View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

TENTH ANNUAL REPORT
OP THE

FEDERAL RESERVE
BOARD




COVERING OPERATIONS

FOR THE YEAR 1923

WASHINGTON
GOVERNMENT PRINTING OFFICE
1924

TABLE OF CONTENTS
Page.

PART I. Report of the Federal Reserve Board, with exhibits
1-319
PART II. Statistical tables, arranged by Federal reserve districts
321-455
PART III. Recommendations of the Federal Advisory Council to the
Federal Reserve Board for year 1923
457-467
Description of Federal reserve districts
468-473
PART I.
T E X T OF REPORT:

Banking and business in 1923
Federal reserve discount policy
Open-market policy and operations
Gold and credit
Currency and credit
,
Guides to credit policy
,
Operations of the Federal reserve system—
Condition of Federal reserve banks
Earnings, expenses, and volume of operations of Federal reserve
banks
Building operations of Federal reserve banks
,
Branches and agencies of Federal reserve banks and their
operations
Changes in membership of Federal reserve system
Branch banking
Check clearing and collection
Rediscounts for nonmember banks
Administration of Clayton Act
Trust powers of national banks
Amendments to Federal reserve act
Amendments to regulations of the Federal Reserve Board
Meetings of Federal Advisory Council
Conferences held by the Federal Reserve Board
Board's organization, staff, and expenditures

1
3
11
16
23
29
39
40
44
44
47
48
48
50
51
54
56
59
61
62
62

DISCOUNT AND OPEN-MARKET RATES:

No. 1. Changes during 1922 and 1923 in Federal reserve bank discount rates
64
No. 2. Average rates charged by Federal reserve banks on bills discounted
65
No. 3. Annual rates of earnings on discounted bills held by the
Federal reserve banks
66
No. 4. Changes during 1923 in minimum authorized rates of Federal reserve banks on bankers' and trade acceptances
bought in open market
67, 68
No. 5. Average rates charged by Federal reserve banks on bankers'
and trade acceptances bought in open market
69
No. 6. Annual rates of earnings on bankers' and trade acceptances
bought in open market and from other Federal reserve
banks
70
in




IV

TABLE OF CONTENTS.

DISCOUNT AND OPEN-MARKET RATES—Continued.

No. 7. Annual rates of earnings on bills discounted and on bills purchased by each Federal reserve bank, 1916-1923
No. 8. Annual rates of earnings on United States securities held by
the Federal reserve banks
No. 9. Annual rates of earnings on total earning assets and on municipal warrants held by the Federal reserve banks

Page.

71
72
73

CONDITION OF FEDERAL RESERVE BANKS:

No. 10. Earning assets of all Federal reserve banks combined, 19141923
74-78
No. 11. Reserves, deposits, and note circulation of all Federal reserve
banks combined, 1914-1923
79-83
No. 12. Resources and liabilities of all Federal reserve banks combined on the last business day of each month, December,
1922-December, 1923
84
No. 13. Resources and liabilities of all Federal reserve banks combined, by weeks, during 1923
86-89
No. 14. Deposits, Federal reserve note circulation, required reserves,
excess reserves, and reserve percentages of all Federal reserve banks combined, by weeks, during 1923
92
No. 15. Daily average figures for all Federal reserve banks combined
of cash reserves, total earning assets, deposits, and Federal
reserve note circulation, also daily average reserve percentages, by months, during 1920-1923
94
No. 16. Average daily holdings of all classes of earning assets of each
Federal reserve bank, by months
95
Holdings of bills discounted—
No. 17. Average daily holdings of each Federal reserve bank, by
months
96
No. 18. Classification of paper held by each Federal reserve bank
on December 31, 1923
97
No. 19. Classification of paper held by all Federal reserve banks
combined at the end of each month
98
No. 20. Maturity distribution of paper held by each Federal reserve bank on December 26, 1923
99
No. 21. Maturity distribution of paper held by all Federal reserve
banks combined on the last report date of each month.
100
No. 22. Classification of bills'secured by United States Government obligations held by each Federal reserve bank on
December 26, 1923, and December 27, 1922
101
No. 23. Classification of bills secured by United States Government obligations held by all Federal reserve banks
combined on the last report date of each month
102
Bills bought in open market (bankers' and trade acceptances)—
No. 24. Average daily holdings of each Federal reserve bank, by
mon ths
103
No. 25. Held by each Federal reserve bank on December 31, 1923,
by classes of accepting institutions
104
No. 26. Held by all Federal reserve banks combined at the end of
each month during 1923, by classes of accepting institutions
105
No. 27. Held by each Federal reserve bank on December 31,1923,
by classes
106



TABLE OF CONTENTS.

V

CONDITION OF FEDERAL RESERVE BANKS—Continued.

Bills bought in open market—Continued.
No. 28. Held by all Federal reserve banks combined at the end of
each month during 1923, by classes
No. 29. Maturity distribution of bills held by each Federal reserve bank on December 26, 1923
No. 30. Maturity distribution of bills held by all Federal reserve
banks combined at the end of each month
Municipal warrants—
No. 31. Average daily holdings of each Federal reserve bank, by
months
United States securities—
No. 32. Average daily holdings of each Federal reserve bank, by
months
No. 33. Par value of each class of United States securities held
by each Federal reserve bank on December 31, 1923 _

Y&ge.
107
108
109

110

111
112

FEDERAL RESERVE NOTES:

No. 34. Accounts of each Federal reserve agent on December 31, 1923,
and December 30, 1922
No. 35. Outstanding, held by each bank, and in actual circulation;
also gold and eligible paper pledged as collateral for outstanding notes—Monthly figures for each Federal reserve
bank
No. 36. Collateral (gold and eligible paper) pledged with Federal
reserve agents as security against notes outstanding—
Weekly figures for all Federal reserve banks combined
No. 37. Issued and retired by each Federal reserve agent, by months,
No. 38. Outstanding, held by Federal reserve agent, and on hand in
Washington on December 31, 1923—By banks and denominations
,_^
No. 39. Received from Comptroller of the Currency, returned to
comptroller for destruction; issued to Federal reserve
banks, and returned by Federal reserve banks during
1923—By banks and denominations
No. 40. Issued and retired by all Federal reserve agents combined
and amounts outstanding, 1914-1923, by denominations-_
No. 41. Interdistrict movement during 1923

113

115

118
121

123

125
128
129

FEDERAL RESERVE BANK NOTES:

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

131

DISCOUNT AND OPEN-MARKET OPERATIONS:

Total volume—All classes—
No. 43. For each Federal reserve bank during 1923, distributed
by classes
No. 44. For all Federal reserve banks combined, by months during 1923, with totals for 1914-1922, distributed by
classes
No. 45. For each Federal reserve bank, by months during 1923,
with totals for 1914-1922
Bills discounted—
No. 46. Discounted by each Federal reserve bank, by months
during 1923, with totals for 1914-1922
No. 47. Number of banks in each district accommodated through
discount operations, by months during 1923, with
totals for 1914-1922____



133

134
135

136

137

VI

TABLE OF CONTENTS.

DISCOUNT AND OPEN-MARKET OPERATIONS—Continued.

Bills discounted—Continued.
p age .
No. 48. Volume, by States, also number of member banks in each
State and number accommodated through discount
operations during 1923, 1922, 1921, and 1920
138
No. 49. Discounted by each Federal reserve bank for national
banks and for State bank and trust company members
during 1923, 1922, 1921, and 1920
140
No. 50. Discounted by each Federal reserve bank during 1923, by
maturities and rates of discount charged
141
No. 51. Discounted by all Federal reserve banks combined during
1923, by months and by maturities and rates of discount charged
142
No. 52. Average maturity (in days) of bills discounted by each
Federal reserve bank, by months during 1923, with
average maturities for each bank and for each month
of 1922 and 1921
143
No. 53. Bills secured by United States Government obligations,
discounted by each Federal reserve bank, by months
during 1923, with totals for 1917-1922
144
No. 54. Trade acceptances discounted by each Federal reserve
bank, by months during 1923, with totals for 19141922 ..."
,._
145
No. 55. Bankers' acceptances discounted by each Federal reserve
bank, by months during 1923, with totals for 19191922____
146
Bills bought in open market—Bankers' and trade acceptances—
No. 56. Purchased by each Federal reserve bank, by months
during 1923, with totals for 1914-1922. _____"
147
No. 57. Purchased in open market by each Federal reserve bank
during 1923, distributed by classes
148
No. 58. Purchased in open market by all Federal reserve banks
combined, by months during 1923, distributed by
classes
149
No. 59. Purchased by each Federal reserve bank during 1923, by
rates of discount charged
150
No. 60. Purchased by all Federal reserve banks combined, by
months during 1923, by rates of discount charged
151
No. 61. Average maturity (in days) of bills purchased by each
Federal reserve bank, by months during 1923, with
average maturities for each bank and for each month
during 1922 and 1921
152
No. 62. Purchased by each Federal reserve bank during 1923, by
maturities, also average maturity for each bank
153
No. 63. Purchased by all Federal reserve banks combined, by
months during 1922, by maturities, also average maturity for each month, and totals for 1914-1923
154
United States securities—
No. 64. United States bonds and Victory notes purchased by
each Federal reserve bank, by months during^ 1923,
with totals for 1914-1922
155
No. 65. United States Treasury notes purchased by each Federal
reserve bank, by months during 1923, with totals for
1916-1922
_
*
156
No. 66. United States certificates of indebtedness purchased by
each Federal reserve bank, by months during 1923,
with totals for 1918-1922
157



TABLE OF CONTENTS.
COLD SETTLEMENT FUND:

No. 67. Summary of transactions of each Federal reserve bank during
1923
No. 68. Clearings and transfers for all Federal reserve banks combined, by weeks, during 1923

VII
Page.

158
159

FEDERAL RESERVE AGENTS' GOLD FUND:

No. 69. Summary of transactions of each Federal reserve agent during
1923_
'_"'._•

160

CLEARING OPERATIONS:

No. 70. Operations of each Federal reserve bank in the Federal reserve
clearing system during 1922, with totals for 1919-1922
No. 71. Number of member banks and of nonmember banks on par
list in each Federal reserve district at the end of each
month during 1923

161
163

OPERATIONS OF BRANCHES:

No. 72. Operations of each Federal reserve branch bank during 1923 _ _

165

EARNINGS AND EXPENSES:

No. 73. Earnings and expenses of each Federal reserve bank during
1923
No. 74. Profit and loss account of each Federal reserve bank during
1923
1
No. 75. Reimbursable expenditures of fiscal agency department of
each Federal reserve bank during 1923
No. 76. Gross and net earnings of Federal reserve banks, also disposition made of net earnings, 1914-1923

167
169
170
171

RECEIPTS AND DISBURSEMENTS OF FEDERAL RESERVE BOARD:

No. 77. Receipts and disbursements of the Federal reserve board for
1923

177

ALLOTMENTS OF UNITED STATES SECURITIES:

No. 78. Allotments of each series of United States notes and certificates of indebtedness issued during 1923, by Federal reserve
districts

181

ASSETS AND LIABILITIES OF MEMBER AND NONMEMBER BANKS:

No. 79. Abstract of condition reports of all member banks combined- _
No. 80. Abstract of condition reports of all State bank and trust
company members combined
^
No. 81. Abstract of condition reports of all member banks in New
York City
No. 82. Abstract of condition reports of all member banks in the city
of Chicago
.
No. 83. Abstract of condition reports of all member banks in reserve
cities
No. 84. Abstract of condition reports of all member banks outside of
central reserve and reserve cities (so-called country banks) _
No, 85. Loans, investments, deposits, and borrowings of national
banks on call dates, 1914-1923
No. 86. Loans, investments, capital, surplus, deposits, and borrowings of all member banks on call dates, 1914-1923
No. 87. Principal resources and liabilities of about 764 reporting
member banks in leading cities, by weeks, during 1923
No. 88. Assets and liabilities of all banks in the United States and
island possessions




182
183
184
185
186
187
188
190
192
194

VIII

TABLE OF CONTENTS.

DEBITS TO INDIVIDUAL ACCOUNTS:

Page..

No. 89. Debits to individual accounts as reported by banks in 141
principal cities—Summary by months and districts, 19211923

195

GOLD IMPORTS AND EXPORTS:

No. 90. Gold movement into and out of the United States, June 1,
1919-December 31, 1923, by principal countries
No. 91. Total imports of gold into and exports of gold out of the
United States, by countries, 1922 and 1923
COST OF BANK

19T
197

PREMISES:

No. 92-93. Cost of bank premises of Federal reserve banks and
branches
198, 199
State banks and trust companies admitted to membership
200
Fiduciary powers granted to national banks
226
Banks granted authority to accept drafts and bills of exchange up to 100
per cent of capital and surplus
243.
Personnel and salaries:
Salaries of officers and employees of Federal Reserve Board
246
Salaries of officers and employees of Federal reserve banks
249
Salaries of national-bank examiners
253
Directory :
Federal Reserve Board
255
Federal Advisory Council
255
Officers and directors of Federal reserve banks and branches.
256
Amendments to Federal reserve act
263
Regulations of Federal Reserve Board
265
Resolution of the Federal Reserve Board on establishment of Cuban
agencies
295
Court opinions in par clearance cases:
Atlanta case
---296
North Carolina case
298
Court opinions on exercise of fiduciary powers:
Supreme Court of Pennsylvania
304
Supreme Court of Missouri
307
Supreme Court of the United States
314
Federal Reserve Board indexes:
Production, employment, and trade, 1919-1923
318
Wholesale prices and foreign exchange, 1919-1923
319>
CHARTS.

Movement of earning assets of Federal reserve banks, by classes, 1922
and 1923
i
14
Gold movements into and out of the United States and growth of reserves
of Federal reserve banks, 1919-1923
17
Movement of Federal reserve notes and earning assets of Federal reserve
banks, 1917-192324
Movement of loans and of demand deposits of member banks in leading
cities, 1922 and 1923
26Movement of Federal reserve notes and of deposits of Federal reserve
banks, 1917-1923
28
United States securities, purchased bills, discounted bills, and total earning assets for all Federal reserve banks
90
Reserve ratio, deposits, Federal reserve note circulation, and total reserves
for all Federal reserve banks
91
Federal reserve note circulation and holdings of bills discounted, bills purchased, and United States securities
324, 335,
346, 357, 368, 379, 391, 404, 414, 424, 436,



TABLE OF CONTENTS.

IX

PART II.
Statistical tables, arranged by Federal reserve districts:
District No. 1—Boston
District No. 2—New York
District No. 3—Philadelphia
District No. 4—Cleveland
District No. 5—Richmond
District No. 6—Atlanta
District No. 7—Chicago
District No. 8—St. Louis
District No. 9—Minneapolis
District No. 10—Kansas City
District No. 11—Dallas
District No. 12—San Francisco
.

Page.
322
333
J 344
355
366
377
389
402
412
422
434
444

PART III.
Recommendations of the Federal Advisory Council, 1923
Description of Federal reserve districts
.
Map of Federal reserve districts
._




459
468
474

PART I.
REPORT OF THE FEDERAL RESERVE BOARD,
WITH EXHIBITS.




XI

THE FEDERAL RESERVE BOARD.
DECEMBER 31, 1923.

A. W. MELLON, ex officio,

D. R. CRISSINGER, Governor.

Secretary of the Treasury, Chairman. EDMUND PLATT, Vice Governor.
HENRY M. DAWES, ex officio,

Comptroller of the Currency.
XII




ADOLPH C.
CHARLES S.
GEORGE R.
EDWARD H.

MILLER.
HAMLIN.
JAMES.
CUNNINGHAM.

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
WASHINGTON, February 15, 1924.
SIR: The year covered in this, the tenth annual report of the
Federal Reserve Board is of more than ordinary interest, since it
has afforded an opportunity for the Federal reserve system to function
under circumstances less influenced by conditions arising out of the
war than any previous year. In the absence of those major disturbances which so profoundly affected business and credit conditions
during the war and early post-war readjustment, Federal reserve
credit policies, in response to prevailing economic conditions and
on the basis of earlier experience, have undergone a fuller development. The volume, character, and occasion of rediscount operations
and open-market transactions of the Federal reserve banks, the extent
and influence of gold movements upon the credit and currency situation, rate policy, and the basic factors underlying general credit
policy—these and other related matters that will be of continuing
importance in the future have held an important place in the year
1923 in the functioning of the Federal reserve banks and in the
deliberations and decisions of its governing authorities.
The text of the report as herewith presented is devoted to a discussion of some of the broader aspects of the workings of the Federal
reserve system and the fundamentals of its operation and administration as they may be viewed in the perspective of almost a decade
of experience. These are believed to be matters of such widespread
public interest as to make a fuller discussion of them than has been
attempted in any previous report of the Board a useful undertaking
at this time. In consequence many administrative matters which
have had the attention of the Board during the year 1923 are given
a subordinate place in the present report.
BANKING AND BUSINESS IN 1923.

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




l

2

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

there has been rapid progress in the direction of a more stable equilibrium and of a better alignment of prices between different commodity groups. In agriculture there has been a general improvement,
though in the wheat-growing and livestock industries the recovery
has been slow and incomplete. The year 1923 was characterized by
a large industrial output, practically full employment, a sustained
consumers' demand for goods, and a level of prices more stable than
in any year since 1915.
In the banking history of the year the outstanding events are the
large increase in the volume of credit and currency provided to meet
the demands of the country's business, the considerable inflow of
gold, and the continued use of a volume of reserve bank credit of
over a billion dollars that changed little between the opening and the
close of the year. In the support of the increased volume of production and trade the member banks of the Federal reserve system between the spring of 1922, when the recovery of industry made itself
felt in a larger demand for credit, and the end of 1923 extended an
additional volume of credit of over $3,300,000,000. This represents
an increase of about 14 per cent for the period and brought the total
loans and investments of all member banks to a record level. That
the banks of the country were able to finance the credit requirements
of an enlarged volume of business and to meet an increase in the
demand for currency amounting to more than $500,000,000, without
giving rise to a demand for additional Federal reserve bank credit,
is explained by the fact that member banks met this demand by the
use of funds made available by the continued inflow of gold. This
gold has served as a substitute for reserve bank credit. Had there
been no gold imports, the growth of business and the increased demand
for currency would have resulted in a demand for Federal reserve
bank credit approximately equal to the half billion of gold imported
during the period.
The ability of the banking system during the past two years to
meet the considerable increase in the demand for credit and currency
without an increased use of reserve bank credit differs from the
experience during the war period and the years of active business
immediately following the war. During 1919 and 1920, for example,
the rapid increase in member bank credit was accompanied by a more
rapid rate of increase in Federal reserve bank credit. In 1922 and
1923, however, it was the additional gold received from abroad and
not additional use of reserve bank credit which enabled the member
banks to meet the increased credit and currency demand. The fact that
a volume of Federal reserve bank credit of about $1,200,000,000 has
been continuously in use during the past two years indicates that, while
the gold received from abroad has been sufficient to supply the reserve and currency needs of member banks, it has not been in such



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

3

volume as to enable the member banks, after supplying the new demands of their customers for credit and currency, to meet their total
requirements without continuing to borrow in considerable volume
from the Federal reserve banks. Federal reserve banks, therefore,
continued in the year 1923, as in other years, to be an important and
essential element in the country's credit structure.
Changes in the volume of member bank credit during the year,
more than in Federal reserve bank credit, have reflected the course
of business developments. Total loans of all member banks increased
by nearly $1,000,000,000 during the year. That the principal demand
for credit was for commercial, industrial, and agricultural purposes is
indicated by the rapid increase in the volume of loans of this character made by member banks in leading cities. The period of most
rapid increase in the demand for credit was the first quarter of the
year, when trade was active and the volume of production in basic
industries was greater than at any previous time. At the opening
of 1923 the upward movement of production, which had begun in
the middle of 1921, continued at a rapid rate and production in
basic industries reached the highest level on record; labor was fully
employed; and prices were rising. During the late spring and summer months, however, there was a recession in industrial activity,
though the distribution of merchandise was well maintained. The
slackening in productive activity arose more from the hesitancy of
business concerns in placing forward orders than from a lessened
demand on the part of ultimate consumers, and the price declines
which occurred during the period were chiefly in materials used in
industry rather than in consumers' goods. During the last quarter
of the year, while the volume of production was below the record
levels of the spring, trade continued active and prices showed a
degree of stability unusual in recent years.
FEDERAL RESERVE DISCOUNT POLICY.

These banking and business developments constituted the circumstances in which the Federal reserve system functioned during 1923
and with reference to which Federal reserve credit policy was formulated. In carrying out this policy the system has not relied upon
changes in discount rates as the only means of influencing the general
credit situation. The open-market transactions of Federal reserve
banks during 1923, which are later considered in some detail, as well
as their discount policy, have reflected Federal reserve credit policy.
Furthermore, the experience of several of the reserve banks is demonstrating that changes in discount rates need not be in all circumstances
the main reliance or in any situation the exclusive reliance in making
the credit policy of the reserve banks effective. By maintaining constant, close, and direct contact with the loan policies and operations



4

ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD.

of its member banks, through examination or otherwise, a reserve
bank can do much by other means than changes in discount rates
to establish an effective supervision and control of the credit released
by it to its member banks.
Discount policy in 192S.—Discount rates in 1923 underwent fewer
changes than in any other year in the history of the system. The
only changes in discount rates were at the Federal reserve banks of
Boston, New York, and San Francisco, where near the end of February rates were advanced from 4 per cent to 4£ per cent, bringing
the rates at these banks to the level prevailing at all other reserve
banks.
These advances gained significance from the fact that they were
the first rate advances in more than two years. At the time there
had been a considerable increase on a national scale in the demand
for credit and the existing inequality between discount rates in
various districts tended to attract an undue proportion of borrowing
to the centers with low rates. The effect of the rate advances of
the three banks was to bring about a better regional distribution of
credit and to test the character and soundness of the credit demand
by having the obligations of borrowers passed upon by banks in their
own locality.
The attitude of the Federal reserve system, as expressed in these
rate changes, was not immediately reflected in any change of the
volume of bank credit in use. This, however, is not to be taken as
indicating that the advances of rates, slight as they appeared, were
without consequence. The influence of the change of discount rates
by the reserve banks can not be measured by any immediate effect
that they might be expected to have on the total volume of borrowing at member banks. The credit process which finally gives rise to
a granting of credit by a member bank has its beginning in the
business plans and decisions of the bank's customers. The movement in the volume of credit at any given time, and particularly in
times of business expansion, has a momentum which can not be
immediately checked, and while the expansion is actively going on
the movement tends to gain momentum at an increasing rate. The
volume of banking credit in use and outstanding, as recorded in the
statements of the banks, is the outcome of commercial plans and
commitments which may antedate by many months the extension of
credit by the banks. Business transactions which are already
under way will ordinarily be carried through to completion, quite
irrespective of changes that have supervened in credit conditions
and money rates. The rise in discount rates is not intended to
interrupt or interfere with antecedent commitments that are in
process of completion but rather to induce a more prudent attitude
on the part of borrowers with regard to new commitments. It



ANNUAL REPORT OF THE FEDERAL. RESERVE BOARD.

5

requires, therefore, some time for a rate change to show its effects
in the altered lending operations of the banks.
In the months immediately following the rate advances made in
February, 1923, the volume of credit, especially the borrowings for
commercial and industrial purposes, continued to increase at a rapid
rate. Prices, particularly of those commodities which had been
advancing rapidly for about a year, ceased their rise in May, chiefly
because the increased volume of production which the rise in prices
had stimulated was reaching the market and taking effect in supplies
of goods available for consumption. While consumers7 demand
was maintained and the volume of trade continued large throughout
the year, there was some recession in industrial activity in the second
lialf of the year and a decline in the price level from the peak reached
in May to approximately the level of the corresponding months of
the previous year.
The rise of prices during the early months of 1923, which in comparison with the price movements experienced under more settled
•business conditions of the years before the war was proceeding at
a relatively rapid rate, led to expressions of concern that the country
might once more be entering upon a period of credit expansion and
gave rise in certain quarters to a demand for further discount rate
advances. The judgment of the Board, however, was that the
increasing volume of credit was justifying itself in the continued
increase in the volume of production and consumption; the fact
that there was little indication of speculative activity was regarded as
sufficient evidence that credit was not being put to uneconomic uses.
In commenting on the business and credit situation at the time,
the Board said in its Review of the Month for March that "the
economic use of credit is to facilitate the production and orderly
marketing of goods and not to finance the speculative holcjing of
•excessive stocks of materials and merchandise. So far as the available
indications go, the increased demand for credit during recent months
appears to have arisen from the larger financial requirements of
current production and trade and not from speculation in inventories.
When production reaches the limits imposed by the available supplies
of labor, plant capacity, and transportation facilities—in fact, whenever the productive energies and resources of the country are employed at full capacity—output can not be enlarged by an increased
use of credit and by further increases in prices." The view of the
Board at the time that the upward movement of prices was not due
to an unwarranted expansion of credit, as tested by the volume of
trade and industry, was confirmed by the subsequent course of
economic events.
During the closing months of 1923 prices became more stable, the
reduced volume of production became better adjusted to the current
86538—24t
2



6

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

demand, and the volume of commercial and agricultural borrowings
after reaching a peak during the crop-moving period, declined slightly.
All of these developments indicated that the year 1923 by comparison
with previous years attained a considerable degree of economic
stability. The outcome for the year shows that the banks of the
country through the extension of credit supported the industrial and
trade recovery that was under way and that the Federal reserve
banks through their discount policy performed the function laid
down in the act of "accommodating commerce and business/7
Relation of discount rates to market rates.—The experience of the
last year throws light upon the important and much discussed but
as yet little understood problem of the basis of Federal reserve discount policy and rates.
Discussions have usually addressed themselves to the question of
relationship that should exist and be maintained between Federal
reserve bank rates and the rates in the open market and between
Federal reserve bank rates and prevailing rates charged by member
banks to their customers for current commercial accommodation.
The view most widely held in financial and banking circles is that the
Federal reserve bank rate should move in sympathy with general
money rates, rising as they rise and falling as they decline. A further
development of this theory, based upon the leadership which it is
felt the Federal reserve banks should assume in the money market,
asserts that when money conditions are tightening the Federal
reserve bank rates should lead the rise of money rates. A still
further and more extreme view holds that Federal reserve bank rates
normally should be above the level of member bank rates. A comparison of money rates in the New York market during the year 192&
with the discount rate maintained by the Federal Reserve Bank of
New York is presented in the following table:
Federal
reserve
discount
rate.

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

1923.

4.00
4.00
4.50
4.50
4.50
4.50
4.30
4.50
4.50
4. 50
4.50
4.50

Prime
bankers'
acceptances, 90
days.

4.00
4.00
4.00
4.125
4.125
4.125
4.125
4.125
4.125
4.125
4. 125
4.125

I Prime
Treasury j commercial'
certificates.! paper, 60
! to 90 days

3.66
3.65
4.12
4.13
3.95
3.84
3.91
3.86
4.01
4.22
3.94
3.88

4.63
4.63
4.98
5.13
5.1'J
4.91
4.94
5.02
5.125,
5.125
5.10
4.88

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



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

7

certificates of short maturity throughout the year and below the
commercial paper rate.
The relation in 1923 between Federal reserve bank rates and rates
charged by member banks in the different districts to their customers
is indicated by a comparison of the practically uniform rate throughout the year at all the Federal reserve banks and the rates paid by
customers to member banks on paper rediscounted with the Federal
reserve banks. This comparison is presented in the following table:

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

I
\
I
!

!

4.42
4.42
4.50
4.50
4.50
4. 50
4. 50
4.50
' '"
4.50
4.50
4.50
4. 44

5.07
5.22
5.31
5.58
6.09
6.25
5.62
. 5. 59
7.93
7.15
8.41
5.84

4.47

5.48

The table brings out the fact that the margin between the Federal
reserve bank rate and member bank rates varies considerably from
district to district, and that in general the spread is narrowest in
those districts where the financial centers are located. The differences in the margin reflect in part the differences in the costs and
risks of member bank lending in various sections of the country.
These differences between districts also represent the wider margin
between the Federal reserve bank rate and member bank rates
in smaller cities as compared with the larger centers. With the
Federal reserve bank rate at 4J per cent, the rates charged to customers in December, 1923, were 5.44 per cent for cities of 100,000
population and over, 6.34 per cent for cities from 15,000 to 100,000,
and 7.54 per cent for cities of less than 15,000. The diversity in
member bank rates, whether considered by Federal reserve districts
or by size of cities is, therefore, apparent. It follows that the Federal Reserve Board, in approving the maintenance by all Federal
reserve banks of rates at a uniform level practically throughout the
year, was guided by no mechanical rule as to the necessity of maintaining a fixed and invariable relationship between reserve bank
rates and member bank customer rates. Indeed, the observations
of the Federal Reserve Board and the experience of the Federal
reserve banks make it certain that the Federal reserve banks and
the Federal Reserve Board can not adequately discharge their



8

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

function of " fixing rates with a view of accommodating commerec
and business'7 by the simple expedient of any fixed rule or mechanical principle.
New York and London money markets.—Reference has already
been made to the principle not infrequently advocated that the discount rates of the Federal reserve banks must be higher than current rates for commercial accommodation in order to be "effective"
rates. This view appears to be based on a loose analogy with the
London market and with the traditional policy of the Bank of
England. "Bank rate" in the London market is the official minimum rate at which the Bank of England stands ready to extend
credit on paper of certain well-defined character. This rate is
normally above the rate at which this class of paper is bought and
sold in the London money market. It is not, however, above
the rate charged by the London joint-stock banks on loans to their
customers, in the form usual for borrowings in England for ordinary
commercial and industrial use, that is to say, in the form of "overdrafts" and "advances."
A comparison of the rate structure of the New York market with
that of the London market brings out that in the New York market
the official discount rate of the Federal reserve bank is also above
the open-market rate on that class of paper, to wit, bankers' acceptances, most nearly comparable to the bills which are the principal
type of paper in the London market. A comparison further shows
that in London, as in New York, the bulk of the loans made by
commercial banks to their customers are at rates higher than bank
rate in London or the Federal reserve discount rate in New York.
English banking practice does not, therefore, establish the inference
that Federal reserve bank discount rates in order to be effective must
be penalty rates—that is, be higher than the rates charged by
member banks on customer loans. Little in the way of good would
result from any attempt to adopt or set this up as the regulative
principle in the adjustment of reserve bank rates.
There is an important difference between the relationship sustained by member banks to their Federal reserve banks and by
London joint-stock banks to the Bank of England. When member
banks lend money to their customers they obtain from them promis*
sory notes which are eligible for rediscount with the Federal reserve
bank. The London joint-stock banks, on the other hand, make
most of their loans to customers in the form of overdrafts or advances
which do not result in negotiable instruments and therefore can not
be converted into balances at the Bank of England. The temptation which is present under the American banking system to rediscount customer paper and relend the proceeds because of the profit
arising from such rediscount, when the Federal reserve bank rate is



ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD.

9

sufficiently below the customer rate to make such a transaction
profitable, is not present under the English system.
That this difference in the respective banking situations of the two
countries is a fact to be reckoned with in the application of the discount policy of the Federal reserve banks is certain, but the methods
by which it will most appropriately be reckoned with, experience
is already making it clear, are not to be found principally, if at all,
in the establishment and maintenance of reserve bank rates at
punitive levels. The outlook for Federal reserve credit regulation
would indeed be unpromising, in view of the great disparity of customer rates at member banks in different sections of the country,
if the reserve banks had no other means than discount rates by which
to regulate the volume of their credit used, and if this discount rate
could exert no effective influence unless it were a penalty rate.
The experience of the Federal reserve banks under normal conditions of operation has as yet been too brief to make it possible to
speak comprehensively and definitely concerning the proper relation
of Federal reserve bank discount rates and member bank customer
rates. This is particularly true because of the variety of economic
and financial conditions in the United States, partially expressed,
as has just been pointed out, in the lack of uniformity of interest
rates in the different sections of the country. It will take much
further and fuller experience under more normal conditions to enable
each Federal reserve bank operating in the particular circumstances
of its district to work out the most practicable method of relating
its rates to competitively determined member bank rates within its
field of operation. The regional organization of the Federal reserve
system was recognition of the fact that Federal reserve discount rates
need not at all times and in all circumstances be uniform in the
several districts, and experience appears to confirm the conclusion
that no single and uniform method of adjusting discount rates will be
found equally workable and equally satisfactory in all the districts.
While it is not, therefore, possible to speak dogmatically on the subject of Federal reserve rates and the basis on which they will best and
most usefully be adjusted in fulfilling the purpose of the Federal
reserve act, to wit, that of fixing rates "with a view of accommodating commerce and industry/ 7 it is possible to point to certain considerations derived from the experience of the Federal reserve banks
which have an important if not a decisive bearing upon the problem
of regulating the flow and use of Federal reserve bank credit by means
of the discount rate. Broadly stated, an effective Federal reserve
discount rate will be one that gives effective support to a Federal reserve bank's credit and discount policy. The objective in Federal
reserve discount policy is the constant exercise of a steadying influence on credit conditions.



JLU

A N N U A L REPORT OF T H E FEDERAL, RESERVE BOARD,

The Federal reserve banks are the country's supplementary reservoir of credit and currency, the source to which the member banks
turn when the demands of the business community have outrun their
own unaided resources. The Federal reserve supplies the needed
additions to credit in times of business expansion and takes up the
slack in times of business recession. It is its responsibility to regulate the flow of new and additional credit from its reservoirs in accordance with solid indications of the economic needs of trade and industry.
When production, trade, and employment are in good volume and the
credit resources of the commercial banks of the countay are approximately all employed and there are signs neither of speculative business
expansion nor of business reaction, Federal reserve bank rates should
be neither so low as to invite the use of credit for speculative purposes
nor so high as to discourage its use for meeting legitimate productive
needs of the business community. It seems clear that if business is
undergoing a rapid expansion and is in danger of developing an unhealthy or speculative boom, it should not be assisted by too easy
credit conditions. In such circumstances the creation of additional
credit by rediscounting at Federal reserve banks should be discouraged by increasing the cost of that credit—that is, by raising the discount rate. It seems equally obvious that if industry and trade are
in process of recovery after a period of reaction, they should be given
the support and encouragement of cheaper credit by the prompt establishment at the Federal reserve banks of rates that will invite the use
of Federal reserve credit to facilitate business recovery. The reason
for variable Federal reserve discount rates is the necessity of adjusting rates to these changes in business and credit conditions.
The experience of the Federal reserve banks, notwithstanding that
the brief period of their active operation on a considerable scale has
been one of disturbed economic and financial conditions, is demonstrating that there is a sufficiently close connection between changes
in Federal reserve bank rates and changes in rates charged their
customers by member banks on a sufficiently large volume of customer borrowings to make Federal reserve rates an important and
at times a leading influence in money centers. In that sense the
Federal reserve bank rate may be said to be effective. Its effectiveness and the range of its influence have been promoted in no inconsiderable degree in recent years by the increasing fluidity of the
American credit system—that is, by the ease with which credit flows
between the larger financial centers and the interior of the country.
Member bank customer rates have shown a tendency to move with
changes in Federal reserve bank rates. This is particularly noticeable in the larger financial centers of the country, for reasons that need
not be detailed, and when after a considerable period of stable rates
the Federal reserve bank rate is advanced. This is not merely



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

11

or principally because of the addition made to the cost of credit, but
because an advance of rates when properly timed is taken by the
business community as an indication of the attitude of the Federal
reserve system toward the credit situation—the relation of the
volume of the country's credit to the volume of its production and
trade. It is for this reason that the leadership of the Federal reserve
banks when rates are advancing appears from experience to be more
promptly recognized than when rates are declining.
OPEN-MARKET POLICY AND OPERATIONS.

The credit policy of the Federal reserve system in 1923 was expressed not in its discount policy alone, but also in the open-market
operations of the Federal reserve banks. The year has witnessed a
considerable development in the scope, purpose, and method of
these open-market operations. The results of the year have demonstrated that open-market operations, when wisely timed and well
conceived, are, in a larger measure than has hitherto been generally
appreciated, capable of giving effective support to the discount policy
of Federal reserve banks without an accompanying change of rates.
This new chapter of experience is of sufficient consequence in its bearing
upon the development of the Federal reserve system co merit extended
notice.
Discount and open-market operations.—Two broadly distinguishable
classes of credit operations, that is to say, ways of making "discounts,
advancements, and-accommodations," are recognized and authorized
by the Federal reserve act. There are, first, the so-called rediscount
operations, and, second, the so-called open-market operations, these
being the terms used by the Federal reserve act to distinguish the
two major classes of Federal reserve bank operations. The provisions of the law governing rediscount operations are found in section
13 of the Federal reserve act and those governing open-market operations in section 14.
An "open-market" operation consists in the purchase or sale in
the general or open market by a reserve bank of such classes of investments as it is authorized by the act to buy and sell. The classes
of investments specified by the act as appropriate for purchase and
sale by the Federal reserve banks in the open market are cable transfers, bankers' acceptances, bills of exchange, securities of the United
States Government, and certain types of obligations of minor political
subdivisions. In making purchases and sales of these classes of securities the Federal reserve banks may deal directly with the public,
for the act provides that they may purchase and sell "at home or
abroad, either from or to domestic or foreign banks, firms, corporations, or individuals."



12

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD,

By a rediscount operation, on the other hand, is meant the rediscount by a member bank with a reserve bank of the paper of it&
customers, when that paper conforms to the ^eligibility'7 tests set
up by the reserve act. There is no open market for customer
paper or so-called line of credits loans—no market, at least, in the
sense in which the term market may be applied to such two-name
paper as trade bills, bankers' acceptances, etc. An important purpose of the Federal reserve act was to improve the status of customer
paper of eligible character, or, as the Federal reserve act states in its
title, "to afford means of rediscounting commercial paper."
There can be no doubt that the Federal reserve act looked forward
to the development in the United States in the course of time of an
open market of considerable extent for dealings in short-term
bills of the kinds described in section 14 of the act, and it
was expected and desired that operations in the open market should
be engaged in by the Federal reserve banks from time to time much
after the manner of the central banks of leading foreign countries by
the purchase or sale of securities for the purpose of exerting an influence on the state and course of credit.
A review of the history of the open-market transactions of the Federal reserve system shows that during the first three years of their
operation the volume of open-market securities held by the reserve
banks was larger than the volume of their discounts for member
banks. Easy money conditions during this period, the large influx of
gold, and the strong reserve position of the member banks made it
possible for them to finance the great growth that was then taking
place in the volume of the country's business without borrowing from
the Federal reserve banks. The reserve banks entered the open
market at this time partly to secure earnings from the investments
from which their operating expenses could be defrayed, but largely
also for the purpose of building up a broader discount market in the
United States by encouraging the use of bankers' acceptances and
by freely dealing in them.
After the entry of the United States into the World War the increased demand for credit for Government financing resulted in a
rapid increase in borrowing by member banks at the reserve banks.
From that time until the end of 1921, when the liquidation following
the crisis of 1920 had pretty well completed its course, the volume of
paper held by the Federal reserve banks as discounts was much
larger than the holdings of open-market investments. The volume
of such investments was at times considerable during this period,
but, taking the period as a whole, the holdings of open-market investments during the five years from the time of our entry into the war
until the spring of 1922 constituted a relatively small proportion of
the total earning assets of the Federal reserve banks.



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

13

Open-market operations in 1922 and 1923.—During the years 1922
and 1923 the open-market transactions of Federal reserve banks
entered upon a new phase. Not only were these transactions at
times large in their absolute volume as well as in their volume relative
to the rediscount operations of the banks, but they also showed
between the beginning and the end of the period great fluctuations,
both absolutely and relatively. Moreover, during these two years,
in contrast to the earlier period, open-market transactions of the
Federal reserve banks were principally in Government securitiese
Following the general liquidation in 1921 there was a rapid and continued repayment of borrowings by member banks. The volume of
paper held under discount by the Federal reserve banks reached a low
level during the first part of the year 1922. Some of the reserve
banks, in order to assure themselves of sufficient earnings to meet their
expenses and their dividend requirements, began to purchase considerable amounts of short-term Treasury securities. By mid-year
the volume of such securities held by the reserve banks reached
nearly $600,000,000. The course of these operations, entered upon
independently by each of the twelve banks, made evident the need
for a better coordination of the open-market operations of the several
banks, and in 1922 led to the creation of a committee of officers of
the reserve banks for the purpose of coordinating reserve bank
dealings in Government securities, so as to prevent possible conflict
between their own transactions and those which as fiscal agents of
the Government they were conducting for the Treasury. Moreover,
and eventually destined to be far more important, the character and
scale of the open-market operations engaged in by the Federal
reserve banks during the year 1922 and the early part of 1923 showed
the need of bringing these operations more definitely into line with
the general credit policy of the system.
The part that open-market operations may play in general credit
policy is influenced by the fact that changes in the volume of securities held by the reserve banks have an effect on the volume of their
discounts for member banks. The purchase of securities in the open
market by a Federal reserve bank places funds in the hands of member banks which these banks may use in the repayment of borrowings
from the reserve banks; the sale of securities, on the other hand, by
withdrawing funds from the market may lead to additional borrowing
from the reserve banks. The difference between discount operations
and open-market operations is that the initiative in rediscounting
lies with the member banks, while in the purchase and sale of securities the initiative may be taken by the reserve banks. The extent
to which member banks borrow in order to replace the funds withdrawn by the reserve banks through the sale of securities is a measure



14

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

of the demand for reserve bank credit. The sale of securities by a
reserve bank may thus serve as a test of the degree of adjustment between the demand for reserve bank credit and the outstanding volume
of such credit.
The changes in the volume of open-market holdings and of discounts during 1922 and 1923 and the extent to which these changes
offset each other in the total volume of earning assets are shown in
the chart. The volume of open-market holdings with which the
Federal reserve banks entered the year 1923 amounted to $712,000,000,
made up as follows: Government securities, $457,000,000; acceptances, $255,000,000. At that time the discounts of the Federal reserve system amounted to $628,000,000. The earning assets of the 12
MILLIONS OF DOLLARS

MILLIONS OF DOLLARS

1200

1200

600

600

1922

1923

reserve banks, therefore, at the beginning of the year 1923 consisted
of discounts and open-market investments in approximately equal
volume. By the end of the year the volume of open-market holdings
for the 12 banks amounted to $440,000,000, made up of Government securities, $104,000,000, and acceptances. $336,000,000. The
reduction in the volume of open-market investments was accompanied by a substantially equal increase in the volume of discounts,
with the result that the total volume of Federal reserve bank credit
outstanding changed but little. The gradual withdrawal from the
open market by the reserve banks during the first half of 1923 placed
upon the member banks the responsibility for validating the continued use of the existing volume of reserve bank credit and tested



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

15

the degree of dependence of the credit structure upon the volume of
Federal reserve bank accommodation outstanding. The record
shows that member banks met the test by discounting in a volume
substantially equal to the reduction in open-market holdings. There
was no material change in the volume of reserve bank credit in use.
The reduction of open-market holdings by reserve banks, therefore,
did not result in the withdrawal of support, but in a change in
its character. The fact that the reduction of the open-market
holdings durmg 1923 was accompanied by an increased amount
of discounting by member banks in a volume approximately equal
to the funds withdrawn by the reduction of open-market holdings
showed that the total volume of reserve bank credit outstanding
was not in excess of the demand for such credit.
The relationship just described between open-market operations,
discount operations, and the total volume of reserve bank credit is
based upon the experience of the Federal reserve system as a whole,
and is not evident to the same extent in the operations of the individual reserve banks. The purchases of Government securities in
1922 by reserve banks outside the money centers did not result in a
corresponding decline in the discounts for their member banks, and
in the early part of 1923 the security holdings of some reserve banks
were materially reduced without causing a commensurate increase
in the borrowings of member banks of those districts. The fact that
open-market operations of individual reserve banks may not be
reflected in changes in the demand for credit at these banks, but may
influence the credit situation in the money centers where the purchases
or sales are made, makes it evident that open-market policy should
be a system policy.
Open-market policy in 1923.—It was for these and related considerations that the Federal Reserve Board in April, 1923, took steps to
bring about a better coordination of the open-market operations of
the Federal reserve banks with their discount operations and their
general credit policy. The necessity of coordinated action among
the several banks with respect to open-market policy and operations
was also an important consideration leading to the earlier appointment of the committee of reserve bank officers to act under the general
supervision of the Board in handling open-market problems and
operations. This committee is now the agency through which
transactions in furtherance of the system's open-market credit policy
are carried out. In view of the influence which the open-market
operations of any reserve bank in the general money market may
have on the credit situation, the board regarded it as essential that
the purchases and sales of securities by reserve banks should be made
with primary regard to their broader consequences and in accordance
with the credit policy of the system. The following was the principle



16

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

laid down by the Board in this matter: "That the time, manner,
character, and volume of open-market investments purchased by
Federal reserve banks be governed with primary regard to the accommodation of commerce and business and to the effect of such purchases or sales on the general credit situation.77
As the Federal reserve act provides that discount rates shall be
fixed "with a view of accommodating commerce and business/' the
adoption of this principle by the Board has established the openmarket policy on the same basis as the discount policy.
The experience of the past year in open-market and discount
operations of the reserve banks is significant, because it has demonstrated that with a constant demand for reserve bank credit continuous readjustments in the composition of this credit may occur
without resulting in an increase in the total volume outstanding.
That throughout 1923, a year of growing business activity and
increased credit and currency requirements, there was no demand
for additional reserve bank credit was due to the continued inflow of
gold from abroad which furnished to member banks the funds needed
to finance the enlarged volume of trade and industry.
GOLD AND CREDIT.

The important influence exerted by the inflow of gold from abroad
during the year 1923 on the banking situation in the country at
large and on the position of the Federal reserve banks in relation to
the general credit situation has already been the subject of brief
reference in this report. Net gold imports into the United States
during the past year amounted to $294,000,000. A gold movement
of this magnitude in the course of a single year would constitute an
impressive development and a factor of consequence even if it were an
isolated occurrence. The gold inflow into the United States in the
last year, however, presents itself as a continuance of the influx which
has been in process since the closing months of the year 1920, and
the indications are that the movement which has been bringing gold
to our shores during the past three years has not yet spent its force.
The shifting of the world's principal monetary metal which has taken
place in this period of time is without precedent in monetary history.
Gold imports and the Federal reserve hanks.—Since the Federal
reserve banks began operations in November, 1914, over two billions of
gold have been added to the stock of the United States by importation. It is the gold which has been thus received from abroad that
now constitutes the larger portion of the gold reserves of* the twelve
Federal reserve banks.
The first billion of this gold came prior to the entry of the United
States into the World War. Under the policy of gold concentration
pursued by the reserve banks during the war, the bulk of the gold



ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD.

17

received during the two years before our entry into the war was added
to the gold holdings of the reserve banks. That concentration formed
a part of the general policy of financial mobilization and was a most
material factor in the success of the plan adopted for the financing of
the war. During the period of our participation in the war gold
movements were on a relatively small scale.
The second billion of gold has been received during the five years
since the conclusion of the war. This second billion was the net
addition to our gold stock after the loss of some $400,000,000 of
GOLD MOVEMENT AND RESERVES
IMPORTS AND EXPORTS
1120

( IN MILLIONS OF DOLLARS )

1919

1920

1921

1922

1923

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

gold between the removal of the gold embargo in 1919 and the
autumn of 1920. Net imports of gold during the year 1921 alone
amounted to around two-thirds of a billion dollars. The gold
reserves of the Federal reserve system, which stood at $2,063,000,000
at the end of the year 1920, increased to $2,875,000,000 at the end
of the year 1921, to $3,047,000,000 at the end of the year 1922, and
to $3,080,000,000 at the end of the year 1923. Gold movements
into and out of the United States and the growth of the reserves of

the Federal reserve banks from 1919 to 1923 are shown in the chart.


18

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

Gold is the tangible and conventional basis of bank lending and
currency issuing power. The particular effect exerted by an influx
of gold, therefore, depends upon business and credit conditions and
needs at the time when the gold is received. Gold received from
abroad in the usual course first finds its way into the member banks.
So long as it remains in their hands, it does not count as part of
their legally required reserves. A member bank receiving the gold,
therefore, deposits it with its reserve bank. If this bank has paper
under rediscount with its reserve bank at the time, the gold may
be used to reduce its rediscounts. If it has no paper under rediscount
the gold adds to its reserve balance and to that extent increases its
lending power.
The first billion of gold which, as already noted, came prior to the
entry of the United States into the World War, by increasing the
reserves of member banks constituted a banking basis for the enormous growth of bank credit and currency which was used to finance
the production of war materials and other supplies bought by European Governments in great volume. That was a period of business
and credit expansion calling for enlarged lending by the banks of the
country.
Further expansion of credit and currency was occasioned by the
vast expenditures of the Government during the period of our participation in the war. The addition of $1,149,000,000 of gold to the
reserves of the Federal reserve banks after our entry into the war
formed the basis of an increase in the discount and investment operations of the Federal reserve banks from $226,000,000 in April, 1917,
to $2,291,000,000 in December, 1918. The reserve ratio of the Federal
reserve system, which stood at 84.7 per cent in April, 1917, when
the aggregate reserves of the system amounted to $963,000,000, fell
to 48.8 per cent in December, 1918, when the aggregate reserves of
the system stood at $2,151,000,000.
The imports of gold, which took place during the year 1921 and
which amounted to $667,000,000, came to the United States in payment of foreign indebtedness and reached us at a time when general
loan liquidation which followed the crisis of 1920 was under way.
This gold was a substantial factor in facilitating reduction of borrowings by member banks at the Federal reserve banks. As nearly
as can be estimated, about one-half of the total reduction in the
borrowings of member banks during the years 1921 and 1922 was
effected by the use of the imported gold.
Influence of gold imports duriruj 1922 and 1923.—The gold received

in the United States since the middle of 1922 has had an effect different from that just noted in 1921 and the first half of 1922. This
recent influx of gold has taken place after a period of liquidation
and during a period when business was in process of recovery and
expansion, and when demand for credit was increasing member bank




ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

19

loans. With the turn in credit and currency demands arising about
the middle of 1922, not as many member banks had occasion to use
their imported gold to repay borrowings at their reserve banks.
The gold, therefore, constituted an addition to their reserve balances
and enabled them to expand their loans to their customers without
the need of rediscounting, and also to supply the cash requirements
of their customers, just as was the case in the two years before our
entry into the war in 1917. In brief, the gold received during the
period of liquidation in 1921 and 1922 enabled the member banks to
recover a considerable degree of the independence of reserve bank
support which they had lost in the preceding years, while the gold
received since the middle of 1922 has enabled them to maintain their
state of relative independence notwithstanding the great intervening
growth of credit.
The increase in credit extended by member banks to their customers which, during the past two years has amounted to over
$3,000,000,000, has been large enough to absorb the gold received
during this time and, taking the banking situation in the country at
large, to require the continued maintenance of the volume of reserve
bank credit outstanding at the beginning of 1922. While this
increase in credit and currency demands was large enough to maintain the existing volume of reserve bank credit, it was not so large
as to result in an additional demand for reserve bank credit.
Gold received by a member bank is in ordinary course deposited
with its reserve bank. Its first effect is to add both to the reserve
balance of the member banks and to the gold reserves of the Federal
reserve banks. The reserve bank has no control over the use made
of its free reserve balance by its member banks. Therefore, the use
made in the first instance of credit arising from a gold import lies
with the member bank. When, however, the member bank has
expanded its operations to the full extent for which the gold deposit
has furnished the required reserves, or has withdrawn currency in
a volume equivalent to this deposit, a further use of the additional
lending power arising out of the gold can be made only by borrowing
from the reserve bank.
The ordinary bank, like any business concern, is organized and conducted for profit. Banks seldom carry surplus reserves. Their disposition is to make full use of their surplus cash resources. . If these resources are in excess of what is needed to meet their customers' credit
requirements, they will put them into the general market through the
purchase of commercial paper, bond investments, or call loans, so
as to keep all of their available funds in one way or another always
fully and profitably employed. The reserve banks are in a different
position. They are the holders of the ultimate and only true banking reserves of the country. They are the reserve banks of the coun


20

ANNUAL REPORT OF THE FEDERAL. RESERVE BOARD.

try, and as such they are charged with large responsibilities for the
constant maintenance of a sound credit situation. They must,
therefore, be conducted with primary regard to the bearing of their
operations upon credit conditions rather than by the desire to make
full use of their earning power. Reserve bank credit is properly
used when in response to the credit and currency requirements of
industry and trade. The present large gold holdings of the reserve
banks not only afford assurance of adequate credit support for the
growth of productive industry in the United States, but also will
make it possible for this country to meet any probable future demand
for gold from abroad that may arise in connection with the restoration of the international gold standard. It is the part of prudence
for the United States and for the Federal reserve banks in particular,
as the holders of over $3,000,000,000 of gold (that is, about threefourths of the total estimated stock of monetary gold in the United
States), to pursue a course which will enable them to part with such
portion of this gold as Europe will need to reclaim for currency
restoration with a minimum of inconvenience and disturbance to
our internal financial and economic situation.
Future gold movements.—In view of the important effects of gold
imports upon the American credit situation and upon the international monetary situation, the probable extent and direction of
future gold movements is a matter of great concern. No inflow
comparable with that which has already taken place can be expected,
since this movement has drained a large part of the European gold
formerly in circulation and has in addition absorbed the bulk of the
gold reserves of those countries, notably Russia and Germany, whose
financial and monetary conditions were such as to make it impossible
for them to keep their central banking reserves intact. The reserves
of the central banks of other principal countries of Europe were considerably enlarged during the war and have not declined during the
post-war period. Present government policy in these countries is
to control gold exports and not to permit the reduction of the
reserves of the central banks. In fact, of the $600,000,000 of gold
imported into the United States during 1922 and 1923, the bulk
consisted of newly mined gold. It is hardly to be expected, therefore, that in the immediate future the gold inflow will exceed or even
equal the current gold production of the world. During the past
year India has received a share of the new gold because improved
economic conditions have led to a favorable trade balance, and gold
has gone also to Egypt. A larger or smaller share of the gold output
of a year constitutes the probable maximum which can be expected
to be available for distribution to the United States and other countries. On the other hand, the prospect of net gold exports depends
upon the balance of international payments as influenced by trade



ANNUAL, REFORT OF THE FEDERAL RESERVE BOARD.

21

movements and international loans and investments and upon the
disposition and ability to withdraw gold on the part of those countries
which are undertaking to reorganize their currency systems on a
gold basis.
Gold standard and currency reorganization.—The attempts during
the past year at currency stabilization by European countries have
been steps in the direction of the reintroduction of gold as a standard.
They have not yet resulted in any considerable addition to gold
reserves. Though they differ in method and detail, European efforts
to promote better monetary conditions have aimed at the establishment and maintenance of a constant relationship between the value of
local currencies and gold. Thus far experiments, which have been on
a relatively small scale, have made use of the American dollar and
other stable currencies as the equivalent of gold. In view of the low
gold value of the total volume of these currencies and the limited
use of gold in the settlement of trade balances, the demand for gold
for purposes of reestablishing currency stability has not been considerable.
In international trade gold has retained its conventional position as
a standard throughout the decade of currency disorganization.. The
necessity of a common basis for calculating the prices of commodities
entering into world trade has had the result that through mutual
adjustments of prices and exchange rates international price levels,
when expressed in terms of gold, have tended toward equalization.
In this adjustment the American dollar, not only because of its convertibility into gold, but because of its stability and because of the
trade position of the United States, has become increasingly the unit
of account in international trade. Thus the dollar has become the
link between countries on a paper currency basis and the gold standard.
The premium on dollar exchange and the large movement of gold
to the United States in the postwar period both arose out of the large
volume of goods exported to foreign countries during and since the
war. Through shipments of gold to the United States foreign countries have been able to meet their unfavorable merchandise trade
balance and to reduce their indebtedness for goods bought on credit
in earlier years. In spite of the disorganized conditions of the exchanges, the volume of trade between the United States and other
countries has been in large volume, and in the payment for goods
purchased in the United States the foreign countries have used gold,
not as before the war chiefly in the settlement of balances but more
as one of the commodities that they were able to export to the United
States. An added circumstance favorable to the shipment of gold
to this country has been the commanding role now played by the
United States as the world's most important and, practically speaking, only "free" gold market.
86538—24f




3

22

ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD.

By a free gold market is meant a market in which credits, howsoever established, are gold credits; that is to say, credits for which
gold can be promptly obtained for foreign shipment and withdrawn
without obstacle or objection. It is well known that in the financial
economy of the world previous to 1914 London was the most important of the world's free gold markets—the one which commanded
the greatest confidence and the one, therefore, which attracted the
largest volume of foreign financial accounts and the large volume of
varied business from every quarter of the world which followed in
their wake. By virtue of its creditor position and its unprecedentedly
strong gold position the United States has now become the world's
gold center. As such it has assumed the high responsibility of so
managing the vast gold supply domiciled here that it may be available for redistribution by export as occasion may arise without
producing any untoward or disturbing effects in our own domestic,
economic, and financial situation.
The United States now holds an aggregate of about $4,000,000,000
of gold. This is approximately four-tenths of the estimated total
stock of monetary gold in the world. It is more than double the
total.monetary stock of the United States before the beginning of
the World War in 1914. The history of the distribution of gold in
the past demonstrates that monetary gold under normal conditions
distributes itself at a fairly steady rate among gold-using countries
in proportion to their ability to command it. It is to be expected
when conditions are on a more normal basis that a situation similar
to this will reestablish itself through the redistribution of gold.
Great and impressive as has been the industrial growth of the
United States in the past ten years, it can not be contended that
it will require a twofold amount of gold to insure the integrity and
impregnability of the gold standard. It is to be expected and desired that some portion of the gold which the tides of disorganized
trade have brought us in the past ten years will eventually return
to the countries whence it has come.
Changes in the gold position of the United States for significant
dates since the organization of the Federal reserve system are presented in the table. The increase in the gold reserves of the Federal
reserve banks during the nine years of their operation has arisen
from net gold imports of over $2,000,000,000, from domestic gold
production and from a reduction of about $400,000,000 of gold and
gold certificates in circulation. The gold withdrawn from circulation
was replaced by Federal reserve notes, largely in pursuance of the
policy of concentrating the gold of the country in the reserves of
the reserve banks. During 1923, however, there was an increase in
the circulation of gold certificates, so that the larger portion of the



ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD.

23

gold received from abroad during the year has been added to circulation rather than to the gold holdings of the reserve banks.
[In millions of dollars.]
Stock of
gold in
United
States.*

Date

Nov. 27, 1914
Apr. 6,1917
May 28,1920
Dec. 13,1922
Dec. 12, 1923
1

1,817
3,089
2,664
3,909
4,210

Gold in
circulation.!

1,338
1,991
674
670

Gold
reserves of
Federal
reserve
banks.
228
944
1,953
3,061
3,116

Figures for the nearest first of the month.
CURRENCY AND CREDIT.

Currency in 1923.—The increased demand for currency during
1923 was met by the payment of gold certificates into circulation and
not by the issue of Federal reserve notes. This reflects the recent
practice of certain reserve banks, particularly New York, of supplying the currency requirements of their members by paying out gold.
For the system as a whole there was during the year a decrease in
the volume of Federal reserve notes in circulation, though the total
of money in circulation increased. Changes in the total, rather than
in the various forms of money in circulation, measure the fluctuations
in the demand for currency. Federal reserve banks continued to
be the source from which currency was supplied in a volume responsive
to changing requirements and the form of money paid out by the
reserve banks affected merely the composition of the total money
in circulation. The table shows the volume of different kinds of
currency in circulation on January 1, 1923, and January 1, 1924.
Amount (in millions).

Percentage distribution.

Kind of money

Jan. 1,
1923.
Gold and gold certificates
Silver and silver certificates
United States notes..
Federal reserve notes
Federal reserve bank notes
N ational bank notes
Total

Jan. 1,
1924.

Jan. 1,
1923.

Jan. 1,
1924.

286
2,373
37
708

307
2,224
14
713

997
696

15.5
12.6
6.0
50.1
.8
15.0

20.1
14.1
6.2
44.9
.3
14.4

4,733

4,951

100.0

100.0

732
597

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



24

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

While the Federal reserve banks during 1923 continued to function
as the source from which the public obtained the currency required
to transact the larger volume of business, the increased use of currency did not result in an increased use of Federal reserve bank credit.
The reason for this was that the gold received from abroad and deposited with the reserve banks furnished member banks with
funds to meet the increased currency demand. The relation between
gold imports and currency demand in 1923 was similar to that in 1915
and 1916, which was also a period of gold imports and increasing
currency requirements. In those years also the inflow of gold from
abroad supplied member banks with credit in sufficient volume to
finance a business expansion with little resort to the Federal reserve
banks. The experience of 1923 is in contrast, however, to that of
1919-20, when there were no net gold imports and when business
expansion led to heavy borrowing at the reserve banks to meet the
large and increasing demand for currency.
Currency demand and the reserve banks.—In the experience under
the reserve system, changes in the demand for currency in the absence of gold imports have been the principal factor accounting for
MILLIONS OF DOLLARS

MILLIONS OF DOILAHS

3000

3000

2000

2000

1000

1000

1917

1918

1919

1920

1921

1922

1923

fluctuations in the total volume of borrowing. Thus total earning
assets of the reserve banks and Federal reserve note circulation followed a parallel course until 1921, when the large inflow of gold
began. The chart shows the movement of Federal reserve notes



ANNUAL, REPORT OF THE FEDERAL, RESERVE BOARD.

25

and earning assets from 1917 to 1923. The divergence between assets
and notes in 1921 was the consequence of the large gold imports which
were used in the liquidation of borrowings, and the difference of about
$1,000,000,000 between earning assets and note circulation during the
past two years measures the extent by which earning assets were reduced by the use of gold received from abroad. During 1922 and 1923
the relative position of earning assets and notes in circulation has remained unchanged, since the gold imported during those years was
paid into circulation and was sufficient to supply the increased demand for currency. It is the coincidence of a volume of gold imports
in 1923 about equivalent to the increased demand for currency which
chiefly accounts for the absence of growth in reserve bank assets, and
makes the relation between the movement of assets and notes different from the experience of earlier years.
Credit demand and currency demand.—Though the increase in currency demand in 1923 has not, as in earlier years, been accompanied
by a growth of Federal reserve bank credit, it has, as at other times,
followed upon a growth in member bank credit. The larger currency
requirements of 1923 were preceded by an increase in 1922 of loans
and deposits of member banks. This is the usual sequence—an increase of deposits being followed by an increase of the currency.
Ordinarily the first effect of an increase in business activity upon the
banking position is a growth in loans and deposits. In the earlier
stages of a period of banking expansion there is usually a roughly
parallel upward movement of the loans and deposits of the banks.
Later on, however, the situation changes. There comes a time when
the increase of business activity and the fuller employment of labor
and increased pay rolls call for an increase of actual pocket money to
support the increased wage disbursements and the increased volume
of purchases at retail. At this stage the rough parallelism between the growth of loans and deposits of the banks gives way
to a divergent movement between these items. Loans may continue to increase while deposits will remain either, stationary or show
a decline. When the point is reached in a forward movement of
business where manufacturers and dealers need more currency for
pay roll and other purposes they draw down their deposits at the
banks. What in the first instance was the creation of bank credit in
the convenient form of a checking account has now become a demand
for cash. In other words, the customer's demand for book money
(deposits) at the bank becomes converted into a demand for pocket
money. This change is reflected in the altered position of the banks.
The ratio of loans to deposits rises with an increased demand for currency.
Movements of this character have occurred during the past two
years. The year 1922 was one of business recuperation calling for



26

ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD.

increased banking accommodation. So far as the banking position was
concerned, what was going on in 1922 was reflected in the simultaneous
growth of member bank loans and deposits.- The first half of the year
1923 saw the forward movement in business quickened to an extraordinary degree. Production in basic industries was at an unprecedented
rate; there was full employment with wage increases in many industries.
The stage had been reached where bank borrowers were availing themselves of their credits to an increasing degree in the form of actual withdrawals of currency. The ratio of loans to deposits was in consequence
rising.
BILLIONS OF DOLLARS

13

BILLIONS OF DOLLARS

13
MEMBER BANKS
IN LEADING CITIES

1922
1923
The chart shows that in 1922 deposits of member banks in leading
cities increased more rapidly than their loans,while in 1923 deposits declined and loans continued to increase. Thus the ratib of loans to deposit^ rose during 1923, reflecting the increased demand for currency.
In days before the establishment of the Federal reserve system,
the ratio of loans to deposits was commonly used as a trustworthy
indicator of the banking position and of the general credit situation.
This ratio is still frequently appealed to as foreshadowing changes in
money rates. But it is not commonly recognized that the establishment of the Federal reserve system has introduced a new factor




ANNUAL, REPORT OF THE FEDERAL. RESERVE BOARD.

27

which has worked a great change in the situation. Previous to the
establishment of the reserve banks a rise in the ratio of loans to
deposits was properly regarded as indicating an approach to the
limits of bank lending power because it indicated also the approaching exhaustion of the surplus reserves of the banks. It foreshadowed
an approaching shortage of cash, and, under a currency system lacking elasticity, a period of credit stringency. Under the
Federal reserve system, as before, fluctuations in the ratio of loans
to deposits are occasioned by changes in the country's demand for
currency. This increased demand, however, under present conditions
leads to increased borrowing at the reserve banks. In the absence
of gold imports in sufficient volume to meet the currency demand,
it will be reflected in larger rediscounting at the Federal reserve
banks for the purpose of obtaining currency.
At the reserve banks there is a relationship between the demand for credit and for currency similar to that at the member
banks. An increased demand for currency follows upon an increase in the demand for deposit credit at the reserve banks. The
first step in the sequence which finally leads to an increase in the
demand for currency takes the form of a demand for reserve bank
credit to support the larger volume of loans and deposits at member
banks. Later, as business continues to expand and as customers of
member banks withdraw a larger proportion of their checking accounts
in currency, the member bank turns to the reserve bank to obtain
the additional currency needed to meet the demands of customers,
and for this purpose discounts the customer's note or other eligible
paper. As the member bank's customer in availing himself of his
credit takes currency in increasing proportion, the member bank is
obliged more nearly to match each dollar of cash withdrawn by its
customer by a dollar of cash obtained by borrowing at the reserve
bank. A point is finally reached where the member bank finds it
necessary to rediscount with the reserve bank a larger proportion of
the loans it has made to its customers in order to meet their currency
requirements. It is then that the resources of the reserve bank are
brought more fully into play and its loans mount rapidly. So
long as the member bank's customer required only book money, the
amount of member bank credit which a dollar of reserve bank credit
would sustain was on the average in the ratio of about 10 to 1.
But, as the demand for currency increases, this ratio declines and
eventually reaches a point where a dollar of reserve bank credit
must be obtained by the member bank for each dollar of currency
taken from the bank by its customer. It follows that there is no
constant ratio trhich can be safely assumed in estimating the extent
to which a given amount of reserve bank credit will enable member
banks to expand their loans. This ratio varies according to the
stage of business activity and the resulting requirements for cur-




28

ANNUAL, REPORT OF THE FEDERAL RESERVE BOARD.

rency. From the point of view of the reserve system the important
fact is that member banks must depend increasingly upon borrowing
from the reserve banks as the demand for currency increases.
It thus appears that the chief occasion for extensive changes in the
volume of rediscounting at Federal reserve banks, taking them as a
whole, arises out of variations in the demand for currency. Federal reserve banks, therefore, from the point of view of the chief use made of
their credit, may be regarded as currency supplying banks. An increased
demand for currency is first felt at the counters of the member banks.
Since these banks carry little or no surplus cash, that is, cash in excess
of what they need to make their customary day-to-day disbursements,
an increase in the demands for cash made upon them is promptly
MILLIONS OF DOLLARS,

MILLIONS OF DOLLARS

3000

300Q

2000

200O

1000

1000*

1917

1918

1919

1920

1921

1922

1923

passed on to Federal reserve banks. The reserve banks are the
repositories of the country's surplus cash, and in meeting the demand
for currency may supply cash either out of their surplus reserves or
by the creation of new currency through the issue of Federal reserve
notes. The outflow or return flow of Federal reserve notes or other
currency at the Federal reserve banks under ordinary conditions
quickly and accurately reflects changes in the country's need of currency. Both the increase and the decrease in the total volume of
money in circulation are in response to changes in the currency
required to transact the country's business with a given, volume of
trade and production. The Federal reserve note circulation,, being;



ANNUAL, REPORT OF THE FEDERAL RESERVE BOARD.

29

the elastic element in our currency system, ordinarily expands when
need for additional circulation arises because of a swell in trade and
industry, or because of seasonal or emergency demands, and as quickly
contracts when the need or emergency which has occasioned it&
issue disappears.
Experience shows that fluctuations in the volume of Federal
reserve note circulation have been much Wider than changes in the
deposit liabilities of the reserve banks. The movements of notes and
deposits from 1917 to 1923 are shown in the chart on page 28.
These two liabilities, notes and deposits, constitute the items
against which the reserve banks must carry reserves. Changes
in the reserve position of Federal reserve banks, owing to the larger
changes in the volume of notes than of deposits, have reflected principally increases and decreases in note circulation and in gold reserves.
It was in 1920, at the time of the largest volume of Federal reserve
note circulation, that the reserve ratio of the system was at its lowest
level, and the subsequent rise in the combined reserve ratio occurred
at a time when note circulation was rapidly decreasing. Changes in
deposit liabilities, on the other hand, have been but a minor influence
in their effect upon the reserve ratio. Changes in the ratio of total
reserves to notes and deposits combined do not distinguish between
the effect on the reserve position of changes in Federal reserve
note circulation and in the volume of deposits. The ratio, therefore, represents on the liability side an average of two items which
have widely different ranges of fluctuation, and does not give a clear
picture of changes in the reserve position of the Federal reserve system and of the factors responsible for those changes.
GUIDES TO CREDIT POLICY.

It is to the reserve ratio that the public in most countries looks to
get an indication of changes in the banking position and in the credit
situation. This habit of looking at the reserve ratio as an indicator
is particularly prevalent in the United States, because the United
States is more than any other the country of legally regulated reserves.
However theoretically imperfect any reserve ratio may be as a credit
and banking index even in normal circumstances, and however defective reserve ratios may have become as a result of the suspension of
the gold standard in many countries, the reserve ratio is nevertheless
the one banking index that has uninterruptedly enjoyed the prestige
of tradition, and there is little or no indication of the displacement of
this tradition in the near future. The reserve ratio must, therefore,
be reckoned with as a fact in banking administration.
In thus recognizing the importance generally attached by the
business public to changes in the reserve ratio as an index of the bank


30

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

ing position, the board is not oblivious of, nor indifferent to, the fact
that central bank practices associated with an effective international
gold standard are now inoperative and that this seriously affects the
serviceability of reserve ratios as working guides in credit and currency administration.
The reserve ratio can not be expected to regain its former position
of authority until the extraordinary international gold movements
which, in part, have occasioned and in part have resulted from the
breakdown of the gold standard, have ceased and the flow of gold
from country to country is again governed by those forces which in
more normal and stable conditions determine the balance of international payments. The gold standard as a regulatory influence
can not be effective for one country alone, no matter how impregnable
its gold position. Gold movements in the years before the war were
in response to changes in the trade and financial position of countries
operating on the gold standard, and the changes in the reserve
ratios of the central banks, which reflected these movements, were
therefore indicative of trade movements and current banking
and credit developments. A decline in the reserve ratio reflected
-either a growth in the liabilities arising chiefly from domestic
business or a loss of reserves owing to an unfavorable balance of
international payments. Under an effective international gold
standard the movements of gold among the money markets of the
world exercised a corrective influence on exchange rates, tended to
equalize mone}^ rates in various countries, and to keep domestic
price levels in line with the world price level. In these circumstances,
changes in the reserve ratios of the various central banks served as valuable indicators of the changes in the credit and trade relations of the
countries and were consequently important guides in the shaping of
discount policies.
Under the present conditions, with gold
embargoes in force in most foreign countries and the United States
practically the only free gold market of the world, the movement of
gold to this country does not reflect the relative position of the
money market* nor does the movement give rise to corrective influences, working through exchanges, money rates, and price levels,
which tend to reverse the flow. The significance which movements
in the reserve ratios formerly possessed rested upon the fact that
they were the visible indicators of the operation of the nicely adjusted
mechanism of international finance. With this mechanism now
inoperative, the ratios have lost much of their value as administrative guides. It has therefore been necessary for banking
administration even in those countries that have been most suocessful in maintaining a connection with the gold standard to
develop or devise other working baset. This has been as true in
the United States where the gold standard has been consistently



ANNUAL, REPORT OF THE FEDERAL, RESERVE BOARD.

31

maintained as in other countries where that standard is for the time
being inoperative.
The anomalous situation thus confronting central banking administration in all countries has led to much discussion in the United
States and elsewhere as to workable substitutes for reserve ratios as
guides to credit and currency administration. Particular prominence
has been given in discussions of new proposals to the suggestion
frequently made that the credit issuing from the Federal reserve
banks should be regulated with immediate reference to the price
level, particularly in such manner as to avoid fluctuations of general
prices. Entirely apart from the difficult administrative problems
that would arise in connection with the adoption of the price index
as a guide and entirely apart from the serious political difficulties
which would attend a system of credit administration based on prices,
there is no reason for believing that the results attained would be as
satisfactory as can be reached by other means economically valid
and administratively practicable. In saying this the board
is not unmindful of the abundant evidence recent years have
given of the economic and business disturbances occasioned by
violent fluctuations of prices. But it must not be overlooked
that price fluctuations proceed from a great variety of causes,
most of which lie outside the range of influence of the credit system.
No credit system could undertake to perform the function of regulating credit by reference to prices without failing in the endeavor.
The price situation and the credit situation are no doubt frequently
involved in one another, but the interrelationship of prices and credit
is too complex to admit of any simple statement, still less of a formula of invariable application. An oversimplified statement of
complex problems contributes nothing toward the development of
an effective administrative procedure. It is the view of the Federal
Reserve Board that the price situation and the credit situation,
while sometimes closely related, are nevertheless not related to
one another as simple cause and effect; they are rather both to be
regarded as the outcome of common causes that work in the economic
and business situation. The same conditions which predispose to
a rise of prices also predispose to an increased demand for credit.
The demand for credit is conditioned upon the business outlook.
Credit is created in increasing volume only as the community wishes
to use more credit—when the opportunity for the employment of
credit appears more profitable. Sometimes borrowers want to
borrow more and sometimes they are content with less. Sometimes
lenders are ready to lend more and at other times less. Why this
should be so depends on all those multifarious conditions and circumstances that affect the temper of the business community.
For the most part these conditions lie beyond the radius of action of



32

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

the Federal reserve banks. When the business outlook is inviting:
business men are apt to adventure and new business commitments
are made in increasing volume. But only later will these commitments be reflected in the possible rise of prices and an increase in the
volume of credit provided by the commercial banks of the country.
The Federal reserve banks will not to any considerable extent feel
the impact of the increased demand for credit until the whole train
of antecedent circumstances which has occasioned it is well advanced
on its course; that is, until a forward movement of business, no
matter from what impulse it is proceeding, has gained momentum.
Credit administration must be cognizant of what is under way or
in process in the movement of business before it is registered in the
price index. The price index records an accomplished fact. Good
credit administration in times of active business expansion should
not encourage or assist the excessive accumulation of forward commitments in business and banking which only later on will definitely
reflect the rate at which they have been taking place in resulting
changes of credit volume and changes of price levels; and in timesof business reaction should discourage enforced liquidation of past
commitments which also will only later on reflect the rate at which
it has been taking place in altered credit volume and price levels.
The problem of efficient credit administration is, therefore, largely
a question of timeliness of action.
No statistical mechanism alone, however carefully contrived,.
can furnish an adequate guide to credit administration. Credit is
an intensely human institution and as such reflects the moods and
impulses of the community—its hopes, its fears, its expectations.
The business and credit situation at any particular time is weighted
and charged with these invisible factors. They are elusive and can
not be fitted into any mechanical formula, but the fact that they are
refractory to methods of the statistical laboratory makes them
neither nonexistent nor nonimportant. They are factors which must
always patiently and skillfully be evaluated as best they may and dealt
with in any banking administration that is animated by a desire
to secure to the community the results of an efficient credit system.
In its ultimate analysis credit administration is not a matter of
mechanical rules, but is and must be a matter of judgment—of
judgment concerning each specific credit situation at the particular
moment of time when it has arisen or is developing.
There are among these factors a sufficient number which are
determinable in their character, and also measurable, to relieve the
problem of credit administration of much of its indefiniteness, and
therefore give to it a substantial foundation of ascertainable fact.
In large part these factors are recognized in the Federal reserve act.
The act, therefore, itself goes far toward indicating standards by which



ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD.

33

the adequacy or inadequacy of the amount of credit provided by the
Federal reserve banks may be tested.
The Federal reserve act has laid down as the broad principle for
the guidance of the Federal reserve banks and of the Federal Reserve
Board in the discharge of their functions with respect to the administration of the credit facilities of the Federal reserve banks the principle of '" accommodating commerce and business." (Sec. 14 of the
Federal reserve act, par. (d).) The act goes further. It gives a
further indication of the meaning of the broad principle of accommodating commerce and business. These further guides are to be
found in section 13 of the Federal reserve act, where the purposes
for which Federal reserve credit may be provided are described as
'" agricultural, industrial, or commercial purposes." It is clear that
the accommodation of commerce and business contemplated as providing the proper occasion for the use of the credit facilities of the
Federal reserve banks means the accommodation of agriculture, industry, and trade. The extension of credit for purposes " covering merely
investments or issued or drawn for the purpose of carrying or trading in
stocks, bonds, or other investment securities, except bonds and
notes of the Government of the United States," is not permitted by
the Federal reserve act. The Federal reserve system is a system of
productive credit. It is not a system of credit for either investment
or speculative purposes. Credit in the service of agriculture, industry,
and trade may be described comprehensively as credit for productive
use. The exclusion of the use of Federal reserve credit for speculative and. investment purposes and its limitation to agricultural,
industrial, or commercial purposes thus clearly indicates the nature
of the tests which are appropriate as guides in the extension of
Federal reserve credit. They clearly describe the nature or character of the purposes for which such credit and currency may be
extended. The qualitative tests appropriate in Federal reserve
bank credit administration laid down by the act are, therefore,
definite and ample.
But the problem of credit and currency administration implies
the use not only of qualitative tests but also of quantitative tests.
By what means may it be known whether the volume of credit
provided by the Federal reserve banks is in any given set of circumstances adequate, excessive, or deficient? The problem in good
administration under the Federal reserve system is not only that of
limiting the field of uses of Federal reserve credit to productive purposes, but also of limiting the volume of credit within the field of its
appropriate uses to such amount as may be economically justified—
that is, justified by a commensurate increase in the Nation's aggregate productivity. The Board is fully aware of the fact that the
problem of credit extension involves the question of amount or



34

ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD.

volume as well as the question of kind or character; otherwise stated,
involves a quantitative as well as a qualitative determination. But
it is the view of the Board that it is not necessary to go outside of the
Federal reserve act to find suitable methods of estimating the adjustment of the volume of credit provided by the Federal reserve
banks to the volume of credit needs. The Federal reserve act itself
suggests the nature of the tests, guides, or indicators—whatever they
may be called—to be used in gauging the need for and the adequacy
of Federal reserve credit. The provisions of the act already quoted
indicate that the needs for credit which are recognized by the act as
appropriate are those derived from agriculture, industry, and trade.
It is the belief of the Board that there will be little danger that the
credit created and contributed by the Federal reserve banks will be
in excessive volume if restricted to productive uses.
A characteristic of the good functioning of the economic system is
to be found in the smooth unobstructed movement of goods from the
producer through the channels of distribution to their several ultimate uses. The characteristic of the good functioning of the credit
system is to be found in the promptness and in the degree with which
the flow of credit adapts itself to the orderly flow of goods in industry
and trade. So long as this flow is not interrupted by speculative interference there is little likelihood of the abuse of credit supplied by
the Federal reserve banks and consequently little danger of the undue
creation of new credit. The volume of credit will seldom be at variance with the volume of credit needs as they are reflected in the
demands of productive industry as long as (1) the volume of trade,
production, and employment, and (2) the volume of consumption are
in equilibrium. Credit for short-term operations in agriculture, industry, and trade, when these operations are genuinely productive
and nonspeculative in character, that is to say, credit provided for the
purpose of financing the movement of goods through any one of the
successive stages of production and distribution into consumption, is a
productive use of credit. But when the effect of the credit used is
to impede or delay the forward movement of goods from producer to
consumer, unless such delay is made necessary by some unavoidable
cause, e. g., the interruption of transportation facilities, credit is not
productively used. The withholding of goods from sale when there is a
market or the accumulation of goods for an anticipated rise of price is
not a productive use. It is the nonproductive use of credit that breeds
unwarranted increase in the volume of credit; it also gives rise to unnecessary maladjustment between the volume of production and the
volume of consumption, and is followed by price and other economic
disturbances. Administratively, therefore, the solution of the economic
problem of keeping the volume of credit issuing from the Federal
reserve banks from becoming either excessive or deficient is found.



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

35

in maintaining it in due relation to the volume of credit needs as these
needs are derived from the operating requirements of agriculture,
industry, and trade, and the prevention of the uses of Federal reserve
credit for purposes not warranted by the terms or spirit of the Federal
reserve act.
There are no automatic devices or detectors for determining, when
credit is granted by a Federal reserve bank in response to a rediscount demand, whether the occasion of the rediscount was an extension of credit by the member bank for nonproductive use. Paper
offered by a member bank when it rediscounts with a Federal reserve
bank may disclose the purpose for which the loan evidenced by that
paper was made, but it does not disclose what use is to be made of
the proceeds of the rediscount. A farmer's note may be offered for
rediscount by a member bank when in fact the need for rediscounting
has arisen because of extensions of credit by the member bank for
speculative use. Similarly, the note of a member bank collateraled
by United States Government securities may be offered for discount
to a Federal reserve bank when in fact the proceeds are to be used in
supporting the extension of credit for " agricultural, industrial, or commercial purposes." Protection of their credit against speculative uses
requires that the Federal reserve banks should be acquainted with
the loan policies and credit extensions of their member banks—such
acquaintance as can be obtained by examination of their member
banks or by other forms of contact with them. In brief, the technical administrative problem presented to each reserve bank is that
of finding the ways and means best suited to the circumstances in
which it operates of informing itself of when and to what extent the
extension of credit for speculative uses is the real occasion of member
bank rediscounting.
The administrative problems presented to the Federal Reserve Board
are of different character and require a different technique. Unlike
the Federal reserve banks, the Federal Reserve Board makes no loans.
It is not an operating body, but a supervising body. As a supervising body it is not primarily concerned with the detail of the transactions of the Federal reserve banks. Its concern lies rather with the
total volume and the aggregate effects of the credit transactions of
the Federal reserve banks. In the discharge of the responsibility
placed upon it by the act for the " review and determination " of the
discount policy and discount rates of the Federal reserve banks
"with a view of accommodating commerce and business/7 the Federal
Reserve Board must look for guidance primarily to information concerning the state of industry and trade and the state of credit.
Changes in the volume of bank credit in use are the outcome of
changes in the volume of business. A proper and effective credit
policy, considered in its broader aspects must, therefore, be based on
that wide variety of economic facts which, when brought together,




36

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

throw light on the changes taking place in the business situation
and their relation to current banking and credit trends.
While statistical information concerning production and distribution, covering the whole range of business activity from producer to
consumer, is not complete, it is sufficient to indicate currently the
rate at which goods are being produced and marketed. Information
of this character, as a result of the growing recognition of its value
;and of the activities in collecting such information both by governmental and private agencies, is now available more currently and
in more lines of industry and trade than ever before. The changes
from month-to-month recorded in these figures, when brought together and interpreted, indicate the nature and rate of readjustments
which are constantly taking place in the industrial and business
situation. The activity of business, as measured by these current
statistics, is the outcome of the decisions and actions of a large number
,of individual business men. They are, to be sure, in form and in
.substance an account of the immediate past, but they also give indications of the conditions affecting the course of business in the
future. While this information does not make it possible to measure
.or estimate in advance the probable aggregate volume of credit needs
or to combine into any single formula the elements of judgment
applicable to varying credit situations as they arise, it provides
ibasic data needed in banking administration. No statistical analysis can ever be a substitute for judgment in matters of credit
administration, but such analyses of economic conditions are indispensable as furnishing the factual basis for credit judgment and for
the development of credit policy.
In view of the importance of this information in the determination
of credit policy the Board and the Federal reserve banks collect
through their statistical organizations, in addition to current reports
on banking and credit conditions, basic economic data bearing on
changes in the volume of production, trade, and employment, and
the movement of prices both in the United States and abroad. The
volume of production in physical units indicates the extent of industrial activity and measures the output of goods which will subsequently come into the market. Monthly data are available for
basic industries, and while fluctuations in the volume of production
in these industries are wider than those in the total for all industries,
the data are sufficiently representative to indicate at any given time
the direction and trend of industrial activity. Changes in the volume
of employment at industrial establishments, figures for which are
available for a larger number of industries, not only reflect the degree
of current productive activity and thus supplement the figures on
production, but because of their bearing on the earnings of workers,
also indicate changes in the purchasing power of a large body of



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

37

consumers. It is the buying power of consumers which primarily
determines the demand for goods and the rate at which current production can be maintained. The movement of goods into the hands
of final purchasers is measured by the volume of retail buying,
which for many lines of trade throughout the country is reported
monthly. The rate at which goods are moving through the intermediate channels of distribution is reflected in the volume of wholesale
trade and of the shipments of merchandise. A smooth distribution
of goods requires that stocks of raw materials and merchandise shall
be held at different points in the marketing process, and the extent
to which the marketing is orderly—that is, without undue accumulation or exhaustion of stocks—is shown in the changes in the volume
of stocks held by producers and distributors. While information concerning stocks is not yet as complete or as current as information on
production and trade, it is now available for many commodities and
is steadily becoming more satisfactory.
Since the purpose of the Board and of the Federal reserve banks in
collecting and compiling this current economic information is to
measure changes in the volume of production and trade in relation to
changes in the volume of credit, the various lines of information are
put into the form of index numbers for purposes of comparison.
The use of index numbers, by placing the wide variety of information
on a common basis, makes possible comparisons of the direction and
rate of change in the basic industrial and commercial activities in
their relation to credit trends.
In the current surveys of business conditions published by the
Board and the Federal reserve banks, the economic data which they
collect are made available to the business community. These publications and the activities of other Government and private agencies
in the gathering and interpretation of information with reference to
current economic conditions are contributing to a better understanding of the factors at work in the business situation and a better
appreciation of the relation between business movements and the
volume of credit. The business community from which the demand
for credit arises is in a position, on the basis of the more adequate
information now available, to shape its policies with reference to
the use of credit in accordance with fundamental factors and thus to
cooperate with banking authorities in the maintenance of sound credit
conditions.
The circumstances whiqh have unavoidably led central banking
administrations in all countries to exercise a more direct judgment
concerning credit conditions and needs than was necessary in periods
when the gold standard functioned as an effective regulator of international trade and financial movements have been discussed earlier
in this report. Under the conditions that formerly obtained, action
S6538—24t




4

38

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

of a central bank was largely determined by forces that were registered in changes in its reserve position. No test so simple, so definiter
so easily understood, and so practicable has been found, nor is likely
to be found, as the old reserve ratio. The banking and business community in prewar days, looking at the position of the central bank—
that is, the state of its reserve and the position of its reserve ratio—
could see for itself what the state of credit was and what course of
action was indicated. The business community could, therefore,
closely approximate both the kind of action and the time of action
to be taken by central banking authorities. In circumstances which
made necessary the protection of their gold reserves, little scope was
left for the exercise of large discretion. Under present conditions,
however, and until the restoration in some form of the international
gold standard, discretion must inevitably play a larger r&le in central
banking administration than in pre-war days when more reliance
could be placed on changes in the reserve ratio. There is much
evidence that this altered situation in which the banking community
finds itself is being more fully understood by the general business
and borrowing public, and that a more intelligent comprehension
of present day credit problems is resulting.
The more fully the public understands what the function of the
Federal reserve system is and on what grounds and on what indications its policies and actions are based, the simpler and easier
will be the problems of credit administration in the United States.
For this reason it has been the policy of the Board to inform the public, either through its official monthly publication or by statements
to the press, on matters in which the public has an interest and to
which its attention should be drawn. By this means the Board
presents to the public a statement of the problems confronting the
system and of the attitude of the Board toward current banking
and credit developments. The public is a partner in the Federal
reserve system. The cooperation of the public based upon an understanding of the broad outlines of Federal reserve credit policy
is of the greatest advantage to a good functioning of the system.
The difficulties and disturbances which have confronted business
men, both in this country and abroad, during the period of postwar readjustments, have obliged them to take cognizance of the
fundamental factors which influence the movement of trade and industry and of the relation between these factors and the volume of
credit. In the United States more than ip any other country business men in recent years have shown a disposition to use current
statistical data measuring the rate and movement of basic factors
in the economic situation and to adjust the policies of their individual
business enterprises to the underlying economic forces. The Federal
reserve system in developing its policies is also in a position to use



39

ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD.

as guides these indicators of changes in the state of industry and
trade, and with the increasing public appreciation of the value and
meaning of these guides will to a larger degree have the cooperation
of an informed public opinion in the carrying out of its policies. It
is the belief of the Board that out of the experience of the United
States and other countries that are now endeavoring to adapt their
banking systems to the changing conditions and needs of industry
during this period of unprecedented disturbance, there may result a
larger conception of the function of these banking systems and
the development of a new and more competent basis of .credit
administration.
OPERATIONS OF THE FEDERAL RESERVE SYSTEM.
<•

In what follows there is presented the detail of the operation of
the Federal reserve banks and branches, together with an account
of administrative matters with which the Federal Reserve Board has
dealt during 1923.
CONDITION OF FEDERAL RESERVE BANKS.

At the end of 1923 total earning assets of the Federal reserve banks
were $1,211,000,000, or about $115,000,000 less than at the end of
1922. This reduction in earning assets was the result of a decline of
$303,000,000 in United States Government security holdings, partly
offset by increases of $105,000,000 in discounts and of $83,000,000 in
acceptances. Federal reserve note circulation was $149,000,000 smaller
on December 31, 1923, than on December 30, 1922. Total deposits
showed a decline of $14,000,000 for the year and reserves a decrease
3f $8,000,000.
Statements of condition for each of the 12 Federal reserve banks
xnd for the system as a whole are published in the appendix. The
'ollowing summary for the system as a whole shows the principal
terns for December 31, 1922 and 1923, and the changes for the year.
C O N D I T I O N OF T H E T W E L V E F E D E R A L R E S E R V E B A N K S C O M B I N E D .

[In thousands of dollars.]
1
Dec. 30.
1922. i

'otal reserves
Jold reserves
Jills discounted
Jills bought in open market
Jnited States Government securities
'otal earning assets
federal reserve notes in circulation..
'ota ] deposits




Dec. ?1,
1923

3,176 872
3,047 393
617 780
272 122
436 155
1,326 096
2 395, 789
1, 532
973,

168,934
3,080,032
723,068
354,637
133,566
1,211,322
2,246,673
1,959,579

Increase
( + ) or decrease (—).

+32,639
+105,288
+82,515
-302,589
-114,774
-149,116
-13,953

40

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
EARNINGS, EXPENSES, AND VOLUME OF OPERATIONS OF THE
FEDERAL RESERVE BANKS.

Gross earnings of the Federal reserve banks in 1923, as in the
preceding year, were about $50,000,000, owing to the fact that the
total volume of earning assets remained at about the same level
during the two years, though their composition was changed. The
average holdings of discounts and of acceptances was considerably
larger in 1923 than in the year before, while the average holdings of
United States securities was much reduced through the policy of
allowing maturing obligations of the United States Government to
be redeemed without purchasing other securities in their place. As
a consequence, earnings of the reserve banks from paper discounted
for member banks and from acceptances were larger in 1923 than in
1922, while earnings from Government securities showed a substantial decline.
A comparison for the past two years of daily average holdings of
each class of earning assets, earnings therefrom, and annual rates of
earnings is given in the following table:
HOLDINGS OF EAENING ASSETS, EARNINGS THEREFROM, AND ANNUAL RATES OF
EARNINGS.
[Amounts in thousands of dollars.]
Daily average
holdings.

Earnings.

1923

Bills discounted
Bills bought in open market
United States Government securities
Municipal warrants
Total
Miscellaneous earnings
Total earnings

1922

738 114
226,548
185,823
85

573 247 32 956
9,371
159,207
7,444
454, 750
4
66

1 150 570

1 187 97ft

1923

1922

Annual rates of
earnings (per
cent).
1923

1922

26 523
5,629
16,682

4 46
4.14
4.01
4.50

4 63
3.54
3.67
5.40

49, 775
934

48,838
1,653

4.33

4.11

50, 709

50,491

Current expenses of the Federal reserve banks have also been on
about the same scale for the past two years, in spite of the fact that
in the larger departments, such as transit and cash, the volume of
work handled has continued to increase. Salaries paid to clerical
employees showed a reduction for the year of $196,000—from
$14,222,000 to $14,026,000. Total current expenses, however, exclusive of fiscal agency department expenses reimbursable by the
Treasury Department, increased slightly and aggregated $29,771,000,
as compared with $29,559,000 in 1922.
A general idea of the volume of work performed by Federal reserve
banks in rendering services to member banks, mainly free of charge,
may be obtained from the table below, showing the number of pieces



41

ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD.

and the amounts handled in each of the larger departments of the
banks during the past three years. In the currency department, for
instance, it will be noted that the banks received and counted
1,723,000,000 different bills during 1923, or about 300,000,000 more
than were received and counted during 1922. In the coin department
the banks received and counted 2,076,000,000 pieces, as compared with
1,954,000,000 during 1922. The work of the transit department also
increased quite materially, as will be noted from the fact that the number of checks handled during 1923—697,000,000—exceeded the number handled in 1922 by 58,000,000, or by about 9 per cent. Departments mentioned above, whose services are rendered free of charge to
member banks, are the largest operating units in the Federal reserve
banks, and the work performed in these departments constitutes a
very large proportion of the total operations of the banks. Notwithstanding substantial increases in the volume of work in these
departments during 1923 over that handled in 1922, the work was
performed at a slightly reduced cost for clerical help. This was due in
part to the work of the committees on economy and efficiency of the
Federal Reserve Board and of the individual Federal reserve banks,
which have continued their endeavors to reduce the cost of conducting
the various activities of the banks in so far as consistent with efficient
operation and with the rendering of adequate service to member
banks.
VOLUME OF OPERATIONS IN PRINCIPAL
1923

DEPARTMENTS.
1922

1921

NUMBER OF PIECES HANDLED.

Bills discounted
Bills purchased in open market
Currency received and counted
Coin received and counted
Checks handled
Collection items handled:
United States Government coupons paid
All other...
United States securities—issues, redemptions, and
exchanges by fiscal agency department
Transfers of funds
,
Envelopes received and dispatched
AMOUNTS HANDLED.

782,000
179,000
1,722,877,000
2,076,075,000
697,464,000

841,000
142,000
1,424,672,000
1,953,632,000
638,634,000

1,435,000
127,000
1,353,020,000
1,647,677,000
574,921,000

64,662,000
5,732,000

81,694,000
4,722,000

98,501,000
3,575,000

2 109,115,000
1,413,000
44,932,000

24,753,000
1,190,000

42,067,000
1,080,000
(3)

$38,379,926,000
2,547,010,000
10,306,411,000
308,051,000
206,919,707,000

$22,082,887,000
1,954,688,000
8,602,185,000
221,871,000
160,472,450,000

$57,759,128,000
1,534,401,000
9,223,815,000
i 251,680,000
130,482,253,000

761,731,000
5,900,520,000

759,124,000
4,768,971,000

772,330,000
4,267,651,000

8,414,107,000
78,867,108,000

14,135,914,000
70,553,465,000

18,527,752,000
50,936,519,000

:

Bills discounted
Bills purchased in open market
Currency received and counted
Coin received and counted
Checks handled
Collection items handled:
United States Government coupons paid
All other
United States securities—issues, redemptions, and
exchanges by fiscal agency department
Transfers of funds

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




42

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

At the time of closing the books on December 31 the Federal
reserve banks obtained permission from the Board to charge their
current net earnings with $4,022,246 to cover depreciation on bank
premises. These depreciation charges were made in accordance with
the instructions of the Board, which provide that in general depreciation allowances on bank buildings in excess of 2 per cent of the
estimated replacement cost of the buildings (including vaults but
excluding fixed machinery and equipment) will not be approved. An
-exception is made in cases where the book value of the buildings,
owing to high construction costs during the war and post-war periods,
is materially above the estimated replacement cost; under such circumstances requests for permission to write off a depreciation charge
in excess of 2 per cent are given consideration. No depreciation
allowances are authorized on land when the estimated market value
of the land is equal to or in excess of its book value. The Federal
reserve banks are allowed to set up a separate depreciation reserve to
cover depreciation on fixed machinery and equipment, such depreciation reserve being based on the estimated life of the machinery and
equipment, but in no case to exceed 10 per cent per annum.
The Board also authorized eight of the Federal reserve banks to set
aside reserves aggregating $2,448,775 to cover probable losses in
connection with doubtful or worthless paper held under discount for
member banks. In case any part of the reserves set aside for this
purpose is not actually required to cover losses it will be returned to
the banks' profit and loss accounts and distributed in accordance
with section 7 of the Federal reserve act.
Gross and net earnings of each Federal reserve bank during the
year, dividends paid to member banks, additions to surplus account,
and amounts paid to the Government as franchise taxes are shown in
the following table:
FINANCIAL RESULTS OP OPERATION OF THE FEDERAL RESERVE BANKS DURING

1923.

Federal reserve bank.

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

Net earnings
available for
dividends,
franchise tax
and surplus.

Gross
earnings.

Current
expenses.

Current net
earnings.

Net deductions from
current net
earnings.

$3,506,683.20
11,413,182.76
4,592,770.81
4,655,090.44
2,878,896.24
2,682,313.70
6,511,358.49
2,753,434.72
1,749,253.46
2,993,919.41
2,3.56,436.18
4,615,227.13

$2,134,253.81
6,880,136.17
2,295,726.15
2,550,659.26
1,551,155.58
1,294,231.43
4,373,023.94
1,472,675.25
1,082,137.35
1,928,119.36
1,391,228.15
2,817,165.11

$1,372,429.39
4,533,046.59
2,297,044.66
2,104,431.18
1,327,740.66
1,388,082.27
2,138,334.55
I)280,759.47
667,116.11
1,065,800.05
965,208.03
1,798,062.02

$120,294.25
1,489,367 49
119,208.12
1,183,210.13
234,897.96
1,035,903.26
959,979.73
98,596.84
341,660.93
718,088.59
632,925.80
1,292,636.20

$1,252,135.14
3,043,679.10
2,177,836.54
921,221.05
1,092,842.70
352,179.01
1,178,354.82
1,182,162.63
325,455.18
347,711.46
332,282.23
505,425.82

50,708,566.54

29,770,511.56

20,938,054.98

8,226,769.30

12,711,285.68




ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

43

FINANCIAL RESULTS OF OPERATION OF THE FEDERAL RESERVE BANKS

DURING

1923—Continued.
Transferred to surplus account.
Federal reserve bank.

Dividends
paid.

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

For purpose of 10 per cent of
bringing surplus up to sub- balance of net
earnings.
scribed capital.

Total.

$480,267.31
1,749,239.47
582,291.58 ""$i,"i32;259"57"
725,626.57
195,594.48
343,721.73
342,295.22
264,621.84
904,370.94
296,809.68
353,927.08
212,732.68
275,313. 51
251,429.01
80," 853." 22'
467,719.53
37,706.29

$77,186.78
129.443.96
46,328.54

6,552,717.34

401,450.59

2,144,062.37

Paid to
United States
Government
as franchise
tax.

$694,681.05
1,164,995.67
416,956.85

2,545,512.96

40,682.57
8,755.72
27,398.39
53,142. 58
11,272.25
7,239.80

$77,186.78
129,443.96
1,178,588.11
195,594.48
384,404.30
8,755.72
27,398.39
407,069.66
11,272.25
7,239.80
80,853.22
37,706. 29

3,613,055.38

366,143.18
78,801.45
246,585.49
478,283.29
101,450.25
65,158.15

While in 1921 and 1922 franchise taxes were paid to the Government by all Federal reserve banks except Dallas, in 1923, owing to
smaller earnings and to larger transfers to surplus account, there
were three reserve banks, those of Cleveland, Dallas, and San Francisco, that paid no franchise tax to the Government. Larger transfers
to surplus account by these banks were occasioned by the substantial
increase during 1923 in the capital accounts of these reserve banks
as a result primarily of increases in the paid-in capital and surplus
of their member banks. In accordance with the provisions of the
Federal reserve act, Federal reserve banks transfer to surplus account
all net earnings remaining after the payment of dividends until the
surplus account equals 100 per cent of subscribed capital. Increases
in the capital of member banks, therefore, result in larger transfers to
surplus by the reserve banks and in a corresponding decrease in
earnings available for the payment of the franchise tax.
RATIO OF CURRENT N E T EARNINGS TO CAPITAL AND TO CAPITAL AND SURPLUS
COMBINED, 1923.
Daily average
Federal reserve bank.

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




Current net
earnings.

Paid-in
capital.

Surplus.

$1,372,429
4,533.047
2,297,045
2,104,431
1,327,740
1,388,082
2,138,335
1,280,760
667,116
1,085,800
965,208
1,798,062

$8,004,450
29,153,983
9,704,867
12,093,767
5,704,917
4,410,367
15,072,850
4,946,833
3,545,550
4,588,550
4,190,483
7,795,333

$16,312. 376
59,799; 523
18,748. 740
23,495; 543
11,288, 078
8,941, 553
30,398, 177
9,664, 673
7,472, 947
9,488, 300
7,496, 307
15,263, 332

20 938,055

109,211,950

218,369,549

Ratio of current net
earnings to average
Paid-in
capital.

Paid-in
capital
and
surplus.

Per cent.. Per cent.
17.1
5,6
15.5
5.1
23.7
8.1
17.4
5.9
23.3
7.8
31.5
10.4
14.2
4.7
I
25.9
8.8
I
18.8
6.1
I
23.2
7.6
!
23.0
8.3
i
23.1
7.8
19.2

6.4

44

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
BUILDING OPERATIONS OF FEDERAL RESERVE BANKS.

At the end of 1923 all the Federal reserve banks except New York,
St. Louis, and Minneapolis were occupying their own buildings.
During the year the Federal Reserve Banks of Cleveland and of
San Francisco moved into their new buildings, though the building
of the San Francisco bank was not yet completed. The building
in New York is approaching completion, and it is expected that it
will be occupied some time during 1924. The building in Minneapolis is more than half completed, and contracts have been let for
a building to be constructed in St. Louis. The New Orleans branch
of the Federal Reserve Bank of Atlanta and the Oklahoma City
branch of the Federal Reserve Bank of Kansas City also moved
into their new buildings during 1923, so that in addition to nine
Federal reserve banks there are now ten Federal reserve branches
occupying their own buildings.
The addition to the building of the Federal Reserve Bank of
Atlanta was completed during the year, and construction has begun
on the building for the Jacksonville branch. The Board also authorized the Federal Reserve Banks of St. Louis and San Francisco to
obtain bids for the construction of banking houses at Little Rock
and Salt Lake City. In December the Federal Reserve Bank of
Philadelphia purchased property adjoining its present bank building, with a view of providing additional space either by remodeling
the building purchased or by the construction of an annex.
All Federal reserve banks and branches now have buildings or
building sites, except the branches at Buffalo, Birmingham, Memphis, Seattle, Spokane, Los Angeles, and Portland. The cost of
building operations at each Federal reserve bank and branch to
December 31, 1923, is shown on pages 198 and 199.
BRANCHES AND AGENCIES OF FEDERAL RESERVE BANKS AND THEIR
OPERATIONS.

Of the 23 branches of Federal reserve banks at the close of 1923, 1
(New Orleans) was established in 1915, 5 in 1917, 10 in 1918, 4 in
1919, 2 in 1920, and 1 (Helena) in 1921. No applications for the
establishment of additional branches were approved by the Board
in 1923 or were under consideration at the end of the year. Hearings on a petition for the establishment of a branch of the Federal
Reserve Bank of Kansas City at Wichita, Kans., were held by the
Board on September 6 and on December 18, 1923. This application
was denied on the ground that the improvement that would be
likely to result in the services rendered banks in the proposed territory would not appear to be sufficient to warrant the additional
expense required to maintain a branch at Wichita.



ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD.

45

In addition to the branches there are three agencies of the Federal
reserve banks, one of which (in Savannah) was established in 1919 by
the Federal Reserve Bank of Atlanta for the purpose of supplying
the currency needs of member banks in that city. In 1923 the Board
authorized the establishment of agencies in Havana, Cuba, by the
Federal Reserve Banks of Boston and Atlanta, and these agencies
were opened for business on September 1. The occasion for the
establishment of the Cuban agencies, the first to be opened in foreign
territory, was that United States currency is legal tender in Cuba
and a considerable volume of our currency, chiefly Federal reserve
notes, has been in circulation in Cuba for a number of years. No
adequate machinery, however, had been in operation for the withdrawal from circulation of unfit United States currency and for its
replacement with new money. It was felt that this could be accomplished through the purchase and sale of cable transfers, bankers'
acceptances, and bills of exchange in Cuba, and the agencies of the
reserve banks in Cuba were established for the purpose of performing
these functions. The Board's resolution authorizing these agencies
is appended.
The agency of the Federal Reserve Bank of Boston is authorized
to buy and sell cable transfers, to buy, sell, and collect prime bankers'
acceptances and prime bills of exchange, but, except under certain
specified conditions, is not permitted to pay out any currency in
Cuba. The activities of the Federal Reserve Bank of Atlanta, on the
other hand, are limited to currency operations and to the purchase,
sale, and collection in Cuba of such bankers' acceptances and bills of
exchange as have originated in, or are drawn upon, banks or other
drawees in the Sixth Federal Reserve District. The Atlanta agency
may purchase other bills only upon request of and for account of the
Federal Reserve Bank of Boston. Acceptances and bills of exchange
eligible for purchase by the Cuban agencies must be payable in
dollars, must arise out of actual import or export transactions, must
bear the signature of two or more responsible parties, as well as a
satisfactory bank indorsement, must have not more than 90 days to
run exclusive of days of grace, and must be secured at the time of
purchase by shipping documents evidencing the actual import or
export and sale of goods.
CUBAN AGENCIES—RESOLUTION ADOPTED BY FEDERAL RESERVE BOARD AT MEETING JULY 30, 1923 (AMENDING ACTION OP JUNE 27, 1923).

Whereas the United States Government, by virtue of the so-called Platt
amendment has entered into relations with Cuba which it does not have with
any other foreign country, especially in matters of finance and currency, the
currency of the United States having been made legal tender by Cuba;
Whereas the Federal Reserve Board is of the opinion that the establishment of
an agency in Cuba is desirable as a means of stabilizing banking conditions and
furnishing an adequate supply of clean currency;



46

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

Whereas the President of the United States and the State Department have
advised this Board that it is important that such an agency should be established;
Whereas the Federal Reserve Bank of Atlanta and the Federal Reserve Bank
of Boston have each petitioned the Federal Reserve Board for authority to establish an agency in Havana, Cuba, for the purpose of conducting operations permitted under section 14 of the Federal reserve act;
Whereas the Federal Reserve Bank of Boston desires to establish such an
agency primarily for the purpose of buying and selling cable transfers and buying,
selling, and collecting bankers' acceptances and bills of exchange bearing satisfactory bank indorsements;
Whereas a substantial portion of the currency now in circulation in Cuba
consists of Federal reserve notes of the Federal Reserve Bank of Atlanta; and it
is feared that the establishment of an agency of another Federal reserve bank in
Cuba might result in the retirement of such notes from circulation; and the
Federal Reserve Bank of Atlanta desires to establish an agency in Cuba primarily
in order that it may maintain the circulation of its Federal reserve notes in Cuba;
Whereas the Federal Reserve Bank of Boston does not desire to put its Federal
reserve notes in circulation in Cuba but is willing, if authorized to establish such
an agency, to preserve as far as possible the circulation in Cuba of Federal
reserve notes issued through the Federal Reserve Bank of Atlanta;
Be it resolved by the Federal Reserve Board, that the applications of the Federal
Reserve Bank of Atlanta and the Federal Reserve Bank of Boston for permission
to establish such agencies are hereby granted on the following terms and conditions:
(1) The Federal Reserve Bank of Atlanta and the Federal Reserve Bank of
Boston are each authorized to establish an agency in Havana, Cuba, and through
such agency to buy and sell cable transfers; buy, sell, and collect prime bankers'
acceptances and prime bills of exchange, which acceptances and bills are payable
in dollars, arise out of actual import or export transactions, bear the signatures
of two.or more responsible parties, bear a satisfactory bank indorsement, have
not more than 90 days to run, exclusive of days of grace, and are secured at the
time of purchase by shipping documents evidencing the actual import or export
and the actual sale of goods and conveying or securing title to such goods; and
to exercise only such incidental powers as shall be necessary to the exercise of
the above powers. The term " bills" as hereinafter used shall mean cable
transfers, bankers' acceptances, and bills of exchange of the kinds described in
this paragraph.
(2) The Federal Reserve Bank of Atlanta shall not buy or sell any cable
transfers except at the request of the Federal Reserve Bank of Boston as provided in paragraph 3 hereof, and shall not purchase, sell or collect any bills in
Cuba except such as originate in or are drawn upon banks or other drawees, in
the Sixth Federal Reserve District; and shall purchase no other bills nor purchase or sell any cable transfers except upon the request of, and for the account
of, the Federal Reserve Bank of Boston.
(3) The Federal Reserve Bank of Boston shall not pay out any currency in
Cuba, except as hereinafter provided, and whenever bills or cable transfers are
offered for sale to its Havana agency and the sellers request payment in Federal
reserve notes or other currency, the Federal Reserve Bank of Boston shall request the Federal Reserve Bank of Atlanta to purchase such bills or cable transfers for it and immediately pay for them with Federal reserve notes issued
through the Federal Reserve Bank of Atlanta or other currency. The Federal
Reserve Bank of Atlanta shall comply with all such requests and shall make
immediate payment, and shall immediately resell such cable transfers or bills
to the Federal Reserve Bank of Boston at cost and without recourse. If the
Federal Reserve Bank of Atlanta shall fail to purchase such bills or cable trans-




47

ANNUAL REPORT OF THE FEDERAL. RESERVE BOARD.

fers promptly for the Federal Reserve Bank of Boston or shall not have available
in Havana a sufficient supply of currency, the Federal Reserve Bank of Boston
may itself purchase such bills and pay for them with its own Federal reserve
notes. In making sales of cable transfers and bills of exchange where currency
is tendered in payment, the Federal Reserve Bank of Boston shall require the
purchasing banks to make the currency payments to the agency of the Federal
Reserve Bank of Atlanta for credit to its account. All settlements between
the agencies shall be made at the request of the creditor bank by the head offices
through the gold settlement fund. Neither bank shall make any direct exchanges
of currency in Cuba.
(4) The establishment and operation of such agencies, and the exercise of all
the above powers through such agencies, shall be subject to such changes and such
further rules and regulations as the Federal Reserve Board may prescribe from
time to time.
(5) The Federal Reserve Board expressly reserves the right to revoke its consent at any time to the continuance of such agencies, to require the discontinuance of such agencies or to authorize the establishment of new agencies whenever
an its discretion it considers it desirable to do so.
CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM DURING
1923.

At the close of the year 1923 the total number of member banks
In active operation was 9,774? as indicated by reports of condition at
that time. Of this number 8,179 were national banks and 1,595
State banks and trust companies. During the year there was a net
decrease in active membership of 85; the decrease in the number
of national banks was 41, and the decrease in the number of State
banks and trust companies 44. Decreases in membership occurred
in most of the districts, particularly in the Minneapolis, Kansas
City, and San Francisco districts. In the New York, St. Louis, and
Philadelphia districts, on the other hand, the number of members
increased during the year. Changes in membership by districts for
the year are shown in the table below.
MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM.
State banks ancI trust
companie

Total membership.

Dec. 29, D e c . 31,
1922.

1923.

National banks.

Increase
Increase
Increase
(+)or D e c . 29, Dec. 31, ( + )or Dec. 29, Dec. 31, (+)or
decrease 1922.
1923.
decrease 1922.
1923.
decrease

(-).

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

9,859

9,774

-85

1,639

1,595

-44

8,220

8,179

429
803
716
880 '
630
536
1,440
608
1,000
1,142
855
820

424
835
722
877
627
525
1,427
624
940
1,122
849
802

—5

39
136
58
116
68
143
379
121
130
43
199
207

36
143
66
118
66
140
369
127
109
36
190
195

-3

390
667
658
764
562
393
1,061
487
870
1,099
656
613

388
692
656
759
561
385
1,058
497
831
1,086
659
607




+ 32
+6
-3
o

-11
-13
+ 16
-60
-20
-6
-18

+7
+8
-2
-3
-10

+6

-21
-7
-9
-12

-41
—2

+25
-2
-5
—1
—8
3

+10
-39
-13
+3
-6

48

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

The reduction of 85 in Federal reserve membership was the net
result of the addition of 210 member banks and the loss of 295. Of
the banks added to the membership, 2 were banks previously closed
which resumed activities during the year, 89 were newly organized
national banks, and 121 were formerly nonmembers which joined
the system. Of the losses in membership, mergers accounted for 87,
of which the largest number were in the San Francisco district, voluntary liquidation accounted for 31, absorption by nonmember
banks for 48, voluntary withdrawal of State banks and trust
companies for 29, and insolvencies or suspensions for 102.
BRANCH BANKING.

The Board has called attention in previous reports to the growth
of branch banking in some portions of the country. In the State
of California the development has been rapid and continuous in
recent years. The growth of branch banking presents a problem
which is receiving the serious attention of the Board, with a view of
finding a satisfactory method of dealing with the situation. The
difficulties of the problem arise in part from the differences in the
legislation of the various States and the competitive disadvantages
suffered by national banks in States that permit branch banking.
The Board is hopeful that it can by administrative measures find
some reasonable method of harmonizing existing differences of interest of State and national banks in the matter of branch banking,
and thus lay the basis for a policy which will result in shaping the
development and practice of branch banking in the United States
along useful and serviceable lines.
CHECK CLEARING AND COLLECTION.

On June 11, 1923, the United States Supreme Court handed down
decisions in the Atlanta and Richmond par clearance cases, which
are of great importance in the Federal reserve par collection system.
In the Board's annual report for 1922, at pages 30 to 33, the preliminary steps of this litigation were reviewed and a brief statement
relative to the final decisions will be given here.
Atlanta par clearance case.—In a unanimous opinion the Supreme
Court affirmed the right of Federal reserve banks to collect for other
Federal reserve banks, for member banks and for affiliated nonmember banks checks on any bank within their respective districts,
if such checks are payable on presentation and can in fact be collected
consistently with the legal rights of the drawee without paying an
exchange charge. The court said that within these limits Federal
reserve banks have ordinarily the same right to present a check to
the drawee bank for payment over the counter as any other bank



ANNUAL REPORT OF THE FEDERAL, RESEEVE BOARD.

49

would have. The Federal Reserve Bank of Atlanta was fully exonerated of all charges of coercion and wrongful intent in its checkcollection methods. The court held that it had acted not only
entirely within its own rights, but also without violating any right
of the nonmember banks involved in the case, which are not entitled
to protection against legitimate competition and whose loss of revenue
from exchange charges resulting from the superior collection facilities
of the Federal reserve system must be considered damnum absque
injuria. The decision also stands for the proposition that Federal
reserve banks are prohibited from paying exchange charges on checks
forwarded by them for collection. This decision is reported in 262
U. S. 643, under the caption American Bank and Trust Co. v. Federal
Reserve Bank of Atlanta.
Richmond par clearance case.—In this case the primary question
involved was the validity of a North Carolina statute which authorized State banks to charge exchange on remittances covering checks
drawn on them and made such checks, when presented by or through
a Federal reserve bank or any agent thereof, payable at the option
of the drawee banks in exchange drafts on their reserve deposits,
unless the drawer of the check had expressly stipulated for payment
in cash. The Supreme Court, two justices dissenting, held this statute
to be constitutional. In reaching this conclusion, the court ruled
that the Federal Reserve Board is not required by law to establish
a universal system of par clearance and that Federal reserve banks
are not required to receive for collection or collect at par checks
drawn on nonmember banks which refuse to remit at par, although
they have the right to do so. The court affirmed the right of unaffiliated nonmember banks to charge exchange on remittances for
checks drawn on them, but intimated that if they insist on charging
exchange they should not share in the facilities of the par collection
system. In this case, also, the court held that Federal reserve banks
can not pay exchange charges. This decision is reported in 262
U. S. 649, under the caption Farmers & Merchants Bank v. Federal
Reserve Bank of Richmond.
The effect of these two decisions is that Federal reserve banks are
authorized, but not required, to collect any check which is payable
on presentation Without deduction for exchange; that the check
clearing system should be voluntary in that unaffiliated nonmember
banks should not be compelled to forego their right to charge exchange, and that it should be reciprocal in that nonmember banks
which will not remit at par for checks drawn on them should not
be permitted to share in the par collection facilities. The text of
the Supreme Court's opinions discussed above is published on
pages 296-304.



50

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

There have been no important developments in the par clearance1
litigation affecting the Federal Reserve Banks of Cleveland and
San Francisco since the publication of the Board's annual report
for 1922, in which the preliminary aspects of this litigation were
discussed.
Following the decisions of the Supreme Court in the Atlanta and
Richmond par clearance cases, the Board took under consideration
what changes should be made in existent check collection practices
in order to conform to the fullest extent to the spirit as well as the
letter of these decisions. The Board had conceived it to be its duty
under the law to establish in the United States a universal system
of par clearance and collection of checks, and in accomplishing that
purpose certain of the Federal reserve banks had found it appropriate
to maintain agents other than banks for the purpose of making
collections at par of checks drawn on nonpar remitting banks. TheSupreme Court, however, having declared that the Board has no
duty to establish par clearance, the Board directed Federal reserve
banks until further notice to discontinue the use of all such agents
other than banks, with the result that Federal reserve banks do not
now handle for collection checks drawn upon nonmember banks
and not collectible at par through usual banking channels. Other
suggested changes in the par collection system have also been carefully studied, but no final action has been taken by the Board.
REDISCOUNTS FOR NONMEMBER BANKS.

-On June 26, 1923, the Board revoked the permission which had
formerly been granted to member banks to act as the media or agents
of nonm ember banks in rediscounting paper with Federal reserve
banks. In order to relieve the general financial stringency during
the emergency of 1921, the Board had granted blanket authority
to member banks to rediscount nonmember bank paper with Federal
reserve banks, but the emergency period having passed, the Board
felt that it would contravene the intent of Congress if this general
permission were continued. Section 19 of the Federal reserve act
provides in part that "No member bank shall act as the medium
or agent of a nonmember bank in applying for or receiving discounts
from a Federal reserve bank * * * except by permission of
the Federal Reserve Board.M The obvious purpose of this provision
is to prevent nonmember banks from obtaining the benefit of the
rediscount privilege, Congress apparently intending that all banks
which desire the benefits of the Federal reserve system ought to
become member banks and contribute their quota to its resources
and successful operation. That this is still the policy of Congress is
indicated by the provision in the agricultural credits act of 1923y
which authorizes Federal reserve banks to discount agricultural



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

51

paper for Federal intermediate credit banks, excepting such paper
as bears the indorsement of a nonmember bank which is eligible for
membership in the Federal reserve system.
In withdrawing from member banks the general privilege of rediscounting nonmember bank paper, the Board let it be known that
Federal reserve banks might continue to discount bankers' acceptances
and other eligible paper bearing the signature or indorsement of a
nonmember bank if such paper were bought by the offering bank in
good faith in the open market from some party other than a nonmember bank. The Board also indicated that in exceptional cases
and upon specific application it would grant member banks permission to rediscount nonmember bank paper, particularly in cases
where the nonmember bank involved was ineligible by law for
membership in the Federal reserve system.
ADMINISTRATION OF CLAYTON ACT.

During 1923 there have been a number of developments in the
administration of the law relating to interlocking bank directorates
which the Board desires to call to the attention of Congress.
In its annual report for the year 1921, on pages 87 to 89, the
Board pointed out certain difficulties in the administration of the
Kern amendment to the Clayton Act and certain illogical and inequitable situations created by the unscientific modus operandi of
that provision and recommended the enactment of an amendment
to remedy the situation. A bill to effect this purpose had been introduced in the House of Representatives on April 21, 1921, and referred to the Committee on Banking and Currency. Pending consideration of this bill a number of applications for the Board's permission for interlocking directorates were received, which the Board
had no power to grant under the terms of the existing law, because
the banks involved appeared to be in substantial competition. If
the proposed amendment were enacted, however, the Board believed
that it would be authorized to grant its consent to the interlocking
directorates in such cases, and it accordingly deferred final action on
these applications in the anticipation that the proposed bill would
become law. Upon the adjournment of the Sixty-seventh Congress,
however, without any action having been taken upon this bill, the
Board felt that it could not properly continue to hold the pending
applications in abeyance, and it therefore proceeded to their final
consideration. All these applications have now been disposed of,
the permission applied for being refused or granted, depending upon
whether the banks involved were or were not in substantial competition.
Questions have been raised from time to time in the past with regard to the Board's attitude in the matter of the revocation of per


52

ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD.

mits for interlocking directorates which have been granted, particularly in cases where the banks involved have come into substantial
competition since the time when the permits were granted. In such
cases the Board has no power under the law to permit additional
common directors between the banks involved, and it has been represented that, because of the anomalous situation thereby created, the
Board should exercise its undoubted power to revoke the permits
formerly granted. The Board gave this question very careful consideration. Its counsel advised that the law does not require it to
revoke permits in any case, but that the power to revoke them is discretionary. To aid it in determining how this discretionary power
should best be exercised, the Board directed its 12 Federal reserve
agents to make a comprehensive review of the situation affecting
interlocking directorates in their districts, designed to inform the
Board in detail whether the terms of section 8 of the Clayton Act
were being complied with, and with particular reference to all cases
involving banks having interlocking directorates which had been
granted at a time when no substantial competition existed, but which
could not then be granted under the Kern amendment, because the
institutions affected had since become substantial competitors. This
investigation disclosed that in a few cases banks with common directors have become substantial competitors since the time when permits for such directorates were granted, either through the natural
growth of competitive business or through the acquisition of competitive business incident to a consolidation.
After careful study, the Board decided not to revoke permits in
cases where the interlocking directorates have resulted in the growth
of competition between the banks involved, believing that this policy
would best serve to carry out the underlying intent of the Clayton
Act, which, in the Board's view, is to preserve competition between
naturally competitive elements and thus prevent the formation of
monopolies in various kinds of business in their inception. Where
banks having common directors have become substantial competitors,
it is obvious that such interlocking directorates have fostered, or at
least not prevented, the free growth of competition, and this seems to
be precisely what the Clayton Act was designed to accomplish. The
Board, therefore, saw no valid reason for breaking up such directorates.
It is true that in cases where competition has grown up between certain banks having common directors the Board has no power, under
the Kern amendment, to permit additional common directors between
the same banks, but this apparent discrimination, resulting from the
Board's lack of adequate power under the present terms of the law
to deal appropriately with such cases, is a condition which should be
remedied by suitable legislation. It surely is not of sufficient gravity
to warrant the Board in penalizing directors who have permitted their



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

53

banks to come into substantial competition and have thus acted in
harmony with the spirit and purpose of the law. The Board believes
rather that such directors should be permitted to continue to serve
their institutions, and that permits granted under the Kern amendment should be revoked only in cases where the interlocking directorate has the effect of lessening or stifling competition between banks
which, but for the common directorate, would normally compete, or
where there is some other violation of the intent and purpose of the
law.
As noted above, a bill was introduced in the House of Representatives on April 21, 1921, which would authorize the Board to grant
permits for interlocking directorates between competitive banks if
in its judgment u no restriction of banking credit or lessening of
competition will result." This amendment was framed by the
Board's committee on the Clayton Act, and cogent reasons for its
enactment are contained in that committee's report to the Board,
published on pages 352 to 356 of the Board's annual report for 1921.
In its present form the act operates in an illogical way and often
defeats the very purpose for which it was enacted. It empowers the
Board to permit interlocking directorates between banks which are
not in substantial competition, even though they have deliberately
eliminated competition; but it does not authorize the Board to permit
such relationships between banks which have become active competitors in spite of the presence of common directors on their boards.
(Of course, if the Board finds that the banks in question have stifled
competition by common agreement, it would not permit interlocking
directorates between them, even though it has power to do so.) The
act also operates inequitably against national banks, because it
restricts them in their choice of directors, but does not restrict State
banks and trust companies, and thus national banks are seriously
handicapped in their competition with State incorporated institutions. If Congress desires the continuance of free competition
between banking institutions, this factor should be considered.
Very recently a large national bank in New York, which had under
consideration the question of denationalization, represented to the
Board that the applicability of the Clayton Act in the case of a certain
director would be the determining factor in its decision upon this
question. Other similar cases have been brought to the Board's
attention.
In some cases, also, the refusal to permit an interlocking directorate
may have an adverse effect upon the banking and credit situation in
the community, and the Board believes it should have power to deal
with such cases appropriately. A recent case in point involved two
national banks in a small southern city, which had as a common
director a man of great influence in the community. The banks were
86538—24t




5

54

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

in an extended condition due to the large amounts which they had
loaned to the farmers, and their ability to continue their agricultural
loans and at the same time keep their doors open depended upon the
unshaken confidence of their depositors. It was represented to the
Board that if the law were strictly enforced and the influential common director were required to resign from either bank, the community would fail to understand the reason for his resignation, but
would immediately suspect the solvency of the institution and a
financial crisis would ensue, which might cause irreparable injury to
the banking and farming situation in that district. Yet the two
banks were admittedly in substantial competition, and under the law
as it stands the Board had no power to permit the interlocking directorate. Under these extreme circumstances, however, the Board
held that it might properly defer final action upon the application,
pending improvement of the financial and agricultural situation in
the affected district and pending action by Congress on the bill
proposed by the Board.
For these various reasons the Board believes that it will be very
desirable to amend the Clayton Act substantially as proposed by
the bill introduced in 1921, and it takes this opportunity to renew
its urgent recommendation that some such legislation be enacted.
During the past year the Board has received and considered 347
applications presented to it for permission to serve in interlocking
directorates.
TRUST POWERS OF NATIONAL BANKS.

The right of national banks to exercise trust powers has during the
past year been involved in litigation in the States of Pennsylvania and
Missouri.
The Board's annual report for 1922 discussed the preliminary stages
of the litigation in Pennsylvania which concerned the right of the Corn
Exchange National Bank of Philadelphia to act in a fiduciary capacity. It will be recalled that the Orphans' Court, in which the question
first arose, refused to recognize the bank's right to act as guardian or
to appoint it as such, on the ground that the exercise of trust powers
by national banks in Pennsylvania was in contravention of the State
law. The court based this conclusion upon certain conflicts between
the State law relating to the administration of trusts by State banking
institutions and the provisions of section 11 (k) of the Federal reserve
act. On appeal, the Superior Court of Pennsylvania reversed the
Orphans' Court and upheld in all respects the rights of national banks
in Pennsylvania to exercise trust powers. An appeal was then taken
to the Supreme Court of Pennsylvania by the Commonwealth, which
had intervened in the proceeding.
On April 9, 1923, the Supreme Court of Pennsylvania rendered its
decision in this case, affirming the decision of the Superior Court and
finally establishing the right of national banks in that Commonwealth




ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

55

to act in fiduciary capacities when authority therefor is given by the
Board under section ll(k) of the Federal reserve act. The court
considered the various conflicts between State and Federal laws and
ruled definitely that the latter are paramount and must prevail;
that Congress, in defining what should be considered u in contravention oh State law/" had made the right of national banks to
exercise trust powers depend upon the existence of that right in
competitive State institutions, and that if such State banks or trust
companies are given the right to exercise trust powers, national
banks must be accorded the same right, irrespective of differences
in the rules governing the exercise of trust powders. The decision
is reported under the caption In re Turners Estate, 277 Pa. 110; 120
Atl. 701, and the text of the opinion is published on pages 304-307.
The litigation in Missouri concerned the right of the Burnes National Bank of St. Joseph to act as executor under a will in which it
had been named. The Probate Court on January 29, 1923, refused
to issue letters testamentary to the national bank on the ground that
the bank was not authorized to act as executor under the laws of
Missouri. The national bank applied to the Supreme Court of
Missouri for a writ of mandamus requiring the Probate Court to
issue letters testamentary to the national bank. On January 47
1924, the Supreme Court of Missouri rendered an opinion upholding
the decision of the Probate Court and denying the writ of mandamus. In its decision the court held that the exercise of trust powers
by national banks in Missouri, is in contravention of State law,
largely because of the conflicts between the provisions of the State
law and of section 11 (k) of the Federal reserve act relating to the
administration of trusts. The court considered the provision in
section ll(k) that the exercise of trust powers by national banks
shall not be considered in contravention of State' law when State institutions, which compete with national banks, are permitted to exercise such powers, but failed to apply it, arguing that it was not
controlling and that trust companies in Missouri did not compete
with national banks in the sense contemplated by the statute. The
full text of the opinion is published on pages 307-314.
A number of the larger national banks in St. Louis and Kansas
City were represented in the proceeding and have appealed the case
to the United States Supreme Court on a writ of error. The United
States has also intervened in the proceeding, through the Solicitor
General, in order that the right of national banks to exercise trust
powers, granted by Federal law, may be fully protected. The case
has been set for argument before the United States Supreme Court
on April 7, 1924.'
1
On April 28, 1924, the United States Supreme Court rendered its decision in this case, reversing the
decision of the Missouri Supreme Court and definitely upholding the right of national banks in Missouri
to exercise trust powers. Th3 full text of the opinion is published on pages 314-315.




56

ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD.

Permits to exercise fiduciary powers.—During the year 1923 the
Board approved 182 original and 19 supplementary applications by
national banks for permission to exercise trust powers. The total
number of national banks holding permits to exercise trust powers
on December 31, 1923, was 1,819, a list of which, with the powers
granted, is published on pages 226-242.
AMENDMENTS TO THE FEDERAL RESERVE ACT.

During the year 1923 the Federal reserve act was amended in
several important respects by the act of March 4, 1923. This act is
known as the IC agricultural credits act of 1923," and its purpose was
to provide additional credit facilities for the agricultural and livestock
interests of the country. This purpose was in part accomplished by
creating new credit institutions adapted to extend credits to the
agricultural interests for intermediate periods of from nine months
to three years. The act further enlarged the operations of the Federal
farm loan system and broadened the provisions of the Federal reserve
act relating to agricultural credits. Only the provisions which
amended the Federal reserve act will be discussed here.
Capital requirements of member banks.—This act amended the ninth
paragraph of section 9 of the Federal reserve act so as to permit banks
to become member banks with a capital of 60 per cent of the amount
theretofore required, with the proviso that such banks must increase
their capital to 100 per cent within the time and under conditions
prescribed by the Federal Reserve Board, but in all cases such banks
must set aside annually at least 20 per cent of their net income for
the preceding year as a fund to be devoted exclusively to such increase
of capital.
Discount of factors7 paper.—Section 13 of the Federal reserve act
was amended so as to provide that notes, drafts, and bills of exchange
of factors, issued for the purpose of making advances exclusively to
producers of staple agricultural products in their raw state, should
be eligible for discount by Federal reserve banks.
Sight and demand bills of exchange.—Section 13 of the Federal
reserve act was further amended to provide for the discount and purchase by Federal reserve banks of sight and demand bills of exchange
drawn to finance the domestic shipment of nonperishable, readily
marketable staple agricultural products, and secured by satisfactory
shipping documents. The amendment prescribed that such bills
must be forwarded promptly for collection and that in no event
might a Federal reserve bank hold such bills for a period in excess
of 90 days.
Maturity of acceptances.—The maturity of acceptances eligible for
discount, formerly described as "three months' sight/ 7 was amended
to read "90 days' sight."



ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD.
1

57

Six months agricultural acceptances.—The act further broadened
the power of Federal reserve banks to discount acceptances by authorizing the discount of acceptances with maturities up to six months
when drawn for an agricultural purpose and secured at the time of
acceptance by documents of title covering readily marketable staples.
Nine months7 agricultural paper.—The new section 13a added by
the act of March 4, 1923, extends the maturity of agricultural paper
eligible for discount from six to nine months. It provides further,
however, that such paper having maturities in excess of six months
can not be eligible as a basis for the issuance of Federal reserve notes
unless secured by negotiable warehouse receipts or similar documents
covering readily marketable staple agricultural products or by chattel
mortgage upon livestock being fattened for market. This provision
in effect, therefore, amends that portion of section 16 of the Federal
reserve act which deals with collateral security for Federal reserve
notes.
Discounts for Federal intermediate credit banks.—Section 13a also
authorizes Federal reserve banks to discount eligible agricultural
paper for Federal intermediate credit banks, which latter corporations are one class of the credit institutions established by other provisions of the act. No such paper, however, which bears the indorsement of a nonmember bank which is eligible for membership may be
thus discounted.
Purchase and sale of debentures issued by Federal intermediate credit
banks and national agricultural credit corporations.—The Federal
reserve banks are authorized by section 13a to buy and sell debentures and other similar obligations issued by Federal intermediate
credit banks and national agricultural credit corporations, such
transactions, however, to be subject to the same limitations as are
placed upon the purchase and sale of farm loan bonds, and State,
county, and municipal bonds and warrants.
Paper of cooperative marketing associations.—Section 13a further
prescribes when paper of cooperative marketing associations shall be
deemed to be issued or drawn for an agricultural purpose. Such
paper is classified as agricultural paper when (a) the proceeds thereof
are advanced by the association to its members for an agricultural
purpose, (6) the proceeds are used by the association in making payments to members for agricultural products delivered by the members, or (c) such proceeds are used by the association to pay for
grading, processing, packing, or marketing any agricultural products
handled by the association for its members. This section also contains a proviso that the express enumeration of certain classes of
paper of cooperative marketing associations as eligible for discount
shall not be construed as rendering ineligible any other class of such
paper which is otherwise eligible for discount.



58

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

Limitation of amount of paper of six and nine months maturity
which Federal reserve hanks may discount.—The Federal reserve act
formerly provided that paper having a maturity not exceeding six
months may be discounted in an amount to be limited to a percentage of the assets of the Federal reserve bank, to be fixed by the Federal
Reserve Board. Section 13a now authorizes the Board to limit to a
percentage of the Federal reserve bank's assets the amount of ninemonth paper, as well as six-month paper, that such bank may
discount.
Open-market dealings in acceptances of Federal intermediate credit
hanks and national agricultural credit corporations.—The act of March
4, 1923, adds a new subsection (f) to section 14 of the Federal reserve
act, authorizing Federal reserve banks to purchase and sell in the
open market acceptances of Federal intermediate credit banks and
national agricultural credit corporations, whenever the Board shall
declare that the public interest so requires.
Federal reserve hanks as depositories and fiscal agents.—This act
adds a new paragraph to section 15 of the Federal reserve act, authorizing. Federal reserve banks to act as depositories for and fiscal
agents of any national agricultural credit corporation or Federal
intermediate credit bank.
Repeal of progressive discount rate.—The Phelan Act. approved
April 13, 1920, which provided for progressive discount rates, is
repealed by the agricultural credits act.
Provisions affecting the Federal reserve system without making any
textual changes in the Federal reserve act—
Section 207 (a) of the agricultural credits act of 1923 provides
that national agricultural credit corporations, having an authorized
capital stock of $1,000,000 or more, may discount for any member
bank, upon its indorsement, agricultural paper with maturities up
to nine months which is secured by warehouse receipts or similar
documents covering readily marketable agricultural products, or by
chattel mortgages on livestock. Such corporations may also rediscount for a member bank notes, with maturities up to three years,
which are secured by chattel mortgages conferring a paramount lien
on maturing or breeding livestock or dairy herds.
Section 208 (a) authorizes Federal reserve banks to act as depositaries of United States bonds which national agricultural credit corporations must deposit as a condition to opening for business. Federal reserve banks are also to act as depositaries of United States
bonds which such corporations must deposit as security against their
indebtedness.
Section 210 authorizes any member bank, with the permission of
the Comptroller of the Currency, to invest up to 10 per cent of its
capital and surplus in the stock of national agricultural credit corporations.



ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD.

