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Fifteenth oAnnual cRgport
of the

FEDERAL RESERVE BANK
OF PHILADELPHIA

f

MADE TO THE FEDERAL RESERVE BOARD
FOR THE THIRD FEDERAL RESERVE DISTRICT
BY THE CHAIRMAN OF THE BOARD
AND FEDERAL RESERVE AGENT




1929

Fifteenth oAnnual
of the

FEDERAL RESERVE BANK
OF PHILADELPHIA

MADE TO THE FEDERAL RESERVE BOARD
FOR THE THIRD FEDERAL RESERVE DISTRICT
BY THE CHAIRMAN OF THE BOARD
AND FEDERAL RESERVE AGENT




1929

LETTER OF TRANSMITTAL
January 30, 1930.
Federal Reserve Board,
Washington, D. C.
Sirs :—
I have the honor to transmit herewith
the fifteenth annual report on the operations of the Federal Reserve Bank of
Philadelphia, covering the year 1929.




Very truly yours,
R. L. AUSTIN

Chairman of the Board and
Federal Reserve Agent

CONTENTS
Page

Profit and loss statement
Statement of condition
Business conditions in the Philadelphia district....
Financial conditions in the Philadelphia district
Money rates
Reporting member banks
Federal Reserve Bank
Discount policy
Discounts and purchases of bills and securities
Secured and unsecured borrowing
Borrowing by cities
Industrial classification of rediscounts
Reserve position
Federal reserve note issues
Fiscal agency activities
Departmental operations
Personnel
Banks of the district:
Membership
Fiduciary powers
Acceptance powers
Bank relations activities
Bank examination activities
Collection and analysis of financial and business information




5
6
7
10
10
11
13
14
14
17
17
18
19
21
22
23
24
25
27
28
28
30
30

FEDERAL RESERVE BANK OF PHILADELPHIA
H a y lines J ^ ^
ev

|j#t vertical lines * $ $ ,

Bills Discounted

1927

1928

1929

Reserve Ratio

PERCENT

85
8O
75
7O

1 ll

Mi

X
V '\.

1

rn

\

65

* a

1

60

1

s

0*

55
5O

f

o

A

I

1927




1923

1929

Annual Report of the
Federal Reserve Bank of Philadelphia for 1929
The profit and loss account of the bank for 1929 follows,
together with figures for the two years preceding:
1929

1928

1927

Gross earnings:
From bills discounted
From bills bought
From United States securities
From other sources

$4,493,786
666,005
808,116
108,141

$3,498,453
932,744
914,403
48,946

$1,648,548
603,587
970,386
141,105

Total earnings

$6,076,048

$5,394,546

$3,363,626

97,701
55,734
701,912
451,798
31,459

96,129
52,368
480,667
436,352
48,365

95,873
53,097
618,412
436,406
44,006

71,404
21,669
162,165

73,950
20,428
161,973

67,970
20,257
155,391

85,813
59,362
15,801

88,527
57,405
19,214

86,009
59,124
12,513

33,117
165,319

33,866
182,110

33,292
188,471

75,170
169,467

66,695
168,193

74,621
161,240

$2,197,891

$1,986,242

$2,106,682

$3,878,157

$3,408,304

$1,256,944

1,181
77,350

$

1,481
127,144

$

2,646
83,121

76,169

$ 125,663

$

80,475

Net earnings available for dividends,
surplus, a n d franchise tax
$3,801,988

$3,282,641

$1,176,469

Distribution of net earnings:
Dividends
$ 938,312
Paid to government as a franchise t a x . .
0
Transferred to surplus account
2,863,676

$ 843,755
0
2,438,886

$ 781,540
0
394,929

Expenses:
Maintaining the accounts of the bank..
Loans and discounts
Currency and coin*
Transit and collections
Fiscal agency functions
Custody of securities, including purchases and sales
Transfer and telegraphic service
Official salaries and supervisory expenses
Federal reserve agent's department:
(Custody of collateral against federal
reserve notes, note issues, bank examination, library, statistical and
business reporting work)
Maintaining the general audit
Bank relations
Insurance (other than on currency,
coin, and security shipments)
Operation of banking house
This bank's portion of Federal Reserve
Board expenses
Miscellaneous
Current expenses*
Current net earnings

Additions to current net earnings
$
Deductions from current net earnings....
Net deductions

$

* Of which $278,563 in 1929 and $76,725 in 1928 represented the cost of federal
reserve currency.
5



Fifteenth Annual Report, Federal Reserve Bank of Philadelphia
Average holdings of bills discounted for member banks were
materially larger than in 1928 and in excess of any year since 1921.
A discount rate of 5 per cent obtained throughout the year, whereas
in 1928 lower rates were in effect during the first half. These two
factors—a higher level of discounts and a heavier charge—account
largely for an increase in the gross earnings of the bank from
$5,394,546 in 1928 to $6,076,048 in 1929.
The bank was called upon to extend services to its member
banks in greater volume than ever before and, in common with the
other reserve banks, handled a considerable amount of detail in
connection with the replacement of the old series currency with
new bills of smaller size. Active though it was, the ordinary expenses of the bank show little change in total, the chief item contributing to an expansion of $211,000 in its current expenses being
an increase of $202,000 in the cost of printing and shipping federal
reserve notes.
The net earnings of the bank, following adjustments, amounted
to $3,801,988, or 16 per cent in excess of 1928. Dividends amounting to $938,312 were paid to the member banks and $2,863,676
was added to the surplus account, which at the end of the year
failed by a considerable margin to equal the subscribed capital.

Statement of condition
The statement of the bank for December 31 shows an improvement in the reserve position over that of a year earlier. Cash
reserves have increased largely, although a portion of this was due
to the more liberal use of federal reserve notes in place of other
currency. Although bills discounted averaged heavier than in 1928,
year end figures show a decline, and holdings of purchased bills
are in smaller volume than a year ago, but the portfolio of government securities has increased.
The increase of $1,931,000 in the capital stock of the bank was
the largest in any year since 1915. The number of member banks
was reduced somewhat during the year through consolidations and
a few withdrawals, but additions to membership through new
members and the absorption of non-members more than compensated for this insofar as the resources of the member banks were
concerned. On October 4, 1929, the resources of the members, at
$3,331,000,000, were larger than ever before.
In condensed form, the statements of the bank as of the close
of 1929 and 1928 follow:



6

Fifteenth Annual Report, Federal Reserve Bank of Philadelphia
(OOO's omitted)

December
31, 1928

December
31, 1929

Changes
during 1929

RESOURCES
Gold reserves
Reserves other than gold

$179,131
6,453

$203,722
12,470

+$24,591
+ 6,017

Total reserves
Non-reserve cash
Bills discounted:
Secured by government obligations....
Other bills discounted

$185,584
1,486

$216,192
3,483

+$30,608
+ 1,997

59,548
24,766

34,511
31,266

- 25,037
+ 6,500

Total bills discounted
Bills bought
United States securities
Other securities

$ 84,314
16,234
21,447
0

$ 65,777
8,540
41,806
1,000

-$18,537
- 7,694
+ 20,359
+ 1,000

Total bills and securities
Uncollected items
All other resources....

