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SIXTEENTH ANNUAL REPORT
OF THE

FEDERAL RESERVE
BOARD




COVERING OPERATIONS

FOR THE YEAR 1929

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1930

THE FEDERAL RESERVE BOARD
DECEMBER 31, 1929

EX OFFICIO MEMBERS
A. W. MELLON,

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

Comptroller of the Currency.

WALTER L. EDDY, Secretary.
E. M. MCCLELLAND,

Assistant Secretary.
J. C. NOELL, Assistant Secretary.
Chief, Division of Examination, and
Chief Federal Reserve Examiner.
WALTER WYATT, General Counsel.

W. M. IMLAY, Fiscal Agent.
II




ROY A. YOUNG, Governor.
EDMUND PLATT, Vice Governor.
ADOLPH C.
CHARLES S.
GEORGE R.
EDWARD H.

MILLER.
HAMLIN.
JAMES.
CUNNINGHAM.

E . A. GOLDENWEISER,

Director, Division of Research and
Statistics.
CARL E. PARRY,

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

Chief, Division of Bank Operations.

CONTENTS
TEXT OF REPORT
Page

First quarter
Retrospect, 1922-1928
Second quarter
Third quarter
Last quarter
Improvement in credit conditions

I
4
7
7
8
12

Federal reserve bank credit in 1929
Earnings, expenses, and volume of work of the Federal reserve banks
Building operations of Federal reserve banks
Branches and agencies of Federal reserve banks
Changes in membership in the Federal reserve system
Bank examinations
Bank suspensions
Branch banking
Chain and group banking
Bank mergers
Banks on the par list
Trust activities of national banks
Progress of the gold standard
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
policies
Legislation recommended
Meetings of the Federal Advisory Council
Conferences held by the Federal Reserve Board
~
Board's organization, staff, and expenditures

13
16
19
20
20
21
21
24
26
29
31
32
32
32
33
33
34
34
37
41
41
41

TABLES
FEDERAL RESERVE BANK CREDIT
RESERVE BANK CREDIT AND FACTORS IN CHANGES:

No.
No.
No.

1. Annual averages, 1918-1929
2. Monthly averages, 1918-1929
3. Weekly averages, 1922-1929

45
45
48

RESERVE BANK CREDIT:

No.
No.
No.

4. Reserve bank credit outstanding, annual averages, 19151929
5. Reserve bank credit outstanding, by months, 1922-1929___
6. Deposits, reserves, note circulation, and reserve percentages
of Federal reserve banks, by months, 1925-1929




ill

56
56
58

IV

CONTENTS

RESERVE BANK CREDIT—Continued.

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

7. Principal resources and liabilities of Federal reserve banks,
by weeks
8. Resources and liabilities of Federal reserve banks, in detail,
December 31, 1929
9. Resources and liabilities of Federal reserve banks at the end
of each month
10. Condition of each Federal reserve bank at end of 1928 and
1929
11. Number of member banks discounting paper at Federal
reserve banks, by months, 1914-1929
12. Bills discounted by Federal reserve banks—Holdings at the
end of each month, by classes
13. Bills bought by Federal reserve banks—Holdings at the end
of each month, by classes
14. Holdings of bills discounted and bills bought by Federal
reserve banks, by maturities
15. Holdings of United States securities by Federal reserve banks
at the end of each year, 1925-1929, by classes
16. Holdings by Federal reserve banks of United States securities in special investment account, 1925-1929
17. Holdings by Federal reserve banks of temporary one-day
certificates of indebtedness issued by the United States
Treasury, 1923-1929

Page

59
60
62
64
66
67
67
68
69
70

71

VOLUME OF OPERATIONS OF FEDERAL RESERVE BANKS:

No. 18. Volume of operations in principal departments, 1925-1929-_

72

GOLD SETTLEMENT F U N D :

No. 19. Summary of transactions through the fund, 1924-1929

73

FEDERAL RESERVE AGENTS' FUND:

No. 20. Summary of transactions through the fund, 1924-1929

73

MEMBERSHIP IN PAR COLLECTION SYSTEM:

No. 21. Number of banks on par list and not on par list, 1922-1929. _

74

FEDERAL RESERVE BANK PREMISES:

No. 22. Cost of premises of Federal reserve banks and branches to
December 31, 1929

75

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS:

No. 23. Gross and net earnings and disposition made of net earnings, 1914-1929
No. 24. Earnings, by sources, 1914-1929

76
76

FEDERAL RESERVE NOTES:

No. 25. Federal reserve agents' accounts at the end of each month. _

77

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

No. 26. Monetary gold stock of the United States, by months, 19141929No. 27. Gold earmarked by Federal reserve banks for foreign account, 1916-1929
No. 28. Gold imports and exports, by countries, 1926-1929
No. 29. Gold imports and exports, by months, 1920-1929

81
82
82
83

MONEY IN CIRCULATION:

No. 30. United States money in circulation, by months, 1914-1929.No. 31. Kinds of money in circulation, by months, 1927-1929



84
85

CONTENTS

V

DISCOUNT RATES AND MONEY RATES
DISCOUNT RATES AND MONEY RATES:

No. 32. Federal reserve bank discount rates on all classes and maturities of discounted bills—Changes from January 1, 1922, to
December 31, 1929
No. 33. Federal reserve bank buying rates on acceptances—Changes
from January 1, 1922, to December 31, 1929
No. 34. Average rates earned by Federal reserve banks on bills and
securities, 1916-1929
No. 35. Open-market rates in New York City, by months, 1925-1929.
No. 36. Open-market rates in New York City, by weeks
No. 37. Money rates in New York City—Prevailing rates charged
customers, by months, 1925-1929

Page

89
91
92
93
94
95

FOREIGN RATES:

No. 38. Discount rates at central banks in foreign countries—Changes
from January 1, 1923, to December 31, 1929
No 39. Open-market rates in foreign countries, by months, 19251929

96
97

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

No. 40. Loans and investments of member and nonmember banks,
1914-1929
No. 41. Deposits of member and nonmember banks (exclusive of
interbank deposits), 1914-1929

101
102

ALL MEMBER BANKS:

No. 42. Resources and liabilities of national and State bank members.
No. 43. Resources and liabilities of reserve city and country banks-_
No. 44. Classification of member bank loans and investments on call
dates
No. 45. Principal resources and liabilities on call dates, 1914-1929. _
No. 46. Deposits subject to reserve, reserves required, reserves held,
and borrowings at Federal reserve banks, by months
No. 47. Reserve balances, by months, 1918-1929
No. 48. Borrowings at Federal reserve banks, by months, 1914-1929.

103
104
105
106
108
109
109

REPORTING MEMBER BANKS IN LEADING CITIES:

No. 49. Loans, investments, deposits, reserves, and borrowings at
Federal reserve banks, by months, 1919-1929
No. 50. Principal resources and liabilities, by weeks
No. 51. New York City banks—Principal resources and liabilities, by
weeks
No. 52. Banks outside New York City—Principal resources and
liabilities, by weeks.
No. 53. Bankers* balances, by weeks: Total, New York City, other
leading cities
BROKERS' LOANS:
No. 54. Loans to brokers and dealers, secured by stocks and bonds,
made by reporting member banks in New York City, by
weeks
No. 55. Brokers' borrowings, 1926-1929, as reported by New York
Stock Exchange




110
112
114
116
118

119
120

VI

CONTENTS

BANKERS' ACCEPTANCES AND COMMERCIAL PAPER OUTSTANDING:

No. 56. Bankers' acceptances and commercial paper outstanding
No. 57. Bankers' acceptances outstanding, by classes
No. 58. Distribution of bankers' acceptances outstanding, by months_

Page.

121
121
122

BANK DEBITS:

No. 59. Debits to individual accounts by banks in 141 principal
cities, by months, 1920-1929

122

BANK SUSPENSIONS:

No. 60. Banks suspended and reopened, by years, 1921-1929
No. 61. Bank suspensions, by months, 1925-1929
No. 62. Bank suspensions: Number, classified according to capital
stock, 1921-1929
No. 63. Bank suspensions: By size of town or city, 1921-1929

123
124
125
125

CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM:

No. 64. Summary of changes, by years, 1925-1929
No. 65. Changes, by class of member, 1928 and 1929

126
126

EARNINGS, EXPENSES, AND DIVIDENDS OF MEMBER BANKS, 1923-1928:

No. 66. Earning assets, capital funds, and profits
No. 67. Ratios of earnings, expenses, etc., to average earning assets.
No. 68. Earnings, expenses, and dividends

127
127
128

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

No. 69. Bills discounted for member banks—Holdings, by months,
1925-1929
1
131
No. 70. Discounted bills—Holdings on December 31, 1929, by
classes
132
No. 71. Discounted bills—Holdings on December 31, 1929, by
maturities
132
No. 72. Principal resources and liabilities, by weeks
133
VOLUME OF OPERATIONS OF EACH FEDERAL RESERVE BANK:

No. 73. In principal departments
No. 74. In branches

145
146

GOLD SETTLEMENT FUND:

No. 75. Summary of transactions through the fund, by districts

147

FEDERAL RESERVE AGENTS' GOLD FUND:

No. 76. Summary of transactions through the fund, by districts

147

MEMBERSHIP IN PAR COLLECTION SYSTEM:

No. 77. Number of banks on par list and not on par list, by districts
148
No. 78. Number of banks on par list and not on par list, by States,
December 31, 1928 and 1929
149
EARNINGS AND EXPENSES OF EACH FEDERAL RESERVE BANK:

No. 79. Gross and net earnings and disposition made of net earnings,
1914-1929
No. 80. Earnings and expenses in detail

150
154

CONDITION OF ALL BANKS IN EACH DISTRICT, 1923-1929:

No.
No.
No.
No.

81.
82.
83.
84.

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




156
157
158
159

CONTENTS
CONDITION OF ALL BANKS, BY STATES, 1924-1929:

No. 85. Total loans and investments
No. 86. Total loans
No. 87. Investments

VII
Page

160
161
162

CONDITION OF ALL MEMBER BANKS IN EACH DISTRICT:

No.
No.
No.
No.

88.
89.
90.
91.

Principal resources and liabilities, on call dates, 1921-1929-_
Net demand and time deposits, by months
Reserve balances, by months, 1927-1929
Borrowings at Federal reserve banks, by months, 1928 and
1929
No. 92. Number of member banks discounting paper at Federal
reserve banks, 1923-1929
No. 93. Classification of loans and investments on call dates

163
175
176
177
177
178

CONDITION OF ALL MEMBER BANKS, BY STATES:

No.
No.
No.
No.
No.

94. Total loans and investments, 1927-1929
95. Total loans, 1927-1929
96. Investments, 1927-1929
97. Borrowings at Federal reserve banks, by months, 1929
98. Number of member banks discounting paper at Federal
reserve banks, 1923-1929

180
181
182
183
184

CONDITION OF REPORTING MEMBER BANKS IN EACH DISTRICT:

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

99. Loans, investments, and borrowings at Federal reserve
banks, by months, 1928 and 1929
100. Total loans and investments, by weeks
101. Total loans, by weeks
102. Loans on securities, by weeks
103. All other loans, by weeks
104. Investments, by weeks
105. Net demand deposits, by weeks
106. Time deposits, by weeks
107. Reserve balances, by weeks
108. Borrowings at Federal reserve banks, by weeks

185
187
188
189
190
191
192
193
194
195

BANKERS' BALANCES OF REPORTING MEMBER BANKS, BY DISTRICTS:

No. 109. Amounts due to other banks, 1928 and 1929, by months
(revised series)
No. 110. Amounts due from other banks, 1928 and 1929, by months
(revised series)

196
196

BANK SUSPENSIONS:

No. 111. Banks suspended and reopened, by districts
No. 112. Banks suspended and reopened, by States

197
198

CHANGES IN MEMBERSHIP:

No. 113. Changes, by districts

199

EARNINGS, EXPENSES, AND DIVIDENDS OF MEMBER BANKS:

No. 114. All member banks, by districts, 1925-1929
No. 115. National banks, by districts, 1925-1929
No. 116. State member banks, by districts, 1925-1929

201
202
203

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

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

117. Production, employment, trade, and prices, 1919-1929
118. Production of manufactures, by groups
119. Production of minerals, by products
120. Factory employment, by*groups
121. Factory pay rolls, by groups
122. Wholesale distribution, by individual lines of trade




207
210
211
212
213
214

vin

CONTENTS

APPENDIX
Page

Recommendations of the Federal Advisory Council
Amendment to Regulation J
Statute authorizing the issuance of Treasury bills and in effect amending
the Federal reserve act
Amendment to Clayton Antitrust ActCourt opinion as to discretion of Federal Reserve Board in approving the
organization of foreign banking corporations
Court opinion as to discretion of Federal reserve system in 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




217
220
220
221
221
224
231
231
234
236
238
238
246
249
268
270
295
298
304
306

LETTER OF TRANSMITTAL
FEDERAL RESERVE BOARD,

Washington, April 7, 1930.
To the SPEAKER OF THE HOUSE OF REPRESENTATIVES:

Pursuant to the requirements of section 10 of the Federal reserve
act, I have the honor to submit the sixteenth annual report, prepared by direction of the Federal Reserve Board covering operations
during the calendar year 1929.
Yours respectfully,
R. A. YOUNG, Governor.




ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
The year 1929 can be divided, from the point of view of credit
developments, into two periods of unequal duration. The first 10
months of the year, taken as a whole, witnessed a further increase of
demand for credit originating in the security market; a high level of
money rates; an inflow of gold from abroad; and continuation of a firmmoney policy by the Federal reserve system. At the end of October
the drop in security prices was accompanied by a subsidence in the
demand for credit from the stock exchange; a drastic liquidation of
security loans; outflow of gold; and an easing credit policy by the Federal reserve system. Industrial activity was in exceptionally large
volume until the middle of the year, but began to recede in July and
declined rapidly in November and December. Industrial profits were
in record volume in the first three quarters of the year; factory payroll disbursements were in large amount, and the income of farmers
was on about the same level as in other recent years. As a consequence, consumers' demand for commodities up to October was in
larger volume than in 1928, but it receded in the last two months.
During the earlier months of the year a considerable volume of gold
imports resulted in a decrease of reserve-bank credit outstanding.
Sales of securities by the Federal reserve banks, however, and a reduction in their portfolio of open-market bills, kept discounts for
member banks at a high level until midsummer. In the latter part
of the year large purchases of acceptances by the Federal reserve
banks, followed in the last two months by purchases of Government
securities, enabled member banks to reduce their borrowings, and by
the end of the year discounts were in the smallest amount for nearly
two years; this low level of indebtedness of member banks was an
important factor in the easier condition of the money market.
FIRST QUARTER

The year 1929 opened with total reserve-bank credit outstanding
in larger volume than in any year since the postwar crisis. Security
loans of member banks and brokers' loans had attained new peaks,
Collateral indications derived principally from the intense activity
of the securities markets and the unprecedented rise of security
prices gave unmistakable evidence of an absorption of the country's




1

2

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

credit in speculative security operations to an alarming extent. There
was nothing in the position of commercial credit or of business to
occasion concern. The dangerous element in the credit situation
was the continued and rapid growth of the volume of speculative
security credit.
The measures taken by the Federal reserve banks in the year 1928
to firm-money conditions by sales of open-market investments and
by successive increases of discount rates from 3% per cent at the
opening of the year to 5 per cent by midyear had not proved adequate.
The second half of the year 1928 witnessed an aggravation of the conditions that had called forth the firm-money policy of the Federal
reserve banks in the first half of the year.
The credit situation confronting the Federal reserve system at the
opening of the year 1929, therefore, still stood in need of correction.
The problem was to find suitable means by which the growing volume
of security credit could be brought under orderly restraint without
occasioning avoidable pressure on commercial credit and business.
With the system portfolio of Government securities practically
exhausted by the sales made in the first half of the year 1928, the
main reliance in a further firming of money conditions must have
been further marking up of Federal reserve discount rates, unless
some other expedient could be brought to bear in the situation.
The board was not disposed to regard favorably further increases
of the discount rate as the appropriate method of dealing with the
situation presented, and particularly as the Federal reserve system
was related to it; the board, therefore, did not approve the discount
rate advances voted by some of the Federal reserve banks. It set
forth its views of how the Federal reserve banks would best proceed
in the circumstances in a letter to them under date of February 2,
which was later supplemented by a statement further elaborating its
position, issued to the public February 7 and reading as follows:
"The United States has during the last six years experienced a
most remarkable run of economic activity and productivity. The
production, distribution, and consumption of goods have been in unprecedented volume. The economic system of the country has
functioned efficiently and smoothly. Among the factors which have
contributed to this result, an important place must be assigned to
the operation of our credit system and notably to the steadying
influence and moderating policies of the Federal reserve system.
"During the last year or more, however, the functioning of the
Federal reserve system has encountered interference by reason of
the excessive amount of the country's credit absorbed in speculative
security loans. The credit situation since the opening of the new
year indicates that some of the factors which occasioned untoward
developments during the year 1928 are still at work. The volume
of speculative credit is still growing.
"Coming at a time when the country has lost some $500,000,000
of gold, the effect of the great and growing volume of speculative




ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

3

credit has already produced some strain which has reflected itself
in advances of from 1 to 1% per cent in the cost of credit for commercial uses. The matter is one that concerns every section of the
country and every business interest, as an aggravation of these conditions may be expected to have detrimental effects on business and
may impair its future.
"The Federal Reserve Board neither assumes the right nor has it
any disposition to set itself up as an arbiter of security speculation
or values. It is, however, its business to see to it that the Federal
reserve banks function as effectively as conditions will permit. When
it finds that conditions are arising which obstruct Federal reserve
banks in the effective discharge of their function of so managing the
credit facilities of the Federal reserve system as to accommodate
commerce and business, it is its duty to inquire into them and to
take such measures as may be deemed suitable and effective in the
circumstances to correct them; which, in the immediate situation,
means to restrain the use, either directly or indirectly, of Federal
reserve credit facilities in aid of the growth of speculative credit.
In this connection, the Federal Reserve Board, under date of February 2, addressed a letter to the Federal reserve banks, which contains a fuller statement of its position:
" "The firming tendencies of the money market which have been
in evidence since the beginning of the year—contrary to the usual
trend at this season—make it incumbent upon the Federal reserve
banks to give constant and close attention to the situation in order
that no influence adverse to the trade and industry of the country
shall be exercised by the trend of money conditions, beyond what
may develop as inevitable.
"'The extraordinary absorption of funds in speculative security
loans which has characterized the credit movement during the past
year or more, in the judgment of the Federal Reserve Board, deserves
particular attention lest it become a decisive factor working toward
a still further firming of money rates to the prejudice of the country's
commercial interests.
" 'The resources of the Federal reserve system are ample for meeting
the growth, of the country's commercial needs for credit, provided
they are competently administered and protected against seepage
into uses not contemplated by the Federal reserve act.
"'The Federal reserve act does not, in the opinion of the Federal
Reserve Board, contemplate the use of the resources of the Federal
reserve banks for the creation or extension of speculative credit.
A member bank is not within its reasonable claims for rediscount
facilities at its Federal reserve bank when it borrows either for the
purpose of making speculative loans or for the purpose of maintaining
speculative loans.
"'The board has no disposition to assume authority to interfere
with the loan practices of member banks so long as they do not involve
the Federal reserve banks. It has, however, a grave responsibility
whenever there is evidence that member banks are maintaining
speculative security loans with the aid of Federal reserve credit.
When such is the case the Federal reserve bank becomes either a
contributing or a sustaining factor in the current volume of speculative security credit. This is not in harmony with the intent of the



4

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

Federal reserve act nor is it conducive to the wholesome operation
of the banking and credit system of the country.'"
It is not for the Federal Reserve Board to estimate the general
expediency or the larger public consequences of its intervention by
"direct pressure" in the complex situation existing at the time the
above statement was called forth. It may be remarked, however,
that the course adopted by the board resulted in a substantial conservation of the credit resources of the banking system of the country,
and particularly of the Federal reserve banks, for essential needs
which arose later in the year.
The protection of Federal reserve credit against diversion into
channels of speculation constitutes the most difficult and urgent
problem confronting the Federal reserve system in its effort to work
out a technique of credit control that shall bring to the country such
steadiness of credit conditions and such maintenance of economic
stability as may be expected to result from competent administration
of the resources of the system. Whatever method, or combination
of methods, of securing these results may eventually win the sanction
alike of successful practice and of public opinion, the recent outstanding experience of the Federal reserve system in demonstrating
the practicability of "direct pressure" has clarified the problem and
advanced its solution.
Although the Federal reserve system did not resort to advances in
discount rates, it continued throughout the first quarter, in addition
to pursuing the policy of direct pressure, to exert its influence toward
firmer money conditions. The reserve banks' buying rates for bills
were advanced in the early months of the year from 4% to 5% per cent
on short maturities, a rate higher than the 5 per cent rate on discounts, with the consequence that funds arising from a considerable
inflow of gold from abroad in the early months of the year were
utilized for the liquidation of the system's acceptance holdings,
rather than of discounts for member banks. After the first three
weeks in January, at the end of the seasonal return flow of currency,
discounts began to rise rapidly, and this growth was further accelerated by sales of United States securities out of the system's portfolio.
In the spring discount rates at the four western reserve banks, which
had held their rates at 4% per cent, were raised to the 5 per cent level
prevailing at the other reserve banks.
RETROSPECT: 1922-1928

The growth in security loans, which since November, 1927, had caused
the Federal reserve system to pursue a policy of increasing firmness,
was the outcome of developments that began in the spring of 1922.
At that time the liquidation of the postwar boom had run its course
and member bank discounts were at a relatively low point. Gold




ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

0

was coming into this country in large volume and was no longer
absorbed, as it had been in 1920 and 1921, in liquidating the indebtedness of member banks. This inflow of gold, continuing with only
short interruptions to May, 1927, provided a basis for credit expansion by member banks without increasing their requirements for
reserve-bank credit. Another important factor was the fact that on
the liability side bank-credit expansion was represented in large part
by a growth of time deposits, against which under the law only a 3
per cent reserve is required. The growth of member-bank credit,
therefore, especially in 1925 and 1926, gave rise to less increase in
member-bank reserve requirements than would otherwise have been
the case. The entire period from 1922 to 1927 was consequently
characterized by a relatively low level of money rates and an abundance of funds. In these circumstances, banks sought investment
in securities and increased their loans on collateral, and more particularly their loans in the call-money market. A factor that contributed
to the growth of security loans was a change in the methods of
financing industry. Favorable conditions in the capital market
caused many corporations to issue a large volume of securities, in
many cases in excess of immediate financial requirements, and with
part of the proceeds to pay off loans. Purchasers of the securities,
in turn, in many cases borrowed a part of the purchase price and
pledged the securities as collateral. As a result, bank loans directly
to industrial and commercial enterprises were relatively diminished,
while loans on securities increased. Such loans, which had constituted approximately 18 per cent of total loans and investments
of member banks at the opening of 1922, represented 28 per cent of
member-bank credit at the opening of 1929.
Between 1922 and 1927 total loans and investments of all banks
in the United States increased by nearly 40 per cent, or about
$15,000,000,000, the larger part of the increase being in the form of
loans on securities and of investments. The corresponding growth
in deposits was reflected in an increase of about $500,000,000 in
the reserve balances of member banks. This increase in the
reserve requirements of member banks, together with a growth of
$350,000,000 in the demand for money in circulation, was met out
of the increase of $750,000,000 in the country's stock of monetary
gold, together with a considerable increase in the volume of currency
based on Treasury credit, chiefly in the form of silver certificates
issued to take the place of retired Federal reserve bank notes. As a
consequence of the growth in the gold stock and in Treasury credit,
member banks were able to meet the demand for currency and for
reserve balances without increasing their use of reserve-bank credit,




6

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

which actually showed a decrease of about $50,000,000 during the
5-year period.
A table bringing into comparison the volume of reserve-bank credit
in use in 1922 and 1927, and showing the factors making for increases
or for decreases in this volume over the period is presented below:
RESERVE-BANK

CREDIT AND FACTORS IN CHANGES: 1922-1927

[Annual averages of daily figures. In millions of dollars]
1922
Reserve-bank credit
Monetary gold stock
Treasury currency adjusted

1927

Change

-.

1,226
3,801
1,603

1,174
4,564
1,774

-52
+763
+171

Money in circulation
Member bank reserve balances
Nonmember balances at Federal reserve banks
Unexpended capital funds of Federal reserve banks.

4,534
1,781
30
285

4,892
2,290
31
299

+358
+509

_

.-_

_

+1
+14

This analysis indicates that gold imports were one of the principal
factors in the credit situation between 1922 and 1927. The peak
in the country's gold stock was reached in May, 1927, when a condition
of ease in the money market in this country, encouraged by Federal
reserve policy, resulted in an increase in the volume of flotation of
foreign securities. Increased foreign borrowings in the United States
and the much higher level of money rates abroad compared with the
level in the United States caused a reversal of the gold movement,
with the consequence that between the middle of May, 1927, and
June, 1928, the country's gold stock was reduced by $600,000,000.
The firming effect of these exports of gold on the domestic credit
situation was at first offset by the Federal reserve system through
the purchase of securities, but a continuous growth of loans on
securities in the United States caused the system in the early part
of November, 1927, to discontinue these purchases. During the
remainder of 1927 the gold exports were allowed to have their usual
firming effect on the credit situation. Beginning with January,
1928, the system adopted a positive firm-money policy expressed
through the sale of Government securities and through advances in
discount rates in the course of 1928 from 3K per cent to a level of 5
per cent at eight of the reserve banks, and to 4% per cent at the four
western banks. Buying rates for bills also were advanced.
This policy of firm money by the Federal reserve system resulted
in a halt in the growth of bank credit beginning with the spring of
1928. The stock-market demand for credit, however, continued
to grow, and the possession of considerable cash balances by corporations, derived from large issues of securities in a favorable market
and from substantial earnings, made it possible for the market to



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

7

obtain funds directly from these corporations. So-called brokers'
loans could, therefore, increase very rapidly, as they in fact did,
although there was no growth in bank credit. Loans to brokers by
nonbanking lenders, although they do not directly involve member
banks, have nevertheless an effect on the banking situation, both
because the banks are aware of the necessity of taking over such
loans in case an emergency develops and because their existence and
employment results in a much more active use of bank deposits.
Greater activity of bank deposits reflected also the cessation in the
middle of 1928 in the growth of time deposits, which had been increasing rapidly up to that time and which have a much slower rate of
turnover than demand deposits.
SECOND QUARTER

Credit policy of the Federal reserve system in 1929 was in continuation of its policy begun more than a year earlier. For eight weeks
following the issuance of the board's statement on February 7,
security loans fluctuated irregularly without definite trend, but in
the first part of April they turned definitely downward and continued
to decline until the end of May. During June, July, and August,
however, speculation in securities once more became active, and the
demand for security loans increased rapidly as stock prices advanced
by about 25 per cent. At the end of the fiscal year there was also
a large volume of rights issued to holders of securities entitling them
to purchase additional shares of stock on favorable terms, and there
was a consequent demand for credit to finance the purchases made in
the exercise of these rights. During June this increased demand for
security loans was supplied largely by banks, but in July, August,
and September, the growth in stock-exchange loans was derived
entirely from nonbanking lenders.
THIRD QUARTER

At midyear, with the crop-moving season approaching, the business
and credit situation was clearly defined. Industrial production was
proceeding at an extraordinarily rapid rate, factory employment and
pay rolls were at a high level, earnings of corporations were in record
volume, capital issues were numerous and large, and prices of securities were rising. Bank credit, after showing no growth for about a
year, began to increase rapidly in June. Rates charged by banks on
loans to commercial customers had constantly advanced in leading
cities since the beginning of 1928 and were in July, 1929, on a 6 per
cent level, more than 1 per cent higher than 18 months earlier and
higher than at any other time since 1921. Loans to brokers and
90182—30



2

8

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

dealers in securities in the New York market were increasing rapidly.
In these circumstances, the discount rate at the Federal Reserve
Bank of New York was advanced from 5 to 6 per cent, a level consistent with the rates prevailing in the open market, and calculated
to exercise a restraining influence at the center of speculative activity.
Discount rates at the other reserve banks remained at 5 per cent.
The advance in the New York discount rate, which became effective on August 9, was accompanied by a reduction in the reserve
banks' buying rates for bills purchased in the open market. Acceptances outstanding generally increase in volume in the autumn months,
when they are issued to finance the movement of crops to market
in the United States and abroad. In 1929 the increase in acceptances
began earlier in the year than usual. Notwithstanding the larger
volume of acceptances issued, the demand for bills was strong, and
there was a tendency for dealers' selling rates to become easier. In
accordance with the reserve system's customary policy of facilitating
the financing of crop movements, the reserve banks reduced their
buying rates on open-market bills from a range in March of from
5% to 5% per cent, according to maturity, to one from 5% to 5}i per
cent on July 12 and from 5% to 5K per cent on August 9.
As a consequence of these changes in the rate structure, rates on
bills, which from the early part of the year to August 9 had been
above the discount rate, were after that date on a considerably lower
level. Offerings of bills to the reserve banks consequently increased
rapidly, and the system's holdings of acceptances, which at the
beginning of August had been at the lowest level in five years,
increased by $300,000,000 in the following three months. This
growth was considerably in excess of the seasonal demand for reservebank credit, which arises chiefly from increased currency requirements of the harvesting period. Discounts for member banks, therefore, decreased rapidly and were in the third week of October $230,000,000 below their level at the beginning of August. This decline
in discounts for member banks, particularly at the banks in New
York City, was reflected in pronounced easing of rates in the callloan market.
LAST QUARTER

By the middle of October the situation had undergone a marked
change from that prevailing in midsummer. Industrial production,
which in June had reached the highest level on record, had shown
some recession. Security prices were showing some decline from the
record levels reached early in September. Bank credit was showing
seasonal growth, while brokers' loans were increasing with unusual
rapidity, the funds being supplied almost entirely by nonbanking
lenders. These loans for nonbanking lenders had remained at a



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

\)

fairly constant level in April, May, and June, but increased by
about $1,000,000,000 in the following four months. It would appear
that a large part of this increase was supplied by investment trusts
and trading companies, which were being organized extensively at
that time. The issues of investment securities by investment trusts
and similar organizations were, in fact, the principal factor in the
growth of security issues in the autumn of 1929 and were an important
source of brokers' loans for account of nonbanking lenders. These
companies, having obtained funds from the public through the sale
of their own securities, used portions of these funds in the call-loan
market. The continued growth of brokers' loans up to the beginning
of October, when security prices were tending downward, reflected
also the effect of sales by outright owners or holders on relatively
large equities to purchasers on credit whose equities were considerably
smaller.
In September and October, therefore, recession in industry, reports
of smaller corporate earnings, continued growth of brokers' loans,
indicating a movement of securities from stronger to weaker hands,
and many other factors were weakening the position of the security
market. There was an important failure of a finance company in
England, which resulted in a loss of confidence by British investors
and some withdrawals of foreign funds from the New York market.
On September 26 the Bank of England, which for several months
had been losing reserves, raised its discount rate from 5}i to 6}£ per
cent. This series of events culminated in the last week in October
in a break of unprecedented severity in stock prices, w^hich by the
middle of November were, on the average, 40 per cent below their
maximum. Notwithstanding some recovery in the latter part of
the year, the average of 404 common stocks stood at the end of
December 35 per cent below the level of the middle of September.
Changes in the banking situation in the last two months of the
year were largely in the nature of readjustments accompanying and
following the drop in security prices. At first the changes were
reflected primarily in the position of member banks in New York City.
The growth of speculative activity had given the large banks in New
York City a good deal of concern for several years. They had liquidated a part of their investments and had avoided a growth in
their own loans to brokers, the volume of such loans in the middle
of October being at about the same level as the average for the
preceding four years. When the abrupt liquidation began these
banks were therefore in a position to take care of the situation.
During the week ending October 30 they increased their own loans
and investments by $1,400,000,000, largely because they took over
loans of outside lenders, both out-of-town banks and others, who
withdrew a large part of their loans from the market, leaving the



10

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

New York banks under the necessity of taking over, at least temporarily, a large volume of these loans. This resulted in the most
rapid growth of bank credit on record in this country and in a proportionate increase in member bank reserve requirements. The reserve
funds necessary to meet these increased requirements were supplied
by the New York reserve bank, which loaned freely to member banks
and also purchased $150,000,000 of United States securities in the
open market. As the liquidation of brokers' loans continued in November, it was reflected in a reduction of loans of this character by
the New York banks for their own account. During the following
eight weeks brokers' loans of New York banks declined by $1,200,000,000 and, just prior to the temporary end-of-year advance, these
loans were at a level about $200,000,000 below that on October 23,
the last report date before the stock-market break.
Outside New York City the first few weeks after the break were
also characterized by an increase in demand for bank credit, but
later the outside banks also felt the relaxation of the credit demand
from the security market. At the end of December loans and
investments of all member banks showed an increase of $250,000,000,
or seven-tenths of 1 per cent for the entire year 1929, compared with
a rate of growth of 4 per cent in 1928, 8 per cent in 1927, and 6K per
cent on the average for the years 1922 to 1927.
During the last three months of the year the net liquidation of
loans on securities, by banks and by other lenders, may be estimated
in the aggregate at $3,900,000,000. Loans directly to brokers in
New York declined by $4,500,000,000, but this amount was offset in
part by an increase of $600,000,000 in security loans by banks to
borrowers other than New York brokers. Even after allowance is
made, therefore, for the fact that about one-eighth of the liquidation
of brokers' loans represented a shift to other borrowers, the net decline
in security loans for the period indicates liquidation on an unprecedented scale.
This liquidation was accompanied by a reversal of the credit policy
of the Federal reserve system. Over a period of about two years
increase in the volume of credit utilized in the security market had
been the principal consideration determining the firm money policy
of the system; and the diminution in the demand for such credit was
followed by a reversal of the system's policy. During the first week
of liquidation, when the member banks were taking over in large
volume loans previously carried by nonbanking lenders, the reserve
banks bought $150,000,000 of United States Government securities,
thereby reducing for member banks the necessity of borrowing at the
reserve banks. The reserve banks continued this policy of openmarket purchases throughout November and the larger part of
December, with the consequence that member banks were able to



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

11

meet the seasonal demand for currency, as well as considerable withdrawals of gold for export, and at the same time to decrease their
indebtedness to the reserve banks. During the last week of the year
the average volume of reserve-bank credit outstanding was about
$150,000,000 less than at the end of 1928, the decrease corresponding to
the net increase for the year in the country's stock of monetary gold.
Decrease in the total volume of reserve-bank credit was accompanied
by material changes of composition. Holdings of Government
securities had increased by $250,000,000 over the year, acceptances
had decreased'by $125,000,000, and discounts by $300,000,000. This
decrease in discounts for member banks, which on the last day of
December were at $630,000,000, the lowest level since early in 1928,
indicates the extent to which the general credit situation had been
eased during the year. The discount rate at the New York bank was
reduced from 6 to 5 per cent on November 1 and to 4% per cent on
November 15. Reductions to 4% per cent followed in the rates at
Boston, Chicago, San Francisco, Atlanta, Kansas City, and (in January, 1930) Philadelphia. Buying rates on bills also were correspondingly reduced. Reserve system policy, therefore, during the last
two months of the year, in contrast to the two preceding years, was
exerted in the direction of easier money conditions.
This reversal of policy, made possible by diminution in the demand
for credit in the security markets, appeared desirable also in view of
the sharp reduction in business activity. Industry, which had been
operating in record volume up to June, and notwithstanding some
recession had remained at an exceptionally high level in the following
four months, declined abruptly in November and still further in
December. At the end of the year the volume of industrial production and of factory employment and pay rolls had been reduced to
the lowest levels since November, 1927, when the recession of that
year was at the lowest point. This change in the business situation
was in part a reaction from the exceptionally large output in certain
industries early in the year; it was also in part a consequence of the
rapid rise and subsequent drop of security prices. The rapid rise in
stock prices had in various ways stimulated business activity. Industrial enterprises had been encouraged by favorable conditions in the
market to finance programs of expansion through the issue of common
stocks; and financial houses, assured of a market for new issues, had
been encouraged to launch new enterprises, as well as combinations
and mergers of existing undertakings. A large amount of time and
savings deposits was drawn out by the depositors and used for the
purchase of securities, and funds that ordinarily would have been
added to savings deposits were used for the same purpose, with the
consequence that in 1929, in contrast with previous years, there was
a decrease in the total volume of savings accounts. The large volume



12

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

of security issues had given rise to increased building operations for
plant expansion and enlargement of existing facilities. During the
period of rising stock prices, profits taken out of the market by successful traders in stocks had been an important factor in consumers'
demand for many services and industrial products, particularly of
the luxury type. To a certain extent these purchases of luxury goods
were financed through the use of funds withdrawn from savings
accounts by purchasers of securities. With the drop in stock prices,
these influences were reversed. Investment houses found themselves
with large blocks of unmarketed securities, and the public no longer
offered a broad market for common stocks, with the consequence that
the volume of new security issues diminished rapidly and was confined
largely to high-grade bonds. Losses incurred in the break in stock
prices reduced the demand of consumers for commodities, and especially for luxury goods, and this had an effect on industry, and
especially on those lines of activity that had developed most rapidly
in the spring and summer, such as the automobile and the iron and
steel industries.
IMPROVEMENT IN CREDIT CONDITIONS

Liquidation of bank credit in the last two months of 1929 and the
easing policy of the reserve system were reflected in a decline of
money rates in the United States, and particularly of open-market
rates on call and short-time money. The decline of money rates
and the diminished attractiveness of the security market as a field
of investment caused the withdrawal of foreign funds, which had
flowed to the United States in large volume during the period of
high money and rising stock prices. In the last two months of the
year there was an outflow of funds from this country and a withdrawal of gold for export. The country's stock of monetary gold,
which had increased by $250,000,000 during the first 10 months of
1929, declined by about $100,000,000 in November and December.
Foreign central banks, which had been obliged to advance their discount rates during the period when they were losing gold, were
enabled to reduce these rates when gold began to flow back from the
United States. Open-market rates abroad also became easier. It
was apparent at the close of 1929, therefore, that the liquidation of
security loans, which took place in the last two months of the year
and resulted in an improvement in the credit situation in the United
States, had also exerted an important favorable influence on worldcredit conditions.




ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

13

DETAILS OF OPERATION

In the preceding pages there has been presented a brief discussion
of business and banking developments in 1929 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 1929.
FEDERAL RESERVE BANK CREDIT IN 1929

Fluctuations in reserve-bank credit during 1929, as in other recent
years, reflected largely changes in the movement of gold into and out
of the country, in the demand of the public for currency, and in the
demand of member banks for reserve balances. During the last
month of the year, when seasonal demands were at a peak, the total
volume of reserve-bank credit outstanding at $1,643,000,000 was
$181,000,000 below December, 1928, but somewhat larger than in
December, 1927. The chart shows the course of reserve-bank credit
for the last five years and the major factors which are responsible for
changes in its volume. The line at the top of the chart, which shows
total reserve-bank credit and monetary gold stock combined, fluctuated over much the same range during 1929 as in the three preceding
years. This indicates that since 1926 fluctuations of reserve-bank
credit outstanding, after adjustment for the effect of gold movements,
have been largely seasonal in character, and that there has been little
net change in the aggregate for the past four years.
The most important factor of decrease in the demand for reservebank credit in 1929 was an inflow of gold from abroad during the
first 10 months of the year equivalent in volume to the loss of gold
during 1928. Part of this gold, however, was lost toward the close of
the year when the liquidation of foreign holdings of American securities and the decline in money rates in the United States resulted in
a considerable export movement of gold.
Seasonal fluctuations in the public demand for currency continued
during 1929 to constitute the most important single factor in monthto-month changes in the demand for reserve-bank credit. During
the greater part of the year the demand for currency was smaller
than in the corresponding months of 1928, and for the year as a
whole the average volume of currency in circulation was the lowest
since 1922. This gradual decline in currency demand as compared
with preceding years began in 1927, and in every month from February of that year until June, 1929, the volume of money in circu-




14

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

lation averaged lower than in the corresponding month of the preceding year. The table shows that this decline was small in the first
quarter of 1927, rose to a maximum of $132,000,000 in the first quarter
RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES
MILLIONS OF DOLLARS

MILLIONS OF DOLLARS

6200
6000

1925

1926

1927

1928

1929

Based on weekly averages of daily figures

of 1928, and decreased during the remainder of that year. In 1929
the volume of money in circulation in the first quarter averaged
$21,000,000 less than in the corresponding period of 1928, and in the



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

15

second quarter, $46,000,000 less. In the third quarter of 1929, however, when the Treasury introduced new small-size notes into circulation, the demand for currency was increased temporarily to a
level above the preceding year. The effect of this special demand
for currency disappeared by the end of the third quarter, and in the
fourth quarter the total volume of money in circulation again averVOLUME OF MONEY IN CIRCULATION, BY QUARTERS, 1926-1929
[Based on monthly averages of daily figures. In millions of dollars]
Change from corresponding
period of preceding year

Amount
Quarter
1926

January-March
April-June
July-September
October-December

_

4,870
4,878
4,932
5,046

1927
4,867
4.857
4, 872
4,973

1928
4,735
4,729
4,764
4,901

1929
4,714
4,683
4,784
4,866

1927
-3
-21
-60
-73

1928
-132
-128
-108
-72

1929
-21
-46

+20
-35

aged below the level of the preceding year. During the latter part of
October and the first part of November the demand for currency
appears to have been increased temporarily by the extraordinary
turnover of bank funds which accompanied the break in the security
market. During December the sharp recession in industrial pay rolls
and employment resulted in a reduction of currency demand compared with the same period in 1928. The month of December as a
whole, consequently, showed the largest drop from the preceding
year of any month in 1929.
Changes in reserve-bank credit during the year also reflected
changes in the demand of member banks for reserve balances. During the first half of the year member-bank reserve balances decreased
somewhat; in the third quarter they showed a moderate increase
reflecting a seasonal growth of bank credit, especially at the larger
city member banks; and during the fourth quarter the demand
for reserve balances was augmented sharply by developments in the
call-loan market. Toward the end of October, nonbanking lenders
withdrew funds in large volume from the call-loan market, and the
larger New York City member banks, with whom these funds were
deposited, took over the call loans from which they had been transferred. Subsequently these loans and deposits were liquidated, but
in the interval reserve-bank credit was increased sharply by the larger
demands of member banks for reserve balances against their increased
deposit liabilities.
During the month of December the total volume of reserve-bank
credit outstanding was $181,000,000 less than in December, 1928,
the decrease being wholly accounted for by a net increase in monetary
gold stock of $183,000,000 during the year. The following table



16

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

presents a complete analysis of all of the factors in changes in reservebank credit and indicates that the factors other than gold and currency approximately offset each other for the year. The demand for
reserve-bank credit was decreased by the falling off in the demand
for currency to the extent of $65,000,000, by an increase in Treasury
currency of $7,000,000, and a decrease in nonmember balances of
$2,000,000, but the effect of these factors was offset by an increase
in member-bank reserve balances amounting to $28,000,000, and an
increase in the unexpended capital funds of the reserve banks to the
extent of $48,000,000. This large increase in unexpended capital
funds in 1929 followed upon a similar large increase in 1928, the increase in both years reflecting large increases in the capital of the reserve banks in consequence of growth in member-bank capital funds,
and in addition relatively large earnings of the reserve banks available
for increase of surplus.
FACTORS OF INCREASE AND DECREASE IN RESERVE-BANK CREDIT, DECEMBER,
1928, COMPARED WITH DECEMBER, 1929

[Monthly averages of dailyfigures.In millions of dollars]

Factors increasing demand for reserve-bank credit:
Increase in member-bank reserve balances
Increase in unexpended capital funds of the Federal reserve banks

28
48

Total
Factors decreasing demand for reserve-bank credit outstanding:
Increase in monetary gold stock
:
Decrease in money in circulation
Increase in Treasury currency (adjusted)
Decrease in nonmember balances, etc
Total
Net decrease in reserve-bank credit outstanding

76

-

183
65
7
2
257
181

EARNINGS, EXPENSES, AND VOLUME OF WORK OF THE FEDERAL RESERVE
BANKS

Gross earnings of the Federal reserve banks in 1929, amounting to
$70,955,000, were the largest of any year since 1921. As compared
with 1928, earnings increased $7,000,000, a falling off of $54,000,000
in average holdings of bills and securities being more than offset
by a rise in the rate of earnings thereon from 4.24 per cent in 1928
to 4.86 per cent in 1929. 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 a yield lower than the discount
rate, constituted a somewhat lower proportion of total assets than



17

ANNUAL REPORT OF THE FEDERAL RESERVE BOARP

in 1928. Holdings of discounted bills averaged $950,580,000 daily
during 1929 as compared with $839,942,000 in 1928, and the average
return on discounted bills was 5.03 per cent as compared with 4.56
per cent in 1928. 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
$38,334,000 in 1928 to $47,791,000 in 1929. Average daily holdings
of bills bought in open market, $241,399,000, were $86,407,000 below
those of 1928, and average daily holdings of United States Government
securities, $207,659,000, were $89,840,000 below those of 1928.
Average daily holdings of bills and securities, earnings thereon, and
annual rates of return for each of the past five 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:
1925
1926
. .
1927
1928
_
1929
.
Average rate of earnings (per cent):
1925
.
.
.
1926
1927
1928
.
1929
Earnings:
1925
1926
1927
.
1928
.
1929
_
_

1,139,507
1,209,309
1,124, 538
1,467, 371
1,413, 058

Bills discounted

Bills
bought
in open
market

United
States
Government securities

All other
bills and
securities

__
_

287,329
281,386
263, 258
327,806
241,399

358,962
349, 790
417,480
297,499
207, 659

11,701
7,520
1,513
2,124
13,420

3.51
3.76
3.60
4.24
4.86

.

481,515
570,613
442, 287
839,942
950,580
3.67
3.95
3.83
4.56
5.03

3.17
3.55
3.49
3.97
5.00

3.56
3.60
3.41
3.64
3.93

3.59
4.21
3.88
4.34
4.58

39,986
45,460
40,482
62, 275
68, 634

17, 680
22, 552
17,011
38, 334
47, 791

9,104
10, 003
9,207
13,021
12,064

12, 783
12, 589
14, 206
10, 828
8,165

419
316
58
92
614

Total operating expenses of the Federal reserve banks, exclusive
of the cost of Federal reserve currency, aggregated $26,592,000 in
1929 as compared with $26,099,000 in the year 1928. The cost of
printing Federal reserve notes, including the cost of shipping charges
to the Federal reserve banks and the cost of redeeming mutilated
Federal reserve notes, was $3,099,000 in 1929, compared with $806,000
in 1928. Owing to reduced printings in 1928 in anticipation of the
issuance of the new smaller size currency and the need in 1929 to
provide ample reserve stocks of the new currency in addition to
replacing the old size notes, the number of notes printed increased
from $54,900,000 in 1928 to $367,000,000 in 1929.
While the average number of employees decreased from 10,095
in 1928 to 9,995 in 1929, there was again a substantial growth in the



18

ANNUAL EEPOET OF THE FEDERAL RESERVE BOARD

volume of work handled in the principal departments of the banks,
as will be noted from the following table showing the work handled
in the principal departments during 1929 and the three preceding
years:
VOLUME OF OPERATIONS IN PRINCIPAL
1926

DEPARTMENTS

1927J

1928

1929

NUMBER 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

97, 000
371, 000

123, 000
443,000

145,000
526, 000

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

254, 000
2,194, 608, 000
2, 691,184,000
862, 275,000

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

196,000
2,427,330, 000
3, 239,709,000
924,449,000

39, 678,000
5, 595,000

37, 045,000
5, 909, 000

28, 765,000
6,461,000

20,935, 000
6, 504,000

4, 691,000
1, 710,000

7, 201,000
1,830, 000

6, 682, 000
2,011,000

1, 833,000
2,139, 000

123,000
506,000

AMOUNTS HANDLED

$37, 682,137,000
Bills discounted
Bills purchased in open market for
own account
_.
3, 353, 326,000
12, 584,960, 000
Currency received and counted
Coin received and counted..
609, 359, 000
Checks handled
272,945,160,000
Collection items handled:
United States Government coupons paid
644, 273, 000
All others
6, 219, 361,000
United States securities—issues, redemptions, and exchanges by fiscal
agency department
_. 4, 971,442, 000
120, 909,439, 000
'i ransfers of funds

$31, 934, 607,000 $62, 412, 961,000 $60, 747,124, 000
4, 050, 867, 000 4, 240, 669,000 3, 587,478, 0C0
12,939, 578,000 13, 315, 551,000 14, 782,429, 000
888, 621,000
1, 062, 477,000
791,049,000
278, 399, 627,000 301, 703, 814,000 367, 215,123,000
553, 703,000
6, 710, 317,000

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

535, 612, 0C0
7,185, 384, 000

9,002, 383,000
10,803, 043,000
7,018,844,000
136, 383, 899, 000 148, 749, 027,000 170, 789, 669, 000

In consequence of the increase in gross earnings, current net
earnings for 1929, which amounted to $41,264,000, exceeded those of
1928 by $4,116,000. With the approval of the Federal Reserve
Board the banks charged their current net earnings with $1,952,000
for depreciation on bank premises, with $538,000 for furniture and
equipment purchased during the year, with $633,000, net, for reserves
for probable losses on paper of failed banks, and with $1,788,000 for
reserves for self-insurance. After making these charges and other
deductions, including a net loss of $75,000 on the sale of United
States securities, there was a balance of $36,402,741 available for
dividends, surplus, and franchise taxes. The 6 per cent dividend to
member banks on their paid-in capital stock of the Federal reserve
banks amounted to $9,583,913, and of the remainder $22,535,597
was transferred to surplus accounts in accordance with section 7 of
the Federal reserve act, and $4,283,231 was paid to the Government
as a franchise tax. Section 7 provides that all net earnings of the
Federal reserve banks, after payment of the 6 per cent dividend, shall



ANNUAL EEPOET OF THE FEDERAL RESERVE BOARD

19

be transferred to their surplus accounts until such accounts amount
to L O per cent of their subscribed capital and that thereafter 10 per
O
cent of the net earnings shall be paid into surplus accounts and 90
per cent to the Government as a franchise tax. At the end of 1929 the
Federal Reserve Banks of Richmond, Atlanta, Chicago, St. Louis,
Minneapolis, Kansas City, and Dallas all had surplus accounts in
excess of subscribed capital and, therefore, each paid a franchise tax
to the United States Government. As the surplus accounts of the
five other Federal reserve banks were less than their subscribed capital,
all of their net earnings remaining after the payment of dividends
were transferred to surplus account. Notwithstanding the resulting
increase in the surplus accounts of these five banks, the excess of their
subscribed capital over surplus at the end of 1929, except in the case
of Cleveland and San Francisco, was substantially greater than at
the end of 1928, the member banks in these districts having subscribed
to additional stock in their Federal reserve banks following increases
during the year in their own capital accounts. The total subscribed
capital of the Federal reserve banks on January 1, 1930, amounted to
$341,951,000 and the surplus accounts to $276,936,000.
Gross and net earnings during the year and the distribution of net
earnings of each Federal reserve bank are shown in the following table:
FINANCIAL RESULTS OF OPERATIONS OP THE FEDERAL RESERVE
DURING 1929
Federal reserve bank
Boston
New York
Philadelphia^.
Cleveland
Richmond
Atlanta
_
Chicago
St. Louis
Minneapolis. _
Kansas C i t y Dallas
San Francisco
Total._.

Gross
earnings
$5,160,831
19, 314, 279
6, 076, 048
6,986, 580
3, 299, 609
4,116, 049
9, 889,451
3, 247, 936

Net earnings

BANKS

Dividends Transferred Franchise
paid
to surplus

$2,
12,
3,
3,
1,
1,
5,

1, 926,031
2, 976, 576
2, 496, 030
5,466, 076

766,134
263, 224
801,988
705, 442
342, 225
428, 518
424, 665
885, 884
794, 762
1,013, 586
770, 391
2, 205, 922

$634,112
3, 544, 314
938, 312
910, 007
368, 601
321, 696
1,170, 363
319, 231
184,030
256, 549
266, 613
670,085

$2,132,022
8, 718, 910
2,863, 676
2, 795,435
97, 362
303, 032
3, 651,464
56, 665
61, 073
74, 704
244,417
1, 535, 837

70, 955, 496

36,402, 741

9, 583, 913

22, 535, 597

$876, 262
803, 790
602, 838
509, 988
549, 659
681,333
259, 361
4, 283, 231

BUILDING OPERATIONS OF FEDERAL RESERVE BANKS

The building for the use of the Memphis branch, construction of
which was begun in 1928, was completed in 1929, and was occupied
on June 3. Construction of a building for the use of the Los Angeles
branch, plans for which were in preparation at the end of 1928, was
begun early in 1929, and was nearing completion at the end of the
year. In May, 1929, the old building in Baltimore, formerly used
by the Baltimore branch as a banking house, was sold by the Federal
Reserve Bank of Richmond.



20

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
BRANCHES AND AGENCIES OF FEDERAL RESERVE BANKS

The 25 branches and 2 agencies of the Federal reserve banks which
were in operation at the end of 1928 continued to function throughout
1929. 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 1926, 1927, 1928, and
1929:
VOLUME OF OPERATIONS OF FEDERAL RESERVE BANK BRANCHES AND AGENCIES
1926
Checks handled:
Number of items
Amount
Currency received and counted:
Number of pieces
Amount
Coin received and counted:
Number of pieces
Amount

1927

1928

1929

240, 8 8 , 0000
253, 3 , 0 0 0
268, 814,000
277,778,000
0, 818, 0
5 , 322,000
716081000
724395000
$64,716,081,000 $64,724,395,000 $68, 273, 066, 000 $72, 034,805,000
492, 936, 000 j
497, 795,000
535,352,000
594,449, 000
$2,893, 286, 000 j $2,801,165,000 $2, 939, 837,000 $3, 259,688, 000
416,936,000 1
441, 072,000
453, 200. 000
466,152,000
$66,361,000 |
$63, 450,000
$67, 949; 000
$76,627,000

Current expenses during 1929 of the branches and agencies in
operation during the year were $5,996,000, as compared with
$5,770,000 in 1928.
CHANGES IN MEMBERSHIP

During 1929 the number of member banks declined from 8,837 to
8,522, or by 315. Membership at the end of 1929 included 1,119
State banks, which was 89 less than a year earlier, and 7,403 national
banks, which represented a decrease of 226 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
absorptions by nonmember banks.
Additions to membership during the year include 71 newly organized
national banks, 24 nonmember State banks which converted into
national banks, and 27 State banks admitted to membership with
State charters. There were also 5 member banks which, having
previously suspended operations, reopened during the year. The
total of 127 banks added to membership during the year does not,
however, include 77 nonmember banks that were absorbed by member banks, although the assets of member banks were, of course,
increased thereby.
Mergers between member banks account for a decrease of 171 in
the number of such banks in 1929, as compared with 108 in 1928, but
these mergers resulted in no corresponding decrease in the assets of
member banks. Suspensions account for a loss of 82 in the number
of member banks, as compared with 72 in 1928. A total of 144
member banks were lost to membership through conversion into or
absorption by nonmember banks; there were 42 voluntary with


21

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

drawals of State banks from membership, 1 compulsory withdrawal, and 3 instances in which the existence of member banks was
terminated through voluntary liquidation.
In the following table changes in membership for the year 1929 are
summarized, by class of member bank.
CHANGES IN THE NUMBER OP NATIONAL AND STATE BANK MEMBERS DURING 1929
Number of member banks
Procedure effecting change
National

Total
Active member banks, Dec. 31, 1928

__

Additions to membership:
Organization of national banks
Conversion of nonmember bank to nationalAdmission of State bank
Resumption following susDension
_ ._._
Conversion within the system
_
Total additions

_

7, 629

71
24
27
5

71
24

1,208

27
2
16

104

35

132
39
3
82
95
49
42

109
25
3
65
79
43

23
14

16

16

442

330

124

315
8,522

_.

3
6

127

__

-

Losses to membership:
Merger between member banks—
Intraclass
- Inter class
Voluntary liquidation (terminal)
_______
Suspension and insolvencv
Absorption of member banks by nonmember banks.
ConverGion of member bank to nonraember bank
Withdrawal of State bank
Conversion within the system
_
Total losses

8,837

State

7,403

226

89
1,119

__
-

__

Net decrease
Active member banks Dec 31 1929

1

17
16
6
M2

1 Conversions between the 2 classes of member banks, without effect on total membership in system.
2
Including 1 compulsory withdrawal,
BANK EXAMINATIONS

The board, through its division of examinations, conducted at least
one examination of each Federal reserve bank during the year; one
of the reserve banks was 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.
Three other banking corporations operating under an agreement
with the board, as provided for in section 25, two of which are domiciled in Boston and one in New York City, were also examined.
BANK SUSPENSIONS

A total of 642 member and nonmember banks, with aggregate
deposits of $235,000,000, suspended operations during 1929. The
number of bank suspensions was 151 more than in 1928, while deposits of the banks that suspended in 1929 exceeded by $100,000,000
the aggregate deposits of banks that suspended the year before, and



22

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

were larger than in any other year except 1926, when both the number
and deposits of suspended banks were the largest on record. During
the year 58 banks with deposits of $26,000,000, which had previously
suspended operations, reopened for business. Member banks, which
constitute about one-third of the total number of banks in the country, account for 81 of the suspensions, or about one-eighth of the
total number of banks suspended during the year. Deposits of all
member banks are approximately three-fifths of the aggregate deposits of all banks in the country, while the deposits of the member
banks that suspended in 1929 were about one-fourth of the aggregate
deposits of all suspended banks.
During the 9-year period 1921-1929 a total of 5,642 banks were
reported as having suspended operations either temporarily or permanently on account of financial difficulties, and of this number 659
have since been reopened. Deposits of the banks suspended during
the 9-year period were about $1,720,000,000 and of the reopened
banks $240,000,000. Member banks suspended during the nine
years numbered 994 and nonmember banks 4,648, while deposits of
suspended member banks aggregated approximately $490,000,000
and of suspended nonmember banks $1,230,000,000.
The number and deposits of suspended banks are shown in the
following table for the past nine years, by class of banks:
BANK SUSPENSIONS, 1921-1929
Number of suspensions
Year

Total ! Member Nonmembanks ber banks

Total

Member Nonmembanks ber banks

i 501 ;
354 '
i 648
1776
612
956
662
491 j

Total

70
57
124

642

1921
19221923
1924
1925
1926
1927
1928
1929

1

Deposits (in millions of dollars)

159
146
160
124
73
81

1431
297
i 524
1617
466
796
538
418

561

i 196
111
189
213
173
272
194
139
234

43
24
51
74
67
69
66
42
57

i 154
86
138
139
106
204
128
96
177

5,642 |

994

4,648

1,722

493

1,228

Revised figures

The largest number of bank suspensions in 1929, as well as the
largest increases compared with the previous year, are shown for
the Atlanta and Kansas City Federal reserve districts. For the
9-year period the largest number of suspensions were reported by
the Minneapolis and Kansas City districts, in which 2,500 banks
suspended. The number of suspensions in each district during 1929
and during the 9-year period 1921-1929 are shown in the accompanying table:



23

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
NUMBER OF BANK

SUSPENSIONS, BY FEDERAL RESERVE

DISTRICTS,

DURING

1929 AND 1921-1929
Total
Federal reserve district

1929

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

Member banks

1921-1929

642
6

3
14
59
119
93
44
84
193
11
16

5,642
15
30
19
101
437
611
827
449
1,481
1,019
411
242

1929

1921-1929

81

1
2
8
23
18
4
12
6
3
4

994
3
5
4
' 27
52
85
181
35
273
124
110
95

Nonmember banks
1921-1929

1929
561
6

2
12
51
96
75
40
72
187
8
12

4,648
12
25
15
74
385
526
646
414
1,208
895
301
147

The States for which the principal increases were reported in the
number of bank suspensions for 1929 as compared with the preceding
year are Nebraska, Florida, Oklahoma, and Illinois, the aggregate
increase for these four States being 154 banks. Minnesota, Texas,
and Kansas show substantial decreases in the number of suspended
banks. In Nebraska, where 149 banks suspended in 1929, the
increase is due principally to the fact that the guaranty fund commission ceased to operate in May, at which time it turned over to the
State banking department, for liquidation through receivership, those
banks which the commission had itself been operating in accordance
with the guaranty fund law. In Florida, the suspensions were due
largely to the inability of the banks, to realize on slow assets acquired
in prior years, apparently aggravated by heavy withdrawals brought
about by the disturbance in the fruit industry resulting from the
destruction wrought by the Mediterranean fruit fly. In Oklahoma
the suspension of a chain of 12 banks accounts for the increase in the
number of suspended banks. The following table shows the number
and deposits of the banks that suspended operations in these and other
selected States, both for 1929 and the 9-year period 1921-1929:
BANK SUSPENSIONS IN SELECTED STATES DURING 1929
State
Iowa
__ __
North Dakota
Minnesota
-- South Dakota
Nebraska
Georgia
Texas
Missouri
Oklahoma
South Carolina
______
Kansas
Montana
Florida
__
Illinois
North Carolina __
Indiana
Arkansas .
Colorado
All other States
Total

90182 30
3



_ _

_.

AND 1921-1929

Number of suspensions Deposits (in millions of
dollars)
1929
1921-1929
1929
1921-1929
34
528
9
170
36
429
4
70
31
9
411
117
2
13
394
112
30
149
339
77
2
32
319
61
2
10
299
80
3
23
296
62
4
20
266
73
5
18
227
60
12
2
223
53
1
203
54
54
155
63
190
30
138
17
57
18
6
125
29
24
115
8
37
11
95
2
28
89
1
5
30
112
75
956
397
642
5,642
235
1,722

24

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

Bank suspensions in 1929, as in earlier years, were most numerous
among small banks located in relatively small centers. The following
table gives a classification of banks suspended during the 9-year period
1921-1929, according to size of center in which located:
BANK SUSPENSIONS, 1921-1929, CLASSIFIED ACCORDING TO SIZE OF BANK AND
SIZE OF CENTERS IN WHICH LOCATED

Banks with capital of—

Less t h a n $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.

Figures not available
Total

Number Per cent Banks located in centers with Number Per cent
susof all sussus- of all suspopulation o—
f
pended ! pensions
pended pensions
2, 204
1,310
485
985
404 I
1 144 !
110
5,642

39.1
23.2
8.6
17.4
7.2
2. 6
1.9

Less t h a n 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

100.0

2,278
1,133
567
537
413
239
475

40.4
20.1
10.1
9.5
7.3
4.2
8.4

5,642

100.0

i Includes 1 bank with capital of $750,000, 7 banks with capital of $1,000,000, 1 with capital of $1,225,000,
and 1 with capital with $1,309,000.
BRANCH BANKING

Considerable extensions of branch-banking systems were effected
during 1929 in individual instances through reorganizations, merger
procedures, and purchases and conversions into branches of independent banks. The more important changes of this character,
however, were restricted to a few States and urban communities,
within what has come to be known as the branch-banking area, composed of States which permit State banking institutions to establish
branches either freely or under specific statutory limitations with
respect to number and location of branches and capital requirements
of parent banks.
Developments during the year were generally in line with changes in
other recent years. In each of the periods of approximately equal
duration of 2 years and 8 months preceding and of 2 years and 10
months following the passage of the McFadden Act modifying Federal
statutory provisions regulatory of branch banking under national
charters and within the Federal reserve system, the number of banks
in the country decreased from year to year (by 2,023 in the earlier
and by 2,343 in the latter of the two periods), the number of banks
operating branches increased slightly (by 65 and 43 in the two periods,
respectively), and the number of branches increased gradually (by
607 and 647). As a result of these changes the proportion of branch
offices in the total banking offices serving the public increased from
7 per cent in June, 1924, to 10 per cent in February, 1927, and to
13 per cent in December, 1929. In California, however, the number
of branch offices was nearly double the number of independent banks,



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

25

and in several other States the proportion of branches exceeded
one-third.
In the period following the passage of the McFadden Act to the
end of 1929, 163 of the banks which were operating branches on
February 25, 1927, discontinued branch banking, including cases of
merger and suspension of parent bank and of discontinuance of all
branches; 206 of the banks operating branches at the end of December,
1929, had initiated branch banking since February 25, 1927, giving
the net increase of 43 for the period in number of banks operating
branches. The increase of 647 shown for the period in the number of
branches in operation covered 871 branch offices newly established
during the period de novo as branches or by conversion of independent
banks into branches following purchase or merger, and 224 cases of
discontinuance of branches. About 1,000 of the 3,547 branches in
operation on December 31, 1929, had been involved in merger procedures since the passage of the McFadden Act, many of these
branches having been operated under several different head offices in
succession. These changes involved numerous reclassifications of
individual branches as operated by national, State member, or
nonmember banks, as located in or outside the home city of the parent
bank, and as embraced in small or large systems.
The area within which banks were operating branches on December
31 was composed of 29 States and the District of Columbia. In 8
of these States any further extension of branch banking has been
prohibited by State law. State-wide branch banking is permitted in
9 States, and in 12 States the establishment of branches is restricted
to the home city of the parent bank or territory nearly contiguous
thereto, and in the District of Columbia to the district.
One-fourth of all branch offices in operation on December 31 were
located in California, and over two-thirds of such offices were in the
five States—California, New York, Michigan, Ohio, and Pennsylvania. Nearly one-half of the total increase in number of branches
since February, 1927, has been reported for two of these States—
New York and California. Two-thirds of all branches in operation
on December 31 were home-city branches, and the increase in number
of branches of member and nonmember banks in recent years had been
largely in offices of this character. Moreover, recent developments
of branch banking had been largely those reported for a relatively
small number of urban communities, nearly one-sixth of all branches
in the country—580 out of 3,547 offices—being, for example, located
in New York City, and more than 300 of the 439 branches reported
for the State of Michigan in the city of Detroit.
Consolidations resulting in the building up of branch systems had
been consummated very generally in several States. In California,



26

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

for example, one State system operating 160 branches in December
represented largely purchase of independent banks for conversion
into branches and mergers of smaller branch systems, including
one which in February, 1927, was operating 34 branches. Another
California system of 139 branches in December represented a merger
with a national bank of two State systems which in February, 1927,
were operating 98 and 49 branches, respectively. One Detroit
system of 94 branches in December represented the merger of two
systems which were operating 46 and 45 branches in February, 1927,
and several New York City systems had been built up largely by
merger of smaller systems.
A large proportion (nearly two-fifths) of all branch offices in the
country on December 31 were embraced in 18 systems of more than
30 branches with head offices in six cities—2 in San Francisco, 4 in
Los Angeles, 7 in New York, 1 in Buffalo, 3 in Detroit, and 1 in
Cleveland. It was, however, true in December, as on earlier dates
for which data have been compiled, that a large majority of the banks
operating branches were operating only 1 or 2 branches each—in
December 448 of the 822 banks operating branches were operating
only 1 branch each, 150 were operating 2, and 124 were operating
3 to 5 branches.
More than one-half of the 1,115 branches located outside the home
city of the parent bank were located in places of less than 2,500
population. In New York, Michigan, and several other States in
which the development of branch banking has been considerable,
however, banks are not permitted to establish branches outside the
city of the parent bank.
CHAIN AND GROUP BANKING

Reports to the board by Federal reserve agents covering chain and
group banking developments listed 287 banking chains or groups of
three or more banks each as being in operation at the end of December.
These chains and groups comprised a total of 2,103 banks (802
national and 1,301 State institutions), some of which were operating
extensive branch systems. Loans and investments of these chains and
groups totaled at the end of the year approximately $11,200,000,000,
or nearly one-fifth of total loans and investments of all banks in the
country. The number of national and State banks in chains and
groups as reported for June and December is given in the accompanying table. Banks classified in this table as not in chains or groups
include some banks closely affiliated with other banks, since, as noted
above, only banks in groups of three or more institutions are classified
as operating in such systems.



27

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
BANKS IN CHAINS OR GROUPS

Number of banks
Class of bank

All banks:
Total
___
In chains or groups
Not in chains or groups
Member banks:
Total . . In chains or groups
Not in chains or groups
National—
Total
In chains or groups
Not in chains or groups
StateTotal
In chains or groups
Not in chains or groups
Nonmember banks:
Total
In chains or groups
Not in chains or groups

Loans and investments i

D e c e m - Increase
D e c e m - Increase
June,
June,
ber, 1929,
ber, 1929,
1929,
1929,
or deor de275 c h a i n s 287 chains crease (—) 275 chains 287 chains crease (—)

_.

_.

25,110
1,821
23,289

24, 630
2,103
22, 527

-480
282
-762

58, 474
8,300
50,171

58, 417
11,177
47,240

-57
2,877
- 2 , 934

8,707
756
7,951

8,522
938
7,584

-185
182
-367

35, 711
6,668
29,043

35, 934
9,305
26, 629

223
2,637
- 2 , 414

7,530
645
6,885

7,403
802
6,601

-127
157
-284

21, 457
4,159
17, 298

21, 584
5,908
15,676

127
1,749
- 1 , 622

1,177
111
1,066

1,119
136
983

-58
25
-83

14, 254
2,509
11, 745

14, 350
3,397
10, 953

96
888
-792

16, 403
1,065
15, 338

16,108
1,165
14, 943

-295
100
-395

22, 763
1,632
21,131

22, 483
1,872
20, 611

-280
240
-520

i Figures for chain and group banks are'based largely on conditionfigurespublished in July, 1929.

Comparison of figures for June with those for December indicates a
considerable extension of chain and group banking during the second
half of 1929, although no material increase is shown for these six
months in the number of chains and groups in operation. The number of banks operating in chains or groups increased by 282, while the
number of banks not in chains or groups decreased by 762; and loans
and investments reported for chain and group system banks were
larger by some $2,900,000,000 at the end than at the beginning of the
period, and for other banks smaller by some $2,900,000,000.
This extension of chain and group banking, it appears on detailed
analysis of the figures, was largely confined to certain States, and
represented in large measure the rapid expansion of a few groups.
Two Minneapolis systems increased, one from 20 banks in June to 92
banks in December, and one from 12 to 78 banks. One Detroit group
not in existence in June comprised 35 banks in December. Banks
operating in chains and groups increased in Minnesota from 261 in
June to 308 in December; in Michigan from 86 to 135; in North
Dakota from 100 to 114. In each of these three States more than
one-half of total loans and investments of all banks in the State were
reported for banks operating in chain and group systems. More than
one-third of the loans and investments of California's 437 banks were
reported by the 49 banks operating in chains and groups, and nearly
one-third of the loans and investments of Illinois' 1,765 banks were
reported by 84 members of chain and group systems. The proportion
in chain and group systems was high also in Washington, South
Dakota, Idaho, Florida, and Georgia.



28

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

One group system in December comprised 92 banks, this being the
maximum number of banks comprised in any single system. Of
these 92 banks 46 were located in Minnesota, the remaining 46
institutions being located in 7 other Western and Central States. In
many other instances, also, these systems extended beyond State
boundaries. A classification of chains and groups by number of banks
comprised in each chain or group follows:
o,.

.

Number of
chains

,

Size of chain or group:

or groups

3 banks
4 banks
5 banks
6 to 9 banks
10 to 19 banks
20 to 25 banks
35 banks
66 banks
71 banks
78 banks
92 banks
Total

64
56
39
86
32
5
1
1
1
1
1
_

287

While chain and group systems were found operating in a large
majority of the States, developments of this character were relatively
more considerable in certain States which have prohibited or imposed
restrictions upon the establishment of branch offices. Chain, group,
and branch banking may, however, interlock and supplement each
other in States which permit branch banking, as in California, where
State-wide branch banking is permitted. Other branch-banking
States, in which chain and group banking developments have, been
considerable, include Michigan, New York, New Jersey, and Massachusetts. In these States branch banking is restricted to the home
city of the parent bank, and systems of local branches have been
supplemented by chain or group banking developments. One Michigan group comprised in December 35 banks with 74 home-city branches
and another group in this State comprised 21 banks with 213 branches.
A majority of the banks operating in chains or groups were, however, located in States which do not permit branch banking.
Of the larger chain or group systems in operation on December 31,
however, a very considerable number comprised one or more banks
operating branches, and while in a majority of instances the banking
offices of these systems, including head offices of banks with their
branches, were located in the same State as the offices of the controlling agencies, in some instances banks and branches of a single system
were located in several States. One Minneapolis system controlled
banks located in eight States and in four Federal reserve districts,
and one group system with head office in New York City, with aggregate loans and investments in excess of $1,400,000,000, comprised two




ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD

29

extensive branch systems in California, one of 287 and one of 160
branch offices, and one branch system of 34 branches located in New
York City. The system having the second largest aggregate of loans
and investments comprised 5 banks with 179 branch offices located
in three States—New York, California, and Pennsylvania.1
On the basis of reports to the board three types of banking chains
or groups may be distinguished: (1) Those in which control is exercised by a holding corporation, generally formed by interests connected with one or more of the principal banks belonging to the chain;
(2) those in which control is held or exercised by the principal bank
of the group, through ownership of stock either by such bank or by
its stockholders or directors; and (3) those in which control is exercised by an individual, family, or group of individuals through ownership of a substantial or controlling interest in a number of banks. Of
the 287 chains or groups in operation in December, 53 were classified
as being of the first type, 44 of the second, and 190 of the third.
Chains and groups of the third type, which generally comprise small
banks, are more numerous, but the recent expansion has been almost
entirely in the building up of groups of the first or holding-company
type, which appears to be the type that most easily lends itself to
expansion.
BANK MERGERS

Merger procedures during 1929 involved in individual instances
large aggregates of banking resources, and effected in many communities far reaching realignments of banking control. The number of mergers involving member banks of the Federal reserve system, and resulting net changes in the classification of these banks
during the past five years are shown in the accompanying table.
During these years progressive integration of banking control has
in its larger aspects clearly reflected—although it has followed rather
than preceded—a similar integration of control which has been in
process throughout industry generally. Consolidation has gone less
far in the field of banking than in many lines of manufacturing,
marketing, and public utility operation, and much less far in the
United States than in other countries. Banking in the United States
is conducted under the diverse statutory banking codes of 48 States
and the Federal Government. These codes and administrative policies formulated under them in the States have been generally restrictive of concentration of banking control. While, however, protection of the small, independent unit bank has been a traditional
policy in a majority of the States, it is true, nevertheless, that policies
1
For each of the 287 chain or group systems the number, location, and loans and investments of national,
State member, and nonmember banks comprised in these systems on December 31, 1929, are printed on
pages 163-184 in Part 2 of Volume I oi the hearings on branch, chain, and group banking before the House
Committee on Banking and Currency.




30

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
MERGERS AFFECTING MEMBER BANKS: 1925-1929
Number of mergers

Type of merger

1925

TotalMerger 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

1926

Merger of national with State..
Merger of State with national..

1928

1929

164

259

204

343

128
68
20
40

120

164
96
19
49

139
70
19
50

213
109
25
79

37
17
14
6

28
11
8
9

53
14
28
16

58
35
23

37
15
22

77
55
22

107
44
13

146
55
58

108
59
37

171
95
77

60
9

68
52

69
26

104

31

Merger of nonmember bank:
Total
With national bank
With State member bank.
Merger of member with member
Merger of member with nonmember..
Merger of nonmember with member..

1927

favorable to the merging of small banks under certain conditions
have been consistently followed by some State banking authorities.
Partly as a result of such procedures the number of independent
banking units has been steadily decreasing in recent years. A reduction of some 5,500 x in the number of banks in the United States has
occurred during the past eight years (from 30,812 2 in 1921 to 25,330 2
in June of 1929), during which period banking resources have increased approximately from $50,000,000,000 to $72,000,000,000, or
by $22,000,000,000. In this period the average size of the bank (as
measured by total resources) has increased, in round numbers, from
$1,600,000 to $2,850,000. This decrease in number of banking institutions in a period characterized by rapid accumulation of banking
resources has reflected a merging of these resources and a corresponding centralization of corporate banking control. As further
evidence of extensive merging of banking resources in large aggregates, it may be noted that in June, 1929, approximately one-half of
the banking resources of the country were reported by 1 per cent of
the 25,330 banking institutions in the country.
1

Partly offset by the establishment of branches, as is noted elsewhere in this report.
Includes private banks not under State supervision, and all banks in Alaska, Hawaii, and island pos
sessions; figures taken from annual reports of Comptroller of the Currency.
2




ANNUAL EEPORT OF THE FEDERAL RESERVE BOARD

31

In the months immediately following the passage of the McFadden
Act early in 1927 the drift away from the national system through
mergers of National with State institutions which had been in evidence for several years was temporarily stopped, but during the past
year in a large majority of instances of important mergers involving
National and State institutions national charters were surrendered,
with resultant withdrawal of resources in large volume from the
national system. In almost all of these important instances, however, the merger has involved a State bank or trust company already
a member of the Federal reserve system and the consolidated institution has continued to be a member of the Federal reserve system.
BANKS ON PAR LIST

At the end of 1929 there were 24,321 incorporated banks other
than mutual savings banks in the United States. Of this number,
20,567, 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 598, owing in part to suspensions
and consolidations. Of the 3,754 banks not on the par list at the
end of 1929, 2,101 were located in the Southern and 1,557 in the
'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:
NUMBER OF BANKS ON PAR LIST AND NOT ON PAR LIST AT END OF 1929 AND 1928
Nonmember banks
M e m b e r banks

Federal reserve district

On par list
1929

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

1928

1928

1929

1928

8,522

.

.

.

.

_

_

8,837

12, 045

12, 643

3,754

3,911

404
931
764
795
514
428
1,186
571
683
893
746
607

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

271
404
476
991
577
254
3,485
1, 670
582
2,096
605
634

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

9
546
926
229
477
1,101
197
207
62

9
572
959
213
490
1,123
282
208
55

Incorporated banks other than mutual savings banks.




1929

Not on par list J

32

ANNUAL REPORT OF THE^FEDERAL RESERVE BOARD
TRUST ACTIVITIES OF NATIONAL BANKS

The Federal Keserve Board in 1929 approved 165 original and
25 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 granted by the board to a
national bank on February 25, 1915, continuous growth has been
shown each year until, at the close of 1929, 2,461 had authority to
administer trusts, representing 33 per cent of the number and 75
per cent of the capital of all banks in the national banking system.
A list of national banks holding permits to exercise trust powers
on December 31, 1929, will be found on pages 270-294.
PROGRESS OF THE GOLD STANDARD

Several countries returned to the gold standard or made arrangements to return during the year 1929. On February 7 Kumania
adopted a new par for the leu (10 milligrams of gold nine-tenths fine
equivalent to $0.00598) and obligated the National Bank to redeem
its notes in gold coin, gold bullion, or gold exchange at this rate.
On November 27 Czechoslovakia fixed the par of the Czechoslovak
crown at 44.58 milligrams of fine gold ($0.02963) and obligated the
National Bank to redeem its notes at this rate in gold coin or gold
bullion, or in gold exchange at the rate of the day quoted on the
Prague Bourse. Although the obligation in this form is not to come
into force until some date to be determined by the Government in
agreement with the National Bank, a general obligation has been
laid upon the bank to maintain the exchange value of its notes at
the legal rate. Inasmuch as the National Bank has been under legal
obligation since April 1, 1926, to maintain the relation of the crown
to undepreciated foreign gold currencies at the level of the preceding
two years, the law adopted in 1929 merely renders more precise a
previously established obligation.
In November the Japanese Minister of Finance announced that
the embargo on the export of gold, which had been in effect since
September, 1917, would be removed on January 11, 1930. Since the
Bank of Japan has been under technical obligation throughout the
period of the embargo to redeem its notes in gold coin, the country
is now once more upon the full gold standard.
CHANGES IN THE BOARD'S REGULATIONS

The board made only one change during the year in its regulations
applicable to member banks. This was an amendment to that part
of the board's Regulation J which prescribes the terms upon which
checks will be handled by Federal reserve banks for collection. It
had been provided that where checks are sent by Federal reserve



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

33

banks direct to banks on which they are drawn, such banks would 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 the Federal reserve bank to charge
their reserve accounts or clearing accounts, with a proviso, however,
that any Federal reserve bank might reserve the right in its check
collection circular to charge such items to the reserve account or clearing account of any such bank at any time when in any particular
case the Federal reserve bank deemed it necessary. By an amendment effective February 1, 1929, the proviso stated was stricken out,
the remainder of the paragraph, however, being unchanged.
AMENDMENTS TO THE FEDERAL RESERVE ACT

In the year 1929 no statute was enacted which by its terms specifically amends any particular section of the Federal reserve act. The
act of Congress of June 17, 1929, however, in effect amends several
provisions of the Federal reserve act. This act of Congress authorizes
the Secretary of the Treasury to issue a new form of Treasury obligation to be known as "Treasury bills/7 and provides that wherever
the words "bonds and notes of the United States" or similar phrases
are used in the Federal reserve act they shall include such Treasury
bills and also certificates of indebtedness. The effect of this qualification of the Federal reserve act is to authorize Federal reserve banks
to rediscount notes secured by Treasury bills or certificates of indebtedness; to make short-term advances to member batiks on their
promissory notes so secured; and to purchase in the open market
Treasury bills and certificates of indebtedness. Prior to the enactment of this statute certificates of indebtedness of the United States
were considered eligible for the purposes stated and in this respect
the new law is merely a specific statutory confirmation of the existing
practice.
THE CLAYTON ANTITRUST ACT

Section 8 of the Clayton Antitrust Act, which prescribes certain
prohibitions with reference to interlocking bank directorates, was
amended by the act of Congress approved March 2, 1929, so as to
except from the provisions thereof joint-stock land banks and other
banking institutions which do no commercial banking business.
The Federal Keserve Board received and considered 406 applications for permits authorizing interlocking bank directorates during
the year 1929. Eighteen alleged violations of section 8 of the Clayton
Act were reported to the board by the Comptroller of the Currency.
The board investigated these and, where violations of the law were
found to exist, required the persons involved to comply therewith.



34

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

DISCRETION OF BOARD IN APPROVING THE ORGANIZATION OF FOREIGN
BANKING CORPORATIONS

The board's last annual report contained a statement with reference
to a case pending in the courts involving 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 engage in international or foreign
banking, or international or foreign financial operations. The facts
of this case, United States ex rel. Apfel et al. v. Mellon et al., may be
briefly reviewed here.
Certain individuals had 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 had requested the board to approve these
organization papers and to issue to the organizers a preliminary
certificate to commence business. After investigation, the board
reached 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 such a corporation and that it
would not be in the public interest to approve the organization papers
and to issue a preliminary permit for the proposed corporation to
commence business. Upon the refusal of the board to approve the
organization papers and to issue the preliminary permit, the organizers filed a petition for a writ of mandamus in the Supreme Court of
the District of Columbia to compel the board to take the action
requested. The board filed an answer and the petitioners then demurred to the answer of the board. The demurrer was overruled by
the lower court, as set forth in the last annual report.
Upon appeal of this case, the Court of Appeals of the District of
Columbia rendered a decision on June 3, 1929, affirming the decision
of the lower court and thus upholding the authority of the Federal
Reserve Board in the premises. The opinion of the Court of Appeals
will be found on pages 221-224. Following this decision of the Court
of Appeals, a petition for a writ of certiorari was filed in the Supreme
Court of the United States by the complainants in the case, but the
Supreme Court on October 21 denied this petition. This refusal of
the Supreme Court of the United States to review the decision of the
Court of Appeals concludes the case and leaves as the final expression
of the courts on the subject the decision of the Court of Appeals of
the District of Columbia upholding the board's authority.
DISCRETION OF FEDERAL RESERVE SYSTEM REGARDING MATTERS
RELATING TO CREDIT POLICIES

In the board's annual report for 1928 there was set forth a description of a suit which had been brought against the Federal Reserve
 New York testing its authority and the authority of the
Bank of


ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

35

Federal reserve system generally to exercise discretion in raising or
lowering the discount rate and in performing other functions relating
to the credit policies of the Federal reserve system.
This 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. The only party defendant named in the
suit was the Federal Reserve Bank of New York. The bill of complaint alleged, however, that the Federal Reserve Bank of New York
and the Federal reserve system generally had spread propaganda
concerning an alleged money shortage and increase in the volume of
collateral loans, set about to restrict the supply of credit available
for investment purposes by engaging in open-market transactions
through the sale of its securities, raised the rediscount rate for its
member banks in order to reduce the volume of security loans, and
coerced member banks to call collateral loans by declining to rediscount eligible commercial paper for such member banks. It was
further alleged that all of these actions had injured complainant by
causing the market price of stocks and bonds owned by him to decline, and also that all such courses of action were beyond the corporate and legal powers of the Federal reserve bank and resulted in
depriving the 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 an 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 openmarket 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 the liquidation of brokers' loans.
On motion of defendant and after argument of counsel, the United
States district court dismissed the bill of complaint on the ground
that it stated no cause of action against the Federal reserve bank.
During the year 1929 the case was appealed by the complainant to
the United States Circuit Court of Appeals for the Second Circuit
which, after discussing the merits of the case at some length, ruled
that the Federal Reserve Board was a necessary party to the suit,
modified the decree so as to dismiss the bill because of failure to join
the members of the Federal Reserve Board as indispensable parties,
Digitized forand affirmed the decree as so modified.
FRASER


36

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

The three principal questions considered by the circuit court of
appeals were the following:
(1) Are the alleged acts, irrespective of the alleged purpose to reduce the volume of brokers' loans, within the power of the Federal
reserve bank?
(2) If the acts are generally speaking lawful, are they rendered
unlawful because the purpose was to reduce the volume of brokers'
loans?
(3) Is the Federal Reserve Board a necessary party to the action?
The court held, in substance, that—
(1) Irrespective of a purpose to reduce the volume of brokers'
loans, (a) it was lawful to engage in open-market transactions by
the sale of securities, since purchases and sales in the open market
are specifically authorized by the Federal reserve act; (6) it was for
the Federal reserve bank, subject to the supervision of the Federal
Reserve Board, to determine what would be a reasonable rediscount
rate; (c) it was lawful for the Federal reserve bank to decline to rediscount eligible paper, since the power to rediscount eligible paper
is, under the terms of the Federal reserve act, wholly permissive;
and (d) the charge of spreading propaganda is without legal significance; but, in view of the provisions of the Federal reserve act for
detailed reports on the condition of the Federal reserve banks and for
communications between the Federal Reserve Board and the Federal Advisory Council regarding the general affairs of the Federal
reserve system, " it is most unlikely that statements as to the condition of affairs can not be made public by the board, the council, and
the banks. The provisions for reports, representations, and recommendations seem to imply public information and, when the situation warrants it, public warning."
(2) The Federal reserve bank, under the supervision of the Federal
Reserve Board, must determine whether there is danger of financial
stringency and whether the credit available for " commerce and
business" is sufficient or insufficient; and, if it proceeds in good faith
through open-market operations and control of discount rates to
bring about a reduction of brokers7 loans, it commits no legal wrong.
(3) The Federal Reserve Board is an indispensable party to the
suit, because it is given power to exercise general supervision over
the Federal reserve banks and is specifically empowered to regulate
open-market transactions, to review and determine rates of discount,
and to make reports as to conditions in the Federal reserve system.
"In such circumstances, the bank is, as to the matters complained of
here, a governmental agency under the direction of the Federal Reserve
Board."
The opinion of the circuit court of appeals, the full text of which
be found on pages 224 to 229, is of unusual importance, because



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

37

it contains the first recorded judicial interpretation of those provisions of the Federal reserve act dealing with the discretion of the
Federal reserve banks and the Federal Reserve Board with respect
to the fixing of the rediscount rate, the rediscounting of paper for
member banks, the power to engage in open-market operations, and
other powers with respect to general credit policies. It also contains an
interesting review of the fundamental purposes of the Federal reserve
act and the reasons for the creation of the Federal reserve system.
LEGISLATION RECOMMENDED

The board desires to renew the recommendations made in its annual
reports for the years 1927 and 1928 that the following amendments
concerning detailed matters which have arisen in the administration
of the Federal reserve system be enacted:
(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 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.
(3) An amendment making it discretionary with the Federal
Reserve Board to assess the costs of examining member banks against
the banks examined.
(4) An amendment exempting Federal reserve banks from attachment or garnishment proceedings before final judgment in any case
or proceeding.
(5) An amendment to the Judicial Code restoring to the United
States district courts jurisdiction of suits by and against Federal
reserve banks.
(6) An amendment to section 9 of the Federal reserve act authorizing the Federal Reserve Board, in its discretion and upon such conditions as it may prescribe, in individual cases to waive the six months'
notice now required by law before a State member bank may voluntarily withdraw from the Federal reserve system.
(7) Another change which the Federal Reserve Board has recommended in its last two annual reports is an amendment to section 13
of the Federal reserve act increasing from 15 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 but not increasing the maximum
maturity of advances on such promissory notes secured by bonds or
notes of the United States. The board wishes again to call attention to the desirability of this amendment, and in this connection
also wishes to recommend that debentures of Federal intermediate



38

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

credit banks be made eligible as security for advances by Federal
reserve banks to member banks on promissory notes for a period not
exceeding 15 days. Such debentures, subject to certain limitations,
are now eligible for purchase by Federal reserve banks and are
secured by paper which frequently is eligible for rediscount by Federal
reserve banks, and there would seem to be no reason why these
obligations when meeting the requirements for purchase, should not
also be eligible as security for short-term advances to member banks.
(8) The board has also recommended in its last two annual reports
the enactment of 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 a class C director of a Federal
reserve bank. The board desires again to recommend the enactment
of an amendment to this section of the Federal reserve act to permit
an officer, director, or employee of a mutual savings bank to serve
as a class B director of a Federal reserve bank, but, upon further
consideration of this matter, is of the opinion that an amendment
permitting an officer, director, or employee of a mutual savings bank
to serve as a class C director of a Federal reserve bank is not desirable.
In addition to the above amendments heretofore proposed in its
annual reports, the board recommends the enactment of the following
amendments to the Federal reserve act:
(9) An amendment to section 9 of the Federal reserve act authorizing the Federal Reserve Board, after hearing, to require a State
member bank to surrender its stock in the Federal reserve bank and
to forfeit its membership where it appears to the board that such
bank has failed to comply with the provisions of the banking laws of
the State in which it is located. Under the present law the Federal
Reserve Board is authorized to forfeit the membership of a State
member bank only where it has failed to comply with the provisions
of section 9 of the Federal reserve act or the regulations of the Federal
Reserve Board made pursuant thereto. It sometimes happens that
a State member bank is acting in violation of some provision of State
law and yet is complying with all the provisions of section 9 of the
Federal reserve act and of the board's regulations. In such cases,
notwithstanding the fact that the bank is guilty of unsound and
improper practices at variance with the State law, the board is without authority to require the bank to give up its membership. The
board is of the opinion that legislation authorizing the forfeiture of
membership in such cases would be effectual in minimizing the resort
by State member banks to bad banking practices illegal under State
law but not prohibited by the Federal law or regulations.
(10) An amendment to section 13 of the Federal reserve act so as
to make the limitation on the rediscount of paper of one borrower
conform more closely to the limitations prescribed by section 5200 of



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

39

the Revised Statutes upon loans to one person by a national bank.
Under the numerous exceptions to the limitation of section 5200,
national banks are now permitted to make loans to a single borrower
in liberal amounts exceeding 10 per cent of their capital and surplus
on certain classes of paper; but under section 13 of the Federal reserve
act a Federal reserve bank may not rediscount for any one bank the
paper of a single borrower in amounts exceeding 10 per cent of such
bank's capital and surplus, with the one exception that this restriction
does not apply to the discount of bills of exchange drawn in good faith
against actually existing values. The fact that Federal reserve banks
must decline to rediscount as much paper of a single borrower as
national banks may acquire under the provisions of section 5200 is a
cause of much confusion and dissatisfaction upon the part of national
banks offering paper for rediscount. Officers of member banks are
inclined to regard the refusal of Federal reserve banks in such cases
as technical and unnecessary. The Federal Reserve Board deems it
proper and desirable that the limitations on the rediscount by Federal
reserve banks of the paper of one borrower should be made to conform
as closely as may be to the provisions of the statute limiting loans by
national banks to a single borrower.
(11) An amendment to section 4 of the Federal reserve act to
clarify the meaning of the phrase "electors voting" in that part of the
statute providing the method of counting ballots in elections of class A
and class B directors of Federal reserve banks. The existing law provides that the voting member banks shall indicate their first, second,
and other choices and if no candidate have a majority of first-choice
votes, the second-choice votes shall be added to the first-choice votes
and then if any candidate have a majority of the "electors voting,"
he shall be declared elected; if not, first, second, and other choice
votes shall be added and the candidate then having the highest
number of votes shall be declared elected. In a recent election of a
director at one of the Federal reserve banks, no candidate had a
majority of first-choice votes, and it was accordingly necessary to
add together the first-choice and second-choice votes; when this was
done several candidates had a majority of "electors voting" and the
question became material whether the candidate having the highest
number of first and second choice votes combined should be declared
elected or whether in such cases the first, second, and other choice
votes should be added together and the candidate then having the
highest number of combined votes declared elected. The proper
answer to this question under the terms of the present law is open to
serious question; and, in order to remove any doubt as to which candidate has been lawfully elected in such cases, it is desirable that the
law be amended so as to provide that, when first and second choice
votes have been added together, the candidate then having a "ma90182—30
4



40

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

jority of the electors voting and the highest number of combined
votes" shall be declared elected.
(12) An amendment to section 22 of the Federal reserve act making
it a Federal offense punishable through the Federal courts to burglarize or rob any Federal reserve bank or any member bank of the
Federal reserve system. Certain crimes, such as embezzlements,
making false entries, and other similar offenses are by the present law
made offenses punishable through the Federal courts; but there is
no provision of Federal law making such crimes as burglaries or robberies committed against Federal reserve banks or their member
banks Federal offenses, and neither the Department of Justice nor
the Federal courts have jurisdiction over such crimes. Acts of violence of this kind, however, may be equally as injurious to the member banks and to the Federal reserve system as embezzlements and
other fraudulent acts committed by officers or employees of the banks
which are now made Federal offenses, and the board recommends that
such crimes be prohibited by the Federal statute and made punishable
through the Federal courts. Bank robberies and burglaries have
become a serious problem, and to enable Federal officers to pursue
the offenders from one State to another and bring them to trial without the necessity of extradition proceedings would greatly facilitate
their apprehension and conviction. In this connection attention is
called to the fact that the United States Supreme Court has held substantially that it is within the power of Congress to enact such legislation as Congress deems appropriate and necessary for the protection
of national banks and State banks which are members of the Federal
reserve system. (Westfall v. United States, 274 U. S. 256.)
(13) An amendment to section 22 (a) of the Federal reserve act
making it clear that the prohibition against examiners7 accepting
loans or gratuities from member banks applies to State bank examiners. A decision of a United States district court on this question has
held that the law is not applicable to State bank examiners. It is
believed that Congress intended the prohibition upon the acceptance
of loans or gratuities by bank examiners to apply to State bank examiners as weU as to national bank examiners and that the ambiguity
now existing in the statute should be eliminated, in order to carry out
the intention of Congress. The board feels, however, that the broad
provision of the present law prohibiting a member bank from making
loans or granting gratuities to any bank examiner should be restricted
so as to apply only to the making of loans or the granting of gratuities
to examiners who may examine such bank.
(14) An amendment to section 11 (k) of the Federal reserve act
to permit a national bank which has been granted a permit by the
Federal Reserve Board to act in trust capacities to surrender such
permit voluntarily with the consent and approval of the Federal



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

41

Reserve Board. The law requires that national banks deposit with
the State authorities securities for the protection of private or court
trusts whenever the State laws make such a requirement of corporations acting in fiduciary capacities. A national bank which has made
such a deposit and which thereafter ceases to exercise trust powers
naturally desires to regain the securities so deposited with the State
authorities, but in some instances the State authorities have been unwilling to surrender the securities because although the national bank
has ceased to exercise trust functions it still has a permit from the
Federal Reserve Board authorizing it to do so. It is a very doubtful
question of law whether the Federal Reserve Board is authorized to
cancel or consent to the surrender of the rights acquired under such a
trust permit even when voluntarily requested to do so by a national
bank, and the board feels that it is desirable that it be given explicit
authority for this purpose.
A number of proposals have been advanced recently, both in and
out of Congress, providing for increased participation by member
banks in the earnings of Federal reserve banks. This subject is one
which in the judgment of the Federal Reserve Board might well have
the consideration of Congress in connection with any legislation
affecting the status of member banks of the Federal reserve system;
but the problem involves certain practical difficulties, and the board
desires to study the subject further before recommending any specific
amendment for this purpose.
MEETINGS OF FEDERAL ADVISORY COUNCIL

Five meetings of the Federal Advisory Council were held in Washington during 1929 on the following dates: February 15, April 19,
May 21, September 17, and November 19.
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 1-4, and the governors of the Federal reserve banks and Federal
reserve agents conferred, separately and jointly, on December 11-12.
At both conferences special sessions were held at which the board was
in attendance.
ORGANIZATION, STAFF, AND EXPENDITURES

On November 30, 1929, Mr. James F. Herson resigned as chief,
division of examination, and chief Federal reserve examiner. No
other changes took place in the organization or official staff of the
Federal Reserve Board during the year.



42

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

The total cost of conducting the work of the board during the year
1929 was $770,716.66. Two assessments were levied against the
Federal reserve banks aggregating $781,644.33, or approximately onefifth of 1 per cent of their average paid-in capital and surplus for the
year.




FEDERAL RESERVE BANK CREDIT




43

RESERVE BANK CREDIT AND FACTORS IN CHANGES
No. 1.—RESERVE BANK CREDIT AND FACTORS IN CHANGES, ANNUAL AVERAGES,

1918-1929
[Averages of daily figures. In millions of dollars]

Factors of
decrease1

Reserve bank credit outstanding

Year

1918
1919
1920
1921
1922...
1923
1924
1925-.
1926
1927
1928.
1929

United Other
Bills
States reserve
Bills
disbought secur- bank 2
counted
ities credit

_.

1,134
1,906
2,523
1,797
571
736
372
481
568
442
840
951

287
324
385
91
159
227
172
287
281
263
328
241

134
254
324
264
455
186
402
359
350
417
297
208

168
141
158
46
41
56
50
68
59
53
40
59

Total

Factors of increase *

Mem- NonTreasber
Mone- ury cur- Money
bank memtary
ber
rency in cir- reserve
gold
culadepos(adbal- its, etc.
stock justed) tion
ances

1,723
2,625
3,390
2,198
1,226
1,205
996
1,195
1,258
1,175
1,505
1,459

3,158
3,129
2,869
3,291
3,802
4,061
4,439
4,383
4,452
4,564
4,206
4,283

1,477
1.251
,401
,501
,604
L, 736
L, 757
L, 755
L, 743
L, 774
L, 783
1,785

4,658
5,016
5,478
4,950
4,535
4,822
4,879
4,871
4,932
4,892
4,783
4,763

1,497
1,719
1,835
1,671
1,781
1,873
2,023
2,167
2,209
2,290
2,355
2,358

Unexpended
capital
funds

108
115
67
28
30
27
27
31
28
31
29
30

95
155
280
341
286
280
263
264
284
300
327
376

1 For explanation see Federal Reserve Bulletin for July, 1929, pp. 432-438.
2 Includes Government overdrafts in 1918, 1919, and 1920.
N o . 2 . — R E S E R V E B A N K C R E D I T AND FACTORS I N C H A N G E S , M O N T H L Y A V E R A G E S ,

1918-1929
[Averages of daily figures. In millions of dollars]
Reserve bank credit outstanding

Month

Other

United reBills
Bills States
dis- bought securi- serve Total
counted
bank 2
ties
credit

Factors of
decrease 1

Factors of increase1

Mem- Non- UnexTreasber
Mon- ury Money bank mem- pendetary cur- in cirber
ed
regold rency cula- serve
decapistock (adtion
tal
bal- posits, funds
justed)
ances etc.

1918
149
January. __<..__
612
143 1,170 3,152 1,563
266
4,306
February
141 1,143 3,159 1,589
185
288
529
4,280
March
271
140 1,263 3,162 1,583
315
537
4,373
April
4,423
144 1,381 3,163 1,563
173
313
751
151 1,412 3,163 1,521
86
278
May
897
4,401
June
4,448
279 1,554 3,162 1,471
97
239
939
July
196 1,631 3,161 1,392
65
208
1,162
4,520
August
4,666
147 1,750 3,157 1,439
53
217
1,333
September
153 2,073 3,156 1,411
67
249
1,604
4,911
October
5,134
195 2,355 3,151 1,402
123
354
1,683
November
5,183
152 2,416 3,155 1,378
130
374
1,760
December
166 2,491 3,156 1,418
214
1,765
346
5,243
1919
January __
1,731
150 2,359 3,160 1,400
200
278
5,050
February
4,932
116 2,341 3,162 1,286
186
274
1,765
March
161 2,480 3,161 1,207
195
261
1,863
4,942
April
111 2,451 3,166 1,277
213
207
1,920
4,970
May
4,941
107 2,498 3,176 1,233
228
187
1,976
June
144 2,467 3,169 1,231
236
247
1,840
4,891
July.—
128 2,599 3,087 1,207
249
1,864
358
4,896
August
119 2,559 3,114 1,248
4,913
372
270
1,798
September
168 2,636 3,143 1,254
341
1,776
351
4,989
October
140 2,847 3,120 1, 209J 5,106
343
296
2,068
November
136 3,038 3,070 1, 230j 5,208
2,140
455
307
December
212 3,203 3,021 1,239] 5,342
2,115
549
327
1 For explanation see Federal Reserve Bulletin for July, 1929, pp. 432-438.
2 Includes Government overdrafts in 1918, 1919, and 1920.




1,467
1,468
1,466
1,504
1,482
1,512
1,448
1,459
1,507
1,539
1,520
1,586

36
63
85
95
126
138
124
126
121
130
131
117

76
80
84
85
87
89
92
95
101
105
115
119

1,635
1,612
1,652
1,656
1,686
1,696
1,719
1,740
1,769
1,793
1,837

118
114
123
126
135
133
121
104
108
99
97
100

116
131
131
142
145
147
157
164
167
178
196
201

1,820

45

46

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 2.—RESERVE

BANK CREDIT AND FACTORS IN CHANGES, MONTHLY AVERAGES,

1918-1929—Continued
[Averages of dailyfigures.In millions of dollars]
Reserve bank credit outstanding

Other
United
reBills
Bills
States serve Total
discounted b o u g h t securi- bank
ties
credit

Month

Factors of
decrease

Factors of increase

MemNon- UnexTreasber
Mon- ury Money bank mem- pendber
etary cur- in cired
redegold rency cula- serve
capiposits, tal
stock
tion
(adbaletc.
justed)
funds
ances

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

2,136
2,297
2,377
2,431
2,536
2,456
2,513
2,596
2,667
2,780
2,762
2,718

570
541
480
413
411
400
362
324
310
303
276
242

326
309
344
332
302
347
319
304
339
305
320
339

173
• 167
212
188
136
179
150
129
179
134
109
143

3,205
3,314
3,413
3,364
3,385
3,382
3,344
3,353
3,495
3,522
3,467
3,442

2,961
2,909
2,859
2,821
2,835
2,854
2,862
2,855
2,847
2,855
2,873
2,894

1,256
1,241
1,338
1,409
1,412
1,426
1,454
1,456
1,429
1,468
1,475
1,458

5,231
5,285
5,398
5,372
5,414
5,448
5,478
5,509
5,600
5,673
5,662
5,658

1,883
1,858
1,878
1,870
1,853
1,853
1,840
1,807
1,817
1,815
1,782
1,758

98
94
98
106
103
88
54
46
38
27
27
25

210
227
236
246
262
273
288
302
316
330
344
353

1921
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

200
169
137
110
84
54
26
38
40
56
79
105

298
287
296
277
303
302
261
249
254
207
208
226

89
62
68
48
40
44
43
28
31
35
29
37

3,110
2,918
2,798
2,564
2,386
2,211
2,049
1,863
1,767
1,669
1,544
1,548

2,931
2,975
3,040
3,117
3,197
3,254
3,305
3,392
3,479
3,547
3,595
3,643

1,463
1,435
1,411
1,427
1,485
1,508
1,513
1,508
1,510
1,534
1,575
1,577

5,401
5,263
5,204
5,078
5,042
4,936
4,857
4,771
4,752
4,721
4,673
4,718

1,773
1,728
1,694
1,665
1,657
1,664
1,639
1,621
1,629
1,652
1,663
1,673

24
26
31
34
32
31
27
26
27
26
28
27

306
311
320
331
337
342
344
345
348
351
350
350

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

962
769
638
572
479
437
425
396
417
486
623
660

98
88
92
93
103
136
153
159
212
252
260
259

238
357
459
520
603
591
547
497
486
448
325
380

28
19
18
25
23
28
45
50
65
60
57
78

1,326
1,233
1,207
1,210
1,208
1,192
1,170
1,102
1,180
1,246
1,265
1,377

3,672
3,704
3,736
3,756
3,768
3,776
3,803
3,840
3,860
3,884
3,896
3,917

1,551
1,521
1,576
1,572
1,576
1,600
1,595
1,613
1,630
1,657
1,650
1,690

4,527
4,451
4,483
4,482
4,450
4, 429
4,443
4,448
4,552
4,643
4,671
4,827

1,707
1,689
1,711
1,733
1,783
1,820
1,812
1,799
1,811
1,836
1,825
1,840

29
34
39
40
37
34
28
25
23
21
27
28

286
284
286
283
282
285
285
283
284
287
288
289

1923
January
February
March
April
Mav
June
July
August
September
October
November
December

547
608
628
658
705
741
834
809
845
873
799
771

218
190
234
272
271
224
186
175
174
185
265
324

421
356
316
229
193
153
97
90
102
91
83
106

63
51
50
55
53
60
62
53
63
55
57
59

1,249
1,205
1,228
1,214
1,222
1,178
1,179
1,127
1,184
1,204
1,204
1,260

3,945
3,960
3,966
3,975
3,993
4,040
4,061
4,097
4,123
4,155
4,182
4,226

1,724
1,709
1,690
1,711
1,740
1,738
1,743
1,747
1,745
1,753
1,757
1,771

4,679
4,672
4,713
4,731
4,764
4,779
4,812
4,833
4,901
4,941
4,953
5,071

1,918
1,901
1,873
1,869
1,874
1,867
1,867
1,835
1,848
1,864
1,875
1,882

46
25
22
21
36
28
24
22
22
23
31
22

275
276
276
279
281
282
280
281
281
284
284
282

574
514
476
489
433
370
315
268
262
240
228
301

300
273
228
170
80
50
44
30
92
180
268
358

118
135
244
274
324
416
467
539
575
585
588
554

49
33
42
48
42
50
53
44
54
52
51
75

1,041
955
990
981
879
886
879
881
983
1,057
1,135
1,288

4,266
4,302
4,340
4,383
4,433
4,471
4,503
4,516
4,515
4,506
4,517
4,507

1,750
1,759
1,747
1,720
1,766
1,759
1,763
1,763
1,763
1,755
1,771
1,768

4,847
4,832
4,870
4,886
4,866
4,830
4,810
4,800
4,853
4,891
4,970
5,088

1,911
1,892
1,915
1,905
1,922
2,001
2,046
2,072
2,120
2,141
2,164
2,182

25
22
22
23
24
21
28
33
31
27
30
32

274
270
270
270
266
264
261
255
257
259
259
261

1924
January
February
March
April
May
June
July
August
September
October
November
December

_ _.

_ __

__
_.




47

EESERVE BANK CREDIT

No. 2.—RESERVE BANK CREDIT AND FACTORS IN CHANGES, MONTHLY AVERAGES,

1918-1929—Continued
[Averages of daily figures. In millions of dollars]
Reserve bank credit outstanding

Month

Bills Bills United
States
disS e a bought e
ties

Factors of
decrease

Factors of increase

Mem- Non- UnexTreasber
Other
Mon- ury Money bank mem- pendreetary curber
ed
serve Total gold rency in cir- rede- capicula- serve
bank
stock (adposits, tal
tion
balcredit
justed)
ances etc. funds

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

267
340
390
403
397
437
480
545
594
619
597
688

329
314
298
287
279
263
231
205
226
298
352
369

464
384
376
355
361
345
338
329
335
328
332
359

1,125
1,094
1,122
1,110
1,100
1,118
1,118
1,143
1,227
1,321
1,352
1,507

4,468
4,393
4,347
4,346
4,359
4,364
4,365
4,374
4,386
4,391
4,407
4,397

1,765
1,778
1,782
1,769
1,762
1,744
1,764
1,742
1,749
1,737
1,735
1,740

4,863
4,806
4,821
4,809
4,797
4,794
4,798
4,819
4,908
4,945
4,960
5,119

2,194
2,159
2,137
2,123
2,132
2,141
2,160
2,151
2,161
2,203
2,221
2,219

258
258
263
266
264
266
262
264
267
271
272
274

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

520
526
557
537
511
473
549
555
640
663
615
668

324
305
268
234
232
243
230
245
265
295
348
385

368
335
336
371
398
408
380
353
316
306
302
322

1,279
1,218
1,216
1,204
1,200
1,185
1,221
1,203
1,278
1,322
1,318
1,445

4,407
4,425
4,444
4,448
4,434
4,438
4,460
4,467
4,471
4,472
4,477
4,481

1,744
1,719
1,707
1,722
1,744
1,771
1,753
1,755
1,750
1,746
1,755
1,749

4,891
4,854
4,864
4,882
4,871
4,881
4,916
4,912
4,969
5,001
5,005
5,131

2,236
2,208
2,198
2,183
2,199
2,206
2,212
2,201
2,211
2,219
2,214
2,218

273
274
278
283
282
284
281
285
289
293
295
294

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

481
393
425
447
473
429
454
409
422
424
415
529

343
304
253
248
233
205
190
173
216
282
336
378

310
307
345
341
291
398
381
439
501
506
579
606

1,186
1,043
1,055
1,087
1,041
1,081
1,115
1,093
1,187
1,254
1,377
1,568

4,527
4,576
4,595
4,601
4,651
4,606
4,575
4,585
4,584
4,566
4,490
4,416

1,760
1,757
1,767
1,761
1,768
1,777
1,780
1,780
1,776
1,776
1,790
1,796

4,903
4,843
4,856
4,879
4,860
4,831
4,851
4,849
4,917
4,934
4,936
5,048

2,243
2,212
2,240
2,248
2,262
2,301
2,289
2,283
2,300
2,326
2,373
2,399

294
295
298
299
299
298
297
296
300
302
304
306

465
471
513
661
836
1,019
1,090
1,061
1,064
975
897
1,013

373
360
343
358
349
244
185
178
226
368
471
483

512
406
415
351
257
232
213
210
240
237
238
263

1,388 4,377
1,264 4,373
1,295 4,335
1,405 4,287
1,472 4,207
1,531 4,119
1,531 4,113
1,485 4,118
1,581 4,125
1,621 4,133
1,653 4,151
1,824 4,142

1,778
1,776
1,781
1,778
1,779
1,791
1,782
1,774
1,787
1,786
1,787
1,790

4,785
4,709
4,710
4,730
4,722
4,736
4,746
4,743
4,804
4,836
4,860
5,008

2,426
2,368
2,365
2,396
2,388
2,355
2,324
2,274
2,314
2,332
2,352
2,367

305
310
312
317
321
322
326
332
337
342
347
352

859
889
969
1,004
956
978
1,096
1,043
969
885
953
803

473
385
265
156
145
99
75
124
229
337
296
320

229
184
197
165
153
179
147
155
165
154
315
446

1,613
1,502
1,481
1,377
1,303
1,317
1,380
1,376
1,427
1,450
1,631
1,643

4,115
4,143
4,166
4,226
4,292
4,311
4,335
4,351
4,368
4,381
4,374
4,324

1,789
1,784
1,791
1,785
1,787
1,779
1,790
1,781
1,766
1,785
1,789
1,797

4,748
4,686
4,709
4,679
4,684
4,687
4,764
4,777
4,811
4,810
4,845
4,943

2,387
2,357
2,337
2,308
2,296
2,314
2,334
2,322
2,335
2,386
2,521
2,395

351
357
361
366
370
376
376
382
387
392
395
399

1928
January
February
March..
April..
May
June.
July
August
September...
October
November
December
1929
January
February
March
April...
May
June
July
August
September
October
November
December




48

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No.

3.—RESERVE

BANK

C R E D I T AND F A C T O R S I N
A V E R A G E S , 1922-1929

CHANGES, WEEKLY

[Averages of daily figures. In millions of dollars]
Reserve bank credit outstanding
Week ending
(Saturday)—

Jan.
Jan.
Jan.
Jan.

1922
7_.
14..
21..
28..

Feb.
Feb.
Feb.
Feb.

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

Mar.
Mar.
Mar.
Mar.

Factors of
decrease

Other
MoneBills Bills United reserve
States
tary
disbank Total gold
counted DOUght securi- credit
ties
stock

Factors of increase

MemTreasury Money ber Noncur- in circu- bank member
rency lation reserve deposbal- its, etc.
(adances
justed)

Unexpended
sapital
funds

234
218
226
253

39
32
25
23

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

3,663
3,669
3,675
3,676

1,553
1,601
1,548
1,516

4,665
4,558
4,483
4,438

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

288
288
287
287

847
806
753
724

303
350
366
361

21
15
26
18

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

3,684
3,695
3,706
3,715

1,494
1,480
1,537
1,558

4,440
4,438
4,445
4,460

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

285
285
285

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

704
639
604
633

411
447
515
447

23
20
18
12

1,230 3,721
1,202 3,728
1,222 3,737
1,181 3,742

1,560
1,593
1,601
1,571

4,490
4,490
4,480
4,477

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

285
285
285
285

Apr.
Apr.
Apr.
Apr.
Apr.

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

647
632
593
554
509

102
102
97
87
84

443
466
512
537

14
16
30
34
18

1,206 3,746
1,216 3,750
1,232 3,753
1,212 3,758
1,180 3,762

1,546
1,574
1,565
1,578
1,577

4,479
4,500
4,497
4,476
4,454

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

285
286
284
283

May
May
May
May

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

505
477
477

101
103
99
104

607
615
597
595

25
26
28
18

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

3,764
3,768
3,769

1,560
1,581
1,584
1,573

4,472
4,461
4,442
4,429

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

282
282
282
282

June 3__.
June 10..
June 17_.
June 24..

467
428
419

126
139
127
126

602
614
631
556

15
24
37
27

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

3,770
3,771
3,774
3,780

1,579
1,589
1,601
1,622

4,454
4,442
4,416
4,419

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

282
281
284
287

July 1--

455
482
422
412

150
157
154
147
153

550
556
553
541
540

27
40
56
51
38

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

3,784
3,788
3,797
3,806
3,816

1,601
1,602
1,609
1,592
1,582

4,433
4,496
4,452
4,419
4,407

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

287
285
285
283
283

Aug. 5...
Aug. 12..
Aug. 19..
Aug. 26-

407
395
396
387

149
152
157
166

519
501
492
487

48
46
55
51

1,123 3,829
1,094 3,836
1,100 3,840
1,091 3,845

1,605
1,616
1,616
1,611

4,427
4,439
4,447
4,459

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

283
284
284
283

Sept.
Sept.
Sept.
Sept.
Sept.

395
401
396
438
440

177
191
204
220
238

502
508
511
455
462

52
66
71
72
49

1,126 3,851
1,166 3,855
1,182 3,859
1,185 3,862
1,189 3,867

1,601
1,621
1,641
1,625
1,643

4,480
4,541
4,545
4, 555
4,579

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

284
281
284
286

July8._
July 15.
July 22.
July 29.

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

1,106
993
924
873

126
92
94

I
!
!
!

Oct.
Oct.
Oct.
Oct.

7._
14.
21.
28.

443
488
485
496

242
245
255
261

477
478
453
414

55
53
82
55

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

3,880
3,884
3,886
3,885

1,653
1,658
1,669
1,654

4,622 i 1,820
4, 660 i 1, 837
4, 654 1,869
4,634 1,824

286
286

Nov.
Nov.
Nov.
Nov.

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

579
626
623
619

262
262
260
257

367
346
324
303

53
49
73
56

1,261
1,283 3,891
1,280 3,896
1,235 3,899

1,640
1,656
1,652
1,650

4, 650 1,826
4,681 1,826
4,674 S 1,836
4, 659 1,818

287
287

Dec.
Dec.
Dec.
Dec.
Dec.

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

664
699
673
643
622

260
265
261
253
254

308
314
333
426
456

1,649
1,652
1,691
1,710
1,717

4,708
4,761
4,794
4,894
4,880




38 1,270
49 | 1,327
"" 1,331
110 1,432
101 1,433

3,904
3,907
3,916
3,921
3,925

1,806
1.817
1,828
1,842
1,876

287
290
289
290
288

49

BESERVE BANK CREDIT
No.

3.—RESERVE BANK CREDIT AND FACTORS IN CHANGES, WEEKLY

AVERAGES, 1922-1929—Continued
[Averages of daily figures. In millions of dollars]
Reserve bank credit outstanding
Week ending
(Saturday)—

Factors of
decrease

Other
MoneBills Bills United reserve
States
dis- bought securi- bank Total tary
gold
counted
ties credit
stock

1923

Factors of increase

MemTreasury Money ber Non- Unexcur- in circu- bank mem- pendber
ed
rency lation reserve depos- capita]
bal- its, etc. funds
(adances
justed)

596
510
512
562

256
227
206
204

455
495
415
359

89
73
64
45

1,396
1.305
L, 197
L, 170

3,932
3,942
3,949
3,950

1,727
1,729
1,732
1,717

4,798
4,706
4,643
4,619

1.923
L, 940
L, 917
L, 909

58
55
44
34

276
275
274
275

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

587
581
614
623

193
186
186
188

356
352
352
358

40
47
65
49

L, 176
1,166
L, 217
L, 218

3,953
3,957
3,959
3,962

1,705
1,715
1,711
1,704

4,631
4,647
4,668
4,693

1,901
L892
L, 911
L, 893

29
24
31
22

273
275
277
276

Mar.
Mar.
Mar.
Mar.
Mar.

617
596
590
643
694

211
219
225
241
258

362
347
336
295
267

48
48
57
50
43

1,238
1,210
L.208
L, 229
1,262

3,963
3,966
3,964
3,964
3,968

1,709
1,715
1,730
1,661
1,648

4,716
4,715
4,707
4,705
4,720

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

22
21
21
21
23

274
274
275
211
279

Apr. 7____
Apr. 14
Apr. 21
Apr. 28

690
635
639
651

264
271
278
276

243
239
237
206

56
57
66
49

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

3,970
3,974
3,976
3,978

1,686
1,715
1,713
1,725

4,736
4,729
4,725
4,727

L,
L,
L,
L,

872
863
882
857

21
20
23
. 21

280
279
279
280

May
May
May
May

723
699
687
697

275
275
278
267

187
191
193
201

54
53
62
51

L, 239
,218
L, 220
L, 216

3,983
3,984
3,990
3,997

1,721
1,736
1,729
1,755

4,759
4,761
4,759
4,758

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

33
29
30
48

280
281
280
280

740
732
695
727
803

258
250
224
208*
205

192
182
177
130
114

41
56
63
67
50

,231
1,220
1,159
, 132
L, 172

4,017
4,029
4,039
4,046
4,048

1,742
1,728
1,768
1,745
1,722

4,795
4,793
4,770
4,763
4,778

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

36
33
28
26
25

280
279
281
283
283

July 7
July 14
July 21
July 28 .

894
853
810
790

196
187
183
180

95
97
98
96

65
74
71
49

L, 250
L, 211
,162
1,115

4,051
4,053
4,059
4,072

1,745
1,746
1,739
1,742

4,859
4,829
4,791
4,777

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

27
25
24
22

280
279
280
279

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

799
814
816
798

181
178
172
174

93
90
89
87

48
57
65
49

L, 121
1,139
,142
L, 108

4,080
4,088
4,096
4,104

1,742
1,752
1,749
1,748

4,793
4,834
4,843
4,833

L,847
L, 838
L, 841
L, 824

22
25
21
22

281
282
282
281

Sept. 1
Sept. 8 _ .
Sept. 15
Sept. 22___
Sept. 29

825
852
844
808
868

173
173
179
172
171

96
96
113
107
91

41
55
70
77
53

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

4,109
4,112
4,117
4,128
4,134

1, 741
1,748
1,755
1,752
1,730

4,851
4,899
4,900
4,891
4,908

,832
L,835
L, 875
L, 846
L, 835

21
21
23
24
22

281
281
280
283
282

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

887
885
878
848

172
181
188
188

95
93
92
87

58
49
70
52

,212
L, 208
,228

.175

4,139
4,150
4,158
4,163

1,752
1,763
1,743
1,753

4,942
4,959
4,945
4,927

1,856
L, 854
1,879
.859

22
25
23
23

283
283
282
282

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

855
839
794
762

210
246
267
280

88
91
84
75

46
49
90

48

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

4,166
4,172
4,180
4,188

1,749
1,757
1,752
1,764

4,939
4,960
4,952
4,936

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

25
30
48
24

284
284
282
283

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

782
764
745
758
824

292
307
322
321
339

87

34
50
57
77
61

1,195
1,216
1,235
1.266
1,327

4.200
4,210
4,223
4,232
4,236

1,759
1,764
1,776
1,786
1,764

4,976
5,010
5,036
5,117
5,134

1,872
1,876
1,892
1.862
,890

23
22
22
23
21

283
282
284
282
282

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

3 _.
10
17
24_
31

___

5
12
19
26

June 2
June 9
June 16
June 23
June 30

_ .




95
111
110
103

50

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 3.—RESERVE BANK CREDIT AND FACTORS IN CHANGES,

WEEKLY

AVERAGES, 1922-1929—Continued
[Averages of daily figures. In millions of dollars]
Reserve bank credit outstanding
Week ending
(Saturday)—

Factors of
decrease

Factors of increase

TreasMem- Non- UnexOther
Mone- ury Money ber mem- pendBills Bills United reserve
cur- n circu- bank ber
States
tary
dised
bank Total gold rency lation eserve depos- capital
counted bought securi- credit
stock (adties
bal- ts, etc. funds
usted)
ances

1924

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

729
605
533
515

348
319
293
277

122
106
117
122

54
58
51
45

1,253
1,088
994
959

4,245
4,258
4,270
4,276

1,757
1,767
1,749
1,734

5,018
4,896
4,806
4, 780

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

26
25
24
24

279
275
274
273

Feb.
Feb.
Feb.
Feb.

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

515
501
519
509

276
282
281
262

125
125
127
139

33
28
37
41

949
936
964
951

4,283
4,292
4,299
4,308

1,744
1,756
1,765
1,759

4,781
4,802
4,826
4,846

1,902
1,889
1,906
1,882

22
21
26
21

271
'272
270
269

Mar.
Mar.
Mar.
Mar.
Mar.

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

532
498
472
433
481

260
262
244
200
202

155
181
240
305
257

29
43
46
49
32

976
984
1,002
987
972

4,316
4,325
4,337
4,343
4,353

1,757
1,740
1,749
1,793
1,724

4,869
4,875
4,869
4,862
4,867

1,889
1,885
1,928
1,967
1,892

21
21
23
24
20

270
268
268
270
270

Apr.
Apr.
Apr.
Apr.

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

519
510
489
467

212
199
174
140

265
270
267
277

44
41
68
46

1,040
1,020
998
930

4,362
4,370
4,385
4,393

1,681
1,691
1,722
1,750

4,897
4,898
4,895
4,871

1,895
1,893
1,915
1,910

19
21
26
25

272
269
269
267

May
May
May
May
May

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

453
439
420
427
432

116
91
80
59
78

297
314
323
326
341

43
48
51
39
28

909
892
874
851
879

4,408
4,419
4,431
4,441
4,450

1,766
1,777
1,771
1,765
1,753

4,871
4,875
4,860
4,849
4,872

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

25
23
24
24
23

268
268
266
267
266

June 7__.
June 14..
June 21..
June 28..

406
376
355
352

60
45
54
46

396
421
414
430

901
893
891
871

4,459
4,466
4,474
4,481

1,759
1,760
T,771
1,748

4,870
4,832
4,810
4,806

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

22
20
23
21

264
264
266
265

July 5 . . .
July 12..
July 19..
July 26..

366
322
304
293

58
59
39
32

438
454
465
476

39
51
68
43
60
62
56
41

922
897
864
842

4,490
4,496
4,505
4,509

1,769
1,777
1,764
1,751

4,880
4, 858
4,792
4,758

2,013
2,026
2,056
2,054

27
25
25
30

261
261
260
260

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

293
277
264
259
266

25
21
18
27
50

508
536
541

38
44
48
44
35

864
878
871
871
893

4,510
4,512
4,515
4,516
4,520

1,743
1,753
1,776
1,771
1,761

4,761
4,784
4,793
4,799
4,820

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

31
32
33
33
34

258
256
255
254
254

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

283
259
253
251

69
91
98
95

50
55
70
46

948
970
1,030
969

4,518
4,516
4,515
4,512

1,760
1,765
1,784
1,753

4,866
4,854
4,843
4,844

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

32
31
32
30

253
253
259
259

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

271
247
240
224

136
172
193
175

576
582
593
585

48
52
66
52

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

4,509
4,505
4,506
4,506

1,737
1,746
1,745
1,773

4,875
4,885
4,898
4,887

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

28
27
27
27

260
259
259
260

Nov. 1—

229
238
219
225
228

198
246
264
277
290

585
589
592
587
584

37
48
60
54
40

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

4,507
4,510
4,514
4,520
4,524

1,769
1,774
1,778
1,766
1,770

4,907
4,956
4,964
4,958
4,995

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

27
32
30
29
28

259
258
258
259
259

241
257
281
382

340
354
345
373

565
558
569
536

54
59
86
105

1,200
1,228
1,281
1,396

4,522
4,513
4,502
4,498

1,772
1,769
1,782
1,755

5,024
5,043
5,097
5,181

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

30
31
32
32

258
259
262
263

Nov.
Nov.
Nov.
Nov.

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

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




541 I
542 i
546
565
609
577

51

KESERVE BANK CREDIT
No. 3.—RESERVE BANK CREDIT AND FACTORS IN CHANGES, WEEKLY
AVERAGES, 1922-1929—Continued
[Averages of daily figures. In millions of dollars]
Reserve bank credit outstanding
Week ending
(Saturday)—

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

1925
_.

United Other
MoneBills
Bills States reserve Total tary
disgold
bank
counted bought securi- credit
stock
ties

341
277
239
237
295

380
349
328
310
307
313
326
309
306

Feb.
Feb.
Feb.
Feb.

7
14
21
28

311
328
337
385

Mar.
Mar.
Mar.
Mar.

7
14
21
28

404
357
391

Apr.
Apr.
Apr.
Apr.

4
11
18......
25

409
391
395
408

May
May
May
May
May

2
9
16
23
30

432
420
365
363
414

June
June
June
June

6.
13
20
27

423
436
447

July
July
July
July

4
li
18
25

_

511
486
459
462

Aug.
Aug.
Aug.
Aug.
Aug.

1
8
15
22
29

_

479
529
534
554
564

Sept.
Sept.
Sept.
Sept.

5
12
19
26

Oct.
Oct.
Oct.
Oct.
Oct.

3
10_ . . .
17
24
31

Factors of
decrease

578
613
553
615
621
635
633
602
601

Nov.
Nov.
Nov.
Nov.

7
14
21
28

616
568
576
611

Dec.
Dec.
Dec.
Dec.

5
12
19
26

641
664
667
747




539
507
485
435
395
394
391
380
370
377
384
406
345

Factors of increase

MemTreasury Money ber Non- Unexcur- in circu- bank mem- pendber
ed
rency lation reserve depos- capital
(adbal- its, etc. funds
justed)
ances

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

4,492
4,470
4,455
4,441

1,759
1,768
1,776
1,768
1,748

5,073
4,954
4,846
4,795
4,778

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

259
258
258
258
258

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

4,417
4,394
4,385
4,375

1,768
1,783
1,782
1,779

4,791
4,809
4,801
4,821

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

258
258
259
260

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

4,356
4,349
4,341
4,343

1,775
1,779
1,803
1,781

4,844
4,827
4,812
4,803

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

260
261
264

356
361
356
351
349
364
376
361
350

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

4,344
4,344
4,346
4,347

1,765
1,773
1,772
1,763

4,825
4,833
4,814
4,789

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

265
264
263
263

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

4,351
4,359
4,358
4,360
4,360

1,766
1,766
1,770
1,758
1,755

4,792
4,805
4,789
4,781
4,803

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

264
264
265
264
263

287
278
254
245
246
242
233
226
213
210
208
197
204
212
214
217
236

355
354
333
337
347
341
339
333
331
332
329
325
330
326
325
365
325

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

4,362
4,363
4,364
4,366

1,746
1,736
1,756
1,735

4,824
4,801
4,782
4,774

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

265
264
266
267

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

4,365
4,366
4,366
4,364

1,761
1,764
1,769
1,765

4,832
4,836
4,790
4,765

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

264
264
264
264

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

4,366
4,370
4.372
4,376
4,379

1,758
1,739
1,740
1,744
1,743

4,767
4,797
4,810
4,824
4,838

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

264
262
264
265
264

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

4,385
4,390
4,390
4,382

1,749
1,750
1,761
1,740

4,870
4,915
4,917
4,910

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

265
265

268
284
290
299
329
348
351
352
354
362
373
366
369

330
326
333
327
326
330
331
333
332
340
349
374
359

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

4,382
4,384
4,385
4,396
4,402

1,743
1,751
1,740
1,729
1,725

4,936
4,959
4,956
4,932
4,928

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

268
269
271
271
271

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

4,408
4,410
4,411
4,401

1,734
1,747
1,733
1,728

4,956
4,950
4,939
4,975

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

271
272
271
272

1,411
1,452
1,500
124 ' 1,599

4,397
4,398
4,401
4,395

1,720
1,724
1,747
1,752

5,016
5,055
5,119
5,235

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

274
273
275
275

305
297
284
302
309
308
282
272
264
271
283
285
284

67
55

59

93

52

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No, 3.—RESERVE BANK CREDIT AND FACTORS IN CHANGES, WEEKLY
AVERAGES, 1922-1929—Continued
[Averages of daily figures. In millions of dollars]
Reserve bank credit outstanding

Week ending
(Saturday)—

Jan.
Jan.
Jan.
Jan.
Jan.

2
9
16
23
30

1926

Factors of
decrease

Other
MoneBills Bills United reserve
States
dis- bought securi- bank Total tary
gold
counted
stock
ties credit

Factors of increase

MemTreasury Money ber Non- Unexcur- in circu- bank mem- pended
rency lation reserve ber capital
(adbalfunds
Ijusted)
ances its, etc.

712
607
506
461
463

370
348
326
310
301

374
372
369
369
361

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

4,398
4,403
4,403
4,413
4,409

1,758
1,751
1,749
1,741
1,733

5,139
4,998
4,872
4,828
4,815

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

274
271
273
274
274

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

495
512
533
549

309
308
301
302

348
336
331
328

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

4,416
4,426
4,429
4,427

1,721
1,729
1,722
1,710

4,833
4,851
4,852
4,871

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

274
273
277
277

Mar.
Mar.
Mar.
Mar.

6.
13
20
27

572
504
509
598

294
285
260
248

332
359
350
307

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

4,432
4,444
4,447
4,446

1,701
1,709
1,754
1,691

4,886
4,867
4,861
4,852

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

276
277
280
280

Apr.
Apr.
Apr.
Apr.

3
10
17
24

629
580
524
483

244
232
266
233

331
346
376

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

4,449
4,452
4,452
4,445

1,668
1,695
1,717
1,746

4,878
4,885
4,887
4,874

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

281
281
281
281

May
May
May
May
May

1.
8
15
22
29

531
549
4,99
487
491

202
217
237
236
240

390
396
398
401

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

4,440
4,439
4,432
4,432
4,432

1,750
1,734
1,745
1,746
1,748

4,875
4,881
4,866
4,852
4,867

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

June 5
June 12_,._.
June 19
June 26

522
466
426
479

242
243
238
248

404
416
438
382

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

4,433 1,760
4,434 1,779
4,436 1,777
4,444 1,764

4,913
4,884
4,873
4,867

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

283
282
282
282
283
282
283
286
285

July
July
July
July
July

3
10
17
24
31

551
598
530
509
535

248
242
233
222
213

384
379
386
381
372

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

4,446
4,449
4,462
4,466
4,469

1,766
1,760
1,758
1,746
1,747

4,918
4,971
4,913
4,880
4,881

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

283
280
282
282
282

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

560
525
538
571

228
238
254
256

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

4,467
4,463
4,468
4,470

1,750
1,771
1,752
1,749

4,900
4,913
4,914
4,915

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

283
281
284
286

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

611
627
601
667

258
265
261
266

372
367
358
330
319
310
339
304

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

4,470 1,757
4,473 1,779
4,471 1,773
4,470 1,715

4,944
4,988
4,970
4,958

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

286
286
289
292

Oct.
Oct.
Oct.
Oct.
Oct.

676
681
634
651

274
282
295
294
311

307
309
310
306
301

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

4,470
4,471
4,471
4,472
4,473

1,720
1,749
1, 755
1,749
1,736

4,983
5,005
5,015
4,989
4,988

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

290
292
291
291
293

2
9
16
23
30

Nov.
Nov.
Nov.
Nov.

6
13
20
27

664
585
577
621

338
351
354
344

300
300
306
302

47
65
62
42

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

4,475
4,478
4,479
4,477

1,747
1,771
1,753
1,750

5,016
5,002
4,985
5,008

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

293
293
294
293

Dec.
Dec.
Dec.
Dec.

4
11
18
25

640
623
623
732

365
388
387
388

306
312
349
317

47
51
72
102

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

4,475
4,480
4,478
4,484

1,747
1,758
1,765
1,729

5,038
5,082
5,126
5,221

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

294
293
295
297




53

EESERVE BANK CREDIT
No.

3.—RESERVE

BANK CREDIT AND FACTORS IN CHANGES,
AVERAGES, 1922-1929—Continued

WEEKLY

[Averages of daily figures. In millions of dollars]

Reserve bank credit outstanding^!

Week ending
(Saturday)—

Factors of
decrease

United | Other
MoneBills
Bills States reserve
tary
disTotal gold
3ounted bought securi- bank
stock
ties
credit

Factors of increase

MemNon- Unexber
Money bank mem- pended
incircuber
reserve depos- capital
i
bal- ts, etc. funds
ances
justed)

Treas-

e

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

719
622
484
421
393

383
378
346
338
314

317
316
313
311

1,482
1,378
1,198
1,124
l,04S

4,488
4,499
4,518
4,537
4,551

1,748
1,775
1,764
1,748
1,755

5,141
5,023
4,908
4,850
4,823

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

50
52
28
28
24

293
293
294
294

Feb.
Feb.
Feb.
Feb.

5__.
12.
19.
26.

388
380
377
413

323
304
304
291

304
305
307
308

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

4,561
4,571
4,578
4,585

1,751
1,763
1,761
1,751

4,831
4,836
4,832
4,859

2,219
2,204
2,219
2,203

23
29
31
22

294
293
294
296

Mar.
Mar.
Mar.
Mar.

5...
12..
19..
26..

441
429
387
434

291
277
241
227

312
312
411
337

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

4,588
4,593
4,594
4,599

1,741
1,761
1,776
1,787

4,875
4,861
4,852
4,848

2,218
2,222
2,271
2,246

22
25
24
22

295
298
298
298

Apr.
Apr.
Apr.
Apr.
Apr.

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

458
465
436
435
444

239
243
253
255
243

347
361
338
322

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

4,598
4,599
4,600
4,602
4,605

1,759
1,767
1,758
1,754
1,767

4,866
4,893
4,894
4,869
4,855

2,240
2,249
2,251
2,251
2,246

20
22
25
26
21

298
298
298
299
299

May
May
May
May

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

473
456
470

242
232
224
234

303
257
274
315

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

4,629
4,684
4,681
4,627

1,769
1,774
1,764
1,766

4,870
4,861
4,850
4,846

2,261
2,264
2,262
2,270

51
38
35
33

299
300
301

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

485
404
394
435

236
224
189
186

433
423
361

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

4,608
4,614
4,615
4,600

1,770
1,771
1,789
1,780

4,880
4,843
4,823
4,808

2,289
2,311
2,306
2,275

36
33
35
30

300
298
300
301

July
July
July
July
July

2
9
16
23
30..

484
523
435
415
415

206
203
196
185
172

374
375
378

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

4,589
4,577
4,570
4,573
4,578

1,771
1,780
1,784
1,780
1,778

4,848
4,911
4,845
4,819
4,812

2,305
2,307
2,287
2,283
2,270

38
37
33
31
30

299
296
297
297
297

Aug.
Aug.
Aug.
Aug.

6
13
20
27

440
408
402
401

170
175
171
174

404
420
446
457

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

4,579
4,583
4,586
4,588

1,775
1,785
1, 777
1,777

4,838
4,843
4,851
4,854

2,291
2,286
2,287
2,272

30
30
31*
30

296
297
296
295

Sept.
Sept.
Sept.
Sept.

3
10
17
24

413
445
401
412

192
205
206
218

474
493
533
490

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

4,589
4,593
4,584
4,582

1,779
1,773
1,783
1,776

4,885
4,935
4,916
4,909

2,282
2,300
2,323
2,284

30
30
33
29

295
295
299
300

430
445
442
405
409

241
261
272
277
306

497
506 I
510
505
503

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

4,574
4,571
4,573
4,572
4,555

1,770
1,770
1,782
1,784
1,771

4,917
4,942
4,951
4,929
4,909

2,299
2,322
2,332
2,324
2,328

29
29
36
37
35

302
302
303
304
304

340
335
326

523 I
532 I
646 !

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

4,530
4,508
4,487
4,465

1,778
1,774
1,794
1,803

4,930
4,949
4,926
4,934

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

38
56
48
39

305
302
303

562 j
601 j
642 j
592
605

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

4,449
4,437
4,420
4,403
4,391

1,803
1,803
1,804
1,789
1,783

4,956
4,997
5,033
5,120
5,075

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

33
29
27
25
24

305
303
305
304
307

Oct.
Oct.
Oct.
Oct.
Oct.

1
8__
15
22
29

..-.

Nov.
Nov.
Nov.
Nov.

5
12..._
19
26

396
433
376
413

Dec.
Dec.
Dec.
Dec.
Dec.

3
10
17
24
31

468
481
585
599

-_...




358
379
373
375

54

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No.

3.—RESERVE

B A N K C R E D I T AND F A C T O R S I N C H A N G E S ,
AVERAGES, 1922-1929—Continued

WEEKLY

[Averages of daily figures. In millions of dollars]

Reserve bank credit outstanding
Week ending
(Saturday)—

1928

Factors of
decrease

Other
MoneBills Bills United reserve
States
dis- bought securi- bank Total tary
gold
ounted
stock
ties credit

Factors of increase

Treasury Money
currency in circu(ad- lation
usted)

Member
bank
reserve
balances

Nonmember
deposts, etc.

545
461
436
432

387
386
364
352

603
533
493
450

58
42
36
24

1,593 4,377
1,422 4,376
1,329 4,376
1,258 4,380

1,776
1,784
1,781
1,775

4,951
4,811
4,729
4,690

2,466
2,441
2,424
2,391

30
27
27
24

4...
11..
18.
25.

445
465
475
471

375
370
358
350

426
405
404
401

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

4,374
4,376
4,376
4,373

1,770
1,775
1,777
1,780

4,696
4,708
4,710
4,714

2,387
2,378
2,372
2,351

23
24
33
23

Mar. 3...
Mar. 10..
Mar. 17..
Mar. 24..
Mar. 31..

