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ELEVENTH ANNUAL REPORT
OF THE

FEDERAL RESERVE
BOARD




COVERING OPERATIONS

FOR THE YEAR 1924

WASHINGTON
GOVERNMENT PRINTING OFFICE
1925

CONTENTS
Page

PART I. Report of the Federal Reserve Board, with exhibits
1-290
PART II. Charts and statistical tables, arranged by Federal reserve
districts
291-449
PART I.
TEXT OF REPORT:

Industry and trade in 1924
w
Growth of member bank credit
Volume of Federal reserve bank credit
Currency demand and the reserve banks
Gold and Federal reserve bank credit
Demand for gold and for dollar credits
Discount and open-market policy in 1924
Earnings, expenses, and volume of operations of Federal reserve banks
Fiscal agency operations
Building operations of Federal reserve banks
Branches and agencies of Federal reserve banks
Branch banking
Changes in membership in Federal reserve system
Banks on par list
Bank suspensions
Check clearing and collection
Trust powers of national banks
Administration of Clayton Act
Legislation affecting the Federal reserve system
Amendments to regulations of the Federal Reserve Board
Meetings of the Federal Advisory Council
Conferences held by the Federal Reserve Board
Board's organization, staff, and expenditures

1
2
3
6
7
9
10
12
17
18
19
19
21
22
23
24
27
29
30
30
31
31
31

DISCOUNT AND OPEN-MARKET RATES:

No. 1. Discount rates—Changes during 1923 and 1924 in Federal
reserve bank rates
No. 2. Average rates charged by Federal reserve banks on bills discounted
No. 3. Average rates of earnings on discounted bills held by the Federal reserve banks
No. 4. Open-market rates—Changes during 1923 and 1924 in minimum authorized rates of Federal reserve banks on acceptances bought in open market
No. 5. Average rates charged by Federal reserve banks on bills
bought in open market
No. 6. Average rates of earnings on bills bought in open market and
from other Federal reserve banks
No. 7. Average rates of earnings on bills discounted and on bills purchased by each Federal reserve bank, 1916-1924
No. 8. Average rates of earnings on United States securities held by
the Federal reserve banks




in

33
34
35
36
37
38
39
40

IV

CONTENTS

DISCOUNT AND O P E N - M A R K E T RATES—Continued

No. 9. Average rates of earnings on total earning assets and on municipal warrants, Federal intermediate credit bank debentures, and foreign loans on gold held by the Federal reserve
banks
CONDITION OF FEDERAL RESERVE

41

BANKS:

No. 10. Earning assets of all Federal reserve banks combined, 1914r1924
_'
No. 11. Reserves, deposits, and note circulation of all Federal reserve
banks combined, 1914-1924
No. 12. Resources and liabilities of all Federal reserve banks combined on the last day of each month, December, 1923December, 1924
No. 13. Resources and liabilities of ail Federal reserve banks combined, by weeks, during 1924
No. 14. Cash reserves, deposits, Federal reserve note circulation, and
reserve percentages—Daily averages for all Federal reserve banks combined, by months, 1920-1924
No. 15. Earning assets—Average daily holdings of all Federal reserve
banks combined, by classes and months, 1920-1924
No. 16. Earning assets—Average daily holdings of all classes combined, by banks and months
Discounted bills—
No. 17. Average daily holdings of each Federal reserve bank, by
months
No. 18. Holdings of each Federal reserve bank on December 31,
1924, by classes
No. 19. Holdings of all Federal reserve banks combined at the
end of each month, by classes
No. 20. Holdings of each Federal reserve bank on December 31,
1924, by maturities
No. 21. Holdings of all Federal reserve banks combined on the
last report day of each month, by maturities
No. 22. Holdings of bills secured by United States Government
obligations by each Federal reserve bank on December 26, 1923, and December 31, 1924, by classes. _
No. 23. Holdings of bills secured by United States Government
obligations by all Federal reserve banks combined
on the last report date of each month, by classes
Bills bought in open market (bankers' and trade acceptances)—
No. 24. Average daily holdings of each Federal reserve bank,
by months
No. 25. Holdings of bankers' acceptances by each Federal reserve bank on December 31, 1924, by classes of accepting institutions
No. 26. Holdings of bankers' acceptances by all Federal reserve
banks combined at the end of each month during
1924, by classes of accepting institutions
No. 27. Holdings of each Federal reserve bank on December 31,
1924, by classes
No. 28. Holdings of all Federal reserve banks combined at the
end of each month during 1924, by classes
No. 29. Holdings of each Federal reserve bank on December 31,
1924, by maturities




Pag*

42
45

48
50

54
55
56

57
58
58
59
59

60

60

61

62

62
63
63
64

CONTENTS

CONDITION OF FEDERAL RESERVE

BANKS—Continued

Bills bought in open market—Continued
No. 30. Holdings of all Federal reserve banks combined at the
end of each month, by maturities
United States securities—
No. 31. Average daily holdings of each Federal reserve bank, by
months
No. 32. Holdings of each Federal reserve bank on December 31,
1924, by classes
FEDERAL RESERVE BANK

64

66
66

NOTES:

No. 33. Received from and returned to the Comptroller of the Currency and outstanding, by denominations, 1915-1924
FEDERAL RESERVE

Page

67

NOTES:

No. 34. Federal reserve agents' accounts at the end of 1923 and 1924_
No. 35. Issued to Federal reserve banks by Federal reserve agents,
held by issuing banks, and in actual circulation; also gold
and eligible paper held by agents as security for notes
issued to banks—Monthly figures for each Federal reserve
bank
No. 36. Issued and retired by each Federal reserve agent, by months
No. 37. Issued and retired by all Federal reserve agents combined
and amounts outstanding, 1914-1924, by denominations.
No.'38. Collateral (gold and eligible paper) pledged with Federal
reserve agents as security for Federal reserve notes issued
to Federal reserve banks—Weekly figures for all Federal
reserve banks combined

68

70
72
74

75

DISCOUNT AND O P E N - M A R K E T OPERATIONS:

Total volume—All classes—
No. 39. For each Federal reserve bank during 1924, by classes.
No. 40. For. all Federal reserve banks combined, by months
and classes
No. 41. For each Federal reserve bank, by months
3ills discounted—
No. 42. Volume discounted by each Federal reserve bank, by
months
No. 43. Number of banks in each district accommodated
through discount operations, by months
No. 44. Volume, by States, also number of member banks in
each State and number accommodated through disjount operations
No. 45. Volume discounted for national banks and for State
bank and trust company members
No. 46. Volume discounted by each Federal reserve bank, by
maturities and rates of discount charged
No. 47. Volume discounted by all Federal reserve banks combined, by months and by maturities and rates of discount charged
No. 48. Average maturity of bills discounted
No. 49. Bills secured by United States Government obligations,
discounted by Federal reserve banks
No. 50. Trade acceptances discounted
No. 51. Bankers' acceptances discounted




76
77
78

79
80

81
82
83

84
85
86
87
87

VI

CONTENTS

DISCOUNT AND OPEN-MAEKET OPERATIONS—Continued

Bills bought
No. 52.
No. 53.
No. 54.

in open market—Bankers' and trade acceptances—
Purchased by each Federal reserve bank, by months
Purchased by each Federal reserve bank,'by classes
Purchased by all Federal reserve banks combined, by
months and classes
No. 55. Purchased by each Federal reserve bank, by rates of
discount charged
No. 56. Purchased by all Federal reserve banks combined, by
months and b}^ rates of discount charged
No. 57. Average maturity of bills purchased
_
No. 58. Purchased by each Federal reserve bank, by maturities.
No. 59. Purchased by all Federal reserve banks combined, by
months and maturities
United States securities—
No. 60. Total volume of all classes purchased by each Federal
reserve bank
No. 61. United States bonds and Victory notes purchased by
Federal reserve banks
1
No. 62. United States Treasury notes purchased by Federal
reserve banks
No. 63. United States certificates of indebtedness purchased by
Federal reserve banks
No. 64. Special temporary certificates of indebtedness issued to
Federal reserve banks by the Secretary of the Treasury
No. 65. Rediscounts and sales of bills and securities between
Federal reserve banks

Page

88
89
89
90
91
92
93
93
94
95
96
97
98
98

GOLD SETTLEMENT FUND:

No. 66. Summary of transactions of each Federal reserve bank
No. 67. Clearings and transfers of all Federal reserve banks combined, by weeks during 1924

100
101

FEDERAL RESERVE AGENTS' GOLD FUND:

No. 68. Summary of transactions of each Federal reserve agent

102

CLEARING OPERATIONS:

No. 69. Operations of the Federal reserve clearing system
No. 70. Number of member banks and of nonmember banks on par
list and not on par list in each State
No. 71. Number of member banks and of nonmember banks on par
list and not on par list in each Federal reserve district.

103
105
106

OPERATIONS OF BRANCHES:

No. 72. Volume of operations of each Federal reserve branch bank__

108

BANK PREMISES:

No. 73. Cost of bank premises of Federal reserve banks and branches.

110

EARNINGS AND EXPENSES:

No. 74. Earnings and expenses of Federal reserve banks during 1924_
No. 75. Gross and net earnings of Federal reserve banks, 1914-1924.

112
114

RECEIPTS AND DISBURSEMENTS OF FEDERAL RESERVE BOARD:

No. 76. Receipts and disbursements of the Federal Reserve Board
for 1924

117

ASSETS AND LIABILITIES OF MEMBER AND NONMEMBER BANKS:

No. 77. All banks in United States: Resources and liabilities
No. 78. All member banks: Resources and liabilities, 1924
No. 79. National banks: Resources and liabilities, 1924



120
121
122

CONTENTS
ASSETS AND LIABILITIES OF MEMBER AND NONMEMBER BANKS—Con.

No. 80. State bank and trust company members: Resources and
liabilities, 1924
No. 81. All member banks in New York City: Resources and liabilities, 1924
No. 82. All member banks in Chicago: Resources and liabilities,
1924__
No. 83. All member banks in reserve cities: Resources and liabilities,
1924
No. 84. All member banks outside of central reserve and reserve
cities (country banks): Resources and liabilities; 1924
No. 85. All member banks: Principal resources and liabilities, 19141924
No. 86. National banks: Principal resources and liabilities, 19141924
_..
No. 87. State bank and trust company members: Principal resources
and liabilities, 1914-1924_^
No. 88. Reporting member banks in leading cities: Principal resources
and liabilities
No. 89. State banks and trust companies: Member and eligible
nonmember banks on June 30, 1924, in each Federal
reserve district
No. 90. State banks and trust companies: Member and eligible
nonmember banks on June 30, 1924, in each State
No. 91. State banks and trust companies: Nonmember banks eligible for membership on the basis of capital stock requirements for national banks and on the basis of the reduced
requirements of the agricultural credits act of 1923
No. 92. All member banks: Earnings and dividends, 1919-1924
No. 93. Reporting member banks in Federal reserve bank cities:
Amounts due to and due from other banks
No. 94. Membership in the Federal resources system: Changes in
number of banks and total resources for all districts combined
No. 95. Membership in the Federal reserve system: Changes in
number of banks, by districts
DEBITS TO INDIVIDUAL

VII
Page

123
124
125
126
127
128
130
132
134

136
137

138
141
143

147
149

ACCOUNTS:

No. 96. Debits to individual accounts as reported by banks in 141
principal cities—Summary by months and districts, 19191924

154

GOLD IMPORTS AND EXPORTS:

No. 97. Gold imports into and exports from the United States, June
1, 1919-December 31, 1924, by periods and principal
countries
No. 98. Total imports of gold into and exports of gold from the
United States, by countries, 1922, 1923, and 1924
No. 99. Gold imports into and exports from the United States, by
months, during 1924

158
159
159

MONEY IN CIRCULATION:

No. 100. Money in circulation outside the United States Treasury
and Federal reserve banks




160

CONTENTS
MONET RATES:

Page

No. 101. Rates on prime commercial loans of 4 to 6 months maturity
in principal cities, by months during 1924____

162

PRODUCTION INDEXES:

No. 102. Index of production, employment, trade, wholesale prices,
and foreign exchange
State banks and trust companies admitted to membership
State bank membership—Summary classification according to capital
stock
Fiduciary powers granted to national banks
Banks granted authority to accept drafts and bills of exchange up to 100
per cent of capital and surplus
Personnel and salaries:
Salaries of officers and employees of Federal Reserve Board
Salaries of officers and employees of Federal reserve banks
Salaries of national-bank examiners
Directory:
Federal Reserve Board
Federal Advisory Council
Officers and directors of Federal reserve banks and branches
Court opinions:
Opinion of United States District Court in Atlanta par clearance case. _
Decision of Supreme Court of the United States on right of national
banks in Missouri to exercise trust powers
Decision of Supreme Court of Rhode Island on right of national
banks to exercise trust powers
Bills to amend the Clayton Act, proposed
Extract from World War adjusted compensation act
Regulations of the Federal Reserve Board
Recommendations of the Federal advisory council to the Federal Reserve
Board
Description of Federal reserve districts

163
166
191
193
211
214
216
220
223
223
224
231
234
237
240
240
241
276
285

PART II
Charts showing cash reserves, holdings of earning assets, and Federal
reserve note circulation of each Federal reserve bank, 1917-1924__
Charts showing loans and investments and deposits of reporting member
banks in each Federal reserve district, 1917-1924
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
Map of Federal reserve districts




292
305
312
323
334
345
357
369
381
393
403
414
427
438
450

PART I
REPORT OF THE FEDERAL RESERVE BOARD
WITH EXHIBITS

36569—25t-




THE FEDERAL RESERVE BOARD
DECEMBER 31, 1924
EX OFFICIO MEMBERS
A. W.

MELLON,

Secretary of the Treasury, Chairman.
J. W.

MCINTOSH,

Comptroller of the Currency.

WALTER L. EDDY, Secretary.

J. C. NOELL, Assistant Secretary.
J. F. HERSON,

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

W. M. IMLAY, Fiscal Agent.




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

WALTER W.

STEWART,

Director, Division of Research and
Statistics.
E . A. GOLDENWEISER,

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

Chief, Division of Bank Operations.

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
WASHINGTON, February 20, 1925.
SIR: In this, its eleventh annual report, the Federal Reserve Board
reviews the business and banking developments in 1924 as they
affected the position of the Federal reserve banks and describes the
operations of the Federal reserve system during the year. The
board, in its annual report for 1923, discussed in the light of the
experience of the Federal reserve system for the preceding ten years
certain of the basic factors underlying the administration of Federal
reserve bank credit. The present report indicates the manner in which
the discount and open-market policies discussed more fully in last
year's report have functioned under business and credit conditions
prevailing in 1924.
INDUSTRY AND TRADE IN 1924

Business and industry in 1924, taking the year as a whole, were less
active than in 1923, when production and trade were in exceptionally
large volume. The recession in industrial activity which began in the
spring of 1923 continued, with a brief interruption at the turn of the
year, until the middle of 1924. Increased output in certain basic
industries early in 1924 resulted in a larger volume of production than
could be currently marketed at prevailing prices, with the consequence
that stocks accumulated, prices receded, production was sharply curtailed, and there was a decrease in employment at industrial establishments. The volume of trade, however, continued at a high level
throughout the period of industrial recession and, as distribution of
goods to the consumer was in larger volume than current production,
stocks of merchandise which had accumulated during the spring
months were gradually reduced and a renewed demand for materials
was reflected in a firmer tone in the commodity markets. This industrial readjustment, together with an improvement in the position
of the farmer, was an important factor in bringing about a business
recovery during the last quarter of the year. The farmer's income,
particularly in certain sections of the wheat producing regions, was
larger in 1924 than in recent years, though the corn crop was short.
In the aggregate, crop production was as large as in 1923 and prices
at the farm averaged considerably higher. Conditions in the livestock
industry, however, continued to be unfavorable. Wheat farmers in
this country benefited by the shortage of the world wheat crop and
the consequent larger export demand. Financing of agricultural ex-




1

2

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

ports as well as of exports of other raw materials in large volume was
facilitated by the flotation in the United States of an unusually large
amount of foreign loans, which increased the buying power of foreign
purchasers in our markets. This improvement ifKhe European demand
for American products, the increase in the current income of the farmer,
and a growth in business confidence were factors in bringing about
the increase in business activity during the closing months of the year.
Between September and December industrial output and factory
employment increased sharply from the low point reached in midsummer, and this expansion in production in basic industries was
sufficient to overcome the larger part of the previous decline. At the
end of 1924, as a result of a readjustment in prices and the improvement in the world market for agricultural products, there was a better
balance between industry and agriculture than at any time in more
than four years.
GROWTH OF MEMBER BANK CREDIT

In the banking and credit situation the principal development in
1924 was a decline in money rates during the first half of the year,
which carried those rates by midsummer to the lowest level in a
decade. This ease in the money market was the result of an abundance of loanable funds at member banks and not of a decreased
use of credit to finance current business. In fact, throughout most
of the year the volume of commercial borrowing at member banks in
principal cities continued near the high level of the autumn of 1923,
and after the seasonal advance in the latter part of 1924 was in
larger volume than at any time in more than three years. This
continued demand for commercial credit during the period of slackened industrial activity may be accounted for in part by the fact that
throughout this period the volume of trade and distribution was
maintained at a high level. Decreased industrial activity, however,
accompanied by lessened employment and smaller pay rolls, resulted
in a diminished demand for hand-to-hand money, and as currency
released from circulation flowed into the member banks it increased the
volume of their funds available for lending. Further additions to the
supply of funds arose from gold imports, which during the first half
of the year were in larger volume than during 1923. Member banks
used funds arising from these two sources to repay their borrowings at the Federal reserve banks, and the reduction during the early
part of 1924 in the total of Federal reserve bank credit in use was
about equivalent to the inflow of currency from domestic circulation
and of gold received from abroad. When repayment to the reserve
banks had brought the volume of borrowing by member banks to a
low level, these banks used further additions to their funds as a
basis for enlarging the volume of their outstanding credit, chiefly



ANNUAL REPORT OF T H E FEDERAL RESERVE BOARD

through the purchase of investment securities and the making of
loans on stocks and bonds. The growth during the last seven months
of 1924 in the total loans and investments of member banks in leading
cities was about $2,000,000,000, of which $900,000,000 represented an
increase in investments, $800,000,000 an increase in loans secured by
stocks and bonds, and $300,000,000 an increase in commercial loans.
This rapid growth in the volume of member bank credit, which
began in June, was accompanied by a correspondingly rapid increase
in demand deposits amounting to about $1,800,000,000. In the
financial centers, where the growth of deposits was largest, the increase
represented in part a growth of balances held for banks in the interior.
This concentration of funds in the money centers, which usually
occurs during periods of declining business activity, contributed to the
ease in the central money markets and was one of the factors responsible
for the low level of rates prevailing during July and August. Toward
the end of August, however, the demand for credit and currency in
connection with crop moving and the autumn trade, and the revival
of industrial activity, resulted in some return flow of funds to the
interior, and rates became firmer during the latter months of the year.
Demand for currency reached its peak in December and, together
with the outward movement of gold during that month, led member
banks to increase their borrowings at the reserve banks. The large
growth in 1924 in the total of member bank credit in use is shown by
a comparison of the condition of all member banks at the end of
1923 and 1924.
ALL MEMBER BANKS

[In millions of dollars]

—-

End o—
f
Increase
1923

Loans
Investments
Total loans and investments
Demand deposits ._ . .
Bankers' balances
Time deposits ... ._
.. ...

1924

19, 052
7,686

20,181
8,845

1 129
1, 159

26, 738
16,086
3,512
8, 651

29, 026
17, 766
4,548
9, 805

2, 288
1, 680
1,036
], 154

VOLUME OF FEDERAL RESERVE BANK CREDIT

In contrast with this growth in the loans and investments of
member banks, the amount of Federal reserve bank credit outstanding was no larger at the end of 1924 than at the end of the previous
year. The demand for reserve bank credit, however, fluctuated much
more widely during 1924 than in the two preceding years. Earning
assets of the reserve banks after decreasing by $400,000,000 during
the first five months of the year to $800,000,000—the lowest level
since 1917—remained near that level for two months, and then




ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

increased again by $450,000,000 to $1,250,000,000 at the end of the
year. The decline in the volume of reserve bank credit outstanding
during the first half of the year was due to a decrease in the amount
of currency in circulation of $280,000,000 and to gold imports of
$240,000,000. During the last five months of the year the increase
in earning assets of the reserve banks reflected seasonal growth
of $330,000,000 of money in circulation, and the further facts that
during these months net gold imports were only $16,000,000 and that
during December, for the first time since 1920, there was a net outward movement of gold. Thus in 1924 gold and currency movements
exerted their combined effect during tiie early part of the year toward
a reduction in the use of reserve bank credit, and during the latter
MILLIONS OF DOLLARS

MILLIONS OF DOLLARS

I EARNING ASSETS I
OF FEDERAL RESERVE BANKS

1200

1200

600

600

1922

1923

1924-

part of the year toward an increase in the demand for reserve bank
credit. In this respect the year 1924 differed from 1923, when a
gradual growth in currency demand was continuous throughout the
year, as were gold imports, with the consequence that the demand
for currency was currently met by member banks out of the balances
created at the reserve banks through the deposit of imported gold,
and the volume of reserve bank credit in use remained throughout
the year at a relatively constant level.
Changes in the total volume of reserve bank credit outstanding
and in its composition for the first seven and for the last five months
of 1924 and for the year as a whole are shown in the following table,
and the course of the different classes of earning assets during the
past three years is presented in the chart above.



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
EARNING ASSETS OF FEDERAL RESERVE

BANKS

[In millions of dollars]
Increase (+) or decrease (—)
Dec. 31,
1923

July 30,
1924

Dec. 31,
1924

First 7
months
1924

Total earning assets 1
Discounts
Acceptances
United States securities _
1

J

1,211
723
355
133 I

825
294 I
24 I
505 '

Last 5
months
1924

Year 1924

1,249

-386

+424

+38

314
387
540

-429
-331

+20
+363
+35

-409
+32
+407

+372

Including other classes of earning assets, which on Dec. 31, 1924, aggregated $8,000,000.

During the first seven months of 1924 purchases of United States
Government securities in the open market steadily increased and
carried the holdings of these securities by the reserve banks from
$133,000,000 at the close of 1923 to over $505,000,000 at the end of
July. The funds thus placed in the market were used by member
banks in the repayment of their borrowings and resulted further in a
reduction of the acceptance holdings of the reserve banks. Total
holdings of discounted and purchased bills, which at the beginning of
the year were about $1,078,000,000, declined almost continuously to
$318,000,000 at the end of July. During this period of open-market
purchases in considerable volume, the total of reserve bank credit
outstanding, as measured by earning assets, declined by nearly
$400,000,000, and at the same time there was a considerable change
in its composition. The proportion of United States securities,
which at the opening of the year constituted about 11 per cent of
total earning assets, increased to 60 per cent at the end of July, while
the proportion of discounts declined from 60 per cent to 36 per cent.
The decline in total earning assets during this period, as has been
pointed out earlier, is accounted for by the inflow of gold and the decreased demand for currency, and the fact that the volume of discounts
and acceptances decreased to a larger extent than total earning assets
was due chiefly to the security purchases by the reserve banks.
During the last five months of the year there was relatively little
change in the holdings of United States securities, and the volume
at the end of December was about the same as in the middle of
August. During this period, however, total earning assets of the
reserve banks increased by over $400,000,000, largely in response to
seasonal requirements. In December the growth was principally in
discounts, but for the period as a whole the larger part of the increase
was in holdings of acceptances, which increased after the middle of
August from $18,000,000 to $387,000,000 at the end of December.
At the close of 1924 acceptance holdings of the Federal reserve banks
were larger than at any time since 1920 and constituted nearly one


6

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

half of the total volume of outstanding acceptances. The unusually
heavy exports of agricultural products during the autumn of the year
were financed in considerable part through the use of acceptance
credit, and the total amount of credit extended in this form was larger
in 1924 than at any time except during the last part of 1919. The
volume of commodities financed through acceptance credit in 1924 was
in fact larger than in 1919, when measured in terms of physical volume,
because in 1919, with prices at a much higher level, more credit was
required to finance the same physical quantity of goods. A large
part of the total acceptances purchased by the reserve banks arose
out of the financing of export and import trade with many countries
covering principally the exportation of cotton and grains, and the
importation of coffee, sugar, silk, hides, and wool. With this large
volume of acceptances in the market the seasonal tightening of money
rates resulted during the last quarter of the year in heavy offerings
of bills to the reserve banks, with a consequent growth of acceptance
holdings by these banks. A table showing the principal assets and
liabilities of the Federal reserve banks for every week in 1924 appears
on pages 50-53.
CURRENCY DEMAND AND THE RESERVE BANKS

At the reserve banks, through the large amount of currency of all
kinds paid in daily and the large volume withdrawn each day, there
is a continuous adjustment between the volume of money in circulation and the public's changing requirements for currency. While
the net outflow of currency from the reserve banks during the last
five months of 1924 approximately equaled the net inflow during the
first part of the year, and there was consequently little change in
the total volume of money in circulation, the amount of currency
that passed through the reserve banks during the year was in excess
of $10,000,000,000, or more than twice the amount currently held by
the public. The amount held by the public, about $5,000,000,000,
includes the vault cash in banks, the till money of the merchants, and
the cash in the pockets of individuals. Since cash in the vaults of
member banks does not count as part of their legal reserves, they keep
on hand only that amount of currency which experience has shown to
be necessary to meet the immediate demands of their depositors; this
amount in the aggregate is about $500,000,000, and represents 2 per
cent of their gross deposits. Mercantile establishments also limit
their holdings of cash to till-money requirements, and the amount of
money carried by individuals, though it fluctuates to some extent
with the volume of employment and earnings, is determined largely
by pocket-money requirements. In this country, where the banking habit is general, where business concerns and individuals deposit
with banks any excess of currency in their possession, and banks



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

7

in turn keep on hand only enough cash for immediate needs, any
outstanding currency above actual requirements promptly flows to
the reserve banks, and any increased demand for currency is reflected
in withdrawals of cash from these banks. It is this responsiveness
of the volume of currency in use to the public's requirements and
the promptness with which the net volume of inflow or outflow of
currency of all kinds at the reserve banks responds to changes in the
demand for cash that constitutes the elastic character of the currency under the Federal reserve system.
The elasticity of the currency is in no way affected by changes
made by the reserve banks in the relative amount of payments made
in Federal reserve notes and in other forms of currency. In 1924
the Federal reserve banks continued the practice, which had begun
in the middle of 1922, of increasing the amount of gold certificates
in circulation, with the result that the volume of Federal reserve
notes outstanding declined further during the year and an equal
amount of gold certificates was substituted in their place in the
country's circulation. As a consequence of this practice, the reserves
of the reserve banks during the first part of the year did not increase to
the extent of gold imports during the period, and during the latter part
of the year, when the demand for currency was increasing, this demand
was met by the reserve banks out of reserves as well as through an
increased issue of Federal reserve notes. As a result of this paymeiit
of gold certificates into circulation, together with net gold exports of
$30,000,000 in December, total reserves at the end of the year had
declined to $3,000,000,000, the lowest figure for three years. The
extent to which gold certificates have been restored to circulation is
indicated by the fact that during the three years since 1922, with net
gold imports of about $800,000,000, there has been no net increase
in the reserves of the reserve banks, and the volume of gold certificates
in circulation has increased by an amount equal to the gold imports.
GOLD AND FEDERAL RESERVE BANK CREDIT

In 1924, as in other recent years, the most important single influence affecting the volume of Federal reserve bank credit in use was
the continued inflow of gold. While net imports of gold in 1924 were
somewhat less than in 1923, they represented a continuation of a
movement which has lasted for over four years, and since their effect
upon the relative position of Federal reserve banks and member
banks has been cumulative, their influence is clearer when considered
in perspective. Gold received from abroad is deposited by member
banks with the reserve banks, and its immediate effect is to increase
their reserve balances. The use made by member banks of these
additions to their reserve balances depends upon the extent of the
currency demand and upon the indebtedness of member banks at the



8

ANNUAL REPORT OF THE FEDERAL* RESERVE BOARD

reserve banks at the time the gold is received. In 1921, when
liquidation was under way, balances arising out of the $667,000,000
of net gold imports, as well as the currency returned from domestic
circulation were used to reduce indebtedness at the reserve banks.
In 1922, when the volume of member bank borrowing was at a low
level and there was an increased demand for currency, the larger
part of the additions to reserve balances due to gold imports of
$238,000,000 were used to meet the currency demand, though a part
remained as a basis for the growth in deposit liabilities of member
banks which occurred during the first half of the year. In 1923
practically the entire amount of net gold imports of $294,000,000
was used by member banks in lieu of additional borrowing at the
reserve banks to meet demands for currency, and the earning assets
of the reserve banks remained practically unchanged. In 1924,
though the volume of earning assets of the reserve banks and the
volume of money in circulation fluctuated considerably during the
year, at the end of the year they were both at about the same levels
as at the beginning, and the $258,000,000 of net gold imports are
reflected in a growth of member bank balances. For the entire
four-year period the net gold imports arid the net decline in currency
in circulation have been reflected in a decrease of nearly $2,000,000,000
in the earning assets of the Federal reserve banks and a growth of
$3,000,000,000 in the loans and investments of member banks. This
divergence in the movement of Federal reserve bank credit and
member bank credit since 1920 is shown in the following table:
RESERVE BANK AND MEMBER BANK CREDIT, 1920-1924
[Amounts in millions of dollars]
Change

E n d of—

1920

Federal reserve banks:
Total earning assets
3,235
1,780
Member bank reserve balances
All member banks:
25,888
Total loans and investments
Deposits on which reserves are computed. 17,616
Hatio of earning assets of reserve banks to
loans and investments of member banks
12.5
(per cent)
-.
Ratio of reserve balances to deposits on which
10.0
reserves are computed (per cent)

1921

1922

1923

1924

19201924

1923-24

1,524
1,753

1,326
1,934

1,211
1,898

1,249 - 1 , 9 8 6
2,220
+440

+38
+322

23, 644
16,816

25,769
18,966

26,738
19,505

29,027 +3,139
21, 985 +4,369

+2,289
+2, 480

6.4

5.1

4.5

4.3

10.5

10.2

9.7

10.1

The large increase in the loans and investments of member banks
and the decline in the earning assets of the reserve banks, shown in
the table, has reduced the ratio of Federal reserve bank credit to
member bank credit in use from 12.5 per cent in 1920 to 4.3 per cent
in 1924.# The ability of member banks to increase the volume of



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

9

their own outstanding credit and at the same time to decrease their
use of reserve bank credit was due principally to the receipt during
the four years of $1,500,000,000 of gold from abroad. While the
proportion of the amount of reserve bank credit outstanding to loans
and investments of member banks is only a fraction of what it was
in 1920, the ratio between reserve balances maintained by member
banks at the reserve banks to member bank deposit liabilities, as
shown by the table, has remained practically constant at about 10
per cent, which represents on the average the minimum required by
law. This constancy reflects the fact that member banks have
currently utilized the full amount of credit that could be supported
by the increase of $440,000,000 in their reserve balances. Thus,
notwithstanding the large addition to their balances, the member
banks were obliged in the autumn of 1924 to increase their borrowings at the reserve banks in order to meet the seasonal demand for
currency.
DEMAND FOR GOLD AND FOR DOLLAR CREDITS

A factor in the increased demand for reserve bank credit in the
latter part of 1924 was the demand for gold for export, most of which
was withdrawn by certain European countries to be used in monetary
reconstruction. A large part of these exports went to Germany
and were made possible by the flotation of a loan under the Dawes
plan for reparations. The progress made in the settlement of reparations and the restoration of sound monetary conditions in Europe
resulted in increased confidence of American investors in European
securities, and, together with the abundance of funds seeking investment, facilitated the placing of a large volume of foreign loans in the
United States. The volume of such flotations in 1924 was nearly
three times as large as in 1923 and larger than for any other year
since the war. While a large part of these loans was used in the
purchase of goods in the United States, several countries used dollar
credits thus obtained in supporting the exchange value of their
currencies. During 1924 the exchanges of three European countries
returned to pre-war parity, several other countries adopted new
monetary units related to gold, and still other currencies were
maintained in a definite relationship to the dollar or to the pound
sterling. In the closing months of the year there was a considerable
improvement in many leading European exchanges, particularly in
sterling exchange, which, after advancing from $4.31 in June to
$4.73 at the end of December, was within 2}/% per cent of parity.
To the extent that dollar credits created in the United States through
foreign borrowing wrere used to withdraw gold, they made it possible
to increase the actual gold reserves of foreign countries and to utilize



10

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

for monetary reconstruction a portion of the gold which during recent
years had come to this country as the result of disorganized conditions abroad. Gold received from abroad has been the principal
factor in bringing money rates in this country to a low level, and the
difference between rates here and abroad, at a time of increased confidence in the European financial situation, facilitated foreign borrowing and thus contributed to making dollar credits and gold available
to those countries which have undertaken to reestablish sound
monetary conditions. With the actual resumption of gold payments in certain countries and the stabilization of currencies with
reference to gold in many other countries, the year 1924 has been
one of definite progress toward the reestablishment of the international gold standard.
DISCOUNT AND OPEN-MARKET POLICY IN 1924

Federal reserve credit policy in 1924, expressed both in changes
of discount rates and in open-market operations, was determined
with reference to the developments in trade, industry, and credit,
which have been outlined in the preceding sections of this report.
Discount rates at the Federal reserve banks, which had been uniformly 43^ per cent at all the reserve banks since the early months
of 1923, were reduced between May and the middle of October, 1924,
to a level ranging at the different banks from 3 to 4 per cent. These
reductions were made at a time of a recession in industrial activity,
decreasing factory employment, slackened demand for commodities,
and unusual ease in the money market. Money rates by the middle
of the year, as the result of the less active demand for credit, and the
abundance of funds arising out of the inflow of currency and of gold,
had declined to the lowest level in a decade, and discount rates at
the reserve banks were adjusted to prevailing credit and business
conditions. Atthe Federal Reserve Bank of New York the discount
rate was reduced on May 1 from 4J^ to 4 per cent, on June 12 to S}4
per cent, and on August 8 to 3 per cent, and continued at that level
to the end of the year. At the Federal Reserve Banks of Boston,
Philadelphia, Cleveland, and San Francisco the rates were reduced to
3J^ per cent, and to 4 per cent at the other reserve banks. The rates
prevailing at the beginning and at the end of the year at each of
the Federal reserve banks and the dates on which rate changes
were made are shown in. the following table:




ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
CHANGES DURING 1924 IN FEDERAL RESERVE BANK DISCOUNT

In effect
Jan. 1,
1924

Philadelphia
Cleveland

_

Richmond .
Atlanta
Chicago
S t . Louis
Minneapolis
Kansas Citv
Dallas .

.

San Francisco

_ _ _ _
_ . - . - - _
.
_

.
.

-

Date

1

_

__.

i

_ . _ .
. _ _ _ . .

RATES

Reduction

i AH June
May
June
Aug.
June
June
June
Aug.
June
June
June
June
Oct.
July
July
June
Aug.

Boston
New York

11

12
1
12
8
19
26
2
15
14
18
14
19
15
1
16
10
25

Rate

In effect
Dec. 31,
1924

3H

4

3H
3

3

3H
42
4
4
4
4
4
4
4

. 4
4
4
4
4
4
4

3H

1
2

Five per cent on 6 to 9 months agricultural and livestock paper.
Four and one-half per cent on 91-day to 6-months, and 5 per cent on 6 to 9 months agricultural and livestock paper.
1^,3 On all classes of paper.

The relationship between the discount rate at the Federal Reserve
Bank of New York and the rates on commercial paper and on acceptances for a period of three years is shown in the chart. After a
PER CENT

PER CENT

Commercial Paper
Rate /—*

5

rr-

f

r

V i

R'
'

L

^

/ F.R. Bank Discount Rat
1 K AcceptanceRate
V

h

MONEY RATES
IN NEWYORK CITY

—i—i—i—i—i—i—i

1922

i

i

1923

i

i

J—J—1 _1 .

j—i—»—i—

1924-

continuous decline from the high point of the autumn of 1923,
money rates in the New York market in the summer of 1924 were at
a considerably lower level than during the preceding period of low




12

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

money rates in the summer of 1922. Though rates on commercial
paper advanced in November and December, they were at the end
of the year about 1 per cent lower than at the beginning and somewhat
lower than in the middle of 1922. The rise in open-market rates
on acceptances, which began in the middle of the year, together
with the considerable increase in the volume of acceptances offered
to the reserve banks, led to a gradual advance of the buying rate on
acceptances at the New York Reserve Bank from 2 to 3 per cent, and
in December the rate on 60 to 90 day bills was at the same level as
the discount rate.
Open-market operations in 1924, as in the two preceding years r
played an important part in the general credit policy of the reserve
banks. The purchase of United States Government securities by
the reserve banks placed funds in the market which were used by member banks, together with funds arising from other sources, to reduce
their indebtedness at the reserve banks. During the period when
reductions in discount rates decreased the cost of reserve bank
credit to member banks, security purchases, by facilitating the repayment of borrowings by member banks, were an influence in reducing the amount of their indebtedness to the reserve banfis. This
general credit policy was the adjustment made by the reserve banks
to the trend in business and credit. At the time when the openmarket purchases were made there was a recession in industrial activity, the attitude of the business community was hesitant, and there
was no evidence of the growth of speculation. Open-market purchases
during this period served to build up a portfolio of securities and to
increase the proportion of outstanding reserve bank credit under the
direct control of the Federal reserve banks. By these purchases the
reserve banks placed themselves in a position, through the subsequent sale of securities in case it should become desirable, to cause
member banks to discount and to bring a larger part of the outstanding reserve bank credit under the influence of the discount
rate. Thus during 1924 both the discount and open-market policies
pursued by the Federal reserve banks, taken as a whole, were approved by the Federal Reserve Board with regard to the broader
aspects of the credit situation and "with a view of accommodating
commerce and business," the basis provided in the Federal reserve
act for discount policy and adopted by the board as the principle for
the conduct of open-market operations.
EARNINGS, EXPENSES, AND VOLUME OF OPERATIONS OF THE FEDERAL
RESERVE BANKS

Gross earnings of the Federal reserve bank^ in 1924 were $38,340,000, or 25 per cent less than in 1923 and 1922, when they were about
$50,000,000. The lower earnings resulted from a decline of about




13

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

one-fifth in the average daily holdings of earning assets, together with a
decrease from 4.33 to 3.83 per cent in the annual rate of return. Earnings on bills discounted for member banks and on bills bought in open
market declined from $42,300,000 in 1923 to $21,600,000 in 1924,
while earnings on Government securities increased from $7,400,000
in 1923 to $14,700,000 in 1924. Miscellaneous earnings, consisting
largely of profits on current purchases and sales of United States
securities, of income from rented space in bank buildings and of
penalties for deficient reserves, were $1,975,000 in 1924, compared
with $937,000 in 1923. Income from space rented was $436,000 in
1924, profits on transactions in United States securities were $750,000,
and penalties for deficient reserves $382,000. Average daily holdings
of each class of earning assets, earnings thereon, and annual rates of
earnings in 1924, compared with the two preceding years, are shown
in the following table:
H O L D I N G S O F E A R N I N G A S S E T S , E A R N I N G S T H E R E F R O M , AND A N N U A L
R A T E S OF EARNINGS
[Amounts in thousands of dollars]

Daily average holdings:
1922
1923
1924
Earnings:
1922
1923
1924
.
Average rates of earnings (per cent):
1922
1923
1924

Bills
bought
in the
open
market

United
States
Government
securities

Other
earning
assets

573,247 I 159,207
738,114 i 226, 548
374,834 i 172,428

454, 750
185, 823
401, 365

66
85
1,690

1,187, 270
1,150, 570
950, 317

5,629
9,371
5,710

16, 682
7,444
14, 712

4
4
61

48, 838
49,775
36,426

3.54
4.14
3.31

3.67
4.01
3.67

5.40
4.50
3.61

4.11
4.33
3.83

Bills
discounted

26, 523
32, 956
15, 943
4.63
4.46
4.25 I

Total

Current expenses in 1924, exclusive of those fiscal agency department expenses which are reimbursable by the Treasury Department,
amounted to $28,432,000, a reduction from the 1923 total of about
$1,340,000, or 4.5 per cent. Most of this reduction was in salaries
paid to the clerical staff, which aggregated $13,289,000, as against
$14,026,000 the year before, and in the cost of Federal reserve currency, including redemption charges, which amounted to $1,433,000
in 1924, as compared with $1,992,000 in 1923.
The Federal reserve banks in 1924 handled a larger volume of
operations than during any previous year in rendering free services
to member banks, such as the clearing and collection of checks, the
collection of other items, and the receipt and payment of cash,
including such currency and coin operations as were formerly performed by sub treasuries. In the cash department, for instance,
the number of bills received and counted aggregated 1,838,000,000,



14

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

compared with 1,^723,000,000 in 1923, an increase of 115,000,000
pieces, and the number of coins received and counted was 2,187,000,000, compared with 2,076,000,000 in 1923. Checks handled by the
transit departments of the Federal reserve banks also increased
materially, the number handled in 1924 (743,000,000) being about
45,000,000 in excess of the number handled during the preceding
year. Thus, while the earnings of the Federal reserve banks have
declined materially, the volume of free services rendered to member
banks has continued to show substantial increases. On the other
hand, the number of notes discounted and of bills purchased in open
market fell off from 961,000 in 1923 to 726,000 in 1924. While
the income of the banks is derived almost wholly from paper discounted for member banks and from acceptances and securities
bought in the open market, operating expenses connected with these
discount and open-market operations are very small when compared
with operating expenses in the cash and transit departments.
Notwithstanding the increase in the volume of operations the
Federal reserve banks, through increased efficiency, were able to
reduce during the year the amount paid as clerical salaries. The
total number of employees of the Federal reserve banks at the end
of 1924, excluding those in the fiscal agency departments, was
9,964, compared with 10,704 at the end of 1923. The number of
employees in the fiscal agency departments decreased from 957 at
the end of 1923 to 478 at the end of 1924. The volume of operations in the principal departments of the Federal reserve banks during
the past three years is shown in the following table:
VOLUME OF OPERATIONS IN PRINCIPAL

DEPARTMENTS

1924

1923

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
All other
United States securities—issues, redemptions, and
exchanges by fiscal agency department
Transfers of funds
Envelopes received and dispatched

129,000
583,000
143,000
1, 838,279, 000
2,186, 737,000
742, 878, 000

168,000
782,000
179,000
1, 722,877,000
2,076,075,000
697, 502, 000

841,000
142,000
1,424,849,000
1,945,453,000
638, 634,000

50, 471,000
6,113,000

64, 662,000
5, 732.000

81,694,000
4, 722,000

114,409,000
1, 413,000
44,932,000

24, 753,000
1,190,000

16,097,000
1, 503, 000
40,050,000

2

0)

AMOUNTS HANDLED

Bills discounted
_
Bills purchased in open market for own account
Currency received and counted
Coin received and counted..
Checks handled
Collection items handled:
United States Government coupons paid
Allother
United States securities—issues, redemptions, and
exchanges by fiscal agency department
Transfers of funds
1

Data not available.

$15, 419,155,000 $38,379,926,000 $22,082,887,000
2,172,142,000
2, 547,010,000
1,954,688,000
10, 777, 306,000 10,306,411,000
8, 602,185,000
293, 924,000
308,051,000
221, 871,000
219, 832,179, 000 207, 719, 529,000 160, 472, 450,000
719, 784,000
5, 509,093,000
6, 708,272,000
98, 359,028,000

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

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

8,433,891,000
78,867,108,000

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

2
Large increase due to redemption of war-savings securities which matured Jan. 1, 1923.



15

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

As a consequence of the larger decline in gross earnings than in
current expenses, current net.earnings of the Federal reserve banks
declined by more than one-half and amounted to $9,908,000 in 1924,
as against $20,938,000 in 1923. As is shown in the profit and loss
statement, the Federal reserve banks charged their current net
earnings with net deductions of $6,190,000, made up principally as
follows: Depreciation allowances on bank premises, $4,035,000;
reserves for probable losses on paper held under discount for member banks, $1,067,000; and cost of furniture and equipment purchased during the year, $1,075,000. After these charges were made,
net earnings available for dividends, surplus, and franchise taxes
amounted to $3,718,000, as against $12,711,000 in 1923. Earnings
of two of the reserve banks—Cleveland and Kansas City—were not
sufficient to cover current expenses, depreciation charges, reserves
for probable losses, etc., or any part of the dividends accrued during
the year, while the earnings of four other banks—Boston, New York,
St. Louis, and San Francisco—though in excess of current expenses,
depreciation allowances, reserves, etc., were not sufficient to meet
fall dividend requirements. As a result these six banks withdrew
$3,266,000 from their surplus accounts built up in previous years.
Of the six Federal reserve banks that had earnings sufficient to cover
current expenses, depreciation charges, reserves and dividends, only
four had an excess of earnings remaining after such charges. Of
these, the Philadelphia, Kichmond, and Dallas banks, whose subscribed capital was in excess of their surplus accounts, transferred
all of such excess earnings, aggregating $175,732, to surplus account,
as is authorized by law, while the Minneapolis bank transferred
$12,628 to surplus account and paid $113,646 to the United States
Government as a franchise tax. Gross and net earnings of each
Federal reserve bank during the year, dividends paid to member
banks, and amounts transferred to or withdrawn from surplus account
are shown in the following table :
FINANCIAL RESULTS OF OPERATION OF THE FEDERAL RESERVE
DURING 1924

Federal reserve bank

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

_ _
.

. __

Gross
earnings

$2,559,016
8, 569,350
2, 915,846
3, 770, 689
2,210,240
1,907,121
5,202,169
1,688,143
1,609,070
2, 262, 910
2,157, 964
3,487, 931
38,340,449

Net earnings available for
dividends, Dividends
paid
surplus,
and franchise tax
$470,422
616,852
747,092
i 473,153
379,791
272,656
909,123
203,937
329,102
1
253,182
265,024
250,516
3, 718,180

Deficit in
 earnings before payment of dividends.

1

BANKS

Surplus account

Transfers to

$477, 798
1,796,530
615,135 $131,957
756,152
351,251
28, 540
272,656
909,123
304,976
202,828
12,628
265, 697
249, 789
15,235
480,561
6,682,496 188,360

Withdrawals
from

Franchise
tax paid
United
States
Government

$7,376
1,179,678
1,229,305

101,039
518,879
230,045
3,266, 322

$113,646

113,646

16

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

A comparison of gross and net earnings and the disposition made
of these earnings for the years 1920-1924 is shown in the table below:
GROSS AND N E T EARNINGS OF FEDERAL RESERVE BANKS, 1920-1924
Earnings

Disposition of net earnings

Net

1920.
1921.
1922.
1923.
1924.

$181,296,711
122,869,940
50,498,699
50, 708, 566
38, 340,449

$149, 294, 774
82, 087,225
16,497, 736
12,711,286
3, 718,180

Dividends

$5, 654, 018
6,119,673
6, 307, 035
6,552,717
6, 682,496

j Franchise tax
Transferred to ! paid to United
surplus
!
States
I Government
$82, 916, 014
15,993, 086
i 659, 904
2, 545, 513
2 3,077,962

$60, 724, 742
59,974,466
10, 850, 605
3, 613,056
113,646

1 Withdrawn from surplus. On the basis of 1922 operations there was $2,740,158 transferred to surplus, but $3,400,062 was withdrawn in connection with an adjustment of franchise taxes paid in
previous years.
2
Withdrawn from surplus.

The table brings out the fact that transfers to surplus, which were
large in 1920, when the surplus at none of the banks was as large as
subscribed capital, declined rapidly, and in 1924 there were net
withdrawals from surplus. The franchise tax paid to the United
States Government also decreased with the decrease of net earnings
and during 1924 was only $113,646, compared with about
$60,000,000 in 1920 and 1921.
Owing to the substantially reduced earnings in 1924, the
ratio of current net earnings to average paid-in capital declined
to 8.9 per cent from 19.2 per cent in 1923. If current net
earnings are related to paid-in capital and surplus combined,
the ratio works out at 3 per cent in 1924, as compared with
6.4 per cent in 1923. The highest rate of current net earnings on
paid-in capital and surplus in 1924, 7 per cent, was reported by
the Federal Reserve Bank of Dallas and the lowest ratio, 1.6 per
cent; by the Federal Reserve Bank of St. Louis. In 1923 the highest ratio, 10.4 per cent, was reported for the Federal Reserve Bank
of Atlanta and the lowest ratio, 4.7 per cent, by the Federal Reserve
Bank of Chicago. The table below shows current net earnings,
daily average paid-in capital, and surplus of each Federal reserve
bank during 1924, and the ratios of current net earnings to paid-in
capital and to paid-in capital and surplus for 1923 and 1924.
Detailed figures of both earnings and expenses of each Federal
reserve bank appear on pages 112-116.




17

ANNUAL REPORT-OF THE FEDERAL RESERVE BOARD
RATIO OF CURRENT N E T EARNINGS TO CAPITAL AND TO CAPITAL
AND SURPLUS COMBINED

Ratio of current net earnings
to average

Daily average
Federal reserve bank

Current
net
earnings

Paid-in capital
Paid-in
capital

Paid-in capital
and surplus

Surplus
1923

Boston
New York
PhiladelphiaCleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis.. _
Kansas C i t y Dallas
San Francisco.
Total—_

$585, 515
2,218, 529
762, 010
1,105,839
672,406
660,109
1, 255, 733
246, 795
543, 903
396, 823
826, 302
634, 547
9,908, 511

$7, 963, 300
29,942,173
10, 252, 250
12, 602, 533
5,854,183
4, 544, 260
15,152, 050 !
5,082,933 S
3,380,467 !
4,428,284 i
4,163,150
8, 009, 350 i

$16, 389, 563
59,928,967
19,927, 329
23, 691,138
11, 672,483
8, 950, 309
30, 425, 575
10, 071, 743
7,484, 219
9,495, 540
7, 577,160
15, 301, 038

Per
cent
7.4 !
7.4
7.4
8.8
11.5
14.5
8.3
4.9
16. 1
9.0
19.8
7.9

111,374,933 i 220,915,064

8.9

Per
cent
17.1
15.5
23.7
17.4
23.3
31.5
14.2
25.9
18.8
23.2
23.0
23.1
19.2 |

1923

cent
2.4
25
2. 5
3.0
3.8
4.9
2.8
1.6
5.0
2.8
7.0
2.7

Per
cent
5.6
5.1
8.1
5.9
7.8
10.4
4.7
8.8
6.1
7.6
8.3
7.8

3.0

6.4

Per

FISCAL AGENCY OPERATIONS

Fiscal agency operations of the Federal reserve banks during 1924
included the sale and delivery of newly issued bonds and notes, the
redemption of securities called for payment or matured, denominational exchanges, interchanges of coupon and registered bonds, exchanges of temporary for permanent bonds, conversions, transfers of
ownership, purchases of securities in open market for Government
account, maintenance of Government deposit accounts with designated depositaries, and the custody of Government securities. While
the volume of transactions is smaller than during the war and the immediate post-war period, it is nevertheless still considerable, as may
be seen from the following table giving the number and amount of the
principal transactions during 1924:
Number of
items
New securities issued
_
Redemptions
Exchanges (securities received for exchange)
_
Treasury savings certificates issued or received for redemption
War savings and thrift stamps redeemed, including redeemed stamps received from post offices

260,000
579,000
4, 831,000
56,000

$1, 452,793,000
2,458,222,000
2, 738,126,000
13, 573, 000

10, 370,000

45, 557, 000

In addition to the purely fiscal agency operations, the Federal
reserve banks, acting as depositaries for the Treasury, pay Government checks, warrants, and coupons, collect checks and noncash
items for the accounf of the Treasury, withdraw Government deposits
from depositary banks, transfer funds by telegraph, and carry on the
former subtreasury operations, comprising principally the replace


18

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

ment, exchange, and redemption of United States paper currency
and coin. During 1924 the Federal reserve banks paid 50,471,000
Government coupons amounting to $719,784,000 and 34,289,000
checks and warrants drawn on the United States Treasurer amounting
to $4,160,286,000. Coin received and counted aggregated 2,187,000,000 pieces, amounting to $294,000,000. While some of this coin
would no doubt have been handled by the Federal reserve banks
even if the sub treasuries had not been discontinued, a large part of
this work prior to 1921 was performed by the sub treasuries. On
December 31, 1924, the Federal reserve banks held $414,500,000 of
securities pledged by depositary institutions as collateral for Government deposits, which on that date amounted to $228,000,000, and in
addition $2,269,000,000 of securities were held in safekeeping for
the account of the Treasury.
During the war and until June 30, 1921, the Federal reserve banks
were reimbursed by the Treasury for practically all expenses incurred
in the discharge of their fiscal agency functions, but at present they
receive reimbursement for only those expenses incurred directly in
connection with the issue of new securities, all other operations being
conducted at the expense of the Federal reserve banks. Reimbursable fiscal agency expenses of the Federal reserve banks during 1924
were $444,000 and the amount of expenses absorbed was approximately $868,000. These figures do not, however, include the cost
of handling Government coupons, checks, and warrants and other
depositary operations, or the cost of handling coin.
BUILDING OPERATIONS OF FEDERAL RESERVE BANKS

Construction was begun in 1924 of a building for the Little Rock
branch of the Federal Reserve Bank of St. Louis and of an addition
to the building occupied by the Louisville branch of that bank. The
building for the Jacksonville branch was completed during the year
and construction on the New York and Minneapolis buildings,
although not completed, progressed sufficiently so that the New York
bank was able to occupy its building in October and the Minneapolis
bank to begin moving into its building in December. Work has also
progressed on the St. Louis building, and on the San Francisco
building which was occupied near the end of 1923.
Eleven of the Federal reserve banks, including Minneapolis, and
ten of the Federal reserve branch banks are now housed in their own
buildings, while buildings are under construction for the other reserve
bank, St. Louis, and for the Little Rock branch. Building sites have
also been acquired for six other branches, two of which were acquired
in 1924, a site for the Birmingham branch by purchase and one for
the Omaha branch by exchange for a building purchased in 1920.
Construction of buildings for the Denver and Omaha branches was
authorized by the Federal Reserve Board in 1924. All Federal



19

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

reserve bank branches, except those at Buffalo, Memphis, Seattle,
Spokane, Los Angeles, and Portland, now have their own buildings
or building sites for such buildings. Tables showing the cost of
building operations at each Federal reserve bank and branch are
printed on pages 110 and 111.
BRANCHES AND AGENCIES OF THE FEDERAL RESERVE BANKS

No additional branches or agencies of Federal reserve banks were
authorized during the year, although the Federal Reserve Bank of
Richmond applied to the board for permission to establish a branch
to serve the southwestern portion of the fifth Federal reserve district.
This application, however, has not yet been acted on by the board.
There has been no change in the character of business transacted
by the existing branches and agencies.
Effective January 1, 1925, the board adopted revised rules and
regulations with respect to the appointment of directors of Federal
reserve branch banks. The new rules provide that each branch shall
have seven directors, appointments being made for designated terms.
As in the case of the parent banks, the volume of work handled
by the branches and agencies in their principal operating departments has continued to increase, as may be seen from the following
comparison for 1923 and 1924:
1923
Checks handled:
Number of items
Amount
Currency received and counted:
Number of pieces
Amount
Coin received and counted:
Number of pieces
Amount

1924

207,187,000
$53,197,150,000

222, 622,000
$54, 763,840,000

397, 973, 000
$2, 415, 356, 000

433, 582, 000
$2, 468,886,000

353,158, 000 !
$55,633,000 I

387, 200,000
$60,199,000

Current expenses of the 23 branches and 3 agencies during 1924
were $5,747,000, as compared with $5,730,000 in the year preceding. The average number of officers and employees was reduced
from 2,557 in the last quarter of 1923 to 2,384 in the corresponding
quarter of the year just closed.
BRANCH BANKING

In respect to branch banking the administrative policy of the board
has been developed in its actions upon individual applications of
member banks for permission to establish branches. Under that provision of the Federal reserve act which authorizes it to prescribe conditions of admission to membership in the Federal reserve system,
the board has generally required State banks and trust companies



20

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

applying for membership to agree that they will not establish any
branch, agency, or additional office except after applying for and
receiving the board's permission. During the past year the board has
taken occasion to give formal statement to the principles by which
it will be guided in acting upon such applications. These principles
are incorporated in the revised form of Regulation H.1
The board has announced further that the establishment of each
branch must be separately approved, and that no blanket authority
will be granted to any member bank to establish branches under a
contemplated program of extension.
A survey of branch banking developments in the States has been
undertaken by the board during the year, and a preliminary statement of the results of this survey was published in the Federal Reserve
Bulletin for December, 1924. Reports to the board for June show
that 681 banks located in 29 States—including 108 national, 191
member State, and 382 nonmember instituitions—were operating
a total of 2,233 branches. Of these banks, 371 were operating only
branches located in the home city of the parent bank and 310 were
operating branches outside the home city. More than one-half
of the banks, 376 out of 681, were operating one branch only; 235
were operating 2 to 4 branches, and 90 were operating 5 or more
branches. Of the branches reported, 1,463 were located in the home
city of the parent bank and 770 outside the home city. During the
first six months of 1924 a total of 213 branches were established, of
which 154 were home-city and 59 were outside branches, and very
nearly this proportion of home-city to outside branches is shown
for the 280 branches established during the calendar year 1923. It
may be noted that comparatively few banks located in the larger
cities report outside branches, only 43 of the institutions reporting
such branches being located in cities of 100,000 or more population,
while a large majority of the banks operating only home-city branches
are located in these larger cities. Recent growth in the number
of home-city branches represents an effort on the part of banks
located in the larger cities to extend their banking facilities to outlying districts for the accommodation of their customers. State
banking codes and administrative practice, as is well known, vary
from State to State—from absolute prohibition of branch banking
in any form in some States to free authorization of the practice
on a state-wide basis in other States. Branch banking territory
may, of course, be either extended or diminished in the future by
modification of State banking codes or administrative practice. During the past year Illinois by referendum vote approved a statute
(enacted in 1923) prohibiting branch banking. Since, however, no
banks were operating branches in this State, the effect of the en1

See page 260.




ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

21

actment is to provide specific legislative authority for an administrative policy continuing present conditions. Two other States have
during the year amended the branch banking provisions of their
laws—Maryland, by providing that a bank or trust company establishing a home-city branch shall conform to the capital requirement
for a bank or trust company located in such city or town; and
Mississippi, by providing that the consent of the superintendent of
banks (instead of the consent of a majority of State bank examiners)
shall be obtained before a bank located in a city of 10,000 or more
population establishes a branch within the corporate limits of the city.
CHANGES IN MEMBERSHIP IN FEDERAL RESERVE SYSTEM BETWEEN
DECEMBER 31, 1923, AND DECEMBER 31, 1924

On December 31, 1924, there were 9,587 member banks in active
operation in the Federal reserve system, as indicated by the required
reports of condition which were submitted by the banks as of that
date. Of this number 8,043 were national banks and 1,544 were
State banks and trust companies, the number of both classes of banks
being smaller than a year earlier. The reduction was 136 for national
banks and 51 for State banks, a total of 187. Despite the decline in
the number of banks, the total resources of both classes of member
banks show increases for the year.
On December 31, 1924, the aggregate resources of all member banks
were $38,987,000,000, the resources of national banks amounting
to $24,369,000,000 and those of State member banks to $14,618,000,000. For the year resources of all member banks show an
increase of nearly $3,800,000,000, of which about $2,000,000,000
was for national banks and $1,800,000,000 for member State banks
and trust companies.
The decline in membership during the year was the net result of
171 additions and 359 losses, omitting from these figures compensating changes between national and State members which affected
membership in the two classes of banks without changing membership
in the system as a whole. These gains and losses to membership
are classified in the following table, by class of member banks.
Tables showing changes in membership, by Federal reserve districts,
during the period 1919-1924, appear on pages 147-153.




22

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
CHANGES IN ACTIVE MEMBERSHIP IN THE FEDERAL RESERVE
DECEMBER 31, 1923, TO DECEMBER 31, 1924

SYSTEM,

Member banks
Number
National
Active membership Dec. 31,1923

8,179

State
1,595

Total
9,774

Resources
(in
thousands)
$35,238,606

ADDITIONS TO MEMBERSHIP

Primary organization of national banks
Conversion of nonmember banks to national.
Admission of State banks
Resumption, following suspension
_
Conversion within the system*

17
132

Total additions.

20,308
21,345
61,805
10,863
47

171

114, 321

83
51
34
26
163

42,304
51, 752
66,879
146,892

LOSSES TO MEMBERSHIP

Merger of member banks
„
_
Absorption of member banks by nonmembers.
Voluntary liquidation (terminal)
Withdrawal.
Suspension or insolvency
Conversion within the system 1
•
Others, losses
..
Total losses
Net change during the year
Active membership Dec. 31, 1924.

1!
268
-136
8.043

1,347
-51
1,544

358
309,174
- 1 8 7 2+3, 748, 261
9,587
38, 986, 867

1
Compensating items, except for 1 member State bank which succeeded a national bank that did
not report on Dec. 31, 1924, and was therefore not counted among losses in 1924.
2
Includes, in addition to increases classified above, those due to growth and reorganizations.

BANKS ON PAR LIST

The following table shows the number of banks on the par list,
that is, of banks which have agreed to pay without deductions for
collection charges such checks drawn upon them as are presented
by the Federal reserve banks in connection with the operation
of the Federal reserve clearing system. The table also shows the
number of banks not on par list. The number of banks on the par
list on December 31, 1924, was 25,127, and included, in addition
to the member banks, 15,445 nonmember banks. This total was
1,494 below that for the end of December, 1923, and 3,657 below
that for December 15, 1920, when the number of par collecting
banks was highest. The number of nonmember banks collecting at
par was smaller at the end of December this year than last in all
except the Boston, New York, Philadelphia, Cleveland, and Atlanta
districts. It was larger than in December, 1920, only in the New
York and Philadelphia districts.




23

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

NUMBER OF MEMBER AND NONMEMBER BANKS ON PAR LIST AND NOT ON PAR
LIST, DECEMBER, 1924 AND 1923
Nonmember banks *

Member banks
Federal reserve
district •

Total

National

State

1924

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

_..

1923

1924

1923

420
859
743
872
624
516
1,419
628
906
1,086
838
771

424
839
725
880
631
535
1,435
630
979
1,146
863
809

384
714
671
753
560
383
1,059
495
802
1,051
655
586

388
695
659
762
564
389
1,064
501
861
1,108
670
611

9,682

" 9, 896

8,113

8,272

1,569

Not on par list

1924

1923

1924

36
144
66
118
67
146
371
129
118
38
193
198

234
381
519
1,075
743
383
3,927
2,225
1,498
2,747
862
851

228
360
514
1,071
865
380
4,105
2,373
2,085
2,858
958
928

10
715
1,105
218
332
853
204
153
57

5
637
1,127
114
233
445
196
95
44

1,624

15,445

16, 725

3,647

2,896

36
145
72
119
64
133
360
133
104
35
183
185

1924

O n p a r list

1923

1923

Incorporated banks other than mutual savings banks.
BANK SUSPENSIONS

During 1924 there were 759 bank suspensions reported to the
Federal reserve banks. Of this number 595, or nearly 80 per cent,
were nonmember banks and the remaining 164 were member banks,
129 of these being national banks and 35 State banks or trust companies. The capital and surplus of the suspended banks for which
information was available (all member banks and all but four of
the nonmember banks) aggregated $41,704,000. The capital and surplus of closed nonmember banks amounted to $24,636,000, or 59 per
cent of the aggregate for all closed banks. The capital and surplus
of the national banks amounted to $13,713,000 and that of the State
banks and trust companies to $3,355,000. There were 39 banks,
previously closed, which reopened during the year.
Although bank suspensions occurred in all except the Cleveland
district, there were only seven in the Boston, New York, and Philadelphia districts combined as against 537 in the Chicago, Minneapolis,
and Kansas City districts. The banks closed in the latter districts
were equivalent to more than 70 per cent of the total number
of suspensions and had capital and surplus amounting to 63 per cent
of the total for all closed banks, while those in the eastern districts
mentioned were less than 1 per cent of the total number and had
capital and surplus of about 6 per cent of the total. The largest
number of suspensions in any one district was 299 in the Minneapolis
district. Although figures for closed banks represent, so far as
could be determined, banks which were closed by order of supervisory authorities, it is not known how many of these institutions
may ultimately prove to be solvent. Banking suspensions for
36569—25t



3

24

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

the year are shown, by districts and by class of bank, in the following table:
BANKS CLOSED DURING 1924 1
Member banks

All banks
Capital
and

Federal reserve district

sands of
dollars)

All districts

_

_

Boston
New York
Philadelphia
Cleveland _
_
Richmond
Atlanta

759

.'.

_

41,704
250
2,415
79

1
2
1

34
44
104
55
299
134
52
28

1,817
2,670
6,461
2,600
12, 925
6,877
3,908
1,702

State
(number)

129

1

_

Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

National
(number)

3
4
6
1
50
32
19
10

Nonmember
banks
(number) 2

35

595
5

1
9
10
2
9
2
2

30
31
88
52
240
100
31
18

1
Includes all banks, incorporated and unincorporated, which were reported closed or insolvent during
the year.
2
Includes 3 nonmember banks in the Chicago district and 1 in the Richmond district for which no
information regarding capital is available.

Suspensions were more numerous at the beginning of the year
than during the summer and fall. During the first quarter of the
year there were 302 closed banks, nearly half the total number for the
year. Banks closed during 1924 are shown, by months, in the following table:
BANKS CLOSED DURING 1924, BY M O N T H S 1
Member
All
banks
National

Nonmember

State

1924
Year...

759

129

35

595

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

136
90
76
71
82
44
50
29
35
37
49
60

23
19
19
9
9
11
8
5
* 2
8
8
8

11
6
2

102
65
55
62
73
32
41
23
33
28
36
45

1
1
1
1
5
7

1
Includes all banks, incorporated and unincorporated, which were reported closed or insolvent during
the year.

CHECK CLEARING AND COLLECTION

Atlanta par clearance case.—During the year a new par clearance
suit was instituted against the Federal Reserve Bank of Atlanta,
the Federal reserve agent at Atlanta, and the Federal Eeserve
Board. This suit differs from the former par clearance cases in




ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

25

that it involves a national bank rather than a nonmember bank,
and also raises certain questions dealing with check collection transactions which have not been adjudicated before. It is anticipated
that a final decision in this case by the Supreme Court will go a
long way toward settling the par clearance controversy. A brief
statement of the case is given herewith.
On August 9 the Pascagoula National Bank of Moss Point, Miss.,
filed a bill of complaint in the United States District Court for the
Northern District of Georgia against the Federal Reserve Bank of
Atlanta, Joseph A. Me Cord as Federal reserve agent, and the Federal
Reserve Board. In general, the bill charged the several defendants
with having ignored and violated various provisions of the Federal
reserve act, and prayed for an injunction against the Federal Reserve
Bank of Atlanta which, if granted, would in effect—
(1) Require the Federal Reserve Bank of Atlanta to give immediate credit and availability to the plaintiff for all its deposits of
checks and drafts drawn on other member banks in the Atlanta
district, no matter at what distance from Atlanta the drawee bank
may be;
(2) Permit the plaintiff to charge exchange on checks drawn
upon it and presented for payment by or through the Federal reserve
bank; and
(3) Prohibit the Federal reserve bank from handling checks for
any banks other than its own members and, for its own membersy
any checks which are not payable within the Atlanta district.
The bill also asked that the Federal Reserve Board and Joseph A.
Me Cord be enjoined from promulgating and enforcing the provisions
of the board's Regulation J, and further asked for an accounting and
recovery from the Federal reserve bank of the amounts of exchange
charges and interest of which the plaintiff alleged it had been illegally
deprived.
In response to this bill the Federal Reserve Board entered a special
appearance solely for the purpose of pleading its exemption from the
suit in the Northern District of Georgia and filed a motion to be dismissed from the suit on the ground that it is not an inhabitant of the
Northern District of Georgia and, therefore, is not suable in that
district without its consent, because of the provision of section 51
of the Judicial Code that "no civil suit shall be brought in any district court against any person by any original process or proceeding
in any other district than that whereof he is an inhabitant/ 7
On behalf of the Federal reserve bank and the Federal reserve
agent, answers were filed showing cause why the relief prayed for
in the bill should not be granted and also going into the merits of
the case at some length.



26

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

Arguments on the board's motion to be' dismissed from the suit
and on the plaintiff's prayer for a preliminary injunction were heard
by the court on October 2 and 3; and, at the conclusion of the argument, the court handed down an oral decision from the bench upholding both of defendant's contentions. Subsequently, brief written
decrees were signed dismissing the board from the litigation and
denying a preliminary injunction, but no written opinion was rendered by the court.
On December 15 the case was argued on its merits, and on December 29 the court rendered a decision holding that there was nothing
unlawful in any of the acts of defendants complained of and authorizing a decree dismissing the bill. The court's decision, therefore,
was a complete victory for the Federal reserve system.
The opinion of the court, which is published on pages 231-234,
holds in effect that:
(1) The Federal reserve banks are not required to give depositing
member banks immediate credit and availability for checks and
drafts drawn on other member banks in the Atlanta district and are
justified in refusing to permit the amount of said checks to be counted
as reserves or to be withdrawn by check or otherwise until they
actually have been collected;
(2) Under the terms of the so-called "Hardwick amendment" to
section 13 of the Federal reserve act, member banks have not the
right to make an "exchange charge" for remitting payment to a
Federal reserve bank for checks drawn on themselves, although such
checks are not the property of the Federal reserve bank but are
handled for collection.
(3) That, under the terms of section 13 of the Federal reserve act,
the authority of a Federal reserve bank to collect checks is not limited
to checks sent to it by its own members and checks payable within
the district of such Federal reserve bank; and, therefore, a Federal
reserve bank may collect checks on its own member banks and nonmember clearing banks which come to it from other districts, and
may handle checks payable on presentation sent to it by its member
banks or nonmember clearing banks whether payable within its own
district or not; and
(4) That the provision in the "Hardwick amendment" which has
the effect of requiring member banks to pay without deduction
checks drawn on them when presented by Federal reserve banks,
whether paid over the counter or by the more convenient means of
checks on their deposits elsewhere, does not deprive member banks of
property without due process of law and, therefore, is not contrary to
the fifth amendment to the Constitution.




ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

27

The plaintiff has appealed the case directly to the Supreme Court
of the United States, on the ground that it involves the constitutionality of an act of Congress.
Cleveland and San Francisco par clearance cases.—The preliminary
aspects of the par clearance litigation affecting the Federal reserve
banks of Cleveland and San Francisco are discussed in the board's
annual report for 1922, where it was noted, among other things, that the
Brookings State Bank of Brookings, Oreg., following its suit for an
injunction against the Federal Reserve Bank of San Francisco, had
brought an action for damages to compensate it for the loss alleged
to have been occasioned it by the collection methods employed by
the reserve bank. This damage suit has not yet reached a hearing
on the merits and no further action has been taken with regard to the
injunction proceedings.
In June, 1923, the Farmers & Merchants Bank of Catlettsburg,
Ky., also followed its suit for injunction against the Federal Reserve
Bank of Cleveland by bringing an action at law for compensatory
and punitive money damages. This action was brought in the United
States District Court for the Eastern District of Kentucky. The
Federal reserve bank filed a special demurrer to the complaint
objecting to the jurisdiction of that court over the defendant on the
ground that the Federal Reserve Bank of Cleveland was an inhabitant
of the Northern District of Ohio and, because of section 51 of the
Judicial Code, could be sued only in the courts of that district. In
March, 1924, the plaintiff brought a new action for damages against
the Federal Reserve Bank of Cleveland in the United States District
Court for the Northern District of Ohio. This action has not yet
come to trial, and there are no important developments to report
in connection with the injunction suit against the Cleveland Reserve
Bank.
TRUST POWERS OF NATIONAL BANKS

During the year 1924 two important court decisions were handed
down affecting the right of national banks to exercise trust powers.
In the first of these cases, State of Missouri ex rel Burnes National
Bank v. Duncan, 265 U. S. 17, the Supreme Court of the United
States, in an opinion rendered April 28, 1924, upheld in all respects
the right of national banks in Missouri to exercise trust powers.
The court co as trued the grant of power contained in section 11 (k)
of the Federal reserve act to mean " that whatever may be the State
law, national banks having the permit of the Federal Reserve Board
may act as executor if trust companies competing with them have
that power/7 and further held that it was within the constitutional
authority of Congress to confer upon national banks the right to
act in fiduciary capacities, saying in this connection, " The State
can not lay hold of its general control of administration to deprive



*28

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

national banks of their power to compete that Congress is authorized
to sustain." The effect of this decision, therefore, is to establish
conclusively the right of national banks to exercise trust powers in
any State whose laws authorize or permit the exercise of similar
powers by competing State institutions. The preliminary stages of
this case, including the decision of the Supreme Court of Missouri
which had denied the right of the Burnes National Bank to exercise
trust powers, are discussed in the board's annual report for 1923 on
page 55 and a footnote on that page records the fact that the decision of the Missouri Supreme Court was reversed by the United
States Supreme -Court The full texts of the opinions of both courts
are also published in the 1923 report on pages 307 and 314. For
convenience of reference, the opinion of the United States Supreme
Court is republished in this report on pages 234-237.
In the board's annual report for 1922 a brief statement is made of
a decision of the Supreme Court of Rhode Island which in effect denied the right of national banks in Rhode Island to exercise trust
powers. This case, however, was not conclusive on this question,
because the decision was based primarily on the ground that the
State treasurer could not be compelled by mandamus to accept a
tender of bonds from a national bank as security for the performance
of its fiduciary functions. For this reason it was felt that the case
was not a proper one in which to test out finally the right of national
banks in Rhode Island to exercise trust powers and no appeal was
taken from this decision. Subsequently, however, a proceeding was
brought against the same national bank—the Aquidneck National
Bank of Newport—by the Attorney General of the State of Rhode
Island for the purpose of determining definitely the right of the national
bank to continue to exercise trust powers in conformity with the provisions of section 11 (k) of the Federal reserve act. In an opinion
rendered July 9, 1924, the Supreme Court of Rhode Island followed
the decision of the United States Supreme Court in the Burnes
National Bank case and held that in view of this authoritative construction of section 11 (k) of the Federal reserve act, national banks
in Rhode Island may continue to exercise trust powers. The full
text of the opinion of the Rhode Island Supreme Courts is published
on pages 237-239.
Permits to exercise fiduciary powers.—During the past year the
board has approved 154 original and 20 supplemental applications
by national banks for permission to exercise fiduciary powers under
the provisions of section 11 (k) of the ; Federal reserve act. The
total number of banks holding permits to exercise trust powers on
December 31, 1924, was 1,802, a list of which, with the powers
granted, is published on pages 193-210.



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

29

ADMINISTRATION OF CLAYTON ACT

In each of the board's annual reports to Congress since 1921 attention has been called to the desirability of amending section 8 of the
Clayton Act. After several years7 experience in administering this
provision of law the board has found that the present law is not
adapted to carrying out the intention of Congress in regulating interlocking bank directorates. In its present form section 8 of the
Clayton Act in operation often defeats the purpose for which it was
enacted; it discriminates against national banks, and in many cases
its enforcement results in unnecessary hardship to individuals and
to the disadvantage of the banking and credit situation in certain
communities. The board has repeatedly recommended the enactment of an amendment to the Clayton Act to overcome these defects.
During the closing weeks of the first session of the Sixty-eighth
Congress two bills were introduced to amend section 8 of the Clayton
Act—S. 3299 in the Senate on May 13, 1924, and H. R. 9344 in the
House on May 20, 1924. The Senate bill proposed to amend it by
the addition of a clause which would authorize the board to grant
permits for interlocking directorates between a member bank and
not more than two other banks if, in the board's judgment, no
restriction of banking credit or lessening of interbank competition
would result. The House bill proposed to redraft the so-called Kern
amendment to section 8 of the Clayton Act in simpler form. This
bill would have authorized the board to permit interlocking directorates between any three banks or trust companies if, in its judgment,
it was not incompatible with the public interest, thus giving the
board somewhat wider discretion than contemplated by the Senate
bill and removing the requirement in the law as it now stands that
one of the banks involved be a member bank. The fundamental
purpose of both bills, however, was to give the board more latitude
in the matter of permitting interlocking directorates and thus enable
it to administer the Clayton Act more effectively and more nearly
in harmony with the apparent purpose and intent of Congress in
regulating interlocking directorates. The Senate bill was introduced
at the board's request and the House bill with the board's approval.
Both bills are reprinted in full on page 240. No action, however,
was taken with regard to either of these bills and the first session of
the Sixty-eighth Congress terminated without any amendment to the
Clayton Act.
During the past year the board has received and considered 238
applications presented to it for permission to serve in interlocking
directorates. It has also investigated 65 alleged violations of section
8 of the Clayton Act reported to it by the Comptroller of the Currency.
Thirty-four of these were found to be actual violations of the law and
the bank directors involved were required to comply with the law.




30

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
LEGISLATION AFFECTING THE FEDERAL RESERVE SYSTEM

During the past year no amendments were made to the Federal
reserve act, but certain legislation affecting the operation of the
Federal reserve system was passed.
By an act approved February 20, 1924, the life of the War Finance
Corporation was extended until January 1, 1925, thus continuing
the various functions performed by Federal reserve banks in connection with the operations of the War Finance Corporation.
Section 502 of the World War adjusted compensation act, enacted
on May 19, 1924, authorizes Federal reserve banks, subject to regulations to be prescribed by the Federal Reserve Board, to rediscount
for member or nonmember banks promissory notes of veterans secured by their adjusted service certificates and with maturities not
in excess of nine months. The rate of interest for such rediscounts
is fixed at the same rate as that charged for the discount of 90-day
commercial paper. It is further provided that no such loan may
be made to a veteran until after the expiration of two years after
the date of his adjusted service certificate, so that Federal reserve banks
will not be called upon for the present to rediscount this class of paper.
The relevant portions of the World War adjusted compensation act
are reprinted on page 240.
AMENDMENTS TO REGULATIONS OF FEDERAL RESERVE BOARD

Under date of August 15, 1924, the board published a new issue
of all its regulations applicable to member banks. Earlier in the
year Regulations H and J of the 1923 series had been materially
amended and the prime purpose of the new issue was to provide a
complete edition of all the board's regulations under one cover.
The changes made in the regulations may be briefly summarized as
follows:
Regulation A was amended so as to provide expressly for the rediscount of paper secured by bonds or notes of the War Finance Corporation, and also so as to require that whenever the makers of notes
offered for rediscount have closely affiliated or subsidiary corporations
or firms, separate financial statements of such corporations or firms
must accompany the financial statement of the borrower which is
required to befiledwith the member bank under certain circumstances.
Regulation D was rewritten under a new title, "Reserves of member
banks/ 7 and there was transferred to it that part of Regulation J
which deals with penalties for deficiencies in reserves. Certain other
material was also added to provide a more complete regulation on
the subject of reserves.
Regulation H is in the form adopted on April 7, 1924. The principal change in the new regulation was the incorporation therein of



ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

31

various conditions of membership to which all banks thereafter
becoming members of the Federal reserve system will be subject and
of a statement of the principles which will govern the establishment
of branches by State member banks and trust companies. The
sections of this regulation were also rearranged with a view to greater
clarity.
Regulation J is in the form adopted on May 9, 1924, except that
the section which dealt with penalties for deficient reserves was
transferred to Regulation D. Regulation J, series of 1924, supersedes the corresponding regulation of the 1920 series. It is completely
rewritten and rearranged with a view to clarification and the incorporation of the principles governing the collection of checks laid
down by the Supreme Court in the Atlanta and Richmond par
clearance cases, decided in 1923. The terms upon which Federal
reserve banks will handle checks are also prescribed with greater
detail and precision so as to define more clearly the rights, duties, and
liabilities of Federal reserve banks as collecting agents.
Regulation L was amended by the addition thereto of a new paragraph with reference to the burden of proving the absence of substantial competition in connection with applications for interlocking
directorates under the Clayton Act.
No material changes were made in Regulations B, C, E, F, G, I, or K.
This issue of the board's regulations became effective on September 1, 1924, and the full text thereof is printed on pages 241-275.
MEETINGS OF FEDERAL ADVISORY COUNCIL

Four meetings of the Federal Advisory Council were held in
Washington during 1924 on the following dates: February 19, May
13, September 25, and November 24.
CONFERENCES HELD BY THE FEDERAL RESERVE BOARD

The Federal Reserve Board, as usual, conferred with the Federal
Advisory Council on the occasion of each of its meetings during the year.
The governors of the Federal reserve banks met in Washington on
May 5-7 and the governors and chairmen of the Federal reserve
banks conferred, separately and jointly, on November 10-14. At
both conferences special sessions were held at which the board was in
attendance.
ORGANIZATION, STAFF, AND EXPENDITURES

During the year 1924 there were several changes in the organization and staff of the Federal Reserve Board. Hon. D. R. Crissinger,
whose term as governor of the Federal Reserve Board expired on
36569—251



4

32

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

April 30, and Hon. Edmund Platt, whose term as vice governor
expired on August 10, were redesignated by the President.
Hon. Adolph C. Miller, of California, whose term of office as member of the board expired August 9, was reappointedforatermof lOyears.
On December 17 Hon. Henry M. Dawes resigned as Comptroller
of the Currency and ex officio member of the board, and was
succeeded on December 20 by Hon. J. W. Mclntosh, of Illinois.
Mr. Morris Jacobson, statistician in the division of research and
statistics, resigned on July 31. Later the office of statistician was
discontinued and Mr. E. A. Goldenweiser, who had been serving
as associate statistician, was appointed assistant director of the
division of research and statistics.
On December 31 Mr. Edgar W. Freeman resigned as assistant counsel.
The total cost .of conducting the work of the board during the
year 1924 was $720,039.61.
Two assessments were levied against the Federal reserve banks
aggregating $663,239.90, or approximately one-fifth 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.—DISCOUNT RATES—CHANGES

DURING 1923

AND 1924

ON ALL CLASSES AND MATURITIES OF DISCOUNTED

BILLS

[Per cent]
Federal reserve bank
Boston
In effect Jan. 1, 1923
Changes effective—
1923—Feb. 23____
Mar. 6
1924—May I .
June 2
June
June
June
June

10
12
14
18

June 19
June 26
July 1.
July 16

4

New
York
4

Phila-

delphia

24H

Cleveland

Richmond

4H

Atlanta
4H

Chicago St. Louis Minneapolis
4H

4M

Kansas
City

Dallas
4H

4M

&A

_

_
_

4
4

_

8
3

4

3H

4

4

i
3

4

2 3 ^

4

Aug. 8
Aug. 15
Aug. 25
Oct. 15
In effect Dec. 31, 1924

4
4^

4

_

San Francisco

4

3
3H

3H

4
3K

3

VA

3H

4

4

4

4

4

4

4

3K

1
2

5 per cent on 6-9 month agricultural and livestock paper from April 7, 1923, to June 11, 1924, inclusive.
5 per cent on 6-9 month agricultural and livestock paper from April 19,1923, to June 25,1924, inclusive; 4J/£ per cent on 91-day to 6-month agricultural and livestock paper from
June 19 to June 25, 1924.
NOTE.—Discount rates were made applicable to 6-9 month agricultural and livestock paper, which was made eligible by the March 4, 1923, amendment to the Federal reserve
act, on the following dates in 1923: Boston, Apr. 7; New York, Aug. 6; Philadelphia, Apr. 19; Cleveland, Apr. 9; Richmond, Apr. 7; Atlanta, Mar. 22; Chicago, Aug. 16; St. Louis,
Apr. 5; Minneapolis, Apr. 11; Kansas City, Apr. 14; Dallas, Apr. 12; San Francisco, Mar. 21,




CO

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No. 2.—AVERAGE RATES CHARGED ON DISCOUNTED BILLS
[Per cent]
Prior years
Federal reserve bank

January

February

March

April

May

June

July

August

September

October

November

December

Year
1923

1922

1924
Boston
New York
Philadelphia
Cleveland

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. 00
4.50
4. 50

3.87
3.67
4.13
4.00

3.50
3.50
3.50
4.00

3.50
3. 10
3.50
3.72

3. 50
3.00
3.50
3. 50

3.50
3.00
3.50
3.50

3 50
3.00
3.50
3. 50

3 50
3.00
3.50
3 50

4 10
3 92
4.07
4 11

4 42
4.42
4.50
4 50

4.21
4.21
4.50
4.60

Richmond
Atlanta,..
Chicago
St. Louis

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

4.18
4.26
4. 24
4. 36

4. 00
4.00
4.00
4.00

4.00
4.00
4.00
4.00

4.00
4.00
4.00
4.00

4.00
4.00
4.00
4.00

4.00
4.00
4.00
4. 00

4.00
4.00
4.00
4.00

4 28
4.32
4.33
4.34

4. 50
4.50
4. 50
4.50

4.70
4. 64
4.63
4. 65

H

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
4.18

4.50
4.00
4.25
4.00

4.50
4. 00
4.00
3.90

4.50
4.00
4.00
3.50

4.22
4.00
4.00
3.50

4.00
4.00
4.00
3.50

4.00
4.00
4.00
3.50

4.45
4.40
4.34
4.30

4.50
4. 50
4.50
4.44

4.85
4.79
4.86
4.32

H

All banks: 1924
1923
1922
1921

4.50
4.25
4.84
6.36

4.50
4.28
4.77
6. 36

4. 50
4.49
4.70
6. 43

4. 50
4.50
4.60
6. 33

4.42
4.50
4. 59
6.20

4.16
4.50
4.54
6. 14

3.89
4.50
4.39
6.02

3.78
4.50
4.34
5.76

3.69
4.50
4.36
5.75

3.65
4.50
4.34
5. 62

3.63
4.50
4.29
5.03

3.56
4.50
4.30
4.91

4.20
4.47
4 52
6.01

1920
1919
1918

4.90
4 18
4.02

5.52
4 14
4.02

5.64
4 15
4.08

5. 67
4 18
4.23

5. 74
4. 16
4.35

6.20
4. 19
4.42

6.21
4. 14
4.37

6. 19
4. 12
4. 25

6.39
4. 18
4.24

6.40
4. 19
4.21

G.45
4.53
4.20

6.49
4 67
4. 18

6.02
4 26
4.26

..

Minneapolis...
Kansas City
Dallas
San Francisco




w

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No.

3.—AVERAGE RATES EARNED ON DISCOUNTED

BILLS

[Per cent]

Federal reserve bank

May

June

July

I August

September

October

November

December

Prior years
Year
1923

1924
Boston
New York
Philadelphia
Cleveland.

1922

4.29
3.89
4.30
4.23

3.64
3.57
3.61
4.07

3.53
3.36
3.52
3.91

3.52
3.04
3.50
3.57

3.51
3.01
3.50
3.52

3.50
3.00
3.50
3.50

3.51
3.00
3. 50
3.50

4. 18
3. 97
4.12 !
4.17 i

4. 41
4. 41
4.50
4. 50

4.24
4.25
4.50
4.64

Richmond
Atlanta
Chicago..
St. Louis

4.40
4.46
4.48
4.48

4.17
4.26
4.30
4.33

4.08
4.15
4.19
4.23

4.03
4.09
4. 11
4. 14

4.01
4.05
4. 06
4.11

4.00
4.01
4.02
4.08

4.00
4.00
4.00
4.02

4.32
4.36
4.37
4.39

4.50
4. 50
4.50
4.50

4.78
4.76
4.76
4.71

Minneapolis
Kansas City
Dallas
San Francisco

4.50
4.50
4.50
4.36 !

4.50
4.50
4.47
4. 14

4. 50
4.42
4.28
4.11

4.50
4.28
4.22
3.86

4.43
4.17
4.18
3.72

4.27
4.06
4.07
3.57

4.27
4.01
4.01
3.51

4.49
4.46
4.40
4.33

4.52
4.50
4.50
4.42

5.12
4. 95
5. 08
4.42

All banks: 1924..
1923..
1922..
1921..

4.35
4.50
4.61
6.20

4. 11
4.50
4.50

3.99
150
4.47
5.91

3.85
4.50
4.42
5.85

3.75
4.50
4.36
5.69

3.69
4.50
4.29
5. 39

3. 59
4.50
4.29
5. 11

4.25
4.46
4.63
6.07

J920-.
1919..
1918..
1917..
1916..

5.89
4.20
4.31
3.49
4.36

6.13
4.15
4.40
3.82
4.24

6. 19
4. 13
4.35
3.77
4.31

6.22
4.17
4.27
3.79
4.43

6.35
4.15
4.22
3.47
4.35

6.41
4.40
4.27
3.42
4.08

6.42
4. 55
4.29
3. 75
3.81

4.23
4.24
3.61
4.20

M

_




Q

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H
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No. 4 . — O P E N MARKET RATES—CHANGES DURING 1923

AND 1924 IN MINIMUM AUTHORIZED RATES ON ACCEPTANCES BOUGHT IN OPEN
MARKET
BANKERS' ACCEPTANCES
[Per cent]
Federal reserve bank

Boston
In effect Jan 1 1923
Changes effective—
1923-Apr 24
1924-May 12
May 29
June 20
June 23
In effect Dec 31 1924

New
York

Cleveland

Philadelphia
2H

2H

3

d

Richmond

Atlanta

Chicago St. Louis

2H

23^

Q

2

3

2
2

2

Kansas
City

Dallas

2

2

Minneapolis
3

3

3

3

3

3

San
Francisco
2M

4
3M

2
2
2

2

2

2

2

2

3

2
2

NOTE.—Acceptances purchased direct from the acceptor are taken at a rate not less than the discount rate on commercial paper.
TRADE ACCEPTANCES
[Per cent]
In effect Jan. 1, 1923...
Changes effective—
1924-June 20.
May 12
May 29
In effect Dec. 31, 1924.