$121,995
60,242
2,019

$117,123
59,284
1,937

- $ 4,872
958
82

Total resources

$371,326

$398,019

+$26,693

$142,948

$162,344

+$19,396

133,515
985
688

133,193
2,329
599

Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities

$135,188
54,342
14,536
24,101
211

$136,121
55,931
16,467
26,965
191

+$ 933
+ 1,589
+ 1,931
+ 2,864
20

Total liabilities
Ratio of total reserves to deposit and federal reserve note liabilities combined...
Contingent liability on bills purchased for
foreign correspondents

$371,326

$398,019

+$26,693

66.7%

72.4%

$ 30,688

$ 52,481

LIABILITIES
Federal reserve notes in actual circulation
Deposits:
Member bank—reserve account
Government
Other. .

+

+

322
1,344
89

5.7%

+$21,793

Business conditions in the Philadelphia District
The volume of transactions in trade and industry during 1929
was large, reaching high levels in the first three quarters of the
year. Earnings, corporate and individual, increased in comparison
with the preceding year. The productivity of labor was well maintained and industry as a whole was free from interruptions. The
turnover of goods increased; inventories of raw materials and
finished products were not burdensome; and there was an absence
of speculation in merchandise. Commodity prices fluctuated within
a rather narrow range, although they were somewhat below the
general level prevailing in 1928. Trade, industry, and agriculture



7

Fifteenth Annual Report, Federal Reserve Bank of Philadelphia

BUSINESS INDICATORS
Philadelphia Federal Reserve District
Average 1923-25= too

PERCENT

FACTORY PAYROLLS
(PENNA.)

PERCENT

ANTHRACITE COAL
PRODUCTION

140
I 20
I 00
80

J F M A M J J A S O N D
BUILDING CONTRACTS
AWARDED

J F M A M J J A S O N O

60

FREIGHT CAR LOADINGS
" (ALLEGHENY DISTRICT)

130
120
i 10
100
90
J F M A M J J A S O N O
REGISTRATION OF
NEW AUTOMOBILES

J F M A M J J A S O N O
—

80

RETAIL TRADE
SALES

175
150
125
100
75
1928.
J F M A M J J A S O N D




J F M A M J J A S O N O

50

Fifteenth Annual Report, Federal Reserve Bank of Philadelphia
had an ample supply of funds for their requirements. Thus, in
broad retrospect, the year 1929 may be characterized as one of
general prosperity and industrial advancement in this district.
The output of manufactured products, representing about
9 per cent of the country's total, was considerably larger than in
1928. Factory employment and wage payments exceeded the
averages of 1928 by 6.1 and 10.3 per cent, respectively, indicating
a higher rate of plant activity. This favorable comparison may
be attributed to larger production of such leading manufactures
as food, metal, textile, chemical, and leather products. Production of building materials generally was in smaller volume,
reflecting lessened operations in construction. The peak of factory
activity was reached in the fall as is usual for this district. Beginning in November, however, industrial recession was more
drastic than was normally to be expected.
Building operations fell off substantially in comparison with
1928, the decline being chiefly caused by a sharp drop in the
construction of various classes of dwellings. The value of contracts awarded was 20 per cent smaller than in 1928.
The real estate market continued unsatisfactory. The number
of real estate deeds and the value of mortgages recorded in Philadelphia were smaller. Properties sold by the sheriff of Philadelphia
county increased materially in comparison with other recent years.
In response to a more active demand from industries, the production and shipment of bituminous coal showed a noticeable gain
over the previous year. The output of anthracite also was larger.
The farm value of crops in the aggregate was noticeably larger
than in 1928. This gain was due to higher prices of farm products,
since the acreage harvested was about equal to that of 1928 and the
yield per acre was smaller. The sale of animal products also was
estimated to be larger. The supply of farm labor on the whole
was adequate and farm wage rates in this district were slightly
higher than in 1928.
Railroad shipments of commodities in this section rose sharply
between spring and fall, exceeding the volume recorded in the previous three years. From October, however, freight car loadings
declined considerably to within a few points of the low level established in December, 1927.
The dollar volume of retail and wholesale sales by reporting
firms was slightly smaller than in 1928. This probably was due,
in part, to the fact that prices were somewhat lower. Sales of new
passenger automobiles, as measured by registrations, showed a



9

Fifteenth Annual Report, Federal Reserve Bank of Philadelphia
gain of 18 per cent over the preceding year. Similarly, sales of
ordinary life insurance were about 12 per cent larger.
Consumption, as well as output, of food products in 1929 compared favorably with the volume for 1928. This is indicated by
animal slaughterings and shipments in this section and by monthly
receipts of dairy and poultry products in Philadelphia and in the
district.
Foreign trade handled at the Port of Philadelphia increased,
the value of imports and exports exceeding substantially the amount
recorded for the previous year. Imports were about twice as large
as exports.
The number of commercial failures in this district increased
somewhat but the amount of liabilities involved was smaller than
in any of the previous three years.
The cost of living in Philadelphia, as estimated by the United
States Bureau of Labor Statistics, increased about three-tenths of
one per cent as against a rise of one-tenth of one per cent in the
country as a whole between December, 1928, and December, 1929.
The expenditure for food showed the sharpest advance—almost 3
per cent—while rents showed the largest decline—nearly 5 per cent.
In comparison with 1920, the cost of living in Philadelphia was 18
per cent higher; it was also 75 per cent above the pre-war level.