510
519
491
490
543

348
341
340
340
347

403
405
448
412
398

25
27
35
25
24
27
29
20
21

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

4,362
4,357
4,335
4,324
4,310

1,772
1,772
1,791
1,792
1,775

4,719
4,718
4,705
4,699
4,705

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

23
23
24
25
23

Apr.
Apr.
Apr.
Apr.

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

627
615
660
705

348
363
360
361

393
379
346
303

39
35
43
28

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

4,304
4,301
4,280
4,267

1,779
1,783
1,775
1,773

4,751
4,735
4,718
4,710

2,397
2,400
2,401
2,382

28
25
28
26

May
May
May
May

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

768
781
827
870

370
367
353
337

287
275
260
239

33
33
37
26

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

4,263
4,236
4,194
4,180

1,772
1,781
1,784
1,781

4,738
4,726
4,717
4,709

2,407
2,401
2,391
2,377

30
27
26
26

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

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

302
265
242
231
224

219
218
267
227
221

25
39
41
37
30

1,531
1,526
1,556
1,499
1,522

4,165
4,148
4,106
4,103
4,105

1,774
1,784
1,793
1,803
1,794

4,742
4,737
4,728
4,727
4,740

2,379
2,372
2,377
2,325
2,326

27
27
27
29
28

July 7 . . .
July 14..
July 2 1 . .
July 28..

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

207
190
180
171

220
216
209
207

52
49
46
34

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

4,110
4,115
4,114
4,115

1,769
1,790
1,791
1,778

4,816
4,769
4,720
4,696

2,369
2,337
2,308
2,294

33
31
29
27

Aug.
Aug.
Aug.
Aug.

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

165
169
183
184

213
210
207
207

35
34
44
35

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

4,113
4,115
4,119
4,120

1,770
1,760
1,784
1,780

4,714
4,733
4,744
4,752

2,298
2,274
2,271
2,259

28
28
28
29

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

1,075
1,103
1,064
1,042
1,040

186
194
210
232
264

214
217
253
260
235

32
42
54
66
43

1,507
1,556
1,581
1,600
1,582

4,123
4,123
4,124
4,126
4,128

1,779
1,782
1,788
1,792
1,785

4,769
4,818
4,797
4,789
4,806

2,278
2,284
2,324
2,335
2,312

29
25
36
55
38

Oct.
Oct.
Oct.
Oct.

6—.
13...
20..
27..

1,045
1,019
966
922

305
340
374
405

234
240
242
235

50
38
51
36

1,634
1,637
1,633
1,598

4,125
4,128
4,136
4,139

1,783
1,795
I,"""
1,779

4,836
4,852
4,846
4,824

2,334
2,331
2,340
2,324

33
34
30
26

Nov.
Nov.
Nov.
Nov.

3...
101724..

915
940
880
816

438
454
474
484

235
233
227
251

37
35
71
46

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

4,143
4,148
4,158
4,160

1,782
1,783
1,784
1,797

4,834
4,865
4,852
4,835

2,342
2,347
2,357
2.346

30
35
39
25

Dec.
Dec.
Dec.
Dec.
Dec.

18-.
15.
22.
29.

970
1,024
978
930
1,090

482
490
484
462
491

242
233
276
326
230

34
43
56
100
71

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

4,138
4,131
4,140
4,149
4,148

1,785
1,777
1,784
1,808 i
1, 795 |

4,908
4,947
4,968
5,060
5,074

2,368
2,375
2,369
2,332
2,366

26
28
31
30
30

Jan. 7
Jan. 14
Jan. 21
Jan. 28
Feb.
Feb\
Feb.
Feb.

4...
111825..




Unexpended
capital
funds

55

RESERVE BANK CREDIT
No,

3.—RESERVE BANK CREDIT AND FACTORS IN CHANGES, WEEKLY

AVERAGES, 1922-1929—Continued
[Averages of daily figures. In millions of dollars]
Reserve bank credit outstanding
Week ending
(Saturday)—

Factors of
decrease

Other
MoneBills Bills United reserve
States
dis- bought securi- bank Total tary
gold
counted
stock
ties credit

1929
Jan.5_
Jan.12_.
Jan.19_.
Jan.26..

Factors of increase

Mem- Non- UnexTreasury Money ber
cur- in circu- bank mem- pendber
ed
rency lation reserve depos- capital
bal- its, etc. funds
(adances
justed)

491
484
481
462

239
246
240
209

1,832
1,676
1,593
1,509

4,126
4,111
4,110
4,117

1,785
1,789
1,789
1,790

4,932
4,793
4,722
4,677

2,429
2,402
2,387
2,358

350
349
351
351

890

438
412
394
367

202
197
183
175

1,501
1,512
1,522
1,476

4,123
4,130
4,143
4,152

1,786
1,781
1,789
1,786

4,664
4,675
4,689
4,691

2,364
2,366
2,377
2,339

353
354
355
357

955
993
916
915
1,020

338
313
281
241
217

172
166
240
223
170

1,503
1,522
1,495
1,423
1,451

4,154
4,157
4,160
4,168
4,179

1,776
1,775
1,802
1,808
1,788

4,706
4,723
4,703
4,692
4,702

2,343
2,341
2,362
2,318
2,317

358
358
361
362

1,044
991
1,004

178
159
146
142

171
171
166
156

1,446
1,363
1,382
1,347

4,193
4,220
4,236
4,239

1,790
1,801
1,775
1,776

4,707
4,679
4,676
4,664

2,320
2,310
2,314
2,297

365
364
367
369

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

963
936
935

167
159
148
134

157
156
156
152

1,372
1,332
1,292
1,262

4,262
4,286
4,298
4,300

1,776
1,784
1,797
1,787

368
369
370
371

June 1June 8 _ June 15
June 22
June 29

991
1,000
945
941
1,004

120
112
109
91
86

145
153
198
189
178

1,296
1,319
1,313
1,294
1,320

4,301
4,303
4,307
4,313
4,321

1,785
1,783
1,792
1,778
1,761

2,311
2,312
2,310
2,279
4,703 2,276
4,704 2,298
4,675 2,331
4,669 2,308
4,683 2,314

373
373
376
377
377

July6_July 1 3 . .
July20._
July27_.

1,126
1,136
1,092
1,046

74
65
73
82

158
143
154
146

1,440
1,407
1,384
1,322

4,328
4,329
4,335
4,341

1,778
1,786
1,800
1,794

4,768
4,800
4,775
4,734

2,371
2,314
2,338
2,319

372
376
376
376

Aug.
Aug.
Aug.
Aug.
Aug.

1,069
1,081
1,049
1,015
1,006

90
88
122
139
162

153
158
154
153
150

1,364
1,381
1,383
1,358
1,366

4,341 1,784
4,345 1,779
4,350 1,781
4,354 1,780
4,358 1,786

4,741
4,769
4,777
4,778
4,790

2,344
2,329
2,326
2,303
2,311

376
379
382
384
384

1,042
982
923
935

183
218
240
262

149
161
193
157

1,435
1,428
1,424
1,412

4,361
4,364
4,369
4,375

1,779
1,782
1,773
1,737

4,841
4,822
4,798
4,782

2,339
2,350
2,327

386
387

928
895
860
843

302
322
349
355

148
138
133
140

1,454
1,422
1,429
1,409

4,374
4, 376
4,380
4,386

1,753
1,783
1,790
1,793

4,814 2,350
4,822 2,339
4,818 2,358
4,791 2,378

390
390
392
394

343
327
303
282
259

256
299
315
326
326

1,620
1,677
1,672
1,580
1,563

4,386
4,380
4,373
4,372
4,368

1,795
1,793
1,802
1,787
1,772

4,821 2,556
4,854 2,565
4,846 2,567
4,816 2,502
4,860 2,421

394
393
395
395
396

264
308
316
364

349
392
525
491

1,585
1,569
1,677
1,739

4,363
4,346
4,314
4,293

1,778
1,802
1,811
1,799

4,897
4,906
4,968
5,021

2,404
2,386
2,404
2,382

397
399
401
403

1,048
791

Feb. 2_.
Feb. 9_.
Feb.16.
Feb. 23.
Mar.
Mar.
Mar.
Mar.
Mar.

822
856

2
9
16
23
30

I
|
__._!
i

Apr. 6__.
Apr. 13_.
Apr. 20..
Apr. 27_.
May
May
May
May

3...
1017..
24..
31..

Sept. 7. _
Sept. 14.
Sept. 21.
Sept. 28.
Oct.
Oct.
Oct.
Oct.

5._
12.
19.
26-

Nov. 2.
Nov
Nov 16—.
Nov,

Nov

30..

954
978
971
908
933

Dec.
Dec.
Dec.
Dec.

7—
14.
21.
28_

913
808
742
791

90182—30



5

4,689
4,687
4,677
4,671

56

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

RESERVE BANK CREDIT
No. 4.—RESERVE BANK CREDIT OUTSTANDING, ANNUAL AVERAGES, 1915-1929
[Averages of daily figures. In thousands of dollars]

Year

1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1
2

__.

.

..

.

.

Bills and securities held by Federal reserve banks

Reserve
bank
credit
outstanding

_

Bills discounted

Bills
bought

i 60,149
i 163,350
523,120
1, 723,168
2, 625,406
3, 390,422
2,198, 238
1, 226, 334
1, 204, 752
996,467
1,195, 397
1, 257, 859
1,175, 035
1, 505, 085
1, 459, 264

24,371
24,140
193, 783
1,134, 486
1,905, 697
2, 523,073
1, 797, 226
571, 220
735, 608
372,121
480, 609
568,166
442, 287
839,942
950, 580

10,430
65, 508
150,094
287,147
323,939
385,420
91,150
159,102
226, 767
172,437
287,482
281,104
263, 258
327, 806
241, 399

United
Foreign
Other
States
loans
securities securities on gold
7,931
47,161
89, 207
134,177
254,384
323, 661
263, 864
454,777
185, 504
402, 271
358, 760
349, 599
417,480
297,499
207, 659

17,417
26,541
6,893
352
1
44
66
85
1,210
2,473
3,396
1,513
2,124
13,420

486
9,218
4,114
1,068

Due
from
Reserve
foreign bank float
banks

536
2,765
793
692
699
701
644
671
674
8,643
603
732

2 83,143
2 166,470
2 138, 620
2 157, 475
45, 262
40, 470
56,087
47, 298
56,184
50, 806
41, 854
37, 111
44,406

Exclusive of reserve bank float for which figures are not available.
Includes Government overdrafts.
No. 5.—RESERVE BANK CREDIT OUTSTANDING, BY MONTHS, 1922-1929
[Monthly averages of daily figures. In thousands of dollars]

Month

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

Bills discounted

Bills
bought

United
States Other se- Foreign
securi- curities loans on
gold
ties

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

961,966
768,836
638,208
572,466
479,100
437,436
425,399
395, 588
417,251
486,155
623,372
660,427

98,195
87,507
92,318
93,003
103,452
135,591
152, 550
159,4£0
211,538
251, 534
259,871
259,296

237,637
356, 906
458, 584
520,224
603,499
590,690
547,083
497,185
485, 989
448,129
325, 319
379,939

302
295
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

,248,888
. 205,043
,
228, 242
214, 466
221, 737
178, 370
, 179, 386
1,127, 239
1,183,823
1, 204,123
1, 204, 312
1,260,198

547,058
608,165
627, 799
657,730
705,312
741,246
834,084
808,870
845, 227
873,142
798,529
771,034

217, 939
189,819
233, 753
272, 439
271, 333
224, 313
186, 002
175, 351
173,909
184, 838
264, 951
323, 901

420, 977
355, 737
315,848
228, 664
193, 224
153,395
96, 533
90, 016
101,690
91,450
83,456
105,893

20

701
701
701
701
701
701
701
701
701
701
701
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

701
701
701
701
701
701
701
701
596
476
477
573

48, 698
33, 298
41,130
47,924
42, 034
47, 561
50, 798
41, 238
50, 383
49, 704
47, 238
66,795

Total

1923

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

1924
573,865 299, 914
1,040,781
January..
955, 227
513, 920 272, 678
February...
989, 838
475, 712 228,101
March
981, 361
488, 558 170, 525
April..
879, 242
432, 613 79, 995
May
886, 324
370. 159 50, 376
June...
878, 500
315, 343 43, 878
July
268, 475 29, 532
880, 895
August
2S1,P55 91, P17
982, 574
September..
240, 200 179, 735
1, 057,166
October
228, 236 268, 346
1,134, 950
November..
301,351 357, 504
1, 288, 061
December..
i Foreign loans on gold outstanding from Dec. 2, 1924, to
Digitized for11 to May 10, 1929.
FRASER



117, 576
134, 611
244, 121
273, 601
323, 557
416, 251
466, 530
539, 409
575, 3p0
585,118
587, 666
554, 048
Aug. 2, 1926,

17
39
49
56
19
15
138
317
255

27
19
73
52
342
1, 276
1,250
1,540
2,9^3
1,933
2,987

Due
from
foreign
banks

Reserve
bank
float

2,056 i 5,734
Mar. 7 to Mar. 18, 1929, and Apr,

57

EESEKVE BANK CREDIT
No.

5.—RESERVE

BANK

CREDIT

OUTSTANDING,

BY MONTHS,

1922-1929—

Continued
IMonthly averages of daily figures. In thousands of dollars]

Bills discounted

Bills
bought

United
Due
States Other se- Foreign from
securi- curities loans on foreign
gold
ties
banks

1,125,416
1, 094, 047
1,121,951
1,109, 656
1, 099,973
1,118,344
1,118, 239
1,142, 70S
1, 22°>, f 38
1, 320, 582
1, 351, 693
1, 508, 515

287, 003
340, 253
389, 611
402, 766
397, 352
437,177
480, 105
545,198
594, 080
618, 770
597,158
687, 766

329, 258
313,419
298,177
287, 322
279, 054
2°3,497
231,122
205, 401
225, 728
298, 211
351, 751
368,659

463,722
383, 790
375, 566
354. 984
3 1, 261
344, 9G9
337, 667
329, 091
335. 425
327,685
331, 962
359, 242

2,539
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
5,2^0
8,367

641
642
720
639
640
730
636
645
735
639
652
738

54,029
42, 470
44, 725
51, 802
49,299
59, 221
56,165
49,846
eo, 300
65,196
61, 532
78, 552

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

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
2P.7, 833
234, 409
232, 219
243. 233
229, 923
245,117
2C4, 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
30", 189
302, 434
321, 540

3,143
3,185
3, 653

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

1,185, 778
1,043, 082
1, 055,163
1,087,141
1,041, 397
1,081, 275
1,114, 788
1,093,486
1,187, 227
1,254,435
1,377,128
1, 567, 814

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

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

47,015
36, 501
30. 254
47, 625
41,233
39,525
43,266
35,466
40,744
40,616
45,556
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, 531,103
1, 530,993
1,485,196
1,581,421
1, 621, 327
1, 652,841
1, 824,070

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
226,033
367, 595
470, 638
482, 704

511,852
405,551
414, 681
351,105
256, 686
231,907
212, 978
209, 610
240,429
236,914
238, 335
262, 776

657
535
821
990
1,000
790
490
764
3,177
4,433
4,160
7,597

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

36,703
26,599
23,153
33, 517
29,200
35,558
42,356
35,486
46,906
36, 536
41, 670
57,263

1929
January
February
March
April
May
June
July
August
September
October
November
December.

1,613,093
1, 501, 565
1,480,931
1, 377, 282
1,303,411
1, 316,801
1,379,796
1, 376,086
1, 426,890
1,449, 620
1, 631, 397
1, 643,073

859, 223 472,543
889, 207 384, 662
265,430
1,004,440 155, 686
956, 274 144,899
978,009 99,489
1,095, 623 74,815
1,043, 467 124,441
969,000 229,395
884, 501 337,121
952,640 296, 212
803, 352 319, 997

228, 528
184, 241
196,746
165,311
152, 870
179,370
147,473
154,513
164, 579
154,462
315, 289
446, 066

9,608
9,474
8,410
7,073
7,446
11, 427
10,558
13,644
15, 594
20, 387
21,440
13,083

730
729
723
723
726
729
728
724
740
764
740
722

42,L 61

Month

January
February
March
April
May
June
July
A ugust
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December

Total

Reserve
bank
float

1925

1926

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

_.

_-_
__

Back figures.—See Annual Report for 1928 (Table 1).




4,103
3,453
3,117
3,373
3.700
3.042
2,525
2,579

2,928
5,854
3,979

33, 252
38,129
38,195
37,217
47,777
50,599
39,297
47,582
52,385
45,076
59,853

58
No.

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
6.—DEPOSITS, RESERVES, NOTE CIRCULATION, AND RESERVE PERCENTAGES OF FEDERAL RESERVE BANKS, BY MONTHS, 1925-1929

(Monthly averages of daily figures. In thousands of dollars]
Deposits

Cash reserves

Total

Member
bank
reserve

U.S. Foreign
Gov- bank
and
Other
ernment government

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

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

2,289,298
2,274,728
2,276, 724
2,251,846
2,253,294
2,241,415
2, 262,420
2,253,350
2,273,205
2,280,180
2, 279,135
2,289,632

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

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

Month

ReFederal serve
reserve
pernote cir- centculation
age

Total

Excess

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
77.0
76.4
76.6
76.8
76.3
76.1
75.5
73.8
72.0
71.6
68.5

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 2,922,466
19,721! 2,925, 529
19,277 2,933,885
20,722 |2,932,794
21,146 2. 952,013
17,510 !2,975, 552
19,222 i2,969,505
17,216 I2,965,896
19,259 !2, 950,380
19,622 !
2,934,877
24,548 i2, 955,169
17,845 i2,929,074

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

24,132
28,132
21,823
29, 622
25, 374
20, 660
17,420
17,890
20, 324
20, 426
12,812
9,976

11,316
4,924
6,021
5,521
5,309
5,341
5,233
5,100
5,675
8,365
6,227
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
3,137, 737
3,168,365
3,182,325
3,191, 623
3,170,162
3,156,204
3,145, 581
3,117,062
3,089,483
3,011,346
2,893,417

1,557,915
1,662,595
1, 679,931
1, 679,121
1,684, 975
1,658,481
1,651, 520
1,657,149
1,605, 565
1,563,305
1,469,223
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
77.9
78.4
76.5
75.1
72.4
68.4

1928
2,472,425 2,426,360 19,438
January
2,419,482 2,368,092 25,606
February
2,411,714 2,365,030 23,018
March
2,450,188 2,396, 460 26, 796
April
2,438,812 2, 387, 642 23,821
May
June
_. 2,394,875 2, 354, 547 12, 797
2, 372,629 2,323, 506 19,468
July
2,330,159 2,273,919 27,860
August
2, 370,075 2,314,257 17,648
September
2,380, 594 2,332,177 18,694
October.
2,401,637 2,352, 294 17, 542
November
2,415,052 2,366, 803 18,807
December

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

1,413,756
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

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
63.6

6,530
5,995
9,239
12, 312
7,997
6,723
7,187
5, 584
6,801
6,345
5,660
5,775

24, 809
22, 506
22,109
22,445
24, 023
22, 995
23, 858
21, 466
20, 728
21, 765
26,882
21, 258

2, 777, 763
2, 826, 670
2, 848, 586
2, 936,935
2,987,484
3,011,015
3, 078, 382
3,117, 555
3,135, 894
3,157,885
3,166, 713
3, 040,010

1, 236, 228
1,318,945
1, 346,046
1,439,941
1,499, 258
1, 513,157
1, 528,162
1, 556,187
1, 549, 600
1,555,552
1,489,966
1,408,179

1,722,118
1, 663, 492
1, 669, 759
1, 670,904
1, 663, 504
1,667,011
1, 788, 692
1, 831,044
1, 869, 776
1, 872, 594
1,937,418
1,946,402

66.8
69.4
70.3
72.7
74.4
74.5
73.8
74.2
73.5
73.3
70.2
69.3

1929
January
February
March
April
May
June
July
August
September
October
November
December

2,436, 250
2,406, 651
2, 384, 675
2, 367, 519
2, 350, 927
2, 374, 439
2, 384, 979
2, 368,430
2, 395, 383
2,437,987
2, 576, 514
2, 437, 914

2, 386, 746
2, 357, 297
2, 336, 507
2, 307,945
2, 296, 409
2, 314, 338
2, 333, 545
2,322,411
2, 334, 541
2, 385, 644
2, 521, 324
2, 395, 022

18,165
20, 853
16, 820
24,817
22, 498
30, 383
20, 389
18, 969
33,313
24, 233
22, 648
15, 859

Back figures.—See Annual Report for 1928 (Table 2).




59

RESERVE BANK CREDIT

No. 7.—PRINCIPAL RESOURCES AND LIABILITIES OF FEDERAL RESERVE BANKS,
BY WEEKS
[In millions of dollars]
Bills and securities

Deposits
TT'flrl
J? 6(1-

eral
Total
reMemcash
serve
Bills
ber Other notes
redisUnUn- serves Total bank de- in cirT o t a l i countBought der
Bought der
reserve
culaed Total out- resale Total out- resale
bal- posits tion
right agreeright agreeances
ment
ment
Bills bought

Date

1929
Jan.2
Jan. 9
Jan.16
Jan. 23__.
Jan.30-_.
Feb.6
Feb. 13 —
Feb. 2 0 . . .
Feb. 27 —

1,890
1,603
1,551
1,447
1,467

1,151
877
822
782
821

484
477
481
454
436

430
426
421
413
382

1,472
1,481
1,403
1,463

852
904
865
952

411
391
356
334

U. i3.

securities

244
239
238
202
202

197
197
208
199
199

46.8
42.2
30.3

367
352
334
308

54.8
51.3
60.6
41.6
53.6
43.8
39.2
21.6
25.8

200
177
173
166

199
176
171
165

2,564
2,452
2,473
2,397
2,437
2,438
2,422
2,361
2,413

2,494
2,405
2,415
2,359
2,391
2,386
2,373
2,319
2,367

70
48
58
38
46

1,829
1,745
1,697
1,661
1,645

1.0
.8
1.8
1.4

2,719
2,783
2,793
2,814
2,835
2,831
2,848
2,840
2,844

52
49
42
46

1,646
1,660
1,652
1,654

1.4
3.8
.8
4.6

2,836
2,860
2,878
2,879

2,403
2,397
2,370
2,383

2,350
2,363
2,340
2,332

52
34
31
51

1,667
1,650
1,642
1,653

3.0
2.7

Mar. 6 —
Mar. 13...
Mar. 20—
Mar. 27....

1,467
1,422
1,372
1,410

989
956
943
1,024

305
283
237
208

271
257
215
192

34.0
25.9
21.7
16.8

163
165
185
170

162
161
185
166

Apr.
Apr.
Apr.
Apr.

3
10—
17 —
24—

1,380
1,294
1,310
1,281

1,030
964
994
975

175
157
141
141

161
144
127
119

13.9
13.1
13.9
21.9

169
166
161
150

166
163
152
139

2,893
2,951
9 . 8 , 2,956
10.7 2,973

2,382
2,340
2,380
2,350

2,335
2,302
2,302
2,290

47
38
77
60

1,664
1,658
1,653
1,653

May
May
May
May
May

1
8
15—
22...
29...

1,329
1,282
1,224
1,204
1,259

986
962
915
904
988

170
157
146
138
118

122
108
106
113
103

48.4
49.0
39.7
24.9
14.5

151
149
156
153
145

140
137
138
137
137

10.5
12.3
18.0
16.2

2,986
3,012
3,012
3,008
2,970

2,410
2,389
2,366
2,325
2,331

2,336
2,330
2,320
2,276
2,286

75
59
46
49
45

1,664
1,664
1,647
1,640
1,654

June 5
June 12—
June 19. . .
June 26. . .
July 3
July 10-. .
July 17.. .
July 2 4 . . .
July 3 1 . . .
Aug. 7
Aug. 14...
Aug. 21—
Aug. 2 8 - .
Sept. 4 . . . .
Sept. 11...
Sept. 18—
Sept. 25...

1,247
1,228
1,199
1,262

977
934
959
1,017

113
114
87
83

97
90
80
71

16.2
24.1

137
132
130
130

74
66
68
69
75

62
54
42
48
45

141
136
153
146
147

127
126
127
127
127

1,736
1,833
1,801
1,780
1,779

1,064
1,028
986
974

79
118
132
157

36
72
64
95

158
154
149
145

127
127
127
127

54
46
45
42

1,811
1,815
1,823
1,829

1,394
1,370
1,368
1,375

1,046
973
934
944

183
222
241
264

101
137
164
180

149
159
178
152

127
127
131
126

2,321
2,328
2,292
2,344
2,380
2,303
2,352
2,357
2,355
2,323
2,330
2,292
2,306
2,320
2,360
2,381
2,364

58
57
42
45
42

1,311
1,311
1,283
1,292

2,366
2,376
2,369
2,420
2,438
2,360
2,394
2,402
2,398
2,377
2,376
2,337
2,348
2,374
2,404
2,428
2,446

1,647
1,644
1,649
1,658

1,125
1,153
1,084
1,064
1,076

2,985
3,025
3,047
19.8 3,073
14.6 3,041
10.0 3,062
26.3 3,098
19.1 3,126
20.7 3,109
31.0 3,123
27.7 3,129
22.0 3,143
18.8 3,149
22.2 3,116
31.8 3,146
47.0 3,156
26.1 3,162

44
48
77
76

1,351
1,366
1,315
1,289
1,308

11.6
12.1
12.1
25.8
20.4
29.6
43.3
45.6
67.8
61.2
81.6
84.9
77.6
84.5

147
170
139
150

54
44
47
82

1,883
1,864
1,847
1,838

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

1,414
1,346
1,370
1,337
1,649

931
857
849
796
991

323
333
360
379
340

239
288
303
364
311

83.5
45.4
56.9
15.9
29.1

146
141
138
136
293

127
127
128
128
260

32.8

3,141
3,162
3,158
3,190
3,177

2,471
2,387
2,460
2,422
2,696

2,399
2,339
2,408
2,378
2,652

72
48
52
44
45

1,851
1,860
1,860
1,857
1,880

Nov. 6....
Nov. 13...
Nov. 20—
Nov. 27...

1,638
1,606
1,530
1,514

991
971
900
912

330
300
284
257

305
287
277
250

25.0
12.4
7.4
6.9

293
313
327
326

283
311
323
322

9.8
1.3
3.8
4.0

3,172
3,187
3,196
3,135

2,624
2,646
2,563
2,437

2,558
2,608
2,518
2,376

66
38
44
61

1,918
1,937
1,925
1,930

Dec. 4
Dec. 1 1 . . .
Dec. 18—
Dec. 2 4 . . .
Dec. 31 —

1,503
1,491
1,589
1,613
1,548

872
769
737
763
632

257
322
309
355
392

218
243
243
221
237

38.5
79.0
66.3
134.3
155.2

355
387
533
485
511

352
386
509
476
487

2.8
.6

24.3

3,139
3,110
3,026
2,951
3,011

2,453
2,426
2,439
2,375
2,414

2,401
2,397
2,408
2,320
2,355

52
29
31
55
58

1,938
1,918
1,926
1,989
1,910

7.4

3.5
3.5

7.4

10.5
37.7
9.5

18.6
13.3
9.6
7.8

9.5

23.3

i Includes "other securities" and foreign loans on gold.
Back figures.—See Annual Report for 1928 (Table 5), 1927 (Table 5), 1926 (Table 12), etc.




60
No.

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
8.—FEDERAL RESERVE

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 , 1929 *

[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 Treasury
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
Total gold and gold certificates held by banks
Total gold reserves
Reserves other than gold:
Legal-tender notes
Silver certificates
Standard silver dollars
_._
-

_

-

139,950
123, 525
332,128
595,603
2,857,051
76,470
73, 573
3,834

Total reserves other than gold
Total reserves

— 1,676,918
73,287
_.. 1,750,205
511,243

_

153,877

.

Nonreserve cash:
National-bank notes __
Federal reserve bank notes
Subsidiary silver, nickels, and cents
Total nonreserve cash

3,010,928

_

66,081
4
15,824

.

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
Total bills bought in open market
United States securities bought under resale agreement:
United States bonds
Treasury notes
___
_
Total United States securities bought under resale agreement
United States securities bought outright:
Liberty bonds
Bonds issued since 1921
Other United States bonds
Total bonds
Treasury notes
Certificates of indebtedness
Treasury bills
Total United States securities bought outright
Total United States Government securities
Other securities:
Federal intermediate credit bank debentures
Federal land bank bonds
.
Municipal warrants

81, 909
353, 528
278,893
632,421

.._
236,974
155,235

392,209
7,080
16,216
23,296
66,175
614
2,948
69,737
199,388
161,916
56,250
487,291
510, 587
2, 650
9, 500
150

Total other securities

12,300

Total bills and securities
Due from foreign banks
Uncollected items:
Transit items
Exchanges for clearing house
Other cash items
Federal reserve notes of other Federal reserve banks
Total uncollected items
1

Before closing of books at end of year.




1, 547, 517
721
652,968
32,196
21,421
42,151
748,736

RESERVE BANK CREDIT

61

No. 8.—FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES IN DETAIL,

DECEMBER 31, 1929 *—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]
Bank premises.
_
_
_
_
__
59,301
All other resources:
Claims account closed or suspended banks
_
5,235
Overdrafts—member banks
8
Premium on securities.._
1,207
Interest accrued..
_
2,800
Deferred charges. _
726
Suspense account and miscellaneous assets
1,325
Total all other resources

_

__.

11,301

Total resources

5,460,413
LIABILITIES

Federal reserve notes outstanding (issued to Federal reserve bank)
Held by banks and branches..
Forwarded for redemption
Federal reserve notes in actual circulation..

2,426,584
474,580
42,281

._

1,909,723

Deposits:
Members—reserve account
Government
Foreign bank
Other deposits—
Nonmembers' clearing account
Officers' checks
Federal reserve transfer and exchange drafts
Allother
.

2,354,285
24, 568
5,710

...

20,483
1, 752
275
1,343

Total other deposits

23,853

Total deposits

-

Deferred availability items:
Government transit items
Allother transit items.Total deferred availability items
Capital paid in
Surplus
All other liabilities:
EarningsGross earnings..
Current expenses
Current net earnings
Add—Profit and loss
Deduct—
Furniture and equipment
Dividends accrued since closing of books

5,853
667,069
672,922
170,973
254,398
70,955
29,690
41,265
34
537
9,583

Net earnings available for depreciation allowances, reserves, surplus, and franchise
tax
Reserve for self-insurance
Reserves for losses account failed or suspended banks
Miscellaneous reserves
Accrued dividends unpaid
Unearned discount
Accrued taxes, other than franchise tax, unpaid
Discount on securities
Suspense account and miscellaneous liabilities
Total all other liabilities
_
Total liabilities
Contingent liability on bills purchased for foreign correspondents

__

1
Before closing of books at end of year.
Back figures.See Annual Reports for 1928 and 1927 (Table 6) and 1926 (Table 13)




2,408,416

31,179
2,785
3,287
293
979
2,221
875
1,815
547
43,981
5,460,413
547,962

62

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No, 9.—RESOURCES AND LIABILITIES OF FEDERAL RESERVE BANKS AT THE END
OF EACH MONTH
[In millions of dollars]
1928

1929

Dec. 31 Jan. 31 Feb. 28 Mar. 31 Apr. 30 M a y 31 June 30
RESOURCES

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

1,230
78

1,203
66

1,158
66

1,251
63

1,322
62

1,305
68

1,372
69

1,307

1,270

1,224

1,313

1,384

1,373

1,441

687

730

809

733

663

673

658

132
175
282

186
157
314

185
157
302

191
181
283

190
229
324

195
245
327

206
239
314

2,584
125

2,657
164

2,677
154

2,701
162

2,791
173

2,813
137

2,858
172

2,709

2,821

2,830

2,863

2,965

2,951

3,030

80

88

74

65

72

71

57

Bills discounted
Bills bought:
Outright
.._._
Under resale agreement

1,056

805

973

1,095

934

1,068

1,037

439
50

383
57

304
26

184
16

130
49

105
12

73
9

Total bills bought
United States securities:
Bought outright
Under resale agreement

489

440

330

200

179

117

82

197
31

199
3

165
4

166
6

140
23

137
6

148
68

Total United States securities
Other securities
. _
Foreign loans on gold

228
10

202
9

169
10

172
7

163
7
15

143
8

216
12

1,783
1
24

1,456
1
27

1,481
1
28

1,473
1
62

1,299
1
27

1,335
1
24

1,347
1
52

Total reserve bank credit outstanding..

1,808

1,484

1,510

1,536

1,327

1,360

1,400

Federal reserve notes of other Federal reserve
banks
..
.
.
Other uncollected items not included in float.
Bank premises
All other resources
---

29
660
59
7

22
598
59
8

17
649
59
8

17
565
59
8

13
634
59
7

16
603
59
8

19
623
59
7

5,352

5,080

5,146

5,112

5,077

5,068

5,194

29
1,809

22
1,633

17
1,648

17
1,674

13
1,650

16
1,656

19
1,694

1,838

1,655

1,665

1,691

1,663

1,672

1,713

2,389
23
6
21

2,362
17
6
22

2,362
21
6
19

2,357
28
20
20

2,282
28
9
26

2,288
32
8
25

2,356
36
6
21

2,440
660
147
254
13

2,408
598
149
254
16

2,409
649
151
254
19

2,425
565
154
254
22

2,345
634
156
254
25

2,353
603
158
254
28

2,419
623
159
254
27

5,352

5,080

5,146

5,112

5,077

5,068

5,194

325

313

304

337

345

389

422

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
Total gold reserves
Reserves other than gold

_

Total reserves
Nonreserve cash

Total bills and securities
Due from foreign banks
Reserve bank float 1

.

-

Total resources
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

i Uncollected items (exclusive of Federal reserve notes of other Federal reserve banks)[in 'excesslof|deferred availability items.




63

KESERVE BANK CREDIT

No. 9.—RESOURCES AND LIABILITIES OF FEDERAL RESERVE BANKS AT THE END

OF EACH MONTH—Continued

[In millions of dollars]
1929
J u l y 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31
RESOURCES

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

1,479
74

168
204
250

189
169
254

166
239

247
131
277

139
124
333

2,945
175

2,971
155

3,004
152

2,948
142

2,857
154

3,120

3,126

3,156

3,090

3,011

51

61

77

74

82

1,046

958

1,000

1,030

632

114
62

214
79

35

245
11

237
155

176

293

355

256

392

127
23

127
35

50

322
4

488
23

150
16

162
15

25

326
19

511
12

1,389
1
50

1,429
1
28

1,701
1
41

1,631
1
45

1,548
1
34

1,440

1,458

1,743

1,677

1,583

30
611
59
10

36
563
59
10

23
600
59
10

29
713
59
11

27
640
59
12

42
673
57
11

5,233

5,279

5,337

5,788

5,579

5,458

30
1,749

36
1,844

23
1,840

29
1,870

27
1,923

42
1,868

1,880

1,863

1,899

1,950

1,910

2,355
14
6
22

_.

182
298

1,779

Total resources

1,750
511

1,347

Total reserve bank credit outstanding

1,716
578

1,308
1
38

Federal reserve notes of other Federal reserve banks...
Other uncollected items not included in float
Bank premises
All other resources
__

1,548
814

21

Total bills and securities
Due from foreign banks
Reserve bank float1 _ _

1,617
741

147
10

Total United States securities
Other securities

1,599
724

75

Total bills bought
United States securities:
Bought outright
Under resale agreement

1,553
667

45
30

.

1,677
73

1,076

Bills discounted.
Bills bought:
Outright
Under resale agreement

1,639
76

67

Total reserves __
Nonreserve cash.

1,482
66

3,109

Total gold reserves
Reserves other than gold

1,549
68

2,924
185

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

1,537
62

2,337
20
5
19

2,326
61
6
22

2,666

2,458
39
5
20

2,355
29
6
24

2,398
611
162
254
28

2,381
563
167
254
33

2,415
600
167
254
37

2,712
713
167
42

2,522
640
168
254
45

2,414
673
171
277
14

5,233

5,279

5,337

5,788

5,579

5,458

458

453

449

503

504

548

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

6
25

1
Uncollected items (exclusive of Federal reserve notes of other Federal reserve banks) in excess of deferred
availability items.
Back figures—See Annual Report for 1928 (Table 7), 1927 (Table 7), 1926 (Table 11), 1925 (Table 11), etc




64

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No.

10.—CONDITION OF EACH FEDERAL RESERVE BANK AT THE END OF
AND 1929

1928

[In thousands of dollars]
Boston

New York

Philadelphia

1928

1929

Total gold reserves
Reserves other than gold_

171,951
17,756

267, 212
16,772

716,698
22,040

749,860
50,382

179,131
6,453

203,721
12,471

Total reserves..
NTonreserve cash

189,707
11,538

283,984
10,902

738,738
23,449

800,242
12,946

185,584
1,486

216,192
3,483

69, 244
54, 619
8,173

26,644
29,878
25,850
1,000

463,980
152,414
49,377

171,759
191,745
239,206
7,150

84,314
16, 234
21,447

65,777
8,540
41, 806
1,000

132,036
55
70,990
3,702
76

83,372
53
78,859
3,580
81

665,771
205
195,086
16,087
786

609, 860
218
220,003
15,664
3,283

121, 995
69
60,242
1,752
199

117,123
69
59,284
1,762
106

408,104

460,831

1,640,122

1,662,216

371,327

398,019

Federal reserve notes in circulation..
Deposits:
Member bank—reserve accountGovernment
Foreign bank
Other deposits

161, 292

206,558

354,183

318,971

142,949

162,344

146,177
1,103
488
80

141, 547
2,013
415
67

970,895
8,497
1,104
8,281

985,791
5,851
1,801
10,927

133,515
985
618
70

133,193
2,329
539
60

Total deposits
Deferred availability items..
Capital paid in
Surplus
All other liabilities

147, 848
68,752
10,156
19,619
437

144,042
76,695
11,592
21,751
193

988,777
172,070
50,124
71, 282
3,686

1,004,370
187,721
67,301
80,001
3,852

135,188
54,342
14,536
24,101
211

136,121
55,931
16,467
26,965
191

408,104 | 460,831

1,640,122

1,662,216

371,327

398,019

Bills discounted
Bills bought
United States securities.
Other securities
Total bills and securities _
Due from foreign banks
Bank premises
All other resources.
Total resources
LIABILITIES

Total liabilities

Cleveland
1928

1928

1929

Richmond

1929

1929

1928

1929

Atlanta
1928

1929

RESOURCES
Total gold reserves
Reserves other t h a n gold_

238,839
11,686

254,259 I
8,618 j

82, 369
7,729

99,377
5,830

118,346
9,363

139, 591
13, 925

Total reserves..
Nonreserve cash

250, 525
6,504

262,877
6,724

90,098
7,287

105, 207
5,904

127, 709
4,178

153, 516
5,559

38, 561
24,369
3,427

38,939
13, 336
9,559

41, 020
32,002
7,255

29, 347
19,196
9,945

66, 357
37
54, 027
3,575
693

61,834
33
58, 285
3,194
680

80, 277
31
22,455
2,744
1,488

28
26, 749
2,658
3,845

222,074

235,137

Bills discounted
Bills bought
United States securitiesOther securities
Total bills and securities.
Due from foreign banks
Uncollected items
Bank premises
All other resources
Total resources..

92, 702
52, 377
32,962
178, 041
76
67, 068
6,535
1,038

76,719
23,499 !
29,479 I
1,500
131,197
74
66, 852
6,268
1,013

509,787 | 475,005 I

250,843

LIABILITIES
Federal reserve notes in circulation..
Deposits:
Member bank—reserve account.
Government
Foreign bank
Other deposits

216, 890

98,670

134,966

143,084

182,774 I173,739
1,216
1,982
676 !
572
832 ; 1,683

64, 705
1,432
332
114

64, 742
2,150
258
159

63,385
1,944
273
140

62,895
2,484
219
165

Total deposits
Deferred availability items.
Capital paid in
Surplus
All other liabilities

185,498 177,976
65,383
62, 957
14,419
15, 632
26, 345 29,141
1,252
1,101

66,583
49, 722
6,154
12,399
877

67,309
49, 683
6,072
12,496
907

65, 742
21,361
5,231
10, 554
1,028

65, 763
23,907
5,384
10,857
1,848

Total liabilities.

509,787 I 475,005

222,074

235,137

238,882

250,843


Back figures.—See Annual Report for 1928 (Table 8), 1927 (Table 8), 1926 (Part II, Table 1), etc.


65

KESEKVE BANK CREDIT

No. 10.—CONDITION OF EACH FEDERAL RESERVE BANK AT THE END OF

1928 AND 1929—Continued
[In thousands of dollars]
Chicago

St. Louis

Minneapolis

1928

1929

1928

1929

463,910
11,765

441,048
12,652

77,926
15,422

116,882
8,581

85,650
2,510

92,466
2,731

475, 675
10, 781

453, 700
12,405

93,348
3,573

125,463
6,531

88,160
1,393

95,197
2,467

Bills discounted__Bills bought
United States securities.
Other securities

146, 519
39, 078
35,850

112, 668
37, 561
68,846
1,500

35, 539
11,335
21, 043

17,938
9,801
29, 266
30

4,495
21,820
10,907
1,635

10,177
6,636
16,873
120

Total bills and securities.
Due from foreign banks
Uncollected items
Bank premises
All other resources

221,447
101
89,931
8,527
748

220, 575
99
84,034
8,295
559

67,917
31
28, 783
3,812
433

57, 035
29
35,110
3,811
297

38,857
20
15,830
2,110
822

33,806
18
14, 791
2,018
542

807, 210

779, 667

197,897

228, 276

147,192

148,839

1929

RESOURCES

Total gold reserves
Reserves other than goldTotal reserves..
Nonreserve cash

Total resources
LIABILITIES

Federal reserve notes in circulation. _
Deposits:
Member bank—reserve account.
Government
-.
Foreign bank
..
Other deposits
._

323, 590

304, 538

64,463

94, 744

65,274

66,856

343,099
1,068
904
2,101

331,302
2,930
768
1,484

83, 560
1,119
280
596

79, 771
1,197
224

56, 067
1,336
176
332

56,861
2,129
140
268

Total deposits
_._
Deferred availability items..
Capital paid in
Surplus
All other liabilities

347,172 336, 484
79,336 76,345
18,478 20, 013
36,442 40, 094
2,192
2,193

85, 555
30, 583
5,408
10,820
1,068

81, 495
34, 549
5,268
10,877
1,343

57, 911
13, 079
3,009
7,082
837

59,398
11, 535
3,091
7,143
816

197,897

228,276

147,192

148,839

807,210

Total liabilities..

779,667

Kansas City

San Francisco

Dallas

1928

1929

1928

1929

1928

118,664
5,766

131,719
6,172

71,067
5,537

66,803
4,346

259, 681
8,581

294,113
11,397

124,430
2,418

137,891
2,867

76, 604
3,410

71,149
4,286

268, 262
3,868

305, 510
7,835

Bills discounted
Bills bought
United States securities.
O ther securities

31,143

29, 649
8,195
3,063

11,161
25,420
10,008
6,500

13, 291
9,209
24,878

37, 788
59, 306
17,102
250

39,513
34, 613
11,816

Total bills and securities.
Due from foreign banks
Uncollected items
Bank premises
All other resources

43, 252
26
38, 765
4,140
245

40,907
24
40, 637
3,972
164

53,089
25
27, 587
1,920
427

47,378
24
28,017
1,876
359

114,446
52
41,910
3,687
385

85, 942
52
36,115
4,261
346

__.

213, 276

226,462

163,062

153,089

432, 610

440,061

Federal reserve notes in circulationDeposits:
Member bank—reserve account.
Government..
Foreign bank
Other deposits

70, 663

19,434

48, 585

46,947

169,000

189,379

89,991
1,661
234
313

1,555
185
141

71,017
1,111
228
92

1,321
185
63

183,779
2,000
462
8,524

175, 317
2,911
404
8,530

Total deposits
Deferred availability items..,
Capital paid in
Surplus
All other liabilities._

92,199
36,580
4,224
9,086
524

34,804
4,286
9,162
487

Total gold reserves
Reserves other than gold..
Total reserves..
Nonreserve cash

Total resources

10, 513
1,500

1929

LIABILITIES

Total liabilities

213,276

65,266 194,765
26,871 39, 638
4,453 10,868
8,935 17,978
617
361

187,162
31,924
11,414
19,514

226,462 163,062 153,089 432, 610

440,061

72,448
28, 654
4,329
356

Back figures.—See Annual Report for 1928 (Table 8), 1927 (Table 8), 1926 (Part II, Table 1), etc.




66

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 11.—NUMBER OF MEMBER BANKS DISCOUNTING PAPER AT FEDERAL R E SERVE BANKS, BY MONTHS, 1914-1929

Month

1914

1915

1916

1917

1918

1919

1920

1921

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

5,293
5,107
5,320
5,568

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

4,642
4,948
4,858
4,780

5,632
5,745
5,607
5,453

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

5,427
5,572
5,622
5,676

1,920

1,788

3,127

5,493

59
,

6,941

7,415

September..
October
November..
December..

132
339

Year..

Month

1922

January
February..
March
April

5,350
4,847
4,701
4,738

May
June
July
August

4,636
4,436
4,167
4,042

_.

September.
October....
November.
DecemberYear.

1923

1924

1925

1926

1928

1929

3,294
2,976
3,282
3,507

3,663
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

2,691
2,597
2,860
3,185

3,942

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
2,669
2,511

2,742
2,957
2,927
2,797

3,391
3,414
3,301
3,012

2,361
2,377
2,350
2,345

2,562
2,663
2,639
2,801

2,822
2,917
3,246
3,080

4,718

5,113

4,110

3,944
3,793
3,859
3,873

3,600
3,752
3,732

2,786
2,663
2,573
2,783

2,729
2,796
2,876
3,021

2,879
2,856
2,871
3,024

6,956

6,333

6,060

5,183

5,343




1927

67

EESERVE BANK CREDIT
No.

1 2 . — B I L L S DISCOUNTED BY FEDERAL R E S E R V E B A N K S — H O L D I N G S AT THE
E N D OF EACH MONTH, BY CLASSES

[In thousands of dollars]
Member bank collateral notes

Rediscounted bills
ComSecured
Total
(all classes) mercial Demand Bankers' Trade by U. S,
and
and
agricul- sight
accept- accept- Government
tural
ances
ances
drafts
obligapaper,
tions
n. e. s.

Month

1929

Secured
by U. S. OtherGovern- wise
ment
obliga- secured
tions

__.

805,388
972,631
1,095,031

200, 382
220,893
235, 721

387
314
36

371
1,089
379

2,385
1,765
1,335

258 499,404
1,254 599,453
305 675,990

102,201
147,863
181,265

_._-

934, 468
1,067,867
1,037,149

253, 775
316,422
285, 668

20
30
42

2,016
3,588
5,831

1,755
2,004
2,302

705
1,355
901

515,821
582,577
573, 705

160, 376
161,891
168, 700

July
August
September

1,075, 714 295, 270
1,046, 306 336,433
958,290 303,108

455
1,095

3,900
302
1,484

2,189
2,062
2,142

925
1,390

591,858
516,141
457, 211

181, 566
189, 523
192, 590

October
November
December

999, 704 270,854
1,030,442 288,903
632,421 170,995

1,460
454
83

2,825
121
31

2,862
3,491
2,177

1,210
1,194
755

524.476
533, 906
352, 773

196, 017
202,373
105,607

January
February
March
April.
May
June

NOTE.—Figures include bills discounted for Federal intermediate credit banks as follows: January,
$15,041,000; February, $12,222,000; March, $13,337,000; April, $9,388,000; May, $3,421,000; June, $5,790,000;
July, $5,439,000; August, $1,593,000; September, $4,354,000; October, $3,160,000; November, $2,332,000; December, $1,094,000. Figures also include notes secured by adjusted service certificates discounted for nonmember banks as follows: January, $103,000; February, $122,000; March, $128,000; April, $133,000; May,
$130,000; June, $133,000; July, $122,000; August, $118,000; September, $109,000; October, $75,000; November,
$50,000; December, $51,000.
Back figures.—See Annual Report for 1928 (Table 11), 1927 (Table 11), 1926 (Table 19), etc.
No.

13.—BILLS BOUGHT BY FEDERAL RESERVE BANKS—HOLDINGS AT THE
END OP EACH MONTH, BY CLASSES
[In thousands of dollars]
Bills payable in dollars
Bankers' acceptances

Bills
payable in
foreign
currencies

Total

Month

1929
January
February
March
April
May
June...
July
August
September.
October
November _
December—

Import

Export

; Trade
Based
laccepton goods
I ances
stored Dollar
DoAII :
in or
exmestic shipped change
other :
between
foreign
countries

439,817
329,553
199, 703
178,569

437,939
327,889
198,193
177,170

76,711
54, 577
48, 509

111, 757
74, 775
43, 541
42, 382

75,095
53,139
34, 967
27, 056

140,556
110,258
54,684
49, 224

9,988
7,612
7,311
7,477

7,561
5,394
3,113
2,522

859
635
474
363

1 019
1, 029
1, 036
1 036

! 116,779
I 81,592
—_j 74,567
j 176,228

115, 534
80,253
72,284
163, 711

33,921
25,305
22,354
41,178

25,782
22,176
18,837
36,993

17, 569
14,633
11,079
23,089

28, 844
15,151
17,481
49,838

5,170
2,446
1,934
5,108

4,248
542
599
7,505

205
296
222
171

2,061
12,346

292, 739
354,987
256,075
392,209

275,243
336, 907
253,973
390,582

56,784
59,807
39, 716
55,506

61,243
60,956
47,113
77,068

54,205 89,851 11,075
76, 711 124, 531 13,871
60,824 93, 753 10,873
94,222 146,881 15, 562

2,085
1,031
1,694
1,343

541
285
112

Total

Back figures.—See Annual Report for 1928 (Table 12), 1927 (Table 12), 1926 (Table 24), etc.




1, 040
1 043

16,955
17 795
1 990
1, 627

68

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 14.—HOLDINGS OF BILLS DISCOUNTED AND BILLS BOUGHT BY FEDERAL
RESERVE BANKS, BY MATURITIES, 1928-29

[In thousands of dollars]
Maturity

Date

Total

Within

15 days

16 to 30

31 to 60

61 to 90
days

91 days
to 6
months

Over 6
months

Bills discounted:
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

11,857

1,127
2,115
3,546
2,297

May 2 9 . .
June 27...
July 25...
Aug. 2 9 . .

943,791
1.031,874
1,025,109.
1,038,773

806,549
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
9,681

949
240
69
434

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

293
852
1,073
1,131

1929—Jan. 3 0 . . .
Feb. 27...
Mar. 27..
Apr. 24...

820,634
952,482
1,024,130
974, 513

677,446
789, 566
865,446
803,341

37,802
41,273
40,319
45,367

51,437
69,807
65,365
67,741

42,387
42, 589
42,679
41, 501

9,454
6,381
7,331
12,703

2,108
2,866
2,990
3,860

May 29..
June 26..
July 3 1 . . .
Aug. 28_.

1,016, 747
1,075, 714
973,627

762,915
799, 237
844, 787
719, 548

52,052
49,840
47,421
54,371

84,852
78,909
87,375
114,842

57,418
52,665
75,010
77, 111

29,136
35, 533
20,924
7,653

1,821
563
197
102

66,035
51,616
65, 415
36,331

103,521
94,601
92, 360
48, 742

54,519
49,726
43,954
25,932

5,267
10,170
17,168
12, 706

473
331

1928-Jan. 2 5 . . . .
Feb. 29....
Mar. 2 8 . . .
Apr. 2 5 —

6,091
4,215

Sept. 25..
Oct. 30...
Nov. 27..
Dec. S i Bills bought:
1928—Jan. 25...
Feb. 29..
Mar. 28..
Apr. 2 5 -

944,399
991,038
912,349
632,421

714, 584
784, 594

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
58,788
83,644

73,660
29, 762
35,457
82,147

3,166
5,901
10,447

May29..
June 2 7 July 25..
Aug. 29..

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

1929—Jan. 3 0 . .
Feb. 27..
Mar. 27.
Apr. 24..

435,609
334,075
208,427
141,175

133, 502
134,661
66,626

95, 602
104, 774
52,370
28,011

156,122
77,558
33,147
34, 266

46,947
13,419
26,164
9,557

3,436
3,663
2,762
2,715

May29_
June 26..
July 3 1 . .
Aug. 28.

117,919
82,839
74,567
156,514

54,291
40, 728
47,368
90, 597

31,848
18,005
10, 457
20,258

19, 506
15,654
9,432
25,422

10,080
6,527
6,672
17,173

2,194
1,925
638
3,064

Sept. 25..
Oct. 30...
Nov. 27.
Dec. 3 1 -

263,934
339,885
257,315
392,209

123,010
70, 968
74,963
280,459

32,213
46, 503
76, 510
45,814

49,948
133,870
99,086
47,422

57,092
86, 755
6,058
18, 310

1,671
1,789
698
204

508,072

Back figures.—See Annual Report for 1928 (Table 13), 1927 (Table 13), 1925 (Tables 20 and 25), 1924 (Tables
21 and 30), etc,




RESERVE BANK CREDIT
No. 15.—HOLDINGS OF UNITED STATES SECURITIES BY FEDERAL
BANKS AT END OF EACH YEAR, 1925-1929, BY CLASSES

RESERVE

[Par value. I n thousands of dollars]
1925

1926

1927

1928

1929

915
237
j ! 2,046
i 2
96
| 51, 278

915
237
» 2,046
49
2 37,994

915
237
i 2,046
10
2 278,698

172
6,082

2,622
148
6,019
10

915
237
1,796
1
2 72,253
12
187

148
6,278
296

915
237
i 1, 796
51
2 40, 524
842
2,784
156
6,119
460

60, 826
187,063
126, 684

47, 963
87, 360
179,497

290, 705
69,113
256, 698

53,884
105, 963
68, 217

76,817
215, 604
161,916
56,250

374,573

314,820

616,516

228, 064

510,587

2,500
164,690
92, 810

30
41, 297
170,976

188,181
30, 300
204, 678

35, 301
40, 291

33,950
63,365
129,935
50, 250

260,000

212, 303

423,159

75, 592

277,500

915
237
i 2,046
96
2 46,878

915
237
i 2,046
49
2 36,729

915
237
i 2,046
10
2 75, 403

148
6,278
296

2,622
148
6,019
10

915
237
1,796
1
2 32,223
12
187

172
6,082

915
237
i 1, 796
51
2 39, 713
63
2,634
156
6, 019
10

56, 426

46,698

87, 410

51, 594

35, 787

17, 630
32,025

45,211
7,446

21, 913
27,475

60, 482
9,465

136,023
31,981
6,000

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___
4J4 per cent Liberty loan
3% per cent Treasury bonds of 1940-1943
3% per cent Treasury bonds of 1947
Qi per cent Treasury bonds of 1947-1952
4 per cent Treasury bonds of 1944-1954..
&/i per cent Treasury bonds of 1946-1956
Total bonds
Treasury notes
Certificates of indebtedness.
Treasury bills

_

_.

Total United States securities.

1

516
900

BOUGHT OUTRIGHT

In special investment account:
&A per cent Liberty loan
Treasury notes
Certificates of indebtednessTreasury bills
Total in special investment account.
In other accounts:
Bonds—
2 per cent consols of 1930_
2 per cent Panamas of 1936-1938
3 per cent conversion bonds of 1946-47
dy2 per cent Liberty loan
4J4 per cent Liberty l o a n . . .
_
3% per cent Treasury bonds of 1940-1943
3% per cent Treasury bonds of 1947
4M per cent Treasury bonds of 1947-1952
4 per cent Treasury bonds of 1944-1954
3% per cent Treasury bonds of 1946-1956
Total bondsTreasury notes
Certificates of indebtedness..
Treasury bills

_
_.

_

1

416

Total in other accounts.

106,081

99,355

136, 798

121, 541

209,791

Total bought outright...

366,081

311, 658

559, 957

197,133

487,291

1,900

1,235

15,114

811
779
150
100
450

100
900

BOUGHT UNDER RESALE AGREEMENT

Bonds:
434 per cent Liberty loan.
3% per cent Treasury bonds of 1940-1943...
Z%, per cent Treasury bonds of 1947
4 per cent Treasury bonds of 1944-1954
2>% per cent Treasury bonds of 1946-1956...
Total bonds
Treasury notes
Certificates of indebtednessTotal bought under resale agreement
1

1,900
4,743
1,849

1,235
852
1,075

15,114
16, 900
24, 545

2,290
10,180
18, 461

7,080
16,216

8,492

3,162

56,559

30, 931

23, 296

Includes $900, 3 per cent loan of 1961, 1924-1925, and $500, 1926-1927-1928-1929.
Includes 4 per cent Liberty bonds as follows: 1925, $50; 1926, $3,700; 1927, $2,650; 1923, $1,250; 1929, $1,200.
Back figures.—See Annual Report for 1925 (Table 27).

2




70
No.

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
16.—HOLDINGS BY FEDERAL RESERVE BANKS OF UNITED STATES SECURITIES
IN SPECIAL INVESTMENT ACCOUNT, 1925-1929
[In thousands of dollars

Month or
date

Holdings

Month or
date

Holdings

Monthly data are averages of daily figuresl

Month or
date

Holdings

1927
Jan
Feb
Mar
Apr
May
June.
July
Aug
Sept
Oct
Nov
Dec

202,147
200, 036
195 420
200,911
170,821
263, 225
258, 999
316,882
358, 637
376, 089
412,125
421, 859

260,000
260,000
260,000
255,850

Jan. 5
Jan.12___
Jan.19.__
Jan. 26.__

200, 000
200,000
200, 000
200,000

3 —
10—
17_._
24...

236,850
221,850
220,000
210,000

Feb.
Feb.
Feb.
Feb.

2.___
9—
16—
23—

200, 000
200,000
200,000
200,000

210, 000
244, 906
138, 089
189, 339
217,150

245,204
245,204
250,042
250,042
250,042

3...
10. _
17 —
24__
31_-

Mar.
Mar.
Mar.
Mar.
Mar.

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

Apr. 7 —
Apr. 14...
Apr. 2 1 —
Apr. 28—

230,000
263,650
275,000
275,000

Apr.
Apr.
Apr.
Apr.

May 6
May 13—
May 20—
Mry27—

250,042
250, 042
250, 042
250, 042

May
May
May
May

5
12...
19—
26—

275,000
275, 000
275,000
275, 000

May
May
May
May

June
June
June
June

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

250, 042
255,042
201,409
221,409

July
July
July
July
July

1- —
8.—
15. ._
22.._
29. ._

216,409
216,409
216,409
216,409
216,409

June 2
June 9
June 16—
June 2 3 . . .
June 30—

Aug.
Aug.
Aug.
Aug.

5
12—
19...
26-.

216,409
214,409
214,759
215,134

1925
Jan
Feb
Mar
Apr
May

1926
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

June.

Jan. 7
Jan. 14.__
Jan.21__.
Jan.28._.

408,035
388,126
335, 376
304, 276

Jan.6
Jan. 13- —
Jan. 20_ __
Jan.27-__

Feb.
Feb.
Feb.
Feb.

4—_
11—
18—
25—

300,000
300,000
290,000
270,000

Feb.
Feb.
Feb.
Feb.

Mar.
Mar.
Mar.
Mar.

4...
11_18. _
25. _

270,000
275,350
234,804
245, 204

Mar.
Mar.
Mar.
Mar.
Mar.

Apr.
Apr.
Apr.
Apr.
Apr.

1
8-...
15—
22_._
29...

July
Aug
Sept
Oct
Nov
Dec

. 257, 524
228,173
202,846
257, 773
275,000
277,474
265, 548
255, 637
204, 262
199, 758
200,067
203, 367

Month or
date
1928
Jan.—
Feb
Mar
Apr
May _ - .

June. _..

July
Aug
Sept
Oct
Nov
Dec

Holdings

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. 4
Jan.11__.
Jan.18___
Jan. 25
Feb. 1..._
Feb. 8 —
Feb. 15—
Feb. 21...
Feb. 29

423,159
399,531
368,080
309,019

200,000
200,000
176, 324
201,179
201, 324

Mar.
Mar.
Mar.
Mar.

7-__
14__
21 __
28. _

6
13—
20—
27...

201, 344
201, 344
201,344
201,344

Apr.
Apr.
Apr.
Apr.

4
11...
18—
25...

199,794
136, 312
152,112
188,477

282, 500
295,000
238, 700
275,000
275,000

May
May
May
May
May

June 1
June 8
June 15—
June 22. _.
June 29...

July 7
July 14. ._
July 2 1 . . .
July 28. ._

273, 250
275,000
275,000
275, 000

July
July
July
July

Aug.
Aug.
Aug.
Aug.

275,000
270, 200
262,863
223, 438

Aug.
Aug.
Aug.
Aug.
Aug.

4
11—
18...
25...

June
July
Aug
Sept
Oct
Nov
Dec

75,592
58,904
40,339
38,836
21,177
23,688
17, 500
30, 702
33, 290
29,357
106, 669
210, 243
75,592
75, 592
75, 592
75, 592
75, 592

Feb. 6 — Feb. 1 3 —
Feb. 20—

75, 592
53,926
49,426

273,194

TT«V» 97
Jc 6D. Zi

43, 500

273,194
269,446
258, 270
258, 494

Mar.
Mar.
Mar.
Mar.

6
13. _
20_ .
27 __

40, 000
40,000
40,000
40,000

4
11—
18-..
25...

256,038
247,808
199, 968
170, 078

Apr.
Apr.
Apr.
Apr.

3
10—
17—
24—

49, 500
49, 500
39,500
27,000

157,158
140, 508
124, 958
100,000
81,690

May
May
May
May
May

1
8
15—
22...
29—

23,500
20, 500
20, 500
20, 500
20, 500

222,447
316,050
244, 256
250, 448
250,498

2—_
9
16...
23—
29—

June 6
June 13.. _
June 20...
June 27—

84, 590
83,410
83, 738
84,488

June 5
June 1 2 . . .
June 19. _.
June 26—

32, 625
24,500
22,500
17, 500

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

250,498
250,998
265, 214
265, 998

July
July
July
July

3—_
11.—
18.. _
25...

84,488
84,988
84,988
84, 988

July
July
July
July
July

3
10. ._
17. . .
24_ —
31—.

17, 500
17, 500
17, 500
17, 500
17, 500

3..-.
10—
17...
24...
31...

286,498
299, 393
317,956
326,031
353, 467

Aug.
Aug.
Aug.
Aug.
Aug.

1—
8—
15—
22—
29...

84,988
75,488
75,488
75,488
92,113

Aug. 7
Aug. 14—
Aug. 2 1 —
Aug. 28—

31,125
31,125
36,125
36,125

Sept. 7__.
Sept. 14_.
Sept. 21 __
Sept. 28__

374,407
355, 007
362,820
362,850

Sept.
Sept.
Sept.
Sept.

5___
12. _
19 __
26_ _

92,113
92,113
92,113
80,488

Sept. 4___
Sept. 11. _
Sept. 18. _
Sept. 25__

36,125
36,125
36,125
31,125

Oct. 3
374,490
374, 890
Oct. 1 0 - 374,890 i Oct. 17-__
Oct. 2 4 . . .
386,710
Oct. 31.._
402, 770
409, 242 N o v . 7___
415, 824
Nov. 14__
415,824
Nov. 21 __
419,934
Nov. 28__

80,488
75,488
75, 488
75,488
75,488

Oct. 2 - _ .

31,125
22, 500
99 ^an

215,134 ! Sept. 1___ 219,975
215,134 ! Sept. 8__. 209, 975
210,000 i Sept. 15_- 200,000
210,000
Sept. 22_ _ 200,000
210,000
Sept. 2 9 . . 191,000

Oct.
Oct.
Oct.
Oct.

7
14. __
21___
28._ _

210,000
Oct. 6
210, 000 ; Oct. 13. __
210,000 ! Oct. 2O._ _
210,000 ; Oct. 27. ._

200,000
200, 000
200,000
200,000

Oct.
Oct.
Oct.
Oct.

Nov.
Nov.
Nov.
Nov.

4
10—
18. _
25 __

210,000
Nov. 3__.
210,000 ! Nov. 10—
210,000 I N o v . 17_ .
210,000
Nov. 24 __

200,000
200, 000
200,000
199,481

Dec.
Dec.
Dec.
Dec.
Dec.

2—.
9
16...
23_._
30--.

210,000 i Dec.
210,000
Dec.
180,000
Dec.
228, 750
Dec.
259, 700 D e c .

199, 299
209,178
190, 564
206,064
206, 064-

Nov.
Nov.
Nov.
Nov.
Nov.

Back figures.—See Annual



1929
Jan
Feb
Mar
Apr
May

Holdings

Jan. 2
Jan.9
Jan.16___
Jan.23.__
Jan.30.__

Sept. 2__.
Sept, 9___
Sept. 16. _
Sept. 23_.
Sept. 30__

1_—
8
15—
22..29—

Month or
date

5
12._.
19—_
26. __
2...
9—_
16. .
23-.
30--

Dec. 7 — 419,934
Dec. 1 4 . . . 426,772
D e c . 21_._ 423,159
D e c . 2 8 . . . 423,159

Report for 1928 (Table 15).

Dec.
Dec.
Dec.
Dec.

5
12—
19...
26...

292, 394
273,194
273,194
273,194

75,488
75,488
83,488
83,488
75,488
81,387
75, 592
75,592

r\±

ic

OCt. 10
Clot 9*}
UCL. Zo

ZZt OUU

Oct. 3O.__ 47j 500
N o v . 6___ 72, 500
97, 500
N o v . 13
122, 500
N o v . 20
N o v . 27 __ 122, 500
Dec.
Dec.
Dec.
Dec.
Dec.

4__-_
11—
18...
24—
31—

152,500
177, 675
222, 675
262, 375
277, 500

71

EESEKVE BANK CREDIT

No. 17.—HOLDINGS BY FEDERAL RESERVE BANKS OF TEMPORARY
ONE-DAY
CERTIFICATES OF INDEBTEDNESS ISSUED BY THE UNITED STATES TREASURY,

1923-1929
[In thousands of dollars]
1923

Date
Jan. 2
Jan 3
Jan. 4
Jan.5
. _ _
Jan 6 and 7
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, 9, and 10..
June 15
. __
June 16
June 17
June 18
June 19
June 20
_._
June 21
July 9
Sept. 15
Sept. 16
Sept. 17
Sept. 18 •
Sept. 22 and 2 3 . . .
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 11
Dec. 12
Dec. 13
Dec. 14
Dec. 15
Dec. 16
Dec. 17
Dec. 18..
Dec. 19
_
Dec. 20
Dec. 21 and 22
Dec. 23

1924

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

1926

209,000
157,000
99,000
38,000

182,000
122, 500
100, 500
58, 500
34, 500
12,000
1
2,000

1927

251, 500
177, 500
176, 000
79,000
i 48,000
i 48,000
16, 000
9,000
3,000

201, 000
208. 000
1 155, 000
i 155, 000
75, 000
13,000

314, 000
i 181,000
i 181,000
129,000
60, 500
19,000
9,000

185,000
44, 500
15, 500
1
6,500
1
6, 500

192,500
i 82, 000
i 82,000
5.000

i 239, 500
i 239, 500
50, 500

1928

1929

5,000
31, 000
7,000
115,500
i 29, 000
i 29,000

66, bob
20,000

4,000
246,000
141, 500
77,000
23, 000

108,666
42, 500
8,000

19,000
4,000
1
1

3,000
90, 500
90, 500
6,000

i 130, 500
i 130, 500
36,000
19,000

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

—
]

2-day certificates, account Sunday or holiday.

90182—30




6

192,000
72, 500
7,000

188, 000
70,000

r~

196, 500
91,500
i 54,000
1
54,000
89, 500
164 500
214, 500
134, 500
i 156, 500
45, 500
62,000
1
80,500
20, 500
1
27,000
38, 000
2,000
4,000
15,000
1
27,000
38,000
47,000
50,000
54 000
58 000
1
57, 000
54 000
50^ 000
40,000
197, 500
106, 500
1
57,000
1
57,000
10,000.

i 158,666
i 158,000
31,000
47, 000
i 4,000
6,000

i 316. 000
i 316, 000
132, 000
183, 000
77, 500
63 000

162, 500
33,000

312,500
99, 500
69,000
19,000
9,000
i 4,000
3,000

72

ANNUAL REPORT OF THE FEDERAL RESERVE BOARI)

VOLUME OF OPERATIONS OF FEDERAL RESERVE BANKS
No. 18.—VOLUME OP OPERATIONS IN PRINCIPAL DEPARTMENTS, 1925-1929

[Number in thousands; amounts in thousands of dollars]
1925

1926

1927

1928

1929

NUMBEE 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
475

123
506

97
371

123
443

145
526

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

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

254
2,194, 608
2, 691,184
862, 275

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

196
2,427, 330
3,239, 709
924,449

44,174
5,467

39, 678
5,595

37,045
5,909

28, 765
6,461

20, 935
6,504

7,116
1, 566

4,691
1,710

7,201
1,830

6,682
2,011

1,833
2,139

$37, 682,137 $31,934,607 $62,412, 961

60, 747, 073

AMOUNTS HANDLED

Bills discounted.....
$32,562,620
Bills purchased in open market for own |
account
2,961,170
Currency received and counted
11, 556,980
Coin received and counted
_. I
467, 732
Checks handled
..258,611,276
Collection items handled:
;
United States Government coupons
paid
I
680,921
Allother
6,116,958
United States securities—issues, redemptions, and exchanges by fiscal agency
department
I 5, 578,995
Transfers of funds
!l09,430,683

3, 353, 326
4, 050, 867
4, 240,
12, 584, 960 12,939, 578 13, 315,
609,359 |
791,049
888,
272, 945,160 278, 399, 627 301, 703,

669
551
621
814

3, 591, 626
14, 782,429
1, 562,477
367, 215,123

543, 373
7,414,440

535, 612
7,185, 384

4, 971,442 10, 803, 043
9, 002, 383
120, 909,439 136,383, 899 148, 749, 027

7, 018, 844
170, 789, 669

644,273
6, 219, 361

Back figures—See Annual Reports for 1924 (p. 14) and 1923 (p. 41).




553, 703
6, 710,317

73

GOLD FUND

GOLD SETTLEMENT FUND
No. 19.—SUMMARY OF TRANSACTIONS THROUGH THE FUND, 1924-1929
[In millions of dollars]

Year and month

Daily settlements
between Federal
reserve banks
Balance
InterBalance
With- Deposits at end of
at beginreserve
ning of
bank
period
Federal transfers drawals
period
Transit reserve
clearing
note
clearing
571.1
679.5
689.2
665.3
528.2
687.0

97, 698. 3
108, 289. 5
115,455. 3
123, 031. 5
132, 525. 2
145,132. 4

687.0
730.3

11, 845. 3
10, 448. 5
11, 787.1

April
May
June

733.5
663.1
673.3

July
August
September
October
November
December

1924
1925
1926
1927
1928
1929

January
February
March

1, 921. 8
1, 779. 0
3,029. 2
3, 797. 3
2, 855. 6
3,160.4

2, 030. 2
1, 788. 6
3, 005. 3
3, 660. 3
3, 014.4
2, 984. 5

679.5
689.2
665.3
528.2
687.0
511.2

74.3
53.2
51.5

25.5
12.5
180.7

273.5
144.6
283.7

316.8
223.1
208.3

730.3

11,490. 5
11,136. 4
10, 959. 0

57.9
52.1
51.6

63.4
37.8
158.3

227.9
145.9
264.0

157.5
156.2
248.9

663.1
673.3
658.2

658.2
667.0
724.3

11,924.1
11,496.1
11,446. 5

69.0
56.7
78.8

61.0
16.5
163.7

338.5
182.8
198.5

347.3
240.0
214. 7

667.0
724.3
740.5

740.5
814.3
577.8

_

919.6
909. 0
1,043.4
1, 436. 7
1,172. 6
1, 052.1

14, 387. 6
15, 459.9
12, 751. 4

72.6
66.2
65.1

59.0
56.2
217.5

279.9
399.2
421.9

353.8
162.7
355.3

814.3
577.8
511.2

0)
0)
635.8
673.2
658. 4
758.7

1929
733.5

1
Included in transit clearing.
Backfigures.—SeeAnnual Report for 1928 (Table 19), 1927 (Table 66), 1926 (Table 61), etc.

FEDERAL RESERVE AGENTS' GOLD FUND
No. 20.—SUMMARY OF TRANSACTIONS THROUGH THE F U N D , 1924-1929

[In millions of dollars]
Year and month

Balance at
beginning
of period

Withdrawals

Deposits

Transfers
to bank

Transfers Balance at
end of
from bank
period

1, 648.9
1,307.9
960.2
963.4
1,028. 3
761.9

626.0
559.8
568.2
454.2
473.6
358.5

149.5
126.0
112.3
63.3
70.5
149.9

1,022.8
975.6
1, 799. 4
2, 458. 4
1,631.4
1, 500. 6

1,158.3
1,061.7
2, 258. 5
2, 914. 3
1, 768.1
2, 210. 2

1,307.9
960.2
963.4
1,028.3
761.9
1,262.8

761.9
754.3
702.9

40.5
38.0
37.5

7.0
8.0
2.0

155.2
100.2
107.2

181.1
78.8
228.0

754.3
702.9
788.3

788.3
846.9
833.2

33.5
44.0
56.0

7.0

98.7
61.1
100.4

190.9
91.3
220.5

846.9
833.2
904.2

July
August
September.

904.2
1,008. 2
1,129. 3

109.0

108.5
50.5
106.8

296.4
71.7
112.5

1,008.2
1,129. 3
1,134.9

October
November.
December..

1,134.9
1,120. 9
1, 283. 6

210.0
113.8
288.3

196.0
276.4
266.6

1,120.9
1,283.6
1,262, 9

1924.
1925.
1926..
1927..
1928..
1929..

January...
February.
March

1929

AprilMay .
June.

25.0
99.9

1.0

Packfigures—SeeAnnual Report for 1928 (Table 20), 1927 (Table 68), 1926 (Table 63), etc.




Y4

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

MEMBERSHIP IN PAR COLLECTION SYSTEM
No. 21.—NUMBER OP BANKS ON PAR LIST AND NOT ON PAR LIST, 1922-1929
[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]
1922

1923

1924

1925

Nonmember
Nonmember
Nonmember
Nonbanks
banks
banks
Mem- mem- MemMemMember
ber banks ber
ber
ber
banks on par banks On par Not on banks On par Not on banks On par Not on
list i
list par list
list par list
list par list

End of month

January...
February..
March
April

9,852
9,856
9,873
9,904

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

1,875
>,856j
1,820
1,806!

16,484
16,337
16,246
16,119

3,013
3,084
3,142'
3,1851

9,674
9,6621
2 9, 535
9,5401

15,361
15,268
15,193
15,079

3,679
3,733

May
June
July.
August

17,918
9,927 17,889
9,930 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

I, 785|
>, 7631
>,745|
l,733i

15,981 3,240
15,896 3,301
15,820 3,353
15,736 3,419

9,550!
9,546
9,544|
9,540

14,970
14,932
14,888
14,857

3,869
3,880
3,906
3,940

September.
October. _.
November.
December.

9,917
9,918
9,916
9,916

9,906
9,898
9,889
9,896

17, 255
17,114i
16,919
16, 725

2,580
2,672
2,791
2,896

9,718
9,708
9, 700i
9,682'

15,662
15,601!
15, 524j
15,445!

9,545
9,532!
9,5211
9,489'

14,786
14,742
14,701
14,643

3,963
3,968
3,968
3,970

17,863
17,851
17,836
17, 822

1926

End of month

1927

3,496
3,550
3,612
3,647

1928

3,757
3,824

1929

Nonmember
Nonmember
Nonmember
Nonmember
banks
banks
banks
banks
MemMemMemMember
ber
ber
ber
banks On par Not on banks O n p a r N o t o n ! b a n k s On pari Not on banks On par Not on
list ! par list
list I list
list par list
list par list

January
February
March
April

|
I
j
!

9,459
9,437
9,425
9,410

14,540
14,490
14,441
14,382

3,990
3,981
3,963

9,206
9,168
9,143
9,130

13,852
13,781!
13,7001
13,643|

3,865
3,833|
3,8391
3,858;

9,014
8,987
8,971
8,949

13,155|
13,101 i
13,035
12,960|

3,918
3,905
3,910
3,908

8,807
8,777
8,758
8,743

12, 567 3,913
12, 506
12,466 3,901
12,411 3,903

May
June
July
August

9,400
9,384
9,377
| 9,377

14,325
14, 257
14,207
14,164

3,971
3,965
3,901
3,907

9,110
9,106
9,105
9,099

13,5891
13,556'
13,528
13,486

3,867
3,863
3,857
3,858

8,935 12,9251
12,888|
8,920 12,864
8,912 12,838i

3,916
3,926
3,934
3,936

8,731
8,707
8,677
8,656

12, 346
12, 318
12,275
12, 242

3,829
3,812
3,779
3,779

1,360
1,336
1,301
1,260

14,130
14,073
13,991
13, 911

3,924
3,935
3,925
3,913

13,430 3,877
12,800
9,081 13,358 3,890 8,893 12,758
9,067 13,306 3,913 8,882 12,713
9,034 13,247 3,910| 8,837 12,643

3,954
3,936
3,913,
3,911!

8,629
8,602
8,569
8,522

12,221
12,175
12,104
12,045

3, 777
3, 769
3, 761
3,754

September
October
November
December

1
Figures for nonmember banks not on par list not available.
2 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.
Backfigures.—SeeAnnual Report for 1928 (Table 21).




75

BANK PREMISES

FEDERAL RESERVE BANK PREMISES
2»—COST OP BANK PREMISES OF FEDERAL RESERVE BANKS AND BRANCHES
TO DECEMBER 31, 1929
N E W BUILDINGS CONSTRUCTED BY FEDERAL RESERVE BANKS

Federal reserve bank
or branch

Boston___
_
New York:
Main building
Annex building
Cleveland
Richmond
Baltimore
Atlanta...
Birmingham
Jacksonville
New Orleans
__
Chicago
Detroit
St. Louis
Little Rock
Memphis
Minneapolis
Kansas City
Denver
Oklahoma City
Omaha
Dallas
El Paso
Houston
San Antonio
San Francisco
Los Angeles
Salt Lake City

Cost of buildings
Cost of
land, including
Fixed
old
buildings machindemol- ery and All other Total
equipished,
ment
net
$1,246,726
4,850,210
592,679
1. 295,490
352, 257
250,487
283,000
124,137
45,842
201, 250
2,963,548
650,000
1,355,374
85,007
100,906
600,521
495, 300
101,512
65,021
176,427
181,120
39,003
66,313
75,002
412, 996
453,682
114,075

Total
cost of
land and
buildings

Book
value,
net

$662,157!$3,542,603 $4, 204, 760 $5,451,486 $3,579,
2,819, 733 11, 928, 960
194,344 1,472,644
1,423,366 6, 582, 227
410,409 2,031,444
306,843 1, 259,997
175, 279 1,355,487
46,788
311,336
25, 956
214,312
159,502
738,404
1,276,579 6,217,105
113,161 1,003,438
1,058, 979 2,178,866
101,143
235,544
41,496
234,859
520,054 2,416,745
777, 940 3,391,101
449,876
55,448
74,891
409,890
70,487
397, 938
325,273 1,169,871
10,374
111,819
59,554
288,091
20,979
157,811
700,661 3,218,654
103,979
608,964
71,873
354,390

Date occupied

March, 1922. i"

14, 748,693 19, 598, 903 13,400,648 October/1924.

1,579,130 0).
5,522,660 August, 1923.
1,554,096 October, 1921.
1,639,766 September, 1928.
1,194,625 October, 1918.
378,859 January, 1927.
201,431 June, 1924.
703,180 October, 1923.
7,493,684^10,457,232 6, 587,240 July, 1922.
1,707,601 December, 1927.
1,116,5991 1,766,599
3,237,845j 4,593,219 2,877,452 June, 1925.
336,687 421,694 320,008 March, 1925.
276,355! 377, 261 353,985 June 3, 1929.
2,936,799 3,537,320 1, 953,077 February, 1925.
4,169,041 4,664,341 2,637, 516 November, 1921.
505,324 606,836 447,307 November, 1925.
484,781 549,802 373,568 April, 1923.
468,425 644,852 513,192 December, 1925.
1,495,144 1,676,264 1,189, 353 March, 1921.
122,193 161,196 117,663 August, 1920.
347,645 413,958 318,858 February, 1922.
178, 790 253,792' 249,808 October, 1928.
,
3,919,315 4,332,3111 ,2,614,259 December, 1923.
712,943
(3).
426,263 21,166,625 1,166,625 February, 1927.
540,338 480,443
540338
480443

1,666, 988 2, 259,667
8,005,593 9,301,083
2,441,853 2, 794,110
1,566,840 1,817,327
1,530, 766 1,813, 766
358,124 482, 261
240,268 286,110
897, 906 1,099,156
,1 , ,

17,177,885 11,607,248 52,282,376 63,889,624 81,067,509 53,662,287

Total..

BUILDINGS PURCHASED BY FEDERAL RESERVE BANKS
[Amounts shown under "Cost of land" represent appraised value of land—remainder of actual cost
included in "Cost of buildings "1
New York (No. 10 Gold
Street)
Buffalo
_
Philadelphia
Pittsburgh
_
Nashville__
Louisville
Helena
_
Total
Grand total

$45,000
255,000
800,717
297,000
48,000
131,177
5,000
1,581,894

$125,864 $125,864 $170,864
465,707 465, 707 720, 707

$97,800 C 1 ).
586, 200 May, 1928.

$339,584 2,054,932 2,394,516 3,195,233 1,762,227 December, 1917.
138,994
560,460 699,454 996,454 745,144 February, 1920.
25,101
211,616 236,717 284, 717 180,252 December, 1922.
33,650
227,669 261,319 392,496 259,825 June, 1919.
156,290 172,399 177,399
64,672 February, 1921.
16,109
553,438 3,802,538 4,355, 976 5,937,870 3,696,120

18,759,779 12,160,686 56,084,914 68,245,600 87,005,379 57,358,407

i Occupied by tenants.
» Estimated cost to complete, $672,000.
> Building under construction.
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
since January 3, 1928, has occupied 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




76

ANNUAL REPORT OF THE

FEDERAL RESERVE BOARD

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS
No.

23.—GROSS AND N E T EARNINGS OF FEDERAL RESERVE BANKS, AND DISPOSITION MADE OF N E T EARNINGS, 1914-1929
[Figures for e^ch Federal reserve bank are given in Table 83]
Earnings

Disposition of net earnings

Year
Gross

Net

Dividends
paid

Transferred to
surplus *

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
70,955,496

9,449,066
16,611,745
13,048,249
32,122,021
36,402,741

6,915,958
7, 329,169
7,754, 539
8, 458,463
9, 583,913

2,473,808
8,464,426
5,044,119
21,078, 899
22, 535, 597

59,300
818,150
249, 591
2, 584, 659
4,283, 231

904,628,021

515,215,983

90, 672,460

277,433,949

Profit (+)
or loss (—)
carried
forward

147,109,574

1925
1926
1927
1928
1929

-

.

.

Total

-$358,922
+1,008,224
+509,413
-1,158,715

2,703,894

* Amount paid as franchise tax for 1922 includes additional franchise tax payments for prior years with*
drawn 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, 1914-1929

Earnings

Total

On
discounted
bills

On
purchased
bills

On
United
States
securities

Deficient
reserve
penalties

From
miscellaneous sources

1920
1921
1922
1923
1924

$2,173, 252
5, 217,998
16,128, 339
67, 584,417
102, 380, 583

__

_
.

. .

1925
1926
1927
1928
1929 .
Total




$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

41,800, 706
47, 599, 595
43,024,484
64,052, 860
70,955,496

1914-15
1916
1917
1918
1919

17, 679, 549
22, 551, 561
17,010, 778
38, 334,140
47, 790, 662

9,103,915
10,003,081
9, 206, 677
13,020, 535
12, 063, 349

12, 783,001
12, 589,119
14, 206,174
10, 827, 702
8,163,486

310,406
382,946
273, 839
277, 401
449,653

1,923, 835
2,072, 888
2, 327,016
1, 593,082
2, 488, 346

904,628,021

615, 779, 272

134,053,572

124,039,858

7,573,291

23,182,028

FEDERAL RESERVE NOTES
No.

25.—FEDERAL RESERVE

NOTES—FEDERAL

RESERVE

AGENTS'

ACCOUNTS AT THE END OF EACH

MONTH

[In thousands of dollars]
1928
Dec. 31

1929
Jan.31

Feb. 28

Mar. 31

Apr. 30

M a y 31

Federal reserve notes received from the j
comptroller
j 3,016,416 2,941,450
1,956 2, 863, 261 2, 803, 551 3,442,085
Federal reserve notes held by Federal j
reserve agents
—j 739,062
867,147 840, 792 811,937 746, 307 1, 369, 842
Federal reserve notes issued to Federal
reserve banks:
|
418, 994 394,622 360,074 394,393 400,002
Held by issuing Federal reserve bank..! 439,160
28, 707
22, 361
17,076
16, 624
16, 378
13,333
Held by other Federal reserve banks...
1,434
943
1,146
1,516
1,106
1,124
Held by United States Treasury
In circulation *
! 1, 808,053 1,631,432! 1,646,. 523 673/"" 1,648, 394 i 1,654,757
Total notes issued
! 2, 277,354 2,074,303 2,059,164 2,051,324 2,057, 2441 2,072,243
Collateral held as security for Federal
reserve notes issued to Federal reserve
banks:
Gold and gold certificates in v a u l t 139, 998 133,880
133,880
333,880 133,880
133,8801
Gold bullion
92, 255
87, 255
89, 755
90, 305
97, 505
97, 5051
United States gold coin
139,020 139,010J 139,010
143, 410 149, 910
141,5101
Gold certificates
371,273 360,145 362, 645 367, 595 381, 295 372,8951
Total in vault
96,347
89,043
92,475
In gold redemption fund
94,818
98, 859!
93,999
761,917 754, 304 702,911 788, 250
833,194)
In gold fund, Federal Reserve Board..
846, 936
1,229, 537 1,203,492; 1,158,031 1, 250, 663 1, 322, 230 1,304,948
Total gold and gold certificates
1, 470,000 1,203,258 1,240,346 1, 245,132 1, 056, 854 1,114,794
Eligible paper
Total collateral held
2, 699, 537 2,406, 750 2, 398, 377 2,495, 795 2, 379, 084 2,419, 742 j
Collateral required as security for Federal
reserve notes
2,277,354 2, 074, 303 2,059,164 2,051, 324 2, 057, 244 2,072,243
Collateral pledged in excess of Federal
reserve notes issued...
422,183 332,447 339, 213 444,471 321, 840
347,499

J u n e 30

J u l y 31

Aug. 31

S e p t . 30

Oct. 31

N o v . 30

D e c . 31

3,795,505 3,763,896 3, 773, 209 3, 754,187 3, 523, 553 3, 595, 325 3, 644, 332
1,600,535 1,423,985 1,436, 294 1,421, 880 1,160, 394 1,149,043 1,217,748

560, 523
469,185
463, 775
457,026
482,105
496, 676
516,861
22, 739
29, 563
36, 218
28, 711
26,988
42,148
19, 036
1,240
1,385
1,124
1,500
2,716
5,154
1,108
1, 692, 721 1, 718, 440 1,842,."- 1,839,14: 1, 809,173 1, 919, 902 1, 862, 421
2,194,9701 2,339,911 2, 336,915 2, 332, 307 2, 363,159 2,446, 282 2,426, 584

169,638
98, 755
102, 760

146, 700
162, 225
98, 360

179,734
142, 225
92,450

177,045
101,255
83,135

371,153
367,995
407, 285
99, 571
100,136
904,243 1, 008, 210 1," 129," 284
1,371,809! 1,479,499 1, 536, 569
l,096,396j 1,102, 295| 1,140, 87^
2,468,205 2, 581, 794 2, 677, 446

414,409

361,435

133,1
98, 755
135,360

1,134,936 1,120, 936
1, 549, 345 1,482, 371
1,159,394 1, 291,109
2, 708, 739; 2, 773,480

177,045
101,235
77,415
355, 605

117,968
188,065
108,015
414,048

1, 283, 570 1, 262,870
1, 639,265 1,676,918
970,462
1, 257,050
2,896, 315 2, 647, 380

2,194,970 2, 339,911 2, 336,915 2, 332, 307 2, 363,159 2,446,282 2,426, 584
273, 235

241, 883

340,531

376,432

410,321

450,033

220, 796

i This figure corresponds with that given under same caption in Table 31. 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 1928 (Table 25), 1927 (Table 76), 1926 (Tables 29-31), etc.




GOLD STOCK, GOLD MOVEMENTS, AND
MONEY IN CIRCULATION




79

GOLD
No. 26.—MONETARY GOLD STOCK

J

OF THE UNITED STATES, 1914-1929

[In thousands of dollars]
E n d of m o n t h

Month

figures

1914

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

1915

1916

1917

1918

1919

1920

1921

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

1, 821, 943
1,838,176
1. 869, 340
i; 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

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

2, 966,142
2, 999, 771
3,086,086
3,163,637
3, 231, 240
3, 274, 730
3, 347, 010
3, 439, 464
3, 519,165
3, 572,215
3,626, 765
3,660,301

1922

1923

1924

1925

1926

1928

1929

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

3,684, 990
3, 723, 379
3, 750,085
3, 764,263
3, 771,434
3, 784,651
3, 828, 618
3, 854, 714
3, 872, 801
3, 887, 873
3,906, 015
3,928, 816

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

564, 328
585,641
596, 724
609,668
608,241
587, 298
579, 833
588, 360
570, 840
540, 681
450, 958
379, 268

4, 373, 277
4, 362, 096
4, 304, 536
4, 265, 857
4, ICO, 188
4,109,152
4,112, 592
4,122, 892
4,124, 947
4, 142, 267
4, 128, 242
4,141, 421

1914

1915

1916

1917

1918

1919

1920

] , 917,876
, 920, 737
L, 924,974
, 936, 275
, 935, 334
, 909,875
, 874,683
, 855, 694
, 848, 251
, 826, 014
, 807, 414
] , 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

2, 318, 630
2, 325,102
2, 323,992
2, 320, 359
2, 327, 022
2, 390, 470
2, 475,184
2, 527, 584
2, 589, 835
2, 671, 903
2, 724, 853
2, 789, 469

2, 882, 211
2, 958,658
3, 050, 391
3,120, 988
3,135,173
3,176,848
3, 205,163
2 3,182,927
2
3,152,186
2 3,151,254
2 3,152,765
2 3,153,360

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

3,160, 234
3,162, 433
3,161, 280
3,165, 692
3,175,943
3,168, 636
3, 086, 527
3,114,266
3,143, 230
3,120, 099
3, 070,199
3,020, 905

2, 961, 253
2,909, 001
2, 859, 069
2, 820, 572
2, 835, 000
2, 853, 965
2, 862, 331
2, 854, 781
2, 847, 398
2, 855,131
2, 872, 802
2, 893, 649

1922

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

4,127, 009
4,153, 437
4,187, 885
4, 260, 325
4, 300,944
4, 324, 351
4, 340, 645
4, 359, 574
4,371,640
4, 386, 005
4, 366, 833
4, 283, 923

Averages of daily figures

Averages of end of month figures
Month

1927
4,
4,
4,
4,
4,
4,
4,
4,
4,
4,
4,
4,

1923

1924

1925

1926

1927

1928

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

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

1921
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

Averages of daily figures
Month
January
February
March
April
May..
June
July
August
September...
October
November
December

1929
4,115, 355
4,142, 675
4,165, 929
4, 226,176
4, 292, 296
4, 311,186
4, 334, 637
4, 350, 676
4, 367, 690
4, 380, 574
4, 373, 948
4, 324, 477

» Gold coin a n d bullion (including foreign coin) held b y U n i t e d States T r e a s u r y a n d F e d e r a l reserve
b a n k s (including gold held u n d e r e a r m a r k abroad) a n d U n i t e d States gold coin in circulation. A m o u n t s
held abroad u n d e r e a r m a r k (end of m o n t h figures) as follows: 1917, J u n e - D e c e m b e r , $52,500,000; 1918,
J a n u a r y - M a y , $52,500,000; J u n e , $16,271,000; J u l y , $11,630,000; A u g u s t - D e c e m b e r , $5,829,000; 1919, J a n u a r y - M a r c h , $5,829,000; A u g u s t , $107,119,000; S e p t e m b e r , $159,618,000; October, $149,166,000; N o v e m b e r ,
$135,694,000; D e c e m b e r , $131,320,000; 1920, J a n u a r y , $114,322,000; F e b r u a r y , $112,822,000; M a r c h - A p r i l ,
$112,780,000; M a y - J u l y , $111,530,000; A u g u s t - S e p t e m b e r , $111,458,000; October, $16,536,000; N o v e m b e r D e c e m b e r , $3,300,000; 1921, J a n u a r y - F e b r u a r y , $3,300,000; 1927, M a y , $59,548,000; J u n e , $23,300,000.
2
Averages of d a i l y figures.




81

82
No.

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
27.—GOLD

1

EARMARKED BY FEDERAL RESERVE BANKS FOR FOREIGN
ACCOUNT, BY MONTHS, 1916-1929

[In thousands of dollars. For other statistics of earmarked gold see Table 26, note 1]
End of month

1916

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

2 2,391 |
4,571 !
4,571 ;
5,071
5,402 i
5,502
5,955
5,981
6,097

1923

End of month
January
February...
March
April
May
Tune..
Ally
August
September..
October
November^.
December..
1

1917

1918

1919

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

6,942
6,942
6,842

3,000
4,000
5,000

1920

1921

6,000
5,000
6,000
9,000
10,000
11, 500
14, 500
16,500
17, 500
20,000
20, 500
22,000

18,010
20,000
20,000
20,000
20,000
23,000
18,000
18,000
8,000

1927

1928

1924

5,329
1,000
1,000

1,500
1,500
1,000
3,000
3,000
3,000

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

1922

1,500
1,700
3,700

19,012 | 19, 779
30,012
16,599
53,000
18,101
53,000 I 19,101
53,000 I 114,101
53,580 114, 601
49,580 ! 114, 417
30,380 ! 116.918
32, 780 ' 125, 918
32, 776 ! 150.919
40,274 190, 919
39,266 I 199, 419

47, 389
54, 214
39, 364
26, 639
21, 564
25,465
16, 740
15, 839
12, 969
10, 969
12,969

Gold bullion (bars) and United States gold coin.

1929

144, 898
193, 919
144,898
191,051
137, 391
155, 251
88, 821
109, 511
72, 694
136, 050
80, 207
105, 997
102,194
45,050
103,194
39,134
109, 795
40, 334
114, 296
39,134
113, 292
64,136
79,897 | 135, 295
I
2
First transaction Mar. 21, 1916.

No. 28.—GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, BY
COUNTRIES
[In thousands of dollars]
Imports into United States

Exports from United States

From—

To—
1926

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

1927

1928

1
1
351 21, 048
1
1
1,212 39, 396 37,
7
15,075
3
1
32
75
82,543 63, 650 102, 371
1,516
1,224
041
23, 913 6,001 4,610
631
405
329
4,500
8
23
624
21,180 7,021
1,374
1,663 1,489
1,307 2,247 1,483
2,644 2,268 1,458
481
531
647
3
51,119 21,920
5,032 1,674
1,499
1,262
1,707
_____
1,508
14, 000 2O,"666
773
213
259
1,773
1,990
1,667
30
43
13
244
157
126 5, 336!
105

1929

1926

1
202
46, 773
62, 398

5
5

i

75 '
73, 880
1,030
9,174
423
72, 478
528
5,292
1,373
1,921
383
4,870
1, 077
1,199
650
715
3,262
7
3,929

Belgium
France
Germany
Great Britain.
Italy.
Netherlands. __
Poland and Danzig.
Spain
Sweden
Switzerland
Canada
Central America
Mexico
West Indies
Argentina
Brazil
Colombia
Uruguay
Venezuela
British India
British Malaya
China
_.
Dutch East Indies..
Hong Kong
Japan
Allother
Total..

1927

1928

1929

2,200 2, 000
18 10, 000!308,002 65, 381
47,550 13,994; 28,759 2,384
8,562 32,525 21, 086
26,093
8,055 4, 000
5,000 6,000 5,010
1,341
1,027
12
10, 007
1
42, 392 29,698 22, 641
390
323 1, 052
3,855
253
6,202
4,490 3, 605
154
40
101
33
438 61,499 69,400
369 34,351 25,012
2,019 1,001 2,053
2,000 9,000
""I'7OO 1,530 5,970 1,600
87
578 2,974 1,485
677
706
3,332 3,064
878 1,827
103
454
2,231 1,960
2,531 1,280
4,041 6,288 7,547 2,408
21
124
248
60
62
10
47
115, 708 201,455 560, 759 116, 583

213,504 207,535 168,8971291, 649

: Backfigures.—SeeAnnual Reports for 1928 (Table 29), 1927 (Table 19), 1926 (Table 102) and 1925 (Table
Digitized for102). For figures by months (by countries) see Federal Reserve Bulletin.
FRASER


83

GOLD
No.

29.—GOLD

IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, BY

MONTHS, 1920-1929
[In thousands of dollars]

Year and month

1920
January
February
March
..
April
May
June
_
July
_.
August
September..
October
November...
December
Total..
1921

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

Imports

Exports

Net imports or
exports

Imports

Exports

Net imports or
exports

1925

12,018
4,473
16, 985
48,522
15, 688
26, 765
19, 818
15, 378
39,110
116, 762
44, 660
417, 068
33, 634
42. 627
87, 272
80, 662
58,171
43, 576
64, 247
84. 902
66, 085
47,107
51, 299
31, 666
691, 248

47,817
42,873
47,050
44,622
7,562
5,320
21, 873
24, 986
17,129
25,931
19, 870
17, 058
322, 091

- 3 5 , 799
-38,400
-30,065
3,900
8,126
21,445
- 2 , 055
- 9 . 608
21, 981
90, 831
37, 019
27, 602
94, 977

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

2,725
1,036
710
384
1,063
774
3, 735
672
2, 448
7,576
607
2,162
23, 891

30, 909
41, 591
86, 562
80, 278
57,109
42, 803
60, 513
84,230
63, 637
39, 531
50, 691
29, 504
667,357

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

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

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

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

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
-29,401

319, 721

61,648

258,073

26, 571
28, 739
33, 488
12, 244
8,994
12, 977
42, 987
19, 092
24,464
20, 866
18, 308
26, 440
275,170

5,038
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
262, 640

1926

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..

Total..

Year and month

863
1,732
963
1,579
3,407
1,601
644
956
1,399
17, 592
3,431
2,710
36, 875
8,472
1,399
10, 392
655
824
548
523
2,201
863
1,307
747
712

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

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

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

- 1 3 4 , 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
213,504

3,087
3,851
4,225
17,884
9,343
3,346
5,069
29, 743
23, 081
1,156
7.727
7.196
115, 708

16, 264
21, 565
39,188
- 4 , 768
-6,408
15, 544
14, 751
-17,764
- 7 , 094
7,701
9,011

59,355
22,309
16, 382
14, 503
34,212
14,611
10, 738
7,877
12, 979
2,056
2,082
10,431
207, 535

14,890
2,414
5,625
2,592
2,510
1,840
1,803
1,524
24, 444
10, 698
55, 266
77, 849

44, 465
19,895
10, 757
11,911
31, 702
12, 771
8,935
6,353
-11,465
- 8 , 642
-53.184
-67 t 418
6,080

38,320
14, 686
2,683
5, 319
1,968
20,001
10, 331
2,445
4,273
14, 331
29, 591
24,950

201, 455
52,086
25,806
97, 536

97,796

168,897

992
22,916
1,636
560, 759

-13,766
-11,120
-94,853
-91,150
- 8 1 , 721
-79,931
- 6 3 , 859
747
463
13, 339
6,676
23, 314
-391,862

48, 577
26, 913
26,470
24, 687
24,098
30,762
35, 525
19, 271
18, 781
21,321
7,123
8,121

1,378
1,425
1,635
1,594
467
550
807
881
1,205
3,805
30,289
72,547

47,199
25,488
24,835
23,093
23, 630
30,212
34, 718
18,390
17, 576
17,516
-23,166
-64,426

I 291,649

116, 583

175,066

99,932
74,190
1,698
3,810

1929

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


Back figures.—See Annua IReport for 1927 (Table 20).


-68,488
-46,997
-17, 768
-12. 734
-1,997
- 2 , 287
5,787
2,726
-2,656
22, 702
-13, 904
1.248

84

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

MONEY IN CIRCULATION
No.

30.—UNITED STATES MONEY IN CIRCULATION, 1 BY MONTHS, 1914-1929
[In thousands of dollars]
E n d of m o n t h figures

Month
1914
3,501,763
3,502,963
3,508,438
3, 530,019
3, 532,861
3,459,434
3, 393, 510
3,541,416
3, 731,997
3, 743, 682
3, 410,339
3,318,977

3, 252,844
3,241, 725
3, 263,846
3, 283,839
3,316,956
3,319,582
3, 323,141
3,402, 252
3, 455, 320
3,518,919
3, 544, 335
3, 589, 284

1922

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

1915

1923

1916

1917

3, 592,466 3,988,882
3, 603,464 4,119, 577
3,612,911 4,172, 946
3, 621, 308 4,194, 450
3, 585, 421 4, 255, 855
3,649, 258 2 4,066,404
3, 657, 559 3, 972, 992
3, 736, 753 3,980, 404
3, 821, 786 4, 051, 349
3, 876, 301 4,106, 781
3, 877, 061 4, 252, 267
3,966,198 4,372,668

1918

1919

1920

4,136,044
4, 314, 675
4, 396, 289
4, 433,817
4, 416,409
4,481,698
4, 563, 653
4, 776, 271
5, 026, 618
5, 145. 344
5,195, 492
5, 237, 706

4,919.171
4,921, 563
4,947,979
4,942, 963
4,917, 706
4, 876,638
4, 869, 621
4,947, 630
5, 036, 501
5,126, 856
5, 269, 335
5, 378,470

5,177, 275
5, 360, 312
5*390, 734
5,409,242
5,451, 646
5, 467, 588
5, 453, 998
5, 548, 268
5, 616,174
5, 698, 215
5, 643,187
5, 612,113

1927

1928

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, 984
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

E n d of m o n t h

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

.

4,441,453
4,490,831
4,496,845
4,468,354
4,454,765
4,463,172
4,423, 728
4,479, 762
4, 607, 717
4, 645,957
4,703,630
4,817, 039

1924

1925

4,614,248 4,777,368
4,703,366 ! 4,887,227
4, 746,834 4,899, 375
4, 759, 236 4, 853,195
4,797,068 4,904,842
4, 823, 275 4,849,307
4, 786,907 4, 755, 558
4, 876,474 4,858,907
4, 945,182 4, 863,185
4,928,900 4, 941, 514
5,017, 653 5,051,945
5,043,819 5,047,463

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

5, 303,128
5, 272, 679
5,123, 759
5, 079, 594
5, 015, 363
4,910, 903
4, 796, 956
4, 740, 063
4, 744, 111
4, 694, 606
4, 651, 484
4, 689, 785

figures
1926

4, 802, 358 4,841,088
4, 853, 229 4, 903, 627
4, 818, 339 4, 859,825
4,789,486 4,907,096
4,841,282 4,923,181
4, 815, 208 4,885, 266
4, 795, 304 4,909,186
4,867,068 4,930,233
4,916,116 4,978,221
4,968,536 5,021,411
5,044, 345 5,036,980
5,104,116 • 5,095,155

1929
4, 656, 617
4, 698, 362
4, 747, 683
4, 675, 647
4, 737, 636
4. 746, 297
4, 716, 863
4, 839, 859
4, 819, 275
4, 838,185
4, 929, 421
4, 864, 824

Averages of daily figures

Averages of end of month figures

Month

1921

1914

1915

1916

1917

1918

1919

1920

3, 496, 586
3, 502, 363
3, 505, 701
3, 519,229
3, 531,440
3,496,148
3,426,472
3,467,463
3, 636, 707
3,737,840
3,577,011
3,364, 658

3, 285,911
3, 247, 285
3, 252, 786
3,273,843
3,300, 398
3,318, 269
3,321,362
3, 362, 697
3,428,786
3,487,120
3, 531,627
3, 566,810

3, 590,875
3, 597,965
3, 608,188
3,617,110
3, 603, 365
3,617,340
3,653,409
3, 697,156
3, 779, 270
3,849,044
3,876, 681
3, 921, 630

3, 977, 540
4, 054, 230
4,146, 262
4,183,698
4, 225,153
2 4,161,130
4,019, 698
3 4,000,915
3 4, 060, 535
3 4,151, 763
3 4, 203,491
3 4,341,762

4, 306,482
4, 280, 333
4, 373,414
4, 422, 529
4, 400, 914
4, 447, 540
4, 519, 874
4, 665, 633
4, 910, 572
5,133, 585
5,183,177
5, 243, 327

5, 050, 060
4, 931,902
4, 941, 839
4,970, 215
4, 941,180
4, 891, 072
4, 895, 527
4,913, 022
4,988, 897
5,106, 214
5, 208, 249
5,341, 602

5, 230, 993
5, 285,197
5, 398, 428
5, 371, 767
5, 413, 870
5, 448, 004
5, 478, 485
5, 509, 074
5, 599, 979
5, 672, 811
5, 661, 943
5, 657,948

1926

1927

1928

4,890 r 766
4, 854,080
4,864,166
4,881, 896
4, 871, 035
4,881,317
4,916, 380
4,912, 369
4,968, 626
5,001,406
5,005,378
5,130, 680

4,903, 373
4,842, 545
4,856, 221
4, 879,341
4,859, 532
4,830, 793
4, 851,410
4,848, 610
4,917,420
4, 933,869
4, 936, 200
5,048,451

4, 784, 806
4, 708, 966
4, 709, 613
4, 729, 600
4, 722, 419
4, 735, 667
4, 746, 290
4, 743, 452
4,804,267
4,836, 484
4, 860, 333
5, 008,161

1921
5, 400, 844
5, 263,156
5, 203, 789
5, 077,860
5, 041, 886
4, 936, 416
4, 857, 299
4, 770, 750
4, 751, 599
4, 721, 382
4, 673, 213
4, 718, 396

Averages of daily figures

Month
January
February
March..
April
May
June
July
August
September
October
November
December
1
2

1922

1923

1924

4,527,113
4,451,112
4,483,102
4,481, 854
4,450,004
4,429, 253
4,443, 282
4, 448,134
4, 552,159
4, 642, 683
4,671,455
4, 827,164

4, 678,839
4, 672,172
4,713,062
4, 730,995
4, 764, 007
4, 778, 732
4,811, 543
4,833, 271
4,900,730
4,941,474
4,953,008
5,070, 774

4, 847,097
4,831, 590
4, 870,489
4,886,311
4,865,883
4, 830, 265
4, 809, 789
4, 799, 567
4,852, 571
4, 891, 317
4,970,056
5,088,133

1925
4,863, 082
4, 805,607
4, 821,033
4, 809, 246
4, 797,177
4, 794,480
4, 797, 559
4, 819, 351
4,907,881
4, 945,455
4,959, 729
5,119,140

1929
4, 748,194
4, 686, 451
4, 708, 677
4, 679, 405
4, 683, 966
4, 687, 021
4, 764, 487
4, 776, 624
4, 810, 685
4, 809,922
4, 845,158
4, 942, 803

Money outside Treasury and Federal reserve banks (prior to November, 1914, money outside Treasury)
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, nad a similar effect
upon the figures.
a Averages
 of daily figures.


No. 31.—KINDS OF MONEY IN CIRCULATION, 1927-1929
[In thousands of dollars!

End of month

1927—January
February...
March
_
April
May
June
July
August
SeptemberOctober
NovemberDecember..
1928—January
February—.
March
April
May
June
July
August
September..
October
NovemberDecember..
1929—January
February...
March
April
May
June
July
August
September..
October
November..
December..

Total

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
4,656,617
4, 698, 362
4, 747,683
4,675,647
4, 737,636
4, 746. 297
4, 716,863
4,839,859
4,819,275
4,838,185
4,929,421
4, 864,824

Back figures.—See Annual Report for 1927 (Table 22).




Gold
coin

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
380,952
377,512
374, 255
371, 623
369, 997
368,488
366,199
364, 603
363, 701
363,051
363,935
383,763

Gold certificates

Standard
silver
dollars

, 037, 264
. 034, 647
,
, 019, 437
,019, 372
, 003, 792
, 007, 075
, 031,188
, 045, 241
. 061,478
,
, 068, 301
. 094, 767
,
.,073,735
. 015, 888
,
, 003, 880
, 024,875
. 020, 267
,
, 013,139
, 019,149
977,077
981, 785
977, 673
959, 652
1, 030, 546
990,996
923,193
935,448
937, 247
905,513
944,058
934,994
887, 897
887,102
849, 551
845,908
888, 650
879,558

49,678
49,187
48, 726

Silver
certificates
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

48, 707
48, 717
48,626
48, 321
48, 022
48, 642
48,812
48,775
46, 764
46,412
46,188 372, 709
46,154 377, 946
46, 228 379, 604
46, 223 384,577
46,082 384,159
46, 241 391,047
397, 589
46,411
46, 299 394,328
46, 342 404, 860
46,475 410, 334
44,456 381, 672
44, 075 385, 389
390, 583
43,921
43, 727 386, 241
43,651 392,411
43,684 387, 073
43,401 , 403, 964
43,055 | 411, 293
42,960 417, 556
42, 573 414,952
42, 244 418,085
42,184 416, 880

Treasury Subsidiary
notes of
silver
1890
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
1,292
1,291
1,290
1,288
1,286
1,283
1,282
1,280
1,277
1,276
1,275
1,273

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
280, 751
280, 736
280, 655
281, 229
282,936
284, 226
284,363
286, 270
289, 344
291, 200
292. 241
293.951

Minor
com

United
States
notes

106,880 287, 672
106,571 291, 588
106,836 290, 761
107, 034 292,829
107,531 292,888
108,132 292, 205
108,130 296, 625
108,891 299, 268
109, 566 304, 294
110, 001 298,49
111,249 298,116
111,771 292.. 88
109, 727 283,119
109, 640 286,187
109, 922 290,046
110, 306 293,119
110,921 296,189
111, 067 298,438
111, 400 293, 235
111,937 300, 563
112,431 303,110
113,427 300, 659
114,641 306,015
115, 613 294,199
114,007 282,172
113, 692 283. 603
113, 536 283.100
114, 085 276. 227
114,454 288, 216
115, 210 262,188
115, 534 242, 338
115, 985 248, 670
116,816 264. 930
117, 556 266, 504
118,167 275.136
119,402 264, 881

Federal
reserve
notes
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
1,71 ,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
1,631,432
1, 646, 523
1,673,480
1, 648, 392
1, 654, 757
1,692, 721
1, 748,442
1, 842, 547
1,839,143
1,869,173
1,919,901
1, 862,420

Federal Nationalreserve
bank
bank
notes
notes
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
3,948
3,916
3,880
3,848
3,820
3,775
3,747
3,709
3,680
3,650
3,616
3,587
3,539
3,500
3,466
3,432
3,413

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
612.915
626,344
645,908
643. 639
642, 221
652,812
619 855
635, 515
630,497
622, 527
606, 356
597,101

Or

DISCOUNT RATES AND MONEY RATES

90182—30




7

87

DISCOUNT RATES AND MONEY RATES
No. 32.—FEDERAL RESERVE BANK DISCOUNT RATES ON ALL CLASSES AND
MATURITIES OP DISCOUNTED BILLS—CHANGES FROM JANUARY 1, 1922, TO
DECEMBER 31,
1929

[Per cent]
Federal Reserve Bank
Date effective

San
Bos- New Phila- Cleve- Rich- At- Chi- St. Min- Kan- Dal- Frandelnesas
ton York phia land mond lanta cago Louis apolis City las 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. 1 5 —

5

5

5

5

5

5

5
5

4H
_

4H
4H

. . . ._

4

__.

4
41/
41/

1923—Feb. 23
Mar. 6

14H

1924—May 1
June 2 .
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

1

iH
4
4
4

3H

3H

„.

4
2

„_

.

4
4

33^
VA

4
4
4

3

3J6

.

1925—Feb. 27...
Nov. 10
Nov. 17
Nov. 20..
Nov. 23
1926—Jan. 8._
Apr. 23
Aug. 13

5

3H

4
4
4
4

4
4

_
4

1927—July 29..._
Aug. 4
Aug. 5
„.
3H
3H
31/
Aug. 6
Aug. 12....
Aug. 13
_
Aug. 16
Sept. 7
3H
Sept. 8
.
VA
Sept. 10
3H
Sept. 13
VA
1
5 per cent on 6-9 month agricultural and livestock paper from Apr. 7, 1923, to June 11, 1924, inclusive.
3
5 per cent on 6-9 month agricultural and livestock paper from Apr. 19, 1923, to June 25,1924, inclusive;
43^ 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 difierent 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."




89

90

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 32.—FEDERAL RESERVE BANK DISCOUNT RATES ON ALL CLASSES AND
MATURITIES OF DISCOUNTED BILLS—CHANGES FROM JANUARY 1, 1922, TO

DECEMBER 31, 1929—Continued

[Per cent]
Federal Reserve Bank
Date effective

4

1928—Jan. 25
Jan. 2 7 . . .
Feb. 3
Feb. 4
Feb. 7
Feb. 8-—
Feb. 10
Feb. 11 . .
Feb. 16
Feb. 21

i

4

4

4

i

4

1

4

4

4

4
4
4

Mar 1

Apr. 20
Apr. 23...
Apr. 24
Apr. 25
May 7
May 17.. .
May 18
May 2 5 . . .
May 26
June 2__
June 7
July 1 1 . . .
July 13
July 14
July 19
July 26
Aug. 1 . . .

San
Bos- New Phila- Cleve- Rich- At- Chi- St. Min- Kan- Da? Frandelne- sas
ton York phia land mond lanta cago Louis apolis City las cisco

4

41/

4V

1929—Mar. 2
May 6
May 14
May 20
Aug. 9 .
Nov. 1.
Nov. 15
Nov. 2 1 . .
Nov. 23 .
Dec. 6
Dec. 10
Dec. 20
In effect Dec. 31, 1929. _




1

4V£

.

4Vi

4?7

43^

4^i

4^

4H
......

5
5

5

5
5

5
5
5

5
5
6
5 i
4^9

4V

41^

4^

4iz

4V£
5

5

5

4K

5

5

5

91

DISCOUNT KATES AND MONEY RATES
No.

3 3 . — F E D E R A L R E S E R V E BANK BUYING R A T E S ON ACCEPTANCES l—
CHANGES FROM JANUARY 1, 1922, TO DECEMBER 31, 1929
[Buying rates at the Federal Reserve Bank of New York. Per cent I
Date effective

In effect Jan. 1, 1922.
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
July 5
July 15
July 25
Sept. 21._
_
Sept. 25
_.
Sept. 27__
Oct. 2___
Oct. 6
Oct. 13.__
Oct. 18
Oct. 19._
Oct. 24._
_
Oct. 27
1923—Apr. 17
May 23
July 7
1924—Apr. 24
May 1
May 16
May 22.
June 2
June 17
June 26
Aug. 8
Nov. 17
__
Nov. 28
Dec. 3
Dec. 5
Dec. 8
_
Dec. 22
1925—Feb. 6
Feb. 27
June 12
Aug. 31__
Sept. 22
1926—Jan. 8._
__.
Apr. 27
May 20
May 21
Aug. 16
Aug. 23..
Sept. 1
1927—July 29._
Aug. 5
Aug. 22
1928—Jan. 27
Feb. 3
Mar. 30
Apr. 13
May 18
July 13
July 2 6 - . .
1929—Jan. 4
Jan. 21
Feb. 15
Mar. 21
Mar. 25
July 12
Aug. 9
Oct. 25
Nov. 1
Nov. 15.
Nov. 22
In effect Dec. 31,1929.:
1

Itol5
days

16 to 30
days

31 to 45
days

46 to 60
days

61 to 90
days

91 to 120 '21 to 180
days
days

454
45

fi

I2

VA
&A
3M
3^

3
2V2
2A
2

2

h
2%
3
314

2%

2%

&A
3H

2%

3%
33^

~3

3H
VA

&A

3M

¥
K2
4%
5
5^2
5M
5
4%
4M
4

4
4
4
4
5
5M
5H

43/4

4

Rates on p r i m e b a n k e r s ' acceptances. Higher rates m a y be charged for other classes of bills.
Back figures.—See A n n u a l R e p o r t for 1928 ( T a b l e 34).




5

43
4

43/

92

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 34.—AVERAGE RATES EARNED BY FEDERAL RESERVE BANKS ON BILLS AND
SECURITIES, 1916-1929

[Per cent]
Month

1916

1917

1918

1919

1920

1921

1922

1923

1924

1925

1926

1927

1928

1929

Total bills and
securities:
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
5.92
5.90
5.85

4.62
4.47
4.34
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
3.80
3.80
3.81

3.80
3.76
3.75
3.75

3.36
3.52
3.63
3.74

4.82
4.86
4.90
5.01

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
3.52
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

5 0?
5.26
5 OS
5.14

2.78
2.79
2.72
2.83

3.41
3.37
3.37
3.53

4.21
4.13
4.19
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

5.21
5.19
4.96
4.90

Year

2.67

3.29

4.12

4.04

5.50

5.61

4.11

4.33

3.83

3.51

3.76

3.60

4.24

4.86

Bills discounted:
January
February._
March
April . .

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
4.90
4.83
4.75

4.26
4.24
4.45
4.49

4.50
4.50
4.50
4.50

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

4.99
4.92
4.92
4.98

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
4.50
4.50
4.50

4.45
4.35
4.11
3.99

3.69
3.69
3.68
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

4.95
4,98
5.00
5.16

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

3.85
3.75
3.69
3.59

3.66
3.66
3.71
3.84

3.99
4.00
4.00
4.00

3.62
3.52
3.51
3.51

4.90
4.92
4.92
4.93

5.27
5.20
5.04
4.86

4.20

3.61

4.24

4.23

5.88

6.07

4.63

4.46

4.25

3.67

3.95

3.83

4.56

5.03

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
4.18
4.17
4.17

2.70
2.88
3.06
3.13

3.46
3.55
3.61
3.63

3.73
3.70
3.68
3.67

3.21
3.28
3.38
3.52

4.62
4.80
4.98
5. 30

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

5.50
5.48
5 44
5. 13

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

3.11
3.24
3.59
3.84

4.19
4.19
4.18
4.20

2.22
2.20
2.23
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

5.11
5.21
5.22
4.60

Year

2.36

3.26

4.14

4.30

5.66

5.70

3.54

4.14

3.31

3.17

3.55

3.49

3.97

5.00

United States
securities:
January
February._
March
April

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

3.51
3.59
3.50
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

4.01
3.91
3.99
3.91

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

4.05
3.79
3.68
3.57

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

3.93
4.06
4.05
4.00

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

3.55
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

4.09
3.99
3.93
3.69

2.35

2.68

2.99

2.26

2.21

2.37

3.67

4.01

3.67

3.56

3.60

3.41

3.64

3.93

May.
June
July
August
September.
October
November _
December. .

May. _
June
July _
August
September.
October
November _
December..
Year
Bills bought:
January
February__
March
April . .
May

June
July
August
September.
October
November.
December..

May
June

July..

August
September.
October
November.
December..
Year




93

DISCOUNT RATES AND MONET EATES

No. 35.—OPEN MARKET RATES IN NEW YORK CITY, BY MONTHS, 1925-1929
[Per cent]
Prevailing rate o n -

Average rate on i—

u. s.

Month

Prime
bankers'
acceptances,
90 days

Prime
bankers' Time
loans,
acceptances, 90 90 days 2
days

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

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

6.94
7.47
9.80

1
These
2

2.61
2.62
2.78
2.78
2.73
2.86
3.06
3.01
3.17
3.53
3.65
3.51
3.49
3.18
3.14
3.08
3.17
2.
3.11
3.27
3.42
3.58
3.35
3.07

4.46
4.
4.56
3.97
3.83
4.12
4.28
4.58
5.05
4.70
4.60
5.16

1929—January
_
February
March
April
May.-.June
July
August
September
October
November
December

Treasury
notes
and
certificates,
3-6
months

4.04
4.01
3.98
3.94
3.93
3.90
3.93
3.95
3.96
3.95
3.91
3.84

4.32
4.03
4.13
4.18
4.26
4.33
4.05
3.68
3.83
3.90
3.60
4.38
4.15
4.
4.48
5.06
5.69
6.32
6.06
6.91
7.40
7.12
6.86
8.86

9.46
8.79

7.

9.41
8.15
8.62
6.10
5.40
4.88

4.24
4.38
4.47
5.08
5.70
6.21
6.05
.87
7.26

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
'3.27
8 3.62
«3.90
6 3.92
4.12
4.36
4.57
4.70
'4.26
'4.26

3.35
3.36
3.30
3.32
3.35
3.40
3.50
3.56
3.54
3.55
3.48
3.53

4.66
4.
4.60
4.80
5.09
4.
4.55
4.70
4.58
4.37
3.47
3.03

3.59
3.66
3.76
3.67
3.67
3.71
3.68
3.72
3.70
3.67
3.45
3.46

r
rates are monthly averages of daily quotations for the month.
Revised.
Stock exchange 90-day time loans.
» Stock exchange call loans; new and renewal rates.
* Second, third, and fourth 4J^ per cent Liberty bonds.
fi
Three issues—3%. 4, and 4}£ 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 Reports for 1928 (Table 39), and 1927 (Table 28).




94

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 36.—OPEN-MARKET RATES IN N E W YORK CITY, BY W E E K S
[Per cent]
Average rate on—

Prevailing rate o n -

Average yield
on—

Call loans 2
Prime
Prime
commer- bankers'
Time
cial
acceptloans
paper,
ances, 90 days 1
4 to 6
months 90 days

1929

Jan. 5
Jan.12
Jan.19
Jan. 26
Feb.
Feb.
Feb.
Feb.

2
9
16
23

Apr. 6
Apr. 13
Apr 20
Apr. 27

6
6
6

4.46
4.54
4.62
4.83

3.55
3.57
3.61
3.61

7.10
7.05
7.42
6.61

6.60
6.60
7.13
7.00

5.00
5.00
5.14
5.27

4.74
4.32
4.37
4.33

3.61
3.62
3.68
3.71

7% 8.65
7% 9.80
7.32
7H-8
8
8.97
14.40
8

7.70
8.80
7.40
8.40
12.75

5.25
5.25
5.25
5.35
5.56

4.46
4.43
* 4.70
4.80
4.88

3.70
3.73
3.80
3.77
3.78

10.12
8.48
7.91
9.95

10.00
8.00
7.90
8.00

5.50
5.50
5.50
5.38

4.82
4.68
4.81
4.84

3.75
3.70
3.62
3.62

sy2 11.33

11 83
9.40
6.48

11.40
12.40
9.20
6.60

5.38
5.48
5.50
5.50

4.95
4.99
5.11
5.26

3.62
3.64
3.65
3.72

6.00
6 96
7.56
7.00
9.79

6.00
6.80
7.60
7.00
9.40

5. 50
5. 50
5.50
5. 50
5.48

5.11
4.96
4.96
4
4. 59
4.70

3.73
3.72
3.72
3.70
3.69

11.05
8 88
9.56
8.18

11.00
8.60
9.80
7.60

5.31
5.13
5.13
5.13

4.47
4.39
4.48
4.70

3.66
3.64
3.68
3.71

10 26
9. 11
7.13
6.76
8.54

9.80
9.60
7.40
7.00
8.20

5.13
5.13
5.13
5.13
5.13

4.76
4.81
4.74
4.69
4.54

3.72
3.74
3.73
3.71
3.70

8.65
8.09
8.48
9.03
8.08
5.63
6.28
5.35
5.94
6 00
5.90
4.86
4.50
4.50
4.50
4.56
5.66

9.00
8.20
8.40
8.40
8.20
6.20
6.40
6.00
5.80
6.00
5.90
5.00
4.50
4.50
4.50
4.50
5.50

5.13
5.13
5.13
5.13
5.13
5.13
5.13
4.96
4.65
4.63
4.43
3.90
3.81
3.85
3.88
3.88
3.97

4.59
4.63
4.50
4.59
4.65
4.62
4.44
4.18
3.92
3.68
3.41
3.30
3.39
3.03
3.12
4
2. 96
3.04

3.69
3.70
3.69
3.72
3.73
3.72
3.65
3.56
3.54
3.48
3.46
3.43
3.43
3.42
3.45
3.47
3.49

1%

5
5

5M

6
6
6

7%
7%

5y^

_ .

2

-534

5^-5%

4
11
18
25

5K-5j/8

ty

9
9
8^-91

5V
5Y
51/

C3/-Q

6
_
.

9

6

July 6
July 13
July 20
July 27

8%-9

6
6
6
6

6
6
6

6

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

4.56
4.75
4.81
5.00

5

ty
5i/_5|/
5%-6

June 1
June 8
June 15
June 22
June 29

10.50
6.60
7.20
6.00

4%

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

May
May
May
May

9.37
6.61
7.37
6.00

414

...

5~V
8

5Vi
5]/

71/

73!

5}/
8

-&X

Q

- .

6

6 -ex
6 -QX
6 -4SX

r\/

ty

. .

s

8M-9

5K

6 -ex

2

8^-9
8^-9
9
9 -9W
9

-934
7%

7 -7K
6
6
53^-6
5 -5H
4%-5

6 -ex
5%-6
5H-e
514.-514

5 -534
-

1
2
3

5
5
5

3%-ZH
4

New

'U. S.
Prime Treasury
banknotes Treasers'
ury
accept- and cer- bonds 3
Reances,
newal 90 days tificates
3 to 6
months

43/-5
4^-5
4%-5

Stock exchange 90-day time loans.
Stock exchange call loans new and renewal rates.
3 issues—3%, 4, and 4% per cent; yields calculated on basis of last redemption dates—1956, 1954, and
1952.
4
Change of issues on which yield is computed.
Back figures.—See Annual Reports for 1928 (Table 40), 1927 (Table 29), 1926 (Table 107), and 1925 (Table
106).




95

DISCOUNT BATES AND MONEY KATES
No.

37.—MONEY RATES IN NEW YORK CITY—PREVAILING RATES CHARGED

CUSTOMERS, 1925-1929
[Rates prevailing during 7-day period ending with 15th of month. Per cent]

Prime
Month

Demand

Time

4 -5

4 -5
_.

Loans
secured
by warehouse
receipts

43^-5
4 -6

4 -5
4 -5
4 -5
3^
4H-6

43/2-53/2

1926

_

4J4-5

_

-5J4
5
5 -53^
5 -bY2
5 -6
4H-5
5

4^-41/2
4M-5
4K-5
4H-5
4^-5
4V2-5
4H5

_

4^-4%
5
5

4M-5
4M-5
4 -5

4 -5
4 -5
4^-5
43^-5
4M-5
4 -5
3K-5
3^-5
4 -5
3M-5
4 -5

4^-5
5

5
5
-bY2
5
4M-5
5

5

1927

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

_
_

_.

4

__.

-±y2

4

-4MI

4 -4K:

1928

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

Loans secured bystocks and bonds

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

cial
loans

Interbank
loans

4MI

__.
_

5 -53.

5M-6
5M-6
5 -6

4 -5
4H-5
5 -6
5 -5}
5 -6
5H-6

43^-5
4^

4^-5
5
5

/2-5
4
5
5 -53^

5 -67
5H-6

^5
4H-6
4^5
5 -6
5 -6
5 -6
5H-6
53^-6

5H-6
53^-6

1929
_

534-6

__..

.
6

-6

Back figures—See Annual Reports for 1928 (Table 41) and 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.




96

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
FOREIGN RATES

No.

38.—DISCOUNT RATES AT CENTRAL BANKS IN FOREIGN COUNTRIES—
CHANGES FROM JANUARY 1, 1923, TO DECEMBER 31, 1929
[Per cent]
Central bank of—
Date effective
Englam

In effect Jan. 1, 1923
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
Julv9
July 24
&ug. 6
Oct. 1
.
Oct. 3
Oct. 9 . .
Oct. 22
Dec. 3 . . . .
_ .....
1926—Jan 12
Mar. 27..
June 7
July 6
Julv 31
Oct 4
Dec. 16
1927—Jan 11
Feb. 3
Mar 9
Apr. 14
Apr. 2 1 . . .
__.
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
1929—Jan 7
Jan 12
Feb. 7
Mar 14
Mar. 25
Apr 25
Sept. 26.
Sept. 27
Oct. 31
Nov. 1
Nov 2
Nov. 16
Nov. 21
Dec. 12
Dec. 13
In effect Dec. 31, 1929

3

Germany

France

10
12
18

5

Japan

Italy

5V2

8.03

Nether- Sweden Switzerlands
land
4

3

4
4
30
90
4^

UO
6

5
7
4
9
5
6

7.30

7
6
5
4

2

3M
!
!

5

Hi

ili

8
7
6

6.57

gi/

..

VA

.
5
5.84

5

4H

4
6
7

5 48
4H

4

3H

3H
6

2

4

5M

4M

6

VA

7

5H

7^
6V2
6

5
7

4M
5
5

1

2

3H

7

7

5.48

4H

5
5

3*

1 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.




97

DISCOUNT KATES AND MONEY RATES

No. 39.—OPEN-MARKET RATES IN FOREIGN COUNTRIES, BY MONTHS, 1925-1929*
[Per cent]
England France
(London) (Paris)

Germany Italy
(Berlin) (Milan)

Japan2
(Tokyo)

Nether- Switzerlands
land
(Amster- (Zurich)
dam)

Month
Bankers' Private Private Private
Private Private
Discounted discount discount
acceptbills
ances, 3 discount discount discount
rate
rate
rate
rate
rate
months
1925
January
February
March...
_. .
April
May
June
July
August
September
October
November .
December

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

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

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

4.76
4.31
4.37
4.33
4.37
4.27
4.26
4.45
4.54
4 69
4.57
4.53

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

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 S8
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

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

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
5.75
5.49
5.25
5.25
5.25
5.25
5.25
5.25
5.45
5.50

6.57-6.94
6. 57-6. 75
6. 39-6. 75
6. 39-6. 57
6. 21-6. 57
6. 21-6. 39
6.02-6. 39
6.21-6 39
6. 02-6. 21
5. 84-6. 21

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

4.32
5.05
5.33
5.21
5.21
5.32
5.38
5.47
5.59
6.13
5.35
4.76

3.50
3.39
3.37
3.44
3.49
3.50
3.50
3.50
3.50
3.50
3.50
3.50

5.80
5.80
6.31
6.63
7.49
7.50
7.39
7. 18
7.18
7.28
6.89
6.98

5.83
6.00
6.31
6.75
6.83
6.75
6. 75
6.85
7.01
7.18
7.00
7.00

5. 84-6. 21
5. 66-5. 84
5. 66-5. 84
5. 48-5. 66
5. 48-5. 66
5. 48-5. 66
5. 48-5. 66
5.48
5.48
5.48
5.48
5.48

4.20
4.39
4.64
5.36
5.37
5.30
5.20
5.06
5.36
5.15
4.26
3.52

3.28
3.31
3.39
3.45
3.34
3.26
3. 19
3.33
3.38
3.38
3.32
3.15

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

_ _

._

1928

1929

- -.

__ . __

3.39
3.40

1 All figures are monthly averages. For sources used and detailed explanation of methods of quotation,
see Federal Reserve Bulletin for November, 1926, April, 1927, and November, 1929.
2 Revised series; see Federal Reserve Bulletin for July, 1929.
Back figures.—See Annual Report for 1926 (Table 116).




MEMBER AND NONMEMBER BANK
CREDIT




99

ALL BANKS IN THE UNITED STATES
No.

4 0 . — A L L B A N K S 1 I N T H E U N I T E D S T A T E S — L O A N S AND I N V E S T M E N T S OF
M E M B E R AND N O N M E M B E R B A N K S , 1914-1929
[In millions of dollar

Loans and investments
Date2

Loans

Investments

All
banks

Member
banks

Nonmember
banks

All
banks

Member
banks

Nonmember
banks

All
banks

NonMem- member
ber
banks banks

1914—June 30_
1915—June 23 _
1916—June 30..
1917—June 20..
1918—June 29 _
1919—June 30 _
1920-June 30_
1921—June 30_.
1922—June 30.

20,789
21,466
24, 587
28, 287
31, 813
36, 570
41, 685
39, 999
39, 956

3 8,313 * 12,475
8,764 12, 702
10,315 14, 271
12, 453 15, 833
18, 507 13, 306
22, 242 14, 330
25, 559 16,125
24,121 15, 880
24,182 15, 774

15,248
15, 643
17,961
20, 510
22,392
24, 710
30,824
28, 970
27, 732

3 6,443 * 8,804
6,720
8,923
7,964
9,996
9,370 11,140
13,233
9,158
15,414
9,297
19, 533 11,290
18,119 10, 852
17,165 10, 567

5,541
5,823
6,626
7,777
9,421
11,860
10, 861
11, 029
12, 224

31,870
2,044
2,351
3,083
5,274
6,827
6,026
6,002
7,017

* 3,671
3,779
4,274
4,693
4,147
5,033
4,835
5,028
5,207

1923—June 30_
Dec. 31..

43, 738
44, 003

26, 507
26, 487

17, 230
17, 516

30,378
30, 778

18, 750
18,842

11,627
11,936

13, 360
13, 225

7,757
7,645

5,603
5,580

1924—June 30 _
Dec. 31..

45,180
47,182

27,167
28, 746

18, 013
18, 437

31, 523
32,440

19,204
19,933

12, 320
12, 507

13,657
14, 742

7,963
8,813

5,693
5,929

1925—June 30.
Dec. 31..

48, 830
50, 603

29, 518
30,884

19,312
19, 720

33,865
35, 640

20, 655
21, 996

13,210
13, 644

14, 965
14, 963

8,863
8,888

6,102
6,076

1926—June 30_
Dec. 31..

51,562
52, 018

31,184
31, 642

20,378
20,376

36,157
36, 759

22, 060
22, 652

14, 097
14,106

15, 404
15,260

9,123
8,990

6,281
6,269

1927—June 30..
Dec. 31..

53, 750
55,450

32, 756
34, 247

20, 994
21, 204

37, 360
38, 407

22,938
23,886

14,421
14, 521

16,391
17, 043

9,818
10,361

6,573
6,683

1928—June 30..
Dec. 31..

57, 265
58, 266

35, 061
35, 684

22,204
22, 582

39,464
40, 763

24, 303
25,155

15,161
15, 607

17,801
17,504

10, 758
10, 529

7,043
6,975

1929—June 29.
Dec. 31..

58, 474
58,417

35, 711
35, 934

22, 763
22, 483

41, 512
41,898

25,658
26,150

15, 853
15, 748

16,962
16, 519

10, 052
9,784

6,910
6,735

1
Includes member and nonmember banks (25,110 altogether in June, 1929) as follows: National banks,
State commercial banks and trust companies, mutual and stock savings banks, and all private banks under
State supervision (about 265 in June, 1929).
2
Dates of reports of member banks; figures for nonmember banks are as of nearest available date.
3
National banks.
4
Nonnational banks.




101

102

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 41.—ALL BANKS J IN THE UNITED STATES—DEPOSITS OF MEMBER AND
NONMEMBER BANKS (EXCLUSIVE OP INTERBANK DEPOSITS), 1 9 1 4 - 1 9 2 9
[In millions of dollars]

Date 2

All

banks

Member
banks

Nonmember
banks

L914—June 30
1915—June 23
1916—June 30
1917—June 20.
1918—June 29

18, 566
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 30
J920—June 30
921—June 30
922—June 30
923—June 30
Dec. 31.

33, 603
37, 721
35, 742
37, 615
40, 688
42,163

19,171
21,915
20, 637
22, 397
23, 871
24, 996

14,433
15, 805
15,104
15, 219
16,817
17,167

Date 2
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
1929—June 29
Dec. 31

All

banks
43,405
45,835
47, 612
49, 224
49, 733
50,029
51, 662
52, 909
53,398
56, 766
53,852
55,289

NonMember member
banks
banks
25,711
27,836
28,440
30,029
29,781
30,474
31, 269
32,063
32,133
34,826
32,284
33,865

17,694
17, 999
19,172
19,195
19, 952
19, 555
20, 393
20, 846
21, 265
21,940
21, 567
21, 424

1
Includes member and nonmember banks (25,110 altogether in June, 1929) as follows: National banks,
tate commercial banks and trust companies, mutual and stock savings banks, and all private banks under
tate supervision (about 265 in June, 1929).
2 Dates of reports of member banks;figuresfor nonmember banks are as of nearest available date.
3
National banks.
4
Nonnational banks.




ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

103

ALL MEMBER BANKS
No.

42.—ALL MEMBER BANKS—RESOURCES AND LIABILITIES OF NATIONAL
AND STATE BANK MEMBERS, DECEMBER 31, 1928 AND 1929
[In thousands of dollars]
National banks 1

Total
Dec. 31,
1928

Dec. 31,
1929

Dec. 31,
1928

State bank members

D e c . 31,
1929

Dec. 31, Dec. 31,
1929
1928

RESOURCES

Loans (including overdrafts) 2
United States Government securities
Other securities

Total loans and investments

25,155, 255*26,150,061
4,311,790 3,862,968
6,216,890 5,920,921

15,285,14415,136,414
3,006,236 2,608,865

870, 111 11, 013, 647
1, 305, 554 1,254,103

4,115, 360 3, 839, 049 2,101, 530 2, 081,872
35,683,935 35,933,950 22,406,740 21,584,328 13,277,195 14,,349,622

Customers' liability on account of accept398, 235 634, 645
531, 3051
617, 502
ances
929, 540l 1,252,147
377, 224 424,471
730,033!
765,835
Banking house, furniture, and fixtures
1.107, 287 1,190, 306
54, 669
123, 047|
123, 599
60, 390
183, 989
Other real estate owned
177, 716
386, 954)
390,140
177, 430 168,310
558,450
Cash in vault
564, 384
1,496,316| 1,348,046
913, 051 1,025,714
Reserve with Federal reserve banks
2,409,367 2, 373,760
Items with Federal reserve banks in proc583, 627 390, 750 410, 746
ess of collection
967, 836i
994, 373
5'..,
1, 565, 020 542, 283 602, 736
Due from banks in United States
2,124, 252 2,167, 756 1, 581,969
Due from banks in foreign countries (in83, 294
cluding own branches)
' 305, 299; 263, 834 205, 003 180, 540 r 99, 296
Exchanges for clearing house and other
checks on local banks
3,493,061! 2,762,463 1, 923, 860 1,193, 331 1,569, 201 1, 569,132
46, 377
87, 723
92, 679
Outside checks and other cash items
203, 884
139, 056 116,161
Redemption fund and due from United
32, 889
32, 995
States Treasurer
32,995
32,8
Acceptances of other banks and bills of ex329,764
230,961
348, 230 504,232
change or drafts sold with indorsement..
677,994
735,193
8,548
20, 341
26,985
15, 606
Securities borrowed
35, 947!
35, 533
115, 279
104,100 r 111, 296
Other assets
_..
• 222,149
"
219, 379 110.853
48, 935, 646 48,843,078 130, 573, 457(28,839, 582 18,362,189 20,003,496

Total..
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 (including own branches)
Certified and officers' checks outstanding.
Cash letters of credit and travelers' checks
outstanding
__
___
_.
Demand deposits
Time deposits
United States deposits
Agreements to repurchase United States
Government or other securities sold
Bills payable and rediscounts:
With Federal reserve banks
Allother
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
Total

2,474,223 2,757,113 1, 615, 601 1, 701,048
2.440,709! 2,864,612 1, 489, 099 1,546, 323
491, 559 496,475
832,564| 909,548
91, 576
85, 317
151, 744
177,252

858, 622 1,056, 065
951, 610 1,318,289
341, 005 413,073
85,676
66,427

65,821
54, 074
71, 839
66, 602
120, 676 137, 660
11, 550
15, 762
54, 458
42, 908
40,748
56, 510
3, 649, 037 3, 517, 325 2, 595, 768 2,165, 717 1, 053, 269 1,351,608
296, 761
543, 273
576,664
2,184,138 1,603,562 1,134,195

246,512
257,863
686,545 1,049,943

318,801
917,017

12, 784
13, 726
9,734
10,344
23,128'
23,460
,
18,903,658 18,861,582 11, 774, 872 11,074,485 7,128, 786 7, 787,097
13,453,311 13,233,481 8,304, 361 8,419, 021 5,148,950 4,814,460
100, 588
261, 505 j 143, 203 183,337
42, 615
78,168
134, 084!
1,040,608
121, 570!