59

Section 212 provides that the moneys of national agricultural
credit corporations may be kept on deposit subject to check in any
member bank.
Federal reserve branch bank buildings.—The Federal reserve act
was also amended by the act of February 6, 1923. The act of June
3, 1922, had inserted a paragraph at the end of section 10 which
placed a limitation of $250,000 upon the amount which a Federal
reserve bank might expend in the construction of a building, and the
act of February 6, 1923, amended that provision so as to provide that
the $250,000 limitation should apply only to branch-bank buildings
and should cover only the cost of the building proper, exclusive of
the cost of the vaults, permanent equipment, furnishings, and fixtures. It was further provided that the limitation should not apply
to any buildings under construction prior to June 3, 1922.
AMENDMENTS TO REGULATIONS OF FEDERAL RESERVE BOARD.

The amendments made in the Federal reserve act by the agricultural credits act, approved March 4, 1923, necessitated changes
in several of the Board's regulations, and the Board took this occasion to make a revision of its regulations. A new issue of the
regulations was published under date of July 10, 1923, and a brief
discussion of the more important changes is here presented.
The new Regulation A supersedes Regulation A, series of 1922,
and has been changed materially in order to conform to the amendments to the Federal reserve act made since the date of issue of the
former regulation. Among other things, the new regulation contains a more liberal interpretation of eligible agricultural paper,
with its extended maturity of nine months, and incorporates the
new provisions of law classifying as agricultural paper certain paper
of cooperative marketing associations. The regulation makes provision for the new classes of paper which were made eligible for
discount by the agricultural credits act, viz, sight and demand
drafts secured by bills of lading covering the domestic shipment
of nonperishable, readily marketable agricultural staples, and paper
of factors issued for the purpose of making advances to producers
of staple agricultural products. Provision is also made for the
discount, with maturities up to six months, of bankers' acceptances
drawn for an agricultural purpose and secured by documents of
title covering readily marketable staples.
The act of July 1, 1922, amended the law with reference to the
amount of paper of any one borrower which a Federal reserve bank
might discount for a State member bank, fixing such amount at the
same limit applicable to cases involving national banks, and the
new Regulation A has been modified accordingly.



60

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

Regulation B supersedes Regulation B, series of 1922, and hasbeen simplified by the omission of the provision in the former regulation which made a very limited class of bankers7 acceptances
drawn by cooperative marketing associations eligible for purchase
in the open market. The amendments to the law made a much
broader class of bankers' acceptances drawn for agricultural purposes eligible for discount and for purchase in the open market,
thus rendering the former provision unnecessary.
Regulations C and D supersede the corresponding regulations of
the 1920 series and contain no material changes.
Regulation E, superseding Regulation E, series of 1920, has been
rearranged, but no substantial change has been made except the
elimination of the 10 per cent limitation on the amount of warrants
of any municipality which might be purchased by a Federal reserve
bank with the indorsement of a member bank.
Regulation F is the same as the 1920 regulation, which it supersedes.
Regulation G, superseding Regulation G, series of 1920, has been,
changed only to the extent that it no longer requires notes representing real-estate loans to be canceled at maturity and new notes
taken in their place. The new regulation permits a maturing note
to be renewed or extended, but, as before, it provides that a national
bank must not obligate itself in advance to make any renewal.
Regulation H, superseding Regulation H, series of 1920, has been
changed materially so as to conform to the amendments to section
9 of the Federal reserve act contained in the agricultural credits
act, which made a State bank with a capital of 60 per cent of the
amount theretofore required eligible for membership, provided it
increases its capital to 100 per cent under certain terms and conditions, in large part to be prescribed by the Federal Reserve Board.
In the new Regulation H, the Board has provided that banks admitted to membership with 60 per cent of the normal capital must
increase their capital to the required 100 per cent within five years
after admission to membership and to this end must set aside annually not less than 50 per cent of their net earnings for the preceding
year. Certain other less important changes have also been made
in the new regulation.
Regulation I, which supersedes the corresponding 1920 regulation,
has been changed so as to conform to the present practice in connection with the applications of newly organized national banks for
membership in the Federal reserve system, and also so as to require
receivers and liquidating agents of failed member banks to apply for
the surrender and cancellation of Federal reserve bank stock held by
such banks within six months after their appointment.



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

61

A new draft of Regulation J was tentatively approved, but has not
yet become effective. Consequently check clearing and collection
operations are still governed by the provisions of Regulation J, series
of 1920. The Board has, however, instructed Federal reserve banks
to discontinue the use of agents other than banks for the purpose of
making collections at par of items drawn upon nonpar remitting
banks.
Regulation K is identically the same as the 1920 regulation, which
it supersedes.
Regulation L has been changed slightly by broadening the definition
of the term "national bank/' as used in the regulation, to include all
banking institutions organized or operating under the laws of the
United States. A statement of the general principles adopted by the
Board for its guidance in determining whether two or more banks
are in substantial competition has also been inserted in the regulation.
The text of the Board's new series of regulations is published on
pages 265-294.
PUBLICATION OF DIGEST OF RULINGS.

In 1923 the counsel of the Federal Reserve Board completed the
preparation of a u Digest of rulings of the Federal Reserve Board."
The main part of this publication is given over to digests or summaries of all the Board's rulings, court decisions, legal opinions, and
similar matters which have been published in the Federal Reserve
Bulletin to the end of 1923. These digests contain the gist of the
rulings and opinions which have interpreted the Federal reserve act
and other legislation affecting the operation of the Federal reserve
system, and they state the salient facts and conclusions reached in
sufficient detail to make it unnecessary in most cases to refer to the
full text of the rulings as published in the Bulletin. The digest is
fully indexed and the arrangement is such as to make reference to the
various rulings as convenient as possible. In this respect the digest
is substantially an annotated edition of the Federal reserve act. In
addition, the Digest of Rulings includes the regulations of the Federal
Reserve Board, the full text of the Federal reserve act, with appendices
and index as published in the 1923 edition, the act in its original form
as enacted December 23, 1913, with a composition, showing by italics
and canceled words the textual changes made by all amendments to
the act, and a nontechnical summary of all these amendments showing the purpose and effect of the changes made.
FEDERAL ADVISORY COUNCIL.

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



62

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

May 21, September 17, and November 19. The recommendations
of the council to the Board are printed on pages 457-465.
CONFERENCES HELD BY THE BOARD.

As customary, the Federal Reserve Board conferred with the
Federal Advisory Council on the occasion of each of its meetings
during the year.
The governors of the Federal reserve banks convened in Washington on March 26 and conferences of the governors and chairmen of
the Federal reserve banks were held, beginning November 12.
ORGANIZATION, STAFF, AND EXPENDITURES.

During the year 1923 the following changes have occurred in the
organization and staff of the Federal Reserve Board:
On March 14, 1923, Hon. Milo D, Campbell, of Coldwater, Mich.,
was appointed a member of the Federal Reserve Board, in accordance
with the amendment to section 10 of the Federal reserve act whereby
the number of appointive members of the Board was increased from
five to six. Mr. Campbell died suddenly on March 22, after having
served as a member of the Board only eight days. To fill this vacancy
Hon. Edward H. Cunningham, of Des Moines, Iowa, was appointed,
effective May 14, to fill the unexpired term of 10 years.
On May 1 Hon. D. R. Crissinger, of Marion, Ohio, Comptroller of
the Currency, was appointed governor of the Federal Reserve Board
to fill the vacancy caused by the expiration on August 9, 1922, of
the term of office of Hon. W. P. G. Harding, of Birmingham, Ala.,
and on the same date Hon. Henry M. Dawes, of Chicago, 111., assumed
the office of Comptroller of the Currency and ex officio member of
the Federal Reserve Board.
Hon. John R. Mitchell, of St. Paul, Minn., resigned as a member of
the Board on May 12 and was succeeded by Hon. George R. James,
of Memphis, Tenn., whose appointment was effective May 14.
On September 15, Mr. Wm. W. Hoxton, general secretary, resigned
to accept an appointment as Federal reserve agent and chairman of
the board of directors of the Federal Reserve Bank of Richmond,
and *Mr. Walter L. Eddy, executive secretary, was appointed secretary, effective October 1, 1923. Mr. J. C. Noell, Federal reserve
examiner, was appointed assistant secretary, effective October 1, 1923.
On March 6, 1923, Mr. George B. Vest, who had been employed in
1
the office of the Board's general counsel since October, 1922, was
appointed assistant counsel.
On July 1 the division of analysis and research and the office of
statistician were consolidated into one division under the title of



ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD.

63

division of research and statistics. Mr. W. W. Stewart, who had
been the director of the division of analysis and research, became
director of the consolidated division.
The total cost of conducting the work of the Board during the
year 1923, including salaries of members and the cost of printing
and circulating the Federal Reserve Bulletin, was $726,428.28.
Two assessments were levied against the Federal reserve banks
aggregating $702,634.68, or approximately 215 thousandths of 1 per
cent of their average paid-in capital and surplus for the year.
By direction of the Federal Reserve Board:
D. R.

CRISSINGER,

Governor.
The

SPEAKER OF THE HOUSE OF REPRESENTATIVES




DISCOUNT AND OPEN-MARKET RATES.
No.

1.—-CHANGES DUBING 1922

AND 1923

ON ALL CLASSES AND MATURITIES OF DISCOUNTED

BILLS.

[Per cent.]
Federal reserve bank.

Boston.

In effect Jan 1, 1922
Changes effective:
1922—Jan. 9
Jan 11
Jan 23
Feb. 14
Mar 15
Mar 25
\pr 6
Apr. 14
June 22
June 23
July8
July 12
Aug 12
\ug 15
1923—Feb. 23
Mar 6
In effect Dec. 31

New
York.

Philadelphia.

Cleveland.

Richmond.

5

St.
Louis.

5

5

Minneapolis.

Kansas
City.

Dallas.

5

Atlanta. Chicago.

54

5

54

San
Francisco.

w
5

o

5

,__....
5

44
44
44
4*
4
4

4
44

H
4i

44

a

4*

j
44

44

44

4i

44

4*

44

44

44
44

NOTE—On Apr. 7 and 19, 1923, respectively, the Federal reserve banks of Boston and Philadelphia established a rate of 5 per cent on 6-9 month agricultural and livestock paper
made eligible by the Mar. 4, 1923, amendment to the Federal reserve act. The remaining banks established a rate of 4£ per cent on such paper on the following dates: New York,
Aug. 6; Cleveland, Apr. 9; Richmond, Apr. 7; Atlanta, Mar. 22; Chicago, Aug. 16; St. Louis, Apr. 5; Minneapolis, Apr. 11; Kansas City, Apr. 14, Dallas, Apr. 12; San Francisco,
March 21.




w

w
o

No, 2.—AVERAGE RATES CHARGED ON DISCOUNTED

BILLS, BY MONTHS, DURING

1923.

[Per cent.]

January.

Federal reserve bank.

FebruMarch. April.
ary.

May.

June.

July.

August.

September.

October.

November.

December.

Year
1923.

Year
1922.

Year
1921.

d
Boston

_.

New York
Philadelphia
Cleveland
.

4.00
4 00
4 50
4 50

Atlanta _
Chicago .-_
St Louis
Minneapolis
Kansas City
Dallas

... _
_

.

--_
_

San Francisco
All banks: 1923..
1922
1921
1920
1919
1918




_ _

.

50
50
50
50

4
4
4
4

50
50
50
50

4.50
4 50
4 50
4 50

4.50
4 50
4 50
4 50

4.50
4 50
4 50
4 50

4.50
4 50
4 50
4 50

4.50
4 50
4 50
4.50

4.50
4 50
4.50
4.50

4.50
4 50
4 50
4 50

4.50
4 50
4 50
4 50

4.42
4 42
4 50
4.50

4.21
4.21
4.50
4.60

4 50
4.50
4.50
4 50

4 50
4 50
4.50
4 50

4
4
4
4

50
50
50
50

4 50
4 50
4.50
4 50

4
4
4
4

4
4
4
4

50
50
50
50

4.50
4.50
4.50
4 50

4 50
4.50
4.50
4 50

4 50
4.50
4.50
4 50

4 50
4.50
4.50
4 50

4 50
4 50
4,50
4 50

4 50
4.50
4.50
4 50

4 70
4.64
4.63
4 65

5.91
6.05
6.29
5.90

4.50
4 50
4.50
4.00

Richmond

4
4
4
4

4 50
4.50
4.50
4 50

_ . .

4.10
4 09
4 50
4.50

5.88
6.06
5.44
5.72

4 S
O
4 50
4.50
4.00

4.50
4 50
4 50
4.33

4.50
4 50
4 50
4.50

4 50
4 50
4 50
4.50

4.50
4 50
4.50
4.50

4.50
4 50
4 50
4.50

4.50
4 50
4.50
4.50

4.50
4 50
4.50
4.50

4.50
4 50
4.50
4.50

4.50
4 50
4. 50
4.50

4.50
4 50
4 50
4.50

4.50
4 50
4 50
4.44

4.85
4 79
4 86
4.32

6.35
6.14
6.01
5.79

4.25
4 84
6.36
4.90
4.18
4.02

4.28
4 77
6.36
5.52
4.14
4.02

4.49
4 70
6 43
5.64
4.15
4.08

4 50
4 60
6 33
5.67
4.18
4.23

4.50
4 59
6 20
5 74
4.16
4.35

4 50
4 54
6 14
6.20
4.19
4.42

4 50
4 39
6 02
6.21
4.14
4.37

4.50
4 34
5.76
6.19
4.12
4.25

4.50
4 36
5.75
6.39
4.18
4.24

4.50
4 34
5 62
6.40
4.19
4.21

4 50
4 29
5 03
6.45
4.53
4.20

4.50
4 30
4 91
6 49
4.67
4.18

4.47
4 52
6 01
6 02
4.26
4.26

F

50
50
50
50

^

§

I
w
o

Cn

No.

3.—ANNUAL RATES OF EARNINGS

ON DISCOUNTED

BILLS, BY MONTHS,

DURING

a

1923.

[Per cent".]

January.

Federal reserve b a n k .

Boston
N e w York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis

-

-

_

-

_ _

__-.___._

Minneapolis
Kansas City
Dallas
San Francisco
\11 hanks- 1P°3
1922
1921
1920
1919
1918
1917
1916

May.

June.

July.

August.

September.

Octo- Novem- December.
ber
ber.

Year
1923.

Year
1922

Year
1921.

£

.

3.98
4.05
4.50
4. 50

4.38
4.44
4.50
4. 50

4.46
4.49
4.50
4.50

4. 50
4. 50
4.50
4. 50

4. 50
4. 50
4.50
4.50

4. 50
4. 50
4.50
4.50

4.50
4. 50
4.50
4.50

4.50
4. 50
4.50
4. 50

4. 50
4. 50
4.50
4. 50

4.50
4.50
4.50
4.50

4.50
4.50
4.50
4.50

4.41
4.41
4.50
4.50

4.24
4.25
4.50
4.64

6.03
6.13
5.49
5 85

4.50
4.50
4. 50
4.50

4.
4.
4.
4.

4.
4.
4.
4.

50
50
50
50

4. 50
4. 50
4. 50
4. 50

4. 50
4.50
4.50
4. 50

4. 50
4. 50
4. 50
4.50

4. 50
4. 50
4.50
4.50

4.50
4. 50
4. 50
4. 50

4. 50
4. 50
4.50
4. 50

4.50
4. 50
4.50
4. 50

4. 50
4. 50
4. 50
4.50

4. 50
4.50
4.50
4.50

4.50
4.50
4.50
4.50

4.78
4.76
4.76
4.71

5.92
6. 12
6.40
5.97

4. 50
4. 50
4 50
4. 00

4.50
4. 50
4 50
4. 16

4. 50
4. 50
4.50
4.47

4.
4.
4.
4.

4.
4.
4.
4.

50
50
50
50

4. 50
4. 50
4. 50
4.50

4. 50
4. 50
4 50
4. 50

4. 50
4. 50
4 50
4.50

4. 50
4. 50
4.50
4.50

4. 50
4. 50
4. 50
4.50

4. 50
4. 50
4 50
4.50

4. 52
4.50
4. 50
4.42

5. 12
4.95
5 08
4.42

6.48
6.06
6 °5
5.82

4 26
4 99
6. 30
4 71
4.21
3. 94
4 01
4.18

4 ?A
4 90
0. 37
5 20
4. 18
4.02
4.02
4. 15

4 45
4 83
6.36
5 47
4. 16
3.94
4 14
4. 21

't 49
4. 75
6. 32
5 58
4. J6
4. 14
3. 92
4. .7

4 50
4.68
6. 29
5 66
4. 15
4. 38
3. 82
4.24

4 50
4. 61
6. 20
5 89
4.20
4.31
3. 49
4. 36

4. 50
4. 50
6. 09
6 13
4.15
4.40
3. 82
4. 24

4 50
4 47
5.91
6 19
4. 13
4. 35
3 77
4.31

4 50
4 42
5. 85
6 22
4. 17
4.27
3.79
4.43

4. 50
4.36
5. 69
6 35
4. 15
4.22
3.47
4.35

4 50
4.29
5. 39
6 41
4. 40
4.27
3.42
4.08

4 50
4 29
5. 11
6 42
4. 55
4.29
3.75
3.81

4 46
4.63
6.07
5 88
4.23
4.24
3.61
4.20

50
50
50
50

50
50
50
47

^
tr*
w

hrj
§
H
o

^
H
ft
W
w
g

w
CTJ

m
_

H-H

w
JARD




4.00
4.00
4.50
4.50

4. 54
4. 50
4 50
4.00

_

-

Febru- March.
April.
ary.

N o . 4 . — C H A N G E S S I N C E JANUARY 1, 1922, IN MINIMUM

AUTHORIZED RATES ON ACCEPTANCES BOUGHT IN OPEN

MARKET.

B A N K E R S' A (' C E P T A N C E S.
[Per cent.]
1>,deral res<?rve bank.
Philadelphia-

Boston.

v- T
Y 01 K .

In effect Jan. 1, 1922
Changes effective—
1922—Jan. 18 .
Jan 19
Jan 20
Jan. 21
Jan. 23
Jan 27
Mar. 13
Mar 15
Mar. 24
Apr. 4
Apr 7
Apr 8
Apr 12
Apr. 15
Apr. 21
May 25
June 13
June 22
June 23
June 24
June 27
July 6
July 8
Aug. 11
Sept 26
1923—Apr. 24
Tn effect Dec. 31...

4

4

Cleveland.

4

Nr

4

Richmond.
1

Atlanta.

4

4-5

4




5 i

5

Dallas. San Francisco.
6

4

4
3A
S

|
!
31 '
;

1

c

I

w
H

3i
31

j

31

1

o
H

1

W

3 '
i

3
3

3

3
!

!
3

24

2-

!

'•

i

-__

- . - | __ __

3 i

!

i

!
..

o
>

3-1
3

21

o

3

2*

21
2

__

bd

!

i
j

3

3
!

j

2k j
21 1
2> \
4
3 i
2
A
21
Minimum and maximum rates.
NOTE.—Acceptances purchased direct from the acceptor are taker} at a rate not less than the discount rate on commercial paper.

1

Kansas
City.

Chicago. St. Louis. Minneapolis.

3 i

3i

3

3

21

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

&

TRADE ACCEPTANCES.
[Per cent.]
I
I
Boston.

In effect Jan. 1, 1922 2
Changes effective—
1922—May27
May 29.
May 31
June 1
June 9
- .
June 13
June 22 ..June 27
1923—In effect Dec 31 .

^
^

Federal reserve bank.
New
York.

Philadelphia.

Cleveland.

Richmond.

Atlanta. Chicago.

St.
Louis.

Minneapolis.

Kansas
City.

Dallas.

San
Francisco.

g

4

__.

O
*4

4
31
_-_._-_..
-. .- .

31
4
4
3

3*

3

3*

4
A

4

4

4

4

3i

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




I
w

o
&

No.

5.—AVERAGE RATES CHARGED ON BILLS BOUGHT IN OPEN MARKET, BY MONTHS,

DURING

1923.

[Per cent.]

m
Q°

Janu- Febru- March. April.
ary.
ary.

Federal reserve bank.

May.

June.

July.

August.

September.

October.

November.

December.

Year
1923.

Year
1922.

Year
1921.

—f.

Richmond
Atlanta
Chicago
St. Louis-

4.04
4.09
4.07
4.09

. . . .

Minneapolis
Kansas City
.
Dallas
San Francisco.. .
All banks: 1923
1922
1921
1920 .
1919

4 10
4 12
4.12
4.13

4 20
4 11
4.19
4.23

4 20
4 12
4.20
4.24

4 18
4.12
4.20
4. 19

4 18
4 10
4.20
4.21

4 19
4 12
4.19
4.23

4 18
4 13
4.19
4.22

4 19
4 13
4.19
4.21

4 18
4 09
4.18
4.21

4 14
4 11
4 15
4.17

3 55
3 57
3 53
3.70

5 39
5 40
5 35
5.81

4.17
4.08
4.04

4 18
4 10
4 10
4.06

4 25
4 12
4.12
4.07

4 31
4 19
4 23
4.15

4 31
4 22
4.21
4. 15

4 31
4 23
4.27

4 31
4 25
4 28
4. 18

4 31
4 24
4 27

4 33
4 37
4 28
4.31

4 31
4 35
4 25
4.31

4 31
4 33
4 22
4.31

4 29
4 21
4.21
4.09

4 64
4 14
3 50
3.67

5 93
6 10
5 51
5.47

4.06

4.06
4.12

.

4 06
4.08
4.09
4.11

4.18
4.31
4.11
4.05

- __ . . . . .
_ ___

4 05
4.09
4.07
4.09

3.93

Boston
1 New York
Philadelphia
Cleveland. . . .

4 04
4.08

4.56
4.06
4.11

4.06
4.13

4.56
4 11
4.23

4 17
4.21

4.13
4.21

4.24

4.56
4.21
4.22

4.18
4.56
4 19
4.23

4.56
4 19
4.22

4.19
4.56
4 18
4.21

4.07
4.37
4.16
4.17

4.60
3.77
3.55

5.96
6.46
6.08
5.49

4.09
4.28
6.05
5.10
4.28

4.08
4.21
6.01
5.53
4.24

4.09
3.92
6.01
5.80
4.24

4.12
3.48
5.94
5.82
4.24

4.16
3.28
5 88
5.96
4.24

4.18
3.22
5 88
6.07
4.24

4.20
3.13
5 70
6.06
4.25

4 20
3.10
5 31
6.04
4.25

4.21
3.19
5 35
6.04
4.25

4.21
3.68
4 97
6.05
4.26

4.19
4.10
4 60
6.45
4.47

4.18
4.11
4.41
6.08
4.84

4.16
3.59
5.49
5.85
4.36

__
.. ._
..
.




.

.

_

4.18

S3

w
O
H

ft

W
O

CO

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

[Per cent.]
Janu- Febru- March. April.
ary.
ary.

Federal reserve bank.

May.

June.

SepJuly. August. tember. Octo- Novem- Decem- Year
ber.
ber.
ber.
1923.

Year
1922.

Year
1921.
cj

3.97
3.94
4.01
4.02

4.04
4.08
4.07
4.09

4.05
4.11
4.07
4.12

4.07
4.10
4.07
4.09

4.11
4.11
4.09
4.13

4.15
4.10
4.15
4.18

4.18
4.12
4.19
4.21

4.18
4.13
4.20
4.20

4.18
4.14
4.20
4.21

4.19
4. 12
4.16
4.22

4.18
4.12
4.18
4.22

4,18
4.13
4.18
4.27

4.13
4 11
4.13
4.15

3.52
3 54
3.50
3.48

5. 61
5 59
5.61
5.90

Chicago
St. Louis

4.17
4.26
4.00
4.05

4.17
4.22
4.03
4.05

4.18
4.13
4.06
4.05

4.19
4.09
4.08
4.05

4.25
4.10
4.09
4.07

4.29
4.12
4.12
4.11

4.31
4.22
4.18
4.17

4.31
4.23
4.20
4.18

4.31
4.22
4.21
4.18

4.31
4.28
4.19
4.23

4.31
4.36
4.21
4.30

4.32
4.34
4.20
4.30

4.27
4.19
4.15
4.07

4.83
4.15
3.50
3.36

6.03
6.28
5.67
5.68

Minneapolis
Kansas City
Dallas
San Francisco

3.88
4.56
4.02
4.04

4.24
4.56
4.05
4.16

4.06
4.10
4.05
4.17

4.08
4.30
4.06
4.03

3.94
4.56
4.06
4.14

4.56
4.15
4.17

4.57
4.21
4.20

4.18
4.20
4.21

4.18
4.15
4.20

4.18
4.20
4.20
4.21

4.18
4.43
4.20
4.21

4.31
4.56
4.19
4.21

4.13
4.26
4.13
4.14

4.96
3.67
3.47

6.40
6.10
5.70

4.01
4.44
6.14
4 79
4.29
3.64
2.80
2.09

4.09
4.25
5.99
5.06
4.25
3.79
3.02
2.07

4.10
4.06
6.01
5.47
4.26
3.92
3.19
2.04

4.08
3.83
5.97
5.70
4.23
4.18
3.10
2.04

4.11
3.50
5.98
5.77
4.25
4.36
3.15
2.07

4.14
3.29
5.97
5.98
4.19
4.25
3.16
2.14

4.18
3.18
5.96
6.07
4.27
4.24
3.23
2.21

4.19
3.11
5.36
6.07
4.22
4.38
3.19
2.31

4.19
3.11
5.33
6.06
4.27
4.19
3.35
2.46

4.19
3.24
5.04
6.07
4.22
4.25
3.40
2.12

4.18
3.59
4.91
6.03
4.33
4.36
3.53
2.52

4.20
3.84
4.50
6.05
4.54
4.33
3.43
2.71

4.14
3. 54
5. 70
5 66
4.30
4.14
3.26
2.36

Boston New York
Philadelphia
Cleveland

_.

Richmond
Atlanta

All banks: 1923
1922
1921
1920
1919
1918
1917
1916

. .

...

_

_




_

.- -

._

3
H
O

fed
b

w

I

i

1

w
o

No.

7.—ANNUAL RATES OF EARNINGS ON DISCOUNTED

BILLS AND ON PURCHASED

BILLS.

[Per cent.]
Purchased bills.

Discounted bills.
Federal reserve bank.
1916

1917

1918

1919

1920

1921 i 1922

1918

1923

1919

1920

1921

1922

1923

Boston
New York
PhiladelphiaCleveland

3.52
3.69
3.75
4.25

3.66
3.12
3.73
3.94

4.01
4.04
4.29
4.28

4.21
4.12
4.13
4.22

5.91
5. 88
5.48
5.88

6.03
6.13
5.49
5.85

4.24
4.25
4.50
4.64

4.41
4.41
4.50
4.50

2.22
2.38
2.31
2.29

3.25
3.33
3.18
3.24

4.19
4.07
4.12
4.20

4.25
4.25
4.24
4.27

5.81
5.69
5.85
5.67

5.61
5.59
5.61
5.90

3.52
3.54
3.50
3.48

4.13
4.11
4.13
4.15

Richmond.
Atlanta
Chicago
St. Louis_._

4.00
3.77
4.60
4.04

3.91
3.99
3.85
3.85

4.40
4.27
4.30
4.29

4.34
4.25
4.26
4.2.5

5.69
5.77 j
6.17
5.83

5.92 |
6 12
6 40
.
5 97
.

4.78
4.76
4.76
4.71

4.50
4.50
4.50
4.50

3.09
2.71
2.28
2.34

3.22
3.34
3.11
3.16

4.27
4.20
4.24
4.18

4.57
4.57
4.33
4.36

5.74
5. 55
5.64
5.30

6.03
6.28
5. 67
5.68

4.83
4.15
3.50
3.36

4.27
4.19
4.15
4.07

Minneapolis
Kansas City
Dallas
San Francisco

4.80
4. 77
4.49
5.01

4.22
4.14
4.48
4.53

4.63 I
4.74 |
4.67 !
4.65 |

4.33
4.68
4.64
4.51

6.22
6.05
5.67
5.79

6 48
.
6 06
.
6.25
5.82

5.12
4.95
5.08
4.42

4.52
4.50
4.50
4.42

2.32
2.39
3.36
2.39

3.16
3.20
3.40
3.25

4.36
4.26
4.10
4.20

4. 27
4. 36
4. 79 I
4.29 !

5. 28
5. 45
5.49
5.61

6.40
6.10
5.70

4.96
3.67
3.47

4.13
4.26
4.13
4.14

4.20

3.61

4.24

4.23

5.88

6.07

4.63

4.46

2.36

3.26

4.14

4.30

5.66

5.70

3.54

4.14

System.




j
I

§
H
O

No.

8.—ANNUAL RATES OF EARNINGS ON UNITED STATES SECURITIES, BY MONTHS, DURING

1923.

[Per cent.]
i

January.

Federal reserve bank.

Febru-! March. April.

May.

June.

SepJuly. August. tember

Octo- Novem- December.
ber. j ber.
j

Year
1923.

Year
1921.

Year
1922.

3.62
3.69
4.05
3. 50

Richmond
Atlanta
Chicago
St. Louis

2.45
3.17
3.59
4.00

4. 14

4. 05
3.96
3.49
3.95

4. 29
4.07
3.70
4.19

3.74
3.16
2.13
2.18
2.26
3.27
2.64
2.14

3.96 !

4. 12
4. 17
4. 28
4.08

4.39
4.26
4.29
4. 12

4.35
4.22
4.28
4.04

4.46
4.49
4.27
4. 15

4.46
4.50
4.26
4. 15

3.92
4.10
4.24
4. 14

4.67
4.51
4.30 I
4. 17 !

4.49
4.47
4.29
4. 18

4.31
3.82
4.36
4. 12

3.93
3.94
4. 25
3.96

3.67
3.63
3.83
3.84

2.16
2.70
2.22
2.21

2. 35
3. 80
3.77 |
4. 17 j

Boston
New York....
Philadelphia^.
Cleveland

2. 33
4. 00
3.80
4. 21

2.33
4.40
3. 79
4.31

2.37
4.53
3.65
4.51

2.30
4.29
3.58
4.36

2.31
4. 13
3.48
4.37

2.31
4.16
3.40
4.23

2.31
4.14
3.27
4.64

2.31
4.21
3.42

2.31
4. 14
3.39

2. 36
3.71
3.68
4.21

2.06
2.54
3.68
3.70

2.04
2.79
2.23
2.17

4. 28
4. 15 |
3.80
4.16

4. 24
4. 26
3. 79
4.26

4.27
4.28
4. 32 J 3. 64
3. 80
3. 33
4. 26
4.18

4.30
4.36
2.67
4.28

4.24
4.41
2.67
4.28

4.20
4.45
2.66
4.29

4.28
4.49
4.04
4.32

4.26
4.44
4.09
4.33

4.34
4.44
4.09
4.33

4.25
4.16
3.72
4.19

3.43
3.68
2.83
4.00

2.06
2.16
2.17
2.16

3.99
3.72
2.24
2. 10
2.41
3.59
2.66
2.14

4. 11
3.77
2.15
2. 10
2.43
3.56
2.36
2.34

4.17
3. 63
2.31
2. 15
2.24
2.76
2.67
2.38

4. 15
3.60
2.33
2 22
2.21
2.87
2.71
2.36

4.07
3.65
2.49
2.27
2.17
2.73
2. 75
2.38

4.21
3.71
2.38
2 20
2. 18
2.44
3.06
2.47

4. 18
3.78
2.68
2 17
2.22
2.49
2.86
2.44

4.03
3.79
2.92
2 43
2. 19
2.40
2.98
2.38

4.01
3.67
2.37
2 21
2.26
2.99
2.68
2.35

3. 75
3. 89
4. 22 !
3.94 |

3.79

3.88
4.25
3.93

i

Minneapolis
Kansas City
Dallas
San Francisco
All banks: 1923..
1922..
1921.
1920..
1919..
1918..
1917..
1916..




2.36
3.57
3.80
i

I
j
|
i

j
j
|
i

3.58 I
2.11 !
2.17 \
2.31 !
3.25 |
2.67 j
2.33 ;

s
w
H
O
H

w

j

w
o

g

No.

9.—ANNUAL RATES OF EARNINGS ON TOTAL EARNING ASSETS, BY MONTHS, DURING

1923.

[Per cent.]
ily.

A ugust

4.42
4.44
4.40
4.40

4.45
4.44
4.40
4. 35

4.45
4.46
4.33
4.46

Sep-

Octo-

Year
1923.

Year
1921.

Year
1922.

4.28
4.30
4.37
4.29

3.87
3.82
4. 11
4.10

5.42
5.69
4.95
5.39

4.45
4.46
4.32
4.48

4.44
4.41
4.26
4.40

4.57
4.40
4.23
4.14

5.61
5.63
5.91
5.43

4.44
4.47
4.39
4. 43

4.42
4.48
4.43
4.44

4.42
4.37
4.26
4.32

4.64
4. 25
4.56
4.08

6.09
5.39
5.79
5.56

4.42
3.90
.5.60
5.72
3.98
4.31
3.34
2.62

4.42
3.85
5.42
5. 81
3. 93
4.27
3.37
2.69

4 33
4.11
5 61
5. 50
4.04
4. 12
3 29
2.67

4.43
4.43
4.39
4.36

1

I

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




i

w
o
>

CONDITION OF FEDERAL RESERVE BANKS.
No. 10.—EARNING

ASSETS OF FEDERAL RESERVE BANKS,

1914-1923.

[In thousands of dollars.]
Bills discounted.

Date.

Secured by
U . S . Government obligations. 1

Other.

7,383
9,909

Xov. 27.
Dec. 31.

Total.

Bills bought
in open market.

Total bills
on hand.

United States
securities

7,383
9,909

7,383
9,909

205

Municipal
warrants.

734

Total earnin :
assets.

7,383
10,848
H

1915.
Jan. 29..
Feb. 2 6 Mar. 26.
Apr. 3 0 -

13, 955
20, 469
31,683
36, 586

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

33, 951
25, 996
29,102
29, 275

33, 951
25, 996
29,102
29, 275

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

31,
30,
32,
32,

3 1 , 373

13,
20,
31,
36,

13, 955
20, 469
31, 683
36, 586

373
448
794
388

10, 379
11, 625
13, 564

30, 448
32, 794
32, 368

13, 058
13, 619
18,179
23, 013

26, 901
22, 827
21, 267
21, 448

2G, 314
29, 054
40, 408
47, 585

955
469
683
586

W
13,180
17,41?
21, 579
25, 469

27,135
37, 886
53, 262
62, 055

6,947
7,601
7,923
8,836

23, 094
11,509
16,107
25, 808

63, 992
55, 485
64, 757
77, 483

48, 973
55, 381

10, 505
12,919
15, 797

24, 945
25, ©14
27, 308
12, 220

78, 704
79, 586
89,200
83, 398

53,
51,
61,
69,

21,
29,
40,
49,

20, 602
25, 403
33, 015
36, 933

95,189
106, 916
134, 965
155, 647

33, 951
36, 375
40, 727
42, 839
44, 431
44, 067

1916.
Jan. 28..
Feb. 25..
Mar. 31.
Apr. 28..




26,901 |
22,827
21, 267
21, 448

215
881
675
033

372
632
275
681

w
o

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

25,36o
21,188
27, 594
27, 032

20, 365
21,188
27, 594
27, 032

52, '70S
71, 095
83, 454
82,146

73, 0?3
92, 283
111,048
109,178

55, 782
57,129
56, 581
55,001

44, 946
22,671
27,220
27,863

173, 801
172,083
194, 849
192,042

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

25,953
21,131
20, 501
30,196

25, 953
21,131
20, 501
30,196

80, 625
86, 085
102, 092
127, 497

106, 578
107, 216
122, 593
157, 693

53, 471
51, 904
50, 594
55,414

24, 028
29, 890
22,166
8,975

184, 077
189, 010
195, 353
222,082

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

15, 711
20, 266
20,106
35,043

15, 711
20, 266
20,106
35,043

97, 697
123, 966
84, 473
71, 400

113, 408
144, 232
104, 579
106, 443

55, 769
48,118
47, 700
117,818

12, 249
17,124
15,715
14, 999

181, 426
209, 474
167, 994
239, 260

45, 687
193, 546
125, 789
135, 448

47, 587
219, 092
138, 459
147,315

107, 377
202, 270
195, 097
154, 591

154, 964
421, 362
333, 556
301,906

117, 658
70, 728
76, 953
77, 927

14, 675
2,446
1,469
1,230

287, 297
494, 536
411, 978
381,063

224
233
1,429
1,005

504, 937
684, 959
1,052, 377
1,064,310

4,902
3 3,436
» 3, 523
3 2, 722

1,029,670
1,031, 797
1,201, 585
1 286,162
,

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

1,900
25, 546
12, 670
11,867
65,
209,
405,
283,

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

923
230
608
421

167, 616
187, 864
350, 790
397, 285

233, 539
397, 094
756, 398
680, 706

176,169
177, 590
205, 454
275, 366

409, 708
574, 684
961, 852
956, 072

95,005
110,042
89, 096
107, 233

312,
263,
301,
642,

520
905
451
429

315,142
245, 629
281, 777
259, 314

627, 662
509, 534
583, 228
901, 743

273,912
296,170
304, 065
302, 844

901, 574
805, 704
887, 293
1 204, 587

123,194
222,657
310, 769
78, 853

1918.
Jan. 25
Feb. 21
Mar. 28-29Apr. 26

2

1 301, 390
,
1 153, 730
? 736
897, 357
256, 373
146, 924
562,993
334, 364
May 31.
3
869,175
216, 848
1,086, 023
259, 066
23
1,345,112
434, 509
434, 666
June 28.
1,564, 540
3 103
205, 274
1,507, 425
1, 302,151
57, 012
673, 231
628, 920
July 26..
232, 603
67
531, 967
1, 428,195
56,122
896, 228
Aug. 30.
1 716,987
,
1,660, 798
1
Figures to Nov. 30, 1917, inclusive, represent only member banks' collateral notes secured by Government war obligations and are exclusive of customers' paper similarly secured, the amount of which, however, was small.
2
Includes loans on gold coin and bullion—$21,850,000.
s Includes bill of lading drafts as follows: Jan. 25,$2,765,000; Feb. 21. $2,824,000; Mar. 29, $2,994,000; Apr. 26, $2, 168,000; May 31, $235,000; June 28, $12,000; July 26, $37,000




>

c
t1
r

3
H
w
O

H

w

o
\>
•

No.

10.—EARNING ASSETS OF FEDERAL RESERVE BANKS,

1914-1923—Continued.

[In thousands of dollars.]
Bills discounted
Secured by
U.S. Government obligations.

Date.

Other.

Total.

Bills bought
in open market.

T o t a l bills
on h a n d .

United States
securities.

Municipal
warrants.

Total earning
assets.

1918
1,221, 533
1,002,417
1,412,511
1,400,371

491,897
453, 747
402. 084
302, 567

1,713,430
1,546,164
1,815,195
1, 702, 938

288, 391
398, 623
375, 341
303, 673

2, 001, 821
1,944, 787
2,190, 536
2,006,611

78, 643
350,311
121,796
311,546

1. 357, 571
1, 667, 965
1,691,010
1, 760, 672

243, 557
211,855
195, 230
189, 740

1,601,128
1,879,820
1,886, 240
1, 950, 412

281, 293
276, 919
248,107
185,822

1, 882, 421
2,156,739
2,134, 347
2,136, 234

294, 784
182, 782
200, 935
218, 636

July 25
Aug 29

1,802,893
1 573 483
1,616,210
1,609,296

186, 499
244 557
251,392
205, 838

1,989,392
1 818 040
•1,867,602
1,815,134

183, 650
304 558
375, 556
363,138

2,173, 042
2 122 598
2, 243,158
2,178,272

229, 014
231,569
239, 400
270, 705

2, 402, 056
2, 354,167
2, 482, 558
2, 448, 977

Sept 26
Oct. 31
Nov 28
Dec 26

1, 572 503
1,681,082
1,736,033
1, 510, 364

309, 779
447, 465
478,176
684, 514

1, 882, 282
2, 128, 547
2,214.209
2,194, 878

342, 491
394, 355
495, 595
585, 212

2,
2,
2,
2,

278, 315
301, 254
314,937
300, 405

2, 503,088
2, 824,156
3, 024, 741
3, 080, 495

1, 457, 892
1, 572, 980
1,441,015
I, 465, 320

716, 465
880, 531
1, 008, 215
1, 069, 751

2,174, 357
2,453,511
2, 449, 230
2, 535, 071

561, 313
531, 367
451,879
407, 247

2, 735, 670
2, 984,878
2,901,109
2, 942, 318

303,
294,
289,
293,

3, 039,191
3, 279, 232
3,191, 031
3, 235, 832

Sept. 27
Oct 25
Nov. 29
Dec. 27

.. .

.

» 102

24
27
13

2,080. 566
2, 295,122
2, 312, 359
2, 318,170

H

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

.

.

May 29

.

.

224, 773
522, 902
709, 804
780,090

4
4
3

2,177,209
2, 339, 525
2, 335,285
2,354, 870

1920.
Jan 30
Feb 27
Mar 26
Apr. 30

,

,-, — ,




O

,

, - , ,

-----

521
354
922
514

hrl

w

W
to

W

o
>

1,447,962
1,277,980
1, 241, 017
1,314.830

1,071, 4^9
1, 153,814
1,250,613
1,352,297

2, 519, 431
2,431,794
2,491,630
2, 667,127

418,600 ;
399, 185 i
345,305 i
321,965 j

2,938,031
2,830,979 |
2,836,935
2, 989, 092

306,394
352, 296
325, 380
300, 580

3, 244, 425
3,183, 275
3,162, 315
3, 289, 672

1.220,423
1,203, 005
1, 192,42.5
1, 141, 030

1, 434, 041
1, 597, 392
1, 542, 975
1, 578, 098

2, 704, 464
2, 801, 297
2, 735, 400
2, 719,134

307,624 !
298,375 i
247,703 j
255,702 I

3, 012, 088
3, 099, 672
2, 983,103
2, 974, 836

297, 500
296, 371
320,614
288,191

3, 309, 588
3,396,043
3, 303, 717
3, 263, 027

1,416,750
1,391,545
1, 262,006
1,138,916

2,457,117
2, 389, 510
2,233,106
2, 076, 568

163,700 I
169,421 j
119,340 j
109,763 !

2,620,817
2, 558,931
2,352, 446
2,186, 331

287,150
282, 807
276,932
267,095

2,907,967
2,841,738
2, 629,378
2, 453, 426

May 31.
June 30_.
.July 31...
Aug. 3 1 .

1,040,367 j
997,965 |
971,100 !
937,652 |
I
787, 244
637, 590
577, 774
545,176

1,120, 669
1,113, 760
1, 063, 838
946, 759

1,907,913
1, 751, 350
1, 641, 612
1, 491,935

75,457 |
40,223 j
17,977 I
35,320 I

1, 983, 370
1, 791, 573
1, 659, 589
1, 527, 255

266, 481
259,184
244,365
230, 233

2, 249,851
2,050, 757
1,903,954
1, 757, 488

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

496, 844
462, 436
476, 360
485, 233

916,169
850, 591
705, 941
659,113

1, 413, 013
1, 313, 027
1,182,301
1,144, 346

1, 458, 055
1,399,137
1, 255, 255
1,289,609

227,830
192, 521
204, 544
233, 528

363, 586
284, 614
260, 781
185, 743

475, 299
427, 963
419,686
324, 361

838, 885
712, 577
680, 467
510,104

74,935 j
93,458 I
105, 270 j
90,677 j
i
i

913, 820
806, 035
785, 737
600, 781

293, 085
407, 889
455, 506
587, 080

171,106
167, 241
132, 390
126,113

300, 384
294,177
273, 788
271, 335

471, 490
461, 418
406,178
397, 448

118, 182 I
161,112 |
140,111 |
180,176!

589, 672
622, 530
546, 289
577. 624

603, 419
555, 465
536, 669
507,131

May
June
J uly
Aug

28
25
30
27

:

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

'___;
j
|
I

1921.
Jan. 31..
Feb. 28.
Mar. 3 1 .
Apr. 30.

45,042
86,110
72,954
145, 263

1, 685,885
1, 591, 668
1, 459,866
1, 523, 516

10
67
379

1922.
Jan.
Feb.
Mar.
Apr.

31.28..
31.
29..

May 31
June 30
July 31
Aug. 31
1

Includes bill of lading drafts, $31,000.




206
242
102 I

3
21

!

1, 207, 111.
1, 214,166
1, 241, 345
1,187, 861
1,193,091
1,177, 995
1, 082, 961
1, 084, 776

W
O
>

No.

10.—EARNING ASSETS OF FEDERAL RESERVE BANKS,

1914-1923—Continued.

GO

[In thousands of dollars.]

Bills discounted.
Date.

Secured by
U.S. Government obligations.

Other.

Total.

Bills bought
in open market.

T o t a l bills
on h a n d .

United States
securities.

Municipal
warrants.

Total earning
assets

1922.
162, 780
269, 042
315, 280
331, 790

300,916
307, 393
334, 816
285, 990

463, 096
576, 435
650,096 |
617,780 !

244,375
258,165
259, 226
272,122

708,
834,
909,
889,

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

377,
356,
372,
386,

482
039
768
079

219, 769
239, 721
326,146
338, 914

597,251 I
595, 760 I
724,993

188, 566
207, 678
263, 358
271, 573

785,817
803, 438
962, 272
996, 566

353,
363,
250,
185,

735
074
360
305

May 31
June 30
July 31
Aug. 31

406,
407,
391,
412,

824
356
937
318

363, 910
429, 593
433, 999
452, 244

770, 734
836, 949
825, 936
864, 562

258,
205,
183,
171,

680
600
096
607

1, 029, 414
1, 042, 549
1, 009,032
1,036,169

191,
101,
98,
101,

964
503
083
995

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

401,186
425, 650
406, 533
353. 685

482, 367
458,150
396, 821
369, 383

883, 553
883,800
803, 354
723, 068

173,
204,
300,
354,

258
698
207
637

1,056,811
1, 088,498
1,103, 561
1, 077, 705

96, 285
91, 837
104,169
133, 566

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

071
600
322
902

482, 676
362, 639
304, 461
436,155

15
24
24
39

1,190, 762
1,197, 263
1, 213, 807
1,326,096

c

^

C
^
£

1923.




1,139, 552
1,166, 512
1,212,673
1,181,871

j .
t*d
£

55
65
10
20

1, 221, 433
1,144,117
1,107,125
1,138,184

^
S
C
§3
g

317
317
154
51

1,153, 413
1,180, 652
1,207, 884
1,211,322

<
W
^
O
§5
d

41

No.

11.—RESERVES, DEPOSITS,

AND NOTE

CIRCULATION

OF FEDERAL RESERVE

BANKS,

1914-1923.

[Amounts in thousands of dollars.]

F. R. notes
in circulation.

Total
deposit
and
F . R . note
liability.

Required
reserve.

Excess
reserve.

F.R.bank
note circuReserve
percentage. lation—net
liability.

88, 324
93,850

174,146
174, 049

104.2
100.5

286, 595
305, 205
316,411
331, 808

101, 033
107, 970
112,433
118,455

171,155
190,868
183,802
188, 606

95.0
97.9
93.6
92.5

57,847
72, 489
85,127
95, 233

342, 462
375, 527
384,232
405, 232

122, 754
135,059
138, 738
146, 593

207, 566
236, 972
230, 737
232,450

96.5
99.1
96.2
93.5

337, 532
350, 021
398, 899
394, 245

115,662
146,025
165,304
189,026

453,194
496, 046
564, 203
583, 271

164, 401
180, 917
205,736
213, 596

263, 923
289,377
323, 639
342, 342

94.5
94.8
93.8
95.3

441, 663
435, 793
445,328
439,013

179, 224
171,368
163,066
163, 094

620,887
607,161
608,394
602,107

226, 272
221, 075
221, 091
218, 892

344, 465
322,816
303, 368
280,148

91.9
89.6
86.2
S2.9

2,700
10,608

251,968 !
206,626 I

272, 095
282, 248
282, 644
285,364

14,500
22,957
33, 767
46,444

284,615
303,038
299,105
309, 999

o
H

1

O
*j

H
M

w
&

w

964
1,669

O
>

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




-7

to

No.

11.—RESERVES, DEPOSITS,

AND NOTE

CIRCULATION

OF FEDERAL RESERVE BANKS,

1914-1923—Continued.

o

[Amounts in thousands of dollars.]
Deposits.

Reserves.

Total
F. R. notes j deposit
i in circula- !
!
tion.
I F . R . note
liability.

!

Date.
Gold.

May
June
July
Aug.

26..
30..
28..
25..

515,255
542, 744
527, 536
536, 221

Total.

537, 227
570,192
544,125
548, 486

Government.

592,578
627, 457
719,475
753,774

808, 824
818,573 ;
947,328 !
975,481 |

25,
13,
20,
99,

F. R.bank
I
note circuReserve
percentage. lation—net
pe
liability.

159,389
152, 244 j
152, 590 j
156,345 !

663,688
690, 485
688,138
687, 211

240, 260
249, 282
248, 478
248, 341

296, 967
320,910
295, 647
300,145

80.9
82.6
79.1
79.8

1,732
1,721
1,692
1,690

529,360 I
548,703 !
620,128 ;
650,665 !

!
38,985 j
29,982 i
26,319 I
28,837 !

791, 245
803, 324
938,046
945,141

Net. 2

Excess
reserve.

504,299 !
538,211 :
535,548 I
530,866 I

44,131
101,152
56, 542
50,099

584, 767
617,481
701, 501
736, 236

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

Members'
reserve.1

Required
reserve.

196, .538
214, 622
240, 448
275,353

725,898
763, 325
860, 576
926,018

263, 891
277, 894
313,224
337, 874

328,687 |
349, 563
406,251
415,900

81.6
82.2
83.6
81.4

3,033
1,031
1,028

259, 768
303,171
357, 610
420, 509

948, 276
980, 207
1,064,515
1,164, 041

344, 885
358, 231
390, 461
428, 441

463,939
460, 342
556,867
547, 040

85.3
83. 5
89.0
83.8

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

1,175, 573
1, 770, 553
1, 766, 215
1, 721,841

434,170
645,131
644,876
632,040

580,093
689,221
769,176
774,068

86.3
75.4
80.1
81.7

934
2, 459
6,023

1,894, 098
2,166,304
2, 652, 495
2, 704, 482

697, 945
800, 581
981,222
1,008,893

759, 614
752, 361
694. 989
711,875

77.0
71.7
63.2
63.6

8,000
8,000
8,000
8,000

1917.
Jan. 26.Feb. 23..
Mar. 30.
Apr. 27_.
May
June
July
Aug.

25.
29
27
31-..

Sept. 28
Oct. 26
Nov. 30
TW 9
R




!
977,371
1,014,263!
| 1,294,512
1,334,352!
\ 1,362,263 j 1,414,052 ;
! 1,353,498 I 1,406,108 !
1,408,470
1,503,436
1,621,725
1.671. 133

1,457,559
1,552, 942
1, 676, 211
1.720. 768 !

607
407
567
689

687,841
629,475
711,117
719,785 ;

688, 508
677, 036
706, 905
743, 532

76, 114
300, 986
143,032
154, 358

813,326 |
1,033,460 I
1,135,456
1,069,804 |

721,171
1, 261, 800
1, 232, 200
1,133, 926

71 289
132 221
220, 962
108, 213

1,136, 930 ;
1, 264. 323 !
1,489,370 ;
1,453, 166

1, 193,886 J
1, 318,798
1, 595, 512 j
1, 457,694 j

700,
847,
1, 056,
1, 246,

212
506
983
488

w
o
H

H

b
w
w

w
o
>

1918.
2, 727, 812
2, 777, 208
2, 988, 205
3,082, 535

1,016,481
1,037, 751
1,118,513
1,155,199

766, 278
794, 773
755, 550
735, 746

65.4
66.0
62.7
61.3

8,000
7,9*
7,978
7,895

1, 600, 968 3,187, 576
1, 722, 216 3, 252,035
1, 870,835 3, 493, 705
2,092, 708 3, 665, 606

1,195, 700
1, 224,323
1, 316, 339
1, 387, 597

780,009
781, 876
712, 990
679, 365

62.0
61.7
58.1
56.4

8,324
10, 390
11,084
20,687

1, 667,109
1, 723, 902
1,668,283
1,552,892

2, 349, 326
2, 507, 912
2, 568, 676
2,685,244

4,016, 435
4,231,814
4, 236,959
4, 238, 136

1, 523, 218
1, 606, 531
1,611,369
1,617,610

548,958
491, 638
509,002
528, 609

51.6
49.6
50.0
50. 6

35,819
58,859
86,003
117,122

64,928
1, 693,132
210,547
1,620,972
168,147 I 1,631,167
91,726 I 1.664,320

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

2, 450, 729
2,472, 307
2? 521, 776
2, 549, 552

4,110,186
4, 269, 046
4, 263, 201
4, 301, 646

1, 561,102
1,617,781
1,618,209
1, 633,054

618, 544
570,942
592, 315
607,098

53. 0
51. 3
51.9
52,1

129,445
134, 042
145,540
158,848

2, 255,106
2,216,256
2,161,023
2,135,976

141,479 !
73, 614 |
116,038
54, 494

1,656,118
1, 713,030
1,718,396
1, 729, 950

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

2, 519, 292
2,499,180
2, 504, 497
2, 580, 629

4, 350, 212
4, 249, 874
4,301, 058
4, 210, 426

1, 648, 539
1,612,415
1,630,595
1, 602, 681

606, 567
603,841
530, 428
533, 295

51.8
52.1
50.2
50.7

168, 427
177,185
193,849
219,815

2,177,854
2,138,000
2,093, 641
2,078, 432

2,187, 505
2,205, 592
2,159, 666
2,135,536

61, 276
100, 465
98,157
72, 357

1, 731, 413
1,833,481
1,844,434
1, 786,874

1,634,074
1,850, 518
1, 889, 399
1,704,470

2, 655, 354
2,752, 876
2,852,277
3,057, 646

4, 289,428
4, 603,394
4, 741, 676
4,762,116

1,634,068
1,748,831
1,802,200
1,819,623

553, 437
456, 761
357, 466
315,913

51. 0
47.9
45.5
44.8

239, 451
254,933
256, 793
261,039

2,012,656
I 1,966,836
i 1,934,755
| 1,936,720

2,073,933
2,083,215
2,057,155
2,070,765

72,974
133,913
27, 711
37, 592

1, 850, 712
1, 871,961
1,867,125
1, 859,844

1,806, 496
1,884, 576
1, 772,904
1,812,732

2, 850,944
3,019, 984
3,048, 039
3,074, 555

4,657, 440
4,904, 560
4, 820, 943
4, 887, 287

1,772,650
1, 867, 594
1, 839, 731
1, 864, 278

301, 283
215, 621
217, 424
206,487 j

44.5
42.5
42.7
42.4

250, 530
237,131
201,392
177,881

1, 815, 704
1, 827,000

1,782, 759
1,832,524 ;
1,874,063 I
1,890,945

135, 691
56,165
104, 086
130, 668

1,480,743
1,459,720 ;
1,499,400 :
1,497,416 j

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

1,
1,
1,
2,

1,975,709 |
2,006,199
2,029, 329
2,066,962

166,191
84, 535 |
233, 040
104, 729

1,440,413 j 1,586,608
1, 557, 587 I 1, 529, 819 j
1, 435,196
1, 622, 870
1. 478, 639
1, 572, 898

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

2,020,813
2,045,132
2,065, 213
2,090, 274

2,072,176
2,098,169
2,120, 371
2,146, 219

191, 623
278, 218
207,157 |
63,367 |

1, 535,490
1,683, 499
1,488,893
1,587,318

J a n . 31
Feb. 28
M a r . 28
A p r . 25

2,112,106
2,122,998
j 2,142,305
j 2,169,216

2,179, 646
2,188, 723
2, 210, 524
2,240,152

May
June
July
Aug.

j 2,187,743
! 2,147,784
2,095,151
2,066,788

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

J

1,726,507
1,772,395

917,826
949,021
974, 200
013, 794

1,492,878
1,462,627
1,535,367
1,556,303

; 1,234,934
i 1,314,581
I 1,452,838
I 1,526,232

0

1919.

29
27
25
29

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

ft

w

w
o

1920.
J a n . 30
F e b . 27
M a r . 26
A p r . 30
1

Figures not r e p o r t e d s e p a r a t e l y u n t i l J a n u a r y , 1917.

2

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




00

No.

11.—RESERVES, DEPOSITS, AND NOTE CIRCULATION OP FEDERAL RESERVE BANKS, 1914-1923—Continued.

00

to

[Amounts in thousands of dollars.]
Deposits.

Reserves. •

Date.

Government.

Members'
reserve.

Total
F. R. notes deposit
Required
in circulaand
tion.
F. R. note reserve.

Excess
reserve.

F. R. bank
Reserve note circupercentage lation—net

Gold.

Total.

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

1,953,103
1, 969, 375
1, 977, 704
1,971,825

2,092, 496
2,108, 605
2,128,640
2,127,827

36,433
14,189
12,167
43,510

1,852,916
1,831,916
1,808,156
1,818,502

1,794,440
1, 722, 223
1, 697, 245
1, 717,867

3,107,021
3,116, 718
3,120,138
3, 203, 637

4,901,461
4, 838,941
4, 817,383
4,921,504

1,870,862
1,849,465
1,842,091
1,882, 708

221, 634
259,140
286, 549
245,119

42.7
43.6
44.2
43.2

179,185
185, 604
192,168
200, 793

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

1,989, 835
2, 003, 320
2,023,946
2, 059, 333

2,151, 594
2,168,038
2,195, 310
2, 249,163

46, 493
18, 754
15,909
27,639

1,800, 677
1,805,661
1,711,774
1, 748,979

1,658,464
1, 674,553
1,623,641
1, 604,190

3, 279, 996
3, 351, 303
3,325,538
3, 344, 686

4,938, 460
5,025, 856
4,949,179
4, 948, 876

1,892,460
1,926,615
1,898,489
1,899,341

259,134
241,423
296.821
349.822

43.6
43.1
44.4
45.4

214,180
214,961
214, 610
216, 960

31..
28..
31.
30..

2,103, 660
2,148, 085
2, 221, 569
2, 322, 683

2,319,755
2, 363, 475
2, 436, 741
2, 505, 612

28, 627
50, 828
91,617
31, 664

1,
1,
1,
1,

721, 895
705, 253
658, 625
666, 509

1, 650, 663
1,670,010
1, 784, 394
1, 732, 214

3, 083,155
3,048,554
2,904,948
2,844,011

4, 733, 818
4, 718,564
4, 689, 342
4,576,225

1,810,994
1, 803, 925
1,786, 517
1, 743,879

508, 761
559, 550
650, 224
761, 733

49.0
50.1
52.0
54.8

200,159
i 87, 633
169,885
154,944

M a y 31
J u n e 30
July 31.
Aug. 3 1 .

2,408,058
! 2,467,659
2, 543,039
2, 641,061

2,
2,
2,
2,

571, 579
627, 494
697,032
787,920

39, 080
43, 446
32, 680
46,809

1,
1,
1,
1,

601, 634
603, 845
625,123
618,901

1,
1,
1,
1,

G70, 624
675, 217
683,048
690, 754

2,
2,
2,
2,

751,869
648,086
549, 626
481, 466

4,422, 493
4,323, 303
4,232,674
4,172, 220

1, 685,466
886,113
981,934
1, 645, 560
1, 608,917 1,088,115
1, 584, 348 1, 203, 572

58.1
60.8
63.7
66.8

143, 706
132, 568
125, 046
109,864

2,879, 331
2,934,960
2, 989,142
3,010, 252

98, 540
43,086
45,913
95,951

1,
1,
1,
1,

581,032
658, 627
670, 362
753, 217

1,
1,
1,
1,

704, 807
732, 898
742, 830
876,082

2,
2,
2,
2,

482,427
421,426
366,006
409, 392

4,187, 234
4,154,324
4,108, 836
4, 285,474

1, 589,653
1, 575,085
1, 556, 392
1,620,385

1, 289, 678
1, 359, 875
1,432, 750
1, 389, 867

68.8
70.6
72.7
70.2

100,37£
85, 515
75, 862
83, 690

Net.i

liability.

liability.

1920.

H
O

H

1921.

Jan.
Feb.
Mar.
Apr.

Sept. 30..
Oct. 3 1 . .
N o v . 30..
Dec. 3 1 . .




2, 728, 372
2, 791, 272
2,849, 447
2,874,995

w
o

I 1, 564, 344

Jan. 3 1 - .
Feb. 28..
Mar. 31.
Apr. 29..

2, 908, 958
2, 946, 739
2,974, 784
2,996, 425

3,062, 705
3,079, 784
3,105, 039
3,128, 306

82,
53,
87,
51,

810
759
588
981

1, 677,837
1, 710, 249
1, 708, 761
1, 754,844

1,790, 685
1,799,401
1, 834, 811
1, 849, 442

2,179,052
2,196,058
2,194, 743
2,169, 420

3,969,737 I
3,995,459 I
4,029, 554 i
4, 018,862

1,498,361
1,508,214
1, 520,081
1, 515,073

1, 571, 570
1, 584,958
1, 613, 233

77.2
77.1
77.1
77.8

82, Sll
80T 717
80, 575
77,135

May 31..
June 30..
July 3 1 . .
Aug. 31 _.

3,007, 621
3,021, 767
3,047, 949
3,061,049

3,130, 497
3,144,542
3,178, 652
3,195,558

54, 295
33,093
58, 583
48,446

1, 782,004
1,820, 377
1, 760,824
1,803, 622

1,870,153
1,883, 329
1,846,582
1.874, 688

2,141,184
2,152,962
2,132,145
2,155, 515

4,011,337
1,511,027
4,036,291 I 1,520,350
3, 978, 727
1, 499,162
4,030, 203
1, 518,347

1, 619, 470
1, 624,192
1, 679, 490
1, 677, 211

78.0
77.9
79.9
79.3

70, 553
67,351
61,052
53, 636

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

3,077, 210
3,079,966
3, 072,858
3,047,393

3, 207, 494
3, 217,882
3, 202, 810
3,176,872

14,511
34,355
33, 449
10, 756

1, 857, 260
1,812,570
1,807, 631
1,933,888

1,897,182
1.875, 436
1, 860, 223
1,973, 532

2, 268, 652
2,301, 777
2,329,814
2, 395, 789

4,165, 834
4,177, 213
4,190,037
4,369, 321

1,571,475
1,577,113
1,583,004
1, 649,052

1, 636, 019
1, 640, 769
1, 619, 806
1, 527, 820

77.0
77.0
76.4
72.7

44, 005
34,961
20,868
2,770

3,075,810
3,072,813
3,059, 592
3,082, 282

3, 227,132
3, 201, 600
3,167,446
3,179, 666

46,014
43, 401
79, 354
40, 290

1, 913,465
1, 887, 552
1,862, 676
1, 864, 756

1,991,062
1, 952,317
1,961,651
1, 926,109

2, 203,701
2, 246,943
2, 247, 257
2, 235,435

4,194, 763
4,199, 260
4, 208, 908
4,161, 544

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

1, 648, 778
1,619, 514
1, 581, 966
1,611,355

76.9
76.2
75.3
76.4

3,105
2,645
2,431
2,286

3,112,106
3,095,217
j 3,100,814
3,105,903

3, 201,333
3,194, 665
3,190,932
3.188, 541

28,130
33, 544
35,811
46, 551

1,899,810 !
1,851,938 |
1,878, 367
1,844,718

1,964,128
1,914,043
1,936,938
1,911,730

2, 245, 829
2, 253, 033
2,177, 743
2, 226,998

4, 209, 957
4,167,076
4,114, 681
4,138, 728

. 585, 775
,
, 571,128
1,549,026
1, 559,905

1, 615, 558
1, 623, 537
1, 641,906
1, 628, 636

76.0
76.7
77.6
77.0

1,724
1,425
1,570
520

3,112,717
3,111,078
3,101,158
3,080, 032

3.189, 598
3,191,145
3,185, 277
3,168,934

50, 304
40, 334
32, 501
38, 074

1, 895, 285
1,86. 7&4
1, 898,315

1, 912,460
1,958,660
1,919,214
1,959, 579

2, 267, 620
2, 224,865
2, 252,492
2, 246, 673

4,180,080
4,183, 525
4,171, 706
4, 206,252

1,576,409
1,575, 475
1, 572, 722
1, 584, 522

1, 613,189
1, 615, 670
1, 612, 555
1, 584, 412

76. 3
76.3
76. 4
75. 3

485
523
498
471

o
H

o

1923.

Jan.31..
Feb. 28..
Mar. 31.
Apr. 30..
M a y 31
J u n e 30
J u l y 31
Aug. 31
Sept. 3 0 - . .
Oct. 31
N o v . 30..
Dec. 3 1 . .
1

<

w
o

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

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




GO

No.

12.—RESOURCES AND LIABILITIES
DAY

OF ALL FEDERAL RESERVE

OF EACH

MONTH

BANKS COMBINED, AT CLOSE OF BUSINESS ON THE LAST

FROM DECEMBER,

1922,

TO DECEMBER,

BUSINESS

00

1923.

[In thousands of dollars.]
1923
December, 1922

January.

February.

April,

March.

j

May

June.

July.

August.

September.

October.

November.

December.

s

RESOURCES.
2,166,879 2,174, 677 2,108, 767 2,021, 726 2, 009,192 |2,027, 009 2,032, 641 2, 052, 883 2,057,159 2,054, 541 2,085, 682 2,052,243
Gold with Federal reserve agents
57, 777
60,522
62,642 |
58,029
57, 427
54, 366
58,588
49, 509
54, 857
47,066
Gold redemption fund with U . S . Treasury 61,471
50,926
Gold held exclusively against Federal
2, 221, 245 2, 221, 743 2,166,194 2,082,248 2,071,834 2,085,038 2,090,418 2,111,471 2,106, 668 2,109, 398 2,147,153 2,103,169
reserve notes
Gold settlement fund with Federal reserve
604,008
662, 709
691,673
609,186
647, 581
654,168
693,038
648,318
685,808
554,363
647, 768
561,403
Board
314,635
318, 775
341, 260
302, 611
354, 739
349,151
311, 761
341,025
351,654
292,664
350, 221
Gold and gold certificates held by banks._. 271, 785

2,104, 255
58, 748

1

2,163,003
571,087
345, 942

3,047, 393 3,075,810 3,072,813 3,059,592 {3,082,282 3,112,106 3,095,217 3,100, 814 3,105, 903 |3,112, 717 J3, 111, 078 3,101,158
99,448
90,118
107,854
97, 384
129,479
84,119
82,638
76,881 j 80,067
89, 227
128, 787
151,322

3,080,032
88,902

3,176,872 3, 227,132 3, 201, 600 3,167,446 3,179, 666 3, 201,333 3,194, 665 3,190,932 3,188,541 3,189,598 3,191,145 13,185, 277
Total reserves
39,654
39,152 j 30,852
36,044
39,981
37,558
35, 354
45,824
37,019
54, 463
40, 417
Nonreserve cash
0)
Bills discounted:
Secured by United States Government
401,186
406,533
391,937
412,318
425, 650
386,079
406,824
407, 356
372,768
356,039
377,482
obligations
\ 331,790
482, 367
458,150
338,914
429, 593
396,821
433,999
452, 244
326,146
363,910
239, 721
285,990
219, 769
Other bills discounted

3,168,934
52,319

Total gold reserves
Reserves other than gold

Total bills discounted.
Bills bought in open market
United States Government securities:
Bonds
Treasury notes
Certificates of indebtedness




617, 780
272,122

597, 251
188, 566

595, 760
207, 678

29,898
133,054
190, 783

29,197
144,778
189,099

29,300
2 145, 655
75,405

724,993
271, 573

698,914
263, 358

28,877
180, 387
226,891

353, 685
369,383

2

770, 734
258, 680

836, 949
205, 600

825,936
183,096

864, 562
171, 607

883, 553
173, 258

883, 800
204, 698

803, 354
300, 207

723, 068
354, 637

27,948
119,133
38, 224

26,900
126, 652
38, 412

25,352
71, 459
4,692

25,001
63,118
9,964

21,194
79, 390
1,411

21,860
69, 539
4,886

18, 213
59,361
14, 263

18, 506
52,515
33,148

29,508
86, 947
17,111

o

Total United States Government
securities
Municipal warrants

|
436,155

353, 735

363,074

250, 360 I 185, 305
41 i

191,964
55

101,503
65

98,083
10

101,995
20

91, 837
317

96, 285
317

104,169
154

133, 566
51

1, 326,096 1,139, 552 1,166,512 i 1,212,673 1,181,871 1,221,433 j 1,144,117 1,107,125 1,138,184 1,153, 413 1,180, 652 1, 207,884 1, 211, 322
Total earning assets
Co 5 per cent redemption fund—Federal
j
I r•eserve bank notes
28
2,096
191
311
191
192
193
191
28
27
311
687, 698
540, 425
530, 431
569,923
552, 651
565,614
526, 434
530, 712
Uncollected items
561,168
608,167
583,103 611,271 579, 270
45, 278
52, 296
53, 348
56, 722
48, 901
46,471
54, 246
Bank premises
51,184
55,943
47, 863
53,999
49,995
55,084
13,929
11,868
12,859
All other resources
14, 220
16, 807
14,444
13, 283
15,180
12,921
14,179
13, 598
13,076
13, 253

Total resources _

5, 251,969 5,013, 540 5,087,084 5,022,573 |4,989,313 5,086, 548 5,008,415 4,957, 525 4,960,675 5,034, 460 5,091, 267 5, 074, 477 5,066,395

s

LIABILITIES.

Federal reserve notes in actual circulation.. 2,395,789 2, 203, 701 2, 246, 943 2, 247, 257 2,235,435 2, 245, 829 2, 253,033 2,177, 743 |2, 226,
2, 267, 620 2, 224, 865 2, 252, 492 2, 246, 673
Federal reserve bank notes in circulation—
2,770
2, 645
3, 105
1,724 |
1,425
1,570
2, 431
523
2,286
485
471
520
net...
Deposits:
1, 933, 888 1,913, 465 1, 887, 552 1, 862, 676 •1,864,756 1, 899, 810 1,851,938 j 1, 878, 367 jl, 844, 718 839,142 1, 895, 265 1,864,794 I 1,898,315
1,
Member bank—reserve account
10, 756
43, 401
32, 501
28,130
46,014
79, 354
40, 334
50, 304
38,074
33,544
35,811 | 46,551
40, 290
Government
28, 888
36,188
21, 364
21,919
23,014
31, 583
19, 621
23,061
28,561
22,760 j 20,461
21, 063
23,190
Other deposits
-

I

Total deposits
Deferred availability items_
Capital paid in
Surplus
All other liabilities
..:

1, 973,532 1,991,062 1,952,317 1,961, 651 1,926,109 11,964,128 1,914, 043 1,936,938 |l,911,730 1,912, 460 1,958,660 1,919, 214 1,959, 579
544, 797
479, 551
546, 254
482,602 | 529,570 496, 087 495, 728 473, 895 505, 011
470, 214
516, 803
555, 914 548, 897
107, 271
107, 703
108,635
110,145
108, 824 ! 109,355
109, 539 109, 492 109, 756 109, 627 109, 726 110, 084
218, 369
218,369
218,369
218, 369
218, 369 I 218,369
220,915
218,369 | 218,369 218,369 218,389 218, 369 218, 369
24,923
9,441
10,049
11,689
14,016
11, 809
23, 210
15,688 I 17,573
15,919
17,685
19,407
20,888

Total liabilities..

5, 251,969 5,013, 540 5, 087,084 5, 022, 573 14,989,313 15,086,548 5,008,415 4,957,525 4,960, 675 5,034,460 15,091,267 5,074,477

Ratio of total reserves to deposit and Federal reserve note liabilities combined—
per cent
_
Contingent liability on bills purchased for
foreign correspondents




1

5,066, 395

i
l

72.7
34, 393

76.9 |
34,390

o
>
76.2 !
28,397

75.3

36,150

Not shown separately prior to January, 1923

76. 0 i
33, 058

76. 7 j

77. 6

29,279 | 33,626 I 33,129
2

77. 0
35,414

76.3
34,256 |

Including Victory notes.

76.3
44,102

76.4
24,531 I
I

75.3
18,995

QO

No.

13.—RESOURCES AND LIABILITIES OF ALL FEDERAL RESERVE BANKS COMBINED, BY WEEKS, DURING

Cash reserves.

Earning assets.

Gold.
Date.

Gold redemption
Gold
with F. R. fund
with
agent.
U.S.
Treasury.

1923.
Jan. 3 2,165,627
10
17
24
31

2,186,194
2,195,474
2,181,121
2,174,677

Feb. 7 2,139, 375
14
21
28

2,144,036
2,142,076
2,108,767

Mar. 7 2,074,043

QO

1923.

[In thousands of dollars.]
]

U. £>. Government

Bil s discounted.

Reserves
other
than
gold.

Nonreserve
cash. Secured
Total
by U . S . Other
reserves.
Govern- bills dis- Total.
ment
obliga- counted.
tions .

Gold
settlement
fund
with
F. R.
Board.

Gold
and
gold
certificates
held b y
banks.

Total
gold
reserves.

61,194
51,873
49,949
44,167
47,066

550,126
543, 591
535,229
556, 642
561,403

272,504
281,300
296, 840
298,207
292,664

3,049,451
3,062,958
3, 077,492
3,080,137
3,075, 810

113,319
124,509
136,645
141,844
151,322

3,162,770
3,187,467
3, 214,137
3,221,981
3,227,132

94, 565
92,165
82,178
76,043
54, 463

351,483
281,996
284,017
341,454
377,482

276,162
230,053
229,328
228,281
219, 769

627,645
512,049
513,345
569,735
597,251

255,182
225, 760
201,335
204,547
188, 566

59,856
60,120
55,641
57,427

569,278
572,152
574,857
604, 008

307, 567
302,189
302, 668
302, 611

3,076,076
3,078,497
3, 075,242
3,072,813

143, 288
140,464
128,367
128,787

3,219, 364
3, 218,961
3,203,609
3,201,600

67,770
67,789
68,108
45, 824

344.. 646
428, 724
368, 241
356,039

224, 663
224, 715
259,682
239, 721

569,309
653,439
627,923
595, 760

117, 633
118, 275
118,323
112,494

3,201, 274
3,196,569
3,192,624
3,176,288

70,144
67,917
69, 451
65, 815

330, 093
361, 286
351,861
388, 238

241, 394
251, 773
278,126
311, 781

securities.

Bills

bought
in open
market. Bonds.

Municipal
warTotal. rants.

Total.

Treasury
notes.

Certificates of
indebtedness.

28,059
28, 704
28,043
28, 781
29,898

U54,256
1147, 005
1128, 835
U38, 076
1133,054

274,239
332,467
255, 554
185, 962
190, 783

456, 554
508,176
412, 432
352,819
353, 735

184, 945
184,476
182, 353
207, 678

29,998
29,532
29,315
29,197

U36, Q88
1133, 708
U38,105
U44, 778

187,038
190,283
186,614
189,099

353,124
353,523
354,034
363,074

1,107,378
1,191,438
1,164,310
1,166, 512

571,487
613,059
629, 987
700,019

218, 886
225,416
237,965
254,251

28,
28,
29,
29,

842
865
298
303

1129,134
1131,814
1134, 291
U42,905

186,911
184,034
128,322
77,201

344,887
344, 713
291, 911
249, 409

41
41

1,135,260
1,183,188
1,159,904
1,203, 720

39
24
10
4

1, 339, 420
1, 246,009
1,127,122
1,127,105
1,139, 552

14
21
28

2,068,613
2,052,103
2,034,099

52, 763
58,262
50,400
55, 586

645, 285
638,208
648, 226
653, 708

311, 550
313, 211
323, 572
320, 401

3,083,641
3, 078,294
3,074,301
3,063, 794

Apr. 4

2,013, 538
2,041, 509
2,036,490
2,007, 555

53,257
62,210
59, 870
57, 562

677, 216
657,410
659,887
695, 630

325,484
324, 630
326, 375
323,822

3,069, 495
3,085, 759
3,082,622
3, 084, 569

103, 522
98, 680
95, 920
94,473

3,173,017
3,184,439
3,178,542
3,179,042

66, 663
66,258
67,225
70, 691

380, 785
327,412
334, 611
339, 880

314,445
295,238
308,851
296, 717

695, 230
622, 650
643,462
636, 597

259,879
274, 389
277,447
274,041

29, 330
29,293
28,155
27,939

1135,256
1133, 533
1130,755
1129,091

74,563
75, 328
79,097
36,780

239,149
238,154
238,007
193, 810

41
41
41
41

1,194,299
1,135,234
1,158,957
1,104,489

May 2 2,005,998
9 2,005,066

63,277
54,435

693,564
706,261

317, 740
323,062

3,080, 579
3, 088,824

93,809
92,557

3,174,388
3,181,381

61, 642
67, 726

362, 633
358, 637

367,707
336,380

730, 340
695, 017

275,429
266,992

27,963 U20,030
29, 573 il 19, 387

36, 779
36,854

184, 772
185, 814

40
40

1,190, 581
1,147,863

11
18
25




16 1,999,818 57,317 686, 707 344,043 3, 087,885 93,166 3,181,051
23 1,993,724 53,379 698,872 347,320 3,093,295 94,488 3,187,783
29 2, Oil, 734 53, 545 702, 308 341,175 3,108, 762 86,735 3,195,497
6 2,031, 421 58,266
13 2,057, 611 56,459
20 2,033, 359 57, 341
27 2,035, Oil 57, 970

677,179
678,665
688,063
691, 429

346,800
346, 522
350,252
326,334

3,113, 666
3,139, 257
3,129, 015
3,110, 744

84, 552
87,357
85,966
91,735

3,198, 218
3,226,614
3, 214, 981
3, 202, 479

71,908
73,860
68, 914
72,030

384,131
359, 488
352, 733
383,297

350, 790
348,382
378,368
391, 666

734, 921
707,870
731,101
774,963

248, 234
218, 618
205, 716
204,225

26, 678 115,199
25,149 100,138
25,070 83,493
25,220 82,938

2,040,992
11 2,047, 787
18 2,052,131
25 2,058, 246

58, 676
53, 483
52,001
60, 539

661, 593
658, 617
653,784
662,477

326,442
340,492
341,804
332,289

3,087,703
3,100,379
3, 099,720
3,113, 551

79,200
76, 769
83,702
86,454

3,166,903
3,177,148
3,183,422
3, 200,005

59, 589
81,168
81, 261
74,025

477,053
419,930
408, 359
364, 413

452,786
426, 439
397, 470
396,126

929, 839
846, 369
805,829
760,539

198,912
186,284
183,121
176,864

25, 618
25,616
25,016
25,128

2,048,062
2,040,012
2,079, 719
2,081, 265
2,061,164

mf 725
61, 701
57,988
69,040
49,304

650, 318
664,114
634,519
615,695
649, 455

344, 561
346, 809
348,655
356,864
361,066

3,109, 666
3,112, 636
3,120,881
3,122,864
3,120,989

84,058
77,484
74,186
78,612
80, 245

3,193, 724
3,190,120
3,195,067
3, 201,476
3,201, 234

66,492 381,862
64,138 397, 209
70,947 380, 560
79,585 359,999
69,504 376,194

424, 575
425, 893
420,879
420,597
439,324

806,437
823,102
801,439
780,596
815,518

2, 060, 700
12 2, 070, 557
19 2,066,488
26 2,061, 965

50, 688
57,053
59, 245
53, 328

645,876
633,454
638, 892
641,647

344, 746
349, 597
357, 345
359,664

3,102,010
3,110, 661
3,121,970
3,116, 604

76,324
77,004
77, 832
76,094

3,178,334
3,187,665
3,199,802
3,192,698

65, 782
77,139
84, 295
74,248

399,118
389,071
324, 640
402,141

450,976
452,288
449, 600
459,867

2,055,663
2,074, 372
2,087, 371
2,089,358
2,085, 682

59,108
60, 275
62,229
53,174
61, 471

643,874
623,054
607, 734
618, 424
609,186

357,185
364, 693
367,835
375,456
354, 739

3,115, 830
3,122,394
3,125,169
3,136,412
3, 111, 078

72,160
71, 529
72,854
72,710
80,067

3,187,990
3,193,923
3,198,023
3,209,122
3,191,145

72,354
68, 932
74,877
76,872
39,152

400,158
406,269
386,175
384,346
425, 650

2,107,970
14 2,107,168
21 2, 098, 784
28 2,104,845

June

66, 642 360,200 337,131 697, 331 281,609 27,125 l124, 538
68,731 366,803 333,510 700,313 270, 850 27,180 123, 710
61, 245 371, 533 359, 462 730,995 257,818 26,952 125,059

67, 789
54, 748
59, 715
60, 944

573, 514
584, 046
600, 741
587,079

373, 643
388, 047
376, 216
359, 568

3,122,916
3,134,009
3,135, 456
3,112,436

72,325
75, 370
77,425
84, 846

3,195, 241
3,209,379
3,212,881
3,197, 282

68,172
72, 860
71,881
58, 754

5 2, 055, 625
12 2,100,895
19 2,140,445
26 2,109,814

56,009
63,085
61,095
66,278

647,658
584, 501
541, Oil
553, 604

358,847
367,158
348, 584
341, 401

3,118,139
3,115,639
3,091,135
3,071,097

79, 516
78,010
72, 303
66,419

3,197,655
3,193,649
3,163, 438
3,137, 516

68,460
67,612
64, 548
69, 661

July 3

Aug.

1

8
15
22
29
Sept. 5

Oct.

3

10
17
24
31
Nov. 7

Dec.




37,226 188,889 i 40 1,167,869
56,069 206,959
55 1,178,177
55 1,178,156
37, 277 189, 288
40,874
32, 813
12,966
26,818

182,751
158,100
121, 529
134,976

55
55
55
55

64,126
68,595
66,999
59,888

4,957
7,027
• 5,940
11,268

94,701
101,238
97,955
96,284

25
25
10
10

182,630 24,905
177,409 24, 815
173,189 24, 824
176,610 21,145
173,485 21, 666

58,897
58,106
60,043
59,780
69, 812

9,991
7,285
4,974
3,834
2,052

93,793
90, 206
89, 841
84,759
93, 530

10
10
20
20
20

1,165,961
1,084,643
1,058,401
1,114,219
1, 223,477
1,133,916
1,086,915
1,033,697
1,082,870
1,090,727
1,064,489
1,041,985
1,082, 553

850,094
841,359
774, 240
862,008

174,563 20,904
179,313 20,875
171,044 21, 387
172,124 21,462

75, 416
73,843
63, 283
66, 275

2,452
5,139
7,919
4,148

98, 772
99, 857
92, 589
91, 885

20
20
317
317

1,123, 449
1,120,549
1,038,190
1,126,334

481, 503
462, 748
468,346
451,892
458,150

881, 661
869,017
854, 521
836,238
883,800

172,902
182, 407
190,518
179,747
204, 698

22, 067
22,098
19,733
19,744
18, 213

67, 561
64,710
66, 518
60,163
59, 361

5,514
5,075
7,790
8,286
14, 263

95,142
91,883
94,041
88,193
91,837

317
317
317
317
317

1,150,022
1,143,624
1,139,397
1,104,495
1,180, 652

377,705
373,536
341, 635
382, 643

439,747
417, 576
404, 553
411, 738

817,452
791,112
746,188
794, 381

248,028
268, 450
284, 554
289, 004

18,203
18,192
18, 234
18, 509

57,237
60, 465
50, 098
52,832

14,852
11, 663
5,031
13,119

90, 292
90, 320
73,363
84, 460

317
317
51
154

1,156,089
1,150,199
1,104,156
1,167,999

359,093
363, 293
385, 425
441,842

387,170
398, 635
364, 771
415,309

746, 263
761,928
750,196
857,151

298,370
329,383
322,379
336, 415

18, 612
18,491
18,464
23,555

51,772
58, 691
54,493
65, 280

20,911 91, 295
19,112 96,294
8,292 81, 249
15,323 104,158

154
51
51
51

1,136,082
1,187,656
1,153,875
1,297,775

including Victory notes.

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

CO

00

[In thousands of dollars.]

5% redemption
fund,
F. R.
bank
notes.

Date.

Jan.

1923.
3
10
17
24
31

Uncolitems.

Note circulation.
Total
Bank All other resources
F. R.
and
F. R.
Member
bank
premises. resources. liabilibank,
notes in notes in
reserve
ties.
actual cir- circulaculation. tion, net. account.

Deposits.

Other
Government. deposits.

Deferred
availability
Total.

Capital
paid in.

items.

a 1 ] r r i l l s , ) All other
feuiplu*. l i a b i l i t i e s >

May

45,281
45,521
45,895
46,400
46, 471

15,506
14,894
15,329
15,497
15,180

5,429,709 2,411,058
5,193,255 2,312,674
5,138,467 2, 256,491
5,067,487 I 2,221,316
5,013, 540 2, 203, 701

2,947
2,866
3,117
3,132
3,105

1,942, 749
1,960,346
1,918,494
1.924,541
1, 913, 465

6,630
6,193
9,341
33,042
40,014 I

75,394
53,337
41, 616
33, 243
31,583

2,024,773
655,532
2,019,876
521,667
1,969,451 I 573,705
1,990,826 | 515,000
1,991,062 J 479,551

107, 450
107,465
107,484
107, 648
107, 703

218,369 i
218,369
218,369
218,369
218,369 |

9, 580
10, 338
9,850
11,196
10, 049

7.
14.
21 -

311
311
311
311

524,349
676, 813
606,809
608,167

46, 640
46, 777
47,042
47,863

15, 823
16,045
16,566
16,807

4, 981,635
5,218,134
5,106, 755
5,087, 084

2,217,817
2, 243, 603
2, 260,497
2,246, 943

3,309
3,074
3,066
2,645

1,905, 530
1,964, 561
1,897, 685
1, 887, 552

35,131
43, 492
46, 306
43,401

23, 780
22, 639
21,917
21,364

1,964,441
2, 030, 692
1, 905, 908
1, 952, 317

459, 255
602,878
538, 329
546, 254

107,810
108, 373
108,874
108, 867

218,369
218,369
218,369
218,369

311
291
291
191

618,956
689,039
645,874
559,481

47,937
48,108
48, 761
48,847

17,120
17,348
14,439
13, 588

5,091, 002
5,202, 460
5,131,344
5,067, 930

2, 256,302
2, 242,902
2,231,487
2,232,482

2,788
2, 599
2,368
2,435

1, 879, 697
1,932, 714
1,866,475
1, 871,373

38, 773
42,442
98, 627
85,432

24,392 1, 942,862
20,633 | 1,995,789
19,931 1,985,033
19,465 1, 976, 270

549, 513
621,433
572,000
515, 298

108, 852
108,483
108, 563
108, 623

218,369 I
218,369
218, 369
218, 369

12, 316
12, 885
13, 524
14,453

4

191
191
191
191

621,458
638,391
723,336
622, 644

48,938
49,208
49,692
49, 945

13,434
13,627
13,871
14,065

5,118,000
5,087, 348
5,191,814
5, 041,067

2,240,951
2,231,041
2,220,251
2, 222,588

2,488
2,472
2,443
2,287

1, 894,035
1,876,414
1,924,525
1, 853,935

74,423
45, 218
44, 936
34, 692

20,148
,
20,499 . 942,131
,
21, 540 . 991,001
19, 916 1, 908, 543

544,367
569, 272
635,966
564,398

108, 647
108, 683
108, 649
108, 857

218, 369
218, 369
218,369
218, 369

14,572
15,380
15,135
16,025

2
9
16-23
29

191
191
191
191
191

640,543
600,834
734,416
615, 373
572,394

50,059
50,155
50,484
50,932
51,164

14,199
13,811
14,057
14,372
14,734 !

5,131, 603
5,061,961
5, 214, 710
5,115, 559
5,073,381

2,237, 505
2, 241, 780
2, 232,999
2, 227, 700
2, 250, 217

2,299
2,065
1, 878
1,653
1,752

1,894, 651
1, 886,455
1, 907, 893
1,930, 519
1, 874,106

40,114
28, 599
29, 741
49, 429
41,439 I 36,041

564, 788
536,222
641, 510
554, 650
524, 323

108,822 I
109,029 i
109,273 ;
109,278 !
109,348 !

218, 369
218,369
218, 369
218, 369
218, 369

15, 972
16,826
16,990
17, 623
17, 786

o
w

10, 634
11,145
11,712
11,689

11
18
25

Apr.

770,070
606,288
653,495
580,151
530,431

7.
14.
21 _
28.

Feb.

2,097
911
311
310
311

...




49,083
22, 616
56,057
6,338

1,
1,937, 670
1, 993, 691
1,986, 286
1, 951, 586

w
o

June

6
13
20
27

191
191
191
193

609,959
689, 539
685,812
583, 917

51,251
51, 719
52,215
52, 270

14, 216
14,170
12,299
12, 394

5,111,704
5,140, 736
5,092, 813
5,037, 502

2, 250,213
2, 235, 755
2,222.352
2,226, 954

1,628
1,410
1, 489
1, 548

1,895, 62^
1,913, 879
1, 874,220
1, 867, 650

50, 87^
14, 3^3
20, 764
43,952

29, 530
28,121
26,330
24,997

I,976,029
1,956, 323
1, 921,314
1, 936, 599

537, 938
601,040
601,028
525,165

109, 363
109,381
109, 422
109,427

218,369
218,369
218,369
218,369

18,164
18,458
18, 839
19,440

193
193
193
193

649,037
655,976
674,936
578, 566

52,330
52, 657
53,203
53,309

12, 932
12,857
13,031
12,967

5,164, 461
5,113,915
5,092,961
4, 952, 762

2,282,054
2, 265,149
2,216,994
2.194,871

518
1, 471
1, 296
1, 608

1, 931, 762
1, 909,006
1, 883, 644
1, 839, 262

14, 657
15, 778
34,432
34, 784

27, 832
24, 938
24,445
22, 521

1, 974, 251
1, 949, 722
1, 942, 521
1, 896, 567

562,198
552,512
586, 567
513, 767

109, 584
109, 621
109,714
109, 629

218, 369
218,369
218,369
218,369

16,487
17,071
17,500
17,951

193
193
93
93
93

578,520
539,877
679,279
583. 815
546,129

53,360
53,424
53, 664
54,183
54, 239

12,982
13,058
13,184
13,043
13,477

4,988 141
4,951 537
5,076,723
4,974,180
4, 967,229

2,187, 729
2, 224,358
2, 231, 815
2, 225,063
2, 224, 760

1, 556
1, 571
1, 550
1, 521
1, 565

1, 879, 504
1, 860,022
1 850, 690
1 824,572
1 848, 617

41, 584
21, 935
30,038
34, 285
37,960

23,463
22, 834
21, 682
23,048
21,005

1, 944, 551
1, 904, 791
1, 902,410
1, 881,905
1, 907, 582

508,543
474, 269
594,033
518,3C6
485, 041

109,497
109,673
109,886
109, 678
109,751

218,369
218,369
218, 369
218, 369
218, 369

17,896
18,506
18, 660
19, 278
20,161

28
28
28
28

594, 984
670,862
747, 873
616,211

54,269
54,361
54,915
55,023

13,339
13,532
13,331
13,717

5,030,185
5,124,136
5,138,435
5,078, 259

2, 257, 278
2, 262, 525
2, 254, 764
2, 247, 830

509
509
497
492

1 843,065
1 872,773
1 825, 005
} 851,790

38,534
39,597
37,970
56,279

20. 776
902,375
24,086 1 936, 456
24, 865 1 887,840
22,004 1 930, 073

522,057
576,015
645, 866
550, 527

109,718
109.682
109, 644
109, 657

218, 369
218,369
218, 369
218,369

19,879
20, 580
21,455
21,311

3
10
17
24
31

28
28
28
28
28

663, 548
646, 278
840, 286
660,460
611,271

55,173
55,202
55, 640
55, 895
55,943

13,118
13, 470
13, 690
13,470
13,076

5,142, 233
5,121,457
5, 321, 941
5.120,342
5, 091, 267

2, 272,308
2,288,580
2, 272, 391
2, 255, 354
2, 224, 865

485
480
473
529
523

1
1
1
1
1

884, 046
863, 850
915, 740
872,179
895, 265

30, 065
20,151
36, 575
28, 823
40, 334

22,126
21, 754
23, 007
22, 536
23, 061

1
1
1
1
1

936, 237
905, 755
975, 322
923, 538
958,660

583, 742
576, 277
723, 251
589, 636
555, 914

109,669
109,676
109,688
109, 709
109,726

218,369
218, 369
218, 369
218, 369
218,369

21, 423
22, 320
22, 447
23, 207
23,210

14
21
28

28
28
28
28

588, 520
787, 899
680, 640
603, 579

55,954
56,162
56, 559
56, 649

14,019
13,945
13,828
13,987

5, 078,023
5, 290,472
5,139, 973
5, 098, 278

2, 265, 556
2,263,048
2, 223,074
2, 246,300

517
507
502
498

1 864,808
1 913,355
1 891, 027
1 881,025

18,485
44, 911
26,072
34,803

26,090 1 909, 383
982,431
24,165
24,380 1 941,479
938, 593
22, 765

550, 606
691, 589
621,692
559, 044

109,835
110, 023
110,103
110,095

218,369
218, 369
218, 369
218, 369 !

23,757
24, 505
24, 754
25,379

28
28
28
28

643, 289
683, 968
734,270
591, 608

56, 715
56,456
56,951
57,105

14, 602
14,8C0
15,515
15, 684

5,116, 831
5, 204,229
5,188, 625
5,169,377

2, 252, 598
2, 266, 831
2, 296,436
2,340,375

489
483
477
470

1, 884,010
1, 923, 505
1, 849,596
1, 874, 486

30,065
26, 612
11,334
42,811

21,429
21, 556
21,922
20, 572

574,347
610, 980
654,456
535,490

110,114
110,142
110,156
110,103

218,369
218, 369
218,369
218, 369

25,410
25, 751
25,879
26, 701

.-

July

3.
11 18
. 25

A tig

1
8
15
22
29

Sept.

Oct

5
12
19
26

...
..

Nov.

Dec.

5
12
19
26

_..




1 935, 504 j
1 971, 673
1 882,852
1, 937, 869

>

>

i

•

3
H
O

H

W
w
»
ft
W

1
w
w
O

P
00
CO

90

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

ALL FEDERAL RESERVE BANKS
MILLIONS OF DOLLARS

MILLIONS OF DOLLARS

1000
500

1000

I
UNITED £>TATE 5 SECURITIES
*

0 •
1000

i

mk
W///A
i

500

mmm.
r

v//ssZv.
1000

i

PURCHASED BILLS

500

500

0
3000

3000

1
I
T
DISCOUNTED BILLS

2500
2000

2000

1500

1500

1000

1OO0

I
I
I
!
!
TOTAL EARNING ASSETS
30OO

2000

1000
500

1921




1922

1923

ANNUAL REPORT OF THE FEDERAL. RESERVE BOARD.

91

ALL FEDERAL RESERVE BANKS
100
o ESERV P B AT
80

80

60

60

40

20

20

0
MILLIONS OF DOLLARS
3000

MILLIONS OF DOLLARS
3000

DEPOSITS
2000

2000

1000

1000

4000

4000

F. R. NOTE CIRCULATION
3000

3000

2000

2000

1000

5000
TOTAL CASH RESERVES
4000

4000

3000

3000
2000

1921




1922

1923

No.

14.—DEPOSITS, FEDERAL

RESERVE

NOTE

CIRCULATION,
BY

REQUIRED

WEEKS,

RESERVES,

DURING

EXCESS RESERVES,

AND RESERVE

PERCENTAGES,

to

1923.

[Amounts in thousands of dollars.]
Reserves required—

Liability on—

Date.

Deposits.

F. R. notes
in circulation.

Deposits
and notes
combined.

Against
deposits
(35 per
cent).

Against
F. R. notes
(40 per
cent).

Total.

Total
cash
reserves
held.

Gold in
excess of
required
reserves.

Ratio of
total cash
reserves to
deposit and
F. R. note
liabilities
combined.
Per cent.

1923.

>
tz*
fej
<^
^
k

2,024,773
2, 019, 876
1,969,451
1, 990,826
1,991,062

2,411,058
2,312,674
2,256,491
2,221, 316
2, 203, 701

4,435,831
4, 332, 550
4, 225, 942
4,212,142
4,194, 763

708,673
706,956
689,308
696,790
696,873

964,424
925,070
902,597
888,526
881,481

1,673,097
1, 632,026
1, 591,905
1,585,316
1, 578, 354

3,162,770
3,187,467
3, 214,137
3, 221, 981
3, 227,132

1,489,673
1, 555,441
1,622,232
1,636,665
1, 648, 778

1,964,441
2,030,692
1, 965,908
1,952,317

2, 217,817
2, 243, 603
2,260, 497
2,246,943

4,182,258
4, 274,295
4, 226, 405
4,199, 260

687, 554
710,741
688,069
683,309

887,128
897,442
904,200
898, 777

1, 574, 682
1, 608,183
1,592, 269
1, 582,086

3,219,364
3, 218,961
3, 203,609
3,201, 600

1, 644, 682
1, 610, 778
1, 611, 340
1, 619, 514

77.0
75.3
75.8
76.2

7_
14 _
21 _
28 _

1,942,862
1,995, 789
1,985,033
1,976, 270

2,256, 302
2, 242,902
2,231,487
2,232,482

4,199,164
4, 238,691
4, 216, 520
4,208, 752

680,002
698, 526
694, 761
691, 694

902, 521
897,161
892, 594
892, 992

1,
1,
1,
1,

523
687
355
686

3,201,274
3,196, 569
3,192, 624"
3,176, 288

1,618, 751
1, 600, 882
1,605,269
1, 591, 602

76.2
75.4
75.7
75.5

4_

2,240, 951
2,231,041
2,220, 251
2, 222, 588

4, 229, 557
4,173,172
4, 211, 252
4,131,131

696,013
679, 746
696,850
667,989

896,382
892,417
888,099
889,035

1, 592,395
1, 572,163
1, 584, 949
1, 557,024

3,173,017
•3,184, 439
3,178, 542
3,179.042

1,580, 622
1, 612, 276
1, 593, 593
1,622,018

75.0

3

76.3

fed

75 5

25_

1,988, 606
1,942,131
1, 991,001
1,908,543

77.0

w
O

2,237, 505
2, 241,780
2, 232, 999
2,227,700
2, 250,217

4,221,353
4,179,450
4,226, 690
4, 213,986
4, 201,803

694,347
678,185
697,791
695,199
683,055

895,003
896, 712
893,200
891,080
900,086

1, 589,350
1, 574,897
1, 590,991
1, 586, 279
1, 583,141

3,17*, 388
3,181,381
3,181,051
3,187,783
3,195,497

1,585,038
1,606,484
1,590,060
1, 601, 504
1,612, 356

75.2

§

16.
23_
29.

1,983,848
1,937,670
1,993,691
1,986,286
1,951, 586

Jan.

Feb.

Mar.

Apr

May




582,
595,
587,
584,

71.3
73.6
76.1

O
%

76.5

§

76.9

-

76.1
75.3
75.6
76.1

tf
^
J
W

6
>
^
W
m

June

6_

July

Aug.

8.
15.
22 _
29 _

Sept.
19.
26.

Oct.

24 _

Nov.

7_

Dec.

26.




1,976,029
1,956,323
1,921, 314
1,936, 599

2, 250, 213
2, 235, 755
2, 222,352
2, 226,954

4,226,242
4,192,078
4,143, 666
4,163, 553

691,610
684,712
672,458
677,810

900,085
894,301
888, 940
890, 780

1, 591, 695
1, 579,013
1,561,398
1, 568, 590

3,198,218
3,226,614
3,214,981
3, 202,479

1,606,523
1,647,601
1,653,583
1,633,889

75.7
77.0
77.6
76.9

1, 974, 251
1,949, 722
1, 942, 521
1, 896, 567

13 _
20,
27 _

2, 282,054
2, 265,149
2, 216, 994
2,194,871

4,256, 305
4, 214, 871
4,159,515
4, 091,438

690,988
682, 402
679, 882
663, 799

912,822
906,062
886,800
877,947

1,603, 810
1, 588,464
1, 566, 682
1,541,746

3,166,903
3,177,148
3,183,422
3,200,005

1,563,093
1,588,684
1, 616,740
1,658,259

74.4

>

75.4

g

76.5

^

78.2

£

1,944,551
1, 904,791
1, 902,410
1,881,905
1, 907, 582

2,187, 729
2, 224,358
2,231,815
2, 225, 063
2,224, 760

4,132, 280
4,129,149
4,134, 225
4,106,968
4,132,342

680, 593
666, 676
665,844
658, 667
667, 655

875,090
889,743
892, 726
890,025
889,904

1, 555,683
1,556, 419
1, 558, 570
1, 548, 692
1, 557, 559

3,193,724
3,190,120
3,195, 067
3, 201, 476
3, 201, 234

1,638,041
1,633,701
1,636,497
1,652,784
1,643,675

77.3
77.3
77.3
77.9
77.5

£|
W
g
#
H

Q
^
H
ffl

1,902,375
1,936,456
1,887,840
1,930,073

2, 257,278
2, 262, 525
2, 254,764
2, 247, 830

4,159,653
4,198,981
4,142, 604
4,177, 903

665,833
677,761
660,744
675, 527

902,911
905,008
901,906
899,133

1, 568, 744
1, 582, 769
1, 562, 650
1, 574, 660

3,178, 334
3,187, 665
3,199,802
3,192, 698

1, 609, 590
1,604,896
1, 637,152
1, 618,038

76.4
75.9
77.2
76.4

1,936,237
1,905, 755
1,975,322
1,923,538
1,958, 660

2,272,308
2,288, 580
2,272,391
2, 255,354
2, 224, 865

4,208, 545
4,194,335
4, 247, 713
4,178,892
4,183, 525

677, 684
667,012
691, 363
673,236
685, 531

908,923
915,432
908,956
902,142
889,944

1, 586, 607
1, 582,444
1, 600,319
1, 575,378
1, 575,475

3,187,990
3,193,923
3,198,023
3, 209,122
3,191,145

1, 601,383
1,611,479
1, 597,704
1, 633,744
1, 615,670

75.8
76.i
75.3
76.8
76.3

j-,
m
P
f<
y

1,909,383
1, 982,431
1,941,479
1,938r 593

2,265, 556
2,263,048
2,223,074
2,246,300

4,174,939
4, 245,479
4,164,553
4,184,893

668, 285
693,851
679, 517
678, 509

906,223
905, 218
889,232
898, 519

1, 574, 508
I, 599,069
1, 568, 749
1, 577,028

3,195, 241
3, 209,379
3,212,881
3,197,282

1,620,733
1,610,310
1,644,132
1,620,254

76.5
75.6

|
£

77.1

2

1,935, 504
1,971,673
1,882,852
1,937,869

2, 252, 598
2,266, 831
2,296,436
2,340,375

4,188,102
4,238,504
4,179,288
4,278, 244

677,426
690,086
659,000
678,254

901, 040
906,732
918, 575
936,150

1, 578,466
1,596,818
1,577, 575
1,614,404

3,197,655
3,193,649
3,163,438
3,137, 516

1,619,189
1,596,831
1,585,863
1, 523,112

76.4
75.3

76.4

75.7
73.3

W

W
£
g
•

Co

No. 15.—CASH RESERVES, TOTAL EARNING ASSETS, DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, AND RESERVE PERCENTAGES,
BY MONTHS, DURING 1923, 1922, 1921, AND 1920.
"

^
^

[Average daily figures. Amounts in millions of dollars.]
2. Total earning assets.

1. Cash reserves.

4. Federal reserve notes in
circulation.

3. Deposits.^

Month.
1923

1922

1921

1920

1923

January._FebruaryMarch
April

3,202
3,209
3,191
3,177

3,044
3,070
3,096
3,115

2,287
2,344
2,403
2,485

2,098
2,053
2,058
2,084

1,191
1,153
1,179
1,165

1, 304 3,035 3,044 1,982
1,970
1,215 | 2,869 3,154
1,191 | 2, 736 3, 2121,961
1,190 I 2, 527 I 3,1921,945

May.
June.
JulyAugust

3,180
3,204
3,181
3,194

3,127
3,136
3,158
3,196

2,542
2,606
2,655
2,740

2,079
2,103
2,119
2,127

1,173
1,125
1,120
1,078

1,189
1,167
1,128
1,053

September.
October
November .
December. .

3,187
3,194
3,200
3,169

3,192
3,212
3,209
3,166

2,836
2,906
2,964

2,139
2,162
2,183
2,222

Year.

3,191

3,144

2,649

2,119

1

1922

1921

1920

1923

1922

1921

1920

1923

1922

1921

5. Reserve percentages.
1-K3+4).

1920

1923

1922

1921

1920

1,801 1,6341,790
1,814 1, 660 1,797
1,795 '• 1,8091, 783
1,823 j 1,750 1,770
|

2,289
2,245
2,253
2,236

2,272 3,178 2,888
2,177 I 3, 069 2,947
2,195 2, 979 3,040
2,190 2,871 3,072

75.0
76.1
75.7
76.0

74.7
76.9
77.6
77.6

47.5
49.6
50.2
53.8

44.9
43.3
42.7
43.0

1,811
1,748
1,706
1,860 ! 1,691 1,699

2,243
2,247
2,242
2,229

2,153
2,138
2,157
2,151

3,090
3,114
3,143
3,165

75.9
76.7
76.4
77.6

77.6
77.8
78.2
79.7

56.4
59.1
61.7
65.2

42.4
43.3
43.7
43.7

2,354
2,175
2,013
1,842

3,256
3, 210
3,201
3,234

1,949
1,931
1,920
1,890

1,123 1,113
1,151 1,185
1,148 I 1,210
1,200 | 1,304

1,740
1,641
1,520
1,517

3,329
3,390
3,375
3,314

1,908
1,919
1,939
1,931

i
1,866 | 1,716
1, 876 1, 728
1, 890 1, 733
1,891 | 1,755

1,665
1,681
1,668
1,622

2,264
2,276
2,257
2,292

2,225 2,494 3,276
2,309 ! 2,456 j 3,337
2,325 I 2,402 3,328
2,416 | 2,416 3,343

76.4
76.1
76.3
75.0

78.0
76.7
76.1
73.5

67.4
69.4
71.7
71.8

43.3
43.1
43.7
44.7

1,151

2,160

3,243

1,937

1,856 ! 1,745 1,728

2,256

2,226 | 2,702

76.1

77.0

59.6

43.5

1,187

1,877 I 1,717
1,893 | 1,723
1,882 1,696

2,787
2,683
2,605
2,512

3,146

Net deposits are shown up to and including February, 1921, and total deposits after that month.




W

o

No.

16.—AVERAGE DAILY HOLDINGS OF ALL CLASSES OF EARNING ASSETS, BY MONTHS, DURING

1923.

[In thousands of dollars.]
Federal reserve bank.

January.

February.

March.

April.

May.

June.

September.

July.

81,408
242,495
94,676
105,433

106,489
268,136
99, 766
112,939

81,267 91,159
262,812 283,116
104,363 102,855
106, 765 120, 473

62, 736 59,931 116, 780
59,596 52,448 129, 800
148, 766 153,475 339,335
62,368 57,778 93,229

68,815
257,181
109,618
115,115

73, 779
240,187
110,230
105,477

74,374
259, 745
108,411
101,471

72,903
240,406
101,899
106,994

77,441
61,252
239,805
235,903
97,813 ! 95,973
101,182
100, 272

Richmond..
Atlanta
Chicago
St. Louis...

48,111
36,895
137,918
56,072

58, 929
53,280
165, 724
62,461

66,054
59,854
149,185
60,350

51,028
143,884
61,784

70,196
46,409
140,479
58,105

71, 622
52,868
130,026
57, 992

77,409
68, 263
133,800
69,946

75,314
87,378
156,987
74,177

65,163
93,680 |
149,489 |
69,849 |

58,974
87,867
148,439
58,639

Minneapolis. __
Kansas City...
Dallas...
_
San Francisco.

32,080
64, 561
51, 955
113,756

37,552
64,866
50,009
129,159

39, 683
73,863
48,100
125,376

40,427
73, 328
47, 561
108, 237

41,154
60,535
49, 757
109,151

40, 380
52,004
49, 787
101,323

42,445
54, 821
52, 842
107, 705

41, 748
65,423
59,074
97,092

31,162 i
67,914
63, 440
83,056

30,279
66,423
64,984
97,416




Year
1921.

December.

97,0
99,786 I 87,662
75,440
342,594 i 323,912
262,893 I 243,648
99,343 | 112,523
114,585
108,092
110,807
95,442
109,524
115,446

1,191,191 1,152,862 (1,178,919
il, 304,163
1,191,013
2,735,784
|3,034, 655
3, 043, 952 3,153, 994
2, 213, 511 2,225, 686
1,026, 365 1, 001,954
198, 234 199,860
92, 502 103,619

Year
1922.

November.

Boston
New York
Philadelphia..
Cleveland

Total: 1923
1922
1921.
1920.
1919.
1918_
1917.
1916.

Year
1923.

October.

37,120 39,561
63,943 I 68,558
53,218 1 43,950
107,616 113,966

1,164,606 1,173,194 jl, 124, 891 1,119,787 jl, 078,204 1,123,472 ll, 150, 593 1,147, 765 1,200,351 1,150,570 I
.
ll, 190,004 1,188,849 i 1,166,617 1,127,
1,053,098 1,113,343 1,184,700 1, 210,126 1,304, 433 1,187,270
2,527,253 2,353,794 |2,175,175 2,012,699 1,841,596 1,740,474 1,640,740 1, 520, 283 1, 517,194 2,160,179 I
3,191,945 3,255,859 j3, 209, 650J3,200, 973 13,233,862 13,329,481 3,390,089 3, 375,395 |3,313, 502 3, 242, 679
2,341, 724 391,774 12,323,992 |2,478, 863 2,442,627 12,471,515 12,709,330 2, 907,803 |3,034, 224 2,487,483
1, 237, 368 1,265,748 1,274,898 jl, 439,286 11,607,709 1,920,057 2,194, 707 2,273, 599 2,298,313 1,557,058
229,856 275,310 432,291 422, 269 372, 358 438, 753 603,544 883, 252 1,016,938 440,499
149,306 168, 538 164,893 189,824 193,458 188,510 188, 358 188,414 221,301 164, 583

127,981
606,949
160,990
171, 675

o
O
hrj

103,185
69,232
162,315

s
w
o

CD

No.

17.—AVERAGE DAILY HOLDINGS OF DISCOUNTED BILLS, BY MONTHS, DURING

CD

1923.

[In thousands of dollars.]
January.

Boston..
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago.
St. Louis
Minneapolis
Kansas C i t y
Dallas...
San Francisco.
T o t a l : 1923.
1922
1921
1920
1919
1918
1917
1916

.-

February.

45,159
188,090
43, 640
28,916

Federal reserve bank.

57, 622
242,469
56,711
26,966

42, 253 j 40,762
23,518
18,594
65,267 ! 57,953
17, 617 I 15, 793

I
19,421 !
23,006 I
16,133
35,949
548,969
968,971
2, 536,105
2,142,788
1,734,655
611,235
20,877
29,078




18,142
17,650
16, 303
41, 790

March.

April.

50,567 | 47,603
204,519 | 185,440
57, 218 ! 56,734
34, 555
43,967

August.

May.

June.

July.

42,648
177,188
62,583
54, 660

50,627
163,893
70,473
57, 297

52, 533
207,577
71,164
67,629

56,799
197, 758
64, 587
57,773

SeptemOctober. November.
ber.

Year
1922.

Year
1921.

54, 591

50,093
154,406
55,916
65,493

67,728
146,100
59,296
65,075

75,419
59,044
81,204
65, 877

72,915
79, 241
108, 887
72, 304

61,572
83,902
101, 653
69, 755

55, 482
75,962
99,089
58, 529

59,590
44,283
86,046
43, 754

53, 751 104,097
41,016 108, 252
81,197 294,161
27,680 79, 427

21, 707
56,786
12,872
56,107

24,103
39,861
25,993
63,006

28,357 71, 794
30,127 I 84,660
31,655 61, 238
48,112 136, 871

55,916
22, 662
90,974
27,652

62,479
29,407 j
89,789 |
32,566 |

65, 226
34, 249
88,210
42,346

66,812
39,745
85, 569
46, 783

44,176
75,580
51, 274

17,949
22,143
18,163
48,990

20,201
27,300
21, 491
59,992

24,849
39, 297
26, 759
66,169

26, 993
47,204
31,915
65, 873

29,279
48,248
40,001 j
81,699

28, 407
40, 922
47,328
77,762

29,342
41,590
38, 743

29,090
52,887
24,082
75,825

837,039 811,251
428,327 J 396,242

847,885
416,612

875,158
484, 443
1, 376, 914
2, 782,055
2,073,416
1, 709,766
313, 771
22,154

1,725,162
2,519,044
1,867,920
1,165,649
147,797
25,421

Year
1923.

47,179
192,017
58,974
61, 757

63,561
191,526

46,176
19,161
86, 243
22, 835

659,932
708,394 ! 744,306
628, 519
610,755
576,631
481,626 | 438, 789
640,303
772, 417
12, 408, 792 2,301,628 |2,139,982 1,966,646 1,817,749
|2,298,917 2, 386, 537 2,440,376 J2,537, 551 2,461,022
1,763,226 1, 861, 532 1,919,461 1,973,926 1,842,112
567,475 769,259 902,102 938,442
I 531,541
42,710 151, 234
18,191
24,903
1 17,900
20,184
20,514
I 24,134
21,609
21,956

December.

[1,554,702 1,445,690
12,605,113 |2, 677,052
[l, 801, 887 |1, 777,334
i 1,337, 701 11,603,153
134,988
182,439
28,058
27,320

23, 302 ;
59,683 |
17,371 |
58,152

801,388 ! 774, 733
623,825 ! 663,562
1,232,576 11,185,432
2, 776,457 2, 730,360
2,145, 631 2,157, 021
1, 768, 746 1, 749,156
568,352 664,154
19,923
32, 645

52,633 . 36, 393
187, 282
59,846 53,181
51, 717 48,410

738,114
573, 247
1,804, 305
2, 530, 379
1, 908,198
1,140,053
24,416

99,581
501,877
124,879
137,468

I
s
8

No.

18.—HOLDINGS OF DISCOUNTED BILLS ON DECEMBER 31,

1923,

DISTRIBUTED BY CLASSES.

[In thousands of dollars.]

I Customers'
Federal reserve bank.

Boston
New York
Philadelphia..
Cleveland

Total
(all classes).

j
paper
i
secured
i b y U. S.
I Government
1 obligations.

Member banks' collateral
notes.
J Commercial Agricultural
paper.
I paper, n. e. s.
Secured ;
by U. S. : Otherwise
Government j secured.
obligations, j
20, 883
136,155
42, 458
25, 353

67,701
164,535
58,924
49, 018

861
20
356

Richmond
Atlanta
Chicago
St. Louis

52, 022
55, 742
95,334
57, 282

287
742
371
271

22,
10,
48,
17,

765
226
495
021

103
247
180
800

Minneapolis. _
Kansas City..
Dallas
San Francisco

18, 657
41, 867
8,872
53,114

28
359
26
118

3,261
10, 844
524
11,781

557

Total.. _

723, 068

3, 919

349, 766




40 |

44, 371
27,435 i
15,406 |
21,137 !

25, 244 I

658
524
567
605

37,326 |
28,674 |
34,424 !

2,628
6,138
17, 067
3,391

223
4,142

5,140 !
14,198 j
3,340
28,904

6,292

285,599 !

Livestock
paper.

Domestic
bankers'
acceptances,

Domestic
trade
acceptances.

35
401
137
991

412
210

275

547
1,100

7,975
6,046
1,367
5,745

1,472
10, 414
3,246
1,520

23

224
6
146
881

52, 711

17, 506

233

7,042

fed
O
fed

in
tel

w
o

No.

19.—HOLDINGS OF DISCOUNTED BILLS ON THE LAST DAY OF EACH

MONTH

DURING 1923,

DISTRIBUTED BY

CLASSES.

CD
00

[In thousands of dollars.]

Date.

Member banks' collateral notes.
Customers'
paper secured by
Total
(all classes). U. S. Gov- Secured by
ernment
U. S. Gov- Otherwise
obligations. ernment
secured.
obligations.

CommerAgriculcial paper tural paper.
n. e. s.

I

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

597, 251
595, 760
698,914
724,993

2,944
3,242
3,208
4,653

374,538
352,797 |
369,560 |
381,426 '

8,409
8,790
8,649
8,041

131,367
157,244
242,134
249,021 j

May 31
June 30
July 31
Aug. 31

770, 734
836, 949
825,936
864, 562

3,418
4,000
3,753
4,806

403,406
403, 356
388,184
407,512

7,274
7,393
7,247
7,402

263,372
317,308
311,165 !
330,145 I

883, 553
883, 800
803, 354
723, 068

4,900
4,982
4,797
3,919

396, 286
420, 668
401, 736
349, 766

7,532
6,977
6,660
6,292

371, 200
359, 434
306, 233
285,599

Dec. 30, 1922
Dec. 31,1921

617, 780
1,144, 346

3,618
41,511

328,172
443, 722

10,035
17, 752

185, 616
452, 331

63,510
129,037

Dec.
Dec.
Dec.
Dec.

2, 719,134
2,194, 878
1, 702,938
680, 706

271,526
352, 598
363,023
132, 774

869, 510
1,157, 766
1,037,348
150, 647

1, 274, 606
576,015
208, 248
293, 241

143,145
24,825
29,384
8,631

--

Sept. 2 9 . , .
Oct. 31
Nov. 30
Dec. 3 1 .

30, 1920
26, 1919
27, 1918
28,1917

» Included with "Commercial paper, n. e. s."




17,907 I
8,255
21,615
87,751

W
O

No.

20.—HOLDINGS OF DISCOUNTED BILLS ON DECEMBER 26, 1923, DISTRIBUTED BY MATURITIES.
[In thousands of dollars.]
Maturity.
Federal reserve bank.

Total.

Within 15
days.

16 to 30 days. 31 to 60 days. 61 to 90 days.

91 days to 6

months.

Over 6
months.

- s

Boston
.New York
Philadelphia. _
Cleveland

79, 262
204, 956
62,150
68,840

69, 508
195, 643
56,815
47,013

3,178
3,241
1,233
6,905

3,954
3,569
2,091
9,230

2,611
2,494
2,003
5,455

Richmond
Atlanta
Chicago
St. Louis

55, 503
69,335
105,167
62, 209

35,882
34, 246
67,453
32,505

6,455
10, 683
8,917
9, 766

7,920
14,427
10,411
10,625

5,067
8,591
11,211
8,700

179
1,343

Minneapolis..
Kansas City..
Dallas
San Francisco

22,831
49, 651
12,293
64,954

9,317
23,207
6,692
34,379

2,225
5,217
1,022
5,468

2,420
7,017
1,543
10, 862

3,286
5,390
1,135
10,571

4,984
8,638
1,811
3,480

599
182
90
194

Total-

857,151

612, 660

64, 310

84, 069

66, 514

28, 269

1,329

-




237

581

- I
45
187

3
2

H
O
w
H

g
O

i
w
o
l

CO
CO

No.

21.—HOLDINGS OF DISCOUNTED BILLS ON THE LAST REPORT DATE OF EACH MONTH DURING 1923, DISTRIBUTED BY MATURITIES.
[In thousands of dollars.}

O
O

Maturity.
Total.
days to
16 to 30 days. 31 to 60 d a y s . 61 to 90 d a y s . 91 months. 6

Within 15
days.

Over 6
months.

1923.
Jan.31__
Feb. 28..
Mar. 28..
Apr. 25..

597,251
595, 760
700,019
636,597

453, 690
455,438
513, 267
431,439

34,946
32,457
42,899
46, 760

46,589
54,321
71,245
83,264

38,258
32,519
51, 772
50, 385

23,768
21,025
20,821
24, 046

15
703

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

730,995
774,963
760,539
815, 518

508,360
524, 586
484,677
531, 631

54,923
56,282
58, 725
64,241

82,487
83,480
91,938
120,476

44, 549
61,403
85, 073
76,809

39, 988
48,853
39, 997
22,127

688
359
129
234

Sept. 26..
Oct. 31-.
Nov. 28..
Dec. 26.-

862,008
883,800
794,381
857,151

571,155
594, 529
542, 731
612,660

81,295 !
74,667 !
73,512
64, 310

120,935
121,853
104,881

75,155
75,104
48, 287
66, 514

13, 223
17,124
24,024
28, 269

245
523
946
1,329

63,372
161, 202
430,676
292, 715
166,876
175, 006
5,006
9,352

50,059
131, 936
311,619
152,125
93, 061
83,974
2,423
4,694

31, 380
61,644
63, 548
20,358
26,939

629, 885
1,179,833
2, 719,134
2,194, 878
1, 702,938
680, 706
30,196
32, 368

Dee. 27, 1922..
Dec. 28, 1921..
Dec. 30, 1920..
Dec. 26, 1919..
Dec. 27, 1918..
Dec. 28, 1917..
Dec. 29, 1916..
Dec. 30, 1915-.
Dec. 31, 1914..




436,465
708,361
1,632,885
1,484,790
1,149,955
355,373
1
9, 927
15, 229

48,609
116,690
280,406
244,890
266,107
57,367

j
!
j
|
'

2

4,632

Within 10 days.

|
I
I
j

11, 794 I
2
9,012

3,531
a

From 11 to 30 days.

1,746

1,046
4,081

fed

w
tr1

i
w
o

No.

32.—HOLDINGS OF DISCOUNTED BILLS SECURED BY UNITED STATES GOVERNMENT OBLIGATIONS ON DECEMBER 26,
DECEMBER 27,
1922.

1923,

AND

[In thousands of dollars.]

00

Secured by—
Total (all classes).
Federal reserve bank.

Member banks'
collateral notes.

Customers' paper.
United States bonds.

Victory notes.

1923

1922

1923

1922

27,180
158,190
45, 453
39,947

25,036
125, 487
39,618
28,147

26,299
158,171
45,099
39,590

24, 293
125,058
39,350
27, 415

881
19
354
357

743
429
268
732

20,412
84,469
31, 578
30, 717

Richmond Atlanta
Chicago
St. Louis...

26, 740
20,301
53, 292
19, 785

25,024
3,036
29,106
16, 549

26,479
19,314
52, 917
19,309

24,506
2,816
28,728
16,352

261
987
375
476

518
220
378
197

19,602
21,002
11,126
2,008
27, 517
21,103
15,025 I 9,615

239
136
131
504

Minneapolis...
Kansas City...
Dallas
San Francisco..

6,413
18, 599
2,808
23,134

2,177
9,767
992
11, 556

6,385
18,338
2,772
23,010

2,167
9,569
987
11,483

261
36
124

3,913
14, 675
870
15, 551

1,822
5,778
657
9,211

10
149
21
55

Total....

441, 842

316,495

437,683 | 312,724

4,159

275, 455

206, 904

2, 262

! Treasury notes.

Boston
New York.
Philadelphia Cleveland




j

1923

1922

1922

3,771

18, 232
63,542
31,458
22,476

1923

1923

62
6,528
109 ! 73,123
186 | 13,351
660
7,650
6,376
2,524
23,932
3,935
j
j
I
i

2,500
3,668
1,738
7,306
152, 631

1922

Certificates of
indebtedness.
1923

1922

240
598
524
1, 580

100
70
167
840

4,372
3,068

762
6,651
1,843
825

340
57
3,500
3,362

345
3,410
314
2,260

256
200
277

ft!
Q
H
O

430

6,642 |
61,766 I
7,807

4,171 I
!
3,443 I
835 j

98,433 !

13,756

30

g
so

W
O
>

No. 23.—HOLDINGS OF DISCOUNTED BILLS SECURED BY UNITED STATES GOVERNMENT OBLIGATIONS ON THE LAST REPORT DATE OF
EACH MONTH DURING 1923.

o
to

[In thousands of dollars.]
Secured b y -

Date.

Total.

i Member
I banks' collat- Customers'
paper.
eral notes.
United States
bonds.

Victory
notes

Treasury
notes.

Certificates
of indebtedness.

1923.

31...
28..
28..
25..

377,482
356,039
388, 238
339, 880

374,539
352,934
383, 761
335, 517

2,943
3,105
4,477
4,363

163,811
167, 479
208, 593
187, 512

May 29_.
June27_.
July 25..
Aug. 29..

371, 533
383,297
364,413
376,194

368,315
379, 581
360, 619
371,420

3,218
3,716
3,794
4, 774

Sept. 26_.
Oct. 31...
Nov. 28..
Dec. 26..

402,141
425, 650
382, 643
441, 842

397,456
420,667
377,936
437,683

316,495
487,193
1,141,036
1, 510,364

312, 724
444, 244
869,510
1,157, 766

Jan.
Feb.
Mar.
Apr.

Dec.
Dec.
Dec.
Dec.

27, 1922..
28, 1921..
30, 1920..
26, 1919..




151,823
178,691
168,457
139, 735

57, 560
7, 655
8,706
9,672

214,037
243,028
231, 811
251,156

143,307
121,470
115,854
108, 563

14,189
18, 799
16, 748
16,475

4,685
4,983
4,707
4,159

262,320
250, 404
248, 922
275,455

125,178
158, 632
118,485
152,631

3,771
42, 949
271, 526
352, 598

206, 904
345,372
648,352
732, 401

o
w

14,643
16,614
15, 236
13, 756

4,288
2,214
2,482
2,961

2,262
66, 671
304, 686
337, 663

98, 433
26, 026

49,124
187, 998
440, 300

H
O
H

W

W
O

No. M.—AVERAGE DAILY HOLDINGS OF BILLS BOUGHT IN OPEN MARKET AND FROM OTHER FEDERAL RESERVE BANKS, BY MONTHS,
DURING 1923.
[In thousands of dollars.]
January.

Federal reserve bank.

February.

March.

April.

May.

June.

July.

August

Septem- October. November.
ber.

Decem-

Year

ber.

1923.

Year

Year
1921.

Boston
New York
Philadelphia
Cleveland

18,958
36,873
22,877
44,851

13,741
28, 508
26, 708
32,013

16,187
31, 444
28, 762
41,989

18,
41,
26,
51,

554
415
049
006

20, 535
66,449
22,249
41,712

18, 658
57,110
19, 852
32,145

17, 660
42, 268
19,857
23, 537

11,948
34, 857
19, 931
39, 010

30, 294
19, 515
36, 075

10,053
34, 754
19, 591
28,129

27, 068
76, 315
23, 952
29, 270

32, 598
93, 893
27, 724
36, 498

17, 966
47, 970
23,067
36, 380

16, 805
45, 761
20, 369
21, 376

9,187
32, 754
9,159
12, 491

Richmond,
Atlanta
Chicago
St. Louis.-

1,010
9,053
13, 080
14, 203

439
7, 326
15, 503
11,965

712
13, 853
29, 092
11,198

1,672
28, 514
34, 549
12,446

2,234
29,838
33,485
11,170

1,935
16, 479
34, 460
8,613

2,043
6,389
43,836
4,071

1,396
8,457
44, 337
1,192

8,928
42, 359
230

1,058
7,811
40,368
12

2,250
9, 473
38,954
94

2,151
11, 573
39,335
110

1,469
13,145
34, 228
6,239

1, 547
3, 968
15, 647
7,610

3,063
2,459
6,613
730

Minneapolis. __
Kansas City_._
Dallas
San Francisco.

7
166
23,187
36, 468

3,391
83
22,121
24, 850

3,766
956
20, 876
33,651

1,822
117
17, 222
41,167

175
112
12, 058
31, 246

47
115
12,070
23,959

22
7,977
18,147

876
680
14,266

2,045
12,187
12, 057

2,016
27, 841
11,991

51
999
38, 240
15, 638

95
716
45, 685
32,053

762
689
19, 995
24,638

178
5,391
20, 555

220,733

186, 648
87, 398
173,082
546, 458
276, -087
289, 072
117,865
28, 251

232,486
92,965
138, 397
481, 238
262, 787
318, 778
99,026
35,292

274, 533
93, 086
110, 372
419, 746
208, 905
311,984
78,812
44,150

185,807
154,010
26, 395
363, 621
362, 298
209,174
198, 703

176,950
159,020

173,619
209, 793
40,020
313,864
353, 936
249, 751
167, 403

183,671
251,618
56,196
303, 981
340,189
360, 451
178, 680
82, 601

262, 304
259,980
78, 867
278, 521
455, 057
378, 036
195, 635
96,493

322, 431
261,077
105, 499
244, 001
549,959
344, 329
250, 438
122, 315

226, 548
159, 207
91,817
388, 746
325, 232
288,422
152, 046

r

66, 280

w
o

Total: 1923

1922.
1921.
1920.
1919.
1918.
1917.
1916.
1

|

98, 742
200,913
575, 667
280, 732
265, 590
111,575
26,155

271, 263 225, 396
103,072 135,181
54, 716
84, 395
416, 520 401,184
189, 768 246,158
278,464 I 238, 507
99,517 1 164, 355
51,155 | 63, 403

80, 264

38,124
325, 461
371,091
217,109
162, 252
82, 391

82, 807

H
O

0)
767
116
14, 478

ft

Less than $500.




O
CO

No.

25.—HOLDINGS OF BANKERS' ACCEPTANCES BOUGHT IN OPEN MARKET AND FROM OTHER FEDERAL RESERVE BANKS, ON DECEMBER
31, 1923, DISTRIBUTED BY CLASSES OF ACCEPTING INSTITUTIONS.
[In thousands of dollars.]
Member banks.
Federal reserve bank.

Total.
National.

Nonnational.

Boston...
New York
Philadelphia..-Cleveland
-

38,726
90, 564
33, 261
44,046

15, 215
29,728
15,103
10,194

12,916
29, 620
10, 831
10, 572

Richmond
Atlanta
Ghicago
St. Louis

2,078
12,154
42, 437
43

125
2,462
16, 996
34

6,042
21, 697
9

623
545
49, 438
38, 059

68
545
17, 428
11, 058

351, 974

118,956

.

Minneapolis...
Kansas City.Dallas
San Francisco.
Total




Nonmember
banks and
banking
corporations.

Branches
a n d agencies
of foreign
banks.

Private

banks.

7,076
15, 878
3,433
8,551

2,015
8,404
2,102
8, 635

1,504
6,934
1,792
6,094

o
w

1,953
3,500
3,298

347

150
99

H
ft

325

115

20

95

14, 983
13, 410

6,948
4,879

4,736
5,096

5,343
3,616

120, 405

55, 631

31,355

25, 627

H
O

W

w
o

No. 26.—HOLDINGS OF BANKERS' ACCEPTANCES BOUGHT IN OPEN MARKET AND FROM OTHER FEDERAL RESERVE BANKS AT THE END
OF EACH MONTH IN 1023, DISTRIBUTED BY CLASSES OF ACCEPTING INSTITUTIONS.
[In thousands of dollars.]
Member banks.
Month

Total.
National.

Nonnational.

Nonmember
banks and
banking
corporations.

Private
banks.

Branches
of foreign
banks.

January...
February.
March
April

187, 428
206, 306
261, 242
269,851

69,826
82, 586
99,459
101, 063

57, 605
64,107
83, 907
88,135

23, 392
25, 438
31, 883
34, 765

24,189 |
23,307
31,549 f
31, 475

12, 416
10,868
14, 444
14, 413

May
June
July.....
August.

257, 491
205,065
182,956
171, 436

98, 762
75, 558
62, 321
58, 746

83, 391
65, 403
60, 424
56, 268

32, 643
30, 220
26,935
24, 313

28,855
23,496
23,626
24,015

13, 840
10,388
9,650
8,094

September.
October
November.
December..

172, 987
203,870
298, 615
351,974

53,135
65,363
118, 956

56, 892
69, 618
102,193
120, 405

27, 468
29, 370
43, 750
55, 631

11,666
15, 715
23,007
25,627

Pec. 30,1922.
Dec. 31, 1921.

270,944
145,045

97,128
60,173

92,048
50,091

Dec.
Dec.
Dec.
Dec.
Dec.
Dec.

258, 878
566,369
285, 273
266,853
121,154
20, 599

38,036
13,656
38, 374
65, 334
13,187
11, 342
36,127
5,989

23,826
23, 804
30, 967
31, 355
:
V
27,012
12,319

3
d

31,
31,
31,
31,
30,
27,

1920.
1919.
1918.
19171916.
1915-




169, 387
405,339
238, 257
227, 717
66,803
13, 790

24,905
55,537
20,385
20,137
18, 224
820

16, 720
8,806
26,212
40,159
13,444
7,657

i
o

o
C7T

No.

%1.—HOLDINGS

OP BILLS BOUGHT IN OPEN MARKET AND FROM OTHER FEDERAL RESERVE BANKS, ON DECEMBER 31, 1923,
TRIBUTED BY CLASSES.

DIS-

[In thousands of dollars.]
Bankers' icceptances based on—
Total.

Federal reserve bank.

Total.

Boston
New York
Philadelphia
Cleveland.

--. _.

..

.-

_ .- -.-

Exports.

Domestic
transactions.

Dollar
exchange.

3,589
4, 264
2,186
1,458

.-

..
. _.

Total




.

38, 802
93,151
33, 261
44,046

38,726
90, 564
33, 261
44,046

11,867
32, 303
9,631
23, 778

12,331
32, 281
11,254
11,526

10, 939
21,716
10,190
7,284

2,078
12,154
42, 437
43

.

Richmond
Atlanta.
Chicago
St. Louis
Minneapolis.
Kansas City
Dallas
San Francisco

Imports.

Trade acceptances based o n -

2,078
12,154
42, 437
43

50
730
10, 785

732
7,099
15, 279

1,296
4,325
14, 548
43

623
545
49,438
38,059

623
545
49, 438
38, 059

168

412

17, 943
13,911

15, 739
13, 258

43
545
10, 302
9,214

351, 974

121,166

119,911

90,445

20, 452

Imports.

13
2,130

1
1 Domestic
Exports. 1 transj actions.

5, 454
1,676

354, 637

Total.

76
2, 587

63
457

O

o

1, 825

2,663

2,143

520

w
o
>

No.

28.—HOLDINGS OF BILLS BOUGHT IN OPEN MARKET AND FROM OTHER FEDERAL RESERVE BANKS AT THE END OF EACH MONTH
DURING 1923, BY CLASSES.
[In thousands of dollars.J
Trade acceptances based on-

Bankers' acceptances based on—
Month,

Total.
Total.

Imports.

Exports.

Domestic
transactions.

Dollar
exchange.

Total.

Imports.

Exports.

January...
February..
March
April

188, 566
207,678
263, 358
271, 573

187, 428
206,306
261, 242
269, 851

85, 977
97,413
133, 773
149, 880

59, 218
59,854
68,134
61, 364

36,181
42,122
48, 579
46,135

6,052
6,917
10, 756
12,472

1,138
1,372
2,116
1,722

1,138
1,372
1,932
1,643

May
June
July
August..

258, 680
205,600
183, 096
171,607

257,491
205, 065
182,956
171,436

142,254
113,906
104, 851
100,372

55,
46,
35,
31,

315
211
207
748

48, 365
37,115
34, 808
33,188

11,557
7,833
8,090
6,128

1,189
535
140
171

1,189
535
140
171

September .
October
November.
December.,

173, 258
204, 698
300,207
354,637

172,987
203,870
298, 615
351,974

85,196
80, 913
110, 320
121,166

43,087
63, 608
98, 530
119,911

36, 581
48, 885
75,131
90, 445

8,123
10, 464
14, 634
20, 452

271
828
1,592
2,663

271
828
1,592
2,143 I
.

Dec. 31, 1922.

272,122

270,944

108,992

86,929

65,280

9,743

1,178

1,130

Dec. 31, 1921.

145, 263

145, 045

33, 962

11,164

218

Domestic
transactions.




9, 919

O
184
79

^
O

520
48

218

O

1

No.

2 9 . — H O L D I N G S OF B I L L S B O U G H T IN O P E N

M A R K E T AND FROM O T H E R F E D E R A L
D I S T R I B U T E D BY M A T U R I T I E S .

RESERVE

BANKS

ON D E C E M B E R 26,

1923

M
QQ

[In thousands of dollars.]

Maturity

Maturity.
Federal reserve bank.

Boston
New York. _
Philadelphia
Cleveland..,
Richmond -.
Atlanta
Chicago

Total.

33,973
90,052
32,951
39,809
2,321
12, 493
40, 602




Within
15 days.

16 to 30
days.

31 to 60
days.

9,854
65,152
6,185
6,541
772
4,437
9,731

9,322
7,404
6,254
8,378
322
1,617
9,576

8,107
12,929
13,166
11,956
1,152
4,925
12, 682

Over 90
61 to 90 days, but
within
days.
six
months.
5,217
4,289
7,224
11,303
75

1,514
8,613

1,473
278
122
1,631

Federal reserve bank.

St. Louis
Minneapolis-.
Kansas City
Dallas
San Francisco
Total. -

Total.

Within
15 days.

16 to 30
days.

31 to 60
days.

Over 90
61 to 90 days, but
within
days.
six
months.