Financial conditions in the Philadelphia district
A number of developments have influenced financial conditions
in this district during 1929. Over the greater part of the year
business activity was on the upswing; stock prices reached very
high levels, and new securities were issued in record volume. The
loans of the member banks increased, borrowings from the Federal
Reserve Bank were heavy, and money rates tended upward. Late
in the year credit conditions became somewhat easier with declining business activity and falling stock prices.
Money rates

Money rates were firm and generally higher than in 1928.
From an average of a little over 5 & per cent in December, 1928,
V
the charges of large Philadelphia member banks on commercial
loans to customers rose to 5%-6 per cent in the late summer and
fall of 1929; in November and December there were slight declines.
Prior to the spring of 1929, the maximum rate of interest
on call loans was restricted to 6 per cent by the laws of Pennsylvania, but this limitation was removed by an act of the legislature



10

Fifteenth Annual Report, Federal Reserve Bank of Philadelphia
approved April 18 by which act loans of not less than $5,000,
payable on demand and collaterally secured by warehouse receipts,
bills of lading, certificates of stock, certificates of deposit, bills of
exchange, bonds, or other negotiable instruments, now may bear
any rate of interest agreed upon in writing by the parties to such
transactions.
Shortly after the enactment of this act, the renewal rate for
call loans in Philadelphia advanced to levels about the same as
those charged in New York, the highest being 15 per cent on July 2.
The decline of the call loan rate in New York late in November
and in December to 4 ^ per cent, however, was not reflected in
Philadelphia, the renewal rate remaining at 6 per cent to the end
of the year.
The discount rate of this bank was maintained unchanged at
5 per cent, but the buying rate on endorsed bankers' bills of ninety
days' maturity was raised from 4 ^ to a high of 5 ^ per cent on
March 26, and later was reduced to 4 per cent.
Reporting member banks

The weekly reports of member banks in Philadelphia, Camden,
Scranton, and Wilmington, which have about 45 per cent of the
earning assets of all members in the district, show that their total
loans and investments averaged much the same as in 1928. Nevertheless, more detailed examination of their reports reveals a rising
tendency in loans, with some interruption in the spring and early
summer, to a high point in the middle of November. Over a considerable part of this period there was an accompanying decline in
deposits, indicating the loss of funds. This loss was met partially
by a material reduction in the investments of the banks and by the
accumulation of capital funds.
The decline in deposits lasted up to the end of August. In
this period stock prices rose materially and a large volume of funds
was absorbed by the security market, suggesting that a portion
of the decrease in deposits, at least, was due to the loaning of funds
in the New York call market or to trading in securities on the part
of customers of local banks. The average of deposits in October,
November, and December was slightly higher than that in September.
Fluctuations in loans on securities granted by banks in these
four cities were large and the year as a whole shows an increase
in the total.
Business men have been amply supplied with the necessary



11

Fifteenth Annual Report, Federal Reserve Bank of Philadelphia

REPORTING MEMBER BANKS
Philadelphia - Camden - Scranton - Wilmindton
MILLIONS
OF
DOLLARS

*

1250
1200

Total loans and
investments

I 150
I 100
1050
1000

Net demand, time,
and government deposits

950
° 0 0

J F M A M J J
A S O N
I© 2 S

D J F M A M ' J J A S O N D
I 929

MILLIONS Distribution df Loans and Investments
OF
DOLLARS

500

470

Loans on securitfp^
j

440

fe

A\ 0

k ^ ^T
^ ^ ^

380

Other (largely
commercial) loans

350
Investments

320
%

%

290
260

•

J F M A M J J A S O N D
1928




12

i

i

i

i

i

i

i

i

i

'-11

li-

J F M A M J J A S O N D
1929

Fifteenth Annual Report, Federal Reserve Bank of Philadelphia
funds to carry on their operations, and the advances in rates were
not sufficient to interfere seriously with their plans. The rising
tide of business in this district was reflected in a sweeping upward
trend in loans other than those made on the security of stocks
and bonds.
"All other" loans are most diverse in character, representing
not only loans to business men to carry on their operations, but
real estate loans and many other classes of loans as well. Changes
in an item comprising such a miscellany of credit at all times are
difficult to interpret, but it may be assumed that fluctuations are
due mainly to varying business conditions. Following the usual
seasonal tendency, a low point in these so-called "commercial"
loans was reached early in February; the upward movement which
ensued was substantial and, with minor intermediate recessions,
lasted until the middle of September. Ordinarily, the high point
does not come later than October, but this year November was
marked by a rapid and appreciable rise to a new high point. In
December these loans turned downward, as was to be expected in
view of the decline, partly seasonal, in manufacturing activity and
in several lines of wholesale trade. Over nearly the whole of the
year the volume of "commercial" loans was larger than on corresponding dates in 1928, no doubt reflecting better business conditions this year.
Federal Reserve Bank

Heavier demands upon the member banks for funds were reflected in an increase in their borrowings from the Federal Reserve
Bank from an average of 75 millions in 1928 to nearly 89 millions
in 1929. The reserve ratio fluctuated within upper and lower limits
of 78.6 and 51.9 per cent, respectively, but the average for the
year was 67.6 per cent, as compared with 63.6 per cent in the
year preceding.
Expanding loans and declining deposits at the reporting member banks led to a material increase in borrowing from the
Bank during February, March, and April. Several months of decline in borrowing followed; this decrease was particularly marked
in May.
In August there was an increase in borrowing, similar to that
of a year earlier, but this was short-lived, and bills discounted in
October averaged little higher than in July. In the closing week of
October member banks increased their loans and met with unfavorable interdistrict balances at a time when there was acute dis


13

Fifteenth Annual Report, Federal Reserve Bank of Philadelphia
turbance in the stock market, necessitating heavy borrowing from
this bank. During the first half of November the high point for the
year of 124 millions in bills discounted was reached and the reserve
ratio receded to a low of 51.9 per cent. Substantial recovery from
this condition took place in the weeks following. Despite the usual
strong demand for currency in the last week of November and in
December, the average of bills discounted in December was below
the average for the year, as the member banks found, in unusually
favorable interdistrict balances, an offset to their losses through
currency disbursements.
Discount policy

Over the greater part of 1929, business in this district was
moving forward actively, prices on the whole were rather stable,
and conservative policies were being followed in maintaining stocks
of goods within reasonable limits. This was in quite a contrast with
developments in the security markets. Large fluctuations in prices
of securities, heavy turnover, and mounting security loans, called
for the utmost vigilance to prevent the use of federal reserve credit
for speculative purposes. At one period our board felt that these
conditions justified an increase in the discount rate and voted to
establish a rate of 6 per cent, but this rate was not approved by the
Federal Reserve Board, and the 5 per cent rate continued to be
in effect.
In the last six or seven weeks of the year there was a decline
in borrowings from this bank and some recovery on the part of
the member banks from a rather strained condition. But the loans
of the member banks continued large, preventing a satisfactory
easing of the credit situation.
At the opening of 1929 the buying rate for ninety-day endorsed
bankers' bills was 4 ^ per cent. Changes during the year follow:
Jan. 4—434%; Jan. 21—5%; Feb. 15—5%%; Mar. 21—5%%;
Mar. 26—51/2%; July 13—5^%; Aug. 9—5i/8%; Oct. 24—5%;
Nov. 1—434,% ; Nov. 15—414% ; Nov. 22—4%.