136, 957
646,334
232,188

677, 994! 735,193
928,329! 1,276,159
43, 636!
29, 647
649,893
645,562
35, 947!
35, 533
209,1091 245, 585

75,165

31, 981

58, 919

104, 976

703,491
81, 568

425, 576
120, 011

337,117
40,002

220,758
112,177

329, 764
524, 725

230, 961
626,497

348, 230
403, 604

504, 232
649,662

23, 248
649, 893
20, 341
76, 698

12, 525
645, 562
26,985
55, 362

20, 388

17,122

15, t0£
132, 411

8,548
190,223

48, 935, 646 48,843,078 J30, 573, 457 28, 839, 582 18,362,189 20,003,496

1
2

M e m b e r banks only; i. e., exclusive of national banks in Alaska and Hawaii.
Exclusive of acceptances of other banks and bills of exchange or drafts sold with indorsement, n o w
shown separately.
* Revised.
Back figures.—For principal items see Table 45, also Annual Report for 1926 (Tables 77-78: Separate
figures for national and State members); for details see (1) Member Bank Call Report Nos. 35-46; (2)
Annual Reports for 1928 (Table 46), 1927 (Table 84), 1926 (Table 79), 1925 (Tables 78-80), 1924 (Tables
78-80); (3) Federal Reserve Bulletins.

90182—30




8

104

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 43.—ALL MEMBER BANKS—RESOURCES AND LIABILITIES OF RESERVE
CITY AND COUNTRY BANKS, DECEMBER 31, 1928 AND 1929

[In thousands of dollars]
Central reserve

Other reserve
city banks

city b a n k s
Dec. 31,
1928

Dec. 31,
1929

Country banks

Dec. 31, Dec. 31,
1929
1928

Dec. 31,
1928

Dec. 31,
1929

RESOURCES

Loans (including overdrafts)l
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
Due from banks in foreign countries (including own branches)
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

7,537,414
1,267,836
1,055,740
9,860,990

8,130,237 8,702,347
1,228,333 1,662,415
1,172,079 1,791,212
10,530,649 12,155,974

9,084,286
1,367,885
1,576,462
12,028,633

8,915,494 i, 935, 53S
1,381,539 1, 266, 750
3,369,938 3,172, 380
13,666,97113 374, 668
~i,

700, 731
179, 829
5,037
78, 414
978, 289

950,087
225, 650
8,696
80, 979
995, 567

212, 534
415, 097
59, 954
167, 273
779, 327

285, 233
435,217
63, 089
156, 398
751, 396

16, 275
512,361
112,725
318, 697
651, 751

16, 827
529,439
112,204
321,073
626, 797

369, 501
248,126

404, 534
312,050

458, 926
899, 258

437, 347
947, 364

152,492
908, 342

239, 502

212, 733

r

62, 283

46,444

139, 409
976, 868
3,514

519,190
84,387
7,825

123, 295
35, 301!
I
22, 809!

107, 349
31,290

84, 522
23,738
87, 352

1, 9361
14, 877|
47,353!

3,239
11, 584
47, 506

1,994

2,044

489,157
87,169
8,192

550, 487
350
108, 909

647,432
211
84,521

125, 571
20, 720
r
65, 887

2, 880, 609 2,135,924
81, 4141
23, 379

4, 657

23, 020

-I16, 284,182 16, 614,456 16, 007, 322 15,958,135(16, 644,142; 16, 270,487

Total,
LIABILITIES

Capital stock paid in
Surplus
Undivided profits—net
Reserves for dividends, contingencies, e t c .
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 (including own branches)
Certified and officers' checks outstanding. _
Cash letters of credit and travelers' checks
outstanding
Demand deposits
Time deposits
United States deposits
Agreements to repurchase United States
Government or other securities sold
Bills payable and rediscounts:
With Federal reserve banks
Allother
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
Total _
1

674,
846,
265,
65,

893,781
97:
755 1,138,815
321, 702
732
060
67,110

44, 340
1
1, 541,351
486,!
1,786, 960
16,
6, 748,
1, 826,
58,

470
224
601
382

821,693
777, 835
243, 524
45,174

867, 837
860,810
243, 273
56,733

977, 558
816,119!
323, 308
41,5101

995, 495
864,987
344, 573
53,409

56, 736
41, 325 44,135
10
12,508
10,474
l,508,284j 1,680,614 1, 603, 756
523, 381
54, 035
50.451
1,195, 333 271, 081 283, 723
17, 223
6,085
5,834
7, 057, 844 6, 034, 666 5, 970, 365
1, 755, 014 4, 832, 306 4, 888,059
75, 878
27, 999 152, 702

35,011!
44, 001
427, 072

36,789
43, 974
405, 285

2, 350J
126, 097!

2
> 832
124, 506

5731
403
6,120,768 5,833,373
6,794,4041 6,590,408
50,421!
39,326

72, 870

67, 545

52, 854

53, 535

8, 360|

15, 877

436,122
19,934

149,108
71,050

355, 505
20, 417

242,078
49, 622

248, 981
81,219

255,148
111,516

550, 486
700,366

647,432
967,450

125, 571
212, 882

84, 522
292,812

1, 937
15, 081

3,239
15,897

39,399
350
75, 939

14, 340
39,407
211
94, 681

15, 348
161,234
20, 720
69, 243

13, 561
153,124
23,738
83, 815

1, 308;
449, 260
14, 877
63,927

1,746
453,031
11, 584

16, 284,182 16, 614,456 16, 007, 322 15, 958,135 16, 644,142 16,270,487

Excludes acceptances of other banks and bills of exchange or drafts sold with indorsement, now shown
separately.
r
Revised.
Backfigures.—See(1) Member Bank Call Report, Nos. 35-46 (where data are given by cities); (2) Annual
Reports for 1928 (Table 47), 1927 (Table 85), 1926 (Table 80), 1925 (Tables 81-84$, 1924 (Tables 81-84); and
(3) Federal Reserve Bulletins,




105

ALL MEMBER BANKS
No.

44.—CLASSIFICATION OF MEMBER BANK LOANS AND INVESTMENTS ON
CALL DATES

[Amounts in millions of dollars]
1928

Dec. 31 Mar. 27 June 29

Oct. 4

Dec. 31

ALL MEMBER BANKS

Loans and investments—total

35,684

35,393

35,711

35,914

35,934

Loans—total

25,155

24,945

25, 658

26,165

26,150

Loans to customers—total
—
To banks
On securities (exclusive of loans to banks)
Real estate loans—total
On farm land
On other real estate
All other (including overdrafts)
Open-market loans—total
-—
Acceptances1and commercial paper purchased
Street loans
Investments—total
U. S. Government securities
Other securities—total
DomesticBonds.
_._
—
Allother
_
_._
—
Foreign
_
_
__
___

21,999
538
7,347
3,123
412
2,711
10, 991
3,158
602
2,556
10, 529
4,312
6,217

22,450
548
7,539
3,123
403
2,720
11, 240
2,493
614
1,879
10,448
4,454
5,994

23,186
670
7,734
3,164
414
2,750
11, 618
2.472
447
2,025
10, 052
4,155

23,889
640
8,109
3,152
392
2,760
11,988
2,275
390
1,885
9,749
4,022
5,727

23,908
714
8,488
3,191
388
2,803
11,515
2,243
582
1,660
9,784
3,863
5,921

4,520
1,013
684

4,330
1,012
653

4,225
1,037
635

4,034
1,081
612

4,169
1,123

22,559

BANKS IN CENTRAL RESERVE AND RESERVE CITIES

Loans and investments—total

22,017

21,652

21,992

22,134

Loans—total

16,240

15,943

16,563

16,939

17,215

Loans to customers—total
_
—
To banks
On securities (exclusive of loans to banks)
Real estate loans—total
On farm land
On other real estate
All other (including overdrafts)
Open-market loans—total
Acceptances and commercial paper purchased.
Street loans *
—
Investments—total
U. S. Government securities
_
Other securities—total
DomesticBonds
All other
Foreign
_

13, 707
500
5,442
1,678
121
1,557
6,087
2,533
353
2,180
5,777
2,930
2,847

14,047
509
5,484
1,657
114
1,543
6,397
1,895
370
1,525
5,708
3,030
2,678

14,588
621
5,596
1,678
123
1,555
6,693
1,975
267
1,708
5,429
2,771
2,658

15,217
595
5,814
1,667
113
1,554
7,141
1,723
214
1,509
5,195
2,661
2,534

15,381
669
6,174
1,729
112
1,617
6,809
1,834
382
1,452
5,345
2,596
2,749

1,945
647
255

1,788
658
231

1,742
689
227

1,597
723
214

1,759
750
239

13,741 i 13,719

13,780

13,375

BANKS OUTSIDE RESERVE CITIES (COUNTRY BANKS)

Loans and investments—total

13,667

Loans—total

8,915

9,001

9,096

9,226

Loans to customers—total
To banks
On securities (exclusive of loans to banks)
Real estate loans—total
—
On farm land
On other real estate
All other (including overdrafts)—
Open-market loans—total
_
Acceptances and commercial paper purchased.
Street loans *
Investments—totalU. S. Government securities—
Other securities—total
Domestic—
Bonds
_
All other
Foreign

8,290
37
1,905
1,444
290
1,154
4,904
625
249
376
4,751
1,381
3,370

8,402
39
2,055
1,465
289
1,176
4,843
598
244
354
4,740
1,424
3,316

8,600
49
2,139
1,486
291
1,195
4,926
496
180
316

8,672
45
2,295
1,485
279
1,206
4,847
553
177
376

4,624
1,384
3,240

4,554
1,361
3,193

2,575
366
429

2,541
353
422

2,483
348
408

2,437
358

i Loans on securities to brokers and dealers in securities at New York City.




8,527
45
2,314
1,462
276
1,186
4,705
408
200
208
4,439
1,267
3,172
2,410
373
389

No. 45,—ALL MEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, 1914-1929
[In millions of dollars]
Loans and investments
Call date
Total

Loans

l

CapiNet
Due tal, sur- Total
Net
plus,
Time United
States Due to demand demand
Investments
from i and deposits Demand
plus
dedetime
banks undiposits « posits banks 8 deposits
deposits7
vided
Other
U.S.
profits»
Total securi- securities
ties

Reserve
with
Federal
reserve
banks

Bills
Pay- Numable ber of
and
redis- banks
counts

1914—Dec. 31...
1915—Mar. 4 . .
May 1__
June 23—
Sept. 2__
Nov. 10.
Dec. 31..

8,498

6,419

2,079

760

1,319

1,163

2,093

8,305

5,125

1,233

71

7,468

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

1,353
1.322
1,282
1,443
1,637
1,563

2,098
2,097
2,124
2,129
2,146
2,126

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

58
46
48
44
40
35

1,876
2,252
2,234
2,216
2,486
2,734
2,761

6,235

8,570
8,707
8,764
9,048
9,693
9,861

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

1916—May 1__
June 30_.
Sept. 12.
Nov. 17.
Dec. 27..

10, 252
10,315
10,732
11,259
11, 275

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

1,644
1,648
1,766
1,850
1,871

1,767
1,564
1,748
2,057
1,874

2,148
2,143
2,184
2,213
2,231

11,404
11,133
11,737
12,893
12, 661

6,661
6,581
6,892
7,522
7,340

1,686
1,775
1,853
1,940
1,983

34
39
34
34
35

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

95
80
95

1917—Mar. 5 . .
May 1__
June 20..
Dec. 31..

11, 701
11,985
12,453
16,896

9,096
8 9,208
8 9, 370
M12,316

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
2,258
2,307
2,807

13, 396
13,651
13, 397
18, 628

7,503
7,915
7,856
11,180

2,125
2,263
2,304
3,156

34
35
141
649

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

8 327
8 783

7,614
7,629
7,653
7,907

1918—May 10. „
June 29
Nov. 1
Dec. 31

18, 673
18, 507
20,981
20, 593
21, 484
22,242
24,187
24,778

8
.912, 667
s.» 13, 233
814, 550
8 14, 224

6,006
5,274
6,431
6,368

3,203
2,465
3,591
3,472

2,803
2,809
2,840

1,870
1,906
2,036
2,194

3,005
3,002
3,222
3,220

19,210
18,954
20,864
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

3,353
3,284
3,446
3,804

12, 451
12, 217
13, 322
14, 563

15, 797
15,612
16,973
18, 397

1,536
1,565
1,520
1,655

8
8
8
8

1, 043
1, 022
1,912
1, 876

8,132
8,213
8,596
8,692

13,877
8 15,414
8 17,423
818,149

7,607
6,827
6,765

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

884
902

3,662
4,095
4,106

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
8
8
8

1, 962
1,927
2, 257
2, 347

8,725
8,822
8,995
9,066

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, 388
15, 744
15,512
14, 632

5,747
5,911
6,144
6,188

190
260
220
316

3,546
3,486
3,230
3,084

16,426
16, 422
15,924
15, 345

22,173
22,333
22,068
21, 533

1,866
:, 839
,827
„ 763

2,755
2,701
3,080
3,036

9,291
9,399
9,567

24,390
24,121
23,482

18,487
18,119
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

,654
,625
:,758

2,313
2,022
1,364

1919—Mar. 4 . .
June 30..
Nov. 17.
Dec. 3 1 192O-May4
June 30
Nov. 15
Dec. 29
1921—Apr. 28..
June 30..
Dec. 31..

-




8

133
91
106
104

75
8 95

7,582
7,607
7,614
7,615
7,630
7,640
7,631
7,605
7,606
7,618
7,614
7,614

9,745
9,779

1922—Mar. 10.
June 30. _
Dec. 29-

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

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

1923—Apr. 3 . . .
June 30..
Sept. 14 _
Dec. 31..

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

28,270
29, 566
30, 795
32, 384

15,609
16,329
16, 406
17, 788

9,204
9,597
9,805

292
179
302
242

3,480
3,854
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
408

9,681
9,650
9,635
9,587

1925—Apr. 6-_.
June 30..
Sept. 28.
Dec. 31..

29,046
29, 518
30,176
30,884

20,176
20, 655
21, 285
21,996

8,863

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 10,127
17,882 | 10,381
17,452 | 10,467
19,072 | 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

559
712
733

9,531
9,538
9,539
9,489

1926—Apr. 12...
June 30..
Dec. 31..

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

4,826
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
18,804
18, 922

29, 347
29, 977
30, 362

2,136
2,236
2,210

620
612
760

9,412
9,375
9,260

31,949
32,756
33,186
34,247

9,622
9,818
9,959
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
18,842
18, 378
19,032

407
218
435
267

3,887
4,129
4,209
4,606

18, 542
19, 250
19,170
20,105

30, 360
31,460
31, 629
32,870

2,321
2,280
2,320
2,514

546
541
528
663

9,144
9,099
9,087
9,034

19,236

257
159

4,184
3,927
4,037
4,249

18, 995
19,944

32,158
32, 629
32, 405
33, 397

2,367
2,342
2,348
2,409

581
1,209
1,154
1,162

8,929
8,896
8,837

3,584
3,608
3,690
4,148

18,833
18,977
18, 952
19, 797

32,162
32, 302
32, 269
33,030

2,339
2,359
2,322
2,374

1,153
1,168
1,150
879

8,755
8,707
8,616
8,522

1924—Mar. 31
June30_
Oct. 10
Dec. 31

1927—Mar. 23
June 30
Oct. 10
Dec. 31

_..
_.
_.

I

I

1928—Feb. 28..
June 30..
Oct. 3_ —
Dec. 31__

33, 688
35,061
34,929
35, 684

22, 327
22,938
23, 227
23, 886
23,099
24,303
24, 325
25,155

10, 590
10,758
10, 604
10, 529

4,216
4,225
4,386
4,312

6,374
6,534
6,218
6,217

1,941
1,897
2,026
2,124

5,404
5,625
5,842
5,899

35, 375
36,060
36,175
39, 075

18,182 12, 923
18,437 13,439
18,570 13,410
21, 111 13, 453

1929—Mar. 27.
June 29..
Oct. 4 . . .
Dec. 31..

35, 393
35,711
35, 914
35,934

24, 945 10,448
25,658 10,052
26,165 9,749
26,150 9,784

4,454
4,155
4,022
3,863

5,994
5,898
5,727
5,921

1,741
1,885
2,005
2,168

6,174
6,345
6,675
6,709

36, 799
35, 893
36, 694
38,014

19,476
18, 611
19,371
20, 489

11,818
12, 210
12,459
12, 765

13, 329
13,325
13, 318
13, 233

315
143

19,191

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.
* Includes certified and cashiers' or treasurers' checks, and letters of credit and travelers' checks sold for cash.
5
ncludes postal-savings deposits, except that such deposits of State bank members prior to June 20, 1917, are included with demand deposits.
«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.
• Includes small amounts of bills sold with indorsement.
9
Excludes customers' liability on letters of credit for State bank members.




g
g
W

w
2

w

108

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 46.—ALL MEMBER BANKS—DEPOSITS SUBJECT TO RESERVE, RESERVES
REQUIRED, RESERVES HELD, AND BORROWINGS AT FEDERAL RESERVE BANKS,
BY MONTHS, 1929

[Averages of dailyfigures.In thousands of dollarsj
Deposits subject to reserve
Class of bank and
month (1929)

Reserves held
Reserves
required

Borrowings at
Federal
reserve
Excess banks

Net demand l

Time 2

Total

19,101, 227
18,888, 514
18, 721, 586
18, 521,166
18,429,824
18, 518, 649
18, 733, 055
18, 662,352
18, 778, 363
19,124, 728
19, 978, 914
19,105,132

13,464,931
13,409,103
13, 346, 627
13,272, 849
13, 302, 731
13, 242, 286
13,188, 214
13, 233, 658
13, 311, 242
13, 316, 519
13,194, 448
13, 065, 353

32, 566,158
32, 297, 617
32,068, 213
31, 794, 015
31, 732, 555
31, 760, 935
31, 921, 269
31, 896, 010
32, 089, 605
32,441, 247
33,173,362
32,170,485

2,333,399
2,312,162
2, 295, 787
2, 271, 732
2, 263, 416
2, 274, 560
2, 291, 387
2, 286, 861
2,300, 312
2,343,173
2, 455, 981
2, 346, 581

2,386,397
2,358,285
2,336, 724
2, 308, 230
2, 296,403
2,316, 289
2, 333, 625
2,322,393
2,334, 468
2, 385, 596
2, 521, 345
2, 394, 900

Central reserve city
banks:
6, 690, 812
January
6, 674,137
February
6, 643,363
March
6, 568,031
April.__
6, 533,050
May
6, 655,334
June
6, 676, 227
July....
6, 676, 819
August
6, 719, 486
September
7,000,154
October..
November
..' 7,
December
7,217,128

1,836, 265
1, 798, 086
1, 722,170
1, 698,080
1, 708,445
1, 680, 696
1, 643, 815
1, 740,182
1, 798, 973
1, 845, 231
1, 803, 720
1, 725, 629

8, 527,077
8, 472, 223
8,365, 533
8, 266, 111
8, 241, 495
8,336,030
8,320,042
8,417,001
8, 518, 459

924,893
921, 581
915,302
904, 786
900, 549
915, 614
917, 224
920,191
927, 502
965, 377
1,085, 020
989,994

936,465 11, 572
932, 604 11, 023
924, 240 8,938
910, 017 5,231
906,326 5,777
922, 856 7,242
929, 570 12, 346
926, 259 6,068
934, 611 7,109
978, 920 13, 543
1,120,994 35, 974
1, 009, 647 19, 653
I

227, 945
222, 489
273, 485
224, 312
193, 283
237, 366
377, 291
259,153
186,008
127, 958
105, 848
141, 902

Reserve city banks:
January
February
March
April.
May
June
July.
._.
August
September
October
_
November
December

6,363, 911
6,241,484
6,157, 708
6,099,474
6,075, 515
6,055, 558
6,128,471
6,095, 959
6,110, 732
6,164, 599
6,194,040
6,141,160

4,821,065
4, 795,176
4, 792,033
4, 751, 562
4, 779, 507
4, 779,067
4, 752, 279
4, 705, 494
4, 734,379
4, 733,106
4, 733, 583
4, 762, 039

11,184,976 i
11,036,660 I
10,949,741 I
10,851,036 !
10,855,022 I
10,834,625
10,880,750 S
10,801,453 !
10,845,111 |
10,897,705 |
10,927,623 j
10,903,199 ]

781,023
768, 003
761, 076
752,494
750, 936
748, 928
755, 415
750, 761
753,104
758,453
761, 411
756, 977

793,352
778, 660
770,309
762, 718
759,900
761, 247
764,133
759, 474
758, 715
765,899
770, 723
766,446

12, 329
10, 657
9,233
10, 224
12, 319
8,718
8,713
5,611
7,446
9,312
9,469

356,237
391, 626
423,397
483, 694
446, 339
409,425
399, 017
460, 919
494,121
480, 857
511, 463
347, 684

6,046, 504
5, 972,893
5, 920, 515
5,853,661
5,821, 259
5,807, 757
5, 928,357
5, 889, 574
5,948,145

6,807, 601
6,815, 841
6,832,424
6, 823, 207
6, 814, 779
6, 782, 523
6, 792,120
6, 787, 982
6, 777, 890
6, 738,182
6, 657,145
6, 577, 685

12, 854,105
12, 788, 734
12, 752,939
12, 676, 868
12,636,038
12, 590, 280
12, 720,477
12, 677, 556
12, 726,035
12, 698,157
12, 511,950
12, 324, 529

627,483
622, 578
619,409
614,452
611,931
610, 018
618,748
615, 909
619, 706
619,343
609, 550
599, 610

656, 580
647, 021
642,175
635,495
630,177
632,186
639, 922
636, 660
641,142
640, 777
629, 628
618,807

29,097
24, 443
22, 766
21, 043
18,246
22,168
21,174
20, 751
21, 436
21,434
20,078
19,197

260,156
261,013
258, 654
281, 616
311, 427
327, 444
314,097
320,331
280,865
268, 744
332,396
311,710

All member banks:
January
__.
February
March
April
May
June
July
August
September
October
November
December

Country banks:
January
February
March
April
May
June
July
August
September
October
November
December.

I 5,959,975
.__. 5,854,805
5,746,844

8, 845,385
9, 733, 789
8, 942, 757

Total

844,338
52, 998
875,128
46,123
955, 536
40, 937
989, 622
36,498
951, 049
32, 987
974, 235
41, 729
42, 238 1, 090,405
35, 532 1,040, 403
960, 994
34,156
877, 559
42, 423
949, 707
65, 364
801, 296
48, 319

I

1 Subject to reserve requirements of 13 per cent for central reserve city banks, 10 per cent for reserve city
banks, and 7 per cent for banks outside central reserve and reserve cities (so-called country banks).
2 Subject to reserve requirements of 3 per cent.




109

ALL MEMBER BANKS
No.

47.—ALL

MEMBER

BANKS—RESERVE

BALANCES,

BY MONTHS,

1918-1929

[Monthly averages of daily figures. In millions of dollars]
1918

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

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

Month

1,635
1,612
1,652
1,656
1,686
1,696
1,719
1,740
1,769
1,793
1,837
1,820

1920 1921

1922

1923

1924

1925

1926

1927

1928

1929

1,773
1,728
1,694
1,665
1,657
1,664
1,639
1,621
1,629
1,652
1,663
1,673

1,707
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

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

2,387
2,357
2,337
2,30S
2,296
2,314
2,334
2,322
2,335
2,386
2,521
2,395

1,883
1,858
1,878
1,870
1,853
1,853
1,840
1,807
1,817
1,815
1,782
1,758

Back figures—See Annual Report for 1928 (Table 50).
No.

48.—ALL

MEMBER

BANKS—BORROWINGS

AT FEDERAL

RESERVE

BANKS,

BY MONTHS, 1914-1929
[Monthly averages of daily figures.

Month

1914

1915

In millions of dollars]

1916

1917
21
18
19
25
43
155
151

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

134

181
320
563
683

10

Month
JanuaryFebruary.
March
April
May
June
July
August
September
October.._
November.
December.

1922
962
769
638
572
479
437
425
396
417
486
623
660

1923
547
658
705
741
834
809
845
873
799
771

1924
574
514
476
489
433
370
315
268
262
240
228
301

1925
267
340
390
403
397
437
480
545
594
619
597

1918

1919

1920

:,765
,863
,920
,976
,840
,864
.,798
,776
2,068
2,140
2,115

2,136
2,297
2,377
2,431
2,536
2,456
2,513
2,596
2,667
2,780
2,762
2,718

612
529
537

751
897
939

1,162
1,333
1,604

1,683
1,760
1,765

1926
520
526
557
537
511
473
549
555
640
663
615

1928
481
393
425
447
473
429
454
409
422
424
415
529

NOTE.—Figures include a small amount of borrowing b y intermediate credit banks, etc.




465
471
513
661
836
1,019
1,090
1,061
1,064
975
897
1,013

1921
2,523
2,400
2,297
2,129
1,959
1,811
1,719
1,548
],442
1,371
1,228
1,180

1929

1,004
956
978
1,096
1,043
969
885
953
803

(See Table 12')

110

ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD

REPORTING MEMBER BANKS IN LEADING CITIES
No.

49.—REPORTING M E M B E R B A N K S — L O A N S , INVESTMENTS, DEPOSITS,
S E R V E 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 , 1919-1929.

RE-

[Monthly averages of weekly figures.1 In millions of dollars. Revised series—1929 basis]
Month

1919

1920

1921

1922

1923

1924

1925

1926

Loans and
invest'
ments:
January
February
March
April
May
June..
July
August
September
October
November
December

14,228
14, 307
14,628
14,609
14,936
15,019
14,865
15, 264
15,627
16,011
16,193
16,387

16,682
16,652
16,853
16, 983
16, 992
16, 971
16, 921
16, 907
17, 057
17,192
16,868
16,737

16,447
16,176
16, 066
15, 778
15,511
15,364
15,065
14, 921
14, 902
14, 942
14,837
14,842

14,694
14,688
14,617
14, 688|
14, 968|
15, 242j
15,254
15,373!
15,446!
15, 732
15,816
16, 006

16,233
16, 226
16,3168
16,443
16,4871
16,428
16, 404
16, 201
16,305!
16, 38l|
16, 287
16, 318

16, 321
16, 319
16,443
16,565
16,618
16,816
17,131
17, 446
17, 757
18,217
18,357
18, 465

18,502
18,439
18, 523
18, 554
18, 527
18, 641
18, 722
18, 775
18, 978
19, 239
19, 331
19, 413

19,358
19,323
19,420
19, 392
19, 502
19, 596
19, 561
19, 594
19, 775
19, 784
19,673
19, 742

19,686
19, 558
19, 989
20,068
20,273
20,506
20,404
20,357
20, 653
20, 918

21,493
21,315
21, 502
21,944
22,148
22,063
22,006
21,809
21,871
21, 938
21,112 21, 983
21,328 22,189

22,320
22, 263
22,472
22,388
22,113
22, 231
22,479
22,465
22, 646
23,124
23,663
23,012

Total loans:
January
February
March
April
May
June..
July
August...
September
October
November
December

9,925
9,765
9,825
9,846
10,026
10,656
10,806
10, 973
11,342
11, 901
12,193
12,412

12, 743
12,888
13,242
13,344
13,352
13,426
13,507
13,518
13,691
13,896
13,578
13,428

13,167|
12, 928 j
12, 785|
12, 5061
12, 272|
12,036'
11,853
11,689;
11, 672|
11,664)
11,494|
11,420

11,204
11,025
11,034
11,002
11,045
11,024
10, 959
10, 942
11,066.
11,342
11,400
11,445

11, 560|
11, 597!
11,796!
11,919!
12,002;
11, 905
11,912
11,792(
11,930!
12, 029J
11, 9751
11,985!

11,988
12, 004
12,138
12,212
12,172
12, 249
12,400
12, 594
12, 725
12, 955
12, 969
13,087

13,179
13, 232
13,320
13, 297
13, 294
13, 375
13,474
13,557
13,797
14,057

14,200
14,140
14,172
14,140
14,160
14, 235
14, 241
14,313
14, 498
14,555
14,181 14,487
14, 248 14, 578

15,441
15, 223
15,370
15,805
15,960
15,871
15,892
15,825
15,898
15, 258 16,003
15,308 16,096
15,396 16,253

16,300
16,260
16,491
16,464
16, 277
16, 480
16,950
16,969
17,197
17, 706
18,041
17,444

4,036
3,96lj
3,921|
3, 849|
3,842:
3,805:
3, 740
3,670!
3,667!
3,7171
3,721
3,765

3,711
3,666
3,641
3,657
3,825
3,909
3,895
3,862
3,908
4,060
4,103
4,123

4,1941
4,119J
4,116!
4,1731
4, 220
4,157 :
4,150
3,994!
4,028i
4,052!
4,056!
4,142!

4,252
4,173
4,181
4,218
4,221
4,310
4,479
4,582
4,675
4,726
4,740
4,917

51
,
5,874
5,056 5,767
5,122 5,652
5,098 5, 576
5,167 5,592
5,289 5, f" "
5,370 5,743
5,377 5,771
5,447 5,847
5,558 5,741
5,696 5,633
5,843 5,771

5,915
5,780
5,867
5,930
6,017
6,220
6,191
6,201
6,298
6,403
6,492
6,676

6,811
6,606
6,586
6,924
7,075
6,962
6,955
6,816
6,840
6,874
7,082
7,198

7,506
7,522
7,580
7,392
7,218
7,332
7,716
7,578
7,654
8,098
8,249
7,968

8,006
8,384
8,788
8,954
9,050
9,177
9,326
9,431
9,580
9,741
9,507
9,317

9,131
8,967
8,864i
8,657!
8, 430
8, 232
8,113
8, 018
8,005|
7,947
7,773
7,655

7,493
7,359
7, 393
7,3451
7,219!
7,115
7,064
7,080
7,158
7, 282!
7, 2971
7,322;

7,366!
7,477
7,680
7,746
7,781
7, 748!
7,761
7,798
7,903
7,977
7,920
7,843

7,736
7,831;
7, 9561
7, 994!
7,95lj
7,9391
7, 9211
8,012,
8, 049
8, 229
8, 229
8,170l

8,326
8,373
8,521
8,564
8,568
8, 085 8,541
8,103 8,498
8,180 8,542
8,349 8,652
8,500 8,814
8,485 8,854
8,405 8,807

8,623
8,566
8,670
8,634
8,649
8,628
8,590
8,624
8,768
8,855
8,816
8,720

8,631
8,617
8,784
8,880
8,884
8,909
8,937
9,009
9,059
9,130
9,014
9,055

8, 794
8,737
8,911
9,073
9,059
9,149
9,234
9,390
9,543
9,608
9,792
9,476

4,303
4,542

3,939
3,764

4,763
4,910
4,363
4,057
4,290
4,285|
4,110
4,000!
3,975

3,639
3,640
3,546
3,414
3,390
3,366
3,296
3,290
3,308

3,280
3,247
3,281
3,273
3,238
3,328
3, 213
3,232
3,229
3, 278j
3,343
3,421

3,490
3, 663
3,583
3, 686
3, 923
4,218
4, 295!
4,43l!
4,379!
4,390
4,416
4,561

4,673
4,629
4,572
4,523
4,485
4,522
4,492
4,409
4,375
4, 352
4,312
4,333

4,333:
4,315
4,306
4,352
4,445
4,567!
4,731
4,851
5,0321
5, 262|
5,389
5,378

5,323
5,206
5,204
5, 258
5,233
5, 266
5,248
5,217
5,181
5,181
5,151
5,165

5,158
5,182
5,248
5,252
5,342
5,362
5,320
5,281
5,277
5,228
5,186
5,165

5,148
5,212
5,453
5,504
5,608
5,658
5,623
5,531
5,587
5,660i
5,804
5,932

6,052
6,091
6,133
6,140
6,188
6,193
6,114
5,984
5,973
5,934
5,888
5,936

6,021
6,004
5,981
5,924
5,836
5,751
5, 529
5,496
5,449
5,418
5,623
5,567

-_.
__

Loans on securities:
January
February
March
April
May
June
July...
August
September
October
November
December
Ul other loans:
January
February
March
April
May
June.
July
August
September
October
November
December..
Investments:
January
February
March..
April
May
June
July...
August
September
October..
November
December

(2)

i
(p

8,170
8,176
8,198
8,199
8,127

1927

1928

14,538
14,347
14, 536
14,564
14,666
14,849
14,781
14,825
15, 066

1929

7,710
4,8031 3,611

1 For corresponding data by weeks for 1927 and 1928, see Annual Report for 1928 (Table 54). Weekly
figures for earlier years (revised series) are available back to 1919, but have not been published; they may be
had on request.
2 Not available.



111

REPORTING MEMBER BANKS IN LEADING CITIES

No. 49.—REPORTING M E M B E R B A N K S — L O A N S , INVESTMENTS, DEPOSITS, R E S E R V E 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 , 1919-1929—Con.
[Monthly averages of weekly figures. In millions of dollars. Revised series—1929 basis]
1920

Month

1921

1922

1923

1924 [ 1925
|

1928

1929

18, 597 18,921
18,468 18, 771
18,414' 19,023
18,392 19,054
18, 544 19,292
18, 715! 19, 577
18,677 19,483
18,641 19, 504
18, 746 19,609
18, 727' 19, 757
18, 690 20,112
18,800 20,291

20,642
20,286
20,268
20, 576
20,652
20,373
20,107
19, 733
19,880
20,059i
20, 217
20,241

20,487
20,270
20,127
19,869
19,768
19, 740
19,918
19,848
19,990
20,472
21,131
20,501

13,067
12, 883
13,034
13,033
13,179
13,414
13,306
13, 276
13,340
13,412
13, 703
13,872

13,982
13,673
13, 579
13,814
13,760
13,450!
13,246
12,902
13,049
13, 216
13,369
13,399

13,593
13,391
13,288
13,076
12,992
13,001
13, 245
13,120
13,180
13,633
14,363
13, 774

1926

1927

Net demand plus time
deposits:
January
February
March
April
May
<
.
June
_-.
July
August
September
October
November
December

11,667
11,573
11,819
11,876
12,199
12,165
12,408
12, 728
12, 975
13, 261
13, 617
13, 567

14,038! 13, 766
14,021 13, 527
14, 200' 13, 356
14,183| 13,161
14,182 13, 221
14, 208 13,144
14, 200 12, 976
14, 059 12,857
14,093 12,901
14,100 13,093
13,861 13, 236
13, 666 13, 256

13,409 15,312
13,339 15,294
13, 529 15, 212
13, 766 15,204
14,170 15, 230
14,487 15,196
14,627 15,204
14,602 14, 973
14, 680| 15,026
14,852i 15,155
14,796 15, 228
14, 866 15, 210

Net demand deposits:
January
February
March
April
May
June
July
August
September
October
November
December

10,055
9,915
10,122
10,142
10,446
10, 400
10, 611
10, 807
10, 991
11,147
11, 337
11, 251

11, 581
11,487
11,605
11, 551
11,511
11, 504
11,471
11, 304
11, 291
11, 271
11,030
10, 828

10,821
10, 588
10,409
10, 206
10,199
10,187
10, 042
9,927
9,958
10,112
10, 215
10, 247

10,367
10, 280
10, 391
10, 587
10, 919
11,138
11,113
11,007
11,076
11, 228
11,121
11,146

11, 561
11, 522
11, 284
11,214
11, 222
11,176
11,198
10, 968
10, 991
11,107
11,170
11,127

1,612
1,658

2,945
2,939
2,947
2,955
3,022
2,957
2,934
2, 930
2,943
2,981
3,021
3,009

3,042
3,059
3,138
3,179
3,251
3,349
3,514
3,595
3,604
3,624
3,675
3,720

3,751
3,772
3,928
3,990
4,008
4,020
4,006
4,005
4,035
4,048
4,058
4,083

4,135 4,891
4,177 4,957
4,227 5,006
4,278 5,086
4,335 5,171
4,391 5,202
4,489 5,197
4,571 5,218
5,230
4,
4,752 5,301
4,865 5,373
4,855 5,357

5,402
5,449
5,497
5,562
5,591
5,641
5,713
5,741
5,722
5,712
5,752
5,768

5,854
5,888
5,989
6,021
6,113
6,163
6,177
6,228
6,269
6,345
6,409
6,419

6,560
6, 613
6,689
6,762
6,892
6,923
6,861
6,831
6,831
6,843
6,848
6,842

6,894
6,879
6,839
6,793
6,776
6,739
6,673
6,728
6,810
6,839
6,768
6,727

1,289
1,299
1,318
1,324
1,381
1,405
1,414
1,370
1,357
1,412
1,379
1,383

1,447
1,434
1,404
1,397
1,408
1,400
1,402
1,366
1,360
1,381
1,382
1,382

1,433
1,407
1,435
1,439
1,449
1,539
1,558
1,595
1,645
1,644
1,638
1,691

1,672
1,652
1,649
1,639
1,647
1,664
1,649
1,640
1,674
1,627
1,631
1,680

1,672
1,639
1,665
1,653
1, 691
1,744
1,690
1,702
1,703
1,719
1,761
1,781

1,799
1,758
1, 726
1,783
1,771
1,740
1,723
1,672
1,699
1,707
1,714
1,748

1,777
1,734
1,715
1,672
1,666
1,672
1,703
1,665
1,703
1,775
1,869
1,743

514
374
264
215

343
402
417
420
455
466
552
516
545
585
505
502

347
285
245
258
185
131
89
61
83
86
75
145

314
338
362
4881
644!
796
854
806
822
736
681
799

663
659
740
725
661
670
801
717
706
634
655
490

Time deposits:
January
February. _.
March
April
May
June
July
August
September..
October
November..
December..

l'f 734
1,753
1,765
1,797
1.921
1,984
2,114
2,280
2,316

2,457
2,534
2,595
2,632
2,671
2,704
2,729
2, 755
2,802
2,829
2,831
2,838

Reserve balances:
January
February
March
April
May
June
July
August
September
October
November
December

1,295
1,240
1,260
1,271
1,295
1,288
1, 306
1,336
1, 327;
1,383!
1, 426;
1,368!

1,431
1,406
1,411
1,420
1,402
1,402
1,405
1,375
1,384
1,370
1,334
1,330

1,330
1,305
1,273
1,254
1,256
1,296
1,241
1,212
1,224
1,246
1,258
1, T'"

Borrowings at. Federal
reserve banks:
January
February
March
April
May
June
July
August
September
October
_.
November
December

1, 306
1,400
1, 449
1,443
1, 497:
1,361
1, 454
1, 395
1, 383
1, 660
1, 765
1, 739!

1,1
2, 019!
2,053|
2,069
2, 085!
1,981!
2, 005
2,072
2,117
2,222
2, 200
2,132i

1,947
1, 878!
1,792
1,601
1,421
1,267
1,167
996
906
854
723
697




130i
115
145
240!
376|
392

I
15,434! 18,094
15,450; 17,977
15, 509 17,872
15, 577[ 17,828
15, 759 17,913
16,164 18,007
16,603 18,119
16, 967 18,049
17, 262 18,122
17, 689! 18, 386
17, 945 18, 558
18,039 18, 530
11, 299
11, 273
11, 282
11, 299
11,424
11, 773
12,114
12, 396
12, 630
12, 937
13, 080
13,184

13,195
13,019
12,917
12, 830
12, 953
13,074
12, 964
12,900
13,024
13, • " 13,015
13,185 12, 938
13,173 13,032
13,203
13,020
12,866
12, 742
12, 742
12,805
12,922
12,831
12,892

1,
1,656
1,627
1,
1,612
1,622
1,627
1,640
1,639
1,652
1,667
1,685

108
' 218
234
229
191
238
264
351
403
437
411
491

318
351
372
329
290
252
315
335
428
440
422
447

299
233
268
270
302
268
272
256
267
283
276

112

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No.

50.—REPORTING MEMBER BANKS J —PRINCIPAL
[In millions of dollars]
Investments

Loans

Total
loans
and
investments

On secuAll other
rities

Total

U.S.
Other
securities securities

1929
Jan.
Jan.
Jan.
Jan.
Jan.

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

22,735
22, 300
22, 263
22,131
22,174

16,803
16, 329
16.186
16,060
16,121

7,818
7,440
7,461
7,364
7,446

8,985
8,889
8,725
8,696
8,675

5,931
5,971
6,077
6,071
6,053

3,007
3,050
3,120
3,116
3,101

2,925
2,921
2,957
2,954
2,952

Feb.
Feb.
Feb.
Feb.

6..
13.
20.
27.

22, 295
22, 240
22,180
22,338

16, 254
16, 230
16,189
16,366

7,558
7,515
7,444
7,573

8,715
8,745
8,793

6,041
6,010
5,991
5 972

3,103
3,084
3,067
3,042

2, 938
2,926
2,925
2,930

Mar. 6...
Mar. 13..
Mar. 20Mar. 27_.
Apr. 3.__
Apr. 10..
Apr. 17._
Apr. 24._
May l._.
May8.__
May 15._
M a y 22. _
M a y 29_.
June 5___
June 12..
June 19. _
June 26. _
July 3 . . .
July 10..
July 17. _
July 24..
July 31..
Aug. 7...
Aug. 14..
Aug. 21._
Aug. 28..

22,
22,
22,
22,
22,
22,
22,
22,

16,425
16, 430
16, 552
16, 557

7,573
7,511
7,642
7,592

8,852
8,918
8,910
8,965

7,516
7,380
7, 353
7,319
7,371
7,241
7,221
7,144
7,112

9,068
9,076
9,078
9,068

Sept. 4...
Sept. 11..
Sept. 18..
Sept. 25..
Oct. 2 _ . _
Oct. 9 . . .
Oct. 1 6 . .
Oct. 23 ._
. 30..

22, 591
22, 570
22, 742
22, 682
22,829
22, 673
22, 794
22, 895
24,431

Nov. 6
Nov. 13
Nov. 20
._
Nov. 27
Dec. 4
Dec. 11
Dec. 18
Dec. 24
Dec. 31
_
Monthly averages:
January
February
March
April
May
June
July...
August
September
October
_.
November
December

24,073
23, 716
23, 512
23,353
23,142
22, 922
22, 942
22, 890
23,163

16, 583
16,455
16, 431
16, 388
16,438
16, 257
16, 301
16.187
16, 202
16, 337
16, 364
16, 543
16, 678
16, 925
16, 906
16,892
16, 970
17, 058
17, 044
16, 943
16, 938
16,950
17,150
17,142
17, 254
17,244
17,428
17, 269
17, 397
17, 500
18, 934
18,489
18,115
17, 861
17,698
17, 538
17, 375
17, 356
17, 305
17,649

3,058
3,036
3,113
3,086
3,075
3, 024
3,020
3,002
2,997
2,979
2,972
2, 951
2,896
2,916
2,906
2,935
2,895
2,759
2,740
2,742
2,723
2,747
2,732
2,734
2,723
2,707
2,699
2,694
2,719
2,680
2,660
2,656
2,652
2,654
2,-682
2,750
2,748
2,784
2,808
2,755
2,719
2,743
2, 710
2,593

2,901
2,917
2,915
2,900
2,902
2,914
2,890
2,868
2,878
2,858
2,883
2,867
2,902
2,862
2,835
2,820
2,834
2,800
2,789
2,775
2,766
2, 802
2,805
2,774
2,762
2,748
2,741
2,735
2,770
2,757
2,741
2,747
2,745
2,740
2,844
2,834
2,854
2,867
2,847
2,849
2,828
2,844
2,876
2,921

22, 320
22, 263
22,472
22, 388
22,113
22, 231
22, 479
22,465
22,646
23,124
23, 663
23, 012

16,300 !
16,260 '
16,491
16, 464
16, 277
16, 480
16, 950
16, 969
17,197
17, 706
18, 041
17, 444

3,079
3,074
3,073
3,030
2,959
2,913
2,742
2,724
2,698
2,661
2,772
2,704

2,942
2,930
2,908
2,893
2,878
2,838
2,787
2,772
2,751
2,757
2,850
2,864

383
382
581
543
561
393
340
259

22, 313
22,094
22,156
22, 005
22, 000
22,115
22,104
22, 298
22,407
22,485
22,434
22,409
22,459
22, 606
22, 581
22, 450
22, 423
22, 405

7,632
7,578
7,686
7,720
7,828
7,687
7,875
7,920
9,179

9,067
9,016
9,079
9,043
9,090
9,140
9,155
9,161
9,139
9,164
9,202
9,248
9,287
9,270
9,329
9,370
9,428
9,434
9,518
9,564
9,567
9,524
9,600
9,582
9,522
9,580
9,755

8,746
8,369
7,991
7,889
7,889
7,818
7,898
7,931
8, 304

9,743
9,746
9,871
9,809
9,649
9,557
9,458
9,374
9,344

5,958
5,953
6,028
5,986
5,978
5,938
5,909
5,871
5,875
5,836
5,855
5,818
5,798
5,779
5,740
5,755
5,729
5,560
5,528
5, 518
5,490
5,549
5,537
5,507
5,485
5,456
5,441
5,429
5,489
5,438
5,401
5,403
5,397
5,395
5,496^
5,584
5,601
5,650
5,655
5,604
5,547
5,587
5,585
5,514

7,506
7, 522
7,580
7, 3S2
7,218
7,332
7,716
7,578
7,654

8,794
8,737
8,911
9,073
9,059
9,149
9,234
9,390
9,543
9,608
9,792
9,476

6,021
6,004
5,981
5,924
5,836
5,751
5,529
5,496
5,449
5,418
5, 623
5,567

7,197
7,209
7,382
7,539
7,761
7,704
7,644
7,683
7,787
7,715
7,573
7,510
7,515

8,249
7,968

i For corresponding data for 1927 and 1928 see Annual Report for 1928 (Table 54). Weekly figures for
earlier years (revised basis) are available back to 1919, but have not been published; they may be had
on request.




KEPORTING MEMBER BANKS IN LEADING CITIES
RESOURCES AND L I A B I L I T I E S , BY W E E K S

[In millons of dollars]
Net demand plus time deposits

Reserves

Government
deposits

Borrowings at
Federal
reserve
bank

6,912
6,896
6,885
6,885
6,893

167
111
90
83
84

930
655
598
554
580

Jan.
Jan.
Jan.
Jan.
Jan.

2.
9.
16.
23.
30.

13,415
13,505
13, 259
13, 387

6,891
6,879
6,867
6,879

50
43
43
36

619
669
637
712

Feb.
Feb.
Feb.
Feb.

6.
13.
20.
27.

6,871
6,855
6,805
6,827

238
236
227
232

19,987
19, 841
19, 897
19, 752
19, 994
19, 757
19,934
19, 599
19, 556
19, 700
19, 817
19, 664
19, 781

13, 308
13,398
13, 281
13,164
13,157
13, 052
13,118
12,977
13, 234
12,986
13,139
12, 810
12, 791
12, 939
13,108
12,940
13, 018

756
716
711
779
766
706
729
698
703
684
626
614
680
663
628
674
715

243
275
256
243
236
241
245
236
238
240
246
236
236
230
248
230
238
269
276
277
259
265
261
280
296
291
262

19, 972
19,824
19, 867
19,820
20,107
19, 942
19,912
19, 785
19, 751
19, 992
20, 082
19, 984
19, 901
20,120
19, 843
20, 221
20,197
21, 978
21, 600
21, 326
20, 949
20, 650
20, 436
20, 474
20, 378
20, 312
20, 905

13, 293
13,170
13,219
13,146
13, 395
13, 240
13,191
13, 065
12, 985
13,184
13, 283
13,179
13, 072
13, 295
13, 040
13, 406
13, 314
15,110
14, 765
14, 570
14, 227
13, 890
13, 714
13, 776
13, 676
13, 589
14,118

6,679
6.654
6,648
6,674
6,712
6,702
6,721
6,720
6,766
6,808
6,799
6,805
6,829
6,825
6,803
6,815
6,883
6,868
6,835
6,756
6,722
6,760
6,722
6,698
6,702
6,723
6,787

6
6
305
305
289
258
165
148
143
108
105
99
99
58
46
260
260
193
154
152
88
85
49
44
44
37
11

259
249
240
235
233
233
251
240
239
243
269
278

20, 487
20, 270
20,127
19, 869
19, 768
19, 740
19, 918
19, 848
19,990
20, 472
21,131
20, 501

13, 593
13, 391
13, 288
13, 076
12, 992
13, 001
13, 245
13,120
13,180
13, 633
14, 363
13, 774

6,894
6,879
6,839
6,793
6,776
6,739
6,673
6,728
6,810
6,839
6,768
6,727

Mar. 6.
Mar. 13.
Mar. 20.
Mar. 27
Apr. 3.
Apr. 10.
Apr. 17.
Apr. 24.
Mav 1.
May 8.
May 15.
May 22.
May 29.
June 5.
June 12.
June 19.
June 26.
July 3.
July 10.
July 17.
July 24.
July 31.
Aug. 7.
Aug. 14.
Aug. 21.
Aug. 28.
Sept. 4.
Sept. 11.
Sept. 18.
Sept. 25.
Oct. 2.
Oct. 9.
Oct. 16.
Oct. 23.
Oct. 30.
Nov. 6.
Nov. 13.
Nov. 20.
Nov. 27.
Dec. 4.
Dec. 11.
Dec. 18.
Dec. 24.
Dec. 31.
Monthly averages:
January.
February.
March.
April.
May.
June.
July.
August.
September.
October.
November.
December.

with
Federal
reserve
bank

Cash in
vault

1,859
1,765
1,771
1,730
1,759

292
271
242
244
244

20,895
20, 504
20, 496
20,251
20, 288

13,983
13, 608
13, 611
13,366
13,395

1,751
1,740
1,700
1,746

237
261
253
246

20,306
20,384
20,126
20, 266

1,716
1,726
1,715
1,706
1,688
1,672
1,671
1,658
1,702
1,682
1,682
1,647
1,617
1,679
1,682
1,657
1,670
1,724
1,677
1,699
1,710
1,707
1,675
1,674
1,650
1,663
1,675
1, 707
1,721
1,708
1,727
1,686
1,747
1,725
1,990
1,904
1,952
1,875
1,744
1,766
1,747
1,774
1,703
1,726

238
245
235
243

20,179
20, 253
20,086
19, 991

240
238
227
235
223
237
227
235
242

1,777
1,734
1,715
1,672
1,666
1,672
1,703
1,665
1,703
1,775
1,869
1,743

Total

Net
demand

Time

1929




6,830
6,789
6,779
6,775
6,760
6,771
6,795
6,789
6,765
6,761
6, 709
6,724
6,763

227
227
227
209
159
131
127
83
77
58
50
33
27
113
92
82

826
850
790
771
767
770
726
687
685
761
702
673
688
672
612
605
554
729
730
688
597
603
580
493
468
502
405

107
43
155
215
111
156
134
44
116
171
67
69

663
659
740
725
661
670
801
717
706
634
655
490

113

114

ANNUAL REPORT OF THE FEDERAL RESERVE
No.

51.—REPORTING MEMBER BANKS IN N E W YORK CITY
[In millions of dollars]
Total
oans andj
investTotal
ments
I

Jan. 2__Jan. 9
Jan. 1 6 . .
Jan. 23
Jan. 30
Feb.
Feb.
Feb.
Feb.

Investments

On secu- j All other
rities j

Total

U. S. se- Other securities curities

7,670
7,255
7,161 !
7,075
7,148

___

June 5
June 12
June 19

June 26
July 3
July 10
July 17
July 24
July 31
._ .
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Sept. 4
Sept. 11 . _
Sept. 18
Sept. 25
Oct. 2
Oct. 9
Oct. 16
Oct. 23
Oct. 30
Nov. 6
Nov. 13
Nov. 20
Nov. 27
Dec. 4
Dec. 11.
Dec. 18
Dec. 24
Dec. 31
Monthly averages:
January
February
March

_
_

.

5,838
5,404
5,251
5,162 I
5,234

3, 259
2,889
2,837
2,742
2,795

2,579
2,515
2,414
2,420
2,439

1,832
1,851
1,910
1,913
1,915

1,100
1,123
1,145
1,146
1,139

731

7,227 i
7,187
7,109
7,239

Mar. 6
Mar. 13
Mar. 20
Mar. 27
Apr. 3_
Apr. 10
Apr. 17
Apr. 24
May 1
May 8
May 15
May 22
May 29

July
August
September
October
November
December

Loans

:

j

1929

6
13
20
27. _

April
May
June

BOARD

5,321
5,304
5,229
5,369

2,857
2,817
2,743
2,863

2,464
2,487
2,486
2,506

1,905
1,883
1,880
1,870

1,140
1,128
1,127
1,116

765
755
753

7 270
7,209
7,340
7,366
7,405
7,276
7,252
7,253
7,332
7,165
7,194
7,120
7,100
7,236
7,200
7,277
7,410
7,525
7,461
7,417
7,502
7,575
7,512
7,381
7,354
7,383
7,546
7,467
7,542
7,474
7,563
7,464
7,526
7,619
9,010
8,658
8,338
8,215
8,187
8,035
7,909
7,929
7,892
8,240

5,416
5,348
5,449
5,484
5,521
5,421
5,398
5,410
5,476
5,314
5,337
5,294
5,299
5,409
5,390
5,465
5,610
5,843
5,781
5,729
5,815
5,850
5,775
5,653
5, 637
5, 686
5,853
5,770
5,814
5, 777
5,876
5, 756
5,817
5,899
7,191
6,733
6,403
6,215
6,169
6,047
5,967
5,927
5,906
6,257

2,859
2,749
2,833
2,852
2,819
2,708 i
2,682
2, 707
2,777
2,647
2,641
2,614
2,585
2,678
2,663
2,749
2,908
3,117
3,040
2,970
3,017
3,082
2,961
2, 822
2, 775
2,819
2,944
2,846
2,894
2,883
2, 947
2,836
2, 964
3,005
4, 205

1,854
1,860
1,892
1,881
1,884
1,854
1,854
1,844
1,856
1,852
1,857
1,825
1,801
1,827
1,810
1,812
1,800
1,682
1,679
1,687
1,687
1,726
1,737
1,728
1,717
1,697
1,693
1,697
1,729
1,697
1,687
1,708
1,709
1,721
1,819
1,925
1,934
1,999
2,018
1,989
1,943
2,002
1,986
1, 983

1,110
1,089
1,122
1,109
1,106
1,085
1,089
1,079
1,074
1,075
1,062
1,038
1,018
1,049
1,056
1,063
1,054
939

745
772
770

I
:

j
i

7,262
7,190
7,296 !l
7,297
7,182
7,281 !
7,496
7,407
7,507
7,837 !
8,349
8,001

!
i
:
;
i

I
i

5,378
5,306
5,424
5,437
5,344
5,468
5,804 !
5,688
5, 803
6,108
6, 380
6,021

2,557
2,599
2,616
2,632
2,702
2,713
2,716
2,702
2,699
2,667
2, 696
2, 680
2,714
2,731
2,727
2,716
2,702
2,726
2,742
2,758
2,797
2,768
2,813
2, 830
2,862
2,867
2,908
2,924
2,920
2,894
2,929
2,921
2,853
2,894
2,986
2,982
3,751
3,427
2,977
3,105
3,110
3,077
3,092
2,974
3, 073 !
3,023 1
2,944
3,022 !
2,905
3,045 i
2,861
3,398 j
2,859
2,904
2,820 1
2,823 1
2,729 !
2,653
2,749
3,045
2,845
2, 892
3,191
3,340 j
3,112 |

2, 473
2,486
2,601
2,708
2,691
2,719
2,758
2,843
2,911
2,916
3,040
2,909

.1, 884
1,885
1,872
1,859 |
1,838 !
1,812 |
1,692 !
1,720
1,704 !
1,729 i
1,969 !
1,981 I

940
949
946

728
765
767

775

754

772
778
769
766

765
782
777
795
788
783
778
754
749

747
742
739
738
741

973
958

753
779

946
943

751
750

927
921

769
766

990
1,064
1,077
1,129
1,163
1,127
1,105
1,112
1,089
1,073

829
861

1,131
1,128
1,107
1,09C
1,053
1,055
950

753
757
765
769
785
757
743
764

962
955

945
950

932
940
947

955

941
946
1,108
1,10

766
762

752
779

775
769
773

857
870
855
862
838
890
897
911

763
783
861
879

i

i For corresponding data for 1927 and 1928 see Federal Reserve Bulletin for March and January, 1929.
Weekly figures for earlier years (revised series—1929 basis) are available back to 1919, but have not been
published; they may be had on request.




REPORTING MEMBER BANKS IN LEADING CITIES
PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS
[In millions of dollars]
Net demand plus time deposits
Reserves
BorrowGovern- ings at
with
ment de- Federal
Federal Cash in
reserve
reserve
Net deposits
Time
Total
bank
bank
mand
1929
844
756
756
727
767

65
59
54
54
56

6, 912
6, 609
6,573
6,458
6,534

5,682
5,407
5,391
5, 280
5,334

1,230
1,202
1,182
1, 178
1,200

45
30
24
23
23

399
202
141
81
128

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

751
740
722
761

54
61
61
56

6,558
6,476
6,385
6,526

5,357
5,294
5, 212
5, 349

1,201
1,182
1,173
1,177

14
12
12
10

114
174
103
134

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

726
731
744
744
729
716
709
704
745
724
726
701
673
728
721
720
711
753
740
727
737
743
703
703
700
702
717
734
750
741
752
727
757
739
982

6,452
6,427
6,450
6,438
6,513
6,364
6,352
6,313
6,483
6,303
6,348
6,239
6,278
6,360
6,329
6,291
6,400
6,412
6,320
6,282
6,308
6,507
6,358
6,314
6,269
6,295
6,436
6,413
6,416
6,370
6,535
6,361
6,535
6,555
8,108
7,824
7,611
7,420
7,245
7,029
6,985
6,925
6,857
7,263

5,285
5, 261
5,290
5,251
5,326
5,202
5, 205
5,160
5,334
5,146
5,167
5,070
5,124
5,208
5, 207
5,145
5, 238
5,341
5,254
5, J92
5,203
5, 357
5,217
5,172
5,120
5,106
5,230
5,204
5,193
5,130
5,279
5,106
5,270
5,298
6,851
6,588
6,369
6,183
5,970
5,783
5,773
5,715
5,662
6,028

1,167
1,166
1,160
1,187
1,187
1,162
1,147
1,153
1,149
1,157
1,181
1,169
1,154
1,152
1,122
1,146
1,162
1,071
1,066
1,090
1,105
1,150
1,141
1,142
1,149
1,189
1,206
1,209
1,223
1,240
1,256
1,255
1,265
1,257
1,257
1,236
1,242
1,237
1, 275
1,246
1,212
1,210
1.195
1,235

2
2
129
129
122
109
69
62
60
46
44
42
42
24
19
72
72
48
38
38
22
22
12
11
11
9
3

908
963
903
781
785
788
797
736
779

53
56
53
55
55
54
50
54
52
55
54
55
62
57.
56
51*
54*
62
55
57
53
52
53
56
52
51
52
54
50
52
52
56
51
54
76
83
77
70
71
65
72
80
76
61

196
139
126
204
135
158
179
177
157
189
166
111
103
123
136
170
228
341
341
325
^05
282
295
191
144
153
217
159
142
147
63
46
49
41
170
135
40
33
33
34
66
88
107
106

770
743
736
715
714
720
740
702
736
791
889
777

58
58
5*4
53
56
54
56
53
52
58
76
71

6,618
6,487
6,442
6,385
6,330
6,345
6,365
6,309
6,409
6,819
7,526
7,011

5,419
5,303
5,272
5,223
5,168
5,200
5, 269
5,154
5,189
5,561
6,278
5,792

1,199
1,184
1,170
1,162
1,162
1,145

29
12
65
91

Mar. 6.
Mar. 13.
Mar. 20.
Mar. 27.
Apr. 3.
Apr. 10.
Apr. 17.
Apr. 24.
May 1.
May 8.
May 15.
May 22.
May 29.
June 5.
June 12.
June 19.
June 26.
July 3.
July 10.
July 17.
July 24.
July 31.
Aug. 7.
Aug. 14.
Aug. 21.
Aug. 28.
Sept. 4.
Sept. 11.
Sept. 18.
Sept. 25.
Oct. 2.
Oct. 9.
Oct. 16.
Oct. 23.
Oct. 30.
Nov. C.
Nov. 13.
Nov. 20.
Nov. 27.
Dec. 4.
Dec. 11.
Dec. 18.
Dec. 24.
Dec. 31.
Monthly averages:
January.
February.
March.
April.
May.
June.
July.
August.
September.
October.
November.
December.




1,096
1,155
1,220
1,258
1,248
1,219

65
65
65
60
46
37
36
24
22
16
14
10
8
25
19
17

47
47
33
11
33
49
19
16

190
131
166
162
145
165
319
196
166
74
60
80

115

116
No.

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
52.—REPORTING MEMBER BANKS OUTSIDE N E W YORK CITY
[In millions of dollars]

Total

1929

—PRINCI

Investments

Loans

Total
loans
and
investments

1

On securities

All other

Total

U. S. se- Other
curities securities

15,065
15,045
15,102
15,056
15, 026

10,966
10,925
10,935
10, 898
10, 887

4,559
4,551
.4,624
4,622
4,651

• 6,407
6,374
6,311
6,276
6,236

4,099
4,120
4,167
4,158
4,138

1,907
1,927
1,975
1,970
1,962

2,194
2,193
2,192
2,187
2,177

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

15, 068
15,053
15, 071
15, 099

10,933
10,926
10,960
10, 997

4,701
4,698
4,701
4,710

6,232
6,228
6,259
6,287

4,136
4,127
4,111
4,102

1,963
1,956
1,940
1,926

2,173
2,171
2,172
2,176

Mar. 6
Mar. 13
Mar. 20
Mar. 27
Apr. 3
Apr. 10
Apr. 17
Apr. 24
May 1
May 8
May 15
_
May 22
May 29
June 5
June 12
June 19
June 26
July 3
July 10
July 17
July 24
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28__
Sept. 4
Sept. 11
Sept. 18
Sept. 25
Oct. 2
Oct. 9
Oct. 16
Oct. 23
Oct. 30
Nov. 6
Nov. 13
Nov. 20
Nov. 27
Dec. 4
Dec. 11
Dec. 18
Dec. 24
Dec. 31.
Monthly averages:
January
February

15,113
15,175
15,241
15,177
15,156
15,117
15, 088
15,006
14,981
14, 929
14,962
14, 885
14, 900
14,879
14,904
15,021
14,997

4,714
4,762
4,809
4,740
4,697
4,672
4,671
4,612
4,594
4,594
4,580
4,530
4,527
4,519
4,546
4,633
4,631
4,644
4,663
4,674
4,666
4,705
4,754
4,751
4,735
4,696
4,688
4,732
4,790
4,837
4,881
4,851
4,911
4,915
4,974
4,995
4,942
4,886
4,812
4,816
4,795
4,876
4,886
4,906

6,295
6,319
6,294
6,333
6,366
6,363
6,362
6, 366
6,368
6,349
6,383
6,363
6,376
6,409
6,428
6,445
6,439
6,438
6,461
6,490
6,490
6,502
6,516
6,540
6,566
6,567
6,610
6,640
6,647
6,630
6,671
6,661
6,669
6,686
6,769
6,761
6,769
6,761
6,717
6,675
6,613
6,553
6,513
6,485

4,104
4,093
4,136
4,105
4,094
4,084
4,055
4,027
4,019
3,984
3,998
3,993
3,997
3,952
3,930
3,943
3,929
3, 878
3,849
3, 831
3,803
3,823
3,800
3,779
3,768
3,759
3,748
3, 732
3,760
3,741
3,714
3,695
3,688
3,674
3,677
3,659
3, 667
3,651
3,637
3,615
3,604
3,585
3,599
3,531

1,948
1,947
1,991
1, 977
1,969
1,939
1,931
1,923
1,923
1,904
1,910
1,913
1,879
1,867
1,850
1,872
1,841

15,415
15, 378
15, 297
15,166
15,107
15, 013
15, 013
14, 998
14, 923

11, 009
11, 082
11,103
11,073
11,062
11, 034
11, 038
10, 978
10,962
10, 943
10, 964
10, 893
10, 903
10, 928
10,974
11, 078
11, 068
11,082
11,125
11,163
11,155
11, 208
11, 269
11, 290
11, 301
11, 264
11, 297
11, 372
11, 439
11, 467
11, 552
11,513
11, 580
11, 601
11,743
11, 756
11,712
11, 646
11, 529
11,491
11, 408
11, 429
11, 399
11, 392

1,686
1,671
1,655
1,645
,628
,614
1, 631
,621
1,520

2,156
2,145
2,145
2,128
2,124
2,145
2,124
2,103
2,096
2,081
2,088
2,079
2,119
2,084
2,081
2,071
2,087
2,058
2,050
2,037
2,025
2,049
2,026
2,008
2,000
1,997
1,991
1,983
1,991
1,988
1,975
1,972
1,976
1,967
1,985
1,973
1,997
1,997
1,992
1,987
1,990
1,954
1,979
2,010

15, 059
15, 073
15,176
15,092
14,931
14, 950
14, 983
15, 058
15,139
15, 288
15,314
15, 011

10, 922
10, 954
11, 067
11,027
10, 933
11,012
11,146
11, 281
11,394
11, 598
11, 661
11, 424

4,602
4,703
4,756
4,663
4,565
4,582
4,670
4,734
4,762
4,906
4,909
4,856

6,321
6,251
6,310
6,364
6,368
6,430
6,476
6,547
6,632
6,692
6,752
6,568

4,136
4,119
4,109 |l
4,065
3,998
3,938 I
3,837
3,776
3,745
3,690
3,654
3,587 |

,948
,946
1,966
,941
,906
1,858
,793
1,769
1,757
,715
1,664
,603

2,188
2,173
2,143
2,124
2,093
2,081
2,044
2,008
1,988
1,975
1,989
1,984

Jan.
Jan.
Jan.
Jan.
Jan.

2
9
16
23
30

__

___

March
April
May
June
July
August
September
October
November
December

14,960
14, 973
14, 993
14,957
15,031
15,069
15,069
15,069
15,022
15, 045
15,103
15,200
15, 208
15, 266
15, 209
15, 268
15, 276
15, 421

.

1,820
1,800
1,793
1,777
1,774
1,774
1,772
1,768
1,761
1.756
1,749
,769
, 753
1,739
1,724
1,712
1,707
1,692

1
For corresponding data in 1927 and 1928 see Federal Reserve Bulletin for March and January, 1929.
Weekly figures for earlier years (revised series—1929 basis) are available back to 1919, but have not been
published; they may be had on request.




REPORTING MEMBER BANKS IN LEADING CITIES

117

P A L R E S O U R C E S AND L I A B I L I T I E S , BY W E E K S ( R E V I S E D S E R I E S — 1 9 2 9 B A S I S )

[In millions of dollars]
Net demand plus time deposits

BorrowGovern- ings at
Federal
ment
deposits reserve
bank

Reserves
with
Federal
reserve
banks

Gash m

1,014
1,008
1,015
1,004
992

227
212
188
190
188

13,983
13,895
13,923
13, 793
13, 754

8,301
8,201
8,220
8,086
8,061

5,682
5,694
5,703
5,707
5,693

122
81
66
60
61

5311
453
457
473
452

Jan.
Jan.
Jan.
Jan.
Jan.

2.
9.
16.
23.
30.

1,001
1,000
977
985

183
200
192
190

13,748
13,908
13, 741
13, 740

8,058
8,211
8,047
8,038

5,690
5,697
5,694
5,702

36
31
31
26

505
495
534
578

Feb.
Feb.
Feb.
Feb.

6.
13.
20.
27.

990
995
971
962
959
956
962
954
956
959
957
946
944
951
961
937
959
971
937
972
973
964
972
971
950
961
958
973
971
966
974
959
990
986
1,008
996
989
972
962
981
960
977
966
947

185
189
182
188
185
184
177
181
171
182
173
180
180
181
180
176
178
181
220
199
190
184
188
189
184
187
188
192
186
184
178
192
179
184
193
193
200
189
194
196
208
216
215
201

13, 727
13,826
13, 636
13, 553
13,474
13,477
13, 545
13,439
13, 511
13, 454
13, 586
13, 360
13, 278
13, 340
13, 488
13, 373
13, 381
13, 560
13, 504
13, 585
13,512
13, 600
13,584
13,598
13,516
13,456
13,556
13,669
13, 568
13,531
13, 585
13,482
13, 686
13, 642
13,870
13, 776
13, 715
13, 529
13,405
13,407
13,489
13,453
13,455
13, 642

8,023
8,137
7,991
7,913
7,831
7,850
7,913
7,817
7,900
7,840
7,972
7,740
7,667
7,731
7,901
7,795
7,780
7,952
7,916
8,027
7,943
8,038
8,023
8,019
7,945
7,879
7,954
8,079
7,986
7,942
8,016
7,934
8,136
8,016
8,259
8,177
8,201
8,044
7,920
7,931
8,003
7,961
7,927
8,090

5,704
5,689
5,645
5,640
5,643
5,627
5,632
5,622
5,611
5,614
5,614
5,620
5,611
5,609
5,587
5,578
5,601
5,608
5,588
5,558
5,569
5,562
5,561
5,579
5,571
5,577
5,602
5,590
5,582
5,589
5,569
5,548
5,550
5,626
5,611
5,599
5,514
5,485
5,485
5,476
5,486
5,492
5,528
5,552

4
4
176
176
167
149
96
86
83
62
61
57
57
34
27
188
188
145
116
114
66
63
37
33
33
28
8
162
162
162
149
114
94
91
59
55
42
36
23
19
88
73
65

560
577
585
575
631
548
550
521
546
495
460
503
577
540
492
504
487
485
509
465
466
485
475
535
542
532
544
543
531
541
609
566
564
513
559
598
648
564
570
546
427
380
395
299

Mar. 6.
Mar. 13.
Mar. 20.
Mar. 27.
Apr. 3.
Apr. 10.
Apr. 17.
Apr. 24.
May 1.
May 8.
May 15.
May 22.
May 29.
June 5.
June 12.
June 19.
June 26.
July 3.
July 10.
July 17.
July 24.
July 31.
Aug. 7.
Aug. 14.
Aug. 21.
Aug. 28.
Sept. 4.
Sept. 11.
Sept.18.
Sept. 25.
Oct. 2.
Oct. 9.
Oct. 16.
Oct. 23.
Oct. 30.
Nov. 6.
Nov. 13.
Nov. 20.
Nov. 27.
Dec. 4.
Dec. 11.
Dec. 18.
Dee. 24.
Dec. 31.

1,007
991
979
957
952
952
963
963
967
983
980
966

201
191
186
182
177
179
195
187
187
185
194
207

13,870
13, 784
13, 685
13, 484
13,438
13, 396
13, 552
13,538
13,581
13,653
13, 607
13,489

8,174
8,088
8,016
7,853
7,824
7,802
7,975
7,967
7,990
8,072
8,086
7,982

5,696
5,696
5,669
5,631
5,614
5,594
5,577
5,571
5,591
5,581
5,521
5,507

78
31
90
124
64
109
101
33
83
122
48
54

473
528
574
563
516
505
482
521
540
561
594
410

Monthly averages:
January.
February.
March.
April.
May.
June.
July.
August.
September.
October.
November.
December.

vault

Total

Net demand

Time

1929




118
Xo.

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
53.—REPORTING MEMBER BANKS—BANKERS' BALANCES,
TOTAL, N E W YORK CITY, OTHER LEADING CITIES

BY

WEEKS:

[In millions of dollars]
Due to banks
1929

Total

Due from banks

New York Other leadCity
ing cities

Total

New York Other leadCity
ing cities

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

3,418
3,099
3,026
2,962
2,864

1,206 I
1,017 !
976
970
889 !

2,212
2,082
2,050
1,992
1,975

1,381
1,190
1,221
1,170
1,122

144
119
111
103
97

1,237
1,071
1,110
1,067
1,025

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

3,006
2,927
2,878
2,859

970

2,036
1,984
1,930
1,924

1,154
1,190
1,144
1,135

102
95
95
93

1,052
1,095
1,049
1,042

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

2,970
2,845
2,831
2,796

951
889
898
927

2,019
1,956
1,933
1,869

1,167
1,147
1,179
1,150

97
86
124
133

1,070
1,061
1,055
1,017

Ap*. 3...
Apr. 10.
Apr. 17.
Apr. 24.

2,840
2,726
2,725
2,542

924
873
903
795

1,916
1,853
1,822
1,747

1,179
1,151
1,138
1,076

123
118
98
93

1,056
1,033
1,040

May
May
May
May
May

1..
S.15.
22.
29.

2,717
2,582
2,594
2,443
2,389

916
806
824
772
769

1,801
1,776
1,770
1,671
1,620

1,157
1,038
1,099
1,014
1,012

108
79
100
92
92

1,049

June
June
June
June

5._
12.
19 _
26.

2,551
2,493
2,533
2,554

813
754
800
818

1,738
1,739
1,733
1,736

1,055
1,086
1,099
1,085

98
100
117
123

957
986
982
962

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

2,886
2,683
2,674
2,669
2,776

1,181
1,090
1,121
1,096
1,083

134
107
103
102
97

1,047

900
1,023

1,897
1,789
1,805
1,769
1,753

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

2,687
2,634
2,556
2,540

843
836
810
820

1,844
1,798
1,746
1,720

1,050
1,080
1,039
1,022

96
89
83
84

954
991
956
938

Sept.
Sept.
Sept.
Sept.

2,722
2,712
2,747
2,690

885
891
885
887

1,837
1,821
1,862
1,803

1,115
1,116
1,156
1,112

85
92
115
118

1,030
1,024
1,041

2,888
2,741
2,967
2,685
3,290

965
883
1,001
877
1,389

\
j
!
I
I

1,923
1,858
1,966
1,808
1,901

1,217
1,126
1,269
1,144
1,257

126
111
134
123
120

1,091
1,015
1,135
1,021
1,137

Nov. 6_.
Nov. 13.
Nov. 20.
Nov. 27.

3,214
3,071 !
2,943
2,802 i

1,273 I
1,133
1,089 I
1,034 !

1,941
1,938
1,854
1,768

1,256
1,287
1,211
1,090

124
145
115

1,132
1,142
1,096
996

Dec. 4__
Dec. 11.
Dec. 18.
Dec. 24.
Dec. 31.

2,762
2,822
2,797
3,150

2,900 !

1,012
910
911
904
1,163

1,888
1,852
1,911
1,893
1,987

1,150
1,120
1,166
1,122
1,316

104
88
95
84
118

1,046
1,032
1,071
1,038
1,198

Oct.
Oct.
Oct.
Oct.
Oct.

4..
11.
18.
25.

2__
9—
16_.
23.
30_

:
!
I
i

983
959
999
922
920

983
1,018

994
986

994

Back figures—See Annual Report for 1928 (Table 56) and Federal Reserve Bulletin for March and
January, 1929.




ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

119

BROKERS' LOANS
So,

54.—LOANS TO BROKERS AND DEALERS, SECURED BY STOCKS AND BONDS,
MADE BY REPORTING MEMBER BANKS IN N E W YORK CITY, BY WEEKS
[In millions of dollars]
Demand loans

Demand and time loans
1929

Jan. 2___.
Jan. 9
Jan. 16...
Jan. 23...
Jan. 30...
Feb. 6 . . .
Feb. 13..
Feb. 20..
Feb. 27..
Mar. 6...
Mar. 13..
Mar. 20Mar. 27_.
Apr. 3 . . .
Apr. 10..
Apr. 17..
Apr. 2 4 May 1...
May 8...
May 15..
May22_.
May 29..
June 5 . . .
June 12..
June 19..
June 26..
July 3 . . .
July 10..
July 17..
July 24..
July 3 1 . .
Aug. 7...
Aug. 14..
Aug. 21..
Aug. 28..
Sept. 4...
Sept. 11..
Sept. 18..
Sept. 25..
Oct. 2__.
Oct. 9__.
Oct. 16__
Oct. 23
Oct. 30- _
Nov. 6—
Nov. 13..
Nov. 20..
Nov. 27
Dec. 4__.
Dec. 11..
Dec. 18..
Dec. 24..
Dec. 31..

Total

5,330
5,313
5,395
5,443
5,559
5,669
5,568
5,477
5,507
5,647
5,627
5,793
5,649
5,562
5,427
5,425
5,492
5,532
5,551
5, 565
5,520
5,288
5,284
5,284
5,420
5,542
5,769
5,755
5,813
5,908
5,960
6,020
5,952
6,085
6,217
6,354
6,474
6,569
6,761
6,804
6,713
6,801
6, 634
5,538
4,882
4,172
3,587
3,450
3,392
3,425
3,386
3,328
3,424

Averages:
January
5,408
February
5, 555
March
5,679
April
5,477
5,491
May
5,383
June
5,841
July
6,069
August.
September... 6,540
October
November... 4,023
December
3,391

Time loans

For For
For
For
For
own out-of- For
own out-of- For Total own out-of- For
ac- town others Total ac- town others
actown others
count banks
count banks
count
1,516
1,163
1,084
1,010
1,091
1,116
1,097
1,023
1,090
1,117
1,004
1,091
1,071

1,648
1,794
1,859
1,853
1,853
1,931
1,859
1,786
1,693
1,707
1,761
1,768
1,680

2,166
2,356
2,452
2,579
2,615
2,621
2,612
2,668
2,724
2,823
2,862
2,934
2,898

4,780
4,748
4,818
4,864
4,967
5,081
4,984
4,918
4,962
5,142
5,149
5,332
5,205

1,304
947
887
813
887
919
895
835
895
927
823
920
903

1, 996
1,480
1, 626 2,175
1,692 2,239
1, 686 2, 365
1,682 2,398
1,759 2, 403
2, 398
1,691
1, 619 2, 464
2, 534
1,533
1,558 2, 657
1,620 , 2, 706
1,630 2,782
1, 550 2,752

1,021
915
877
924
979
864
860
827
773
837
821
883

1, 652
1,(531
1,662
1,652
1,676
1,734
1,725
1,651
1,540
1,513
1,551
1,592
1,536

2,889
2,882
2,886
2, 916
2, 876
2,953
2,979
3,042
2,975
2, 934
2,911
2,945
2,969

5,137
5,018
5,023
5,077
5,141
5,182
5,213
5,187
4, 946
4,938
4, 937
5,069
5, 204

861
767
730
764
830
725
728
717
663
728
710
771
924

1,530 I 2, 746

1,580
1,624
1,676
1,680
1,696
1,789
1, 810
1,787
1,756
1,784
1,841
1,897
1,876

2, 934
2,930
3,002
3,034
3,058
3,143
3,178
3,372
3,468
3, 467
3,616
3,626
3,860

5,383
5,369
5,446
5,554
5,605
5,666
5,597
5,738
5,872
6, 005
6,119
6,210
6,391
3,907 6,442
3,941 6, 340
3,875 6, 372
3,823 6,194
2,464 5,063
2,399 4,411
2,204 3,720
2,031 3,145
1,982 2,988
1,921 2,945
1,909 2,991
1,804 2,943
1,767 2,886
1,548 2,981

1,070
1,012
956
1,012
1,023
903
779
747
806
907
817
844
834

,512
,559
,611
,620
,638
,732
,755
, 735
,703
,729
,782
,835
,809

2,801
2,798
2,879
2,922
2,944
3,030
3,063
3,257
3, 363
3,370
3,520
3, 532
3,748

883
789
907
881
1,885
1,376
1,038
730
682
672
693
709
725
1,039

1,758
1, 726
1,747
1,651
924
894
746
642
576
623
653
697
666
662

3,801
3, 825
3,718
3, fif.2
2, 255
2,141
1,936
1,773
1, 730
1, 650
1, 646
1,536
1, 495
1,280

373
429
439
475
471
451
442
462
447
433
443
442
443

968
886
893
781
732
783

1, 633
1,650
,590
,535
. 575
,
,471
, 588
,731
,788
,561
715
660

2, 234
2, 450
2, 724
2,748

1,038
1,255
1,201
1,136
1,193
1,205
1,089
965
926
992
1,103
1,017
1.046
1,024
1,071
973
1,095
1,077
2,069
1,520
1,156
853
831
792
806
832
845
1,167
1,173
1,082
1,071
934
861
895
1,198
993
1,048
1,257
1,090

1,826
1,799
1, 831
1, 733
1,005
963
812
704
638
680
710
.750
716
709

2,434
2,656
2,879
2,893
2,965
1,548 2,940
1, 651 2,992
1,786 3,290
1,850 3,642
1,639 3,602
779 2,154
713 1,790
1,801
1,817
1,729
1,649
1,665

4, 835
4, 986
5,207
5, 064
5,134
5,037
5, 471
5,718
6,182
6,082
3, 566
2,949

1,014
809
851
1,069
957
767

1,515 | 2, 730
1, 550 2, 743
1, 545 2, 768
1, 576 2,734
1, 635 2,822
,637
2,848
,569
2,902
,459
2,824
,431
2,779
, 472 2,754
,514
2, 785
,467
2,814

2, 82(i
2, 78.1
2, 869
i, 178
1, 543
3,452
1,895
1,521

Back figures.—See Annual Reports for 1928 (Table 57) and 1927 (Table 46).

90182—30
9



550
565
577
579
592
588
584
559
545 I
506 |
|

212
216
197
197
204
197

187

168
167
167
167
170
173
108
168
159
149
141
138
130

170
181
213
215
218
218
213
204
190
167
156
152
147

122
116
112
107
100

478
460
444

195
190
181
171
167

426
409
402
415
391
369
352
333
342
347
347
351

160
148
147
159
149
140
133
111
110
109
111
112

338

115

144
145
143
148
142
131
131
140
151
155
157
161
155

386
387
367
354
355
355
355
347
345
349
355
359
369

185
189
180
181
182
185
186
179
186
196
200
203
190

133
132
122
112
114
113
115
116
105
97
96
94
112

188
184
187
196
185
143
118
123
148
120
114
122
121
128

106
116
157
161
209
258
268
257
252
270
263
268
272
268

572 ! 205
569
196
177
472
154
413
128
357
34 fi
112
370 i 184
351 ! 184
358
197
416
188
133
457
121
442

168
167
140
114
90
77
63
55
61
78
65

53 I

199
206
155
145
139
157
123
112
100
150
259

120

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 55.—BROKERS' BORROWINGS, 1926-1929

^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
From
New
York

Date
Total

On time

On demand

From
private
banks,
brokers,
and
foreign Total
trust banking
comagenpanies cies, etc.

From
From
New private
York banks,
banks brokers,
and
foreign Total
trust banking
comagenpanies cies, etc.

From
From
New
York private
banks,
banks, foreign
trust banking
comagenpanies, cies, etc.
etc.

1926
Jan.30
Feb. 27
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 3 0 —
Oct. 30
Nov. 30- —
Dec. 31

3,513
3,536
3,000
2,836
2,767
2,926
2,998
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

76
83
92
96
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. 3 0 —
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
108
113
103

4,420
4,323
4,640
4,908
5,274
4,837
5,051
5, 514
5,880
6,392
6,440

3,805
3,737
3,947
4,246
4,568
4,169
4,150
4,260
4,647
4,994
5,412
5,401

615
585
693
662
707
730
687
791
979
1,039

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

6, 735
6,679
6,804
6,775
6,665
7,071
7,474
7,882
8,549
6,109
4,017
3,990

5,664
5,619
5,713
5,580
5,482
5,797
6,154
6,492
7,077
5,313
3,432
3,370

1,071
1,060
1,091
1,194
1,183
1,275
1,320
1,390
1,472
796
585
620

5,983
5,948
6,210
6,204
6,100
6,444
6,870
7,162
7,832
5,238
3,297
3,376

5,043
5,034
5,231
5,154
5,061
5,333
5,705
5,962
6,543
4.639
2,873
2,883

939
914
979
1,050
1,039
1,111
1,165
1,200
1,289
599
424
494

752
730
594
571
565
627
604
720
717
871
719
613

621
584
482
427
422
464
449
530
534
674
559
487

132
146
112
144
144
163
15.K
190
183
197
161
126

1928
Jan. 31
Feb. 29
Mar. 3 1 . . . .
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 29
Oct. 31
Nov. 3 0 . . . .
Dec. 31
1929
Jan.31
Feb. 28
Mar. 30
Apr. 30
May 31
June 29
July 31
Aug. 3 1 - —
Sept. 30—_
Oct. 31
Nov. 30..._
Dec. 31

Back figures.—See Annual Report for 1927 (Table 47) for figures for 1918-1922; figures for 1923-25 not
available.




ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD

121

BANKERS' ACCEPTANCES AND COMMERCIAL PAPER
OUTSTANDING
No. 56.—BANKERS' ACCEPTANCES AND COMMERCIAL PAPER OUTSTANDING,

1922-1929
[In millions of dollars]
Commercial paper outstanding 2

Bankers' acceptances outstanding i
End of month
1927

1928

1929

1922

1923

1924

1925

1926

1927

1928

774
785
809
811

1,058
1,056
1,085
1,071

1,279
1,228
1,205
1,111

705
718
760
792

807
838
864
867

818
867
889
871

820
820
813
801

654
655
668
663

551
577
606
599

577
567
570
571

407
411
387
351

685
622
600
583

775
751
741
782

1,041
1,026
978
952

1,107
1,113
1,127
1,201

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

304
274
265
267

614
682
726
755

864
975
1,029
1,081

1,004
1,123
1,200
1,284

1,272
1,541
1,658
1,732

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

265
285
316
334

1925

1926

835
808
800
757

788
767
746
721

_.

680
608
569
555

September
October
November . .
December

607
674
690
774

January
February
March
April.
May.
June
July
August

1929

1 Figures collected and compiled by American Acceptance Council. Figures for earlier years as follows*
March, 1922, $416,000,000; March, 1923, $524,000,000; March, 1924, $618,000,000; December, 1924, $821,000,000
2
Paper maturing within 7 months. Figures reported by about 25 dealers to the Federal Reserve Bank
of New York.

No. 57.—DOLLAR BANKERS' ACCEPTANCES OUTSTANDING, BY CLASSES

J

[In thousands of dollars]
Imports and exports
End of month

Total
Total

January
February
March
April

1929

Domes- Warehouse
tic
credits
Imports Exports

on goods
Dollar stored
in or
exchange shipped
between
foreign
countries

1,279,271
1,228,028
1, 204,980
1,110, 841

786,457
762,873
746,984
700,955

319,158
340,915
360,162
324,091

467, 299
421,958
386, 822
376, 864

17, 818
17, 562
16, 950
16,160

162,107
136, 802
123, 912
99, 462

45, 691
46,984
50,448
45,051

267,199
263,806
266,686
249, 214

May
June
July
August

1,107,169
1,113,049
1,126,699
1, 200, 536

706, 655
691, 518
684,430
699,950

325,681
323, 498
316, 200
330, 203

380,974
368, 020
368, 230
369, 747

15,203
14,197
14,630
15, 843

95,142
87, 814
98,915
107, 075

47, 293
55,856
48,806
63,081

242,875
263, 66S
279,918
314, 587

September
October
November
December

1, 272, 271
1, 540, 738
1, 657, 900
1,732,436

725, 206
830,325
885, 590
907,144

327, 944
350, 758
362, 735
383,015

397, 262
479, 567
522,855
524,129

17,093
23,450
20, 251
22,830

137, 479
219, 702
259, 787
284,919

45,903
72,397
75, 645
76,285

346, 588
394,863
416, 626
441,258

.

i Figures collected and compiled by American Acceptance Council.
Back gures.—See Annual Reports for 1927 (Table 49) and 1928 (Table 60).




122
No.

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
58.—DISTRIBUTION OF DOLLAR BANKERS' ACCEPTANCES

OUTSTANDING

[In thousands of dollars]
Held by Federal reserve banks
Total outstanding

End of month

Total

For
foreign
correspondents 2

j For own
account J

Held by
others

1929
January
February
March
April
May
June..
July
August
September
October
November
December

1,279,271
1,228, 028
1, 204, 980
1,110,841
1,107,109
1,113, 049
1,126, 699
1, 200, 536
1, 272, 271
1, 540, 738
1, 657. 900
1,732,436

.__

750, 753
632,388
535, 618
522, 241
504,426
502, 637
530, 761
616, 720
724, 460
839, 445
756, 765
938,544

1
|
1
!
i
!
i
i
i

312,814
304,499
337,425
345,071
388,892
422,384
458,477
453, 015
449, 217
502, 538
503, 792
547,962

437,939
327,889
198,193
177,170
115,534
80,253
72, 284 .
163,711
275, 243
336,907
252,973
390,582

528, 518
595, 640
669,362
588, 600
602, 743
610, 412
595, 938
583, 810
547, 811
701, 293
901,135
793,892

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.
Back figures.See Annual Report 1928 (Table 61).

BANK DEBITS
No.

59.—DEBITS

TO

INDIVIDUAL

ACCOUNTS,

BY

BANKS

IN

141

PRINCIPAL

CITIES, BY MONTHS, 1920-1929
[In millions of dollars]
Month

[ 1920

1925

j 192.6

1927

1928

1929

j

TOTAL, 141 C I T I E S
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

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

82,846
70,804
83,556
74, 782
76, 563
69, 691
77, 659
77,372
77,656
95, 587
82,123
66, 783

T o t a l . . 483,026

399,036

439,364

463,726

491,691

570,064

607,956

673, 861

806, 406

935,421

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

140 C I T I E S ( E X C L U D I N G N E W YORK CITY)
January
February..
March
April
May
June
July.
August
September.
October
November.
December..

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
39,659

28,126
24, 515
28.131
26,803
26, 520
26,428
28, 444
28,339
27,314
32, 261
28, 519
26,932

T o t a l . . 241,596

191, 941

199, 509

225,330

228,161

256, 691

268,900

282,303

306,195

332,332

Back figures.—See Annual Report for 1925 (Table 100); series begins with 1919. For certain back figures
by Federal reserve districts see Annual Report 1925 (Table 100). For individual cities see Annual Reports
ror 1926 (Pt. II, Table 15), 1925 (Pt. II, Table 11), 1924 (Pt. II, Table 10), 1923 (Pt. II, Table 10), 1922
(Pt. II, Table 9), and 1921 (pp 278-297).




123

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

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. 60.—BANKS SUSPENDED AND REOPENED, BY YEARS, 1921-1929
Banks reopened

Banks suspended
Class of bank and year
Number
All b a n k s :
1921
1922
1923
1924
1925
1926
1927
1928
1929

_-.

Total

5,642

T

Number

Capital

Deposits

$196, 460,000
110,721,000
r 188, 701,000
r 213,338,000
172, 900,000
272,488,000
193,891,000
138, 642,000
234, 532, 000

60
65
37
94
62
149
95
39
58

$1,918,000
4,003,000
r 1,516,000
2,815,000
1, 994, 000
' 5,134,000
3, 906,000
1, 540,000
3, 052, 000

$17,493,000
35,565,000
r 11,674,000
22,462,000
16, 618,000
' 60, 610,000
35, 729,000
15, 727,000
25, 829, 000

220, 823,000 1, 721, 673, 000

659

25, 878, 000

241, 707,000
3,132,000
11, 618,000
5,068,000
7,190,000
6, 779,000
8,179,000
8,311,000
6,610,000
2, 273, 000

' 5 0 1 '$22,802,000
13,743,000
354
r
r
21,943,000
648
r
776 r 28,358,000
612
24,441,000
32,804,000
956
662
24,763,000
19,715,000
491
€42
32, 254, 000

Member banks:

Deposits

Capital

70
57
124
159
146
160
124
73
81

Total

5

475,000
1, 580,000
685,000
860,000
800,000
710,000
845,000
325,000
285, 000

65, 298,000

494, 230, 000

117

6, 565,000

59,160,000

3,060,000
3,335,000
4,610,000
7,660,000
7,970,000
6,020,000
5,415,000
4, 200,000
5, 095, 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
37, 007, 000

8
22
11
18
11
10
8
2
3

325,000
1, 330,000
570,000
785,000
700,000
490,000
485,000
75,000
160, 000

2,499,0U0
8,076,000
3,973,000
6, 895,000
6,300,000
4,665,000
5,073,000
417,000
1, €07, 000

47, 365,000

355, 780, 000

93

4, 920, 000

39, 505, 000

19
12
34
37
28
35
33
16
17

Total__
State banks—
1921
1922
1923
1924
1925
1926
1927
1928
1929

10
24
14
20
14
14

763

National banks—
1921
1922
_
1923
1924
1925
1926
1927
1928
1929

42, 503,000
24, 243,000
51, 228,000
74,469,000
67, 264,000
68,812,000
66,336,000
42, 240,000
57,135, 000

51
45
90
122
118
125
91
57
64

Total

5,369,000
3,956,000
6,845,000
10,305,000
9,920,000
8, 569,000
8,034,000
5,175,000
7,125, 000

994

1921
1922
1923
1924
1925
1926
1927
1928
1929

2, 309,000
621,000
2, 235,000
2, 645,000
1,950,000
2, 549,000
2, 619,000
975,000
2, 030, 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
20,128, 000

2
2
3
2
3
4
3
3
2

150,000
250,000
115,000
75,000
100,000
220,000
360,000
250, 000
125, 000

633,000
3, 542,000
1,095,000
295,000
479,000
3, 514,000
3, 238,000
6,193,000
666, 000

24

1, 645,000

19, 655, 000

r 153,957,000
86,478,000
r
137,473,000
r 138,869,000
105, 636,000
203, 676,000
127,555,000
96,402,000
177,397, 000

50
41
23
74
48
135
84
34
53

1,443,000
2,423,000
••831,000
1,955,000
1,194,000
'4,424,000
3,061,000
1,215,000
2,767, 000

14,361,000
23, 947,000
6,606,000
15, 272,000
9,839,000
' 52,431,000
27,418,000
9,117,000
23, 556, 000

155, 525,000 1, 227, 443,000

542

19,313,000

182,547,000

231

17, 933,000 138, 450,000

n
5

Nonmember banks:
1921
1922
1923
1924
1925
1926
1927
1928
1929

._

Total
r

••431 " 17,433,000
297
9, 787,000
5 2 4 r 15,098,000
••617 r 18,053,000
14, 521,000
466
796
24,235,000
538
16,729,000
418
14, 540,000
561
25,129, 000

r

Revised.




4,648

r

124

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 61.—BANK SUSPENSIONS, BY MONTHS, 1925-1929
[Amounts in thousands of dollars]
All banks
Total

Month
Number

Deposits

103
61
43
48
54
34
29
14
30
53
74
69

25,477
15, 593
10,142
16,055
15,930
10,368
5,882
1,837
14,141
15, 581
19,791
22,103

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

65
52
51
56
68
77
140
52
37
88
154
116

13, 384
11,763
10, 249
12, 512
16, 324
34, 229
48, 618
10,001
12,050
18, 209
45, 983
39,166

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

133
81
75
49
47
41
37
27
36
44
43
49

32,038
25,157
31, 222
11,750
13.198
10, 784
12,162
17, 364

1925
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...
1929
January
February
March
April
May
June
__.
July
August
September..
October
November..
December. __

11, 542
11, 210
8,476
10, 983
18, 352
16, 953
8,190
6,394
13,496
5,368
6,147
7,888
9,011
24, 784
11,076

60
51
29
112
48

52

16,413
21,746
9,002
7,790
24,090
19,219
66,161
8,532
10,050
13,153
22, 646
15,730

Nonmember
banks

Member banks

Number

Deposits

National
Number

Deposits

State
Number

Deposits

Number

Deposits

10, 824
5,252
2,969
6,475
8,116
2,377
1,376
601
6,871
13
6,620
11
5,533
21- 10, 250

6,571
6,177
4,883
9,254

3,992
2,861
710
3,534

2,701
2,475
523
1,322

1,291
386
187
2,212

4,234
5,318
1,637
2,127

4,138
1,337
2,127

1,180
300

4,317
6,280
19,389
14, 413

3,890
5,165
14, 334
6,516

427
1,115
5,055
7,897

11, 555
8,744
7,700
5,462
6,434
5,521
2,638
8,881

5,662
7,566
5,501
3,769
5,564
1,932
2,638
8,670

5,893
1,178
2,199
1,693
870
3,589

1,257
3,729
3,105
1,310

504
2,101
1,413
1,261

211
753
1,628
1,692
49

2,552
9,373
3,026
2,446

1,736
3,162
1,783
2,294

816
6,211
1,243
152

8,431
8,979
13,927
5,744

1,927
1,819
413
1,944
2,997
803
11,021
3,919

1,927
1,620
174
1,944
2,430
320
10, 609
3,620

199
239

4,467
11,677
4,955
4,203

8,963
3,922
2,045
1,681

4,458
2,661
21,935
879

8,461
3,419
1,865
1,654
3,835
2,335
7,803
284

502
503
180
27
623
326
14,132
595

105
41
58
14

7,450
17,824
6,957
6,109
19,632
16,558
44,226
7,653

1,269
4,067
2,226
3,029

1,269
3,781
353
1,948

1,873
1,081

36
38
64
43

8,781
9,086
20,420
12,701

Back figures.—See Annual Report for 1928 (Table 64).



8,044
5,074
2,943

5,892
5,477
2,304
1,376
542

14, 653
10, 341
7,173
9,580
7,814
7,991
4,506
1,236

2,780
178
26
583
2,639
73
59
300
443
650

7,270
8,961
14, 258
11, 853
54
42
45
50
58
61
135
43
29
69
121

9,392
8,902
9,539
8.978

12,090
28,911
46, 981
7,874
7,733
11,929
26, 594
24, 753

106
65
59
39
36
32
35
22

20,483
16,413
23, 522
6,288
6,764
5, 263
9,524
8,483

30
35
37
42

7,731
7,813
8,105
7,166

567

4,891
8,208
13, 763
7,157

412
299
48
46
43
25

125

BANK SUSPENSIONS
No.

62.—BANK

SUSPENSIONS: NUMBER, CLASSIFIED
STOCK

ACCORDING

TO

CAPITAL

ALL BANKS
Banks having capital stock o—
f

1921

1922

1923

1924

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

194
104
31
78
'47
U6
31

117
85
39
53
24
15
21

'295
'151
49
91
32
14

'319
191
55
130
61
15
5

234
135
46
133
43
18
3

'501

354

'648

'776

612

Total

_

---

2 16

1925

1929

Total

1927

1928

384
230
100
164
46
16
16

247
165
60
122
47
13
8

191
106
38
94
46
11
5

223
13
4
67
120
58
«24
7

2,204
1,310
485
985
404
144
110

956

662

491

642

5,642

1926

NATIONAL BANKS

Total

23
2
14
9
3

14
5
13
7
6

41
10
26
9
4

44
9
42
19
8

41
5
46
15
1
1

46
20
45
12
2

31
6
40
12
2

15
3
24
10
5

15
6
26
13
34

270
66
276
106
45

51

$25,000
—...
$25,001 to $50,000
$50,000 to $100,000
$100,000 to $200,000
$200,000 to $600,000, inclusiv<

45

90

122

118

125

91

57

64

763

STATE M E M B E R

BANKS

Total

2
3
7
5
32

4
5
1
1
1

11
2
14
4
3

9
4
10
12
2

1
11
1
8
5
2

2
5
7
12
7
2

13
4
4
8
4

3
2
6
5

4
2
5
5
31

3
62
30
67
52
17

19

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

12

34

37

28

35

33

16

17

231

NONMEMBER
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
Total

194
79
26
57
••33

* 11
31
'431

BANKS

117
67
29
39
16
8
21

'295
'99
37
51
19
29
14

'319
138
42
78
30
5
5

233
83
40
79
23
5
3

382
179
73
107
27
12
16

247
121
50
78
27
7
8

191
88
33
64
31
6
5

223
124
59
89
40
M9
7

2,201
978
389
642
246
82
110

297

' 524

'617

466

796

538

418

561

4,648

1

Includes 3 banks with capital of $1,000,000 and 1 with $1,309,000.
2
Includes 1 bank with capital of $750,000.
3 Includes 1 bank with capital of $1,000,000.
* Includes 2 banks with capital of $1,000,000 and 1 with $1,309,000.
«Includes 4 banks with capital of $1,000,000 and 1 with $1,225,000.
e Includes 2 banks with capital of $1,000,000 and 1 with $1,225,000.
' Revised.
No.

63.—BANK SUSPENSIONS, BY SIZE OP TOWN OR CITY, 1921-1929
Number of suspensions

Places with population o—
f
1921

1922

Less than 500-.
500 to 1,000
1,000 to l,500._.
1,500 to 2,500...
2,500 to 5,000...
5,000 to 10,000..
10,000 to 25,000.
25,000 and over.

181
99
47
39
33
'32
21
49

120
75
23
44
30
18
12
32

Total....

501

354 '648 '776

Digitized for 'FRASER
Revised.


1923

1924

1925

1926

1927

1928

1929

' 331
'104
58
55
35
24
14
27

335
158
71
75
55
'28
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

240
128
77
63
35
35
24
40

2,278
1,133
567
537
413
239
180
295

491

642

5,642

612 956

Total

ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD

CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE
SYSTEM
No. 64.—SUMMARY OF CHANGES IN MEMBERSHIP, BY YEARS, 1925-1929
Number of banks
1925

Active member banks, first of year

1929

1928

9,587

Banks joining the system 1.
Banks withdrawing from the system 2_._
Net accession to membership..
Banks lost to membership through mergers between
member banks, suspensions, etc. _
Net decrease for the year__

1927

1926

_

Active member banks, end of year

9,489

9,260

9,034

8,837

237
100

174
125

154
101

115
120

127
185

3-58

137

49

53

235

278

279

3-5
192

98

229

226

197

315

9,489

9,260

9,034

8,837

8,522

257

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; 1929, 95.
3
Net loss owing to withdrawals.
Backfigures.—SeeAnnual Report for 1925 (Table 93).
No. 65.—CHANGES IN MEMBERSHIP, BY CLASS OF MEMBER, 1928 AND 1929
Number of member banks
Procedure effecting change

State

National

Total
1928

Active member banks, first of year
Additions to membership:
Organization of national bank _
Conversion of nonmember bank to national
Admission of State bank . .
Resumption following suspension
C!onversion within the system
All other
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 bankWithdrawal of State bank
Conversion within the system
Total losses
Net decrease
Active member banks, end of year

1929

1928

1929

1928

9,034

8,837

7,759

7,629

1,275

1,208

70
17
23

71
24
27
5

70
17

71
24

2
15

3
16

23
3
14

27
2
16

1929

115

127

94

104

30

35

78
30
9
72
59
24
2 40

132
39
3
82
95
49
342

70
19
6
56
50
19

109
25
3
65
79
43

23
14

14

16

8
11
3
16
9
5
2 40
15

17
16
6
342
i6

312

442

224

330

97

124

197

315

130

226

67

89

8,837

8,522

7,629

7,403

1,208

1,119

1 Conversions between two classes of member banks, without effect on the number of banks in the
system.
2
Includes 3 compulsory withdrawals.
s Includes 1 compulsory withdrawal.
Backfigures.—SeeAnnual Reports for 1927 (Table 117), 1926 (Table 97), and 1925 (Table 93).




ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

127

EARNINGS, EXPENSES, AND DIVIDENDS OF MEMBER
BANKS
No. 66.—MEMBER BANKS—EARNING

ASSETS, CAPITAL FUNDS, AND PROFITS,

1923-1928
Amounts l (in thousands of dollars)
Principal earning assets

Year ending Dec. 31

Loans

Total

All member banks:
1923

Ratios 2

Investments

Capital
funds 3

Net
Earning
profit
assets
per $100
per $1 of of earncapital
ing
funds
assets

Net
profit
per $100
of
capital
funds

1924
1925
1926
1927
1928

26,206,988
27,474, 727
29,673,891
31,132,149
32, 755,971
34, 721,879

18,531,961 7,675,027
19,347,300 8,127,427
20,809,107 8,864, 784
22,123,397 9,008,752
23,006,039 9, 749,932
24,153, 677 10, 568, 202

4,380,074
4,491, 663
4, 589, 294
4,820,129
5,162, 702
5, 622,312

$5.98
6.12
6.47
6.46
6.34
6.18

$1.29
1.32
1.41
1.39
1.36
1.45

$7.69
8.04
9.14
8.95
8.66
8.96

1924
1925
1926
1927
1928 . . .

16,713,739
17,233,431
18,430,579
19,135,960
20,349,562
21,858, 250

11, 725,163
12,007,447
12,729,675
13,353,101
13,949,969
14, 789, 566

4,988,576
5,225,984
5,700,904
5, 782,859
6,399, 593
7, 068, 684

2,890,930
2,916, 791
2,970,453
3,077,183
3,254, 507
3, 543, 609

5.78
5.90
6.20
6.22
6.25
6.17

1.16
1.24
1.32
1.28
1.26
1.33

6.72
7.33
8.22
7.96
7.91
8.21

9,493,249
10,241,296
11, 243,312
11,996,189
_ _ 12,406,409
12, 863,629

6,806,798
7,339,853
8,079,432
8,770,296
9,056,070
9, 364, 111

2,686,451
2,901,443
3,163,880
3,225,893
3,350,339
3,499, 518

1,489,144
1, 574,872
1,618,841
1, 742,946
1,908,195
2, 078, 703

6.37
6.50
6.95
6.88
6.50
6.19

1.50
1.44
1.56
1.55
1.53
1.66

6.72
9.37
10.83
10.70
9.94
10.25

National member banks:
1923

. .

State member banks:
1923
1924
1925
1926
1927
1928

* Figures are averages of amounts for call dates during year.
2
For explanation of these ratios, see Federal Reserve Bulletin for December, 1928, pp. 826-828.
3
Capital, surplus, and undivided profits including, in 1923 and 1924 only, reserves for taxes, interest,
etc., accrued.
No. 67.—MEMBER BANKS—RATIOS OF EARNINGS, EXPENSES, ETC., TO AVERAGE
EARNING ASSETS, 1923-1928
[Amounts per $100 of earning assets]
Gross earnings
Year ending Dec. 31
Total

All member banks:

Interest
earned

Expenses

Total

Losses

Interest
paid on
deposits

Total

Net

Net
profits

$6.56
6.50
6.46
6.51
6.47
6.58

$5.70
5.51
5.44
5.49
5.34
5.49

$4.70
4.66
4.61
4.63
4.63
4.65

$2.09
2.16
2.17
2.16
2.18
2.16

$0.79
.72
.65
.67
.64
.63

$0.57
.53
.44
.50
48
48

$1.29
1.32
1.41
1.39
1 36
1 45

1924
1925
1926 _.
1927
1928

6.37
6.35
6.29
6.33
6.34
6.41

5.76
5.57
5.51
5.54
5.44
5.54

4.53
4.50
4.46
4.48
4.52
4.52

1.97
2.07
2.08
2.07
2.12
2.10

.93
.81
.74
.76
.73
.72

.67
.60
51
.57
.56
.56

1.16
1.24
1 32
1.28
1.26
1.33

1924
1925
1926
1927
1928

6.90
6.76
6.75
6.81
6.70
6.86

5.59
5.41
5.34
5.41
5.17
5.40

5.00
4.93
4.85
4.88
4.81
4.87

2.30
2.33
2.32
2.31
2.27
2.25

.55
.56
.51
.51
.49
.46

.40
40
.34
38
.36

1.50
1 44
1.56
1 55
1.53
1.66

1923
1924
1925
1926
1927
1928

National member banks:
1923

State member banks:
1923

.34

NOTE.—For explanation of these ratios, see Federal Reserve Bulletin for December, 1928, pp. 826-828.




128

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 68.—MEMBER BANKS—EARNINGS, EXPENSES, AND DIVIDENDS, 1923-1928

tin thousands of dollars]
Gross earnings

Interest paid

Year ending Dec. 31
Total

All member banks:
1923__
1924__
1925._
1926.
1927.
1928
National m e m b e r

banks:

1923.
1924
1925_
1926.
1927__.
_
.
1928
S tate member banks:
1923
1924__
1925__
1926.
1927_
1928

Expenses

1,719,360
1,786,471
1,918,094
2,027,7521
2,120,277
2, 283, 998

Interest
earned

All
other

1,493, 755 225,605
1,514, 500 271,971
1, 615, 595 302,499
1, 710,492 317,260
1. 749,008 371, 269
1,905, 728 378, 270

Salaries
On bor- and
On de- rowed wages
posits money

Total

. 232, 654 547,910
,
, 280, 524 594,432
. 367,318 643,158
,
, 441,745 672,927
, 515,704 713,038
1,613,811 749, 662

335, 680
355,018
372, 741
396,796
420,128
440, 000

102,673
97,341
102,411
105,885
109, 778
113,759

204,24C
208,987
223,054
234, 787
248,246
261, 947

29,641
17,001
17,172
20,089
15,429
29,184

205,391
213,994
223, 756
235,969
253, 634
269, 429

69, 873
64,676
66,645
68,270
69, 219
69, 872

123, 593
124,088
132,199
137,085
148,771
159, 435

218,606 12, 510
238,121 7.745
260, 675 8,782
277, 575 11,261
281,275 9,085
626, 072 289, 843 19, 259

130,289
141,024
148,985
160, 827
166.494
170, 571

32,800
32, 665
35, 766
37, 615
40, 559
43, 887

80,647
84, 899
90, 855
97,702
99,475
102, 512

100,852
133,231
144,243
150,322
182,055
190, 212

757,802
776,070
822,255
856, 765
918, 816
987, 739

530, 312
553,899
600,243
649,903
641, 766
694, 469

124,753
138. 740
158, 256
166,938
189,214
188,058

474,852
504,454
545,063
584,980

758,499
816,841
830,980
882, 527

329,304
356,311
382,483
395,352
431, 763
459, 819

I

Losses
Year ending Dec. 31

All member banks:
1923
1924
1925
_
1926__
1927
1928
National
banks:

All
other

42,151
24,746
25,954
31, 350
24, 514
48,443

1,064, 295, 963,443
1,093,832
960,601
1,159, 595 1,015, 352
1,210,911 1,060, 589
1,289,297 1,107,242
1,401,471 1,211,259
655,065

Taxes

Net

Net
profits

Dividends
declared

57,307
52, 739
61,806j
53,006
51,129
50,875

149, 820
144, 604
131,293
154, 524
157, 564
166, 319

361,343
419,483
431,483
447,009
503,868

257.933
258,044
272, 686
284, 809
312, 680
327,422

19,484 42,642
18, 708 36, 270
20,450; 43,122
31, 553'
31, 346| 35,027
35, 722! 35,282

112.111
103,980
93,147
109.169
113,198
122,972

194, 382
213, 782
244,193
244,977
257,283
290, 760

166,492
162,636
171, 324
176,421
197, 555
204, 612

37,709
40,624
38,146
45, 355
44, 366
43,347

142, 504
147, 561
175, 290
186, 506
189,726
213,108

91,441
95,408
101, 362
108, 388
115,125
122,810

Net
earnings

Total

On
loans

486,706
505,947
550, 776
586,007
604, 573
670,187

207,127
197,343
193,099
207, 530
208,693
217,194

143,011
133.079
128, 774
124, 885
123. 745
119, 290

36,411
33,196
35,127
35,909
37,284
45, 293

27,705
31,068
29,198
46, 736
47, 664
52, 611

306,493
317,762
337, 340
354,146
370,481
413, 732

154, 753
140,250
136,269
145, 831
148, 225
158, 254

108, 819
97, 582
92,127
88, 017
91, 214
88, 077

26,450
23,960
23, 692
26,261
25,665
34,455

180,213
188,185
213,436
231,861
234,092
256,455;

52, 374
57,093
56, 830
61,699
60,468
58, 940

On
investments

All
other

Recoveries

m e m b e r

1923__
1924
1925....
1926..
1927
1928
State member banks:
1923
1924
1925
1926
1927
1928




34,192 9,961
8,221
35,497 9,236 12,360
36,647 11,435 8,748
36, 868 9,648 15,183
32, 531 11, 619 16,318
31,213 10,838

14, 665
16,469
18,684
16, 344
16,102
15,593

BANKING CONDITIONS IN FEDERAL
RESERVE DISTRICTS AND STATES




129

CONDITION OF EACH FEDERAL RESERVE BANK
No. 69.—BILLS DISCOUNTED FOR MEMBER BANKS 1 —HOLDINGS OP EACH
FEDERAL RESERVE BANK, BY MONTHS, 1925-1929
[Monthly averages of daily figures. In millions of dollars]
Federal Reserve Bank
Month

Kansas
City

SanFrancisco

Rich- Atmond lanta

Chicago

St.
Louis

26.6
25.6
33.5
41.8
47.6
49.0
50.8
50.6
53.2
48.1
42.0
45.7

14.7
12.4
16.3
19.4
20.8
22.7
23.7
31.7
30.5
26.6
24.6
29.7

35.9
31.7
35.8
50.4
49.2
45.4
51.8
52.0
50.4
69.3
70.8
93.4

8.9
9.4
10.3
15.3
18.5
20.1
21.1
27.6
35.5
31.3
29.3
24.8

4.4
4.2
4.0
5.1
6.0
5.1
5.9
8.6
6.9
6.4
5.9
5.4

7.3
7.2
7.6
8.5
11.9
18.5
18.0

58.6
42.2
55.7
55.9
51.7
43.6
36.7
33.2
41.5
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 19.8
67.2 20.8
76.6 26.2
73.8 28.3
55.8 26.7
53.9 [I 28.5
59.7 30.7
55.0 35.2
68.4 43.5
90.1 42.2
105.0 37.6
118.6 37.9

4.2
5.8
6.3
6.2
6.7
4.9
7.4
12.7
10.5
11.0
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

33.4 118.3 j 43.7
29.0 91.2 35.7
35.8 112.2 41.0
23.2 121.6 43.7
37.1 137.8 45.8
. . 33.8 91.9 45.2
29.7 122.9 46.8
29.9 118.4 39.6
23.4 142.4 38.2
j 33.3 126.9 38.4
36.4 106.5 38.1
40.2 171.1 47.9

61.5
38.9
31.7
53.9
43.6
41.8
35.4
27.8
34.8
43.7
46.8
58.6

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

19.1
14.6
14.4
16.2
24.0
26.3
2\ 8
24.7
28.0
21.5
18.1
19.3

4.0
4.5
6.1
6.7
6.5
6.0
6.1
4.4
2.7
2.6
3.0

4.1

10.4
9.3
8.6
11.9
17.3
16.5
12.5
9.3
10.7
15.7
18.1
15.2

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

23.5 152.9 44.4
45.2 119.3 53.1
49.5 130.0 49.2
44.4 210.9 52.7
59.6 296.9 60.4
84.8 376.1 80.2
68.0 382. 6 93.8
61.1 321.3 99.1
50.9 352.3 106.5
45.9 300.7 93.7
50.6 238.1 79.3
65.0 298.7 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
27.8
34.6
43.0
48.0
54.9
56.6
57.2
47.8
42.5
40.8

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

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
3.3
10.1
10.6
8.5
12.2
18.5
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

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

1929
January
-.
February
March
April
May
June
July
August.
September.
October.
._
November
December

60.4 245.9
61.9 216.3
58.6 231.5
75.8 264.6
96.5 234.5
99.4 251.2
78.4 408.6
79.5 303.3
71.3 230.9
60.7 160.0
46.9 154.7
40.4 188.3

73.1 79.7
85.5 84.7
101.6 76.0
110.0 96.6
86.7 93.8
84.7 90.9
77.3 84.0
92.8 79.7
90.6 78.8
78.7 95.2
106.8 124.4
80.2 98.4

40.7
41.0
43.4
52.6
58.1
56.6
57.5
59.6
60.1
53.1
51.9
41.8

58.5
55.8
51.7
63.6
73.4
65.9
69.0
75.1
69.6
57.6
59.1
43.0

142.7 i
165.9 \
210.6 i
133.4 j
109.8 j
135.9 I
122.1 S
120.0 !
103.9 j
120. 2 !
139.3 I
133.0

37.4
37.8
48.1
51.8
48.7
49.9
55.8
67.2
72.7
54.7
47.1
30.9

12.0
12.8
15.6
19.3
18.1
15.2
17.4
24.3
34.4
41.2
28.6
17.4

33.3
32.5
31.8
38.8
49.1
48.3
35.3
33.7
38.8
44.6
57.7
45.9

20.6
19.2
14.8
18.6
23.1
22.3
30.2
43.4
41.3
31.6
30.2
19.1

55.0
75.8
85.0
79.3
64.4
57.7
60.1
64.9
76.4
86.9
106.0
65.0

Boston

New
York

phia

land

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

25.8
30.0
36.6
37.6
37.2
40.0
45.3
48.8
48.5
52.7
52.7
58.6

34.5
32.9
39.8
39.8
39.3
42.4
45.6
56.1
62.0
73.3
75.2

_ 31.3 160.1
I 39.1 182.1
35.1 139.6
27.7 130.8
27.5 135. 5
25.0 115.5
34.5 168.5
37.0 163.3
46.0 181.8
41.3 164.7
38.6 134.6
56.1 155. 2

47.5
55.7
59.2
52.8
49.4
48.6
48.0
45.5
45.6
49.1
43.1
59.9

1925
January
February
March
April
May
June
July...
August
September
October..
November
December
1926

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

Dallas

5.0 !

|

3.0
2.4
2.0
2.2
4.3
6.1
8.4

10.4
9.0
8.1
9.7
9.5

11.6
16.9
25.1
31.2
32.3
36.7
42.5
46.2
53.9
55.6
60.4
56.4

I

j

„.

90.2
78.5
71.1
56.3
52.7
63.9
59.7 j

40.5
31.4 I
36.5 j
46.9 !
65.0 !

7.5
5.7
6.4
7.3
9.7

11.7
16.1
20.1
24.6
19.1
16.9
10.0
5.4
3.1
3.2
4.4
4.7
6.2
7.4

12.7
11.0
7.2
8.4
5.4

4.3
4.1
3.8
8.0
9.0

30.7
25.0
49.8
46.1
46.7
37.3
47.6
48.0
59.6
62.3
53.6
46.8
37.8
38.6
48.3
53.3
43.1
41.4
45.8
46.1
35.6
43.7
39.1
42.4

i

J
1

Including small amounts of bills discounted for intermediate credit banks, etc.; see Tables 12 and 97.
Backfigures.—See Annual Reports for 1928 (Table 72), and 1927 (Table 55).




131

132

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 70.—DISCOUNTED BILLS—HOLDINGS OF EACH FEDERAL RESERVE BANK ON
DECEMBER 31, 1929, BY CLASSES

[In thousands of dollars]
Rediscounted bills
Federal reserve
bank

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

. -

Total
(all
classes)

Commercial and Demand Bankers'
agricul- and sight accepttural
drafts
ances
paper,
n. e. s.

26,644
171,759
65,777
76, 719
38, 939
29,347
112,668
17, 938
10,177
29,649
13,291
39,513

13,022
15,240
20,761
21,517
15,036
21,084
30,894
2,838
6,537
14, 765
4,363
4,938

12

632,421

170,995

83

Trade
acceptances

19

II

Paper
secured
by U. S.
Government obligations

267
270
444
530
115
261
226
59

60
12

2,177

251
74
107
20
109
13
177
3

5

31

1

755

Member
banks'
collateral Collateral
notes
notes
secured
by U. S. otherwise
secured
Government obligations
13,354
127,012
34,511
45,312
11,214
2,573
75,101
12,446
3,539
12,819
3,264
11,628

29,218
10,061
9,109
12,500
5,310
6,427
2,475
88
1,888
5,601
22,930

352, 773

105,607

Back figures—See Annual Reports for 1928 (Table 73), 1927 (Table 56), 1926 (Table 18), etc.
No. 71.—DISCOUNTED BILLS.—HOLDINGS OF EACH FEDERAL RESERVE BANK ON
DECEMBER 31, 1929, BY MATURITIES

[In thousands of dollars]
Maturity

Federal reserve bank

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

Total.

Total

Within
15 days

16 to 30
days

26,644
171,759
65, 777
76, 719
38,939
29,347
112,668
17,938
10,177
29,649
13,291
39, 513

20,899
160,937
51,184
60,794
27,730
13,779
90,350
15,521
5,490
16,175
10,067
35,146

1,912
3,403
5,795
6,481
3,873
4,498
6,442
486
352
1,541
1,002
546

2,738
4,911
5,934
5,599
4,812
7,288
8,435
1,061
3,229
2,685
1,076
974

1,042
2,413
2,819
3,272
2,284
3,641
5,626
484
382
2,520
411
1,038

53
95
45
545
217
131
1,697
357
631
6,550
709
1,676

632,421

508,072

36, 331

48, 742

25,932

12, 706

31 to 60 61 to 90 191 days to Over 6
days
days
6 months months

Backfigures.—SeeAnnual Reports for 1928 (Table 69), 1927 (Table 57), 1926 (Table 20), etc.




28
23
10
118
29
93
178
26
133

133

EACH FEDERAL RESERVE BANK
No.

H%.—PRINCIPAL

RESOURCES AND LIABILITIES or EACH FEDERAL RESERVE
BANK, BY WEEKS
BOSTON
[In thousands of dollars]

Date

Bills bought in United States
open market
securities
Total
bills
Bills
Total
and se- discash
curi- counted Bough Under Bought Under reserves
resale
resale
ties 1
out- agree- out- agreeright ment right ment

Deposits

Total

Federal
reserve
notes
Member Other in cirbank
de- culation
reserve
balances posits

1929
Jan.2._
Jan.9._
Jan. 16.
Jan. 23.
Jan. 30.

118,699
123,686
132,075
141,816
144,969

55,85S
46,94"
49,702
64,894
73, 598

48,100
61,442
60,205
58,675
50,927

6,567
7,124
13,9951
!

10, 074
12, 253J

8,173
8,173
8,173
8,173
8,191

208,431
189,034
170,515
157, 387
150, 878

152,100
151, 589
151, 708
151,141
147, 884

Feb.
Feb.
Feb.
Feb.

129, 228
116, 294
107, 566
113, 596

62, 275
54,181
54,031
64,492

49, 518 9, 2441
46,052 9, 757
42, 433 5,190
39,230 4,477j

8,191
6,304
5,912
5,397

166, 210
176,961
184, 737
175, 52.1

739 130.847
148, 590 147,851
155,437 153, 078 2,359 127, 953
143, 966 143,018
948 128,962
142,828 141, 87
949 127,438

6..
13.
20.
27.

150,187
150,001
150,160
148, 607
146, 617

1,91:
1,588
1,548
2,534
1,267

159,884
150,430
140.846
133,991
132,057

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

99,648 58,484
91,025 51,124
85,419 49,390
100,814

32,153
31,625
26,868
24,415

3,920
2,584
3,824
I,""'

5,091
5,092
5,337
5,337

197, 521
207, 227
204, 607
190,137

143,432
149, 708
140,182
141,619

Apr.
Apr.
Apr.
Apr.

S.10.
17.
24.

100, 111
96,424
104, 479
103,151

72,498
69,374
76, 508
75,426

18, 333
17,458
19, 739
19,960

6,389
6,389
5,514
4,420

199,039
197, 233
198, 445
197, 317

May U_
May8..
May 15.
May 22.
May 29.

119, 213
121,210
125,974
132,004
139,47:

83,808
86,950
93,163
102,106
109, 359

20, 556
20,330
20,874
19, 849
17, 721

2,891
3,203
2,233
2,732
9,516
9,546
8,103!
6, 216
8,560

139,993 2,431 135,854
714 138,026
142, 521
139, 237 1,164 137,227
138,540 1,870 137,688
818 142,314
142, 646

June 5..
June 12_
June 19 _.
June 26-

123,895
116,382
115,163
119, 908

99, 322 14,996
97,273 13, 728
99,411 10,985
108,175 6,527

147, 658
149,053
139, 480
140.174
144, 041
141, 937
146, 573
143, 715

774
655
702
1,445

130,520
129,854
130,096
129, 653

1,896
684
3,359
2,780

130, 557
131,141
133,401
133,130

179,
179,
169,
165,
167,

078
917
561
781
213

145,937
142, 621
149, 932
146, 495
142, 424
143, 235
140, 401
140, 410
143, 464

182,
T87,
194,
188,

619
381
059
909

145,886
145,356
149, 674
148, 366

144, 629
143,374
138, 000
143,173

1,257
1,982
11,674
5,193

July 3 . . . 97,04' 84,127
July 10.. 102, 388 89, 297
81, 962 69, 083
July 17.
85, 203 72,886
July24_
86,064 72, 544
July 31.

219, 630
213,61l|
236, 766
233,814
236,977|

152,891
144, 348
150, 240
147,937
147,857

150, 525
141, 233
149,189
147.175
145, 220

2,366
3,115
1,051
762
2,637

140,426
139, 528
140, 771
140, 712
147,259
154,352
153, 588
154,372
156,935

Aug. 7... 75,401
Aug. 14. 88,885
Aug. 21. 113,001
Aug. 28. 110,688

256, 254'
247,5511
228, 507
235, 638

144, 620
146, 663
142, 329
143, 223

2,743j
2,014
2,41l!
1,337

166,290
169,494
177,823
183,369

252,157
260, 733
281,415
271,841

147,363
148, 677
144, 740
144, 560
144, 373!
151,138!
155, 623
152,332

142, 638 1,735 194,082
148, 663 2,475 191,095
574 191, 222
155,049
148,833 3,499i 193,019
152, 465
147, 218
151, 635
150, 323
153, 533

5,744
1,819
1,150

1,938J

4,104
3,834
3,834
3,833
3,833
3,833
3,562
3.617
3,:

47
46

Sept. 4... 104,662
Sept. 11.. 97,914
Sept. 18.. 84,348
Sept. 25..

2, 6911 3,267
6,123 3, 701 3,267
5,192 4,420 3,267
4,741 4,310 3,266
3,723 6,531
59,103 3,683 8,152 4,463
68, 282 11,678 4,462 4,463
89,490 10,087 8,961 4,463
85,345 12, 581 7,'" 4,866
78,823 13, 451 7,522 4,866
71, 797 14,150 7,101 4,866
59,172 14,180 7,130 3,866
65,351 13, 945 6,950 3,402

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

96,179
94, 244
89,073
78,011
65, 526

71,189
68, 776
62, 357
55, 251
45,840

7,013
7,930
8,095
4,509
1,923

3,402
2,645!
2, 6441
2,6441
4,700

274, 429
274, 210
279, 521
286, 793
303,174

155, 226
149, 647
153, 857
151, 903!
155, 094

Nov.
Nov.
Nov.
Nov.

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

58,138
75, 753
62,127
68,150

37, 546 10,074 2,441
54,911 7,804 2,470
207
42,288 6,499
278
50,244 4,495

7,077
9,568!
12,133
12,133

312, 728
299, 540
309,093
308,494

157, 863" 154, 586 3,277 207,349
830 209, 756
155,097 154, 26:
153, 677 151,655 2,022 204, 674
150, 500 147,046 3,454 208,149

Dec. 4...
Dec. 11..
Dec. 18-Dec. 24.,
Dec. 31..

62,842
69, 778
77,835
82,366
83,372

38,902
39, 787
36, 612
41,975
26,644

15, 225
3,185
17,344
2,954
2,268 10,776 27,179
3,086 11, 743 24,562
3,846 26,032 25,850

320,985
302, 660
296, 793
298,083
283,984

157, 573
148,961
147, 338
150,674
144,042

14, 575
14,893
14,977
14,607
12,063

2,761
2,429
2,222
1,580
1,561

199, 786
203, 202
205,044
203,801

155,192 2,381 208,413
148, 318
643 207,435
146, 760
578 210,421
148,470 2,204 216,047
141, 547 2,495 206,558

1 Includes "other securities" and foreign loans on gold.
Back figures for all Federal reserve districts.—See Annual Reports for 1928 (Table 76), 1927 (Table 58),
1926 (Part II, Table 2), 1925 (Part II, Table 2), etc.




134
No*

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
72*—PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL

RESERVE

BANK, BY WEEKS—Continued

NEW YORK
[In thousands of dollars]
Bills bought in United States
securities

Deposits

open market

Date

Total Bills
bills
disand se- counted
curities1

1929
Jan. 2__. |
Jan.9_-_ !
Jan. 16... !
Jan. 23... !
Jan.30_.. I

709,874
477,830
419,171
300,885
354,535

I
Under
Under
Bought
Bought
resale
resale
outoutagreeagreeright
right
ment
ment

495, 458 107, 232 39, 557
281, 560 94, 207 37,411
217, 666 98, 210 39, 603
97, 302 23,134
153.157
212,908 85, 483 29, 957

Total
cash
reserves
Total

Federal
reserve
notes
Member j
in cirbank I Other
dejculation
balances

p o s i t s

24,187 43, 440
762,471 1,056,690 1,027,921 28, 769 353, 879
24,187 40, 465
869, 649
965, 514
950, 927 14, 587 332, 699
35,187 28, 505
926, 084 j
982,186
955, 615 26, 571 326,403
26,187
928.018
915,506 12,512 322, 550
1,1051 1,000,117!
26,187
998, 485!
977,294
963,955 13,339 319, 820
1, 010, 084!
978, 348!
1, 033, 304!
1, 043,170j

963, 557
960, 250
930,117
970, 904

948,515
947,151
917,400|
959,853

15,042
13, 099
12,717
11,051

318,161
315, 709
313, 707
308, 057

13, 638
13,478
35, 768
16, 76S

964,1891
1, 001, 642i
400 1, 019, 865
969, 286
3,380

939,790
944, 378
946, 761
958,828

922,
931,
936,
938,

237
601
582
782

17, 553
12, 777
10,179
20,046

308,107
298, 676
298, 540
295, 027

20, 403
17,403
13,381

3,130 1, 018, 102
997, 831
2,000
983, 340
6,150
967, 025
7,470

957, 393
928, 251
933,736
924,674

939,102
913,503
905,479
903,642

18, 291
14, 748
28,257
21,032

300,197
290, 467
289,592:
289,096,

30, 743
31,479
23, 836
12,091

7,580 1, 006, 354
9, 58f:
971,049
8, 935
7,614
964, 539
8.214 14,515
7,614 13,070 1, 014, 059
7,614
5,835 1,044,156

974,230
959,803
944, 770
926, 680
931,242

947, 320
940,309
931,019
913,102
917,034

26, 910
19,494
13, 751
13, 578
14,208

295,815288,4SG
277, 973,
275,051
274, 542

943
701
656
588

11,877 6,292
10, 881 17, 638
11,964
10, 957 3,208

953,305
950, 954
953, 373
981,942

941,174
940,091
928,023
962,823

12,131
10,863
25, 350
19,119

270, 285
269, 748
281,102
282,202

254
320
926
10(1
949

10.141 2.914
10, 996 4,036
4, 106 14,894
6, 489 6, 613
7, 661 13, 444

14, 681 8,910 1, 018, 70'
979, 995
9,679 35, 660
6, 655 1, 000, 850
8,881
975, 619
6,682! 17,885
i
870, 277
6,682! 13,200
877, 468
6,682 8, 895
847, 018
7,222 25, 9tO
893, 204
7,162 18, 165
907, 932
7,162 18, 365

984,844
962, 247
957,451
964, 449
970, 896

966,403
945, 710
941,719
949, 514
958,870

18,441
16, 537
15,732
14,935
12,026

309, 389
315, 649
315,419
306,844
308, 008

383, 864
284, 371
233,147
240, 847

3,
29,
14,
26,

449
632
750
707

23,
33,
50,
45,

419
398
915
501

11,636
11,636
16, 637
13, 151

29,
26,
20,
18,

56'
392
327
996

928, 929
931,244
916, 666
921, 703

912,069
921,203
905, 362
910,193

16,860
10,041
11,304
11,510

310,140
311, 399
310,831
310,333

442,628!
393,083
397,620
394,788

303,266
239,945
220,143
" " ' 943
232,

27,
29,
40,
44,

060
464
755
918

65,
67,
61,
68,

862
338
392
609

13,150
13, 761
18,110
11,687

21,240
30, 525
46, 220
25,631

898, 490
962, 505
994,331
991,181

945, 609
957, 661
987,167
985, 782

325,463
319, 342
321, 669
320, 586

320, 720
268,164
276, r "
263, 990
520, 803

151,818 58,298 68,352
131,198 73,820 28,592
129, 698 72,8811 39,390
107,151 120, 4531 3, 652
246,122 79,525j 21,793

13, 037 18, 365 1, 084,920
10,504 13, 200 1, 094,337
10,604 9,380 1,096,159
10,604 6, 830 1,117,209
125, 453 32, 660 1,125,143

930, 056 15, 553
946, 324 11, 337
965,416 21, 751
957,988' 27,794
I
1, 008, 920 985, 276 23, 644
937,456 13, 053
950, 509
969,012 16,960
985,972
952, 818 13,051
1, 211, 937 , 198, 821 13,116

Nov, 6 . ! 472,358
..
Nov. 13.. 376,341
Nov. 20.. 369, 313
Nov. 27- 371,133

221, 347
126,178
125, 940
128, 977

80,102! 16,063
74, 294
3, 098
73,754-...
73,447

132,346
158, 921
155, 619
155, 619

Dec.
Dec.
Dec.
Dec.
Dec.

130, 361
155, 277
176,173
197, 720
171, 759

62,194
83, 770
71, 359
62, 656
75, 770

Feb.
Feb.
Feb.
Feb.

6 . . . 325, 048 195,12'
1 3 . . 365,960 252, 693
20.. 268, 396 181, 727
27.. 304, 33' 222, 389

78,
72,
60,
53,

921 24, 813
369 22, 229
552 9, 803
021 13,611

26,187
18, 669
16, 314
14,691

Mar.
Mar.
Mar.
Mar.

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

349, 933
306.130
290, 218
357, 237

270, 610
224, 720
208, 136
299,173

41,
47,
33,
24,

943
955
575
896

23,
17,
10,
10,

742
321
244
925

Apr.
Apr.
Apr.
Apr.

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

288,
288,
303,
312,

033
641
270
753

235, 528
246, 735
260, 003
262, 869

20, 148 6,729
16, 563 3,845
13, 782 6,311
14,196 14,403

May
May
May
May
May

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

328, 280
340, 639
314.131
247, 365
221, 43?

247, 582
276,889
254, 372
197,325
194, 426

26, 091
12,525
11,279
15,350
11,649

June 5___
June 12..
1
June 19..
June 26.. i

253,618
301,474
284,971
362, 135

209,
225,
251,
317,

July
July
July
July
July

3...
10__ i
17..
24..|
31..;

461,006
472, 744
477,713
439, 135
435,181

425,
439,
422,
398,
385,

Aug.
Aug.
Aug.
Aug.

7...!
14.. |
1
21..
1
28..

454, 778
388,622
348,344
356,851

Sept.
Sept.
Sept.
Sept.

4...
11..]
18.J
25..|

Oct.
Oct.
Oct.
Oct.
Oct.

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

4...
11..
18..
24..
31..

396, 959
492, 392
536, 081
601,083
609,860

25, 330
61,410
46, 666
111,
,169
115,
1,975

625

810
985
845
5951

8,750
850
3,550
3,740

1,141, 865
1, 237, 079
1,211,007
1, 076,117

329, 753
332, 891
333,969
337, 985
354,854

1,142,015 ,123,938 18,077 378,361
1,192,443 , 181,405 11,038 379,458
1,132, 775 , 119, 508 13, 267 375,974
1, 002, 280 986,239 16,041 354,243

167,184 2,540 1,024,159 1, 006, 391
931, 515 1,022, 751
184,285
550
872, 525 1, 019,183
213,458 23, 925
961, 568
755,468
215,863 9,175
800,242 1, 004,370
217, 356 21, 850

1 Includes "other securities" and foreign loans on gold.




856.
923,
959,
952,

012,403
007,381
945, 777
985, 791

15,455
10,348
11,802
15, 791
18, 579

348,490
323, 352
312,489
321, 538
318,971

135

EACH FEDERAL RESERVE BANK
No.

72.—PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE

BANK, BY WEEKS—Continued
PHILADELPHIA
[In thousands of dollars]
Bills bought in United States
securities
open market

Date

Total
Bills
bills
disand se- counted
3urities»

£5
1929
Jan.2__.
Jan.9__.
Jan.16 __
Jan. 23._
Jan. 30...

121, 523
114, 723
114,949
111, 202!
114, 843!

83, 723
76,012!
73, 7971
69,172j
70,481!

16, 353 _
17, 264 L
19,705.
20,583L
22, 915|_

Feb.
Feb.
Feb.
Feb.

116,946
126,617
134,660
135, 868

70,332
80,192|
90,574
94,521

25,167!
26, 762
24,793
22,543;

Mar. 6... 132,061
Mar. 13.. 139, 503
Mar. 20.. 137,012
Mar. 27.. 142,692

91,417
98, 316
97,189
105,805

22,128
21,893
21, 712
18, 776

Apr.
Apr.
Apr.
Apr.

104,860
104,404
108, 798
113, 659

May 1... 132,138 101,862
May 8... 114,070 84,255
May 15.. 104,510 76,466
May 22.. 105, 555 76,863
May 29.. 123,913 96, 777

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

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

140,122
137,032
139,778
144,392

Deposits

Total
cash
Bought Under reserves
resale
outright agreement

Total

Federal
reserve
notes
Member Other in cirbank
dereserve posits :ulation
balances

21,447
21,447
21,447
21,447
21, 447

187,963
183,098
182,480
182, 254
182,419

140,677
138,806
141,188
137,128
135, 719

137,810
140, 239
137,617
128, 725
139, 224 l',964 127,897
136,168;
960 126, 320
134, 252j 1,467 130, 310

21,447
i 19, 663
! 19,293
18,804

184,607
181, 230
168, 934
165, 831

138, 259
131, 890
133,995
130, 661

136,188
129, 756!
132, 4011
128, 758J

18, 516
18,516
18, 111
18, 111

172, 6;
167, 235
164,152
165, 374

16,192
13, 558
11,800
12,310

19,070
19,070
18, 251
17, 226

167, 226
168,474
172, 538
165, 468

137,182
136, 284
133, 324
131,603
137,850
133, 097
140,980
137,836

135,417
135, 433
132, 284
129, 239
135, 786
132, 360
136, 626
134, 701

11,402
12,067!
10,9491
11,597!
10,041

16,939
16, 693
16,693!
16, 693!
16,693

179, 825
200, 212
205,989
201,15"
189,119

139, 335
141,094
137,664
135,134
133, 385

86, 531 9,632
76,994 10,348
71,509 9,617!
85,103 9,156

__j 16,1
; 16,447
' 16,457
;
16,455

195, 752
208,803
212, 955
203, 81"

2,071
2,134
1,594
1,903

132, 879
142, 595
139,452
140,995

1,765
851
1,040
2,364

138, 017
140,062
137, 231
145,489

2,064
737
4,354
3,135

138,927
140,131
140,411
140,405

134,107
136,775
136, 200
133,459
131, 831

5,228
4,319
1,464
1,675
1,554

141, 357
141, 589
142,262
140,646
146, 550

136, 784
138, 365
137, 235
136, 379

135,002
136, 547
135, 797
133.447
137, 267 135,143
131,671 129,934
139,6ir 137,437
137, 936 136.448
136, 621 135, 766

1,782
1,818
1,438
2,93:

140, 858
143,138
143, 744
146,474

137,163
135, 879
134, 719
137, 88"

133,956
134,489
132,800
135, 704

2,124
1,737
2,176
1,488
855
3,207
1,390
1,919
2,183

151, 629
155,919
151, 706
150, 042
151, 644
153, 742
156,156
152, 561
151,826

5,035 153,936
1,995| 151,086
793 148,688
3,767 147,282

136,634
140,900
139,539
153,850

s

June 5...
June 12..
June 19_.
June 26..