33^

2%
2%

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p

No. 5.—AVERAGE RATES CHARGED ON BILLS BOUGHT IN OPEN MARKET
[Per cent]
Prior years
January

Federal reserve bank

February

March

April

May

June

July

August

September

October

November

December

Year
1923

1922

1924
Boston
New York
Philadelphia
Cleveland

4.17
4.10
4.17
4.21

4.15
4.09
4.17
4.18

4.12
4.09
4.15
4.21

4.00
4.07
4.11
4.17

3.39
3.29
3.65
3.54

3.13
3.13
3.01
3.13

2.25
2.30
2.32
2.27

2.20
2.25
2.27
2.27

2.22
2.21
2.34
2.23

2.23
2.14
2.25
2.20

2.29
2.30
2.34
2.35

2.71
2.77
2.91
2.79

2.90
2.93
3.40
3.09

4.14
4.11
4.15
4.17

3.55
3.57
3.53
3.70

Richmond
Atlanta
Chicago
St. Louis .- . _

4.31
4.33
4.21
4.18

4.28
4.31
4.19
4.16

4.31
4.24
4.22
4.18

4.25
4.23
4.24
4.14

3.75
4.38
3.45
3.56

4.07
3.08
3.06

4.05
2.29
2.28

2.89
2.17
2.27

2.74
2.21
2.23

2.88
2.19
2.19

2.60
2.32
2.30

3 04
3.18
2.84
2.78

4 01
* 3.74
3.31
2.86

4 29
4.21
4.21
4.09

4.64
4.14
3.50
3.67

4.17
4.56
4.16
4.22

4.17
4.19
4.17
4.21

4.14
4.14
4.17
4.21

4.14
4.11
4.13
4.19

3.61
3.54
3.57
3.77

3.13
3.13
3.15
3.14

2.28
3.05
2.29
2.34

2.28
2.24
2.25
2.20

2.21
2.21
2.22
2.22

2.13
2.17
2.21
2.18

2.32
2.32
2.34

2.74
2.76
2.78

3.66
2.90
3.26
2.95

4.07
4.37
4.16
4.17

4.60
3.77
3.55

4.18
4.09
4.28
6.05
5. 10
4.28

4.16
4.08
4.21
6.01
5.53
4.24

4 16
4.09
3.92
6.01
5.80
4.24

4.14
4.12
3.48
5.94
5.82
4.24

3.48
4.16
3.28
5.88
5.96
4.24

3.15
4.18
3.22
5.88
6.07
4.24

2.35
4.20
3.13
5.70
6.06
4.25

2.25
4.20
3.10
5.31
6.04
4.25

2.23
4.21
3.19
5.35
6.04
4.25

2.20
4.21
3.68
4.97
6.05
4.26

2.32
4.19
4.10
4.60
6.45
4.47

2.79
4.18
4.11
4.41
6.08
4.84

3.08
4.16
3.59
5 49
5.85
4.36

Minneapolis
Kansas City
Dallas
_.San Francisco .
All banks: 1924
1923
1922
1921
1920
1919

--




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No. 6.—AVERAGE RATES EARNED ON BILLS BOUGHT IN OPEN MARKET AND FROM OTHER FEDERAL RESERVE BANKS

[Per cent]
January February

Federal reserve bank

March

April

May

June

July

August

September

October

2.21
2.22
2.32
2.24

2.22
2.17
2.23
2.19

Prior years

November

December

2.24
2.22
2.26
2.22

2.42
2.49
2.36
2.46

3.18
3.01
3.58
3.52

4.13
4.11
4.13
4.15

3.52
3.54
3.50
3.48

4.18
3.77
3.48
2.91

4 27
4.19
4 15
4.07

4.83
4.15
3 50
3.36

4.13
4.26
4.13
4.14

4.96
3.67
3.47

Year
1923

1924
Boston
New York _..
Philadelphia
Cleveland

4.18
4.15
4.18
4.21

4.17
4.10
4.17
4.22

4.16
4.10
4.17
4.21

4.12
4.10
4.18
4.21

4.02
3.79
4.13
4.18

3.51
3.55
3.85
3.73

2.44
2.63
3.21
3.10

Richmond
Atlanta
Chicago
St Louis

4.31
4.28
4.19
4. 19

4.29
4.28
4. 19
4.16

4.30
4.25
4. 18
4. 15

4.29
4.24
4.17
4.17

4.13
4.24
4.14
4.12

3.96
4.17
3.60
3.71

3.97
4.11
2.85
3.60

3.62
2.37
2.50

2.83
2.19
2.20

2.72
2.16
2.19

2.57
2.20
2.21

3,04
2.69
2.45
2.47

Minneapolis
Kansas City
Dallas-.,
San Francisco

4.18
4.56
4.18
4.21

4.16
4. 17
4.17
4.21

4.13
4. 15
4.18
4.21

4.15
4.16
4.17
4.20

4.13
4.13
4.17
4,17

3.53
3.34
3.17
3.95

3.03
3.05
2.90
2.96

2.70
2.69
2.74
2.64

2.21
2.17
2.27
2.19

2.17
2.16
2.20
2.17

2.26
2.19
2.21
2.20

2.28
2.43
2.45
2.46

3.73
3.06
3.66
3.26

4.20
4.01
4.44
6.14

4.18
4.09
4.25
5. 99

4.17
4.10
4.06
6.01

4.17
4.08
3.83
5.97

4.05
4.11
3.50
5.98

3.66
4.14
3.29
5.97

2.80
4.18
3.18
5.96

2.49
4.19
3.11
5.36

2.22
4.19
3.11
5.33

2.20
4.19
3.24
5.04

2.23
4.18
3.59
4.91

2.46
4.20
3.84
4.50

3.31
4.14
3.54
* 5.70

4.79
4.29
3.64
2.80
2.09

5.06
4.25
3.79
3.02
207

5.47
4.26
3,92
3. 19
2.04

5.70
4.23
4.18
3.10
2.04

5.77
4.25
4.36
3.15
2.07

5.98
4.19
4.25
3.16
2. 14

6.07
4.27
4.24
3.23
2.21

6.07
4.22
4.38
3.19
2.31

6.06
4.27
4.19
3.35
2.46

6.07
4.22
4.25
3.40
2.12

6.03
4.33
4.36
3.53
2.52

6.05
4.54
4.33
3.43

5.66
4.30
4.14
3 26
2.36

1922

„

-

All banks: 1924
1923._
1922
1921
1920
1919..
1918
1917
1916 . . .

.




2.33
2.34
2.61
2.96

,n

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No. 7.—AVERAGE RATES EARNED ON DISCOUNTED AND ON PURCHASED BILLS
[Per cent]
Discounted

Purchased bills

bills

Federal reserve bank
1916

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

_ ._

1917

1918

1919

1920

1921

1922

1923

1924

1916

1917

1918

1919

1920

1921

1922

1923

1924

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

4.18
3.97
4. 12
4.17

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

3.18
3.01
3.58
3.52

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
4.25

5.69
5.77
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

4.32
4.36 •
4.-87
4.39

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

4.18
3.77
3.48
2.91

4.80
4.77
4; 49
5.01

4.22
4.14
4.48
4.53

4.63
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

4.49
4.46
4.40
4.33

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
4.29

5.26
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

3.73
3.06
3.66
3.26

4.20

3.61

4.24

4.23

5.88

6.07

4.63

4.46

4.25

2.36

3.26

4.14

4.30

5.66

5.70

3.54

4.14

3.31




w

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No. 8.—AVERAGE RATES EARNED ON UNITED STATES SECURITIES
[Per cent]
Janu- Febru- March
ary
ary

Federal reserve bank

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

1924

April

May

June

July

August

Prior years

September

October

November

December

Year
1923

1922

All banks: 1924
1923.
1922
1921
1920
1919
1918
1917
1916




_
-.-

4.43
4.21
4.29
4.17

4.13
3.69
4.17
4.12

4.18
4.09
4.24
4.17

4.09
4.01
4.16
4.04

3.70
3.68
4.00
3.81

3.72
3.52
4.09
3.71

3.70
3.42
4.01
3.53

3.47
3.97
3.41

3.45
3.35
3.96
3.33

3.47
3.34
3.95
3.32

3.40
3.26
3.97
3.34

3.71
3.50
4.09
3.64

3.93
3.94
4.25
3.96

3.67
3.63
3.83
3.84

3.44
4.17
3.88
4.17

3.68
4.17
4.02
4.08

3.68
4.16
4.06
4.0£

3.68
4.05
4.00
4.08

3.56
4.21
3.80
3.86

3.45
3.82
3.74
3.75

3.41
3.59
3.65
3.43

3.35
3.59
3.56
3.31

3.31
3.66
3.55
3.29

3.29
3:67
3.56
3.27

3.25
3.34
3.56
3.27

3.47
3.69
3.72
3.54

2 36
3.71
3 68
4.21

2 06
2.54
3 68
3.70

4.39
4.54
4 19
4.40

j

4.37
4.16
4.30
4.17
3.39
4.24
3.88
4.17

_ _

4.34
4.50
4.10
4.28

4.25
4.32
4.22
4.21

4.17
4.29
4 08
4.15

4.12
4.20
4.06
4.09

3.94
4.04
3 61
3.79

3.90
3.89
3 60
3.65

3.78
3.71
3.59
3.48

3.72
3.66
3 32
3.32

3.65
3.62
3 39
3.30

3.77
3.60
3.50
3.27

3.67
3.57
3 30
3.26

3.91
3.87
3 67
3.60

4.25
4.16
3 72
4.19

3.43
3.68
2 83
4.00

4.26
3.74
3.16
2.13

4.17
3.96
3.58
2.11

4.04
3.99
3.72
2.24

4.14
4.11
3.77
2.15

4.05
4.17
3.70
2.49

3.79
4.02
3.67
2.40

3.68
4.17
3.63
2.31

3.57
4.15
3.60
2.33

3.46
4.07
3.65
2.49

3.44
4.21
3.71
2.38

3.46
4.18
3.78
2.68

3.39
4.03
3.79
2.92

3.67
4.01
3.67
2.37

2.18
2.26
3.27
2.64
2.14

2.17
2.31
3.25
2.67
2.33

2.10
2.41
3.59
2.66
2.14

2.10
2.43
3.56
2.36
2.34

2.22
2.42
3.06
2.41
2.26

2.24
2.33
3.00
2.39
2.29

2.15
2.24
2.76
2.67
2.38

2.22
2.21
2.87
2.71
2.36

2.27
2.17
2.73
2.75
2.38

2.20
2.18
2.44
3.06
2.47

2.17
2.22
2.49
2.86
2.44

2.43
2.19
2.40
2.98
2.38

2.21
2.26
2.99
2.68
2.35

0

00

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No. 9.—AVERAGE

RATES EARNED ON TOTAL EARNING ASSETS

fPer cent]
Federal reserve bank

Janu- FebruMarch
ary
ary

April

May

June

July August

Novem- DecemSeptember
ber October ber

Prior years
Year
1923

Boston
New York
Philadelphia
Cleveland

1924
. ._

1922

4.35
4.37
4.35
4.32

4.36
4.35
4.36
4.32

4.29
4.14
4.34
4.30

4.29
4.28
4.37
4.34

4.22
4.04
4.33
4.27

3.87
3.72
4.13
3.98

3.59
3.46
3.86
3.80

3.58
3.34
3.80
3.60

3.30
3.11
3.76
3.35

3.14
3.00
3.65
3.21

2.99
2.99
3.44
3.13

2.94
2.99
3.40
3.15

3.69
3.53
4.02
3.79

4.28
4.30
4.37
4.29

3.87
3.82
4.11
4.10

Richmond
Atlanta
C hicago
St. Louis

4.44
4.45
4.33
4.49

4.41
4.44
4. 30
4.46

4.42
4.43
4.29
4.40

4.43
4.46
4.29
4.40

4.42
4.47
4.26
4.39

4.32
4.44
4.08
4.30

4.10
4.24
3.94
4.14

4.00
4.10
3.80
3.87

3.95
3.98
3.60
3.67

3.93
3.84
3.48
3.52

3.90
3.65
3.39
3.28

3.87
3.58
3.45
3.16

4.24
4.24
3.92
4.01

4.44
4.41
4.26
4.40

4.57
4.40
4.23
4.14

Minneapolis
Kansas City..
Dallas
San Francisco

4.44
4.51
4.23
4.39

4.41
4.47
4.21
4.38

4.34
4.38
4.24
4.36

4.30
4.38
4.21
4.34

4.27
4.35
4.22
4.30

4.13
4.24
3.89
4.04

4.10
4.09
3.83
3.79

4.02
3.90

' 3.83
3.62

3.90
3.71
3.58
3.33

3.72
3.51
3.33
3.16

3.80
3.37
3.14
2.98

3.76
3.30
2.99
-2.95

4.10
4.02
3.84
3.78

4.42
4.37
4.26
4.32

4.64
4.25
4.56
4.08

4.39
4.03
4.62
5.88

4.36
4.13
4.47
5.92

4.30
4.26
4.34
5.90

4.34
4.32
4.25
5.85

4.26
4.35
4.08
5.79

4.03
4.36
3.98
5.67

3.80
4.42
3.90
5.60

3.67
4.42
3.85
5.42

3.45
4.41
3.84
5.35

3.30
4.44
3.88
5.25

3.21
4.40
4.00
4.99

3.17
4.38
4.06
4.74

3.83
4.33
4.11
5.61

4. 46
4.04
3.75
2.90
2.85

4.88
4.03
3.81
3.03
2.70

5. 12
4.02
3.86
3.14
2.26

5.23
4.01
4.07
2.83
2.50

5.36
3.99
4.29
2.93
2.47

5.51
4.01
4.20
3.08
2.53

5.72
3.98
4.31
3.34
2.62

5.81
3.93
4.27
3.37
2.69

5.81
3.91
4.21
3.41
2.78

5.94
3.95
4.13
3.37
2.79

5.98
4.16
4.19
3.37
2.72

5.98
4.29
4.14
3.59
2.83

5.50
4.04
4.12
3.29
2.67

.

All banks: 1924 . .
1923
1922
1921
1920
1919
1918......
1917
1916

NOTE.—Average annual rates earned (per cent) during 1924 on municipal warrants: Philadelphia, 4.58; Atlanta, 4.51; Minneapolis, 4.36; System, 4.56; on Federal intermediate
credit bank debentures: New York, 3.30; Philadelphia, 3.94; Kansas City, 3.36; System, 3.85; on foreign loans on gold: 3.00 for all banks, except Boston which held no foreign
loans on gold.




42

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
CONDITION OF FEDERAL RESERVE BANKS
No. 10.—EARNING ASSETS OF FEDERAL RESERVE BANKS, 1914-1924
[In thousands of dollars]
Bills discounted

Date

Secured by
U. S. Government
obligations i

Total

Other

1914

7,383
9,909

7,383
9,909

Nov. 27..
Dec. 31.
1915

Bills
United
Munibought
States
cipal
in open securities warrants
market

205

734

Total
earning
assets

7,383
10,848

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

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

M a y 28..
J u n e 25..
July 30..
Aug. 27..

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

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

31,373
30,448
32, 794
32, 368

31,373
30, 448
32, 794
32, 368

13, 058
13, 619
16,179
23, 013

9, 328
10,505
12, 919
15, 79:

24, 945 I
25,014 |
27,308
12, 220

Jan.28_.
Feb. 2 5 . .
Mar. 31..
Apr. 28_.

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

26, 901
22, 827
21.267
21, 448

26, 314
29, 054
40, 408
47, 585

21,372
29, 632
40, 275
49, 681

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

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

M a y 26..
June30_July28__
Aug. 25..

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

52, 708
71,095
83, 454
82, 146

55,
57,
56,
55,

782
129
581
001

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

173,
172,
194,
192,

Sept. 29..
Oct. 2 7 . .
Nov. 24..
Dec. 2 9 . .

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

20, 365
21, 188
27, 594
27, 032
25, 953
21, 131
20, 501
30, 196

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

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

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

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

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

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

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

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

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 3, 523
3 2, 722

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

1916

1917
Jan. 26..
Feb. 2 3 . .
Mar. 30..
Apr. 2 7 . .

I

13,955
20, 469 !
31,683 !
36, 586 I
!
33,951 i
25, 996 i 10, 379
29,102 i 11, 625
29, 275
13, 564

13,180
17,417 •
21,579 !
25,469

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

6, 947 i 23, 094
7, 601
11, 509
7, 923
16,107
8, 836
25, 808

M a y 25..
J u n e 29..
July 27..
Aug. 3 1 . .

1,900
25, 546
12, 670
11, 867

Sept. 28..
Oct. 2 6 . .
Nov. 30..
Dec. 2 8 . .

65, 923
209, 230
405, 608
283,421

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

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

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

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

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

312, 520
263, 905
301, 451
642, 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

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

2

3

63,
55,
64,
77,

992
485
757
483

78,
79,
89,
83,

704
586
200
398

801
083
849
042

3 736
334, 364
897, 357 256, 373 146, 924
1, 301, 390
562, 993
1, 345,112
3 23
434, 666
869,175 216, 848 259, 066
434, 509
1,564,540
57,012
3 103
628, 920 1, 302,151 205, 274
673, 231
1, 716, 987
56,122
67
531, 967 1, 428,195 232, 603
896, 228
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.
3 Includes bill of lading drafts as follows: Jan. 25, 1918, $2 765,000; Feb. 21, $2,821,000; Mar. 29, $2,994,000;
Apr. 26, $2,168,000; May 31, $235,000; June 28, $12,000; July 25, $37,000.
M a y 31..
J u n e 28..
July 26..
Aug. 30..




CONDITION OF FEDERAL RESERVE BANKS
No.

43

10.—EARNING ASSETS OF FEDERAL RESERVE BANKS, 1914-1924—Continued
[In thousands of dollars]
Bills discounted
Date

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

I Secured by
i U. S. Gov| ernment
I obliga|
tions

Other

Total

Bills
bought
in open
market

MuniUnited
States
cipal
securities warrants

Total
earning
assets

1, 221, 533
1,092, 417
1,412,511
1, 400, 371

491,897
453, 747
402, 684
302, 567

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

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

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, 4l2

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

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

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

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

I 1,802,893
i 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

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,
2,128,
2, 214,
2, 194,

282
547
209
878

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

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

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

|
J 1,457.892
j 1,572,980
1,441,015
j 1,465,320

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

303, 521
294, 354
289,922
293, 514

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

! 1,447,962
I 1,277,980
! 1,241,017
1,314,830

1,071, 469
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
345, 305
321, 965

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

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

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

307, 624
298, 375
247, 703
255, 702

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

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

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

163, 700
169,421
119, 340
109, 763

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

2,907, 967
2,841, 738
2, 629, 378
2, 453,426
2, 249,851
2, 050, 757
1, 903,954
1, 757, 488

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

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

1919

1920

May28
June 25
July 30
Aug. 27

!
|
|
i

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

1, 220, 423
1, 484, 041
1, 203, 905
1, 597, 392 j
1,192, 425 | 1, 542, 975 |
1,141,036 | 1, 578, 098 !

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

:, 040, 367
997, 965
971,100
937, 652

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

M02
24
27
13

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

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

787,244
1,120,669 |
637, 590 ! 1,113, 760 j
577, 774 I 1, 063, 838 |
545, 176 !
946, 759 j

1,
1,
1,
1,

913
350
612
935

75, 457
40, 223
17, 977
35, 320

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

Sept. 30..
Oct. 31...
Nov. 30..
Dec. 3 1 . .

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

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

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

45, 042
86,110
72, ©54
145, 263

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

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

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

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

712, 577
680,467
510,104

74,935
93, 458
105, 270
90, 677

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

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

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
161,112
140, 111
180,176

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

1,193,091
1,177,995
1, 082,961
1,084, 776

463,
576,
650,
617,

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

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

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

907,
751,
641,
491,

10
67
379

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

206
242
102

1, 207, 111
1, 214,166
1, 241, 345
1,187,861

1922

162, 780
300, 916
Sept. 30..
269, 042
307, 393
Oct. 31...
315, 280
334,816
Nov. 29..
331, 790
Dec. 30..
285, 990
1
Includes $31,000 of bill of lading drafts.




696
435
096
780

44

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 10,—EARNING ASSETS OF FEDERAL RESERVE BANKS, 1914-1924—Continued
[In thousands of dollars]
Bills discounted

Date

Secured by
U. S. Government
obligations

Other

Total

Bills
bought
in open
market

Muni- |
Total
United
States
cipal I earning
securities warrants!
assets

1923
377,482
356,039
372, 768
386,079

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

597,251
595, 760
698, 914
724, 993

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

406,824
407,356
391,937
412, 318

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

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

258,680
205, 600
183, 096
171, 607

191,964
101, 503

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, 258
204,698
300, 207
354, 637

Jan.31
Feb. 29
Mar. 31
Apr. 30

267, 978
257, 215
228,949
161,164

264,282
271, 748
286,021

532,260
528,963
517,885
447,185

May 31
June 30
July 31
Aug. 30

164,149
115, 580
89,424
83, 480

277,217 !
218,374 i
203,623
191,188

111, 591
118, 592
112,694
186,840

164, 608
145, 549
129, 330
127, 288

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

353,735
363,074
250,360
185, 305

Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31

__,
,

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

101,995

55
65
10
20

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

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

317
317
154
51

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

286,041
267,880
228, 247
124,485

126, 371
165,463
262, 867
301, 660

10
1 100 '
51 !
51 I

944,682
962,406
1, 009,050
873,381

441,366
333,954
293,047
274, 668

79, 549
36, 524
23,469
58,103

352,857
431, 085
522,897
542, 211

2
551
2 1,301
i 1,250
i 1,750

276,199
264,141
242,024
314,128

131,821
200,114
313, 572
387,100

576,108
584,205
583, 738
540,160

1 1, 750 !
2 3,557 i 1, 052, 017
i 2, 550 ! 1,141,884
3 8,050 j 1,249,438

1924

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

,

i
i
>
|

874, 323
802,864
840,66a
876, 732

1
Federal intermediate credit bank debentures.
»Includes Federal intermediate credit bank debentures as follows: May 31, $500,000; June 30, $1,250,000;
Oct. 31, $3,550,000.
3 Comprises $6,000,000 foreign loans on gold and $2,050,000 Federal intermediate credit bank debentures




45

CONDITION OF FEDERAL, RESERVE BANKS
No.

1 1 . — R E S E R V E S , DEPOSITS, AND NOTE CIRCULATION OF FEDERAL RESERVE
BANKS, 1914-1924

[Amounts in thousands of dollars]
Deposits

Reserves

F . R.

Date

Government

Renotes in quired Excess
Memcircula- reserve3 reserve
tion
bers' re- Total»
serve l

Reserve
percentage

F. R.
bank
note
circulationnet liability

Gold

Total

1914
Nov. 2 7 . . - .
Dec. 31

227,840
241,321

262,470
267,899

249,268
256,018

2,700
10,608

88,324
93,850

174,146
174,049

104.2
100.5

1915
Jan.29
Feb. 2 6 —
Mar. 26.
Apr. 30....

251 306
269J 753
273,137
280,543

272,188
296,235
307,061

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

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

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

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

95.0
97.9
93.6
92.5

May 28
June 25
July 3 0 . . . .
Aug. 2 7 . . .

298,33l|
324,183
347, 383
359,165

330,320
372,031
369,475
379,043

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

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

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

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

96.5
99.1
96.2
93.5

Sept. 24
Oct. 29
Nov. 26
Dec. 3 0 —

405,404
433,236
492,163
542,413

428,324
470, 294
529,375
555,938

15,000
15,000
15,000
15,000

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

115, 662
146.025
165,304
189.026

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

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

94.5
94.8
93.8
95.3

1916
Jan. 28
Feb. 2 5 —
Mar. 31
Apr. 28

555, 241 j
526,213
514, 521
487,029

570,737
543, 891
524, 459
499,040

27, 760
32,501
38,469
40, 660

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

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

226, 27: 344,465
221,075 322,816
221,091 303, 368
218,892 280,148

91.9
89.6
86.2
82.9

964
1,669

May 2 6 . . .
June 30
July 2 8 —
Aug. 2 5 . . .

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

537, 227 44,131
570,192 101,152
544,125 56,54f
548,486 50,099

296,967
320,910
295,6471
300,145

80.9
82.6
79.1
79.8

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

Sept. 29
Oct. 27
Nov. 24
Dec. 2 9 —

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

5^2,578
627, 457
719, 475
753,774

38,985
29,982
26, 319
28,837

3,033
1,031
1,028

1917
Jan.26
Feb. 2 3 —
Mar.30
Apr. 27—.

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

808,824
818,573
947,328
975,481

25, 607
13,407
20, 567

504,299 159,389 240,260
5.38,241 152,244 249,282
-535,548 152, •" 248,478
530,866 156,345 248, 341
529,360
543,703
620,128
650,665

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

263,891
277,89£
ai3,224
337,874

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

81.6
82.2
83.6
81.4

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

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

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

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

85. 3
83. 5
89.0
83.8

May 25.
June 29..
July 2 7 Aug. 31.

977,, 3711, 014,263 76,114 813,326 796,171
.,
1, 294,512 1,334,352 300,9661,,033,460 1, 261,800
1,135,456 % 232,200
1,
1,362, 263 J , 414, 052 143,032'
1, 353, 498 1,406,108 154,"'" 1,
133,926
1,
:, 358 ,069, 804 .,1.

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

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

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

81.1
75. 4
80.1
81.7

934
2,459
6,023

Oct. 26
Nov. 30
Dec. 2 8 —

1, 408,470 1,457, 559 71, 289 1. 136,930
,
1,193,886 700,212 697,945
.,
1, 503, 436 % 552,942 132, 2211 264,323 :, 318,798 847, 506 800, 581
1
L,
3231,
1,621, 725 1., 676, 211 220,96! 1,489, 3701, 595,512 1,056,983 981, 222
.,
1, 671, 133 1,, 720, 768 108, 213 1,453,166 1, 457, 9941 , 246,488 ,008,893
,
1

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

77.0
71.7
63.2
63.6

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

1, 234,934. 016,481
1
,
1,314,581 1,037,751
1 452,838 . 118,513
,
",
I!
1 i 232 . 155,199
,
,526,,
1

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

65.4
66.0
62.7
61.3

8,000
7,999
7,978
7,895

, >,413 .,
, 600, 968 1 195,700
1,917,8261 ,975,709 166, 1911, . 440, 1 586,
,
>
,
r
1,949,021 2,006^199 84, 5351, , 557, 587 .,1,529, 8191 , 722,216 , 224, 323
, 006,199
,
.
1
' 974, 200 2,
,029, 329 233, 040 1,435,
:,
1,196 1, 622,87'0 1,870,835 1, 316, 339
.,
.,
013,794 2,066,962 104,729 1,478,639 1,572,898 2,092, 708 , 387, 597
!
,
1

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

62.0
61.7
58.1
56.4

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

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

1918
Jan. 25
1,726,507 .1,782,759 135,6911, 480,74: 1,492,878
720 1
1, 772, 395 1,832, 524 56,165 1,459," "., 462,627
Feb. 21
Mar. 28-29... 1,815, 704 1, 874,063 104,086 1,499, 4 0 0 1,535,», 367
1,827,000 1,890,945 130,668 1,497, 4161 , 556, 303
i,
Apr. 26—.
May 31.
June 28July 2 6 Aug/30.

, 020,813 2, 072,176 191, 623 1, 535,4901,667,109 2, 349, 3261, 523, 218 548,958
Sept. 27
51.6 35,819
Oct. 25
045,132 2,098,169 278,218 1, 683,4991,723,902 2, 507,9121, 606, 531 491,638
49.6 58,859
, 065, 213 2,120, 371 207,157 1,488,893 1,668,283 2, 568,676 1,611, 369 509,002
Nov. 29
50.0 86,003
2,090, 274 "146,219 63, 367 1, 587, 3181,552,892 2, 685, 244 617,610 528,609
1,
Dec. 27
50.6 117,122
1
Figures not reported separately until January, 1917.
2 Figures shown in this column represent net deposits up to and including Feb. 28, 1921, and total
deposits thereafter.
3
Forty per cent against Federal reserve notes and 35 per cent against deposits.




46
No.

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
11.—RESERVES, DEPOSITS, AND NOTE CIRCULATION OF FEDERAL RESERVE

BANKS, 1914-1924—Continued
[Amounts in thousands of dollars]
Reserves
Date
Gold

Total

F. R.

Deposits

Government

Members' reserve

Total

F. R.
notes m
circulation

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

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

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

i
187,743 2, 255,106 141,479 1, 656,118 1 830,920
L,
2,147,784 2,216,256 73,6141,711
713,030 1 750,694
.,
2,095,1512,161,023 116,038 l| 718,396 1 , 796, 561
L
1,
! 066,788 2,135,976 54,494 1,729,950 L 629, 797
,

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

Sept. 26
Oct.31
Nov. 28
Dec. 26

2,177,854 2,187,505 61,2761,731,413 1 634,074
L,
" 138,000 2,205,592 100,465 1,833,4811 850,518
L,
093,641 2,159,666 98,157 1,844,434 1, 889, 399
L
i, 874 1,
2,078,432 2,135, 536 72, 357 1,786,"" L 704, 470

1920
Jan. 3O._.
Feb. 27—
Mar. 26. _.
Apr. 30—

! 012,6562,073,933
,
,966,836 2,083, 215
. 934, 755 057,155
,
~
1, 936, 720 ,070,765!

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

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

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

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

Required
reserve

2,179,646 64, 928 1,, 693,132 1, 659, 457 450,729 , 561,102
L
,
2,188,723 210,547 1,620, 972 1 796,739 ,472,307 1,617,781
t,
2,210,524 168,147 1,631, 167 1 741,425 , 521,776 1,618,209
L,
3
2,240,152 91,7 1. 664, 2 0 1 752,094 549, 552 ,633,054
726 ",
L,

Excess
reserve

Reserve
percentage

baD.k
note
circulation—
net liability

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

53.0
5.1.3
51.9
52.1

129,445
134,042
145,540
158.848

, 648,539
., 612,415
., 630,595
., 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

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

, 634,068
, 748,831
, 802,200
., 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

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

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

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

44.5
42.5
42.7
42.4

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

, 092,496 36, 433 |.l, 852,91611, 794, 440
, 108, 605j 14,189|1,831,916)1, 722, 223
, 128,640! 12,16711,808,15611, 697, 245
, 127, 827| 43, 510 1, 818,502J1, 717,867

107,021 1, 870,862
116,718 " 19,465
120,138 1, 842,091
203,637 1, 882, 708

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

42.
43.
44.2
43.2

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

46, 493 1, 800,677 1, 658, 464
18, 754 1, 805,661 1, 674, 553
15,909 1,7
,71i; 774 1,623,641
27,639 1., 748,979 1,604,190

,279,996
, 351, 303 1,926,615
.325,"""" ", 898, 489
.
, 344,686 1, 899, 341
.

259,134
241, 423
296.821
349.822

43.
43.1
44.4
45.4

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

1921
Jan. 3 1 - _ .
Feb. 28.—
Mar. 31
Apr. 30

103,660 319,755! 28,627J1,721,895|1,650,663 3,083, 155 1,, 810,994
2,148,085 2,363,475! 50,828|1,705,25311,670,010 3,048, 5541 , 803,925
2, 221,569 2,436,741 91,61711. 658,625il, 784,394 904,
786,517
2,322,683 2,
"!,505, 612 31, 664 1,666, 509J1,732, 214 2,844, 0111, 743, 879

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

49.0
50.1
52.0
54.8

200,159
187,633
169,885
154,944

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

2, 408,058 2,571,579'
2,467,659 2,627,494|
2,543,039 2, 697,032
2,641,061 " 787,920

39,), 080 1:,601, , 634 1, 670, 624
.
2,751,
1,685,466 886,113
43,1,446 1,603, !, 845 1, 675, 21"" 648,0861, 645,560 981,934
.
"
.
.
32,680 1, 625,123 1, 683,048 549,626 "
2,
1,608,917 1,088,115
46,i, 809 1, 6 1 8 , 0 . 690, 754 481, 466 1, 584, 348 203,572
,9011 ,
2,
1,
"
.
-,

58.1
60.8
63.
66.8

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

_ 2,728, 372 879, 331
2,791, 272 2,934,960 j
2,849,447 2,989,142
2,874,995 n ^0,252!
3, OlOi

98, 540 1, 581,032J1,704,807 2, 482, 427 1, 589,653 1,289, 678
43,086jl, 658,627 1,732,898 2, 421,426 1 575,085 1, 359,87,
1,
45,913jl, 670, 362 1,742,830 2, 366,006 1, 556, 392 :, 432,750
, j ,
,
392 1
95 95111,753, 217 1 876,082 2,409,, 392 1, 620, 385 1, 389,86'
95, 95111753 2171, 876082
392 1

68.8 100, 378
70. 6 85, 515
72. 7 75,862
70.2| 83,690

1922
J a n . 31
Feb. 28
M a r . 31
Apr. 29

2,908,958 3,062,705
2, 946, 739 3,079, 784
|2,974, 784 3,105,039
2, 996, 425 3,128, 306

82,81011,677,83: 1, 790, 685 2,179, 052 1,498, 361 1, 564, 344
,
1,
53, 75911, 710, 2491 799, 40 * 196,0581 508, 2141, 571, 570
87, 588; 1,708, 761 1,834,81 2,194, 743'1, 520, 0811, 584,958
7\" '
51, 981; 1,754, " 844 .,849,442 2,169, 420 1
,515,073 1, 613, 233
),
[,
1

77.2
77.1
77.1
77.8

82,811
80, 717
80,575
77,135

M a y 31
June 30
J u l y 31
Aug. 31_

3, 007, 621 3 , 3 0 , 497 54, 295; !1,782,0041,, 870,152 2,141,184 1, 511,
3,130, 497
0271 , 619,47i
.,
3,021, 767 3,144, 542 33,093 l, 820, 377 1 883, 329 2,152,962 1, 520,35C 1, 624,192
3144
3,047, 949 3,178, 652 58, 583:1,760,8241, 846, 582 2,132,145 1,499,16: 1, 679, 490
3, 061, , 049 3,195, 558 48,4461,803,6221., 874, 688 2,155, 515 1, 518, 34 1, 677, 21
93

78.0
77.9
79.9
79.

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

77.0
77.0
76.4
72.7

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

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

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

Sept. 30
Oct.31
N o v . 29.
Dec. 30.

. 3,077,, 210 3, 207,494
!,
3, 079, 966 3, 217,882
I,
3,
3,072, 858 3, 202,810
3,
3,047, 393 3,176, 872
3,

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

r
3,075, 810 3,227,,132
3,072,813 3, 201, 600
3,059, 592 3,167;
"
^,446
;,
_. 3, 082, 282 3, 179, 666




72,974 1,850,712il, 806,496
133,913J1,871,961J1,884, 576
27,711 1,867,125|1, 772,904
37,592 1,859,844)1,812,732

14,51111,857, 260 1,, 897,185
',
34, 355 1, 812, 570 1, 875,43i
33,449 1, 807, 631 1 860, 223
1,
".,
10,756:1, 933,8881! 973, 532

L,
2, 268,6521, 571, 475 1, 636,01S
,
2, 301,7771[ 577,113 1, 640, 769
L,
2, 329,814 1, 583,004 1, 619,806
L,
2, 395,7891 649,052 1, 527,820

46,01411,913,465 1,991, 06' 2, 203, 7011, 578, 354 1,648, 77!
43,40111,887,552 "., 952, 31 2, 246,943 1,582,086 1,619, 51
79,35411,862,676 1, 961, 651 2. 247, 257 1, 585,480 1, 581,966
1,
40,29011,864,756" 926,10S 2. 235, 43511, 568, 31111, 611, 35£

76. 9 3,105
76. 2
2,645
75. 3 2,431
76. 41 2,286

47

CONDITION OF FEDERAL RESERVE BANKS
No.

11.—RESERVES, DEPOSITS, AND NOTE CIRCULATION

OF FEDERAL

RESERVE

BANKS, 1914-1924—Continued
[Amounts in thousands of dollars]

Date
Gold

Total

F. R.

Deposits

Reserves

Gov- I M e m ern- j bers' rement
serve

Total

! F . R.
j notes in
j circula! tion

Required

Excess
reserve

Reserve
percentage

bank
note
circulation—
net liability

1923—Con.
M a y 31
J u n e 30
July 31.
Aug. 31

112,106 3, 201, 333
i,
3,
3,095, 217 ^,,194,665
1,190,932
1,814 3,
3,100,
l,
3,105,903 3, 188, 541

28,,1301 , 899, 810 1,964,128 2, 245, 829 1, 585, 775 1, 615, 558!
33,5 1. 851,938 1,914, 043 2, 253,033 1, 571,128; 1, 623, 5371
, 544 .,
35, 811 1, 878, 367 1,936, 938 2,177, 743 1, 549,0261, 641,906
46, 551 I! 844, 718 1,911, 730 2, 226,998 1, 559, 905! 1, 628, 636
'.,

76. 0
76.
77.
77. 0

1,724
1,425
1,570
520

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

3 112, 717 3,189, 598
, ,
3,111, 078 ^,,191,145
3,
3,101, 158 3,
1,185, 277
3,080, 032 3;
1,168,934

57i
50, 304 1,, 839,142 1,912, 460 2, 267, 620 1, 576, 409! 1,613,189
40,334 ., 895, 265 1,958, 660 2, 224,865 1 575,475(1, 615, 670
32, 501 1,864, 794 1, 919, 214 2, 252, 492 1, 572, 722! 1, 612, 555
38,074 I!, 898, 315 1,959, 5:'9 2, 246, 673 1, 584, 522; 1, 584, 412

76.3
76.3
76.4
75.3

485
523
498
471

1924
Jan.31
Feb. 2 9 . . . .
M a r . 31
Apr. 30..._

I,
3,142, 575 3, 261,161
J,
3,119,652 3, 220,804
3,094, 988 1,193, 887
[,
3,
1,222, 609
3,120, 389 3,
I,

',
37, 582
43,
1,095
99, 581
32, 503

.,
!,
1 950, 702 2, 010, 322 2, 026, 469 1, 514, 201 1, 746,«
.,
, 964,
,
I! 900,149 1,964, 451 2,, 042, 66i 1, 504, 624 1, 716,180
1,885,23" 2, 006, 372 2, 002, 785 1, 503, 344 1,690, 543
I! 944, 952 2,005, 3811, 926,013 1 472, 289 1, 750, 320
.,
1,

80.
80.4
79.7
82.0

435
402
383
343

May
June
July
Aug.

31._.
30
31....
30. _.

3,112,629 3!, 205, 513
3,128,176 3I, 238,803
3,143,065 3i, 247,113
127 3,168, 536
3

47, 477 1 906,093 1, 974, 807 1,911,, 440 1 455, 759 1 T49, 754
,
',
,
i,
~
.,
I,
43, 251 1, 944,095 2,010, 317 l! 860, 923 1, 447,980 1 , 790, 823
.,
.
"1,168,124 1, 763,947 1, 464, 420 1 782, 693
45, 464 2; 090, 821 2.
L,
'.,
36,135 2,059, 517 2,128, 2201 763, 659 1, 450, 341 1, 718,195
.

82.5
83.7
82.6
81.4

319

Sept. 30
Oct. 3 1 . . _ .
N o v . 29
Dec. 3 1 - . . .

I,133, 210
3,046, 723 3,
1,117,825
3, 036, 705 3,
1,110,009
3,025, 316 3,
I,
2,936, 533 3, 047,054

!,
56, 254 2,110, 949 2, 197,101 1, 745, 395 1, 467,142,1
666, 068
26,976 2,138, 45f " , 1 9 4 8271,. 799,104 1,487,833 ,629,992
1
2
,"" ,
36, 693 2,142,820 2, 208, 728 1, 874, 833 1,522, 988,1587,021
.
51,197 2,220,436 2, 310, 668 1, 862,062 1, 553, 560 1
. 493,494
,

79.5
78.1
76.2
73.0

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.




No.

12.—RESOURCES AND LIABILITIES ON THE LAST DAY OF THE MONTH

00

[In thousands of dollars]
1924

December,
1923

Gold with Federal reserve agents
Gold redemption fund with U. S. Treasury.
Gold held exclusively against Federal reserve notes
Gold settlement fund with Federal Reserve Board
Gold and gold certificates held by banks....
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. __
_
-..
Foreign loans on gold
All other earning assets
-.
Total earning assets _




January February

March

2,104, 255 2,129,140 2,104,027 2,080,413
50,108
44, 586
45,891
58, 748
2,163, 003 2,179, 248 2,148, 613
571, 087
345, 942

577, 227
386,100

604,184
366,855

April

May

June

July

August

September

October

November

December

2,088,317 2,096,851 2,128,427 2, 083, 302 2, 041, 331 2,026, 237 1,998,332 1,912,022 1, 702,306
38,119
50, 749
49,446
32,166
33, 032
41,245
36, 217
27,882
43, 039

2,126, 304 2,139, 066 2,146, 297 2,160, 593 2, 111, 184 2, 074, 363 2, 062, 454 2,036,451! 1,955,061 1, 743, 551
613,339
355,345

610, 622! 595,403
370, 7011 370, 929

576, 218
391, 365

604, 816
427, 065

630, 795
383, 969

596, 851
387, 418

576, 871
423, 383

593, 004
477, 251

679,464
513, 518

3, 080, 032 3,142, 575 3,119, 652
118, 586
101,152
88, 902

3, 094,988 3,120, 3891 3,112,629 3,128,176| 3,143, 065 3, 089,127 3, 046, 723 3, 036, 705 3, 025, 316 2, 936, 533
79,409
81,120
102,220J
84, 693 110, 521
92, r' 110,627 104,048
86,487

3,168, 934 3, 261,161 3, 220,804
57,009
45, 648
52, 319

3,133,210 3,117, 825 3,110,009 3, 047, 054
3,193, 887 3, 222, 609 3, 205, 513 3, 238, 803 3, 247,113 3,168, 536
40, 594
62, 567
35, 692
33,299
45,108
49,811
45, 525
48,451
37, 245 38, 647

353, 685
369, 383

267, 978
264,282

257, 215
271, 748

228, 949

161,164 164,149
286, 021' 277,217

115,580
218, 374

89, 424
203, 623

83,480
191,188

111,591
164,608

118, 592
145, 549

723, 068
354, 637

532, 260
286, 041

528, 963
267,880

517,885
228, 24:

447,185
124,485

441, 366
79, 549

333, 954
36, 524

293, 047
23, 469

274, 668
58,103

276,199
131, 821

264,141
200,114

29, 508
86,947
17,111

18, 598
80, 287
27,486

18, 500
114,246
32, 717

18,424
181, 494
62,-949

19, 269
221, 771
60,620

17,832
262, 228
72, 797

22, 264
314, 028
94, 793

30, 589
384, 634
107, 674

32, 571
391, 532
118,108

37,375
398, 251
140, 482

40, 458
329,182
214, 565

112,694
129, 330

186,840
127,288

m
75,265
349,354
115,541

W

o
133, 566

126, 371

165,463

262,867

301,660

352, 857

51

10

100

51

51

551

962,406 1, 009,050

873,381!

1,211,3221

944, 6821

874,323!

431, 085
1,301
802, S

522, 897

542,211

576,108

584, 205

583,738

1,250

1,750

1,750

3, 557

2, 550

840, 663

876, 7321

540,160
6,000
2,050

985, 8781 1,052,017) 1,141,884' 1,249,438

5 per cent redemption fund—Federal reserve bank notes
Uncollected items
_.
Bank premises
All other resources
Total resources _._

28
565, 614
53,999
14,179

28
534,218
54, 611
18, 706

28
576,790
55,172
21,548

28
481, 510
55,872
21,388

28
586,350
56,494
22, 530

28
486,163
57,152
25, 480

511,600
57, 779
24, 992

531, 6091
58,585'
29,235J

509,806
59, 299
31,959

582, 716
60,040
26, 210

591, 964j
60, 726!
26, 633!

646, 348
61, 554
27,136

656,197
57, 598
23, 526

4, 806,843 4,811, 203 4, 689,253 4,681, 563 4, 755,6561 4,683, 577 4,826, 701 4,884,857J 5,020,230| 5,096,380

5,066,395 4,870,415

LIABILITIES

Federal reserve notes in actual circulation..
Federal reserve bank notes in circulationnet. _
_
Deposits:
Member bank—reserve account
_.
Government
_
_
Other deposits
Total deposits
_
Deferred availability items
_
Capital paid in
_
Surplus..
All other liabilities
_

2,246,673 2,026,469 2,042,665 2, 002, 785 1, 926, 013 1,911,440 1,860,923 1,763,947 1, 763, 659 1,745,395 1,799,104 1,874,833 1, 862, 062

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

5,066,395| 4,870,415




471

435

402

343

O
O

319

1,898,315 ! 1,950,702 1,900,149 1,885,237 1,944,952 1, 906, 093 1,944, 095 2,090,821 2,059, 51 2,110,949 2,138, 452 2,142, 820 2, 220, 436
51,197
56,254
36,693
38, 074!
37, 582
26,976
43,095
99, 581
32, 503
43,251
36,135
45,464
47,477
39, 035
29, 898
29, 215
32, 568
29, 399
23,190|
22,038
21,207
22, 971
21, 554!
27, 926
31, 839
21, 237
1,959, 579 2, 010, 322 1,964,451 2, 006,372! 2, 005, 381 1,974,807 2,010,317 2,168,124 2,128,220 2,197,1011 2,194,827 2, 208,728 2,310, 668
584, 716
451,314
589, 866
489,881
479, 571
446,978
539, 200
545, 220
529,885
455, 777i
466, 562
516,803
533,466
112, 038
112,017
112,161
110, 028
lll,503j
112,012
111,955
110,145
110,816
110, 850
111,457
111,405
110, 927
217,837
220,915
220,915
220,915
220, 915
220,915
220,915
220,915!
220,915
220,915
220,915
220,915
220,915
9, 059
13, 727
12,135
12, 774
11,809
12,365
14, 224
11,596
11,793
13,262
14,158
14,538!
11,441
4,806,843 4,811,203 4, 689,253] 4,681,563 4, 755,656| 4,683, 577 4,826, 7011 "4,884,857 5,020,2301 5,096,380

3
'A
o

a
pa

75.3
18, 995 j

80.8

80.4

79.7

82.0

82. 5

83. 7

16,831

10, 721

10, 881

20,505

39, 9651

38, 769

81.4
37,975j

27,63

79.5

78.1

76. 2|

73. 0

19, 359

' 24, 219

28,186!

42, 683

pa
en

XJl

CD

No. 13.—RESOURCES AND LIABILITIES, BY WEEKS

O

[In thousands of dollars]
Earning assets

Cash reserves
Gold
I

i Gold redempGold
tion
with
fund
F. R.
with
agent
U. S.
Treasury

Date

1924

United States Government
securities

Bills discounted

ReGold
Gold
serves
settleand
other
ment
gold
Total
than
fund certifigold
gold
with
cates
reserves
F. R. h e l d b y
Board b a n k s

Total
reserves

Nonreserve
Bills
All
cash Secured
bought
other
in open
Certifiby U.S. Other I
earning
Treas- cates of
market
Govern- bills i
Bonds ury indebt- Total assets i
Total
ment
disnotes edness
obliga- counted
tions

Total

I
2,109,715!
2,106,705!
2,130,879!
2,103,477
2,127,175

57, 327
51,448
46,800
52, 632
50,931

568,954
583, 522
573, 038
587, 327
573,226

347,890
389,867!
406, 662
408,226
391,821

3,083,886
3,131,542
3,157, 379
3,151,662
3,143,153

87,984
106, 965
113,025
119,923
119,758

3,171,870
3, 238,507
3,270,404
3, 271,585
3,262,911

67,573
67, 756
68,926
63, 331
59, 661

422, 764
306, 373
259, 774
272,927
259,280

375,119
300, 548
274,411
267,851
263,027

797,883
606, 921
534,185
540,778
522,307

347,
29,429 79,859 17,35E
319,166 19, 903 62,
18,366
292,744 20, 026 72,084 24, 502
275,997 20, 014| 76,455 24,457
271,792 18, 584| 77,355 24,833

126,643
100,358
116,612
120,926
120,772

1,271,762
1, 026,496
943,561
937,711
914,881

2,097,830
[ 2,139,913
2,116,662
2,109,124!

50, 315
57, 815
45,101
42,069

610, 033
553.784
589.785
600, 085

381,115
376,750
373,949
371,469

3,139,293
3,128,262
3,125,497
3,122,747

119, 646
117, 224
111,917
106, 993

3, 258,939
3,245,4861
3,237,414
3, 229,740

56, 240
51,160
50, 502
51,091

242,085
297, 561
233,045
263, 512

245, 211
248, 785
263,081
268, 078

487,296
546,346
496,126
531,590

283,399
278,079
253,476
263,310

18, 353
18,234
18,260
18,347

78,401
80,261
95, 599
105, 677

124,658
127,255
141,729
155,801

100

895,363
951,680
891,331
950,801

Mar. T
>
•
_
12
19
.
26....

2,050,306:
2,046,696
2,098,170
2,082,659

48, 393
49,101
52, 764
56, 945

644,584
657,175
606,747
605,918!

373,480!
377,1101
374,164
377,422

3,116,763
3,130,082
3,131,845
3,122,944

106,059
105,758
101,352
100,107

3,
3, 235', 840
3, 233,197
3, 223,051

48,116
50,282
51,137
51, 054

211,938
2l4,557i
166,826
214,656

276,370
268,842
264,425
267,659

488,308
483,399!
431,251
482,315

259,737
242,616
194,203
202,458

18,342
18 2821
18,264
18,801

130,225 33,499 182, 066
155, 311 38, 776 212,369
174,577 103,836 296, 677
176-, 704 61, 751 257, 256

100
100
51
51

930, 211
938.484
922,182
942, 080

Apr. ?_.
9..
1623_.
30..

1,974, 624
1,984,054
1,997,364
2, 047, 470
2,088, 317

50,533
57, 223
56. 715
55, 971
50; 749

709,581
672,888
671,222!
623,182j
610,6221

357, 029|
389,2811
379,585|
387, 267i
370, 701 j

3,091,767 99,564
3,103,446 97,975
3,104,886! 100,404
3,113,890,' 100, 937
3,120,389 102,220

3,191,331
3,201,421
3, 205,290
3, 214,827
3, 222, 609

46, 599
49,351
48, 750
51, 624
49,811

239,063 290,597
228, 280 01, 279
190,419 279,151
187, 914 284, 929
161,164 286, 021

529, 660
529, 559
469, 570
472, 843
447,185

213, 772
197, 606
176, 680
140,424
124,485

18,331
18,273
18, 855
18,892
19,269

184, 887
187, 615
193, 327
201,158
221,771

61, 637
63,015
54,485
54, 245
60, 820

264, 855
268,903
266, 667
274, 295
301, 660

51
51
51
51
51

1,008,338
996,119
912,968
887, 613
873,381

May

2,110,776
2,135, 212
2,113,340
2,103,863

39, 755
35,911
36, 216
46, 465

601,766
578,914
595,676!
594, 007!

377,309;
388,439:
392,934!
373, 478!

3,129,606 102,502 3,232,108
3,138,476 102.810 3,241,286
3,138,166 101,819 3,239,985
3,117, 813| 96,461 3,214,274

440, 285
411,181
414, 615
429, 600

87, 287
75, 361
55, 692
86,760

18,353
18,463^
19,522
17,409;

232,091
241,721
241,688
245,722!

60, 438
62, 980
63,431
70,151

310,882
323,164
324, 641
333, 282

51
551
551
551

838, 505
810,257
795,499
850,193

Jan. 2
9
16
23
Feb.

-.

6
13
20
27

14.
21.




51, 243| 167,556
52,177 155,536
51,135 149,669
46,238! 164,566

272, 729
255, 645
264.946
265; 034

27,904
28,760
27,870
31, 777

.Tune 4.
11-.
18..
25..
July 2
9
16
23
30
Aug.

6
13
20.
27

Sept. 3
10.
17
24
Oct.

22.
29
Nov. 5
12
19
26
Dec. 3
10.
17-...
24
31

1,301
1,301
1,301
1,301

856,243
844,579
835,905
826,260

320,802 93,573 435,488
330,051 99,587; 450,500
344,857 100,9651 466,574
353,531 103,377 477,211
369,655 105,248 505,281

1,250
, 250
,250
,250
,250

858, 550
820, 972
810,495
800,823
824.867

394,419
398,467
391, 569
391,489

111,464
111,740
117,875
117, 746

535, 51'
540,325
541,110
541, 626

,250
,250
1,750
1,750

832, 502
825,802
827.868
855,225

32,883
34,044
35, 951
37, 061

391, 532
412, 378
397,863
397, 753

117, 730
121, 766
184,915
139, 782

542,145
568,188
618, 729
574, 596

1,750
1,750
6,950
1,750

915,427
923, 659
982,858
928,355

37,663
39,316
39,873
40,854
41, 702

397, 762
397,916
400,911
397, 931
398,429

140, 532
143,989
157,738
144, 042
144,069

575,957
581,221
598, 522
582,827
584, 200

1,750 982,969
1,750 1,024,751
2,007 1,060,868
2,007 977,733
2,007 1,024,176

234,848 42, 309
248,190 44, 746
275,245 44, 243
281,001 44,320

398, 006
398, 318
397,568
390, 079

144, 561
145,300
145, 266
147,816

584,876
588,364
587,077
582, 215

3,557
3,557
2,550
2, 550

1, 052,544
1,064,343
1, 098,716
1,087,171

390,876
361,082
341,485
342, 552
349,354

139,282
144,4561
158,0991
120,571
115,541

574,943
551,896
564,162
537,879
540,160

8,050
8,050
8,050
8,050
8,050

1,186,527
1,167,040
1,192,850
1,331,932
1,249,438

2, 089, 133j
2, 091,061
2, 118,962
2,118,093

48, 439:
37, 532
42, 249,
38,491

593, 8721 393, 648
601,165i 424, 690
574,150i 422,280
579,518 419,468

3,125,092!
3,154,448
3,157,641
3,155,570

99,827
105,047
114,503
115,833

3, 224,919
3, 259,495
3, 272,144
3, 271, 403

49,611
55,944
56,641.
54,006)

135, 3231 266,097
131,268 244,724
114,4391 236,941
118,117 232,014

401,420
375, 992
351, 380
350,131 i

55, 632
44, 381
57, 322
45,034

20,098| 296,666
22,190! 334,024
21,9691 300,216
22, 542! 308, 552

. . 2,126,686
. . 2,099,835!
! 2,111,1731
" ~"~ '
2,100,426!
2,080,047

33,134
37,433!
37,6571
36,684
43,732

577, 616
595,604
574,339
584,488
590,814

383,219
410,530
437,381
445,929
440, 312

3,120,655
3,143,402
3,160,550
3,167,527,
3,154,905

98,963
101,904
105,864
106,015
105,093

3, 219, 618
3, 245, 306
3, 266,414
3, 273, 542
3, 259-, 998

48,809< 142,338 226,663
54,574 94,607 216,106
c7 o i o
57,312 riT ooc one nno
97, 235| 208,008
55,456 85,271! 205,561
49,947 92,052 201,843

369,0011
310, 713
305,243!
290, 832
293, 895;

52, 811
58, 509
37.428
31, 530
24, 441

21,113!
20,862
20,752;
20,303
30,378

2,079,415 35,79!
2,080,982! 32,15'
2,075,614! 39,947
2,059,620 43,314

589,472
612, 076
604,190
608, 095

421, 054
419,210
406, 897
404, 238

3,125,740
3,144,425!
3,126,648
3,115, 267

103,309
89,012
86,300
87,116

3, 229, 049
3, 233,437
3,212,948
3, 202, 383

194,842
47,746
48, 556 81, 988 184,211
45,854 70, 570 188, 714
44,469 77,9381 184, 622

273, 638! 22,1
266,199, 18,028
259, 2841 25,724
262,560, 49,

29, 634
30,118
31, 666
32,391

301, 949!
261, 230!
257,9671
259,863

12,019,186
_..-_! 2,035,611!
i 2,038,632!
2,031,4061

29,937
36,891
36,638
34,686

656,187
619,422
611,304
603,448

375,705 3,081,015
392,995 3,0S4,919
394,919! 3,081,493!
399,623 3,069,163!

78,748
86,920
83,919
86,852

3,159, 763
3,171,839
3,165,41
3,156, 015

37,993
46, 098
44,543
43,191

2, 027, 304j
1,984,893!
1,974,799!
2,006,200!
j 2,004,220)

34, 772
39,605
39,915
29,905
36,246

588,384
619,128
626,083
607, 378
580, 869

394,779
402,320
396, 580
400, 735
422,491

3,045,239!
3,045,946|
3,037,377!
3, 044, 218!
3,043,8261

85,786
85,694
83,307
87,403
87,' ""

3,131,025
3,131,640
3,120, 684
3, 131, 621
3,131, 594

39, 776 104,7851 161,971 266,75646,771! 110,444 155,944 266,388;
38, 279 109,851! 153,227 263,078|
_,_.„
42,037i 75,945? 147,295 223,240!
42,300 i 75,4711 147,094 222,565!

! 1,989,213 38,070 587,118
! 1,970,0111 27,114 601, 642
j l,933,98l! 38,620 610,131
! 1,926,215! 42,136 591, 026

424,370
449,115
468,086
486,8731

3,038, 771!
3,047, 882[
3,050, 8181
3,046, 250|

85,148
90,065
92,411
87,701

3,123,919
3,137,947
3,143, 229
3,133,951

35, 355
41,731
43,005
34, 307

488,376!
481,474J
4.95,2561
6051
1OZ, DUO
513, 518

3,027, 930 89,963
2,997, 498 95, 218
94,467
2,954,
2,912,819! 84, 694
-!, 936, 533 110,521
t

3,117,893
3, 092, 716
3, 048, 585
2, 997, 513
3, 047, 054

40,023
41,643
40,418
37, 668
62, 567

! 1,905,730 45, . _
_,
1, 836, 288 32,093
1,822,424 47,048
. .. 1, 747, 218 45, 756
1, 702, 306 41,245

_J,036
647,643
589,390l
637,240
679, 464

118, 073
84,931
83,601
89, 515

183, 87i
176,299
174, 366
170,348

95,175! 134,
95,334! 128,
84,680 149,164
96,204 125,201
124,656!
127,279
158,413!
239,230!
186,840!

I

229,263!
224,232!
233,8441
221,405!

69, 583
92, 491
99,212
92,146
138,506
175,392
197,261
169,659
215,404

124,272 248, c 354,606!
126,977 254, 256i 352,838!
125,398 283, 811! 336,8271
157,199! 396,429; 389, 574j
127,288 314,128 387,100

44, 785
46, 358
64, 578
74, 756
75, 265

81,126;
66,69l!
103,717;
98,700

397,890
422,905
425,902
429,794

1
Represents Federal intermediate credit bank debentures except as follows: Municipal warrants—$51,000 on Jan. 2 and 9, $20,000 on Jan. 16, $10,000 from Jan. 23 to Feb. 6, $51,000
from Mar. 19 to June 25, $7,000from Oct. 15 to Nov. 12; foreignloans on gold—$6,000,000from Dec. 3 to 31.




O
O

2
o

No. 13.—RESOURCES AND LIABILITIES, BY WEEKS—Continued

to

[In thousands of dollars]
Deposits

Note circulation

Date

5% redemption
fund,
F. R.
bank
notes

1924
2-

Uncollected
items

Total
F. R.
Bank
All other resources
bank
Member
premises resources
and
F. R. notes notes in
bank,
liabilities in actual circulareserve
circulation tion,
account
net

overnment

Other

Total

All
other
liabilities

Deferred
availability
items

679,216
606,178
670.437
591,436
531,163

53,998
54,006
54, 209
54,578
54, 594

15,835
15, 576
16,185
17,120
19,027

5,260,282
5, 008, 547
5, 023,750
4, 935,789
4,842,265

2,245,230
2,147,064
2,084,320
2,049, 834
2, 022, 514

470
456
444
439
434

1,963,874
1,941, 006
1,936,307
1,934,949
1,927,714

56, 695
20,343
39, 436
61, 184
40,941

30,266
23, 406
23, 895
22, 163
22, 430

2,050,835
1, 984, 755
1, 999, 638
2, 018,296
1, 991, 085

620,178
532,205
595, 671
523,511
484,338

110,483
110,506
110,302
110, 035
110,043

220,915
220,915
220,915
220,915
220,915

12,171
12,646
12,460
12, 759
12, 936

20
27

504,353
562, 725
627,100
581.438

54, 614
54, 732
55,153
55,169

19,237
20, 088
20,907
21, 623

4, 788, 774
4, 885,899
4, 882, 435
4,889, 890

2, 017,424
2, 039, 203
2,023,783
2, 022,301

427
418
410
405

1,893,988
1,915,232
1,891,258
1, 926, 514

38,250
36, 960
39,467
38,441

21, 365
20, 017
20,826
20,876

1, 953, 603
1,972,209
1, 951, 551
1,985,831

473, 584
529,687
561, 666
535,818

110, 005
110, 357
110, 802
110,880

220, 915
220,915
220, 915
220, 915

12, 816
13,110
13, 248
13, 740

12
19
26

Jan.

606,204
638,715
681, 527
557,304

55,197
55,254
55, 466
55,864

22, 077
23,282
21,286
21,486

4,884, 655
4,941,885
4, 964,823
4, 850,867

2, 019, 773
2, 010, 595
1, 989,848
1,982,706

402
394
389
382

1, 906, 729
1, 944, 699
1,981,042
1,912,411

59, 463
54,222
8.856
75,191

19,834
19,929
22, 233
19, 514

1, 986, 026
2,018,850
2, 012,131
2,007,116

532,998
566,026
616,683
513,762

110,831
110,836
110,828
110,831

220, 915
220,915
220,915
220,915

13, 710
14.269
14,029
15,155

2
g
16
23
30

577, 583
713,559
611, 729
586,350

55,876
55, 985
56,164
56,480
56,494

21,398
22,420
21,802
22,114
22,530

4,909,655
4, 902,907
4,958, 561
4,844,415
4,811,203

1,987,262
1, 981, 638
1, 966,349
1,940,821
1,926,013

374
365
356
350
343

1,933,113
1,934, 999
1,940,810
1,935,113
1,944, 952

109, 838
98,841
49, 711
44,567
32, 503

19,413
21, 227
21, 064
21,176
27, 926

2, 062,364
2, 055,067
2,011, 585
2, 000, 856
2,005,381

513, 463
519, 305
634,333
556, 051
533,466

110, 859
110, 837
110,869
110,865
110, 927

220,915
220, 915
220,915
220, 915
220,915

14,418
14, 780
14,154
14, 557
14,158

7
14
21
28

566, 511
673,130
598, 587
531,954

56, 540
56,687
56,679
57,139

23, 730
24,813
24, 568
25,207

4, 768, 665
4,858,378
4, 766,481
4, 725,033

1, 927,027
1, 911,875
1,886,429
1,891,147

338
332
322
317

1, 953, 532
1, 939, 598
1,941,285
1, 936, 074

18, 381
30, 375
19,053
40, 384

22,
24,
24,
20,

439
961
996
982

1, 994, 352
1, 994, 934
1,985,334
1, 997,440

500,211
604, 329
547,313
488, 715

111,231
111,369
111,378
111,493

220,915
220, 915
220,915
220, 915

14, 591
14,624
14, 790
15,006

573, 797
573,457
685, 234
556, 594

57,174
57,274
57, 374
57, 772

26, 779
27, 773
25,151
24, 746

4, 788, 523
4,818, 522
4, 932,449
4,790,781

1,884, 039
1,870,518
1,851, 842
1,843,922

1, 988, 047
2, 031, 905
2,103,815
2,035, 342

31,866
35,172
9,648
52.110

21,221
19,802
22, 013
21. 007

2, 041,134
2, 086,879
2,135,476
2.108.459

516,199
513,620
597, 744
490. 757

111,456
111, 442
111,472
111.420

220, 915
220,915
220, 915
220 915

14, 780
15,148
15,000
15. 3ftR

23
30
Feb.

6

Mar.

Apr.

May

June

4_.
25 _




July

26,161
22, 907
24,288
30, 097
32, 015

2, 074,492
2, 078, 910
2,144, 005
2,144, 851
2.164, 795

535,024
531,328
573,337
504, 600
469,415

111,407
111,400
111,405
111,409
111,487

220,915
220,915
220,915
220, 915
220,915

11,614
12,046
11, 901
12,065
12,127

2, 092, 696
2,105,484
2, 095, 408
2,082,481

32,203
19, 151
34, 514
40,118
45, 385
35. 075
24,995
28, 287
33, 023

31,885
35, 023
33, 953
34,860

2,159,656
2.165, 502
2, 157, 648
2,150, 364

452,831
522, 516
509,847
468,103

111,493
111,867
112,009
112,014

220,915
220,915
220, 915
220, 915

12,006
12,002
11,932
12, 248

2, 101. 923
2, 138, 893
2, 261, 255
2,120,331

35,150
29, 741
6,339
46,926

32, 150
31, 734
29, 583
28,625

2,169, 223
2,200, 368
2,297,177
2,195,882

520, 905
518, 542
678,050
540,929

112, 003
111,989
112,032
111,976

220, 915
220,915
220, 915
220,915

11,995
12,460
12, 026
12,582

1,744.974 !
1,757,452 I
1,767,264
1,751,701
1,766,622 .

2,127,949
2, 189,536
I 2,186,481
2,149,992
.. 2,162,347

56, 542
37, 546
62, 663
23, 197
28, 266

29,511
28, 469
30,083
28, 859
27, 351

2, 214, 002
2, 255, 551
2,279,227
2, 202, 048
2,217, 964

557, 664
557,432
745, 661
607, 786
566, 510

111,964
111,981
112,011
111,911
111,953

220, 915
220, 915
220,915
220, 915
220, 915

12,211
12, 754
12, 788
12, 927
13,305

4,883,417
5, 018,104
5, 086, 934
4, 959, 585

1,816,817 I.
1,829,202 I
1,823,460 |
.
1,845,308 |
.

2,118,075
2,172,354
2, 215, 346
2, 148, 137

29, 813
33, 424
24, 667
26, 723

31,107 2,178,995
29, 662 2, 235, 440
30, 432 2, 270, 445
27,856 j 2,202, 716

541, 592
606, 738
646, 230
564, 340

112,009
112,222
112,241
112,169

220,915
220, 915
220, 915
220, 915

13,089
13, 587
13, 643
14, 137

5, 097,189
5, 038, 510
5,198, 498
5,127,273
5, 096, 380

1,849,006 |.
1,853,614 |.
_
1,871,453 !.
_
1,941,747 |
.
1,862,062 |
_

2, 252, 475
2, 192, 333
2, 214, 744
2,222,870
2, 220,436

22,911
35, 975
8,542
58, 071
51, 197

30,007 I 2, 305, 393
31,002 I 2,259,310
33, 022 2,256,308
30,243 2,311,184
39, 035 2, 310, 668

595, 581
578, 685
723,943
526,992
584, 716

112, 159
112,123
112, 036
112,026
112, 038

220,915
220, 915
220,915
220,915
217, 837

14,135
13, 863
13, 843
14, 409
9, 059

617,800
604,433
655,099
560, 613
518,145

57, 787
57, 907
57,932
58, 371
58, 573

25,158
26, 412
27,023
27, 661
28, 778

4,827,722 [ 1,874,270
4, 19, 604 1, 855, 005
4;, 874,275 1,812,712
,
\, 776, 406 1, 782, 626
'-, 740, 3081,761,569

2, 016,128
2, 036, 852
2, 085,203
2, 074, 636
2, 087, 395

! 514,880
I 586,953
572, 931
511, 052

58, 668
58, 771
59,290
59, 292

30, 070
31, 308
31,517
31,932

,
:

1, 756, 014
1, 752, 025
1,738,057
1,740,709

59, 323
59, 376
59, 672
60,026

32,322
33,383

24 _

590, 970
580, 589
775,917
598, 345

26,211

4, 795, 798
4,814, 944
5, 054,866
4,812, 143

1, 760, 757
1, 750, 670
1, 734, 666
1, 729,859

22 _
29-

621,409
626, 384
831,460
669,125
611,709

60,040
60,070
60,302
60, 322
60,724

26, 511
26, 469
26,273
26, 450
26, 766

4, 861, 730
4. 916, 085
5, 137,866
4, 907, 288
4, 897, 269

60,743
60, 751
61, 085
61, 553
663, 892
61, 555
649, 131
61,741
61, 768
831,419
674,514 j 61,819
656, 197 I 57, 598

27, 541
27, 439
27,179
27,363
27, 299
26,239
23, 458
23,827
23, 526

1623 _
30,
Aug.
13.
20-

27 _
Sept. 3_
10-

Oct.

Nov. 5
_
19
26
Dec, 3
10
17
24
31

583,315
685,893
713, 720
615,240

1




712,915
; 784, 827
,
r, 750, 408
, 704,353

Q

6
o

CO

No. 14.—CASH RESERVES, DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION AND RESERVE PERCENTAGES, BY MONTHS
[Average daily figures. Amounts in millions of dollars]
3. Federal reserve notes in circulation

2. Total deposits i

1. Cash reserves

4. Reserve percentages Is-(2+3)

Month
1921

1920

1924

1923

1922

1921

1920

1924

1923

1922

1921

1920

1924

1923

1922

1921

3,044
3,070
3,096
3,115

2,287
2,344
2,403
2,485

2,098
2, 053
2,058
2,084

1,980
1,954
1,991
2,004

1,982
1,970
1,961
1,945

1,801
1,814
1,795
1,823

1,634
1,660
1,809
1,750

1,790
1,797
1,783
1,770

2,113
2,035
2,014
1,971

2,289
2,245
2.253
2,236

2,272
2,177
2,195
2,190

3,178
3,069
2,979
2,871

2,888
2,947
3,040
3,072

79.2
81.2
80.5
80.5

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

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

1,980
2, 065
2,110
2,140

1,
1,
1,
1,

949
931
920
890

1,877
1,893
1, 882
1,860

1, 717
1, 723
1,696
1,691

1,811
1,748
1, 706
1, 699

1,915
1,871
1,825
1,757

2,243
2,247
2,242
2, 229

2,153
2,138
2,157
2,151

2, 787
2,683
2,605
2, 512

3,090
3,114
3,143
3,165

82.7
82.5
82.6
82.4

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

3,157
3,124
3,131
3,057

3,187
3,194
3,200
3,169

3,192
3,212
3,209
3,166

2,836
2,906
2,964
2,995

2,139
2,162
2,183
2,222

2,188
2,208
2,223
2,255

1,908
1,919
1,939
1,931

1, 866
1,876
1,890
1,891

1,716
1,728
1,733
1, 755

1, 665
1,681
1,668
1,622

1,750
1,769
1,836
1,884

2,264
2,276
2,257
2,292

2,225
2,309
2,325
2,416

2,494
2, 456
2,402
2,416

3,276
3, 337
3,328
3,343

80.1
78.5
77.1
73.8

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

_! 3,192
I

3,191

3,144

2,649

2,119

2,092

1,937

1,856

1,745

1,728

1,895

2,256

2,226

2,702

3,146

80.1

76.1

77.0

59.6

43.5

1924

1923

January...
February.
March
April

3,242
3,239
3,222
3,202

3,202
3,209
3,191
3,177

May
June
July
August..

3, 222
3,247
3, 249
3,211

September.
October
November.
December..
Year.

1920

tei

i Net deposits are shown up to and including February, 1921, and total deposits after that month.




w
o
>

No. 15.—EARNING ASSETS: AVERAGE DAILY HOLDINGS, BY CLASSES
[Amounts in millions of dollars]
Total earning assets 1

Discounted bills

United States securities

Purchased bills

Month
1922

1921

1920

1924

1,001 I 1,191 1,304
922 I 1,153 1,215
952 1,179 1,191
940 ! 1,165 1,190

3,035

2,736
2,527

3,044
3,154
3,212
3,192

580
516
479
495

549
611
629
660

! 1,173
I 1,125
! 1,120
j 1,078

1,189 2,354
1,167 2,175
1,128 2,013
1,053 1,842

3,256
3,210
3,201
3,234

435
375
318
270

708
744
837
811

!
!
!
j

1,113 1,740 3,329
1,185 1,641 3,390
1,210 1,520 3,375
1,304 1,517 3,314

241
229
302

848
875
802
775

439
428
396
416
484
624
663

375

738

1924

January.._
-„ February.
01
March....
April
May
June
July.....
August..
September.
October
November.
December..
Year.
1

840
843
826
837
931
1,006
1,085
1,221

1923

1,123
1,151
1,148
1,200

950 I 1,151 1,187

2,160 3,243

1923 1922 1921
969
773
6-iO
577

1920
1924

2,536
2,409
2,302
2,140

2,143
2,299
2,387
2,440

303
272
230
173

221
187
232
275

1,967
1,818
1,725
1,555

2,537
2,461
2,519
2,605

81
51
44

271
225
186
177

103
135
154
159

1, 445 2, 677
1,377 2, 782
1,233 2,776
1,185 I 2, 731

90
178
266
357

173
184
262
322

573 1,804 I 2,530

172

227

Includes municipal warrants, Federal intermediate credit bank debenture bonds, and foreign loans on gold.




1923 1922 1921

1920
1924

1923

1922

1921

1920

201
173
138
110

576
546
481
420

118
134
243
272

421
355
318
230

236
355
458
520

287
296
277

325
309
344
332

84
55
27
38

417
401
364
326

323
416
462
537

194
155
97
90

604
593
546
498

303
302
261
249

302
348
318
303

210
252
260
261

40
56
79
106

314
304
279
244

575
585
587
555

102
92
84
103

487
449
326

255
208
208
226

338
304
320
339

159

92

389

401

186

455

264

324

a
o

g

a
o
o1
•
=

No.

16.—EABNING ASSETS: AVERAGE DAILY HOLDINGS OF ALL CLASSES COMBINED
[In thousands of dollars j
Prior years

Federal reserve bank

January

February

March

April

May

June

July

August

Septem-

ber

1924
Boston
New York
Philadelphia
Cleveland

72,187
191,620
96, 249
103,779

86, 444
90,963

67,057
179,712
82,409
92,516

61,127
186, 515
75, 619
98,976

51,075
150,757
66,764
91,497

54, 045
172,397
67, 526
85,153

49,844
215,294
57,885
68,970

52, 597
222,483
54,915
73, 587

57,443
278,320
54,161

"Richmond
Atlanta
Chicago
St. Louis

52,709
68,001
124,683
47,116

53,376
55,450
106,955
41,291

62,441
61,148
126,242
46,217

66, 564
52,616
129,192
45, 520

62,416
47,053
120,558
37,552

56, 788
41,886
116,873
33,148

52, 647
32, 666
108, 508
29,462

40, 248
33,427
110,955
33,423

41,982
31,947
117,725
41,472

Minneapolis
Kansas City
Dallas
San Francisco--.

31,031
54,224
62,462
96,607

28,685
44,509
60, 382
84, 152

34,031
48,044
60, 206
91,751

38, 226
50, 240
87,800

41, 081
47,698
40,881
82, 239

40, 893
50,844
43,443
79,967

Total: 1924.
1923.
1922.
1921.

1,000,668

921,588

951,774

940,493

839,571

842,963

1920
1919.
1918.
1917
1916

65, 773

AQ

HOC I

1,191,191 1,152.862 1,178,919 1,164,606 1,173,194 1,124, 891
1,304,163 1, 215, 220 1,191, 013 1,190,004 1,188,849 1,166, 617
3,034,655 2,869, 233 2, 735, 784 2, 527, 253 2, 353, 794 2,175,175

October

61,445
317,327i
57,0741
99,300

Novem- December
ber

85,341 112,368
314, 549j 365,813
72,358;
88, 304
115,040] 136,643

1923

65, 874 81, 267
262,812
71, 608 104, 363
95,286 106,765

1922

91,159
283,116
102,855
120,473

35, 809! 34, 518
49,976 62, 736 59,931
33,8971
33,829
43, 705]
52,448
147, 778 150,874 124,234) 148,766 153,475
44, 513| 44,934
40,838 62,368 57,778
I
40, 833 41, 651
41, 592
38, 765| 33, 723| 31, 328
36,845 37,120 39, 561
44,770
46,613
46,380
49,089,
49, 042 63,943 68,558
53, 350! 54, 679
51,887
48. 797
47, 832
43, 202
50, 636 53, 218 43,950
51,711
46, 786
76, 591
84, 027
90, 795 101,883! 115, 705
75, 678
107,616 113,966
825,999 836, 534 930,965 1,005,742 1,085,027! 1,220,706 950,317)
1,119, 787 1, 078, 204 1,123,472 1,150, 593 1,147,765 1,200,351 1,150, 570!
1,127, 888 1, 053, 098 1,113,343 1,184,700 1,210,126 1,304,433 1,187,2701
2, 012, 699 1,841, 596 1, 740,474 1,640, 740 l,520,283| 1,517,194 2,160,179
40,469i
32,914
129,879
45,483;

3, 043,952 3,153,994 3, 211,936 3,191,945 3,255,859 3, 209,650 3, 200,973 3, 233, 862 3,329,481 3, 390, 089 3,375,395
2, 213, 511 2, 225,686 2, 318,422 2,341, 724 2, 391, 774 2, 323,992 2,478, 863 2, 442,627 2, 471, 515 2, 709, 330 2,907,803
1, 026,365 1, 001,954 1,122,693 1, 237, 368 1, 265, 748 l,274,r" 1, 439, 286 1,607, 709 1,920, 057 2,194, 707 2,273,599
198,234 199,860 182,804 229,856 275,310 432, 291 422, 269 372, 358 438,753 603, 544 883,252
92, 502 103, 619 126,142 149,306 168, 538 164,893 189, 824 193, 458 188, 510 188,358 188,414




Year

3,313,502 3, 242,679
3,034,224 2,487, 483'
2,298,313 1,557,058:
1,016,938 440,499!
221,301
164. 583:

M
d

0.

II.

DISCOUNTED BILLS*. AVEEAGE DAILY

HOLDINGS

[In thousands of dollars!
Prior years
Federal reserve bank

January

February

March

April

May

June

July

August

September

October

November

December

Year
1923

1924
Boston
New York
Philadelphia
Cleveland

1922

8
34,348
120,998
45,258
42,450

30,996
122,339
40, 815
37,016

27,493
79,831
41,895
38,189

23,417
87,590
40, 546
49, 745

17,887
62, 285
32,946
43, 807

17,108
41,512;
30,117
35, 661

11,172
45,537
25,6151
20,990

11,653
31,890
21,316
16, 931

10,141
40,525
19,194
19, 751

6,913
44,925
18, 638
21, 288

13,018
38, 644
22, 896
26, 362

21,391
75, 495
36, 751
40, 262

18,760 52,633
65/808 187, 282
31,315 59, 846
32, 679 51,717

36,393
93, 368
53,181
48,410

3

Richmond.
Atlanta
Chicago
St. Louis..

47, 394
53,354
71, 251
45,435

47,007
41,985
57,197
36,950

54, 625
46,182
58,855
34,562

59, 278
43,811
60,627
33,290

55, 808
41,123
57,511
27,325

50, 655
38,460i
48,806i
24,068

47,165
30,582
41,665
19, 728

35,123
30,357
34, 763
18,870

36,
27,424
29, 53^
22,166

35, 476
25, 446
29,193
21,925

30,
22,
32,
15,

825
510
396
912

28,819
20,898
39, 892
12,048

44,070
35,152
46, 795
25,987

59, 590!
44, 283
86,046
43, 754

53, 751
41,016
81,197
27, 680

8

Minneapolis...
Kansas C i t y . . .
Dallas
San Francisco.

18,181
42, 368
9,64"
49, 677

15,989
31, 258
9,363
45, 256

14,570
25,196
9,811
48,160

14,936
24, 340
11,784
45,17."

16, 460
24, 832
14,195
41, 250)

14,995
23, 812
15,938
33, 460

14, 783
16,906
18, 345
25, 764

14,
12,
22,
19,

12, 222
10, 286
17,830
16, 780

7,756
7,665
7,884
13,7

5,391
6,469
3, 978
10, 638

5,075
5,715
3,63'
11,733

12,875
19, 252
12,081
30,060

24,103
39, 861
25,993
63,006

28,357
30,127
31, 655
48,112

Total: 1924..
1923..
1922..
1921..
1920..
1919..
1918..
1917..
1916..

218
562
428
554

580, 371
262,75J
516,171
494, 537
269, 665
479, 369
435, 429
374, 592
318, 252
548,969
847, 88,
610,755
659,932
708, 394
744, 306
837, 039
811,251
628, 519
772,41
416.61:
968,971
576, 631
396, 242
640,303
481, 626
438, 789
428, 327
2, 536,105 2,408, 792 2,301, 628 2,139,982 1,966, 646 1,817,749 1,725,162 1, 554, 702 1, 445, 691

374,834
229,039
301, 716
240,907
738,1141
801, 388
774, 733
875,158
573, 247
623, 825
663, 562
484, 443
1, 376, 91' 1, 232, 576 1,185, 432 1, 804, 305

2,142, 788 2,298,917 2,386, 537 2, 440, 376 2, 537, 551 2,461,022! 2,519,044 2,605,113 2, 677, 052 2, 782, 055 2,776,457 2, 730, 36C 2, 530, 379
1, 734, 655 1, 763, 226 1,861, 532 1, 919,461 1, 973, 926 1,842,112 1,867,920 1, 801, 887 1, 777, 334 2,073, 416 2,145,631 2,157,021 1,908,198
531, 541 567, 475
769, 259
611,235
902,102
938,442> 1,165,649 1, 337, 70 1, 603,153 1, 709, 766 1,768,746 1,749,156 1,140,053
193,082
313, 771
17,900
182,438
568,352
664,154
20, 87'
18,191
24,903
42, 710
134, 988
151, 234
147, 797
24,416|
22,154
24,134
21,609
27, 32C
19, 923
32, 645
29, 078
21, 956
20,184
28,058
20, 514!
25, 421




W
DO

Cl

58
No.

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
18.—DISCOUNTED B I L L S : HOLDINGS ON DECEMBER 31,

1924,

BY CLASSES

[In thousands of dollars]
Member banks'
collateral notes

Rediscounted bills

Paper Secured
Total (all Comclasses) mercial Domestic secured by U. S. Otherand agri- trade ac- by U. S. Governwise
cultural ceptances Govern- ment obli- secured
paper
ment obli- gations
n. e. s
gations

Federal reserve bank

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
.
Minneapolis
Kansas City
Da%s
San Francisco...
Total
No.

.

28,994
81,322
36, 284
42, 073

13,718
6,768
4,770
9,911

59
158
81
718

--

33, 548
16,070
37,824
10,130

17, 797
13,092
17, 760
4,200

4,452
4,976
2,713
15, 742
314,128

, .
_
_

504

15,057
68, 725
27,411
28,744

5,651
4,022
2,196

462
396
624
624

262
70
14
170

11, 686
1,259
19,365
5,133

3,341
1,253
61
3

4,009
4,249
1,813
3,999

24
45
7

229
703
201
7,051

214

5
226

649
4,459

102,086

3,353

1,276

185, 564

21,849

19.—DISCOUNTED B I L L S : HOLDINGS ON THE
BY CLASSES

160
20

LAST DAY

OF EACH

MONTH,

[In thousands of dollars]
Member banks'
collateral notes

Rediscounted bills

Total
(all
classes)

Date

Commercial
and agricultural
paper

n. e. s.

Bankers' acceptances
based on—

Trade acceptances based
on—

Secured Secured
b y U. S. by U. S. OtherGovern- Governwise
ment
ment
obliga- secured
obligations
tions

Domestic
transactions

108
79

Imports
and
exports

Domestic
transactions

108

6,170
5,856
5,529
6,108

2,157
2,715
2,587
2,411

265,821
254,500
226, 362
158,753

5,645
4,630
4,603
4,444

5,430
4,616
3,587
3,012

2,273
1,636
1,617
1,426

161, 876
113, 944
87, 807
82,054

4,565
4,489
8,124
16,255

2,995
3,495
3,754
3,353

Imports
and
exports

1,307
1,268
1,384
1,276

110, 284
117, 324
111, 310
185, 564

16,325
21, 948
13,268
21,849

349, 766
3,919
328,172
3,618
443, 722
41, 511
869, 510
271, 526
352, 598 1,157, 766
363,023 1,037, 348
150,647
132,774

6,292
10, 035
17, 752
17,907
8,255
21,615
87,751

275
217
160
100

1924
532,260
528,963
517,885
447,185

252,192
261,045
278, 536
275,182

J u l y 31
Aug. 30

June 30

441, 366
333,954
293,047
274, 668

287, 099
209,260
191,912
171,921

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

276,199
264,141
242,024
314,128

145, 288
120,106
112,308
102,086

Jan 31
Feb. 29
Mar. 31
Apr. 30

_

M a y 31

Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.

31,
30,
31,
30,
26,
27,
28,

1923
1922
1921
1920
1919
1918
1917—

-_-

723,068
355,816
617, 780
270,781
1,144, 346
631,038
2, 719,134 1, 521, 546
2,194,878
627, 083
1, 702,938
264,967
309,534
680, 706

92
9

233
200
130
50
288
17, 218
15,479

0)
0)

i Included with " Commercial and agricultural paper n. e. s."



31

7,042
4,825
19
9,980
5
21,427
33, 697
15,985

0)

59

CONDITION OF FEDERAL. RESERVE BANKS

No. 20.—DISCOUNTED BILLS: HOLDINGS ON DECEMBER 31, 1924, 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 91 days to
days
6 months

Over 6
months

Boston
New York . .
Philadelphia
Cleveland

28 994
81,322
36, 284
42, 073

26,366
75,837
32, 550
33, 908

569
1,448
967
2,966

1,164
2,528
1,896
3,041

839
1,505
861
1,865

56
4
10
282

11

Richmond
Atlanta
Chicago _
St. Louis

33, 548
16,070
37,824
10,130

20, 532
6,639
22,489
6,731

3,938
2,847
2,963
1,018

5,725
4,197
4,130
1,153

3,122
1,956
3,706
855

221
397
4,317
343

10
34
219
30

Minneapolis
Kansas City
Dallas
San Francisco ._

4,452
4,976
2,713
15,742

1,247
1,182
2,099
12,023

262
420
209
728

560
747
169
1,103

656
897
181
900

1,389
1,669
54
799

338
61
1
189

314,128*

241, 603

18,335

26,413

17,343

9,541

893

Total..

_

No. 21.—DISCOUNTED BILLS: HOLDINGS ON THE LAST REPORT DATE OP EACH
MONTH, BY MATURITIES

[In thousands of dollars!
Maturity

Date

Total

Within
15 days

16 to 30
days

1924
522,307
531,590
482, 315
447,185

Jan. 30
Feb. 27
Mar. 26
Apr. 30
May 28
June 25
July 30
Aug. 27..

_

Sept. 24
Oct. 29__
Nov. 26
Dec. 31

341,181
350, 745
292, 787
245,805

44,481
44,941
43,014
40,070

429,600
350,131
293,895
262, 560

234, 773
175, 793
135, 605
122,499

259,863
222, 565
221,405
314,128

143, 331
124,903
138,102
241, 603

42,400
35, 038
27,653
28, 218
30, 569
27,271
23, 604
18, 335

612, 660
436, 465
708, 361
1, 632,885

64, 310
48, 609
116, 690
280,406

Dec.
Dec.
Dec.
Dec.

26, 1923
27, 1922
28, 1921....
30, 1920....

857,151
629,885
1,179, 833
2, 719,134

Dec.
Dec.
Dec
Dec.
Dec.
Dec.

26, 1919....
27, 1918
28, 1917....
29, 1916
30, 1915,...
31,1914....

2,194,878 1,484, 790 244,890
1, 702, 938 1,149,955 266,107
355, 373
57, 367
680, 706
i 9,927 211, 794
30,196
i 5,229 2 9,012
32,368
9,909
4,632

1
2

Within 10 days.
From 11 to 30 days.




31 to 60
days

61 to 90 91 days to Over 6
days
6 months months

67,922
67,120
68, 572
79, 690

40, 764
44,125
51, 597
46,979

25, 669
20,610
19,825
2S, 289

2,290
4,049
6,520
6,352

55, 717
50,017
58,153

42,688
38,390
48, 649
36,348

40,049
44,345
31, 543
16,928

3,021
848
428
414

48,859
42, 266
32,397
26,413

28,417
19,695
17,761
17,343

8,266
7,993
9,030
9,541

421
437
511

84,069
66, 514
63,372
50,059
161,202 ! 131,936
430, 676 311,619

28, 269
31,380
61,644
63, 548

1,329

292, 715
166,876
175,006
5,006
9,352
3,531

20, 358
152,125
93,061
83,974
2,423
1,046
4,694
4,081
1,746

60

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

N o . 22.—DISCOUNTED BILLS SECURED BY UNITED STATES GOVERNMENT O B L I GATIONS: HOLDINGS ON DECEMBER 31, 1924, AND DECEMBER 26, 1923
[In thousands of dollars]
Secured b y Federal reserve
bank

Member
banks'
collateral
notes

1924

1923

Rediscounted
bills

1924 I 1923

Total (all
classes)

1924

United.States
bonds

Treasury
notes

1923

1923

1924

1923

20,412
84,469
31, 578
30, 717
19,602
11,126
27, 517
15, 025

Certificates
of indebtedness
1924

1923

Boston
_.
New York....
PhiladelphiaCleveland

15,057
68, 725
27,411
28, 744

26, 299
158,171
45,099
39, 590

15, 217
68, 745
27, 411
29,248

27,180 11, 543
158,190 61,463
45,453 23, 778
39, 947 26,871

3,179
7,207
3,429
2,360

6,528
73,123
13,351
7,650

495
75
204

Richmond
Atlanta
Chicago..
St. Louis

11, 686
1,259
19, 365
5,133

26,479
19,314
52, 917
19,309

11, 948
1,329
19,379
5,303

6,376
2,524
23,932
3,935

762
30 6,651
50 1,843
147 825

229 6,385
703 18,338
201 2,772
7,051 23, 010

229
727
246
7,058

252
26, 740 11,696
668
20, 301
631
53, 292 17,430
1,899
4,736
420
19, 785
6,413
199 3,913
30
702 14,675
18, 599
25
246
2,808
870
23,134
15, 551 "~~97

2,500
3,668
1,738
7,306

256
200
277

Minneapolis..
Kansas City-.
Dallas
San Francisco
Total...