Discounts and purchases of bills and securities
This bank's holdings of bills and securities averaged 123 millions in 1929, as compared with 126 millions in 1928. Annual and
monthly averages in total and by classes follow:



14

Fifteenth Annual Report, Federal Reserve Bank of Philadelphia

BILL AND SECURITY HOLDINGS
Federal Reserve Bank of Philadelphia
MILLIONS

/\ A
_
/

14O
12O
Total
\

1OO
80

\

X\

V

I

f

60

/

2O

MILLIONS

k
^1

v

U.S.Securit ies
Bills bought

1927

*

1928

1329

Distribution of Bills Discounted

60

For Philadelphia
banks

5O
4.O
For banks in
20 other cities

30
20
1O

For all other banks

O

\

Bills discounted

4O

O

A

1927




1928
15

1929

y

Fifteenth Annual Report, Federal Reserve Bank of Philadelphia
(In millions of
dollars)

Bills
discounted

Bills
bought

U.S.
securities

Other
securities*

Totals

$124.9
53.2
59.9
31.3
43.5
50.9
42.1
75.4
88.9

$ 9.2
20.4
23.1
11.4
18.5
18.6
17.4
24.5
13.1

$26.9
29.3
21.4
27.8
21.4
21.3
29.3
26.4
20.4

#
#
$1.1
3.1
2.9
1.0
#
.5

$161.0
102.9
104.4
71.6
86.5
93.7
89.8
126.3
122.9

91.3
73.1
85.5
101.6
110.0
86.7
84.7
77.3
92.8
90.6
78.7
106.9
80.1

16.1
19.4
25.0
21.2
13.5
11.2
9.7
4.9
4.4
12.0
16.8
12.2
8.2

21.9
21.4
20.1
18.5
18.2
16.7
17.8
16.5
17.7
18.0
17.5
25.3
36.2

.1
0
0
.3
.8
.8
.4
.3
.3
.3
.8
1.1
1.1

129.4
113.9
130.6
141.6
142.5
115.4
112.6
99.0
115.2
120.9
113.8
145.5
125.6

Annual averages:
1921
1922
1923
1924
1925
1926
1927
1928
1929
Monthly averages:
1928—Dec
1929—Jan
Feb
Mar
Apr
May
June......
July
Aug
Sept
Oct
Nov
Dec

* Includes foreign loans on gold.

# Less than $100,000.

In the past year 594 member banks borrowed from this bank,
as compared with 562 in 1928. Trends of discounting are discussed on page 13.
Although the volume of bankers' acceptances outstanding in
the country was greater in 1929 than in any previous year, this
bank's holdings of purchased bills, and those of the system as well,
were the lowest in years. From 16 millions at the beginning of
the year there was an increase to 27 millions in the middle of
February, but an ensuing decline to little over 2 millions at the beginning of August. In the late summer and fall an increase is
usual, and in August, September, and October purchases raised
the bank's holdings to 18 millions. The buying rate of the bank
was out of line with open market rates in November and over part
of December, and maturing bills were not entirely replaced, so
that at the end of the year only 8 millions were on hand.
In the first ten months of 1929 holdings of United States securities changed comparatively little, although there was a slight decline. Late in October, and in the two months following, the federal
reserve system increased its purchases of United States securities.
Our participation in these purchases increased our holdings 25 millions in this period.



16

Fifteenth

Annual Report, Federal Reserve Bank of Philadelphia
Secured and unsecured borrowing

An interesting development during the past year has been
the trend toward "unsecured" borrowing (so-called) from the reserve bank, as distinguished from the use of bills secured by United
States securities. During 1928 "unsecured" borrowing only occasionally rose as high as 30 millions, but in the fall of 1929 a high
of 68 millions was reached. This tendency is illustrated in the
following figures, which compare the peaks of borrowing in 1928
and 1929:
High point
1928
Sept. 1
$87,700,000
30,800,000

Bills discounted:
Secured by U. S. securities
All other
Totals..

High point
1929
Nov. 9

$60,000,000 -$27,700,000
64,200,000 + 33,400,000

$118,500,000 $124,200,000

Changes

+$5,700,000

The actual holdings of United States securities by all member
banks in the Philadelphia district amounted to 217 millions on
October 4 (a portion of which was required to secure national
bank notes and some of which probably had been sold under repurchase agreements), as against 249 millions a year earlier, a
decrease of 32 millions. Most of this decrease was shown by the
Philadelphia member banks.
At the time of the October call, member banks in this district
reported 291 millions of paper eligible for rediscount at the Federal
Reserve Bank. In total this is more than ample to care for the
usual borrowing needs of the district, but this paper is not evenly
distributed among the banks in proportion to their total resources;
some banks have more than enough, and others appear to have very
little that can be rediscounted, a condition which they should make
every effort to correct and which in some cases has been done.
Borrowing by cities

Although, as in previous years, changes in borrowing by
Philadelphia banks have accounted for the principal fluctuations
in bills discounted, relatively large changes also have taken place
in the past two years in discounts for banks in other cities. End of
the year figures showing bills discounted for banks in various
cities follow:



17

Fifteenth Annual Report, Federal Reserve Bank of Philadelphia
December 31
1927
1928

1929
Allentown
Atlantic City
Bethlehem
Chester
Easton
Harrisburg
Hazleton
Johnstown
Lancaster
Lebanon
Norristown.
Philadelphia
Reading
Scranton
Trenton
Wilkes-Barre
Williamsport
Wilmington
York
Other communities

$

$

$

$

$65,777,000

$84,314,000

$67,371,000

$67,841,000

339,000
2,199,000
1,157,000
985,000
1,389,000
140,000
110,000
0
153,000
150,000
334,000
24,521,000
2,358,000
2,425,000
60,000
2,002,000
642,000
317,000
1,172,000
25,324,000

Totals. ..