113, 258
104,191
97,985
111, 014

July 3 . . .
July 10..
July 17..
July 24.
July 31.

99,797
96,938
94,659
98, 585
95,202

75,988
74, 457
73, 588
78, 111
75, 847

7,051
5,723:
4,313|
3,716!
2,597

Aug. 7__
Aug. 14.
Aug. 21.
Aug. 28.

99,386
116,152
120,079
121,86"

78, 532
94, 327
97,496
95, 742

2,811
3,782
4,540

Sept. 4..
Sept. 11.
;Sept. 18..
Sept. 25..

124,496
119,493
118,342
111, 261

96,472 9, 546!
89, 688 11, 327
87,145 12, 735
79,387 13,870

202, 847
203,129
200, 948
206, 353

138,411
138, 296
138, 050
137,003

Oct.
Oct.
Oct.
Oct.
Oct.

109,448
106,035
113,275
109,023
135,698

75,238
72, 275
77,733
73,628
99, 730

206,414
208,020
196, 201
191,987
165,226

138, 312
139,009
141,153
137,005
134, 610

133, 376
136, 301
137, 25"
133, 236
136,104
136,466
136,968
135, 737
133, 380

Nov. 6... 144,458 108, 832
Nov. 13.. 154, 276 116,446
Nov. 20.. 134, 786 94,427
Nov. 27.. 129,115 91,184

164,858
157,999
176,136
195,215

139, 293
135,412
138, 255
136, 256

134, 382
134,108
136,172
132,725

Dec. 4 . . .
Dec. 11..
Dec. 18..
Dec. 24..
Dec. 31..

188,856
216,229
225,44"
215,079
216,192

135,829
132,468
137,042
134,194
136,12:

133,580 2,249 157, 317
131,825
643 164, 324
136,095
947 169,814
131,846 2,348 175,169
133,193 2,928 162,344

2...
9—.
16..
23..
30-.

138,905
114,995
117,098
122, 754
117,123

'•
:
!
I
!

16,4581
16,4581
16,458
16,458
16,458

99,095
73,124
70,705
73,459
65, 777

1 Includes "other securities" and foreign loans on gold.

90182—30



10

222,14'
221, 395
226, 198
222, 092
226, 489
223, 524
208, 574
199,401
202, 552

2,208
2,543
4,185
1,:
1,230
4,911
1,304
2,083
3,531

145,296
141,845
139,250
132,047
132,624

136
No.

ANNUAL REPORT OF ^THE FEDERAL RESERVE BOARD
72.—PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE

BANK, BY WEEKS—Continued
CLEVELAND
[In thousands of dollars]

Date

Bills bought i: United States
open market
securities
Total
Bills
Total
bills
disand se-1 countec Bought Und< Boughi Under cash
reserves
curities
resali
resale
outoutright agree- right agreemen
ment

Deposits

Total

Federal
reserve
notes
Member Other in cirbank
de- culation
reserve
balances posits

1929
Jan.2__
Jan.9__
Jan.16.
Jan.23.
Jan.30_.

177, 733
166,931
157.881
151,477
143, 548

91, 77.
84,70
77,171
73, 26S
70,59

52, 996
49, 268
47, 748J.
45,246'
39,995

32, 962
32, 962
32, 962
32,962
32, 962

251,133
256,133
256.841
264. 581
269,222

188, 96
188, 60
189,8i:
187, 995
187, OK

185, 823
185,434
187,070
184, 700
183, 537

3.144
3,17
2,745
~~
3,29$
3,47£

215,057
209, 648
201,677
200, 533
199,193

Feb.
Feb.
Feb.
Feb.

6..
13.
20.
27.

150, 746
155,902
145, 755
140,139 j

80, 723
89, 505
80,809
77,825

37,061
35, 5051
34,484L
32,4181

32,962
30, 892
30,462
29,896

263, 922
263, 583
268, 637
278,192

193,00£
184,036
187, 533
184, 613

188, 284
181, 788
184, 722
182,058

4,72]
2,24$
2,811
2,555

195, 780
205,976
201,459
208, 374

Mar.
Mar.
Mar.
Mar.

6..
13.
20.
27.

120,872
131, 68
131,0%
136,443

62,134
73, 625
76,902
83, 750

29,178.
27, 672 L
24,8821.
23, 3781.

29, 561
29, 561
29, 315
29, 315

299,078
294,027
282,023
281, 570

190,16€
191, 542
185,998
183,084

188, 035
189, 295
183,972
181,313

2,13
2,24'
2,02(
1,77J

204,518
207, 615
201, 544
208, 588

Apr.
Apr.
Apr.
Apr.

3__
10.
17.
24.

142, 33£ 89,928
159,47/ 110,145
136,93£ 89,823
115.95S 75,078

21,938
18,859

30,473
30, 473
29,511
28, 308

274,474
257,197
273,105
299, 301

187, 571
180,06€
179, 727
181,12-

184, 778
178,414
177,078
178,489

2,795
1,655
2,64!
2,63,

203,925
209, 695
205,155
209, 344

May
May
May
May
May

l._
8..
15.
22.
29.

133, 92S
132, 523
128, 6.63
129,602
133, 23C

90, 215
95, 644

12,991
12,655
12.003J
11,722
9,921

27,962
27, 665
27, 665
27, 665

292,013
291,465
290, 632
291,612
288, 690

195,138
187,84:
185,779
189,359
183, 826

190, 671
184, 719
183,338
186, 729
181,05f

4,46'
3,122
2,441
2,630
2,774

205,620
206,675
207,019
203,921
208, 507

June 5_ _'
June 12_
June 19.
June 26..

132,
134,
117,
119,

93,
98.
82,
85,

29,150
28, 671
27, 966
27, 375

280,496
290,138
294, 390
303, 769

183,948
189.048
188,126
189,04

181, 297
185,330
181,037
184,965

2,651 202, 595
3,718 207,709
7,089
4,079 205, 571

July 3 . . .
July 10..
July 17..
July 24..
July 31..

121.956
120, 652
113,902
106, 454
104, 209

5,093....
3.687L —
2,852
3,986
3,691

27, 365
27, 365
27, 365
27, 365
27, 365

300,501
301, 984
305,440
311, 264}
310,1941

2,2651, 909 _
2, 695 5, 240 _

29, 092L
29, 092L
29,092L
29, 677

312,262j
294,400!
309, 071!
314, 9091

190,413 187, 297 3,116
185, 282 181,913 3,369
190,829 188,005 2,824
189, 515 186, 735 2,780
190, 794 187,825 2,969
187,490 184,438 3,052
192,178 188, 512 3,666
190, 321 187, 264 3,057
193, 900 190, 829 3,071

193,718
197,116
192,943
194, 876

6, 709 .
12,012_
14,343.
16,150 -

29,677
29, 677|
29, 677
29,007

303, 756
291, 801
276,880
283, 399

192, 260
191,814
194,784

186,450
188, 922
190,087
190, 511

4,691
3,338
1,727
4,273

192, 402
191, 829
184,078
185,932

Aug.
Aug.
Aug.
Aug.

35S
540
288
740

91,34'
91, 508

527
231
539
476

89,600
83,685
75,103
73,153

7... 99, 322 67,965
14.. 125, 361 94, 360
21.. 104, 877 73,090
28.. 104,483 69, 566

15,726

9,681
7,6381—
6,783 !
6,889:

.

203, 238
201,418
198,905
194,728

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

111,
119,
119,
127,

Oct.
Oct.
Oct.
Oct.
Oct.

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

79, 713
L53! 108 91, 823
[51,918 84, 638
L62,057 90,945
L95, 820 122, 972

25.8201
33, 37li
37,866
41, 698
40,461

29,007
27, 914
27, 914
27, 914
30, 887

262, 523
242,909
239, 496
230, 345
197, 280

192.049
183,856
188, 624
186,171
190, 082

188,924
181, 570
186,962
184, 526
187, 717

3,125
2,286
1,662
1,645
2,365

179,994
182, 362
177, 601
176,388
174, 528

Nov.
Nov.
Nov.
Nov.

6— 201,141 127, 627
1 3 . . 188, 583 131,615
20. _ .74, 270 118, 241
27— .56, 246 104,947

41,127
39, 739
38,800
34,070

30, 887
15, 729
15, 729
15, 729

189, 285
195, 886
207, 809
245, 750

187, 566
175,140
178,131
186,376

182,079
172,689
175, 477
181, 544

5,487
2,451
2,654
4,832

172,435
179,111
175,474
184,129

^52, 983 105,916
.49, 320 102, 774
.60, 713 94,450
.50,908 97.136
.31,197 76, 719

29, 838
27, 470
29, 032
24,654
23, 499

15, 729 .
17, 576
35, 731
27, 618
29,479

247, 328
253,083
245, 740
254,346
262,877

187, 507
182, 026
186, 053
182, 086
177,976

183,805
179, 292
183, 326
177,027
173, 739

3,702
2,734
2,727
5,059
4,237

183, 531
190,081
191,815
202, 732
188,198

Dec. 4 . . .
Dec. 1 1 . .
Dec. 1 8 Dec. 24 __
Dec. 3 1 -

801
946
802
292

75,415
78, 257
75, 782
82.135

i Includes "other securities" and foreign loans on gold.




191,141

137

EACH FEDERAL RESERVE BANK
No.

72.—PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE

BANK, BY WEEKS—Continued
RICHMOND
[In thousands of dollars]
ills bought in
>pen market
(

otal
bills
id seiritiesi

Date

Bills
dis>unted

Jnited States
securities

Deposits

Total
cash
Under reserves
Under
ought resale bought resale
outoutagreeagreeright
right
ment
ment

Total

/lember
bank
•alances

1929
Jan. 2 —
Jan. 9 —
Jan. 16—
Jan. 23—
Jan. 30—

74,416
66,41''
63, 219
63,086
62,489

46, 284
40,284
38,319
39, 676
39,483

24,705
22,703
21,473
19,983
19, 579

3,427
3,427
3,427
3,427
3,427

88,044
89,316
88, 361
87,690
90,955

72,976'
71, 868
69, 559'
70,303 ;
72,871

71,264
71,204
68,465

Feb.
Feb.
Feb.
Feb.

6.13..
20..
27.-

60, 353
53, 765
,46C
59,84f

39,438
35,035
41, 207
43,160

17,488
15,955
15,613
14,218

3,42^
2,775
2,640
2,462

90,916
96, 410
91, 559
91, 786

71,373

Mar.
Mar.
Mar.
Mar.

6.13..
2027-

57,298
56, l l r
54,999
59,023

41, 248
40,925
41, 726
44,914

13, 695
12,483
10,917
11, 753

2,356
2,356
2,356
2,356

Apr. 3_.
Apr. 10.
Apr. 17.
Apr. 24.

62,29:
59, 321
66, 22C
61,648

49, 55€
47,48/
55, 216
51,544

10,379
9,478
8,610
7,940

May 1_May 8 May 15_
May 22.
May29.

63,18:
62,06
63,60S
68,47£
64, 51i

54, 361
54,456
56, 53]
61,35,
57,97:

June
June
June
June

5-.
12.
19.
26.

63, 53
62,231
56, 52
58, 52€

July 3—
July 1O_.
July 17..
July 24..
July 31..
Aug.
Aug.
Aug.
Aug.

Federal
reserve
notes
»ther in cirde- culation
)osits

70, 082

1,712
664
1,094
1,492,789

85, 877
81,942
80,415
78,661
77,150

70, 703
69,033

69,
68,
67,
67,

560
786
721
676

1,813
l,91r
1,312
1,918

77,393
75,653
75,624
74, 620

96, 582
92, 859
92,174
89, 271

72, 703
69, 885
67,202
67, 568

70, 728
69, 086
66,652
65, 627

1,975
799
550
1,941

74,118
72, 774
71,722
71, 742

2,356
2,356
2,113
1.""

84, 836
86, 543
77,965
83,953

69,34
67,983
68, 84r
69,163

68,362
67, 575
66, 09r
66,27

979
408
2,744
2,887

71,532
70,270
69,004
68, 016

6,327
5,509
5,269
5,311
4,734

1,
1,809
1"~
1,809
1,

82, 053
79,422
72, 636
76, 636

69,93
69, 50]
68,182
66,662
67, 804

65,828
67, 243
65, 76£
64,938
64, 848

4,108
2,258
2,418
1,724
2,955

67,881
68, 035
66, 542
66,163
66,091

57, 20,
56,38'
51,02'
53, 31!

4,518
4,046
3,690
3,398

1,809
1,809
1,809
1,809

79,
78,
86,
87,

67,002
71, 52C

67, 887
65,13C
65, 33f
64,32:

905
1,936
1,666
7,198

65,741
64,948
65, 221
64,993

59,69i
61,08i
61,81
63,39

54, 77
55,70!
58, 07!
57,98:
59, 54

2,803
2,178
1,203
2,023
2,036

1,809
1,809
1,808
1,808
1,808

87, 660
86, 394
88,487
90, 611
91,468

70,123
64, 566
67,97
67,6;
68, 228

67,19!
61,94i
67, 021
66, 661
65,851

2,92£
2,62"
952
1,006
2,37,

67, 264
74, 517
74, 313
74,813
76,300

57,9'
61,1'
63,8?
66,01

54,6857, 51
59,971
61,12(

1,
1,843
2,104
3,083

1,808
1,809
1,808
1,808

99, 241
95,188
93, 518
89,424

70, 59!
68,38:
68,82:
67,30

68,02'
65, 23'
65,971
64,9"

2,57:
3,14!
2,843
2,327

78,131
78,300
78, 242
78, 529

65,9
68,2]
68,1
65,8C

61,18
60,7*
59,48
56, 0C

2,956
5,619
6,800
7,990

1,808
1,808
1,809
1,808

92, 745
87,938
89,382
94,834

67,84,
65, 45'
69,06!
73, 23:

66, 66!
64, 54;
68,4
64,396

1,177
914
64!
8,84:

81,908
81, 225
80,025

Oct. 2...
Oct. 9—
Oct. 16Oct. 23Oct. 30-

65,9:
68,3;
71, Of
76,3C
75,81

51,67(
49,96:
52,03:
55,14:
53,94:

1,808
1,808
*1, 80!
1,801
1,80

88, 29;
84, 068
91,872

77,2C
66,88
67,88
66.02
72,0<J

66,744 10,46
63,856 3,02
66, 574 1,30'
64, 303 1,72
69,259 2,83i

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

67,3
69,2i
75, 0;
71,6!

45,6!
48,li
54,L
52,6

12,493
16, 541
17, 214
19,353
20,064
19,874
19, 296
19, 077
17, 231

1,80
1,80
1,80
1,801

102, 054
100, 66

65, 28
70,0
65,836!
69,118

63, 598
67,114
63, 721
63, 630

1,68,
2,90;
2,lli
5,48!

80,964
8249£
,
84,41C
85, 752
86, 55C
88,63/
90,39(
92,535
94,291

Dec.
Dec.
Dec.
Dec.
Dec.

61,658,65,1!
64,5!
61,8;

43,4C
37,98
40,45'
40, 84'
38, 93

16,432
16, 239
17,922
14, 948
13,336

1,80!
4,561
6,81!
8,80;
9,551

110,098
108, 802
106, 593
113,56!
105, 20'

69,139
64,712
66, 596
69,953
67,309

66,406
64, 240
66, 033
66,051
64, 742

2,73
4T
56;
3,90:
2,56'

95,12i
94, 76;
97,45'
101,991
98, 671

714.
21
28

Sept.
Sept.
Sept.
Sept.

4.
11.
18.
25.

4.
11.
18.
24
31

} Includes foreign loans on gold.




227
534
424
576

67, oee

138
No,

ANNUAL REPORT OF THE

FEDERAL RESERVE BOARD

72.—PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE

BANK, BY WEEKS—Continued
ATLANTA
[In thousands of dollars]

Date

1929
Jan. 2___.
Jan. 9....
Jan. 16..
Jan. 23_.
Jan. 30Feb. 6—
Feb. 13..
Feb. 20..
Feb. 27..

Bills bought in United States
open market
securities
Total
Bills
Total
bills
discash
and se-1 counted Bought Under Bought Under reserves
curities
resale
resale
out- agree- out- agreeright ment right ment

31,877
29, 771
26, 932
25,329
24,217

4,950
4,859
4,875
4,870
4,875

86, 532 59,465 22,162
56,980 19, 760
78,870 55,152 19, 716
75,372 52,489 19,058

95,297
89,886
90,912
89,656

55, 278
60, 338
57, 750
60, 713
60, 564

Deposits

Total

Federal
reserve
notes
Member Other in cirbank
de- culation
reserve
balances posits

3,559
3,158
1,130
1,035
2,521

118,488
113, 584
113, 694
109,824
113,873

71,600!
70,483!
68,482
67,413
68, 782

68,041
67,325
67,352
66,378
66, 261

4,905
4,249
4,002
3,825

118, 538
129, 059
123, 508
132,886

69,211
71, 561
65,804
69,389
69,824
67,463
67, 743
69, 277
66, 774
67,158
68, 571

67,098 2,113 129,235
69,445 2,116 128,928
766 130,167
65,038
67,195 2,194 130, 580
67,257 2,567 138,155
577 137,671
66,886
608 137, 221
67,135
67, 983 1,294 135,726

329
329
329

134, 625
131,375
129, 674
128,207
127,196

Mar.
Mar.
Mar.
Mar.

6...
13.
20.
27.

73,032
67,806
63,980
64,126

55,370
51,568
48, 634
49,940

13, 932
12,221
11, 685
10,410

3,730
3,722
3,661
3,776

141, 592
144,283
146,813

Apr.
Apr.
Apr.
Apr.

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

73, 775
72,136
78,923
79, 908

59, 592 10,176
57, 536 10,600
66.048 8,886
67,374 8, 861

4,007
4,000
3,751
3,371

136, 615
136, 579
129,045
126, 655

May
May
May
May
May

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

87, 788
85, 922
84,119
84, 563
82, 521

76, 511
74,530
72, 775
73,196
71,398

7,454
7,995
8,183
8,216
7,982

3,242
3,149
3,161
3,151
3,141

118, 660
118,908
121,038
117, 809
119,888

67, 985
67,061
68, 591
65, 605
65, 062

66,073
64,951
67,379
63, 612
63, 463

June 5...
June 12..
June 19..
June 26..

88, 592
81, 320
69, 256
62, 757

77,054
69, 584
58.049
52, 592

8,023
8,464
7,967
7,081

3,515
3,272
3,240
3,084

114,118
119, 966
132,428
137,283

66, 443
66,380
66,216
68, 604

64, 345
132,085
64, 480 1,900 128,978
63, 060 3,156 127,832
63, 641 4,963 125, 562

July
July
July
July
July

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

74, 062
77, 263
76,199
78, 640
80, 956

65,231
68, 931
67,891
69, 655
72, 332

5,738
5,236
5,219
5,890
5,568

3,093
3,096
3,
3,095
3,056

129, 478
130,138
137, 067
135,327
132, 974

65,460
67, 346
62,690
60, 531

63, 262 3,627 128,140
61, 512 3,948 136, 417
420 141, 434
66, 926
60,724 1,966 148,487
587 149, 748
59, 944

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

81,974
80,492
82, 274
83,892

74,069
72,815
73, 934
73, 553

4,817
4,584
5,279
6,973

3,
3,093
3,061
3,366

138, 099
137,499
133, 531
133, 274

63,170
63,010
61, 473
60,360

60, 959
61, 428
59, 667
58, 583

Sept.
Sept.
Sept.
Sept.

4..
11.
18.
25.

87, 935
90,247
80, 578
80, 534

76, 377 8,179
73,985 12,884
62,143 15,044
62,163 14, 952

3,379
3,378
3,391
3,419

139, 420
131, 584
141, 374
143,114

64, 737
63,119
61,992
68,047

60,537 4,200 159,322
61, 308 1,811 157, 983
773 156,102
61, 219
62,027 6,020 154,455

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

86, 720
82, 719
78, 845
83,013
89,114

64,367
57,310
52,347
53,587
58,987

18, 943
22,037
23, 082
25,960
25,074

3,410
3,372
3,416
3,466
5,053

138,066
140,801
146,493
143,045
138,828

68,619
66,001
67, 629
66, 794
65,273

62, 214
63,344
63,211
63, 772
63, 276

6, 405
2,657
4,418
3, 062
1,997

153,834
153,105
153,393
153, 699
157,135

92, 716
88,630
88, 707
87, 709
78, 649
71,923
70,377
64, 747
58,488

25,233
56, 222 23,614
56,384 23,351
58,484 20,342

6,814
8,794
8,972

132, 758
137,087
131, 584
133, 801

65, 791
66,482
62,184
64,369

2,828
64, 566 1, 916
60,128 2,056
61, 682 2,687

156,055
154,009
152, 767
149,301

18,823
18,395
18, 774
18, 218
19,196

8,783!
11,843
8,828
9,945

141,384
144, 413
150,529
153,456
153, 516

63,990
62, 519
64,030
62, 746
65,763

61,456 2, 534 149,049
797 146,016
61, 722
63,588
442 146,351
59, 855 2,891 149,606
62,895 2,868 143,084

Oct.
Oct.
Oct.
Oct.
Oct.

Nov.
Nov.
Nov.
Nov.

6...
13.
20.
27.

Dec. 4...
Dec. 11..
Dec. 18..
Dec. 24..
Dec. 31..

50, 996
44, 745
39, 760
37, 701
29,347

i Includes foreign loans on gold.




65,339 1,435 136, 216
488 134, 610
66, 670
2,675 133,709
65, 563 1,105 132, 796
1,912
2,110
1,212
1, 993
1,599

2,211
1,582
1,806
1,777

132,157
132, 693
131, 945
131, 497
130, 569

153, 380
151, 803
151,194
154, 003

139

EACH FEDERAL RESERVE BANK

No. 73.—PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE

BANK, BY WEEKS—Continued
CHICAGO
[In thousands of dollars]
Bills bought in

open market

United States
securities

Deposits

Total

Date

Total
bills
cash
disUnder Bought Under reserves
and se1 counted Bought
resale out- resale
curities
outagree- right agreeright
ment
ment

Total

Federal
reserve
notes
Member Other in cirbank
dereserve posits culation
balances

1929
Jan. 2.. .
Jan. 9...Jan. 16....
Jan. 23....
Jan. 30. ._

248,809
203,923
224, 678
235,283
216, 833

173,850
128,404
147, 365
155, 699
137, 689

36,230
38,178
38,931
40, 658
36,910

3,264
3,501
4,497
4,616
6,354

33,135
33,135
33,135
33,135
33,135

2,330
705
750
1,175
2,745

470, 601
484,105
461,811
434,398
444,940

363,350
357,180
367,857
360, 784
353,353

358,130
351,941
363,301
357, 880
349, 665

5,220
5,239
4,556
2,904
3,688

321,671
304,930
292,314
280,591
275,171

Feb. 6 . . .
Feb. 1 3 Feb. 2 0 Feb. 27..

226, 557
231,254
258,191
271,124

150, 712
162,412
189,202
206,130

36, 625
34,769
36,426
34,495

5,605
4,671
3,062
2,927

33,135
29,352
28, 566
27, 532

480
50
935
40

440,329
440,100
401,272
404, 849

356,092
349,112
347,333
360,290

352, 564
344,701
342,167
353,413

3,528
4,411
5,166
6,877

274,126
275, 958
276,945
278, 561

Mar. 6—
Mar. 13.Mar.20__
Mar.27-_

270,884
273,881
284,955
226,886

209, 649
214,147
237,173
184, 680

31, 742
26,051
18,170
13,313

1,897
1,821
2,978
1,419

26, 921
26, 981
26,509
26, 509

675
3,845
125
965

397,005
391, 530
378, 018
440,398

352,185
352, 428
349,274
346,062

348, 576
350, 486
347,188
340, 962

3,609
1,942
2,086
5,100

281,345
277, 633
279, 967
284,987

Apr.
Apr.
Apr.
Apr.

243, 847
172,004
156,579
144,203

204, 755
133, 064
118, 514
112,185

8,516
6,153
4,527
2,335

1,858
2,664
2,201
751

28, 618
28, 618
26,864
24, 672

100
1, 505
3, 635
3,200

428, 906
505,831
531,476
542,981

341,102
342,601
351,156
347, 266

336, 784
339, 890
343,422
340, 857

4, 318
2,711
7,734
6,409

296, 477
298,917
300,921
302,818

May 1—
May 8—_
May 15May 22..
May 29..
June 5__.
June 12..
June 19-.
June26_.

145,976 110, 725
130, 738 95,318
125,450 88, 504
138,055 98, 721
187, 358 149,264

3,183
4, 631
6,764
8,846
9,697

3,796
3,818
3,882
3,888
3,292

24,041
23, 500
23, 500
23,500
23, 500

2,190
2, 600
2,800
3,100
1,605

545, 347
557, 735
559, 703
546, 971
498,995

349, 770
346, 831
346, 607
335, 715
343,143

340,106
339,276
341,717
330, 831
338, 535

9, 664
7, 555
4,890
4,884
4,608

305,143
306,035
304,599
305,411
307, 265

178,835
157, 659
186, 772
170, 345

139,950
120,138
151, 621
137, 686

9,258
8,530
6,128
5,383

2,089
2,561
2,114
2,392

25, 988
24,425
24,054
22, 959

1,550
2,005
2,855
1,925

509, 333
528,703
504,359
523,137

344,155
345,737
351,229
348, 644

339,830 4, 325
341, 429 4,308
338, 804 12, 425
339,957 8,687

309, 593
305, 488
306, 570
308,061

July 3 . . .
July 10..
July 17.July 24..
July 31-_
Aug. 7...
Aug. 14Aug. 2 1 Aug. 28—
Sept. 4...
Sept. 1 1 Sept. 1 8 Sept. 25..
Oct. 2__.
Oct. 9 . - .
Oct. 16-.
Oct. 23_.
Oct. 30. _

165, 810
171,715
152, 289
135, 539
148,985

133, 580
139,521
121,037
101,920
114,205

4,911
4,286
3,907
5,221
4,526

2,965
3,839
4,031
4,505
4,956

22,959
22,959
22, 959
22, 959
22, 959

1,395
1,110
355
934
2,339

546, 610
550,120
571, 252
588, 638
573,054

354,158
339, 575
348, 463
353,888
354, 316

350, 744
335, 686
344, 365
349,248
350, 012

3,414
3,889
4,098
4,640
4,304

322, 849
349. 600
340, 884
334,425
330, 798

154,484
161,181
159,381
156,015

118, 456
126, 340
121,926
115, 523

4,366
5,159
7,576
10, 510

5,637
4,157
3,906
4,257

24, 843
24,843
24,843
25, 565

1,182
682
1,130
160

584,149
568,471
565,728
565, 555

369,891
361, 602
354, 686
352, 774

361, 620
356,368
350,472
848, 442

8,271
5,234
4,214
4,332

332, 703
329, 521
330,416
328, 555

131, 392 91,187
143,092 93,851
163,608 113,419
154,436 102, 221

9,919
16, 601
19,148
22,376

3,746
5,765
4,191
4,000

25, 565
25, 565
25, 565
24,884

975
1,310
785
455

578, 609
570,677
538, 827
551,072

341, 320
355, 348
350, 278
357, 455

337,159
351, 219
341,377
351,825

4,161
4,129
8,901
5,630

331,529
322,486
317, 588
312,324

212,968
194,242
229,156
170, 822
182,123

151,112
123,918
150,238
93,916
106, 282

32, 232
41,869
47,766
47,882
45, 640

4,055
4,199
5,276
2,358
367

24,884
23, 691
23,691
23, 691
27, 654

185
65
185
975
180

491,551
500,959
469,967
533,928
534,774

356,809
350,163
361, 528
366,602
379,131

350, 526
346,464
357,979
360, 692
372,160

6,283
3,699
3,549
5,910
6,971

309,679
307,325
303,805
302,448
300,808

Nov. 6—
Nov. 13..
Nov. 20Nov. 27..

194, 834
244, 602
216, 877
247,180

112,184
159,108
129,374
165,998

45,525
44,078
40, 582
35,199

1,867
1,941
2,644
1,706

32, 233
37,020
41,982
41,982

1,025
455
295
295

520,036
456,790
483,525
456,729

378,465
359, 791
357,428
353, 259

367,371 11,094 303,386
357,063 2,728 304,255
353,065 4,363 305, 902
346, 337 6,922 310, 258

Dec. 4 . . .
Dec. 11..
Dec. 18..
Dec. 24..
Dec. 3 1 -

242, 680
208, 864
219, 605
250,284
220, 575

159,114
119, 435
118,737
143,832
112, 668

29,807
32, 634
36,056
33,461
32, 530

3,568
3, 201
3,558
5,232
5,031

47,936
52,019
59,404
65, 919
68,400

255
75
350
340
446

469,434
482,337
463,813
437,774
453,700

356,229
341,943
345,155
344, 532
336,484

351,684
340,504
343,068
340,242
331,302

1

3—
1017..
24-

Includes "other securities" and foreign loans on gold.




4,545
1,439
2,087
4,290
5,182

315,601
311,200
309, 689
317, 602
304,538

140

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 72.—PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE

BANK, BY WEEKS—Continued
ST. LOUIS
[In thousands of dollars]

Date

Bills bought in United States
open market
securities
Total
Bills
Total
bills
discash
and se-1 counted Bought Under Bought Under reserves
resale
curities
resale
out- agree- out- agreeright ment right ment

Deposits

Total

Federal
reserve
notes
Member Other in cirbank
de- culation
reserve
balances posits

1929
Jan. 2—.
Jan. 9-.Jan.16_.
Jan. 23_.
Jan. 30_.

70,755
66,703
64,161
71,365

38,540 11,172
35,319 10,341
34,996 8,122
41, 939 8,383
65, 293 35, 796 8,4551

21,043
21,043
21,043
21,043
21,042

91,464
91,698!
90,381
83, 726;
88, 278

88,527
87, 598
84,471
85,599j
84,919

2,013
1,579
1,417
1,712
2,012

64,120
61,912
61, 258
60, 304
60,056

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

69, 267 39,052 9,172
61,181 32,311j 9,093:
71, 719 41,8081 10,397.
66,726 37,887 9,671

21,043
19,777
19, 514
19,168

85,944
93, 396!
82,368
87,806|

60,091
59, 748
60,144
60,049

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

68, 794
69, 503
78,000
81, 629

40, 786
41, 385
50, 565
54,154

9,045.._.
8,853.-.
8,372.-_.
8,412|

18,963
18,963
18,825
18, 825

84, 277
82, 014
71,751!
68, 0111

86, 508 84, 524 1,984
86,534
84, 737 1, 797|
83,731
81, 787 1,944
84,940 I
82, 316 2,624|
83,429
79,903 3, 526!
80,031 3,005!
81, 323 78,842 2,48l!
81, 231 78,000 3,231!

60, 303
59,251
58,921
58, 301

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

75,367
60,834
65, 705
57,028

6,837
5,854
4,480
2,492

237

73.860
87.861
84,478
92, 452

81,464
81,661
81,4201
82,185!

78,177
78,978
77,171
78,080

3,287
2,683
4,249
4,105

58,094
57,366
57, 651
57,120

May
May
May
May
May

1...
8—
15..
22..
29..

60,678
60,435
63,190
68, 763
65,900

10,625) 713
13,625 713
13,625! 713
13,625!
13,625

86,970
87,878
82, 244
79, 618
83, 202

79,901
80,94l!
80,0711
80,12lj
81, 791!

75,958
77,124
76,460
76,102
78, 312

3,943
3,817
3,611
4,019
3,479

57, 558
57, 725
57,886
57, 788
57,973

June
June
June
June

61,168
47,855
53,855
47,102
I
47,3331
44,652
47, 700
53,996
51,157
51,432

870
684
448
303

6,500
11,625
11,625.
16,6251.

88, 596
87, 646
87, 309
80, 813

79,893
81,165
78,106
80,137

75,970
77, 230
75,223
76, 318

3,923
3,935
2,883
3,819

58,192
57,033
57,132
56,424

July
July
July
July
July

58,802
58,657
58,765 46,692
65,866 48,938
3 . . . 67, 296 53,414
10. _ 65, 070 51, 258
17.. 72, 716 58,904
24. _ 72, 762 58,938
3 1 - 77,949 64, 218

257
187
187
199
106

13, 625
13, 625i
13, 625]
13, 6251
13, 625: _

81, 249^
84,470
77, 612i
73, 662!
70, 533 j

80, 5911
78,034
79, 584
77,991
78, 627(

78,176
76, 329
77,922
76,447
77,078

2,415
1,705
1,662
1,544
1,549

57,014
62,056
61, 348
60,442
61,150

Aug.
Aug.
Aug.
Aug.

7—1
14.. |
2128._

61,4801
66, 222
73, 379
68,807|

61, 398
66,140
73, 297
68, 656

82
82
82
151

89,4281
84,445
75,930
81, 659

80,4921
79,933
78,134
78,688

79,06:
78,116
76,167
76,831

1,425
1,817
1,967
1,857

61, 705
61,490
62,099
62, 218

4__
1118..
25..

75,318|
70, 377
70,914
70, 597

75, 214
70, 314
70, 851
70, 555

104
63
63
42

78,000!
80, 308;
77, 683!
77,986

76, 314
78,903
76, 781
75, 3621

1,1
1,405
902
2,624

64, 761
66.189
68,134
70,571

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

72, 648
60,079
56, 773
59,992
64,851

72,606
51,412|
48,106
51, 325
54, 355

8,625
8,625
8,625
10,454

75,835
84,455,
84, 566J
89, 695|
90,722
107,406
119.462
118, 795:
113,654i

76,328
78, 785!
79,490!
79,919
78, 345

995
1,307
602
912

74,277
77, 442
82, 688
86, 066
88,219

Nov. 6—
Nov. 13. J
N o v . 20..'
Nov. 27..I

58, 765
65,497
68,075
58,894

46,156
50, 674
50,962
41, 781

12,567
14,781!
17,071
17,071

122, 053'
116, 205;
113,150
123, 674

78,154
79, 780
80, 797
80,521
79,257
81, 693!
80, 559
78,628|
79, 560|

79,148!
79, 560i
76,777;
78,186!

2,545
999
1,851
1,374

90,667
91,880
92, 268
92.025

Dec.
Dec.
Dec.
Dec.
Dec.

57, 330
53, 730
69, 765
63,480
57, 035

37, 395
29,824
28,625
28,618
17,938

19,819
21, 703'
35,112!
28,119!
29. 266;

126, 367!
127,605!

80, 794!
79, 345
78, 650
79, 591|
81,495

78,405
78,683!
78, 003i
77, 502!
79, 771

92,860
662 92,198
647 94,031
97, 717
1,724 94, 744

5__.
12_.
19_.
26_.

Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.
Oct.

1

4...I
11. J
18. J
24..!
31.-1

1,411
1,191
1,152
1,142
1,118

42
42
42|,
4:
42'

116'
2, 203
6,028|
6,743
9,801

7,125
7,125
7,125
7,125

238
238

Includes "other securities" and foreign loans on gold.




112,101

118, 593
125.463

86, 514
86,019
83, 054
83, 887
82,907

141

EACH FEDERAL RESERVE BANK
No.

72.—PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE

BANK, BY WEEKS—Continued
MINNEAPOLIS
[In thousands of dollars]

Date

Bills bought in United States
open market
securities
Total
Total
bills
Bills
cash
and se- disUnder Bought Under reserves
curi- counted Bought resale
resale
outoutties i
right
right agreement
ment

Deposits

Total

Federal
reserve
notes
Member Other in cirbank
de- culation
reserve
balances posits

1929
Jan. 2....
Jan. 9___.
Jan.16_.
Jan 23._.
Jan. 30...

43,670
44,444
45, 303
43,460
39,110

9,457
12,133
13, 342
13,362
10,455

21, 671
19, 829
19,979
18,416
16,973

10,907
10,907
10,907
10,907
10.907

79,998
78, 566
77,078
75,935
78, 556

56, 734
56,125
55, 719
54, 510
52,611

54, 634
55, 345
54, 207
53, 582
51,463

2,100
780
1,512
928
1,148

64, 760
63, 280
61,979
60, 274
59,970

Feb.
Feb.
Feb.
Feb.

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

40,486 12,976
36,101 11,483
34,404 9,465
40, 576 16,450

15, 777
13, 838
13, 357
12, 805

10.908
9,955
9,757
9,496

82, 228
80,767
79,089

55,169
52,405
49,803
53,643

53, 679
50,612
48,623
52,105

1,490
1,793
1,180
1,538

61,179
61, 275
61,420
61,655

Mar.
Mar.
Mar.
Mar.

6-.
13..
20.
27.

37, 389 14, 596 11,451
37, 284 16,037 9,702
36,913 17, 535 8,121
3 3 , ••••
14,323 8,328

9,342
9,342
9,257
9,257

86, 746
85,385
85, 887
92, 757

54,119
53, 268
52, 879
55, 323

3_10.
1724_

31,260
36,470
39, 508
40, 355

13,110
18,743
22, 577
24, 235

6,363
5,940
5,421
5,119

92,025
86, 618
81, 294
82, 740

51, 571
52,297
51, 293
52, 563

May
May
May
May
May

1__
8...
1522.
29_

37,116
31,132
30,623
30, 712
30, 273

22, 370
16, 621
16, 369
16, 766
16,838

3,682
3,755
3,651
3,403
2,876

9,787
9,787
9,346
8,794
8,665
8,586
8,603
8,543
8,559

1,223
958
810
1,221
1,155
751
1,240
1,736

63,506
62.912
63, 574
63,875

Apr.
Apr.
Apr.
Apr.

55,342
54, 226
53, 689
56, 544
52, 726
53,048
52,533
54, 299

85,458
91,854
88.817
88,020
88.818

53,496
52,911
51,107
50,001
51,068

51,925
51,600
50,036
48,897
49, 740

1,571
1,311
1,071
1,104
1,328

63, 719
64,351
63.386
63,053
62,148

June 5_June 12.
June 19.
June 26.

31,127
30,497
31, 871
28, 592

14, 931
14,866
16, 635
13,385

2,864
2,678
2,528
2,344

9,232

88,376
89,101
86,995
92, 668

51,720
53,128
50,709
53,483

50, 271
51,072
50,038
51,838

1,449
2,056
671
1,645

62,700
61,924
62,431
62,349

July3_July 10_.
July 17 _.
July 24 _.
July 31 _.

28, 788 13,916
14,912
31,308 17, 872
35, 064 21, 302
33,936 20,240

1,990
1,500
1,277
1,747
1,664

9,032
8,431
8,559
8,415
8,432

55,409
52,533
52,050
55, 731
53, 251

53,145
50, 680
51,102
53,938
51,958

2,264
1,853
948
1,793
1,293

65,063
69, 391
66, 708
64,947
64,332

Aug.
Aug.
Aug.
Aug.

34,173
36,993
37,474
42,923

19.968
23,05:
23,315
27, 990

1,597
1,382
1,503
1,997

9,008
8,959
9,056
9,186

97,167
97, 573
91,469
90, 650
88, 505
88,878
85, 383
83, 766
81, 578

52,866
53,646
51, 065
54, 422

51, 446
52,162
50,086
53,185

1,420
1,484
979
1,237

64, 720
64, 277
64,933
65,132

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

44,984
48, 797
51, 503
54, 761

30,140
32,099
34,510
37, 316

1,736
3,768
4,496
5,137

9,358
9,180
9,247
9,058

82, 552
79,108
75, 640
73,047

53, 691
55,123
54, 026
56, 216

52,097
53,401
53,038
54, 222

1,594
1, 722!
988
1,994

68,260
67,455
67,841
66,923

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

61,181
60, 535
60,932
60,952
53,461

41, 413
42,035
43,147
43,286
36, 504

7,572
6,610
5,482
4,557
4,091

8,946
8,610
9,023
8,823
8,610

68, 237
67, 538
68,447
65, 323
75, 659

56, 533
54, 965
56, 612
55,188
57,952

54, 353
53, 704
55,157
53, 843
56,397

2,180
1,261
1,455J
1, 3451
1, 555|

68,200
67,638
67, 529
68, 347
66,837

Nov. 6_.
Nov. 13.
Nov. 20.
Nov. 27.

49,471
48, 273
43,051
44,047

32, 551
30, 377
24.969
27,531

3,629
3,352
2,894

8,776
10,011
10,457
9,924

83,044
83,121
79,118
79,463

59,909
59,089
52,051
53, 566

57,895
57, 297
50, 720
52,529

2,014 67,764
1,7921 66,736
66.913
1^037 65,200

Dec. 4..
Dec. 11_
Dec. 18_
Dec. 24.
Dec. 31.

48,156
37,978
42,176
28, 515
33,806

29,894
20,780
15, 814
7,415
10,177

2,811
3,412
4,804
4,791
6,636

11, 753
12,433
21,456
16,189
16,873

80,024
86,833
83,141
98,717
95,197

56, 777
55,080
55,492
55,967

54,981
53,966
54,871
54,312
56,8611

1,796 65,770
1,114
621
1,655 68, 211
2,537 66,856

7_.
14.
21_
28.

8,853
8,858
9,013

i Includes "other securities" and foreign loans on gold.




65,239
64,638
63,954
63,516

142

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 72.—PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL
BANK, BY WEEKS—Continued

RESERVE

KANSAS CITY
[In thousands of dollars]
Bills bought in United States
open market
securities

Total
bills

Date

1929
Jan. 2...
Jan. 9...
Jan. 16-.
Jan. 2 3 Jan. 30..

Bills
and se- disUnder!
curi- counted Bough resale Bought
ties!
outoutagree- right
right ment

53,47l
48, 56:
53, 39<
52,31
50, 76:

40,199
34, 257
36, 111
32,841
31,1261

1,264
2,29:
5, 27,
7, 45'
8,372

9, 763!
9, 763;
9, 763i
9, 763!
9,763,1.
9,763.
9, 763
9,763
9,763

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

36, 745 9,12c
30, 79C 9,62:
31,""" 11,53!
29, 30£ 9,892
53, 725 32,437 10, 025
52, 233 31,199 9,521
54, 91 33, 730 9,891
51, 901 30, 283 10, 325

Apr.
Apr.
Apr.
Apr.

3..
10.
17..
24.

58.188
55, 978
59, 924
61,396

38, 283
36, 049|
40, 731
43,137

8,612
8,636
7,698
6,711

May
May
May
May
May

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

63, 7971
59, 508
59, 973
65,404
71, 721

46,121
44,500
45,211
50, 0191
56, 573

5,891
5, 5421
5, 506
6,129|
5, 892|

June 5...
June 12..
June 19..
June 26..

61, 500
53, 796
50,38'
44, 058

55,115
48, 013
46, 242
40,114

July 3 . . .
July 10..
July 17..
July 24..
July 3 1 . .

45, 076
42, 396|
35, 378
34, 702
38, 829|

Aug. 7...
Aug. 14..
Aug. 21..
Aug. 28..
Sept. 4...
Sept. 11..
Sept. 18..
Sept. 25..

Feb.
Feb.
Feb.
Feb.

613.
20.
27.

Deposits

Total
cash
Underj reserves
resale
agreement

7501
7501
750
750

Total

Federal
reserve
notes
Member) Other in cirbank
de- culation
reserve
balances! posits

118,436
119,378
112,565;
112,906!
115, 293 j

96,61
95, 06
94, 822,
95, 21S

96,135
94, 752
93, 928
94, 058
94,110

2,54.
1,859
1,133
764
1,103

107, 447J
112,14'
109, 359
111,219

93, 733
93, 903
93, 512]
92,142

92,
91, 83£
91, 90S
90, 90c

1,335
2,068
1,603
1,239

66,467
66,537
66, 588

111,191
110, 503
107, 201
112, 979

95, 748 i
92, 583
91, 069
94, 324

94,179
92, 0291
90,157
92, 836

1,569
554
912
1,488

67,446
66,841
66, 941
66,176

9,793
9,793
9,793

103,
105, 508
100, 524
99, 382

91,171
91,152
91, 864
91,178

90,100
90,115
90, 774
89, 071

1,071
1,037,
1,090
2,107

67,138
66, 740
66,436
65, 775

7, 756
7,756
7,756
7,756

90, 682
99,371
98, 363
93, 033
85, 053

85, 747
88, 759
88,906
88, 536
86,446

84,174
86, 710
87,452
86, 791
85, 940

1,573
2,049
1,454
1,745
5061

65, 825
66, 593
66, 037
66,431
65, 936

4,
4, 283
2,645
2,444

96,326
105, 002
104, 718
117, 521

87,847
89,231
85, 537
91, 573

86,807
87,04'
84, 636
89, 661

1,040
2,184
901

67,419
67,280
67, 242
67, 255

41,407
39, 022
32,168
31, 571
36,446

2,169
1,874
1,710
1,631
883

120, 675
123, 954
137, 574
136, 776
131,153|

93,455
88, 637
95,933
97, 086
93, 613

90, 485
85, 946
94,422|
95,125
91, 755

2,970
2,691
1,511
1,961
1,858

69,611
76,852
75,548
74, 544
74,295

37,800
32, 308
37, 087
39, 775

34, 25;
28, 837
34,142
35, 790

1, 0691
997
1,971
2,681

974!
974
974
1,304

135, 840
142, 2891
139,160
136, 350

94, 753
94,996
93,448
94,361

93, 213
92,426
90, 729
91, 942

1,540
2,570
2,719
2,419

77,120
77, 370
78, 754
78, 034

48,132
47.189
43,627
45, 658

43, 862
39, 460
34,347
36,453

2,966
6,425
7,973
8,275

1,304
1,304

129, 74
128, 570
129, 820
127, 036
114, 501
117,561
116,832
111,645
109,128

95,838
93, 082
92,049
89, 614

94,
90,
90,
87,

1,326
2,567
1,084
1,911

79, 572
80, 229
79,831
79, 745

89, 586
92,102
93, 548|
94,116
94, 767

88,003
90, 723
92, 750
92,506
93, 259

1,583
1,379|
798
1,610
1, 508|

80, 614
82,007
82, 934
83,122
83, 447

57,13;
51, 674
54, 80:
50,46C

9, 763
9, 763
9, 793

9,7
9,793

M07
9301

93ol

I

512
515
965
703

. 0, 690
69,308
68 05 >
37,071

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

57, 502
60, 047
61,350
67, 569
73,604

42, 868
41, 792
41, 248
46,133
51, 748

13,704
17, 942
19, 789
21,123
20,1681

313
313
3131

Nov. 6—
Nov. 1 3 Nov. 20Nov. 27..

77, 968
80, 224
81, 340
83,988
82,419
70, 903
67,142
51,435
40,907

54, 322
57,487
59, 031
63,047

20, 583
19,674
19, 246
17, 878

3,063
3,063]
3,063
3, 063]

102, 654
99,331
97,040
96, 292

91, 752
93, 098
90,045
90, 005

89,380
92,469
89,483
88, 425

2,372J 84,604
629 85, 600
562 85, 414
1, 580 85, 661

63, 080
52,136
38, 066
37,428
29, 649

16, 276
15,704
13, 013
10, 944
8,195

3,063
3,063i
16, 063
3,063
3,063

96, 245
107, 546
115,251
131,2291
137,891

88, 244
87,838 j
90, 686
91, 642

87, 236
87,369
89,970
90,331
86,408|

1, 008
469j
716
1,311
1,881

Dec.
Dec.
Dec.
Dec.
Dec.
1

4...
11-.
18.24..
31-

Includes "other securities" and foreign loans on gold.




87, 556
88,293
89,455
92,125
89,434

143

EACH FEDERAL RESERVE BANK

No. 72.—PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE
BANK, BY WEEKS—Continued
DALLAS
[In thousands of dollars]

Date

Bills bought in United States
securities
open market
Total
Total
bills
Bills
cash
and se- discuri- counted Bought Under Bought Under reserves
resale
ties i
out- resale out- agreeright ment
right
ment

1929
Tan.2__.
Jan.9__.
Jan.16_.

75,333
75,100
72, 754
73,644
73, 702

72, 526
73,635
71, 222
72, 613
72, 356

2,807
1,465
1,532
1,031
1,346

48, 280
45,922
43,899
42,834
40, 962

550
750
900
750

61, 605
69,192
67, 743
63,719

72, 748
72,009
73,022
71, 248

3,096
2,133
2,228
1,724

40,877
39,979
39,489
38,617

750

67,482
68, 652
80,972
78, 658

73,456
70, 755
70,312
70,492

69, 652
69, 876
70, 794
69, 524
71, 740
70,172

1,716
583
384
1,406

39,124
38,471
38, 623
37, 757

83

12,998
12,998
12,406
11, 630

76, 242
74,868
71,716
69,918

67,945
875
69, 206
480
67, 637 3,179
66,483 2,722

38,114
37,906
37, 637
37, 709

262
158
252
252
189

11,427
11, 259
11, 234
11, 224
11,233

68, 822
69, 379
67,229
67,094
62,713

68, 820
69, 686
70, 816
69, 205
68, 557
67, 754
66, 284
66, 219
64, 302

59,891
65,906
75, 763
75, 849
73,481
71, 678
70, 262
61,117
57, 652

64,166
65,165
63, 744
65, 603
65, 541
61, 852
61, 567
62, 860
62,197

62, 865
63,840
63,131
61, 667
63, 257
58, 708
60,441
61, 660
61, 752

1,301 38,060
1,325 37, 716
613 37, 880
3,936 37, 850
2,284 39,408
3,144 45,965
1,126 44,094
1,200 43, 253
445 43,039

63, 924
64, 270
61, 624
62,174

62, 438
63, 027
60, 480
60, 932

1,486
1,243
1,144
1,242

44, 733
44,401
46,384
46,330

65, 357
65, 223
66, 454
69, 830

63, 514 1,843
64, 063 1,160
66,196
258
65, 355 4,475

49,498
50,143
50, 486
50,364

16,957
18,905
19, 353
22, 061
22, 572

24, 525
21,954
22,406
21,488
20, 255

748
108
309
161
419

59, 516
52,926
53, 806
53, 569

22, 975
17,397
17, 718
17,976

19, 089
18,130
18,846
18,433

914
661
354
422

6- 53, 394 19, 706
13. 48, 719 15,915
20. 37,410 9,465
27.. 37, 959 11, 325

16, 745
16,405
15, 644
14, 334

205
124
34
9

9,988
10,008
12, 267
12, 291

129

Mar.
Mar.
Mar.
Mar.

Total

Federal
reserve
notes
Member Other in cirbank
dereserve posits culation
balances

73,036
69,997
65,434
64, 342
63, 694

58, 738
57,455
58, 556
Tan. 23.. 59, 698
fan. 30-. 59, 234
Feb. 6...
Feb. 13..
Feb. 20..
Feb. 27..

Deposits

10,008
9,988

p
Apr. 10..
A.pr. 17..
A.pr. 24..

40, 950
40, 757
46, 653
46,422

14, 725
14,075
21, 024
22,142

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

46, 703
45, 750
44, 752
46, 793
47, 291

22, 725
22, 507
22,115
23, 565
24, 483

13, 098
13, 623
11,713
11,043
10, 512
10, 351
9,901
10, 502
10,136

June 5__.
June 12..
June 19..
Tune 26_.

50, 621
45, 296
37,923
36, 984

27, 622
23,871
17, 691
17, 320

9,269
8,517
7,492
7,251

235
65
65
118

12, 245
11, 593
11, 425
11, 045

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

40, 319
43,636
49, 594
54, 450
56, 777

21, 299
25, 836
31, 509
35, 427
37,973

6,480
5,452
5,624
6,494
6,148

195
53
166
234
361

11,095
11,045
11,045
11,045
11, 045

A.ug.
Aug.
Aug.
A.ug.

56, 945 39, 211
61, 268
58, 081 46, 717
56,889 45,119

5,157
5,013
5,108
5,513

282
207
211
212

11, 045
11,115
6,045
6,045

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

60, 296
59, 884
49, 833
54,892

48,895
46, 447
35, 461
33, 933

5,131
7, 344
7,943
9,326

210
48
378
371

6,060
6,045
6,051
11, 262

60, 487
56, 896
60, 331
61, 666
63, 496
64, 837
78, 066
74, 684

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

57, 408
54,885
54,185
58, 699
58, 614

34,110
31,000
29, 344
31,802
31,129

11,619
417
12,059
564
12,998
567
14, 441 1,194
13, 622 1,281

11, 262
11,262
11, 276
11, 262
12,582L

70, 035
76, 515
77,199
71,460
70,334

66, 217
68,637
71,908
67, 727

63, 787 2,430 51,815
66,562 2,075 52,732
3,019 52,479
66,139 1, 588 52,615
66,899 1,367 51,007

Nov.
Nov.
Nov.
Nov.

63, 554 35,795
56,360 28,126
56, 726
57,023 29, 581

13, 508
12,072
11, 231
10,388

13,890: _
15, 3661.

68, 789
69,997
70, 337
68, 309

69,342
67, 671
66, 910
66,844

67,008 2,334 52,121
67,044
627 50,677
65, 786 1,124 50,665
64,890 1,954 49,312

67,660
72,301
71, 506
75,613
71,149

65, 735
64,715
66,028
66,043
65, 266

63, 253 2,482 50, 214
64,406
309 49,014
65,734
294 48,879
63,125 2,918 50,060
63, 697 1,569 46,947

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

6—
13-.
20..
27-

Dec. 4...
Dec. 11-.
Dec. 18..
Dec. 24..
Dec. 31..
1

57, 761
50,401
54,272
46,795
47,378

29, 599
20,862
13, 673
13, 889
13, 291

8,810
8,295
9,219
8,226
8,861

361
796
513
160

16,8941.

627 18,725|_
1,262 19,982!_
626 30,754j.
421 24, 2591 _
348 24,878.

Includes " other securities " and foreign loans on gold.




66, 778 1,779 37, 547
65, 706 2,048 38,154
65, 287
997 36,884
64, 508 1,711 37,420
63, 641
661 36, 526

144

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 72,—PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE

BANK, BY WEEKS—Continued
SAN FRANCISCO
[In thousands of dollars]

Date

Bills bought in United States
open market
securities
Total
bills
Bills
Total
and se- discash
curi- counted Bought Under Bought Under reserves
1
resale out- resale
ties
outagree- right agreeright
ment
ment

Deposits

Total

Federal
reserve
notes
Member Other in cirbank
culation
dereserve
balances posits

1929
Jan. 2....
Jan. 9....
Jan. 16...
Jan. 23...
Jan. 30...

119,533
136,747
127,953
125,896
125, 768

44,084
57,687
56,252
55,331
55,371

53,386
58,555
51,665
49,126
47, 948

4,711
3,153
2,184
3,587
4,597

17,102
17,102
17,102
17,102
17.102

268,460
238,549
247,391
240,370
238,604

198,100
192,761
193,780
185, 730
187, 733

184,772
180,478
180,955
176,673
175,742

13,328
12,283
12,825
9,057
11, 991

170,282
165,091
162, 884
159, 628
157,544

Feb.
Feb.
Feb.
Feb.

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

149,711
148, 589
135,652
151,425

81,801
80, 970
71,288
89, 858

46, 806
50,019
45,884
42, 523

3,251
1,867
3,187
4,331

17.103
14,983
14, 543
13,963

220,107
225,495
227,673
210,096

189,895
193,682
183,172
182, 720 |

175,971
180,857
173,064
171,570

13,924
12,825
10,108
11,150

158,983
159, 536
157,689
158,437

Mar.
Mar.
Mar.
Mar.

6—
13..
2027..

149, 998
147, 952
116, 852
117,094

92, 735
96, 662
72,292
76,401

38,625
32, 773
25, 288
23,287

4,218
4,097
4,633
2,767

13,670
13,670
13, 389
13,389

217,252
215,032
244,328
244,041

184,287
184,497
183,433
182,754

170,648 13,639 161,408
175,227 9,270 158,249
157,197
174,445
172,856 9,898 155,558

Apr.
Apr.
Apr.
Apr.

3...
10..
]7_.
24..

124,175
114,709
112,184
109,386

85, 849
78,065
81,199
79,762

20,187
17,509
13,524
12,547

2,317
3,313
3,122
3,966

14, 572
14,572
13,589
12,361

237,535
246,003
252,047
246,224

182,328
182,514
190,197
179,991

173,319
170,995
174,345
170,778

9,009
11,519
15,852
9,213

157,233
155,838
155,357
152, 836

May
May
May
May
May

l . . . 110,445 81,084 12,494
8.-. 97, 919 69,836 11,647
15.. 79,355 52,398 10,915
22.. 86,225 60,299 11,007
29.. 90,867 64,302 11,649

4,110
3,982
3,588
2,465
2,462

12,007
11,704
11,704
11,704
11,704

249,917
262,458
270,341
265,475

183,838
183,483
187,145
180,069

10,955
10,384
11,148
11,826
10,834

155,163
155,312
154, 898
154,485
155,264

179, 661

172,883
173,099
175,997
168,243
168,827

June 5-_.
June 12-.
June 19..
June 26..

91,298
81, 767
91,854
82,503

64, 812 10,657 1,857
56,508 10,195 2,042
66,032 9,424 4,032
57,051 9,473 3,977

13,222
12,272
12,016
11,402

271,910
284,014
266,431
285,599

182, 839
184, 620
177, 721
184,360

171,266
172, 662
168,680
172,001

11,573
11,958
9,041
12,359

159, 481
160,726
160,569
161,043

July 3 . . .
July 10..
July 17..
July 24..
July 3 1 . .

90,309
84, 635
67, 903
86,399
86,534

66,595
65,178
46,964
62, 954
63,260

8,261
6,594
6,253
6,342
6,384

3,301
511
2,284
4,701
4,288

11,402
11,402
11,402
11,402
11,402

292,424
303,254
288,588
282,488

186,367
185,506
182,936
184,372
180,632

174, 530
173,278
173,533
173,237
169,251

11,837
12,228
9,403
11,135
11,381

175,395
182, 698
174, 765
169,329
168,411

Aug.
Aug.
Aug.
Aug.

97,711
92,179
85,209
83,360

72,563
68,270
59,851
54,376

5,050
6,184
8,615
12,182

5,840
3,416
3,834
3,383

12, 908
12, 909
12,909
13,419

278,617
284, 730
294.544
293,437

180, 666
182,295
181,475
179,374

171,005
170,737
170, 697
170, 756

9,661
11,558
10, 778
8,618

174, 656
174,051
176,673
176,167

65,183 13, 578 4,241
76,296 17, 666 4,654
81,444 20,010 4,522
85.933 22,488 4,535
94, 523 27,935 3,642
95,805 31,799 4,113
78,047 33, 611 3,522
94,193 35,979 4,170
83,428 34, 256 3,747

13,419
13,419
13,419
12,836

296.545
280, 889
264,882
255, 919

187, 684
186, 964
184,251
183,873

176,855 10,829 183,840
176,103 10, 861 184,403
180,563
175, 564
172, 976 10,897 176,673

12,836
11, 883
11, 883
11, 883
11,883

240, 807
241,722
260,285
235, 248
251,635

183,079
185,857
191,118
184,009
188,007

174,202
172,831
179, 855
173,559
178,562

8,877
13,026
11,263
10,450
9,445

176,955
177,256
176, 519
175,061
175,808

4,231
4,099
4,015
4,730

11,883
11,884
11,883
11,884

231,507
235, 258
227,124
250,115

184,728
191,142
186, 693
184,904

175,360
180,391
175,710
172,417

9,368
10, 751
10,983
12,487

180,314
184,395
182, 868
183,762

Dec. 4._. 122,340 84,553 21, 476 4,427
Dec. 11.. 112,225 72,195 23,704 4,442
Dec. 18.. 109,203 63,964 26,173 4,682
Dec. 24.. 85,579 42,768 25, 226 5,701
Dec. 31.. 85,942 39,513 26,764 7,849

11,884
11,884
14,384
11,884
11,816

266,208
276,543
282,714
298,819
305,510

184,475
183,335
182,879
176,215
187,162

174,067
174,256
173,387
165,580
175,317

10,408
9,079
9,492
10,635
11,845

184,544
186,246
189,756
196,359
189,379

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

Sept. 4 —
Sept. 11..
Sept. 18Sept. 25-

96,421
112,035
119,395
125, 792

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

138,936
143,600
127,063
146,225
133,314

Nov. 6—
Nov. 13Nov. 20Nov. 27-.

156, 867
158,499
159,958
139,294

1

108,170
112,050
115,704
97.934

32, 583
30,466
28,356
24, 746

Includes "other securities."




VOLUME OF OPERATIONS OF EACH FEDERAL RESERVE BANK
No. 73.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS OF EACH FEDERAL RESERVE BANK, 1929
Federal reserve bank
Total

Boston

New York

PhiladelCleveland
phia

!

Richmond

Atlanta

Chicago

St. Louis

Minneapolis

Kansas
City

Dallas

San
Francisco

NUMBER OF PIECES HANDLED: 1929
Bills discounted:
Applications
144, 624
13, 554
2,923
10, 665
20,151
22, 662
15,196
15, 5'
12, 255
11, 629
7,195
5,282
7,535
Notes discounted
72, 614
34, 642
49, 705
30, 992
11, 238
74, 791
54, 860
526, 200
30, 643
28, 560
21,141
59, 776
57, 238
Bills purchased in open market for own account
27,402
94, 335
4,282
3,914
195, 564
2,533
6,931
14, 029
1, 585
3, 077
7,330
18,675
11,471
Currency received and
counted
2, 427, 330, 000 254, 503,000 709, 941, 000 215, 030, 000 161, 346, 000 124, 999, 000 133, 935, 000 410, 223, 000 121, 002, 000|42, 565, 000 66, 692, 000 61,413, 000 125, 681, 000
i,
>,
Coin received and counted __ 3, 239, 709, 000 323, 286, 000 1,574,003,000 331,780,000 175,980,000139,382,000 62,927,000 231,019,000149, 168,000 12, 054, 000 67, 038, 000 48, 039, 000 124, 060, 000
Checks handled
924, 449, 000 93,123,000 190,374,000 71,051,000 86,206,000 55,730,000 32,305,000.129,661,000 51,131, 000124, 275, 000 72,155, 000 41, 638, 000 76,800,000
Collection items handled:
United States Government coupons paid
5, 567, 000 1, 680,000 3, 022, 000
623, 000
452, 000 3, 548, 000 1, 218, 000
585, 000 1,152, 000
364, 000 1, 251, 000
20, 935, 000 1, 473, 000
269,000
2, 601, 000
164, 000
327, 000
321,000
409, 000
607, 000
380, 000
285, 000
265, 0001
133,000
All other
6, 504, 000
743, 000
United States securities issues, redemptions, and ex514, 000
101,000
112, 000
58,000
changes
157, 000
51,000
139, 000
1, 833, 000
53,000
377, 000
120, 000!
94,000
57,000
445, 000
123, 000
Transfers of funds
63,000
127, 000
149, 000
98, 000
265, 000
71, 000
149, 000
158,000
2,139, 000
355, 000
136,000
A M O U N T S H A N D L E D : 1929 (in millions 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
Allother
__
United States securities, issues, redemptions, and exchanges
Transfers of funds

60, 747.1

3,952.1

23, 602. 0

3, 587. 5

421.6

1, 999.1

88.6

126.8

14, 782.4
1,062. 5
367, 215.1

1, 630. 5
34.1
21, 747.1

5, 285. 7
821.5
156, 641. 8

1,189. 3
53.1
39, 214. 5

992.7
17.3
31, 565.3

535.6
7,185.4

39.3
764.3

237.
2, 690.0

32.4
551.1

7, 018. 8
170, 789. 7

283.2
I, 208.5

3,155.4
67,426.3

406.3
8, 355. 2

5, 827. 3

4, 692. 0

5,187. 5

3, 370.1

1, 035. 2

1, 673. 2

870.4

4, 089.4

104.8

262.3

26.0

34.5

53.6

105. 7

300.7

604. 3
15.8
14,118. 8

583.1
8.9
12,182. 5

2, 266. 7
39.8
35, 220. 0

517.4
15.7
15, 603. 5

228.8
4.7
4,711.6

315.8
13.0
12, 091. 9

268.7
7.9
8, 718. 2

899.4
30.7
15, 399. 9

60.6
511.7

11.6
264.9

6.4
169.2

64.1
997.0

19.3
218.1

10.5
143.3

19.9
298.3

7.6
249.9

26.3
327.6

370.
7, 683.9

141.7
6, 020. 9

137.7
2, 477. 6

1,192. 5
31,089.0

266.9
6, 406.1

128.9
3, 088.1

246.9
6, 974. 7

234.9
5, 497. 5

453.8
16, 561. 9

Back figures—See Annual Reports for 1928 (Table 77), 1927 (Table 60), 1924-1926 (Part II, Table 6).




1, 349. 2J

146

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 74.—VOLUME OF OPERATIONS OF BRANCHES OF FEDERAL RESERVE BANKS
Noncash collection items
handled
Currency
Bills
Federal reserve branch
received
disand district number
and
counted counted

Coin
received
and
counted

Checks
handled

Government
coupons

All
other

Fiscal
agency
issues,
redemp- Transfers
tions,
of
and ex- funds
changes
of U.S.
securities

NUMBER OF PIECES HANDLED: 1929
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
N o . 9—Helena
No. 10—Denver
Oklahoma
City
Omaha
No. 11—El Paso
Houston
San Antonio...
No. 12—Los Angeles._.
Portland
:
Salt Lake City.
Seattle
Spokane

3,202 49,925,000 35,011,000 14,411, 000
32.701.000 50,538,000 20,280, 000
56.877.0001 39,160,000 31,153,000
~8,~9~l6 58,295,0001100,137,000 20,005,000
14,373, O O 6, 427, 000 6,827,000
Oj
13, 850, 000 8,074, 000 5, 054, 000
22,510,000 9,947,000 5, 840, 000
17, 234, 000 3,840,000 6, 351,000
15,481 30,619,000 22,860,000 4, 287,000
on 312, 000 on cnc
nnn
7,152 89, oi o f\r\r\\ 30, 605, 000 25, 815,000
4,726 9, 761,000 6, 890, 000 5, 059,000
9,611 23, 657, 000 35,017,000 9,915,000
4,486 22, 663,000 12,365,000 3, 572, 000
975,000 2, 504,000
1,587 1, 672, 000
3,687 8, 693, 000 8, 759,000 9, 241, 000

71,868 126, 679
881, 521 38, 570 19,988
593, 787 29,920 31, 683
342, 751 139, 021 9,956
20, 876 26,990
23, 748 14,904
809
52, 513 38, 213
47,928 31, 644
139, 397 27, 743 12, 698
319,122 144,356 8,736
36,986 34, 731 I,'
234,156 24,137 4,955
56, 696 41, 669 2,812
47,005 17, 596
204,906 46, 759 6,242

24, 226
22, 677
18,645
35.193
27, 366
8,551
13, 278
8,029
20,448
53,948
16, 996
32, 574
28.194
9,720
19, 556

1,971
5,006

9,811
5,213
2,222
4,748
1,595

9,874
29,909
9,990
30,401
15,467
36, 715
16, 633
19,023
19, 798
10, 904

88,476 587, 347,000 465, 699, 000 277, 778, 000 4, 253, 000 1, 235,000
133,468

538,000

8,404
749
1,977
1,528
2,602
2,605
4,281
1,197
6,285

Total-

8,864, 000 6,947, 000
8, 282, 000 4,892, 000
4, 829,000 2,780, "
13, 470, 000 16,334, 000
11, 301, 000 6,011,000
64,195, 000 34,302, 000
6, 585, 000 8,110, 000
4,183,000 2,388, 000
11,360,000 12,267,"""
2,136,000 1,063,

19, 275,000
12, 589,000
3,009,000
6,940, 000
5, 769,000
30, 817.000
8, 674,000
8,108, 000
7, 512, 000
4, 771, 000

54,477
182,917
26,800
76, 538
36,831
316,000
183, 972
81, 630
150, 332
70,262

83, 743
44,749
13, 392
38, 370
16,172
76, 698
29, 816
91, 885
29,452
27,858

AMOUNTS H A N D L E D : 1929 (in thousands of dollars)
No. 2—Buffalo
1,027, 538
No. 4—Cincinnati..
Pittsburgh..
No. 5—Baltimore
I," 237," 216
Charlotte
No. 6—Birmingham
Jacksonville.
Nashville....
New Orleans. _ 505,168
1, 738, 872
No. 7—Detroit
No. 8—Little Rock.— 190, 628
1, 504, 556
Louisville
423, 401
Memphis
11, 591
No. 9—Helena
344,407
No. 10—Denver
Oklahoma
City..
246,917
Omaha
28, 778
No. 11—El Paso
141, 802
Houston
56, 350
San Antonio...
283, 091
No. 12—Los Angeles
189,119
Portland
192, 210
Salt Lake City
391, 607
Seattle
44, 947
Spokane
Total.

276, 816
142, 364
415,051
300, 545
57,006
62,029
108,832
61, 269
124, 024
622, 910
36,812
107,443
80, 588
15, 656
55,376

3,335
6,850
4,453
10, 526
1,025
1,250
1,590
607
3,107
10, 559
875
2,296
2,248
771
2,532

3, 677,999
7,021, 370
12,984, 870
4,468,088
1, 612, 256
1,874,077
1,892, 792
1, 739,997
2,184,833
8, 904, 331
1,084, 264
2,655, 228
1, 392, 426
470, 511
2, 232,498

862
14,104
16,862
6,879
221
224
870
435
1,919
9,068
484
3,290
915
464
3,382

39, 331
45,809
28,455
58, 724
50, 343
337, 679
48,421
34,913
90, 205
16,905

1,545
2,385
1,013
1,672
1,503
8,207
2,682
1,499
3,235
784

2, 524, 678
1,878, 623
467,335
1,826, 502
1, 094, 388
5, 322, 724
1, 603, 083
1,105,932
1,380,864
635,136

1,093
2,307
516
1,428
718
6,798
2,672
1,
2,152

8, 558,198 3, 217, 506

76,549 72,034,805

87,906
43, 795
50,546
111, 453
33,275
21,442
22,143
47, 373
32, 625
172, 343
33, 605
41,323
58,349
7,773
44,627

3,770 1,985,954
35,622 637, 714
67, 782 1,068, 621
32,859 1,403, 566
1, 250, 677
142, 741
254,638
206, 766
28,185 837, 038
26,404 5,907, 592
2,328 462, 957

867

8,583
6,150

656, 629
773, 044
205,919
998, 792

49, 583 2,233 315,495
1,294,857
61, 791
10, 653
246, 757
74, 602
1, 781,180
20, 055
467, 307
70,129 21,916 5,056, 236
41, 356 4,100
790,028
38,800 3,175
589,486
35,178 7,331 1,345,617
16,760 2,005
296,140

79, 570 1, 227,485 271,416 28,975, 751

Back figures.—See Annual Report for 1928 (Table 78), 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).
NOTE.—Currency received and counted during 1929 by agencies of the Federal Reserve Bank of Atlanta:
Habana, Cuba, 4,031,000 pieces, amount $30,724,000; Savannah, Ga., 3,071,000 pieces, amount $11,458,000.
Coin received and counted by Savannah, Ga., agency, 453,000 pieces, amount $78,000.




147

EACH FEDERAL RESERVE BANK

GOLD SETTLEMENT FUND
N o , 7 5 . — S U M M A R Y O F TRANSACTIONS T H R O U G H T H E F U N D BY D I S T R I C T S , 1929
[In millions of dollars]
Daily settlements between
Federal reserve banks
Balance
Jan. 1

Federal reserve
bank

Federal
reserve note
clearings

Transit clearings

Payments

Interreserve
bank transfers
WithDedrawals posits
Payments

Receipts

Pay- ReReceipts ments ceipts

27.6
142.4
34.6

Kansas City
Dallas
San Francisco

_.

Total

68.1
122.6
86.6

54.1
201.6
64.5

76.6
256.2
125.5

10,884.1
10, 234.9
4, 347. 9

11,001.9
10,313. 4
4, 408. 6

108.9
40.0
41.6

58.3
52.1
51.9

95.5
94.0
74.5

46.0
17.5
15.9

20, 239.1
7,438. 6
2, 378. 6

20, 285. 6
7, 320. 2
2, 341.4

133.7
36.2
25.0

101.5
50.4
27.3

200.5
3.8
7.5

52.0
33.5
55.6

5, 996.3
4, 618.9
5,822. 2

5, 858. 6
4, 620. 6
5,782.5

34.4
21.0
40.8

38.3
24.7
34.0

14.5
37.0
66.5

687.0 145,132.4 145,132.4

Chicago
St. Louis
Minneapolis

13,044.2
47,600.1
12, 555. 3

180.1
32.3
29.6

Cleveland
Richmond
Atlanta

12,949.0
47, 752.9
12,470.1

72.5
14.0
12.9

Boston
New York
Philadelphia

Balance in
fund at
close of
business,
Dec. 31

758.7

26.9
230.0
614.6 1,120.7
203.2
8.5

175.2
848.5
247.7

4.4
154.8
25.2

184.0
112.3
334.3

164.7
92.2
314.6

71.0
8.1
5.6

43.6
85.8
24.5

235.0
133.0
81.5

284.0
143.9
87.7

86.5
21.0
18.1

79.4
38.8
50.6

63.0
58.0
405.4

131.9
33.1
461.0

52.0
15.8
48.8

758.7 1,052.1 1,052.1 3,160. 3 2, 984.6

511.2

Back figures—See Annual Report for 1928 (Table 19), 1927 (Table 66), 1926 (Table 61), etc.

FEDERAL RESERVE AGENTS' GOLD FUND
N o . 7 6 . — S U M M A R Y O F TRANSACTIONS T H R O U G H T H E F U N D , BY D I S T R I C T S , 1929
[In millions of dollars]

Federal reserve bank

Balance
Jan. 1

Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas C i t y . . .
Dallas
San Francisco..

53.0
5.0
101.8
55.0
44.0
60.5
211.0
20.0
31.0
53.4
7.0
120.3

Total....

761.9

Withdrawals

Deposits

Balance
Transfers Transfers at close of
to bank
from
business
bank
Dec. 31

50.0
49.5
2.0
24.0
3.0
48.0
10.0
7.0

46.6
13.6
11.6
10.7
8.5
3.4
2.6
1.0
1.4
32.9
4.0
13.7

40.0
430.0
131.5
75.7
37.5
210.6
120.0
39.0
49.4
26.2
10.5
330.2

220.0
420.0
189.6
130.0
95.0
315.6
178.0
119.0
72.0
58.0
33.0
380.0

189.6
8.6
96.4
120.0
60.0
119.4
269.6
77.0
52.0
70.0
23.5
176.8

358.5

149.9

1, 500.6

2,210. 2

1,262.9

90.0
~75.~6'

Back figures.—See Annual Report for 1928 (Table 20), 1927 (Table 68), etc.




148

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

MEMBERSHIP IN PAR COLLECTION SYSTEM
No. 77.—NUMBER OF BANKS ON PAR LIST AND N O T ON PAR LIST, BY DISTRICTS

End of month (1929)

Nonmember
Nonmember
Nonmember
banksi
banks i
banks *
MemMemMember
ber
ber
banks On par Not on banks
On par Not on banks On par Not on
par list
list par list
list
par list
list
Boston district

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

407
407
407
408
407
408
408
408
408
407
406
404

New York district

252
252
252
252
253
268
268
270
271
271
271
271

941
940
938
937
939
939
939
936
934
932
933
931

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

816
814
811
811
810
807
806
805
805
803
801
795

1, 008
1, 007
1, 008
1, 005
1, 003
1, 002
1, 002
999
999
998
994
991

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

1,250
1,244
1,239
1,236
1,232
1,229
1,225
1,218
1,209
1,201
1,194
1,186

3,563
3,553
3,558
3,543
3,525
3,524
3,523
3,523
3,515
3,503
3,493
3,485

1

923
919
919
917
915
912
912
908
904
900
895
893

2,225
2,214
2,201
2,191
2,184
2,172
2,166
2,169
2,161
2,144
2,113
2,096

618
614
612
608
603
601
599
596
589
588
583
577

569
568
565
567
555
552
550
552
553
552
547
546

215
214
214
213
222
225
226
227
228
228
228
229

277
274

200
200
199
196
200
198
197

585
585
586
585
584
580
575
573
573
571
570
571

1,742
,736
L, 722
,713
,700
1,698
,698
,694
,692
,689
1,677
1,670

490
487
483
485
484
487
480
476
475
475
478
477

Dallas district
771
767
765
764
766
766
766
765
762
757
755
746

616
612
613
617
614
613
611
612
608
612
613
605

490
488
485
485
485
483
482
479
479
478
478
476

Atlanta district
453
446
444
442
441
436
432
432
432
436
433
428

312
308
302
295
294
285
255
256
257
253
254
254

960
953
956
958
951
947
929
934
933
930
928

Minneapolis district

St. Louis district

Kansas City district
January
February. _.
March
April
May
June
July
August
September..
October
November..
December..

778
779
778
777
777
776
772
772
771
769
767
764

Richmond district
545
542
540
539
538
537
531
530
524
523
520
514

Chicago district

406
404
406
404
404
401
406
405
407
408
406
404

Philadelphia district

717
717
712
708
706
700

660
646
638
632
620
611

693
691
687
685
683

604
600
591
583
582

1,126
1,133
1,132
1,132
1,133
1,115
1,114
1,112
1,112
1,109
1,105
1,101

San Francisco district
211
213
213
211
215
215
209
208
210
205
207
207

621
617
619
619
616
617
617
616
616
616
610
607

675
672
669
666
661
660
657
635
643
640
639
634

56
58
60
60
61
61
61
61
61
61
61
62

Incorporated banks other than mutual savings banks.
Back figures—See Annual Reports for 1928 (Table 81), 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).




149

EACH FEDERAL RESERVE BANK

No. 78.—NUMBER OF BANKS ON PAR LIST AND NOT ON PAR LIST IN EACH STATE
ON DECEMBER 31, 1928 AND 1929
1929

1928

Member
banks

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 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
Total
1

Nonmember banks

Nonmember banks

State

__ _

On par
list

Not on
par list 1

Member
banks

On par
list

56
57
46
178
15
69

50
13
39
73
9
88

55
57
46
177
14
67

47
16
45
78
10
97

673
363
965

273
174
616

666
364
948

268
171
591

404
240
563
289
174

619
758
1,227
578
570

6
28
2
225

388
234
544
273
172

617
730
1,198
575
556

1
5
27
2
235

291
321
190
134
105
159
254

265
1,009
1,104
64
134
563
845

551
74
50
278
169
263
3

276
291
187
122
101
160
252

226
977
1,035
38
117
491
815

552
87
49
255
166
177
1

21
88
12
177
136
83
64
128
68

34
163
31
202
180
61
18
43
82

103
9
298
162
272
125

20
85
12
172
131
72
55
115
61

34
154
31
192
157
53
17
38
60

104
9
294
139
265
106

147
109
121
39

403
190
22
17

23
236
210
268

145
104
119
38

394
156
20
15

23
232
205
259

100
42
327
720

167
24
334
590

168
166
5
126

94
42
294
689

154
20
324
570

165
164
5
131

92
60
29
126
30
18
43
10

89
78
53
154
26
26
62
25

20
1
5
6
2
3

88
60
28
123
29
17
42
10

88
76
53
149
26
26
62
25

19
1
5
6
1
3

153
122
226

158
98
242

35
19

146
120
217

154
91
208

40
21

8,837

12, 643

3,911

8,522

12,045

3,754

Incorporated banks other than mutual savings banks.
Backfigures—BeeAnnual Reports for 1928 (Table 82), 1926 (Table 65), and 1924 (Table 70).




Not on
par list l

150

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

EARNINGS AND EXPENSES OF EACH RESERVE BANK
No.

79.—GROSS AND N E T EARNINGS OF EACH FEDERAL RESERVE BANK,
DISPOSITION MADE OF N E T EARNINGS, 1914-1929
Earnings

Disposition of net earnings

Federal reserve bank
Gross

All Federal reserve banks:
1914-15
1916
1917
1918
1919
1920
1921
1922_
1923
1924
1925
1926_
1927
1928
1929
Total
Boston:
1914-15
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928....
1929
Total
New York:
1914-15
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929

$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
70,955,496
904,628,021
125, 459
490,888
1, 285,884
4,475,195
7,497,583
12,273,253

_

Net

Transferred to
surplus »

Franchise
tax paid to
U. S. Government *

$217,463
1,742,774
6,801,726
5,540,684
5,011,832
5,654,018
6,119,673
6,307,035
6,552,717
6,682,496
6,915,958
7,329,169
7,754,539
8,458,463
9,583,913

$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
22,535,597

$1,134,234

90,672,460

277,433,949

-$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
36,402,741
515,215,983 |

75,100
2,921,000
5,362,934
7,351,799
772,324
-170,782
77,187
-7,376
637,933
585,888
287,166
1,725,692
2,132,022
21,750,887

75,100

61,933,089
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
19,314, 279

-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
12,263,224

2,100,191
2,327,355
2,743, 725
3,544,314

249,735
601, 756
384,180
414,447
447,266
473,109
481,951
480, 267
477,798
502,648
525,023
550,446
590,830
634,112
6,813, 568

127,113
:, 942, 819
, 195,026
, 291,047
1,477, 096
1,608,721
, 652,138
, 749,239
[, 796, 530

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
8,718,910
80,000,812

Total...

262,723,052

173,450,584

25,443, 510

Philadelphia:
1914-15...
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929

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
6,076,048

-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
3,801,988
41,042,883

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
938,312

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
2,863,676

8,519,162

26,964,820

Total

67,

Profit ( + )
or loss (—)
carried
forward

147,109,574

I Dividends
!
paid

-34, 603
295,935
740, 359
3,305,180
5,777,381
10,272,564
4,281,353
1,097,402
1,252,135
470, 422
1,140, 581
1,156,873
837,612
2,316, 522
2, 766,134
35,675,850

3, 541,313
3, 506, 683
2, 559,016
3,288,546
3,319,077
2,975, 357
4,465,342
5,160,831

AND

-$358,922
+1,008,224
+509,413
-1,158,715

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
4,283,231

-34,603
+46,200
-11,597

2,473,499
3,035,920
786,233

45,962

7, 111, 395

649,363

-123,887
+286,951
-163,064

2,703,894
39,318,511
20, 702,440
3,467,058
1,164,996

68,006,262
-31,517
+121,483
+130,272
-220,238
363,662
3,886,552
891,730
416,957

5,558,901

» 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;
for FRASER $208,170; San Francisco, $306,926; total, $3,129,673.
'Kansas City,

Digitized


151

EACH FEDERAL RESERVE BANK

No. 79.—GROSS AND N E T EARNINGS OF EACH FEDERAL RESERVE BANK, AND
DISPOSITION MADE OF N E T EARNINGS, 1914-192 9—Continued
Disposition of net earnings

Earnings
Federal reserve'bank
Gross

Net

Dividends
paid

Transferred to
surplus *

Franchise Profit (+)
tax paid to or loss (—)
U. S. Govcarried
ernment * forward

Cleveland:
1914-15
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929

Total...
Richmond:

. . .

. . .

$113,815
452,129
1,367,216
5, 226,864
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
6, 986, 580

-$55,774
293, 808
753, 682
4,135, 796
6,093, 785
11, 820, 031
6, 284, 383
2, 268, 688
921, 221
-473,153
1, 210, 576
1,660,762
1,108,190
3,180, 715
3, 705, 442

$143, 237
716,168
716,107
556, 785
604,194
660, 228
692,436
725, 626
756,152
778,811
808, 505
832, 583
856,843
910,007

$3, 552,000
5, 537,000
11,215,837
2,329,442
861, 264
195, 595
-1,229,305
431, 765
852, 257
275, 607
2,323,872
2, 795, 435

-$55,774
+150, 571
+37, 514
-132,311
$3, 294, 713
714, 988

78,196, 705

42,908,152

9, 757, 682

29,140, 769

4,009, 701

1914-15
1916.
1917..
1918
1919
1920
1921
1922
1923
1924
1925 .
1926
1927
1928
1929..

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
3, 299, 609

174, 955
186, 571
462, 224
2, 312,030
3, 877, 266
5, 238, 506
4, 393,627
867, 448
1,092,843
379, 791
576,110
727, 645
497, 711
1,118, 960
1,342, 225

151,940
197, 922
240, 944
232, 432
252, 872
293, 052
322, 203
333, 321
342, 295
351, 251
358,162
363, 957
372, 230
370,683
368,601

116,472
2,079, 598
3,624,394
4, 740, 869
693, 792
32, 954
384,404
28, 540
217,948
279, 216
125,481
74,828
97, 362

116,472

Total
Atlanta:

43, 638, 688

23, 247,912

4, 551,865

12,495,858

1914-15
1916
1917
1918
1919
1920
1921
1922
1923
1924 . .
1925
1926
1927
1928
1929

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
4,116,049

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
1,428, 518

201, 719
218, 203
182,473
197,397
225, 571
245, 862
256,618
264, 622
272, 656
278,488
296, 573
305,817
312,259
321,696

Total

44, 520,371

23, 385,825

3, 577, 954

Chicago:
1914-15
1916
1917 . . . .
1918
1919
1920
1921
1922
1923
1924
1925
1926 .
1927
1928
1929

268, 885
665, 937
2,083,164
8,481,747
12,012.078
30,303, 218
20, 382,170
6, 748,863
6,511,359
5, 202,169
5,424, 663
6, 567,043
6,167,352
8,936,418
9,889,451

20,091
403, 206
1, 231, 879
6,805,081
8, 576, 204
25,875, 749
14, 505,117
1,405, 215
1,178,355
909,123
1,121,273
2, 253, 923
1, 927, 645
4, 763,429
5,424, 665

361,319
862, 259
604,635
700, 807
792, 769
853, 785
876, 203
904,371
909,123
934,016
985,959
1,029,990
1,099, 761
1,170,363

129, 644, 517

76, 400, 955

12,085,3 G
O

Total

» See note on p. 160.
90182—30—-11



+23,015
-11,351
-11,664

204, 585
3, 377,632
501,173
366,144
84,472
673,449
876,262
6,200,189 |

40,000
1, 470,000
3,185, 000
3, 648, 465
770,106
-172.018
8,756

40,000
2,136, 288
4, 480, 251
588,130
78, 801

-250, 297
931, 754
304,087
558,425
303,032

+82, 532
-72,412
-10,120

823,301
803,790

10,857,310

8,950, 561

215,799
6,200,446
7,875,397
14, 688, 500
2,075, 323
-657, 289
27, 398

215, 799
10, 394,480
11,576,009
1,186, 301
246, 586

187, 257
1, 267,964
897, 655
3,663,668
3, 651, 464

602,838

40,093, 582

24, 222, 013

+20,091
+41,887
-61,978

152

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 79.—GROSS AND NET EARNINGS OF EACH FEDERAL RESERVE BANK, AND
DISPOSITION MADE OF N E T EARNINGS, 1914-1929—Continued
Earnings

Disposition of net earnings

Federal reserve bank
Gross

Net

Dividends
paid

. Transferred to
surplus i

Franchise Profit (+)
tax paid to or loss ( - )
U. S. Govcarried
ernment i
forward

St. Louis:
-$97,169
+109,917
+217,590
-230,338

-$97,169
141,017
502,156
1,777,810

$31,100
284,566
404,838

$1,603,310

3,884,478
7,180,117
5,166,315
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

$1,639,109
87,956
478,283

1,688,143
2,055, 637
2,511,509
2,228,079
2,901,925
3,247,936

203,937
- 9 3 , 540
683,022
775,681
785,159
885,884

304,976
306, 753
314, 420
317,727
321,855
319,231

-101,039
-400,293
368,602
457,954
423,011
56,665

40, 293
509,988

39,908,736

17, 576,338

3,944,066

10,876,643

2, 755,629

1914-15
1916
1917
1918

100,112
255,177
672,799
2, 049,954

-32,341
134, 603
394,353
1, 545,847

57, 720
363, 895
168,103

37,500
1,377,744

37,500

1919
1920
1921
1922
1923

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
195,871
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
1,926,031

329,102
234,954
448,033
296, 077
614, 704
794,762

202,828
193, 560
187, 609
180, 726
181, 203
184,030

12,628
4,139
26,043
11, 535
43,350
61,073

113,646
37, 255
234,381
103,816
390,151
549,659

29,773,386

15,484,394

2, 733,895

7,642,988

5,107, 511

1914-15
1916
1917
1918

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

1919
1920
1921
1922
1923

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

1924
1925
1926
1927
1928
1929

2,262,910
2,309,985
2,677,340
2,304,938
2,597,968
2,976,576

-253,182
282,921
756,469
414,726
659,760
1,013, 586

265,697
258,426
252,764
252,753
253,254
256, 549

-518,879
2,450
50,370
16,198
40,651
75,704

22,045
453,335
145,775
365.855
681,333

44,239,901

19,687,531

3,586,397

9,162,034

6,939,100

1914-15
1916
1917
1918

$86,833
297,948
773,106
2,676,828

1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929

Total
Minneapolis:

1924
1925
1926
1927
1928
1929

-.

Total
Kansas City:

Total
iSee note on p. 150.




-32,341
+76,883
-44,542

-66,776
+158,282
+201,901
-293,407

153

EACH FEDERAL RESERVE BANK
No.

79.—GROSS AND N E T EARNINGS OP EACH FEDERAL RESERVE BANK, AND
DISPOSITION MADE OF N E T EARNINGS, 1914-1929—Continued
Earnings

Disposition of net earnings

Federal reserve bank
Gross

Net

Dividends
paid

Transferred to
surplus J

Franchise Profit (+)
tax paid to or loss (—)
carried
U. S. Govforward
ernment l

Dallas:
1914-15
1916
1917
1918

$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

1919
1920
1921
1922
1923

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

1924
1925
1926
1927
1928
1929

2,157,964
1,813,626
2,127,049
1,741,922
2,119,666
2, 496,030

265, 024
278,135
857,211
568, 209
713,455
770,391

249, 789
255, 239
257, 502
256, 310
258,544
266,613

15,235
22,896
599, 709
311,899
163,301
244,417

$291,610
259,361

32,387,349

12,856,167

3,370, 579

8,934, 617

550,971

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
-185,721
37,706

1924
1925
1926
1927
1928
1929

3,487,931
3, 848,890
4, 554,860
3,853, 442
4, 757,292
5,466,076

250, 516
490,447
1, 555,999
1, 055,424
1,974,258
2, 205,922

480, 561
490, 447
506,068
547, 062
625,751
670,085

1,049,931
508,362
1,348,507
1,535,837

69,823,284

33,499, 392

6,288,422

19, 513, 629

Total.
San Francisco:
1914-15
1916
1917
1918

Total
* See note on p. 150.




+$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.

80.—EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING

1929

EARNINGS
Total

Discounted bills
Purchased bills
United States securities.-_
Deficient reserve penalties.
Miscellaneous
Total earnings

Boston

New York

Philadelphia

Cleveland

Richmond

Atlanta

$47, 790, 662 $3,448,828 $12.492,642 $4,
493, '86 $4; 588, 012 $: 569,042 $3,
[,
»2,
12, 063,349 1, 283,932 3, 522, 642 666, 005 1,130,113
555, 461
808,116 1,011,673
8,163, 486J
301, 688 2,459,163
76, 361
18, 88:
49, 733
96, 076
49,192
449, 653 j I
20,838
89, 254
207, 049
105, 545
2, 488, 346
743, 756
49, 553

Chicago

St. Louis

091., 399 $6, 777, 014 $2,
716,782 1,285,493
171,667 1,269,968
39, 735|
76, 425
96, 466]
480, 551

70, 955, 496 i 5,160,831 19, 314, 279 6,076,048, 6,986, 580j 3,299,609 4,116,049 9,889,451 3,

Minneapolis

508,183 $1,
153,655
539,675
22,740
23,683
247,

c

Kansas
City

047, 771 $1,
310,209
388,603
12,475
166,973

Dallas

985, 508 $1,
447,701
198,424
22,361
322,582

San Francisco

301,049 $3,487,428
3,487,
615800 1375556
615,800 1,375,556
452,420
485,728
23,311
17,880
103,4501
99,484

1, 926, 031 2, 976, 576 2,496,030 5,466,076

CURRENT EXPENSES
Salaries:
$2, 641, 961
Bank officers
11, 841, 813
Clerical staff
889, 623
Special officers and watchmen
1, 892, 075
All other
6, 051
Governors' conferences
1, 865
Federal reserve agents' conferences
15, 074
Federal Advisory Council
156, 959
Directors' meetings
195, 943
Traveling expenses i
Assessments for Federal Reserve Board's
781, 644
expenses
88, 095
Legal fees
Insurance (other than currency and se424, 604
curity shipments
Insurance on currency and security
641, 238
shipments
1,469,917
Taxes on banking house
336,797
Light, heat, and power
215, 314
Repairs and alterations, banking house. _
230, 972
Rent.
426, 810
Office and other supplies .
456, 766
Printing and stationery..
205, 860
Telephone
502, 629
Telegraph
1, 941, 474
Postage
501,357
Expressage
726, 870
Miscellaneous expenses.__
Total, exclusive of cost of currency




$128,750
903,757
34,750
97,115
227
130
768
7,004
8,416
57,404
827

$535, 309 $139, 666! $217, 8001 $180, 200
3, 158, 78? 913,621! 1, 024, 693 613, 697
176, 54'
50, 684! 107, 964
62, 882
498, 036
86, 289 j 262, 295
97, 009
397
552
109'
159
87
83
98 S
05
1,01
709
574]
300
6,918
6, 792
19, 524
7,613
13,145
16, 604
13,127
28, 578
240, 411
6,934

75,170
5, 514

78, 951
5,032

29, 331

66, 254

35, 525

32, 395

87, 238
118, 440
21,317
18, 755
432
23, 033
38, 486
20, 801
5, 955
219,128
42, 778
43, 821

127, 688
404, 281
77,948
25,051
5,523
102, 674
88, 341
56, 699
54,137
322, 914
125, 436
191, 648

89,991
40, 806
20, 291
26, 604
1,512
34,395
30, 433
28,158
13,184
185, 377
71,994
49, 270

72, 234
138, 028
31, 300
22, 983
93, 373
37,810
38, 224
14, 789
35, 570
173,544
3fi,682
49,7 r-

26, 591, 711 1, 908, 663 6,'313, 910 1,919,3281 2,498,4

35, 641
1,308

$231,
419,
44,
38,

917 $311,591 $170,402
2, '1, 677, 987 556, 708
675
128, 016
48,187
788
283, 826
84, 961
280
232
401
1C2
128
273
1,438
1,360
1,300
24, 358
11,540
12, 095
19, 006
20, 033
18, 286

$117,783 $188, 200
640, 70G
346, 319
70, 525
31, 325
57, 963! 166, 602
675
568|
213
320
1,396
1,550
6,564
25, 326
14, 716
10, 322

$169, 499i $250, 844
524, 932! 1, 061, 348
45, 631 j 88.437
82, 998! 136,193
994!
1,457
366
1, 362
3, 300
8, 614
20, 611
16,149;
17, 561

30, 499
8,186

106, 654
9,697

30, 951
837 !

19, 4331
17, 077

25, 612
8,449

25,113
12,15!

22,193

24, 758

44, 620

24, 327

30, 755

40, 451

28, 350

45, 645

35, 810
65, 890
14, 017
3,291
13, 303
20,164
23, 531
7.344
34, 410
125, 860
35, 042
31, 832

42, 624
64, 152
15, 393
8,501
5,380
26, 317
29,510
7, 8781
70, 674
113,970
42, 505
36, 219

7.3, 332
291, 366
32, 037
21, 947

15,159
59, 824
22, 779
10, 090
17,990
20, 966
20, 822
12, 592
40, 185,
96, 283;
16, 000
36, 929

14,809
77,128
17, 967
7.097

19, 479
94, 338
43, 532
51, 421

39, 583
78, 338
19,066

18, 504
18, 601
5, 494
18. 421
63, 011
11, 048
43, 322

31, 324
28,513
8,465
60, 776
134, 288
16, 812
47, 458

23,291
37, 326
21,150
10, 586
1,591
17,311
22, 572
8, 916
54, 734
97, 025
19,165
41, 510

1, 444, (

55, 890
74, 581
19,879
43, 281
265, 294
62, 745
81,381

1, 306, 387 3, 617, 417 1,318,353

55,805
12, 076

91,862
38, 422
43,152
14,845
71,302
144, 780
21,150
73,711

939,621 1, 715, 037 1,271,343 2,338,476

H
W
O

Federal reserve currency, including shipping charges:
Original cost
.__•
Cost of redemption

2,962, 344
137, 058

307,638
15,808

29, 691,113 2, 232,109

Total current expenses.

710,051
28,504

267,442
11,121

272, 542
14, 949

136, 774
5,782

199,393
7,459

450,979
23, 973

79, 642
2,746

115,776
4f"

109,105
6,691

109, 277
4,256

203, 725
11,480

7, 052,465 2,197,891 2, 785, 979 1, 587, 244 1, 513, 239 4, 092, 369 1,438, 418 1,022,009 1,830,833 1, 384, 876 2, 553, 681
PROFIT AND LOSS ,ACCOUNT

$70, 955,496 $5,160,831 $19,314,279 $6,076,048 $6,986, 580 $3, 299, 609 $4, 116,049 $9, 889, 451 $3 247,936 $1, 926,031 $2, 976, 576 $2, 496, 030 $5, 466, 076
29, 691,113 2, 232,109 7,052,465 2,197,891 2, 785,979 1, 587, 244 1, 513, 239 4, 092, 369
438, 418 1, 022, 009 1, 830, 833 1, 384, 876 2, 553, 681

Earnings
Current expenses

41, 264, 383 2,928, 722 12, 261,814 3, 878,157 4, 200, 601 1, 712, 365 2, 602, 810 5, 797, 082 1 809, 518

Current net earnings
Additions to current net earnings:
Withdrawn from reserve for probable losses
All other

904, 022 1,145, 743 1, 111,154 2, 912, 395

Total deductions
Net deductions from current net earnings
Net earnings available for dividends,
surplus, and franchise tax
Dividends paid
Transferred to surplus account
F r a n c h i s e tax paid U n i t e d States Government—.

546,928

1,181

175

625

5,360

8,050

16,815

22, 137

77, 392

250, 000
4,844

2,544

19,752

546,928

1,181

175

625

5,360

8,050

16, 815

22,137

77,392

254, 844

2,544

1, 952, 071
537, 550
883, 000
1 788, 322
656, 502

122, 048
28,176

397,661
70,958

47, 294

273, 532
42,988

201, 529
24, 272

233, 682
59, 750
31, 500

168,188
40,911

46, 535
36, 810

141,064
25, 258

68,298
8,601

30, 056

20, 024
158, 790

100,000
44, 964

55, 535

190, 022
98,175
155, 000
250, 000
247, 252

91, 982
24, 733

32,116

85, 828
38, 225
696, 500
350,000
9,099

14, 682

450

500, 000
12, 262

500 000
42, 695

5, 817,445

Deductions from current net earnings:
Bank premises—depreciation
Furniture and equipment
Reserve for probable losses
Reserve for self insurance
.
Allother

19, 752

955,803

Total additions

250,000
705,803

182,340

545, 518

77, 350

495, 334

370, 765 1 179, 652

380, 467

940, 449

131,397

209, 549

595,607

709,017

76,169

495,159

370,140 1 174, 292

372, 417

923, 634

109, 260

132,157

340, 763

706, 473

36, 402, 741 2, 766,134 12, 263, 224 3, 801, 988 3, 705, 442 1,342,225 1 428, 518 5, 424, 665
634,112
9, 583, 913
22, 535, 597 2,132, 022

4, 861, 642

162, 588

4, 283, 231

2

1,410

_ ...

885, 884

794,762 1,013, 586

770, 391 2, 205,922

368.601
97, 362

321, 696 1, 170, 363
303, 032 3, 651, 464

319, 231
56, 665

184,030
61, 073

256,549
75, 704

266,613
670,085
244, 417 1, 535, 837

876, 262

3, 544, 314
938, 312
910, 007
8, 718, 910 2, 863, 676 2, 795, 435

803, 790

602, 838

509, 988

549, 659

681, 333

259, 361

REIMBURSABLE EXPENDITURES OF FISCAL AGENCY DEPARTMENT
Salaries
All other

_.

Total
1

$121, 566
29,109

$6, 868
1,204

$13, 483
4,198

$10,131
808

$15, 914
1,857

$5, 233
1, 894

$5,130
1,235

$7,886
6,829

$10, 248
2,498

3 $13, 607
3,795

$19, 056
1,629

$8,800
1,210

$5, 210
1,952

150,675

8,072

17,681

10,939

17,771

7,127

6,365

14,715

12, 746

17, 402

20, 685

10,010

7,162

Other than those connected with governors' and agents' conferences and of the advisory council.

2

Net addition.

Black figures—See Annual Reports for 1928 (Table 84), 1927 (Table 75), 1926 (Table 68), and 1925 (Table 67 and Part I I , Table 5).




3 includes $4,500 officers' salaries.
Or

156

ANNtJAL REPORT OF THE FEDERAL RESERVE BOARD

CONDITION OF ALL BANKS IN EACH DISTRICT
No.

81.—ALL

BANKS—TOTAL LOANS AND INVESTMENTS
NONMEMBER BANKS, 1923-1929

OF

MEMBER AND

[In millions of dollars]

All
banks
Date*

NonMemmember
ber
banks I banks

Boston district
1923—June 30....
Dec. 31
1924—June 3 0 . . .
Dec. 3L._.
1925—June 3 0 . . .
Dec. 31
1926—June 3 0 . . .
Dec. 3 1 — .
1927—June 3 0 . . .
Dec. 3 1 - . . .
1928—June 3 0 . . . .
Dec. 3 1 . . . .
1929—June 29

4,948
4,989
5,139
5,285
5,523
5,705
5,891
5,940
6,199
6,367
6,644
6,649
6,818

2,032
2,017
2,052
2,134
2,234
2,362
2,409
2,428
2,536
2,583
2,642
2,571
2,613

3,898
3,910
4,050
4,158
4,310
4,358
4,487
4,481
4,635
4,689
4,898
4,854
4,927

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__
1929—June 29..

6,174
6,190
6,324
6,562
6,834
6,999
7,186
7,174
7,407
7,495
7,826
7,904
7,958

2,735
2,725
2,827
2,915
3,021
3,045
3,161
3,133
3,267
3,296
3,448
3,414
3,488

2,916
2,972
3,087
3,151
3,289
3,343
3,482
3,512
3,663
3,784
4,002
4,078
4,205

1,163
1,185
1,223
1,243
1,289
1,313
1,326
1,348
1,368
1,393
1,450
1,440
1,439

Chicago district
3,906
3,899
4,010
4,210
4,370
4,479
4,579
4,543
4,712
4,859
5,118
5,163
5,052

1,880
1,825
1,737
1.781
1,823
1,847
1,848
1,828
1,832
1,868
1,893
1,929
1,881

1,145
1,096
1,038
1.079
1,115
1,131
1,157
1,136
1,154
1,191
1,224
1,250
1,241

Nonmember
banks

12,235
12,280
L3,187
14,023
14,398
14,925
15,364
15, 728
16,693
17, 502
18,202
18. 776
18, 898

7,497
7,494
8,071
8,667
8,746
9,297
9,308
9,667
10,126
10.947
11,098
11,593
11, 775

4,738
4,786
5,116
5,356
5,652
5,628
6,056
6,061
6,567
6, 555
7,104
7,183
7,122

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
2,501

1,182
,204
L, 193
1,220
L,252
,290
,281
,275
,311
,362
1,344
1, 338
1,329

1,018
1,020
1,044
1,053
1,081
1,102
1,120
1,120
1,112
L, 155
1,187
1,183
1,172

St. Louis district

2,268
2,291
2,314
2,352
2,464
2,520
2,607
2,631
2,695
2,636
2,709
2,741
2,906

Kansas City 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..
1929—June 29..

Member
banks

New York district

Cleveland district
1923—June 30..
Dec. 31..
1924—June 30.
Dec. 3 k .
1925—June 30.
Dec. 31..
1926—June 30.
Dec. 31..
1927—June 30.
Dec. 31..
1928—June 30..
Dec. 31..
1929—June 29..

All
banks

735
729
699
702
708
716
691
692
678
677
669
679
640

1,883
1,907
1,878
1,937
1,984
2,067
2,086
2,059
2,096
2,128
2,141
2,163
2,099

1,155
1.182
1,157
1,223
1,228
1,310
1,320
1,313
1,337
1,377
1,384
1,406
1,341

745
810
732
789
791
831
808
807
831
898
916
993
957

Member
banks

Nonmember
banks

Philadelphia district
3,195
3,224
3,334
3,506
3,652
3,811
3,920
4,034
4,115
4.241
4,365
4,395
4,460

1,963
1,969
2,031
2,163
2,249
2, 337
2,420
2,478
2,531
2, 588
2,656
2,666
2,710

1,232
1, 255
1,303
1,343
1,403
1,474
1,500
1,556
1,584
1,653
1,709
1,730
1,750

Atlanta district
•
1,410
1,490
1,454
1,531
1,696
1,994
1,849
1,787
t, 72G
I, 754
1,753
1,749
1,734

920
978
934
995
1,081
1,242
1,172
1,158
1,141
1,165
1,173
1,188
1,177

490
512
520
536
615
752
677
629
585
589
579
560
558

Minneapolis district
728
725
721
714
756
757
766
746
759
752
756
757
757

Dallas district
953
1,016
962
1,016
1,015
1,069
1,044
1,029
1,064
1,136
1,163
1,247
1,217

All
banks

1,665
1,604
1,487
1,564
1,571
1,567
1,549
1,495
1,485
1,527
1,549
1,555
1,539

896
863
824
907
888
893
881
862
851
897
909
933
923

769
741
663
657
683
674
634
630
640
622
616

San Francisco district
208
206
230
227
224
238
236
222
233
238
248
254
260

3,296
3,342
3,389
3,546
3,693
3.872
3,937
4,068
4,077
4,227
4,300
4,523
4,443

2,331
2,248
2,296
2,444
2,545
2,669
2,688
2,842
2,961
3,084
3,149
3,169
3,105

965
1,094
1,093
1,102
1,148
1,203
1,249
1,226
1,116
1,143
1,151
1,354
1,338

1
Dates of reports of member banks;figuresfor 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.




157

ALL BANKS IN EACH DISTRICT
No. 82.—ALL BANKS—TOTAL LOANS

OF MEMBER AND NONMEMBER BANKS,

1923-1929
[In millions of dollars]

All
banks
Datei

Mem- memAll
ber
ber
banks
banks
banks

Boston district

Member

New York district

Philadelphia district

i

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.
1929—June 29.

3,064
3,115
3,220
3,333
3,530
3,682
3,779
3,817
3,930
4,021
4,226
4,271
4,434

1,444
1,440
1,443
1,504
1,602
1,692
1,690
1,708
1,744
1,765
1,849
1,824
1,871

1,620
1,675
1,777
1,829
1,928
1,990
2,089
2,109
2,186
2,256
2,377
2,446
2,563

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.
1929—June 29.

2,594
2,621
2,680
2,722
2,874
2,959
3,037
3,067
3,098
3,100
3,237
3,279
3,380

1,838
1,842
1,877
1,896
2,011
2,060
2,135
2,144
2,179
2,162
2,266
2,291
2,376

756
779
bO3
826
863
899
902
923
919
939
972
988
1,004

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.
1929—June 29.

4,764
4,798
4,876
4,935
5,173
5,319
5,452
5,497
5,575
5,583
5,810
5,933
6,046

2,880
2,870
2,951
3,031
3,181
3,276
3,374
3,388
3,461
3,519
3,698
3,812
3,792

1,547
1,496
1,423
1,421
1,429
1,432
1,418
1,374
1,355
1,353
1,336
1,332
1,310

886
849
800
801
805
805
812
111
776
783
789
803
810

5,017
5,066
5,404
5,720
5,848
6,511
6,399
6,861
7,026
7,789
7,759
8,404
8,769

2,760
2,815
3,088
3,218
3,509
3,525
3,911
3,932
4,362
4,377
4,846
5,031
5,031

Richmond dis
1,675
1,713
1,740
1,745
1,803
1,863
1,865
1,865
1,841
1,871
1,881
1,879
1,865

923
948
952
957
990
1,030
1,016
1,011
1,014
1,028
1,021
1,022
1,010

1,885
1,928
1,925
1,904
1,992
2,043
2,077
2,109
2,114
2,064
2,113
2,121
2,254

661
647
623
620
624
627
606
597
579
570
547
530
499

1,428
1,463
1,455
1,475
1,494
1,563
1,575
1,541
1,537
1,546
1,535
1,546
1,531

819
853
843
884
877
950
952
946
930
953
942
954
937

752
765
788
788
813
833
849
854
827
843
861
857
855

601
649
597
645
638
668
650
652
654
694
692
736
705

,174
L, 190
1,240
1,283
,381
1,485
,574
1,616
J ,604
1,616
1,690
1,745
1,832

632
754
777
879
860
931
900
976
946
1,002
1,027

1,165
1,240
1,221
1,281
1,412
1,647
1,518
1,458
1,373
1 QfiQ
i , tjoy

1,378
1,346
1,345

737
794
764
813
877
995
939
927
885
ccc
ooo
910
895
898

428
446
457
468
535
652
579
531
488
481
468
451
447

Minneapolis district
610
612
591
617
613
623
595
607
592
593
592
594

Dallas district
792
830
801
846
837
875
855
841
853
891
895
938
914

1,806
1,879
1,939
2,037
2,158
2,364
2,434
2,547
2,504
2,592
2,636
2,747
2,859

Atlanta district

St. Louis district

Kansas City district
1923—June 30...
Dec. 3 1 . . .
1924—June 30...
Dec. 31—
1925—June 30...
Dec. 31...
1926-June 30...
Dec. 3 1 . . .
1927—Juno 30__.
Dec. 31—
1928—June 30...
Dec. 3 1 . . .
1929—June 29...

7,777
7,881
8,492
8,938
9,357
10, 036
10,310
10,793
11,388
12,166
12,605
13,435
13, 801

1,333
1,265
1,150
1.139
1,106
1,078
1,039
995
956
955
947
951
945

691
656
611
630
597
586
568
554
531
547
544
560
559

642
609
539
508
609
492
471
441
425
408
403
391
387

San Francisco district
.91
181
204
201
199
207
205
189
199
197
203
201
209

2,431
2,478
2,527
2,567
2,692
2,821
2,877
2,962
2,949
2,959
2,977
3,107
3,082

1,740
L,686
,722
1,767
,848
,937
L.952
2; 067
2,134
2,141
2,144
2,109
2,099

691
792
805
800
844
884
925
895
815
818
833

1 Dates of reports of member banks;figuresfor 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,




158
No.

ANNtTAL REPORT OF THE FEDERAL RESERVE BOARD
83.—ALL BANKS—TOTAL INVESTMENTS OF MEMBER

AND NONMEMBER

BANKS, 1923-1929
[In millions of dollars]
All
banks
Date 1

NonMem- mem- All
ber
ber
banks banks banks

New York district

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. 31.
1929—June 29.

1,884
1,874
1,920
1,952
1,993
2,023
2,112
2,123
2,269
2, 345
2,418
2,378
2,384

588
577
610
630
632
670
719
720
792
817
793
747
742

1,296
1,297
1,310
1,322
1,361
1, 353
1,393
1,403
1,477
1, 528
1,626
1,632
1,642

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.
1929—June 29.

1,304
1, 290
1,370
1,436
1,436
1,399
1,449
1,414
1,538
1,588
1,660
1,575
1,547

897
884
950
1,019
1,010
985
1,025
989
1,089
1 135
,
1,182
1,123
1 112
,

407
406
420
417
426
414
424
425
449
454
479
452
435

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.
1929—June 29.

1,409
1,391
1,448
1,627
1,661
1,679
1,735
1,676
1,832
1,911
2,016
1,971
1,912

1,026
1,028
1,059
1,179
1,189
1,202
1,205
1,154
1,251
1,339
1, 420
1,350
1,260

|
j
i
i
|
I

333
329
314
361
394
416
430
454
476
515
557
596
571

259
247
238
278
310
327
345
359
377
408
436
447
430

4,458
4,399
4,695
5,084
5,041
4,888
5,055
4,935
5,305
5, 336
5,598
5,341
5,097

2,480
2,428
2,667
2,946
2,898
2,785
2,910
2,806
3,100
3.158
3,340
3,189
3,006

1,978
1,971
2,028
2,138
2,143
2,103
2,145
2.129
2,205
2,178
2,258
2,152
2,091

Richmond district
525
512
496
528
530
529
536
530
582
646
650
643
636

259
257
240
263
262
260
265
264
297
334
324
317
319

266
255
256
265
271
266
285
312
326
326
317

383
363
389
448
472
477
530
522
581
572
596
620
652

74
82
76
83
84
89
85
95
99
107
122
149
141

455
444
423
462
489
503
511
517
558
583
605
617
568

336
329
314
339
350
359
368
366
406
423
442
452
405

Dallas district
161
186
161
170
178
194
189
189
211
245
268
310
302

144
161
135
144
153
163
158
156
177
204
224
257
251

NonMem- member
ber
banks banks

Philadelphia district
1,389
1,345
1,395

789
779
791

1 ARQ

CSrt

1,494
1,447
1,485
1.487
1,611
1,650
1,729
1,649
1,601

868
852
845
862
927
972
966
921
878

600
566
604
589
626
595
640
625
684
678
763
728
723

Atlanta district
244
251
233
250
284
347
331
329
353
384
375
402
389

182
185
170
182
204
247
233
231
256
276
263
293
279

62

80
100
97
108
112
109
110

Minneapolis district

St. Louis district

Kansas City 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.
1929—June 29.

NonMem- memAll
ber
ber
banks banks banks

119
115
109
123
139
144
143
151
152
L59
163
166
L63

333
340
337
424
465
489
509
499
528
571
601
605
594

206
208
213
276
291
307
313
308
320
350
365
373
364

127
132
124
148
174
182
197
192
209
222
237
232
230

San Francisco district
866
864
863
979
1,001
1,051
1,060
1,107
1,128
1,267
1,323
1,416
1,361

592
562
575
677
697
732
736
776
827
943
1,005
1,060
1,007

274
302
288
302
304
319
324
331
301
325
318
356
355

1
Dates of reports of member banks;figuresfor 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.


159

ALL BANKS IN EACH DISTRICT
No.

84.—ALL

BANKS—DEPOSITS (EXCLUSIVE OF INTERBANK
MEMBER AND NONMEMBER BANKS, 1923-1929

DEPOSITS)

OF

[In millions of dollars]
All
banks
Date*

Mem- Nonber membei All
banks banks 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. 31..
1929—June 29..

4,581
4,688
4,868
5,033
5,220
5,402
5,580
5,594
5,811
6,009
6,106
6,225
6,209

1,830
1,880
1,939
2,051
2,114
2,245
2,297
2,286
2,359
2,444
2,351
2,397
2,297

New York district

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
3,912

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
1929—June 29

3,596
3,662
3,809
3,855
4,043
4,079
4,227
4,146
4,332
4,355
4,498
4,526
4,523

2,447
2,494
2,605
2,637
2,782
2,805
2,930
2,883
3,035
3, 029
3,139
3,165
3,190

1,149
1,168
1,204
1, 218
1,261
1,274
1,297
1,263
1,297
1.326
1, 359
1,361
1,333

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.
1929—June 29.

5,870
5,963
5,121
6,448
5,740
6.858
7,009
6,972
7,171
7,327
7, 517
7,667
7,543

3,570
3,620
3,765
4,006
4,188
4,288
4,344
4,318
4,465
4,649
4,806
4,914
4,721

1,814
1,765
1,732
1,901
1,922
1,950
1,920
1,924
1,916
1,957
1,962
2,028
1,929

1, 046
1,021
1,013
1,082
1,113
1,140
1,154
1,148
1,158
1,185
1,208
1,241
1,207

11,415
11,986
12,997
13, 564
14,362
14,414
15,000
15,168
L6,261
16,312
16, 614
L8,915
17, 028

4,615
4,553
5,045
4,747
5,496
4,945
5,794
5, 467
6,262
6.291
6,632
6,776
6,677

6,800
7,433
7,952
8,817
8,866
9,469
9,206
9.701
10,002
10, 021
9,982
12,140
10,351

Richmond district
1,927
2,041
1,982
2,103
2,083
2,217
2,170
2, 222
2,244
2,378
2,284
2, 351
2,255

988

1,044
1,018
1,092
1,090
1,157
L, 138
, 164
1,193
1, 242
1,188
1,214
1,166

939
997
964
1,011
9U3
1.060
1,032
1,058
1,051
1,136
1,096
1,137
1,089

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
2,822

Kansas City 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.
1929—June 29.

Mem- Nonber member All
banks banks banks

768
744
719
819
809
810
766
776
758
773
755
787
722

1,727
1,737
1,720
1,873
1,904
2,031
1,985
1,965
1,976
2,053
2,002
2,045
1,911

980

1,016
,014
,121
,097
1,182
, 171
L, 186
,187
1,250
,215
,256
L, 177

747
721
706
752
807
849
814
779
789
803
787
788
733

645
779
676
795
764
822
761
800
800
897
885
989
911

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
3,760

1,657
1,727
1,757
1,894
1,960
2, 077
2,094
2,166
2,187
2, 243
2,232
2,287
2,251

1,119
1,171
1,214
1,272
1,319
1,374
1,385
1,436
1,459
1,543
1,532
1,587
1,509

Atlanta district
1,305
1,411
1,365
1,553
1,704
2, 107
1,805
1,741
1,674 i
1.736
1, 640 |
1,673
1,581

818
880
852
953

1,027
1,220
1,108
1,092
1,066
1.104
1,072
1,093
1,041

487
531
513
600
677
887
697
649
608
632
568
580
540

Minneapolis district
1,570
1,538
1,481
1,596
1,602
1,622
1,576
1, 526
1,507
1,560
1,567
1,596
1, 547

816
807
805
876
871
880
861
847
842
886
895
929
904

754
731
676
720
731
742
715
679
665
674
673
666
642

San Francisco district

Dallas district
851
1,059
917
1,075
1,006
1,099
1,008
1,053
1,049
1,182
1,146
1,290
1,177

Mem- Nonber member
banks banks

206
280
241
280
242
277
247
253
249
285
261
301
266

3,253
3,424
3,441
3,667
3,747
3,994
3,973
4,116
4,073
4,253
4,297
4,576
4,391

2,272
2,292
2,315
2,511
2,568
2,744
2,716
2,883
2,974
3,114
3,160
3,200
3,068

981
1,132
1,126
1,156
1,179
1,250
1,257
1.233
1,099
1,139
1,137
1,376
1,323

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.




160

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
CONDITION OF ALL BANKS, BY STATES

No. 85.—ALL BANKS—TOTAL LOANS AND INVESTMENTS, BY STATES, 1924-1929
[In millions of dollars]
1924

1925

1926

1927

1928

1929

State
June 30 June 30 Dec
United States.—

June 30 Dec. 31 June 30 Dec. 31 June 30 Dec. 31 June 29

45,179.8 48,830. 2 50,603. 3 51,561. 9 52, 018. 53, 750. 9 55, 450.5 57,265. 3 58,266.4 58, 474. 0

New England:
352.4 363.8 371.8 389. 2 394.6 410.0
Maine^
411.5 428. 2' 427.3 437.0
New Hampshire- 245.3 255.7 258.5 269.9
283.6 301.0; 302. 8 312.5
270.4
282.5
205.3 217.4 219.8 227.2
Vermont
239.3 251.11 254.0 256.6
227.9
235.5
Massachusetts. - 3,174.7 3,443. 3 3, 569. 3 3,683.9 3,699.7 3,862. 9 3,959.9 4,137. 8 4,125.1 4, 256. 8
426.2 456.2 468.5 479. II 495. 0 513.5
Rhode Island...
525.1 537.4i 537. 2 533. 6
938.1 1, 009.9 1, 052.9 1,088.7 1,101.0 1,159.1 1,224. 6 1,282. l! 1,302.5 1, 334. 4
Connecticut
Middle Atlantic:
New York
>,
11,633.8 12, 647. 8 13, 086.113, 437. 5 13, 711. 6! 14, 581.1 15, 290.4 15, 880. 7 16,438.0 16, 563. 2
New Jersey
1,652.6 1,867.0 1,979.8 2,073.1| 2,175.5 2,255.4 2,351.5 2,451.9 2,463.2 2, 449. 5
Pennsylvania... 4,551.1 4,916.8 5,052.5 5,181.4| 5,284.1 5.406.5 5,557.2 5,742.6! 5,742.0 5, 794. 6
East North Central:
2,190. 2 2,349. 2 2,379.1 2,466.oj 2,451. 2, 552.1 2, 562. 6 2,684.5? 2,662.8 2, 715. 1
Ohio
Indiana
770.8 803.4 832.1
~ »9.3; 868
13
875.9 890. 2! 897.3 896.3
Illinois
3,079. 4 3,348. 6 3,444.1 3, 515.1 3, 516.
3, 710. 4 3,885.5; 3,918.3 3,918. 5
Michigan
1,386.1 1,599. 7 1, 659. 3 1, 736. 2
1, 860.9 l,986.l| 2,019.5 2, 070. 0
Wisconsin
834.9
874.7
773.0 813.9
905.9 938. 51 943.1 953.0
West North Central:
Minnesota
875. 3 934. 2 940.1
923.1
902.6| 896.1
922.4 926.7 915.3 915. 7
797.3
791.4
836.4
911.0 886.6 856.6
Iowa
791. 1
783. 3
786.8 788.0
1,131.3 1,217.7 1, 272. 3 1,254.3 1,237.7] 1,242.3 1, 269.8 1, 267.0 1, 276. 0 1, 175. 8
Missouri
7]
, LOL. O
114.7
125.3
124."
149 9
North Dakota...
148.0
135. Oj 129.1
128.0
149. 9 152. 9 154.6
136. 1
132.0
136.7
South D a k o t a . . .
144. 5
123. 0
120. 3
126.8
163. 8 163. 5 146.9
385. 4
Nebraska
419.1!
412.7
404.6
411.0 399.6 408.1
398. 6 424.3 430.8
412.9
417.4
Kansas
378. 5 401.5 409. l| 408. 4| 404. 5 400. 7 400.6 407.1
South Atlantic:
149.5
167. 9
119.0
104. 4! 112.2
123. , 131.6
144.0
Delaware..
114.8
136.3
834.5 845. 1
Maryland
745.
650. 2 719.9
769. 8 788.5 837.6 820.4
749. 9,
District of Co256. 0
232. 8! 241.5 236.5 254.5 253.1
195. 4! 218.8 230. 8' 232. 2
lumbia
563.0 554.3
506.6 515.3 536. 9i 532. 5j 531.3! 536.5 560.0 562.7
Virginia
367.8 360.7 366.3 366. % 364. 0 365.4 364.5 363.8 360.7 357.6
West Virginia...
392. 9! 387.8 408.0 416.2 408.2 390.4
397. 4
368.5 380.0 383.9
North Carolina184.5
181.0
181. 6i 180.8
195.9
190.2
201. ll
224.9 215.4
205.7
South Carolina..
355.7 352.4
346. 2 352.2 360.6 371.6
374. 2|
353.3 360.6
367.8
Georgia
460.6
401.9
376.6 357.9 334.9 311.5
501. 7
252.3 435.5 652.1
Florida
East South Central:
560.3
533.7 546.
430.2 444.2 453.4
465.2 504.4 514.0
461. 2;
Kentucky
393.7 383.3 400.5 407.6 413.0 432.0
391. 3|
370.5 372. 1 390.6
Tennessee—
306. 9
267.3 272.0 289.7 301.7 312.1
269. 2
233.5 248.8 261.9
Alabama
212.6
225.1 223.7 220.2 222.3
194.4
207.3
217. Oj 206.0
182.0
Mississippi
West South Central:
208.2
198.6
213.8
198.8
199.4 204.7 202.4
192.5 201.3 207.9
Arkansas
426.9
405.6
417.4
397.4 413.1 402.0 429.4
422.3
348.8 371.8
Louisiana
310.0 335.3 348.7
356.1 370.7 379.6 395.2 404.8 409.9
367. 7j
Oklahoma
833.5 891.3 935.5 92a lj 904.6 942.8 1, 008. 0 1,032. 2 1,105.8 1, 071. 6
Texas
Mountain:
150.6
158.9
147.6
130.2
123. 9j 129.3
118.2
122.4
140.9
105.6
Montana
77.2
82.2
79.0
76.7
73.2
73.3
69.7
73.6
78.3
70.0
Idaho
58.5
59.7
55.3
52.4
51.8
50.3
49.2
51.4
54.6
61.8
Wyoming
265.4
256.1 264.2 266.1 272.6
260.2 271.2
256.6 262.4
258.7
Colorado
40.7
41.0
37.5
27.2
31.0
31.8
35.4
30.9
29.0
26.8
New Mexico
84.9
81.3
75.4
59.6
61.9
66.4
58.7
57.6
58.3
56.7
Arizona
158.0
160.2
140.8
152. 2 152.3
129.2
135.5
122.3
137.5
143.4
Utah
40.5
38.9
37.7
35.7
35.9
32.2
34.8
30.4
34.0
35.2
Nevada..
_
Pacific:
398.4
401.1 406.6 423.1 439.8 448.6 447.3
357.1 379.5 388.6
Washington
253.1 254.0 253.0 260.7 262.2 263.1 260.0
237.5 243.4
249.5
Oregon
2, 533. 5 2, 799. 5 2,953. 2 3,004. 2 3,121. 3 3,128. 2 3,234.9 3,281.1 3,478.2 3, 407. 7
California
Backfigures.—SeeAnnual Report for 1927 (Table 81).
NOTE.—For classes of banks included see note to Tables 81-84. Figures for member banks are for
dates specified; for nonmember banks, for nearest date for which reports are available.




161

ALL BANKS, BY STATES
No. 86.—ALL BANKS—TOTAL LOANS, BY STATES, 1924-1929
[In millions of dollars]
1924

1926

1925

1929

1928

1927

State
June 30 June 30 Dec. 31 June 30 Dec. 31 June 3
United States
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 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
. .1
California

Dec. 3 June 30 Dec. 3] June 29

31,523.1 33,865.4 35,640. C36,157.4 36,758. £ 37,360.

38,407. 39,464. 140,762.7 41,511.8

187.6
183.8
179.8
167.4
176.1
196.
131.5
131.1
127. S
120.9
126.4
140.
151.4
152.4
144.3
149. C 148.4
155.
2,168.0 2,399. 2 2,501. 7 2, 560.6 2,581. 2j 2, 637.
265.8 1 274.
258.8
246.7
216.7
233.0
620.1
615.5
595.5
502.0
557.9
658.

194.
140.
151.
2,691.
276.
702.

209 J $| 214. C 230.3
147.' r| 149.3
157.7
156.
162.1
158.8
2,831.*I 2,844.7 2, 947. 5
306.6
285.]
290.0
794.8
738. (> 764.4

7, 620.6 8,345.3 8,942. 6 9,146.1 9,549. 2 10,081. 10, 787. 11,148. t$11,931.6 12, 281. 7
970.1 1,130. 7 1, 232. 9 1,315.6 1,412.8 1,464.8 1, 535.8 1,607.4 1,650.1 1, 654. 2
3,309.£ 3,433.1 3, 568. 2
2,549. 7 2, 785. 3 2,994. 2 3, 068. 9 3,193.8 3,136. 3, 206.
1,619.7 1, 754.1 1,804. 9 1,857. 6 1,857. 5 1,895.8 1, 906.2 1,968. g! 1,985.6 2, 030. 2
662.5
670.5
664.5
658.7
676.2
676.1
594.0
618.0
641.0
673.8
2, 281.0 2,479. b 2, 560.1 2, 606.8 2, 651. 4 2,694.2 2, 714.3 2,831.8 2,902.8 2,951.6
1,001.0 1,115.3 1,177. a 1,248.0 1,279.7 1,328.4 1,330.7 1,424.3 ! 1,455.7 1,515 1
633.4
602.5
676. 3
618.3
625.2
606.1
657.3
642.8
625.8
591.8
646.7
832.6
870.9
132.1
148.8
358.8
325.0

630.5
784.3
901.3
117.8
137.0
367.6
325.9

622.4
761.8
949.2
114.5
123.1
371.7
328.8

589.9
733.9
921.4
113.0
114.7
360.5
331.6

580.3
695.5
906.5
103.0
94.3
351.0
318.4

546.6
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

541.5
668.4
835.1
83.2
95.4
291.8
295.6

59.6
394.7

63.8
429.3

67.6
462.3

69.5
465.3

73.2
488.6

78.4
476.4

83.2
493.0

92.6
484.4

98.2
502.6

119.3
515.9

140.1
435.9
303.6
331.2
194.7
319.8
189.7

157.7
446.1
301.5
344.9
184.4
320. i
335. 2

169.8
465.6
309.2
348.2
170.5
324.5
509.8

171.3
457.9
305. 5
357.2
169.7
326.6
379.8

174.4
455. 9
306.5
353.0
148.5
298.8
343.3

181.8
457.2
299.9
342.4
144.1
297.8
278.4

176.7
469.8
299.9
348.6
144.4
295.3
252.0

190.4
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

194.3
456.1
288.6
335.5
138.9
295.8
190. 1

343.5
322.5
192.0
147.8

356.1
327.5
206.0
154.6

364.1
344.1
213.4
163.4

371.1
344.2
223. 5
173.3

371.8
345.6
219.2
160.9

392.2
334.2
221.7
163.1

395.5
344.7
231.7
172.3

404.4
343.8
243.7
172.2

416.5
348.3
251.2
166.8

434.6
356.8
249.4
170.1

170. 5
301.8
243.3
691.6

175.4
321.6
247.4
734.2

182.2
360.6
244.9
766.5

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

164.4
345.7
262.2
803.4

78.5
53.7
52.9
178.8
26.1
46.8
95.4
23.8

78.8
50.4
38.2
178.3
21.4
45.6
100.5
25.2

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

83.8
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

94.2
48.5
40.3
171.4
25.9
54.3
122.0
30.8

264.5
286.3
262.5
261.1
278 5
275.8
260.0
257.6
247.1
251.2
145.4
160.9
163.9
162.4
145.7
147.6
149.6
168.0!
165.9
162.0
1, 909.6 2,071.0 2,185.6 2, 232.5 2,321. 7 2,312.7 2,318. 6 2,322.6 2,444 1 2,413. 6

Back figures.—See Annual Report for 1927 (Table 82).
NOTE.—For classes of banks included see note to Tables 81-84. Figures for member banks are for dates
specified; for nonmember banks, for nearest date for which reports are available.




162

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 87.—ALL BANKS—INVESTMENTS, BY STATES, 1924-1929
[In millions of dollars]
1924

1925

1927

1926

1929

1928

State
June 30 June 30 Dec. 31 June 30 Dec. 31 June 30 Dec. 311 June 30 Dec. 31 June 29
13,656. 6 14,964.8 14,963. 3|15,404. 5 15,259.5
United States..
New England:
205.4
187.7
185.0
192.0|
Maine
New Hampshire 124.4 129.3 130. 6 138.8
74.8
68.4
71.4
Vermont.
61.0
Massachusetts.. 1,006. 7 1,044.1 1,067.6 ,123.3
Rhode Island... 209.5 223.2 221.8 220.3
473.2
Connecticut
457.4
436.1
452.0
Middle Atlantic:
4,013.2 4,302.5 4,143.5 4,291.4 4,162.4
New York
762.7
746. 9! 757. 5
682.5
736.3
New Jersey
Pennsylvania... 2,001.4 2,131.5 2,058.3 2,112.5 2,090.3
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
District of Columbia
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
Nevada...
PacificWashington
Oregon
California.

16,390.7 17,043.4 17,801. 2 17,503.7 16,962. 2
217.0
218.3
206.7
213.3
143. 6
153.2
154.8
153.5
87. 7 j
95.0
94.6
95.2
l,268.9j 1,305.9 1,280.4 1,309. 3
226.9
248.6
252.3
247.2
539.5
538.2
522.11 543.5
4,502.71 4,732.1 4,506.4 4, 281. 4
815.7! 844.5
795.3
813.1
2,350.51 2,433.0 2,308.9 2, 226. 4

570.5
176.8
798.4
385.1
181.2

595.1
185.4
869.0
484.4
211.4

574.2
191.11
884.0|
481.9

608.4
193.2
908.3
488.2
248.9

594. 41
192. 5
865. 51
481.3
251.1

656. 4
715.7
677.2
217.2
227.7
232.8
996.1 1,053.7 1,015.5
530.2
561.9
563.8
287.
295.8
285.9

684.9
225.8
967.0
554.9
276.7

228.6
78.4
260.4
17.8
15.0
39.8
53.5

303. 7
102.3
316.4
35.1
26.5
56.7
75.6

317. 7
94.8
323.1
40.1
23.8
59.1
80.3

333.2
102.5
332.9
35.0
29.8
58.6
76.8

322.3
95.61
331. 2
32.0
28.7
61.71

86.11

372.5
108.6
366.9
34.7
33.5
75.7
97.6

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

374.2
128.9
340.6
31.5
40.8
93.6
117.3

44.8
255.5

48.4
290.6

47.2!
283.2|

49.5
284.6

50. 6|
281. 2|

53.1
344. 6|

51.4
336.1

51.2
331.9

48.5
329.2

55.3
70.7
64.
37.3
30.
33.5
62.6

61.1
69.2
59.2
35.1
31.0
40.5
100.3

61.0
71.3
57.1
35.7
35.2
43.3
142.3

60.9
74.6
60.7
40.2
31.4
47.6
121.9

58.4!
75.4
57. 5|
39.9!
33.11
47.4
117.3

59. 8j
90.
64.6
59.4
45.8
65.3
124.6

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

61.6
98.2
69.0
54.8
42.1
56.7
121.4

86.7
48.0
41.5
34.2

88.1
44.6
42.8
39.8

89.3
46.5
48.5
43.9

90.1
47.1
45.7
43.7

118.4
56.0
57.9
52.8

129.3
63.9
58.0
51.5

130.1
64.
60.9
53.4

125.7
75.1
57.5
52.2

22.0
47.0
66.7
141.9

25.9
50.2
87.9
157.1

25.7
61.7
103.8
169.0

64.2
112.0
166.0

32.7
77.0
133.6
214.6

37.1
71.4
140.1
238.5

42.2
89.3
149.4
274.4

43.8
81.2
147.7
268.2

27.1
16.3
8.9
81.4
4.8
11.9
26.9

39. 4|
19.3
11.0
92.9
5.8
14.0
28.7
7.0

44.1
23.0
12.7
89.3
7.3
13.5
28.6
7.1

43.3
23.
12.9
93.7
8.6
14.7
29.0
7.7

52.8
29.7
16.2
99.9
12.6
22.2
29.7
8.1

53.1
31.0
16.3
100.2
13.7
24.2
32.9
9.0

58.8
32.
19.4
99.0
14.9
29.5
36.6
9.1

56.4
28.7
18.2
94.0
14.8
30.6
36.0
9.7

110.0
71.6
623.9

128.3
81.4
728.5

131.0
85.6
767.7

133.9
85.1
771.7

160.6
111.1
916.3

170.1
164.0
117.1
114.6
958.5 1,034.1

161.0
114. 6
994.1

28.3
66.0
125.3
186.6

Back figures.—See Annual Report for 1927 (Table 83).
NOTE.—For classes of banks included see note to Tables 81-84. Figures for member banks are for
dates specified; for nonmember banks, for nearest date for which reports are available.




CONDITION OF ALL MEMBER BANKS IN EACH DISTRICT
No.

