Crocker First National Bank
Pacific National Bank. __
Santa Ana—First National Bank
Santa BarbaraCounty National Bank & Trust
Co.
First National Trust & Savings

1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 7 and 9.
4.

DISTRICT NO. 12—Continued
OREGON—continued
Ontario—First National Bank
Pendleton—First National Bank
PortlandFirst National Bank
Peninsula National Bank
United States National Bank
West Coast National Bank
Salem—
First National Bank in Salem
United States National Bank
The Dalles—First National Bank

UTAH
Ito9.
Logan—First National Bank
Ito9.
Ogden—
Ito9.
First National Bank
4.
National Bank of Commerce
4.
1 to 3, 5 to 7. Salt Lake C i t y Continental National Bank
1 to 3, 5, 7
Deseret National Bank
to 9.

Ito9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
1 to 8.
1 to 9.

2 and 3.
Ito9.
Ito9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1.

1 to 7 and 9.
1 to 7 and 9.
1 to 4.

WASHINGTON

Aberdeen—Grays Harbor National
Bank.
Bellingham—
American National Bank
Bellingham National Bank.
First National Bank
_
_.
Northwestern National Bank
Burlington—First National Bank
Chechalis—First National Bank
Colfax—Farmers National Bank
Dayton—Columbia National Bank...
Ellensburg—Washington National
Bank.
EverettFirst National Bank
Security National Bank...
Hoquiam—First National Bank
Longview—First National Bank

1 to 9.

Dexter Horton National Bank...
First National Bank
Marine National Bank
Metropolitan National Bank
National Bank of Commerce
National City Bank..
Pacific National Bank
Seattle National Bank
University National Bank
SpokaneExchange National Bank
Fidelity National Bank.
Old National Bank & Union
Trust Co.
Tacoma—
National Bank of Tacoma..
Puget Sound National Bank
Toppenish—First National Bank
Vancouver—Vancouver N a t i o n a l
Bank.
Waitsburg—First National Bank
Walla Walla—
Baker-Boyer National Bank
First National Bank
_
Wenatchee—First National Bank
Yakima—Yakima National Bank

1 to 9.
1 to 9.
1 to 9.
1 to 7 and 9
Ito9.
Ito9.
Ito9.
1 to 9.
Ito9.
Ito9.
1 to 9.
Ito9.

1 to 3 and 9.
1 to 9.
1 to 5 and 9.
1 to 9.
1 to 7 and 9
1 to 9.
1 to 5.
1 to 3.
Ito9.

1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
"Ronir
First National Bank
1 to 3, 5 to 7.
1 to 3.
Stockton—First National Bank
Skagit National Bank
Whittier—
1 to 4.
Okanogan—First National Bank
First National Trust & Savings
1 to 9.
Bank
1 to 7 and 9. Olympia—
Capital National Bank
1 to 9.
Whittier National Bank
1 to 9.
Olympia National Bank
1 to 9.
Port Angeles—First National Bank. _ 1 to 9.
1 to 7.
Pullman—First National Bank.
Boise City National Bank
1 to 3, 5 to 9. Rosalia—Whitman County National 1 to 9.
Ito5.
First National Bank of Idaho

Pacific National Bank
Hagerman—First National Bank
Hailey—Hailey National Bank
Lewiston—Lewiston National Bank..
Moscow—First National Bank

Ito9.

1 to 9.
1.
1 to 3.
1 to 9.
1 to 4.

NEVADA

Reno—Farmers & Merchants Na-

1 to 7 and 9.

Tonopah—Nevada
Bank.

4 and 9.

First

National

OREGON

Ashland—First National Bank
Athena—First National Bank
Corvallis—First National Bank
Eugene—First National Bank
Orants Pass—First National Bank of
Southern Oregon.
Harrisburg—First National Bank
Hood River—First National Bank
Junction City—First National Bank..
McMinnville—United States National Bank.
Marshfield—
Coos Bay National Bank. _
First National Bank of Coos Bay.
Medford—Medford National Bank...
Milton—First National Bank
Newberg—United States National
Bank of Newburg




1 to 9.
1 to 9.
1 to 9.
1 to 5.
1, 2, 3, 5, 6,
7, and 9.
1 to 3.
1 to 9.
1, 2, 3, 5, 6,
7, and 9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
1 to 4.
Ito9.

Ito9.
Ito9.
1 to 9.
1 to 4.
Ito9.
1 to 9.
1 to 9.
1 to 9.
Ito9.

HAWAIIAN ISLANDS

Honolulu—First National Bank of
Hawaii.

Ito8.

BANKS AUTHORIZED TO ACCEPT BILLS UP TO 100 PEK
CENT OF CAPITAL AND SURPLUS

The following banks have been granted authority by the Federal
Reserve Board to accept drafts and bills of exchange up to 100 per
cent of their capital stock and surplus:
DISTRICT NO. 1
•Connecticut:
Hartford—Hartford National Bank & Trust
Co.
New Haven—First National Bank.
Norwich—Thames National Bank.
Maine:
PortlandCanal National Bank.
Portland National Bank.
Massachusetts:
BostonAmerican Trust Co.
Atlantic National Bank.
Beacon Trust Co.
First National Bank.
Merchants National Bank.
National Shawmut Bank.
Old Colony Trust Co.
Second National Bank.