240
598
524
1,580

185, 564 437, 683 1, 276 4,159 186,840 441,842 166, 2931275,455 19, 529 152, 631
1,018 13, 756

No. 23.—DISCOUNTED BILLS SECURED BY UNITED STATES GOVERNMENT OBLIGATIONS: HOLDINGS ON THE LAST REPORT DATE OF EACH MONTH

[In thousands of dollars]
Seoured b y Member
banks'
collateral
notes

Rediscounted
bills

Jan. 30
F e b . 27
Mar. 26
Apr. 30

257,066
260,861
212,163
158,753

2,214
2,651
2,493
2,411

259, 280
263, 512
214,656
161,164

147,937
158, 918
127,448
120,248

101, 578
97,959
34,187

9,765
6,635
7,120
6,729

M a y 28
June 25
July 30
Aug. 27

162, 340
116, 506
90,441
76, 507

2,226
1,611
1,611
1,431

164, 566
118,117
92, 052
77,938

116, 786
97, 696
74, 329
65,048

43,920
19,633
16, 728
11,488

3,860
788
995
1,402

Sept. 24
Oct. 29
N o v . 26
Dec. 31

88, 300
74, 220
94,941
185, 564

1,215
1,251
1,263
1,276

89, 515
75, 471
96, 204
186,840

77, 634
61, 325
80, 755
166, 293

10,122
12,122
12,809
19, 529

1,759
2,024
2,640
1,018

4,159
3,771
42, 949
271, 526
352, 598

441,842
316,495
487,193
1,141, 036
1, 510,364

275,455
206, 904
345, 372
648, 352
732, 401

Date

Total

1924

Dec.
Dec.
Dec.
Dec.
Dec.

26,
27,
28,
30,
26,

1923
1922
1921
1920
1919




437,683
312, 724
444, 244
869, 510
1,157, 766

United
States
bonds

CertifiVictory Treasury cates of
notes indebtednotes
ness

2,262
66, 671
304,686
337, 663

152,631
98,433
26, 026

13, 756
8,896
49,124
187, 998
440, 300

No.

24.—BILLS BOUGHT IN OPEN MARKET AND FROM OTHER FEDERAL RESERVE BANKS: AVERAGE DAILY HOLDINGS

[In thousands of dollars]
!
Federal reserve
bank

January

February

March

April

May

June

July

August

SeptemOctober
ber

Prior years
November

December

Year
1923

Q
O

1924

55, 576
101,877
19,586
36,175

18,853
48, 084
11,404
19,055

17,966
47, 970
23,067
36,380

16,805
45, 761
20,369
21, 376

784

1,142
6,215
20, 291
4,868

1,469
13,145
34,228
6,239

1,547
3,968
15,647
7,610

762
2,259
689
5,184
17,217 19,995
17,856 24, 638

178
5,391
20,555

Boston
New York
Philadelphia
Cleveland

30,701
54,909
32, 685
46, 671

25,869
63,158
23,486
36,663

21,935
40,194
16, 780
27, 676

16,201
41,331
11,337
17, 995

7,604
15,810
4,965
10,048

3,938
14,608
3,477
5,280

4,390
18,295
1,646
2,642

2,992
14,138
1,031
1,155

7,833
44, 527
1,687
7,141

15,669
82, 295
5,184
13,763

33,533
86,670
15,317
23,881

Richmond
Atlanta
Chicago
St. Louis

2,645
12, 742
39, 704
365

2,571
10,277
32,757
2,194

9,592
34,140
6,132

2,160
7,614
27, 560
5,277

1,483
5,824
13,856
3,261

1,061
3,257
5,907
1,510

357
1,547
2,547
218

1,124
2,238

1,870
8,860
2,972

4,322
17, 234
6,789

7,640
28,960
11,880

Minneapolis
Kansas City
Dallas
San F r a n c i s c o . . .

2,061
154
45, 289
34, 583

3,554
4,214
42, 584
24,081

6,729
9,867
33,500
20,414

4,870
6,598
17,979
14, 744

2,671
3,017
4,566
7,709

1,376
1,650
4,720
4,341

849
1,595
7,100
2,946

223
548
3,236
1,626

1,206
2,645
3,286
7,750

2,366
6,287
7,441
16, 599

1,163
10,851
15, 032
30, 999

30, 220
17, 659
114
14, 745
22, 611
48, 440

Total: 1924
1923
1922
1921

302, 509
220, 733
98, 742
200,913

271,408
186,648
87,398
173,082

229, 650
232, 486

173,666
274,533

138,397

110,372

80, 814
271, 263
103, 072
84, 395

51,125
225,396
135,181
54, 716

44,132
185,807
154,010
26,395

28, 371
176,950
159, 020
38,124

89, 777
173,619
209, 793
40,020

177, 949
183, 671
251, 618
56,196

265, 926
262, 304
259, 980
78,867

356, 613
322, 431
261, 077
105,499

172, 428
226,548
159,207
91,817

575, 667
280, 732
265, 590
111, 575
26,155

546,458
276,087
289,072
117,865
28,251

481, 238
262, 787
318, 778
99,026
35, 292

419, 746
208,905
311,984
78,812
44,150

416, 520
189, 768
278,464
99, 517
51,155

401,184
246,158
238, 507
164, 355
63, 403

363,621
362,298
209,174
198, 703
80, 264

325,461
371,091
217,109
162,252
82,391

313, 864
353,936
249, 751
167,403
82,807

303, 981
340,189
360,451
178, 680
82,601

278, 521
455, 057
378, 036
195, 635
96,493

244, 001
549,959
344, 329
250,438
122, 315

388, 746
325,232
288, 422
152,046
66, 280

1920
1919
1918
1917
1916.

1922




2
o

a

62

ANNUAL. REPORT OF THE FEDERAL, RESERVE BOARD

No, 25.—BANKEKS' ACCEPTANCES BOUGHT IN OPEN MARKET AND FROM OTHER
FEDERAL RESERVE BANKS: HOLDINGS ON DECEMBER 31, 1924, BY CLASSES
OF ACCEPTING INSTITUTIONS
[In thousands of dollars]
Member banks

Federal reserve bank

Total

Nonmember
banks
and
Nonbanking
National national corporations

Private
banks

Branches
and.
agencies
of foreign
banks

63,889
101, 596
18, 276
41, 217

27,379
34,620
7,777
10, 445

14,673
30,485
5,250
11,163

14,100
15,109
3,253
6,588

5,902
10, 977
1,506
7,884

1,835
10, 405
490
5,137

Richmond
Atlanta
Chicago
St. Louis

1,486
9,202
33, 882
21, 391

25
2, 450
14, 968
8,079

3,428
17,090

1,461
3.225
i;490
1,980

46
270
545

53
64

Minneapolis..
Kansas C i t y . .
Dallas
....
San Francisco.

8
15, 661
26,197
54,068

4,348
7,657
16, 543

6,121
8,973
17,316

2,293
3,860
7,619

1,353
3,610
7,815

1,546
2,097
4,775

Total....

386,873

134, 291

123, 495

60,978

39,908

28,201

Boston
New York
Philadelphia..
Cleveland

No. 26.—BANKER'S ACCEPTANCES BOUGHT IN OPEN MARKET AND FROM OTHER
FEDERAL RESERVE BANKS: HOLDINGS AT THE E N D OF EACH MONTH, BY
CLASSES OF ACCEPTING INSTITUTIONS

[In thousands of dollars]
Nonmember
banks
and
banking
NoncorporaNational national
tions
Member banks

Month

Total

Branches
and
Private agencies
banks of foreign
banks

1924
283, 706
265,647
226,990
123,434

91, 991
81,987
72,365
35,360

91,446
82,275
72,260

79,407
36,499
23,469
58,103

22,651
8,798
6,060
14,464

25,292
10,136
6,533
21, 727

131,426
200,114
313, 403
386,873

34,728
59,180
96,851
134,291

Dec. 31,1923
Dec. 30, 1922
Dec. 31,1921

351,974
270, 944
145,045

Dec. 31,1920
Dec.
Dec.
Dec.
Dec.
Dec.

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

_
_

__.

31,1919
31,1918
31,1917
30,1916
27, 1915




45,864
49,771
25,128

31,143
26,933
16,463

25,725
20,471
16,534
7,590

16,301
7,993
5,445
9,638

10,150
6,822
3,642
7,798

5,013
2,750
1,789
4,476

52, 744
72,547
108,613
123,495

18,754
32,452
47,666
60,978

14,785
21,020
32,986
39,908

10,415
14,915
27,287
28,201

55,631
38,036
13,656
38,374

31,355
27,012
12,319
24,905

25,627
16,720
8,806

258,878

118,956 120,405
97,128
92,048
60,173
50,091
169,387

566,369
285,273
266,853
121,154
20,599

405.239
238,257
227,717
66,803
13,790

65,334
13,187
11,342
36,127
5,989 i

55,537
20,385
20,137
18,224
820

40,159
13,444
7,657

26,212

63

CONDITION OF FEDERAL RESERVE BANKS
No,

21.—BILLS BOUGHT IN OPEN MARKET AND FROM OTHER FEDERAL R E SERVE BANKS: HOLDINGS ON DECEMBER 31, 1924, BY CLASSES
[In thousands of dollars]
Trade acceptances based
on-

Bankers' acceptances based on—
Federal reserve bank

Total

Total

1924
Boston
N e w York
Philadelphia
Cleveland

63,889
101,823
18, 276
41,217

63,889
101, 596
18, 276
41, 217

1,486
9,202
33,882
21,391

Domes- Dollar
tic
Exports transac- extions change

23, 542
30, 244
5,322
20, 570

20, 394
39,944
8,349
13,987

19,510
27, 517
4,369
6,284

443
3,076
236
376

1,486
9,202
33, 882
21,391

25
547
10,489
7,284 !

201
6,590
10. 484
9.168

1,260
2,065
12,204
4,492

8
15, 661
26,197
54, 068

8
15,661
26,197
54,068

8
5,501
9,430
23, 877

7,152
10,302
21. 210

2,830
5,955
8,070

387,100

386, 873

136,839 i 147,781

94,556

6,882

_

Total

Total

815

227

227

815

227

227

Imports

178
510
911

St. Louis

.

Unclassified

705
447

Richmond
Atlanta
Chicago

Minneapolis
Kansas City
Dallas
San Francisco

Imports

No. 28.—BILLS BOUGHT IN OPEN MARKET AND FROM OTHER FEDERAL
RESERVE BANKS: HOLDINGS AT THE E N D OF EACH MONTH, BY CLASSES
[In thousands of dollars]
Trade acceptances
1 on—

Bankers' acceptances based on—

Month

Total
Total

1924
January
February
March
April
May
June
July.__
August.._

September
October
November
December
Dec. 31, 1923
Dec. 31, 1922

Imports

j
| 286,041
267,880
j 228,247
! 124,485

283, 706
265, 647
226, 990
123,434

79,549
36,524
23,469
58,103

79,407
36,499
23,469
58,103

36,
15,
10,
33,

790
051
581
615

131, 576
200,114
313, 572
__ 387,100

131,426
200,114
313,403
386, 873

67,
84,
119,
136,

296
302
208
839

354,637
272,122

351,974
270, 944

120,957
107, 842

_

36569—25f




6

116, 761
109, 206
96, 813
58, 027

DoUnDollar
Exports mestic
extrans- change classified
actions

93, 398
94,432
77, 849
40,883

Total

Imports

Domestic
transactions

59, 299
48, 362
40,842
19, 554

14,191

13, 558
11, 402
4,470

57
89
84
500

2,335
2,233
1,257
1,051

2,209
2,233
1,257
1,051

27, 321 12, 203
13, 683 6,790
8,247 4,087
16, 292 7,208

2,823
925
490
726

270
50
64
262

142
25

142
25

20,953
38,813
71,251
94, 556

1,557
2,679
6,327
6,882

2,890
3,414
3,219
815

150

150 !

169
227

169 I
227 |

119, 911 90,445
86, 929 65, 280

20,452
9,713

209
1,150

2,663
1,178

38, 730
70,906
113, 398
147, 781

2,143
1,130

126

520
48

64
No.

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
29.—BILLS BOUGHT IN OPEN MARKET AND FROM OTHER FEDERAL
RESERVE BANKS: HOLDINGS ON DECEMBER 31, 1924, BY MATURITIES
[In thousands of dollars]
Maturity
Federal reserve bank

Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis

Total

Within
15 days

1924

16 to 30
days

Over 90
days but
within 6
months

31 to 60 I 61 to 90
days ! days

Total

20, 733
20,881
3,947
13,848

11,428
12,063
3,454
9,420

1,318
4,112
16
2,125

437
3,116
6,976
4,991

150
1,983
4,788
4,250

797
2,893
10,092
6,704

102
1,210
10,960
5,418

1,066
28

3,959
6,103
12,102

3,776
6,767
11, 502

5,107
8,329
17,768

2,786
4,585
10,150

413
2,546

387,100

Minneapolis
Kansas City
Dallas
San Francisco

12,910
14, 648
5,349
9,061

15, 661
26,197
54,068

_

17, 500
50,119
5,510

1,486
9,202
33,882
21, 391

_._

63, 889
101, 823
18, 276
41,217

117, 576

75,192

111,099

71, 576

11,657

No. 30.—BILLS BOUGHT IN OPEN MARKET AND FROM OTHER FEDERAL R E SERVE BANKS: HOLDINGS ON THE LAST REPORT DATE IN EACH MONTH, BY
MATURITIES
[In thousands of dollars]
Maturity
Datb

Total

Within
15 days

16 to 30
days

61 to 90
days

31 to 60
days

Over 90
days b u t
within 6
! months

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

271, 792
263,310
202, 458
124,485

103,186
119, 637
88, 089
63, 564

62, 372
51, 091
.41,161
24,120

May 28.
June 25..
July 30..
Aug. 27.
Sept. 24.
Oct. 29__
Nov. 26.
Dec. 31..

86,760
45,034
24,441
49, 289

66,995
18, 390
10, 243
10, 906

8,349
8,969
5,657
9,006

92,146
215, 404
! 281,001
387,100

20, 064
78, 429
75, 403
117, 576

13, 593
42,114
53, 412
75,192

!
I
!
|

31,278
34, 565
21,884
7,228

2,652
2,160
1,507
432

8,638 |
11,907 I
4,099 I
8,261 I

2,274
4,074
2,287
12, 794

504
1,694
2,155
8,322

24, 270
52, 503
80, 240
111, 099

28,155
36,660
61,807
71, 576

6,064
5,698
10,139
11,657
4,663
5,207
15

72,304
55,857
49,817
29,141

Dec. 26,
Dec. 27,
Dec. 28,
Dec. 30,

1923.
1922.
1921.
1920.

336, 415
246, 293
114, 240
255, 702

117, 289
83, 210
58, 306
87, 030

65,124
50, 737
24, 743
64, 745

94, 220
69,056
26, 062
76,805

55,119
38, 083
5,114
27,122

Dec.
Dec.
Dec.
Dec.
Dec.

1919.
1918.
1917.
1916.
1915.

585, 212
303, 673
275, 366
127, 497
23, 013

123, 723
104, 435
40, 321
i1 20, 329
1, 236

100, 061
73, 914
61,177
2
29, 720
2
5, 266

209, 280
104,880
105,132
42, 766
7, 508

152,148
20,444
68, 736
34,682
9,003

26,
27,
28,
29,
30,

1 Within 10 days.
2
From 11 to 30 days.




No. 31.—UNITED STATES SECURITIES:

AVERAGE DAILY HOLDINGS

[In thousands of dollars]
Prior years
Federal reserve bank

January Februar y

March

April

May

June

July

August

September October November December

Year
1923

1924
Boston
New York
Philadelphia
Cleveland

7,138
15, 713
18, 306
14, 658

Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

18, 094
22,143
17, 284

17, 629
59, 645
23, 703
26, 651

21, 509
57, 594
23, 685
31, 236

25, 584
72, 662
28,511
37, 642

2,670
1,868
13, 728
1,316

3,798
3,186
17, 001
2,147

5,125
5,374
33,247
5,523

5,125
1,191
41, 005
6,953

10, 789
11, 702
7,526
12, 347

9,142
9,037
8,435
14, 815

12, 732
12, 981
16, 895
23,177

Total: 1924.
1923.
1922.
1921.

117, 761
421, 469
236,148
297, 638

133, 990
355, 459
355, 210
287, 359

1920.
1919.
1918.
1917.
1916.

325, 497
198, 123
148, 256
55, 093
18, 504

308, 619
186, 372
180, 516
48, 273
26, 576




116, 277
32, 656
44, 212

34, 282
151, 462
29, 374
45, 338

37,952
176,455
31, 028
55, 501

39,469
192, 055
31, 530
59,994

5,125
106
49.191
6,966

5,072
169
62,160
7,570

5,125
537
64, 296
9,516

5,125
1,946
73, 954
14, 493

18, 420
17,160
20, 477
27, 883

21, 950
19, 849
22,120
33, 280

24, 522
25, 382
22, 785
42,166

25,
27,
22,
46,

201
879
387
968

242, 682
317, 897
457, 643
295, 758

272, 238
230,102
520,197
276, 899

322, 986
193, 488
604,151
302, 753

415,970
155,133
592, 647
302, 710

34,4,161
194,103
235,961
49, 247
36, 756

331, 824
213, 358
155, 588
111,029
47,497

301,
228,
84,
118,
54,

347, 445
235, 722
97, 696
112, 036
56, 759

789
080
646
387
959

1922

190,107
31, 452
64, 249

38, 790
189, 235
31,412
64, 797

35, 401
186,808
29, 830
59, 527

28, 261
119,175
27, 811
43, 494

10,668
27, 560
21, 430

37, 962
143, 988
29, 259
50,688

5,083
2,653
79, 328
16, 334

4,993
3,146
83,452
16, 769

4,984
3,747
86,422
16, 721

4,595
3,858
79, 868
14, 952

4,737
2,315
57,077
9,960

1,677
2,150
28, 492
12, 375

4,632
7,463
56, 631
22, 487

27, 210
31, 660
26, 223
55, 411

28,164
33,682
27, 681
59,497

28, 639
35, 008
27, 877
60, 398

27,165
35, 780
27, 776
60,246

25,
33,
25,
55,

930
477
250
091

21,692
24, 512
21, 320
41,011

12,254
23, 347
7,230
19, 972

11,191
38,247
6,904
45, 298

462, 365
96, 922
545, 546
261,141

536, 958
89, 988
497, 827
248, 770

575,470
101, 830
486,920
254, 764

584,
91,
448,
207,

953
447
617
625

587,075
83,818
326, 294
208, 579

554, 587
103,099
379, 763
226, 005

401, 365
185, 823
454, 750
264, 014

318, 309
248, 645
64, 402
73, 529
57, 377

303, 288
269, 648
52,165
73, 866
55,297

338, 565
340, 246
67, 085
88, 697
55,410

304, 053
295, 725
124, 443
110, 808
53, 270

320, 417
307,115
126, 789
117, 941
50,504

339,140
327, 244
204, 807
100, 683
53, 649

323,
254,
128,
88,
47,

Q
O

554
053
232
353
072

O

o

62
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Ci

No,

3 2 , — U N I T E D STATES SECUEITIES: HOLDINGS (PAB VALUE)

Bonds

All classes of securities

Federal reserve
bank
Total

Purchased
Under re- through
open
purchase
market
All other
agreeinvestment
ment committee

OS

AT E N D OF YEAR, BY CLASSES

Total

2 per
2 per cent cent
4 per cent
consols of Panamas loan of 1925
1930
of
1936-1938

3 per
3 per
cent cent con- ^ p
cent
loan version
of
bonds of Liberty
1961 1946-1947 loan

cent
Liberty
loan

TreasTreasury
ury
notes
bonds Treasury
bonds of
of
1944-1954
19471952

Certificates of
indebted-

1924
Boston
New York
Philadelphia
Cleveland

$36, 660, 250 $1, 409, 600
169,898,350 1, 500,000
" """'
29, 888, 800
60,049, 900
4,
3,
80,
15,

Minneapolis
Kansas City
Dallas
San Francisco...

18, 043, 500 7, 744, 910
25, 788, 410
33, 380, 850 1,000,000 22, 052, 500 10,328,350
25, 496, 500
125,000 23,816,500 1, 555, 000
55,143, 400
45,930, 500 9, 212, 900

1919
1918-..
1917.--.
1916.

900
700
000
500

2




Includes 4 per cent Liberty loan bonds.

10, 300
427, 400

$31,200

114,800
1,800

237, 360
604, 660 $1, 768,000
624, 660 1, 768,000
624,660 2,593,000
906,160 2, 593,000

26,836,110 15,053,700 927,160 2, 593,000
27, 859, 010 15, 053, 700 927,160 2, 593, 000
51,847,182 15, 784,050 1,412, 600 12, 741, 290
44, 247, 650 24, 331,150 5,149,800 12, 589,500
*
4
3,967,120
15, 918, 470
11,951,350

300,106, 685
238, 562, 510
121, 689, 682
55,414, 650

Includes Victory notes.

$400

35,600

915,100
540,159, 560 4, 034, 600 449,035,000 87,089,960 75, 265,960
79, 568, 310 29, 508, 010 3, 323, 500
133, 569, 010 54, 000^ 700
28,881, 710 6, 728, 600
436,165, 860
33,033, 610 11,328,600
234,089,110
26, 309,310 14, 267, 350
287,026, 610

15, 918, 470
1

237, 000

260

8,856,810
8, 910, 650
3, 273, 000
3,180, 000

$1, 928,050
$15, 000 $23, 726, 700 $10,461, 603
12, 384,950
54, 900 120, 495,, 000 36,963,500
"" " " • "
1
i
760, 500
35, 300 24,127, 200 4, 416, 500
10, 568,400 $45, 200 97,800 33,858, 200 15,065, 500

549, 200
414, 800

$100

3, 270, 000 1, 340,900 1, 340,400 $915,100
1,317,000 2, 467, 700 1, 564, 200
',
63, 076, 500 17, 293, 500 19, 494, 200
1,263, 500|
15, 087, 500

Richmond
Atlanta
Chicago
St. Louis

Total: 1924
1923_—
1922..-.
1921..-.
1920

610,
784,
370,
087,

$529,000

5
$31., 675, 500 $3, 575,150 $2, 472, 050
167,141,000 1,257,350 12,439,850
",447,800 1,345,100
12,441,000 17;
,866,400 11,126,2001
45,183,

3

Victory notes.

4

900
900
900
900
900

2,045,500
3,, 526, 600
5,, 270,900
5,, 270,900
6, 526, 300

188,300
1,521,400
19,033,000
1, 263, 500

1,300

2, 464,000
806, 500
1, 349, 000
871, 500
33, 400 46, 556, 300 14,319, 500
11,171,000 2, 653, 000

8, 522,850
218, 400 13,145,100
3, 586,950 96, 000 5, 192,100 18,181, 700
i,
3,163, 000 10,000 100,000 16,998,000
3,178,200
37, 282, 400

3, 786,500
6, 288, 500
5, 225, 500
14, 681, 000

68,600 66,099,100 152,500 5, 746,900 349,354, 600 115, 539,000
i,
28,600 20,153,950 101,800
86,951,500 17,109,500
134,100 13,729,250 625,300
180,393,150 226,891
26,891,000
229, 200 12,986,350
17,565,000 183,490, 500
197, 050 21,818, 550
" 72, 800 260, 644, 500

900 6, 526,300 114,900 2 1,620,150
900 6, 526,300 503, 600 8 2, 254, 350
900 6, 526,400 3, 612, 650 511,769, 292
900 2,176, 300

Includes 3 per cent bonds of 1918.

6

67, 575 273, 203,000
9, 301, 000 201,402, 500
26, 792,000 43,050, 500
11,167,000

4 per cent Liberty loan bonds of 1942-1947.

FEDERAL RESERVE BANK NOTES
No.

33.—FEDERAL RESERVE

B A N K N O T E S : R E C E I V E D F R O M AND R E T U R N E D TO C O M P T R O L L E R
BY D E N O M I N A T I O N S

OF THE CURRENCY,

AND

OUTSTANDING,

[In thousands of dollars]
Total
Received from Comptroller of the Currency:*
1923
1922
1921
1920
1919
1918... ._
1917
1916
1915

222,353
120,816
_
2,732
11,285
770

Returned to Comptroller
of the Currency:
1924
1923 .
1922
1921 .

260
34,328
126, 324
243, 076

5,861
29,754
107, 084
259,121

1
2

Ones

Twos

Fives

Tens

Returned to Comptroller
of the Currency—Contd.
1920

17,212
69,668
171,496

8,456
26,096
45,120

260
6 300
28,600
24,460

1 080
1,320
1,480

1 280
640
320

157,148
63,368

38,000 25 074
17,520 32,339
2,352
2,065
10

723
5 877
120
5 560
280

1 408
1,712
260
3 660
480

2,378
15,243
58,803
176,394

1,360
6,725
25,821
42,191

1,298
5,427
19, 636
36, 698

Total

Twen- Fifties
ties

289
1,152
1,845
2,202

519
1,188
926
1,568

200

1919
1918
1917
Outstanding Dec 31*
1924
1923
1922
1921
1920

17
19
53
68

1919
1918
1917
1916
1915

Ones

Twos

Fives

Tens

Twenties

267, 060
77 194
5,129
2,182

188, 387
32, 657
981

48, 784
8,316
148

24,319
30,110
1,781
706

3,466
4,500
1,530
1,015

2,097
1,611
689
461

7

8,559
14,420
43, 914
116, 670
249,467

4,048
6,427
21, 670
63,261
169,987

1,848
3,207
9,932
27,297
43,392

1,485
2,783
7,950
21,286
29,384

441
730
1,882
2,647
3,529

701
1,220
2,408
.2,054
2,982

36
53
72
125
193

47,056
17,372

29,243
34, 279
3,721
2,075
10

5,515
9,292
4,945
5,840
280

4,759
4,962
3,939
4,140
480

Fifties

2

273, 451
128, 292
12,605
12, 055
770

186,878
62,387

No Federal reserve bank notes have been issued to the Federal reserve banks since 1923.
All Federal reserve banks have extinguished their liability on outstanding Federal reserve bank notes by depositing lawful money with the United States Treasurer to provide
for their retirement.




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FEDERAL RESERVE NOTES

OO

No. 34.—FEDERAL RESERVE NOTES: FEDERAL RESERVE AGENTS' ACCOUNTS ON DECEMBER 31
[In thousands of dollars]
Total

Boston

New York

Philadelphia

Cleveland

Richmond

Atlanta

1924

1923

1924

1923

1924

1923

1924

1923

1924

1923

1924

1923

1924

1923

936, 517
2,244, 961

813,454
2,822,327

45,150
241,102

81, 050
255,108

331,940
528,118

284, 620
712,413

32,000
215,664

38,400
255, 837

49,170
230, 609

43,120
281,713

25,884
101, 218

27, 630
117, 875

56, 595
166, 830

72, 017
158,092

279,494
114, 918
1, 307, 894

326, 584
128, 778
1, 648,893

35,300
11,065
118,000

35,300
14,971
118, 000

188, 531
29, 776
166, 000

235, 531
32, 094
316, 000

6,000
14, 848
147, 389

8.780
14,000
13,180 i 11. 686
153,889 145, 000

8,780
15, 240
201, 000

4,389
74,795

3,851
66, 295

3,500
8,306
131, 500

2,400
8,289
83,000

542,655
126,138

718, 072
303, 644

76,737
16,146

86,837
19,666

143, 811
16,040

128,788
95,492

47,427
5,471

74,768
6,082

65,143
15, 763

56,693
30,185

22, 034
9,688

47,729
5,210

23, 524
1,581

64,403
3,350

5, 552, 577

6, 761,752

543, 500

610,932 1,404, 216 1,804,938

468, 799

556,156

526,151

636, 731

238, 008

268, 590

391, 836

391, 551

3,181,478

3,635,781

286,252

336,158

860, 058

997, 033

247, 664

294, 237

279, 779

324, 833

127,102

145, 505

223,425

230,109

1,702, 306
668, 793

2,104,255
1, 021,716

164,365
92,883

168, 271
106,503

384, 307
159, 851

583,625
224,280

168, 237
52,898

181, 069
80,850

165,466
80,906

225, 020
86,878

79,184
31,722

70,146
52,939

143, 306
25,105

93,689
67,753

5,552,577

6,761,752

543,500

610,932 1,404, 216 1,804,938

468,799

556,156

526,151

636,731

238, 008

268, 590

391, 836

391, 551

RESOURCES

Federal reserve notes on hand
Federal reserve notes issued to banks
Collateral held as security for Federal reserve notes issued to banks:
Gold and gold certificates
Gold-redemption fund__
Gold fund, Federal Reserve Board
Eligible paperAmount required
Excess amount held
Total
LIABILITIES

Federal reserve notes received from
Comptroller of the Currency
Collateral received from Federal reserve
bank:
Gold
Eligible paper
Total




-

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4

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Chicago

St. Louis

Minneapolis

Kansas City

San Francisco

Dallas

1924

1923

1924

1923

1924

1923

1924

1923

1924

1923

119, 640
462,628

25,660
64,600

22,740
92,258

14,993
74, 836

12, 275
69,168

26,753
81,639

29,153
80,544

15,152
63, 722

25, 009
58, 659

60,200
262,936

57, 800
278, 032

5, 265
160,644

8,273
376,644

9,775
2,815
44,000

10,130
3,294
3G, 000

13, 052
976
59, 500

13, 052
1,500
40, 000

5,115
58, 360

3,560
38, 360

14, 556
4,130
18, 500

7,391
3,923
14,500

16,547
184,206

20,603
205, 205

47,778
23, 657

77, 711
59,859

8,010
23,484

42,834
14,467

1,308
2,342

14, 616
2,815

18,164
2,412

38, 624
3,576

26, 536
2,182

32, 845
24,454

62,183
7,372

52,224
38,488

704, 051 1,104, 755

178, 344

221, 723

167, 007

153,426

192,443

193, 817

144, 778

166, 781

593,444

652,352

466, 707

582,268

90, 260

114,998

89, 829

81,443

108, 392

109, 697

78, 874

83, 668

323,136

335, 832

165,909
71,435

384,917
137, 570

56, 590
31,494

49,424
57,301

73, 528
3,650

54, 552
17,431

63,475
20, 576

41, 920
42, 200

37,186
28, 718

25,814
57,299

200, 753
69, 555

225, 808
90, 712

704,051 1,104,755

178,344

221,723

167, 007

153,426

192,443

193,817

144,778

166, 781

593,444

652,352

1924

1923

253, 020
213, 687

RESOURCES

Federal reserve notes on hand
Federal reserve notes issued to banks
Collateral held as security for Federal reserve notes
issued to banks:
Gold and gold certificates
Gold-redemption fund _ _
Gold fund, Federal Reserve Board
_
Eligible p a p e r Amount required __ _
Excess amount held
Total
LIABILITIES

Federal reserve notes received from Comptroller of
the Currency
Collateral received from Federal reserve bank:
Gold -.
Eligible paper
Total




I

CD

No. 35.—FEDERAL RESERVE N O T E S : ISSUED TO BANKS BY AGENTS, H E L D BY ISSUING BANKS, AND IN ACTUAL CIRCULATION;
AND ELIGIBLE PAPER HELD BY AGENTS AS SECURITY FOR NOTES ISSUED TO BANKS

ALSO GOLD

[In thousands of dollars]

230,965
233, 055
226,447
223, 731

246,726
249, 012
245, 294
244, 579

643,281
636, 957
629, 485
618, 930

217,144
215,199
208, 699
202,147

612, 863
615,800
603, 330
528,118

2,601,138
2, 547,961
2, 476, 243
2,444,073

219, 287
222,402
224, 926
225,857

704,693
682,966
653, 788
656, 757

2,374, 531
2, 339, 048
2, 271,117
2.229, 498

220,848
219, 868
219,162
216,851

2.230, 535
2, 259,192
2, 246, 740
2, 244, 961

219,168
221,005
219, 787
241,102

574, 669
505, 296
473, 458
518, 060

18,044
17,993
17,974
20, 278

320,
303,
284,
304,

463, 091
478,126
507,170
465, 839
485,140

Philadelphia

Minneapolis

Kansas
City

Dallas

San
Francisco

Chicago

St. Louis

101,493
97, 258
91,163
89, 227

146,110
145,870
148,475
151, 344

417,413
379, 216
354,251
324,076

86,011
84, 054
82, 273
79, 378

67,214
72, 656
71, 589
70,164

73,424
75,972
76, 078
75,984

49,253
48,115
47, 740
53,423

258,549
257,385
254, 219
249,553

241,089
235, 535
228, 992
225, 051

81, 748
80,101
78, 677
77, 997

150, 646
148,356
145,038
147, 685

293, 652
283, 715
256,385
244, 051

76, 271
72,914
69, 576
66, 326

72,651
70,842
68,496
67,027

75,622
74, 570
69, 578
70, 672

52, 899
48,745
46,345
50, 987

248,680
252,246
250,684
241, 774

199, 077
199,490
197, 063
215, 664

229, 068
231, 857
228, 585
230, 609

79,320
86, 609
93, 585
101, 218

151, 691
153, 355
156, 448
106, 830

229,145
225, 236
214, 483
213, 687

63, 610
63,471
63, 931
64, 600

68, 835
73,587
74, 976
74, 836

71, 796
76,100
79,180
81,639

59,029
63, 723
61,973
63, 722

246,933
248,959
253,399
262,936

590
542
550
752

35, 956
26, 692
16, 6G5
26,158

28, 928
19, 661
18,511
23,489

11,429
9,568
7,507
11, 029

15,044
14, 072
12, 784
11,516

55,184
30,495
30,949
33, 629

15, 598
13, 783
14,086
13, 796

5,103
5,083
4,572
4,734

10,563
11, 703
12,037
12, 598

3,435
3,315
3,760
9,738

54,795
49, 389
50,063
46,343

15,430
18, 568
23,071
16,396

294,622
295,161
304, 889
304, 546

21, 272
23, 962
33, 546
33,929

19,984
21,219
27, 605
14, 709

5,521
6,919
10,110
6,235

10, 017
9, 926
11,825
13,923

22, 607
27,860
20, 422
18,300

10,809
10,809
10,461
8,295

2,606
3,006
3,335
3,271

11,653
10,722
6,831
6,022

9,677
7,516
6,666
5,545

38,893
42,457
48,409
34,668

371,907
382,899

18,634
21,239
19, 540
33,713

308, 072
271,487
207,884
140, 765

43, 547
41,618
29, 547
46,927

18, 261
22,105
18,010
32, 094

7,178
6,590
6,781
13, 639

16,875
16,012
16,168
23, 951

13,208
18, 505
14,384
17,158

6,702
6,353
6,023
6,787

2,703
2,684
2,574
3,075

6,2£9
6,306
6,429
8,803

6,412
6,094
4,607
8,081

37,279
41,095
39,960
47,906

-._

2, 026,469
2, 042, 665
2,002,785
1,926, 013

201,243
204,409
206,952
205,579

384,103
379,424
369, 238
352, 005

195,009
206, 363
209, 782
197, 573

217,798 I
229,351 |
226,783 !
221,090 !

90, 084
87, 690
83, 656
78,198

131,066
131, 798
135, 691
139, 828

362,22$
348, 721
323,302
290,447

70,413
70, 271
68,187
65, 582

62,1 LI
67, 573
67,017
65,430

62,861
64,269
64,041
63,386

45,818
44,800
43,980
43, 685

203,754
207,996
204,156
203,210

-

May 31
June 30
July 31
Aug. 31

1,911,440
1,860,923
1, 763,947
1,763,659

205,418
201,300
196,091
200,455

348,659
341,796
324, 596
314,384

195, 872
191, 237
175,153
168,218

221,105 I
214,316 i
201,387 !
210, 342 i

76, 227
73,182
68, 567
71,762

140, 629
138,430
133,213
133,762

271,045
255,855
235,963
225,751

65,462
62,105
59,115
58,031

70, 045
67,836
65,161
63,756

63,969
63,848
62, 747
64, 650

43, 222
41, 229
39, 679
45,442

209, 787
209,789
202, 275
207,106

_..

Sept. 30
Oct. 31
Nov. 30
Dec. 31
Held by Federal reserve banksJan. 31
_
Feb.29
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31._

--

._.

In actual circulationJan. 31
Feb. 29
Mar. 31
Apr. 30.
May 31...
June 30
July 31
Aug. 31

Kichmond

New
York

Atlanta

Federal reserve notes:
Issued to Federal reserve banksJan. 31
Feb. 29
Mar. 31
Apr. 30

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

Cleveland

Boston

Total

___




_
_

1, 745,395
l t 799,104
1,874,833
1,862,062

May 31
June30___
July 31.
Aug. 31

___

_.
_. .

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

_._

Eligible p a p e r Jan. 31
Feb. 29
Mar. 31
Apr. 30
May 31
June30__
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31

_

_
_

__

_




.

155,530
157,872
167,516
168, 737

210,807
209, 752
210, 575
198, 515

72,142
80, 019
86>804
87,579

134, 816
137,343
140, 280
142, 879

215, 937
206, 731
200,099
196, 529

56,908
57,118
57, 908
57,813

66,132
70,903
72,402
71,761

65, 527
69,794
72,751
72,836

.52,617
57,629
57,366
55,641

209,654
207,864
213,439
215,030

2,129,140
2,104,027
2,080,413
2, 088, 317

176,100
174, 215
191,140
197,420

643,297
583, 077
635,851
635,651

168,438
181, 288
180, 740
187,024

198,884
205,039
203, 372
204, 702

62, 779
60, 204
43, 634
36,108

95,062
97,172
101,172
111, 496

384, 337
383, 891
320, 506
300, 245

67,237
67, 879
65, 013
62, 718

55,208
58,900
58,4931
56, 253

48, 681
53,148
55,154
54, 760

20,232
17, 393
18,304
32,151

208,885
221,821
207,034

2,096,851
2,128,427
2,083,302
2, Q41,331

203, 261
208, 881
213,976
204,014

635,414
635, 238
620, 073
599,947

184, 897
189, 651
186, 551
185, 499

199, 246
213, 693
214, 449
216, 259

38,355
39, 407
43, 408
48, 428

114, 883
123,696
122, 626
120, 231

279, 982
279, 738
249, 575
236,434

63, 111
61, 754
59, 917
56, 666

57, 770
57, 607
55,500
53, 778

56, 558
57, 906
60, 774
62, 009

37, 518
28, 814
23,393
28, 036

225,856
232,042
233, 060
230,030

207,931
203, 768
180, 650
164,365

569, 843
544,786
519, 616
384,307

182, 630
173, 503
164, 036
168, 237

215,4.76
216,314
201,842
165, 466

50, 601
61, 675
73, 951
79,184

129, 862
129, 490
130. 754
143,306

221, 290
211,193
191. 041
165,909

53,950
55, 211
55, 371
56, 590

58,036
67, 079
71, 258
73,528

60,552
62, 936
62, 637
63,475

45, 597
48.002
45,131
37,186

230,469
224,375
215, 735
200, 753

60,245
54,887
55,610
33, 752

165,140
148,107
143,190
63,277

68,903
57, 582
48, 548
37,323

69,675
62,924
58, 079
58, 630

45, 606
54,977
61, 871
61, 665

57, 999
58,168
56, 560
49, 719

97, 394
103,599
94, 712
75,783

41,542
43,572
45,002
32,595

17,543
18, 555
19,994
16, 757

34,472
35,929
27, 784
29, 554

52, 791
51,296
36, 213
22, 769

79,139
67,105
62, 553
64, 207

505, 465
357,131
303,929
323, 562

Collateral pledged with agents as security
for Federal reserve notes issued to
banks:
Gold and gold certificatesJan. 31
Feb. 29
Mar. 31
_
Apr. 30.

304, 791
344,313
395,446
387,353

2,026,237
1,998,332
1,912,022
1,702, 306

_

200,534
199, 766
200,247
207,389

790,449
756,701
710,116
546,031

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

30, 276
18,027
13, 694
17,718

83,709
51,312
38, 574
69, 452

37, 662
25, 634
23, 634
21,068

50, 651
25, 627
19,138
19,340

54,606
51, 912
40, 727
35, 305

47, 636
33, 528
32, 201
32,138

63,122
45, 084
38, 727
37, 777

31,992
22. 360
18,066
21, 873

17,777
14,938
15,353
13,899

26,340
19, 814
15,471
11, 529

18,471
23, 453
26,547
24,635

43,223
25, 442
21, 797

448,083
536, 942

17,567
25,838
58, 538

124, 036
123, 661
130,293
159,851

17,427
27,042
42, 982
52,898

31, 253
37, 067
55, 605
80,906

35, 568
34,429
27, 912
31,722

29,150
31, 686
33, 882
25,105

38, 207
57, 520
61, 062
71, 435

27,907
29, 226
28, 353
31,494

11, 712
7,313
4,888
3,650

12,452
15, 986
19, 549
20,576

15,263
19, 214
22,806
28, 718

25,427
39,101
51,072
69,555

No. 36.—FEDERAL RESERVE NOTES: ISSUED AND RETIRED BY EACH FEDERAL RESERVE AGENT, BY MONTHS
[In thousands of dollars]

Month

Outstanding at
beginning
of each
month in
1924

Total

Issued

Boston

Retired

Issued

New York

Retired

Issued

Retired

Philadelphia

Issued

Retired

Cleveland

Issued

Retired

Richmond

Issued

Retired

January...
February.
March
April

2,822, 327
2,601,140
2, 547, 961
2,476,246

50,162
93,295
83, 780
147, 955

271,349
146,474
155, 495
180,127

11,200
15,000
15, 600
14, 650

47,
11,
13,
13,

021
885
076
719

16, 620
9,020
11, 460
53, 440

24, 339
30, 747
40, 638
50, 472

15, 240
16, 440
19, 000

26, 632
13,150
23, 048
21, 716

3,500
13,130
8,950
11,955

38,487
10,844
12, 667
12, 670

755
6,300
2,300
11,100

17,137
10, 535
8,395
13,036

May
June
July____
August.

2,444, 074
2,374, 529
2,339, 048
2, 271,118

97,150
89, 692
76, 810
83, 928

166, 695
125,173
144, 740
125, 546

9,150
13, 400
14, 200
12, 650

14,
14,
14,
14,

159
380
906
961

11, 240
11,400
13, 220
10,100

24, 716
17, 724
20, 692
20, 655

11,040
13, 800
7,600
6,800

17, 627
15, 745
14,100
13, 352

11,965
11, 000
6,700
10, 250

7,545
7,560
7,635
8,460

15, 023
9,208
9,059
9,141

September,
October
November.
December..

2,
2,
2,
2,

115, 695
127, 780
213, 725

114, 659
99,125
109, 072
215, 503

18,
16,
11,
41,

400
000
900
200

16, 083
14,164
13, 118
19, 884

12, 000
19, 960
13, 940
32,180

18, 067
17, 023
26, 410
107,392

5,800
9,040
6,640
31, 000

8,870
8,627
9,067
12, 399

16, 800
15, 950
8,200
14, 500

15, 456
16, 553
13, 244
14,190
12, 783
13,162
11,472
12, 476

8,160
13, 875
12, 200
17, 820

6,837
6,586
5, 224
10,187

1, 276, 592
1, 797,393
1, 949, 595
2, 049, 637
2, 215, 254
2, 482, 515

1, 853, 958
1, 792, 257
1, 914,195
3, 003, 577
1, 775,312
2, 046, 570

193,
195,
179,
190,
225,
225,

350
650
290
900
680
500

207,356
167, 342
172, 647
272, 297
178, 844
139,768

214, 580
346, 270
470, 200
538, 810
373, 080
753,120

398, 875
408, 791
512,014
758, 416
276, 442
632, 420

144,160
206, 400
191, 860
183, 410
177, 420
195, 660

184,333
194, 281
171,012
251, 839
134,017
189, 635

132,900
174, 000
191,045
121, 440
249,000
163, 565

184,004
167, 187
156,009
260, 269
154,109
146, 283

103, 710
125,110
109, 720
153, 820
179, 004
162, 777

120, 368
119,299
115,113
197, 397
169, 675
162, 070

Total: 1924.
1923.
1922.
1921.
1920.
1919.
Outstanding: Jan. 1, 1925..
Jan. 1, 1924..
Jan. 1, 1923..
Jan. 1, 1922..
Jan. 1, 1921..
Jan. 1,1920..
Jan. 1, 1919..




229, 500
230, 536
259,191
246, 739

2, 244,961
2,822,327
2,817,191
2,781, 791
3, 735, 731
3, 295, 789
2,859,844

241,102
255,108
226, 800
220,157
301, 554
254, 718
168, 986

528,118
712.413
774, 934
816, 748
1, 036,354
939, 716
819, 016

1,760

215, 664
255, 837
243, 718
222, 870
291, 299
247, 896
241, 871

230, 609
281, 713
274, 900
239, 864
378, 693
283, 802
266, 520

101, 217
117,875
112, 064
117,457
161, 034
151, 705
150, 998

i

s

1
w

Chicago

Atlanta

Minneapolis

St. Louis

Kansas City

San Francisco

Dallas

Month
Issued
January..
February.
March
April
May....
June
July....
August.
September.
October
November.
December..
Total: 192.4.
1923.
1922 _
1921.
1920.
1919.
Outstanding: Jan. 1 1925.
,
Jan. 1, 1924.
.
Jan. 1 1923.
,
Jan. 1, 1922.
.
Jan. 1, 1921.
Jan. . 1920.
,
Jan. 1, 1919_




Retired

Issued

Retired

3,390
6,915
9,795
11,030

15, 372
7,155
7,190
8,162

7,240
5,340
2,000
5,600

52,456
43, 536
26, 965
35, 775

5,470
3,897
3,700
7,223

6,168
6,187
7,018
4,576

9,700
6,700
5,800
7,000

40,125
16, 636
33,130
19,334

9,875
7, 500
7,950
21, 780

5,869
5,836
4,856
11, 398

7,000
7,500
6,000
15,000

21, 905
11,409
16, 753
15, 797

98, 525
129,464
98, 780
148, 940
196, 035
183, 598

89, 787
106, 515
92, 281
200, 056
176,383
147,110

84,880
306, 840
329,140
293, 980
345, 330
324, 320

333, 821
314,815
305, 755

166,830
158, 092
135,143
128, 644
179, 760
160,108
123, 620

246, 552
239, 799

213, 687
462, 628
470, 603
447, 218
634,237
535, 459
450,938

Issued

Retired i Issued
6,247
3,157
3,421
3,295

1,200
1,640
400

4,108
3,356
3,338
3,251

1,000

2,716
2,738
2,840
2,731 |

2,600
3,300
3,400

13, 540
33,220
63, 430
74, 960
106, 470
134, 025

!
|
|
'

41,198
54, 000
64, 495
116, 248
115, 798
98, 426

64, 600
92,258
113,038
114,103
155,391
164,719
129,120

Retired

Issued

Retired

Issued

Retired
20, 443
7,064
10,786
13,145

5,734
5, 534
4,020
2,557

11, 080
15, 380
10,420
8,120

11, 954
11, 814
11,981
17,030

10, 680
7,290
1,120
5,295

2,639
2,595
2,871
3,546

17, 720
13,120
15, 080
21, 520

55,437
52, 240
33, 684
25, 762
69, 245
55, 730

50, 374
37, 382
29,421
70, 978
63,135
37, 581

135, 400
148,164
193,905
241, 620
181, 970
186, 330

12, 561
11,095
10, 640
11, 982
150,495
150, 081
213, 233
255,487
148,850
135,544

3,743
1,809
3,336
3,455

800
5,080
3,100
2,300

7,920
2,533
2,994
2,394

2,147
2, 92.0
2, 605
7,970

10, 910
2,375
3,115
2,265

8,423
4,184
5,461
3,734

2,840
2,800
2,800
3,860

3,202
3,852
7,791
2,765

5,210
1, 380
1,620
7,200

4,680
7,025
3,910
4,410

2,872
2,274
2,521
4,550

4,580
7,920
5,620

3,457
3,616
3,300
3,161

52, 030
40, 205
43, 361
39, 265
39, 450
39, 990

46, 362
33, 670
41, 205
60,174
46, 507
50, 272

39, 830
45,180
36, 730
72, 570
57, 900

46, 985
38, 894
41, 010
79, 417
65, 000
67, 662

81, 639
80, 544
79, 608
75,438
118,125
110, 555
120, 317

Issued

5,900
7,620
8,480

1,790
7,250
2,270
2,030

74, 836
69,168
62, 633
60, 477
81, 386
88, 443
98, 725

Retired
11,552
4,059
2,979
2,288

63, 722
58, 659
43, 801
39, 538
84, 754
78, 644
60,495

262, 937
278, 032
279,949
299, 277
313,144
280, 024
229, 238

f
i
Q
GO

Co

No. 37.—FEDERAL RESERVE NOTES: ISSUED, RETIRED, AND OUTSTANDING, BY DENOMINATIONS
[In thousands of dollars]
Total
Issued to b a n k s :
1914-15
1916
1917
1918
1919
1920
1921
1922
1923
1924

. .

Total__

_.

.

R e t u r n e d to agents:
1914-15
1916
.
1917
1918
1919
1920
1921
1922
1923
1924

.

_

. .

„ . _ . _ .

.

..
,
.

Total
Outstanding Dec. 31:
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924

_

.




Five
hundreds

Ten
Five
Thousands thousands thousands

._

_ . ._

222,155
208, 457
1,265,087
2,095,695
2,482, 515

82, 519
78,051
192,057
383,769
527,665

78, 762
68, 591
433, 228
634,451
807, 561

43,059
48, 832
423,376
805,055
796, 030

8,190
5,772
90,126
140,305
155, 588

9,625
7,211
126,300
124,115
92, 639

22, 757

8,000
55,955

9,000

15,320

431, 450
473,930
507,890
479, 200
567,940

568, 800
654, 842
583, 790
499,155
248,140

779, 060
661,485
577,310
570,560 !
329,037

184, 240
103, 069
122. 465
128,298
62. 282

120, 755
90,113
82,805
54, 461
37,690

27, 214
15, 791
19,196
11, 235
5, 693

78,905
31,807
38,469
50, 474
13, 990

10, 700
8,200
7,380
2,060
2,230

14,130
10,400
10,290
1, 950
9,590

3, 724,471

4, 577,320

5,033,804

1,000,335

745,714

101,886

277,600

39,570

61,680

2,490
55,183
74,918
162,964
452,728

1, 355
46, 231
65,049
231, 835
708, 838

2,355
15, 269
35,807
151, 949
690,313

1,135
2,934
8,487
21, 392
107,802

695
2,855
30,312
18,335
72, 561

1,602

5,621

2,405

4,700

1, 775,312
3,003, 577
1,914,195
1,792,257
1,853,958

_

--

. .

Hundreds

15, 562,380

_

.

.. .

Fifties

401,856
608,182
418, 291
424,533
599,522

566, 580
907, 888
558,128
553,062
460, 588

590, 996
1,099, 340
618, 255
577,059
559, 083

101,432
198,417
133,373
114, 217
121,141

61,606
125,322
101, 646
58, 563
70,324

8,211
16, 873
15,809
9,776
11,900

26, 976
47,015
42,148
36,492
24, 740

6,335
120
12,455
8,625
3,080

11,320
420
14,090
9,930
3,580

13,317,419

..

.

Twenties

8,030
122,472
214, 573
586,475
2,046, 570

-.

.

Tens

2 215,254
2,049,637
1,949, 595
1, 797, 393
1,276, 592

.

.

Fives

3,200, 667

4, 099, 554

4,340,426

810, 330

542, 219

64,171

182, 992

33, 020

44,040

214,125
300,110
1,350,624
2,859,844
3,295,789

80,029
102,897
220,036
440,841
515, 778

77, 407
99,767
467,946
870, 562
969, 285

40, 704
74,267
461, 836
1,114, 942
1, 220, 659

7,055
9,893
91, 532
210,445
258, 231

8,930
13.286
109,274
215, 054
235,132

21,155

8,000
58,334

6,595

10,620

3,735,731
2, 781, 791
2,817,191
2,822,327
2,244,961

545,372
411,120
500,719
555,386
523,804

971, 505
718, 459
744,121
690, 214
477, 766

1,408, 723
970, 868
929,923
923, 424
693, 378

341, 039
245, 691
234,783
248,864
190,005

294, 281
259,072
240, 231
236,129
203,495

40,158
39,076
42,463
43,922
37, 715

110,263
95, 055
91,376
105,358
94,608

10, 960
19,040
13, 965
7,400
6,550

13,430
23,410
19,610
11,630
17,640

75

FEDERAL RESERVE NOTES

Ho. 38.—FEDERAL RESERVE NOTES: COLLATERAL PLEDGED WITH FEDERAL
RESERVE AGENTS AS SECURITY FOR FEDERAL RESERVE NOTES ISSUED TO
BANKS, BY W E E K S

[In thousands of dollars]
Collateral pledged as security

Date

Federal
reserve
notes
issued to
Federal
reserve
banks

1924
Jan.

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

Feb.

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

Mar.

5.
12...
19.
26.
A p r . 2__
9__
16..
?3._
30..
May

7..
14..
21..

J u n e 4__
11..
18..
25..
J u l y 2__
9_.
16...
23..
30..
Aug.

6..
13..
20..
27. _
Sept. 3 . .
10..
17.
24..
Oct.

1...

15..
22.
29..
N o v . 5.
12.
19.
26.
Dec. 3 . .
10..
17..
24..
31..
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.

26,
27,
28,
30,
26,
27,
28,
29,
30,
31,

1923.
1922.
1921.
1920.
1919.
1918.
1917.
1916.
1915.
1914.

Gold and gold certificates
Total

Eligible
Total

I n redempI n vault tion fund
U. S.

2,805,972
2, 756, 251
2, 710, 213
2, 646, 876
2,605, 244
2, 589, 519
2, 570, 377
2, 555, 412
2, 550,102
2, 537, 203
2, 521, 424
2, 507, 758
2,489,943
2, 473,160
2, 467, 323
2, 445, 344
2, 438, 680
2,444, 073
2,440, 306
2,419, 055
2, 396,475
2, 376, 708
2, 374,943
2, 363, 666
2, 356, 224
2,339,991
2,340, 363
2, 340, 752
2, 318, 510
2, 290, 760
2, 273, 563
2,249,160
2, 249, 231
2, 236, 305
2, 232, 202
2, 234, 260
2, 249, 824
2, 247, 075
2, 236,419
2, 232,463
2,250,137
2, 244, 368
2, 250, 435
2, 256, 452
2, 252, 367
2, 255, 532
2, 254,425
2, 248, 213
2, 262, 896
2, 200, 892
2, 216, 729
2, 253,234
2, 244, 961

3,192,028 1,082,313 2.109, 715 326, 584
2,992,014
885, 309 2,106, 705 326, 584
2,130,879 326,584
2,929, 362
784, 485 2,103, 477 327, 584
2, 887,962
764,932 2,127,175 327, 584
2,892,107
745, 691 2, 097, 830 327, 584
2,843, 521
795, 238 2,139, 913 327, 584
2, 935,151
717, 005 2,116, 662 328,184
2,833, 667
753, 317 2,109,124 328,184
2,862,441
2, 760,412
710,106 2,050, 306 328,184
693,236 2,046,696 328,184
2, 739,932
2, 694, 254 596,084 2, 098,170
2, 736, 789 654,130 2,082, 659 329, 729
714,190 1,974, 624 329, 729
2,688,814
706,845 1, 984,054 329, 729
2,690,899
620, 784. 1,997,364 329, 729
2,618,148
2, 639, 072 591, 602 2, 047,470 331,939
2, 634, 348 546, 031 2,088, 317 335,864
506, 229 2.110, 776 335,864
2,617, 005
469, 253 2,135, 212 335,864
2,604,465
2,113, 340 335, 864
2, 562, 324
2, 599, 323 495,460 2,103,863 335,864
2, 526,767
437, 634 2, 089,133 335, 864
2, 495, 717 404, 656 2, 091,061 335, 864
2, 516, 060 397, 098 2,118,962 334, 604
2, 501, 003 382,910 2,118,093 334, 604
2, 532, 274 405, 588 2,126, 686 334, 604
2, 461, 525 361, 690 2, 099,835 333, 604
2, 442,462
331, 289 2, 111, 173 334,679
2, 414,147
313, 721 2,100, 426 336, 679
2, 385,178
305,131 2, 080, 047 334, 779
2, 364, 400 284, 985 2,079,415 335, 704
2, 357, 919 276, 937 2, 080, 982 334, 704
2, 075, 614 331, 504
2, 353,107
2, 362, 053 277, 493 2, 059, 620 331, 504
302, 433
2, 376,138
356, 952 2, 019, 186 331, 504
2, 372, 893 337, 282 2, 035, 611 331, 504
2, 387, 001 348, 369 2, 038, 632 331, 504
2, 372, 686 341, 280 2,031,406 331, 504
2,027, 304 331, 505
2, 411,191
2,408, 257
423, 364 1,984, 893 331, 504
2,414,054
439, 255 1,974, 799 331, 504
2, 384, 574 378, 374 2, 006, 200 331, 504
2, 422,124
417,904 2,004, 220 306, 504
448, 334 1, 989, 213 305, 504
2,437, 547
456, 665 1, 970,011 290, 504
2,426, 676
487,162 1, 933,981 289, 504
2,421,143
478,862 1,926, 215 289,104
2,405,077
2,477, 350
571, 620 1,905, 730 279,104
2,414, 571
578, 283 1, 836, 288 278, 904
2, 399, 517 577,093 1, 822,424 278, 904
2,490,083
742,865 1, 747, 218 278, 494
2, 371, 099 668, 793 1, 702, 306 279, 494

2,838, 398
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, 246, 522
3, 035, 779
3,092, 876
4,169, 219
3,951, 930
3, 244, 666
1, 388, 556
300, 925
214,190
17, 205




1,136, 708 2,109, 814 326, 584
1, 246, 507
2,893, 005
2, 711,898
1, 956, 357
606, 705
18,402
16, 740
4,953

I n gold

fund
Federal
Reserve
Treasury Board

2,198, 846
1, 846, 369
1, 276, 214
1, 240,032

353, 657
349, 013
264,926
244,148

1, 288, 309
781,851
282, 523
197,450
12, 252

246, 327
250,423
164, 567
139,940
12, 252

125, 237
115, 533
120,474
119, 072
114, 542
124, 096
117, 215
121,925
122, 915
116, 702
115, 728
117, 558
119,989
113, 724
124, 769
116,157
112,153
114, 397
112, 704
118, 743
113,172
113,963
110, 243
115, 986
108, 817
110,410
120, 299
113, 690
115, 993
107, 927
112, 602
117, 676
113, 621
107, 736
105,088
111,360
113, 459
114, 669
115, 626
111, 364
113, 625
112, 523
113, 756
118, 555
117, 372
111,111
122, 731
113, 627
113, 954
118, 314
116, 771
114,918
114, 480
133,090
115,832
118, 596
103, 575
81, 951
41,479
15, 376
650

Excess
collateral
pledged
with
Federal
reserve
agents

1, 657, 894
1, 664, 588
1, 683,821
1, 656, 821
1,685,049
1, 646,150
1, 695,114
1,666, 553
1, 658,025
1, 605,420
1, 602, 784
1, 649, 673
1, 632,941
1, 531,171
1, 529, 556
1, 551,478
1, 603, 378
1, 628, 584
1, 660, 515
1,686, 644
1, 658,733
1, 654,827
1, 639, 306
1, 644,954
1, 668, 372
1,674, 672
1, 681, 672
1, 645,932
1, 662, 804
1, 647, 754
1, 637, 341
1, 631,109
1, 628, 602
1, 630,489
1, 620, 380
1, 582, 594
1, 592, 747
1, 593, 669
1, 585, 233
1, 580,173
1, 542,025
1, 529,670
1, 562,173
1, 583,960
1, 565,154
1, 562,135
1, 533, 366
1, 514, 380
1, 512,999
1,443,430
1,425,206
1, 351,953
1, 307,894

235,763
219,149
241,086
286.863
254, 002
364, 774
275, 511
308,093
223, 209
218. 508
186,496
246,846
215, 654
223, 576
172,804
200, 392
190,275
176, 699
185,410
165,849
222, 615
151,824
132,051
159,836
161,012
191,911
120, 773
123, 952
123,017
111,615
115, 240
108, 688
116, 802
129, 851
141,878
123,069
139, 926
136, 267
178, 728
158,120
169, 686
134,139
165,672
185,180
171,144
166, 718
156.864
214,454
213, 679
182, 788
236, 849
126,138

1,668,750
1, 712,099
1, 381, 524
892,692
892, 309
960,031
489,949
102, 580
56,860

408,124
200, 687
296, 336
430, 339
659, 832
389,062
46, 804
414
65

VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS OF FEDERAL RESERVE BANKS
No.

39.—DISCOUNT

AND OPEN-MARKET OPERATIONS: VOLUME, B Y CLASSES

[In thousands of dollars]
Acceptances purchased in
open market

Bills discounted for member banks
Federal reserve
bank

Total (all
classes)
Total

Member
bank
collateral
notes

CommerDecial and
mand
agriculand
tural paper, sight
drafts
n. e. s.

BankTrade
ers'
accept- acceptances
ances

Total

Bankers'

Trade

United States securities purchased
in open market

Total

Bonds

Treasury
notes

Certificates of
indebtedness 3

3
Municipal
warrants
purchased 4

1924
Boston
New York
Philadelphia
Cleveland

1,225,078
9,419,418
1,417,682
1,577,400

8J22,170
7,030,842
1, 264, 030
1, 348, 025

510,012
6, 522,347
1,049, 272
1,102, 202

311,240
503,964
214,087
237,107

Richmond
Atlanta,.
Chicatzo
St. Louis

1, 373,844
629,824
1,427,923
685,404

1,357, 776
550,312
1,035, 261
605,118

1, 046, 866
206,976
751, 741
340, 460

301,586
i 336,844
282, 280
233, 697

26,069

Minneapolis..- . _ _
Kansas City
Dallas
San Francisco

260, 529
340, 582
304,115
1,201,674

100, 354
227, 744
148, 383
929,140

57, 476
139,025
62, 995
667, 203

42, 503
88, 044
67, 632
2 258,143

357
412
17,066
853

19,863,473

15, 419,155

12, 456, 575

2,877,127

46, 621

Total
1

918
4,484
671
8,409

259,498
1,077,399
89,140
116,070

259,498
1,068,947
89,140
116,070

20

9,039
4,935
1,240
4,872

9,399
59, 621
164,045
50, 732

30
125

18
263
660
2,816

507

38, 325

47
307
285
1,557

143,410
1,304,131
60, 579
112, 603

1,957
11,237
946
10,211

51,004
241,249
25,434
53,211

90,449
1,051,645
34,199
49,181

7,046
3,933
702

9,399
59, 621
164,045
50, 732

6,327
19, 627
227, 723
29, 260

150
7,462
19,075
1,264

3,620
6,492
99, 785
13,773

2,557
5,673
108,863
14,223

342
264
894
294

15,834
50, 625
102,846
176, 933

15, 834
50, 625
102,846
176, 933

144,118
61,437
52, 658
95,145

51, 637
11, 936
3,438
3,183

49, 523
23, 987
28,472
54,889

42,958
25, 514
20, 748
37,073

223
776
228
456

2,172,142

2,163, 690

2,257,018

122, 496

651,439

1,483,083

15,158

8,452

8,452

Includes $250,000 discounted for t h e Federal Intermediate Credit Bank of Columbia, S. C.
2
Includes $850,000 discounted for t h e Federal Intermediate Credit Bank of Berkeley, Calif.
3 Includes special certificates of indebtedness issued to the Federal reserve banks b y t h e Secretary of t h e Treasury.
i n c l u d e s foreign loans on gold as follows: N e w York, $1,746,000; Philadelphia, $582,000; Cleveland, $702,000; Richmond, $342,000; Atlanta, $264,000; Chicago, $894,000;|St.
Louis, $294,000; Minneapolis, $216,000; Kansas City, $276,000; Dallas, $228,000, and San Francisco, $456,000; also Federal intermediate credit bank debentures—New York, $5,300,000;
Philadelphia, $3,300,000, and Kansas City, $500,000.




>

1

No. 40,—DISCOUNT AND OPEN-MARKET OPERATIONS: MONTHLY VOLUME, BY CLASSES
[In thousands of dollars]
Acceptances purchased in
open market

Bills discounted for member banks
Month

Total (all
Total

1924
January.
February--March
April
May
June
July
August
SeptemberOctober
November..
December..

2, 612, 539
2,811, 485
2, 491,195
2,164, 953
1, 559, 961
1, 034, 596
901, 940
543, 599
1,138, 133
1,180, 438
1, 089,168
2,335, 466
19, 863, 473
44,428,375
28, 543, 552
63,141, 608
96, 527, 548
86, 737, 067
47,414, 531
10,152,126
741,402

Member
bank
collateral
notes

DeCommermand
cial and
and
agricultural paper, sight
drafts
n. e. s.
13,330
8,212
4,176
2,542
1,235
364
323
427

Bank- Trade
ers'
accept- acceptances ances

United States securities purchased

Total

Total

Bankers'

Trade

Bonds

Treasury
notes

i

Municipal
Certifiwarcates
rants
pur- 3
of
indebted- chased
ness

29,494
53, 881
47, 084
9,150
100
504,490
75, 778
51
514,120
56,777
17,870
1,403, 502
73
82,623
1, 071,315
327,144
47,461
500
18,483
702,889
52, 017
475, 914
10
223, 091
101, 032
168, 060
750
733,457
575,298
60,136
15. 661
154,820
76, 094
332, 387
57,354
12^ 348
428, 508
500
93,971
39, 851
5 200
700,125
607, 111
2,493
1,907
113, 773
113, 623
24, 257
285,680
88,614
150
839,900
5,110
2,316
275,469
275,469
7, 281
41, 498
748,806
83,668
1 807
,
724,757
4,081
2,054
301, 671
301, 502
26, 051
28,448
617, 348
101,274
169
1,483,126
4,328
2,460
360,979
360,921
95, 892
126,336
351, 901
1, 350, 002
6,250
58
Total: 1924
15, 419,155 12,456, 575 2 2, 877,127 46,621
507 38,325 2,172,142 2,163, 690 8,452
651,439 1,483, 083 15,158
1923
38, 379,926 29,916, 868 * 8,340,676 67,457
3,532 51,393 2, 547, 010 2, 533,470 13, 540
671, 379 2, 752, 037
536
1922
22, 082, 887 15, 683,483
3,416 44,272 1, 954,688 1,948, 379 6,309
818,972 3, 336, 633
6,351, 716
176
1921
57,759,128 31, 229,142 26,343,947
57, 095 128,944 1, 534,401 1, 527, 235 7,166
3, 742, 664
985
1920
85,320, 874 55, 565,447 29, 376,108
187,162 192,157 3, 218,364 3,143, 737 74,627 7, 988, 310
J, 987,978
«332
5
1919
79,173,970 72, 548, 008
6,415,899
4, 736,163
71, 643 138,420 2, 825,177 2, 788, 619 36, 558 4, 737, 920
1 , 757
1918
6,537,833
73, 996
520 5, 775, 832 1,710
39, 752, 934 33, 007,788
19,940 187,373 1, 809, 539 1,748, 503 61, 036 5,850, 348
7
1917
37,771 «1, 077, 713 1, 046, 765 30,948
7,742,806
1,188,414
81, 537
7,063
16,822
88,600
()
1916
207,871
163,692
5,212
38, 967
300
386, 095
369, 762 16,333
56,450
56, 750
1915
161,353
307, 771
159, 394
65,859
1,959
64,845
31
15, 714
64, 814
15, 714
_22,293
21,411.
677205
21411
205
1914
1
Prior to 1922 figures include securities, if any, purchased from other Federal reserve banks in addition to purchases in open market. Separate figures not available.
2
Includes $250,000 discounted by the Federal reserve bank of Atlanta for the Federal Intermediate Credit Bank of Columbia, S. C , and $850,000 discounted by the Federal
Reserve Bank of San Francisco for the Federal Intermediate Credit Bank of Berkeley, Calif.
3 Includes $6,000,000 of foreign loans on gold during December and Federal intermediate credit bank debentures as follows: February, $100,000; May, $500,000; June, $750,000;
August, $500,000; September, $5,200,000; October, $1,800,000; and December, $250,000.
• Includes $250,000 discounted by the Federal Reserve Bank of Atlanta for the Federal Intermediate Credit Bank of Columbia, S. C , and $2,000,000 discounted by the Federal
Reserve Bank of San Francisco for the Federal Intermediate Credit Bank of Berkeley, Calif.
6
Includes Victory notes.
« Exclusive of certificates of indebtedness.
7
Included with '-'commercial and agricultural paper, n. e. s."
« Figures not available.
»Includes $170,072,483|of acceptances'purchased from the Federal reserve banks of Boston and New York by other Federal reserve banks.




2, 295, 565
2,462,407
1, 709,329
1,935, 590

1,859,934
2,093,905
1, 310, 777
1,413,778

418,112
356, 042

86
116
75
147

4,103
4,132
4,366
5,003
3,735
3,510
3,016
1,723

231,941
289,138
197, 714
148,458
83,492
52, 017
60,136
57, 354

230,292
286, 892
195, 815
147, 046

1,649
2,246
1,899
1,412

1,658
85,033
3,606
59, 840
3,833
584,101
6,258
80,905
72,467
6,523
278,940
9,848
108, 347
16, 592
5,038
57, 237
319, 035
9,098
63, 262
14,483
62, 740
8,241
37,318
485, 111
2, 257, 018 122,496
3, 500,903 5 77,487
4, 505, 801 5 350,196
3, 847, 094 5 38, 532

1
9

n

No.

41.—DiscpUNT AND OPEN-MABKET OPERATIONS: VOLUME, BY MONTHS

00

[In thousands of dollars]

Federal reserve bank

January

February

March

April

May

June

July

August

September

October

November

December

Prior years
Year
1923

1924
Boston
New York
Philadelphia.Cleveland

163,089
166, 892
179, 778
117,495
1, 279,602 1, 567,196 1,171, 776 1,050,144
140,148
187, 556
169, 777
200, 516
149, 976
175, 212
139, 849
186,164

65, 393
694,177
102,230
147,483

71,183
256, 224
99, 825
130, 044

43, 680
384, 472
74, 765
66,002

41, 959
167, 954
57, 756
46, 588

60, 784
589,381
56, 744
101, 666

47,605
604, 626
73,216
82, 506

106,304
160,916
453,436 1,200,430
172,913
82, 236
243,822
108,088

1922

1,225,078 4,161,284 2,727, 701
9,419,418 20,807, 603 12, 943; 576
1,417,682 3,169, 277 2,747, 268
1,577,400 2, 979,171 1,826, 779

Richmond
Atlanta
Chicago
St. Louis

174, 618
94,578
172, 534
111,972

148, 013
74, 590
159, 589
90,144

182, 921
86, 545
212,582
90, 673

171,431
70,163
138, 700
73, 837

114,722
57, 340
148, 282
59, 531

96,
48,
112,
37,

595
316
001
943

98, 650
25, 273
57, 718
31,789

49,185
24,817
51, 657
26,633

102, 303
29,490
62, 793
32, 510

83,160
43, 636
70,020
38, 802

57, 836
35, 961
77, S""
36, 714

94,410 1,373,844 3,021,880 1,465,127
39,115
629,824
895, 784
546, 954
164,061 1,427,923 3,291,63l| 2,423,127
54,856
685,404 1,793,1081 1,040,436

Minneapolis--.
Kansas City...
Dallas
San Francisco..

31, 295
62,497
39,469
132, 393

19, 684
43, 423
34, 472
144, 714

27, 027
54. 849
24, 836
150, 582

27, 230
31,140
18,445
140, 056

30, 244
22, 530
17,818
100, 211

26, 344
25, 465
29,419
101, 237

20,190
15, 466
23,467

13,255
7,436
18, 229
38,130

14, 841
12,648
18, 595
56, 378

24, 656
16,809
23,662
71, 740

8,533
16,127
21,701
84,2i6

17,230
260,529
386, 7111 273, 513
32,192
340,582 1, 008, 866!
414, 540
34,002
304,115
417, 702i
273,560
121,519 1, 201, 674 2,495,358! 1,860,971

Total: 1924-.-. 2,612,539

2,811,485
4,024,196
2, 522, 410
8, 309,185
7,122,048
5, 454, 819
1, 443, 795
99, 503
40,029
20,346

2, 491,195
3,970. 254
2, 597,127
7, 967, 010
8, 770,100
5, 706, 085
1,993,080
66, 495
50, 981
26,835

2,164, 953
3, 543, 495
1, 646, 968
5, 084, 648
7, 474, 47r
6,125, 884
2, 605, 720
95, 739
50,861
17,839

1,559,961
3, 876, 835
1,382,349
5,040, 858
6, 452, 944
7, 620,107
3,309, 207
174,129
48, 200
20, 243

1923
1922....
1921
1920.--.
1919-,-1918
1917_..J
1916
1915
1914

5,612,099
2,646,595
8,654,134
7,186,317
7,025,336
25985
1,525,985
49,105
37,151
23,450

W

1, 034,596| 901, 940 543,599 1,138,133 1,180,438 1,089,168 2,335,466 19,863,473
3, 575,386|3, 765, 951 3, 296, 502 2, 980, 549 3, 096, 430 3,111,979 3,574,699 44,428, 375
2,101, 4321 1, 586, 399 1, 469,069 1,915, 587 2,812,551 3,397,6911 4,465,374 28, 543, 552
4, 799, 534 3, 847, 005 3, 663,163 3, 650, 263 3, 729, 581 3,525,792! 4,870,435 63,141,608
7,800,839 7, 518, 907 8, 366, 571 8, 447, 267 8, 013, 276 8,715,06l|10,659,740 96, 527, 548
6, 771,913 7, 692,825 6, 808, 747 8, 801, 292 8, 468, 032 7, 812,081 8,449, 946 86, 737, 067
3, 655, 6G4 3, 490, 037 3, 955,612 4, 953, 969 6, 793, 019 5, 569, 709 8,118, 734 47,414,531
887, 502 547, 434 297,024 678, 063 2, 770,806 3,394,417 1,091,909 10,152,126
60, 785
64, 355
63, 282
47, 902
139, 531
58, 680
741,402
79, 645
23,179
27,048
23,961
29,375
33, 760
23, 556
307, 771
38,179
12,344
22, 293
9,949

1
Prior to 1922, figures include securities, if any, purchased from other Federal reserve banks in addition to purchases in open market. Separate figures not available.
2 Includes $170,072,483 of acceptances purchased from the Federal reserve banks of Boston and New York by other Federal reserve banks. Excludes purchases of United States
certificates of indebtedness, figures of which are not available.




H

w
o

No,

42.—BILLS DISCOUNTED:

VOLUME,

BY MONTHS

[In thousands of dollars]

Federal reserve bank

January

February

March

April

May

June

July

August

Septem-

October

November

December

Total

Total reduced to a
common maturity
basis (exclusive
of demand and
sight drafts) l

Amount

1924
Boston
New York
PhiladelphiaCleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas C i t y
Dallas
San Francisco
Total: 1924. _._
1923
1922
1921-___
1920
1919
1918.—
1917
1916
1915
1914.._.
1

123, 722
135, 494
1,159,498 1, 398,139
173,709
169, 708
131, 595
160,635
|
I
i
I

117, 779
667,831
143, 648
113, 876

87,500
949, 737
131, 204
175, 424

51,355
625,130
92,800
139,278

40,703
135, 502
79, 550
102,148

28, 764
305, 042
72,817
52,663

33,134
116,154
54,655
40, 787

27,523
292, 594
54, 209
81,474

20, 025
435,431
60,840
62,060

55,306
288, 097
67,372
86, 518

170,721
82,427
134,705
109,061

144, 750
62, 315
123, 712
85, 059

180,883
75,186
145, 040
80,905

169, 591
65, 369
107,125
71, 556

113,847
53,484
129,838
58, 554

96,067
45,932
65,101
30, 634

98,650
22,179
44,554
27, 752

48, 807
23, 022
38, 921
24,190

101,948
25, 592
38,130
25,739

83,120
36, 979
44,537
30,705

57,
27,
50,
26,

18,382
59,222
21,439
111, 084

11, 686
34,604
13, 698
122, 607

11, 872
36,850
8,143
127, 316

13,414
26, 466
13, 544
124, 660

15, 294
19, 099
14,174
90,649

6,492
13, 397
12,409
74,954

6,799
9,200
15,949
49, 088

3,720
4,203
14,633
26, 282

2,605
4,337
11, 502
34,472

2,400
5,637
9,692
48, 474

2,325
4,931
5,110
53, 573

2,462,407 1, 709, 329
3, 720, 547 3, 519, 700
2, 080, 372 1, 753, 098
8,120, 849 7,368, 268
6, 517, 4396,970,33l!
4,980,936 5,473, 5641
762,445
754,934|
26, 789
22,409
18,326
9,387
7,665
11,115
12, 530
13,400
10, 713

1,935, 590
3, 291, 071
1, 308, 055
4,912,652
6, 229, 740
5,901,402
2,172, 580
50, 056
11, 522
10,549

1,403, 502
3, 532, 513
1,113,930
4,253, 864
6,135,984
7,385,833
2,993, 019
91,413
11,195
12,145

702,889
733,457
428,508
3, 098,131 3,487,407 3, 052, 050
1,159,318 1,31Z, 602 1, 094, 307
3,674,977 3, 735, 078 3, 513, 063
6, 336, 642 6,714,924 7,982,524
6,328,912 7,183, 435 6,433, 662
3,137, 226 3,343,458 3, 762, 259
220,940
750,270
460,733
17, 352
11, 660
20,183
12,234
13,406
13,238

700,125
2, 621,961
1, 267,358
3, 033,109
7, 298, 972
6,726,155
4,685,140
548,164
14,309
14,405

839,900
2, 794, 852
2,172,114
3,489,268
7, 548,456
8, 060,318
5, 903, 963
2,681,166
11,863
15, 051

724, 757
2,676, 799
3,155, 775
3, 231, 271
7,882, 933
7, 414,498
5,154, 597
3,206,487
17,904
18,270
9,949

2, 295, 565
3,691, 259
2, 345, 365
8, 258,163
6, 241, 271
5,994,382

689
330
243
263

Total discounts multiplied by ratio of average maturity of bills discounted by each bank to average maturity (12.39 days) for system.




Per cent
of total

100,865
822,170
675,150
657, 687 7, 030,842 3, 028, 648
163, 518 1, 264, 030 1, 081,700
201, 567 1, 348, 025 1,152,628

9.0
10.8
14.5
8.5

416,623
100, 354
705,264
227,744
448, 046
148,383
929,140 1, 286, 332

2.7
4.6
2.9
8.4

1,483,126 15, 419,155 15,372, 534
2,893,636 38,379,926
3,315,593J22,082,887
4,168, 56657,759,128
9,461, 658 85, 320, 874
7, 290, 873 79,173, 970
6, 215, 083 39, 752,934
892,238
207,871
63, 716
161,353
15,412
21,411
11,462
I

100.0

O

4.4
19.7
7.0
7.5

91,703 1,357, 776 1,387, 002
550,312 1,658,485
30,497
113, 355 1, 035, 261 2, 224, 710
605,118 1,307,946
34,700

8

5,365
9,798
8,090
65,981

o

W
H

o

I

No.

4 3 . — M E M B E R J B A N K S ACCOMMODATED

THROUGH

DISCOUNT

OPERATIONS:

NUMBER,

CO

BY MONTHS

o
Prior years
Federal reserve bank

January February

March

April

May

June

July

August

September

October

November

December

Year
1923

1024
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago ..
St Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total: 1924
1923
1922
1921
1920
1919.
1918
1917
1916.
1915
1914

1922

202
372
327
311

209
373
320
259

213
373
308
278

199
355
308
308

179
360
308
302

174
335
282
302

130
283
262
274

129
241
296
263

120
255
260
252

110
259
271
264

145
299
299
259

180
369
356
318

317
593
525
485

313
590
532
470

330
544
538
540

272
258
634
264

277
265
609
246

305
272
591
261

344
274
639
275

355
287
620
268

356
284
587
260

330
273
553
244

297
285
471
236

301
287
491
239

285
277
514
236

254
258
489
207

246
218
525
197

463
390
922
391

453
351
973
362

491
353
1,129
400

298
349
112
264

217
321
128
241

207
307
154
247

236
347
196
263

268
334
264
250

265
321
290
250

254
262
311
256

197
168
275
194

123
162
146
150

94
146
83
124

95
108
52
108

100
113
37
124

476
586
492
420

559
653
617
460

706
733
661
531

3,663
3,294
5, 350
5,293
3,461
3.316
1,432
309
614
398

3,465
2,976
4,847
5,107
3,338
3,091
1,353
262
451
469

3,516
3,282
4.701
5,320
3,670
3, 575
1,568
315
535
570

3,744
3, 507
4,738
5,568
4,175
3,875
2,100
384
606
606

3,795
3,942
4,636
5,632
4,642
4,035
2,793
590
655
693

3,706
3,999
4,436
5,745
4,948
4,047
3,021
900
678
813

3,432
4,110
4,167
5,607
4,858
3,685
3,462
960
642
760

3,052
3,960
4,042
5,453
4,780
3,460
3,671
990
483
711

2,786
3,600
3,944
5,427
4,758
3,722
3,464
953
448
761

2,663
3,752
3,793
5,572
4,952
3,839
3,610
1,140
383
794

2, 573
3,732
3,859
5,622
5,275
3,649
3,667
1,574
336
835
132

2,783
3,698
3,873
5,676
5,551
3, 659
3,288
1,701
314
754
339

6,060
6, 333
6,956
7,415
6,941
5,993
5,493
3,127
1,788
1,920

_. - .

-

-._
..




ft

i
s

81

DISCOUNT AND OPEN MARKET OPERATIONS

H o . 44.—DISCOUNT OPERATIONS, BY STATES: VOLUME OF DISCOUNTS, NUMBER
OF MEMBER BANKS, AND NUMBER ACCOMMODATED

[Amounts in thousands of dollars]
N u m b e r of m e m b e r
banks on Dec. 31

N u m b e r accommodated during—

Total amount of paper discounted

Division and State
1924

United States
New England:
Maine
New Hampshire
Vermont
_.
Massachusetts
Rhode Island
Connecticut
Middle Atlantic:
New York...
New Jersey
Pennsylvania
_.
East North Central:
Ohio.
Indiana
Illinois
_.
Michigan
Wisconsin
West North Central:
Minnesota
Iowa
Missouri
North Dakota.
South Dakota
Nebraska...
Kansas
South Atlantic:
Delaware
Maryland
District of Columbia
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
East South Central:
Kentucky
Tennessee
Alabama
Mississippi
_ _
West South Central:
Arkansas
Louisiana
Oklahoma
Texas
Mountain:
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah....
Nevada
Pacific:
Washington
Oregon
California

1923

19221924

1923

1922 1924

1923

1922

6,060 6,333 6,956 15,419,155 38,379,926 22,082,887

9,916
62
54
46
182
21
66

64
55
47
183
20
67

56
48
185
20
67

42
42
36
148
13
45

40
42
29
153
13
46

41
42,621
49,002
42,267
43
40,246
60,722
42,453
21,409
34
27,118
18,024
645,969 3,395, 562 2,068, 564
164
16,392
30,023
11 ! 16,117
87,401
102,832
46 j 63,955

632
313
953

620
299

603
282
935

436
221
592

433
220
587

408 '6,653,107 17,408,097 8,837,014
198
528,775
506, 559
738, 692
630 1,888,144 4,118,888 3,078,672

447
268
583
286
187

456
272
591
284
187

457
274
591
283
190

281
169
342
177
95

176
335
185
107

307 I
933,910
201, 529
185 i 112, 549
402,748 1, 328,285
390
378, 601
783,676
212
94, 665
144,786
127

669,974
157,255
694,581
540,791
93,439

364
446
192
174
133
187
265

375
455
192
188
147
194
278

377
459
18.1
188
153
198
274

139
303
123
106
95
133
118

161
333
121
118
105
149
128

222
400
126
145
127
146
138

64,095
232,199
122, 560
181,396
279,964 1,118, 523
12, 030
14, 276
13,448
19,594
50,305
173,458
20, 994
32,926

97,457
198,467
290,008
20,768
27,885
85,134
30,200

22
91
15
196
142
95
100
172

22
94
15
195
142
97
103
184
71

22
94
15
192
140
104
104
188
78

15
58
11
155
92
80
78
156
42

17
62
12
146
75
87
81
143
48

19
72
11
150
89
85
96
142
39

5,976
11,578
485,142
160, 308
613, 041
105,456
507, 935 1,235,751
206,836
260, 940
358,458
308,177
i 55,981 i 46,491
210,443
161, 060
70, 065
28, 218

16,731
269,905
284, 791

147
120
126
44

149
122
132
39

148
119
133
40

75
80
90
32*

71
62
75
30

80
65
83
32

186,961
200, 045
48, 689
28, 966

446, 591
150, 536
61, 382
22,117

126
47
430
751
130
101
39
144
36
23
49
11

126
50
465
754

122
49
462
747
189
120
51
148
51
26
55
11
164
135
325

88
41
237
415
102
66
27
76
27
19
34
1

158
137
300

164
110
49
146
46
25
52
11
165
136
319

|
i
i
|

87
61
159

81
95
40
37
259 I 312
523
561
132
165
102
35
99
41
47
22
23
38
49
1
3
101
104
63
75
161
186

746, 537
229,722
65,377
25, 760

124,432
131,470
102, 574
157,386
37,459

73, 260
87, 571
74,450
194, 608
275, 523
153, 952
56, 677
37, 621 . 60, 393
192,019
267,971
! 131, 290
i
7,473
28,370
17, 997
| 76, 419
127,964
211,076
i
4,637
5,041
8,955
! 35,445
139,377
77, 258
!
5,951
14,471
15, 056
2,196
17, 758
5,337
35, 792
68, 666
! 22, 293
283
37
263
i
71,349
122, 584
75, 274
63,468
59,387
107,644
2
693, 935 31,710,698 1,107, 212

!

1 Includes $250,000 discounted by the Federal Reserve Bank of Atlanta for the Federal Intermediate
Credit Bank of Columbia, S. C.
2 Includes $850,000 discounted by the Federal Reserve Bank of San Francisco for the Federal Intermediate
Credit Bank of Berkeley, Calif.
3 Includes $2,000,000 discounted by the Federal Reserve Bank of San Francisco for the Federal Intermediate Credit Bank of Berkeley, Calif.




No.

45.—BILLS DISCOUNTED:

VOLUME

DISCOUNTED

FOR NATIONAL

BANKS

AND FOR STATE

BANK

AND TRUST COMPANY

MEMBERS

to

[In thousands of dollars]

Total

00

Discounted for State bank and trust company
members

Discounted for national banks

Federal reserve bank
1924

1923

1922

1921

1924

1923

1922

1921

1924

1923

1922

Boston
New York
Philadelphia..
Cleveland-_

822,170
7,030, 842
1, 264, 030
1, 348, 025

3,652, 775
17,951,843
2, 911,142
2,436,808

2, 262,087
9, 206,364
2,450,843
1, 523, 346

4,454,760
30,768,990
3,872, 367
3, 218,833

579,535
5, 631, 414
887,361
990, 530

2,981, 222
14,015, 575
2, 275, 513
1, 402,831

1,732,039
7,231, 941
1,940,277
940,014

3, 596,012
23, 572, 551
3,096,820
1,431,026

242,635
1,399,428
376,669
357,495

671,553
3,936,268
635,629
1,033,977

530,048
1,974,423
510.566
583,332

858,748
7,196,439
775,547
1, 787,807

Richmond
Atlanta..
Chicago
St. Louis

1,357, 776
1 550,312
1, 035, 261
605,118

2,910,687
1
728,081
2, 508, 082
1, 679,671

1,424,567
489,930
1, 681,004
865,856

2,749,671
1,647,255
4,168,477
1,609, 024

1,002, 550
305, 503
671,972
369, 946

2, 485, 609
410, 837
1,794,681
1,183,856

1, 272,000
290,808
979,373
632,877

2,478,801
1,080,731
2,821,976
1,005,416

355,226
244,559
363, 289
235,172

425,078
316,994
713,401
495,815

152.567
199.122
60i;631
232,979

270,870
566,524
1, 346,501
603,608

Minneapolis..
Kansas C i t y . .
Dallas
San Francisco.

100, 354
227,744
148, 383
2 929,140

290, 054
901,126
300,694
2,108,963

193,014
328,019
222,557
1, 535, 300

730,662
944, 074
771,997
2,823,018

92, 564
172,812
129, 502
492, 566

274,791
446,854
274,271
1,138,509

162,458
280,273
189,187
971,337

654, 869
787,229
653,382
1,549,496

7,790
54,932
18,881
435,724

15,263
454,272
26,423
968,454

30,556
47,746
33,370
563,963

75,793
156,845
118,615
1,273,522

Total. _.

15,419,155

38,379, 926

22,082, 887

11, 32 j . 'JJ

28,684, 549

16,622,584

42, 728,309

4,091,800

9,693,127

5,460, 303

15,030,819

3

57, 759,128

1921

H
O
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w

1

Includes $250,000 discounted for the Federal Intermediate Credit Bank of Columbia, S. C.
2 Includes $850,000 discounted for the Federal Intermediate Credit Bank of Berkeley, Calif.
3
Includes $2,000,000 discounted for the Federal Intermediate Credit Bank of Berkeley, Calif.




00

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No,

46,—BILLS

DISCOUNTED:

VOLUME,

BY MATURITIES

AND BY RATES

OF DISCOUNT

CHARGED

[Amounts in thousands of dollars]
Total
Federal reserve bank
Amount

1924
Boston
New York
Philadelphia...
Cleveland
Richmond...
Atlanta
Chicago
St. Louis

_
_..
.