88.—ALL MEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, 1921-1929
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. 1O.__.
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, 1 2 . . . .
June 30
Dec. 31
1927—Mar. 23
June 30
Oct. 10
Dec. 31
1928—Feb. 28
June 30
Oct. 3_____,
Dec. 31
1929—Mar. 27
June 29
Oct. 4
Dec. 31

Loans

292, 866
1, 728, 951
297,605
1, 753, 634
290, 819
1, 840, 370
360, 707
1, 940, 910
395,154
1,969, 736
443, 9721
2, 031, 548
2, 046, 991 466,144
440, 407
2, 017, 467
441,409
2,008, 342
2, 052, 373 442, 660
524, 296
2,159, 930
503, 933
2,133, 539
547, 736
2,174, 362
601, 878
2, 233, 551
670,070
2, 304, 449
692, 247
2,361, 779
668, 643
2, 373, 498
690, 063
2,409, 270
708, 281
2,428,155
687,125
2,436, 708
743, 948
2, 535, 667
785, 651
2, 597, 011
765,143
2, 582, 622
742, 626
2, 565, 655
849, 278
2, 641, 830
806, 495
2, 587,156
2,571,115 1, 824,366
823, 340
2, 600, 03,
870,849
2, 612, 944
2, 634,401 919, 834
910,499
2,560, 758

For footnotes see p. 165>




Total
436,085
456,029
549, 551
580, 203
574, 582
587, 576
580, 847
577,060
566, 933
609, 713
635, 634
629, 606
626, 626
631, 673
634, 379
669,532
704, 855
719, 207
719, 874
749, 583
791, 719
811,3601
817,479
823,029

792, 552
780, 661
746, 749
776, 695
742, 095
714, 567
6f0,259

U . S.
securities

Other
securities

159,
172, 566
222, 231
252, 241
247, 503
257, 459
253,106
249,397
237, 550
249, 332
243, 543
243,
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
285,195
266, 299
265, 004
215,919

276,439
283, 463
327, 320
327, 962,
327, 079|
330,117
327, 741
327, 663
329, 383|
360,381!
392, 091!
386, 597
386, 643
398, 937
401, 849
422,042
430, 098
462, 359
482, 692
493,844
537, 622
560, 760
549, 863
555, 253
547, 060
511,604
511,376
491, 500
475, 796
449, 563
434, 340

Due
from
banks 2

81, 926
88, 416
85, 972
83, 864
79,175
79, 873
92, 943
73, 729
102, 631
102, 740
102, 551
84, 469
87,157
104,944
90, 542
93, 797
92, 382
84, 994
103,185
94, 307
119,993
82,106
85, 376
92, 218
106,184
84,873
84, 925
101, 612
143,446

Capital,
surplus,
Demand
and
Total
dedeposits
undiposits 4
vided
profits 3
328, 859;
336, 88O'
336, 676
341,189
341, 830
343, 218:
340, 7261
335,621
340, 304
341, 7101
347, 7791
338, 921
361, 307
383, 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
438, 251
434, 830
459, 297
453,834

1, 667,161 1, 093, 535
1,679,355 1 078, 201
1,821,910 1 185, 526
1,923,693 1 234, 774
1, 929, 943 1 198,935
1, 962, 709 1 2J7,221
1,976,910 1 228, 530
2, 023,190 1 256, 960
1, 990, 907 196
2,103, 255 256| 930
2, 220, 595 297, 219
2, 226, 423 1 329, 125
2,193,0881, 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|i; 404, 878
2,432,82911, 330, 989
2,553, 87111 403, 348
2,614,75511 421, 146
2,651,44411 448,088
2, r»30,462 1, 364, 539
2, 526, 299 1, 344, 158
2, 590, 588 1, 407, 211
2, 580,809 I, 435,056
2, 485, 726 1, 331, 795
2, 461,146 1, 328, 394
2, 544,171 1, 401,910
2, 576,938 1, 450,895

Net
T i m e United Due to
States
6 demand
dedeposits 5 posits banks deposits

429, 645
480, 337
510, 961
551, 328i
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, 087
993, 097
973, 494
953.438
970, 563
950, 349
945,129
932.439

25,445
29,199
14, 363
25,124
26, 303
38,182.
20, 803!
23, 552!
21,555!
25,119
41, 814
36,1501
35, 902i
12, 913
19,656
27,916
53, 727
30, 211
22, 5661
39,132 1
23, 936
39, 269
21, 577
5,729
14,9
20, 223
18, 610
20,463
7,882

Reserve Bills
Net
demand with payable NumFedplus
and
ber of
eral re- redis- banks
time
serve counts
deposits
banks

139,403 1, 120, 719 1, 529,497 110,440
142, 310 1, 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, 0271
153,3771, 223,726i 1, 775, 054 123, 011
132,525 1, 234,1011 1, 808, 882 125, 773
133, 643 1, 247, 569 i 1,841, 503 122, 910
143, 241 1, 262,126 1, 861, 563 124, 243
139, 507 1, 213,113 1, 846, 671 121, 920
163, 768 1, 281, 509 1, 938, 947 130,161
178, 861 1, 340, 766 2,043,467 136, 458
175, 273 1, 349, 294 2, 035,169 140,840
169, 229 1, 294, 818 j 2, 027, 859 132, 902
158, 397 1, 352, 242j 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
161,8101, 407, 219 2, 251, 289 145, 607
161, 864 1, 404, 289 2, 262,457 147, 755
171, 745 1, 361,169 2, 252,132 142, 872
194, 244 1, 419, 891 2, 352, 234 149, 723
189, 811 1, 455, 932 2, 420,461 148,087
207,812 1, 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, 329 1, 427, 987 2,381,425 145,171
163,145 1, 337, 990 2, 308, 553 142, 396
163, 793 1, 347,474 2, 297,823 140, 400
176, 669 1, 394, 566 2, 339, 695 151, 226
185, 722 1, 426,027 2,358,466 142, 707

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
37,821
60,484
37, 781
31, 975
62,089
92,444
51,850
76,144
79, 792
85, 630
79, 837
48, 531

436
436
433
429
427
427
421
421
421
421
419
419
420
420
420
420
418
416
416
415
414
414
413
413
410
408
408
407
408
407
404

No.

88.—ALL MEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, 1921-1929—Continued
NEW YORK 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. M.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...
1929—Mar. 27—
June29._.
Oct. 4
Dec. 31 —

Loansl

Total

9,039,654
9,666,981
9,595,924
10,125, 804
10,135,010
10,946,991
10,427, 642
11,098,295
10,826,917
11,592,908
11,317,183
11,775,345
11,763,448
12,316, 203

Other
securities

811,5631,105,073
869,643 1, 066, 263
,
170,106 1, 234, 858
,
339,197 1, 194, 610
323,622 1, 149, 579
314,491 1, 165, 516
219,196 1, 171,162
,
228,164 1,199, 692
.,
1,172,822 1,238,807
1, 226,982 ., 439,940
1.
1, 366, 7911,560, 244
*
1,321," .,1,
, 606 624,765
612,441
5,634,028 2, 865,382 1, 252,941 1,
!,
653,
5, 848,148 2,897| 600 1, 243, 957 1, 643
~~"\
648,255
5,982, 394 2,850,772 1, 202, 517 1,
598,865
6, 511,496 2, 785,102 1,186, 237 1,
660, 772
6, 207,468 2,832,186 1,171,414 1,
712,889
6, 398,775 2,909,663 1,196, 774 1,
6,861,318 2,805, 663 1,060,404 1,745,259
810,971
6,601,146 2,994,>7 1,183, 807 1,
.
922,918
7,026,078 3, 099,726 1,176,808 1,
i,
861,257
7, 111, 070 3, 023,940 1,162,683 1,
i,
945,802
i,
7, 788, 539 3, 158,452 1, 212, 650 1,
7,167,804 3, 259,838 1,341,430 1,918,408
I,
967, 535
7,758,512 3,
3,339,783 1,372,248 1,
836,733
7, 590,497 3, 236, 420 1,399, 687 1,
1,
8,404,, 303 3, 188, 605 1,353,438 1,835,167
it
784,
8,139,,496 3,, 177, 6871, 393, 095 1, 592
i
742,420
8,
7, 46 6 3,i, 005, 8891, 263,469 1,
59 , ,
""1,982 1, 235, 794 1,
714,188
8, 813,466 2,949',
,
876, 770
9, 096,589 3i 219, 6141, 342,844 1,

6, 745,932J 4, 829. 296 1, 916, 636

6, 584, 737; 4, 648, 831 1, 935, 906
7,126,832 4, 721,868 2,404,964
7,466, 608. 4,932,80l|2,533,807
7,454,083' 4, 980,882^2,473, 201
7, 497,4511 5, 017,444 2,480, 007
7, 293, 253 4,902,895 2,390,358
7,494,010 5, 066,154 2, 427,856
7, 590, 730 5,179,101 2,411,629
8,070,966 5, 404,044 2.666,922
i, 922
8,471, 246 5 , 5 4 4 , 2 1 1 2 , 9 2 r7 , ,035
8,666, 683 5, 720, 312 2,946,371
8,499,410
8, 745, 748
8,833,166
9,296,598

U.S.
securities




Due
from
banks

Capital,
surplus,
and
Total
undideposits
vided
profits 3

Demand Time
dedeposits * posits 5

United
Net
States D u e to
demand
debanks 67 deposits
posits

Reserve Bills
with payable NumFedber of
and
eral re- redis- banks
serve counts
deposits banks
Net
demand
plus
time

153, 590 1,101,914 7,175, 938 4,908,099j 1.047,905 108,464 1, 111, 470 5,364,986 6,412,891 724,373
141,435 1,140,
•,
112, 268 1,141,366 5,194,832 6,303,305 683,409
1,107 7,157,025 4, 794,9is| 1,108,473
162, 336 1, 144,688 8, 265,879 5, 709,170 1,343, 726 45,018 1,167,965 5, 709,1
7,053,425 732,042
,167,£
. .
169, " " 185,280 8, 591,886 5, 720,830 1,438,246
\,
218, 392 1, 214,418 5, 681,; 7,120,048 756,020
,
155,347 1, 189,347 8,023,814 5,079, 8 1, 578, 708 163, 621 1, 201,987 5,431,
,,49
7,010, 567 717, 537
1 5 3 ,136 1 192,425 8,017, 195 .,108,1061,610,560 81,806 1,216,723 5, 521,324 7,131,884 700,431
, ">, ~"
,
5,
141, , 226 1 217,694 7, 769, 874 4,993,407 1, 639, 550 31, 687 1,105, 230 > 315, 749 6,955, 299 682,911
,
5,315| 749
,
),
190,
I,096 1 208,144 8,747, 802 703,986 1, 666,420 62,666 1,314, 730),5,
640, 308 7,306, 728 713,147
', i, 5,
,
:
155, 082 1, 234,431 8,809, 424 5,
i,
, 622, 719 1, 744, 610 74,, 248,367,, 847 i,5,
1 r
606,831 7,351, 441 738,616
),
t
189,547 1 239, 667 9, 535,373 6,128,8841, 786, 274 36,4721,,583,,743 5,184,928 7,971, 202 756, 506
128,884 1
,
i,
6, ,
190,055 1 267,110 9,454,508 5,794,' 1,978, 009 62, 615 1, 618,996 6,444,058 8,422,067 831,948
, 888
,618,
203, 212 1, 267,123 10,48l| 558 6, 754,878 2,01i; 599 50,5381 , 664, 543 6, 760,924 8,772, 523 885, 556
>
169,, 194 1 322,771 9, 433, 563 5,845, 209 2,082,315 84, 799 1,421, 240 6,178, 5148, 260,829 777,110
207, 783 1,339, 541
339, 54110,419, 6, 740,915 2,099,
i, 292
>,782
i,725 25,8511,552,8016,629,— 8,729,507 848, 817
178,142 1,343,249 9, 697,315 6,186,688 2, 111,
,
~".,193 8,463,006 801,882
,813 66,1151,
205, 724 1,
367,64911, 052, 855 7,216,381 2,178,484 74, 352 1,583, 638 6,960,131 9,138, 615
~
187, 772 1,431, 456 10,062,890 6,323, 716 2,253,128 71,037 1,415,009 6,444,716 8,697,844 781,876

212,069
74,846
70,956
167,268
238,334
203,963
209,207
166,190
107,153
61,985
47,157
100,152
168, 780
138,950
231,187
258,133
156,512
42,0211, 566, 248 6,836,535 9,148, 562 864, 614 110,458
202,914 1,432^ 738 10^ 772| 488 6, 852,192 2, 312', 027
230, 709 1,499,733 11,263, 683 7,194,385 2,445,925 60,037 1,563,336 6,935, 656 9,381,581 840,895 211,854
r
182, 240 1,559,062 10,490,336 6,428, 938 2, 527,
,820 112,072 1,421,506 6, 662,934 9,190,754 929,202 161, 514
., 722,453 7, 314,105 2,654J 557 32,922 1,720,869 7, 235, 629 9,890,186 918,169 112,560
t, 557
' 235, 629
,
227,7651,602,00811,722,
"'"
!
., 206,035 6, 704,641 2,748, 230 152,037 1,601,127 6,858,140 9, 606,370 901,892 _
\ 858,140 , . . . . , 185,495
,
__
.
*, 230
198, 737 1,652,653 11,206,
.,943,7807, 108,056 2,837,085 75,8081,922,8317, 629,367 10,466,452 1,037,883
" — "
',
314,259
248,8651,702,54811
188,780 1,742,07111, 259, 540 6, 708,895 2,902,196 17,542 1,630,907 7,067,895 9,970,091 933,218 142,917
207,4141,863,66511 683, 615 6, 875,421 3, 037,
7,691 69,077 1, 701,426 7,197, 614 10,235,305 943, 631 481,048
928 2 0 0 5 0 8 8 11,440, 606 6,817,686 3,069,337 34, 636 1, 518,947 6,741,434 9,810, 771 891,999 391,150
191928 2,005,088 1 i
,
234,068 2,064,233 13,939, 287 8, 930,673 3,145,434 63,493 1, 799,687 7, 612, 549 10, 757,983980, 644 499,445
157, 040 1 414, 600 6, 973, 252 10,130,332 930,041 342, 651
220,157 2, 239,766 12, 743,835 8, 021,115 3,15'
,
\
92,, 465 ,1, 437 7, 279, 211 10, 384, 051 953,347 453, 235
252,483 2,368, 254 11,867,044 7,
516,
!
82, 747 1,451, 013 7, 003,104 10, 255, 245 897,455 255, 340
,
297,388 2, 605,774 12, 507,:
,
294,989 2, 658, 30813, 606, 551 8, 588, 004 3,196,141 26, 219 1,796,187 7,830,36111, 026, 502 984, 256 257,911

795
796
799
813
821
827
835
843
840
845
855
857
866
874
896
913
924
927
933
937
934
934
934
938

931

PHILADELPHIA DISTRICT
1921—Dec. 31

1,691,345 1,026,609

664,736

223,694

441,042

91,794

347,822 1,567, 484 902,326j

466,531

29,405

169,222

941,483 1.408,014 104,413

93,971

704

1922—Mar. 10
June 30
Dec. 29

1,707,462 1,028,830
1,731,097 1,020,011
1,831,634 1,075,741

678,632
711,086
755,893

229,104
231,886
262,794

449,528 89,318
479,200i 93,557
493,099 109,103

354,309 1,586,729 899,1091
359,539 1,653,396 960,961
383,421 1, 775,782 L,;019, 587
1

486,240
495,846
521,677

23,635
11,420
30,622

177, 745 963, 583 1,449,823 104,001
185, 1691 , 021,300 ,517,146 113,460
-""
203, 896 1, 066,597 ,588,274 116,132

64,707
53,036
53,701

710
712
716

1923—Apr. 3 . . .
June 30.Sept. 14_.
Dec. 31 _.

1,913,640
1,963,141
1,968,196
1,969,009

1,134,757
1,173,858
1,193,908
1,189,753

778,883
789,283
774,288
779,256

279,312
281,681
269,162
262,763

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 ,027,471
,
1.
1,842,476 1 018,886
,
1,861,0701 ,026,3791
1,940,235 1,063,
""",120

575,226
613,728
628,441
645,252

32,597
24,776
14,018
18,769

206,
185,
192,
213,

6381 ,071,449
0861 , 057,052
232 1, 072,889
094 1, 075,482

116,272
116,108
114,275
118,960

70,502
86,022
64,331

717
720
722
722

1924—Mar. 3 1 . .
June 30..
Oct. 10. _
Dec. 3 1 . .

1,988,084
2,031,362
2,137, 583
2,162,974

1,214,437
1,240,407
1, 285,853
1,283,288

773,647
790,955
851, 730

251,066
236,300
244,084
257,384

410,062
425.265
443,186
441, 738

1,897,466 985, 701
1,987,313 ,030, 686
2,110, 591 1,063,780
2,137, 2791 , 093,975
""
"

679,593
705, 706
742, 770
774,356

33,448
20,906
42,937
25, 549

198,
230,
261,
243,

7241 , 033, 544 , 713,137 114,381
015 1, 080,153 ,785,859 121,313
104 1, 135,386 1,878,156 124,297
399 1, 154,183 1, 928, 539 129,361

51,173

1925—Apr. 6._.
June 30..
Sept. 28..
Dec. 3 1 . .

2, 229,641
2,248,606
2,307,840
2,336,929

1,350,269
1, 380,644
1,446,386
1,484,944

879,372
867,962
861,454
851,985

254,828
233,020
225,886
224,877

522,581 98,3101
554,655 132,372
607,646 160, 512:
622,302 119,997|
I
624,544 122,145|
634,942 108,951!
635, 568 109,112J
627,108 126,891J

454, 274.
460, 206
463,378
467,109

r
2,145, o:91, 082,756
883
2,178,"' 1,131,811
2,193, 043 1,131,363
2,300, 31 1,198,146

782,709
809,256
829,146
849,918

49, 749
18,917
26, 712
28, 906

229,>, 865 1, 143,679
,
218,L 899 1, 180,408
205,822 1,,181,373
,220,887
223,!, 347 1,

119,790
139,752
129, 518
139,801

40,180
54, 793
54,980
61,698

1926—Apr. 12..
June 30..
Dec. 3 1 . .

2,404,477 1,545,600
2, 419, 615 1, 574,278
2,478,121 1,615,701

858,877
845,337
862,420

244,189
213,342
205,786

614,688 118,656
631,995 117,493
656,634 122, 531

486,082 2, 292,1891 ,152,987
488, 052 2,318, 643 1,169,421
507,067 2,385, 6491 , 194,027

880,283
897, 745
942,801

47,298
27,070
29,388

211,621 1,192,583 2,072,866 131,910
224, 407 1 210, 594 2,108,339 135,378
'""" ".,
219, 433 I,219,381 2,162,182 139,754

65,059
66,680
75,116

756
760

1927—Mar. 23..
June 30_.
Oct. 10_Dec. 3 1 . .

2,518, 269
2, 531,080
2,589,323
2, 588,373

1,593,840
1,604,480
1,619, 599
1,616, 325

924, 429
926,600
969,724
972,048

247,173
233,691
248,642
233,553

677,256 105,4241
112, 284
721,082 105,960
738, 495 130, 785

516, 626
520,155
543, 528
542, 259

2,369, 5421 , 141,824 975,913
~"
2,395,971 , 160, 6791L, 000, 432
2, 443,615 1,163, 603 1 025,994
L,
2,468, 8671 ,167, 963 1,
1,054, 625

45, 592
25,778
41,613
21, 013

206,213
209,089
212, 405
225,266

1,202, 784
1,198,405
1,225,298
1,200,390

2,178,697
2,198,837
2,251,292
2.255,015

138,391
140,900
141,789
142,118

52,640
65,731
39,513
72,839

770
773
776
777

1928—Feb. 2 8 . .
June 30-.
Oct. 3__.
Dec. 31 _.

2,574,616
2,655,802i
2,693,461
2,665,755

1,597,468
1,690,219
1,729,944
1,744,565

977,148
965, 583
963,517
921,190

241,325
226,496
249,598
230,977

735,823 99, 071 550,082
739,087 115,888 563, 490
713,919 119, 703 582,059
690,213 126, 280 578, 972

2,387, 992 1
,115,7091., 070,330
2, 419, 778 ,114,2541 ,104,008
1
,
2,467,
1,456 1 , 106,901
',617 1, 140,
2,487, 654,179,», 855 1,091,091
',
1:

4,833
13,208
8,499
15, 572

197, , 120 1, 176, 753
188,308 1, 149,187
211,761 '1,177,686
201,, 1 3 6 1 , 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

1929—Mar. 27..
June 29._
Oct. 4__.
Dec. 3 1 . .

2, 713, 684 ,813, 353
2, 710, 020 1, 832,438
2, 754,927 1, 889, 651
2,686, 721 1, 859, 014

900,
877,
865,
827,

227,898
221, 220
217,173
193,436

672, 433
656, 362 113, 037
648,103 107,137
634, 271 118, 092

2, 423,, 843 ., ;
i
1 139,983 1, 087, 755
2, 434,869 1, 146. 207 1, 075, 299
2, 441, 824 1,140, 912 1,084,492
2,468,444 1,185, 039 1,069, 359

22, 243
29, 840
29, 694
10,130

173, 862 1,151, 602
, 164,842
183,
186, 726 1., 171, 097
, 176, 799
203,

2,
2,
2,
2,

136,094 125,933
138, 878 105,055
136, 598 101, 593
137,069 94, 311

777
776
771
764

331
582!
276
707

601,140
624, 773
651, 832
649,169

,646,675
, 670,780
,701,330
, 720, 734

1,926,388
1,989,664
2,010, 519
2,070,805

239, 357
240,141
255, 589
246,158

23,099
42,386

724

K.

t
p
^

730
736

S
gf

738

S

740
749

B
W

£

1

J

Includes rediscounts and overdrafts; excludes acceptances of other banks and bills of exchange sold with indorsement.
• Does nat include items with Federal reserve banks in process of collection, or amounts due from foreign banks or own foreign branches.
• 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.
«Includes postal-savings deposits.
• Includes amounts due to Federal reserve banks, foreign banks, and other banks; also amounts due to own foreign branches.
i Due to banks revised (for New York district only) to include amounts due to own foreign branches beginning Mar. 23, 1927.




O*

No. 88.—ALL MEMBER BANKS—-PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, 1921-1929—Continued
CLEVELAND DISTRICT
[In thousands of dollars. For back figures see Annual Report for 1927, Table 86]
Loans and investments

Capita],
surplus,

Investments
Call date

Loans1

Total

1921—Dec. 31.
1922—Mar. 10.
June 30Dec. 29.
1923—Apr. 3 _June 30.
Sept. 14.
Dec. 31.
1924—Mar. 31.
June 30Oct. 10_.
Dec. 31.
1925—Apr. 6-_
June30.
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..
1929—Mar. 27..
June 29_.
Oct. 4__.
Dec. 31..

Total

U.S.
securities

721,982 256,831
1, 604, 331 757, 066 282,186
1, 623,155 792, 057 302, 612
1,674, 543 892,002 368, 591
1,735, 6611 900,060 389, 771
1,838, 266 896,835 378, 219
1, 829,479 907, 543 374, 800
1,841.586 883, 882 337, 93'
364, 992
2,785, 473 1, 862, 522 922,951
2,827,379 1,877,061 950, 318 380, 895
2,927, 572 1, 896, 77"1,030, 795 446, 091
426, 795
2, 915,147 1, 896, 0631,019,084
2,990, 76S 1, 969,
494 1, 021, 274 423, 828
407,929
3,021,365 2,011, 473 1,009,892
3,082, 83, 2,063, 815 1,019,020[ 415,174
3,044, 613 2, 059,826 984, 787[ 377,444
2,110, 503 1, 004,100| 404,163
,
3,114,
3,160. 748 2,135,311 1, 025,437, 402, 385
3,132, 525 2,143,838 988,6871 353,932
,
3,232, 279 2,159,734 1, 072, 545! 411, 282
,
3, 267,065 2,178,525 1, 088, 540' 398, 760
3, 325,300 2,200,7391 ,124, 561 425,148
,134, 668 411,708
3,296,433 2,161, 765 1,
3,347,123 2,187, 627 1,159,496 434,356
,
3,447, 585 2, 265, 798 1 181, 787 429, 473
,
3,426, 978 % 274, 465 1 152, 513 447, 786
3,414, 291 ;2, 291,196 I, 123, 095 423,961
3,477, 587 2, 352, 327 , 125, 260 450, 671
435,101
3,487, 780 2, 375,807 1,111,973
3, 498, 265 2,418, 3621, 079, 903 428, 802
3,455,405 2,409, 537 1, 045, 868 405, 738
2, 323, 519
2, 361, 397
2,415, 212
2, 566, 545
2,635,721
2, 735.101
2, 737,022
2,725, 468

1,601,537




Other
securities

Due
and
from
undibanks 2 vided
3

465,151 120,055
474,880 136, 594
489.445 143, 735
523,411 159, 714
510, 289 165,469
518, 616 153,032
532, 743 153, 484
545, 945 147,088
557, 959 159,580
569,423 178, 200
584, 704 202,198
592, 289 169.935
597.446 169,015
601,963 158,871
603,846 161,947
607, 343 170, 764
599,937 161, 630
623, 052) 177.936
634, 755 170,647
661, 263 185,496
689, 780 168, 759
699,413 185,855
722,960 184,196
725,140 179, 299
752, 3141 159, 780
704, 727| 182,543
699,134 181,140
674, 589 149, 644
676,872 149, 974
651,101 156, 900
640,130, 156,348

profits

443, 540j
458,202;
464,965!
479,440;
482,034!
484,360
493,451
492, 586
501,837
504,602
519, 340
513, 341
525, 296
523, 686
520,333
516,112
527, 090
526,168
529, 783
540, 208
539, 565
551, 294
549,921
533.163
560, 096
569, 862
570, 421
581,
604, 259
621,478
618,487

Reserve Bills
Net
United
with
Net
Total Demand Time States Due to demand demand Fed- payable Num6
deplus
de- 5
ber of
and
banks deposits
eral re- redis- banks
deposits posits * posits
detime
serve
posits
deposits banks counts

2,140,882
2,238,272
2,346,939
2, 532,153

2, 628,373 340, 858 1, 024, 774
2,655,422 1 359, 759 1, 068, 268
2, 693,402 1, 358, 576 104, 348
2, 697, 972 1, 331, 249 135, 752
2, 747, 624 1, 330, 50'
172, 043
2,833,901 1,352, 411 233,441
2, 951, 279 1, 374,189 I) 252, 237
2,917,911 " 367,064 1, 246, 764

31,965
31,023
15,308
35, 701
28,690
18,919
7,608
27, 205
34, 566
19,129
33,165
22, 816

2, 997, 555 1 ,383, 080 1, 298, 976
3, 034, 500 1,,429,178 1, 328,000
3,052,192 1,429, 266 1 342,045
'.,
3,052, 565 1, 438, 295 1, 338, 656
I,
3, 096, 756 1, 426,150 1, 388,458
3,169,922,1, 478, 616 1, 426, 613
3,129,859 1, 439, 708 1, 423, 674
3, 270,117 1, 495,113 1, 479, 320
3, 290,464 1, 490,171 1, 523,854
3, 335,184 1, 458, 387 1, 568, 627
3,303, 756 1,460, 348 1, 544, 204
3,356, 766 1,458.127 1, 610,144
3,366, 288 1,477,849 1, 643,809
3,413,370 1. 479,885 1, 645, 637
3,401,112 1, 497, 765 1, 642, 632

48, 567
24,696
35, 393
27, 751
41, 796
25,181
20,495
30, 294
21, 243
31,243
24, 401
9,267
17,629
12, 773
24,153

169,163 1 153,702 1,983,381
184,677 1 197,895 2,084,859
193,943 1 271, 007 2,186, 905
225, 376 1,
368,130 2, 373,677
234,051 1 407, 058 2, 431, 832
208,476 1 415, 216, 2,483,484
222,870 1 421,4161 2, 525,764
203, 766 1 358, 515 2,494, 267
210,508 1, 383,494 2, 555, 537
228, 920! 1,
411,454 2,644, 895
291, 688 1,
488,136 2, 740, 37r
281, 267 1,
453, 951 2, 700, 715
266,93: 1, 479, 878 2. 778,854
252, 626 : 504, 3782,832, 378
1,
245, i, 488 l! 502,967 2, 845,012
:
,
247, ' 863 ,473,218 2, 811, 874
,
1
240, 352 1,
477, 901 2, 866, 359
239, 512 1 529,853 2, 956,466
245,982 1, 471,472 2,895,146
265,390 1, 570, 390 3,049, 710
255,196 1, 559,309 3,083,163
276, 927 1,
549,143 3,117, 770
274,803 1, 523,126 3, 067, 330
279, 228 1,
534, 957 3,145,101
227,001 521, 844 3,165,653
275, 075 1,
553, 712 3,199, 349
236, 562 1,
490,257 3,132, 889

30,
33,
34,
13,

219, 469 1, 504, 034
212, 208 1, 504,025
230, 428 1, 529, 640
222,7591,511,793

3,
3,
3,
3,

1,110,075 829,679
1,135,608 886,964
1,221,790 915,898
1, 265, 529 1,005, 547

.,
386, 308 1 465, 56' 1, 670,439
i,
402, 038 1, 479, 422 1, 677,186
I,
,
394, 717 1, 490, 884 1, 639, 075
376, 486 1, 519, 271 1, 620, 642
'.

833
222
330
814

3,174, 473
3,181, 211
3,168, 715
3,132, 435

132,128 128,557
132, 516 65, 240
141, 369 46,637
153, 239 56, 797
159, 367| 41, 373
151,213 83,832
159,162 64,120
152,093 57,914
156, 029 46, 290
158,172 31,671
168, 858 28,647
163, 593 55, 626
177, 348 40,069
175, 224 47, 997
176, 535 65, 761
172, 340 76, 722
177,825 65,634
179,455 58,821
179, 490 91,355
194, 278 44,937
180,034 48, 511
193,891 60, 721
180, 917 68,372
196, 926 74, 224
181, 671 111,464!
191,919 78,368 {
185, 295 105,201!
184, 871 101, 6051
192, 911 97, 512;
192, 649 103, 637
180,470 100,499

883
884
880
878
880
881
877
876
873
872
871
869
865
864
863
856
846
841
836
835
834
823
818
816
811
807
804
795

i
W
O

RICHMOND DISTRICT
1921—Dec. 3 1 . .

1, 111, 299 864,938

246,361

141,942

O 1922—Mar. 10..
June 30—
Dec. 29.-

1,094,817 852, 392
1,090,441 854,484
1,147, 755 893,543

242, 425
235,957
254,212

137, 650 104, 775 69,019
125,241 110, 716 81, 798
142,681 111,531 86,156

214, 932
964, 750| 479, 730
218,077 1,022, 971 j 513, 230
223,193 1,089,119| 543, 219
222,836
222,392
226, 592|
222,481!

o

104,419

71,059

209,590

978,693|

499,775

362,861

13,235

102,822

518,072

58,024 114,378

625

371, 994!
395,235!

399,175J

11,497
7,056
13,095

101,529
107,450
133, 630

502,082
530,628
573,281

874,076 54,126 88,092
925,863 59, 714 53,494
972, 456 61,123 64,328

626
628
630

422,
432,
432,
441,

14, 090;
8, 775
10,494|

107,675
113,177
148, 933
115, 939
123, 78:
141,256
148,818

14, 702J 126,341

1923—Apr. 3 . . .
June30._
Sept. 14..
Dec. 31.-

1,168,867
1,181, 802
1,194,326
1, 204, 445

910,300
922,863
932,180
947,604

258,56'
258,939
262,146
256,841

147, 561
145,510
147,139
141, 937

111,006
113,429
115, 007
114, 904

1924—Mar. 31..
June 30..
Oct. 10...
Dec. 3 1 . .

l,212,007i
1,192, 837
1, 215,112
1,220,335]

958,139
952,353
957,002
957, 330

253,868
240,484
258,110
263,005

132, 974
124,328
132, 989
132,612

120,894 81,830! 230, 2711
116,156 87,187! 229,001'
125,121 107,074: 234,073
130,393 109,057 229,014;

1,141,728! 556,141
1,141,676 541,144
1,193,038 551, 704
1,241,166| 596, 804

455,391
466,110
479, 437
483, 072!

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 11,030,047
"'

267,314
262,058
258, 545
259,908

129,017) 98,236
130, 293' 91, 496
129,474! 104,110
133,681 112,063 \

235,034!
234,199:
234,103[
229,688

1,224,377J
1,213, 258J
1,248,5961
1,316,353

566,497
567, 65'
583,238
631.108

494, 553!
510, 542'
507,871
510, 316|

1926—Apr. 12..
June30..
Dec. 3 1 -

1, 292, 990 1, 028,153
1, 281,068 1,016,044
1,274,86: 1, 011,253

264,837
265,024
263,614

138, 297
131, 765
129, 071
126,227
132, 506
126, 264
120, 744

14, 257i
10,635j
20,64l!
12,472
!
22, 934;
12, 0881
13, 877!
15, 543

132,331 94,614
138,760 99,617
142,870 111,896

234,457 1, 275, 337
232,255 1, 267, 999
233,269 1,313,711

598,041
601,696
626,016

517,887i
522,7211
526,267

1927—Mar. 23June30_.
Oct. 10...
Dec. 31..

1,288,676
1,310,826
1,358, 261
1,362,094

1,007,986 280, 690
1,013,610 297, 216
1, 033, 609 324, 652
1,028,354 333,740

131, 424
132,422
143, 394
139,141

149,266
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

1928—Feb. 2 8 June30_.
Oct. 3 . - Dec.31.-

1,341, 648 ll, 012. 275
1,344,487 •1,020,535
1,338, 981 1,023,137
1,338,263 1,021,518

329, 373
323, 952
315,844
316, 745

135,934
130, 587
131,460
129,800

193,439 97,880
193, 365 90,184|
184,384 104, 668
186,945 103,575

242,136
240, 848
237,724
238,406

1,336,705
1,303,391
1,326,052
1,355,455

1929—Mar. 2 7 June 29-.
Oct. 4___
Dec. 3 1 . .

1, 351, 229 1, 023,816 327, 413
1, 328, 903 1, 010, 212 318, 691
l,-298,r~ 989, 745 309,143
1, 277, 559 974,173 303, 386

143, 69,
137,43'
132, 38'
124,446

183, 718 84, 581
181, 254 93,116!
176, 756 88,291
178,940 100, 586

241,135
240, 329
237, 050
235, 721

1, 313, 731
1, 280,461
1, 263, 480
1,288, 540'

90,335
80, 510!
80, 302!
102, 331 i

1,116,138
1,095, 2041
1,101,106J
1,193, 3611

61,395
59,493
60, 947
66,378

61,853
83,340
92,951
63,393

632
629
626
627

72,649
67,596
51,434
47, 745

626
624
620
617

140.393
122, 971
143,610
159,386

61,505
61,079
64, 699
69, 632
592,666 1,087,219 65, 060
577,03" 1,087, 579 62, 745)
604,262 1,112,133 68,417!
650,431 1,160, 74" 70,0311

48,083
66, 788
68,642
55,249

608
607
606
604

21,124
13, 775
12,489

138,285
129,807
148,939

617,119 1,135,006
611,544 1,134,265
643,917 1,170,184

66,746; 53,065
66,977] 58,373i
71,8901

592
587
583

538,140
566,449
580,490
599,094

21,906
12, 922
24,059
16,416

146,692
138,555|
163,841
172,468

620, 750
630, 919
655, 550
654,181

587,171
571,878
582.109
602,158

599, 928
606,060
599, 678
596,387

8, 525
10,655
10, 798
15, 727

141,08l!
114, 798
133,4671
141,183

572, 875
557, 838
551, 578
577,939

596, 201
586, 753
574, 326
562,064

27,122!
21,189
16,349
12,513

117,533
114,681
121, 227
136,024

552,
540,
546,
592,

363
503
525
546

732
936i
629
388

576,244 998, 976
553,972 986,908
559,966 992,595
617,51" 1,058,905
571, 75'
552,623
576,343
614, 340

1, 027,148
1,018, 733
1,055,780
1,097, 412

27,457
35,479!
34,572;
31,557

571
569
568
564

622,355
580,900
598,316
613,570

70,751!
73,2541
74,167
76,460,
!
1, 222,283 71, 705!
1,186, 960 69,881 j
1,197,994 70, 995|
1,209,957 67,986;

34,039!
69,150!
63,165
48,723

561
557
554
547

586, 527
563, 267
563,485
583, 556

1,182, 728
1,150,020
1,137,811
1,145,620

66, 9061
67, 912!
67,661
68,293J

55,183
70, 031
64, 526
47,811

541
537
5?4
514

1,158,890
1,197,368
1, 236,040
1, 253, 275

>

O

W

1
o
3

For footnotes, see p. 165.




No. 88.—ALL MEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, 1921-1929—Continued
ATLANTA DISTRICT
[In thousands of dollars. For back figures see Annual Report for 1927, Table 86]
Loans and 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
1929—Mar. 27
June 29
Oct. 4
Dec. 31

Capital,
Reserve Bills
Net
Net
demand with payable NumDue surplus, Total Demand Time United Due to
and
FedStates
6 demand
dedeplus
ber of
from
and
undieral re- redis- banks
detime
banks * vided deposits posits * posits * posits banks deposits
serve
Other
deposits banks counts
3
profits
securities

Investments
Loans l

Total
162,630

U.S.
securities
96,933
87,911
90,877
100, 228

65,697 84,367
62,867 91,177
62,288 93,224
68,152 115,426

176, 565
182,067
183, 045
184,620
179,420
169,988
171,868
182,077

106, 877
106, 432
104, 242
101,638

196, 527
203, 563
233, 762
246, 582

1,154,415
1,141,096
1,159,731
1,164,625

989,474
938, 772
927,002
902,851
885,482
899, 505
888, 206

1,139,061
1,173,465
1,187,513
1,188,390
1,191, 275
1,176, 597
1,148,656
1,114, 730

847,324
807,198
807,453
882, 540
907,130
919,555
922,357
978,266
963,919
934,134
950,287
995,156
1, 056, 772
1,080,744
1,196,653
1, 241,844
1,235,196
1,171,995
1,158,183




69,688 119,606
75,635 96, 574
78,803 91, 633
82,982 120, 703
84,999 106,991
89,491 116,989
93,092 144, 634
101,718 161,860

157,632
754,658
162,347
775,984
163, 580
802, 854
927,000
168,360
169, 795
963, 289
170,178
926, 811
173,278
901, 050
168,988 1,014,180
173, 570
980, 911
175,148
966, 022
177,989 1,021,003
172,972 1,125,180

416,479
417, 308
434,167
499,465
505,043
486,685
476, 242
542, 810

91,181
90,891
106, 200
106,137

105,346
112,672
127,562
140,445

245, 722
233, 223
231,181
251, 564
255, 614
260, 226
276,419

108,152
95,441
87,187
113,807
112,963
118,192
124,664

880,600
910, 221
901,140
895,201

258,461
263,244
286, 373
293,189

113,431
113,831
134,003
134,779

137, 570
137, 782
143,994
137, 757
142,651
142,034
151, 755
145,030
149,413
152, 370
158,410

382,108
398, 360
407, 425
425, 613
432,954
443, 009
431, 328

906, 887
897, 985
889,106
854, 781

284, 388
278, 612
259, 550
259,949

132,450
122, 667
116, 596
115, 228

151,938
155, 945
142,954
144,721

684,694
656,420
654, 288
714,160
730, 565
737,488
739,312
793,646
784,499
764,146
778,419
813, 079
860,245
877,181
962, 891
995, 262

150,778
153,165
168,380

94,421
80,497
78, 776
80,359

513,519
490, 845
512, 505
585, 685

246,313
247,524
264, 680
281, 241
306,252
317,947
316,151
323, 934
334,010
353, 746
353,174
359, 373

186,971
168, 938
215,141
210, 957
172, 755
154,822
161, 285
143, 649
136, 702
160,498
158,654

178,380
178,489
180,729
177, 718

1, 204,801
1, 208, 026
1, 371,168
1,447, 965

188, 245
188,184
187, 212
191,831
192, 237
195,180
192, 703

1,
1,
1,
1,
1,
1,
1,

356,323
266,473
266, 229
235, 743
217,106
269,428
288,011

603, 787
617,406
700, 987
777, 929
715,043
651,910
645, 511
601,435
587,824
596,810
623, 504

141,847
124,169
127, 258
144,035

196,841
198,004
201, 877
199,912

1, 227, 296
1,205,967
1,165,149
1, 254,032

594, 333
577, 566
548,165
609, 252

458, 559
476, 523
466,823
466, 602

125, 248
112,477
131. 260
131, 722

207,159
204,891
204,017
199,144

1, 206, 678
1,158,873
1,138, 705
1,167, 244

581,634
543, 341
538, 060
573,943

457, 469
471, 495
441,190
431, 846

447,148
461,993
454,642
462, 740

9,445

82,421

10,749
6,114
13,395
14,606
13,421
8,432
13, 421
8,964
7,113
11, 001
7,904

100,403
97,893
132,899

18,188
11, 584
18, 521
16,176

200, 718
180, 676
244, 235
228, 247
187, 784
158, 803
173, 919
161,990
150,445
193,619
184,437
169,404
133,713
137, 975
161,156

630,232
595,928
564,397
625,566

141,431
117, 763
134, 642
146,824

607,
554,
549,
586,

20, 542
12,751
15,471
25,170
16,844
24,357
17,330
5,000
18,165
12,186
17,022
26,144
26, 274
24,813
14,631

137, 388
108, 758
100, 225
134, 015
124,418
114, 318
144, 323
172, 218

418,551
435,315
448,132
519, 551

44,357 121,681

512

59,856
38,116
39,587
27,987
43, 721
69, 232
64,445
59, 592
46, 248
38, 723
26,809

520
530
536
533
530
528
525

865, 215
855, 511
883, 599
966,462

45,210
45,301
55,669
57,037
53,814
51,438
55,029
55,143
56,482
57, 512
63,489

519
518
515
510

642,390
649, 793
755, 671
808, 949

1, 024,498
1,048,153
1,163, 096
1,234, 562

68,983
70, 528
77, 372
79, 311

25, 254
31, 015
37, 247
32,135

505
501
500
495

748, 555
667, 695
660, 973
629, 897
611,919
635, 345
650,431

1,181, 509
1,110, 704
1,092, 301
1, 077, 045
1,073,912
1,089,987
1,113,171
1,088,791
1, 072, 451
1, 031, 220
1,092,168

77, 529
67,406
68,292

52,124
49, 667
52, 551
47, 029
42,495
36, 781
34,421

492
488
475

70, 583 33, 578
65, 795 54,288
64, 351 110,903
63,852 52,139

415 1,064,884
699 1, 026,194
930
991,120
606 1,018,452

68,951
64, 202
62, 475
64,132

460
457
454
453
444
436
431
428

527, 310
505,089
485, 203
553,646
531, 205
501, 765
530,425
607, 089

664,864
682,839
712,812
800,792
833, 562
823,036
801, 354
877, 580

69,360
65,820
67, 307
73,215

60,800
72,078
90, 766
42, 323

471
469
465
464

CHICAGO DISTRICT
470,902 247,069

1921—Dec. 31

3,481,917 2,713,580

768,337

297,435

1922—Mar. 10

3,481,108 2, 701,518
3,542,924 2,671,998
3,749,072 2, 751, 216

779,590
870,926
997,856

299, 205 480, 385 304,804
372,845 498,081 290,833
463,459 534,397 296,525

June 30
Dec. 29

412,6521,816,032 3,101,629 235,593 228,810

1,442

578, 532 3, 583,,323 1, 704,145 ,1, 553 43, 887 537,7381,939,601 3, 237,154 250,924 101, 633
297,
583, 672 3,721,,013 1. 876,011 ,1,
, .
336,364 18,363 490,275 2,045,567 3,381,931 266,273 79, 739
608,627 3,938,6311,949,008 1,,433,100 49,121 507,402 2,108,478 3,541,578 277,731 106,724

1,440
1,441
1,440

565, 730 2,158, 605 3, 642,348
123,996
521, 508 2,178, 847 3, 709, 568 273,134 89,375
535,012 2,173,344 3,708, 532 282,042 92,722
503,012 2,153,042 3, 725,353 270, 698 109,317

1,437
1,434
1,432
1,427

574,517 3,415,153 1,679,4381,285,597

37,466

2', 870; 074 1,028,432

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
i,
,
4,091, 564 2,
L
,001, 394 1, , 530, 721
4 , 0 t, 409 ,,986, 7511[, 535,188
74,1 ,
4,123,464 2,022, 700 1 572, 311
L,

.
2, 919,539 1;, 015,508
,
2,950, 8631. 059,091
,
3,074, 9781. 145,488
,
3,031, 1201. 178, 605

466, 741
493,414
522,874
523,365

548, 767
565, 677
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 1, 589, 791 38,552
4, 385, 733 2,096, 774 1, 645,284 22, 736
4,571, 553 2,168, 534 : 678,438 28, 753
'
1,
! "' ,
1
4,630,437 2,238,, 495. 732,371 35,548

546,153 2,149,297
620,939 2, 287,485
695,828 2,443,302
624, 023 2,423,364

,
3,058, 062.1 205, 232
!
,
3,181, 236 , 189,211
,
1,
3, 245,976 1, 187,519
.
3, 276, 2721,202,457
~

532,802
509, 219
496, 673
495, 286

672,430
679,992
690,846
707,171

357,215
375,695
334,589
341,102

630, 730
630,078
626,355
617,289

4,600,403 2,168, 798 L, 761, 612
1
4, 798, 702 2, 324,424.,1
833, 638
4, 742,329 2,300,409 :, 837, 642
1
4,873,893 2, 369, 677 :, 881, 042
1

613,496 2,389,382 4,150,994
610,78812,480,853 4,314,491
572,959,2,493,037 4, 330, 679
586,106 2, 535, 7194,416, 761

1923—Apr. 3 . . .
June 30..
Sept. 14..
Dec. 31..

3,875,140
3,905,944
3,896,856
3,898, 506

2,857, 546 1,, 017,594
',
2,880,042 1, 025, 902
,
,
2,885,975 1, 010,881

1924—Mar. 31__
June 30_ _
Oct. 10..
Dec. 31__

3,935,047
4,009,954
4, 220,466
4, 209, 725

1925—Apr. 6 . . .
J u n e 30. _
Sept. 28-.
Dec. 31__

4, 263,294
4,370,447
4,433,495
4,478, 729

1926—Apr. 1 2 . .
J u n e 30. _
Dec. 3 1 . .

4,490,062 3,286,195 1,203,867 481, 677
4,579,409 3,374, 232 1, 205,177 496, 670
4,542,539 3,388,470 ", 154,069 414,941
1,
.

1927—Mar. 2 3 . .
June 30..
Oct. 1 0 . .
Dec. 3 1 . .

4,589,907
4, 711, ~~'
4, 748,809
4,858, 646

1928—Feb. 2 8 . .
June 30..
Oct. 3 . . .
Dec. 3 1 . .
1929—Mar. 27_.
J u n e 29_.
Oct. 4 . . .
Dec. 3 1 . .

39,014
37,941
17,458
25,441

3, 739,088 261, 675
3,932, 769 298,035
4,121, 740 308, 679
4,155, 735 314, 698

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

722,190 337,713: 629,089 4,831,961 2, 292,078 1,, 898, 341 35,324 606, 218 2, 519, 704 4,418,045 321,071 80,919
.
708, 507 368,4511 644,846 4,957,253 2>388,376jl,
. ,,935,044 20,975 612,858 2, 558, 7314,493, 775 342,157 98,965
739,128 333,944 653,259 4,887,284 2,358," 1, 935, 865 23, 380 569, 249 2, 512,156 4,448,021 310, 644 108,289
l 790
,

1,379
1,366
1,335

3,328,215 1, 261,692 493, 243
3,460, 588 1, 251,346 497,669
3,486,417 1, 262,392 489,950
3, 519,373 1,339, 273 503,452

768,449
753, 677
772,442
835,821

314,242
336,691
329,073
328,559

4,844, 751 2, 273,464; 1,932,931 42,309
679,468 5,038, 300 2, 411, 982!2, 029, 28923, 968
694,979 5,092, 939|2,410, 0722,054, 586 42,100
709,876 5, 212,83012,483, 882 2,140,008 24, 823

596, 047 2, 508, 605 4,441, 536
573,061 2, 587, 617 4,616,906
586,181 2, 612, 648 4, 667, 234
564,117 2, 642, 2634, 782,271

316,516
310, 885
339, 688
348,638

71, 693
68,414
34,196
67,714

1,319
1,308
1,300
1,290

4,849, 212
5,117,598
5,137,348
5,162,585

3,462, 236 1,386,976
3, 697, 5741,420,024
3,772,110 1,365,238
3,812,187 1,350;
" "1,398

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
J
,
5,334,624 2, 512, 358 2, 275,300 18,278
2,
5, 350,410 2, 502, 605 2, 256, 64016,454
5,458,419 2,637, 746 2,257,163 19,421

593, 584 2, 597, 111 4, 735,593
528, 688 2, 643, 333 4, 918, 633
574,7112,665,947 4,922, 587
544,089 2,680,742 4,937,905

335, 785 63,815
330,451 164,798
344,880 132,964
343,073! 163,576

1,274
1,264
1,260
1,252

5,072,146
5,052,312
5,116, 564
4,934,486

3, 776, 7301,295,416
3, 792,123 1, 260,189
3,900,567 . 215,997
,
"I, 770,1011, 164, 385
.

527, 261
512,036
490,151
408,055

768,155
748,153
725, 846
756, 330

258, 538
327, 786
323,468
330, 241

774, 650
780, 67"
792,854
790, 510

5,134, 952 2,445,841 2,117, 596 48,116
5, 234, 017 2,535,149 2,147, 604 38, 204
5, 281, 541 2, 572,529 2,148, 220 35,864
5,140,01212, 521, 829 2, 076, 814 18, 092

523, 399i2, 610, 5794, 728,175 340,339
513,060,12,622,659 4,770,263 345,481
524,928|2,688,038 4,836, 258 353,366
523, 277J2,575, 778 4, 652, 592 331,335

56,497
29, 852
31,319
37, 068

312,949
322,224
319, 513
305,336

201,092
142,555
146,821
147,750

1,237
1,229
1,206
1,186

W

1
o

For footnotes, see p. 165.




CO

No. 88.—ALL MEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, 1921-1929—Continued
ST. LOUIS DISTRICT
[In thousands of dollars. For back figures see Annual Report for 1927, Table 86]

Loans and investments
Capital,

Investments

Call date
Total

Loans i

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
1929—Mar. 27
June 29
Oct. 4
Dec. 31

983, 886

764,021

219, 865

978, 769
999,039
1,118, 350
1,151,916
1,154,982
1,171, 327
1,182,166
1,175,542
1,157, 068
1,182,971
1,223,248
1,246,141
1,227, 649
1,280, 843
1, 309,595
1, 331,924
1, 320,071
1, 312, 593
1, 331,123
1, 336, 751
1, 358,406
1, 376,531
1, 373,441
1, 384, 322
1,400,512
1,405, 799
1, 377, 349
1,341,452
1,375, 210
1,336,880

750, 634
738, 395
802,437
820,105
818,861
843,535
852,844
855,217
843, 421
872,907
884,240
890,838
877,430
929,520
950,498
971, 770
951,830
946, 432
932,548
930, 367
948,412
953, 365
935,779
942,221
972,722
954,105
944, 686
936,671
983, 72C
955, 428

228,135
260, 644
315,913
331,811
336,121
327,792
329, 322
320, 325
313, 647
310, 064
339,008 |
355,303
350,219 ,
351, 323 1
359, 097
360,154 I
368,241
366,161
398,575
406, 384
409,994
423,166
437, 662
442,101
427, 789
451, 694
432,663
404,781
391,490
381,452




U. S.
securities
97, 610
102,611
114,597
153, 365
163, 357
164, 800
157,718
153, 325
139, 818
130, 447
121,502
133,431
148, 704
129,769
130,817
136,193
139,267
135,854
119,929
146, 861
148,543
146,142
146,241
154,298
147, 651
149,654
161,431
159, 269
138,777
128,907
114, 777

Other
securities

Net

Reserve Bills

Due surplus, Total Demand Time United Due to
demand with payable NumNet
and
States
Fedfrom
dedemand
plus
and
deber of
undibanks 6 deposits time eral re- redis- banks
deposits posits « posits « debanks 2 vided
serve
posits
deposits banks counts
profits 3

122,255

77, 350

125,524
146, 047
162,548
168, 454
171, 321
170, 074
175,997
180,507
183, 200
188,562
205,577
206,599
220, 450
220,506
222 904
220, 887
232,387
246,232
251, 714
257,841
• 263,852
276, 925
283, 364
294,45C
278,135
290,263
273, 394
266,004
262,583
266, 675

80,208
98, 241
122,420
110,407
90,164
86, 638
102,964
87, 826
117,085
139,485
153, 630
133,538
117,784
126,163
127,239
114,311
110,096
116, 093
125,568
111, 535
121, 761
129,113
110, 726
105, 381
116, 803
118,481
92,185
92,388
118,827
113,421

178,117
180, 603
185,964
ISO, 985
192, 375
193, 783
197, 612
194,054
196, 445
197,101
199,528
196,176
198,830
198,454
198,054
197,456
203,567
202,920
205, 057
207, 018
205,417
210, 769
209,206
208, 310
209,984
211,608
212,829
211,913
202,977
208, 527
208, 614

935, 653
963,122
1, 005, 568
1,166, 601
1,182, 334
1,133, 448
1,124, 062
1,181,238
1,152,961
1,175, 581
1,243,101
1, 343,832
1, 319, 398
1,272,211
1, 303, 544
1, 387, 086
1,374, 746
1, 343,430
1, 358, 840
1,381, 426
1, 358, 778
1,416,481
1,451,096
1,412, 730
1, 367, 318
1, 394,849
1,441,124
1, 337, 019
1,311, 209
1, 360, 607
1, 380, 297

515, 877
508,982
535, 843
616,833
620,410
597, 800
595,760
622,433
586, 834
600, 776
618,154
676,122
660,267
647, 306
650,955
717,570
700,582
684, 784
697, 613
668, 643
670,557
694, 111
715, 913
681,249
660,201
664,964
711,206
641,175
644,882
655, 332
689, 686

284,143
295, 259
313, 782
340, 447
362,186
367,882
381,404
384, 646
408, 703
407, 587
423, 605
431,261
434,778
441,922
452, 819
452,196
479,134
476, 569
479,590
513,973
509,282
521, 318
525, 641
537,775
543, 605
544,774
537,601
533,554
521,158
535, 751
520,903

8,106
11,306
6,232
14, 731
13,977
14,196
3,823
9,028
9,417
5,945
8,208
13,823
26,881
7,621
10,168
12,590
16,123
9,865
8,560
14,205
6,981
13,980
8,885
4,370
11, 359
5,517
7,549

127,527
147,575
149, 711
194,590
185, 761
153,570
143, 075
165,131
148,007
161, 273
193,134
222, 626
197,472
175,362
189,602
204,730
178,907
172,212
173,077
184, 605
171,958
187, 072
200, 657
189, 336
152,153
179,594
184,768

548, 756
558, 639
579, 673
675, 376
685, 678
652,449
640,475
663, 726
638,255
643, 954
664,836
733,571
720, 347
698,112
708,163
776,927
751,311
740,575
734, 044
727,471
723,990
748,984
775,833
747,982
699,176
712, 637
756, 987

832,899
853, 898
893, 455
1,015, 823
1, 047,864
1, 020, 331
1, 021, 879
1, 048, 372
1, 046,958
1, 051, 541
1,088, 441
1,164, 832
1,155,125
1,140,034
1,160,982
1,229,123
1,230,445
1,217,144
1,213, 634
1,241, 444
1,233,272
1,270, 302
1, 301,474
1,285, 757
1,242,781
1,257,411
1,294, 588

65,171
61,769
63,491
69. 732
75, 621
68, 782
65, 053
70, 058
68,304
63, 376
75, 346
80,758
78,523
73,343
75,114
81,912
82,611
76,904
83,017
80,965
77,050
81,813
88,517
82,822
78,552
81,855
84, 641

74, 385
38,469
26,301
37, 073
34,084
50,220
70, 875
63,914
46,967
31, 460
36, 232
13, 912
17,531
24,160
48,272
28, 786
30, 631
35,107
35,985
18, 809
38,453
20,272
20, 877
28,958
64,806
70,135
39,363

8,800
11, 250
7,641
2,001

153,490
133,919
161, 883
167, 707

690,134
675,256
682,267
723, 267

1, 223, 688
1,196,414
1, 218,018
1, 244,170

78, 333
75,096
78, 256
80, 055

58,460
58,758
82, 361
31,967

585
589
605
608
618
621
622
624
628
627
625
624
624
621
629
628
622
619
609
602
599
596
594
593
593
590
587
585
580
572
571

MINNEAPOLIS DISTRIC
1921—Dec. 31

862,438

712,371

150,067

74,171

1922—Mar. 10...
June 30_._
Dec. 29...

853,404
859,706
884,167

694,202 159,202
687,166 172,540
694,312 189,855

81,000
92,664
102,217

78, 202 109, 693 139,863
79,876 97,116 139,416
87, 638 113, 987 140,995

853,503; 364,107 364,168 11,616 113, 552 389,396
856,304! 373,432 373,566 6,568 102,738 398,069
923, 070, 400, 397 390, 583 9,002 123,088 427,421

1923-Apr. 3...
June 30_.
Sept. 14_.
Dec. 31..

899,193
896,406
888,949
863,307

696,161
690, 681 205, 725
684,105 204,844
655, 670 207, 637

111,028
114, 761
112, 993
113,498

92,004
90,964
91,851
94,139

944,127;
916, 088'
913,062
914, 802

393,011
392.112
386,445
387, 722

408,234
416,088
417, 529
413, 926

9,611
8,394
6,023
5,413

1924—Mar. 31._
June 30..
Oct. 10. _
Dec. 31. _

853,424
824, 333
867, 582
906, 616

639,177
610, 944
629,480
630, 474

126,691 913,853
123, 376 909, 020
125.202 1,005,093
125, 050 1, 044, 751

386,117
395, 763
422,371
439,041

404,271
403, 578
412,826
430,315

9, 521 113,944 418,757
5, 692 103, 987 404, 538
162, 993 465, 671
6,321 169, 074 502, 738

1925—Apr. 6...
June 30. _
Sept. 28_.
Dec. 31._

888, 227
895,430
893,181

294,830 ;
291, 329
599,474 295,9561
586,117 307,064'

122,137 1,016,127 424,363
120,444
430, 509
118, 414 995, 743 426,358
435,382
118,395 1, 011,

441,834
435, 281
433,906
437, 717

8,562
5,188
8,161
7,429

141, 368
117, 485
127,318
131,041

1926—Apr. 12. _
June 30. _
Dec. 31..

889, 722
880. 562
861,998

983,324 420,472 438,964
965,833 419,864 435, 449
962,635 406,037 435,897

9,499
6,009
4,667

1927—Mar. 23__
June 30...
Oct. 10__
Dec. 31...

862,142
851,382
881,950

75,896 87,079

108, 539
97, 236
97,195
105, 461

214, 247 120,890 93,357 106,392
213, 389 116, 699 96, 690 123, 707
238,102 123,301 114,801 157,181
276,142, 143, 677 132,465 151, 229
145,812
150,368
155,164
160, 694

122, 753
110,190
112,913
127,243

140,960

135,421
134,341
134, 939
132, 022

818,666? 358,465

363, OlOi 10,321

86,870! 376,306

133,271
99,494!
103, 065
107,741!

440,539
411, 603
409. 468
410,581

74,017

1,017

753, 564 43,316 53,658
771, 635 45,544 50,920
818,004 49,024 38,226

1,015
1,014
1,000

739,316| 43,537

848,773 51,805
827,691 46,937
48,065
824,5071 46,652

31,833
43,100
41,838
26,978

977
940

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

913, 597
898,482
900,042
905, 582

54,172
54,175
53, 789
52,192

5,526
7,260
7,652
4,639

872
859
848
829

W

114,389 450,935
104, 511 444,447
116, 034 432, 083

53, 592
879,896 48, 457
867,980 50, 606

5,670
5,226
5,277

817
804
764

GO

575, 372 314,350
567, 763 312. 799
554,196 307,802

149, 018
140, 961
140, 792
146, 370
147, 729
142, 334
133,351

166, 621 104,869 115,870
170, 465 101, 544 114, 627
174,451 116,230 114,625

540, 495!
531,054
552, 992
547,075

321, 647
320,328
328,958
349,923

134,337
129, 820
131, 275
137,006

187,310
190, 508
197, 683
212, 917

99,188
105,616
140,198
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
428,942|

430, 377
434, 987
435,139
451, 607

7,272
5,693
5,421
5,743

111,012
98, 500
131, 550
124,985

425, 526
417, 583
468, 971
460,037

855, 903
852, 570
904,110
911, 644

50, 717
47,781
51,261
54,217

5,066
3,428
2,654

743
740
742
735

1928-Feb. 28..
June 30.Oct. 3...
Dec. 31...

904,662 544,744
908, 660 543, 940
927.986 557, 522
932,852 560,043

359,918
364, 720
370, 464
372,809

137, 347
136,480
146, 729
146,579

222, 571
228, 240
223, 735
226, 230

114,559
110,549
121,438
116,775

115, 508 1, 001, 684
115,966 996, 752
116, 592 1, 037, 290
117,971 1,042,148

416, 759J
427, 884;
444, 512
443, 805i

460,3081
461,363
468, 509
480,054

3, 274
5,578
4,579
5,550

121, 343
101,927
119, 690
112,739

454, 430
446, 544
472, 204
465, 402

914, 738
907,907
940, 713
945,456

53,499
53,926
55,323
55,467

3,847
8,290
13, 951
5,279

731
728
722
719

1929—Mar. 27..
June 29 _
_
Oct. 4_...
Dec. 31...

937, 754 563, 858
922,693 558, 567
957, 073 597, 307
910,924 563, 024

373,896
364,126
359, 766,
347,900

149,447
147,348
141, 868
134,771

224,449
216, 778
217,898
213,129

88,927
102,036
108,813
105,999

117, 676 996, 573
116,316 994,146
119, 666 1,010, 088
119,871 995,051

416,153J
426, 529;
441,676
432, 555
I

470,838
470, 4251
458,6201
457,932

6,903 102,679
7,379 89,813
5,790 104,002
1,967 102, 597

451, 601
438,587
457,337
453,015!
i

922,439 54,923 15,101
909,012 50,219 12,330
915,957 50,044
910,947
12,253

712
700
689
683

611,861

For footnotes, see p. 165*




471, 763
463,201
466,136
467, 865

W

I
CO

No. 88.—ALL MEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, 1921-1929—Continued

^1

KANSAS CITY DISTRICT
[In thousands of dollars. For back figures see Annual Report for 1927, Table 86]

Loans and investments

Total

Loans l

Total

U. S.
securities

Net Reserve Bills
United
with
Net
Total Demand Time States Due to demand demand Fed- payable Numplus
deber of
and
dedebanks• deposits time eral re- redis- banks
deposits posits * posits »
posits
vided
deposits banks counts
profits»
lapital,

Investments

Call date

Other
securities

surplus,
Due
and
from
banks 2 undi-

1921—Dec. 31

1,048,918

858,205

190,713

103,419

87,294 156,266

1922—Mar. 10...
June 30.._
Dec. 2 9 . . .
1923-Apr.3..__
June 30...
Sept. 14...
Dec. 3 1 . . .
1924—Mar. 3 1 . . .
June 30...
Oct. 1 0 . . .
Dec. 3 1 . . .
1925—Apr. 6 . . . .
June 30...
Sept. 28...
Dec. 3 1 . . .
1926—Apr. 12...
June 30...
Dec. 3 1 . . .
1927-Mar. 23...
June 30...
Oct. 10...
Dec. 31...
1928—Feb. 28...
June 30...
Oct. 3 . . . .
Dec. 31...
1929—Mar. 27...
June 29...
Oct. 4 . . . .
Dec. 31. _

1,017,869
1,067,002
1,115,378
1,133,839
1,145,159
1,127,800
1,096,091

827,379
842, 236
866,655

190,490
224, 766
248,723
257,082
259,051
255,186
247,028

106,213
130,918
148,269
158, 559
160,367
157,510
141,171

84,277 199,510
93,848 206, 791
100,454 206,544
98,523
98,684!
97,676
105,857

202,278
173,949
172,014
179,835

233, 998
237,914
262,548
278,086
303, 596
309,691
318,451
326, 536

135, 584
133,799
147,575
149, 747

98,414
104,115
114,973
128,339

169,898
173,670
177,337
181, 677

133,698
136,021
141,114
144,859

343.600
345,490
358,557
372,955
377,409
391,525
408,429

198,072
187,698
182,962

145, 528
157,792
175,595

194,040
183,255
183,435
183,534
189,019
193,958
206,458
212,331
214,282
202,027
198,413
180, 676

178,915
194,154
208,090
224,895
220,320
241,643
229,094
235,056
228,422
228,300
225, 628
227, 205

168, 733
201,079
306,566
313,260
240,836
231,461
197,240
229,406
188,641
199,704
218,763i
199,661
200,021
206,774

1,056,702
1.037,719
1,057,681
1,078,924
1,115,184
1,114,620
1,135,728
1,131,484
1,137,826
1,157,139
1,135,968
1,159,449
1,153,509
1,167,923
1,191,491
1,196, 758
1, 224,395
1,241,707
1,250,019
1,242,207
1,240,550
1, 246,554
1,211,892




876,757
886,108
872, 614
849,063
822,704
799,805
795,133
800,838

811,588
804,929
817,277
804,948
794,226
811,649
777,411
786,494
776,100
776,398
783,062
787,419
788, 794
806,155
802,632
799, 503
810,223
822, 513
804,011

409,339
435.601
435,552
447,387
442,704
430,327
424, 041
407,881

to

217,308
194,403
220,264
224,876
185, 640
186,115
195, 334
209,416

242,616

8,834

191.089

687,336

72,322

94,963

1,092

243,049
262, 921
273,040
759.627 285, 648
736,1541 300,687
735,072 299,566
722,247 291,930
694, 796 293,850
708,3681 298,607
745,421| 297,288
779,782 295,985

14,636
7,776
12, 542
12,864
9, 209
6,652|
6,764
8,404
6.504
7,665
6,538

231,322
233,876
251,972
250, 904
213.168
215.090
213, 776
200,654
215,477
331,060
359,121

706,073 949,122 72,508
782, 638 1, 045, 559 79, 765
803, 204 1,076,244 81,143

[,112
[,147
,142

13,561
7,120
7,965
8,330
15,808
11,509
7,856
10,033
7,038
9,844
8,718
355,464
5,219
372,402
8,531
374,313
7,737
364, 599
9,926
372,899
9,137
372,520
8,062
370, 918
6,692
350, 359
3,179

295, 779
271,545
251,312
268,504

48,722
31,238
35,840
32,564
58,649
48,862
53,396
24,914
22,815
10,232
6.256
6,959
8,753
10,896
16,858
20,000
16,503
7,387
11,579
11,892
14,757
10,292
9,773
19,468
20,613
22,443
22,953
39,240
45,382
34,690

170,917 1,092,271

649,732

173,056
174, 200
179,437
174,377
172,908
173,860
165,727
165,666
162,393
163,859
158,65"
159,361
159,643
158,118
154,037
156,055
153,771
152,389
156,146
155,302
158,872
156,841

1,145,868
1, 232, 772
1,288,845
1,309.043
1,259,218
1, 256,380
1,234,717
1,197, 704
1,228,956
1,381,434
1,441,426

656,861
728,199
751,291

1,387,051
1,384,705
1,364,381
1,408, 528
1,349,052!
1,391,656
1,403,513
1,387,912
1,394,004
1,407,018
1,456,338

772,474 305,237
793,938! 312,102
795,356 309, 748
836, 732 294,962
794,590 315,685
818,430 323,494
822,221 317, 771
800, 740 330, 719
819,882 331,110
815,969 340,449
837, 111 338,815

158,370
157.315
161,046
160,297

1,447,630
1,438, 933
1,496,""
1, 505,060

814,687
826,745
846,154
866,873

163,738
160,730
163,646
162, 37-

1,438,225
1,420,108
1, 439,112
1,428,618

828,825
826,186
824,185
836, 911

222,969
238,223
255, 665
246,420
235,974
240,756
271, 694
272, 260
231, 255
267,859
263,662
227, 364
213,340
237, 317
238.169

787,834
786, 720
759,435
745,699
747,807
812,291
876,091
868,714
863,783
871,428
891,887
845,448
871,245
874,880
872,960
868,642
869,300
907,363
885,470
886,190

929,952

1,109,634
1,088,521
1,086,286
1,051,365

85,040
81,198
82,152
76,579

1,039, 549
1,046,414
1,109,579
1,172,076

74,998
78,241
86,096
93,892

1,173,951
1,175,885
1,181,176
1,186,849

89,453
91,446
87, 775

1,161.133
1,194,739
1,192,651

83,990
88,973
86,102
89,173
90,771
86,813
95,336
92,138
94,149
94,286
90,950
92,621
90,758
90,027
87, 748

1,203,679
1,199,752
1,209,749
1,246,178

1,240,934
1, 258,592
1,281,195
916,693 1,281,292
878, 517 1, 251,416
863,648 1,236,168
869, 069 1, 239, 987
873, 653 1, 224,012

,145
,145
,142
,122
,098
,087
,082
,066
,056
,048
,038
,027
1,017
1,011
992
984
972
972
968
961
945
941
932
919
912
902
893

DALLAS DISTRICT
1921—Dec. 31

711,182

593,536

117,646

87, 667

1922—Mar. 10...
June 30.._
Dec. 2 9 . . .

700, 308
706,745
749,295

585,235 115,073
587,036 119,709
609,481| 139, 814

90,028
94,918!
Ill, 502

25,045 105, 033 158, 491
24,791 99,262 157,974
28, 312 130, 690 161, 749

1923—Apr. 3 . . .
June 30..
Sept. 14..
Dec. 31..

769,406
745,119
780,557
810,155

619,939
601,128
636, 701
648, 797J

149,467
143,991
143,856
161, 358

123,063
117,288
112,706
126,154

26,404
26, 703
31,150
35,204

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

157,933 798,955
158, 084 719,951
818,915
159, 606 947,461
155,715
119, 535 157,950 836,043
105,145 156,502 768,294
198, 361! 159,418 931, 725
214, 390j 153,452 1, 004,243

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
] 12, 608
113,439
114,026

41,531
40,106
44,260
49,110

179,811i
133, 823'
163, 817!
152, 668,

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. 23..
June 30..
Oct. 10__.
Dec. 31..

841, 697
830, 856

668, 338
654, 072
688,449
694, 344

173,359
176,784
188,439
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
161,3551 918,194
165,245 1,024,493
160,040 1,068,016

624, 466 175, 663 15,049
608,564 180, 830 10, 972
663, 643 182, 373 15, 823
699,161 184, 0321 13, 789

133,167
117, 828
162, 654
171, 0341

1928—Feb. 28..
June 30..
Oct. 3...
Dec. 31..

904,469
915,653
960,054
993,420

701,202
691,939
725,485

203,267
223, 714
234,569
257,024

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
163,982
166, 562
162, 510

1,027,194j
1,005,100;
1,081, 380;
1,154, 849J

683, 851 195,227 4,122
654,947 212, 836 17,263
695,270 214,6651 9,463
743, 439 222, 906 22,190

1929—Mar. 27..
June 29..
Oct. 4....

999, 532
956,940
987,088
936,158

730,030
705,445
748, 767
713, 786

269, 502
251,495
238,321
222, 372

190,314
169,494
153,066
131,631

79,188
82,001
85,255
90, 741

129,928
118, 279
148, 091
148,127

172,08:
173, 588
176, 344
171, 564

1,084,798 700,806
1,012,170| 653,847
1,073,3311 680, 780
1,048,407:

Dec. 31..

29,979

84,728

155,137

667, 712

108, 337
81,491
129,188
162, 898

i

160,130
159, 968
161,567
156, 760

966, 613
883, 042
951,509
980,534

104, 835

8,325

77,856

474,536

45,305

851

596, 700 46,261 49,856
612,030! 46, 605 45, 753
693,811! 54,457 20,000

854
857
855

133,776 20, 228 106, 312 557, 673
500, 307 136, 750 8,278 74, 616 505,926
550,485! 137,250 5 ,— 125,294 562,566
623, 728 i 143,250 12^182 168,301 659,117

691,449!
642, 676
699,816
802, 3671

51,077
48,288
52, 759
60, 602

26, 335
47,065
54,754
12,121

855
857
858
849

149,971 13,192 117,174
152,454 6,452 92,347
154, 713 9,084 177,481
150,856
209,179

578, 018
524,251
608,091
683,038

727,989J
676,705;
762, 8041
833, 894

52, 319 16,782
49,293 24,316
55,895 15,168
65,708 6,094

835
837
838
828

658,243
601,105
642,249
680, 728

821, 875
768,4101
839,110

62.061
57,174
59,010
66.062

3,721
12,684
15,926
5,878

824
847
854
852

W

169,465 12, 496 124, 098
163, 897 7,372 109, 875 599, 064
160, 377 8,571 140, 040 641,913

805,961^
762,961
802,290

58,172 12,220
57, 342 25, 359
64,423 9,721

850
843
827

GO

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

143,994
120,054
161,982
166,314

712,409
665,916
721, 625
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

121,156
100,9771
138, 530)
135, 013

711,313
652,702
701,941
675, 238

947, 825
890,146
933, 808
899,749

69,381
63,680
65, 999
65,016

765
766
761
746

4'

688,418 480, 355
693,049 488, 854
816, 216 553,220

555, 706
517,041
590,447
637,826

109,919 10,206 87,938 486,781
116, 888 4,976 82, 331 495,142
120, 460 14, 648 127,888 573,351

616, 774 163, 632 16,230
588, 053 167, 305 8,598
612,231 164, 640 13,917
649, 672 158, 382 14, 065

929,171 623,112
871,479 590, 335
940, 370 631, 382

236, 5121
237, 444J
231, 867
224, 511

26, 324
19, 902
22,154
11,150

169,977
119, 086
160, 721
158, 415

579,371

13,093
19,658
34, 666
16,502

to

For footnotes, see p. 165.




CO

No.

88.—ALL MEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON CALL D A T E S ,

1921-1929—Continued

SAN FRANCISCO DISTRICT
[In thousands of dollars.

For back figures see Annual Report for 1927, Table 86]

Loans and investments
Investments

Call date

Total

Loans 1

U. S.

Total

1921—Dec. 311922—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.

1,945,470 1,452,507
1,937,309 1, 432,613
1, 995, 347 1,474,013
2,127,852 1, 554, 357
2,262, 529 1,661,246
2, 331, 250 1, 739, 729
2,2.91,651 1, 731, 718
2, 247,952 1,686,175
2, 317, 292 1, 739,615
2, 296, 222 1, 721, 530
2, 355,433 1, 728, 349
2, 444,038 1, 766,978
2, 507, 7081 1, 815, 310
2, 545,159 1,847,940
2,607,781 l,88f " ' "
2,668, 572( 1,936,858

1926—Apr. 12.
June 30.
Dec. 31.

2, 677, 238' 1, 939, 856 737, 382
2,687, 583 1,951, 713 735,870
2, 842,494 2,066, 559 775, 935
2,938,375! 2,118,265 820,110
2,960,511 2,133,903 826,608
2,987,169 2,123,672 863,497
3,083,880 2,140,842 943,038
3,064,101 ! 2,079,156 984,945
3,149,0811 2,143, 756 1, 005, 325
3,200, 375 2,165,340 ! l, 035,035
3,168,538, 2,108,7431,,059, 795
3,113,045; 2,070,615k 042,430
3,105,425 2,098, 715J1, 006, 710
3,132, 697! 2,191, 791 940,906
953,116
3,192, 234! 2,239, Hi

1927—Mar. 23.
June 30.
Oct. 10..
Dec. 31.
1928— Feb. 28.
June 30.
Oct. 3 . . .
Dec. 31.
1929—Mar. 27.
June 29.
Oct. 4 . . .
Dec. 31.

For footnotes, see p. 165.




492,963
504, 696*
521, 334
573,495

securities

601,283!
591,521|
559,933
561, 777i
577, 677
574,692
627, 084
677, 060

229,959
243, 007
255, 454
309,218
333, 722
319,410
301, 2891
289, 266
302, 675!
298, 5871
336, 531
361, 300i

692,398
697, 219
721,400
731, 714

372, 486j
374,161!
390,497|
386, 395,
383, 784!
377,996;
367,400;
400,119i
406, 6851
430, 249J
486,094J
521,495
515,092
535, 558
574,015
580,376
539, 054
513,475
495,447

Other
securities
263,004
261, 689
265, 880
264, 277

Due
from
banks !

Capital,
surplus,
and
undivided
profits 3

284,002
287,605
285.168
301,238
267, 561
298,607
272, 111
299,104
258,644
304,972
272, 511
292,919
275,002
313, 857
276,105
312,644
290, 553
323,460
315, 760
318, 247
319,912! 226,571 320, 789
323,058 223, 855 321,813
330,903 240,799 324,441
345, 319 246,305 319, 792
353, 598 226,665 320, 376
357,874 232, 588 324, 646
408,535 245,121 337,894
419,991 210,075 352,694
419,923 230,367 352, 233
433, 248 245, 597 365,257
456,944 264,224 368,477
463,450 237,807 360,021
490,233 232,181 410,852j
499,477 253,477 417, 606!
485, 780 258,486 409.169
462,054 222,817 424,328
467,656 252,551 432,876
427,431 227,817 434,9601
457,669 315, 369 440,929
186,231
195, 201
191,404
209, 604
198, 523
186,813
210,971
206, 645
189,796
213, 363
321, 506
274,380

Demand T i m e
Total
dededeposits posits
posits 8

2,033, 522 1,020, 398 808, 361
2,023,635' 983,236 821,610
2,123,592:1,037,556 875,762
2,314,4361,134,216 930,404
2,417,1461,172,4881,,009,967
,
2, 467,693 1,236, 709 1, 007,863
2,451, 591 1,243,492 980,426
2,488,541 1,237, 580 1,032,364
2,485,894 1, 239, 279 1 , 024,132
2, 530,478 1, 209, 3881,,093,320
2, 710,651 266, 241 1, 122,197
2, 789,156 1, 289,381 1, 202,911
2, 760,630 1, 249, 785 1,, 246,185
.,
2,804,682 1, 268, 694 1 286, 613
,
2,851,559 1, 269,, 390 1 307,324
>
3,006,607 1, 366,871 1,, 342,867
'6
.,
2,944, 974 1, 300, 755 1, 367,987
L
.,
.,
2,977, 7611, 302,567 i; 392, 225
',
L,
3,169,415 1 379,681 1,482,196
3,157,199 1 296,034 1, 574, 727
3,236,603 1, 359,7141, 584, 708
3, 259, 2811, 378,160 1, 582,871
3,398,959 1, 431,6191, 652,980
3,266,186:1, 375,602 1, 619,138
3,411, 76111, 394,250 1, 711,891
3,411, 204! 1, 440,865 1,
3,454,61 ljl, 453,096 1, 695,404
3, 247, 658 1, 329,832 1, 657,806
3, 316, 750 1, 316, 308 1, 709, 993
3, 239,4311, 351,441 1, 635,920
3,537,147 1, 434, 799 1, 790,4711

United
States
deposits

banks

|

deposits

15,092
19,481
12,924
25,426
28, 214
27,270
13,313
22,007

189,6711,029,005
199,3081,004,992
197,3501,058,851
224,3901,150,211
206,477|l,181,769
195,851 ,241,877
214, 360 I, 244,013
196, 590 1,, 223, 234
,
25,643 196,840 1, 242,162
12, 243 215, 527 1,, 217, 751
29,017 293,196 1, 294, 598
,
18,441 278,423 i; 309, 245
29, 749
12, 225
26,407
34,005
34, 676
20,9081
20, 636|
43,816!t
29,325]
35, 729!
28,478j
10, 356J
53,130!
21,183;
51,916!
33,982
41, 570
28,942
21,625

Reserve Bills
with payable NumFedand
eral re- redis- ber of
time
serve counts banks
deposits banks

Net

demand
£SLto. de ^ d plus

234,911 1, 267, 396
237,150 "., 276,642
248,438 ,298,884
,
262,859 1 365,162
241, 556 1, 320,467
262, 061 1, 327, 266
286, 902 1, 391, 564
242, 622 1, 311,191
262, 856 1, 372,810
262, 5211, 400,997
285,882 1, 449,321
261,090 1, 394,392
252,4901, 420, 733
260,319 1, 440,113
254,195 1, 419,429
226,038 1, 330,197
.,
248, 879 1, 310,842
.,
223,128 1, 341,126
.,
290,252 1, 380, 935
.,

1,837,366
1,826,602
1,934, 613
2,080,615
2.191, 736
2, 249, 740
2, 224,439
2,255, 598
2, 266, 294
2, 311,071
2, 416, 795
2, 512,156

122,678
118,353
122, 7231
135, 73li

87,617
75,600
62,479
47,290

837
835
842
820

66,497
82,929
93, 687
47, 395
59,027
33,220
17, 700
18,818
2, 513, 581 153,194 '\ 28,613
2, 563, 255 154, 521 39, 511
2,606,208 156,641! 57,972
2, 708,029 168,4611 26,959
2,688,454 156,830! 46,473
2, 719,491 162,9021
2,873, 760 167,180| 41, 969
2,885,918 176,4061 58,287
2,957, 518 164,024! 40,650
2,983,868 167,490) 51,974
3,102,301 188,083|
7,111
3,013,530 171, 724 57,100
3,132,624 180,625 19,416
3,128,950 183,393 77,099
3,114,833 182, 556 38.973
2,988,003 173, 713! 76, 372
3,020,835 176,193 42, 284
2,977,046 176,050 105,153
3,171,406 175,681 43.974

806
803
804
802
785
776
774
766

140, 735!
145,844|
147,212!
145, 714j
142,176!
145, 385|
158,081
164, 5291

749
751
749
740
724
725
721
682
672
669
658
649
641
644
627
618
617
616
607

175

ALL MEMBER BANKS IN EACH DISTRICT

No. 89.—ALL MEMBER BANKS—'NET DEMAND AND TIME DEPOSITS, BY MONTHS,

1929
[Averages of daily figures. In millions of dollars]

Month

Net deNet deNet demand Net de- Time mand Net de- Time mand Net de- Time
plus
mand deposits plus mand deposits
mand deposits plus
time deposits
time deposits
time deposits
deposits
deposits
deposits
Boston district

JanuaryFebruary..
March
April
May
June
July
August—
September.
October.. .
November.
December.

2,366
2,335
2,311
2,302
2,280
2,274
2,336
2,312
2,340
2,361
2,388
2,340

New York district
962
966
974
959
949
946
947
947
962
942
961
942

1,404
1,369
1,337
1,343
1,331
1,328
1,389
1,365
1,378
1,419
1,427
1,398

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

3,156
3,183
3,172
3,138
3,161
3,154
3,188
3,201
3,193
3,152
3,140
3,105

1,515
1,507
1,506
1,484
1,495
1,491
1,535
1,554
1,545
1,526
1,513
1,493

1
1,641
1,676
1
1,666
]
1,654
1,666
1,663
1,653
1,647
1,648
1,626
1,627
1,612

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

4,934
4,861
4,756
4,711
4,730
4,723
4,790
4,842
4,837
4,865
4,793
4, 661

2,648
2,659
2,622
2,595
2,597
2,588
2,643
2,677
2,678
2,708
2,669
2,582

1,272
1,262
1,256
1,229
1,205
1 ?14
1,256
1,265
1,251
1,239
1,223
1,213

901
893
885
859
836
844
886
892
877
871
860
856

6,955
6,881
6,866
6,817
6,812
6,949
6,931
6,871
6,918
7,166
8,058
7,355

3,145
3,164
3,U6
3,160
3,156
3,115
3,088
3,141
3,206
3,274
3,247
3,182

Richmond district
195
,185
,178
,167
,150
,143
,144
,140
,126
,135
,118
,126

603
593
583
576
565
560
562
560
554
562
559
569

592
592
595
591
585
583
582
580
572
573
559
557

2,286
2,202
2,134
2,116
2,133
2,135
2,147
2,165
2,159
2,157
2,124
2,079

371
369
371
370
369
370
370
373
374
368
363
357

1,284
1,269
1,232
1,214
1,205
1,191
1,207
1,203
1,204
1,226
1,228
1,224

745
731
695
685
678
670
680
676
678
691
699
705

539
538
537
529
527
521
527
527
526
535
529
519

Dallas district
971
961
949
925
904
869
871
861
893
901
892
884

745
734
718
693

673
643
640
630
659
675
669
664

1,174
1,149
1,146
1,144
1,151
1,164
1,175
1,157
1,165
1,164
1,158
1,158

1,092
1,088
1,091
1,089
1,079
1,069
1,079
1,079
1,082
1,081
]
1,068
1
1,057
1

Atlanta district
1,048
1,055
1,060
1,034
1,028
1,015
1,001
969

594
597
601

978

585
569
549
539
524
537
543
545

978

550

980
979

454
458
459
449
459
466
462
445
443
436
433
428

923
918
921
905
892
902
907
909
920
917
914
895

448
440
450
435
426
434
442
446
458
459
462

447

475
478
471
470
466
468
465
463
462
458
452
448

San Francisco district
226
227
231
232
231
226
231
231
234
226
223
220

Back figures—See Annual Reports for 1928 (Table 93), and 1927 (Table 87).




2,266
2,237
2,237
2,233
2,230
2,233
2,254
2,236
2,247
2,245
2,226
2,215

Minneapolis district

St. Louis district

Kansas City district
January
February...
March
April..
May
June
July
August
September.
October
November..
December. _

10,100
10, 045
10,022
9,977
9,968
10, 064
9,999
10, 012
10,124
10, 440
11,315
10, 537

Philadelphia district

3,044
3,028 !
2,972
2,960
2,980
2,978
2,969
2,945
2,975
2,981
2,959
2,991

1,366
1,377
1,312
1,304
1,298
1,299
1,311
1,310
1,331
1,341
1,350
1,328

1,678
1, 651
1,660
1,656
1,682
1,679
1,658
1,635
1,644
1,640
1,609
]
1

176

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 90.—ALL MEMBER BANKS—RESERVE BALANCES, BY MONTHS, 1927-1929
[Monthly averages of daily figures. In millions of dollars]
Federal Reserve District
Month

New PhilaRich- AtBoston York del- Cleve- mond lanta
phia land

Chicago

Min- KanSan
St.
sas
Louis neap- City Dallas Franolis
cisco

1927
January
February
March
April

146.1 864.3
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

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
68.5

339.7
343.0
342.5
347.2

80.1
82.5
85.3
86.3

51.0
54.0
56.3
55.2

88.8
91.0
91.3

61.7
64.8
67.7
69.0

173.8
174.9
179.3
182.3

1928
January
February.
March
April

155.9
151.0
151.2
156.3

957.9
924.4
931.6
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

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

62.7 352.3
63.4 353.3
64.8 354.0
67.5 353.0

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

1929
January
February
March
April

_ 150.5 936.3
146.7 928.5
144.3 924.6
144.1 915.2

137. 2
133.5
133.4
133.2

187.0
185.7
185.6
183.4

69.7
68.6
67.6
67.2

67.2
67.6
67.7
66.2

354.3
352.8
346.5
341.6

84.2
82.9
78.7
77.8

53.9
52.5
53.1
51.6

93.9
91.9
91.8
89.2

71.8
70.7
70.0

180.7
176.0
173.1
171.7

May
June
July
August

141.9 914.7
142.4 931.9
147.6 930.9
146.2 919.9

133.8
134.7
135.3
134.2

184.1
184.2
187.2
188.5

65.6
65.5
65.7
65.4

64.5
63.4
61.9
60.2

340.8
341.0
347.2
352.7

76.6
75.9
77.0
76.7

50.2
51.3
52.4
52.5

87.5
88.6
92.0
92.8

65.1
63.3
62.5
61.2

171.6
172.0
173.9
172.1

September
October
November
December

147.5 930.5
151.1 968.4
154.1 1,107.7
150.1

134.6
134.7
133.8
133.5

187.1
185.5
182.9
180.1

64.5
64.9
64.8
65.4

61.1
62.4
61.5
62.6

351.2
356.6
353.6
342.7

76.7
78.1
78.7
79.3

53.3
53.2
53.4
53.3

91.2
90.2
89.7
89.0

62.8
65.8
65.2
64.4

174.1
174.7
175.8
175.2

Back figures.—See Annual Report for 1927 (Table 89).




177

ALL MEMBER BANKS IN EACH DISTRICT

No. 91.—ALL MEMBER BANKS—BORROWINGS l AT FEDERAL RESERVE BANKS,
BY MONTHS, 1928 AND 1929
[Monthly averages of daily figures. In millions of dollars]
Federal Reserve District
Month

New Phila- Cleve Rich- AtBoston York delphia land mond lanta

Chicago

San
Min- KanSt.
sas
Louis neap- City Dallas Franolis
cisco

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 I 68.4
80.2
89.3
93.8 100.8
99.1 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

1929
January
February
March
April

60.4
61.9
58.6
75.8

245.9
216.3
231.5
2C4.6

73.1
85.5
101.6
110.0

79.7
84.7
76.0
96.6

40.7
41.0
43.4
52.6

58.5
55.8
51.7
63.6

142.7
165.9
210.6
133.4

37.4
37.8
48.1
51.8

12.0
12.8
15.6
19.3

33.3
32.5
31.8
38.8

20.6
19.2
14.8
18.6

55.0
75.8
85.0
79.3

May
June.. _
July
August

96.5
99.4
78.4
79.5

234.5
251.2
408.6
303.3

86.7
84.7
77.3
92.8

93.8
90.9
84.0
79.7

58.1
56.6
57.5
59.6

73.4
65.9
69.0
75.1

109.8
135.9
122.1
120.0

48.7
49.9
55.8
67.2

18.1
15.2
17.4
24.3

49.1
48.3
35.3
33.7

23.1
22.3
30.2
43.4

64.4
57.7
60.1
64.9

September
October
November
December

71.3
60.7
46.9
40.4

230.9 90.6
78.7
160.0
154. 7 106.8
188.3 80.2

78.8
95.2
124.4
98.4

60.1
53.1
51.9
41.8

69.6
57.6
59.1
43.0

103.9
120.2
139.3
133.0

72.7
54.7
47.1
30.9

34.4
41.2
28.6
17.4

38.8
44.6
57.7
45.9

41.3
31.6
30.2
19.1

76.4
86.9
106.0
65.0

_

1
Includes small amounts of borrowing by intermediate credit banks; see Table f 7.
Backfigures.—SeeAnnual Report for 1927 (Tables 90 and 55).

No.

9 2 . — N U M B E R O F 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 , 1923-1929
1923

District
Boston. ._
New York
Philadelphia
Cleveland
Richmond
Atlanta _.
Chicago
St. Louis

_
_

Minneapolis
Kansas City __
Dallas
San Francisco
Total

1924

1925

1926

1927

1928

1929

313
590
532
470

317
593
525
485

297
600
450
483

286
603
558
466

261
602
552
430

265
623
562
421

306
651
594
475

453
351
973
362

463
390
922
391

428
320
825
339

430
333
814
330

383
300
746
309

386
315
685
292

384
352
708
338

559
653
617
460

476
586
492
420

290
410
361
380

270
453
453
347

275
377
318
316

224
381
296
268

249
417
359
280

6,333

6,060

5,183

5,343

4,869

4,718

5,113

Back figures.—See Annual Reports for 1922 (Table 48), 1919 (Table 39), 1916 (p. 93), and 1915 (p. 71).




No,

9 3 . — A L L MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS ON CALL DATES, DECEMBER 31,

1928-DECEMBER31,

1929

^1
00

[In thousands of dollars]

Loans

Investments

Loans to customers

Federal reserve dis-

trict and date

Total
loans and
invest-

ments

Real estate loans
Total
Total

Boston:
1928—Dec. 31
1929—Mar. 27
June 29
Oct. 4

Dec. 31 —
New York:
1928—Dec. 31
1929—Mar. 27....
June 29..__
Oct. 4
Dec. 31
.rxiilaaeipnia.
1928—Dec. 31
1929—Mar. 27....
June 29
Oct. 4
Dec. 3 1 . . . .
Cleveland:
1928—Dec. 3 1 . . . .
1929—Mar. 27....
June 29
Oct. 4
Dec. 3 1 — .
Richmond i
1928—Dec. 31 —
1929—Mar. 27..._
June 29

Oct. 4
Dec. 31.—

To
banks

securities *

Total

—
Other securities

Open-market loans

On
farm
land

On
other
real
estate

All
other

272, 948
276, 364
273,010
266, 266
269, 958

744, 745
726,106
774, 248
769, 522
726, 581

Total

Acceptances
and
comStreet
mercial loans 2
paper
purchased

U.S.
Total

280, 744
283, 761
280, 493
273, 912
277, 361

7,796
7,397
7,483
7,646
7,403

294, 865 2,424,496
260, 522 2,498,819
321, 628 2, 657, 507
308, 654 2, 758,183
328,180 3,039,144

489,170
512, 582
547,115
559, 716
551, 544

11,991
12, 624
13, 816
12, 853
12, 264

477,179 3, 223, 855 1,971,917 178,179 1, 793, 738 3,188, 605
499,958 3,454,631 1,412,942 173,138 1, 239, 804 3,177,687
533,299 3, 580, 604 1, 662, 602 ! 161,360 1, 501, 242 3,005,889
546,863 3,814,149 1, 372, 764 117, 337 1, 255, 427 2, 949, 982
539, 280' 3, 639, 997 1, 537, 724 215, 232 1, 322,492 3, 219, 614

38, 502
49, 201
47, 681
51,159
65,118

620,421
661, 550
656, 345
682,696
687,162

207,088
215, 668
221,121
221, 681
230,021

13,123
12, 854
20, 290
13, 723
13,680

193,965
202, 814
200, 831
207,958
216,341

781,938
818, 683
846, 910
869, 751
832,649

96,616
68, 251
60, 381
64, 364
44,064

31, 673
33, 648
25, 767
22, 218
18,660

2,160,112
2, 214,035
2,271,097
2,289, 330
2, 344, 634

27, 768
33, 249
35,494
34,300
49,107

743, 597
798,434
845,886
863, 696
925,459

501, 300
496, 315
498, 234
494, 327
492, 893

26, 612
25, 777
29,770
26, 610
27,810

474, 688
470, 538
468,464
467, 717
465, 083

887, 447
886,037
891,483
897,007
877,175

131,084
138,292
104,710
129,032
64,903

9,233
11, 693
5,838
9,307
8,250

1,338,263 1,021,518
963,976
1, 351,229 1,023, 816
964,136
1, 328,903 1,010, 212 , 967,261
1, 298,888
989, 745 945, 206
1, 277, 559
974,173 937,924

15,033
17,155
27, 719
25,187
18,155

224,381
243,415
245, 572
252, 860
270, 525

70,459
71, 507
70, 651
68, 726
69,849

18,360
18,887
18,968
18,375
18,181

52,099
52,620
51, 683
50, 351
51, 668

654,103
632,059
623, 319
598,433
579, 395

57, 542
59,680
42,951
44,539
36,249

10,470
11,648
6,772
7,052
13,157

1,824,366
1, 823, 340
1,870,849
1, 919, 834
1, 910, 499

1, 661, 751
1, 673,498
1, 749,866
1, 771,307
1, 727,425

11, 592,908
11,317,183
11, 775,345
11,763,448
12,316, 203

8,404,303
8,139,496
8, 769,456
8, 813, 466
9,096, 589

6,432, 386
6, 726, 554
7,106, 854
7,440, 702
7, 558, 865

2, 665, 755
2, 713, 684
2, 710,020
2, 754,927
2,686, 721

1, 744, 565
1, 813,353
1,832, 438
1,889,651
1,859, 014

1, 647, 949
1, 745,102
1, 772, 057
1,825,287
1, 814,950

3,414, 291
3,477, 587
3,487, 780
3,498, 265
3,455,405

2, 291,196
2,352,327
2, 375,807
2,418, 362
2,409,537




16,040
21,186
25,178
20,147
24, 602

162, 615
149, 842
120,983
148, 527
183, 074

63,985
71, 307
50, 814
42,885
86, 382

98, 630
78, 535
70,169
105, 642
96, 692

64,943
34, 603
34, 614
42,146
25,404

Domestic

Govern-

ment
securities

Foreign

Bonds

620, 222
642, 445
669, 947
707, 726
698, 881

2, 571,115
2, 600,035
2, 612,944
2, 634,401
2, 560, 758

746, 749
776, 695
742, 095
714, 567
650,259

All

356, 533
341, 831
332, 249
311,994
302,140

92,132
89, 818
86, 202
84,130
76,394

62,711
59,851
57,345
53,439
55,806

1, 353,438 1, 288, 728
1, 393, 095 1, 233, 812
1, 263,469 1,177, 211
1, 235, 794 1,121, 513
1, 342,844 1, 248, 884

328,413
342,967
358,403
395, 725
418,196

a-

218,026
207, 813
206, 806
196,950
209,690

235, 373
285,195
266, 299
265,004
215,919

230,977
227, 898
221, 220
217,173
193,436

500, 554 108, 568
495,121 97, 779
481, 618 97,460
472, 043 99,371
458, 379 100, 652

81,091
79, 533
77,284
76, 689
75,240

121, 851 1,123,095
126, 599 1,125,260
98,872 1, 111, 973
119, 725 1,079,903
56, 653 1,045,868

423,961
450, 671
435,101
428, 802
405, 738

512, 706 94,547
495,816 89,927
489, 962 102, 363
467, 938 103, 066
452,001 109,614

91,881
88,846
84,547
80,097
78,515

129,800
143, 695
137,437
132,387
124,446

131, 689
129,267
126,886
123,147
127, 251

34,429
33,852
34,620
34,152
32, 631

20,827
20, 599
19, 748
19,457
19,058

316, 745
327,413
318,691
309,143
303, 3861

8
fed

other

921,190
900,331
877, 582
865, 276
827,707

47, 072
48,032
36,179
37,487
23,092

2

GO

%
%

H
W
O
>

Atlanta:
1928—Dec. 31
1928—Mar. 27..June 29
Oct. 4

1,188, 390
1,191, 275
1,176, 597
1,148, 656
Dec. 3 1 — 1,114, 730

Chicago:
1928—Dec. 31.... 5,162, 585
1929—Mar. 27..._ 5,072,146
June 29
5, 052, 312
Oct. 4
5,116, 564
Dec. 31
4, 934, 486
St. Louis:
1928—Dec. 31
1929—Mar. 27..._
June29.__Oct. 4
Dec. 31
Minneapolis:
1928—Dec. 31 — .
1929—Mar. 27..__
June 29
Oct. 4
Dec. 31
Kansas City:
1928—Dec. 31
1929—Mar. 27..._
June 29
Oct. 4
Dec. 31
Dallas:
1928—Dec. 31
1929—Mar. 2 7 — _
June 29
Oct. 4
Dec. 31
D o n -T rdilUloC'U.
DHXl TTVonnicpn'

1928—Dec. 27..._
1929—Mar. 31
June 29
Oct. 4
Dec. 31

895, 201
906,887
897,985
889,106
854, 781

85, 027
85, 597
84,161
82, C64
81, 464

22,858
24,959
25, 290
24, 368
23,177

73,477 1, 434,170 594,881
88,885 1, 345,938 565, 865
96,922 1, 313,381 576,974
93,297 1,387,811 569, 270
132,176 1, 388, 753 582, 588

856,743 22,018
856, 778 23, 385
861,645 34,107
840,149 29, 823
817, 836 22,141

3,812,187 3, 623, 684
3, 776, 7303, 625, 775
3, 792,123 3, 641, 666
3, 900, 5673, 733, 632
3, 770,101 3, 686, 753

179,045
191,361
188,434
191, 577
182, 527

570, 653
556, 435
554, 943
536, 685
531, 704

38, 458
50,109
36, 340
48, 957
36, 945

86,829
84, 516
83,188
80, 698
81, 631

508,052 1, 521,156
481, 349 1, 625, 087
493, 786 1, 654, 389
488, 5721, 683, 254
500, 9571, 583, 236

188,503
150,955
150,457
166,935
83, 348

62,169
60, 638
58,871
57, 696
58, 287

134, 779
132,450
122, 667
116,596
115, 228

112, 748!
107,058
111,286
99,165
100,137

33,939
33, 208
33, 921
33,081
33, 976

11,723
11, 672
10,738
10, 708
10, 608

68, 521 119,982 1,350,398 535, 597
81, 017 69, 938 1, 295,416 527, 261
56, 022 94,435 1, 260,189 512, 036
54, 228 112,707 1, 215,997 490,151
56, 476 26, 872 1,164, 385 408, 055

617,429
561, 753
547, 280
524, 264
535,996

122,171
139, 640
136,959
135, 497
150,121

75,201
66, 762
63,914
66,085
70, 213

15, 999
21,154
12,681
9,064
15, 373

22,459
28, 955
23, 659
39, 893
21, 572

293,189
284, 388
278,612
259, 550
259, 949

1, 405, 799
1, 377, 349
1, 341, 452
1, 375, 210
1, 336, 880

954,105
944, 686
936,671
983, 720 ,
955, 428 1

866,827
868, 242
886,194
957,217
908,540

14, 519
15, 622
27, 767
31,059|
25, 854

283,638
282, 296
284, 570
313,641
318, 012

123,524
130, 059
126, 344
131,018
125, 706

29,593
28, 284
27,089
27, 644
27, 029

93, 931
101, 775
99, 255
103, 374
98, 677

445,146
440, 265
447, 513
481, 499
438, 968

87, 278
76, 444
50,477
26, 503
46, 888

37,977
41, 325
22,473
17, 307
33, 297

49, 301
35,119
28,004
9,196
13, 591

451, 694
432, 663
404, 781
391, 490
381, 452

161,431
159,269
138, 777
128, 907
114, 777

205, 503
195,320
182,415
179, 508
180, 571

59,150
53, 619
60,154
61, 062
63,109

25,610
24, 455
23,435
22,013
22, 995

932,852
937, 754
922,693
957,073
910, 924

560,043 i
563, 858 i
558,567 1
597, 307
563, 024

471,621
490,115
506,472
548,452
521, 599

7,437
7,601
8,593
6,944
6,793

105,946
105, 675
106, 545
124, 458
124, 684

54,019
53, 587
52, 668
50,982
49,154

31, 776
31, Q66
30, 640
29, 513
28,100

22, 243
21, 921
22,028
21, 469
21, 054

304, 219
323, 252
338, 666
366, 068
340,968

88,422
73, 743
52,095
48, 855
41, 425

39,819
32, 324
16,014
18, 658
24, 910

48, 603
41,419
36, 081
30,197
16, 515

372,809
373,896
364,126
359,766
347, 900

146, 579
149,447
147, 348
141,868
134, 771

173,139
170, 393
164, 887
163,400
162,138

23,857
24, 870
24,024
27,927
24, 441

29,234
29,186
27, 867
26, 571
26, 550

1, 250,019
1, 242, 207
1, 240, 550
1, 246, 554
1, 211, 892

802, 632
799, 503 i
810, 223
822,513
804,011

724,122
718,421
761, 380
767,260
758, 327

18, 231
17, 447
23, 798
19,499
23, 251

146, 753
166, 964
153,357
155, 520
158, 838

45,162
42,688
42, 816
44,378
43, 601

24, 017
23,035
23,043
21, 471
21, 526

21,145
19, 623
19, 773
22,907
22, 0751

513, 976
491, 322
541, 409
547, 863
532, 637

73,510
81,082
48, 843
55, 253
45, 684

40, 443
42, 319
29, 522
27, 619
28, 347

38, 067
38, 763
19, 321
27, 634
17, 337

447, 387
442, 704
430, 327
424,041
407, 881

212,331
214, 282
202,027
198, 413
180, 676

172,636
167,109
166,196
165, 514
162, 336

43,635
42, 602
43, 554
42,981
47,871

18, 785
18, 711
18,550
17,133
16,998

993, 420
999,532
956, 940
987, 088
936,158

736, 366
730,030
705,445
748, 767
713, 786 |

624,807
621,063
634,588
680, 756
656,145

3,399
4, 519
8,719
8,029
5,392

113, 055
120,402
116, 779
120,868
129, 390

37, 075
37,896
40, 251
41, 588
39, 803

17, 479
16, 713
17, 793
17, 392
17, 002

19, 596 471, 278 111, 589
21,183| 458, 246 108,967
22,458 ^ 468,839 70,857
24,196 510, 271 68, 011
22, 801! 481,560 57, 641

51, 759
46, 359
27,067
23, 752
37, 257

59,830
62,608
43, 790
44, 259
20, 384

257,024
269, 502
251,495
238, 321
222, 372

173, 509
190,314
169,494
153,066
131, 631

54,310
54,399
55, 272
55,413
57, 338

23,015
18, 739
20,986
24, 791
28, 250

6,190
6,050
5,743
5,051
5,153

2,108, 743 1, 963, 761 6,212
2,070, 615 1, 947,489 9,380
2,098, 715 2, 028,216 12, 671
2,191, 791 2, 090,403 12,203
2, 239,118 2,174, 564 13, 307

451, 346
482,166
495, 970
549, 845
564, 341

872, 219 144, 982
828, 336 123,126
895,977 70,499
913,519 101,388
949,905 64, 554

53, 672
48,024
32, 273
40,815
45, 008

91,310 1, 059, 795
75,102 1, 042,430
38, 226 1,006, 710
60,573 940,906
19, 546 953,116

574, 015
580, 376
539, 054
513,475
495,447

394, 310
377,963
389,810
350,158
381,801

48,988
44, 774
38,784
39,062
37,896

42,482
39,317
39,062
38,211
37,972

3,168, 538
3,113, 045
3,105, 425
3,132,697
3,192,234

633, 984 121,133
627, 607 116, 733
623, 598 116,618
614,836 111,783
647, 011 109, 911

512, 851
510,874|
506,980
503,0531
537,100

1

Exclusive of loans to banks; includes loans to brokers outside New York City.
2 Loans to brokers and dealers in securities in New York City.




4
CO

180

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

CONDITION OF ALL MEMBER BANKS, BY STATES
No.

94.—ALL MEMBER BANKS—TOTAL LOANS AND INVESTMENTS, BY STATES,

1927-1929
[In millions of dollars]
1927

1929

1928

State
June 30 Dec. 31 Feb. 28 June 30 Oct. 3 Dec. 31 Mar.27 June 29 Oct. 4 Dec. 31
United S t a t e s — 32, 756.5 34, 246. 9 33, 688.4 35, 061. 2 34, 929. 0 35,683. 9 35,393.0 35, 711.0 35,913.8 35, 934. 0
New England:
Maine
New HampshireVermont
Massachusetts..
Rhode I s l a n d . . .
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 Dakota
Nebraska
Kansas
South Atlantic:
Delaware.
Maryland
Dist.of Columbia
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
Nevada
Pacific:
Washington
Oregon
California

168.2 167. 5 170.0 154.1 151.1 152.4
146.1 149.1
144.7
69.2j
69.2
73.2
76.3
72.6
73.8
71.5^
73.9
73.4
69.7
72.0
70.5
71.4
65.6
65.5
68. 2:
69.2
70.7
1,700.5 1,681.9 1,738.6 1,706.5 1, 686.3 1, 714. 0 1, 741.6 1, 747.0 1, 691.1
333.5
336.3 335.6! 330.4 335.0 331.8 325.2 328.5
328.0
323.7 320.5 315.2
305.5
306.0
304.7 321. li 317.0 318.7
8,923.1 9,673.9 9,171.5 9,768.0 9,492.610,238.2
3 10,426. 0 10,444. LI, 004. 6
1,392.7 1,472.2 1,453.3 1,528.4 1,531.4 1,548.6 1, 529. 3 1,549.2 1,533.2 1, 524. 8
3,486.1 3,554.8 3,560.8 3,693.0 3,682.0 3,651.5 3, 728. 2 3, 742.1 3, 778. 7 3, 705.1
1,
1, 872.1 1,903. 6 1,946.3 1,970.2 1,949. 0 1,993.6 1,972.7 1,989. 3 1,958. 0
436.2
400.5 409.3 401.6 422.0
429.7 436.0 433.8 438. 7 436.4
2,493.5 2, 630. 5 2, 617. 7 2,762.5 2,759.2 2, 776.2 2,656.3 2,625.0 2, 664. 2 2, 574. 6
1,358.4 1,350.7 1,356.5 1,459.2| 1,461.4 1,472.3 1,495. 7| 1,513.2 1, 534. 3 1,459. 8
466.1 468.8 478.0 490. 2 496.1 494.6 504. 5; 497.4 489.0 480.3
509.5
357.8
898.0
72.6
59.6
167.2
194.2

541.1
361.0
917.8
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. 2
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

62.7
313.4
125.3
382.1
202.9
208.7
113.0
252.4
238.3

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. 21
227. l!
121.4
266.4
220.41

75.7
316.4
127.6
391.5
198.3
227.6
112.8
262.5
204.9

304.9
253.4
197.1
75.0

317. l|
270.8
212.7j

77.0j

316.8
270.8
209.0
79.2

318.5;
271. 6
218.3!
79.2

116.5
260.7
305.4
767.5

120.5
273. 2
313. 5!
830.1

122.0
250.4
312.1
838.5

93.6
51.2
33.2
215.8
23.7
32.7
75.5
15.3

102.5
53.4
35.1
224.0
27.2
35.6
83.1
15.2

105.8
52.1
34.6
226.9
27.9
38.2
81.7
15.3

74.9

194.1
209.0

535.4
350.4
855.9
71.4
68.8
189.8
202.6

321.1
133.9
390.1
201.5
183.0
104.2
259.1
163.9

80.2
321.7
126.5
391.1
202.0
174.2
97.6
244.8
164.4

336.4
265.3
223.7
78.5

340.4
296.8
221.0
80.1

328.0
285.3
211.1
76.7

128.9
281.1
332.1
923.7

130.3
285.8
335.4
880.5

132.9
287.5
336.8
911.2

125.4
283.3
330.9
860.6

119.3
51.2
36.0
235.1
30.5
44.6
84.0
16.8

118.8
50.2
34.4
222.2
30.3
43.5
83.3
17.3

114.7
52.9
33.6
227.2
30.1
41.4
85.7
17.7

112.9
53.8
34.0
218.5
30.4
42.4
85.7
17.5

544. 2
369. 3
903. 3
74.9
68.8
189. oi
208.

537.9
361.4
874.7
69.7
68.7
193.4
209.7

85.9
312.8
129.2
397.4
200.7
222.2
112.1
260.
203.1

75.5
311.1
133.3
398.8
200.9
227.4
114.61
262. 51

82.1
313.0
130.9
391.3
204.6
214.
109.7
256.4

332.4
271.9
225.8
80.2

342.2
274.5
231.7
77.6

337.3
260.2
225.5
79.5

125.0
261.8
328.4
848.1

129.6
287.2
330.5
889.3

126.2
287.8
337.2
917.7

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

209.3

572.4
368.6
870.2
73.0
70.9

296.6 314.9
316.1 319.5 322.7 318.2 324.4
282.8 302.7
316.9
203.0 206.7
210.9 209.9
196.1 205.8
207.5 212.7 215.2
213.8
2, 315.0 2,397.4 2,386.4 2,444.7 2,488.6 2,448.8 2,398.4 2,393.4 2,407.4 2, 474. 2

Back figures —See Annual Report for 1928 (Table 98), and 1927 (Table 91).




ALL MEMBER BANKS, BY STATES
No.

181

95.—ALL MEMBER BANKS—TOTAL LOANS, BY STATES, 1927-1929
[In millions of dollars]

1929

1928

1927

State
June 30 Dec. 31 Feb. 28 June 30 Oct. 3 Dec. 31 Mar. 27 June 29 Oct. 4 Dec. 31
United States...
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 D a k o t a Nebraska
Kansas
South Atlantic:
Delaware
Maryland
_
Dist. of Columbia
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
Nevada
Pacific:
Washington
Oregon
California

22,938.2 23,886.4 23,098.9 24, 302.8 24,325.0 25,155.3 24,944.6 25,658. 5 26,164.8 26,150.1
83.4
83.0
83.3
91.3
80.8
95.9
85.9
87.0
79.
78.5
48.4
43.8
44.2
44.2
40.7
40.3
42.6
46.1
40.8
45.8
43.4
41.7
41.1
37.4
36.6
40.5
42.8
39.4
42.3
37.7
1, 208.9 1,228.6 1,208.5 1, 291.1 1, 253. 5 1,265.9 1, 252. 7 1, 297. 2 1,325. 7 1,327. 6
193.5 200.1 204.8 211.1 212.7
185.8 187. 6 186.8
191.5
189.4
208.4 218. 6 216.6 232.7 232.6 237.7 243.3 243.0 244.1 237.6
6, 277. 5 6,984.6 6,378.6 6,914.1 6, 726. 3
888. •
947.3! 930.0 985.0 1, 002.6
2,083. 2,070.0 2,068.4 2, 207. 2, 222.1
1,384.8 1, 386.9 1, 397. 2 1,421.5 1,450.8
278.4 277.9 271.5 284.1 288.4
1,847. 7 1, 918. 5 1,879. 4 2, 009. 2 2, 049. 3
958.2 950.7 935.1 1,027. 9 1,043. 6
323.1 315.1 320.7 333.9 343.8

7, 511. 7 7, 253. 3 7, 859. 7 7,912.9 8, 202. 2
1, 030.5 1,023.0 1,050. 7 1,050.9 1,048. 2
2, 242. 6 2, 351. 0 2,382. 0 2,448. 2 2,421.9
1,445. 6 1,477.0 1,475. 7 1,506. 2 1,492. 2
294.0 302.3 301.5 306.0
2, 002. 4 1,98
2,061.1 1,976. 0
1,062.1 1,081. 6 1,108. 7 1,139.9 1,101. 0
348.7 360.0 361.4 356.
351.2
333.1 339.7 336.4
374.5 347.0
251.7 253.2 247.8 254.4
243.2
613.7 618.7 610.4 616.9 607.1
46.3
45.9
43.8
45.5
44.7
39.8
40.3
40.9
42.6
40.9
133.
133.4
136.3 139.0
136.5
135.0
134.3 138.2 136.2 135.7

294.2
2, 063. 3

322.6
259.8
620.9
49.3
38.2
128.3
137.6

337.4
258.3
630.5
47.
38.
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

40.7
206.6

42.5
206.2

44.0
198.3

50.3
202.7

55.8
214.6

67.7
211.3

58.0
208.1

65.5
214.5

67.1
222.9

64.4
223.6

92.9
317.4
158.9
177.4
85.2
208.1
153.9

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

97.8
321.7
154.8
181.0
85.5
208.0
128.8

95.2
312.4
158.4
173.5
81.6
210.1
109.7

99.0
312.5
156,4
147.8
76.5
215.9
90.8

91.8
314.6
158.0
141.5
71.2
197.6
90.8

223.0
216.1
154.6
53.2

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.

254.4
225.1
179.5
57.0

251.9
213.8
176.5
58.0

253.7
213.8
175.0
58.5

258.0
249.9
173.5
60.5

256.3
240.6
166.8
54.9

94.8
214.9
198.4
604.1

95.5
218.9
199.9
643.8

94.5
210.3
196.6
651.8

95.8
215.
207.1
641.5

98.7
227.1
208.2
672.4

93.4
224.2
209.7
680.9

94.6
221.3
203.3
674.6

96.3
228.1
209.8
649.0

100.4
231.5
213.5
691.9

93.1
228.7
206.4
657.8

58.1
34.4
22.3
128.4
14.6
21.2
57.4
10.5

62.8
34.
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

67.9
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

71.7
33.7
22.0
146.2
18.6
25.8
62.2
11.4

72.7
33.4
21.5
139.1
18.6
24.9
61.8
11.9

69.6
36.0
21.6
146.6
18.7
23.0
64.0
12.1

67.2
35.0
22.0
140.6
18.7
23.2
64.8
11.8

181.1 185. 7
177. 6 194.6 197.2
195.7 197.4 202.6 215.7 205.4
120.5 112.1 106.7 109.5 110.8
109.7
107.6 113.4 116.9 116.6
1, 713.6 1,716.2 1/661
1, 712.0 1, 729.8 1, 672. 5 1,638.4 1,657. 6 1,730.3 1, 788.1

Back figures.—See Annual Report for 1928 (Table 99), and 1927 (Table 92).




182

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 96.—ALL MEMBER BANKS—INVESTMENTS, BY STATES, 1927-1929
[In millions of dollars]
1927

1929

1928

State
June 30 Dec. 31 Feb. 28 June 30 Oct. 3 Dec. 31Mar. 27 June 29 Oct. 4 Dec.3L
United States... 9,818.3 0,360.

.0, 589. 5 0, 758. 4 10, 604. 0 10, 528. 7 10,448.4 10,052. 5 9, 748.9 9, 783. 9

New England:
78.7
70.8
70.3
82.3
80.5
66.1
Maine
84.3
66.5
69.1
66.3
28.9
29.6
29.2
28.9
27.9
New Hampshire28.4
27.7
27.3
29.5
26.8
28.6
29.0
28.8
28.6
Vermont.
26.
27.9
28.6
28.6
28.1
Massachusetts
453.
471.9 473.2 447.4 453.1 420.4
461. 3 444.5 421.3 363.5
146.2
138.8
141.5
149.6
117.5
Rhode Island..,.'
140.2
145.9
131. 7| 120.4
115.3
84.4
81.0
88.1
71.1
Connecticut
85.4
87.4
80.4
67.9
77.5
Middle Atlantic:
New York
2, 645. 6 2, 689. 2, 792. 9 2,853. 9 2, 766. 3 2,726.5 2,728.0 2,566.3 2, 531. 7 2,802.4
518.1
New Jersey
504.1 524.9 523.4 543.5 528.7
506. 3j 498. 6 482.3 476.6
Pennsylvania... 1,402. 5 1,484.8 1,492.4 1, 485. 7 1,459. 9 1,408. 9 1,377.2 1,360.1 1, 330.5 1, 283. 2
East North Central:
506.4 524.8 519.5
503.3
Ohio
516.7 497.0 483.1 465.9
484.0 485.
141.3
141.8
130.1 137.9
134.9
Indiana
139.8 136.4
130.2
122.1
131.
712.9
738.3 753.3 709.9
653.9 636.8 603.11 598.6
Illinois
645.8 712.0
421.5 431.3 417.9 410.2 414.1 404.5 394. 5 358.7
Michigan
400.2 400.
152.2
156.3
145.9
132.2
144.5 136.0
128.9
143.0
157.3
Wisconsin
153.
West North Central:
208.5 210.1 208.7 204.4
197.9
188.4
203.
204.5 201.5
186.9
Minnesota
113.1
112.1
104.7
114. 2 107.3
102.
109.0
116.1 113.7
Iowa
98.0
290. 7| 302.7
293.8 306.
284.6; 264.3 253.3 248.8
Missouri
277.1 287.
27.01
27.6
27.5
26.7
28.8
29.1
26.0
27.
27.
North Dakota...
23.3
25.2
28.3
27.9
28.6
28.5
27.8
26.
27.8j
24.
South Dakota.._
21.4
44.9
55.2
53.4
53.4
57.5
55.9
57,1
55.5
45.
Nebraska
38.9
61.
72.8
74.3
73.7
71.5
71.3
62.
Kansas
56.6
South Atlantic:
19.9
16.6
15.8
19.
18.
Delaware
21.6
17.6
16.6
22.0
22.0
101.8
101.5
98.2
122.
105.
98.1
116.1
Maryland
106.8
103.0
District of Co
34.9 !
33.7
34.9
34.7
33.
34.
35.5
32.4
35.7
lumbia
32.0
74.41
77.6
76.6
74.9
77.8
77.2
73.5
78.9
64.
72.4
Virginia
45.0|
45.1
44.0
43.2
46.1
46.2
42.8
44.
43.
West Virginia...
44.0
39. Oj
35.2
32.7
40.3
46.4
41.1
41.2
39.
40.3
31.
North Carolina _
30.6
27.8
26.4
29.91
29.2
28.1
32.9
35.0
31.9
27.8
South Carolina._
55.3
43.2
47.1
56.8
54.5
46.3
54.3
48.6|
54.8
44.3
Georgia
_
81. 5|
73.1
73.6
81.7J 80.1
79.9
83.1
80.8
80.2
84.4
Florida
East South Central:
85.4
82.4
71.7
91.4
88.3
87.8!
85.4
82.8
81.9
90.0
Kentucky
46.4
46.9
44.1
46.3 ;
49.41
44.6
46.4
51.5
37.3
41.
Tennessee
45.9
51.21
52.3!
47.5
48. 8
44.3
49.0
48.1
48.7
42.5
Alabama
21.2
20. 7j
19.3|
19.6
21.8
21.8
21.6
20.0
21.8
20.7;
Mississippi
West South Central:
32.9:
32.5
30.9!
32.3
27.5
29.1
34.3
33.9
21.7
25.0
Arkansas
63.61
55.9
54.5
40.1
46.2
60. II
45.8
54.3
59.8
Louisiana
57.
124.6
123.2
121. 3| 122. 3! 127. 5| 128.8 125.5
107.0
113.6
115.5
Oklahoma163.
186.3 186.7 206. 6 216. 91 236.8 249.1 231.6 219.3 202.8
Texas
Mountain:
45.1
45.7
46.1
39.8
47.6
39.
35.5
39.5
44.8
47.8
Montana
16.9
18.8
16.9
18.6
17.5
16.8
19.
19.1
19.5
19.5
Idaho
12.0
12.0
12.9
12.3
14.0
10.
12.4
12.0
12.3
14.4
Wyoming
80.6
77.9
83.1
92.1
88.9
87.4
89.
89.7
86.7
87.4
Colorado
_
11.4
11.6
11.6
10.2
11.8
9.
10.
10.7
10.2
11.5
New Mexico
18.4
19.2
18.6
13.1
18.9
13.
11. £
15.1
16.5
18.5
Arizona
21.
20.9
21.5
19.
21.8
18.2
18.
20.6
21.1
22.5
Utah
5.6
5.7
5.5
5.
5.4
5.4
5.1
5.3
4.S
Nevada
Pacific:
111.4
20.3
118.9
108.7
123.8 125.4
115.6
119.0
101.
117.
Washington
97.2
97.2
99.9
99.3
98.
96.3
75.
100.1 100.2
Oregon....
32.8
717.
601.4
758.8 776.3 760.1 735.7 677.1 686.1
California

I

Back figures—See Annual Report for 1928 (Table 100), and 1927 (Table 93).




183

ALL MEMBER BANKS, BY STATES

No, 97.—ALL MEMBER BANKS—BORROWINGS PROM FEDERAL RESERVE BANKS,
BY STATES, 1929

[End of month figures. In thousands of dollars]
19291

State
Jan.
Maine
_ 1,794
_
New Hamp2,125
shire
1,426
Vermont
Massachusetts. 62,418
Rhode Island..
Connecticut

Feb. Mar. Apr.
1,370

2,047 2,561

May June
2,767

1,975 3,469 2,476 2,966
1,019 1,248 1,495 1,375
49,461 52,182 62,464 87, 240
8,750 10,853 8,661 9,985 12, 265
5,852 5,968 6, 529! 4,138 7,897

July

Aug. Sept.

Oct. Nov. Dec,

2,999

2,506

2,093

2,849 2,008 2,082
1,524 1,155 1,340
61,319 55,140 76,421
3,356 6,272 5,575
7,522 7,428 8,682

2,211
1,350
57, 262
6,638
7,137

2,245
1,341
29,046
5,109
6,046

3,476

3,131

2,418

1,836

3,156 2,624
2,056 1,558
33, 797 16,526
1,197
7,750 4,243

136,072 191, Oil 251,194 183, 280 190,995 371,193 356, 270 244,028 147,377198, 678 188,875 152,479
New York
46,051 40,930 44,621 41,371 41,057 37,339 35,030 26, 715 29 50Q 36, 558 39,184 25,196
New Jersey
:
,
Pennsylvania.. 100,004 126,323 147,965 125,495 128, 226 109,171 99,098 123! 525 102,311139,989 125; 021
Ohio
Indiana
Illinois..
Michigan
Wisconsin

39,291 42,072 53,910 56,125
10,052 13,828 16,1631 14,905
,
,
15 983 08,603|
_. 68,150 115,983 108,603| 32,309
49,306 60104
41,265 49306 60,104 43,677
13,443 16,213 19,649 15,106

8,282
Minnesota
3,905
Iowa
29,089
Missouri
649
North Dakota410
South Dakota10,966
Nebraska
10,554
Kansas
Delaware
Maryland
Dist. of Columbia
Virginia.
West Virginia. North CarolinaSouth CarolinaGeorgia
Florida
Kentucky
Tennessee
Alabama
Mississippi—
Arkansas
Louisiana
Oklahoma
Texas
Montana
Idaho
Wyoming
Colorado
New Mexico.
Arizona
Utah
WashingtonOregon
California

15,438
3,785
32,184
605
437
8,538
9,132

935 1,155
6,594 9,143
2,727
14,254
4,012
12,689
3,058
12,294
6,797
10,497
6,911
13, 286
836
1,752
20,224
2,430
19.251
335
59
27
3,492
205
2,198
6,331
1,932
51, 714

4,203
14, 798
4,286
11,825
2,208
11,281
5,830
11,094
3,931
15,923
1,136
1,912
19,040
2,112
17,137
283
97
179
3,351
56
193
1,669
4,952
2,766
85, 640

61, 010
9,575
91,810
39, 303
11,956

44,099
9,312
61, 754
30, 584
18,851

37,809
13, 248
45,936
31, 992
22, 565

43,475
12, 297
22, 588
43, 646
27, 306

55,502
12, f 66, 582
43,461
14,920

84,997
15, 793
15, 686
68,153
10,018

15, 521
81, 715
56,398
16.432

44, 043
10,162
47,042
47,050
7,516

13,868 19,743 14,893 6,947 15,656 25, 298
4,136 6,198 7,319 6,875 6,281 5,640
40,731 24, 005 49,439 28,555 32, 284 43, 590
976 1,320 1,368 1,364 1,279
475
939 1,125
725
861
774
599
8,503 11,465 13,878 8,997 9,512 6,620
6,740 3,729 2,866 4,403
8,529

38,446
7,272
41,712
631
598
7,786
4,204

32,031
8,672
21, 237
402
563
16.373
6,761

26,005
12, 763
25,381
657
673
19, 731
9,785

8,557
6,217
7,391
435
551
8,745
3,334

972
912
6,489 10,143

7,912

607 1,187
7,256 10,965

865
5,523

2,295
21,63,8
6,798
20, 536
7,203
12, 599
5,784
23,822
17,415
20, 539
7,439

4,806
19, 721
6,802
14,173
4,316
6,743
2,971
23,811
23,772
17,616
6,072

6,508
18,931
7,545
8,422
2,671
9,973
7,248
20,415
16.433
13,072
2,624
4,361
15, 251
12, 583
28, 111
193
113
139
4,242
483
35
1,317
4,586
4,355
88,543

4,710
18,647
6,826
4,335
947
5,321
1,930

Nov.

Dec.

951
7,935

1,329 1,350
9,548 12,738

7,443

3,337 4,652 5,504
22,374 20,353 18,634
5,243 4,661 6,007
16,075 16, 234
11/
3,840 3,890 4,943
14,287 17,302 17,992
3,978 3,725 5,383

19, 736 21,210
11,033 9,870
13,880 18,919
1,926 4,058
3,994 3,635
15,662 21,189
2,467| 6,464
12,630 20,221
558
526!
382
174!
693
344
3,444 4,003
114
198
84
72
1,465 2,135
4,035 6,319
3,977 4,023
72,640 61,089

3,910
18, 771
6,450
17,142
4,1
8,406
3,432
22, 111 23,637
13,306 11,326
22,407 19, 876
5,091
2,956 3,232
15, 755 11,079
11,065 9,678
24,317 14, 723
1,458 1,519
518
461
743
849
3,346 1,775
184
533
15
3,480 1,835
8,325 5,623
5,961 5,538
55,167 29, 281

2,473
19,288
6,408
19, 763
6,151
13,140
5,979
25,270
9,762
21,684
6,486
7,570
22, 751
10,022
35,040
1,703
693
1,018
3,553
662
120

10,181
28,787 21,022
10,394 11,046

43, 780 30, 694
766
1,399
420
680
526
900
3, 797J 2,391
779| 1,041
20.
4, 7611 2,756
8,008 7,108 4,181
2,257 3,457 2,677
48,899 44,857 82,136

6,261
18.374
6,784
12,935
4,960
9,641
7,449
26, 573
14,544
14, 209
3,466
4,033
22.338
8,394
29.339
270
237
129
6,207
631
15
1,940
3,411
4,619
83,291

7,898
8,158
7,709
2,729

1,496
4,685
11, 625
13,198
182
67
324
2,967
58
4
1,279
2,239
2,650
33, 278

Figures given include borrowings by Federal intermediate credit banks as follows:
Jan.
Minnesota .
Nebraska. .
Kansas
South Carolina
Louisiana
Texas
Washington
_.
California. _

Feb.

375
1,502
7,495

205
714
6,595

400

200

Mar.

Apr.

May

June

July | Aug.

Sept.

1,862
3,407

1,455
3,053

625
4,050

602

1,436
1,200

1,300

989

839

1,152

1,033

241

330
6,895

491

441

2,000
140

2,159
2,401

2,082
2,027

500

1,260
2,216

1,538
1,875

1,880
438

Back figures.—See Annual Report for 1928 (Table 101).

90182—30




13

1,182

Oct.
755

920

905
1,500

333
200

1,412

284
277

184

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 98.—NUMBER OF MEMBER BANKS DISCOUNTING PAPER AT FEDERAL
RESERVE BANKS, BY STATES, 1923-1929
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 Columbia
Virginia
West Virginia
North Carolina _ __
South Carolina
Georgia
Florida
East South Central:
Kentucky
Tennessee
Alabama
M! ississippi
West South Central:
Arkansas
Louisiana
Oklahoma
Texas
Mountain:
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Pacific:
Washington
Oregon
__
California_

1924

1923

1925

1928

1927

1926

1929

__

.

Total

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

32
40
43
142
11
51

436
221
592

438
235
509

429
247
613

418
261
596

437
264
610

455
264
673

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

262
143
311
183
85

161
333
121
118
105
149
128

..

40
42
29
153
13
46
433
220
587

. .

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

121
59
40
102
108

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

13
55
8
139
81
61
49
115
49

71
62
75
30

75
80
90
32

67
63
88
26

60
65
88
31

52
56
79
32

51
53
92
33

72
62
103
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

50
30
113
323

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

45
23
13
64
18
6
33
1

101
63
161

87
61
159

82
60
138

78
57
134

73
56
111

67
48
87

80
60
80

6,333

6,060

5,183

5,343

4,869

4,718

5,113

78

Backfigures.—SeQ Annual Reports for 1922 (Table 49), 1919 (Table 30), 1918 (Table 23), and 1917 (p. 104)*




ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

185

CONDITION OF REPORTING MEMBER BANKS IN EACH
DISTRICT
No. 99.—REPORTING MEMBER BANKS—LOANS, INVESTMENTS, AND BORROWINGS
AT FEDERAL RESERVE BANKS BY MONTHS, 1 1928 AND 1929
[Monthly averages of weekly figures. In millions of dollars. Revised series—1929 basis]
Federal Reserve District
New Phila- Cleve- Rich At- Chi- St. Min- Kan- Dal- San
Boston York del- land mond lanta cago Louis ne- sas las Franapolis City
cisco
phia
Total loans and investments:
1928—January
February
March
April
May
June
July
August
September _.
October
November..
December...

1,492
1,483
1,524
1,558
1,543
1,512
1,499
1,493
1,477
1,482
1,481
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

1929—January
February
March
April
May
June
July
August
September..
October
November..
December...

1,495
1,476
1,504
1,509
1,483
1,492
1,514
1,501
1,523
1,553
1,572
1,528

8,494
8,420
8,539
8,551
8,425
8,527
8,751
8,652
8,757
9,105
9,619
9,255

1,232
1,237
1,245
1,262
1,214
1,214
1,225
1,229
1,240
1,247
1,270
1,234

2,184
2,201
2,213
2,204
2,183
2,176
2,191
2,188
2,190
2,192
2,207
2,177

Loans on securities:
1928—January
February. _.
March
April
May
June
July
August
September..
October
November..
December.. _

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

467
462
468
471
467
474
487
482
502
542
529
519

3,332
3,247
3,257
3,153
3,077
3,174
3,485
3,278
3,320

1929—January
February. _.
March
April
May
June
July
August
September..
October
November _ _
December..-

3,788
3,563

All other loans:
1928—January
683 2,909
Febraury__.
689
March
3,013
April
3,083
3,083
May
June
671 3,116
July
.686 3,125
695 3,145
August
696 3,157
September..
702 3,136
October
678 3,049
November..
660 3,087
December...
i For corresponding series for 1927-28
Bulletin for March and January, 1929.




622
611
612
625
631
637
635
641
641
643
639

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

3,327
3,365
3,408
3,322
3,288
3,316
3,306
3,369
3,365
3,421
3,419
3,300

739
735
721
711
707

674
665

640
639
644
648
647
648
644
643
648
645
641
630

390
387
389
380
370
375
384
393
408
415
406
391

699
687
684

676
676
680
675
676
678
676
680
682
675
671
678
678

692
697
702
701

646
656
666
678
676
670
678
684
683
684
685
687

435
442
439
446
442
445
455
455
466
478
479
489

[,790
, 812
825
840
846
857
845
,849
,867
,883
,897
,945

684
687

697
707
702
701
701
685

495
494
493
479
472
473
477
485
498
495
484

,946
,948
,944
.,957
,963
,935
,936
1,953
1,965
1,958
1,979

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

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

506
509
518
470
464
479
479
483
493
512
501

705
708
706
699
696
721
730
735
735
753
744

196
200
201
197
189
191
202
202
201
200
191
190

146
155
156
150
148
148
152
152
155
157
146
148

1,183
1,224
1,269
1,221
1,204
1,227
1,230
1,276
1,269
1,326
1,337
1,284

249
254
244
236
239
230
234
238
238
244
250
251

143
147
145
139
122
121
124
136
136
129
124
126

120
124
117
106
100
100
104
102
101
104
103
110

406
418
422
413
418
418
411
416
427
443
427
444

393
317 167
1,295
760 354
391
317 166
1,289
764 347
400
315 175
1,301
778 346
406
312 177
1,314
783 343
419
303 165
1,343
784 335
419
297 160
1,357
785 333
422
300 159
1,364
788 328
421
301 158
1,390
796 330
426
314 168
1,384
803 333
424
316 177
1,419
820 334
424
307 183
816 332 369 1,407
413
305 185
8C9 331 I 374 1,418
by weeks (with figures for deposits, etc.) see

875
279
879
282 232
887
285 230
882
290 233
877
292 228
286 228
292 229
296 228
883
293 237
886
302 248
887
892
307 249
912
311 251
Federal Reserve

186
No.

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
99.—REPORTING MEMBER BANKS—LOANS, INVESTMENTS, AND BORROWING S
AT FEDERAL RESERVE BANKS BY MONTHS, 1928 AND 1929—Continued
[Monthly averages of weekly figures. In millions of dollars. Revised series—1929 basis]
Federal Reserve District
San
New Phila- Cleve- Rich- At- Chi- St. Min- Kan- Dal- FranBoston York del- land mond lanta cago Louis nel s cisco
a
phia
apolis City

All other loans—Con.
1929—January
February.-.
March
April
May
June
July
__.
August
September..
October
November..
December...

666
655
649
652
634
651
676
674
681
678
706
692

Investments:
1928—January
February. __
March
April
May
June
July
August
September..
October
November..
December...

393
389
404
419
427
435
438
444
450
449
460
444

797
801
818
820
821
822
824
824
827
832
842

326
317
321
327
327
321
318
318
318
323
325
318

357
350
353
363
364
365
363
363
368
365
372
359

407
405
411
421
427
403
385
386
389
367
362
357

2,957
2,965
3,089
3,213
3,196
3,229
3,270
3,359
3,434
3,439
3,562
3,414
MM
2,216
2,244
t2,272
,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

176
176
174
175
174
171
160
160
158
157
156
156

129
122
124
126
127
129
132
139
138
137
133
134

1929—January
February...
March
April
May
June
July__~~I~"
August
i
September..
October
November.December...

362
359
387
385
382
367
350
345
340
332
338
316

2,204
2,208
2,193
2,185
2,152
2,124
1,996
2,015
2,003
2,027
2,270
2,278

343
341
332
325
317
315
309
306
307
305
298
289

700
695
687
679
664
658
646
634
628
624
612

159
159
158
158
158
159
158
158
159
158
157
157

Borrowings at Federal
reserve bank:
1928—January
February-_.
March
April
May
June...
July
_
August
September..
October
November. _
December

7
29
34
31
44
59
42
40
30
25
31
41

110
88
95
173
252
328
329
267
311
254
200
275

36
34
31
47
70
73
51
50
44
36
18
12

235
166
202
198
178
194
358
233
202
107
94
114

1929—January
February. __
March......
April
May
June
July
August.
September-_
October
November.December




285
282
284
291
282
284
281
290
299
303
295
284

177
176
176
173
162
164
172
183
197
205
196
185

303
300
305
307
328
333
343
339
335
343
349
340

244
239
241
251
244
240
246
251
262
278
280
266

877
884
886
898
917
921
934
941
050
Q78
977

792
794
794
808
813
801
789
111
764
757
758
754

199
204
205
209
218
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

588
585
592
600
606
607
607
615
623
614
639

137
135
135
135
135
135
129
128
126
123
123
122

752
754
752
730
708
702
694
681
666
653
655
646

205
200
194
184
187
175
167
164
160
155
155
148

130
131
129
126
124
124
124
122
122
124
121
121

238
237
237
235
235
234
230
232
231
228
228
219

134
133
135
135
135
131
123
124
122
117
113
108

656
652
643
645
641
627
603
587
585
572
552
558

21
33
26
28
34
47
61
67
76
63
50
55

19
16
12
22
33
43
48
48
54
49
40
34

42
35
51
65
87
114
133
132
88
112
116
153

9
16
17
21
27
36
38
40
44
33
29
26

2
2
2
8
9
6
7
12
13
12
11
7

8
6
6
15
17
16
19
17
18
18
25
25

3
2
2
5
6
7
10
21
20
18
16
15

37
52
58
55
58
43
52
70
82
69
64
56

40
49
63
68
41
33
33
51
49
44
58
33

37
36
31
42
48
39
42
46
48
40
41
27

117
149
183
110
80
107
91
90
71
94
102
89

24
24
32
35
29
29
37
44
50
38
31
16

9
10
13
16
13
10
12
18
29
38
25
14

16
15
18
26
37
35
26
23
28
34
43
30

17
16
11
13
15
12
18
29
28
23
25
13

45
71
74
69
52
48
45
52
70
83
101
54

1,392
1,387
1,388
1,370
1,377
1,387
1,383
1,412
1,430
1,442
1,427
1,370

187

REPORTING MEMBER BANKS IN EACH DISTRICT

No. 100.—REPORTING MEMBER BANKS.—TOTAL LOANS AND INVESTMENTS, BY
WEEKS, WITH MONTHLY AVERAGES OF WEEKLY FIGURES
[In millions of dollarsl
Federal Reserve District
Boston
1929
Jan. 2
Jan. 9
Jan.16
Jan. 2 3 . Jan. 30.
Feb. 6..
Feb. 13.
_.
Feb. 20
Feb. 27
Mar. 6
Mar. 13
Mar. 20
Mar. 27
Apr. 3___.
Apr. 10
Apr. 17
....
Apr. 24
May 1 . . .
May8_,
May 15_
_.
May 22
May29__
June 5
June 12..
June 19
June 26
July3._
July 10
July 17.
_.
July 24.
July 31..
Aug. 7__
Aug. 14__
Aug. 21
Aug. 28. _
Sept. 4
Sept. 11
Sept. 18
Sept. 25.
Oct. 2 . . .
Oct. 9
Oct. 16
Oct. 23_.
Oct. 30--_
Nov. 6
Nov. 13
Nov. 20
Nov. 27
Dec. 4__,_
Dec. 11
Dec. 18
Dec. 24
Dec. 31
Average:
January
February..
March
April
May
June.
July.
August
September.
October....
November.
December..