Massachusetts—Continued.
Boston—Continued.
State Street Trust Co.
Webster & Atlas National Bank.
Dedham—Ded ham National Bank.
Fall River—Massasoit-Pocasset National Bank.
Fitchburg—Safety Fund National Bank.
New BedfordFirst National Bank.
Safe Deposit National Bank.
Springfield—Springfield National Bank.
Worcester—Worcester County National Bank.
Rhode Island:
Providence—
Blackstone Canal National Bank.
Industrial Trust Co.
National Bank of Commerce.
Providence National Bank.
Rhode Island Hospital Trust Co.

DISTRICT NO. 2
•Connecticut:
Bridgeport—
City National Bank.
First National Bank.
New Jersey:
Hoboken—First National Bank.
Newark—National Newark & Essex Banking
Co.
New Brunswick—National Bank of New Jersey.
Paterson—
Hamilton Trust Co.
Paterson National Bank.
New York:
Brooklyn—Nassau National Bank.
New York C i t y Bank of America, N. A.
Bank of the Manhattan Co. (Manhattan
Co.).
Bank of New York & Trust Co.
Bankers 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.
Fidelty Trust Co.
Fifth Avenue Bank.
First National Bank.
Garfield National Bank.
Grace National Bank.
Guaranty Trust Co.
Harriman National Bank & Trust Co.
Interstate Trust Co.
Irving Trust Co.
National Bank of Commerce.
National City Bank.
National Park Bank.
New York Trust Co.
Pacific Coast Trust Co.
Seaboard National Bank.
U. S. Mortgage & Trust Co.
Utica—Utica Trust & Deposit Co.

DISTRICT NO. 3
Pennsylvania:
PhiladelphiaCorn Exchange National Bank & Trust Co.
First National Bank.

Pennsylvania—Continued.
Philadelphia—Continued.
Market Street National Bank.
Philadelphia National Bank.
Tradesmen's National Bank & Trust Co.

DISTRICT NO. 4
Kentucky:
Lexington—Phoenix National Bank & Trust
Co.
Ohio:
Cincinnati—
Fifth-Third-Union Trust Co.
ClevelandCentral National Bank.
Cleveland Trust Co.
Engineers National Bank.
Guardian Trust Co.
Union Trust Co.
ColumbusCity National Bank of Commerce.
Ohio National Bank.




Ohio—Continued.
Toledo—Commerce Guardian Trust & Savings
Bank.
Pennsylvania:
Braddock—First National Bank.
Greensburg—First National Bank.
PittsburghBank 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.

307

308

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

DISTRICT NO. 5
Maryland:
South Carolina—Continued.
Baltimore—
Orangeburg—Edisto National Bank.
Baltimore Commercial Bank.
Rock Hill—Peoples National Bank.
Baltimore Trust Co.
Virginia:
Drovers & Mechanics National Bank.
Danville—First National Bank.
Farmers & Merchants National Bank.
Hampton—Merchants National Bank.
First National Bank.
NorfolkMaryland Trust Co.
Norfolk National Bank of Commerce &
National Bank of Baltimore.
Trusts.
National Marine Bank.
Seaboard Citizens National Bank.
National Union Bank of Maryland.
Virginia National Bank.
Western National Bank.
Richmond—
North Carolina:
Bank of Commerce & Trusts.
Wilmington—Murchison National Bank.
Central National Bank.
South Carolina:
First-Merchants National Bank.
CharlestonPeoples First National Bank.
South Carolina National Bank.
DISTRICT NO. 6
Alabama:
Georgia—Continued.
Decatur—
Valdosta—First National Bank.
Central National Bank.
Louisiana:
City National Bank.
New OrleansHun tsville—Henderson National Bank.
American Bank & Trust Co.
Mobile—Merchants National Bank.
Canal Bank & Trust Cq.
Montgomery—First National Bank.
Hibernia Bank & Trust Co.
Troy—Farmers & Merchants National Bank.
Interstate Trust & Banking Co.
Florida:
Marine Bank & Trust Co.
New Orleans Bank & Trust Co.
Jacksonville—Atlantic National Bank.
Whitney-Central National Bank.
Pensacola—Citizens & Peoples National Bank.
Mississippi:
Georgia:
Albany—Albany Exchange National Bank.
Vicksburg—Merchants National Bank
AtlantaTrust Co.
Atlanta & Lowry National Bank.
Tennessee:
Fourth National Bank.
ChattanoogaMacon—Macon National Bank.
First National Bank.
Savannah—
Hamilton National Bank.
Clarksville—First National Bank.
Citizens & Southern National Bank.
Citizens Bank & Trust Co.
Savannah Bank & Trust Co.
DISTRICT NO. 7
Indiana:
Illinois:
Brazil—Riddell National Bank.
ChicagoIndianapolis—Fletcher-American National
Chicago Trust Co.
Bank.
Continental National Bank & Trust Co.
Michigan:
Drovers National Bank.
DetroitFirst National Bank.
First National Bank in Detroit.
Foreman National Bank.
National Bank of Commerce.
Harris Trust & Savings Bank.
Wisconsin:
Illinois Merchants Trust Co.
Milwaukee—First Wisconsin National Bank.
National Bank of the Republic.
Union Trust Co.
Peoria—Merchants & Illinois National Bank.
DISTRICT NO. 8
Missouri—Continued.
Arkansas:
St. Louis—Continued.
Pine Bluff—Peoples Savings Bank & Trust Co.
Merchants-Laclede National Bank.
Mississippi:
Mississippi Valley Trust Co.
Ittabena—First National Bank.
Missouri:
National Bank of Commerce.
Tennessee:
St. LouisFirst National Bank in St. Louis.
MemphisLiberty Central Trust Co.
First National Bank.
Mercantile Trust Co.
Union & Planters Bank & Trust Co.
DISTRICT NO. 9
Minnesota:
M innesota—C ontinued.
Minneapolis—
St. Paul—First National Bank.
First National Bank in Minneapolis.
Northwestern National Bank.
Colorado:
Denver—Denver National Bank.
Kansas:
Hutchinson—First National Bank.
Lawrence—Lawrence National Bank.
Missouri:
Kansas CityCommerce Trust Co.