768,000
2,014,000
149,000
1,800,000
474,000
0
873,000
0
0
115,000
600,000
43,066,000
2,026,000
6,195,000
2,187,000
790,000
521,000
920,000
839,000
20,977,000

77,000
1,943,000
585,000
1,583,000
945,000
0
534,000
60,000
0
150,000
150,000
43,893,000
240,000
1,318,000
1,193,000
250,000
395,000
85,000
160,000
13,810,000

1926
330,000
3,341,000
612,000
625,000
1,354,000
0
721,000
40,000
0
200,000
270,000
36,509,000
1,572,000
540,000
671,000
756,000
1,240,000
190,000
655,000
18,215,000

Industrial classification of rediscounts

This year, as in the two years preceding, the paper of manufacturers and dealers in textiles and textile materials, and in foods
and food products was of outstanding importance in the total rediscounted by this bank. Next in order came department stores,
metals and metal products, and building materials. These figures,
it should be borne in mind, in no way indicate the proportion of
these various classes of paper held by the member banks. Figures
for the past three years follow:
1929




18

0.9%
3.2 "
5.0 "
1.1 "
8.6 "
1.8 "
4.5 "
2.1 "
15.4 "
5.0"
6.4 "
1.8 "
2.7 "
23.1 "
18.4 "

1.7%
4.1 «
9.7 "
1.3 "
3.6 «
3.0 "
3.9 u
"
2.7
15.3 "
6.9 "
5.4 «
3.2 "
1.6 "
21.6 «
16.0"

100.0%

Total rediscounts.

1927

1.0%
2.8 "
5.7 "
0.5"
4.5 "
1.6 "
11.4" a
1.8
14.5 "
5.4 "
5.8"
2.1 "
2.7 "
21.8 «
18.4 "

Agriculture
Automobiles
Building materials
Chemicals and drugs
Cigars and tobacco
Contractors and builders....
Department stores
Furniture
Foods and food p r o d u c t s . . . .
Hides, leather and shoes
Metals and metal products. .
Paper and printing
Rubber
Textiles and textile materials.
Miscellaneous

1928

100.0%

100.0%

Fifteenth Annual Report, Federal Reserve Bank of Philadelphia
Reserve position
Fluctuations in the reserve ratio of this bank during 1929 were
more marked than in 1928. The daily average, however, was 67.6
per cent, as compared with 63.6 per cent in the earlier year.
Changes in the reserve ratio and in the factors from which it is
computed follow (all figures are daily averages):
(Dollar figures
in millions)

Total
deposits
1929
1928

Fed. res. note
circulation
1929 1928

Reserve
ratio
1929
1928

Cash
reserves
1929
1928

68.4%
63.2 "
60.1 "
59.9 "
70.1 "
71.3 "
76.6 "
71.8 "
69.5 "
70.6 "
59.6 "
69.1 «

Jan
Feb
Mar
Apr .
May
June
JAu l y . . .
Auer.
Sept
Oct
Nov.
Dec
J

Year....

64.3% $131.8 $127.2 $139.4 $143.8 $185.4 $174.3
64.4 " 140.1 125.0 135.4 140.4 174.2 170.8
68.1 " 142.8 127.5 134.9 140.7 166.8 182.7
68.6 " 143.1 128.6 135.9 142.3 167.1 185.8
65.4 " 144.2 129.2 136.7 140.8 196.8 176.7
61.7 " 146.6 130.4 136.9 137.8 202.0 165.5
60.0 " 153.7 130.8 137.4 137.2 223.1 160.8
60.3 " 156.4 131.7 136.2 134.4 210.2 160.5
58.3 " 152.3 133.3 136.9 137.9 201.1 158.2
61.5 " 140.6 130.4 137.0 137.0 196.1 164.5
66.0 " 143.5 135.8 136.2 136.4 166.9 179.5
167.8 153.2 135.2 136.8 209.4 188.4
65.0"

67.6%

63.6%

$147.0 $132.0 $136.5 $138.8 $191.8 $172.3

FACTORS AFFECTING THE RESERVE RATIO
Federal Reserve Bank of Philadelphia
MILLIONS

220

"A

Cash restsrves

200
180
160

/
\
/

" Tota, deposits

140

V

120
i r^ci

' °°

J
,^

Federal reserve
note circulation

1937




1928
19

1929

Fifteenth Annual Report, Federal Reserve Bank of Philadelphia
Changes in the currency demand at the Federal Reserve Bank
are shown in the accompanying chart, weekly changes being cumulated in order to show continuous lines. Fluctuations from late in
January to November were almost entirely within a range of 10
millions but clearly show the influence of various holidays. Daily
figures also would bring to light changes which are due to weekly
and semi-monthly payroll demands. Over much of the year currency demand ran slightly below the corresponding dates of 1928,
the principal exception being a short period following the issue of
new currency of the smaller size. The average volume of federal
reserve notes of this bank in circulation, however, showed a considerable increase over 1928; this may be ascribed in part to the
prompt placing of federal reserve notes, of the new series, into
circulation, and to the policy adopted later in the year of accumulating gold certificates as a means of strengthening the reserve
position of the bank.

CURRENCY DEMAND
Federal Reserve Bank of Philadelphia
MILLIONS

Weekly changes cumulated since April, 1927

+ 30

A

+ 20
1928 --•—
1929

—

+ I 0

0
•

- I O

VI

-20
-3O

k
/'

T
•

i

1

1

i

JAN FEB MAR APR MAY JUNE JULY AUG SEP OCT NOV DEC




20

Fifteenth Annual Report, Federal Reserve Bank of Philadelphia
Federal reserve note issues
The replacement of the old series, or large size paper money,
with smaller size money of the new series kept certain departments
of the bank busily engaged over a large part of 1929. Preparatory
to July 10, when the issue of the new currency began, sample sets
were sent out to banks with a request to submit their estimates of
the amount of new currency that would be needed on the issue date.
It was not possible to fill in total the original applications for the
new notes, and subsequently the new bills were issued only as
redemptions of the old were made. In judging of the fitness of the
used notes, however, less rigid standards were applied, and redemptions were much heavier than in the corresponding period
of 1928.
At the end of 1929 a considerable portion of the outstanding
federal reserve notes of this bank still was of the old series, as may
be noted below:
Large size or Small size or
new series
old series
Five dollar denomination
B
Ten dollar
Twenty dollar
Fifty dollar
"
One hundred dollar "

$15,091,015
16,889,290
28,834,400
18,702,800
7,103,800
1,063,000
3,522,000
$91,206,305

Five hundred dollar "
One thousand dollar "
Totals

$ 21,629,500
38,826,600
27,125,500
5,799,000
6,798,000
400,000
800,000
$101,378,600

The amount of new federal reserve notes issued to the bank
increased from $149,800,000 in 1928 to $190,920,000 in 1929; of the
latter total, $88,960,000 was in notes of the old series, and $101,960,000 new series.
A statement of the federal reserve agent's accounts follows
as of the close of each of the past three years:




21

Fifteenth Annual Report, Federal Reserve Bank of Philadelphia
December 31
1929

1928

1927

$236,885,000
44,300,000

$221,234,000
30,300,000

$211,867,000
33,100,000

$192,585,000

$190,934,000

$178,767,000

Collateral held:
Gold and gold certificates on h a n d . . . $ 40,200,000
0
Gold redemption fund
96,400,000
Gold fund—Federal Reserve Board. .
56,415,000
Discounted and purchased bills

0
13,357,000
101,777,000
76,072,000

0
8,990,000
65,777,000
106,059,000

$191,206,000

$180,826,000

Notes received from comptroller
Notes on hand

Notes outstanding

Total collateral

$193,015,000

To simplify accounting practice, the agent's redemption fund,
formerly maintained at Washington, was eliminated, and redemptions of notes forwarded to Washington by reserve banks now are
made simply by reducing the liability on outstanding federal reserve notes. In the case of the comparatively small amounts forwarded or presented at the Treasury department by others than
reserve banks, outstanding federal reserve notes also are reduced,
and the comptroller is reimbursed from the bank's gold redemption
fund.
Fiscal agency activities
Measuring the volume of work by the number of pieces
handled, fiscal agency activities for the government in connection
with security issues and coupons were smaller than in 1928. None
of the Liberty Loan issues matured, the maturities being confined
to seven issues of certificates of indebtedness. Total redemptions of
these maturing series amounted to $101,044,400, as against original
allotments to the district of $163,151,700. The proportion of
redemptions to allotments works out at 62 per cent during 1929,
as compared with 24 per cent for similar issues in 1928, and 35
per cent in 1927, indicating that a much larger proportion of
the maturing series had been retained in the district than in
earlier years.
Four new issues of certificates of indebtedness were offered on
the income tax dates, the first bearing 4% per cent interest, the
second 5V6 per cent, the third 4% per cent, and the last SYs
per cent. Subscriptions totaled $328,157,500, and allotments to
the district were $133,561,000. An offering of Treasury bills on a
discount basis in December elicited only $205,000 of subscriptions
in this district and none were allotted here.



22

Fifteenth Annual Report, Federal Reserve Bank of Philadelphia
Departmental
operations
All of the principal departments of the bank which are directly
concerned with the extension of services to member banks were
more active in 1929 than in 1928. The departments which handle
fiscal agency activities for the United States government, however, reported a smaller volume of business in 1929.
The physical volume of operations of various departments is
shown below:
1929

1928

Number of pieces or transactions handled:
59,776
Notes and bills discounted
Notes (currency) counted
215,029,000
Coins counted
331,780,000
Ordinary checks handled (including return items)
70,234,000
U. S. government checks handled
1,952,000
Items payable at a future date (collection items):
United States coupons paid
1,680,000
All other items
607,000
122,529
Transfers of funds..
111,814
U. S. securities issued, redeemed, canceled or exchanged

41,284
214,881,000
328,886,000
67,522,000
1,963,000
2,545,000
552,000
116,576
554,785

Checks handled in the transit department averaged 233,000 in
number for every working day of 1929, and on one day, just
before a holiday, amounted to as many as 355,000 checks. The
total sum in dollars represented by these checks in 1929 was
$39,123,000,000, an increase of 38 per cent over 1928.
Of the 122,529 transfers made during the year, 23,861 for a
total amount of $50,000,000 were payments to the 5 per cent
redemption fund of national banks. Other mail and telegraphic
transfers of funds, 98,668 in number, involved the shifting of
$8,304,000,000.
The average daily amount of securities held in custody here
for member banks was $221,864,000 in 1929.




23

Fifteenth Annual Report, Federal Reserve Bank of Philadelphia
Personnel
Board of Directors
Term expires
Name
Residence
Group 1 Joseph Wayne, Jr., president,
Philadelphia National Bank, Philadelphia, Pa. December 31,1929
Philadelphia, Pa.
Group 2 George W. Reily, president,
A.
Harrisburg National Bank, Harrisburg, Pa. December 31,1930
Harrisburg, Pa.
Group 3 John C. Cosgrove, vice pres.,
First National Bank,
Johnstown, Pa. December 31,1931
Hastings, Pa.
Class

Group 1 C. Frederick C. Stout, member,
December 31,1931
John R. Evans and Co.,
Ardmore, Pa.
Philadelphia, Pa.
Group 2 Arthur W. Sewall, president,
Philadelphia, Pa. December 31, 1929
General Asphalt Co.,
Philadelphia, Pa.
Group 3 Arthur C. Dorrance, general
manager, Campbell Soup Co., Riverton, N. J. December 31, 1930
Camden, N. J.
C

Richard L. Austin, chairman of Philadelphia, Pa. December 31, 1929
the board
December 31, 1930
Alba B. Johnson, deputy chair- Rosemont, Pa.
man of the board
Bridgeville, Del. December 31, 1931
Harry L. Cannon

With the close of 1929, the terms of Joseph Wayne, Jr., Arthur
W. Sewall, and Richard L. Austin as directors of the bank terminated. The annual election resulted in the unanimous re-election
of Mr. Wayne as a class A director by the banks in group 1, and of
Mr. Sewall as a class B director by the banks in group 2. Mr.
Austin was reappointed by the Federal Reserve Board as a class C
director for a term of three years.
Appointments by the Federal Reserve Board for 1929 included
that of Richard L. Austin as chairman of the board and federal
reserve agent, Alba B. Johnson as deputy chairman of the board,
and Arthur E. Post and Ernest C. Hill as assistant federal reserve
agents.
Levi L. Rue, chairman of the board of directors of the Philadelphia National Bank, was appointed to represent this district
upon the Federal Advisory Council during 1929. During the year
Mr. Rue could not attend two meetings of the council, and Howard
A. Loeb, chairman of the Tradesmens National Bank and Trust
Company, Philadelphia, represented the district as his alternate.
At a meeting of the board held January 2, George W. Norris



24

Fifteenth Annual Report, Federal Reserve Bank of Philadelphia
was appointed governor of the bank; William H. Hutt, deputy
governor; C. A. Mcllhenny, cashier and secretary; W. J. Davis,
J. M. Toy, R. M. Miller, Jr., F. W. LaBold, S. R. Earl, assistant
cashiers; and William G. McCreedy, comptroller.
The number of officers was unchanged at 12 during 1929, but
the number of employees increased from 700 to 702.