Minneapolis
Kansas City..
Dallas
San Francisco
Total 1924_._.
1

Rates charged

Maturity

Average Demand
maturity and sight
(in days) 1 drafts

822,170
7,030,842
1,264,030
1,348,025

10.17
5.34
10.60
10.60

1,357,776
550,312
1, 035,261
605,118

12.66
37.45
26.63
27.99

100, 354
227,744
148,383
929,140

51. 62
38.43
42.27
17.17

15,419,155

12.39

Within 15 16 to 30 days 31 to 60 days 61 to 90 days 91 days to
days
6 months

Over 6
but
3 per cent V/v per cent 4 per cent 4 ^ per cent
within
9 months

780,059
6,932,344
1,216,320
1,257,695

11,819
19,357
8,211
19, 712

14,522
35,809
18, 794
34,749

15,224
43,125
20,509
33,465

545
207
196
2,039

58

175,257

532,710
4,175,205
761,054
721,241

26,069

1,173,236
271,348
770,871
375,195

31,836
45,403
45,073
45,576

68,338
102,218
83, 568
69,410

78, 557
117,068
99, 784
76,187

5,307
9,973
34,334
8,355

502
2,745
1,631
4,326

548,234
186,343
363,174
179,569

809,542
363,969
672,087
425,549

357
412
17,066
853

58,631
141,350
66,688
804,319

3,001
10,051
8,494
17, 309

7,138
20,586
19,302
37,260

13,389
29, 410
25, 507
55, 556

15, 692
24,427
9,934
11,549

2,146
1,508
1,392
2,294

208, 631

8,883
38,036
56,986
122,906

91,471
189,708
91,397
597,603

46,621

13,848,056

265,842

511,694

607,781

122,558

16, 603

1,873,154

2,351,076

9,431,536

307
1,557

1

S
8

1,763,389

1,763,389

289,460
420, 560
502,976
451,527

671, 688

n

Based on time bills only.




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No. 47.—BILLS DISCOUNTED: MONTHLY VOLUME, BY MATURITIES AND RATES OF DISCOUNT CHARGED

[Amounts in thousands of dollars]
/

Total

Month
Amount
1924
January
February
March_._
._
April
May
June
_ .
_
July
August
September
October
November.*
December
T o t a l : 1924
1923
1922
1921._
1920
1919
1918
1917
1915
1914
1

Maturity

Average Demand
maturity and sight
(in days) drafts

Within 15
days

16 to 30
days

31 to 60
days

Rates charged
61 to 90
days

91 days
Over 6
to 6 but within
months 9 months

3 per cent

2, 295, 565
2, 462,407
1, 709,329
1,935, 590

10.64
9.27
14.03
12.05

13,330
8,212
4,176
2,542

2,113,072
2,293,069
1, 506,414
1, 736,317

29,316
30,700
33, 419
34, 648

56,659
54, 364
67,955
61,201

68,889
64, 692
81, 299
82,179

12, 778
8,543
11, 685
14,833

1,521
2,827
4,381
3,870

1,403, 502
702,889
733,457
428,508

14.23
20.27
16.25
19.05

1,235
364
323
427

1,224, 795
574,123
628,740
351,408

29,854
20,936
15,180
14,069

61,842
40,178
31, 402
28, 451

65, 287
49, 212
45, 494
28, 418

18.829
17, 547
12,082
5,504

1,660
529
236
231

89, 580

700,125
839,900
724, 757
1,483,126

12.50
11.71
12.64
9.71

2,493
5,110
4,081
4,328

622, 647
758, 705
646,328
1,392,438

12,343
11,114
16,378
17,885

26, 252
25, 697
28, 558
29,135

31, 534
33, 744
24,044
32, 989

4,653
5,274
5,092
5,738

203
256
276
613

15, 419,155
38,379,926
22,082,88f
57, 759,128
85,320,874

12.39
9.89
12.14
13.63
13.29

46, 621
67,457

13,848,056
35,672,207
19,931,136
51,248, 594
75,914, 215

265,842
491,001
377,738
1,062, 513
1,327, 285

511, 694
908,454
714,398
2,025, 513
2, 774, 388

607, 781
1,053,044
829,626
3,049,336
4, 953, 099

122,558
182,314
229,989
373,172
351, 887

16,603
5,449

•_.. 79,173, 970
•__ 39, 752,934
8, 968, 991
207,871
161, 353
21,411

10.13
11.81
0)
0)
(0
0)

387, 563
76,131,886
383,901
36,906,711
181.029
8,129,286
115,053
26, 509
12,381

791,316
754, 479
272, 499

1, 737, 920
1, 551, 597
357,046
41, 577
57, 322
3,206

125, 285
156,246
29,131
16,818
19, 684
644

3H per cent 4 per cent 4)4 per cent

_

Figures not'availab1"




34,423
57,838
5,180

2,295,565
2,462,407
1,709,329
1,935, 590
142,352
406, 623
140, 402

625,130
332, 655
311, 975
194,806

778,372
227,882
14, 859
3,720

292, 594
435, 431
288,097
657, 687

197,678
191,399
262, 769
531.931

207, 248
211, 863
173, 891
293,508

2,605
1,207

1,763,389

1,873,154

2,351,076

ft

i

9,431, 536

w
ft

ft
m
ft
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No. 48.

-BILLS DISCOUNTED: AVERAGE MATURITY, BY MONTHS
[Days]
Prior years

Federal reserve bank

1924

Boston
New Y o r k . . .
Philadelphia
Cleveland
Richmond
Atlanta
Chicago.
St. Louis

January February

March

April

May

June

July

August

September

October

November

December

1923

1922

9.18
4.77
9.20
11.41

.
_

Minneapolis
Kansas City
Dallas
San Francisco
All banks: 1924
1923..1922
1921....
1920....
1919....
1918....

8.42
3.97
8.48
8.17

8.79
6.24
10.12
13.40

9.57
4.21
10.75
10.59

12.89
5.12
12.19
11.01

13.18
13.11
12.53
11.26

13.79
7.41
12.48
13.87

12.83
11.21
12.77
13.42

11.56
5.83
12.08
9.39

13. 53
5.01
12.50
13.14

10.68
6.83
11.99
11.32

10.05
5.90
9.43
7.59

10.17
5.34
10.60
10.60

7.61
5.22
8.71
9.22

8.19
5.08
8.89
13.30

9.10
32.04
22.80
23.45

8.36
33.75
22.54
29.65

11.09
36.20
29.74
30.06

12.61
41.78
32.69
27.58

15.45
42.26
25.02
24.98

17.14
37.35
33.49
29.55

14.14
48.78
34.67
29.69

18.59
39.95
27.74
34. 02

11.86
36.28
33.14
30.91

13.48
33.65
30.06
30.77

13.50
38.70
27.64
26.27

11.20 I
16.29 !
28.36 !

12.66
37.45
26.63
27.99

7.76
34.11
23.77
17.41

13.53
40.94
30.69
17.74

48.29
24.91
27.96
19.15

40.76
29.75 ,
45.00
19.59

37.47
30.69
54.99
18. 76

48.00
52.12
46.74
18.24

53.65
59.49
57.07
21.69

84.60
59.62
52.61
18.02

60.03
58.75
51.94
20.63

54.03
52.41
38.35
18.45

54.23
49.78
33.84
11.99

74.21
53.09
21.36
10.67

77.73
45.07
30.92
7.48

46.59
31.25
27.80
10.13

51.62
38.43
42.27
17.17

37.75
22.32
40.78
15.19

53.93
39.04
55.38
14.29

10.64
6.08
13.75
10.19
13.21
10.34
18. 90

11.94
9.61
12.26
10.74
27.73

14.03
8.86
15.39
12.38
13.77
10.15
22.25

12.05
9.04
15.86
15.66
15.08
11.07
11.25

14.23
9.45
17.44
16.76
14.74
9.13
12. 59

20.27
11.17
15.61
19.29
14.48
9.79
10.09

16.25
10.08
11.97
16.18
13.63
9.41
12.85

19.05
10.65
13. 48
15.76
12.38
9.33
12.70

12.50
12.56
13.43
17.22
14.27
9.44
10.38

11.71
13.15
9.99
14.78
13.26
9.54
11.17

12.64
11.97
8.43
14.42
12.17
11.36
12.37

9.71
11.77
9.00
11.67
11.55
11.52
8.54

12.39
9.89
12.14
13.63
13.29
10.13
11.81

2
8




9.27
6.70

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No.

00

4:9.—BILLS DISCOUNTED, SECURED BY UNITED STATES GOVERNMENT OBLIGATIONS: VOLUME BY MONTHS
[In thousands of dollars]

Year
Member

Federal reserve bank

Total

1924
Boston
_
New York...
Philadelphia
Cleveland

_.

Redis-

January

February

March

April

May

June

July

August

collateral counted
paper
notes

509,968
512, 607
6,214,270 6,214,060
980,102
980, 759
1,021, 567 1,019,060

64,437
96,394
2,639
210 1,048, 535 1,341, 559
657
144,038
131,897
100,934
130,460
2,507

80,021
610,097
113,434
76,417

54,317
792,942
93,600
124,104

27,784
587,216
65,396
104,499

September

October

November

December

17,634
28,737
108,891 279, 592
62,204
58, 526
80, 9651 40, 299

16,129
94,500
44,232
33,202

17,836
264,209
40, 626
71, 709

13,364
397,783
44, 669
54, 676

31, 624
192,995
49,865
70,481

64,330
495,951
132,272
133,821

63,446

t

Richmond
Atlanta
Chicago
St. Louis

980,033
184,989
748, 780
334,210

977,829
182,790
748, 345
332,243

2,204
2,199
435
1,967

144,813
33, 462
104,406
66,973

112, 502
24,083
98,412
41,364

138, 510
29,342
100, 867
44,496

118, 641
22, 939
63,114
42,265

69, 552
17,220
90,577
37, 541

65,1361
16,116
39, 724
18, 495

75, 326
6,321
27, 569
15,194

35, 789
8,250
27,171
11,128

26[ 595
12,819

50,293
11,939
32, 601!
13,212

38,308
3,283
35,407
12,450

67,717
4,145
102,337
18,273

Minneapolis
Kansas City
Dallas
San Francisco

51, 684
137,212
51,978
549,133

51, 639
136,537
51, 709
548,871

45
675
269
262

10,392
46,091
11,021
75,680

7,285
25,376
4,606
72,080

23,557
2,199
76,490

8,642
10, 629
4,954
70, 579

7,233
7,347
4, 6341
44,722

1,655
4,425
5,176
36, 424

1,871
2,761
4,191
25,224

1,471
6,303
14, 897

621
1,796
4,465
24, 608

378
2,844
1,877
27,394

624
3,052
1,406
35, 758

3,465
7,863
1,146
45,277

2, 086,018 1,304,091
3,132,070 2,836, 721
1,284, 698 1,032,402
3,856,232 3,549,862
5, 544,280 5,298,884
4, 755, 629 5,271, 540
400,037 315,116

1,406, 726
2, 650, 307
883,804
3,265, 958
4, 771,072
5, 693,811
1,806, 669

Total: 1924
1923
1922
1921
1920
1919.....
1918
1917

r
,
11, 767, 222 11, 753,153 14,069
J
,
29, 778, 014 29, 732,151 45,863
:
,
15, 464, 642 15,379, 463 85,1791
,
,
31, 925, 457 30,870, 9881,054,469
57,440,018 55,410, 876 2,029,142
74,187,280 72,289,835 1,897,445
33,390,080 32,142,406 1,247,674
5,884,161 5,884,161




1,850,782
3,154,444
1,678,537
4,141,487
5,456, 344
5, 713,903
378, 507

1,063, 721 467, 948! 554, 508 293, 929 536, 619 651,030
2,857,257; 2, 323, 668| 2, 651, 436
2,336, 000 1, 879,469 2, 006, 708
736, 259 797, 893 932,038 729, 487 804,932 1, 499, 040
2, 708, 6191 2,058, 1592,184,275 2,070,133 1, 610, 696 1,871, 588
4, 508, 4661 4, 544,8364, 533, 506 4, 933, 983 4,164, 062 4,305,269
7,169,367 6, 036,278 6, 824,988 6,170, 782 6, 238,301 7,348, 942
2, 523,506 2, 621,132 2,469, 385 3,127, 333 4,077, 897 5,308,281
30,478 215, 651 2, 262,475
5,184
354, 016 192, 916

475,253 1,076,597
1,930, 519 2,019,415
2,411,323 2, 674,229
1,930,649 2, 677, 799
4,349, 723 5,029, 593
6, 761,542 6,202,197
4, 601,248 5, 760,969
2,586,064 237,377

W
O

No.

50.—TRADE ACCEPTANCES

DISCOUNTED:

VOLUME,

BY MONTHS

[In thousands of dollars]
Prior years
C*

Federal reserve bank

January February

March

May

April

July

June

August

September

October

November

December

Year
1922

1923
to
'*

1924
Boston
^ , New York .
Philadelphia..
Cleveland

85
385
43
932

170
368
58
737

174
407
76
518

49
334
77
1,165

51
603
50
1,013

88
568
40
761

61
792
40
918

20
215
67
287

54
105
41
524

17
94
51
326

71
480
34
421

78
133
94
807

918
4,484
671
8,409

2,161
6,575
753
14,110

1,187
8,523
767
13,881

Richmond
Atlanta
Chicago
St. Louis.

759
481
129
705

1,754
293
101
482

1,680
420
76
296

1,535
616
150
428

480
523
72
705

799
461
150
305

351
297
112
96

343
320
106
87

515
318
83
150

290
442
134
843

295
424
33
246

238
340
94
529

9,039
4,935
1,240
4,872

7,768
4,933
2,086
5,779

5,539
4,742
1,321
4,182

11
241
26
306

1

17
31
121

12
707

5
11
633

57
176

121
217

170
179

131
146

16
101

74
45

II
39

146

18
263
660
2,816

69
467
749
5,943

173
88
694
3,175

4,103
4,330
5,773
20,171
16, 520
10,904
13, 998
574
444

4,132
3,200
3,854
13, 263
11, 001
8,880
19, 217
856
246

4,366
3,085
4,348
11, 868
23, 383
8,561
16, 231
763
299

5,003
3,303
3,447
10,864
15, 296
8,071
11,121
678
240

3,735
3,439
3,556
9,694
16, 541
7,062
13,166
1, 768
298

3,510
4,387
3,247
10, 013
13, 938
7,946
14, 811
2,521
276

3,016
3,969
2,891
8,673
13, 457
8,505
13, 822
1,077
199

1,723
3,639
2,402
8,824
14, 011
6,428
12, 762
1,668
245

1,907
5,232
2,977
7,983
17,160
10, 608
20,917
1,126
594
320

2,316
5,515
3,120
9,682
19, 389
16, 064
23, 520
4,355
415
629

2,054
5,317
4,524
7,851
15,143
21, 924
16, 191
6,960
853
496

2,460
5,977
4,133
10, 058
16, 318
23,467
11,617
15,425
1,103
514

38, 325
51,393
44, 272
128, 944
192,157
138,420
187, 373
37, 771
5,212
1,959

_.

Minneapolis
Kansas City
Dallas
San Francisco.

_.

T o t a l : 1924 .
1923
1922
1921..
1920
1919
1918
1917
1916
1915

1

5

a
o

>
W

pi

H3
No.

Year
1924
1923
1922 . .
1921
1920
1919

_
.
__

_

_-




51.—BANKERS' ACCEPTANCES

Total
507
3,532
3 416
57,095
187,162
71,643

Boston

153
22,129
4,985

New
York
47
470
192
23,192
70,654
61, 771

Philadelphia

DISCOUNTED:

Cleveland

Richmond

VOLUME,

Atlanta

Chicago

St. Louis

691
6,338

50
75
1,446
32,095

20
655
1,459
7,974
7,124
4,146

28f>
590

514
4,127
19

700
17,264
10,015

M

BY YEARS

O
Minneapolis

Kansas
City

Dallas
30

75
903

212
368
357

107
154
704

San Francisco
125
1,692
883
4,592
33,608
365

oo

No.

52.—BILLS BOUGHT IN OPEN

MARKET:

VOLUME,

BY

OO

MONTHS

00

[In thousands of dollars]

January

Federal reserve banks

February

March

May

April

June

July

SepAugust tember

October Novem- December
ber

Total reduced to a
common maturity
basis *
Total
Amount

Per cent
of total

1924
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis

30, 791
98, 805
18, 573
14, 366

24, 788
154,902
16, 287
10, 598

22, 090
99,099
9,403
8,303

21,176
81,151
5,034
5,567

8,892
51,283
3,945
2,242

3,201
20, 601
3,111
3,232

9,916
40, 262
737
1,389

5,740
38, 343
1,130
1,153

12, 266
60,100
606
8,057

27,222
141,600
10,623
16, 939

49,180
128, 544
14,350
19, 280

44, 236
162, 709
5,341
24,944

259, 498
1,077,399
89,140
116,070

261,203
698,341
136,157
193, 350

12.0
32.1
6.3
8.9

2,260
9,228
19, 622
1,513

1, 581
9,500
21, 885
3,650

1,616
8,107
18, 479
3,890

1,581
3,907
10, 681
1,842

875
2,728
4, 643
977

682
4,848
746

1.203
2,363
75

1,106
5,296
567

2,632
7,995
3,774

6,126
20,645
7, 958

7,329
20,370
9,773

1,486
7,073
27, 218
15, 967

9,399
59, 621
164,045
50, 732

11, 652
76,807
269, 769
75,033

.._

2, 305
75
16, 727
17, 676

3,092
7,412
17, 068
18, 375

2,720
3,181
7,523
13, 303

1,764
1,991
3,206
10, 558

828
1,075
2,020
3,984

1,519
2,305
6,804
4,968

466
811
1,155 !
1,759

164
402
892
2, 561

1,884
3, 915
3,206
9,338

1,092
9,044
11,462
22, 758

9,838
14,380
28, 627

10, 576
18,403
43, 026

15,834
50,625
102,846
176,933

21,172
67, 272
143,219
218,167

T o t a l : 1924
1923
1922
1921
1920
1919
1918
1917
1916 1915
1914

289,138
186, 464
139, 022
169,456
300, 307
147, 410
148, 275
70, 641
12, 416
2, 666

197, 714
254,141
144, 352
149, 255
303, 359
143, 662
138, 996
28,153
22, 918
8,356

148,458
194, 851
95, 724
123, 511
247, 594
140, 639
108, 516
41,313
18, 499
4,018

83,492
186, 363
150, 607
138, 601
274, 237
147, 650
115,914
82, 544
21, 912
2,865

52, 017
183, 733
175, 493
64, 673
285, 753
291, 915
89, 580
135, 230
42, 325
4,701

57, 354
160, 373
185,208
107, 303
259, 708
194, 211
162, 796
72,123
28,447
4,656

113, 773
159,420
217, 053
81, 883
257, 989
205, 048
183,132
109, 046
37, 087
4,548

275,469
215,351
206,617
139, 081
281,833
335, 262
256, 705
86,894
40,895
6,340

301, 671
327, 596
175,378
161, 999
231, 840
340, 695
195, 698
186, 219
48, 547
7,919

360, 979
339,136
202, 566
230,101
253,828
400, 708
155, 733
178,069
66,871
12, 790

2,172,142
2, 547, 010
1,954,688
1, 534,401
3,218, 364
2, 825,177
1,809, 539
2
1,077, 713
386,095
64,845

2,172,142

I

1.0
3.1
6.6
10.1

_ 231, 941
152, 754
103, 910
121, 868
302, 452
201,492
130,620
20, 617
9,603

tr

.5
3.5
12.4
3.5

100.0

_.

Minneapolis ._
Kansas City
Dallas
San Francisco__

>1

_ ..
_

1

60,136
186,828
158,758
46, 670
219,464
276, 485
123, 574
66,864
36, 575
5,986

1

Total purchases multiplied by ratio of average maturity of bills purchased by each bank to average maturity (35.33) for system.
2
Includes $170,072,483 of acceptances purchased from the Federal reserve banks of Boston and New York by other Federal reserve banks.




i

w

j

w
o

89

DISCOUNT AND OPEN MARKET OPERATIONS
No.

53.—BILLS BOUGHT IN OPEN MARKET: VOLUME, BY CLASSES
[In thousands of dollars]
Bankers' acceptances

Federal reserve bank

Total
(all classes)
Total

Foreign

Trade acceptances

Dollar
Domestic exchange

Total

Foreign

Domestic

1924
259,498
1, 077, 399
89,140
116,070

259,498
1,068, 947
89,140
116, 070

171, 534
808,283
64,008
95,180

77,038
230, 057
21, 345
18, 375

10,926
30, 607
3,787
2,515

9, 399
59, 621
164,045
50, 732

9,399
59, 621
164,045
50, 732

2,299
48,484
102, 475
40,029

7,100
11,034
56, 756
9,454

103
4,814
1,249

15,834
50, 625
102,846
176,933

15, 834
50, 625
102, 846
176,933

12, 876
40,097
82, 878
135,164

2,521
9,206
17,362
39,025

437
1,322
2,606
2,744

2,172,142

B oston
New York
Philadelphia._
Cleveland __

2,163, 690

1, 603, 307

499, 273

61,110

Richmond

Atlanta
Chicago
St. Louis

Minneapolis.
Kansas City
Dallas
San Francisco

_

Total

No.

8,452

8,452

8,452

8,452

54.—BILLS BOUGHT IN OPEN MARKET: MONTHLY VOLUME, BY CLASSES
[In thousands of dollars]
Trade acceptances

Bankers' acceptances
Total (all
classes)

Month

1924
January
February
March
April

231,941
289,138
197,714
148, 458

230, 292

83, 492
52,017
60,136
57, 354

82, 623
52,017
60,136
57, 354

113,773
275, 469
301, 671
360, 979

113, 623
275, 469
301, 502
360, 921

2,172,142
2, 547, 010
1, 954, 688
1, 534, 401
3, 218, 364
2,825,177

2.163, 690
2, 533, 470
1, 948, 379
1, 527, 235
3,143, 737
2, 788, 619

_.

May
June
July
August
September
October
November
December.
Total: 1924.
1923.
1922.
1921.
1920.
1919.

Total




195, 815
147, 046

Foreign

Domes- Dollar
exchange
tic

49, 634
60, 489
41,149
31, 849

11,172
11, 367
9,761
5,344

63, 632 16,843
40, 777 10, 212
48, 606 10, 576
7,843
49, 041
89, 747 22,331
201,105 68,046
217, 440 77, 776
253, 679 102, 525

Total

Foreign Domestic

2,148
1,028
954
470

169. 486
215, 036
144, 905
109, 853

1, 603, 307
1, 757, 339
1, 400, 057
1,019, 689
2, 367, 881
2, 020, 888

1,545
6,318
6,286
4,717

499,273 I 61,110
667,175 | 108, 956
484,530 63, 792
368,972 !138, 574
711,311
64, 545
756,425
11, 306

1,649
2,246
1,899
1,412

1,649
2,246
1,899
1,412

150

150

169
58
8,452
13, 540
6,309
7,166
74, 627
36, 558

8,452
12, 724
5,844
7,081
68, 876
27, 289

58
816
465
85
5,751
9,269

No. 55.—BILLS BOUGHT IN OPEN MARKET: VOLUME, BY RATES CHARGED

CD
O

[In thousands of dollars]
Total

Boston
New York
Philadelphia
Cleveland

1924

. .

.

Minneapolis
Kansas City
Dallas
San Francisco

21,324
29,090
5,889
10,105

2H per
cent

46,608
103,411
12, 869
18, 657

2V8 per
cent

2^ per
cent

2% per
cent

2% per
cent

11,646
12,429
2,786
4,316

14,892
55,121
2,868
4,807

1,514
6,446
466
2,841

12,250
63,108
2,837
13, 737

2^per
cent

3 per
cent

3Hper
cent

3)4 per
cent

3,307
1,004
544
3,283

15,379
60,280
3,198
3,524

2,597
57,545
1,344
2,346

1,467
1,025
166
342

139
4,246
455

3^per
cent

970
37

304
219
79

9,399
59, 621
164,045
50, 732
_

_ _.

....

Federal reserve bank
1924

900
23,025
6,073

6,519
9,996
5,604

5,041
19, 627
9,122

1,012
3,024
1,655

941
3, 612
1,670

250
4,012
755

2,812
12, 249
11, 639

500
1,763
494

1,486
22
8,813
1,825

15,834
50, 625
102,846
176, 933

1,393
8,776
8,503
20,131

732
5,818
7,982
16, 534

1,479
6,952
11, 301
20,845

2
2,187
2,880
5,508

16
2,040
3,214
6,181

844
1, 336
4,008

6,849
12,220
24,471

264
1,276
3,168

567
1,506
2,253
9,402

1,245
1,861
6,106
3,006

13
178
359

7
93

355, 319

119,593

255,912

47,445

95, 362

22,472

162,172

15, 603

108, 255

80,890

4,557

702

ZV2 per
cent

__

Total

3&per
cent

S5A per
cent

3H per
cent

3% per
cent

3 ^ per
cent

4 per
cent

4Kper
cent

3,811
2,732
318
620

6,936
1,445

3,388
228
905
10

Richmond
Atlanta
_
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

25,061
246,006
3,303
12,148

2^per
cent

2,172,142

Richmond
Atlanta
_
Chicago
_.
St Louis

Boston
New York
Philadelphia
Cleveland

2 per
cent

259,498
1,077,399
89,140
116,070

Federal reserve bank

80

575
56
2,350

365

220

-.




43

4,682

4}/2 per
cent

4^8 per
cent

12
7,433

40

38,851
411,804
19, 382
11,265

43, 654
15,317
29,141
21, 749

5,583
1,957
765
5,148

299
298
9
582

5,748
377
7,850
495

5
2,300

80

3,201

365

4% per
cent

54

1,041
859
95

17, 598
19,932
3,665

1,285
9, 711
39, 739
6,715

400
521
818
741

86

Total

4% per
cent

875
59
1,544
411

22

._

457

434 per
cent

193
125
563
642

3,725
6, 505
18, 769
13,811

6,047
5,616
23, 299
17, 343

35
150
2,073
30,122

3
25
250

595

12,850

12,356

565,307

219,616

60,303

3,771

21,080

12, 393
275

109

100

149

100

318

No.

56.—-BILLS BOUGHT IN OPEN MARKET: MONTHLY VOLUME, BY RATES CHARGED
[In thousands of dollars]

Month

January
February,
March
April

Total

2 ^ per

cent

2y2 per
cent

2 ^ per

cent

2% per

cent

2% per

cent

3 per cent 3H per
cent

3 ^ per

cent

3 ^ per
cent

231,941
289,138
197 714
148, 458

_
_

September
October
November
December

83, 492
52,017
60,136
57, 354
113, 773
275, 469
301, 671
360, 979

._

Total...

4,476
21, 938

1,372
5,485

113
50, 685
28, 795

65, 824
177, 614
85,467

15,142
39, 809
57, 755
30

28, 616
50, 782
83, 880
13, 041

2,172,142

355,319

119, 593

255, 912

3^per
cent

Month

May_.
June
July
August

2^per
cent

1924

May
June__
July
August

January
February
March
April

l
A per
2 per cent 2 cent

3T96 per

35A per
cent

3Hper
cent

cent

2
1,633
651

604
535
145

2,124
3,366
23,955
15,714

1,005
1,615
45, 485
45, 973

47,445

3%per

cent

852
57

210
7

62
3

1,685
20,070
15

70
3,835
17, 658

39
186
161, 730

15, 538

250
95
86,140

22, 472

162,172

15, 603

W% per4 per cent
cent

4K per
cent

434 per
cent

95,362

108, 255

4 ^ per
cent

50,768
28, 269

3,393
484

361
332

1,853

680

9

80,890

4,557

702

4^per
cent

tyi per
cent

4^per
cent

1924
1,626
1,853
9,371

3,180

4 593
4

4,064
6,313
1,979

_.

September
October
November
December
Total




227

_

85

80

21

80

3,201

365

76,231
75, 746
45, 668
21, 394

23,476
16,609
13,750
6,407

5,459
661
1,353
340

577

61

219, 616

60, 303

674
299
1,505
1,293

4,934
6,595
4,746
2,386

100
20
20
109

2 065
354

835
1,924
1,013
2,289

138

4,682

126, 526
189,869
126,335
108, 703

12, 850

12, 356

565, 307

3,771

21,080

149

100

No. 57.—BILLS BOUGHT IN OPEN MARKET: AVERAGE MATURITY, BY MONTHS

CO

to

[Days]
Prior years
January February March

Federal reserve bank

April

May

June

July

August

Septem- October Novem- December
ber
ber

Year
1923

1924
Boston _ . _.
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
- - _
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
gystem* 1924
1923
1922
1921
1920
1919

1922

29.68
18.37
53.91
67.73

25.81
16.69
58.17
57.80

23.14
17.94
48.93
61.56

18.13
15.40
42.93
46.53

-16. 95
15.55
20.49
21.70

23.56
33.27
31.70
36.51

34.89
17.60
46.49
35. 65

26.78
59.34
75.38
72.45

39.14
32.30
71.07
61.13

35.03
21.87
59.20
49.53

46.00
32.46
61.35
64.27

53.34
21.95
62.70
64.39

35.57
22 90
53.97
58.86

27.28
22.13
74.37
67.59

28.37
25.18
61.59
60.89

.

43.79
47.99
68.35
45.60

47.05
46.41
61.26
54.85

38.47
45.77
63.47
56.85

36.17
50.04
57. 40
45.19

48.41
49.76
31.79
21.07

61.87
28.40
18.65

31.34
38.25
11.09

46.65
44.95
72.93

42.65
57.43
57.15

47.19
48.20
47.55

37.72
55.73
52.43

51.59
45.11
68.39
56.02

43.81
45. 52
58.11
52.26

52.66
57.89
69.48
57.70

58.75
51.73
71.71
69.21

.

62.72
90.00
49.80
36.47

41 67
51.22
52. 51
33.34

43.64
46.14
53.07
36.18

46.15
36.56
39.23
26.71

14.17
13.64
16.86
15.35

32.02
36.32
40.71
31.26

11.13
36.85
27.43
25.17

83.61
62.22
57.61
42.88

51. 73
46.19
55.38
60.00

35.83
41.44
46.68
46.49

52.06
52.85
57.57

52.00
51.06
48.55

47.25
46.95
49.21
43.57

54.03
76.78
65.81
40.83

73.01
65.59
40.90

35 72
37 74
31 56
38 22
47 05
55.51

30 82
43 14
31 99
36 98
50 50
45.67

31.53
46 59
33 91
33.99
49 33
42.69

24.38
44 28
35 28
26.60
51 59
42.00

18.51
33 02
37.01
23.20
44 22
45.80

33. 37
36. 07
37.57
28. 83
45.72
45.60

22.99
40.51
36.63
31.26
47.82
51.21

54.55
38 85
42.18
25.33
36. 78
50.73

41.51
40 32
51.24
25.89
41.71
46.15

33.35
39.87
46.23
25.77
35.51
48.36

44.41
38.26
43.41
25.60
35.11
55.55

40.45
35 38
39.14
23.39
38.43
57.11

35.33
39 42
39.91
28. 53 __
43.83
50.45




8
3

§

93

DISCOUNT AND OPEN MARKET OPERATIONS
No.

58,—BILLS BOUGHT IN OPEN

MARKET: VOLUME, BY MATURITIES

[In thousands of dollars]
Maturity

Total
Federal reserve bank
Amount

Average
maturity
(days)

259,498
1,077,399
89,140
116,070

35.57
22.90
53.97
58.86

Richmond
Atlanta...
Chicago
St. Louis

9,399
59,621
164,045
50,732

Minneapolis
Kansas City
Dallas
San Francisco

15,834
50,625
102,846
176,933

1924
Boston
*_..
New York
Philadelphia
Cleveland

16 to 30
days

31 to 60
days

61 to 90
days

140,821
862,790
9,656
5,797

25,525
73,937
20,124
29,622

31,199
45,530
17,517
22,299

53,939
72,197
40,125
49,123

8,014
22,945
1,718
9,229

43.81
45.52
58.11
52.26

1,318
6,472
10,912
3,446

2,158
18,931
42,298
14,267

3,323
16,965
31,531
10,359

2,582
17,197
70,001
21,827

18
56
9,303

47.25
46.95
49.21
43.57

1,505
4,707
8,516
53,967

5,640
18,028
33,441
39,669

3,215
11,404
23,291
28,033

5,474
16,434
35,837
45,494

52
1,761
9,770

35.33 1,109, 907

2,172,142

Total

Within
15 days

323,640

244,666

430,230

63,699

Over 90
days

No. 59.—BILLS BOUGHT IN OPEN MARKET: MONTHLY VOLUME, BY MATURITIES
[In thousands of dollars]

Maturity

Total
Month
Amount

Average
maturity
(days)

231,941
289,138
197, 714
148,458

35.72
30.82
3.1. 53
24.38

83,492
52, 017
60,136
57,354

18.51
33.37
22.99
54.55

__

113, 773
275,469
301, 671
360,979

41.51
33.35
44.41
40.45

Total: 1924
1923
1922.
1921
1920.
1919.
1918.
1917.
1916.
1915.

2,172,142
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

Within
15 days

Over. 90
days

16 to 30
days

31 to 60
days

61 to 90
days

116,804
169,003
107,865
101,320

34,379
41,912
40,050
22,104

23,297
23,134
15,601
11,121

51,597
53,355
30,946
12,193

5,864
1,734
3,252
1,720

68,365
17, 670
48, 039
11,317

9,159
13, 346
3,397
13,474

2,021
14, 031
4,501
7,120

3,854
5,301
2,385

93
1,669
1,814
8,805

22,442
50, 768
39, 617
32, 992

14,169
38, 642
49, 783
41, 246

24,870
40, 845
83, 736
104, 510

323, 640
275, 703
207,194
215, 338
449,424
455, 789
276, 656
128,893
38,442
2,980

244, 666
287, 344
270,126
224,037
848,890
807,326
466, 589
267,035
63, 651
9,057

430, 230
585,860
429,425
153,945
859,899
982,877
876, 539
613, 296
284,002
52,808

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

1

Figures not available.




45,350
138, 272
114,838
171, 064
1,109, 907
1, 270,162
939,086
937, 607
1, 060,151
578, 751
161, 964
32, 048

6,942
6,942
13, 697
11,167
127,941
108,857
3,474
434
27,791
36,441

No.

60.—UNITED STATES SECURITIES:

TOTAL VOLUME

PURCHASED IN OPEN

MARKET

1

CD

[Exclusive of special temporary certificates issued to Federal reserve banks by the Secretary of the Treasury]
[In thousands of dollars]
Prior years
Federal reserve
•
bank

January

February

March

April

May

June

July

August

September

October

November

December

Year
1923

1922

1924
Boston

8,576
21,299
8,234
4,015

6,610
14,055
1,561
3,979

10,909
33, 846
1,175
11, 670

8,819
19,256
3,910
5,173

5,146
17, 764
4,985
5,963

16,279
53,121
11, 414
19,664

5,000
39,168
1,211
11, 950

3,085
13, 457
1,471
4,648

5,995
30,487
1,929
12,135

358
27, 595
203
3,507

1,818
36, 795
514
2,290

11,815
119,288
3,472
16, 609

84,410
426,131
40, 079
101, 603

51,426
920,113
4,831
20, 589

147,423
1,462, 279
55,201
85, 882

Richmond
Atlanta . . .
Chicago
St. Louis

1,637
2,923
18, 207
1,398

1,682
2.775
13, 992
1,435

422
3,252
31,063
3,878

259
887
20,894
439

1,128
13,801

528
1,702
31,052
1,563

1,891
10,801
3,962

378
689
7,440
1,876

355
1,266
12,668
2,997

40
531
4,838
139

147
1,302
7,373
678

879
1,281
22,594
3,895

6,327
19, 627
194, 723
22, 260

50
18,431
206,689
10,357

100
10, 587
399,659
42,844

Minneapolis
Kansas City
Dallas
San Francisco

10,608
3,200
1,303
3,633

4,906
1,407
3,706
3,732

12,435
4,818
9,170
9,963

12,052
2,683
1,695
4,838

14,122
2,356
1,624
5,578

16,333
9,763
10,206
21,315

12,925
5,455
6,363
9,621

9,371
2,831
2,704
9,287

10, 352
4,396
3,887
12, 568

21,157
1,878
2,508
508

6,208
1,358
2,211
2,046

11,649
11, 292
7,281
12,056

142,118
51, 437
52. 658
95,145

43,593
31,958
18,133
233

64,933
57,672
11, 850
18,871

85,033
175,086
197,260
27,103
43,594

59, 840
117,185
302, 965
18,880
25,301

132, 601
87,372
226, 677
46,487
14, 408

80,905
57, 573
243,189
40,485
15,144

72,467
114, 904
117,812
152,393
42,723

192, 940
149,012
290, 622
63,884
85,445

108,347
88, 716
110,030
45, 257
51, 519

57, 237
84,069
158,536
42. 797
63,340

99,035
102, 371
174,176
76, 271
164,306

63, 262
86,227
239,308
43,123
47,988

62, 740
107,481
66, 535
131,859
45,288

222, 111
156, 407
230,192
165,455
127,254

1,236,518
1,326,403
2, 357,302
853,994
726,310

New York
Philadelphia
Cleveland

Total: 1924
1923.._.
1922..._
1921....
1920.—

i Prior to 1922 includes securities, if any, purchased from other Federal reserve banks, in addition to purchases in the open market, separate figures not being available.




S

n

I
w
o
>

No. 61.—UNITED STATES BONDS AND VICTORY NOTES: VOLUME PURCHASED IN OPEN MARKET

1

[In thousands of dollars]

i

Distribution, by classes

t!$

I

Janu- Febru- March
ary
ary

Federal reserve bank

1924
Boston
_
_
New York
Philadelphia .
Cleveland
Richmond
Atlanta..
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco...
Total: 1924
1923
1922
1921

April

May

June

15
145
2,000

July

SepAugust tember October Novem- Decem- Total
ber
ber

500
3,700
200
1,200

U.S.bonds
U. S.
Victory
notes Liberty All
bonds other

1,442
7,537
601
6,011

1,000

1,957
11, 237
946
10,211

1,942
11,182
905
10,113

15
55
41
98
409
42

346

529
1,813

1,152
418

527
655

470

1.258
1,113

631
1,247
600

432
1,076

400
3,448

351
4,052

737
1,558

150
629
3,695
664

150
7,462
19,075
1.264

150
7,053
19,033
1,264

697
600

1,119

2,206
50
5
2

4,475
598

6,002
48

3,774
1,699

2,741
786

4,212
32

3

4

3

6

9,111
767
200
2

4,605
290
1,050
1

6,474
6,475
1,583
2,057

51, 637
11,936
3,438
3,183

50,213
6,700
3,168
3,183

1,424
5,236
270

3

6,221
591
600
1,102

3,833
9,466
57, 310

6,258
3,539
32, 292
520

6.523
32, 027
11,962
8,362

9,848
1,046
24,030
1,640

16, 592
771
14, 708

5,038
1,027
19,934
240

9,098
1,458
28,127
50

14, 483
1,286
45,125
6,856

8,241
550
5,927
5

37, 318
12,199
6,474
20,848

122,496
77,487
350,196
38, 532

114,906
34,908
38,835
17, 702

7,590
1,125
16,632
30

_
_
_ .

1,658
4,166
49,388
11

3,606
9,952
54,919

41,454
294, 729
20,800

1920

218

5

21

19

61

6

1

332

9

1919
1918
1917
1916
1915
1914

1,014
14,337
2.431
6,627
2,651

146
14, 747
145
9,497
2,566

166
9,823
8,641
8,250
1,340

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

107
20,831
2,193
488

1
93
1,547
5,628
2,989

4
37
21,396
5,540
2,347
205

1,757
73,996
81, 537
56,450
15,714
205

428

285
3,825
501
735

1
1,306
190
7
1.200

1,596
62

3,482
124

3,651
182

6,017
241

6,495
28

9,695
153

16,458
134

4,993
45

9,095
3

14,481
2

8,236
5

30,707
6,611

o

3

n

114,906
7,590

Bonds purchased during 1924, distributed by classes:
Liberty bonds
All other
1

o
o

323
1,329
73, 996
81, 537
56,450
15,714
205

Prior to 1922 includes securities, if any, purchased from other Federal reserve banks, in addition to purchases in open market, separatefiguresnot being available.




1-3

i—i

O

CO

No.

62.—UNITED STATES TREASUKY NOTES: VOLUME PURCHASED IN OPEN MARKET

1

CD

[In thousands of dollars]
Pur-

Federal reserve bank

January

Febru- March
ary

April

May

June 2

July

NoSepAugust tember October vember Decem- Total 2
ber

chased
Taken through
under
open
repur- market
chase investagreement
ment
com-

All
other

mittee

1924
_

Boston..
New York
Philadelphia..

5,463
14,681
6,910
2,327
967
1,248
10, 309
825
6,509
1,812
684
2,146

... _

Cleveland

Richmond
Atlanta
Chicago __
St. Louis
Minneapolis
Kansas City _
Dallas
San Francisco
Total: 1924 .

1,473
1,852
9,125
1,258
2,933
1,234
3,083
3,270

53, 881 47,084
71,474 62,831
6,771 112, 986

1923
1922
1921
1920
1919
1918 3
1917 3
1916 3___

5,934
12,066
1,370
3,486

7,054
21,085

3,971
13,597
3,847
4,602

4,205
2,448
7,251
6,467

5,879
16,296
3,323
4,450
259
130
13, 052
435
5,630
1,835
1,320
4,168

75, 778
47,183
81, 237

56, 777
27,854
55,153

6,925
1,140
16,682
2,521

8,745
32,408
5,893
10, 212
187
269
17,251
1,042

3,791
29,806
879
8,273

6,627
4,646
3,939
9,813

47,461 101, 032
45,441 76, 025
19, 598 110, 268
13,624

97
9,419
4,720
1,665
1,241
4,302

2,344
10,225
1,118
3,579

334
2,491
1,359

9

5,175
4,182
4,862
7,224

287
216
4,836
1,426
4,330
1,546
1,770
8,174

2,076
1,463
1,132
3,170

4,104
168

893
597
625
1,202

5,704
62,457
1,353
5,173
361
175
6,839
1,600
2,321
2,391
2,565
4,953

76, 094
53, 568
37, 761
4,626

39, 851
54,889
69, 562
942

24, 257
57,353
92, 845
11,253

7,281
50, 001
89, 866
10,775

26, 051
41,755
45,455
9,178

95, 892
83,005
97,470
15,500

651,439
671,379
818,972
65,898

10

3,666

1,213
17,476
288
1,463
86
151
1,652
405

51,004
241,249
25,434
53, 211

I

520
7,063
300

871
8,129
2,902

906
8,152
453
2,721

3,620
6,492
99, 785
13, 773
49, 523
23,987
28, 472
54, 889

12,179
77,805

22,873

38, 825
163,444
20,434
51,147
3,620
4,557
76, 712
13 773

2,012 » 18,607
2,550
20,972
100
27,487
50,229
117, 519
620,354
561,383
38,549

489, 807

5,000
2,064

Treasury notes purchased during 1924:
Under repurchase agreement _
Through open market investment
committee
All other
1
2

456

1,882

1,220
50

20,275

8,545

8,178

12, 826

23, 580
10, 026

35,937
2,602

65,405
2,195

40, 779
3,172

756

1,370

2,581

1,187

700

41,366
3,514

97, 524
2,321

70,504
4,890

1 369
250
100
31, 801
8,050

3,000

13, 471

46,656

28,904
465
885
4,660
44,113
51, 025
257, 589
27,349

117, 519

22, 646
1,511

4,281

11,750
830

48, 515
721

489,807
44,113

Prior to 1922 includes securities, if any, purchased from other Federal reserve banks, in addition to purchases in open market, separate figures not being available.
Exclusive of securities sold by Federal reserve banks under repurchase agreement and subsequently repurchased, as follows: Boston, $8,240,000; New York, $36,050,000;
Philadelphia, $3,090,000; Cleveland, $9,270,000; Richmond, $1,030,000; Atlanta, none; Chicago, $15,450,000; St. Louis, $2,060,000; Minneapolis, $5,150,000; Kansas City, $5,150,000;
Dallas, $7,210,000; San Francisco, $10,300,000. Total, $103,000,000.
3 Figures for 1916-1918 represent renewable one-year gold notes; those for later periods represent Treasury notes with a definite maturity of over one but not more thanjfive'years.




n

1,935
200

_
520

o

1
i

3

MARKET1

N o . 6 3 . — U N I T E D STATES C E R T I F I C A T E S O F I N D E B T E D N E S S : V O L U M E P U R C H A S E D I N O P E N

[Exclusive of special temporary certificates issued to Federal reserve banks by the Secretary of the Treasury]
[In thousands of dollars]

Federal reserve bank

January Febru- March
ary

April

May

June

July

1924
Boston..
New York
Philadelphia...
Cleveland

3,098
6,618
1,324
1,688

676
1,989
46
493

3,855
12,761
1,175
4,745

2,940
2,960
587
723

1,175
4,167
1,138
1,361

7,534
20, 713
5,521
7,452

709
5,662
132
2,477

Richmond
Atlanta
Chicago
St. Louis

670
1,329
7,898
573

209
394
3,054
177

422
960
13,963
1,357

230
7,187
4

561
4,382

341
175
12, 688
521

389
1,425
460

Minneapolis
Kansas City
Dallas
San Francisco

3,402
788
619
1,487

854
173
623
462

6,024
2,320
1,914
3,494

1,947
250
375
667

3,400
643
383
1,273

5,932
3,418
6,267
11,498

1,529
682
901
1,295

52,990 17,870
30,723 26,180
88,130 155,744
46,487 39,965
14, 387 15,143

18,483
37,436
86,252
144,031
42,723

82,060
71,941
156, 324
48, 620
85, 445

15,661
34, 377
57,561
40, 631
51, 519

Total: 1924
29,494
9,150
1923.
- - . 99,446
44,402
1922
141,101 135,060
1921
27,092
18, 880
1920
43,376
25,296
Certificates purchased during 1924:
Under repurchase agreement
9,361
3,093
Through open market
investment committee
5,080
16, 348
All other
3,785
977

9,664

9,305

2,503

573

35,899
7,427

6,415
2,150

12,240
3,740

68, 363
13,124

August

September 2

Octo- Novem- December
ber
ber

Total

741
3,232
353
1,069

5,089
22,335
1,476
8,414

358
24,595
203
3,507

605
19, 319
226
827

4,669
49,294
1,518
5,425

31,449
173,645
13,699
38,181

91
41
1,528
450
2,300
499
934
1,110

355
532
6,729
1,638

40
171
786
139

61
414
4,163
273

368
477
12,060
1,631

2,557
5,673
75,863
7, 223

4,064
2,901
2,755
9,392

7,942
943
2,308
506

710
471
536
843

2,854
2,426
3,133
5,046

40,958
15, 514
20,748
37,073

88,901
61, 203
126,248
129,107
127, 253

462, 583
577,537
1,188,134
749,564
725,978

12, 348 65,680 41,498 28,448
28,153 43, 560 34,940 65,176
15,153
69,040
53,204 104,317
41, 615 64,968 25,492 122,676
63, 321 164, 306 47,927 • 45, 282

375
12,919
2,742

615

14,875

19, 267

35,280

48,461
16, 604

5,001
21, 622

8,249
932

49,415
4,206

Purchased
through
open
All
market other
investment
committee
22,128
94,673
12, 939
28,528

29,420

2,557
1,997
43,607
7,223
11,549
12,040
13,176
28,023

d
3

3,676
2,836

200
3,370

CO

O
O

4,122
12, 250
760
9,653

29,409
3,274
4,202
9,050

5,199
66,722

104,911 278,440 79, 232
128, 581
448,956
776,317
411,817
494,578
254,986
413, 397
312, 581

104,911

10,050
1,923

Certificates
taken
under
repurchase
agreement

3
H

o
3

278,440
79, 232

1

Prior to 1922 includes securities, if any, purchased from other Federal reserve banks, in addition to purchases in open market, separate figures not being available.
2 Exclusive of securities sold by Federal reserve banks under repurchase agreement and subsequently repurchased, as follows: Boston, $700,000, New York, $3,700,000; Philadelphia, $300,000; Cleveland, $1,000,000; Richmond, $100,000; Atlanta, $100,000; Chicago, $1,400,000; St. Louis, $300,000; Minneapolis, $400,000; Kansas City, $500,000; Dallas, $500,000;
San Francisco, $1,000,000. Total, $10,000,000.




CD

No.

64.—UNITED STATES CERTIFICATES OP INDEBTEDNESS: VOLUME OF SPECIAL TEMPORARY CERTIFICATES ISSUED TO FEDERAL RESERVE
BANKS BY THE SECRETARY OF THE TREASURY

CD
OO

[In thousands of dollars]
YearMarch

Federal reserve bank

June

September

December
1924

1923

1922

1921

1920

I
Boston.
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis .

_

.

_

15,000
201,000

11,000
5,000

4,000

4,000
259,000

59,000
878,000
20, 500
11,000

155,000
758,000
94,000
325,000

56,500
1,403,500
104,000
122,000

156,000
2,077,000
141,000
343,000

471,000
3,836,000
311,000
831,000

10C, 500
54,500
311,500
70,500

32,000

33.000
7,000

189,000
98,000

37,000
7,000
138,000
36,000

84,000
17,000
800,000
59,000

2,000
10, 000

47,000
73, 500
24,000
161,000

15,500
27,000
6,000
95,000

4,000
3,000
51,100

140,000
112,000
176,000
425,000

1,020, 500

2,174, 500

2,148, 500

2,993,100

7,262,000

__
_

Minneapolis
Kansas City
Dallas
San Francisco

_
-.

i

2,000

._
10, 000

451, 500

Total

No.

11,000
47,000
5,000
5,000

18,000
2,000

_.

29,000
371,000
15, 500
6,000

86, 000

220,000

65.—REDISCOUNTS AND SALES OF BILLS AND SECURITIES BETWEEN

263,000

FEDERAL

RESERVE

BANKS: VOLUME

1

OF OPERATIONS

ACCEPTANCES PURCHASED FROM OTHER FEDERAL RESERVE BANKS
[In thousands of dollars]

Month

Total

Boston

• New
York

Philadel- Cleveland
phia

Richmond

Atlanta

Chicago

St. Louis

Minneapolis

Kansas
City

3,006

3,005

Dallas

1924
January
Februarv
M. arch
\pril
June




3,661
18, 346
2,648
25
2,506

59
53
2.648
25

3,602
12,282
2,506

San
Francisco

W
O

Total: 1924..
1923..
1922..
1921..

27,186
105, 225
86, 618
58,646

19201919..
1918..
1917..

212, 547
424,577
336,590
170,072

10,090

2,785
9, 008
111

10, 671
30, 673
6,709
5,047

11,067
15, 827
50,182
19,659

3,005
2,002

18,390
57,923
14,668

5,049
19,282 i 45,099
25,911 I 19,047
16,675 i 9,264

10,077
8,242
25, 333

3,006
!
|
6,823 i

6,796 !
53,462 i
25,094 !

35,149
42,321 !
15,204 j

72,710
55,300
54,199
40,102

j_
i
!
'

391

5,080 i
331 i
5,018

U N I T E D STATES SECURITIES PURCHASED FROM O T H E R

2,432
13,105
1,000

13, 380

5,090
5,065 I 95,477
2,514 ; 100,077
5,572
1,005 i

40, 320
4,551
6,944

3,203
5, 272
15,058
47, 722
133,050
22,506
20, 249

FEDERAL RESERVE BANKS i

w

1924
January
April
June
July
T o t a l : 1924
1923
1922

8,891
5,204
35, 768
5, 587
55, 450
54,149
127,046

953

618

307

27, 003

1,260

27, 621
12, 674
41, 946

1,101

657

6,150

909

1,566

3,102

3,250

999,153
3,460,245
2, 233, 677
324,048
45,195

204,150
969,884
13,189

595, 500
479, 581
40,000
17,499
25 185

545

1,849

397

329

512
657

990
1,643

3,018
25,000
8,100

3,030
4,400
4,400

3,061

13,000
140, 209
4,500
5,000

40,029
428, 613
73, 551
5,007

5,984

BILLS DISCOUNTED FOR OTHER
Total: 1921
1920
1919
1918
1917

465

358
1,643

5,000
144, 579
24,044

194,503
1,406,172
229,017
82,916

465

874
6,500

FEDERAL RESERVE

52,000
5,000

306
2,602
153

329

1,033

4,695

461
658

4,277
2,400
450

5,024
2,000

2,152
1,175
56,766

20,000
5,000
6,000
5,003

143,000
57, 500

23,500

386
2,602
1,289
!

o

BANKS

168, 500
1,328,338
100,321

2,028
5,000

i Separatefiguresof securities (if any) purchased from other Federal reserve banks prior to 1922 are not available, such transactions being included with securities purchased in
open market.




o
o
d

>
H
M

o

CO

GOLD SETTLEMENT FUND
No.

o
o

66.—GOLD SETTLEMENT FUND: SUMMARY OF TRANSACTIONS THROUGH THE FUND

[In thousands of dollars]

Federal reserve bank

Balance
Jan. 1

Withdrawals

Deposits

Transfers Transfers
from
to agent's agent's
fund
fund

Interbank transfers

Debits

Credits

Clearings from Jan. 1, 1924, to Dec. 31, 1924,
inclusive

Net

Total
credits

9,039,300
29,681,310
8,579,702
7,455,042

9,104,944
29,344,252
8,638,855
7,534,653

65,644

45,914

5,733,775
3,285,493
14,036,548
6,315,416

5,758,567
3,385,868
14,174,017
6,269,502

1924
Boston
New York
Philadelphia
Cleveland

32,882
109,814
29,939
68,752

602,710
505
67,405

38,150
459,500
172,050
18,000

70,000
325,000
184,000
24,000

15,000
475,000
20,500
70,000

68,000
105,070
90,500
121,500

18,600
612,000
24,500
16,700

Richmond
Atlanta
Chicago
St Louis

40,963
17,773
106,900
35,273

5
52,000
2,025

51,968
43,821
15,920
29,500

75,000
143,000

10,000
37,500
216,000
2,000

53,000
53,500
328, 500
14,000

19,000
10,000
15,200
55,000

23,545
47,054
12,339
45,854

14,300
2,188
14,394
8,000

7,900
42,500
15,100
113,000

33,250
47,000
51,000
170,000

12,750

22,500
9,000
7,000
47,000

6,000
51,500
35,070
56,000

41,947
1,082
80,467

2,037,935
4,696,157
3,176,000
3,661,647

Year: 1924
1923
1922
1921
1920

571,088
554,362
522,063
357,278
329,737

763,532
624,344
466,218
652,011
539,684

1,007,409
1,215,366
1,215,831
1,880,634
1,186,940

1,158,250
1,140,000
1,326,816
l;651,210
1,118,300

919,570
1,022,750
565,704 ,1,039,150
609,502 '1,153,975
587,372 3,289,081
498,585 7,551,585

919,570
1,039,150
1,153,975
3,289,081
7,551,585

506,468
389,239
748, 639
1,150,002
1,565,839

1919
1918
1917
1916
1915

401,926
311,644
169,740
77,760

392,293
102,433
382,858
136,550
25,580

1,124,304
693,181
966,556
301,570
155,800

1,479,640
1,512,297
852,881
94,520
52,460

675,440
1,011,831
411,087
21,480

7,930,859
4,812,105
2,643,846
(2)
(2)

3,526,274
2,670,339
2,154,721
223,870
85,697

Minneapolis
Kansas City
Dallas
San Francisco

0)




36,666

29,666
135,000

i Established May 20,1915.

7,930,859
4,812,105
2,643,846
(2)
(2)

Net
credits

Total
debits

debits

Balance
in fund
at close
of business
Dec. 31

Net
changes
in
ownership of gold
through
interbank
transfers
and clearings

Loss

24,792
100,375
137,469

18,723
12,964
110,989
23,834

175 831
4,914

2,077,359
4, 654,210
3,174,918
3,581,180

39,424

19,569
40,919
18,033
44,387

97,698,325
89,614,733
75,335,987
64,934,801
85,074,220

506,468
389,239
748,639
1,150,002
1,565,839

679,465
571,088
554,362
522,063
357,278

66,053,393
45,439,487
24,319,060
5,533,966
1,052,649

3,526,274
2,670,339
2,154,721
223,870
85,697

329,737
401,926
311,644
169,740
77,760

g

6,847
25,189

66,053,393
45,439,487
24,319,060
5,533,966
1,052,649
2

32,276
286,476
31,137
40,158

97,698,325
89,614,733
75,335,987
64,934,801
85,074,220

337,058

Gain

Included in settlements.

59,153
79,611

16,244
169,872

9,208
56,875

I

22,924
553
26,988
71,467
293,456

293,456

3
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o
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101

GOLD SETTLEMENT FUND
No.

67.—GOLD SETTLEMENT FUND: CLEARINGS AND TRANSFERS, BY W E E K S
[In thousands of dollars!

Week ending1924

Total
clearings

Total
interbank
transfers

Tota .
clearings and
transfers

16.
23.
30.

437,019
1, 954, 490
1,907, 913
1, 838, 375
1, 771, 235

13,000

443,019
1,963,990
1,909, 913
1,838,375
1, 784, 235

Feb.

6.
13.
20.
27.

1, 723, 308
1, 587, 581
2,006,102
1, 682,090

15, 000
14, 500
1,000
16,000

1, 738,308
1,602,081
2,007,102
1,698,090

Mar.

5.
12.
19.

6,000
16, 500
55,800
53,000

1,895, 758
1,747,016
2,115,318
2,026,477

Apr.

2.
9.
16.
23.
30.

1,889, 758
1, 730, 516
2, 059, 518
1,973,477
1,792, 523
1, 704,063
1, 928,173
1, 908, 548
1, 855, 322

5,000
26,000
5,000
12,000

1, 792, 523
1,709,063
1,954,173
1, 913, 548
1,867, 322

Jan.

2 (1 day)_

6,000
9,500
2,000

May 7.

1, 925, 943
1, 695,396
1,899, 621
1, 761, 324

11,000
11,000
32, 500

1, 936,943
1,706, 396
1,932,121
1, 761, 324

June 4.
11.
18.
25.

14,000
12, 500
49, 500
22,000

9.
16.
23.
30..

1, 566, 782
1, 675, 321
2, 231,990
1, 861, 944
1, 945,073
1, 566,997
1, 804, 514
1, 757, 560
1, 770, 554

22,000
21,000
9,500
9,070
3,000

1, 580,782
1, 687,821
2, 281,490
1,883, 944
1,967,073
1, 587,997
1,814,014
1, 766,630
1, 773, 554

6.
13..
20.
27..

1, 771, 571
1, 725, 248
1, 897,183
1, 689,183

1,000
1,000

1, 771, 571
1, 725, 248
1,898,183
1,690,183

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

1, 428,190
1, 714, 734
1, 966, 750
2,032,883

11,000
58, 500
42, 500

1,428,190
1,725, 734
2,025, 250
2,075, 383

Oct.

1,825, 309
1,871, 680
1, 758,842
2,263, 361
1, 995, 343

2,000
13,000
6,000
16,500
7,500

1,847,192
1, 938, 530
2, 340,154
2,119, 351
1,893, 767
2,041, 220
2, 244, 275
2, 208,136
1,912,393

8,500
34, 700
22,500
9,500

1, 827, 309
1,884,680
1, 764,842
2, 279,861
2,002,843
1,855, 692
1,973, 230
2, 362, 654
2,128,851

7,000
37,500
113,000
49,500
5,000

1,900, 767
2,078, 720
2,357, 275
2,257, 636
1,917, 393

97, 698, 325
89, 614, 733
75, 335, 987
64,934,801
85,074, 220

919, 570
1, 039,150
1,153,975
3, 289,081
7, 551, 585

98, 617, 895
90, 653,883
76,489,962
68,223, 882
92,625,805

66,053, 393
45,439,487
24,319, 060

7,930,859
4, 812,105
2, 643,846

73,984, 252
50, 251, 592
26,962,906
5, 553, 966
1,052,649

14.
21.
28.

July

Aug.

2.

15.
22.
29.
Nov.

5.
12.
19.
26.

Dec.

3..
10..
17.
24..
31..
Total: 1924..
1923..
1922..
1921..
1920..
1919
1918
1917
1916
1915 (from M a y 20).




102

ANNUAL REPORT OP THE FEDERAL, RESERVE BOARD

FEDERAL RESERVE AGENTS' GOLD FUND
No, 68.—SUMMARY OF TRANSACTIONS THROUGH THE FUND
[In thousands of dollars]

Federal reserve agent at—

Balance
Jan. 1

Withdrawals

Balance at
close of
business
Deo. 31

Transfers
to bank

Transfers
from bank

115,000

15,000
475,000
20, 500
70,000

70,000
325,000
184,000
24,000

118,000
166,000
147,389
145,000

10,000
37,500
216, 000
2,000

75,000
143,000
36,000

74, 795
131, 500
160, 644
44,000

12, 750

33,250
47,000
51,000
170,000

59,500
58, 360
18,500
184, 206

Deposits

1924
118,000
316,000
153,889
201, 000

170,000

66,295
83,000
376, 644
36, 000

69,000
57,000

12, 500

37,000

~ii~666~

40,000
38,360
14,500
205,206

1,000
38,000
18,000
56,000

Year: 1924.
1923.
1922.
1921.
1920.

1,648,894
1, 681, 098
1,394,884
896, 692
886,327

626,000
755, 000
924, 000
1, 589, 500
1, 060, 700

149, 500
148, 500
492,900
1,023,854
451,350

1919.
1918.
1917.
1916.
1915.

928,497
496, 604
102, 580
56,8C0
0)

1, 011, 370
103, 594
56, 590
27, 320

165,000
35,021
8,820

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis

-.

—.
_.

Minneapolis
Kansas City
Dallas
San Francisco

i Established Sept. 8, 1915.




170,000
10,000

29,000
135,000

4,400

1,022, 750
565, 704
609, 502
587,372
498,585

1,158,250
1,140,000
1,326,816
1, 651,210
1,118,300

1,307,894
1, 648,894
1, 681,098
1,394,884

675,440
1, 011, 831
411, 087
21,480

1,479, 640
1,512,297
852,881
94,520
52,460

886,327
928,497
496, 604
102, 580
56, 860

CLEARING OPERATIONS
No,

69.—OPERATIONS OF THE FEDERAL R E S E R V E

CLEARING

SYSTEM

[Numbers in thousands. Amounts in thousands of dollars]
Total items handled (exclusive of duplications)

Items drawn on banks in—

Other Federal reserve districts
(forwarded direct to drawee
bank)

Number

Amount

Number

33,708
16,246
8,621

Federal reserve bank

District o u t s i d e
Own Federal reserve Own Federal reserve
Federal
reserve
bank and branch
bank city
branch cities l
cities

9, 937,371
53, 957, 209
15,041, 914
5, 533, 735

1,760
•1,608
15,151
6,575

4,294,142
1,298,314
12,195,222
4, 771,022

3, 772
4,311
1,933
3, 915

1,929, 795
3,133,582
2,312,696
5, 096,467

Amount

Number

Amount

2,641

1,453,370

9,653

12,632,303

54,895
70, 929
33,410
43, 699

5,865, 806
9, 577, 398
4,262, 654
4,456,059

3,738
3,505
4,589
3,254

2,681,989
4.351,623
4,585,726
3,037,529

34,759
16,007
66,247
32,431

4,649,639
1,696,862
5,333, 562
1,865,942

311
4,332
1,499
10, 979

173,358
2.054,624
1,119,309
5,097,462

19,924
47,068
27, 275
52, 089

1,102,443
3,259,339
2, 920, 327
3, 204, 782

106,283 119,501,469 i 44,501
94, 643 108,479, 604 42,842

37,187,293
35,411,949

498, 733
465, 736

48,194,813
48,146, 789

Number

Items drawn on
United States
Treasurer
Number

Amount

Number

Amount

1924

19, 505

1,839
11,336
1,932
2,383

186,522
1, 364, 921
270, 717
245,396

65,417
118, 614
51, 588
64,487

1,350
1,497
5,125
2,260

152,650
154, 707
629,072
182, 679

41,607
22,617
91,112
44, 520

58,453
3,132

937
2,043
773
2,814

103,970
258,577
89, 280
521, 795

81,090
85, 996

34, 289
35,803

4,160, 286
4, 511, 735

1923

Amount

1924

1923
Q

1924
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta...
Chicago
St. Louis

_.

Minneapolis
Kansas City
Dallas
San Francisco
Total: 1924
1923.
1

131

196
190

60,385 !
. ,
111,142
66,352,898
45,498
19, 575,285
64,049
22,886,998

14, 529,543
63,375,384
14, 559, 748
23, 367,865

41,934
21,233
83,202
42,649

11,778,420
7,501,506
22,743, 582
9,857,172

11,584,372
7,138,692
22,494,355
9,437,991

25,004
26,268
52,828
57,759
29, 508
31,480
69, 797 60,518
-I684,002
639, 214

3,368,019
8, 709,254
6,441,612
13,920, 506

O

3,114,967
7,692, 585
6,072,620
13,267,951

H
O

209,124,951
196,636,073

For list of Federal reserve branch cities, see p. 108.




O
CO

No. 69.—OPEKATIONS OF THE FEDERAL RESERVE CLEARING SYSTEM—Continued
[Numbers in thousands. Amounts in thousands of dollars]
Items forwarded to—
Federal reserve bank

Branches in own district, by head office
Number

Amount

Head office, by
branches
Number

Total items handled (including duplications)
Other Federal reserve
I banks and their branches

Amount

Number

1924
Boston..
New Y o r k . . .
Philadelphia.
Cleveland
Richmond.
Atlanta
Chicago
St. Louis...

Minneapolis
Kansas City...
Dallas
San Francisco..
Total: 1924..
1923..




332

65, 443

356

215, 694

158,610

574

141,623 j

476
661
180
162

101, 699
129,022
22,415
13,885

354
53
105

95,354
423,261
23,645
7,265

13
821
588
1,964

1,671
159, 534
73, 332
228, 688

14
432
151
584

14,525 I
253,682 !
23,337 !
113, 560

5,787
6,010

954,299
1,016,183

3,443
3,824

1,311,946
1, 269, 507

!
!
I
|

Number

Amount

Amount

1924

1923

57C,
2,044,
1, 219,
687,

014
836
944
506

68,166
136,853
59, 010
68, 039

63,158
129,130
51, 325
67, 433

16,559,713
68, 678, 871
20, 795,229
23, 874, 737

15,169,483
65, 8J)5, 632
15,808,129
24, 354,352

1, 279,159
596,859
491, 221
87,963

46, 779
25,299
97,084
45, 793

47, 225
23, 956
88,649
43, 736

13, 254, 632
8, 650, 648
23, 280, 863
9,966,285

13,111,824
8, 251,381
23,074,243
9,547,434

1,188
2,964
1,074
2,022

268, 680
663,531
148,438
382,832

26, 219
61,976
33, 293
74, 367

27, 433
58,566
31,449
65,442

3, 652,895
9,786, 001
6, 686, 719
14, 645, 586

3,383,365
8, 817.168
6, 329, 983
14,066, 535

49, 646
48,454

8,440,983
8, 797, 766

742, 878

2,749
17,551
7,422
2,388
3,876
1,667
5, 739
1,006

1924

1923

219,832,179
697, 502

207, 719, 529

I

105

CLEARING OPERATIONS

No. 70.—MEMBER BANKS AND NONMEMBER BANKS ON PAR LIST AND NOT ON
PAR LIST: NUMBER IN EACH STATE ON DECEMBER 31
Nonmember banks *

Member banks

1924

1923

1924
New England States: Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
Eastern States:
New York
New Jersey
Pennsylvania
Delaware
Maryland
District of Columbia
Southern States:
Virginia
West Virginia
North Carolina
South Carolina..
Georgia
Florida
Kentucky
Tennessee
Alabama
Mississippi ..
Arkansas
Louisiana
Texas
_ .
Middle Western States:
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
_
_
Western States:
North Dakota
South Dakota _.
Nebraska
Kansas...
Montana
Wyoming
Colorado. _ _
New Mexico
Oklahoma..
_
Pacific States:
Washington
Oregon
_ _. _ _
_
California
Idaho
Utah
Arizona
Nevada.
._
Total
.
1

1924

1923

1923

62
54
46
182
21
66

_ ..
_

_.

._
.

48
14
34
71
8
70

620
299
939
22
94
15

276
141
659
35
170
33

262
133
650
35
168
38

196
142
95
100
172
69
147
120
126
44
126
47
751

195
142
97
103
184
71
149
122
132
39
126
50
754

240
198
100
29
75
77
442
268
35
25
280
44
807

296
204
157
28
76
69
453
306
35
28
333
52
882

89
10
349
267
387
159
17
206
195
274
77
171
68

37
3
308
289
420
147
8
168
187
274
32
179
14

447
268
583
286
187
364
446
192

456
272
591
284
187
375
455
192

661
832
1,300
526
645
654
1,289
1,363

658
830
1,319
559
733
908
1,371
1,416

8
18
83
162
403
33
32

1
7
11
47
82
195
20
20

174
133
187
265
130
39
144
36
430

_ _ ._
_ _

49
15
35
71
8
74

632
313
953
22
91
15

_.

64
55
47
183
20
67

188
147
194
278
164
49
146
46
465

285
279
766
1,032
111
60
188
35
373

431
396
783
1,046
146
78
203
43
417

224
144
171
5
9
11
7
3
5

88
110
168
1
7
10
6
4
6

158
137
300
101
49
23
11

165
136
319
110
52
25
11

177
114
375
72
66
33
23

199
115
417
74
65
43
25

29
27
1

17
25
2

3

3

9,682

9,896

15,445

16, 725

3,647

2,896

Incorporated banks other than mutual savings banks.




Not on par list»

On par list

State

No. 71.—MEMBER BANKS AND JNONMEMBER BANKS ON PAR LIST AND NOT ON PAR LIST: NUMBER IN EACH FEDERAL RESERVE
DISTRICT AT END OF MONTH
Total

Boston

Nonmember
banks

Member
banks O n par
list

Not on
par list

Member
banks

1924
January
February
March
April

9,875
9,856
9,820

16,484
16,337
16, 246
16,119

3,013
3,084
3,142
3,185

9,785
9,763
9,745
9,733

15,981
15, 896
15, 820
15, 736

3,240
3,301
3,353
3,419

421
421
422
421

9,718
, 9,708
i 9,700
I 9,682

15, 662
15, 601
15, 524
15,445

3, 496
3,550
3,612
3, 647

9,916
9,841
9,629
9,066
J 8,692

16, 725
17, 822
18,102
19,139
16,499
10, 305

2,896
2,288
2, 263
1,755
3,996
10, 247

September
October
November
December
December,
December,
December,
December,
December,
December,

1923
1922
1921
1920
1919
1918




Cleveland

Philadelphia

Richmond

Atlanta

Nonmember
j Nonmember
Nonmember
Nonmember
Nonmember
banks
banks
banks
banks
banks
MemMemMemMemMember
ber
ber
ber
ber
On par Not on b a n k s iOnparNoton banks On par Not on banks On par Not on banks On par Not on banks 3npar Not on
list par list
list par list
list ipar list
list par list
list par list
list par list
Nonmember
banks

424
421
421
421

May
June
July—.
August .

New York

837 |
840 I
846 |

363
362
360
360

724
724
727 {
730 |

516
516
518
518

877
876
877

1,076 i
1,077
1.078 i
1,076

630
629
628
627

851
841
831
826 |

646
651
662
665

534
537
533
533

375
375
381
382

1,129
1,125
1,124
1,115

232
232
231
232

850
851
849
851

362
367
370
370

731 '
732
735
736

516
518
519
522

874
874
874
873

1,078
1,077
1,076
1,077

627
627
627
624

824
813
793
771

669
679
691
710

532
530
527
524

383
380
379
379

420
420
420
420

232
232
234
234

853
853
858
859

375
379
379
381

738
740
742
743

520
518
519
519

873
872
871
872

1,078
1,078
1,080
1,075

623
624
624
624

753
745
742
743

723
726
724
715

520
520
518
516

424
427
436
436
432
423

228
259
257
255
245
246

800 I
783 I
753
723 I

360
343
334
329
322
339

725
717
704
698
678
661

514
486
473
439
415
329

881
884
871
843
814

631
634
626
610
585
565

865
962
990
1, 266
485
351

637
568
577
334
995
1,156

535
543
515
462
426
426

378
379
373
383
380
380
390
408
355
209

1,109
1,108
1,125
1,105
1,127
1 129
1 156
1 233
1 219
i 1 345

o
w
H

1,113
1,113
1,109
1,109

230
232
232
232
i
I
I
I

1

102

1,071
1,085
1,085
1.079
1,085

7 i
10 j

j
!
I
I.
L

728 j

5i

1 !
1 I

1411

d
F

<

w
Q

Chicago

Member
banks

Minneapolis

St. Louis

Noninember I
I Nonmember
banks
,
I
banks
MemMem- j
ber
ber I
banks
Not on banks On par Not on
par list j
list par list

Kansas City

Nonmember
banks
On par i N o t on
list
par list

San Francisco

Dallas

Nonmember
banks
Member
banks On par N o t on
list par list

Member
banks

Nonmember
banks
On par j Not on
list par list

1924

1, 435
1,437
1,432
1,432

January..
FebruaryMarch
April
May.

129
141
149
150

630
630
631
633

2,344 j
2,333
2,318
2, 308 i

249
261
271
280

975
969
956
950

1,972
1,895
1,863
1,796

513
555
576

1,137
1,133
1,126
1,115

2,838
2,820
2,814
2,798

199
199
199
197

863
859
848

944
934
925 |
911

4,009
4,003
3,988
3,985

174
179
187
187

633
631
629
629

2,300
2,287
2,273
2,259

280
292
306
316

945
940
930
928

1,730
1,699
1,682
1,637

632
650
664
704

1,105
1,103
1,097
1,094

2,779
2,769
2,765
2,764

195
197
201
200

846
842
842
843

905

1,426
1,424
1,423
1,419

3,980
3,967
3,952
3,927

187
195
203
218

629
630
631
628

2,250
2,244
2,236
2,225

321
325
328
332

921
915
907

1,599
1,569
1,535
1,498

750
784
816
853

1,090
1,089
1,088
1,086

2,764
2,758
2,750
2,747

202
204
207
204

842
842
840
838

_ . . . ! 1,435
! 1,443
1,443
! 1,421
I 1,374
| 1,334

4,105
4,246
4,235
4,266
3,896
2,392

114

630
610
588
571
538
514

2,373
2,467
2.489
2, 514
2,309
1, 046

233
159
167
188
355
1, 600

979
1,014
1,024
1,009
920
867

2,085
2,596
2,635
2,891
1,879
1.169

445
188
154

1,146
1,152
1,103
1,087
1,038
994

2,858
3,007
3,091
3,391
3,346
2, 200

196
165
185

863
861
861
850
756
727

1,433
1,427
1,428
j 1,427

June.
July.
August
September
October
November
December
December,
December,
December,
December,
December,
December,

4,090
4,074
4,050
4,043

...|
(

1923._
1922
1921
1920
1919
1918

293
1, 805

1

1

1,025
1, 743

1979

102
111
118
O

877
872
862

121
132
136
137
142
145
146
153

958 !
95
1,045 !
52
1,151 !
23
1,274 L
1,220 |.
247 | 1947

i Approximate figures.
NOTE.—Nonmember banks not on par list comprise all incorporated banks, other than mutual savings banks, that have not agreed to remit at par.




3
109
U59

O

OPERATIONS OF BRANCHES

o
00

No. 72.—BRANCHES OF FEDERAL RESERVE BANKS: VOLUME OF OPERATIONS
NUMBER OF PIECES HANDLED

Federal reserve branch and district number

No. 2.- -Buffalo
No. 4. -Cincinnati
Pittsburgh
No. 5. -Baltimore
No. 6. —Birmingham
Jacksonville
Nashville
New Orleans
No. 7. -Detroit.
No. 8.- -Little Rock
Louisville
Memphis.. _
No. 9.--^Helena
No. 10..—Denver
Oklahoma CityOmaha
No. 11..—El Paso
Houston
No. 12. -Los Angeles
Portland
Salt Lake City..
Seattle
Spokane
Total: 1924.
1923.




Bills
discounted

2,585
9,446

13,625
5,936
8,183
3, 342
13,008
4,847
8,977
11,554
5,347
3,419
5,737
4,227
7,007
678
4,575
112,493
167, 312

Currency
received
and
counted

Coin
received
and
counted

39,454,000
15,417,000
29, 495, 000 53, 827, 000
53, 581,000
26, 327, 000
47, 245,000 138, 365, 000
14, 619,000
9,486,000
16, 828,000
10, 904, 000
11,310,000
2, 258, 000
22, 750,000
21, 272, 000
54,315,000
30, 519, 000
5, 824,000
8, 025,000
13,140,000
22, 203,000
8, 357, 000
17, 792,000
694, 000
2, 270, 000
7, 578,000
6, 369,000
4,197, 000
4, 454,000
4, 804, 000
3, 465, 000
4,137, 000
4,195, 000
10,120, 000
7,828,000
40, 015, 000 11,075,000
5,192, 000
3,998, 000
3, 352,000
1,196,000
8, 358,000
6,180, 000
1,491,000
401, 000
428,179,000 386, 503, 000
395, 965, 000 352, 748, 000

Noncash collection items
handled
Checks
handled

10,973,000
16,246,000
21, 506, 000
17,357,000
4,529,000
4, 692, 000

4, 423, 000
3, 663,000
15, 321, 000
5, 013, 000
8,168,000
3, 675,000
1, 933, 000
8, 210, 000
16, 318,000
10,169, 000
2, 617, 000
6, 644,000
38, 574, 000
5, 477, 000
7,008,000
6, 079, 000
4, 027, 000
222, 622,000
207,187, 000

Government
coupons
297,000
1,573,000
1, 464, 000
891,000
92,000
97,000
118,000
448,000
761, 000
82,000
542, 000
157,000
94, 000
419,000
84,000
360, 000
47, 000
178,000
860,000
440,000
185,000
436, 000
212, 000
9, 837,000
12, 449, 000

All other

Fiscal
agency—issues, redemp- Transfers of Envelopes
tions, and exreceived and
funds
changes of
dispatched
United States
securities

149,000
24,000
47, 000
75, 000
14,000
30, 000
26, 000
29, 000
81,000
25, 000
38, 000
43,000
28, 000
43, 000
62,000
35, 000
21, 000
29,000
122, 000
16, 000
68, 000
32,000
17, 000

41, 000
987,000
320,000
54,000
110, 000
151,000
140, 000
148, 000
301,000
48, 000
134,000
9,000
52,000
123,000
184,000
199, 000
4,000
15, 000
178,000
180, 000
41, 000
278,000
66,000

12,000
21,000
15,000
27,000
6,000
7,000
6,000
14,000
30,000
13,000
13, 000
11,000
9,000
11,000
9,000
33,000
11,000
22,000
34,000
14, 000
19, 000
13,000
8,000

513,000
597,000
616,000
757,000
251,000
262,000
247,000
383,000
662,000
302,000
383,000
313,000
261,000
441,000
685,000
851,000
210, 000
372,000
597,000
341,000
319,000
210,000
263,000

1,054,000
1, 072, 000

3, 763,000
29, 699, 000

358,000
345, 000

9, 836,000
10,215,000

s

I

w
o

AMOUNTS OF I T E M S H A N D L E D

Federal reserve branch and district number

No. 2.- -Buffalo
No. 4.- -Cincinnati
Pittsburgh
No. 5.- -Baltimore
No. 6.- -Birmingham
Jacksonville
Nashville
New Orleans
No. 7.- -Detroit
No. 8.- -Little Rock
Louisville
Memphis
No. 9 -—Helena
No. 10. —Denver
Oklahoma City.
Omaha
___
No. 11. —El Paso
Houston
No. 12..—Los Angeles
Portland
Salt Lake City..
Seattle
Spokane
Total: 1924..
1923..

Bills discounted

Currency
received and
counted

Noncash collection items
handled
Coin received
and counted

Checks
handled

Government
coupons

All other

9, 629,000
975,142,000
1,069,929,000

221, 225,000
415,246,000

15,953,121,000
13,281,545,000

2,-064,227,000
4,281,332,000

2,435, 369,000
2,404, 372, 000

60,082,000 54,763,840,000
55, 574,000 53,197,150, 000

99,927,000
107,134,000

200,245, 000
349,952,000
58, 790,000
162, 531,000
110,077,000
7,473,000
36,869, 000

$696,751,000
489, 593,000
828,247,000
1,013, 627,000
147,440,000
125,107,000
106, 666, 000
539,247,000
2.881,684,000
' 302, 546,000
574,966,000
414,834,000
131,266,000
350,429,000
215,948,000
954,446,000
181,194,000
1,094,058,000
3,026,892,000
554, 708,000
" 428,204,000
746, 507,000
148, 761,000

$3,078, 000
16,423,000
21,183,000
9, 529,000
592,000
681,000
706,000
4,253,000
10,976,000
450, 000
4, 930, 000
1,152,000
587,000
4,190, 000
589,000
2, 027, 000
239,000
1,157,000
8,116,000
3, 606,000
1,126,000
3,255,000
], 082,000

$89,076,000
38, 668,000
38, 687,000
79,303, 000
38,402,000
18, 707,000
28,344,000
32,399, 000
98,719,000
23, 622,000
40,186, 000
76, 344, 000
11,336,000
35, 646, 000
43,489,000

54,941,000
17, 577,000
19, 980, 000
61,494,000
64,146,000
97, 345, 000
38,796, 000
33,048,000

$3,107,000 $2, 671,266,000
6,398,000 5, 675, 557,000
2, 596,000 10, 264, 615, 000
10, 768,000 4,285, 501,000
1,059,000
1, 589,952,000
1,197,000
1, 547, 530, 000
1,487,420,000
468,000
3,101, 000 1, 901, 903, 000
4,190,000 5,654,514,000
865, 308, 000
1, 001,000
1. 770, 000 2, 329, 900, 000
706,803,000
1, 735,000
330, 765,000
461,000
2,476, 000 1, 530, 944,000
806, 000 2, 051, 598,000
1, 239,494, 000
1,193,000
348, 582,000
4,436, 000
1, 564, 535, 000
1,343,000
7, 528,000 4,897, 689,000
1, 593,000 1,421,212, 000
872,033, 000
786, 000
1,032, 576,000
1,844,000
494,143,000
226,000

"219,768,666

Transfers of
funds

$3, 667,000
37,784,000
70,210,000
4,104,000
419,000
612,000
609,000
19,330,000
31,889,000
1,172,000
4, 695,000
1,033,000
202,000
5, 843,000
1, 279,000
3, 621,000
61,000
181,000
12,329,000
8, 636,000
842,000
10, 908,000
1, 799,000

$202,103,000
128,348,000
388,191,000
252,407,000
56, 026,000
68,056,000
35, 918,000
107, 920, 000
428,437,000
34, 258,000
117,446,000
64, 020,000
20, 879,000
42, 624, 000
22, 575,000
26, 803,000
31, 620, 000
45, 335, 000
207, 577,000
46, 035,000
29,198, 000
68,426,000
11,167,000

$531,195,000

Fiscal a g e n c y issues, redemptions, and
exchanges of
United States
securities

36, 998,000
12,058,000
64,383,000
63, 555,000
22,147,000
34,012,000
39,432,000

1
§
o

W

NOTE.—Currency received and counted during 1924 by agencies of the Federal Reserve Bank of Atlanta: Havana, Cuba, agency—2,899,000 pieces, amount $23,367,000; Savannah,
Ga., agency—2,502,000 pieces, amount $10,149,000.




O
CO

BANK PREMISES
No.

73.—COST OF BANK PREMISES OF FEDERAL RESERVE BANKS TO DECEMBER 31,

1924

NEW BUILDINGS CONSTRUCTED BY FEDERAL RESERVE BANKS AND NOW OCCUPIED AS BANK QUARTERS
Cost of buildings
Cost of
land, including old
buildings
utilized or
demolished,
net

Federal reserve bank

or branch

Total cost
Buildings,
Miscelof land
exclusive of laneous
Deprecia- Book value,
Fixed ma- Total cost and build- tion charges
vaults, fixed expenses, Vault connet
Vault
ings
machinery, including struction equipment chinery and of buildings
and miscel- architect's
equipment
laneous
fees
•
expense

Remarks

S
H

Boston

(2)

Kansas City
Oklahoma City.
Dallas 5
El Paso
Houston
San Francisco..

Total

.__

$2, 561, 954

$220,062

$760,587

4, 850, 210
592, 679
920,490
202, 025
283,000
45,842
201,250
2, 963, 548
600, 521

8, 672,421
1, 221, 244
4, 591, 964
1, 603,064
1, 023, 279
162,335
565, 551
4, 789, 529
1, 625,157

1, 678, 352
190,631
910, 669
128, 861
95, 062
13, 748
70,095
356,840
338, 758

316,380
3,715
538, 827
17,126
63,108
10, 791
49,347
436,821
325, 205

$751,229
315
593, 980
282,393
174,037
24,104
53,410
633, 915
(2)

2,446,853
120,300
1,423,366
410,409
175,279
25,956
157, 580
1,276, 579
482,848

495, 300
65,021
181,120
39,003
66, 312
412, 996

2, 815,078
304,095
909, 564
73, 618
234, 751
'2, 623, 795

243, 947
29,395
94, 874
4,867
15, 687
268,416

96,381
32,900
32, 532
3,410
15,065
114, 590

235, 695
43,500
132,280
29, 924
18,810
136,135

13,166,043

New York:
Main building
'" Annex building._.
Cleveland.
Richmond
Atlanta....
Jacksonville.-.
New Orleans
Chicago
Minneapolis

i $1,246,726

33, 777,399

4, 660,264

2,816, 785

3,109, 727

$4,204, 760

$5,451,486

$1,261,311

$4,190,175

Occupied March, 1922.

13,865, 235
1, 536,205
8,058, 806
2,441,853
1,530,765
236,934
895,983
7,493, 684
4
2, 771, 968

18, 715,445
2,128,884
8, 979,296
2, 643, 878
1,813, 765
282, 776
1,097,233
10,457, 232
3,372, 489

4,130,352
521,079
2, 571, 217
566,026
431,962
55,467
259,166
3,008, 640
558,377

14, 585,093
1, 607,805
6,408,079
2,077,852
1,381,803
227,309
838,067
7,448, 592
2,814,112

777, 940
67,866
325,457
10,374
59,284
696,007

4,169,041
477,756
1,494, 707
122,193
343,597
6 3,838, 943

4,664,341
542,777
1, 675,827
161,196
409,909
4, 251, 939

1,388,871
107,105
324,863
28,491
60,265
1,076, 647

3,275,470
435,672
1,350, 964
132, 705
349,644
3,175, 292

Occupied
Occupied
Occupied
Occupied
Occupied
Occupied
Occupied
Occupied
Occupied
1924.
Occupied
Occupied
Occupied
Occupied
Occupied
Occupied

9,118, 255

53,482,430

66, 648,473

16, 349, 839

50,298, 634

$662,157
3

October, 1924.
May, 1921.
August, 1923.
October, 1921.
October, 1918.
June, 1924.
October, 1923.
July, 1922.
in part December,
November, 1921.
April, 1923.
March, 1921.
August, 1920.
February, 1922.
December, 1923.

BUILDINGS PURCHASED BY F E D E R A L RESERVE BANKS AND NOW OCCUPIED AS BANK QUARTERS
(Amounts shown under "Cost of land" represent total original cost; figures shown in columns 2 to 7, inclusive, represent cost of additions and remodeling)
New York (No.
Gold Street).
Philadelphia.
Pittsburgh.
Baltimore 7.




$3,004
91,119
33,657

$962,912
94, 765

()

$175,950

$11,847

$103,562

$53,562

$50,000

213,998
11,370

1, 539,831
481,454

2, 546,984
996,454
201,023

1,433,006
98, 557
21,023

1,113,978
897,897
180,000

Occupied November, 1921.
Occupied December 1917.
Occupied February, 1920.
Occupied March, 1918.

O

83, 704
202,877
14,925

124,953
103,289
57, 643

11,664
8.520
12,876

11, 987
26,148
9,266

28,055
13,346
66, 580

24,353
16 029
16,109

201,013
s 167,332
162,474

284, 717
370,209
177 399

77, 381
60,824
90, 747

207, 336
309, 385
86, 652

2,116, 397

Nashville
Louisville..
Helena.

731, 572

158, 507

976,164

412,845

284,863

2, 563,951

4,680,348

1,835,100

2,845,248

_

Total

]B U I L D I N G S

Birmingham
Detroit
St. Louis - .

_.

I N COURSE OF C O N S T R U C T I O N A N D B U I L D I N G S I T E S

$125, 509
650,000
1,304,874

$1, 296,485

$243, 588

$132, 299

$27, 500

$307,172

$2,007,044

$125, 509
650,000
3, 311, 918

85,007

136, 599

20,104

25,967

11,440

20, 312

Little Rock

9

Omaha
Salt Lake 'City

'.

Total-

214,422

556

556

102,068

176,236

451

451

$745,000

176,687

21, 512

80, 556
176,687

114,075

114,075
2, 557,213

$125, 509
650,000
2, 566, 918
299,429

299,429

101,512

Denver

1,433,084

264, 699

158,266

38, 940

327,484

B U I L D I N G S O C C U P I E D BY T E N A N T S ( A M O U N T S S H O W N U N D E R

2,222,473

14,075

100,000

4, 779, 686

780, 587

" COST OF L A N D " R E P R E S E N T T O T A L O R I G I N A L COST)

$380, 744

$380, 744

$113, 744

$267,000

Baltimore

251, 343

251,343

63, 343

188,000

Grand total for
all banks and
branches.