1,478
1,486
1,499
1,508
1,504
1,493
1,475
1,467
1,471
1,496
1,494
1,516
1,511
1,520
1,510
1,506
1,499
1,486
1,485
1,486
1,477
1,481
1,481
1,484
1,492
1,511
1,508
1,515
1,518
1,514
1,512
1,503
1,498
1,507
1,495
1,512
1,511
1,530
1,540
1,553
1,540
1,549
1,553
1,566
1,571
1,576
1,570
1,571
1,556
1,538
1,509
1,526
1,510
1,495
1,476
1,504
1,509
1,483
1,492
1,514
1,501
1,523
1,553
1,572
1,528

New Phila- Cleve- Rich- Atlan- Chidelcago
ta
York phia land mond

682
680
678
681
681
678
676
674
676
676
681

1,208
1,207
1,220
1,221
1,222
1,230
1,227
1,227
1,220
1,223
1,228
1,230
1,233
1,237
1,231
1,250
1,242
1,242
1,246
1,247
1,239
10, 288 1,261
9,947 1,274
9,606 1,279
9,479 1,267
9,445 1,262
9,294 1,253
9,163 1,238
9,190 1,232
9,141 1,226
9,487 1,219

2,183
2,173
2,184
2,189
2,189
2,202
2,203
2,194
2,205
2,201
2,204
2,220
2,226
2,217
2,212
2,197
2,191
2,195
2,192
2,181
2,177
2,169
2,171
2,168
2,179
2,187
2,194
2,194
2,189
2,183
2,192
2,194
2,193
2,190
2,175
2,185
2,183
2,197
2,197
2,200
2,184
2,179
2,179
2,218
2,229
2,214
2,200
2,186
2,185
2,177
2,178
2,171
2,174

8,494 1,232
8,420 1,237
8,539 1,245
8,551 1,262
8,425 1,214
8,527 1,214
8,751 1,225
8,652 1,229
8,757 1,240
9,105 1,247
9,619 1,270
9,255 1,234

2,184
2,201
2,213
2,204
2,183
2,176
2,191
2,188
2,190
2,192
2,207
2,177

680
676

8,483
8,395
8,305
8,378
8,455
8,404
8,345
8,478
8,508
8,447
8,589
8,612
8,656
8,523
8,511
8,514
8,595
8,415
8,444
8,345
8,326
8,470
8,451
8,528
8,660
8,787
8,721
8,673
8,753
8,822
8,762
8,624
8,599
8,624
8,788
8,712
8,799
8,726
8,825
8,720
8,786

1,223
1,238
1,237
1,234
1,229
1,237
", 234
.
,240
,236
,237
,243
,247
,253
1,260
1,268
1,261
1,258
1,227
1,219
1,211
1,206
1,208

686
680
675
677
675
676
675
669
667
666
672
679
680
676
674
683
677
673
679
672
678
679
682
683
682

678
674
675
667
667
663
666

675
671
678
678
678
680
674
665

643
639
637
638
642
642
641
637
637
635
645
648
648
648
650
647
647
645
649
652
646
644
647
644
647
652
648
649
643
640
641
646
643
641
641
643
648
650
653
652
649
638
643
643
645
639
641
638
628
628
633
631
630

3,350
3,336
3,334
3,317
3,300
3,324
3,347
3,382
3,408
3,408
3,417
3,437
3,372
3,343
3,330
3,319
3,296
3,299
3,276
3,306
3,277
3,283
3,304
3,317
3,341
3,303
3,280
3,291
3,310
3,296
3,353

640
639
644
648
647
648
644
643
648
645
641
630

3,327
3,365
3,408
3,322
3,288
3,316
3,306
3,369
3,365
3,421
3,419
3,300

737
742
739
737
738
743
737
732
730
721
723
722
720
724
713
710
697
701
711
732
683
691
678
679
684
683

3,374
3,378
3,342

3,341
3,369
3,372
3,380
3,397
3,378
3,430
3,417
3,482
3,445
3,446
3,420
3,364
3,343
3,309
3,302
3,281
3,266

Back figure*.—See Federal Reserve Bulletin for January, 1929.




St. MinLouis neapolis

693
693
694
700
697
695
700
701
702
700
709
704
702
708
691
687
683
676
739
735
721
711
707
692
697
702
701
684

San

Kan-

s s Dallas Frana
cisco

City

390
390
392
390
387
386
385
388
391
391
391
389
385
381
385
381
375
370
368
368
367
377
374
375
377
375
376
375
384
390
393
390
392
392
397
400
408
413
411
414
414
415
416
416
413
410
404
399
400
396
393
386
383

682
679
688
685
684
687
687
681
682
686
692
687
683
682
680
685
679
686
683
687
684
682
685
687
693
689
692
694
696
695
706
713
707
704
704
704
703
703
699
696
697
704
701
706
707
703
700
695
692
685
684
686
676

491
496
505
501
499
501
498
493
489
489
489
497
499
495
491
500
485
482
481
483
477
475
472
469
474
471
469
471
475
473
477
476
478
476
478
478
482
490
491
494
500
495
496
504
501
498
492
490
483
479
491
490
478

1,957
1,957
1,978
2,006
1,996

390
387
389
380
370
375
384
393
408
415
406
391

684
684
687
682
684
689
697
707
702
701
701
685

498
495
494
493
479
472
473
477
485
498
495
484

1,958
1,946
1,948
1,944
1,957
1,963
1,935
1,936
1,953
1,965
1,958
1,979

1,965
1,959
1,976
1,947
1,943
1,947
1,953
1,948
1,937
1,936
1,956
1,949
1,952
1,947
1,944
1,943
1.940
1,955
1,954
1,961
1,964
1,953
1,953
1,948
1,985
1,966
1,950
1,936
1,932
1,928
1,927
1,929
1,940
1,934
1,943
1,937
1,945
1,963
1,965
1,973
1.962
1,968
1,960
1,964
1,960
1,970
1,954
1,846

188
No.

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
101.—REPORTING MEMBER BANKS—TOTAL LOANS, BY W E E K S ,
MONTHLY AVERAGES OF WEEKLY FIGURES

WITH

[In millions of dollars]
Federal Reserve District
Boston
1929
Jan. 2
Jan.9
Jan .16
Jan. 23
Jan. 30_.._
Feb. 6
Feb. 13
Feb. 20_
Feb. 27_
Mar. 6
Mar. 13
Mar. 20
Mar. 27
Apr. 3
Apr. 10
Apr. 17
Apr. 24
May 1
May 8
May 15
May 22
May 29
June 5
June 12
June 19
June 26
July 3
July 10
July 17
July 24
July 31
_...
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Sept. 4
Sept. 11
Sept. 18
Sept. 25
Oct. 2___
Oct. 9
Oct. 16
Oct. 23
Oct. 30__
Nov. 6
Nov. 13
Nov. 20
Nov. 27
Dec. 4
Dec. 11
Dec. 18
Dec. 24
Dec. 31..:
Average:
January
February..
March
April
May
June
July
August
September.
October....
November.
December-

New Phila- Cleve- Rich- Atlan- ChidelYork phia land mond
ta
cago

1,132
1,125
1,130
1,139
1,136
1,126
1,111
1,114
1,117
1,113
1,111
1,121
1,125
1,132
1,127
1,120
1,114
1,102
1,100
1,099
1,101
1,104
1,100
1,116
1,132
1,151
1,155
1,166
1,169
1,166
1,162
1,154
1,154
1,163
1,154
1,174
1,173
1,185
1,202
1,216
1,205
1,220
1,224
1,237
1,240
1,234
1,234
1,232
1,220
1,207
1,197
1,206
1,228

6,764
6,314
6,160
6,068
6,141
6,226
6,199
6,141
6,284
6,332
6,267
6,375
6,411
6,445
6,342
6,329
6,347
6,418
6,249
6,273
6,209
6,217
6,334
6,325
6,406
6,548
6,795
6,734
6,681
6,766
6,798
6,727
6,602
6,587
6,633
6,799
6,720
6,767
6,727
6,838
6,714
6,778

1,133
1,117
1,117
1,123
1,101
1,125
1,164
1,156
1,183
1,220
1,235
1,212

525
522
519
521
521
519
518
515
516
517
526
521
523
530
528
522
518
519
517
518
517
510
508
508
511
521
522
521
522
518
516
525
519
516
519
514
521
519
523
525
524
522
525
516
523
517
518
508
508
506
508
506
514

505
503
500
501
507
506
506
502
503
501
511
511
513
513
515
512
513
510
513
516
509
512
515
513

8,170
7,724
7,373
7,178
7,125
7,004
6,921
6,887
6,858
7,215

901
911
916
925
932
943
937
937
907
902
895
890
891
892
893
905
906
912
921
918
919
913
917
921
925
928
931
925
940
935
937
942
940
934
958
971
978
971
968
962
950
947
936
930

1,484
1,476
1,482
1,485
1,491
1,506
1,507
1,501
1,511
1,513
1,520
1,529
1,540
1,530
1,529
1,522
1,521
1,526
1,526
1,518
1,517
1,508
1,514
1,512
1,516
1,530
1,545
1,543
1,542
1,546
1,549
1,559
1,558
1,556
1,543
1,556
1,557
1,567
1,568
1,569
1,558
1,557
1,561
1,593
1,609
1,601
1,592
1,580
1,580
1,568
1,567
1,567
1,570

6,289
6,212
6,346
6,366
6,273
6,403
6,755
6,637
6,753
7,078
7,350
6,977

913
937
897
899
916
923
933
942
972
945

1,484
1,506
1,526
1,525
1,519
1,518
1,545
1,554
1,562
1,568
1,595
1,570

522
517
522
524
516
512
520
520
519
523
517
508

503
504
509
513
512
513
515
515
523
522
518
507

887
891
887
895
892

2,597 i
2,581 !
2,581
2, 567 |
2,551 I
2,569
2,588
2,631
2,657
2,660
2,672
2,674
2,619 |
2,614 !
2, 587
2,593 !
2,572 j
2,581
2,573
2,595
2,574
2,582
2,605
2,615
2,637
2,602
512 2,585
517 2,599
516 2,618
2,610
2,648
513
516 2,694
516 2,703
515 2,670
517 2,669
523 2,703
523 2,710
527 2,715
528 2,739
526 2,726
516 2,779
522 2,765
519 2,830
523 2,795
517 2,791
516 2,763
516 2,707
508 2,691
506 2,664
509 2,650
506 2,637
508 2,630
2,575
2,611
2,656
2,591
2,581
2,614
2,612
2,699
2,768
2,764
2,655

Back figures.—See Federal Reserve Bulletin for January, 1929.



Min- KanSan
St.
Louis neap- sas Dallas Francisco
olis City
530
534
533
534
536
542
537
532
532
525
529
528
529
531
528
529
521
519
524
524
516
520
504
513
518
518
509
510
516
518
523
525
528
529
529
531
540
539
538
546
545
546
546
553
548
544
550
540
535
540
539
535
528

261
262
262
258
255
255
254
257
260
261
261
262
257
254
258
254
250
247
245
244
242
252
251
253
253
250
253
251
261
265
268
267
269
270
275
278
286
290
289
292
290
290
292
293
291
288
283
277
278
273
271
267
265

444
443
449
447
447
449
450
444
443
447
454
449
449
448
445
448
444
450
449
452
450
448
450
453
459
457
461
465
466
466
477
481
475
472
471
468
469
475
471
468
469
477
474
476
475
474
473
469
468
464
469
471
459

362
361
367
364
364
368
367
361
355
357
358
360
359
358
357
365
350
348
345
347
342
342
338
339
342
342
343
348
352
351
355
352
354
352
354
357
362
365
369
375
384
380
381
386
385
382
382
380
373
372
381
380
375

1,315
1,312
1,316
1,284
1,285
1,293
1,301
1,293
1,292
1,298
1,309
1,306
1,308
1,297
1,296
1,301
1,300
1,312
1,313
1,319
1,321
1,316
1,325
1,324
1,353
1,341
1,333
1,331
1,332
1,330
1,334
1,340
1,352
1,349
1,359
1,355
1,364
1,373
1,379
1,393
1,387
1,391
1,388
1,404
1,406
1,416
1,402
1,397
1,409
1,403
1,430
1,436
1,426

533
536
528
527
521
513
515
528
537
547
546
535

260
257
260
254
246
252
260
270
286
291
285
271

446
446
450
446
450
455
467
475
471
473
473
466

364
363
358
358
345
340
350
353
363
381
382
376

1,302
1,295
1,306
1,299
1,316
1,336
1,332
1,350
1,368
1,393
1,405
1,421

189

REPOETING MEMBER BANKS IN EACH DISTRICT
No.

102.—REPORTING MEMBER BANKS—LOANS ON SECURITIES,
WITH MONTHLY AVERAGES OF WEEKLY FIGURES

BY WEEKS,

[In millions of dollars]
Federal Reserve District
Boston
1929
Jan. 2
Jan. 9
Jan.16
Jan. 23
Jan. 30
Feb. 6
Feb. 13
Feb. 20
Feb. 27
Mar. 6
Mar. 13
Mar. 20
Mar. 27
Apr. 3
Apr. 10
Apr. 17
Apr. 24
May 1
May 8
May 15
May 22
May 29
June 5
*.
June 12.__
June 19
June 26
July 3
July 10
July 17
July 24
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Sept. 4
Sept. 11
Sept. 18
Sept. 25
Oct. 2
Oct. 9
Oct. 16
Oct. 23
__..
Oct. 30
Nov. 6
Nov. 13
Nov. 20
Nov. 27
Dec. 4
Dec. 11
_
Dec. 18
Dec. 24
Dec. 31
Average:
January
February...
March
April.
May
June..
July...
August
September.
October—.
November.
December..

464
456
457
477
479
467
458
455
470
466
463
469
475
474
472
471
469
470
472
465
464
467
455
468
485
484
492
492
485
484
482
481
480
489
490
506
522
533
529
547
546
553
547
526
521
520
514
514
510
517
542
467
462
468
471
467
474
487
482
502
542
529
519

New Phila- Cleve- Rich- Atlan- ChidelYork phia land mond
ta

3,687
3,310
3,269
3,169
3,226
3,289
3,235
3,170
3,293
3,292
3,180
3,271
3,287
3,241
3,126
3,106
3,139
3,211
3,082
3,074
3,024
2,995
3,094
3,087
3,179
3,336
3,563
3,483
3,409
3,454
3,515
3,397
3,254
3,210
3,252
3,374
3,269
3,325
3,312
3,390
3,276
3,406
3,471
4,651
4,217
3,876
3,546
3,512
3,511
3,465
3,479
3,498
3,862

485
501
496
501
497
510
502
509
503
503
506
513
515
519
515
519
519
487
476
466
460
459
460
458
471
467
476
482
480
479
476
480
480
477
480
481
478
486
487
487
491
488
487
512
519
518
509
504
504
497
502
498
506

685
683
681
687
697
712
710
696
702
698
703
714
717
712
710
699
702
707
707
699
694
687
6.89
686
696
712
720
713
713
722
737
736
734
730
720
727
729
743
742
740
729
724
729
756
768
758
748
738
743
737
741
747
752

193
193
196
198
201
202
202
197
197
198
202
201
204
202
200
196
191
191
191
188
190
187
185
187
191
202
202
201
203
202
200
206
201
199
202
198
201
200
204
204
201
201
204
190
196
189
190
191
192
191
188
187
195

141
142
143
146
157
153
156
155
154
155
158
154
157
152
151
149
149
147
150
150
148
147
147
147
148
151
149
156
154
149
152
152
152
152
150
150
152
156
161
161
163
153
157
151
151
146
143
144
143
143
152
151
152

3,332
3,247
3,257
3,153
3,077
3,174
3,485
3,278
3,320

496
506
509
518
470
464
479
479
483
493
512
501

686
705
708
706
699
696
721
730
735
735
753
744

196
200
201
197
189
191
202
202
201
200
191
190

146
155
156
150
148
148
152
152
155
157
146
148

3,788
3,563

San
St. Min- Kansas
Louis neap- City Dallas Francisco
olis

1,299
1,281
1,283
1,281
1,277

237
247
249
252
258
261
255
251
250
244
245
243
244
239
237
237
232
234
241
241
238
239
224
229
232
232
228
233
234
235
239
238
241
238
236
238
240
238
235
241
242
243
243
250
250
249
254
248
247
253
254
253
249

81
82
85
82
83
84
80
81
80
83
84
85
84
80
82
82
81
82
82
82
82
91
91
89
87
84
84
86
88
90
89
87
87
86
89
89
90
88
87
88
87
85
86
87
89
89
90
86
87
87
85
84
85

138
138
146
145
147
151
151
145
141
143
148
143
144
142
144
145
124
123
121
123
122
120
120
121
123
121
122
121
123
123
130
133
138
137
135
133
133
142
135
131
130
133
128
125
124
125
125
122
122
122
130
133
125

101
101
103
105
107
103
104
103
105
101
101
95
102
103
102
105
105
104
102
102
101
103
103
104
104
106
118
116
107

397
393
427
406
407
412
428
417
416
412
425
426
424
413
412
413
412
415
417
422
424
413
409
413
431
420
413
410
411
413
409
409
418
415
421
418
421
427
441
446
443
447
438
439
431
434
426
418
422
423
457
466
452

1,183
1,224
1,269
1,221
1,204
1,227
1,230
1,276
1,269
1,326
1,337
1,284

249
254
244
236
239
230
234
238
238
244
250
251

82
81
84
81
84
88
88
87
88
87
89
86

143
147
145
139
122
121
124
136
136
129
124
126

120
124
117
106
100
100
104
102
101
104
103
110

406
418
422
413
418
418
411
416
427
443
427
444

1,200
1,180
1,188
1,179
1,170
1,188
1,211
1,245
1,250
1,261
1,279
1,306
1,229
1,228
1,227
1,230
1,201
1,204
1,199
1,209
1,199
1,210
1,222
1,224
1,238
1,225
1,215
1,222
1,231
1,227
1,252
1,289
1,282
1,283
1,250
1,239
1,272
1,274
1,291
1,299
1,292
1,344
1,330
1,363
1,353
1,356
1,336
1,302

Back figures,—See Federal Reserve Bulletins for March and January, 1929.



112
115
125
123
125
128
129
122
117
119
118
118
113
113
105
105
102
100
102
103

190

ANNtJAL REPORT OF THE FEDERAL RESERVE BOARD

No. 103,—REPORTING MEMBER B A N K S — " A L L O T H E R " LOANS BY WEEKS, WITH
MONTHLY AVERAGES OF WEEKLY FIGURES
[In millions of dollars]
Federal Reserve District
Boston
1929
Jan. 2
Jan.9.»
Jan.16
Jan.23 „
Jan. 30
_
Feb. 6
_.
Feb. 13
Feb. 20
_
Feb. 27
Mar. 6
Mar. 13
Mar. 20
Mar. 27
Apr. 3
Apr. 10
Apr. 17
Apr. 24
May 1
May 8 _
May 15
May 22
May29__
June 5
June 12.
June 19
June 26
July 3
July 10
July 17
July 24 __
July 31
A.ug. 7 _ _
Aug. 14
Aug. 21
Aug. 28
Sept. 4
Sept. l l . .
Sept. 18
Sept. 25
Oct. 2
_.
Oct. 9
Oct. 16._.
Oct. 23
Oct. 30 .
Nov. 6 . .
Nov. 13
Nov. 20
Nov. 27..
Dec. 4
Dec. 11
Dec. 18
Dec. 24
Dec. 31
Average:
January
February. _
March
April
May
June
July
August
September.
October
November .
December..

New Phila- Cleve- Rich- Atlan- ChidelYork phia land mond
ta
cago

399
395
392
390
390

799
794
801
799
794

333
329
323
324
320

385
390
389
393

794
798
804
810
816
817
816
823
818
819
823
819
820
819
819
823
821

316
316
318
319

825
826
820
818
824
831
830
824
812

706
693
688
689
686

3,076
3,004
2,891
2,899
2,915
2,937
2,963
2,971
2,990
3,041
3,087
3,104
3,124
3,202
3,216
3,224
3,208
3,206
3,167
3,200
3,185
3,223
3,240
3,238
3,228
3,212
3,233
3,252
3,271
3,312
3,283
3,330
3,348
3,377
3,381
3,426
3,451
3,442
3,415
3,449
3,437
3,373
3,419
3,519
3,506
3,497
3,632
3,612
3,493
3,456
3,408
3,360
3,353

458
453
445
439
424

666
655
649
652
634
651
676
674
681
678
706
692

2,957
2,965
3,089
3,213
3,196
3,229
3,270
3,359
3,434
3,439
3,562
3,414

393
389
404
419
427
435
438
444
450
449
460
444

668
670
673
662
657
659
654
659
647
647
647
652
650
658
655
649
645
632
628
634
637
637
646
648
648
662
671
674
677
681
679
670
672
682
674
685
683
679
679
682
675
673
677
684
693
707
713
711

398
405
403
410
414
428
417
418
420
426
430
430
431
432
434
434
439
436
439
438
441
436
437
441
448
448
450
447
454
448
450
451
453
447
445
452
460
463
464

Min- KanSan
St.
sas
Louis neap- City Dallas Fran
olis
Cisco

1,397
1,401
1,393
1,388
1,381

293
287
284
282
278

1,381
1,377
1,385
1,406
1,399
1,394
1,368
1,390
1,386
1,361
1,363
1,371
1,376
1,374
1,386
1,375
1,372

281
282
281
282

319
324
320
320
328
327
326
326
328
326
329
327
324

363
360
357
355
350
352
350
347
350
347
353
356
355
360
364
363
364
363
363
366
361
365
368
367
363
361
363
361
362
365
363
361
364
363
365
367
371
368
367
367
362
363
365
369
372
371
373
372
366
363
356
355
356

1,382
1,391
1,399
1,377
1,370
1,377
1,387
1,382
1,396
1,394
1,412
1,420
1,421

837
831
826
820
818

323
321
321
319
319
320
319
316
316
319
318
316
317
316
320
319
319
321
323
321
321
326
327
328
328
318
317
315
320
319
319

797
801
818
820
821
822
824
824
827
832
842
826

326
317
321
327
327
321
318
318
318
323
325
318

357
350
353
363
364
365
363
363
368
365
372
359

1,392
1,387
1,388
1,370
1,377
1,387
1,383
1,412
1,430
1,442
1,427
1,370

823
824
826
823
829
828
824
826
829
830
834
832
836
841
842
843
843

1,430
1,431
1,436
1,424
1,439
1,434
1,435
1,435
1,466
1,442
1,435
1,427
1,405
1,392
1,383
1,367
1,356
1,353

281
284
285
286
292
291
292
289
286
283
283
278
281
279
283
286
286
281
277
282
283
284
287
288
291
293
293
299
301
303
305
303
303
303
303
298
295
297
292
288
287
285
282
279
285
282
284
291
282
284
281
290
299
303
295
284

Back figures.—See Federal Reserve Bulletins for March and January, 1929.



181
180
177
177
173
172
174
176
180

307
304
303
302
299

251
246
242
241
239

918
919
889
878
877

299
299
299
302

240
238
239
239

178
177
177
173
174
176
173
170
164
163
162
160
161
160
164
165
167
169
165
173
175
178
180
182
185
186
189
196
202
202
204
203
205
206
206
202
200
193
190

305
306
306
305
305
301
303
320
327
327
329
327
327

238
240
242
246
245
252
259
249
248
243
244
243
243
240
240
241
240
240
243
246
248
251
249
249
251
253
262
260
261
266
271
279
276
279
284

881
873
876
876
886
884
881
885
884
884
887
888
897
896
897
897
903
915
912
922
921

191
186
186
183
179
177
176
176
173
162
164
172
183
197
205
196
185

330
332
335
336
338
344
343
342
347
348
337
335
336
335
336
333
337
337
339
343
346
351
351
349
348
347
346
342
339
338
334

283
280
279
276
269
266
263
264
268

920
920
921
918
925
931
934
934
937
936
943
946
938
947
945
944
951
965
975
981
976
979
987
981
973
970
974

303
300
305
307
328
333
343
339
335
343
349
340

244
239
241
251
244
240
246
251
262
278
280
266

896
877
884
886
898
917
921
934
941
950
978
977

191

EEPOBTING MEMBER BANKS IN EACH DISTRICT
No.

104.—REPORTING MEMBER BANKS—INVESTMENTS BY WEEKS, WITH
MONTHLY AVERAGES OF WEEKLY FIGURES
[In millions of dollars]
Federal Reserve District
Boston

1929
Jan. 2
Jan.9
Jan. 16..
Jan. 23..
Jan. 30
Feb. 6
Feb. 13
Feb. 20
Feb. 27
Mar. 6
—Mar. 13
Mar. 20
Mar. 27
Apr. 3
Apr. 10
Aprl 17
Apr. 24
May 1
May 8
May 15
May 22
May 29
June 5
June 12._
June 1 9 . . .
June 26
July 3
July 1 0 -.
July 17
July 24
July 3 1 Aug. 7
Aug. 14
Aug. 21__
Aug. 28
Sept. 4
Sept. 11
Sept. 18
Sept. 25
Oct. 2
Oct. 9—
Oct. 16
Oct. 23_Oct. 30
Nov. 6
Nov. 13
Nov. 20
-.
Nov. 27
Dec. 4
Dec. 11
Dec. 18
Dec. 2 4 —
Dec. 31
Average:
January. —
February..
March
April
May
June
July
August
September
October.,.
November
December..

346
360
369
369
368
367
363
353
354
383
383
395
383
386
385
384
385
386
376
377
381
368
359
361
353
349
349
348
351
349
344
344
342
338
338
345
338
338
335
329
330
329
331
342
337
340
336
331
311
320
281
362
359
387
385
382
367
350
345
340
332
338
316

New Phila- Cleve- Rich- AtlandelYork phia land mond
ta

2,145
2,169
2,235
2,238
2,236
2,229
2,205
2,204
2,195
2,176
2,179
2,214
2,201
2,212
2,181
2,181
2,167
2,177
2,165
2,171
2,136
2,109
2,136
2,126
2,122
2,112
1,992
1,987
1,992
1,987
2,024
2,035
2,022
2,012
1,991
1,989
1,992
2,032
2,006
2,008
2,019
2,118
2,223
2,234
2,301
2,320
2,290
2,242
2,302
2,283
2,272
2,204
2,208
2,193
2,185
2,152
2,124
1,996
2,015
2,003
2,027
2,270
2,278

339
343
349
343
341
342
342
342
340
337
332
330
328
328
325
325
321
320
317
316
316
317
316
315
315
315
310
309

306
307
306
305
306
306
310
307
305
304
307
305
303
303
301
295
294
291
288
285
290
289
343
341
332
325
317
315
309
306
307
305

Chicago

662
664
658
652
651
652
652
651
655
657
657
652
645
652
645
636

129
128
131
131
131
131
131
130
131
130
130
128
128
126
127
127
124
123
123
124
125
125
123
123
125
124
123
124
123
124
125
122
122
122
122
122
121
124
123
122
124
125
125
124
121
121
121
122
121
123
121
119
119

238
236
239
238
237
237
237
237
239
239
239
238
234
234
236
237
235
236
235
235
234
234
235
235
234
232
231
229
230
230
229
232
232
232
233
236
234
228
228
228
228
227
227
231
231
229
227
226
224
222
216
215
218

129
134
138
136
135
134
131
132
134
132
131
137
140
137
134
135
135
134
135
135
135
134
134
130
132
130
126
123
123
122
122
124
125
124
124
121
119
125
122
119
116
115
115
118
117
116
110
110
109
107
110
110
102

752
754
752
730
708
702
694
681
666
653
655
646

205
200
194
184
187
175
167
164
160
155
155
148

130
131
129
126
124
124
124
122
122
124
121
121

238
237
237
235
235
234
230
232
231
228
228
219

134
133
135
135
135
131
123
124
122
117
113
108

753
755
753
750
749
755
759
751
751
748
744
763
753
729
743
726
724
719
703
711
703
702
699
702
704
"702
695
692
691
686
704
691
684
679
672

605
609
610
604
604

138
136
137
137
135
137
136
135
134
134
134
137
135
136
135
135
134
136
135
136
136
132
132
131
136
141
135
132
127
126
125
132
126
125
126
126
125
126
125
124
123
122
121
123
121
121
126
121
119
122
124
125
122

700
695
687
679
664
658
646
634
628
624
612
606

159
159
158
158
158
159
158
158
159
158
157
157

137
135
135
135
135
135
129
128
126
123
123
122

695
693
693
687
684
691
686
687
682
676
670
669
665
663
660
661
657
656
663
657
649
651
647
638
643
635
635
634
632

628
630
626
622
618
626
620
613

Back figures.SQB Federal Reserve Bulletin for January, 1929.



KanSan
sas Dallas FranCity
cisco

208
208
206
203
202
201
200
200
197
195
195
194
191
193
185
181
178
176
173
177
195
212
180
173
172
173
169
169
169
165
165
163
165
164
164
163
161
157
157
154
156
156
155
156
156
158
158
151
149
148
148
148
148

157
158
159
159
160
159
158
158
160
159
154
159
160
158
158
158
158
158
159
158
159
159
159
158
160
159
159
159
158
159
158
158
158
158
160
157
158
160
160
157
158
158
157
157
156
157
157
158
158
157
158
157
154

697
702
703

St. MinLouis neapolis

192
No.

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
105.—REPORTING MEMBER B A N K S — N E T DEMAND DEPOSITS, BY WEEKS,
WITH MONTHLY AVERAGES OF WEEKLY FIGURES

[In millions of dollars]
Federal Reserve District
Boston
1929
Jan. 2
Jan. 9
Jan. 16
Jan. 23.._
Jan. 30
Feb.6
Feb. 13
Feb. 20
Feb. 27
Mar. 6
Mar. 13
—
Mar. 20
Mar. 27
_..
Apr. 3
Apr. 10
—
Apr. 17
Apr. 24
May 1
May 8
May 15
May 22
May 29
June 5
June 12
June 19
June 26_
July 3 . .
July 10.
July 17
July 24
July 31
Aug. 7
Aug. 14
Aug. 21__
Aug. 28__
Sept. 4
Sept. 11
Sept. 18
Sept. 25
Oct. 2
Oct. 9_
Oct. 16_
Oct. 23_
Oct. 30
Nov. 6
Nov. 13
—
Nov. 20
Nov. 27
Dec. 4
Dec. 11__
Dec. 18
Dec. 24_
Dec. 31
Average:
January
February..
March
April
May
June
July
August
September.
October
November.
December.

San
Min- KanNew- Phila- Cleve- Rich- Atlan- ChiSt.
delsas
York phia land mond
cago Louis neap- City Dallas Franta
olis
cisco

964
947
927
952
959

5,992
5,986
5,869
5,918
5,936
5,895
5,812
5,949
5,883
5,858
5,894
5,853
5,907
5,780
5,804
5,755
5,949
5,752
5,803
5,652
5,710
5,803
5,818
5,752
5,832
5,960
5,851
5,794
5,798
5,950
5,805
5,761
5,704
5,692
5,822
5,812
5,793
5,721
5,888
5,702
5,885
5,893
7,458
7,204
6,968
6,769
6,546
6,334
6,343
6,299
6,230
6,651

939
905
887
891
882
876
921
896
911
949
966
950

6,012
5,898
5,872
5,811
5,773
5,801
5,871
5,741
5,787
6,165
6,872
6,371

937
950
924
919
921
916
893
890
887
908
872
882
889
881
901
891
913
880
891
868
857
874
885
871
875
920
906
934
918
927
908
906
893
877
902
913
916
912
948
916
951
940
992
982
985
955
942

715
734
715
707

1,012
1,022
1,004
1,018

727
721
722
711
713
706
702

1,026
1,034
1,047
1,046
1,058
1,055
1,046
1,064
1,052

704
705
704
693
693
697
698
694
709

1,056
1,055
1,035
1,031
1,041
1,011
1,033
1,021
1,056

718
714
717
715

1,040
1,035
1,027
1,022

695
713
717
706
724

1,025
1,020
1,009
1,014
1,033

373
371
369
369
372
372
370
362
358
361
368
357
358
362
361
353
346
349
351
354
344
342
346
349
343
347
357
355
356
352
350
357
351
347
346
345
350
344
347
354
350
354
350
348
357
355
346
342
352
354
350
349
359

745
731
715
708
713
718
719
701
702
698
716
711

1,042
1,027
1,036
1,014
1,023
1,014
1,042
1,054
1,044
1,032
1,031
1,020

371
365
361
356
348
346
354
350
346
351
350
353

742
757
754
740
734

1,039
1,036
1,043
1,047
1,044

742
731
725
725
720
727
704
709
712
711
710
698
706
721
723
711
705

1,027
1,040
1,017
1,024
1,049
1,042
1,027
1,026
1,019
995
1,019
1,023
1,032
1,015
1,027
1,027
1,012

341
337
335
332
331
332
338
330
330
333
345
331
333
321
332
329
330
326
328
332
320
315
316
322
316
316
320
316
319
313
314
313
322
313
311
317
324
318
317
325
326
326
319
317
318
326
316
315
317
326
324
320
338

1,929
1,888
1,875
1,839
1,833
1,851
1,909
1,880
1,895
1,871
1,893
1,884
1,796
1,781
1,824
1,844
1,806
1,825
1,819
1,850
1,802
1,765
1,795
1,838
1,806
1,811
1,850
1,837
1,877
1,857
1,924
1,937
1,915
1,908
1,870
1,886
1,937
1,899
1,902
1,903
1,895
1,950
1,945
2,025
1,962
1,944
1,914
1,864
1,884
1,875
1,854
1,845
1,840

421
419
417
408
415
414
418
405
405
395
400
385
383
383
385
380
378
377
377
377
362
368
362
374
366
369
367
370
362
361
364
365
368
354
364
363
373
361
356
356
371
380
372
377
381
382
381
377
380
394
392
389
398

224
226
221
217
218
214
216
216
219
226
229
224
226
220
219
215
210
207
211
209
208
215
212
216
214
216
223
224
225
231
233
231
230
229
229
232
236
237
234
234
229
233
231
247
242
240
238
233
233
239
235
232
232

512
509
514
513
514
513
520
508
509
508
518
502
504
495
494
492
485
486
481
487
474
472
478
491
490
494
501
502
516
516
516
524
525
512
508
504
507
509
500
495
496
505
497
496
495
503
483
476
475
490
492
495
501

316
323
323
319
313
313
320
313
312
317
317
312
306
302
301
302
296
297
296
302
290
286
283
288
283
277
281
282
291
275
277
277
282
272
274
279
289
289
283
287
296
303
295
298
299
303
296
288
286
292
302
298
293

822
813
825
787
785
780
832
801
772

335
332
335
328
324
318
316
315
319
322
319
325

1,873
1,884
1,861
1,814
1,812
1,812
1,869
1,908
1,906
1,944
1,921
1,860

416
410
391
382
372
368
365
363
363
371
380
390

221
216
226
216
210
214
227
230
235
235
238
234

513
512
508
492
480
488
510
517
505
498
489
491

319
314
313
300
294
283
281
276
285
296
297
294

807
796
782
765
760
763
770
769
776
771
785
775

Back figurtt.—SeQ Federal Reserve Bulletin for January, 1929.



759
793
789
789
764
769
770
758
768
755
785
751
743
743
771
781
757
762
774
778
767
769
762
781
770
764
772
783
774
776
771
750
790
758
788
769
816
785
769
769
784
775
760
789

193

REPOETING MEMBER BANKS IN EACH DISTRICT
No,

106.—REPORTING MEMBER B A N K S — T I M E DEPOSITS, BY WEEKS, WITH
MONTHLY AVERAGES OF WEEKLY FIGURES
[In millions of dollarsl
Federal Reserve District
Boston

1929
Jan. 2
Jan.9
Jan.16
Jan. 23
Jan. 30
Feb.6__
Feb. 13
Feb. 20
Feb. 27
Mar. 6
Mar. 13
Mar. 20
Mar. 27
Apr. 3
Apr. 10
Apr. 17
Apr. 24
May 1May 8_
May 15
May 22.
May 29
June 5__
June 12
June 19
June 26
July 3
July 10
July 17
July 24
July 31
Aug. 7
Aug. 14_
Aug. 21
Aug. 28
Sept. 4
_._
Sept. 11
Sept. 18
Sept. 25
Oct. 2
Oct. 9
Oct. 16
Oct. 23
Oct. 30
Nov. 6
Nov. 13
Nov. 20
Nov. 27
Dec. 4
Dec. 11
Dec. 18
Dec. 24
Dec. 31
Average:
January.. _
February..
March
April
_
May
June
July
August
September
October
November.
December.

475
476
476
478
477
474
476
478
479
481
480
477
474
474
466
466
461
456
463
458
460
459
459
459
460
464
458
457
454
454
457
458
458
455
456
464
468
470
469
457
458
458
455
466
466
466
463
467
465
470
468
468
465

New Phila- Cleve- Rich- Atlan- ChidelYork phia land mond
cago
ta

1,758
1,736
1,717
1,720
1,740
1,734
1,715
1,709
1,711
1,702
1,705
1,696
1,720
1,736
1,718
1,701
1,706
1,698
1,696
1,720
1,708
1,693
1,683
1,655
1,679
1,698
1,610
1,607
1,625
1,638
1,680
1,680
1,680
1,687
1,726
1,741
1,745
1,765
1,783
1,794
1,790
1,798
1,813
1,837
1,807
1,807
1,798
1,834
1,799
1,763
1,761
1,746
1,779

295
292
294
296
294
291
289
284
283
284
280
280
277
279
277
285
276
274
271
267
265
264
266
261
261
259
267
264
260
264
266
262
260
260
261
265
261
266
268
272
269
266
265
263
265
260
259
263
265
263
268
267
270

476 1,734
477 1,718
478 1,706
467 1,715
459 1,703
461 1,679
456 1,632
457 1,693
468 1,759
459 1,812
465 1,811
467 1,770

294
287
280
280
268
262
264
261
265
267
262
267

985
986
978
976
977
977
971
970
962
963
960
964
955
951
949
953
951
952
957
959
951
947
948
952
948
943
941
944
945
951
948
947
941
935
937
936
938
937
930
927
931
925
926
929
927
935

240
240
241
241
241
239
240
240
240
244
245
244
244
245
244
242
241
242
241
239
240
240
239
239
239
239
244
243
242
242
242
243
243
243
243
244
244
244
244
245
245
245
245
244
242
241
238
237
235
233
233
232
235

240
233
230
230
231
228
234
233
233
231
231
231
231
230
230
228
228
228
229
236
239
239
240
239
239
246
245
244
242
240
239
238
236
236
235
234
233
234
234
230
230
228
229
227
226
226
225
224
225
223
228
228
230

1,260
1, 276
1,277
1,274
1,264
1,261
1,268
1,272
1,274
1,275
1,267
1,244
1,241
1,225
1,226
1,234
1,239
1,240
1,230
1,238
1,238
1,232
1,234
1,231
1,225
1,222
1,223
1,225
1,228
1,231
1,230
1,232
1,261
1,260
1,261
1,270
1,252
1,242
1,250
1,243
1,234
1,232
1,269
1,265
1,277
1,220
1,213
1,203
1,206
1,208
1,206
1,183
1,190

235
241
241
241
239
240
241
237
241
239
236
235
235
233
233
232
231
231
232
232
233
232
231
228
227
228
222
222
222
225
225
225
225
224
224
225
224
224
224
231
234
233
233
232
229
227
230
226
222
221
220
220
220

140
141
141
141
140
140
139
139
138
132
133
132
132
132
132
131
131
130
131
131
130
136
135
134
134
133
132
132
131
131
131
130
130
131
132
132
132
132
132
131
131
131
131
130
131
130
129
129
129
129
129
133
134

177
178
179
179
179
175
177
178
179
179
180
180
181
179
179
179
180
179
181
181
181
180
180
179
180
180
180
179
178
180
181
182
182
183
184
184
183
184
184
182
182
182
181
180
181
182
179
178
177
176
176
175
169

142
140
139
139
143
143
146
145
144
143
144
144
147
145
140
143
142
141
141
141
140
141
142
142
143
143
145
141
141
143
142
143
143
142
142
143
142
142
142
141
140
139
139
139
139
138
138
138
138
137
138
137
138

994
990
995
990
986
979
970
969
971
980
978
965
969
981
975
976
975
979
991
997
1,004
997
999
991
984
993
994
988
979
977
966
963
960
959
959
963
964
955
954
957
955
965
957
947
936
929
924
930
937
950
947
1,007
1,024

957
985
977
966
956
953
951
944
948
937
931
928

240
240
244
243
240
239
243
243
244
245
240
234

233
232
231
229
234
241
242
236
234
229
225
227

1,270
1,269
1,257
1,231
1,236
1,228
1,227
1,254
1,253
1,249
1,228
1,199

239
240
237
232
232
229
223
224
224
233
228
221

141
139
132
132
132
134
131
131
132
131
130
131

178
177
180
179
180
180
180
183
183
181
180
174

140
144
144
142
141
142
142
143
142
140
138
137

991
972
973
977
994
992
981
960
959
956
930
973

957
954
957
958
960

Back figures.—See Federal Reserve Bulletin for January, 1929.




San
St. Min- Kansas
Louis neap- City Dallas Francisco
olis

194

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 107.—REPORTING MEMBER BANKS—RESERVE BALANCES, BY WEEKS, WITH
MONTHLY AVERAGES OF WEEKLY FIGURES
[In millions of dollars]
Federal Reserve District
Boston
1929
Jan. 2
_..
Jan. 9
Jan.16
Jan. 23
_
Jan. 30
Feb. 6
Feb. 13
Feb. 20
Feb. 27
Mar. 6
Mar. 13
Mar. 20.
Mar. 27
Apr. 3.Apr. 10
Apr. 17
Apr. 24
Mayl—
May 8__
May 15
May 22__
May 29
June5__
June 12
June 19
June 26.
July 3
July 10
July 17July 24
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Sept. 4
Sept. 11
-.
Sept. 18
Sept. 25
Oct. 2_
Oct. 9—
Oct. 16
Oct. 23.
_
Oct. 30
Nov. 6
—
Nov. 13
Nov. 20
Nov. 27
Dec. 4_.
Dec. 11
Dec. 18
Dec. 24
Dec. 31
Average:
January „ .
February..
March
April
May
June
July
August
September.
October—..
November.
December-

102
100
101
100
99
100
104
96
94
99
100
93
92

New Phila- Cleve- Rich- Atlan- ChidelYork phia land mond
ta
cago

906
818
820
790
832
816
809
788
827
789
800
807
808
796
780
772
767
811
792
790
767
740
793
789
783
776
813
798
791
800
804
764
768
760
763
781
797
816
805
819
790
818
805
1,045
971
1,028
969
840
846
847
862
801

129
129
131
128
126
131
126
129
126
77 131
78 132
76 I 128
74 125
128
123
122
122
132
128
125
129
125
124
127
123
133
129
125
130
128
128
126
128
128
133
128
129
129
130
128
123
126
126
129
125 I
117 |
119 i
125 I
129
125
128 i
124 ;;
120

833
810
801
779
780
785
801
764
100 i 800
855
102
103 j 952
101

128 !
128
129
124
127
127
128
129
129
126
122
125

92
95
101
95
100

97
-95
94
95
99
105
100
102
98
102
101
105
104
105
103
101
106
101
100
102
97
100

39
41
40
38
41
39
41
40
40

San
St. Min- Kansas
Louis neap- City Dallas Franolis
cisco

42
41
42
41
40
41
42
40
40
43
41
37
41
39
38
40
40
39
39
41
40
39
39
40
39
40
40
39
41
38
38
39
39
38
37
38
39
39
39
40
40
40
40
39
39
41
37
39
39
39
40
36
38

269
263
268
264
259
260
258
255
267
255
257
257
248
244
247
249
248
247
245
248
246
245
247
247
245
247
256
246
251
256
256
266
261
254
255
245
257
248
258
257
254
265
269
279
274
264
263
257
261
252
256
257
243

50
50
48
49
48
49
50
48
48
47
47
46
46
45
46
45
46
44
44
45
43
45
43
45
42
44
44
43
44
43
43
44
43
42
44
43
44
42
41 i
43
44
45
45
44
45
46
44
45
44
45
44
45
46

41
41
40
39
40
39
39
38
39
40
39
38

265
260
254
247
246
247
253
259
252
265
265
254

49
49
46
45
44
44
43
43
43
44
45
45

Digitized for Revisedfigures.—-SeeFederal Reserve Bulletin for January. 1929FRASER


26
27
26
26
24
26
24
21
25

118
116
117
113
114

27
26
26
28

112
116
111
109
110
112
113
110

24
25
24
26

106
106
109
107

26
25
23
23
24

107
108
110
105
105

24
24
24
25

107
108
107
108

27
25
24
27 j

108
109
109
108
106

24 j
25 !
26
24
26
27
27
25
27
27 |

107
107
107
105
108
109
108
106

27
27
30

109
104
112
106
111

31
29
25
26

107
111
107
105

29
27
27
28
30

108
107
106
106
111

27 I

116
112
111
107
107
107
108
106
108
109
108
108

195

REPORTING MEMBER BANKS IN EACH DISTRICT
No,

1 0 8 . — R E P O R T I N G M E M B E R B A N K S — 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 W E E K S , WITH MONTHLY AVERAGES OF W E E K L Y F I G U R E S

[In millions of dollars!
Federal Reserve District

35
30
29
31
40
38
45
44
52
50
47
47
43
49
42
35
29

366
380
370
346
329
.328
230
183
191
255
192
172
188
103
86
85
66
197
169
71
69
69
72
102
125
146
127

47
37
30
25
40
32
31
31
37
32
38
53
56
55
54
49
51
43
39
38
44
40
61
68
73
49
44
54
28
27
29
25

66
63
52
51
52
70
50
48
54
58
52
61
59
68
61
67
97
106
98
82
71
72
70
64
65
49

235
166
202
198
178
194
358
233
202
107
94
114

40
49
63
68
41
33
33
51
49
44
58
33

65
68
61
73
70
66
60
55
56
71
89
64

23
21
22
28
31
26
28
27
29
25
27
23

193
223
197
140
134
149
170
197
259

70
74
60

39
44
42
43
44
46
44
46
47
52
53
45
44
46
41
37
38
41
44
40
41
39
35
28
26
25
20

144
95
116
123
106
121
133
161
181
181
184
208
158
171
102
87
81
79
66
62
71
120
107
90
123
108
104
107
88
73
84
85
95
94
86
61
66
85
72
121
97
120
63
70
75
124
86
123
116
77
70
106
78

26
28
30
35
31
39
38
42
41
45
42
47
53
50
49
49
53
34
31
33
38
31
35
34
25
23
17
16
16
7

37
36
31
42
48
39
42
46
48
40
41
27

117
149
183
110
80
107
91
90
71
94
102
89

24
24
32
35
29
29
37
44
50
38
31
16


Backfigures.—SeeFederal Reserve Bulletin for January, 1929.


27
23
22
28
21
26
18
27
24
26
28
35
38
45
32
36
28
29
28
20
34

7
9
10
10
7
10
8
7
14
12
14
15
11
10
15
18
20
18
12
12
11
11

22
15
17
14
13
19
13
16
14

15
16
17
19
19
20
14
15
15

19
18
19
16
25
23
27
30
33
33
35
39
45
43
35
34
28

17
13
9
11
10
15

39
51
45
44
44
72
71
61
79
82
86
61
65
74
68
69
66
66
56
40
47
51
51
43
57
42

5
8

30
29
22
21
26
24
19
24
25
34
29
24
26
32
32
31
35
39
40
42
43
47
47
37
25
25
18

15
14
15
15
18
14
8
7
11
15
1
9
22
24
25
28
32
30
34
32
22
22
24
21
22
24
25
30
22
23
25
24
16
9
9
9

50
' 48
33
47
47
58
54
51
45
58
70
74
79
88
90
73
88
77
102
106
108
90
77
66
58
37
33

9
10
13
16
13
10
12
18
29
38
25
14

16
15
18
26
37
35
26
23
28
34
43
30

17
16
11
13
15
12
18
29
28
23
25
13

45
71
74
69
52
48
45
52
70
83
101
54

10
10
11
00 00

35
38
36
40
37
36
37
37
34

CC

36
34
31
47
70
73
51
50
44
36
18
12

30
22
20
20
20
20
17
22
24
21
20
23
23
28
25
31
27
31
29
30
34
30
28
25
23
26
27
28
29
28
28
24
28
27
30
30
29
30
29
25
22
25
27
28
23
26
30
29
23
21
24
24
24

CO

Dec. 4
Dec. 11
Dec. 18
Dec. 24
Dec. 31 ..
Average:
January
February._
March
April
May...
June
July.
August
September.
October
November.
December-

63
69
76
81
71
69
73
77
56
63
41
48
46
34
43
63
58
52
46
37
41
44
43
37
32
24
15
25
12
19
11
14
11
18
7

62
59
58
66
74
67
66
50
61
64
68
72
92
72
57
71
71
68
68
72

CO

May 1
May 8
M a y 15 . .
M a y 22
M a y 29
June 5
June 12
June 19 .
June 26
.
July 3
July 10
July 17.
July 24
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Sept. 4
Sept 11
Sept. 18
Sept. 25
Oct. 2
Oct. 9
Oct. 16
Oct. 23
Oct. 30
Nov. 6
Nov. 13
Nov. 20
Nov. 27

76
71

9
12
16
14
14
18
18
to to
Ox CO

.

48
41
39
35
35
37
45
56
58
55
63
63
71
66
66
69
70
57
39

KanSan
sas Dallas Fran
City
Cisco

CO

Mar. 6
Mar. 13
Mar. 20
Mar. 27
Apr. 3
Apr. 10
Apr. 17
Apr. 24

455
247
184
19
1
170
154
206
139
167
224
176
160
246
180
193
209
211

MinSt. neapLouis olis

o to

Feb. 6
Feb 13
Feb. 20
Feb. 27

33
26
28
41
49
38
30
30
38
33
25
26
42
45
43
50

Chicago

CO CO

1929
2
9
16.
23
30

OO CO

Jan.
Jan.
Jan.
Jan.
Jan.

New Phila- Cleve- Rich- Atlandelta
York phia
land m o n d

MM

Boston

27
30
33
38
39
40
40
33
29
27
21
23
26

196

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

BANKERS' BALANCES OF REPORTING MEMBER BANKS,
BY DISTRICTS
No. 109.—REPORTING MEMBER BANKS—DUE TO BANKS, BY MONTHS, 1928 AND
1929 (REVISED SERIES—1929 BASIS)
[Monthly averages of weekly figures. In millions of dollars]
Federal Reserve District
Month

1928
January
February...
March
April
May..
_
June
July.
August
September
October..
November
December
1929
January
February
March
April
May
June
July
August.._
_
September
October
November
December

Boston

New- Phila- Cleve- Rich- AtdelYork phia land mond lanta

159
141
134
142
130
117
123
110
119
124
124
117

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

120
110
106
110
107
108
117
106
115
128
140
129

1,071
1,008
971
930
869
851
992
882
944
1,081
1,188
1,036

178
163
153
155
153
153
160
155
158
162
171
170

129
117
109
105
102
97
98
92
98
108
112
114

223
214
207
201
194
199
202
197
188
189

95
107
115
123

108
103
100
97
90
91
92
89
93
101
103
103

267
243
240
229
214
215
210
232
233
222
214

123
117
119
108
96
94
88
87
99
111
110
111

136
129
122
119
114
103

Chicago

Min- KanSt.
sas
Louis neap- City
olis

529
527
533
530
502
503
493
483
498
492

161
155
136
129
126
119
119
112
119
128
134
141

471
459
477
448
429
432
434
433
440
432
417
423

148
143
130
118
109
106
106
102
106
125
125
124

San
Francisco

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

224
220
210
190
178
182
215
220
202
204
201
209

102
102
109
100
94
91
88
81
89
100
96
94

Dallas

117
108
99
86
78
75
76
71
87
106
100
101

202
190
198
186
173
181
187
183
188
188
188
207

No. 110.—REPORTING MEMBER B A N K S — D U E FROM BANKS, BY MONTHS,
AND 1929 (REVISED SERIES—1929 BASIS)
[Monthly averages of weekly figures. In millions of dollars]

1928

Federal Reserve District
Month

1928
January.
February
March
April
May
June
July
August
September
October
November
December
1929
January...
February
March
April
May
June
July
August.
September
October
November
December

Boston

New Phila- Cleve- Rich- AtdelYork phia land mond lanta
158
147
150
167
157
143
142
121
138
139
146
147

111
102
97
97
94
88
94
93
99
99
98
98

162
148
161
154
136
151
154
129
147
178
172

106
107
103
98
92
93
96
90
93
96
95
91




ChiSt. Min- Kancago Louis neap- sas
olis City

San
Dal- Franlas cisco

233
230
233
242
253
250
242
224
251
242
245
236

S
I
!
i
I
!

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

235
234
232
242
210
204
209
205
212
219
219
204

59
54
57
56
54
52
51
45
52
64
62
61

51
49
47
46
46
49
53
51
54
54
54
52

128
118
116
109
105
108
119
119
117
123
126
127

67
64
64
58
55
53
52
50
59
63
59
62

149
142
143
136
135
149
153
145
156
155
156
177

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

197

BANK SUSPENSIONS
No, 111.—BANKS SUSPENDED AND REOPENED, BY DISTRICTS, 1929
Banks reopened

Banks suspended
Class of bank and Federal reserve
district

Number

Capital

Deposits

Number

Capital

Deposits

All banks, total...

642 $32,254,000 $234, 532,000

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta..
_
Chicago
St. Louis
Minneapolis
Kansas City
Dallas... _
San Francisco
Member banks, total

6
3
14
59
119
93
44
84
193
11
16

2,260,000
625,000
800,000
3, 636,000
7,790,000
4,994,000
1,528,000
2,044,000
5,096,000
276,000
3,205,000

19,101,000
3,304,000
8,431,000
19,601,000
62,405,000
35,579, 000
9,422,000
15,300,000
39,204,000
1,931,000
20,254,000

1

1,000,000

5,882,000

2
3
14
3
3
7
22
2
1

200,000
72,000
530,000
80,000
125,000
230,000
675,000
125,000
15,000

2,258,000
255,000
5,062,000
1, 007,000
870,000
2,438,000
6, 398,000
1,397,000
262,000

81

7,125,000

57,135,000

5

285,000

2,273,000

50,666

2
1

150,000
25,000

674,000
284,000

1
1

35,000
75,000

219, 000
1,096,000

3

160,000

1, 607,000

1

50,000

292,000

1
1

35,000
75,000

219,000
1,096,000

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St Louis
Minneapolis
Kansas City...
Dallas
San Francisco
National bank members, total
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
State bank members, total
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St T>nm'<?

Minneapolis
Kansas City
Dallas
San Francisco
Nonmember banks, total
Boston
New York
Philadelphia . .
Cleveland
Richmond
Atlanta
Chicago
St. LouisMinneapolis
Kansas City . .
Dallas
San Francisco

. .

i

58 $3,052,000 $25,829,000

2
8
23
18
4
12
6
3
4

90,000
840,000
2,715,000
1,125,000
265,000
455,000
235,000
125,000
1,225,000

1,168,000
858,000
5,134,000
25,787,000
8,253,000
898,000
2, 643,000
1, 782,000
1,349,000
9,263,000

64

5,095,000

37,007,000

1
2
7
16
13
4
10
6
2
3

50,000
90,000
665,000
1,355,000
810,000
265,000
325,000
235,000
100,000
1,200,000

1,168,000
858,000
4, 539,000
10,807,000
5, 607,000
898,000
1,238,000
1,782,000
1,134,000
8,976,000

17

2,030,000

20,128,000

2

125,000

666,000

1
7
5

175,000
1,360,000
315,000

595,000
14,980,000
2, 646,000

1
1

100,000
25,000

382,000
284,000

2

130,000

1,405,000

1
1

25,000
25,000

215,000
287,000

561

25,129,000

177,397,000

53

2,767,000

23,556,000

6
2
12
51
96
75
40
72
187
8
12

2,260,000
575,000
710,000
2,796,000
5,075,000
3,869,000
1,263,000
1,589,000
4,861,000
151,000
1,980,000

19,101,000
2,136,000
7, 573,000
14,467,000
36,618,000
27,326,000
8, 524,000
12, 657,000
37,422,000
582,000
10,991,000

1

1,000,000

5,882,000

2
3
12
2
3
7
21
1
1

200,000
72,000
380,000
55,000
125,000
230,000
640,000
50,000
15,000

2, 258,000
255,000
4, 388,000
723,000
870,000
2,438,000
6,179,000
301,000
262,000

Backfigures.—SeeAnnual Reports for 1928 (Table 115), 1927 (Table 111), and 1926 (Table 98).



198

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No, 112.—BANKS SUSPENDED AND REOPENED, BY STATES, 1929

[Figures are for member and nonmember banks]
Banks suspended

Banks reopened

State
Number
United States
New England:
Rhode Island
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
M aryland
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
East South Central:
Kentucky
Tennessee
Alabama
._
Mississippi _
West South Central:
Arkansas
Oklahoma
Texas
Mountain:
Montana
Idaho
Wyoming
Colorado _
New Mexico
Nevada..
Pacific:
Washington
Oregon
California

Capital

Deposits

642 $32,254,000 $234,532,000

5
1
5

1,260,000
1,000,000
800,000

13,219,000
5 882,000
7,782,000

10
24
30
9
11

525,000
869,000
2,765,000
210,000
540,000

31
34
23
36
13
149
12

Number

Capital

Deposits

58 $3,052,000 $25,829,000

1,000,000

5,882,000

3,661,000
8,477,000
17,020,000
2,205,000
5,042,000

2
3

200,000
105,000

2,258,000
1,167,000

1
1

25,000
60,000

284,000
505,000

863,000
1,205,000
625,000
735,000
261,000
3,911,000
275,000

8,523,000
8,540,000
2,934,000
3,691,000
1,612,000
30,402,000
2,003,000

3

95,000

1,025,000

1
3

25,000
75,000

123,000
908,000

21

625,000

5,561,000

75,000
200,000
248,000
1,035,000
1,268,000
910,000
747 nnn
a. 74fi. nnn

243,000
967,000
1,259,000
6,837,000
5,829,000
4,758,000
2,318,000
53,863,000

1

20,000

137,000

1
1
4
10

40,000
12,000
145,000
385,000

85,000
33,000
855,000
4,207,000

2
12
11
3

100,000
437,000
935,000
110,000

853,000
2,611,000
3, 684,000
343,000

1

50,000

303,000

11
20
10

448,000
470,000
251,000

2,033,000
4,054,000
1,840,000

1
2

50,000
125,000

837,000
1,397,000

1
3
1
5
1
1

_.

1

1
1
9
14
18
18
32
63

__ _

25,000
150,000
30,000
145,000
25,000
500,000

84,000
1,438,000
403,000
1,215,000
91,000
3,600,000

7
1
4

1,180,000
200,000
1,175,000

8,407,000
2,066,000
4,743,000

1

15,000

262,000

Backfigures.—SeeAnnual Report for 1928 (Table 116), 1927 (Table 112), 1926 (Table 100), and 1925 (Tables
97 and 98).




CHANGES IN MEMBERSHIP IN FEDERAL SYSTEM
No. 113.—CHANGES IN MEMBERSHIP

IN THE FEDERAL RESERVE

SYSTEM DURING

1929

I-*

00

New York district

Boston district

to
Procedure effecting change

408

Total losses

_

373

6

6

163

778

687

5
1
3

5
1

8

91

816

938

775

2

22
2
8

22
2

9,

i!

35

?

2

3

4

35

24

11

9

6

3

3

1

20
10

12
8

8
2

7
3

4
3

3

5
4

3
4

2

1
8
2
2

1
5
2

10
3
1
2
5

2
1
2
5

3

6

7
1

7
1

1
2
1
2

1
1

104

1 !

547

499

1

3

10

1
3

712

1

48

453

377

9

9

2

1

1

76

2

2

1

3

1

2

2

1

1

11

10

3
1

9
1

8
1

1

6
2

4

8
8
6
2
1

7
8
6

1

23
1
1
3

16

to

1

7
1

1

Additions to membership:
Organization of national bank
Conversion of nonmember bank to national
Admission of State bank
Resumption following suspension
Conversion within the system
Losses to membership:
Merger between members—
Intraclass
_Interclass
Voluntary liquidation (terminal)
Suspension and insolvency
Absorption of member by nonmember
Conversion of rnenibftr to nonmeniber
Withdrawal of State bank
Conversion within the system

Atlanta district

NaNaNaNaNaNaTotal tional State Total tional State Total tional State Total tional State Total tional State Total tional State

Active member banks, Dec. 31,1928

Total additions

Cleveland district Richmond district

to to

g

Philadelphia district

1
1

2

3
2

3

3

2

C
O

1
3

1

2

42

30

12

23

8

24

17

7

35

31

4

36

21

15

Net change..^

-4

-6

+2

-7

-6

-1

-14

-9

-5

-21

-16

-5

-33

-30

-3

-25

-11

-14

Active member banks, Dec. 31, 1929

404

367

37

931

769

162

764

678

86

795

696

99

514

469

45

428

366

62




14

12

15

CO
CO

No. 113.—CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM DURING 1929—Continued
Chicago district

St. Louis district

Minneapolis district

Kansas City district

to

San Francisco district

Dallas district

s

Procedure effecting 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

_.

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 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 banks
Conversion within the system
Total losses
Net change
Active member banks, Dec 31, 1929

1,252
7
3
2
1
2

-

.

964
7
3

15

12

3

11

6

5

8

8

12
4

8
2

34
2

3
6

2

24

1
2

16
1

18
20
6
19
2

2
1

587

482

2
4
5

105

2
4
5

719

663

3
5

56

3
5

932

911

5
5
1
1

16
1

_ ._

288

5
5
1
1

2

13
13
4

5
7
2
U9

4
7
5
2

4
7
3

12
12
2
2

16
11

3

3

12

81

40

41

27

20

44

38

-66

-28

-38

-16

-14

-2

-36

-30

1,186

936

250

571

468

103

683

633

7

2
1

6
-6
50

12

11

18

0

18

6
9
17
1

6
9
17

1

1

780

688

1

21

1

3
1
1

1
i1

6

3

13

14
4
2
4
7
4
4
1

2 1

2
3
6
4

92

627

498
9
4

3

9
4
1

d
O
1

3
3

17

16

1

1
3

10
4

10
2

2

1
1

4
12
2
2
3

3
11
1

S

13

4
il

1
1
1
2
»3

51

50

1

40

29

37

27

-39

-39

0

-34

-26

-8

-20

-11

-9

893

872

21

746

662

84

607

487

120

11

1 Succession between members of one class and members of the other without effect on the number of banks in the system.
2
Includes 2 instances in which national banks were converted into or absorbed 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.
* Includes 1 compulsory withdrawal.
Backfigures.—SeeAnnual Reports for 1928 (Table 117), 1927 (Table 117), 1926 (Table 97), and 1925 (Table 94),




129

10

i
tr)

O

ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD

201

EARNINGS, EXPENSES, AND DIVIDENDS OF MEMBER BANKS
No. 114.—MEMBER BANKS—EARNINGS, EXPENSES, AND DIVIDENDS, BY FEDERAL

RESERVE DISTRICTS, 1925-1929
[In thousands of dollars]
District and year ending June 30
Boston:
1925
1926
1927
1928
1929
New York:
1925
1926
1927
1928
1929
Philadelphia:
1925
1926
1927
1928
1929
Cleveland:
1925
1926
1927
1928_
1929
Richmond:
1925
1926
1927_
1928_
1929

Atlanta:

1925
1926
1927
1928
1929
Chicago:
1925
1926
1927
1928
1929
St. Louis:
1925
1926
1927
1928
_
1929
Minneapolis:
1925._
1926
1927
1928
1929
Kansas City:
1925
1926
1927
1928
1929
Dallas:
1925
1926
1927_
1928
1929
San Francisco:

1925
1926_.
1927
1928
1929

Total
Gross
Total
net
earnings expenses earnings

Net
losses
charged
off

131,456
138,040
148,413
159,629
168,442

93,492
100,017
107, 527
114,499
116,254

37,964
40, 886
45,130
52,188

14,704
9,850
15,337
13,309
24,371

514,053
564,605
607, 316
668,002
766,914

348, 252
380.170
409, 335
444,702
499,151

165,801
184,435
197,981
223,300
267,763

31, 275
34,914
29,600
37, 741
42,177

134, 631
148,480
155,340
161,382
170,503

87,878
96,326
102,921
108,009
114,916

46,753
52,154
52,419
53, 373
55, 587

199.114
204, 532
213,798
220.115
230,196

142, 792
149,059
155,507
162, 218
167,874

79,311
83,082
84, 385
87, 233
75,091
89,091
83,277
83,018
85,202

Net addition to
profits

23,260
28,173
25, 549
31,821
27,817

Dividends
declared
17,258
18,641
20,145
20,859
22,333

526
521
381
559
586

81, 526
89,147
97,859
107,226
124,797

3,672
6,519
6,702
8,375
12,096

43,081
45,635
45, 717
44,998
43,491

23,004
24, 533
26,493
26,807
29,314

56, 322
55,473
58, 291
57,897
62,322

10,956
12, 512
16,031
13, 713
14,016

45,366
42,961
42, 260
44,184
48,306

26, 715
28,416
27,636
28,737
29,751

57, 659
59, 692
60,973
63, 227
64,126

21, 652
23,390
23,412
24,006
22,764

5,804
6,609
7,216
7,847
7,499

15,848
16, 781
16,196
16,159
15, 265

12,709
15, 618
13,096
12, 756
13, 782

53,255
61,743
60,993
61, 537
63.487
196,220
209,295
218, 617
232,407
235,179

21,836
27,348
22, 284
21,481
21,715

7,894
7,793
9,225
8,599
8,887

13,942
19, 555
13,059
12,882
12,828

10, 746
11,908
12, 208
11,247
12, 575

74,847
77,467
78,840
104,511

20,641
15, 684
18,282
19,602
25,549

45,625
59,163
59,185
59,238
78,962

33,380
35, 291
36.317
45,198
49,882

21,896
23, 233
22,053
23,293
25,478

9,707
6,165
6,842
5,786
6,093

12,189
17,068
15,211
17,507
19,385

11,722
11,685
13, 746
12,988
13,321

58, 236
56,983
55, 750
57,354
60,654

58,090
62,372
64.488
64, 601
65,668
47,000
44,785
43,063
43, 724
44,030

11,236
12,198
12, 687
13,630
16,624

7,443
5,635
6,506
5,729
9,488

3,793
6,563
6,181
7,901
7,136

5,302
5,544
5,699
5,780
7,326

80,048
81, 780
83,067
84,241
88,814

62,103
62, 224
61,401
63,034
63,609

17,945
19, 556
21,666
21, 207
25,205

12,322
11,899
13, 063
9,671
9,009

5,623
7,657
8,603
11,536
16,196

8,157
8,031
8,347
9,821
12,049

59, 362
63,193
61, 370
64, 591
71,746

42.131
43, 215
43,872
44,939
48, 281

17,231
19,978
17,498
19,652
23,465

7,939
7,674
8,480
9,044
8,287

9,292
12,304
9,018
10,608
15,178

10.318
9,467
8,289
9,156
10,233

170,134
183, 684
193, 529
208,721
211,449

132,093
140,208
146, 504
160,441
159,199

38,041
43,476
47,025
48,280
52,250

12,182
14,449
16,968
20,323
17,018

25,859
29, 027
30,057
27, 957
35, 232

19,840
21,077
22, 231
33, 713

262,486
284,142
296,084
311, 247

85,605
86, 541
87,894
91,146

134,
149,
168,
185,
225,

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,
Digitized forpp. 883-884; 1925—December, pp. 872-873.
FRASER



202
No.

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
115.—NATIONAL BANKS 1—EARNINGS,
EXPENSES, AND DIVIDENDS,
FEDERAL RESERVE DISTRICTS, 1925-1929

BY

[In thousands of dollars]

District and year ending June 30

Net
Total
Net adDiviGross
Total
net
dends
earnings expenses earnings charged dition to declared
profits
off

Boston:
1925
1926
1927
1928
1929
New York:
1925
1926
1927
1928
1929
Philadelphia:
1925
1926
1927
1928_
1929
Cleveland:
1925
1926
1927
1928
1929
Richmond:
1925
1926
1927
1928
1929
Atlanta:
1925
1926
1927
1928.
1929.
Chicago:
1925
1926
1927
1928
1929
St. Louis:
1925
1926
1927
1928
1929
- .
Minneapolis:
1925
1926
1927
1928
1929
Kansas City:
1925
1926
1927...
1928
1929
Dallas:
1925
1926
1927
._..
1928
1929

San Trancisco:
1925
1926
1927
1928
1929
1

92,214
98,200
106, 268
111, 799

61,839
65,676
69,154
74,620
75, 539

27,144
26, 538
29,046
31,648
36,260

11, 297
6,897
12, 716
10,839
18, 708

15,847
19,641
16,330
20,809
17, 552

12,472
13,642
14,243
14,654
15,854

269,596
290,138
302,553
326,641
343,545

180, 239
193, 722
201,892
217,385
226,078

89, 357
96,416
100, 661
109, 256
117,467

18, 647
24,860
16, 510
26,313
27,000

70,710
71,556
84,151
82,943
90,467

43, 280
46,183
50,438
52,496
52, 585

97,425
105,882
109, 098
110, 689
114,627

63, 771
68,117
72, 713
73,915
77, 789

33, 654
37, 765
36, 385
36, 774
36,838

3,684
5,775
5,403
6,421
8,165

29,970
31, 990

109,002
110,461
112,423
113,341
116,059

76,661
79, 730
81, 023
82, 202
84,103

32,341
30, 731
31,400
31,139
31,956

6,953
11,049
8,061
8,797

30, 353
28,673
25,644
23, 778
20, 351
23,078
23,159

15, 629
16,105
17,842
17,168
19,443

65,897
68,353
68,658
70, 610
69,466

47,869
48,801
49, 559
51,366
51,117

18,028
19,552
19,099
19,244
18,349

5,295
5,602
6,077
5,860
6,018

12, 733
13,950
13,022
13,384
12, 331

10,816
13, 590
10,956
10, 623
11,521

48, 757
59,757
58,473
62,438
63,968

34,693
41,152
42,919
46,224
47, 395

4,684
4,508
6,077
6,486
6,831

9,380
14,097
9,477
9,728
9,742

7,110
8,388
8,819
8,392
9,946

136,776
143, 770
149,420
160, 244
185,001

101,958
106, 111
109,604
118,428
122,012

14,064
18,605
15, 554
16, 214
16,573
34,818
37,659
39,816
41, 816

14,545
11, 225
11,003
13,930
18,004

20,273
26,434
28,813
27,886

18,731
19, 653
19, 574
27, 679
27, 530

46, 783
49,459
51,376
53,184
55,801

33,408
35,875
38,863
39,094
40, 083

13, 375
13,584
12, 513
14,090
15, 718

3,547
3,900
3,761
3,552
3,884

9,828
9,684
8, 752
10, 538
11,834

7,835
7,537
9,394
8,722
8,815

52,998
52,128
51, 711
53,376
56,263

42,645
40, 961
39,915
40,761
40,933 |

10,353
11,167
11, 796
12,615
15,330

6,844
4,862
5,766
5,126
9,086

3,509
6,305
6,030
7,489
6,244

4,915
5,183
5,379
5,461

72,047
73, 280
74, 233
75, 636
80,532

55,805 | 16,242
55,459 I 17,821
19,418
54,815
19,083
56,553
57,300 | 23, 232

11,465
11,315
11,822
8,530
8,607

4,777
6,506
7,596
10, 553
14,625

7,212
7,058
7,397
8,867
11,104

53, 663
59,006
58,053
61, 111
67,506

38,062
40, 326
41, 355
42, 535
45,477

18, 576
22,029

6,614
6,799
7,863
8,046
7,566

8,987
11,881
8,835
10, 530
14,463

9,815
9,123
8,022
8,806
9,719

81, 556
87,079
108,064
150,025
158,891

61, 371
65, 297
80,060
114,048
118,458

20,185
21, 782
28,004
35,977
40,433

8,085
8,662
10,267
13, 346
13,000

12,100
13,120
17, 737
22,631
27,433

11,399
10,429
13, 279
27,224
34,003

15,601
18, 680

Member banks only, i. e., exclusive of national banks in Alaska and Hawaii.
Backfigures.—SeeAnnual Report for 1927 (Table 119).



15,705
16, 744
15, 286
15,121
15, 072

203

EARNINGS AND EXPENSES OF MEMBER BANKS
No.

116.—STATE BANK MEMBERS—EARNINGS, EXPENSES, AND DIVIDENDS, BY
FEDERAL RESERVE DISTRICTS, 1925-1929
[In thousands of dollars]

Gross
Total
earnings expenses

Total
net
earnings

Net
losses
charged
off

Net addition to
profits

42,473
45, 826
50, 213
53,361
56, 643

31,653
34,341
38,373
39,879
40,715

10,820
11,485
11,840
13,482
15,928

3,407
2,953
2,621
2,470
5,663

7,413
8,532
9,219
11,012
10,265

4,786
4,999
5,902
6,205
6,479

244,457
274,467
304, 763
341,361
423, 369

168,013
186,448
207,443
227,317
273,073

76,444
88,019
97,320
114,044
150,296

12,628
10,054
13,090
11,428
15,177

63,816
77,965
84,230
102,616
135,119

38,246
42,964
47,421
54,730
72,212

37,206
42,598
46,242
50,693
55,876

24,107
28, 209
30,208
34,094
37,127

13,099
14,389
16,034
16,599
18,749

-12
744
1,299
1,954
3,931

13, 111
13,645
14, 735
14,645
14,818

7,375
8,428
8,651
9,639
9,871

-

90,112
94,071
101,375
106. 774
114,137

66,131
69,329
74,484
80,016
83, 771

23,981
24,742
26,891
26,758
30,366

4,259
5,559
4,982
5,652
5,219

19, 722
19,183
21,909
21,106
25,147

11,010
11,672
12,350
13,616
14,679

._.

13,414
14, 729
15,727
16, 623
17,424

9,790
10,891
11,414
11,861
13,009

3,624
3,838
4,313
4,762
4,415

509
1,007
1,139
1,987
1,481

3,115
2,831
3,174
2,775
2,934

1,893
2,028
2,140
2,133
2,261

26,334
29,334
24,804
20,580
21,234

18,562
20,591
18,074
15, 313
16,092

7,772
8,743
6,730
5,267
5,142

3,210
3,285
3,148
2,113
2,056

4,562
5,458
3,582
3,154
3,086

3,520
3,389
2,855
2,629

125,710
140,372
146,664
151,003
154,689

94,262
103,184
109,013
113,979
113,167

31,448
37,188
37, 651
37,024
41, 522

6,096
4,459
7,279
5,672
7,545

25,352
32, 729
30,372
31,352
33,977

14,649
15,638
16,743
17,519
22,352

33,203
36,146
35,165
34, 710
35, 345

24,682
26,497
25,625
25,507
25,585

8,521
9,649
9,540
9,203
9,760

6,160
2,265
3,081
2,234
2,209

2,361
7,384
6,459
6,969
7,551

3,887
4,148
4,352
4,266
4,506

5,238
4,855
4,039
3,978
4,391

4,355
3,824
3,148
2,963
3,097

1,031
891
1,015
1,294

599
773
740
603
402

284
258
151
412
892

387
361
320
319
390

8,001
8,500
8,834
8,605
8,282

6,765
6,586
6,481
6,309

1,703
1,735
2,248
2,124
1,973

857
584
1,241
1,141
402

846
1,151
1,007
983
1,571

945
973
950
954
945

District and year ending June 30

Boston:
1925
1926
1927.
1928
1929.
New York:
1925
1926_
1927
1928_
1929
Philadelphia
1925.
1926
1927
1928_
1929.Cleveland:
1925
1926
1927
1928
1929
Richmond:
1925.
1926
1927
1928
1929
Atlanta:
1925
1926_
1927
1928.
1929
Chicago:
1925
1926
1927.
1928.
1929
St. Louis:
1925
1926
1927
1928
1929..
Minneapolis:
1925
1926
1927
1928
1929
Kansas City:
1925
1926
1927
1928
1929
Dallas:
1925
1926
1927
1928
1929
San Francisco:
1925
1926
1927.
1928
1929

-

—

-

-

-

_
-

_

_
!
i
j
j

4,0
4,187
3,317
3,480
4,240

2,517
2,404
2,804

1,630
1,298
800
1,076
1,436

1,325
875
617
998
721

305
423
183
78
715

503
344
267
350
514

88,578
96,605
85,465
58, 696
52, 558

70,722
74,911
66,444
46, 393
40, 741

17,856
21,694
19,021
12,303
11,817

4,097
5,787
6,701
6,977
4,018

13,759
15,907
12,320
5,326
7,799

8,441
10.648
8,952
6,489
4,978

Back figures.—Set Annual Report for 1927 (Table 120).




Dividends
declared

INDUSTRIAL AND TRADE
CONDITIONS




205

INDUSTRIAL AND TRADE CONDITIONS
No. 117.—INDEX NUMBERS X OF PRODUCTION, EMPLOYMENT, TRADE, AND PRICES

84
87
67
87
101
94
105
108
106
111
119

77
89
70
74
105
96
99
108
107
106
115

64
63
57
81
84
95
1?,?,
130

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

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

Wholesale Department Department
distribu- store sales store stocks
tion

22 105 97
41 102 91
39 102 91
53 102 90
62 103 91
62 104 93
81 < 107 96
ft
78 109 101
70 111 105
80 110 102
79 112 107
89 113 114

82
78
76
79
82
8?
87
87
91
87
82
89

86
80
90
97
102
105
119
123
132
138
128
130

96
89
87
101
107
108
126
113
114
119
125
150

61
55
66
78
75
74
60
62
74
94
95
139

70
71
72
74
72
78
80
80
80
80
87
83

65
68
72
73
72
70
73
82
92
98
100
87

73
71
70
70
71
72
78
85
88
89
88
93

134
130
131
133
135
136
141
144
141
142
145
151

86
84
87
82
85
88
88
91
85
91
94
94

68
60
91
91
74
78
61
61
53
53
39
30

94
82
94
80
64
58
53
54
54
49
46
39

92
88
92
83
90
94
93
94
92
91
89
88

124
109
138
126
122
120
120
123
123
107
94
78

137
121
132
129
128
123
127
113
106
93
91
87

84
69
95
92
100
97
75
74
85
104
109
145

96
89
94
92
100
98
99
95
92
92
95
87

86
96
107
110
107
104
103
108
117
119
114
90

97
101
104
106
105
107
110
113
113
108
101
96

158
157
159
166
167
167
166
161
155
144
133
121

114
113
115
114
112
111
108
109
107
104
98
90

117
116
124
122
123
125
120
123
121
117
108
100

78
94
87
88
98
99
103
106
107
108
110

Adjusted*

Unadjusted

16
30
37
57
70
85
95
88
69
92
66
68

Adjusted 2

79
70
66
71
74
76
81
78
85
87
63
77

Unadjusted

103
106

111
115
87
89
100
98
102
101
97
96
98

84
91
79
86
100
98
103
107

Adjusted'

98
118
77
81
103
96
101
104
102
102
107

Unadjusted

135
117

107
108
82
90
104
96
100
101
99
97
100

Adjusted a

Factory pay i

1
&

Factory emp]

919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929

1

Unadjusted

Year and
month

Building
contracts
awarded

Wholesale co mmodity
prices

Production (
facture
Production c)f minerals*

83
87
67
85
101
95
104
108
106
111
118

g

Freight-car lc adings»

Industrial prc

[1923-1925=100, except for prices for which 1926=100; see notes]

79
105
89
89
98
101
102
103
103
101
100

139
154
98
97
101
98
104
100
95
98
97

1921
78
83
67 65 81 33 47 81 84 78
81
88
96
114
76
January
82
92
88
80
71
66 64 77 30 41 83 82 78
86
February
105
92
91
88
95
64 63 72 49 50 83 82 75
98
85
102
March
89
89
90
90
64 63 72 66 55 82 80 78
87
99
A^pril
87
89
87
83
88
89
66 64 73 70 58 82 78 80
87
96
May
89
87
86
65 64 71 66 52 81 76 80
88
93
86
June
88
84
84
63
65 64 68 62 55 80 72 81
80
88
90
July
93
89
87
66
83
67 67 69 64 58 81 74 76
93
94
94
August
97
85
73
79
67 67 67 71 72 83 74 80
93
93
98
September
87
97
86 100
71 71 71 65 62 84 73 84 100
91
94
October
85
95
83 101
71 71 68 56 66 84 72 77
89
94
86
November
83
81 138
83
70 70 69 58 71 83 74 77
89
93
72
December
1
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, November, 1929; indexes of building contracts awarded and freight-car loadings, August,
1927 (certain revisions, March, 1929); index of wholesale distribution, December, 1927 (certain revisions,
March, 1929); indexes of department-store sales and department-store stocks, February, 1928 (certain
revisions, March, 1929).
2
Adjusted to allow for seasonal variations.
3
Without seasonal adjustment.
* Index of the U. S. Bureau of Labor Statistics; 1926=100, base adopted by bureau. For a description of
this index see Bulletins of the U. S. Bureau of Labor Statistics, Numbers 453,473, and 493, and the Federal
Reserve Bulletin for October, 1927.




207

208

ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD

No. 117.—INDEX NUMBERS OF PRODUCTION, EMPLOYMENT, TRADE, AND PRICES-

Continued

71
65
81
89
90
86
63
70
83
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

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
98
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
100
98
98
100
99
98
98

97




104

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
95
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
100
99
97
96
95
96
97
97
98
99
102

99

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

)le

80
80
85
83
90
92
86
91
90
92
97
97

•3

Una

0

03

Adji

73
74
88
81
85
88
82
98
103
106
97
86

98
96
99
105
103
103
102
101
99, i
97
100
96

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

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

•s 1

81
86
89
83
79
87
84
84
88
89
95
95

-a

1923
January
February
March
April
May
June
July
August.
September
October
November
December
1924
January
February
March
_
April
_.
May
June
_
July
August
September
October
November
December

usted

B

Una dji

Year and
month

Wholesale Department Department
distribu- store sales store stocks
tion

Adji

Frei t-car lctadings

Building
contracts
awarded

mmodity
s

[1923-1925=100, except for prices for which 1926=100, see notes]

209

INDUSTRIAL AND TRADE CONDITIONS

No. 117.—INDEX NUMBERS OP PRODUCTION, EMPLOYMENT, TRADE, AND PRICES—

Continued

Production <
factur

Production ()f minerals

Unadjusted

Adjusted

Factory emp loyment

Factory pay rolls

Freight-car 1<ladings

Unadjusted

Adjusted

Unadjusted

Adjusted

Unadjusted

Adjusted

92
95
104
107
104
106
107
109
110
114
118
119

ill
106
146
139
134
133
126
148
137
126
119
11
3

143
145
129
120
123
121
124
133
134
122
130
14?

101
102
103
102
11
0
101
99
11
0
103
103
101
100

11
0
106
107
105
104
104
99
104
105
108
105
104

102
104
104
107
107
109
108
108
109
109
109
107

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

106
108
111
109
111
108
106
107
105
102
99
100

105
107
109
109
111
109
107
107
105
102
99
99

116
117
118
107
109
105
99
106
104
105
101
103

94
96
151
147
135
154
130
135
127
137
114
116

120
11
3
134
127
122
141
128
121
125
133
125
126

98
100
100
100
99
99
98
99
101
99
97
95

99
105
106
105
104
102
99
102
102
103
98
99

105
109
108
108
106
104
101
104
104
101
97
95

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

106
109
110
109
109
109
110
. 112
114
115
113
115

106
110
111
110
109
111
111
113
116
115
113
115

103
103
103
105
105
101
101
105
107
114
113
112

104
113
144
157
163
158
142
126
143
145
115
105

133
153
128
135
148
145
139
113
140
141
126
116

94
96
97
96
96
96
96
98
100
100
99
98

96
101
103
100
101
101
98
103
104
107
104
104

100
102
102
104
105
102
102
104
106
106
104
103

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
124
122
189

105
106
105
104
104
106
108
106
120
105
107
117

92
98
105
106
102
96
93
97
103
112
115
94

103
103
101
101
100
99
100
101
99
102
102
100

96
96
96
97
99
98
98
99
100
98
97
97

117
117
118
122
123
127
124
123
122
117
106
99

117
116
120
123
125
129
126
124
122
117
105
96

118
120
107
115
116
113
114
114
118
118
110
116

100
88
118
156
143
133
159
119
108
109
95
77

128
119
104
135
130
122
156
107
106
105
105
85

97
100
101
102
102
101
101
102
103
102
98
95

101
108
111
112
112
109
105
109
111
110
102
99

104
107
103
111
111
108
108
109
108
104
99
97

93
90
101
96
96
91
96
113
114
115
95
80

101
96
97
100
102
96
100
104
99
100
96
89

91
85
110
104

105
110
113
105
106
112
106
111
123
109
107
115

89
95
102
103
101
95
92
96
104
112
115
94

100
100
99
99
99
98
99
100
100
101
102
100

97
97
98
97
96
96
98
98
98
96
94
94

Industrial production
111
108
106

109
108
108
107
106
108
107
111
112
110
106
103

Year and
month

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

106
106
107
107
106
108
107
110

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
1929
January
February.
March
April
May
June
July.
August
September
October
November
December

Wholesale commodity
price s

[1923-1925=100, except for prices for which 1926=100, see notes]

1




Building
contracts
awarded

Wholesale Department Department
distribustore sales store stocks
tion

no
106
80
89
109
128
123
185

210

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No.

118.—INDEX OF PRODUCTION OF MANUFACTURES, BY GROUPS
[Adjusted for seasonal variations. 1923-1925=100]

Year and month

1919
1920
1921
1922
1923
1924.
1925
1926
1927
1928
1929
January.
February
March
April
May
June
July
August
September
Oetober__
November
December
January
February
March
April
May.-June
July
August
September.October..
November
December..
January
February
March
April
May
June
July
August
September
October..November
December
January
February.. _
March
April
May
_
June
July
August
September
October.
November
December

NonToAll
Food Paper Aufer- Petrobacco
man- Iron Tex- prod- and to- Leather rous leum Rub- manand tiles
and
ber
ufacmoucts print- biles shoes met- refin- tires ufactures steel
ing
ing
als
tures
82
99
46
82
105
89
106
113
104
119
129

92
84
87
99
105
91
104
104
113
107
115

94
84
83
94
99
103
98
97
96
98
97

76
87
70
85
94
99
107
114
112
118
125

50
58
41
66
102
91
107
108
86
110
135

104
97
90
102
110
94
96
98
103
103
105

67
78
39
69
94
99
107
112
109
115
125

54
64
64
74
86
99
115
127
136
152
168

55
77
86
98
116
116
120
144
135

82
87
85
89
96
99
105
112
118
124
134

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

100
100
100
97
97

112
113
113
113
115
114
114
115
116
117
116
112

123
118
112
108
113
109
103
125
122
105
90
67

93
95
94
94
93
98
101
101
103
104
100
101

108
108
109
115
115
107
111
111
112
113
119
118

117
120
121
125
127
128
128
128
130
130
134
134

116
111
107
112
107
115
112
125
136
126
112
113

108
111
116
113
112
113
110
112
113
115
114
112

105
107
109
109
111
109
107
107
105
102
99
99

103
112
115
114
116
108
105
102

94

108
108
114
113
116
120
118
118
118
113
112
106

94
100
100
103
101
96
96
91
92
93
95

112
114
110
114
113
113
114
112
114
111
110
112

93
98
102
102
103
91
82
87
79
69
48
55

99 115
102 111
98 109
99 111
100 110
106 108
112 107
112 109
111 106
107 107
99 106
97 111

135
134
135
134
132
133
136
136
138
139
140
138

115
112
122
134
127
130
119
117
114
117
116
113

114
115
116
123
122
115
109
118
122
120
121
114

106
110
111
110
109
111
111
113
116
115
113
115

—

84
87
67
87
101
94
105
108
106
111
119
109
108
108
107
106
108
107
111
112
110
106
103

....

107
113
114
122
116
115
124
121
128
126
120
123

107
108
107
101
107
108
100
107
107
112
113
111

103 j 114
116
110
118
105
119
120
118
93
118
89
118
90
119
95
116
98
121
102
121
104

90
98
108
105
104
114
116
130
136
119
92
101

99
103
102
97
96
108
112
112
110
103
97
92

100
108
108
109
111
115
113
117
117
121
126
128

135
140
141
147
149
153
155
160
162
160
159
158

124
135
134
133
133
143
149
151
169
167
154
144

119
120
120
120
120
125
125
129
128
126
124
127

117
116
120
123
125
129
126
124
122
117
105
96

117
126
132
135
145
155
151
143
139
124
100
90

116
113
116
120
121
121
118
120
116
118
108
96

103
101
96
102
97
96

122
123
125
124
125
128
124
125
131
124
123
119

150
148
159
153
148
162
142
143
133
113
81
49

95
98
99
97
101
113
114
116
116
113
105
93

124
123
129
137
137
126
127
122
126
121
119
114

159
160
160
165
168
170
171
176
173
178
171
166

148
152
152
161
158
162
141
119
116
114
94
80

131
129
126
142
142
139
131
133
136
135
130
133

1926

95

1927

1928

1929

95

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).




211

INDUSTRIAL AND TRADE CONDITIONS
No. 119.—INDEX OF PRODUCTION OF MINERALS, BY PRODUCTS
[Adjusted for seasonal variations. 1923-1925=100]
Bitu- Anthra- Crude Iron-ore
All
petro- ship- Copper
miner- minous cite
leum ments
coal
coal
als

Year and month

77
89
70
74
105
96
99
108
107
106
115

January
February
March
April
May
June
July
August

..

Sftpfcftm hp,r

October
November

..

DfiftATnhfir

January
February
March
April
May
June
July
August
September
October
November

111
108
100
108
103
104
106
106
106
111
124
122

3
33
124
124
117
124
120
118
126
124
112
114

100
99
98
100
100
100
102
105
106
110
117
120

118
123
131
94
93
91
85
92
91
90
85
87

102
96
87
106
115
102
74
106
99
106
104
91

120
123
122
121
122
122
124
124
122
123
124
124

94
93
97
92
95
93
95
92
9.r»
101
101
97

87
87
78
105
110
74
66
92
93
117
111
97

121
120
120
119
119
118
118
122
123
126
127
131

104
110
90
102
104
102
102
98
103
102
98
103

110
110
77
95
86
76
72
81
106
116
92
121

137
137
133
132
134
135
143
145
140
140
131
132

1927
.

T>eop/mhp.r

January
February
March
April
May
June
July
August
Spptp.mhpr
October
November

52
61
64
75
99
97
104
105
122
122
137

103
103
103
105
105
101
101
105
107
114
113
112

.-

109
110
112
65
115
109
76
104
99
93
95

116
117
118
107
109
105
99
106
104
105
101
103

1926

89
109
79
78
108
93
99
110
99
96
102

92
95
104
107
104
106
107
109
110
114
118
119

1919
1920
19211
1922
1923
1924
1925.
1926
1927
1928
1929

1928

Dfinfimhfir

1929
January
February
March
April
May
June
July
August..
September
October
_
November
December

118
120

._
.

107
115
116
113
114
114

118
118
110
116

91
113
36
82
114
82
104
113
95
104
121

95
105
111
125
117
130
98

120
101
99
98
88
94
50

80
107
104
104
110
114
106

143
126
119
121
121
107
98

Zinc

Lead

Silver

81
85
30
62
93
100
106
110
105
115
127

39
68
96
97
107
116
111
112
114

66
77
88
102
111
116
112
106
113

84
87
104
100
96
95
93
88
94

106
109
110
110
109
107
111
108
113
113
116
112

113
117
109
113
113
111
111
119
121
121
121
119

115
116
117
111
116
109
113
116
117
118
116
121

96
96
92
94
94
98
91
96
93
93
93
107

114
111
100
106
107
105
101
101
104
102
106
104

114
113
114
109
108
114
109
112
111
110
108
109

113
112
115
120
113
113
116
112
111
105
110
108

97
95
90
90
90
93
94
94
90
91
98
95

102
104
102
103
110
110
113
116
123
128
131
133

105
107
112
113
113
117
117
120
114
110
111
106

103
109
109
100
101
100
97
107
115
108
111
109

93
83
95
89
85
93
76
87
79
79
93
100

129
136
135
141
139

100
106
112
116
120
122
125
127
124
112
105
102

111
99
112
125
122

94
91
93

124
122
119
125
123
118
116

87

112
114
107
119
115
114
104

103
93
94
88
91
89
94
114
87

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

No. 120.—INDEX OF FACTORY EMPLOYMENT, BY GROUPS
[Without seasonal adjustment. 1923-1925=100]
All manufactur- Iron and Machin- Textiles
ing inery
steel
dustries

Year and month

1919
_
1920
1921
__
1922
1923
1924
1925
1926
1927
.
1928
1929
1928—January

_- - -_
--

February..
_ _ __
March
April
May
- -_
June
July
.
August
September
October __ .
November
December
1929—January ._
February
March _
_ __
April
May
.
June
July
August
September
October _ .
November
December
. __

106.7
107.9
82.4
90.1
104.2
96.2
99.6
101.4
98.8
97.2
100.4
94.2
95.7
96.6
96.0
95.7
96.2
95.7
98.3
100.3
100.2
98.8
98.1
97.4
99.7
101.3
101.8
101.6
101.2
100.7
102.0
103.4
102.1
98.2
94.8

3 99.7
107.0
65.4
83.9
104.4
97.2
98.4
101.3
96.8
95.4
98.9
91.0
94.0
95.4
95.3
95.7
95.5
93.6
95.9
96.4
96.9
97.7
97.1
97.1
98.3
99.3
99.7
100.7
100.8
99.8
101.0
101.0
99.4
97.0
92.2

117.2
128.9
77.0
82.2
107.7
93.6
98.7
107.9
100.0
98.7
116.1
92.8
94.1
95.5
95.9
97.4
98.2
97.9
99.5
101.4
102.8
103.8
105.2
106.7
110.4
113.8
116.7
119.1
120.8
121.5
119.4
119.5
118.7
115.0
112.1

97.8
98.3
93.0
97.3
105.3
95.2
99.6
97.9
100.8
95.1
96.9
99.7
100.7
100.3
97.0
93.4
91.8
87.8
89.4
92.6
95.7
96.2
97.0
95.9
98.0
101.1
99.3
97.3
96.3
91.5
94.2
98.4
99.8
97.1
94.3

Food
products
109.0
103.8
94.8
95.5
102.0
100.0
98.0
98.5
99.1
98.6
99.7
96.8
97.8
97.4
95.6
96.1
97.6
97.9
97.4
100.5
102.6
101. 9
102.0
98.6
98.8
97.6
96.2
97.3
99.2
99.8
99.7
102.4
104.2
101.6
100.5

Transportation
equipment
Leather Cement, NonPaper Lumber
and
and
and
prodprod- clay, and ferrous
printing ucts
Autoglass
metals
Group i mobiles
ucts
96.8
104.4
89.1
92.7
99.3
99.8
101.0
103.6
103.1
101.7
104.2
103.0
102.4
101.4
100.3
100.6
100.5
100.5
100.8
101.1
102.4
103.7
103.6
102.5
103.4
103.1
102.5
102.8
103.2
103.6
104.1
106.0
106.1
106.7
106.9

93.2
88.1
74.5
95.5
100.9
98.1
101.0
100.5
92.3
88.1
88.2
85.3
85.4
86.7
87.5
87.4
88.3
87.5
89.5
90.4
90.6
90.5
88.2
85.5
85.8
86.6
88.2
89.2
90.0
90.5
92.2
91.8
90.1
86.7
81.6

96.3
104.2
71.7
78.3
106. 9
94.9
98.3
98.3
88.4
90.6
94.6
83.0
86.1
88.2
89.7
92.4
92.4
91.6
94.2
95.4
94.4
90.2
89.9
94.0
99.0
100.5
101. 7
101.5
97.6
96.4
95.5
94.8
90.2
82.9
81.3

86.6
88.7
53.8
72.0
100.6
93.5
105.8
104.8
91.6
108.8
114.3
89.7
98.3
102.6
105.2
111.3
111.3
111.2
118.1
121.5
119.8
109.1
107.7
118.3
129.5
131.1
131.4
130.0
120.6
117.8
115.0
113.1
101.3
83.7
79.6

107.5
98.5
87.8
97.6
106.2
96.3
97.5
96.8
97.3
93.5
93.7
96.2
97.9
97.3
92.4
89.8
89.7
94.0
95.9
96.1
94.6
89.3
88.6
91.9
94.1
92.7
90.6
90.3
89.4
94.6
98.1
99.5
99.3
94.4
90.0

1
Includes, in addition to automobiles, car building and repairing and, beginning with 1923, shipbuilding.
»Includes chemicals and drugs, 1919-1922; beginning in 1923, petroleum refining, chemicals and drugs, and fertilizers.
Hack figures—See Federal Reserve Bulletin for November, 1929, for monthly data back to January, 1919.




84.7
89.1
73.6
88.1
100.8
99.0
100.2
101.9
97.5
92.3
89.6
85.9
86.5
89.4
91.8
95.3
96.2
94.6
96.6
96.0
94.1
91.8
89.5
84.3
84.5
86.8
90.5
93.1
93.8
91.6
93.8
93.6
91.9
88.9
82.3

114.6
121.3
74.5
90.1
107.1
95.1
97.9
99.5
97.4
96.6
101.1
89.8
93.6
94.6
95.9
95.9
96.0
95.3
96.0
97.6
100.0
102.2
102.4
102.4
106.1
107.9
107.7
105.3
102.9
100.5
99.8
98.6
98.5
93.6
89.9

Chemicals
Group

2

108.3
97.1
70.8
81.0
101.5
95.9
102.6
108.8
107.9
105.3
112.3
103.3
106.5
110.4
109.9
101.5
101.0
100.4
101.3
106.8
107.4
107.3
107.8
107.6
110.9
115.5
119.0
110.3
107.9
108.9
111.2
114.5
116.1
113.8
111.8

Petroleum
refining

102.9
96 5
100.6
110.2
110.2
102.4
116.5
101.1
100.8
101.0
99.4
99.2
101 5
102.6
103.9
105.8
104.3
104.0
104.7
104.0
106.7
109.2
111.9
114.4
116.4
120.0
121.9
124.0
124.6
123.7
120.9

Rubber Tobacco
prodproducts
ucts

102.5
91.8
105.7
104 6
104.0
108.6
108.3
105.1
107.6
106.0
105 7
105.4
105 4
110 7
111.6
113 4
113.2
109 8
109 6
112.2
112 3
113.3
114 3
115.3
115.0
114 2
111.5
108 3
102.7
91.2
89.2

112 9
111 7
110.5
107 2
105 8
98 8
95 4
90 8
93 6
93 8
91 6
88.5
92 4
93.5
91 1
92.2
93 Q
88 0
94.7
96 7
99.1
98 9
95 7
84 1
92 0
92 0
91 3
90 3
91.4
90 5
93 0
93 7
95.0
96.1
89.2

No. 121.—INDEX OF FACTORY PAY ROLLS, BY GROUPS
[1923-1925=100. Without seasonal adjustment]

Year and month

1919
1920
1921
1922
1923
1924
1925
1926
1927
1928.
1929

1928—January
February
March
April .
May.
June
July
August
_
September ._
October
November
December
1929—January
February.
March
April
May
June
July.. .
August
September
October
November
December _.

All manufactur- Iron and Machin- Textiles
ing inery
steel
dustries
98 1
118 1
76 8
81 1
103 4
95 7
100 9
104 3
102 0
101 8
107 4
95.7
101 1
102.5
100 3
100 8
100 9
98 3
102. 5
104 2
107.5
103 6
104.2
100 9
108.4
111 1
111 7
111.5
109 2
104.8
109.4
110.5
110.0
102.0
98.7

98 0
123 8
55 8
69 9
103^8
96 7
99 4
104 2
98.5
99 9
106.0
89.9
100 3
101.6
99 7
102 1
99 6
93 8
99.8
99 1
105.1
105 1
103.3
101 3
107.2
108 5
110 5
111.6
109 9
103.5
109.3
108.9
107.9
100.0
93.5

104 1
135 6
69 6
72 8
107.0
92 6
100.4
111 9
103.5
104 7
125.6
94.5
99.0
101.9
101.8
104 2
106 1
102 5
105.3
106 0
111.3
110.3
114.0
112 3
120.7
126.5
129 5
131.9
131 6
128.2
127.5
127.9
129.0
121.6
119.9

90 0
107 8
89 2
91 0
105.8
94 4
99.8
98 4
104.1
96 4
99 6
101.0
105 0
104.0
95.3
92 0
90 9
85 8
90.2
94 9
101.0
96 7
100.3
97 0
103.6
108.8
103 2
99.3
97 8
90.4
97.4
103.0
104.8
96.2
93.8

Food
products
98
109
93
90

0
2
3
2

ioo!i
100 5
99.4
101 2
102.4
102 5
104.5
100.3
102 0
101.3
97.5
100 2
102 8
103 1
101.5
104.3
106.0
104.9
106.3
102 2
102.5
101.2
100 4
103.1
105.6
105.6
105.0
108.1
108.8
105.5
105.5

Transportation
Chemicals
Leather Cement, Nonequipment
Rubber Tobacco
Paper Lumber
and clay, and ferrous
and
prodprodand
products
ucts
printing prod- Group 1 Autoglass metals Group 2 Petroleum
ucts
mobiles ucts
refining
74 2
100 3
83 3
86 1
96.1
99.7
104.2
110 4
110.1
109.8
114.5
110.6
109.7
109.8
109.0
108.9
109 0
107.3
107.5
109.2
111.5
111.7
113.7
111.4
113.0
114.9
113 3
114.3
113.6
111.4
112.8
116.3
117.8
117.2
118.2

89 2
109 2
68 0
82 1
100.0
98.4
101.6
102.0
95.1
90.5
90.6
83.2
87.2
89.5
89.6
90.5
91.3
88.3
91.5
93.4
95.8
94.4
90.8
83.4
86.5
88.4
90.9
92.8
92.2
93.5
94.7
96.6
96.8
89.2
82.7

88 8
111 5
72 7
76 4
107.1
93 2
99.7
99 1
91.3
97.2
103.5
83.4
94.1
97.9
99.4
100.9
98.5
94.8
100.4
100.1
104.7
96.1
95.8
93.6
111.4
113.9
117.0
116.0
107.9
97.1
106.8
103.3
99.8
89.4
85.6

74.9
90 4
48.7
66 2
100.8
90.2
109.1
105.2
93.5
117.6
122.0
88.2
111.0
117.2
119.3
124.2
117.6
115. 2
128.3
129.0
134.1
114.5
112.4
114.5
147.4
148.2
152.0
147.1
130.9
110.2
128.0
120.3
108.0
84.3
72.9

99 0
105 9
87 0
96 0
106.8
95.5
97.8
98.1
98.6
92.4
93.1
95.3
101.4
99.9
86.0
82.9
87.1
94.3
100.4
99.6
95.9
80.1
86.0
90.2
94.5
91.4
87.9
88.1
89.8
97.8
105.0
104.3
100.0
83.9
84.1

Backfigures.—SeeFederal Reserve Bulletin for November, 1929, for monthly data back to January, 1919.
1
Includes, in addition to automobiles, car building and repairing and, beginning with 1923, shipbuilding.
2 Includes chemicals and drugs, 1919-1922; beginning in 1923, petroleum refining, chemicals and drugs, and fertilizers.




72 6
93 6
67.4
73 2
98.9
100.7
100.3
101.5
96.2
90.4
87.0
82.5
84.3
87.3
90.5
94.0
94.0
91.0
95.1
92.8
94.1
90.7
88.4
79.0
81.0
84.8
89.3
91.8
92.5
86.1
91.2
91.3
90.6
86.4
80.2

99 3
130 4
66 7
82 3
105. 3
94.8
99.9
103.0
100.3
107.1
115.2
95.7
101.5
102.5
102.4
105.3
104.8
101.2
106.7
19.40
116.6
118.5
120.5
117.4
124.1
127.6
127.0
123.1
117.0
112.6
113.2
112.1
112.5
99.6
96.1

100.1
113.7
66.9
73.7
99.8
96.3
103.9
111.0
109.7
106.0
113.4
104.2
106.4
108.8
108.7
103.4
102.9
102.5
103.6
06.3
109.2
108.2
108.1
106.3
111.3
113.6
117.8
113.1
111.2
111.2
113.0
116.0
118.2
115.6
114.0

102.1
95.2
102.7
111.4
112.2
105.7
120.2
104.0
103.5
103.4
104.2
101.6
104.2
107.1
108.6
109.3
107.8
107.1
107.2
105.3
110.2
112.1
117.1
118.9
120.0
123.3
125.1
129.3
129.4
126.3
124.8

101.5
92.7
105.8
106.2
108.5
114.8
119.3
109.4
115.7
114.6
113.0
109.3
112.5
114.8
117.9
123.8
120.4
112.4
114.1
118.8
145.8
146.7
150.2
146. 5
120.6
115.1
110.9
104.9
100.9
85.9
85.0

107.2
124.6
104.6
99.2
104.2
99.4
96.3
92.1
91.1
88.4
87.7
85.0
85.1
86.3
80.3
84.1
89.7
84.9
88.7
92.9
95.2
94.1
94.3
76.3
82.3
84.4
86.1
86.1
88.5
87.9
90.6
93.4
94.2
94.2
88. j

to
1—*•

00

to

No. 122.—INDEX OF WHOLESALE DISTRIBUTION, BY INDIVIDUAL LINES OP TRADE

h

[1923-1925=100]
With seasonal adjustment
Wholesale
distribution

Without seasonal adjustment

Groceries

Meats

Dry
goods

Men's
clothing

Boots
and
shoes

Groceries

Meats

Dry
goods

Men's
clothing

Boots
and
shoes

Hardware

111
115
87
89
100
98
102
101
97
96
98

Year and month

WholeHard- Drugs Furnisale
ture
distriware
bution

118
126
93
93
100
101
99
98
94
95
95

145
121
80
83
94
96
110
115
108
113
119

100
107
91
89
103
97
100
94
89
85
86

78
106
72
80
99
98
103
95
92
91
91

140
125
99
97
104
98
98
101
104
98
102

96
116
80
86
102
97
101
100
95
93
95

91
95
86
87
97
99
104
107
108
113
117

73
85
102
93
105
102
100
98
102

1919192019211922.
1923.
1924.
1925.
1926.
1927.
1928.
1929.

1928—January
February—
March
April
May
June
July
August
September..
OctoberDecember.
1929—January
February—.
March
April
May
June
July
August
September..
October
November..
December..

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

99
99
94
77
96
76
79
90
89
99
95
101

101
96
97
100
102
96
100
104
99
100
96
89

99
95
91
96
99
93
98
100
93
97
93
90

117
119
122
123
121
120
121
118
119
116
118
111

96
88
98
88

ioi
96
80
95
91
88
87
81

115

no
96
94
113
82
123
109
90
87
100
72
119
107
95
95
112
96
138
118
106
91
87
68

108

92
93
91
86
94
92
91
94
92
97
100
93

110
111
117
110
107
117
112
116
113
127

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

92
86
92
97
96
93
97
98
97
100
97
90

133
114
108
116
118
111
117
124
116
122
116
109

91
91
93
100
104
106
107
115
114
118
92
85

93
90
101
96
96
91
96
113
114
115
95
80

91
83
90
92
96
95
99
101
102
110
99
88

117
113
117
115
121
122
123
120
127
130
113
105

84
84
92
80
78
70
74
111
110
102
83
62

74
114
136
85
60
49
69
156
139
110
60
41

98
84
110
100
113
90
110
130
129
114
91
55

82
76
95
99
98
97
95
99
105
112
95
84

131
105
119
118
111
105
111
121
124
140
117
103

80
91
105
101

no

NOTE.—For description of these index numbers and for back figures see Federal Reserve Bulletins for December, 1927, and March, 1929.




Drugs Furniture

88
118
129
140
97
80

APPENDIX

90182—30




15

215

RECOMMENDATIONS OF THE FEDERAL ADVISORY
COUNCIL TO THE FEDERAL RESERVE BOARD
OFFICERS AND MEMBERS OF THE FEDERAL ADVISORY COUNCIL FOR
THE YEAR 1929
OFFICERS
President, F. O. WETMORE.

Vice President, B. A. MCKINNEY
Secretary, WALTER LICHTENSTEIN.

EXECUTIVE

COMMITTEE

F. O. WETMORE.
B. A. MCKINNEY.
W. C. POTTER.

L. L. R U E .
HARRIS CREECH.
W. W. SMITH.

MEMBERS
A. M. HEARD, Federal Reserve District No. 1.
W. C. POTTER, Federal Reserve District No. 2.
L. L. RUE, Federal Reserve District No. 3.
HARRIS CREECH, Federal Reserve District No. 4.
JOHN POOLE, Federal Reserve District No. 5.
J. P. BUTLER, Jr., 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 15, 1929
TOPIC NO. 1.—Is an acceptance credit, based on the retail sale of
automobiles in foreign countries on installment notes, a proper acceptance credit?
Recommendation.—This would, be inconsistent with facilities
accorded to similar business in this country and the council therefore
answers the query of the board in the negative.
TOPIC NO. 2.—What procedure could be adopted by the banks of
the United States to discourage and possibly eliminate the practice
of corporations, foreign banks and others of "window dressing"
at the end of the year, which results in a concentration of borrowing
in the New York market at that time?
Recommendation.—The Federal Advisory Council knows of no
possible way of preventing the practice of so-called " window dressing/ 7 to which the Federal Reserve Board refers. It may be well to




218

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

point out that in many States the system of taxation is such as to
provide an incentive for depositors to convert cash into nontaxable
investments at the close of the year.
TOPIC N O . 3.—Letter from Federal Reserve Board to chairmen of
Federal reserve banks, dated February 2, 1929.
Recommendation.—The Federal Advisory Council approves the
action of the Federal Reserve Board in instructing the Federal
reserve banks to prevent, as far as possible, the diversion of Federal
reserve funds for the purpose of carrying loans based on securities.
The Federal Advisory Council suggests that all the member banks
in each district be asked directly by the Federal reserve bank of the
district to cooperate in order to attain the end desired. The council
believes beneficial results can be attained in this manner.
APRIL 19, 1929

On February 15, 1929, the Federal Advisory Council adopted the
following resolution:
The council believes that every effort should be made to correct the present
situation in the speculative markets before resorting to an advance in rates.

The council in reviewing present conditions finds that in spite of
the cooperation of member banks the measures so far adopted have
not been effective in correcting the present situation of the money
market. The council, therefore, recommends that the Federal
Reserve Board permit the Federal reserve banks to raise their rediscount rates immediately and maintain a rate consistent with the cost
of commercial credit.
MAY 21, 1929

Recommendation.—The Federal Advisory Council has reviewed
carefully the credit situation. It continues to agree with the view of
the Federal Reserve Board expressed in its statement of February 5,
1929, that "an excessive amount of the country's credit has been
absorbed in speculative security loans." The policy pursued by the
Federal Reserve Board has had a beneficial effect, due largely to the
loyal cooperation of the banks of the country. The efforts in this
direction should be continued. The council notes, however, that
while the total amount of Federal reserve credit being used has been
reduced, "the amount of the country's credit absorbed in speculative
security loans" has not been substantially lowered.
Therefore, the council recommends to the Federal Reserve Board
that it now grant permission to raise the rediscount rates to 6 per cent
to those Federal reserve banks requesting it, thus bringing the rediscount rates into closer relation with generally prevailing commercial
money rates. The council believes that improvement in financial
conditions and a consequent reduction of the rate structure will thereby
be brought about more quickly, thus best safeguarding commerce,
industry, and agriculture.
SEPTEMBER 17, 1929
The Federal Advisory Council, after consideration of Governor
Young's explanation of the open-market policy adopted following the
fixing of the New York Federal Reserve Bank rate at 6 per cent,




RECOMMENDATIONS OF ADVISORY COUNCIL

219

believes that the increasing of the New York bank rate to 6 per cent
and the reduction in the buying rate for bills in the open market have
worked satisfactorily thus far and have the approval of the council.
The council concurs in the thought that the Federal reserve banks
should buy acceptances to such an amount as may be necessary to
avoid any greater burden on commercial business and suggests that
these purchases should be made only as the need develops.
NOVEMBER 19, 1929
TOPIC NO. 1.—Discount rates, bill rates, and

open-market operations.

No recommendation.
TOPIC NO. 2.—Developments in branch, chain, and group banking,
with particular reference to the effects of bank-stock ownership by
investment trusts and holding corporations.
Recommendation.—The Federal Advisory Council recommends that
the Federal Reserve Board appoint a committee to study the merits
of the branch banking system as practiced in this and other countries
(conditions in Canada being apparently mOre comparable with our
own), the group or chain banking system as developed in this country
and elsewhere, and the unit banking system of this and other countries,
and, further, the effect of ownership of bank stocks by investment
trusts and holding corporations, in order that the Federal Reserve
Board may be in possession of accurate and authoritative information on this important subject.
TOPIC NO. 3.—Desirability of liberalizing the requirements of the
Federal reserve act as to paper eligible for rediscount by Federal
reserve banks.
Recommendation.—It is the feeling of the Federal Advisory Council
that consideration could well be given to liberalizing the provisions
of section 13 of the Federal reserve act, pertaining to eligibility of
paper, in a manner not inconsistent with the proper functioning of
the Federal reserve system.
TOPIC NO. 4.—Desirability of changing distribution of earnings of
Federal reserve banks as proposed in S. 5723, introduced by Senator
Glass.
Recommendation.—The Federal Advisory Council approves of the
provisions of Senate bill 5723, relating to the distribution of earnings
of Federal reserve banks, with an amendment providing that the
earnings of all 12 Federal reserve banks accruing thereunder to
member banks shall be pooled and divided among all member banks
in proportion to their respective capital contributions and their
average annual reserve requirements.




ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

AMENDMENT TO REGULATION J
Effective February 1, 1929, the Federal Reserve Board amended
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 any time,
when in any particular case the Federal reserve bank deems it necessary to do so. The paragraph referred to, as amended, reads as
follows:
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.

STATUTE AUTHORIZING THE ISSUANCE OF TREASURY
BILLS AND IN EFFECT AMENDING THE FEDERAL RESERVE
ACT
[PUBLIC—No.

11—71ST CONGRESS]

[H. R. 1648]
AN ACT To amend section 5 of the Second Liberty Bond Act, as amended.

Be it enacted by the Senate and House of Representatives of the United States of
America in Congress assembled, That section 5 of the Second Liberty Bond Act,
as amended (United States Code, title 31, section 754), is hereby amended to read
as follows:
" S E C . 5. (a) That in addition to the bonds and notes authorized by sections 1
and 18 of this Act, as amended, the Secretary of the Treasury is authorized to
borrow from time to time, on the credit of the United States, for the purposes of
this Act, to provide for the purchase or redemption before maturity of any
certificates of indebtedness or Treasury bills issued hereunder, and to meet public
expenditures authorized by law, such sum or sums as in his judgment may be
necessary, and to issue therefor (1) certificates of indebtedness of the United
States at not less than par and at such rate or rates of interest, payable at such
time or times as he may prescribe; or (2) Treasury bills on a discount basis and
payable at maturity without interest. Treasury bills to be issued hereunder
shall be offered for sale on a competitive basis, under such regulations and upon
such terms and conditions as the Secretary of the Treasury may prescribe, and
the decisions of the Secretary in respect of any issue shall be final. Certificates
of indebtedness and Treasury bills issued hereunder shall be in such form or forms
and subject to such terms and conditions, shall be payable at such time not exceeding one year from the date of issue, and may be redeemable before maturity upon
such terms and conditions as the Secretary of the Treasury may prescribe.
Treasury bills issued hereunder shall not be acceptable before maturity in payment of interest or of principal on account of obligations of foreign governments
held by the United States of America. The sum of the par value of such certificates and Treasury bills outstanding hereunder and under section 6 of the
First Liberty Bond Act shall not at any one time exceed in the aggregate
$10,000,000,000.
"(b) All certificates of indebtedness and Treasury bills issued hereunder
(after the date upon which this subdivision becomes law) shall be exempt, both
as to principal and interest, from all taxation (except estate and inheritance
taxes) now or hereafter imposed by the United States, any State, or any of the
possessions of the United States, or by any local taxing authority; and the amount
of discount at which Treasury bills are originally sold by the United States shall
be considered to be interest within the meaning of this subdivision.
"(c) Wherever the words 'bonds and notes of the United States/ or 'bonds
and notes of the Government of the United States/ or 'bonds or notes of the
United States' are used in the Federal Reserve Act, as amended, they shall be
held to include certificates of indebtedness and Treasury bills issued hereunder.''
Approved, June 17, 1929.



ANNUAL REPORT OP THE FEDERAL RESERVE BOARD

221

AMENDMENT TO CLAYTON ANTI-TRUST ACT
[PUBLIC—No. 1007—70TH CONGRESS]

[S. 4039]
AN ACT To exempt joint-stock land banks from the provisions of section 8 of the Act entitled " A n Act
to supplement existing laws against unlawful restraints 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 first 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," approved October 15,
1914, as amended (United States Code, title 15, chapter 1, section 19), is amended
to read as follows:
"Provided, That nothing in this section shall apply to mutual savings banks
not having a capital stock represented by shares, to joint-stock land banks
organized under the provisions of the Federal Farm Loan Act, or to other banking
institutions which do no commercial banking business/'
Approved, March 2, 1929.
COURT OPINION AS TO DISCRETION OF FEDERAL RESERVE
BOARD IN APPROVING THE ORGANIZATION OF FOREIGN
BANKING CORPORATIONS
The following is the opinion of the Court of Appeals of the District
of Columbia, rendered June 3, 1929, in the case <f Apfel et al. v.
o
Mellon et al. (33 F. (2d) 805), upholding the authority of the Federal
Reserve Board to exercise its discretion in the matter of approving
or disapproving the organization of corporations, pursuant to the
provisions of section 25 (a) of the Federal reserve act, to engage in
international or foreign banking or international or foreign financial
operations. A petition to the Supreme Court of the United States
for a writ of certiorari in this case was denied on October 21,1929.
COURT OF APPEALS OF THE DISTRICT OF COLUMBIA
CHARLES L. APFEL, STEPHEN B. GIBBONS, BERTRAND A. UNGER,

Joseph Sheldon, Henry Green, Henry M. Susswein, Edmund J.
Horwath, and Milo Ogden Frank, appellants
v.

ANDREW W. MELLON, J. W. MCINTOSH, R,OY A. YOUNG, EDMUND j

Platt, Adolph C. Miller, Charles S. Hamlin, Edward H. Cunningham, and George H. James, as Members of the Federal Reserve
Board, appellees
Appeal from the Supreme Court of the District of Columbia

Before MARTIN, Chief Justice, and ROBB and VAN ORSDEL, Associate Justices
This is an appeal from afinalorder of the lower court dismissing the appellants'
petition for a writ of mandamus upon the allegations of the petition and answer.
The case arises under the act of Congress of December 24, 1919 (41 Stat.
378), commonly known as the "Edge Act," first enacted as section 25 (a) of the
Federal reserve act. (See Title XII, sections 611 to 631, U. S. C. A.)
The act provides that corporations may be organized for the purpose of engaging in international or foreign banking or other international or foreign
financial operations, and may be formed by any number of natural persons not
less than five; that such persons shall enter into articles of association which
shall specify in general terms the objects for which the association is formed,
and shall execute an organization certificate which shall set out the name assumed



222

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

by the corporation, the place or places where its operations are to be carried on,
the place in the United States where its home office is to be located, the amount
of its capital stock and the number of shares into which it shall be divided, the
names and places of business or residence of the persons executing the certificate
and the number of shares to which each has subscribed, and the fact that the certificate is made to enable the subscribers and their successors to avail themselves of
the advantages of the act. It provides also that no corporation shall be organized
under the act with a capital stock of less than $2,000,000, one-quarter of which
shall be paid in before the corporation may be organized to begin business;
that the persons signing the organization certificate shall duly acknowledge the
execution thereof, and forward it to the Federal Reserve Board, and that after
the articles of association and an organization certificate are duly made and
filed, and " after the Federal Reserve Board has approved the same and issued
the permit to begin business, the association shall become and be a body corporate," with certain specified powers including in general the right to engage in
international or foreign banking or other financial operations. The act provides
"that except such as is incidental and preliminary to its organization no such
corporation shall exercise any of the powers conferred by this section until it
has been duly authorized by the Federal Reserve Board to commence business
as a corporation organized under the provisions of this section." It also provides
that such a corporation may establish and maintain branches or agencies in
foreign countries at such places as may be approved by the Federal Reserve
Board and under such rules and regulations as the board may prescribe.
In the instant case the appellants, as relators below, filed their petition against
the appellees as members of the Federal Reserve Board, alleging that the relators
had duly executed and filed with the respondents a certificate for the organization of a corporation under the foregoing act for the purpose of engaging in international or foreign banking under the name "Foreign Financing Corporation,"
and that the certificate fully conformed with the requirements of the act; but
that the respondents nevertheless had wrongfully refused to approve of the same
or to issue a permit to relators to begin business as a body corporate under the
act. The relators prayed for a writ of mandamus to compel the respondents
acting as the Federal Reserve Board to approve the articles of incorporation and
the organization certificate aforesaid, and to permit relators to begin business as
a body corporate under the name "Foreign Financing Corporation," in accordance with the provisions of the act.
The respondents filed their answer admitting that the articles of association
and organization certificate filed with the board by relators were in proper legal
form, but stating that the board had refused to approve the same on the following grounds:
"That the Federal Reserve Board as a board, and the respondents as members
thereof, deem it their duty carefully to inquire into the qualifications of the
organizers of such proposed corporations and to refuse to approve the articles of
association and organization certificates of such proposed corporations and to
issue a permit for such proposed corporations to do business, unless after investigation said board is of the opinion that the financial responsibility, experience,
training, and other qualifications of the organizers of such proposed corporations
are such as may reasonably be calculated to hold promise of the financial soundness, reliable and competent management, and proper and successful operation of
such proposed corporation."
<<* * * that relators do not possess the qualifications reasonably necessary
to assure the financial soundness, reliable and competent management, or the
proper or successful operations of a corporation organized under section 25 (a)
of the Federal reserve act to engage in the highly technical activities of international or foreign banking or other international or foreign financial operations and
that it would be detrimental to the public interest to approve such articles of
association or organization certificate and to issue a preliminary permit for such
proposed corporation to commence business; and that, therefore, the said board
refused to approve the articles of association and the organization certificate
and refused to issue a permit to said proposed corporation to begin business.
Respondents say that this determination by the Federal Reserve Board was unanimous; that it was adopted after impartial investigation and full and impartial
consideration of all the facts; and that respondents believed then and now believe
that it would be contrary to public policy and contrary to the duty of respondents
as public officers to approve said articles of association and said organization



COURT OPINION

223

certificate or to issue a preliminary permit to the relators to begin business as a
body corporate."
The relators filed a demurrer to the answer of respondents. The lower court
overruled the demurrer, and, relators electing to stand upon their demurrer, the
court dismissed the petition, and the relators appealed.
It is contended by appellees that the statute imposes the duty upon the Federal
Reserve Board of exercising its judgment and discretion with respect to the approval or disapproval of the articles of association and organization certificates
made andfiledunder the act, and that the board's action in this instance is within
the limits of that authority. On the other hand, appellants contend that " Congress has not undertaken to delegate to the board the discretion it has assumed
to exercise."
We agree with the contention of the appellees. The statute provides that an
association formed under the act shall not become a body corporate until after
the articles of association and organization certificate have been duly made and
filed, and after the Federal Reserve Board has approved the same and issued a
permit to it to begin business. The word "approved" naturally imports the
exercise of judgment and discretion; and the power to approve ordinarily implies
a power to disapprove.
To "approve" or give "approval" is in its essential and most obvious meaning to confirm, ratify, sanction, or consent to some act or thing done by another.
The word "approve" does not, ex vi termini, necessarily import the exercise of
discretion, but from the connection in which the term is used it often involves
the idea of discretion and adjudication, and is seldom construed as requiring a
mere ministerial act. (4 C. J. 1464.)
In the case of State ex rel. Dodd v. Hill, Banking Commissioner (84 W. Va.,
468), the Supreme Court of West Virginia dealt with a statute which provided
that "hereafter no charter shall be issued to any bank to do business in this
State until the application therefor has been approved in writing by the commissioner of banking." Acting under this statute the commissioner of banking
had refused to issue such a charter to the appellants, upon the ground that, for
the protection of the public, he had carefully considered the proposed location of
the bank, the territory contributory thereto, its possibilities.and probabilities
from a banking standpoint, and other questions connected therewith, and that
in the exercise of his best judgment as an officer he had arrived at the conclusion
that the application should not be approved. In denying a writ of mandamus to
compel the commissioner to issue a charter the court held that the statutory
provision aforesaid vested in the commissioner discretionary power to approve or
reject such an application, and that the commissioner's decision was not subject
to judicial review unless it clearly appeared that he had "willfully and arbitrarily
disregarded his duty, or that his decision was due to caprice, passion, partiality, or
corruption."
In the People ex rel. Schweder v, Brady, Auditor of Public Accounts (268 111.
192), the Supreme Court of Illinois held in relation to similar legislation, that a
statute authorizing the State auditor to withhold the final certificate of organization of a bank when he is not satisfied as to the personal character and standing
of the officers or directors or when he has reason to believe that the bank is organized for any purpose other than that contemplated by the act, is not unconstitutional on the ground that it confers judicial or legislative power on the auditor. (See First National Bank v. Union Trust Co., 244 U. S. 416.)
In the instant case it is clear that Congress was providing a means for conferring
special and important privileges upon such corporations as should be organized
under the Edge Act. An abuse by any corporation of the powers thus granted
to it might involve grave consequences to our public service. It is reasonable to
believe that Congress intended that a careful investigation should be made by
the Federal Reserve Board concerning the character and competency of the
incorporators of such an enterprise, as one of the means of determining whether
to grant or withhold their approval of the application for incorporation. Moreover it should be noted that the act repeatedly provides for an "approval" by
the board as a prerequisite to proceedings authorized thereunder, and in all such
instances the term plainly implies the exercise of consideration, judgment, and
discretion by the board. The act provides inter alia that any such corporation
may at any time within the two years next previous to the date of the expiration
of its corporate existence, by a vote of the shareholders owning two-thirds of its
stock, apply to the Federal Reserve Board for its approval to extend the period
of its corporate existence for a term of not more than 20 years, and upon certi


224

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

fied approval of the board such corporation shall have its corporate existence
for such extended period. The board, accordingly, may exercise its judgment and
discretion with respect to what is practically a renewal of the corporate charter.
This fact is significantly consistent with the view that the board possesses a
similar power over the granting of the first charter.
An examination of congressional legislation with regard to banking since 1864
shows that Congress has consistently used various forms of the word " approve "
in the sense of conferring discretion upon the Comptroller of the Currency, the
Secretary of the Treasury, or the Federal Reserve Board. Such a consistent use
of the term in statutes in pari materia is persuasive. (Marks v. United States,
161 U. S., 297.)
The statutes relating to the organization of national banks are analogous to
those now in question. It is therefore proper to note that the Comptroller of
the Currency has prescribed the following as one of the regulations governing
the investigations to be made by the examiners relating to applications for national
bank charters:
" I n making this investigation the examiner is instructed to give full consideration to all factors entering into the proposition. Among other matters to be
considered are: First, the general character and experience of the organizers and
of the proposed officers of the new bank; second, the adequacy of existing bankingfacilities and the need of further banking capital; third, the outlook for the growth
and development of the town or city in which the bank is to be located; fourth,
the methods and banking practices of the existing bank or banks, the interest
rates which they charge to customers, and the character of the service which as
quasi public institutions they are rendering to their community; fifth, the reasonable prospects for success of the new bank if efficiently managed." Instructions
No. 4 of the Comptroller of the Currency, Regulations Promulgated June 31,
1927, Digest of Rulings of the Federal Reserve Board with Appendices (1928),
pages 394-395. (See McCormick v. Market Bank, 165 U. S., 538, 551-552.)
In the present case mandamus will not lie to control the exercise of the board's
discretion.
" I t is a frequently asserted and universally recognized rule that mandamus only
lies to enforce a ministerial act or duty; in this sense a ministerial duty may be
briefly defined to be some duty imposed expressly by law, not by contract or
arising necessarily as an incident to the office, involving no discretion in its exercise, but mandatory and imperative. The distinction between merely ministerial
and judicial and other official acts is that where the law prescribes and defines
the duty to be performed with such precision and certainty as to leave nothing
to the exercise of discretion or judgment, the act is ministerial; but where the
act to be done involves the exercise of discretion or judgment, it is not to be
deemed merely ministerial." (18 R. L. C. 116.)
The judgment of the lower court is affirmed with costs.
(Signed)

GEORGE E. MARTIN,

Chief Justice, Court of Appeals of
the District of Columbia.

COURT OPINION AS TO DISCRETION OF FEDERAL RESERVE
SYSTEM IN MATTERS RELATING TO CREDIT POLICIES
The following is the opinion of the United States Circuit Court of
Appeals for the Second Circuit, rendered July 15, 1929, in the case
of Frank 0. Eaichle v. Federal Reserve Bank of New York (34 F. (2d)
910), interpreting those provisions of the Federal reserve act which
deal with the discretion of the Federal reserve banks and the Federal
Reserve Board in fixing rediscount rates, engaging in open-market
operations, and in other matters relating to credit policies:




COURT OPINION

225

UNITED STATES CIRCUIT COURT OF APPEALS FOR THE SECOND
CIRCUIT
FRANK G. RAICHLE, APPELLANT

against
FEDERAL RESERVE BANK OF N E W YORK, APPELLEE

Before L. HAND, SWAN and AUGUSTUS N. HAND, Circuit Judges
Appeal from the United States District Court for the Southern District of New York. Bill in equity by
Frank G. Raichle to restrain the Federal Reserve Bank of New York from doing various acts in derogation of plaintiff's alleged rights. Upon motion by the defendant, in the nature of a demurrer, the bill
was dismissed by the District Court, and plaintiff appeals

This is an appeal from a decree dismissing a bill in equity upon the merits. The
defendant moved to dismiss the bill on the ground—
1. That it appears on the face of the complaint by plaintiff's own showing
that he is not entitled to the relief prayed for by this complaint against the defendant, nor to any relief arising from the facts alleged in said complaint.
2. That it appears on the face of said bill of complaint that this court has no
jurisdiction to hear and determine this suit.
3. That it appears on the face of said bill of complaint that said complaint is
wholly without equity.
The bill alleges the incorporation of the defendant, which we shall hereinafter
call the bank, under the act of Congress called the Federal reserve act. It
alleges that this act was passed to "furnish an elastic currency, to afford means of
discounting commercial paper and to establish a more effective supervision of
banking in the United States"; that the bank "is a unit in the Federal reserve
system, and as such has certain powers conferred upon it by the Federal reserve
act and performs certain functions under the control of its board of directors and
the Federal Reserve Board"; that the "Federal Feserve Board is by law vested
with limited control over Federal reserve rediscount facilities and the defendant
Federal Reserve Bank of New York is vested with limited control over its own
rediscount facilities."
After setting forth that the United States have for six years experienced great
prosperity, that business conditions are good and getting better, that employment and wages are satisfactory, that the signs usually consulted indicate a
continued improvement and that accordingly large numbers of people have
invested in stocks and bonds of various industrial and railroad corporations,
the bill goes on to say that the plaintiff owns various securities outright and has
borrowed money to purchase others.
It further alleges that there is an abundance of credit readily available for the
needs of industry and agriculture, as well as investment, but that the bank
reports that brokers' loans have increased in volume and commercial loans have
decreased. Such a condition is said to be due to the tendency of banks to charge
high rates of interest and to make loans callable on demand and, by reason of
these circumstances, it is said to have been found desirable to borrow money
from the public through security offerings in order to eliminate banks as
middlemen.
The bill then goes on to say that the credit available in the United States is in
excess of fifty billion dollars and that the total of brokers' loans approximates
only 6H per cent of this amount, so that the claim that too much of available
credit is involved in collateral or brokers' loans is not justified.
The bill then sets up the wrongful acts on which the plaintiff founds his cause
of action. It says that the bank during the year 1928 illegally engaged in a
course of conduct, which it is still continuing, that had for its object an arbitrary
reduction of brokers' loans and a general reduction of security prices. The
course of conduct consisted of the following acts:
(1) "This defendant and the Federal reserve system generally, * * *
wrongfully * * * spread propaganda concerning an alleged money shortage and expressed alarm over the increasing volume of collateral loans,
whereas no shortage exists other than one of their own making which is
technical in its nature and artificial in its essence."
Many persons induced by this propaganda have sold securities thereby contributing to a decline in market prices and to plaintiff's damage.
(2) " T h e defendant, * * * and the Federal reserve system generally,
have * * * wrongfully * * * set about to restrict the supply of credit
available for investment purposes and cause a general liquidation of security
loans
 with a resultant reduction in quoted security prices. In this connec

226

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

tion the defendant, * * * and Federal reserve system generally, have
engaged in an open market operation, as the term is generally used by those
concerned in this practice, but not for the purpose contemplated by the use
of the term in the Federal reserve act. The defendant and other Federal
reserve banks have sold quantities of securities aggregating many millions
of dollars * * * for the sole purpose of taking money and its attendant
credit out of the market and removing the same from use, thus curtailing
credit and causing an artificial money shortage to the plaintiff's damage
and injury. This conduct * * * is not justified by any economic circumstances, and if continued and unabated will lead to serious consequences,
and to the damage of this plaintiff."
(3) The defendant has on three different occasions " arbitrarily and unreasonably raised" the rediscount rate which it charges to its member banks.
"for the purpose and with the effect of raising interest rates generally and
call money rates on the New York Stock Exchange in particular."
Through this action interest rates have become unreasonable and plaintiff has
been damaged by being obliged to pay such rates for borrowed money and by
having the value of his securities depreciated through the sale of securities by
persons unwilling or unable to pay these rates.
(4) "the defendant has wrongfully controlled and seeks to further control the action of member banks in dealing with their own resources by
coercing them to call collateral loans made to their customers by said banks
on account of their own resources and not rediscounted with defendant or any
other Federal reserve bank. On various occasions the said Federal reserve
bank, * * * has denied rediscount facilities to certain member banks
pending a liquidation of certain other collateral loans and thus occasioned
liquidation of securities and reduction of prices due to inability on the part
of borrowers to renegotiate their loans."
The bill finally alleges that by the defendant's acts plaintiff's securities have
depreciated and he has been damaged in more than the sum of $3,000; that the
defendant seeks further to control its member banks in the matter of collateral
loans and threatens further to raise the rediscount rate.
(Frank G. Raichle, solicitor for appellant in person; Frank G. Raichle, Robert
L. Owen, Carlos C. Alden, and Ethan W. Judd, counsel.)
(Newton D. Baker and Walter S. Logan, solicitors and counsel for appellee.)
AUGUSTUS N. HAND, Circuit Judge:

The wrongs charged against the bank are (a) spreading propaganda concerning
an alleged money shortage and increasing volume of collateral loans, (b) setting
about to restrict the supply of credit available for investment purposes by engaging in open market transactions through the sale of its securities, (c) raising the
rediscount rate for its member banks in order to reduce the volume of security
loans, (d) coercing member banks to call collateral loans by declining to rediscount eligible commercial paper for such member banks.
Three principal questions must be considered:
(1) Are the foregoing acts, irrespective of the alleged purposed to reduce the
volume of brokers' loans, within the power of the Federal reserve bank?
(2) If the acts are generally speaking lawful, are they rendered unlawful because the purpose was to reduce the volume of brokers' loans?
(3) Is the Federal Reserve Board a necessary party to the action?
The Federal reserve act marked the end of a long struggle and was thought to
afford the solution of many difficulties. When the independent treasury bill was
passed in 1846, the effect was completely to divorce the Government from all
connection with the money market by making it its own banker and by keeping
Government funds in the vaults of independent treasury office banks. The
public then had to depend on State banks for currency and credit, with a result
that in times of financial stress is well known.
To meet the necessities of the Civil War, national banks were established.
They became the official depositaries of the Government and furnished an enlarged currency because of their ability to issue circulating notes against Government bonds deposited with the Treasurer of the United States. They were
required to maintain reserves in certain cities based upon a percentage of their
deposits. As the Government debts of the Civil War became liquidated, the
means for issuing currency lessened, though the business requirements of the
country were expanding. In such a situation business prosperity inevitably
promoted monetary stringency. Moreover, as the reserves were deposited in
relatively few banks in the metropolitan centers, when financial stringencies
arose, pressure always came on the banks, their deposits would be withdrawn,




COURT

OPINION

227

the rates for call loans would advance and a liquidation of collateral and depreciation of values would ensue.
While the national banking system was a great inprovement over what went
before, it provided no central regulating force and furnished no adequate means
for controlling interest rates or preventing or lessening financial stringencies and
panics. The usual method of furnishing funds needed for business was for the
Treasury to deposit moneys from its vaults in the national banks and to withdraw these deposits if they were used too much in speculation. This was a
rather ineffectual way of dealing with complicated and difficult situations. It was
dependent too much upon the determination of a single official and lacked the
information and guidance that a scientific Federal banking system would afford.
To remedy the difficulties we have mentioned, the Federal reserve act was
passed. The Federal reserve banks have national charters and their stockholders
are member banks. Each Federal reserve bank has nine directors, three chosen
from the member banks, three selected as representatives from industry and
three designated by the Federal Reserve Board—a central body consisting of the
Secretary of the Treasury, the Comptroller of the Currency and six other members
appointed by the President with the consent of the Senate. This board is given,
by law, the power to exercise general supervision over Federal reserve banks.
It is in terms empowered to examine the affairs of each Federal reserve bank and
to publish weekly a statement showing the condition of each bank as well as a
consolidated statement of all the banks in the system. It is also specifically
empowered to permit or, in certain cases, to require Federal reserve banks to
rediscount the discounted paper of other reserve banks and to suspend, for a
limited time, reserve requirements, and it is empowered to review and determine
rates of discount to be charged by Federal reserve banks "which shall be fixed
with a view of accommodating commerce and business."
Furthermore, a Federal Advisory Council is created by the act with a delegate
member from each Federal reserve bank. This council is authorized to confer
with the Federal Reserve Board on general business conditions, to make oral or
written representations concerning matters within the jurisdiction of the board
and to call for information and to make recommendations in regard to discount
rates, rediscount business, note issues, reserve conditions in the various districts,
the purchase and sale of gold and securities by reserve banks, open-market
operations by these banks and the general affairs of the reserve banking system.
The foregoing outline shows the broad purposes of the act and the wide powers
of supervision and control given to the Federal Reserve Board over the whole
reserve system. The congressional report of Senator Glass stated the objects
of the act as follows:
" 1 . Establishment of a more nearly uniform rate of discount throughout
the United States, and thereby the furnishing of a certain kind of preventive
against overexpansion of credit which should be similar in all parts of the
country.
"2. General economy of reserves in order that such reserves might be
held ready for use in protecting the banks of any section of the country and
for enabling them to go on meeting their obligations instead of suspending
payments, as so often in the past.
" 3 . Furnishing of an elastic currency by the abolition of the existing
bond-secured note issue in whole or in part, and the substitution of a freely
issued and adequately protected system of bank notes which should be available to all institutions which had the proper class of paper for presentation.
"4. Management and commercial use of the funds of the Government
which are now isolated in the Treasury and sub treasuries in large amounts.
" 5. General supervision of the banking business and furnishing of strfngent
and careful oversight.
"6. Creation of market for commercial paper."
To carry out the purposes of the act, Federal reserve banks, subject to the
supervision of the Federal Reserve Board, are authorized to act as Government
depositaries and fiscal agents; to receive and maintain the legal reserves of
member banks; upon indorsement of member banks to discount notes, drafts and
bills of exchange arising out of actual commercial transactions but not u notes,
drafts or bills covering merely investments or issued for the purposes of carrying
or trading in stocks, bonds or other investment securities, except bonds and notes
of the Government of the United States"; to make advances to member banks
on their promissory notes for not more than 15 days at rates tofc>eestablished
by the Federal reserve banks subject to the review and determination of the
Federal Reserve Board provided such promissory notes are secured by eligible
paper, or by bonds, or notes of the United States, to receive Federal reserve notes



228

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

upon deposit of eligible paper, or gold, or gold certificates, provided a gold
reserve of not less than 40 per cent of such notes is maintained. (U. S. C. A.,
Title 12, ch. 3, sees. 341-361.)
Federal reserve banks may also, under rules and regulations prescribed by
the Federal Reserve Board, engage in " open-market operations," that is to say,
purchase and sell in the open market at home or abroad cable transfers and
bankers' acceptances and bills of exchange of the kinds and maturities eligible
for rediscount. They may deal in gold coin and bullion at home and abroad;
buy and sell, at home and abroad, bonds and notes of the United States and bills,
notes, revenue bonds and warrants with a maturity from date of purchase of not
exceeding six months, issued by any State, county, district, political subdivision
or municipality in the United States, such purchases to be made in accordance
with regulations prescribed by the Federal Reserve Board. They may purchase
from member banks and sell, bills of exchange arising out of commercial transactions and may " establish from time to time, subject to review and determination by the Federal Reserve Board, rates of discount to be charged by the Federal
reserve bank for each class of paper, which shall be fixed with a view of accommodating commerce and business." They may establish accounts with other
Federal reserve banks with the consent and upon the order and direction of the
Federal Reserve Board and, under regulations to be prescribed by said board,
may open accounts and establish agencies in foreign countries for the purpose of
purchasing, selling and collecting bills of exchange. They may purchase and sell
in the open market either from or to domestic banks, firms, corporations or individuals, acceptances of Federal intermediate credit banks and of national agricultural credit corporations whenever the Federal Reserve Board shall declare
that the public interest so requires. (U. S. C. A., Title 12, ch. 3, sees. 353-357.)
The foregoing provisions enable the Federal reserve banks without waiting
for applications from their member banks for loans or rediscounts to adjust the
general credit situation by purchasing and selling in the open market the class of
securities that they are permitted to deal in. The power "to establish from
time to time, subject to review and determination by the Federal Reserve Board,
rates of discount to be charged by the Federal reserve bank" appears in the act
with the open-market powers. The two powers are correlative and enable the
Federal reserve banks to make their rediscount rates effective. The sale of
securities does not lessen the total amount of credit available but, by necessitating payment to the Federal reserve banks, increases available credit in their hands
"with a view of accommodating commerce and business" as provided by the
act. (U. S. C. A., Title 12, ch. 3, sec. 357.)
Such being an outline of the powers of the Federal Reserve Board, the Federal
Advisory Council and the Federal reserve bank, it is necessary to consider
whether any of the acts which the bill says were performed by the Federal Reserve Bank of New York were in themselves, irrespective of a purpose to reduce
the volume of brokers' loans, unlawful.
Certainly it was lawful to engage in open-market transactions by the sale of
securities, to fix the rediscount rate and to decline to rediscount eligible paper.
Purchases and sales in the open market are specifically authorized by the act.
(U. S. C. A., Title 12, ch. 3, sees. 353-356.) Likewise the act in terms empowers
"every Federal reserve bank * * * to establish from time to time subject
to review and determination of the Federal Reserve Board rates of discount to be
charged by the Federal reserve bank for each class of paper, which shall be fixed
with a view of accommodating commerce and business." While it is alleged in
the bill that the rediscount rate "has been arbitrarily and unreasonably raised,"
it was for the defendant, subject to the supervision of the Federal Reserve Board,
to determine what would be a reasonable rediscount. It is not contended that
the provision for fixing rates of discount is unconstitutional, nor would it seem
even reasonable to argue that it is after such decisions as First National Bank v.
Union Trust Co. (244 U. S. 416) and Westfall v. United States (274 U. S. 256),
as well as The Legal Tender case (110 U. S. 421), Farmers' & Mechanics National
Bank v. Deering (91 U. S. 29), and McCulloch v. Maryland (4 Wheat. 316).
The act being constitutional, we are asked to hold that the bank may not sell
its own securities and fix the rates at which it will discount or rediscount paper
when it is given the power by the specific terms of the Federal reserve act to do
all of these things. It is important to note that it is not under any compulsion
to rediscount eligible paper for the words of the act in respect to rediscounting are
wholly permissive. The act provides that:
"Any Federal reserve bank may, subject to regulations and limitations to
be prescribed by the Federal Reserve Board, discount notes, drafts and
bills of exchange * * *." (U. S. C. A., Title 12, ch. 3, sec. 348.)