DISTRICT NO. 10
Missouri—C ontinued.
Kansas City—Continued.
Fidelity National Bank & Trust Co.
First National Bank.
St. Joseph—First National Bank.
Oklahoma:
Oklahoma City—
American-First National Bank.
Security National Bank.

BANKS AUTHORIZED TO ACCEPT BILLS UP TO 100 PER CENT

309

DISTRICT NO. 11
Arizona:
Texas—Continued.
Nogales—First National Bank.
G alveston—
Texas:
South Texas National Bank.
Austin—American National Bank.
United States National Bank.
Brownwood—First National Bank in BrownHillsboro—Citizens National Bank.
wood.
HoustonCorpus Christi—State National Bank.
First National Bank.
DallasHouston National Bank.
American Exchange National Bank.
National Bank of Commerce.
City National Bank.
Second National Bank.
Dallas National Bank.
South Texas Commercial National Bank.
Republic National Bank & Trust Co.
Union National Bank.
Navasota—First National Bank.
Eagle Pass—First National Bank.
Paris—Lamar State Bank & Trust Co.
El Paso—First National Bank.
San Angelo—First National Bank.
Fort WorthFort Worth National Bank.
Sherman—Commercial National Bank.
Stockyards National Bank.
TerrellAmerican National Bank.
Gainesville—First National Bank.
First National Bank.
Waco—First National Bank.
DISTRICT NO. 12
Oregon:
California:
Portland—
Los AngelesFirst National Bank.
Citizens National Trust & Savings Bank.
United States National Bank.
Los Angeles First National Trust & Savings Bank.
Washington:
San FranciscoSeattleAmerican Trust Co.
Dexter Horton National Bank.
Anglo & London-Paris National Bank.
First National Bank.
Bank of California, N. A.
National Bank of Commerce.
Crocker-First National Bank.
Seattle National Bank.
Pacific National Bank.
SpokaneWells Fargo Bank & Union Trust Co.
Exchange National Bank.
Santa Barbara—First National Trust & Savings
Old National Bank & Union Trust Co.
Bank.
Spokane & Eastern Trust Co.
Tacoma—National Bank of Tacoma.




DESCRIPTION OF FEDERAL RESERVE DISTRICTS
Land area Population
(square June 30,1928
miles)
(estimated)

Federal reserve district

No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.

1—Boston
2—New York
3—Philadelphia...
4—Cleveland
5—Richmond
6—Atlanta
7—Chicago
8—St. Louis
9—Minneapolis.-.
10—Kansas City..
11—Dallas
_.
12—San Francisco

61,345
51,890
36,842
73,424
152, 316
248,226
190, 513
194,810
414,004
480,438
386,116
683,852

Total

2, 973, 776

FEDERAL RESERVE

120,013,000

DISTRICTS

DISTRICT N O . 1—BOSTON

61,345

DISTRICT N O . 2—NEW YORK

7, 888, 000

4,189
29,895
8,039
9,031
1,067
9,124

Connecticut (excluding Fairfield C o u n t s
Maine
Massachusetts
New Hampshire.
Rhode Island
Vermont
Connecticut (Fairfip.ld Conntv"}
New Jersey
Counties of—
Bergen.
Hunterdon.
Essex.
Middlesex.
Hudson.
Monmouth.
New York

7,888,000
14, 907,000
7, 680,000
11,445,000
11,068,000
11,158,000
17,454,000
9, 775,000
5,637,000
7,780,000
6, 717,000
8,504,000

1, 279,000
795,000
4, 290,000
456,000
716,000
1352,428

51,890

14,907,000

631
3,605

Sussex.
Union.
Warren.

DISTRICT N O . 3—PHILADELPHIA

Delaware
New Jersey _.
Counties of—
Atlantic.
Cape May.
Burlington.
Cumberland.

Gloucester.
Mercer.
Lebanon.
Lehigh.
Luzerne.
Lycoming.
McKean.
Mifflin.
Monroe.
Montgomery.
Montour.
Northampton.
Northumberland.
Perry.

Philadelphia.
Pike.
Potter.
Schuylkill.
Snyder.
Sullivan.
Susquehanna.
Tioga.
Union.
Wayne.
Wyoming.
York.

11, 550,000
7,680,000

Ocean.
Salem.

Pennsylvania
Counties of—
Clinton.
Adams.
Columbia.
Bedford.
Cumberland.
Berks.
Dauphin.
Blair.
Delaware.
Bradford.
Elk.
Bucks.
Franklin.
Cambria.
Fulton.
Cameron.
Huntingdon.
Carbon.
Juniata.
Center.
Lackawanna.
Chester.
Lancaster.
Clearfield.

47,654
36,842

Morris.
Passaic.
Somerset.

388,000
2,969 000

1 965
3,909

30,968

* Population Jan. 1,1920; decrease 1910 to 1920; no estimate made.