632,087
18, 471, 740 $35, 942,055

632,087
$5,083,470

$3,951,215

$3, 561, 512

Construction not authorized.
Do.
Estimated cost to complete,
$l,492,000.io
Estimated cost to complete,
$127,774.10
Estimated cost of10 proposed
building, $491,626.
Estimated cost of10 proposed
building, $457,170.
- Estimated cost of proposed
building, $25 0,000.

3, 999,099

Cincinnati

Total

Occupied December, 1922.
Occupied June, 1919.
Occupied February, 1921.

$9,730,602 $58,268,854

177,087

455,000

76,740, 594

19,142,613

Will remodel or erect new
building.
New building proposed.

57, 597,981

1 After deduction of profit of $150,000 realized on sale of property purchased in 1918.
Included in cost of vault construction.
3 Estimated cost to complete, $752,076.
* Estimated cost to complete, $173,093.
* Exclusive of property purchased in 1915 for $98,400 and remodeled at a cost of $53,336, which was sold in 1922 for $130,000 after removal of about $18,000 of material used in
new building.
e Exclusive of cost ($239,749) of remodeling old building for temporary occupancy.
7
Will be sold if new building is erected.
s Estimated cost to complete, $30,549.
* Represents book value ($175,000) of property purchased in 1920, which was exchanged in 1924 for present property, plus incidental expense. Cost of original property, including
cost of remodeling, was $205,350.
io Includes estimated cost of vault and of permanent equipment.
No bank buildings or sites therefor have been acquired for the following branches and agencies: Branches—Buffalo, Memphis, Los Angeles, Portland, Seattle, Spokane.
Agencies—Savannah, Havana (Boston), Havana (Atlanta).
2




g
m
fc=J
CO

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS
No.

74,—EARNINGS AND EXPENSES

Total

Discounted bills
Purchased bills
United States securities...
Deficient reserve penalties
Miscellaneous
.,
Total earnings

New
York

Philadelphia

FEDERAL

Cleveland

RESERVE

Richmond

BANKS

Atlanta

DURING

Chicago

St.
Louis

1924

Minneapolis

Kansas
City

Dallas

San
Francisco

1,905,118 $1,532, 222 $2,044, 407 $1,140, 622 $578,447 $859, 534 $531,356 $1,302, 272
[,
___i$15,942,845 $783,450 $2, 613, 566 $1, 290, 080!$1,361, 771 $1.
47,787
234,196
" "
" " '""
408,4091
670,338
599,172 1,446,693
705,723
141, 778
5,709,809
158, 580 630, 682
84, 269
582,182
164,559
85,388 2,121,708
352,652
947,929
| 14, 712, 593 1,049,841 4,165,856 1,136,303 1,581,943
848,070
781,838 1,476, 506
65, 026
40, 720
24,974
7,839
16,""
39, 910
27,441
36,380
4,576
40,175
52, 5481
25,361
j
381, 619
27, 750|
14, 595
73, 215
139, 968
290,4211
25,650
318, 261
260, 487 161, 540
121, 977
58,109|
101, 610
1,593,583
38,340,449 2,559,016 8,569,350 2,915,846 3,770,689 2,210,240 1,907,121 5,202,169 1,688,143 1,609,070 2,262,910 2,157,964 3,487,931

CURRENT EXPENSES
Salaries:
2, 524, 709
Bank officers
13, 288, 720
Clerical staff
800,150
Special officers and watchmen
1, 671, 718
Allother
5,882
Governors' conferences
3,474
Federal reserve agents' conferences
10, 550
Federal Advisory Council-_.
158, 709
Directors' meetings
313, 625
Traveling expenses 1
Assessments for Federal Reserve Board
663, 240
expenses
90, 798
Legal fees
Insurance (other than on currency and
400,199
security shipments)
Insurance on currency and security ship561, 971
ments
840, 761
Taxes on banking house..
277, 826
Light, heat, and power
157,464
Repairs and alterations, banking house . . .
657, 624
Rent
492, 952
Office and other supplies
585, 506
Printing and stationery..
_
_.
200,436
Telephone....
574,120
Telegraph
__
1, 727, 581
Postage
379, 435
Expressage
Federal reserve currency:
Original cost, incl. shipping charges.. 1,180,952
Cost of redemption, including ship251,899
ping charges
_




Boston

or

122,000
894,000
31, 504
90, 512
288
276
452
6,235
6,416

479, 542
!, 412,141
166, 462
371, 699
504
98|
5501
21,460
27, 660

48, 634
2,014

179, 201
7,115|

26, 590
72, 749
105, 593
20,489
2,492
3,913
21, 485
47,828
19, 609
8,086
172,851
37,005
164,946
27,818

129,833
225, 000
980,591 1,105,384
59, 595
100,178
231, 662
91,117
425
267
123
189
343
745
7,565
7,669
12,875
22, 434

169,190
718,163
43, 628
68, 987
310
66
322
7,541
21, 684

59,978
5,462

72,332
13,526

35,009

58, 602

35, 062

44,345

115, 656|
116, 643
47,284J
4,640|
268, 687
111,227
78, 258
51,346
65,413
270,178
91,464

87,077
22, 538
21, 922
15,167
2,774
44,127
51, 077
25, 741
20,087
153,517
51,836

66,154
163, 226
38, 536
14, 657
47,064
48, 047
63, 870
14,126
35,802
151,674
25,992

195, 550

196,149

53,328

37,567

1,588

347,478
206, 719
431,430 1,818, 716
102,906
37,188
271,471
34, 906
383
280
302
405
914
848
8,441
25, 290
26,222
20, 821

164,320
716,421
38, 289
41,145
472
379
1,200
9,892
31, 741

121,350
429, 493
25, 576
67,148
566
246
1,087
9,052
52,454

161,144
743, 286
75,182
153, 548
613
267
442
26,276
14,473

26,897
9,019

91,183
4,711

30,213
1,221

21,867
23,463

27,972
9,348

23,485
2,717

46,469
10, 614

142,120
256,013
580,902 1,458,193
36, 817
82,825
102,323
147,200
746
1,028
345
778
1,047
2,600
5,607
23,681
28,156

19, 742

39, 714

]8,178

29, 600

36, 655

25, 539

42,505

58,859
230,166
41, 240
17,941
48,142
76,924
81,128
26, 675
59,305
213, 546
50, 584

17, 311
2,112
3,182
7,562
78, 849
21,622
30,310
6,454
43,409
118,221
12,328

16,175
1,580

17,394
73,662
42, 093
69,300

120,384
27, 903

28,459
47, 667
13,402
9,070
14,695
23,848
29, 518
5,045
79,427
98,924
21,169

22, 567
32,792
24,892
9,765
1,393
21, 404
23,049
11, 709
50,062
88,134
21,171

29, 683
3,115
13,524
1,575
118,922
50,820
70,875
19,281
81,933
124; 494
20,359

99,618

54, 606

28,409

225, 985

5,295

6,796

34, 215

125,787

26, 351

19, 532

36,556

8,785

1,738

5,769

21,920

23, 667
29,887
41,667
9,794
6,800
26,252
36, 663
5,380

426
43,399
20, 891
38,063
7,310
23, 998
74, 683
10,093

26,305
34, 867
7, 760
67, 709
140,975
9,531
43, 596
8,643

Taxes on Federal reserve bank-note circulation
All other expenses.
Total current expenses

I

815
815
52,060
34,121
610,822
50, 501
39, 716
29,942
66,944
32,437
156,113
41,446
45,844
36,645
25,053
28,431,938 1,973, 501 6,350,821 2,153, 836 2, 664, 850 1, 537, 834 1, 247,012 3, 946,436 1,441, 348 1, 065,167 1, 866, 087 1,331,662 2, 853, 384

PROFIT AND LOSS ACCOUNT

E arnings
Current expenses
.
Current net earnings.
Additions to current net earnings:
Withdrawn from reserve for depreciation on United States bonds
All other
Total additions
..
Deductions from current net earnings:
Depreciation allowances on bank
premises
Reserve for probable losses
Reserve for self-insurance
Reserve for depreciation on United
States bonds
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 U. S. Government _.
Deficit in earnings after payment of dividends, charged to surplus account

38,340.449 2, 559, 016 8, 569,350 2, 915, 846 3, 770, 689 2, 210, 240 1,907,121 5, 202,169 1, 688,143 1,609,070 2, 262,910 2,157,964 3,487,931
28,43i; 938 1, 973,501 6,350,821 2,153,836 2, 664, 850 1, 537,834 1, 247,012 3,946, 436 1,441, 348 1, 065,167 1, 866,087 1,331,662 2,853, 384
634, 547
9, 908, 511
396,823
826,302
672,406
660,109 1,255, 733
246, 795
543,903
762, 010 1,105, 839
585,515 2,218, 529

224, 795
343,908
568,703

4, 034, 782
1, 067, 259
105,197
12, 822
1,074, 591
464, 383
6, 759,034
6,190,331

15,870
4,686
20, 556

176, 240

122,048

910,440

176,240

20, 433
1,698
22,131

21, 612
18, 385
39,997

536, 776
275, 504

135, 649 1, 777, 917
115,093 1, 601, 677

3, 718,180
6,682,496
188 360
113,646

616,852
470,422
477,798 1,796, 530

3, 266,322

2, 067
12, 231

40, 679

14,298

40,679

1, 509, 445

82,114
100,000
50,000

94, 934
285, 585

165,197
181, 674

102,466
23,307
13, 742
7,078
37, 049 1, 618,989
14,918 1, 578, 992

52,819
9,688
294, 621

17, 321
3,911

12,822
11,818
15, 778
387, 289

2 473,153
756,152

379, 791

55,197
11,650
1,951

2,006
2,006

747,092
615,135
131 957

7,376 1,179,678

143,469
27,101

168
18, 019

170, 570

18,187

4,400

310, 862

628,468

79,119
500,000

127, 755

25,927
28,795

48,938
25, 571
385,371
214, 801

36,408
3,316
668,192

9,385
20,013
608, 517
561, 278

197,776
59,036
384, 567

16, 264
16,264

351, 251
28 540

401,751
387,453
272, 656
272, 656

346, 610

59,122
42,858

909,123
909,123

203,937
304, 976

329,102 2 253,182
265, 697
202, 828
12,628
113,646

101, 039

292, 615

21,176
26, 063
47, 239

518,879

1, 229, 305

650,005

536
536

384,031

265,024

250, 516

249,789
15, 235

480, 561

230,045

REIMBURSABLE EXPENDITURES OF FISCAL
AGENCY DEPARTMENT

Expenditures during 1924:
Salaries
All other
Amounts reimbursable Jan. 1, 1924
Total
Reimbursements received during 1924
Balance reimbursable Jan. 1, 1925...
1
2

376,742
67,325
126,650
570, 717
544,890

16,543
2,775
4,149
23,467
22, 564

25, 827

903

38,424
10,045
18,198
66, 667
64, 205
2,462

19,439
1,712
4,713
25, 864
24, 676
1,188

48,121
11,848
19, 743
79, 712
77,117
2,595

22,854
3,100
6,260
32, 214
29, 969
2,245

24,175
3,630
7,690
35, 495
33,476
2,019

54,472
7,354
22, 655
84, 481
82, 316
2,165

Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council.
Deficit in earnings before payment of dividends.




28,348
4,531
8,104
40, 983
39, 442
1,541

41,060
10,171
11, 453
62, 684
59,448
3,236

37,430
2,498
8,416
48,344
44,815
3,529

22,674
3, 516
4,068
30, 258
28, 336
1,922

23, 202
6,145
11,201
40, 548
38, 526
2,022

114
No.

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
75.—GROSS AND N E T EARNINGS OF EACH FEDERAL RESERVE BANK, ALSO
DISPOSITION MADE OF N E T EARNINGS, 1914-1924

Earnings

Disposition of net earnings

Federal reserve

bank

Gross

Net

Dividends
paid

Transferred
to surplus !

Franchise tax
paid to U. S.
Government]

Profit (+) or
loss (-)
carried
forward

All Federal reserve

banks:

$63,145
2,110,107
5, 217,998
16,128,339

Total

$1,134,234

$1,134,234

52, 716, 310
78, 367, 504
149,294,774
82, 087, 225

5, 540, 684
5,011,832
5,654,018
6,119, 673

48,334, 341
70, 651, 778
82,916,014
15,993, 086

2, 703,894
60, 724,742
59,974,466

16,497, 736
12,711,286
3, 718,180

6, 307,035
6, 552, 717
6, 682,496

-659,904
2, 545,513
- 3 , 077,962

10, 850, 605
3,613,056
113, 646

637,198,954

1922
1923..
1924

$217,463
1, 742, 774
6,801, 726

50,498,699
50, 708, 566
38, 340,449

1918
1919....
1920
1921
_

2 $310,287
168, 828
2, 750, 998
9, 579,607

67, 584,417
102,380, 583
181,296,711
122, 869,940

1914
1915
1916
1917

407, 582,161

50,630,418

217,837,100

139,114,643

-$310,287
-48,635
+1,008, 224
+509,413
-1,158,715

Boston:
891
124,568
490,888
1, 285,884

» 25,818
2 8, 785
295,935
740,359

249, 735
601,756

75,100

75,100

4,475,195
7,497,583
12,273, 253
6,968, 662

3, 305,180
5, 777,381
10,272,564
4, 281, 353

384,180
414, 447
447, 266
473,109

2,921, 000
5,362,934
7, 351, 799
772,324

2,473,499
3, 035, 920

1922
1923...1924

3, 541, 313
3, 506, 683
2, 559,016

1,097,402
1, 252,135
470,422

481, 951
480,267
477,798

-170,782
77,187
- 7 , 376

786,233
694, 681

Total

42, 723,936

27, 458,128

4, 010, 509

16,382,186

7, 065,433

1914
1915
1916
1917

_.

1918
1919
1920
1921

New York:
1914
1915
1916.
1917
1918
1919
1920...
1921

13,927
331,108
971, 026
4,929,214

43, 485
2 80. 402
414, 064
3, 078,481

127,113
1, 942,819

649, 363

21,662,917
27, 959, 619
53,128,130
26,093,832

1,195, 026
1,291,047
1,477, 096
1, 608,721

20,467,891
23,964, 678
12, 332, 523
3, 782,671

3, 721, 593
3,043, 679
616, 852

1, 652,138
1,749, 239
1, 796, 530

-1,397,603
129, 444
-1,179,678

3,467, 058
1,164,996

139,595,280 j

12,839,729

58, 749,289

- 4 3 , 485
-80,402
+286,951
-163,064

2, 703, 894
39, 318, 511
20,702,440

193,446, 535

Total

649,363

25,314, 736
35, 332, 412
60, 525,321
34, 710, 274
11, 349,279
11,413,183
8, 569, 350

_.

1922
1923
1924

Philadelphia:
1914
1915
1916
1917

2

-25,818
- 8 , 785
+46, 200
- 1 1 , 597

68, 006, 262
- 2 1 , 322
-10,195
+121, 483
+130, 272

2,739
111, 233
448,180
1,095, 540

2 21,322
2
10 195
249, 941
753, 875

128,458
623. 603

1918...
1919
1920
1921

4, 357,740
8,609,880
11,848,551
8,008,095

2,972,089
6,659 169
9,065,116
5,339, 454

583,983
462.380
496,679
517, 663

2, 608,344
6,196, 789
8, 204,775
935, 239

1922
1923..
1924

4,251,950
4, 592, 771
2, 915, 846

2,236,876
2,177, 837
747, 092

541, 552
582,292
615,135

. 803,594
1,178, 588
131,957

891, 730
416,957

46,242, 525

30,169,932

4,551,745

20,059,286

5,558,901

Total

_

1

-220, 238
363, 662
3,886,552

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.




115

EARNINGS AND EXPENSES

75,—GROSS AND N E T EARNINGS OF EACH FEDERAL RESERVE BANK, ALSO
DISPOSITION MADE OF N E T EARNINGS, 1914-1924—Continued

o#

Disposition of net earnings

Earnings

Federal reserve
bank
Gross

Cleveland:
1914
1915...
1916
1917

$2, 077
111,738
452,129
1,367,216

1918
1919
1920
1921

Net

2

Dividends
paid

Transferred
to surplus

franchise tax Profit ( + ) or
loss ( - )
paid t o U . S.
carried
Government
forward

-$28,937
-26,837
+150, 571
+37, 514

$143,237
716,168

5, 226, 864
7,800, 829
14, 458, 619
9,390,863

4,135, 796
6, 093, 785
11,820,031
6,284,383

716,107
556, 785
604,194
660,228

$3, 552, 000
5, 537,000
11,215,837
2, 329, 442

4,994, 282
4, 655, 090
3, 770, 689

2, 268, 688
921, 221
2
473,153

692, 436
725, 626
756,152

861,264
195, 595
-1,229,305

714,988

52, 230,396

_.

1922
1923
1924
Total

$28,937
' 26,837
293,808
753, 682

32, 042,467

5,570,933

22,461,833

4, 009, 701

Richmond:
4,730
314, 850
334,102
821,195

1914
1915
1916
1917

-132,311
$3,294,713

2

20, 073
195, 028
186, 571
462, 224

151,940
197,922
240,944

116, 472

116, 472

.1918
1919...
1920
1921

2,979, 048
4, 775,324
6,902, 643
6, 729, 679

2, 312,030
3, 877, 266
5,238, 506
4, 393, 627

232,432
252,872
293, 052
322,203

2, 079, 598
3, 624,394
4, 740,869
693, 792

204, 585
3, 377, 632

1922
1923
1924...

2, 832,944
2,878, 896
2, 210, 240

867,448
1, 092,843
379, 791

333, 321
342, 295
351,251

32,954
384,404
28, 540

501,173
366,144

Total

30, 783, 651

18,985,261

2, 718,232

11, 701, 023

-20,073
+43, 088
-11,351
-11,664

4, 566,006

Atlanta:
1914
1915. .
1916
1917

2,808
233, 652
279, 520
589, 789

2

19, 571
102,103
129,307
288, 083

201,' 719
218,203

40, 000

40, 000

1918
1919..
1920
1921

2,293, 058
4,416,001
7,476, 431
7, 406, 652

1, 652,473
3,382, 39-7
6, 010,324
5, 496,219

182,473
197,397
225, 571
245,862

1,470, 000
3,185, 000
3, 648,465
770,106

2,136,288
4,480,251

1922
1923
1924._.

2, 352, 736
2, 682, 314
1,907,121

672, 730
352,179
272, 656

256, 618
264, 622
272, 656

-172,018
8,756

588,130
78,801

29, 640,082

18,338, 900

2, 065,121

8,950,309

7,323,470

17,814
251, 071
665,937
2, 083,164

2 22,169
42,260
403,206
1,231,879

361,319
862,259

215,799

215, 799

8, 481,747
12, 012, 078
30,303,218
20,382,170

6,805, 081
8, 576,204
25,875, 749
14, 505,117

604, 635
700,807
792, 769
853, 785

6,200,446
7,875,397
14,688,500
2,075,323

10, 394,480
11, 576, 009

6,748,863
6, 511, 359
5,202,169

1,405,215
1,178,355
909,123

876, 203
904, 371
909,123

-657,289
27,398

1,186,301
246,586

92, 659, 590

60,910,020

6,865,271

30,425, 574

-19,571
+102,103
-72,412
-10,120

23,619,175

Total
Chicago:
1914
1915..
1916
1917..
1918
1919
1920
1921
1922
1923._
1924

Total

_

St. Louis:
1914
1915
1916
1917
2

9,463
77, 370
297,948
773,106

Excess of expenses.




2
16,257
2 80,912
141,017
502,156

31,100
284,566

-22,169
+42,260
+41,887
-61,978

-16,257
-80,912
+109,917
+217, 590

116

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 75.—GROSS AND N E T EARNINGS OF EACH FEDERAL RESERVE BANK, ALSO
DISPOSITION MADE OF N E T EARNINGS, 1914-1924—Continued
Earnings
Federal reserve
bank

Gross

St. Louis—Con.

Profit (+) or
Transferred Franchise tax loss (-)
paid to U. S.
carried
to surplus Government
forward

Dividends
paid

Net

$2,676,828
3,884,478
7,180,117
5,166,315

Total
Minneapolis:
1914
1915
1916
1917

$404,838
234, 660
253,711
270,253

$1,603,310
2,120,494
4, 621,855
1, 042, 564

647, 572
1,182,163
203,937

87,956
478,283

14, 540,132

283,166
296,810
304,976
2, 364, 080

276,450
407, 070
- 1 0 1 , 039

26,963,650

._

$1,777,810
2, 355,154
4,875, 566
2,951,926

2,456,447
2, 753,435
1, 688,143

1918..
1919...
1920
1921
1922
1923
1924

Disposition of net earnings

9,970, 704

2,205,348

-$230,338
$1, 639, 109

2

1,322
98, 790
255,177
672, 799

23, 530
2
8,811
134,603
394, 353

57, 720
363, 895

37, 500

37, 500

1918
1919
1920
1921

2,049, 954
3,007,041
5, 307,381
4, 966, 311

1, 545, 847
2, 333, 943
4,131,053
3,151,154

168,103
180,186
195,871
211, 657

1, 377, 744
2,153, 757
3, 410,948
488, 530

524,234
2,450,967

1922
1923
1924

1, 969, 248
1, 749, 253
1, 609,070
21, 686, 346

782, 695
325,455
329,102
13? 095, 864

213, 774
212,733
202, 828

4,469
11,272
12, 628

1, 806, 767

7,496,848

Total
Kansas City:
1914
1915
1916
1917
1918
1919
1920
1921

3,451, 936
4, 961,482
7,409, 987
5, 712, 858

1922
1923
1924

3, 094, 660
2, 993, 919
2, 262, 910

Total
Dallas:

31, 373, 094

1914
1915
1916
1917

2,679
241, 987
326, 372
621, 970

1918
1919
1920
1921
1922
1923
1924

Total
San Francisco:
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924

Total

564,452
101,450
113,646
3, 792, 249

2

1,934
100, 540
380, 208
1,002, 660

2

- 2 3 , 530
-8,811
+76,883
- 4 4 , 542

26, 230
40, 546
224, 989
566,404

-26,
-40,
+158,
+201,

2

748
362
681
096

309, 729
228,755
257, 672
268, 620

2,421,
3, 694,
3, 042,
486,

783, 036
347, 711
253,182

275, 655
275, 313
265. 697

-157,432
7,240
-518,879
8, 976, 661

2, 437,
3, 923,
5, 540,
3, 056,

2

66, 707
364, 503

16,560,069 !
2

27,
103,
166,
352,

2,312,651

640
028
046
067

1, 240,175
2, 041,864
3, 228, 231
1, 613, 564

261, 503
196, 335
225,424
252, 211

2,085, 775
2, 356, 436
2,157, 964

354,125
332, 282
265, 024

251,915
251,429
249, 789

22, 093,130

9, 668. 766

2, 076, 371

-293,407
2, 240, 228
2, 300, 558
664, 813
65,158
5, 270, 757
-27,640
+37, 505
+32, 038
+163, 833
- 2 0 5 , 736

65,523
134,008
188,234

2, 089, 526
3,062,251
4, 904. 522
4, 243,648

426
607
781
918

j

1,184,408
1, 845, 529
3, 002,807
1, 361, 353
102, 210
80, 853
15, 235
7, 592, 395

2

- 3 5 , 255
-17,103
+67, 775

2,761
113, 200
316,511
885, 802
4,187, 785
7,021, 224
12, 706, 668
9,184,413
4,821, 202
4, 615, 227
3,487, 931

2, 869,164
5, 387, 360
10,108, 823
4, 920, 500

43, 736
394, 776
497, 675
296,161
384, 713
435, 361

2,448,174
5,091,199
6, 654,855
1, 254,824

1, 660, 356
505, 426
250, 516

448, 306
467, 720
480, 561

-185,721
37, 706
-230, 045

47, 342, 724

26, 217, 342

3, 449, 009

15,070,992

Excess of expenses.




35, 255
17,103
111,511
456, 044

230
546
282
901

2

+61, 268
-76,685
3,069, 255
3, 230, 315
1, 397, 771

7, 697,341

RECEIPTS AND DISBURSEMENTS OF THE FEDERAL RESERVE BOARD
No. 76.—RECEIPTS AND DISBURSEMENTS OF THE FEDERAL RESERVE BOARD FOR THE YEAR 1924
Balance Jan. 1, 1924:
Available for general expenses of the board
Available for expenses chargeable to the Federal reserve banks

$63, 563. 03
206, 394. 14

Total

$269,957. 17
RECEIPTS

^

Available for general expenses of t h e board:
Assessments on Federal reserve banks for estimated general expenses of t h e board
R e i m b u r s e m e n t on account of expenditures during 1923
Subscriptions t o Federal Reserve Bulletin
R e i m b u r s e m e n t 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
R e i m b u r s e m e n t on account of cost of examinations of foreign banking institutions

y
%
^
w
o
^
hrj

$663, 239. 90
1, 020. 00
5, 162. 89
1, 530. 00
5, 517. 47
29, 677. 08

W

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
1, 071, 922. 00
For expenses of gold shipments between Treasury offices and Federal reserve banks
under the provisions of section 16, Federal reserve act
.
660. 91
For expenses of leased wire system
248, 482. 70
For miscellaneous expenses
11, 235. 54
Total receipts available for expenses chargeable to Federal reserve banks

706, 147. 34

§
W
^
^
ui
g
<!

1, 332, 301. 15

Total receipts

2,038,448.49

Total available for disbursements

c
d
o
£j

2, 308, 405. 66
DISBURSEMENTS

For general expenses of the board:
Expenses for 1923 paid in 1924
Expenses for 1924 (per detailed statement)
Less accounts unpaid Dec. 31, 1924




15, 853. 92
1

$720, 039. 61
19, 736. 28
700,303. 33

h-*
f-1

No.

76.—RECEIPTS AND DISBURSEMENTS

OF THE FEDERAL

RESERVE

BOARD

FOR THE YEAR

1924—Continued
00

DISBURSEMENES—continued

For general expenses of the board—Continued.
Cost of examination of foreign banking institutions reimbursable
Salaries of laborers reimbursable by Treasury Department
Miscellaneous expenses reimbursable
Refunds account of Federal Reserve Bulletin

$16, 600.
2, 040.
361.
32.

Total disbursements for general expenses of the board
For expenses chargeable to Federal reserve banks:
Cost of preparing Federal reserve notes
1, 144, 324.
Expenses of gold shipments between Treasury offices and Federal reserve banks under
the provisions of section 16, Federal reserve act
623.
Expenses of leased wire system
248, 529.
Miscellaneous expenses
„
11, 007.
Total disbursements for expenses chargeable to Federal reserve banks

30
00
26
00
$735, 190. 81
00
30
90
89
1, 404, 485. 09

Total disbursements

$2, 139, 675. 90

Balance Dec. 31, 1924:
Available for accounts unpaid Dec. 31, 1924
Available for general expenses of the board
Available for expenses chargeable to Federal reserve banks unpaid Dec. 31, 1924

19, 736. 28
14, 783. 28
134, 210. 20

Total balance

168, 729. 76
DETAILED STATEMENT OF EXPENSES OF THE FEDERAL RESERVE BOARD

January j February

March

May

June

July

August

September

October

November

December

Total

PERSONAL SERVICES"
Board members and their staffOffice of secretary
Office of general counsel
Office of fiscal agent
Division of examination _
Division of bank operations




$8,669.98 !$8,669. 99 $8,740. 03
2,391. 66 2, 391.
2,391. 68
2,454.15 2,454.16 2,454.18
838, 33
838. 34
8,082.04 8,082.09 7,917.38
5,045. 35 5,045. 40 5,045. 50

$8,922. 90 $8,842.49
2,391. 66 2,391. 66
2,385.40 2,341. 66
838. 33
838. 33
8,082.04 7,957.10
5,005. 62 5,045.40

$8, 795.86
2,391.68
2,341. 69
838. 34
7,642. 55
5,000. 77

$8, 804.14 $8,804.16 ! $8,804. 20
2,391. 66 2,391.66 ! 2,391.68
2,341, 65 2,341.66 2,341. 69
'"
1, 004. 99 1,005. 00 1, 005. 01
8, 509. 38 8,387. 79 7,472.85
5,027. 02 5,005.41 4, 967.16

&8,808. 31 $8,812. 50 $8, 773. 64 $105,448.20
2,391.66 2, 391. 66 2,391. 68 28, 700.00
2,341. 65 2,341. 66 2,341. 69 28,481. 24
1,004. 99 1,005. 00 1,005. 01 11,060. 00
8, 518. 27 8, 526.68 8,526. 71 97,704.88
4, 732.02 4, 732. 07 4, 732.16 59,383.88

Division of chief clerk
Division of gold settlement
Division of currency
Division of research and statistics
co Division of architecture
^ Division of issue and redemption
o2 Messengers
so Charwomen
_
to
"+>
C
O

Total..

_

_

_

2,904.55
1,536.82
729.15
7,365.90
486.11
4,694.66
1,629.15
96.00

2,916. 23
1,507. 58
729.17
7, 203. 72
486.11
4, 721. 67
1,629.16
96.00

2,916.31
1,536.85
729 17
7, 203.85
486.12
4,631.68
1, 587. 51
96.00

2,916. 22
1, 535.32
729 15
7, 203. 68
486.10
4, 593. 66
1, 545. 82
96.00

2,903.46
1, 539. 83
729.17
7,070.40
486.11
4, 522. 33
1, 545. 83
96.00

2,867.15
1, 534,60
684 74
6,837.16
486.11
4,382. 67
1, 545. 86
84.27

2,656. 23
1, 562.32
729.15
6, 945.48

2,646. 23
1, 578.33
729.17
6, 279. 32

2,446. 30
1, 556.60
729.18
6,422. 57

2,411.22
1, 571. 57
729.15
6,948. 27

2,411.23
1, 543. 83
729.17
6,941. 65

2,507.13
1, 561. 85
729.18
6, 748.41

4,468. 33
1, 545. 82
95.30

4, 524.17
1, 545. 83
95.30

4, 510.17
1, 605. 85
95.30

4,418. 99
1, 589.15
95.30

4,459. 67
1, 565. 83
95.30

4,334. 67
1, 565.85
91.13

32, 502. 26
18, 565. 50
8, 705. 55
83,170.41
2,916. 66
54, 262. 67
18, 901. 66
1,131.90

46,923.85 46,771. 27 46, 574.60 46, 731. 90 46,309. 77 45,433.45 46,081.47 45, 334.03 44, 348. 56 45, 560. 55 45, 556. 25 45,309.11 550,934. 81

NONPERSONAL SERVICES
Transportation and subsistence:
Board members and their staff
Office of secretary
Office of general counsel
Division of examination
Division of research and statistics
Total all other divisions, including local
carfare.
_ .
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
. .

318. 37
3.84
80 73
4, 502.81
39.40

145. 90

123.93
96 49

430.21

4,425.96

4,719.79

79 31
4,853.98
168.13

634.42
1, 296. 76
46.00
2, 034.44
10.16
49.68
50.37
71.24
375.00

642.16
1,631.28
65 00
4,774.33
36 10
49 68
50.37
197. 66
381. 75

2, 564.12
86 69
49.68
50.37
110.32
375.00
470. 21
.20

797.35

613.43
15.98

759. 77
112. 71
1,876. 42

178. 62

8.20
51.43
1,876.42

269.45

69.12

213 57
1,318. 23
164.42

643. 93
27.78
57 67
3,909. 38
8. 14

391. 34
137. 33
32 58
5, 520. 70
197. 79

631. 96
1,498. 58
72.00
247.03
95.31
50.00
50.00
161. 88
271. 75

639. 94
891. 57

188.04

143. 54

74 69
4,374. 27
218. 67

60.94
5,358. 36
68.36

3, 742. 31
270.17
600.82
53,928.04
936. 09

50.42

157. 75

6, 461. 61

646.89
638. 33
910. 32
933. 54
70.00
2,002. 72 3, 553. 93
13 60
2.70
49.68
49.68
50.41
50.37
154.11
173.99
375.00
375.00

624.49
1,668. 00
70 00
7, 225. 25
29 50
49.72

620. 89
1, 052. 91
65.00
2, 287. 95
20.01
50.00

5, 609. 30
33.47
50.00

83.89
282.73

138. 61
265.00

117. 97
265.00

1, 636.68
6.00

80.64
182. 77

719.13

390.59
1 50

223. 53

251. 55
4.78

466.13

557. 63
4.00

569.86
707. 57

6, 776. 73
922. 80

7.50
12.50
1,876. 42

10.35
32.10
1,876.42

56.70
5.72
1,876.42

185. 68
4.30
1,876.42

19.60
36.00
1,876.42

1,199. 08
54.72
1,876.42

6.96
119.10
1, 876.42

1,211.40
117. 51
1,876.42

88.00
60.00
1,876. 42

3, 731. 86
606. 09
22, 517. 04

14.88

1, 876.42

661.40

3,405.71

13.75
644.64
1,485.92

357. 08
4.73
1 33
5,077. 24
71.18

49.75

28.95
637. 39
928. 59

1,852. 63
17.40
50.00
50.00
45.56
128. 24

7,636. 40
641.79
633. 50
1,173.40 1,500.00 14, 970. 87
451. 00
63.00
2,020. 55 10,143. 41 44,315. 66
58.62
435. 77
32.21
598.12
50.00
50.00
50.00
451. 89
50.00
2, 954.17
1,643.94
55. 00
3,101. 22
6.75

Total

13,544. 95 11, 992. 32 15,334. 00 13,377. 96 13, 451. 76 16,366. 71 13,489. 59 12,183. 84 11,111.96 12,473. 44 14, 289. 23 21,489. 04 169,104. 80

Grand total . - .

60,468. 80 58, 763. 59 61,908.60 60,109. 86 59, 761. 53 61, 800.16 59, 571. 06 57, 517. 87 55, 460. 52 58,033. 99 59,845.48 66, 798.15 720, 039.61




CONDITION OF MEMBER AND NONMEMBER BANKS
No.

77.—ALL B A N K S

1

IN THE UNITED

STATES AND ISLAND POSSESSIONS: RESOURCES AND LIABILITIES OF BANKS FOR WHICH

REPORTS

ARE AVAILABLE

to

o

[Taken from annual reports of the Comptroller of the Currency]
[In thousands of dollars]
J u n e 23,
J u n e 30,
J u n e 20,
J u n e 30,
J u n e 30,
J u n e 29,
J u n e 30,
J u n e 30,
J u n e 30,
J u n e 30,
J u n e 30,
1914 (26,765 1915 (27,062 1916 (27,513 1917 (27,923 1918 (28,880 1919 (29,123 1920 (30,139 1921 (30,812 1922 (30,389 1923 (30,178 1924 (29,348
banks)
banks)
banks)
banks)
banks)
banks)
banks)
banks)
banks)
banks)
RESOURCES
Loans and discounts
Overdrafts
Investments

__
_

Total loans and investments

15, 288,357
51,121
5, 584,925
20,924,403
609,697
129,983
2,872,697
(3)
520,995
1,639, 219
274,404
26,971, 398

Banking house, furniture, and fixtures
Other real estate owned
Due from banks 2
_
Exchanges for clearing house
Checks and other cash items
Cash on hand
Other resources
Total....-._..
_
LIABILITIES
Capital stock paid in
_
2,132, 074
Surplus
1, 714,486
Undivided profits, less expenses and taxes
562,031
paid
722,555
National bank notes outstanding.
2, 705, 075
Due to banks
4
18, 588,112
Individual deposits
« 66,655
United States deposits
21, 359,842
Total deposits
__
38>130
Notes ajid bills rediscounted
Bills payable (including certificates of
194,432
deposit representing money borrowed)..
247, 848
Other liabilities
Total...

26,971, 398

69,630
1,457, 702
301,601
27,804,130

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
32,271,238

20,618,740
47,199
8,003,820
28,669, 759
709,065
153,902
4, 793,167
486,083
272,609
1, 502, 502
539,676
37,126, 763

22,530,886
60,335
9, 741, 653
33,332,874
737,148
172,035
5,136,604
359,834
323,245
896, 570
768,129

24,994,685
94,293
12, 229, 528
37,318,506
775,112
161, 595
5,865,414
831, 713
589,096
997,353
1,076,658

30,791,725
109,186
11,387,525
43,288,436
863,191
137, 785
5,833,241
849, 910
607,868
1,076,378
1,422,299

28,693, 724
81,849
11,381,923
40,157,496
993, 898
153, 623
4, 794,205
1,049,507
241,160
946,567
1,334,934

27,684, 205
74,600
12,547, 567
40,306,372
1,078,174
198,457
5,414, 241
930, 594
644,014
829,892
1,023, 623

40,726,439

47,615,447

53,079,108

49,671,390

2,162,842
1,732,918

2,195,101
1,849,693

2, 274, 200
1,945, 544

2, 351, 588
2,034, 764

2,437,365
2,181, 994

2, 702,639
2, 410,346

2,903,961
2, 542,032

639,778
564,338
722,704
676,116
2, 783,312
3,463,609
19,199,393 22,873,493
« 48, 964
«39,457'
22,031, 669 26,376,559
59,452
53,468

674,191
660,431
3,913, 944
26,396,167
s 132,965
30,443, 076
167,471

684, 260
-681, 631
3, 595,062
27, 956, 378
« 1,037,787
32, 589,227
680,877

825,889
677,162
3,890,487
33, 211, 631
5
566, 793
37, 668, 911
659, 219

15,722,440
36,232
5,881,931
21,640,603
636,821
156,584
3,233,943
307,246

910,743
976, 261
704,147
688,178
2,809,414
3, 708, 302
37,829,985 35,459,155
5
175, 788
390,230
41, 714, 075 38, 658, 799
1, 271, 684
1,499, 262

166, 762
288,005

113,251
442,712

317,853
643,997

707,978
996,114

1, 641, 272
1, 523,635

1, 785, 598
1,302, 749

1, 375, 591
1,304, 433

27,804,130

32, 271,238

37,126, 763

40, 726,439

47,615,447

53,079,108

49,671,390

31,291,888
56,334
14,228, 745
45,576,967
1,295,831
294,428
6,121,093
1,117,361
875,009
911, 500
952, 501

50,425,367

30,229,446
57,982
13,672,547
43,959,975
1,176,098
256,119
5,597,150
646, 590
549,485
797,101
1,052,393
54,034,911

2,943,950
2, 697,409

3,052,367
2,799,494

3,114,203
2,967,359

954,145
720,001
3,610,211
40,392,305
44,240,955
534, 706

971,730
729,686
3,928,292
43,618,978
152, 302
47, 699, 572
325,280

780,761
952,482

472,699
864,161

54,034,911

57,144,690

725, 748
3,244,386
37, 746,823
128,887
41,120, 096
435, 711
635, 564
933,046
50,425,367

O
H
O

57,144,690

1
Except (1) the Federal reserve banks, Federal land banks, and Federal intermediate credit banks, and (2) a certain number of nonreporting private banks, which varies somewhat from year to year, but which was reported by the Comptroller of the Currency to be 461 in June, 1924, with estimates as follows: Capital paid in, $9,200,000; surplus and profits,
$8,300,000; deposits, $99,400,000.
2
Includes lawful reserve with Federal reserve banks and other reserve agents.
* Includes certified and cashiers' checks.
5
»Included in " Checks and other cash items."
For national banks only.




B

f
tr1
w

w
o

CONDITION OF MEMBER AND NONMEMBEE BANKS
No.

121

78.—ALL MEMBER BANKS: RESOURCES AND LIABILITIES
[In thousands of dollars]
Dec. 31,
Oct. 10,
Mar. 31,
June 30,
Dec. 31,
1923 (9,774 1924 (9,681 1924 (9,650 1924 (9,635 1924 (9,587
banks)
banks)
banks)
banks)
banks)
RESOURCES

Loans and discounts.
19,034,996
16,690
Overdrafts
_
3,641,132
United States Government securities
4,045,312
Other bonds, stocks, and securities
26, 738, 130
Total loans and investments
Customers' liability on account of accept391, 595
ances.
786, 792
Banking house, furniture, and fixtures
147, 634
Other real estate owned.
561,433
Cash in vault
1,900,153
Reserve with Federal reserve banks
Items with Federal reserve banks in process
665, 709
of collection
Due from banks, bankers, and trust com1,824,348
panies
Exchanges for clearing house, also checks
1, 709, 537
on other banks in same place..
140,987
Outside checks and other cash items
Redemption fund and due from United
36, 720
States Treasurer
1
14,969
United States securities borrowed
2,232
Other securities borrowed *
318,367
Other assets

19,158,195
17, 518
3, 569, 653
4,086,668
26,832,031

19,248,650
15,369
3, 607, 797
4, 389,743
27,261, 559

19,801,388
18, 510
3,894,620
4, 736,126
28,450, 644

20,165,601
15, 708
3,902,793
4,942,486
29,026,588

387, 292
813,880
156,089
494, 223
1,893,301

285,830
836,699
155, 753
503, 555
1,965,453

330,716
843,077
158, 641
527,889
2,121,428

461,736
860,614
161,133
597,472
2,227, 569

549, 087

582,475

613,494

724,926

1, 643, 739 1,940,197

2, 430,462

2,339,488

1, 582,343
107, 798

1,741,073
133,411

1,091, 300
100, 551

1,935,114
133,666

37,141
16, 478
2,420
304,398

37,104

36, 701
18,060
1,954
378,953

36,284
19,087
2,541
460, 649

1,787
313,476

35, 238,606 34,820, 223 35, 777,256 37,103,870

Total.
LIABILITIES

2, 003, 054 2,022,169
Capital stock paid in
1,641,319 1, 649,880
Surplus fund
Undivided profits, less expenses and taxes
796, 395
733,193
paid
32,978
36, 674
Due to Federal reserve banks
_.
Due to banks, bankers, and trust companies
_
3, 475, 656 3,446, 737
Certified and cashiers' or treasurers' checks
867, 420
922,549
outstanding
15,164,182 14, 719, 256
Demand deposits
8,650,610 8,889,923
Time deposits
291, 767
United States deposits
_
236,942
28,486,613 28,248,081
Total deposits
Bills payable (including all obligations
representing money borrowed other than
315, 979
444,983
rediscounts)..
.__
Notes and bills rediscounted (including
acceptances of other banks and foreign
bills of exchange or drafts sold with in572, 661
dorsement)
428, 536
Cash letters of credit and travelers' checks
20,350
22, 457
outstanding
.
375, 768
400,200
Acceptances executed for customers
Acceptances executed by other banks for
37,451
26,197
account of reporting banks.
_.
725, 441
725,986
National-bank notes outstanding
52, 263
53, 256
United States securities borrowed
Other securities borrowed
._
4,952
5,270
140,306
126, 069
Other liabilities

2,030,336 2,034,943
1, 669, 592 1, 682, 646

2,037,481
1,707,486

786,547
33,976

876, 516
36, 508

786, 759
43, 648

3,820,125

4,453,412

4, 504,315

983,979
653, 342
1,082,431
15, 308,990 15, 729, 597 16,684,038
9, 203, 545 9, 597,395 9,804,738
178,946
301,803
242,482
29,529,561 30, 772,057 32,361,652
205, 225

167,483

289,253

297,682

265, 264

367,490

36,041
276,968
27, 720
729,186
51,425
4,252
132, 721

22,514
328,526

21, 709
460,383

28,532
723,039
46, 786
5,535
150,029

37, 322
714,333
48,017
5,946
149,036

35, 238, 606 34,820, 223 35, 777,256 37,103,870
Total..
Ratio of reserve with Federal reserve
9.7
9.8
bank to net deposit liability (per cent)..
10.0

38,986, 867

1

Exclusive of securities borrowed b y national banks.




10.1

122

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 79.—NATIONAL BANKS: 1 RESOURCES AND LIABILITIES
[In thousands of dollars]
M a r . 31,
June 30,
Oct. 10,
Dec. 31,
Dec. 31,
1923 (8,184 1924 (8,115 1924 (8,085 1924 (8,074 1924 (8,049
banks)
banks)
banks)
banks)
banks)
RESOURCES

11,876,562 11,952,287 11, 978, 728 12, 210,148
Loans and discounts
10, 815
O verdraf ts_...
12, 242
10, 075
10,470
United States Government securities
2, 566,851 2,494, 313 2,481, 778 2, 579,190
Other bonds, stocks, and securities
2, 477, 843 2, 511, 637 2, 660, 550 2,897,040
Total loans and investments _..
16,931, 726 16,969,052 17,131,131 17,698,620
Customer's liability on account of accept202, 572
ances
135, 829
207, 438
145, 666
525, 335
532, 728
512, 910
Banking house, furniture, and fixtures
541, 852
100, 098
93, 881
107, 459
104, 630
Other real estate owned
386,428
360,101
342,969
Cash in vault
345, 219
1,180, 838 1,160, 766 1,198, 670 1, 303, 631
Reserve with Federal reserve banks
Items with Federal reserve banks in process
379, 307
397, 340
of collection
427, 894
460,173
Due from banks, bankers, and trust companies
1, 222,190 1,444,783
1, 852,163
1, 349,334
Exchanges for clearing house, also checks
909, 802 1,001, 493
1,011,058
629, 231
on other banks in same place
56,420
69,687
Outside checks and other cash items
52, 898
73, 656
Redemption fund and due from United
37,167
36,746
37,129
States Treasurer
36, 726
157, 210
167, 280
161, 940
Other assets
166, 820
Total

22, 406,128

12, 319, 680
9,802
2, 586,697
3, 075,999
17,992,178
244, 728
551,371
108,966
409, 566
1, 394, 386
486,933
1, 780,902
1, 081, 840
70,635
36, 310
223, 466

22,062, 888 22, 565, 919 23, 323, 061

24,381, 281

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) _.
1

1, 325, 825
1, 068, 359
473,979
26, 965

1, 335, 572
1, 073, 363
507,905
25,328

1,334,011
1, 080, 578

1, 332, 527
1, 074, 268

1, 334, 836
1,088,880

501,656
26, 445

556, 792
27, 342

503, 268
33,188

2, 568, 846

2, 539, 782

2, 794, 556

3, 272,166

3, 269,594

364,635
9, 795, 580
5, 460, 677

449,489
534,063
550,335
9, 593,119 9, 292,127 9, 593,250
4, 948,019 5,108,970
5,259,933
157,849
183,000
123, 318
17,828,861 17, 598, 696 18,347, 837

19,108, 798

599,623
10, 363, 250
5, 581,287
153, 266
20, 000, 208

143,847

123, 611

202, 304

324,166
333,896

271,645

196, 778

170,419

196,396

5,475
204,432

6,225
193,240

9,456
131,411

6,135
140, 574

6,124
235, 232

17,630
725,949
38,287
3,038
56, 231

25, 455
726,483
35,684
2,532
47,200

17,381
729, 686
32,542
2,565
38,171

18,435
723, 530
28, 729
3,581
35,662

26, 564
714,844
28,930
3, 405
40,290

22,406,128

22,062,888

22, 565,919

23,323, 061

9.5

9.5

9.4

9.4

24,381,281

Includes nonmember national banks in Alaska and Hawaii—six on Dec. 31, 1924, with total resources
of $12,290,000.




123

CONDITION OF MEMBER AND NONMEMBEK BANKS
No.

80.—STATE

BANK

AND TRUST COMPANY
LIABILITIES

MEMBERS:

RESOURCES

AND

[In thousands of dollars]
Dec. 31,

Mar. 31,

1923 (1,595 1924 (1,571
banks)
I banks)

J u n e 30,
1924 (1,570
banks)

Oct. 10,
1924 (1,566
banks)

7,161, 274
6,222
1, 077, 773
37, 691
1, 530,967
9, 813,927

7, 208, 994
6,704
1, 078,861
38,144
1, 537, 872
9, 870, 575

7, 273, 506
5, 296
1,129, 358
38, 452
1, 692, 009
10,138, 631

7, 594, 884
6,277
1, 318, 766
39,383
1, 800,927
10, 760,237

7,849, 546
5,915
1,319, 291
39, 396
1,828,325
11,042,473

184,158
274, 014
53, 768
13, 749
162, 438

184, 720
288,683
56, 006
14, 556
137, 251

150, 001
304,119
51,138
16, 983
142, 089

185, 050
301, 379
51,197
16,874
151,633

217, 008
309,439
52,177
18,420
170, 785

Dec. 31,
1924 (1,544
banks)

RESOURCES

Loans and discounts
Overdrafts...
_
United States Government securities
Stock of Federal reserve banks
_.
Other bonds, stocks, and securities
Total loans and investments
Customers' liability on account of acceptances
Banking house, furniture, and fixtures
Other real estate owned
Gold and gold certificates
A llother 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 clearinghouse, also checks on
other banks in same place..
Outside checks and other cash items
United States securities borrowed
Other securities borrowed
Other assets
TotaL

719,315

732, 535

766, 783

817, 797

833,183

205, 536

169, 780

185,135

185,600

237,993

476, 640

422, 792
672,616 j
51,406 I
16,478 |
2,420 j
147,207 I

496, 675
739, 795
63, 745
18,884
1,787
146, 228

580, 318

560,983

462,155
47, 686
18, 060
1,954
212,144
13, 792, 084

853, 521
63, 055
19,087
2,541
237, 211
14,617,876

67, 388
14,969
2,232
156,483
12,843, 303

12,767,025

13,221,983

LIABILITIES
677, 979
Capital stock paid in
687, 347
697, 075
703,166
703,445
573, 610
Surplus fund
577,170
589,669
609,033
619, 266
Undivided profits, less expenses and taxes
259, 342
paid
288, 612
285, 041
319, 912
283', 695
9,709
Due to Federal reserve banks
7,650 I
7,531
9,166 i
10,460
Due to banks, bankers, and trust companies
907, 610
907,283 I 1,026,453
1,181, 620 I
1, 235,623
Certified and cashiers' or treasurers' checks
388, 524
417, 957
outstanding
433, 766
288,839 !
483, 202
5, 575, 521
5, 431, 016
Demand deposits
5, 720, 242
5,938,330 |
6, 325,863
3, 782, 092
3, 703, 712
Time deposits
3,944, 831
4,138, 099 j
4, 224, 966
United States deposits...
81, 461
111, 038
57, 375
116,391 I
91, 441
Total deposits
10, 666, 537 10, 657, 036 11,190,198 11, 672, U5
12, 371,555
Bills payable (including all obligations
representing money borrowed, other
120, 817
than rediscounts)
77, 091
61, 378
43,872 I
Notes and bills rediscounted (including
acceptances of other banks and foreign
bills of exchange or drafts sold with
indorsement)
238, 765
156,891 j
100,904
94,845
171, 094
Cash letters of credit and travelers' checks
outstanding
_._
14, 877
16, 249
26, 602
16,384
15, 589
Acceptances executed for customers
195, 769
145, 557
187,952
225,151
182, 528
Acceptances executed by other banks for
account of reporting banks
8,567
11,996
10, 339
10, 097
10, 758
United States securities borrowed
14, 969
16, 579
18, 883
18, 057
19, 087
O ther securities borrowed
2,232
2,420
1,787
1,954
2,541
Other liabilities
69,839
93,106
94, 550
114,367 !
108, 746

Total.
Ratio of reserve with Federal reserve banks
to net deposit liability (per cent)




12,843,303

12,767,025

13, 221, 983

10.2

10.5

10.4

13, 792, 084 j 14,617,876 •
10.4

10.3

124
No.

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
81.—ALL MEMBER BANKS IN N E W YORK CITY: RESOURCES AND LIABILITIES
Lin thousands of dollars]
Dec. 31,
1923
(63 banks)

M a r . 31,
1924
(64 banks)

J u n e 30,
1924
(64 banks)

Oct. 10,
1924
(66 banks)

Dec. 31,
1924
(66 b a n k s )

4,148,346
1,229
1,037, 732
761, 513
5,948,830

4,381,023
1,104
974,021
797, 537
6,153,685

212, 503
92, 819
2,946
63, 027

294, 680
89, 521
2, 866
72,627

689, 369

738, 911

113,116

159,458

65, 235
731,182
16, 681

73,644
1, 390, 441
24,163

2,031

2,034

RESOURCES
Loans and discounts
Overdrafts
United States Government securities
Other bonds, stocks, and secutities

Total loans and investments

Customers' liability on account of acceptances
•__
Banking house, furniture, and fixtures
Other real estate owned
Cash in vault.
Reserve with Federal reserve banks
Items with Federal reserve banks in process of collection
Due from banks, 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 i
Other securities borrowed 1
Other assets

3, 790,960
1,840
897, 303
517,689
5,307, 793

3,807,083
1, 700
854,449
549,948
5, 313,180

240, 591
91, 598
3,502
61, 383
577,156

233, 229
92, 525
3,525
55, 515

133,325
82, 285
1,163, 045
29, 379

180, 010

172, 453
91, 552
3,494
57, 308
618,600
119,234 |

118,363 !
76,602 |
65,943 !
1,172, 856 I 1, 279,372
19,955 !
24,017

1,924

2,014
175,196 |

181,035

219,383

285, 272

7, 760, 932 ! 8, 220, 746

8,157,112

9, 287, 302

333, 600
376, 682

335, 260
377, 393

336, 300
379, 205

174,408
211
1,227, 355

182,833 j
188,677
336 i
212
1,282,176 i 1,481,730

198,399
206
1, 503, 860

200,093
265
1, 547, 432

622,826 !
3,799,955 I
888, 578 I
51,406 I
6,390,331

649,528 !
742,711 |
3, 740,166 I 4,065,873 I
635,914
624,987 !
59,178 !
6,356,371
6,953,138

445, 726
4, 037, 933
768, 809
43, 652
6,800,186

759, 540
4, 616,670
775, 270
28, 591
7, 737, 768

15,303 |

18, 338

43,651

7, 771, 990

Total.

608, 661

3, 972, 612
1,277
921,023
700,153
5,595,065

INABILITIES
Capital stock paid in
Surplus f u n d
Undivided profits, less expenses and taxes
paid
Due°to Federal reserve banks
D u e to banks, bankers, and t r u s t companies
Certified a n d cashiers' or treasurers' checks
outstanding
D e m a n d deposits
T i m e deposits
United States deposits
Total deposits.
_
_.
Bills payable (including all obligations
representing money borrowed, other
t h a n rediscounts)
Notes and bills lediscounted (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 exeeuted b y 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 ^
to net deposit liability (per c e n t ) , .

330, 298
373, 520

81,852 •

51,047 •

161,948 :

ioi, 200 ;

50,628 j

86, 781

180, 259

14,820 !
244,914

15,806 I
222,421 :

17,146
204, 636

16,964
290,128

16, 658
38,525
2,478

26,399 i
39,142 '
2,478 •

26,679 !
163,296 |
!
19,071 !
39,357
2,178

24,294
39, 884
995

42, 238 \

54, 466 '

52,137

19,546
39, 805
995
500
58,127

7,771,990!

7,760,932!

8,220,746

8,157,112

9, 287,302

12.8 i

13.5 !

12.3

13.0

13.3

. * Exclusive of securities borrowed by national banks.




332, 750 I
376,019 ;

47, 761

CONDITION OF MEMBER AND NONMEMBEB BANKS
No.

82.—ALL MEMBER

125

BANKS IN THE CITY OF CHICAGO: RESOURCES AND
LIABILITIES

tin thousands of dollars]
Dec. 31,
1923
(24 banks)

Mar. 31,
1924
(25 banks)

June 30,
1924
(26 banks)

Oct. 10,
1924
(25 banks)

1,057,462
244
124,680
139, 298
1, 321, 684

1, 024,798
220
141,766
128,742
1,295, 526

1,064,243
188
167,036
137,473
1,368,940

1,209,848
163
183,250
150,311
1,543,572

1,163,949
378
180,131
162,115
1,506,573

31,463
20,439
64
25,618
133,458

32, 385
27,848
64
21,751
119,790

27,141
29,865
62
22, 261
152,413

30,051
17,771
75
21,590
156,235

32,833
26,926

Dec. 31,
1924
(24 banks)

RESOURCES

Loans and discounts
Overdrafts
--United States Government securities
Other bonds, stocks, and securities

Total loans and investments..

Customers' liability on account of acceptances
Banking house, furniture, and fixtures
Other real estate owned
Cash in vault.
Reserve with Federal reserve banks
Items with Federal reserve banks in process of collection..
_
Due from banks, 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 l
Other assets

41,597

30,863

34,197

35,180

40,935

122,877

101,145

160,100

144, 447

129,600

85, 559
7,781

62,736
3,712

95, 540
7,704

49,234
3,638

88, 531
6,547

130

144
2,509

143

143

142

1
14,178

26, 262

1
23,898

1,710,937 j 1,912,545

2,028,198

2,044,289

19,702
1,810,372

Total..

25,520
162,709

12,464

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 I
rediscounts)
I
Notes and bills rediscounted (including |
acceptances of other banks and foreign j
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 bank
to net deposit liability (per cent)

92,050
79,995

92,700
79,540

92,900
79,570

87,900
84,571

89,400
88,077

55,708

57,667

58,690

62,000

50,163

331,182

350,117

428,695

472,718

399,643

22,941
843,438
281,651
9,835
1, 489, 047

22,647
741, 351
271,401
14,008
1, 399, 524

25,839
874, 350
293,173
8,984
1,631,041

16,218
919,234
307,968
10,440
1, 726, 578

23,784
953,740
342,099
17,724
1, 736,990

20,030

11,000

15,080

6,511

1,724

3,186

7,125

2,042
29,465

1,768
32,056

2,894
27,669

1,940
31,240

1,897
34,472

2,349
2, 665

911
2,638
2,509

623
2,810

1,416
2,844

1,638
2,843

21,941

24,113

1
14,623

26, 523

1
31,458

1,810, 372

1,710,937

1,912, 545

2,028,198

2,044,289

12.9

12.1

13.5

12.5

13.4

i Exclusive of securities borrowed by national banks.




126

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 83.—ALL MEMBER BANKS IN RESERVE CITIES: RESOURCES AND LIABILITIES
[In thousands of dollars]
Dec. 31,
Mar. 31,
Oct. 10,
Dec. 31,
June- 30,
1923
1924
1924
I
1924
1924
(560 banks) (554 banks) (552 banks) (555 banks)! (549 bank:
EESOURCES

Loans and discounts
Overdrafts
_
United States Government securities
Other bonds, stocks, and securities
Total loans and investments
Customers' liability on account of acceptances
Banking house, furniture, and fixtures
Other real estate owned.
Cash in vaultReserve with Federal reserve banks
Items with Federal reserve banks in process of collection
Due from banks, bankers, and trust eomExchanges 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 1
_
_
Other securities borrowed 1
Other assets
_
Total

6,672,032
4,651
1,116,276
1, 233, 995
9,026,954

!

6, 800,071
6,091
1,116,274
1, 221,118
9,143,554

6, 707,973
5,241
1,129, 922
1, 291, 876
9,135,012

6,977,374
4,453
1,293,842
1,409,164
9,684,833

105, 923
297,341
55,149
164, 263
615,270

107,157
307, 887
58,767
145, 903
616, 457

77.167
325,166
52,684
150,022
635,372

79, 421
331,348
53,970
160, 928
702, 047

119,628
339,382
52, 648
178,538
726,462

390,009

315, 836

341, 535

373,828

419, 234

713, 700

674,010

861,388

1,157,115

968, 035

367, 750
72,143

276, 207
58,354

291,125
73.168

248, 715
56,156

367, 398
71,330

8,961
6,515
283
87, 581

9,119
5,991
363
81, 742

9,106
10, 950
372
78, 008

8,852
10, 365
534
96, 863

8,610
11, 796
412
113, 617

11,801,347 j 12,041,075

12, 964, 975

13, 360,189

' 11,911,842

7,161,802
4,421
1, 353,239
1, 463, 637
9,983,099

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 bank
to net deposit liability (per cent)
1

659,105
556, 668

673,675
561, 348

681,402
573,026

685, 501
576,149

685, 541
584,878

223,196
8,792

246,662
8,639

242,339
7,363

270, 371
8,788

239, 631
10,232

1, 498, 429

1,438, 522

1, 543, 851

2, 029, 644

2, 041,306

185, 272
4, 960, 608
2, 950,007
133, 884
9, 736,992

123, 035
4, 942,157
3, 021, 385
173, 378
9,707,116

143, 797
5, 095, 705
3, 200, 727
110, 252
10,101, 695

126, 677
5, 313, 495
3, 341, 222
192,193
11, 013,019

204,887
5, 440, 203
3,435,102
146,219
11,277,949

137,311

91,218

36, 262

33, 324

104,971

224, 019

153, 089

60,076

45,073

85,482

3,311
112, 806

4,505
107, 380

5,987
77,352

3,118
84, 602

2,627
122,771

6,513
176, 076
29, 597
1,852
44,396

9,330
174, 732
26, 312
1,427
44, 553

7,562
177, 361
29, 318
1.333
47, 362

6,844
174, 299
26, 483
1,540
45, 652

9,384
168, 637
26,072
1,331
50,915

11,911,842 I 11,801,347

12,041.075

12,964, 975

13, 360,189

10.1

10.1

9.9

Exclusive of securities borrowed by national banks.




9.8

127

CONDITION OF MEMBER AND NONMEMBER BANKS
No.

84.—ALL MEMBER

BANKS OUTSIDE CENTRAL RESERVE AND RESERVE

CITIES (SO-CALLED COUNTRY BANKS): RESOURCES AND LIABILITIES

[In thousands of dollars]
Dec. 31,
1923 (9,127
banks)

Mar. 31,
June 30,
Oct. 10,
Dec. 31,
1924 (9,038 1924 (9,008 1924 (8,989 1924 (8,948
banks)
banks)
banks)
banks)

7,514,542
9,955
1,502,873
2,154, 330
11,181, 700

7, 526, 243
9,507
1,457,164
2,186,860
11,179,774

RESOURCES

Loans and discounts
Overdrafts
United States Government securities
Other bonds, stocks, and securities
Total loans and investments
Customers' liability on account of acceptances
Banking house, furniture, and fixtures
Other real estate owned
_.
Cash in vault
Reserve with Federal reserve banks
Items with Federal reserve banks in process of collection
Due from banks, 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 *
Other securities borrowed J
Other assets
_
.

13,618
377,414
88, 919
310,169
574, 269

14,
385,
93,
271,
548,

7, 503,822
8,663
1, 389, 816
2, 260, 241
11,162, 542

7,458,827
9,805
1,395,402
2, 519,197
11,383,231

9,069
390,116
99, 513
273, 964
559, 068

521
620
733
054
393

7,465,820
12,665
1,379,796
2,415,138
11,273,419
8,741
401,139
101, 650
282, 344
573,777

14, 595
404, 785
105, 545
320,787
599,487

84, 025

87,509

91,370

105,299

802,641

842,107

1, 063, 665

1,168, 209

93,183
31,684

70, 544
25,777

75,036
28, 522

62,169
24,076

88,744
31, 626

25, 705
8,454
1,949
31, 074

25,894
7,978
2,057
34,996

25,841
7,934
1,414
40, 255

25, 675
7,695
1,420
36,445

25,498
7,291
2,128
37,862

13,744,402

Total..

100, 778
905,486

13,547,007

13,602,890

13, 953, 585

14, 295,087

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
bank to net deposit liability (per cent)...

921,601
631,136

923,044 I
632,973

922, 434
640,314

926,282
644, 533

926,240
655,326

279,881
27,671

309,233
24,003

296,841
26,401

345, 746
27, 514

296, 872
33,151

418,690

375,922

365,849

447,190

515,934

91, 510
5; 560,181
4,830,374
41,817
10,970,243

72,210
5,295, 582
4, 972,150
45, 203
10, 785,070

71,632
5, 273,062
5,073,731
33,012
10, 843, 687

64,721
5,458,935
5,179, 396
55, 518
11,233, 274

94,220
5,673,425
5, 252,267
49,948
11,618, 945

205,790

162,714

153,660

115, 821

140,406

I
171,614

167,736

185, 254

130,224

94,624

177
13, 015

378
13,911

481
8,651

310
8,048

221
13,012

464
509, 658
19,929
2,918
18, 599

726
506,091
19,308
3,495
19, 727

2,006
502,969
20,950
4,614
18,902

677
508,175
21,181
3,418
17,494
13,744,402

13, 547, 007

13,602,890

13,953,585

14,295, 087

7.4

7.3

7.4

7.4

7.5

1 Exclusive of securities borrowed by national banks.

36569—25f




10

811
509,474
20,964
3,525
17,174 i

No.

85*—ALL MEMBEK

BANKS: PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES,

1914-1924

to
[In thousands of dollars]

00
Deposits

Loans and investments
Date

Number of
banks

Other
U. S. Govbonds,
ernment
securities stocks, and
securities

Capital

Total

Loans and
discounts l

7,582

8,559,875

6,419,071

794,239

1,346,565

1,074, 757

Mar. 4.
May 1...
June 23..
Sept. 2...
Nov. 10_.
Dec. 3 1 . .

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,
6,
6,
6,
7,
7,

563, 326
705,146
719, 715
964, 705
482, 687
622,474

780, 355
783,157
782,619
780, 895
776, 932
773, 807

1,271,436
1,260,047
1, 303, 681
1, 342,381
1,470,454
1, 502, 294

1916
Mar. 7..
May 1 . . .
June 30..
Sept. 12..
Nov. 17_
Dec. 2 7 . .

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

Mar. 5..
M a y 1..
June 20.
Dec. 31.

7,614
7,629
7,653
7, 907

9, 096,145
11,733,023
9, 207, 646
12,017,969
9, 425, 506
12, 560, 918
* 17,132,205 * 12,419,748

1918
M a y 10..
June 29..
Nov. 1...
Dec. 3 1 .

8,132
8,213
8, 596
8,692

* 18,874,889 *12,758,572
* 18,723,500 « 13,317,940
21,345,617 14, 670, 523
20,883,958 14, 318, 523

Surplus
Time 3

United
States

Bills payable and
rediscounts

Total

Demand 2

734, 527

8,305,440

5,124, 745

1,233,280 j

70, 776

1,876,639

1,075,805 j
1,075,258
1,077,885
1,087, 289
1,087, 549
1,087,150

731, 978
727,039
729, 799
738,276
738, 663
741,529

8, 666, 422
8, 967, 321
8,893, 955
9, 437, 210
10,389, 267
10,635,606

5, 091, 728
5,366,911
5, 277, 748
5,490, 974
6,152, 226
6, 333, 596

1,264, 006
1,319,921
1,351, 699
1.416,641
1,463, 258
1, 506, 018

58, 719
45, 960
48, 261
43,951
40, 300
34, 866

2,
2,
2,
2,
2,
2,

251,969
234, 529
216, 247
485, 644
733, 483
761,126

1,589,343
1, 648, 437
1, 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

11,030,326
11,403,506
11,133, 293
11,736,987
12, 892, 622
12, 661, 287

6, 303, 731
6, 661, 384
6, 581, 382
6, 891, 676
7, 522, 254
7, 340, 515

1, 592, 376
1, 685,830
1,774,839
1,852, 761
1, 939,488
1, 983, 202

32, 296
34,416
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

62,428
64,117
69,067
95, 080
79,61«
94,670

713, 713
776,189
1,098,036
1,858, 093

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 13.395,876
791,368 13, 651, 006
799, 331 13, 396, 922
1,085,110 18, 628, 027

7, 503, 543
7, 915, 697
7, 856, 476
11,179,676

2,125, 049
2, 262, 897
2, 303, 732
3, 156, 241

33, 717 I
34,675 !
140,584 !
649,413

3, 733, 567
3,437, 737
3,096,130
3,642,697

75,341
95,440
381,996
886,773

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 19, 209,
1,157, 792 18, 954,
1, 223, 342 20, 820,
1,254, 535 21,419,

11, 050,
10, 753,
12, 016,
13, 309,

3, 346, 828
3, 395, 381
3, 650,943
3,834,320

3, 353, 247
3, 283, 797
3,445,935
3, 804,075

1,134,959
1,105, 792
2, 032, 555
1,969,851

!
cj
>

104, 018
99,109

Bank

1914
Dec. 31.

132,902

1915
95,943
90, 698
98,487

W
H
O

fed
>

1917

1

959
308
815
330

610
727
310
303

1,459, 274
1, 521,403
1, 707, 627
471,632

Including rediscounts, overdrafts, and customers' liability on account of drafts paid under letters of credit.
Including certified and cashiers' or treasurers' checks outstanding.
Including postal savings deposits. Postal sayings 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.

2

3




w
o

Mar. 4
June 30
Nov. 17
Dec 3 1 .

1919

!
| 8,725
| 8,822
i 8,995
9,066

21, 760, 989
22, 602,150
24, 527,853
25,181, 511

13, 975, 744
15,534,555
17, 589,828
18, 363, 644

1920
May4
June 30
Nov. 15..
Dec. 29.

9,291
) 9,399
9,567
9,606

25,846, 657
25, 945,407
26,132, 505
25, 887, 729

19, 497,115 3, 081,156
19, 784, 370 2, 941, 655
20, 079, 505 2, 786,109
19, 767, 353 2, 759,428

4, 823,001 2,962, 244
4, 036,899 3,030, 696
3, 660, 943 3, 277, 082
3, 506,426 3,311,441

1,466,268 j 1,269,007 21,493, 288
1, 489, 792 I 1, 292, 716 22, 807, 520
1,565,871 I 1,343,684 25,168, 890
1,593,833 ! 1,375,727 26.121, 621

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, 953
1, 526, 901

12,708,816 !
13,899,421 i
15,638,038 I
16, 062, 684

24, 835, 338 15,351, 732
25, 372, 336 15, 715, 533
25, 088, 277 15, 494,189
24,203,659 14,613,290

4,092,477
4,343,382
5,049,493
5, 304, 793

884, 280
902, 339
386, 309
648, 555

3, 807, 715
3,662,378
4, 095,050
4,105, 589

2,060,469
2,047, 550
2,423,886
2, 561,607

5, 747, 532
5, 910, 926
6. 144, 064
6,187,921

190,168
260,179
219, 831
316,191

3, 545, 906
3, 485, 698
3, 230,193
3, 084, 257

3, 053, 607
2, 952,167
3,307,938
3, 247,849

O
O

6

1921
Apr. 28.
June30..
Dec. 31-

9,698
9,745
9,779

24, 644, 961 18, 606, 924
24, 310, 666 18,206,011
23, 644, 202 17, 483, 518

3,410, 964
3,443, 577
3, 512, 891

1,850,074
1, 858, 710
1,867,821

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, 614, 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

1922
Mar. 10..
June 30. .
Dec. 29..

9, 816
9,892
9,859

23,418,982 17,161,135 | 2, 754,846 3, 503,001
24,358, 014 17,295,943 ! 3,246.824 3,815, 247
25, 768, 503 18, 080, 787 3, 788, 377 3,899,339

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, 662, 398
7,175, 005
7, 644,881

329, 503
156,118
461, 799

3,165, 463
3,150,385
3,492,383

838,979
722, 744
877, 527

1923
Apr. 3 —
June30_.
Sept. 14..
Dec. 31.-

9,850
9,856
9, 843
9,774

26, 332,193
26,675,005
26,497, 552
26, 738,130

18, 571, 825
18,880,058 j
18, 857,100
19,051,686 I

3, 883, 266
3,870,232
3, 722,441
3,641,132

3,877,102
3,924, 715
3,918,011
4,045,332

1,979,953 1,630,553 27,182,459
1,998,295 I 1,631,702 27, 053, 202
2,004,140 1, 626, 922 26, 914, 718
2, 003, 054 1, 641, 319 28,486, 613

15,127, 221
15,161, 059
15,100, 551
16, 086, 731

8,142, 574
8,378,211
8,466,416
8, 650, 610

404,427
296,482
144,478
236,942

3, 508, 237
3, 217,450
3, 203, 273
3, 512,330

967,819
1,073, 211
1,121,362
1,017,644

1924
Mar. 31.
June30_.
Oct. 10__
Dec. 31..

9,681
9,650
9, 635
9, 587

26,832,034
27, 261, 559
28,450,644
29, 026, 588

19,175,713 j
19, 264,019
19,819,898
20,181,309

3,569,653
3, 607, 797
3,894,620
3,902, 793

4,086,668
4,389.743
4, 736,126
4,942,486

2,022,169
2, 030. 336
2, 034, 943
2, 037,481

15, 586, 676
16, 292, 969.
16, 382,939
17, 766,469

8,889, 923
9, 203, 545
9, 597,395
9,804,738

291, 767
178, 946
301,803
242,482

3,479,715
3, 854,101
4,489,920
4, 547,963

744, 515
502,907
432, 747
656,743




2, 627, 073
2, 661,078
2, 647, 793

1, 649,880
1, 669, 592
1, 682, 646
1, 707, 486

28, 248, 081
29, 529? 561
30, 772, 057
32,361,652

g
g
w
w

g

to
CO

No.

86.—NATIONAL BANKS 1 : PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, 1914-1924

00
O

[In thousands of dollars]

Loans and investments
Number of
banks

Total

Loans and
discounts 2

Deposits

United j
Other
States Gov-| bonds,
ernment j stocks, and
securities | securities

Capital

Surplus

1914
Dec.31_.

7, 581

8,490, 351

6, 363,435

795,078 ! 1,331,838

1,065,952

726, 936

1915
Mar. 4...
May 1
Jane 23
Sept. 2
Nov. 10
Dec. 31...

7,599
7,004
7,605
7, 613
7,617
7,607

8, 545,106
8, 677, 657
8, 733, 514
8, 907, 597
9, 529, 713
9, 694,166

6,507,011
6, 649, 792
6, 665,145
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

1,066,589
1,065,892
1,068,519
1,068,864
1, 068, 649
1, 068, 049

1916
Mar. 7
May 1
June 30
Sept. 12
Nov. 17. „
Dec. 27.
_._

7,586
7,578
7,579
7,589
7,584
7,584

9, 910,197
10, 071,921
10,121,056
10,446, 275
10, 959, 049
10,973,662

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

1917
Mar. 5 . . . .
May 1
June 20
Sept. 11
Nov. 20
Dec. 31

7,581
7,589
7, 604
7,638
7, 656
7,662

11, 374,416
11, 557, 776
12,004, 877
12, 383, 945
14,184, 228
13,499, 536

8, 796, 299
8, 838,910
8,991,809
9, 263, 728
9, 824, 728
9, 906, 377

7,670
7.688
7,705
7,728

13,636,747
14,285,954
14,134,393
14,387,738

j 9, 599, 370
! 9, 766, 235
' 10,164, 623
i 10,126,388

1918
Mar, 4
May 10
June 29.._
Aug. 31...

.




Demand J

Total

8, 236, 468

Time 4

United
States

Bank

Bills payable and
rediscounts

1, 206,810

71,698

1,869, 771

132,442

724, 308 8, 593,967 5, 052, 629
719, 329 8, 892, 047 5, 324, 798
722,089 8, 821,241 5,237, 421
722, 578 9,229, 517 5, 339, 140
722, 877 10,157,472 5, 982, 705
725, 554 10,402, 386 | 6,162,038

1,238,053
1,293, 992
1, 32fi, 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

95,660
90, 533
98,120
105, 719
103,455
98,416

1, 558, 394 1,067, 289
1, 619,343 1, 067,481
1, 620, 755 1, 066, 049
1, 717, 916 1, 067, 565
1,801, 920 1,071,116
1, 818, 603 1,070, 793

724, 664
724, 697
731, 389
731,409
739, 336
744, 653

10,791,765 | 6,135,828
11,135, 322 ] 6, 461, 966
!

10,877,087
11,362,341
12,489, 279
12,266,846

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, 086
2,995,344
2, 712,940
2, 915, 663
3, 348, 755
3, 261,620

61, 956
63,720
68, 618
91,893
73, 671
89, 758

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
1,' ' "

1, 073, 875
1,079,689
1,082, 779
1,090, 318
1,092,207
1,092,606

754, 621
761, 654
762, 367
769, 050
774, 575
784, 065

12, 958,180
13, 080, 338
12, 771, 833
13,234,297
14, 798, 336
14, 445, 689

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

69,727
92,314
373,028
285,104
599,945
741,848

2,126,605
2, 662, 963
2,129,283
2, 466, 268

1, 910, 772
1, 856, 756
1,840,487
1, 795, 082

1,094,338
1,096, 932
1,098, 556
1,101,839

801,165
803,143
809.138
813, 769

14,438,769
14, 385,120
14,021,609
13,885,759

8,084,146
8, 094, 686
7,838,150
8,095,749

2, 370,
2, 342,
2, 343,
2, 397,

682, 712
1,060,086
1, 037, 787
506, 583

3,301,232
2, 887, 601
2, 802, 083
2, 885, 936

5, 088,189

j
I
i
!

679
747
589
491

656, 896
844,171
883, 274
1,294,005

g

fed

I

Nov. 1..
Dec. 31.

7,754
7,767

15,688,032
15,191,499

10, 755,471
10,446,473

3,166,492
2,956,394

1,766,069
1,788,632

1,107, 760
1,109, 735

829,663
845,282

1919
Mar. 4.
May 12..
June 30..
Sept. 12..
Nov. 17..
Dec. 3 1 -

7,761
7,773
7,785
7,821
7,865
7,890

15, 590,052
16,148,993
16,079,203
16, 761,904
17,134,040
17, 493,171

10,096,300
10, 267,153
11,027,280
11, 546,095
12,268, 757
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

1,106, 550
1,111,501
1,118,603
1,137,970
1,153, 752
1,158, 2o9

854,433 15, 299, 807
859,603 15,903,796
872, 226 15,924,865
16,681,607
902, 905 17,467,853
17,866,413
921,335

1920
Feb. 28.
May 4...
June 30..
Sept. 8__.
Nov. 15_.
Dec. 29..

7,933
7,990
8,030
8,093
8,123
8,130

17,548, 033
17,848,626
17,823, 580
17,831, 501
17,890, 290
17, 665,959

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

1,182,082
944,126
1, 214, 769
1, 224,166
1, 248, 271
1, 269,930 1,016, 522
1, 272, 291 1,019, 928

1921
Feb. 21.
Apr. 28..
June 30..
Sept. 6...
Dec. 31..

8,143
8,152
8,154
8,155

16,865,333
16,360,181
16,039,566
15,530, 773
15, 572,678

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
2,005,684
1,973,749
2,081,442

1, 273,205
1,271,383
1,273,880
1, 276,177
1, 282,432

1922
Mar. 10..
May 5 . . .
June 30..
Sept. 15..
Dec. 29..

8,197
8,230
8,249
8,240
8,225

15,412,034
15, 481, 621
15,820, 737
15,940,440
16, 616, 752

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

1923
Apr. 3 .
June 30..
Sept. 14_.
Dec. 31..

8,229
8,241
8,239
8,184

16, 720, 743
16,897,804
16,948, 572
16, 931, 726

11,679,621
11,828,101
11,947, 506
11,887,032

2,694, 207
2,693,846
2, 602,762
2, 566,851

1924
Mar. 31..
June 30_.
Oct. 10..
Dec. 31..

8,115
8,085
8,074
8,049

16,969,052
17,131,131
17, 698, 620
17, 992,178

11,963,102
11,988,803
12,222,390
12,329,482

2,494,313
2,481,778
2, 579,190
2, 586,697

15,051,473 | 8,640,818 2,372, 512
15,423,081 i 9, 460, 577 2,473, 868

1,136, 884
313, 381

2, 901,259
3,175,255

1,566,991
1,380, 835

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

1, 451, 223
1, 547, 723
1,484, 769
1, 505, 516
1,742, 631
1,911,810

16,965,122
16, 924, 543
17,155, 421
16, 751,956
16,961, 702
16, 277, 757

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

2,064, 590
2,265,079
2, 208,068
2,299,640
2,390, 633
2,342,663

1, 029,406
1,024, 761
1, 026,256
1,027, 373
1, 033, 406

15,478,354
14,851,859
15,142,331
14, 560,852
15,075,102

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

1,925, 529
1,711, 502
1,471, 979
1, 256,773
1, 019,929

1, 289, 528
1,296,220
1,307, 216
1,307,122
1,317,010

1, 036,184
1, 040, 249
1, 048, 806
1,042,197
1,075, 545

15, 390,438
15, 766,988
16, 320, 564
16, 598, 762
17,420,481

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, 701
2, 615,021
2, 502, 051
2, 640, 564
2, 755,377

598,826
534, 621
508, 752
429, 324
573, 202

2,346,915
2,375,857
2,398,304
2,477,843

1,319,144
1,328,891
1,332,394
1,325,825

1, 067, 652
1,070, 616
1,068, 320
1, 068, 359

17, 036, 281 9, 505, 256
16, 897,980 9, 541,485
17,040, 530 9, 629, 072
17,828,861 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

660, 632
723, 722
753, 794
658,062

2,511,637
2,660, 550
2,897,040
3,075,999

1,335, 572
1,334,011
1,332, 527
1,334,836

1, 073,363 17, 598, 696 9,741, 616
1, 080, 578 18,347,837 10,143, 585
1, 074, 268 19,108, 798 10,160, 215
20, 000,208 10,962,873

5,108,970
5, 259,933
5,460, 677
5, 581, 287

183,000
123,318
188,398
153,266

2, 565,110
2,821,001
3,299, 508
3, 302, 782

510, 533
340, 625
294,030
398, 700

O

o

2

a
Q

B
w

B
w

1 Includes nonmember national banks in Alaska and Hawaii. On Dec. 31, 1924, there were 6 with total resources of $12,290,000.
Including rediscounts, overdrafts and customers' liability on account of drafts paid under letters of credit.
Including certified and cashiers' checks outstanding.
Including postal savings deposits.
2
3
4




Co

No.

87.—STATE BANK

AND T R U S T COMPANY

MEMBERS:

PRINCIPAL

RESOURCES

AND LIABILITIES

ON CALL DATES, 1914-1924

Co

to

[In thousands of dollars]
Deposits

Loans and investments
Date

Number of
banks

Total

United
Other
Loans and States Govbonds,
discounts l
stocks, and
ernment
securities
securities

Capital

I

Surplus
Total

Demand

2

Time 3

United
States

Bank

Bills payable and
rediscounts

1914
15,249

9,541

7,918

73,066

39,471

26,600

6,995

459

152,740
169,603
174,135

15,085
16,823
19,417
31,135
34,453
33,992

9,951
10,101
10,101
19,161
19,636
19,836

7,996
8,046
8,046
16,040
16,128
16,334

76, 251
79,148
76, 709
212, 278
236,305
238,062

41,595
44,622
43,134
154,902
172,719
174,815

26,286
26,421
25,241
37,663
39, 678
40,474

8,370
8,105
8,334
19,713
23,908
22,773

283
264
367
363
564

213,287
216,660
230,053
321,166
335,391
337,803

181,760
186,873
197,820
267, 540
282,476
278, 524

31,527
29,755
32,200
53,591
52,880
59, 245

20,036
20,061
20,061
24,061
24,161
25,661

16,364
16,390
16,406
23,157
23,162
23,161

243,178
272,864
261,035
379, 758
408,471
400,045

170,968
202,280
189,877
289,640
314, 654
310,805

44,245
43,907
45, 583
47,129
46,084
47, 829

27,965
26,677
25, 575
42,989
47, 733
41,411

472
397
449
3,187
5,947
4,912

40
44
53
250

363,384
464,262
560,070
3,637,334

302,823
371,325
436,236
2, 516,366

54
8,909
22,685
234, 592

60,507
84,028
101,149
886,376

26, 986
32,326
41,076
219, 294

24,044
30. 089
37,339
301,471

443,344
574,904
629,327
4, 189, 398

338, 573
419,758
426, 729
2,746,899

54, 456
96, 525
124,282

7,780
135,014

50,315
58, 621
70, 536
449,025

5,614
3,126
8,968
145, 225

449
513
847
930

4, 593,922
4, 594,276
5,662,814
5, 697,825

2,995,211
3,156,400
3,917,988
3,875^064

619,624
439,246
654,859
702,619

979,087
1,089,967
1,120,142

270,878
283,414
335,196
350,110

340, 604
349,080
394,106
409,680

4, 831, 531
4, 938, 636
5, 775,832
6,002, 702

2, 959, 096
2, 918, 617
3,379,073
3,851, 970

1,004,658
1,052, 290
1,278,948
1,361,020

402,043
485,63.9
572,618
160,464

465,734
482,090
545,193
629,248

290, 788
222, 518
465, 564
589,016

1,042
1,135
1,181

6,176,205
6, 528,356
7,399, 700
7,694,315

3,882,299
4, 510,368
5,324, 294
5, 582, 500

1,138,128
862,339
781,134
785,013

1,155,778
1,155,649
1,294,272
1,326,802

360,468
371,979
412,869
436,324

415,006
420,934
441,-264
454,877

6,199, 560
6, 889,092
7, 707, 780
8,262,017

3, 855,326
4,314,904
4,868,613
5,137,894

1,440,371
1, 558,940
1, 996, 405
2,165, 786

295,228
337,432
117,977
201, 710

608,635
677,816
724, 785
756,627

609,246
562,781
681, 255
649,797

73,057

57,782

Mar. 4_.
May 1...
June 23..
Sept. 2. _
Nov. 10..
Dec. 3 1 . .

73,587
74,383
76,085
183,909
204,088
208,160

58,476
57, 533

1916
Mar. 7..
May 1 . . .
June 30..
Sept. 12..
Nov. 17..
Dec. 2 7 . .

Dec. 31.

26

1915

1917
Mar. 5..
May l._
June 20.
Dec. 31.
1918
May 10..
June29_
Nov. 1__
Dec. 3 1 .
1919
Mar. 4..
June 30..
Nov. 17..
Dec. 3 1 .




1920

8,228,719

5,975,633
6,150,825
6,299, 680
6,227, 630

707,338
674,046
635, 609
629,955

1,321, 206
1,303,098
1,313,697
1,371,134

481,536
493,628
517, 980
527, 520

486, 840
494,568
502, 961
507, 503

7, 917,174
8,224,105
8,134,137
7, 932,134

4, 896,145
5,069, 705
4, 954,170
4, 730,330

2,337, 635
2,426,035
2,523, 695
2,556, 818

76, 521
86,498
74,381
106,166

606,873
641, 867
581, 891
538,820

788, 528
746,099
917,305
905,186

1,550
1,595
1,614

8, 291,041
8, 277,339
8,077,322

6, 242,802
6,194, 800
5,970, 915

627, 717
644,043
674,353

1,420, 522
1,438,496
1,432,054

579,391
585, 530
586,089

528,112
531, 918
524,574

7, 967,002
8,188, 968
8,162,919

4, 640,179
4, 812, 819
4, 745,987

2,645, 703
2, 671, 593
2,702,110

99,625
142, 457
120,308

581,495
562,099
594, 514

720,884
636, 900
433,033

1,624
1,648
1,639

8,012, 853
8, 543, 402
9,158, 556

5, 869, 501
6,040, 684
6,470,411

726,302
964, 523
1,135,381

1,417,050
1, 538,195
1,552,764

597,369
605, 761
624,656

525, 379
535,806
550, 750

8, 257, 910
9, 202,351
9, 858, 728

4, 690,940
5,435, 721
5, 634, 547

2,825,429
3,063, 838
3,326, 958

116, 569
54,142
160,005

624, 972
648, 650
737, 218

240,153
213, 992
304,325

1,626
1,620
1,609
1,595

M a y 4_.
June 30,.
Nov. 15..
Dec. 29..

9, 618, 479
9, 784, 242
9, 556,397
9, 813,927

6, 894, 599
7,054, 601
6, 912,238
7,167,496

1,192, 691
1,179, 861
1,123, 272
1,077,773

1,531,189
1,549, 780
1,520, 887
1,568, 658

661,559
670,154
672,496
677, 979

563,491
561, 676
559,202
573, 610

10,153, 738
10,162, 796
9, 882, 650
10, 666, 537

5, 626,034
5, 624,068
5,475,941
5, 964, 045

3,
3,
3,
3,

563,258
624,048
603,093
703, 712

142,281
105, 921
45,434
81, 461

822,165
808,759
758,182
917,319

307,187
349,489
367, 568
359,582

1,571
1,570
1,566
1,544

9,870, 575
10,138, 621
10, 760, 237
11,042,473

7,215, 698
7, 278, 802
7, 601,161
7, 855,461

1,078,861
1,129,358
1,318,766
1, 319,291

1,576,016
1,730,461
1, 840, 310
1, 867, 721

687,347
697,075
703,166
703, 445

577,170
589, 669
609,033
619,266

10, 657,036
11,190,198
11, 672, 445
12, 371, 555

5, 848, 973
6,154,008
6, 227, 169
6, 809,065

3, 782,092
3, 944, 831
4,138,099
4, 224, 966

111,038
57,375
116,391
91, 441

914,933
1,033,984
1,190, 786
1, 246,083

233, 982
162,282
138, 717
258, 043

1,306
1,374
1,449
1,481

8,004,177
8,127, 969

1921
Apr. 28.
June 30.
Dec. 31-

Q

O

1922
Mar. 10_.

June 30..
Dec. 29..
1923
Apr. 3 .
J u n e 30-.
Sept. 14_.
Dec. 3 1 . .
1924
Mar. 31..
June 30.
Oct. 10..
Dec. 31.
1
2
3

4

O
O

g
g
w

Including rediscounts, overdrafts, and customers' liability on account of drafts paid under letters of credit.
Including certified and cashiers' or treasurers' checks outstanding.
Including postal savings deposits.

Included with other bonds, stocks, and securities




g

I
w
50

CO
CO

No. 88.—REPORTING MEMBER BANKS IN LEADING CITIES: PRINCIPAL RESOURCES AND LIABILITIES OF ABOUT 737 BANKS, BY WEEKS

CO

[In millions of dollars]
Loans and discounts and investments

Total
Total

Y e a r l y average
(based on weekly
figures):
1921
1922._._.
1923..
1924
Jan. 2
9
16
23.
30
Feb.