COTJRT OPINION

229

But it is alleged that the bank and the Federal reserve system generally have
wrongfully " spread propaganda concerning an alleged money shortage and
expressed alarm over the increasing volume of collateral loans, whereas no shortage
exists other than one of their own making which is technical in its nature and
artificial in its essence."
As we have already said, the act requires the Federal Reserve Board to examine
the books and affairs of each Federal reserve bank, to require such statements as
it may deem necessary and to publish each week a statement showing the condition of each bank and a consolidated statement for all the banks. These
statements shall show in detail the assets and liabilities and shall furnish full
information regarding the character of the money held as reserve and the amount,
nature, and maturities of the paper and other investments held. The Federal
Advisory Council shall also have power to confer with the Federal Reserve Board
on general business conditions, make oral or written representations concerning
matters within the jurisdiction of the board and call for information and make
recommendations as to discount rates, rediscount business, reserve conditions,
the purchase and sale of gold or securities by reserve banks, open-market operations, and the general affairs of the reserve banking system.
In view of such provisions for detailed reports on the condition of the banks
and for intercommunication between the board and the council regarding the
general affairs of the reserve banking system, we think it most unlikely that
statements as to the condition of affairs can not be made public by the board, the
council, and the banks. The provisions for reports, representations, and recommendations seem to imply public information and when the situation warrants
it, public warning. What particular conditions may warrant is necessarily left
to those clothed with responsibility for acting. Warning before taking action
would seem to be a safer practice than suddea and perhaps drastic action without
warning. Plaintiff's assertion that the banks have spread false propaganda
regarding a money shortage is inaccurate. It apparently is based on the allegation of the bill that "no shortage exists other than one of their own making,
which is technical in its nature and artificial in its essence." This is an argumentative and obscure allegation of no value in a pleading. If it means that the
Federal reserve banks exercised their right to sell in the open market and refused
to rediscount eligible paper, it should have said so; but if such were the fact the
banks would still have been within their rights and the plaintiff would have
gained nothing by the allegation. We, therefore, deem the charge of spreading
propaganda without legal significance.
But the plaintiff chiefly relies on his charge that the defendant has engaged
in "a course of conduct * * * which has had for its object and purpose an
arbitrary reduction in the volume of collateral or brokers' loans." It is nowhere
said that the bank has acted in bad faith or has aimed to injure the defendant.
But it seem's to be thought that it may be said that the acts of the bank were
likely to cause damage to the plaintiff, in fact caused such damage, and therefore
gave rise to a cause of action unless some legal justification can be shown.
This general theory of liability was suggested by Justice Holmes in an article
entitled "Privilege Malice and Intent," published in Volume VIII of the Harvard
Law Review, as long ago as 1894. A.t the time, it was regarded as a somewhat
startling generalization by a profession which had viewed all liabilities in tort
under the categories of forms of action. But while courts have differed as to
when justification exists, the above generalization of Justice Holmes reiterated
in XVIII Harvard Law Review by Professor Ames has been more and more used
as a/convenient means of approaching problems in torts. (Aiken v. Wisconsin,
195 IJ. S. at p. 204.) In many cases such as libel and slander and malicious
prosecution, a malevolent motive destroys the privilege, while in cases affecting
the use of land, the privilege has frequently been held absolute. No hard and
fast rule can be laid down as to when the privilege exists. Indeed, it was said in
Aikens v. Wisconsin, supra, that what will be considered a justification depends
upon "principles of policy." (See also Green v. Victor Talking Mach. Co.,
24 Fed. (2d) 378.) The plaintiff has seized upon the opinion of Justice Holmes
in American Bank & Trust Co. v. Federal Bank (256 U. S. 350), to support his
contention that a purpose to reduce the volume of brokers' loans destroys the
defendant's ordinary right to sell its own securities, fix the rates for extending
credit and warn the public against inflation. But there a Federal reserve bank
was charged with accumulating checks of country banks and presenting them in
large quantities in order to compel these banks to become members of the reserve
bank, or, at least, to open a nonmember clearing account with it. In such circumstances Justice Holmes said that the "United States did not intend by
* * * statute to sanction this sort of warfare." In the case at bar the



230

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

"principles of policy " point the other way. It would be an unthinkable burden
upon any banking system if its open-market sales and discount rates were to be
subject to judicial review. Indeed, the correction of discount rates by judicial
decree seems almost grotesque when we remember that conditions in the money
market often change from hour to hour and the disease would ordinarily be over
long before a judicial diagnosis could be made.
Nor is the plaintiff aided by his charge that the defendant has wrongfully
controlled member banks by coercing them to call collateral loans made to their
customers, for the only method of coercion suggested is the refusal to rediscount
eligible commercial paper. Such a refusal was not a wrong because no provision
of the act requires the bank to discount unless so ordered by the board.
We can see no basis for the contention that it is a tort for a Federal reserve
bank to sell its securities in the open market, to fix discount rates which are
unreasonably high, or to refuse to discount eligible paper, even though its policy
may be mistaken and its judgment bad. The remedy sought would make the
courts, rather than the Federal Reserve Board, the supervisors of the Federal
reserve system and would involve a cure worse than the malady. The bank,
under the supervision of the board, must determine whether there is danger of
financial stringency and whether the credit available for "commerce and business" is sufficient or insufficient. If it proceeds in good faith through openmarket operations and control of discount rates to bring about a reduction of
brokers' loans, it commits no legal wrong. A reduction of brokers' loans may
best accommodate "commerce and business." (U. S. C. A., title 12, ch. 3.
sec. 357.)
Defendant's counsel have made a persuasive argument that upon the facts
alleged the questions raised are political and not justiciable. We have not discussed it because without it the defendant's position seems to be unassailable.
It is contended that the bill must in any event be dismissed because of the
failure to join the members of the Federal Reserve Board as parties. The
"defendant and the Federal reserve system generally" are charged with spreading propaganda. The Federal reserve system must include the board. The
board by the act is given power to exercise general supervision over Federal
reserve banks. (U. S. C. A., title 12, ch. 3, sec. 248 (j).)
It is specifically empowered to regulate open-market transactions, to review
and determine rates of discount and to make reports as to conditions in the Federal reserve system. In such circumstances, the bank is, as to the matters complained of here, a governmental agency under the direction of the Federal
Reserve Board. If the plaintiff prevailed in his contention the bank would be
enjoined from fixing a discount rate which the board had presumptively directed.
Such a situation under familiar principles renders the Federal Reserve Board
an indispensable party to the suit. (Alcohol Warehouse Corp. v. Canfield, 11
Fed. (2d) 214.)
But the plaintiff contends that such cases as Gnerich v. Rutter (265 U. S.
388) and Webster v. Fall (266 U. S. 507) differ from the present because the Federal reserve banks are independent units and in that respect differ from agents
like the Prohibition Director, who is created under a regulation of the department of internal revenue and is subject to the orders of the commissioner.
Moreover, the plaintiff calls attention to the fact that in American Bank & Trust
Company v. Federal Reserve Bank (256 U. S. 350) the Supreme Court maintained jurisdiction without suggesting that the Federal Reserve Board was a
necessary party, although the bill there alleged that the wrongs done by the
bank were done in pursuance of a policy "accepted by the Federal Reserve
Board." But in American Bank & Trust Company v. Federal Reserve Bank,
supra, the point that the Federal Reserve Board was an indispensable party
was not raised, so that we must regard Gnerich v. Rutter and Webster v. Fall,
supra, as controlling. In the last case the argument was made that in other
suits brought against subordinate officials without joining the superior, the court
had proceeded to determine the merits, but Justice Sutherland said that—
"Questions which merely lurk in the record, neither brought to the attention of the court nor ruled upon, are not to be considered as having been so
decided as to constitute precedents."
We have discussed the merits in case our decision should be reviewed and our
opinion that the Federal Reserve Board is a necessary party should be thought
erroneous.
The decree is modified so as to dismiss the bill because of failure to join the
members of the Federal Reserve Board who are indispensable parties and, as so
modified, is affirmed.



231

FEDERAL KESERVE BOARD SALARIES

DIRECTORY OF THE FEDERAL RESERVE BOARD
(December 31,1929)

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.
WALTER L. EDDY, Secretary.

J. C. NOELL, Assistant Secretary.
E. M. MCCLELLAND, Assistant Secretary.
, Chief, Division of Examination and Chief Federal Reserve
Examiner.

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

W. M. IMLAY, Fiscal Agent.
E. A. GOLDENWEISER, Director Division
of Research and Statistics.
CARL

E.

PARRY,

Assistant

Director

Division of Research and Statistics.
EDWARD L. SMEAD, Chief Division of

Bank Operations.

WALTER WYATT, General Counsel.

SALARIES OF OFFICERS AND EMPLOYEES OF THE FEDERAL
RESERVE BOARD
(December 31,1929)
OFFICE OF SECRETARY

Walter L. Eddy, secretary
J. C. Noell, assistant secretary
E. M. McClelland, assistant secretary
Staff:
2 at $4,800
1 at $4,000
1 at $3,700
1 at $3,600
1 at $3,200
2 at $3,000
1 at $2,800
1 at $2,700
1 at $2,500
1 at $2,400
3 at $2,200
3 at $2,100
4 at $2,000
1 at $1,700
1 at $1,680
1 at $1,600
2 at $1,500
2 at $1,400
1 at $900
1 at $720
9 part-time employees
Total

$14, 000. 00
7, 000. 00
7, 000. 00
9, 600. 00
4, 000. 00
3, 700. 00
3, 600. 00
3, 200. 00
6, 000. 00
2, 800. 00
2, 700. 00
2, 500. 00
2, 400. 00
6, 600. 00
6, 300. 00
8, 000. 00
1, 700. 00
1, 680. 00
1, 600. 00
3, 000. 00
2, 800. 00
900. 00
720. 00
3, 012. 75
. 104,812.75

OFFICE OF GENERAL COUNSEL

Walter Wyatt, general counsel
George B. Vest, assistant counsel
B. M. Wingfield, assistant counsel
Staff:
1 at $3,000___
2 at $2,800
1 at $1,800
1 at $1,620
Total
_
90182—30




16

12, 000. 00
7, 000. 00
5, 000. 00

.
...

_.

3, 000. 00
5, 600. 00
1, 800. 00
1, 620. 00
36, 020. 00
=

232

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
OFFICE OF FISCAL AGENT

W. M. Imlay, fiscal agent
Oliver E. Foulk, deputy fiscal agent
Staff: 1 at $2,100

$5, 000. 00
4, 200. 00
2, 100. 00

Total

11, 300. 00
OFFICES OF MEMBEKS OF THE BOARD

Staff:
3
3
1
1
1
1

at
at
at
at
at
at

$3,000
$2,800
$2,180
$2,000
$1,600
$1,500

_ _

_ _

_

Total

9, 000. 00
8, 400. 00
2, 180. 00
2, 000. 00
1,600.00
1, 500. 00
24, 680. 00

DIVISION OF BANK OPERATIONS

Edward L. Smead, chief of division
John R. Van Fossen, assistant chief
Staff:
1 at $4,700
1 at $3,000
3 at $2,900
1 at $2,700
1 at $2,600
1 at $2,400
1 at $2,100
1 at $1,900
4 at $1,800
2 at $1,700
4 at $1,600
1 at $1,500
2 at $1,440
1 at $1,400
1 at $1,200
Total

12, 000. 00
6, 500. 00
4, 700. 00
3, 000. 00
8, 700. 00
2, 700. 00
2, 600. 00
2, 400. 00
2, 100. 00
1, 900. 00
7, 200. 00
3, 400. 00
6, 400. 00
1, 500. 00
2, 880. 0C
1, 400. 00
1, 200. 00
70, 580. 00

DIVISION OF EXAMINATION

, chief of division and chief Federal reserve examiner
Examiners:
Frank J. Drinnen
.
Rolfe H. Brett
L. A. A. Siems
R. F. Leonard
Assistant examiners:
2 at $5,000
1 at $4,800
1 at $4,600
1 at $4,500
1 at $4,200
2 at $3,800
1 at $3,500
.
1 at $3,200
1 at $3,000
_
_
_
1 at $2,900
1 at $2,700
1 at $2,400
Staff: 1 at $2,200
Total



8, 000. 00
6, 000. 00
5, 400. 00
5, 200. 00
10, 000. 00
4,800.00
4, 600. 00
4, 500. 00
4, 200. 00
7, 600. 00
3, 500. 00
3, 200. 00
3,000.00
2, 900. 00
2, 700. 00
2, 400. 00
2, 200. 00
80, 200. 00

FEDERAL RESERVE BOARD SALARIES

233

DIVISION OF KESEARCH AND STATISTICS

E. A. Goldenweiser, director of division
Carl E. Parry, assistant director
Ptaff:
1 at $5,400
1 at $5,000
2 at $4,800
1 at $3,600
2 at $3,200
1 at $3,160
2 at $2,600
1 at $2,500
1 at $2,400
1 at $2,200
1 at $2,100
4 at $2,000
2 at $1,900
1 at $1,860
5 at $1,800
1 at $1,700
4 at $1,560
2 at $1,440
1 at $1,320
1 at $1,000
Total

$12, 000. 00
8, 000. 00
5, 400. 0()
5, 000. 00
9, 600. Oo
3, 600. Oo
6, 400. 00
3, 160. 00
5, 200. Oo
2, 500. Oo
2, 400. Oo
2, 200. Oo
2, 100. 00
8, 000. 00
3, 800. Oo
1, 860. 00
9, 000. 00
1, 700. 00
6, 240. 00
2, 880. 00
1, 320. 00
1,000. 00
103, 360. 00

DIVISION ©F FEDERAL RESERVE ISSUE AND REDEMPTION

L. G. Copeland, chief of division___
W. J. Tucker, assistant chief
Staff:
1 at $2,400
2 at $1,860
3 at $1,800
2 at $1,620
17 at $1,500
2 at $1,380
36 at $1,200
Total

4, 500. 00
2, 820. 00
2, 400. 00
3, 720. 00
5, 400. 00
3, 240. 00
25, 500. 00
2, 760. 00
43, 200. 00
93, 540. 00

MESSENGERS

1 at $1,700
1 at $1,550
2 at $1,500
9 at $1,320
1 at $1,200
1 at $1,100
1 at $1,000
1 at $900

1, 700. 00
1, 550. 00
3,000. 00
11, 880. 00
1, 200. 00
1, 100. 00
1,000.00
900. 00

Total

22,330.00
CHARWOMEN

5 at 45 cents per hour
Grand t o t a l - . - -




2, 734. 20
„

549, 556. 95

234

ANNUAL REPORT OP THE FEDERAL RESERVE BOARD

RECEIPTS AND DISBURSEMENTS OF THE FEDERAL
RESERVE BOARD
RECEIPTS AND DISBURSEMENTS OF THE FEDERAL RESERVE BOARD FOR THE YEAR

1929
Balance Jan. 1,1929:
Available for general expenses of the board
Available for expenses chargeable to Federal reserve banks

$85,252.83
41,786. 78

Total

-

$127,039.61

RECEIPTS

Available for general expenses of the board:
Assessments on Federal reserve banks for estimated general
expenses of the board
Reimbursement of expenditures during 1928
_
Subscriptions to Federal Reserve Bulletin
Miscellaneous receipts, refunds, and reimbursements
Reimbursement on account of bank examinations
Total receipts available for general expenses of the board
Available for expenses chargeable to Federal reserve banks:
Assessments on Federal reserve banks for—
Cost of preparing Federal reserve notes
Expenses of leased-wire system
Expenses of private telephone lines
Miscellaneous expenses

$781,644.33
51.23
5,236.79
3,586.09
1,741.53
$792,259. 97
2,746,884.16
201,012.02
27,582.72

Total receipts available for expenses chargeable to Federal reserve
banks
2,975,478.90
Total receipts

_

_

3, 767,738.87

Total available for disbursement

3,894,778.48
DISBURSEMENTS

For general expenses of the board:
Expenses for 1928 paid in 1929
Expenses for 1929 (per detailed statement)
$770,716.66
Less accounts unpaid Dec. 31. 1929 (estimated)... 17,236.29
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:
Cost of preparing Federal reserve notes
Expenses of leased-wire system
Expenses of private telephone lines
Miscellaneous expenses

$16,561.13
753,480. 37
96.24
4.58
770,142.32
2,678,327.23
205,874.35
27,582.72
5,345.34

Total disbursements for expenses chargeable to Federal reserve banks T .._ 2,917,129.64
Total disbursements

3,687,271.9f-

Balance Dec. 31,1929:
Available for general expenses of the board, ] 930, and accounts unpaid Dec.
31,1929, after adjustment for leased-wire service
Available for expenses chargeable to Federal reserve banks unpaid Dec. 31,
1929, after adjustment for leased-wire service
Total balance




,

85,814.96
121,691.56
207,506.52

DETAILED STATEMENT OF EXPENSES OF THE FEDERAL RESERVE BOARD,

Total

January

February

March

April

May

June

July

B

1929

August

September

October

November

December

PERSONAL SERVICES
Board members and their staff
Office of the 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
_
Charwomen
General
Total

$103,073.34 $8,416.65 $8,416.66 $8,583.36 $8,583.31 $8,583.33 $8,583.36
104,984.41 8,976.73 8,937.83 8,757. 77 8,635.07 8.641.16 8, 640. 52!
36,020.00 3,001.65 3,001.66 3,001. 69 3,001.65 3,001.66 3,001. 69j
941.67
941. 67
941. 66
941. 66
941. 67
11,218. 33
941. 67
92,231.95 7, 791.59 8,041.69 8,041. 72 7,691.59 7,691. 69 7,691.72J
70,504.60 5,702.15 5,823.34 5,916. 74 5,916. 58 6,005. 28 5,913.41|
108,723. 76 8,230.58 8,624.18 8,811.74 8,820.91 8,891. 68 9, 230. 841
68,840.02i 4,068.17 4,108.33 4,130. 00 4,407.501 4.409.17 4,405.00
21,605. 34 1, 785.81 1,785.84; 1, 785. 85 1,785.81 1,785. 84 1, 785. 85
225.00
207.00:
234. 00
2, 734. 20
225.00
232. 20
234. 00
5,176.96
1,500. 00
754.17

$8, 698.31 $8,648. 32 $8,640.04 $8,639.97
8, 714.90 8,772. 75 8,717.43 8, 745. 74
3,001. 65 3,001. 66 3,001.69 3,001. 65
941.67
941.66
860. 00
941.66
7, 691. 59 7,691.69 7,627.84 7,737.43
5, 871. 02 5,866.68 5,866. 74 5,866. 58
9, 806.57 9,838. 35 9,630.91 9,383. 24
5,430.85 7,326. 70 7,745. 03 7,511. 71
1, 785. 81 1, 785.84 1,773. 36 1,838. 31
216.00
243.00
234.00
243.00
2,922. 79

8.717.33
3,001. 66
941.67
7,850.02
5,878.35
8,913.35
7.668.34
1,846.17
225.00

$8,640.04
8,727.18
3,001. 69
941.67
6,683.38
5,877. 73
8,541.41
7, 629.22
1,860.85
216.00

625,112.91 49,901. 36 49,888.20, 50,195.54 50,018.08| 50,185.48 51,919.06 52,176. 36 54,034. 99 54,160. 71 56,832. 08 53, 681.88 52,119.17

NONPERSONAL SERVICES
Transportation and subsistence:
Board members and their staff
Office of the secretary
Office of general counsel..
Division of examination
Division of research and statistics
All other divisions, including local car
fare
Communication service:
Telephone
Telegraph
Postage.-.
__
Printing, binding, etc
Repairs
Heat, light, and power.
Miscellaneous, unclassified
Equipment rental
Supplies, stationery and office
Equipment, furniture and office
Books and periodicals
Rent
:

Total
Grand total.




3, 252. 01
92.81
57,498.45
1,017.47
2,847.93
7,529. 02
4,634.15
712. 70
38, 729.44
554. 78
871. 21
1,331.49
36.00
4,946.97
3,060.69
2,488. 63
16,000.00

16.84

716. 02

273. 24

270. 28

436. 52

202.18

48.70

304.99

118. 55

4,110.781 5,718.31 3,809. 20
160.12!
80. 72
56.19

92.81
4, 586. 70
155.00

9,179. 50
33.24

6,859. 84
69.99

3, 205. 05

1,875.90
33.58

5,067. 26
188.98

4,584.47
144.12

3,394.16
95. 53

269. 59

210.00

481. 36

194.15

130.13

284. 24

266.14

172. 57

642. 47
624. 39
596. 78
582.87
589. 61
544. 56
331.89
279. 75?
236.19
332.86
75.00
69.00
32.001
44.00
73.20
2,864. 79 3,861. 73 6, 794. 56 2,048.40 3,192. 69
51.34
22.50J
89.31
11. 301
49.26
90. 70
90.70
90,69
90.69
95. 231
71.17;
187.82
58.92
132.19
3.00
3.00|
3.00
3.00
3.00
87.60 1,850. 35
41.37
57.14
99.35
359. 34
187. 24
486. 56
486.
129.00
56.99
138. 76
1,395.16
52.00
90.93
1,333. 33 1,333. 33: 1, 333. 34 1, 333. 33 1, 333. 33

577. 75
541. 56
36.00
3, 204.19
50.23
39.81
82.28
3.00
801. 65
2.76
507.81
1, 333. 34

697. 02
569.96
321. 31
285. 03
67.00
70.00
2, 377.44 3,042. 95
9.50
58.76
38.22
38.22
138. 58
55.01
3.00
3.00
229.17!
209.37
84. 83j
91.23
107. 01
18.00
1, 333. 33 1, 333. 33

671.47
550.00
52.00
2, 214.33
92.41
38.23
129.06
3.00
379. 84
13.70
19.65
1, 333. 34

690.44
325.00
64.50
2,538. 26
24.55
87.75
41.49
3.00
24.89
13.96
27.37
1,333. 33

636. 26
321.00
74.00
3,790.10
24.00
87.75
112. 02
3.00
82.42
579.48
38.56
1,333. 33

650.00
565. 00
56.00
2,800.00
71.62
87.76
227. 72
3.00
1,083.82
626.29
36.39
1,333. 34

354.95
5,107. 28
140.40

407.59

40.62

102.15

297.43

145,603. 75 13,119.95 11,514.00 18,005.15

361.30

9, 320.94 11,862.96 16,876. 36 12, 838. 53

770, 716. 66 63,021. 31 61,402.20 68,200.69 59, 339. 02 62,048.44

9,859.93

7, 738.82 10, 763. 72 12, 381.64 11, 321. 75

>8, 795.42 65,014.89 63,894.92 61,899. 53 67, 595.80 66,063. 52 63,440.92

236

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

SALARIES OF NATIONAL BANK EXAMINERS
[As of December 31, 1929]
DISTRICT N O . 1—BOSTON

F. D. Williams, chief examiner
$12,000
1 examiner, at $6,800; 1 examiner, at $5,000; 1 examiner, at $4,800;
1 examiner, at $4,500; 2 examiners, at $4,200; 1 examiner, at $3,900;
2 examiners, at $3,000. Total, 9 examiners
39, 400
DISTRICT N O . 2—NEW YORK

0. T. Reeves, jr., chief examiner
20, 000
1 examiner, at $6,800; 1 examiner, at $6,500; 3 examiners, at $6,000;
2'examiners, at $5,000; 1 examiner, at $4,800; 4 examiners, at $4,000;
1 examiner, at $3,900; 2 examiners, at $3,800; 1 examiner, at $3,600;
4 examiners, at $3,300; 2 examiners, at $3,000. Total, 22 examiners- _ 96, 400
DISTRICT NO. 3—PHILADELPHIA

S. L. Newnham, chief examiner
15, 000
1 examiner, at $6,500; 1 examiner, at $6,000; 1 examiner, at $5,800; 1
examiner, at $5,500; 1 examiner, at $4,800; 1 examiner, at $4,500;
2 examiners, at $4,200; 1 examiner, at $4,000; 4 examiners, at $3,600;
1 examiner, at $3,000. Total, 14 examiners
62, 900
DISTRICT NO. 4—CLEVELAND

William Taylor, chief examiner
9, 000
1 examiner, at $6,500; 1 examiner, at $6,000; 1 examiner, at $5,100; 2
examiners, at $4,500; 1 examiner, at $4,200; 1 examiner, at $4,000;
f]
2 examiners, at $3,900; 1 examiner, at $3,600; 3 examiners, at $3,300;
§|2 examiners, at $3,000. Total, 15 examiners
62, 100
DISTRICT N O . 5—RICHMOND

R. W. Byers, chief examiner
10, 000
2 examiners, at $4,800; 3 examiners, at $4,500; 4 examiners, at $4,200;
1 examiner, at $3,900; 2 examiners, at $3,600; 1 examiner, at $3,000.
Total, 13 examiners
54, 000
DISTRICT NO. 6-—ATLANTA

E. D. Robb, chief examiner.
12, 000
1 examiner, at $6,300; 1 examiner, at $5,000; 1 examiner, at $4,700; 2
examiners, at $4,500; 1 examiner, at $4,200; 2 examiners, at $3,600.
Total, 8 examiners
36, 400
DISTRICT N O . 7—CHICAGO

A. P. Leyburn, chief examiner
12, 000
1 examiner, at $6,200; 1 examiner, at $6,000; 1 examiner, at $5,700;
2 examiners, at $5,000; 1 examiner, at $4,800; 1 examiner, at $4,200;
1 examiner, at $4,100; 1 examiner, at $4,000; 1 examiner, at $3,900;
2 examiners, at $3,600; 1 examiner, at $3,500; 2 examiners, at $3,300;
3 examiners, at $3,000; 3 examiners, at $2,700. Total, 21 examiners. 83, 300
DISTRICT N O . 8—ST. LOUIS

J. S. Wood, chief examiner
15, 000
2 examiners, at $5,800; 1 examiner, at $5,300; 1 examiner, at $4,200;
3 examiners, at $3,900; 1 examiner, at $3,300; 2 examiners, at $3,000.
Total, lOexaminers
42, 100
DISTRICT NO. 9—MINNEAPOLIS

1. D. Wright, chief examiner
10, 000
2 examiners, at $4,500; 2 examiners, as $4,200; 2 examiners, at $3,900;
1 examiner, at $3,600; 1 examiner, at $3,300; 1 examiner, at $3,000;
2 examiners, at $2,700. Total, 11 examiners
40, 500
DISTRICT NO. 10—KANSAS CITY

L. K. Roberts, chief examiner
15, 000
1 examiner, at $4,800; 3 examiners, at $4,200; 1 examiner, at $4,000;
4 examiners, at $3,600; 2 examiners, at $3,300; 5 examiners, at $3,000.
Total, 16examiners
57,400




SALARIES OF NATIONAL BANK EXAMINERS

237

DISTRICT NO. 11—DALLAS

R. H. Collier, chief examiner
$13, 000
3 examiners, at $6,000; 1 examiner, at $5,000; 2 examiners, at $4,500;
1 examiner, at $4,400; 1 examiner, at $4,200; 1 examiner, at $3,600;
2 examiners, at $3,300; 3 examiners, at $3,000. Total, 14 examiners. _ 59, 800
DISTRICT NO. 12—SAN FRANCISCO

T. E. Harris, chief examiner
15, 000
1 examiner, at $7,000; 1 examiner, at $6,500; 1 examiner, at $5,800;
3 examiners, at $5,000; 1 examiner, at $4,300; 1 examiner, at $4,200;
4 examiners, at $3,600; 6 examiners, at $3,300; 1 examiner, at $3,000;
2 examiners, at $2,700; 1 examiner, at $2,500. Total, 22 examiners-.. 87, 900
Total, 175 examiners
'-- 722, 200
RECAPITULATION

Examining staff, Office of Comptroller of the Currency:
Assistant chief examiners, at $9,000
National bank examiners—•
At $10,000
At $6,500
At $5,000

3
1
1
2

Total
Chief examiners of districts—
At $20,000
At $15,000
At $13,000_
At $12,000
At $10,000 ___ _. ___ ___
At $9,000
Total
Other examiners—
At $7,000
At $6,800
At $6,500
At $6,300
At $6,200
At $6,000
At $5,800
At $5,700
At $5,500
At $5,300
At $5,100
At $5,000
At $4,800
At $4,700
At $4,500
At $4,400
At $4,300
At $4,200____
At$4,100___
At $4,000
At $3,900
At $3,800
At $3,600
At $3,500
At $3,300
At $3,000
At $2,700
At $2,500
Total
Total examining staff 1
Total salaries
..

7 $53, 500
1
4
2
2
2
1
12 159, 000

_

...

_ _

,

1
2
4
1
1
9
4
1
1
1
1
10
7
1
13
1
1
19
1
8
11
2
22
1
21
23
7
1
~176 722, 200
194
934, 700

i In addition tnere are 10 national-bank examiners not receiving salaries who are acting as receivers or are

Digitized forunassigned.
FRASER


238

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

DIRECTORY OF THE FEDERAL ADVISORY COUNCIL
[For the year 1929]

District No. 1.—ARTHUB 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,
111.
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 BANE 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
Ohas. H . Manchester

Term
expires
Dec. 31

Residence

_

1929
1930
1931

Boston, Mass
Rumford, Me
_
New Britain, Conn
East Walpole, Mass
_ Boston, Mass
Springfield, Vt
Boston, Mass
Concord, N . H
Providence, R. I

_

_

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

Ithaca, N . Y
Hoosick Falls, N . Y_.
New York, N . Y
..do.
.do.
.do.
do
Greenwich, Conn.
New York, N . Y . ,

1929
1930
1931
1929
1930
1931
1929
1930 j
1931

i For directors elected in December, 1929, for the 3-year term beginning Jan. 1, 1930, see Federal
Reserve Bulletin for January, 1930.




239

GOVEENOKS AND DIRECTORS
DISTRICT NO. 2—FEDERAL RESERVE BANK OF NEW YORK—Continued
BUFFALO BRANCH
R. M. O'HARA, Managing Director
Director

Term
expires
Dec. 31

Residence

R. M. O'Hara
F. B. Cooley
Harry T. Ramsdell
Arthur G. Hough
Geo. F. Rand
Qeo. G. Kleindinst
J. T. Symes.

Buffalo, N. Y.
do
do
Batavia, N. Y_.
Buffalo, N. Y._.
do
Lockport, N. Y .

_

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, Pa
Hastings, Pa
Philadelphia, Pa
Camden> N. J
Philadelphia, Pa
....do
do
Bridgeville, Del..

1929
1930
1931

-

..

1929
1930
1931
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
Chess 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
Cincinnati, Ohio.
Columbus, Ohio..
Erie, Pa
Cleveland, Ohio..
Toledo, Ohio
Cleveland, Ohio..

1929
1930
1931
1929
1930
1931
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, P a . . .
Wheeling, W. Va.
Pittsburgh, Pa....
do
....do

1929
1929
1929
1930
1930
1931
1931

240

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. HoxtonFrederic A. Delano.
Robert Lassiter
_

Alderson, W. Va
Baltimore, Md
Rocky Mount, N. C

1929
1930
1931

Hartsville, S. C
Roanoke, V a . . .
Washington, D. C

1929
1930
1931

_

Richmond, Va
Washington, D. C
Charlotte, N. C

1929
1930
1931

_

B A L T I M O R E 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, M d .

_

1929
1929
1929
1930
1930
1931
1931

C H A R L O T T E BRANCH
HUGH LEACH, Managing Director
Hugh Leach.
W. J. R o d d e y - . . .
Chas. A. Cannon.
Robert Gage
John A. Law
W. H. Wood
Jno. L.Morehead..

Charlotte, N. C
Columbia, S. C .
Kannapolis, N. C_.
Chester. S. C
Spartanburg, S. C_
Charlotte, N. C . . .
do

I

1929
1929
1929
1930
1930
1931
1931

DISTRICT NO. 6—FEDERAL RESERVE BANK OF ATLANTA
OSCAR NEWTON, Chairman and Federal Reserve Agent. W. H. KETTIG, Deputy Chairman.
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.

E. R.

I
_

_

Leesburg, Fla.
Atlanta, Ga
Selma, Ala
New Orleans, La
Decatur, Ga.
Nashville, Tenn_
Atlanta, Ga
do__
Birmingham, Ala

_

J

_

1929
1930
1 1931
i
!
I
!
I

1929
1930
1931
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...
i
do
Hattiesburg, Miss,
Mobile, Ala..
I New Orleans, La__
do__
I
do

1929
1929
1929
1930
1930
1931
1931

241

GOVERNORS AND DIRECTORS
DISTRICT NO. 6—FEDERAL RESERVE BANK OF ATLANTA—Continued
BIRMINGHAM BRANCH
A. E. WALKER, Managing Director

Term
expires

Residence

Director

Dec. 31

A. E. Walker
Oscar Wells
W. W. Crawford
E. F. Allison
Walter E. Henley
W. H. Kettig
John H. F r y e . .

Birmingham, Ala
do
do__
Bellamy, Ala_
Birmingham, Ala
. do
do__

-

JACKSONVILLE

1929
1929
1929
1930
1930
1931
1931

_
_

BRANCH

W. S. M C L A R I N , Jr., Managing Director
Jacksonville, F l a .
do
.....do
Sanford, Fla
Jacksonville, Fla..
do
_.
Leesburg, Fla

W. S. McLarin, jr .
Fulton Saussy
Edward W. L a n e . .
S. 0 . Chase
A. F . P e r r y . .
J. C. Cooper
G. G. Ware

1929
1929
1929
1930
1930
1931
1931

NASHVILLE BRANCH
JOEL B. FORT, Jr., Managing Director

Joel B. Fort, jr..
P. M. Davis
E. A. Lindsey__
Wm. P. Ridley
J. E. Caldwell
Luke Lea
J. B. Ramsey

_

...I
:
!
!

_

Nashville, Tenn_
do.
do
Columbia, Tenn
Nashville, Tenn.
do
Knoxville, Tenn

1929
1929
1929
1930
1930
1931
1931

_
_

DISTRICT NO. 7—FEDERAL RESERVE BANK OF CHICAGO
WILLIAM A. HEATH, Chairman and Federal Reserve Agent. JAMES SIMPSON, Deputy Chairman.
B. MCDOUGAL, 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 . .

Waterloo, Iowa
Chicago, 111
Waukesha, Wis

._

1929
1930
1931

_

Decatur, Ill__ _
Milwaukee, Wis
Detroit, Mich__

_

_ Chicago, 111
do
Muncie, Ind
DETROIT

JAMES

1929
1930
1931
1929
1930
1931

_

BRANCH

W M . R. CATION, Managing Director

W m . R. C a t i o n .
N . P . Hull

Julius H. Haass
David McMorran..
Geo. B . Morley
James Inglis
W m . J. G r a y .




_
_

_

.. .

_

Detroit, Mich
Lansing, M i c h . .
Detroit, M i c h . . .
Bay City, Mich
Saginaw, Mich
Detroit, Mich
do

_

_
_ _ _.

1929
1929
1929
1930
1930
1931
1931

242

\NNUAL REPORT OF THE FEDERAL RESERVE BOARD
DISTRICT NO. 8—FEDERAL RESERVE BANK OF ST. LOUIS

ROLLA WELLS, Chairman and Federal Reserve Agent. JOHN W. BOEHNE, Deputy Chairman.

WILLIAM

McC. MARTIN, Governor.

Director

Class A:
John G. Lonsdale
Max B. Nahm
John C. Martin
Class B:
Vacancy
J. W. Harris
W. B. Plunkett
Class C:
John W. Boehne
Rolla Wells
PaulDillard

Residence

Term
expires
Dec. 31

St. Louis, Mo
Bowling Green, Ky
Salem, 111
St. Louis, Mo
Little Rock, Ark
_

1929
1930
1931
1929
1930
1931

Evansville, Ind
St. Louis, Mo
Memphis, Tenn

1929
1930
1931

LOUISVILLE 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 .
.do.
Frankfort, K y . .
Lucas, Ky
Boonville, Ind..
Louisville, Ky..
Greenville, Ky..

1929
1929
1929
1930
1930
1931
1931

M E M P H I S 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....
Clarksdale, Miss..
Memphis, Tenn...
Forrest City, Ark.
Memphis, Tenn...

1929
1929
1929
1930
1930
1931
1931

L I T T L E ROCK BRANCH
A. F . BAILEY, Managing Director
A. F . Bailey
G. H. Campbell....
Stuart Wilson
Hamp Williams....
John M. Davis
Moorhead WrightJo Nichol

Little Rock, Ark.
.do_.
Texarkana, Ark . .
Hot Springs, Ark.
Little Rock, Ark..
do
Pine Bluff, Ark...

1929
1929
1929
1930
1930
1931
1931

DISTRICT NO. %—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
Vacancy
Class C:
John R. Mitchell
Homer P. Clark
Geo. W. McCormick




Aberdeen, S. Dak . . .
Park River, N. Dak.
Minneapolis, M i n n . .

1929
1930
1931

Helena, Mont
Eau Claire, Wis

1929
1930
1931

Minneapolis, Minn
St. Paul, Minn
Menominee, Mich

1929
1930
1931

243

GOVEKNOKS AND DIRECTORS
DISTRICT NO. 9—FEDERAL RESERVE BANK OF MINNEAPOLIS—Continued
HELENA BRANCH
R. E. TOWLE, Managing Director

Director

Term
expires
Dec. 31

Residence

Helena, Mont
. . . . do
do
Butte, Mont
Helena, Mont

R. E. Towle
Henry Sieben
T A. Mariow
C. J. Kelly..:
Samuel McKennan

_.

._ _

_

1929
1929
1929
1930
1930

DISTRICT N O . 10-FEDERAL RESERVE BANK OF KANSAS CITY
M. L. M C C L U R B , Chairman and Federal Reserve Agent. W M . L. PETRIKIN, Deputy Chairman.
W. J. BAILEY, Governor
Class A:
E. E. Mullaney
C. C. Parks
Frank W. Sponable..
Class B :
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

1929
1930
1931
1929
1930
1931

_

do
Grand Island, Nebr..
Denver, Colo

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
Omaha, Nebr..
Lincoln, Nebr..
Omaha, Nebr.
Bennington, Nebr
Nebraska City, Nebr.
Omaha, Nebr
Cheyenne, Wyo

L. H. Earhart
Wm. E . H a r d y .
T. L. Davis
W. W. Magee...
R. O. Marnell...
Wm. Diesing....
A. H . M a r b l e . . .

1929
1929
1929
1930
1930
1931
1931

OKLAHOMA CITY BRANCH
C. E . DANIEL, Managing Director
C. E . Daniel
Austin Miller
Walter Ferguson
J. B . Doolin
William Mee
W. F . Nichols
Ned Holman




.

.

Oklahoma City, Okla._
do.._
Tulsa, Okla
Alva, Okla
Oklahoma City, Okla
Tulsa, Okla
Guthrie, Okla

_

1929
1929
1929
1930
1930
1931
1931

244

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

Term
expires

Residence

Dec. 31

Class A:
Howell E. Smith
J. H. Frost
W. H. Patrick
Class B:
J. J. Culbertson
J. R. Milam
A. S. Cleveland
Class C:
Clarence E. Linz
S. B. Perkins
C. C. Walsh...

McKinney, Tex
San Antonio, Tex
Clarendon, Tex
Paris, Tex
Waco, Tex
Houston, Tex
Dallas, Tex
do ..
do

_

1929
1930
1931

_

1929
1930
1931

_

1929
1930
1931

EL PASO BRANCH
W. O. FORD, Managing Director
W. 0. 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...
El Paso, Tex
. . ..do
do...

.... _

1929
1929
1929
1930
1930
1931
1931

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

1929
1929
1929
1930
1930
1931
1931

do

SAN ANTONIO BRANCH
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
McAUen, Tex
San Antonio, Tex
do
Del Rio, Tex
San Antonio, l e x
.do

._

1929
1929
1929
1930
1930
1931
1931

.
_

D I S T R I C T N O . 12—FEDERAL R E S E R V E BANK O F SAN F R A N C I S C O
ISAAC B . N E W T O N , Chairman and Federal Reserve Agent.

WALTON N . M O O R E , D e p u t y C h a i r m a n .

J. U. C A L K I N S , Governor

Class A:
T . H . Ramsay
Vernon H . Vawter

C. K. Mclntosh
Class B:
A. B. C. Dohrmann
Malcolm McNagh ten
E. H. Cox
Class C:
Isaac B. Newton
Walton N. Moore...
Wm. Sproule




_

Red Bluff, Calif
Medford, Oreg
San Francisco, Calif.
do
Los Angeles, Calif. _
Madera, Calif
San Francisco, Calif
. . .do
do

_._

1929
1930
1931
1929
1930
1931
1929
1930
1931

245

GOVERNORS AND DIRECTORS
DISTRICT NO. 12—FEDERAL RESERVE BANK OF SAN
PORTLAND

FRANCISCO—Continued

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. Shaw.
Chas. H. Clarke
M. A. Arnold
Henry A. Rhodes
M. F . Backus

Seattle, Wash
_. .do
do
Tacoma, Wash
Seattle, Wash

*

1929
1929
1929
1930
1930

SPOKANE BRANCH
D. L. DAVIS, Managing Director
Spokane, Wash.
do
...do.
Hooper, W a s h . .
Spokane, Wash.

D. L. Davis
G. I. Toevs
D. W. T w o h y . . .
Peter McGregor..
R. L. Rutter

1929
1929
1929
1930
1930

SALT LAKE C I T Y B R A N C H
W. L. PARTNER, Managing Director

Salt Lake City, Utah,
.do..
Ogden, Utah
Salt Lake City, Utah.
do

W. L. Partner
Lafayette Hanchett.
Chas. H. Barton
L. H. Farnsworth...
G. G. Wright

1929
1929
1929
1930
1930

LOS A N G E L E S B R A N C H
W. N . AMBROSE, Managing Director
W. N. Ambrose
W. L. Valentine
F. J. Belcher, jr
J.B.Alexander
. . .
Henry M . Robinson




. . .

. . .

..

Los Angeles, Calif.
Fullerton, Calif
San Diego, Calif
Los Angeles, Calif...
...
do

1929
1929
1929
1930
1930

246

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

SALARIES OF OFFICERS AND EMPLOYEES OF FEDERAL
RESERVE BANKS
ALL FEDERAL RESERVE BANES AND BRANCHES COMBINED
Number

Annual salaries

Officers and employees
1929

Officers:
Chairman and Federal reserve agent
Governor
Other officers
Employees by departments:
Banking department
Federal reserve agents' departmentAuditing department
_
Fiscal agency department
Total.

1928

1929

1928

12
12
241

12
12
242

$278,000
355,000
2,006,350

$278,000
331,500
1,924,230

8,978. 7
278.9
194.5
268.9

8,925.4
289.9
198
309.7

13,212,434
664,674
439, 886
509,888

12,985,500
702,056
443,086
559,139

17,466,232

17,223,511

$20,000
30,000
78,750

$20,000
25,000
75,000

9,986

FEDERAL RESERVE 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
_
_
_

707

650
30
10
25

931,050
69,310
24,400
47,700

871,360
72,400
23,980
49,800

779

725

1,201,210

1,137, 540

FEDERAL; RESERVE BANK OF NEW YORK (INCLUDING BUFFALO BRANCH)
Officers:
Chairman and Federal reserve agent
Governor
__
Other officers
_
Employees by departments:
Banking department
Federal reserve agent's department..
Auditing department
Fiscal agency department
..

$50,000
50,000
426,100

1
1
29

$50,000
37,000
412,700

2,282
61
39
35

3, 556,932
149,100
84,190
74,710

3, 513,571
147,450
95,960
77,640

2,451

Total

2,305
63
42
40
2,482

4,391,032

4,334,321

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
Total




\

|

1
1
10

1
1
10

$20,000
30,000
93,000

$20,000
27,000
92,500

j
;
•
i
j

627
31
25
17

623
29
25
21

901,106
70,852
54, 550
29,646

888,106
71,776
53,350
34,454

I

712

710

1,199,154

1,187,186

247

FEDERAL RESERVE BANK SALARIES

FEDERAL RESERVE BANK OF CLEVELAND (INCLUDING CINCINNATI AND PITTSBURGH
BRANCHES)

Annual salaries

Number
Officers and employees
1929

Officers:
Chairman and Federal reserve agent
Governor
Other officers
Employees by departments:
Banking department
Federal reserve agent's department
Auditing department
Fiscal agency department

i
I
!
J

1
1
19

1
1
19

822. 5
25
20. 5
25

918

$20,000
30,000
165, 800

$20, 000
30,000
167,800

1,237,344
69, 740
59, 476
54,140

817
28
22
30

914

Total-

'
!

1928

1929

1928

1, 650, 920

1, 636, 500

FEDERAL RESERVE BANK OF RICHMOND (INCLUDING BALTIMORE AND CHARLOTTE
BRANCHES)

Officers:
Chairman find Federal reserve agent
Governor
Other officers
Employees by departments:
Banking department
Federal reserve agent's department..
Auditing department
Fiscal agency department
Total

934,270

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

$20, 000
25, 000
159, 280
461, 805
20, 610
21, 480
16, 645

TotaL

24, 820

FEDERAL RESERVE BANK OF CHICAGO (INCLUDING DETROIT BRANCH)

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

90182—30




17

$24, 000
35, 000
253, 200

$24,000
35, 000
253, 050

1, 945, 722
69, 620
49, 240
94, 900

1, 890, 832
98, 860
45,120
107, 720

2,471, 682

2, 454, 582

248

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

FEDERAL RESERVE BANK OF ST. LOUIS (INCLUDING LITTLE ROCK, LOUISVILLE AND
MEMPHIS BRANCH)
Number

Annual salaries

Officers and employees
1929

Officers:
Chairman and Federal reserve agent.
Governor
Other officers
F^mployees by departments:
Banking department
Federal reserve agent's department...
Auditing department
Fiscal agency department
Total,

1929

1928

1928

1
1
20

1
1
20

$20,000
25, 000
132, 900

$20, 000
25, 000
127, 400

461
15
13
21

465
15
13
23

597, 264
4.0, 020
22, 360
36, 820

593, 791
37, 920
21,920
39,160

874, 364

865, 191

532

FEDERAL RESERVE BANK OF MINNEAPOLIS (INCLUDING HELENA BRANCH)
Officers:
Chairman and Federal reserve agent.
Governor
Other officers
Employees by departments:
Banking department
Federal reserve agent's d e p a r t m e n t Auditing department
Fiscal agency department

1
1
12

Total.

$20, 000
25, 000
73, 300

$20, 000
22, 500
79, 800

261.7
11
11
15.3

365, 812
24,360
22,500
24, 090

368,
21,
23,
25,

314

241
11
10
13

1
1
13

555, 062

562, 220

522
900
640
858

FEDERAL RESERVE BANK OF KANSAS CITY (INCLUDING DENVER, OKLAHOMA CITY,
AND OMAHA BRANCHES)
Officers:
Chairman and Federal reserve agent_
Governor
Other officers
Employees by departments:
Banking department
Federal reserve agent's d e p a r t m e n t Auditing department
Fiscal agency department

Total,

1
1
20

1
1
19

$20, 000
25, 000
145, 200

$20, 000
25,000
124, 900

536.1
12
17
26.9

516.1
13
17
35.9

784, 158
27,140
36, 360
49, 682

748, 759
30, 800
35,160
61,802

614

603

1, 087, 540

1, 046,421

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

1 I
1j
18 |
366

15 i
17 ;
433

Total

$20, 000
25, 000
124, 500

$20, 000
25, 000
110, 300

546, 000
37,140
32, 660
37, 540

541, 060
40, 300
31, 080
34,800

822, 840

802, 540

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:
B anking department
Federal reserve agent's d e p a r t m e n t Auditing department
Fiscal agency department

Total _



1
1
29

1
1
30

$24,000
30, 000
194, 600

728
29
8
18

782
27
7
22

1,122,450
70, 920
18, 720
34, 830

1,172,
65,
15,
38,

814

870

1, 495, 520

1,537,920

$24, 000
30, 000
192, 000
640
400
300
580

STATE BANK MEMBERSHIP

249

STATE BANK AND TRUST COMPANY MEMBERS
The following is a list of 1,119 State bank and trust company
active members of the Federal reserve system on December 31,
1929, 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]
Loans

Investmerits

Total
deposits

Surplus

DISTRICT NO. 1
CONNECTICUT
4,071
25,315
4,001
1,845
8,051

530
613
1,107
86
1,688

4,082
31, 285
5, 585
1,802
7,189

300
1,600
1,000
200
1,000

2, 400
700
100
2, 500

1,843
1,263

Bristol—Bristol-American Bank & Trust Co
Hartford—Phoenix State Bank & Trust Co
New Britain—New Britain Trust Co
South Manchester—Manchester Trust Co
Waterbury—Colonial Trust Co

1,564
859

3,470
2,017

100
100

100
100

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
Day Trust Co
Exchange Trust Co
New England Trust Co
Old Colony Trust Co
State Street Trust Co_
United States Trust Co
CambridgeHarvard Trust Co
Inman Trust Co
Fall River—B. M. C. Durfee Trust Co..__
Gloucester—Gloucester Safe Deposit & Trust Co
Greenfield—Franklin County Trust Co
Lawrence—Merchants Trust Co
LynnSagamore Trust Co
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

3,256

3,956

200

3,468
697
2,391
2,812
4,747
2,910
5,582
3,255
12,156

27, 292
6,561
35, 079
1,836
17, 053
39, 790
16, 797
65, 921
20,782

1,500
1,000
3,000
2,500
1,500
1,200
5,000
3,000
2,500

14, 689
3,000
10, 078
4,475
5,409
5,721

2,855
666
3,146
998
711
1,621

17, 801
3,640
11,540
5,700
5,815
8,284

750
200
1,200
200
400
300

1,979
7,192
11,332
3,475
4,249
4,315
6,987
1,150

612
880
3,571
2,350
1,248
1,530
1,393
1,105
11,547

2,748
7,991
14, 250
5,535
5,165
5,961
7,888
2,156
32, 290

200
200
750
300
300
250 .
400 I
100 I
2,000

90
300
750
300
300
350
400
100
2,000

320

_

735

21,535
6,276
34, 093
1,382
13,457
32,769
19,615
54,406
12,538

1,313

1,428
49,444
38, 581
6,895

3,139
137, 632
97, 420
27,150

200
4,000
3,000
1,000

80
7,500
7,000
1,000

1,103
1, U28
5, 395
247
931
519
382

5, 635
10,014

500
400

500
(KK)

14, 655
1, 093
3,386
1,553
1,783

1, 250
100
200
100
100

N50
50
100
75
100

23,393

200
2, 000
375
3,000
257
1. 500
2,800
5,000
3, 500
3,000
550
150
800
200
200
300

NEW HAMPSHIRE

Con way—Carroll County Trust Co
EHODE ISLAND

ProvidenceColumbus Exchange Bank
Industrial Trust Co
_._
Ehode Island Hospital Trust Co
Union Trust Co

1, 965
90, 484
65, 419
19,454

DISTRICT NO. 2
NEW JERSEY

(See also District No. 3)
Asbury Park—Seacoast Trust Co
Bayonne—Bayonne Trust Co
__
Bloomfield—
Bloomfield Bank & Trust C o . . . .
Community Trust Co
Watsessing Bank
_
ogota—Bank of Bogota
Boonton—Boonton Trust Co
Digitized forB
FRASER



8,194

_

9,113
913
2,309
966
1,446

250

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
[In thousands of dollars]
Investments

Total
deposits

Capital

Surplus

DISTRICT NO. 2—Continued
NEW JERSEY—continued
Carteret—Carteret Trust Co
Cranford—Cranford Trust Co
Dunellen—People's Trust Co
East Orange—
East 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—People's Trust & Guaranty Co
Hasbrouck Heights—Bank of Hasbrouck Heights..
Hoboken—Jefferson Trust Co
Jersey CityCommercial Trust Co
New Jersey Title Guarantee & Trust Co
Linden—Linden Trust Co
Montclair—
Bank of Montclair
Montclair Trust Co
Morristown—Morristown Trust Co
NewarkClinton Trust Co
__.
Colonial Trust Co
Columbus Trust Co
Federal Trust Co
Fidelity Union Trust Co
Franklin-Washington Trust Co
Merchants & Newark Trust Co
United States Trust Co
Nutley—Bank of Nutley
Orange—Trust Company 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
RochellePark—Rochelle Park Bank
Rutherford—Rutherford Trust Co
South Orange—South Orange Trust Co
Union City—Hudson Trust Co
Westfield—
Peoples Bank & Trust Co
Westfield Trust Co
West Orange—West Orange Trust Co
Westwood—Westwood Trust Co

654 |
2,492 !
412 |

421
738
193

914
2, 912
629

100
200
100

1,369 !
16, 816

230
6,119

1,603
22, 049

200
1,500

50
1, 800

4, 293
6,367
926
1,146
2,041
11,495
624
7,627

755
1,475
127
1, 516
988
3,847
453
1,318

5,173
7,457
1,024
2,604
2,819
12, 293
1,057
7,765

500
500
100
100
200
1,000
75
800

250
500
50
100
50
650
75
400

51,088 !
29,570
1,023

18,128
7,569
361

73, 097
26, 935
1,395

3,400
2,000
200

6,600
2,000
50

4,833
9,880
6,362

1,897
3,174
5,575

6,409
12, 601
10,744

500
1,250
1,000

300
750
750

6,495
1,424
1,079
28,291
77,159
10, 092
21,177
3,386
2,340
1, 767
279
7,014
7, 843

2,184
403
301
6,648
45, 519
1,343
5, 532
967
604
808
132
1,931
3,412

8,327
1,610
1,327
38, 410
126. 267
12,162
24, 498
2,852
2,846
1,717
419
8,508
11,730

700
300
400
3,900
6,000
1,200
2,500
1,200
200
100
600
750

1,000
150
200
2,700
6,000
500
2,500
820
125
250
25
900
750

5, 452
1,555

2,430
238

9, 550
1,807

300
200

500
150

1,129
1,279
15, 822
1,125

269
396
3,592
578

1, 348
1,502
19, 449
1,449

250
200
650
200

50
80
1,000
100

1,155
1,797
57
2,948
1,042
14, 547

264
672
164
818
600
17, 563

1,428
2,513
179
3,164
1,418
31, 353

- 150
100
50
250
225
1,000

50
150
20
550
113
3,000

4,268
4,038
864
1,204

640
763
317
323

4,786
4, 731
963
1,361

200
300
250
200

300
200
75
125

1,387
20,070
685
3,808
267
1,800
432
8, 627
303

266
9,220
368
2,058
409
770
126
2,493
26

1,559
34,169
4,833
606
2,547
507
10, 226
315

150
1,000
100
200
50
100
50
500
30

/5
1,000
100
500
50
100
50
500
11

81,604
8,485
8,480

35, 586
1, 629
1,235

122, 657
10,429
10,489

8,000
1,250
1,000

18,000
700
450

22,717
28,484
35, 285
128

90,743
121,885
250, 676
503

5,500
6,000
10,000
50

10, 000
20, 000
10,000
34

;
j
!
I

700

25
200
50

NEW YORK
Adams—Citizens Trust Co
Albany—First Trust Co. of Albany
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
Brooklyn—
Brooklyn Trust Co
Globe Bank & Trust Co
Midwood Trust Co
Buffalo—
Liberty Bank of Buffalo
M . & T . Trust Co
Marine Trust Co
Canisteo—First State Bank




\
j
'
-

j
I

76,377
98,360
210,619
;
439
i

j
|
|
!

924

251

STATE BANK MEMBERSHIP
{In thousands of dollars]

Investments

Total
deposits

1,221
417
829
2,293
2, 622
8,014

1,555
100
955
650
619
5,256

2,644
539
1,522
2,723
3,009
11,413

100
50
100
250
175
800

100
25
100
125
75
1,700

3,097
816
741
1,923
1,322
3,284
2,217
1,796
709
2,291
5,306
2,564
675
5,484
871
2,980
1,462
3,183

1, 232
987
396
880
974
1,424
430
794
472
869
2,701
2,453
816
3,473
892
2,920
1,205
1,137
653
237
1,222
2,004
120
101

4, 061
1,647
1,130
2,743
2,109
4,745
1,965
2,524

569
2,224
5,032
1,005
419

100
100
75
100
200
250
350
100
50
100
400
200
100
250
100
350
200
300
50
100
100
300
100
200

100
100
65
50
150
200
250
170
100
250
400
200
50
650
70
350
100
200
100
25
50
150
25
100

10,369
4,457
12, 771
13,649
1,388
136,203 559,995
15, 590
7,404
54,233 396,847
24,439 126, 531
22, 088 225, 813
6,669
615
127, 830 598,326
31,068 337, 472
50,404
15, 961
29, 771
2,943
72, 576 251,777
60, 507 633,497
17,461
4,182
53,325
13, 577
29,266
3,855
16, 949
4,858
242, 389 1,145, 970
15, 655
3,132
9,653
2,220
60,082
11,319
653, 339
78,120 385, 666
1,703
435
9,548
1,326
41,022 305, 928
20,456
2,509
3,956
578
1,627
617
4,115
1,717
5,733
1,122
71,814
19,347
18, 331
4,888
3,753
776
1,352
438
3,429
1, 550
1,130
466
937
576
376
164
1,169
343
3,225
514

650
5,000
2,000
25,000
1,000
22,250
6,000
25,250
1,500
21,000
15,000
10,000
6,000
12,100
50,000
750
6,000
500
2,000
90,000
3,200
1,750
7,189
50,000
27, 500
400
2,000
12, 500
8,000
2,000
700
2,000
660
2,000
1,000
200
100
200
60
100
100
50
200

350
5,000
1,000
50,000
500
30,000
8,000
10,000
750
60,000
15,000
10,000
10,000
14, 300
55,000
750
4,000
2,000
2,000
170,000
5,000
1,450
2,500
65,000
27, 500
150
1,500
25,000
7,100
1,000
350
500
490
20,000
1,000
200
65
120
60
50
25
100
100

4,401
61, 374
6,145

300
2,000
300

200
3,000
300

Loans

Surplus

DISTRICT NO. 2—Continued
NEW YORK—continued

Chatham—State Bank of Chatham
Cohocton—Cohoeton 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
Glovers ville—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 of Lackawanna
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._.
Mount Vernon— Fleetwood Bank
New York—
Amalgamated Bank
American Trust Co
American Union Bank
Bankers Trust Co
Bank of Europe Trust Co
Bank of Manhattan Trust Co
Bank of New York & Trust Co
Bank of United States
Bank of Yorktown
Central Hanover Bank & Trust Co
Chemical Bank & Trust Co
City Bank Farmers Trust Co
Continental Bank & Trust Co
Corn Exchange Bank Trust Co
Equitable Trust Co
Federation Bank & Trust Co
Fidelity Trust Co
Fifth Avenue Bank
Fulton Trust Co
Guaranty Trust Co
International Germanic Trust Co
International-Madison Bank & Trust Co
Interstate Trust Co
Irving Trust Co
Manufacturers Trust Co
Merchants Bank
Murray Hill Trust Co
New York Trust Co
Pacific Trust Co
Plaza Trust Co
J. Henry Schroder Trust Co
Times Square Trust Co
Trade Bank of New York
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
,
Pleasantville—Mount Pleasant Bank & Trust Co__.
Port Chester—Mutual Trust Co. of Westchester
County
Rochester—Lincoln-Alliance Bank & Trust Co
Rome—Rome Trust Co.__
_
-.



455
1,152
3,228
956
506
5,956
41,007
11,667
418,803
8,758
210,421
55,981
198,039
6,517
353, 571
207,977
4, 869
23,069
124,147
461, 433
13,424
36,881
22,891
13,680
815,850
15, 314
8,475
35,192
417, 596
315,408
1,473
10,020
180, 698
20,138
5,483
1,761
4,915
5,165
64,306
13,353
2,938
1,042
1,732
822
556
212
872
2,996
4,299
45,433
4,171

603
7,778
2,132

999
3,042
7,888
4,651
1,445
8,347
1,752
5,051
2,726
3,917
1,165

252

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
[In thousands of dollars]
Investments

Total
deposits

Capital

13,930
797
1,151
622

429
5,303
488
355
161

894
19,316
1,274
1,215
788

200
750
50
200
50

200
1,000
50
65
25

82,204
26,282

14,125
15,925

91,950
37, 111

5,400
' 2, 500

5,400
2,750

14,525
19,922
14,201
693
9,262
1,241
9,881
854

5,102
6,625
3,864
454
2,195
709
1,654
1,004

18,840
21, 337
14,799
1,043
11,111
1,920
10, 513
1,614

1,250
1,500
1,000
100
400
100
500
100

1,250
1, 500
500
50
400
50
1, 500
30

11, 056
7,657
32,001

1,258
2,754
2,790

10,423
8,595
24,248

1,500
1,000
4,000

2,100
1,100
9,500

4,962
3,123
1,022
15,899
887
3,495
1,400
635

1,698
1,019
1,344
10, 244
208
864
228
289
536

6,082
3,903
2,101
23, 940
963
3,724
1,923
861
1,099

300
200
100
1,200
100
300
100
100
100

600
400
300
3,600
50
300
185
60
150

2,001
1,794
2,657
120 I

560
1,079
608
638

2,082
1,480
2,975
708

500
652
400
50

450
805
500
50

1,905
2,718
5,813
278
1,511
6,254
183
500
341
2,736

969
739
2,411
333
1,109
2,093
69
268
238
442

2,740
2,097
5,936
546
2,085
7,475
180
657
537
3,054

375
250
750
125
250
250
50
60
125
300

125
250
1,350
35
600
1,100
25
75
65
200

6,275
3,355

1,391
1.204

3,740
4,886

400
300

800
600

3,469
5,329
2,463
2,152
352
688
6,159
580
450
2,658
830
1,948
280
792

1,702
2,999
2,095
3,028
622
401
4, 629
276
271
472
211
967
80

5,273
6,740
4,332
4,060
752
1,001
8,540
708
656
1,136
720
2,529
397
1,289

400
600
250
250
125
125
375
125
125
200
125
250
50
135

500
1,500
500
1,000
100
85
2,000
125
33
200
75
500
12
135

Surplus

DISTRICT NO. 2—Continued
NEW YORK—continued

Scarsdale—Caleb Heathcote Trust Co
Schenectady—Schenectady Trust Co
Smithtown Branch—Bank of Smithtown
Spring Valley—Ramapo Trust Co
Stony Brook—Bank of Suffolk County
SyracuseFirst Trust & Deposit Co
Syracuse Trust Co
Utica—
Citizens Trust Co
First Bank & Trust Co. of Utica
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
DISTRICT NO. 3

__..

DELAWARE

Wilmington—
Equitable Trust Co
Security Trust Co
Wilmington Trust Co

NEW JERSEY

(See also District No. 2)
Atlantic CityAtlantic 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__
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._
_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
_.




700

253

STATE BANK MEMBERSHIP
[In thousands of dollars]
Investments

Total
deposits

Capita]

1,203
616
851
699

669
412

1,502
699
1,250
808

200
125
150
125

250
125
200
140

1,957
386
497

1, 262
562
439

2,496
889
803

300
180
50

750
36
100

4,123
6,649

2,763
3,790

1,000
1.250

1,000
1,500

1,832
1,514
265
413

2,320
1,498
62
261

6,076
8,757
3,645
2,835
266
594

350
100
35
125

350
300
52
75

32, 562
58,847
36, 231
49, 763
20,404
1,339
131, 973
22,857
163
746
656

8,343
35, 359
36,942
10,316
8,366
677
20, 551
20,253
300
323
716

38, 071
81,129
61.846
50,851
26,499
1,758
158, 699
25,210
443
872
1,142

4.000
6,700
4,000
2,078
1,375
250
6,500
3,200
50
125
125

7,000
21,000
16,000
11, 500
2,700
150
27, 500
12, 260
25
88
275

6,192
3,124
52
1,326
14,148

2,023
824
128
1,030
3,794

6,098
2,998
179
2,104
15, 643

1,000
600
25
125
1,500

1.250
465
10
300
1,750

1,357
754
1,303
1,000
167

675
580
1,202
535
212

1,832
1,182
2,169
1,223
321

125
125
350
150
75

300
125
350

1,518
3,707

660
950
2,603

3,252
1, 936
5,263

500
500
499

1,000
375
1, 693

9,088
5,834
549
3,917

2,758
1,073
335
1,122

10, 772
4,251
835
3, 691

2,000
500
50
500

500
700
400

2,575
191
6,770

1,500
206
1,641

3,608
367
6, 983

500
40
750

650
20
1,500

1,938
1,032

1,014
38

2,832
990

500
150

150
55

27,493
4,340
35, 695
3,002
170
206
1,712
737
583
5,896
2,175

2,948
2,047
6, 966
874
82
76
313
348
159
3,741
943

28,423
6,975
39, 996
4,060
257
298
2, 283
1,099
619
10, 289
3,041

2, 750
200
3,500
250
25
25
100
50
100
500
100

2,250
200
3,000
125
20
8
85
50
23
250
200

5, 332
10,217

1,134
2,572

6,768
14, 682

1,000
.r>00

37S
250

Loans

Surplus

DISTRICT NO. 3—Continued
PENNSYLVANIA—continued

Mahanoy City—Merchants Banking 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 & Merchants Bank
Norristown—
Montgomery Trust Co
Norristown-Penn Trust Co
Olyphant—
Miners Savings Bank
Olyphant Bank__
Orrstown—Orrstown Bank
Paoli—Paoli Bank & Trust Co
PhiladelphiaColonial Trust Co
Fidelity Philadelphia Trust Co..._
Girard Trust Co
Integrity Trust Co
Ninth Bank & Trust Co
Northeast—Tacony Bank & Trust Co
Pennsylvania Co. for Insurance on Lives, etc
Provident Trust Co
Port Carbon—Port Carbon State Bank
Prospect Park—Interboro Bank & Trust Co
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
Shamokin—
Dime Trust & Safe Deposit Co
Shaomokin 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
YorkGuardian Trust Co
North York State Bank
York Trust Co
DISTRICT NO. 4
KENTUCKY

(See also District No. 8)
Lexington—Security Trust Co
Richmond-State Bank & Trust Co
OHIO

Akron—
Central Depositors Bank & Trust Co_-.
Firestone Park Trust & Savings Bank..
First-City Trust & Savings Bank
Alliance—City Savings Bank & Trust Co..
Apple Creek—Apple Creek Banking Co
Atwater—Atwater Savings Bank
Barberton—Peoples Savings & Banking Co
Belleyue—Wright Banking Co
Bowling Green—State Bank
Canton—Dime Savings Bank Co
Chagrin Falls—Chagrin Falls Banking Co..
Cincinnati—
Bank of Commerce & Trust Co
Brighton Bank & Trust Co



254

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
[In thousands of dollars]
Loans

Investments

Total
deposits

Capital

Surplus

DISTRICT N O . 4—Continued
OHIO—continued
Cincinnati—Continued.
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
Union Trust Co
Colurnbiana—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
Newark—
Newark Trust Co
Union Trust Co
New Philadelphia—
Merchants State Bank
Ohio Savings & Trust Co
Newton Falls—First State Bank
Orryille—Orrville Savings Bank
Peninsula—Peninsula Banking Co
Pomeroy—Farmers Bank & Savings Co
Portsmouth—Security Bank
Rittman—Rittman Savings Bank
St. Clairsville—Dollar Savings Bank Co
St. Marys—
American State Bank
Home Banking Co
Shelby—Citizens Bank
Shiloh—Shiloh Savings Bank Co
Steubenville—
Steubenville Bank & Trust Co
Union Savings Bank <e Trust Co
f
ToledoCommerce Guardian Trust & Savings Bank
Toledo Trust Co
Upper San dusky—Citizens Savings Bank
Vermilion—Erie County Banking Co
Wakeman—Wakeman 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
PENNSYLVANIA

(See also District No. 3)
Aliquippa—Woodlawn Trust Co
Am bridge—Ainbridge Savings & Trust Co
Beaver—Beaver Trust Co
Beaver Falls—Federal Title & Trust Co..
Butler—Guaranty Trust Co




29, 343
54,007
9, 211
21,851
12, 727

7, 512
23, 252
2,481
5, 896
3,137

33, 780
77, 762
10,802
30, 777
15, 676

4,000
5,000
600
1,700
1,000

3, 650
5,000
700
2,000
1, 000

246,087
112,446
25,234
i 204,909
511
21, 278

36, 890
38, 393
10,149
58, 836
217
8,058

298, 228
147, 201
34, 897
289, 522
680
35,470

9,200
9,000
2,000
12,150
60
1, 500

644
1, 532
345
418
448
973

314
1,155
34
170
228
449

1,106
2,786
326
633
647
1,510

13, 800
7,000
4,000
22,850
50
2,500
125
125
25
50
25
100

573
522
345
688
239
2,051
4,345
130
399
1,851

152
159
142
140
16
699
1,171
8
56
638

742
716
461
908
239
2,835
5,453
104
513
2,468

50
25
50
50
25
225 I
1,000
30
25
150

29
25
50
50
6
283
287
4
30
78

528
895
403
1,568

175
308
34
205

646
1,240
485
1,557

50
125
25
100

28
50
50
50

4,112
4,949

245
1,293

4,137
6,653

200
300

200
66

619
1,216
1,508
561
214
332
2,242
533
435

92
524
310
217
91
308
403
144
170

671
1,590
1,891
779
203
656
2,282
682
516

150
150
125
50
50
50
300
60
50

52
150
65
52
12
28
200
25
40

351
822
810
29,

97
407
495
44

448
1,219
1,342
305

50
100
100
25

25
40
60
40

3,352
3, 566

897
796

3, 971
3, 855

650
350

244
350

515
26'
4, 535
1,100
022

3, 741
] 6, 826
174
150
67
953
115
263

27, 258
44, 420
643
738
340
5, 408
1,092
779

1,400
5, 000
50
50
25
600
100
150

1,100
3,000
50
25
15
250
100
63

15,231
21,79"

1,105
1,205

16, 226
22, 501

1,000
2, 500

1,150
1,250

1,733
2,077
1,446
1,281
2,762

556
2,494
497
250
1,639

2,102
3,932
1,426
1,433
4,045

125
125
300
200
500

200
250
200
50
600

j

!

I
I
|
I
|
|
i
!
i
|
j
[
J
j
i
j
j
!

23,490
30,365

21
125
35
25
43
125

\

i
_..
J
_._;

255

STATE BANK MEMBERSHIP
[In thousands of dollars]
Investments

Total
deposits

Ca

Pital

Surplus

DISTRICT NO. 4—Continued
PENNSYLVANIA—continued

East Pittsburgh—East Pittsburgh Savings
Co
Erie—Security-Peoples 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
Paint Borough—Merchants & Miners Bank
PittsburghAllegheny Trust Co
City Deposit Bank & Trust Co__.
Colonial Trust Co
Commonwealth Trust Co
Oakland Savings & Trust Co
Peoples-Pittsburgh Trust Co
Potter Title & Trust Co
Union Trust Co
Washington—First Bank & Trust Co.
Windber—Windber Trust Co

2,408
2,484

200
300

400
900

1,124
366
879
303
1,701
4,106
13, 616
18, 262
11, 722
4,088
38, 670
6,071
118, 061
5,404
1,803

5,446
13, 073
2,936
2,802
2,655
1,007
4,327
249

300
400
200
400
300
30

325
100
100
250
500
40

3,805
4,275
8,166
4,416
2,043
27,122
3,269
72,106
928
1,783

6,825
16, 999
25, 263
13, 570
6,042
56,159
8,801
150, 719
5,497
2,871

700
1,000
2,600
1,500
300
5,125
500
1,500
600
250

1,000
1,000
3,000
1,700
500
14, 000
800
58, 500
600
550

WEST VIRGINIA

(See also District No. 5)
Sistersyille—First-Tyler Bank & Trust Co.
Wheeling—•
Security Trust Co
Wheeling Bank & Trust Co

1,917

99

1,879

200

100

3,135
6,482

1,307
953

3,618
7,840

300
500

300
500

8,245
55, 607
7,017
253
1,244

2, 696
14, 856
2,320
107
143

12, 882
76, 843
11, 241
326
1,372

1,000
6, 250
1,000
25
100

350
4, 250
750
25
100

12, 036
6,397
1,003
730
780
29, 268

1,543
1, 019
36
150
86
7,968

18, 86S
7,798
696
810
973
45, 094

1,200
1,000
100
100
100
2,500

500
100
75
91
2,000

118
1,587
615
557
813
678
353
329

43
1,711
237
80
858
92
41
27

194
3,151
995
676
1,826
961
493
342

25
200
100
100
125
75
50
78

703
609
506
614

88
10
3
101

766
566
438
672

100
100
50
65

DISTRICT NO. 5
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
Tarboro—Farmers Banking & Trust Co
Washington—Bank of Washington
Winston-Salem—Wachovia Bank & Trust Co_.
SOUTH CAROLINA

Bishopville—Peoples Bank
Charleston—Carolina Savings Bank
Chester—Commercial Bank
Darlington—Bank of Darlington (Inc.)..
Florence—Commercial & Savings BankHartsville—Bank of Hartsville
Westminister—Westminister Bank
Woodruff—Bank of Woodruff

Blackstone—Citizens Bank & Trust Co
Chase City—Peoples Bank & Trust Co
Galax—Peoples State Bank (Inc.)
Kenbridge—Bank of Lunenburg (Inc.)
Petersburg—Petersburg Savings & American Trust
Co.
RichmondAmerican Bank & Trust Co
Bank of Commerce & Trusts
Broadway Bank & Trust Co
Savings Bank & Trust Co
State—Planters Bank & Trust Co.
Union Bank & Federal Trust C o . .
itural Retreat -Peoples Bank
Victoria—Bank of Victoria (Inc.).-.__-.




150
100
50
43

70
50
3
110

3,331

933

3,215

750

250

15, 359
4,393
1,341
2,160
24, 398
3, 697

4,386
661
510
36
6,935
671
12
30

16,825
4, 668
2,113
1,704
30, 644
3, 379
155

3, 500
500
300
200
2, 500
750

1.000
'500
30
400
1,500
.500
7

256

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
[In thousands of dollars]
Loans

Investments

Total
deposits

Capital

Surplus

DISTRICT NO. 5—Continued
WEST VIRGINIA

(See also District No. 4)
Berwind—Berwind Bank
Charleston—
Kanawha Banking & Trust Co
Kanawha Valley Bank
FranklinFarmers Bank of Pendleton
Franklin Bank
Graf ton—Graf ton Banking & Trust Co
Harper's Ferry—Bank of Harper's Ferry...
Hurricane—Putnam County Bank
Martinsburg—Peoples Trust Co
Moorefield—Hardy County Bank
Petersburg—Potomac Valley Bank
St. Marys—Pleasants County Bank
Salem—Merchants & Producers Bank

1,015

245

1,411

100

100

2,914
7,620

770
2,676

3,306
11, 503

500
1,000

250
1,200

610
312
708
136
457
2,134
138
245
417
337

3
4
146
53
23
137
2
9
29
3

636
308
943
197
466
2,544
116
219
354
296

50
40
100
25
50
250
50
50
75
50

30
20
30
6
20
150
3
8
30
4

14,407
2,175
198
267
428
451
486
103

1,041
51
18
33
2
119
173
1

18, 515
1,677
234
391
411
556
736
50

1,000
500
50
25
50
50
100
35

1, 200
55
30
50
11
100
50
1

451
848
1,082
96

3
212
37
12

457
822
931
384

75
200
100
25

15
100
100
15

558
155
334
260

472
145
182

1,008
257
516
480

100
30
50

3,086
5,075
650
1,103
315
114
337
563
352

1,580
1,712
23
359
103
17
148
6
15

4,185
5,341
782
1,441
633
158
424
596
270

500
2,000
100
230
60
30
100
100
100

500
2,000
20
115
12
6
65
100
50

282
209
44
160
32
389
156
209
1,759
340
160
3,296

24
1
11
1
17
58
39
162
102
24
372

254
180
72
212
31
371
136
168
1,591
843
210
4,177

60
100
25
25
25
95
100
95
250
50
25
350

36
20
17
340
50
15
150

129
215
230

27
10
13

99
232
455

410
354
350
59
63
49
86

103
177
34
2
1
1
2

539
568
370
38
56
98

DISTRICT NO. 6
ALABAMA

Birmingham—
Birmingham 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 Company
Selma—Peoples Bank & Trust Co
Wetumpka—Bank of Wetumpka
FLORIDA

Leesburg—Leesburg State Bank & Trust Co_
Marianna—-Citizens State Bank
Tallahassee—Exchange Bank
Winter Park—Bank of Winter Park

50
20

GEORGIA

Atlanta—
Georgia Savings Bank & Trust Co
Trust Company of Georgia
Bainbridge—Citizens Bank & Trust Co
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 Company
Eatonton—Farmers & Merchants Bank
Forsyth—Monroe County Bank
Gray-mount—Bank of Graymont
Greenville—Greenville Banking Co
Jackson—Jackson Banking Co
Jefferson—Citizens Bank & Trust Co
La Grange—La Grange Banking & Trust Co
Lawrenceville—Brand Banking Co
Lincolnton—Farmers State Bank
Macon—Continental Trust Co
McDonough—Farmers & Merchants Bank (Oct. 4
report)
JVIelter--BLink of Gaudier County
Millen—Bauk of Millen
MonroeBank of Monroe
Farmers Bank
Pelham—Farmers Bank
Portal—Bank of Portal
Reynolds—Citizens State Bank
__
Rhine—Rhine Banking Co
Sasser—Bank of Sasser




10
25
50
150
100
100
25
25
25
25

75
30
50
6
33

257

STATE BANK MEMBERSHIP
[In thousands of dollars]

Loans

Investments

Total
deposits

22
844
65
16
122
1
2
12

1,047
4,208
2,742
314
624
141
77

300
300
700
25
100
25
25
25

75
350
200
25
75
15
25
1

1,768
11, 690
96, 567
51, 661
12, 034
9,790
607

200
1,000
6,000
2,500
750
1,200
50

55
500
3, 000
3,000
1,150
300
15

Capital

Surplus

DISTRICT NO. 6—Continued
GEORGIA—continued
Savannah—
Citizens Bank & Trust Co
Liberty Bank & Trust Co
Savannah Bank & Trust Co__.
Soperton—Bank of Soperton
Statesboro—Bank of Statesboro
Swainsboro—Central Bank
Wadley—Bank of Wadley
Winterville—Pittard Banking Co.

1,275
3, 951
3,176
230
528
85
77
21

LOUISIANA
(See also District No. 11)
New Orleans—
Algiers 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

1,073
9,137
70,898
36,184
9,888
8,719
442

700
2,141
19, 522
12,017
1,969
2,473
20

DISTRICT NO. 7
ILLINOIS
(See also District No. 8)
Argenta—Gerber State Bank
Auburn—Auburn State Bank
Barrington—First State Bank
Chicago—
Adams State Bank
Capital State Savings Bank
Central Trust Co
_
Continental Illinois Bank & Trust Co
Depositors State Bank.
Drexel State Bank
Harris Trust & Savings Bank
Independence State Bank
Kaspar American State Bank
Madison and Kedzie State B a n k .
Mercantile Trust & Savings Bank
Noel State B a n k . .
Northern Trust Company
Northwestern Trust & Savings Bank
Security Bank of Chicago
_
Twenty-sixth Street State Bank
United State Bank of Chicago
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 C o . . .
Marshall—Marshall State Bank
Matteson—First State Bank of Matteson
Mattoon—Central Illinois Trust & Savings Bank.__.
Oak P a r k Oak Park Trust & Savings Bank
Suburban Trust & Savings Bank
Oswego—Oswego State Bank
__
Polo—Polo State Bank
Seneca—State Bank of Seneca
_
Shannon—
Peoples State Bank
__
__
_.
State Bank of Shannon
Springfield—Ridgely Farmers State Bank




200
436
685

18
101
112

214
574
828

25
50
50

11
21
50

1,231
2,515
113,142
677, 376
3,233
5,250
56, 596
4,406
6,612
11,134
9,276
7,576
41, 592
10,654
6,559
585
1,731
5,910
2,132
247
1,510
297

985
1,342
23,371
170, 788
2,004
1,874
597
7,962
1,210
1,494
183
10,176
5,412
2,355
1,438
1,523
2,170
1,235
19
289
202

2,423
3,960
149,009
841, 294
5,659
7,922
88,460
5,034
13, 635
12,422
11, 995
7,953
56, 552
18, 514
8,783
2,318
3,012
8,514
3,887
274
1,859
540

200
400
12,000
75,000
400
500
6,000
400
1,600
2,000
600
1,000
2,000
1,250
700
200
300
600
350
25
200
50

75
100
8,000
65,000
250
350
5,000
125
400
500
400
400
3,000
600
600
60
300
300
150
10
125
30

2,134
8,373
432
1,079
663

863
2,137
6
648
314

3,235
11,449
397
1,591
1,118

200
500
50
100
100

100
500
8
50
25

1,494
951
346
161
830

59
558
316
63
11
164

2,248
1,208
404
129
862

100
100
150
60
25
100

100
25
15
25
100

5,824
1,554
208
504
302

2,022
1,389
12
61
81

7,249
2,750
170
541
380

1,000
200
25
60
50

500
200
21
30
13

169
281
4,443

74
91
2,339

226
367
8,150

40
50
GOO

11
10
150

258

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
[In thousands of dollars]
Total
deposits

Loans

Surplus

DISTRICT NO. 7—Continued
ILLINOIS—continued
122
461
300
1,877

49
516
418
1,181

125
963
745
3,033

50
50
100
200

10
50
40
200

1,359
3,020
6,186
10, 969
300
301
88
2,001
3,751
610

455
1,549
1,708
9,698
67
45
142
425
673
207

1,796
4,782
7, 076
23,170
383
303
282
2,576
2,419
896

250
250
1,000
1,500
30
50
25
241
300
75

50
200
1,000
1,500
20
25
5
102
200

5,394
3,446
5,059
744

Stockland—Sumner State Bank
Wenona— First State Bank
Wheaton—Wheaton Trust & Savings Bank..
Wilmette—Wilmette State Bank

572
1,817
1,727
4

5,488
3,773
7,112
664

500
800
500
50

160
200
500
50

477
533
278
5,587
2,255
661
365
980
3,318
25,175
5,428
457
109
341

374
20
106
2,114
392
146
29
483
1,230
2,216
1,421
198
11
149

942
849
398
8,101
2,723
923
398
1,583
4,943
29, 293
6,921
665
123
531

50
50
50
600
200
50
40
75
300
1,500
1,000
50
25
26

20
21
5
450
50
50
11
75
200
1,000
200
20
5
24

455
1,850
127
1,463
162
263
251
93
257
213
233

87
116
13
724
6
49
1
1
104
1
115

538
2, 031
137
2, 717
163
312
278
113
429
247
365

50
200
40
100
25
50
25
25
30
30
25

25
75

310
330
190
2,423
334
333
1,452
528
189
1,035
119
205
499
469
280

156
4
46
519
21
2
790
371
2
477
1
63
330
106
131

508
226
350
2,872
337
306
3,079
934
186
1,695
123
268
900
648
479

50
100
50
200
30
35
100
50
50
100
25
25
60
50
50

25
20
10
200
30
26
50
30

879
1,047
1,399

666
899

1,957
1,765
2, 224

150
110
150

100
35
50

412
7fl5

330
375

732
1,119

50
100

15
55

INDIANA

(See also District No. 8)
Connersville—Fayette Bank & Trust Co
FJkhart—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 Co
Richmond—Dickinson Trust Co
Rochester—United States Bank & Trust Co..
South B e n d American Trust Co
St. Joseph Loan & Trust Co
Terre Haute—Terre Haute Trust Co
Tipton—Farmers Loan and Trust Co
IOWA

|

Algona—Iowa State Bank
Ames—Story County Trust & Savings Bank
i
Bennett—Bennett Savings Bank
J
Burlington—First Iowa State Trust & Savings Bank.j
Cedar Rapids—Iowa State Savings Bank
Chariton—State Savings Bank
|
Charter Oak—Farmers State Bank
j
Cherokee—Cherokee State Bank
|
Clinton—Peoples Trust & Savings Bank
!
Davenport—American Commercial & Savings Bank.
Des Moines—Bankers Trust Co
Elberon— Farmers State Bank
Ellsworth—Farmers State Bank
Fair bank—Fairbank State Bank
Fairfield—
Iowa Loan and Trust Co
Iowa State Savings Bank
Farragut—Commercial Sayings Bank
i
Fort Madison—Fort Madison Savings Bank
Gilbert—Gilbert Savings Bank
j
Gilman—Citizens Savings Bank
Grand River—Farmers State Bank
|
Grant—Farmers Savings Bank
i
Greenfield—Greenfield Savings Bank
Lakota—Farmers & Drovers State Bank
Lowden—Lowden Savings Bank
:
Mechanicsville—Mechanicsville Trust & Savings
Bank
j
M'ediapolis—Commercial State Bank
Missouri Valley—State Savings Bank
1
Monticello—Monticello State Bank
Moorhead—Moorhead State Bank
I
MoviUe—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
Shenandoah—Security Trust & Savings Bank
Solon—Ulch Brothers State Bank
Storm Lake—Security Trust & Savings Bank
MICHIGAN

(See also District No. 9)

Adrian—
Adrian State Savings Bank
' Commercial Savings Bank
Lenawee County Savings Bank
AlbionAlbion State Bank.
Commercial & Savings Bank




80
7
11
15
5
11
4
15

100
15
13
15
11

|

|
_.
i
j

259

STATE BANK MEMBERSHIP
[In thousands of dollars]
Total
deposits

Capital

Surplus

DISTRICT NO. 7—Continued
MICHIGAN—continued
Alpena—Alpena Trust & Savings Bank.__
Ann Arbor—•
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
Big R a p i d s Big Rapids Savings Bank
Citizens State Bank
Birmingham—First State Savings Bank
Blanchard—Blanchard State Bank
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
Chelsea—
Farmers and Merchants Bank
Kempf Commercial & Savings Bank
Chesaning—Chesaning State Bank
Coopersville—Peoples Savings Bank
Croswell—State Bank of Croswell
Davison—Davison State Bank
DearbornBank of Dearborn
Dearborn State Bank
DetroitAmerican State Bank
Bank of Detroit
Bank of Michigan
Detroit Savings 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
Union Industrial Bank
FlushingPeoples State Bank
Frankenmuth—
American State Bank
Frankenmuth State Bank.
Fremont—
Fremont 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
Old Kent Bank__
Greenville—Commerical State Savings Bank
Hart—Oceana County Savings Bank




2,168

1, 624

3,551

200

200

3, 587
3,383

887
1,535

4,179 |
4,271

200
400

200
400

549
343

25

54

25
13

2,712
5,022
78

3,266
4,562
66

6,058
9, 335
144

400
500
25

300
1,200

726
1,103
2,277
144
640
139
287
433
712
185

353
818
634
156
301
106
113
260
247
93

50
50
200
25
50
25
25
50
75
25

50
50
150
6

346
401
368
820
489

194
405
139
282
423

990
1,950
2,717
297
915
248
469
648
1,040
260 |
I
526 |
836 j
476 '
1,044 j
900 j

40
50
40
60
100

20
23
15
60
50

576
546
1,148
416
653
447

377
193
662
221
877
82

911
647
1,818
643
1,516
490

50
60
75
25
90
50

50
40
75
11
25
20

921
2,599

2,084

50
175

35, 396
31, 628
59, 958
33,162
32, 984
39,125
203, 071
1,817
13, 275
384
214
295
968
270

4,766
9,528
19, 907
9,723
12, 039
7,662
54,143
254
4,426
255
188
87
328
353

1,676
200
300
4,777 I
40, 333
2,000
44, 908
4,000
76, 218
5,000
44, 228
1,500
54, 767
5,000
48, 457
2,500
256, 763
11, 000
2,096
100
16, 968
1,000
620
75
388
30
347
35
1,261
40
609
50

2, 000
1,250
3,000
2,500
3,000
2,000
22, 000
70
800
15
11
17
30
15

521
692

121
157

620
900

50
25

27
25

8,320
9,976
18,256

1,758
3,223
6,800

8,879
11, 753
21,884

500
1,000
2,000

500
700
1,000

509
__

17
25
10

361

66

415 |

25

25

450
1,556

388
271

834 j
1,837 |

35
100

30
100

344
910

230
387
651
214

563
1,192

50
100

40
50

2,145
1,085

100
50

1,486
1,186
2,604
426
176

21, 517
7,205
31, 676
1,244
582

750
400
2,000
50
40

100
50
750
125
2,000
50
25

1,642
17,403
5,648
27,680
877
362

260

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
[In thousands of dollars]
I
<oans

Investments

Surplus

DISTRICT NO. 7—Continued
M ICHIG AN—continued

Highland Park—
The American State Bank
Highland Park State Bank
Hillsdaie—Hillsdale Savings Bank
HollandFirst State Bank
Holland City State Bank
Holly—First State and Savings Bank
Howell—First State & Savings Bank
Imlay City—
Lapeer County Bank
__,
Peoples State Bank
Ionia—State Savings Bank
Jonesville—Grosvenor Savings Bank
Kalamazoo—Kalamazoo Trust & Savings Bank
Lake Odessa—Lake Odessa State Savings Bank
Lakeview—
Commercial State Savings Bank
__.
Farmers & Merchants State Bank___
_
_
Lansing—American State Savings Bank
Lapeer—Lapeer Savings Bank
Lenox & Richmond—The Macomb County Savings
Bank
Lowell—City State Bank
Ludington—Ludington State Bank
_
ManchesterPeoples Bank
—
Union Savings Bank
Manistee—Manistee County Savings Bank
Marcellus—G. W. Jones Exchange Bank
Marshall—Commercial Savings Bank
Mason—
Farmers Bank
First State and 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
Mount PleasantExchange Savings Bank
_.
Isabella County State Bank
New Baltimore—Citizens State Savings Bank
New Haven—New Haven Savings Bank
_.
Northville—Lampham 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 OakFirst State Bank of Royal Oak
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 Bank
_
_
Tecumseh—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




3,656
16,049
514

1,044
8,191
1,050

3,116
2,425
1,315
393

548
746
500
455

804
547
1,441
511
5,258
417
217
254
7,798
810

220
251
81
203
1,091
128
149
150
2,733
320

802
445
906

4,667
24,270
1,649
3,930 |
3,121 I

200
1,000
100 !

ioo i

100
2,000
30

1^073

75

100
100
50
38

1,086
796
1,471
715
6,236
553

50
50
100
50
600
25

10
13
100
25
200
25

357
366
10,177
1,106

25
40
750
75

9
400
28

297
245
781

1,173
725
2,049

50
25
100

25
25
50

318
233
1,338
458
742

161
427
1,935
167
363

504
645
3,103
651
1,116

25
25
100
40
100

25
50
100
40
20

457
418
1,120
437

116
110
398
50

557
571
1,714
460

50
25
50
25

14
15
25
25

280
821
2,004
333
4,782

85
45
642
135
1,772

369
924
2,764
460
6,255

25
25
200
25
400

13
25
50
12
200

517
949
424
284
1,072
260
683
416
255
14,825
5,682
673
755
1,249

634
601
235
176
219
44
542
196
151
1,933
1,439
106
746
379

1,245
1,711
670
454
1,277
298
1,232
629
435
18, 236
7,385
802
1,599
1,627

50
60
25
25
50
25
75
25
30
800
400
50
35
100

33
31
30
30
55
11
24
10
6
400
210
25
15
100

3,594
2,864

800
1,012

4,754
3,871

400
250

400
250

3,925
12, 715
318
909
772
589
1,063
379
387
687
2,038
584

1,470
4,959
659
804
257
594
646
283
167
317
1,782
272

4,865
17,296
964
1,828
820
1,215
1,574
704
542
991
4,140
896

400
1, 250
25
75
100
50
100
30
25
50
200
25

300
1,000
25
38
50
19
175
15
50
30
200
25

246
260
934
201

195
76
176
46

443
395
1,163
245

25
30
50
25

C
4
50
15

100 I

261

STATE BANK MEMBERSHIP
[In thousands of dollars]

Loans

Invest- ! Total
Capital
ments i deposits

Surplus

DISTRICT NO. 7—Continued
MICHIGAN—continued
Wayne—Wayne Savings Bank
Williamston—
Crossman & Williams State Bank.
Williamston State Bank

1,382

429

50

100

397
426

169
302

466
673

40
50

20
25

1,118
1,201
808
6, 968

1,212
307
434
793

2,523
1, 466
1,183
5, 420

100
125
80

50
25
40
480

5,985
23,154
863
776
848
424
4,007
1,860

1,728
4, 612
152
349
286
51
1,146
1,258

7,966
28, 351
1,056
1,175
1,196
499
4,924
3,408

339
710
277
834
435
1,011
739
1,352

479
46
66
63
32
389
131
410

9,237
7,037
1,648
3,485
7,866
2,700
289
855
407

2,454
1,242
182
573
1,479
617
48
113
10

1, 905

WISCONSIN

(See also District No. 9)
Baraboo—Bank of Baraboo
Burlington—Bank of Burlington
Kewaunee—State Bank of Kewaunee
Madison—State Bank of Wisconsin
Milwaukee—
Badger State Bank
Marshall & Ilsley Bank
Mineral Point—Iowa County Bank
Platteville—State Bank of Platteville
Plymouth—State Bank of Plymouth
Seneca—Farmers & Merchants State Bank.
Sheboygan—Citizens State Bank
Sturgeon Bay—Bank of Sturgeon Bay

1, 000

400

100

1,500

1,500

100
50
125
35
500
100

50
50
33
18
400
50

1,142
1, 386
415
992
465
1,619
963
2,144

50
200
35
60
100
50
100
200

20
40
19
20
40
50
50
100

15,136
12, 924
2,272

1,000

220
110
25
100

DISTRICT NO. 8
ARKANSAS

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 C o . .
—
Peoples Trust Co
Union Trust Co
W. B. Worthen Co
Marvell—Bank of Marvell
North Little Rock—Twin City Bank
Paris—American Bank & Trust Co
Russell ville—•
Bank of Russellville...
Peoples Exchange Bank
Siloam Springs—Producers State Bank
Waldron—Bank of Waldron
Walnut Ridge—Lawrence County Bank

.-

--.

5,110
11,018
4,628
455
1,216
334

600
200
300
500
200
50
100
50

250
300
10
45

100
25
60
100

100

i

451
568
140
306
366

I
56 j

86 I

7 I
66
6

738
759
130 |
387
532

20
31

ILLINOIS

(See also District No. 7)
Belleville—Belleville Savings Bank
East St. Louis—Union Trust Co
Effingham—Effigham State Bank
Granite City—Granite City Trust & Savings Bank.
Greenville—State Bank of Hoiles & Sons
llarrisburg—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
Quinoy Slate Savings Loan &. Trust, Co

2,708
2,492
689
1,244
1,187
972
455
499
306
182
108
187
194
0,753

1, 401
2,131
244
348
180
730
138
237
152
175
123
41

3, 686
4, 879
919
i,426
1,443
1, 853
511
691
436
345
231
227
202

300
000
110
150
120
150
100
100
50
50

1, 000

INDIANA

(See also District No. 7)
PaoJi—Paoli State Bank




368

40

50
33
20
10
13

262

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
[In thousands of dollars]
Investments

Total
deposits Capital

Surplus

DISTRICT NO. 8—Continued
KENTUCKY
(See also D i s t d c t No

Louisville- 4)
Kentucky Title Trust Co
Liberty Bank & Trust Co
Lincoln Bank & Trust Co
Louisville Trust Co
Owcnsboro—Central Trust Company

14, 089
24, 403
9,874
17, 650
2,503

4,213
4, 507
976
3,994
71

1,354
400

22
312
65

3,852
20, 495
7,604
17,350
2, 806

200

1, 250
2,000
450
1.100
110

200
100
25

75
15
15

25
35
25
50
25
25
50

10
25
15
25
40

100
100
100
30
30
100

25
20
200
9
15
20

200
200
300
200
200
200

150
500
400
50
300
50
1, 000
100
60
200
100
100
1,000
100
100
200
5, 000
2,500
50
100
130
1,000
24
50
40
80
100
50
300
500
100
100

1,000
1,000

750
1, 750

MISSISSIPPI

Greenwood—Greenwood Bank & Trust Co.
Pontotoc—Bank of POntotoc
Rosedalc—Bolivar County Bank

1,791

701
363

MISSOURI

(See also District No. 10)
Bowling Green—Pike County Bank
Festus—Citizens Bank
Iberia—Farmers & Traders Bank
La Plata—Bank of La Plata
Lebanon—State Savings Bank
Linn Creek—Camden County Bank
Luxemburg—Lemay Ferry Bank
Maplewood—
Bank of Maplewood & Trust Co
Peoples State Bank
Marshall—Wood & Huston Bank
Normandy—Normandy State Bank
Pine Lawn—Pine Lawn Bank
Richmond Heights—Park Savings Trust Co
St. L o u i s Baden Bank
, —
Bremen Bank
Cass Bank & Trust Co
Chippewa Trust Co
Kaston-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
Laf ivette-South Side Bank & Trust Co
Lindell Trust Co
Lowell Bank
Manchester Bank
Mercantile-Commerce Bank & Trust Co
Mississippi Valley Merchants State Trust C o —
Mound City Trust Co
Natural Bridge Bank & Trust Co
North St. Louis Trust Co
Northwestern Trust Co
.
Sarah-Olive Bank
Savings Trust Co
Scruggs, Vandervoort & Barney Bank
S haw B ank
Southern Commercial & Savings Bank
Southwest Bank of St. Louis
Tower Grove Bank
United Bank & Trust Co
Water Tower Bank
West St. Louis Trust Co
St. Louis County—
Gravois Bank
•
Midland Savings Bank
North Side Bank
Sedalia—-Sedalia Trust Co
University City—University City Bank & Trust Co.
Versailles—Bank of Versailles
Washington—Franklin County Bank
Webster Groves—Webster Groves Trust Co
TENNESSEE
Brownsville First S t a t e B a n k
Greenfield- Greenfield B a n k
Halls—Peoples Savings B a n k & T r u s t Co...
H e n n i n g - B a n k of Henning__
M e m p h i s — B a n k of C o m m e r c e & T r u s t C o . .




148
365
163
230 i
254
158
976

60
134
1
67
54
47
656

242
507
163
310
395
238
1,623

802
309
1, 413
125
234
526

818
99
18
1
79
212

1,743
2,513
3,123
1, 556
1, 355
1,294
21, 926
744
2,304
3,661
1,691
16, 922
1,447
1,744
3, 654
80, 874
57, 001
1,318
1,618
1,640
4,813
263
2,040
2,373
729
2, 652
1,047
8,260
6, 235
1,275
1,491

1,346
4,116
2,783
333
604
798
3, 947
1,142
681
1, 955
1,364
896
9,347
700
2, 605
1,679
28, 379
13, 044
599
759
910
4, 572
166
688
1,, 535
585
876
1,031
2,095
2,348
556
1,467

2, 949
6,609
5,631
1,841
1,924
1,731
26, 609
1,938
2, 295
3,978
4,799
2,067
24, 755
2,223
4,034
5, 245
125,104
79, 427
2,050
2,008
2,512
8,710

559
46
45
218
574
173
399
591

456
55
136
263
310
3
129
815

944
75
184
501
750
266
494

926
168
150
259
25, 480

97
32
10

1,799

362
1,455

153
319
632

339
2,934
4, 695
1,269
3,476
2,311
9,781
8,482
1,823
2,838

1,472

2,000

200
200
200
500
300
2,150

300
200
500
10, 000
6,000

200
200
200
500
120
200
200
200
200
200
500
1,000

200
200
50
30
25
100
100
40

50
100

50
6
6
30
15
25
100

246
221
25]

200
30
25
J00

28
30
10

33, 787

3,000

1,500

1, 055

263

STATE BANK MEMBERSHIP
[In thousands of dollars]
Loans

Investments

Total
deposits

Surplus

DISTRICT NO. 9
MICHIGAN

(See also District No. 7)
Ewen—State Bank of Ewen
Gladstone—Gladstone State Savings Bank_
Iron Mountain—Commercial Bank.__
M enominee—Commercial Bank
Sault Ste. M a r i e Central Savings Bank
Sault Savings Bank
South Range—South Range State Bank

270
878
1, 661
865

114
402
651
413

409
1,300
2,213
1,346

25
60
100
100

50
100
40

100
100
30

50
60
30

796
855
187

587
1, 034
595

1,521
2,044
857

260
271
313
310
149
623
183
157
1,086
192

91
59
165
65
6
30
230
32
330
35

430
366
525
385
175
620
452
169
1,470
270

50
20

5
6
25
10
4
10
5

30
100
25

25
10
10

2, 653
312
1,490

1,460
76
923

4,863
373
2,773

100
50
100

150
15
100

539
427
212

265
131
112

951
555
350

100
100
25

35
25
20

9,503
689
153
188
100
331

8,044
508
63
4
11
210

21,199
1, 365
185
278
122
589

600
200
50
25
25
50

400
50
14
25
5

750
2,116
93
109
40
225
465
86
83

1,351
635
12
153
58
37
233
42
54

2,665
3,406
97
319
97
258
668
132
156

150
250
25
25
25
25
100
30
25

100
150

872
197
334
231
237
1,036
352
410
90

218
40
13
96
50
987
39
158

1,234
224
376
410
400
2,361
516
617
83

75
25
25
50
25
100
25
40
30

25
10
10
8
10
50
15
20

206
226
554

141
98
546

367
359
1,137

30
30

6

75

38

1 , 775
5
13,138
513

500
500

50
500

75

4,
';

MINNESOTA

Anoka—State Bank of Anoka
Clinton—Clinton State Bank
Excelsior—Minnetonka State Bank
Hutchinson—Farmers & Merchants State Bank
Ihlen—Ihlen State Bank
Madelia—State Bank of Madelia
Plain view—Peoples State Bank.
Revere—State Bank of Revere
._
South St. Paul—Drovers State Bank
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 Co
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.
"Worden—Farmers State Bank

17

7
2
17
21
5
4

SOUTH DAKOTA

Belle Fourche—Butte County Bank
Buffalo—First State Bank
Camp Crook—Little Missouri Bank
Gregory—Commercial State Bank
Groton—Brown County Banking Co
Mitchell—Commercial Trust & Savings Bank.
Newell—Reclamation State Bank
Philip—Bank of Philip
Stratford—First State Bank
WISCONSIN

(See also District No. 7)
Royceville—Bank of Royceville
Glenwood City—First State Bank.
Hurley—Iron Exchange Bank

7

DISTRICT NO. 10
COLORADO

Denver—
Central Savings Bank & Trust Co
I nternational Trust Co
La Junta—Colorado Savings & Trust Co.

90182—30- -18



2, 227
7,403 I
420 |

578
3,821
104

264

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
[In thousands of dollars]
Loans

Investments

Total

Capital

Surplus

DISTRICT NO. 10—Continued
KANSAS
575
258
271
294
747
736

65
25
165
96
658
323

650
307
570
475
2,108
1,385

100
25
50
30
200
125

42, 905
196
1,055
2, 325

Hiawatha—Morrill and Janes Bank
Jamestown—Jamestown State Bank...
Liberal—Citizens State Bank
Sedan—Sed^n State Bank
Topeka—Fidelity Savings State Bank.
Winfield—State Bank of Winfleld

28, 987
45
990
519

95, 086
237
2,242
3,306

6, 000
50
200
350

25
30
50
63

MISSOURI

(See also District No. 8)
Kansas City—Commerce Trust Co
King City— First Trust Co
St. Joseph—Empire Trust Co
South St. Joseph—St. Joseph Stock Yards Bank

! 000
,
3
100
150

NEBRASKA

Aurora—Fidelity State Bank_._
Oakland—Oakland State Bank.
Western—Saline County Bank.

535
281 i
249

92 I
90
42

150

82

263

2G1

109

414

183
96
72

88
1(5
43

503
80
165

736

15
10
30

613
319
292

4,426

NEW MEXICO

(See also District No. 11)
Aztec—Citizens Bank

30

OKLAHOMA

(See also District No. U)
Okarche—First Bank of Okarche
WYOMING

Kvanston—Stockgrqwers Bank
Mountain Vi&\v—Uinta County State BankPowell—Park County Bank

45
4

DISTRICT NO. 11
ARIZONA

(See also District No. 12)
182

Tombstone—Cochise County State B a n k —
LOUISIANA

(See also District No. 6)
3,118

Shreveport—Continental Bank & Trust Co..
NEW MEXICO

(See also District No. ]0)
350

Dcining—Mimbres Valley Bank
OKLAHOMA

(See also District No. 10)
203

101

Valliant—Farmers State Guaranty B a n k . . . .

25

242
493
254
1,193
88
417
192
92
241

l
>5
50
40
125
25
50
25
32
50

TEXAS
Abenmthy - F i r s t State B a n k . . .
A nson—A uson titate Bai ik
Biillinger—Bal linger State Bank
Beaumont -Security State Bank & Trust Co
Bedias—First State Bank
Beeville—Beeville Bank & Trust Co
Bishop—First State Bank
Bomarton—First State Bank
Brady—Farmers & Merchants State Bank




i
|
1
i
j
!
1

23!
372
113
778
52
310
141
78
189

17
112
101
118
27
14
2
26
2

j
!
i
!

I
|
!
j
i

12
20
20
10
33
5
1
7

205

STATE BANK MEMBERSHIP
[In thousands of dollars]

./Oans

Investments

Total
deposits

Capital

Surplus

DISTRICT NO. 11—Continued
TE x AS—continued
Bremond—First State Bank
Brownfleld—Brownfield State Bank._
Brownsville—Texas Bank & Trust Co
Bryan—First State Bank & Trust Co
___.
Canyon—First State Bank
Clarendon—Farmers State Bank
Clifton—Farmers State Bank
Coahoma—First State Bank
Copperas Cove—First State Bank
Corcicana—First State Bank
Cross Plains—First State Bank
Dallas—Mercantile Bank & Trust Co. of Texas
Del Rio—Del Rio Bank & Trust Co
Ferris—Farmers & Merchants State Bank
Forney—Forney State Bank
Franklin—First State Bank
Frost—Citizens State Bank
Gatesville—Guaranty Bank & Trust Co
Greenville—Citizens State Bank
Hallsville—Farmers State Bank...
Hamilton—Hamilton Bank & Trust Co
Hedley—Security State Bank
Hillsboro—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
Madison ville—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 of Murchison
Nacogdoches—Commercial State Bank
Palmer—First State Bank
Rails—Security State Bank & Trust Co
Richardson—Citizens State Bank
Roaring Springs—First State Bank
___.
Roby—First State Bank
Rochester—First State Bank
_
Royse City—First State Bank
Rusk—Farmers & Merchants State Bank & Trust
Co
___.
San Antonio—City-Central Bank & Trust Co
Savoy—First State Bank.__
Seymour—First State Bank
Shiro—Farmers State Bank
Sin ton—Commercial State Bank
Slaton—
First State Bank
Slaton State Bank.
Spearman—Fidelity Bank of Commerce
Stamford—First State Bank
_.
Sweetwater—Texas Bank & Trust Co
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




297
385
600
870
287
259
288
117
94
844
237

13
3
4
118
14
2
75
1
1
232
25

10, 864

2,517

455
245
130
141
226
342
277
65
165
292
560
101
633
577
184
199
94
73
66
214
308
621
169
495
144
135
240
458
516
89
275
152
70
789
59
256
120
163
139
146
179

9
3
9
31
44
69
478
3
2
95
1
337
31
12
28
1
26
24
32
6
136
37
2
2
2
2
138
4
4
54
1
1
130
75
2
1
6
10
1
29

396
555
634
1,143
365
268
382
121
120
1,257
318
14,862
310
288
155
256
226
453
832
91
243
314
911
82
1,120
594
238
337
92
135
104
331
412
813
250
742
126
152
260
739
626
114
455
165
112
1,002
168
359
131
187
181
183
247

50
25
100
100
40
50
30
25
25
200
30
2,000

100
50
25
30
25
50
100
25
50
35
100
25
63
100
50
35
35
25
25
30
25
75
25
38
30
25
50
75
75
25
60
35
25
100
25
60
35
25
da
25 |
50 j

139

15

13,115

3,175

95
180
122
418

1
8
1
21

334
18, 688
92
201
122
614

131
274
78
240
443
136
58
265

2
35
1
63
20
2
13
3

233
426
117
397
843
170
114
353

40
25
25
100
150
50
25
50

333
517
39
161

220
105
3
79

855
32
251

100 !
25 !
50 I

50 !
1,300
25
35
25
50

50 i

20
25
25
100
25
5
30
3
3
54
15
200
32
50
35
15
50
21
12
1
30
16
13
63
100
11
15
6
5
2
12
25
80
15
25
20
3
11
8
30
13

5
50
18
10
3
in

500
1
15
50

5
5
100
15

48
100

266

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
[In thousands of dollars]
Investments

Total
deposits

Capital

130
7,209

80
7,046

286
17,580

25
1,050

10
400

403
869
233
632
8,059
20,331
1,997
678

730
342
99
164
2,087
5,267
1,431
671

1,143
1,310
347
1,024
12,149
23,617
3,526
1,361

100
50
75
110
1,000
5,000
300
120

23
76
3
60
250
2,000
75
40

166, 894
48, 676
3,981
92,097

62,195
14, 752
33
23,458

259,216
72, 268
3,034
125, 577

10,000
1,500
1,000
9,000

10, 000
2,000
160
5,000

108
2,754
127
357
142
1,909
186
90
260
132
218

149
832
40
140
129
983
109
89
218
28
181

278
4,622
126
561
270
3,340
380
220
504
149
464

35
150
25
50
25
150
25
25
40
25
25

428
1,325
81
606
111
1,339

617
1,428
33
150
104
584

1,261
3,419
117
771
233
2,360

100
100
25
25
25
100

25
50
5
13
5
20

696
220
365
138
307
231
394
562
126
155
204
825
484
1,061

393
129
219
136
82
95
78
403
629
30
23
74
389
477

1,126
388
602
307
483
336
377
940
771
210
136
1,063
836
1,855

50
25
25
25
50
50
100
100
30
25
25
125
100
100

25
5
25
5
20
10
10
50
25
3
31
50
20
20

199
159
273
318

35
89
129
331

220
308
432
719

25
25
50
50

1,195
1,810
1,493
7,550
204
293
159
690

200
150
250
500
25
25
25
50

Loans

Surplus

DISTRICT NO. 12
AKIZONA

(See also District No. 11)
Buckeye—Buckeye Valley BankPhoenix—Valley Bank._
CALIFOENIA

Chico—Peoples Savings & Commercial Bank_
Downey—Los Nietos Valley Bank
Holtville—Holtville Bank.
Kingsburg—Kingsburg Bank_._
Long Beach—Farmers & Merchants Bank
Los Angeles—Union Bank & Trust Co
__
Pasadena—Citizens Savings Bank
Quincy—Plumas County Bank
San FranciscoAmerican Trust Co
_
Anglo-California Trust Co__
Bank of Montreal
_
Wells Fargo Bank & Union Trust Co
IDAHO

Arco—Butte County Bank
Boise—First Security Bank
Eagle—Bank of Eagle
Grangeville—Bank of Camas Prairie
Hazelton—Hazelton State Bank
Idaho Falls—Anderson Brothers Bank
Kimberly—Bank of Kimberly
Mackay—W. G. Jenkins & Co
Malad City—J. N. Ireland & Co. Bankers
Oakley—Farmers Commercial & Savings Bank_.
Oroflno—Bank of Orofino
Pocatello—
Citizens Bank & Trust Co
First Security Bank.
Richfield—First State Bank
Soda Springs—Largilliere Company Bankers
Sugar City—Fremont County Bank..
_.
Twin Falls—Twin Falls Bank & Trust Co

100
5
25
6
75
1
20

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
Fossil—Steiwer and Carpenter Bank
Grants Pass—Grants Pass and Josephine Bank
Gresham—First State Bank
Haines—Bank of Haines
Helix—Bank of Helix
Hood River—Butler Banking Co
Marshfield—Bank of Southwestern Oregon
Medford—Jackson County Bank
Multnomah—Multnomah Commercial & Savings
Bank
Myrtle Point—Bank of Myrtle Point
North Portland—Live Stock State Bank___
Oakland—E. G. Young and Co. Bank___
Oregon C i t y Bank of Commerce
Bank of Oregon City
Pendleton—Inland Empire Bank
Portland—Hibernia Commercial & Savings Bank__
Reedsport—First Bank of Reedsport
Shaniko—Eastern Oregon Banking Company
Wasco—Bank of Wasco
Woodburn—Bank of Woodburn

609
718
1,495
4,167
81
234
172
355

732
816
302*
2,317
55
87
3
307

40
30
50
100
5
15
5
10

UTAH

Cedar City—Bank of Southern Utah
Ephraim—Bank of Ephraim
___
Fountain Green—Bank of Fountain Green.




850
574
305

634
518
282

100 i
50
25

75
52
35

267

STATE BANK MEMBERSHIP
[in thousands of dollars]

Loans

DISTRICT NO. 12—Continued
UTAH—continued
Gunnison—Gunnison Valley Bank
Helper—Helper State Bank
Kaysville—Barnes Banking Co
LoganCache Valley Banking Co
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 Brothers, Bankers
Spanish Fork—Commercial Bank
_
Vernal—Bank of Vernal

237
625
551

186
14

197
945
423

25
50
50

13
50
100

1,247
1,482
284
328

207
2

1,867
1,764
258
372

100
100
35
50

50
100
21
10

366
644

78
182

493
912

50
50

60
70

798
1,023
818
925

218
297
6
4

1,189
1,235
660

100
300
50
25

38
75
50
100

1,040
1,033
1,345
14, 552
393
313

216
454
4,2*

1,182
963
1,726
22,846
374
307

200
250
300
1,500
50
60

32
200
150
575
25
19

203
119
78
1,370
509
50
366
452
809
1,204
204

37
24
16
825
51
24
82
660
1,121
793
299

180
115
92
2,219
526
82
384
1,140
2,112
2,489
586

50
25
25
150
75
25
50
100
150
100
30

13
7
2
100
15

413
119
478
221
123
795 |
600 i

71
6
55
127
3
247
120

407
88
503
313
95
766
757

60
30
25
50
25
50
50

20
4
15
10
4
150
25

428 I

196
320
102
216
42
47
80
4,539
152
573

656
699
347
362
195
281
360
12,492
422
811

50
50
50
25
25
25
40
600
30
100

15
13
20
15
3
15
12
200
6
20

1,791 I

944
410

13, 329
2,302

1,000
200

250
100

230
308
151
293
148

!
|
I

63
167
118
157
18

245
502

25
30

7
16

301
487
149

50

10
15
4

1,439
1,009
1,227
1,348
379
1,645

I
j
|
j
I
|

585
511

1,810
1,812

100
200

50
30

520
331
170
619

2,127
1,874
508
2,537

100
100
50
275

25
40
10
55

WASHINGTON

Almira—
Almira State Bank
Farmers State Bank
Buena—Buena State Bank
Chehalis—Coflman-Dobson Bank & Trust Co
Colfax—First Savings & Tr. Bank of Whitman C o . .
Coulee City—Security State Bank
Davenport—Lincoln County State Bank
Ellensburg—Farmers Bank
Everett—Bank of Commerce
Hoquiam—Bank of Hoquiam
Kelso—Cowlitz Valley Bank
__
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
Tekoa—
Citizens State B a n k . . . !
Tekoa State Bank
.
Toppenish—
Central Bank
Traders Bank
Uniontown—Farmers State Bank
Walla W a l l a Peoples State Bank
Union Bank & Trust Co
Wenatehee—
Columbia Valley Bank
Commercial Bank & Trust Co
Wilbur—State Bank of Wilbur
Yakima—Yakima Valley Bank & Trust Co




331
358
173
157
223
395
5,908
270
232

|

20
50
30
50
30

268

ANNUAL, REPORT OF THE FEDERAL RESERVE BOARD

STATE

BANK

MEMBERS—SUMMARY

CLASSIFICATION
STOCK

ACCORDING

TO CAPITAL

[Amounts in thousands of dollars]
Banks having a capital stock of—

Total
$25,001 to $50,000 $50,000 to $100,000

$25,000 i
State

New England:
Maine
New Hampshire..
Massachusetts
Rhode Island
Connecticut

200
75
28,950
8,200
4,100

5,487
1,313
371,832
265,342
49,943

Middle Atlantic:
New York
New Jersey
Pennsylvania. ..

107
64
97

480, 239
41,950
67, 734

,223, 367
609,872
969,339

East North Central:
Ohio
Indiana..
.Illinois
Michigan
Wisconsin

71
15
62
143
15

87, 615
5,611
112, 615
53,890
4,250

, 269, 631
61,089
, 327,056
948, 653
61,033

400
5,591
35,760
395
105
530
6, 500
8,375

75

30
25

585
125
435

315

179

105

250 4,126
25
282
175 1,447
750 15, 387

30
70
40
535
95

104
751
226
9,887
1,226

4,862
78, 636
470,137
6,222
1,224
5,494

120
175
125
100
25
25

1,788
1,433
1,222
1,517
319
307

30
231
165
70
30
30

169
2,386
1,320
700
292
475

65

3,340
5,000
753
6,495
240

43, 267
102, 662
65, 377
35, 637
74,239
8,638
33,771
2,261

25

197
194
1,569

5,350
3,355
2,210
325

55, 930
35, 560
25,163
2,856

4,155
12,000
75
7,172

64,762
188, 542
617

Mountain:
Montana
Idaho
Wyoming
Colorado:
New Mexico
Arizona
Utah

2,080
,050
115
1,075
80
1,105
3,520

41, 401
19, 075
748
17, 426
900
18, 228
39,946

Pacific:
Washington
Oregon
California

4,245
2,205
28, 255

57,466
24, 505
504, 573

9,810
1,236
4,344

387
308

25
325

1,313

West North Central:
Minnesota
Iowa
Missouri
South Dakota
Nebraska
Kansas
South Atlantic:
Delaware
Maryland
Virginia
West Virginia
North Carolina-_
South Carolina...
Georgia
Florida
East South Central:
Kentucky
Tennessee
Alabama
Mississippi
West South Central:
Arkansas
Louisiana
_.
Oklahoma
Texas

Total _

2

1 I 40

246
50

225

130

35

203
4,590

590

4,519

200
225
25

1,677
2,730
165

132
782
80

285
1,277

263
363
258

275
250

2,607
2,828

160
30

1,958
771

1,110
2,088
1,796
2,823

1,657

150
50
50
75
50

12

1,147
561
503
513
637

460

2,746 29,680 213

' Includes 1 bank in Minnesota with capital of $20,000 and deposits of $452,000.

1,435
10, 216
3,607
1,644
613
570

395 5, 666
607
50
414
50
1,257 10,162

415

25
650

1,119 1,056,065 15,256,874 163 4,070 48,144




203
460
110

25

10

150
785
250
125
50
50

158
257

1

221
775
363

62, 792

760 9,896
175 1,863
620 5,900
2,195 41,842
205 3,496

5,005

635
300
125

5,846
3,787
1,657

11, 670 144, 760

269

STATE BANK MEMBERSHIP
STATE

BANK

MEMBERS—SUMMARY CLASSIFICATION
STOCK—Continued

ACCORDING

TO CAPITAL

[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 i
State

I
New England:
Maine _ _
New HampshireMassachusetts. .
Rhode Island
Connecticut
Middle Atlantic:
New York
New Jersey
Pennsylvania

'ft

o

1

3

'1
o

Oft

11
1
2

2, 950
200
500

62, 683
3,139
5,884

2

o ft

2

200
100

2,156

©

m

Oft

1
a

'ft

6

Oft

5,487

1

'ft
O

1, 500

32, 051

24, 400
8,000
3,600

274, 942
262, 203
44, 059

5,810 115, 924
6,200 82,170
8,652 68,126

42 465, 639
14 28,400
17 46, 328

6,966,581
431, 857
752, 362

17 80, 000
2
2,500
10 102,850
13 39, 250
2
2,500

1,154,
30,
1, 202,
689,
33,

3
3

22
15
22

2,325
1,550
2,840

40,457
20,908
27, 674

22
23
31

5,850 90, 280
5,675 73, 701
9,349 115, 772

9
10
15

16

1,900

25,196

13
24
5

1,480
2,510
550

14, 616
44, 501
9,650

7
4
12
16
1

1,825
1,041
3, 350
4, 750
400

30, 797
11, 574
40,857
73,135
7,966

5
3
7
6
1

2,850
1,800
4,100
3,900
500

45,152
16, 373
61, 692
74, 380
4,924

1
4
8
1

100
400
820
100

1,470
7,717
7,309
2, 361

4
24

900
5,250

12, 569
68, 682

1
4

600
2,000

8,101
28,535

2
6

2, 500
27,150

36,214
359, 462

2

225

2,034

1

200

2,108

1
2
2
3
3
10
1

100
200
200
300
325
1,050
100

1,371
1,332
2,354
2,479
3,497
4,489
1,008

2
3

500
750

3,817
8,041

3
2

2,000
1,000

11, 262
11,146

3
3
2
1
3

6,500
8,250
6,000
1,000
4,700

1
5

200
1,430

3,151
12, 464

43, 267
100,965
47, 469
11,503
71, 760

2

1,200

6,927

1

2,000

5,341

East South Central:
1
Kentucky
Tennessee. _. _ _ 1
2
Alabama
1
Mississippi

150
100
200
100

990
251
1,667
701

1
1
1
1

200
200
200
200

2,806
1,055
822
1,792

2

1,250

10,436

1

500

1,677

3
1
1

3,750
3,000
1,000

41,698
33, 787
18, 515

500

3,934

5
2

1,100
500

15, 539
6,194

2
1

1,100
750

23, 942
12, 034

1
4

1,000
10, 700

15,136
169, 707

1,175

8,714

1

200

1,257

2

3,300

33, 550

650
600

12,475
15,002

2

450

4,771

1
1

1, 050
1,500

17,580
22, 846

East North Central:
Ohio
Indiana
Illinois
Michigan
Wisconsin
West North Central:
Minnesota
Iowa
Missouri
South Dakota. _
_
Nebraska
Kansas _ _ .
South Atlantic:
Delaware
Maryland
Virginia
West Virginia. __
North Carolina .
South Carolina _
Georgia
Florida

WTest South Central:
5
Arkansas
Louisiana
Oklahoma
11
Texas
Mountain:
Montana
Idaho _.
Wyoming
Colorado
New Mexico
Arizona.
Utah . .

4

400

5,454

4

1,050

5,106

Pacific:
Washington
Oregon
California.-- _._

8
6
3

900
675
330

14,58-1
6, 881
3, 528

3
2
I

675
450
300

6, 650
2, 68S
3, 520

Total

6
5

211 23,155 302, 247 194 50, 645 678,826

600

21,199

2

1

1

1,000

360
246
318
521
771

16,913

1
L

12,492
7 550

1

1,000

13, 32!)

6

600
500

27, 500

495, Sf!2

81 48,412 673, 006 176 915,367 13,380,211

Includes 16 banks with capital in excess of $10,000,000, as follows: New York, 11 with capital of $350,600,000 and deposits of $5,494,630,000; Ohio, 2 with capital of $36,650,000 and deposits of $587,750,000; Illinois,
2 with capital of $87,000,000 and deposits of $990,303,000; Michigan, 1 with capital of $11,000,000 and
deposits of $256,763,000.




270

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

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
Derby-—Birmingham National Bank.
HartfordCapitol National Bank & Trust
Co.
First National Bank
___
Hartford National Bank & Trust
Co.
Meriden—Home National Bank
Middietown—
Central National Bank
First National Bank._
_
_
Middietown National Bank &
Trust Co.
Naugatuck—Naugatuck
National
Bank.
New BritainCity National Bank_
New Britain National Bank
New Haven—
First National Bank & Trust Co.
Morchants National Bank
National Tradesmens Bank &
Trust Co.
New Haven Bank, N. B. A
Second National Bank___
New LondonNational Bank of Commerce
National Whaling Bank
New London City National Bank
New Milford—First National Bank.
Norwich—Uncas-Merchants National
Bank.
Putnam—Citizens National Bank
Rockville—
First National Bank
_
Rockviile National Bank..
Torrington—Torrington
National
Bank.
Wallingford—First National Bank...
Waterbury—
Citizens and Manufacturers National Bank.
Waterbury National Bank_>..._.



Powers
granted

Ito9.
1 to 9.
1 to9.
Ito9.
1 to 9.
1 to 9
Ito9.
Ito9.
1 to 9.
1 to 9.
Ito8.
1 to 9.
Ito8.
i to 8.
1 to 9.
Ito9.
Ito9.

Willimantic—Windham
National Ito9.
Bank.
Winsted—Hurlbut National Bank,.. Ito9.
MAINE

Auburn—National Shoe & Leather
Bank.
Augusta—First National Granite
Bank.
Bangor—
Merchants National Bank...
Bar Harbor—First National B a n k . . .
BathBath National Bank
_
First National Bank
__
Belfast—City National Bank
Biddeford—First National Bank of
Biddeford,
Camden—Camden National B a n k . . .
Damariscotta—First National Bank
of Damariscotta.
Ellsworth—Liberty National Bank..
Fort Kent—First National Bank
Houlton—First National Bank
Lewiston—
First National Bank
Manufacturers National B a n k . . .
Norway—Norway National Bank
Pittsfield—Pittsfield National Bank .
Portland Canal National Bank
First National B a n k . .
Portland National B a n k . . .

Ito5.
Ito9.
1, 2, 3, 5, 7,
8, and 9.
xiocKianQ—
1 to 9.
North National Bank
Ito8.
Rockland National Bank
_
Rumford—Rumford National Bank..
1 to 9.
Saco—York National Bank
Sanford—Sanford National Bank
Ito9.
Skowhegan—First National Bank
1 to 9.
Springvale—Springvale
National
1 to 7.
Bank.
Thomaston—
1 to 9.
Georges National Bank _
_.
1 to 9.
1 to 9.

1 to 7.

1 to 9.
1 to 9.
1 to 4.
1 to 8.
Ito8.
1 to 8.
Ito9.

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.

Ito9.
1, 2, and 4.
1 to 9.
1 to 9.
Ito9.
1 to 9.
Ito9.
Ito9.
Ito9.
Ito9.
1 to 3, f>, and
8.

to
Thomaston National Bank
... 1 and3, r., 8,
9.
Van Buren—First National Bank.... 1 to 3, 5 to 7,
and 9.

FIDUCIARY POWEES

271
Powers
granted

DISTRICT NO. 1—Continued
DISTRICT NO. 1—Continued
MAINE—continued
MASSACHUSETTS—continued
Waldoboro—Medomak
National 1 to 3, 5 to 7, Methuen—Methuen National Bank.
Ito8.
and 9.
Bank.
Milford—
Water ville—
Ito4.
Home National Bank
1 to 9.
Peoples National Bank _ _ _
Milford National Bank & Trust 1 to 9.
1 to 4.
Ticonic National Bank
Co.
Nantucket—Pacific National Bank... Ito9.
MASSACHUSETTS
Needham—Needham National Bank- 1 to 9.
Abington—Abington National Bank. 1.
New BedfordAdams—
First National Bank...
_.
1 to 9.
1 to 8.
First National Bank
__.
1 to 9.
Merchants National Bank
1 to 7 and 9.
Graylock National Bank
1 to 9.
Safe Deposit National Bank
1 to 9.
Amherst—First National Bank
Newbury portIto9.
Andorer—Andover National Bank...
First and Ocean National Bank.. Ito9*.
Athol—
Ito8.
Merchants
1 to 3, 5 to 8. Newton—First National Bank
Athol National Bank
Ito9.
National Bank
1 to 7 and 9. North Adams—North Adams Na- 1 to 9.
Millers River National Bank
1 to 9.
Attleboro—First National Bank
tional Bank.
1 to 4.
Beverly—Beverly National Bank
North Attleboro—Manufacturers Na- 1 to 9.
Bostontional Bank.
1 to 9.
Atlantic National Bank
Northampton1 to 9.
Boston National Bank
First National Bank
Ito9.
Ito9.
Federal National Bank
Northampton National Bank
1 to 9.
1 to 9.
First National Bank
Ito9.
Orange—Orange National Bank
1 to 9.
Merchants National Bank
Palmer—Palmer National Bank
1 to 9.
1 to 9.
National Rockland Bank
Peabody—Warren National Bank
Ito9.
1 to 9.
National Shawmut Bank
Pittsfield—
1 to 9.
Second National Bank
Ito9.
Agricultural National Bank
Webster & Atlas National Bank. Ito9.
Pittsfield-Third National Bank 1 to 7 and 9.
Brockton—
& Trust Co.
Brockton National Bank
_ 1 to 9.
Plymouth—
Ito5.
Home National Bank
1 to 5.
Old Colony National Bank
Cohasset—Cohasset National Bank.. 1 to 9.
1 to 4.
Plymouth National Bank
Dedham—"Dednam National Bank... 1 to 9.
Province town—First National Bank. 1 to 9.
Edgartown—Edgartown National 1 to 3.
Quincy—National Mount Wollaston Ito9.
Bank.
Bank of Quincy.
Fall River1 to 4.
Reading—First National Bank
1 to 9.
Fall River National Bank
Salem—Merchants National Bank... 1 to 9.
Falmouth—Falmouth National Bank 1 to 9.
Shelburne Falls—Shelburne Falls 1 to 7 and 9.
Fitchburg—Safety Fund National 1 to 9.
National Bank.
Bank.
Soinerville—Somerville National 1 to 9.
Foxboro—Foxboro National Bank.__ 1 to 9.
Bank.
Framingham—Framingham National 1 to 9.
Southbridge—SouthDridge National 1 to 9.
Bank.
Bank.
1 to 9.
Gardner—First National Bank.
SpringfieldGloucester—
Springfield-Chap in National Ito9.
1 to 9.
Cape Ann National Bank
Bank & Trust Co.
1 to 9.
Gloucester National Bank
Third National Bank & Trust Co. 1 to 9.
Great Barrington—National Ma- 1 to 9.
Tisbury—Martha's Vineyard Na- Ito8.
haiwe Bank.
tional Bank.
Greenfield—First National Bank & Ito9.
Townsend—Townsend National Bank 1 to 3.
Trust Co.
Turners Falls—Crocker National 1 to 7 and 9.
Haverhill—
Bank.
1 to 9.
Essex National Bank
Uxbridge—Blackstone National Bank 1 to 4.
1 to 4.
First National Bank.
Waltham—Waltham National Bank. 1 to 7 and 9.
Ito9.
Haverhill National Bank
Wareham—National Bank of Ware1 to 4.
Merrimacis: National Bank
ham.
Holyoke—Holyoke National Bank.__ 1 to 9.
Watertown—Union Market National 1 to 9.
1 to 9.
Hudson—Hudson National Bank
Bank.
1 to 9.
Ipswich—First National Bank
W ellesley—Wellesley National Bank. 1 to 4.
Lawrence—Bay State National Bank. 1 to 9.
Westfield—
1 to 9.
Leominster—
First National Bank
1 to 4.
Leominster National Bank
Hampden National Bank
Ito8.
Merchants National Bank
1 to 7 and 9. Woburn—Woburn National Bank
1 to 7 and 9.
Lowell—
1, 2, 3, 6, 7,
1 to 9.
Appleton National Bank
Worcesterand 9.
Old Lowell National Bank
Mechanics National Bank__
1.
1 to 4.
Union National Bank
Worcester County National Bank 1 to 9.
1 to 9.
LynnYarmouthport—First National Bank 1 to 9.
Central National Bank
Ito8.
of Yarmouth.
Manufacturers National Bank... 1 to 9.
1 to 5 and 7.
National City Bank
NEW HAMPSHIRE
1 to 9.
State National Bank
MaidenBerlinFirst National Bank
Berlin National Bank
1 to 9.
1, 2, 4, 6,
1 to 9.
Second National Bank
and 7.
City National Bank
Marblehead—National Grand Bank. Ito9.
1.
Marlboro—
Charleston—Connecticut River Na- 1 and 4.
1 to 4.
First National Bank
_
tional Bank.
1 to 9.
Peoples National Bank
Claremont—
Claremont National Bank,.
Medford—First National Bank
1, 2, , and
1 to 4.
Peoples National Bank..
S.




272

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Powers
granted

DISTRICT NO. 1—Continued
NEW HAMPSHIRE—continued
Concord—
First National Bank
Mechanicks National Bank
National State Capital Bank
Derry—Derry National Bank
DoverMerchants National Bank
Stratford National Bank
Exeter—Rockingham National Bank.
Franklin—Franklin National Bank_.
Hanover—Dartmouth National Bank
Keene—
Astmelot-Citizens National Bank.
Keene National Bank
Laconia—
Laconia National Bank...
Peoples National Bank
Lebanon—National Bank of Lebanon.
Manchester—
Amoskeag National Bank
First National Bank....

DISTRICT NO. 1—Continued
VERMONT—continued
1 to 9.
1, 2, and 4.
1 and 4.
1.
1 to
1 to
1, 2,
1.
1, 4,

3.
4.
and 4.
and 9.

1 and 4.
1 to 4.
1, 2, and 4.
1 and 4.
1, 2, 4, 6, 7,
and 9.

1, 2, and 4.
1, 2, 4, 6, 7,
and 9.
1.
Manchester National Bank
1, 4, and 9.
Merchants National Bank
Milford—Souhegan National Bank... 1 and 4.
Nashua—
1,2,3,4,6,7,
Indian Head National Bank
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.
Portsmouth—
1, 2, 4, 6, 7,
First National Bank
and 9.
New Hampshire National Bank.. 1 and 9.
1, 2, 4, 6, 7,
Rochester—Public National Bank
and 9.
1 and 2.
Tilton—Citizen's National Bank
1, 2, 4, 6, 7,
Wilton—Wilton National Bank
and 9.
Wolfeboro—Wolfeboro National Bank 1 and 4.
RHODE ISLAND

Newport—
Aquidneck National Exchange
Bank & Sayings 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




Powers
granted

Northfield—North field National
Bank.
Poultney—Citizens National Bank...
RutlandCentral National Bank
Clement National Bank
Rutland County National Bank.
St. Albans—Welden National Bank..
St. Johnsbury—
First National Bank
Merchants National Bank
Springfield—First National Bank
Windsor—State National Bank
DISTRICT NO. 2

1 to 9.
Ito4.
1 to 7 and 9.
1 to 3,5 to 7.
1 to 9.
Ito4.
1 to 6 and 9.
Ito8.
1 to 4 and 5.
1 to 3, 5, 6,
and 7.

CONNECTICUT

(See also District No. 1)
Bridgeport—First National Bank &
Trust Co.
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

Ito9.
1 to 9.
1 to 9.
Ito9.
Ito9.
Ito9.
1 to 9.
1 to 9.
Ito9.
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—Asbury Park National
Bank & Trust Co.
Atlantic Highlands—Atlantic Highlands National Bank.
Bayonne—Mechanics' National Bank.
Belleville—Peoples National Bank &
Trust Co.
Belvidere—Belvidere National Bank.
1 to 9.
Bergenfield—Bergenfieid
National
Bank & Trust Co.
1 to 9.
Bernardsville—Bernardsville National Bank.
1 to 9.
Boonton—Boonton National Bank...
1 to 9.
Boundbrook—First National Bank...
1 to 9.
Butler—First National Bank
Caldwell—
Caldwell National Bank
1 to 9.
Citizens National Bank & Trust
Ito9.
Co.
Carlstadt—Carlstadt National Bank.
Carte ret—First National Bank
1 to 9.
CliftonIto9.
Clifton National Bank
1 to 9.
First National Bank
Ito4.
Closter—
1 to 9.
Closter National Bank & Trust
Co.
1 to 8.
Cranbury—First National Bank
Ito8.
Dover—National Union Bank
Dunellen—First National Bank
1, 2, 3, and
East Orange—First National Bank...
5.
ElizabethIto9.
National State Bank
Ito3,5and9.
Peoples National Bank
Englewood—Citizens National Bank
1 to 9.
Ito9.
& Trust Co.
Flemington—Flemington National
Bank.
FreeholdCentral National Bank
First National Bank
Ito4.
National Freehold Banking Co..
1 to 9.
1 to 7 and 9. Frenchtown—Union National Bank-

Ito9.
Ito9.
1 to 9.
1 to 8.
Ito9.
1 to 9.
ltoS.
1 to 9.
1 to 9.
1 to 9.
Ito9.
Ito9.
Ito9.
Ito8.
1 to 9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
1 to 9.
Ito9.
1 to 7 and 9.
Ito9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 and 4.