310




244 000
852,000

6, 584,000

DESCRIPTION OP FEDERAL RESERVE DISTRICTS

311

FEDERAL RESERVE DISTRICTS—Continued
Land area Population
(square June 30,192&
(estimated)
miles)

Federal reserve district

73,424
17,614

Kentucky (eastern part)
Counties o—
f
Bath.
Fleming.
Bell.
Floyd.
Boone.
Garrard.
Bourbon.
Grant.
Boyd.
Greenup.
Bracken.
Harlan.
Breathitt.
Harrison.
Campbell.
Jackson.
Carter.
Jessamine.
Clark.
Johnson.
Clay.
Kenton.
Elliott.
Knott.
Estill.
Knox.
Fayette.
Laurel.
Ohio
Pennsylvania (western part)
Counties o—
f
Allegheny.
Crawford.
Armstrong.
Erie.
Beaver.
Fayette.
Butler.
Forest.
Clarion.
Greene.
West Virginia (northern part)
Counties o—
f
Brooke.
Marshall.
Hancock.
Ohio.

Lawrence.
Lee.
Leslie.
Letcher.
Lewis.
Lincoln.
McCreary.
Madison.
Magoffin.
Martin.
Mason.
Menifee.
Montgomery.
Morgan.
Indiana.
Jefferson.
Lawrence.
Mercer.
Somerset.

...

Tyler.
Wetzel.

District of Columbia
Maryland
North Carolina
South Carolina
Virginia
West Virginia (southern part),..
Counties o—
f
Barbour.
Hardy.
Berkeley.
Harrison.
Boone.
Jackson.
Braxton.
Jefferson.
Cabell.
Kanawha.
Calhoun.
Lewis.
Clay.
Lincoln.
Doddridge.
Logan.
Fayette.
McDowell.
Gilmer.
Marion.
Grant.
Mason.
Greenbrier.
Mercer.
Hampshire.
Mineral.

1

-_
_

_
_

Mingo.
Monongalia.
Monroe.
Morgan.
Nicholas.
Pendleton.
Pleasants.
Pocahontas.
Preston.
Putnam.
Raleigh.
Randolph.
Ritchie.

.
_

_

152,316
62
9,941
48, 740
30,495
40,262
22,816

11,068,000
552,000
1,616,000
2,938,000
1,864,000
2,575,000
1,523,000

248, 226
51,279
54,861
58, 725
26,891

11,158,000

Roane.
Summers.
Taylor.
Tucker.
Upshur.
Wayne.
Webster.
Wirt.
Wood.
Wyoming.

_

Alabama
...
Florida
_
Georgia.
Louisiana (southern part)
_
Parishes o—
f
Acadia.
Evangeline.
Rapides.
Tangipahoa.
Allen.
Iberia.
St. Bernard.
Terrebonne.
Ascension.
Iberville.
St. Charles.
Vermilion.
Assumption.
Jefferson.
St. Helena.
Vernon.
Avoyelles.
Jefferson Davis. St. James.
Washington.
Beauregard.
Lafayette.
St. John the Bap- W e s t B a t o n
Calcasieu.
La Fourche.
tist.
Rouge.
Cameron.
Livingston.
St. Landry.
West Feliciana.
E a s t B a t o n Orleans.
St. Martin.
Rouge.
Plaquemines.
St. Mary.
East Feliciana. Pointe Coupee. St. Tammany.
Mississippi (southern part)
_
Counties of—
Adams.
Harrison.
Lawrence.
Scott.
Amite.
Hinds.
Leake.
Sharkey.
Claiborne.
Issaquena.
Lincoln.
Simpson.
Clarke.
Jackson.
Madison.
Smith.
Copiah.
Jasper.
Marion.
Stone.
Covington.
Jefferson.
Neshoba.
Walthall.
Forrest.
Jefferson Davis. Newton.
Warren.
Franklin.
Jones.
Pearl River.
Wayne.
George.
Kemper.
Perry.
Wilkinson.
Greene.
Lamar.
Pike.
Yazoo.
Hancock.
Lauderdale.
Rankin.
Population Jan. 1,1920; decrease 1910 to 1920; no estimate made.




201,000

Venango.
Warren.
Washington.
Westmoreland.

DISTRICT N O . 5—RICHMOND

DISTRICT N O . 6—ATLANTA

6,826,000
3,269,000

1,206

Nicholas.
Owsley.
Pendleton.
Perry.
Pike.
Powell.
Pulaski.
Robertson.
Rockcastle.
Rowan.
Scott.
Whitley.
Wolfe.
Woodford.

11,445,000
1,149,000

40,740
13,864

DISTRICT N O . 4—CLEVELAND

25,519

2,573,000
1,411,000
3, 203,000
1, 359,000

1853,050

312

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
FEDERAL RESERVE

DISTRICTS—Continued
Land area Population
(square June 30,1928
miles)
(estimated)

Federal reserve district

DISTRICT N O . 6.—ATLANTA—Continued.

Tennessee (eastern part) .
Counties o—
f
Anderson.
Giles.
Bedford.
Grainger.
Bledsoe.
Greene.
Blount.
Grundy.
Bradley.
Hamblen.
Campbell.
Hamilton.
Cannon.
Hancock.
Carter.
Hawkins.
Cheatham.
Hickman.
Claiborne.
Houston.
Clay.
Humphreys.
Cocke.
Jackson.
Coffee.
Jefferson.
Cumberland.
Johnson.
Davidson.
Knox.
De Kalb.
Lawrence.
Dickson.
Lewis.
Fentress.
Lincoln.
Franklin.
Loudon.