1924

6
13
20.._
27

Mar. 5
12
19
26

._

United States securities
cured
by
other All Total
Pre- Lib- Treasbonds other
ury
Total war erty
and
bonds bonds bonds
stocks

15,346
15,163
16,413
17,266

11,980
10,970
11,789
12,324

667
331
255
206

3,030
3,424
3,750
4,142

8,283
7,215
7,784
7,976

3,366 1,317
4,193 1,985
4,624 2,457
4,942 2,427

16,622
: . - 16, 438
- 16, 372
16,355
16,364

12,067
11,931
11,877
11,857
11,884

239
228
224
223
214

4,030 7,798
3,921 7,782
3,879 7,774
3,877 7,757
3,863 7,807

4,555 2,314
4,507
4,495 2,313
4,498 2,303
4,480 2,289

16,419
16, 420
16,421
— 16, 374

11,932
11, 935
11,927
11,877

236 3,846 7,850 4,487 2,308
238 3,818 7,879 4,485 2,291
229 3,849 7,849 4,494 2,286
227 3,805 7,845 4,497 2,276

16,384
16, 469
16,620
16,580

11,935
11, 997
12,113
12,065

214
207
207
207




3,820
3,852
3,913
3,860

7,901
7,938
7,993
7,998

Accommodation at
Federal
reserve
banks

Investments

Loans and discounts
Secured
by
U.S.
Government
obligations

Deposits

4,449
4,472
4,507
4,515

2,226
2,256
2,289
2,287

278

270
270
270
270
270

879
1,241
1,044
1,236
1,005
1,005
1,014
1,024
1,013

Other
bondst
stocks
Cer- and
tifi- securicates ties
of indebtedness

Net
demand

Secured
Govby
Time ernU. S.
ment Total Government
obliga-

Otherwise
secured
and
unsecured

202
176
129
155

2,049
2,208
2,167
2,515

1,263
1,361
1,400
1,544

320 10,229 2,940
286 10,859 3,372
291 11,420 3,950
12,063 4,453

230 1,261
211
254
183
475
153
167

494
121
268
83

n

767
133
207
84

843
833
842
824
822

2,241
2,204
2,182
2,195
2,191

1,455
1,430
1,434
1,435
1,425

163
154
139
139
139

533
349
284
294
273

300
190
148
165
153

233
159
136
129
120

2,179
2,194
2,208
2,221

1,407
1,416
1,398
1,419

322 11,438 4,104
311 11, 285 4,106
280 11, 308 4,112
277 11,210 4,137
273 11,239 4,097
273 11,275 4,120
298 11,404 4,132
281 11, 235 4,176
280 11,167 4,184

139
125
125
124

255
317
270
297

145
202
136
162

110
115
134
135

2,223
2,216
2,218
2,228

1,410
1,445
1,483
1,415

279
279
274
281

4,194
4,191
4,194
4,235

125
125
245
237

262
258
206
253

118
120
75
124

144
138
131
129

87

80
81

2

tions

236
568
907

270 1,030
270 1,034
273 l,pl
273 1,030

828
812
803
794

116
114
107
107
105
104
97
102
102

1,000
1,032
1,038
1,053

784
779
769
758

97
101
139
133

270
270
270
271

Reserve
with Cash
in
Federal re- vault
serve
banks

11,174
11,348
11,418
11,171

CO

p

3,887 J 7,991
3,829 7,2
3,866 7,977
3,882 7,959
3,973 7,935

4,527
4,513
4,550
4,553
4,535

2,276
2,260
2,259
2,253
2,198

272
273
271
272
272

1,058
1,065
1,073
1,083
1,095

67

12,121

224
228
219
213
213

71
71
70
70

754
737
730
722
660

125
114
114
106
101

2,251
2,253
2,291
2,300
2,337

1,436
1,439
1,442
1,438
1,455

269
282
273
283
269

11,246
11,163
11, 340
11,289
11, 439

4,230
4,241
4,251
4,265
4,288

238
237
224
204
207

300
306
242
238
204

160
146
106
102
80

140
160
136
136
124

12,075
12.055
11,980
11,951

211
219
231
215

3,939
3,888
3,878
3,860

7,925
7,948
7,871
7,876

4,589
4,652
4,621
4,659

2,241
2,253
2,239
2,238

- 271
272
272
272

1,113
1,137
1,138
1,149

72
71
69
67

6S6
680
669
663

99
93
91
87

2,348
2,399
2,382
2,421

1,459
1,449
1,453
1,447

285
284
278
287

11, 379
11,496
11, 403
11, 403

4,301
4,304
4,316
4,323

204
183
118
89

208
178
174
181

90
76
69
81

118
102
105
100

16,662
16, 796
16,871
16,969

11,942
12,076
12,112
12,142

218 3,897
214 3,966
215 4,021
218 4,050

7,827
7,896
7,876
7,874

4,720
4,720
4,759
4,827

2,244
2,257
2,295
2,313

272
270
273
271

1,157
1,169
1,186
1,204

69
69
69
71

663
663
633
634

83
86
134
133

2.476
2,463
2,464
2,514

1,489
1,539
1,596
1,545

287
287
275
279

11, 569
11. 785
11,883
11,837

4,326
4,348
4,379
4,414

89
80
129
129

160
140
116
106

58
55
42
40

102
85
74

12,150
12,197

23_.
30-.

17, 056
17, 055
17,122
17,159
17, 252

12, 220
12, 217
12, 265

216
214
195
195
190

4,113
4,106
4,183
4,188
4,241

7,821
7,877
7,842
7,834"
7,834

4,906
4,858
4,902
4,942
4,987

2,373
2,335
2,359
2,402
2,402

271
272
273
273
271

1,240
1,237
1,249
1,284
1,300

70
69
69
68
65

661
631
645
650
645

131
126
123
127
121

2,533
2, 523
2,543
2,540
2,585

1,521
1,538
1,586
1,569
1,591

292
299
274
274
285

11,994
12,021
12,162
12,135
12,233

4,418
4,437
4,482
4,490
4,492

129
114
101
100

133
84
84
70
72

70
28
34
24
29

63
56
50
46
43

6__
13__
20..
27. _

17,330
17,436
17, 519
17, 515

12, 348
12,403
12,451
12,424

188 4,219
190 4,279
193 4,316
192 4,292

7,941*
7,934
7,942
7,940

4,982
5,033
5,068
5,091

2,395
2,429
2, US
2,461

276
272
269
271

1,315
1,352
1,359
1,373

65
62
65
66

632
644
648
652

107
99
102
99

2,587
2,604
2,625
2,630

1,595
1,618
1,596
1,585

276
278
271
275

12, 291
12, 425
12, 419
12, 424

4,523
4,554
4,551
4,557

96
96
96
96

62
64
61
59

23
28
20
21

39
36
41

17, 571 12, 437
17, 620 12, 479
17,872 12, 577
18,008 12, 677

193 4,318
200 4,355
190 4,406

7,867
7,968
8,022
8,081

5,134 2,500
5,141 2,497
5,295 2,622
5,331 2,647

267
268
267
266

1,409
1,411
1,408
1,409

67
68
69
70

662
656
590
607

95
94
288
295

2,634
2,644
2,673
2,684

1,604
1,626
1,750
1,612

281
293
279
283

12, 478
12, 599
12, 789
12, 630

4,565
4,577
4,622
4,664

86
75
233
233

108
74
77
75

65
32
30
31

43
42
47
44

18,193
18,151
18,232
18,320
•18, 315

192
192
191
192
181

4,470
4,392
4,389
4,474
4,366

8,120
8,145
8,206
8,177
8,217

5,411
5,422
5,446
5,477
5,551

2,652
2,664
2,660
2,686
2,712

266
266
265
265
265

1,421
1,429
1,434
1,442
1,449

67
68
69
70
69

608
603
590
602
623

290
298
302
307
306

2,759
2,758
2,786
2,791
2,839

1,620
1,672
1,659
1,640
1,646

273
291
292
291
293

12,870
12, 805
13,044
13,013
12, 922

4,675
4,696
4,732
4,743

92
104
104
67
65

49
61
57
23
20

43
43
47
44
45

Apr. 2 —
9...
16.-.
23...
30...

16,629
16, 569
16,612
16,607
16,656

12,102
12,056
12,062
12.054

May

7..
14.
21.
28.,

16, 664
16, 707
16,601
16,610

J u n e 4_.
11-.
18..
25..
July 2._
9

Aug.

Sept. 3 . .
10.
24_

Oct.

12, 782
12, 729
12, 786
12,843
12, 764

4,372

4,782

233
232
210
200
199

Nov.

512.
19.
26.

18, 344 12, 769
18,432 12, 872
18,442 12,824
18,487 ! 12,870

185 4,399
185 4,446
182 4,425
185 4,483

8,185
8,241
8,217
8,202

5,575
5,560
5,618
5,617

2,698
2,672
2,724
2,734

264
265
265
264

1,449
1,454
1,475
1,482

70
68
70
67

620
611
629
639

295
274
285
282

2,877
2,888
2,894
2,883

1,598
1,645
1,696
1,625

311
314
294
305

12,947
13,196
13,091
13,065

4,805
4,823
4,862
4, 857

200
168
140
140

77
72
82
66

39
37
24
33

38
35
58
33

Dec.

3..
10.17..
24..
31..

18, 527 | 12,915
18, 576 12, 972
18, 582 12,989
18,601 I 13,023
18, 599 I 13,068

199 4,522
179 4,604
191 4,607
196 4,641
195 4,668

8,194
8,189
8,191
8,186
8,205

5,612
5,604
5,593
5,578
5,531

2,735
2,727
2,712
2,700
2,645

264
263
263
262
261

1,486
1,464
1,414
1,412
1,388

67
75
364
370
362

639
647
517
523
501

279
278
154
133
133

2,877
2,877
2,881
2,878
2,886

1,724
1,669
1,694
1,700
1,680

310
321
338
333
324

13,212
13,213
13,169
13,045
13, 254

4,826
4,826
4,816
4,814
4,849

132
85
180
169
166

103
110
133
224
154

67
68
91
155
114

36
42
42
69
40

22__
29__




00
Or

136

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 89.—STATE BANKS AND TRUST COMPANIES: MEMBER AND ELIGIBLE 1 N O N MEMBER BANKS ON JUNE 30, 1924, IN EACH FEDERAL RESERVE DISTRICT

[Amounts ID thousands of dollars]
Number of banks

Federal reserve
district

Members

Eligible

nonmembers

Total

Capital
Per
cent
of
members
to
total

Members

Eligible
nonmembers

Total

Per
cent
of
members
to
total

Boston
New York
Philadelphia
Cleveland

36
144
70
120

192
322
434
827

228
466
504
947

15.8
30.9
13.9
12.7

33,450
229, 729
38,426
82, 790

28,511
80,840
90, 774
74,669

61,961
310, 569
129,200
157, 459

54.0
74.0
29.7
52.6

Richmond
Atlanta
Chicago
St. Louis

65
133
364
130

1,091
1,207
3,104
1, 753

1,156
1,340
3,468
1,883

5.6
9.9
10.5
6.9

19,337
31,885
112, 908
40,569

89, 071
57, 779
190, 764
74,503

108,408
89,664
303,672
115,072

17.8
35.6
37.2
35.3

Minneapolis
Kansas City. _ . .
Dallas..
.._
San Francisco

101
33
186
188

1,399
1,820
721
728

1,500
1,853
907
916

6.7
1.8
20.5
20.5

6,777
8,635
12,250
80,319

43,833
62,242
32,732
73,628

50,610
70,877
44,982
153,947

. 13.4
12.2
27.2
52.2

1,570

13, 598

15,168

10.4

697,075

899,346

1, 596,421

43.7

Total-

Surplus

Federal reserve
district

Boston
New York
Philadelphia
Cleveland

Members

39,433
196,066
70,265
96,844

Eligible

nonmembers

2

Total resources

Total

Per
cent
of
members
to
total

Members

nonmembers

Total

Per
cent
of
members
to
total

23,887
88,669
92,450
71,906

63,320
284, 735
162, 715
168,750

62.3
68.9
43.2
57.4

800,261
5,219,654
590, 225
1,448,711

549,509
1,391, 710
1, 085,548
1,139, 760

1, 349, 770
6,611,364
1, 675, 773
2,588,471

59.3
78.9
35.2
56.0

230,451
414,468
2,217,196
558,484

945,492
615,844
2, 509,596
731,365

1,175,943
1,030,312
4, 726,792
1,289,849

19.6
40.2
46.9
43.3

569,313
666,680
287,052
1,093,688

663,858
804,254
389,339
2, 501,815

14.2
17.1
26.3
56.3

11, 585, 557

24,807,540

53.3

Richmond.
Atlanta
Chicago
St. Louis

13,428
18,363
88,838
24,049

58,063
25,137
88,044
31,886

71,491
43,500
176,882
55,935

18.8
42.2
50.2
43.0

Minneapolis
Kansas City
Dallas...
San Francisco

2,878
3,315
3,788
32,402

14,673
21,979
10,447
32,518

17, 551
25,294
14,235
64,920

16.4
13.1
26.6
49.9

*

589,669

559,659

1,149, 328

51.3

13,221,983

Total

Eligible

94? 545,
137, 574
102,287
1,408,127

* Eligibility is based on capital stock requirements. List does not include mutual savings banks without
capital stock and private banks, neither of which are eligible for membership in Federal Reserve System.
2
Includes undivided profits of eligible nonmember banks in the State of New York.




CONDITION OF MEMBER AND NONMEMBER BANKS

137'

No. 90.—STATE BANKS AND TRUST COMPANIES: MEMBER AND ELIGIBLE N O N MEMBER BANKS ON JUNE 30, 1924, IN EACH STATE

[Amounts in thousands of dollars]
Number of
banks
State

Paid-in capital

Eligible

Mem- non- Members
bers members
New England States:
Maine
New Hampshire.
Vermont
Massachusetts...
Rhode Island
C onnecticut
Total
Eastern States:
New York
New Jersey.
Pennsylvania
Delaware
Maryland ___ _.
District of Columbia
Total
Southern States:
Virginia
West Virginia....
North Carolina. _
South Carolina...
Georgia
Florida
Alabama
Mississippi
._
Louisiana. . .
Texas ..
Arkansas
Kentucky
Tennessee
.
Total
Middle W e s t e r n
States:
Ohio
Indiana.._
Illinois—
Michigan
Wisconsin...
Minnesota
Iowa
Missouri
Total
Western States:
North Dakota
South Dakota
Nebraska
Kansas
-_.
Montana
Wyoming
Colorado
New Mexico
Oklahoma
Total
Pacific States:
Washington
Oregon...
California
Idaho
Utah . .
Nevada
Arizona
Total
Grand total

Eligible
nonmem-

bers

Surplus

Total resources

Eligible'

Members nonmem- Members
bers

32,226

Eligible
nonmembers

25, 433
11,000
2,050

2,875
961
2,165
10, 615
1,043
8, 283

510, 656
225, 795
31, 584

91,839
18,932
62, 992
220, 648
19,277
192, 947

32,411

39, 433

25, 942

800, 261

606, 635

36

44
10
32
59
7
54
206

98
56
77
4
8

237
109
540
19
104

208, 720
22,859
45, 751
3,200
4,930

59, 440
23,650
112, 848
3,487
16,165

180, 573
17,673
119, 025
2,500
4,404

i 74, 434
17, 517
126, 976
1,486
19, 570

4,815,106
441, 495
828, 678
38,043
67, 755

999, 599
424, 668
1, 467, 778
34, 784
253,865

1
244

10
1,019

1,000
286,460

11,110
226, 700

100
324, 275

6,550
246, 533

4,886
6,195, 963

95,267
3,275,961

12
17
12
19
78
13
24
8
15
176
38
9
13

241
188
324
243
411
209
193
219
185
610
229
429
281

4,762
2,490
5,267
2,038
13,119
2,545
4,421
790
11, 595
11,377
5,484
3,656
8,000

19, 526
16, 705
16, 372
11,978
16, 769
9,044
8,232
10,159
11,186
27,377
9,439
16, 941
16,080

3,624
2,903
2,096
1,151
7,601
934
2, 535
431
7,239
3,506
1,899
1,865
2,387

50, 538
36,159
67,008
19, 811
126, 504
29,1^9
60,882
11,161
199,804
90,930
61, 378
57, 437
83, 642

151,844
185,305
187,108
111, 679
131, 760
119,252
71,003
137, 264
156, 601
222,282
83,325
174,156
161,170

434

3,762

75, 544

189, 808

38,171

9,868
10, 243
8,470
5,710
7,995
2, 891
3,549
4,681
5,541
8,068
3,866
10,444
5,663
86,989

894, 403

1, 892, 749

91
21
82
166
30
29
101
58

68, 215
5,032
56, 659
41,275
4,332
2, 480
9,771
28,300

34, 266
35,089
87, 361
26,601
25, 555
20,241
39, 405
34,367

42,224
2,020
43, 650
35,930
4,463
1,146
4,423
19,330

24, 209
14, 503
42, 401
14,090
8, 703
8,077
16, 212
15, 795

1,112,003
60, 254
1,115, 200
853,116
106,876
34, 766
134,325
433,088

526, 392
434,341
1,131,945
348,939
352,322
288,461
507,187
331,319

578

492
589
1,162
407
575
565
944
771
5,505

216,064

302, 885

153,186

143,990

3,849,628

3,920,906

4
14
13
7
35
3
3
2
7

257
310
736
554
118
43
117
35
197

150
580
560
355
2,475
190
600
60
205

5, 769
7,790
23, 614
18,022
4,600
1,784
4,691
1,585
4,958

20
140
163
211
960
59
555
15
27

1,505
2,171
6,193
8,394
1,073
703
1,849
328
899

1,102
8,059
5,799
3,957
31, 719
1,511
18, 425
309
1,745

55, 779
105, 212
286, 751
169,226
39,854
17, 591
49,439
10,261
46,821

88

2,367

5,175

72,813

2,150

23,115

72, 626

780,934

47
38
38
33
30

135
111
323
53
58
22
37

4,058
3,680
66,768
1,355
3,683

1,240
1,655
26,942
457
1,853
307

1,501
1, 696
25,086
377
2,188
527
1,715

43, 763
57, 660
1,235, 491
12, 560
47, 957

838

6,164
5,324
52, 720
1,598
3,971
1,741
3,211

54,081
51,134
874, 556
18,447
48, 635
22,186
39, 333

739
13, 598

80, 382

74, 729

32,454 j

33,090

697,075

899,346

4
25
3
4

4
190
1,570

i Includes undivided profits.



22,500
8,000
1,850

4,040
805
2,366
11,800
1,145
12,255

33,450

1,100

950

589, 669

559,659

11, 671
1, 409,102
13,221,983

1,108,372
11, 585, 557

138

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No, 91.—STATE BANKS AND TRUST COMPANIES: NONMEMBER BANKS ELIGIBLE
FOR MEMBERSHIP IN JUNE, 1924, ON THE BASIS OF CAPITAL STOCK REQUIREMENTS

Under the original Federal reserve act State banks and trust companies admitted to membership were
required to have a paid-in capital sufficient to entitle them to become national banking associations;
that is, $25,000 in places with a population of 3,000 or less; $50,000 in places with a population in excess
of 3,000 but not over 6,000; $100,000 in cities with a population in excess of 6,000 but not over 50,000,
and $200,000 in cities with a population of over 50,000. The agricultural credits act of 1923 authorized
the admission of State banks and trust companies with a paid-in capital equal to not less than 60 per
cent of the above-meritioned requirements, subject to an agreement to increase their capital stock
within a period to be prescribed by the Federal Reserve Board, to the minimum requirement for
national banks. The following table gives statistics of nonmember banks eligible for membership on
the basis of capital requirements under the original Federal reserve act and under the 1923 amendment:
[Amounts in thousands of dollars]
Total nonmember banks eligible for membership
Federal reserve district

Eligible under original Federal reserve Made eligible by 1923 amendment
act
Number

Paid-in
capital

Surplus

Total

178
314
374
716

26,931
79,900
80, 703
68,734

22,873
i 86,848
86,012
66,308

510,560
1,371,474
981, 804
1,040, 590

GO
111

1, 580
940
10,071
5, 935

Richmond
Atlanta
ChicagoSt. Louis

814
786
2,512
1,129

82,657
49, 981
176, 597
62, 793

54,374
22,256
82, 522
25, 531

869,885
534,332
2,318,306
601, 363

277
421
592
624

Minneapolis-.
Kansas City..
Dallas
San Francisco

719
1,032
474
585

31,494
47,498
27.470
70.471

10, 761
15,895
8,794
31, 721

413, 901
505,114
240, 607
1, 063, 591

Total. _.

9,633

805, 229

513,895

10,451, 527

Boston
New York
Philadelphia..
Cleveland

Num- ! Paid-in
ber I capital

Sur- Total
plus resources
1,014
1,821
6,438

38,949
20,236
103, 744
99,170

6,414
7,798
14,167
11,710

3,689
2,881
5,522
6,355

75, 607
81, 512
191,290
130,002

12,339
14, 744
5,262
3,157

3,912

788
247
143

155,412
161,566
46,445
30,097

3,965

94,117

1

1,653
797

45,764 1,134,030

Eligible nonmember banks in cities with a population of over 50,000
Eligible under original Federal reserve
act (capital not less than $200,000)

Made eligible by 1923 amendment
(capital $120,000 to $199,999)

Number

Paid-in
capital

Number

31
73
93
44

12,590
55,480
51,050
21,128

12,982
i 60,913 !
62,425 I
26,099

229, 324
924, 716
637,586
393,146

1,145
760
9,766
4,031

42
22
147
13

30, 535
9,356
60, 663
7,150

23,380
3,. 152
35, 064
2,380

299,169
112,349
894,250
56,017

Minneapolis..
Kansas C i t y . .
Dallas
San Francisco.

9
30
10
45

4,800
8,618
4,350
31,332

2,230
2,410
1,157
14,001

55,293
118,113
31,100
596,534

T o t a L _.

559

297, 052

246,193

4,347, 597

Federal reserve district

Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago.
St. Louis

Surplus

Total
resources

* Includes undivided profits of banks in the State of New York.




Surplus

Paid-in
capital

Total
resources
23,133
15,208
99,870
75, 505

1,232
125
1,646
150

511
9
630
100

11, 503
653
18,058
4,456

120
150
425
485
120

582
1 , 552
6,184
4,292

31
50
140
72

1,219
1,705
5,420
3,375

20,035

14,153

260,105

1

139

CONDITION OF MEMBER AND NONMEMBEB BANKS

No. 91.—STATE BANKS AND TRUST COMPANIES: NONMEMBER BANKS ELIGIBLE
FOR MEMBERSHIP IN JUNE, 1924, ON THE BASIS OF CAPITAL STOCK REQUIRE-

MENTS—Continued
[Amounts in thousands of dollars]
Eligible nonmember banks in cities and towns with a population of 6,001
to 50,000
Federal reserve district

Eligible under original Federal reserve
act (capital not less than $100,000)
Number

Paid-in
capital

Boston
New York
Philadelphia..
Cleveland

58
80
80
138

9,225
15,000
13,573
24, 654

Richmond
Atlanta
Chicago
St. Louis

63
235
*80
29
43
29
59

Minneapolis..
Kansas City..
Dallas.
_.
San Francisco.
Total...

Surplus
I

Total
resources

Eligible under 1923 amendment
(capital $60,000 to $99,999)
Num- Paid-in
ber capital

Surplus

Total
resources

6,309
15,630
13,393
27,147

187,720
290, 603
177,831
363,114

395
150
135
527

411
i 174
40
252

15,026
3,781
1,038
4,823

19, 035
10,050
31,756
11,501

11,289
5, 357
16, 563
4,206

210, 658
124,915
462, 552
114,365

985
2,061
1,045

322
387
679
719

5,466
12,523
27,084
14,252

3,675
4,925
4,975
11,023

1,389
1,998
1,378

.48,888
50,360
51,099
155,984

715
685
700
300

170
330
180
94-

9,352
10,070
7,010
3,275

3,758

113,700

159, 392

1

110,867 | 2,238,089 |

Eligible nonmember banks in cities and towns with a population of 3,001
to 6,000
Federal reserve district

Eligible under original Federal reserve
act (capital not less than $50,000)
Number

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

31
41
56
60

Paid-in
capital
2,070
6,660
4,974

Surplus

Total
resources

1,356
i 3,927
4,441
3,216

Num- Paid-in
ber
capital

, 37,730
63,214
70,160
69, 500

Surplus

Total
resources

21
195
9
213

74
95
175
128

*6,461
7,428
12,367

4,580
4,104
4,632
4,151

72, 783
89, 040
158,986
99,441

241
330
921
544

117
155
414
204

36
62
49
82

2,435
4,355
3,535
8,965

839
1,315
1,549
3,882

29,413
42, 623
35,138
109,447

303
900
155
285

353
75
116

72, 278

37,992

877,475

Includes undivided profits of banks in the State of New York.




Eligible under 1923 amendment
(capital $30,000 to $49,999)

116

4,053

58,319

140

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 91.—STATE BANKS AND TRUST COMPANIES: NONMEMBER BANKS ELIGIBLE
FOR MEMBERSHIP IN JUNE, 1924, ON THE BASIS OF CAPITAL STOCK REQUIRE-

MENTS—Continued
[Amounts in thousands of dollars]
Eligible nonmember banks in cities and towns with a population of
3,000 or less

Federal reserve district

Eligible under original Federal reserve
act (capital not less than $25,000)
Number

Boston
New Y o r k . . .
Philadelphia.
Cleveland
Richmond .
Atlanta
Chicago
St. Louis...
Minneapolis...
Kansas City...
Dallas
San Francisco..
Total

58
120
145
474
603
606
1,955
645
897
386
399

Paid-in
capital

Surplus

Total
resources

3,046
5,600
9,420
17,978

2,226
i 6, 378
5, 753
9,846

55, 786
92,941
96,227
214,830

26, 626
23,147
71,811
34,934 '

15,125
9,643
26,263
14, 794

287,275

20,584 : 6,303
29,600
10,172
14,610
4,710
19,151 ,
7,630

| 7,196 | 276,507 ( 118,843

Num- i Paid-in
ber ! capital

Surplus

Total
resources

i 132
! 1,111
! 4, 541
| 6,358
I 9,539
9,971

205
841

2,580
13,962

)2, 518
331, 540

7
68
257
396
526
592

2,739
2,330
3,799
5,332

54,965
63, 785
129,506
104,754

280,307
294,018
123,370
201, 626

660
751
229
128

11,201
13,009
3,982
2,087

3,617
5,351
1,258
515

141,324
139,825
31,147
20,058

3,614 i 61,931 25,987

701,906

2,988,466

i Includes undivided profits of banks in the State of New York.




Eligible under 1923 amendment
(capital $15,000 to $24,999)

CONDITION OF MEMBER AND NONMEMBER BANKS

141

No. 92.—ALL MEMBER BANKS: ABSTRACT OF EARNINGS AND DIVIDENDS REPORTS
BY FEDERAL RESERVE DISTRICTS, FOR THE YEARS ENDING JUNE 30,
1919,
TO 1924

[Amounts in thousands of dollars)
Capital

District

and
(as of
June 30)
surplus

Gross

earnings

Total

expenses

Total
net
earnings

Ratio
of net
addiNet ad- Divi- tion to
dends
charged dition to declared profits
profits
to capiofE
tal and
Net

surplus

All member banks:
1919
1920.
1921
1922
1923
1924.
Boston:
1919.
1920
1921
1922
1923.
1924
New York:
1919.
1920...
1921....
1922
1923...
1924...
Philadelphia:
1919...
1920
1921
1922
1923.
1924...
Cleveland:
1919...
1920
1921.
1922.
1923
1924..
Richmond:
1919
1920
1921
1922
1923
1924.;,
Atlanta:
1919
1920
1921.. .
1922_
1923
1924...
_
Chicago:
1919
1920.
1921
1922
1923
1924
St. -Louis:
1919
1920
1921.
1922.
1923
1924

876, 613
1,097,471
1, 267, 705
1,156, 417
1,189, 732
1, 253,983

414, 388
538, 670
561,966
513,012
493, 780
488, 349

80,056
129,062
216,309
213,863
148,643
151,234

334, 332
409, 608
345,657
299,149
345,137
337,115

191, 297
218,353
238,667
246,050
270,862
256,273

Per cent
12.04
12.83
10.12
8.56
9.51
9.11

61, 445
72,970
83, 541
80, 700
83, 740
87,914

29,803
36, 224
43, 619
34, 459
31,168
32,828

5,320
8,601
17, 520
19,200

266,801 |

91,248
109,194
127,160
115,159
114,908
120, 742

12,618

24, 483
27, 623
26,099
15, 259
22, 340
20,210

13,169
14, 603
16,048
18, 604
18, 299
16,651

10.65
10.86
9.90
5.65
8.26
7.57

715,511 !
835,536 i
897,474 !|
914,893
959,646 i
984,994 |

394, 506
485,096
538,808
465,257
460,979
473, 333

261,038
315,082
357,369
301, 469
306,033
324, 597

133,468
170; 014
181,439
163, 788
154,946
148, 736

24,847
54, 55.4
77,897
69,345
35,005
32,302

108, 621
115,460
103, 542
94,443
119,941
116,434

49,356
49,040
70,629
74,918
78,897
78,198

15.18
13.82
11.54
10.32
12.50
11.82

256,677 ;
278,085 I
288,891 !
301,890 I
327,046 !
353,190

88,783
105,929
113, 715
111, 213
116, 311
124, 724 •

56,957
66,748
71, 326
68,391
72,965
80,057

31,826
39,181
42,389
42,822
43,346
44,667

7,012
13,181
17,169
11,607
5,767
5,935

24,814
26,000
25,220
31,215
37, 579
38, 732

13, 703
15,389
16, 577
18,965
21,461
20,827

9.67
9.35
8.73
10.34
11.49
10.97

309,264 '
341,073
371,803 j
388,417 '
405,746
422,699

120, 246
147,824
166,663
165, 248
173,902
183, 860

81, 271
98, 248
115,582
114,322
119, 983
132, 544

38,975
49, 576
51,081
50, 926
53,919
51,316

4,641
7,236
15,221
11,496
10, 760
10, 575

34, 334 18,116
42,340 20, 672
35,860 I 22,473
39, 430 25,023
43,159 26, 918
40, 741 26, 529

11.10
12.41
9.64
10.15
10.64
9.64

72, 532
75,156
73,491
73,824
77, 685

39, 212
48, 706
54, 227
51, 504
51, 463
55,103

17,471
23, 826
20, 929
21, 987
22,361
22, 582 |

2,378
3,937
6,434
5,631
. 5, 610
.
5, 649

15,093
19,889
14, 495
16, 356
16, 751
16, 933

10.71
12.11
8.07
8.78
8.78

15,181
22,066
19,926
17,455
19.006
18,882

I
I
I
I
!
|

3,254
3,150
7,478
6,541
5,278
6,349

11,927
18, 916
12, 448
10, 914
13, 728
12,533

9,914
10, 764
11,383
11, 597
13, 671
13,151
7,392
10,834
10, 817
9,276
13, 291
! 11, 760

776, 490
193, 337
415, 722
496,689
629,468
229, 922 i
254,379 ;
263, 512
269,961 I
270, 376 I

140,864 !
164,276
179, 644
1 86, 248 |
190,718 |
194,888
I
109,147
128, 471
136, 757
142, 231
146, 262
151,173

1, 291,001
1, 636,141
1, 829, 671
1, 669,429
1, 683, 512
1, 742,332

10.93
14.72
9.10
7.67
9.39
8.29

70,187

33, 705
44,123
55, 730
47, 589
47, 087
51, 305

389, 369
444,085
475, 310
481, 416
496, 269
503, 721

185, 587
234, 765
271,165
251,170
245, 642
253,480

131,410
162,006
189, 025
174, 842
179,852
188, 434

54,177
72, 759
82,140
76,328
65, 790
65,046

! 11,513
| 13,750
21, 697
28,911
I 20,027
j 21,678

42, 664
59,009
60,443
47,417
45, 763
43, 368

27,936
33,018
33,362
33,167
34, 546
33,954

10.96
13.29
12.72
9.85
9.22
8.61

127,288
143, 408
150, 096
158, 428
165, 642
169, 278

51, 746
68, 352
74, 980
71. 305
75, 343
77, 699

35, 290
46, 396
52, 355
50,298
53, 727
56,477

16, 456
21,956
22,625
21.007
21,616
21, 222

I
j
j
I
i
I

2,503
3,286
7,890
7,766
6,258
8,119

13,953
18, 670
14, 735
13, 241
15, 358
13,103

9,164
11,298
11, 046
11,128
13,402
13, 732

10.96
13.02
9.82
8.36
0.27
7.74




48, 886
66,189
75, 656
65, 044

142

ANNUAL REPORT OF THE FEDERAL. RESERVE BOARD

No. 92.—ALL MEMBER BANKS: ABSTRACT OF EARNINGS AND DIVIDENDS REPORTS
BY FEDERAL RESERVE DISTRICTS, FOR THE YEARS ENDING JUNE 30, 1919, TO

1924—Continued
[Amounts in thousands of dollars]

District

Capital
and
surplus
(as of
June 30)

Gross
earnings

Total
expenses

Total
net
earnings

Ratio
of net
Net
addiDivilosses Net ad dends tion to
charged dition to declared profits
profits
off
to capital and
surplus

Minneapolis:
1919
1920
1921
1922
1923
_
1924
Kansas City:
1919
1920
__
1921
1922
..
1923
1924
Dallas:
1919.......
1920
1921..
1922
1923
1924.
San Francisco:
1919
1920
1921
1922...
1923
1924.......

5,591
3,303
1,847

8,890
8,528
7,401
6,703
8,893
5,560

Per cent
11.80
11.37
9.05
4.71
2.83
1.72

4,185
4,099
10,282
12,993
13,430
15, 653

17,353
20, 658
12,952
5,391
6,036
2,566

12, 296
14, 255
11, 562
10,299
11,511
8,738

13.64
14.20
8.62
3.57
3.98
1.79

15, 907
23,480
19,073
15,808
16,090
17, 299

3,893
3,445
11, 612
14, 254
12, 725
9,919

12, 014
20, 035
7,461
1,554
3,365
7,380

9,084
11,631
9,010
9,391
9,870
8,148

10.87
15.41
5.32
1.12
2.43
5.41

25, 304
39, 665
39,863
37.235
36,076
37, 986

8,076
11,179
18,088
18,897
18, 262
14,718

17, 228
28,486
21, 775
18, 338
17, 814
23, 268

12,277
18,321
18,359
16,979
20,103
19,025

10.74
13.05
8.92
7.50
6.82
8.75

55,298
66,157
74,936
66, 278
61, 994
58, 610

41,016
50,991
59,288
53, 465
51, 998
49,044

14,282
15,166
15, 648
12,813
9,996
9,566

2,434
2,644
5,021
7,222
7, 719

127,218
145,526
150, 324
151.169
151, 551
143, 306
110, 519
130,033
140,320
138, 758
138, 674
136, 341

73, 836
90, 514
94,349
83, 585
85,167
82,132

52, 298
65, 757
71,115
65, 201
65,701
63,913

21, 538
24,757
23.234
18,384
19,466
18,219

46,918
64,643
70, 501
58,974
58, 630
60, 244

31,011
41,163
51, 428
43,166
42,540
42,945

160,338
218,364
244.170
244, 546
261, 024
265, 949

77, 264
124,946
146, 582
142, 705
150, 719
159, 636

51, 960
85, 281
106,719
105,470
114, 643
121, 650

100,373
110,101
117,421

118, 732
116, 513
107,588




11, 848
12, 522
10,627

BANKERS' BALANCES OF REPORTING MEMBER BANKS
No.

93.—AMOUNTS D U E TO AND FROM OTHER BANKS BY REPORTING

MEMBER BANKS IN FEDERAL RESERVE

BANK

CITIES

(Last report date of each month)
DUE TO BANKS AND BANKERS
[In thousands of dollars]
Federal reserve bank city
Date

Total
(12 cities)
New York

Philadelphia

117,810
1,053,044
110,647 I
994,301
111,934 |
985,966
117,269 I
959,670

141,713
157, 397
158,615
151.194

57,133
53,259
49, 383
54,844

35,142
32,174
31,381
32,104

Boston

Apr.30_
M a y 28
J u n e 25
July 30

1920
.

Aug. 27
Sept. 24
Oct. 29
Nov. 26
Dec.31

2,080,847
2, 039,155
2, 016,812
2,008,883

Cleveland

Richmond

MinneAtlanta < Chicago Sf. Louis apolis

Kansas
City

Dallas

San
Francisco

325,564
318,279
320,821
317,553

85, 073
83, 599
80, 339
82, 672

48,144
42. 888
30, 873
39,867

87,138
123,215
124, 774
135,851

24, 035
21.941
18,504
18, 842

90,164
88, 451
92, 646
•89,371

9,957 ; 321.131
9, 941
323; 989
9,889
304, 890
9,067
290, 941
9,318
305,870

79, 449
69, 682
71,138
72,313
69, 681

37, 023
42, 509
36,446
35,143
35, 736

124, 608
122,499
109, 337
107, 046
109, 640

17, 536
19, 584
20,100
19,387
19.315

86, 985
97, 235
101, 628
99,892
84, 455

15,887
13,004
11,576
9,646

I
i
!
I

1,950,236
1,991,312
1,909,975
1,889,909
1,974,432

I
j
I
!
I

112,140 |
114,382
111,695
105,863
109, 729

919,903
942,412
901,815
907,386
997, 538

151,
160,
163,
157.
153,

032
596
719
691
628

57,872
54,898
57, 033
52, 675
52, 776

32,
33,
22,
32,
26,

Jan, 28
F e b . 25
M a r . 25
Apr.27

1,878,194
1,843,703
1,681,749
1,657,716

!
!
i
|

101,
96,
90,
98,

766
820
230
006

882,028
865,181
794, 501
787,476

147, 489
141, 058
133, 770
131, 088

48, 079
46,026
39,966
36,806

29, 919
28, 823
23,970
20, 930

8,649
9,433
8,031
8,090

321, 049
327, 059
297,874
294,011

77,
75,
65,
63,

212
546
309
739

33,489
34,160
35,134
32, 212

112, 934
113,646
95, 216
95, 778

17, 828
17, 438
15, 639
13, 722

97, 752
88, 513
82,109
75,858

M a y 25
J u n e 29
July 2 7 . . .
Aug.31.

1,656,873 i
1,632,492 ;
1, 656,164 i
1,659,376 ;

93,493
91, 503
96, 626
88, 211

801, 506
809, 388
799, 079
824, 208

125,831
123, 270
127,647
123, 96]

21, 506
18, 076
19, 378
18, 608

7,388
7,435
7,150
6,512

I • 292,223
I 273,084
| 282, 394
I 278,421

65,
58,
63,
60,

512
578
719
751

28, 783
30, 553
28,190
31, 263

94, 472
94, 755
104, 728
102,498

12,871
11,616
11,987
10, 549

76,490
80,075
78,688
76,873

Sept. 28
Oct. 26
N o v . 30
Dec. 28

1,643,295 i
1,678,579 |
1,730,931 i
1, 703, 752

91, 973
100, 671
98, 016
100,896

809, 547
829, 639
815, 242

127,
129,
133,
131,

796
728
582
092

36, 798
34,159
36, 578
37, 521
34,654
33, 610
29,996
36, 242

16,
15,
15,
16,

033
279
318
518

104, 637
101,193
98, 714
113,333

870, 278
848, 374
880, 000
926,106

134, 919
133,836
137, 526
143,147

36, 796
35,117
34,859
33,938

24, 252
24,814
22, 028
23,316

15,462
19, 216
19, 391
17,310

82,486
88,766
82, 306
82,546

a
m

80, 861
84,444
86, 560
88, 069

1,775,579 s
1,820,274
1,802,172 ;
1,885,940 j

w
to
w

600
585
285
505
746

O
*4

1921

19,
21,
22,
23,

651
733
703
273

8,309 j 271,331
7,464
271,141
7,538
269,515
10,077
287,925

61,197
63, 099
61, 326
64, 915

30,
31,
32,
33,

383
033
521
344

91,560
90, 738
85,468
96,159

8,630
9,002
10,421
9,669

69, 899
80,805
72, 289
75,416

35, 292
36, 849
41,118
39,426

94, 221
104,922
90, 208
98, 517

1922
J a n . 25
Feb. 21
M a r . 29
Apr. 26




298, 707
337.380
313, 312
323,216

g
W

W

00

No,

93.—AMOUNTS D U E TO AND FROM OTHER BANKS BY REPORTING MEMBER BANKS IN F E I ) E R A L RESERVE

BANK

CITIES—Contd.

DUE TO BANKS AND BANKERS—Continued
[In thousands of dollars]

Federal reserve bank city

Date

Total
(12 cities)

Boston i New York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St. Louis Minneapolis

Kansas
City

Dallas

San
Francisco

M a y 31..
June 28..
July 2 6 . .
Aug. 30..

1,982, 731
1,910,673
1,950, 752
1, 895,400

105,318
1,019, 593
104,962 I
941,083
111,347
963,192
104,224
907, 832

144,271
145,332
151, 287
142,478

35,801
38,123
40, 687
42,841

23,317
23, 050
25, 413
26, 342

11, 640
10, 988
11, 584
11,691

324, 261
330, 699
324,696
332, 299

79, 970
77, 785
77,150
75,124

42,013
39,168
38,110
38, 734

102,288
104,899
108, 860
108,817

17, 770
15,420
15, 002
16, 535

76,489
79,164
83, 424

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

1,908, 386
1, 934, 303
1,923,031
1,991,007

107,866
110, 222
100,931
112,768

897,117
932, 547
958, 540
910, 261

153,181
150,132
143. 548
159, 308

41,135
38, 254
37,617
35,176

26, 757
30,443
31,043
30, 790

11,
12,
14,
15,

934
955
752
549

307, 719
304,138
293, 400
348,175

77, 396
78,496
76, 951
85,897

41,619
42, 667
42, 545
48,175

110, 785
105, 581
102, 628
116,012

29, 731
34, 363
29,994
27, 254

103,146
94,505
91,082
101,642

Jan.31
Feb. 2 8 . .
Mar. 28
Apr. 25

2, 060, 668
2,161, 780
1, 948, 786
1,904,459

110, 936
109, 748
103, 632
110,248

966, 362
1, 058, 851
929,839
908, 503

156,141
162, 242
153, 231
158, 240

45, 905
44,623
41, 283
40, 384

34, 244
32, 791
29,087

17,483
15,812
15, 965
13,108

357,379
366, 577
342, 962
332, 712

93,
91,
79,
73,

885
381
045
062

49,309
49, 588
47, 585
44,000

117, 041
113,275
103, 869
100, 641

28,054
26, 222
21, 630
17,405

83, 929
90, 670
80,658
79, 269

M a y 29-30..
June 2 7 . . . .
July 25
A.ug. 29

1,862,252
1,821,976
1,808, 257
1,807, 068

103, 576
100,339
103, 742
98,160

853, 466
864,879
833, 246

156, 224
153, 686
154, 218
150,401

45,329
42, 064
43, 294
43, 053

24, 963
25, 395
25,141
24, 355

11,528
11,138
11, 483
11,011

341,411
340,418
319, 569
337,942

79,391
70, 657
68,704
68,965

41,017
35, 936
35, 521
37,852

96, 707
95.943
89, 244
98, 686

15,691
13,548
11, 752
16, 384

82,126
79,386
80, 710
87,013

Sept. 26..
Oct. 31...
Nov. 28..
Dec. 26..

1,835,117
1, 932,823
1,849,894
1,929,121

103,204
108, 791
99,948
100, 753

854,994
955,146
880,074
918, 235

153,674
155,551
152,159
157,204

41, 791
39, 418
39,458
39,451

26, 773
31, 071
32, 060
32, 944

11,850
14,106
15,166
16, 413

311,
298,
295,
329,

057
728
308
344

69, 450
67,868
'71.360
70,193

41,885
42, 448
40, 586
42,822

95, 205
93.944
91, 998
96, 616

34,191
37,012
43, 272
38, 519

91,043
88, 740
88. 505
86, 627

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

1, 982, 010
1, 970, 023
1, 984,873
2, 092, 345

110, 221
109,441
112, 238
121,916

982,186
954,336
963,972
1,093,291

156, 629
155, 639
158,457
161, 511

41,964
41, 597
42,108
41, 575

31, 982
29, 363
27, 259
25, 515

13,835
12, 658
10, 721
13, 470

320, 224
347, 651
364,175
346, 366

78, 298
73, 248
72,104
70,860

41,716
46, 958
48, 412
39, 892

94, 413
93, 532
82,474
80,453

30, 574
24, 931
26, 597
20,801

80,068
80, 669
76,356
76,695

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

1,931,408
2,291, 217
2,463, 587
2,492, 396

111,310
128, 218
135,116
129, 658

941, 555
1,131, 700
1, 215, 600
1,161, 963

156, 787
189,443
193,258
199,479

42,444
45,165
54, 026
62,671

26, 328
27, 092
29,836
32,306

11,275
11,815
11,077
13,158

351,645
420,157
441,669
473,449

72,
88.
93,
99,

579
620
033
319

38,481
43,175
44,909
44, 060

78, 791
92, 818
110,306
129, 038

19,097
19, 784
19, 788
17, 645

81,116
93,230
114,969
129,650

Sept. 24_.
Oct. 29

2,657,716
2,590,888

137,640
146,831

1, 241,440
1,182,963

217,754
209,990

56, 079
57,313

31, 726
32,830

15,052
16,831

495, 642
447, 795

96, 769
100, 005

61,432
82,125

132, 369
137,443

34,524
40, 252

137,289
136,510

1923

1924




1

Nov. 26..
Dec. 31..

2,528,201
2,635,368

127,267
139, Oil

1,175,323
1,304,858

201, 717
192,884

53, 227
61, 798

38, 742
33, 643

16, 723
17,980

412, 297
407,915

102,496
98,409

79,698
69,183

135,461
132,811

44,046
52,340

141,204
124,536

DUE F R O M B A N K S A N D B A N K E R S
1920
Apr. 30..
May28_.
June 25..
July 3 0 . .

656, 697
673,279 j
649,576 I
649,108 i

53.085
49,934
49,907
48,439

145,299
128,031
113,237
118,742

80, 322
77,698
70, 736
68, 913

22,132
30,645
28, 605
30,367

9,519
9,065
10,080
7, 795

8,580
8,625
7,944
7,243

151, 686
152, 824
159, 739
154,912

32,187
32,602
32, 685
32, 959

17,252
24, 696
25,466
23,303

41,247
64,082
61,940
65, 516

21,311
18,277
16,961
12,15C

74,077
76,800
72,276
78, 769

Aug. 27..
Sept. 24..
Oct. 29...
Nov. 26..
Dec. 31-.

637,200
676,343
629,169
619,178
599,480

45, 367
44.086
44,262
43,019
45, 546

113,608
128,703
101,718
111,839
119,549

74, 729
74, 433
75,927
72, 721
72,865

33,119
27,336
27, 522
26,779
20, 514

12, 590
8,483
9,604
8,185
6,4G2

6,434
7,353
7,891
7,091
6,591

! 154,282
I 161,094
i 156,212
! 152,944
| 158,404

28, 586
42,670
30,930
28,142
28,681

20,281
26,807
24,702
24,758
19, 263

58,845
59,301
54,138
54,182
50, 013

13,137
18,476
18,949
17,300
16,465

76,222
77,601
77,314
72,218
55,187

|
i
!
|

1921
Jan. 28...
Feb. 25-.
Mar. 25 _
Apr. 2 7 . .

504.407
508, 615
46B, 454
479, 514

35,706
34,253
33,429
34, 397

95,431
102, 546
90,046
.94,887

57, 387
56, 442
53, 538
52, 564

19, 889
20, 891
19, 549
19,466

5,971
5,436
5,119
5,097

5,693
6,380
5,092
6,006

123,609
130, 996
121,892
128, 684

29, 338
26, 544
23,826
22, 543

17,001
19,140
17, 609
17,856

44,764
43,435
34,280
39,330

15,169
13, 596
12,569
11,741

May 25..
June29._
July 2 7 - .
Aug. 31.-

515,097
501,191
460,815
456, 971

33,171
36,211
32,162
33,688

149,968
136,391
88,324
85,435

48, 693
54,100
50, 902
53,821

21,133
18, 992
14, 861
15,846

4,852
4,437
4,235
4,452

5,222
4, 593
5,334
4,948

119,355
120,130
125,267
124,456

22,002
20, 326
22,353
20,450

17, 051
12, 418
16, 342
17,210

37,880
40,462
45,474
42,539

11,636
10,338
11,146
9,944

54,449
48, 956
49, 505
46,943
44,134
42,793
44,415
44,182

Sept. 28..
Oct. 26...
Nov. 3 0 Dec. 28.-

474.408
489,088
488,126

34,053
35,107
37,212
37,367

95,749
92,364
87,259
99,254

53, 530
51, 742
58, 547
53,674

14,212
13,159
15, 213
12, 647

5,315
5,836
6,008
4,496

5,878
6,550
6,693
6,583

121, 948
131,175
126, 567
127,124

22, 592
25,430
24, 831
24, 831

17,585
19, 812
19,107
18,876

42,888
43,101
38,474
40,430

15,130
14,906
13,843
16, 723

45, 528
49,906
54,372
50,641

Jan.25-Feb. 2 1 .
M a r . 29 .
Apr. 26. .

475, 880
489, 930
465,839
506,990

34, 928
35, 872
33,112
44,700

79,584
75,743
80,840
77,173

50,125
49, 261
54, 554
57, 308

13, 646
13,387
12, 632
14,289

4,622
5,336
4,258
5,826

7,975
6,300
5,872
8,177

135,423
134,108
123, 535
135, 448

23,924
27,239
22,068
29, 694

19,598
15,972
23,091
18, 972

41, 573
48,353
41, 614
42,017

16,462
19,055
17, 747
17, 715

48,020
59,304
46, 516
55,671

M a y 31..
June28_.
July26._
Aug. 30..

492, 729
500, 738
503,082
510,455

39,975
38,054
37, 628
33,742

72,827
78,044
69,935
72,409

56, 712
55,180
56, 668
51, 784

21, 820
16,412
17,888
19, 056

5, 534
6,995
7,243
12,135

7,794
9,149
6,292
5,833

134,935
139,826
145, 957
138,878

22, 316
29, 657
25, 030
29, 342

20, 237
20, 671
23, 979
24,130

47,151
43, 322
41,009
46, 730

16, 566
13, 523
15, 544
17,352

46,862
49, 905
55,909
59,064

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

512, 518
553, 309
526,688
552,253

37,213
40,642
42,140
38., 463

73, 583
81,835
84,320
82,181

17, 723
51, 840
16, 773
57, 553
18,856
56,029
51, 991 ! 20,059

11, 560
13,410
13, 506
12,504

5,733
7,078
6,936
6,845

132,399
159,114
139, 586
161, 357

29,048
29,289
26,976
31,227

18,422
18,138
20,596
21,731

45,364
44,199
42,301
50,743

28,905
26, 747
24,077
21,920

60, 728
58, 531
51,365
53,232




No.

93.—AMOUNTS D U E TO AND FROM OTHER

BANKS BY REPORTING

MEMBER

BANKS

IN FEDERAL RESERVE

BANK CITIES—Contd.

DUE FROM BANKS AND BANKERS—Continued
[In thousands of dollars]
Federal reserve bank city
Date
St. Louis

Minneapolis

Kansas
City

San
Francisco

Atlanta

Chicago

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

7,186
7,962
8,925
5, 991

138, 875
149,815
142,120
150, 242

26,083
24,087
19,983
21,508

18,163 |
19,537 |
13,130 |
16,042 I

49,810 i
45,931 I
41,250 i
39,934 j

22,035
21, 357
19,303
10,423

63, 725
48, 996
44,440
41, 270

May 29-30
June 27
July 25
Aug. 29

6, 669
5,718
6,048
5, 444

158, 531
145,310
137,820
133,799

22,698
21, 507
21,638
21, 262

15,495
18, 503
13,376
13,582

38,812
36, 948
35, 614
37,847

13,217
14,985
12, 725
16,084

45,
41,
45,
47,

Sept.26
Oct. 31
Nov. 28
Dec. 26

5. 782
7,438
7,124
7,234

138,384
142, 826
142, 629
144, 990

22,115
23, 937
24,058
24, 967

16,514
20,179
19,428
18, 637'

39,4.28
39,464
37, 630
41,557

29,857
28,170
30, 760
26,404

53, 529
49,830
50, 904
52, 626

Dallas

1923

2
8

833
389
577
463

1924
Jan.30
Feb. 27
Mar. 26
Apr.30

8,142
9,244
8,360
11, 557

137,
141,
132,
151,

488
856
972
075

21, 581
23,320
23, 857
28, 093

17, 078
21, 004
19,780
17,371

36, 227
36, 728
33, 690
33,193

21,013
20, 084
20,405
17,883

44, 749
41,951
45,170
41, 624

May 28.
June 25
July 30
Aug. 27

8, 233
9,433
13,641
15,941

158,183
194,456
195, 337
176,245

23, 807
42,150
43, 723
46, 625

16,
30,
33,
23,

280
805
564
619

33, 692
53, 017
53, 654
74,184

16, 479
19,431
21, 680
21, 956

45,
51,
72,
76,

13, 618
176, 361
16,884 ! 169,057
20, 256
169,391
16,752
169,274

42, 327
53, 572
49, 621
40,326

30, 690
33, 297
25,876
22, 987

72, 030
66, 508
70, 285
61,098

31, 995
34,826
33,811
33, 236

66, 626
81,239
91, 618
68,857

.

Sept. 24
Oct. 29
Nov. 26..
Dec. 31




210
093
701
718

w

3
w
w
o

CHANGES IN MEMBERSHIP
No. 94,—MEMBERSHIP OF THE FEDERAL RESERVE SYSTEM: CHANGES IN NUMBER

OF BANKS AND TOTAL RESOURCES

ALL FEDERAL RESERVE DISTRICTS
Total resources (in thousands of dollars)

Number of banks
1919
National bank membership, beginning
of year .

7,762

1920

7,885

1921

• 8,125

1922

8,165

1923

8,220

1924

8,179

Total additions--. _. _.
Primary organization
Conversion of State member banks...
Conversion of nonmember banks
Absorption of State member banks...
Resumption following suspension

245
171
i 11
62
(4)
1

354
236
2 11
103
(2)

197
111
17
58
(7)
11

225
76
20
110
(7)
19

190
93
2 30
56
(5)
11

132
90
6
19
(9)
17

Total losses
Voluntary liquidation (terminal) 3
Suspension or insolvency
Merger between national banks
Absorption by State member b a n k s . .
Succession by State member banks
Absorption or succession by nonmember banks
Other decreases
Net increase ( + ) or decrease (—)

122
5
3
36
12
<6

114
11
18
29
11
6

157
9
54
38
26
3

170
17
36
48
39
1

231
23
89
41
23
27

268
29
127
44
21
2

59

39

27

48

+123

+240

+40

27
2
+55

-41

National bank membership, end of year...

7,885

8,125

8,165

8,220

8,179

1

1920

1919

20, 033, 546
220,
90,
65,
47,
16,

681
878
761
259
310
473

224, 255
17,136
1,924
(204, 786)
79, 764
9,952

1921

1922

1923

22, 702, 549

21, 357,404

19,411,618

21,965, 554

22, 395, 303

508,839
93, 851
347, 783
62, 473
3,500
1,232

232, 927
71, 855
96. 787
48,347
10, 442
5,496

216, 995
38,600
93, 889
60, 351
15,215
8,940

368,077
124, 863
172,090
58, 073
7,035
6,016

105, 309
20, 308
44, 759
21, 345
9,001
9,896

338, 641
7,582
9,703
(338, 092)
178, 289
2,708

596, 597
17, 268
40, 687
(226, 477)
294, 788
131,023

220,115
9,280
31,093
(230, 215)
75,600
72, 731

755, 969
15, 817
54,139
(182,361)
140,845
499,090

404, 894
48, 696
122, 898
(129,380)
191,419
2,476

1924

112. 831
31,411
140, 359
44
115,479
51
- 1 3 6 + 2 , 669, 003 - 1 , 3 4 5 , 1 4 5 I-1,945, 786 +2, 553, 936

+429, 749

38, 058
1,347
+1,973, 688

21, 965, 554

22, 395, 303

24,368,991

8,043

22, 702, 549

21,357,404

19,411,618

46, 078

One national bank succeeded a State member and a national bank.
Member bank of one class succeeded b y one of the other, the latter not reporting until the next year.
Represents, so far as could be determined, the termination of banks' existence, all instances in which voluntary liquidation had been intermediate in mergers or successions
having been classified according to the ultimate status of the liquidated bank.
« Two national banks succeeded b y a single State member bank.
1
One national bank succeeded b y another national bank which did not report until the next year.
2

8




g

W
H

No. 94.—MEMBERSHIP OF THE FEDERAL RESERVE SYSTEM: CHANGES IN NUMBER OF BANKS AND TOTAL

RESOURCES—Continued
QO

ALL F E D E R A L RESERVE DISTRICTS—Continued
Number of banks
1919

1920

1922

1921

State bank membership,beginning of year.

930

Total additions
Admission of State banks
Succession to national banks
Absorption of national banks
Absorption of nonmember banks
Resumption following suspension

285
280
* 5
(12)

340
334
6

34
4

40
3
3
7
2
10
3
12

3
M8

1,181

1,481

Total resources (in thousands of dollars)
1923

1,614

1,639

207
204
3
(26)

97
95
1
(39)
1

(ID

1920

1921

1922

1923

1, 595

7, 482,113

9, 913, 707

9,826, 794

9,904,860

11,917,017

12,843,303

47
42
23
(21)
(6)
2

1,079,284
986,138
13, 382
79, 764

1,168,942
987, 353
3,300
178, 289

644,969
224,958
122,498
297, 513

350, 477
201, 698
72,731
75,600

686,988
137, 830
407, 520
140,845

417, 826
61,805
134,017
191,419
29,618
967

160,352
36, 609

164, 942
9,634
2,126
(153,040)
3,500
122, 648
8,437
18, 597

170, 944
8,699
29, 287
(283, 552)
10,442
93, 556
19, 032
9,928

148,376
21, 287
2,821
(142,814)
15, 215
94,144
3,603
11,306

2

74
3
16
10
7
17

72
8
10
12
7
2 21
1
13

74
66
6
(23)

Total losses
_ _
Voluntary liquidation (terminal) 3
Suspension or insolvency . . -- _
Merger between State member banks.
Absorption by national banks
Conversion to national banks
Absorption by nonmember banks
Withdrawal
Other decreases
Net increase (+) or decrease (—)

+251

+300

+133

+25

118
4
33
16
5
29
1
29
1
-44

State bank membership, end of year

1,181

1,481

1,614

1,639

1,595

1
4
212
3
9
7 1

1919

1924

98
5
36
9
9
6
7
26

448

-51

(21,306)
16, 310
92, 475
11, 087
3,523
348
+ 2 , 431, 594

- 8 6 , 913

+78,066

1,544

9,913, 707

9, 826, 794

9,904, 860

6

+2,012,157
11, 917,017

1924

793
323,980
1,876
20, 407
(588, 942)
7,035
155, 420
6,813
132,429

O
151, 935
3,056
23, 994
(78,154)
9,001
44,759
4,246
66, 879

+926,286

+ 1 , 774, 573

12,843, 303

14, 617,876

2 Member bank of one class succeeded by one of the other, the latter not reporting until the next year.
3 Represents, so far as could be determined, the termination* of banks' existence, all instances in which voluntary liquidation had been intermediate in mergers or successions
having been classified according to the ultimate status of the liquidated bank.
4
Two national banks succeeded by a single State member bank.
« Compulsory withlrawal of five banks in 1921, and one bank in 1924, with aggregate resources of $l,709,00A
7
Nonpayment on lederal reserve stock.




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No. 95.—MEMBEKSHIP

OF FEDEKAL RESERVE SYSTEM: CHANGES IN NUMBER OF BANKS
District No. 2—New York

District No. 3—Philadelphia

District No. 4—Cleveland

1919 1920 1921 1922 1923 1924

1919 1920 1921 1922 1923 1924

1919 1920 1921 1922 1923 1924

1919 1920 1921 1922 1923 1924

667

692

632

640

652

33
27
1
3

29
25
1
2

10
7
2
1

17
14

5
5

1

1

2

i

13

16
1
1
7
3
1

8
1
2

2
2

4

3

1

388

622

631

650

to to

662
21
17
3

390
7

396

19
19

35
29
1
5

25
21
2
1

to to

National "bank membership, beginning of year. 392 396 398
8
4
Total additions .
8
4
Primary organization
Conversion of State member banks
Conversion of nonmember banks
Absorption of State member banks
Resumption following suspension
Total losses
4
4
2
1
Voluntary liquidation (terminal)-1
Suspension or insolvency
1
1
Merger between national banks
2
Absorption by State banks
Succession by State member banks
Absorption or succession by nonmember
2
banks
3
Other decreases
Net increase (+) or decrease (—)
+4 +2 - 2
National bank membership, end of year
396 398 396
State bank membership, beginning of year._. 31 36 39
2
Total additions
5
3
2
5
3
Admission of State banks
Succession to national banks
Absorption of national banks
(2)
Absorption of nonmember banks
Resumption following suspension
1
Total losses..
_
Voluntary liquidation (terminal)l
Suspension or insolvency
1
Merger between State member banks
Absorption by national banks
Conversion to national banks
Absorption by nonmember banks
Withdrawal . .
Other decreases
Net increase (+) or decrease (—)
+5 +3 +1
40
39
State bank membership, end of year. _
36

totoo

District No. 1—Boston

4
3

6
3
3

9
1
1
6

1

7
1
1
3

10
2

16
1

1
2
2
3

2

8
3
1

1
9
2
1

3

2

2

658

656
58

666

667

.692

711

134

136
13
9
4

143

640
29

5
5

11
11

38
9
9

46
6
6-

51

5

(1)

(2)
4

4
1 .....
1

653

662

122

6

1
2

2
1

652

650

6

4

1
4
3

+10

101
22
20
2
(2)

5

10

-2

631

6

3

1

36
1
1

1
1

12
1

+5

383

1 j

4

4

4

39
1
1

4

5

+1

388

2

1

3

2

40
1
1
(3)

2

20
13
1
6

+8 +12

+9 +19 +12

4
3
1
(2)

748
8
7

1
1

-5

18
17
1
(3)

13
11

746

"(1)

o

133
9
8
1
(3)

656

10
10

768

764

3
18
15
3
1
2 -----

12
9

12
2
1
3
3
1

17
1
3
6
2

762

759
1
1

3

1

-6
390

+5 +25 +19

658

1

2

653
9
7
1
1

2

1

1

9
8
1
(1)

1

1

2
3

1

2

4

5

2

+6

746 ~ 762

768

-4
764

-5
759

-7
752

111 115
4
7
6
4
1
(3)

116
4
4

118
5
ft

3

2

66

97

33
33

16
16
(2)

2

1

8
8

2

8
1

+16

2
-2

(3)

66
6
5
1

7
1

2

(2)

(3)

"(i)
3

4

1
2

36

2

36

2

134

133

136

143

144

38

1

1

2

-1

122

46

1

1
1

1
1 j

+21 +12

-3

39

1

1

5

3

21
+3 +7 +1 | +9 +8 +5 +7

1
-1

3

2

3

i

4

1

1

2

51

58

1
1

+8
66

97

1

4

+4 +1 +2

+1

118

119

21

+6 +31 +14
72

1

111

115

1

116

1 Represents, so far as could be determined, the termination of banks' existence, all instances in which voluntary liquidation had been intermediate in mergers or successions
having been classified according to the ultimate status of the liquidated bank.
2 Compulsory withdrawal of one bank in 1921, with resources of $418,000.




No. 95.—MEMBERSHIP OF FEDERAL RESERVE SYSTEM: CHANGES IN NUMBER OF BANKS—Continued
District No. 5—Richmond
1919 1920 1921 1922 1923 1924

National bank membership, beginning
of year
Total ad iitions
_.
Primary organization
Conversion of State member banks.
Conversion of nonmember banks ._
Absorption of State member banks
Resumption following suspension..

District No 6—Atlanta
1919 1920 1921 1922 1923 1924

528

539

19
10

20
10
1
9

9

559

562

561

372

362

376

385

14
6
1
6
(2)
1

19
4
3
12

8
4

4
3
1

12
8

16
9
1
6

16
8
2
5

12
7

8
2
2
2
1

16

9

10

4
7
1

2
1
2

4
1

553

4

4

0)

8
Total losses
6
2
1
Voluntary liquidation (terminal) L
Suspension or insolvency Merger between national banks
3
1
Absorption by State banks
Succession by State member banks
Absorption or succession by non3
4
member banks.._
Other decrease4?
Net increase (+) or decrease (—).. +11 +14

1

4

4

+6

+3

-1

-6

-10

National bank membership, end of year. 539

553

559

562

561

555

362

37

46

56

66

68

66

9
9

13
13

14
14

8

I

(1)

(1)

(2)

State bank membership, beginning of
year
Total additions _.
Admission of State banks
Succession to national banks_._ . . .
Absorption of national banks. ...
Absorption of nonmember banks._.
Resumption following suspension..
Total losses
Voluntary liquidation (terminal) i__
Suspension or insolvency




5

1
22
1
5

2
1
1

393
8
4
2
2
(1)

7

4 1 16

2
1
1

2
4
2

2
1

District No 7—Chicago

385
8
4

(1)

3

8

+14

1
.....

+9

+8

-8

376

385

393

385

382

54

64

84

127

143

24
24

49
49

6
6

16

(X)

22
22
... _
(1)
(1)

1921

1922

1923

1924

1,046

1,048

1,061

1,065

1,061

1,058

22
17

12
6

5

5

5
(2)
1

4

6
2
1
1

4

6

4

4
1

5

4
1

6
1
2

470

470

480

480

7
1
4

17
12
1
4

9
7

11
7

2

3
1

8

10

12

16

12

3

2
6
1

2
5
2

6
5
1

.....

5

4
1
1

3

2
3

4

5

1
-4

-3

-3

1,058

1,055

470

480

7
2 1

2

2

+2

+ 13

+4

1,048

1,061

1,065

140

288

326

358

f377-

379

369

44

1

44
42
32

41
39
2

24
24

6
6

5
4

5
5

27
27

(1)

(2)

(i)
(i)

Q

1,061

(1)

(2)

9
2
1

13
11
1
(2)
1

2

13

3

9

7
3
1
2

1

9
1
3
2
1
2

4
2
1

1

487
16
7
4
5
(1)
6
1
2
1
2

497
5
4
1
(1)

6

9

5
1

•

4

15
1
5

21
2
10

4

+7 +10

-5

480

487

497

68

91

105

121

127

24
24

14
13
1
(2)

17
17

16
16

10
10

m

(2)

1 -----

i

1

s
s

492

+10

3

O
W
H

10
2
1
1
2

w
o
>

1

1
3

9
5
1
3

1919 1920 1921 1922 1923 1924

9
2

16

3

15
15

5

1920

4 •

11
1
4
2

District No. 8—St . Louis

1919

18
10

Cn

10

I

I

Merger between State member
2
1
banks
2
Absorption by national banks
1
3
1
Conversion to national banks
Absorption by nonmember banks
1
2
Withdrawal
Other decreases
Net increase (+) or decrease (—). +9 +10 +10 +2
State bank membership, end of year
46
56
66
68

1

1

1
1
3

2

-2

-4

66

62

1
3

1
2

i

2
2

+10 +20 +43 +16
64

84

127

143

1
1
2

1

2
2

3

1
1

1

2
2
1

3

2
1

3

1
7

3

7

4

-3

-12

+38

+32

+19

+2

-10

-16

128

326

358

377

379

369

353

140

1
1
1

1
2
4

1

2
1

1

3

1

+24 +23 +14 +16

+6

+5

121

127

132

68

91

105

1
Represents, so far as could be determined, the termination of banks' existence, all instances in which voluntary liquidation had been intermediate in mergers or successions
having been classified according to the ultimate status of the liquidated bank.
2
One national bank succeeded a State member and a national bank.
3
Two national banks succeeded by a single State member bank.




3
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No. 95.—MEMBERSHIP OF FEDERAL RESERVE SYSTEM: CHANGES IN NUMBER

OF BANKS—Continued

Or

to
District \ T o. 9 —Minneapolis

District No. 10.—Kansas C t y

1919 1920 1921 1922 1923 1924
i

National bank membership, beginning of
year
Total additions
Primary organization
Conversion of State member banks. _
Conversion of nonmember banks
Absorption of State member banks.
jjs Resumption following suspension

1919

967

797
44
26
1
17

834

883

57
26
2
28

13
7

1

2

7
Total losses
. _ _
_
_._ .
8
Voluntary liquidation (terminal) i
Suspension or insolvency
5
Merger between national banks
2
1
1
Absorption by State banks
Succession by State member banks . _ _
Absorption or succession by nonmember banks _
_.
4
2
Other decreases
+37 +49
Net increase (+) or decrease (—)

14
1
11
1

National bank membership, end of year.. 834

4

882

870

12
3

12
4

3
(2)
6
24
2

3
50
4
4

1921

1922

1923

36
28
1

f

3
(1)
5

7

54
34

44
12

? 2

fi

18

0)
1

12

58
5
47
3

991 1, 023 1,048

1919 1920 1921 1922 1923 1'2

02

2
5

19
9
4

71
8
1
57
(I)

1,086

630

28
4

12

25
19

A

18

3

1

41
10

65
9
34
11

H
1
1
7

1

!

3

4

3

9

11

5

4

9

-1

-12

-39

-46

+24

+32

+25

+51

-13

•
ii

3

i

6
(3)

0)
2

20
3
8

642

649

656

16
9
2
2
(1)
3

2G
2
6
17

25
4
Ml
8

2
18
2

22

09

2

10
7

19
C
2
4
4
2
1

5

+7

+3

-14

9

1,099

i

1

i

1924

1919 1920 192 1 1922 1923 1924

1

831

11
3
1
4

1920

District No. 12—San Francisco

District Nc . 11—Dallas

31
24
5

0)

655

9

J

(2)
1
1
14
2

558

586

632

618

33
22
3
8
(1)

61
44
2
15

23
13
3
6

35
16

(0

._.._

3

5
34
5
17 _____
10
1 j
J

15

37

3
4
4

13
6
13

40
2
5
5
24

4

4

4

659
20
11
1
4
(2)
4

11

1

9 |
4
3 1
- 5 3 '+12

+13

-6

6

3

1

1

+28 +46 - 1 4

-5

613
23
16
2
3
(1)
2
29
4
8
2
2

607
13
7
3
(2)
3

:=
36
3
10
4
12

O

W

2
1

7

-6

-23

883

882

870

831

785

642

655

649

656

659

645

586

632

618

613

607

584

State bank membership, beginning of year.

70

86

116

135

130

109

27

47

63

44

43

36

97

114

185

202

199

190

86

137

198 i

219

207

195

Total additions.
_
Admission of State banks
Succession to national banks
Absorption of national banks
Absorption of nonmember banks. .
Resumption following suspension

20
20

34
34

22
22

5
5

2
1

4
4

22
22

17
14
3

1
1

2

4
4

2
1
1

21
20
1

74
74

26
26

7

7
7

6
5

56
56

67
G7

Total losses
- Voluntary liquidation (terminal) 1
Suspension or insolvency
Merger between State member banks.




991 1, 023 1, 048 1,099

0)

0)

(1)

1,086 1,033

0)

(4)

(2)

(1)

1
4
2

4

3
1
1

10
1
4

03
14
o,

(1)

(0

5
1

6 !
2

38
38

i

1
13
2
9

2

1

20

3

11

5

2

2

4

3

9

2

6

10
1

16

13

4

8
7
(24)

5
4
1
(12)

1

3
1

17
2
6
3

20
4
5
5

17
3
4
5

2
2

1
(120
(1)
15
1
1
4

i
3

Absorption by national banks
Conversion to national banks
Absorption by nonmember banks
Withdrawal
Other decreases
Net increase (+) or decrease (—)
State bank membership, end of year

1

2
9

2

1

3

1
1
5

1
6
3

i

2 2

1

1

1 i

4

M0

1
1

1 |

4

5 1

3

1

1
2

2
27

1

116

135

-5

-21

-9

130

109

100

+20

+16

-19

-1 !

-7

-3

47

63

44

43 1

36

33

+ 17 +71 +17
114 ^ 8 5

202

"16"

2
1
2
5

-3

1
1
-9

199

190. 183

i

+16 +30 +19
86

1
2

-7

1
3

1

3

5
1

3

1
2

198

219

1

2

+51 +61 +21 - 1 2 - 1 2
137

V
>

207

195

-13
182

1 Represents, so far as could be determined, the termination of banks' existence, all instances in which voluntary liquidation had been intermediate in mergers or successions
having been classified according to the ultimate status of the liquidated bank.
2
Member bank of one class succeeded by one of the other, the latter not reporting until the next year.
3
One national bank succeeded by another national bank which did not report until the next year.
4
Compulsory withdrawal of 4 banks in 1921 and 1 bank in 1924, with aggregate resources of $1,291,000.
s Nonpayment on Federal reserve stock.




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154

AXXUAL REPORT OF T H E FEDERAL RESERVE BOARD

DEBITS TO INDIVIDUAL ACCOUNTS
No.

96.—DEBITS

TO

I N D I V I D U A L A C C O U N T S BY
C I T I E S , BY M O N T H S

BANKS

IN

141

PRINCIPAL

Debits on the books of reporting banks to accounts of individuals, firms, and corporations, and of the
United States Government including war loan deposit accounts, also debits to savings accounts, payments from trust accounts, and certificates of deposits paid. Figures do not include debits to the
accounts of other banks or in settlement of clearing-house balances, payments of cashiers' checks,
charges to expense and miscellaneous accounts, corrections, and similar charges. Monthly figures are
derived from weekly reports by prorating the figures for those weeks which do not fall entirely within
a single calendar month.
SUMMARY, BY FEDERAL RESERVE DISTRICTS
[In thousands of dollars]

Total
Month
1924

1923

1922 1

1921 i

January
February _ _
March
April

41,498,264
37,397, 792
40, 739, 481
39, 518, 668

41, 752, 913
35,925,212
42,185,143
39,294, 408

34, 943, 664
30, 585,310
36,932, 274
36, 388, 040'

29, 728,424
33,903,259
32,235, 079

45,
35,
43,
41,

May
June
July
August

40, 044,354
40, 229, 841
40,131,073
38, 691, 819

40,
40,
36,
33,

906
595
275
567

37,976,008
39,236,177
36,055, 788
34,136,129

32,
33,
31,
30,

512,426
606,456
514,619
097, 035

39,256, 598
40, 346, 912
39, 868, 249
36, 274, 676

37,
39,
41,
37,

026, 671
211, 257
055,948
943, 950

September.
October
November.
December..

38,971,985
43, 417, 983
41, 892, 997
49,157,166

34,060,234
38, 900, 241
38, 503, 870
42, 448, 051

35, 768,453
40, 745,186
36,159,896
40, 436,981

31,625,162
34,323,441
33,441,136
38,020,458

37, 378,270
41,027, 647
39, 696, 095
42,947, 842

38,
44,
42,
46,

531,
474,
536,
564,

Total

491, 691, 423

463, 715, 415

439,363,906

399,036,331

483, 026, 341

071,
573,
504,
495,

1920 1
367, 303
787,840
431,173
643, 736

1919 i
34,929,044
28,162,959
32,170, 533
32, 686,088

953
469
207
679

455, 293, 758

District No. 1—Boston (11 cities)
Month
1924

1923

1922

1921

1920 i

1919 1

2,189,052
1,973,432
2,147,057
2,118,054

2,197, 997
1, 889,899
2, 222, 086
2,119, 787

1,928, 021
1, 611, 605
1,857,809
1, 760,157

2, 058, 410
1, 611, 603
1,821,196
1, 796,118

2, 675, 255
2, 070, 598
2,441, 399
2, 463, 338

2,
1,
1,
1,

009, 761
594, 925
849,181
771,883

May
June
July
August..

2, 052, 772
2, 040, 544
2,111,283
1, 989, 773

2,139, 645
2,172,872
1, 983, 223
1, 771, 572

1,837, 939
1, 992, 898
1, 899, 373
1, 586, 094

1,
1,
1,
1,

788,
826,
734,
588,

2,
2,
2,
2,

2,
2,
2,
2,

020,963
273, 765
365, 624
057,147

September.
October

1,974,984
2,357, 435
2, 252, 717
2,467,796

1, 760, 956
2, 154, 617
2,150, 666
2, 287,912

1, 717, 635
2,087, 622
1,986, 523
2,126,314

1,
1,
1,
2,

630, 299
947, 992
925, 753
005, 698

2,177, 650
2, 401,160
2, 278, 756
2,367, 205

2, 043, 246
2, 592,489
2,484,021
2,835, ^-67

25,674,899 j 24,851,232

22,391,990

21, 735, 513

28,136, 519

25,898, 472

January
February...
March
April

|
j

November.
December
Total

I

548
530
824
542

388, 706
395,135
426, 337
050, 980

District No. 2—New York (7 cities)
Month
1924
January
February-March
April..
May
June
_
July
August
September.
October
November .
December..
Total

22,814, 899
20, 511, 857
22, 227, 152
21, 356, 913
22,124,834
22, 639, 521
22,184, 731
21, 556,426
21, 387, 861
23,242,131
23, 708, 849
28,106, 044
271,861,218

1923

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
246, 492, 994

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
247, 067,

229

1921

1920

20, 666, 732 24,320, 682
15, 645, 827 18, 606, 208
17, 940, 133 22, 919,446
16, 950, 772 21, 990, 708
17, 774, 980 20, 254, 578
18, 355, 750 20, 496, 326
16, 907, 780 19, 791, 364
15, 683, 072 18, 006, 812
16, 617, 939 18,236, 870
18,170, 740 20, 817, 207
18,018,315
20,817,136
21,178,533
23,117,836
213,910,573

249, 375,173

1919

18, 683,156
14,926, 776
17,189, 069
17, 859, 002
20, 904, 781
22, 168, 368
23, 012, 206
20, 825, 951
21, 011, 144
24, 846, 202
23, 921, 299
25, 532, 024
250, 879,978

i Revised. Figures for following cities partly estimated for periods specified: Boston, to end of 1920; St.

Louis and Louisville, to January, 1921, inclusive; and St. Paul to January, 1922, inclusive.



155

DEBITS TO INDIVIDUAL, ACCOUNTS
No.

96.—DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS
CITIES, BY MONTHS—Continued
SUMMARY, BY FEDERAL RESERVE

IN

141

PRINCIPAL

DISTRICTS—Continued

[In thousands of dollars]
District N o . 3—Philadelphia (10 cities)

Month
1923

1922

1921

1920

1919

January...
February.
March
April

1,925,455
1, 723,139
1, 873,812
1,942,356

1,914,857
1, 648,925
1,926,493
1, 863, 477

1, 583, 008
1,431, 593
1, 628,117
1,569,312

:, 679,283
L, 391,392
[, 615, 908
^, 582, 299

1,978, 267
1, 585, 698
1,891,903
1,874,066

1, 581, 693
1, 272, 808
1, 514, 704
1,449, 060

May
June
July
August,

1, 894,928
1, 936, 205
1, 902, 728
1, 748, 702

1, 973, 625
2, 083,113
1, 826, 560
1, 733,171

1,834,314
1,720, 649
1, 668, 316
1, 589,819

., 503, 607
., 622, 499
., 523, 296
:, 407, 355

1, 908; 508
1,857, 001
1, 773,422

1, 562,861
1,661,131
1,719, 920
1,597,915

1, 794, 021
1,968,134
1, 820, 722
2,242,478

1, 670,226
1, 922, 569
1, 738,336
1,999, 728

1,646, 539
1,891, 067
1, 682,845
1, 939,197

1,
1,
1,
1,

500, 586
581, 867
515, 206
766, 389

1, 746, 073
1,874, 281
1, 818, 682
1,995, 716

1,697, 789
1,800, 612
1, 680, 381
1,957, 058

22, 301, 080

19,984,776

18, 689, 687

22,091, 705

September.
October
November .
December..

i
I

Total

22,772,6

19,495,932

District No. 4—Cleveland (13 cities)

Month
1924

1923

1922

1921

1920

1919

January
February. _
March
April

2, 227, 515
2,006, 249
2,173,881
2, 275,246

2, 305, 963
1,949,930
2, 206,665
2, 227, 570

1, 709, 252
1, 538,886
1, 665, 926
1, 744, 376

2, 236, 485
1, 754, 568
1,869, 444
1,841,155

2, 335,154
1,942, 268
2, 329, 618
2, 331, 924

1, 866, 735
1, 533, 594
1, 795,187
1, 812, 344

May
June
July
August

2,122,402
2,105,227
2,139,964
1,979. 554

2, 266,888
2,278,941
2, 237, 042
2,081, 604

1, 741, 268
1, 927, 948
1,911,065
1,850, 667

1, 716, 241
1, 751, 903
1, 620, 986
1, 521, 031

2,166,964
2,412, 086
2,458, 275
2,162, 713

1, 838,213
2, 081, 885
2.146, 230
1, 948, 043

September.
October
November.
December.

1,
2, 300,487
1, 980,486
2, 466, 903

2,005,409
2, 241,154
1,996,108
2, 331, 503

1,877,032
2, 025,319
1, 867, 671
2, 430, 467

1, 585,995
1, 689,784
1, 643, 919
1, 873, 095

2, 261, 299
2,449, 572
2, 291, 823
2, 535, 569

2, 044, 338
2.147, 235
1,981,154
2, 363, 702

Total

25, 774, 602

26,128, 777

22, 289, 877

21,104, 606

27,677,265

23,558,660

District N o . 5—Richmond (7 cities)
Month
1924

1923

1922

January
February..
March
April

733,878
650, 035
699, 209
672, 896

746, 047
631, 628
737,293
676,260

630,971
535,864
618, 568
614,409

737, 917
600, 411
677, 832
645, 676

913,182
729,147
827, 966
815, 659

664,034
549, 272
573,898
594, 749

May
June
July
August

665, 057
673, 372
676, 364
674, 370

701,164
742, 692
681,119
668, 610

664,853
681,167
636, 506
616, 520

633,007
677,168
660, 222
674,846

794, 726
816, 522
823,137
742, 740

638,199
736, 281
778,461
744, 693

September.
October
November.
December.

648, 670
733, 682
675,127
795, 584

655, 258
746, 504
710,408
804,167

596, 901
705,455
660, 697
753, 942

743,458
724, 232
793, 239

742,456
805, 251
783, 394
841, 217

736, 604
862,098
829, 047
903, 315

Total

8, 298, 244

8, 501,150

7, 715,853

8, 234, 894

9, 635, 397




1920

; 610, 651
,

156
No.

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
96.—DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS
CITIES, BY MONTHS—Continued

IN 141

PRINCIPAL

SUMMARY, BY FEDERAL RESERVE DISTRICTS-Continued
[In thousands of dollars]
District N o . 6—Atlanta (15 cities)
Month
1924
January...
February..
March
April

1923

1922

1921

1920

1919

1,047,405
947,847
987, 094
970,084

1, 005, 714
827,440
991,806
886,328

774,821
676,960
781,076
710,303

895,433
741,122
811,214
770,072

1, 299, 305
1,018, 724
1,174, 029
1,142, 763

909,
735,
781,
772,

916,882
872, 788
914,053
848,971

922, 450
902,403
837, 023
790, 799

764,397
785,260
743, 297
739,642

725, 043
728, 734
735,144
704,823

1,072, 048
1,050, 795
1, 053,476
969, 926

866,105
891,195
896, 644
855, 820

September.
October
November.
December.

959, 071
1,129, 584
973,154
1,154,408

835, 330
1,020,357
991,989
1,124,910

800, 649
901, 535
911,367
989, 297

796,832
858, 216
785, 252
831, 379

1, 009,492
1, 046,469
984, 850
990, 040

Total

11, 721, 341

11,136, 549

9, 383, 264

12,811,917

May
June
July
August

9, 578, 604

900,
1,169,
1,114,
1, 244,

836
579
069
570

815
851
521
769

11,138, 774

District No. 7—Chicago (21 cities)
Month
1924

1923

1922

1920

1921

1919

January. _.
February. _
March
April

4, 701,940
4,178,246
4,807,897
4, 643, 076

4,810,899
4, 383,817
4,828, 041
4, 737, 859

3,858,652
3, 523,914
4, 389,187
3,945,171

4, 321,991
3, 512,764
3,992,927
3,819, 083

5,161, 983
4, 300,416
5, 359, 715
4, 910, 702

4,
3,
3,
3,

May
June
July
August

4,
4,
4,
4,

250
549
974
357

4,899, 390
4, 772,812
4, 509, 455
4, 240, 633

4, 097, 957
4,326,058
3, 995, 629
3,991, 612

3, 765, 913
3,827,910
3, 781,428
3,874,899

4,
5,
5,
4,

791, 361
072,942
235,135
733,163

4, 049, 043
4,271, 775
4, 517, 819
4, 370, 996

September.
October
November.
December.

4, 435, 346
4,949,211
4, 500, 225
5,326, 098

4,208,411
4, 660,972
4,428,485
4,886,123

4, 070,134
4,438, 210
4, 051,955
4, 615,171

3,848, 068
4,068,910
3,827,166
4,195,461

4, 969, 417
5,086,228
4, 559,162
4,885,453

4, 424, 744
4, 736,840
4, 557, 526
5, 039, 794

Total

55, 995,169

55, 366,897

49, 303, 650

46,836, 520

59, 065, 677

50, 668, 601

746,
582,
654,
469,

003, 943
302,169
688,857
705, 095

District N o . 8—St. Louis (5 cities)
Month
1924

1923

1922

1921 i

1920 i

1919 1

January...
February.
March
April

1,130, 859
981, 669
1, 062, 671
1, 033, 484

1,178, 722
952,802
1,112, 395
1, 039, 549

858, 795
739,485
859, 417
826, 599

970, 864
813,884
875,995
836, 575

1, 357, 873
1,120, 338
1, 240, 210
1,172, 378

1,148,738
941, 763
983, 228
969,924

May
June
July
August..

1, 057, 603
1, 035,196
994,401
959, 857

1, 076, 560
1,104,142
980,103
930,888

911, 346
930,887
871,384
830,180

830, 702
859, 644
813, 249
780, 771

1,114, 713
1,128,191
1, 099, 834
1, 020, 674

1, 005, 643
1, 065, 597
1,152, 719
1, 042, 670

September. .
October
November..
December...

1,003, 066
1, 212,110
1, 081, 663
1, 259, 637

945,160
1,184, 854
1, 094,428
1,194, 752

1,067, 437
988, 780
1,145,954

837, 548
945, 072
879,322
957, 258

1, 061, 524
1,113, 685
1, 026, 267
1, 086, 735

1, 033, 641
1,189, 2] 5
1,128, 298
1, 258, 763

10,938, 657

10,400, 884

13, 542, 422

Total.
1

See footnote on p. 154.




12,812,216 ; 12,794,355

12,920,199

157

DEBITS TO INDIVIDUAL ACCOUNTS
No,

96.—DEBITS

TO INDIVIDUAL ACCOUNTS BY BANKS
CITIES, BY MONTHS—Continued

IN

141

PRINCIPAL

SUMMARY, BY FEDERAL RESERVE DISTRICTS—Continued
fin thousands of dollars]
District No. 9—Minneapolis (9 cities)
Month
1921 i

1922 i

1924

1923

January
February..
March
April

5(35,332
523,317
584,754
552, 9.10

647, 312
510, 811
600,805
596, 914

499, 020
455,305
556, 282
512,419

601, 067
483,142
537, 329
544, 592

750, 746
611,657
718,468
711,106

728, 915
488, 311
594, 533
639,321

May
June
July
August

596,115
613,515
634, 515
596, 031

634, 217
652, 341
593,964
598, 206

546,
569,
554,
580,

252
323
605
550

524,966
574,885
522, 223
558, 524

700,431
707, 687
720, 311
685, 479

654, 522
637,133
658, 607
657, 784

654, 491
698, 732
633, 665
710, 631

635, 091
645,937
563, 390
597, 233

811,189
901, 540
843, 455
759, 651

793,158
832, 602
736, 082
818,955

6,788,379

8,901,720

;, 239, 923

September October
November.
December..

773,680
1, 059, 292
891,171
849, 622

635, 309
700, 333
664,498
660, 760

Total

8, 240, 254

7,495, 470

6,971,275 I

District N o . 10—Kansas City (14 cities)
Month
1924

1922

1923

1921

Januai y.. _
February.
March
April

1, 003, 759
937, 931
1, 020, 873
1, 012, 890

1, 202, 253
996,426
1,199,481
1,130, 015

950,
872,
1, 012,
956,

759
689
278
757

1,152, 595
942, 309
1,067 066
1, 006,119

1,480, 682
1, 230,956
1, 451, 230
1, 313, 463

1,155, 377
998,141
1,130, 898
1, 095,116

May.__
June
July...August.

1, 000, 236
963, 496
1,070,984 I
1,083,918 j
I
1, 097,173 j
1,216,807 !
1,062,890 i
1,189, 358 |

1,142,172
1, 155, 879
1,081,943
1, 106, 154

1, 026,849
1,081,813
1, 041, 778
1, 056, 449

953, 761
992, 057
994,617
1, 025,141

1,335,707 i
1, 351, 458
1, 323, 317
1,327,488 !

1,210,025
1,147, 584
1, 317, 537
1,343,784

1, 069,497
1,159, 741
1, 053,147
1, 082, 885

1,058,493
1,155, 094
1, 050, 896
1,181, 287

1, 022,182
1,006, 694
966, 224
992, 594

1, 389, 286 I
1,418,334 I
1,334,809 I
1, 266,168

1, 246,189
1,345,289
1,311,747
1,429, 571

12,660,315 I 13,379,593

12,445,142

12,121, 359

September.
October
November.
DecemberTotal .