Banks of the district
Membership

Banking changes in this district were numerous during 1929,
and the number of active member banks declined from 778 to 764.
Five new national banks started operation, one branch of a state
bank was nationalized, and three other state banks entered the
system under their old charters. Losses, other than those arising
from consolidation, included the withdrawal of two state bank
members and the insolvency of one national bank.
Consolidations again were a feature of the banking year.
There were ten cases of consolidation between member banks, and
ten instances in which member banks consolidated with nonmembers, losing their membership.
Changes in the number of member banks are given below:
National
banks

Active membership, December 31,1929

91

778

5

0

5

1
0

0
3

1
3

3

9

0
2
0
3
3

1
2
4
6
10

15

Losses—
Suspension
Withdrawal of state member bank
Consolidation of national banks
Consolidation with member bank
Consolidation with nonmember

687

1
0
4
3
7

Gains—
New national banks
Conversion of state bank branch into national bank
New state bank members

Totals

6

Active membership, December 31, 1928
Changes during 1929:

State
member
banks

8

23

678

86

764

The table given above does not call attention to a number of
instances in which member banks have taken over nonmember



25

Fifteenth Annual Report, Federal Reserve Bank of Philadelphia

ALL MEMBER BANKS
Philadelphia Federal Reserve District
MILLIONS
OF
DOLLARS

Total loans and
investments

1922




1923

1924 1925

1926

1927

1928 1929

Fifteenth Annual Report, Federal Reserve Bank of Philadelphia
banks. Apart from other factors that may have affected banking
during the year, the net result of additions and withdrawals has
been to increase appreciably the banking power of the system in
this district. The member banks in this district have been conspicuous for the strength of their capital structure: on October 4
the capital, surplus, and undivided profits of member banks in this
district were equal to 26.4 per cent of their total deposits. The
closest approach to this by any other federal reserve district was
20.4 per cent in New York, and the system as a whole shows a
ratio of 17.8 per cent.
Changes in the condition of member banks follow:
October
4, 1929

(000's omitted)

Loans:
Acceptances payable in U. S
Bills, acceptances, etc. payable in foreign countries
Commercial paper bought in open market
LoanS to banks
Loans on securities (exclusive of loans to banks)
Real estate loans
All other loans (including overdrafts)

$

2,307
3,772
16,139
51,159
724,842
221,681
869,751

October
3, 1928

Data
not
available

Total loans
U. S. government securities
Other securities

$1,889,651
217,173
648,103

$1,729,944
249,598
713,919

Total loans and investments
Capital, surplus, undivided profits, and reserves for divi
dends, contingencies, etc
Net demand deposits
Time deposits
Government deposits
Bills payable and rediscounts

$2,754,927

$2,693,461

651,832
1,171,097
1,084,492
29,694
101,593

582,059
1,177,686
1,106,901
8,499
113,808

Fiduciary powers

During 1929, seventeen national banks in this district were
granted the right to exercise fiduciary powers, and one bank which
had partial powers was given additional powers. Of the number
of original grants of these privileges, four were the result of consolidations in which five banks figured which previously were in
the possession of these powers. Deductions from the list of the
banks having fiduciary powers also included the liquidation of five
additional national banks and the insolvency of another.
At the end of the year 292, or 43 per cent of the 678 active
national banks in the district were privileged to exercise all or a
part of the fiduciary powers which may be granted under the
Federal Reserve Act. Annual changes in the figures follow:



27

Fifteenth Annual Report, Federal Reserve Bank of Philadelphia
Number of banks granted
Full
powers
150
169
195
224
254
262

December 31, 1924.
u
" 1925..
a
" 1926..
u
«
1927
u
u
1928
«
" 1929. .

Partial
powers
46
45
43
36
32
30

Totals
196
214
238
260
286
292

Acceptance powers

Five banks, located in Philadelphia, have the right to accept
bills up to 100 per cent of capital and surplus. These banks are
the Corn Exchange National Bank and Trust Company, the First
National Bank, the Market Street National Bank, the Philadelphia
National Bank, and the Tradesmens National Bank and Trust
Company. No changes were made in this list during 1929.
The volume of outstanding acceptances executed by banks in
this district on December 31 was $25,652,000, an increase of 47
per cent over a year earlier. Of the bills outstanding at the end
of December, 68 per cent were issued in connection with import
transactions, 15 per cent constituted warehouse credits, 7 per cent
were export bills, and 5 per cent were based on goods stored in or
shipped between foreign countries.
Bank relations activities

The members of the bank relations department, who are traveling throughout the district calling on banks, etc., made approximately 1,350 visits to banks in this district during 1929. Periodic
visits to member banks are made with the purpose of giving
information regarding the services offered by the Federal Reserve
Bank and the means by which they most satisfactorily may be
utilized; visits also are made to nonmember banks to maintain
friendly relations, the effort being made to call upon every bank
in the district at least once a year. Special visits to the number
of 150 were made: collection facilities were installed in 27 banks,
and block systems of settlements in two others; in one county a
county clearings plan of settlement of checks was installed, and
the preliminary work for such a system was done in another county.
The Committee on Federal Reserve Relations held its annual
meeting in this bank on December 16. This committee is composed of representatives of the bankers' associations in this district.
The minutes of the meeting follow:



28

Fifteenth Annual Report, Federal Reserve Bank of Philadelphia
After a greeting from Mr. Austin, Mr. Norris reviewed federal reserve policy during the past year, pointing out that both
the Federal Reserve Board and the Federal Reserve Bank of this
district had given warning last spring of the dangerous volume
of speculative security loans, which culminated in the collapse
of security values in October and November, and noting further
the fact that this collapse would have been much more disastrous
if the large city banks, especially in New York, had not been able
to avail themselves of the assistance of the federal reserve system.
Referring to the belief expressed at the last meeting of this
committee that it would be very helpful if the eligibility requirements of paper were more clearly and generally understood, it
was stated that the Federal Reserve Board was preparing an
article fully explaining this matter, to be published in pamphlet
form and distributed to the member banks. Attention was also
drawn to an illustrated placard, distinguishing various types of
paper that were eligible from others that were not, which had
been prepared by the Federal Reserve Bank of Philadelphia and
sent to the member banks some months ago.
It was stated that in the recent crisis many country member
banks in this district had found themselves short of paper eligible
for rediscount, owing to their practice of taking non-negotiable
judgment notes, and it was suggested that they should have at
least a portion of their notes in eligible form.
After discussion, it was agreed that the practice followed in
this district of having a committee composed of representatives
selected by each group, was a better means of maintaining contact between the Federal Reserve Bank and the other banks of
the district, than the method followed in some other districts of
having an annual meeting of stockholders.
There was extended discussion of the subject of giving member banks a larger share of the earnings of reserve banks, and
the following resolution was adopted:
Resolved, that this committee feels strongly that the
member banks, which furnish all the capital and the greater
part of the earnings of the reserve banks, are entitled to a
larger share of the earnings of those banks;
Resolved further, that while flexibility in the proportion of the earnings of the reserve banks to be distributed
among the member banks is desirable, in view of the practical difficulties in the way of a flexible distribution, a flat
increase to not less than an 8% cumulative dividend rate
would be a satisfactory solution.
In view of the fact that at the meetings of the various
bankers' association groups it often happened that the appointment of members to this committee was overlooked, a resolution
was unanimously adopted as follows:
Resolved, that the officers of the reserve bank be requested to furnish to the representatives of each of the
groups in this committee an abstract of the proceedings at
29