43
182
670
47, 976
35,343

125
7,720
6,772

215
12,116
9,920

330
19, 287
9, 649

8,396
8,300

457
702

336, 415

117, 289

65,124

94, 220

55,119

4, 663

37

6
182
H

w
o

No.

30e—HOLDINGS OF BILLS BOUGHT IN OPEN MARKET AND FROM OTHER FEDERAL RESERVE BANKS ON THE LAST REPORT DATE IN
EACH MONTH DURING

1923,

DISTRIBUTED BY MATURITIES.

[In thousands of dollars.]

Maturity.

Maturity.

Date.

Total.
Within
15 days.

16 to 30
days.

65,983
58,137
68,201
61, 703
89,430
77, 785
53,114
54,600
56, 831
64,180
88, 265
117, 289

41, 654
42, 253
50,121
41,600
61, 748
47, 013
27,600
32,094
34, 308
30,101
45,431
65,124

31 to 60
days.

61 to 90
days.

Over 90
days, b u t
within
six
months.

1923.
Jan. 31
Feb. 28
Mar. 28
Apr. 25
M a y 29
June 27
July 25
Aug. 2 9 . . .
Sept. 26
Oct. 31
Nov. 28
Dec. 26

188,566 ]
207,678 |
254, 251
274, 041
257, 818
204, 225
176,864
173,485
172,124
204, 698
289,004
336, 415




27, 565
45, 442
38, 789
57,810
63, 829
57,897
65, 005
96,885
23,972
74,037
37, 723
36, 906
55, 535
38,337
29,674
52, 339
38, 749
38,148
53, 832 | 52, 217
85,172 I 63,376
55,119
94, 220

i Within 10 days.

7,922
10, 689
14, 203
8,848
8,631
4,798
2,278
4,778
4,088
4,368
6,760
4,663

Total.

Date.

Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.

Within
15 days.

1923
27, 1922..
28, 1921._
30, 1920..
26, 1919..
27, 1918..
28, 1917..
29, 1916..
30, 1915.-

246, 293
114,240
255, 702
585, 212
303, 673
275,366
127, 497
23, 013

16 to 30
days.

31 to 60
days.

83, 210
58, 306
87, 030
123, 723
104, 435
40, 321
i 20, 329
i 1, 236

50, 737
24, 743
64, 745
100,061
73, 914
61,177
2
29, 720
2
5, 266

69, 056
26, 062
76, 805
209, 280
104, 880
105,132
42, 766
7,508

Over 90
61 to 90 days, but
within
days.
six
months.

5, 207
15

38, 083
5, 114
27,122
152,148
20,444
68, 736
34, 682
9, 003
I

1

From 11 to 30 days.

1

No.

31.—AVERAGE DAILY HOLDINGS OF MUNICIPAL WARRANTS, BY MONTHS, DURING

1923.

[In thousands of dollars.]
Federal reserve bank.

January.

February.

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis.

March.

April.

May.

49

July.

55

Year
1923.

October. November.

December.

36

20

51

51

18

9

10

September.

27

August.

1

17

39

June.

Year
1922.

46

Year
1921.

7

O
-

Minneapolis
Kansas City
Dallas
San Francisco

....

15

32

51

w

C
O

H
O
1
46

20
106

266

177

13
6

7
29

- _._

Total: 1923
1922
1921
1920
1919
1918
1917
1916

20
302

195

17
102

8
1,284
10, 690
18, 765

4
825
15, 822
24,658

4
528
16, 339
32,486

49

56

19
5

15
9

138
18

317
22
4

255
27
261

87
31
258

85
66
43

536

535

15,112
35, 703

14, 695
42, 239

254
4,666
24, 216

61
2,239
26, 763

64
1,252
27, 711

68
213
22, 973

47
285
30, 334

29
1,324
21, 493

21
1,664
12, 692

1
351
7,018
26,815

39
90
1

W
O
i Less t h a n $500.




No.

32.—AVERAGE DAILY HOLDINGS OF UNITED STATES SECURITIES, BY MONTHS, DURING

1923.

[In thousands of dollars.]
Federal reserve bank.

January.

February.

March.

April.

May.

June

July.

August.

Septemepte
ber.

October.

November.

December.

Year
1923.

Year
1922.

Year
1921.

32, 982
117, 631
32, 826
37,040

28,423
52, 935
29,104
36,463

20,908
26, 930
28, 588
32, 980

9,283
16, 793
25,270
20,473

5,632
13, 544
24, 737
18, 743

4,494
19,184
19,850
16,035

4,181
9,900
17, 381
10,305

4,156
7,791
17,381
10, 211

4,600
17,985
17,606
10, 516

4,020
9,132
17, 408
10, 386

4,247
11, 774
14, 781
10, 670

6,163
28,143
12, 709
11,366

10,668 37,962 19,212
27, 560 143, 988 72, 318
21,430 29, 259 26,946
18, 668 50, 688 21,716

Richmond..
Atlanta
Chicago
St. Louis...

4,848
4,324
59, 571
24, 252

1,341
6,359
74,677
28, 870

1,341
10, 710
65,667
28,294

1,341
2,104
40,201
22,363

1,341
609
25,911
16,614

1,808
299
21, 214
10, 825

1,341
265
11, 074
7,251

1,341
220
10,109
5,526

1,341
259
10, 237
3,839

1,341
275
7,732
1,861

1,341
254
8,882

1,341
281
10, 015

1,677
2,151
28, 492
12,375

4,632
7,463
56, 631
22, 487

9,620
19, 090
38, 561
13,072

Minneapolis...
Kansas City...
Dallas
San Francisco _

12, 632
41,389
12,635
41, 339

11,086
39, 979
11,052
35,170

13, 858
42,327
12,263
34,031

15,529
37,449
11,296
28,000

14, 659
34, 454
9,283
27, 961

13,434
26,009
3,576
18,405

11,875
12, 265
1,779
9,305

11, 973
10, 206
1,779
9,295

13,103
11,080
1,912
9,352

12,611
10, 254
7,151
9,276

7,719
7,053
7,829
9,266

8,477
8,921
6,427
9,256

12,254
23,347
7,230
19,972

11,191
38, 247
6,904
45,298

6,907
17, 728
7,878
10, 96b

421,469
236,148
297,638
325, 497
198,123
148, 256
55,093
18, 504

355,459
355, 210
287,359
308, 619
186, 372
180,516
48,273
26, 576

317, 897
457, 643
295,758
344,161
194,103
235,961
49,247
36, 756

230,102
520,197
276, 899
331,824
213,358
155, 588
111,029
47,497

193, 488
604,151
302, 753
301, 789
228,080

155,133
592,647
302, 710
347, 445
235, 722
97, 696
112, 036
56, 759

96, 922
545, 546
261,141
318,309
248, 645
64, 402
73, 529
57, 377

497, 827
248, 770
303,288
269, 648
52,165
73,866
55,297

101,830
486,920
254,764
338, 565
340, 246
67,085

91, 447
448, 617
207, 625
304,053
295, 725
124, 443
110,808
53, 270

83,818
326, 294
208, 579
320,417
307,115
126, 789
117, 941
50, 504

103,099
379, 763
226,005
339,140
327,244
204, 807
100, 683
53, 649

185, 823
454, 750
264, 014
323, 554
254,053
128,232
88,353
47, 072

Boston
New York
Philadelphia..
Cleveland

Total: 19231922..
1921..
1920..
1919..
1918..
1917..
1916..




84, 646
118,387
54, 959

55,410

g
g

w

o

No.

33.—PAR VALUE OF EACH CLASS OF UNITED STATES SECURITIES HELD ON
All classes of securities.

Federal reserve
bank.

1923.

Bonds.

U n d e r re! purchase
agreement.

All other.

Total.

Boston
New York. _
Philadelphia
Cleveland

$9,866, 500 $4,056,800
46, 755, 950 36,495,000
12,951,500
11,195, 100

$5, 809, 700
10, 260, 950
12,951, 500
11,195, 100

Richmond
Atlanta
Chicago
St. Louis

1,340,900
382, 650
10, 756, 800

1, 340,900
382, 650
6. 557. 900

1,190,900
261, 250
4, 425, 600

2 per
cent
Panamas of
19361938.

$529,000
6, 202, 450
747, 300
918, 400

Total.

DECEMBER 31,

2 per cent
Consols of
1930.

4 per
cent loan
of 1925.

3 per
cent
loan
of 1961.

3 per
cent conversion
bonds of
1946-47.

3^ per
4 | per
cent ;
cent
Liberty Liberty
loan.
loan.

Treasury
bonds,
of 19471952.

Certificates of
indebtedness.

Treasury
notes.

!

4, 198, 900

$529,000
$100

$915,100

Total: 1923....
1922.. __
1921
1920-.1919_ —
1918....
1917
1916
1915

549, 200
414,800

367. 300 $1, 768,000

1, 862, 500

$400

10,300
427, 400

38, 800
241, 750

$6,701,000
29,972,000
12,057, 700
9, 029, 700

$45, 200

800

237,000

1

$8,400

$2, 636, 500
10, 581, 500
146, 500
L 247,000

150,000
91 400
4,867,700 1

2f> nnn
1,463,500

i

._

Minneapolis
Kansas City
Dallas
San Francisco

$6, 202,450
198,000
458, 400

10, 036,410
14, 418, 300
6, 679, 500
9,185, 400

2,000,000
7, 250, 000

133, 569, 010
436,165, 860
234,089,110
287,026, 610
300,106, 685
238, 562, 510
121, 689, 682
55t 414, 650

54, 000, 700

8, 036, 410
7,168, 300
6, 679, 500
9,185,400
79, 568, 310

29, 508,010
28,881, 710
33,033, 610
26, 309, 310
26,836,110
27,859,010
51,847,182
44,247, 650

545, 900

3, 323,500 604,660 1, 768, 000
6, 728, 600 624, 660 1, 768,000
11,328, 600 624, 660 2, 593,000
14, 267,350 906,160 2, 593,000
15,053, 700 927,160 2, 593,000
15,053, 700 927,160 2, 593,000
15, 784,050 1,412,600 U2,741,290
24, 331,150 5.149.800 '12,589,500

15,918,470

15, 918, 470

500

260

7,121, 710
6 331, 900
1, 779, 500

11,951 350

114,800
247, 500
1, 233, 600

20,200

900 3, 526, 600
28,600
900 5, 270, 900 134,100
900 5,270,900 229, 200
900 6. 526. 300 197, 050
900 ! 6.526.300 114, 900
900 6, 526, 300 503, 600
900 6, 526,400 3,612,650
900 2,176, 300

7, 006,150
6 008 400

20,153, 950
13, 729, 250
12,986, 350
2
1,818, 550
2
l,620,150
5
2, 254, 350
511,769,292

2, 749, 700
7, 571,900
4 575 000
9,185,400

165,000
514,500
325,000

86, 951, 500
180, 393,150
17, 565, 000
3
72,800
3 67, 575
9,301,000
26, 792,000
11,167,000

17,109, 500
226,891,000
183, 490, 500
260, 644, 500
273, 203,000
201,402, 500
43,050, 500

55 son

101, 800
625, 300

1

1

* 3, 967,120

1""
"""
1

Includes Victory notes.




2

Includes 4 per cent Liberty loan bonds.

3

Victory notes.

* Includes 3 per cent bonds of 1918

s

4 per cent Liberty loan bonds of 1942-1947.

o
w
H
O

FEDERAL RESERVE NOTES.
No. 34.—FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS DECEMBER 31, 1923, AND DECEMBER 30, 1922.
fin thousands ol dollars.]
Total.
1923

RESOURCES.
Federal reserve notes on hand
Federal reserve notes outstanding (issued to bank—net)
Collateral security for Federal reserve
notes outstanding:
Gold and gold certificates
Gold redemption fund
Gold fund, Federal Reserve Board.
Eligible paperAmount required
Excess amount held
Total

Boston.
1922

1923

1922

New York.
1923

Philadelphia.

Cleveland.

Richmond.

Atlanta.

1922

1923

1922

1923

1922

1923

1922

1923

1922

813,454

874,437

81,050

83,100

284,620

399,610

38,400

48,920

43,120

31,340

27,630

27,259

72,017

75,959

2,822,327

2,817,191

255,108

226,800

712,413

774,934

255,837

243,718

281,713

274,900

117,875

112,064

158,092

135,143

326,584
128,778
1,648,893

. 353,462
132,318
1,681,099

35,300
14,971
118,000

15,300
16,313
123,000

235,531
32,094
316,000

283,184
31,786
341,000

14,000
13,180
153,889

7,000
14,461
157,890

8,780
15,240
201,000

13,275
15,028
165,000

3,851
66,295

1,270
62,795

2,400
8,289
83,000

2,400
6,782
100,000

718,072

650,312

72,187
14,804

128,788
95,492

64,367
4,958

56,693
30,185

81,597
7,894

47,999

64,403

104,425

74,768
6,082

47,729

208,893

86,837
19,666

115,964

303,644

5,210

6,126

3,350

25,961
11,765

6,761,752

6,717,712

610,932

551,504

1,804,938

2,053,903

556,156

541,314

636,731

589,034

268,590

257,513

391,551

358,010

i

LIABILITIES.

Federal reserve notes received from
Comptroller of the Currency—net
amount (liability to comptroller)
Collateral received from Federal reserve bank (liability to bank):
Gold
Eligible paper....
Total...




3,635,781

3,691,628

336,158

309,900

997,033

2,104,255

2,166,879

1,021,716

859,205

168,271
106,503

154,613
86,991

6,761,752

6,717,712

610,932

551,504

1,804,938

1,174,544

294,237

292,638

324,833

306,240

145,505

139,323

230,109

211,102

583,625

658,970

181,069

179,351

224,280

220,389

80,850

69,325

225,020
86,878

193,303
89,491

70,146
52,939

64,065
54,125

93,689
67,753

109,182
37,726

2,053,903

556,156

541, 314

636,731

589,034

268,590

257,513

391,551

W
O
>

358,010
CO

No. 34.—FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS DECEMBER 31, 1923, AND DECEMBER 30, 1922—Continued.
[In thousands of dollars.]
Chicago.
1923

St. Louis.
1922

1923

1922

Minneapolis.
1923

1922

Kansas City.

Dallas.

San Francisco.

1923

1922

1923

1922

1923

25,009

16,929

57,800

53,470

43,801

278,032

279,949

1922

RESOURCES.

Federal reserve notes on hand
Federal reserve notes outstanding (issued to
bank, net)
Collateral security for Federal reserve notes
outstanding:
Gold and gold certificates
Gold redemption fund
Gold fund, Federal Reserve Board
Eligible paperAmount required
Excess amount held
Total..

119,640

83,960

22,740

23,940

12,275

10,890

29,153

19,060

462,628

470,603

92,258

113,038

69,168

62,633

80,544

79,608

8,273
376,644

16,464
393,644

10,130
3,294
36,000

11,780
3,293
55,500

13,052
1,500
40,000

13,052
1,320
32,000

3,560

2,671
52,360

7,391
3,923
14,500

7,471
2,605
12,500

20,603
205,205

17,325
185,410

77,711
59,859

60,495
27,939

42,834
14,467

42,465
645

14,616
2,815

16,261
4,720

3,576

24,577
2,368

32,845
24,454

21,225
19,881

52,224
38,488

77.214
3,368

1,104,755

1,053,105

221,723

250,661

153,426

140,876

193,817

180,644

166,781

124,412

652,352

616,736

582,268

554,563

114,998

136,978

81,443

73,523

109,697

83,668

60,730

335,832

333,419

384,917
137,570

410,108
88,434

49,424
57,301

70,573
43,110

54,552
17,431

46,372
50,981

41,920
42,200

55,031
26,945

25,814
57,299

22,576
41,106

225,808
90,712

202,735
80,582

1,104,755

1,053,105

221,723

250,661

153,426

140,876

193,817

180,644

166,781

124,412

652,352

616,736

LIABILITIES.

Federal reserve notes received from Comptroller of the Currency—net amount (liability to comptroller)
Collateral received from Federal reserve
bank (liability to bank):
Gold
Eligible paper
Total-




No.

35.—FEDERAL RESERVE NOTES OUTSTANDING, HELD BY ISSUING FEDERAL RESERVE BANK, AND IN ACTUAL CIRCULATION; ALSO
GOLD AND ELIGIBLE PAPER PLEDGED AS COLLATERAL FOR OUTSTANDING NOTES.
MONTHLY FIGURES FOR 1923.
[In thousands of dollars.]

Federal reserve notes:
OutstandingJan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30_
July 31 _.
Aug. 31
Sept. 29
Oct. 31
Nov. 30
Dec. 31
Held by issuing b a n k Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31.
June 30_.
July 3 1 . .
Aug. 31..




Philadelphia.

Richmond.

MinneChicago. St. Louis. apolis.

Boston.

New
York.

2, 632, 727
2, 647, 562
2, 598,032
2, 595,039

210,831
218,530
221,192
224, 570

745, 741
741,927
729,197
724, 469

219,334
228,161
227,376
231,457

247,898
253,881
244,133
247, 390

99, 702
96, 884
92,632
88,109

123, 529
127,120
130, 734
136, 613

447,971
449,264
438,812
439, 917

[ 2,612,983
2,676, 901
2,671, 082
I 2,6

224,014
236, 568
241,374
240,039

733, 425
753,012
747, 844
743, 615

240,188
244,869
237, 783
235, 246

250,067
254,886
258,105
264,388

85, 356
84, 346
84,019
89,170

137, 579
138,143
136, 375
141, 055

449,172
457,080
460, 771
466,020

94,
91,
89,
88,

2,733,803
2, 720,586
2, 719, 745
2,822,327

243,760
244,431
241,452
255,108

734,333
715, 714
701, 757
712,413

234,204
229,027
240, 593
255,837

271,779
266,986
264,904
281, 713

97,188
109, 942
112,006
117,875

145,769
151, 740
155,013
158, 092

429,026
400, 619
350, 775
359, 604

18, 482
20,450
20,117
25,062

194, 712
173,803
151,379
152, 289

23,143
24, 582
21, 593
29,232

23,288
18,163
13,836
15,664

10, 717
9,149
7,119
7,009

367,154
423,868
493,339
471,811

15, 532
23,035
28, 237
20, 242

162,169
206,908
247,854
256,689

34, 239
34, 610
34,055
16,880

19,989
20,328
28,309
23,700

7,499
5, 023
6,965
6,520

Total.

Cleveland.

Atlanta.

Kansas
City.

Dallas.

San Francisco.

59,313
59,281
59, 736
60,175

74,113
72,959
71,080
69,052

36, 412
34,765
32, 961
31,105

261, 614
257,403
249, 253
244,325

528
860
680
542

58, 242
59,137
59, 388
60, 516

68, 298
69,147
69, 621
73, 355

29, 221
31, 654
35,191
46,729

463,983
455,443
448, 714
462,628

91,106
90, 249
91, 537
92, 258

61,498
62,452
64,540

73,947
73,185
76, 648
80, 544

58,925
62, 018
60, 587
58, 659

257,311
259,399
261,994
278,032

8,121
8,103
6,589
5,871

65, 278
56, 366
42, 661
43,066

20,273
19, 781
17, 763
18, 774

3,773
3,658
3,199
4,532

7,661
8,520
7,743

3,733
3,965
3,930
3,238

49,070
54,938
54,069
47,124

5,855
4,963
5,865
14,467

46,386
48, 567
58, 378
52, 783

19, 254
17, 737
18, 759
17, 678

4,058
4,612
5,090
6,377

8,637
9,068
9,962
10,952

2,516
2,708
3,724
4,616

41, 020
46,309
46,141
40,907

i

242,893
256,199
250, 931
250,134

106, 269
107,387
100, 926
97,857

w
o

No. 35.—FEDERAL RESERVE NOTES OUTSTANDING, HELD BY ISSUING FEDERAL RESERVE BANK, AND IN ACTUAL CIRCULATION;
ALSO GOLD AND ELIGIBLE PAPER PLEDGED AS COLLATERAL FOR OUTSTANDING NOTES—Continued.
MONTHLY FIGURES FOR 1923—Continued.
[In thousands of dollars.]
Total.
Federal reserve notes—Continued.
Held by Issuing bank—Continued.
Sept.29
Oct.31
Nov.30
Dec. 31
In actual circulationJan. 31
Feb. 28
Mar.31
Apr.30
May 31
June 30
July31
Aug. 31
Sept. 29
Oct. 31
Nov. 30
Dec. 31
Collateral pledged as security for outstanding Federal reserve notes:
Gold and gold certificatesJan. 31
Feb. 28
Mar.31
Apr, 30
-----




Richmond.

Boston.

Atlanta.

Chicago. |st. Louis

I San FranDallas. ! cisco.

^inne

ft
25,189
28,156
20,455
38,390

5,154
10,424
7,667
13, 717

14, 686
18,980
14, 265
17,198

48, 378
49,141
41,002
55, 727

18,715
16, 578
14, 693
16, 386

551, 029
568,124
577,818
572,180

196,191
224, 610
203,579
235,718
205,783 | 230,297
202,225
231,726

88f 985
87, 735
85, 513
81,100

115,408
119, 017
124,145
130, 742

382,693

208,482
213,533
213,137
219, 797

571, 256
546,104
499,990
486, 926

205, 949
210,259
203, 728
218,366

230,078
234, 558
229,796
240, 688

77,857
79,323
77, 054
82, 650

222, 439
219, 718
221, 635
220,115

480,993
449, 883
434,175
420, 371

216, 725
212,441
223,917
221,038

246,590
238,830
244, 449
243,323

21,321
24,713
19,817
34, 993

253, 340
265, 831
267, 582
292,042

2, 203, 701
192, 349
2,246,943 I 198,080
2,247,257 | 201,075
2,235,435 | 199,508
2, 245,829
2,253,033
2,177, 743
2, 226, 998
2, 267, 620
2,224, 865
2, 252, 492
2, 246, 673

466,183
495, 721
467,253
575,654

17,479
16,586
16, 676
34,799

3, 645
3,326
3, 435
4,216

4,068
4,230
4,092
5,857

42, 524
46,007
45, 488
48, 950

396,151
396,851

85, 996
87, 606
83,163
79,083

55, 540
65, 677
55,623
65, 298
56, 537 I 62, 560
55, 643
61,309

32, 679
30,800
29,031
27,867

212, 544
202, 465
195,184
197, 201

131, 724
133,180
130, 510
126, 588

402,
408,
402,
413,

75, 274
74,123
70, 921
70, 864

54,184
54, 525
54, 298
54,139

59, 661
60, 079
59,659
62, 403

26, 705
31, 467
42,113

201, 873
209,890
204, 790
209, 227

92,034
99, 518
104, 339
104,158

131,083
132, 760
140, 748
140, 894

415, 605
406, 302
407, 712
406,901

72,
73,
76,
75,

391
671
844
872

57,853
59,126
61,105
64,952

62, 263
61,436
64, 567
67,165

54,857
57, 788
56, 495
52, 802

214,787
213,392
216, 506 - ft
229,082
w

70, 522
64, 085
56, 443
39,440

109,879
109,784
101, 572
92, 616

418,276
391,889
354, 537
355, 481

79,004
80,133
63,022
60,902

47, 702
46, 799
46, 630
47. 421

59,836
58, 772
52, 444
44, 738

14, 787
14, 366
12, 356
12, 471

198,595
187,224
166,274
175,026

786
513
393
237

I
2,174, 677
2,108, 767
2,021,726
2,009,192

163,244
163,443
172,106
173, 533

645,414
624, 745
638,997
638,282

171,567
161,193
151,209
163, 890

195,851
206,334
206,136
205,392

o

11,684
11,749
12,081
13, 379

H
O
ft

ft

May 31
June 30
July 31
Aug. 31

2,027,009
2,032,641
2,052,883
2,057,159

175,077
177,731
189,337
191,302

637, 780
637,244
636, 710
635,982

166,881
167,662
168,476
165,738

210, 949
206, 299
208, 317
206, 701

33,467
28,097
27, 651
28,601

94,727
102,619
105,388
95,173

375,937
382, 859
382,434
391,905

59,873
48, 855
51, 625
49,447

47,918
37,046
35, 242
35, 304

31,304
29,154
38,278
40,112

12,327
12,760
12,897
17,364

180,769
202,315
196, 528
199, 530

Sept. 29
Oct. 31
Nov. 30
Dec. 31
Eligible p a p e r Jan. 31
Feb. 28
Mar. 31
Apr. 30

2,054, 541
2,085,682
2,052,243
2,104, 255

195,123
206,094
167, 515
168, 271

634,944
634, 350
633,964
583, 625

167,696
166,320
179, 985
181,069

208, 791
208,193
220, 711
225,020

28, 540
48, 293
63,078
70,146

72,222
65, 663
64,330
93, 689

401,446
400,933
345, 411
384, 917

35, 652
35, 335
36,603
49, 424

38, 692
38, 836
46, 714
54, 552

42,903
34, 631
31, 665
41, 920

25, 606
28, 538
27,097
25,814

202,926
218,496
235,170
225,808

753,115
749, 098
926, 754
952,474

66,193
61,110
78, 329
70,396

256,802
210, 212
209, 862
262, 467

71, 088
68, 370
96,430
70,029

56, 321
49, 217
79,659
89,834

37,162
43,351
55,963
59,156

28, 788
26, 769
46,046
59,234

66,082
103, 497
134, 712
113,888

30,353
31, 238
38,876
42,098

18,611
20, 568
22,478
22,047

16, 694
17, 920
25,214
32,298

38,028
38, 279
40, 515
39,114

66,993
78,567
98,670
91,913

May 31
June 30
July 31
Aug. 31

993,973
1,004,251
963, 508
1,000,366

81,166
83, 219
67, 601
81, 767

247, 241
208,038
252,091
220, 200

79, 756
93, 360
70,069
74,126

88,138
103,126
73, 663
93,037

61,171
70,629
66,489
70,702

57,064
129,592
45,886 I 125,161
51, 255
126,084
126, 933
58, 613

52,486
53,061
45,890
60,294

23,470
31,029
26,909
27,517

47,440
51,906
41,144
42,634

39, 377
46,190
46, 290
49, 385

87,072
92,646
96,023
95,158

O
^
H
W

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

1,025, 512
1,047, 588
1,038,355
1,021,716

65,756
54, 632
93, 896
106,503

189,203
230, 520
207,171
224, 280

77,920
68, 405
61,973
80, 850

85, 420
90, 348
87, 461
86,878

79,089
71, 607
54, 512
52, 939

84,113
91, 683
96, 668
67, 753

76,155
72,476
66, 449
57,301

29,024
25, 502
19,837
17,431

49,262
58,391
59, 995
42, 200

56,009
52,469
56, 479
57, 299

97,775

Hrj




135, 786
155,494
159,827
137, 570

76,061

g

74,087
90,712

ferj
W

tr1
w

w
o

I

No.

36.—COLLATERAL (GOLD AND ELIGIBLE PAPER) PLEDGED WITH FEDERAL RESERVE AGENTS AS SECURITY FOR FEDERAL
NOTES OUTSTANDING.

RESERVE
00

WEEKLY FIGURES FOR 1923.
[In thousands of dollars.]
Collateral pledged as security.

Date.

Jan.

Gold and gold certificates.

Federal
reserve
notes outstanding.

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

2,810, 254
2, 747, 705
2, 691, 511
2, 654,125
2, 632, 727

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

2, 619, 758
2,633,175
2, 652, 879
2,647, 562

Mar.

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

In redemption fund,
United
States
Treasury.

Apr.




H
O

850, 750
713,616
,399
746,805
753,115

2,165, 627
2,186,194
2,195, 474
2,181,121
2,174, 677

353,462
352,462
342, 462
339,809
339,809

130,431
122,876
134,719
133, 647
133,752

1, 681, 734
1, 710,856
1,718,293
1, 707, 665
1, 701,116

2,860, 655
2, 944,458
2, 902,317
2,857, 865

721, 280
800, 422
760, 241
749, 098

2,139, 375
2,144,036
2,142, 076
2,108, 767

329, 799
330, 809
327,398
317, 399

130, 567
128,130
126, 833
136,023

1, 679, 009
1, 685, 097
1, 687, 845
1,655, 345

240,897
311, 283
249,438
210,303

2,650,183
2,637,482
2, 617, 539
2,601,079

2, 830,334
2,858,223
2, 865, 774
2,941, 259

756,291
789, 610
813, 671
907,160

2, 074,043
2, 068, 613
2, 052,103
2, 034,099

322,399
312,399
314,899
314,899

124, 765
126,836
123, 544
129,141

1, 626,879
1, 629,378
1, 613, 660
1, 590,059

180,151
220, 741
248, 235
340.180

2,618,699
2,613,072
2, 595,432
2,601,820

2,924, 516
2,903,311
2,916, 368
2,885,001

910, 978
861,802
879, 878
877, 446

2,013, 538
2, 041, 509
2,036,490
2,007, 555

314,899
314,899
314,899
314, 899

128,082
130, 285
123, 761
119,082

1, 570, 557
1, 596,325
1, 597, 830
1, 573, 574

305,817
290, 239
320, 936
283.181

w
o
i

May 2.
9.
16_
23.
29.

2, 599,440
2, 599,266
2, 595,925
2,607, 238
2, 615, 206

2, 968,867
2, 932, 777
2,939, 760
2,928, 727
2, 961, 566

962,869
927, 711
939,942
935,003
949, 832

2,005, 998
2,005,066
1,999,818
1,993,724
2,011,734

314, 899
314,899
314,899
314,899
314,899

135,068
125,819
126,812
123, 318
118, 977

1,556,031
1, 564, 348
1,558,107
1, 555, 507
1, 577,858

369,427
333,511
343,835
321,489
346, 360

June

6.
13.
20.
27.

2, 635, 228
2, 640, 356
2, 651,502
2, 665,141

2, 978, 206
2, 950,857
2,922, 812
2,973,482

946, 785
893, 246
889, 453
938,471

2, 031, 421
2,057, 611
2,033,359
2,035,011

314, 899
318,899
319, 429
320,429

128, 937
129, 635
124, 088
118,451

1, 587, 585
1,609, 077
1, 589,842
1, 596,131

342,978
310,501
271,310
308,341

^
^
}>
tT1

July

3_
11.
18.
25.

2, 687,572
2, 693, 746
2, 701,909
2, 680,126

3,120, 942
3,043,826
3,000, 729
2,948, 673

1,079, 950
996,039
948, 598
890,427

2, 040,992
2, 047, 787
2,052,131
2,058,246

320,429
320,429
320, 429
320,429

118,202
111,569
123,612
122, 967

1,602,361
1, 615, 789
1, 608, 090
1, 614, 850

433,370
350,080
298,820
268,547

fe
c
&
-

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

2, 673,158
2, 676,199
2,684, 738
2,687,335
2, 686, 759

2,996,366
3,002,077
3,014,143
2,999,438
3,011,626

948, 304
962, 065
934, 424
918,173
950,462

2,048,062
2,040,012
2, 079, 719
2,081, 265
2,061,164

320,429
320,429
320,429
320, 424
320,424

117,262
114,013
114,772
125,847
124, 045

1, 610, 371
1, 605, 570
1, 644,518
1,634,994
1, 616, 695

323,208
325,878

Sept. 5.
12.
19.
26.

2,701, 577
2, 716, 690
2, 721, 735
2, 725,864

3,041, 647
3,050, 627
2, 966,406
3,053,080

980, 947
980, 070
899, 918
991,115

2, 060,700
2,070,557
2,066,488
2, 061,965

320,924
321,359
320,959
320,959

119,710
119,921
116, 797
120,813

Oct. 3__
10._
17__
24..
31_.

2, 736, 500
2, 739, 884
2, 743, 726
2, 736,852
2, 720, 586

3,070, 459
3, 081, 916
3, 093, 269
3, 055,034
3,133, 258

1,014, 796
1,007, 544
1, 005,838
. 965, 676
1, 047, 576

2,055, 663
2,074,372
2, 087, 371
2,089, 358
2, 085, 682

320,534
320, 534
320, 534
320, 534
320, 534

Nov. 7..
14..
21..

2, 725,392
2, 730, 668
2, 721, 504
2, 719, 721

3,119,430
3,115,514
3, 088,408
3,141.243

1, Oil, 460
1,008, 346
989,624
1,036,3^

2,107, 970
2,107,168
2,098, 784
2,104,84-5

320, 534
320, 534
320, 534
320,534.




o
^
H

329,405

£

312,103
324,867

J^

1, 620, 066
1, 629, 277
1,628, 732
1, 620,193

340,070
333,937

fe
S

114,668
112, 074
122,860
113, 435
116, 669

1, 620, 461
1, 641, 764
1,643,977'
1,655, 389
1,648, 479

333,959
342,032
349,483
318,182
412,672

^
&
^

107, 548
119,972
115, 375
106,648

1, 679, 888
1, 666, 662
1, 662,875
lt 677, 663

394,038

g

244,671
327,216

384,846
366, 904
421,522

P
W

§

No.

36.—COLLATERAL (GOLD AND ELIGIBLE

PAPER)

PLEDGED WITH FEDERAL RESERVE

NOTES

AGENTS AS SECURITY FOR FEDERAL

RESERVE

OUTSTANDING—Continued.

W E E K L Y FIGURES FOR 1923.
[In thousands of dollars.]
Collateral pledged as security.

Date.

Federal
reserve
notes outstanding.

Gold a n d gold certificates.

Total.

Eligible
paper.
Total.

Dec.

Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.

I n redemption fund,
United
States
Treasury.

In gold fund,
Federal
Reserve
Board.

o
H
O

2,732, 743
2,755, 949
2, 793,837
2,838, 398

5
12
19
26
27,
28,
30,
26,
27,
28,
29,
30,
31,

I n vault.

Excess
collateral
pledged
with
Federal
reserve
agents.

1922
1921
1920
1919
1918
1917
1916
1915
1914




3,051,135
3,136, 259
3,159, 574
3,246, 522

995, 510
1,035, 364
1,019,129
1,136, 708

2,055, 625
2,100,895
2,140,445
2,109,814

320,534
320,084
327,084
326, 584

117,197
119,439
113, 751
114, 480

1, 617,894
1, 661, 372
1, 699, 610
1, 668, 750

318,392
380, 310
365, 737
408, 124

2,835,092
2,796, 540
3, 738,880
3,292,098
2,855, 604
1,341,752
300, 511
214,125
17,199

3,035, 779
3, 092,876
4,169, 219
3, 951,930
3, 244, 666
1, 388, 556
300,925
214,190
17,205

836, 933
1, 246, 507
2,893,005
2, 711,898
1, 956,357
606, 705
18,402
16, 740
4,953

2,198,846
1, 846, 369
1, 276, 214
1, 240,032
1, 288,309
781, 851
282, 523
197, 450
12, 252

353,657
349,013
264,926
244,148
246,327
250,423
164, 567
139,940
12,252

133,090
115,832
118, 596
103, 575
81,951
41, 479
15, 376
650

1, 712,099
1, 381, 524
892, 692
892, 309
960,031
489,949
102, 580
56,860

200, 687
296, 336
430,339
659,832
389, 062
46,804

H

M
14
-

w

IS

i

414

65
6

w
o

No.

37.—FEDERAL RESERVE NOTES ISSUED AND RETIRED BY EACH FEDERAL RESERVE AGENT, BY MONTHS, DURING

1923.

[In thousands of dollars.]
Outstanding at
beginning
of each
month in
1923.

Month.

Boston.

Total.

Issued.

Retired.

Issued.

Retired.

New York.

Philadelphia.

Cleveland.

Richmond.

Retired.

Retired.

Issued.

3,450
17,800
6,650
16,000

30,452
11,817
16,398
12, 743

1,380
6,780
6,400
4,840

13, 742
9,597
10, 652
9,363

7,509
16, 240
6,720
11,400
18, 686
11, 600
18,200 | 20, 736

14,120
13,000
14,200
17,900

11,443
8,181
10, 981
11,617

6,360
7,080
7,580
15,960

9,113
8,090
7,907
10,810

12,040
21,323
11,500 | 30,119
9,940 ! 23,897
32,120
21, 464

17,000
13,200
31, 400
29,160

18, 042
18, 376
19, 835
13, 916

17,300
10, 780
12,300
30,500

15, 573
14, 382
13, 691

17, 580
23, 020
10, 910
17,220

9, 561
10,267
8,845
11,352

408, 791
512, 014
758, 416
276, 442
632,420

206, 400
191,860
183,410
177, 420
195, 660

194, 281
171,012
251,839
134,017
189,635

174,000
191,045
121,440
249, 000
163, 565

167,187
156, 009
260, 269
154,109
146,283

125,110
109, 720
153,820
179, 004
162, 777

119, 299
115,113
197,397
169,675
162,070

Issued

Retired.

January..
February.
March
April

2T 817,191
2, 632, 727
2, 647, 562
2, 598,032

83,619
177, 941
132,150
151,013

268, 083
163, 106
181, 680
154,006

8,400
17,500
14,000
]6,450

24, 370
9,801
11,337
13, 072

34, 880
64, 760
51,350
42, 720

May
June
July....
August.

2, 595, 039
2,612, 983
2, 676,901
2, 671, 082

130, 250
154,420
124, 610
158,810

112,306
90, 502
130,429
131,083

11,500
19, 900
16, 200
9,700

12,056
7, 346
11,394
11, 035

24, 700
15, 744
33, 380
13, 793
13,000 | 18,168
15,880 ! 20,108

64,073
68, 574
64,080
47,448

Issued.

Retired.

7,400
23,200
15,200
12,400

31, 784
14,374
15,984
8,319

Issued.

O
H
O
H

w

I
September..
October

2,
2, 733,803
2, 720, 586
2, 719, 745

November..
December..
Total: 1923
1922..
1921
1920
1919..
Outstanding: Jan.
Jan.
Jan.
Jan.
Jan.
Jan.

_

_
1, 1924..
1, 1923..
1, 1922..
1, 1921..
1, 1920..
1, 1919..




154,260
139, 925
146, 285
244,110

119,266
153,142
147,126
141, 528'

14, 900
19, 700
15, 600
31. 800

11,179
19, 029
18, 579
18,144

V- 797,393
1, 949, 595
2,049, 637
2,215, 254
2, 482, 515

1, 792,257
1, 914,195
3,003,577
1,775,312
2,046, 570

195, 650
179, 290
190,900
225, 680
225, 500

167, 342
172, 647
272, 297
178,844
139,768

2, 822, 327
2, 817,191
2, 781, 791
3, 735, 731
3,295, 789
2,859, 844

255,108
226,800
220,157
301, 554
254, 718

346, 270
470, 200
538,810
373,080
753,120

712,413
774,934
816, 748
1,036,354
939, 716
819, 016

255,837
243,718
222, 870
291, 299
247, 896
241, 871

281, 713
274, 900
239, 864
378, 693
283,802
266, 520

117,875
112, 064
117,457
161,034
151, 705
150, 998

w
o
>
>

No. 3?,—FEDERAL RESERVE NOTES ISSUED AND RETIRED BY EACH FEDERAL RESERVE AGENT, BY MONTHS, DURING 1928—Contd.
[In thousands of dollars.]
Atlanta.

Chicago.

St. Louis.

Minneapolis.

Kansas City.

San Francisco.

Dallas.

Month.
Issued.

Retired.

Issued.

Retired.

Issued.

Retired.

Issued.

Retired.

Issued.

January...
February.
March
April

3,675
10,526
10,820
22,335

15,288
6,935
7,207
16,456*

8,200
22,680
19, 500
25,160

30,832
21,387
29,952
24,055

1.600
5,990
650
1,350

8,369
4,871
7,111
4,420

2,150
2,370
2,625
2,648

5,470
2,403
2,170
2,208

1,910
1,450
760

May
June
July
August..

10, 595
7,883
5,730
14,225

9,630
7,318
7,498
9,544

33,800
29,200
26,800
31,400

24, 544
21,292
23,109
26,152

700
850
1,550
2,540

4,029
3,518
3,730
3,678

1,570
3,967
3,880
3,340

3, 503
3,072
3,629
2,213

September.
October
November.
December-

10, 455
10, 775
10,920
11, 525

5,741
4,804
7,648
8,446

23, 360
22, 340
22, 400
42,000

25, 398
30, 880
29,129
28,085

5,560
2,460
5,020
4,950

2,996
3,317
3,732
4,229

2,595
3,310
4,210
7,540

129,464
98,780
148,940
196,035
183,598

106, 515
92,281
200,056
176,383
147,110

306,840
329,140
293,980
345,330
324,320

314,815
305, 755
480, 999
246,552
239, 799

33,220
63,430
74,960
106,470
134,025

54,000
64, 495
116,248
115,798

40, 205
43, 361
39,265
39, 450
39,990

Retired.

Total: 1923
1922
1921
1920
1919
Outstanding: Jan.
Jan.
Jan.
Jan.
Jan.
Jan.

_
_

1, 1924..
1,1923..
1, 1922..
1, 1921..
1, 1920..
1, 1919..




.!

158,092
135,143
128,644
179, 760
160,108
123, 620

462, 628
470,603
447, 218
634,237
535, 459
450,938

92,258
113,038
114,103
155,391
164,719
129,120

Issued.

Retired.

Issued.

Retired.

2,788

325
265
705
1,030

7,714
1,912
2,510
2,885

12,159
4,160
2,800
5, 320

30,494
8,371
10, 950
10, 249

2,680
3,000
3, 350
6,900

3,434
2,151
2,876
3,166

1,160
4,000
5, 400
13, 565

3,044
1,567
1,863
2,027

6,825
20, 760
15,320
9,200

8,257
7,454
20,588
9,997

1,612
2, 356
2,122
2,912

2,800
2,510
7,830
6,640

2,209
3,271
4,367

13,890
6,810
2,835
2,255

1,693
3,718
4,266
4,183

16, 780
13, 520
12, 920
28, 400

9,603
11, 432
10,324
12,362

33, 670
41, 205
60,174
46, 507
50, 272

39,830
45,180
36, 730
72, 570
57,900

37, 382
29, 421
70,978
63,135
37,581

148,164
193, 905
241,620
181,970
186,330

150,081
213, 233
255, 487
148, 850
135, 544

69,168
62, 633
60, 477
81,386
88, 443
98, 72,5

5,495
3,064
3,329

2,744

41,010
79, 417
65,000
67, 662

80, 544
79, 608
75, 438
118,125
110,555
120,317

52,
33,
25,
69,
55,

240
684
762
245
730

58, 659
43,801
39, 538
84, 754
78, 644
60, 495

278,032
279,949
299, 277
313,144
280,024
229,238

o
w
H

o

i
w
o
i

No. 38.—FEDERAL RESERVE NOTES OP EACH DENOMINATION OUTSTANDING, HELD BY FEDERAL RESERVE AGENTS, AND ON HAND IN
WASHINGTON AS OF DECEMBER 31,

1923.

[In thousands of dollars.]
OUTSTANDING—NET AMOUNT ISSUED BY FEDERAL RESERVE AGENTS TO FEDERAL RESERVE BANKS.
Federal reserve bank.

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

Fives.

Total.

255,108
712,413
255, 837
281, 713

.

117,875
158,092
462,628
92,258

39,637
198, 557
42, 759
33, 843
18,
28,
81,
16,

726
734
737
717

Tens.

84,420
182, 493
65,095
44, 727
30,848
36,653
116,040
21, 755

Twenties.

Fifties.

Five
Ten
Five
Hundreds. hundreds. Thousands. thousands.
thousands.

>

95,471
131,855
87,977
115,722

10,813
42,520
37,434
63,053

18,978
78,174
17,347
18,139

1,676
21,059
1,183
2,253

3,543
49,335
4,042
3,361

260
1,840

310
6,580

175

440

46,037
45, 374
171,676
37,103

12,860
10,134
42, 551
6,902

7,758
13,479
31, 299
6,169

250
4,848
7,064
1,116

1,371
18,870
11, 281
1,956

5

20

980
210

330

396
793
296
2,988

818
1,230
699
8,852

3,930

3,950

I

43,922

105, 358

7,400

11, 630

i?

69,168
80, 544
58, 659
278,032

16, 697
19,100
13,395
45,484

20,815
17,199
16,199
53,970

25, 583
29, 768
23,992
112,866

1,705
4,953
1,717
14,222

3,154
7,501
2,361
31, 770

2,822,327

555,386

690,214

923,424

248,864

236,129

8

I

H

HELD BY FEDERAL RESERVE AGENTS.
—

Boston
New York..
Philadelphia
Cleveland,...
Richmond. .
Atlanta
Chicago
St. Louis




38,400
43,120

15,800
50,940
9,200
6,800

21,900
83, 640
11,000

20, 200
58, 240
10,800
13,040

2,600
19, 200
5,000
4,600

2,400
45, 600
1,600
4,800

27,630
72,017
119,640
22, 740

2,940
8,570
17,240
3,200

4,280
13,575
24,600
3,560

4,720
15, 547
46,000
4,660

3,800
7,925
13,600
2,000

2,650
12, 610
5,600
1,200

1,170
5,564
5,200
1,500

2,125
8,226
4,400
1,400

<

7,500
8,000

850
5,000
400
1,000

81,050

w
o
>
>

3,440

to
CO

No. 38.—FEDERAL RESERVE NOTES OF EACH DENOMINATION OUTSTANDING, HELD BY FEDERAL RESERVE AGENTS, AND ON HAND
IN WASHINGTON AS OF DECEMBER 31, 1923—Continued.

to

HELD BY FEDERAL RESERVE AGENTS—Continued.
[In thousands of dollars.]
Federal reserve bank.

Minneapolis
Kansas City
Dallas . _. _ .
_
San Francisco
Total

Total.

Fives.

Tens.

Twenties.

Fifties.

Five
Ten
Five
Hundreds. hundreds. Thousands. thousands.
thousands.

j

d
w

12, 275
29,153
25,009
57,800

2,220
2,263
8, 540
3,300

2,870
5,740
7,460
6,600

4,200
6,200
6,240
6,400

870
4,910
502
3,400

1,330
5,540
750
3,200

410
2,200
701
3,400

375
2,300
816
5,500

10,000

16,000

813, 454

131,013

191, 705

196, 247

68,407

87, 280

27, 395

42,842

26,165

42,400

o

H

W

ON HAND IN WASHINGTON.
Boston
New York
Philadelphia _
Cleveland

122, 980
121, 500
76, 660

5,980
50,480
10,940
7,380

32,080
114, 920
14, 320
20, 520

17,120
117,280
19,440
23,360

13,000
23,000
12,000
13,800

6,000
14,000
12,800
3,600

4,800
7,000
9,600
1,200

22, 000
20,000
8,400
800

10,000
20, 000
10,000
2,000

12,000
40,000
24,000
4,000

Richmond Atlanta
Chicago
St. Louis...

106, 7.40
132, 960
90, 820
105, 500

13,660
21, 720
6,700
28,460

12, 640
31,800
16, 560
27,080

13,840
43,840
16, 960
20,160

17, 800
8,400
2,600
5,000

18,800
9,600
18,000
4,800

10,000
4,400
4,000
4,000

10,000
7,200
4,000
4,000

6,000
2,000
10,000
4,000

4,000
4,000
12,000
8,000

Minneapolis
Kansas City...
Dallas
San Francisco..

77, 020
49, 820
65,920
125,100

20,380
8,780
9,400
25, 260

27,880
11, 880
15,120
22,480

20, 960
10,160
11,600
44,160

400
1,200
2,800
6,400

2,000
3,200
7,200

600
4,600
1,800
3,600

6,000
11,200
4,000
4,000

6,000
4,000

12,000
8,000

Total.....

1,481, 700

209,140

347,280

358, 880

106, 400

100, 800

55, 600

101,600

74,000

128,000




CO

W

W

o

No.

39.—FEDERAL RESERVE AGENTS' STATEMENTS OF FEDERAL RESERVE

NOTE TRANSACTIONS FOR 1923.

[In thousands of dollars.]
RECEIVED BY FEDERAL RESERVE AGENTS FROM COMPTROLLER OF THE CURRENCY.

Federal reserve agent at—

Total.

Fives.

Tens.

Twenties.

Fifties.

Hundreds.

Five
Five
Thousands. thousands.
hundreds.

Boston
New York....
Philadelphia..
Cleveland

167,600
231, 280
177,880
172,380

36,200
104,800
36,800
31,020

61,"200
83, 560
50,080
28,960

62,400
15, 520
61, 200
78,800

3,400
4,200
23, 800
28,800

4,400
6,400
4,400
3,600

Richmond
Atlanta
Chicago
St. Louis

78,600
71,000
339, 920
24,020

14,000
16,120
80,600
6,100

24,000
20,040
95,000
4,640

32,800
19, 440
122, 720
9,680

7,800
3,000
31, 200
2,000

1,200
2,400
1,600

Minneapolis..
Kansas City..
Dallas
San Francisco.

35,240
46,140
48,120
124,340

9,560
12, 660
16,000
36,380

10,600
9,680
16,000
32, 640

080
200
320
720

1,200
5,400
600
1,000

1,600
6,000
800
3,600

200
400
400

1, 516, 520

400,240

436, 400

490,880

112,400

36,000

10,200

I

800

Total...

Ten
thousands.

30,400

12,
11,
14,
50,

4,400
400
400

12,400
1,200
800

4,000

11, 200
4,000

%

I

i

R E T U R N E D BY F E D E R A L R E S E R V E A G E N T S TO C O M P T R O L L E R F O R D E S T R U C T I O N .

Boston
New Y o r k . .
Philadelphia
Cleveland

141,342
408, 791
176,281
153,788

24,487
105,938
40, 701
28, 313

59, 469
153,070
52,465
33,855

44,985
108, 840
57, 767
66,800

4,543
12,881
19, 223
19, 512

5,662
13, 472
4,996
4,078

Richmond..
Atlanta
Chicago
St. Louis

72,419
51, 993
312, 215
45,999

16,851
17, 802
65,065
15, 041

19, 620
15, 020
95,849
12, 645

25, 610
15,437
113,801
14,125

5,659
2,172
28,231
2,473

3,619
1,318
7,176
1,302




518
5,163
210
583

1,573
9,107
919
617

26
66
841
151

1,034
178
1,247
257

50
240

w

o

20

to
en

No. 39.—FEDERAL RESERVE AGENTS' STATEMENTS OF FEDERAL RESERVE NOTE TRANSACTIONS FOR 1923—Continued.

to

RETURNED BY FEDERAL RESERVE AGENTS TO COMPTROLLER FOR DESTRUCTION—Continued.
[In thousands of dollars.]
Federal reserve bank agent at—
Minneapolis
Kansas City.
Dallas
San Francisco
Total

_

Total.
_
_

Fives.

Tens.

Twenties.

Fifties.

Five
Hundreds. hundreds.

Thousands.

Ten
Five
thousands. thousands.

27,320
35, 111
25,182
121, 926

10,444
13,164
9, 592
37,466

8,366
8,072
6,120
29, 571

7,309
11,829
7,807
44, 689

400
799
651
3,498

621
1,022
816
5,971

67
101
63
283

113
124
133
408

40

1,572,367

384,864

494,122

518,999

100,042

50,053

8,072

15, 710

195

s
310

H
O

ISSUED BY FEDERAL RESERVE AGENTS TO FEDERAL RESERVE BANKS.
Boston
New York....
Philadelphia..
Cleveland

195, 650
346,270
206,400
174,000

43,600
149,430
45,600
28, 720

74,900
103,240
57,800
29,480

65,400
66, 200
69, 400
75, 600

4,000
4,200
26,800
32, 400

6,000
6,400
4,800
6,100

550
4,400
400
700

1,200
12,400
1,600
1,000

Richmond
Atlanta
Chicago
8t. Louis

125,110
129,464
306,840
33,220

23,940
26, 455
73,560
8,050

37,640
31, 950
81,840
6,890

47,440
32,350
104,240
11, 880

10,900
5,073
34,200
2,700

4,400
4,511
8,500
2,900

1,880
1,800
150

700
27,245
2,400
450

300
50

Minneapolis-.
Kansas City_.
Dallas
San Francisco.

40,205
39,830
52,240
148,164

11,615
13,340
14, 510
40, 380

12,820
9,220
16,575
36,800

13, 200
11,360
18, 690
54,800

2,530
735
3,900

1,260
3,080
910
5,600

140
100
175
940

310
200
645
2,324

1,710

1,710

Total...

1,797,393

479,200

499,155

570, 560

128, 298

54, 461

11, 235

50, 474

2,060

1,950




90
150

1
w

o

RETURNED TO FEDERAL RESERVE AGENTS BY OR FOR THE ACCOUNT OF FEDERAL RESERVE BANKS.
Boston
__.
New York_...
Philadelphia..
Cleveland

167,342
408,791
194,281
167,187

32,888
105, 938
46, 701
30,713

71,469
153,070
57,465
36,655

49, 784
108,840
62,767
70,800

4,543
12, 881
21, 223
22, 512

6,462
13,472
4,996
5,078

Richmond
Atlanta
Chicago
St. Louis

119,299
106, 515
314,815
54,000

26,531
24,976
65,065
16,192

33,420
28,045
95,849
15,695

42,010
28, 617
113,801
16,825

10,159
4,272
28,831
2,773

Minneapolis..
Kansas City..
Dallas
San Francisco.

33,670
38,894
37,382
150,081

11,744
13,447
12,072
38, 266

11,016
9,752
9,895
30, 731

9, 709
13, 549
13,187
47,170

400
899
726

Total...

1, 792,257

424, 533

553,062

577,059

114, 217




I

518
5,163
210
582

1,573
9,107
919
817

4,719
4,858
7,676
2,002

126
646
841
151

2,234
15,101
1,447
357

1,305
5

621
1,022
886
6,771

67
101
148
1,223

113
124
468
4,232

7,170

58, 563

9,776

36,492

8,625

55
80

50
240
20
100

I
1,520

w
o

fcO

No. 40.—FEDERAL RESERVE NOTES OP EACH DENOMINATION ISSUED AND RETIRED BY FEDERAL RESERVE AGENTS AND AMOUNTS
OUTSTANDING.

to

[In thousands of dollars.]

00

Total.
Issued:
1914 15
1916
1917
1918
1919
1920
1921
1922
1923

Tens.

Twenties.

..

___

-

Total - - _
Outstanding, Dec. 31:
1915
1916
.
1917
1918
1919
1920
.921
1922
-_
1923

-

- ,

-- .




-

-.

82, 519
78,051
192,057
383, 769
527, mis
431,450
473, 930
507, 890
479, 200

78,. 762
68, 591
433, 228
634, 451
807, 561
568,800
654, 842
583, 790
499,155

43,059
48,832
423,376
805,055
796,030
779,060
661,485
577,310
570, 560

14, 285, 788

_.

222, 155
208,457
1,265,087
2, 095, 695
2,482,515
2, 215, 254
2, 049, 637
1, 949, 595
1, 797, 393

Total Retired:
1914-15
1916
1917
1918
1919
1920
1921
1922
1923

Fives.

3,156, 531

4, 329,180

4, 704, 767

Fifties.

8,190
5, 772
90,126
140, 305
155, 588
184, 240
103, 069
122, 465
128,298
938, 053

Ten
Five
Five
Hundreds. hundreds. Thousands. thousands. thousands.

9,625
7,211
126, 300
124,115
92,639
120, 755
90,113
82,805
54,461
708 024 '

22, 757
27, 214
15, 791
19,196
11.235
Ofi IQQ

8,000
55, 955
78, 905
31,807
38, 469
50, 474

9,000
10,700
8,200
7,380
2.060
• •

8,030
122, 472
214,573
586,475
2, 046, 570
1,775,312
3,003, 577
1, 914,195
1, 792, 257
11,463,461

2,490
55, 183
74,918
162,964
452, 728
401,856
608,182
418, 291
424, 533

1, 355
46, 231
65,049
231,835
708,838
566, 580
907,888
558,128
553, 062

2, 355
15, 269
35,807
151,949
690, 313
590, 996
1,099, 340
618, 255
577,059

1,135
2,934
8,487
21,392
107, 802
101,432
198, 417
133,373
114,217

695
2,855
30,312
18,335
72, 561
61,606
125, 322
101, 646
58,563

1,602
8,211
16,873
15, 809
9, 776

2, 601,145

3, 638, 966

3, 781, 343

689,189

471,895

52, 271

214,125
300,110
1,350, 624
2,859, 844
3, 295, 789
3, 735, 731
2, 781, 791
2,817,191
2,822, 327

80,029
102, 897
220,036
440,841
515, 778
545,372
411,120
500, 719
555, 386

77,407
99, 767
467, 946
870, 562
969, 285
971, 505
718,459
744,121
690, 214

40, 704
74, 267
461, 836
1,114, 942
1,220,659
1,408, 723
970,868
929, 923
923, 424

7,055
9,893
91, 532
210,445
258, 231
341, 039
245, 691
234, 783
248, 864

8,930
13, 286
109, 274
215,054
235,132
294, 281
259, 072
240, 231
236,129

5,621
26,976
47, 015
42,148
36,492
158, 252

o
w

52,090

'i7 ^ 4 n

263 610

w

r

2,405
6,335
120
12,455
8,625
29, 940

he*

15,320
14,130
10,400
10, 290
1,950

4,700
11,320
420
14,090
9,930
40,460

H

o

i
W
O

21,155
40,158
39,076
42, 463
43, 922

8,000
58, 334
110,263
95,055
91,376
105,358

6,595
10, 960
19,040
13,965
7,400

10, 620
13, 430
23,410
19, 610
11,630

No.

4 1 . — I N T E R D I S T K I C T M O V E M E N T O F F E D E R A L R E S E R V E N O T E S D U R I N G 1923.

[Represents fit notes returned to the bank of issue and unfit notes returned to the United States Treasurer for redemption.]
[In thousands of dollars.]
Federal reserve notes of Federal reserve bank o—
f

Fit.

Boston
New York
Philadelphia
Cleveland.

New York.

Boston.

Total.

Returned by—

Unfit.

Fit.

Unfit.

Fit.
18,894

Unfit.

31,142
164,012
40,518
40,979

22, 652
54,898
31,845
39, 557

43,912
3,247
1,409

13,107
1,846
1,049

19,475
6,651

16, 658
7,754

Richmond
Atlanta
Chicago.-.
St. Louis

19, 982
19, 565
45,407
39,449

27, 598
30,114
49, 286
19, 461

1,192
1,114
2,538
611

1,261
1,250
1,885
218

4,191
3,742
8,377
1,946

Minneapolis
Kansas City
Dallas
San Francisco

13,227
17, 588
11,766
26, 396

13,768
11,094
12,868

263
377
254
1,681

115
189
148
466

470,031

322, 774

56, 598

21, 534

Total
Grand total
1923_.__
1922...1921....
1920....
1919
1918___
1917....
1916....




792,805
777, 353
1,212,157
1,176,154
988,334
408,607
92,109
40,155

78,132
64,842
115,855
98, 755
61, 695
22,595
4,219
1,599

15,909

Philadelphia.
Fit.

Unfit.

3,914
43,255

1,927
13,899

12,099
7,167
1,300
2,678

7,607
1,443
2,590

1,248
923
4,801

552
870
591
1,479

244
404
303
1,338

129
267
168

71,154

70,302

73,600

35,491

Fit.

Richmond.

Unfit
1,164

1,756
19,062
7,540

6,511

4,066
2,255
9,651
5,635

6,735
2,924
13, 594
2,822

6,624

5,943
10, 706
8,717
1,123

3

Cleveland.

141, 456
158,611
205,360
235,657
236, 525
114, 610
30,325
9,376

109,091
96,951
' 140,957
124,934
114,204
47, 705
8,011
2,100

Fit

Atlanta.

Unfit.

Fit.

>1
t"

Unfit.

613
3,358
3,167
4,459

2,111
1,257
877

2,716
1,423
567

10,871
866
1,022

387
2,914
490
1,348

1,331

1,129
10,351
5,370
4,730

2,513

1,966
3,400

1,890
2,282

n
3
ft

1
ft
O
ft

927
485
2,102

468
781
373
813

120
242
207
718

74
185
142
236

148
500
2,009
1,062

93
378
1,628
518

ft

54,082

44,474

27,112

16,940

23,978

14, 441

i

98,556
85,647
140,049
130,995
94,720
39,975
5,000
2,087

44,052
50,539
86,222
69, 561
67,919
31, 547
6,392
4,750

38,419
42,759
88,142
68,957
21,385
6,118
4,434

W

o

to
CD

No. 41.—INTERDISTRICT MOVEMENT OF FEDERAL RESERVE NOTES DURING

1923—Continued.

CO

O

[In thousands of dollars.]
Federal reserve notes of Federal reserve bank of—
Returned by-

Chicago.
Fit.

Boston
New York
Philadelphia.
Cleveland
Richmond Atlanta
Chicago
St. Louis..,

Minneapolis.

St. Louis.

Unfit.

Unfit.

Fit.

2,960
23,005
2,600
11,726

1, 588
8,333
2,111
13, 578

239
2,269
317
1,526

178
932
253
2,380

1,184
3,063

1,977
3,678

288
3,627
5, 526

619J
4,159J
5, 704

Kansas City.

Unfit.

Fit.

Dallas.

Unfit.

Fit.

Fit.

San Francisco.

Unfit.

1, 444
149
334

140
646
124
500

192
1,563
198
471

147
728
177
712

844
98
144

122
5,069
502

109
195
5,616
338

118
345
3,458
3,659

234
559
3,715
2,452
807

Unfit.

Fit.

567
108
287

969
7,436
658
867

510
2,125
400
866

79
1,232
540
1,548

194
1,817
729
1,331

301
654
4,347
1,180

406
667
3,423

76
1,394

78
1,329

2,227
3,289
2,919

1,507
2,504
3,020

24,847

16,112

s
I

19,193

7,176

Minneapolis-..
Kansas C i t y . . .
Dallas
San Francisco..

7,426
5,730
1,427
6,652

5,569
' 4,432
1,195
3,231

2,378
1,438
1,021

241
1,742
1,517
531

1,099
144
2,665

1,091
167
2,109

1,657
2,957

2,145
2,202

1,399

914

Total....

84, 966

52, 868

18,898

18,256

11, 791

11,035

15, 563

13,878

7,442

7,443

W

945 !

i

Grand total:
1923
1922
1921...._.
1920
19191918
1917
1916




137,834
136, 697
203,243
195,128
146, 276
48,857
5,006
327

37,154
36, 548
58, 543
59,064
50,848
15,432
3,419

],369

22,826
21,067
32,587
42, 522
39, 520
13,906
5,508
3,463

29,441
28,287
50,679
55,177
51, 427
25, 886
7,895
4,181

14,885
14,118
34,837
44, 542
25,169
11,614
5,760
4,355

40,959
41, 287
55,683
50,862
41, 542
15,095
4,456
2,114

w
o

FEDERAL RESERVE BANK NOTES.
No.

42.—FEDERAL RESERVE BANK NOTES OF EACH DENOMINATION ISSUED AND REDEEMED BY COMPTROLLER
DURING 1923, AND AMOUNTS OUTSTANDING.
[In thousands of dollars.]
Ones.

Total.

Federal reserve bank of issue.

CURRENCY

Twenties.

Tens.

Fives.

Twos.

OF THE

Fifties.

Is
260

Total, all banks* 1923
1922
1921
1920
1919
1918
1917
1916
1915
Red

260

260
34, 328
126,324
243,076
222,353
120,816
2, 732
11 285
770

Uallas

260
6,300
28,600
24,460
25, 074
32,339
2, 352
2,065
10

17,212
69, 668
171,496
157,148
63, 368

8,456
26, 096
45,120
38,000
17, 520

1,080
1,320
1,480
723
5,877
120
5,560
280

o
H
O

1,280
640
320
1,408
1,712
260
3,660
480

200

U
fed

eemed:

Boston
New York
Philadelphia
Cleveland

1 179
5,049
1,819
1,967

366
2,767
964
654

800
1,524
620
124

13
639
235
1,189

Jtiphrnond
Atlanta
Chicago
St. Louis

1,936
2,685
4,529
2,014

592
510
3,348
1,770

1,344
212
825
104

250
184
85

815
88
10

898
84
26

1,361
4,127
2,011
1,077

950
1,154
1,386
782

292
384
220
276

119
2,445
249
19

49
71

95
85

Minneapolis
Kansas City
Dallas
San Francisco




-

-

I
I

119

w
o
19

OO

No, 4#.—FEDERAL RESERVE BANK NOTES OF EACH DENOMINATION ISSUED AND REDEEMED BY COMPTROLLER
DURING 1923, AND AMOUNTS OUTSTANDING—Continued.
[In thousands of dollars.]
Federal reserve bank of issue.

Total.

Ones.

Twos.

Fives.

Tens.

OF THE CURRENCY

to
Twenties.

Fifties.

Redeemed—C ontinued.
29,754
107,084
259,121
267,060
77,194
5,129
2,182

Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City
Dallas
San Francisco

_.

T o t a l : 1923
1922 .
1921
1920
1919
1918
1917
1916
1915

,

.

5,427
19,636
36,698
24,319
30,110
1,781
706

333
1,434
534
500

288
652
280
136

20
472
104
363

323
428
979
382

275
166
340
76

170
234
105

287
131
27

668
137
45

601
2,105
880
820

Outstanding Dec. 31 'See Note):
Boston .
New York.
Philadelphia
_
Cleveland.

6,725
25,821
42,191
48,784
8,316
148

641
2,630
918
999

_

15,243
58,803
176,394
188,387
32, 657
981

598
1,719
1,821
688

Total* 1923
1922
1921
1920
1919
1918
1917

294
385
353
482

236
410
56
292

71
929
269
46

140
73

241
129

14,420
43,914
116,670
249,467
273,451
128,292
12,605
12,055
770

6,427
21,670
63,261
169,987
186,878
62,387

3,207
9,932
27, 297
43,392
47,056
17,372

2,783
7,950
21,286
29,384
29,243
34,279
3,721
2,075
10

730
1,882
2,647
3,529
5,515
9,292
4,945
5,840
280

1,220
2,408
2,054
2,982
4,759
4,962
3,939
4,140
480

1,152
1,845
2,202
3,466
4,500
1,530
1,015

' 1,188
926
1,568
2,097
1,611
689
461

19
53
68
7

s
H
O

72

53

53
72
125
193

NOTE .—At the end of 1923 all Federal reserve banks except Dallas had extinguished their liability on outstanding Federal reserve bank notes by depositing lawful money with
the United States Treasurer to provide for their retirement. The liability of the Federal Reserve Bank of Dallas on $879,870 Federal reserve bank notes outstanding on Dec. 31,
1923, was $471,000, lawful money having been- deposited to provide for the retirement of all notes of $1 and $2 denominations.




1
3
W
O

DISCOUNT AND OPEN-MARKET OPERATIONS OF FEDERAL RESERVE BANKS.
No.

43.—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS DURING 1923,

DISTRIBUTED BY CLASSES.

[In thousands of dollars.]
Acceptances purchased in
open market.

Bills discounted for member banks.
Federal reserve
bank.

Total (all
classes).
Total

Boston
New York...
Philadelphia
Cleveland

Member
bank
collateral
notes.

AgriBank- Trade
Kedis- cultural Decounted and live mand ers' ac- acceptand
paper,
ceptstock sight
n. e. s. paper. drafts. ances. ances.

4,161, 284 3, 652, 775 1,481,924 2,164,351
20, 820, 276 17, 951,843 15,945, 969 1,993,904
3,169, 277 2,911,142 2,060, 519
846,548
__. 2, 979,171 2, 436, 808 1,817,359 601, 650

Richmond
Atlanta
Chicago
St. Louis

3,021,880
902,284
3,316, 631
1, 797, 508

2, 910, 687
728, 081
2, 508,082
1, 679,671

2,532,491
284, 717
1,869, 696
1,198,129

342, 276
400, 933
572,957
417,364

Minneapolis
Kansas City
Dallas
San Francisco

386, 711
1, 011, 266
419, 702
2,496, 533

290,054
901,126
300, 694
2,108,963

194,261
732,179
150,812
1, 648,812

61,842
95,494
65,183
414, 681

Total

4,339
4,925
3,322
3,689

470

27, 201
36, 566
63,293
26,140

31,604

33,123
72,238
51, 686
2
36,971

759
673
32, 264
864

1,692

44,482, 523 38,379,926 29,916,868 7,977,183 363,493

67,457

3,532

1

361
932

590
50
655

75

Total.

B a n k e r s ' . Trade.

United States securities purchased.

Total.

Bonds.

Victory
notes.

Municipal
warrants
CertifiTreas- cates of
purury
notes. indebted- chased.
ness.

302, 007
29, 436
76
206,428
2,161
176,976
14
302,083
6, 575 1,177, 647 1,164, 377 13, 270 1, 690, 786 16, 904 39,320 476, 836 1,157, 726
98,831
96, 259
159, 066
1,899
39
753
673 _ _ r_ _
159,105
345, 589
343, 776
196, 670
1,813
104
14,110
196, 774
7,768
4,933
2,086
5,779

10,643
94, 701
265, 360
32, 580

10, 643
94, 701
265,360
32, 580

100, 550
79,431
543,189
85, 257

69
467
749
5,943

6,064
2,016
74,875
225,162

6,064
2,016
74,875
225, 111

90, 593
107,858
44,133
162,408

51

4,797
190
18

111
2,023

3,877
9,560

51,393 2, 547,010 2, 533, 470 13, 540 3, 555,051 36,033 41,454

50
3,777
104,896
3,417

100, 500
70, 746
436,080
81, 822

28, 796
19,392
7, 275
49

57,920
78, 906
36,858
162,359

677,636 2, 799,928

199

71

266

536

1

Includes $250,000 discounted for the Federal Intermediate Credit Bank of Columbia, S. C.
* Includes $2,000,000 discounted for the Federal Intermediate Credit Bank of Berkeley, Calif.




CO

No.

44.—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS, BY MONTHS, DURING 1923,
[In thousands of dollars.]
Acceptances purchased in
open market.

Bills discounted for member banks.
Month.

Total (all
classes).
Total.

Member
bank
collateral
notes.

AgriDeBankRediscounted cultural mand ers' ac- Trade
paper. and live and
cept'._' acceptstock
sight
n. . s. paper. drafts.

February
March
April

5, 636, 299
4, 038, 996
3, 971, 429
3, 543, 495

3, 691, 259
3, 720, 547
3,519,700
3, 291, 071

3,171,152
3,148, 293
2, 849, 808
2, 661,608

491,128
549,065
639, 085
594, 996

23, 979
18,232
27, 602
30,980

16
91

May
June
July
August

3,
3,
3,
3,

335
386
951
502

3, 532, 513
3, 098,131
3, 487, 407
3,052, 050

2, 869, 088
2, 334, 703
2, 662, 333
2, 346,099

620,866
720,156
784,138
674,026

39, 030
38, 814
36, 597
26,168

90
71
136
1,823

September
October
November.
December

2,981,349
3, 098, 430
3,114, 479
3, 574, 872

2, 621, 961
2, 794,852
2, 676, 799
2,893, 636

1, 889,835
2, 016, 674
1,939, 908
2,027, 367

695, 249
720, 429
678,909
809,136

24, 329
34,181
31, 364
32, 237

7,296
17, 996
21,229
18, 709

January

880,
580,
765,
296,

Total: 1923- 44, 482, 523 38, 379, 926 29, 916, 868 7, 977,183 363,493! 67,457
1922_ 28, 670, 598 22,082,887 15, 683, 483 5,883, 951 467,765
1921. 63,141, 608 57, 759,128 31, 229,142 25,502,115 841,832 i
1920.
1919.
1918.
1917.
1916.
1915.
1914.
1

96, 527, 548 85, 320, 874 55, 565, 447
86, 737,067 79,173, 970 72, 548, 008
47, 414, 531 39, 752, 934 33,007, 788
'10,152,126 8, 968, 991 7, 742,806
741, 402
207, 871
307, 771
22, 293

161, 353
21, 411

I

Total.

Bankers'. Trade

159, 394
21,411

CO

United States securities purchased.

Total.

VicBonds. tory
notes.

1, 792,286 2,580
131,985 1,473
197,547 1,275
141
57, 573

Municipal
warCertifirants
Treas- cates of
purury
notes. indebted- chased.
ness.

113

4,330
3,200
3, 085
3,303

152, 754
186, 464
254,141
194, 851

151,865
184, 935
252,019
193, 262

1,529
2,122
1,589

186, 363
183, 733
160, 373

185, 074
182,858
186, 769
160,051

1,289
875
59
322

161,404 12, 227 19,800
298, 512 1,046
771
91, 716
84, 069 1,027

45,441
76,025
53, 568
54,889

83,936
221, 441
37, 377
28,153

55
10

234
295

3,439
4,387
3,969
3,639

20
57
72
210

5, 232
5,515
5,317
5,977

159, 420
215, 351
327, 596
339,136

158, 666
214, 628
325, 972
337, 371

754
723
1,624
1,765

199, 671 1,458
88, 227 1,286
550
109, 981
342,080 12,199

58,153
52,001
41, 755
83,062

140, 060
34,940
67, 676
246, 819

297

677,636 2, 799, 928
845,120 3,402, 681
65,898 3, 742, 664

536
176

670
1, 757
104

1,586
8,479
8,191

3,532 51, 393 2, 547, 010 2, 533, 470 13, 540 3, 555, 051 36, 033 41, 454
3,416 44, 272 1,954,688 1, 948, 379 6,309 4, 632, 847 63, 467 321,579
57, 095 128,944 1, 534,401 1, 527, 235 7,166 3,847, 094 17, 732 20,800
.87,162 192,157 3, 218, 364 3,143, 737
71, 643 138, 420 2,825,177 2, 788, 619
19,940 187, 373 1,809, 539 1, 748, 503
37,771 1,077, 713 1,046, 765
5,212 386,095
369, 762

29, 376,108
6, 415,899
6, 537, 833
1,188,414
163, 692

DISTRIBUTED BY CLASSES.

1,959

64,845

64, 814

'4, 627 ', 988, 310
323
36, 558 4, 737, 920 1,329
,
61,036 » 850, 348 '3,996
30,948
81, 537
16, 333
56, 750 56, 450
31

15,714 15, 714
205
205

9
428

73,174 1, 714,946
64,531
57,502
47,183
140, 898
27,854
26,180

, 987,978
4,736,163
520 5,775,832
7,063
300

103
20

1,710
16,822
90,686
65,859
677

Includes $250,000 discounted by the Federal Reserve Bank of Atlanta for the Federal Intermediate Credit Bank of Columbia, S. C , in November and $2,000,000 discounted
by the Federal Reserve Bank of San Francisco for the Federal Intermediate Credit Bank of Berkeley, Calif., in December.
2
2
Included in preceding column.
Exclusive of certificates of indebtedness.
* Figures not available.




No.

45.—VOLUME OF TOTAL DISCOUNT AND O P E N - M A R K E T OPERATIONS,

BY MONTHS,

DURING

1923.

[In thousands of dollars.]

T"
Federal reserve
bank.

i

Prior years.

Febru- ! March.
ary.

January.

April.

May.

June.

July.

August.

Septem-

October.

November.

December.

Year.
1922

Boston..
New York
Philadelphia
Cleveland

412,511
348, 212
487, 785 4,161, 284
421, 270
381,325
262,317
321, 062
259, 512
269,050
299, 379
321,388 | 377,473
. . . J s , 174,378 2, 512,945 2,185,951 il, 917, 015 1, 997, 541 1, 378, 937 1,652,573 11,266,024 1, 019, 393 1,100, 741 1, 218, 375 1, 396, 403 20, 820, 276
243, 434
274,908 3,169, 277
| 238,147
233, 577
333,255
250,613 I 230,206
257, 002
255, 528
241,134
294, 635
148, 011
297, 382
395,543
269,697 i 247,572
269,184 2,979,171
172,259
155,055
251, 583
333, 829
192, 539
246, 517
061
750
518
765

144, 805
39, 201
208, 453
73,193

226, 496
58, 963
321, 810
92, 898

246, 578
51, 444
244, 291
113, 421

265,132
55,689
242, 409
163, 639

328,181
53, 282
303, 277
214, 846

60,145
111,383
40, 676
292, 422

18, 052
34,131
22, 560
172,941

21, 563
52, 674
21, 976
184, 901

25,109
54, 442
26, 263
217, 354

38, 098
• 78, 726
29. 42]
233,519

95, 821
32,105
225, 991

Total: 1923.. . 15, 636, 299
1922... % 652, 595
J8,
1921.__ 654,134
1920
|7,186, 317
1919._.J7, 025, 336
1918--. 1,525,985
1917
49,105
1916
37,151
23, 450
1914-

4, 038, 996
2, 524, 758
8, 309,185
7,122,048
5, 454, 819
1, 443, 795
99, 503
40, 029
20, 346

J3, 971, 429
2,616,261
7, 967, 010
18, 770,100
5,706,085
1, 993, 080

204,
97,
408,
150,

Richmond..
Atlanta
Chicago
St. Louis...
Minneapolis
Kansas City
Dallas
San Francisco

___

3, 543,495
1, 666, 618
5,084,648
',474,478
6,125,884
2, 605, 720
95, 739
66, 495
50, 861
50, 981
17, 839
26, 835

37, 930 !

311, 072
61,617
263, 837
173.190
28, 742
83 045
34 190
215, 630

3, 880, 335 3, 580, 386 13,765, 951
1, 384, 724 2,135,173 1,606,899
5, 040, 858 4, 799, 534 .3, 847, 005
6, 452, 944 7, 800, 8397, 518, 907
7, 620,107 6, 771, 913 17, 692, 825
3, 309, 207 13, 655, 664 |3, 490, 037
174,129
887, 502 i 547,434
48, 200
60, 785 I 64,355
20, 243
23,179 ) 27,048

290, 829
55, 328
232,019
201,936

272,
93,
261,
192,

29,
60,
42,
199,

33,164
77, 280
45, 268
231, 295

452
011
516
762

3, 296, 502,
1, 471, 469
3, 663, 163
8, 366, 571
16, 808, 747
3, 955, 612
297, 024
47, 902
29, 375

,
,
,
,
,
,

848
731
404
231

981, 349
920, 587
650, 263
447, 267
801, 292
953, 969
678, 063
58, 680
23, 556

3, 021, 880
902, 284

1921

2, 733, 851 4, 864, 778
12, 985, 522 34, 239, 667
2, 750, 518 4,162, 580
1, 832, 763 3, 655, 555
1,465,127
546,954
2, 431, 227
1, 044, 836

929
823
592
798

209, 214
114,191
267, 419
134,165

246, 735
101, 265
288, 602
132,426

34,867
117,264
50, 064
184,141

25,818
124,042
37, 613
154,281

273, 513
33,771
386,711
736, 603
122,447 1,011,266
414,990
9G0, 337
776, 261
37, 050 | 419, 702
273, 560
184,296 j 2,496,533 1,917, 737 3, 031, 603

275,
119,
274,
154,

3,098,430 3,114,479
2,825,699 3,400,191
3, 729, 581 3^525,792
o TOO KQI
18, 013, 276 8, 715, 061
18, 468, 032 7,812,081
16, 793, 019 5, 569, 709
2, 770, 806 3,394,417
63, 282
79, 645
23, 961
38,179
9,949

3, 316, 631

1, 797, 508

3,574,872 44,482,523
4,465,624 28,670,598
4,870,435 63,141,608
10,659,740 W 527, 548
|S, 449, £
;6, 737, 067
i 8,118, 734 ;47, 414, 531
(1,091,909 '10,152,126
139, 531
741, 402
33, 760
307, 771
22, 293
12,344

2, 812,016
1, 688, 938
4, 538, 442
1, 674, 828

H
O
ft

j

ft
ft

ft
CO
ft

O

I
i Exclusive of purchases of United States certificates of indebtedness.




oo

No.

Federal reserve
bank.

January.

February

46.—VoLtTMi OF BILLS DISCOUNTED, SY MONTHS,
[In thousands of dollars.]

March.

April.

May.

June.

July.

DURING

October. November.

August.

CO

December.

Total.

Total reduced to a
common maturity
basis1 (exclusive of
demand and sight
drafts).

I

Per cent
of total.
Boston
New York
Philadelphia
Cleveland

261,832
391,595 330, 904 235, 275 248,762 263,488 295, 671 359, 755
2, 612,835 2, 393, 409 1, 995,976 1, 793,116 1, 747, 309 1,113, 221 1,503,907 1,137,185
176, 623
227,102 238,144 224, 302 248,967 301,009 279, 008 284, 243
88, 757
113,962 138, 462 140,173 240,137 266, 360 322,132 220, 704

292, 654
806, 281
228, 029
182, 290

231, 352
939, 392
241, 003
252, 550

310, 025
942,119
209, 771
234, 746

431, 462
967, 093
252, 941
236, 535

3, 652, 775
17,951, 843
2,911,142
2, 436, 808

2,
9,
2,
2,

809,547
467,079
564, 095
272,626

7.3
24.7
6.7
5.9

Richmond
Atlanta
Chicago
St. Louis

113,296
37, 343
142, 685
72, 252

144,805
23, 830
162, 007
64,382

225, 345
30,403
251, 530
83, 021

244, 917
36,144
212, 954
107, 645

264, 313
49,834
212, 300
161,808

317, 253
51,102
214,158
206,688

310, 044
53, 243
206, 526
173,190

290, 578 272, 643
52,628
88,071
195,874 i 207,283
201, 896 189,159

274, 434
109, 444
242, 094
154, 754

207, 741
104, 315
229, 722
133, 421

245, 318 2, 910, 687
91, 724
728, 081
230,949 2, 508, 082
131, 455 1, 679, 671

2, 282,310
2, 507.799
b, 026, 747
2, 901, 584

6.0
6.5
15.7
7.6

Minneapolis
Kansas City
Dallas.
San Francisco.._

10,960
41,374
17, 906
115, 396

9,669
26,494
12, 981
150, 311

18, 012
48, 663
12, 743
146, 497

21, 695
53,932
23,004
197,914

33, 411
77, 662
26,167
221, 843

34,484
91, 864
26, 714
211, 790

25,776
82,173
32,491
203, 246

26, 484
««
52, T766
42, 516
187,421

32, 914
115,850
30, 549
170, 516

22, 859
123,119
23,311
135, 650

290, 054
24, 550
901,126
114,131
300, 694
18, 508
148, 970 2,108,963

1,104,249
2, 032,445
1,106, 775
3, 237, 214

100.0

I
H
C
H

2.9
5.3
2.9
8.5

2, 794, 852 2, 676, 799 2, 893, 636 38, 379,926 38,312, 470
2,172,114 3,155, 775 3, 315, 593 22, 082, 887
3, 489, 268 3,231, 271 4,168, 566 57, 759,128
7, 548, 456 7,882, 933 9, 461, 658 85, 320, 874
,
8, 060, 318 ' 414,498 7, 290, 873 '9,173, 970
5,903, 963 5,154, 597 6, 215, 083 39, 752,934
2, 681,166 3, 206,487 892,238 8,968,991
63, 716
207, 871
17,904
11,863
15, 412
161, 353
18,270
15, 051
11,462
21,411
9,949

>

Total: 1923—. 3, 691, 259 3, 720, 547 3, 519, 700 3, 291,071 3, 532, 513 3,098,131 3, 487,407 3, 052,050
1922._ . 2,345, 365 2,080, 372 1, 753, 098 1, 308,055 1,113, 930 1,159, 318 1, 317, 602 1, 094, 307
1921__. 8,258,163 8,120,849 7,368,268 4,912, 652 4, 253,864 3, 674,977 3, 735, 078 3, 513, 063
1920.__ 6, 241,271 6, 517,439 6, 970, 331 6,229, 740 6,135, 984 6,336, 642 6, 714,924 7, 982, 524
1919._. 5,994, 382 4,980, 936 5, 473, 564 5,901,402 7, 385,833 6,328,912 7,183,435 6,433, 662
762,445 754,934 2,172, 580 2,993,019 3,137, 226 3,343, 458 3, 762, 259
1918.-50,056
91,413 750, 270 460, 733 220, 940
18,326
26, 789
22,409
1917.-.
17,352
20,183
11, 522
11,195
11,115
11, 660
9,387
7,665
1916-.
12, 234
13, 238
10,549
12,145
13,406
10, 713
13,400
1915—12, 530
1914

29,
73,
33,
219,

240
098
804
409

, 621, 961
, 267, 358
,033,109
,298,972
, 726,155
,685,140
548,164
14, 309
14, 405

I
i Total discounts multiplied by ratio of average maturity of bills discounted by each bank to average maturity (9.89 days) forjsystem.




w
hr|

ft

W
O
>

No.

47.—NUMBER OF BANKS IN EACH DISTRICT ACCOMMODATED THROUGH DISCOUNT OPERATIONS, BY MONTHS, DURING

1923.

Prior vears.
Federal reserve
bank

Janu-

Febru-

M a r c h , j April

May.

Tune.

July.

I SeptemAugust. I

Oetober.

November.

December.

.

Year.
1922

182
332
285
240

194
341
270
220

223 I
375 I
313 I
240 I

Kichmond
Atlanta
Chicago
St. Louis

255
212
598
192

244
226
444
169

Minneapolis
Kansas C i t y . .
Dallas
San Francisco

274
257
207
260
3,294
5,350
5,293
3, 461
3,316
1,432
309
614

Boston
New York
Philadelphia.
Cleveland

_.

Total: 1923
1922 __._
1921
1920
1919_1918
1917
1916
.
1915
1914




1921

244
393
337

275

238
399
359
292

212
367
338
294

190
334
329
260

199
340
322
276

190
374
325
300

203
394
342
300

225
431
353
323

313
590
532
470

330
544
538
540

341
531
509
509

243
213
502
191

296
229
451
201

325
258
512
228

327
272
521
230

344
278
515
251

318
313
511
258

316
321
521
271

303
345
568
287

266
311
594
284

274
267
604
279

453
351
973
362

491
353
1,129
400

494
444
1,191
390

174
240
222
232

209
254
253

242
296
328
270

292
345
375
319

314
349
413
311

328 |
338
508
337

294
322
515
316 !

215
327
224
268

253
397
143
267

264
406
128
240

284
336
92
230

559
653
617
460

706
733
661
531

765
920
704
617

2,976
4,847
5,107
3,338
3,091
1,353
262
451

3,282
4,701
5,320
3,670
3,575
1,568
315
535
570

3,507
4, 738
5,568
4,175
3,875
2,100
384
606
606

3,942
4,636
5,632
4,642
4, 035
2,793
590
655
693

3,600
3,944
5,427
4,758
3,722
3,464
953
448
761

3,752
3,793
5, 572
4,952
3,839
3,610
1,140
383
794

3.732
3, 859
5,622
5 275
3,649
3,667
1 574
336
835
132

3,698
3,873
5,676
5 551
3,659
3, 288
1 701
314
754
339

6, 333
6 956
7, 415
6 941
5,993
5,493
3 127
1,788
1 920

220
376
323

3,999
4,436 |
5,745 I
4,948
4, 047
3,021
900
678
813

4,110
4,167
5, 607
4,858
3,685
3, 462
960
642
760

3,960
4,042
5, 453
4,780
3, 460
3,671
990
483
711

I

&

w

w
o

Co

1

No. 48.—VOLUME OF BILLS DISCOUNTED, BY STATES; NUMBER OF MEMBER BANKS IN EACH STATE, AND NUMBER ACCOMMODATED
THROUGH DISCOUNT OPERATIONS, 1923, 1922, 1921, AND 1920.
[Amounts in thousands of dollars.]

United States.
Geographic divisions:
New England
Middle Atlantic
East North Central..
West North CentralSouth Atlantic
East South Central..
West South Central..
Mountain
Pacific
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.-




1921

1923

Total amount of paper discounted.

Number accommodated during—

Number of member banks on Dec. 31.
Division and State.

1920

1923

1922

1921

1923

1920

1922

1921

9,916

9,841

9,628

6,333

6,956

7,415

6,941

38, 379, 926 22, 082,887 57, 759,128

436
1,858
1,790
1,829
923
442
1,395
603
620

439
1,820
1,795
1,830
937
440
1,380
651
624

449
1,796
1,795
1,826
909
426
1,319
682

450
1,766
1,760
1,816
852
409
1,284
680
611

323
1,240
1,085
1,115
671
238
903
433
325

339
1,236
J,221
3,304
703
260
1,005
523
365

352
1,178
1,240
1,480
750
307
1,120
574
414

354
1,134
1,130
1,430
j^646
273
1,037
549

3, 665, 259
22, 265, 677
3, 392,186
1, 772, 372
3, 237, 805
1, 067, 396
691, 458
346, 847
1, 940, 926

64
55
47
183
20
67

63
56
48
185
20
67

63
56
49
192
20

55
49
189
20
71

40
42
29
153
13
46

41
43
34
164
11
46

40
46
36
166
13
51

38
45
40
160
16
55

620
299
939

603
282
935

602
272
922

595
260
911

433
220
587

408
198
630

188
592

404
182
548

456
272
591
284
187

457
274
591
283
190

463
275
585
282
190

459
275
566
272
188

282
176
335
185
107

307
185
390
212
127

291
193
402
217
137

260
185
380

933,910
201, 529
1, 328, 285
783, 676
144, 786

669,974
i57, 255
694? 581
540, 791
93, 439

1, 215, 924
303, 207
1, 782,989
295, 999
308, 638

377
459

375
459

368
459

161 !
333 I

222
400

254
429

242
424

232,199
181,396

97, 457
198, 467

474, 581
635, 256

2, 276, 633
12, 422, 245
2,156,040
749, 919
1, 651, 636
680, 626
477, 098
426, 817
1, 241, 873

1920
85, 320, 874

4, 488,110 4, 960, 412
36,492, 572 57, 985, 933
4,906, 757 6, 736, 742
2, 573, 793 4, 274,116
3, 356, 492 4,059,915
1, 215, 695 1, 656, 772
2, 345, 534
1,632,417
836, 761
790, 360
2, 302, 932 2, 464,689

52, 765
42, 621
49, 002
48, 790
40, 246
60, 722
26. 739
21,409
27,118
3, 395, 562 2, 068, 564 4,170, 612
20, 649
16, 392
30, 023
87, 401
102, 832
168, 555

455 1

H
O
H

H

50, 294
49,932
30, 253
4, 554, 280
41, 954
233, 699

17, 408, 097 8, 837, 014 30, 228,160 49, 805, 621
738, 692
506, 559
727, 867
888, 470
4,118, 888 3, 078, 672 5, 536, 545 7, 291, 842
1, 062, 757
411, 878
3,105, 257
1,749,911
406, 939

j

375 J

CO
00

734,318
823, 605

w

o

120
181
Missouri.__
192
121
126
127 1,118, 523
290, 008
20, 768
14, 276
144
188
152
North Dakota
188
118
145
188
187
27, 885
19, 594.
153
145
130
South Dakota
147
152
155
105
127
85,134
198
192
173,458
Nebraska
194
169
202
210
149
146
30,200
274
32,926
Kansas
278
171
211
275
271
128
138
South Atlantic16, 731
Delaware
22
11, 578
19
20
22
17
20
22
22
269, 905
Maryland
94
485,142
72
94
76
70
62
98
97
284, 791
15
District of Columbia
11
613, 041
15
10
10
12
16
16
195
526,888
Virginia
150
192
146
140 1,235,751
185
146
190
124, 432
142
West Virginia
140
206,836
78
45
132
75
136
131, 470
97
104
North Carolina
358, 458
85
87
103
97
1
103
102, 574
104
South Carolina.
98
81
96
46.491
100
184
188
Georgia
157, 386
143
134
210,443
173
139
142
168
71
78
37, 459
Florida..
48
46
70,065
72
65
39
58
East South Central:
446, 591
Kentucky
149
148
84
746, 537
71
80
80
144
145
150, 536
122
Tennessee
88
229, 722
119
65
72
111
62
115
132
61,382
Alabama.-..
105
65,377
83
133
75
95
121
130
22,117
39
30
Mississippi
32
25, 760
26
40
33
36
West South Central:
74,450
Arkansas
94
87, 571
122
103
126
114
95
119
81
153,952
Louisiana
49
275, 523
50
37
50
45
51
53
40
56, 677
462
60,393
Oklahoma
465
312
360
294
400
380
259
192, 019
Texas
754
747
607
604
267,971
749
737
523
561
Mountain:
28, 370
17,997
Montana
165
164
189
151
200
200
132
165
211,076
127,964
Idaho
122
110
120
112
127
129
83
102
5,041
8,955
Wyoming
39
49
51
35
27
35
51
50
77, 258
Colorado.
105
146
148
114
139,377
89
99
146
145
14, 471
52
New Mexico
46
51
41
47
50
15,056
57
56
17, 758
5,337
24
25
26
Arizona
22
23
22
25
25
68, 666
62
52
55
35, 792
Utah
49
65
64
61
5
263
11
11
Nevada
3
283
11
11
4
Pacific:
75, 274
122, 584
Washington
107
164
104
110
165
150
146
101
59,387
107, 644
Oregon
135
75
134
86
79
136
119
63
2
325
186
218
202 1, 710, 698 1,107, 212
355
319
161
346
C alifor nia
1
Includes $250,000 discounted by the Federal Reserve Bank of Atlanta for the Federal Intermediate Credit Bank of Columbia, S. C.
2
Includes $2,000,000 discounted by the Federal Reserve Bank of San Francisco for the Federal Intermediate Credit Bank of Berkeley, Calif.




1, 044, 637
65, 304
93, 325
175,230
85,460

2, 095, 0«0
55, 649
82,986
356,931
125, 537

38, 614
569 550
99,228
1, 428,846
123, 204
311, 828
253, 535
422, 646
109, 041

43,016
^
830,265
Z.
124,352
^
1, 737, 538 t"1
75,972
w
303,320 te
304,961
540,167
100,324

§
&
^

O
396, 523
615, 489
148, 350
55, 333

475,954
986,790

^
H

144,048

fc

49,980

W

186,439
511,488
239, 655
694,835

204,422
672,361

j|
fe

267,739
1, 201,012

g
M

65, 531
227,461
28,863
141, 255
28,151
33, 709
263,152
2,238

52,344
186,543
25,666
222,453
30,723
21,407
295,679
1,946

%
g
£
<

234,339
144,946
1,923, 647

339,012
214,358
1,911,319

m

W
{£
#

CO

No.

49.—VOLUME OF BILLS DISCOUNTED FOR NATIONAL BANKS AND FOR STATE BANK AND TRUST COMPANY MEMBERS OF THE FEDERAL
RESERVE SYSTEM DURING 1923, 1922, 1921, AND 1920.

[In thousands of dollars.]
Total.

Discounted for State bank and trust company
members.

Discounted for national banks.

Federal reserve bank.

Cj
1923

Boston
New Y o r k . . .
Philadelphia _
Cleveland

3,
17,
2,
2,

652, 775
951, 843
911,142
436,808

1922

2,
9,
2,
1,

262,
206,
450,
523,

087
364
843
346

1921

4,454, 760
30, 768, 990
3, 872, 367
3, 218, 833

1920

1923

1922

1921

1920

1923

671, 553
4, 876,556 j 2, 981, 222 1, 732,039 3, 596,012 3, 903, 570
50,539,429 I 14,015,575 7,231, 941 23, 572, 551 42, 514, 279 3, 936, 268
635, 629
4, 985, 343
5, 820, 258 2, 275, 513 1, 940, 277 3,096,820
940, 014 1, 431, 026 1,759,446
1, 033, 977
2,895, 670
1,402,831

1920

1922

1921

530,048
1, 974, 423
510, 566
583, 332

858, 748
7,196,439
775, 547
1, 787, 807

972,986
8,025,150
834,915
1,136, 224

o
H
O

St. Louis

2, 910, 687
1
728, 081
2, 508,082
1, 679, 671

1,424, 567
489, 930
1, 581,004
865, 856

Minneapolis-..
Kansas C i t y . . .
Dallas
San Francisco..

290,054
901,126
300,694 j
2,108, 963

193,
328,
222,
1, 535,

Richmond.
Atlanta
Chicago

Total
1
2

2

38, 379,926

014
019
557
300

22,082, 887

2, 749, 671
1, 647, 255
4,168,477
1, 609, 024

3, 346, 322 2, 485,609 1, 272,000 2, 478, 801
290,808 | 1,080,731
410, 837
2, 231,946
979,373 I 2,821,976
6,305,492 1, 794, 681
632, 877 1, 005,416
2,438,041 1,183, 856

730, 662
944, 074

953,392
1, 667,943
771,997 j 1,280,178
2,823,018 I 2,965,647

57,759,128

85,320,874

274,791
446, 854
274, 271
1,138, 509

425,078
316, 994
713,401
495, 815

152, 567
199,122
601, 631
232, 979

270, 870
566, 524
1,346,501
603, 608

227,062
711,635
1,970, 202
748, 763

30,
47,
33,
563,

75,
156,
118,
1, 273,

793
845
615
522

66, 244
193, 666
130,178
1,016, 497

15,030, 819

16,033, 522

162, 458
280, 273
189,187
971,337

654,869
787,229
653, 382
1,549,496

887,148
1, 474, 277
1,150, 000
1, 949,150

15, 263
454, 272
26, 423

28, 684, 549 16,622,584

42,728,309

69, 287, 352

9, 693,127

Includes $250,000 discounted for the Federal Intermediate Credit Bank of Columbia, S. C.
Includes $2,000,000 discounted for the Federal Intermediate Credit Bank of Berkeley, Calif.




3,119, 260
1,520,311
4, 335, 290
1, 689, 278

556
746
370
963

5,460, 303

H
M

ft

s
w
o

No.

50.—VOLUME

OF BILLS DISCOUNTED, BY MATURITIES AND RATES OF DISCOUNT CHARGED.

[Amounts in thousands of dollars.]

Federal reserve bank.
Amount.

3, 652, 775
17,951, 843
2,911,142
2,436,808

Boston
New York
Philadelphia
Cleveland

Total: 1923

Average Demand
m a t u r i t y and sight
(indays). ] drafts.

W i t h i n 15
days.

3,439,204
17,808,923
2, 869,132
2, 287, 795

7.61
5.22
8.71
9.22

16 to 30
days.

45,340
29,975
6,018
43, 230

31 to 60
days.

79,087
46, 296
14,173
54, 544

61 to 90
days.

88, 670
66,405
21, 545
49, 518

Over6but
91 days t o
6 m o n t h s . within 9 4 per cent.
months.

474
244
272
1,718

591,138
4,568,027

4£ per cent.

3,061, 637
13,383,816
2, 911,142
2, 436,808

O
H
O

Richmond..
Atlanta....
Chicago
St. Louis...
Minneapolis
Kansas City
Dallas
San Francisco

Rate charged.

Maturity.

Total.

2,910,687
728,081
2, 508,082
1, 679,671

.

290,054
901,126
300, 694

7.76
34.11 !
23.77 |
17.41
37.75
22.32
40.78
15.19

1,949,084
1, 264,107

45, 740
52, 064
111,895
91,481

80,627
109,558
200,085
158, 695

88, 785
143,083
210, 540
123, 261

5,395
13, 738
36,025
9,460

35
340
453
1,063

2, 910, 687
728, 081
2,508,082
1, 679, 671

195.989
738, 603
154.990
1,866, 270

7,119
17,057
12,311
28, 771

21, 482
40, 418
26, 732
76, 757

39, 730
61, 440
44, 409
115, 658

24,130
42, 410
29, 201
19, 247

525
787
1,396

296,855

290, 054
901,126
300, 694
1,812,108

35,672,207

491,001

908,454

1,053,044

182, 314

5,449

5, 456,020

2, 689, 744
932
31,604
759
673
32,264

67,457 |

32,923, 9

ft
ft

ui
1 Based on time bills only.




W

o
>

No.

51.—VOLUME OF BILLS DISCOUNTED, BY MONTHS, DURING 1923,

DISTRIBUTED BY MATURITIES AND RATES OP DISCOUNT CHARGED.

[Amounts in thousands of dollars.]

Maturity.

Total.
Month.

Amount.

Average Demand
m a t u r i t y and sight
(in days). drafts.

January
February
March
April

3,691,259
3, 720, 547
3,519, 700
3, 291,071

6.08
6.70
8.86
a 04

May
June
July
August..

3,532, 513
3,098,131
3, 487,407
3,052,050

Within 15
days.

16 to 30
days.

31 to 60
days.

Rate charged.

61 to 90
days.

Over 6 but
91 days to within 9 4 per cent.
6 months.
months.

4 | per cent.

16
90

3, 562, 686
3, 570, 541
3, 285, 607
3,084,351

24, 526
26,916
49, 892
36, 616

39,597
62, 240
84,166
72,067

52,308
51,634
85, 644
80,055

12,142
9,216
14,183
16, 723

192
1,169

9.45
11.17
10.08
10.65

90
71
136
1,823

3, 302, 764
2,842,111
3, 252, 898
2,821,477

44,121
50,033
39,066
40, 680

83,862
88,039
69, 786
81,875

76, 201
92,093
106, 550
96, 654

24, 542
25,149
18,908
9,382

933
635
63
159

3,532, 513
3,098,131
3,487,407
3,052,050

2, 621,961
2, 794, 852
2, 676, 799
2,893, 636

12.56
13.15
11.97
11.77

7,296
17,996
21, 229
18, 710

2,358,654
2,512,581
2,440, 712
2, 637, 825

51, 287
46,259
40,033
41, 572

90, 625
84, 572
73,208
78,417

105, 843
119,878
100,096

13,182
14, 841
15,960

170
384
688
1,056

2, 621, 961
2, 794,852
2, 676, 799
2,893, 636

Total: 1923.
1922
1921.
1920.
1919.
1918.
1917.

38,379,926
22,082,887
57, 759,128
85,320, 874
79,173,970
39, 752,934

67,457
12.14
13.63
13.29
10.13
11.81

35, 672, 207
19,931,136
51, 248, 594
75,914, 215
76,131,886
36, 906, 711
8,129, 286

491,001
377, 738
1,062, 513
1,327, 285
387, 563
383,901
181,029

908,454
714, 398
2, 025, 513
2, 774, 388
791,316
754,479
272,499

1,053,044
829, 626
3,049,336
4,953,099
1, 737,920
1, 551, 597
357, 046

182, 314
229,989
373,172
351,887
125, 285
156,246
29,131

1916
1915.
1914.

207,871
161,353
21,411

34,423
57,838
5,180

41,577
57,322
3,206

16, 818
19, 684
644

2,990,064
2, 434,809
31,147

701,195
1,285,738
3,488, 553
3,291, 071

O
H
O

September.
October
November
December

__.
_.

.

« Figures not available.




115,053
26,509
12,381

5,449

5,456,020

32,923,906

1
W
O

No.

53.—AVERAGE MATURITY OF BILLS DISCOUNTED, BY MONTHS, DURING

1923.

[Days.]

Federal reserve bank.

Boston
New York
Philadelphia
Cleveland

January.

February.

March.

April.

May.

June.

July.

August.

September.

October.

November.

December.

Prior years.
Year.
1922

1921

8.44
2.88
8.77
10.84

3.63
8.24
7.86

6.97
4.47
9.14
10. 95

9.88
4.18
8.68
12.16

10.88
4.50
9.12
8.31

9.41
6.63
8.63
8.39

7.96
5.90
8.48
6.96

6.62
7.35
8.40
9.34

6.38
9.39
8.72
10.81

7.85
8.35
8.66
9.29

6.50
6.97
9.12
8.92

6.05
6.79
8.71
10.37

7.61
5.22
8.71
9.22

8.19
5.08
8.89
13.30

9.24
6.99
13.06
15.90

Richmond.
Atlanta
Chicago
St. Louis

9.72
39.11
22.07
10.84

8.68
36.60
25.33
18.34

7.71
33.28
25. 83
22.20

7.99
37.28
23.74
16.47

7.85
32.82
23.87
14.23

7.01
34.45
24.09
12.82

6.67
33.92
24.03
16.75

7.66
30.75
23.27
14.27

8.74
32.87
23.65
16.76

7.98
35.94
24.34
23.24

7.22
32.66
22.98
23.98

7.57
33.64
21.56
24.04

7.76
34.11
23.77
17.41

13. 53
40.94
30.69
17.74

15.26
28.94
35.11
24. 59

Minneapolis
Kansas City
D alias
San Francisco

56.51
18. 71
44. 56
13.19

51.02
24.77
44.42
10.74

38.19
24.39
58.21
17. 57

45.75
26.40
43.15
13. 80

38.19
25.95
49.54
13. 00

34.76
24.26
54.59
15.27

34.41
21.58
50.09
16.25

27.99
23.59
31.85
14.49

31.43
20.24
21.76
14.25

36.82
20.33
29.87
16.55

37.03
21.58
32.33
15.68

43.72
20.34
37.87
22.67

37.75
22.32
40.78
15.19

53.93
39.04
55.38
14.29

44.48
37. 03
38.44
20.17

13.75
10.19
13.21
10.34
18.90

6.70
11.94
9.61
12.26
10.74
27.73

15.39
12.38
13.77
10.15
22.25

9.04
15.86
15.66
15.08
11. 07
11.25

9.45
17.44
16.76
14.74
9.13
12.59

11.17
15.61
19.29
14.48
9.79
10.09

10.08
11.97
16.18
13.63
9.41
12.85

10.65
13.48
15.76
12.38
9.33
12.70

12.56
13.43
17.22
14.27
9.44
10.38

13.15
9.99
14.78
13.26
9.54
11.17

11.97
8.43
14.42
12.17
11.36
12.37

11.77
9.00
11.67
11.55
11.52
'8.54

9.89
12.14
13.63
13.29
10.13
11.81

__

All banks: 1923.
1922.
1921.
19201919.
1918-




i

P
w
o

CO

No.

53.—VOLUME OF BILLS, SECURED BY UNITED STATES GOVERNMENT OBLIGATIONS, DISCOUNTED DURING EACH MONTH IN

1923.

[In thousands of dollars.]
Year
Federal reserve
bank.

Minneapolis
Kansas City
Dallas
San Francisco

Member
banks'
collateral
notes.

1, 489, 573 1,481,924
15, 961,946 15, 945,969
2, 062, 723 2,060, 520
1, 820, 900 1, 816, 772

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis

Total.

Rediscounted
paper

January February

March.

183,554
170, 579
7,649
110,162
15,977 i 2, 438,965 2, 277, 516 1,816,501
167, 572
160,991
2,203 | 142,142
93, 291
89, 788
4,128
62, 082

April.

May.

107, 234
81, 453
,631,148 1,589,235
175,973
162,150
177, 028
87,032

June.

July.

SeptemNovemOctober.
ber.
ber.

August.

113,288
88,068
970, 572 1, 265, 989
188, 752
191,955
196,187
254,646

180,290 I
994,132 :
187,274 j
166,461
I

101,
674,
158,
139,

525
464
248
428

I

91, 697
753, 426
179,166
193,114

111,703
778, 491
147,222
188, 653

150,020
771, 507
201, 278
173, 190
210,910
41,363
187, 379
76,064

2, 524, 369
282,954
1,867, 787
.__ 1,198, 309

2, 521, 421
279,014
1,866,097
1,195, 580

2,948
3,940
1,690
2,729

99, 539
7,122
110, 666
62, 521

124,974
7r926
119,165
46,811

200,105
11, 407
171, 270
52, 839

218,958
10, 937
162, 624
82, 353

240, 234
13, 322
159, 036
123,911

279, 406
14,457
153,338
164, 444

275,859
18, 739
151,666
127,109

250,334 '
23,130
149,131
156.731

220, 097
36,618
151,482
139, 293

226, 605
46,867
177, 755
92, 385

177, 348
51,066
174,275
73, 848

184, 906
733,645
145,193
1, 505, 709

184, 818
731, 992
144,739
1, 503,305

1,653
454
2,404

4,224
36, 649
9,016
71,356

2,340
21,065
6,713
104,202

10, 361
37, 020
3,775
89, 026

11, 655
40, 788
12,107
149,102

22, 684
61, 064
13, 367
174,169

24,976
74, 588
10,066
158, 814

17, 529
68, 333
13, 579
152, 744

19,685 ! 20,093
40,444 ! 58,314
25,346 I 21,476
143,042 158,431

19,940
96, 267
12,646
116, 840

16,248 [
102,149 j
10,838
98, 678

45, 863 3,154,444 3,132,070
29, 732,151
85,179 1, 678, 537 1, 284,698
15, 379,463
30,870,988 1, 054,469 4,141, 487 3,856, 232
55,410,876 |2, 029,142 5,456, 344 5, 544, 280
72,289, 835 1,897, 445 5, 713, 903 4, 755, 629
32,142, 406 1, 247, 674 378, 507 400,037
5, 884,161

2,836,721
1,032,402
3,549,862
5,298,884
5,271, 540
315,116

2, 650,307
883,804
3, 265,958
4, 771,072
5,693,811
1,806, 669

2,857, 257
736, 259
2, 708,619
4, 508,466
7,169, 367
2, 523, 506
5,184

2,323, 668
797,893
2,058,159
4, 544,836
6,036, 278
2, 621,132
354, 016

__

Total: 1923-_. 29,778,014
1922_ _. 15,464, 642
1921.__ 31, 925,457
1920.._ 57, 440,018
1919.__ 74,187, 280
1918. __ 33, 390,080
1917.__ 5,884,161




December.

I

H
Q
H

15,171
96,964
6, 264
89,305

2,651,436 2,336,000 jl, 879, 469j 2,006, 708 1,930,519 2, 019, 415
932,038 I 729,487 j 804,932 1,499, 040 2,411,323 2, 674, 229
2,184,275 [2,070,133 jl, 610, 696 1,871, 588 1, 930, 649 2, 677, 799
4, 533, 506 4, 933, 983 J4,164, 062 14,305, 269 4, 349, 723 5, 029, 593
6, 824,988 6,170, 782 6, 238, 301 i7,348,942 |6, 761, 542 6,202,197
2,469,385 3,127,333 ;4,077, 897 J5,308, 281 4,601,248 5, 760,969
237,377
192,916
30,478 j 215,651 i2,262,475 2,586,064

I

o
w

ft
W
ft

w
o

No.

54.—VOLUME OF TRADE ACCEPTANCES DISCOUNTED, BY MONTHS,

DURING

1923.

[In thousands of dollars.]
Federal reserve bank. January. February. March.
Boston
New York
PhiladelphiaCleveland
Richmond-.
Atlanta
Chicago
St Louis

April.

May.

June.

July.

August.

Septem- October. November.
ber.

December.

Year.

Year
1922.

Year
1921.

2,161
6,575
753
14,110

1,187
8,523
767
13,881

1,905
33,517
1,521
26,119

5,539
4,742
1,321
4,182

11,817
11,811
9,147
5,141

58
250
135
2,604

113
323
36

124
695
56
789

44
610
61
1,102

64
479
85
1,047

206
908
74
749

53
592
25
1,235

124
567
27
1,014

104
398
69
1,141

182
558
24
889

1,006

691
37
929

257
156
184
192

367
79
64
333

604

890
111
89
83

679
214
162
319

992
189
344
78

412
151
204
272

398
361
277
263

1,405
910
61
670

714
860
201

477

1,043
185

573
760
109

1,415

1,085

7,768
4,933
2,086
5,779

3,439
3,556
9,094
16, 541
7,062
13,166
1,768

4,387
3,247
10,013
13, 938
7,
14,811
2,521
276

3,969
2,891
8,673

3,639
2,402
8,824
14,011
6,428
12, 762
1,
245

5,977
5,317
4,133
4,524
7,851 ! [ 10,058
15,143 ! 16,318
23, 469
21,924
11,617
16,191
15,425
1,103
514

51,393
44, 272
128, 944
192,157
138, 420
187, 373
37, 771
5,212
1,

504
124
985

s

Minneapolis..
Kansas CityDallas..
San Francisco.
4,330 j
5,773
20,171
16, 520
10, 904
13,998 |
574
444




3,200
3,854
13, 263
11,001

13,457
8,505
13,822
1,077
199

5,232 !
2,977
7,983
17,160
10,608
20,917
1,126
594
320

5, 515
3,120
9,682
19, 389
16,064
23, 520
4,355
415
629

w
o

No.

55.—VOLUME OF BANKERS' ACCEPTANCES DISCOUNTED, BY MONTHS, DURING

1923.

[In thousands of dollars.]

Federal reserve bank.

January.

Prior years.
February.

March.

April.

June.

May.

July.

August.

September.

October.

November.

December.

Year.
1922

Boston
New York
Philadelphia
Cleveland

700

94

Richmond
Atlanta
Chicago
St. Louis . .

290

9

26

200

561

50
25

1

Total* 1923
1922
1921
1920
1919 .

12

24

179

24

Minneapolis .
Kansas City
Dallas
San Francisco

1921

15

10

20

470

201

75
576

906

3

670
873
8,974
17, 226
1,577

1,757
92
6,159
28,611
737

104
124
11, 512
34, 534
800

113
289
7,405
28,172
420

25

113




157
6,563
15, 254
1,112

115
3,790
9,431
496

295
8
1,418
5,490
182

691
1, 446
7,974

107
883

903
212
154
4, 592

75
33

5

234
61
1,942
7,069
361

75
1,459

590
50
655

25

153
23,192
514
17 264

192

20
33
2,606
8,103
388

22

9

1,692

57
515
3, 848
10, 354
1,271

72
1,007
640
13, 275
2,053

210
142
2,238
9,643
62, 246

3,532
3,416
57, 095
187,162
71, 643

m

w
o

No.

56.—VOLUME OF BILLS BOUGHT IN OPEN

MARKET,

BY MONTHS,

DURING

1923.

[In thousands of dollars.]

Federal reserve bank. J a n u a r y . February

March.

April.

May.

June.

July.

August.

September.

October.

November.

December.

Total reduced to a
common maturity
basis.i
Total.

d

Amount.

Boston. _
New York _
Philadelphia
Cleveland

Minneapolis
Kansas CityDallas
San Francisco
Total: 1923
1922
1921.
1920
1919
1918
1917
1916
1915.
1914
1
3

.__

8.2
26.0
11.8
13.2

II

3

1, 495
9,446
22,154
22

1,473
9,253
22, 224
744

1,417
8,209
27, 408
971

10,
94,
265,
32,

643
701
360
580

14, 220
139, 065
467,751
47, 688

.5
5.5
18.4
1.9

12, 341

75
9, 464
10,886

50
375
9,415
13, 625

260
14, 302
18, 631

623
90
18,117
35, 326

6,064
2,016
74, 875
225,162

8,313
3,926
125, 005
233, 211

.3
.1
4.9
9.2

160, 373
185, 208
107, 303
259, 708
194, 211
162, 796
72,123
28, 447
4,656

159, 420
217, 053
81, 883
257, 989
205, 048
183,132
109, 046
37, 087
4, 548

215, 351
206, 617
139, 081
281, 833
335, 262
256, 705
86, 894
40, 895
6,340

327, 596
175, 378
161, 999
231, 840
340, 695
195, 698
186, 219
48,547
7,919

339,136 2, 547, 010
202, 566 1, 954, 688
230,101 1, 534, 401
253, 828 3, 218, 364
400, 708 2, 825,177
155, 733 1, 809, 539
178, 069 21,077,713
386,095
66,871
64,845
12, 790

2, 547, 010

100.0

236
775
032
242

25,450
85, 650
5,903
14, 623

17, 769
119, 752
6,100
9,501

26,146
93,121
11, 645
7,324

22, 666
92,822
7,830
11, 696

14, 555
76, 815
10, 392
25, 770

14, 771
76, 777
9,991
5,636

6,916
26, 354
5,521

1,151
22,907
22,303
9,756

1,661
14, 407
19, 496
5,486

819
4,193
11, 385
1,830

928
1,557
25, 786
3,504

1,028
7,330
29, 373

251
2,367
16, 830
40

205
5,006
26,609

5, 259
4,579
22, 626

75
6,435
37, 229

2,759
19, 416

129
3,254
11, 631

2,181
11, 541

1,699
12, 384

152, 754
103,910
121, 868
302,452
201, 492
130 620
20, 617
9,603

186,464
139,022
169, 456
300,307
147, 410
148 9,75
70. 641
12, 416
2,666

254,141
144,352
149, 255
303 25Q
143, 662
138,996
28,153
22,918
8,356

194, 851
95, 724
123, 511
247,594
140, 639
108, 516
41,313
18, 499
4,018

186,363
150, 607
138,601
274, 237
147,650
115,914
82, 544
21,912
2,865

183, 733
175,493
64, 673
285, 753
291,915
89, 580
135, 230
42, 325
4,701

186, 828
158, 758
46, 670
219, 464
276, 485
123, 574
66,864
36, 575
5,986

1,012

24,
101,
15,
16,

Total purchases multiplied by ratio of average maturity of bills purchased by each bank to average maturity (39.42) for system.
Includes $168,411,520 of acceptances purchased from the Federal Reserve Banks of Boston and New York by other Federal reserve banks.




209,034
661, 219
300,167
337, 411

34, 736
165,125
20,977
26,137

33,
75,
12,
33,

2,670
19, 526

Richmond
Atlanta
Chicago
St. Louis.

302, 083
1,177, 647
159,105
196, 774

33,892
190, 811
23, 381
12, 625

26, 062
50,179
16, 248
22, 720

132

,_.

28,
49,
18,
10,

304
592
999
874

496
228
607
626

215
3,110
15, 438
4,706

. . .

Per cent
of total.

S

ft
ft
ft

u

i
w
o
>

IVo.

57.—VOLUME OP BILLS BOUGHT IN OPEN MARKET DURING 1923,

BY CLASSES.
OO

[In thousands of dollars.]
Bankers' acceptances.
Total
(all classes).

Federal reserve bank.

Boston
New York . .
Philadelphia
Cleveland

Minneapolis
Kansas City
Dallas
San Francisco
Total




.
_

_

_

Foreign.

Domestic.

Dollar
exchange.

_._

302,083
1,177, 647
159,105
196, 774

302,007
1,164,377
159, 066
196,670

180,924
838,374
105, 453
156,695

104, 783
270, 521
41, 767
35,823

10,643
94,701
265,360
32,580

.

Richmond
Atlanta
Chicago
St. Louis

Total.

Trade acceptances.

10, 643
94, 701
265,360
32, 580

2,508
74, 738
170, 785
22,853

8,135
19,024
83,805
8,001

6,064
2,016
74,875
225,162

6,064
2,016
74,875
225, 111

4,697
980
55,140
144,192

1,332
1,036
17,044
75,904

2,691
5,015

2,533,470

1,757,339

667,175

108,956

2,547,010

16,300
55, 482
11,846
4,152

Total.

Foreign.

76
13,270
39
104

13
12, 621
39

Domestic.

cj
>

63
649

IS

104

o
w
H

o
939
10, 770
1,726
35

51
13, 540

12, 724

I

51
816

w
o

No.

58.—VOLUME OF BILLS BOUGHT IN OPEN

MARKET DURING EACH MONTH IN 1923,

BY CLASSES.

[In thousands of dollars.]

S3

Trade acceptances.

Bankers' acceptances.

00

Month.

to

Total
(all classes).
Total.

Foreign.

Domestic.

Dollar
exchange.

Total.

Foreign.

Domestic.

January
February.
March
April..

152,754
186,464
254,141
194, 851

151,865
184, 935
252,019
193, 262

104,402
129,276
189,820
135,112

43,905
49, 578
49,428
48, 580

3,558
6,081
12, 771
9,570

1,529
2,122
1,589

1,529
1,939
1,589

May
June
July
August

186, 363
183, 733
186, 828
160,373

185,074
182, 858
186, 769
160,051

122, 366
138,409
132,950
109,472

53,
39,
43,
46,

555
479
538
561

9,153
4,970
10, 281
4,018

1,289
875
59
322

1,289
875
59
322

September
October
November
December

159,420
215,351
327, 596
339,136

158, 666
214,628
325,972
337, 371

115,004
140,155
217,039
223, 334

36, 540
62, 231
96,294
97,486

7,122
12, 242
12, 639
16, 551

754
723 j
1,624
. 1, 765

754
723
1,624
1,132

633

2, 547,010
1,954,688
1,534,401
3,218, 364
2,825,177

2, 533,470
1,948,379
1, 527,235
3,143, 737
2, 788, 619

1, 757,339
1, 400,057
1,019, 689
2, 367,881
2,020,888

667,175
484, 530
368, 972
711,311
756, 425

108,956
63, 792
138, 574
64, 545
11,306

13,540
6,309
7,166
74, 627
36, 558

12, 724
5,844
7,081
68, 876
27,289

816
465
85
5,751
9,269

Total: 1923.
1922.
1921
1920
1919




1
o

£

w
o

i
CO

No.

59.—VOLUME OF BILLS BOUGHT I.V OPEN

MAEKET DURING

1923,

BY RATES OF DISCOUNT

CHARGED.

Cn
O

[In thousands of dollars.]
Federal reserve bank.

Total.

Boston.
New York
Philadelphia-...
Cleveland
Richmond
Atlanta
Chicago..
St. Louis

3 % p e r c e n t . 4 per cent. 4 | per cent. 4J per cent. 4 | percent. 4& per cent. 4J per cent. 4 | per cent. 4 | p e r cent. 4J per cent. 5 per cent.

302,083
1,177,647
159,105
196, 774

_._
...

Minneapolis
Kansas City....
Dallas
San Francisco
Tatal




24,538
23, 527
650
15, 557

88,112
1,029,951
59,411
65,025

154,544
91,334
91, 951
90,014

30,374
15, 783
6,798
23, 236

3,856
3,247
256
2,411

10, 643
94,701
265, 360
32, 580

4,569
9, 618
4,121

42,860
81,807
22, 646

2,562
22,929
121, 784
3,917

7,556
1,697
39, 569
1,896

525
167
5,827

2,926
64,138

530
1,541

193,973

18,360

6,064
2,016
74,875
225,162

1,450

3,609

3,669
17,699

17,836
54,004

1,005
1,012
49,914
86,413

2, 547,010

105,398

1,465, 261

717,379

467
12, 653
39
531

100

22,479
6,651

168
942

8
210

4

12

218

4

12

4

1,004
1,367
100

45,191

1,114

w
o

No,

60.—VOLUME OF BILLS BOUGHT IN OPEN

MAKKET DURING

EACH

MONTH IN 1923,

BY RATES OF DISCOUNT

CHARGED.

[In thousands of dollars.]

Total.

Month.

January
February.
March
April

152,754
186,464
254,141
194, 851

.

May.

186,363
183,733
186,828
160, 373

June

July
August
September
October
November
December.._

„

_•

_ ..
-_

Total




3 | p e r cent. 4 per cent. 4 | per cent. 4| per cent. 4 | per cent. 4-rg- per cent. 4J per cent. 4 | per cent. 4J per cent. 4f per cent. 5 per cent.

28,483
30, 208
27,618
18,993

159, 420
215,351
327, 596
339,136
2,547,010

105, 398

22,610
22,322
43,218
36, 660

2,054
1,031
4,543
9,668

130, 576
94, 789
90,990
82,900

32,915
66, 567
69,197
51,488

18, 250
19, 731
20, 573
22, 728

2,068
1,062
4,037
1,231

56,859
74, 813
117, 330
123,400

15, 340
20, 665
30, 428
28, 962

2,612
2,168
1,316
1,186

1,465, 261

717, 379

193,973

18,360

2,184
3,975
3,913
2,948

95
146
589
1,850

80, 587
109,410
171,874
179,607

96

97,118
128,690
174,174
124, 546

100

2,204
1,475
2,031
1,907

210
92
86
186
250
11

3

2

119

O

4 022
8,287
6 648
5,597
100

362

6

4

12

45,191

1,114

218

4

12

8

W

B
w

o

No.

61.—AVERAGE MATURITY OF BILLS BOUGHT IN OPEN MARKET, BY* MeMM&, DURING

1923.

to

[Days.]

Federal reserve bank.

January.

February.

March.

April.

May.

June.

July.

August.

September.

October. November.

December.

Prior years.
Year.
1922

1921

Boston
New York
....
Philadelphia
Cleveland.

22.53
19.94
77.99
55.47

27.11
23.75
85.11
57.36

28.58
20.14
78.31
72.22

39.73
30.69
74.66
63.79

23.77
24.39
78.04
69.63

26.33
21.04
74.38
77.50

20.92
23.59
71.25
64.32

21.38
19.02
75.81
68.29

24.33
20.59
76.66
69.15

24.15
22.77
71.00
66.30

38.31
23.94
75.82
67.38

22.74
16.62
59.73
75.52

27.28
22.13
74.37
67.59

28.37
25.18
61.59
60.89

18.32
20.61
44 81
37.81

Richmond
Atlanta
Chicago
St. Louis

52.32
45.95
59.86
55 41

49.39
55.33
54.54

50.01
64.21
71.07
61.45

62.07
62.26
71.17
58.58

59.06
55.33
52.31
52.42

62.48
39.73
70.63
44.73

46.55
63.53
86.23

56.89
61.02
75.49
61.79

58.51
49.43
72.08

54.47
64.29
71.99
88.17

46.59
51.73
74.78
79.98

• 40.98
47.78
61.61
82.88

52.66
57.89
69.48
57.70

58.75
51.73
71.71
69.21

43 91
52 21
62.18
16 85

Minneapolis
Kansas City
Dallas
San Francisco

19.83

52.70
77.70

54.67
38.88

58.98
52.50
44.98

47.66
29.86

41.53
38.50

32.43

85.23
82.33
33.85

75.20
85.85
73.41
30.81

85.54
69.10
40.94

70.80
59.91
68.31
48.98

54.03
76.78
65 81
40.83

73.01
65.59
40.90

39.29
56.78
51.79
33.69

44.28
35.28
26.60
51. 59
42.00

33.02
37.01
23.20
44.22
45.80

36.07
37. 57
28.83
45.72
45.60

40.51
36.63
31.26
47.82
51.21

38.85
42.18
25.33
36.78
50.73

40.32
51.24
25.89
41. 71
46.15

39.87
46.23
25.77
35.51
48.36

38.26
43.41
25.60
35.11
55.55

35.38
39.14
23.39
38.43
57.11

39.42
39.91
28.53
43.83
50.45

System.
_ ..
Prior years: 1922.
1921.
1920.
1919.

49.58
32.11

47.80
38.16

31.04
59.66
51.61

37.74
31.56
38.22
47.05
55.51

43.14
31.99
36.98
50.50
45.67

46.59
33.91
33.99
49.33
42.69




o

No.

62.—VOLUME OF BILLS BOUGHT IN OPEN MARKET DURING 1923,

BY

MATURITIES.

[In thousands of dollars.]
Total.
Federal reserve bank.
Amount.

Boston
New York....
Philadelphia..
Cleveland

302,083
1,177, 647
159,105
196, 774

Maturity.

Average
maturity
(days.)'

Within 15
days.

16 to 30
days.

31 to 60
days.

61 to 90
days.

Over 90
days.

27.28
22.13
74.37
67.59

205, 634
952, 988
4,815
3,472

25, 854
78, 236
14, 387
37, 608

22,312
53, 665
24,889
40,116

43, 947
72, 815
91,462
83, 030

4,336
19, 943
23, 552
32; 548

3,514
27, 537
228

Richmond
Atlanta..
Chicago
St. Louis

10,643
94, 701
265, 360
32, 580

52.66
57.89
69.48
57.70

400
4,872
5,384
958

2,229
19, 298
44,002
8,169

4,516
24,844
7,664

3,498
42,173
139, 591
15, 561

Minneapolis..
Kansas City._
Dallas
San Francisco

6,064
2,016
74,875
225,162

54.03
76.78
65. 81
40.83

150
20
938
90, 531

1,409
8,902
35, 609

2,148
227
19,958
38,159

2,085
1,769
42, 016
47,913

3,061
12,950

Total...

2, 547,010

39.42

1, 270,162

275, 703

287, 344

585,860

O
W
H
O

127,941




272

5
o

C71

00

No. 63.—VOLUME OF BILLS BOUGHT IN OPEN MARKET DtraiNG 1923, BY MONTHS AND MATUKITIES.
[In thousands of dollars.]
Maturity.

Total.
Month.
Amount.

Average
maturity
(days.)

Within 15
days.

16 to 30
days.

31 to 60
days.

61 to 90
days.

Over 90
days.

January...
February.
March
April

152, 754
186, 464
254,141
194, 851

37. 74
43.14
46.59
44.28

76, 297
68, 210
98, 680
77, 517

22, 737
28,179
31, 883
23, 789

15,183
33, 263
32,070
29,130

27, 877
43, 727
72, 094
54, 082

10, 660
13, 085
19, 414
10, 333

May.—
June
July—August-.

186, 363
183, 733
186,828
160, 373

33.02
36.07
40.51
38.85

107, 657
102, 686
96,135
90, 629

19, 699
17, 060
18, 564
12,149

24, 037
18, 723
16, 491
11, 382

23, 953
37, 759
45,105
36, 735

11,017
7,505
10, 533
9,478

September.
October
November
December..

159, 420
215, 351
327, 596
339,136

40. 32
39.87
38.26
35.38

84, 543
112, 949
172, 392
182, 467

14,175
22,386
30, 806
34, 276

14, 283
16, 529
34, 281
41, 972

38,156
55. 774
78, 756
71,842

8,263
7,713
11,361
8,579

2, 547, 010
1,954,688
1, 534,, 401
3, 218, 364
2, 825,177
1, 809, 539
1, 077, 713
386, 095
64, 845

39.42
39.91
28.53
43.83
50.45

1,270,162
939, 086
937, 607
1, 060,151
578, 751
161, 964
32, 048

275, 703
207,194
215, 338
449, 424
455, 789
276, 656
128, 893
38,442

287,344
270,126
224, 037
848, 890
807, 326
466, 589
267, 035
63, 651
9,057

585, 860
429, 425
153, 945
859,899
982, 877
876, 539
613, 296
284, 002
52, 808

127, 941
108, 857
3,474

Total: 1923.
1922..
1921..
1920..
1919..
1918..
1917..
1916..
1915..
1914..

i Figures not available.




0)
0)
(0
(0

434
27,791
36, 441

s

w
o

No.

64.—VOLUME OP UNITED STATES BONDS AND VICTORY NOTES PURCHASED, BY MONTHS, DURING
[In thousands of dollars.]

1923.
Distribution, by classes

January.

Federal reserve bank.

Boston
New York
Philadelphia
Cleveland
Kichmond.
Atlanta
Chicago
St Louis
Minneapolis
Kansas CityDallas
San Francisco
Total: 1923
1922 .
1921

._ . .

14
1,190

February. March.

8,104

7,438

April.

May.

3,026

31,412
50

June.

July

August.

Octo- Novem- Decem- Total.
Sepber.
tember. ber.
ber.

5,054
300

198

14
56, 224
673

U. S. bonds.

U.S.
Victory Liberty All
notes. bonds. other.

39,320

-_

1920. .
1919
1918
1917
1916
1915
1914-.

Bonds and Victory notes purchased during
1923, distributed by classes:
XJ S Victory notes
U. S. b o n d s Liberty bonds
All other




1,226
353
14
255

278
730

141
372

252

1 1

195

439

233

231

1,017

125

570
523
4
1,865

94
400

635

532
300

19
1,000

53
1,000

21
100

128
6,000

1,027
20, 334
240

1,458
28,127
50

1,286
45,125
6,856

550
5,927
5

12,199 77, 487 41, 454
6,474 385,046 321, 579
20, 848 38, 532 20, 800

19

1

61

285
3,825
501
735

107
20,831
2,193
488

1,306
190
7
1,200

6
1
93
1,547
5,628
2,989

1
4
37
21, 396
5,540
2,347
205

205
235

895

4,166
55,388
11

9,952
55,369

9,466
57,310

3,539
47, 792
520

32, 027
11,962
8,362

1,046
36, 530
1,640

771
14, 708

218
1,014
14, 337
2,431
6,627
2,651

5
146
14, 747
145
9,497
2 566

21
166
9,823
8,641
8,250
1 340

1
1
3,239
2,870
10, 430
75

86
15, 832
52
6,114
285

278
13,048
1,242
1,322
560

60
1,142
18, 367
341
478

1,586

8,479

8,191

3,398

19, 800

2,356
224

959
514

1,147
128

141

12,198
29

4,908
2,213
18
3,877
9,560

332
1,757
73, 996
81, 537
56, 450
15, 713
205

41, 454
1,015
31

681
90

1,007
20

1, 439
19

1,275
11

548
2

12,142
57

34,908
1,125

14
16,904
548

125

3,477
9,460

111
2,023

9
428

292
190
18
400
100

34, 908
46, 835
17, 702

1,125
16, 632
30

4,505

323
1, 329
73, 396
81, 537
56,450
15, 714
205

No.

65.—VOLUME OF UNITED STATES TREASURY NOTES PURCHASED, BY MONTHS, DURING

1923.
O)

[In thousands of dollars.]

January.

Federal reserve bank.

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

„«.
_
*

Total: 1923
1922
1921
1920
1919
1918 i
1917 1
1916 *

Treasury notes purchased during 1923:
Under repurchase agreement
All other

5,623
51,890
1,046
464
50
935
6,547
2,504
3,009
6
1,100

Febru- March.
ary.

2,915
40, 215
45
103

519
33,322
100

729
10, 455
614
2,734
6,717

15
8,816
21
2,354
436
1,600

October.

Novem- December.
ber.

April.

May.

June.

July.

825
19,364

1,624
29,700
356
25

1,810
56, 389
88
1,215

1,759
34,807

1,857
36, 340

1,155
44, 678

1,214
39, 998

2,424
28, 635
24

7,711
61, 498
240
5

215
9,163
1
3,554
758

136
11, 465
2
2,418
2,502

779
13, 729

93
8,924

136
7,988

96
4,630

150
8,626

139
8,685

2,304
190

1,947
5,728

3,007
1,189

1,552
11
4,500

1,364
532

3,386
1,323
75

76,025
110, 368
13, 624

53, 568
37, 761
4,626

54, 889
70, 562
942

58,153
92, 845
11, 253

52,001
89,866
10, 775

41, 755
45, 455
9,178

756

1,370

70,364
5,661

51, 415
2,153

1

354
5,868
275
1,167

64,531
114, 884

47,183
99, 387

27, 854
58,803

456

1,882

1,220
50

53,354
11,177

45, 757
1,426

26,807
1,047

45, 441
20, 948

28,986
474,079

83,062
97, 470
15, 500

677, 636
845,120
65, 898

620,354
561, 383

10

42,917
2,524

1,369
250

47,121
7,768

54, 873
3,280

45,842
6,159

40,685
1,070

77, 437
5,625

All

other.

520
7,063
300

620,354
57,282

520

63, 782
9,392

Total.

Taken
under
repurchase
agreement.

29, 436
476,836
1,899
1 813
50
3,777
104,896
3,417
28,796
19,392
7,275
49

45

4
73,174
6,771

August. September.

102, 667
8,802
3,120
2,700

450
2,757
1,899
1 813
50
3,777
2,229
3,417
19, 994
16, 272
4, 575
49
57, 282
283,737

1
Figures for 1916-1918 represent renewable one-year gold notes; those for later periods represent Treasury notes with a definite maturity in excess of one but of not more than
five years.




No. 66.—VOLUME OF UNITED STATES CERTIFICATES OF INDEBTEDNESS PURCHASED, BY MONTHS, DURING
[In thousands of dollars.] .

Federal reserve bank.

January

Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis.
Minneapolis...
Kansas City.-.
Dallas
San Francisco.
Total: 1923..
1922..
1921..
1920..
1919..
1918..

116,546
459, 235
91,871
295, 698
90,500
55, 792
243, 325
71,299
44,179
70,003
19,000
157, 500

February.

21,038
39
11, 226
6,500
9,284
2,662
135
920
5,000

March.

16, 666
73, 440
171
555
5,360
38,431
100
302
3,500
1,198
1,175

April.

May.

767
15, 859
1
258

895
69, 368

398
5,601
15
2,247
510
500
24

1,714,946 57,502 140,898 ! 26,180
141,101 135,060 562,114 156, 244
449,487 47,965
274,092
642,376 304,296 1,496,387 997,143
828, 447 326,327
88,694 83,842
511,022 518,192 1,089,232 321,326

Certificates purchased during
1923:
From U. S. Treasury
(temporary certificates): 1,593,000
Under repurchase agreement
55, 396
Allother
66, 551




18,537
13,361

1,242
9,326
1,133
52

I
7,935
1,292
116,206 j 21,037
213 '
22,483 |
1

10,000 I
225
51,868
4,652
934
1,055
3,210
2,660

22,727
3,453

144
14,209

144, 500

33,134
7,802

58,194
18, 746

August.

1,306
15, 684
43

September.

12, 482
91, 657
3,114
4,613

Octo- Novem- December.
ber.
ber.

2,642
19, 759
273

48
19, 524
3,072
898
1,652
2,000
1,000

604
5,714
22
298
28
5,600

140,060
315,204
523,968
890,308
180,874 j 1,870,088
30,222 j 85,5S2

34,940
|311,965
83, 592
182,927
| 72,453
'631,044

35 j
10,391

489
205

221, 441 37,377
83,936
87, 277
653,464 78,061
640,031 , 044, 620 60,631
42, 723 1,178,445 584, 519
86, 537
150, 808 232,845
184,426
415, 800 21,797

43,000

109,000
24,780
32,722

1,920

July.