16, 222, 898

14, 731, 258

District No. 11—Dallas (11 cities)
Month
^923

1922

1921

1920

1919

January
February._
March
April

567, 222
493, 840
492, 894
483,944

605, 258
494, 600
547,188
488,255

526,519
460,149
524, 469
470, 827

551, 763
466, 274
496,774
443, 091

698, 650
548,921
627,458
595,160

467, 745
374, 247
404, 913
414,998

May
June
July
August

466, 066
447, 735
455, 924
449,553

486,003
465, 461
420, 874
448,966

486, 707
479, 097
432, 944
440, 729

437, 088
453, 385
424,419
435, 510

584, 042
582, 581
579, 773
566,814

479,813
514,313
525, 261
498, 790

September.
October
November .
December. .

566,180
670, 360
586, 644
664, 938

540, 722
629,517
583, 636
620,979

541, 700
589,166
556, 549
605, 692

512,987
567,447
527, 296
577,461

630, 664
689, 884
615, 626
619,756

527, 419
654, 777
659,791
726,060

6,114, 548

5, 893, 495

7, 339,329

6, 248,127

Total
1

See footnote on p. 154.




6, 345, 300

6, 331, 459

158

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No.

96.—DEBTS

TO INDIVIDUAL

ACCOUNTS BY BANKS IN 141 PRINCIPAL

CITIES, BY MONTHS—Continued
SUMMARY, BY FEDERAL RESERVE DISTRICTS—Continued
[In thousands of dollars]
District No. 12—San Francisco (18 cities)
Month
1924

1923

January
February._
March
April

2, 590,948
2,470, 230
2, 662,187
2,456, 815

2,374,873
2,043,173
2, 581,355
2,347, 653

May
June
July
August

2,401, 209
2,319, 693
2, 391,152
2,335,307

September.
October
November.
December..

2,335, 245
2, 578, 750
2,359, 349
2, 634, 300

Total

29, 535,185

1921

1922

1920

1919

2,156, 296
1, 765,128
2,197, 441
1, 999, 527

2, 395, 524
2,022, 909
2,449, 731
2,322,469

1, 709, 111
1,445,374
1, 664,996
1, 602,026

2,429, 942
2,453,134
2, 344, 597
2, 295, 578

1,979,295
1, 709, 434
2, 061, 228
1,951,433
1,995,215 !
2,047,485 <
1,972, 381
1, 999, 425

1, 858, 570
1, 935,991
1, 796,431
1, 842, 521

2, 265, 234
2,424, 681
2, 500, 289
2, 254,465

1, 796, 503
1, 762, 230
1,964,920
2, 000, 357

2,318, 980
2, 633, 571
2,460, 057
2, 652, 946

2,103,481
2, 218,496
2,131,811
2,392, 621

1,970, 749
2,097, 324
2, 065, 061
2, 252,118

2, 342, 350
2, 424, 036
2, 342,135
2,482,496

2, 072, 866
2, 297, 259
2,132, 340
2,455, 201

28,935,859

24,562,305

23,937,157

28,226,319

22,903,18b

I
GOLD IMPORTS AND EXPORTS
No. 97.—GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, BY
PERIODS

[In thousands of dollars]
Total since lifting of
emb argo, June 1,1919Dec. 31, 1924
Net
imports
France.
_.
Germany
Great Britain..
Netherlands
Sweden
Canada
Argentina
China
India
Japan
Allother
Total

Net
exports




Net
exports

1
i

Period of net gain, Sept.
1, 1920-Nov. 30, 1924

Net
imports

82, 514
1,147
116, 233
30, 394
40, 330
193,199

1 249 923

Net
imports

2,409
10

285,493
54, 340
874,840
94,778
103,083
169,452

48, 093

Period of net loss, June
1, 1919-Aug. 31, 1920

59.315
146, 375
59, 395
40,804
132,856
146,452
385, 326

Net
exports

284, 899
74, 344
802, 579
94, 955
104, 085
107, 595
27, 525
29,001
6,149
193,861
1,664 650

December,
1924
Net
Net
im- exports ports
3,003
19,994
10,253
1,324
1,001
2,542
2,617
5, 675

60. 343
'__..

684
29, 401

159

GOLD IMPORTS AND EXPORTS

No. 98.—GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, BY
COUNTRIES

[In thousands of dollars]
1922

1923

1924

17,770
27,043
35
121,883
4,798
34
9,958
8,424
71
32,886
10, 372
4,373
5,913
1,780
27
20
395

3,562
19,036
49, 552
149, 672

24,459
4,829
130, 909

13, 292

2,737
50,965

1922

1923

1924

2,660

114
20,000
12,264
1,324
365
2,000
43
3,102
1
4,029
10
176
5
1,102
11,025

IMPORTS
Denmark
France
Germany
Great Britain
Greece
Italy
Netherlands
Norway
Spain
Sweden
Canada
Central America
Mexico
West Indies
Argentina
Bolivia
Chile
Colombia
Ecuador
Peru
Venezuela
China
Hongkong
Dutch East Indies
Japan.__
Philippine Islands.^
British Oceania
Egypt
Portuguese Africa
All other

36
5
49, 374
2,444
6,581
548
5,338
26
245
4,452
443 i
706
1,619
2,070
915
686
8,938
5,588
15 1
319
1,627
2,330
6
853
1,572
4,231
1,656
2,569
1,737
492
932
838
873

275,170

Total _

322, 716

66
6,523
41,496
2,131
5,458
372
22,305
1
431
2,289
897
2,710
317
5,022
2,500
2,356

France
_
Germany
Great Britain.
Netherlands—.
Sweden
Switzerland
Canada
Central America
Mexico.
West Indies
Argentina
Colombia. _.
Venezuela
British India
China..
Hongkong
Dutch East Indies
Philippine Islands
Allother

4,706

500

_
_

21
19
727
78
30
22,162
12
4,304

49
700

138
90
1,380
1,705

4,445
350
3,582
435
65
139
36, 875

Total .

14, 637
110
2,378

28, 643

4,3
323
800
582
61, 648

4,814
2,870
1,455
610
1,199
319, 721

No. 99.—GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, BY
MONTHS
[In thousands of dollars]
Imports
1924
January...
February..
March
April
May
June
July

Ex- Net im- Net exports
ports
ports

45,136
35, 111
34,322
45,418
41,074
25,181
18,835

281
505
817
1,391
593
268
327

36569—25t




12

44, 855
34, 606
33, 505
44,027
40,481
24, 913
18, 508

Imports
1924
August
September
October
November
December
Total

Ex- Net im- Net exports ; ports
ports

2,397
18,150
4,580
6,656
19, 702 4,125
19,862
10,274 39,675
319, 721

15, 753
2,076
15, 577
13,173

61,648 258,073

29,401

MONEY IN CIRCULATION
No. 100.—MONEY IN CIRCULATION OUTSIDE THE UNITED STATES TREASURY AND FEDERAL RESERVE BANKS

[From U. S. Treasury Department circulation statements]
[In thousands of dollars]
Total

Gold coin
and bullion

Gold certificates

Standard
silver
dollars

Silver certificates

Treasury
notes of
1890

Subsidiary
silver

United
States
notes

Federal
reserve
notes

1914—July 1.
1917—Apr. 1.
1920—Nov. 1

3, 402,015
i 4,100, 591
i 5, 628, 428

611, 545
641, 794
495, 353

1,026,149
1, 348, 818
231,404

70,300
70,863
89, 725

478,602
459, 680
60, 385

2,428
1,997
1,628

159, 966
191, 351
261, 556

337,845
330, 353
277, 736

356, 448
3,310, 225

1922—July 1.
Aug. 1.
Sept. 1

4, 375, 555
4, 337, 418
4, 393, 507

417,126
416, 282
416, 387

173, 342
171,985
193, 988

58, 073
58, 378
59, 034

265,

271, 672

1,510
,508
,501

229, 564
229, 956
232, 748

292, 343
284,343
285, 001

Oct. 1_
Nov. 1
Dec. 1.

4, 520, 895
4, 570, 281
4, 616, 508

412, 894
428, 376
416,643

214, 957
233, 741
253,730

60, 582
60, 675
60, 762

277, 778
277, 043
285, 414

,501
,492
,489

236, 357
239, 778
242, 751

1923—Jan. 1.
Feb. 1.
Mar. 1
Apr. 1.

4,
4,
4,
4,

732, 899
509,128
610, 637
655, 676

429,192
401,112
410, 958
410,102

302, 744
301, 370
314, 593
319, 068

61,465
59, 560
59,567
59, 063

288,
294,
317,
338,

590
336
268
915

,484
,479
,476
,471

May 1.
June 1.
July 1.
Aug. 1.

4,
4,
4,
4,

668,
705,
729,
695,

041
924
379
769

408, 971
407, 257
404,181
403, 218

328, 900
338,885
386, 456
411,938

58, 497
57, 975
57, 262
56,999

352,878
365,130
364, 258
368,938

Sept. 1
Oct. 1_
Nov. 1
Dec. 1.

4, 777, 907
4,849,921
4, 835, 253
4, 923,158

397, 342
397,981
396, 737
399, 849

441,155
465, 279
500,862
533,461

57, 615
57, 942
58,127
57, 908

4,
4,
4,
4,

415,319
405, 573
416,047
408,062

582,029
571, 381
033, 253
687, 252

58, 704
56, 496
55, 910
55, 202

1924—Jan. 1.
Feb. 1.
Mar. 1
Apr. 1.




951,
681,
807,
812,

085
708
778
861

Total
Federal
National- circulation
reserve
b a n k notes per capita
bank notes
(in dollars)

3,170
209, 877

715,180
697,160
715,023

34.35
39.54
52.36

2,138, 713
2,115,350
2, 141, 306

71, 868
65,032
HO, 159

727, 681
725, 782
731,711

39.87
39.47
39.93

281,493
277, 201
277, 854

2, 249, 856
2, 281, 430
2, 312, 424

55, 526
48, 721
42, 501

729, 951
721,824
722, 940

41.04
41.44
41. 80

245, 978
240, 942
241,087
241, 980

286, 206
278,864
283, 491
294, 308

2, 372, 865
2,184, 452
2, 226, 694
2,232, 448

36, 728
32, 867
29, 981
25,870

707, 647
714,146
725, 522
732, 451

242, 853
245, 493
247, 308
247, 870

299, 506
306,003
302, 750
300,011

2,218,511
2, 228,123
2, 234,659
2,160, 449

24, 002
21,584 j
19, 969
18, 901

732, 454
734,011
711,076
725, 987

42.04
42.34
42. 50
42.16

374, 877
375, 688
370, 787
381,499

,456
,451
,449
,445

249, 498
252, 499
254,791
257, 694

304, 577
306, 291
302,976
306, 376

2,
2,
2,
2,

824
541
230
637

17,613
16, 501
15, 312
14, 249

728,950
730, 748
726,982 j
734,040 j

42. 85
43.45
43.27
44.01

375,365
357,177
368, 750
367,113

443
440
437
433

260, 627
252,511
251,537
251, 639

306, 823
294, 470
302, 404
304, 846

2, 223, 674
2,008,877
2, 030, 818
1,

13,611
12, 729
12, 091
11,588

713. 490 i
- 721,054
735,531 I
737,141 |

44.22
41.77
42.85
42.85

o
w

42.81
40.74
41.61

,469
,463
,460
,458

g

335

204,
245,
207,
236,

H

o
H

W

41. 98
IS

72

<J

w
o

May 1
June 1.
July 1.
Aug.l

4, 760,114
4, 815,401
4, 755, 403
4, 665,187

403, 649
402,122
396, 415

726,179
779,169
801, 381
800,124

54, 823
54,078
54, 017
53, 644

370,093
373, 381
364, 414
372, 683

1,428
1,425
1,423
1,420

252, 702
252, 557
252, 971
252, 407

301,110
305, 966
297, 790
301, 667

1, 909, 143
1, 897, 636
1, 843,091
1, 745, 820

11,025
10, 438
10, 066
9,635

729, 962
738, 629
733, 835
729, 288

42.33
42.78
42.20
41.36

Sept. 1
Oct. 1Nov. 1
Dec. 1.

4, 773, 878
4, 806, 367
4, 879, 694
4,993, 570

401, 794
427.970
436,160
437.971

872, 807
898,165
904, 861
933, 688

53,915
54, 603
55,185
55, 606

385,499
388, 574
389, 201
389,113

1,417
1,412
1,410
1,407

253,732
256, 467
259, 710
263,102

308, 111
304, 345
305, 840
304, 418

1, 746, 230
1, 729, 301
1, 784, 046
1, 862, 055

9,229
9,030
8,710
8,471

741,144
736, 500
734,571
737, 739

42.28
42.52
43.12
44.08

i Thefiguresfor the several classes of money do not add to this total, as mutilated currency forwarded for redemption and unassorted currency held by Federal reserve banks
have been deducted from the total only.




MONEY RATES» IN FEDERAL RESERVE BANK AND BRANCH CITIES
No. 101.—RATES ON PRIME COMMERCIAL LOANS OF 4 TO 6 MONTHS MATURITY

Boston

Pitts- Cincin- Richburgh nati mond

Balti- Atlanta
more

Birmingham

534
534
534
534
534
5 -534
5 -534

6
6
6
6
6
5
5
5
5
6
5
5

Jacksonville

New
NashOrleans ville

Chicago

7
6

5 -6

6

5

Detroit

St.
Louis

1924

5

5
5
434-5

5 -534
5
5 -534

434-5
4 -5
4 2 -434 4 -434
434
434 334-6

-.

4

434 4 -434

6
6
6

6
fi
OS OS Oi

5
5

Louisville

6
6

6
534
5
6
6
5 -5M
5 534-6
5 534-6
5 -6
6
4 -5
434
4 -43^ 534-6
4 -434 5 -6
4 -434 5 -6

5 -6

6
5 -6
5 -6
6
6
6
6
5 -6
5 -6
5 -6
5 -6
5 -6

6

6
534-6
6
6
5V2-G
5J4-6
534-6
5 -6
534-6

6
534-6

-8
-7
-7
-7
-7
-6
-6
-6
-6
-7
-7
-7

S\4-S
4 -8

6
534-6
534-6
534-6
534-6
5 -7
5 -6
5 -6
5 -6

Dallas El Paso Houston

San
Francisco

Portland

6 -7
6
6 -7

534-6

5 -6
5 -6
5 -6
5 -6
5 -6
434-6
5 2 -6
5 -6
5 -6
534-6
5 -6
5 -534
5 -6
534
5 -5lA 4M-534 434-6
5 -534 4K-5H 5 -6
6

OklaLittle Minne- Helena Kansas Omaha Denver homa
City
Rock apolis
City

6

7
7
7

7
7
6
6
6

6
6

6
6
6
6
6
6
6
6
6

Seattle

6

534
534
534
5 -5Y2
5 -534

5
534 5 -6
-5V2
534 5

5 -534
434-534
4^-534
434-5^
4 -4^4'
4 -5

5M-6
5 -6
434-6
5 -5H
434-6
434-534 434-6
4J4-5
434-6
434-5
5 -6
Spokane

Salt
Lake
City

6

6

5 —5?4
4 -534

4 -5
4 -5
334-5
334-5
334-5

Los
Angeles

1924

6
6

6
6

6
6

6
6
6

6
6
6

534
534

534-534
5 -534
5 -534
434-5
434-534

434
434

8
8
8
8

6

6
6
6
6

8
8

6
6

00

6
6

534

5 -6
5 -6
5 -6

8
8
8

5

5 -6

6

6
5H-6
5M-6
6
5 -6
4H-6
434-6
434-6
434-6
434-6
434-6

6

6
6

6 -8
6
6 -7
6 -7
6
6
6

6

534-6
334-5
414-5

6

5
5

6
6

434 6

6
-7
-7
-7
-7

6

6
5 -534

5 -6
5 -6
5 -6
434-6
5 -6
4 -6
5 -6
4 -6

8

8
8
8
8
8
8

6 -8
8
8

6 -8
6 -8

5
5
5
5
5
5
5
5

-6
-6
-6
-6
-6
-6
-6
-6

534-6
6

434-6
5

434-5H
5 534
5 -5V2

7

6
6 -634
6 -7
6
6

6 -7
6
6
6
6
6

7

6
6
6
6

6
6
6
6 -8

COCO

6
6
6
6

CO

-

6

CO

6
6
6
6

CO

6

CO CO

Week e n d i n g Jan. 15 Feb. 15
Mar. 15
Apr. 15
May 15
June 15
July 15
Aug. 15
Sept 15
Oct 15
Nov 15
Dec. 15

PhilaBuffalo delphia Cleveland

Oi OS

Week e n d i n g Jan 15
Feb. 15
Mar. 15
Apr. 15
May 15
June 15_
July 15
Aug. 15
Sept. 15
Oct. 15
Nov. 15
Dec. 15

New
York

7
6

6

6

6 -7
6 6 -7
6
6
6 -634 6 -7
6
6 -634
6
6 -634

434-6
6
6 -7
4 -6

634
634-7
6 -6H
6 —67^
6

6
6

6
6
6
6
6
6

6

7
-7
-7
-7
-7
-7

1
Customary rates charged, as reported by representative member banks. The rates are those at which the bulk of the loans of the designated class are handled by reporting banks during the week ending the 15th of the month.




BUSINESS INDEXES OF THE FEDERAL RESERVE BOARD
No.

102.—INDEXES OF PRODUCTION, EMPLOYMENT,

TRADE, WHOLESALE

PRICES, AND FOREIGN

Indexes of wholesale prices (average
for 1913=100)2

Indexes of production, employment, trade, etc.1 (Average for 1919=100)

Year and month

Factory
employment

100
91
105
110
108
116

100
103
82
90
104
95

1919

100
105
120
108

100
102
80
103
124
114

100
117
92
95
132
122

Index
of foreign
Bank
Build- Rail- debits
exchange
Fac- Wholeing
road outtory
United Eng- France Can- Japan (par
conside
car
sale
value
ada
tracts load- New States land
pay trade
Unad- Ad- Unad- Ad- award- ings York
= 100)3
rolls
justed justed justed justed ed
City
Department- Departmentstore stocks
store sales

Industrial activity
Production
in Manu- Min- Agribasic factur- ing
culindus- ing
pro- tural
tries pro- duc- moveduc- tion ments
tion

1919 average..
1920 average..
1921 average..
1922 average1923 average..
1924 average..

EXCHANGE

d
100
124
84
89
113
104

100
112
73
74
83
82

100
120
110
112 I
124
125

100
133
115
116
129
132

100
99
90
123
136
155

100
108
94
103
119
117

100
115
91
95
107
108

211
239
149
158
165
159

241
310
198
165
170
176

512
344
319
394
446

207
250
167
149
150
147

235
240
181
182
J88
200

96
97
209
79
January
108
196
35
81
93
90
107
100
201
227
108
95
98
97
208
72
91
71
94
191
February..
95
72
222
89
100
88
194
85
91
60
95
95
92
90
193
198
92
71
80
March
95
90
195
210
52
88
87
96
95
90
90
91
99
197
198
97
78
92
88
214
April
96
102
200
90
99
96
89
94
65
97
95
90
202
210
206
224
92
81
May
96
98
99
97
93
96
92
95
97
93 I 84
95
204
91
225
88
88
95
103
234
92
98
95
106
99
June
93
96
207
97
92
104
88
241
207
242
91
95
100
78
131
107
July
102
101
98
112
216
108
97
106
101
241
85
218
249
102
100
103
111
132
102
102
79
223
107
August
103
108
110
102
105
83
248
216
114
115
104
95
217
251
117
108
106
September _
105
106
108
114
114
106
103
83
262
214
122
142
104
121
103
118
107
October
101
107
218
261
127
109
146
106
106
80
283
217
125
129
225
272
105
119
131
108
November.
98
104
110
111
75
111
96
108
75
294
223
108
123
108
123
173
283
111
December..
103
103
119
233
100
116 ! 143
no
* The indexes of production in basic industries, building contracts, freight-car loadings, and bank debits are adjusted to allow for seasonal variations. Indexes of departmentstore sales and stocks are shown both with and without seasonal adjustments. Construction of these indexes has been described and early figures given in the Federal Reserve Bulletin as follows: Index of production in basic industries, December, 1922; indexes of industrial activity, March, 1924; factory employment index, December, 1923; wholesale trade
index, April, 1923; department-store sales index, adjusted, January, 1924; department store stocks index, unadjusted, February, 1923; adjusted, March, 1924; building contracts index,
November, 1924; bank debits index, July, 1924.
2
The materials and methods used in constructing these indexes of wholesale prices were fully described in a publication of the Federal Reserve Board issued in 1924, entitled
"Prices in the United States and Abroad, 1919-1923."
3
The method used in constructing this general index of foreign exchange was described in the Federal Reserve Bulletin for October, 1922.




X
<X

CO

No. 102.—INDEXES OF PRODUCTION, EMPLOYMENT, TRADE, WHOLESALE PRICES, AND FOREIGN EXCHANGE—Continued

Indexes of production , employment, trade, etc.

Production
in
basic
industries

Manufacturing
production

Fac
tory
Min- Agri- emcul- ploying
pro- tural ment
duc- movetion ments

1920
January
February
March
April
May

June
July
August
September
October
November
December

_ _ ._

_ • __.
_ _

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

Index
of foreign
Bank
exBuild Rail- debits
change
Fac- Whole
ing
road out- Unitec Eng(par
tory sale
eonside
France Can- Japan value
pay
tracts car
ada
States land
= 100)
rolls trade Unad- Ad- Unad- Ad- award- load- New
ings York
justed justed justed justed ed
City
Department- Departmentstore sales
store stocks

Industrial activity
Year and month

Indexes of wholesale prices (average
for 1913=100)

(Average for 1919=100)

110
109
111
109
107
106
103
103
101
99
94
87

124
122
130
127
129
131
125
128
126
122
113
104

120
105
126
119
118
124
126
117
117
101
91
75

106
90
122
121
127
122
94
94
109
132
137
184

122
117
121
118
123
122
127
121
121
116
122
115

112
122
134
139
135
130
130
138
147
151
143
113

126
130
133
135
135
137
139
139
137
135
127
121

149
129
131
109
90
98
84
87
84
86
71
63

110
107
111
102
104
110
112
110
108
106
109
110

117
115
119
120
114
115
120
114
116
111
111
105

248
248
253
267
269
262
254
240
232
214
196
179

301
316
325
330
336
334
322
317
311
293
277
257

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

106
88
90
77
89
98
101
117
128
146
111
108

80
82
82
82
82
81
80
81
83
84
85
84

89
88
89
86
84
83
79
81
81
81
80
82

69
69
81
73
70
73
71
79
82
83
71
60

103
91
117
115
113
111
80
85
95
124
120
174

118
118
117
112
110
111
108
109
104
109
107
108

100
106
113
116
114
110
109
116
126
130
131
108

113
113
112
112
114
116
116
117
117
117
117
116

70
64
70
77
84
82
85
95
121
103
110
123

91
95
91
96
93
93
94
93
94
98
94
96

97
95
94
94
90
89
88
90
91
89 1
91
90

168
157
152
146
145
143
146
147
147
146
145
143

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
178
177
192
202
197
193

60
62
62
63
66
63
62
60
60
61
61
64

100
91
84

84
86
87 '

78
81
83 I

63
62
73

90
81
102

103
105
102

103
111
120

116
118

119 '

102
110
119

93
105
107

86
92
93

142
146
147 1

167
165
166 J

306
303
307

144
149
150

191
185
182

70

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
61
70
81
81
83
103
118
124
104 .

84
85
81
79
77
77
74
79
79
83
86
83

74
69
80
78
81
80
75
85
83
89
86
78

106
91
93
85
92
92
85
92
90
102
93
87

86
91
95

84
82
98

96
101
123

1922
January
February. _
March

.




65
69

April
May
June
July
August...
September
October
November
December

118
120
113

61
70
73
67
79
103
122
122
126

74
102
98
99
109
137
160
139
131

100

:::.:

121
120
125
124
127
122
121
120
114
118
116
110

121
116
134
131
138
128
118
126
117
128
118
109

134
117
•135
128
137
136
137
143
126
143
130
123

114
81
90
78
86
86
91
111
128
158
144
130

19°4
January
February
March...
April
_
May.
„
June
juiy
....:_.
August
September
October
November
December

120
121
116
114
103
94
95
94
103
109
107
117

122
123
127
122
112
97
97
104
113
123
112
116

138
130
128
110
114
111
113
116
124
134
122
130

105
96
81
77
87
87
100
121
152
189
160
143

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

86
92
94
95
95
100
107
116
116

95
109
109
103

no
106

152
154
153
154
149
144
145
147
147

180
183
187
195
187
179
174
172
173

72
72
71
70
69
68
67
67
70

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
191
196
199
205

08
66
67
67
66
65
63
62
63
63
61

445
469
483
428
428
442
440
442
436
442
449
451

146
148
147
143
143
145
147
149
146
148
148
149

205
200
200
201
200
189
191
196
198
206
210
209

58
58
58
63
62
60
59
61
61
61
61
62

97
101

149
158
161
165
166
164
165
164
165

165
169
167
169
166
163
160
162
164

320
324
325
328
320
315
315
329
337

117
117
120
124
127
121
119
123
112
118
120
113

106
110
111
111
113
110
105
105
101
105
105
105

166
166
169
170
167
164
159
159
163
163
163
163

165
168
173
175
173
171
168
164
165
166
171
177

118
125
115
121
117
103
111
111
117
120
116
124

105
109
108
111
109
103
108
108
107
112
107
112

163
163
160
158
156
154
156
158
156
159
160
165

178
180
180
181
177
174
174
173
172
175
176
177

102
105

66
72
76
71
79
83
88
80
72

114
116
110
80
88
107
131
132
189

111
112
110
108
113
118
115
118
118

120
116
110
107
113
122
128
130
110

117
116
116
115
114
114
114
116
118

123
123
123
134
136
130
113
136
128

95
101
98
102
104
103
116
114

101
103
105
105
105
105
104
104
104
104
103
102

104
108
113
113
117
117
113
114
114
117
115
113

78
76
86
79
80
83
79
88
91
96
85
72

102
90
124
120
129
126
89
101
113
149
142
202

116
117
124
117
124
126
120
128
125
131
127
127

107
118
129
132
129
122
119
129
139
146
149
123

121
126
127
128
130
128
128
130
130
131
133
132

132
143
140
130
130
117
112
112
128
151
167
172

J00
101
101
99
96
93
89
90
91
93
93
94

108
114
113
111
105
100
92

80
78
80
78
77
76
78
83
92
95
84
79

110
102
115
133
127
120
91
93
119
141
141
210

126
128
115
131
123
120
123
118
131
124
126
131

115
127
138
140
135
127
122
126
137
147
148
124

131
135
137
136
135
133
130
126
128
132
131
133

170
163
164
150
129
125
121
133
150
166
196
180

!
I
|
!
I

1923




103 !
101 |
106

X
C/2

Cn

166

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

STATE BANK AND TRUST COMPANY MEMBERS

The following is a list of 1,544 State bank and trust company active
members of the Federal Reserve System on December 31, 1924,
showing the capital, surplus, and total resources, as compiled from
the latest available figures:
Surplus

Total
resources

DISTRICT NO. 1
CONNECTICUT

(See also District No. 2)
New Britain—New Britain Trust Co
South Manchester—Manchester Trust Co.
Waterbury—Colonial Trust Co
Bangor—Merrill Trust Co
Ellsworth—Union Trust Co..
Portland—Fidelity Trust Co.
Sanford—Sanford Trust Co...

$500, 000
200, 000
500,000

$300,000
100,000
1,000,000

$6,179, 503
2,150, 833
10, 099, 454

500, 000
100, 000
400,000
100, 000

400, 000
100, 000
400, 000
50,000

12,444,808
2,877, 393
16, 505, 031
1, 783, 291

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___
Cambridge—
Harvard Trust Co
Inman Trust Co
Fitchburg—Fitchburg Bank & 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 Co
Waltham—Waltham Trust Co
Winchester—Winchester Trust Co.
Worcester—Worcester Bank & Trust Co

200,000

100, 000

4, 039, 207

1, 500, 000
1, 000, 000
1,000, 000
600,000
750, 000
1, 000,000
1, 000, 000
7,000,000
2,000,000
1, 000,000

2, 000,000
1,800, 000
1, 000, 000
140,000
750,000
500, 000
2,000,000
9,000,000
2, 500,000
1,000, 000

30, 937,851
30,821,116
19, 955, 350
5, 212,046
14,393, 905
24, 078, 258
30, 365, 585
181,812, 538
52, 700,047
20, 201, 532

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
1, 500,000

600, 000
75, 000
500,000
200, 000
100, 000
250,000
150, 000
300, 000
600,000
50,000
200, 000
200, 000
50,000
1, 500, 000

14, 541, 743
2, 714, 292
5, 749,879
5, 206, 676
3, 648, 711
9, 600, 615
9, 399, 225
9, 527, 774
14,446, 367
4, 746,857
6,804,490
6,812, 630
1,864, 662
38, 057, 729

200,000
4,000,000
3, 000, 000
1,000, 000

80,000
6,000,000
5,000,000
500, 000

2,857, 653
123, 637,194
93,923,829
20, 838, 503

$175,000
300, 000

$250,000
200, 000

$5,197,256
7, 917, 454

250, 000
100, 000
75, 000
100, 000
100, 000
100,000

150, 000
100, 000
50, 000
50, 000
25, 000
100, 000

5, 963, 763
2, 703, 554
1,081,845
1, 533, 079
864, 869
3, 046, 939

250,000
500,000

150, 000
500, 000

4,139, 647
15, 905, 521

200,000
250, 000

50,000
250,000

2, 703, 791
6,327, 282

RHODE ISLAND

ProvidenceColumbus Exchange Bank
Industrial Trust Co.
Rhode Island Hospital Trust Co...
Union Trust Co
DISTRICT NO. 2
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 Trust Co.. . _. .
Carteret—Carteret Trust Co
Cranford—Cranford Trust Co
East OrangeEast Orange Bank
Savings Investment & Trust Co..
ElizabethCentral Home Trust Co_
Elizabethport Banking Co.



167

STATE BANK MEMBERSHIP

DISTRICT NO. 2—Continued
NEW JERSEY—continued
Fort Lee—Fort Lee Trust Co
Franklin—Sussex County Trust Co
Glen Ridge—Glen Ridge Trust Co
Hackensack—Peoples Trust & Guaranty Co
Hasbrouck Heights—Bank of Hasbrouck Heights
Hoboken—Jefferson Trust Co
Jersey City—
Claremont Bank of Jersey City
Commercial Trust Co. of New Jersey
New Jersey Title Guarantee & Trust Co
Long Branch—Long Branch Banking Co
Montclair—
Bank 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—B ank of Nutley
Passaic—Peoples Bank & Trust Co
Paterson—Hamilton Trust Co
Perth Amboy—
Perth Amboy Trust Co
Raritan Trust Co
Plainfield—Plainfield Trust Co '.
Rahway—Rahway Trust Co
Ridgefield 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 Hoboken.
Westwood—Westwood Trust Co

$100,000
100, 000
100,000
600, 000
50,000
400, 000

$20, 000
75, 000
50,000
400, 000
50,000
100, 000

$580, 601
1, 940, 660
2,164,971
11, 270, 604
795, 458
7,889, 041

200, 000
2,000, 000
1, 300,000
150,000

200, 000
1, 500,0C0
1, 000, 000
100, 000

9,166, 093
51, 380,169
28, 010, 714
2, 458, 474

250, 000
750, 000
600, 000

100, 000
500, 000
300, 000

5, 669,407
10, 829, 783
10, 052, 203

200, 000
2, 500, 000
5, 250, 000
500, 000
200, 000
200, 000
100, 000
400, 000
600, 000

250, 000
1, 000, 000
3, 750, 000
500, 000
160, 000
100, 000
80, 000
600, 000
500, 000

4,852,123
25, 275, 925
83, 897, 360
14, 981, 842
2, 775, 427
7,913,998
2, 693, 549
10, 846, 601
11, 640, 683
9, 361, 656
2, 042, 750
13,959, 645
1,368, 952^

300, 000
100, 000
609, 300
100, 000

300,000
50, 000
500,000 |
.100,000

100, 000
100,000
150, 000
100, 000

100,000
50,000
150, 000

200, 000
200, 000
1, 000, 000
100, 000

100, 000
50, 000
1, 000, 000
20, 000

1,155, 988
2, 585,076
3, 041, 608
2, 495, 482
4, 067, 903
4, 321, 325
44,154,199
795, 821

150,000
100, 000
200, 000
100,000
50, 000
500, 000
30, 000

75, 000
50, 000
300, 000
100, 000
50,000
100, 000
5,500

1, 835, 529
1,016, 221
4,425, 704
2,147, 308
490, 247
8, 525, 792
282, 886

1, 500, 000
400, 000
2,000,000
700, 000
1, 600, 000

3,000, 000
120,000
2,400, 000
300, 000
2, 400, 000

57,185, 466
4, 489, 042
51, 398, 538
7, 285,983
65, 717, 253

2,000,000
1, 000, 000
2,000, 000
11,250, 000
1,000, 000
50, 000
50,000
50, 000
200, 000
50,000
250, 000
150, 000
600,000
50,000
50,000
100,000
250, 000
350, 000
60, 000
50, 000
100, 000
250,000 i

1, 750, 000
1,000,000
2,000,000
8, 750, 000
600, 000
35, 000
10, 000
100,000
100, 000
15, 000
125, 000
30, 000
400, 000
75, 000
50,000
100, 000
200, 000
250, 000
90,000
50,000
150, 000
200, 000

64,376, 007
29,404, 425
61,429, 085
170, 519,447
27, 682,952
664,172
468,141
2, 340,044
5, 613, 063
1,112,413
2, 434, 377
2,638,491
11,415,8H
3, 556,120

8,013 I

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
BrooklynBrooklyn Trust Co
Globe Exchange Bank
Mechanics Bank
Midwood Trust Co
_ ... .
Peoples Trust Co
BuffaloBuffalo Trust Co
Fidelity Trust Co
Liberty Bank of Buffalo
Marine Trust Co
Peoples Bank of Buffalo
Canisteo—First State Bank
Cape Vincent—Citizens Bank of Cape Vincent
Chatham—State Bank of Chatham
Coney Island, New York City—Bank of Coney Island
Depew—Bank of Depew
Dunkirk—Dunkirk Trust Co
East Aurora—Bank of East Aurora
Elmira—Chemung Canal Trust Co
Endicott—State Bank of Endicott
Floral Park—Floral Park Bank
Fredonia—Citizens Trust Co
Geneva—Geneva Trust Co
Gloversville—Trust Co. of Fulton County
Hamburg—Peoples Bank
Hammondsport—Bank of Hammondsport
Hicksville—Bank of Hicksville
Ithaca—Ithaca Trust Co
_._




2, 216, 261
4,893, 326
1,892, 309
2, 580,859
1, 277, 415
2,662, 698
6, 235, 057

168

ANNUAL EEPORT OF THE FEDERAL. RESERVE BOARD
Total
resources
DISTRICT NO. 2—Continued
NEW YORK—continued

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
M alone—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 the Manhattan Co. (Manhattan Co.)
Bank of New York & Trust Co
Bank of United States
Central Mercantile Bank..
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
International Union Bank
Irving Bank-Columbia Trust Co
Manufacturers Trust 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
Yorkville Bank of New York City
Niagara Falls—Power City Bank
Nyack—Rockland County Trust Co
Olean—Olean Trust Co
Oneida—Madison County Trust & Deposit Co
Orchard Park—Bank of Orchard Park
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
Spring Valley—Ramapo Trust Co
Stony Brook—Bank of Suffolk County
SyracuseCity Bank Trust Co
First Trust & Deposit Co
Syracuse Trust Co
Utica—
Citizens Trust Co
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

$200, 000
50,000
250, 000
100, 000
350, 000
200, 000
300, 000
50, 000
150, 000

_.

$200, 000
25,000
250, 000
25,000
350, 000
100, 000
100, 000
50,000
100, 000

$4, 327, 362
1, 046, 012
5,176,888
1, 279, 690
5, 822,170
2, 061, 319
3,835, 016
1, 544,140
3, 735, 740

200, 000
20, 000, 000
6, 500, 000
450, 000
10, 000, 000
4, 000, 000
2, 000, 000
1, 500, 000
12, 500, 000
600, 000
1, 000, 000
10, 000, 000
23, 000, 000
5, 000, 000
250, 000
2, 000, 000
500, 000
500, 000
25, 000, 000
250, 000
17, 500, 000
5, 000, 000
2, 000, 000
500, 000
600, 000
10, 000, 000
1, 000, 000
3, 000, 000
2, 000, 000
200, 000
1, 000, 000
100, 000
100, 000
200, 000
30. 000
50, 000
50, 000
300, 000
2, 000, 000
300, 000
400, 000
50, 000
100, 000
50, 000

75, 000
15, 000, 000
5, 000, 000
225, 000
10, 000, 000
8, 000, 000
400, 000
810, 000
17, 500, 000
700, 000
500, 000
10, 000, 000
9, 000, 000
10, 000, 000
250, 000
1, 500, 000
2, 000, 000
250, 000
15, 000, 000
205, 193
7, 500, 000
3, 000, 000
3, 000, 000
400, 000
300, 000
10, 000, 000
1, 500, 000
3, 000, 000
12, 000, 000
800, 000
500, 000
50, 000
50, 000
120, 000
15, 000
9,467
80, 000
150, 000
2, 000, 000
100, 000
400, 000
25, 000
35, 000
25, 000

4, 635, 287
469,114,102
216,117, 907
10, 208, 425
283, 876,173
136,986,816
62, 921, 904
15, 468, 461
340, 083, 931
18, 542, 010
19, 889, 404
267, 606,175
483, 460,159
204, 138, 064
8, 446,384
30, 498, 627
30, 979, 559
14, 213, 882
682, 986, 685
3, 831, 591
437,849, 437
132, 597,109
60, 602, 214
17,139, 832
13, 054, 376
343, 576, 076
45, 658, 354
80, 428, 373
77, 407, 992
36, 225, 224
16, 078, 066
3, 365, 481
1, 350, 480
3, 524, 105
1, 015, 364
234, 216
1, 482, 731
5, 001,135
57, 474, 668
5, 598, 553
18, 446, 760
1, 420, 009
983, 795
731,619

2, 500, 000
2, 500, 000
1, 500, 000

1, 000, 000
1, 250, 000
750, 000

28,147,144
49,267,880
37,198; 262

1, 000, 000
250, 000
1, 000, 000
100, 000
400, 000
50, 000
200, 000
96, 700

1, 000, 000
250, 000
700, 000
20, 000
400, 000
13, 250 ;
300, 000
29, 010

21, 023, 040
3, 579, 739
17, 024, 257
1, 050,421
10, 495, 300
1, 495, 294
9, 265, 538
1, 032, 904

100, 000

200, 000

1, 605, 340

500, 000
600, 000
2, 000, 000

500, 000
700, 000
1,100, 000

7,580,319
8,171, 765
21, 407, 355

DISTRICT NO. 3
DELAWARE

Milford—Milford Trust Co
Wilmington—
Equitable Trust Co
Security Trust & Safe Deposit Co
Wilmington Trust Co




169

STATE BANK MEMBERSHIP

DISTRICT NO. 3—Continued
NEW JERSEY

(See also District No. 2)

Atlantic C i t y Atlantic Safe Deposit & Trust Co
Bankers Trust Co
Equitable Trust Co
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

$300,000
100,000
200, 000
100, 000
500, 000
100, 000
100, 000
250, 000
100, 000
100, 000

$350, 000
100, 000
200, 000
100, 000
1, 000, 000
65, 000
30, 000
200, 000
125, 000
20, 000

$7,169,950
2, 458, 699
4,912, 084
2, 303, 048
14, 247,408
1, 202, 736
781, 674
3, 503,147
2, 327,475
841, 353

300, 000
125,000
200,000
500,000
250,000
50, 000
60,000
125, 000
300,000

150,000
25, 000
200,000
500, 000
500,000
10, 000
40,000
65, 000
400,000

2,665,446
1,208,894
2,535,905
6, 820, 503
2, 688, 541
209,324
754,152
768,964
5,139,062

400,000
600, 000
250,000
200, 000
125,000
250, 000
250, 000
50, 000
200, 000
125, 000
250, 000
50,000
50,000
250, 000
125, 000
35, 000
125, 000
50, 000
100, 000
25, 000

300,000
1, 000, 000
250,000
425, 000
45,000
700, 000
50, 000
60, 000
200, 000
25, 000
250, 000
5,000
150, 000
150, 000
75, 000
15, 000
150, 000
75, 000
100, 000
16, 000

5, 686,492
8, 260, 237
4, 788, 783
4, 601, 970
970, 442
7, 842,426
1, 767, 422
768, 549
1, 363, 266
797, 745
3,182, 994
358,914
1, 263, 428
1,978, 699
1, 013, 508
336, 261
2, 494, 815
825, 699
3, 077, 857
230, 548

1, 000, 000
5, 000, 000
500, 000
200, 000
5, 200, 000
2, 500, 000
750, 000
250, 000
500, 000

1, 000, 000
5, 000. 000
500, 000
300, 000
16,000,000
7, 500, 000
1, 500, 000
100, 000
, 300,000

6, 257, 771
67,192,600
11, 236, 628
5,877, 741
75,838, 596
70,071,030
17,733,339
1, 512, 221
5,363,808

3,964,990
1, 000, 000
1,000, 000
2, 000, 000
500, 000

14,381, 672
250,000 !
5,000,000 !
5, 000, 000
750, 000

77,392, 553
15,152, 047
30, 850, 084
28, 471, 776
9, 700, 402

750,000
454, 870
25, 000
125, 000
1, 000, 000
125,000
125, 000

650,000
125,408
2,500
175, 000
1, 000, 000
200, 000
125, 000

8, 555, 815
2,998, 634
96,723
1, 969, 762
18,176,852
2, 445, 601
1, 503, 026

200, 000
250, 000

3, 905, 020
1,997, 398

500, 000
500, 000
50, 000
500, 000

250, 0000
75, 000
400, 000
600, 000
50, 000
275, 000

425, 000
300, 000

400, 000
375,000

3, 750,174
4, C67, 613

PENNSYLVANIA

(See also District No. 4)
Allentown—Penn Trust Co
Blooinsburg— 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
Kingston—West Side Trust Co
Kulpmont—Dime Deposit Bank
Lemoyne—Lemoyne Trust Co
Lewistown—Lewistown Trust Co
Lock Haven—Lock Haven Trust Co
Luzerne—Merchants & Miners State Bank
Lykens—Miners Deposit Bank
Mechanicsburg—First Bank & Trust Co
Middletown—Citizens Bank & Trust Co.
Mill Hall—Mill Hall State Bank
Nanticoke—Miners Trust Co
New Oxford—Farmers & Merchants Bank
Olyphant—The Olyphant Bank
Orrstown—Orrstown Bank
.__ .
Philadelphia—
Aldine Trust Co
Bank of North America & Trust C o . . . 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—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
WMiamstown—Williams Valley Bank
Wyomissing—Peoples Trust Co. _ ___ __ __ YorkGuardian Trust Co
.
York Trust Co




I

4, 877, 620
4, 721, 267
1, 093, 483
2,832,952

170

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Capital

Surplus

Total
resources

DISTRICT NO. 4
KENTUCKY

(See also District No. 8
Georgetown—Farmers Bank & Trust Co.
LexingtonGuaranty Bank & Trust Co
Security Trust Co
Richmond—State Bank & Trust Co

$100, 000

$75, 000

$1, 206, 756

300, 000
500, 000
150, 000

50, 000
150, 000
55, 000

3, 230, 778
3, 397, 723
1,242, 612

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
Canton—Dime Savings Bank Co
Chagrin Falls—Chagrin Falls Banking Co
CincinnatiBrighton Bank & Trust Co
Fourth & Central Trust Co
Pearl Market Bank
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—
Citizens Banking & Trust Co
Conneaut Mutual Loan & Trust Co
Cuyahoga Falls—Falls Banking Co
Danville—Commercial & Savings Bank 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
Lima—First American Bank & Trust 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 Philadelphia—
Merchants State Bank
Ohio Savings & Trust Co
Newton Falls—First State Bank




60, 000

6,500

458,303

1. 000, 000
500, 000
200, 000
1, 500, 000J
250, 000 1
25, 000
25,000
25, 000
100, 000
100, 000
75, 000
500, 000
100, 000

500, 000
512, 500
125, 000
1, 500, 000
125,000
7,500
25, 000
12, 500
38, 500
21, 000
40, 000
225, 000
100, 000

16, 378, 908
9, 070, 757
4,459, 659
27,955, 403
4, 431, 946
364,156
240, 450
382,884
2, 261, 720
693, 465
766,674
5, 671, 708
2,173,129

500, 000
2, 000, 000
400, 000
1, 500, 000
1, 000, 000
1, 000, 000

250, 000
2, 000, 000
200,000
1, 500, 000
3, 500, 000
1, 000, 000

14, 348, 843
24, 699, 062
8,406, 635
28, 462, 46S
36, 031, 470
17, 738, 749

8, 600, 000
250, 000
4, 000, 000
1,000,000
2, 000, 000
1, 500, 000
300, 000
750, 000
22, 250, 000
1, 500, 000
50,000
1, 500, 000

4, 300, 000
22, 030
4, 000, 000
250, 000
600, 000
750, 000
50,000
300,000
11,125,000
750, 000
60,000
600, 000

125,000
125, 000
150, 000
25,000
50, 000
25,000
35, 000
25, 000
100, 000

33, 886
125, 000
62.500
16, 500
19,500
35,000
8,600
50, 000
100,000

204, 011, 644
2,000,619
115,100, 094
4, 450, 616
26, 393, 510
28, 343, 950
2, 356, 26S
16, 072, 883
299, 715, 587
23, 747, 301
694, 914
24, 318, 018
1,107, 799
2, 552, 830
1, 610, 703
321, 884
494, 903
615, 568
419,197
609, 298
1, 461, 940

50,000
25,000
50, 000
50, 000
400, 000
40, 000
25,000
30,000
200, 000
500,000
25, 000
25,000
150, 000
25,000

29, 000
25, 000
25, 000
50, 000
105, 000
60, 000
2,500
2,768
200, 000
158, 000
10, 000
30,000
38, 000
15,000

857, 948
685, 748
590, 785
1, 030, 238
4, 057,101
739, 583
221, 686
129, 762
2,404,952
3, 388, 855
402, 483
521, 786
2, 266, 919
559,160

50,000
125, 000
25,000
50,000
200, 000

9,500
33,000
35, 000
50,000
200, 000

472, 619
1,638, 819
495,119
1, 239, 305
3, 580, 690

100, 000
150, 000
125, 000

65,000
100,000
26, 000

1, 034, 872
2, 000, 250
1, 319,995

171

STATE BANK MEMBERSHIP

Total

Capital

DISTRICT NO. 4—Continued
OHIO—continued
Orryille—Orrville Savings Bank
Peninsula—Peninsula Banking Co
Portsmouth—Security Bank
Rittman—Rittman Savings Bank
St. Clairsville—Dollar Savings Bank Co
St. Marys—
' 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
ToledoCommerce Guardian Trust & Savings Bank..
Commercial Savings Bank & Trust Co
Toledo Trust C o . .
Upper Sandusky—Citizens Savings Bank
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
_

$50,000
25,000
300,000
60,000
50,000

$52,000
11,000
200,000
20,000
60,000

$916, 054
273, 716
3,478,305
692,256
871, 488

50,000
100,000
50,000
100, 000
25,000

25,000
32,000
12, 750
50,000
40,000

569,677
1,169, 641
469, 334
1, 586, 340
386,006

650,000
350, 000
50,000

311, 000
350,000
25,000

5, 522,877
5,416, 337
926, 019

1,400, 000
200,000
5, 000, 000
50,000
50,000
25, 000
600,000
85,000
100,000
30,000
150, 000

700,000
400, 000
3, 000, 000
50,000
18,500
15,000
600,000
100,000
50,000
16,000
53,500

27, 517,305
13,163, 233
40,175, 726
801, 386
678,993
325,427
7, 053, 763
1,196, 789
1, 065, 667
345,466
1,199, 852

600,000
2, 500, 000

650, 000
1, 250, 000

10, 710, 205
20,968,082

125, 000
300,000
200,000
125, 000
500,000
200,000
200,000

125, 000
100,000
40,000
100,000
600,000
200,000
500,000

4, 011,135
2, 776,144
1, 635, 781
2, 208, 989
6, 820, 346
4,849,987
6, 597, 658

200,000
400, 000
200,000
400,000
300,000

200,000
40,000
50,000
200, 000
400,000

2, 547, 020
1,849,497
2, 934, 807
1, 718,964
5,449, 669

700,000
200,000
2,600,000
1, 500, 000
300,000
2, 000,000
500,000
1, 500, 000
200,000
125,000

850,000
800,000
3,000, 000
1, 350, 000
300,000
2, 000, 000
300,000
44,000,000
500,000
125, 000

7,089, 532
16,813,148
25, 519,153
15,432,074

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
Union Trust Co.
Meadville—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

21, 318, 750
7, 522, 222
191,174, 050
3, 239, 036
2, 402,458

WEST VIRGINIA

(See also District No. 5)
Moundsville—Marshall County Bank
Sistersville—First-Tyler Bank & Trust Co.
WheelingSecurity Trust Co
.
Wheeling Bank & Trust Co

150,000
200,000

50,000
100,000

300,000
500,000

300,000
500.000

1, 577,140
2, 262,665
4,451, 041
8,955, 990

1,000,000

100,000

4,492, 395

DISTRICT NO. 5
DISTRICT OF COLUMBIA

Washington—Continental Trust Co




172

REPORT OF THE FEDERAL RESERVE BOARD
Total
resources
DISTRICT NO. 5—Continued
MARYLAND

Baltimore—
Atlantic Exchange Bank & Trust Co.
Baltimore Commercial Bank
Baltimore Trust Co
Liberty Bank of Baltimore County.._
Maryland Trust Co
Forest Hill—Forest Hill State Bank
Salisbury—Farmers & Merchants Bank..

$2,000, 000
750, 000
1,000, 000
25,000
1, 000, 000
25,000
100, 000

$2,000,000
$34, 273,440
250,000 I 11,154, 594
2,000,000
18, 288,008
25,000
1,007,797
500,000
11, 512, 894
6,500
239,270
100, 000
1,085, 602

NORTH CAROLINA

25,000

7,500

1, 200, 000
1,000, 000
66,900
250,000
100, 000
100,000
50,000
100,000
100, 000
2,175, 000

470, 610
500, 000
85,000
100, 000
7,000
4,000
60, 000
91,275
750, 000

18, 331, 395
7,086,891
1,113,411
1, 350, 042
2,147, 719
474, 777
378, 290
1, 335,968
1, 228, 240
41, 637, 690

Bishopville—Peoples Bank
Charleston—Carolina Savings Bank
_
Cheraw—
Bank of Cheraw
Merchants & Farmers Bank
Chester—Commercial Bank
Darlington—Bank of Darlington
Florence—
Commercial & Savings Bank
Palmetto Bank & Trust Co
Georgetown—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 Bank
Woodruff—Bank of Woodruff

25, 000
200, 000

75, 000
150,000

414,007
3, 730, 074

110,000 I
100,000 I
100,000 I
100,000 I

50, 000
25, 000
100, 000
100, 000

1, 002, 954
571,920
1,339,955
1, 405,102

250,000
100,000
100, 000
75,000
140, 000
25,000
50,000
100,000
200,000
100,000
100,000
77, 800

100,000
22, 000
100, 000
42, 500
21,000
9,000
30,000
15, 500
200,000
32, 000
25, 000
40, 000

2,462,192
808,121
1, 261, 612
887, 282
981,034
304,428
444, 871
645,356
1,711,064
691, 943
863,394
622,159

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..
RichmondBank 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.)

100, 000
100,000
47, 500
50, 000
000,000
000, 000

70, 000
28,000
42, 375
83,000
500,000
141, 700

892, 983
570,932
468,416
583,135
8,742,088
5, 235, 064

500,000
200,000
200,000
500,000
35, 000
30,000

500,000
300, 000
1, 200, 000
750,000
4,000
12, 000

5, 591,795
2, 799,024
20,142,908
4,629,271
204, 563
420, 066

50,000
500,000

100, 000
1, 600, 000

1,166, 244
13,896,306

50,000
40,000
100,000
25,000
50, 000

50,000
19, 000
50, 000
6,000
50,000

617, 987
384, 309
1, 242, 536
203,841
516, 614

200. 000

102 500
25, 000
2,250
3,000
26, 000
19, 500

1, 623, 521
602, 033
159,00C
247, 795
539,34*
698, 75(

Belhaven—Farmers 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
Tarboro—Farmers Banking & Trust Co
Washington—Bank of Washington
Winston-Salem—Wachovia Bank & Trust C o , .

229, 246

SOUTH CAROLINA

WEST VIRGINIA

(See also District No. 4)
Berwind—Berwind Bank
Charleston—Kanawha Valley Bank
_
FranklinFarmers Bank of Pendleton
Franklin Bank
Qrafton—Graf ton Banking & Trust Co
Harpers Ferry—Bank of Harpers F e r r y —
Hurricane—Putnam County Bank
Martinsburg—
Peoples Trust Co
Shenandoah Valley Bank & Trust Co.
Moorefield—Hardy County Bank
Petersburg—Potomac Valley Bank
St. Marys—Pleasants County Bank.
Salem—Merchants & Producers Bank




ioo; ooo
50,000
50,000
75, 000
50, 000

17a

STATE BANK MEMBERSHIP
,

Capital

Surplus

Total
resources

DISTRICT NO. 6
ALABAMA

Athens—Farmers & Merchants Bank
BirminghamAmerican Trust & Savings Bank
Birmingham Trust & Savings Co
Clayton—Bank of Commerce
Guin—Marion County Banking Co
Hartselle—Farmers & Merchants Bank
Huntsville—Farmers State Bank
Hurtsboro—Farmers & Merchants Bank
Jasper—Central Bank & Trust Co.
Marion—Marion Central Bank
MobileMerchants Bank
Peoples Bank
Monroeville—Monroe County Bank
Montgomery—Alabama Bank & Trust Co..
Orrville—Orrville Bank & Trust Co
----Pittsview—Bank of Pitts view
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

$1,013,167

, 000,000
,
L 000, 000
50,000
25, 000
50, 000
100, 000
31,400
50,000
50,000

500,000
800, 000
15,000
40,000
5,500
25,000
15,000
10,000
100,000

15, 349,131
21, 306, 298
342, 761
438,485457,127"
611,806139, 240>
924, 671
614,167

500,000
300, 000
100, 000
300,000
25, 000
25, 000

300,000
200,000
30,000
47,000
30,000
5,000

11,782,486
5,159,155
858,035
2, 699, 743
163,006
76,332:

125, 000
200,000
100, 000
100, 000
50, 000
50, 000

200,000
50,000
25, 000
110, 000
10,000

498,314:
1, 251,056
1,138,426
691,150^
626, 790<
317,426

200, 000
200,000
100, 000
75,000
50, 000
30,000

40,000
50, 701
15, 000
10, 000
25,000

2, 648,197
1,002, 785>
1,327, 627
306,968
1, 319,085
372,152:

200,000
100, 000
200, 000
50, 000

100,000
40,000
50,000
25,000

2,867, 518
5,067, 592
1, 695,288
463,185

200,000
, 000, 000
40, 000

40, 000
500, 000
10, 000

1, 977,049
17, 263,079
678, 585

100,000
200,000

20, 000
50,000

954, 255
1, 604,485

300,000
250,000
1,000, 000
20, 000
10, 000
15,000
5,000
5,000
10,000
101, 000

FLORIDA

De Land—Volusia County Bank & Trust Co
Jacksonville—American Trust Co
Lakeland—Central Bank & Trust Co
Lake Wales—Citizens Bank of Lake Wales.-.
Leesburg—Leesburg State Bank
Marianna—Citizens State Bank
MiamiCommercial Bank & Trust Co
Southern Bank & Trust Co
Orlando—Bank of Orange & Trust Co
Tallahassee—Exchange Bank
TampaBank of Commerce
Citizens Bank & Trust Co
Winter Park—Bank of Winter Park
GEORGIA

Athens—
American State Bank
Commercial Bank of Athens
AtlantaAtlanta Trust Co
Georgia Savings Bank & Trust Co
Trust Company of Georgia
Bainbridge—Citizens Bank & Trust Co
Barnesville—Barnesville Bank
Bartow—Bartow Bank
Boston—Bank of Boston
Bowers ville—Bank of Bowers ville
Bowman—Bank of Bowman
Brunswick—Brunswick Bank & Trust Co
Calhoun—Peoples Bank
Camilla—Bank of Camilla
Carrollton—Peoples Bank
Carters ville—Bank of Carters ville
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
Dacula—Dacula Banking Co
Dawson—Bank of Daws on
.
Douglasville—Douglasville Banking Co
Dublin—Southern Exchange Bank
EastmanBank of Eastman
Citizens Banking Co
Eatonton—
Farmers & Merchants Bank
Middle Georgia Bank




6,000

8, 408,32a
4,182,037
7,865,132
985, 788
206, 425
220, 296
159, 950
85, 555
332,999
2,119,147
497,462
470, 029
630, 684
566, 733
188,724
274, 826
163, 628

50,000
100,000
100. 000
25,000
100,000
75,000
100,000

12, 073
60,000
100, 000
5,000
42,500
51,500
5,000

169,077
641,587
718, 543
78,300
403, 342
626,874
818,336

60,000
100,000

10,000
20,000

259,247
714, 340

50,000

81,619
494,441

. 500, 000
,
500,000
! 000, 000
,
100, 000
50,000
25,000
25,000
25,000
35, 000
230, 000
50, 000
100. 000
60,000
100, 000
25,000
50,000
30, 000

25,000 |
.
50,000 |

30,000
60,000
25,000

174

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Total
resources
DISTRICT NO. 6—Continued
GEORGIA—continued

Elberton—Bank of Elberton
Forsyth—Monroe County Bank
Girard—Farmers & Merchants Bank
Graymont—Bank of Graymont
GreenvilleGreenville Banking Co
Peoples Bank
Hartwell—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
La wrenceville—Brand Banking Co
Lexington—Oglethorpe County Bank
Lincolnton— Farmers State Bank
Locust Grove—Bank of Locust Grove.
_
Louisville—Bank of Louisville
Madison—Bank of Madison
McDonough—
Bank of Henry County
Farmers & Merchants Bank
Metter—
Bank of Candler County
Citizens Bank
Millen—Bank of Millen._
MonroeBank 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
Soperton—Bank of Soperton
Statesboro—Bank of Statesboro....
Swainsboro—Central Bank
Toccoa—Bank of Toccoa
Wadley—Bank of Wadley
West Point—Citizens Bank
Winder—Farmers Bank
Winterville—Pittard Banking Co
Zebulon—Bank of Zebulon

._

-

_
_

_...
_._.

$634, 968
302, 206
140, 957
246,115

65,000
30,000
60,000
30,000
100, 000
94,170
250,- 000
40, 000
50,000
25,000
25,000
25,000
25, 000
100, 000

100,000
27,606
30, 000
12,000
20,000
10, 000
650, 000
17, 000
50,000
25, 000
10,000
5,000
55,000
75, 000

578, 055
180, 552
475, 693
73, 593
327, 804
333,167
2,933, 026
290, 903
716, 290
246, 087
286,447
144, 411
471, 245
493, 317

30,000
14,100

284,773
278, 594

25,000
30,000
50,000

__

$25, 000
30,000
2,500
20, 000

50,000
100, 000

|

$100,000
25,000
25,000
25,000

2,000
20, 000
50, 000

129, 954
185,122
496, 362

300,000
150,000
60,000
100,000
25,000
50,000
25,000
25,000
60,000
25,000
25, 000

7,500
30, 000
50,000
5,000
30,000
2,000
4, 500
30, 000
6,000
32, 500

736, 251
463, 355
151, 462
587,876
75,417
391,914
132, 488
85, 021
434, 689
111, 985
124,151

3,000,000
300,000
300, 000
700,000
25,000
100,000
25,000
50,000
25,000
100,000
50,000
25, 000
25,000

2, 500, 000
75,000
350, 000
700, 000
25,000
75,000
7,500
10,000
25,000
20, 000
8,500
5,000
12, 500

64, 382, 587
1, 622, 469
4, 438, 906
7,881,057
376,239
883, 522
189,184
235, 079
239, 339
468, 200
212, 427
92, 619
184, 329

LOUISIANA

(See also District No. 11)
Baton Rouge—Union Bank & Trust Co._
Gretna—Jefferson Trust & Savings Bank
New Orleans—
Algers Trust & Savings Bank
American Bank & Trust Co
Canal-Commercial Trust & Savings Bank
Hibernia Bank & Trust C o . . .
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

150,000
80,000

75,000
35,000

3, 041,017
1, 352, 275

200, 000
500, 000
4,750,000
2,000,000
750,000
1,500,000
800,000
60,000
50,000
75,000

50,000
250, 000
2, 250, 000
2, 500,000
900, 000
800, 000
200, 000
6,600
10,000
37,500

1,402,679
6,853, 359
89, 699, 281
67, 860, 880
17, 437, 189
31, 452, 698
9, 009, 224
335, 062
403, 035
1, 012, 393

25,000

2,800

161, 549

MISSISSIPPI

(See also District No. 8)
Crystal Springs—Peoples Bank




175

STATE BANK MEMBERSHIP
Surplus

Total

DISTRICT NO. 6—Continued
TENNESSEE

(See also District No. 8)
Bellbuckle—Peoples Bank & Trust Co
Chattanooga—Chattanooga Savings Bank
W artrace—Wartrace Bank & Trust Co
DISTRICT NO. 7

$147,942
6,675,055
90,839

$30,000
750,000
25, 000

$250, 000
2,517

25, 000
50, 000
50, 000
60, 000

5,500
10, 000
20, 000
40, 000

265, 394
710,178
655,289
1, 348, 409

200, 000
200, 000
300, 000
300, 000
6, 000, 000
1, 500, COO
350, 000
350, 000
6, 250, 000
3, 000, 000
1, 000, 000
300, 000
15, 000, 000
200, 000
1, 600, 000
1, 000,000
400, 000
1, 000, 000
2, 000, 000
1, 000, 000
350, 000
700, 000
750, 000
1, 000, 000
2, 500, 000
200, 000
2, 000, 000
200, 000
500, 000

40, 000
30, 000
100, 000
60, 000
3, 000, 000
500, 000
200, 000
150, 000
6, 250, 000
3, 000, 000
500, 000
200, 000
30, 000, 000
40, 000
400, 000
250, 000
125, 000
150, 000
3, 000, 000
500, 000
200, 000
350, 000
250, 000
500, 000
5, 000, 000
37, 000
3, 000, 000
100, 000
150, 000

2, 392, 496
956, 590
6, 645,303
4, 299, 661
108, 764, 616
28,886, 520
6,171,873
9,370,543
144, 278,278
73, 024, 707
10, 656,975
5, 506, 655
462,481, 010
4, 898, 762
19, 642,974
12, 051,300
10, 228, 580
10,190,695
67, 432,329
21,167, 763
6, 077, 467
9,148,369
11, 527, 275
16,856, 261
62,683,633
2,044,199
73,151, 700
3, 309,221
9, 783, 707

100, 000
250, 000
25, 000
100, 000
50, 000
100, 000

70, 000
50, 000
10, 000
25, 000
10, 000
20, 000

1,883,804
3,484,113
259,089
1,750,153
619, 770
771, 732

200, 000
300, 000
50, 000
100, 000
50, 000
100, COO

100, 000
500, 000
8,000
50, 000
25, 000
25, 000

2, 688, 803
8, 736, 614
533, 615
1, 418, 693
537, 460
1, 238, 791

100, 000
100, 000
150, 000
100, 000
25, 000
60, 000
50,000
25, 000
100, 000

10, 000
50, 000
25, 000
100, 000
6,000
12, 000
20, 000
25,000
100, 000

1, 608,169
2, 326, 361
1,403, 232
2, 252, 789
186, 091
450, 682
471, 515
220, 222
1, 232,182

100,000
100,000

25, 000
15,000

1,403, 034
1,311,697

400,000
200, 000
50,000
60, 000
200, 000
100,000

200,000
100,000
10, 000
30,000
50,000
50,000

7, 059, 966
2, 537,479
387, 412
570,863
1, 661, 078
1,475, 63 5

ILLINOIS

(See also District No. 8)
Argenta—The Gerber State Bank
Auburn—Auburn State Bank
Barrington—First State Bank
Blandinsville—Huston Banking Co
ChicagoAdams St ate B ank
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-Arnerican State Bank
Madison & Kedzie State Bank
Mercantile Trust & Savings Bank
Noel State Bank
Northern Trust Co
Northwestern Trust & Savings 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
CiceroCicero 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
Joliet—
Commercial Trust & Savings Bank
Joliet 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—Martinsville State Bank:
Matteson—First State Bank
Mattoon—Central Illinois Trust & Savings Bank__.
Mount CarrollCarroll County State Bank
First State Bank
J
Oak ParkOak 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...
_



176

ANNUAL REPORT OF THE FEDERAL. RESERVE BOARD
Capital
DISTRICT NO. 7—Continued
ILLINOIS—continued

SenecaFarmers Trust & Savings Bank
State Bank of Seneca
Shannon—State Bank of Shannon
Springfield—Ridgely Farmers State Bank
Wenona—First State Bank

$25, 000
50, 000
50, 000
600, 000
50, 000

$7,500
25, 000
4,000
150, 000
50, 000

$168, 756
472, 899
284,872
8,232,351
856, 828

25, 000

141,950
12, 500
50, 000
25, 000

235, 681
132, 285
2, 711, 377
189, 681
5, 079, 983
22,180,166
454, 922
490, 027
131,709
2, 577, 415
408, 032
2, 817, 684
853, 760

500, 000
800, 000
25, 000
500, 000
50, 000

160, 000
200, 000
20, 500
500, 000
50, 000

5,483, 608
5, 723, 898
329, 912
8, 745,335
692, 251

100, 000
30,000
50, 000
50, 000
60,000
50,000 I
25,000 I
100,000 i
600,000
50,000
200,000 I
50,000
40, 000
75, 000
25, 000
300, 000
75, 000
1,000, 000
150,000

60, 000
20, 000
19, 000
15, 000
15, 000
5,000
10, 500
130, 000
450, 000
10, 000
50, 000
50, 000
10, 000
75, 000
300, 000
11,500
500, 000
75, 000

2, 379, 524
618, 854
1, 020, 513
612, 511
1,112, 661
431, 605
331, 606
1,458,904
10, 447, 096
517,762
3, 216, 506
1, 026, 878
414, 036
1,484,186
144, 805
6, 090,150
470,461
23, 532, 07.1
2, 667,156

1,000, 000
250, 000
500,000 !
25, 000

200, 000
250, 000
250, 000
15, 000

6, 282, 706
8, 942, 613
9, 214,123
282, 034

30,000
40, 000
50, 000
50, 000
50, 000

5, 000
10,000
25,000
25, 000
25, 000

329, 476
380, 809
800,163
296, 313
1,130, 723

25, 000
35,000
26, 000

10, 000
3,000
24, 000

193,640
326, 912
580, 686

50, 000
200,000
40,000
100,000

12, 500
75, 000
4,000
5,000

480, 644
1, 962, 640
207, 075
617, 915

100, 000
100, 000
25, 000
40, 000
50, 000 j
50,000 I
50, 000
25, 000

22, 000
75, 000
60, 000
12, 897

1, 591, 649
2, 267, 930
190, 988
496, 542
594.475
309, 585
441,898
378,345

INDIANA

(See also District No. 8)
Bargersville—Farmers State Bank
Coifax—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
Nprth Liberty—North Liberty State Bank
Richmond—Dickinson Trust Co
Rochester—United States Bank & Trust Co
South BendAmerican 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
Barnes City—Farmers Savings Bank
Bellevue—Bellevue State Bank
_
Bennett—Bennett Savings Bank
,
Blairsburg—State Bank of Blairsburg
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 Bank..
Charter Oak—Farmers State Bank
Cherokee—Cherokee State Bank
Clearfield—Taylor County State Bank
Clinton—Peoples Trust & Savings Bank
_
_
Ccrydon—Wayne County State Bank
Davenport—American Commercial & Savings Bank...
Decorah—Winneshiek County State Bank
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
Oilman—Citizens Savings Bank
Grand River—Farmers State Bank




25, 000
25, 000
400, 000
27, 500
250, 000
500,000
30, 000
50,000
35, 000
175, 600
50, 000
200, 000
75,000

36, 000
1,500
150, 000
500, 000
20,000
50, 000

10, 000
15, 000

177

STATE BANK MEMBEBSHIP
Capital

Surplus

Total
resources

DISTRICT NO. 7—Continued
IOWA—continued
Grant—Farmers Savings Bank
.
Greenfield—Greenfield Savings Bank
Hudson—Hudson Savings Bank
Humboldt— Peoples State Bank
Jefferson—Jefferson Savings B a n k . „
Knoxville—Guaranty State Bank
Lake View—Lake View State Bank
Lakota—Farmers & Drovers State Bank
Lowden—Lowden Savings Bank
Lytton—Farmers Savings Bank
Mapleton—Mapleton Trust & Savings Bank
Marshalltown—Marshalltown State Bank
Mason City—City Commercial Savings Bank
Mechanicsville—Mechanicsville Trust & Savings Bank..
Mediapolis—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
Newton—Jasper County Savings Bank
Osage—Home Trust & Savings Bank
Osceola—Iowa State Bank
Ottumwa—Ottumwa Savings Bank
Palmer—Farmers Savings Bank
Perry—Peoples Trust & Savings Bank
Remsen—Farmers Savings Bank
Riceville—Riceville State 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 & Savings Bank
Strawberry Point—Strawberry Point State Bank
Terril—Terril Savings Bank
Thompson—State Bank of Thompson
Tipton Farmers & Merchants Savings Bank
TJte—
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)
AdrianAdrian State Savings Bank
._
Commerical Savings Bank
_.
Lenawee County Savings Bank
AlbionAlbion State Bank
_.
Commercial & Savings Bank.
Alpena—Alpena County Savings Bank
Ann A r b o r Farmers & Mechanics Bank
State Savings Bank
.
ArmadaArmada State Bank
__
Farmers State Bank.
Bay C i t y Bay City Bank.
Farmers State Savings Bank
Peoples Commercial & Savings Bank...
Bellevue—Farmers State Bank
Benton Harbor—Benton State Bank
._.
Big R a p i d s Big Rapids Savings Bank
Citizens State Bank




$25,000
30,000
50, 000
100,000
50, 000
50,000
25, 000
30, 000
25, 000
30,000
75,000
100, 000
400, 000
50, 000
100,000
50,000
35, 000

$8,000
10,000
20,000

200, 000
200,000
30, 000
35, 000
100, 000
50,000
50,000
100, 000
35, 000
50, 000
50,000
25, 000
25, 000

100, 000
200,000
30,000
23, 000
50, 000
25,000
4,000
30, 000
8,000
6,600
30, 000
15,000

1, 579, 782
2,967,183
448, 295
474,448
1, 590,170
822,199
350,957
1,801,621
428, 823
681,484
530,989
282, 845
194,808

100, 000
75,000
25,000
60 000
50, 000
25,000
50,000
75, 000
50, 000
25, 000
30,000
50, 000

50,000
15, 000
12,000
15, 000
25, 000
15, 000
6,200
10, 000
2,000
8,000
10,000

814,468
1,202, 587
407,351
486,411
635, 049
364, 378
800,893
474,855
876, 501
312, 311
326,444
544,190

25,000
50,000
50,000
25,000
50,000
30,000
250,000
100,000
125,000

2,500
15,000
12,500
25,000
30,000
6,000
50,000
20,000
125,000

165,610
431,418
241,726
289,127
585,721
538,871
2,057,133
1,405,952
1,510,568

150,000
110,000
150,000

90,000
30,000
50,000

2,076,329
1,755,281
2,200,389

50,000
100,000
100,000

25,000
55,000
200,000

1,074,908
1,143,345
3,971,595

200,000
300,000

100,000
300,000

4,154,316
4, 685,335

25,000
25,000

25,000
12,500

571,086
369,105

350,000
100,000
400,000
25,000
100,000

200,000
75,000
500,000
5,000
75,000

5,320,452
1,622,058
11,836,276
179,212
1,598, 994

50,000
50,000

25,000
25,000

1,213,478
1,787,233

3,000
15,000
25,000
10,000
15, 000
17. 500
15,000
50, 000
65, 000
40,000
45,000
10,000
15, 000

$196, 317
330,166
595,643
753, 376
616, 990
485,356
322, 528
296,187
361,018
457,476
910,232
2,845,521
2,408,957
712,463
573,821
430, 207
352,473

178

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Capital

Surplus

Total
resources

DISTRICT NO. 7—Continued
MICHIGAN—continued

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..
Carsonville—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
_L
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
Farmington—Farmington State Savings Bank
Fennville—Old State Bank
Fenton—
Commercial State Savings Bank
Fenton State Savings Bank
FlintCitizens Commercial & Savings Bank
Genesee County Savings Bank
Industrial Savings Bank
Union Trust & Savings Bank
Flushing—Peoples State Bank
Fountain—Bank of Fountain
Frankenmuth—Frankenmuth State Bank
Fremont—
Fremont State Bank
Old State Bank
Grand HavenGrand Haven State Bank
Peoples Savings Bank
Grand RapidsGrand Rapids Savings Bank
Home State Bank for Savings
Kent State Bank
Greenville—Commercial State Savings Bank
Hart—Oceana County Savings Bank
Highland ParkAmerican 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



$100,000
25,000
50,000
25,000
40,000
50,000
75,000
25,000
25,000
50,000
40,000
100,000

$30,000
5,000
23,000
5,000
8,000
10,000
25,000
5,000
5,000
6,500
8,000
20,000

$1,960,683
282, 915
823,778352,803
663,154
549,44Q
1,176,941
322,306
513,325
741, 757
366,543
1,384,366

50,000
60,000
25,000
25,000
25,000

50,000
40,000
15,000
8,000
5,000

846,613790,91&
588,671
458,263
516,461

30.000
60,000
50,000
100,000

6,000
12,000
10,000
150,000

666,111
1,270,894
549, 5292, 967, 558

1,500,000
2,000,000
1,000,000
1,000,000
1,500,000
1,500,000
2, 500,000
2,500,000
5,000,000
750,000
4,000,000
75,000
30,000
35,000
40,000
50,000

500,000
500,000
800,000
200,000
2,000,000
2,600,000
700,000
1,500,000
10,000,000
250,000
6,000,000
15,000
10,000
10,828
30,000
15,000

27,587,200
47,120, 789
29,844,925
6,889,405
37,900, 90957,381,286
20,216,763
43, 538,705
149,042,679
12,601,883
103, 557, 715
711,480
445,08&
373,482
1,015,360
523, 633

50,000
25,000

29,000
20,000

450, 000
500,000
1,000,000
400, 000
25,000
25,000
50,000

350, 000
500,000
300,000
300,000
15,000
5,000
60, 000

7, 265, 949
10, 223, 554
12, 337,165
6, 620,680
400, 381
193, 322
1, 337, 748

50,000
100,000

40,000
50,000

713,283
1,241, 766-

100, 000
50,000

100,000
35,000

2, 232,163^
1,132,416

500,000
250, 000
500, 000
50,000
40,000

500,000
62, 500
1, 250,000
30,000
13,000

22,132, 821
3, 573,025
23,120, 38S
1, 347, 961
610, 548

200, 000
1,000,000
100,000

60, 000
1, 000,000
25,000

4, 349, 914
26,926, 652
1,485, 872

100,000
100,000
100,000
25,000
75, 000

100,000
100, 000
50,000
5,000
20,000

3,051,416
2,826, 011
1, 742, 842
489,480
1,103, 410

50,000
50,000
100,000

10,000
10,000
100,000

1, 093,845
792,053
1,902,439

100,000
300,000
50,000

26,000
80,000
25,000

1,836,368
2, 261,286
723,475

710,66g
911,510

179

STATE BANK MEMBERSHIP

Total
resources
DISTRICT NO. 7—Continued
MICHIGAN—continued
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
ManchesterPeoples Bank
Union Savings Bank
Manistee—Manistee County Savings Bank
Marcellus—G. W. Jones Exchange Bank
Marlette—State Savings Bank
Marshall—Commercial Savings Bank
Marysville—Marysville Savings Bank
MasonFarmers Bank
First State & Savings Bank
Midland—Chemical State Savings Bank
Milan—Milan State Savings Bank._
Milford—
Farmers State Savings Bank
First State Bank
Monroe—Dansard State Bank
Montague—Farmers State Bank
Morenci—Wakefield State Bank
Mount Clemens—
Citizens Savings Bank
Ullrich Savings Bank
Mount PleasantExchange Savings Bank
Isabella County State Bank
Nashville—
Farmers & Merchants Bank
State Savings Bank
New Baltimore—Citizens State Savings Bank
New Haven—New Haven Savings Bank
Niles City—Niles City Bank
Northville—Lapham State Savings Bank
Onsted— Onsted State Bank
Paw Paw—Paw Paw Savings Bank
Petersburg—The H. C. McLachlin & Co. State Bank
Petoskey—First State Bank
Pinconning— Pinconning State Bank
Pontiac—Pontiac Commercial & Savings Bank
Port Huron—Federal Commercial & Savings Bank
Bedford—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
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 Bank
Williamston—
Crossman & Williams State Bank
Williamston State Bank




$25,000

7,000
10,000
250,000
15,000
15,000
10,000
25,000

332, 924
310,828
9,997, 396
958, 703
1,178,941
616,266
2,028, 578

25,000
25,000
100,000
40,000
25,000
100,000
50,000

I

$465, 806

25,000
40,000
750,000
75,000
50,000
25,000
100,000

._

$25,000

15,000
50,000
100,000
35,000
5,000
20,000
25,000

548, 518
723,171
3,198, 655
877,010
595,885
1, 285, 701
330,101

50,000
25,000
50,000
25,000

10,000
15,000
15,000
16,000

644, 583
730, 830
1,128,976
427, 270

25,000
25,000
200,000
25,000
50,000

8,000
12, 500
40, 000
5,000
30,000

337,329
762, 348
2, 628, 528
422, 770
1,117, 554

150,000
100,000

100, 000
100,000

33
2, 306', 489
1, 092, 514
1, 784,929

50,000
60,000

32,500
28,000 |

35,000
30,000
25,000
25,000
100,000
50,000
25,000
40,000
25,000
60,000
30,000
800, 000
300,000
100, 000
50,000
35, 000
100, 000
I
I
!
|
j
j
!
j
j
I
I
I
I
I

50,000
13,000
10, 000
25, 000
25, 000
35,000
10, 000
10, 000
35, 000
20, 000
6,000
200,000
180, 000
42, 000
10, 000
15, 000
25, 000

200,000
100,000

100, 000
100, 000

200,000
1,000,000
25,000
75,000
25,000
100,000
25,000
100,000
30,000
25,000

100, 000
1, 000, 000
13, 000
20, 000
25, 000
35, 000
6,250
100, 000
8,000
30,000

3,821, 569
3, 394, 669
4, 887, 078
21, 292,994
899, 860
1,172, 779
587, 797
941, 546
563,493
1, 738, 949
583,110
517,347

40,000
50, 000
200,000

20, 000
30, 000
100, 000

701, 003
856, 524
3, 679, 932

25,000
30,000
25,000
25, 000
50,000

5,000
7,200
25,000
15,000
50,000

505, 527
417,180
976,141
•291, 541
1, 637,470

40,000
50,000

20, 000
10,000

524, 270
667, 42?.

928,133
412, 653
517, 515
1,497,882
1, 209, 425
319, 529
543, 216
604, 744
1,179, 146
580,363
13, 568, 551
6, 650, 778
1,480, 933
672, 940
1,316, 975
1, 545, 346

180

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Capital
DISTRICT NO. 7—Continued

!

(See also District No. 9)

Total
resources

|

WISCONSIN

Surplus

j

Baraboo—Bank of Baraboo
Burlington—Bank of Burlington
Clinton—Citizens Bank
Delavan—Citizens Bank of Delavan
Cxreen Lake—Green Lake State Bank
Kewaunee—State Bank of Kewaunee
Madison—Bank of Wisconsin
MilwaukeeBadger State Bank
Marshall & Ilsley Bank
Second Ward Savings Bank
Mineral Point—Iowa County Bank
Oakfield—Bank of Oakfield
Platteville—State Bank of Platteville
Plymouth—
Plymouth 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

$100,000
125,000
50,000
50, 000
40,000
80, 000
500,000

1, 420, 244
1, 082,144
448,176
4,496, 565
2,465,611
944, 623
2, 329, 802
501, 769

16, 000

961, 833

20.000
25,000
20, 000
12, 000
15, 000
10, 000
10,000
40, 000
50,000
20,000
2,500
50,000

832, 784
1, 407, 212
1,309, 652
389, 795
1, 270, 311
433, 504
446,411
761,631
1, 009,175
1, 290, 018
126, 493
1, 543,800

100, 000
30,000
20,000

1, 788,493
1,159, 625
492,218

1,000,000
300,000
500,000
200, 000

200,000
100,000
250,000
300, 000

21,467,259
10,854,104
10,749,137
3,913,181

50,000
50,000
200,000
50,000
200,000
100,000
50,000

50,000
50,000
10,000
10, 000
20,000
10,000

678, 612
884,985
1, 584,141
490,470
1,412, 794
782, 563
651, 078

100,000 I
100,000 |

i
!
i
I

50, 000
32, 500
17, 500
200, 000
20. 000
35, 000
60, 000
13, 500

200, 000
100, 000
150,000

\
I
|
|
!

6, 204, 774
28,634, 746
39, 354,913
1,196, 646
291, 516
1, 073, 744

50,000 '
100, 000
100, 000
35, 000
60,000
50, 000
50,000
100,000
50,000
100, 000
25,000
250,000

i
!
i
!

100, 000
1, 500, 000
2, 000, 000
50, 000
10, 000
50, 000

104,000

j

$2,325, 281
1,644, 898
586, 708
1,127,945
492, 065
1, 234,973
5,197, 313

100,000
125,000
35, 000
200,000
100,000
50, 000
150,000
25, 000

!
I

$50, 000
25, 000
10, 000
50, 000
20. 000
25, 000
160, 000

200,000
1,000,000
1,000,000
100.000
50,000
50, 000

'

60, 000
50, 000

1, 354,944
1, 278,215

75,000
100,000 i
25,000 I
200, 000 |
60,000 ]
125,000
75,000

37, 750
50,000
3,500
25,000
20,000
31,250
46.000

813,955
1,105, 839
147, 299
965,272
450,015
1,065,075
643, 651

300,000
600,000
100,000 !
110,000 i

250,000
200,000
35,000
25.000

4,232, 526
6,970,294
1,295,838
1,012, 277

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
Conway—Farmers State Bank
Dardanelle—Dardanelle Bank & Trust Co
Dumas—Merchants & Farmers Bank
England—Citizens Bank & Trust Co
Forrest City—Bank of Eastern Arkansas
Fort Smith—Arkansas Valley Bank
Oillett—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 Southern Trust Co
Bankers Trust Co.
Union Trust Co
W. B. Worthen Co., Bankers
Magnolia—
Columbia County Bank
Farmers Bank & Trust Co
Marion—Crittenden County Bank
Marvell—Bank of Marvell
Newport—Arkansas Bank & Trust Co
North Little Rock—Twin City Bank
Paris—American Bank & Trust Co
Pine BluffCotton Belt Savings & Trust Co
Peoples Savings Bank & Trust Co
Russellville—
Bank of Russellville
Peoples Exchange Bank
Siloam Springs—Producers State Bank
Texarkana—Merchants & Planters B ank
Waldron—Bank of Waldron
Walnut Ridge—Lawrence County Bank
Warren—Warren Bank

j

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




181

STATE BANK MEMBERSHIP

Total

DISTRICT NO. 8—Continued
ILLINOIS—continued
Granite City—Granite City Trust & Savings Bank
Greenville—State Bank of Hoiles & Sons
Harrisburg—First Trust & Savings Bank
Hillsboro—Montgomery County Loan & Trust Co
Litchfield—Litchfield Bank & Trust Co
Madison—Union Trust Co
Mount Olive—Mount Olive State Bank
New Athens—Farmers State Bank
O'Fallon—First State Bank
Palmyra—First State Bank
Quincy—State Savings, Loan & Trust Co

$100, 000
120,000
150, 000
100,000
100,000
50,000
50.000
25,000
25,000
25, 000
1,000,000

$25,000
40,000
75,000
50,000
30,000
15,000
10,000
5,000
5,000
25,000
200, 000

$1,170, 748
1.515,161
2,410,480
785,218
945, 484
386,266
445, 714
168, 557
250, 760
230,274
11,443, 549

75, 000
200,000
40, 000

20,000
50, 000
10,000

497,106
2,278, 678
461,107

350,000
500, 000
750,000
806,100
200,000

350,000
1,000,000
200,000
300,000
110, 000

INDIANA

(See also District No. 7)
Cory don—Corydon State Bank
E vansville—Mercantile Commercial Bank
Paoli—Paoli State Bank
KENTUCKY

(See also District No. 4)

LouisvilleKentucky Title Savings Bank & Trust Co
Liberty Insurance Bank
Lincoln Bank & Trust Co
Louisville Trust C o . .
Owensboro—Central Trust Co

13,840,453
21, 796,348
8, 271,168
6, 550, 342
3,138,327

MISSISSIPPI

(See also District No. 6)
Baldwyn— Merchants & Farmers Bank
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

15,000
200,000
250,000
100,000
75,000
50, 000
75,000

5,000
50, 000
300,000
25,000
10,000
25, 000
15,000 |

66,812
1, 553, 611
7, 557, 700
672,052
271, 500
242,054
943,089

25,000
25,000
25,000
25,000
100,000
75,000
25,000
50,000
100,000

2,000
10,000
5,000
10,000
25,000
15,000
35,000
25,000
40,000

120, 736
262,940
309,857
226, 301
1,763,152
444,451
239,256
1,423,899
1,155, 529

50,000
100,000
60, 000
100,000
30,000

25,000
16,500
13,600
200, 000
5,000

1,451,015
894,202
183, 281
1, 606, 689
230,746

500,000
100, 000
500,000
85,000
200,000
50,000
65,000
14,000
100,000
300,000
100, 000
50,000
20,000
200,000
175,000
100,000
40,000
1, 000, 000
1, 000,000

16,693, 959
2,330, 983
7,011,871
2,348,419
4,911, 896
1,712,099
2, 216, 220
1,908, 265
5,857,760
13, 250, 534
3,116,189
1,353,155
871, 211
10, 522, 581
4, 872, 423
4, 260, 573
2, 219,180
26,613,738
a, 575,458

(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 Macon
Maplewood—
Bank of Maplewood
Citizens Bank of Maplewood
Peoples State Bank
Marshall—Wood & Huston Bank
Pine Lawn—Pine Lawn Bank
St. Louis—
American Trust Co
Baden Bank
Bremen Bank
Broadway Savings Trust Co
Cass Avenue Bank
Chippewa Trust Co
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




1,000, 000
200,000
200,000
200,000
200,000
200,000
200,000
200,000
400, 000
1,000, 000
200,000
200,000
50,000
1,000,000
200, 000
200,000
200,000
1,000,000
3, 000, 000

182

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Total
resources

Capital
DISTRICT NO. 8—Continued
MISSOURI—continued

St. Louis—Continued
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 CoVersailles—Bank of Versailles
Washington—Franklin County Bank
Webster Groves—Webster Groves Trust Co

$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
400,000
1,000,000
200,00C
200, 000
75, 000
50,000
100, 000

$20, 000
100,000
100,000
7,000,000
3, 500,000
40, 000
50,000
60, 000
500, 000
10,000
50, 000
27,000
12,000
50,000
50, 000
20, 500
100, 000
500,000
75, 000
100, 000
2, 500
20,000
50, 000

25,000
25, 000
200, 000
40, 000
30, 000
25, 000
50,000

5,000
5, 000
40; 000
25, 700
25,000
10, 000

$1,133, 882
3, 844, 471
6,158, 931
74, 405,489
42, 394, 582
2, 085, 217
1, 750, 726
3, 060, 804
9, 873,005
339,864
3, 032,091
1, 994,146
615,173
3,170, 466
3,865, 692
1, 714, 354
7, 207, 256
10, 387, 621
1, 575, 981
3, 228,939
450, 892
465, 818
1,405,723

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 Co
Fidelity Bank & Trust Co
Union & Planters Bank & Trust Co

i

276, 943
483,748
1, 621,983
337,178
305, 784
220,315
414,124

1, 500, 000
100.000
200, 000

41, 562,444
4,488, 579
35, 356, 230

25,000
50,000
25, 000
100,000
100, 000
50,000
100,000

20, 000
25, 000
25,000
100, 000
100,000
50,000
25, 000

450,456
1,136,139
409,333
3,139, 565
1, 029, 891
874,178
1, 318, 765

100,000
100,000
30,000

40,000
60, 000
30,000

1, 419, 039
1, 777, 068
820, 540

25, 000
50,000
6, 000
5,000
15, 000
18,000
12, 500
4.000
25,000
12,000
50,000
10,000
25,000
10,000
5,000

966,998
1,492, 280
334, 764
137,054
592, 724
501,148
812, 500
207, 030
435, 741
622, 535
1,069, 254
460, 483
814, 368
660,165
214,917

50,000
190,000
25, 000
100, 000

2,391,482
5, 919, 831
722, 898
2, 744, 242

3,000,000 I
1,000,000 !
2,500,000 I

DISTRICT N O . 9

(See also District No. 7)
JSwen—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
MINNESOTA

Anoka—State Bank of Anoka
Benson—Swift County Bank
Clinton—Clinton State Bank
Columbia Heights—Columbia State Bank
Excelsior—Minnetonka State Bank
Hayfield—Farmers State Bank
Hutchinson—Farmers & Merchants State Bank ( I n c ) .
Ihlen—Ihlen State Bank
Jeffers—State Bank of JeiTers
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




50, 000
50, 000
25, 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 .
250, 000
500, 000
50,000
100,000

183

STATE BANK MEMBERSHIP
Capital

Surplus

Total
resources

DISTRICT NO. 9—Continued
.