30,951

Rhea.
Roane.
Robertson.
Rutherford.




5, 978,000

26,707

2,525,000

55,586
40,789

2,428,000
4,175,000

Scott.
Sequatchie.
Sevier.
Smith.
Stewart.
Sullivan.
Sumner.
Trousdale.
Unicoi.
Union.
Van Buren.
Warren.
Washington.
Wayne.
White.
Williamson.
Wilson.

DISTRICT N O . 7.—CHIC AGO

Illinois (northern p<
Counties o—
f
Boone.
Ford.
Bureau.
Fulton.
Carroll.
Grundy.
Cass.
Hancock.
Champaign.
Henderson.
Christian.
Henry.
Clark.
Iroquois.
Coles.
Jo Daviess.
Cook.
Kane.
Cumberland.
Kankakee.
De Kalb.
Kendall.
De Witt.
Knox.
Douglas.
Lake.
Du Page.
La Salle.
Edgar.
Lee.
Indiana (northern part)
Counties o—
f
Fountain.
Adams.
Franklin.
Allen.
Bartholomew. Fulton.
Benton.
Grant.
Hamilton.
Blackford.
Hancock.
Boone.
Hendricks.
Brown.
Henry.
Carroll.
Howard.
Cass.
Clay.
Huntington.
Jasper.
Clinton.
Jay.
Dearborn.
Jennings.
Decatur.
Johnson.
De Kalb.
Kosciusko.
Delaware.
Lagrange.
Elkhart
Lake.
Fayette.
Iowa
Michigan (southern part)
Counties o—
f
Alcona.
Eaton.
Allegan.
Emmet.
Alpena.
Genesee.
Antrim.
Gladwin.
Arenac.
Grand Traverse
Barry.
Gratiot.
Bay.
Hillsdale.
Benzie.
Huron.
Berrien.
Ingham.
Branch.
Ionia.
Calhoun.
Iosco.
Cass.
Isabella.
Charlevoix.
Jackson.
Cheboygan.
Kalamazoo.
Claire.
Kalkaska.
Clinton.
Kent.
Crawford.
Lake.

17,454,000

35,448

Putnam.

1,759,000

190, 513

McMinn.
Macon.
Marion.
Marshall.
Maury.
Meigs.
Monroe.
Montgomery.
Moore.
Morgan.
Overton.
Perry.
Pickett.
Polk.

Livingston.
Logan.
McDonough.
McHenry.
McLean.
Macon.
Marshall.
Mason.
Menard.
Mercer.
Moultrie.
Ogle.
Peoria.
Piatt.
Putnam.

Rock Island.
Sangamon.
Schuvler.
Shelby.
Stark.
Stephenson.
Tazewell.
Vermilion.
Warren.
Whiteside.
Will.
Winnebago.
Woodford.

La Porte.
Madison.
Marion.
Marshall.
Miami.
Monroe.
Montgomery.
Morgan.
Newton.
Noble.
Ohio.
Owen.
Parke.
Porter.
Pulaski.
Randolph.

Ripley.
Rush.
St. Joseph.
Shelby.
Starke.
Steuben.
Tippecanoe.
Tipton.
Union.
Vermilion.
Vigo.
Wabash.
Warren.
Wayne.
Wells.
WThite.
Whitley.

Lapeer.
Leelanau.
Lena wee.
Livingston.
Macomb.
Manistee.
Mason.
Mecosta.
Midland.
Missaukee.
Monroe.
Montcalm.
Montmorency.
Muskegon.
Newaygo.
Oakland.
Oceana.

Ogemaw.
Osceola.
Oscoda.
Otsego.
Ottawa.
Presque Isle.
Roscommon.
Saginaw.
St. Clair.
St. Joseph.
Sanilac.
Shiawassee.
Tuscola.
Van Buren.
Washtenaw.
Wayne.
Wexford.

Putnam.

DESCRIPTION OF FEDERAL RESERVE DISTRICTS

313

FEDERAL. RESERVE DISTRICTS—Continued
Land area Population
(square June 30,1928
miles)
(estimated)

Federal reserve district

DISTRICT N O . 7.—CHICAGO—ContinuecI.

Wisconsin (southern part).
.
Counties of—
Adams.
Green Lake.
Brown.
Iowa.
Calumet.
Jackson.
Clark.
Jefferson.
Columbia.
Juneau.
Crawford.
Kenosha.
Dane.
Kewaunee.
Dodge.
Lafayette.
Door.
Langlade.
Fond du Lac. Manitowoc
Grant.
Marathon.
Green.
Marinette.

31,983

41223—29




21

9,775,000

52, 525
20, 595

1,944,000
1,418,000

9,338

651,000

22, 567

1,404,000

20,843

i 937,568

Sheboygan.
Vernon.
Wai worth.
Washington.
Waukesha.
Waupaca.
Waushara.
Winnebago.
Wood.