June.

28,153
101,040
41,615
124,321

3,000
33,583 24,706
794 3,446

1,871
56, 810
100
201
242
6,847
1,574
31

13, 876
176, 976
197, 633 1,157, 726
750
96, 259
6,507
343, 776
100, 500
156
70, 746
436,080
21, 560
5,084
903
350

81,822
57, 920
78,906
36,858
162, 359

246,819 12,799,928
67,676
843,498 3,402,681
17, 653
122, 676
435,107 3,742,664
600,282
944, 253 7,987,978
56,887
758,361 4, 736,163
219,309 1,747,880 ;5,775, 832

185,500 2,174, 500

96, 500
39,913
3,647

Total.

28,115
6,825

65, 528
2,149

44,343
16,976

448,956
176,472

1923.

Tempo- Certifirary cer- cates
tificates
taken
purunder
chased
repurfrom
chase
U.S.
agreeTreasury ment.

All

other.

155,000 18,446
758,000 333, 525
94,000
325,000
100, 500
54,500
311,500 95, 685
70, 500
47,000
73,500
1,090
24,000
210
161,000

3,530
66, 201
2,259
18, 776

j 2,174,500 448,956
2,148,500 411,817
2,993,100 254, 986

176,472
842,364
494, 578
413,397

7,262,000 312,581

16, 246
28,895
11,322
10,920
4,316
12,648
1,359

GOLD SETTLEMENT FUND.
00
No.

67.—SUMMARY OF TRANSACTIONS, JANUARY 1 TO

DECEMBER 31,

1923.

[In thousands of dollars.]

Federal reserve
bank.

Balance
WithJan. 1. | drawals.

Deposits.

Transfers
to
agent's
fund.

Transfers
from
agent's
fund.

Interbank transfers.

Debits.

Boston
New York
Philadelphia
Cleveland.
Richmond
Atlanta
Chicago
St. L o u i s . . .
Minneapolis
Kansas City
Dallas
San Francisco
Year: 1923
1922
1921
1920
1919
1918
1917
1916
1915

_

28,077
169, 378
30, 599
71, 888
27, 618
20,153
77, 261
31,207
23, 499
30, 768
6,214
37, 700

20, 062
436,000
50
78,160
40
560
40, 270
139
12, 505
2,700
32, 814
1,044

554,362
522, 063
357, 278
329, 737
401, 926
311, 644
169, 740
77, 760

624, 344
466, 218
652, 011
539, 684
392, 293
102, 433
382, 858
136, 550
25, 580

0)




65, 022
415, 500
185, 000
15, 000
79,887
20, 522
128, 284
39, 800
15, 296
74, 235
28, 320
148, 500

110,000
30,000
224, 000
46, 000
78, 500
91, 000
145, 000
86, 500
23, 000
45, 000
14, 000
247, 000

1, 215, 366 1,140, 000
1, 215, 831 1, 326, 816
1, 880, 634 1, 651, 210
1,186,940 | 1,118, 300
1,124,304 1,479,640
693,181 1, 512, 297
852,881
966, 556
94,520
301, 570
52, 460
155, 800

25, 000
50, 000
53, 000
10, 000
10, 000
65, 000
95, 000
76, 000
10, 000
28, 000
7,500
136, 204
£65, 704
609, 502
587, 372
498, 585
675, 440
1,011,831
411, 087
21,480

i Established M a y 20, 1915.

124,150
396, 900
87, 000
79, 000
52, 000
46, 500
104, 500
32, 500
29,100
17, 000
26, 500
44, 000
1,039,150
1,153, 975
3, 289, 081
7, 551, 585
7, 930, 859
4,812,105
2,643,846

Credits.

Settlements from Jan. 1, 1923, to Dec. 31,
1923, inclusive.

Total
credits.

Net
debits.

7, 883, 938 8, 031, 733
25, 971, 805 25, 839, 891
7, 962 170 7, 996 160
7, 235, 202 7, 366, 526
6, 363, 899 6, 370,897
3, 038, 467 3, 065,125
12, 832, 348 12, 822, 373
6, 018, 696 5, 966, 601
1, 725,160 1, 736, 015
4, 350, 576 4, 247, 327
2, 858, 300 2, 889, 919
3,374,172
3, 282,166

21, 200 i
469, 750 | 131,914
38, 400
43, 700
47, 000
23, 500
9,975
106,100
52, 095
59, 500
28, 500
103, 249
82, 000
12, 000
92, 006
107, 500
1, 039,150
1,153,975
3, 289, 081
7, 551, 585
7,930, 859
4,812,105
2, 643, 846

389, 239
748, 639
1,150, 002
1, 565, 839
3, 526, 274
2, 670, 339
2,154, 721
223, 870
85, 697

89, 614, 733
75. 335, 987
64, 934,801
85, 074, 220
66, 053, 393
45, 439, 487
24, 319, 060
5, 533, 966
1, 052, 649
2

89, 614, 733
75, 335, 987
64, 934,801
85, 074, 220
66, 053, 393
45, 439, 487
24, 319, 060
5, 533, 966
1, 052, 649

Included in settlements.

Net
credits.

147, 795
33,
131,
6,
26,

990
324
998
658

10,855
31, 619

389, 239
748, 639
1,150, 002
1, 565, 839
3, 526, 274
2, 670, 339
2,154, 721
223, 870
85, 697

Balance
in fund
at close
of
business
Dec. 31.

Net changes in
ownership of gold
through interbank
transfers and
settlements.

Loss.

32, 882
109,814
29, 939
68, 752
40, 963
17, 773
106, 900
35, 273
23, 545
47, 054
12, 339
45, 854
571, 088
554,362
522, 063
357, 278
329, 737
401, 926
311,644
169, 740
77, 760

Gain.

§

44, 845
59, 064
14,610
96,024
1,998
3,658

8

8,375
25, 095
10, 255
38, 249
17,119
28, 506

w
o

No.

68.—CLEARINGS AND TRANSFERS OF ALL FEDERAL RESERVE BANKS COMBINED THROUGH THE GOLD SETTLEMENT FUND, BY
WEEKS, DURING 1923.
[In thousands of dollars.]
Week ending-

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

4 (3 days)
11._
18
25
1____
8
15
21
1
8....
15
22
29
5
_.
12
19.
26
3
._
10
17
24
31
7
14..
...
21
28
5-..
12
19..„.._..
26
2




Total
clearings.
1,078, 111
1,793,576
1,814, 363
1, 715,365
1, 679,395
1, 523,023
1, 478,489
1, 501, 233
1,993, 013
1, 691,942
1,694, 824
1,944, 327
1, 704, 799
1, 677, 244
1, 655, 821
1, 815,367
1, 893, 462
1, 798, 568
1, 636,187
1,858, 697
1,816, 883
1, 502, 383
1, 734, 622
1, 673,117
1,909,082
1, 775, 751
1,667,369
1, 635, 496
1,751,350
1, 693, 653
1, 606,029
1, 472,455

Total
transfers.
3,000
84,000
62, 500
18, 500
6,100
6,000
5,000
6,000 J
5,000
55,000
42,000
14,000

4,000
14, 500
21, 500
8,500
12,000
127,000
43, 700
9,000
29,850
75,500
24, 500
18, 400
23,100
7,500
2,500
2,000
6,000

Total clearings and
transfers.
1, 081, 111
1,877, 576
1, 876, 863
1,733,865
1, 685, 495
1, 529,023
1,483, 489
1, 501, 233
1, 999,013
1,696,942
1, 749, 824
1, 986,327
1,718, 799
1, 677, 244
1, 655,821
1,819, 367
1, 907,962
1,820,068
1, 644, 687
1, 870, 697
1,943, 883
1, 548,083
1, 743, 622
1,702, 967
1,984,582
1, 800, 251
1,685, 769
1, 658, 596
1,758,850
1,696,153
1, 608,029
1,478, 455

Week ending—
Aug. 16.
23..
30..
Sept. 6_.
13..
20..
27..
Oct. 4..
11..
18..
25..

Total
clearings.

Total
transfers.

15..
22-

1,392,974
1, 638,656
1, 505, 700
1, 288,038
1, 559,197
1,898, 819
1, 768, 575
1,789, 753
1, 684, 006
1, 799,038
1, 885, 771
1, 799,231
1, 655,863
1, 701, 348
1, 999,407

6.13
20
27
28-31 (3 days).

1, 566, 966
2, 005, 625
1, 729,689
2, 047, 631
1, 645, 392
1, 067,058

4,000
7,500
1,000
3,000
10,000
51, 500
1,000
15,000
11,000
21,000
21,000
16,000
6,000
6,000
11,000
2,500
10,000
12, 500
85, 500
5,000
2.000

89, 614, 733
75, 335, 987
64, 934, 801
85, 074,220
66, 053,393
45,439,487
24, 319,060

1, 039,150
1,153, 975
3, 289,081
7, 551, 585
7,930, 859
4, 812,105
2, 643, 846

Nov.

Dec.

Total: Year 1923
1922
1921
_.
1920
1919
1918
1917.-..
_.
1916
1915 (from M a y 20).

Total clearings and
transfers.
1,396,974
1,646,156
1, 506, 700
1, 291,038
1, 569,197
1, 950,319
1, 769, 575
1,804, 753
1,695,006
1,820,038
1, 906,771
1, 815, 231
1, 661, 863
1, 707,348
2,010, 407
1, 569, 466
2, 015, 625
1, 742,189
2,133,131
1, 650,392
1,069, 058
90, 653, 883
76, 489, 962
68, 223, 882
92, 625, 805
73, 984, 252
50,251, 592
26,962,906
5, 553,966
1,052, 649

cj

Xfl

o

Or
CD

FEDERAL RESERVE AGENTS' GOLD FUND.
No. 69.—SUMMARY OF TRANSACTIONS, JANUARY 1 TO DECEMBER 31,

1923.

[In thousands of dollars.]

Federal reserve agent at—

Boston
New York
Philadelphia.-.
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas C i t y . . .
Dallas
-.
San Francisco..
Year 1923.
1922
1921.
1920
1919
1918
1917
1916
1915

i Established^September 8, 1915.




Balance
Jan. 1.

123,000
341,000
157,889
165,000
62, 795
100,000
393,644
55,500
32,000
52,360
12,500
185, 410
1,681,098
1, 394,884

886, 327
928,497
496, 604
102,580
56,860

0)

Withdrawals.

Deposits.

140,000
5,000
175,000

50,000

75,000
53,500
124,000
46,000
5,000
36,000
4,500
91,000

10,000
10,500
57,000
16,000

755,000
924,000
1, 589, 500
1,060, 700
1,011,370
103,594
56,590
27,320

148, 500
492,900
1,023, 854
451, 350
165,000
35,021
8,820

5,000

Transfers
to bank.

Transfers
from bank.

110,000
30,000
224,000
46,000
78, 500
91,000
145,000
86,500
23,000
45,000
14,000
247,000

25,000
50,000
53,000
10, 000
10,000
65,000
95,000
76,000
10,000
28,000
7,500
136, 204
565, 704
609,502
587, 372
498, 585
675, 440
1,011,831
411,087
21,480

4,400

"
I

1,140,000
1,326, 816
1, 651, 210
1,118,300
1,479,640
1, 512,297
852,881
94,520
52,460

Total with- Total deposdrawals and its and transtransfers to
fers from
bank.
bank.
165,000
55,000
228,000
10,000
85,000
118, 500
219,000
122,000
15,000
64,000
12,000
227, 204

160,000
30,000
224,000
46,000
88,500
101, 500
202,000
102,500
23,000
50,000
14,000
247,000

1, 320, 704
1, 533, 502
2,176, 872
1, 559, 285
1,686,810
1,115, 425
467,677
48,800

1, 288, 500
1, 819, 716
2,675,064
1,569,650
1,644,640
1,547,318
861,701
94,520
56,860

Balance at
close of
business
Dec. 31.
118,000
316,000
153,889
201,000
66,295
83,000
376, 644
36,000
40,000
38,360
14,500
205, 206

O

H

W

1, 648, 894
1,681,098
1,394,884
886,327
928,497
496,604
102,580
56,860

w

o

CLEARING OPERATIONS.
No.

70.—OPERATIONS OF THE FEDERAL
[Numbers in thousands.

RESERVE

CLEARING

SYSTEM

Federal reserve
bank cities.

Number.

Boston
7,862
New York
28,129
Philadelphia
13,676
Cleveland
8,373
Richmond
1,629
Atlanta.
1,574
Chicago
._ 13,116
5,034
St. Louis
Minneapolis
_ 3,371
5,366
Kansas City
2,894
Dallas
_.
3,619
San Francisco

Amount

8, 430, 734
51,192, 703
10, 327, 462
5,891, 816
3,917,509
1, 364, 366
12,302, 755
4, 363, 220
1, 538, 750
2,676,849
1, 802, 212
4,671,228

District outside
Federal reserve
bank and branch
cities.

Federal reserve
branch cities l

Number.

Total items handled (exclusive o duplications'
f

T

Other Federal
reserve districts (forwarded direct
to drawee
bank).

67, 240
29, 870
10, 508 12, 520, 111 42, 516
3,490
2, 567, 819 35, 481
3,500
3,173, 322 14,677
3, 816 4, 244,138 61, 254
3,245
2,879, 770 32, 008
319
190, 576 21, 746
4,170
1,918, 4.85 41, 273
1,421
777, 807 24, 408
9,687
4,851,045 44,564

5,897,855
9, 301, 354
3,901, 399
4, 681,379
4,913,943
1, 601, 226
5, 272,812
1, 974, 225
1, 230, 227
2, 865, 522
3, 400, 233
3,106,614

34,612,128
17,320,887
16, 297, 746
20,228,821
13,115,715

48,143,789
40, 423, 947
38,825,254
57, 083,187
46, 340,904

2,648

1, 489,055

Items drawn on
United States
Treasurer.

NumNumber. Amount. ber.

Number.

Amount.

1923,

Amounts in thousands of dollars.1

Items drawn on banks in-

Federal
reserve bank.

DURING

20,242

61, 730
4, 024

1,824
13,125
1,952
2,536
1,334
1,444
5,016
2,362
770
2,007
785
2,648

Amount.

Amount.

Number.

1923

1922

1921

200,954 60, 385 52,696 48, 852
1, 392, 272 111, 142 103, 871 90, 873
330, 887 45, 498 50, 445 45, 944
254, 317 64, 049 55, 570 46, 446
185,101 41,934 38, 239 35, 374
199, 957 21,195 25, 313 17, 763
674,650 83, 202 74, 417 65, 273
220, 776 42, 649 37, 350 32,905
26, 268 24, 031 22, 543
227, 705 52, 828 48, 043 51, 403
92, 368 29, 508 26, 044 26,104
639,064 60,518 48, 863 39,196

1923

14, 529, 543
63, 375, 384
14, 559, 748
23, 367, 865
11, 584,372
6, 338, 871
22,494, 355
9, 437, 991
3,114,967
7, 692, 585
6, 072, 620
13,267,951

1922

11,509,403
60,499, 551
12, 590, 789
11,146,025
7,418, 849
4, 713, 618
14,176,158
5,993, 027
2, 703, 664
7,123, 428
4, 591, 056
8, 040, 932

3
1921

11, 060, 482
34, 212, 786
11, 691, 608
10, 493, 330
7, 276,909
3, 463, 338
3. RRO. 454
5,452,457
2,658, £33
7, 646, 054
4, 431,924
7,191, 873

W
j

a

W
Total: 1923...1922__._
1921
1920
1919
1

94,643 1108,479,604
97, 517 87,698,642
78, 374 58, 365, 284
63, 599 72, 494, 620
43,206 62, 481, 093

42,804
39, 544
33,142
23, 447
14, 833

For list of Federal reserve branch cities, see p . 165.




465,736
1413,679
[377,856
J337, 628
1214,177

190
162
104
75
43

85,996
48, 641
22,017
23, 593
37, 240

35,803 4,511,735
33, 980 5, 014,383
33, 200 5, 649, 747
27, 367 6, 679, C43
32,900 '14,518,471

639,176
584,882
522,676
452,116
305,159

195,836,252
(150,506,500
119.160,048
156,509,264
136,493,423

o

No. 70.—OPERATIONS OF THE FEDERAL RESERVE CLEARING SYSTEM DURING

1923—Continued.

to

[Numbers in thousands. Amounts in thousands of dollars.]
Total items handled (including duplications).

Items forwarded to
Federal reserve bank.

Branches in own district, by head office.
Number.

Boston
New York
Philadelphia-..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City...
Dallas...
San Francisco..
Total: 1923..
1922..
1921..
1920..
1919..




Amount.

Head office, by
branches.
Number.

Amount.

Other Federal reserve
banks and branches.
Number.

Amount.

1923

1922

1921

55,123
119,316
57,113
58,143
42, 883
27, 750
78, 509
38, 476
25,148 |
54, 520 |
27, 924
53, 729

50, 830
105, 215
54,296
48, 716
39, 259
20, 236
68, 943
33, 998
23, 706
58, 246
28, 038
43, 338

639, 940
2,142,648
1, 248, 381
678, 013
1, 309, 371
601, 806
526, 884
82,148
252, 944
717, 736
157,356
440,538

63,158
129,130
51,325
67, 433
47, 225
23, 918

16
490
143
639

158,949
107, 054
389, 303
21, 289
9,213
14, 254
211, 624
21, 793
112,880

2, 773
17, 254
5,827
2,264
3,780
1,733
5,250
809
1,137
4,056
1,199
2,372

3,824
3,800
3,580
2,695
1,326

1,269,507
1, 095, 943
1,175, 597
1, 644, 775
1,119,942

48,454
44, 336
42, 882
42, 716
30, 265

8, 797,765
7,948,985
9, 004, 996
19, 551, 328
17, 230, 824

697,464
638, 634
574,921
504,198
341, 594

302

64, 452

432

223,148

541
471
663
153
164
12
1,192
599
1,913

149, 525
111, 027
121, 579
31,715
18, 082
1,200
195, 223
78, 214
245,166

579
1,040
327

6,010
5,616
5,783
6,671
4,844

1,016,183
921, 022
1,141, 612
1, 799, 856
2, 056, 827

44
114

Amount.

Number.

43, 736
27,433
58, 566
31, 449
65,442

1923

15,169, 483
65, 805, 632
15, 808,129
24, 354, 352
13, 111, 824
7, 451, 559
23, 074,243
9, 547, 434
3, 383, 365
8, 817,168
6, 329, 983
14,066,535
206,919,707
160, 472, 450
130,482,253
179, 505, 223
156,901, 016

d
>
1921

1922

12,082, 663
62, 563,789
13, 880, 222
11, 956, 422
8, 762, 819
5, 587,997
14, 661, 227
6,114, 442
2, 960, 234
8, 290, 019
4, 835, 568
8, 777,048

-I-

11,651,345
36, 397, 633
13, 497, 573
11, 500, 534
8, 620,887
4, 378, 840
14, 054, 405
5, 605, 465
2,942, 362
8,980, 368
4, 797, 267
8,055, 574

i
§
w

o

So,

71.—NUMBER OF MEMBER AND OF NONMEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AT THE END OF EACH MONTH IN 1923.
Total.

Boston.

Nonmember
banks.
Member
banks.

On

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

9,911
9,917
9,922
9,923
9,927
9,933
9,916
9,905
9,906

17, 777
17, 724
17,692
17,663
17,643
17, 589
17,565
17,381
17, 255

9,896

17,114
16,919
16, 725

December,
December,
December,
December,
December,

9,916
9,841
9,629
9,066
8,692

17, 822
18,102
19,139
16,499
10,305

1922
1921
1920
1919
1918




Not
on par
list.

New York.
Nonmember
banks.

Nonmember
banks.
Member
banks.

On
par
list.

Not
on par
list.

Philadelphia.

Member
banks.

On
par
list.

Not
on par
list.

On
par
list.

2,580
2,672
2, 791
2,896

427
427
428
429
429
427
424
424
423
423
423
424

259
234
234
232
232
230
229
229
230
230
229
228

812
812
814
816
823
827
830
831
831
833
835
839

342
341
344
344
348
351
352
351
355
358
359
360

715
715
715
717
718
720
721
721
722
721
721
725

427
436
436
432
423

259
257
255
245
246

800
783
753
723

343
334
329
322
339

717
704
698
678
661

473
439
415
329

2,282
2,285
2,280
2,279
2,310
2,324

On
par
list.

Not
on par
list.

Member
banks.

Not
On
par on par
list. list.

882
882
882
889
886
885
882
882
882
883
882

492
492
491
494
495
495
501
503
504
505
506
514

2,288
2,263
1,755
3,996
10,247

Not
on par
list.

Member
banks.

* 102

1,085
1,084
1,087
1,084
1,082
1,084
1,075
1,075
1,074
1,071
1,072
1,071

632 j 960
961
635
959
639
953
634
954
635
932
635
927
631
917
630
912
629
910
630
888
629
865
631

881
884
871
843
814

1,085
1,085
1,079
1,085
728

634
626
610
585
565

1411

Nonmember
banks.

Nonmember
banks.

Nonmember
banks.

Nonmember
banks.
Member
banks.

Atlanta.

Richmond.

Cleveland.

564
561
558
558
556
573
576
589
591
592
615
637

568
962
577
990
334
1,266
485
351 I U,156

Member
banks.

On
par
list.

Not
on par
list.

541
542
542
539
537
538
536
534
536
536
535
535

379
377
378
383
377
380
378
381
380
379
378
380

1,131
1,132
1,129
1,124
1,126
1,124
1,131
1,127
1,128
1,127
1,127
1,127

543
515
462
426
426

380
390
408
355
209

1,129
1,156
1,233
1,219
1, 345

CO

No. 71.—NUMBEE OP MEMBER AND OF NONMEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AT THE E N D OF EACH MONTH IN

1923—Continued.
Chicago.

Member
banks.

1923
January
February- _.
March
April
May
June
July
August
September.
October
November.
December..
December, 1922_
December, 1921 _
December, 1920.
December, 1919.
December, 19181

1,442
1,441
1,441
1,438
1,438
1,440
1,438

Nonmember
banks.
On par Not on
list. par list

1,440
1,440
1,440
1,437
1, 435

4,243
4,247
4, 241
4,238
4,239
4,236
4,236
4,178
4,162
4,139
4,119
4,105

1,443
1,443
1,421
1,374
1,334

4,246
4,235
4,266
3,896
2,392

Approximate figures.




Minneapolis.

St. Louis.

Member
banks.

Nonmember
banks.
On par Not on
list. par list.

60
71
87
101
114

613
616
620
622
623
624
624
624
624
626
627
630

2,466
2,461
2,460
2,459
2,457
2, 453
2, 450
2,424
2,405
2,399
2,395
2,373

293
1,805

610
588
571
538
514

2,*467
2,489
2,514
2,309
1,046

159
159
159
159
159
159
159
187
201
210
215
233
159
167
188
355
1
1, 600

Member
banks.

Kansas City.

Nonmember
banks.
On par Not on
list. par list.

Member
banks.

San Francisco.

Dallas.

Nonmember
banks.
On par j Not on
list, par list.

Member
banks.

Nonmember
banks.
On par j Not on
list, par list.

1,013
1,012
1,010
1,009
1,004
1,006
999
993
991
987
979
979

2,594
2,591
2,583
2,576
2,570
2, 558
2,542
2,486
2,416
2,321
2,195
2,085

189
182
184
180
182
187
191
233
287
342
406
445

1,149
1.152
1,154
1,152
1,154
1,154
1,155
1.153
1,155
1,147
1,147
1,146

2,976
2,966
2,952
2,943
2,941
2,930
2,935
2,923
2,908 !
2,893
2,873
2,858

167
167
170
173
169
174
173
177
182
189
194
196

863
861
862
862
863
863
863
862
862
863
864
863

1,039
1,039
1,032
1,023
1,014
1,003
999

1,014
1,024
1,009
920
867

2,596
2,635
2,891
1,879
1,169

188
154

1,152
1,103
1,087

165
185

1,025
1, 743

1,038
994

3,007
3,091
3,391
3,346
2,200

861
861
850
756
727

1,045
1,151
1,274
1,220
247

1

i 979 I

OS

Member
banks.

822
822
815
816
817
814
813
811
811
809
810

979
974
958

1947

857
831
723
644

Nonmember
banks.
On par Not on
list. par list.

942
931
931
934
934
937
941
934
929
930
931
928

27
28
29
29
29
28
30
37
40
40
43
44

946
972
1,027
942
1,049

26

109
i 159

tr1

w
o

OPERATIONS OF BRANCHES.
No.

72.—OPERATIONS OF FEDERAL RESERVE BRANCH

BANKS DURING

1923.

NUMBER OF PIECES HANDLED.

Bills discounted and
bought.

Federal reserve branch and district number.

No.
No.
No.
No.

No.
No.

No.
No.

No.
No.

2—Buffalo
4—Cincinnati
Pittsburgh
5—Baltimore
6—Birmingham _
Jacksonville
Nashville
New Orleans.
7—Detroit
8—Little Rock
Louisville
Memphis
9—Helena
10—Denver. _
Oklahoma City
Omaha
11—El Paso
Houston
_
12—Los Angeles
Portland
Salt Lake C i t y
• Seattle
Spokane

7,584
.

169,938

395, 965,453

_
24, 471
8,119
9,155
5,237
14, 599
9,518
11, 447

._
.._

_

Total: 1923 . . .
1922
1921
1920

_ ._.

.._

i Figures for 12-month period ending Dec. 15.




16,516
10,167
7,685
6,242
4,942
12, 689
819
9,151

11,597
_..

Checks
handled.

Noncash collection items
handled.
Government
coupons.

Transfers of
funds.

All other.

10,976,000
15, 500,000
21, 992, 000
16, 749, 000
4,169, 000
3, 999, 000
4, 206, 000
3, 787, 000
13, 007, 000
5, 331, 000
8, 079,000
3, 934, 000
2,108, 000
8,120, 000
14, 419, 000
9, 940, 000
2, 640,000
6, 207, 000
31,214,000
4,863,000
6, 438,000
5,814, 000
3,657,000

417,060
1,813,051
1, 807, 352
1,138, 327
80, 354
121, 310
74,511
595, 921
974, 632
105, 557
641,963
197, 839
122, 894
583,167
33,021
470, 798
63, 498
227, 594
1, 240,023
559,024
263, 931
620, 723
296, 681

207, 149, 000
183, 028, 000
157, 692, 000
i 125, 435, 000

12,449,231

-

547,656
6,147,152
2,903,591
471,737
190,358
202,171
1,351, 478
1, 804, 380
2, 386,153
810,415
2,053,410
421,891
399,136
982,093
1, 284,077
1,505,079
125, 727
560, 298
1, 519, 816
1, 576, 834
519,952
1,420, 551
515, 329

344,563

1,071, 939

1

Fiscal agency—
Issues,
redemptions
and exchanges
of U. S.
securities.

13,094
18, 593
15, 527
25,035
5,992
6,337
3,990
14, 685
30, 331
9,470
12,140
12, 388
11,864
11,424
7,779
227 831
12, 875
20, 779
34, 215
14, 441
17, 617
14, 273
8,883

137,959
105,982
70, 042
76,964
14, 720
24.162
24.813
36, 292
61, 746
24, 487
35, 841
37, 381
25,318
36, 691
56, 873
33, 946
19, 892
28, 460
109, 056
15, 240
45,016
32, 786
18, 272

38,150, 000
28, 200, 446
52,035,611
37, 831,122
13,142, 537
16, 040, 956
10, 652, 543
22,087, 676
48,140, 335
7, 453, 350
20, 771, 707
16, 395, 325
2, 289, 481
5,969,500
3, 854, 604
5,184, 532
3, 523,063
8,396, 672
37, 735,184
5, 417,873
2, 793, 906
8, 348, 566
1, 550, 464

__.

_. .

Currency
received and
counted.

29,699,284

i
w

o

No. 72,—OPERATIONS OF FEDERAL RESERVE BRANCH BANKS DURING 1923—Continued.

AMOUNT OF ITEMS HANDLED.

Federal reserve branch and district number.

No. 2—Buffalo
No. 4—Cincinnati.
No.
No.

No.
No.

No.
No.

No.
No.

Pittsburgh
_
5—Baltimore
6—B irmingham
Jacksonville
Nashville
New Orleans
7—Detroit
8—Little Rock
Louisville
Memphis
9—Helena
10—Denver
Oklahoma City.
Omaha
11—El Paso
Houston
12—Los Angeles
Portland
Salt Lake City..
Seattle...
Spokane
Total: 1923..
1922..
1921..
1920..

Bills discounted and
bought.

$860,519,802

553,129,469

312,881,126
730, 668, 550
70, 521,970
710, 682, 510
147, 895, 348
17,997,318
140,844, 728
178,498, 741
34,867, 585
40, 085, 723
123,129, 583
107, 675, 307
162, 748, 613
51,946,175
71, 408,296
4, 315, 500, 844
2,941,917,000
5,742,170,000
6,836,678,000

Currency
received and
counted.

Checks
handled.

$200,440,000 $2, 782,914,000
130,329,400
5, 806, 826, 000
388,847,573 10,191, 398, 000
218, 909, 945
4, 224,491,000
54,731, 390
1, 486, 994, 000
65,100, 627
1, 257, 806, 000
37, 473,076
1,412, 033, 000
98, 253, 231
1, 097, 428, 000
5,197, 928, 000
401,142, 800
28, 404,133
873, 456, 000
111,412,876
2, 252, 263, 000
61,193, 200
703,121, 000
19, G09, 485
361, 930, 000
44,186,700
1, 408, 098, 000
1, 733, 581, 000
19, 802,050
1, 298, 461, 000
28,374,894
346, 537, 000
25, 732, 300
1,464, 372, 000
41,911,404
4,752,026, 000
269,740, 335
1, 354, 011, 000
52, 780, 787
22, 641, 706
854,738,000
1, 053,355, 000
71,448, 592
483,561,000
11,905, 898
2,404,372,402
2 1,815,877,000
2 1,804. 992,000
2 1,616,708,000

52,397, 328,000
32,160, 339, 000
30, 841,136, 000
37, 560, 687,000

N o n c a s h collection items
handled.

Government
coupons.
$3,
16,
20,
10,

Transfers of
funds.

All other.

815,730
654,265
860, 407
807, 773
477, 290
706, 635
471, 659
5, 014, 876
12, 333, 060
510,116
5, 729,152
1, 336, 568
616, 554
4, 517, 787
270, 894
2, 385, 526
262, 739
1, 421, 338
9,157,958
3, 680, 513
1, 074, 947
3, 735,454
1, 292,382

$102,934,101
67,002, 671
81, 445,009
88, 526, 242
29, 525, 762
16, 544, 443

107,133,623

1,069,928, 586

27, 354, 770
37, 809, 754
99, 343,790
28, 364, 701
41,104, 248
86, 206, 968
9, 579, 043
34, 935, 632
38, 668, 671
35, 027, 428
12, 712,128
67, 780, 240
60,160,101
20,128,441
28, 363, 725
45, 471, 796
10, 938, 922

Fiscal a g e n c y Issues,
redemptions
and exchanges
of U. S.
securities.

$683,072, 625
394,108, 230
546,362, 652
798,335,886
137, 282,353
98, 737, 295
64, 746,670
481, 494, 465
2, 438, 735, 440
248, 705, 842
397, 240, 376
389, 451, 752
141, 328, 753
257, 465, 912
139, 227, 433
391, 270, 296
153, 098, 639
973, 430, 946
2, 811, 203, 714
505, 950, 271
397, 246,802
683,145, 565
149, 902,799
13, 281, 544, 716

$8, 565, 578
77,426,853
85, 485, 954
4,125,062
5, 229, 579
2, 577, 547
6,390,406
51,477, 234
39, 789, 937
5,125,960
17, 216, 306
4,865,115
1, 623, 014
10,688, 319
6, 099, 264
10,925,317
1,156, 575
4, 545, 686
24,925, 884
14, 267,106
4,467,882
23,178,497
5,093,008
415,246,083

NOTE.—Currency received and counted during 1923 by agencies of the Federal Reserve Bank of Atlanta: Havana, Cuba, agency—561,830 pieces, amounting to $7,226,600 (fourth
quarter only); Savannah, Ga., agency—2,007,171 pieces, amounting to $10,983,430.
1
2
Figures for 12-month period ending Dec. 15.
Represents currency and coin received from member and nonmember banks.




F

w
hrj

I

w
o

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS.
No.

73.—EARNINGS AND EXPENSES OF EACH FEDERAL RESERVE BANK DURING

1923.

EARNINGS.
Total.

Boston.

Cleveland.

New York. Philadelphia.

Richmond.

Atlanta.

Chicago.

St. Louis.

Minneapolis.

Kansas | Dallas.
City.

San Francisco.

Discounted bills
$32,956,293 $2,320,839 $8,255,616 $2,693,392 j$2,326,579 12,681,590 SI, 998,189 $3,872,139 i$l,968,788 $1,088,899 SI, 793,861 $1,170,022 $2,786,349
Purchased bills
9,371,288
29,361
826,172 1,020,834
741,384 1,969,837
31,414
62,795
550,770 1,420,395 I 253,773
952,999 1,511,554
836,761
United States securities
520,724
419,739 1,087,251
39,511
79, 752 1,049,666 ' 520,780
971,271
268,659
7, 444,089
910,010
739,935
25,771
91,943
Deficient reserve penalties...
9,172
83,614
42,278
37,374
40,800
62,361
521,061
21,754
29,564
38,857
37,573
1
154,488
16,273
11,356
162,052
Miscellaneous
11,325
15,549
29,222
59,649
415,835
14,616
47,458
28,763
131, 586
Total earnings.

50,708,566 3,506,683 11,413,183 4,592,771

4,655,090

2,878,896

2,682,314

6,511,359 2,753,435

1.749,253 2,993,919

2,356,436 4,615,227

$113,236
460,128

$161,747
821,310

$135,730 $262,456
619,370 1,461,516

CURRENT EXPENSES.
Salaries:
Bank officers
Clericalstaff
Special officers
and
watchmen
Allother
Governors' conferences
Federal reserve agents' conferences
Federal Advisory Council—
Directors' meetings
Traveling expenses 3
Assessments for Federal Reserve Board expenses
Legal fees
i Debit.




,471,411
,025,794

$137,500
895,768

$469,328
3,873,284

812,283
,625,025
6,923

103,019
378

193,627
312,456
758

59, 811
103,077 j
312

97,326 j
178,431 i
492 I

38,587
70,547
345

32,909
39,336
551

108,696
344,363
711

32,969
43,970
523

24,041
35,756
606

76,369
148,210
589

37,365
111,275
510

77,260
134,585
1,148

3,450
12,358
147,287
281,469

176
478
6,173
10,022

332
657
21,664
28,320

138
540
6,223
13,965

211
950
7,812
19,218

132
663
6,515
19,618

239
952
26,079
20,341

1,007
9,094
31,780

443
1,266
11,333
29,183

90
1,195
9,507
32,649

261
707
25,850
14,999

361
1,278
6,064
24,976

704
2,665
10,973
36,398

702,634
44,768

52,474
1,978

190,846
586

60,883
2,588

76,158
7,059

36,449
3,207

28,616
6,741

31,300
185

23,704
14,149

30,296
6,040

25,034
321

49,448
1,914

2

$131,499
994,796

$223,067 $166,792
1,045,915 | 729,497

$177,065 I $332,875 $160,116
426,492 j 1,947,951 749,767

97,426

Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council.

No. 73.—EARNINGS AND EXPENSES OF EACH FEDERAL RESERVE BANK DURING 1923—Continued.
CURRENT EXPENSES—Continued.
Total.
Insurance (other than on
currency and security shipments)
Insurance on currency and
security shipments
Taxes on banking house
light, heat, and power
Repairs and alterations,
banking house
Rent
Office and other supplies
Printing and stationery
Telephone
Telegraph
Postage
Expressage
Federal reserve currency:
Original cost, including
shipping charges
Cost of redemption, including shipping
charges
Taxes on Federal reserve
bank note circulation
All other expenses
Total

Boston

N e w York. Philadelphia.

$378,427

$26,967

$65,411

$24,089

545,985
625,109
246,381

71,248
108,063
25,532

98,065
31,882
20,131

255,979
830,238
594,440
696,934
200,151
590,287
1,723,758
367,565

7,258
29, 610
28,462
61,784
20,427
8,233
167,097
33,827

1,651,134

Cleveland.

Richmond.

00

Atlanta. I Chicago. St. Louis.

$28,300 j

$22,289

$18,995 |

$38,601

88,801
21,614
29, 565

72,779
27,528
21,019

32, 996
41,831
10,724

28,608 ;
41,967 i
11,108 |

56,083
230,455
49, 602

1,700
311,786
88,308
86,523
46,837
65,172
248,052
85,492

76,737
2,903
53,957
57,679
26,679
23,146
141,363
47,148

5,830
129,650
57,833
68,753
14,929
37,614
156,677
21,147

7,883

5,668
19,789
30,365
46,209

24,063 |

4,970
77, 346
96, 991
22,036

88,308
42,176
144,239
112,922
30,164
62,125
207,994
55,244

236,694

421,229

252,141

182,662

41,328 I

78,992

332,390

31,439

76,748

40,627

20,880

25,840

18,039

8,131
590,200

36,294

110,942

35,445

29,770,511

2,134,254

6,880,136

2,295,726




1,186
31,489
43,926
6,057
40,489
126, 823

103
8,419 |
2,550,659

21,88ft

33,725

1,551,156 11,294,232

$20,323

Minneapolis.

Kansas
City.

Dallas.

San Francisco.

$30,474

$36,202

$28,073

$38,703

11,409
1,593
1,836

17,057
76,594
44,288

20,918
33,070
25,622

30,391
3,115
3,857

360
70,389
22,135
37,157
6,970
44,223
123,986
13,017

196
46,699
23,860
36,757
6,988
25,757
90,303

55,007
24,143
37,490
45,216
7,850
71,530
142,083

6,738
1,248
27,467
35,067
12,189
50,988
95,409
22,304

120,629
48,835
64,941
16,091
83,664
126,980
25,864

210,993 |

7,287

40,005

9,075

27,435

57,752

7,835

10,622

11,749

6,437

2,006
110,094

3,540

2,482

29,814

32,622

50, 449

33,497

47,019

4,373,024 1,472,675 1,082,137

1,928,119

,391,228

2,817,165

17,630 |

7,397 I
3,097 j

7,955

294

143,2

24,422

No.

74.—PROFIT AND LOSS ACCOUNT OF EACH FEDERAL RESERVE BANK

Total.

Earnings
Current expenses

Additions to current net
earnings:
Amounts deducted from
reserve for depreciation
on U. S. bonds
All other

Philadelphia.

Cleveland.

Richmend.

Atlanta.

Chicago.

St. Louis

Minneapolis.

Kansas
City.

Dallas.

San Francisco.

1,372,429

4,533,047

2,297,045

2,104,431

1,327,740

1,388,082

2,138,335

1,280,760

667,116

1,065,800

965,208

1,798,062

18,807

Deductions from current net
earnings:
Depreciation allowances
on bank premises
Reserve for probable
losses.
Reserve for self insurance
Reserve for depreciation
on U. S. bonds

158,857
77,865

20,559

1,697

810

4 148
7,803

1,888

848
1,941

29,946
11,957

80,294
564

8,327

4,547

17,795
4,659

1,729
13 ; U3

236,722

Total additions

and

New York

1923.

$50,708,566 13,506,683 $11,413,183 $4,592,771 $4,655,090 $2,878,896 $2,682,314 $6,511,359 $2, 753,435 $1,749,253 $2,993, 919 $2,356,436 $4,615,227
29,770,511 2,134,254
6,880,136 2,295,726 2,550,659 1,551,156 1,294,232 4,373,024 1,472,675 1,082,137 1,928,119 1,391,228 2, 817,165

Current net earnings... 20,938,055

Furniture
ment . .
All other

Boston.

DURING

25, S49

1,697

19,617

11,951

1,888

2,789

41,903

80, 858

8,327

4,547

22,454

14, 842

4,022,246

122,048

1,235,937

23,733

699,651

89,671

305,411

451,044

2,200

40,405

393,983

42,242

615, 921

50,000
50,000

668,416

363,586

123,687

200,000

128,086

590,000

325,000

100,000

53,856

12,178

5,290

2,448,775
202,756

52 756

66,034

equip1,202,808

20,309

58,021
144,351

336,702
58,808

43, 216
3,898

57,228
7,637

20,591

29,971
23,597

23,328
32,399

60,379
128,010

12,062

3,786

70,648
44, 444

166,662

520,872

11,076

324,282
42,275

Total deductions

8,463,491

146,143

1,491,065

138, 825

1,195,161

236,785

1,038,692

1,001,883

179, 455

349,988

722,636

655,380

1,307,478

Net deductions from current
net e a r n i n g s . . . . ,

8,226,769

120,294

1,489,368

119,208

1,183,210

234,897

1,035,903

959,980

98,597

341,661

718, 089

632,926

1,292,636




No. 74.—PROFIT AND LOSS ACCOUNT OF EACH FEDERAL RESERVE BANK DURING 1923—Continued.
O

Total.

Boston.

Net earnings available for
dividends, surplus, and
$12,711,286 11,252,135
franchise tax

Cleveland.

PhiladelNew York.
phia.

$3,043,679

2,177,837

Richmond.

$921,221 $1,092,843

Chicago. St. Louis.

Minneapolis.

Kansas
City.

Dallas.

$352,179 $1,178,355 $1,182,163

$325,455

$347,711

$332,282 i $505,420

Atlanta.

Sa

F

n

» i? -

6,552,717

480,267

1,749,239

582,292

725,626

342,295

264,622

904,371

296,810

212,733

275,313

251,429

467,720

2,545,513

77,187

129,444

1,178,588

195,595

3.84,404

8,756

27,398

407,070

11,272

7,240

80,853

37,706

3,613,056

Dividends paid
,
Transferred to surplus account
Franchise tax paid U. S.
Government

694,681

1,164,996

416,957

366,144

78,801

246,586

478,283

101,450

65,158

No. 75.—REIMBURSABLE EXPENDITURES OF FISCAL AGENCY DEPARTMENT.
Total.
Expenditures during 1923:
Salaries .
.
All other
Amounts reimbursable Jan.
1,1923
Total
Reimbursements
during 1923.

Boston.

Cleveland.

Richmond.

$227,947
80,314

New York. Philadelphia.

$31,524
14,527

$56,322
11,223

8239,354
50,686

34,728

6,360

8,719

Atlanta.

Minneapolis.

Kansas.
City.

$74,386
17,879

$141,087
33,360

$146,613
18,921

$46,011
14,270

39,741

25,168

28,032

33,782

6,674

34,829

Chicago. St. Louis.

Dallas.

San Francisco.

$1,326,500
586,160

$71,953
6,788

$128,106
293,985

$76,813
24,150

368,243

25,491

110,312

14,377

2,280/903

104,232

532,403

115,340

342,989

52,411

76,294

329,781

117,433

202,479

199,316

66,955

141,270

2,154,253

100,083

514,205

110,627

323,246

46,151

68,604

307,126

109,329

191,026

190,900

62,887

130,069

126,650

4,149

18,198

4,713

19,743

6,260

7,690

22,655

8,104

11,453

8,416

4,068

11,201

v

$86,384
20,057

received

Balance reimbursable
Jan. 1,1924




No.

76.—GROSS AND N E T EARNINGS OF EACH FEDERAL RESERVE BANK, ALSO DISPOSITION

MADE OF N E T EARNINGS,
Disposition of net earnings.

Earnings.

Federal reserve bank.

Gross.

1914-1923.

Net.

Dividends
paid.

Transferred1 to
surplus.

Profit (+) or
Franchise tax
paid to U. S. loss (—) carried
forward.
Government. 1

All Federal reserve banks:
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923

..

Total...

.

$63,145
2,110,107
5, 217,937
16,128,339
67, 584, 417
102,380, 583
181, 297, 338
122, 864, 605
50, 490, 739
50, 708, 566

2 $310,287
168, 828
2, 750,998
9, 579, 607
52, 716, 310
78, 367, 504
149, 294, 774
82, 087, 225
16, 497, 736
12, 711, 286

$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

$1,134,234
48, 334, 341
70, 651, 778
82, 916, 014
15, 993, 086
-659, 904
2, 545, 513

$1,134,234

598, 845, 776

.
. .

403, 863, 981

43,947, 922

220, 915, 062

-$310,287
-48,635
+1,008,224
+509,413
-1,158, 715

139, 000, 997

2, 703,894
60, 724,742
59, 974,466
10,850,605
3, 613,056

I
H
O

Boston:
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
Total

.

2

891
124, 568
490, 888
1, 285, 884
4, 475,195
7, 497, 583
12, 273, 253
6, 968, 662
3, 541, 313
3, 506, 683

25, 818
2 8, 785
295, 935
740, 359
3, 305,180
5, 777, 381
10, 272, 564
4, 281, 353
1,097,402
1, 252,135

249, 735
601,756
384,180
414,447
447, 266
473,109
481,951
480, 267

75,100
2,921,000
5,362,934
7,351, 799
772, 324
-170,782
77,187

2,473, 499
3,035,920
786,233
694,681

40,164,920

26,987, 706

3, 532, 711

16, 389, 562

-25,818
-8,785
+46,200
-11,597

7,065, 433

75,100

1
Amounts shown as transferred to surplus account for 1922 are net, i. e., after the deduction of amounts charged to surplus account on Dec. 31, 1922, and paid to the United
States Government as franchise tax for prior years as follows: For 1920—New York, $270,389; for 1921—Boston, $247,350; New York, $1,334,160; Philadelphia, $36,366; Richmond
$20,459; Atlanta, $213,629; Chicago, $710,190; Minneapolis, $52,423; Kansas City, $208,170; San Francisco, $306,926; total, $3,129,673.
2 Excess of expenses.




w
o

No.

76.—GROSS AND N E T EARNINGS OF EACH FEDERAL RESERVE

BANK, ALSO DISPOSITION MADE OF N E T EARNINGS, 1914-1923—Con.

to

Earnings.

Disposition of net earnings.

Federal reserve bank.
Gross.

N e w York:
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923

.

Transferred to
surplus. 1

Franchise tax
Profit (+) or
paid to IT. S. loss (—) carried
forward.
Government. 1

2

$43, 485
2 80,402
414, 064
3, 078, 481
21,662,917
27, 959, 619
53,128,130
26, 093, 832
3,721,593
3, 043, 679

$127,113
1, 942,819
1,195, 026
1, 291, 047
1, 477, 096
1, 608, 721
1, 652,138
1,749,239

$649, 363
20, 467, 891
23, 964, 678
12,332,523
3, 782, 671
-1,397,603
129, 444

2, 703, 894
39,318.511
20, 702, 440
3, 467, 058
1,164,996

184, 877,185

138, 978, 428

11, 043,199

59, 928,967

68,006, 262

2,739
111, 233
448,180
1, 095,540
84, 357,740
11, 609,880
8, 848, 551
4, 008, 095
4,251,950
4, 592, 771

21, 322
10,195
249, 941
753,875
2,972, 089
6, 659,169
9, 065,116
5, 339,454
2, 236, 876
2,177,837

r
—

43,326, 679

29,422, 840

_.-_r__rr__.r_-.r-r.—r.,„_-____.rr_r_,__r?

20,077
111,738

2 28,937
? 26,837

--

Philadelphia:
1914
1915
1916
1917
1918
1919

-

-

- -

.

.

.
_._

-

_
,

. .._
-

„
-

Total
Cleveland:
1914
J915

Dividends
paid

$13,927
331,108
971,026
4,929, 214
25, 314, 736
35, 332,412
60, 525,321
34, 704, 939
11,341,319
11,413,183

Total

1920
1921
1922
1923

Net.

*
,

„
*
,

„

-

,.,.„-




$649, 363

2

458
603
983
380
679
663
552
292

2, 608, 344
6,196, 789
8, 204, 775
935, 239
803, 594
1,178, 588

3, 936, 610

19,927, 329

o
O

-21,322
-10,195
+121,483
+130, 272
-220, 238

2

128,
623,
583,
462,
496,
517,
541,
582,

-$43,485
- 8 0 , 402
+286, 951
-163,064

363,662 j
3,886, 552
891'730
416,957
5, 558, 901

-28,937
-26,837

1916
1917
1918
1919
192O._
1921
1922
1923

452,129
1,367, 216
5,226,864
7,800, 829
14, 458, 619
9, 390, 863
4,994,282
4, 655,090
48, 459, 707

_

_

_
__.

Total

,.

143,237
716,168
716,107
556, 785
604,194
660,228
692, 436
725, 626

293,808
753, 682
4,135, 796
6,093, 785
11,820,031
6, 284,383
2, 268, 688
921, 221
32,515,620

4,814,781

3, 552,000
5, 537, 000
11, 215, 837
2, 329,442
861, 264
195,595
23, 691,138

+150, 571
+37, 514
-132,311

3,294, 713
714,988

4,009,701

Richmond:
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923

_

„
._

.._._
._

._

_
_
_
...

Total

„

Total




_

_---

*See note on page 171.

20,073
195,028
186, 571
462, 224
2, 312,030
3,877, 266
5, 238, 506
4, 393, 627
867,448
1,092,843

151,940
197, 922
240, 944
232,432
252, 872
293,052
322, 203
333, 321
342,295

116, 472
2, 079, 598
3, 624, 394
4, 740,869
693, 792
32,954
384,404

18, 605,470

2, 366,981

11, 672, 483

4, 566,006

2 19, 571
102,103
129, 307
288,083
1, 652, 473
3,382, 397
6, 010,324
5, 496, 219
672, 730
352,179

201, 719
218, 203
182,473
197, 397
225, 571
245, 862
256, 618
264, 622

40,000
1, 470, 000
3,185, 000
3, 648, 465
770,106
-172, 018
8,756

2,136, 288
4, 480, 251
588,130
78,801

27, 732,961

18,066, 244

1, 792,465

8, 950, 309

7, 323,470

-20,073
+43,088
-11,351
-11,664

204,585
3, 377, 632
501,173
366,144

2,808
233, 652
279, 520
589, 789
2,293,058
4, 416, 001
7,476,431
7,406, 652
2, 352, 736
2, 682,314

_

Atlanta:
1914
1915
_
1916
1917
1918...
1919
1920.
1921
1922
_
1923

2

4,730
314,850
334,102
821,195
2, 979,048
4, 775, 324
6,903, 270
6, 729, 679
2,832, 944
2, 878,896
28, 574,038

_

2

Excess of expenses.

116,472

40,000

O
H
W

-19, 571
+102,103
-72,412
-10,120

o

ISO, 7U.—UROSS AND N E T EARNINGS OF EACH FEDERAL RESERVE BANK, ALSO DISPOSITION MADE OF N E T EARNINGS,

1914-1923—Continued.
Earnings.

Disposition of net earnings.

Federal reserve bank.

Dividends
paid.

Profit
Transferred1 to Franchise . tax loss (—)(+) or
carried
paid to U S.
surplus.
forward.
Government.l

Gross.

Chicago:
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923

Total

Net.

$17,814
251,071
665, 937
2, 083,164
8, 481, 747
12, 012, 078
30, 303, 218
20, 382,170
6, 748, 863
6, 511, 359

2 $22,169
42,260
403, 206
1, 231, 879
6, 805,081
8, 576, 204
25, 875, 749
14, 505,117
1,405, 215
1,178, 355

$361,319
862, 259
604, 635
700,807
792, 769
853, 785
876, 203
904, 371

$215,799
6, 200, 446
7, 875, 397
14, 688, 500
2, 075, 323
-657,289
27, 398

10, 394,480
11, 576, 009
1,186, 301
246, 586

87, 457, 421

60,000, 897

5,956,148

30,425, 574

23, 619,175

-$22,169
+42, 260
+41, 887
-61,978

$215,799

§
o

w

St. Louis:
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923

Total




2

9,463
77,370
297, 948
773,106
2, 676,828
3,884, 478
7,180,117
5,166,315
2, 456, 447
2, 753, 435

16, 257
80,912
141,017
502,156
1, 777,810
2, 355,154
4, 875, 566
2, 951,926
647, 572
1,182,163

31,100
284, 566
404,838
234, 660
253, 711
270,253
283,166
296, 810

1, 603, 310
2,120,494
4, 621,855
1,042, 564
276,450
407,070

1, 639,109
87,956
478, 283

25, 275, 507

14, 336,195

2, 059,104

10,071,743

2, 205, 348

"""

2

_

-16,257
—80, 912
+109, 917
+217,590
-230, 338

w
o

Minneapolis:
1914
1915
1916
1917
1918
1919
1920
1921
1922...
1923

_...

1,322
98,790
255,177
672, 799
2,049,954
3, 007,041
5, 307, 381
4,966, 311
1, 969, 248
1, 749, 253

_

Total .
Kansas City:
1914

1915
1916
1917
1918
1919-..
1920
1921
1922.
1923-. .

.

__

_ .

37, 500
1,377, 744
2,153, 757
3, 410, 948
488, 530
4,469
11, 272

12, 766, 762

1, 603, 939

7,484, 220

3,678, 603

1,934
100,540
380, 208
1,002, 660
3,451,936
4, 961, 482
7, 409,987
5, 712,858
3,094, 660
2,993,919

26, 230
40,546
224,989
566,404
2, 437, 748
3, 923,362
5, 540,681
3, 056, 096
7S3,036
347,711

66, 707
364, 503
309, 729
228, 755
257, 672
268, 620
275, 655
275, 313

2, 421,426
3, 694,607
3, 042, 781
486, 918
-157,432
7,240

2, 240, 228
2, 300, 558
664,813
65,158

16,813, 251

2, 046,954

9, 495, 540

Dallas:
1914
1915
1916
1917
1918
1919
1920
1921
1922

.

_
1

See note on page 171.

-23,530
-8,811
+76,883
-44, 542

524,234
2,450, 967
564,452
101,450

5, 270, 757

29,110,184

Total




* 57,720
363,895
168,103
180,186
195,871
211,657
213, 774
212, 733

20,077, 276

_.

2 23,530
2 8,811
134, 603
394, 353
1, 545,847
2, 333,943
4,131,053
3,151,154
782, 695
325, 455

2,679
241,987
326, 372
621, 970
2,089, 526
3,062, 251
4, 904,522
4, 243, 648
2,085, 775

37,500

2

-26, 230
-40,546
+158, 282

2

2
27,640
103,028
166,046
352,067
1,240,175
2,041, 864
3, 228, 231
1, 613, 564
354,125
2

65,523
134,008
188, 234
261, 503
196, 335
225, 424
252, 211
251, 915
Excess of expenses.

1,184,408
1, 845, 529
3, 002, 807
i, 361, 353
102,210

+201, 901
-293,407
j

-27, 640
+37,505
+32, 038
+163, 833
-205, 736

w

o

No.

76.—GROSS AND N E T EARNINGS OF J^ACH TJSDEUAL J^ESEKVJK JDAJNK, ALSO JLUSFOSITION MADE OF N E T

EARNINGS,

1914-1923—Continued.
Earnings.

Disposition of net earnings.

Federal reserve bank.
Gross.

Net.

Dividends
paid.

Profit
Transfered1 to Franchise tax loss (—)(+) or
paid to U. S
carried
surplus.
Government. J
forward.

>

Dallas—Continued.
1923

_

$2, 356,436

_

Total

_

$332, 282

$251,429

9,403, 742

1,826, 582

7, 577,160

2,761
113,200
316, 450
885,802"
4,187, 785
7,021, 224
12, 706, 668
9,184, 413
4, 821, 202
4, 615, 227

2 35, 255
17,103
111,511
456,044
2, 869,164
5, 387, 360
10,108, 823
4,920, 500
1, 660, 356
505, 426

43,736
394, 776
497, 675
296,161
384, 713
435,361
448, 306
467, 720

2, 448,174
5,091,199
6, 654,855
1, 254,824
-185, 721
37, 706

43, 854, 732

25, 966, 826

2, 968, 448

15, 301, 037

fa

$80,853

19,935,166

.

I

San Francisco:
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923-.

Total -

. .

..
-~

.._

-




-

_

-.

-

i See note on page 171.

-.

-$35, 255
-17,103
+67, 775
+61, 268
- 7 6 , 685

2

2

3,069,255
3,230,315
1, 397, 771

.....

7, 697, 341

Excess of expenses.

w
o

RECEIPTS AND DISBURSEMENTS OF THE FEDERAL RESERVE BOARD.
No.{77.—RECEIPTS AND DISBURSEMENTS OF THE FEDERAL RESERVE BOARD FOR THE YEAR

Balance January 1, 1923:
Available for general expenses of the board
Available for expenses chargeable to the Federal reserve banks

Total

.

1923.

>>
^
<H

$80, 024. 07
236, 452. 10

_

$316,476.17

?

§
RECEIPTS.

Available for general expenses of t h e b o a r d :
Assessments on Federal reserve banks for estimated general expenses of t h e b o a r d
Refunds of expenditures during 1922
Subscription t o Federal Reserve Bulletin
Refund b y T r e a s u r y D e p a r t m e n t of salaries of laborers
Miscellaneous receipts a n d reimbursements

hj

P
H
o
^
M
fei

$702, 634. 68
878. 87
8, 388. 17
1. 519. 99
885. 59

hrj

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, including redemption of Federal reserve
notes
„
1,467, 123. 77
For expenses of gold shipments between Treasury offices and Federal reserve banks
under the provisions of section 16, Federal reserve act
4, 155. 24
For expenses of leased-wire system
253, 109. 54
For miscellaneous expenses
10, 794. 46

714, 307. 30

g
t*J
j>
g
§
#
tg
g
f>

Total receipts available for expenses chargeable to Federal reserve banks
Total receipts
Total available for disbursements




1, 735, 183. 01

W
p
2, 449, 490. 31
2, 765, 966. 48

No, 77.—RECEIPTS AND DISBURSEMENTS OF THE FEDERAL RESERVE BOARD FOR THE YEAR 1923—Continued.

^

-a
DISBURSEMENTS.

For general expenses of the board:
Expenses for 1922 paid in 1923
Expenses for 1923 (per detailed statement)
Less accounts unpaid December 31, 1923

$14, 371. 58
$726, 428. 28
12, 666. 29

Salaries of laborers reimbursable by Treasury Department
Miscellaneous expenses reimbursable
Refund account of Federal Reserve Bulletin

713,761.99
2, 539. 99
88. 09
6. 69

Total disbursements for general expenses of the board
$730, 768. 34
For expenses chargeable to Federal reserve banks:
Cost of preparing Federal reserve notes, including redemption of Federal reserve notes__ 1, 498, 576. 47
Expense of gold shipments between Treasury offices and Federal reserve banks under
the provisions of section 16, Federal reserve act
3, 254. 11
Expense of leased-wire system
252, 894. 74
Miscellaneous expenses
10, 515. 65
Total disbursements for expenses chargeable to Federal reserve banks
1, 765, 240. 97
Total disbursements
Balance December 31, 1923:
Available for accounts unpaid, December 31, 1923
Available for general expenses of the board
Available for expenses chargeable to Federal reserve banks unpaid, December 31, 1923
Total balance




^
%
£
^
&
^
o
H
o

£j
tei
^
O
j>
F
$2, 496. 009. 31 #
gjj
12, 666. 29
H
50, 896. 74
^
206, 394. 14
w
269,957. 17
|

DETAILED STATEMENT OF COMMITMENTS.
February.

April.

May.

June.

July.

March.

«, 817.89
2,313.74
2,005.82
513.33
8,607.05
5,173.27
2,274.96
1,336.24
445.00
699.16
423.33
6,987.42
763.89
5,194.49
1,630. 81

;7,964.87
2,313.75

58,372.11
2,313.76
2,165.85
513.34
8,632.12
4,982.60
2,270.87
1,359.52
445.00
699.17
423.34
7,013.12
763.90
4,665.84
1,627.52
96.00

18,480.40
2,313.74
2,223.82
513.33
8,632. 05
4,997.44
2,202.06
1,355.74
410.00
699.16
423.33
7,699.43
763.88
4,563.16
1,630.81
96.00

$8, 480.41
2,313.75
2,295.83
513.33
9,132.08
4,997.46
2,205.50
1,368.49
450.00
699.17
423.33
7,486.95
763.89
4,560.34
1,594.17
96.00

44,072.33 44,431.13 45,097.42 45,282.40

46,225.06

Septem- October. November.
ber.

August.

January.

December.

Total.

PERSONAL SERVICES.

Board members and their staff
Office of secretary
Ofllce of general counsel
Office of fiscal agent
Division of examination
Division of bank operations
Division of chief clerk
Division of gold settlement
Division of supply agent
Division of currency
Division of printing
Division of research and statistics
DivLion of architecture
Division of issue and redemption
Messengers
Charwomen
Total

||6,305.41
2,088.74
1,955.82
513.33
8,657.90
5,525.74
2,186.22
1,362.99
441.66
737.91
I 423.33
j 6,756.78
763.88
4,630.82
1,625.80
\
96.00

86,305.41 1*6,570.43
2,088.75 | 2,313.76
1,955 83 1,980.85
513.33
513 34
8,748.74 8,607.12
5,516.42 5,285.11
2,252.28 2,315 04
1,314.05 1,354.27
403.34
445.00
706.55
699.17
423 33
423.34
6,848.20 6,902.58
763.89
763.89
4,864.17 5,196 67
1,630.84 1,630.85
96.00
96.00

2,115.83
51333
8,619.58
5,176.63
2,335.00
1,342.99
445.00
699.17
423.33
6,829.85
763.88
4,961.67
1,624.18
96.00
96.00

$8,562.66 | $8,658.73
1,837.09 2,113.74
2,256.68 2,217.48
513.33
513.34
10,582.12 10,380.38
4,997.60 4,668.69
2,222 53 2,202.47
1,282.7? 1,423.49
450.00
450 00
699.17
699.16
423.34
423 33
6,927.61 6,982.43
763.89
76389
4,635.34 4,737.32
1,630.85 1,644.70
96.00
96.00

$8, 658.74 $8,658.78
2,113.75 2,113.76
2,217.50 2,217.52
513.33
513.34
10,380.41 10,380.46
4,792.05 4,802.19
2,327.50 2,427.53
1, 407,74 1,419.02
450.00
450.00
699.17
699.17
423.33
423.34
6, 624.18 6,677.56
763.90
763.88
4,593.32 4,580.65
1,660. 84 1,609.61
93.86
93.86

«93,835.84
26,238.33
25,608.83
6,160.00
111,360.01
60,915.20
27,221.96
16,327.31
5,285.00
8,436.13
5,080.00
83,736.11
9,166.66
57,183.79
19,540.98
1,147.72

46,344.06 |47,004.35 |47,380.70 47,. 880.99 47,975.14 147,719.60 ;47,830.69 |557,243.87

NONPERSONAL SERVICES.

Transportation and subsistence:
Board members and their staff
27.31
186.91
Office of secretary
30.45
Office of general counsel
5,799.33 7,348.96
Division of examination
21.89
Division of research and statistics
38.90
Division of architecture
Total all other divisions, including local
car fare
16.73




244.44
68.37

49.95

i. 16

5,971.37
172.37

5,335.54
63.39

5,234.36

20.27

16.05

180.06
89.81

182.19

365.34
35.74

4,348.99 I 4,754.43
26.02 I
11.89

132.30

3,914.69

237.17

6.38

27.10 j

261.66
49.26
5,753.30
124.47

1,923.19
280.87
49.26
5,319.46 I 4,214.92 58,127.65
537.24
47.03
31.28
104.00
56.50

86.53

No,

77.—RECEIPTS AND DISBURSEMENTS OF THE FEDERAL RESERVE BOARD FOR THE YEAR

1923—Continued.

OO

o
January.

February.

March.

April

May.

June.

July.

$566.77
1,064.88
66.00

$650.62
1,058.51
SO. 00
4,260.62
36.32
44.00

$654.61
1,626.65

$624.10
1,076.98

3,292.61
30.87
44.04

80.00
3,434.42
112.56
44.00

35.00
154.99

138.91

375.00
779.61
1,54S.17

i SeptemAugust. | ber.

October.

N ovem*
ber.

$651.67
901.82

$645.32
1,210. 46
2,094.83
67.40
44.00
35.00

December.

Total.

$661.79

$7,614.96

1,606.75
75.00

14,942.41

NONPERSONAL SERVICES.
Communication service:
Telephone
Telegraph
Postage
Printing, binding, etc
Repairs
Electricity (light and power)
Steam (heat)
Miscellaneous, unclassified
Equipment rental
Supplies:
Stationery and office
Periodicals
Equipment:
Furniture and office
Books
Rent

$633.25
1,101.72
49.00
8,470.57
32.54

$649.76
1,081.55
40.00
233.65
4.00
44.00

$523.23

35.00

1,730 11
41.00
3,559.02
55.01
44.00
35.00

108.96
375.00

448.60
378.00

143.86
375.00

1,571.47
64.67

559.92

493.95
22.82

346.96

6.00

1,248.22
207.57

404.75

509. 91

345.15

2,293.09

2,293.09

65.88
2,293.09

10.00
2,293.09

44.00
35.00
301.91
375.00

3,062.90

130.46
44.00
35 00

109.50
50.00
1,876.42

$630 75
1,08353
75.00

$623.09
1,399.45

2,203.31
61.08
44.00

2,195.89

214.87

301.11

378.00

220 02
375.00

80.00
1,533.59
137.64
44.00
35.00
56.01

375.00

381.81

584.65

1,050.01

943.65

91.58

21.86
44.00

44.00
35.00
44.25

586.00
36,133.57
733.00
528.04

375.00

1,003.66
375.00

382.00

280.00
3,137.15
4,519.81

593.99
14.90

799.09

415-91

793.23

8,932.44

100-00

16.00

1,864.14

179.09

52.00
121.21
1,876.42

515.10

4,084.47

15.00

639.96
24,183.72

473.39
31.83
1,876.42

1,79*2.16
43.26

201.62

27.88

80.65

24.72

33.10

1,876.42

1,876.42

1,876.42

1,876.42

1,876.42

H

W

Total

22,340.73 13,393.44 16,656.17 114,053.22 16,393.33 113,386.59 14,483.74

169,184.41

gj

Grand total

66,413.06 57,824.57 61,753.59 159,335.62 62,618.39 59,730.65 01,488.09 J55,456.24 59,710 26 60,833.16 61,127.30 60,137.35 726,428.28

&




8,075.54 11,829.27 12,858 02 13,407.70 12,306.

W
O

ALLOTMENTS OF UNITED STATES SECURITIES.
No.

78.—ALLOTMENTS OF UNITED

STATES

NOTES AND CERTIFICATES OF INDEBTEDNESS

TS-2, 1923.

Boston
New York
Philadelphia
Cleveland_ _
Richmond
Atlanta
__
O hieago
St. Louis
Minneapolis
Kansas City.
Dallas
San Francisco

___•___

Total
Rate of interest (per cent)
Date issued
Maturity date




Series
TD-2, 1923.

Series
T M , 1924.

$10,366,000
62, 789,000
8,001,000
10, 817,500
4,495, 500
6, 390, 500
14,005,000
4,049,000
4,893,000
5, 683, 500
8,187,000
14, 575,000

$18,042,000
$22,480,000
118, 685, 500
74, 855,500
30, 281, 500
16,189, 500
26, 687,000
8,895,500
11, 269, 500
6,095,500
11, 395, 500
7,579,500
34, 777, 500
21,839, 500
14,999, 500
5,699, 500
8, 496, 500
5,323,500 j
12,497,500
3, 381,000
14, 353, 500
4,576, 500
19, 710, 500
12,918,000

154, 252,000

189,833, 500 321,196,000

4i
3-15-23
9-15-23

4
6-15-23
12-15-23

3-15-23
3-15-24

1923.

Treasury notes.

Tax certificates.
Federal reserve district.

DURING

Series
T M - 2 , 1924.

Series A,
1927.

Total.

Series B ,
1927.

Series
T D , 1924.

Series
T J , 1924.

$17, 847,000
62, 405,000
15, 255,000
21,636,500
5, 739, 500
7, 590, 500
24,727,000
9, 669, 500
3, 571, 500
3, 225, 500
7,002,000
15, 480,000

$8,029, 500
43, 743, 500
5,925, 000
10,143,000
3,142,000
5, 013, 500
13, 207, 500
3, 622,000
3,924,000
1,581,000
6,962, 500
29, 835,000

$32,151,000
131,411,400
35, 479, 500
23, 319, 200
18, 246,100
10,046, 300
50, 343, 300
17,893,100
14, 580,300
6, 285,900
6, 214, 200
20,957,300

$58,653,500
262,491,600
48,314,300
53,084,000
19,853,500
18,393,600
88, 289,900
40,115,300
15,414,000
19, 751,400
7, 771,800
33,837,800

249, 750, 500 I 194,149, 000

135,128, 500

366,927,600

665,970,700 j 2, 277, 207,800

4
12-15-23
6-15-24

1-15-23
12-]5-27

$30,693, 000
78,348, 500
16, 535,000
23, 405, 500
9, 053,000
9,032, 500
32, 792,500
9, 399, 500
6,179,000
5, 463,000
10,211,000
18, 638,000

4i
9-15-23
3-15-24

12-15-23
12-15-24

$198, 262,000
834, 730,000
175,980, 800
177,988,200
77, 894, 600
75,441,900
279,982, 200
105, 447, 400
62,381, 800
57, 868,800
65, 278, 500
165,951, 600

V

o
H

o
H
W

O

m

5-15-23 I
3-15-27 |

i
03
O

CO

182

ANNUAL EEPORT OF THE FEDERAL RESERVE BOARD.

CONDITION OF MEMBER AND NONMEMBER BANKS.
No.

79.—ABSTRACT OF CONDITION REPORTS OF ALL MEMBER BANKS (NATIONAL
AND STATE) OF THE FEDERAL RESERVE SYSTEM.

[In thousands of dollars.]
Apr. 3,
Dec. 29,
1922 (9,859 1923 (9,850
banks).
banks).

J u n e 30,
1923 (9,856
banks).

Sept. 14,
Dec. 31,
1923 (9,843 j 1923 (9,774
banks).
banks).

18,061,459
19,328

18, 554,983
16,842

18,864, 321
15,737

18, 838, 478
18, 622

19,034,996
16, 690

372, 550
3, 788,377
3,899,339
711,917
123, 354
561, 576
1,939,028

378,159
3,883, 266
3, 877,102
731,082
134,143
518,112

334,383
3,870, 232
3,924, 715
752,048
145,180
428,911

295, 841
3, 722, 441
3,918,011
767, 651
145, 279
523,407

391, 595
3, 641,132
4,045,312
786, 792
147, 634
561,433

1,908, 586

1,871,015

1, 868,926

1,900,153

635,926

601, 519

559,308

654, 791

665, 709

1,805,579
1, 405,121
117,963

1, 774,287
989, 629
103, 242

1, 596,184
946,179
128,907

1, 640,178
105,965

1,824,348
1, 709, 537
140,987

18,449
1,954
323,817

37,084
15,629
2,048
303, 445

36,909
15,188
2,186
287, 755

36,720
14,969
2,232
318, 367

33,882, 571 33,852, 041 33, 795,326

33, 728,424

35, 238, 606

RESOURCES.

Loans and discounts
Overdrafts
Customers' liability on account of acceptances
United States Government securities
Other bonds, stocks, and securities
Banking houses, 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, bankers, and trust companies
Exchanges for clearing house, also checks on
other banks in same place
Outside checks and other cash items
Redemption fund and due from United
States Treasurer
...United States securities borrowed l
Other securities borrowed z
Other assets

Total.

36,800
19,471
2,012
382, 771

LIABILITIES.

Capital stock paid in
|
Surplus fund
|
Undivided profits, less expenses and taxes |
paid
Due to Federal reserve banks
Due to banks, bankers, and trust companies.
<3wtified and cashiers' or treasurers' checks
outstanding.
Demand deposits
Time deposits.._
United States deposits..
Total deposits
Bills payable (including all obligations representing money borrowed, other than
rediscounts)
Notes and bills rediscounted (including acceptances of other banks and foreign bills
of exchange or drafts sold with indorsement)
Cash letters of credit and travelers' checks
outstanding._
Acceptances executed for customers
Acceptances executed by other banks for
account of reporting banks
National-bank notes outstanding
United States securities borrowed
Other securities borrowed
Other liabilities
Total.
Ratio of reserve with Federal reserve banks
to net deposit liability (per cent)
1

1,940,916
1, 625, 765

1,979,953
1, 630, 553

1,998, 295
1, 631,702

2,004,140
1, 626,922

2,003,054
1, 641,319

797, 233
39,610
3, 452, 773

745,076
34, 477
3,473, 760

737,081
33, 472
3,183,978

805,170
37, 771
3,165, 502

733,193
36,674
3, 475, 656

857, 234
14,815, 507
7, 644,881
461,799
27, 271, 804

601,465
14, 525, 756
8,142, 574
404, 427
27,182, 459

468,154
14, 692,905
8, 378, 211
296, 482
27,053, 202

534,642
14, 565, 909
8,466,416
144, 478
26, 914, 718

922, 549
15,164,182
8,650, 610
236,942
28,486,613

429,930

494,412

522,989

516, 637

444, 983

447, 597

473,407

550, 222

604, 725

572, 661

15, 628
366,539

17,723
380, 245

34, 577
319, 381

27,112
291, 713

20,360
400,200

33, 652
723,317
54,138
4,960
171,092

41,126
727, 574
52, 542
6,115
120, 856

45,819
719,489
50, 586
5,025
126,958

26, 679
730, 980
52,175
4,936
122, 517

26,197
725,441
53, 256
5.270
126,069

33,882,571 I 33,852,041

33,795,326

33,728, 424

35, 238, 606

9.8

9.7

10.2

Exclusive of securities borrowed by national banks.




10.0

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

183

•No. SO,—ABSTRACT O F C O N D I T I O N R E P O R T S OF STATE BANK AND T R U S T C O M PANY

MEMBERS

OF THE FEDERAL

RESERVE

SYSTEM.

[In thousands of dollars.]
Dec. 29,
1922
(1,639
banks).

Apr. 3,
1923
(1,626
banks).

June 30,
1923
(1,620
banks).

Sept. 14,
1923
(1,609
banks).

6,464,127
6,284

6, 889, 418
5,181

7,049, 292
5,309

6, 906, 563
5,675

7,161,274
6,222

164,085
1,135,381
35,403
1,517,361
241, 393
48,190
10, 505
160,021
718,181

175, 333
1,192,691

147, 252
1,179, 861
36,962

142, 356
1,123, 272
37, 271
1, 483, 616
263, 038
58, 882
11,713
150, 797

184,158
1,077, 773
37,691
1,530,967
274,014
53,768
13, 749
162,438

Dec, 31
1923
(1,595
banks).

RESOURCES.

Loans and discounts
Overdrafts
Customers' liability on account of acceptances
United States Government securities
Stock of Federal reserve banks
Other bonds, stocks, and securities
Banking houses, furniture, and fixtures
Other real estate owned
Gold and gold certificates
All other cash in vault
Reserve with Federal reserve banks
Items with Federal Reserve banks in process
of collection
Due from banks, bankers, and trust companies
Exchanges for clearing house, also checks on
other banks in same place
Outside checks and other cash items
United States securities borrowed
Other securities borrowed
Other assets
Total .

36, 670
1,494,519
251,619
52, 018
9,547
150,115
729,086

180,134 |
I
424,176 j
557,683 I
55,769 I
19,471
2,012
176,841

1, 512, 818
258, 839
58,062
11, 278
127,188
728, 279

699, 581

176,899

162,397
391,948

441,096
406,091
49,319
18,449
1,954
168,865

11,917,017 j 12,248,870

391,734
57,356
15,629
2,048
156,872
12,293,124

719,315

191,335

205, 536

388,354
355,900
46, 643
15,188
2,186

476, 640

143,623

698,686
67,388
14,969
2,232
156,483

12,025,993 I 12,843,303

LIABILITIES.

670,154
624,656
661,559
Capital stock paid in
550, 750
563,491
561,676
Surplus fund
Undivided profits, less expenses and taxes
268,508
259,009
261,003
paid
11,501
7,960
Due to Federal reserve banks
9,278
725, 717
814,205
Due to banks, bankers, and trust companies _
799,481
Certified and cashiers' or treasurers' checks
351,059
215,147
276,968
outstanding
5,283,488
5,408, 921
5,349,066
Demand deposits...
3,326,958
3,624,048
3,563,258
Time deposits
__I
160,005
142,281
105,921
United States deposits
9,858,728 10,153,738 10,162,796
Total deposits
Bills payable (including all obligations representing money borrowed other than rediscounts)
Notes and bills rediscounted (including
acceptances of other banks and foreign
bills of exchange or drafts sold with indorsement)
Cash letters of credit and travelers' checks
outstanding
Acceptances executed for customers
Acceptances executed by other banks for
account of reporting banks
United States securities borrowed
Other securities borrowed
Other liabilities
Total.
Ratio of reserve with Federal reserve banks
to net deposit liability (per cent)




672,496
5.59,202

677,979
573,610

282,288
8,008
750,174

259,342
9,709
907,610

237,031
388, 524
5,238,910
5, 575, 521
3, 603,093 3, 703, 712
45, 434
81,461
9, 882,650 10, 666,537

119,149

124,247

152,068

163. 642

120,817

185,176 |
I
10, 756 !
166,695 j
10,021 i
19,523
2,012
101,043 |

182,940 |

197, 421

203, 926

238, 765

12,184 !
179, 372

26,018
147.173

19, 615
145,927

14,877
195, 769

15,410
15, 634
2,048
81, 723

7,782
15,192
2,186
71,087

8,567
14, 969
2,232
69,839

12,248,870 I 12,293,124

12,025,993

12,843, 303

11,917,017

10.8 !

14, 982
18,462
1,954
76, 932

10.7

10.6

10.4 !

184

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD,

No. 81.—ABSTRACT OF CONDITION REPORTS OF ALL MEMBER BANKS
AND STATE) IN N E W YORK CITY.

(NATIONAL

[In thousands of dollars.]
Dee. 29,
1922 (58
banks).

Apr. 3,
1923 (58
banks).

June 30,
1923 (61
banks).

3, 764,127
1,310

3, 754, 571
1, 355

3,722,909 i 3,611,946 ! 3, 790, 960
1,437 l
1,840
1,106 j
204,764 l: 180,378 I
240, 591
955, 692 • 873,990 I
897,303
512,832 ' 503,901 !
,
517, 689
89,483 I
90,199 |
91, 598
3,397
3,712
3, 502
51,437 I
57,424 !
61, 383
569,931 ; 550,056 | 577,156

Sept. 14, i Dec. 31,
1923 (62 S 1923 (63
banks). j banks).

RESOURCES.

Loans and discounts
Overdrafts
Customers' liability on account of acceptances
United States Government securities
Other bonds, stocks, and securities
Banking houses, furniture, and fixtures
Other real estate owned
1.
Cash in vault
Reserve with Federal reserve banks
Items with Federal reserve banks in process
of collection
Due from banks, bankers, and trust companies
Exchanges for clearing house, also checks on
other banks in same place
Outside checks and other cash items
Redemption fund and due from United
States Treasurer
United States securities borrowed1
Other securities borrowed l
Other assets

215, 053
1, 008, 895
553, 434
87,519 [
3,170 i
69,365 i
624,956 j

218,055
979,944
502. 266
89,311
3,159
62,483
587, 359

125, 5,58 i

106, 714

78,019 I

64, 273

65,863 |

1, 019, 819
19,122 i

614,326
18, 291

576,149
21,490 i
|
1,953

575, 747 j 1,163,045
19,478 !
29,379

173,450 |

159,605

1,913
86
40
227,998

Total .

|
|.
;
i

1,922
179, 223

111, 451

123,095 i

133, 325

55,980 !

82, 285

1,944 !

1, 924
180, 010

7, 800, 384 ! 7,183, 252 j 7, 062, 238 j 6, 808, 561 I 7, 771, 990
LIABILITIES.

Capital stock paid in
Surplus fund
Undivided profits, less expenses and taxes
paid
Due to Federal reserve banks
Due to banks, bankers, and trust companiesCertified and cashiers' or treasurers' checks
outstanding
Demand deposits
Time deposits
United States deposits
Total deposits

314,230 '
390,130 j

328,200 I 329,183
324, 925
378,824 I 373,520 j 373,414
165,184
165, 908
171,253 |
182,382
1,573
486
130 |
168
1,119,972 I 1,105,840 1,124,776 j 1,016,859
587,971 | 369,347
3,921,252 | 3,493,958
534,287
197,876
6, 362, 931

Bills payable (including all obligations representing money borrowed other than rediscounts)
Notes and bills rediscounted (including acceptances of other banks and foreign bills
of exchange or drafts sold with indorsement)
Cash letters of credit and travelers' checks
outstanding
Acceptances executed for customers
Acceptances executed by other banks for
account of reporting banks
National bank notes outstanding
United States securities borrowed
Other securities borrowed
Other liabilities
Total

|

7,800,384

Ratio of reserve with Federal reserve banks
to net deposit liability (per cent)
1

Exclusive of securities borrowed by national banks.




i
i

330,298
373,520

!
174,408
I
211
! 1,227,355

AXXTJAL REPORT OF THE FEDERAL RESERVE BOARD.

185

82.—ABSTRACT OF CONDITION REPORTS OP ALL MEMBER BANKS (NATIONAL
AND STATE) IN THE CITY OF CHICAGO.
[In thousands of dollars.]
Apr. 3,
June 30,
Sept. 14,
Dec. 31,
j Dec. 29,
1923
1923
1923
1923
1922
(25 banks). (23 banks). (24 banks). (25 banks). (24 banks).
RESOURCES.
.Loans and discounts
1,036,257
Overdrafts
_.
179
Customers' liability on account of acceptances
32,475
United States Government securities
138, 966
155, 910
Other bonds, stocks, and securities
14,894
Banking houses, furniture, and fixtures
2,334
Other real estate owned
Cash in vault
28,265
144,185
Reserve with Federal reserve banks
Items with Federal reserve banks in process
of collection
43,050
Due from banks, bankers, and trust companies
117,868
Exchanges for clearing house, also checks on
other banks in same place
77, 066
Outside checks and other cash items
9,195
Redemption fund and due from United
States Treasurer
29
J
United States securities borrowed
Other securities borrowed *
Other assets..
j
30, 514
i
1,831,187
Total..
LIABILITIES.

1,831,187

Ratio of reserve with Federal reserve banks
to net deposit liability (per cent)

Exclusive of securities borrowed by national banks.




1,061,854
235

1,061,276
157

1,057,462
244

27,049
121,832
159, 738
15,445
2,280
24,888
129,125

19, 549
115,430
150,221
21,527
2,288
22,468
134,484

25, 930
123,163
132,171
23,006
2,401
23,538
136,557

31,463
124,680
139,298
20,439
64
25, 618
133,458

40,127

31,480

39, 717

41,597

117,717

117,393

115,146

122,877

48, 719
9,812

62,354
9,059

48,197
5,826

85,559>
7,781

131

134

21,396

13, 910

19, 702

1,769,869 j 1,751,129

1,810,372

26,045
1,787, 233

!

Capital stock paid in
j
87,530
Surplus fund
|
83,325
Undivided profits, less expenses and taxes
paid
!
57, 906
Due to Federal reserve banks
|.
Due to banks, bankers, and trust companies, j
336,076
Certified and cashiers' or treasurers' checks
outstanding
.
!
40, 490
Demand deposits
I
828,966
Time deposits
__.{
278, 975
United States deposits
I
25,935
T o t a l deposits
I 1, 510,442
Bills payable (including all obligations
representing money borrowed other than
7,670
rediscounts)
j
Notes and bills rediscounted (including j
acceptances of other banks and foreign j
bills of exchange or drafts sold with in- j
18,238
dorsement)
Cash letters of credit and travelers' checks
1,723
outstanding
31,835
Acceptances executed for customers
Acceptances executed by other banks for
1,156
account of reporting banks
575
National bank notes outstanding
United States securities borrowed
Other securities borrowed
Other liabilities
30,787

Total.,

1,064,072
272

13.5 |

86, 650
83, 435

91, 972
79, 984

93,020
80,495

92, 050f
79,995

54, 523

55,125

56, 622

356,235

330,171

337,140

331,182

22,404

14,191
824,857
279,022
14, 745

17,379
799, 717
272,398
4,955
1,431,589

22,941
843,438*
281,651
9,835
1,489, 047

24, 615

7,304

18, 950

20,03Q

33,470

13,197

15, 035

15,080

2,224
27, 702

8,025
18,195

2, 751
25,031

2,042
29,465

1,436
2,248
1,000

1,988
2,584
1,000

1,821
2,670
1,000

2,349
2,665

29, 986

27,509

22,145

21,941

1,787,233 | 1,769,869

1,751,129

1,810,372

13.3

12.9*

276, 073
16,304
1,439, 944

12.8

13.0

55, 708.

186
No.

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
83.—ABSTRACT OF CONDITION REPORTS OF ALL MEMBER BANKS (NATIONAL
AND STATE) IN RESERVE CITIES.
[In thousands of dollars.]
Apr. 3,
Sept. 14,
Dec. 29,
June 30,
Dec. 31,
1922
1923
1923
1923
1923
(574 banks). (569 banks), (569 banks). (565 banks). (560 banks).
RESOURCES.

Loans and discounts
Overdrafts
Customers' liability on account of acceptances
United States Government securities
Other bonds, stocks, and securities
Banking houses, 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, bankers, and trust companies
Exchanges for clearing house, also checks on
other banks in same place
Outside checks and other cash items
Redemption fund due from United States
Treasurer
United States securities borrowed 1.__
Other securities borrowed i
Other assets

6, 255, 257
5,772
111,952
1,211,340
1, 208, 404
263, 901
52, 205
171, 785
620, 807

6, 562, 661
5,187
120, 607
1, 273, 297
1,177, 706
273, 657
55, 798
149, 989
645, 672

379,457

363,162

737, 542

696,101

251, 663
58, 703

252,188
49, 417

9,433
10, 507
93,342

9,298
8,832 j
43
85,765 I

6, 681, 853
4,608

6, 703,137
4, 603

6, 672, 032
4,651

99. 875
1, 266, 494
1,206,017
279,117
61, 460
129, 690

84, 349
1,208,150
1,190, 725
288, 599
57, 018
160, 848

105,923
1,116,276
1, 233, 995
297,341
55,149
164, 263
615, 270

620,147

627, 971

332, 026

398, 638

652, 373

666, 037
209, 031
58,110

234, 353
69,128
9,355
7,341
57
76, 297

390,009
713, 700
367, 750
72,143

9,276
7,661
145
82, 290

8,961
6, 515
283
87, 581

11, 442,070

Total.

11,729,380

11,730,191

11,756,588

11,911,842

639,401
553, 777

657, 301
556, 670

663, 042
560, 526

663,499
554, 096

659,105
556, 668

239,378
10,945
1, 589, 723

229, 609
10,189
1, 577, 467

230,163
7, 675
1, 358, 783

255, 257
10, 205
1, 436, 250

223,196
8,792
1, 498, 429

127, 928
113, 066
143,846
4,807,170
4,903,972
4,990,803
2,618,276 | o IOA *, A ! 2 , 854, 411
2,784,614
175,398 !
181,004
159, 449
9, 484,187
9, 585,174
9, 345,358

117,629
4,981,801
2, 867, 437
82, 331
9, 495, 653

185, 272
4,960, 608
2,950, 007
133, 884
9, 736,992

LIABILITIES.

Capital stock paid in
Surplus fund
Undivided profits, less expenses and taxes
paid
Due to Federal reserve banks
Due to banks, bankers, and trust companies.
Certified and cashiers' or treasurers' checks
outstanding..
_
_
Demand deposits
Time deposits
United States deposits

Total deposits

Bills payable (including all obligations representing money borrowed other than
rediscounts)
Notes and bills rediscounted (including acceptances of other banks and foreign bills of
exchange or drafts sold with indorsement).
Cash letters of credit and travelers' checks
outstanding
Acceptances executed for customers
Acceptances executed by other banks for
account of reporting banks
National bank notes outstanding
United States securities borrowed
Other securities borrowed
Other liabilities....
Total
Ratio of reserve with Federal reserve banks
to net deposit liability (per cent)
L

129, 815

148,112

209,404

194, 806

137,311

157, 291

162, 006

222,270

240, 048

224, 019

2,238
107,801

2,230
123, 765

4,198
92, 475

2,827
84,077

3,311
112, 806

9,473
185, 395
29,314
1,354
41, 475

11, 652
183, 271
25, 326
2,644
41, 620

13,755
180, 750
26,155
1,622
41, 644

6, 705
184,152
29,141
1,560
44, 767

6,513
176,076
29,597
1,852
44,396

11,442,070

11, 729, 380

11, 730,191

11, 756, 588

11,911,842

10.2

10.3

10.0

9.9

Exclusive of securities borrowed by national banks.




ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

187

No. 84.—-ABSTRACT OF CONDITION REPORTS OF ALL MEMBER BANKS (NATIONAL
AND STATE) OUTSIDE CENTRAL RESERVE AND RESERVE C I T I E S (SO-CALLED
COUNTRY BANKS).

[In thousands of dollars.]
June 30,
S e p t . 14,
Dec. 31,
1923 (9,202 1923 (9,191 1923(9,127
banks).
banks).
banks).

Dec. 29,
1922 (9,202
banks).

Apr. 3,
1923 (9,200
banks).

7, 005, 818
12, 067

7,173, 679
10,028

7, 397, 705
9,457

7, 462,119
12, 756

7, 514, 542
9,955

13, 070
1,429,176
1,981, 591
345, 603
65,645
292,161
549, 080

12,448
1, 508,193
2,037, 392
352, 669
72, 906
280, 752

10,195
1, 532, 616
2, 055, 645
361,921
78, 035
225, 316
546, 453

5,184
1, 517,138
2,091, 214
365,847
82,148
281, 597

13, 618
1,502,573
2,154,330
377,414
88,919
310,169

RESOURCES.

Loans and discounts
Overdrafts
Customers' liability on account of acceptances
_
_
United States Government securities
_.
Other bonds, stocks, and securities
Banking houses, 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, bankers, and trust companies
_
Exchanges for clearing house, also checks on
other banks in same place
_..
Outside checks and other cash items
Redemption fund and due from United
States Treasurer
_
United States securities borrowed1
Other securities borrowed 1
Other assets.__
Total

_

87, 861
872,150

546, 430
91,516

56, 573
30, 943

896,196
74, 396
25, 722

25,425
8,878
1,972
30,917

25, 537
9,617
1,911
32, 784

— . 12,808,930

13,152,176

84, 351
760, 555
73, 323
29,230
25, 645
1,991
32,302

554, 342

574,

269

93,341

100,

77S

803, 015
53,821
22, 551

905, 486
93,183
31, 684

25, 555
7,527
2,041
31,950

25, 705
8,454
1,949
31, 074

13,233, 028 13, 412,146

13, 744,

402

LIABILITIES.

Capital stock paid in
Surplus fund
Undivided profits, less expenses and taxes
paid.
Due to Federal reserve banks. _
Due to banks, bankers, and trust companies.
Certified and cashiers' or treasurers' checks
outstanding
Demand deposits. _
_
_
Time deposits __
_
United States deposits
_
.._.
Total deposits.-.
—.
Bills payable (including all obligations representing money borrowed other than
rediscounts)
,
„.._
Notes and bills rediseount&di (including acceptances of other banks azusl foreign bills
of exchange or drafts sold-with indorsement
_
_.,._,,
_.,
Cash letters of credit and travelers' checks
outstanding-,
„,„_
Acceptances executed for customers.. _
Acceptances executed by other feanks for
account of reporting banks
,,,
National bank notes outstanding
United States securities borrowed
Other securities borrowed _ „
Other liabilities.
Total
Batio of reserve with Federal reserve banks
to net deposit liability (per c e n t ) . .
1

899,755
598, 533

911,077
611, 624

915,081
617, 672

918, 438
618,917

921, 601
631,136

334, 765
27,092
407,002

295, 036
23,802
434, 218

280, 540
25, 667
370, 248

310,909
27,398 i
375,253

279, 881
27,671
418,690

81, 786
5,358,898
4,489,651
68,200
10,458,555

75, 296
5,282,439
4,653, 454
58,736
10,465,840

194, 738

174, 814

208, 311

196,

168, 641

142, 476

196,567

206,856

12,992

272
12,140

369
9,681

352
4,735

177
13,015

482
504,293
23, 738
3,471
16,198

763

501,680
22, 260
3,566
18,269

20,953
3,403
15, 559

597
506,037
19, 556
3,376
18,477

677
508,175
21,181
3,418
17,494

12, 808,930 13,152,176

13, 233,028

13,412,146

13,744,402

7.4

7.4

7.4

7.4

84,927
5,258,119 ,
4, 213,343
62, 590
10,053,073

76
.

Exclusive of securities borrowed by national banks.




5,370, 867
4,735, 241
32,124
10,607,831
065

91,510
5, 560,181
4, 830,374
41,817
10,970,243
205, 790

171,

614

No.

85.—LOANS, INVESTMENTS,

DEPOSITS, AND BORROWINGS OF NATIONAL BANKS ON CALL DATES FROM 1914

TO 1923.

00
00

[En thousands of dollars.]
Deposits.
Number
|
of
! banks.

1914.

!
i

Loans and
discounts. 1

Bills payable and
rediscounts.

1915.
Mar. 4.
May 1___
June 23._

Sept. 2...
Nov. 10..
Dec. 31..
1916.
Mar. 7..
May 1...
June 3 0 . .
Sept. 12..
Nov. 17..
Dec. 2 7 . .

7,581

6, 363, 435

795,078 i

1,331,838

7, 599
7,604
7, 605
7,613
7,617
7,607

6,507,011
fi, 649, 792
6, 665, ] 45
6,814,062
7,315,335
7,450, 653

781,194
783, 994
783, 454
781, 726
777, 765
774,639

1,256,901
1,243,871
1,284,915
1,311,809
1,436,613
1,468,874 I

7,586
7,578
7, 579
7, 589
7,584
7,584

7, 597,890
7, 713, 748
7, 769,096
7, 998, 582
8, 432, 656
8, 438, 099

753, 913
738,830
731, 205
729, 777
724,473
716,960

1,558,394
1,619,343
1.620,755
1,717,916
1,801,920
1,818, 603

9,910,197
10,071,921
10,121,056
10, 446, 275
10,959,049
10, 973, 662

7,581
7,589
7,604
7,638
7,656
7,662

Dec. 31

8, 796, 299
8, 838,910
8,991,809
9, 263, 728
9, 824, 728
9,906, 377

714, 523
768,114
1,076, 256
1,158,982
2,354,183
1, 624, 529

1,863,594
1,950,752
1,936,812
1,961,235
2, 005,317

7,670
7,688
7,705
7,728
7,754
7,767

9, 599, 370
9, 766,235
10,164, 623
10,126,388
10, 755,471
10, 446, 473

2,126,605
2,662,963
2,129, 283
2, 466,268
3,166,492
2, 956, 394

1,910, 772
1,856,756
1,840,487
1, 795,082

1917.

Mar. 5..
May 1...
June 20 _.
Sept. 11..
Nov. 20..
Dec. 31..
1918.

Mar. 4..
May 10..
June 29..
Aug. 31..
Nov. 1...
Dec. 31..

U. S. Gov- Other bonds,
eminent I stocks, and
securities. I securities.




1,

8, 236,468

132,442

1,238,053
1,293,992
1,326,850
1,379,421
1,423,891
1,466,015

59,541
46, 723
48, 964
44,900
41,203
35,901

2, 243, 744
2, 226, 534
2, 208, 006
2, 466, 056
2, 709, 673
2, 738, 432

8, 593, 967
8, 892, 047
8, 821, 24)
9,229,517
JO, 157,472
10,402,386

95, 660
90, 533
98,120
105, 719
103, 455
98,416

6,135, 828
6, 461,966
6, 395,024
6, 605, 922
7, 211, 403
7, 034, 098

1,548,578
1, 642, 523
1,729,666
1, 805, 934
1, 893, 813
1,935, 710

33,273
35,489
39, 457
34,822
35, 308
35,418

3, 074, 080
2,995, 344
2, 712. 940
2, 915, 663
3, 348, 755
3, 261, 620

10,791,765
11, 135,322
10, 877,087
11,362,341
12, 489, 279
12,266,846

61,956
63, 720
08, 618
91,893
73, 671
89, 758

11,374,416
11,557,776
12,004,877
12,383,945
14,184, 228
13, 499, 536

7, 169, 249
7, 498,891
7, 433, 493
7, 679, 370
8, 056, 948
8, 436, 395

2, 070, 971
2,166, 683
2,179, 761
2, 295,982
2,281,865
2, 298, 282

34, 695
35, 626
132,965
210, 395
1, 352, 006
517. 315

3, 683, 265
3, 379,138
3, 025, 614
3, 048, 550
3,107, 517
3,193, 697

12,958,180
13,080,338
12,771,833
13,234,297
14, 798, 336
14,445,689

69, 727
92,314
373,028
285,104
599,945
741, 848

13, 636, 747
14, 285,954
14,134, 393
14. 387, 738
15; 688, 032
15,191,499

8,084,146
8,094, 686
7,838,150
8, 095, 749
8,640, 818
9,460, 577

2, 370,679
2, 342, 747
2, 343, 589
2,397,491
2,372, 512
2, 473f 868

682, 712
1, 060,086
1,037, 787
506, 583
1,136, 884
313,381

3, 301, 232
2,887,601
2,802,083
2,885,936
2, 901, 259
3,175,255

14, 438, 769
14,385,120
14,021,609
13, 885, 759
15,051,473
15,423,081

656,896
844,175
883,271
1,294,004
1,566,995
1,380,831

8
H

HI
W

w

w

o
>

1919.
7,761
7,773
7, 785
7,821
7, .865
7,890

10,096,300 I
10, 267,153 !
11,027,280 i
11,546,095
12,268,757 I
12, 784, 460

3, 686, 720
4, 032, 753
3,176, 314
3, 296,593
2,881,881
2, 723, 493

1,807,032
1, 849, 087
1,875, 609
1,919, 216
1,983,402
1, 985, 218

15, 590, 052
16, 148,993
16,079,203
16. 761, 904
17,134,040
17,493,171

8, 856, 395
9, 552, 767
9, 588,144
10,174, 670
10, 773, 058
10,928,635

2, 652, 666
2, 729, 245
2, 784,940
2,921, 034
3, 053, 685
3,139, 542

591,318
530, 551
566, 793
518, 903
270, 390
448, 863

3,199,428
3, 091, 233
2, 984, 988
3, 067, 000
3, 370, 720
3, 349, 373

15, 299, 807
15,903,796
15, 924, 865
16,681,607
17, 467, 853
17, 866, 413

1,451,223
1,547,723
1, 484, 769
1, 505, 516
1, 742, 631
1,911,810

7,933
7,990
8,030
8,093
8,123
8,130

13,117,765
13,524,921
13,637,115
13,732,321
13,783,998
13,543,932

2, 459, 424
2, 375, 801
2, 269, 575
2,175, 019
2,152,465
2,131,573

1. 970, 844
1, 947,904
1, 916,890
1,924,161
1, 953, 827
1, 990,454

17, 548,033
17,848,626
17, 823, 580
17, 831, 501
17,890,290
17, 665,959

10, 329, 637
10,459,284
10,650,112
10, 346, 539
10, 544, 778
9, 888, 077

3,259,178
3, 410, 480
3, 485, 501
3, 560, 298
3, 621,112
3, 631, 837

67,914
115,200
175, 788
53, 453
147, 239
212,123

3, 308, 393
2, 939, 579
2, 844, 020
2, 791, 666
2, 648, 573
2, 545, 720

16,965,122
16, 924, 543
17,155, 421
16, 751, 956
16,961, 702
16, 277, 757

2,064, 590
2, 265, 079
2, 206, 068
2, 299, 640
2, 390, 633
2, 342, 663

8,143
8,152
8,154
8,155
8,169

12,837, 274
12,367,400
12, 014,485
11, 695, 047
11,515, 338

2,047, 234
2,001,811
2, 019,497
1, 861,977
1,975,898

1,980,825
1, 990,970
2,005, 584
1, 973, 749
2, 081, 442

16.865, 333
16,360,181
16, 039.566
15, 530, 773
15, 572,678

9, 249,181
8, 872, 860
9, 046, 475
8, 652, 869
8,871,799

3, 712,430
3, 698, 518
3, 695, 806
3, 680, 704
3, 749, 328

113, 449
175,149
249, 039
109, 981
188, 089

2, 403, 294
2,105, 332
2,151, Oil
2,117, 298
2, 265, 886

15, 478. 354
14, 851', 859
15,142, 331
14, 560, 852
15,075,102

1,925,529
1,711,502
1,471,979
1, 256, 773
1, 019,929

8,197
8,230
8,249
8,240
8,225

Mar. 4..
May 12..
June 30..
Sept. 12.,
Nov. 17..
Dec. 3 1 . .

11, 293, 874
11,194,343
11,257,412
11,248,166
11,612,713

2,031,564
2,124, 691
2,285, 459
2, 402,492
2, 656, 560

2,086, 596
2,162, 587
2, 277, 866
2, 289, 782
2, 347, 479

15,412,034
15, 481, 621
15, 820, 737
15,940,440
16, 616, 752

8, 796, 631
9, 091, 841
9, 603, 188
9, 643, 796
10, 042,192

3, 837, 759
3, 918, 282
4,111,951
4,169, 220
4, 318, 736

215, 347
141, 844
103, 374
145, 182
304,176

2. 540,
2, 615, 021
2, 502, 051
2, 640, 564
2, 755, 377

15, 390, 438
15,766,988
16, 320, 564
16,598,762
17, 420, 481

598,826
534, 621
508.752
429, 324
573, 202

8,229
8,241
8,239
8,184

11,679,621
11, 828,101
11,947,506
11,887,032

2, 694, 207
2, 693, 846
2, 602, 762
2,566,851

2,346,915
2, 375, 857
2, 398, 304
2,477,843

16. 720, 743
16, 897, 804
16, 948, 572
16,931,726

9, 505, 256
9, 541. 485
9, 629, 072
10,127,182

4, 580, 216
4, 755,162
4, 864, 369
4,948,019

264, 279
192,135
101, 649
157,849

2, 686, 530
2, 409,198
2, 445, 440
2,595,811

17, 036, 281
16,897,980
17, 040, 530
17,828,861

660. 632
723, 722
753, 794
658,062

1920.
Feb. 28.
May 4 . . .
June 30..
Sept. 8~.
Nov. 15_.
Dec. 29..

i
I
j
|

1921.
Feb. 21..
Apr. 28..
June 30.
Sept. 6 Dec. 31..
1922.

Mar. 10..
May 5...
June 30..
Sept. 15..
Dec. 29..
1923.
Apr. 3 . . .
June 30-.
Sept. 14..
Dec. 3 1 . .
1
2
3

Includes rediscounts, overdrafts, and customers' liability on account of drafts paid under letters of credit.
Includes certified and cashiers' checks outstanding.
Includes postal savings deposits.




in
fed

No. 86.—LOANS, INVESTMENTS, CAPITAL, SURPLUS, DEPOSITS, AND SORROWINGS OF ALL MEMBER
1914 TO 1923.

BANKS ON CALL

DATES
O

[In thousands of dollars.]
Deposits.

Date.

Number of
banks.

Loans and
discounts.l

United
Other
States
bonds,
Govern- stocks, and
ment
securities. securities.

Capital.

Demand
(including
certified
and
cashiers'
checks).

Surplus.

Time
(including
postal
savings). 2

Bills
payable
and rediscounts,

United
States.

Q

6,419,071

794,239

1,346,565

1,074,757

734,

8,305,440

5,124, 745

Dec. 31, 1914..

7,852

8, 559,875

70, 77G

1,876, 639

132, 902

Mar. 4, 1915...
May 1, 1915...
June 23, 1915,.
Sept. 2, 1915..
Nov. 10, 1915..
Dec. 31, 1915..

7,607
7,614
7,615
7,630
7,640
7,631

8,615,117
8, 748, 350
8,806,015
9,087,981
9,730,073
9,898, 575

6,563,326
6, 705,146
6, 719, 715
6,964,705
7,482,687
7, 622,474

780, 355
783,157
782,619
780,895
776,932
773,807

, 271,436
, 260,047
, 303,681
, 342,381
, 470,454
. 502, 294
,

1,075,805
1,075, 258
1,077, 885
1,087,289
1,087, 549
1, 087,150

731,978 8,666, 422
727, 039 8,967, 321
729, 799 8, 893,955
738, 276 9, 437, 210
738, 663 10,389, 267
741, 529 10,635, 606

5,091, 728
5,366,911
5, 277, 748
5,490,974
6,152, 226
6,333, 596

, 264,006
, 319, 921
, 351, 699
, 416, 641
, 463, 258
, 506,018

58, 719
45, 960
48, 261
43, 951
40, 300
34, 866

2, 251, 969
2, 234, 529
2, 216, 247
2,485,644
2, 733, 483
2, 761,126

95, 943
90, 098
98, 487
106, 083
104,018
99,109

Mar. 7, 1916..
May 1, 1916,..
June 30, 1916..
Sept. 12, 1916..
Nov. 17, 1916 _.
Dec. 27, 1916...

7,612
7,605
7,606
7,618
7,614
7,614

10,119, 693
10, 284, 575
10,347,962
10,763,079
11,289,957
11,306,806

7, 777, 301
7, 898,141
7,964, 297
8, 263, 282
8,712,262
8, 713, 686

753, 049
737,997
730,374
728,948
723,643
716,129

, 589, 343
1,648,437
, 653, 291
1, 770,849
1,854,052
1,876,991

1,086, 590
1,086,807
1, 085,375
1, 090, 891
1,094, 542
1, 095, 719

740, 669
740, 727
747, 431
754, 202
762,134
767, 450

6, 303, 731
6, 661, 384
6, 581, 382
6,891, 676
7, 522, 254
7, 340, 515

, 592, 376
. 685, 830
,
, 774,839
, 852, 761
1,939, 488
1,983, 202

32, 296
34, 41f>
38, 607
33,943
34, 408
34, 543

3,101,923
3,021,876
2, 738, 465
2, 958, 607
3,396, 472
3, 303,027

Mar. 5, 1917..
May 1, 1917...
June 20, 1917..
Dec. 31, 1917-

7,614
7,629
7,653
7,907

9,096,145
9,207, 646
9, 423,427
17,132, 205 3 12,419, 748

713, 713
776,189
1,098,036

1,923,165
2, 034,134
2, 037, 376
2,854,364

1,100,126
1,111,345
1, 123,205
1, 311,150

778,239
791, 368
799, 331
1,085,110

395,876
651, 006
39G, 922
628,027

7, 503, 543
7, 915, 697
7, 856, 476
11,179,676

2,125,049
2, 262,897
2, 303, 732
3,150, 241

33, 717
34, 675
140, 584
649,413

3, 733, 567
3, 437, 737
3. 096,130
3, 642, 697

75,341
95, 440
379,917
886, 773

May 10,1918..
June 29, 1918..
Nov. 1, 1918..
Dec. 31, 1918..

8,132
18,874,889
8,213 3 18,724,149
8,596 21,345,617
8,692 20,883,958

3 12,758, 572
3 13,318, 589
14, 670, 523
14, 318, 523

3,281,120
2, 567,044
3,819, 641
3, 657, 243

2,835,197
2,838, 516
2, 855,453
2,908,192

1, 367,060
1, 381, 220
1, 442, 206
1, 459, 095

1,143,321
1, 157,792
.1,223,342
1, 254, 535

19, 209,959
18,954,308
20,820,815
21,419,330

3, 346,828
3, 395, 381
3, 650, 943
3, 834, 320

1, 459, 274
1, 521, 403
1,707,627
471, 632

3, 353, 247
3, 283, 797
3, 445, 935
3, 804, 075

1,134, 959
1,106, 441
2, 032, 555
1,969,851

21, 760, 989
22, 603, 353
24, 527, 853
25, 181,511

13,975, 744
15, 535, 758
17, 589, 828
18,363,644

2,962, 244
4,823,001
3, 030,696
4,036,899
3, 660,943 3, 277, 082
3, 506, 426 3,311,441

1,466,268
1,489,792
1,565,871
1,593,833

1, 269, 007
1, 292, 716
1,343,684
1,375,727

21, 493, 288
22, 807, 520
25, 168, 890
26, 121,621

11,050,610
10, 753, 727
12, 016, 310
13, 309, 303
12. 708, 816
13, 899, 421
15, 638,038
16,062,684

4,092, 477
4, 343, 382
5, 049, 493
5, 304, 793

884, 280
902, 339
386, 309
648, 555

3, 807, 715
3, 562, 378
4, 095, 050
4, 105, 589

2, 060, 469
2,048, 753
2, 423, 886
2, 561, 607

W
H
O

62, 428
64, 117
09, 067
95, 008
79,618
94, 670

Mar. 4, 1919..
June 30, 1919..
Nov. 17, 1919.
Dec. 31, 1919...

8,725
8,822
, 8,995
I 9,066

11, 733,023
12, 017,969
12,558,839

3




i
i
j
!

527

11, 030, 326
11,403,506
11,133, 293
11,736,987
12,892, 622
12,661,287
13,
13,
13,
18,

1,233,280

H

w

td

o

May 4, i920_.
June 30> 1920,
Nov. 15, 1920.
Dec. 29, 1920.

9,291
9,399
9,567
9,606

Apr, 28, 1921.
June 30, 1921.
Dec. 31, 1921 _

3, 268, 386
3, 219, 382
3, 266, 891
3,360, 948

1, 695, 555
1, 717, 044
1, 787,160
1, 799, 061

1, 446, 915
1, 480, 429
1, 518, 958
1, 526, 901

2, 627,073 3, 410,964
2, 661,078 3, 443, 577
2, 647, 793 3, 512, 891

1,850,074
1, 858, 710
1,867, 821

2, 754, 846 3, 503, 001
3, 246,824 3,815, 247
3, 788, 377 3,899, 339
3, 877,102
3, 924, 715
3,918,011
4, 045, 312

3,081,156
2, 941, 655
2, 786,109
2, 759,428

9,745
9,779

19,497,574
19, 784, 370
20, 079,505
19, 767, 353
24, 644, 961 18,606,924
24, 310, 666 18,206,011
23,644, 202 17,483, 518

Mar. 10, 1922.
June 30, 1922.
Dec. 29, 1922.

9,816
9,892
9,859

23, 418,982 17,161,135
24, 358,014 17, 295,943
25,768, 503 18,080, 787

Apr. 3, 1923..
June 30, 1923.
Sept. 14, 1923
Dec. 31, 1923.

9,850
9,856
9,843
9,774

26, 332,193
26,675,005
26,497, 552
26, 738,130

1
2
3

25,847,116
25,945, 407
26,132, 505
25,887, 729

18,571,825
18,880, 058
18,857,100
19,051,686

3, 883, 266
3, 870, 232
3, 722, 441
3, 641,132

190,168 I
2G0,179
219,831
316,191 I

3,545,906
3, 485, 698
3, 230,193
3, 084, 257

2, 952,167
3, 307,938
3, 247,849

1, 552, 418 22, 812, 216 13, 509, 483
1, 557, 719 23, 324, 851 13,855, 620
1, 557,475 23, 231, 356 13, 014, 458

6, 343, 443
6, 366, 632
6, 450, 629

272, 561
389, 910
306,103

2,686, 729
2,712,689
2, 860,166

2, 432, 386
2,108, 879
1,452,962

1,886,172
1,912, 227
1,940, 916

1, 561, 043 23, 641, 418 13,484,054
1, 584, 092 25, 516, 687 15, 035,179
1, 625, 765 27, 271, 804 15,672,741

6,
7,175; 005
7,644,881

329,503 I
156,118 !
461,799 !

3,165,463
3,150,385
3, 492, 383

838,979
722, 744
877, 527

1,979,953
1,998,295
2,004,140
2,003,054

1,630. 553
1, 631, 702
1, 626, 922
1, 641, 319

8,142, 574
8, 378, 211
8, 466, 416
8, 650, 610

404,427 I
296,482 j
144,478
230,942

3, 508, 237
3, 217, 450
3,203,273
3, 512, 330

967, 819
1,073,211
1,121,362
1, 017, 644

27,182, 459
27, 053, 202
26, 914, 718
28, 486, 613

15, 351, 732
15, 715, 533
15,494,189
14, 613, 290

15,127,221
15,161,059
15,100, 551
16,086, 731

Includes rediscounts, overdrafts, and customers* liability on account of drafts paid under letters of credit.
Postal savings deposits of State bank members are included with demand deposits for dates prior to June 20, 1917.
Exclusive of customers' liability on drafts paid under letters of credit by State bank members.




3,054,068

5, 747, 532 |
5, 910, 926 I
6,144, 064 !
6,187,921 |

24,835,338
25, 372,336
25, 088, 277
24, 201, 659

No.

87.—PRINCIPAL RESOURCES

AND LIABILITIES

OF ABOUT 764

REPORTING

MEMBER

BANKS IN LEADING

CITIES.
CO

[In millions of dollars.]

to

Loans and discounts and investments.
Loans and discounts, gross.
Secured
by
U. S.
Total. Government
obligations.
Yearly
average
(based on weekly
figures):
1921
1922.

Mar. 7
14
21
28....
4.
H——-

.-

202
176

2,049
2,208

1,263
1, 361

320 10, 229
286 10,859

2,940
3,372

230
211

l r 261

254

494
121

767
133

278

1,044

907

129

2,167

1,400

291 11, 420

3,950

183

475

268

207

2,502
2,494
2,661
2,638
2,627

275
279
279
279
281

1,084
1,082
1,081
1,077
1,069

132
129
130
128
131

801
807
960
955
952

210
197
211
199
194

2,232
2,193
2,204
2,206
2,222

1, 458
1,473
1,434
1,443
1,444

326
317
290
288
275

11, 527
11, 596
11,600
11, 519
11,537

3,748
3, 715
3,735
3,715
3,729

351
186
299
181
150

390
289
296
359
379

254
195
199
260
287

136
94
97
99
92

4,804
4,790
4,733
4,690

2,611
2,599
2,552
2,504

281
282
282
283

1,068
1,072
1,063
1,042

125
121
118
112

957
959
943
921

180
165
146
146

2,193
2,191
2,181
2,186

1,430
1,484
1,425
1,408

284
287
289
277

11,485
11,612
11,446
11,525

3,723
3,728
3,773
3,776

134
114
99
100

357
446
417
386

257
343
278
267

100
103
139
119

7,646
7,742
7,727
7,753

4,703
4,653
4,744
4,714

2,517
2,491
2,584
2,553

283
283
283
283

1,060
1,061
1,045
1,042

114
112
110
108

943
935
941
929

100
205
11
9

2,186
2,162
2,160
2,161

1,403
1,443
1,388
1,395

285
289
276
283

11,385
11, 464
11,184
11,082

3,856
3,891
3,923
3, 948

100
109
326
337

372
406
416
475

248
274
259
290

124
132
157
185

7,781
7,790

4,689
4,676

2,533
2,516

283
282

1,038
1,035

106
105

918
921

188 2,156 1,407
173 ! 2,160 1, 387

283 11, 212
289 11, 251

3,959
3,951

337
336

469
396

282
239

187
157

667
331

3,030
3,424

8,283
7, 215

3,366
4,193

1,317
1,985

11, 789

255

3, 750

7,784 I 4,624

2, 457

11,619
11,498
11,513
11,405
11, 440

306
304
297
277
276

3,909
3,787
3,811
3,733
3, 723

7,404
7,407
7,405
7,395
7,441

4,734
4,687
4,865
4,844
4,849

11, 439
11,509
11, 531
11,640

270
273
278
283

3,677
3, 729
3,736
3,800

7,492
7,507
7,517
7,557

11, 635
11,723
11,750
11,784

272
270
270
265

3,717
3,711
3,753
3,766

16, 569
16, 501

11,880
11, 825

271
272

3,828
3,763




Other
wise
secured
and
unsecured

236
568

11,980
10, 970

16, 376
16, 494
16, 498

7.
14
21
28

Other
bonds,
stocks,
and
securities.

ReSeserve
cured
with Cash
by
in
FedU.S.
GovNet
eral vault.
Time. ern- Total. Govdement.
reernmand.
serve
ment
banks.
obligations.

879
1,241

15,346
15,163

16, 243
16,299
16, 264
16, 330

?1

Apr.

Secured
Victory Certifby
All
PreLib- Treas- notes icates
other other. Total.
and
of inury
bonds
erty
Total. war
and
bonds. bonds. bonds Treas- debtury edness
stocks.
notes.

16,353
16,185
16, 378
16, 249
16, 289

1923.
Jan. 3 .
10
17
24
Feb.

Investments.
United States securities.

16, 413

1923

Accommodation at
Fed eral reserve
banks.

Deposits.

25
May 2
9
16
29-30

June 6_...
20
27
July 3
11
18
25
Aug. 1
8
15
22
29
Sept.

Oct.

Nov.

Dec.

5
12
19
26
3
10
17
24
31
7
14
21
28
5

12
19
26

11, 821
11, 839
11,986
11,922
11,938
11, 892
11, 840
11,808
11,823
11,790
11,850
11,952
11,852
11, 763
11,716
11, 740
11, 696
11, 702
11, 677
11, 708
11, 771
! 16,349 11, 840
| 16,456 11, 892
! 16,422 11, 877
J 16,506 11, 984
I 16,476 11, 956
| 16,473 11,961
| 16,433 11, 920
| 16,474 11, 943
! 16,418 11, 921
! 16,419 11, 930
I 16,375 11, 899
| 16,368 11,904
I 16,385 11, 927
I 16,389 11, 918
16,489 11, 956
16,490 11, 934
16,479
16,473
16, 568
16, 491
16, 635
16, 558
16,490
16, 467
16,472
16, 481
16, 543
16, 625
16,497
16,407
16, 344
16, 350
16, 279
16, 273
16, 211
16, 244
16, 284




273
284
271
262
266
261
259
252
251
257
241
239
231
231
230
230
228
230
230
232
245
258
258
257
258
230
233
229
241
225
227
226
224
225
228

3,773 7,770
3, 793 7,784
3,923 7,790
3,824 7,814
3,824 7,843
3, 804 7,826
3,800 7,774
3,807 7,740
3,786 7,778
3, 755 7,783
3,806 7, 793
3,880 |7,815
3,818 i 7,793
3,745 |7,779
3, 742 i7,743
7,
3, 712 ' 797
3,653 7,813
3,646 7,825
3,616 7,833
3,642 7,836
3,661 7,880
3,660 7,948
3,697 7,950
3,677 7,942
3,738 7,988
3,665 8, 034
3,665 8,038
3,673 8,017
3,706 8,004
3,699 7,993
3,687 8,002
3,734 7,940
3,732 7,945
3,761 7,940
3,768 7,926
3,830 7,901
3, 858 7,848

4,658
4,634
4,582
4,569
4,697
4,666
4,650
4,659
4,649
4,691
4,693
4,673
4,645
4,644
4,628
4,610
4, 583
4,571
4,534
4,536
4,513
4,509
4,564
4,545
4,522
4,520
4,512
4,512
4,531
4,497
4,489
4,476
4,464
4,458
4,471
4,533
4,556

2,500
2,482

282 | 1,037
281 | 1,033

2,432
2,437
2,559
2,533
2,501

281 j 1,023
281 j 1,025
281 1,019
282 1,005
279 1,002
279 1,013
280 1,018
280 1,031
281 1,040
280 1,058
277 1, 064
278 1,060
278 1,054
277 1,063
277 1,060
275 1,063
275 1,053
274 1,064
275 1,058
275 1,059
275 1,051
275 1,053
275 1,043
274 1,045
274 1,043
277 1,040
275 1,041
275 1, 042
275 1,029
276 1,013
276 1,011
276 1,013
274 1,012
276 1,005
276 1,016

2,519
2, 516
2,551
2, 535
2,510
2,494
2,467
2,443
2,437
2,423
2,415
2,391
2,392
2,373
2,363
2,410
2,387
2,376
2,380
2,367
2,359
2,341
! 2,330
! 2,319

J 2,284
J 2,279
! 2,279
j 2,294

I 2,338
j 2,350

103
100
100
98

907

894
1,023
1,019
992
998
989
984
974
949
940
928
912
901
893
886
879
881
871
860
861
856
860
876
874
877
864
857
857
845
842
839
841
840
853

|
I
|
|
!
i
j
|
I
!
|
i
|
|
!

;
i

171
159
140
139
138
129
130
132
130
160
143
128
117
108
107
104
101
99
93
83
81
81
136
116
111
99
91
80
78
73
76
68
69
69
86
134
124

2,158
2,152
2,150
2,132
2,138
2,133
2,149
2,140
2,133
2,140
2,158
2,162
2,151
2,177
2,185
2,173
2,160
2,156
2,143
2,144
2,140
2,146
2,154
2,158
2,146
2,140
2,145
2,154
2,190
2,167
2,170
2,192
2,185
2,179
2,177
2,195
2,206

1,438
1,368
1,412
1,402
1,426
1,432
1,386
1,406
1,420
1,397
1,390
1,441
1,424
1,399
1,356
1,396
1,383
1,360
1,341
1,366
1,368
1,380
1,340
1,366
1,396
1,372
1,410
1,351
1,388
1,358
1,405
1,390
1,385
1,384
1,424
1,355
1,379

279
281
276
288
273
283
282
293
290
279
282
285
307
285
283
272
295
279
281
283
287
293
286
284
287
305
290
290
283
305
300
290
297
305
321
336
355

11,218
11,156
11, 285
11,194
11, 220
11, 216
11,173
11,172
11, 320
11,094
11,104
11, 253
11, 281
11,163
11, 078
11, 080
10, 965
11, 008
10, 890
10, 880
10, 963
11, 082
11, 020
10, 891
11,045
11, 060
11,186
11, 077
11,158
11,130
11, 276
11,158
11,107
11,111
11, 252
11,103
11, 034

3,967
3,989
3,996
3,969
3,966
3,987
4,004
3,999
3,991
3,996
4,000
4,012
3,968
3,981
3,964
3,972
3,972
3,972
3,981
4,006
4,009
4,005
4,012
4,020
4,016
4,010
4,024
4,033
4,032
4,034
4,029
4,022
4,048
4,044
4,059
4,058
4,072

300
266
251
240
416
282
192
147
147
256
256
227
180
157
146
147
147
132
132
122
110
98
236
238
236
209
131
107
98
97
73
55
49
42
33
196
186

412
402
486
449
445
436
459
471
441
462
491
644
565
527
472
516
540
511
489
521
557
557
491
573
598
590
582
561
593
539
504
467
508
474
489
470
575

236
243
263
259
257
259
258
278
253
246
271
364
310
304
255
278
295
276
256
270
297
288
221
294
293
298
280
273
304
264
253
222
256
239
241
254
306

16
7
159
223
190
188
177
201
193
188
216
220
280
255
223
217
238
245
235
233
251
260
269
270
279
305
292
302
288
289
275
251
245
252
235
248
216
269

3
H
O
H

W

O

OO

No.

88.—ASSETS AND LIABILITIES OF ALL BANKS IN THE UNITED STATES AND ISLAND POSSESSIONS FOR WHICH REPORTS ARE

AVAILABLE

ON OR NEAR JUNE 30, 1914-1923.

CO

[Taken from annual reports of the Comptroller of the Currency.]
(In thousands of dollars.)
J u n e 30.
J u n e 30,
J u n o 30,
J u n e 30,
J u n e 30,
1919(29,123 1920 (30,139 1921 (30,812 1922 (30,389 1923 (30,178
banks).
banks).
banks).
banks).
banks).

1914 (26,765 1915 (27,062
banks). I banks).

n

RESOURCES.

Loans and discounts
Overdrafts
Investments
Total loans and investments
Banking house, furniture, and fixtures
Other real estate owned
Due from banks »
Exchanges for clearing house
Checks and other cash items
Cash on hand
Other resources

CJ
"

15, 288, 357
51,121

15,722,440
36, 232
5,881, 931

609, 697
129, 983
2,872,697

-,._

520, 995
1, 639, 219
274, 404

636, 821
156,584
3, 233,943
307, 246
69, 630
1, 457,702
301, 601

,693, 721
81, 849
,381,923

42,288,436

157,4%

863,191
137,785
5, 833, 241
849, 910
607, 868
1,076,378
1,422,299

993,898
153,623
,794, 205
, 049, 507
241,160
946, 567
,334,934

53, 079,108

Ft, 5 8 4 , 9 2 5

20,924,403 21,640,603

30, 791, 725
309, 186
11,387,525

49, 671, 390

50, 425, 367

54,034,911

2, 437,365
2, 702, 639
2,181,994
2, 410, 346
825, 889
976, 261
677,162
688,178
3,890,487
3, 708, 302
33,211,631 37,829, 985
4
« 566, 793
175, 788

2, 903, 961
2, 542. 032
910, 743
2, 809, 414
35,459,155
390, 230

2, 943, 950
2, 697, 409
933, 843
725, 748
3, 244, 386
37, 746, 823
128,887

3, 052, 367
2, 799, 494
954,145
720, 001
3, 610, 211
40, 392, 305
238. 439

17, 895, 366
38,211
6, 796, 570
24,730,147
610, 046
216, 596
4,032,125
488, 849
281, 576
1,486,118
425,781

Total

',684,205 j 30, 229, 446
74,600
57, 982
1,547,567 ; 13, 672, 547
,306,372 i 43,959,975
, 078, 174 |
1. 176,098
198,457
' 256, 119
., 414, 241
5, 597, 150
930, 594
646,590
644, 014
549, 485
829. 892
797,101
, 023, 623
1,052,393

H
O
H

W

LIABILITIES.

Capital stock paid in
Surplus
Undivided profits, less expenses and taxes paid
National-bank circulation
Due to banks__- r
Individual deposits 3
United States deposits

Total deposits

Notes and bills rediscounted
Bills payable (including certificates of deposit representing money borrowed)
Other liabilities
Total
1
2
3

2,132, 074
1, 714,486
562, 031
722, 555
2, 705, 075
18,588,112
4
66, 655

2,162, 842
1, 732,918
639, 778
722, 704
2, 783. 312
19,199,393
4
48, 964

38,130

59,452

194, 432
247,848

166,762 |
288,005 i

2, 274, 200
1,945, 544
674,191
660, 431
3,913, 944
26, 396,167
4
132, 965

2, 351, ,588
2, 034, 764
684, 260
681, 631
3, 595, 062
27,956, 378
4
1,037,787

167, 471

680, 877

704,147

21,359,842 22,031,669 26,376,559 30,443,076 32,689,227 37,668,911 41,714.075 38,658,799 41,120,096

26,971,398

27,8 4,130

Includes lawful reserve with Federal reserve banks or other reserve agents.
Included in "Checks and other cash items."
Includes certified and cashiers' checks.
« For national banks only.




2,195,101
1, 849, 693
564, 338
676,116
3,463,609
22, 873, 493
< 39,457

53,468 I

113,251
442,712

37,126, 763

40, 726,439

1, 499, 262

1,271,684

435,711

534, 706

1,641,272
1, 523, 635

317,853
643,997

32, 271, 238

44,240,955

659, 219

1, 785, 598
1,302,749

1,375,591
1,304,433

635, 564
933. 046

780, 761
952, 182

47, 615, 447

53, 079,108

49, 671, 390 j 50, 425, 367

54,031,911

W
w
W

195

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

DEBITS TO INDIVIDUAL ACCOUNTS.
No. 89.—DEBITS TO INDIVIDUAL ACCOUNTS AS REPORTED BY BANKS IN
PRINCIPAL CITIES, BY MONTHS.

141

SUMMARY, BY F E D E R A L RESERVE DISTRICTS.
[Figures for each city appear in Part II.]
[In thousands of dollars.]
Total.
1923
January
February...
March
April
May
June
July
August
September.
October
November _
December..
Total

41, 752, 913
35, 925, 212
42,185,143
39,294,408
40,071,906
40,573,595
36, 504, 275
33, 495, 567
34,060,234
38,900,241
38, 503,870
42, 448,051

1922
34, 936, 967
30,585,310
36, 932, 274
36, 388, 040
37, 976,008

D i s t r i c t N o . 1—Boston (11 cities).
1921

39, 236,177
36, 055, 788
34,136,129
35, 768, 453
40, 745,186
36,159, 896
40,436, 981

37,917,489
29, 710,133
33,882,892.
32, 214, 520
32,492, 798
33, 585,698
31,494,148
30,077, 621
31, 604,964
34, 300,232
33, 420,856
37,997,186

463, 715, 415 439,357,209

398,698,537

1923

2,197,997
1,889,899
2, 222,086
2,119, 787
2,139, 645
2,172,872
1, 983, 223
1, 771, 572
1, 760,956
2,154, 617
2,150,666 !
|
2,287,912
24, 851, 232

1922
1, 928, 021
1,fill,605
1,857,809
1,760,157
1,837,939
1,992,898
1,899, 373
1,586,094
1, 717, 635
2,087,622
1,986, 523
2,126,314
22, 391, 990

1921
2,058,4101, 611, 603
1,821,196
1,796,118*
1, 788, 548
1,826, 530
1, 734,824
1, 588, 542
1, 630, 299
1,947,992
1, 925, 753
2,005, 698'
21, 735, 513

District No. 2—New York (7 cities). District No. 3—Philadelphia (10 cities),
1923
January
February _.
March
April
._
May
._
June
July
August
September.
October
November.
December..
Total

22, 763,018
19, 595, 761
23, 231, 535
21,180, 741
21, 399, 850
21,789,805
19, 008, 372
16, 829, 386
17,414,976
19, 846,052
20, 632,112
22, 801,386

1922
19, 644, 551
17,029,426
20,977,917
21,326, 277
22, 268, 911
22, 693, 592
20, 328, 510
18, 854,442
19, 793,005
22, 967,053
19, 637,137
21, 546, 408

1921
20, 666, 732
15, 645,827
17, 940,133
16,950, 772
17, 774, 980
18, 355, 750
16, 907, 780
15, 683,072
16, 617, 939
18,170, 740
18, 018, 315
21,178, 533

246, 492. 994 247,067,229 j 213,910,573
District No. 4—Cleveland (13 cities).
1923

1922

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

2, 305, 963
1,949,930
2, 206, 665
2, 227, 570
2, 266, 888
2, 278,941
2, 237, 042
2,081,604
2, 005. 409
2, 241,154
1,996,108
2,331,503

1, 709, 252
1, 538, 886
1,665,926
1, 744, 376
1, 741, 268
1,927, 948
1,911,065
1,850, 667
1, 877, 032
2,025, 319
1, 867, 671
2,430, 467

Total

26,128, 777

22, 289, 877




1921
2, 236, 485
1, 754, 568
1, 869, 444
1,841,155
1, 716, 241
1, 751, 903
1, 620,986
1, 521, 031
1, 585, 995
1, 689, 784
1, 643, 919
1, 873, 095
21,104,606

1923
1,914, 857
1, 648, 925
1,926,493
1,863, 477
1,973,625
2,083,113
1,826, 560
1, 733,171
1, 670, 226
1, 922, 569
1, 738, 336
1, 999, 728
22,301,080

1922
lr 583, 008
1,431,593
1,628,117
1,569,312
1,634,314
1, 720, 649
1, 668, 316
1, 589,819
1, 646, 539
1,891,067
1, 682,845
1, 939,197
19,984,776

1921
1, 679, 283
1,391,392
1,615, 908
1, 582, 299
1, 503, 607
1, 622,499
1, 523, 296
1,407.35S
1, 500, 586
1, 581,867
1, 515, 206
1, 766, 389
18, 689, 687

District N o . 5—Richmond (7 cities)..

1921

1923
746, 047
631, 628
737, 293.
676,260
701,164
742, 692
081,119
668,610
655, 258
746, 504
710, 408
804,167
8, 501,150

630,971
535,864
618, 568
614, 409
664, 853
681,167
636, 506
616, 520
596, 901
705,455
660, 697
753, 942

737,917
600, 411
677, 832
645, 676
633,007
677,168
660, 222
674, 846
666,886
743,458
724, 232
793, 239

7,715,853 ! 8,234,894

196

AXKUAL REPORT OF THE FEDERAL RESERVE BOARD.

No. 89.—DEBITS TO INDIVIDUAL ACCOUNTS AS REPORTED BY BANKS IN
141 PRINCIPAL CITIES, BY MONTHS—Continued.
S U M M A R Y , BY F E D E R A L R E S E R V E D I S T R I C T S — C o n t i n u e d .
[In thousands of dollars.]
District No. 6—Atlanta (15 cities).
1923

District No. 7—Chicago (21 cities).

1921

774, 821
676, 960
781, 076
710, 303
764, 397
785, 260
743, 297
739, 642
800, 649
901, 535
911, 367
989, 297

895, 433
741,122
811,214
770, 072
725, 043
728, 734
735.144
704,823 I
796,832 I
858,216 I
785,252
831, 379

11, 136,549

Total.

1922

1 005, 714
,
827, 440
991, 806
886, 328
922, 450
902, 403
837, 023
790, 799
835, 330
1 020, 357
,
991,989
1 124, 910
,

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

9, 578, 604

1923

1922

1,178, 722
952, 802
1,112, 395
1, 039, 549
1, 076, 560
1, 104,142
980,103
930, 888
945,160
1,184, 854
1, 094, 428
1, 194, 752

Total.

858, 795
739, 485
859, 417
826, 599
911, 346
930, 887
871, 384
830,180
908, 393
1, 067, 437
988, 780
1,145, 954

12, 794, 355

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

10, 938, 657

1922

Total .

950, 759
872, 689
1, 012, 278
956, 757
1, 026, 849
1, 081, 813
1, 041, 778
1, 056, 449
1, 058, 493
1,155, 094
1, 050,896
1,181, 287
12, 445,142

1921
4, 321,991
3, 512, 764
3, 992, 927
3, 819,083
3, 765,913
3, 827, 910
3. 781, 428
3, 874,899
3,848, 068
4,068, 910
3, 827,166
4,195, 461
46, 836, 520

District N o . 9—Minneapolis (9 cities)

1921

1923

879,881
813,884
875, 995
836, 575
830, 702
859, 644
813, 249
780, 771
837, 548
945, 072
879, 322
957, 258

647,312
510,811
600,805
596,914
634,217
652,341
593,964
598,206
635,309
700,333
664,498
660,760

1922

!
!
j
i
!
I
:
i
\
i
!
j

492, 323
455, 305
556, 282
512, 419
546, 252
569, 323
554, 605
580, 550
654,491
698, 732
633, 665
710, 631

1921
580, 703
464, 851
516, 962
524, 033
505, 338
554.127
501, 752
539,110
614,893
622, 728
543,110
573, 961

10, 309, 901 | 7, 495, 470 ! 6, 964, 578 6, 541, 568

District No. 10—Kansas City (14 cities)

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

3, 858,652
3, 523, 914
4, 389,187
3,945,171
4, 097, 957
4, 326,058
3, 995, 629
3, 991, 612
4,070,134
4, 438, 210
4, 051,955
4, 615,171

55,366,897 j 49,303,650

9, 383, 264

District No. 8—St. Louis (5 cities).
1923

1922

4, 810,899
4, 383, 817
4, 828, 041
4, 737, 859
4, 899, 390
4, 772,812
4, 509, 455
4, 240, 633
4, 208,411
4, 660,972
4, 428, 485
4, 886,123

District N o . 11—Dallas (11 cities).

1921

1923

I

1,152, 595
942, 309
1, 067, 066
1, 006,119
953, 761
992, 057
994, 617
1, 025,141
1, 022,182
1, 006, 694
966, 224
992, 594

605, 258
494, 600
547,188
488, 255
486, 003
465, 461
420, 874
448, 966
540, 722
629, 517
583, 636
620, 979

12,121, 359 |

6, 331, 459 |

1922

1921

526, 519
460,149
524, 469
470, 827
486, 707
479, 097
432, 944
440, 729
541, 700
589,166
556, 549
605, 692
6,114, 548

5, 893,495

District N o . 12—San Francisco (18 cities).
1923
January
February...
March
April
May
June
July
August
September.
October
November..
December..
Total,




1922

1921

2, 374,873
2, 043,173
2, 581, 355
2, 347, 653
2, 429,942
2, 453,134
2, 344, 597
2, 295, 578
2, 318, 980
2, 633, 571
2,460, 057
2, 652, 946

1,979, 295
1, 709, 434
2, 061, 228
1, 951,433
1,995, 215
2, 047,485
1, 972, 381
1,999, 425
2,103,481
2, 218, 496
2,131,811
2,392, 621

2,156, 296
1, 765,128
2,197,441
1, 999, 527
1, 858, 570
1, 935,991
1, 796, 431
1,842, 521
1,970, 749
2, 097, 324
2, 065, 061
2, 252,118

28, 935,859

24, 562, 305

23, 937,157

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

197

GOLD IMPORTS AND EXPORTS.
No. 90.—GOLD MOVEMENT INTO AND OUT OF THE UNITED STATES, JUNE 1, 1919DECEMBER 31, 1923.
[In thousands of dollars.]
Total since lifting of
embargo, June 1, 1919Dec. 31, 1923.