Fifteenth Annual Report, Federal Reserve Bank of Philadelphia
this meeting, and that a report of the same be made by
them at the next succeeding group-meeting, and
Further Resolved, that the receipt of this report, and
the appointment of the group representatives on this committee for the following year be made, if possible, a part of
the regular order of business for each group meeting.
Bank examination activities

The department of bank examination co-operated with the
state banking departments in the examination of 84 state member
institutions. In addition two complete examinations were made
of state banking institutions in connection with contemplated applications for membership, and one independent credit investigation
of a national bank. Representatives of the department also participated by special request in two other examinations or audits.
Investigations were conducted in connection with nine applications
for the organization of new national banks and one application
for conversion of a state bank into a national bank; 18 applications
by national banks for permission to exercise fiduciary powers were
received and acted upon, and 27 applications under the Clayton
Act for interlocking directorates were examined and recommendations made in connection therewith.
In addition, the department rendered general service in the
installation of improved trust department and banking department forms of accounting, in conferences with supervisory authorities and with officers and directors regarding the condition of
certain institutions and in connection with matters of criticism and
constructive suggestions contained in the reports of examinations
and credit investigations, in the provision of information on the
various statutes and regulations under which the member banks
operate, increases in capital stock, consolidations, conversions, etc.

Collection and analysis of financial and business information
Shortly after the organization of the federal reserve system,
it was recognized that dependable economic measurements of financial and business conditions were indispensable to the Federal
Reserve Board and to the officers and directors of the federal
reserve banks. To render the most effective service to banking
and business, it was of paramount importance that the reserve
system should at all times be informed thoroughly of the situation
throughout the country. A department of statistics and research



30

Fifteenth Annual Report, Federal Reserve Bank of Philadelphia
was established in every reserve bank for the purpose of collecting
and interpreting such regional and national data as were not
obtained by other agencies and for the assembling, in usable form,
of other available information.
Banks and business men have generously co-operated with the
department of statistics and research of this bank by voluntarily
sending us reports containing all sorts of figures reflecting financial
and business operations. These reports are held in strict confidence. They do this in the realization that these figures will be
compiled and used by the reserve bank in the interests of sound
banking and business conditions. These figures are supplemented
by special questionnaires and personal interviews, so that it may
be possible to supply the latest and most accurate data on current
conditions. As a result, the department has been able to publish
monthly surveys of business and financial conditions for the benefit
of member banks, reporting firms, and the general public.
As a foundation for the studies and deductions which are
constantly being made, a large amount of statistics and other
information has been accumulated. Statistical series extending
back over several years have been assembled on employment, wage
payments, and many other items which measure productive
activity; data also have been assembled pertaining to building and
real estate, wholesale and retail trade, sales of automobiles, life
insurance sales, consumption and output of food products, freight
car loadings, check payments, the condition of member banks,
money rates, commercial paper sales, and other series indicating
business and banking activity. These figures are available to the
banking and business community, to economists, and others.
In a territory with such a variety of industries as is found
in the Philadelphia Federal Reserve District, much original study
and research must be done in order to get a comprehensive knowledge of the actual state of business. New series of figures showing
business operations must be continually added to those already
at hand, in order that our information may keep pace with the
movement of business. This work of course is more or less
inchoate, and the department is constantly striving toward improvements in its scope and methods, so as to enhance the value of
its services to member banks and business.
Though small in area, the district is very important industrially, as the following table shows:



31

Fifteenth Annual Report, Federal Reserve Bank of Philadelphia

Manufacturing

In the
Philadelphia
District*

In the
United
States*

Number of wage earners (average)
8,502,000
826,000
Wages
$1,029,418,000 $10,858,000,000
Cost of materials
2,877,993,000 35,183,300,000
Value of products
5,290,099,000 61,896,700,000
Value added by process of manufacture 2,412,106.000 26,713,400,000
• Averages of three census years.

Per cent of
Philadelphia
district to
United
States
9.7
9.5
8.2
8.5
9.0

To supplement the fact-finding and interpretative work of the
department of statistics and research, and also to be of service to
other departments of the bank, a reference library is maintained.
This library has gathered together thousands of carefully selected
books, pamphlets, and periodicals treating of banking, business,
and economics. It has been of material assistance to the officers
of this bank and to others who are interested in banking problems,
offering as it does not only the opportunity of studying current
conditions, but also of researching in banking developments during
the earlier years of our country. All member banks may borrow
books and periodicals, and call upon the library for other services
which may come within its province.




32

Federal Reserve Bank of Philadelphia
Directors and Officers Appointed and Elected for the Year 1930
DIRECTORS
Class A
John C. Cosgrove, Johnstown, Pa.
George W. Reily, Harrisburg, Pa.
Joseph Wayne, Jr., Philadelphia, Pa.

Class B
Arthur C. Dorrance, Riverton, N. J.
Arthur W. Sewall, Philadelphia, Pa.
C. Frederick C. Stout, Ardmore, Pa.

Class C
Richard L. Austin, Philadelphia, Pa.
Harry L. Cannon, Bridgeville, Del.
Alba B. Johnson, Rosemont, Pa.

Member of Federal Advisory Council
Levi L. Rue, Philadelphia, Pa.
Alternate
Howard A. Loeb, Philadelphia, Pa.

OFFICERS
Richard L. Austin,
Chairman and Federal Reserve Agent
Alba B. Johnson,
Deputy Chairman
Arthur E. Post, Assistant Federal
Reserve Agent
Ernest C. Hill, Assistant Federal
Reserve Agent

George W. Norris,
Governor
William H. Hutt,
Deputy Governor
C. A. Mcllhenny,
Cashier and Secretary

W. J. Davis, Assistant Cashier
J. M. Toy, Assistant Cashier
R. M. Miller, Jr., Assistant Cashier
F. W. LaBold, Assistant Cashier
S. R. Earl, Assistant Cashier

William G. McCreedy, Comptroller





Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102