DISTRICT N O . 8—ST. LOUIS

Arkansas
Illinois (southern part)
Counties of—
Macoupin.
Adams.
Franklin.
Madison.
Alexander.
Gallatin.
Marion.
Bond.
Greene.
Massac.
Brown.
Hamilton..
Monroe.
Calhoun.
Hardin.
Montgomery.
Clay.
Jackson.
Morgan.
Clinton.
Jasper.
Perry.
Crawford.
Jefferson.
Pike.
Edwards.
Jersey.
Pope.
Effingham.
Johnson.
Pulaski.
Fayette.
Lawrence.
Indiana (southern part)
Counties of—
Clark.
Greene.
Martin.
Crawford.
Harrison.
Orange,
Daviess.
Jackson.
Perry.
Dubois.
Jefferson.
Pike.
Floyd.
Knox.
Posey.
Gibson.
Lawrence.
Scott.
Kentucky (westen1 part) -- -- -Counties o
Crittenden.
Hopkins.
Adair.
Cumberland.
Jefferson.
Allen.
Daviess.
Larue.
Anderson.
Edmonson.
Livingston.
Ballard.
Franklin.
Logan.
Barren.
Fulton.
Lyon.
Boyle.
McCracken.
Breckenridge. Gallatin.
Graves.
McLean.
Bullitt.
Grayson.
Marion.
Butler.
Green.
Marshall.
Caldwell.
Hancock.
Meade.
Calloway.
Hardin.
Mercer.
Carlisle.
Hart.
Metcalfe.
Carroll.
Henderson.
Monroe.
Casey.
Henry.
Muhlenberg.
Christian.
Hickman.
Nelson.
Clinton.
Mississippi (northe rn part)
._
Counties o
Alcorn.
De Soto.
Monroe.
Attala.
Grenada.
Montgomery.
Benton.
Holmes.
Noxubee.
Bolivar.
Humphreys.
Oktibbeha.
Calhoun.
Itawamba.
Panola.
Caroll.
Lafayette.
Pontotoe.
Chicasaw.
Lee.
Prentiss.
Choctaw.
Leflore.
Quitman.
Clay.
Lowndes.
Sunflower.
Coahoma.
Marshall.
Tallahatchie.
* Population Jan. 1, 1920; decrease 1910 to 1920; no estimate

2,348,000

194,810

Marquette.
Milwaukee.
Monroe.
Oconto.
Outagamie.
Ozaukee.
Portage.
Racine.
Richland.
Rock.
Sauk.
Shawano.

Randolph.
Richland.
St. Clair.
Saline.
Scott.
Union.
Wabash.
Washington.
Wayne.
White.
Williamson.
Spencer.
Sullivan.
Switzerland.
Vanderburg.
Warrick.
Washington.
Ohio.
Oldham.
Owen.
Russell.
Shelby.
Simpson.
Spencer.
Taylor.
Todd.
Trigg.
Trimble.
Union.
Warren.
Washington.
Wayne.
Webster.
Tate.
Tippah.
Tishomingo.
Tunica.
Union.
Washington.
Webster.
Winston.
Yalobusha.
made.

314

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
FEDERAL RESERVE DISTRICTS—Continued
Land area Population
(square June 30,1928
miles)
(estimated)

Federal reserve district

DISTRICT N O . 8.—ST. LOUIS—Continued.

Missouri (eastern part)
Counties o—
f
Adair.
Douglas.
Audrain.
Dunklin.
Barry.
Franklin.
Benton.
Gasconade.
Bollinger.
Greene.
Boone.
Grundy.
Butler.
Harrison.
Cal dwell.
Henry.
C alia way.
Hickory.
Camden.
Howard.
Cape Girardeau Howell.
Carroll.
Iron.
Carter.
Jefferson.
Cedar.
Johnson.
Chariton.
Knox.
Christian.
Laclede.
Clark.
Lafayette.
Cole.
Lawrence.
Cooper.
Lewis.
Crawford.
Lincoln.
Dade.
Linn.
Dallas.
Livingston.
Daviess.
Macon.
Dent.
Madison.
Tennessee (western part)
Counties o—
f
Benton.
Fayette.
Carroll.
Gibson.
Chester.
Hardeman.
Crockett.
Hardin.
Decatur.
Haywood.
Dyer.
Henderson.

58, 206

Henry.
Lake.
Lauderdale.
McNairy.
Madison.
Obion.

5,637,000
416, 000

80, 858
146,131
70,183
76,868
23, 273

Keweenaw.
Luce.
Mackinac.
Marquette.

2,722,000
1
548, 889
2
641,192
704,000
605,000

480,438

7,780,000

103,658
81,774
10, 521

1,090,000
1,835,000
847,000

76,808
48,359

1,408,000
169,000

Menominee.
Ontonagon.
Schoolcraft.

Oneida.
Pepin.
Pierce.
Polk.
Price.
Rusk.
St. Croix.

Sawyer.
Taylor.
Trempealeau
Vilas.
Washburn.

DISTRICT N O . 10—KANSAS CITY

Colorado
Kansas Missouri (western part)
Counties o—
f
Nodaway.
Holt.
Andrew.
Cass.
Platte.
Jackson.
Atchison.
Clay.
Vernon.
Jasper.
Barton.
Clinton.
Worth.
McDonald.
Bates.
De Kalb.
Newton.
Buchanan.
Gentry.
Nebraska
-New Mexico (northern part). - _
Counties o—
f
San Juan.
Taos.
Bernalillo.
Mora.
Union.
Colfax.
Rio Arriba.
San Miguel.
Santa Fe.
Valencia.
McKinley.
Sandoval.
1 Population Jan. 1, 1920; estimate unsatisfactory.
2 Population State census, 1925; decrease 1920 to 1925; no estimate made.