Net
imports.
France
Great Britain
Netherlands
Sweden
_
Canada
Argentina
ChinaIndia
Japan .
All other
Total

Net
exports.

261,147
756,195
45,137
98, 561
131, 058

Period of net loss,
J u n e 1, 1919Aug. 31, 1920.

Net
imports.

Period of net gain,
Sept. 1, 1920Dec. 31, 1923.

Net
exports.

Net

imports.

2,409
82, 514
1,147
1
59,315
138, 362
35, 416
29, 305
193,199

96, 034

146, 375
59, 395
40, 804
132,856
146, 462

991, 850

385,326

._- . _

Net
exports.

263, 556
673, 681
43,990
98, 562
71, 743
8,013
23, 979
11, 499
60,343
242, 496
1, 377,176

No. 91.—TOTAL IMPORTS OP GOLD INTO AND EXPORTS OF GOLD OUT OF THE
UNITED STATES, BY COUNTRIES, DURING CALENDAR YEARS 1922 AND 1923.
1922

Denmark
France
Germany
Greece.
Netherlands
Norway
Spain
Sweden
England..
Scotland
Canada
Central America
Mexico
West Indies
Argentina
Bolivia
Chile
Colombia
Peru
Venezuela
.
China
Dutch East indiesJapan
Philippine Islands..
British Oceania
Egypt,
Portuguese Africa. _.
Allother
Total..

86538—24f-

$17, 769, 576
27,043,158
35,118
4,798, 294
9,957, 870
8, 423,894
71,125
32, 885, 875
121,732,152
151, 320
10,372,092
4, 373, 220
5,912, 737
1, 780,020
26,828
19,591
395,279
6, 847,910
1, 619,119
915,169
8,937,975
1, 626,911

$3, 561,829
19,036, 301
49, 551, 586

1922

1923

853,034 I
4,230,900 !
2,569,101 i
491,857 I
1,329,660 I

13, 291, 819
168
35,839
5,357
147,11^958
2,560, 382
49, 374, 549
2, 443, 620
6, 581,439
547, 624
5, 337, 914
26, 295
245,556
4, 451,579
2,069,820
686,129
5,588,015
2, 330,112
6,000
1, 571, 860
1, 656, 563
1,736, 664
932,302
1,974,532

275,169,785 j 322,715,812

-14




France
Netherlands.
Sweden
Switzerland _ _ _
England
Canada
Central America
Mexico
i West Indies
Argentina
Colombia
British India
! China
Dutch E ast Indies
Hongkong
Allother
Total.

$19,000
727, 000
78,000
29,501
20,990
22,161, 759
12,127
4, 303, 609
5,884

1923

$2, 660,000
90,000
500
1,379,957
138, 249
1,704,605

500,000
4,445,339
350,200
435,010
3,582,385
204,090

4, 706,475
15
48,600
700,000
14, 637,246
110,005
60,010
2, 377,915
29,840

36, 874,894

28, 643,417

No,

92.—COST OF BANK PREMISES OWNED BY THE FEDERAL RESERVE BANKS AS OF DECEMBER 31,

1923.
00

Cost of buildings.
Cost of
land, inBuildings,
cluding old exclusive of
Federal reserve bank or buildings vault, fixed
branch.
utilized or machinery,
demoland misished—net. cellaneous
expense.

Miscellaneous
expenses,
including
architect
fees.

Vault
construction.

Vault
equipment.

Fixed
machinery
and equipment.

Total cost
of
buildings.

Total cost j Depreciaof land
tion
and
! charges.
buildings. !

Book
value,
net.

Remarks.

N E W B U I L D I N G S C O N S T R U C T E D BY F E D E R A L R E S E R V E BANKS AND NOW O C C U P I E D AS BANK QUARTERS.
$1, 246, 726
Boston
592, 679
New
York
(annex
building).
920,490
Cleveland
202,025
Richmond
283,000
Atlanta
New Orleans..
_.
201,250
Chicago
2,963,548
495, 300
Kansas City
. Oklahoma City
65,021
Dallas.
...1
181,120
El Paso
39,003
Houston
66,312
San Francisco.
416,045

Total.

7,672,519

0)

$315

$662,157
120,300

$4, 204,760
1,467, 219

$5,451,486
2, 059,898

$1,139, 263
494, 720

$4,312, 223
1, 565,178

Occupied March, 1922.
Occupied M a y , 1921.

483,642
17,126
63,108
49,347
436,821
96,381
32,900
32,532
3,410
15,065
114,590

593,980
282,393
174,037
53,410
633,915
235,695
43,500
132,280
29,975
18,810
132,800

1, 336,722
410,409
175, 279
157,568
1, 276, 579
777,940
67,866
325,209
10,374
57,692
596,498

8,073,386
2,441,853
1,530.765
888,991
7, 493, 684
4,169, 041
477, 756
1,494,459
122, 244
342,005
3, 202,657

8,993,876
2,643,878
1,813, 765
1, 090, 241
10,457, 232
4,664,341
542, 777
1, 675,579
161,247
408,317
3, 618, 702

1, 087, 064
484,062
394, 599
231, 881
2, 843,443
833,303
34, 454
293,001
26, 054
15,446
956, 258

7,906,812
2,159.816
1,419,166
• 858,360
7, 613, 789
3.831,038
' 508,323
1, 382, 578
135,193
392,871
2, 662, 444

Occupied August, 1923.
Occupied October, 1921.
Occupied October, 1918.
Occupied October, 1923.
Occupied July, 1922.
Occupied November, 1921.
Occupied April, 1923. 4
Occupied March, 1921.
Occupied August, 1920.
Occupied February, 1922.
Occupied December, 1923;
estimated cost to complete, $797,343.

2,109,224

2, 331,110

5, 974, 593

35,908,820

43,581,339

8,833,548

34, 747, 791

$2, 561, 954
1,157, 873

$220,062
185,016

$760,587
3,715

4,982,256
1, 603,064
1,023, 279
565,552
4,789, 529
2,815,078
304,095
909, 564
73, 618
234,751
2,145, 653

676,786
128,861
95,062
63,114
356,840
243,947
29,395
94,874
4,867
15,687
213,116

23,166,266

2,327,627

o
H
O

B U I L D I N G S P U R C H A S E D BY F E D E R A L R E S E R V E B A N K S A N D N O W O C C U P I E D AS B A N K Q U A R T E R S .
(Amounts shown under "cost of land" represent total original cost; figures shown in columns 2 to 7, inclusive represent remodeling costs only.)
New York (No. 10 Gold
Street).
Philadelphia 2
Pittsburgh
Baltimore 3
Nashville
Louisville 4
Helena
Omaha*
Total

$91, 715

$8,172

$671

$3,004

$11,847

$103, 562

$53, 562

$50,000

999, 488
515, 000
201,023
83,704
202,877
14, 925
165, 602
2, 274, 334

271,803
165, 712

91,119
33, 657

$833,998
94,765

$128,914
175,950

218,236
11,370

1, 544, 070
481,454

124,206

11,664
3,060
12,876
1,532
154, 579

11,987

28,055

25,101

9,266

66, 580

16,109

950,016

399,499

273,820

201,013
3,060
162,474
39, 748
2,443, 666

2, 543,558
996,454
201,023
284, 717
205,937
177,399
205, 350
4,718,000

1,433,006
73, 264
21,023
71, 995
56,424
86,010
30, 350
1,825,634

1,110, 552
923,190
180, 000
212, 722
149, 513
91,389
175, 000
2,892,366

57, 643
38,216
665, 752

Occupied November, 1921.
Occupied
Occupied
Occupied
Occupied
Occupied
Occupied
Occupied

December, 1917.
February, 1920.
March, 1918.
December, 1922.
June, 1919.
February, 1921.
M a y , 1920.

B U I L D I N G S I N C O U R S E O F C O N S T R U C T I O N OR A U T H O R I Z E D .
New York (main build ing).
Jacksonville -

$4,850, 209
145,842




> 455,361 $1,365, 707
,
105, 695

13,586

$134,827
10,791

$575,475 I $1,547,575 $10,078,945
13,804

14,570

158,446

[, 929,154
204, 288

$3, 246, 270 $11,682,884
30, 566

173, 722

Estimated cost to complete,
$4,185,000.
Estimated cost to complete,
$68,100.

W
O
f

St. Louis..

1,304,849

Little Rock

85,007

Minneapolis

600,521

Salt Lake City

114,075

Total ._

_.- -

7, 000, 503

327,255

1,831,729

13,454

98,461

1,663, 581

2, 264,102

252,251

114,075
7,974,625

526, 880

13,454
1,086,314

199, 625

6,708

107, 367

19,441,809

4, 269, 095

15,172,714

196,047

322,121

59,099

1,788, 419

204,717

589, 279

1,884, 266

12,441,306

733,300

1, 098, 429
98, 461
2,011,851

Estimated cost of proposed
building, $3,401,500.
Estimated cost of proposed
building, $357,200.
Estimated cost to complete,
$1,338,100.
Estimated cost of proposed
building, $250,000.

BUILDINGS OCCUPIED BY TENANTS.
(Amounts shown under "cost of land" represent total original cost.)

1

$380,744
251,193
631,937

Cincinnati
Baltimore
Total

$380, 744
251,193
631,937

$113,744
63,193

$267, 000
188, 000

176,937

455,000

Will remodel or erect new
building.
New building proposed.

O

BUILDING SITES (CONSTRUCTION N O T AUTHORIZED)
$650,000
Detroit
101, 263
Denver
751, 263
Total
Grand total for all
banks and branches.. 18,330, 556 $31, 806.643
No.

Total

4, 270,807

$3, 263,957

$3,319,888

$8,132, 679

$650,000
101, 445
751,445

$21, 263
21, 263

50, 793, 974

69,124, 530

15,126,477

$650,000
80,182 1
730,182

H
W

53, 998, 053

93.—COST OF BANK PREMISES SOLD PRIOR TO DECEMBER 31, 1923, ALSO REMODELED BUILDING TO BE DEMOLISHED.

Federal reserve bank.
Boston
Dallas
San Francisco.

$182
182

$182
182

o
to
H

Original
cost.
$1,000,000
08, 400

10,098, 400

1

Cost of
remodeling. Total cost.

DepreBook value Sale price.
ciation
when sold.
charged off.

$1,000,000
151,736
239, 749

$200,,000

$800,000

$53,336
239, 749

76, 736
239,749

75,000

293,085

1, 391,485

516,485

875,000

$1,150,000
130,000

1, 280, 000

Remarks.
Profit of $150,000 deducted from cost of new premises and depreciation allowance of $200,000 applied to new property.
About $18,000 of material salvaged from this building before sale used in new
building.
Represents cost of remodeling for temporary occupancy of old building on land
purchased as site for new building. This building was not in use at end of
1923 and will be demolished and site used for part of new building.

4
Included in cost of vault construction.
Annex being constructed at an estimated total cost of $177,500.,
Will remodel building purchased in 1923 or build annex.
> Erection of new building contemplated.
3 Will be sold if new building is erected.
* win De soia II newT Duuaing is erectea.
No bank buildings or sites therefor have been acquired for the following branches and agencies: Branches—Buffalo, Birmingham, Memphis, Los Angeles, Portland, Seattle
Spokane. Agencies—Savannah, Havana (Boston), Havana (Atlanta).

bd
O

o

2




CO
CO

STATE BANK AND TRUST COMPANY MEMBERS.

The following is a list of State bank and trust company members
of the Federal Reserve System on December 31, 1923, snowing the
capital, surplus, and total resources, as compiled from the latest
available figures:
Capital.

Surplus.

Total
resources.

DISTRICT NO. 1.
CONNECTICUT.

(See also District No. 2.)
New Britain—New Britain Trust Co
New Haven—Union & New Haven Trust Co.
South Manchester—Manchester Trust Co
Water bury—Colonial Trust Co
MAINE.

Bangor—Merrill Trust Co
Ellsworth—Union Trust Co
Portland—Fidelity Trust Co
Sanford—Sanford Trust Co

$500,000
650,000
200,000
500,000

$200,000
650, 000
100,000
600,000

$5, 787, 835
11,501,140
2, 547, 830
8, 474, 359

500,000
100,000
400,000
100,000

400,000
100,000
400,000
50,000

11, 389, 989
2,830,805
15, 681, 613
1,633,934

MASSACHUSETTS.

Arlington—Menotomy Trust Co
BostonAmerican Trust Co
Beacon Trust Co
Exchange Trust Co
_
Bank of Commerce & Trust Co..
Liberty Trust Co
Massachusetts Trust Co
New England Trust Co
_
Old Colony Trust Co
State Street Trust Co
United States Trust Co.*
CambridgeHarvard Trust Co
Inman Trust Co
Fitchburg—Fitchburg Bank <fc Trust Co
Gloucester—Gloucester Safe Deposit & Trust Co.
Greenfield—Franklin County Trust Co
Holyoke—Hadley Falls Trust Co
Lawrence—Merchants Trust Co
_
_..
Lynn—Security Trust Co
_
Newton—Newton Trust Co
Norwood—Norwood Trust Co
Salem—Naumkeag Trust C o . .
Waltham—Waltham Trust Co
Winchester—Winchester Trust Co
Worcester—Worcester Bank & Trust Co.

200,000

100,000

3, 671, 261

. 500,000
,
. 000,000
,
. 000,000
,
500,000
750,000
, 000,000
. 000,000
,
' 000,000
,
I, 000, 000
,000,000

2,000,000
1,800, 000
1,000,000
105,000
750,000
500,000
2,000, 000
9,000,000
2,500,000
1, 000,000

29, 855, 652
30, 782,118
19,811,847
4, 695, 781
15, 513, 439
21, 284, 934
28, 315, 496
168, 751, 536
46, 714, 821
20, 269, 976

400,000
200,000
500,000
200,000
200,000
500,000
300,000
200,000
600,000
200,000
250,000
300,000
100,000
L, 500,000

500,000
57,500
500,000
200,000
100,000
250,000
150,000
300,000
600,000
26,000
200,000
200,000
50,000
1,000,000

12, 525,101
2,392,966
5,808, 651
5, 003,942
3,411,854
8, 684, 969
9, 261,043
8, 640, 268
12,850,976
4,103,688
6, 540, 661
6, 713, 578
1, 578,108
35,152, 242

4,000,000
3,000,000
1,000,000

6,000,000
4,500,000
500,000

116, 228,18.'.
84,962,534
18,325,261

300,000

10, 465,152

RHODE ISLAND.

ProvidenceIndustrial Trust Co
Rhode Island Hospital Trust Co.
Union Trust Co
_._
DISTRICT NO. 2.
CONNECTICUT.

(See also District No. 1.)
Bridgeport—Bridgeport Trust Co

200




1,000,000 I

AXXUAL KEPORT OF THE FEDERAL RESERVE BOARD.
Capital.

Surplus.

201
Total
resources.

DISTRICT NO. 2—Continued.
NEW JERSEY.

(See also District No. 3.)
Asbury Park—Seacoast Trust Co_
Bayonne—Bayonne Trust Co
Bloomfield—
Bloomfield Trust Co
Watsessing Bank
Bogota—Bank of Bogota
Boonton—Boonton TrustCo
Carteret—Carteret Trust Co
Cranford—Cranford Trust Co
East OrangeEast Orange Bank
Savings Investment & Trust Co
Elizabeth—Elizabethport Banking Co
Fort Lee—Fort Lee Trust Co
Franklin—Sussex County Trust Co
,
Glen Ridge—Glen Ridge Trust Co
Haekensack—Peoples Trust & Guaranty Co
Hasbrouck Heights—Bank of Hasbrouck Heights
Hoboken—Jefferson Trust Co
Jersey City—
Claremont Bank of Jersey City
Commercial Trust Co. of New Jersey
New Jersey Title Guarantee & Trust Co
Long Branch—Long Branch Banking Co
Montclair—
B ank of Montclair
Montclair Essex Trust Co
Morristown—Morristown Trust Co
Newark—
City Trust Co
Federal Trust Co
Fidelity Union Trust Co
Ironbound Trust Co
Mutual Bank of Roseville
Springfield Avenue Trust Co
Nutley—Bank of Nutley
Passaic—Peoples Bank & Trust Co
Paterson—Hamilton Trust Co
Perth Amboy—Perth Amboy Trust Co
Plainfield— Plainneld Trust Co
Rahway—Rahway Trust Co
Ridgeneld Park—
Overpeck Trust Co
*
Ridgefield Park Trust Co
Ridgewood—Ridgewood Trust Co
Rutherford—Rutherford Trust Co
Westfield—
Peoples Bank & Trust Co
Westfield Trust Co
West Hoboken—Hudson Trust Co. of West HobokenWestwood—Westwood Trust Co

$175,000
300,000

$175,000
200, 000

$4, 812,942
7,167,416

250,000
100,000
75,000
100, 000
100, 000
100,000

150,000
100, 000
40, 000
50, 000
25; 000
100, 000

4, 931,194
2,150,192
1, 004, 825
1,475,285
527,484
2, 509,053

100,000
500,000
250,000
20,000
50, 000
50,000
400, 000
40, 000
100,000

3, 554,053
13,687,003
5,804,082
395,451
1,521,852
2,029,399
10,010,877
709,169)
7,471,060s

200,000
2, 000, 000
1, 300, 000
150,000 ;

200, 000
1, 500, 000
1,000,000
100,000 j

8, 041, 03T
48,190,. 591
23, 322,495
2, 308,172

250.000 !
500,000 I
600,000 |

100,000 I
500,000 i
300,000 I

4, 798, 578
10,947,294
9,125,327

150,000
500,000
250,000
100,000
100, 000
100,000
600,000
50,000
400,000

j
!
I
!
i
I
!
!
i

200,000 '
1, 500, 000
5, 250, 000
300,000 !
200,000 I
200,000 1
100,000 |
400.000 I
500,000 i
300,000 i
500,000 I
100,000 |
100,000 !
100,000 ;
150,000 !
100.000 I

100, 000
1,750,000
3, 250,000
300, 000
160, 000
100, 000
65,000
600,000
500,000
200,000
500,000
100,000

4, 550, 55£
22,533,332;
66, 633, 655,
13, 033,884
2, 621, 281
6,815, 882:;
2, 419, 512
9,339, 090
11, 309,853;
8, 367, 317
11,046,313.
1,411,455

9,969
75,000
50,000
150,000

681,900
2, 324, 538
2,975, 802
2,337,386

200,000
200,000
1,000,000
100,000

I
i
i
!

I
100,000 j
50.000 j
1,000,000
- 20,000 I

3,614, 948
3, 788,842
52, 390, 297
520, 835

150,000
100,000
200,000
100,000
50,000
500,000
30, OCC

I
I
i
i
j
|
|

75,000
50, 000
200, 000
100.000
50, 000
100, 000
5, 500

1, 745, 705
1,133,112
4, 396, 617
1,777,103
512,820
7, 793, 545
323, 682

2, 750, 000
120,000
3,000, 000
1, 600, 000
300, 000
2, 400, 000

50, 466,418
4, 091,786.
120, 215, 303
48, 387,801
4,492, 215
58, 550, 312:

1, 250, 000
1,250,000
1, 000, 000
2, 000, 000
7,000, 000
600, 000
44,000
10,000
50, 000
100,000

35, 620, 795
28,190, 02ft
24, 583,155.
49, 327, 707
135, 549,009
24, 718,113.
650,940
441, 093
2, 045,840
6,108,764

NEW YORK.

Adams—Citizens Trust Co
Albion—Orleans County Trust Co
Amsterdam—Montgomery County Trust Co___
_
Batavia— Bank of Genesee
Belmont—State Bank of Belmont
Binghamton—Peoples Trust Co
Blasdell—Bank of Blasdell
Brooklyn—
Brooklyn Trust Co
Globe Exchange Bank_.'_
Manufacturers Trust Co
Mechanics Bank
Midwood Trust Co
Peoples Trust Co
BuffaloBuffalo Trust Co
Citizens Trust Co
1
Fidelity Trust Co
Liberty Bank of Buffalo
Marine Trust Co
Peoples Bank of Buffalo
Cam'steo—First State Bank
Cape Vincent—Citizens Bank of Cape Vincent
Chatham—State Bank of Chatham
_
Coney Island, New York City—Bank of Coney Island-




i

1, 500, 000
400, 000
5, 000,000
1,600,000;
700,000 ;
1, 600, 000 I
1, 500,000
1,250,000
1,000,000
2,000,000
10,000,000
1,000,000
50, 000
50,000
50,000
200,000

!
!
i
!
!
j
i
!

202

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

DISTRICT NO, 2—Continued.
NEW YORK—continued
Depew—BankofDepew
._
Dunkirk—Dunkirk Trust Co
_.
East A u r o r a Bank of East Aurora
Erie County Trust Co.
.
Elmira— Chemung Canal Trust Co
Endicott—State Bank of Endicott
Floral Park—Floral Park Bank
Fredonia—Citizens Trust Co
Geneva—Geneva Trust C o , .
Gloversville—Trust Co. of Fulton County.
Hamburg— Peoples Bank
Hammondsport—Bank of Hammondsport
Hicksville—Bank of Hicks ville
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
Millbrook—Bank of Millbrook
Mineola—Nassau County Trust Co
New York—
Amalgamated Bank
Bankers Trust Co
Bank of America
Bank of Europe
Bank of New York & Trust Co
Bank of United States.
Central Union Trust Co
Commonwealth Bank of the City of New York
Continental Bank
Corn Exchange Bank
Equitable Trust Co
Farmers Loan & Trust Co
Federation Bank of New York
Fidelity International Trust Co
Fifth Avenue Bank
.
Fulton Trust Co
Guaranty Trust Co
Irving Bank-Columbia Trust Co
Manhattan Co
Metropolitan Trust Co. of the City of New York__.?__
Mutual Bank
New Netherland Bank
New York Trust Co
Pacific Bank
United States Mortgage & Trust Co
United States Trust Co. of New York
W. R. Grace & Co.'s Bank
Yorkville Bank of New York City
Niagara Falls—Power City Bank
.
Nyack—Rockland County Trust Co
Ogdensburg—St. Lawrence Trust Co
Olean—Olean Trust Co
Oneida—Madison County Trust & Deposit Co
Orchard Park —Bank of Orchard Park
Pearl River—State Bank of Pearl River
Perry—Citizens Bank
Port Chester—Mutual Trust Co. of Westchester County
Rochester—Lincoln-Alliance Bank
Rome—Rome Trust Co
Schenectady—Schenectady Trust Co
Smithtown Branch—Bank of Smithtown
Stony Brook—Bank of Suffolk County
Syracuse—
City Bank Trust Co
First Trust & Deposit Co
Syracuse Trust Co
Utica—
Citizens Trust Co
Oneida County Trust Co
Utica Trust & Deposit Co
Warsaw—Trust Co. of Wyoming County
Watertown—Northern New York Trust Co
Westbury—Bank of Westbury
White Plains—County Trust Co
Williamsville—Amherst Bank




$50, 000
250, 000

j

$1, 098, 862
2,215,894

150, 000
100,000
600,000
50,000
50, 000
100, 000
250, 000
250, 000
60,000
50,000
100,000
250, 000
100, 000
50, 000
250,000
100,000
350, 000
200,000
300, 000
50,000
150,000

i
I
|
I

$15,000
125, 000
30,000
50,000
400, 000
50,000
50,000
100,000
225, 000
150,000
90, 000
50,000
125, 000
150,000
100,000
25,000
200,000
25,000
350, 000
100,000
100,000
50,000
100, 000

2,364, 226
1, 755, 232
10, 740, 246
3, 380, 087
1,801,556
2, 056,402
* 4,916,326
1,912, 445
2, 055,946
1, 260,125
2, 481, 262
5, 365, 821
4,203,815
898r 918
4, 237, 263
1,104,994
5, 312, 701
1,966,816
3, 575, 229
1, 348, 799
3,103, 350

200, 000
20, 000, 000
6, 500,000
450, 000
4, 000, 000
2, 000, 000
12, 500, 000
600,000
1, 000, 000
9,075, 000
23,000, 000
5, 000, 000
250, 000
2, 000, 000
500, 000
500, 000
25, 000, 000
17, 500, 000
10, 000, 000
2, 000, 000
500, 000
600, 000
10, 000, 000
1, 000, 000
3, 000, 000
2, 000, 000
500, 000
200, 000
1, 000, 000
1007 000
100, 000
100, 000
200. 000
30. 000
50, 000
50, 000
300, 000
2, 000, 000
300, 000
400,000
50, 000
50, 000

75, 000
15, 000, 000
5, 000,000
225,000
8, 000.000
400,000
17, 500, 000
700, 000
* 500,000
10, 000, 000
8,000, 000
10, 000, 000
220, 489
1, 500, 000
2, 000, 000
250, 000
15, 000, 000
7, 500, 000
10. 000, 000
3, 000, 000
400, 000
300, 000
10,000,000
1, 500, 000
3, 000, 000
12, 000, 000
1,200,000 !
800,000 i
500,000 i
25,000 ;
10.000 ;
40,000 !
120,000 I
15,000 !
12,500 I
70,000 j
150,000 !
2,000,000 !
100, 000 j
100,000
25,000 i
25,000 !

2, 580, 265
386, 628, 270
176, 876,135
9, 268, 752
119,594,532
55,106, 566
254, 907, 423
14, 571, 566
17, 234, 701
240, 616, 737
381, 987, 487
158, 840, 267
3, 593, 052
29, 252, 258
29, 095, 446
11, 081, 690
546, 077, 582
412, 412, 540
256, 596, 305
51, 875, 505
16, 277, 293
11,041,265
266, 270, 558
37, 786, 210
67, 487, 251
71. 709, 767
11,106,951
27,433,414
16,341,384
2, 989, 460
1, 098, 997
1, 340, 668
3, 589, 618
952, 689
104, 363
1,497,733
4,711,295
54, 248, 974
4, 648, 302
15, 032, 925
924, 892
657, 493

2, 380, 300
2, 500, 000
1, 500,000

1,000,000 I
1,000,000 I
750,000 |

24, 361, 639
45,175,171
32, 080, 632

1,000, 000
250, 000
1, 000, 000
100, 000
400, 000
50,000
150, 000
50,000

1,000,000 i
250,000 j
700,000 j
20,000 I
400, 000
13,250
50, 000
14, 283

20, 677, 634
3, 214, 843
15,937,496
990,977
9, 536, 546
1,091,714
6, 53?, 649
558, 631

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Surplus.

203
Total
resources.

DISTRICT NO. 3.
DELAWARE.

Milford—Milford Trust Co.
Wilmington— _._
Equitable Trust Co...
_
Security Trust & Safe Deposit Co
Wilmington Trust Co
_

$50,000
-..

$100, 000

$1,315, 640

500,000
600,000
2, 000, 000

500,000
700,000
1, 015,000

6,359,093
7, 574, 896
19, 539, 725

300, 000
100,000
200,000
100, 000
500,000
100, 000
100,000
200,000
100, 000
100,000

350,000
100,000
200, 000
100,000
900,000
65,000
20,000
150,000
125,000
20,000

6,857, 500
1, 578,859
3,821, 895
2,141,149
13,326,215
1,027, 448
933,753
3, 245, 285
2, 383, 743
789,865

300, 000
125,000
150, 000
500,000
250,000
50, 000
60, 000
125, 000
300, 000

100, 000
25,000
200,000
400,000
500,000
10,000
30,000
50,000
400, 000

2,439,909
1,213,640
2, 500,071
6, 596, 066
2,885, 946
183, 684
610, 635
655, 562
5, 091,985

400, 000
300,000
250, 000
200,000
125, 000
250,000
50,000
200,000
125, 000
250,000
50, 000
35, 000
50,000
100, 000
25,000

300, 000
700, 000
200, 000
350,000
35,000
600, 000
52,000
200,000
25,000
250, 000
130,000
15,000
75,000
100, 000
13,500

4, 920,936
7, 237, 005
4, 092, 505
4, 508, 742
980, 743
6,974, 660
630, 765
1,407, 562
860, 390
3, 385,199
1, 201,490
429, 336
801,471
2, 809,839
250, 880

750, 000
5, 000, 000
500, 000
200, 000
5, 200, 000
2, 500, 000
750, 000
250, 000
250,000

500,000
5,000, 000
500, 000
250,000
16,000, 000
7, 500, 000
1, 500, 000
75,000
150,000

6, 059,085
64,860,406
10, 281,241
5, 212, 762
69. 843,772
60, 653,405
16,909,885
1,245, 278
4,815, 241

2, 000, 000
1,000, 000
1, 000, 000
2, 000, 000
500, 000

5, 000,000
250, 000
5, 000,000
5, 000,000
750,000

52,194, 294
12, 711, 019
32, 282,693
26, 277,198
10,102,156

750, 000
454,070
25, 000
125, 000
700, 000
125, 000
125, 000

650, 000
75, 027
2,500
125,000
700,000
200,000
100, 000

8, 244, 362
2, 703,446
62, 398
1,657, 087
17,097, 698
2, 521, 374
1, 508, 372

200, 000
250, 000

3,508,025
1, 704,409

500,000
400, 000
50,000

200,000
75,000
350, 000
400, 000
50,000

4, 713, 234
4, 363,677
975,810

300,000
300, 000

240, 000
225, 000

2,480,007
4, 434,325

NEW JERSEY.

(See also District No. 2.)
Atlantic City—
Atlantic Safe Deposit & Trust Co
Bankers Trust Co
Equitable Trust C o . . . .
Burlington—Burlington City Loan & Trust Co
Camden—Camden Safe Deposit & Trust Co
Gloucester City—Gloucester City Trust Co
Hightstown—Hightstown Trust Co...
Princeton—Princeton Bank & Trust Co
Riverside—Riverside Trust Co
_
Swedesboro—Swedesboro Trust Co

_

PENNSYLVANIA.

(See also District No. 4.)
Allentown—Penn Trust Co
Bloomsburg—Columbia County Trust Co
Carlisle—Carlisle Trust Co
Chester—Cambridge Trust Co
Du Bois—Union Banking & Trust Co
East Petersburg—East Petersburg State Bank
Egypt—Farmers Bank of Egypt
Frackville—Peoples Trust Co
Harrisburg—Dauphin Deposit Trust Co
Hazleton—
American Bank & Trust Co
Markle Banking & Trust Co..
Peoples Savings & Trust Co
Honesdale—Wayne County Savings Bank
Huntingdon—Grange Trust Co
Jenkintown—Jenkintown Bank & Trust Co
Kulpmont—Dime Deposit Bank
Lemoyne—Lemoyne Trust Co
Lewistown—Lewistown Trust Co
Lock Haven—Lock Haven Trust Co
Lykens—Miners Deposit Bank
Mill Hall—Mill Hall State Bank
New Oxford—Farmers & Merchants Bank
Olyphant—The Olyphant Bank..
Orrstown—Orrstown Bank
Philadelphia—
Aldine Trust Co
Bank of North America & Trust Co
Colonial Trust Co
Federal Trust Co
Fidelity Trust Co
Girard Trust Co
Ninth Bank & Trust Co..
Northeast-Tacony Bank & Trust Co
Oxford Bank & Trust Co.._
Pennsylvania Co. for Insurance on Lives and Granting
Annuities
Peoples Bank& Trust Co
Philadelphia Trust Co
Provident Trust Co
West Philadelphia Title & Trust Co
Reading—
Berks County Trust Co.
Northeastern Trust Co
Schnecksville—Schnecksville State Bank
Schuylkill Haven—Schuylkill Haven Trust Co
Scranton—Peoples Savings & Dime Bank & Trust Co
Shamokin—Dime Trust and Safe Deposit Co
Tamaqua—Peoples Trust Co..
Wilkes-Barre—
Dime Bank Title & Trust Co
Union Savings Bank & Trust Co...
Williamsport—
Northern Central Trust Co
Susquehanna Trust Co
Williamstown—Williams Valley Bank
YorkGuardian Trust Co
York Trust C o . - . .
_




204

ANNUAL REPORT OF THE FEDERAL RESERVE BOARJ>.
Capital.

Surplus.

Total
resources.

DISTRICT NO. 4.
KENTUCKY.

(See also District No. 8.)
Georgetown—Farmers Bank & Trust Co.
Lexington—
Guaranty Bank & Trust Co
Security Trust Co
Richmond—State Bank & Trust Co

$100,000 i

$75, 000

$1,110, 690

300, 000 J
500,000 |
150,000 j

50, 000
150, 000
55, 000

3,191,979
2, 356, 507
1, 206, 962

OHIO.

Adena—Adena Commercial & Savings Bank
Akron—
Central Savings & Trust Co
Depositors Savings & Trust Co
Firestone Park Trust & Savings Bank
First Trust & Savings Bank
Alliance—City Savings Bank & Trust Co
Antwerp—Antwerp Exchange Bank Co
Apple Creek—Apple Creek Banking Co
Atwater—Atwater Savings Bank Co
Barberton— Peoples Savings & Banking Co
Bowling Green—State Bank of Bowling Green
Bridgeport—Bridgeport Bank Co
Buckeye City—Commercial & Savings Bank Co.
Canton—Dime Savings Bank Co
Chagrin Falls—Chagrin Falls Banking Co
CincinnatiBrighton Bank & Trust Co
Fourth & Central Trust Co
Pearl Market Bank Co
Provident Savings Bank & Trust Co.
Union Trust Co
Western Bank & Trust Co
ClevelandCleveland Trust Co
Commonwealth Banking & Trust Co
Guardian Savings & Trust Co
Lake Erie Trust Co
Midland Bank_
Pearl Street Savings & Trust Co__
Reliance Trust Co
State Banking & Trust Co
Union Trust Co
United Banking & Savings Co
Columbiana—Union Banking Co
Columbus—Citizens Trust & Savings Bank
Conneaut—Conneaut Mutual Loan <c Trust Co._
f
Cuyahoga Falls—Falls Banking Co
Dayton—Dayton Savings & Trust Co
Delphos—Peoples Bank of Delphos
Delta—Peoples Savings Bank Co.._
Eldorado—Farmers State Bank
Frazeysburg—Peoples Bank Co,
Geneva—Geneva Savings Bank Co
Gibsonburg—
Gibsonburg Banking Co
Home Banking Co
Hillsboro—Hillsboro Bank & Savings Co
Hubbard—Hubbard Banking Co
Lodi—Lodi State Bank...
_
Lyons—Farmers State Bank__
McCutchenville—Farmers Bank
Mansfield—Farmers Savings & Trust Co
Massillon— Ohio Banking & Trust Co
Metamora—Farmers & Merchants Bank Co
Middlefield—Middlefield Banking Co
Middletown—American Trust & Savings Bank_.
Milan—Farmers & Citizens Banking Co
MinervaMinerva Banking Co
_
_
Minerva Savings & Trust Co
Minster—Minster State Bank
Napoleon—Napoleon State Bank
Newark—Newark Trust Co
New PhiladelphiaMerchants State Bank
Ohio Savings & Trust Co
_
Orrville— Oreville Savings Bank
Pemberville—Pemberville Savings Bank Co
Peninsula—Peninsula Banking Co
Portsmouth—Security Bank_




60,000 i

6,000

603,018

500,000 I
325,000
200,000
1, 500, 000
250, 000
25,000
25, 000
25,000
100,000
100,000
75, 000
25,000
500, 000
100,000

500,000 1
300,000
125, 000
1,500,000
125, 000
7,500
25,000
12,500
36,000 !
21,000
40, 000
13,500
217, 500
100,000

14, 273, 541
8, 300, 611
3,874,421
28, 642,103
4,157, 623
368, 761
268, 245
393,880
1,924,540
669,435
816,990
292,460
5, 863,485
1,917,524

500, 000
2, 000,000
400, 000
1, 500, 000
1,000,000
1, 000, 000

150, 000
2, 000, 000
200, 000
1, 200, 000
3, 000, 000
1, 000, 000

10, 827, 575
23, 917,470
8, 564, 823
24,870, 615
30, 247, 793
16, 625,993

192, 989, 673
4, 300, 000
8. 600, 000
2, 272, 012
18,000
250, 000
4, 000, 000 103, 857, 703
4, 000, 000
3, 578, 742
250, 000
1, 000, 000
21, 094,636
475, 000
2, 000, 000
25,489,140
600, 000
1, 500, 000
2, 059, 426
50,000 j
300, 000
15,942,405
285,000
750. 000
22, 250, 000 11,125,000 I 273,122,796
23,892, 021
700,000
1, 500, 000
662, 321
50, 000 <
55, 000
23, 008, 556
1, 500, 000
550,000
2, 679, 229
125, 000
125,000
1, 695,992
150. 000
75, 000
17, 550, 508
600, 000
600, 000
467, 580
50, 000
18, 500
601,458
25, 000
35, 000
443, 026
35, 000
8,000
598, 795
25,000
50, 000
1, 703,104
100,000
100, 000
50, 000
25, 000
50,000
50, 000
40.000
25, 000
30, 000
200. 000
500, 000
25, 000
25,000
350,000
25, 000

29,000
25, 000
25, 000
50, 000
60,000
2,000
2,700
200, 000
152, 000
10, 000
30,000
34,000
15, 000

836,330
642, 755
593, 859
976, 435
840, 873
204,483
132,133
2, 382, 378
2,803, 333
403, 372
543, 607
2, 434,224
552, 234

50, 000
125,000
25, 000
50. 000
200, 000

6,000
33, 000
35, 000
50, 000
200, 000

441,099
1, 597, 275
455, 536
1, 088, 505
3, 587, 285

100, 000
150,000
50, 000
50, 000
25,000
300, 000

65, 000
75, 000
52, 000
1,250
9,000
200. 000

1,069, 741
2,187,951
988,962
414,819
242, 371
3, 384, 665

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Surplus.

Capital.

205
Total
resources.

DISTRICT NO. 4—Continued.
OHIO—continued.
Rittman—Rittman Savings Bank
Rossford—Rossford Savings Bank
St. Clairsville—Dollar Savings Bank Co
St. M a r y s American State Bank
Home Banking Co
Shadyside—Shadyside Bank
Shelby—Citizens Bank
Shiloh— Shiloh Savings Bank Co
Steubenville—
Steubenville Bank & Trust Co
Union Savings Bank & Trust Co
Sylvania—Farmers & Merchants Bank Co
ToledoCommercial Savings Bank & Trust Co
Commerce Guardian Trust & Savings Bank.
Upper San dusky—
Citizens Savings Bank
Lewis Bank & Trust Co
.
Vermilion—Erie County Banking Co
Wakeman—Wakeman Bank Co
Warren—Union Savings & Trust Co
Wellington—First Wellington Bank
West Lafayette—West Lafayette Bank Co
West Milton—Citizens State Bank Co
Wooster—Commercial Banking & Trust Co
Youngstown—
City Trust & Savings Bank
Dollar Savings & Trust Co

$60, 000
50, 000
50, 000

$18, 500
28,000
60, 000

$719, 327
748, 612
984,093

50, 000
100, 000
35,000
100, 000
25, 000

25,000
30, 500
9,000
50, 000
40, 000

737, 437
1,116,148
595, 503
1, 488, 639
373, 896

650, 000
350,000
50, 000

304, 700
350, 000
20, 000

5, 525,100
5, 515, 761
913, 306

200, 000
1, 400, 000
50, 000
150,000
50, 000
25, 000
600, 000
85, 000
100, 000
30, 000
150, 000

350, 000
700, 000

11,321,793
27, 819, 696

50, 000
50. 000
17; 500
15, 000
600, 000
100, 000
50,000
15, 000
51, 500

773, 483
958, 063
661, 639
315, 440
5,982, 875
1, 218, 028
1,173, 333
326, 587
1, 359, 048

650, 000
1, 250, 000

9, 846, 467
21, 050,171

i

600,000 I
2, 500, 000

PENNSYLVANIA.

(See also District No. 3.)
Ambridge—Ambridge Savings & Trust Co
Beaver—Beaver Trust Co
Beaver Falls—Federal Title & Trust Co
Bellevue—Bellevue Savings & Trust Co
Butler—Guaranty Trust Co
East Pittsburgh—East Pittsburgh Savings & Trust Co
Erie—Security Savings & Trust Co
Greensburg—Merchants Trust Co
Mead ville—Crawford County Trust Co
New Brighton—Beaver County Trust Co
New Castle—Lawrence Savings & Trust Co
PittsburghAllegheny Trust Co
City Deposit Bank
Colonial Trust Co
Commonwealth Trust Co
Oakland Savings & Trust Co
Pittsburgh Trust Co
Potter Title & Trust Co
Union Trust Co
Washington—Real Estate Trust Co. of Washington
Woodlawn—Woodlawn Trust Co

125.
300^
200,
125,
500,
200,
200,
200,
200,
400,
300,

000
000
000
000
000
000
000
000
000
000
000

125, 000
100, 000
40, 000
50, 000
600, 000
200, 000
500, 000
200, 000
50,000
200, 000
400,000

3,451,316
2, 641, 728
1,501,397
1, 902, 064
6, 982, 054
4, 693,122
6, 439, 403
2, 822, 278
2, 851,303
1,724,414
5, 220,128

750, 000
800, 000
3, 000, 000
1, 250, 000
200, 000
2, 000, 000
200, 000
42, 000, 000
400, 000
125, 000

6, 614, 341
16, 057, 228
25, 888, 722
14,997,285
6,163, 680
21,373.159
7,103! 887
148, 826, 507
3, 062,127
1, 982, 577

150, 000 (
200,000 1

50,000
100, 000

300,000 I
500,000

200, 000
500, 000

1, 784, 374
2, 242, 963
4,154, 064
8, 749, 059

1,000,000

100,000

4, 608, 356

1, 000, 000
750,000
1, 000,000
30,000
25,000
1, 000,000
25, 000
100,000

1,000, 000
250, 000
2,000,000
22, 500
25, 000

26,417,880
10,198, 665
17, 498, 088
1,149, 652
928,461
10, 773,909
240, 789
977,951

700. 000
200, 000
2, 600, 000
1, 500, 000
300, 000
2. 000,000
' 505, 000
1, 500, 000
200, 000
] 2/5, 000

WEST VIRGINIA.

(See also District No. 5.)
Moundsville—Marshall County Bank
Sistersville—First-Tyler Bank & Trust Co
WheelingSecurity Trust Co
Wheeling Bank & Trust Co
DISTRICT NO. 5.
DISTRICT OF COLUMBIA.

Washington—Continental Trust Co
MARYLAND.

BaltimoreAtlantic Exchange Bank & Trust Co
Baltimore Commercial Bank
Baltimore Trust Co
Hamilton Bank
Liberty Bank of Baltimore County _
Maryland Trust Co
Forest Hill—Forest Hill State Bank
Digitized forSalisbury—Farmers & Merchants Bank.
FRASER



6, 500
100,000

206

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

Capital.

Surplus.

DISTRICT NO. 5—Continued.
NORTH CAROLINA.
Belhaven—Farmers Bank
Benson—Farmers Commercial Bank.
CharlotteAmerican Trust Co
Independence Trust Co
Edenton—Bank of Edenton
Elizabeth City—Carolina Banking & Trust Co.
Forest City—Farmers Bank & Trust Co
Henderson—Carolina Bank & Trust Co
Morehead City—Bank of Morehead City
New Bern—New Bern Banking & Trust Co
Tarboro—Farmers Banking & Trust Co
Washington—Bank of Washington
Winston-Salem—Wachovia Bank & Trust C o . . .

$25,000
100,000

$236,928
660,014

SOUTH CAROLINA.
Bishopville—Peoples Bank
Charleston—Carolina Savings Bank
Cher aw—
Bank of Cheraw
Merchants & Farmers Bank
Chester—Commercial Bank
Darlington—Bank of Darlington
FlorenceCommercial & Savings Bank
Palmetto Bank & Trust Co
Georgetown—
Bank of Georgetown
Peoples Bank of Georgetown
Hartsville—Bank of Hartsville
Rock Hill—Citizens Bank & Trust Co
St. George—Farmers Bank
St. Matthews—Home Bank
Sumter—Peoples Bank
Union—Nicholson Bank & Trust Co
Walterboro—Farmers & Merchants Bank.
Westminster—Westminster B ank
Woodruff—Bank of Woodruff

25,000
200,000

75,000
150, 000

426, 371
3, 704, 323

110, 000
100,000
100,000
100, 000

50, 000
25,000
100, 000
100, 000

1, 294, 056
555, 223
1, 335, 569
1, 537, 064

250, 000
100, 000

1, 839, 291
947, 465
100, 000
17, 500
42. 500
18, 500
9,000
30, 000
14, 700
200, 000
30, 000
25, 000
40,000

65,000
25, 000
41. 805
79, 000
500, 000
141, 700

872, 254
588, 817
420, 650
602, 091
8, 582, 932
5, 337, 535

500, 000
300, 000
1, 200, 000
750, 000
4,000
11,000

Blackstone—Citizens Bank & Trust Co
Chase City—Peoples Bank & Trust Co
Galax—Peoples State Bank (Inc.)
Kenbridge—Bank of Lunenburg (Inc.)
Norfolk—Citizens Bank of Norfolk
Petersburg—Petersburg Savings & Trust Co.
Richmond—
Bank of Commerce & Trusts
Savings Bank of Richmond
State & City Bank & Trust Co
Union Bank of Richmond
Rural Retreat—Peoples B ank
Victoria—Bank of Victoria (Inc.)

1,182, 388
627, 782
1, 002, 436
740, 048
299, 627
443, 593
564, 209
1, 766, 837
661, 372
832, 662
593, 331

5, 765, 195
2. 748, 817
21, 120. 449
4, 822, 630
248,176
447,128

100, 000
1, 600, 000

1, 303, 633
13, 025,161

50, 000
18, 000
50, 000 !
6,000
50, 000

604, 393
413,381
1, 521, 594
204, 876
518,688

WEST VIRGINIA.
(See also District No. 4.)
Berwind—Berwind Bank
.Charleston—Kanawha Valley Bank
Franklin—
Farmers Bank of Pendleton
Franklin Bank
Grafton—Grafton Banking & Trust Co
Harpers Ferry—Bank of Harpers Ferry
Hurricane—Putnam County Bank
Martinsburg—
Peoples Trust Co
Shenandoah Valley Bank & Trust C o . . .
Moorefield—Hardy County Bank
Petersburg—Potomac Valley Bank
St. Marys—Pleasants County Bank
Salem—Merchants & Producers Bank




50,000
500,000

102, 500
25,000
2,050
3,000
26, 000
35, 000

1, 619. 886
560, 235
166,112
253, 809
520, 334
726, 686

ASTNUAL REPORT OF T H E FEDERAL, RESERVE BOARD.

207
Total
resources.

DISTRICT NO. 6.
ALABAMA.

Athens—Farmers & Merchants Bank
BirminghamAmerican Trust & Savings Bank
Birmingham Trust & Savings Co.
Carrollton—Pickens County State B a n k . . .
Clayton—Bank of Commerce
Cullman—Alabama Bank & Trust Co
Guin—Marion County Banking Co
Hartselle—Farmers & Merchants Bank
Huntsville—Farmers State Bank
Hurtsboro—Farmers & Merchants B a n k . . .
Jasper—Central Bank & Trust Co
Marion—Marion Central Bank
Mobile—
Merchants Bank
Peoples Bank
Monroeville—Monroe County Bank
Montgomery—Alabama Bank & Trust Co.
•Orrville—Orrville Bank & Trust Co
Pittsview—Bank of Pittsview
Roanoke—
Merchants & Farmers Bank
Roanoke Banking Co
Selma—Peoples Bank & Trust Co
Talladega—Bank & Trust Co
Tuskegee—Macon County Bank
Union Springs—American Bank

$80,000

$50,000

$988, 308

500,000
1, 000,000
60,000
50, 000
50,000
50,000
100,000
31,400
50,000
50,000

250,000
750,000
4,000
10,000
10,000
37, 500
4, 500
30,000
15, 000
10, 000
100, 000

13,939,494
19,199, 792
264, 245
241,118
293,609
370,882
434,905
809,163
152,981
960, 214
603, 211

200, 000
200,000
100,000
300,000
25,000
25,000

450, 000
300,000
30,000
42, 000
30,000
5,000

9, 853,919
6, 214, 588
760, 692
2, 925, 588
176, 661
70,139

125, 000
200, 000
100,000
100, 000
50. 000
50, 000

16,071
200, 000
50,000
22,000
110, 000
10,000

472,133
1, 399,154
974,621
684,031
589,685
260, 536

200, 000
200. 000
100, 000
75, 000
50, 000
30, 000

40, 000
45, 000
5, 000
9,000
25, 000

2, 4S6, 562
571, 392
816,384
248,183
1.191,333
247, 205

300,000
100, 000
200,000

150, 000
25,000
51, 600
25,000

1,552,254
2, 628, 232
1, 469, 272
423, 296

•

De Land—Volusia County Bank & Trust Co.
Jacksonville—American Trust Co
Lakeland—Central State Bank
Lake Wales—Citizens Bank of Lake Wales
Leesburg—Leeshurg State Bank
Marianna—Citizens State Bank
MiamiCommercial Bank. Trust & Title Co
Southern Bank & Trust Co
Orlando—Bank of Orange & Trust Co
Tallahassee—Exchange Bank
TampaBank of Commerce
Citizens Bank & Trust Co
Winter P a r k Bank of Winter Park
Union State Bank

25,000

50,000
200, 000
1,000,000
40, 000
50,1*00

40,000
500,000 j
10,000
3, 500

1,965, 543
12, 682,997
616,421
406, 355

GEORGIA.

Athens—
American State Bank
Commercial Bank of Athens. .
Atlanta—
Atlanta Trust Co
Georgia Savings Bank & Trust Co
Lowry Bank & Trust Co. of Georgia..
Bainbridge—Citizens Bank & Trust Co
Barnesville—Barnesville Bank. _
Bartow—Bartow Bank
Boston—Bank of Boston
Bowersville—Bank of Bowersville
Bowman—Bank of Bowman
Brunswick—Brunswick Bank & Trust Co
Calhoun—Peoples Bank
.
Camilla—Bank of Camilla
Canon—
Canon Bank
Farmers Bank
Carlton—Planters Bank
Carrollton—Peoples Bank
Cartersville—Bank of Cartersville
Cave Spring—Bank of Cave Spring
Chipley—Farmers & Merchants Bank
Claxton—Citizens Bank of Claxton
Commerce—
.
Commerce Bank & Trust Co
Northeastern Banking Co
Cordelle—Exchange Bank
Crawford—Farmers Bank
Dacula—Dacula Banking Co
Dawson—Bank of Dawson




100,000
200,000

_
.

I
!

_

j

!
" " j
j
. .

j
!
j
_.
i
j
i
j
|

!
1,500,000 !
500,000 j
2,500,000 i
100,000 j
50,000 j
25,000 !
25,000 i
25,000
35, 000 j
230,000 ;
60.000!
50, 000 i
|
25,000 !
25,000 i
25,000 j
60,000 s
100,000 j
25,000 i
50.000
30,000 j
j
50,000 j
100,000 ,
100,000 i
100,000 ;
25, 000
100, 000 ]

20,000
50,000
300, 000
200, 000
3, 000, 000
20, 000
10,000
15,000
5,000
5,000
10, 000
101, 000
11, 000
50,000 j
12,500 I
1, 250

~"~36,~6o6~i
60,000 i
25,000
10,000 I
4, 000
12, 055
60, 000
100,000
50,000
5, 000
42, 500

953, 866
1, 556, 237
6, 972, 649
3, 529, 332
32, 676, 603
901, 519
220, 469
220, 520
163,408
109, 400
333, 275
2, 228, 650
482, 650
645, 212
110,109
94, 392
64, 880
652, 343
661, 925
184, 788
298, 321
139, 552
194, 552
712, 612
646, 567
611, 622
85, 361
328, 765

208

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

DISTRICT NO. 6—Continued.
GEORGIA—continued.
Donalsonyille—Bank of Donalsonville.
Douglasville—Douglasville Banking Co
Dublin—Southern Exchange Bank
Eastman—
Bank of Eastman
Citizens Banking Co
Eatonton—
Farmers & Merchants Bank
Middle Georgia Bank
Elberton—Bank of Elberton
Forsyth—Monroe County Bank
Girard—Farmers & Merchants Bank
Graymont—Bank of Graymont
Grayson—Bank of Grayson
GreenvilleGreenville Banking Co
Peoples Bank
H art well—Hartwell Bank
Hoschton— Bank of Hoschton
Jackson—Jackson Banking Co.
Jefferson—Citizens Bank & Trust Co.
La Grange—La Grange Banking & Trust Co
Lavonia—Bank of Lavonia
Lawrenceville—Brand Banking Co
Lexington—Oglethorpe County Bank
Lincolnton—Farmers State Bank
Locust Grove—Bank of Locust Grove
Louisville—Bank of Louisville
MadisonBank of Madison
Morgan County Bank
McDonough—
Bank of Henry County
Farmers & Merchants Bank
Metter—
Bank of Candler County
Citizens Bank
Millen—Bank of Millen.
Monroe—
Bank of Monroe
Farmers Bank
Union Banking Co.
Pelham—Farmers Bank
Pendergrass—Pendergrass Banking Co
Plains—Plains Bank
Portal—Bank of Portal
Rhine—Rhine Banking Co
Royston—Royston Bank
Sardis—Peoples Bank
Sasser—Bank of Sasser
Savannah—
Citizens & Southern Bank
Citizens Trust Co
Liberty Bank & Trust Co
Savannah Bank & Trust Co
Social Circle—Walton County Bank
Soperton—Bank of Soperton
Statesboro—Bank of Statesboro
Swainsboro—Central Bank
Toccoa—Bank of Toccoa
Valdosta—Exchange Bank of Valdosta
Wadley—Bank of Wadley
West Point—Citizens Bank
WinderFarmers Bank
North Georgia Trust & Banking Co.
Winterville—Pittard Banking Co
Zebulon—Bank of Zebulon

$50, 000
51, 500
1,000

000
50, 000
100, 000
25,000
25,000
25. 000
40, 000

50, 000
25, 000
30, 000
1,000
20, 000
10,000

30,000 i
15,000 j
20, 000
7,100
650, 000
20, 000
50, 000
25,000
10, 000
5,000
55, 000

1,250
20, 000
50, 000
15,000
30,000
6, 000
50,000
5,000
35, 000
2,000
4, 500
30, 000
6, 000
32, 500

731, 369
576, 328
163,249
603, 078
73, 925
444, 250
113,042
91, 757
474, 579
97,114
158,428

72, 028,135
1, 359, 768
3, 793, 890
«0,020, 529
647,390
327, 585
830, 264
181,652
253, 204
252,809
242, 613
431, 325

3, 000, 000
300, 000
300, 000
700, 000
125. 000
25,000
100, 000
25, 000
50, 000
100,000
25,000
100. 000

231, 473
740,131
109, 235
173, 006

LOUISIANA.

(See also District No. 11.)
Baton Rouge—Union Bank & Trust Co
Gretna—Jefferson Trust & Savings Bank
Iota—Bank of Iota
New OrleansAlgiers Trust & Savings Bank
American Bank & Trust Co
Canal-Commercial Trust & Savings Bank
Citizens Bank & Trust Co. of Louisiana..




2, 796,867
1, 378, 217
369,438

150, 000
60.000
25,000 !
200, 000
300, 000
4, 000, 000
1,000, 000

50, 000
200, 000
2, 000,000
250, 000

1,178, 411
3, 445,025
83, 451,188
10, 887, 638

ANNUAL REPORT OF T H E FEDERAL RESERVE BOARD.

209
Total
resources.

DISTRICT NO. 6—Continued.
LOUISIANA—continued.

New Orleans—Continued.
Hibernia Bank & Trust Co
Interstate Trust & Banking Co
Marine Bank & Trust Co
New Orleans Bank & Trust Co
New Roads—Pointe Coupee Trust & Savings Bank.
Opelousas—Parish Bank & Trust Co
Ville Platte—Evangeline Bank & Trust Co

$2, 500,000
800, 000
800, 000
100,000
6,600
10,000
37, 500

$64, 507, 264
17, 588, 861
31,407, 414
5,895, 341
382,789
314, 432
1,011,172

25,000

2,700

159, 267

30,000
750, 000
50,000
25,000

250,000
25,000
1,500

141, 387
6,855,421
236,860
82, 437

25,000
25,000
50,000
60,000

5,000
50,000
20,000
40,000

242,891
549, 215
555, 725
1, 341, 847

$2, 000, 000
750, 000
1, 500,000
400, 000
60,000
50,000
75,000

MISSISSIPPI.

(See also District No. 8.)
Crystal Springs—Peoples Bank
TENNESSEE.

(See also District No. 8.)
Bellbuckle—Peoples Bank & Trust Co
Chattanooga—Chattanooga Savings Bank
Murfreesboro—Rutherford County State Bank
Wartrace—Wartrace Bank & Trust Co
DISTRICT NO. 7.
ILLINOIS.

(See also District No. 8.)
Argenta—The Gerber State Bank
Auburn—Auburn State Bank_ _.
Barrington—First State Bank
Blandinsville—Huston Banking Co
OJiicago—
Adams State Bank
Auburn Park Trust & Savings Bank
Austin State Bank
Capital State Savings Bank
Central Trust Co. of Illinois
-Chicago Trust Co
Depositors State Bank
Drexel State Bank
First Trust & Savings Bank
Harris Trust & Savings Bank
Home Bank & Trust Co
Hyde Park State Bank
Illinois Merchants Trust Co
Independence State Bank
Kasper State Bank
Madison & Kedzie State Bank
Mercantile Trust & Savings Bank
Noel State Bank
Northern Trust Co
Northwestern Trust & Savings Bank
Reliance State Bank
Second Security Bank
_
Security Bank of Chicago.
South Side Trust & Savings Bank
Standard Trust & Savings Bank_
State Bank of Chicago
Twenty-sixth Street State Bank
Union Trust Co
United State Bank of Chicago
Woodlawn Trust & Savings Bank
Oiceo—
Cicero Trust & Savings Bank
Western State Bank
•Cowden—State Bank of Cowden
Des Plaines—Des Plaines State Bank..
Divernon—First 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
Hinckley—Hinckley State Bank
_
Hinsdale—Hinsdale State Bank




_

200,000
200,000
300,000
300,000
6,000,000
1, 500,000
300,000
350,000
6,250, 000
3, 000, 000
1,000,000
300,000
15, 000, 000
200,000
1, 000,000
750,000
400,000
1, 000, 000
2,000,000
1, 000,000
500,000
250,000
500,000
500,000
1,000,000
2, 500,000
200,000
2,000,000
200,000
400,000

40,000
30,000
100,000
60,000
1, 000,000
500,000
150,000
150, 000
6, 250,000
3,000,000
400,000
200,000
15, 000,000
40,000
250,000
250, 000
125,000
150,000
3,000,000
500,000
150,000
200,000
350,000
100,000
500,000
5,000,000
30,000
3,000,000
75,000
100,000

2,121, 617
815, 545
6,457, 321
4,023,155
90, 658, 585
23, 836,072
5, 740,872
9,119, 417
128, 406, 915
55,976,194
10, 515,957
5, 310, 364
291,377, 569
4,970,879
13, 899,082
10,481,643
8,179, 697
10,444, 737
59,249,730
20,479, 835
9,963, 630
5,879,483
8, 718, 505
10,326,888
15, 744,896
60, 507,290
2,011, 383
67, 398,055
2,930, 646
9,103,713

100,000
200,000
25,000
100,000
50,000
100,000

60,000
50,000
10,000
25,000
9,000
20,000

1,915,632
3,142,949
255,066
1,465,683
654, 217
674,368

200,000
300,000
50,000
50,000
50,000
100,000

40,000
400,000
8,000
25,000
25,000
25,000

2.467,416
8,327,153
593, 669
1,325,593
558,855
1.092,417

210

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Capital.

Surplus.

Total
resources.

DISTRICT NO. 7—Continued.
ILLINOIS— continued.

Joiiet—
Commercial Trust & Savings Bank_
Joiiet Trust & Savings Bank__
Kewanee—Union State Savings Bank & Trust Co.
La Grange—La Grange State Bank
Magnolia—First State Bank
Marshall—Marshall State Bank
Martinsville-y-Martinsville State Bank.
Matteson—First State Bank__
Mattoon—Central Illinois Trust & Savings Bank_
Mount Carroll—
Carroll County State Bank
__
First State Bank__
Oak P a r k Oak Park Trust & Savings Bank
Suburban Trust & Savings Bank
Oswego—Oswego State Bank
Polo—Polo State Bank
Rock Island—First Trust & Savings Bank...
St. Charles—Stewart State Bank
Seneca—
Farmers Trust & Savings Bank
State Bank of Seneca
Shannon—State Bank of Shannon
Springfield—Ridgely Farmers State Bank
Wenona—First State Bank

$100,000
100. 000
150,000
100,000
25.000

$10, 000
50,000
25,000
60,000
6,000
10,000
20,000
20,000
75,000

$1, 368, 668
2,184, 003
1, 373,106
2,195,474
193, 519
462, 844
466, 686.
208,148,
1,160, 759*

50,000
5,000

1, 369, 70&
1,150, 299'

400,000
100,000
50,000
75,000
200,000
100,000

200,000
50, 000
10,000
15,000
50,000
50, 000

5, 960, 324
2,030,004
414,983
559, 432
1, 505, 732
1, 310, 514

25,000
50,000
50,000
600,000
50,000

6,500
25,000
3,000
150,000
50,000

142, 63a
447, 74&
296, 065
7,175, 556
803, 297

40,000
25,000
25,000
400,000
27,500
250,000
. 500,000
,
30,000
50,000
35,000
174, 600
50,000
200,000
75,000

17,600
25,000
46,000
1,500
150, 000
500,000
20,000
47, 500
4,000
140,750
12,500
50,000
25,000

404, 996
233, 495
154, 655
2, 421, 748
185, 931
5,031, 592
19,304,935
457, 764
438, 086
142, 635
2, 446, 500
395, 874
2, 730, 644
862,893

500,000
800, 000
25,000
500,000
50,000

160,000
200,000
20, 500
500, 000
50,000

5, 589, 383.
5, 528, 731
313, 032
9, 287, 739
679, 787

100,000
. 30,000
50,000
25,000
50, 000
50,000
1130,000
60,000
50, 000
25, 000
50, 000
60, 000
600, 000
50, 000
200, 000
50,000
40,000
75,000
25,000
300,000
40,000
75,000
,000,000

60,000
20,000
19,000
5,000

300,000
5,000
25,000
500,000

2, 323, 811
583,087
1, 016, 452
261, 624
300, 853
597, 001
1,032,050
1, 246,802
443, 684
294,739
444, 516
1, 511, 980
10,197, 213
526, 914
3, 247,837
1,031,128
496.102
1,371,712
157,118
6,143, 392
161,730
461,920
20,825,050

50,000
75,000

2, 257, 580

6o;ooo
50, 000
25,000
100,000
50,000
100,000

INDIANA.

(See also District No. 8.)
Angola—Steuben County State Bank
Bargersville—Farmers State Bank
Colfax—Farmers State Bank
Connersville—Fayette Bank & Trust Co
Cromwell—Sparta State Bank...
_
Elkhart—St. Joseph Valley Bank...
Indianapolis—Fletcher Savings & Trust Co
Jamestown—Citizens State Bank
Kentland—Kent State Bank
La Fontaine—Farmers State Bank
Marion—Grant Trust & Savings Co
North Liberty—North Liberty State Bank-.
Richmond—Dickinson Trust Co
Rochester—United States Bank & Trust Co
South B e n d American Trust Co_
St. Joseph Loan & Trust Co.
South Whitley—Mayer State Bank__
Terre Haute—Terre Haute Trust Co
Tipton—Farmers Loan & Trust Co

.,

Algona—County Savings Bank
Alta Vista—Alta Vista Savings Bank
Ames—Story County Trust & Savings Bank
_.
Armstrong—State Bank of Armstrong
Audubon—Iowa Savings Bank
Barnes City—Farmers Savings Bank
Battle Creek—Battle Creek Savings Bank
Bellevue—Bellevue State Bank
Bennett—Bennett Savings Bank
_
Blairsburg—State Bank of Blairsburg
Brighton—Brighton State Bank
Britt—Commercial State Bank
Burlington—First Iowa State Trust & Savings Bank.
Cedar Falls—Security Trust & Savings Bank.
_
Cedar Rapids—Iowa State Savings Bank
Chariton—State Savings B a n k . .
_
Charter Oak—Farmers State Bank
Cherokee—Cherokee State Bank
Clearfield—Taylor County State Bank
Clinton—Peoples Trust & Savings Bank_
Corwith—Peoples State Bank
Corydon—Wayne County State Bank
Davenport—American Commercial & Savings Bank..
Decorah—
Citizens Savings Bank
Winneshiek County State Bank




50,000
150,000

15,000
5,000
20,000
5,000
10, 500
70,000
450, 000
10,000
70,000
50,000
10,000
75,000

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

211
Total
resources.

DISTRICT NO. 7—Continued.
IOWA—continued.
Des Moines—
Bankers Trust Co
Central State Bank
Iowa Loan & Trust Co._
Dexter—Iowa State Bank
EarlyCitizens State Bank
State Bank of Early
Elberon—Farmers State Bank
Eldora—Citizens Savings Bank
Elkader— Elkader State Bank
EllsworthFarmers State Bank
State Bank of Ellsworth
Fairbank—Fairbank State Bank
Fairfield—
Iowa Loan & Trust Co
Iowa State Savings Bank
Farragut—Commercial Savings Bank
Fort Dodge—Webster County Trust & Savings Bank._.
Fort MadisonAmerican State Bank
Fort Madison Savings Bank
Fostoria—Citizens Savings Bank
Fremont—State Bank of Fremont
Garwin— Garwin State Bank
Gilbert—Gilbert Savings Bank
Gilman—Citizens Savings Bank
Grand River—Farmers State Bank
Grant—Farmers Savings Bank
Greenfield—Greenfield Savings Bank
Hudson—Hudson Savings Bank
Humboldt—Peoples State Bank
Jefferson—Jefferson Savings Bank
Knoxville—Guaranty State Bank
Lake View—Lake View State Bank
Lakota—Farmers & Drovers State Bank
Leon—Farmers & Traders State Bank
Lockridge—Lockridge Savings Bank
Logan—State Savings Bank
Low den—Lowden Savings Bank
Lytton—Farmers Savings Bank._
Magnolia—Magnolia Sayings Bank
Malcolm—Malcolm Savings Bank
Mapleton—Mapleton Trust & Savings Bank
Marshalltown—Marshalltown State Bank
Mason City—City Commercial Savings Bank
Mechanicsville—Mechanicsville Trust & Savings BankMediapolis— Commercial State Bank
Missouri Valley—State Savings Bank
Mondamin—Mondamin Savings Bank
Monticello—
Lovell State Bank
Monticello State Bank
Moorhead—Moorhead State Bank
Moville—Moville State Bank
,_
__.
New Hampton—State Bank
Newton—
Citizens State Bank
Jasper County Savings Bank
Osage—Home Trust and Savings Bank...
Osceola—Iowa State Bank
Ottumwa—Ottumwa Savings Bank
Perry—Peoples Trust & Savings B a n k . . .
Remsen—Farmers Savings Bank
Riceville— RiceviUe State Bank
Roland—Farmers Savings Bank_
._
Royal—Home State Bank
Sac C i t y Farmers Savings Bank
_
Sac County State Bank
Schaller—Schaller Savings Bank__.
Shenandoah—Security Trust & Savings Bank
Sibley—Sibley State Bank..
__
Sioux Center—Sioux Center State Bank
Solon—Ulch Bros. State Bank
Storm Lake—Security Trust & Sayings Bank
Strawberry Point—Strawberry Point State Bank
Terril—Terril Savings Bank
_
Thompson—State Bank of Thompson
_.
Tipton—Farmers & Merchants Savings Bank




$1, 000, 000
250, 000
500, 000
25, 000

$200,000
250,000
250,000
15, 000

$6, 714, 026
7, 979, 419
10,949, 059
279, 254

30, 000
40,000
50,000
50,000
50, 000

9,000
15,000
25,000
25,000
25,000

379, 764
393, 339
824,995
284,337
1,179,197

25,000
35,000
26, 000

7,000
3.000
24,000

185, 685
362,954
573,896

50,000
200, 000
40,000
100, 000

12.500
75,000
4,000
6,000

474, 396
1, 759, 715
199, 821
725, 583

100,000
100,000
25,000
40, 000
50,000
50,000
50,000
25,000
25,000
30, 000
50,000
100, 000
50,000
50,000
25,000
30,000
100, 000
25, 000
50,000
25,000
30, 000
25,000
50,000
75,000
100,000
400, 000
50, 000
100, 000
50, 000
35,000

21,000
70,000

11,000
20,000
17,500
10,000
8,000
15,000
50,000
65,000
50, 000
45,000
10,000
15,000

1, 730, 089
2,070,015
196,958
504, 819
597,081
317, 472
507, 870
364,625
220, 764
282, 288
622, 263
902,448
657,748
524,038
305,936
296,436
750,265
393,890
586, 003
309,044
456,820
327,129
334, 771
857, 301
2, 653,120
2,835,831
721,739
532, 832
468, 703
339, 745

200,000
200,000
30,000
35,000
50,000

100,000
200,000
30,000
23, 000
30,000

1,457,773
2,811, 680
448, 683
427, 305
961,079

60,000
100,000
50, 000
50. 000
100, 000
50,000
50,000
25,000
35, 000
25,000

25,000
50,000
25, 000
4,000
30,000
6,200
30,000
15,000
25,000
2,000

640,021
1,408, 413
735,100
406,911
1, 631,760
702, 954
491,445
278, 287
491,849
202,280

100,000
75, 000
25,000
60,000
50,000
25,000
50, 000
75,000
50,000
25,000
30,000 I
50, 000 J

30,000
50,000
25,000
9,000
15,000
25,000
15,000
5, 253
10,000
2,000
8,000
20,000

753,459
1,286,446
395, 592
453, 335
606, 007
367,021
868,357
412, 538
894, 283
326, 586
326,048
527,741

14,000
15,000
25,000
10,000
5,000

212

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Capital.

Surplus.

Total
resources.

DISTRICT NO. 7—Continued.
IOWA—continued.

Ute—
Farmers Savings Bank
State Savings Bank
Vail—Farmers State Bank
Van Wert—Van Wert State Bank
Victor—Victor Savings Bank
Wapello—Wapello State Savings Bank
Waterloo—Waterloo Bank & Trust Co
Webster City—Hamilton County State Bank.
Winterset—Madison County State Bank
(See also District No. 9.)
Adrian—
Adrian State Sayings Bank
Commercial Savings Bank
Lenawee County Savings Bank
AlbionAlbion State Bank
Commercial & Savings Bank
Alpena—Alpena County Savings Bank
Ann ArborFarmers & Mechanics Bank
State Savings Bank
ArmadaArmada State Bank
Farmers State Bank
Bay CityBay City Bank
Farmers State Sayings Bank
Peoples Commercial & Savings Bank
Bellevue—Farmers State Bank _ _
Benton Harbor—Ben ton Harbor State Bank
Big RapidsBig 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.
Carsonyille—First State Bank
Cass City—Pinney State Bank..
Cassapolis—Cass County State Bank
Charlotte—Eaton County Savings Bank
ChelseaFarmers & Merchants Bank
Kempf Commercial & Savings Bank
Coloma—State Bank of Coloma
Constantine—Commercial State Bank.
Coopersville—Peoples Savings Bank
Croswell—
First State Savings Bank...
.-_
State Bank of Croswell..
Davison—Davison State Bank
Dearborn—Dearborn State Bank
DetroitAmerican State Bank
Bank of Detroit
Central Savings Bank.
Commercial State Savings Bank
Detroit Savings Bank
_.
Dime Savings Bank
First State Bank
Peninsular State Bank
Peoples State Bank
United Savings Bank
Wayne County & Home Savings Bank.
Eaton Rapids—Michigan State Bank
Edmore—Edmore State Bank
Elk Rapids—Elk Rapids State Bank
Evart—Evart State Bank
_
Farmington—Farmington State Savings Bank...
Fennville—Old State Bank
Fenton—
Commercial State Savings Bank..
Fenton State Savings Bank




$25,000 !
50,000 :
50, 000 i
25,000
50,000 i
30,000 !
250,000 !
100,000 i
125,000 i

$2,500 I
15,CKXi
12,50{' i
25,00( !
30,00C !
10,00C !
50,00C 1
30,00C i
125,000 I

$181, 559
467, 725
299,093
317,859
628, 660
597,893
2, 271,112
1, 452, 083
1, 498,109

150,000
110, 000
150,000

90,000
30,000
50,000

2, 059,102
1, 694,402
2,150, 726

50,000
75,000
100,000

40,000
40,000
200,000

1, 082, 717
1, 141,187
3, 720,182

200,000
300,000

75, 000
300, 000

3, 757,116
4,190, 381

25,000
25,000

25,000
12, 500

518, 344
400, 347

350, 000
100,000
400,000
25,000
100,000

300,000
75,000
500,000
5,000
75,000

5, 420, 719
1, 783, 710
11, 656, 437
173, 970
1, 642, 272

50,000
50,000
100, 000
25,000
50,000
25,000
40,000
50,000
75,000
25,000
25,000
50,000
40,000
100,000

25,000
25,000
25, 000
5,000
22, 500
5,000
8,000
10,000
25,000
5,000
5,000
5, 500
8,000
20,000

1, 013, 942
1,655,312
1, 494, 371
251, 746
815, 489
345, 240
645, 263
527, 763
1, 117, 072
275, 570
471, 249
667, 257
370, 684
1, 314,197

50,000
60, 000
25,000
25,000
25,000

50,000
40, 000
25,000
8,000
5,000

776, 122
786, 484
687, 017
466, 228
477, 581

30,000
60,000
50, 000
100, 000

6,000
12, 000
10,000
150, 000

635, 613
1, 218, 496
535, 930
2, 211, 010

650,000
500,000
600,000
200,000
2, 000,000
2, 500, 000
699,827
1, 500,000
10,000,000
150,000
6,000,000
75,000
10,000
12,800

26, 989, 611
37, 363, 692
27, 362, 582
5, 598, 500
35, 735, 085
50, 510,838
18,649,467
39,031,462
131, 573, 787
11,054,373
96,052,102
707,071
411,623
377, 452
647,031
893, 506
546,343

1, 500, 000
2, 000,000
1, 000,000
1,000,000
1, 500,000
1, 500, 000
2,498, 716
2,500,000
5,000,000
750,000
4,000,000
75,000
30,000
35,000
50,000
40,000
50,000
50,000
25,000

30,000
15,000
27,500
20,000

639,913
844,726

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Surplus.

213
Total
resources.

DISTRICT NO. 7—Continued.
MICHIGAN—continued.

FlintCitizens Commercial & Savings Bank
Genesee County Savings Bank
Industrial Savings Bank
Union Trust & Savings Bank
Flushing—Peoples State Bank
Fountain—Bank of Fountain
Frankenmuth—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—
Commercial Savings Bank
Grand Rapids Savings Bank
Kent State Bank
Peoples Savings Bank_
Greenville—Commercial State Savings Bank
Hart—Oceana County Savings Bank
.
Highland P a r k American State Bank
Highland Park State Bank
Hillsdale—Hillsdale Savings Bank
HollandFirst State Bank
Holland City State Bank
Holly—First State & Savings Bank
Hopkins—The Hopkins State Savings Bank
Howell—First State & Savings Bank
Imlay City—
Lapeer County Bank
Peoples State Bank
Ionia—State Savings Bank
JacksonCentral State Bank
Jackson State Savings Bank
Jonesville—Grosvenor 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—Macomb County Savings Bank
Lowell—City State Bank
Ludington—Ludington State Bank
Manchester—
m
Peoples Bank
™
Union Savings Bank
Manistee—Manistee County Savings Bank
Marcellus—G. W. Jones Exchange Bank
Marshall—Commercial Savings Bank
Marysville—Marysville Savings Bank
Mason—
Farmers Bank
First State & Savings Bank
Midland—Chemical State Savings Bank
Milan—Milan State Savings Bank
Milford—
Farmers State Savings Bank
First State Bank
Monroe— Dansard State Bank
1
Montague—Farmers State Bank
Morenci—Wakefield State Bank
Mount Clemens—Ullrich Savings B a n k . . .
Mount Pleasant—
Exchange Savings Bank
Isabella County State Bank
NashvilleFarmers & Merchants Bank
State Savings Bank
New Haven—New Haven Savings Bank
Niles City—Niles City Bank
Northville—Lapham State Savings B a n k . . .
Onsted—Onsted State Bank
Paw Paw—Paw Paw Savings Bank
Petersburg—The H. C. McLachlin & Co. State Bank.
Petoskey—First State Bank

86538—24t




15

$350,000
500,000
300,000
270, 000
15, 000
5, 000
50, 000
50,000
100, 000

I
40,000 I
50,000

$6,618,516
10, 141, 864
2. 960, 465
6, 603, 548
396, 605
191, 517
1,087, 933
683, 405
1, 226,189

100,000
50,000

100,000
30,000

2, 289, 840
1,170,125

300,000
500,000
500,000
200,000
50,000
40,000

60,000
500,000
1,100,000
100,000
30,000
13,000

3, 467, 722
17, 486, 495
16,045, 218
2,841,314
1, 285,838
608, 392

200, 000
1,000,000
100,000

50,000
900, 000
25, 000

4, 062, 552
25, 699, 534
1, 377, 713

100,000
100,000
100, 000
25, 000
75,000

65, 000
50, 000
50, 000
5. 000
19,000

2, 903, 490
2, 598, 514
1, 606, 385
441,473
943,287

50,000
50,000
100, 000

10,000
10, 000
100, 000

1,027,684
719, 250
1,875, 377

100,000
300,000
50,000
25,000

26,000
125, 000
25, 000
25, 000

1,853,
2, 624,
660,
498,

25,000
40, 000
500,000
75, 000
50,000
25,000
100,000

7,000
10,000
250,000
15,000
15,000
10,000
25, 000

354,090
297, 786
9, 641, 660
827,843
1,167,825
545,148
2, 032, 435

25, 000
25, 000
100,000
40, 000
100,000
.50,000

15, 000
50, 000
100,000
35, 000
20, 000
25,000

523, 313
712, 276
2,828,142
878,552
1,257,161
302,932

50,000
25,000
50,000
25, 000

10, 000
15, 000
15, 000
1.6,000

686,349
737,471
900, 513
467, 734

636
471
241
422

50,000
25,000
200,000
25,000
50,000
100,000

8,000
12, 500
30,000
5,000
30,000
100, 000

294, 670
667, 766
2, 816, 595
429,646
1,909,138
2,358,156

50,000
60,000

32,500
27,000

1,054,127
1, 527,364

35,000
30,000
25,000
100,000
50,000
25,000
40,000
25,000
60,000

50,000
12,500
25,000
25,000
30,000
10,000
10,000
5,000
15,000

1,928, 625
477,559
509,856
1,451,535
1,085,384
321, 722
540,329
549, 325
1,183, 607

214

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Capital.
DISTRICT NO. 7—Continued.

Total
resources.

\

MICHIGAN—continued.

Surplus.

j

Pinconning—Pinconning State Bank
POntiac—Pontiac Commercial & Savings Bank
Port Huron—Federal Commercial & Savings Bank
Redford—Redford State Savings Bank
Rochester—Rochester Savings Bank
Rogers City—Presque Isle County Savings Bank
Romeo—Romeo Savings Bank
Royal O a k First 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
Saline—Saline 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
Suttons Bay—Leelanau County Savings Bank
Tecumseh—
Lilley State Bank
Tecumseh State Savings Bank
Traverse City—Traverse City State Bank
Vicksburg—
Farmers State Bank
First State Bank
Warren—State Savings Bank of Warren.
Washington—Washington Savings Bank
Wayne—Wayne Savings B a n k . .
Williamston—
Crossman & Williams State B a n k . . .
Williamston State Bank

$30,000
1,000,000
300,000
100,000
50,000
35,000
100,000

$6, COO
200, COO
150, COO
42,000
10,000
15, 030
25, 030

$567, 175
13,711,311
6, 549, 443
1,264, 247
623, 409
1, 274,153
1, 439, 940

200,000
100,000

100,030
100,0)0

2, 786,460
2, 486, 700

200,000
1,000,000
25,000
75,000
25,000
100,000
25,000
100,000
30,000
25,«00
25,000

100, 000
500,0i)0
9,000
20, 000
25,000
25,000
6, 2oO
100, 000
8, 000
25,000
10,0(i0

5, 265,178
23,434, 780
820, 725
1,102, 071
536,810
950, 337
425,305
1, 587,448
547, 252
503, 750
400, 535

40,000
50,000
200,000

20,0(0
30,0(0
100,0(0

727, 230
872,989
3, 454,363

I
j

25,000
30,000
25,000
25,000
50,000

5.0C0
7,2C0
25,0C0
15,000
50, 000

488,005
415, 536
755,800
299, 266
1,460, 306

I

40,000
50,000

20,003
10,003

505, 222
664,000

100,000
125,000
50,000
50,000
40,000
100,000
70,000
31)0,000

50,00)
25,000
10,000
50,000
20,000
24,000
20,000
60,000

2, 223, 552
1, 667, 620
572,686
1,064,396
465, 288
1, 982, 459
1,168, 207
4, 722, 339

1,000,000
200, 000
1,000,000
1,000,000
100, 000
50,000
50,000
50, 000

200, 000
50,000
1,500,000
2,000,00d
50, 00(
30, 000
10, 00(
10,00C

12, 329, 621
5, 639, 834
26, 543, 936
37,611,442
1, 261, 590
646, 516
288, 621
1,122,048

100,000
125,000
35,000
200, 000
100,000
50,000
150,000
25,000

50,00C
32, 50C
17, 50C
200,00C
20,000
30,000
60,000
13,500

1, 262,188
1,158, 712
460,068
4,098,697
2,305,711
859, 551
2,184, 009
483, 585

104,000

100,000

1, 214,642

50,000
100,000
100,000
35, 000
25,000
60,000
50,000

20,000
20,000
10, 000
10,000
3,250
15,000
10,000

658,285
1,124, 532
1,047,183
387,612
114,000
1,166,243
414,717

:
|
I
|
I
j
j
I
I
|
i
j
j
i
|
I
!
!
I
!
j
i

WISCONSIN.

!

* (See also District No. 9.)
Baraboo—Bank of Baraboo
Burlington—Bank of Burlington
Clinton—Citizens Bank
Delavan—Citizens Bank of Delavan
Green Lake—Green Lake State Bank
Kenosha—Merchants & Savings Bank
Kewaunee—State Bank of Kewaunee
Madison—Bank of Wisconsin
MilwaukeeAmerican Exchange Bank
Badger State Bank
Marshall & Ilsley Bank
Second Ward Savings Bank
Mineral Point—Iowa County Bank
Mosinee—State Bank of Mosinee
Oakfield—Bank of Oakfield
Platteville—State Bank of Platteville
PlymouthPlymouth Exchange Bank
State Bank of Plymouth
Seneca—Farmers & Merchants State Bank.
Sheboygan—Citizens State Bank
Sturgeon Bay—Bank of Sturgeon Bay
Waupun—State Bank of Waupun
Wausau—Marathon County Bank
Winneconne—Union Bank
DISTRICT NO. 8.

j

ARKANSAS.

Arkansas City—Desha Bank & Trust Co
Bates ville—
Citizens Bank & Trust Co
Union Bank & Trust Co
Blytheville—Farmers Bank & Trust Co
Brinkley—Monroe County Bank
Cabot—Peoples State Bank
Gonway—Farmers State Bank
Dardanelle—Dardanelle Bank & Trust Co




|

_
_.

I
I
j
|
j
j
!

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Capital.

Surplus.

215
Total
resources.

DISTRICT NO. 8—Continued.
ARKANSAS—continued.

Dumas—Merchants & Farmers Bank
Earle—Bank of Commerce
England—Citizens Bank & Trust Co
Forrest City—Bank of Eastern Arkansas
Fort Smith—Arkansas Valley Bank
Gillett—Citizens Bank
Helena—Security Bank & Trust Co
Jonesboro—
Bank of Jonesboro
Jonesboro Trust Co
Lake Village—Chicot Bank & Trust Co
Little R o c k American Bank of Commerce & Trust Co
Bankers Trust Co
Southern Trust Co
Union Trust Co
W. B. Worthen Co., Bankers
Magnolia—
Columbia County Bank
Farmers Bank & Trust Co
Marion—Crittenden County Bank & Trust Co
Marvell—Bank 'of Marvell
Newport—Arkansas Bank & Trust Co
Paris—American Bank & Trust Co
Pine BluffCotton Belt Savings & Trust Co
Peoples Savings Bank & Trust Co
Russellville—
Bank of Russellville
Peoples Exchange Bank
Texarkana—Merchants & Planters Bank
Waidron—Bank of Waldron
Walnut Ridge—Lawrence County Bank
Warren—Warren Bank

$50,000
150,000
100,000
50,000
100,000
25, 000
250,000

$10,000
30,000
40,000
50,000
20, 000
2,500
50,000

$365, 762
968,483
504, 271
940,342
1, 425, 585
84,692
1, 582,378

200.000
150,000

100,000
30,000
15,000

1,731,680
1, 095, 549
550,165

750, 000
300,000
500,000
500,000
200,000

150, 000
80,000
100,000
250, 000
300,000

12,429,275
7,664,027
5,134, 299
8,129,222
3, 500,690

50,000
50, 000
275,000
50,000
200,000
50,000

50, 000
50, 000
25,000
10,000
37, 500
10,000

684,814
1,105,171
2, 516,926
501,033
1, 283,930
555, 404

100, 000
100,000

60,000
50, 000

1,458,122
914, 718

75,000
100,000
200,000
60,000
125,000
75,000

37, 750
50,000
23, 200
20,000
31,250
42, 000

772,886
1,117,068
986,224
409, 208
1,055, 970
567, 095

300, 000
300,000
100,000
110, 000
120,000
150,000
100,000
100, 000
50,000
100,000
50,000
25,000
25,000
25, 000
, 000, 000

250,000
300,000
35,000
25, 000
40,000
75, 000
50, 000
25,000
12, 000
20,000
10,000
3,500
5,000
25, 000
200, 000

4,416, 242
4, 331,907
1, 222,732
981,869
1, 539,876
2,375,011
842, 423
985, 865
387, 537
492,855
445,925
144,021
214,818
193,401
10,979,415

75,000
200,000
40,000

19, 250
50,000
10, 000

434, 533
2, 367, 630
456, 504

350,000
500,000
750,000
806,100
200, 000

200,000
750,000
175,000
275, 000
110,000

11,937,428
19, 785,118
6, 748, 327
5, 486,-875
3, 512, 365

200,000
250,000
100,000
75,000
50,000
75,000

50,000
300, 000
25,000"
6,000
25,000
15,000

1 498,865
,
7,166, 274
871,225
332, 309
303, 537
1 072,100
,

iod! ooo

ILLINOIS.

(See also District No. 7.)
Belleville—Belleville Savings Bank
East St. Louis—Union Trust Co
Edwardsville—Citizens State & Trust Bank
Effingham—Effingham State Bank
Greenville—State Bank of Hoiles & Sons
Harrisburg—First Trust & Savings Bank
Hillsboro—Montgomery County Loan & Trust Co
Litchfield—Litchfleld Bank & Trust Co
Madison—Union Trust Co
Mount Carmel—First State Bank
Mount Olive—Mount Olive State Bank
New Athens—Farmers State Bank
O'Fallon—First State Bank
Palmyra—First State Bank
Quincy—State Savings, Loan & Trust Co
INDIANA.

(See also District No. 7.)
Corydon—Corydon State Bank_
Evansville—Mercantile Commercial Bank
Paoli—Paoli State Bank
KENTUCKY.

(See also District No 4.)
LouisvilleKentucky Title Savings Bank & Trust Go
Liberty Insurance- Bank
Lincoln Bank & Trust Co
Louisville Trust Co
Owensboro—Central Trust Co
MISSISSIPPI.

(See also District No. 6.)
Greenwood—Greenwood Bank & Trust Co
Grenada—Grenada Bank
Pontotoc—Bank of Pontotoc
Rosedale—Bolivar County Bank
Ruleville— Planters Bank & Trust Co
Tunica—Citizens Bank of Tunica




216

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Capital.

Surplus.

Total
resources.

DISTRICT NO. 8—Continued

(See also District No. 10.)
Bertrand—Commercial Bank of Bertrand
Bowling Green—Pike County Bank
Cabool—Citizens Savings Bank
Iberia—Farmers & Traders Bank
Jefferson City—Exchange Bank of Jefferson City
Lexington—Lafayette County Trust Co
Linn Creek—Camden County Bank
:
Luxemburg—Lemay Ferry Bank _*
Macon—State Exchange Bank of Maeon
Maplewood—
Bank of Maplewood
Citizens Bank of Maplewood
Marshall—Wood & Huston Bank
_'
Pine Lawn—Pine Lawn Bank
St. L o u i s American Trust Co
Bremen Bank
Cass Avenue Bank
City Trust Co
Easton-Taylor Trust Co
Farmers & Merchants Trust Co
Franklin Bank
Grand Avenue Bank of St. Louis
Grant State Bank
Gravois Bank of St. Louis County
International Bank of St. Louis
Jefferson Bank
Jefferson Gravois Bank of St. Louis
Laclede Trust Co
Lafayette South Side Bank
Liberty Central Trust Co
Lindell Trust Co
Lowell Bank
Manchester Bank
Mercantile Trust Co
Mississippi Valley Trust Co
Mound City Trust Co
Natural Bridge Bank
North St. Louis Trust Co
Northwestern Trust Co
Park Savings Trust Co. (Richmond Heights)
Savings Trust Co
Scruggs Vandervoort & Barney Bank
Shaw State Bank
South Side Trust Co
Southern Commercial & Sayings Bank
Southwest Bank of St. Louis
Tower Grove Bank
United States Bank
Water Tower Bank
West St. Louis Trust Co
Versailles—Bank of Versailles
Washington—Franklin County Bank
Waynesville—Bank of Waynesville
Webster Groves—Webster Groves Trust Co

j
\
!
I
i
!
J
j
\
\
I

1
I
j
|

$25,000
25,000
25,000
25,000
100,000
75,000
25, 000
50,000
100,000

$5,00C
10,00C
5, 00C
10,000
25,000
15,000
35,000
20,000
40,000

$105,200
263,411
344,020
256, 872
1,800, 502
466,060
303,496
1, 297, 247
1,213,429

50,000
100,000
100,000
30,000

25,000
15, 000
200,000
4,000

1, 221, 087
842, 341
1, 816,170
214, 566

1,000,000
200,000
200,000
200,000
200,000
400,000
1,000,000
200,000
200,000
25,000
1,000,000
200,000
200,000
200,000
1,000,000
3,000,000
200,000
200,000
500,000
3,000,000
3,000,000
200,000
200,000
200,000
500,000
50,000
200,000
200,000
120,000
200,000
200,000
125,000
200,000
1,000,000
200,000
200,000
75,000
50,000
50,000
100,000

450, 000
500, 000
150,000
65,000
12,000
80,000
300,000
100, 000
50,000
35,000
200,000
175, 000
100,000
40,000
800, 000
1, 000, 000
20, 000
50, 000
100,000
7, 000, 000
3, 500, 000
40,000
50,000
50,000
500,000
10,000
50, 000
22,000
12,000
50,000
50,000
18, 500
100, 000
700,000
75,000
90,000
10,000
20,000
6,000
40,000

15,197,296
6, 784,108
4, 659, 492
2,122, 032
1,877,020
6, 299,199
11,779,352
3, 200, 867
1, 03?, 549
880,110
9, 229, 829
4, 759,036
4,155,112
2, 206, 383
25, 014, 260
41, 467, 273
220,427
3, 535, 879
5,975,912
67, 427, 089
37, 372, 845
2, 068, 399
1, 543, 361
3,013,663
9, 637, 694
124, 659
2, 810, 652
1, 787, 033
400, 726
3, 385, 493
3, 692, 690
1, 324, 847
7,167,144
10, 657,999
1, 672, 702
3,134,289
470,155
437, 395
544, 266
1, 213, 959

TENNESSEE.
(See also District No. 6.)
Alamo—Bank of Alamo
Bells—Bank of Crockett
Brownsville—First State Bank
Dyer—Farmers & Merchants Bank
Greenfield—Greenfield Bank
Halls—Peoples Savings Bank & Trust Co
Henning—Bank of Henning
MemphisBank of Commerce & Trust C o . .
Guaranty Bank & Trust Co
Union & Planters Bank & Trust Co




I

25,000
25,000
200,000
40,000
30,000
25,000
50,000
3,000,000
500,000
2,000,000

4,000
5,000
40,000
23,300
25,000
10,000
1, 500,000
120,000
700,000

267,196
390, 723
1,408,929
324,833
299,850
207,994
307,807
36,913, 579
10, 470, 341
39, 857,810

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Capital.

Surplus.

217
Total
resources,

DISTRICT NO. 9.
(See also District No. 7.)
Ewen—State Bank of Ewen
Gladstone—Gladstone State Savings Bank.
Gwinn—Gwinn State Savings Bank
Iron Mountain—Commercial Bank
Laurium—State Savings Bank
Manistique—Manistique Bank
Menominee—Commercial Bank
Sault Ste. M a r i e Central Savings Bank
Sault Savings Bank
South Range—South Range State Bank

$25,000
50,000
25,000
100,000
100, 000
50,000
100,000

$20,000
25,000
25,000
100, 000
125,000
50,000
25,000

$420,145
1, 213, 569
417, 218
2, 533,186
1,063,077
861,065
1, 209, 503

100,000
100,000
30, 000

20,000
60,000
30,000

1,343, 551
1,826, 546
718,429

50, 000
50, 000
25,000
25,000
25,000
50,000
25, 000
25, 000
50,000
50,000
50,000
50, 000
50,000
25,000

25,000
50,000
6,000
10,000
18,000
12, 500
4,000
25,000
12,000
50,000
10,000
25, 000
10,000
5,000

925, 685
1, 376,522
282,074
573, 670
540, 540
927, 249
210, 599
409,107
627,561
923, 365
546, 897
733, 281
687,409
255,652

300, 000
500,000
. 50,000
100,000
125,000
30, 000
400,000
50,000
100,000

80, 000
190, 000
25, 000
100, 000
65,000
30,000
80,000
25,000
50,000

2,347,927
5, 468, 255
697,006
2,374, 815
1, 469, 485
238,307
4,933,060
784, 087
1,851,915

25,000
30,000
50,000
40,000
25,000
100,000

6,000
40,000
8,000
10,000
40,000

261,891
59&, 866
315, 628
216,488
272,466
1,639, 394

300, 000
200, 000

200, 000
50,000

4,064, 241
3, 568, 594

100, 000
50,000
50,000
100, 000
75,000

100, 000
25, 000
12, 500
12,000
25,000

3, 307,975
444,447
330, 370
1, 686, 780
495, 658

100, 000
100, 000
50,000

25,000
10, 000
1,200

874, 692
405, 774
223,088

400, 000
200, 000
25, 000
25,000
50, 000
50,000
30, 000
25, 000
25,000
75,000
25, 000
50, 000

300,000
50,000
10,000
5,000

2,500
12, 500

10,949, 646
1, 837, 765
294, 315
226, 230
188, 545
226,413
145, 665
268, 754
303,985
764, 648
163, 248
640,139

200,000
150,000
250,000
25, 000
25, 000

100,000
75,000
150,000
8,000
10,000

1, 672, 783
1,825,352
3, 552, 253
169,102
172, 615

MINNESOTA.

Anoka—State Bank of Anoka
Benson—Swift County Bank
Clinton—Clinton State Bank
Excelsior—Minnetonka State Bank
Hayfield—Farmers State Bank
Hutchinson—Farmers & Merchants State Bank (Inc.) Ihlen—Ihlen State Bank
.
JefTers—State Bank of JefTers
Kenyon—Kenyon State Bank
Lake City—Lake City Bank of Minnesota
Lewiston—Security State Bank._
Luverne—Rock County Bank
Madelia—State Bank of Madelia
Menahga—Farmers & Merchants State Bank
MinneapolisMercantile State Bank
__.
Wells-Dickey Trust Co
New Richland—State Bank of New Richland
New Ulm—Citizens State Bank
Red Wing—First Security State Bank
Revere—State Bank of Revere
St. Paul—Central Metropolitan Bank
St. Peter—Citizens State Bank of St. Peter
South St. Paul—Drovers State Bank
Spring ValleyFarmers State Bank
i
First State Bank
Walnut Grove—First State Bank
Wanamingo—Security State Bank (Inc.)
Westbrook—Citizens State Bank
Willmar—Kandiyohi County Bank
Winona—
Deposit Bank & Trust Co. of Winona
Merchants Bank of Winona
MONTANA.

Anaconda—Daly Bank & Trust Co
Belgrade—Belgrade State Bank
Belt—Farmers & Miners State Bank
Billings—Security Trust & Savings Bank....
Boulder—Bank of Boulder
Bozeman—
Gallatin Trust & Savings Bank
Security Bank & Trust Co
Broadus— Powder River County Bank
Butte—
Metals Bank & Trust Co
Miners Savings Bank & Trust Co
Culbertson—Citizens State Bank
Denton—Denton State Bank
Dillon—Security State Bank
East Helena—East Helena State Bank
Edgar—Edgar State Bank
Ennis—Southern Montana Bank
Eureka—Farmers & Merchants State Bank.
Forsyth—Bank of Commerce
Fromberg— Clarks Fork Valley Bank
Hamilton—Ravalli County Bank
HelenaConrad Trust & Savings Bank
Montana Trust & Savings Bank
Union Bank & Trust C o . , .
Hinsdale—Valley County Bank
Huntley—Huntley State Bank




12, 500
25, 000
20,000

218

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Total
resources.
DISTRICT NO. 9—Continued.

\

MONTANA—continued.

!

Joliet—Joliet State Bank
Kalispell—Bank of Commerce
Laurel—American Bank of Laurel
Lewistown—Empire & State Bank
Missoula— American Bank & Trust Co
Moccasin—Moccasin State Bank
Nashua—State Bank of Nashua
Opheim—First State Bank of Opheim
Park City—Park City State Bank
Philipsburg—
First State Bank. _. _____
Philipsburg State Bank
Plenty wood—State Bank of Plenty wood
Reed Point—Reed Point State Bank
Richey—First State Bank
Roundup—Citizens State Bank
Saco—Farmers & Merchants State Bank of Saco
Stevensville—First State Bank
Townsend—State Bank of Townsend
White Sulphur Springs—Central State Bank
Willow Creek—Willow Creek State Bank
Wolf Point—
First State Bank
__
Security State Bank
Worden—Farmers State Bank____
NORTH DAKOTA.

Enderlin—Enderlin State Bank
Fullerton—Farmers State Bank
Jamestown—Security Savings Bank
Noonan—Security State Bank
SOUTH DAKOTA.

Bellefourche—Butte County Bank
Big Stone City—Gold & Co. State Bank
Brookings—Bank of Brookings
Camp Crook—Little Missouri Bank
Gregory—Commercial State Bank
Groton—Brown County Banking Co
Hecla—Farmers & Merchants State Bank
Mitchell—Commercial Trust & Savings Bank
Newell—Reclamation State Bank
Philip—Bank of Philip
Rapid City—Security Savings Bank
Sioux Falls—Commercial & Savings Bank
South Shore—South Shore Bank
Stratford—First State Bank
Timber Lake—Stock Growers State Bank
Webster—Security Bank & Trust Co
White River—Mellette County State Bank
WISCONSIN.

j
|
I
J
j
j
•
j
!
j
j
!
,
|
j
j
|
•
_!
|
\
i
i
j

$25,000
100,000
25,000
150,000
100,000
25, 000
25,000
25,000
40,000

$25,000
2,503
25,003
25, 003
4,003
5,003
5,003

$188, 599
715, 974
149,400
1, 638, 279
1,481,018
148,989
255,942
142,424
285, 611

50,000
40,000
25,000
25,000
25,000
50,000
25,000
40,000
100,000
60,000
25,000

20, 0(Xi

453, 070
342, 857
291, 364
123,909
116,828
782,496
215, 638
355,361
643, 728
212, 301
380, 293

30,000
25,000
25, 000

15, OOC
3, 500
6,00f

539,987
219,104
195,304

50,000
25, 000
50, 000
25, 000

10, OOC
1, OOC
10,000
5, 000

431, 531
150, 012
248, 714
326, 660

75, 000
50,000
150,000
25, 000
50,000
25,000
25, 000
100,000
25,000
40,000
50, 000
200, 000
25,000
30,000
25, 000
60, 000
25,000

25,000
5,000
50,000
10,000
7,040
10, 000
5,000
20,000
5,000
10,000
16, 000
2,000
5,000
2,000
5,000
30, 000
2,500

110,207
503, 203
2, 485, 048
305, 019
757, 241
589,583
358, 767
1, 514, 007
259, 932
454, 262
719, 084
1, 349,078
265, 426
320,198
272, 680
1, 499, 877
130, 295

25, 000
30, 000
50, 000
42, 000
50, 000
75,000
50, 000
30,000

5,000 j
6,000 !
25,000 !
4,000 •
6,700 !
37,500
27, 500
6,000

284, 048
458, 270
1, 060,954
380,191
645,453
1, 228,131
723, 240
474. 849

10,00)
20, 00)
5, 00D
1,500
5, 000
50, 000
5,000
10, 000
11, 000

j

|
|
!
j
|

I
j
j
j
\
!
i
i
!
I
|
i
|
I
|
I
!

(See also District No. 7.)
Balsam Lake—Polk County Bank
Boyceville—Bank of Boyceville
Ellsworth—Bank of Ellsworth
Glenwood City—First State Bank
Grantsburg—First Bank of Grantsburg
New Richmond—Bank of New Richmond
West Salem—La Crosse County Bank
Whitehall—Peoples State Bank
DISTRICT NO. 10.
COLORADO.

Denver—
American Bank & Trust Co
International Trust Co
Fort Lupton—Fort Lupton State B a n k , . .

500, 000
500,000
25, 000

250, 000
500, 000
15,000

25, 000
100, 000
100,000
25, 000
50, 000
25, 000
30, 000
100,000

6,000
50, 000
50, 000
25, 000
25, 000
5,000
50,000
50,000

10, 831,181
18,175, 293
428, 134

KANSAS.

Anthony—Home State Bank
Fort Scott—Fort Scott State Bank
Hiawatha—Morrill & Janes Bank
Jamestown—Jamestown State Bank
Liberal—Citizens State Bank
St. Marys—Farmers Reserve State Bank__
Sedan—Sedan State Bank
Winfield—State Bank of Winfield




289.110
1, 385, 830
967,199
338,896
400, 625
214,625
526, 213
1,383,188

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

219
Total
resources.

Capital.
DISTRICT NO. 10—Continued.
MISSOURI.

(See also District No. 8.)
$250, 000

$100, 000

$4, 350,960

6, 000, 000
200,000
200, 000
350,000

2,000,000
40,000
37, 500
150, 000

98, 092, 469
1,052, 004
1, 500, 796
3, 639, 489

50, 000
35,000
50,000
100, 000
25, 000
50, 000

15,000
15,000
25, 000
20,000
1, 250
6,100

828, 526
401,998
545, 635
023.366
242, 351
300, 384

25,000
25,000
25, 000
35, 000
85, 000
25, 000
30, 000

5, 000
2,500
10, 000
12,000
15,000
4,500
30,000

311, 269
307, 735
424,120
488,609
666.367
275, 699
261, 682

40,000

Joplin—Conqueror Trust Co
Kansas City—
Commerce Trust Co
Federal Trust C o . .
Live Stock State Bank
South St. Joseph—St. Joseph Stock Yards Bank

10, 000 |

204,160

50, 000
50, 000
50,000
30,000

7,000
5,000
15,000
5,000

480,826
207, 778
299,706
268,466

100, 000
50,000
40,000
25, 000

20,000
35,000
4,000
7,000

916, 224
548,119
112, 232
107, 034

47,000 I
7,000 i

798, 753
292,360

NEBRASKA.

Aurora—Fidelity State Bank
Broken Bow—Custer State Bank
Chappell—Chappell State Bank
Elgin—Elgin State Bank
Genoa—Farmers State Bank
Lewellen—Bank of Lewellen
Meadow Grove—
Meadow Grove State Bank
Security Bank
Oakland—Oakland State Bank
Ord—Nebraska State Bank
Pender—Fender State Bank
St. Edward—Farmers State Bank
Western—Saline County Bank

.

NEW MEXICO.

(See also District No. 11.)
Aztec—Citizens Bank
OKLAHOMA.

(See also District No. 11.)
Chelsea—Bank of Chelsea
Clinton—Clinton State Bank.Okarche—First Bank of Okarche
Sallisaw—Security State Bank

„

WYOMING.

Cheyenne—Cheyenne State Bank
Evanston—The Stockgrowers Bank
Mountain View—Uinta County State Bank.
Van Tassell—Bank of Van Tassell
DISTRICT NO. 11.
ARIZONA.

(See also District No. 12.)
Safford—Bank of Safford
Tombstone—Cochise County State Bank

33,000
30,000

LOUISIANA.

(See also District No. 6.)
Monroe—Central Savings Bank & Trust Co.
Shreveport—Continental Bank & Trust Co_.

375, 000
300,000

125, 000
100,000

3,866, 671
5,844, 759

50,000
100, 000
30,000
25, 000

5,ooe
80, 000
5, 000

627,867
1,212,260
127, 614
321, 800

NEW MEXICO.

(See also District No. 10.)
Alamogordo—First State Bank
^
Albuquerque—State Trust & Savings Bank
Corona—Stockmens State Bank
Portales—Security State Bank
OKLAHOMA.

(See also District No. 10.)
Broken Bow—McCurtain County Bank
Coleman—Coleman State Bank
Fort Towson—First State Bank
Valliant—Farmers State Guaranty B a n k . . .




25,000
25, 000
50, 000
25, 000

3,000
500
5,000

239, 757
211,031
498, 619
262, 730

220

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Capital.

Surplus.

Total
resources.

DISTRICT NO. 11—Continued.
TEXAS.
Abernathy—First State Bank
Alice—Citizens State Bank
Alto—Alto State Bank
Anson—Anson State Bank
Austwell—Austwell State Bank
Avery—Avery State Bank
Ballinger—Ballinger State Bank <e Trust C o . . .
f
Bay C i t y Bay City Bank & Trust Co
First State Bank
Bedias—First State Bank
Beeville—Beeville Bank & Trust Co
Bishop—First State Bank
Blooming Grove—Blooming Grove State Bank.
Bomarton—First State Bank
Bonham—First State Bank of Bonham
Bremond—First State Bank
Brownfield—Brownfield State Bank
Bryan—First State Bank & Trust Co
Caddo Mills—Caddo Mills State Bank
Canton—Texas State Bank
Canyon—First State Bank
Celina—
Celina State Bank
First State Bank
Chil d r e s s City Guaranty State Bank
Farmers & Mechanics State Bank
Clarendon—Farmers State Bank
CliftonFarmers Guaranty State Bank
First Guaranty State Bank
Coahoma—First State Bank of Coahoma
CommerceCitizens State Bank
State Bank of Commerce
Como—Como State Bank
Cooper—Security State Bank
Copperas Cove—First State Bank
Corsicana— First State Bank
Cross Plains—First Guaranty State Bank
Crowell— First State Bank
Cuero—First State Bank & Trust Co
DallasCentral State Bank
Mercantile Bank & Trust Co
.
Decatur—Security State Bank
Del Rio—Del Rio Bank & Trust Co
Denton—First Guaranty State Bank
East Bernard—Union State Bank
Edgewood—Farmers & Merchants State Bank..
El Paso—American Trust & Savings Bank
Emhouse—First State Bank
Falfurrias—Falfurrias State Bank
Ferris—Farmers & Merchants State Bank
Flatonia—Flatonia State Bank
Floydada—First State Bank
Forney—Forney State Bank
Franklin—First State Bank
Frost—Citizens State Bank
Galveston—Texas Bank & Trust Co
Ganado—Farmers State Bank
Gatesville—Guaranty State Bank & Trust Co..
Georgetown—Farmers State Bank
George West—First State Bank
Gilmer—Gilmer State Bank
Goldthwaite—Trent State Bank
Gonzales—Gonzales State Bank & Trust Co
Grand Prairie—
First State Bank
Guaranty State Bank
Greenville—Citizens State Bank
Hallsville— Farmers State Bank
Hamilton—Hamilton Bank & Trust Co
Hamlin—First State Bank
Hedley—Guaranty State Bank
Hereford—First State Bank & Trust Co
Hillsboro—First State Bank
Idalou—First State Bank
Iola—Iola State Bank
Italy—Farmers State Bank




$25, 000
60, 000
25,000
50,000
25, 000
25, 000
60,000

$5,(KK)
20,(00
4, £93
50,(00
5, COO
12, £00
4, COO

$230, 444
387,209
201, 790
754, 756
62, 479
123, 415
362, 885

65,000
100, 000
25, 000
50,000
25,000
50,000
32,000
200, 000
50, 000
25,000
100, 000
30,000
50,000
40,000

20,000
3,000
5,030
32,530
15, OX)
5, OX)
4,5'X>
100, 0)0
13, 2)0
25,0D0
50,000
15, 000

696.470
503, 200
211, 529
399, 498
562,828
241, 046
166, 338
1, 621, 668
550, 881
463,578
1, 422,134
272, 625
169,992
274,462

5,0<>0
7,0(10

296, 034
344,484

35, 000
50, 000
100, 000
50, 000
50, 000

13, 5(0
60, 0(0
2,2<4

709,945
1,116,277
191, 569

30,000
40, 000
25,000

30,0C0
10,0C0
l,8C0

555, 873
412, 113
304, 487

25,000
50, 000
25,000
100, 000
35, 000
200, 000
30, 000
30, 000
100, 000

12, 500
10, 000
25,003

257, 022
389,199
263, 913
417, 841
240,421
2,184, 210
316, 814
356, 653
658, 654

1, 000, 000
500, 000
60,000

6,003
40,003
4,003
30, 003
50, 003
150,000

100, 000
50, 000
50, 000
35,000
350,000
30, 000
75, 000
50,000
50,000
50, 000
25, 000
30, 000
25,000
400, 000
35,000
50, 000
50. 000
50,000
50, 000
100,000
75, 000

70,000
10,000
11, 500
20, 000
20, OOd
20, OOd
1, 50C
20, 000
7,00(
5,00C
35,00C
15, 00C
50, 00C
600,00C
l,00C
16, 000
50, 000

ViO, 000
25,000
100, 000
25,000
50,000
40, 000
25, 000
50, 000
150, 000
25,000
25,000
40, 000

20,200

5,500
50, 000
25, 000

6,000
3,000
50, 000
11, 000
8,000
50, 000
18, 000
9,000
13,000

5, 768, 226
7, 577, 419
200,153
577,976
513, 074
344,198
190, 208
1, 734, 441
190,097
549, 707
490, 290
663, 704
544.471
263, 334
457, 094
375, 033
9, 927,462
84,429
800, 832
697, 571
250, 899
287,188
948, 303
740,136
365, 500
132,918
608, 412
175, 853
418,839
782, 714
237, 551
621,152
1, 006, 345
461, 510
193, 544
431, 335

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Capital.

Surplus.

221
Total
resources.

DISTRICT NO. 11—Continued.
TEXAS—continued.
Jacksonville—First Guaranty State Bank
Josephine—Josephine State Bank
Junction—Junction State Bank
Kaufman—First State Bank
Kerens—First State Bank
Kilgore—Kilgore State Bank
KilleenFirst State Bank
Guaranty State Bank
Kirkland—First State Bank
Ladonia—First State Bank
La Feria—Cameron County Bank
Lamesa—First State Bank
Leakey—First State Bank
Liberty—Liberty State Bank
Lockney—Lockney State Bank
Longview—Commercial Guaranty State Bank
Loraine—First State Bank
Lorenzo—First State Bank
Lubbock—
Lubbock State Bank
Security State Bank & Trust Co....Lufkin—Citizens Guaranty State Bank
Luling—
Citizens State Bank
Lipscomb Bank & Trust Co
McAllen— First State Bank & Trust Co
McGregor—First State Bank
McKinney—Central State Bank.
Madison ville—Farmers State Bank
Matador—First State Bank
Mathis—First State Bank
May p e a r l Citizens State Bank
Farmers & Merchants State Bank
Memphis—Citizens State Bank
Mertens—First Guaranty State Bank
Mission—First State Bank
Moran—Moran State Bank
Mount Calm—First State Bank
.
Mount Pleasant—Guaranty State Bank
Munday—First State Bank
Murchison—First State Bank
Nacogdoches—Commercial Guaranty State Bank
Normangee—First State Bank
North Zulch—Farmers Guaranty State Bank
Olney—Farmers State Bank
Orange—Guaranty Bank & Trust Co
Paducah—First State Bank
Palmer—First Guaranty State Bank
Pampa—Gray County State Bank
Paris:
First State Bank
Lamar State Bank & Trust Co
Pecos—Pecos Valley State Bank
Piano—Farmers State Bank
Post City—First State Bank
RailsFirst State Bank
Guaranty State Bank & Trust Co
Reagan—First State Bank
Rice—First State Bank
Richardson—Citizens State Bank
Richland—First State Bank of Richland
Roaring Springs—First State Bank
i
Robstown—
First State Bank
Guaranty State Bank
Roby—First State Bank
Rochester—First State Bank
Rockwall—Guaranty State Bank
Royse—First State Bank
Rusk—Farmers & Merchants State Bank & Trust Co.
Sabinal—First State Bank
San Antonio—Central Trust Co
San Augustine—Commercial Guaranty State Bank
Santa Anna—First State Bank
Savoy—First State Bank
Seminole—First State Bank
Seymour—First Guaranty State Bank
Shamrock—Farmers & Merchants State Bank




$62, 500
30,000
100,000
100, 000
50,000
25,000

$25,000
7,000
100,000
80,000
30,000
12,500

$796, 009
164,914
801, 304
654, 425
411, 321
212, 278

35, 000
30,000
50, 000
35,000
25, 000
60,000
25,000
35,000
50,000
50,000
30,000
25,000

17, 500

472, 906
221,363
164,169
492, 455
409, 337
847. 652
111, 282
453, 849
250, 906
460, 713
702, 988
512,985

2,500
5,000
3,000
30,000
2,000
2,500
2,500
30,000
25,000

100,000
100,000
75,000

50,000
8,000

1, 703, 748
806,811
567,193

25,000
75,000
100, 000
50, 000
75, 000
25,000
37, 500
30,000

7,500
55,000

373,847
601,551
700, 224
509, 677
906, 312
493,473
363, 810
162,173

8,000
7,000
25,000
12, 500
20,000
15, 000
12,500
25,000
8,000
10, 000

25,000
25,000
75,000
25,000
50, 000
40,000
40,000
60,000
35, 000
25,000
100,000
25,000
25,000
30,000
100, 000
50.000
25, 000
25,000

50,000
17,500
8,000

251, 885
186,053
681,021
215, 680
508,166
363,815
167, 715
526,049
385,196
139, 022
1, 343,413
209, 730
234, 203
267,100
777, 265
679,809
327,597
210, 602

150,000
150, 000
110, 000
60, 000
25, 000

100,000
56,500
8,000
30,000
4,000

1, 523,091
1, 772, 858
503, 959
532, 236
229, 908

25,000
60,000
25,000
50,000
35, 000
25,000
25,000

15,000
10,000
25,000

288,037
481, 886
282, 778
322,605
240, 737
308,124
282, 681

25,000
50, 000
40,000
25,000
50,000
50, 000
100,000
80,000
200, 000
50,000
35,000
25,000
40,000
35,000
50,000

2,500
30,000
4,000
50,000
25,000
4,000
6,000

4,100
25,000
15,000
15,000
15,000
5,000
7,000
18,500
25,000
2,500
4,000
12,500 !
20,000 i
9,000 i
30,000 i
5,500 I
25,000 I

555, 680
744,886
648, 519
497, 508
406, 501
372,768
659, 620
530, 206
3, 512, 475
468, 714
591, 726
189,259
213, 776
228,071
556, 257

222

ANNUAL REPORT OF THE FEDERAL RESERVE BOABD.
Capital.

Surplus.

Total
resources.

DISTRICT NO. 11—Continued.
TEXAS—contin ued.
Shiro—Farmers State Bank
Sinton—Bank of Commerce
Slaton—
First State Bank
Slaton State Bank
Snyder—First State Bank & Trust Co
Spearman—Guaranty State Bank
Stamford—First State Bank
Stephenville—Farmers Guaranty State Bank
Sweetwater—Texas Bank & Trust Co
Sylvester—First State Bank
Taft—First State Bank
Tahoka—Guaranty State Bank..
Teague—First State Bank
Terrell—First State Bank_
Tioga—First Guaranty State Bank
Trenton—Guaranty State Bank
Tyler—Peoples Guaranty State Bank
Valley Mills—Citizens State Bank
Valley View—First Guaranty State Bank
Waco—First State Bank & Trust Co
Waxahachie—Guaranty State Bank & Trust Co.
Weatherford—First State Bank
Wellington—Wellington State Bank
West—First State Bank of West—
Wharton—
Security Bank & Trust Co
Wharton Bank & Trust Co
White Deer—First State Bank
Wills Point—First State Bank
Winnesboro—Merchants & Planters State Bank.
Wolfe City—First State Bank
Wortham— First State Bank
Wylie—First State Bank
Yoakum—Yoakum State Bank

.
'
i

:

$15,000
32,000

$209,727
532, 939

1,300
16, 500
25,000
5,000
5,000
6,000
75, 000
1,500
12, 000

40, 000
4,500
1,000
30, 000
23, 500
28, 000
10, 000
3,500

435,453
862, 762
508,677
103, 212
808,186
757,132
1,198, 045
296, 563
172,363
225, 211
593,025
1, 385,920
223,334
103, 083
1,855,163
219,305
136. 742
2,133, 913
1, 624,228
842, 426
493, 806
505, 065

50,000
50,000
25, 000
100, 000
30, 000
50, 000
50,000
75, 000
100,000

16,000
150, 000
5,000
50,000
30, 000
21, 000
25, 000
27, 000
100,000

446, 290
944, 713
200, 290
723, 907
423,777
449, 517
622,435
600,926
1, 989, 241

25,000
750,000

5,000
250,000

155, 424
10, 922, 811

500,000
600,000
300,000
50, 000
25, 000
100, 000
50, 000
900, 000
50, 000
75,000
110, 000
500, 000

250, 000
300,000
14,000
50, 000
8,500
54,000
80, 000
10, 750
2, 500
60, 000
500,000

7,160, 413
10, 313, 004
2, 060, 201
248,308
378, 952
915, 233
1,196, 538
13, 051,186
632,963
494, 540
1, 293,061
11, 692, 762

6, 830, 000
7; 700, 000
1, 500, 000
50,000
300, 000
67, 000

3,415, 000
2, 825, 000
258, 000
40, 000
75, 000
139, 000

174,154,903
202, 264, 798
15, 533,138
1,115,025
3, 936, 641
1, 871, 080

150, 000
100,000
100, 000
800, 000
85,000
275,800
30,000
50, 000

46, 500
15, 000
30, 000
163,000
40, 500
70, 000
2,200
8,000

1, 542, 262
501, 012
1, 096, 217
9,081, 482
960, 843
3, 554,142
293,293
661, 548

$25,000
50,000
40,000
25, 000
50, 000
25,000
IOO, ooo
100, 000

i
!

ioo, ooo

50,000
25,000
25,000
75,000
200,000
30,000
25,000
100,000
30,000
25, 000
300, 000
200,000
125, 000
50, 000
50, 000

DISTRICT NO. 12.
ARIZONA.

(See also District No. 11.)
Buckeye—Buckeye Valley Bank,
Phoenix—Valley B ank
CALIFORNIA.

Alameda—Bank of Alameda
Bakersfleld—Security Trust Co
Brawley—Imperial Valley Bank
Burbank—Farmers & Merchants Savings Bank
Cedarville—Surprise Valley Bank
Chico—Peoples Savings & Commercial Bank
Downey—Los Nietos Valley Bank
Fresno—Valley Bank
Fullerton—Standard Bank of Orange County
Holtville—Hoitville Bank
Kingsburg—Kingsburg B ank
Long Beach—Farmers & Merchants Bank
Los AngelesPacific Southwest Trust & Savings Bank
Security Trust & Savings Bank
Union Bank & Trust Co. of Los Angeles
Norwalk—Bank of Norwalk
,
Pasadena—Citizens Savings Bank of Pasadena
Placerville—Eldorado County Bank
Porterville—
Pioneer Bank
The Home Bank
Quincy— Plumas County Bank
Sacramento—Peoples Bank
St. Helena—Bank of St. Helena
._.
Salinas—Monterey County Bank
San Bruno—California Bank of San Mateo County..
San Fernando—San Fernando Valley Savings Bank.
San Francisco—
American Bank
Anglo-California Trust Co
Bank of Italy
British-American Bank
French-American Bank
-




2, 750, 000
1, 500,000
15, 000, 000
1,000, 000
1, 250, 000

687, 500
1, 000, 000
5,000,000
44, 500
400,000

30, 254, 237
52,323,089
302, 694, 801
3,863,611
17, 605, 219

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

223
Total
resources.

Capital.
DISTRICT NO. 12—Continued.
CALIFORNIA—continued.
San Francisco—Continued.
Italian-American Bank
Mercantile Trust Co
Mission Bank
Mission Savings Bank
Union Trust Co
United Bank & Trust Co
San Jose—Growers Bank
San Luis Obispo—Citizens State Bank
Santa Ana—Orange County Trust & Savings Bank_
Sausalito—Bank of Sausalito
i
Sawtelle—Citizens State Bank.
Turlock—Commercial Bank of Turlock

$1, 500, 000
5, 500,000
200, 000
500,000
1, 200, 000
4, 500,000
300,000
150, 000
300,000
97, 750
100,000
75, 000

$415, 000
4, 000, 000
120,000
75,000
1, 975, 000
571, 000
32,000
20,000
100, 000
20,000
80,000
60,000

$20,177,857
138, 045, 556
3, 032,437
8, 556,987
43, 258, 255
46,182,343
1,475,601
867,470
2,494,140
1, 009,057
2,386, 393
1, 398,137

IDAHO.

Arco—Butte County Bank
Ashton—Security State Bank
Blackfoot—
Blackfoot Citv Bank
D. W. Standrod & Co., Bankers
Cambridge—Peoples Bank
Castleford—Bank of Castleford
Drummond—First State Bank
Eagle—Bank of Eagle
Emmett—Bank of Emmett
Filer—Farmers & Merchants Bank
Genesee—Genesee Exchange Bank
Gooding—Citizens State Bank
Grangeville—Bank of Camas Prairie
Hazelton—Hazelton State Bank
Homedale—First Bank of Homedale
Idaho Falls—Anderson Bros. Bank
Kimberly—Bank of Kimberly
Kuna—Kuna State Bank
Mackay—W. G. Jenkins & Co
Malad City—J. N. Ireland & Co., Bankers
Meridian—Meridian State Bank
Montour—Farmers & Stockgrowers Bank
New Plymouth—Farmers State Bank
Oakley—Farmers Commercial & Savings Bank_
Orofmo—Bank of Orofino
Picabo—Picabo State Bank
Pocatello—Citizens Bank & Trust Co
Rexburg—Farmers & Merchants Bank
Richfield—First State Bank
Soda Springs—Largilliere Co., Bankers__
Star—Farmers Bank
Sugar City—Fremont County Bank
Teton City—First State Bank
Tetonia—Farmers State Bank
Twin Falls—Twin Falls Bank & Trust Co
Victor—Victor State Bank

25,000
50, 000

1,000
12,000

111, 874
443, 459

50, 000
100, 000
40, 000
25, 000
25,000
25, 000
60,000
25, 000
25, 000
25, 000
50, 000
25, 000
25, 000
100, 000
35, 000
25, 000
50,000
40,000
25, 000
25,000
25,000
25, 000
25,000
25, 000
200,000
50,000
25,000
25,000
25,000
25,000
30,000
25,000
100, 000
25,000

10, 000
110,100
4,000
1,250

449, 505
1, 603, 862
212, 812
81, 091
73,337
150, 551
663,444
. 154,796
486, 044
225, 550
674, 387
133,179
104, 316
1, 747, 869
400, 056
111,195
284,842
481,863
184, 562
100,000
215,173
184,267
328, 015
219,182
1, 872,623
274, 584
153,359
524,133
192, 044
213, 681
129,920
122, 466
1, 382,178
185,163

3,550
25,000
1,000
12, 500
15,000
50,000
2,000
100, 000
15, 000
1,500
10,000
12, 500
3,500
1,600
10,000
5,297
5,000
5,000
60,000
2,000
12,000
13,000
5,000
1,000
45,000
10, 000

OREGON.

Albamy—Albany State Bank
Athena—Athena State Bank
Aurora—Aurora State Bank_
Central Point—Central Point State Bank
Dallas—Dallas City Bank
Enterprise—Enterprise State Bank
Fossil—Steiwer & Carpenter Bank
Grants Pass—Grants Pass & Josephine Bank
Gresham—First State Bank
Haines—Bank of Haines
Helix—Bank of Helix
:
Hood River—Butler Banking Co
Jordan Valley—B ank of Jordan Valley
Joseph—First Bank of Joseph
Lake view—Lake County Loan & Savings Bank.
Madras—Madras State Bank
Marshfield—Bank of Southwestern Oregon
Medford—Jackson County Bank
Moro—Farmers State Bank
Myrtle Point—Bank of Myrtle Point
North Portland—Live Stock State Bank
Oakland—E. G. Young & Co. Bank
Oregon C i t y Bank of Commerce
Bank of Oregon City
Pendleton—Inland-Empire Bank
Pilot Rock—First Bank of Pilot Rock...




50,000
45, 000
25,000
25,000
50, 000
50,000
100, 000
75,000
30, 000
25, 000
50, 000
100, 000
50,000
50, 000
40,000
25, 000
100, 000
100, 000
45,000
50,000
100, 000
50,000

16,000
5,000
19,000
22, 500
7,000
25,000
25,000
5, 500
12,000
40,000
25,000
13, 500
10, 000
25, 000
20, 000
20, 000
7,000
15, 000
10,000
15, 000

944, 761
120, 793
315,786
328, 523
585, 608
400,929
431,879
1, 073, 766
631, 686
194,953
223,001
1,410,883
427, 399
341,133
290,191
209, 949
1,146,702
1, 201, 649
180,125
261, 209
921,918
675, 368

200,000
150, 000
250,000
30, 000

35, 000
30,000
32,000
20, 000

1, 533,313
2, 246,854
1, 062, 534
328, 594

10,000

224

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Capital.

Surplus,

Total
resources.

DISTRICT NO. 12—Continued.
OREGON—continued.
Portland—
Citizens Bank
Hibernia Commercial & Savings B a n k . .
Ladd & Tilton Bank
Prineville—Bank of Prineville.
Reedsport—First Bank of Reedsport
Shaniko—Eastern Oregon Banking Co
Stanfield—Bank of Stanfield
The Dalles—Wasco County Bank.
Tillamook—Tillamook County Bank
Wasco—Bank of Wasco
Woodburn—Bank of Woodburn

_

$200,000
200,000
lf 000, 000
50,000
25,000
50,000
25,000
100,000
40,000
25,000
50,000

$10,000
100,000
1,000,0(0
2,0(0
10,0C0
15,OC0
5,000
10,003
15,003
10,00D

$2,998,153
6,808,805
28, 634,155
221, 561
239,405
309, 655
169, 805
820, 995
691,086
235, 413
797, 228

UTAH.

Bingham Canyon—Bingham State Bank
Cedar C i t y Bank of Southern Utah
Iron Commercial & Savings Bank
_._
Delta—Delta State Bank
Ephraim—Bank of Ephraim
Fillmore—Fillmore Commercial & Savings Bank
Fountain Green—Bank of Fountain Green
Gunnison—Gunnison Valley Bank.
Helper—Helper State Bank
Kaysville—Barnes Banking Co
Logan— .
Cache Valley Banking Co
Thatcher Brothers Banking Co
Monticello—Monticello State Bank
Parowan—Bank of Iron County
Payson—
Exchange Savings Bank
.
State Bank of P a y s o n . . . . . .
PriceCarbon County Bank
Price Commercial & Savings Bank_.
Provo—
Farmers & Merchants Bank
Knight Trust & Savings Bank
Richfield—
James M. Peterson Bank
State Bank of Sevier
Richmond—State Bank of Richmond
Salina—First State Bank of Salina
Salt Lake C i t y Columbia Trust Co
Deseret Savings Bank
Tracy Loan & Trust Co
Utah Savings & Trust Co
Walker Bros., Bankers
Spanish Fork—Commercial Bank
Vernal—Bank of Vernal

25,000

.

6,500

533,356

75,000
50,000
25,000
50,000
50,000
25,000
50,000
50,000
50,000

85. 000
10, 500
12, 50(i
37; 500
10,00C
23,000
18,500
50,000
80,000

693,078
352, 613
329,139
609, 550
348,557
334, 619
411,492
771, 410
567, 507

100,000
100,000
50,000
35,000

40,000
100,000
9,500
21,000

1, 761, 408
1, 781,169
178, 978
283,691

50,000
50,000

30,000
17,000

457, 823
623, 334

100,000
50,000

10,000
70,000

536, 624
1,988,039

100,000
300;000

21,000
45,000

50,000
45,000
25,000
25,000

50,000
45,000
13,500
70,000

909, 692
1, 503, 808
662, 494
523, 203
190,244
726, 658

250,000
500,000
238, 600
300,000
850,000
50,000
60,000

25,000
300,000
159,840
75,000
350,000
25,000
15,000

1,254,228
6, 500,156
1,103,534
2, 335, 646
19, 244, 561
425, 861
368, 722

WASHINGTON.

Albion—Albion State Bank
Almira—
Almira State Bank
Farmers State Bank
Buena—Buena State Bank
__
Centralia—Centralia State Bank.
Chehalis—Coffman, Dobson Bank & Trust Co
Colfax—First Savings & Trust Bank of Whitman County
Coulee—Security State Bank
Davenport—Lincoln County State B a n k . .
Ellensburg—Farmers Bank
Everett—Bank of Commerce
Farmington—Bank of Farmington...
Goldendale—State Bank of Goldendale
Hoquiam—Lumberman's Bank & Trust Co
Kelso—Cowlitz Valley Bank
La Crosse—
First State Bank
Security State Bank
Molson—Molson State Bank
Odessa—Farmers & Merchants Bank
Okanogan—Commercial Bank
Pine City—Pine City State Bank
Pomeroy—Pomeroy State Bank
Pullman—Pullman State B ank




73,964

25,000

6,000

50,000
25,000
25,000
100,000
150,000
75,000
25,000
50,000
100,000
100,000
25,000
75,000
100,000
30,000

13,000
6,500
1,500
13,000
100,000
20,000
25,000
25,000
10,000
8,500
25,000
10,000

355, 774
138,572
91, 804
676, 642
2, 682, 285
499,128
107, 560
434, 243
1, 252, 549
1,936, 494
252,045
439,025
1,454, 010
495, 652

60,000
30,000
25,0QD
25,000
50,000
25,000
50,000
37,500

40,000
7,500
10,000
15,000
10,000
3,800
150,000
10,000

562,943
172, 509
308, 523
391,116
447, 472
132,174
1, 239, 441
603, 393

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Capital.

Surplus.

225
Total
resources.

DISTRICT NO. 12—Continued.
w ASHIN GTON—continued.

Puyallup—
Citizens State B a n k . . .
Puyallup State Bank
Reardan—Farmers State Bank
Renton—Renton State Bank
Ritzville—Ritzville State Bank
Rockford—Farmers & Merchants Bank
Rosalia—Bank of Rosalia
St. John—Farmers State Bank
Selah—Selah State Bank
South Bend—Pacific State Bank
Spokane—
Spokane & Eastern Trust Co
Washington Trust Co
Stanwood—Bank of Stanwood
Tekoa—
Citizens State Bank
Tekoa State Bank
Toppenish—
Central Bank of Toppenish
Traders B ank
Uniontown—Farmers State Bank
Walla W a l l a Farmers & Merchants Bank
Peoples State Bank
Wenatchee—
Columbia Valley Bank
Commercial Bank & Trust C o . .
Wilbur—State Bank of Wilbur
Yakima—
Yakima Trust Co
Yakima Valley Bank
Zillah—Zillah State B a n k . . .




$50, 000
50, 000
50, 000
25,000
25, 000
25,000
25, 000
40,000
30, 000
100, 000

11, 528, 358
1,856,911
681,958

12, 000
15,000

327,904
422, 248

50,000
25,000
25,000

35, 000
15,000
7,000 !

390, 245
359, 271
230, 244

200,000
100, 000

_

250,000
50, 000.
25,000

25,000
30, 000

._

$778, 698
683, 707
398,102
306, 710
272, 617
178, 653
304, 376
307, 578
315, 676
1,160, 500

. 000, 000
,
200, 000 ,
25,000 !

.

$6,000
2,500
20,000
2,500
4,500
2,567
5,000
10,000
6,000
11,100

40,000 !
50,000 i

1, 355, 705
1, 588, 842

100,000
100, 000
50,000

25,000 !
40,000
10,000 |

1, 580, 587
1,642, 874
505, 645

200, 000
275, 000
25,000

50,000 I
51,000
513

1, 388, 577
2, 506,036
67 990

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.

Powers
granted.
DISTRICT NO. 1-Continued.

DISTRICT NO. 1.
CONNECTICUT.

MAINE.

(See also District No. 2.)

Auburn—National Shoe & Leathei
Bank.
Bangor—First National Bank
.
Bar Harbor—First National Bank .
Bath—Bath National Bank
Belfast—City National Bank
Biddeford—First National Bank oi
Biddeford.
Damariscotta—First National Bank
of Damariscotta.
Lewiston—Manufacturers National
Bank
Norway—Norway National Bank
Portland—
Canal National Bank
First National Bank
_.
Portland National Bank
Waterville—Ticonic National Bank_.

Ansonia—Ansonia National Bank
Bristol—Bristol National B a n k . . „ .
HartfordFirst National Bank
Hartford-Aetna National Bank__.
Phoenix National Bank__ .
Meriden—Home National Bank of
Meriden.
Middletown—Middletown National
Bank.
Naugatuck—Naugatuck
National
Bank.
New Britain—New Britain National
Bank
New Haven—
First National Bank
Merchants National Bank
National Tradesmens Bank &
Trust Co.
New Haven Bank, N. B. A
Second National Bank
New L o n d o n National Bank of Commerce
New London City National Bank-

1 to 9.
1 to 8.
1 to 9.
1 to 4, and 9
1 to 9.
1 to 9.
1 to 4.
1 to 4.
1 to 9.
Ito8.
1 to 8.
1 to 4.




1, 2, and 4.
1 to 4.
1 to 8.
1 to 8.
1 to 9.
1,2, 3, 5, and
6.

1 to 5 and[9.
1 to 8.
1 to 9.
1, 2, and 4.
1, 2, and 4.
1 to 4.

MASSACHUSETTS.

Adams—
First National Bank
;
Graylock National Bank
1 to 5.
Amherst—First National Bank
1, 2, 3, 5, 7, Attleboro—First National Bank
8, and 9.
Beverly—Beverly National Bank
Boston—
Norwich—Thames National Bank__. 1 to 9.
Citizens National Bank
.
Rockville—
1 to 9.
Commonwealth - Atlantic NaFirst National Bank
1 to 9
tional Bank.
Rockville National Bank
Federal National Bank
Torrington— Torrington
National 1 to 7.
First National Bank
Bank.
Merchants National Bank
Wallingford— First National B a n k . . . 1 to 9.
National Shawmut Bank
Waterbury—
National Union Bank
Citizens and Manufacturers Na- 1 to 9.
Second National Bank
tional Bank.
Webster & Atlas National Bank._
Waterbury National Bank
t 1 to 9.

226

1 to 9.
1 to 9.

1 to 7.

1 to
1 to
1 to
1 to
1 to

8.
7, and 9.
9.
9.
4.

1 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 9.

227

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Powers
granted.
DISTRICT NO. 1—Continued.

DISTRICT NO. 1—Continued.

MASSACHUSETTS—continued.

MASSACHUSETTS—continued.