273

FIDUCIARY POWERS

Powers
granted

Powers
granted
DISTRICT NO. 2—Continued
NEW JERSEY—continued
Garfield—First National Bank
Glen Rock—Glen Rock National
Bank.
Hackensack—City National Bank &
Trust Co.
Hackettstown—
Hackettstown National Bank
Peoples National Bank
Highland Park—First National Bank.
Hillside—Hillside National Bank
Hoboken—First National Bank
Irvington—
Irvington National Bank
Peoples National Bank & Trust
Co.

Jersey City—
First National Bank
Franklin National Bank
Hudson County National BankJournal Square National Bank__
Kearny—First National Bank &
Trust Co.
Lambertville—
Amwell National Bank
Lambertville National Bank
Linden—Linden National Bank &
irust uo.
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 Bank.
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.
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.
Union National Bank
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
-p__i_
-banK.
OrangeOrange National Bank.
Second National Bank..
Palisades Park—Palisades Park National Bank & Trust Co.
Passaic—
American NationaP B ank
Lincoln National Bank
Passaic National Bank & Trust
Co.




DISTRICT NO. 2—Continued
NEW JERSEY—continued
Ito9.
Ito9.
1 to 9.
Ito9.
1 to 9.
Ito9.
1 to 9.
Ito4.
1 to 9.
Ito9.
1 to 9.1
ltoTa d »
'
Ito9.
1 to P
Ito9.
Ito9.
Ito9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
Ito9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
Ito9.
1 to 9.
1 to 9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
Ito9.
Ito8.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.

Paterson—
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.
Rah wayCitizens National Bank
Rahway National Bank
Ramsey—First National Bank &
Trust Co.
Red BankBroad Street National Bank
Second National Bank & Trust

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 9.
1 to 9.
1 to 8.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.

V^O.

Ridgewood—
Citizens National Bank & Trust
Co.

First National Bank & Trust Co.
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 &
JL ALIOU V > O »

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...
NEW

1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 4.
1 to 9.
1 to 9.
1 to 9.
Ito4.
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
Ito9.
Ito9.

YORK

Adams—Farmers National Bank....
Albany—
National Commercial Bank &
Trust Co.
New York State National Bank._
Amityville—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
PT n 1 1 c i p n
oc r± rrust L>O,
Baldwin—Baldwin National Bank__.
Baldwinsville—First 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.

Ito9.
Ito8.
1 to 9.
1 to 9.
1 to 3, 5toS
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.
1 to 9.
1 to 9.
1 to 9.

274

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Powers
granted

DISTRICT NO. 2—Continued
NEW YORK—continued
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.
Callicoon—^Callicoon National Bank.
Camden—first National Bank &
Trust Co.
Canajoharie—
Canajoharie National Bank
National Spraker Bank
Canandaigua—Canandaigua
National Bank & Trust Co.
Canton—
First National Bank..
St. Lawrence County National
Bank.
Carmel—Putnam County National
Bank.
CarthageCarthage National Bank
National Exchange Bank & Trust
Co.
Catskill—Catskill National Bank....
Cazenovia—Cazenovia N a t i o n a l
Bank.
Cedarhurst—Peninsula N a t i o n a l
Bank.
Chester—Chester National Bank
Clayton—National Exchange Bank..
Clyde—Briggs National Bank &
Trust Co.
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
East Rockaway—East Rockaway
National Bank.
Edwards—Edwards National Bank._
Ellenville—First National Bank &
Trust Co.
Elmira—First National Bank & Trust
Co.
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.I




Powers
granted
DISTRICT NO. 2—Continued
NEW YORK—continued

Fulton—Citizens National Bank & 1 to 9.
1 to 9.
Trust Co.
1 to 9.
Geneseo—Genesee Valley National 1 to 9.
Bank.
Glens Falls—
Ito9.
First National Bank
1 to 9.
1 to 9.
I
National Bank of Glens Falls
1 to 9.
1 to 9.
Gloversville—
City National Bank & Trust Co.. 1 to 9.
1 to 9.
Fulton County National Bank.. 1 to 9.
Goshen—National Bank of Orange 1 to 9.
] to 9.
County.
1 to 9.
Granville—
Farmers National Bank
1 and 4.
Washington County National 1 to 5.
1 to 9.
Bank.
1 to 9.
Hampton Bays—Hampton Bays 1 to 9.
1 to 9.
National Bank.
Hancock—First National Bank.
1 to 9.
Haverstraw—National Bank<fe I t o 9 .
1 to 9.
Trust Co.
1 to 3,5 to 8
Hempstead—First National Bank
1 to 9.
Herkimer—Herkimer National Bank. 1 to 8.
1 to 9.
| Highland Falls—First National Bank 1 to 9.
j Hoosick Falls—
|
First National Bank
1 to 9.
Ito9.
!
Peoples National Bank
j 1 to 8.
1 to 9.
| Hornell—
!
Citizens National Bank & Trust 1 to 9.
1 to 8.
!
Co.
Ito9.
;
First National Bank
_._ 1 to 9.
I Hudson—
1 to 9.
!|
Farmers National Bank.
i 1 to 9.
j!
First National Bank & Trust Co. 1 to 9.
1 to 9.
1 Hudson Falls—
1
4.
I
S
Peoples National Bank
1 to 9.
1 to 9.
I
Sandy Hill National Bank
1 to 9.
i Huntington—First National Bank & 1 to 9.
1 to 8.
!'; Trust Co.
i Ilion—
Ito9.
i
Ilion National Bank & Trust Co. 1 to 9.
1 to 8.
j
Manufacturers National Bank... 1 to 9.
1 to 8.
Islip—First National Bank
1 to 9.
Ithaca—First National Bank
1 to 9.
Jamestown—
1 to 9.
j
American National Bank
1 to 9.
1 to 9.
I
I
National Chautauqua County 1 to 8.
||
Bank.
jj Kenmore—First National Bank,
1 to 9.
1 to 9.
Kingston—
Ito9.
I
First National Bank of Rondout. 1 to 9.
1 to 9.
I
National Ulster County Bank & 1 to 9.
Ito9.
i|
Trust Co.
1 to 9.
!
Rondout National Bank
1 to 9.
!
State of New York National 1 to 9.
I
Bank.
1 to 9.
1 Lackawanna—Lackawanna National 1 to 9.
1
1 to 8.
j| Bank.
1 to 9.
i| Larchmont—Larchmont N a t i o n a l 1 to 9
|
Bank & Trust Co.
4.
!! Liberty—Sullivan County National 1 to 9.
1 to 9.
I Bank.
j Little Falls—Little Falls National 1 to 9.
1 to 9.
j Bank.
j Livonia—Stewart National Bank & 1 to 9.
1 to 9.
Trust Co.
i Lockport—Niagara County National 1 to 9.
4.
Bank & Trust Co.
I Lowville—Black River National 1 to 9.
1
Ito9.
|
Bank.
| Lynbrook—
Ito8.
1
1
Lynbrook National Bank & 1 to 9.
ii
Trust Co.
1 to 9.
h
Peoples National Bank & Trust 1 to 9.
ii
Co.
1 to 9.
Malone—Farmers National Bank... 1 to 9.
ji Mamaroneck—First National Bank 1 to 9.
1 to 9.
i & Trust Co.
| Manhasset—First National Bank & 1 to 9.
I Trust Co.
I
Ito9.
i! Massena—First National Bank & 1 to 9,
Ito9.
i] Trust Co.

275

FIDUCIARY POWERS

Powers
granted

Powers
granted
DISTRICT NO. 2—Continued

DISTRICT NO. 2—Continued
NEW YORK—continued

NEW YORK—continued
Middletown—
First National Bank & Trust Co_
Merchants National Bank
Mineola—First National Bank
Monticello—National Union Bank of
Monticello.
Morristown—Frontier N a t i o n a l
Bank.
Mount Kisco—Mount Kisco National Bank & Trust Co.
Mount Morris—Genesee River National Bank & Trust Co.
Mount Vernon—
American National Bank &
Trust Co.
First National Bank
IN ew Durgn—•

Highland Quassaick National
& Trust Co.
National Bank of Newburgh
New Rochelle—
Central National Bank
National City Bank
New Y o r k Bank of America National Association.
Broadway National Bank &
Trust Co.
Brooklyn National Bank of New
York.
Central National Bank
Chase National Bank
Chatham & Phenix National
Bank & Trust Co.
Commercial National Bank &
Trust Co.
Dunbar National Bank
First National Bank
Grace National Bank
Harriman National Bank &
Trust Co.
Industrial National Bank
_
Kingsboro National Bank of
Brooklyn in New York.
Lafayette National Bank of
Brooklyn in New York.
Lefcourt National Bank & Trust
Co.
Liberty National Bank
National City Bank
Prospect National Bank & Trust
Co. of Brooklyn in New York.
Public National Bank & Trust
Seward National Bank & Trust
Co.
Sterling National Bank & Trust
Co.
Straus National Bank & Trust
Co.
Northport—First National Bank &
Trust Co.
Norwich—
Chenango County National Bank
& Trust Co.
National Bank & Trust Co
Nyack—Nyack National Bank
Olean—
Exchange National Bank
_
First National Bank.
Oneida—Oneida Valley National
Bank.
Oneonta—
Citizens National Bank & Trust
Co.
Wilber National Bank
Ossining—First National Bank &
Trust Co.
Oswego—First & Second National
Bank & Trust Co.




1 to 9..
1 to 9,
Ito9,
Ito9.
4.
1 to 9.
1 to 9.
Ito9.
1 to 8.
1 to 9.
Ito9.
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.
Ito9.
1 to 9.
Ito9.
Ito9.
1 to 9.
Ito9.
1 to 9.
Ito9.
1 to 9.
Ito9.
1 to 9.
Ito9,
1 to 9.
Ito9.
Ito9.
1 to 8.
1 to 9.
Ito9.
Ito9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
Ito9.
1 to 9.

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.
Pelham—Pelham National Bank
Perry—First National Bank
Plattsburg—
Merchants National Bank
Plattsburg National Bank &
Trust Co.
Pleasantville—First National Bank__
Port Chester—First National Bank
& Trust Co.
Port Henry—Citizens National Bank.
Port Jervis—
First National Bank
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 Bank
Poughkeepsie—
Fallkill National Bank & Trust
Co.
Farmers & Manufacturers National Bank.
Merchants National Bank &
Trust Co.
Red Hook—First National Bank
Richfield Springs—First National
Bank
Riverhead—Suffolk County National
Bank.
Rochester—First National Bank &
Trust Co.
Rockville C e n t e r First National Bank _.
Nassau County National Bank__
Rome—Farmers National Bank &
Trust Co.
Roscoe—First National Bank &
Trust Co.
Roslyn—Roslyn National Bank &
rp,. n D f O/-»
i rust \JO.
Rye—Rye National Bank
St. Johnsville—First National Bank__
Salamanca—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.
Schenectady—
Mohawk National Bank
Union National Bank..
Sidney—Sidney National Bank
Silver Creek—Silver Creek National
Bank
Skaneateles—National Bank & Trust
Co.
Southampton—First National Bank.
Spring Valley—First National Bank.
Stamford—National Bank of Stamford.
Suffern—Suffern National Bank &
Trust Co.

4.
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.
1 to 5, 7 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
Ito9.
Ito9.
1 to 9.
1 to 9.
I to 9.
1,2, and 3.
1 to 9.
Ito9.
1 to 9.
1.
1 to 9.
1 to 9.
Ito9.
Ito9.
1 to 9.
Ito9.
Ito9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
Ito9.
Ito8.
1 to 9.
1 to 9.
1 to 9.

276

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Powers
granted

Powers
granted
DISTRICT NO. 3—Continued

DISTRICT NO. 2—Continued
NEW YORK—continued

NEW JERSEY

Syracuse—
Lincoln National Bank & Trust
Co.
Merchants National Bank &
Trust Co.
Salt Springs National Bank
Tarry town—Tarrytown N a t i o n a l
Bank.
Ticonderoga—Ticonderoga National
Bank.
TroyManufacturers National Bank...
National City Bank...
Union National Bank
United National Bank
Tuckahoe—First National Bank &
Trust Co.
Tuxedo—Tuxedo National Bank
Utica—
Oneida National Bank & Trust
Co.
Utica National Bank & Trust
Co.
Valley Stream—Valley Stream National Bank & Trust Co.
Walden—Third National Bank
Walton—First National Bank &
Trust Co.
Warrensburg—Emerson N a t i o n a l
Bank.
Warsaw—Wyoming County National Bank.
Warwick—First National Bank
Water town—
Jefferson County National Bank.
Watertown National Bank
Watervliet—National Bank of Watervliet.

(See also District No. 2)
Ito9.

Absecon—First National Bank
Atlantic City—
Atlantic City National Bank
Chelsea National Bank
1 to 9.
Pacific Avenue National Bank...
1 to 3, 5 to 9.
Second National Bank.^
Union National Bank
1 to 9.
Audubon—Audubon National Bank.
Barnegat—First National Bank
Beach Haven—Beach Haven NaIto9.
tional Bank & Trust Co.
Ito9.
Beverly—First National Bank &
Ito9.
Trust Co.
Ito9.
Blackwood—First National Bank &
Ito9.
Trust Co.
Bordentown—First National Bank...
1 to 9.
Bridgeton—
Bridgeton National Bank
Ito9.
Farmers and Merchants National Bank.
Ito9.
Burlington—Mechanics N a t i o n a l
Bank.
1 to 8.
Cam d e n American National Bank_
_
Ito9.
First Camden National Bank &
1 to 9.
Trust Co.
Third National Bank & Trust Co.
Ito9.
Cape May—Merchants National
Bank.
1 to 9.
Collingswood — Collingswood National Bank.
Ito9.
Elmer—First National Bank.
Glassboro—First National Bank
1 to 9.
Haddonfield—Haddonfield National
1 to 8.
Bank.
1 to 9.
Hightstown—First National Bank...
VViiverly—
Hopewell—Hopewell National Bank.
Medford—Burlington County NaCitizens National Bank_
-_ 1 to 9.
tional Bank.
First National Bank
Ito9.
Merchantville—First National Bank
Wellsvilie—Citizens National Bank.. I t o 9 .
Westbury—Wheatley Hills National 1 to 9.
& Trust Co.
Bank
IVllJl VUlc^^
Millvillp
Westfieid—National Bank of West- I t o 9 .
Mechanics National Bank
Millville National Bank _
field.
Mount HollyWhitehall—Merchants N a t i o n a l I t o 9 .
Mount Holly National Bank
Bank.
Union National Bank & Trust
White Plains—Peoples National 1 to 9.
L>0.
lianK oz i rusi uo.
Yonkers—
New Egypt—First National Bank &
Trust Co.
Ito9.
Central National Bank
Ocean C i t y First National Bank & Trust Co_ 1 to 9.
First National Bank
Y onkers National Bank & Trust I t o 9 .
Ocean City National Bank
Co.
Paulsboro—First National Bank &
Trust Co.
DISTRICT NO. 3
Pemberton—Peoples National Bank.
DELAWARE
& Trust Co.
Penns Grove—Penns Grove National
Bank & Trust Co.
Delmar—First National Bank.
Ito8
Pitman—Pitman National Bank &
Dover—First National Bank...
Ito9
Trust Co.
Harrington—First National Bank
1 to 9.
Pleasantville—Pleasantville National
Laurel—PeopJes National Bank
Ito3
! Bank.
Milford—First National Bank & I t o 9 .
| Point Pleasant BeachTrust Co.
Ocean County National Bank.
Seaford—First National Bank
Ito8.
Point Pleasant Beach National
Smyrna—
|
Bank & Trust Co.
Fruit Growers National Bank & I t o 9 .
Princeton—First National Bank
Tjust Co.
I Roebling—First National Bank
,
Ito9.
National Bank of Smyrna
Salem—
WilmingtonCity National Bank & Trust Co
Central National Bank.
Ito9.
i
Salem National Bank & Trust
Ito9.
National Bank of Delaware.
i
Co.
Union National Bank
1 to 9.




Ito9.

1 to 9.
Ito4.
1 to 9.
Ito9.
1 to 9.
Ito3.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
1 to 9.
1 to 9.
1 to 9.

4.

Ito9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
Ito9.
1 to 9.
Ito9.
1 to 8.
1 to 9.
Ito9.
1 to 7 and 9
Ito9.
Ito9.
Ito9.
1 to 9.
Ito9.
1 to 9.
Ito8.
Ito9.
Ito9.
1 to 9.
Ito9.
Ito9.

277

FIDUCIARY POWERS
Powers
granted
DISTRICT NO. 3—Continued

DISTRICT NO. 3—Continued
NEW JERSEY—continued
Swedesboro—Swedesboro National
Bank.
Toms River—First National Bank__
TrentonBroad Street National Bank
First-Mechanics National BankProspect 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.

PENNSYLVANIA—continued

Ito9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
1 to 9.

PENNSYLVANIA

(See also District No. 4)
Allentown—
Allentown National Bank
Merchants Citizens National
Bank & Trust Co.
Second National Bank
Altoona—
First National Bank
_
Second National Bank
Ambler—First National Bank
Annville-Annville National Bank
Ashland—The Ashland National
Bank.
Ashley—First National Bank
Atglen—Atglen National Bank
_
Bangor—
First National Bank
Merchants National Bank
Bedford—Farmers National Bank &
Trust Co.
Bellefonte—First National Bank
Belleville—Belleville National Bank.
Berwick—
Berwick National Bank
First National Bank
Bethlehem—
. Bethlehem National Bank.
First National Bank
Lehigh Valley National Bank
Blossburg—Citizens National Bank
& Trust Co.
Boyertown—
Farmers National Bank
National Bank & Trust Co
Bradford—Commercial N a t i o n a l
Bank.
Bridgeport—Bridgeport National
Bank.
Bristol—Farmers National Bank of
Bucks County.
Catasauqua—
Lehigh National Bank
National Bank of Catasauqua
Chambersburg—
National Bank of Chambersburg.
Valley National Bank
ChesterDelaware County National BankFirst National Bank
Clearfield—
Clearfield National Bank..
County National Bank
Coatesville—National Bank of Chester Valley.
Columbia—
Central National Bank
First Columbia National Bank__
Conshohocken—First National Bank.
Dallastown—First National Bank...
Danville—
Danville National Bank
First National Bank




Powers
granted

Ito9.
Ito9.
1 to 9.
1 to 9.
Ito9.
Ito9.
Ito9.
Ito9.
1 to 9.
Ito3.
1 to 9.
Ito9.
Ito9.
Ito9.
1 to 3.
Ito9.
1 to 9.
Ito9.
Ito9.
Ito8.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
Ito9.
1 to 9.
Ito9.
Ito9.
Ito9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.

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 & Trust Co.
Easton—
Easton National Bank
First National Bank & Trust Co
Ebensburg—First National Bank
Edwardsville—Peoples National
Bank.
Elizabethtown—First National Bank
& Trust Co.
Eruaus—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.
Huntingdon—
First National Bank
Union National Bank
Jenkintown—Citizens National
Bank.
JohnstownFirst 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
Lansdowne—National Bank of Lansdowne.
Lebanon—
First National Bank
Lebanon National Bank.
_
Peoples National Bank
Lehighton—
Citizens National Bank & Trust
Co.
First National Bank_._
_
Lewisburg—
Lewisburg National Bank
Union National Bank
Lewistqwn—
Citizens National Bank
Miffiin County National Bank...
Russell National Bank
Lititz—Farmers National Bank
Littlestown—Littlestown National
Bank.
Lock Haven—First National B a n k -

I to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
Ito9.
Ito9.
1 to 9.
Ito9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
Ito9.
Ito9.
1 to 9.
Ito9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
1 to 8.

1 to 7 and <
1
1
1
1

to 8.
to 9.
to 9.
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.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 4.
1 to 9.
1 to 9.

278

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Powers
granted

DISTRICT NO. 3—Continued

DISTRICT NO. 3—Continued

PENNSYLVANIA—continued

Luzerne—Luzerne National Bank
Mahanoy CityFirst National Bank..
Union National Bank
Malvern—National Bank of Malvern.
Manheim—
Keystone National Bank
Manheim Nationall Bank
Marietta—Exchange National Bank—
Mauch Chunk—Mauch Chunk National Bank.
Maytown—Maytown National Bank
Mechanicsburg—Second National
Bank.
Media—First National Bank
Millheim—Farmers National Bank
& Trust Co.
Milton—First Milton National Bank.
Montoursville — First National
Bank.
Montrose—First and Farmers National Bank & Trust Co.
Mount Carmel—
First National Bank
Union National Bank
Mount Joy—
First National Bank & Trust Co.
Union National Mount Joy Bank.
Mountville—Mountville National
Bank.
Myerstown—Myerstown National
Bank.
Nanticoke—
First National Bank
_..
Nanticoke National Bank
Nazareth—Nazareth National Bank
& Trust Co.
New Holland—New Holland Na-

Powers
granted

!

PENNSYLVANIA—continued

Philadelphia—Continued.
1 to 9.
Penn National Bank
1 to 9.
1 to 9.
Philadelphia National Bank
1 to 9.
1 to 8.
Second National Bank
Ito9.
1 to 9.
!
Sixth National Bank
1 to 8.
Southwestern National Bank
1 to 9.
1 to 9.
Textile National Bank...
1 to 9.
1 to 9.
Tioga National Bank
1 to 4.
Tradesmens National Bank & 1 to 9.
1 to 9.
1
Trust Co.
Tulpehocken National Bank & 1 to 9.
1 to 4.
!
Trust Co.
Ito9.
Philipsburg—
Ito9.
First National Bank
Ito9.
1 to 9.
Moshannon National Bank
1 to 9.
Phoenixville—
Farmers and Mechanics Na- 1 to 9.
Ito9.
tional Bank.
1 to 9.
National Bank of Phoenixville.-. 1 to 9.
1 to 9.
Pittston—First National Bank
1 to 9.
1 to 9.
Liberty National Bank _
_
Ito9.
Plymouth—First National Bank
Port Allegany—First National Bank. Ito9.
Ito9.
Pottstown—
1 to 9.
Citizens National Bank & Trust 1 to 9.
Co.
1 to 9.
Ito9.
National Bank of Pottstown
1 to 9.
1 to 9.
National Iron Bank
1 to 4.
Pottsville—
Ito9.
Merchants National Bank
1 to 9.
Miners National Bank
_ 1 to 9.
Pennsylvania National Bank & 1 to 9.
Trust Co.
1 to 9.
Reading1 to 9.
Farmers National Bank & Trust 1 to 9.
Co.
Ito9.
Penn National Bank & Trust Co. 1 to 9.
1 to 5 and 9.
Reading National Bank & Trust 1 to 9.
LlOJJ-cll JDdXlK..
Newtown—First National Bank & 1 to 7 and 9. Red Lion—Red Lion First National 1 to 9.
Bank.
Trust Co.
1 to 9.
Ridgway—Ridgway National Bank._ 1 to 9.
Newville—First National Bank
1 to 9.
Sayre—First National Bank
Norristown—Peoples National Bank- 1 to 9.
Schuylkill Haven—First National 1 to 9.
Northampton—Cement National Ito8.
Bank & Trust Co.
Bank of Siegfried.
1 to 9.
Schwenksville—National Bank of
Northumberland—Northumberland 1 to 9.
Scranton—
National Bank.
Ito9.
First National Bank
Oley—First National Bank.
1 to 9.
Third National Bank & Trust Co. 1 to 9.
Orwigsburg—First National Bank 1 to 9.
Ito9.
Union National Bank
& Trust Co.
1 to 9.
Selinsgrove—First National Bank
Oxford—National Bank of Oxford
1 to 9.
Shamokin—
Palmerton—First National Bank
1 to 9.
Ito9.
Market Street National Bank*
Patton—First National Bank
Ito9.
1 to 9.
National Bank of Shamokin
Pen Argyl—First National Bank
1 to 9.
Shenandoah—Merchants National Ito9.
PhiladelphiaBank.
Central National Bank
1 to 9.
Shickshinny—First National Bank.., 1 to 3, 5 to 8
City National Bank & Trust Co, 1 to 9.
Shippensburg—
Commercial National Bank & 1 to 9.
First National Bank
Ito9.
Trust Co.
1 to 9.
Peoples National Bank
Corn Exchange National Bank 1 to 9.
Smethport—Grange National Bank Ito9.
& Trust Co.
of McKean County.
Eighth National Bank
_ 1 to 9.
Souderton—Union National Bank & Ito9.
Erie National Bank
Ito9.
Trust Co.
First National Bank
1 to 9.
Kensington National Bank
1 to 3, 5 to 9. Spring City—National Bank & Trust 1 to 9.
Market Street National Bank
1 to 7 and 9. Co.
State CollegeMount Airy National Bank & 1 to 9.
1 to 9.
First National Bank
Trust Co.
Ito9.
Peoples National Bank
National Bank of Germantown Ito8.
Stroudsburg—
& Trust Co.
Ito9.
First National Bank..
National Bank of Olney in Phila- 1 to 9.
1 to 9.
Stroudsburg National Bank
delphia.
Ito9.
Sunbury—First National Bank
National Security Bank & Trust 1 to 9.
Co.
Swarthmore—Swarthmore National Ito9.
Bank & Trust Co.
North Broad National Bank
1 to 9.
Tamaqua—
Northeast National Bank of 1 to 9.
1 to 9.
First National Bank
Holmesburg.
Tamaqua National Bank
_ Ito9.
_
Northwestern National Bank & Ito9.
1 to 4.
Tioga—Grange National Bank
Trust Co.
Topton—National Bank of Topton.. 1 to 4.
Overbrook National Bank
1 to 9.




1 to 9.

279

FIDUCIARY POWERS

Powers
granted

Powers
granted
DISTRICT NO. 4—Continued

DISTRICT NO. 3—Continued

KENTUCKY—continued

PENNSYLVANIA—continued

Towanda—Citizens National Bank__
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 & Trust
Co.
First National Bank & Trust Co.
Weatherly—First National Bank
Wernersville—Wernersville National
Bank & Trust Co.
West Chester—
First National Bank
National Bank of Chester County
West Grove—National Bank & Trust
Co.
Wilkes-Barre—
Second National Bank
_
Wyoming National Bank
Williamsport—
First National Bank
Williamsport National Bank
Wrightsville—First National Bank
YorkCentral National Bank
Drovers and Mechanics National
Bank.
First National Bank
Industrial National Bank of
West York.
Western National Bank
York County National Bank
York National Bank & Trust Co.

1 to 9.
Ito9.
Ito9.
Ito9.
1 to 9.

1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9
Ito9.
Ito9.
Ito9.
1 to 9.
Ito9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.

KENTUCKY

90182—30




19

2 to 8.
1 to 5, 7 to 9.
1 to 9.
1 to 4.
Ito5, 7 to 9.

OHIO

1 to 9.

DISTRICT NO. 4
(See also District No. 8)
Ashland—
Ashland National Bank
Second National Bank
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—First National Bank &
Trust Co.
Middlesboro—National B a n k of
Middlesboro.
Mount Sterling—
Montgomery National Bank
Mount Sterling National Bank...
Traders National Bank
Newport—
American National Bank
Newport National Bank
Paintsyille—
Paintsville National Bank
Second National Bank
Paris—First National Bank
Pikeville—First National Bank
Pineville—Bell National Bank
Richmond—Madison National Bank
& Trust Co.

Saylersville—Saylersville National
Bank.
SomersetFarmers 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.
1 to 4.
1 to 9.
1 to 9.
1 to 5, 7 to 9.
1 to 5, 7 to 9.
1 to 9.
1 to 5, 7 to 9.
1 to 9.
Ito5, 7 to 9.
ltoS.
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.

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

1 to 9.
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.

Bradford—First National Bank
Cadiz—Fourth National Bank
Canton—First National Bank
CincinnatiAtlas National Bank
First National Bank
Lincoln National Bank
Second National Bank
Cleveland—
Central United National Bank...
Engineers National Bank
National City Bank
Columbus—
City National Bank & Trust Co.
Huntington National Bank
Ohio National Bank
_
_
Coshocton—
Commercial National Bank
Coshocton National Bank
DaytonCity 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__.
Hamilton—
First 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 CommerceMansfield—Citizens National Bank
& Trust Co.
MariettaCitizens 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.
Painesville — Painesville National
Bank & Trust Co.
Piqua—
Citizens National Bank & Trust
Co.
Piqua National Bank & Trust
Co.

1 to 9.
1 to 7 and 9.
Ito9.

1 to 7 and 9.
1 to 7 and 9.
Ito9.
I 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.
1 to 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 4 and 9.
1 to 7 and 9.
1 to 7 and 9.
1 to 7 and 9.
1 to 7 and 9.
1 to 7 and 9.
1 to 7 and 9.
. to 7.
Ito9.
1 to 7 and 9.

280

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Powers
granted

Powers
granted
DISTRICT NO. 4—Continued

DISTRICT NO. 4—Continued

OHIO—continued

PENNSYLVANIA—continued

Pittsburgn—
Bank of Pittsburgh, N. A
Diamond National Bank
Duquesne National Bank
Exchange National Bank of Pittsburgh.
Farmers' Deposit National Bank1 to 9.
First National Bank..
1 to 7 and 9"
Forbes National Bank
c
Highland National Bank....
1 to 7 and 9.
Mellon National Bank..
Monongahela National Bank
1 to 7 and 9.
National Bank of America at
Pittsburgh.
1 to 7 and 9.
Second National Bank of Alle1 to 7 and 9.
gheny.
1 to 7 and 9.
Third National Bank
1 to 7 and 9.
Union National Bank
_
Punxsutawney—Punxsutawney NaIto7 and 9.
tional Bank.
1 to 9.
1 to 7 and 9. SharonFirst National Bank
McDowell National Bank.
1 to 9.
Merchants and Manufacturers
National Bank.
1 to 7 and 9. Tarentum—First National Bank &
4.
Trust Co.
Ito9.
Titusville—Second National Bank...
1,4, and 9.
Uniontown—
1 to 7 and 9.
National Bank of Fayette
County.
PENNSYLVANIA
Second National Bank..
_.__
Uniontown National Bank &
(See also District No. 3)
Trust Co.
Beaver Falls—First National Bank.. 1 to 9.
Vandergrift—Citizens National Bank..
Brookville—Jefferson County Na- 1 to 9.
Warren—
tional Bank.
Citizens National Bank
Brownsville—Second National Bank. 1 to 9.
Warren National Bank
1 to 9.
Canonsburg—First National Bank
Washington—Citizens National Bank.
Ellwood City—First National Bank.. 1 to 9.
Waynesburg—First National Bank
Erie1 to 9.
&"Trust Co.
First National Bank
Zelienople—Peoples National Bank,..
1 to 9.
Marine National Bank
1 to 9.
Second National Bank
WEST VIRGINIA
Ford City—First National Bank & 1 to 9.
Trust Co.
(See also District No. 5)
Franklin—Lamberton National Bank 1 to 9.
1 to 9.
Greensburg—First National Bank
Elm Grove—First National Bank
GreenvilleSistersville—Union National Bank...
1 to 9.
First National Bank
Wheeling—
1 to 9.
Greenville National Bank...
National Bank of West VirginiaGrove C i t y National Exchange Bank
1 to 9.
First National Bank
Grove City National Bank
j 1 to 9.
DISTRICT NO. 5
Knox—Clarion County National 1 to 9.
Bank of Edenburg.
Ito9.
DISTRICT OF COLUMBIA
Leechburg—First National Bank
McKeesport—First National Bank._. I t o 9 .
Washington—
Meadville—
1 to 9.
Merchants National Bank
Commercial National Bank
1 to 5, 7 to 9.
New First National Bank
District National Bank
Meyersdale—Citizens National Bank. 1 to 9.
Federal-American National Bank
Monessen—
Franklin National Bank
First National Bank & Trust Co._ I t o 9 .
Liberty National Bank
Peoples National Bank & Trust I t o 8 .
Lincoln National Bank
Co.
National Bank of Washington.__
New Bethlehem—First National 1 to 9.
National Metropolitan Bank
Bank.
Riggs National Bank
New Brighton—Union National Bank 1 to 9.
Second National Bank
New Castle—
MARYLAND
1 to 9.
Citizens National Bank
BaltimoreFirst National Bank of Lawrence 1 to 9.
Drovers & Mechanics National
County.
Bank.
New Kensington—First National 1 to 8.
Farmers & Merchants National
Bank.
Bank.
1.
Oakmont—First National Bank
First National Bank
Oil City—
|
National Bank of Baltimore
First National Bank
__j Ito9.
Western National Bank
Oil City National Bank
I 1 to 9.

Portsmouth—First National Bank
Ravenna—Second National Bank
St. Clairsville—First National Bank__
Sandusky—Third National Exchange
Bank.
SpringfieldFirst National Bank & Trust Co__
Lagonda-Citizens National Bank.
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—
Commercial National Bank
First National Bank
Mahoning National Bank
Zanesville—
First National Bank...
Old Citizens National Bank




1 to 7 and 9.
1, 4, and 9.
1 to 7 and 9.
Ito9.

Ito9.
1 to 9.
1 to 9.
Ito9.
4 and 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 8.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 4.
1 to 9.
1 to 9.
1 to 9.

1 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
1 to 3, 5 to
7, and 9.
1 to 5, 7 to 9.
1 to 4.

1 to 9.
1 to 9.
1 to 9.
1 to 9,

1 to 8.
1 to 8.
Ito8.
1 to 8.
1 to 8.
1 to 8.
1 to 8.
Ito8.
1 to 8.
1 to 8.

1 to 9.
Ito9.
1 to 9.
Ito9.
1 to 9.

281

FIDUCIARY POWERS

Powers
granted

Powers
granted
DISTRICT NO. 5—Continued

DISTRICT NO. 5—Continued
MARYLAND—continued
CumberlandFirst National Bank
_.
Second National Bank
Denton—Denton National Bank
Easton—Easton National Bank
Elkton—National Bank of Elkton....
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
Bank.
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
Westminster—
Farmers & Mechanics National
Bank.
First National Bank
..

SOUTH CAROLINA

Ito9.
Ito9.
Ito9,
1 to 9.
1 to 9.
1 to 4.
Ito9.
1 to 9.
1 to 9.
1 to 9.
Ito4.
1 to 4.
Ito9.
Ito9.
Ito3.
1 to 9.
1 to 9.
1 to 9.
Ito9.
Ito9.

NORTH CAROLINA

Asheboro—First National Bank
_
Asheville—
• American National Nank
National Bank of Commerce
CharlotteCharlotte 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
National Bank.
Fayetteville—Cumberland National
Bank.
Gastonia—First National Bank
Goldsboro—Wayne National Bank___
Graham—National Bank of Alaman ce.
Hendersonville—Citizens National
Bank.
High Point—Commercial National
Bank.
Monroe—First National Bank
Mooresville—First National Bank
Mount Airy—First National Bank__
Oxford—First National Bank of
Granville at Oxford.
Raleigh—Commercial National Bank.
Reidsville—First National Bank
Rocky Mount—Planters National
Bank.
Salisbury—First National Bank
_
Snow Hill—National Bank of Snow
Hill.
Thomasville—First National Bank__
Wadesboro—First National Bank
Winston-Salem—Farmers National
Bank & Trust Co.




1 to 9.
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.
Ito9.
Ito9.
1 to 9.
Ito9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
7.
Ito9.
1 to 9.
1 to 9.

Anderson—Carolina National Bank.
Camden—First National Bank
Charleston—
Atlantic National Bank
Peoples First National Bank
South Carolina National Bank...
Chester—Peoples National Bank
Columbia—
Columbia National Bank
National Loan & Exchange Bank.
Elloree—First National Bank
Gaffney—Merchants & Planters National Bank.
GreenvilleFirst National Bank
Peoples National Bank
Holly Hill—First National Bank
Orangeburg—Edisto National Bank..
Rock H i l l National Union Bank
Peoples National Bank
Spartanburg—
Central National Bank
First National Bank
Springfield—First National Bank
Sumter—National Bank of South
Carolina.

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.
1 to 9.
1 to 9.
1 to 9.
1 to 3, 5 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
5.
Ito9.

VIRGINIA

Abingdon—First National Bank
AlexandriaAlexandria National Bank
Citizens National Bank..
First National Bank
Appalachia—First National Bank
Bedford—Peoples National Bank
Blackstone—First National Bank
Bristol—Dominion National Bank...
Charlottesville—
National Bank & Trust Co. at
Charlottesville.
Peoples National Bank
Chase City—First National Bank....
Chatham—First National Bank
Clifton ForgeClifton Forge National Bank
First National Bank
Covington—
Citizens National Bank
Covington National Bank
Crewe—First National Bank
Culpeper—Second National Bank
Danville—
American National Bank &
Trust Co.
First National Bank
Emporia—
Citizens National Bank
_.
First National Bank
Fairfax—National Bank of Fairfax...
Farmville—
First National Bank
Peoples National Bank
Fredericksburg—Planters National
Bank.
Hampton—Merchants N a t i o n a l
Bank.
Harrison b u r g First National Bank
National Bank of Harrisonburg..
Rockingham National Bank
Leesburg—
Loudoun National Bank
Peoples National Bank

1 to 9.
Ito9.
Ito9.
1 to 9.
1.
Ito9.
Ito9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
1 to 3,
1 to 9.
1 to 6 and 9.
1 to 9.
1 to 4.
Ito9.
1 to 9.
Ito9.
1 to 9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
1 to 9.
1 to 9.
Ito9.
Ito9.
1 to 9.

282

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Powers
granted

Powers
granted
DISTRICT NO. 5—Continued

DISTRICT NO. 5-Continued

VIRGINIA—continued

WEST VIRGINIA—continued

LexingtonFirst National Bank
1 to 9.
Peoples National Bank
1 to 9.
Rockbridge National Bank
1 to 9.
Lovingston—First National Bank of 1 to 9.
Nelson County.
Lynchburg—Lynchburg National 1 to 9.
Bank & Trust Co.
Marion—Marion National Bank
1 to 9.
Marshall—Marshall National Bank 1 to 9.
& Trust Co.
Martinsville—
First National Bank
1 to 9.
Peoples National Bank
_ 1 to 4.
Narrows—First National Bank
1 to 9.
Newport News—First National Bank 1 to 9.
NorfolkNorfolk National Bank of Com- 1 to 9.
merce and Trusts.
Seaboard Citizens National Bank. 1 to 9.
Virginia National Bank
.. 1 to 9.
Norton—
First National Bank
1 to 9.
National Bank of Norton
_.. to 9.
OrangeCitizens National Bank
1 to 9.
National Bank of Orange
1 to 9.
Petersburg—
National Bank of Petersburg
1 to 9.
Virginia National Bank._
1 to 9.
Phoebus—Old Point National Bank. 1 to 9.
Portsmouth—American National 1.
Bank.
Pulaski—
Peoples National Bank
_ 1 to 9.
Pulaski National Bank
_
1 to 9.
Eadford—Farmers and Merchants 1 to 9.
National Bank.
RichmondCentral National Bank
1 to 9.
First & Merchants National 1 to 9.
Bank.
Roanoke—
Colonial American National Bank 1 to 9.
First National Exchange Bank... 1 to 9.
Rocky Mount—Peoples National 1 to 9.
Bank.
Salem—Farmers National Bank
1 to 9.
South Boston—
Boston National Bank
1 to 9.
Planters & Merchants First 1 to 9.
National Bank.
|
Stanley—Farmers & Merchants Na- j 1 to 9.
tional Bank.
!
Staunton—
j
Augusta National Bank
1 to 9.
National Valley Bank
i 1 to 9,
Staunton National Bank & Trust.j 1 to 9.
Co.
|
Strasburg—
i
First National Bank
,__j 1 to 9.
Massanutten National Bank
\ 1 to 9.
Suffolk—National Bank of Suffolk...j 1 to 9.
Warrenton—Fauquier National ! 1 to 9.
Bank.
j
Waynesboro—First National Bank
1 to 9.
WinchesterFarmers & Merchants National 1 to 9.
Bank & Trust Co.
\
Shenandoah Valley National 1 to 9.
Bank.
Wythevilie—First National Bank
1 to 9.
WEST VIRGINIA

(See also District No. 4)
Beckley—Beckley National Bank
Bluefield—
Bluefield National Bank
First National Bank
Flat Top National Bank



i

1 to 9.

1 to 9.
1 to 9.
i 1 to 9.

CharlestonCharleston National Bank
1 to 9.
Kanawha National Bank
_ 1 to 9.
ClarksburgEmpire National Bank..
1 to 9.
Merchants National Bank.____.. 1 to 9.
Union National Bank
1 to 9
Fairmont—
National Bank of Fairmont
1 to 9.
Union National Bank
1 to 9.
Fairview—First National Bank
1 to 4.
Grafton—First National Bank
1 to 9.
Huntington— First Huntington Na- 1 to 9.
tional Bank.
Madison—Boone National Bank
j 1 to 4.
Martinsburg—Old National Bank
1 to 9.
Moorefield—South Branch Valley 1 to 3, 5 to 9.
National Bank.
Morgantown—Second N a t i o n a l 1 to 9.
Bank.
Parkersburg—
First National Bank
1 to 9.
Parkersburg National Bank
| 1 to 9.
St. Marys—First National Bank
| 1 to 9.
WelchFirst National Bank
._ 1 to 9.
McDowell County National 1 to 9,
Bank.
WilliamsonFirst National Bank
1 to 9.
National Bank of Commerce
1 to 9.
DISTRICT NO. 6
ALABAMA
I

Albertville—Albertville National 1 to 9.
Bank.
Andalusia—Andalusia National 1.
Bank.
Anniston—
Anniston National Bank
1 to 7, and 9.
Commercial National Bank
1 to 5, 7
and 9.
First National Bank
1 to 8.
BessemerCity National Bank
2.
First National Bank in Bessemer. 1 to 8.
Birmingham—
American-Traders National 1 to 9.
Bank.
First National Bank
1 to 9.
Cullman—Leeth National Bank
1 to 4.
Decatur—
Central National Bank
1.
Morgan County National Bank.. 1,2, 3, and 5.
Dothan—
First National Bank...
1 to 8.
Houston National Bank
1 to 9.
Fayette—First National Bank
1 to 9.
Florence—First National Bank
1 to 8.
Fort Payne—First National Bank. __ 1.
Gadsden—
First National Bank.
1 to 3.
Gadsden National Bank
1 to 8.
Greenville—First National Bank
1 to3, and 5.
Mobile—
First National Bank
_
1 to 9
Merchants National Bank
1 to 9.
Mobile National Bank
1 to 9.
MontgomeryAlabama National Bank
1 to 9.
First National Bank
. . . 1 to 9.
Fourth National Bank
1 to 9.
Oneonto—First National Bank
1 to 3, 5 to9.
Opelika—
Farmers National Bank
1 to 9.
First National Bank
1 to 7.
Opp—First National Bank
1 to 9.
Oxford—First National Bank..
1 to 8.
Piedmont—First National Bank
1 to 3.

283

FIDTJCIAKY POWEES

Powers
granted

Powers
granted
DISTRICT NO. 6—Continued

DISTRICT NO. 6—Continued

GEORGIA—continued

ALABAMA—continued

La Grange—La Grange National
Bank.
Louisville—First National Bank
Quitman—First National Bank
1 to 3, 5 to R o m e 7, and 9.
First National Bank
1 to 9.
National City Bank
Talladega National Bank
TroySavannah—Citizens & Southern National Bank.
Farmers and Merchants Na- 1 to 7 and 9.
Statesboro—First National Bank
tional Bank.
1.
Thomasville—First National Bank...
First National Bank
Winder—Winder National Bank
Tuscaloosa—
1 to 8
City National Bank
LOUISIANA
First National Bank
_. 1 to 8.
1 to 9.
Wetumpka—First National Bank
(See also District No. 11)

Selma—City National Bank
Sylacauga—Merchants & Planters
National Bank.
Talladega—
Isbell National Bank
.

1 to 8.
1 to 9.

FLORIDA

Bradenton—First National Bank
Daytona Beach—First National Bank
De Funiak Springs—First National
Bank.
Fort Myers—First National Bank.__
Jacksonville—
Atlantic National Bank
Barnett National Bank.
Florida National Bank
Lake City—First National Bank
MiamiCity National Bank in Miami
First National Bank
Miami Beach—Miami Beach First
National Bank.
Ocala—Munroe & Chambliss National Bank.
Orlando—First National Bank &
Trust Co.
Palatka—Putnam National Bank
Panama City—First National Bank..!
Pensacola—Citizens & Peoples National Bank.
Perry—First National Bank
_
St. Augustine—St. Augustine National Bank.
St. Petersburg—
Central National Bank & Trust
Co.
First National Bank
Sanford—Sanford Atlantic National
Bank.
Sarasota—Palmer National Bank &
Trust Co.
TampaExchange National Bank.
First National Bank
Winter Haven—Snell National Bank.

Ito4.
1 to 9.
1 to 8.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to
4.
1 to
1 to
1 to

9.
9.
9.
9.

1 to 9
1 to 9.
1 to 9.

Hammond—Citizens National BankLa Fayette—
Commercial National Bank
First National Bank
Lake Charles—
Calcasieu National Bank of
Southwest Louisiana.
First National Bank
__
New Orleans—Whitney N a t i o n a l
Bank

1 to 9.
Ito8.
1 to 9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.

1 to 9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.

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
First National Bank
JacksonCapital National Bank
First National Bank
Jackson State National Bank
LaurelCommercial National Bank &
± rust i^o.
First National Bank
McComb City—First National Bank.

Citizens National Bank
1 to 3, 5 to 7
First National Bsnk
and 9.
Natchez—Britton & Koontz National Bank.
1 to 9.
Vicksburg—
1 to 8.
Merchants National Bank &
1 to 3, 5 to 7.
National City Savings Bank &
GEORGIA
Trust Co.
Yazoo City—Delta National Bank...
Albany—City National Bank
1 to 9.
Athens—National Bank of Athens... 1 to 4.
TENNESSEE
AtlantaFirst National Bank
1 to 9.
(See also District No. 8)
1 to 9.
Fulton National Bank
Augusta—National Exchange Bank.. 1 to 9.
Bristol—First National Bank
1 to 8.
Barnesville—First National Bank
Chattanooga—
Brunswick—National B a n k of 1 to 9.
First National Bank
Brunswick.
Hamilton National Bank.1 to 9.
Carroll ton—First National Bank
Clarksviile—First National Bank
Cartersville—First National Bank... 1 to 9.
Copperhill—First National Bank of
Columbus—
Polk County.
1 to 9.
First National Bank
Decherd—First National Bank of
1 to 9.
Fourth National Bank
Franklin County.
1 to 5.
Dalton—First National Bank...
Dickson—Citizen National Bank
1 to 3, 5to 9. Fayetteville—
Dawson—Dawson National Bank
1 to 9.
Elberton—First National Bank
Elk National Bank
FitzgeraldFirst National Bank
_
Exchange National Bank,.
_. 1 to 4.
Gallatin—First & Peoples National
1 to 4, 6, 7,
First National Bank
Bank
and 9.
Greenville—First National Bank




Ito8.

1 to 5.
1 to 4.
Ito8.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
1 to 7 and 9,
1 to 9.
Ito9.
1, 2, and 3.
Ito9.
1 to 8.
1, 6, and 7.
Ito9.
Ito9.
Ito9.

Ito9.
Ito9.
Ito9.
1.
1 to 3, 5 to 8.
1, 3 to 9.
Ito8.
1 to 3 and 5.
1 to 3, 5 to 9
Ito9.
Ito9.

284

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Powers
granted

DISTRICT NO. 6—Continued

DISTRICT NO. 7—Continued

TENNESSEE—continued
Harriman—-Harriman National Bank.
Johnson C i t y Tennessee National Bank
Unaka and City 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...
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
Bank.
Springfield—First National Bank

Powers
granted

ILLINOIS—continued
Ito9.

Chicago Heights—First National I t o 9 .
Bank & Trust Co.
I to 9.
Chillicothe—First National Bank
Ito9.
Ito9.
Danville1 to 7 and 9.
First National Bank
Ito9.
Palmer National Bank
Ito9.
1, 4. and 9.
Second National Bank
Ito8.
Ito9.
Decatur—
1 to 9.
Citizens National Bank
_ Ito9.
1 to 3, 5 to 8.
Milliken National Bank
Ito9.
National Bank of Decatur
Ito9.
1.
Des Plaines—First National Bank... Ito9.
Dixon—Dixon National Bank
Ito9.
Ito9.
Dundee—First National Bank
Ito9.
1 to 7 and 9. Elmhurst—First National Bank
Ito9.
1 to 9.
El Paso—
1 to 4.
First National Bank
Ito9.
Woodford
County National Ito9.
Ito9.
Bank.
1 to 3, 5 to 9. Evanston—City National Bank & 1 to 9.
Ito9.
Trust Co.
Freeport—
2, 3, 5 to 7,
First National Bank
Ito9.
and 9.
Second National Bank
„ Ito9.
Tullahoma—Traders National Bank. Ito9.
Galesburg—First Galesburg National Ito9.
Winchester—Farmers National Bank. 1 to 3, 5 to 9
Bank & Trust Co.
Harvey—First National Bank
_ 1 to 9.
_
DISTRICT NO. 7
Havana—Havana National Bank
Ito9.
Henry—First National Bank
1 to 7.
ILLINOIS
Joliet—
Ito9.
First National Bank
(See also District No. 8)
Ito9.
Joliet National Bank
Amboy—First National Bank
1 to 9.
Will County National Bank
1 to 9.
AuroraKankakee—City National Bank
Ito4.
Aurora National Bank
Ito9.
Kewanee—First National Bank
Ito9.
First National Bank
Ito9.
Knoxville—Farmers National Bank.. Ito9.
Merchants National Bank.
Ito9.
Lake Forest—First National Bank.. Ito9.
Old Second National Bank
1 to 9.
La Salle—La Salle National Bank 1 to 9.
Batavia—
& Trust Co.
Batavia National Bank
Ito9.
Libertyville—
First National Bank
1 to 8.
First National Bank
1 to 9.
Belvidere—
Lake County National Bank
1 to 9.
First National Bank
Ito8.
Lincoln—Lincoln National Bank
1 to 9.
Second National Bank
1 to 4.
Macomb—Union National Bank
1 to 9.
Berwyn—First National Bank
_ Ito9.
Marengo—First National Bank
1 to 9.
Blue Island—First National Bank... 1 to 9.
Marseilles—First National Bank
1 to 4.
Bushnell—First National Bank
Ito9.
Mattoon—National Bank of Mattoon I t o 9 .
Cambridge—Farmers National Bank 1 to 9.
Monticello—First National Bank
Ito9.
CantonNaperville—First National Bank
1 to 9.
Canton National Bank
Ito9.
OttawaFirst National Bank
1 to 8.
First National Bank
Ito9.
Casey—First National Bank
Ito4.
National City Bank
1 to 9.
CharlestonParis—First National Bank & Trust Ito9.
First National Bank
Ito9.
Co.
National Trust Bank.1 to 9.
Pekin—American National Bank__. Ito9.
Chicago—
Peoria—
Albany Park National Bank & Ito9.
Central National Bank & Trust Ito9.
Trust Co.
Co.
Austin National Bank
Ito9.
Commercial National Bank
_ 1 to 8.
Calumet National Bank
1 to 9.
First National Bank...
Ito9.
Continental National Bank & 1 to 9.
Merchants & Illinois National Ito9.
Trust Co.
Bank.
First National Bank of Engle- Ito4.
Peru—Peru National Bank_ .__ . . . . Ito9.
wood.
Pontiac—National Bank of Pontiac_. Ito9.
Guardian National Bank.
1 to 9.
Princeton—Citizens National Bank.. 1 to 3, 5 to 8
Hyde Park-Kenwood National 1 to 9.
Riverside—First National Bank
1 to 9.
xvocKioro.—
Bank.
Ito9.
Ito9.
Commercial National Bank
Irving Park National Bank
Jackson Park National Bank
1 to 9.
Forest City National Bank
1 to 9.
Jefferson Park National Bank
Ito9.
Manufacturers National Bank & Ito9.
Lawndale National Bank.
_ Ito9.
_
1
Trust Co.
Mutual National Bank
1 to 9.
Rockford National Bank
1 to 4.
National Band of the Republic.. 1 to 9.
Security National Bank
1 to 9.
Ito9.
i
Swedish-American National Bank I t o 9 .
National Builders Bank.
Peoples National Bank & Trust 1 to 9.
;
Third National Bank
1 to 8.
Co.
St. Charles—St. Charles National 1 to 9.
Portage Park National Bank
1 to 9.
Bank.
Roseland National Bank
Ito9.
Savanna—First National Bank
Ito8.
Straus National Bank & Trust 1 to 9.
Springfield—Illinois National Bank.. 1 to 9.
Co.
Sterling—Sterling National Bank
1 to 9.
Washington Park National Bank. Ito9.
Sycamore—First National Bank
Ito9.




285

FIDUCIARY POWERS

Powers
granted

Powers
granted
DISTRICT NO. 7—Continued

DISTRICT NO. 7—Continued
ILLINOIS—continued

INDIANA—continued

Waukegan—
First National Bank
Waukegan National Bank
Wilmette—First National Bank
Woodstock—American National
Bank.

Lebanon—First National Bank
Liberty—Union County National
Bank.
Logansport—
City National Bank
First National Bank
LowellFirst National Bank in Lowell—.
Lowell National Bank
Marion—
First National Bank
Marion National Bank
Martinsville—First National Bank_ _
Michigan CityFirst National Bank
Merchants National Bank
Mishawaka—First National Bank__.
Monrovia—First National Bank
Monterey—First National Bank
Montezuma—First National Bank...
Montpelier—First National Bank
Mulberry—Citizens National Bank..
Muncie—Delaware County National
Bank.
New Carlisle—First National Bank..
New Castle—Farmers & First National Bank.
Noblesville—American National
Bank.
Peru—First National Bank
Plainfield—First National Bank &
Trust Co.
Plymouth—First National Bank of
Marshall County.
Remington—Farmers National Bank.
RichmondFirst National Bank
_.
Second National Bank
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 Bank
Shelby National Bank
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

1 to 9.
Ito9.
1 to 9.
Ito9.

INDIANA

(See also District No. 8)
Attica—Central National Bank
Auburn—City National Bank
Batesville—First National Bank
Bloomington—First National Bank..
Bluffton—
First National Bank.._
Old National Bank
BrazilCitizens National Bank
_
First National Bank...
Riddell National Bank
Brookville—
Franklin County National Bank.
National Brookville Bank
Cambridge City—First National
Bank & Trust Co.
Clay City—First National Bank
Clinton—First National Bank
Cloverdale—First National Bank
Columbus—First National Bank
Connersville—First National Bank..
Crawfordsville—
Citizens National Bank
..
First National Bank
Dana—First National Bank
Delphi—Citizens National Bank
Dublin—First National Bank
_
Dyer—First National Bank
East ChicagoFirst National Bank & Trust Co_
Indiana Harbor National Bank..
United States National Bank
Edinburg—Farmers National Bank__
Elkhart—First National Bank
Elwood—First National Bank
Fort Wayne—
First & Tri-State National Bank
& Trust Co.
Lincoln National Bank & Trust
Co.
Old National Bank
Franklin—Citizens National Bank
GaryFirst National Bank
National Bank of America
Goodland—First National Bank
Goshen—City National Bank
Greencastle—First National Bank
Greensburg—
Citizens National Bank
Third National Bank & Trust
Co.
Hammond—Hammond National
Bank & Trust Co.
Hartford City—First National Bank.
Huntington—First National Bank...
Indianapolis—
Continental National Bank
Fletcher American National Bank
Indiana National Bank
Knightstown—Citizens N a t i o n a l
Bank.
Kokomo—
Citizens National Bank
Howard National Bank
La Fayette—
First-Merchants National Bank..
National Fowler Bank
La Porte—First National Bank &
Trust Co.




Ito9.
Ito9.
Ito9.
1 to 7 and 9.
1 to 9.
1 to 9.
Ito7.
1 to 4.
1 to 9.
Ito4.
1 to 9.
Ito8.
Ito9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
Ito4.
1 to 9.
1 to 3.
1 to 9.
Ito3.
1 to 4.
Ito9.
1 to 9.
Ito9.
Ito4.
1 to 9.
Ito8.
Ito9.
Ito9.
1 to 9.
Ito8.
Ito9.
Ito9.
1 to 3, 5 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
Ito9.
1 to 7 and 9.
Ito9.
1 to 3, 5 to 7,
and 9.
1 to 9.
1 to 9.
Ito8.
1 to 8.
Ito9.

Akron—First National Bank
Arlington—American National Bank
Aurelia—First National Bank,.
Boone—First National Bank

Ito9.
1 to 3.
Ito8.
Ito8.
1 to 7.
1 to 8.
Ito9.
Ito9.
Ito7.
Ito9.
Ito9.
1 to 9.
Ito4.
1 to 3, 5 to 9.
1 to 8.
1 to 9.
Ito9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 and 4.
1 to 3, 5 to 8.
1 to 9.
1 to 9.
1 to 9.
1 to 5, 7, and
9.
1 to 9.
Ito9.
1 to 4.
Ito4.
1 to 3, 5 to 9.
1 to 9.
Ito9.
1 to 9.
Ito4.
1 to 9.
Ito9.
1 to 9.
Ito9.
Ito9.
1 to 8.
Ito9.
Ito7.
Ito9.
Ito4.
Ito7.
1 to 3.
Ito8.
1 to 9.
Ito3.
1 to 9.
1 to 7 and 9.

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Powers
granted

Powers
granted
DISTRICT NO. 7—Continued
IOWA—continued
Buffalo Center—First National Bank- 1 to 9.
Burlington—Merchants National 1 to 9.
Bank.
Cedar Falls—Cedar Falls National 1 to 7 and 9.
Bank.
Cedar Rapids1 to 9.
Cedar Rapids National Bank
1 to 4.
Merchants National Bank
Charles City1 to 9.
Citizens National Bank
1 to 9.
Commercial National Bank
Charter Oak—First National Bank._ 1,2,3, and 5.
1 to 9.
Cherokee—First National Bank
Clarence—First National Bank
_ 1 to 4.
Clinton1 to 9.
City National Bank
1 to 5.
Merchants National Bank
1 to 3, 5 to 9.
Colfax—First National Bank
Columbus Junction—Louisa County 1,2,3, and 5.
National Bank.
Coon Rapids—First National Bank,. 1 to 9.
Council Bluffs1 to 8.
City National Bank
1 to 9.
First National Bank
1 to 9.
Cresco—First National Bank
Ito9.
Creston—First National Bank
1 to 9.
Davenport—First National Bank
Decorah—National Bank of Decorah. Ito9.
Des Moines—
Central National Bank & Trust Ito9.
Co.
Iowa-Des Moines National Bank
& Trust Co.
Dubuque—
Ito9.
Consolidated National Bank
1 to 9.
First National Bank
1 to 9.
Dysart—Dysart National Bank
1 to 9.
Eldon—First National Bank
Ito9.
Eldora—First National Bank
1 to 9.
Elkader—First National Bank
1 to 7.
Everly—First National Bank
1 to 8.
Fairfield—First National Bank_.._
1 to 4.
Fonda—First National Bank
1 to 9.
Fontanelle—First National Bank
Fort Dodge—Fort Dodge National 1 to 8.
Bank.
1 to 3.
Gladbrook—First National Bank
1 to 9.
Graettinger—First National Bank
Ito9.
Grinnell—Citizens National Bank
1 to 7 and 9.
Griswold—Griswold National BankHampton—Citizens National Bank-- 1 to 9.
1 to 8.
Harlan—Harlan National Bank
Hawarden—First National Bank
I 1,2,3, 5 to 8.
Humboldt—First National Bank
} 1 to 4.
1 to 3.
Indianola—First National Bank
Jewell Junction—First National Bank 1 to 9.
1 to 3.
Kanawha—First National Bank
1 to 9.
Keokuk—Keokuk National Bank
Knoxville—Knoxville National Bank 1 to 9.
& Trust Co.
S
1 to 3, 5 to 9.
LeMars—First National Bank
Linn Grove—First National Bank_-.j 1 to 9.
Mason City—First National Bank.- 1 to 9.
1 to 9.
Muscatine—First National Bank
1 to 9.
Newell—First National Bank.__
1 to 4.
Odebolt—First National Bank
1 to 7.
Oelwein—First National Bank
Orange City—Orange City National 1 to 9.
Bank.
Oskaloosa—Oskaloosa National Bank 1 to 3.
Ottumwa—
1 to 9.
First National Bank
1 to 9.
. Iowa National Bank
1 to 7 and 9.
Paullina—First National Bank
Ito9.
Perry—First National Bank
1 to 4.
Peterson—First National Bank
1 to 9.
Primghar—First National Bank
1 to 9.
Red Oak—First National Bank
1 to 8.
Remsen—First National Bank
1,2,3, 5 to 8.
Rippey—First National Bank




DISTRICT NO. 7—Continued
IOWA—continued
Rockwell City—Rockwell City 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—Tipton 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

1 to 9.
1 to 9.
1 to 3.
1 to 9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
1 to 3.
1 to 8.
Ito9.
1 to 9.
Ito9.
1 to 9.
1 to 8.
1 to 9.
1 to 7.
1 to 9.
1 to 4.
1 to 9.
1 to 9.

MICHIGAN

(See also District No. 9)
Alpena—Alpena National Bank
Ann Arbor—First National Bank &
Trust Co.
Battle CreekCentral National Bank
City National Bank & Trust Co_
Old Merchants National Bai"
& Trust Co.
Bay City—First National Bank
Benton Harbor—
American National Bank & Trust
Co.
Farmers & Merchants National
Bank & Trust Co.
Birmingham—First National Bank..
Boyne City—First National Bank...
Charlotte—First National Bank
Coldwater—
Coldwater National Bank
Southern Michigan National
Bank.
Detroit—National Bank of Commerce.
Flint—First National Bank
Grand Rapids—Grand Rapids National Bank.
Hillsdale—First National Bank
Ionia—National Bank of Ionia
Jackson—
National Union Bank & Trust
Co.
Peoples National Bank
Kalamazoo—
First National Bank & Trust Co_
Kalamazoo National Bank &
Trust Co.
LansingCapital National Bank
_.
City National Bank
Lapeer—First National Bank
Ludington—First National Bank
Monroe—First National Bank...
Muskegon—Hackley Union National
Bank.
Niles—City National Bank & Trust
Co.
Petoskey—First National Bank

2,3,5, and 8.
1 to 9.
1 to 9.
1 to 8.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 5.
1 to 3.
2, 3, 5, and 8.
2,3,5, and 8.
1 to 9.
1 to 8.
Ito9.
1 to 9.
1 to 4.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 4.
1 to 9.
2,3, 5, and 8.
2,3, 5, and 8.
Ito9.
Ito9.
1 to 9.
1 to 4.

287

FIDUCIARY POWERS

Powers
granted

Powers
granted
DISTRICT NO. 7—Continued

DISTRICT NO. 7—Continued
MICHIGAN—continued
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 & Trust Co.
Saginaw—Second National Bank
Traverse City—First National Bank_
Union City—Union City National
Bank.
Wyandotte—First National Bank

1 to 9.
1 to 9.
2,3, 5, and 8.
1 to 4.
2,3,5, and 8.
Ito9.

WISCONSIN—continued
West Bend—First National Bank
Wisconsin Rapids—First National
Bank.
DISTRICT NO. 8
ARKANSAS

Batesville—First National Bank
Bentonville—First National Bank
Corning—First National Bank__
1 to 8.
1 to 3, and 5. El Dorado—First National Bank
2,3,5, and 8. Fayetteville—First National B a n k . . .
Fordyce—First National Bank
Fort Smith—
1 to 9.
City National Bank
WISCONSIN
First National Bank
Merchants National Bank
_.
Hot Springs—Arkansas N a t i o n a l
(See also District No. 9)
Bank.
Lake Village—First National Bank...
Antigo—
First National Bank
Little Rock—Exchange N a t i o n a l
Ito8.
Langlade National Bank...
_ 1 to 3,5 to 8.
Bank.
Marianna—Lee County National
Appleton—Citizens National Bank... Ito9.
Baraboo—First National Bank & Ito9.
Bank.
Trust Co.
Newport—First National Bank
Beaver Dam—
Paris—First National Bank..
American National Bank
Pine Bluff1 to 9.
Old National Bank
National Bank of Arkansas.
Ito9.
Berlin—First National Bank
Simmons National Bank...
Ito9.
Brillion—First National Bank
Texarkana—State National Bank
Ito8.
Chilton—Chilton National Bank
Van Buren—First National Bank
Ito9.
Clintonville—First National B a n k . . . 1 to 4.
ILLINOIS
Darlington—First National Bank
Ito8.
Edgerton—First National Bank
1 to 8.
(See also District No. 7)
Fond du Lac—
Commercial National Bank
Ito8.
AltonFirst Fond du Lac National Bank 1 to 8.
Alton National Bank
Green Bay—Kellogg Citizens Na- 1 to 9.
Citizens National Bank
tional Bank.
Anna—First National Bank
Hartford—First National B a n k . - - . . . 1 to 7 and 9. BellevilleJanesville—First National Bank__ . . 1 to 9.
Belleville National Bank
Kenosha—United States National Ito9.
First National Bank..
Bank & Trust Co.
St. Clair National Bank
Lake Geneva—First National B a n k - 1 to 9.
Benld—First National Bank of Benld.
Madison—Commercial N a t i o n a l 1 to 9.
Breese—First National Bank
„
Bank.
Bridgeport—First National Bank
Manitowoc—First National Bank in 1 to 9.
Bunker Hill—First National Bank...
Manitowoc.
Cairo—Cairo National Bank
_
Marinette—First National Bank
Carlinville—Carlinville N a t i o n a l
1 to 9.
Marshfleld—American N a t i o n a l 1 to 9.
Bank.
Bank.
Carlyle—First National Bank___
MilwaukeeCarmi—National Bank of Carmi
Marine National Bank..
Centralia—Old National Bank
1 to 9.
National Bank of Commerce
Edwards ville—Edwards ville Nation1 to 9.
National Exchange Bank
al Bank & Trust Co.
1 to 9.
Monroe—First National Bank
Effingham—First National Bank
1 to 9.
Neenah—National Manufacturers 1 to 3.
Highland—First National Bank
_
Bank.
Jacksonville—Ayers National Bank..
Neills ville—First National Bank
Jonesboro—First National Bank
1 to 9.
Oconomowoc—First National Bank.. 1 to 9.
Lawrenceville—First National Bank.
Oshkosh—City National Bank
! Lebanon—First National Bank
1 to 9.
Platteville—First National Bank
Marion—First National Bank
1 to 9.
Racine—First National Bank & 1 to 9.
Mascoutah—First National Bank
Trust Co.
Metropolis—City National Bank
Ripon—
Millstadt—First National Bank
American National Bank
Ito9.
Mount Carmel—American National
First National Bank
Bank.
1 to 9.
Shawano—Wisconsin National Bank. Ito8.
Mount Sterling—First National Bank
Sheboygan—Security National Bank. 1 to 9.
Murphysboro—First National Bank.
Sparta—Farmers National Bank
Nashville—
1 to 9.
Stevens P o i n t Farmers & Merchants National
Citizens National Bank
Bank.
1 to 9.
First National Bank
1 to 8.
First National Bank
Viroqua—First National Bank _
Nokomis—Nokomis National Bank..
1 to 9.
Waukesha—
O'Falion—First National Bank
National Exchange Bank
Pittsfield—First National Bank
1 to 4.
Waukesha National B a n k . . .
Quincy—Quincy-Ricker National
1 to 8.
VVausau—
Bank & Trust Co.
American National Bank
Sparta—First National Bank
1 to 9.
First National B a n k . . .
Vandalia—First National Bank
1 to 9.




1 to 9.
Ito9.

1 to 7 and 9
1 to 9.
1 to 9.
Ito9.
1 to 9.
Ito9.
Ito9.
1 to 9.
Ito9.
1 to 9.
Ito9.
Ito9.
Ito9.
1 to 8.
Ito9.
1 to
1 to
1 to
1 to

9.
9.
9.
9.

1 to 9.
1 to 9.
Ito9.
Ito9.
1 to 9.
Ito9.
1 to 3, 5 to 8
1 to 9.
1 to 9.
Ito9.
Ito9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1, 2, 3, 5, 6
7 and 9
Ito9.
1 to 9.
1 to 4.
1 to 9.
1 to 9.
Ito9.
1 to 9.
Ito9.
Ito4.
1 to 9.
Ito9.
1 to 4.
1 to 8.
Ito9.
1 to 9.
1 to 3.
1 to 9.
Ito9.
1 to 9.
1 to 3, 5 to 7
1 to 8.

288

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

DISTRICT NO. 8—Continued

DISTRICT NO. 8—Continued
KENTUCKY—continued

(See also District No. 7)
Bedford—Bedford National Bank
Bicknell—First National Bank..
Boonville—First National Bank_
Brownstown—First National Bank..

LebanonCitizens National Bank
1 to 3,5 to 9.
Farmers National Bank
1 to 9.
Marion National Bank
_.
Ito9.
1 to 3, 5 to 7, LouisvilleCitizens Union National Bank
and 9.
First National Bank
Cannelton—Cannelton National 1 to 3,5 to 8.
National Bank of Kentucky
Bank.
Madisonville—Farmers N a t i o n a l
Evansville—
Bank.
1 to 9.
National City Bank.
Mayfleld—First National Bank
Ito9.
Old National Bank
Morganfield—Morganfield National
Fort Branch—Farmers & Merchants 1 to 9.
Bank.
National Bank.
Murray—First National Bank
Jeffersonville—First National Bank.. 1 to 9.
Owensboro—First National Bank &
1 to 7.
Linton—First National Bank
Trust Co.
1 to 9.
Madison—First National Bank
Paducah—
Ito5.
Mitchell—First National Bank
City National Bank
Mount Vernon—
First National Bank
Mount Vernon National Bank & 1 to 9.
Peoples National Bank
Trust Co.
Princeton1 to 8.
Old First National Bank
Farmers National Bank
New Albany—New Albany National 1 to 9.
First National Bank
Bank.
Orleans—National Bank of Orleans. _ 1.
MISSISSIPPI
2, 3, and 5.
Petersburg—First National Bank
Poseyville—Bozeman Waters Na- 1, 3, 5, 6, 8,
(See also District No. 6)
and 9.
tional Bank.
ColumbusPrinceton—
Columbus National Bank
1, 2, 3, 5, 6, 7,
Farmers National Bank
First National Bank
and 9.
Greenville—First National Bank
Peoples American National Bank. 1 to 8.
Greenwood—The First National
Rockport—First National Bank
1 to 9.
Bank.
Seymour—
West Point—First National Bank
First National Bank
._ I t o 9 .
1 to 9.
Seymour National Bank
MISSOURI
Sullivan—Peoples National Bank &
1 to 9.
Trust Co
(See also District No. 10)
Tell C i t y 1 to 7 and 9. Boonville—Boonville National Bank.
Citizens National Bank
Carrollton—First National Bank
1 to 9.
Tell City National Bank
Chillicothe—First National Bank
Vevay—First National Bank
1 to 9.
Columbia—
Vincennes—
Boone County National Bank__.
1 to 9.
A merican National Bank
Exchange National Bank
1 to 9.
First National Bank
Hannibal—Hannibal National Bank.
Wadesville—Farmers National Bank- 1 to 9.
Jefferson C i t y Washington—
Exchange National Bank
Peoples National Bank & Trust
First National Bank
1 to 9.
Co
Kirksville— Citizens National BankWashington National Bank
1 to 9.
Pierce City—First National Bank....
KENTUCKY
Ridgeway—First National Bank
St. Charles—First National Bank
(See also District No. 4)
St. LouisBowling Green—American National 1 and 4.
Boatmen's National Bank
Bank.
First National Bank
1 to 9.
Carrollton—First National Bank
National Bank of Commerce
1 to 9.
Clay—Farmers National Bank
Plaza National Bank....
1 to 9.
Clinton—First National Bank
St. Louis National Bank
Columbia—First National Bank & 1 to 3, 5 to 8.
Security National Bank, Savings
Trust Co.
& Trust Co.
DanvilleSouth Side National Bank
Citizens National Bank
1 to 9.
Sedalia—
Farmers National Bank
1 to 8.
Citizens National Bank
Elizabethtown—
Third National Bank
1 to 9.
First-Hardin National Bank
Springfield—
Union National Bank
McDaniel National Bank
1 to 3, 5, 6, 8,
Union National Bank
and 9.
Frankfort—State National Bank
Trenton—Trenton National Bank__.
1 to 9.
Glasgow—Farmers National Bank
Unionville—Marshall National Bank.
1 to 5.
Harrodsburg—
First National Bank
1 to 9.
TENNESSEE
Mercer National Bank.
1 to 8.
(See also District No. 6)
Henderson—Henderson N a t i o n a l I t o 9 .
Bank.
Dyersburg—First-Citizens National
Hopkinsville—First National Bank.. I t o 9 .
Bank.
Lawrenceburg—
Jackson—
Anderson National Bank_
Ito3, 5 to9
National Bank of Commerce
Lawrenceburg National Bank
1 to 8.
Security National Bank
...




Ito9.
1 to 9.
1 to 6.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 4.
1 to 9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
1 to 3,5 to 9.

1 to 9.
1 to 9.
1 to 4.
1,2, 3, 5 to 8.
1 to 9.

1 to 9.
1 to 8.
1 to 9.
1 to 9.
1 to 4.
1 to 9.
1 to
1 to
1 to
1 to
1 to
1 to

9.
9.
8.
9.
9.
9.

Ito9.
1 to 4.
1 to 9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 4.
1 to 3, 5 to 7
1 to 9.
1 to 4.
1 to 9.
1 to 3, 5 to 1

Ito9.
i to 0,
1 to 9.

289

FIDUCIARY POWERS

Powers
granted

Powers
granted
DISTRICT NO. 9—Continued

DISTRICT NO. 8—Continued

MINNESOTA—continued

TENNESSEE—continued
MemphisFirst National Bank
Union-Planters National Bank &
Trust Co.
Union City—Old 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—
Gogebic 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
Menominee—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—
City National Bank
First & American National Bank.
Minnesota National Bank
Northern National Bank...
Eveleth—First National Bank
FairmontFirst National Bank
Martin County National Bank__
Faribault—Security National Bank
& Trust Co.
Fergus FallsFergus Falls National Bank
First National Bank
Hastings—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
Mankato—First National Bank.
MinneapolisFirst National Bank
Metropolitan National Bank
Midland National Bank & Trust
Co.
Northwestern National Bank
Northfield—Northfield National
Bank & Trust Co.
Owatonna—First National Bank




Park Rapids—First National Bank..
1 to 9.
Proctor—First National Bank.
1 to 9.
Bed WingFirst National Bank
Ito9.
Goodhue County National Bank.
Security National Bank & Trust
Co
Rochester—First National Bank
St. P a u l American National Bank
First National Bank
._
Ito9.
Midway National Bank
2,3, 5, and 8.
Twin Cities National Bank
St. Peter—First National Bank
2,3, 5, and 8. Sauk Center—First National Bank
1 to 9.
Stewartsville—First National Bank__
2, 3,5, and 8. Stillwater—First National Bank
Truman—Truman National Bank...
Virginia—American Exchange Na2,3,5, and 8.
tional Bank.
2,3,5, and 8. Waseca—Farmers National Bank
2,3,5, and 8. Welcome—Welcome National Bank..
2, 3,5, and 8. West Concord—First National Bank.
2, 3, 5, and 8. Windom—First National Bank... _
_
Ito4.
Winona—
First National Bank._
ltoQ.
Winona National & Savings
1 to 9.
Bank.
1 to 9.
MONTANA
2, 3, 5, and 8.
Billings—
Midland National Bank._
2,3, 5, and 8.
Montana National Bank
.__
Bozeman—Commercial N a t i o n a l
Ito3.
Bank
Deer Lodge—United States National
Bank
1 to 8.
Dillon—First National Bank
Ito9.
Great FallsIto8.
First National Bank
_
Ito9.
Great Falls National Bank
1,2, 3, and 5. Helena—National bank of Montana..
Kalispell—First National Bank
_.
Ito5.
Lewistown—National Bank of
Missoula—
Ito9
First National Bank
Ito9.
Western Montana National
1 to 9.
Bank.
1 to 9.
NORTH DAKOTA
1 to 3, 5 to 9.
Ito9.
1 to 9.
Ito9.
Ito8.
1 to 9.
Ito9.
Ito9.
Ito3.
Ito9.
1, 2, 3, 5, 6,

Ito9.
Ito9.
Ito9.
1 to 8.
4.

Ito9
Ito9.

BismarckDakota National Bank & Trust
Co.

First National Bank
Ellendale—First National Bank
Fargo—
First National Bank & Trust Co_
Merchants National Bank &
Trust Co.
.Forman—First National Bank
Grafton—Grafton National Bank
Grand ForksFirst National Bank...
Red River National Bank
_
James River National Bank &
Trust Co.
National Bank & Trust Co
_
Minot—
First National Bank
..
Union National Bank
Valley C i t y American National Bank & Trust
Co.
National Bank of Valley City

1 to 9.
Ito9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
Ito9.
Ito9.
1 to 9.
Ito8.
1 to 9.
1.

1 to 9.
Ito9.
1 to 3, 5 to 8.
1 to 9.
Ito8.
1 to 9.
Ito9.
Ito9.
1 to 9.

Ito9.
1 to 9.
Ito4.
1 to 5, 7,
and 8.
1 to 7 and 9.
1 to 9.
Ito4.
1 to 9.
Ito4.
Ito9.
1 to 7 and 9.
1 to 8.

1 to 9.
1 and 9.
1 to 4.
1 to 9.

Ito9.
Ito3.
Ito9.
Ito9.
Ito9.
Ito9.

Ito9.
Ito9.
1 to 7 and 9.
Ito9.
Ito9.

290

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Powers
granted

Powers
granted
DISTRICT NO. 10—Continued

DISTRICT NO. 9—Continued
SOUTH DAKOTA

Aberdeen—Aberdeen National Bank
& Trust Co.
Arlington—First National Bank
Canton—First National Bank
Deadwood—First National Bank
Flandreau—First National Bank
Euron—National Bank of Huron _._
Lead—First National Bank
Miller—First National Bank
Rapid City—First National Bank
Sioux FallsCitizens National Bank
First National Bank & Trust Co.
Security National Bank
Vermilion—First National Bank &
Trust Co.
Watertown—
Citizens National Bank
First National Bank
Yankton—First National Bank &
Trust Co.
(See also District No. 7)
Ashland—
Ashland National Bank.
Northern National Bank
__
Barron—First National Bank
_.
Chippewa Falls—
First National Bank
Lumbermens National Bank
Eau Claire—Union National Bank ._
Menomonie—First National Bank
Superior—
First National Bank
National Bank of Commerce
United States National Bank
DISTRICT NO. 10
COLORADO

Boulder—
Boulder National Bank
Citizens National Bank
National State Bank
Brighton—First National Bank
Brush—First National Bank
Canon City—
First National Bank
Fremont County National Bank.
Center—First National Bank
Colorado Springs—
Colorado 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
Englewood—First National Bank
Florence—First National Bank ,
Fort Collins—
First National Bank
Fort Collins National Bank
Poudre Valley National Bank
Fort Morgan—First National Bank..
Glenwood Springs—First National
Golden—Rubey National Bank
Grand Junction—Grand Valley National Bank.
Greeley—
First National Bank...
_
Greeley Union National Bank
Gunnison—First National Bank




COLORADO—continued
Ito9.
1 to 4.
Ito9.
1 to 9.
Ito3.
1 to 9.
Ito9.
Ito9.
1 to 7 and 9.
Ito9.
1 to 9.
Ito9.
Ito9.
1 to 9.
1 to 9.
Ito9.

Hugo—First National Bank
Idaho Springs—First National Bank.
Lamar—Lamar National Bank
Las Animas—First National Bank...
Longmont—
First National Bank
_.
Longmont National Bank
Loveland—First National Bank

Ito3.
1 to 4.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 4, G
,
and 7.
Mancos—First National Bank
Ito9.
Montrose—Montrose National Bank. 1 to 9.

Ordway—First National Bank
TrinidadFirst National Bank
Trinidad National Bank
Walsenburg—First National Bank...

1 to 9.
1 to 9.
Ito9.

Ito3.
1 to 9.
Ito9.

KANSAS

AnthonyCitizens National Bank
First National Bank
Atchison—City National Bank
Chanute—First National Bank.
Coffeyville—
Condon National Bank
Ito9.
First National Bank
1 to 7 and 9.
Emporia—
Ito3.
Citizens National Bank
Commercial National Bank &
Ito9.
Trust Co.
1 to 9.
Fort Scott—Citizens National Bank..
1 to 9.
Great Bend—First National Bank
1 to 9.
Horton—First National Bank.
Ito7.
Hutchinson—
American National Bank
1 to 9.
Exchange National Bank
1 to 9.
First National Bank
IndependenceCitizens First National
Commercial National Bank
Jewel City—First National Bank
1 to 4.
Kansas City—Peoples N a t i o n a l
1 to 7.
Ito9.
Bank.
1 to 4.
Lawrence—
1 to 3, 5 to 8.
Lawrence National Bank
_
Merchants National Bank.
Ito9.
Leavenworth—First National Bank..
1 to 4.
Luray—First National Bank
Ito4.
ManhattanFirst National Bank
Union National Bank
1 to 9.
Ottawa—Peoples National Bank
Ito9.
Paola—Miami County National
Ito9.
Bank.
1 to 9.
Pratt—First National Bank
Sabetha—National Bank of Sabetha..
1 to 7.
1 to 9.
Salina—
Ito9.
Farmers National Bank
1 to 9.
National Bank of America
Ito9.
1 to 9.
Farmers National Bank
Ito7.
National Bank of Topeka
1 to 4.
Troy—First National Bank
Wellington—First National Bank
1 to 4.
Wichita1 to 9.
First National Bank
Fourth National Bank.
1 to 4.
Union National Bank__
Ito9.
1 to 7 and 9. Winfleld—
First National Bank
Ito4.
1 to 3, 5 to 7.
Winfield National Bank
Ito9.
Ito9.

1.

Ito8.
Ito4.
Ito9.
Ito9.
1 to 3,5 to 9.
1 to 3 and 5.
1 to 9.
Ito9.
1 to 7 and 9.
1 to 9.
Ito4.
Ito9.
Ito8.
Ito4.
Ito9.
Ito9.
Ito3.
1 to 9.
Ito8.
Ito8.
1.
1 to 3.
Ito9.
1 to 9.
Ito4.
Ito9.
1 to 9.
1 to 4.
1 to 5 and 8.
1 to9.
Ito4.
Ito9.
1 to 3.
Ito9.
Ito9.
1 to 9.
Ito9.
Ito9.
Ito9.

MISSOURI

(See also District No. 8)
Ito3.
\ Cameron—First National Bank.
Carthage—Central National Bank... Ito3.
Independence—First National Bank. to 9

FIDUCIARY POWERS
Powers
granted
DISTRICT NO. 10—Continued
MISSOURI—continued

Joplin—Joplin National Bank
Kansas CityColumbia National Bank
Drovers 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. JosephAmerican National Bank.
_.
Burns National Bank
Tootle-Lacey National Bank

291
Powers
granted

DISTRICT NO. 10—Continued
OKLAHOMA—continued

Ito9.
Cleveland—First National Bank
Ito9.
Ito9.
Dewey—First National Bank
1 to 4 and 9, EnidIto9.
1 to 9.
Central National Bank
1 to 9.
Ito9.
First National Bank
Guthrie—First National Bank.
_ Ito8.
1 to 9.
Ito9.
Holdenville—First National Bank
Ito9.
HominyIto9.
1 to 3, 5 to 9.
First National Bank
1 to 9.
1 to 7 and 9.
National Bank of Commerce
1 to 3 and 5.
Ito9.
Hooker—First National Bank
Ito3, 5 to 7
1 to 7 and 9. Lawton—City National Bank
and 9.
1 to 5.
McAlester—First National Bank
1 to 9.
1 to 3, 5 to 7.
Ito9.
Miami—First National Bank
Ito9.
Muskogee—
1 to 4.
Commercial National Bank
Ito8.
First National Bank & Trust Co. Ito9.
1 to 4.
NormanIto8.
First National Bank
1 to 9.
Security National Bank
Ito9.
NEBRASKA
Okemah—
Alliance—First National Bank
Ito9.
First National Bank...
Ito8.
Belden—First National Bank
1 to 3, 5 to 9.
Okemah National Bank
Ito9.
Butte—First National Bank
__ Ito3.
Oklahoma CityColumbus—First National Bank
I Ito9.
1 to 4.
Farmers National Bank
David City—First National Bank... 1 to 9.
Fidelity National Bank
Ito9.
Decatur—First National Bank..
Ito3.
First National Bank & Trust Co.. Ito9.
Emerson—First National Bank
1 to8.
Ito9.
Liberty National Bank.
_.
Genoa—Genoa National Bank
Ito9.
1 to 7 and 9.
Tradesmens National Bank
Grand Island—First National Bank.. Ito9.
Okmulgee—
Lincoln—
Ito9.
Central National Bank
Continental National Bank
1 to 9.
1 to 9.
Citizens National Bank
First National Bank
1 to 9.
Pond Creek—First National Bank.__ Ito4.
Lincoln National Bank & Trust 1 to 9.
Shawnee—
Co.
Federal National Bank
Ito9.
Lyons—First National Bank..
Ito3.
1 to 9.
Shawnee National Bank.
Madison—First National Bank
1 to 7 and 9.
Ito9.
State National Bank
Nebraska City—Nebraska City Na- Ito9.
Stillwater—Stillwater National Bank. 1 to 9.
tional Bank.
Tulsa—
Ito3.
Norfolk—Norfolk National Bank
Central National Bank & Trust Ito9.
OmahaCo.
Ito9.
First National Bank
1 and 4.
Exchange National Bank
1 to 9.
Omaha National Bank
First National Bank & Trust Co. l to 9.
1 to 9.
United States National Bank
1 to 3, 5 to 9.
National Bank of Commerce
1 to 4.
Ord—First National Bank
Ito9.
Producers National Bank
Osmond—First National Bank
| Ito9.
2 and 3.
1, and 3 to 7. Woodward—First National Bank
Pender—First National Bank
Randolph—First National Bank
Ito9.
WYOMING
South OmahaPackers National Bank
_ 1 to 9.
Buffalo—First National Bank__
4.
Stock Yards National Bank
Casper2 and 3.
Utica—First National Bank
Ito5.
Casper National Bank
1 to 3, 5 to 9.
Wahoo—First National Bank..Wyoming National Bank
Ito9.
CheyenneNEW MEXICO
American National Bank
1 to 9.
Stock Growers National Bank-_ Ito9.
(See also District No. 11)
Cody—
AlbuquerqueFirst National Bank.
Ito9.
Albuquerque National Trust & Ito9.
1 and 4.
Shoshone National Bank
Savings Bank.
First National Bank
1 to 7 and 9. Evanston—First National Bank____ Ito3.
Kemmerer— First National Bank... 1 to 4.
Farmington—First National Bank... 2 and 3.
Ito3.
Laramie—First National Bank
Gallup—First National Bank in Gal 2 and 3.
Ito8.
Powell—First National Bank
lup.
Rawlins—
RatonFirst National Bank
1 to 9.
First National Bank in Raton
Ito7.
Rawlins National Bank,
Ito3.
National Bank of New Mexico
2 and 3.
Rock Springs—Rock Springs Na- Ito9.
Santa Fe—First Nationa Bank
Ito9.
tional Bank.
Sheridan—First National Bank
Ito9.
OKLAHOMA
Thermopolis—First National Bank- 1 to 9.
Ito9.
Ada—First National Bank
DISTRICT NO. 11
Ito9.
Anadarko—First National Bank
Ito8.
Ardmore—First National Bank
ARIZONA
Bartlesville—
Ito8.
First National Bank.(See also District No. 12)
4.
Union National Bank
1 to 9.
Blackwell—First National Bank
Ito8.
Bristow—American National Bank.. Ito9.
Nogales—First National Bank
Broken Arrow—First National Bank. 1 to 4, 6 to 9. Tucson—Consolidated National Bank 1 to 4.




292

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Powers
granted

DISTRICT NO. 11—Continued

Powers
granted
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
Kings ville—First National Bank
Longview—First National Bank

Shreveport—
Commercial National Bank
First National Bank

_

Ito9.
1 to 4.

NEW MEXICO

(See also District No. 10)
Ito3.
Roswell—First National Bank
Silver City—American National Bank 2 and 3.
TEXAS

ij Lubbock—First National Bank
McKinney—
Collin County National Bank
First National Bank
1 and 2.
MarshallIto9.
First National Bank.
Marshall National Bank
4.
Midland—Midland National Bank__
1 to 9.
Orange—
First National Bank
1 to 3.
Orange National Bank
1 to 9.
Palestine—Royall National Bank
Paris—First National Bank
Ito9.
Plainyiew—PlainviewNational Bank.
1 to 9.
Port ArthurIto4.
First National Bank
1 to 9.
Merchants National Bank
1 to 3, 5 to 7. San Angelo—
1 to 3 and 5.
Central National Bank
1 to 7 and 9.
First National Bank
San Angelo National Bank
1.
San Antonio1 to 9.
Alamo National Bank
1 to 9.
Frost National Bank
1 to 9.
Groos National Bank
Ito9.
National Bank of Commerce
Ito9.
Sherman—Merchants & Planters Na1 to 3, 5 to 8.
tional Bank.
Smithville—First National Bank
1 to 4.
Stanton—First National Bank
1 to 3, 5 to 7. Stephen ville—Farmers-First National
Bank.
i
1 to 9.
Terrell—American National Bank
1 to 7.
Texarkana — Texarkana
National !
Bank.
j
1 to 4.
Troup—First National Bank
J
1 to 9.
TylerCitizens National Bank
_
Ito9.
Peoples National Bank
1 to 9.
Victoria—Victoria National Bank
Ito4.
Waco1 to 9..
Citizens National Bank_._
First National Bank.__
1 to 9.
Waxahachie—Citizens National Bank
Wichita Falls1 to 9.
City National Bank
_..
Ito9.
First National Bank

Abilene—
Citizens National Bank
Farmers & Merchants National
Bank.
Albany—Albany National Bank
Amarillo—First National Bank
AustinAmerican National Bank-Austin National Bank
BeaumontAmerican National Bank
City National Bank
First National Bank
Texas National Bank
Bonham—First National Bank
Brady—Brady National Bank
Brenham—First National Bank
BrownsvilleFirst National Bank
_
Merchants National Bank
State National Bank
Brownwood—Citizens National Bank
Cameron—Citizens National Bank__.
Childress—First National Bank
Clarksville—First National Bank
ColoradoCity National Bank.
Colorado National Bank
Corpus Christi—
City National Bank & Trust Co.
Corpus Christi National Bank...
Corsicana—
Corsicana National Bank
First National Bank
DallasDallas National Bank
First National Bank
National Bank of Commerce
Republic National Bank & Trust
Co.
Del Rio—Del Rio National Bank
Denison—
Citizens National Bank
_-_
State National Bank
El Paso—
El Paso National Bank
I 1 to 9.
First National Bank
I 1 to 7 and 9.
State National Bank
I 1 to 9.
Floresville—City National Bank
1 to 9.
Fort W o r t h Ito9.
Continental National Bank
1, 2, and 4.
First National Bank
Ito9.
Fort Worth National Bank
Stockyards National Bank
„ Ito4.
Gainesville—Lindsay National Bank_ 1 to 9.
Galveston—
1 to 9.
City National Bank
Ito9.
First National Bank
1 to 9.
South Texas National Bank
i
United States National Bank
| Ito9.
Greenville—Greenville National Ex- j 1 to 4.
change Bank.
Haskell—Haskell National Bank
! 1 to 3, 5 to 8.
Houston—
|
First National Bank
_
| 1 to 9.
National Bank of Commerce
j 1 to 7 and 9.
Public National Bank & Trust Co.| 1 to 9.




1 to 7 and 9.
Ito9.
Ito9.
Ito9.
Ito9.
1 to 9.
1 to 3, 5,
and 8.
1 to 9.
1 to 9.
1, 2, and 4
1 to 3 and 5.
Ito5.
1 to 9.
Ito9.
1 to 9.
1 to 4.
Ito9.
1 to 9.
1 to 4.
Ito9.
Ito4.
Ito9.
Ito3.
1 to 9.
Ito9.
Ito9.
Ito9.
1 to 9.
Ito9.
1 to 3.
Ito9.
Ito8.
1 to 9.

1 to 9.
Ito9.
1 to 4.
Ito9.
Ito8.
Ito9.
Ito9.
Ito9.

DISTRICT NO. 12
ALASKA

Fairbanks—First National Bank

Ito9.

ARIZONA

Phoenix—First National Bank..
Winslow—First National Bank.

1 to 9.
1.

CALIFORNIA

Alhambra—First National Bank
Anaheim—First National Bank
Berkeley—First National Bank

1 to 9.
Ito9.
1 uu o, u u 7,
± to 3, 5 to
and 9.

Beverly HillsBeverly Hills National Bank & 1 to 9.
Trust Co.
;
First National Bank
_
j 1 to 9.
Chico—First National Trust & Sav- i
ings Bank
1 1 to 8.

293

FIDUCIARY POWERS

Powers
granted

Powers
granted
DISTRICT NO. 12—Continued

DISTRICT NO. 12—Continued
CALIFORNIA—continued
Fullerton—First National Trust &
Savings Bank.
Long Beach—California First National Bank.
Los AngelesCitizens National Trust & Savings Bank
Farmers & Merchants National
Bank.
Pacific National B ank _
Seaboard National Bank
Security-First National Bank
The United States National Bank
of Los Angeles
Mountain View—First National
Bank.
Oakland—
Central National Bank._
First National Bank
Orange—First National Bank
Orland—First National Bank..
Pasadena—Security National Bank..
Pleasanton—First National Bank
Pomona—First National Bank
Redwood City—First National Bank
of Mateo County.
Riverside—Citizens National Trust
& SavingsBank
Sacramento—Capital National Bank.
San Bernardino—American National
Bank.
San DiegoFirst National Trust & Savings
Bank.
La Jolla National 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
Bank.
Stockton—First National Bank
_
Whittier—Whittier National Bank...

OREGON—continued
1 to 9.

Klamath F a l l s American National Bank
Ito9.
First National Bank
McMinnville—United States National Bank.
Marshfield—
1 to 9.
Coos Bay National Bank
1 to 9.
First National Bank of Coos Bay.
Medford—
1 to 9.
First National Bank
1 to 9.
Medford National Bank
Ito9.
Milton—First National Bank
Newberg—United States National
1 to 7 and 9.
Bank of Newburg
4.
Ontario—First National Bank
_.
Pendleton—First National Bank
Portland—
First National Bank
1 to 9.
1 to 9.
Peninsula National Bank
__
United States National Bank
1 to 9.
4.
West Coast National Bank
Salem—
Ito9.
4.
First National Bank in Salem
United States National Bank
1 to 3, 5 to 7.
1 to 3, 5, 7. The Dalles—First National Bank
to 9.

1 to 9.
1 to 9.
Ito9.
Ito9.
1 to 4.
Ito9.

2 and 3.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.

UTAH

1 to 9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 9.

Logan—First National Bank
Ogden—
First National Bank
National Bank of Commerce
Salt Lake C i t y Continental National Bank
Deseret National Bank

1 to 9.
1.

1 to 7 and 9.
1 to 7 and 9.
1 to 4.

WASHINGTON

Aberdeen—Grays Harbor National
Bank.
1 to 9.
Bellingham—
Ito9.
American National Bank...
Bellingham National Bank
1 to 9.
First National Bank...
_
1 to 8.
Northwestern National Bank
1 to 9.
Burlington—First National Bank
Chechalis—First National Bank
1 to 9.
Coifax—Farmers National Bank
Dayton—Columbia National Bank...
Ellensburg—Washington National
1 to 9.
Bank.
Ito9.
Everett—
Citizens Security National BankIto9.
First National Bank
Hoquiam—First National Bank
IDAHO
BoiseLongview—First National Bank
Boise City National Bank..
1 to 3, 5 to 9. Mount Vernon—
Ito5.
First National Bank of Idaho
First National Bank
1.
Hagerman—First National Bank
Skagit National Bank
1 to 3.
Hailey—Hailey National Bank.
Okanogan—First National Bank
Lewiston—Lewiston National Bank.. 1 to 9.
Olympia—
1 to 4.
Moscow—First National Bank
Capital National Bank
Olympia National Bank
NEVADA
Port Angeles—First National Bank__
Pullman—First National Bank
Reno—First National Bank in Reno. 1 to 7 and 9. Raymond—First National Bank
Tonopah—Nevada First National 4 and 9.
Rosalia—Whitman County National
Bank
OREGON
SeattleFirst Seattle Dexter Horton Na1 to 9.
Ashland—First National B ank
tional Bank.
1 to 9.
Athena—First National Bank
Metropolitan National Bank
Corvallis—First National Bank.
1 to 9.
National Bank of Commerce
Ito5.
!
Eugene—First National Bank...
Pacific National Bank__
Grants Pass—First National Bank of 1, 2, 3, 5, .'3,
University National Bank
Southern Oregon.
7, and 9.
Spokane—
Harrisburg—First National Bank
1 to 3.
First National Trust & Savings
Hood River—First National Bank
1 to 9.
Bank.
Junction City—First National Bank.. 1, 2, 3, 5, ,
Old National Bank & Union
7, and 9.
Trust Co.




Ito8.
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.
1 to 9.

Ito9.
1 to 9.
Ito9.
1 to 9.
1 to 3.
1 to 4.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 7.
Ito9.
1 to 9.
1 to 9.
1 to 7 and 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to U.

294

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Powers
granted

Powers
granted
DISTRICT NO. 12-Continued

DISTRICT NO. 12—Continued

WASHINGTON—continued
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




WASHINGTON—continued
1 to 9.
Ito9.
1 to 9.
1 to 4.
Ito9.
1 to 9.
1 to 9.

Wenatchee—First National Bank
Yakima—Yakima National Bank

Ito9.
1 to 9.

HAWAIIAN ISLANDS

Honolulu—Bishop First National
Bank.

Ito8.

BANKS AUTHORIZED TO ACCEPT BILLS UP TO 100 PER
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
Massachusetts—Continued.
Connecticut:
Boston—Continued.
Hartford—Hartford National Bank & Trust
State Street Trust Co.
Co.
Webster & Atlas National Bank.
New Haven—First National Bank.
Dedhanr—Dedham National Bank.
Maine:
Fitchburg—Safety Fund National Bank.
PortlandNew BedfordCanal National Bank.
First National Bank.
Portland National Bank.
Safe Deposit National Bank.
Massachusetts:
Springfield — Springfield - Chapin National
BostonBank.
American Trust Co.
Worcester—Worcester County National Bank.
Atlantic National Bank.
Rhode Island:
Beacon Trust Co.
Providence—
First National Bank.
Merchants National Bank.
Blackstone Canal National Bank.
National Shawmut Bank.
Industrial Trust Co.
Old Colony Trust Co.
National Bank of Commerce.
Second National Bank.
Providence National Bank.
Rhode Island Hospital Trust Co.
DISTRICT NO. 2
New York—Continued.
Connecticut:
New York City—Continued.
BridgeportCity National Bank.
Chatham Phenix National Bank & Trust
First National Bank & Trust Co.
Co.
New Jersey:
Chemical Bank & Trust Co.
Commercial National Bank & Trust Co.
Hoboken—First National Bank.
Corn Exchange Bank & Trust Co.
Newark—National Newark & Essex Banking
Equitable Trust Co.
Co.
Fidelty Trust Co.
New Brunswick—National Bank of New JerFifth Avenue Bank.
sey.
Paterson—
First National Bank.
Grace National Bank.
Hamilton Trust Co.
Guaranty Trust Co.
Paterson National Bank.
Harriman National Bank & Trust Co.
New York:
International Germanic Trust Co.
New York CityInterstate Trust Co.
Bank of America, N. A.
Irving Trust Co.
Bank of the Manhattan Co. (Manhattan
National City Bank.
Co.).
New York Trust Co.
Bank of New York & Trust Co.
Pacific Trust Co.
Bankers Trust Co.
Utica—Utica Trust & Deposit Co.
Chase National Bank.
DISTRICT NO. 3
Pennsylvania:
Pennsylvania—Continued.
PhiladelphiaPhiladelphia—Continued.
Corn Exchange National Bank & Trust Co.
Market Street National Bank.
First National Bank.
Philadelphia National Bank.
Tradesmen's National Bank & Trust Co.
DISTRICT NO. 4
Kentucky:
Ohio—Continued.
Lexington—Phoenix National Bank & Trust
Toledo—Commerce Guardian Trust & Savings
Co.
Bank.
Ohio:
Pennsylvania:
Cincinnati—
Braddock—First National Bank.
Fifth-Third Union Trust Co.
Greensburg—First National Bank.
Cleveland—
PittsburghBank of Pittsburgh, N. A.
Central United National Bank.
First National Bank.
Cleveland Trust Co.
Mellon National Bank.
Engineers National Bank.
Peoples-Pittsburgh Trust Co.
Guardian Trust Co.
Union National Bank.
Union Trust Co.
Union Trust Co.
Columbus—
West Virginia:
City National Bank & Trust Co.
Ohio National Bank.
Wheeling—Wheeling Bank & Trust Co.
295
90182—30- -20




296

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.
Western National Bank.
Virginia National Bank.
South Carolina:
RichmondCharlestonBank of Commerce & Trusts.
Peoples First National Bank.
Central National Bank.
South Carolina National Bank.
First-Merchants National Bank.
DISTRICT NO. 6
Alabama:
Georgia—Continued.
Decatur—
Valdosta—First National Bank.
Central National Bank.
Louisiana:
City National Bank.
Lake Charles—First National Bank.
Huntsville—Henderson National Bank.
New OrleansMobileAmerican Bank & Trust Co.
First National Bank.
Canal Bank & Trust Co.
Merchants National Bank.
Hibernia Bank & Trust Co.
Montgomery—First National Bank.
Interstate Trust & Banking Co.
Troy—Farmers & Merchants National Bank.
New Orleans Bank & Trust Co.
Florida:
Whitney-Central National Bank.
Jacksonville—Atlantic National Bank.
Mississippi:
Pensacola—Citizens & Peoples National Bank.
Vicksburg—Merchants National Bank
Georgia:
Trust Co.
Albany—Albany Exchange National Bank.
Tennessee:
Atlanta—First National Bank.
ChattanoogaMacon—Macon National Bank.
First National Bank.
SavannahHamilton National Bank.
Citizens & Southern National Bank.
Clarksville—First National Bank.
Citizens Bank & Trust Co.
Savannah Bank & Trust Co.
DISTRICT NO. 7
Indiana:
Illinois:
ChicagoBrazil—Riddell National Bank.
Continental National Bank & Trust Co.
Indianapolis—Fletcher-American National
Drovers National Bank.
Bank.
First National Bank.
Michigan:
Foreman-State National Bank.
Detroit—
Harris Trust & Savings Bank.
First National Bank in Detroit.
National Bank of the Republic.
National Bank of Commerce.
Peoria—Merchants & Illinois National Bank.
Wisconsin:
Milwaukee—First Wisconsin National Bank.
DISTRICT NO. 8
Missouri—Continued.
Mississippi:
St. Louis—Continued.
Ittabena—First National Bank.
National Bank of Commerce.
Missouri:
Tennessee:
St. LouisMemphis—First National Bank.
First National Bank in St. Louis.
Mississippi Valley Merchants State Trust
Co.
DISTRICT NO. 9
Minnesota:
Minnesota—Continued.
MinneapolisSt. Paul—First National Bank.
First National Bank in Minneapolis.
Midland National Bank & Trust Co.
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—Continued.
Kansas City—Continued.
Fidelity National Bank & Trust Co.
First National Bank.
St. Joseph—First National Bank.
Oklahoma:
Oklahoma CityAmerican-First National Bank.
Security National Bank.

BANKS AUTHORIZED TO ACCEPT BILLS UP TO 100 PER CENT

297

DISTRICT NO. 11
Arizona:
Texas—Continued.
Nogales—First National Bank.
Galveston—
South Texas National Bank.
Texas:
United States National Bank.
Austin—American National Bank.
Hillsboro—Citizens National Bank.
Brown wood—First National Bank in BrownHoustonwood.
First National Bank.
Corpus Christi—State National Bank.
Houston National Bank.
DallasNational Bank of Commerce.
American Exchange National Bank.
Second National Bank.
City National Bank.
South Texas Commercial National Bank.
Dallas National Bank.
Union National Bank.
Republic National Bank & Trust Co.
Navasota—First National Bank.
Eagle Pass—First National Bank.
San Angelo—First National Bank.
El Paso—First National Bank.
TerrellFort WorthAmerican National Bank.
Fort Worth National Bank.
First National Bank.
Stockyards National Bank.
Waco—First National Bank.
Gainesville—First National Bank.
DISTRICT NO. 12
Oregon:
California:
PortlandLos AngelesFirst National Bank.
Citizens National Trust & Savings Bank.
United States National Bank.
Security-First National Bank.
Washington:
San Francisco—
SeattleAmerican Trust Co.
First Seattle Dexter Horton National Bank.
Anglo & London-Paris National Bank.
National Bank of Commerce.
Bank of California, N. A.
SpokaneCrocker-First National Bank.
Old Nat|onal Bank & Union Trust Co.
Pacific National Bank.
Spokane & Eastern Trust Co.
Wells Fargo Bank & Union Trust Co.
Tacoraa—National Bank of Tacoma.
Santa Barbara—First National Trust & Savings
Bank.




DESCRIPTION OF FEDERAL RESERVE DISTRICTS
Land area Population
(square June 30,1928
miles)
(estimated)

Federal reserve district
No. 1—Boston.No. 2—New York
No. 3—Philadelphia...
No. 4—Cleveland
No. 5—Richmond
No. 6—Atlanta
No. 7—Chicago
No. 8—St. Louis
No. 9—Minneapolis...
No. 10—Kansas City..
No. 11—Dallas
No. 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

7,888,000
14,907,000
7, 680,000
11,445,000
11,068,000
11,158,000
17,454,000
9, 775,00C
5,637,000
7,780,000
6, 717,00C
8,504,000

2, 973, 776 120,013,000

Total

FEDERAL RESERVE DISTRICTS
DISTRICT NO. 1—BOSTON.

_

61,345

Connecticut (Fairfield County)
New Jersey .
Counties o—
f
Bergen.
Hunterdon.
Essex.
Middlesex.
Hudson.
Monmouth.
New York

3,605

Delaware --New Jersey
Counties o—
f
Atlantic.
Cape May.
Burlington
Cumberland.
Pennsylvania
Counties o—
f
Adams.
Clinton.
Bedford.
Columbia.
Berks.
Cumberland.
Blair.
Dauphin.
Bradford.
Delaware.
Bucks.
Elk.
Cambria.
Franklin.
Cameron.
Fulton.
Carbon.
Huntingdon.
Center.
Juniata.
Chester.
Lackawanna.
Clearfield.
Lancaster.

Gloucester.
Mercer.

Philadelphia.
Pike.
Potter.
Schuylkill.
Snyder.
Sullivan.
Susquehanna.
Tioga.
Union.
Wayne.
Wyoming.
York.

i Population Jan. 1, 1920; decrease 1910 to 1920; no estimate made.

298




7,680,000
244,000
852 000

6, 584,000

Ocean.
Salem.

Lebanon.
Lehigh.
Luzerne.
Lycoming.
McKean.
Mifflin.
Monroe.
Montgomery.
Montour.
Northampton.
Northumberland.
Perry.

11, 550,000

30,165

DISTRICT NO. 3—PHILADELPHIA

47, 654
1,965
3,909

Sussex.
Union.
Warren.

388 000
2,969,000

36,842

Morris.
Passaic.
Somerset.

14,907,000

631

.

1,279,000
795,000
4,290,000
456,000
716,000
i 352,428

51,890

DISTRICT NO. 2—NEW YORK..

7,888,000

4,189
29 895
8,039
9,031
1,067
9,124

Connecticut (excluding Fairfield Counts
Miaine
Massachusetts _
- _
New Hampshire
Rhode Island .
Vermont

299

DESCRIPTION OP FEDERAL RESERVE DISTRICTS
FEDERAL RESERVE DISTRICTS—Continued

Land area Population
(square June 30,1928
(estimated)
miles)

Federal reserve district
DISTRICT N O . 4—CLEVELAND

DISTRICT N O . 5—RICHMOND

District of Columbia
Maryland
__
North Carolina
_
South Carolina
Virginia
_
_
_
West Virginia (southern part)
Counties of—
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.
DISTRICT N O . 6—ATLANTA

Lawrence.
Lee.
Leslie.
Letcher.
Lewis.
Lincoln.
McCreary.
Madison.
Magomn.
Martin.
Mason.
Menifee.
Montgomery.
Morgan.

Nicholas.
Owsley.
Pendleton.
Perry.
Pike.
Powell.
Pulaski.
Kobertson.
Rockcastle.
Rowan.
Scott.
Whitley.
Wolfe.
Woodford.
_

Indiana.
Jefferson.
Lawrence.
Mercer.
Somerset.
_

...

11,445,000
1,149,000

40, 740
13,864

6,826,000
3,269,000

1,206

_

_-

201,000

Venango.
Warren.
Washington.
Westmoreland.

Tyler.
Wetzel.
_

_

_
__
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
1,616,00C
2 938,000
1 864,000
,
2 575,000
I 523,000
t

248, 226

11,158,000

51, 279
54,861
58, 725
26,891

_

2,573, 000
1,411,000
3, 203, 000
1, 359, 000

Roane.
Summers.
Taylor.
Tucker.
Upshur.
Wayne.
Webster.
Wirt.
Wood.
Wyoming.

_

Alabama
-.
Florida
_
_
_
Georgia
_
___
Louisiana (southern part)
_
-._
Parishes of—
Acadia.
Evangeline.
Rapides.
Allen.
Iberia.
St. Bernard.
'Ascension.
Iberville.
St. Charles.
Assumption.
Jefferson.
St. Helena.
Avoyelles.
Jefferson Davis. St. James.
,
Beauregard.
Lafayette.
St. John the BapCalcasieu.
La Fourche.
tist.
Cameron.
Livingston.
St. Landry.
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.
Amite.
Hinds.
Leake.
Claiborne.
Issaquena.
Lincoln.
Clarke.
Jackson.
Madison.
Copiah.
Jasper.
Marion.
Covington.
Jefferson.
Neshoba.
Forrest.
Jefferson Davis. Newton.
Franklin.
Jones.
Pearl River.
George.
Kemper.
Perry.
Greene.
Lamar.
Pike.
Hancock,
Lauderdale.
Rankin.
1
Population Jan. 1,1920; decrease 1910 to 1920; no estimate




73,424
17,614

-

Kentucky (eastern part)
Counties of—
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 of—
Brooke.
Marshall.
Hancock.
Ohio.

_

Tangipahoa.
Terrebonne.
Vermilion,
Vernon.
Washington.
West Baton
Rouge.
West Feliciana.

25,519

Scott.
Sharkey.
Simpson.
Smith.
Stone.
Waithall.
Warren.
Wayne.
Wilkinson.
Yazoo.
made.

]

853,050

300

ANNUAL REPORT OF THE FEDERAL RESERVE
FEDERAL RESERVE

BOARD

DISTRICTS—Continued
Land area Population
(square June 30,1928
miles)
(estimated)

Federal reserve district

DISTRICT N O . 6.—ATLANTA—Continued.

Tennessee (eastern part) .
Counties of
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

190,513

Rhea.
Roane.
Robertson.
Rutherford.

26,707

Livingston.
Logan.
McDonough.
McHenry.
McLean.
Macon.
Marshall.
Mason.
Menard.
Mercer.
Moultrie.
Ogle.
Peoria.

Madison.
Marion.
Marshall.
Miami.
Monroe.
Montgomery.
Morgan.
Newton.
Noble.
Ohio.
Owen.
Parke.
Porter.
Pulaski.

Putnam.

Randolph.

Ripley,
Rush.
St. Joseph.
Shelby.
Starke.
Steuben.
Tippecanoe.
Tipton.
Union.
Vermilion.
Vigo.
Wabash.
Warren.
Wayne.
Wells.
White.
Whitley.

Iowa
Michigan (southeri1 part)
Counties o
Alcona.
Allegan.
Alpena.
Antrim.
Arenac.
Barry.
Bay.
Benzie.
Berrien.
Branch.
Calhoun.
Cass.
Charlevoix.
Cheboygan.
Claire.
Clinton.
Crawford.

•

Eaton.
Emmet.
Genesee.
Gladwin.
Grand Traverse.
Gratiot.
Hillsdale.
Huron.
Ingham.
Ionia.
Iosco.
Isabella.
Jackson.
Kalamazoo.
Kalkaska.
Kent.
Lake.




Lapeer.
Leelanau.
Lena wee.
Livingston.
Macomb.
Manistee.
Mason.
Mecosta.
Midland.
Missaukee.
Monroe.
Montcalm.
Montmorency.
Muskegon.
Newaygo.
Oakland.
Oceana.

2,428,000
4,175,000

Rock Island.
Sangamon.
Schuyler.
Shelby.
Stark.
Stephenson.
Tazewell.
Vermilion.
Warren.
Whiteside.
Will.
Winnebago.
Woodford.

Piatt.
Putnam.
La Porte.

2, 525,000

Scott.
Sequatchie.
Sevier.
Smith.
Stewart.
Sullivan.
Sumner.
Trousdale.
Unicoi.
Union.
Van Buren.
Warren.
Washington.
Wayne.
White.
Williamson.
Wilson.

DISTRICT N o . 7.—CHICAGO

Illinois (northern part)
__
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 Dart)
Counties o;
Adams.
Fountain.
Allen.
Franklin.
Bartholomew. Fulton.
Benton.
Grant.
Blackford.
Hamilton.
Boone.
Hancock.
Brown.
Hendricks.
Carroll.
Henry.
Cass.
Howard.
Clay.
Huntington.
Clinton.
Jasper.
Dearborn.
Jay.
Decatur.
Jennings.
De Kalb.
Johnson.
Delaware.
Kosciusko.
Lagrange.
Elkhart
Lake.
Fayette.

5, 978,000

55,586
40,789

Putnam.

17,454,000

35,448

McMinn.
Macon.
Marion.
Marshall.
Maury.
Meigs.
Monroe.
Montgomery.
Moore.
Morgan.
Overton.
Perry.
Pickett.
Polk.

1,759,000

Ogemaw.
Osceola.
Oscoda.
Otsego.
Ottawa.
Presque Isle.
Roscommon.
Saginaw.
St. Clair.
St. Joseph.
Sanilac.
Shiawassee.
Tuscola.
Van Buren.
Washtenaw.
Wayne.
Wexford.

301

DESCRIPTION OF FEDERAL RESERVE DISTRICTS
FEDERAL RESERVE

DISTRICTS—Continued
Land area Population
(square June 30,1928
miles)
(estimated)

Federal reserve district

DISTRICT N O . 7.—CHICAGO—Continuer

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
Marquette.
Milwaukee.
Monroe.
Oconto.
Outagamie.
Ozaukee.
Portage.
Racine.
Richland.
Rock.
Sauk.
Shawano.

194,810

DISTRICT N O . 8—ST. LOUIS

1

Arkansas
Illinois (southern part)
Counties of—
Macoupin.
Adams.
Franklin.
Alexander.
Gallatin.
Madison.
Bond.
Greene.
Marion.
Brown.
Hamilton.
Massac.
Calhoun.
Hardin.
Monroe.
Clay.
Jackson.
Montgomery.
Clinton.
Jasper.
Morgan.
Crawford.
Jefferson.
Perry.
Edwards.
Jersey.
Pike.
Pope.
Effingham.
Johnson.
Pulaski.
Fayette.
Lawrence.
Indiana (southern part)
Counties o—
f
Clark.
Greene.
Martin.
Crawford.
Harrison.
Orange.
Daviess.
Jackson.
Perry.
Dubois.
Jefferson.
Pike.
Floyd.
Knox.
Posey.
Gibson.
Lawrence.
Scott.
Kentucky (western part)
Counties of—
Hopkins.
Adair.
Crittenden.
Jefferson.
Allen.
Cumberland.
Larue.
Anderson.
Daviess.
Ballard.
Edmonson.
Livingston.
Barren.
Franklin.
Logan.
Boyle.
Fulton.
Lyon.
Breckenridge. Gallatin.
McCracken.
Bullitt.
Graves.
McLean.
Butler.
Grayson.
Marion.
Caldwell.
Green.
Marshall.
Calloway.
Hancock.
Meade.
Carlisle.
Hardin.
Mercer.
Carroll.
Metcalfe.
Hart.
Casey.
Henderson.
Monroe.
Christian.
Henry.
Muhlenberg.
Clinton.
Hickman.
Nelson.
Mississippi (northern part).
Counties o—
f
Alcorn.
De Soto.
Monroe.
Montgomery.
Attala.
Grenada.
Noxubee.
Benton.
Holmes.
Oktibbeha.
Bolivar.
Humphreys.
Panola.
Calhoun.
Itawamba.
Pontotoc.
Caroll.
Lafayette.
Prentiss.
Chicasaw.
Lee.
Quitman.
Choctaw.
Leflore.
Sunflower.
Clay.
Lowndes.
Coahoma.
Marshall.
Tallahatchie.
Population Jan. 1, 1920; decrease 1910 to 1920; no estimate




2,348,000

9,775,000

Sheboygan.
Vernon.
Wai worth.
Washington.
Waukesha.
Waupaca.
Waushara.
Winnebago.
Wood.

52, 525
20, 595

1 944 000

J y v i i j \J\J\J
-

1 418 000

Randolph.
Richland.
St. Clair.
Saline.
Scott.
Union.
Wabash.
Washington.
Wayne.
White.
Williamson.
9,338

651, 000

22, 567

1,404, 000

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.

20, 843

302

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
Douglas.
Adair.
Dunklin.
Audrain.
Franklin.
Barry.
Gasconade.
Benton.
Greene.
Bollinger.
Grundy.
Boone.
Harrison.
Butler.
Henry.
Caldwell.
Hickory.
Callaway.
Howard.
Camden.
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.
Hay wood.
Dyer.
Henderson.

58,206

Keweenaw.
Luce.
Mackinac.
Marquette.
_

1
2

146t 131
70,183
76,868
23, 273

2,722, 000
1548,889
* 641,192
704,000
605,000

480,438

7,780,000
1,090,000
1,835,000
847,000

76,808
48,359

1, 408,000
169,000

___

_

_

_

_

Oneida.
Pepin.
Pierce.
Polk.
Price.
Rusk.
St. Croix.

.'
Sawyer.
Taylor.
Trempealeau
Vilas.
Washburn.

_

_

_
Holt.
Jackson.
Jasper.
McDonald.
Newton.
_
San Juan.
San Miguel.
Santa Fe.

Nodaway.
Platte.
Vernon.
Worth.
_
Taos.
Union.
Valencia.

Population Jan. 1, 1920; estimate unsatisfactory.
Population State census, 1925; decrease 1920 to 1925; no estimate made.




416, 000

Menominee.
Ontonagon.
Schoolcraft.

_

DISTRICT N O . 10—KANSAS CITY

Colorado
Kansas
Missouri (western part)
Counties o—
f
Andrew.
Cass.
Atchison.
Clay.
Barton.
Clinton.
Bates.
De Kalb.
Buchanan.
Gentry.
Nebraska
.New Mexico (northern part)
_
Counties o—
f
Bernalillo.
Mora.
Colfax.
Rio Arriba.
McKinley.
Sandoval.

5,637, 000

Shelby.
Tipton.
Weakley.

DISTRICT N O . 9—MINNEAPOLIS

Michigan (northern part)
Counties o—
f
Alger.
Dickinson.
Baraga.
Gogebic.
Chippewa.
Houghton.
Delta.
Iron.
Minnesota.._
_
Montana
..
North Dakota
_
South Dakota..
_
Wisconsin (northern part)
Counties o—
f
Ashland.
Dunn.
Barron.
Eau Claire.
Bayfleld.
Florence.
Buffalo,
Forest.
Burnett.
Iron.
Chippewa.
La Crosse.
Douglas.
Lincoln.

744, 000

103, 658
81, 774
10, 521

Henry.
Lake.
Lauderdale.
McNairy.
Madison.
Obion.

10, 736

16, 691

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.
Putnam.
Rails.
Randolph.
Ray.

DESCRIPTION OF FEDERAL RESERVE DISTRICTS

303

FEDERAL RESERVE DISTRICTS—Continued
Land area Population
(square June 30,1928
(estimated)
miles)

Federal reserve district

DISTRICT N O . 10—KANSAS CITY—Continued.

Oklahoma (north western part) _ .
f
Counties o—
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

Logan.
Love.
McClain.
Mclntosh.
Major.
Mayes.
Murray.
Muskogee.
Noble.
Nowata.
Okfuskee.
Oklahoma.
Okmulgee.
Osage.
Ottawa.
Pawnee.
Payne.
Pittsburg.

61, 770

97, 548

18,518

74,144

7,644
Marshall.
Pushmataha.

262, 398

5,487,000
8,504,000

90, 398
Navajo.
Pinal.

305, 000

155, 652
83, 354
109,821
95, 607
82,184
66,836

4, 556,000
546, 000
i 77, 407
902, 000
531, 000
1, 587,000

Yavapai.
Yuma.

» Population Jan. 1, 1920; decrease 1910 to 1920; no estimate made.




242, 000

683,852

DISTRICT N O . 12—SAN FRANCISCO..

Arizona (northwestern part)
Counties o—
f
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 (southeastern part)
Counties o—
f
Cochise.
Greenlee.
Graham.
Louisiana (northern part)
Parishes o—
f
Bienyille.
De Soto.
Bossier.
East Carroll.
Caddo.
Franklin.
Caldwell.
Grant.
Catahoula.
Jackson.
Claiborne.
La Salle.
Concordia.
Lincoln.
New Mexico (southern part)
Counties o—
f
Catron.
Eddy.
Chaves.
Grant.
Curry.
Guadalupe.
De Baca.
Hidalgo.
Dona Ana.
Lea.
Oklahoma (southeastern part)
Counties o—
f
Atoka.
Choctaw.
Bryan.
Coal.
Texas
.._
_

2,184,000

Pontotoc.
Pottawatomie.
Roger Mills.
Rogers.
Seminole.
Sequoyah.
Stephens.
Texas.
Tillman.
Tulsa.
Wagoner.
Washington.
Washita.
Woods.
Woodward.

FEDERAL RESERVE BRANCH TERRITORIES
[December 31, 1929]
BUFFALO BRANCH (District No. 2).—The 10 most westerly counties of New York State, as follows:
Monroe
Orleans
Allegany
Wyoming
Chautauqua
Genesee
Erie
Cattaraugus
Livingston
Niagara
CINCINNATI BRANCH (District No. 4).—That part of Kentucky in Federal reserve district No. 4, and the
following 25 counties in southern Ohio:
Adams
Clermont
Greene
Meigs
Ross
Athens
Clinton
Hamilton
Miami
Scioto
Brown
Darke
Highland
Montgomery
Vinton
Butler
Fayette
Jackson
Pike
Warren
Clark
Gallia
Lawrence
Preble
Washington
PITTSBURGH BRANCH (District No. 4).—Those portions of the States of Pennsylvania and West Virginia
included in Federal reserve district No. 4.
BALTIMORE BRANCH (District No. 5).—The State of Maryland and the following 30 counties of-West
Virginia:
Barbour
Grant
Lewis
Pendleton
Taylor
Berkeley
Hampshire
Marion
Pleasants
Tucker
Braxton
Hardy
Mineral
Preston
Upshur
Calhoun
Harrison
Monongalia
Randolph
Webster
Doddridge
Jackson
Morgan
Ritchie
Wirt
Gilmer
Jefferson
Nicholas
Roane
Wood
CHARLOTTE BRANCH (District No. 5).—The following counties in the States of North Carolina and South
Carolina:
NORTH CAROLINA

Alexander
Alleghany
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

Lancaster
Saluda
Newberry
Abbeville
Edgefield
Spartanburg
Oconee
Laurens
Fairfield
Aiken
Union
Pickens
Lexington
Greenville
Anderson
York
Richland
McCormick
Greenwood
Cherokee
Chester
BIRMINGHAM BRANCH (District No. 6).—The State of Alabama except the following counties: Mobile,
Baldwin, Russell, Pike, Barbour, Coffee, Dale, Henry, Covington, Geneva, and Houston, and towns and
cities in Lee and Chambers counties located on or south of the Atlanta & West Point Railroad and the
Western Railway of Alabama.
JACKSONVILLE BRANCH (District No. 6).—The entire State of Florida.
NASHVILLE BRANCH (District No. 6).—That part of the State of Tennessee included in Federal reserve
district No. 6 with the exception of the city of Chattanooga.
N E W ORLEANS BRANCH (District No. 6).—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.
DETROIT BRANCH (District No. 7).—The following 19 counties in the State of Michigan:
Bay
Ingham
Livingston
Saginaw
Tuscola
Genesee
Jackson
Macomb
Sanilac
Washtenaw
Hillsdale
Lapeer
Monroe
St. Clair
Wayne
Huron
Lenawee
Oakland
Shiawassee
LITTLE ROCK BRANCH (District No. 8).—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.)
LOUISVILLE BRANCH (District No. 8).—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.)
MEMPHIS BRANCH (District No. 8).—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.)

304




DESCRIPTION OF FEDERAL RESERVE DISTRICTS

305

HELENA BRANCH (District No. 9).—The entire State of Montana.
DENVER BRANCH (District No. 10).—The entire State of Colorado and that part of the State of New
Mexico included in Federal reserve district No. 10.
OKLAHOMA CITY BRANCH (District No. 10). That part of the State of Oklahoma located in Federal reserve
district No. 10.
OMAHA BRANCH (District No. 10).—The entire States of Nebraska and Wyoming.
EL PASO BRANCH (District No. 11).—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
Ector
Jeff Davis
Midland
Ward
Crane
El Paso
Loving
Pecos
Winkler
Culberson
Hudspeth
Martin
Reeves
HOUSTON BRANCH (District No. 11).—The following 41 counties in the southeast part of the State of Texas:
Colorado
Jackson
Anderson
Montgomery
Shelby
Fayette
Jasper
Angelina
Nacogdoches
Trinity
Austin
Fort Bend
Jefferson
Newton
Tyler
Bastrop
Galveston
Lavaca
Orange
Victoria
Grimes
Brazoria
Lee
Polk
Walker
Hardin
Brazos
Liberty
Sabine
Waller
Burleson
Harris
Madison
San Augustine
Washington
Chambers
Houston
Matagorda
San Jacinto
Wharton
Cherokee
in the State of Tex as:
SAN ANTONIO BRANCH (District No. 11).Starr
Llano
Hidalgo
Aransas
Comal
Atascosa
De Witt
Jim Hogg
Live Oak
Terrell
Bandera
Dirnmit
Jim Wells
Mason
Travis
Karnes
Bee
Duval
Maverick
Uvalde
Bexar
Edwards
Kendall
McMullen
Val Verde
Blanco
Frio
Kenedy
Medina
Webb
Brewster
Gillespie
Kerr
Nueces
Willacy
Brooks
Goliad
Kimble
Presidio
Wilson
Caldwell
Gonzales
Kinney
Real
Zapata
Calhoun
Guadalupe
Kleburg
Refugio
Z avail a
Cameron
Hays
La Salle
San Patricio
Los ANGELES BRANCH (District No. 12).—That part of the State of Arizona located in Federal reserve
district No. 12, and the following counties in California:
Imperial
Los Angeles
Riverside
San Diego
Ventura
Inyo
Orange
San Bernardino
Santa Barbara
PORTLAND BRANCH (District No. 12).—The entire State of Oregon, except the towns of Klamath Falls,
Lakeview, and Merrill, wThich are affiliated with the head office, and the following five counties in the
State of Washington:
Clarke
Cowlitz
Klickitat
.
Skamania
Wahkiakum
and the town of Uwaco, Wash.
SALT LAKE CITY BRANCH (District No. 12).- -The entire State of Utah and the following counties in Idaho
and Nevada:
IDAHO

Ada
Adams
Bannock
Bear Lake
Bingharn
Blaine
Boise

Bonneville
Butte
Camas
Canyon
Carribou
Cassia
Clark

Custer
Elmore
Franklin
Fremont
Gem
Gooding
Jefferson

Jerome
Lemhi
Lincoln
Madison
Minidoka
Oneida
Owyhee

Payette
Power
Teton
Twin Falls
Valley
Washington

NEVADA

Lincoln
Wrhite Pine
Clark
Elko
SEATTLE BRANCH (District No. 12).—The following 16 counties in the State of Washington, except the town
of Ilwaco, Wash.
Clallam
Kj n S
Lewis
Pierce
Snohomish
Grays Harbor
Kitsap
Mason
San Juan
Thurston
Island
Kittitas
Pacific*
Skagit
Whatcom
Jefferson
SPOKANE BRANCH (District No. 12).—The following counties in the States of Washington and Idaho:
WASHINGTON

Adams
Asotin
Ben ton
C h el an

Columbia
Douglas
Ferry
hYanlclin

Garfield
Grant
Lincoln
Okanogan

Benewah
Bonner

Boundary
Cl ear water

Idaho
Kootenai

Fend Oreille
Spokane
Stevens

Walla Walla
Whitman
Yakima

Lafah
Lewis

Nez Perce
Shoshone

IDAHO

1

Except the town of Ilwaco.




FEDERAL RESERVE DISTRICTS
CO

o

-.

f X J
?

' BOUNDARIES OF FEDERAL RESERVE DISTRICTS
..... BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
®
FEDERAL RESERVE BANK CITIES
• FEDERAL RESERVE BRANCH CITIES
O FEDERAL RESERVE BANK AGENCY




Charlotte v N- c -

INDEX
]>H e
Acceptances:
s
Automobiles, installment notes covering sale of, in foreign countries, as
an acceptance credit; advisory council recommendation
217
Bankers'—
Holdings by Federal reserve banks
67, 122, 132
Open-market discount rates
93, 94
Outstanding
121, 122
Banks authorized to accept bills up to 100 per cent of capital and
surplus
294-296
Buying of, by Federal reserve banks, advisory council recommendation
218
Held by Federal reserve banks
17, 56, 59, 60, 62, 64, 67, 68, 132
Imports and exports, based on—
Discounted or purchased and held by Federal reserve banks
67
Maturity of bills purchased and held by Federal reserve banks
68, 132
Number of pieces handled by Federal reserve banks
18, 72, 145
Outstanding
121, 122
Purchased by Federal reserve banks
59
Purchased by member banks
105, 178
Rates, discount and open-market—
Average rates earned on bills bought by Federal reserve banks _ 17, 92
Buying rates
91
Changes in Federal reserve bank rates
2, 4, 6, 8, 89, 90
Trade acceptances—
Held by Federal reserve banks
67, 132
Purchased by Federal reserve banks in open market
67
Accommodation at Federal reserve banks of reporting member banks
66, 184
Adjusted-service certificates, discount of paper secured by
67
Administrator, national banks authorized to act as
32, 270-293
Advisory council, Federal. (See Federal advisory council.)
Agencies of Federal reserve banks. (See Branches and agencies.)
Agricultural paper:
Held by Federal reserve banks
67, 132
Discount rates
90
Amendment to Clayton Antitrust Act exempting joint-stock land banks
from provisions of
33, 221
Amendment to Federal reserve act
33, 220
Legislation recommended
37
Amendment to Regulation J
32, 220
Area of Federal reserve districts
297-302
Assessment for expenses of Federal Reserve Board
41, 154, 234
Assets and liabilities. (See Resources and liabilities.)
Assignee, national banks authorized to act as
32, 270-293
Automobiles:
Factory employment and pay rolls, index of
212, 213
Installment notes covering sales of, in foreign countries, as a proper
acceptance credit; advisory council on
217
Production index
210
Balance sheets. (See Condition statements.)
Baltimore branch bank, building operations
19
Bank debits—debits to individual account
122
Bank failures
21, 123-125, 197, 198
Bank mergers
29, 126, 199
Bank premises, Federal reserve
19, 61, 75, 155
Book value
75
Cost of
75
Date occupied
75
Depreciation charges
155
Expenses of maintaining
154




307

308

INDEX
Page

Bank suspensions
21, 123-125, 197, 198
Bankers' acceptances. (See Acceptances.)
Bankers' balances of member banks
106, 118, 196
Banking, branch and chain
24, 26
Advisory council recommendations
219
Bills bought. (See Acceptances.)
Bills discounted, holdings of, by Federal reserve banks
17,
56, 59, 60, 62, 64, 67, 68, 132
Earnings on
17, 76, 92
(See also Discount and open-market operations.)
Bonds:
Held by member banks
105, 178
United States. (See United States securities.)
Boots and shoes, index of wholesale trade
214
Borrowings of brokers in New York City
119, 120
Discussion of
7—9
Borrowings of member banks at Federal reserve banks
108,
109, 111, 113, 115, 117, 177, 183, 186, 195
By months
177
By States
183
Discussion of
2
In New York City
115
Outside New York City
117
Weekly figures
195
Branch banking
24
Advisory council recommendations
219
Branches and agencies of Federal reserve banks:
Building operations
19, 75
Clearing operations
20, 146
Counties comprising territory
304
Directors of
239-245
Expenses of
20
Managers of
239-245
Volume of operations
19, 146
Branches, foreign, of State member banks, amendment to Federal reserve
act recommended
37
Brokers, loans to, by banks in New York City
119, 120
Advisory council recommendations
218
Discussion of
6-12
Building contracts awarded, index of
207
Building operations of Federal reserve banks
19, 75
Cost of bank premises
75
Depreciation charges
155
Expenses of maintaining bank premises
154
Burglarizing or robbing Federal reserve banks or member banks, amendment to Federal reserve act recommended
40
Call loans:
In New York City
119, 120
Rates in New York City
93, 94
Capital:
Federal reserve banks
19, 61, 62, 64
Member banks
103, 104, 106, 163
Car loadings, index of
207
Cash reserves of Federal reserve banks
58, 59, 60, 62, 64, 133
Cement, index of factory employment and pay rolls
212, 213
Central banks, foreign:
Discount rates
96
Due to Federal reserve banks from
50, 60, 62, 64
Central reserve city member banks:
Classification of loans and investments
105
Condition of
104
Deposits, reserves, and borrowings at Federal reserve banks
108
Loans and investments
105
Certificates of indebtedness, Treasury:
Held by Federal reserve banks
60, 69, 71
Temporary 1-day certificates held
71
Yield on
93, 94




INDEX

309
Page

Chain banking
26
Advisory council recommendations
219
Changes in discount rates
.
4, 6, 8, 11, 89
Changes in membership in Federal reserve system
20, 126, 199
Chart: Reserve bank credit outstanding and principal factors in changes.
14
Check clearing and collection:
Amendment to Regulation J
32, 220
Gold settlement fund transactions
73, 147
Operations, volume of—
Federal reserve banks
18, 72, 145
Federal reserve branch banks
20, 146
Par list* number of banks on
31, 74, 148, 149
Circulation, money. (See Currency; Federal reserve notes; Money.)
Classification of loans and investments of member banks
105, 178
Clayton Antitrust Act:
Administration of, by Federal Reserve Board
33
Amendment to, exempting joint-stock land banks from provisions of_ 33, 221
Clearing operations, volume of:
Federal reserve banks
18, 72, 145
Federal reserve branch banks
20, 146
Clothing, index of wholesale trade
214
Coal, index of production
211
Coin received and counted:
At Federal reserve banks
18, 72, 145
At Federal reserve branch banks
20, 146
Coin circulation
84
Collateral held as security against Federal reserve notes
77
Collateral notes of member banks discounted by Federal reserve banks:
Holdings of
67, 132
Maturity of
132
Collection of checks. (See Check clearing and collection.)
Commercial paper:
Rates on, in New York City
93, 94
Held by Federal reserve banks
67, 132
Held by member banks
105, 178
Outstanding
121
Condition of banks:
All banks in the United States
101, 156, 160
Deposits, exclusive of interbank deposits
102, 159
Loans and investments
101, 156, 160
Federal reserve b a n k s Deposits, reserves, note circulation, and reserve percentages
58
Each bank
64, 133-144
Reserve bank credit and factors in changes—
Annual averages
45
Monthly averages
45-47
Weekly averages
48-55
Reserve bank credit outstanding
56
Resources and liabilities—
All banks combined
59
At the end of each month
62
Each bank
64, 133-144
Weekly statement and balance sheet items
60
Member banks—
All banks—
Borrowings at Federal reserve banks
108,
109, 111, 113, 177, 183, 186, 195
Investments
106, 163, 182
Loans
106, 163, 181
Loans and investments
106, 163, 180
Classification of
105, 178
Net demand and time deposits
106, 108, 163, 175
Reserve balances
106, 109, 163, 176
Resources and liabilities—
By class of bank
104
By class of member
103
By Federal reserve districts
163-174
On call dates, 1914-1929
106



310

INDEX

Condition of banks—Continued.
Member banks—Continued.
Central reserve and reserve city banks
„
104
Country banks
104
Reporting banks in leading cities—
Bankers' balances
118, 196
Borrowings at Federal reserve banks
113, 115, 117
Deposits
111, 113, 115, 117
Investments
110, 112, 114, 116, 185, 191
Loans
110, 112, 114, 116, 185, 188, 190
Loans and investments
110, 112, 114, 116, 187
Loans, investments, deposits, reserves, and borrowings
110
Loans on securities
189
Net demand and time deposits
111, 113, 115, 117, 190, 192, 193
Reserve balances
111, 113, 115, 117, 194
Resources and liabilities—
By class of bank
104
By class of member
103
By Federal reserve districts
163-174
By weeks
112-117
Central reserve city banks
104
Country banks
104
National banks
103
On call dates, 1914-1929
106
Reserve city banks
104
State bank members
103
Congress, legislation recommended by Federal Reserve Board to
37
Copper, index of production
211
Counties in Federal reserve districts
298-303
Counties in Federal reserve branch territories
304, 305
Consolidations, bank
29, 126, 199
Country member banks:
Classification of loans and investments
105
Condition of
104
Deposits, reserves, and borrowings at Federal reserve banks
108
Loans and investments
105
Court opinions:
Court of Appeals of the District of Columbia relative to discretion of
Federal Reserve Board in approving the organization of foreign
banking corporations
34, 221
United States Circuit Court of Appeals relative to discretion of Federal reserve system in matters relating to credit policies
34, 224
Credit:
Federal reserve bank
1-13, 45-57
Chart showing
14
Discussion of
1—13
Factors in changes
45-55
Federal Reserve Board's position relative to speculative loans__
2
Outstanding
56
Member bank
99
Policy of Federal reserve system
1-12
Opinion of United States Circuit Court of Appeals in matters
relating to
34, 224
Currency:
Amounts received and counted—
At Federal reserve banks
18, 72, 145
At Federal reserve branch banks
20, 146
Circulation
84, 85
Federal reserve, cost of
17, 155, 234
(See also Federal reserve notes; Money.)
Customers' paper:
Held by Federal reserve banks
67, 132
Loans by member banks on
105
Czechoslovakia,