744,000

Shelby.
Tipton.
Weakley.

DISTRICT N O . 9—MINNEAPOLIS

Michigan (northern part)
Counties ofAlger.
Dickinson.
Baraga.
Gogebic.
Chippewa.
Houghton.
Delta.
Iron.
Minnesota-M ontana
North Dakota
South Dakota
Wisconsin (northern part).
Counties o—
f
Ashland.
Dunn.
Barron.
Eau Claire.
Bay field.
Florence.
Buffalo.
Forest.
Burnett.
Iron.
Chippewa.
La Crosse.
Douglas.
Lincoln.

10,736

16, 691

Putnam.

Rails.
Randolph.
Ray.

Reynolds.
Ripley.
St. Charles.
St. Clair.
St. Francois.
St. Louis.
St. Louis City.
Ste. Genevieve.
Saline.
Schuyler.
Scotland.
Scott.
Shannon.
Shelby.
Stoddard.
Stone.
Sullivan.
Taney.
Texas.
Warren.
Washington.
Wayne.
Webster.
Wright.

2,676,000

414, 004

Maries.
Marion.
Mercer.
Miller.
Mississippi.
Moniteau.
Monroe.
Montgomery.
Morgan.
New Madrid.
Oregon.
Osage.
Ozark.
Pemiscot.
Perry.
Pettis.
Phelps.
Pike.
Polk.
Pulaski.

DESCRIPTION OF FEDERAL RESERVE DISTRICTS

315

FEDERAL RESERVE DISTRICTS—Continued
Land area Population
(square June 30,1928
miles)
(estimated)

Federal re serve district

DISTRICT N O . 10—KANSAS CITY—Continued.

Oklahoma (northwestern part)
Counties o—
f
Adair.
Ellis.
Alfalfa.
Garfield.
Beaver.
Garvin.
Beckham.
Grady.
Blaine.
Grant.
Caddo.
Greer.
Canadian.
Harmon.
Carter.
Harper.
Cherokee.
Haskell.
Cimarron.
Hughes.
Cleveland.
Jackson.
Comanche.
Jefferson.
Cotton.
Kay.
Craig.
Kingfisher.
Creek.
Kiowa.
Custer.
Latimer.
Delaware.
Le Flore.
Dewey.
Lincoln.
Wyoming.

61,770
Logan.
Love.
McClain.
Mclntosh.
Major.
Mayes.
Murray.
Muskogee.
Noble.
Nowata.
Okfuskee.
Oklahoma.
Okmulgee.
Osage.
Ottawa.
Pawnee.
Payne.
Pittsburg.

97,548

18,518

74,144

7,644

262, 398

8,504,000

90,398
Navajo.
Pinal.

5,487,000

683,852

305,000

155,652
83, 354
109,821
95,607
82,184
66,836

4,556,000
546,000
l 77^ 407
902,000
531,00C
1,587,000

Yavapai.
Yuma.

* Population Jan. 1,1920; decrease 1910 to 1920; no estimate made.




242,000

Marshall.
Pushmataha.

DISTRICT N O . 12—SAN FRANCISCO

Arizona (northwestern part)
Counties of—
Apache.
Maricopa.
Coconino.
Mohave.
Gila.
California
Idaho
.
Nevada
Oregon
Utah
Washington

228,000

Sierra.
Socorro.
Torrence.

Johnston.
McCurtain.

591,000

Tensas.
Union.
Webster.
West Carroll.
Winn.

Lincoln.
Luna.
Otero.
Quay.
Roosevelt.

169,000

Santa Cruz.

Madison.
Morehouse.
Natchitoches.
Ouachita.
Red River.
Richland.
Sabine.

6,717,000

23,412
Pima.

247,000

386,116

DISTRICT N O . 11—DALLAS

Arizona (southeas tern part) Counties of—
Cochise.
Greenlee.
Graham.
Louisiana (northern part)
Parishes o—
f
Bienville.
De Soto.
Bossier.
East Carroll.
Caddo.
Franklin.
Caldwell.
Grant.
Catahoula.
Jackson.
Claiborne.
La Salle.
Concordia.
Lincoln.
New Mexico (sou them part)
Counties o—
f
Catron.
Eddy.
Chaves.
Grant.
Curry.
Guadalupe.
De Baca.
Hidalgo.
Dona Ana.
Lea.
Oklahoma (southeastern nnrt^
Counties o—
f
Choctaw.
Atoka.
Bryan.
Coal.
Texas

2,184,000

Pontotoc.
Pottawatomie.
Roger Mills.
Rogers.
Seminole.
Sequoyah.
Stephens.
Texas.
Tillman.
Tulsa.
Wagoner.
Washington.
Washita.
Woods.
Woodward.

DESCRIPTION OF FEDERAL RESERVE BRANCH TERRITORIES

00

[December 31, 1928]
Federal reserve
district

Federal reserve branch
Buffalo
_„
(Opened May 15, 1919.)
Cincinnati..
_
__
(Opened Jan. 10, 1918.)
Pittsburgh
(Opened Apr. 22, 1918.)
Baltimore
(Opened Mar. 1, 1918.)

2—New York_.
4— Cleveland- _

5—Richmond

Charlotte
(Opened Dec. 1, 1927.)

Birmingham
(Opened Aug. 1, 1918.)