Brockton—
Brockton National Bank
Home National Bank
Edgartown—Edgartown National
Bank.
Fall RiverFall River National Bank
Massasoit Pocasset National Bank
Metacomet National Bank
Fitchburg—Safety Fund National
Bank.
Foxboro—Foxboro National Bank
Gardner—First National Bank
Gloucester—Cape Ann National Bank
Great Barrington—National Mahaiwe Bank.
Greenfield—First National Bank
Haverhill—
Essex National Bank
First National Bank
Merrimack National Bank
Holyoke—
City National Bank
Holyoke National Bank
Hudson—Hudson National Bank
Lawrence—Bay State National Bank.
Leominster—
Leominister National Bank
Merchants National Bank
Lowell—
Appleton National Bank
Old Lowell National Bank
LynnCentral National Bank
Manufacturers National Bank
National City Bank
Marlboro—
First National Bank
Peoples National Bank
Methuen—National Bank of Methuen_
Milford—Home National Bank
Nantucket—Pacific National Bank...
New Bedford—
First National Bank
Merchants National Bank
Safe Deposit National Bank
Newburyport—Merchants National
Bank.
North Adams—N o r t h Adams National Bank.
NorthamptonFirst National Bank
Northampton National Bank
Pittsfield—
Agricultural National Bank
Pittsfield National Bank
Plymouth—
Plymouth National Bank
The Old Colony National Bank..
Provincetown—First National Bank.
Reading—First National Bank
Salem—Merchants National Bank
Shelburne Falls—Shelburne F a l l s
National Bank.
Southbridge—Southbridge National
Bank.
Springfield—
Chapin National Bank
Chicopee National Bank
Springfield National Bank
The Third National Bank
Tisbury—Martha's Vineyard National Bank.
Turners Falls—Crocker National
Bank.
Uxbridge—Blackstone National Bank
Wareham—National Bank of Wareham.
Watertown—Union Market National
Bank.




Powers
granted.

Ito9.
1 to 4.
Ito3.
1
1
1
1

to
to
to
to

9.
9.
9.
9.

1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
Ito4.
1 to 4.
1 to 4.
1 to 4.
1 to 9.
1 to 9.
1 to 4.
1 to 7 and 9.
Ito9.
1.

Ito8.
1 to 9.
1 to 5 and 7.
Ito4.
1 to 9.
1 to 8.
1 to 4.
1 to 9.

Webster—First National Bank
1 to 4.
West Newton—First National Bank. 1 to 9.
Woburn—Woburn National Bank
1, 2, 3, 6, 7
and 9.
Worcester—
Mechanics National Bank
1 to 4.
Merchants National Bank
1 to 9.
Yarmouthport—First National Bank. 1 to 9.
NEW HAMPSHIRE.

Berlin—City National Bank. .
Claremont—
Claremont National Bank
Peoples National Bank
Concord—
First National Bank
.
Mechanics National Bank ___ .
National State Capital Bank
DoverMerchants National Bank
.
StrafTord National Bank
Keene—
Ashuelot National Bank
Keene National Bank
Laconia—Peoples National Bank
Manchester—
Amoskeag National Bank
Manchester National Bank. . . .
Merchants National Bank
Milford—Souhegan National Bank...
NashuaIndian Head National Bank.
Second National Bank. ._ _
_
Newport—Citizens National Bank...
Wolfeboro—Wolfeboro National Bank

1.

1 to 4.
1.

Ito9.
1 and 4.
1 and 4.
1 to 3.
1 to 4.
1 and 4.
1 to 4.
1 and 4.
1 and 4.
1.

1 and 4.
1 and 4.
Ito3.
1 and 4.
1 and 4.
1 and 4.

RHODE ISLAND.

Newport—AquidneckNational Bank. 1 to 9.
Providence—National Bank of Com- 1 to 9.
merce.
VERMONT.

Barre—Peoples National Bank
Bellows Falls—National Bank of Bel1 to 9.
lows Falls.
1 to 9.
Bennington—
1 to 9.
County National Bank
Ito8.
The First National Bank
Brandon—First National Bank
1 to 9.
Brattleboro—Vermont Peoples National Bank.
Montpelier—First National Bank
1 to 9.
Poultney—Citizens National Bank...
Ito9.
Rutland1 to 9.
Baxter National Bank.
1 to 7 and 9.
Clement National Bank
St. Albans—Welden National Bank..
1 to 4.
St. Johnsbury—First National Bank.
Ito5.
Springfield—First National Bank
Ito9.
Windsor—State National Bank
Ito4.
1 to 9.
DISTRICT NO. 2.
1 to 7 and 9

Ito9.
1 to 3.
1 to
1 to
1 to
1 to

9.
9.
4.
9.

1 to 4.
1 to 4.
4.

1 to 3, 5 to 7
Ito4.
1 to 6 and 9
1 to 4.
Ito3.

CONNECTICUT.

1 to 9.

(See also District No. 1.)
Bridgeport1 to 9.
City National Bank
1 to 9.
First National Bank
1 to 8.
Danbury—
1 to 9.
City National Bank
Danbury National Bank...
1 to 8.
New Canaan—First National Bank..
1 to 7 and 9. Norwalk—National Bank of Norwalk.
Ho 4.
ltidgefield—First National Bank &
Trust Co.
Ito4.
South Norwalk—City National Bank
Stamford—First-Stamford National
1 to 4.
Bank.

Ito9.
1 to 9.
Ito9.
1 to 9.
Ito9.
Ito9.
Ito9.
Ito4.
Ito9.

228

ANNUAL REPORT OF THE FEDERAL RESERVE BOAED.
Powers
granted.

DISTRICT NO. 2—Continued.
NEW JERSEY.

(See also District No. 3.)
Allentown—Farmers National Bank. 1 to 9.
Asbury Park—Merchants National 1 to 9.
Bank.
Atlantic Highlands—Atlantic High- 1 to 3.
lands National Bank.
Belleville—Peoples National B a n k , . . 1 to 9.
Belvidere—Belvidere National Bank. Ito8.
Bloomneld—Bloomfield N a t i o n al 1 to 4.
Bank.
Boonton—Boonton National Bank... 1 to 9.
Bound Brook—First National Bank.. 1 to 9.
1 to 9.
Butler—First National Bank
Caldwell—Citizens National Bank... 1 to 8.
Carlstadt—Carlstadt National Bank 1 to 9.
1 to 9.
Clifton—First National Bank
Cranbury—First National Bank
| Ito4.
Dover—National Union Bank
j 1 to 9.
ElizabethNational State Bank
1 to 7 and 9.
1 to 9.
Peoples National Bank
Freehold—National Freehold Bank- 1 to 9.
ing Co.
Frenchtown—Union National Bank.. l a n d 4.
Garfleld—First National Bank
Ito9.
Hackettstown—Hackettstown Na- 1 to 9.
tional Bank.
Hoboken—
First National Bank.
Ito4.
Second National Bank
1 to 9.
i
Jersey City—
!
Bergen National Bank
Ito9.
First National Bank
1 to 9.
Merchants National Bank
Ito9.
Union Trust & Hudson County 1 to 9.
National Bank.
Kearny—First National Bank & 1 to 9.
Trust Co.
Lambertville—Lambertville National I t o 9 .
Bank.
Long Branch—Citizens National I t o 9 .
Bank.
Lyndhurst—First National Bank
1 to 9.
\
Montclair—First National Bank
1 to 9.
j
Morristown—
;
Ito9.
First National Bank
National Iron Bank
1 to 9.
i
Newark—
Merchants & Manufacturers Na- 1 to 4.
I
tional Bank.
National Newark & Essex Bank- 1 to 9.
ing Co.
National State Bank
1 to 9.
North Ward National Bank
1 to 4.
New BrunswickNational Bank of New Jersey
1 to 9.
i
Peoples National Bank
1 to 9.
!
Newton—
Merchants National Bank
1 to 9.
Sussex National Bank
1 to 9.
Nutley—First National Bank
1 to 9.
Ocean Grove—Ocean Grove National 1 to 9.
Bank.
Orangei
Brick Church National Bank
1 to 9.
Orange National Bank
Ito8.
Second National Bank
Ito9.
Passaic—Passaic National Bank & 1 to 9.
Trust Co.
Paterson—
First National Bank
1 to 9.
National Bank of America
1 to 9.
Paterson National Bank
1 to 9.
!
Second National Bank
1 to 9.
Totowa National Bank
1 to 5, 7 to 9.
Perth Arnboy—
City National Bank
Ito9.
First National Bank
1 to 9.




Powers
granted.
DISTRICT NO. 2—Continued.
NEW JERSEY—continued.
Phillipsburg—
Phillipsburg National Bank
Second National Bank
Plainfield—City National Bank
Red B a n k Broad Street National Bank
Second National Bank
Ridgewood—
Citizens National Bank
.
First National Bank
Roselle—First National Bank
Rutherford—Rutherford N a t i o n a l
Bank.
Somerville—Second National Bank..
South Amboy—First National Bank.
South River—First National Bank...
Summit—First National Bank
Sussex—Farmers National Bank
Washington—First National Bank._.

1 to 8.
1 to 9.
1 to 4.
Ito9.
1 to 9.
1 to
1 to
1 to
1 to

9.
9.
9.
4

1 to 4.
Ito9.
1 to 9.
Ito9.
1 to 4.
1 to 9.

NEW YORK.

Adams—Farmers National Bank
Albany—
First National Bank
National Commercial Bank &
Trust Co.
New York State National BankAmsterdam—
Farmers National Bank
First National Bank
.
.
Auburn—
Cayuga County National Bank..
National Bank of Auburn
...
Ballston Spa—Ballston Spa National
Bank.
Bath—Bath National Bank
Binghamton—
City National B a n k . . _ . . _
First National Bank
BrooklynFirst National Bank
Nassau National Bank ._
Buffalo—Manufacturers & Traders
National Bank.
Canandaigua—Canandaigua National Bank.
CantonFirst National Bank
St. Lawrence County National
Bank.
Carthage—
Carthage National Bank
National Exchange Bank
Catskill—Catskill National Bank
Cedarhurst—Peninsula N a t i o n a l
Bank.
Clayton—National Exchange B a n k . .
Cohoes—National Bank of Cohoes
Cooperstown—
First National Bank
Second National Bank
Corning—First National Bank &
Trust Co.
CubaCuba National Bank
First National Bank
_
Dolgeville—First National Bank
Dover Plains—Dover Plains National
Bank.
DunkirkLake Shore National Bank
Merchants National Bank
Edwards—Edwards National Bank..
Elmira—
Merchants National Bank
Second National Bank
Far Rockaway—National Bank of
Far Rockaway.

1 to 9.
4.

1 to 8.
1 to 9.
1 to 9.
1 to 9.
1 to 8.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 3, 5 to 8
1 to
1 to
1 to
1 to

9.
9.
8.
9.

4.

1 to 8.
1 to 9.
1 to 8.
1 to 8.
Ito9.
Ito9.
1 to 9.
1 to 9.
Ito9.
I to 8.
i.

Lto7.
L t o 9.

4.

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

Powers
granted.

Powers
granted.
DISTRICT NO. 2—Continued.

DISTRICT NO. 2—Continued

NEW YORK—continued.

NEW YORK—continued.
Fredonia—National Bank of Fredonia.
Freeport—Citizens National Bank
Fulton—Citizens National Bank
Gloversville—
City National Bank
Fulton County National Bank...
Goshen—National Bank of Orange
County.
Granville—
Farmers National Bank
Washington County National
Bank.
Hempstead—First National Bank
Herkimer—Herkimer National Bank.
Hoosick F a l l s First National Bank
Peoples National Bank
Hornell—Citizens National Bank
Hudson—
Farmers National Bank
First National Bank
Hudson F a l l s Peoples National Bank
Sandy Hill National Bank .__
Ilion—
Ilion National Bank
Manufacturers National Bank
Ithaca—First National Bank
JamestownAmerican National Bank
National Chautauqua County
Bank.
KingstonFirst National Bank of Rondout.
Rondout National Bank
w
State of New York National
Lackawanna—Lackawanna National
Bank.
Larchmont—Larchmont
National
Bank.
Liberty—Sullivan County National
Bank.
Little Falls—Little Falls National
Bank.
Lockport—
National Exchange Bank
Niagara County National Bank..
Long Beach—National Bank of Long
Beach.
Lowville—Black River National
Bank.
Lynbrook—Peoples National Bank__
Middletown—
First National Bank
Merchants National Bank
Mineola—First National Bank..
Monticello—National Union Bank of
Monticello.
Morristown—Frontier National Bank.
Mount Kisco—Mount Kisco National.
Bank.
Mount Vernon—First National Bank.
New burgh—
Highland National Bank
National Bank of New burgh
Quassaick National Bank
New Rochelle—National City Bank..
New York—
American Exchange National
Bank.
Bronx National Bank
Chase National Bank
Chatham & Phenix National
Bank.
Chemical National Bank
Coal & Iron National Bank.
First National Bank
Garfield National Bank

86538—24f




16

229

Ito9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
4.
4.

1 to 9.
Ito8.
1 to 9.
1 to 8.
1 to 9.
Ito9.
1 to 9.
1 to 9.
Ito9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
Ito8.
1 to 9.
1 to 9.
Ito9.
Ito9.
Ito9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
1 to 8.
1 to 9.
Ito9.
Ito9.
1 to 9.
4.
1 to 9.
4.
1 to 9.
1 to 8.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
4.
1 to 9.
Ito9.
Ito9.
1 to 9
Ito9.
1 to 9.

New York—Continued.
Gotham National Bank
1 to 9.
Hanover National Bank
1 to 8.
Harriman National Bank
1 to 9.
Liberty National Bank
4.
Mechanics & Metals National 1 to 9.
Bank.
National American Bank of New 1 to 9.
York.
National Bank of Commerce
1 to 9.
National City Bank
1 to 9.
National Park Bank
1 to 9.
Public National Bank
1 to 9.
Seaboard National Bank
1 to 9.
North Tonawanda—State National 1 to 9.
Bank.
Norwich—
Chenango National Bank
1 to 8.
National Bank of Norwich
1 to 9.
Nyack—Nyack National Bank
1 to 9.
Ogdensburg—National Bank of Og- 1 to 8.
densburg.
Olean—Exchange National Bank
1 to 9.
Oneida—Oneida Valley National 1 to 9.
Bank.
Oneonta—
Citizens National Bank
1 to 9.
Wilber National Bank
1 to 9.
Ossining—Ossining National B a n k . . . 1 to 9.
Oswego—Second National Bank
1 to 9.
Ovid—First National Bank
4.
Owego—
First National Bank
1 to 9.
Owego National Bank
_. 1 to 9.
Peekskill—
Peekskill National Bank
1 to 9.
Westchester County National 1 to 9.
Bank.
Plattsburg—
Merchants National Bank
1 to 9.
Plattsburg National Bank & 1 to 5, 7 to 9.
Trust Co.
Port Chester—First National Bank... 1 to 9.
Port Henry—Citizens National Bank. 1 to 9.
Port Jervis—
First National Bank
1 to 9.
National Bank of Port Jervis
1 to 9.
Potsdam—Citizens National Bank... 1 to 9.
Poughkeepsie—
Fallkill National Bank
| 1 to 9.
Farmers & Manufacturers Na- I 1 to 9.
tional Bank.
j
Richfield Springs—First National | 1 to 9.
Bank.
j
Riverhead—Suffolk County National 1 to 9.
Bank.
Rockville Center—Nassau County i 1 to 9.
National Bank.
Rome—Farmers National Bank
1 to 9.
Roscoe—First National Bank
1 to 9.
Rye—Rye National Bank
1 to 9.
Saratoga Springs—Saratoga National 4.
Bank.
Scarsdale—Scarsdale National Bank..| 1 to 9.
Schenectady—
Mohawk National Bank
| 1 to 9.
Union National Bank
1 to 9.
Southampton—First National Bank.. 1 to 8.
Spring Valley—First National Bank.. 1 to 9.
Stapleton—Richmond Borough Na-' j 4.
tional Bank.
|
Suffern— Suffern National Bank
1 to 9.
Syracuse—Liberty National Bank
| 1 to 9.
T a r r y t o w n — T a r r y t o w n National ! 1 to3, 5to9
Bank.
!
Troy—
I
Manufacturers National Bank_..J 1 to 9.
Union National Bank
I 1 to 9.

230

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Powers
granted.

Powers
granted.
DISTRICT NO. 3—Continued.

DISTRICT NO. 2—Continued.

PENNSYLVANIA.

NEW YORK—continued.
Utica—
First National Bank & Trust
Company.
Oneida National Bank
Utica City National Bank
Walton—First National Bank
Warsaw—Wyoming County National
Bank.
Watertown—
Jefferson County National Bank.
Watertown National Bank
Waverly—First National Bank
Wellsville—Citizens National Bank..
Westfield—National Bank of Westfield.
Yonkers—
First National Bank
Yonkers National Bank & Trust
Co.

(See also District No. 4.)
1 to 9.

Allentown—
Allentown National Bank
Merchants National Bank
Second National Bank
Ambler—First National Bank
Annville—Annville National Bank...
Ashland—The Ashland Nations 1
1 to 9.
Bank.
Ito8.
Atglen—Atglen National Bank
1 to 9.
Belleville—Belleville National Bank _.
Bethlehem1 to 9.
Bethlehem National Bank
4.
First National Bank
Lehigh Valley National Bank
1 to 9.
Bloomsburg—Bloomsburg Nations!
Bank.
1 to 9.
Blossburg—Miners National Bank...
Boyertown—
I
DISTRICT NO. 3.
Farmers National Bank
National Bank of Boyertown
Bradford—Commercial N a t i o n a l
DELAWARE.
Bank.
1 to 9.
Dover—First National Bank
Catasauqua—National Bank of Catesauqua.
1 to 8.
Laurel—Peoples National Bank
1 to 9.
Chambersburg—
Milford—First National Bank
National Bank of Chambersbun;.
1 to 8.
Seaford—First National Bank
Valley National Bank
..
Smyrna—Fruit Growers National 1 to 4, 6 to 9.
Bank.
ChesterFirst National Bank
..
Wilmington—
Pennsylvania National Bank.. .
1 to 9.
Central National Bank
1 to 9.
Clearfleld—
Union National Bank
Clearfleld National Bank
County National Bank
NEW JERSEY.
Columbia—Central National Bank....
Danville—First National Bank
(See also District No. 2.)
Darby—First National Bank
Atlantic C i t y Du Bois—
1 to 4.
Atlantic City National Bank
Deposit National Bank
1 to 9.
Chelsea National Bank
Du Bois National Bank
.
1 to 3.
Union National Bank
East Stroudsburg—Monroe County.
Bordentown—First National Bank... 1 to 9.
National Bank.
Burlington—Mechanics N a t i o n a l 1 to 9.
Emaus—Emaus National Bank
.
Bank.
Emporium—First National Bank
Camden—First National State Bank. 1 to 9.
Ephrata—
4.
Cape May—Merchants N a t i o n a l
Ephrata National Bank
Bank.
Farmers National Bank
Collingswood—Collingswood
Na- 1 to 9.
Fleetwood—First National Bank
tional Bank.
Frackville—First National Bank
1 to 9.
Elmer—First National Bank
Gettysburg—First National Bank....
Ito9.
Glassboro—First National Bank
Greencastle—First National Bank
Haddonfield—Haddonfield National 1 to 9.
Harrisburg—Merchants N a t i o n a l
Bank.
Bank.
Hazleton—
Medford—Burlington County Na- I t o 9 .
tional Bank.
First National Bank
Hazleton National Bank
Merchantville—First National Bank. 1 to 9.
Honesdale—H o n e s d a 1 e National
Mill ville—Mill ville National Bank... I t o 9 .
Bank.
Mount Holly—Mount Holly National I t o 8 .
Honeybrook—First National Bank...
Bank.
Ocean City—First National Bank.__ 1 to 7 and 9. Houtzdale—First National Bank
Huntingdon—
Point Pleasant Beach—
First National Bank
1 to 8.
Ocean County National Bank
Union National Bank
1 to 4.
Princeton—First National Bank
Johnstown—First National Bank
Riverton—C innaminson National.. _ I t o 9 .
Kutztown—Kutztown National Ban'.i
Bank.
Lancaster—
Salem—
Conestoga National Bank
1 to 9.
City National Bank
Fulton National Bank
Ito9.
Salem National Banking Co
Lancaster County National Bank.
Swedesboro—Swedesboro National 1 to 9.
Lansdale—First National Bank
Bank.
Lebanon—
Trenton—
First National Bank
1 to 4.
Broad Street National Bank
Lebanon National Bank
1 to 9.
First National Bank
Lehighton—Citizens National Bank.
1 to 9.
Mechanics National Bank
Lititz—Farmers National Bank
Ventnor City—Ventnor City National 1 to 9.
Lock Haven—First National Bank..
Bank.
1 to 9.
Mahanoy C i t y Woodbury—First National Bank
First National Bank
Woodstown—Woodstown National 1 to 9.
Union National Bank
Bank.




1
1
1
1

to
to
to
to

9.
9.
9.
9.

Ito9.
1 to 8.
Ito9.
1 to 9.
1 to 9.
Ito9.
1 to 3.
1 to 3.
1 to 9.
1 to 9.
Ito8.
1 to 9.
1 to 4.
1 to 9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 9
1 to 9.
1 to 9.
1 to 9.
1 to 3.
Ito9.
1 to 9.
1 to 4.
Ito9.
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.
Ito9.
Ito9.
1 to 9.
1 to 9.
1 to 8.
1 to 8.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 4
Ito9.
1 to 9.
Ito8.

231

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

Powers
granted.

Powers
granted.
DISTRICT NO. 3—Continued.
PENNSYLVANIA—continued.

Manheim—
Keystone National Bank
1 to 9.
Manheim National Bank
. _ _ 1 to 9.
Marietta—Exchange National Bank.. 1 to 4.
Mauch Chunk—Mauch Chunk Na- 1 to 9
tional Bank.
Maytown—May town National Bank. 1 to 4.
Mechanicsburg—First NationalBank. 1 to 9.
Mqntrose—First and Farmers Na- 1 to 9.
tional Bank & Trust Co.
Mount Carmel—
First National Bank
1 to 9.
Union National Bank
1 to 9.
Mount Joy—
First National Bank
1 to 9.
Union National Mount Joy Bank. 1 to 9.
Mountville—Mountville
National 1 to 4.
Bank.
Myerstown—Myerstown
National 1 to 4
Bank.
Nanticoke—First National Bank
1 to 4.
Nazareth—Nazareth National Bank.. 1 to 9.
New Holland—New Holland Na- 1 to 5 and 9.
tional Bank.
Newton—First National Bank
1 to 7 and 9.
Newville—First National Bank
1 to 4.
Northampton—Cement N a t i o n a l 1 to 8.
Bank of Siegfried.
Oxford—National Bank of Oxford
1 to 9.
Patton—First National Bank
1 to 4.
Pen Argyl—First National Bank
1 to 9.
PhiladelphiaBroad Street National B a n k . . . 1 to 7
Central National Bank
4.
Corn Exchange National Bank... 1 to 9.
Drovers andMerchants National 1 to 9.
Bank.
Eighth National Bank
1 to 9.
Fourth Street National Bank
1 to 9.
Market Street National Bank
1 to 7 and 9.
National Bank of Commerce
1 to 9.
National Bank of Germantown_ _ 1 to 8.
National Bank of North Phila- 1 to 9.
delphia.
Perm National Bank
1 to 9.
Philadelphia National Bank
1 to 9.
Quaker City National Bank
1 to 9.
Second National Bank
1 to 9.
Southwark National Bank
1 to 8.
Southwestern National Bank
1 to 8.
Textile National Bank
_ _
l to 9
Third National Bank
1 to 9*.
Tradesmen's National Bank
1 to 9.
Union National Bank
1 to 8.
Philipsburg—Moshannon National
to 9.
Bank.
Pittston—First National Bank. _
1 to 9
Port Allegany— First National Bank 1 to 9
Pottstown—
National Bank of Pottstown
1 to 9.
National Iron Bank
l to 9.
Reading—
Penn National Bank
l to 4.
Reading National Bank
1 to 9.
Red Lion—Red Lion First National 1 to 9
Bank.
Scranton—Third National Bank
1 to 9.
Shickshinny—First National Bank
1 to 3, 5 to 8
Souderton—Union National Bank_ _. 1 to 9.
Spring City—National Bank of Spring 1 to 9.
City.
I
State College—First National Bank.. 1 to 9.
Stroudsburg—
First National Bank
l to 9.
Stroudsburg National Bank
1 to 9.
Sunbury—First National Bank
1 to 9.
Tamaqua—Tamaqua National Bank. 1 to 9.
Tioga—Grange National Bank
1 to 4.
Topton—National Bank of Topton... 1 to 4.
Towanda—Citizens National B a n k . . 1 to 9.
Tyrone—Farmers & Merchants Na- 1 to 9.
Digitized for tional Bank
FRASER



DISTRICT NO. 3—Continued.
PENNSYLVANIA—continued.

Waynesboro—Citizens National Bank
West ChesterFirst National Bank
National Bank of Chester County
West Grove—National Bank of West
Grove.
Wilkes-Barre—
Second National Bank
Wyoming Jlational Bank
Williamsport—
First National Bank
Lycoming National Bank
West Branch National Bank
Williamsport National Bank
Wrightsville—First National Bank...
YorkCentral National Bank
First National Bank
Industrial National Bank of West
York.
Western National Bank
....

1 to 9.
1 to 9.
1 to 9.
1 to 4.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 4.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 4.
1 to 9.

DISTRICT NO. 4.
KENTUCKY.

(See also District No. 8.)
Ashland—
Ashland National Bank
Second National Bank
Third National Bank
Brooksville—First National Bank_._
Cynthiana—The National Bank
Georgetown—Georgetown National
Bank.
Lexington—Phoenix National Bank
& Trust Co.
Middlesboro—The National B a n k . .
Mount SterlingNational Bank of Mount Sterling.
Traders National Bank
NewportAmerican National Bank
Newport National Bank
Paris—First National Bank..
Pineville—Bell National Bank
Richmond—Madison National Bank
& Trust Co.
Somerset—
Farmers National Bank
First National Bank
fVilliamsburg—First National Bank.
Winchester—Clark County National
Bank.

1 to 5, 7 to 9.
1 to 5, 7 to 9.
1 to 5, 7 to 9.
Ito4.
1 to 5, 7 to 9
I t o 5 , 7 to 9.
1 to 9.
1 to 5, 7 to 9.
1 to 4.
1 to 5, 7 to 9.
1 to 5, 7 to 9.
I t o 5 , 7 to 9.
1 to 5, 7 to 9.
1 to 5, 7 to 9.
1 to 5, 7 to 9.
1 to 5, 7 to 9.
1 to 9.
1 to 4.
1 to 5, 7 to 9.

OHIO.

Akron—National City Bank
_.
Alliance—Alliance First National ..'.'.
Ashtabula—National Bank of Ashtabula.
AthensAthens National Bank
Bank of Athens, N. B. A
Bellaire—First National Bank
Cadiz—Fourth National Bank
Canton—First National Bank
Cincinnati—
Atlas National Bank
Citizens National Bank & Trust
Co.
Fifth-Third National Bank
First National Bank
Second National Bank
ClevelandBrotherhood of Locomotive Engineers Cooperative National
Bank of Cleveland.
Central National Bank, Savings
& Trust Co.
National City Bank

1, 4, and 9.
1 to 9.
1 to 7 and 9
1 to 7 and 9.
1 to 7 and 9.
1, 4, and 9.
1 to 7 and 9.
4.
], 4, and 9.
1 to 7 and 9.
1, 4, and 9.
" to 7 and 9.
1 to 7 and 9.
1 to 9.
to 7 and 9.
1 to 7 and 9.

232

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Powers
granted.'
DISTRICT NO. 4—Continued

DISTRICT NO. 4—Continued,
oino—continued.
Columbus—
City National Bank
Commercial National Bank
Huntington National Bank
Ohio National Bank
Coshocton—Commercial
National
Bank.
Dayton—
Merchants National Bank &
Trust Co.
Winters National Bank_._.
East Liverpool—First National Bank.
Fostqria—Union National Bank
Hamilton—First National Bank &
Trust Co.
Hillsboro—Merchants National Bank
Lancaster—Fairfield National BankLebanon—
Citizens National Bank & Trust
Co.
Lebanon National Bank & Trust
Co.
Lorain—National Bank of CommerceMansfield—Citizens National Bank..
MariettaCentral National Bank
Citizens National Bank
First National Bank
Marion—National City Bank & Trust
Co.
Massillon—Merchants National Bank
Mt. Vernon—The Knox National
Bank.
New Philadelphia—Citizens National
Bank.
Painesviile—Painesville
National
Bank.
Piqua—
Citizens National Bank
Piqua National Bank
Ravenna—Second National Bank
St. Clairsville—First National Bank..
Sandusky—Third National Exchange
Bank.
Springfield—Mad River National
Bank.
Steubenville—National
Exchange
Bank & Trust Co.
TiffinCommercial National Bank..!...
Tiffin National Bank
ToledoFirst National Bank
Northern National Bank
TroyFirst Troy National Bank &
Trust Co.
Warren—Western Reserve National
Bank.
Wilmington—C l i n t o n C o u n t y
National Bank & Trust Co.
Youngstown—
"
Commercial National Bank
First National Bank
Zanesville—
First National Bank
Old Citizens National Bank

PENNSYLVANIA—continued.

Ellwood City—First National Bank..
1 to 7 and 9. Erie—First National Bank
1 to 7 and 9. Ford City—First National Bank &
1 to 7.
.Trust Co.
1 to 7 and 9. Franklin—LambertonNationalBank.
1, 4, and 9.
Greensburg—First National Bank
Greenville—First National Bank
Grove C i t y 1, 4, and 9.
First National Bank
.
Grove City National Bank
1, 4, and 9.
McKeesport—First National Bant:...
1 to 7 and 9. Meadville—New First National Bank.
1 to 7 and 9. Myersdale—Citizens National Bank..
1. 4, and 9.
Monessen—Peoples National Bank __
New Brighton—UnionNationalBank.
1 to 7 and 9. New Castle1 to 7 and 9.
Citizens National Bank
First National Bank
1 to 7 and 9. New Kensington—First Natior. al
Bank.
1, 4, and 9.
Oakmont—First National Bank
Oil City—Oil City National Bank . . .
1 to 7 and 9. PittsburghBank of Pittsburgh, N. A
4.
Diamond National Bank
1, 4, and 9.
Duquesne National Bank
1 to 7 and 9.
Farmers' Deposit National Bank1, 4, and 9.
First National Bank
1 to 7 and 9.
Highland National Bank
Monongahela National Bank
1, 4, and 9.
National Bank of America at
1 to 7 and 9.
Pittsburgh.
Second National Bank of Alle1 to 7 and 9.
gheny.
Third National Bank
1 to 7 and 9.
Union National Bank
Punxsutawney—Punxsutawney N ational Bank1 to 9.
Sharon—
1 to 7 and 9.
First National Bank
1, 4. and 9.
McDowell National Bank
1 to 7 and 9. Titusville—Second National Bank .._
1 toO.
Uniontown—National Bank of Fayette County.
1 to 7 and 9. Vandergrift— Citizens National Bank.
Warren—Warren National Bank
1 to 7 and 9. Washington—
Citizens National Bank
1 to 7 and 9.
1 to 7 and 9.

4.
1 to 7 and 9.

1 to 9.
1 to 9.
1 to 4.
1 to 9,
1 to 9.
1 to 9.
1 to 5, 7 to 9.
1 to 9.
1 to 8.
1 to 9.
1 to 9.
Ito9.
1 to 8.
1.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
4 and 9.
1 to 9.
1 to 9.
4.
1 to 4.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 4.
Ito9.
1 to 9.
1 to 9.
1 to 9.

1, % 3, 5, 6,
7, and 9.
1 to 9.
First National Bank
Way nesbur g—C itizensN ational B ank. 1 to 9.
Zelienople—Peoples National Bank.. i to 4.
WEST VIRGINIA.

(See also District No. 5.)

Elm Grove—First National Bank
New Cumberland—First National
Bank.
1 to 7 and 9. Sistersville—Union National Bank...
Wheeling—National Bank of West
Virginia.
1 to 7 and 9.
4.
DISTRICT NO. 5.
1, 4, and 9.
DISTRICT OF COLUMBIA.
1 to 7 and 9.

1 to 7 and 9.

PENNSYLVANIA.




1 to 9.
1 to 9.
1 to 9.

1 to 7 and 9.

(See also District No. 3.)
Blairsville—First National Bank
Brownsville—Second National Bank.
ButlerFarmers National Bank
Merchants National Bank
Canonsburg—First National Bank...

Powers
granted.

1 to 9.
1 to 9.
1 to 9
1 to 9
1 to 9.

Washington—
Commercial National Bank
District National Bank
Farmers & Mechanics National
Bank of Georgetown.
Federal-American National Bank
Lincoln National Bank
National Bank of Washington...
National Metropolitan Bank
Riggs National Bank
Second National Bank

1 to 9.
1.
1 to 9.
1 to 9.

1.
1 to 8.
1 to 8.
1 to 8.
Ito8
1 to 8.
1 to 8.
1 to 8.
1 to8.

233

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Powers
granted.
DISTRICT NO. 5—Continued.

DISTRICT NO. 5—Continued.

VIRGINIA.

MARYLAND.
Baltimore—
Drovers & Mechanics National
Bank.
. Farmers & Merchants National
Bank.
Merchants National Bank
National Bank of Baltimore
Western National Bank
Cumberland—Second National Bank.
Easton—Easton National Bank
FrederickFarmers & Mechanics National
Bank.
Frederick County National Bank.
Hagerstown—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. _

1 to 9.
1 to 9.
1 toft.
Ito9.
1 to 9.
1 to 9.
1 to 9.

1 to 4.
1 to 9.
1 to 9.
1 to 4.
1 to 4.
1 to 9.
1 to 4.
1 to 3.
1 to 9.

NORTH CAROLINA.
Asheville—
American National Bank
National Bank of Commerce
CharlotteCharlotte National Bank
Commercial National Bank
Merchants & Farmers National
Bank.
Union National Bank
Durham—First National Bank
Elizabeth City—First & Citizens
National Bank.
Goldsboro—Wayne National Bank...
Graham—National Bank of Alamance.
High Point—Commercial National
Bank.
Mooresville—First National Bank
New Bern—National Bank of New
Bern.
Oxford—First National Bank
RaleighCitizens National Bank
Commercial National Bank
Rocky Mount—Planters National
Bank.
Salisbury—First National Bank
Winston-Salem—Farmers National
Bank & Trust Co.

1 to 9.
Ito9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 9.

1 to 9.
1 to 4.
1 to 4.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.

SOUTH CAROLINA.
CharlestonAtlantic National Bank
Peoples National Bank
ColumbiaColumbia National Bank
National Loan & Exchange Bank.
Elloree—First National Bank
GreenvilleFirst National Bank
Norwood National Bank
Peoples National Bank
Woodside National Bank
Holly Hill—First National Bank
Lake City—Farmers & Merchants
National Bank.
Orangeburg—Edisto National Bank..
Rock Hill—National Union Bank
Spartanburg—
Central National Bank
First National Bank




Powers
granted.

1 to 9.
1 to 4.
1 to 9.
1 to 9.
1 to 9.

Abingdon—First National Bank
AlexandriaCitizens National Bank
First National Bank
Appalachia—First National Bank
Charlottesville—
National Bank of 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
Danville—
American National Bank
First National Bank
Emporia—Citizens National Bank...
Fredericksburg—Planters N a t ional
Bank.
Hampton—Merchants National Bank
Harrisonburg—First National Bank..
Loesburg—Peoples National Bank...
Lexington—Rockbridge Na t i o n a 1
Bank.
Martins ville—Peoples NationalBank.
Newport News—First National Bank.
NorfolkNational Bank of Commerce
Seaboard National Bank
Petersburg—Virginia National BankPortsmouth—American National
Bank.
Pulaski—
Peoples National Bank
Pulaski National Bank
Richmond—
American National B ank
Central National Bank
First National Bank
Merchants National Bank
Planters National Bank
Roanoke—
American National Bank
Colonial National Bank
First National Bank
National Exchange Bank
Rocky Mount—Peoples National
Bank.
Salem—Farmers National Bank
South Boston—
Boston National Bank
Planters & Merchants National
Bank.
Staunton—
Augusta National Bank
National Valley Bank
Warrenton—Farquier National Bank.
WinchesterFarmers & Merchants National
Bank.
Shenandoah Valley National
Bank.

1 to 9.
WEST VIRGINIA.
1 to 9.
1 to 4.
(See also District No. 4.)
Ito9.
1 to 3, 5 to 9.
Beckley—Beckley National Bank
1 to 4.
1 to 9.
1 to 9.
1 to 4.
Ito9.

Bluefield—
First National Bank
Flat Top National Bank
Charleston—
Charleston National Bank
Kanawha National Bank

1 to 9.
Ito4.
Ito4.
1.
Ito4.
1 to 9.
1 to 9.
1 to 3.
1 to 4.
1 to 6, and 9.
1 to 4.
1 to 4.
1 to 9.
Ito9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
Ito4.
1 to 4.
Ito4.
1 to 9.
Ito3.
1.
Ito9.
1 to 9.
Ito4.
Ito9.
1 to 9.
1 to 9.
Ito9.
1 to 4.
Ito9.
1 to 9.
1 to 9.
1 to 4.
Ito9.
Ito9.
1 to 4.
1 to 9.
1 to 9.
Ito9.
Ito9.
Ito4.

Ito9.
Ito9.
1 to 9.
Ito9.
Ito9.

234

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Powers
granted.
DISTRICT NO, 6—Continued.

DISTRICT NO. 5—Continued.

GEORGIA—continued.

WEST VIRGINIA—continued.

ClarksburgEmpire National Bank
Union National Bank
Fairmont—National Bank of Fairmont.
Fairview—First National Bank
Grafton—First National Bank
Huntington—
First National Bank
Huntington National Bank
Madison—Madison National Bank__j
Martinsburg— Old National Bank
i
Parkersburg—
j
First National Bank
I
Parkersburg National Bank
j
Second National B ank
I
St. Marys—First National Bank
I
Welch—First National Bank

1 to 4.
Ito4.
1 to 9.
1 to 4.
1 to 9.

La Grange—La Grange National
Bank.
Louisville—First National Bank
Macon—Fourth National Bank
Quitman—First National Bank
Winder—Winder National Bank

1 to 9.
1 to 9.
1 to 4.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.

Crowley—First National Bank of
Acadia Parish.
Lake Charles—Calcasieu National
Bank of Southwest Louisiana.
New Orleans—WThitney-Central National Bank.

1 to 7 and f.
1 to 5, 7,
and 9.
1 to 8.

FLORIDA.

Bartow—Polk County National Bank.
Bradentown—First National Bank...
Brooksville—First National Bank
De Funiak Springs—First National
Bank.
Jacksonville—
Atlantic National Bank
Barnett National Bank
Florida National Bank
Miami Beach—Miami Beach First
National Bank.
Panama City—First National Bank_.
St. AugustineFirst National Bank _
.
St. Augustine National Bank
St. PetersburgCentral National Bank & Trust
Co.
First National Bank.
Tampa—First National Bank
West Palm Beach—
American National Bank
. .
First National Bank

1 to
1 to
1 to
1 to

9.
4.
8.
8.

Ito9.

1 to 4.
1 to 8.
1 to 9.
4
1 to 9.

Ito9.

1 to 3.
1 to 4.
1 to 8.
1 to 9.
1 to 9.



1 to 9.

MISSISSIPPI.

(See also District No. 8.)

!
!
!
i
|
i

;

Biloxi—First National Bank
Canton—First National Bank
j
Gulfport—First National Bank
•__!
Hattiesburg—Commercial National
Bank.
Jackson—Jackson State National
Bank.
j
LaurelCommercial National Bank &
Trust Co.
!
First National Bank
Meridian—First National Bank

1 to
1 to
1 to
1 to

4.
4.
8.
9.

1 to 7 and 9.
1 to 9.
1 to 9.
1 to 8.

TENNESSEE.

(See also District No. 8.)
Copperhill—First National Bank of
Polk County.
Dickson—Citizens National Bank...-.
Fayetteville—
Elk National Bank
First National Bank
Gallatin—First and Peoples Natio lal
Bank.
Greenville—First National Bank
Johnson City—Tennessee National
Bank.
Kingsport—First National Bank
Knoxville—
City National Bank
Union National Bank
McMinnville—Peoples N a t i o r a 1
i
Bank.
;
Nashville—
American National Bank
Broadway National Bank
Fourth & First National Bank...
Tennessee-Hermitage National
Bank.

1 to 3, 5 to
1 to 8.
1 to 3 and 5.
1 to 3, 5 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 7 and 9.
1.
1 to 7 and 9.
1 to 3, 5 to 8.
1 to
1 to
1 to
1 to

9.
7 and 9.
8.
4.

DISTRICT NO. 7.
ILLINOIS.

GEORGIA.

AthensGeorgia National Bank
. _..
National Bank of Athens
AtlantaAtlanta National Bank
Fourth National Bank.
Fulton National Bank
Barnesville—First National Bank
Brunswick—National Bank of Brunswick.
Carrollton—First National Bank


Ito9.
1 to 4.
1 to 8.
1 to 9.

LOUISIANA.

ALABAMA.

First National Bank
Athens—First National Bank
_ _ _1
Bessemer—First National Bank in 1'to 8.
Bessemer.
Birmingham—First National B a n k , . 1 to 9.
1 to 4.
Cullman—Leeth National Bank .
Ito8.
Florence—First National Bank _.
Gadsden—First National Bank_ . . . 1 to 3.
1 to 8.
Mobile—First National Bank
Montgomery—First National Bank.. 1 to 9.
1 to 8.
Oxford—First National Bank
1 to 3.
Piedmont—First National Bank
1 to 8.
Selma—City National Bank
Talladega—Talladega National Bank. 1 to 4.
1
Trov—First National Bank
Tuscaloosa—
1 to 8.
Citv National Bank
1 to 8.
First National Bank. . . .

1 to 4.
1 to 4, 6, 7
and 9.
1 to 8.

(See also District No. 11.)

DISTRICT NO. 6.
Anniston—
Anniston National Bank . _. .
Commercial National Bank

Ito5.
1 to 3, 5 to 9.
Ito9. .

Dalton—First National Bank
Dawson—Dawson National Bank
Elberton—First National Bank
Fitzgerald—
Exchange National Bank
First National Bank

1 to 8.
1 to 4.

1 to 8.
1 to 9.
1 to 9.
1 to 8.
1 to 9.
1 to 9.

(See also District No. 8.)
Amboy—First National Bank
Aurora—
First National Bank
Merchants National Bank
Old Second National Bank
Batavia—
Batavia National Bank
First National Bank

__ 1 to 9
1 to 9
1 to 9
1 to 9
1 to 9
_ 1 to 8

235

ANNUAL. REPORT OF THE FEDERAL RESERVE BOARD.

Powers
granted.

Powers
granted.
DISTRICT NO, 7—Continued.

DISTRICT NO. 7—Continued.

INDIANA—continued.

ILLINOIS—continued.
Belvidere—
First National Bank
Second National Bank
Bushnell— First National Bank
Cambridge—Farmers National B a n k .
Canton—
Canton National Bank
First National Bank_ _
Casey—First National Bank
Charleston—National Trust Bank
Chicago—
Calumet National Bank
.
Corn Exchange National Bank_._
First National Bank of Englewood
Lawndale National B ank
Live Stock Exchange National
Bank.
National Bank of the R e p u b l i c . . .
National City Bank
Chillicothe—First National Bank
DanvilleFirst National Bank .
Palmer National Bank
Second National Bank
Decatur—
Citizens National Bank
Milliken National B a n k ,
.
National Bank of Decatur
. Dixon—Dixon National B a n k .
Elmhurst—First National Bank
El Paso—
First National Bank
Woodford County National Bank
Evanston—City National Bank .__ _
Freeport—
First National B a n k _ . . . . . _.
Second National Bank
Galesburg—
First National Bank
...
Galesburg National Bank
Henry—First National Bank
Joliet—
First National Bank
Joliet National Bank
___ .
Will County National Bank . . .
Kankakee—City National B a n k .
Kewanee—First National B a n k ,
La Salle—La Salle National Bank
Lincoln—Lincoln National Bank
Macomb—Union National Bank
Marengo—First National B a n k .
Marseilles—First National Bank
M a t toon.—National Bank of M a t t o o n .
Monticello—First National Bank
Moweaqua— First National Bank
Ottawa—National City Bank
Peoria—
Central National Bank
Commercial National Bank
Merchants & Illinois National
Bank.
Princeton—Citizens National B a n k . .
Rockford—
Forest City National Bank
Manufacturers National Bank
Rockford National Bank
Swedish-American National Bank
Third National Bank
Savanna—First National Bank
SycamoreCitizens National Bank
..
Sycamore National Bank
Waukegan—Waukegan
National
Bank.

Brazil—
l t o 8.
Citizens National Bank
1 to 7.
1 to 4.
First National Bank
l t o 4.
l t o 9.
Riddell National Bank
1 to 9.
1 to 9.
Brookville—
Franklin County National Bank. 1 to 4.
1 to 9.
National Brookville Bank
1 to 4.
l t o 8.
C ambridge C ity—Fir st N ational B ank 1 to 8.
l t o 4.
Clay City—First National Bank
1 to 9.
1 to 9.
Columbia City—First National Bank l t o 9.
Columbus—First National Bank
1 to 9.
l t o 9.
Crawfordsville—
4.
Citizens National Bank
1 to 4.
1 to 4.
Elston National Bank
1 to 8.
l t o 9.
First National Bank. _ _ _ . . 1 to 9.
1 to 9.
Dana—First National Bank
1 to 3.
Delphi—Citizens National Bank
1 to 9.
1 to 9.
Dublin—First National Bank
1 to 3.
1 to 9.
Dyer—First National Bank
1 to 4.
l t o 9.
Edinburg—Farmers National Bank.. l t o 4.
Elkhart—First National Bank
1 to 9.
1 to 9.
Elwood—First National Bank
l t o 8.
1 to 9.
Fort W a y n e 1 to 8.
First National Bank
. .
l t o 8.
Old National Bank
1 to 9.
l t o 9.
Frankfort—American National Bank. 1 to 8.
1 to 4.
Franklin—Franklin National B a n k . . 1 to 4.
1 to 4.
Gary—National Bank of America
1 to 9.
1 to 9.
Goshen—City National Bank
1 to 9.
1 to 9.
Greencastle—First National Bank
l t o 9.
Hammond—First National Bank
1 to 4.
1 to 9.
Indiana H a r b o r l t o 9.
1
Indiana Harbor National Bank of l t o 9.
l t o 9.
East Chicago.
United States National Bank, l t o 9.
1 to 9.
East Chicago.
1 to 9.
Indianapolis—
Fletcher American National Bank 1 to 7 and i).
1 to 9.
Indiana National
Bank of l t o 9.
1 to 9.
Indianapolis.
l t o 7.
Kokomo—
Citizens National Bank
1 to 4.
1 to 4.
Howard National Bank. . . . _ _ l t o 9.
1 to 9.
La Porte—First National Bank
1 to 4.
1 to 9.
Libert v—Union County National 1 to 3.
1 to 4.
Bank.
1 to 9.
Lognnsport—
1 to 4.
City National Bank
_.
1 to 8.
1 to 9.
FJrst National Bank
1 to 8.
1 to 9.
Lowell—First National Bank in 1 to 7.
l t o 9.
Lowell.
l t o 4.
Marion—
l t o 3.
First National Bank
1 to 4.
1 to 9.
i
Marion National Bank _ . ._ __ l t o 9.
1 to 3.
Martinsville—First National Bank ._ 1 to 7.
Michigan City—Merchants National 1 to 9.
1 to 9.
Bank.
1 to 9.
Mishawaka—First National Bank_
1 to 4.
1 to 8.
Monrovia—First National Bank
1 to 4.
l t o 9.
Monterey—First National B a n k . . _. l t o 3, 5 to 9
Montpelier—First National Bank
1 to 9.
1 to 3, 5 to 8. Muncie—Delaware County National 1 to 9.
Bank.
1 to 9.
New Carlisle—First National Bank.. 1 to 3.
1 to 9.
Peru—First National Bank
1 to 9.
1 to 4.
Richmond—
1 to 9.
First National Bank
.
1 to 9.
l t o 8.
Second National Bank
1 to 4.
l t o 8.
Rising Sun—The National Bank of._ 1 to 9.
Rochester—First National Bank
1 to 5, 7, and
l t o 9.
1 to 9.
1 to 9.

INDIANA.
(See also District No. 8.)
Attica—Central National Bank . . . . 1 to 9.
1 to 4.
Batesville—First National Bank
Bloomington—First National B a n k . . 1 to 7 and 9.




9.

Rockville—Rockville National Bank.
Rushville—
Rush County National Bank
Rushville National Bank
Russiaville—First National Bank
Shelbyville—
Farmers National Bank
First National Bank
Sheridan—
Farmers National Bank
First National Bank

1 to 4.
1 to 4.
1 to 4.
1 to 3.
l t o 9.
l t o 9.
l t o 8.
l t o 4.

236

ANNUAL REPORT OF THE FEDERAL RESERVE BOAED.
Powers
granted.

Powers
granted.
DISTRICT NO. 7—Continued.

DISTRICT NO. 7—Continued.

IOWA—continued.

INDIANA—continued.
South B e n d First National Bank
Merchants National Bank
Swayzee—First National Bank
Terre Haute—
First National Bank
Terre Haute National Bank
Thorntown—Home National Bank.
Tipton—Citizens National Bank
Wabash—Farmers & M e r c h a n t s
National Bank.
Whiteland—Whiteland N a t i o n a l
Bank.
Whiting—First National Bank
Wilkinson—Farmers National Bank
Winamac—First National Bank
IOWA.

Arlington—American National Bank.
Aurelia—First National Bank...
Bancroft—First National Bank
Boone—First National Bank
Buffalo Center—First National Bank
Burlington—Merchants N a t i o n a l
Bank.
Cedar Rapids—
Cedar Rapids National Bank
Merchants National Bank
Charter Oak—First National Bank...
Cherokee—First National Bank
Clarence—First National Bank.
Clinton—
City National Bank
Merchants National Bank..
Colfax—First National Bank...
Coon Rapids—First National Bank..
Council BluffsCity National Bank
First National Bank
Davenport—First National Bank
Decorah—National Bank of Decorah.
Des Moines—Des Moines National
Bank.
Dubuque—
Consolidated National Bank
First National Bank
Elkader—First National Bank
Everly—First National Bank
Fairfield— First National Bank
Fonda—First National Bank
Fontanelle—First National Bank
Fort Dodge—Fort Dodge National
Bank.
Gladbrook—First National Bank
Graettinger—First National Bank...
Greenfield—First National Bank
Grinnell—
Citizens National Bank...
Merchants National Bank

New Sharon—First National Bank...
1 to 4.
Newton—Clark National Bank
1 to 9.
Odebolt—First National Bank
1 to 9.
Oskaloosa—Oskaloosa National Bank:.
Paullina—First National Bank
1 to 9.
Perry—Perry National Bank
1 to 9.
Peterson—First National Bank
1 to 8.
Red Oak—First National Bank
1 to 4.
Remsen—First National Bank
1 to 4.
Rippey—First National Bank
Rockwell City—Rockwell City National Bank.
1 to*.
Royal—Citizens National Bank
l t o 7.
Ruthven—First National Bank
1 to 3.
Sheffield—First National Bank
1 to 8.
Shenandoah—Farmers National B an] c.
Sibley—First National Bank
Sidney—National Bank of Sidney...
Sioux City—
l t o 3.
First National Bank
..
l t o 9.
Security National Bank
.
2, 3, 5 to 7.
Sioux National Bank
1 to 4.
Sioux Rapids—First National Bank..
l t o 9.
Spencer—First National Bank
1 to 9.
Stanton—First National Bank
.
Storm Lake—Citizens National Bank.
Story City—First National Bank...
l t o 9.
Thornton—First National Bank
1 to 4.
Tipton—City National Bank
1,2,3, and 5
Washington—Washington National
1 to 9.
Bank.
l t o 4.
WaterlooCommercial National Bank
l t o 4.
First National Bank
1 to 5.
Leavitt & Johnson National Bank.
1 to 3, 5 to 9. Waverly—First National Bank
l t o 3.
Webster C i t y Farmers National Bank
1 to 8.
The First National Bank
1 to 9.
l t o 9.
MICHIGAN.
1 to 9.
1 to 8.
(See also District No. 9.)

Battle C r e e k Central National Bank
City National Bank
Old National Bank
Bay City—First National Bank
Benton H a r b o r American National Bank
Farmers and Merchants National Bank.
Birmingham—First National Bank.
l t o 3.
Boyne City—First National Bank...
Detroit—National Bank of Com1 to 9.
merce.
l t o 5, 7 to 9.
Flint—First National Bank
l t o 9.
Grand R a p i d s 1,2, 3, 5 to 7,
Grand Rapids National Bank
and 9.
Old National Bank
Griswold—Griswold National Bank.. 1 to 7 and 9. Hillsdale—First National Bank
Hampton—Citizens National Bank., l t o 9.
JacksonNational Union Bank
Hawarden—First National Bank
1,2, 3, 5 to 8.
l t o 4.
Humboldt—First National Bank
Peoples National Bank
*._.
Independence—First National Bank. l t o 4.
Kalamazoo—First National Bank
l t o 3.
Indianola—First National Bank
Lansing—
l t o 3.
Kanawha—First National Bank
Capital National Bank
1 to 9.
Keokuk—Keokuk National Bank
City National Bank
1 to 3, 5 to 9. Muskegon—
LeMars—First National Bank
Linn Grove—First National Bank... l t o 9.
Hackley National Bank
Union National Bank
Manchester—First National B a n k . . . l t o 4.
Petoskey—First National Bank
1 to 4.
Marengo—First National Bank
Pontiac—American National B a n k Marshalltown—First National Bank. 1 to 3.
Port Huron—First National Bank in
Mason City—First National Bank__. l t o 9.
Port Huron.
l t o 3.
Milford—First National Bank
Rochester—First National Bank
Montezuma—First National Bank... 1 to 4.
Saginaw— Second National Bank
1 to 9.
Muscatine—First National Bank
Traverse City—First National Bank
1 to 9.
Newell—First National Bank




l t o 9.
1 to 9.
l t o 9.
l t o 7.
l t o 8.
1 to 4.
l t o 9.
1 to 8.

1 to 7.
1 to 9.
1 to 4.
1 to 3.
1 to 7 and 9.
1 to 9.
1 to 4.
1 to 4.
1 to 8.
1,2,3, 5 to 8.
1 to 9.
1 to
1 to
1 to
1 to
1 to
1 to

3.
8.
9.
9.
3.
9.

1 to 9.
1 to 9.
1 to 9.
1 to 3.
1 to 9.
1 to 4.
1 to 9.
1 to 4.
l t o 9.
1 to 8.
1 to 8.
1 to
1 to
1 to
1 to

4.
7.
4.
4.

1 to 4.
1 to 9.

1 to 4.
l t o 8.
1 to 9.
l t o 4.
l t o 9.
1 to 9.
l t o 4.
l t o 3.
1 to 8.
l t o 4.
l t o 9.
1 and 4.
1 to 4.
l t o 9.
l t o 9.
l t o 9.
l t o 4.
1 to 9.
1 to 7 and 9.
l t o 9.
1 to 4.
1 to 9.
1 to 4.
1 to 4.
1 to 8.
1 to 3.

237

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

Powers
granted.

Powers
granted.
DISTRICT NO. 7—Continued.

DISTRICT NO. 8—Continued.

WISCONSIN.

ILLINOIS—continued.

Benld—First National Bank of Benld.
Breese—First National Bank
Cairo—Cairo National Bank.. _ . .
Antigo—
Carlinville—Carlinville N a t i o n a l
First National Bank. _ ._ _ . . . 1 to 8.
Bank.
Langlade National Bank
1 to 3, o to 8.
Carlyle—First National Bank
...
Appleton—Citizens National Bank... 1 to 9.
East St. Louis—Security National
Beaver Dam—Old National Bank
1 to 4.
Bank.
Clintonville—First National B a n k . . . 1 to 4.
Edwardsville—Edward s v i 11 e NaDarlington—First National Bank
1 to 8.
tional Bank.
Edgerton—First National Bank
1 to 8.
Highland—First National Bank
Fond du Lac—
Jacksonville—Ayers National B a n k . .
Commercial National Bank
1 to 9.
Lawrenceville—First National Bank.
First-Fond du Lac National Bank. I t o 8 .
Hartford—First National Bank
1 to 7 and 9. Lebanon—First National Bank
Marion—First National Bank _ ._
Janesville—First National Bank
1 to 4.
Mascoutah— First National Bank
Manitowoc—First National Bank in 1 to 9.
Metropolis—City National Bank
Manitowoc.
Mount Carmel—American National
Marinette—First National Bank
1 to 9.
Bank.
Milwaukee—
Mount Sterling—First NationalBank.
Marine National Bank
1 to 9.
Murphysboro—First National Bank.
National Bank of Commerce
1 to 9.
NashvilleNational Exchange Bank . .
1 to 9.
Farmers & Merchants National
Monroe—First National Bank. . . . . 1 to 4
Bank.
Neenah—National Manufacturers 1 to 3.
First National Bank. _
. . .
Bank.
Nokomis—Nokomis National Bank..
Oshkosh—City National Bank
1 to 4.
O'Fallon—First National Bank
Racine—
Pittsfield—First National Bank
First National Bank
I to 9.
Quincy—
Manufacturers National Bank
1 to 9.
Quincy-Ricker National Bank
Ripon—
& Trust Co.
American National Bank. . . .
1 to 9.
Sparta—First National Bank
First National Bank
1 to 9.
Vandalia—First National Bank.
Shawano—Wisconsin National Bank. 1 to 8.
Sheboygan— Security National Bank. I t o 9 .
INDIANA.
Sparta—Farmers National Bank
1 to 9.
Stevens Point—First National Bank. 1 to 8.
(See also District No. 7.)
Viroqua—First National Bank.
1 to 9.
Waukesha—
Bedford—Bedford National Bank
National Exchange Bank . . . . 1 to 4.
Bicknell—First National Bank
Waukesha National Bank
Ito8.
Evansville—
Wausau—
National City Bank
American National Bank
1 to 9.
1.
Old National Bank
__ . . .
First National Bank _ . .
Farrnersburg—First National B a n k . .
West Bend—First National Bank
1 to 9.
Jeffersonville—First National B a n k . .
Wisconsin Rapids—First National 1 to 9.
Mitchell—First National Bank
Bank.
Mount Vernon—Old First National
DISTRICT NO. 8.
Bank.
New Albany—New Albany National
ARKANSAS.
Bank.
Orleans—National Bank of Orleans__
1 to 7 and 9. Princeton—
Batesville—First National Bank
Farmers National Bank
1 to 9.
Corning—First National Bank
Ito9.
El Dorado—First National Bank
Peoples American National Bank.
Fordyce—First National Bank.
1 to 4.
SeymourFort S m i t h First NationalBank
First National Bank
1 to 9.
Seymour National Bank .
Merchants National B a n k . . _ __ 1 to 9,.
Sullivan—National Bank of Sullivan.
Hot Springs—
Tell City—Citizens National Bank...
Arkansas National Bank
Ito9.
Citizens National Bank
1 to 3, 5 to 9. Vevay—First National Bank... _.
Wadesville—The Farmers National
Jonesboro—First National Bank
Ito9.
Bank.
Lake Village—First National Bank__ 1 to 9.
KENTUCKY.
Little R o c k I to 9.
England National B ank
(See also District No. 4.)
1 to 9.
Exchange National Bank
Bowling Green—American National
Marianna—Lee County National 1 to 4.
Bank.
Bank.
1.
Columbia—First National Bank.
Mena—First National Bank
DanvilleNewport—First National Bank.
1 to 8.
Citizens National Bank
...
Paragould—First National Bank
Ito9.
Farmers National Bank
Pine Bluff—Simmons National Bank. 1 to 9.
Elizabethtown—First - Hardin NaTexarkana—State National Bank
Ito9.
tional Bank.
Glasgow—Farmers National Bank
ILLINOIS.
Harrodsburg—First National Bank..
Henderson—Henderson National
(See also District No. 7.)
Bank.
Hopkinsville—First National Bank .
Anna—First National Bank
Ito4.
Lawrenceburg—
Belleville—
•Ito8.
Anderson National Bank
•First National Bank
Lawrenceburg National Bank
St. Clair
1 to 9.
 National Bank
(See also District No. 9.)



1 to 3, 5 to 8
1 to 9.
1 to 9.
1 to 9.
Ito9.
Ito9.
1,2,3,5,(5,7,
and 9.
1 to 9.
1 to 4.
1 to 9.
1 to 9.
Ito9.
1 to 9.
1 to 4.
1 to 9.
1 to 4.
1 to 8.
1 to 9.
1 to 9.
1 to 3.
1 to 9.
1 to 9.
1 to 9.
1 to 3, 5 to 7.
1 to 8.

1 to 3, 5 to 9.
1 to 9.
1 to 9.
1 to 9.
,
1 to 6 and 8.
Ito9.
1 to 4.
Ito8.
Ito9.
1.

1,2,3,5,6,7,
and 9.
Ito8.
1 to 9.
1 to 9.
1 to 7 and 9
1 to 4.
1 to 9.
1 to 9.

1 and 4.
I t o 3 , 5 to 8.
1 to 9.
Ito8.
1 to 9.
1 to 4.
Ito9.
1 to 9.
1 to 9.
1 to 3, 5 to 9
1 to 8.

238

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Powers
granted.

Powers
granted.
DISTRICT NO. 9—Continued.

DISTRICT NO. 8—Continued.
KENTUCKY—continued.

MINNESOTA—continued.

Lebanon—
Citizens National Bank
Marion National Bank
LouisvilleCitizens Union National Bank___i
First National Bank
Louisville National Bank
National Bank of Kentucky
Mayfield—First National Bank
Morganfield—Morganfield National
Bank.
Murray—First National Bank
Owesboro— First National Bank
Paducah—
City National Bank
First National Bank
Princeton—Farmers National Bank..

Austin—
Austin National Bank
First National Bank
Bemidji—First National Bank__
Blooming Prairie—First National
Bank.
Chatfield—First National Bank
Crookston—Merchants N a t i o n a l
Bank.
Duluth—
American Exchange N a t i o n a l
Bank.
City National Bank
First National Bank
Minnesota National Bank__
Northern National Bank
Eveleth—First National Bank_.
Fairmont—Martin County National
Bank.
Fairbault—Security National Baik__
Fergus Falls—Fergus Falls National
Bank.
Hutchinson—Farmers National B ank
Lanesboro—First National Bank ._.
Little F a l l s American National Bank
First National Bank

1 to 4.
1 to 4.
1 to 9.
1 to 9.
4.
1 to 9.
1 to 8.
1 to 4.
1 to 9.
1 to 9.
1 to 9.
Ito3.
1 to 9.

MISSISSIPPI.

(See also District No. 6.)

I
Greenville—First National Bank
| 1 to 4.
Greenwood—The First N a t i o n a l j 1.
Bank.
j
MISSOURI.

!

(See also District No. 10.)
Boonville—Boonville National Bank.
Carrollton—First National Bank
Chillicothe—First National Bank
Columbia—
Boone County National Bank
Exchange National Bank
Hannibal—Hannibal National Bank.
Jefferson City—First National Bank.
Kirksville—Citizens National Bank.,
Pierce City—First National Bank
Bidgeway—First National Bank
St. Louis—
First National Bank
Merchants-Laclede N a t i o n a l
Bank.
National Bank of Commerce
Security National Bank Savings
& Trust Co.
State National Bank
Sedalia—
Citizens National Bank
Third National Bank
Springfield—Union National Bank...
Unionville—Marshall National Bank.
Versailles—First National Bank

1 to 9.
1 to 8.
Ito9.
1 to 4.
1 to 4.
1 to 9.
1 to 9.
1 to 8.
1 to 9.
1 to 9.
1 to 4.
1 to 4.
1 to 9.
1 to 9.
1 to 9.
1 to 4.
1 to 3, 5 to 7.
1 to 4.
1 to 3, 5 to 7.
1 to 3.

TENNESSEE.

(See also District No. 6.)
Memphis—
Central State National Bank
Southern National Bank

1 to 4.
1 to 9.

DISTRICT NO. 9.

(See also District No. 7.)
Manistique—First National Bank
Marquette—
First National Bank
Union National Bank
Menominee—First National Bank...)
Negaunee—Negaunee National Bank.




1 to 5.
1 to 8.
1 to 8.
1 to 9.
1 to 8.
1 to 9.
1 to 9.
1 to 3, 5 to 9.
1 to 9.
1 to 9.
1 to 8.
1 to 9.
1 to 3.
1 to 9.
1, 2, 3, 5, 6,
8, and 9.
1 to 9.
1 to 8.
4.
1 to 9.
1 to 9.
1 to 3, 5 to 9.
1 to 9.
1 to 9.
1 to 8.
1 to 9.
1 to 9.
1 to 3, 5 to 8.
1 to
1 to
1 to
1 to

9.
8.
9.
9.

MONTANA.

BillingsMidland National Bank
Montana National Bank
Bozeman—Commercial N a t i o r a l
Bank.
Dillon—First National Bank
Great Falls—Great Falls National
Bank.
Kalispell-First National Bank
Lewistown—First National Bank
Miles City—
Commercial National Bank
First National Bank
Missoula—
First National Bank
Western Montana National Bank.

1 to 9.
1 to 9.
1 to 4.
1 to 7 and 9.
1 to 4.
1 to 4.
1 to 7.
1 to
1 to
1 to
1 to

9.
9.
7 and 9.
8.

NORTH DAKOTA.

1 to 4.
1 to 9.
1 to 9.
1 to 9.
1 to 3.

MINNESOTA.

Albert Lea—First National Bank
Alexandria—First National Bank
Argyle—First National Bank

MinneapolisMetropolitan National Bank
Midland National Bank
Northwestern National Bank
Northfield—Northfield N a ti o i . a l
Bank.
Owatonna—
First National Bank
National Farmers Bank
Red W i n g First National Bank
Goodhue County National B;mk_
St. Peter—First National Bank
Stillwater—First National Bank
Truman—Truman National Bank
Virginia—American Exchange National Bank.
Waseca—Farmers National Bank
Welcome—Welcome National Baik._
Windom—First National Bank
Winona—Winona National Bank

1 to 9.
1 to 8.
1 to 9.
1, 2,3 and 5.

1 to 8.
1 to 9.
1, 2, 3, 5, 6,
7, and 9.

Bismarck—First National Bank
Ellendale—First National Bank
Fargo—
First National Bank
Merchants National Bank
Security National Bank
Forman—First National Bank
Grand Forks—First National Bank_.
Jamestown—James River National
Bank.
Minot—
Second National Bank
Union National Bank

1 and 9.
1 to 4.
1 to 9.
1 to 9.
1 to 9.
1 to 3.
1 to 9.
1 to 3, 5 to 7,
and 9.
1 to 9.
1 to 7 and 9.

239

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

Powers
granted.

Powers
granted.
DISTRICT NO. 10—Continued.

DISTRICT NO. 9—Continued.

COLORADO—continued.

SOUTH DAKOTA.

Aberdeen—Aberdeen National Bank
Arlington—First National Bank
Brookings—First National Bank
Canton—First National Bank
Colman—First National Bank
Flandreau—First National Bank
Lake Preston—First National Bank,
Lead—First National Bank
Rapid City—First National Bank...
Sioux Falls—
Minnehaha National Bank
Security National Bank
Sioux Falls National Bank
Spe:
Vermilion—First National Bank
Watertown—First National Bank...
WISCONSIN.

(See also District No. 7.)
Ashland—
Ashland National Bank
Northern National Bank
Barron—First National Bank
Chippewa Falls—
First National Bank
Lumbermens National Bank
SuperiorFirst National Bank
United States National Bank...
DISTRICT NO. 10.
COLORADO.

Akron—First National Bank
BoulderBoulder National Bank
Citizens National Bank
Brush—First National Bank
Canon City—Fremont County National Bank.
Center—First National Bank
Colorado Springs—
Colorado Springs National Bank.
Exchange National Bank.
First National Bank
Craig—Craig National Bank..
Denver—
Broadway National Bank
Colorado National Bank..
Denver National Bank
First National Bank
Globe National Bank
Hamilton National Bank.
Stock Yards National Bank
United States National Bank
Durango—Burns National Bank
Eagle—First National Bank of Eagle
County.
Englewood—First National Bank
Fort CollinsFirst National B ank
Fort Collins National Bank
Poudre Valley National Bank
Fort Morgan—First National Bank..
Grand Junction—Grand Valley National Bank.
Greeley—
First National Bank
Greeley National Bank
Union National Bank
Gunnison—First National Bank
Hugo—First National Bank
Idaho Springs—First National Bank..
Lamar—Lamar National Bank
Las Animas—First National Bank...
Longmont—American National Bank,




1 to 4.
1 to 4.
Ito9.
1 to 9.
Ito4.
1 to 3.
1 to 4.
1 to 9.
1 to 7 and i
1 to 8.
1 to 4.
1 to 8.
1 to 3.
2 to 9.
1 to 9.

Loveland—
First National Bank.
Loveland National Bank
Mancos—First National Bank
Montrose—Montrose National Bank
Sterling—Logan County National
Bank.
Telluride—First National Bank
TrinidadFirst National Bank
Trinidad National Bank
Walsenburg—First National Bank...

1 to 4, 6, and
1 to 7.
1 to 9.
1 to 9.
1 to 9.
1 to 8.
1 to 3.
1 to 9.
1 to 9.

KANSAS.

Anthony—First National Bank
Atchison—City National Bank
Coffeyville—
Condon National Bank
First National Bank
Emporia—
Citizens National Bank
1 to 9.
Commercial National Bank &
1 to 7 and 9.
Trust Co.
1 to 3.
Fort Scott—Citizens National Bank..
Goodland—Farmers National Bank..
1 to 9.
Greal Bend—First National B a n k . . .
Ito9.
Horton—First National Bank
Hutchinson—First National Bank
1 to 7.
1 to 9.
Independence—Commercial National
Bank.
Jewel City—First National Bank
Lawrence—
Lawrence National Bank
Merchants National Bank
Luray—First National Bank
1 to 4.
Ottowa—Peoples National Bank
1 to 4.
Pittsburg—National Bank of Commerce.
1 to 7.
Pratt—First National Bank
I to 3, 5 to 8.
Sabetha—National Bank of Sabetha.
1 to 4.
Salina—
Farmers National Bank
1 to 4.
National Bank of America
1 to 9.
Topeka—Farmers National Bank
!
1 to 9.
Troy—First National Bank
1 to 9.
Wellington—First National Bank
1 to 9.
WichitaFirst National Bank
1 to 9.
Fourth National B ank
1 to 9.
Winfield—First National Bank
Ito9.
1 to 9.
1 to 8.
1 to 9.
(See also District No. 8.)
1 to 9.
1 to 9.
1 to 7.
Cameron—First National Bank
1 to 4.
Carthage—Central National Bank
Joplin—Jqplin National Bank
Kansas City—
1 to 4.
Columbia City National Bank...
Drovers National Bank
1 to 4.
1 to 9.
Fidelity National Bank & Trust
Co.
1 to 7 and 9.
First National Bank
1 to 4.
Gate City National Bank
1 to 9.
Interstate National Bank
Liberty National Bank
New England National Bank
Ito9.
King City—First National Bank &
1 to 9.
Trust Co.
1 to 4.
1 to 9.
Maryville—First National Bank
1 to 3.
Neosho—First National Bank
Ito4.
St. Joseph—
1 to 9.
American National Bank
1 to 9.
Burns National Bank
1 to 9.
Tootle-Lacey National Bank

Ito4.
1 to 9.
1 to 3, 5 to 9 .
1 to 3 and 5.
1 to 9.
1 to 9.
1 to 7 and 9.
1 to 4.
1 to 9.
1 to 4.
1 to 4.
1 to 9.
1 to 3.
1 to 8.
1 to 8.
1 to 3.
1 to 4.
1 to 9.
1 to 9.
1 to 4.
1 to 4.
1 to 9.
1 to 4.
1 to 3.
1 to 9.
1 to 9.
1 to 9.
1 to 9.

1 to 3.
1 to 3.
1 to 9.
1 to 4 and 9.
1 to 4.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 7 and 9.
1 to 9.
1 to 9.
1 to 5.
1 to 9.
1 to 4.
1 to 4.
1 to 8.

240

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Powers
granted.

DISTRICT NO. 10—Continued.

DISTRICT NO. 10—Continued .

NEBRASKA.
Belden—First National Bank
Butte—First National Bank.
Columbus—First National Bank
Decatur—First National Bank
Emerson—First National Bank
Lyons—First National Bank
Madison—Madison National Bank...
Nebraska City—Nebraska City National Bank.
Norfolk—Norfolk National Bank
Omaha—
First National Bank
Merchants National Bank
United States National Bank
Ord—First National Bank
Pender—First National Bank
Randolph—First National Bank
South Omaha—Stock Yards National
Bank.
Utica—First National Bank

Powers
granted.

WYOMING—continued.
1 to 3, 5 to 9
1 to 3.
1 to 9.
1 to 3.
1 to 8.
Ito3.
1 to 7 and 9.
1 to 9.
] to 3.
1 to 4.
1 to 4.
4.
1 to 4.
1, and 3 to 7.
1 to 9.
4.
2 and 3.

Cody—Shoshone National Bank
Evanston—First National Bank
Kemmerer—First National Bank
Laramie—First National Bank
PowellFirst National Bank.
Powell National Bank
Rawlins—
First National Bank
_.
Rawlins National Bank
Rock Springs—
First National Bank
Rock Springs National Bank
SheridanFirst National Bank
.__
Sheridan National Bank
...
Shoshoni—First National Bank
Thermopolis—First National Bank-,

1 and 4.
1 to 3.
1 to 4.
Ito3.
1 to 8.
1 to 4.
1 to 9.
1 to 3.
1 to 8.
Ito9.
Ito9.
1 to 3, 5 to 9.
1 to 8.
Ito9.

DISTRICT NO. 11.

NEW MEXICO.

ARIZONA.

(See also District No. 11.)

(See also District No. 12.)

Gallup—First National Bank in Gallup.
Las Vegas—First National Bank
Raton—First National Bank
Santa Fe—First National Bank.

2 and 3.
1 to 9.
1 to 7 and 9
1 to 9.

Nogales—First National Bank
TucsonArizona National Bank
Consolidated National Bank

1 to 8.
1 to 9.
1 to 4.

LOUISIANA.

OKLAHOMA.

(See also District No. 6.)
(See also District No. 11.)
Ada—First National Bank
Bartlesville—First National Bank
Cleveland—First National Bank
Enid—American National Bank
Guthrie—First National Bank
Hominy—
First National Bank
National Bank of Commerce
Hooker—First National Bank
Lawton—City National Bank
McAlester—
American National Bank
First National Bank
Muskogee—First National Bank
Oklahoma C i t y American National Bank

1
1
1
1
1

to
to
to
to
to

7.
8.
9.
9.
8.

1 to 3, 5 to 9.
1 to 9.
1 to 3 and 5.
1 to 3, 5 to 7,
and 9.
1.
1 to 3, 5 to 7.
1 to 9.

1 to 3, 5, 7 to
9.
Farmers National Bank
1 to 4.
First National Bank
1 to 9.
Liberty National Bank
1 to 9.
1 to 8.
Security National Bank
Tradesmens National Bank
1 to 7 and 9.
Pond Creek—First National Bank... 1 to 4.
Sallisaw—First National Bank
___ 1 to 3, 5 to 7.
Shawnee—Shawnee National Bank__ 1 to 9.
Tulsa—
Ito9.
Central National Bank
1 and 4.
Exchange National Bank
1, 2, and 4.
First National Bank
2 and 3.
Woodward—First National Bank
WYOMING.
Basin—First National Bank
Buffalo—First National Bank
Casper—
Casper National Bank
Citizens National Bank
National Bank of Commerce
Wyoming National Bank
C heyenne—
American National B a n k . . .
Citizens National Bank
•___.
First National Bank
Stock Growers National Bank




1 to 7.
1 to 4.
Ito4.
1 to 7.
1 to 7.
1 to 4.
1 to 9.
Ito9.
1 to 9.
1 to 9.

Shreveport—
Commercial National Bank
First National Bank
NEW MEXICO.

j 1 to 4.
| 1 to 4.
|

(See also District No. 10.)
Albuquerque—
Citizens National Bank
First National Bank
State National Bank
Carlsbad—First National Bank
Silver C i t y American National Bank.
Silve1* City National Bank
TEXAS.
Abilene—Citizens National Bank
Amarillo—First National Bank
Austin—American National Bank
Beaumont—
First National Bank
Texas National Bank
Bonham—First National Bank
.,
Brenham—First National Bank
|
Brownsville—Merchants
National I
Bank.
|
Brownwood—Citizens National Bank)
Cameron—Citizens National Bank...
Clarksville—First National Bank
Colorado—
City National Bank
Colorado National Bank
Corsicana—Corsicana National Bank.
DallasAmerican Exchange National
Bank.
City National Bank
Dallas National Bank
_.
National Bank of Commerce
Republic National Bank
Denison—State National Bank
El Paso—
City National Bank
_.
First National Bank
State National Bank

1 to 9.
1 to 7 and 9.
1 to 4.
Ito9.
1 to 3.
2 and 3.
1 to 6, 8,
and 9.
1 and 2.
1 to4.
1 to 3.
Ito4.
1 to 9.
Ito3.
1 to 7 and 9.
1.
1 to 9.
Ito9.
1 to 3, 5 to 8.
1 to 4.
1 to 3, 5 to 7.
1 to 4.
1 to 9.
Ito9.
Ito9.
1 to 4.
Ito9.
1 to 9.
1 to 9.
1 to 7 and 9
1 to 9.

241

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

Powers
granted.

Powers
granted.
DISTRICT NO. 12—Continued.

DISTRICT NO. 11—Continued.

CALIFORNIA—continued.

TEXAS—continued.
Fort W o r t h Farmers & Mechanics National 2 to 9.
Bank.
First National Bank
1, 2, and 4.
Fort Worth National Bank
1 to 4.
Stockyards National Bank
1 to 4.
Galveston— •
First National Bank
1 to 9.
South Texas National Bank
1, 2, and 3.
Granger—First National Bank
1 and 2.
Greenville—Greenville National Ex- 1 to 4.
change Bank.
Haskell—Haskell National Bank
1 to 3, 5 to 8.
HoustonNational Bank of Commerce
1 to 7 and 9.
State National Bank
1 to 9.
Union National Bank
1 to 9. .
Italy—First National Bank
1 to 9.
1 to 3, 5,
Longview—First National Bank
and 8.
1 to 4.
McKinney—First National Bank
MarshallFirst National Bank
1 to 3.
Marshall National Bank
1 to 4.
OrangeFirst National Bank
Ito9.
Orange National Bank
Ito9.
Palestine—Royal National Bank
1 to 4.
Port Arthur—First National Bank... 1 to 4.
San Angelo—
Central National Bank
1 to 4.
First National Bank
1 to 9.
San Angelo National Bank
1 to 3.
San Antonio—
Alamo National Bank
1 to 9.
Frost National Bank
1 to 9.
Lockwood National Bank
Ito9.
National Bank of Commerce._
1 to 9.
Sealy—Sealy National Bank
1 to 4.
ShermanCommercial National Bank,. _ . 1 to 3, 5 to 8.
Merchants & Planters National 1 to 9.
Bank.
1 to 3.
Stanton—First National Bank
Texarkana—Texarkana N a t i o n a l 1 to 9.
Bank.
Troup—First National Bank
1.
Tyler—Citizens National Bank.
Ito3.
Victoria—Victoria National Bank
Ito4.
Waco—First National Bank
1 to 8.
Waxahachie—Citizens National Bank 1 to 9.
Wichita FallsCity National Bank
Ito9.
First National Bank
1 to 9.
DISTRICT NO. 12.

SacramentoCapital National Bank
National Bank of D.O. Mills & Co.
San Francisco—
Anglo & London Paris National
Bank.
Bank of California, N. A
Crocker National Bank
1 Santa Ana—First National Bank
Santa Barbara—
County National Bank & Trust
Co.

First National Bank
Santa Paula—First National Bank &

1 to 9.
1 to 7 and 9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.

Trust Co.

1 to 3, 5 to 7
Stockton—First National Bank
Wilmington—First National Bank... 4.
IDAHO.

BoiseBoise City National Bank
...
First National Bank of Idaho
Hagerman—First National Bank
Hailey—Hailey National Bank
Lewiston—Lewiston National Bank..
Moscow—First National Bank
Payette—First National Bank

1 to 9.
1 to 5.
1.
1 to 3.
1 to 9.
1 to 4.
1 to 9.

NEVADA.

Reno—Farmers and Merchants Na- 1 and 4.
tional Bank.
Tonopah—Nevada First National I 4.
Bank.
OREGON.

Ashland—First National Bank
Corvallis—First National Bank
Eugene—First National Bank
Grants Pass—First National Bank of
Southern Oregon.
Harrisburg—First National Bank
Junction City—First National Bank..
Marshfield— First National Bank of
Coos Bay.
Medford—Medford National Bank...
Milton—First National Bank
Ontario—First National Bank
Pendleton—
American National Bank
First National Bank
Portland—
First National Bank
Peninsula National Bank
United States National Bank
Salem—First National Bank in Salem.

1 to 9.
1 to 4.
Ito4
1, 2, 3, 5, 6,
7, and 9.
1 to 3.
1, 2, 3, 5, 6,
7, and 9.
1 to 9.
1 to 9.
1 to 4.
2 and 3.
1 to 4.
1 to 4.
1
1
1
1

to
to
to
to

4.
9.
9.
9.

ALASKA.

UTAH.

Fairbanks—First National Bank

Calexico—First National Bank
Chico—First National Bank
.
Fullerton—Farmers & Merchants
National Bank.
Long BeachCalifornia National Bank
.
First National Bank
• Long Beach National Bank
Los AngelesContinental National Bank
Farmers & Merchants National
Bank.
M ountain View—F irst N ational B ank.
Oakland—Central National Bank
Orland—First National Bank
Pleasanton—First National Bank
Redwood City—First National Bank
of Mateo County.




Ito9.

Salt Lake C i t y Continental National Bank . . . I t o 4 .
1 to 4.
Deseret National Bank

4.

Ito8.

4.

Bellingham—
Bellingham National Bank
First National Bank
_.
Clarkston—First National Bank
1 to 9.
Colfax—Farmers National Bank
1 to 9.
Ellensburg—Washington
National
1 to 9.
Bank.
Everett4.
First National Bank
1 to 9.
Security National Bank
.
4.
Hoquiam—First National Bank
Mount Vernon— First National Bank.
1 to 9.
4.
| Okanogan—First National Bank
4.
Olympia—Olympia National Bank__
1 to 3, 5, 7 Oroville— First National Bank
Pasco—First National Bank
to 9.

1 to 4.
1 to 5 and 9
1 to 9
1 to 4.
1 to 3.
1 to 9.
Ito9.
1 to 9.
Ito3.
1 to 9.
1 to 9.
1 to 9.
1 to 9.

242

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
Powers
granted.

DISTRICT NO. 12—Continued.

DISTRICT NO. 12—Continued.
WASHINGTON—continued.

WASHINGTON—continued.

Port Angeles—First National Bank..
Pullman—First National Bank
Rosalia—Whitman County National
Bank
Seattle—
Dexter Horton National Bank
First National Bank
Marine National Bank
Metropolitan National Bank
National Bank of Commerce
National City Bank.
Seaboard National Bank..
Seattle National Bank
Union National Bank._
University National Bank
SpokaneExchange National Bank
Fidelity National Bank




Powers
granted.

1 to 9.
1 to 7.
1 to 9.

Spokane—Continued.
Old National Bank
Tacoma—
National Bank of Tacoma
Puget Sound National Bank
Toppenish—First National Bank
1 to 9.
Vancouver—Vancouver N a t i o n a l
1 to 9.
Bank.
1 to 9.
1 to 7 and 9. Walla Walla—
Baker-Boyer National Bank
Ito9.
First National Bank
Ito9.
Third National Bank
1 to 9.
Wenatchee— First National Bank
1 to 4, 6, and
Yakima—Yakima National Bank

Ito9.
1 to 9.

1 to 9.
1 to 9.

1 to 9.
1 to 9.
1 to 9.
1 to 9.
Ito4.
1 to 9.
1 to 9.
1, 3, and 4.
1 to 9.
1 to 9.

HAWAHAN ISLANDS.

Honolulu—First National Bank of
Hawaii.

1 to 8.

ACCEPTANCES TO 100 PER CENT.

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.
HartfordHartford Aetna National Bank.
Old Colony Trust Co.
Phoenix National Bank.
Second National Bank.
State Street Trust Co.
New Haven—First National Bank.
Webster & Atlas National Bank.
Norwich—Thames National Bank.
Dedham— Dedham National Bank.
Maine:
Fall River—Massasoit-Pocasset National Bank.
PortlandFitchburg—Safety Fund National Bank.
Canal National Bank.
New Bedford—
Portland National Bank.
Massachusetts:
First National Bank.
Safe Deposit National Bank.
Boston—
Springfield—Springfield National Bank.
American Trust Co.
Worcester—Merchants National Bank.
Beacon Trust Co.
Rhode Island:
Citizens National Bank.
Providence—
Commonwealth-Atlantic National Bank.
First National Bank.
Blackstone Canal National Bank.
Merchants National Bank.
Merchants National Bank.
National Shawmut Bank.
National Bank of Commerce.
National Union Bank.
Providence National Bank.
DISTRICT NO. 2.
New York—Continued.
Connecticut:
New York City—Continued.
Bridgeport—
Chemical National Bank.
Bridgeport Trust Co.
Corn Exchange Bank.
City National Bank.
Equitable Trust Co.
First National Bank.
Farmers Loan & Trust Co.
New Jersey:
Fifth Avenue Bank.
Hoboken—First National Bank.
First National Bank.
Newark—National Newark & Essex Banking
Garfield National Bank.
Co.
Guaranty Trust Co.
New Brunswick—National Bank of New JerHarriman National Bank.
sey.
Irving Bank-Columbia Trust Co.
Paterson—
Mechanics & Metals National Bank.
Hamilton Trust Co.
National Bank of Commerce.
Paterson National Bank.
National City Bank.
New York:
National Park Bank.
BuffaloNew Netherland Bank.
Manufacturers & Traders National Bank.
New York Trust Co.
New York C i t y Pacific Bank.
American Exchange National Bank.
Seaboard National Bank.
Bankers Trust Co.
U. S. Mortgage & Trust Co.
Bank of America.
W. R. Grace & Co.'s Bank.
Bank of Manhattan Co.
Utica—
Bank of New York & Trust Co.
Central Union Trust Co.
First National Bank & Trust Co.
Chase National Bank.
Utica Trust & Deposit Co.
Pennsylvania:
PhiladelphiaCorn Exchange National Bank.
First National Bank.
Fourth Street National Bank.
Girard National Bank.

DISTRICT NO. 3.
Pennsylvania—Continued.
Philadelphia—Continued.
Market Street National Bank.
Philadelphia National Bank.
Tradesmen's National Bank.

DISTRICT NO. 4.
Kentucky:
Ohio—Continued.
Toledo—Commerce Guardian Trust & Savings
Lexington—Phoenix National Bank and Trust
Bank.
Co.
Pennsylvania:
Ohio:
Cincinnati—
Braddock—First National Bank.
Fifth-Third National Bank.
Greensburg—First National Bank.
Union Trust Co.
PittsburghClevelandBank of Pittsburgh, N. A.
Brotherhood of Locomotive Engineers
First National Bank.
Co-operative National Bank.
Mellon National Bank.
Central National Bank, Savings & Trust Co.
Pittsburgh Trust Co.
Cleveland Trust Co.
Union National Bank.
Guardian Savings & Trust Co.
Union Trust Co.
Union Trust Co.
West Virginia:
Columbus—
Wheeling—Wheeling Bank & Trust Co.
City National Bank.
Ohio National Bank.




243

244

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
DISTRICT NO. 5.

Maryland:
BaltimoreBaltimore Commercial Bank.
Baltimore Trust Co.
Citizens National Bank.
Drovers & Mechanics National Bank.
Farmers & Merchants National Bank.
Maryland Trust Co.
Merchants National Bank.
National Bank of Baltimore.
National Exchange Bank.
National Marine Bank.
National Union Bank of Maryland.
Western National Bank.
North Carolina:
Wilmington—Murchison National Bank.
South Carolina:
CharlestonBank of Charleston, N. B. A.
Peoples National Bank.

South Carolina—Continued.
Orangeburg—Edisto National Bank.
Rock Hill—Peoples National Bank.
Virginia:
Danville—First National Bank.
Hampton—Merchants National Bank.
NorfolkCitizens Bank.
National Bank of Commerce.
Norfolk National Bank.
Seaboard National Bank.
Virginia National Bank.
RichmondAmerican National Bank
Bank of Commerce & Trusts.
Central National Bank.
First National Bank.
Merchants National Bank.
Planters National Bank.

DISTRICT NO. 6.
Alabama:
Albany—Central National Bank.
Decatur—City National Bank.
Huntsville—Henderson National Bank.
Mobile—Merchants Bank.
Montgomery—First National Bank.
Troy—Farmers & Merchants National Bank.
Florida:
Jacksonville—Atlantic National Bank.
Pensacola—Citizens & Peoples National Bank.
Georgia:
Albany—Albany Exchange National Bank.
AtlantaAtlanta National Bank.
Fourth National Bank.
Macon—
Fourth National Bank.
Macon National Bank.
Savannah—
Citizens Trust Co.
Citizens & Southern Bank.
Savannah Bank & Trust Co.
Valdosta—First National Bank.

Louisiana:
Jennings—Jennings National Bank.
New OrleansAmerican Bank & Trust Co.
Canal Commercial Trust & Savings Bank.
Hibernia Bank & Trust Co.
Interstate Trust & Banking Co.
Marine Bank & Trust Co.
New Orleans Bank & Trust Co.
Whitney-Central National Bank.
New Roads—The Pointe Coupee Trust & Savings Bank.
Mississippi:
Vicksburg—Merchants National Bank.
Tennessee:
ChattanoogaFirst National Bank.
Hamilton National Bank.
Clarksvil le—First National Bank.

DISTRICT NO. 7Illinois:
ChicagoChicago Trust Co.
Continental & Commercial National Bank.
Corn Exchange National Bank.
Drovers National Bank.
First National Bank.
Fort Dearborn National Bank.
Harris Trust & Savings Bank.
Illinois Merchants Trust Co.
Live Stock Exchange National Bank.
National Bank of the Republic.
National City Bank.
Union Trust Co.

Illinois—Continued.
Peoria—Merchants & Illinois National Bank
Indiana:
Brazil—The Riddell National Bank.
Indianapolis—Fletcher-American N a t i o n a l
Bank.
Michigan:
DetroitFirst National Bank.
National Bank of Commerce.
Wisconsin:
Milwaukee—First Wisconsin National Bank.

DISTRICT NO. 8.
Arkansas:
Pine Bluff—Peoples Savings Bank & Trust Co.
Mississippi:
Ittabena—First National Bank.
Missouri:
St. L o u i s First National Bank in St. Louis.
Liberty Central Trust Co.
Mercantile Trust Co.

Missouri—Continued.
St. Louis—Continued.
Merchants-Laclede Nationa.. Bank.
Mississippi Valley Trust Co.
National Bank of Commerce1.
Tennessee:
Memphis—
Central-State National Bank.
Union & Planters Bank & Trust Co.

DISTRICT NO. 9.
Minnesota:
Minneapolis—•
First National Bank in Minneapolis.
Northwestern National Bank.




Minnesota—Continued.
St. P a u l Capital National Bank.
First National Bank.

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

245

DISTRICT NO. 10.
Colorado:
Denver—Denver National Bank.
Kansas:
Hutchinson—First National Bank.
Lawrence—Lawrence National Bank.
Missouri:
Kansas C i t y Commerce Trust Co.

Missouri—Continued.
Kansas City—Continued.
Fidelity National Bank & Trust Co.
First National Bank.
St. Joseph—First National Bank.
Oklahoma:
Enid—Enid National Bank.
Oklahoma City—Security Nationa iBank.
DISTRICT NO. 11.

Arizona:
Nogales—First National Bank.
Texas:
Austin—American National Bank.
Brownwood—First National Bank in Brownwood.
DallasAmerican Exchange National Bank.
City National Bank.
Dallas National Bank.
Republic National Bank.
The Southwest National Bank.
El Paso—First National Bank.
Fort W o r t h Farmers & Mechanics National Bank.
Fort Worth National Bank.
Stockyards National Bank.
Gainesville—First National Bank.
Hillsboro—Citizens National Bank.

Texas—Continued.
Honey Grove—State National Bank.
HoustonFirst National Bank.
Houston National Bank.
Second National Bank.
National Bank of Commerce.
South Texas Commercial National Bank.
Union National Bank.
Navasota—First National Bank.
Paris—Lamar State Bank & Trust Co.
San Angelo—First National Bank.
Sherman—Commercial National Bank.
TerrellAmerican National Bank.
First National Bank.
Waco—First National Bank.
Waxahachie—Waxahachie National Bank.

DISTRICT NO. 12.
California:
Los AngelesFirst National Bank.
Merchants National Bank.
San FranciscoAmerican Bank.
Anglo & London-Paris National Bank.
Bank of California, N. A.
Crocker National Bank.
First National Bank.
Mercantile Trust Co.
Santa Barbara—First National Bank.
Oregon:
PortlandFirst National Bank.
Ladd & Tilton Bank.
Northwestern National Bank,

86538—24t-

-17




Oregon— C ont i nued.
Portland—Continued.
United States National Bank.
Washington:
SeattleDexter Horton National Bank.
First National Bank.
National Bank of Commerce.
Seaboard National Bank.
Seattle National Bank.
Union National Bank.
Spokane—
Exchange National Bank.
Old National Bank.
Spokane & Eastern Trust Co.
Tacoma—National Bank of Tacoma.

PERSONNEL AND SALARIES.
SALARIES OF OFFICERS AND EMPLOYEES OF THE FEDERAL RESERVE
BOARD AS OF DECEMBER 31, 1923.
OFFICE OF SECRETARY.

Walter L. Eddy, secretary
J. C. Noell, assistant secretary
Staff:
1 at 84,500
1 at $4,000.
1 at $3,900.
1 at $3,300
2 at $3,000
1 at $2,800
1 at $2,650
1 at $2,300
1 at $2,150
1 at $2,140
1 at $2,080
1 at $2,000
2 at $1,905--.4 at $1,800
1 at $1,730
2 at $1,665—*. —
4 at $1,500
4 at $1,440
1 at $1,400
-.
1 at $1,300--..
1 at $1,260
1 at $l,200__
....
1 at $820
1 at $720

.

$10, 000. 00
4, 500. 00

_

.....

'._.

_.__

4, 500. 00
4, 000. 00
3, 900. 00
3, 300. 00
6, 000. 00
2, 800. 00
2,650.00
2,300.00
2, 150. 00
2, 140. 00
2, 080. 00
2, 000. 00
3, 810. 00
7, 200. 00
1, 730. 00
3, 330. 00
6, 000. 00
5, 760. 00
1, 400. 00
1, 300. 00
1, 260. 00
1, 200. 00
820
720

$86, 850. 00

OFFICE OF GENERAL COUNSEL.

Walter Wyatt, general counsel
Edgar W. Freeman, assistant counsel
George B. Vest, assistant counsel
Staff:
1 at $2,850
1 at $2,000
1 at $1,920
1 at $1,800
1 at $1,540
.

8, 000. 00
5, 500. 00
3, 000. 00
2, 850. 00
2, 000. 00
1, 920. 00
1, 800. 00
1, 540. 00

26, 610. 00

OFFICE OF FISCAL AGENT.

Wm. M. Imlay, fiscal agent
Staff:
1 at $1,660

4, 500. 00
1, 660. 00

6, 160. 00

ARCHITECTS.

A. B. Trowbridge, consulting architect
O. W. Ten Eyck, assistant architect
246




6, 666. 66
2, 500. 00

9, 166. 66

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

247

OFFICES OF MEMBERS OF THE BOARD.

Staff:
2 at
1 at
1 at
2 at
1 at
1 at
1 at
1 at
1 at

$3,000
$2,800
$2,700
$2,500
$2,000
$1,800
$1,665
$1,500
$1,440

$6, 000. 00
2, 800. 00
2, 700. 00
5, 000. 00
2, 000. 00
1, 800. 00
1, 665. 00
1, 500. 00
1, 440. 00

$24, 905. 00

DIVISION OF BANK OPERATIONS.

Edward L. Smead, chief of division
John R. Van Fossen, assistant chief
Staff:
1 at $3,200
2 at $2,665
1 at $2,320
3 at $2,080
1 at $1,960
1 at $1,905
1 at $1,860— —
1 at $1,680
2 at $1,620
1 at $1,600
1 at $1,5601 at $1,540
1 at $1,525
1 at $1,500
1 at $1,465.3 at $1,440
2 at $1,400
1 at $1,380
__ •
1 at $1,200

$7, 000. 00
4, 000. 00

1

•

3, 200. 00
5, 330. 00
2, 320. 00
6, 240. 00
1, 960. 00
1, 905. 00
1, 860. 00
1, 680. 00
3,240.00
1, 600. 00
1, 560. 00
1, 540. 00
1, 525. 00
1, 500. 00
1, 465. 00
4, 320. 00
2, 800. 00
1,380.00
1, 200. 00

57, 625. 00

DIVISION OF EXAMINATION.

James F. Herson, chief of division and chief Federal
reserve examiner
$12, 000. 00
Examiners:
James Buchanan
7, 500. 00
W. J. Donald
—
7, 000. 00
J. A. Griffin
6, 000. 00
Ralph M. Chapman
4, 800. 00
P. A. Gordon
4, 800. 00
Frank J. Drinnen
4, 500. 00
Assistant examiners:
1 at $4,000
4, 000. 00
4 at $3,900
15, 600. 00
2 at $3,600
7, 200. 00
1 at $3,20(L__3, 200. 00
2 at $3,000
6, 000. 00
1 at $2,900_
2, 900. 00
1 at $2,800__
2, 800. 00
2 at $2,700_ —
5, 400. 00
1 at $2,100
2, 100. 00
1 at $2,080
2, 080. 00
Office staff:
1 at $2,000
2, 000. 00
2 at $1,920
3, 840. 00
1 at $1,465
-__---1, 465. 00
1 at $1,380
1, 380. 00




106, 565. 00

248

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
DIVISION OF RESEARCH AND STATISTICS.

Walter W. Stewart, director of division
Morris Jacobson, statistician
E. A. Goldenweiser, associate statistician
Staff:
1 at $3,500
1 at $3,000
1 at $2,750
2 at $2,700
2 at $2,500
1 at $2,400
1 at $2,080
3 at $2,000
2 at $1,800
1 at $1,700
,
3 at $1,680
1 at $1,665
1 at $1,620
1 at $1,600
1 at $1,525
2 at $1,500
5 at $1,440
2 at $1,200

$8, 000. 00
8, 000. 00
5, 400. 00
3, 500. 00
3, 000. 00
2, 750. 00
5, 400. 00
5, 000. 00
2, 400. 00
2, 080. 00
6, 000. 00
3, 600. 00
1, 700. 00
5, 040. 00
1, 665. 00
1, 620. 00
1, 600. 00
1, 525. 00
3, 000. 00
7, 200. 00
2, 400. 00

$80, 880. 00

DIVISION OF FEDERAL RESERVE ISSUE AND REDEMPTION.

L. G. Copeland, chief of division
W. J. Tucker, assistant chief
Staff:
1 at $2,280__^
1 at $1,920
1 at $1,860
1 at $1,800
3 at $1,620
7 at $1,500
8 at $1,440
4 at $1,380
3 at $1,320
2 at $1,260
2 at $1,200
2 at $l,020_

$4, 100, 00
2,760.00
2, 280. 00
1, 920. 00
1, 860. 00
1, 800. 00
4, 860. 00
10, 500. 00
11, 520. 00
5, 520. 00
3, 960. 00
2, 520. 00
2, 400. 00
2, 040. 00

:

58, 040. 00

EMPLOYEES DETAILED.

Redemption Division, Office of the Comptroller of the
Currency:
2 at $1,020 (laborers)

2, 040. 00

MESSENGERS.

2 at $1,440
1 at $1,400
1 at $1,300
1 at $1,250
7 at $1,200
1 at $1,160
1 at $1,080
1 at $1,000
1 at $900

.

.-.-

$2, 880. 00
1, 400. 00
1, 300. 00
1, 250. 00
8, 400. 00
1, 160. 00
1, 080. 00
1, 000. 00
900. 00

19, 370. 00

CHARWOMEN.

3 at $240
Total



720. 00
478,931.66

249

ANNUAL, REPORT OF THE FEDERAL RESERVE BOARD.

SALARIES OF OFFICERS AND EMPLOYEES OF FEDERAL RESERVE
BANKS AS OF DECEMBER 31, 1923 AND 1922.
ALL FEDERAL RESERVE BANKS AND BRANCHES COMBINED.
Number.
1923.

Officers:
Chairmen and Federal reserve agent.
Governors
Other officers
Employees, by departments:
Banking department..
Federal reserve agent's department __
Auditing department
Ftecal agency department *
Total.

1

1922.

1923.

1922.

12
12
309.23

12
12
313. 50

$229,000
309,000
2, 005,196

$223,000
306,000
' 2,020,408

9,904.17
344
315
526.76

9,614. 50
382
351. 81
652. 98

13,459, 381
743, 574
609,876
866,719

12,879,122
801, 238
660, 761
1, 023,948

11,423.16

11,338. 79

18, 222, 746

17,914, 477

2.77
429.74
140. 33

4.50
610. 21
91.50

14, 374
721, 767
143,981

11,996. 00

12,045.00

19,102,868

Fiscal agency and auditing department officers and
employees whose salaries are reimbursed by the Treasury Department:
Officers
_
Employees 1
,
Other employees whose salaries are reimbursed to bank
Grand total.

Annual salaries.

20, 230 '
984,409
93,806
19,012,922

Exclusive of temporary employees engaged in the redemption of Victory notes and war savings securities.
FEDERAL RESERVE BANK OF BOSTON (INCLUDING HAVANA AGENCY).
Annual salaries.

Number.
1923

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
Fiscal agency department employees whose salaries are reimbursed by the Treasury Departmenti
Grand total.
1

1922

1923

1922

1
1
13

1
1
14

$18,000
25,000
99,040

$18,000
25,000
105,040

639
31
16
41

599
34
17
29

838,110
65, 440
32,220
67,144

783,004
67,820
33,900
60,060

742

695

1,144,954

1,092, 824

17

94

25, 680

132, 720

759

789

1,170, 634

1, 225, 544

Exclusive of temporary employees engaged in the redemption of Victory notes and war savings securities.
FEDERAL RESERVE BANK OF NEW YORK (INCLUDING BUFFALO BRANCH).

Officers:
Chairman and Federal reserve agent.
Governor.
_
_
Other officers
Employees, by departments:
Banking department
Federal reserve agent's department. _
Auditing department
Fiscal agency department
Total.
Fiscal agency department employees whose salaries are reimbursed by the Treasury Department l
Other employees whose salaries are reimbursed to bank
Grand total.
1

1
1
38

1
1
38

2, 352. 5
69
72
140

$30, 000
50,000
409, 500

$30, 000
50,000
415, 200

2,405. 5
78
78
205

3, 374,423
150, 350
159,040
261,110

3, 281, 383
159,040
166,880
331, 500

2, 673. 5

2, 806. 5

4, 434, 423

4,434, 003

43
21.5

74
19.5

89,920
23, 590

133,360
20, 070

4,547, 933

4, 587, 433

2,738

2,900

Exclusive of temporary employees engaged in the redemption of war savings securities.




250

ANNUAL REPORT OF THE FEDERAL RESERVE BOAED.
FEDERAL RESERVE BANK OF PHILADELPHIA.
Annual salaries.

Number.
1923

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
.
__.
Fiscal agency department employees whose salaries are reimbursed by the Treasury Department l
Grand total.
1

1922

1923

1922

1
1
12

1
1
12

$15, 000
25,000
95,300

$15,000
25,000
93,300

683
54
32
36

683
53
33
36

900,825
110,144
62, 550
49,910

859,080
102,428
63,110
47, 980

819

819

1,258, 729

836

833

1, 290, 249 I

31, 520

23, 460

1,229,358

Exclusive of temporary employees engaged in the redemption of war savings securities.

FEDERAL RESERVE BANK OF CLEVELAND (INCLUDING CINCINNATI AND PITTSBURGH
BRANCHES).
Officers:
Chairman and Federal reserve agent
Governor
Other officers
_
Employees, by departments:
Banking department
Federal reserve agent's department
Auditing department
_
Fiscal agency d e p a r t m e n t . . .
Total
Fiscal agency department employees whose salaries are reimbursed b y the Treasury D e p a r t m e n t 1
Other employees whose salaries are reimbursed to bank, including building employees in space rented to tenants
Grand total
_

1
1
25

$25,000
30, 000
170, 270

$25,000
30, 000
175,168

897
28
30
51
1,033

880

1,193, 582
64, 500
64, £96
78, 616
1, 626, 7 64

980, 797
66, 340
66,744
72, 836
1,416, 885

72

53

123,618

96,292

933

30, 338
1,781,020

1, 513,177

28
1,133

i Exclusive of temporary employees engaged in the redemption of war savings securities.
FEDERAL RESERVE BANK OF RICHMOND (INCLUDING BALTIMORE BRANCH).

Officers:
Chairman and Federal reserve agent
Governor
Other officers
_
Employees, by departments:
Banking department
Federal reserve agent's department
Auditing department
Fiscal agency department
_
Total
Fiscal agency department employees whose salaries are reimbursed by the Treasury Department*_.
Other employees whose salaries are reimbursed to bank
Grand total
_

1
1
23

1
1
24

$15,0(30
18,000
134, 700

$15,000
18,000
137, 500

624
14
18
16
697

605
16
20
28
695

726, 250
28,560
33, 270
18,150

711,400
31,860
38, 070
35,460
987,290

34
7
738

19
8
722

29,990
5,970
1,023, 250

1, 027,140

i Exclusive of temporary employees engaged in the redemption of Victory notes and war savings securities
FEDERAL RESERVE BANK OF ATLANTA (INCLUDING BIRMINGHAM, JACKSONVILLE,
NASHVILLE, AND NEW ORLEANS BRANCHES AND HAVANA AND SAVANNAH AGENCIES).
Officers:
Chairman and Federal reserve agent
Governor
_
Other officers
Employees, by departments:
Banking department
Federal reserve agent's department
Auditing department-_
Fiscal agency department
_
Total
Fiscal agency department employees whose salaries are reimbursed by the Treasury Department i
Grand total
1

1
1
31

1
1
2 30

$12,000
18,000
159, 300

369
9
17
19

330
11
18
20

387,354
22,080
30, 720
27, 660

447

411

421,503
19, 580
29,040
26, 080
685,500

25

22

37, 980

472

433

723,480

32,138
682, 252

Exclusive of temporary employees engaged in the redemption of war savings securities.




2

$12,000
18,000
152,300

650,114

J

Revised.

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

251

FEDERAL RESERVE BANK OF CHICAGO (INCLUDING DETROIT BRANCH).
Number.
1923

Officers:
Chairman and Federal reserve agent.
Governor.
Other officers.
_
Employees, by departments:
Banking department
_
Federal reserve agent's department- _
Auditing departmentFiscal agency department

1922

1923

1922

1
1
41

1
1
43

$24,000
35,000
276,650

$24,000
35,000
298,850

1,464
61
38
55

Total_
Fiscal agency department employees whose salaries are reimbursed by the Treasury Department i
Other employees whose salaries are reimbursed to bank, including building employees in space rented to tenants....

1,456
71
42
60

2,018,430
122,980
70,860

2,023,995
141,350
77,420
99,940

1,661

1,674

2,636,580

2,700,555

50

41

93,580

70,000

13,200

15
1,726

Grand total.
1

Annual salaries.

1,715

2,743,360

2,770,555

Exclusive of temporary employees engaged in the redemption of war savings securities.

FEDERAL RESERVE BANK OF ST. LOUIS (INCLUDING LOUISVILLE, MEMPHIS, AND LITTLE
ROCK 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
1
26

Total
Fiscal agency department employees whose salaries are reimbursed by the Treasury Department 1
Grand total

$18,000
25,000
133, 540^

$18,000
25,000
128,340

543
13
13
36

560
13
17
40

708,956
29,700
17, 940
52,580

718,109
28,260
22,860
62,180

633

658

985,716

1,002,749

22

22

36,720

35,640

655

._

1
1
26

680

1,022,436

1,038,389

Exclusive of temporary employees engaged in the redemption of war savings securities.
FEDERAL RESERVE BANK OF MINNEAPOLIS (INCLUDING HELENA BRANCH).
Officers:
Chairman and Federal reserve agent
Governor
Other officers
Employees, by departments:
Banking department..
Federal reserve agent's department _
Auditing department
_
Fiscal agency department

1
1
15.5

$15,000
20, 000
80,200

$15,000
18,000
70,300

437,498
23, 380
21,200
23,704

409, 356
25,580
17,900
38,450

620,982

594, 586

9,000
91,754

10,800
115,288

721,736
*—
i Exclusive of temporary employees engaged in the redemption of war savings securities.

720,674

_

Total
Fiscal agency and auditing department officers and employees whose salaries are reimbursed by the Treasury Department:
Officers.
Employees *__
_
_.
Grand total




357.5
12
12
18

1
1
13
341
13
11
31

417

1.5
69.5
495

252

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

FEDERAL RESERVE BANK OF KANSAS CITY (INCLUDING DENVER, OKLAHOMA CITY,
AND OMAHA BRANCHES).
^nnual salaries.

Number.
1923

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
_.
Fiscal agency department employees whose salaries are reimbursed by the Treasury Department 1
Other employees whose salaries are reimbursed to bank, including building employees in space rented to tenants

1923

1922

1
1
26

1
1
28

$15, 000
20,000
133,820

$15,000
20,000
142, 740

560
15
18
32

578
17
24
51

809,377
32,040
30,120
60, 680

819, 374
34,100
41, 530
86,400

653

700

1,101,037

1,159,144

41

75

73, 560

127,470

66

60

68, 663

59,876

760

835

1, 243,260

1,346,490

Grand total.
1

1922

Exclusive of temporary employees engaged in the redemption of war savings securities.

FEDERAL RESERVE BANK OF DALLAS (INCLUDING EL PASO AND HOUSTON BRANCHES).
Officers:
Chairman and Federal reserve agent
_
Governor
Other officers
Employees, by departments:
Banking department
.-.
Federal reserve agent's department__
Auditing department
_._
_,
Fiscal agency department
_
_
Total.-Fiscal agency department employees whose salaries are reimbursed by the Treasury Department *
Other employees whose salaries are reimbursed to bank, including building employees in space rented to tenants
Grand total
_
_
1

1
1
21

1
1
20

$18,000
18,000
103, 350

$12,000
18,000
96,900

452.17
15
21
26.25

465
19
22
24

623, 470
36,620
39,420
43,650

646,090
47,940
42,030
37,740

537.42

552

882, 510

900,700

16.75

30

29,660

50,330

1.83

3

2,850

6,390

585

915, 020

957,420

556

Exclusive of temporary employees engaged in the redemption of war savings securities.

FEDERAL RESERVE BANK OF SAN FRANCISCO (INCLUDING LOS ANGELES, PORTLAND
SALT LAKE CITY, SEATTLE, AND SPOKANE BRANCHES).
Officers:
Chairman and Federal reserve agent.
Governor.
Other officers
Employees, by departments:
Banking department
Federal reserve agent's department. .
Auditing department
Fiscal agency departmentl
Total..
_
Fiscal agency and auditing department officers and employees whose salaries are reimbursed by Treasury Department:
Officers
Employees.1.Other employees whose salaries are reimbursed to bank
Grand t o t a l . . .

1
1
37.73

1
1
38.50

963
23
28
56.51

854
29
34.81
78.98

1,110.24 I 1,037.29

1.27 .
22.49 I
1
1,135

2.50
84.21
1

i 1,125

$24,000
25, 000
209, 526

$24,000
24,000
204,770

1, 406, 960
60, 280
49,320
96,535

1, 259,180
74, 440
59, 597
123, 742

1,871, 621

1,769,729

5,374
38,105
1,500

9,430
137, 721
1,500

1,916, 600

1,918,380

i Exclusive of temporary employees engaged in the redemption of war savings securities.




SALARIES OF NATIONAL BANK EXAMINERS, AS OF DECEMBER 31,
1923.

$3,600
Allanson, Edward A
$3, 500 Evans, Clyde J
4, 000
Allen, Edgar F. (junior grade)
2, 500 Evans, William C
3,900
Allsup, Archie S
3, 300 Faris, A. B
4,800
Alvey, John C
5, 000 Filson, Chas. H
3, 600
Amrhein, Joseph A
3, 000 Fiman, Chas. F
4, 500
Anheier, Christopher H
3, 000 Fletcher, Thos. E
4, 800
Armstrong, George E
5, 500 Folger, William P
Ashwood Cecil (junior grade) _ 2, 400 Fredlund, John 0. (junior
grade)
2, 700
Baker, William B
5, 000
5,000
Baldridge, Wm. H
3, 600 Funsten, J. B., jr
. _ 3, 900
Barrett, John W
4,500 Funsten, Wm. P
3, 300
Bartee, James S
3,300 Furbee, Ernest M
2,700
Basham, Albert A
3, 600 Gilbert, H. B
3, 000
Bean, Norwin S
— -- 8, 500 Glazier, Chas. A
6, 000
Bina, James C. (junior grade) 3, 000 Goodhart, Richard W
6, 000
Black, Harold W
5, 000 Gough, E. H
3, 600
Bly, J. Garver (junior grade). 2, 700 Graham, Chas. S
Boldin, Bernard E
3, 000 Graham, H. A. (junior grade) 2, 700
4,500
Borden, John C
4,200 Gray, W. M
Boysen, Alfred
3, 300 Greene,Thos. M. (junior grade) 2, 700
5, 100
Brennan, F. P. (junior grade) _ 2, 400 Greenfield, Jas. B
5, 500
Brewer, Henry F
5, 000 Griffey, O. A
4, 500
Brock, Roland F
3, 300 Griswold, Wm. C
3, 300
Brooks, Roger E
4,200 Hackney, Wm. N_
5, 500
Carolan, William B
3, 600 Hane, Henry B
5, 000
Carson, Thomas D
3, 600 Haneke, Edw. C
3, 900
Chambers, Arthur R
3, 300 Harrington, T. J
8, 500
Chapman, Charles H
5, 500 Harris, Thos. E
3, 900
Chapman, Edward L
4, 000 Hartman, Chas. H_
4, 500
Chase, H. Guy
4, 500 Haugen, Nels E__
3, 600
Chorpening, Ira I
5, 000 Hedrick, Gilbar C
Cloe, William B
4, 200 Herndon, Jas. B. (junior grade) 3, 000
3, 600
Coffin, George M
4, 200 Hilliard, Walter B
4,500
Coffin, G. S
4, 000 Hodgson, R. M
4,000
Colley, Leon H. (junior grade) 2, 750 Hooper, Marshall
3, 600
Collier, Richard H
10, 000 Horner, Harry N
4, 500
Conner, Joseph H
2,400 Houston, Robt. C
3,000
Cooney, Dan H
4, 500 Hughes, John P
3, 600
Cooper, Roy A
4,000 Hurley, Michael J
5, 000
Cooper, T. A
4, 200 Hutt, W. E
3, 600
Craig, Claude O
3, 900 Idleman, Perry L
4, 800
Crawley, William C
3, 000 James, A. L
Crossen, Gail W
3,300 Johnson, A. W. (junior grade) 2, 700
4, 000
Culver, Wm. A__*.
3, 300 Johnson, C. E. H
2,400
Cutts, Arthur D
3, 300 Johnson, Robin M
Cutts, Leo M
1, 200 Jorres, G. W. (junior grade)__ 2, 700
3,600
Dalton, John W
4, 200 Joseph, E. M
3, 300
Davenport, Henry B
5, 500 Kelly, Burdett___.
_-__ 3,000
DeBaun, Claud
4,500 Kennedy, L. G
3, 000
Derr, Ralph H
3,000 Ketner, J. H
Klein, Benton
3, 300
Dillistin, William H
Dooley, Thos. E. (junior grade) 2, 700 Knight, Marvin J. (junior
grade)
2, 700
Doty, Robert W
3, 000
3, 300
du Bois, Nathan S
3, 900 Lahman, H. S
4, 500
Dunaway, Warren W
3, 600 Lamb, Ernest
4, 000
Dwyer, Thomas R
4, 000 Lamm, R. Foster
3, 600
Dye, Samuel W
4,000 Lammond, W. M
3, 000
Ebnother, Charles W
3, 000 Lanum, H. L
Embry, Jacob
4, 500 LaRoque, O. K
4,800
253




254

ANNUAL REPORT OF THE FEDERAL RESERVE BO.VRD.

Leyburn, A. P
Lifsey, W. P
Logan, J. M
Longmoor, S. A
Lorang, P. J
Luce, Frank H
.
Luiken, John B
McBryde, W. W
McCans, A. B
McCreight, H. A
...
McGarvey, F. S. (junior grade)
McGrath, John C
McKee, H. J
McKee, J. S
McLean, Chas. H. (junior
grade)
McMullan, John R
McPike, B. M
Macdonald, F. G
__
Machen, H. L
_..
Madland, L. L
Maguire, Edw. J
___
Maloney, Wm. W
Mann, S. H
__.
Mansfield, F. S
...
Marcuse, Benj
Martin, L. H
Maxey, Chas. T
.... —_
Mertens, Chas. R
Miles, Albert F. (junior grade)
Millard, Sam. T
Montgomery, Robt
Moon, E. W
Moore, Geo. M
Moore, S. A
Morgan, W. M
Mueller, A. M. (junior grade)
Murphy, D. F. (junior grade)
Nelson, Nels (junior grade) __
Newnham, S. L
Noone, D. L
Norris, F. L
Northcutt, V. H
Otto, Chas. C
Parker, Edw. F
Patterson, B. K
Pearson, Herbert
Peightel, J. C
Penix, J. L
Peterson, F. R
Pole, J. W
Potter, F. F
Power, R. E
Proctor, J. L
Ramsdell, Paul C
Reeves, Owen T., jr
Reinholdt, C. A
Riley, Jay M
Robb, Ellis D
Roberts, L. K
_.




$4,000
3, 600
7, 000
5,000
5,400
5, 000
3,600
3, 900
4, 800
3, 600
2, 700
4, 800
3,300
3, 600
2, 700
3, 600
3, 300
3, 000
10, 000
4,200
3, 300
3, 000
4, 000
4,500
2, 400
3,600
3, 900
3, 000
2, 700
3, 600
4, 200
4, 200
3,600
3, 600
5, 500
2, 700
2, 700
2, 700
10, 500
3, 000
7, 500
4, 500
4, 500
5, 000
5,400
3, 300
3, 900
5, 000
3, 000
12, 000
3, 600
3, 300
5, 000
3, 000
16, 500
3, 600
3, 000
8, 000
10, 000

Robinson, E. Robert
$4, 200
Rockey, K. H
6, 000
Roots, J. O
5, 500
Rorebeck, E. F
8, 500
Ryan, F. J
3, 600
Sailor, V. L_ ______ . . __..___ _ 3, 000
Sawyer, L. M., jr
5, 000
Schechter, W. J
8, 500
Schlotzhauer, H. A 3, 600
Sellers, W. B _ - _ - _
3, 000
Sheehan, W. F
5, 000
Shively, E. F
3, 600
Sims, H. M
10, 000
Sisk, C. M:
.__
4, 500
Smiley, M. D____
4, 200
Smith, A. B
4,000
Smith, C. F
4,800
Smith, G. F
3,000
Smith, G. H
4, 000
Smith, J. H
5, 500
Smith, R. E__
3, 600
Smith, W. A. (junior grade)-2, 700
Snapp, J. W.___3, 300
Snyder, V. G
4, 000
Stanfield, A. J_
3, 600
Stearns, E. Willey_ _
8, 500
Stewart, A. M
3, 300
Stewart, C. A
4, 200
Storing, Chas. C__
3, 000
Stuart, Robt. K
3, 600
Sullenberger, S. F
4, 500
Thomas, Tfaos. C
9, 000
Thompson, K. W_ _ - _ _
3, 600
Thorn, Leslie D
3, 000
Tucker, G. H
3, 300
Vann, John R. (junior grade).
2, 700
Waldron, W. J
3, 500
Walker, H. W
4, 500
Watson, E. H
6, 000
Whiteman, H. C
3, 600
Wilde, Max C
5, 000
Wilde, Otto F. (junior grade)_
3, 000
Williams, F. D
4, 500
Williams, R. Clyde
3, 900
Williams, T. M
6,000
Willson, E. V. K
3, 600
Wilson, Chas. F
3, 300
Wilson, E. B
4, 500
Wilson. R. F
3, 600
Wilson, W. P. (junior grade).
2, 700
Wood, D. R
4, 200
Wood, John S
•__
_9, 500
Woods, J. K
5, 500
Woodside, Hal
4, 200
Wright, E. M
2, 700
Wright, I. D
4, 200
Wylie, Robt, W
3, 600
Young, Wm. R
4,200
Younger, Cole J
4, 200

DIRECTORY OF THE FEDERAL RESERVE BOARD, FEDERAL
ADVISORY COUNCIL, AND FEDERAL RESERVE BANKS.
FEDERAL RESERVE BOARD.
D. R. CRISSINGER, Governor.
EDMUND PLATT, Vice Governor.

EX OFFICIO MEMBERS.
A. W. MELLON,

Secretary of the Treasury, Chairman.
HENRY M. DAWES,

Comptroller of the Currency

WALTER L. EDDY, Secretary.

J. C. NOELL, Assistant Secretary.
W.'M. IMLAY, Fiscal Agent.
J. F. HERSON,

Chief, Division of Examination
and Chief Federal Reserve Examiner.
WALTEB W. STEWART,

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

WALTER WYATT, General Counsel.
M. JACOB SON, Statistician.
E . A. GOLDENWEISER,

Associate Statistician.
E. L. SMEAD,

Chieff Division of Bank Operations.

Director, Division of Research and
Statistics.

FEDERAL ADVISORY COUNCIL.
[Elected for year 1924.]

District No. 1.—Alfred L. Aiken, president National Shawmut Bank, Boston,
Mass.
District No. 2.—Paul M. Warburg, American Acceptance Council, New York
City.
District No. 3.—L. L. Rue, president Philadelphia National Bank, Philadelphia, Pa.
District No. 4.—C. E. Sullivan, president Central National Bank Savings &
Trust Co., Cleveland, Ohio.
District No. 5.—John M. Miller, jr., president First National Bank, Richmond, Va.
District No. 6.—Oscar Wells, president First National Bank, Birmingham, Ala.
District No. 7.—John J. Mitchell, chairman Illinois Trust & Savings Bank,
Chicago, 111.
District No. 8.—Festus J. Wade, president Mercantile Trust Co., St. Louis, Mo.
District No. 9.—G. H. Prince, chairman Merchants National Bank, St. Paul,
Minn.
District No. 10—E. F. Swinney, president First National Bank, Kansas City, Mo.
District No. 11.—W. M. McGregor, president First National Bank, Wichita
Falls, Tex.
District No. 12.—D. W. Twohy, president Old National Bank, Spokane, Wash.
255




OFFICERS AND DIRECTORS OF FEDERAL RESERVE BANKS.1
DISTRICT NO. I—FEDERAL RESERVE BANK OF BOSTON.
FREDERIC H. CURTISS, Chairman and Federal Reserve Agent. ALLEN HOLLIS, Deputy Chairman.
W. P. G. HARDING, Governor.
Director.
Class A:
Edward S. Kennard
Frederick S. Chamberlain.
Alfred L. Ripley
Class B:
Charles G. Washburn
E. R. Morse__
_
Philip R. Allen
Class C:
Allen Hollis
Jesse H. Metcalf
Frederic H. Curtiss

Residence.

Rumford, Me
New Britain, Conn
Boston, Mass

Term expires.

Dec. 31,1924
Dec. 31,1925
Dec. 31,1926

-

Dec. 31,1924
Dec. 31,1925
Dec. 31,1926

Worcester, Mass...
Proctor, Vt
East Walpole, Mass
_

Concord, N. H
Providence, R. I
Boston, Mass

_

Dec. 31,1924
Dec. 31,1925
Dec. 31,1926

HAVANA A G E N C Y .
HORACE E. SNOW, Manager.

DISTRICT NO. 2—FEDERAL RESERVE BANK OF NEW YORK.
PIERRE JAY, Chairman and Federal Reserve Agent. W M . L. SAUNDERS, Deputy Chairman. BENJAMIN
STRONG, Governor.
Class A:
Charles Smith.
Gates W. McGarrah
R. H. Treman.
Class B:
Frank L. Stevens
Owen D. Young
Theodore F. Whitmarsh.
Class C:
C. M. Woolley
Pierre Jay
Wm. L. Saunders

Oneonta, N. Y.._.
New York, N. Y .
Ithaca, N. Y

Dec. 31,1924
Dec. 31,1925
Dec. 31,1926

North Hoosick, N. Y_
New York, N. Y
do

Dec. 31,1924
Dec. 31,1925
Dec. 31,1926
Dec. 31,1924
Dec. 31,1925
Dec. 31,1926

.do_
_do_
_do_
BUFFALO B R A N C F
W. W. SCHNECKENBURGER, Manager.

Dec. 31,1924
Do.
Do.
Do.
Do.
Do.
Do.

Warsaw, N. Y
Niagara Falls, N. Y-.
Buffalo, N. Y
do_
..do.
_do_
.do.

W. J. Humphrey
Fred J. Coe
John A. Kloepfer__
Elliott C. McDougal
Harry T. Ramsdell_
W. W. Schneckenburger_
Carlton M. Smith

DISTRICT NO. 3—FEDERAL RESERVE BANK OF PHILADELPHIA.
RICHARD L. AUSTIN, Chairman and Federal Reserve Agent. H. B. THOMPSON, Deputy Chairman.
GEO. W. NORRIS, Governor.
Class A:
Francis Douglas
John C. Cosgrove
Jos. Wayne, jr
Class B:
Charles K. Haddon
Alba B. Johnson
Edwin S. Stuart
Class C:
Chas. C. Harrison
H. B. Thompson
R. L. Austin
1

Wilkes-Barre, Pa
Johnstown, Pa
Philadelphia, Pa
Camden, N. J
Philadelphia, Pa
do . .
._

Dec. 31,1924
Dec. 31,1925
Dec. 31,1926
Dec. 31,1924
Dec. 31,1925
Dec. 31,1926

do
Wilmington, Del
Philadelphia, Pa

. .

Doc. 31,1924
D3C. 31,1925
Dec. 31,1926

Includes directors elected in December, 1923, for the 3-year term beginning January 1,1924.

256




ANNUAL, REPORT OF THE FEDERAL. RESERVE BOARD.

257

DISTRICT.NO. 4—FEDERAL RESERVE BANK OF CLEVELAND.
D. C. WILLS, Chairman and Federal Reserve Agent. LEWIS BLAIR WILLIAMS, Deputy Chairman. E.
FANCHER, Governor.
Director.
Class A :
0 . N . Sams
Chess Lamberton
Ropert Wardrop
Class B :
John Stambaugh
R P Wright
Geo. D. Crabbs
Class C:
W.W. Knight
L. B. Williams
D. C. Wills

Residence.

Term expires.

Hillsboro, O h i o . . .
Franklin, Pa
Pittsburgh, Pa

Dec. 31,1924
Dec. 31,1925
Dec. 31,1926

Toledo, O h i o - .
Cleveland, Ohio
do
-. .

_

Dec. 31,1924
Dec. 31,1925
Dec. 31,1926

Youngstown, Ohio...
Erie Pa
Cincinnati, Ohio

_

Dec. 31,1924
Dec. 31,1925
Dec. 31,1926

CINCINNATI BRANCH.
L. W. MANNING, Manager.
Chas. Du Puis
Judson Harmon
E. S. Lee
L. W. Manning
John Omwake

_

_

Cincinnati, Ohio
do
Covington, Ky
Cincinnati, Ohio
do

Dec. 31,1924
Do.
Do.
Do.
Do.

PITTSBURGH BRANCH.
GEORGE D E CAMP, Manager.

Pittsburgh, Pa .
.do
..do.
..do.
-do.

Chas. D . Armstrong.
Chas. W. Brown
James D. Callery....
George De Camp
R. B. Mellon

Dec. 31,1924
Do.
Do.
Do.
Do.

DISTRICT NO. 5—FEDERAL RESERVE BANK OF RICHMOND.
W . W . HOXTON, Chairman and Federal Reserve Agent. FREDERIC A. DELANO, Deputy Chairman.
GEORGE J. SEAY, Governor.

Class A:
Charles E. Rieman
John F. Bruton. L. E. Johnson.._
Class B:
Edmund Strudwick
Edwin C. Graham
D. R. Coker
Class C:
Frederic A. Delano
Robert Lassiter
W. W. Hoxton

_^._

Baltimore, M d . .
Wilson, N. C .
Alderson, W. Va

Dec 31,1924
Dec. 31,1925
Dec. 31,1926

Richmond, Va
Washington, D. C
Hartsville S. C

Dec 31,1924
... Dec. 31,1925
Dec. 31,1926

Washington, D . C
Charlotte, N. C
Riohtnopd, V*i

Dec. 31,1924
Dec. 31,1925
Dec. 31,1926

BALTIMORE BRANCH.
ALBERT H . DUDLEY, Manager.

Edmund P. Cohill.
Albert H. Dudley..
Wm. H. M a t t h a i . .
Carter G. Osburn..
Henry B. Wilcox...




Hancock, M d . . .
Baltimore, Md..
.do
..do.
..do.

Dec. 31,1924
Do.
Do.
Do.
Do.

258

ANNUAL REPORT OF THE FEDERAL RESERVE BOAED.
DISTRICT NO. 6—FEDERAL RESERVE BANK OF ATLANTA.

JOSEPH A. MCCORD, Chairman and Federal Reserve Agent. W. H KETTIG, Deputy Chairman. M. B .
WELLBORN, Governor.

Residence.

Director.
Class A:
John K. Ottley
Oscar Newton
P. R. Kittles
Class B:
J. A. McCrary.
W. H. Hartford
Leon C. Simon
Class C:
Lindsey Hopkins
W. H. Kettig
Joseph A. McCord

Atlanta, Ga
Jackson, Miss
Sylvania, Ga

,

Term expires..

_. Dec. 31,1924
_

Dec. 31,1925
Dec. 31,1926

Decatur, G a .
Nashville, T e n n . .
New Orleans, La._

Dec. 31,1924
Dec. 31,1925
Dec. 31,1926

Atlanta, Ga
_
Birmingham, Ala.
Atlanta, Ga

Dec. 31,1924
Dec. 31,1925
Dec. 31,1926

NEW ORLEANS BRANCH.
MARCUS WALKER, Manager.

.

._ .
_

Mobile, Ala
New Orleans, La
..do
Hattiesburg, M i s s . . .
New Orleans, La
do
...do

Den. 31.1924
6 66666

A. P . Bush
J. P . Butler, jr
John E. Bouden, jr__
F. W. Foote
R. S. Hecht
P. H Saunders
Leon C. Simon...

_

BIRMINGHAM BRANCH.
A. E. WALKER, Manager.

_i Birmingham.
-|
do
.
do
_i
do
.i
do.

W. W. Crawford.
J o h n H . Frye
W. H. Kettig
Oscar Wells
T. O. Smith

Dec.

31,1924
Do.
Do.
Do.
Do.

JACKSONVILLE BRANCH.
GEORGE R. D E SAUSSTJRE, Manager.

John C. Cooper
Courts P . Kendall
Edward W. Lane
Fulton SausSy
Giles L. Wilson .

. - . _ - .

Jacksonville, Fla
do
..do
do
do

Dec 31 1924
Do.
Do.
Do
Do.

NASHVILLE BRANCH.
J. B . MCNAMARA, Manager.

James E. Caldwell.
Paul M. Davis
T. A. Embry
W. H. Hartford....
E. A. Lindsay




Nashville, Tenn.
do
Winchester, Tenn.
Nashville, T e n n . . .
.....do..'
HAVANA AGENCY.
L. C. A DELS ON,

Manager,

SAVANNAH A G E N C Y .
ROBT. N . GROOVER, Manager.

Dec. 31,1924
Do.
Do.
Do.
Do.

259

ANNUAL REPORT OF THE FEDERAL. RESERVE BOARD.
DISTRICT NO. 7—FEDERAL RESERVE BANK OF CHICAGO.
WILLIAM A. HEATH, Chairman and Federal Reserve Agent. JAMES SIMPSON, Deputy Chairman.
B. MCDOUGAL, Governor.
Director.
Class A:
George M. Reynolds
Charles H. McNider
E. L. Johnson.
Class B:
A. H. Vogel
S. T. Crapo
Robert Mueller
Class C:
Wm. A. Heath
F. C. Ball.
James Simpson

Term expires.

Residence.

_

__ Chicago, 111
Mason City, Iowa__
Waterloo, Iowa__

_
_

_
_

_

Dec. 31,1924
Dec. 31,1925
.- Dec. 31,1926
Dec. 31,1924
Dec. 31,1925
Dec. 31,1926

. - . - Milwaukee, Wis
Detroit, Mich
Decatur, 111
:.
Chicago, 111
Muncie, Ind
Chicago, 111

._.

JAMES

_

Dec. 31,1924
Dec. 31,1925
Dec. 31,1926

_

D E T R O I T BRANCH.
W. R. CATION, Manager.
Emory W. Clark
Julius H. Haas
Charles H. Hodges.
James Inglis__
_
John W. Staley

_

_

Detroit, Mich.
.do__
.do.
.do_
.do..

Dec. 31,1924
Do.
Do.
Do.
Do.

DISTRICT NO. 8—FEDERAL RESERVE BANK OF ST. LOUIS.
WILLIAM M C C . MARTIN, Chairman and Federal Reserve Agent. JOHN W. BOEHNE, Deputy Chairman.
DAVID C. BIGGS, Governor.

Class A:
J. C. Utterback...
John C. Martin
John G. Lonsdale
Class B:
Rolla Wells
W. B. Plunkett
LeRoy Percy
. .
Class C:
Wm. McC. Martin
C. P. J. Mooney
John W. Boehne .

. Paducah, Ky__
Salem, t i l . .
. . . . St. Louis, Mo

_

_

_. Dec. 31,1924
Dec. 31,1925
Dec. 31,1926

St. Louis, Mo
Little Rock, Ark
Greenville, Miss
...

St. Louis, Mo _
Memphis, Tenn._
Evansville, Ind

_ .

.

_

._

Dec. 31,1924
Dec. 31,1925
Dec. 31,1926

...

Dec. 31,1924
_. Dec. 31,1925
Dfcc. 31,192ft

LOUISVILLE BRANCH.
W. P. KINCHELOE, Manager.
W. P. Kincheloe
W. C. Montgomery
George W. Norton
F. M. Sackett
Embry L. Swearingen.

Louisville, Ky
Elizabethtown, Ky_
Louisville, Ky
.do.
.do-

Dec. 31,1924
Do.
Do.
Do.
Do.

M E M P H I S BRANCH.
DHN J. HEFLIN, Manager.
John J. Heflin
J o h n D . McDowell .
S. E. Ragland
T. K. Riddick
R. B. Snowden




Memphis, Tenn.
.do
_do_
.do_
.do-

Dec. 31,1924
Do.
Do.
Do.
Do.

260

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
DISTRICT NO. 8—FEDERAL RESERVE BANK OF ST. LOUIS—Continued.

LITTLE ROCK BRANCH.
A. F. BAILEY, Manager.

Director.
A. F. Bailey John M. Davis
J. E. Eneland, jr
C. S. McCain.
Moorhead Wright._

Residence.
Little Rock

Term expires.
Dec 31 1924

Ark

do

_
_

Do
Do
Do
Do.

do .
do
do

_

DISTRICT NO. 9—FEDERAL RESERVE BANK OF MINNEAPOLIS.
JOHN H. RICH, Chairman and Federal Reserve Agent. HOMER P. CLARK, Deputy Chairman.
YOUNG, Governor.

Class A:
Wesley C. McDowell
Theodore Wold
J. C. Bassett
Class B:
F. P. Hixon
F. R. Bigelow_
N. B. Holter
_
Class C:
Homer P. ClarkGeo. W. McCormick
John H. Rich

_

Marion, N. Dak
Minneapolis, Minn
Aberdeen, S. Dak
La Crosse, Wis...
St. Paul, Minn....
Helena, Mont
St. Paul, Minn
Menominee, Mich
_. Minneapolis, Minn

_
_..
....

R. A.

Dec. 31,1924
Dec. 31,1925
Dec. 31,1926
Dec. 31,1924
Dec. 31,1925
Dec. 31,1926
Dec. 31,1924
Dec. 31,1925
Dec. 31,1926

HELENA BRANCH.
R. E. TOWLE, Manager.