6—Atlanta-

Jackson ville
(Opened Aug. 5, 1918.)
Nashville
(Opened Oct. 21, 1919.)
New Orleans
(Opened Sept. 10, 1915.)
Detroit.
.. 7—Chicago...
(Opened Mar. 18, 1918.)
8—St. Louis..
Little Rock...
(Opened Jan. 6, 1919.)
Louisville.
(Opened Dec. 3, 1917.)
Memphis
(Opened Sept. 3,1918.)
Helena
(Opened Feb. 1,1921.)
Denver
(Opened Jan. 14, 1918.)
Oklahoma City
(Opened Aug. 2,1920.)

9—Minneapolis. _
10—Kansas C i t y .




Description of territory
The 10 most westerly counties of New York State, as follows: Monroe, Genesee, Orleans, Erie, Allegany, Cattaraugus, Wyoming,
Livingston, Chautauqua, Niagara.
That part of Kentucky in Federal Reserve District No. 4, and the following 25 counties in southern Ohio: Adams, Athens, Brown,
Butler, Clark, Clermont, Clinton, Darke, Fayette, Gallia, Greene, Hamilton, Highland, Jackson, Lawrence, Meigs, Miami,
Montgomery, Pike, Preble, Ross, Sciota, Vinton, Warren, Washington.
Those portions of the States of Pennsylvania and West Virginia included in Federal Reserve District No. 4.
The State of Maryland and the following 30 counties of West Virginia: Barbour, Berkeley, Braxton, Calhoun, Doddridge, Gilmer,
Grant, Hampshire, Hardy, Harrison, Jackson, Jefferson, Lewis, Marion, Mineral, Monongalia, Morgan, Nicholas, Pendleton,
Pleasants, Preston, Randolph, Ritchie, Roane, Taylor, Tucker, Upshur, Webster, Wirt, Wood.
The following counties in the States of North Carolina and South Carolina: North Carolina—Alexander, Allegany, Ashe, Avery,
Buncombe, Burke, Cabarrus, Caldwell, Catawba, Cherokee, Clay, Cleveland, Gaston, Graham, Haywood, Henderson
Iredell, Jackson, Lincoln, Macon, Madison, McDowell, Mecklenburg, Mitchell, Polk, Rowan, Rutherford, Stanly, Swain,
Transylvania, Union, Watauga, Wilkes, Yancey. South Carolina—Abbeville, Aiken, Anderson, Cherokee, Chester, Edgefield, Fairfield, Greenville, Greenwood, Lancaster, Laurens, Lexington, McCormick, Newberry, Oconee, Pickens, Richland,
Saluda, Spartanburg, Union, York.
That part of the State of Alabama north of the Atlanta & West Point R. R. and Western Ry. of Alabama between Atlanta and
Montgomery, and west of the Louisville & Nashville R. R. between Montgomery and Mobile, except towns located on the
Atlanta & West Point R. R. and the Western Ry. of Alabama, in the counties of Lee and Chambers; also the counties of Macon,
Montgomery, Lowndes, Butler, Conecuh, Escambia, Crenshaw, and Bullock, but not the counties of Mobile and Baldwin.
The entire State of Florida.

S

S

That part of the State of Tennessee included in Federal Reserve District No. 6 with the exception of the city of Chattanooga.
Those parts of the States of Louisiana and Mississippi located in Federal Reserve District No. 6, and the counties of Mobile and
Baldwin in Alabama.
The following 19 counties in the State of Michigan: Bay, Genessee, Hillsdale, Huron, Ingham, Jackson, Lapeer, Lenawee,
Livingston, Macomb, Monroe, Oakland, Saginaw, Sanilac, St. Clair, Shiawassee, Tuscola, Washtenaw, Wayne.
Territory is not determined by State or county lines. Branch territory consists of all cities in Arkansas except those assigned to
the head office and to the Memphis branch. (For names of cities see Federal Reserve Interdistrict Collection System list.)
Territory is not determined by State or county lines. Branch territory consists of all cities in Kentucky and Indiana included
in Federal Reserve District No. 8, except those assigned to the head office. (For names of cities see Federal Reserve Interdistrict Collection System list.)
Territory is not determined by State or county lines. Branch territory consists of all cities in Mississippi included in Federal
Reserve District No. 8; all cities in Tennessee included in District No. 8, except those assigned to St. Louis; and cities in Arkansas
not assigned to St. Louis or Little Rock. (For names of cities see "Federal Reserve Interdistrict Collection System" list.)
The entire State of Montana.
The entire State of Colorado and that part of the State of New Mexico included in Federal Reserve District No. 10.
That part of the State of Oklahoma located in Federal Reserve District No. 10,

i
w
o

Omaha
*
-.
(Opened Sept. 4,1917.)
El Paso
11—Dallas.
(Opened June 17, 1918.)
Houston
(Opened Aug. 4, 1919.)
San Antonio
(Opened July 5,1927.)
Los Angeles
(Opened Jan. 2, 1920.)
Portland
(Opened Oct. 1,1917.)
Salt Lake City
(Opened Apr. 1, 1918.)
Seattle
(Opened Sept. 19, 1917.)
Spokane
(Opened July 26,

The entire States of Nebraska and Wyoming.

That part of the States of Arizona and New Mexico located in Federal Reserve District No. 11, and the following 14 counties in
the State of Texas: Andrews, Crane, Culberson, Ector, El Paso, Hudspeth, Jeff Davis, Loving, Martin, Midland, Pecos, Reeves,
Ward, Winkler.
The following 40 counties in the southeast part of the State of