L.M. Ford
R. O. Kaufman..
Chas. J. Kelly. _.
Thomas Marlow.
H. W. Rowley-..

Great Falls, Mont.
Helena, Mont
Butte, Mont..
Helena, Mont_.
Billings, Mont.

Dec. 31,1924
Do.
Do.
Do.
Do.

DISTRICT NO. 10—FEDERAL RESERVE BANK OF KANSAS CITY.

M. L. MCCLUBE, Chairman and Federal Reserve Agent. HEBER HORD, Deputy Chairman. W. J.
BAILEY, Governor.

Class A:
J. C. Mitchell
Frank W. Sponable.
E. E. Mullaney
Class B:
T. C. Byrne
J. M. Bernardin....
Harry W, Gibson...
Class C:
Heber Hord
Fred O. Roof
M. L. McClure

Denver, Colo
Paola, Kans
Hill City, Kans....
Omaha, Nebr
Kansas City, Mo..
Muskogee, Qkla--.
Central City, Nebr
Denver, Colo
Kansas City, Mo..

Dec. 31,1924
Dec. 31,1925
Dec. 31,1926
Dec. 31,1924
Dec. 31,1925
Dec. 31,1926
Dec. 31,1924
Dec. 31,1925
Dec. 31,1926

DENVER BRANCH.
J. E. Olson, Manager.
John Evans....
A C Foster
C C Parks
Murdo MacKenzie
J E Olson




Denver, Colo
do . . .
do
.do...
do

Dec. 31,1924
Do.
Do.
Do.
Do.

261

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
DISTRICT NO. 10—FEDERAL RESERVE BANK OF KANSAS CITY—Continued.
OMAHA BRANCH.
L. H. EARHART, Manager.
Director.
Geo. E. Abbott
W. J. Coad
L. H. Earhart
J. E. Miller
R. 0 . Marnell

Cheyenne, Wyo
Omaha, Nebr
do
Lincoln, Nebr
Nebraska City, Nebr

_
. .

__

Term expires.

Residence.

...

._

__.. Dec. 31, 1924
Do.
Do.
Do.
.
Do.

OKLAHOMA CITY BRANCH.
C. E. DANIEL, Manager.
C. E. Daniel
Walter Ferguson. _
P. A. Janeway
William Mee
E . K. Thurmond.

Dec. 31, 1924
Do.
Do.
Do.
Do.

Oklahoma City, Okla..
.do
.do.,
.do.,
.do-

DISTRICT NO. 11—FEDERAL RESERVE BANK OF DALLAS.
L. P. TALLEY, Chairman and Federal Reserve Agent. W. B. NEWSOME, Deputy Chairman. B. A.
MCKINNEY, Governor.
Class A:
John T. Scott
W. H. Patrick
Howell E Smith
Class B:
Frank Kell
Marion Sansom
J. J. Culbertson . . .
Class C:
W. B. Newsome
L. P. Talley
Clarence E. Linz
._

Houston, Tex
Clarendon, Tex
McKinney Tex

.

. . Wichita Falls, Tex
Fort Worth, Tex
Paris, Tex

....

Dec. 31, 1924
Dec. 31, 1925
Dec. 31, 1926
Dec. 31, 1924
Dec. 31, 1925
Dec. 31, 1926

. . .

Dallas, Tex
_ ..do
do

Dec. 31, 1924
Dec. 31, 1925
Dec. 31, 1926

E L PASO BRANCH.
W. C. WEISS, Manager.
A. P. Coles
E. M. Hurd
W. W. Turney..
W. C. Weiss....
J. F. Williams..

El Paso, Tex.
.do
.do..
.do..
.do-

c. 31, 1924
Do.
Do.
Do.
Do.

HOUSTON BRANCH.
R. B. COLEMAN, Manager.
Frank Andrews . . .
Guy M. Bryan
_
R. B. Coleman
R. M. Farrar
E. F. Gossett

86538—24t




_

18

Houston, Tex
do

do
do
do

• .

.

_

Dec. 31,1924
Do.
Do.
Do.
Do.

262

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
DISTRICT NO. 12—FEDERAL RESERVE BANK OF SAN FRANCISCO.

JOHN PERRIN, Chairman and Federal Reserve Agent. WALTON N. MOORE, Deputy Chairman.
CALKINS, Governor.
Director.
Class A:
M. A. Buchan
C. K. Mclntosh
J. S. Maodonnell
Class B:
Wm. T. Sesnon
E. H. Cox
A. B. C. Dohrmann
Class C:
Walton N. Moore
Wm. Sproule
John Perrin

Residence.

J. U .

Term expires

Palo Alto, Calif
San Francisco Calif
Pasadena, Calif
San Francisco, Calif
Madera Calif
San Francisco, Calif
_ __ . .

Dec. 31,1924
Dec 31 1925
Dec. 31,1926
Dec 31,1924
Dec 31 1925
Dec 31,1926

do
do
do

Dec 31 1924
Dec. 31,1925
Dec. 31,1926

PORTLAND BRANCH.
FREDERICK GREENWOOD, Manager.

J. C. Ainsworth
Edward Cookingham
Frederick Greenwood
Nathan Strauss
_
Jos. N . Teal

Portland, Oreg
do
do
do
do

Dec 31 1924
Do.
Do
Do.
Do.

SEATTLE BRANCH.
C. R. SHAW, Manager.
M. A. Arnold
M. F. Backus
Chas. H. Clarke
Chas. E. Peabody
C. R. Shaw

_

Seattle, Wash
do
do
do
do

.

.

Dec. 31,1924
Do.
Do.
Do.
..
Do.

SPOKANE BRANCH.
W. L. PARTNER, Manager.
C. E. McBroom
Peter McGregor
W. L. Partner .
R. L. Rutter
G I. Toevs

...

Spokane, Wash
Hooper, Wash
Spokane, Wash
do
do

__
_

Dec. 31,1924
Do.
Do.
Do.
Do.

SALT LAKE CITY BRANCH.
R. B. MOTHERWELL, Manager.
Chapin A. Day
L. H. Farnsworth...
Lafayette Hanchett.
R. B. Motherwell.__
G.G.Wright

Ogden, Utah
Salt Lake City, Utah,
.do
.do.,
.do.

Dec. 31,1924
Do.
Do.
Do.
Do.

LOS ANGELES BRANCH.
C. J. SHEPHERD, Manager.
H. S. McKee
I. B. Newton
Henry M. Robinson.
J. F. Sartori
C. J. Shepherd




Los Angeles, Calif..
.do..
Pasadena, Calif
Los Angeles, Calif..
do

Dec. 31,1924
Do.
Do.
Do.
Do.

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

263

AMENDMENTS TO THE FEDERAL RESERVE ACT.

On February 6, 1923, section 10 of the Federal Reserve Act was
amended as follows:
[PUBLIC—No. 405—67TH CONGEESS.]
[S. 4390.]
An Act To amend the last paragraph of section 10 of the Federal Reserve Act as amended by the Act of
June 3, 1922.

Be it enacted by the Senate and House of Representatives of the United States of
America in Congress assembled, That the last paragraph of section 10 of the
Federal Reserve Act as amended by the Act of June 3, 1922, is amended to read
as follows:
"No Federal reserve bank shall have authority hereafter to enter into any
contract or contracts for the erection of any branch bank building of any kind or
character, or to authorize the erection of any such building, if the cost of the
building proper, exclusive of the cost of the vaults, permanent equipment, furnishings, and fixtures, is in excess of $250,000: Provided, That nothing herein
shall apply to any building under construction prior to June 3, 1922."
Approved, February 6, 1923.

The following amendments to the Federal Reserve Act were incorporated in the agricultural credits act, approved March 4, 1923.
These amendments constitute Title IV of that act:
TITI^E IV.—AMENDMENTS TO THE FEDERAL RESERVE ACT.

SEC. 401. That the ninth paragraph of section 9 of the Federal Reserve Act is
amended to read as follows:
" No applying bank shall be admitted to membership in a Federal reserve bank
unless (a) it possesses a paid-up, unimpaired capital sufficient to entitle it to
become a national banking association in the place where it is situated under the
provisions of the National Bank Act, or (b) it possesses a paid-up, unimpaired
capital of at least 60 per centum of the amount sufficient to entitle it to become a
national banking association in the place where it is situated under the provisions
of the National Bank Act and, under penalty of loss of membership complies with
rules and regulations which the Federal Reserve Board shall prescribe fixing the
time within which and the method by which the unimpaired capital of such bank
shall be increased out of net income to equal the capital which would have been
required if such bank had been admitted to membership under the provisions of
clause (a) of this paragraph: Provided, That every such rule or regulation shall
require the applying bank to set aside annually not less than 20 per centum of its
net income of the preceding year as a fund exclusively applicable to such capital
increase/'
SEC. 402. That the second paragraph of section 13 of the Federal Reserve Act
is amended and divided into two paragraphs to read as follows:
"Upon the indorsement of any of its member banks, which shall be deemed
a waiver of demand, notice and protest by such bank as to its own indorsement
exclusively, any Federal reserve bank may discount notes, drafts, and bills of
exchange arising out of actual commercial transactions; that is, notes, drafts,
and bills of exchange issued or drawn for agricultural, industrial, or commercial
purposes, or the proceeds of which have been used, or are to be used, for such
purposes, the Federal Reserve Board to have the right to determine or define the
character of the paper thus eligible for discount, within the meaning of this Act.
Nothing in this Act contained shall be construed to prohibit such notes, drafts,
and bills of exchange, secured by staple agricultural products, or other goods,
wares, or merchandise from being eligible for such discount, and the notes,
drafts, and bills of exchange of factors issued as such making advances exclusively to producers of staple agricultural products in their raw state shall be
eligible for such discount; but such definition shall not include notes, drafts, or
bills covering merely investments or issued or drawn for the purpose of carrying
or trading in stocks, bonds, or other investment securities, except bonds and
notes of the Government of the United States. Notes, drafts, and bills admitted



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
to discount under the terms of this paragraph must have a maturity at the time
of discount of not more than 90 days, exclusive of grace.
"Upon the indorsement of any of its member banks, which shall be deemed a
waiver of demand, notice, and protest by such bank as to its own indorsement
exclusively, and subject to regulations and limitations to be prescribed by the
Federal Reserve Board, any Federal reserve bank may discount or purchase
bills of exchange payable at sight or on demand which are drawn to finance
the domestic shipment of nonperishable, readily marketable staple; agricultural
products and are secured by bills of lading or other shipping documents conveying or securing title to such staples: Provided, That all such bills of exchange
shall be forwarded promptly for collection, and demand for payment shall be
made with reasonable promptness after the arrival of such staples at their destination : Provided further, That no such bill shall in any event be held by or for
the account of a Federal reserve bank for a period in excess of 90 days. In discounting such bills Federal reserve banks may compute the interest to be deducted
on the basis of the estimated life of each bill and adjust the discount after payment of such bills to conform to the actual life thereof."
SEC. 403. That the fourth paragraph of section 13 of the Federal Reserve Act
Is amended to read as follows:
"Any Federal reserve bank may discount acceptances of the kinds hereinafter
•described, which have a maturity at the time of discount of not more than 90
days' sight, exclusive of days of grace, and which are indorsed by at least one
member bank: Provided, That such acceptances if drawn for an agricultural
purpose and secured at the time of acceptance by warehouse receipts or other
such documents conveying or securing title covering readily marketable staples
may be discounted with a maturity at the time of discount of not more than
six months' sight exclusive of days of grace."
SEC. 404. That the Federal Reserve Act is amended by adding at the end of
section 13 a new section to read as follows:
" S E C . 13a. Upon the indorsement of any of its member banks, which shall
be deemed a waiver of demand, notice, and protest by such bank as to its own
indorsement exclusively, 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 issued or drawn for an agricultural purpose, or
based upon live stock, and having a maturity, at the time of discount, exclusive
of days of grace, not exceeding nine months, and such notes, drafts, and bills
of exchange may be offered as collateral security for the issuance of Federal
reserve notes under the provisions of section 16 of this Act: Provided, That notes,
drafts, and bills of exchange with maturities in excess of sk: months shall not
be eligible as a basis for the issuance of Federal reserve notes unless secured by
warehouse receipts or other such negotiable documents conveying or securing
title to readily marketable staple agricultural products or by chattel mortgage
upon live stock which is being fattened for market.
"That any Federal reserve bank may, subject to regulations and limitations
to be prescribed by the Federal Reserve Board, rediscount such notes, drafts,
and bills for any Federal Intermediate Credit Bank, except that no Federal
reserve bank shall rediscount for a Federal Intermediate Credit Bank any such
note or obligation which bears the indorsement of a nonmember State bank or
trust company which is eligible for membership in the Federal reserve system,
in accordance with section 9 of this Act.
"Any Federal reserve bank may also buy and sell debentures and other such
obligations issued by a Federal Intermediate Credit Bank or by a National
Agricultural Credit Corporation, but only to the same extent as and subject to
the same limitations as those upon which it may buy and sell bonds issued under
Title I of the Federal Farm Loan Act.
"Notes, drafts, bills of exchange or acceptances issued or drawn by cooperative marketing associations composed of producers of agricultural products
shall be deemed to have been issued or drawn for an agricultural purpose, within
the meaning of this section, if the proceeds thereof have been or are to be advanced by such association to any members thereof for an agricultural purpose,
or have been or are to be used by such association in making payments to any
members thereof on account of agricultural products delivered by such members
to the association, or if such proceeds have been or are to be used by such association to meet expenditures incurred or to be incurred by the association in
connection with the grading, processing, packing, preparation for market, or
marketing of any agricultural product handled by such association for any of
its members: Provided, That the express enumeration in this paragraph of certain classes of paper of cooperative marketing associations as eligible for redis


ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

265

shall not be construed as rendering ineligible any other class of paper
< f such associations which is now eligible for rediscount.
o
"The Federal Reserve Board may, by regulation, limit to a percentage of
the assets of a Federal reserve bank the amount of notes, drafts, acceptances, or
bills having a maturity in excess of three months, but not exceeding six months,
•exclusive of days of grace, which may be discounted by such bank, and the
amount of notes, drafts, bills, or acceptances having a maturity in excess of six
months, but not exceeding nine months, which may be rediscounted by such
bank."
SEC. 405. That section 14 of the Federal Reserve Act is amended by adding
at the end thereof a new paragraph to read as follows:
" (f) To 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."
SEC. 406. That section 15 of the Federal Reserve Act is amended by adding
at the end thereof a new paragraph to read as follows:
"The Federal reserve banks are hereby authorized to act as depositories for
and fiscal agents of any National Agricultural Credit Corporation or Federal:
Intermediate Credit Bank."
SEC. 407. That the Act entitled "An act to amend the act approved December 23, 1913., known as the Federal reserve act," approved April 13, 1920,
is repealed.

REGULATIONS OF THE FEDERAL RESERVE BOARD.
WASHINGTON, July 10, 1928.

The Federal Reserve Board transmits herewith a new issue of all of its regulations applicable to member banks. Regulations A and B of the new series
supersede the corresponding regulations of the series of 1922, and the other
regulations of the new series supersede corresponding regulations of the series
of 1920. It is to be noted that Regulation J of the new series will not be effective until August 15, 1923.
Regulation A has been materially amended in order to make it conform to
the provisions of the Federal reserve act as amended by the agricultural credits
&et of 1923. This regulation has also been amended so as to conform to the
amendment to section 9 of the Federal reserve act contained in the act of July 1,
1922, and has also been amended in a few other respects.
Regulation B has been clarified and Section II (c) of the old regulation has
been omitted because it is no longer necessary in view of the broader provisions
with reference to six months' agricultural acceptances contained in the law and
In Regulation A as amended.
Regulation C is identically the same as in the series of 1920.
Regulation D has not been changed, except that a slight inaccuracy in the
quotation from section 19 has been corrected and section numbers have been
inserted.
Regulation E has been rearranged and the appendices heretofore published
separately have been incorporated in the body of the regulation. No material
change has been made in the substance of the regulation, however, except the
elimination of the 10 per cent limitation on the amount of warrants of any municipality which might be purchased by a Federal reserve bank with the indorsement of a member bank.
Regulation F is identically the same as in the series of 1920.
Regulation G has been changed only in one respect. Paragraph (g) thereof
has been changed so as not to require a note representing a real-estate loan to
be canceled at maturity and a new note taken in its place. It now permits the
old note to be renewed or extended for an additional period.
Regulation H has been changed materially so as to conform to the amendments to section 9 of the Federal reserve act contained in the agricultural credits
act of 1923, which make State banks with a capital equal to not less than 60
per cent of the amount required for the organization of a national bank eligible
for admission to membership under certain terms and conditions.
Regulation I has been changed so as to conform to the present practice in
connection with the applications of newly organized national banks for membership in the Federal reserve system, and also so as to require the receivers
of insolvent member banks and the liquidating agents of member banks in



266

ANSTUAL REPORT OF THE FEDERAL RESERVE BOARD.

voluntary liquidation to apply for the surrender and cancellation of the Federal
reserve bank stock held by such banks within six months after their appointment.
Regulation J has been rewritten and brought up to date. This new regulation,
however, will not become effective until August 15, 1923.
Regulation K is identically the same as in the series of 1920.
Regulation L has been changed slightly by broadening the definition of the
term "national bank" as used in the regulation to include all banking institutions organized or operating under the laws of the United States. A statement
of the general principles adopted by the board for its guidance in determining
whether two or more banks are in substantial competition has also been inserted
in the regulation.
Instructions which govern only Federal reserve agents or Federal reserve
banks will be covered in separate letters or regulations, as in the past.
By order of the Federal Reserve Board.
WM.

W. HOXTON, Secretary.

REGULATION A, SERIES OF 1923.
(Superseding Regulation A of 1922.)
DISCOUNTS UNDER SECTIONS 13 AND 13
ARTICLE A.

(a).

NOTES, DRAFTS, AND BILLS OF EXCHANGE.

SECTION I. General statutory

'provisions.

Any Federal reserve bank may discount for any of its mem ber banks any note,
draft, or bill of exchange: Provided—
(a) It has a definite maturity at the time of discount of not more than 90 days,
exclusive of days of grace; except that (1) if drawn or issued for an agricultural
purpose or based on livestock, it may have a maturity at the time of discount of
not more than nine months, exclusive of days of grace, and (2) certain bills of
exchange payable at sight or on demand are eligible even though they have no
definite maturity (see Section VII, below);
(6) It has been issued or drawn for an agricultural, industrial, or commercial
purpose, or the proceeds have been used or are to be used for such a purpose, or
it is a note, draft, or bill of exchange of a factor issued as such making advances
exclusively to producers of staple agricultural products in their raw state;
(c) It was not issued for carrying or trading in stocks, bonds, or other investment securities, except bonds and notes of the Government of the United States;
(d) The aggregate of notes, drafts and bills bearing the signature or indorsement of any one borrower, whether a person, company, firm, or corporation,
discounted for any one member bank, whether State or national, shall at no time
exceed 10 per cent of the unimpaired capital and surplus of such bank; but this
restriction shall not apply to the discount of bills of exchange drawn in good
faith against actually existing values;
{e) It is indorsed by a member bank; and
(/) It conforms to all applicable provisions of this regulation.
No Federal reserve bank may discount for any member State bank or trust
company any of the notes, drafts, or bills of exchange of any one borrower who is
liable for borrowed money to such State bank or trust company in an amount
greater than that which could be borrowed lawfully from such State bank or
trust company under the terms of section 5200 of the United States Revised
Statutes, as amended, were it a national banking association.
Any Federal reserve bank may make advances to its member banks on their
promissory notes for a period not exceeding 15 days, provided that they are
secured by notes, drafts, bills of exchange, or bankers' acceptances which are
eligible for discount or for purchase by Federal reserve banks, or by the deposit
or pledge of bonds or notes of the United States, or bonds of the War Finance
Corporation.
SECTION II. General character of notes, drafts, and bills of exchange eligible.
The Federal Reserve Board, exercising its statutory right to define the character
of a note, draft, or bill of exchange eligible for discount at a Federal reserve bank
has determined that—
(a) It must be a negotiable note, draft, or bill of exchange which has been issued
or drawn, or the proceeds of which have been used or are to be used in the first



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

267

instance, in producing, purchasing, carrying, or marketing goods J in one or more
of the steps of the process of production, manufacture, or distribution, or for the
purpose of carrying or trading in bonds or notes of the United States, and the
name of a party to such transaction must appear upon it as maker, drawer,
acceptor, or indorser.
(6) It must not be a note, draft, or bill of exchange the proceeds of which have
been or are to be advanced or loaned to some other borrower, except as to paper
described below under Sections VI (6) and VIII.
(c) It must not be a note, draft, or bill of exchange the proceeds of which have
been used or are to be used for permanent or fixed investments of any kind, such
as land, buildings, or machinery, or for any other capital purpose.
(d) It must not be a note, draft, or bill of exchange the proceeds of which have
been used or are to be used for investments of a purely speculative character.
(e) It may be secured by the pledge of goods or collateral of any nature, including paper which is ineligible for discount, provided it (the note, draft, or bill
of exchange) is otherwise eligible.
SECTION III. Applications for discount.
Every application for the discount of notes, drafts, or bills of exchange must
contain a certificate of the member bank, in form to be prescribed by the Federal
reserve bank, that, to the best of its knowledge and belief, such notes, drafts, or
bills of exchange have been issued or drawn, or the proceeds thereof have been
or are to be used, for such a purpose as to render them eligible for discount under
the terms of this regulation, and, in the case of a member State bank or trust
company, every application must contain a certificate or guaranty to the effect
that the borrower is not liable and will not be permitted to become liable during
the time his paper is held by the Federal reserve bank, to such bank or trust
company for borrowed money in an amount greater than that which could be
borrowed lawfully from such State bank or trust company under the terms of
section 5200 of the United States Revised Statutes, as amended, were it a national
banking association.
SECTION IV. Promissory notes.
(a) Definition.—A promissory note, within the meaning of this regulation, is
defined as an unconditional promise, in writing, signed by the maker, to pay, in
the United States, at a fixed or determinable future time, a sum certain in dollars
to order or to bearer.
(b) Evidence of^ eligibility and requirement of statements.—A Federal reserve
bank must be satisfied by reference to the note or otherwise that it is eligible for
discount. The member bank shall certify in its application whether the note
offered for discount has been discounted for a depositor other than a bank or for
a nondepositor and, if discounted for a bank, whether for a member or a nonmember bank. The member bank must also certify whether a financial statement of the borrower is on file with it.
A recent financial statement of the borrower must be on file with the member
bank in all cases, unless the note was discounted by a member bank for a
depositor (other than a bank) or for another member bank, and—
(1) It is secured by a warehouse, terminal, or other similar receipt covering
goods in storage, by a valid prior lien on livestock which is being marketed
or fattened for market, or by bonds or notes of the United States; or
(2) The aggregate of obligations of the borrower discounted and offered for
discount at the Federal reserve bank by the member bank is less than a sum
equal to 10 per cent of the paid-in capital of the member bank and is less than
$5,000.
A Federal reserve bank shall use its discretion in taking the steps necessary
to satisfy itself as to eligibility. Compliance of a note with Section II (c) may
be evidenced by a statement of the borrower showing a reasonable excess of
quick assets over current liabilities. A Federal reserve bank may, in all cases,
require the financial statement of the borrower to be filed with it.
SECTION V. Drafts, bills of exchange, and trade acceptances.
(a) Definition.—A draft or bill of exchange, within the meaning oi this regulation, is defined as an unconditional order in writing, addressed by one person
to another, signed by the person giving it, requiring the person to whom it is
i When used in this regulation the word "goods" shall be construed to include goods, wares, merchan-

lise, or agricultural products, including livestock.



268

ANNUAL. REPORT OF THE FEDERAL RESERVE BOARD.

addressed to pay in the United States, at a fixed or determinable future time,
a sum certain in dollars to the order of a specified person; and a trade acceptance is defined as a draft or bill of exchange, drawn by the seller on the purchaser of goods sold,2 and accepted by such purchaser.
(b) Evidence of eligibility and requirement of statements.—A Federal reserve
bank shall take such steps as it deems necessary to satisfy itself as to the
eligibility of the draft, bill, or trade acceptance offered for discount and may
require a recent financial statement of one or more parties to the instrument.
The draft, bill, or trade acceptance should be drawn so as to evidence the
character of the underlying transaction, but if it is not so drawn evidence of
eligibility may consist of a stamp or certificate affixed by the acceptor or
drawer in a form satisfactory to the Federal reserve bank.
SECTION VI. Agricultural paper.
(a) Definition.—Agricultural paper, within the meaning of this regulation, is
defined as a negotiable note, draft, or bill of exchange issued or drawn, or the
proceeds of which have been or are to be used, for agricultural purposes, including the production of agricultural products, the marketing of agricultural
products by the growers thereof, or the carrying of agricultural products by the
growers thereof pending orderly marketing, and the breeding, raising, fattening,
or marketing of livestock, and which has a maturity at the time of discount of
not more than nine months, exclusive of days of grace.
(b) Paper of cooperative marketing associations.—Under the express terms of
section 13a, notes, drafts, bills of exchange, or acceptances issued or drawn by
cooperative marketing associations composed of producers of agricultural products are deemed to have been issued or drawn for an agricultural purpiose, if the
proceeds thereof have been or are to be—
(1) Advanced by such association to any members thereof for an agricultural
purpose, or
(2) Used by such association in making payments to any members thereof
on account of agricultural products delivered by such members to the association, or
(3) Used by such association to meet expenditures incurred or to be incurred
by the association in connection with the grading, processing, packing, preparation for market, or marketing of any agricultural product handled, by such
association for any of its members.
These are not the only classes of paper of such associations which are eligible
for discount, however, and any other paper of such associations which complies
with the applicable requirements of this regulation may be discounted on the
same terms and conditions as the paper of any other person or corporation.
Paper of cooperative marketing associations the proceeds of which have been
or are to be used (1) to defray the expenses of organizing such associations, or
(2) for the. acquisition of warehouses, for the purchase or improvement of real
estate, or for any other permanent or fixed investment of any kind, are not
eligible for discount, even though such warehouses or other property are to be
used exclusively in connection with the ordinary operations of the association.
(c) Eligibility.—To be eligible for discount, agricultural paper, whether a
note, draft,, bill of exchange, or trade acceptance, must comply with the respective sections of this regulation which would apply to it if its maturity were 90
days or less.
(d) Discounts for Federal intermediate credit banks.—Any Federal reserve bank
may discount agricultural paper for any Federal intermediate credit bank; but
no Federal reserve bank shall discount for any Federal intermediate credit
bank any such paper which bears the indorsement of any nonmember State
bank or trust company which is eligible for membership in the Federal reserve
system under the terms of section 9 of the Federal reserve act as amended.
In discounting su«ch paper each Federal reserve bank shall give preference to
the demands of its own member banks and shall have due regard to the probable
future needs of its own member banks; and no Federal reserve bank shall
discount paper for any Federal intermediate credit bank when its own reserves
amount to less than 50 per cent of its own aggregate liabilities for deposits and
2
A consignment of goods or a conditional sale of goods can not be considered "goods sold" within
the meaning of this clause. The purchase price of goods plus the cost of labor in effecting their installation may be included in the amount for which the trade acceptance is drawn.




ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

269

Federal reserve notes in actual circulation. The aggregate amount of paper
discounted by all Federal reserve banks for any one Federal intermediate credit
bank shall at no time exceed an amount equal to the paid-up and unimpaired
capital and surplus of such Federal intermediate credit bank.
(e) Limitations.—The Federal Reserve Board prescribes no limitation on the
aggregate amount of notes, drafts, bills of exchange, and acceptances with
maturities in excess of three months, but not exceeding six months, exclusive of
days of grace, which may be discounted by any Federal reserve bank; but the
aggregate amount of notes, drafts, bills of exchange, and acceptances with
maturities in excess of six months, but not exceeding nine months, which may
be discounted by any Federal reserve bank shall not exceed 10 per cent of its
otal assets.
SECTION VII. Sight drafts secured by bills of lading.
A Federal reserve bank may discount for any of its member banks bills of
exchange payable at sight or on demand which—
(a) Are drawn to finance the domestic shipment of nonperishable, readily
marketable, staple agricultural products, and
(b) Are secured by bills of lading or other shipping documents conveying or
securing title to such staples.
All such bills of exchange shall be forwarded promptly for collection, and
demand for payment shall be made promptly, unless the drawer instructs that
they be held until arrival of car, in which event they must be presented for payment within a reasonable time after notice of arrival of such staples at their
destination has been received. In no event shall any such bill be held by or
for the account of a Federal reserve bank for a period in excess of 90 days.
In discounting such bills Federal reserve banks may compute the interest
to be deducted on the basis of the estimated life of each bill and adjust the amount
thus deducted after payment of such bills to conform to the actual life thereof.
SECTION VIII. Factors' paper.
Notes, drafts, and bills of exchange of factors issued as such for the purpose
of making advances exclusively to producers of staple agricultural products in
their raw state are eligible for discount with maturities not in excess of 90 days,
exclusive of days of grace, irrespective of the requirements of Section II (a)
and I I (b).
ARTICLE B.

BANKERS' ACCEPTANCES.

SECTION IX.

Definition.

A banker's acceptance within the meaning of this regulation is defined as a
draft or bill of exchange, whether payable in the United States or abroad and
whether payable in dollars or some other money, of which the acceptor is a bank
or trust company, or a firm, person, company, or corporation engaged generally
in the business of granting bankers' acceptance credits.
SECTION X.

Eligibility.

A Federal reserve bank may discount any such bill bearing the indorsement of a
member bank and having a maturity at the time of discount not greater than that
prescribed by Section XI (a), which has been drawn under a credit opened for
the purpose of conducting or settling accounts resulting from a transaction or
transactions involving any one of the following:
(1) The shipment of goods between the United States and any foreign
country, or between the United States and any of its dependencies or insular
possessions, or between foreign countries, or between dependencies or
insular possessions and foreign countries;
(2) The shipment of goods within the United States, provided shipping
documents conveying security title are attached at3 the time of acceptance; or
(3) The storage of readily marketable staples, provided that the bill is
secured at the time of acceptance by a warehouse, terminal, or other similar
3
A readily marketable staple within the meaning of these regulations may be denned as an article of
commerce, agriculture, or industry of such uses as to make it the subject of constant dealings in ready
markets with such frequent quotations of price as to make (a) the price easily and definitely ascertainable
and (&) the staple itself easy to realize upon by sale at any time.




270

ANNUAL REPORT OF THE FEDERAL RESERVE BO.1RD.

receipt, conveying security title to such staples, issued by a party independent of the customer, and provided further that the acceptor remains secured
throughout the life of the acceptance. In the event that the goods must be
withdrawn from storage prior to the maturity of the acceptance or the retirement of the credit, a trust receipt or other similar document covering the
goods may be substituted in lieu of the original document, provided that such
substitution is conditioned upon a reasonably prompt liquidation of the
credit. In order to insure compliance with this condition it should be required, when the original document is released, either (a) that the proceeds
of the goods will be applied within a specified time toward a liquidation of
the acceptance credit or (6) that a new document, similar to the original one,
will be resubstituted within a specified time.
Provided, that acceptances for any one customer in excess of 10 per cent of the
capital and surplus of the accepting bank must remain actually secured throughout the life of the acceptance, and in the case of the acceptances of member
banks this security must consist of shipping documents, warehouse receipts, or
other such documents, or some other actual security growing out of the same
transaction as the acceptance, such as documentary drafts, trade acceptances,
terminal receipts, or trust receipts which have been issued under such circumstances, and which cover goods of such a character, as to insure at all times a
continuance of an effective and lawful lien in favor of the accepting bank, other
trust receipts not being considered such actual security if they permit the customer to have access to or control over the goods.
A Federal reserve bank may also discount any bill drawn by a bank or banker
in a foreign country or dependency or insular possession of the United States
for the purpose of furnishing dollar exchange as provided in Regulation C,
provided that it has a maturity at the time of discount of not more than three
months, exclusive of days of grace.
SECTION XI. Maturities.

(a) Legal requirements.—No such acceptance is eligible for discount which has a
maturity at the time of discount in excess of 90 days' sight, exclusive of days of
grace, except that acceptances drawn for agricultural purposes and secured at
the time of acceptance t>y warehouse receipts or other such documents conveying
or securing title covering readily marketable staples may be discounted with
maturities at the time of discount of not more than six months7 sight, exclusive
of days of grace.
(b) General conditions as to maturity of domestic acceptances.—Although a Federal reserve bank may legally discount an acceptance having a maturity at the
time of discount not greater than that prescribed under (a), it may decline to
discount any acceptance the maturity of which is in excess of the usual or customary period of credit required to finance the underlying transaction or which is
in excess of that period reasonably necessary to finance such transaction. Since
the purpose of permitting the acceptance of drafts secured by warehouse receipts
or other such documents is to permit of the temporary holding of readily marketable staples in storage pending a reasonably prompt sale, shipment, or distribution, no such acceptance should have a maturity in excess of the time ordinarily
necessary to effect a reasonably prompt sale, shipment, or distribution into the
process of manufacture or consumption.
SECTION XII. Evidence of eligibility.
A Federal reserve bank must be satisfied, either by reference to the acceptance
itself, or otherwise, that the acceptance is eligible for discount under the terms of,
the law and the provisions of this regulation. The bill itself should be drawn so
as to evidence the character of the underlying transaction, but if it is not so
drawn evidence of eligibility may consist of a stamp or certificate affixed by the
acceptor in form satisfactory to the Federal reserve bank.




ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

271

REGULATION B, SERIES OF 1923.
(Superseding Regulation B of 1922.)
OPEN-MARKET PURCHASES OF BILLS OF EXCHANGE, TRADE ACCEPTANCES, AND
BANKERS' ACCEPTANCES UNDER SECTION 14.

SECTION I. General statutory provisions.
Section 14 of the Federal reserve act provides that, under rules and regulations
to be prescribed by the Federal Reserve Board, Federal reserve banks may purchase and sell in the open market, at home or abroad, from or to domestic or
foreign banks, firms, corporations, or individuals, bills of exchange of the kinds
and maturities made eligible by the act for discount and bankers' acceptances,
with or without the indorsement of a member bank.
SECTION II. General character of bills and acceptances eligible.
The Federal Reserve Board, exercising its statutory right to regulate the
purchase of bills of exchange and acceptances, prescribes that—
(a) Any banker's acceptance or bill of exchange which is eligible for discount
under the terms of Regulation A is eligible for purchase by Federal reserve banks
in the open market, with or without the indorsement of a member bank, if—
(1) It has been accepted by the drawee prior to purchase; or
(2) It is accompanied or secured by shipping documents or by warehouse, terminal, or other similar receipts conveying security title; or
(3) It bears a satisfactory bank indorsement;
(b) A banker's acceptance growing out of a transaction involving the importation or exportation of goods may be purchased if it has a maturity not in
excess of six months, exclusive of days of grace, provided that it conforms in
other respects to the applicable requirements of Regulation A; and
(c) A banker's acceptance growing out of a transaction involving the storage
within the United States of goods actually under contract for sale and not yet
delivered or paid for may be purchased, provided that the acceptor is secured
by the pledge of such goods, and provided further, that the acceptance conforms
in other respects to the applicable requirements of Regulation A.
SECTION III. Statements.

A bill of exchange, unless indorsed by a member bank, is not eligible for purchase until a satisfactory statement has been furnished of the financial condition of one or more of the parties thereto.
A banker's acceptance, unless accepted or indorsed by a member bank, is not
eligible for purchase until the acceptor has furnished a satisfactory statement
of its financial condition in form to be approved by the Federal reserve bank
and has agreed in writing with a Federal reserve bank to inform it upon request
concerning the transaction underlying the acceptance.

REGULATION C, SERIES OF 1923.
(Superseding Regulation C of 1920.)
ACCEPTANCE BY MEMBER BANKS OF DRAFTS AND BILLS OF EXCHANGE.
ARTICLE A. ACCEPTANCE OF DRAFTS OR BILLS OF EXCHANGE DRAWN AGAINST
DOMESTIC OR FOREIGN SHIPMENTS OF GOODS OR SECURED BY WAREHOUSE
RECEIPTS COVERING READILY MARKETABLE STAPLES.

SECTION I. Statutory provisions.
Under the provisions of the sixth paragraph of section 13 of the Federal reserve act, as amended, any member bank may accept drafts or bills of exchange
drawn upon it, having not more than six months' sight to run, exclusive of days
of grace, which grow out of transactions involving the importation or exporta


272

ANNUAL EEPORT OF THE FEDERAL RESERVE BOARD.

tion of goods; or which grow out of transactions involving the domestic shipment
of goods, provided shipping documents conveying or securing title are attached
at the time of acceptance; or which are secured at the time of acceptance by a
warehouse receipt or other such document conveying or securing title covering"
readily marketable staples.4 This paragraph limits the amount which any bank
shall, accept for any one person, company, firm, or corporation, whether in a
foreign or domestic transaction, to an amount not. exceeding at any time, in the
aggregate, more than 10 per cent of its paid-up and unimpaired capital stock
and surplus. This limit, however, does not apply in any case where the accepting bank remains secured either by attached documents or b}^ some other actual
security growing out of the same transaction as the acceptance. A trust receipt
which permits the customer to have access to or control over the goods will not
be considered by Federal reserve banks to be "actual security" within the
meaning of section 13. A bill of lading draft, however, is "actual security"
even after the documents have been released, provided that the draft is accepted
by the drawee upon or before the surrender of the documents. The law also
provides that any bank may accept such bills up to an amount not exceeding
at any time, in the aggregate, more than one-half of its paid-up and unimpaired
capital stock and surplus; or, with the approval of the Federal Reserve Board,
up to an amount not exceeding at any time, in the aggregate, more than 100
per cent of its paid-up and unimpaired capital stock and surplus. In no event,,
however, shall the aggregate amount of acceptances growing out of domestic
transactions exceed 50 per cent of such capital stock and surplus.
SECTION II. Regulations.

1. Under .the provisions of the law referred to above the Federal Reserve
Board has determined that any member bank, having an unimpaired surplus
equal to at least 20 per cent of its paid-up capital, which desires to accept drafts
or bills of exchange drawn for the purposes described above, up to an amount
not exceeding at any time, in the aggregate, 100 per cent of its paid-up and
unimpaired capital stock and surplus, may file an application for that purpose
with the Federal Reserve Board. Such application must be forwarded through
the Federal reserve bank of the district in which the applying bank is located.
2. The Federal reserve bank shall report to the Federal Reserve Board upon
the standing of the applying bank, stating whether the business and banking
conditions prevailing in its district warrant the granting of such application.
3. The approval of any such application may be rescinded upon 90 days'
notice to the bank affected.
ARTICLE B.

ACCEPTANCE OF DRAFTS OR BILLS OF EXCHANGE DRAWN FOR THE
PURPOSE OF CREATING DOLLAR EXCHANGE.

SECTION III. Statutory provisions.
Section 13 of the Federal reserve act also provides that any member bank
may accept drafts or bills of exchange drawn upon it having not more than three
months' sight to run, exclusive of days of grace, drawn, under regulations to be
prescribed by the Federal Reserve Board, by banks or bankers in foreign countries
or dependencies or insular possessions of the United States for the purpose of
furnishing dollar exchange as required by the usages of trade in the respective
countries, dependencies, or insular possessions.
No member bank shall accept such drafts or bills of exchange for any one bank
fco an amount exceeding in the aggregate 10 per cent of the paid-up and unimpaired capital and surplus of the accepting bank unless the draft or bill of exchange is accompanied by documents conveying or securing title or by some
other adequate security. No member bank shall accept such drafts or bills in
an amount exceeding at any time in the aggregate one-half of its paid-up and
unimpaired capital and surplus. This 50 per cent limit is separate and distinct
Prom and not included in the limits placed upon the acceptance of drafts and
bills of exchange as described under Article A of this regulation.
* A readily marketable staple within the meaning of these regulations may be defined as sn article of
jommerce, agriculture, or industry of such uses as to make it the subject of constant dealings in ready
narkets with such frequent quotations of price as to make (a) the price easily and definitely ascertainable
md (b) the staple itself easy to realize upon by sale at any time.




ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

273

SECTION IV. Regulations.

Any member bank desiring to accept drafts drawn by banks or bankers in foreign
countries or dependencies or insular possessions of the United States for the purpose of furnishing dollar exchange shall first make an application to the Federal
Reserve Board setting forth the usages of trade in the respective countries, dependencies, or insular possessions in which such banks or bankers are located.
If the Federal Reserve Board should determine that the usages of trade in
such countries, dependencies, or possessions require the granting of the acceptance facilities applied for, it will notify the applying bank of its approval and
will also publish in the Federal Reserve Bulletin the name or names of those
countries, dependencies, or possessions in which banks or bankers are authorized
to draw on member banks whose applications have been approved for the purpose of furnishing dollar exchange.
The Federal Reserve Board reserves the right to modify or on 90 days' notice
to revoke its approval either as to any particular member bank or as to any
foreign country or dependency or insular possession of the United States in which
it has authorized banks or bankers to draw on member banks for the purpose of
furnishing dollar exchange.
REGULATION D, SERIES OF 1923.
(Superseding Regulation D of 1920.)
TIME DEPOSITS AND SAVINGS ACCOUNTS.

SECTION I. Statutory provisions.
Section 19 of the Federal reserve Act provides, in part, as follows:
"Demand deposits within the meaning of this act shall comprise all deposits
payable within thirty days, and time deposits shall comprise all deposits payable
after thirty days, all savings accounts and certificates of deposit which are subject
to not less than thirty days' notice before payment, and all postal savings deposits.
SECTION II. Time deposits, open accounts.
The term "time deposits, open accounts" shall be held to include all accounts,
not evidenced by certificates of deposit or savings pass books, in respect to which
a written contract is entered into with the depositor at the time the deposit is
made that neither the whole nor any part of such deposit may be withdrawn by
check or otherwise, except on a given date or on wirtten notice which must be
given by the depositor a certain specified number of days in advance, in no case
less than 30 days.
SECTION III. Savings accounts.
The term "savings accounts" shall be held to include those accounts of the
bank in respect to which, by its printed regulations, accepted by the depositor
at the time the account is opened—
(a) The pass book, certificate, or other similar form of receipt must be presented
to the bank whenever a deposit or withdrawal is made, and
(jb) The depositor may at any time be required by the bank to give notice of
an intended withdrawal not less than 30 days before a withdrawal is made.
SECTION IV. Time certificates of deposit.
A "time certificate of deposit" is defined as an instrument evidencing the
deposit with a bank, either with or without interest, of a certain sum specified
on the face of the certificate payable in whole or in part to the depositor or on
his order—
(a) On a certain date, specified on the certificate, not less than 30 days after
the date of the deposit, or
(&) After the lapse of a certain specified time subsequent to the date of the
certificate, in no case less than 30 days, or
(c) Upon written notice, which the bank may at its option require to be given
a certain specified number of days, not less than 30 days, before the date of
repayment, and
(d) In all cases only upon presentation of the certificate at each withdrawal
for proper indorsement or surrender.




274

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
REGULATION E, SERIES OF 1923.
(Superseding Regulation E of 1920.)
PURCHASE OF WARRANTS.

SECTION I. Statutory requirements.
Section 14 of the Federal reserve act reads in part as follows:
"Every Federal Reserve Bank shall have power—
" (6) To buy and sell, at home or abroad, bonds and notes of the United States,
and bills, notes, revenue bonds, and warrants with a maturity from date of purchase of not exceeding six months, issued in anticipation of the collection of taxes
or in anticipation of the receipt of assured revenues by any State, county, district, political subdivision, or municipality in the continental United States,
including irrigation, drainage and reclamation districts, such purchases to be
made in accordance with rules and regulations prescribed by the Federal Reserve
Board."
SECTION II.

Definitions.

Within the meaning of this regulation—
The term "warrant" shall be construed to mean "bills, notes, revenue bonds,
and warrants with a maturity from date of purchase of not exceeding six months."
The term "municipality" shall be construed to mean "State, county, district,
political subdivision, or municipality in the continental United States, including
irrigation, drainage, and reclamation districts."
The term "net funded indebtedness" shall be construed to mean the legal gross
indebtedness of the municipality (including the amount of any school district or
other bonds which depend for their redemption upon taxes levied upon property
within the municipality) less the aggregate of the following items:
(1) The amount of outstanding bonds or other debt obligations made payable
from current revenues;
(2) The amount of outstanding bonds issued for the purpose of providing the
inhabitants of a municipality with public utilities, such as waterworks, docks,
electric plants, transportation facilities, etc.: Provided, That evidence is submitted
showing that the income from such utilities is sufficient for maintenance, for payment of interest on such bonds, and for the accumulation of a sinking fund sufficient for their redemption at maturity;
(3) The amount of outstanding improvement bonds, issued under laws which
provide for the levying of special assessments against abutting property in amount
sufficient to insure the payment of interest on the bonds and the redemption
thereof at maturity: Provided, That such bonds are direct obligations of the municipality and included in the gross indebtedness of the municipality; and
(4) The total of all sinking funds accumulated for the redemption of the gross
indebtedness of the municipality, except sinking funds applicable to bonds
described in (1), (2), and (3) above.
SECTION I I I . Class of warrants eligible for purchase.
Any Federal reserve bank may purchase warrants issued by a municipality in
anticipation of the collection of taxes or in anticipation of the receipt of assured
revenues, provided—
(a) They are the general obligations of the entire municipality; it being
intended to exclude as ineligible for purchase all such obligations as are payable
from "local benefit" and "special assessment" taxes when the municipality at
large is not directly or ultimately liable;
(6) They are issued in anticipation of taxes or revenues which are due and
payable on or before the date of maturity of such warrants; but the Federal
Reserve Board may waive this condition in specific cases. For the purposes of
this regulation, taxes shall be considered as due and payable on the last day on
which they may be paid without penalty;
(c) They are issued by a municipality—
(1) Which has been in existence for a period of 10 years;
(2) Which for a period of 10 years previous to the purchase has not
defaulted for longer than 15 days in the payment of any part of either principal or interest of any funded debt authorized to be contracted by it;
(3) Whose net funded indebtedness does not exceed 10 per centum of the
valuation of its taxable property, to be ascertained by the last preceding
valuation of property for the assessment of taxes.




ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

275

SECTION IV. "Existence" and "nondefault."
Warrants will be construed to comply with that part of Section I I I (c) relative
to term of existence and nondefault, under the following conditions: .
(1) Warrants issued by or in behalf of any municipality which was, subsequent
to the issuance of such warrants, consolidated with or merged into an existing
political division which meets the requirements of these regulations, will be deemed
to be the warrants of such political division: Provided, That such warrants were
assumed by such political division under statutes and appropriate proceedings the
effect of which is to make such warrants general obligations of such assuming
political division and payable, either directly or ultimately, without limitation to a
special fund, from the proceeds of taxes levied upon all the taxable real and personal property within its territorial limits.
(2) Warrants issued by or in behalf of any municipality which was, subsequent
to the issuance of such warrants, wholly succeeded by a newly organized political
division whose term of existence, added to that of such original political division
or of any other political division so succeeded, is equal to a period of 10 years will
be deemed to be warrants of such succeeding political division: Provided, That
during such period none of such political divisions shall have defaulted for a
period exceeding 15 days in the payment of any part of either principal or interest
of any funded debt authorized to be contracted by it: And provided further, That
such warrants were assumed by such new political division under statutes and
appropriate proceedings the effect of which is to make such warrants general
obligations of such assuming political division and payable, either directly or ultinately, without limitation to a special fund, from the proceeds of taxes levied
upon all the taxable real and personal property within its territorial limits.
(3) Warrants issued by or in behalf of any municipality which, prior to such
issuance, became the successor of one or more, or was formed by*the consolidation
or merger of two or more, preexisting political divisions, the term of existence of
one or more of which, added to that of such succeeding or consolidated political
division, is equal to a period of 10 years, will be deemed to be warrants of a political division which has been in existence for a period of 10 years: Provided, That
during such period none of such original, succeeding, or consolidated political
divisions shall have defaulted for a period exceeding 15 days in the payment of
any part of either principal or interest of any funded debt authorized to be contracted by it.
SECTION V. Limitations.

(a) Except with the approval of the Federal Reserve Board, no Federal
reserve bank shall purchase and hold an amount in excess of 25 per cent of the
total amount of warrants outstanding at any time and issued in conformity with provisions of section 14 (6), above quoted, and actually sold by a
municipality.
(b) Except with the approval of the Federal Reserve Board, the aggregate
amount invested by any Federal reserve bank in warrants of all kinds shall not
exceed at the time of purchase a sum equal to 10 per cent of the deposits kept
by its member banks with such Federal reserve bank.
(c) Except with the approval of the Federal Reserve Board, the maximum
amount which may be invested at the time of purchase by any Federal reserve
bank in warrants of any single municipality shall be limited to the following
percentages of the deposits kept in such Federal reserve bank by its member
banks:
Five per cent of such deposits in warrants of a municipality of 50,000 population or over;
Three per cent of such deposits in warrants of a municipality of over 30,000
population, but less than 50,000;
One per cent of such deposits in warrants of a municipality of over 10,000
population, but less than 30,000.
(d) Any Federal reserve bank may purchase from any of its member banks
warrants of any municipality, indorsed by such member bank, with waiver of
demand, notice, and protest if such warrants comply with Sections I I I and V
(h) of these regulations, except that where a period of 10 years is mentioned
in I I I (c) hereof a period of 5 years shall be substituted' for the purposes of this
clause.




276

ANNUAL EEPORT OF THE FEDERAL RESERVE BOARD.
SECTION

VI. Warrants of small municipalities.

Warrants of a municipality of 10,000 population or less shall be purchased
only with the special approval of the Federal Reserve Board.
The population of a municipality shall be determined by the last Federal or
State census. Where it can not be exactly determined the Federal Reserve
Board will make special rulings.
SECTION

VII. Opinion of counsel.

Opinion of recognized counsel on municipal issues or of the regularly appointed counsel of the municipality as to the legality of the issue shall be secured
and approved in each case by counsel for the Federal reserve bank.
REGULATION F, SERIES OF 1923.
(Superseding Regulation F of 1920.)

TRUST POWERS OF NATIONAL BANKS.
SECTION

I. Statutory provisions.

The Federal reserve act as amended by the act of September 26, 1918, provides in part:
SEC. 11. The Federal Reserve Board shall be authorized and empowered:
(k) To grant by special permit to national banks applying therefor, when not in contravention of State
or local law, the right to act as trustee, executor, administrator, registrat of stocks and bonds, guardian
of estates, assignee, receiver, committee of estates of lunatics, or in 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.
Whenever the laws of such State authorize or permit the exercise of any or all of the foregoing powers by
State banks, trust companies, or other corporations which compete with national banks, the granting to
and the exercise of such powers by national banks shall not be deemed to be in contravention of State or
local law within the meaning of this act.
National banks exercising any or all of the powers enumerated in this subsection shall segregate all assets
held in any fiduciary capacity from the general assets of the bank and shall keep a separate set of books
and records showing in proper detail all transactions engaged in under authority of this subsection. Such
books and records shall be.open to inspection by the State authorities to the same extent as the books and
records of corporations organized under State law which exercise fiduciary powers, but nothing in this
act shall be construed as authorizing the State authorities to examine the books, records, and assets of the
national bank which are not held in trust under authority of this subsection.
No national bank shall receive in its trust department deposits of current funds subject to check or the
deposit of checks, drafts, bills of exchange, or other items for collection or exchange purposes. Funds
deposited or held in trust by the bank awaiting investment shall be carried in a separate account and shall
not be used by the bank in the conduct of its business unless it shall first set aside in the trust department
United States bonds or other securities approved by the Federal Reserve Board.
In the event of the failure of such bank the owners of the funds held in trust for investment shall have a
lien on the bonds or other securities so set apart in addition to their claim against the estate of the bank.
Whenever the laws of a State require corporations acting in a fiduciary capacity to deposit securities
with the State authorities for the protection of private or court trusts, national banks so acting shall be
required to make similar deposits and securities so deposited shall be held for the protection of private or
court trusts, as provided by the State law.
National banks in such cases shall not be required to execute the bond usually required of individuals if
State corporations under similar circumstances are exempt from this requirement.
National banks shall have power to execute such bond when so required by the laws of the State.
In any case in which the laws of a State require that a corporation acting as trustee, executor, administrator, or in any capacity specified in this section, shall take an oath or make an affidavit, the president,
vice president, cashier, or trust officer of such national bank may take the necessary oatli or execute the
necessary affidavit.
It shall be unlawful for any national banking association to lend any officer, director, or employee any
funds held in trust under the powers conferred by this section. Any officer, director, or employee making
such loan, or to whom such loan is made, may befinednot more than $5,000, or imprisoned not more than
five years, or may be both fined and imprisoned, in the discretion of the court.
In passing upon applications for permission to exercise the powers enumerated in this subsection, the
Federal Reserve Board may take into consideration the amount of capital and surplus of the applying
bank, whether or not such capital and surplus is sufficient under the circumstances of the case, the needs
of the community to be served, and any other facts and circumstances that seem to it proper, and may
grant or refuse the application accordingly: Provided, That no permit shall be issued to any national banking association having a capital and surplus less than the capital and surplus required by State law ]of
S te banks, trust companies, and corporations exercising such powers.
SECTION II. Applications.
A national bank desiring to exercise any and all of the powers authorized by
section 11 (k) of the Federal reserve act, as amended by the act of September
26, 1918, shall make application to the Federal Reserve Board, on a form approved
by said board, for a special permit authorizing it to exercise such powers. In the



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

277

case of an original application—that is, where the applying bank has never been
granted the right to exercise any of the powers authorized by section 11 (k)—the
application should be made on F. R. B. Form 61. In the case of a supplemental
application—that is, where the applying bank has already been granted the
right to exercise one or more of the powers authorized by section 11 (k)—the
application should be made on F. R. B. Form 61-B. Both forms are made a
part of this regulation and may be obtained from the Federal Reserve Board
or any Federal reserve bank.
SECTION III. Separate departments.
Every national bank permitted to act under this section shall establish a
separate trust department, and shall place such department under the management of an officer or officers, whose duties shall be prescribed by the board of
directors of the bank.
SECTION IV. Custody of trust securities and investments.
The securities and investments held in each trust shall be kept separate and
distinct from the securities owned by the bank and separate and distinct one
from another. Trust securities and investments shall be placed in the joint
custody of two or more officers or other employees designated by the board
•of directors of the bank and all such officers and employees shall be bonded.
SECTION V. Deposit of funds awaiting investment or distribution.
Funds received or held in the trust department of a national bank awaiting
investment or distribution may be deposited in the commercial department of
the bank to the credit of the trust department, provided that the bank first
delivers to the trust department, as collateral security, United States bonds, or
other readily marketable securities owned by the bank, which collateral security
shall at all times be at least equal in market value to the amount of the funds so
deposited.
SECTION VI. Investment of trust funds.
(a) Private trusts.—Funds held in trust must be invested in strict accordance
with the terms of the will, deed, or other instrument creating the trust. Where
the instrument creating the trust contains provisions authorizing the bank, its
officers, or its directors to exercise their discretion in the matter of investments,
funds held in trust rnsiy be invested only in those classes of securities which are
approved by the directors of the bank. Where the instrument creating the
trust does not specify the character or class of investments to be made and does
not expressly vest in the bank, its officers, or its directors a discretion in the
matter of investments, funds held in trust shall be invested in any securities in
which corporate or individual fiduciaries in the State in which the bank is located
may lawfully invest.
(b) Court trusts.—Except as hereinafter provided, a national bank acting as
executor, administrator, or in any other fiduciary capacity, under appointment
by a court of competent jurisdiction, shall make all investments under an order
of that court, and copies of all such orders shall be filed and preserved with the
records of the trust department of the bank. If the court by general order
vests a discretion in the national bank to invest funds held in trust, or if under
the laws of the State in which the bank is located corporate fiduciaries appointed
by the court are permitted to exercise such discretion, the national bank so
appointed may invest such funds in any securities in which corporate or individual
fiduciaries in the State in which the bank is located may lawfully invest.
SECTION VII. Books and accounts.
All books and records of the trust department shall be kept separate and
distinct from other books and records of the bank. All accounts opened shall
be so kept as to enable the national bank at any time to furnish information or
reports required by the Federal or State authorities, and such books and records
shall be open to the inspection of such authorities.
86538—24t
19



278

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
SECTION VIII.

Examinations.

Examiners appointed by the Comptroller of the Currency or designated by the
Federal Reserve Board will be instructed to make thorough and complete audits
of the cash, securities, accounts, and investments of the trust (department of the
bank at the same time that examination is made of the banking department.
SECTION IX. Conformity with State laws.
Nothing in these regulations shall be construed to give a national bank exercising the powers permitted under the provisions of section 11 (k) of the Federal
reserve act, as amended, any rights or privileges in contravention of the laws of
the State in which the bank is located within the meaning of that s^ct.
SECTION X. Revocation of permits.
The Federal Reserve Board reserves the right to revoke permits granted
under the provisions of section 11 (k), as amended, in any case where in the
opinion of the board a bank has willfully violated the provisions of the Federal
reserve act, or of these regulations or the laws of any State relating to the operations of such bank when acting in any of the capacities permitted under the
provisions of section 11 (k), as amended.
SECTION XI. Changes in regulations.
These regulations are subject to change by the Federal Reserve Board; provided, however, that no such change shall prejudice any obligation undertaken
in good faith under regulations in effect at the time the obligation was assumed.
REGULATION G, SERIES OF 1923.
(Superseding Regulation G of 1920.)
LOANS ON FARM AND OTHER REAL ESTATE.

Section 24 of the Federal reserve act provides in part that—
Any national banking association not situated in a central reserve city may make loans secured by improved and unencumbered farm land situated within its Federal reserve district or within a radius of one
hundred miles of the place in which such bank is located, irrespective of district lines, and may also make
loans secured by improved and unencumbered real estate located within one hundred miles of the place
in which such bank is located, irrespective of district lines; but no loan made upon the security of such farm
land shall be made for a longer time than five years, and no loan made upon the security of such real estate
as distinguished from farm land shall be made for a longer time than one year nor shall the amount of any
such loan, whether upon such farm land or upon such real estate, exceed fifty per centum of t'le actual value
of the property offered as security. Any such bank may make such loans, whether secured by such farm
land or such real estate, in an aggregate sum equal to twenty-five per centum of its capital and surplus or
to one-third of its time deposits and such banks may continue hereafter as heretofore to receive time deposits
and to pay interest on the same.

National banks not located in central reserve cities may, therefore, legally
make loans secured by improved and unencumbered farm land or other real
estate as provided by this section.
Certain conditions and restrictions must, however, be observed—
(a) There must be no prior lien on the land; that is, the lending bank must hold
an absolute first mortage or deed of trust.
(b) The amount of the loan must not exceed 50 per cent of the actual value of
the land by which it is secured.
(c) The maximum amount of loans which a national bank may make on real
estate, whether on farm land or on other real estate as distinguished from farm
land, is limited under the terms of the act to an amount not in excess of one-third
of its time deposits at the time of the making of the loan, and not in excess, of
one-third of its average time deposits during the preceding calendar year: Provided, however, That if one-third of such time deposits as of the date of making
the loan or one-third of the average time deposits for the preceding calendar
year is less than one-fourth of the capital and surplus of the bank as of the date
of making the loan, the bank in such event shall have authority to make loans
upon real estate under the terms of the act to the extent of one-fourth of the
bank's capital and surplus as of that date.
(d) Farm land to be eligible as security for a loan by a national bank must be
situated within the Federal reserve district in which such bank is located or
within a radius of 100 miles of such bank irrespective of district lines.



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

279

(e) Real estate as distinguished from farm land to be eligible as security for a
loan by a national bank must be located within a radius of 100 miles of such
bank irrespective of district lines.
(/) The right of a national bank to "make loans" under section 24 includes the
right to purchase or discount loans already made as well as the right to make
such loans in the first instance: Provided, however, That no loan secured by farm
land shall have a maturity of more than five years from the date on which it was
purchased or made by the national bank and that no loan secured by other real
estate shall have a maturity of more than one year from such date.
(g) Though no national bank is authorized under the provisions of section
24 to make a loan on the security of real estate, other than farm land, for a period
exceeding one year, nevertheless, at the end of the year, the maturing note may
be renewed or extended for another year, and in order to obviate the necessity
of making a new mortgage or deed of trust for each renewal the original mortgage
or deed of trust may be so drawn in the first instance as to cover possible future
renewals of the original note. Under no circumstances, however, must the
bank obligate itself in advance to make such a renewal. It must in all cases
preserve the right to require payment at the end of the year and to foreclose
the mortgage should that action become necessary. The same principles apply
to loans of longer maturities secured by farm lands.
(h) In order that real estate loans held by a bank may be readily classified, a
statement signed by the officers making a loan and having knowledge of the facts
upon which it is based must be attached to each note secured, by a first mortgage
on the land by which the loan is secured, certifying in detail as of the date of
the loan that all of the requirements of law have been duly observed.

REGULATION H, SERIES OF 1923.
(Superseding Regulation H of 1920.)
MEMBERSHIP OF STATE BANKS AND TRUST

COMPANIES.

SECTION I. Banks eligible for membership.
1. Incorporation.—In order to be eligible for membership in a Federal reserve
bank, a State bank or trust company must have been incorporated under a
special or general law of the State or district in which it is located.
2. Capital stock.—Under the terms of section 9 of the Federal reserve act as
amended, no applying bank can be admitted to membership in a Federal reserve
bank unless—
(a) It possesses a paid-up, unimpaired capital sufficient to entitle it to become
a national banking association in the place where it is situated, under the provisions of the national bank act, or
(6) It possesses a paid-up, unimpaired capital of at least 60 per cent of such
amount, and, under penalty of loss of membership, complies with the rules and
regulations herein prescribed by the Federal Reserve Board fixing the time
within which and the method by which the unimpaired capital of such bank
shall be increased out of net income to equal the capital required under (a).
In order to become a member of the Federal reserve system, therefore, any
State bank or trust company must have a minimum paid-up capital stock at
the time it becomes a member, as follows:

If located in a city or town with a population o—
f

Not exceeding 3,000 inhabitants
Exceeding 3,000 but not exceeding 6,000 inhabitants
Exceeding 6,000 but not exceeding 50,000 inhabitants . _
Exceeding 50,000 inhabitants




Minimum
capital if
admitted
under
clause (a)
$25,000
50, 000
100,000 I
200,000

Minimum
capital if
admitted
under
clause (6).
$15,000
30,000
60,000
120,000

280

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

Any bank admitted to membership under clause (b) must also, as a condition
of membership, the violation of which will subject it to expulsion from the
Federal reserve system, increase its paid-up and unimpaired capital within five
years after the approval of its application by the Federal Reserve Board to the
amount required under (a). For the purpose of providing for such increase,
every such bank shall set aside each year in a fund exclusively applicable to
such capital increase not less than 50 per cent of its net earnings for the preceding }^ear prior to the payment of dividends, and if such net earnings exceed
12 per cent of the paid-up capital of such bank, then all net earnings in excess
of 6 per cent of the paid-up capital shall be carried to such fund, until such
fund is large enough to provide for the necessary increase in capital. Whenever
such fund shall be large enough to provide for the necessary increase in capital,
or at such other time as the Federal Reserve Board may require, such fund or
as much thereof as may be necessary shall be converted into capital by a stock
dividend or used in any other manner permitted by State law to increase the
capital of such bank to the amount required under (a): Provided, however, That
such bank may be excused in whole or in part from compliance with the terms
of this paragraph if it increases its capital through the sale of additional stock:
Provided, further, That nothing herein contained shall be construed as requiring
any such bank to violate any provision of State law, and in any case in which
the requirements of this paragraph are inconsistent with the requirements of
State law the requirements of this paragraph may be waived and the subject
covered by a special condition of membership to be prescribed by the Federal
Reserve Board.
SECTION II. Application for membership.
Any eligible State bank or trust company may make application on F. R. B.
Form 83a, made a part of this regulation, to the Federal Reserve Board for an
amount of capital stock in the Federal reserve bank of its district equal to 6
per cent of the paid-up capital stock and surplus of such State bank or trust
company. This application must be forwarded direct to the Federal reserve
agent of the district in which the applying bank or trust company is located
and must be accompanied by Exhibits I, II, and III, referred to on page 1 of
the application blank.
SECTION III. Approval of application.
In passing upon an application the Federal Reserve Board will consider
especially—
1. The financial condition of the applying bank or trust company and the
general character of its management;
2. Whether the corporate powers exercised by the applying bank or trust
company are consistent with the purposes of the Federal reserve act; and
3. Whether the laws of the State or district in which the applying bank or
trust company is located contain provisions likely to prevent proper compliance
with the provisions of the Federal reserve act and the regulations of the Federal
Reserve Board made in conformity therewith.
If, in the judgment of the Federal Reserve Board, an applying bank or trust
company conforms to all the requirements of the Federal reserve act and these
regulations, and is otherwise qualified for membership, the board will issue a
certificate of approval subject to such conditions as it may deem necessary to
insure compliance with the act and these regulations. When the conditions
imposed by the board have been accepted by the applying bank or trust company the board will issue a certificate of approval, whereupon the applying
bank or trust company shall make a payment to the Federal reserve bank of
its district of one-half of the amount of its subscription, i. e., 3 per cent of the
amount of its paid-up capital and surplus, and upon receipt of this payment
the appropriate certificate of stock will be issued by the Federal reserve bank.
The remaining half of its subscription shall be subject to call when deemed
necessary by the Federal Reserve Board.
SECTION IV. Powers and restrictions.
Every State bank or trust company while a member of the Federal reserve
system—
1. Shall retain its full charter and statutory rights as a State bank or trust
compan}', subject to the provisions of the Federal reserve act and to the regulations of the Federal Reserve Board;




ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

281

2. Shall maintain such improvements and changes in its banking practice as
may have been specifically required of it by the Federal1 Reserve Board as a
condition of its admission and shall not lower the standard of banking then
required of it;
3. kShall enjoy all the privileges and observe all those requirements of the
Federal reserve act and of Tthe regulations of the Federal Reserve Board made
in conformity therewith w hich are applicable to State banks and trust companies which have become member banks; and
4. Shall comply at all times with any and all conditions of membership prescribed by the Federal Reserve Board at the time of the admission of such member
bank to the Federal reserve system.
SECTION V. Examinations and reports.

Every State bank or trust company, while a member of the Federal reserve
system, shall be subject to examinations made by direction of the Federal Reserve
Board or of the Federal reserve bank by examiners selected or approved by the
Federal Reserve Board.
In order to avoid duplication, examinations of State banks and trust companies
made by State authorities will be accepted in lieu of examinations by examiners
selected or approved by the board wherever these are satisfactory to the directors
of the Federal reserve bank, and examiners from the staff of the board or of the
Federal reserve banks will, whenever desirable, be designated by the board to
act with the examination staff of the State in order that uniformity in the standard
of examination may be assured.
Every State bank or trust company, while a member of the Federal reserve
system, shall be required to make in each year not less than three reports of
condition on F. R. B. Form 105. Such reports shall be made to the Federal
reserve bank of its district on call of such bank, on dates to be fixed by the
Federal Reserve Board. They shall also make semiannual reports of earnings
and dividends on F. R. B. Form 107. As dividends may be declared from time
to time, each State bank or trust company member shall also furnish to the Federal
reserve bank of its district a special notification of dividend declared on F. R. B.
Form 107a. F. R. B. Forms 105, 107, and 107a are made a part of this regulation.

REGULATION I, SERIES OF 1923.
(Superseding Regulation I of 1920.)
INCREASE OR DECREASE OF CAPITAL STOCK OF FEDERAL RESERVE BANKS AND
CANCELLATION OF OLD AND ISSUE OF N E W STOCK CERTIFICATES.
SECTION I. Increase of capital stock.

(a) New national banks.-—Each new national bank, while in process of organization (including each nonmember State bank converting into a national bank, 5
while in process of such conversion), shall file with the Federal reserve bank of its
district an application to the Federal Reserve Board on F. R. B. Form 30 (or as
to a nonmember State bank converting into a national bank, on F. R. B. Form
30a), made a part of this regulation, for an amount of capital stock of the Federal
reserve bank of its district equal to 6 per cent of the paid-up capital stock and
surplus of such new national bank. Such application shall be forwarded promptly
to the Federal Reserve Board, and if it is found to be in proper form the Federal
Reserve Board will grant its approval effective if and when the Comptroller of the
Currency issues to such bank his certificate of authority to commence business.
If its application is approved, the applying bank shall thereupon make a payment
to the Federal reserve bank of its district of one-half of the amount of its subscription, i. e., 3 per cent of the amount of its paid-up capital and surplus; and
upon receipt of this payment the Federal reserve bank will issue a receipt therefor,
5
Whenever any State member bank is converted into a national bank under section 5154 of the Revised
Statutes, as amended by section 8 of the Federal reserve act, it may continue to hold as a national bank its
shares of Federal reserve bank stock previously held as a State bank, and need not file any application for
Federal reserve bank stock, unless the aggregate amount of its capital and surplus is increased, in which
event it should file an application for additional stock, as provided in Section I (c). The certificate of stock
issued in the old name of the member bank, however, should be surrendered and canceled, and a new
certificate should be issued in lieu thereof, in the new name of the member bank, as provided in Section I I I .




282

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

place the amount in a suspense account, and notify the Federal Reserve Board that
it has been received. When the Comptroller of the Currency issues to such applying bank his certificate of authority to commence business the Federal reserve
bank shall issue a stock certificate to the applying bank, and the capital stock of
the Federal reserve bank represented by such certificate shall be considered as
issued as of the date upon which the Comptroller of the Currency issues his
certificate of authority to commence business. The remaining half of the subscription of the applying bank shall be subject to call when deemed necessary by
the Federal Reserve Board.
(b) State banks becoming members.—Any State bank or trust company desiring
to become a member of the Federal Reserve System shall make application as
provided in Regulation H, and when such application has been approved by the
Federal Reserve Board and all requirements of Regulation H have been complied
with the Federal reserve bank shall issue an appropriate certificate of stock as
provided in Regulation H.
(c) Increase of capital or surplus by member banks.—Whenever any member
bank shall increase the aggregate amount of its paid-up capital stock and surplus,
it shall file with the Federal reserve bank of which it is a member an application
on F. R. B. Form 56, made a part of this regulation, for an additional amount of
the capital stock of the Federal reserve bank of its district equal to 6 per cent of
such increase. After such application has been approved by the Federal reserve
agent and by the Federal Reserve Board, the applying member bank shall pay
to the Federal reserve bank of its district one-half of the amount of ii:s additional
subscription, and when this amount has been paid the appropriate certificate of
stock shall be issued by the Federal reserve bank. The remaining half of such
additional subscription shall be subject to call when deemed necessary by the
Federal Reserve Board.
(d) Consolidation of member banks.—Whenever two or more member banks
consolidate and such consolidation results in the consolidated bank acquiring
by operation of law 6 the Federal reserve bank stock owned by the other consolidating bank or banks, and which also results in the consolidated bank having
an aggregate capital and surplus in excess of the aggregate capital and surplus
of the consolidating member banks, such consolidated bank shall file an application for additional stock, as provided in Section I (c).
(e) Certifying increases of Federal reserve bank stock.—Whenever the capital
stock of any Federal reserve bank shall be increased the board of directors of
such Federal reserve bank shall certify such increase to the Comptroller of the
Currency on F. R. B. Form 58, which is made a part of this regulation. Such
certifications shall be made quarterly as of the last days of December, March,
June, and September of each year. A duplicate copy of each certificate shall
be forwarded to the Federal Reserve Board.
SECTION II. Decrease of capital stock.
(a) Reduction of capital by member bank.—Whenever a member bank reduces
the amount of its paid-up capital stock and, in the case of redaction of the paidup capital of a national bank, such reduction has been approved by the Comptroller of the Currency and by the Federal Reserve Board in accordance with the
provisions of section 28 of the Federal reserve act, it shall file with the Federal
reserve bank of which it is a member an application for the surrender and cancellation of stock on F. R. B. Form 60, which is made a part of this regulation.
When this application has been approved by the Federal reserve agent and
the Federal Reserve Board, the Federal reserve bank shall accept and cancel the
stock which the applying bank is entitled to surrender and shall refund to the
member bank the proportionate amount due such bank on account of the stock
canceled.
6
Section 5 of the Federal reserve act provides that " Shares of the capital stock of Federal reserve banks
owned by member banks shall not be transferred or hypothecated." This provision prevents a transfer
of Federal reserve bank stock by purchase, but does not prevent a transfer by operation of law. When
there is a merger of member banks involving the liquidation of one of such banks and the purchasing of the
assets of the liquidating bank by the bank continuing in existence, it is necessary for the liquidating bank
to surrender its Federal reserve bank stock and for the purchasing bank to apply for new stock. On the
other hand, if member banks consolidate, under a statute which does not require the liquidation of any of
the consolidating banks, and the assets and obligations of the consolidating banks are transferred to the
consolidated bank by operation of law, the consolidated bank becomes the owner of the Federal reserve
bank stock of the consolidating banks as soon as the consolidation takes effect and such stock technically
need not be surrendered. The certificates of stock issued in the names of the consolidating banks, however,
should be surrendered and canceled, and a new certificate should be issued in lieu thereof, in the new name
of the consolidated bank, as provided in Section III. A consolidation of national banks under the act of
Congress entitled " A n act to provide for the consolidation of national banking associations," approved
Nov. 7, 1918, meets all of these conditions.




ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

283

(6) Insolvency of member bank.—Whenever a member bank shall be declared
insolvent and a receiver appointed by the proper authorities, such receiver shall,
within six months from the date of his appointment, file with Federal reserve
bank of which the insolvent bank is a member an application on the F. R. B.
Form 87, which is made a part of this regulation, for the surrender and cancellation of the stock held by such insolvent member bank, and for the refund of all
balances due to it. If the receiver shall fail to make such application within
the time specified, the Federal reserve agent shall report the facts to the Federal
Reserve Board with a recommendation as to the action to be taken, whereupon
the Federal Reserve Board will either issue an order to cancel such stock or, if
the circumstances warrant it, grant the receiver additional time in which to file
such an application. Upon approval of such an application by the Federal
reserve agent and the Federal Reserve Board, or upon the issuance of such an
order by the Federal Reserve Board, the Federal reserve bank shall cancel such
stock and shall adjust accounts between the member bank and the Federal
reserve bank by applying to any indebtedness of the insolvent member bank
to such Federal reserve bank all cash-paid subscriptions made by it on the stock
canceled with one-half of 1 per cent per month from the period of last dividend,
if earned, not to exceed the book value thereof, and the balance, if any, shall be
paid to the duly authorized receiver of such insolvent member bank.
(c) Voluntary liquidation of member bank.—Whenever a member bank goes into
voluntary liquidation and a liquidating agent is appointed, such agent shall,
within six months from the date of his appointment, file with the Federal reserve
bank of which the liquidating bank is a member an application on F. R. B.
Form 86, if a national bank, and on F. R. B. Form 143, if a State bank,
which forms are made a part of this regulation, for the surrender and cancellation
of the stock held by it and for the refund of all balances due to such liquidating
member bank. If the liquidating agent shall fail to make such application
within the time specified, the Federal reserve agent shall report the facts to
the Federal Reserve Board with a recommendation as to the action to be taken,
whereupon the Federal Reserve Board will either issue an order to cancel such
stock, or, if the circumstances warrant it, grant the liquidating agent additional
time in which to file such an application. Upon approval of such an application
by the Federal reserve agent and the Federal Reserve Board, or upon the issuance
of such an order by the Federal Reserve Board, the Federal reserve bank shall
cancel such stock and shall adjust accounts between the liquidating member
bank and the Federal reserve bank by applying to the indebtedness of the liquidating member bank to such Federal reserve bank all cash-paid subscriptions mado
by it on the stock canceled with one-half of 1 per cent per month from the period
of last dividend, if earned, not to exceed the book value thereof, and the balance,
if any, shall be paid to the duly authorized liquidating agent of such liquidating
member bank.
(d) Consolidation of member banks.—Whenever there is a consolidation of two
or more member banks which results in the consolidated bank acquiring by
operation of law (see note 6 on p. 282) the Federal reserve bank stock owned by
the other consolidating banks, and which also results in the consolidated bank
having a paid-up capital less than the aggregate paid-up capital of the consolidating member banks, the consolidated bank shall file with the Federal reserve bank
of which it is a member an application for the surrender and cancellation of stock
on F. R. B. Form 60a, which is made a part of this regulation. Upon the approval
of this application by the Federal reserve agent and the Federal Reserve Board,
the Federal reserve bank shall accept and cancel the stock which the applying
bank is entitled to surrender, and shall refund to the applying bank the proportionate amount due such bank on account of the stock canceled.
(e) Certifying reductions of Federal reserve bank stock.—All reductions of the
capital stock of a Federal reserve bank shall, in accordance with the provisions
of section 6 of the Federal reserve act, be certified to the Comptroller of the
Currency by the board of directors of such Federal reserve bank on F. R. B.
Form 59, which is made a part of this regulation. Such certifications shall be
made quarterly as of the last days of December, March, June, and September
of each year. A duplicate copy of each certificate shall be forwarded to the
Federal Reserve Board.
SECTION III. Cancellation of old and issue of new stock certificates.
Whenever a member bank changes its name or, by consolidation with another
member bank acquires by operation of law (see note 6 on p. 282) the Federal
reserve bank stock previously held by such other member bank, it shall surrender



284

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

to the Federal reserve bank the certificate of Federal reserve bank stock which
was issued to it under its old name, or which was issued to such other member
bank. The certificate so surrendered shall be indorsed by the member bank
surrendering it or by the member bank to which it was originally issued and
shall be accompanied by proper proof of the change of name or consolidation.
Upon receipt of such certificate of stock so indorsed, together with such proof, the
Federal reserve bank shall cancel the certificate so surrendered and shall issue in
lieu thereof to and in the name of the member bank surrendering it a new certificate for the number of shares represented by the certificate so surrendered, or
if the member bank is entitled to surrender some of the stock which is represented
by the surrendered certificate, and an application for the surrender and cancellation of such stock is at the same time made in accordance with this regulation,
the new certificate shall be for the number of shares represented by the surrendered certificate less the number of shares canceled pursuant to such application.
All cases where certificates of stock are surrendered and new certificates issued in
lieu thereof and in a different name shall be reported to the Federal Reserve
Board by the Federal reserve agent.

REGULATION J, SERIES OF 1920.
(Superseding Regulation J of 1917.)
C H E C K C L E A R I N G AND COLLECTION.

(See note below.)

Section 16 of the Federal reserve act authorizes the Federal Reserve Board to
require each Federal reserve bank to exercise the function of a clearing house for
its member banks, and section 13 of the Federal reserve act, as amended by the
act approved June 21, 1917, authorizes each Federal reserve bank to receive from
any nonmember bank or trust company, solely for the purposes of exchange or of
collection, deposits of current funds in lawful money, national-bank notes, Federal reserve notes, checks and drafts payable upon presentation, or maturing
notes and bills, provided such nonmember bank or trust company maintains
with its Federal reserve bank a balance sufficient to offset the items in transit held
for its account by the Federal reserve bank.
In pursuance of the authority vested in it under these provisions of law, the
Federal Reserve Board, desiring to afford both to the public and to the various
banks of the country a direct, expeditious, and economical system of check collection and settlement of balances, has arranged to have each Federal reserve
bank exercise the functions of a clearing house for such of its member banks as
desire to avail themselves of its privileges, and for such nonmember State banks
and trust companies as may maintain with the Federal reserve bank balances
sufficient to qualify them under the provisions of section 13 to send items to
Federal reserve banks for purposes of exchange or of collection. Such nonmember State banks and trust companies will hereinafter be referred to in this
regulation as nonmember clearing banks.
Each Federal reserve bank shall exercise the functions of a clearing house under
the following general terms and conditions:
(1) Each Federal reserve bank will receive at par from its member banks and
from nonmember clearing banks in its district, checks 7 drawn on all member and
nonmember clearing banks and on all other nonmember banks which agree to
remit at par through the Federal reserve bank of their district.
(2) Each Federal reserve bank will receive at par from other Federal reserve
banks, and from all member and nonmember clearing banks, regardless of their
location, for the credit of their accounts with their respective Federal reserve
7
A check is generally defined as a draft or order upon a bank or banking house, purporting to be drawn
upon a deposit of funds, for the payment at all events of a certain sum of money to a certain person therein
named, or to him or his order, or to bearer, and payable instantly on demand.
NOTE.—The Federal Reserve Board, by telegram dated August 2,1923, instructed Federal reserve banks
to discontinue the use of agents other than banks for the purpose of making collections at par of items drawn
upon nonpar remitting banks. Under date of July 10, 1923, in connection with the revision of all the
board's regulations, the board had issued Regulation J, series of 1923, which was intended to supersede
Regulation J, series of 1920. but the effective date of that regulation was fixed as of August 15, 1923, and
before that date the regulation was suspended and never became effective. Regulation J, series of 1920,
has since been superseded, however, by Regulation J, series of 1924, which was adopted by the Federal
Reserve Board and became effective on May 9, 1924.




ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

285

banks, checks drawn upon all member and nonmember clearing banks of its
district and upon all other nonmember banks of its district whose checks are
collected at par by the Federal reserve bank.
(3) Immediate credit entry upon receipt subject to final payment will be made
for all such items upon the books of the Federal reserve bank at full face value,
but the proceeds will not be counted as part of the minimum reserve nor become available to meet checks drawn until such time as may be specified in
the appropriate time schedule referred to in subdivision 7.
(4) Checks received by a Federal reserve bank on its member or nonmember
clearing banks will be forwarded direct to such banks and will not be charged
to their accounts until sufficient time has elapsed within which to receive advice of
payment, as shown by the appropriate time schedule referred to in subdivision 7.
(5) Under this plan each Federal reserve bank will receive at par from its
member and nonmember clearing banks checks on all member and nonmember
clearing banks and on all other nonmember banks whose checks can be collected
at par by any Federal reserve bank. Member and nonmember clearing banks
will be required by the Federal Reserve Board to provide funds to cover at par
all checks received from or for the account of their Federal reserve banks:
Provided, however, That a member or nonmember clearing bank may ship currency or specie from its own vaults at the expense of its Federal reserve bank
to cover any deficiency which ma}^ arise because of and only in the case of
inability to provide items to offset checks received from or for the account of
its Federal reserve bank. 8
(6) Section 19 of the Federal reserve act provides that—
"The required balance carried by a member bank with a Federal reserve
bank may, under the regulations and subject to such penalties as may be prescribed by the Federal Reserve Board, be checked against and withdrawn by
such member bank for the purpose of meeting existing liabilities: Provided,
however, That no bank shall at any time make new loans or shall pay anv
dividends unless and until the total balance required by law is fully restored."
Items can not be counted as part of the minimum reserve balance to be carried by a member bank with its Federal reserve bank until such time as may be
specified in the appropriate time schedule referred to in subdivision 7. Therefore, should a member bank draw against items before such time, the draft
would be charged against its reserve balance if such balance were sufficient in
amount to pay it; but any resulting impairment of reserve balances would be
subject to all the penalties provided by the act.
Inasmuch as it is essential that the law in respect to the maintenance by
member banks of the required minimum reserve balance shall be strictly complied with, the Federal Reserve Board, under authority vested in it by section
19 of the act, has prescribed as the basic penalty for any deficiency in reserves
a sum equivalent to an interest charge on the amount of the deficiency of 2
per cent per annum above the ninety-day discount rate of the Federal reserve
bank of the district in which the member Bank is located, and has announced
that it wTill prescribe for any Federal reserve district, upon the application of
the Federal reserve bank of that district, as an additional progressive penalty
for any subsequent deficiency by the same member bank during the same
calendar year a sum equivalent to an interest charge on the amount of the
subsequent deficiency at a rate increasing one-half of 1 per cent for each such
subsequent deficiency.
(7) Each Federal reserve bank will determine by analysis the amounts of
uncollected funds appearing on its books to the credit of each member bank.
Such analysis will show the true status of the reserve held b}^ the Federal reserve
bank for each member bank and will enable it to apply the penalty for impairment of reserve.
Each Federal reserve bank will publish time schedules showing the time at
which any item sent to it will be counted as reserve and become available to
meet any checks drawn.
(8) In handling items for member and nonmember clearing banks, a Federal
reserve bank will act as agent only. The board will require that each member
and nonmember clearing bank authorize its Federal reserve bank to send checks
8
In accordance with instructions issued by the Federal Reserve Board on April 24, 1917, the various
Federal reserve banks have issued circulars setting forth the conditions under which their respective
member banks may draw drafts on their reserve bank accounts payable with or through any other
Federal reserve bank.




286

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

for collection to banks on which checks are drawn, and, except for negligence,
such Federal reserve bank will assume no liability. Any further requirements
that the board may deem necessary will be set forth b}^ the Federal reserve
banks in their letters of instruction to their member and nonmember clearing
banks. Each Federal reserve bank will also promulgate rules and regulations
governing the details of its operations as a clearing house, such rules and regulations to be binding upon all member and nonmember banks which are clearing
through the Federal reserve bank.
REGULATION K, SERIES OF 1923.
(Superseding Regulation K of 1920.)
BANKING CORPORATIONS AUTHORIZED TO DO FOREIGN BANKING BUSINESS
UNDER THE TERMS OF SECTION 25 (a) OF THE FEDERAL RESERVE ACT.

I. Organization.
Any number of natural persons, not less in any case than five, may form a
Corporation 9 under the provisions of section 25 (a) for the purpose of engaging
in international or foreign banking or other international or foreign financial
operations or in banking or other financial operations in a dependency or insular
possession of the United States either directly or through the agency, ownership,
or control of local institutions in foreign countries or in such dependencies or
insular possessions.
II. Articles of association.
Any persons desiring to organize a corporation for any of the purposes defined
in section 25 (a) shall enter into articles of association (see F. R. B. Form 151,
r
w hich is suggested as a satisfactory form of articles of association) which shall
specify in general terms the objects for which the Corporation is formed, and
may contain any other provisions not inconsistent with law which the Corporation may see fit to adopt for the regulation of its business and the conduct of its
affairs. The articles of association shall be signed by each person intending to
participate in the organization of the Corporation and when signed shall be
forwarded to the Federal Reserve Board in whose office they shall be filed.
III. Organization certificate.
All of the persons signing the articles of association shall under their hands
make an organization certificate on F. R. B. Form 152, which is made a part of
this regulation, and which shall state specifically:
First. The name assumed by the Corporation.
Second. The place or places where its operations are to be carried on.
Third. The place in the United States where its home office is to be located.
Fourth. The amount of its capital stock and the number of shares into which
it shall be divided.
Fifth. The names and places of business or residences of persons executing the
organization certificate and the number of shares to which each has subscribed.
Sixth. The fact that the certificate is made to enable the persons subscribing
the same and all other persons, firms, companies, and 'corporations who or which
may thereafter subscribe to or purchase shares of the capital stock of such
Corporation to avail themselves of the advantages of this section.
The persons signing the organization certificate shall acknowledge the execution thereof before a judge of some court of record or notary public who shall
certify thereto under the seal of such court or notary. Thereafter the certificate
shall be forwarded to the Federal Reserve Board to be filed in its office.
IV. Title.
Inasmuch as the name of the Corporation is subject to the approval of the
Federal Reserve Board, a preliminary application for that approval should be
filed with the Federal Reserve Board on F. R. B. Form 150, which is made a
part of this regulation. This application should state merely that the organiza9
Whenever these regulations refer to a Corporation spelled with a capital 0 they relate to a corporation
organized under section 25 (a) of the Federal reserve act.




ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

287

tion of a Corporation under the proposed name is contemplated and may request
the approval of that name and its reservation for a period of 30 days. No
Corporation which issues its own bonds, debentures, or other such obligations
will be permitted to have the word " b a n k " as a part of its title. No Corporation which has the word " Federal" in its title will be permitted also to have
the word " b a n k " as a part of its title. So far as possible the title of the Corporation should indicate the nature or reason of the business contemplated and should
in no case resemble the name of any other corporation to the extent that it might
result in misleading or deceiving the public as to its identity, purpose, connections, or affiliations.
V. Authority to commence business.
After the articles of association and organization certificate have been made
and filed with the Federal Reserve Board, and after they have been approved
by the Federal Reserve Board and a preliminary permit to begin business has
been issued by the Federal Reserve Board, the association shall become and
be a body corporate, but none of its powers except such as are incidental and
preliminary to its organization shall be exercised until it has been formally
authorized by the Federal Reserve Board by a final permit generally to commence business.
Before the Federal Reserve Board will issue its final permit to commence
business, the president or cashier, together with at least three of the directors,
must certify (a) that each director elected is a citizen of the United States;
(6) that a majority of the shares of stock is owned by citizens of the United
States, by corporations the controlling interest in which is owned by citizens
of the United States, chartered under the laws of the United States, or by firms
or companies the controlling interest in which is owned by citizens of the United
States; and (c) that of the authorized capital stock specified in the articles of
association at least 25 per cent has been paid in in cash and that each shareholder
has individually paid in in cash at least 25 per cent of his stock subscription.
Thereafter the cashier shall certify to the payment of the remaining installments
as and when each is paid in, in accordance with law.
VI. Capital stock.
No Corporation may be organized under the terms of section 25 (a) with a
capital stock of less than $2,000,000. The par value of each share of stock shall
be specified in the articles of association, and no Corporation will be permitted
to issue stock of no par value. If there is more than one class of stock, the name
and amount of each class and the obligations, rights, and privileges attaching
thereto shall be set forth fully in the articles of association. Each class of stock
shall be so named as to indicate to the investor as nearly as possible what is its
character and to put him on notice of any unusual attributes.
VII. Transfers of stock.
Section 25 (a) provides in part that—
"A majority of the shares of the capital stock of any such corporation shall
at all times be held and owned by the citizens of the United States, by corporations the controlling interest in which is owned by citizens of the United States,
•chartered under the laws of the United States or of a State of the United States,
or by firms or companies the controlling interest in which is owned by citizens
of the United States."
In order to insure compliance at all times with the requirements of this provision after the organization of the Corporation, shares of stock shall be issuable
and transferable only on the books of the Corporation. Every application for
the issue or transfer of stock shall be accompanied by an affidavit of the party
to whom it is desired to issue or transfer stock, or by his or its duly authorized
agent, stating—
In the case of an individual.— (a) Whether he is or is not a citizen of the United
States and if a citizen of the United States, whether he is a natural-born citizen
or a citizen by naturalization, and if naturalized, whether he remains for any
purpose in the allegiance of any foreign sovereign or state; (6) Whether there
is or is not any arrangement under which he is to hold the shares or any of the
shares which he desires to have issued or transferred to him, in trust for or in any
•way under the control of any foreign state or any foreigner, foreign corporation,
or any corporation under foreign control, and if so, the nature thereof.



288

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

In the case of a corporation.—(a) Whether such corporation is or is not chartered
under the laws of the United States or of a State of the United States. If it is
not, no further declaration is necessary, but if it is, it must also be stated (6)
whether the controlling interest in such corporation is or is not owned by citizens
of the United States, and (c) whether there is or is not any arrangement under
which such corporation will hold the shares or any of the shares, if issued or
transferred to such corporation, in trust for or in any way under the control of
any foreign state or any foreigner or foreign corporation or any corporation
under foreign control, and if so, the nature thereof.
In the case of a firm or company.— (a) Whether the controlling interest in such firm
or company is or is not owned by citizens of the United States and, if so. (b) whether
there is or is not any arrangement under which such firm or company will hold
the shares or any of the shares if issued or transferred to such firm or company
in trust lor or in any way under the control of any foreign state or any foreigner
or foreign corporation or any corporation under foreign control, and if so, the
nature thereof.
The board of directors of the Corporation, whether acting directly or through
an agent, may, before making any issue or transfer of stock, require such further
evidence as in their discretion they may think necessary in order to determine
whether or not the issue or transfer of the stock would result in a violation of
the law. No issue or transfer of stock which would cause 50 per cent or more of
the total amount of stock issued or outstanding to be held contrary to the provisions of the law or these regulations shall be made upon the books of the Corporation. The decision of the board of directors in each case shall be final and
conclusive, and not subject to any question by any person, firm, or corporation,,
on any ground whatsoever.
If at any time by reason of the fact that the holder of any shares of the Corporation ceases to be a citizen of the United States, or, in the opinion of the
board of directors, becomes subject to the control of any foreign state or foreigner
or foreign corporation or corporation under foreign control, 50 per cent or more
of the total amount of capital stock issued or outstanding is held contrary to the
provisions of the law or these regulations, the board of directors may, wheni
apprised of that fact, forthwith serve on the holder of the shares in question a
notice in writing requiring such holder within two months to transfer such shares
to a citizen of the United States, or to a firm, company, or corporation approved
by the board of directors as an eligible stockholder. When such notice has been
given by the board of directors the shares of stock so held shall cease to confer
any vote until they been transferred as required above and if on the expiration
of two months after such notice the shares shall not have been so transferred, the
shares shall be forfeited to the Corporation.
The board of directors shall prescribe in the by-laws of the Corporation
appropriate regulations for the registration of the shares of stock in accordance
with the terms of the law and these regulations. The by-laws must also providethat the certificates of stock issued by the Corporation shall contain provisions
sufficient to put the holder on notice of the terms of the law and the regulations
of the Federal Reserve Board defining the limitations upon the rights of transfer.
VIII. Operations in the United States.
No Corporation shall carry on any part of its business in the United States
except such as shall be incidental to its international or foreign business. Agencies
may be established in the United States with the approval of the Federal Reserve
Board for specific purposes, but not generally to carry on the business of the
Corporation.
IX. Investments in the stock of other corporations.
It is contemplated by the law that a Corporation shall conduct its business
abroad either directly or indirectly through the ownership or control of corporations, and It is accordingly provided that a Corporation may invest in the stock,
or other certificates of ownership, of any other corporation organized—
(a) Under the provisions of section 25 (a) of the Federal reserve act;
(6) Under the laws of any foreign country or a colony or dependency thereof;
(c) Under the laws of any State, dependency, or insular possession of the
United States;
provided, first, that such-other corporation is not engaged in the general business
of buying or selling goods, wares, merchandise, or commodities in the United
States; and second, that it is not transacting any business in the United States
except such as is incidental to its international or foreign business.




ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

289

Except with the approval of the Federal Reserve Board, no Corporation shall
invest an amount in excess of 15 per cent of its capital and surplus in the stock
of any corporation engaged in the business of banking, or an amount in excess
of 10 per cent of its capital and surplus in the stock of any other kind of corporation.
No Corporation shall purchase any stock in any other corporation organized
under the terms of section 25 (a) or under the laws of any State which is in substantial competition therewith or which holds stock or certificates of ownership
in corporations which are in substantial competition with the purchasing Corporation. This restriction, however, does not apply to corporations organized
under foreign laws.
X. Branches.
No Corporation shall establish any branches except with the approval of the
Federal Reserve Board, and in no case shall any branch be established in the
United States.
XI. Issue of debentures, bonds, and promissory notes.
Approval of the Federal Reserve Board.—No Corporation shall make any public
or private issue of its debentures, bonds, notes, or other such obligations without
the approval of the Federal Reserve Board, but this restriction shall not apply
to notes issued by the Corporation in borrowing from banks or bankers for
temporary purposes not to exceed one year. The approval of the Federal Reserve Board will be based solely upon the right of the Corporation to make the
issue under the terms of this regulation and shall not be understood in any way
to imply that the Federal Reserve Board has approved or passed upon the merits
of such obligations as an investment. The Federal Reserve Board will consider
the general character and scope of the business of the Corporation in determining the amount of debentures, bonds, notes, or other such obligations of the
Corporation which may be issued by it.
Application.—Every application for the approval of any such issue by a Corporation shall be accompanied by (1) a statement of the condition of the Corporation in such form and as of such date as the Federal Reserve Board may require;
(2) a detailed list of the securities by which it is proposed to secure such issue,
stating their maturities, indorsements, guaranties, or collateral, if any, and in
general terms the nature of the transaction or transactions upon which they
were based; and (3) such other data as the Federal Reserve Board may from time
to time require.
Advertisements.—No circular, letter, or other document advertising the issue
of the obligations of a Corporation shall state or contain any reference to the
fact that the Federal Reserve Board has granted its approval of the issue to which
the advertisement relates. This requirement will be enforced strictly in order
that there may be no possibility of the public's misconstruing such a reference
to be an approval by the Federal Reserve Board of the merits or desirability of
the obligations as an investment.
XII. Sale of foreign securities.
Approval of the Federal Reserve Board.—No Corporation shall offer for sale
any foreign securities with its indorsement or guaranty, except with the approval
of the Federal Reserve Board, but such approval will be based solely upon the
right of the Corporation to make such a sale under the terms of this regulation
and shall not be understood in any way to imply that the Federal Reserve
Board has approved or passed upon the merits of such securities as an investment.
Application.—Every application for the approval of such sale shall be accompanied by a statement of the character and amount of the securities proposed
to be sold, their indorsements, guaranties, or collateral, if any, and such other
data as the Federal Reserve Board may from time to time require.
Advertisements.—No circular, letter, or other document advertising the sale
of foreign securities by a Corporation with its indorsement or guaranty shall
state or contain any reference to the fact that the Federal Reserve Board has
granted its approval of the sale of the securities to which the advertisement
relates.



290

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
XIII. Acceptances.

Kinds.—Any Corporation may accept (1) drafts and bills of exchange drawn
upon it which grow out of transactions involving the importation or exportation
of goods, and (2) drafts and bills of exchange which are drawn by banks or bankers located in foreign countries or dependencies or insular possessions of the United
States for the purpose of furnishing dollar exchange as required by the usages of
trade in such countries, dependencies, and possessions, provided, however, that,
except the approval of the Federal Reserve Board and subject to such limitations as it may prescribe, no Corporation shall exercise its power to accept drafts
or bills of exchange if at the time such drafts or bills are presented for acceptance
it has outstanding any debentures, bonds, notes, or other such obligations issued
by it,
Maturity.—Except with the approval of the Federal Reserve Board, no Corporation shall accept anj^ draft or bill of exchange which grows out of a transaction involving the importation or exportation of goods with a maturity in
excess of six months, or shall accept any draft or bill of exchange drawn for the
purpose of furnishing dollar exchange with a maturity in excess of three months.
Limitations.—(1) Individual drawers: No acceptances shall be made for the
account of any one drawer in an amount aggregating at any time in excess of 10
per cent of the subscribed capital and surplus of the Corporation, unless the transaction be fully secured or represents an exportation or importation of commodities and is guaranteed by a bank or banker of undoubted solvency. (2) Aggregates: Whenever the aggregate of acceptances outstanding at any time (a) exceeds the amount of the subscribed capital and surplus, 50 per cem: of all the
acceptances in excess of the amount shall be fully secured; or (b) exceeds twice
the amount of the subscribed capital and surplus, all the acceptances outstanding
in excess of such amount shall be fulty secured. (The Corporation shall elect
whichever requirement (a) or (b) calls for the smaller amount of secured acceptances.) In no event shall any Corporation have outstanding at any one time
acceptances drawn for the purpose of furnishing dollar exchange in an amount
aggregating more than 50 per cent of its subscribed capital and surplus.
Reserves.—Against all acceptances outstanding which mature in 30 days or less
a reserve of at least 15 per pent shall be maintained, and against all acceptances
outstanding which mature in more than 30 days a reserve of at least 3 per cent
shall be maintained. Reserves against acceptances must be in liquid assets of
any or all of the following kinds: (1) cash; (2) balances with other banks; (3)
bankers' acceptances; and (4) such securities as the Federal Reserve Board may
from time to time permit.
XIV. Deposits.
In the United States.—No Corporation shall receive in the United States any
deposits except such as are incidental to or for the purpose of carrying out
transactions in foreign countries or dependencies of the United States where the
Corporation has established agencies, branches, correspondents, or where it
operates through the ownership or control of subsidiary corporations. Deposits
of this character may be made by individuals, firms, banks, or other corporations,
whether foreign or domestic, and may be time deposits or on demand.
Outside the United States.—Outside the United States a Corporation may receive deposits of any kind from individuals, firms, banks, or other corporations,
provided, however, that if such corporation has any of its bonds, debentures,
or other such obligations outstanding it may receive abroad only such deposits
as are incidental to the conduct of its exchange, discount, or loan operations.
Reserves.—Against all deposits received in the United States a reserve of not
less than 13 per cent must be maintained. This reserve may consist of cash in
vault, a balance with the Federal reserve bank of the district in which the head
office of the Corporation is located, or a balance with any member bank. Against
all deposits received abroad the Corporation shall maintain such reserves as may
be required by local laws and by the dictates of sound business judgment and
banking principles.
XV. General limitations and restrictions.
Liabilities of one borrower.—The total liabilities to a Corporation of any person,
company, firm, or corporation for money borrowed, including in the liabilities of
a company or firm the liabilities of the several members thereof, shall at no time
exceed 10 per cent of the amount of its subscribed capital and surplus, except
with the approval of the Federal Reserve Board: Provided, however, That the



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

291

discount of bills of exchange drawn in good faith against actually existing values
and the discount of commercial or business paper actually owned by the person
negotiating the same shall not be considered as money borrowed within the meaning of this paragraph. The liability of a customer on account of an acceptance
made by the Corporation for his account is not a liability for money borrowed
within the meaning of this paragraph unless and until he fails to place the Corporation in funds to cover the payment of the acceptance at maturity or unless
the Corporation itself holds the acceptance.
Aggregate liabilities of the Corporation.—The aggregate of the Corporation's
liabilities outstanding on account of acceptances, average domestic and foreign
deposits, debentures, bonds, notes, guaranties, indorsements, and other such
obligations shall not exceed at any one time ten times the amount of the Corporation's subscribed capital and surplus except with the approval of the Federal
Reserve Board. In determining the amount of the liabilities within the meaning
of this paragraph, indorsements of bills of exchange having not more than six
months to run, drawn and accepted by others than the Corporation, shall not be
included.
Operations abroad.—Except as otherwise provided in the law and these regulations, a Corporation may exercise abroad not only the powers specifically set
forth in the law but also such incidental powers as may be usual in the determination of the Federal Reserve Board in connection with the transaction of the
business of banking or other financial operations in the countries in which it shall
transact business. In the exercise of any of these powers abroad a Corporation
must be guided by the laws of the country in which it is operating and by sound
business judgment and banking principles.
XVI. Management.
The directors, officers, or employees of a Corporation shall exercise their
rights and perform their duties as directors, officers, or employees, with due regard
to both the letter and the spirit of the law and these regulations. For the purpose
of these regulations the Corporation shall, of course, be responsible for all acts of
omission or commission of any of its directors, officers, employees, or representatives in the conduct of their official duties. The character of the management
of a Corporation and its general attitude toward the purpose and spirit of the law
and these regulations will be considered by the Federal Reserve Board in acting
upon any application made under the terms of these regulations.
XVII. Reports and examinations.
Reports.—Each corporation shall make at least two reports annually to the
Federal Reserve Board at such times and in such form as it may require.
Examinations.—Each Corporation shall be examined at least once a year by
examiners appointed by the Federal Reserve Board. The cost of examinations
shall be paid by the Corporation examined.
XVIII. Amendments to regulations.
These regulations are subject to amendment by the Federal Reserve Board
from time to time, provided, however, that no such amendment shall prejudice
obligations undertaken in good faith under regulations in effect at the time they
were assumed.
REGULATION L, SERIES OF 1923.
(Superseding Regulation L of 1920.)
I N T E R L O C K I N G B A N K D I R E C T O R A T E S U N D E R T H E CLAYTON A C T .

SECTION I. Definitions.

Within the meaning of this regulation—
The term "member bank" shall apply to any national bank and any State bank
or trust company which is a member of the Federal reserve system.
The term "national bank" shall be construed to apply not only to national
banking associations but also to banks, banking associations, and trust companies
organized or operating under the laws of the United States, including all banks
and trust companies doing business in the District of Columbia, regardless of the
sources of their charters.




292

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

The term "resources" shall be construed to mean an amount equal to the sum
of the deposits, capital, surplus, and undivided profits.
The term "State bank" shall include any bank, banking association, or trust
company incorporated under State law.
The term "private banker" shall apply to any unincorporated individual
engaging in one or more phases of the banking business as that term is generally
understood and to any member of an unincorporated firm engaging in such business.
The term "Edge Act" shall mean section 25 (a) of the Federal reiserve act as
amended December 24, 1919.
The term "Edge corporation" shall mean any corporation organized under the
provisions of the Edge Act.
The term "city of over 200,000 inhabitants" includes any city, incorporated
town, or village of more than 200,000 inhabitants, as shown by the last preceding
decennial census of the United States. Any bank located anywhere within the
corporate limits of such city is located in a city of over 200,000 inhabitants within
the meaning of the Clayton Act, even though it is located in a suburb or an
outlying district at some distance from the principal part of the city.
SECTION II. Prohibitions of Clayton Act.
Under section 8 of the Clayton Antitrust Act—
(1) No person who is a director or other officer or employee of a national bank
having resources aggregating more than $5,000,000 can legally serve at the same
time as director, officer, or employee of any other national bank, regardless of
its location.
(2) No person who is a director in a State bank or trust company having resources aggregating more than $5,000,000 or who is a private banker having
resources aggregating more than $5,000,000 can legally serve at the same time as
director of any national bank, regardless of its location.
(3) No person can legally be a director, officer, or employee of a national bank
located in a city of more than 200,000 inhabitants who is at the same time a
private banker in the same city or a director, officer, or employee of any other
bank (State or national) located in the same city, regardless of the size of such
bank.
The eligibility of a director, officer, or employee under the foregoing provisions
is determined by the average amount of deposits, capital, surplus, and undivided
profits as shown in the official statements of such bank, banking association, or
trust company filed as provided by law during the fiscal year next preceding the
date set for the annual election cf directors, and when a director, officer, or
employee has been elected or selected in accordance with the provisions of the
Clayton Act it is lawful for him to continue as such for one 3^ear thereafter under
said election or employment.
When any person elected or chosen as a director, officer, or employee of any
bank is eligible at the time of his election or selection to act for such bank in
such capacity his eligibility to act in such capacity is not affected by reason of any
change in the affairs of such bank from whatsoever cause until the expiration of
one year from the date of his election or employment.
SECTION III. Exceptions.

The provisions of section 8 of the Clayton Act—
(1) Do not apply to mutual savings banks not having a capital stock represented by shares.
(2) Do not prohibit a person from being at the same time a director, officer, or
employee of a national bank and not more than one other national bank, State
bank, or trust company, where the entire capital stock of one is owned by the
stockholders of the other.
(3) Do not prohibit a person from being at the same time a class A director of
a Federal reserve bank and also an officer or director, or both an officer and a
director, in one member bank.
(4) Do not prohibit a person who is serving as director, officer, or employee of a
national bank, even though it has resources aggregating over $5,000,000, from
serving at the same time as director, officer, or employee of any number of State
banks and trust companies, provided such State institutions are not located in the
same city of over 200,000 inhabitants as the national bank and do not have
resources aggregating in the case of any one bank more than $5,000,000.



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

293

(5) Do not prohibit a person from serving at the same time as director, officer,
or employee of any number of national banks, provided no two of them are located
in the same city of over 200,000 inhabitants and no one of them has resources
aggregating over $5,000,000.
(6) Do not prohibit a person who is not a director, officer, or employee of any
national bank from serving at the same time as officer, director, or employee of
any number of State banks or trust companies, regardless of their locations and
resources.
(7) Do not prohibit a person who is an officer or employee but not a director of a
State bank from serving as director, officer, or employee of a national bank, even
though either or both of such banks have resources aggregating over $5,000,000,
provided both banks are not located in the same city of over 200,000 inhabitants.
(8) Do not prohibit a person who is an officer or employee but not a director
of a national bank from serving at the same time as director, officer, or employee
of a State bank, even though either or both of such banks have resources aggregating over $5,000,000, provided both banks are not located in the same city of over
200,000 inhabitants.
(9) Do not apply to persons who have obtained the consent or approval of the
Federal Reserve Board under the provisions of the Kern amendment, section 25
of the Federal Reserve Act, or the Edge Act, as hereinafter provided.
Exceptions cumulative.—The above exceptions are cumulative.
SECTION IV. Permission of the Federal Reserve Board under Kern amendment.
By the Kern amendment, approved May 15, 1916, as amended May 26, 1920,
the Clayton Act was amended so as to authorize the Federal Reserve Board to
permit any private banker or any officer, director, or employee of any member
bank or class A director of a Federal reserve bank to serve as director, officer,
or employee of not more than two other banks, banking associations, or trust
companies coming within the prohibitions of the Clayton Act, provided such
other banks are not in substantial competition with such private banker or
member bank.
Substantial competition.—If the institutions involved are not in substantial
competition, the board is authorized, in its discretion, to grant, withhold, or
revoke such consent; but if they are in substantial competition, the board has
no discretion in the matter and must refuse such consent.
The board has adopted the following statement of general principles for its
guidance in determining whether banks are in substantial competition within the
meaning of the Kern amendment to the Clayton Act:
"In general, two banks will be deemed to be in substantial competition if they
actually compete for a considerable amount of business, i. e., if a considerable
portion of the business of each is of the same character and in doing or seeking
such business they actually compete for the same customers or prospective customers, regardless of whether or not it is probable or possible that an interlocking
directorate between them would result in injury to the public by making credit
less available. If the statements of two banks show that each has a considerable
amount of the same class of deposits or loans and it appears from the evidence
submitted that they are so located as to be in a position to serve the same customers conveniently, the board will presume, in the absence of evidence to the
contrary, that they are in substantial competition. This presumption may be
rebutted, however, b)^ any evidence showing that they are not actually competing for such business, e. g., that they actually serve different classes of customers, that the business in question is not actually sought by one bank but is
merely incidental to its other business, or that competition has already been
eliminated through common stock ownership. The existence of substantial competition, however, may be shown by evidence other than that described above."
This is not intended as a precise definition of the term "substantial competition," but merely as a broad statement of the general principles which will be
observed by the Federal Reserve Board in determining whether banks are in
substantial competition. Whether or not substantial competition exists in any
particular case is a question of fact which must be determined in the light of all
the facts and circumstances involved in such case.
When obtained.—Inasmuch as the Kern amendment excepts from the prohibitions of the Clayton Act only those "who shall first procure the consent of the
Federal Reserve Board," it is a violation of the law to serve two or more institutions in the prohibited classes before such consent has been obtained. Such con86538—24t
20



294

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

sent should be obtained, therefore, before becoming an officer, director, or employee of more than one bank in the prohibited classes. Such consent may be
procured before the person apptying therefor has been elected as a class A director
of a Federal reserve bank or as a director of any member bank.
Applications for permission.—A person wishing to obtain the permission of the
Federal Reserve Board to serve banks coming within the prohibitions of the
Clayton Act should—
(1) Make formal application on F. R. B. Form 94, or, if a private banker, on
F. R. B. Form 94d. Each of these forms is made a part of this regulation.
(2) Obtain from each of the banks involved a statement on F. R. B. Form 94a,
which is made a part of this regulation, showing the character of its business,,
together with a copy of its last published statement of condition, and, if a private
banker, make a statement on F. R. B. Form 94e showing the character of his or
his firm's business.
(3) Forward all these papers to the Federal reserve agent of his district, who
will attach his recommendation on F. R. B. Form 94b, which is made a part of
this regulation, and forward them in due course to the Federal Reserve Board.
Approval or disapproval.—As soon as an application is acted upon by the board,
the applicant will be advised of the action taken.
If the board approves the application, a formal certificate of permission to serve
on the banks involved will be issued to the applicant.
Rehearing.—If the board decides that the banks are in substantial competition
and that it can not approve the application, it will, upon petition of the applicant,
reconsider its decision and afford him every opportunity to present any additional
facts or arguments bearing on the subject.
Effect of permits.—Permission once granted is continuing until revoked and
need not be renewed.
Revocation.—All permits, however, are subject to revocation at anj^ time in the
discretion of the Federal Reserve Board. The issuance of a permit to any person
shall have the effect of revoking any or all permits which may have been issued
previously to that person.
SECTION V. Permits under section 25 of the Federal reserve act.
With the approval of the Federal Reserve Board any director, officer, or
employee of a member bank which has invested in the stock of any corporation
principally engaged in international or foreign banking or financial operations
or banking in a dependency or insular possession of the United States, under the
provisions of section 25 of the Federal reserve act, may serve as director, officer,
or employee of any such foreign bank or financial corporation.
Applications for approval.—The approval of the Federal Reserve Board for
such interlocking directorates may be obtained through an informal application in
the form of a letter addressed to the Federal Reserve Board either by the officer,
director, or employee involved, or in his behalf by one of the banks which he is
serving. Such application should be sent directly to the Federal Reserve Board.
SECTION VI. Permits to serve Edge corporations.
With the approval of the Federal Reserve Board—
(1) Any officer, director, or employee of any member bank may serve at the
same time as director, officer, or employee of any Edge corporation in whose
capital stock the member bank shall have invested.
(2) Any officer, director, or employee of any Edge corporation may serve at
the same time as officer, director, or employee of any other corporation in whose
capital stock such Edge corporation shall have invested under the provisions of
the Edge Act.
Applications for approval.—Such approval may be obtained through an informal
application in the form of a letter addressed to the Federal Reserve Board either
by the director, officer, or employee involved, or in his behalf by one of the banks
or corporations involved. Such applications should be sent directly to the
Federal Reserve Board.




ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

295 1

CUBAN AGENCIES.
RESOLUTION ADOPTED BY FEDERAL RESERVE BOARD JULY 30, 1 2 .
93

Whereas the United States Government, by virtue of the so-called Platt
amendment, has entered into relations with Cuba which it does not have with
any other foreign country, especially in matters of finance and currency, the
currency of the United States having been made legal tender by Cuba;
Whereas the Federal Reserve Board is of the opinion that the establishment
of an agency in Cuba is desirable as a means of stabilising banking conditions
and furnishing an adequate supply of clean currency;
Whereas the President of the United States and the State Department have
advised this board that it is important that such an agency should be established;
Whereas the Federal Reserve Bank of Atlanta and the Federal Reserve Bank
of Boston have each petitioned the Federal Reserve Board for authority to establish an agency in Havana, Cuba, for the purpose of conducting operations
permitted under section 14 of the Federal reserve act;
Whereas the Federal Reserve Bank of Boston desires to establish such an
agency primarily for the purpose of buying and selling cable transfers and buying, selling, and collecting bankers' acceptances and bills of exchange bearing
satisfactory bank indorsements;
Whereas a substantial portion of the currency now in circulation in Cuba
consists of Federal reserve notes of the Federal Reserve Bank of Atlanta; and
it is feared that the establishment of an agency of another Federal reserve bank
in Cuba might result in the retirement of such notes from circulation; and the
Federal Reserve Bank of Atlanta desires to establish an agency in Cuba primarily in order that it may maintain the circulation of its Federal reserve notes
in Cuba;
Whereas the Federal Reserve Bank of Boston does not desire to put its Federal reserve notes in circulation in Cuba but is willing if authorized to establish
such an agency, to preserve as far as possible the circulation in Cuba of Federal
reserve notes issued through the Federal Reserve Bank of Atlanta;
Be it resolved by the Federal Reserve Board, That the applications of the Federal
Reserve Bank of Atlanta and the Federal Reserve Bank of Boston for permission to establish such agencies are hereby granted on the following terms and
conditions:
(1) The Federal Reserve Bank of Atlanta and the Federal Reserve Bank of
Boston are each authorized to establish an agency in Havana, Cuba, and through
such agency to buy and sell cable transfers; buy, sell, and collect prime bankers'
acceptances and prime bills of exchange, which acceptances and bills are payable
in dollars, arise out of actual import or export transactions, bear the signatures
of two or more responsible parties, bear a satisfactory bank indorsement, have
not more than 90 days to run, exclusive of days of grace, and are secured at
the time of purchase by shipping documents evidencing the actual import or
export and the actual sale of goods and conveying or securing title to such goods;
and to exercise only such incidental powers as shall be necessary to the exercise of
the above powers. The term "bills" as hereinafter used shall mean cable transfers, bankers' acceptances, and bills of exchange of the kinds described in this
paragraph.
(2) The Federal Reserve Bank of Atlanta shall not buy or sell any cable
transfers except at the request of the Federal Reserve Bank of Boston as provided in paragraph 3 hereof, and shall not purchase, sell, or collect any bills in
Cuba except such as originate in or are drawn upon banks or other drawees in
the Sixth Federal Reserve District; and shall purchase no other bills nor purchase or sell any cable transfers except upon the request of, and for the account
of, the Federal Reserve Bank of Boston.
(3) The Federal Reserve Bank of Boston shall not pay out any currency in
Cuba except as hereinafter provided, and whenever bills or cable transfers are
offered for sale to its Havana Agency and the sellers request payment in Federal
reserve notes or other currency, the Federal Reserve Bank of Boston shall
request the Federal Reserve Bank of Atlanta to purchase such bills or cable
transfers for it and immediately pay for them with Federal reserve notes issued
through the Federal Reserve Bank of Atlanta or other currency. The Federal
Reserve Bank of Atlanta shall comply with all such requests and shall make
immediate payment, and shall immediately resell such cable transfers or bills to
the Federal Reserve Bank of Boston at cost and without recourse. If the Fed


296

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

eral Reserve Bank of Atlanta shall fail to purchase such bills or cable transfers
promptly for the Federal Bank of Boston or shall not have available in Havana
a sufficient supply of currency, the Federal Reserve Bank of Boston may itself
purchase such bills and pay for them with its own Federal reserve: notes. In
making sales of cable transfers and bills of exchange where currency is tendered
in payment, the Federal Reserve Bank of Boston shall require the purchasing
banks to make the currency payments to the agency of the Federal Reserve
Bank of Atlanta for credit to its account. All settlements between the agencies
shall be made at the request of the creditor bank by the head offices through
the gold settlement fund. Neither bank shall make any direct exchanges of
currency in Cuba.
(4) The establishment and operation of such agencies, and the exercise of all
the above powers through such agencies, shall be subject to such changes and
such further rules and regulations as the Federal Reserve Board may prescribe
from time to time.
(5) The Federal Reserve Board expressly reserves the right to revoke its
consent at any time to the continuance of such agencies, to require the discontinuance of such agencies, or to authorize the establishment of new agencies
whenever in its discretion it considers it desirable to do so.

COURT OPINIONS IN PAR CLEARANCE CASES.
ATLANTA CASE.
DECISION OF SUPREME COURT OF THE UNITED STATES, JUNE 11, 1923.
AMERICAN

BANK

&

TRUST C O . ET AL., APPELLANTS,
BANK OF ATLANTA ET AL.

V. FEDERAL

RESERVE

Appeal from the United States Circuit Court of Appeals for the Fifth Circuit.
Mr. Justice BRANDEIS delivered the opinion of the court.
After the decision in this case reported in 256 U. S. 350 an answer was filed
which denied, in large part, the allegations of the bill. Then, by an amended
answer, the Federal reserve bank disclaimed any intention of demanding payment
in cash, when presenting checks at the banks, and averred its willingness to
accept payment in drafts, either on the drawee's Atlanta correspondent or on
any other solvent bank, if collectible at par. The District Court heard the case
upon the evidence. It found that the Federal reserve bank was not inspired
by any ulterior purpose to coerce or to injure any non-member bank which
refused to remit at par. It found that the evidence was insufficient to sustain
any charge that the Federal reserve bank was exercising its rights so as to injure
or oppress plaintiff banks. And it found, specifically, that the evidence did not
sustain the charge that the Federal reserve bank accumulated checks upon nonmember country banks until they reached a large amount and then caused the
checks to be presented for payment over the counter, in order to compel plaintiff banks to keep in their vaults so much cash that they would be obliged either
to agree to remit at par or to go out of business. With regard to publication on
the par list of the names of non-assenting banks, the District Court held that
the evidence did not justify a finding that such publication was made in order to
injure or oppress plaintiff banks. But it was of opinion that insertion of their
names might lead to the belief that the plaintiff banks had agreed to remit at
par. An injunction was, therefore, granted against inclusion of their names on
the par list. The relief sought was in all other respects denied. The decree
left the Federal reserve bank free to publish that it would make collection at
par of checks upon any bank in any town, thus including those ir. which plaintiffs had their respective places of business. 280 Fed. 940. These findings were
approved by the Circuit Court of Appeals; and the decree was affirmed, 284
Fed. 424.
The case is here on an appeal taken by the plaintiffs. The evidence was
conflicting. No adequate reason is shown why the concurrent findings of fact
made by the two lower courts should not be accepted by us. Luckenbach v.
W. J. McCahan Sugar Refining Co., 248 U. S. 139, 145. Whether on the undisputed facts plaintiffs were entitled to additional relief is the main question for
decision. In order to decide that question it is necessary to consider the course



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

297

of business former1^ prevailing and the changes wrought by the attempt to
introduce universal par clearance and collection of checks through the Federal
reserve banks.
A large part of the checks drawn on country banks are sent to payees who reside
in places other than that in which the drawee bank is located. Payment of such a
check is ordinarily secured through the payee's depositing it in his local bank for
collection. This bank ordinarily used, as the means for presenting the check to
the drawee, a clearing house and/or correspondent banks. Formerly when the
check was so presented, the drawee ordinarily paid, not in cash, but by a remittance drawn on his balance in some reserve city or by a credit with some correspondent. This process of collection yielded to the country bank a twofold
profit. It earned some profit by the small service charge called exchange, which
it made for the remittance or the credit. And it earned some profit by using the
depositor's money during the period (sometimes weeks) in which the check was
travelling the often circuitous route, with many stops, from the payee's bank to
its own, and also while the exchange draft was being collected. These avenues
to profit are, in large measure, closed by the Federal reserve banks' course of action.
These banks do not pay any exchange charges to the drawee. And their superior
facilities so shorten the time required to collect checks that the drawee bank's
balances available for loans are much reduced. Largely because of the fact that
the reserve banks thus make the collection without any deduction for exchange,
most checks on country banks are now routed through the reserve banks.
Although there is, as the District Court found, no intentional accumulation or
holding of checks in order to embarrass, the advantages offered by the Federal
reserve banks have created a steady flow in increased volume of checks on country
banks so routed. That the action contemplated by the Federal reserve bank
will subject the country banks to certain losses is clear.9 In order to protect
them from the resulting loss it would be necessary to prevent the Federal reserve
banks from accepting the checks for collection. For these banks cannot be
compelled to pay exchange charges or to abandon superior facilities.
The contention is that the injunction should issue, because it is ultra vires
the Federal reserve banks to collect checks on banks which are not members of
the system or affiliated with it, through establishing an exchange balance, and
which have definitely refused to assent to clearance at par. It is true that
Congress has created in the reserve banks institutions special in character, with
limited functions and with duties and powers carefully prescribed. Those in
respect to the collection of checks are clearly defined. The original act (act of
December 23, 1913, c. 6, sec. 13, 3S Stat. 251, 263) authorized the reserve banks
to
" receive from any of its member banks, and from the United States, deposits
of ...checks ... upon solvent member banks payable upon presentation; or solely
for exchange purposes may receive from other Federal reserve banks deposits of ...
checks ... upon solvent member or other Federal reserve banks payable upon
presentation."
By the amendment to section 13 of September 7, 1916, c. 461, 39 Stat. 752,
the class of checks receivable was extended to " checks payable upon presentation
within the district." By the amendment to section 13 of June 21, 1917, c. 32,
sec. 4, 40 Stat. 232, 235, the class of banks from which checks might be received
"solely for collection" was extended. By the latter amendment the facilities
offered by the Federal reserve banks were made available also to such nonmembers
as became affiliated with the Federal reserve system by establishing the required
balance a t o offset items in transit." It is true, also, that in practice this amendment might result in excluding checks on particular banks from the class collectible
through the Federal reserve banks. For it enacted the clause which prohibits
payment of exchange charges by Federal reserve banks. And as this piohibition
would prevent reserve banks from using the usual channels in making collection
of checks drawn on those country banks which insist upon exchange charges, the
reserve bank might find it impossible or unwise, as a matter of banking practice,
to collect such checks at all. But the class of checks to which the reserve bank's
collection service might legally be applied was left by the amendment as those
"payable upon presentation within its district." Wherever collection can be
made by the Federal reserve bank, without paying exchange, neither the common law nor the Federal reserve act precludes their undertaking it; if it can
be done consistentlv with the rights of the country banks already determined in
this case, 256 U. S. 350.
9
It is said that introduction of a universal system of par clearance and collection of checks through the
Federal reserve banks would bring compensatory advantages to the country banks.




298

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD'.

Federal reserve banks are, thus, authorized by Congress to collect for other
reserve banks, for members, and for affiliated non-members, checks on any
bank within their respective districts, if the check is payable on presentation and
can in fact be collected consistently with the legal rights of the drawee without
paying an exchange charge. Within these limits Federal reserve banks have
ordinarily the same right to present a check to the drawee bank for payment
over the counter as any other bank, State or national, would have. For section
4 (38 Stat. 251, 254) provides that the Federal reserve banks shall have power:
"Seventh. To exercise by its board of directors or duly authorized officers or
agents, all powers specifically granted by the provisions of this act and such
incidental power as shall be necessary to carry on the business of banking within
the limitations prescribed by this act."
The findings of fact negative the charges of wrongful intent and of coercion.
The Federal reserve bank has formally declared that it is willing, when presenting
checks, to accept in payment a draft of the drawee bank upon its Atlanta correspondent or a draft upon any other solvent bank—if collectible at par. Country
banks are not entitled to protection against legitimate competition. Their loss
here shown is of the kind to which business concerns are commonly subjected
when improved facilities are introduced by others, or a more efficient competitor
enters the field. It is damnum absque injuria. As the course of action contemplated by the Federal reserve bank is not ultra vires, we need not consider whether
lack of power, if it had existed, would have entitled plaintiffs to relief. Compare
National Bank v. Matthews, 98 U. S. 621; Blair v. Chicago, 201 U. S. 400, 450.
Some minor objections are urged. The Federal Reserve Bank of Atlanta
serves, directly, only the sixth reserve district, which includes Georgia. It is
contended that the decree should be reversed because the District Court refused
to allow the intervention as plaintiffs of banks located outside of that district;
because that court refused to admit evidence of the activities engaged in by
other Federal reserve banks in other districts under the approval o:f the Federal
Reserve Board; and because the court admitted certain joint answers to interrogatories propounded under equity rule 58. We cannot say that the trial
court abused the discretion vested in it, or erred, in so ruling.
Affirmed.
RICHMOND CASE,
DECISION OF SUPREME COURT OF THE UNITED STATES, JUNE 11, 1923.
FARMERS AND MERCHANTS BANK OF MONROE, N. C , ET AL., PETITIONERS,-^.
FEDERAL RESERVE BANK OF RICHMOND, VA.

[On writ of certiorari to the Supreme Court of the State of North Carolina.]
Mr. Justice BRANDEIS delivered the opinion of the court.
The Legislature of North Carolina provided by section 2 of chapter 20, Public
Laws of 1921, entitled "An act to promote the solvency of State banks":
"That in order to prevent accumulation of unnecessary amounts of currency
in the vaults of the banks and trust companies chartered by this State, all checks
drawn on said banks and trust companies shall, unless specified on the face
thereof to the contrary by the maker or makers thereof, be payable at the option
of the drawee bank, in exchange drawn on the reserve deposits of said drawee
bank when any such check is presented by or through any Federal reserve bank,
postoffice, or express company, or any respective agents thereof."
Section 1 authorizes banking institutions chartered by the State to charge a
fee not in excess of one-eighth of one per cent on remittances covering checks,
the minimum fee on any remittance therefor to be ten cents. Section 4 exempts
from the operation of Sections 1 and 2 all checks drawn in payment of obligations
to the Federal or the State government. Whether this statute conflicts with section 13 of the Federal reserve act (December 23, 1913, c. 6, 38 Stat. 251, 263; as
amended September 7, 1916, c. 461, 39 Stat. 752; June 21, 1917, c. 32, section 4,
40 Stat. 232, 234) or otherwise with the Federal Constitution is the question for
decision.
The legislation arose out of the effort of the Federal Reserve Board to introduce
in the United States universal par clearance and collection of checks through
Federal reserve banks. See American Bank & Trust Co. v. Federal Reserve
Bank of Atlanta, 256 U. S. 350. The Federal Reserve Bank of Richmond serves



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

299

the Fifth Federal Reserve District which includes North Carolina. Upon the
enactment of this statute the bank gave notice that it considered the legislation
void under the Federal Constitution; that, when presenting checks to North
Carolina State banks for payment over the counter, it would refuse to accept exchange drafts on reserve deposits as required by section 2; and that it would
return as dishonored checks for which only exchange drafts had been tendered
in payment. Some checks were returned thus dishonored; and to enjoin such
action, this suit was brought in a court of the State by the Farmers and Merchants Bank of Monroe and eleven other State banks. Two hundred and seventyone more joined later as plaintiffs. So far as appears, none of them was a member
of the Federal reserve system or was affiliated with it. The trial court granted a
perpetual injunction. The Supreme Court of the State reversed the decree,
183 N. C. 546; and the case is here on writ of certiorari, 261 U. S. — . Defendant
admits that, if the North Carolina statute is constitutional, plaintiffs are entitled
to an injunction.
To understand the occasion for the statute, its operation and its effect, the
applicable banking practice must be considered.10 Par clearance does not mean
that the payee of a check who deposits it with his bank for collection will be
credited in his account with the face of the check if it is collected. His bank
may, despite par clearance, make a charge to him for its service in collecting the
check from the drawee bank. It may make such a charge although both it and
the drawee bank are members of the Federal reserve system; and some third
bank which aids in the process of collection may likewise make a charge for the
service it renders. Such a collection charge may be made not only to member
banks by member banks, National or State, but it may be made to member
banks also by the Federal reserve banks for the services which the latter render.
The collection charge is expressly provided for in section 16 of the Federal reserve
act (38 Stat. 268) which declares that:
"The Federal Reserve Board shall, by rule, fix the charges to be collected
by the member banks from its patrons whose checks are cleared through the
Federal reserve bank and the charge which may be imposed for the service of
clearing or collection rendered by the Federal reserve bank."
Par clearance refers to a wholly different matter. It deals not with charges
for collection, but with charges incident to paying. It deals with exchange.
Formerly, checks, except where paid at the banking house over the counter,
were customarily paid either through a clearing house or by remitting, to the
"bank in which they had been deposited for collection, a draft on the drawee's
deposit in some reserve city. For the service rendered by the drawee bank in
so remitting funds available for use at the place of the deposit of the check, it
was formerly a common practice to make a small charge, called exchange, and
to deduct the amount from the remittance. This charge of the drawee bank
the Federal Reserve Board planned to eliminate and, in so doing, to concentrate
in the twelve Federal reserve banks the clearance of checks and the accumulation of the reserve balances used for that purpose. The board began by efforts
to induce the banks to adopt par clearance voluntarily.11 The attempt was not
successful. The board then concluded to apply compulsion. Every national
bank is necessarily a member of the Federal reserve system; and every State
bank with the requisite qualifications may become such. Over members the
board has large powers, as well as influence. The first step in the campaign of
•compulsion was taken in the summer of 1916, when the board issued a regulation requiring every drawee bank, which is a member of the Federal reserve system
to pay without deduction, all checks upon it presented through the mail by the
Federal reserve bank of the district. The operation of this requirement was at
first limited in scope by the fact that the original act (section 13) authorized
the reserve banks to collect only those checks which were drawn on member
banks and which were deposited by a member bank or another reserve bank or
the United States. Few of the many State banks had then elected to become
members. In September, 1916, section 13 was amended so as to authorize a
reserve bank to receive for collection from any member (including other reserve
banks) also checks drawn upon nonmember banks within its district. Thereby,
the Federal Reserve Board was enabled to extend par clearance to a large proportion of all checks issued in the United States. But the regulation (j) then
i° See Annual Reports of the Federal Reserve Board, 1914, pp. 19, 20, 174; 1915, pp. 14-17; 1916, pp. 9-12;
Regulation I, Series of 1916, p. 169; 1917, pp. 23, 24; Regulation J, Seri?s of 1917, pp. 131-183; 1918, pp. 74-77:
204-206; 810, 811, 817, 821; 1919, pp. 40-44; 222-228; 1920, pp. 63-09; 1921, 03-73; 228-230; Latter from the Governor of the Federal Reserve Board of January 26, 1920, Senate Document No. 181, 66th Congress, 2d session;
.also "Par Clearance of Checks," by C. T. Murehison, 1 No. Car. Law Review 133.
n See Report, Federal Reserve Board, 1915, pp. 14-17; ibid, 1916, pp. 9-11.




300

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

issued expressly provided that the Federal reserve banks would receive from
member banks, at par, only checks on those of the nonmember banks whose
checks could be collected by the Federal reserve bank at par. It was recognized
that nonmembers were left free to refuse assent to par clearance. By December
15, 1916, only 37 of the State banks within the United States, numbering about
20,000, had become members of the system; and only 8,065 of the State banks
had assented to par clearance.
Reserve banks could not, under the then law, make collections for nonmembers •
I t was believed that if Congress would grant Federal reserve banks permission
to make collection also for nonmembers, the board could offer to all banks
inducements adequate to secure their consent to par clearance. A further amendment to section 13 was thereupon secured by act of June 21, 1917, c. 32, section
4, which provided, among other things, that Federal reserve banks:
"Solely for the purposes of exchange of or collection, may receive from any
nonmember bank . . . deposits of checks . . . payable upon presentation: Provided, Such nonmember bank . . . maintains with the Federal reserve bank of
its district a balance sufficient to offset the items in transit held for its account
by the Federal reserve bank/'
To this provision, which embodied the legislation proposed by the Federal
Reserve Board, there was added, while in the Senate, another proviso, relating
to the exchange charge, now known in a modified form as the Hardwick amendment, which declares:
"That nothing in this or any other section of this act shall be construed as
prohibiting a member or nonmember bank from making reasonable charges, to
be determined and regulated by the Federal Reserve Board, but in no case to
exceed 10 cents per $100 or fraction thereof, based on the total of checks and
drafts presented at any one time, for collection or payment of checks and drafts
and remission therefor by exchange or otherwise; but no such charges shall be
made against the Federal reserve banks. 1 '
Thus a Federal reserve bank was authorized to receive for collection checks
from nonmembers who maintained with it the prescribed balance; and strenuousefforts were then made to induce all State banks to so arrange. But the law did
not compel State banks to do this. Many refused; and they continued to insist
on making exchange charges. On March 21, 1918, the Attorney General, 31
Ops. Atty. Gen. 245, 251, advised the President:
"The Federal reserve act, however, does not command or compel these State
banks to forego any right they may have under the State laws to make charges
in connection with the payment of checks drawn upon them. The act merely
offers the clearing and collection facilities of the Federal reserve banks upon
specified conditions. If the State banks refuse to comply with the conditions
by insisting upon making charges against the Federal reserve banks, the result
will simply be, so far as the Federal reserve act is concerned, that since the
Federal reserve banks cannot pay these charges they cannot clear or collect
checks on banks demanding such payment from them."
The Federal Reserve Board and the Federal reserve banks were thus advised
that they were prohibited from paying an exchange charge to any bank. But
they believed that it was their duty to accept for collection any check on any
bank; and that Congress had imposed upon them the duty of making par clearance and collection of checks universal in the United States. So they undertook to bring about acquiescence of the remaining State banks to the system
of par clearance.12 Some of the nonassenting State banks made stubborn resistance.13 To overcome it the reserve banks held themselves out as prepared to
collect at par also checks on the State banks which did not assent to par clearance. This they did by publishing a list of all banks from whom they undertook
to collect at par, regardless of whether such banks had agreed to remit at par or
not. This resulted in drawing to the Federal reserve banks for collection the
large volume of checks which theretofore had come to the drawee bank by mail
from many sources and which had been paid by remittances drawn on the bank's
balance in some reserve city. If a State bank persisted in refusal to remit at
par, the reserve banks caused these checks to be presented, at the drawee bank,
12
North Carolina was placed on the par list on November 15, 1920. There were on January 1, 1921, in
the United States, 30,523 banks, State and national. Of these, 1,755 State banks had refused to enter the
par list. About 250 of the banks so refusing were in North Carolina. During the year 1921 the number
which refused to consent to par clearance increased to 2,353. Annual Eeport of Federal Reserve Board,
1921, p. 71.
13
See American Bank & Trust Co. v. Federal Reserve Bank of Atlanta, supra; Brookings State Bank
r. Federal Reserve Bank of San Francisco, 277 Fed. 430; 281 Fed. 222; Farmers & Merchants Bank of
Catlettsburg, Ky., v. Federal Reserve Bank of Cleveland, 286 Fed. 610.




ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

301

for payment in cash over the counter. The practice adopted by the reserve
banks would, if pursued, necessarily subject country banks to serious loss of
income. It would deprive them of tjieir income from exchange charges; and
it would reduce their income-producing assets by compelling them to keep in
their vaults in cash a much larger part of their resources than theretofore. That
such loss must result was admitted. That it might render the banks insolvent
was clear. But the Federal reserve banks insisted that no alternative was left
open to them, since they had to collect the checks and were forbidden to pay
exchange charges. The State banks denied that the Federal reserve banks were
obliged to accept these checks for collection; and insisted that Federal reserve
banks should refrain from accepting for collection checks on banks which did
not assent to par clearance.
It was to protect its State banks from this threatened loss, which might disable
them, that the legislature of North Carolina enacted the statute here in question.14
It made no attempt to compel the Federal reserve bank to pay an exchange
charge. It made no attempt to compel a depositor to accept something other
than cash in payment of a check drawn by him. It merely provided that, unless
the drawer indicated by a notation on the face of the check that he required
payment in cash, the drawee bank was at liberty to pay the check by exchange
drawn on its reserve deposits. Thus the statute merely sought to remove (when
the drawer acquiesced) the absolute requirement of the common law that a
check presented at the bank's counter must be paid in cash. It gave the drawee
bank the option to pay by exchange only in certain cases; namely, when the
check was "presented by or through any Federal reserve bank, post office or
express company, or any respective agents thereof." The option was so limited,
because the only purpose of the statute was to relieve State banks from the pressure which, by reason of the common-law requirement, Federal reserve banks
were in a position to exert and thus compel submission to par clearance. It was
expected that depositors would cooperate with their banks and refrain from
making the prescribed notation; and that when the reserve banks were no
longer in a position to exert pressure by demanding payment in cash, they would
cease to solicit, or to receive, for collection checks on nonassenting State banks.
Thus, these would be enabled to earn exchange charges as theretofore. Such
was the occasion for the statute and its purpose. Whether this legislative modification of the common-law rule which requires payment in cash violates the
Federal Constitution is the question for decision. That it does is asserted on
five grounds.
First. It is contended that in authorizing payment of checks by draft on
reserve deposits section 2 violates the provision of Article I, section 10, clause 1
of the Federal Constitution, which prohibits a State from making anything
except gold and silver coin a tender in payment of debts. This claim is clearly
unfounded. The debt of the bank is solely to the depositor. The statute does
not authorize the bank to discharge its obligation to its depositor by an exchange
draft. It merely provides that, unless the depositor in drawing the check specifies
on its face to the contrary, he shall be deemed to have assented to payment by
such a draft. There is nothing in the Federal Constitution which prohibits a
depositor from consenting, when he draws a check, that payment may be made
bv a draft. And, as the statute is prospective in its operation, Denny v. Bennett,
128 U. S. 489; Abilene National Bank v. Dolley, 228 U. S. 1, 5, there is no constitutional obstacle to a State's providing that, in the absence of dissent, consent
shall be presumed. Laws which subsist at the time and place of the making of a
contract, and where it is to be performed, enter into and form a part of it, as fully
as if they had been expressly referred to or incorporated in its terms. This
principle embraces alike those laws which affect its construction and those which
affect its enforcement or discharge. See Odgen v. Saunders, 12 Wheat. 213, 231;
Von Hoffman v. Quincy, 4 Wall. 535, 550. If, therefore, the provision of section
2 authorizing payment by exchange draft is otherwise valid, it is binding upon the
drawer of the check. Since it binds the drawer, it binds the payee and every
subsequent holder, whether he be a citizen of North Carolina or of some other
State, and wherever the transfer of the check was made. Brabston v. Gibson, 9
How. 263. For the holder of a check has, in the absence of acceptance by the
drawee bank, no independent right to require payment under the general law.
14
Statutes similar in purpose were enacted in Alabama, Florida, Georgia, Louisiana, Mississippi, South
Dakota, and Tennessee. See Annual Report of Federal Reserve Board, 1921, p. 70; Alabama, Gen. &
Loc. Acts, 1920, No. 35; Florida, Laws, 1921, c. 8532; Georgia, Laws, 1920, p. 107; Louisiana, Acts, l920,No.
23; Mississippi, Laws, 1920, c. 183; South Dakota, Laws, 1921, c. 31; Tennessee, Pub. Acts, 1921, c. 37.




302

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

Bank of the Republic v. Millard, 10 Wall. 152. He takes it subject to the construction and with rights conferred by the laws of North Carolina, the place of
the bank's contract and of performance. Pierce v. Indseth, 106 U. S. 546.
Compare Rouquette v. Overmann, L. R. 10 Q. B. 525.
Second. It is contended that section 2 violates the due process clause. The
argument is that defendant is a Federal corporation authorized to engage in the
business of collecting checks payable upon presentation within the district, a
business common to all banking institutions; that the right to engage in this
branch of the business is a valuable property right; that while defendant has,
in the past, not made any charge for such collections, it has the right to do so,
and could make this branch of its business an important source of revenue;
that to compel defendant to accept in payment of checks exchange drafts on
reserve deposits, whether good or bad, deprives it of liberty of contract, and in
effect of an important branch of its business, since that of collecting checks can
not be conducted under such limitations. To this argument the answer is clear.
The purpose of the statute, as its title declares, was to promote the solvency of
State banks. We should, in the absence of controlling decision of the highest
court of the State to the contrary, construe the statute not as authorizing payment
in a " b a d " draft, but as authorizing payment in such exchange drafts only as
had customarily been used in remitting for checks. So construed the statute
is merely an exercise of the police power, by which the banking business is regulated for the purpose of protecting the public and promoting the general welfare.
Noble State Bank v. Haskell, 219 U. S. 104, 575. The regulation here attempted
is not so extreme as inherently to deny rights protected by the due process clause.
Compare Chicago. Burlington & Quincy R. R. Co. v. McGuire, 219 U. S. 549, 567,
568; Central Lumber Co. v. South Dakota, 226 U. S. 157, 162. If the regulation
exceeds the State's power to protect the public, it must be because some other
provision of the Federal Constitution is violated by the means adopted or by the
manner in which they are applied.
Third. It is contended that the statute is obnoxious to the equal protection
clause. The argument is that the Federal Reserve Bank of Richmond is obliged
to accept payment in exchange drafts, whereas other banks with whom it might
conceivably compete may demand cash, except in those cases where they present
the check through an express company or the post office. It is well settled that
the legislature of a State may (in the absence of other controlling provisions)
direct its police regulations against what it deems an existing evil, without covering
the whole field of possible abuses. Lindsley v. National Carbonic Gas Co., 220
U. S. 61, 81; Missouri Pacific Ry. Co. v. Mackey,, 127 U. S. 205. If ~he legislature
finds that a particular instrument of trade war is being used against a policy
which It deems wise to adopt, it may direct its legislation specifically and solely
against that instrument. Central Lumber Co. v. South Dakota, supra, p. 160.
If it finds that the instrument is used only under certain conditions, or by a
particular class of concerns, it may limit its prohibition to the conditions and the
concerns which it concludes alone menace what it deems the public welfare.
The facts recited above disclose ample ground for the classification made by the
legislature. Hence, there was no denial of equal protection of the law. There
remains to consider whether section 2 exceeds the State's power, because Congress
has imposed specifically upon Federal reservs banks duties, the performance of
which isection 2 obstructs; and that in this way it conflicts with the Federal reserve act. This is the ground on which the invalidity of the North Carolina act
has been most strongly assailed.
Fourth. One contention is that section 2 conflicts with the Federal reserve act
because it prevents the Federal reserve banks from collecting checks of such State
banks as do not acquiesce in the plan for par clearance. The argument rests on
the assumption that the Federal Reserve Bank of Richmond is obliged to receive
for collection any check upon any North Carolina State bank, if such check is
payable upon presentation; and is obliged to collect the same at par without
allowing deductions for exchange or other charge. But neither section 13, nor
any other provision of the Federal reserve act, imposes upon reserve banks any
obligation to receive checks for collection. The act merely confers authority
to do i3O. The class of cases to which such authority applies was enlarged from
time to time by Congress. But in each amendment, as in section 13, the words
used were "may receive"—words of authorization merely. It is true that in
statutes the word " m a y " is sometimes construed as "shall". But that is where
the context, or the subject matter, compels such construction. Supervisors v.
United States, 4 Wall. 435. Here it does not. This statute appears to have been



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

303

drawn with great care. Throughout the act the distinction is clearly made
between what the board and the reserve banks "shall" do and what they " m a y "
do.15
Moreover, even if it could be held that the reserve banks are ordinarily obliged
to collect checks for authorized depositors, it is clear that they are not required
to do so where the drawee has refused to remit except upon allowance of exchange charges which reserve banks are not permitted to pay. There is surely
nothing in the act to indicate that reserve banks must undertake the collection of
checks in cases where it is impossible to obtain payment except by incurring
serious expense; as, in presenting checks by special messenger at a distant point.
Furthermore, the checks which the act declares reserve banks may receive for
collection are limited to those "payable on presentation." The expression would
seem to imply that the checks must be payable either in cash or in such funds
as are deemed by the reserve bank to be an equivalent. A check payable at the
option of the drawee by a draft on distant reserves would seem not to be within
the limited class of checks referred to in the act. The argument for the Federal
reserve bank is not helped by reference to the incidental power conferred by
section 4. It is only "such incidental powders as shall be necessary to carry on
the business of banking within the limitations prescribed by this [the Federal
reserve] act" wiiich are granted. No duty or right of the Federal reserve bank
to collect checks is obstructed by the North Carolina statute which merely gives
to the drawee bank the right to pay in the customary exchange darft, where its
depositor has, by the form used in drawing the check, consented that this be done.
Fifth. The further contention is made that section 2 conflicts with the Federal
reserve act because it interferes with the duty of the Federal Reserve Board to
establish in the United States a universal system of par clearance and collection
of checks. Congress did not in terms confer upon the Federal Reserve Board or
the Federal reserve banks a duty to establish universal par clearance and collection
of checks; and there is nothing in the original act or in any amendment from
which such duty to compel its adoption may be inferred. The only sections
which in any way deal either with clearance or collection are 13 and 16. In
neither section is there any suggestion that the Reserve Board and the reserve
banks shall become an agency for universal clearance. On the contrary section 16
strictly limits the scope of their clearance functions. It provides that the Federal
Reserve Board:
"may at its discretion exercise the functions of a clearing house for such Federal
reserve banks . . . and may also require each such bank to exercise the functions of a clearing house for its member banks."
There is no reference whatever to " p a r " in section 13, either as originally
enacted or as amended from time to time. There is a reference to " p a r " in
section 16; and it is so clear and explicit as to preclude a contention that it has
any application to nonmember banks; or to the ordinary process of check collection here involved. Section 16 (38 Stat. p. 268) declares:
"Every Federal reserve bank shall receive on deposit at par from member
banks or from Federal reserve banks checks and drafts drawn upon any of its
depositors, and when remitted by a Federal reserve bank, checks and drafts
drawn by any depositor in any other Federal reserve bank or member bank upon
funds to the credit of said depositor in said reserve bank or member bank. Nothing herein contained shall be construed as prohibiting a member bank from charging its actual expense incurred in collecting or remitting funds, or for exchange
sold to its patrons."
The depositors in a Federal reserve bank are the United States, other Federal
reserve banks, and member banks. It is checks on these depositors which are to
be received by the Federal reserve banks. These checks from these depositors
the Federal reserve banks must receive. And when received they must be taken
at par. There is no mention of nonmember banks in this section. When, in
191(3, section 13 was amended to permit Federal reserve banks to receive from
* In the original Federal reserve act (38 Stat. 251) " m a y " is used in sections 2, 3, 4, 5, 8, 9, 10, 11, 12, 13,
5
14, 15, 16, 18, 19, 21, 22, 24, 25, 28, 28. "Shall" is used in those sections and also in sections 1, 6, 7, 20, 23,
27, 29. Thus: Sec. 2: "The Secretary . . . shall designate . . . cities to be known as Federal reserve
cities, and shall divide the Continental United States into districts. . . . The districts . . . may be readjusted. . . . Such districts shall be known as Federal reserve districts and may be designated by number";
Sec. 3: "Each Federal reserve bank shall establish branch banks within the Federal reserve district in
which it is located and may do so in the district of any Federal reserve bank which may have been suspended"; Sec. 5: "outstanding capital stock shall be increased . . . as member banks increase their capital
stock . . . and may be decreased as member banks reduce their capital stock . . . "; Sec. 13: " . . . may
receive . . . deposits . . . may discount . . . shall at no time exceed"; Sec. 16: "Every Federal reserve
bank shall maintain reserves . . . "; "Every Federal reserve bank shall receive on deposit."




304

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

member banks solely for collection other checks payable upon presentation within
the district—and when, in 1917, section 13 was again amended to permit such
receipt solely for collection also from certain nonmember banks—section 16 was
left in this respect unchanged. In other respects section 16 was amended both
by the act of 1916 and by the act of 1917. The natural explanation of the omission to amend the provision in section 16 concerning clearance is that the section
has no application to nonmember banks—even if affiliated.
Moreover, the contention that Congress has imposed upon the board the duty
of establishing universal par clearance and collection of checks through the
Federal reserve banks is irreconcilable with the specific provision of the Hardwick amendment which declares that even a member or an affiliated nonmember
may make a limited charge (except to Federal reserve banks) for "payment
of checks and . . . remission therefor by exchange or otherwise/' The right
to make a charge for payment of checks, thus regained by member and preserved
to affiliated nonmember banks, shows that it was not intended, or expected,
that the Federal reserve banks would become the universal agency for clearance
of checks. For, since against these the final clause prohibited the making of any
charge, then if the reserve banks were to become the universal agency for clearance,
there would be no opportunity for any bank to make as against any bank a charge
for the "payment of checks." The purpose of Congress in-amending section 13
by the act of 1917 was to enable the board to offer to nonmember banks the use
of its facilities, which it was hoped would prove a sufficient inducement to them
to forego exchange16 charges; but to preserve in nonmember banks the right
to reject such offer; and to protect the interests of member and affiliated nonmember banks (in competition with the nonaffiliated State banks) by allowing
also those connected with the Federal system to make a reasonable exchange
charge to others than the reserve banks. The power of the Federal Reserve
Board to establish par clearance was, thus, limited by the unrestricted right
of unaffiliated nonmember banks to make a charge for exchange and the restricted right of members and affiliate nonmembers to make the charge therefor
fixed as reasonable by the Federal Reserve Board. No bank could make such a
charge against the Federal reserve banks, because these were prohibited from
paying any such charge. Member and nonmember affiliated banks, because
they were such, performed the service for the Federal reserve banks without
charge. Unaffiliated nonmember banks were under no obligation to do so.
Thus construed, full effect may be given to all clauses in the Hard wick amendment as enacted. It in no way interferes with the right of a depositor in a
nonaffiliated State bank to agree with his bank that the checks which he mightdraw should (unless otherwise indicated on their face) be payable, at the option
of the drawee, in exchange in certain cases.
The North Carolina statute here in question does not obstruct the: performance
of any duty imposed upon the Federal Reserve Board and the Federal reserve
banks. Nor does it interfere with the exercise of any power conferred upon
either. It is therefore consistent with the Federal reserve act and with the
Federal Constitution.
Reversed.
Mr. Justice VAN DEVANTER and Mr. Justice SUTHERLAND dissent.

COURT OPINIONS ON EXERCISE OF FIDUCIARY POWERS.
DECISION OF SUPREME COURT OF PENNSYLVANIA, APRIL 9, 1923.
I N THE MATTER OF THE PETITION OF EDNA FRISBIE TURNER, D E C E A S E D APPEALS OF COMMONWEALTH OF PENNSYLVANIA—APPEAL FROM THE DECISION OF THE SUPERIOR COURT OF PENNSYLVANIA, REVERSING DECREE OF
THE ORPHANS' COURT OF PHILADELPHIA COUNTY.
FRAZER, / .

These two appeals involve the same question, namely, whether a national
bank lias the right to act as a fiduciary under the laws of the Commonwealth
of Pennsylvania; they were argued together and will be decided in a single opinion.
16
The Governor of the Federal Reserve Board stated in his letter to the Senate, January 26, 1920, Sen.
Doc. 184, 66th Cong., 2d session, p. 6: "That a relatively small number of nonmember banks should not
want to become members of the clearing system, or should not want to remit at par is, of course, their own
concern, and the Federal Reserve Board and the Federal reserve banks have not and will not dispute their
right to decline to do so."




ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

305

In settling the account of executors of the estate of Edna Frisbie Turner, a
fund was awarded to minor children, beneficiaries under the will of decedent.
The court appointed The Rittenhouse Trust Company, of the City of Philadelphia,
guardian of their estate and before the account was called for audit that company was converted into a national bank and consolidated with the Corn Exchange National Bank, with power granted by the Federal Reserve Board to
transact a fiduciary business. The latter applied for and secured a certificate
from the State Banking Department authorizing it to do fiduciary's business in
Pennsylvania and presented a petition asking that funds belonging to the minors
be paid to it. This the court refused to do until the bank secured the approval
of the Orphans' Court of Philadelphia County, under rule 21 of that court relating to approval of fiduciaries. Accordingly, a petition was presented for that
purpose setting forth the fact of petitioner's incorporation under the National
banking laws and its subsequent consolidation with The Rittenhouse National
Bank, formerly The Rittenhouse Trust Company, stating it was authorized by
the Federal Reserve Board to transact a fiduciary business and had complied
with the law of Pennsylvania governing the transaction of such business; had
conformed to the acts of May 9th, 1889, P. L. 159, and May 20, 1921, P. L. 991,
agreeing to be subject to supervision and examination by the Banking Department of Pennsylvania in the same manner as corporations of Pennsylvania; and
stipulated, pursuant to requirements of the before mentioned rule of court, that
"securities and other property received by the corporation both in a fiduciary
capacity and from the person or persons for whom it is surety, shall not be taken
out of the jurisdiction of the court and shall be kept separate and apart from all
moneys, securities, and property of the said bank, so that the same can, at all
times, be easily identified as belonging to the estate of the person for whose
account the same has been received, and that trust funds received by said bank,
whether as fiduciary or for the person or persons for whom it is surety shall be
deposited in a separate account" in another bank or trust company of good
standing. This application was refused by the orphans' court, whereupon
the bank filed a petition, as guardian of the minors, asking that, notwithstanding
the refusal to approve its application to act as fiduciary, the funds in question
be awarded to it as guardian. This petition was also dismissed and an appeal
taken to the Superior Court, which reversed the court below and from that decree
we have the present appeals.
The act of Congress, approved December 23, 1913, (38 Stat. 251), gave the
Federal Reserve Board power, inter alia, "to grant by special permit to national
banks applying therefor, when not in contravention of State or local law, the
right to act as trustee, executor, administrator, or registrar of stocks and bonds
under such rules and regulations as the said board may prescribe." It was
thus left to the courts to ascertain whether, in any given case, the exercise of
the powers granted would be in contravention of State or local law. Difficulties arose in the construction of the act, resulting in its amendment in 1918
(act September 26, 1918, 40 Stat. 867) by permitting "national banks to act as
executor, administrator, trustee, guardian, etc., in all cases where 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," and also providing that "whenever the laws of such State
authorize or permit the exercise of any or all of the foregoing powers by State
banks, trust companies, or other corporations which compete with national banks,
the granting to and exercise of such powers by national banks shall not be deemed
to be in contravention of State or local law within the meaning of this act."
The statute contained a further provision that banks exercising fiduciary powers
should "segregate all assets held in any fiduciary capacity from the general
assets of the bank and shall keep a separate set of books and records showing
in proper detail all transactions engaged in under authority of this section
- . . but nothing in this act shall be construed as authorizing the State
authorities to examine the books, records, and accounts of the national bank
which are not held in trust under authority of this subsection." It also required that "funds deposited or held in trust by the bank awaiting investment
shall be carried in a separate account and shall not be used by the bank in the
conduct of its business, unless it shall first set aside in its trust department,
United States bonds or other securities approved by the Federal Reserve Board."
Numerous other administrative provisions are found in the Federal act that
need not be referred to here.
The contention of the Commonwealth is that, to permit a Federal bank to
act in a fiduciary capacity in this State, under the statutory provisions referred
to, would amount to a violation of our laws. The act of May 21, 1919, P. L.



306

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

209, provides, inter alia, that the banking department shall have supervision of
all corporations or persons receiving money on deposit for safe keeping, including
banks incorporated under the laws of the United States, which shall, pursuant
to Federal law or regulations, be permitted to act in any fiduciary capacity and
makes all such corporations subject to inspection and examination by the banking commissioner. By act of May 20, 1921, P. L. 991, it was provided that no
person should have the right to appoint, in a fiduciary capacity, any corporation
other than a corporation organized and doing business under the laws of Pennsylvania and subject to the supervision and examination of the banking department of the State, or a corporation organized under the laws of the United States
and doing business in Pennsylvania by resolution of its board of directors agreeing to place itself under and subject to the supervision and examination of the
State Banking Department "in the same manner and to the same extent as
corporations organized and existing under the laws of this State."
A comparison of the foregoing Federal and State acts shows the main points
of difference are that the Federal statute allows inspection of the: books and
records of only that part of the assets of national banks as are received in a
fiduciary capacity and requires them to segregate all assets held in a fiduciary
capacity and prohibits commingling them with other assets in its business, unless
it shall first set aside in the trust department United States bonds or other
securities approved by the Federal Reserve Board, while on the other hand, the
State acts authorize supervision t>y the banking department of all assets of the
corporation and forbid substitution of securities for the funds, but require the
companies, in all cases, to keep trust funds separate from their other assets and
to indicate all investments made as fiduciaries, so that the trust to which the
investment belongs shall be clearly known. It is argued this difference in the two
provisions produces a conflict, making the Federal reserve act in direct violation
of State law by permitting uninvested funds to be mingled with the general assets
and removing such funds from the inspection and supervision of State authorities.
The Corn Exchange National Bank has complied with every provision of the
State rules, regulations, and laws by consenting to the examination of all its assets
by the State bank examiners and agreeing to keep trust securities on deposit in a
separate bank. This voluntary compliance with State rules would, in itself, seem
to render unnecessary a further discussion of the questions raised. Appellant
contends, however, that the national bank can not, validly, agree to be bound by
State law or by local rule of court, wrhich is contrary or inconsistent with the
Federal law and that, consequently, the question still remains whether it was not
beyond the power of the bank to agree to comply with the State regulations where
they are in conflict with Federal practice.
The answer to this contention is that in so far as the State law is inconsistent
with the Federal act, the former must yield to the latter, even though the result
may be to place upon Federal banks a benefit or burden not received or assumed
by the State banks and trust companies.
The definition given in the Federal act as to what constitutes a violation of the
State law takes no cognizance of the fact that certain administrative details in the
regulations of Federal banks were different from those governing State institutions.
The existence of these differences, however, is not sufficient to deprive a national
bank of the enjoyment of its powers under the Federal law. The establishment
of the Federal reserve bank was a matter within the scope of Federal power and
a State can not, in any way, interfere with the powers of such banks, except in so.
far as Congress has permitted it to do so. When the Federal ad: was passed
Congress had knowledge of the fact that various States had adopted different laws
and systems governing persons or corporations acting in a fiduciary capacity.
Having this knowledge, they gave to the Federal Reserve Board power to prescribe regulations for the government of Federal banks. Regulations thus established are paramount to State rules and the latter must yield whenever a conflict
arises. It was with knowledge of this situation and the existing difference between
rules governing State and Federal banks that Congress undertook to define, by
the act of 1918, what would be construed "in contravention of State law." It
will be observed the definition refers to "powers" only and not the rules governing
the exercise of such powers. It is the right itself, not the rules governing the
exercise of the right, to which reference is made. Concede the existence of the
right in the State banks and trust companies and we have the same right bestowed
upon national banks. Had Congress intended the latter to be governed by State
laws in the exercise of the right given, surely expression of that intention would
be found in the statute. In the absence of such utterance, we must assume Congress was satisfied with the rules already prescribed by the Federal Reserve
Board. If these rules happen to conflict with State regulations on the subject,



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

307

the latter must yield to the former because the right being conceded the power
to regulate the exercise of the right would follow as a necessary incident. We
believe this view is fully supported by the opinion in First National Bank v.
Union Trust Company, 244 U. S. 416, and cases therein cited.
The decree of the Superior Court is affirmed.

DECISION OF SUPREME COURT OF MISSOURI, JANUARY A, 1924.
STATE E X REL. BURNES NATIONAL BANK OF ST. JOSEPH V. A. B.
JUDGE OF PROBATE COURT OF BUCHANAN COUNTY.

DUNCAN,

Mandamus.
The relator filed its petition in this court setting forth its organization as a
national bank and alleging that one Mar}^ E.. Bird, a citizen of the State of
Missouri and resident of the city of St. Joseph, died November 27, 1922, leaving
a will which was duly admitted to probate in the probate court of Buchanan
County, in which will she named the relator as executor; that the Federal
reserve act, section 9704, paragraph K, in granting certain powers to national
banks, included the right to act as executors of estates; that the Federal Reserve
Board, under the rules and regulations prescribed by the Federal reserve act,
granted the petitioner the right to exercise its privileges so granted in so far as
such exercise of that right was not in contravention of the State or local law; that
under the Revised Statutes of Missouri for 1919 trust companies of this State are
authorized to act as executors, and in fiduciary capacities; that subsequent to the
probate of said will the petitioner made application to the probate court of
Buchanan County for appointment as executor, and for the issuance of letters
testamentary under the terms of the will; that January 29, 1923, the respondent,
judge of said probate court, entered an order declining to appoint the petitioner
on the grounds that under the laws of the State of Missouri, said petitioner was
not authorized to act as executor. The proceedings of the probate court in that
connection were set out in full, including the order declining to appoint the Burns
National Bank as executor, and appointment of Mary E. Williams, to be administratrix, with will annexed, of said estate. The petition thereupon prays this
court for an alternative writ of mandamus, directing the respondent judge of the
probate court to set aside said order appointing Mary E. Williams, and to
appoint the petitioner as executor of said estate, or show cause why he had not
done so.
Upon the filing of such petition this court caused an alternative writ to be
issued March 3, 1923.
The respondent then for return to the alternative writ demurred on the ground
that the aforesaid petition did not state facts which would authorize the issuance
of a peremptory writ of mandamus. The case, then, is to be determined upon the
facts stated in the petition for an alternative writ.
I. The petitioner calls attention to section 11, R. S. Mo. 1919, providing that
after the probate of a will, letters testamentary shall be granted to the persons
therein appointed executors, arguing that "persons7' mentioned in the section
includes corporations as well as natural persons. There can be no force in this
argument unless petitioner means that this and other sections of the chapter
relating to administration, authorize any and every corporation to act as executor
or in other fiduciary relation as provided for in that chapter. It is true that in
many instances where the word "person" is used in a statute, it is construed to
include corporations. The use of the term applies particularly to criminal
statutes where a criminal act affects the property of a person. But that construction is by no means universal; it depends upon the context and the intent with
which the term is employed. (30 Cyc. p. 1526; see Words & Phrases, title
"Person.") The entire purpose and context of article 1 on administration
excludes the idea that "person" means corporation. Section 7, relating to
persons who may administer on estates; section 6, excluding certain persons
from acting as administrator or executor; section 36, providing the form of letters
issued to an executor; in fact, all the provisions of that article show that the
legislature was dealing with and granting powers to natural persons.
It must be remembered that there was no common law right to make a will or
appoint an executor. It is purely a matter of statutory regulation. The statute
authorizing certain persons to act as executor is an enabling statute, and it must



308

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

be construed according to the intent and purpose of the legislature in enacting it.
The intent of the legislature to include only natural persons in the authority
granted in that article appears not only in the terms of the article, but is shown
by the actual grant, in another statute, of authority to trust companies to act as
executors, and in other fiduciary relations. There would have been no need of
such affirmative act if this chapter on administration had granted such authority
to all corporations. Before any corporation in this State can have a right to act in
a fiduciary relation in administrating estates there must be express authority
given that kind of a corporation and that statutory authority must be construed
in part materia with the chapter relating to administration. Certainly there is no
warrant for a contention that any corporation which might be named as executor
in the will would have authority to act as such unless the law creating and denning
the powers of such corporation should authorize it to perform such duties. The
petitioner can not derive authority to act as executor from the article on administration or the section of that article relating to executors. It must be authorized
to act through some other statute, Federal or State, giving it such authority.
II. The petitioner claims authority to act as executor under the provisions of
the Federal reserve act. A brief filed herein by several amid curiae, presumably
representing national banks, has a good deal to say about the authority of the
Federal Government, quoting precedents to the effect that the Constitution of
the United States and the acts of Congress, within the scope of authority delegated to them, are paramount—the supreme law of the land—and binding upon
all the States; that when Congress has enacted a statute within its constitutional
power, regulating and defining the powers of any agency created b}^ Congress,
a State can not by any enactment nullify or abridge the powers thus granted or
defined. Of course those principles are well established, and the extent of such
authority is not in issue in this case.
In accordance with its constitutional authority, Congress, it was held, had
power to authorize the organization of national banks and invest them with
whatever functions it thought necessary to make the business of the banks
successful. Thus, incidental authority was founded upon necessity; national
banks could be empowered to perform any duties when "Congress was of the
opinion that these faculties were necessary to enable the bank to perform the
services which are exacted from it, and for which it was created." (First National
Bank v. Fellows, 244 U. S., 1. c. 420.) That quotation is taken from an earlier
case and the principle applied to the section of the Federal reserve act authorizing banks to act in fiduciary capacities. That case is the only case cited, and,
so far as we know, the only case decided by the United States Supreme Court
construing that feature of the Federal reserve act under which the petitioner
asserts its right. It is mentioned often in later decisions of other courts, and the
argument of petitioner is largely based upon deductions drawn from it by such
other courts. We think it settles a good many questions which have arisen in
relation to the act-—questions which occur in this case. It is well to note what
is said there regarding the authority granted by Congress to a national bank to
serve in fiduciary relations, such as executor, as necessary to enable the bank to
perform the services required of it. We will notice below just what is meant by
those duties in the light of the provision of the Federal reserve act.
III. While Congress has power, unless restrained by the Federal Constitution,
to absorb to itself the entire regulation of such matters as are under consideration
here, it has not done so. On the contrary, while the Federal reserve act authorizes national banks to act in the capacity of executors, administrators, etc.,
Congress appeared to have in mind the popular protest against its supposed
tendency to legislate in matters of purely local and State concern, for it limited
the authority of national banks in that respect to cases where such authority was
"not in contravention of the State or local law." The question at issue here is
whether the exercise of the fiduciary function by national banks authorized by
that provision of the Federal reserve act is in contravention of the law of the
State of Missouri. First, however, we must ascertain what authority is to
decide that question. Is its determination peculiarly within the jurisdiction
of the Federal court? Or does this court have authority to say whether the
exercise of such functions by national banks is in contravention of the law of
this State?
It has always been held that the power to regulate the acquisition and transfer
of property, descents and distributions, the devolution of estates, etc., is exclusively within the jurisdiction of the State. Overly v. Gordon, 177 U. S. 214;
Pennoyer v. Neff, 95 U. S. 714. Trustees, executors, and administrators are the
instruments through which the State regulates and controls certain classes of
property. This is recognized by the Federal courts in the cases just mentioned.



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

309

It naturally follows that the State, by statute, has the right to say, and the State
courts have the right finally to determine, what agencies may exercise such
control without acting in contravention of the State law. That was expressly
held by the Federal Supreme Court in the Fellows case. (244 U. S., 1. c. 427-8),
where Chief Justice White said:
" I n other words, we are of opinion that as the particular functions in question
by the express terms of the act of Congress were given only 'when not in contravention of the State or local law,; the State court was, if not expressly at least
impliedly, authorized by Congress to consider and pass upon the question whether
the power was or was not in contravention of the State law, and we place our conclusion on that ground. * * * The nature of the subject dealt with adds
cogency to this view since that subject involves the action of State courts of
probate in a universal sense, implying from its very nature the duty of such
courts to pass upon the question and the power of the court below within the
limits of State jurisdiction to settle, so far as the State was concerned, the question
for all such courts by one suit, thus avoiding the confusion which might arise
in the entire system of State probate proceedings and the very serious injury
to many classes of society which also might be occasioned."
Since that decision the Federal reserve act has been amended. Originally
it authorized the Federal Reserve Board—
"To grant by special permit to national banks applying therefor, when not in
contravention of State or local law, the right to act as trustee, executor, administrator, or registrar of stocks and bonds under such rules and regulations as the said
board may prescribe."
Section 11 (k) of the act was amended by Congress in September, 1918, so
thatphe provision read as follows:
"To grant by special permit to national banks applying therefor, when not in
contravention of State or local law, the right to act as trustee, executor, administrator, registar of stocks and bonds, guardian of estates, assignee, receiver,
committee of estates of lunatics, or in 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.
"Whenever the laws of such State authorize or permit the exercise of any or
all of the foregoing powers by State banks, trust companies, or other corporations
which compete with national banks, the granting to and the exercise of such
powers by national banks shall not be deemed to be in contravention of State
or local law within the meaning of this act."
It can not be contended that Congress by this amendment took away from
the courts of a State the right to interpret its own statutes and to determine
this particular question. The reasoning of the Supreme Court in the Fellows
case negatives the existence of any such authority on the part of Congress.
The petitioner argues that this amendment enlarges the authority of national
banks, giving them authority to act in such matters, where before the amendment
they had none. On the contrary, the first paragraph of the amendment limits
the exercise of that authority. Under the original act the authority to act
as executor, etc., given to national banks was only when such function was
"not in contravention of the State or local law." Under the first paragraph of
the amendment it is not sufficient that it is not in contravention of the State
law, but there must be competition with State institutions, authorized to act in
such fiduciary capacities, before a national bank has such authority.
The petitioner calls attention to the second paragraph of the amendment
quoted as further limiting the right of the State to exclude national banks from
acting in such capacities, by declaring that where the State u
gives such authority
to State banks and trust companies or other corporations which compete with
national banks" the exercise of such power "shall not be deemed to be in contravention of the State or local laws." Some courts have held this to be a legislative
interpretation of the authority granted and not binding upon the courts.
Appellant says that it was not necessary for Congress to make any qualification; that it had a right to authorize national banks to act in fiduciary relations
without any exceptions and regardless of the State law. It is sufficient answer
to say that Congress has not seen fit to do so. On the contrary, Congress has
dealt very tenderly with the supposed sensitiveness of States in regard to en86538—241



21

310

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

croachment upon their authority. It is not contended and can not be that that
provision attempts to take away from the State courts the right to determine
when the exercise of such powers is in contravention of State law, except to define
one particular instance where it shall not be so considered. It remains for the
courts to say what is meant by the competition with national banks as mentioned
in the act. That the provision relating to the contravention of State or local
law is retained in the amendment shows an intent to give it some meaning, and
that meaning is not taken away by the attempted definition following. If the
latter paragraph should be construed to state the entire case as to when national
banks should be excluded from exercising such authority, the use of the expression
"not in contravention of the State or local law" would be superfluous.
We hold, therefore, that this court has the right and the duty to determine
whether the office which the petitioner seeks to discharge is in contravention
of the laws of this State.
IV. In consideration of the terms of paragraph 11 (k) of the Federal reserve
act we must ascertain what Congress had in mind. Congress did not grant such
powers to national banks because it claimed any right to provide for the custody
of property which is within the constitutional control of the State. Congress
had no intention to trespass upon State preserves. National banks were vested
with such functions because they were necessary to enable them to " perform
the services which were exacted from them and for which they were created."
It was a matter of surviving against unequal competition. That idea is apparent
in the act, and particularly in the amendment. Unless it was necessary to the
proper discharge of its duties there was no reason why a national bank should
act in fiduciary relations, and such function would not be necessary unless the
bank came in competition with.the State institutions, which wquld thereby have
an advantage over their national competitors. This appears in the expressions
where the act speaks of other corporations, "which come in competition with
national banks" * * * "which compete with national banks." If State
institutions of like character are denied the right to exercise such functions,
national banks have no right to exercise them. It is in contravention of State
law; that is, in contravention of the State legislative policy. It is only because
national banks, by reason of an advantage given to State institutions, could not
compete and survive that this authority is conferred upon them.
When Congress in the act speaks of competition of course it means competition
on equal terms with State corporations. It can not be that Congress intended
national banks to have privileges and advantages which State institutions could
not enjoy in matters relating to control of estates which are peculiarly within the
State authority. The entire purpose of the act was not to give national banks
an advantage but to place them upon equal terms with competitive State banks.
It was said by the Federal Supreme Court in the Fellows case, 1. c. 426:
"This must be since the State may not by legislation create a condition as to
a particular business which would bring about actual or potential competition
with the business of national banks and at the same time deny the power of
Congress to meet such created condition by legislation appropriate to avoid
the injury which otherwise would be suffered by the national agency. Of course,
as the general subject of regulating the class of business just referred to is peculiarly within the State administration control, State regulation for the conduct of
such business, if not discriminatory or so unreasonable as to justify the conclusion that they necessarily would so operate, would be controlling upon banks chartered by Congress when they came in virtue of authority conferred upon them by
Congress to exert such particular powers."
This is a distinct recognition of our interpretation of the act. National banks
have no right to exercise the fiduciary functions enumerated in the statute unless
the State has discriminated against national banks in that respect and put them
at a disadvantage. If national banks, without such authority can compete
successfully with State institutions, then under the terms of the act they have not
right to demand the exercise of such functions.
V. In determining whether the exercise of fiduciary capacities by a national
bank is in contravention of the State law it is not necessary to point to a specific
statute which forbids the exercise of such functions by such banks or similar
institutions of the State. If it is contrary to the policy of the State and plainly
so appears from its statutory enactments, then it is in contravention of the State
law. The legislative power of the State has not given authority to State banks
to act as executors, administrators, etc., but has selected trust companies as the
only and peculiar corporations to be invested with such trusts. This authority
is not given to trust companies as a convenient incident to the conduct of their



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

311

ordinary business. The legislature was not considering the prosperity of trust
companies, but was looking for the safety of certain important trust funds which
are attended with the natural insecurity and danger of dissipation, making them
the especial and peculiar concern of the law. The legislative purpose was not
to confer a privilege upon trust companies but to seek additional sources of
security for those funds. Hence the law-making body hedged about the custodians of such funds with restrictions, conditions, and securities with which only
a trust company could conveniently comply—restrictions which the State courts
are powerless to impose upon national banks. National banks with the regulatory provisions in the Federal reserve act may be just as safe as the State trust
companies. With that we have no concern. The propriety and expediency
of statutes are for the sole determination of the legislative body. We must
declare the legislative policy as we find it.
Now let us consider for a moment what that policy is:
(a) The legislature has not given authority to act as executors and administrators to State banks, the natural inevitable competitors of national banks in
the transaction of ordinary business.
«
(6) In giving this authority to trust companies it has provided in section
11801 R. S. 1919, subdivision 5, that:
"All investments made by any trust company of money received by it in any
fiduciary capacity shall be at its sole risk, and for all losses of such money the
capital stock and property of the company shall be absolutely liable."
except on certain unimportant conditions.
(c) Subdivision 8 of the said last-mentioned section provides that the property
held by a trust company in trust "shall not be mingled with the investments
of the capital stock or other property belonging to such trust company or be
liable for debts or obligations thereof." For the purposes of that section the
trust company is required to have " a trust department in which all the business
authorized by the act" shall be kept distinct and separate from its general
business.
{d) Subdivision 9, of the said section, provides that, unless otherwise provided
in the instrument creating the trust on certain of the money held by the trust
company in a fiduciary capacity interest shall be allowed at not less than 2 per
cent per annum, compounded annually.
(e) Section 11802, R. S. 1919, provides that the directors may set apart a
trust or guaranty fund, and provides for its investment. Section 11803 provides
that the guaranty fund shall be absolutely pledged for the faithful performance
of the duties of the trust company under the provisions of the act.
(/) Section 11838, R. S. 1919, provides that when any company now doing
business in this State, or which may hereafter be organized under the provision
of this article relating to trust companies, * * * "which shall make with
the bank commissioner a deposit of two hundred thousand dollars * * *
shall be permitted to qualify as guardian and curator, executor, etc., without
giving bond as such, and the fund so deposited is primarily liable for the obligation of the company as guardian, curator, executor, etc."
The Federal reserve act provides that the assets held by a national bank in a
fiduciary capacity shall be segregated from the general assets of the bank and a
separate set of books and records shall be kept which shall be open to inspection of the State authorities. It further provides that funds deposited or held in
trust by the company "awaiting investment" shall be carried in a separate account and shall not be used by the bank in the conduct of its business unless
first set aside in the trust department in United States bonds, etc., and in the
event of the failure of such bank the owners of the funds held in trust for investment shall have a lien on the bonds. It further provides that when the laws
of the State require corporations acting in fiduciary capacity to deposit securities
with the State authorities, national banks shall be required to make similar
deposits.
It can not be contended that these regulations in any way conform to the
requirements which the State law imposes upon trust companies. The extraordinary burden which trust companies carry by acting in a fiduciary relation is
shown in subdivision 5, in section 11801, which makes all the capital stock and
property of the company liable for the loss of trust funds. Nothing to compare
with this appears in the Federal reserve act. The State requirement of trust
companies further provides that money so deposited shall be a special deposit.
It shall not be mingled with the investments of the capital stock nor with
other money belonging to the trust company or liable for its debts, and two per
cent interest shall be allowed on it. Not only must the money be kept separate



312

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

and accounted for separately; it is a separate department and completely independent in its management, as if it were indeed a separate and distinct organization.
When a trust company takes on the discharge of duties as executor, etc., it elects
to conduct new business distinct from its trust company business, and to become
peculiarly responsible for funds which have nothing to do with and can not add
to the prosperity of its ordinary business, nor make the functional discharge of
its regular business any easier or more effective. The trust company mightfail with complete loss to all stockholders and depositors, and yet that would not
affect in the least the security of the trust funds if the statute is complied with.
A trust company, by reason of taking on this additional duty and engaging in
this outside business, is not competing with national banks as a trust company.
It would be exactly the same as if the legislature should attach such a function
to probate courts. Considering then that the legislative department of the
State has not seen fit to give such authority to State banks, and has not given
such authority to trust companies as an aid to the conduct of their ordinary
business, but has selected trust companies to discharge such duties only on condition that they* create a separate and distinct operative agency, there is no such
competition with national banks, as is contemplated in the Federal reserve act.
The exercise of such functions by national banks is not necessary in the performance of the service for which they were created. We can not admit that
Congress intended to give national banks an advantage in competition with
State banks.
The relator hastens to assure us that State authorities have no control whatever over national banks, except as permitted by the congressional act. This
court has recognized that in the recent case of State v. National Bank, 249 S. W.
619. The legislature of this State can not, by any means, require on the part of
national banks a compliance with the conditions mentioned which reflect the
legislative policy of the State and national banks, restrained by the law of their
organization can not comply with them. Thus it plainly appears that the
relator can not act as executor in this case because the exercise of such function
would be in contravention of the State law.
VI. The authorities support the conclusion we have reached. The most
important case, of course, is the First National Bank v. Fellows (244 U. S. 416),
referred to above. That case arose in Michigan where the Attorney General
brought a quo warranto proceeding against a nationa} bank (92 Mich. 640),
questioning its right to act as trustee, executor, etc. The Supreme Court of
Michigan held by a majority ruling (a) that the provision in the Federal reserve
act 11 (k) was not in contravention of the State law, neither of any express provision of the statute, nor of the legislative policy of the State, (b) but that the
exercise of such function by a national bank was unconstitutional. The United
Supreme Court, where the case went on writ of error, gave special emphasis as
quoted above, to the fight of the State to determine the question of contravention. The court said (244 U. S., 1. c. 425), referring to the Michigan decision:
"In view of the express ruling that the enjoyment of the powers in question by
the national bank can not be in contravention of the State law," the State court
proceeded upon the erroneous assumption that because a particular function was
subject to be regulated by State law, "Congress was without power to give a
national bank the right to-carry on such functions." The United States court
then reversed the ruling, not because the Michigan Supreme Court erred in
determining the question of contravention, but erred in holding that Congress
had no constitutional right to invest national banks with such functions. The
court then further indicated a deference to the power of the State to control its
own affairs, as follows (1. c. 426-427):
"That the statute subjects the right to exert the particular functions which
it confers on national banks to the administrative authority of the reserve board,
giving besides to that board power to adopt rules regulating the exercise of the
functions conferred, thus affording the means of coordinating the functions when
permitted to be exercised. It charged all national banks with reasonable and
nondiscriminating provisions regulating their exercise as to said corporations, the
whole to the end that harmony and the concordant exercise of Notional and State
power might result."
This is a definite statement of the United States Supreme Court that the rules
regulating the exercise of the functions under consideration provided by the
Reserve Board must coordinate with the State regulations. No doubt the conditions in section ll(k) were framed to meet the usual requirements and regulations to be expected in State statutes uto the end that harmony and the concordant
exercise of National and State power might result." This seems to be a plain indi


ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

313

cation that if the State has regulations and exacts conditions for the exercise of
these fiduciary powers, with which a national bank can not comply and with
which the State legislature is powerless to compel compliance, then the exercise
of such functions by a national bank is in contravention of the State law.
The case of the People v. Brady, 271 111. 100, is referred to in the cited cases
and furnishes an important illustration of the subject. That was a mandamus
proceeding at the relation of a national bank, asking a peremptory writ requiring
the issuance to relators of a certificate of qualification to act as trustee, executor^
etc. The Supreme Court of Illinois, in a very able and lucid opinion, held that
the exercise of functions prescribed in section ll(k) were in contravention of
the State law, pointing out as regulating the exercise of such functions the Illinois
Statutes which could not be applied to national banks. The opinion also denies
the constitutional authority of Congress to regulate and provide for the exercise
of fiduciary functions because they come strictly within the State control.
That decision was rendered before the Fellows case got to the Supreme Court.
After that ruling the same national bank brought another mandamus proceeding
in the Illinois State court on the theory that in the Fellows case the United
States Supreme Court overruled the conclusion reached by the Illinois court in
the Brady case. That case came before the Supreme Court of Illinois. (State
ex rel. v. Russell, 283 111. 520.) The court then refused to grant the relief prayed
on the ground that the former ruling was res adjudicata and indicated (1. c, 524)
that if it were not for the conclusiveness of the former judgment the court would
be obliged to rule differently, conceding that the former judgment was erroneous.
In that obiter statement the Illinois court shows a misunderstanding of the point
decided in the Fellows case. The only question considered in the Fellows case
and the only point upon which the Michigan Supreme.Court was overruled was
as to the constitutionality of the provision in the Federal act. The Illinois
court evidently failed to notice that the Federal Supreme Court did not pass
upon the question of whether the Federal act was in contravention of the law of
Michigan so as to affect that question when applied to the Illinois law. As a
matter of fact, under the ruling in the Fellows case, the judgment in the Brady
case was not erroneous and would have been sustained by the Federal Supreme
Court if the question had got before it on the sole ground that the exercise of
such powers by national banks in Illinois was in contravention of the State law.
So that the ruling in the Brady case is still the law of Illinois on that question.
The case of Aquidneck National Bank of Newport v. Jennings, 117 Atl. 743, is
where the Supreme Court of Rhode Island held that the provisions of section ll(k)
were in contravention of the State law of Rhode Island. The court points out
the statutes regulating the exercise of fiduciary relations such as are mentioned
in section 11 (k), and holds that the State can not impose such regulations upon
national banks and therefore the exercise of such functions by a national bank
is in contravention of the State law. Rhode Island, like the State of Missouri,
did not grant such powers to the State banks. The opinion says (1. c. 746):
"The extension by the general assembly of this power of trust companies alone,
of all corporations, is plainly because the provisions governing their creation
and their regulation safeguard 7 a peculiar manner the rights of those benein
ficially interested in such trusts. '
The same may be said of the Missouri statutes in relation to that matter; the
selection of trust companies alone and the peculiar manner of managing trust
funds required show that it is the legislative policy of the State that general
banking institutions shall not be endowed with such functions. The brief of
amid curids calls attention to recent statutes of this State giving trust companies
certain additional powers which make them competitors of banks in respects
where they were not such competitors before. This does not alter the attitude
of the State toward such institutions. Trust companies are selected as fiduciary
agents doubtless because the legislature deemed them best fitted to meet the
rigid exactions which the statute imposes upon the exercise of such trusts.
In the appeal of Henry W. Woodbury, 78 N. H. p. 50, the question came before
the Supreme Court of New Hampshire. In that case there was an express statute
forbidding the appointment of banking companies and trust companies as
administrators and executors. The court held that the exercise of the fiduciary
functions mentioned in ll(k) of the Federal reserve act wTere in contravention
of the State law. Of course there is no express denial in the Missouri statute,
but the denial to banks of such functions is clearly implied and as emphatic as
if there had been express denial.
No cases have been cited by petitioners in support of their position, when regulations and restrictions such as are imposed by the Missouri legislature are present,



314

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

where it has been held that the provisions of the Federal reserve act are not in
contravention of the State law.
The Supreme Court of Pennsylvania, in case of In re Turner Estate, 120 Atl.
701, held that the provisions of the Federal act were not in contravention of the
law of Pennsylvania, on the ground that the regulation of such fiduciary functions was in harmony with the State regulations. There were no such stringent
regulations as are provided in our statute. (Hamilton v. State, 94 Conn. 648.
In re Estate of Stanchfield, 171 Wis. 553; In re Mullinax, 179 N. Y Supp. 90;
are cited.) In each case the exercise of such powers was expressly granted to
State institutions which act in direct and general competition with national
banks in the exercise of their ordinary functions.
In the regulation of trust funds the Federal act is in direct conflict with the
Missouri statute, above pointed out. Necessarily there would be a want of that
"harmony and concordant exercise of National and State powers" which Chief
Justice White, in the Fellows case, held was necessary in such cases.
We think that both reason and authority support the view that the exercise
of fiduciary functions mentioned in Federal reserve act, ll(k), are in contravention of the law of Missouri, the legislative policy, and the express statutes.
The premptory writ is therefore denied.
All concur.
J. T. WHITE, Judge.

DECISION OF SUPREME COURT OF THE UNITED STATES.
SUPREME COURT OF THE UNITED STATES.
No.

762.—OCTOBER TERM,

1923.

The State of Missouri at the relation of the Burnes National Bank of St. Joseph,
Plaintiff in Error, v. A. B. Duncan, Judge of the Probate Court of Buchanan
County, Missouri. In Error to the Supreme Court of the State of Missouri.
[April 28, 1924.]
Mr. Justice HOLMES delivered the opinion of the Court.
The relator, the Burnes National Bank of St. Joseph, was appointed executor
by a citizen of Missouri who died on November 22, 1922, leaving; a will. The
bank applied to the proper probate court for letters testamentary, but was
deniei appointment on the ground that by the laws of Missouri national banks
were not authorized to act as executors. Thereupon it applied to the supreme
court of the State for a writ of mandamus to the judge of the probate court and
an alternative writ was issued. The respondent demurred, the demurrer was
sustained and the peremptory writ was denied. Mo. A writ of error was
allowed by the chief justice of the State court. The bank claims the capacity
to fill the office under the statutes of the United States.
By the act of September 26, 1918, c. 177, § 2, 40 Stat. 967, 968, amending
§ 11 (k) of the Federal Reserve Act, the Federal Reserve Board was empowered
"To grant by special permit to national banks applving therefor, when not in
contravention of State or local law, the right to act as trustee, executor, administrator * * * or in 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." If the section stopped there the decision of the State court
might be final, but it adds the following paragraph, "Whenever the laws of such
State authorize or permit the exercise of any or all of the foregoing powers by
State banks, trust companies, or other corporations which compete with national
banks, the granting to and the exercise of such powers by national banks shall
not be deemed to be in contravention of State or local law within the meaning
of this act." This says in a roundabout and polite but unmistakable way that
whatever may be the State law, national banks having the permit of the Federal
Reserve Board may act as executors if trust companies competing with them
have that power. The relator has the permit, competing trust companies can
act as executors in Missouri, the importance of the power to the sustaining of
competition in the banking business is so well known and has been explained
so fully heretofore that it does not need to be emphasized, and thus the naked
question presented is whether Congress has the power to do what it tried to do.



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

315

The question is pretty nearly answered by the decision and fully answered by
the reasoning in First National Bank of Bay City v. Fellows, 244 U. S. 416. That
case was decided before the amendment to the Federal reserve act that we have
quoted and came here on the single issue of the power of Congress when the
State law was not contravened. It was held that the power "was to be tested
by the right to create the bank and the authority to attach to it that wrhich was
relevant in the judgment of Congress to make the business of the bank successful."
244 U. S. 420. The power was asserted and it was added that "this
excluded the power of the State in such case, although it might possess in a
general sense authority to regulate such business, to use that authority to prohibit such business from being united by Congress with the banking function."
244 U. S. 425. Now that Congress has expressed its paramount will this language
is more apposite than ever. The States can not use their most characteristic
powers to reach unconstitutional results. Western Union Telegraph Co. v.
Kansas, 216 U. S. 1. Pullman Co. v. Kansas, 216 U. S. 56. Western Union
Telegraph Co. v. Foster, 247 U. S. 105, 114. There is nothing over which a State
has more exclusive authority than the jurisdiction of its courts, but it can not
escape its constitutional obligations by the device of denying jurisdiction to
courts otherwise competent. Kennedy v. Supreme Lodge of the World, 252 U. S.
411, 415. So here—the State can not lay hold of its general control of administration to deprive national'banks of their power to compete that Congress is
authorized to sustain.
The fact that Missouri has regulations to secure the safety of trust funds in
the hands of its trust companies does not affect the case. The power given by
the act of Congress purports to be general and independent of that circumstance
and the act provides its own safeguards. The authority of Congress is equally
independent, as otherwise the State could make it nugatory. Since the decision
in First National Bank of Bay City v. Fellows, 244 U. S. 416, it generally has
been recognized that the law now is as the relator contends. In re Turner's
Estate, 277 Pa. 110, 116. Estate of Stanchfield, 171 Wis. 553. Hamilton v.
State, 94 Conn. 648. People v. Russell, 283 111. 520, 524. In re Mollineaux
179 N. Y. Supp. 90. Fidelity National Bank & Trust Co. v. Enright, 264 Fed.
Rep. 236.
Judgment reversed.
Mr. Justice SUTHERLAND, dissenting.
The real question here, as I understand it, is not whether Congress may safeguard national banks against ordinary State legislation of a discriminative
character, but whether Congress may intrude upon and prohibit the exercise of
the governmental powers of a State to the extent that such exercise discriminates
against such banks in favor of competing State corporations. The authority of
the Fellows case, I think, is pressed too far. The statute there under review
simpty made national banks competent to act as executors, etc., "when not in
contravention of State or local law." The statute did not attempt to overrride
the will of the State in that respect, but expressly recognized its control and
authority. The State supreme court conceded that the powers thus conditionally
conferred by the Federal statute, in fact, would not be in contravention of the
State law, but held that Congress was without constitutional authority, because
the functions sought to be given to such banks were subjects of State regulation.
That view of the matter was rejected; but, putting aside some expressions not
necessary to the decision, I do not think the case can be regarded as authority for
the conclusion apparently now reached: that Congress may so limit the power of
a State, against its expressly declared will to the contrary, that it may confer the
right to act as executors and administrators upon State corporations which compete with national banks, only upon condition that the same right be conferred
upon the latter. Certainly that precise question was not there presented for
decision.
It is fundamental, under our dual system of government, that the Nation and
the State are supreme and independent, each within its own sphere of action;
and that each is exempt from the interference or control of the other in respect
of its governmental powers, and the means employed in their exercise. Bank of
Commerce v. City of New York, 2 Black. 620, 634; South Carolina v. United
States, 199 U. S. 437, 452, et seq.; Farrington v. Tennessee, 95 U. S. 679, 685.
"How their respective laws shall be enacted; how they shall be carried into
execution; and in what tribunals, or by what officers; and how much discretion,
or whether any at all shall be vested in their officers, are matters subject to their
own control, and in the regulation of which neither can interfere with the other/'



316

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD,,

Tarble's case, 13 Wall. 397, 407-8. Except as otherwise provided by the Constitution, the sovereignty of the States "can be no more invaded by the action of the
General Government than the action of the State governments can arrest or
obstruct the course of the national power." Worcester v. Georgia, 6 Pet. 515, 570.
In Bank, of Commerce v. City of New York, supra, pages 633-4, a tax case, this
court said: "That government whose powers, executive, legislative, or judicial,
* * * are subject to the control of another distinct government can not be
sovereign or supreme, but subordinate and inferior to the other. This is so
palpable a truth that argument would be superfluous. Its functions and means,
essential to the administration of the government, and the employment of them,
are liable to constant interruption and possible annihilation. * * * But of
what avail is the function or the means if another government may tax it at discretion? It is apparent that the power, function, or means, however important
and vital, are at the mercy of that government. And it must be always remembered, if the right to impose a tax at all exists on the part of the other government,
'it is a right which in its nature acknowledges no limits/ And the principle is
equally true in respect to ever}' other power or function of a government subject
to the control of another."
It is settled beyond controversy that the right of a State to pass laws, to administer them through courts of justice, and to employ agencies for the legitimate
purposes of State government can not be taxed, Veazie Bank v. Fenno, 8 Wall.
533, 547; and that rule is but an application of the general and broader rule,
which forbids an}7 interference by the Federal Government with the governmental
powers of a State. The settlement of successions to property on death is a subject within the exclusive control of the States and entirely beyond the sphere of
national authority. See Tilt v. Kelsey, 207 U. S. 43, 55-6; "Plummer v. Coler,
178 U. S. 115, 137. Upon the death of the owner his property passes under the
control of the State and remains there until all just charges against it can be
determined and paid and those who are entitled to become its new owners can be
ascertained. The duty and power of the State to provide a tribunal for the
accomplishment of these ends, Tilt v. Kelsey, supra, it follows, can not be abridged
by Federal legislation.
The right of the owner to direct the descent of his property by will or permit
it under statute, as well as the right of a legatee, devisee, or heir to receive the
property, are rights exclusively derived from and regulated by the State. Plummer v. Coler, supra, page 137. During the process of administration the estate,
in contemplation of law, is in the custody of the court exercising probate powers,
and of this court the executor or administrator is an officer. Yonley v. Lavender,
21 Wall. 276, 280. "An administrator appointed by a State court is an officer of
that court; his possession of the decedent's property is a possession taken in
obedience to the orders of that court; it is the possession of the court. * * * "
Byers v. McAuley, 149 U. S. 608, 615.
In the present case the State legislature, as conclusively determined by the
State supreme court, has excluded not only national banks but State banks
from assuming the functions of executors and administrators, which functions,
for reasons satisfactory to itself, it has allowed trust companies to exercise.
This determination of the State to grant the right to one and not the other, when
it might have excluded both, is plainly the assertion of a governmental policy
upon a matter within its exclusive control, with which the Federal Government
has no authority to meddle. Congress may, of course, confer upon national
banks the capacity to act as administrators and executors, but I do not think it
is within the constitutional authority of that body to make such legislation binding upon the State against its will. The decision just rendered perhaps does
not go that far; but it does uphold the power of Congress to impose its will upon
the State in this respect if the State, in the exercise of its exclusive authority
over the devolution of estates of deceased persons, permits any corporation which
competes with national banks to exercise the powers mentioned. This contingency seems to me a slender distinction upon which to found a denial of the
State's power. It may be conceded that a State is precluded from enforcing legislation which discriminates against national banks, in respect of private banking
or business operations; but a very different situation is presented when the discrimination arises in respect of the governmental operations of the State. A
State, for example, can not be sued in its own courts without its consent; but is
it powerless to consent to such suits by financial corporations of its own creation
except upon condition that it extends a similar, privilege to competing national
banks? Legislation requiring all residents of a State to deposit their funds only
in State institutions would undoubtedly be bad against Federal legislation to the
contrary; but is it beyond the power of the State legislature to subject public



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

317

moneys—State, county or municipal—to such a restriction? A State may not
unconditionally require private debts to be paid only in gold and silver; but, in
the exercise of its sovereign power of taxation, it may limit the payment of taxes
to gold and silver, if it sees fit, in spite of a Federal law making currency a legal
tender, and, as this court has said: " I t is not easy to see upon what principle the
National Legislature can interfere with the exercise, * * * of this power."
Lane County v. Oregon, 7 Wall. 71, 77." In my opinion, the exercise of the powers
conferred upon trust companies by the legislation here under review is governmental in its nature; and the fact that the statute discriminates in that matter
against national banks (as, also, it does against State banks) is a negligible incident, which does not affect the validity of the statutory limitation.
The probate courts of a State have only such powers as the State legislature
gives them. They are wholly beyond the jurisdiction of Congress, and it does
not seem to me to be within the competency of that body, on any pretext, to
compel such courts to appoint as executor or administrator one wiiom the State
law has declared shall not be appointed.
The particular invasion here sanctioned may not be of great moment; but it is a
precedent, which, if carried to the logical extreme, would go far toward reducing
the States of the Union to the status of mere geographical subdivisions. The
case is one, to use the phrase of Mr. Justice Brewer in Fairbank v. United States,
181 U. S. 283, 291-2, for the application of the maxim, obsta principiis, not de
minimis non cur at lex.
I am authorized to say that Mr. Justice MCREYNOLDS concurs in this dissent.




318

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
FEDERAL RESERVE BOARD INDEXES.

FEDERAL RESERVE BOARD INDEXES OF PRODUCTION, EMPLOYMENT, AND TRADE.
[Average for 1919=100.]

Indexes of industrial
activity.

Year and month.

1919 average..
1920 average1921 average._
1922 average._

1923 average..
1919.
January
February
March..
April
May
June
July
August
September. _.
October
November
December
1920.
January
February
March
April
May
J u n e . ._
July
August
September
October
November. ._
December
1921.
January
February
March
_
April..
May
June
July
August
September
October
November
December
1922.
January
February
March
April..
May
June. . . .
July
August
September...
October
November...
December

Production in
basic
indus- ing pro- Ji^tr
tries. duction j

Factory

move- ment.
ments.

100
117
92
95
132

100
91
105
110
108

100
88
95
96
96
96
101
108
105
107
104
103

108
85
90

108
110
114
127
75
100

108
71
70
77
80
87
95
100 i

115 j
142 I

116
115
115
108
105
107
105
102
102
99
95
90

112
106
118
109
110
108
101
104
101
97
85
75

118
104
119
102
108
117
117
123
115
128
124
125

105
82
81
60
69
81
81
83
103
119
124
104

84
85
81
79
77
77
74
79
79

106
91
93
85
92
92
85
92
90
102
93

83

74
69
80
78
81
80
75
85
83
89
86
78

91
95
86
92
94
95
95
100
107
116
116

84
82
98
95
109
109
103
110
106
118
120
113

96
101
123
61
70
73
67
79
103
122
122
126

99
90
83
73
101
98
99
109
137
160

121
120
125
124
127
122
121
120
114
118
116
110

121
116
134
131
138
128
118
126
117
128
118
109

133
117
134
128
137
135
136
142
125
142
130
123

114 i
80 I
89

93
93
102
103
105
101
98
103

100 ;
104
83
90 !

131 |
123 |

101 j
i
98 ;
95 !
95 |
96 i
96 i
98;
100 i
102 !
104 I
103 i
105 I

108 I
110
109
111
109
108
107
103
103
102
99
94

!
!
!
j
I
i
j
!
j
!

139 i
131 |

y
August..
September.
October
November
December

78 I
85 i
85
90 I
111
128
158
144
130

100
120
110
111
124

100
120
110
111
124

100
136
115
116
129

100
136
115
116
129

79
71
80
88
95
103
112
111
114
121
111
123

81
72
90
102
98
95

85

78
96
118
119
173

92
93
90
98
96
96
104
101
105
105
106
1C8

92
88
91
102
114
122
124
108

95
92
90
94
93
92
97
102
106
109
111
116

107
89
122
121
126
122
94
94
110
132
137
183

121
116
122
117
123
122
126
121
:20
U8
122
114

115
125
137
142
138
133
133
141
151
154
146
115

128
133
136
138
138
139
141
141
140
138
131
124

117

101

117
117
110
110
111
107
108
104
110
107
108

106
113
116
114
110
108
116
125
130
131
108

113
113
112
113
114
115
116
116
117
117
117
116

102

103
110

115
117

120
120
116
110
115
113
122
127
130
109

119
117
117
115
114
113
113
114
116
118

114
116

107
118

124
115
125
127
120
129
123
132

128
132
129
122
119
129
139
146
149
123

120
126
127
129
130
128
127
129
129
131
133
133

120
105
126
119
118
124
126

77

|
!
i
I
I

117 |
117
101
91
75

87
106
130
131
188

1923.
January
February
March
April
May
June.

100
112
73
74

90
80
102
113
115
110
80

106
87
90
77
89
98
101
117
128
146
111
108

107
100

Department
store stocks.1
Wholesale
UnadAd- Unadtrade. justed. justed. justed. Adjusted.

103
90
117
114
113
111
80
84
95
124
120
173

100
102
80
103
124

100
105
80

Department
store sales.1

101
103
103
103
103
101
101
101
101
100

101
90
124
119
128
127
89
100
112
148
142
202

104
102
109
112
111
107
113
117
116
117
117

126
125

i The index of production in basic industries is adjusted for changes due to seasonal influences. The
indexes of department-stores sales and stocks are shown with and without adiustments for seasonal
variation.




ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD.
FEDERAL

RESERVE

BOARD INDEXES OF WHOLESALE
EXCHANGE.

PRICES

319

AND FOREIGN

[For prices, 1913 average=100. For foreign exchange, par value=100.]
Federal Reserve Board indexes> of wholesale prices.
Year and month.

1919 average.
1920 average
1921 average
1922 average
1923 average
January
February
March
April

..

United
States.
211
239
149
158
164

241

201
194
195
200
206
207
216
223
217
218
225
233

227
222
210
214
224
234
242
249
251
261
272
283

248
248
253
267
269
262
254
240
232
214
196
179

301
316
325
330
336
334
322
317
311
293
277
257

168
157
152
146
145
143
146
147
147
146
145
143

_

England

France.

207
250
167
149
150

235
240
181
182
188

87

344
319
394

196
191
193
198
202
204
207
218
216
214
217
223

209
208
198
197
210
225
241
241
248
262
283
294

96
97
95
91
90
91
88
85
83
83
80
75

447
472
513
562
575
535
520
536
533
517
489
450

239
249
253
265
279
276
274
258
244
234
221
208

302
308
313
280
246
223
220
209
199
197
197
180

72
65
67
65
68
71
71
66
63
61
58
57

240
223
210
203
198
195
193
193
191
185
174
170

414
389
370
357
346
333
334
323
322
316
313
307

199
189
184
177
168
165
163
166
158
149
145
145

176
171
167
169
173
172
378
177
192
202
197
193

60
62
62
63
66
63
62
60
60
61
61
64

142
146
147
149
158
161
165
166
164
165
164
165

167
165
166
165
169
167
169
166
163
160
162
164

306
303
307
320
324
325
328
320
315
315
329
337

144
149
150
152
154
153
154
149
144
145
147
147

191
185
182
180
183
187
195
187
179
174
172
173

65
69
70
72
72
71
70
69
68
67
67
70

166
166
169
170
167 |
164
159
159
163
163
163
163

165
168
173
175
173
171
168
164
165
166
171
177

346
380
398
390
386
394
391
391
404
404
416
427

148
152
155
156
155
153
151
150
149
147
145
144

176
183
185
185
187
186
183
179
190
196
199
205

68
66
67
67
66
65
63
62
63
63
61
60

310
198
165
170

Japan.

Foreign
exchange.

Canada.

66
62
69
65

1919
_
_

.

May

June
_
Julv
August... .
September
October.. .
November
December

.._ __ _.
._

__

_

.

1920
January
February
March
April

_. __
.

Mav
June.
Julv
August
September
October
November
December

.

...

..

1921
January
February
March .
April....
May
June . .

__

/July
August
September
October
November
December .

_. _.!
_
_
1922

January

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

. . . _.
_
_
_

_
1923

.
...
...




_

.
..

PART II
This section of the report, which is arranged by Federal reserve
districts, presents, in convenient form for reference, tables relating to
the condition and operations and earnings and expenses of each
Federal reserve bank, to the condition of reporting member banks,
and to the volume of debits to individual account by banks in leading centers.
Other statistics relating to the operations of the Federal reserve
banks, together with a discussion of banking and business developments in each district, will be found in the annual reports of the
respective Federal reserve agents.




321

DISTRICT NO. 1—BOSTON.
SCHEDULE 1.—COMPARATIVE STATEMENT OF CONDITION.
[In thousands of dollars.]
Dec. 31,
1923.

Dec. 30,
1922.

D e c . 31,
1921.

RESOURCES.

Gold with Federal reserve agents
Gold redemption fund with United States Treasury..

168, 271
13, 527

Total gold reserves
Reserves other than gold

164, 034
28, 077
16, 036

187, 656
42,312
7,117

.

234, 758
8,266

208,147
12, 730

237, 085
14, 675

220, 877

21, 744
45, 957

.

181, 798
32, 882
20, 078

243, 024
3, 520

...

159, 910
27, 746

_.

23, 675
37, 909

21, 533
37, 638

67, 701
38, 802

61, 584
25, 407

59,171
13,149

529
6, 697
2,636

Gold held exclusively against Federal reserve notes
Gold settlement fund with Federal Reserve Board
Gold and gold certificates held by banks.

154, 613
9,421

529
6,610
"22, 454

539
2 949
9,818

..

Total reserves
Nonreserve cash
Bills discounted:
Secured by United States Government obligations
Other bills discounted
Total bills discounted . . .
Bills bought in open market

.

..

United States Government securities:
Bonds ._
Treasury notes.
.
C e r t i f i c a t e s of i n d e b t e d n e s s . ______

.

Total United States Government securities.

_

1.

C1)

251,

760

0)

9, 862

29, 593

11, 306

116,365

116,584

83, 626

55 034
4,312
131

Total earning assets

422
59,142
4,434
297

422
52, 812
4,740
359

5 per cent redemption fund—Federal reserve bank notes
Bank premises.
All other resources
Total resources.

422, 386

401,

756

393, 719

220,115

201,

314

202. 535
6,277

123, 637
2,356
117

126,

342
534
980

110. 760
8,368
1,086

Total deposits

126,110

127,

856

120, 214

Deferred availability items
Capital paid in
Surplus
All other liabilities..

51,609
7,890
16, 390
272

47, 906
8,126
16, 312
242

39, 502
7, 936
16, 483
772

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

..

...

_

.
._

_.

.

.

.__

.
...

...

...

...

.

Total liabilities
Ratio of total reserves to deposit and Federal reserve note liabilities
combined (per cent)
Contingent liability on bills purchased for foreign correspondents
1
2

Not shown separately prior to 1923.
Including Victory notes.

322




422, 386
70 2

401,

756

393,719

67.1

78.0

2 511

2, 336

DISTRICT NO. 1

BOSTON.

323

SCHEDULE 2.—MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES DURING

1923.

[Amounts in thousands of dollars.]
Bills discounted for
member banks.
Bills
Bills
seTotal
bought
cured
earning
in
by
Other open
assets
U. S. bills
(2+5 +
marTotal. Gov- dis6).
ern- count- ket.
ment
ed.

Date

FedUnited Total Memeral
Reber
States cash banks' Total reserve serve
senotes perderecuri- serves. reserve posits in cir- centdeties.
cula- ages.
posits.
tion.

obligations.
10

Jan.

116,093
96,834
89, 276
96, 787
95, 262

24__
31-.

Feb.

7
21
28

51,
38,
44,
49,
51,

30,775
22,898
30, 642
28, 305
27, 485

23, 627
19,906
16,183
18, 319
14,851

40, 806
38, 696
28, 099
29,178
29, 069

226, 887
232, 036
244,102
237,130
238, 761

127, 649
129, 267
128, 061
127, 214
125,148

137, 297
133, 095
130, 458
132, 588
128, 470

207,208
201, 717
197, 663
195, 086
192, 349

65.9
69.3
74.4
72.4
74.4

96,830
93, 218
101,140
89, 302

3
10

54,133 27, 350 26, 783
50, 814 27, 721 23, 093
59, 646 22, 774 36,872
48, 565
28, 479

14,585
14,160
12,796
12,545

28,112
28,244
28,698
28,192

234, 504
241, 026
236, 775
245,861

124,649!
127,504
121,258
118,175

129,076 197, 381
133,134 198,457
129,023 201,331
123,666

71.8
72.7
71.7
76.4

27,447 247,054 123, 700
27, 443 242, 959 123, 303
14,181
120,424
10, 406 258, 240 120,433
255,612
10,13' 264,825 123, 450
10.173 261,314 122, 921
10, 382 260, 968 127, 962
5,428 273, 604 124, 533

126,144
128, 908
129, 700
128, 649

202,499
202, 290
202,940
203, 836

75.2
73.4
77.6
76.9

130, 474
128,772
131,064
126, 077

204, 987
202,916
203, 780
205, 2951

78.9
78.8
77.9
82.6

660
232
994
290
342

20, 885
15. 334
14, 352
20, 985
23, 857

14
21
28

81, 890
94,485
81, 489
84, 648

41, 589
49, 931
50,112
56, 760

19,
22,
22,
24,

707
072
947
356

21, 882
27,859
27,165
32, 404

12,854
17, 111
17,196
17, 482

Apr.

4
11
18
25

74, 556
74,397
80, 307
60, 552

47,
46,
50,
34,

19, 670
16,821
15, 825
16, 695

27, 684
29,975
34, 505
17,450

17, 065
17,428
19, 595
20,979

May

2
g
16
23
29

72,168
61, 248
70, 765
64, 384
83,400

44, 687
35, 740
44, 893i
38, 127!
56, 842|

18,466 26,221
17,495! 18,245
18, 863 26, 030
21, 607 16, 520
26, 5!" 30, 256

21,911
19, 620
20,102
20, 318
21, 024

5,570
5,888
5,770
5, 939
5, 534

264,
271,
267,
280,
266,

502
673
663
487
614

124, 822
120, 378
126,197
127, 730
125, 395

128,227
122, 239
127, 658
129, 751
130, 266

204, 873
205, 214
205, 230
207, 219
211,291

79.4
83.0
80.4
83.2
78.1

65, 703
70, 910
76, 511
71, 067

42,122
48, 704|
54,3741
48,342

20,802
21,700
20,232
20, - -' 713

21, 32o! 19,818
27, 004 18, 267
34,142 18, 028
27, 629 18, 564

3,763
3,939
4,109
4,161

280,146
275, 987
271, 892
276, 679

124, 333
128,854
129, 099
122,546

128, 445
129,876
129,81
126,705

214,846
213,763
214,194
216,027

81,6
80.3
79.0
80.7

25

78, 205
76, 490
65, 054
65, 725

55, 207
52, 507
43, 608
45, 322

21, 264
21, 507
19, 888
18, 449

33,943
31,000
23,7201
26,873

19,166
19,543
16,773
16,512

3,83:
4, 440
4,673
3,891

274, 142
271,987
283,257
279,896

126, 991
126,336
129,311
125,056

127, 324
127, 268
130, 952
126, 207

221,
222,
217,
216,

78.5
77.8
81.4
81.7

1
8
15
22
29

65, 507
71,402
68, 525
75,725
83, 724

27, 363
33, 453
30, 247
37, 495
45, 673

14, 814
12. 870
11, 771
10, 323
10,12f

4,344
4,636
4,275
4,
3,639

284, 506
281, 853
283, 861
276, 15:
27.1, 042

125, 588
123, 453
124, 741
125, 380
125, 581

127, 886
125, 350
126, 416
126, 99r
129, 230

Sept. 5 . . . .

84, 711
84,192
69, 871
64, 846

46, 349 18,986
53, 896 20, 443
52, 479 22, 232
60, 706 23,211
69, 959 24, """'
!
70, 200 21, 264
69,915 20, 556
56, 921 18, 225
53, 215| 21,181

837
514
089
489|
I
219, 63l|
223,142
223, 409
222, 851
222, 895

48,936!
49,359)
38, 696
32, 034

10,748
10,330
9, 381
7, 578

3, 763
3,947
3, 569
4, 053

273. 351
272, 432
281, 087
296,906

122, 361
126, 597
122, 629
125, 504

126,340
130,375
127,2211
132, 8Q5
122

228,29:
77.1
76.2
227,148 ,.
79.1
228,2081 7!
224, 640
83.0
??A fUO 8:

66, 592
62, 388
60, 026
45.180
59,277

54, 0111 19,489
49, 667i 18,900!
46, 042| 17,367|
30, 879i 14,602
40, 481 18,249

34,522 8,021
30,767! 8,903
28, 675J 10,247
16,277; 10,734
22, 232; 14,151

4, 560
3,818
3, 737
3, 567
4,645

29G, 743
297.124
305, 474
314, 829
309, 885

129,472
123,607
135,624
128,719
133,498

131,724
125,315
136,836
131,714
135,286

229, 712
232, 514
231, 872|
226, 59:
219,718

82,1
83.0
82.8
87.9
87.3

65, 420
84, 290
85, 597
106, 760

35,630
49,647
50,786
70,235!

16,859
30,361
31,318
44,340

3,605 291,403 131,139
4, 4111 275, 194 131,550
4, 1361 264,499 124, 429
4,615 252, 7611 125,791

131,989
136, 057
126, 743
128, 508

225, 290
222,190!
220, 369!
224, 516!

81. 6
76. 8
76. 2
71. 6

94, 781
107,859
95, 167
120,709i

4, 450
5,193
58, 5451 25, 462; 337 083) 32, 095 4,527
79,262 27,180J 52,082 33,973 7, 474

125,175
128, 770J
125,109
126,015

228,186.
226,417:
234,1081
234,830;

72.9
69.0
73.5
67.5

Mar. 7

June

July

Aug.

.

6
13
20
27

._. .

3 _
11

19
26

Oct.

3
10
17
24
31

.

.

Nov. 7
14
21
28

Dec.

5
12
19
26

Daily average.

..

354
796
330
145

26,185
30, 232
30, 675
31, 910

58,215! 23,9981 34, 2V, 32, 116
70,588! 25.586J 45, 002|,32,078
.
.

81,267 52,633!.




18,771
19,286
19,4681
25,8951

257, 763
248,441
263, 938
243, 670

124, 033
127,318
124,219
121, 784j

81.9
80.9
81.1
78.9
77.0

17,9661 10,668 267,33' 125,822: 129,377| 214,619; 77.7

324

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

FEDERAL RESERVE BANK OF BOSTON
MILLIONS OF DOLLARS

MILLIONS OF DOLLARS

1350

350

F. R. NOTE CIRCULATION
300

250

200

150

100

100

I
I
I
PURCHASED BILLS

1
I
I
I
I
UNITED STATES SECURITIES

200

I
I
I
I
I
DISCOUNTS FOR OWN MEMBERS

1921




1922

1323

DISTRICT NO. 1

BOSTON.

325

SCHEDULE 3.-—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS.
[In thousands of dollars.]
Bills discounted for member banks.
Secured by
U S. Government
obligations.

Month.

January
February
March
April

i
i

!

261
391,595
330,904
235, 275

151,291
220, 524
146,896
153, 395

May
June
July
August

141, 215
174, 854
181,847
178, 997

September
October
.November
December

292, 654
231, 352
310, 025
431, 462

Total: 1923
1922
1921

| 3,652,775
; 2,262,087
' 4,454,760

190, 618
139,174
197, 790
280,101
1,489,573
714,537
2,361,087

Bills bought in open market.

Trade
acceptances.

4.339 !
4,371 i
4,027 i
LT. S. securities
purchased.

Bonds
and
notes.

September.
October
November
D ecember

Total discount and open
market operations.

Certificates of
indebti edness.

January
February
March
April

412,511
421, 270
381, 325
262, 317
17,
26,
22,
14,

771
304
892
736

302, 083
Total: 1923
261, 691
1922
1921.... 211, 703

86538—24t




22

1,495
2.095 |
1,385 I
2S5, 707
253, 485
192, 643

16,300
8,206 |
19,060

1,155 ! 12,482
1,214 j 2,642
I 2,424 \ 1,871

714
952
764
170

521,894
548, 590
772, 882
384,035

J 29, 425
163,809
129, 735
184, 130

769
146
666
555

14,
24,
33,
34,

2,156,702
1,541,992
2,087,589

191,
325,
304,
167,

446,190
333, 569
209, 0G4
311, 774

321, 062
259, 512
348. 212

*76 | 29,450 J 176,976 '4,161,284
j 29,137 180,936 !
_2, 733,851 I
| 7, 798 I 190,517 j
I 4,864,778

326

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

SCHEDULE 4.—VOLUME OF BILLS DISCOUNTED FOR MEMBER BANKS IN EACH
STATE.
[Amounts in thousands of dollars.]
Num- Number of
ber of
mem- member
ber
banks banks
accomin dismotrict
at end dated
during
of
the
month
month

September
October
November.
December.

199
190
203
225

Total: 1923
I 49,002 | 60,722
1922
42,621 I 40,246
1921
I 52,765 48, 790
Number of member
banks at end of
year:
1923
1922
1921
N u m b e r of Member
banks
accommodated:
1923
1922
1921
1

27,118 3,395,562
21,409 I 2,068,564
26, 739 4,170. 612

183
185
192

424
427
436

153
164
166

313
330
341

Figures relate only to that part of the State located in the Boston district.
SCHEDULE

5 . — E A R N I N G S AND E X P E N S E S .

1923

1922

Discounted bills
Purchased bills
United States securities
Deficient reserve penalties.
Miscellaneous

$2, 320, 839
741, 384
419,739
9,172
15, 549

$1, 543, 539
591, 647
1,391, 691
9,777
4,659

$6,007,117
515,192
415, 9<-1
13,778
16,644

Total earnings..

3, 506, 683

3,541,313

6,968, 662

137, 500
895, 768
33, 323
103,019
378
176
478
6,173
10, 022
52, 474
1,978

141, 000
925,072
34,430
100, 932
411
426
250
7,367
9,820
55,241
775

135, 500
905,811
31, 648
35, 233
461
118
200
9,263
8,436
57,218
1,200

1921

CURRENT EXPENSES.
Salaries:
Bank officers
Clerical staff
Special officers and watchmen
All other
Governors' conferences
Federal reserve agents' conferences
Federal Advisory Council
Directors' meetings_ _
Traveling expenses l
Assessments for Federal Reserve Board expenses.
Legal fees

1
Other than those connected with governors' and agents' conferences and meetings of directors and of
the advisory council.




327

DISTRICT NO. 1 BOSTON.
SCHEDULE 5.—EARNINGS

AND EXPENSES—Continued.

1922

1921

CURRENT EXPENSES—continued.

$26, 967
71, 248
108, 063
25, 532
7, 258
29, 640
28, 462
61,784
20,427
8,233
167,097
33, 827

159, 649

65, 501
38, 792
23, 871
49,516

302, 264
88, 526
56,749
122, 542

2,022,400

2, 239,007

3,506,683
2,134, 254

3, 541, 313
2,022,400

2,239,007

1,372,429

1,518,913

4, 729,655

5, 290
20, 559

32,100
9,494

43, 681
3,894

25, 849

41, 594

47, 575

122,048
20, 309
3,786

Total current expenses.

186,990

2,134, 254

Office and other supplies
Printing and stationery
Telephone
Telegraph
_.
Postage
Expressage
Federal reserve currency:
Original cost, including shipping charges
Cost of redemption, including shipping charges.
Taxes on Federal reserve bank-note circulation
All other expenses

$25, 220
26, 297
47, 336
3,110

36, 294

Rent_

$31, 534
49, 271
90,900
25,489
1,767
52, 772
26, 539
74, 588
21,169
7,977

236,694
31, 439

Insurance (other than on currency and security shipments).
Insurance on currency and security shipments
Taxes on banking house
Light, heat, and power
_._
Repairs and alterations, banking house

328, 215
133,106
1,784

£9,000

146,143

463,105

495, 877

95,637
22,123
77,141
16, 365
10,960

J

PROFIT AND LOSS ACCOUNT.
Earnings
Current expenses _
Current net earnings.
Additions to current net earnings:
Amounts deducted from reserve for depreciation on United
States bonds
All other
__.
Total additionsDeductions from current net earnings:
Depreciation allowances on bank premises.
Furniture and equipment
Allother
Total deductions-_

___

_

Net deductions from current net earnings
Net earnings available for dividends, surplus, and franchise tax
Dividends paid
Transferred to surplus account
Franchise tax paid United States Government. _ r

6,877

120, 294

421,511

448, 302

1, 252,135

1,097,402

4, 281, 353

481, 951
• 76, 568
538, 883

473,109
772,324
3,035,920

480, 267
77,187
694, 681

4

2
Includes $73,692 for furniture and equipment, which since 1921 has been charged direct to profit and
loss.
3
Included with current expenses prior to 1922.
* Bank also charged its surplus account and paid the United States Government $247,350 as an additional
franchise tax for 1921.




328

ANNUAL EEPOET OF THE FEDERAL RESERVE BOARD.
SCHEDULE 6.—VOLUME OF OPERATIONS IN PRINCIPAL

DEPARTMENTS.

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
All other
___|
United States securities—issues, redemptions, and ex- |
changes by fiscal agency department
Transfers of funds
Envelopes received and dispatched

3,610
55, 601
19,165
206, 6G4,000
196, 501,000
63,158, 000

3,711
51,085
17, 351
176,618,000
174,1S8, 000
55,123, 000

5, 478. 000
727, 000

6, 925, 000
488., 000

7, 767, 000
319, 000

1,559.000
47, 000
0)

3,823,000
38, 000
0)

$2,262,0*7,000
261,691,000
1,022,617,000
18,442,000
12,082,663,000

I $4,454,760,000
j
211,703,000
!
862,200,000
!
2 15, 910.000
| 11,651,345,000

3

7, 594, 000 !
50, 000 i
2,011,000 I

v

0)

2

70, 398
13,973
142,316,000
159, 331, 000
50,830, 000

AMOUNTS HANDLED.
$3, 652, 775, 000
Bills discounted
302, 083, 000
Bills purchased in open market for own account
Currency received and counted
1. 259, 323, 000
C oin received and counted
i
20, 170, 000
Checks handled
| 15, 169, 483, 000
Collection items handled:
J
69,761,000
United States Government coupons paid
722, 651, 000
All other
j
United States securities—issues, redemptions, and ex- i
797,105,000
changes by fiscal agency department
1
4,186, 430, 000
Transfers of funds

67,777,000 I
515,597,000 i

66, 757, 000
552, 657, 000

1,184, 543, 000 I
3,033,806,000 j

1, 710, 904, 000
1, 963, 283, 000

1
2

Data not available.
Estimated.
'• Large increase due to the redemption of war savings securities which matured January 1, 1923.
SCHEDULE

7.—OPERATIONS OF FEDERAL

RESERVE

CLEARING

SYSTEM.

[Figures include cash items only. Numbers in thousands; amounts in thousands of dollars.]
Items drawn on
banks in own
district

Month.

Number.
January
February
March
'\pril
Mav
June
Julv
August
September
October
November
December

_. .

Total: 1923. _
1922..
1921..

Amount.

4, 621
3, 987
4,718
4, 612
5,110
5,173
5, 190
4, 845
4,499
5, 388
5,023
5, 395

1,124,629
' 949. 858
1,214,641
1. 199, 176
1, 271, 650
1, 32.3, 292
1, 208, 965
1,3 24,732
1,129, 315
1, 256, 070
1. 232, 934
1,291,327

58, 561
50, 906
47, 164

14, 328, 589
11,292,190
10, 814, 383




Items forwarded to
other Federal reserve banks a n d
their branches.

Items drawn on
Treasurer of
United States.

Total.

N u m b e r . : Amount. N u m b e r . Amount. N u m b e r .
232 :
192
231 ,
223
238
234
239
251
223
241
223 :
246
2,773
2,427
1, 978

!

Amount.

52,890
46,739
63.131
53,901
55,429
55,074
52,122
52,894
54,144
54,334
48,080
51,202

146
131
159
170
] 69
154
131
131
145
171
166
151

20, 94t9
14, 624
15.702
19, 85H
16, 515
15,649
14, 636
15,249
14, 359
21, 485
15, 657
16, 273

4,999
4,310
5,108
5, 005
5, 517
5. 561
5, 500
5, 227
4, 867
5, 800
5,412
5, 792

1,198,468
1,011,221
1, 293, 474
1, 272,933
1,343.594
1,396,015
1. 275, 723
1,192,875
1.197,818
1, 331, 889
1, 296. 671
3,358, 802

639,940
573,260
590, 863

1,824
1,790
1,688

200, £54
217,213
246, 099

63,158
55, 123
50, 830

15. 169, 483
12. 082, 663
11,651,345

DISTRICT NO. 1

329

BOSTON.

SCHEDULE 8.—CLEARINGS AND TRANSFERS THROUGH THE
FUND.

GOLD

SETTLEMENT

[In thousands of dollars.]
Payments
Receipts
to other
from other
Federal re- Federal reserve b a n k s . serve b a n k s

Week e n d i n g -

Jan

Feb

4 (3 days)
11
18
25
1
8
15
21

- - . .

Mar. 1

Apr

May

June

July

Aug.

Sept.
V

Oct.

Nov.

Dec

8
15
22
29
5
12
19
26
3
10
17
24
31
i
14
21
28
5
12
19
26
2
9
16
23
30
6
13
20
27
4
11
18
25
1
8
15
22
28
6
13
20
27
28-31 (3davs)

--

-

-

.
_. _

- -..

___-.._

_ .

.

. .

_

_ _

.
.

Total" 1923
1922
1921

1
i
'

87, 756
142, 053
156, 476
143. 899
129, 217
115,700
134, 843
125 941
170, 968
150, 615
150, 743
180. 522
144, 223
168, 556
147, 097
163, 480
196 375
152,145
160 568
191,174
165, 556
138, 734
177,844
169, 285
186,911
152, 646
145. 760
157,900
161, 727
138,673
144, 021
133, 828
123 198
143,451
123, 355
116,220
129,453
163,090
152, 423
157,487
137, 323
155,189
158. 777
149, 074
164, 774
149 770
167,496
160,834
183.763 !
149 227
196,106
129,401 ;
112,436 i
8, 008, 088
5, 946, 664
5, 301, 614

99, 578
157, 956
155,054
133, 069
133, 864
119,123
129, 451
133, 580
187,187
146, 546
151,475
182,128
144, 370
182. 633
156' 293
151 276
207 544
157, 443
151 432
198, 473
169,182
131. 257
186, 034
174, 794
176, 183
147,009
158.190
160, 588
162,112
146,195
147, 301
130, 925
118 458
137, 669
119 457
123, 434
124, 477
180, 374
157, 933
157, 540
144, 525
166, 278
154,637
145, 779
139, 864
137 957
164, 753
149, 085
194, 566
135 815
201, 628
133, 093
97, 366
8.052,933
5, 922, 570
5, 387,823

Net gain in ownership of gold since establishment of fund in 1915, $193,337,000.




Net loss.

Net gain.

11,822
15,903.
1, 422
10, 830
4 , %A%
3,423
5,392
7 639
16, 219
4,069
732
1, 606
147
14,077
9,196
12, 204
11 169
5, 298
9 136
7,299
3, 626
7,477
10, 728
5,637

8.190
5, 509
12, 430
2,688
385
7 522
3, 280

2," 903"
4 740
5,782
3 898
7,214
4,976
17. 284
5,510
7,197
11,089
4,140
3,295
24, 910
11 813
2,743
11, 749
10, 803
13 412
5,522
3,692
15,070
44,845
24," 094"
86, 209

330

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

SCHEDULE 9.—PRINCIPAL ASSETS AND LIABILITIES OF REPORTING MEMBER
BANKS IN LEADING CITIES AS OF THE LAST REPORT DATE IN THE MONTH.
[In thousands of dollars.]
Investments.
Loans and discounts
gross.

Last report date in—

All other

United States securities
1923

1923

1922

1923

861,214
860, 569
863, 964
869, 575
861,392
875,430
882, 655
879, 359
885, 595
882, 635
877,157
879,457

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

1922
803,405
808, 588
791, 753
785, 435
788,624
788,363
791, 571
782, 557
809, 927
838,014
831, 339
830,233

139,946
129, 037
126, 400
125, 764
131,601
139, 794
129,167
127, 518
137,810
132, 578
128, 297
121, 580

63,071
72, 540
70, 583
86, 608
98,192
115,983
118,570
131,227
126, 951
134,408
129, 239
133, 532

173, 087
172, 549
170,437
173, 743
174, 936
173, 956
169, 210
168,453
171, 950
175, 344
174, 020
170,441

Net demand deposits.

Time deposits.

144, 533
142,795
144, 433
147, 228
162, 694
170, 936
169,211
171,171
172, 788
168,820
171,071
171,120

Accommodation at
Federal reserve bank.

Last report date in—
1923
January
February. _
March
April
May
June
July
August
September.
October
November.
December..

839,642
804,063
780, 632
810,006
804,688
799, 808
814,181
786,114
797, 135
846, 974
802, 468
788,151

756, 517
740, 521
718,550
763,155
782, 250
786, 609
798, 522
782, 660
808, 606
832,019
798, 593
813,832

1922

241,585
245, 527
247,898
252,619
255,636
257, 712
265, 629
268, 582
270, 567
269,872
268, 857
266,077

1923

183,565
189,094
196,380
200,442
213, 512
231,462
228, 826
240,308
246, 742
242, 376
238, 964
237, 567

32,685
30,643
37,682
17,801
35,379
27,757
26,884
48,102
33,626
21, 931
47,483
55, 067

1922
i
!

19, 731
30,311
24,820
6,470
12, 298
12, 723
16, 513
14,363
15, 527
19, 946
53, 929
47,432

I
!
I
|

NOTE.—Figures are for about 43 banks in Boston, Hartford, New Haven, Providence, and Springfield,
which submit weekly reports to the Federal reserve bank.
SCHEDULE 10.—DEBITS TO INDIVIDUAL ACCOUNTS.
[In thousands of dollars.]
S u m m a r y for 11 centers.*
Month.
1923

1922

1921

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

2,197,997
1, 889, 899
2, 222,086
2,119, 787
2,139, 645
2, 172, 872
1,983, 223
1, 771, 572
1, 760, 956
2,154,617
2,150, 666
2, 287, 912

'i, 928,021
1, 611, 605
1,857,809
1, 760,157
1, 837, 939
1,992, 898
1, 899, 373
1, 586,094
1, 717, 635
2,087, 622
1, 986, 523
2,126, 314

2, 058, 410
1, 611, 603
1, 821,196
1,796,118
1, 788, 548
1, 826, 530
1, 734, 824
1, 588, 542
1, 630, 299
1, 947, 992
1, 925, 753
2,005, 698

Total

24, 851, 232

22, 391,990

21, 735, 513

i Figures for cities marked with an asterisk are not included in the district summary or in the national
summary of 141 centers.




331

DISTRICT NO. 1—BOSTON.
SCHEDULE 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued.
[In thousands of dollars.]
Boston, Mass.

Bangor, M e .

Month.
1922

1923

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

1921

1923

1922

15, 053
12, 574
14, 553
13,463
14, 223
16,121
15,311
14, 919
15,015
18, 446
14, 352
15, 838

13, 529
11,916
14, 503
13, 242
13, 910
14, 391
13,705
12,896
14, 328
15, 711
13, 369
16, 693

15, 780
13, 654
15, 539
15, 614
14, 915
16, 949
15, 763
15,083
14, 496
17, 435
15, 382
16, 678

1, 610, 748
1, 386, 926
1, 660,192
1, 544, 708
1, 543, 890
1, 555, 083
1, 417, 938
1, 241, 475
1, 252, 337
1, 525, 206
1, 547,452
1,662,042

1, 433, 716
1,184, 979
1, 372, 388
1, 283, 772
1, 346,120
1, 474, 648
1, 399, 991
1,125, 201
1, 233, 003
1, 498, 936
1,444,411
1, 533, 993

179, 868

.

168,193

187, 288

17,947,997

16,331,158

1921

Brockton, Mass.*

L, 522, 703
L, 182, 520
L, 341, 714
L, 311, 520
L, 319, 737
L 335. 434
1, 260, 953
1,162,085
1,176,042
1, 425,199
1, 430, 876
1, 483, 833
15, 952,616

Fall River, M a s s .

Month.
1922

1923

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

1921

1922

1923

1921

21, 274
18,931
22,148
22, 272
21, 200
21, 626
17, 973
19, 810
21,063
25, 075
23, 883
22, 469

19,963
19,170
19,112
19, 798
18, 511
19, 332
19, 527
21,848
23, 555
22, 604

36, 650
30, 385
32, 461
33, 734
33, 385
32, 264
29,164
28, 522
31, 742
41, 453
46, 201
37, 537

29, 608
22, 741
25, 670
26, 062
28, 925
30, 337
29, 000
26,897
27, 803
37,065
41,488
37,102

26, 647
23, 947
24, 767
24, 417
22, 668
23, 876
23, 915
23, 430
27, 997
34,112
34, 246
27, 865

257, 724

203, 420

413,498

362,698

317, 887

Holyoke, Mass.

Hartford, Conn.
Month.

1922

1923

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

_ ._

.

...
.

1922

1921

111, 977
99, 351
106, 384
113,103
113, 296
113,833
111,869
99,915
98, 234
111,759
110,831
123, 902

98, 556
80, 203
90, 748
96, 832
93, 622
97,150
97, 557
86, 496
88, 843
108, 451
94, 968
110,641

101, 822
81, 332
90, 371
96, 742
85, 321
89, 745
95, 294
80, 532
86, 901
89,657
87,927
99, 696

17, 716
14, 656
17, 799
18, 210
18, 657
20, 307
17, 086
15, 567
15, 410
19, 402
18, 222
17, 514

12, 571
10, 676
13, 523
12, 860
• 13,087
13, 592
13,600
12, 358
14, 534
18,098
18, 631
17, 528

15, 318
11, 502
13,308
12, 789
11,796
13,376
11,996
10, 514
11,723
13,297
13, 572
13, 217

1, 314, 454

1,144,067

1, 085, 340

210, 546

171,058

152, 408

1923

Lynn, Mass.*

Lowell, Mass.
Month
J anuary
February
March
April
May
June
July
August
September
October
November
December
Total




1923

1922

1921

1923

1922

21, 819
18, 590
22, 764
22, 915
25, 334
25, 502
21, 768
21, 467
20, 597
24, 230
25, 365
21,140

19,106
16, 602
19, 426
19,192
20, 025
19, 361
19, 636
19, 298
19, 494
23, 358
24, 946
23, 260

20, 945
16, 218
17, 473
18, 916
18, 989
19, 927
18, 375
18, 068
18, 906
21,713
21,689
21, 393

22, 224
19, 210
27, 845
28, 652
28, 882
26, 774
22, 582
28,116
25, 569
31,136
28, 897
27, 387

24, 755
20, 082
25, 083
25,182
25,199
24, 429
23, 805
23, 343
23, 686
27, 669
26, 850
26,332

243, 704

232, 612

317, 274

296, 415

271,491 1

1921

1921

332

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
SCHEDULE

1 0 . — D E B I T S TO INDIVIDUAL

ACCOUNTS—Continued.

[In thousands of dollars.]
New Bedford, Mass.

Manchester, N . H.*
Month.
1923

1922

1921

1923

1922

18, 803
15, 239
18, 505
17, 332
16, 603
17, 524
16, 064
16, 393
16, 356
18, 026
18.167
26, 801

January
February._
March.....
April
May
June
July
August
September.
October
November.
December. .
243,500 !

Total.

18, 496
16,128
20, 545
19, 056
18,548
19, 754
19, 282
18, 921
18,141
19, 698
18, 572
24, 944

31,146
30,184
33, 544
31, 731
32, 241
34,105
31,115
28, 742
26, 547
32,132
36, 550
34, 635

215,813 I

232, 085

382, 672

1921

1923

26, 460
24, 796
26, 022
24, 755
27, 094
28, 099
27, 598
26, 487
25, 795
34,162
35,167
33, 325
339,760 !

1921
23, 882
22, 440
23, 435
22,985
24, 224
25, 972
24, 540
24,335
25, 831
29, 634
30, 793
29, 612
307, 683

Portland, M e . *

New Haven, Conn.
Month.
1922

1923

1922

1921

88, 448
74, 098
82, 608
81, 257
92. 439
94, 274
90. 544
87. 533
81, 603
95, 787
87, 582
93. 901

Total

73, 889
58, 445
74, 468
69, 728
73, 660
73, 473
84, 636
75, 874
78, 061
81. 981
74, 556
82, 450

78, 904
64, 854
73, 678
72, 234
71.810
72,131
73, 066
67,116
65, 261
72, 379
68, 735
74, 499

37,180
35, 255
39,140
36, 812
42, 854
44, 666
42, 627
38, 783
38, 730
48,195
43, 438
42, 735

29, 930
26,165
31, 972
31,461
33, 892
32, 787
35, 407
35, 733
36, 863
41,152
34, 628
38, 913

38, 955
31, 761
34, 431
32, 084
30, 237
29, 631
28,947
31, 049
31, 506
34, 740
31, 332
32, 675

1,050,074 j

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

901, 221

854, 667

488, 415

408,903

387, 348

Springfield, Mass."

Providence, R. I.
Month.
1921

1923
January
F e b r u a r y . _.
March
April
May
June
July
August
September.
October
November.
December..

159,503 i
136,280 !
151, 269 !
152.709 !
154,009
162.329 •
143, 654
134, 111
127,659
176,754 i
158,803
169,304

Total

I 1,826,384

133,213 !
122,416 I
133,438 j
130,900 !
131,740
145,839 I
127,917 ;
113,859 1
128,983 1
165,025
145,167 i
160.285 i

150, 600
117,545
132, 814
131, 855
131, 425
138, 392
128, 743
114, 622
123, 964
154, 831
138, 006
142, 981

1,638,782 i 1,605,778 j

1923

!

1922

72. 904
61,613
74,143
72, 611
77, 899
80, 530
70, 562
65, 460
61,471
76, 602
69, 012
71,100

55, 423
48, 961
57, 435
57, 271
62, 370
67, 430
64, 395
58, 717
63, 014
78,170
74,140
73,478

64, 838
53,122
59, 869
55, 345
53, 636
59, 529
52, 295
50, 181
51, 943
63,166
61, 538
60, 296

853,907

760, 804

685, 758

Worcester, Mass.

W a t e r b u r y , Conn.
Month.
1923
January
February
March
April
_
Mi ay

-__ - - - .

June
July

August .
September.. . . .
October
November
December. _

.

Total

32. 306
28, 325
30, 491
37, 239
35 527
38. 785
32, 640
31, 082
29, 046
33. 373
30, 213
35, 806
394, 833

1922
26, 024
27, 994
26.850 i
26, 377
28, 527
29, 641
26, 083
27,006 ;
27. 214
31, 227
28,054 ;
35. 149 ;
340, 146

1921

1923

1922

1921

28, 044
20. 863
23, 855
24, 736
24, 599
26. 219
22, 988
18, 359
22,193
24, 413
23, 839
27, 975

72. 631
58, 530
70, 021
70, 718
76, 644
80, 269
72,134
68, 239
62, 766
76, 075
75, 095
76, 293

61, 349
50, 837
60, 773
56, 437
61, 229
66, 367
59, 650
59, 722
59, 577
73, 608
65, 766
75, 888

73, 765
56,728
64, 242
64, 310
63,064
64, 509
59,191
54, 398
56, 985
65, 322
60, 688
67,949

288, 083

859, 415

751, 203

751,151

N O T E . — C e n t e r s which have not reported continuously for t h e 18 m o n t h s ending D e c . 31, 1923, are n o t

Digitized forincluded in the table.
FRASER


DISTRICT NO. 2—NEW YORK.
SCHEDULE 1.—COMPARATIVE STATEMENT OF CONDITION.

[In thousands of dollars.]
Dec. 31,
1923.

D e c . 30,
1922.

D e c . 31,
1921.

RESOURCES.

Gold with Federal reserve agents
_
Gold redemption fund with United States Treasury

583, 625
9,441

658,970
10, 309

653, 004
15,000

Gold held exclusively against Federal reserve notes
Gold settlement fund with Federal Reserve Board
Gold and gold certificates held by banks.

593,066
109, 814
168,615

669, 279
169, 378
118,127

668, 004
130, 058
283,142

871, 495
24,437

956, 784
31,314

1,081, 204
50, 336

895,932
11,846

988, 098

1,131, 540

136,175
28, 360

168, 236
16, 053

156,014
53,066

164, 535
93,151

184, 289
60, 864

209,080
72, 593

6,202
29,972
10, 582

1,149
60, 618
105,485

596
3,570
99,359

Total gold reserves
Reserves other than gold

_

_

_

Total reserves
Nonreserve cash.

_

_

Bills discounted:
Secured by United States Government obligations
Other bills discounted
Total bills discounted
Bills bought in open market

__

United States Government securities:
Bonds
Treasury notes
Certificates of indebtedness
._

_

Total United States Government securities _

0)

46, 756

167, 252

103, 525

304,442

412, 405

385,198

115,065
13, 298
1,067

134, 303
10,100
1,893

1,603
103, 363
6,648
2,852

1, 341, 650

1, 546, 799

1, 631, 204

420, 371

597, 071

663, 363
20, 559

712, 858
9,562
12, 406

749, 006
518
11,439

726, 098
32, 616
14,451

Total deposits

734,826

760,963

773.165

Deferred availability items
Capital paid in
Surplus... _._
All other liabilities. _

95, 342
29,439
59, 929
1, 743

98,101
28, 688
59,800
2,176

83, 848
27,114
60,197
2,958

1, 341, 650

1, 546, 799

1, 631, 204

77.6
6,572

72.8
12, 624

78.8
12, 036

Total earning assets

__

_

__

5 per cent redemption fund—Federal reserve bank notes Uncollected items
Bank premises
All other resources
__
Total resources

%

LIABILITIES.

Federal reserve notes in actual circulation
Federal reserve bank notes in circulation—net
Deposits:
Member bank—reserve account
Government
Other deposits

_-.

_

___

_..
_

Total liabilities
Ratio of total reserves to deposit and Federal reserve note liabilities
combined (per cent)
Contingent liability on bills purchased for foreign correspondents...
1

Not shown separately prior to 1923.




333

334

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

SCHEDULE 2.—MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES DURING

1923.

[Amounts in thousands of dollars.]
Bills discounted for
member banks.

Date.

MemBills
Federal Rebought United
ber I
in
States Total
banks' ! Total reserve serve
cash
denotes in peropen securireserve i posits.
circula- centmarties. reserves
de- i
tion. | ages.
ket.
posits, j

! Bil1 I

Total
earning
assets
(2+5
4-6).

•
! secured;
y
bills
U. S. I Other
by
disTotal. ! Govcount| erned.
I ment
1
obliga| tions.

10
3
10
17
24
31

358, 749
352, 055
322,176
345, 55'
358, 718

185,584
167,852
182,733
216,641
251,864

169,695
154,575
161,502
191,283
230,612

15,889
13,277
21,231
25,358
21,252

51, 796 121, 369 1, 013,
37, 724 146, 479 1, 025,
29, 394 110, 049 986,
32,0661 96,850 977,
27,785 79,069 983,

F e b . 7_
' 14_
21_
28_

300,749
377,278
311,349
289,490,

221,033
294,250
240,447
210,222

193,109
259,758)
194, 473;
179, 216j

27,924!
34,492
45,974!
31, 006|

Mar. 7_
14.
21.
28-

255,775
269,173
216,941)
287.949

200,239*
209,482
170,037
228,901

170,341
176,173
136,465;
176, 967j

Apr.

4_
11_
18.
25 _

256,891 !
246,046
239,528;
210,444;

210,603
182,175
169,576'
154,134

May

2_
9_
16.
23_
30_

269,686)
2dO, 141 i
236,031!
263,019|
259,851j

211,574
198, 730:
153,237;
163,317
171,125i

June

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

Jan.

570
054
428
44*
86*

741,929
762,804
711,692
722, 717.
720,929;

754,455!
775,0001
723,930;
739,942!
744,157j

597, 350|
565,213
552,218
545,265
551,029

75.0
76.5
77.3
76.1
76.0

27,410
29,793
27,312
30,470

52,3061,041,269
53, 235!1, 002, 764
43, 590! 1,024, 725
48, 798J1, 050, 354

719,607;
755,686!
707,269;
712,1061

743,923!
778,494!
327, 7401
734,747'

554,344
560,010
569,795
568,124

80.2
74.9
79.0
80.6

29,898'
33,309;
33,572
51, 934i

29,480
35,264
29,242
34,309

26,0561,061,547
24,4271,069,933
17,5621,115,002
24, 739! 1, 081, 560

683,969!
724,458!
681, 0531
707, 865

704,761
734,753
719,303
756,172

570, 391
567,169
568, 287
565, 691

83.2
82.2
86.6
81.8

165, 668!
137,3361
131,015
123,134

44,935
44, 8391
38,561!
31,000

27,462
46,840
50,911
45,161

1,544 733, 837
18, 826Jl, 085, 976
17, 031 |l, 074, 395 691, 416 71
19,041)1,094,888 722, 586 745, 315
11,149 1,091,527 682, 516 704, 004

574,400 83.0
565.181 83.7
£61, 366 83.8
559, 220

136,456
148,603
124,537
133,017
127,711

75,118
50,12^
28, 700
30, 300
43, 414

54,373
56, 838
75, 645
73, 552
75, 500

3,739 1, 094, 695
4,573 1, 071, 201
1491., 105,163
26! 150 1,070, 674
13, 226 L, 065, 71

713,310
694,445
722,577
707,626!
680,128^

753,009
719,109
751,348
728,269
707,548

571,466
566, 318
562.182
559, 876
566, 030

289,6251 194,419! 153,421 40,998 74,058
248, 003! 179, 079 130,194J 48, 88552, 314
198,320i 138,845 105,381 33,464 38, 964
235,183[ 160,328: 120,956 39,372 43, 712

21,, 148
16, 610
20,511
31,143

1, 057, 622
1, 076, 726
1,116, 884
1, 083, 365

704,990
714,054,
700,5601
705,3231

735,840| 568,599
737,6731 555,158
727,047 547,527
739,368 533,713

81.1
83.3
87.6
85.1

82.7
83.3
84.1
83.1
83.7

25_

304,651) 259,723' 197,137
271,961; 219,643 161,777
243,237' 185, 821! 149,662
219, 475; 167,569 126,417

62, 586
57, 866
36,159
41,152

40,101
42, 345
46, 456
39, 671

4, 8 2 7 1 . , 031, 267
9,973 1, 025, 090
10, 960 1, 027, 659
12, 235 1, 011,198

730, 923
719, 493
697, 983
661, 780

753,915
737,686
720,222
684,3141

546,814
526,422
513,330
503,111

79.3
81.1
83.3
85.2

15.
2229-

261, 5801 209,406: 148,391 61, 015
266,498 222,872 172,663 50, 209
233,1841 195,625 146,794 48, 831
207,142i 167,391: 124, 742i 42,649
226,163! 180,312 125,507 54,805

40, 000
37, 002
31,910
35, 905
33, 440

12,174 1, 017, 321
6,624 989, 687
5,649 986, 539
3, 846 ., 013, 247
1.
12,411 998, 367

715, 734
690,236
668,701
659,730
674, 46".

738, 899
707,441
690,204
683,676
694, 471

497, 762
504, 061
496, 945
495, 327
484, 705

82.3
81.7
83.1
85.9
84.7

674,965
689,101|
664,932!
690, 80S

692,207 486,765 80.7
718,050 481,804 81.3
696,654 478,053 87.7
720,6421 469,443 83.7

July

Aug.

Sept. 5_
12_
1926_

269,440
259, 772
172,216 j
236,967j

209,788 152,620 57,168 41,271
205, 694! 144, 183 61,511 36, 828
138,737; 90,196 48, 541 23, 435
200, 452J 146,370 54, 082 26, 556

18,381
17,250
10, 044
9,959

Oct.

3_.
1017_
2431-.

239,907!
244,637
220,604!
204,087!
265,149,

203, 9761
205,047j
170, 808!
163,441!
201, 803|

13, 574
6,849
12, 069
4,549
10, 909

21 _
28_

265,486' 174,430! 119,262 55,168
257,436 162,286! 117,986 44,300
216, 164' 125, 645; 86, 57539, 070
235,440' 131,843! 102,644 29,199

5_
12.
1926.

238,789j
270,1191
229,591'
317,407;

Nov.

Dec.

Daily average.

136,459
146,344
116,593
111,001
149,580

67, 517
58, 703
54, 215
52, 440
52, 223

124,149' 92,041 32,108
143,5941 98,610 44,984
130,598; 104,894! 25,704
204,9561 1£8,190! 46,766

262,8121 187,282.




951, 030
975,459
, 029, 633
995, 597

357
741
727
097
437

78,407 12,649
78, 420i 16,730
84, 420| 6,099
87,993j 15,604

990,412 700,035! 721,257 474,894
'
3, 640! 711,542j 471,073
982,225 705,579! 725,956 463,507
996,601 688,145| 706,001 457, 029
977,501 718,144 742,567 449,!

82.9
82.6
85.7
82.0

948,503
930,354
981,238
964,147

673,563
695,8281
699,803
701,181

692,226
723,644
717,909!
720,319J

455,559
443,898
433,315
429,997

82.6
79.7
85.2
83.8

932,116
927,206
914,396
885,222

22,
32,
43,
36,
52,

685,630
716,648!
669,737!
705,485'

703, 261!
731,9951
684,474
725,480

426,837
421,946
422,105
428,579!

82.5
80.4
82.6
76.7

47,970 27, 5C0 1, 013, 732 689,362 713,488 519,435; 82.2

DISTRICT NO. 2

335

NEW YORK.

FEDERAL RESERVE BANK OF NEW YORK
MILLIONS OF DOLLARS

MILLIONS OF DOLLARS
200

1200

000

1000

800

800

600

600

400

400

200

200

400

I

I

400

I

PURCHASED BILLS
200

200

400

I

I

I

f

400

I

UNITED STATES SECURITIES
200

200

1000

I

|

|

I

1000

I

DISCOUNTS FOR OWN MEMBERS
800

800

600

600

400

400

200

200

1921



1922

1923

336

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.

SCHEDULE 3.—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS.
[In thousands of dollars.]
Bills discounted for member banks.
Month.
Total.

Secured by
U. S. Gov- Bankers'
accepternment
ances.
obligations.

January.
Februsr
March...
April...

2, 612, 835
2,393,409
1,995,976
1,793,116

May
June
July
August,.

94
290
26

2,438. 965
2,277,516
1,816,501
1,631,148

1,747,309
1,589,235
1,113,221 : 970,572
1,503,907 ' 1,265,989
1,137,185 ' 994,132

9
12

Agricultural and
livestock
paper.

Trade
acceptances.

250
323
695
610

291
229
387
511

173,235
115,051
178,367
160,847

479
908
691
592

430
510
416
274

157,165
141,231
236, 802
142,175

674,464
753,426
778, 491
771, 507

24 !
15

567
398
558
504

420
465
465
527

130,830
185,079
162,590
194,555

17,951,843 ! 15,961,946
9,206,364 ! 7,685,801
30,768,990 ! 14,704,624

192
23,192 I

6, 575
8,523
33, 517

4,925
8,042
6,066

1,977,927.
1,503,806
16,001,591

Sept e m b e r _
October
November..
December..

806,281 !
939,392 !
942,119 i
967,093!

T o t a l : 1923.
1922..
1921..

Billc bought in open market.

U. S. securities
purchased.

Month.
Total.

Bankers' Dollar Trade
acceptacceptexances.
change. ances.

Total discount and openmaiket operations.

Bonds
and
notes.

Certificates of
indebtedness.

1923

1922

1921

1,102, 997
1,026,459
1,074,055
641, 050

5,789,803
5,692,233
4,631,296
2, 568,238

49,228
50,179
75, 775
85, 650

47,489
45, 648
68,655
77,919

850
3,002
5.153
6,142

889
1,529
1,967
1,589

53,080
48,319
40, 760
22,390

459,235
21,038
73, 440
15, 859

3,174,378
2, 512, 945
2,185, 951
1, 917, 015

119, 752
93,121
92, 822
76, 815

112,215
90, 089
87,184
74, 719

6,248
2,196
5, 579
1,774

1,289
836
59
322

61,112
56,389
34, 807
36,340

69, 368
116,206
21,037
15, 684

1, 997,
1, 378,
1, 652,
1, 266,

* 76, 777
101, 592
190,811
165,125

72, 621
94, 687
181, 786
155,883

3,402
6,182
7,401
7,553

754
723
1,624
1,689

44,678
39, 998
28, 635
66, 552

91,657
19, 759
56, 810
197,633

1,019, 39S
1,100, 741
1, 218, 375
1, 396, 403

Total:
1923 1,177,647 1,108,895 55. 482
828,802 i 37.123
1922 871, 433
703,315 90,311
1921. 799,813

13,270
5,508
6,187

January
February
March
April

All other

N*

May.
June
July
August
September
October
November
December

_..




541
937
573
024

414,
971,
788,
520,

737
945
744
361

2, 351, 008
2,066, 887
1,871,213
1,688,228

844, 511
1,497,235
1,811,993
2, 291, 435

1,561,218
1, 718, 244
1, 538, 319
2, 762, 980

533,060 1,157, 726 20,820,276
12, 985, 522
796,335 2, 111, 390
34,239, 667
39.024 2, 631,840

337

DISTBICT NO. 2—NEW YORK.

SCHEDULE 4.—VOLUME OF BILLS DISCOUNTED FOR MEMBER BANKS IN EACH
STATE.
[Amounts in thousands of dollars.]

Connecti- N e w Y o r k .
cut.1

Month.

January
February
March . . .
April
May.
.
June
Julv
August
September
October
November
December
Total- 1923

New
Jersey. 1

Total.

Number of
member
banks
accommodated
during
the month.

245
1,320
799
. 839

. .

_.

___ _
_.

1922
1921

Number of member banks at
end of year:
1923

2, 572 585
2, 352, 602
1,953,442
1, 749,165

40,005
39,487
41,735
43,112

2, 612,835
2,393,409
1,995,976
1, 793,116

812
812
814
816

332
341
375
376

826
2,125
1,660
1,455

1, 708, 342
1, 072,719
1,460,215
1,086, 790

38,141
38, 377
42, 032
48, 940

1, 747,309
1,113, 221
1, 503, 907
1,137,185

823
827
830
831

399
393
367
334

670
900
600
1,045

760,163
oor> ™
893,489
916, 062

45, 448
55, 969
48, 030
49,986

806, 281
939,392
942,119
967, 093

831
833
835
839

340
374
394
431

12.484
14, 546
33,350

17,408,097
8 837 014
30, 228,160

531, 262
354 804
507, 480

17,951,843
9, 206,364
30, 768,990

1922
1921

12
12
13

620
603
602

207
193
185

839
808
800

1922
1921

10
9
11

433
408
398

147
127
122

590
544
531

Number of member banks
accommodated:
19^3

1

Number of
member
banks in
district
at end
of month.

Figures relate only to that part of the State located in the New York district
SCHEDULE 5 . — E A R N I N G S AND E X P E N S E S .
1921

Discounted bills
Purchased bills
"United States securities
Deficient reserve penalties..
Miscellaneous

$3, 970, 210
1, 619, 512
5, 227, 488
49, 738
474,371

Total earnings..
CURRENT EXPENSES.

Salaries:
498,114
Bank officers
3, 928, 025
Clerical staff
208,144
Special officers and watchmen
303,314
All other
448
Governors' conferences
156
Federal reserve agents' conferences
1,200
Federal Advisory Council
32,101
Directors' meetingsx
37,891
Traveling expenses
202, 802
Assessments for Federal Reserve Board expenses
2,275
Legal fees
84, 058
Insurance (other than on currency and security shipments)
58, 786
Insurance on currency and security shipments
8,036
Taxes on banking house
9,678
Light, heat, and power
9,279
Repairs and alterations, banking house
422, 660
Rent
115,928
Office and other supplies
136, 319
Printing and stationery
47,388
Telephone
1
Other than those connected with governors' and agents' conferences and' meetings of directors and of
the advisory council.



338

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
SCHEDULE 5.—EARNINGS AND EXPENSES—Continued.
1923

1921

CURRENT EXPENSES—continued.
Telegraph
Postage
Expressage
Federal reserve currency:
Original cost, including shipping charges.
_
Cost of redemption, including shipping charges.
Taxes on Federal reserve bank-note circulation
All other expenses

$65,172
248,052
85, 492

310,005

284, 399

421, 229
76, 748
110, 942

553,125
70,174
69, 374
142, 277

1, 091, 592
213, 287
136,310
2
270, 399

6, 880,136

'3, 776, 530

8,167, 780

11, 413,183
6, 880,136

11,341,319
6, 776, 530

34, 704, 939
8,167, 780

4, 533, 047
1,697

4, 564, 789
2,743

26, 537,159
3,654

1, 235, 937
52, 756
58,021
144,351

Total current expenses.

$63,943

365, 053
294, 072
50,172
136, 642

60, 404
250,000
(3)
136,577

$65,191

PROFIT AND LOSS ACCOUNT.
Earnings
Current expenses
Current net earnings
Miscellaneous additions to current net earnings..

•

Deductions from current net earnings:
Depreciation allowances on bank premises...
Reserve for self-insurance.
Furniture and equipment
Allother
Total d e d u c t i o n s . . .

1, 491,065

845,939

446, 981

Net deductions from current net earnings

1, 489, 368

843,196

443, 327

Net earnings available for dividends, surplus, and franchise tax

3, 043, 679

3, 721, 593

26, 093, 832

Dividends paid
Transferred to surplus account
Franchise tax paid United States Government

1, 749, 239
129, 444
1,164,996

1, 652,138
* 206,946
1, 862, 509

1, 608, 721
3, 782, 671
20, 702, 440

4

2
Includes $89,418 for furniture and equipment, which since 1921 has been charged direct to profit and loss.
3
Included with current expenses prior to 1922.
* Bank also charged its surplus account and paid the United States Government $1,334,160 as an additional franchise tax for 1921, and $270,389 for 1920.

SCHEDULE 6.—VOLUME OF OPERATIONS IN PRINCIPAL

DEPARTMENTS.

1923

1921

1922

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
Envelopes received and dispatched

17,418
72,177
75,701
477,257,000
816,128,000
129,130,000

14,178
60, 715
56, 474
412, 347, 000
801,277,000
IK, 316,000

21, 461
149, 868
46, 836
411,515,000
671, £85, 000
105, 215, 000

17, 684,000
2,177,000

22, 685, 000
1, 741, 000

26,126,000
1, 430, 000

7,030, 000
236, 000
6, 761, 000

8, 368, 000
214, 000
(2)

8,247,000
284,000
7, 673, 000

1

AMOUNTS HANDLED.
Bills discounted
$17,951,843,000
Bills purchased in open market for own account
1,177,647, 000
Currency received and counted._
3,006,283, 000
Coin received and counted
125,506,000
Checks handled
65,805,632,000
Collection items handled:
United States Government coupons paid
337, 344. 000
Allother
1,920,719,000
United States securities—issues, redemptions, and exchanges by fiscal agency department.
3,148,870,000
Transfers of funds
28,031,500,000
* Excluding Buffalo branch.
2 Data not available.




$9, 206,
871,
2, 610,
76,
62, 563,

364,
433,
697,
684,
789,

000
000
000
000
000

336,468, 000
1, 519, 894, 000
6,449, 625, 000
25,126,090,000

$30, 768, 990, 000
799, 813, 000
3,192, 093, 000
99,118,000
36,397, 633, 000
312,873, 000
1.580,526,000
7, 206, 611, 000
18,160, 300, 00C

DISTRICT NO. 2

339

NEW YORK.

SCHEDULE 7 . — O P E B A T I O N S OF FEDERAL R E S E R V E

CLEARING

SYSTEM.

[Figures include cash items only. Numbers in thousands; amounts in thousands of dollars.]
to
Items drawn on Items forwardedre- Items drawn on
other Federal
T r e a s u r e r of
banks in own
serve banks and
United States.
district.
their branches.

Month.

Number.

Number.

Amount.

Amount. Number.

Number.

_.

8,755
7,185
8,993
7,958
7,967
8,133
8,210
7,890
7,569
8,694
8,012
8,651

5, 076, 754
4, 206, 925
5,978, 205
5, 223, 294
5, 370, 861
5,402, 565
4,896, 223
4, 784, 409
4, 695, 318
5,804, 999
5,115, 234
5, 428, 325

1,483
1,277
1,565
1,472
1,449
1,438
1,369
1,321
1,317
1,560
1,427
1,576

177, 666
147, 045
183, 537
190, 220
190, 452
185, 530
178,196
170, 380
172, 297
204, 650
173, 818
168,857

1,292
940
1,115
1,198
1,170
1,031
906
1,012
1,128
1,260
1,082
991

135, 532
94,404
101,418
95, 307
140,361
112, 623
103, 723
104, 388
99, 571
145,188
130, 590
129,167

Total: 1923.
1922.
1921.

98, 017
91,144
78, 385

61, 983,112
59,190, 799
32, 574, 692

17, 254
14, 717
13, 646

2,142, 648
1, 780, 571
1,888, 725

13,125
12,727
12, 488

1,392,272
1, 308, 752
1, 638, 094

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

1

Total.*

•_.
__.
_.

11, 530
9,402
11, 673
10, 628
10, 586
10, 602
10,485
10, 223
10, 014
11,514
10, 521
11, 218
128,396
118, 588
104, 519

5, 389,952
4, 448, 374
6, 263,160
5, 508,821
5, 701,674
5, 700, 718
5,178,142
5, 059,177
4, 667,186
6,154, 837
5, 419, 642
5, 726, 349
65, 518, 032
62, 280,122
36,101, 511

Exclusive of duplications on account of items handled by both parent bank and branch.

S C H E D U L E 8 . — C L E A R I N G S AND T R A N S F E R S T H R O U G H T H E G O L D
FUND.

SETTLEMENT

[In thousands of dollars.]
Payments to Receipts from
other Federal other Federal Net loss.
reserve
reserve
banks.
banks.

Week ending-

Jan.

4 (3 days)

11
18 _ . .
25
Feb. 1
8
15
21 .

Mar. 1

8
15
22
29
Apr. 5
12
19
26
May 3
10
17
24
31

.

.

._

June 7

14 _
21
28

July 5

12
19
26
Aug. 2
9
16
23
30




_

303,739
581, 627
566,168
506,066
475, 534
430, 161
444, 891
423,155
592, 023
492, 341
470, 482
591, 028
517, 691
507, 005
483, 533
499,512
583, 244
520,159
477, 398
543,471
602, 872
447, 652
525, 658
506, 504
566, 599
530, 425
533 669
514, 045
479, 677
498, 309
459 374
432, 330
387,174
440, 055
419,257

339, 546
562,442
554,935
485, 947
522, 962
451, 212
426, 519
440, 227
607, 792
499, 589
534, 681
600, 892
473, 027
514, 680
479, 555
542, 216
552, 946
538, 767
467,923
569, 078
552, 988
426, 575
516, 857
497, 261
618, 405
507, 726
497 048
468,137
515, 305
460, 247
463 664
412, 752
402, 529
458, 991
401,818

Net gain.

35,807
19 185
11, 233
20,119
47, 428
21, 051
18, 372
17,072
15, 769
7,248
64,199
9,864
44, 664
7,675
3,978
42,704
30 298
18, 608
9,475
25,607
49, 884
21, 077
8,801
9,243
51,806
22, 699
36 621
45 908
35, 628
38,062
4 290
19, 578
15, 355
18, 936
17, 439

340

ANNUAL REPORT OF THE FEDERAL RESERVE EOARD.

SCHEDULE 8.—CLEARINGS

AND TRANSFERS THROUGH THE GOLD SETTLEMENT

FUND—Continued.
[In thousands of dollars.]
Payments to Receipts from
other Federal other Federal Net loss.
reserve
reserve
banks.
banks.

Week e n d i n g -

Sept. 6
Oct.

13
20
27

.

4

11
18
25

Nov. 1
8
15
22
28

Dec

.

6
13
20
27
28-31 (3 days)
T o t a l - 1923
1922
1921

_.

378, 220
439, 852
544,636
507, 593
526,941
488, 889
510, 626
530, 443
506, 399
488, 041
502, 824
540, 993
451, 256
626, 064
496, 708
647, 867
507, 260
321, 265

356,572
445, 112
591, 638
493, 244
508, 762
468, 575
527, 764
525,646
512, 385
453, 713
502, 680
571,785
442,155
580,124
504,199
654, 833
465, 669
339, 546

21, 648

26, 368, 705
22, 359, 499
19, 261, 642

26, 309, 641
22,198, 469
18, 963, 838

59,064
161, 030
297, 804

Net loss in ownership of gold since establishment of fund in 1915, $1,650,102,000.




Net gain.

5,260
47, 002
14, 349
18,179
20, 314
17,138
4,797
5,986
34,328
144
30, 792

9. l6I
45, 940
7,491
6,966
41, 591
18, 281

SCHEDULE 9.—PRINCIPAL ASSETS AND LIABILITIES OF REPORTING MEMBER BANKS AS OF THE LAST REPORT DATE IN THE MONTH
MEMBER BANKS IN LEADING CITIES. 1
[In thousands of dollars .\

r

Loans and discounts, gross.

Last report date in-

Secured by stocks
and bonds other
than United States
bonds.

Total.

1923

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

Investments.

1922

4,107, 518
4,219,198
4, 239, 359
4, 219, 907
4,197,061
4,180,451
4,095, 341
4,077,640
4,147, 477
4,163, 202
4,138, 229
4,199,134

3, 960, 418
3.928, 747
3, 982,333
4,006,942
4, 026, 235
3,960, 876
3, 876,786
3, 868. 631
3,965, 246
4,032, 937
3, 982, 271
4,050, 699

1922

United States
securities.
1923

1922

Net demand deposits.

Time deposits.

All other.

1923

1922

1923

1922

746,649
724,239
716,691
755, 343
833,177
842,185
848, 734
796,436
773,955
770, 890
753, 214
757, 335

4,925, 632
4,967,431
4, 680, 719
4,687,197
4, 688,737
4, 727,030
4, 647,935
4,509,994
4,578, 654
4,733, 254
4, 741, 783
4,701,075

4, 682, 791
4.612, 235
4,699, 764
4,881,158
5,091,125
5,107,474
4, 911,693
4,799,790
4,847, 523
4,859, 303
4,831,684
4,904,010

1923

Accommodation at
F e d e r a l reserve
bank

1923

1922
H

1,676,444
1, 735,929
1,675, 576
1,670,648
1,648,204
1,642,400
1,571,062
1,490,958
1,500,134
1, 515, 910
1, 543,835
1, 649,472

1, 329,101
1.342,001
1,406,025
1,499, 598
1.667,002
1, 637, 775
1, 593,483
1,572, 318
1,655,884
1,702,412
1,667,940
1, 715,780

1,198, 266
1,116,845
1,129, 281
1, 084, 636
1,097, 275
1,107,481
1,079,839
1,028,022
1,030,078
1,035, 241
1,006,423
1,026,823

710, 620
727, 658
748,485
793,134
870, 593
004,186
036, 386
070, 755
020,918
050, 542
054, 214
178, 246,

766,717
742, 222
717,423
713,185
713,108
728,440
745, 588
727,846
731,336
764,052
747, 754
755, 773

744,304
768, 377
889, 867
912,134
914, 493
900, 653
890,143
902, 635
906, 769
899, 301
887,858

480,013
519,149
539, 953
573,154
590,187
665,806
789, 423
828,129
779,049
775, 383
774,207
764,230

227,078
184, 867
201, 683
126, 676
140, 813
129, 236
138, 632
154, 607
172,095
168,974
97, 337
165, 822

88,991
74,221
48,883
23,465
20, 795
65,008
15,469
31,636
33,462
70,793
110,556
115,915

to
t—(

O
H

T
9

1

Figures are for about 112 banks in New York City, Buffalo, Albany, Bridgeport, Jersey City, Newark, Rochester, and Syracuse which submit weekly reports to the Federal
reserve bank.
REPORTING MEMBER BANKS IN NEW YORK CITY.*
January...
February.
March
April
May
June
July
August
September
October ...
November
December.
2

3,633,027
3, 729, 581
3, 734, 697
3, 712, 451
3, 692, 789
3, 676, 272
3, 593,167
3, 582, 558
3,647,060
3,658, 524
3, 627, 241
3, 683,968

3, 488,810
3, 448, 955
3, 510, 442
3, 530,950
3, 558, 758
3, 502,925
3, 413,590
3,409; 478
3, 496,074
3, 555,410
3, 515, 661
3, 579, 220

1,505,086
1, 557,692
1,486, 631
1,483,056
1,468, 210
1,463,692
1,393,171
1,316,122
1, 322,948
1,334,943
1,352,869
1,455,126

1,159, 696 1,073,419
645,161
992,494
1,167, 321
657, 355
1,236,102 1,002, 692
674, 839
959, 290
1,316, 687
724, 642
1, 491, 393 972, 874
800, 680
977, 710
1,471,921
923,160
953, 506
1,416,378
953,730
1, 401,886 905, 545
979,718
1, 479, 554 904, 922
925, 511
915, 793
1, 525,178
942, 417
1, 495, 796 894,950
940,508
915, 775 1,055,049
1, 544,413

565, 391
540,677
518,171
513, 691
514,060
526,120
540,124
521,549
523,067
553,634
536,071
539, 583

570,093
542,135
533, 536
565,106
640, 263
647, 033
650,556
597, 435
581, 862
580,021
555,132
555,838

Figures are for about 67 banks in New York City, which submit weekly reports to the Federal reserve bank.




4, 438, 679
4,469, 536
4,185, 561
4,181,968
4,185,627
4, 226, 796
4,153,730
4,036,891
4,103, 787
4,258, 555
4, 263,447
4,212,831

4, 212,339 493,608
4,139,191 508,750
4,223,976 626,165
4, 383, 286 646, 845
4,600,115 649,844
4,623,864 631,021
4,414,272 613,049
4,316,409 618,118
4,357,471 621,085
4,361,082 611,641
4,346, 583 601,102
4,402,658 608,830

302, 355
329, 864
347,842
379,448
393, 628
465,108
579,825
606,620
551,949
544,917
542,754
530,110

197, 747
150, 631
165, 552
97,301
106,734
92,133
102,440
118,152
132,939
129, 753
56, 282
123, 251

61,851
43,472
22, 529
8,058
5,783
52, 579
9,728
21,082
23,781
57,150
81,234
81,964

j

o

CO

342

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD.
SCHEDULE 10.—DEBITS TO INDIVIDUAL
[In thousands of dollars.]

ACCOUNTS.

Summary for 7 centers.1

Albany, N. Y.

Month.
1922

1923

January
February
March
April..
May
June
July

_
_

_.

_

August-.

September.
October
November.
December..
Total.

22, 763, 018
19, 595,761
23,231,535
21,180, 741
- . 21,399,850
21,789,805
! 19,008,372
16, 829, 386
17,414,976
19, 846,052
20, 632,112
22,801, 386

1921

19, 644, 551
17,029,426
20, 977,917
21,326, 277
22, 268, 911
22, 693, 592
20, 328, 510
18,854, 442
19, 793, 005
22, 967, 053
19,637,137
21, 546, 408

20, 666, 732
15, 645, 827
17, 940,133
16,950, 772
17, 774,980
18, 355, 750
16,907, 780
15, 683,072
16, 617,939
18,170, 740
18,018,315
21,178, 533

1246,492,994 247,067,229 213, 910, 573

1923

1922

96, 488
99,302
115,288
124,851
111,455
126,000
101, 948
93, 063
85,949
93, 625
92,195
98, 825

106, 285
97, 690
112, 671
131, 779
123, 383
102, 969
109,145
89,110
84, 578
97, 257
84,977
111,472

1923

109,494
120,103
120, 323
149,174
119, 637
100, 594
82, 066
81, 303
83, 668
83, 571
102, 764

1,251,316

1,238, S

Binghamton, N. Y.
Month.

1921

1, 245,685

Buffalo, N . Y.
1922

16, 505
15,480
17, 278
17, 531
18,684
18, 415
17, 358
17, 458
17,488
18, 781
17, 974
20, 294

17, 701
14,129
16, 682
17, 045
16,419
16,529
16, 674
15, 884
15, 455
16,993
15, 871
17, 746

309, 057
254,456
294,347
303, 951
305, 735
318, 927
315, 071
294, 753
282,954
323, 020
299, 217
323, 095

249, 559
203, 493
241,149
247, 947
260, 515
271, 332
277, 708
259,810
260, 908
290,914
278,248
303, 351

281, 253
226,348
243, 280
251, 920
238,882
246, 588
249,419
221,871
226,008
254, 931
229, 598
259, 247

242, 326

Total—

1923

17, 353
19,944
21,164
21,204
21,813
20,540
20, 873
18,143
20, 610
18, 962
20, 821

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

213,246

197,128

3, 624, 583

3,144,934

2,929, 345

1922

20, 899

1921

Elmira, N. Y.*

1921

Ja