MINNESOTA—continued

Red Wing—First Security State Bank
Revere—State Bank of Revere
South St. Paul—Drovers State Bank
Spring Valley—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
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
East Helena—East Helena State Bank
Edgar—Edgar State Bank
Ennis—Southern Montana Bank
_
Eureka—Farmers & Merchants State Bank....
Fromberg—Clarks Fork Valley Bank
_.
Hamilton—Ravalli County Bank
_
HelenaMontana Trust & Savings Bank
Union Bank & Trust Co...
Hinsdale—Valley County Bank
Joilet—Joilet State Bank
Kalispell—Bank of Commerce
Laurel—American Bank of Laurel
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
Reed Point—Reed Point State Bank
Richey—First State Bank
Saco—Farmers & Merchants State Bank
Stevensville—First State Bank
Townsend—State B ank of Townsend
White Sulphur Springs—Central State Bank.
Wolf Point—First State Bank
Worden—Farmers State Bank
_

$125,000
30,000
100,000
30,000
40,000
25,000
100, 000

$65,000
30,000
10,000
40,000
8,000
10,000
40,000

$1,534, ioa,
277, 825
1, 797, 856
581,433
265,242
298,156
1, 778,121

300,000
200,000

200,000
50,000

4, 244,122
3,850,019

100,000
50,000
50,000
100,000
75,000

100,000
25,000
10,000
13,000
25,000

3, 809,303
415, 255
300,093
2, 060,647
423,902

100,000
100,000
25,000

25,000
10,000
1, 200

932, 529
419,014
186, 733

400,000
200,000
50,000
30,000
25,000
25,000
25,000
50,000

300,000
50,000
12, 500

12, 308,937
1, 556,630
223,456
122,558
266, 588
233, 512
146,896
513,020

150,000
250, 000
25,000
25,000
100,000
25,000
25,000
25,000
25,000
40,000
50,000
25,000
25,000
25,000
40,000
100,000
30,000
30,000
25,000

75,000
150,000
3,500

15,000
4,500

2,196,517
4,455,106
159,919
205, 587
622,002
211,018
194,402
227,156
132,479
331,178
450,008
107,275
146, 553
200,010
314,002
702,216
131,032
723,036
214,034

50,000
25,000
50,000
25,000

3,500
1,000
10,000
5,000

455,147
137,058
399, 286
387, 537

75,000
50,000
25,000
25,000
50,000
25,000
25,000
100,000
25,000
40,000
25,000
30,000
60,000
25,000

25,000
5,000
5,000
10,000
7,500
10,000
5,000
20,000
5,000
10,000
5,000

1,327, 788
382,975
161, 383
335,431
671,376
685,896
309, 858
2, 296, 295
389,189
521,167
258, 716
349, 662
1,148, 640
136,138

25,000
21,000
2,500
12, 500

25,000
2,500
5,000
3,000
10,000
1,000
5,000
1,000
10,000
11,000

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—Big Stone City State Bank....
Buffalo—First State Bank
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
South Shore—South Shore Bank
Stratford—First State Bank
Webster—Security Bank & Trust Co
White River—Mellette County State Bank._._

36569—25t


-13

30,000
2,500

184

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Capital

Surplus

Total
resources

DISTRICT NO. 9—Continued
WISCONSIN

(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
Tomahawk—Bradley Bank
West Salem—La Crosse County Bank
Whitehall—Peoples State Bank
DISTRICT NO. 10

$25,000
30,000
50,000
42,000
50,000
75,000
60,000
50,000
30,000

$5,000
6,000
25,000
5,000
7,300
37, 500
14,000
27,500
6,000

$257,170
511,09a
1,171, 633
384, 727
683,900
1,172, 223
891, 468714,316
490, 051

500,000
25,000
75,000

500,000
15,000
40,000

17,464, 36T
462, 082
577, 875.

25,000
100,000
25,000
50,000
25,000
30,000
125,000

6,000
50,000
25,000
25,000
5,000
50,000
62, 500

301,4351, 010, 245
321, 555
534,886
230, 704
503, 539
2, 291,048

COLORADO

Denver—International Trust Co
Fort Lupton—Fort Lupton State Bank.
La Junta—Colorado Savings & Trust Co
KANSAS

Anthony—Home State Bank..
Hiawatha—Morrill & Janes Bank
Jamestown—Jamestown State Bank
Liberal—Citizens State B ank
St. Marys—Farmers Reserve State Bank
Sedan—Sedan State Bank
Winfield—State Bank of Winfleld.
_,
(See also District N o . 8)

Joplin—Conqueror Trust Co.
Kansas CityCommerce Trust Co.—
_
Federal Trust Co...
King City—First Trust Co
South St. Joseph—St. Joseph Stock Yards Bank.

100,000

5,197,089-

2,000,000
40,000
150,000

105, 512,901
2,471, 726303,443
5,365,150

50,000
35,000
50,000
100,000
25,000
50,000

15,000
15,000
25,000
20,000
1,250
7,000

766, 209
440, 056
605,803
901,092;
231,800
368,750

25,000
25,000
25,000
35,000
85,000
25,000
30,000

5,000
2,500
10,000
12,000
17,000
4,500
30,000

307,723
304, 779
490,672
544,367
572,860271,197
275, 566

30,000

15,000

178,019

Chelsea—Bank of Chelsea
Okarche—First Bank of Okarche.

50,000
50,000

7,000
15,000

528,894
385,076

Evanston—The Stoekgrowers Bank
Mountain View—Uinta County State Bank..

50,000
40,000

35,000
4,000

490,916
107,570

250,000
> 000,000
,
200,000
50,000
350,000

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 GroveMeadow Grove State Bank
Security Bank
Oakland—Oakland State Bank....
Ord—Nebraska State Bank
_._
Pender—Pender 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)




185

STATE BANK MEMBERSHIP

Total

DISTRICT NO. II
ARIZONA

(See also District No. 12)
Safford—Bank of SafTord
Tombstone—Cochise County State Bank..

$33,000
30,000

$47,000
5,000

$673, 251
277,923

300,000

100,000

5,797, Oil

LOUISIANA

(See also District No. 6)
Shreveport—Continental Bank & Trust Co_
NEW MEXICO

(See also District No. 10)
Corona—Stockmens State Bank

30,000

108,589

OKLAHOMA

(See also District No. 10)
Broken Bow—McCurtain County Bank.
Coleman—Coleman State Bank
Garvin—Farmers State Bank
_
_
Soper—Liberty State Bank
Valliant—Farmers State Guaranty Bank.

25, 000
25,000
15,000
15,000
25, 000

3,000
500
1,500

250,386
246, 599
70, 765
93,556
352, 210

25, 000
50, 000
25,000
25,000
40, 000

5,000
30,000
5,000
82

406,162
627,467
69,402
98,117
311, 797

3,000
7,500
32, 500
25, 000
5,000
4,500
100, 000
13, 250
25, 000
50, 000
15,000
5,000
8,000

884,162
494, 657
149, 416
444,969
295, 764
304,235
. 249,485
1, 717, 597
476,380
788,192
1, 324, 528
222,319
155,887
367,519

TEXAS

Abernathy—First State Bank
Anson—Anson State Bank
Austwell—Austwell State Bank
Avery—Avery State Bank
_...__.
Ballinger—Ballinger State Bank
__„
Bay CityBay 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
Brownfleld—Brownfleld 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
• Childress—
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
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
Emory—Guaranty State Bank..
Ferris—Farmers & Merchants State Bank
_



65,000
75, 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

340,180
332,178

35, 000
50,000

100,000
50,000
50,000

15,500
60,000
2,294

1, 028,670
1,941,975
221,802

30,000
40,000
25,000

30, 000
11, 000
1,800

524, 770
425,316
227,365

25,000
50,000
25,000
100, 000
35,000
200, 000
30,000
30,000
100,000

12,500
10,000
25,000
7,000
40,000
30,000
50,000

225, 647
332.461
205,375
351,621
197.462
1,827,870
364, 501
501,778
678,871

,000,000
500,000
100,000
50,000
50,000
35,000
350,000
30,000
17,500
50,000

150, 000
50,000
11,000
12,000
20,000
20,000
20,000
1,500
25,000

5,982,118
9, 792, 701
457,881
665,306
308, 553
158,477
3,870,657
170,232
98,453
459,951

186

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Capital

Surplus

Total
resources

DISTRICT NO. 11—Continued
TEXAS—continued
Flatonia—Flatonia State B a n k . . .
Floydada—First State Bank
Forney—Forney State Bank
_
Franklin—First State Bank
Frost—Citizens State Bank
_..,
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 P r a i r i e 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.
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
Killeen—
First State Bank
Guaranty State Bank
Kirkland—First State Bank
Kosse—Guaranty 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
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
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
ParisFirst State Bank
i
Lamar State Bank & Trust C o . .
Piano—Farmers State Bank.
Post City—First State Bank.....




$50, 000
50, 000
25,000
30,000
25, 000
35, 000
50, 000
50,000
50,000
50,000
100, 000
75, 000
40, 000
25,000
100, 000
25, 000
50, 000
40, 000
25, 000
50, 000
150, 000
25, 000
25,000
40, 000
62, 500
30, 000
100,000
100, 000
50,000
25, 000

$13, 000
5,000
40, 000
15, 000
50,000
1,000
17, 000
50,000
6,000
50, 000
25,000
20, 200 i

6,000
4,000
40, 000
14,000
8,000
25, 000
20, 000
8,000
11, 000
13, 500
25, 000
7,000
100, 000
80,000
30, 000
12, 500

$597, 611
740, 360
270, 030
388,783
359, 570
103, 536
783, 050
678,298
263, 313
263, 041
1, 018, 548
769, 057
338,120
106, 656
732,515
136,374
383, 580
623,175
237,488
654,198
1, 026,936
433, 545
148,455
363,870
841,493
154,382
649,451
611,674
460, 869
167,932

35,000
30, 000
50,000
25, 000
35,000
35,000
60,000
25,000
35,000
50,000
50,000
30,000
25,000

17, 500
2,500
3,500
1,250
5,000
5,000
30,000

200, 000
100,000
75,000

20,000
10,000

2,601,390
953,774
413.838

25, 000
75,000
50,000
75,000
25,000
37, 500
30,000

8,000
55,000
9,000
7,000
25,000
12,500
20,000

492.654
1, 016, 092
492,956
970,246
497,790
515,105
157,747

25,000
25,000
75,000
25,000
25, 000
40,000
60, 000
35,000
25,000
100,000
25,000
25,000
40,000
100, 000
50,000
25,000
25,000

15,000
12, 500
25,000
10,000

50,000
17, 500
8,000

260.655
145, 756
922,635
189.839
341, 087
147,084
578,223
456, 807
109,488
1, 228, 554
177,000
347, 317
763,610
557,235
743, 688
247,674
254, 709

150,000
150,000
60,000
25,000

50,000
30,000
30,000
4,500

1,427,825
1,753,292
575,329
258,165

2,500
5,000
30,000
25, 000

400
30,000
4,500
50,000
25,000
5,000
8,500

427,010
206,183
306,559
195,550
470,263
4f4,140
1, 382,868
136,974
478,317
299,115
659,168
532, 552
624,100

187

STAIE BANK MEMBEESHIP
Capital

Surplus

Total

DISTRICT NO. 11—Continued
TEXAS—continued

Ealls-

First 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
_.
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
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
Sudan—Sudan State B a n k - . .
_
Sweetwater—Texas Bank & Trust C o . . .
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. .1
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

$25,000
60,000
25,000
50,000
35, 000
25, 000
25,000

$15,000
10,000
25,000
1,000
4,600
25, 000
5,000

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
25,000
50,000

25, 000
15, 000
10, 000
7,000
19, 000
25, 000
2,500

40,000
25,000
50,000
25,000
100,000
100,000
17, 500
100,000
35,000
50,000
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

1,500
16, 500
12, 500
5,000
5,000
10,000
1,750
100,000
2,000
5,000

40,000
'5,000
1,000
50,000
23,500
30,000
10,000
4,500

404,068
878,828
417,878
97,509
730,377
780,393
325, 543
1,271,85a
220,910
179,966
214,66ft
1,086,89?
1,200,064
208,684
94,641
1,550,818;
224,523:
133,437
2,278,451
1,678,796
832,989,
608,651
436,54ft

50,000
50,000
25,000
100,000
30,000
50,000
50,000
75,000

17,000
150,000
5,000
50,000
10,000
21,000
25,000'
28,500

•490,677
869,157
169,855,
629,928
373,127
295,145
1,200,518
613,230

25,000
750,000

5,000
250,000

174,956
12,365,940

500,000
650,000
100,000
50,000
50,000
75,000
110,000
500,000

250,000
400,000
9,500
54,000
11,500
2,500
60,000
500,000

7,397,225
11,167,899
934,473
1,136,512
722,125
466,490
1,074,325
11,103,929

12,500
20, 000
9,000
5,000
5,500
15,000
37,500

$396,261
637, 643
243, 519
239, 773
230,661
359,602
283,078
378,701
733, 606
471, 757
505.800
403, 232.
347.801
563, 281
526, 080».
3, 774, 468;
447, 843;
538, 025,
193, 615»
185, 482'
343,044
192,114
437,387

DISTRICT NO. 12
ARIZONA

(See also District No. 11)
Buckeye—Buckeye Valley Bank
Phoenix—Valley Bank
CALIFORNIA

Alameda—Bank of Alameda
_
Bakersfield—Security Trust Co...
Chico—Peoples Savings & Commercial Bank.
Downey—Los Nietos Valley Bank
Fullerton—Standard Bank of Orange County.
Holtville—Holtville Bank
Kingsburg—Kingsburg Bank.
Long Beach—Farmers & Mechanics Bank




188

ANNUAL REPORT OF THE FEDERAL. RESERVE BOARD

Capital

Surplus

Total
resources

DISTRICT NO. 12-Continued
CALIFORNIA—continued

Los AngelesPacific Southwest Trust & Savings Bank
Security Trust & Savings Bank
Union Bank & Trust Co. of Los Angeles
Nor walk—Bank of Nor walk
Pasadena—Citizens Savings Bank of Pasadena
Placerville—Eldorado County Bank
Porterville—The Home Bank
Quincy—Plumas County Bank
Sacramento—Peoples Bank _
St. Helena—Bank of St. Helena
Salinas—-Monterey County Bank
San Fernando—San Fernando Valley Savings Bank
San Francisco—
American Bank
Anglo-California Trust Co
Bank of Italy
.
British-American Bank
French-American Bank
Italian, American B a n k . . ._
_
Mercantile Trust Co
Mission Bank
Mission Savings Bank... _
United Bank & Trust Co
Wells Fargo Bank & Union Trust Co
San Jose—Growers Bank.
San Luis Obispo—Citizens State B a n k . . .
Santa Ana—Orange County Trust & Savings Bank
Sausalito—Bank of Sausalito
Sawtelle—Citizens State Bank
Turlock—Commercial Bank of Turlock

$6,900,000
8,250,000
1,500,000
50,000
300,000
67,000
100,000
100,000
800,000
85,000
275,800
50,000

1,030,000
1,150,000
5,000,000
50,200
500,000
500,000
4,000, 000
120,000
100,000
610, 500
5, 000,000
35,000
22, 500
125,000
25,000
25,000
62,000

68,081,551
56,747,831
354,367,865
5,199,684
19,664,835
22, 456,092
160, 090,991
2, 985, 901
9, 355, 701
48, 595, 858
142, 227, 645
1, 692,072
915, 304
2, 701,129
1,087, 437
2, 404, 358
1, 562,160

25,000
50,000
50,000
25,000
40.000
25,000
60,000
25,000
25,000
25,000
50,000
25,000
100,000
35.000
25, 000
25, 000
40,000
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

,.._

$184,928,039
215,872, 578
14,167,093
895,030
3,969,138
1,820,252
491,928
1,156,314
8,929, 111
982.845
3,867,485
684,717

4, 750,000
1,500,000
17, 500,000
1,000,000
1,250,000
1, 500,000
5, 500,000
200,000
500,000
4, 500, 000
9, 000,000
300,000
150,000
300,000
100,000
200,000
75,000

_

$4,250,000
2,825,000
290,000
40,000
75,000
143,000
15,000
30,000
173,000
43,500
80,000
9,000

1,000
8,000
10,000
1,250
4,000
4,000
25,000
1,000
12, 500
15,000
25,000
2,000
100,000
15,000
1,700
5,000
12, 500
3,500

148, 989
438,063
511, 228
107, 613
193, 815
162,055
605. 942
159, 406
522, 480
195, 222
674, 627
144,000
1, 996,035
377,300
100,003
235, 666
495, 882
291, 863
210, 466
164, 786
292, 235
197, 466
1. 509, 374
246, 099
165, 291
591, 656
208, 578
216, 483
147, 269
110,080
1, 547,157
156,309

50,000
45,000
25,000
25,000
25,000
50,000
50,000
100,000
75,000
30,000
26,000

10,000

IDAHO

Arco—Butte County Bank
Ashton—Security State Bank
Blackfoot—Blackfoot City Bank
Buhl—Security State Bank
Cambridge—Peoples 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
Idaho Falls—Anderson Bros. Bank
Kimberly—Bank of Kimberly
Kuna—Kuna State Bank
Mackay—W. G. Jenkins & Co
Maiad City—J. N. Ireland & Co., Bankers
Meridian—Meridian State Bank
New Plymouth—Farmers State B a n k . . .
. _.
Oakley—Farmers Commercial & Savings Bank
Orofino—Bank.of Orofino . . .
Picabo—Picabo State Bank
Pocatello—Citizens Bank & Trust Co
Eexburg—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

....

. . .

15,000
5,000
60,000
2,500
12, 000
13,000
5,000
1,000
45,000
10,000

OREGON

Albany—Albany State Bank
Athena—Athena State Bank
Aurora—Aurora State Bank
Beaverton—Bank of Beaverton . . - _. .
Central Point—Central Point State Bank
Dallas—Dallas City Bank
Enterprise—Enterprise State Bank
Fossil—Steiwer & Carpenter Bank
Grants Pass—Grants Pass & Josephine Bank
Gresham—First State Bank
Haines—Bank of Haines




.

i
1

16,000
8,000
5,000
19, 000
10, 000
7,000
25,000
25,000

5,500

979, 867
125, 891
296, 751
502,859
294, 713
509,264
366, 255
479, 223
991, 901
629,183
172, 788

189

STATE BANK MEMBERSHIP
Capital

Surplus

Total
resources

DISTRICT NO. 12—Continued
OREGON—continued

Helix—Bank of Helix
Hood River—Butler Banking Co
Jordan Valley—Bank of Jordan Valley
Joseph—First Bank of Joseph
Lakeview—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
PortlandCitizens Bank
Hibernia Commercial & Savings Bank
Ladd & Tilton Bank
Prineville—Bank of Prineville
Beedsport—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

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
LoganCache Valley Banking Co
Thatcher Bros. Banking Co
Monticello—Monticello State Bank
Parowan—Bank of Iron County.._
Payson—State Bank of Payson
.
PriceCarbon County Bank
Price Commercial & Savings Bank
Provo—
Farmers & Merchants Bank
Knight Trust & Savings Bank
Richfield—James M. Peterson Bank
Salina—First State Bank 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

$50,000
125,000
50,000
50,000
40,000
25, 000
100, 000
100, 000
45, 000
50, 000
100,000
50,000

$12,000
50,000
25, 000
13, 500
10,000
25,000
20,000
20,000
5,127
15, 000
15,000

$244,653
1, 567, 726
390, 667
294, 943
320, 325
195, 701
1,011,050
1, 312, 798
163, 949
249, 861
551,081
613,167

200, 000
150, 000
250, 000
40, 000

40,000
30, 000
35,000
25,000

1, 618,624
2,103,021
1,148, 517
306, 265

200, 000
200,000
1, 000, 000
50,000
25,000
25,000
25,000
100,000
40,000
25, 000
50,000

10,000
100,000
1, 000,000
2,500
10, 000
15, 000
5,000
10,000
15,000
10,000

3, 252, 368
6,971,463
27, 563,010
245, 771
232, 074
301,993
142,120
720,971
662,124
234,207
785,334

26,000

10,000

658, 230

75,000
50,000
25,000
50,000
50,000
25, 000
50,000
50,000
50,000

87,000
11,000
12, 500
40,000
11,000
25,000
18, 500
50,000
80,000

283,007
383,606
543,012
347, 883
310, 605
369, 287
775, 517
594,495

100,000
100,000
50,000
35,000
50,000

44, 000
100, 000
9,500
21,000
18,000

1, 651, 945
2, 038, 375
165, 772
378, 863
527, 603

100, 000
50, 000

10, 000
70, 000

500, 74L
951,491

100, 000
300,000
50,000
25,000

23,000
50,000
50,000
75, 000

859, 064
1, 583,829
689, 468
705,478

200, 000
500,000
243,100
300,000
850, 000
50,000
60, 000

25, 000
250, 000
171,475
86,000
400,000
25,000
15,000

1, 468, 572
6, 749, 095
1,469, 829
2,329, 583
22,274, 563
406, 280
385,065

50,000
25, 000
25,000
100,000
150,000
75, 000
25, 000
50,000
100,000
100,000
25,000
75,000

13,000
6,500
1,500
13,000
100,000

333,351
132, 290
109, 203
725,471
2,470,366
496, 850
67, 037
358,604
1,214, 909
2,186,098
273,663
411,895

WASHINGTON

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 Bank
_
Ellensburg—Farmers Bank.
_
_
Everett—Bank of Commerce
Farmington—Bank of Farmington
Goldendale—State Bank of Goldendale




20,000
25,000
25,000
10,000
8,500

190

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Capital

Surplus

Total
resources

DISTRICT NO. 12—Continued
WASHINGTON—continued

Hoquiam—Lumberman's Bank & Trust Co.
Kelso—Cowlitz Valley Bank
La Crosse—
First State Bank
Security State Bank
Odessa—Farmers & Merchants Bank
Okanogan—Commercial Bank
_
Pine City—P;ne City State Bank
Pomeroy—Pomeroy State Bank..
Pullman—Pullman State Bank
Puyallup—
Citizens State Bank
Puyallup State Bank
Reardan—Farmers State Bank
Ritzville—Ritzville State Bank_
Rockford—Farmers & Merchants Bank
Rosalia—Bank of Rosalia. _
St. John—Farmers State Bank
Selah—Selah State Bank
_
South Bend—Pacific State Bank
SpokaneSpokane & Eastern Trust Co
Washington Trust Co
Stanwood—Bank of Stanwood
Tekoa—
Citizens State Bank
Tekoa State Bank
Toppenish—
Central Bank of Toppenish
Traders Bank
Uniontown—Farmers State Bank
Walla WallaFarmers & Merchants Bank
Peoples State Bank
Wenatehee—
Columbia Valley BankCommercial Bank & Trust Co
Wilbur—State Bank of Wilbur
Yakima—
Yakima Trust Co
.
Yakima Valley Bank




$100,000
30,000

$25,000
12,000

60,000
30,000
25,000
50,000
25,000
50, 000
37, 500

40, 000
3,401
15,000
10,000
3,800
150,000
10,000

442, 611
141,423
410,096
373, 745
115, 591
1, 333, 324
666,883

50,000
50,000
50,000
25,000
25,000
25,000
40,000
30,000
100,000

8,000
2,500
20,000
5,000
2,567
5,000
10,000
6,000
11,100

787, 543
658,494
408, 943
291,344
193,782
285,305
340,078
474, 589
1, 223,671

1,000,000
200,000
25,000

250,000
75,000
25,000

11,502,855
1,933,897
634,177

25,000
30,000

7,000
15,000

275,061
442,479

50,000
25,000
25,000

35,000
15,000
7,000

330,892
376,603
218,148

200,000
100,000

40,000
50,000

1,424,687
1,618,335

100,000
100,000
50,000

25,000
40,000
10,000

2,089,402
1, 584,815
546,369

200,000
275,000

50,000
53,000

1, 559,710
2,437,414

$1, 554,464
423, 737

191

STATE BANK MEMBEKSHIP
SUMMARY CLASSIFICATION ACCORDING TO CAPITAL STOCK

[Amounts in thousands of dollars]
Banks having a capital stock o—
f
Total
$25,001 t o $50,000 $50,001 t o $100,000

$25,000 i

State

New England:
Maine
M assachusetts
Rhode Island
C onnecticut
Middle Atlantic:
New York
New Jersey.
Pennsylvania
East North Central:
Ohio
Indiana
_
Illinois
Michigan
Wisconsin
West North Central:
Minnesota
Iowa
Missouri...
North Dakota
South Dakota
Nebraska
._,
Kansas...
South Atlantic:
Delaware
Maryland
District of Columbia
Virginia..
_
West Virginia
North Carolina
South Carolina
Georgia
,
Florida
East South Central:
Kentucky,._
Tennessee
Alabama
Mississippi
West South Central:
Arkansas.
Louisiana
Oklahoma
Texas
Mountain:
Montana
Idaho
Wyoming
Colorado
New Mexico
_._
Arizona
Utah
Pacific:
Washington
Oregon
California.
___

1,100
22,500
8,200
1,200

200 4,661
100 1,865

33,611
547, 639
241,257
18,430

210,267 5,485,961
23,859
493,569
900,041
47,890

50

327

810 21,249
795
50
335 4,856

1,057 19, 686
2,075 36,969
160 3,832

70,290 1,138,514
5,033
62,475
57,310 1, 300,369
40,550 885, 585
4,542 109, 331

375 6,405
75
200 1,749
950 19,168
759
50

835 12,248
283 2,828
600 6,362
2,171 40, 750
577 8,920

1,080
150
1,780
3,615
615

2,425
9,436
28, 610
150
580
560
380

35,727
135,551
466,971
1,379
8,975
6,081
5,193

200 2,722
400 4,418
125 1,159
525
50
175 2,277
125 1,606

550
1,966
330
100
170
250

300 6,320
1,695 24, 242
710 7,904

4
7
1
12
17
11
18

3,200
4,900
1,000
4,763
2,490
5,167
1,953
12,909
2,445

38,765
77,562
4,492
50,280
39,145
75,314
20,147
129, 672
36,989

9
13
22

3,656
7,700
4,311
790

13
7
174
35
32
2
3
2
4
28

21
82
163
30
94
61
4
14
13
7

nl

45
38
37

100
163
340
50
50
745
170

62, 674
91,981
66,458
11, 468

100 1,072
75 678
40 227

150 l,20J
331 3,422
50
242

5,084
11, 215
205
11, 312

76, 515
235, 656
1,928
114,087

105
48 1,185 13,170

2,445
1,305
90
600
60
838
3,614

35,643
13,123
598
18, 504
286
13,492
50,101

4,008
45, 880
3,665
58, 553
68,838 1,371,904

235 4,773
185 1,474
100 1,010

50 1,247
25 204
25 229
50 718
600 4,393

1, 544 703,445 14, 617,876

Total.
1

854

8,746
24,012
5,087
854
1,925
3,001
1,038

14,560
1,351
25,240
69,220
10,707

1,605
1,086

1,676
200 1,464
3,791
275 2,384
379
467 6,300
445
953 9,097
5,206 24 2,134 13,436
2,833
275 6,702
100

274

350 2,632
500 4,381

1, 207

480
250

4, 313
1,887

435 5,816 13 1,170 13,628
50
403
215 2,700
100
914
3,355 34,320 33 2,84: 26,832
420 3,524
345 3,084
90
598

675 8,970
260 4,149

462
175
1,400
13

286
60
63
951
611 6,691

325 3,382
225 2,373

648 7,620
740
200 3,438

578

535

6,134

1,010 13, 549
575 5,067
702 8,502

6,680 80, 698 41118,277 236,403 301 27,455 373,404

Includes 5 banks with capital under $25,000 as follows: Mississippi, 1 with capital of $15,000 and total
resources of $65,000; Oklahoma, 2 with capital of $30,000 and total resources of $165,000; Texas, 2 with capital
of $35,000 and total resources of $424,000.

36569—25f-

-14




192

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
SUMMARY CLASSIFICATION ACCORDING TO CAPITAL STOCK—Continued

[Amounts in thousands of dollars]
Banks having a capital stock o—
f
$100,001 to $2oo;ooo $200,001 to $500,000 $500,001 to $1,000,000

Over $1,000,000 2

State

•3 I

New England:
Maine
Massachusetts
Rhode Island
Connecticut
Middle Atlantic:
New York
New Jersey
Pennsylvania
East North Central:
Ohio
Indiana
Illinois
.
Michigan
Wisconsin
West North Central:
Minnesota
Iowa_._
_
Missouri
Kansas
South Atlantic:
Delaware
Maryland
District of Columbia
Virginia
West Virginia
North Carolina...
South Carolina
Georgia
Florida
East South Central:
Kentucky
Tennessee
Alabama
Mississippi
West South Central:
Arkansas
Louisiana
Texas
Mountain:
Montana
Idaho..
Colorado
Arizona
Utah
Pacific:
Washington
Oregon
._.
CaliforniaTotal.

2 900
6 2,250

28,950
52,908

2 1,000

16, 279

6,950
1,000

159,474
20,839

ll! 2,050 78,287 20 7,000 171,246
11 2,075 51,410 13 4,450 113,923
24 3,900 78, 697 28 10, 380 127,843

9,500
4,159
6,800

227,059
101, 907
112,076

28 189,850 4,968, 434
11,050
188, 565
26, 265
572,410

62, 628
22,020
81, 597
103, 690
5,197

6,600
800
8,650
7,300
2,000

113, 959
5,724
118, 245
133, 459
67, 990

891,408
55,250
1,500
22,180
39,850 1, 040, 346
20, 500
486, 346

1,050
1,700
2,400

12, 555
28, 713
39,659

2,600
5,000

40, 262
77,468

15,0001

500

7,580

600
2,750

8,173
40,956

2,000
2,000

1,000
1,300
250
250
1,880

10,221
27,303
1,350
2,462
16, 032

1,000
2,000

4,492
13, 977

1, 200

20,143

1,000

7,087

3,375!

59, S

700
1,000

7,881
17,263

6, 500|

80, 656

1,556
1,750
2,000

14,821
11,163
36, 655

5, 500

76,919

1,000
1,550
1,000

21, 467
26, 446
5,982

8,250

189,013

750
850

12, 366
22, 275

I 275:
2,43' 1,000
II 250|
1,149 1,000
71 2,675j 40,08^
2,450

11, 503
27, 563
25, 297

6 1,200 29,883
I
200 2.858
II 200 2,151

1,900
575
2,130
1,760
~

37,306 11 4,250
7,674 41 1,650
26,830 12 4,100
4,250
32,952
500
15,758

325 5,384
1.075 13,904
5,045 71,805
125 2,291

200 2,799
550 5,463
650 7,425
350 2,068
1,000 10,191
4,381
1,622
1,749
1,554

1, 650

42,265

1,100

1,379 12,183
2;
350 4,444
10| 1,775 17,841

1,050|
800!
1,150

19,641
7,558
23,147
12,650
15,942

650

12,132

263,!
21,407
34,273

17,464

1,3431

303, 509
217, 560

16,764

500

12,000
7,000

2
1
2
1

350
200
325
200

350
200
200|

3,753
1,509
1,4

750| 7,389
875i 15,513
6611 7,380

11 62,150 1,287, 200

189 33, 725 565,923 170,62, 753.1,143,392 98 85,315,1,493,829 106 469,240 10,724,227

I

i

2 Includes 9 banks with capital in excess of $10,000,000 as follows: New York, 6 with capital of $109,250,000
and total resources of $2,584,013,761; Ohio, 1 with capital of $22,250,000 and total resources of $299,715,587;
Illinois, 1 with capital of $15,000,000 and total resources of $462,481,010; California, 1 with capital of $17,500,000
and total resources of $354,367,865.




FIDUCIARY POWERS GRANTED TO NATIONAL BANKS

Under section ll(k) of the Federal reserve act as amended, the
Federal Reserve Board has authorized the national banks listed
below to exercise one or more fiduciary powers as follows:
(1) Trustee.
(2) Executor.
(3) Administrator.
(4) Registrar of stocks and bonds.
(5) Guardian of estates.
(6) Assignee.
(7) Receiver.
(8) Committee of estates of lunatics.
(9) Any other fiduciary capacity in which State banks, trust companies, or other corporations which come into competition
with national banks are permitted to act under the laws of
the State in which the national bank is located.
The numerals opposite the name of each bank, which refer to the
list given above, indicate the power or powers it is authorized to
exercise.
Powers
granted
DISTRICT NO. 1
CONNECTICUT

Powers
granted
DISTRICT NO. 1—Continued
MAINE

Auburn—National Shoe & Leather
Bank.
Bangor—
Ansonia—Ansonia National Bank
Ito9.
Bristol—Bristol National Bank
1 to 8.
First National Bank
HartfordMerchants National Bank
First National Bank
z. Ito9.
Bar Harbor—First National Bank _._
Hartford-Aetna National Bank . 1 to 4, and 9. Bath—Bath National Bank
Phoenix National Bank
Ito9.
Belfast—City National Bank
Meriden—Home National Bank of 1 to 9.
Biddeford—First National Bank of
Meriden.
Biddeford.
Middletown—Middletown National 1 to 9.
Damariscotta—First National Bank
Bank.
of Damariscotta.
Naugatuck—Naugatuck
National Ito4.
Lewiston—Manufacturers National
Bank.
Bank.
Norway—Norway National Bank
New Britain—New Britain National 1 to 9.
PortlandCanal National Bank
New H a v e n First National Bank
...
First National Bank
Ito8.
Portland National Bank
Merchants National Bank
11*8.
Rockland—Rockland National Bank.
National Tradesmens Bank & 1 to 4.
Thomaston—Georges National Bank.
Trust Co.
New Haven Bank, N. B. A
Ito9.
Waterville—Ticonic National Bank..
Second National Bank
1 to 9.
New London—
MASSACHUSETTS
National Bank of Commerce
1 to 5.
New London City National Bank 1, 2, 3, 5, 7, Adams—
First National Bank
8, and 9.
Graylock National Bank
Norwich—Thames National Bank... Ito9.
Amherst—First National Bank
Portland—First National Bank
1 to 9.
Attleboro—First National Bank
Rockville—
Beverly—Beverly National Bank
First National Bank._
Ito9.
BostonRockville National Bank
1 to 9.
Atlantic National Bank
Torrington— Torrington
National 1 to 7.
1
Citizens National Bank..
Bank.
Federal National Bank.
Wallingford—First National Bank
1 to 9.
First National Bank
Waterbury—
Merchants National Bank
Citizens and Manufacturers Na- Ito9.
National Shawmut Bank
tional Bank.
Waterbury National Bank
Ito9.
National Union Bank
Second National Bank
Willimantic—Windham
National 1 to 9.
Webster & Atlas National Bank..
Bank.
(See also District No. 2)




1 to 7.
1, 2, and 4.
1 to 9.
1 to 4.
Ito8.
Ito8.
1 to 9.
1, 2, 3,5, and
6.

1 to 5, and 9.
Ito8.
1 to 9.
1, 2, and 4.
1,2, 4, and 9.
1 to 9.
1 to 3, 5 and
8.

1 to 4.

I.to8.
1 to 7, and 9.
1 to 9.
1 to 9.
1 to 4.
1 to 9.
1 to 9.
Ito9.
1 to 9.
Ito9.
Ito9.
1 to 9.
1 to 9.
Ito9.

193

194

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Powers
granted

Powers
granted

DISTRICT NO. 1—Continued

DISTRICT NO. 1—Continued

MASSACHUSETTS—continued

MASSACHUSETTS—continued

Wareham—National Bank of Ware- 1 to 9.
Brockton—
ham.
Brockton National Bank
1 to 9.
Home National Bank
- . . 1 to 4.
Watertown—Union Market National 1 to 4.
Bank.
Edgartown — Edgartown National 1 to 3.
Bank.
Webster—First National Bank.
1 to 4.
Wellesley—Wellesley National Bank. 1 to 9.
Fall R i v e r Fall River National Bank..
1 to 9.
West Newton—First National Bank.. 1 to 9.
Woburn—Woburn National B a n k . . . 1, 2, 3, 6, 7,
Massasoit Pocasset National Bank 1 to 9.
Metacomet National Bank
1 to 9.
and 9.
WorcesterFitchburg—Safety Fund National 1 to 9.
Bank.
Mechanics National Bank__.
1 to 4.
Merchants National Bank
{ 1 to 9.
Foxboro—Foxboro National Bank
1 to 9.
Gardner—First National Bank
1 to 9.
Yarmouthport—First National Bank.; 1 to 9.
Gloucester—Cape Ann National Bank 1 to 9.
Great Barrington—National Mahal- 1 to 9.
NEW HAMPSHIRE
j
we Bank.
Greenfield—First National Bank
1 to 9.
Berlin—City National Bank
_
Claremont—
Haverhill—
Essex National Bank
4.
Claremont National Bank
1 to 4.
First National Bank
1 to 4.
Peoples National Bank
1.
Merrimack National Bank
1 to 4.
ConcordFirst National Bank
._
Holyoke—
1 to 9.
City National Bank
1 to 4.
Mechanics National Bank^
1 and 4.
Holyoke National Bank
1 to 4.
National State Capital Bank
1 and 4.
Hudson—Hudson National Bank
1 to 9.
Dover—
Lawrence—Bay State National Bank. 1 to 9.
Merchants National Bank
1 to 3.
Leominster—
Stafford National Bank
1 to 4.
Leominster National Bank
1 to 4.
Franklin—Franklin National B a n k . . 1.
Merchants National Bank
1 to 7 and 9 Keene—
Ashuelot National Bank
1 and 4.
Lowell—
Keene National Bank
Appleton National Bank
1 to 9.
1 to 4.
Old Lowell National Bank
1.
Laconia—Peoples National Bank
1 and 4.
LynnManchester—
Central National Bank
. 1 to 8.
Amoskeag National Bank
1 and 4.
Manufacturers National Bank
1 to 9.
First National Bank
1 and 4.
National City Bank
1 to 5 and 7.
Manchester National Bank
1.
Merchants National Bank
Marlboro1 and 4.
First National Bank
1 to 4.
Milford—Souhegan National Bank... 1 and 4.
Peoples National Bank
1 to 9.
Nashua—
1 to 3.
Methuen—National Bank of Meth- 1 to 8.
Indian Head National Bank
1 and 4.
uen.
Second National Bank
1 and 4.
Milford—Home National Bank
1 to 4.
Newport—Citizens National Bank
Nantucket—Pacific National Bank .. 1 to 9.
Plymouth — Pemigewasset National 1 and 4.
New BedfordBank.
First National Bank
1 to 9.
Wolfeboro—Wolfeboro National Bank 1 and 4.
Merchants National Bank
1 to 9.
Safe Deposit National Bank
1 to 9.
RHODE ISLAND
Newburyport—Merchants National 1 to 8.
Newport—Aquidneck National Bank I 1 to 9.
Bank.
Providence—National Bank of Com- ; 1 to 9.
North Adams—North Adams Na- 1 to 9.
merce.
i
tional Bank.
VERMONT
I
Northampton—
Barre—Peoples National Bank
i 1 to 9.
First National Bank
1 to 9.
Bellows Falls—National Bank of Bel- I 1 to 3.
Northampton National Bank
1 to 9.
lows Falls.
I
Pittsfield—
Bennington—
I
Agricultural National Bank
j 1 to 9.
County National Bank
j 1 to 9.
Pittsfield National Bank
1 to 7 and 9.
The First National Bank
j 1 to 9.
Plymouth—
Brandon—First National Bank
I 1 to 4.
Old Colony National Bank
1 to 5.
Brattleboro—Vermont Peoples Na- i 1 to 9.
Plymouth National Bank
1 to 4.
Provincetown—First National Bank. 1 to 9.
tional Bank.
|
Chelsea—National Bank of Orange | 1 to 8.
Reading—First National Bank
1 to 4.
County.
I
Salem—Merchants National Bank
1 to 9.
Shelburne Falls — Shelburne Falls l to 7 and 9. Manchester Center—Factory Point
National Bank.
National Bank.
Montpelier—
Southbridge—Southbridge National 1 to 9.
First National Bank
1 to 4.
Bank.
Montpelier National Bank
j 1 to 9.
Springfield—
Newport—National Bank of Newport | 1 to 7 and 9.
Chapin National Bank
1 to 9.
Poultney—Citizens National Bank __j 1 to 4.
Chicopee National Bank
I 1 to 9.
Rutland—
j
Springfield National Bank
1 to 8.
Baxter National Bank
_| 4.
The Third National Bank
1 to 9.
Clement National Bank
i 1 to 3, 5 to 7.
Tisbury — Martha's Vineyard Na- 1 to 8.
St. Albans—Welden National Bank..! 1 to 4.
tional Bank.
Turners Falls — Crocker National 1 to 7 and 9. St. Johnsbury—First National Bank.I 1 to 6 and 9.
Springfield—First National Bank
j 1 to 4.
Bank.
Windsor—State National Bank
| 1 to 3.
Uxbridge—Blackstone National Bank 1 to 4.




195

FIDUCIAEY POWERS

Powers
granted

Powers
granted
DISTRICT NO. 2
CONNECTICUT

(See also District No 1)
BridgeportCity National Bank
First National Bank
»
D anbury—
City National Bank
Danbury National Bank
New Canaan—First National Bank..
Norwalk—National Bank of Norwalk.
Ridgefield—First National Bank &
Trust Co.
South Norwalk—City National Bank
Stamford—First - Stamford National
Bank.
NEW JEESEY

(See also District No. 3)
Allentown—Farmers National Bank.
Asbury Park—Merchants National
Bank.
Atlantic Highlands—Atlantic Highlands National Bank.
Belleville—Peoples National B a n k . . .
Belvidere—Belvidere National Bank.
Bloomfield—Bloomfield National
Bank.
Boonton—Boonton National Bank...
Bound Brook—First National Bank.
Butler—First National Bank.
Caldwell—Citizens National B a n k . . .
Carlstadt—Carlstadt National Bank.
Clifton—First National Bank
Closter—Closter National Bank
Cranbury—First National Bank
Dover—National Union Bank
East Orange—First National Bank..
Elizabeth—
National State Bank
_
Peoples National Bank
Freehold—National Freehold Banking Co,
Frenchtown—Union National Bank.
Garfield—First National Bank
Hackettstown—Hackettstown National Bank.
Hoboken—
First National Bank
Second National Bank
.
Jersey City—
Bergen National Bank
First National Bank
__
Franklin National Bank
Merchants National Bank
Union Trust & Hudson County
National Bank.
Kearny—First National Bank &
Trust Co.
Lambertville—Lambertville National
Bank
Long Branch—Citizens National
Lyndhurst—First National Bank . . .
Metuchen—Metuchen National Bank
Milburn—First National Bank.
Montclair—First National Bank
Morristown—
First National Bank
..
National Iron Bank
Newark—
Citizens National Bank & Trust
Co
Forest Hill National Bank
Merchants & Manufacturers National Bank.
National Newark & Essex Banking Co.
National State Bank
North Ward National Bank




DISTRICT NO. 2—Continued
NEW JEESEY—continued
New BrunswickNational Bank of New Jersey
Peoples National Bank
Ito9.
NewtonIto9.
Merchants National Bank
Sussex National Bank.
Ito9.
Nutley—First National Bank
1 to 9.
Ocean Grove—Ocean Grove National
1 to 9.
Bank.
1 to 9.
Orange—
Orange National Bank
1 to 9.
Second National Bank
Passaic—Passaic National Bank &
1 to 4.
Trust Co.
1 to 9.
Paterson—
First National B a n k . . .
National Bank of America
Paterson National Bank
_
Second National Bank
Totowa National Bank__
1 to 9.
Perth Amboy—First National Bank.
Ito9.
Phillipsburg—
Phillipsburg National Bank
Ito8.
Second National Bank
Plainfield—
Ito9.
City National Bank.
Ito8.
First National Bank
Ito4.
Red B a n k Broad Street National Bank
1 to 9.
Second National Bank & Trust
1 to 9.
Co.
Ito9.
Ridgewood—
Ito8.
Citizens National Bank
Ito9.
First National Bank
Ito9.
Roselle—First National Bank.
_.
1 to 9.
Rutherford—Rutherford National
Ito4.
Bank.
Ito9.
Somerville—Second National Bank.
1 to 9.
South Amboy—First National Bank.
South River—First National Bank...
1 to 7 and 9. Summit—First National Bank
Ito9.
Sussex—Farmers National Bank
.
1 to 9.
Washington—First National B a n k . . .
Woodbridge--First National Bank...
1 and 4.
NEW YORK
1 to 9.
l.to.9.
Adams—Farmers National Bank
Albany1 to 4.
First National Bank
1 to 9.
National Commercial Bank &
i rust v_,o.
1 t o 9. •
New York State National Bank.
1 to 9.
Amsterdam1 to 7 and 9.
Amsterdam City National Bank.
1 to 9.
Farmers National Bank
1 to 9.
First National Bank
Auburn—
1 to 9.
Cayuga County National Bank..
National Bank of Auburn
Ballston Spa—Ballston Spa National
1 to 9.
Bank.
Ito9.
Bath—Bath National Bank
Binghamton—
1 to 9.
City National Bank
Ito9.
First National Bank
Ito9.
Brooklyn1 to 9.
First National Bank
Nassau National Bank
Ito9.
Buffalo—Manufacturers & Traders
Ito9.
National Bank.
Canandaigua—Canandaigua NaIto9.
tional Bank.
Canton—
Ito9,
First National Bank
Ito4.
St. Lawrence County National
Bank.
1 to 9.
CarthageCarthage National Bank
Ito9.
National Exchange Bank
^_.
Ito4.
Catskill—Catskill National Bank....

1 to 9.
Ito9.
Ito9.
1 to 9.
Ito9.
1 to 9.
Ito8.
Ito9.
1 to 9.
Ito9.
Ito9.
Ito9.
1 to 9.
1 to 5, 7 to 9.
Ito9.
Ito8.
Ito9.
Ito4.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
X to 9.
Xto4.
Ito4.
Ito9.
1 to 9.
Ito9.
Ito4.
Ito9.
1 to 9.
1 to 9.
4.

1 to 8.
Ito9.
1 to 3, 5 to 8
Ito9.
Ito9.
1 to 8.
Ito9.
Ito9.
1 to 9.
1 to 9.
X to 9.
Xto9.
1 to 9.
1 to 9.
X to 9.
X to 9.
1 to 3,5 to 8.
Xto9.
Xto9.
X to 8.

196

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Powers
granted

DISTRICT NO. 2—Continued

DISTRICT NO. 2—Continued
NEW YORK—continued

NEW YORK—continued

Cedar hurst—Peninsula National
Bank.
Clayton—National Exchange Bank.,
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...
Fairport—Fairport National Bank &
Trust Co.
Far Rockaway—National Bank of
Far Rockaway.
Fredonia—National Bank of Fredonia.
Freeport—Citizens National Bank...
Fulton—Citizens National Bank
Glen FallsFirst National Bank
National Bank of Glen Falls
Gloversville—
City National Bank
Fulton County National Bank...
Goshen—National Bank of Orange
County.
Granville—
Farmers National Bank
_.
Washington County National
Bank.
Hancock—First National Bank
Hempstead—First National Bank
Herkimer—Herkimer National Bank.
Hoosick FallsFirst National Bank
Peoples National Bank
Hornell—Citizens National Bank
Hudson—
Farmers National Bank
First National Bank
Hudson FallsPeoples National Bank
Sandy Hill National Bank
Ilion—
Ilion National Bank
Manufacturers National Bank
Ithaca—First National Bank
Jamestown—
American National Bank
National Chautauqua County
Bank.
KingstonFirst National Bank of Rondout.
Rondout National Bank....
State of New York National
Bank.
Lackawanna—Lackawanna National
Bank.
Larchmont—Larchmont National
Bank & Trust Co.
Liberty—Sullivan County National
Bank.
Little Falls—Little Falls National
Bank.
Lockport—
National Exchange Bank
Niagara County National Bank..
Long Beach—National Bank of Long
Beach.



Powers
granted

Ito9.
4.

Ito8.
Ito9.
Ito8.
Ito8.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito8.

4.

Ito7.
Ito9.
Ito9.
4.

Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
4.
4.

Ito9.
Ito9.
Ito8.
Ito9.
Ito8.
Ito9.
Ito9.
Ito9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
Ito9.
Ito8.

Lowville—Black River National
Bank.
Lynbrook—Peoples National Bank...
Malone—Farmers 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
Newburgh—
Highland National Bank
National Bank of Newburgh
Quassaick National Bank
New Rochelle—National City Bank..

Ito9.
Ito9.
Ito9.
Ito9.
1 to 9.
Ito8.

1 to 9.
1 to 9.

Ito9.
1 to 9.
Ito9.
1 to 9.
4.

Ito9.

1 to 8.
Ito9.
Ito9.
1 to 9.
Ito9.
.LN tJVV X U I Jv
American Exchange National Ito9.

Bank.
Bronx National Bank
_.
Chase National Bank
Chatham & Phenix National
Bank
Chemical National Bank
Coal & Iron National Bank
East River National Bank
First National Bank
Garfleld National Bank
Gotham National Bank
_
Grace National Bank
Hamilton National Bank
Hanover National Bank
Harriman National Bank
Liberty National Bank
Mechanics & Metals National
Bank.
National American Bank of New
York.
National Bank of Commerce
National City Bank
National Park Bank
Public National Bank
Seaboard National Bank...
_
North Tonawanda—State National
Bank.
Norwich—
Chenango National Bank
National Bank of Norwich.,
Nyack—Nyack National Bank
Ogdensburg—National Bank of Ogdensburg.
Olean—Exchange National Bank
Oneida—Oneida Valley National
Bank.
Oneonta—
Citizens National Bank
Wilber National Bank
Ossining—Ossining National Bank.._
Oswego—Second National Bank &
X IUat

Ito9.
Ito9.
Ito9.
Ito9.

1 to 9.

KSO.

Ovid—First National Bank
Owego—
First National Bank
Owego National Bank
Peekskill—
Peekskill National Bank
Westchester County National
Bank.
Plattsburg—
Merchants National Bank
_.
Plattsburg National Bank &
Trast Co.
Port Chester—First National Bank..
Port Henry—Citizens National Bank.
Port Jervis—
First National Bank
National Bank of Port Jervis
Potsdam—Citizens National Bank,..

4.

Ito9.
Ito9.
1 to 9.
Ito9.
1 to 9.
Ito9.
1 to 9.
Ito9.
1 to 9.
Ito9.
Ito8.
Ito9.

4.

Ito9.
Ito9.

Ito9.
Ito9.
Ito9.
Ito9.
1 to 9.
Ito9.
1 to 8.
Ito9.
Ito9.
Ito8.
Ito9.
Ito9.
1 to 9.
Ito9.
Ito9.
Ito9.
4,

1 to 9.
Ito9.
Ito9.
1 to 9.
Ito9.
Ito5, 7to9
Ito9.
1 to 9.
Ito9.
Ito9.
Ito9.

197

FIDUCIARY POWERS

Powers
granted

Powers
granted
DISTRICT NO. 3—Continued

DISTRICT NO. 2—Continued
NEW YORK—continued

NEW JERSEY—continued

Poughkeepsie—
Fallkill National Bank
Farmers & Manufacturers National Bank.
Richfield Springs—First National
Bank.
Riverhead—Suffolk County National
Bank.
Rockville Center—Nassau County
National Bank.
Rome—Farmers National Bank
Roscoe—First National Bank
Rye—Rye National Bank
Saratoga Springs—Saratoga National
Bank
Scarsdale—Scarsdale National Bank..
Schenectady—
Mohawk National Bank
Union National Bank
Southampton—First National Bank._
Spring Valley—First National Bank..
Stapleton—Richmond Borough Na-

Burlington—Mechanics
National
Bank.
Camden—First National State Bank.
Cape May—Merchants National
Bank.
Collingswood — Collingswood National Bank.
Elmer—First National Bank
Glassboro—First National Bank
Haddonfield—Haddonfield National
Bank.
Medford—Burlington County National Bank.
Merchantville—First National Bank
& Trust Co
Millville—
Mechanics National Bank
Millville National Bank
Mount Holly—Mount Holly National Bank.
Ocean City—First National Bank....
Paulsboro—First National Bank &
Trust Co.
Point Pleasant Beach—Ocean County
National Bank.
Princeton—First National Bank
Riverton—Cinnaminson
National
Bank.
Salem—
City National Bank
Salem National Banking Co
Swedesboro—Swedesboro National
Bank.
Toms River—First National Bank...
TrentonBroad Street National Bank
First National Bank
_
Mechanics National Bank
Ventnor City—Ventnor City National Bank.
Woodbury—First National Bank
W'oodstown—Woodstown National
Bank

t i o n a i Jb>anK.

Suffera— Suffera National Bank.
SyracuseLiberty National Bank.. _
Salt Springs National Bank
T a r r y t o w n—Tarrytown National
Bank.
TroyManufacturers National Bank
National City Bank
Union National Bank
United National Bank
Utica—
First National Bank & Trust Co.
Oneida National Bank
Utica City National Bank
Walton—First National Bank
Warrensburg —Emerson
National
Bank.
Warsaw—Wyoming County Na-

Ito9.
Ito9.
Ito9.
Ito9.
1 to 9.
Ito9.
Ito9.
1 to 9.
4.
1 to 9.
Ito9.
Ito9.
Ito8.
Ito9.
4.
Ito9.
1 to 9.
Ito9.
1 to 3,5 to 9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
1 to 9.
Ito9.

U0I1H1 JjallK.

Watertown— County National Bank.
Jefferson
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.

Ito9.
4.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
1 to 9.
Ito9.
1 to 8.
1 to 7 and 9.
Ito9.
Ito8.
1 to 4.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
1 to 4.
Ito9.
Ito9.
1 to 9.
1 to 9.
Ito9.

PENNSYLVANIA

1 to 9.
1 to 8.
1 to 9.
1 to 9.

4.

1 to 9.
1 to 9.

DISTRICT NO. 3
DELAWARE

(See also District No. 4)
Allentown—
Allentown National Bank
Merchants National Bank
Second National Bank.
Ambler—First National Bank
Annville—Annville National Bank...
Ashland—The Ashland National
Bank
Atglen—Atglen National Bank
_
Beliefonte—First National Bank
Belleville—Belleville National Bank.

|_> £\4" Vll £lVl /1T>1
jj etui en em—
1 to 8.
Bethlehem National Bank
1 to 9.
First National Bank
1 to 8.
Lehigh Valley National Bank
Ito9.
Bloomsburg—Bloomsburg National
Ito8.
Bank.
1 to 4, 6 to 9. Blossburg—Miners National Bank...
"Ranlr
XJ oyeriown—
HaHK.
Farmers National Bank
WilmingtonCentral National Bank
Ito9.
National Bank of Boyertown
National Bank of Delaware
1 to 9.
Bradford—Commercial
National
Union National Bank—
Ito9.
Bank.
Catasauqua—National Bank of CataNEW JERSEY
sauqua.
Chambersburg—
National Bank of Chambersburg.
(See also District No. 2)
Valley National Bank
ChesterAtlantic CityAtlantic City National Bank
Ito4.
First National Bank...
Chelsea National Bank
1 to 9.
Pennsylvania National Bank
Union National Bank...
Ito3.
Clearfield—
Bordentown—First National B a n k - Ito9.
Clearfield National Bank

Delmar—First National Bank
Dover—First National Bank...
Laurel—Peoples National Bank
Milford—First National Bank
Seaford—First National Bank
Smyrna—Fruit Growers National




1 to 9.

1 tn Q

Ito9.
1 to 8.
1 to 9.
Ito9.
Ito9.
Ito9.
1 to 3.
1 to 9.
Ito3.
Ito9.
Ito9.
Ito8.
1 to 9.
Ito4.
Ito9.
1 to 9.
1 to 9.
Ito9.
Ito9.
1 to 9
1 to 9.
Ito9.
Ito9.

198

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Powers
granted

DISTRICT NO. 3—Continued
PENNSYLVANIA—continued

ColumbiaIto9.
Central National Bank
First Columbia National Bank__ Ito9.
DanvilleDanville National Bank
... Ito9
Ito9.
First National Bank
Darby—First National Bank
.._ Ito9.
Du Bois—
Ito9.
Deposit National Bank
Ito4.
Du Bois National Bank
East Stroudsburg—Monroe County Ito9.
National Bank.
Ito9.
Emaus—Emaus National Bank
1 to 9.
Emporium—First National Bank
Ephrata—
Ito9.
Ephrata National Bank
Ito9.
Farmers National Bank...
1 to 9.
Fleetwood—First National Bank
Frackville—First National Bank & 1 to 9.
Trust Co.
Gettysburg—First National Bank.__ 1 to 9.
Ito9.
Greencastle—First National Bank
1 to 9.
Hamburg—First National Bank
Harrisburg — Harrisburg National Ito9.
Bank.
Hazleton—
1 to 9.
First National Bank
1 to 9.
Hazleton National Bank
Honesdale — Honesdale National Ito9.
Bank.
Honeybrook—First National Bank... 1 to 9.
Ito9.
Houtzdale—First National Bank
HuntingdonIto9.
First National Bank
Union National Bank
._ 1 to 8.
1 to 8.
Johnstown—First National Bank
Kutztown—Kutztown National Bank| 1 to 9.
LancasterCon estoga National Bank._ 1 to 9.
1 to 9.
Fulton National Bank
Lancaster County National Bank Ito9.
Lansdale—First National Bank
.. 1 to 9.
Lebanon—
1 to 9.
First National Bank...
1 to 9.
Lebanon National Bank
1 to 9.
Peoples National Bank
Lehighton—Citizens National Bank . 1 to 9.
Lewistown—Russell National Bank.. 1 to 9.
1 to 4.
Lititz—Farmers National Bank.
Lock Haven—First National Bank... Ito9.
Mahanoy City1 to 9.
First National Bank
Ito8.
Union National Bank
Manheim—
Ito9.
Keystone National Bank
Ito9.
Manheim National Bank..
Marietta—Exchange National Bank.. Ito4.
Mauch Chunk—Mauch Chunk Na- Ito9.
tional Bank.
Maytown—Maytown National Bank. Ito4.
Montrose—First and Farmers Na- 1 to 9.
tional Bank & Trust Co.
Mount Carmel—
1 to 9.
First National Bank...
Ito9.
Union National Bank
Mount Joy—
Ito9.
First National Bank
Union National Mount Joy Bank. Ito9.
Mountville—Mountville National Ito4.
Bank.
Myerstown—Myerstown
National Ito4.
Bank.
Ito4.
Nanticoke—First National Bank
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.
Ito4.
Newville—First National Bank
Norristown—Peoples National Bank. Ito9.



Powers
granted
DISTRICT NO. 3—Continued
PENNSYLVANIA—continued

Northampton—Cement N a t i o n a l
Bank of Siegfried.
Oxford—National Bank of Oxford
Patton—First National Bank
Pen Argyl—First National Bank
PhiladelphiaBroad Street National Bank
Central National Bank
_
Corn Exchange National Bank__
Drovers and Merchants National
Bank.
E ighth National B ank
Fourth Street National Bank
Kensington National Bank
Market Street National Bank
National Bank of Commerce
National Bank of Germantown. _
National Bank of North Philadelphia.
Northern National Bank
Perm National Bank
Philadelphia National Bank
Quaker City National Bank
Second National Bank
Southwark National Bank
Southwestern National Bank
Tenth National Bank
_
Textile National Bank
Third National Bank
Tradesmen's National Bank
Union National Bank
Philipsburg—
First National Bank.
Moshannon National Bank
Phoenixville—National Bank of Phoenix ville.
Pittston—First National Bank
Plymouth—First National Bank
Port Allegany— First National Bank.
Pottstown— - •
National Bank of Pottstown
National Iron Bank
Pottsyille—Miners National Bank
Reading—
Penn National Bank
Reading National Bank
Red Lion—Red Lion First National
Bank.
Schuylkill Haven—First National
Bank.
Scranton—Third National Bank
Shickshinny—First National Bank...
Shippensburg—
First National Bank
Peoples National Bank
Smethport—Grange National Bank
of McKean County.
Souderton—Union National Bank
Spring City—National Bank of Spring
City.
State College—First National Bank..
Stroudsburg—
First National Bank
Stroudsburg National Bank
Sunbury—First National Bank
Tamaqua—
Tamaqua National Bank
First National Bank
Tioga—Grange National Bank
Topton—National Bank of Topton..
Towanda—Citizens National Bank__
Tyrone—
Blair County National Bank
Farmers & Merchants National
Bank.
Waynesboro—Citizens National Bank
West ChesterFirst National Bank
National Bank of Chester County

Ito8.
Ito9.
1 to 4.
Ito9.
1 to 7.
4.
1 to 9.
Ito9.
Ito9.
1 to 9.
1 to 3, 5 to 9.
1 to 7 and 9.
Ito9.
1 to 8.
Ito9.
Ito9.
1 to 9.
Ito9.
Ito9.
1 to 9.
Ito8.
Ito8.
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
Ito9.
1 to 9.
Ito9.
1 to 4.
1 to 9.
Ito9.
1 to 9.
Ito9.
1 to 3, 5 to S..
1 to 9.
1 to 9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
1 to 9.
Ito9.
1 to 9.
Ito4.
1 to 4.
1 to 9.
1 to 9.
Ito9.
Ito9.
Ito9.
Ito9.

FIDUCIARY POWERS
Powers
granted

West Grove—National Bank of West
Grove.
Wilkes-Barre—
Second National Bank
Wyoming National Bank
Wiiliamsport—
First National Bank
Lycoming National Bank
West Branch National Bank
Wiiliamsport National Bank
Wrightsville—First National Bank..
YorkCentral National Bank
First National Bank
Industrial National Bank of West
York.
Western National Bank
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.....
Ueorgetown—Georgetown National
Bank.
Harlan—Harlan National Bank
Lexington—Phoenix National Bank
& Trust Co.
Middlesboro—The National Bank___
Mount SterlingNational Bank of Mount Sterling.
Traders National Bank
Newport—
American 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
Williamsburg—First National Bank..
Winchester—Clark County National
Bank.

Powers
granted
DISTRICT NO. 4—Continued

DISTRICT NO. 3—Continued
PENNSYLVANIA—continued

199

OHIO—continued
Columbus—
City National Bank
Commercial National Bank
1 to 9.
Huntington National Bank
Ohio National Bank
Ito9.
Coshocton—Commercial National
1 to 9.
Bank.
Dayton1 to 9.
Merchants National Bank &
1 to 4.
1 to 9.
Trust Co.
Winters National Bank & Trust
1 to 9.
Co.
1 to 9.
East Liverpool—First National Bank.
Ito9.
Fostoria—Union National Bank
1 to 4.
Greenville—Second National Bank..
Hamilton—First National Bank &
Trust Co.
Ito9.
Hillsboro—Merchants National Bank
Lancaster—Fairfield National Bank. _
LebanonCitizens National Bank & Trust
Co.
Lebanon National Bank & Trust
Co.
Lorain—National Bank of Commerce.
1 to 5, 7 to 9. Mansfield—Citizens National Bank..
1 to 5, 7 to 9. Marietta- National Bank
Central
1 to 5, 7 to 9.
Citizens National Bank
1 to 4.
First National Bank
1 to 5, 7 to 9. Marion—National City Bank & .'
Trust
1 to 5, 7 to 9. Co.
Massillon—Merchants National Bank
1 to 5, 7 to 9. Mount Vernon—The Knox National
Ito9.
Bank.
Newark—Franklin National Bank...
1 to 5, 7 to 9. New Philadelphia—Citizens National
Bank.
Ito4.
Painesville—Painesville
National
1 to 5, 7 to 9. Bank.
Piqua—
1 to 5, 7 to 9.
Citizens National Bank
1 to 5, 7 to 9
Piqua National Bank.
1 to 5, 7 to 9. Ravenna—Second National Bank
1 to 5, 7 to 9 St. Clairsville—First National Bank__
1 to 5, 7 to 9. Sandusky—Third National Exchange
Bank.
1 to 5, 7 to 9. Springfield—Mad River National
Bank.
1 to 9.
Steubenville—
Ito4.
National Exchange Bank & Trust
1 to 5, 7 to 9.
Co.
Peoples National Bank
TiffinCommercial National Bank
1,4, and 9.
Tiffin National Bank
1 to 9.
1 to7 and9 Toledo—First National Bank
Troy—First Troy National Bank &
Trust Co.
1 to 7 and 9. Urbana—Champaign National Bank.
1 to 7 and 9. | WarrenSecond National Bank
1, 4, and 9.
Western Reserve National Bank.
1 to 7 and 9.
1 to 7 and 9. Wilmington—Clinton County Na1 to 7 and 9. | tional Bank & Trust Co.
I Youngstown—
Commercial National Bank......
1, 4, and 9.
First National Bank
_.
1 to 7 and 9.
Mahoning National Bank
Zanesville—
1, 4, and 9.
1 to 7 and 9.
First National Bank
_
Ito9.
Old Citizens National Bank
1 to 7 and 9.

Ito4.

I to 7 and 9
1 to 7 and 9
Ito7.
1 to 7 and 9.
1, 4, and 9.
1, 4, and 9.
1, 4, and 9.
1 to 7 and 9.
1 to 7 and 9.
1 to 7 and 9,
1, 4, and 9.
1 to 7 and 9.
1 to 7 and 9.
1 to 7 and 9.
1, 4, and 9.
1 to 7 and 9.
4.
1, 4, and 9.
1 to 7 and 9.
1, 4, and 9.
1 to 7 and 9.
1,4, and 9.
1 to 7 and 9.
1 to 7 and 9.
1 to 7 and 9.
1 to 7 and 9.
Ito9.
1 to 7 and 9.
1, 4, and 9.
1 to 7 and 9.
Ito9.
1 to 7 and 9.
1 to 7 and 9.

1 to 7 and 9.
OHIO
Akron—National City Bank
1 to 7 and 9,
Alliance—Alliance First National
1 to 7 and 9.
Ashtabula—National Bank of Ashta1 to 7 and 9.
bula.
1 to 7 and 9.
AthensAthens National Bank
1 to 7 and 9.
Bank of Athens, N. B. A
Bellaire—First National Bank
1 to 7 and 9.
Bradford—First National Bank
1 to 7 and 9.
Cadiz—Fourth National Bank
1 to 7 and 9.
Canton—First National Bank
Cincinnati—
Atlas National Bank
1 to 7 and 9.
Citizens National Bank & Trust
4.
Co.
4 and 9.
Fifth-Third National Bank
First National Bank.....
1,4, and 9.
Lincoln National Bank
1 to 7 and 9.
Second National Bank
ClevelandBrotherhood of Locomotive En- 1 to 9.
PENNSYLVANIA
gineers Cooperative National
Bank of Cleveland.
(See also District No. 3)
Central National Bank, Savings 1 to 7 and 9.
& Trust Co.
Blairsville—First National Bank
Ito9.
National City Bank.__
1 to 7 and 9. Brownsville—Second National Bank Ito9,




200

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Powers
granted

Powers
granted

DISTRICT NO. 4—Continued

DISTRICT NO. 5

PENNSYLVANIA—continued

DISTRICT OF COLUMBIA

ButlerFarmers National Bank.
Merchants National Bank
Canonsburg—First National Bank
Ellwood City—First National Bank..
Erie—First National Bank
Ford City—First National Bank &
Trust Co.
Franklin—Lamberton National Bank
Greensburg—First National Bank _
Greenville—First National Bank ..
Grove CityFirst National Bank
Grove Citv National Bank..
McKeesport—First National Bank...
Meadville—New First National Bank
Myersdale—Citizens National Bank..
Monessen—Peoples National Bank.. _
New Brighton—Union National Bank
New Castle—
Citizens National Bank
First National Bank
New Kensington—First National
Bank.
Oakmont—First National Bank
Oil City—Oil City National Bank...
PittsburghBank of Pittsburgh, N. A
Columbia National Bank
Diamond National Bank
Duquesne National Bank
Farmers' Deposit National Bank.
First National Bank
Highland National Bank
Mellon National Bank
Monongahela National Bank
National Bank of America at
x i tis uurgn.

Second National Bank of Allegheny.
Third National Bank
_
Union National Bank
Punxsutawney—Punxsutawney National Bank.
Sharon—
First National Bank
McDowell National Bank
Titusville—Second National Bank...
Uniontown—
National Bank of Fayette
County.
Second National Bank
...
Uniontown National Bank &
Trust Co.
Vandergrift—Citizens National Bank.
Warren—Warren National Bank
Washington—
Citizens National Bank
First National Bank
Waynesburg—C i t i z e n s National
Bank.
Zelienople—Peoples National Bank...
WEST VIRGINIA

(See also District No. 5)
Elm Grove—First National Bank
New Cumberland—First National
Bank.
Sistersville—Union National Bank...
Wheeling—National Bank of West
Virginia.




Washington1 to 9.
Commercial National Bank.
Ito9.
District National Bank
1 to 9.
Farmers & Mechanics National
1 to 9.
Bank of Georgetown.
1 to 9.
Federal-American National Bank
Ito9.
Lincoln National Bank
National Bank of Washington
1 to 9.
,
National Metropolitan Bank
1 to 9.
Riggs National Bank
Ito9.
Second National Bank..
MARYLAND
1 to 9.
1 to 9.
Ito9.
Baltimore1 to 5, 7 to 9.
Citizens National Bank
1 to 9.
Drovers & Mechanics National
Ito8.
Bank.
1 to 9.
Farmers & Merchants National
Bank.
1 to 9.
Merchants National Bank
1 to 9.
National Bank of Baltimore
1 to 8.
Western National Bank...
_.
Cumberland—Second National Bank
1.
Easton—Easton National Bank
1 to 9.
FrederickFarmers & Mechanics National
1 to 9.
Bank.
1 to 9.
Frederick County National Bank
Ito9.
Hagerstown—Second Natjional Bank.
1 to 9.
Hyattsville—First National Bank
4 and 9.
New Windsor—First National Bank.
1 to 9.
Pocomoke City—Citizens National
1 to 9.
Bank.
1 to 9.
Rising Sun—National Bank of Rising
4.
Sun.
R-ockville—Montgomery County Na1 to 9.
tional Bank.
1 to 9.
Salisbury—Salisbury National Bank.
NORTH CAROLINA
Ito9.
Ito9.
1 to 9.
Asheville—
American National Bank
National Bank of Commerce _
Ito9.
Charlotte1 to 4.
Charlotte National Bank
Ito9.
Commercial National Bank
Merchants & Farmers National
1 to 9.
Bank.
Union National Bank
1 to 9.
Concord—Concord National Bank...
1 to 9.
Durham—First National Bank
Elizabeth City—First & Citizens
1 to 9.
National Bank.
Ito9.
Gastonia—First National Bank
Goldsboro—Wayne National Bank...
1, 2, 3, 5, 6, Graham—National Bank of Ala7, and 9.
mance.
High Point—Commercial National
1 to 9.
Ito9.
Bank.
Mooresville—First National Bank...
Ito4.
New Bern—National Bank of New
Bern.
Oxford—First National Bank
Raleigh—
Citizens National Bank
Commercial National Bank
Ito9.
Rocky Mount—Planters National
1.
Bank.
Salisbury—First National Bank.....
1 to 9.
Wadesboro—First National Bank
1 to 9.
Winston-Salem—Farmers National
Bank & Trust Co.

1 to 8.
1 to 8.
1 to 8.
1 to 8.
1 to 8.
1 to 8.
1 to 8.
1 to 8.
Ito8.

Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
1 to 9.
Ito4.
Ito9.
Ito9.
Ito4.
Ito4.
Ito9.
Ito4.
Ito3.
Ito9.

Ito9.
Ito9.
Ito9.
Ito9.
1 to 9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito4.
Ito9.
Ito4.
Ito4.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.

201

FIDUCIARY POWERS
Powers
granted
DISTRICT NO. 5—Continued

DISTRICT NO. 5—Continued
VIRGINIA—continued

SOUTH CAROLINA

CharlestonAtlantic National Bank
Peoples National Bank
ColumbiaColumbia National Bank
National Loan & Exchange Bank.
Elloree—First National Bank
Gaffney—Merchants & Planters 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
Central National Bank
First National Bank
VIRGINIA

Abingdon—First National Bank
AlexandriaAlexandria National Bank
Citizens National Bank
.
First National Bank
Appalachia—First National Bank....
Blackstone—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
DanvilleAmerican National Bank
First National Bank
Emporia—Citizens National Bank
Fredericksburg—Planters National
"Ronlr
Hampton—Merchants National Bank
Harrisonburg—First National Bank..
Leesburg—
Loudoun National Bank.
Peoples National Bank
Lexington—Rockbridge N a t i o n a l
Bank.
Martinsville—Peoples National Bank
Newport News—First National Bank
NorfolkNational Bank of Commerce
Seaboard National Bank
Norton—First National Bank
Petersburg—Virginia National Bank.
Portsmouth—American N a t i o n a l
Bank.
Pulaski—
Peoples National Bank
Pulaski National Bank
Richmond—
American National Bank
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.



Powers
granted

Salem—Farmers National Bank.
Ito9.
South BostonIto4.
Boston National Bank
_
Planters & Merchants National
Ito9.
Bank.
Ito9.
Staunton—
Ito9.
Augusta National Bank.
_
Ito9.
National Valley Bank
Warrenton—Farquier National Bank
Waynesboro—First National Bank...
Ito9.
WinchesterIto9.
Farmers & Merchants National
Ito4.
Bank.
Ito9.
Shenandoah Valley National
1 to 3, 5 to 9.
Bank.
1 to 4.
WEST VIRGINIA
Ito9.
Ito9.
(See also District No. 4)
Ito4.
Beckley—Beckley National Bank
Ito9.
Bluefield—
First National Bank
Flat Top National Bank
Charleston1 to 9.
Charleston National Bank
Citizens National Bank_
Ito9.
Kanawha National Bank
Ito4.
ClarksburgIto4.
Empire National Bank
1.
Merchants National Bank .
Ito9.
Union National Bank
Fairmont—National Bank of FairIto4.
mont.
Ito9.
Fairview—First National Bank.
Ito9.
Grafton—First National Bank
Ito3.
Huntington—First National Bank...
Madison—Madison National Bank__
Ito4.
Martirisburg—Old National Bank
1 to 6 and 9. Parkersburg—
First National Bank. _
Ito9.
Parkersburg National Bank
Ito4.
Second National Bank _
St. Marys—First National Bank
Ito9.
Welch—First National Bank
1 to 9.
Ito9.
DISTRICT NO. 6
Ito9.
Ito9.
ALABAMA
Ito9.
Anniston—
Anniston National Bank..
Ito9.
Commercial National Bank
Ito9.
Ito9.
First National Bank
Athens—First National Bank.
Ito4.
Bessemer—First National Bank in
Ito9.
Bessemer.
Birmingham—First National Bank
Ito4.
Cullman—Leeth National Bank
Ito9.
Florence—First National Bank..
Ito9.
Gadsden— First National Bank
Ito3.
Mobile—First National Bank
1.
Montgomery—First National Bank..
Oxford—First National Bank.
Piedmont—First National Bank . . .
Ito9.
Selma—City National Bank..
Ito9.
Talladega—Talladega National Bank.
Troy—First National Bank..
Ito4.
Tuscaloosa—
Ito9.
City National Bank
Ito9.
First National Bank
Ito9.
Ito9.

Ito9.
Ito9.
1 to 8.
Ito9.
1 to 9.
Ito9.
Ito9.
Ito9.
Ito4.

1 to 9.
1 to 9.
Ito9.
Ito9.
1 to 9.
1 to 9.
1 to 4.
Ito9.
Ito4.
1 to 9.
1 to 4.
Ito9.
1 to 9.
Ito4.
Ito9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.

1 to 7 and 9.
1 to 5, 7,
and 9.
Ito8.
1.
1 to 8.
1 to 9.
1 to 4.
1 to 8.
1 to 3.
1 to 8.
Ito9.
1 to 8.
Ito3.
1 to 8.
1 to 4.

1.

1 to 8.
1 to 8.

FLORIDA

Ito4.
Ito9.
1 to 9.
Ito9.
Ito4.

Bartow—Polk County National Bank
Bradentown—First National Bank...
Brooksville—First National Bank....
De Funiak Springs—First National
Bank.

1 to 9.
1 to 4.
1 to 8.
1 to 8.

202

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Powers
granted
DISTRICT NO. 6—Continued

DISTRICT NO. 6—Continued

MISSISSIPPI—continued

FLORIDA—continued

Jacksonville—
Atlantic National Bank
Barnett National Bank.
Florida National Bank..
_.
Miami—First National Bank
Miami Beach—Miami Beach First
National Bank.
Panama City—First National Bank .
Pensacola—Citizens & Peoples National Bank.
St. AugustineFirst National, Bank
_
St. Augustine National Barj)k
St. PetersburgCentral National Bank & Trust
Co.
First National Bank
_.
TampaExchange National Bank
First National Bank
Winter Haven—Snell National Bank.

Powers
granted

1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
4.
1 to 9.

Vicksburg—
National City Savings Bank & 1 to 9.
Trust Co.
National Peoples Savings Bank & 1 to 9.
Trust Co.
TENNESSEE

(See also District No. 8)

Copperhill—First National Bank of 1 to 3, 5 to 8.
Polk County.
Dickson—Citizens National Bank
1 to 8.
Fayetteville—
Elk National Bank...
1 to 3 and 5.
Ito9.
First National Bank
_. 1 to 3, 5 to 9.
Gallatin—First and Peoples National 1 to 9.
1 to 4.
Bank.
Greenville-^First National Bank
1 to 9.
Ito9.
Johnson City—Tennessee National 1 to 9.
.. 1 to 8.
1 to 3, 5 to 7. Bank.
Kingsport—First National Bank
1 to 7 and 9.
Knoxville—
GEORGIA
City National Bank
1.
AthensUnion National Bank
1 to 7 and 9.
Georgia National Bank
1 to 8.
McMinnville—Peoples N a t i o n a l 1 to3, 5to8.
National Bank of Athens....
1 to 4.
Bank.
AtlantaNashville—
Atlanta and Lowry National 1 to 8.
American National Bank
Ito9.
Bank.
Broadway National Bank
1 to 7 and 9.
Fourth National Bank
1 to 9.
Fourth & First National Bank... 1 to 8.
Fulton National Bank
1 to 9.
Tennessee-Hermitage National 1 to 4.
Barnesville—First National Bank
1 to 8.
Bank.
Brunswick—National Bank of Bruns- 1 to 9.
wick.
DISTRICT NO. 7
Carrollton—First National Bank
1 to 9.
Dalton—First National Bank
1 to 5.
ILLINOIS
|
Dawson—Dawson National Bank
1 to 3, 5 to 9.
Elberton—First National Bank
1 to 9.
(See also District No. 8)
Fitzgerald—
Exchange National Bank
_ 1 to 4.
1 to 9.
First National Bank
1 to 4, 6, 7. Amboy—First National Bank
Aurora—
and 9.
First National Bank
1 to 9.
La Grange—La Grange National 1 to 8.
Merchants National Bank
1 to 9.
Bank.
Old Second National Bank
1 to 9.
Louisville—First National Bank
1 to 9.
Batavia—
Macon—Fourth National Bank.
1 to 4.
Batavia National Bank
j 1 to 9.
Quitman—First National Bank
| 1 to 8.
First National Bank
j 1 to 8.
Winder—Winder National Bank
| 1 to £
Belvidere—
j
First National Bank
_
1 to 8.
LOUISIANA
Second National Bank
1 to 4.
Bushnell—First National Bank
1 to 9.
(See also District No. 11)
Cambridge—Farmers National Bank, l to 9.
CantonHammond—Citizens National Bank. 1 to 9.
Canton National Bank.. _
| 1 to 9.
Lake Charles—
First National Bank
1 to 8.
Calcasieu National Bank of 1 to 9.
Casey—First National Bank
1 to 4.
Southwest Louisiana.
Charleston—National Trust Bank- _. 1 to 9.
First National Bank
1 to 9.
ChicagoNew Orleans—Whitney-Central Na- 1 to 9.
Austin National Bank
1 to 9.
tional Bank.
Calumet National Bank
_„ 1 to 9.
First National B ank of E nglewood 1 to 4.
MISSISSIPPI
Lawndale National Bank
_._. 1 to 9.
National Bank of the Republic... 1 to 9.
(See also District No. 8)
Chillicothe—First National Bank
1 to 9.
I
DanvilleBiloxi—First National Bank
1 to 4.
First National Bank
. . 1 to 9.
Canton—First National Bank
1 to 4.
Palmer National Bank
Ito9.
Gulfport—First National Bank.
1 to 8.
Second National Bank
1 to 8.
Hattiesburg—Commercial National 1 to 9.
Decatur—
Bank.
Citizens National Bank
1 to 9.
Jackson—
Milliken National Bank
_. 1 to 4.
Capital National Bank
1 to 9.
National Bank of Decatur
_. 1 to 4.
First National Bank
| 1 to 9.
1 to 9.
Jackson State National Bank
1 1 to 7 and 9. Dixon—Dixon National Bank
Elrnhurst—First National Bank
1 to 9.
Laurel—
El Paso—
Commercial National Bank & 1 to 9.
First National Bank..
1 to 9
Trust Co.
Woodford County National Bank 1 to 9
First National Bank
_. 1 to 9.
Evanston—City National Bank.__..._ 1 to ft
Meridian—First National Bank
1 to 8.




1 to 9.
1 to 9.

203

FIDUCIARY POWEKS

Powers
granted

Powers
granted
DISTRICT NO. 7—Continued

DISTRICT NO. 7—Continued

ILLINOIS—continued

INDIANA—continued

Freeport—
First National Bank.
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 Bank
Kewanee—First National Bank
La Salle—La Salle National Bank
Lincoln—Lincoln National Bank
Macornb—Union National Bank
Marengo—First National Bank
Marseilles—First National Bank
Mattoon—National Bank of Mattoon.
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 Bank..
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.

Greencastle—First National Bank....
1 to 9.
Hammond—First National Bank
1 to 9.
Indiana HarborIndiana Harbor National Bank of
1 to 9.
East Chicago.
United States National Bank,
Ito9.
East Chicago.
1 to 7.
IndianapolisFletcher American National Bank
1 to 4.
Indiana National Bank of InIto9.
dianapolis.
1 to 9.
Kokomo—
Ito4.
Citizens National Bank.
1 to 9.
Howard National Bank
1 to 4.
La Fayette—First-Merchants Na1 to 9.
tional Bank.
1 to 9.
La Porte—First National Bank
Ito9.
Liberty—Union County National
1 to 4.
Bank.
1 to 3.
Linton—First National Bank
1 to 9.
Logansport—
Ito3.
City National Bank
Ito9.
First National Bank
Lowell1 to 9.
First National Bank in Lowell...
Ito8.
Lowell National Bank
1 to 9,
Marion—
1 to 3, 5 to 8.
First National Bank
Marion National Bank
Martinsville—First National Bank. .
Ito9.
Michigan City—Merchants National
Ito9.
Bank.
1 to 4.
Mishawaka—First National Bank...
Ito9.
Monrovia—First National Bank
Ito8.
Monterey—First National Bank
1 to 8.
Montezuma—First National Bank...
Montpelier—First National Bank
1 to 9.
Muncie—Delaware County National
1 to 9.
Bank.
1 to 9.
New Carlisle—First National Bank..
Noblesville—First National Bank....
INDIANA
Peru—First National Bank
Remington—Farmers National Bank_
(See also District No. 8)
RichmondFirst National Bank
Attica—Central National Bank
Second National Bank
1 to 9.
Batesville—First National Bank
Rising Sun—The National Bank of__
1 to 4.
Bloomington—First National Bank.. 1 to 7 and 9. Rochester—First National Bank
Brazil
Citizens National Bank
1 to 7.
Rockville—Rockville National Bank.
First National Bank. _ _ . . . Ito4.
Rushville—
Riddell National Bank
.._ 1 to 9.
American National Bank
Brookville—
Rush County National Bank
Franklin County National Bank. 1 to 4.
Rushville National Bank...
National Brookville Bank...
Russiaville—First National Bank
1 to 4.
Cambridge City—First National Bank Ito8.
Shelbyville—
Clay City—First National Bank
Farmers National Bank
1 to 9.
Columbia City—First National Bank 1 to 9.
First National Bank
Columbus—First National Bank
Sheridan—
Ito9.
C rawfords ville—
Farmers National Bank...
Citizens National Bank
First National Bank.
Ito4.
Elston National Bank.
South BendIto8.
First National Bank
_ 1 to 9.
First National Bank
Dana—First National Bank._
Merchants National Bank _.
Ito3.
Delphi—Citizens National Bank
Swayzee—First National Bank
1 to 9.
Dublin—First National Bank
Terre Haute—
Ito3.
T)yer—First National Bank
First National Bank
1 to 4.
Edinburg—Farmers National Bank._ Ito4.
McKeen National Bank..
Elkhart—First National Bank
Terre Haute National Bank
1 to 9.
Elwood—First National Bank
Thomtown—Home National Bank...
Ito8.
Fort Wayne—
Tipton—Citizens National Bank
First National Bank
Wabash—Farmers & Merchants
1 to 8.
Lincoln National Bank
National Bank.
1 to 8.
Old National Bank
Whiteland—Whiteland N a t i o n a l
Ito9.
Frankfort—American National Bank. 1 to 8.
Bank.
Franklin—Franklin National Bank.. 1 to 4.
Whiting—First National Bank
Gary—National Bank of America
Wilkinson—Farmers National Bank.
1 to 9.
Goshen—City National Bank
Winamac—First National Bank
Ito9.




1 to 9.
Ito4.
1 to 9.
Ito9.
1 to 7 and 9.
1 to 9.
1 to 4.
1 to 9.
1 to 8.
1 to 4.
1 to 3.
1 to 7.
Ito8.
1 to 8.
1 to 7.
Ito8.
Ito4.
1 to 9.
1 to 7.
1 to 9.
1 to 4.
1 to 4.
1 to 3, 5 to 9.
1 to 8.
1 to 9.
1 to 9.
1 to 3.
1 to 8.
1 to 9.
1 to 3, 5 to 8.
1 to 9.
1 to 4.
1 to 9.
1 to 5, 7, and
1 to 4.
1 to
1 to
1 to
1 to

9.
4.
4.
3.

1 to 9.
1 to 9.
1 to 8.
1 to 4.
1 to 4.
Ito9.
Ito9.
1 to 9.
Ito9.
Ito9.

Ito8.
Ito4.
Ito4.
Ito4.
1 to 7.
Ito3.
Ito8.

204

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Powers
granted

Powers
granted
DISTRICT NO. 7—Continued
IOWA

Arlington—American National Bank. Ito3.
Ito9.
Aurelia—First National Bank
2,3, 5 to 7.
Bancroft—First National Bank
Boone—First National Bank
__. Ito4.
Buffalo Center—First National Bank Ito9.
Burlington—Merchants N a t i o n a l Ito9.
Bank.
Cedar RapidsCedar Rapids National Bank
Ito9.
Ito4.
Merchants National Bank
Charles City—Commercial National Ito9.
Bank.
Charter Oak—First National Bank_. 1,2,3, and 5.
Ito9.
Cherokee—First National Bank
Ito4.
Clarence—First National Bank.__
ClintonIto4.
City National Bank
1 to 5.
Merchants National Bank
1 to 3, 5 to 9.
Colfax—First National Bank
Coon Rapids—First National Bank.. Ito3.
Council BluffsCity National Bank
Ito8.
Ito9.
First National Bank
Ito9.
Davenport—First National Bank
Decor ah—National Bank of Decorah. 1 to 9.
Des Moines—Des Moines National 1 to 8.
Bank.
Dubuque—
Ito9.
Consolidated National Bank
Ito9.
First National Bank
Ito9.
Elkader—First National Bank
Ito7.
Everly—First National Bank
Ito8.
Fairfield—First National Bank....
1 to 4.
Fonda—First National Bank
Ito9.
Fontanelle—First National Bank
Fort Dodge—Fort Dodge National Ito8.
Bank.
Ito3.
Gladbrook—First National Bank
Graettinger—First National Bank.... 1 to 9.
1 to 5, 7 to 9.
Greenfield—First National Bank
1 to 9.
Grinnell—Citizens National Bank
Griswold—Griswold National Bank.. 1 to 7 and 9.
Hampton—Citizens National Bank.. 1 to 9.
1,2,3,5 to 8.
Hawarden—First National Bank
1 to 4.
Humboldt—First National Bank
Independence—First National Bank. 1 to 4.
Ito3.
Indianola—First National Bank
Ito3.
Kanawha—First National Bank
Ito9.
Keokuk—Keokuk National Bank
Ito3,5to9.
LeMars—First National Bank
1 to 9.
Linn Grove—First National Bank
Manchester—First National Bank... Ito4.
1 to 4.
Marengo—First National Bank
Marshalltown—First National Bank. Ito3.
1 to 9.
Mason City—First National Bank
Ito3.
Milford—First National Bank
Montezuma—First National Bank...! 1 to 4.
Muscatine—First National Bank
I Ito9.
Newell—First National Bank
| Ito9.
New Sharon—First National Bank___! 1 to 7.
Newton—Clark National Bank.
j Ito9.
Odebolt—First National Bank
I Ito4.
Oelwein—First National Bank._...._j Ito7.
Oskaloosa—Oskaloosa National Bank 1 to 3.
Paullina—First National Bank
J 1 to 7 and 9.
Ito9.
Perry—Perry National Bank
1 to 4.
Peterson—First National Bank
1 to 4.
Red Oak—First National Bank
Ito8.
Remsen— First National Bank
Rippey—First National Bank
_ 1, 2, 3,5 to 8.
Rockwell City—Rockwell City Na- Ito9.
tional Bank.
1 to 3.
Royal—Citizens National Bank
1 to 8.
Ruthven—First National Bank.
1 to 9.
Sheffield—First National Bank
Ito3.
Sibley—First National Bank...




DISTRICT NO. 7—Continued
IOWA—continued
Sidney—National Bank of Sidney
1 to 9.
Sioux CityFirst National Bank
_
1 to 9.
Security National Bank
1 to 9.
Sioux National Bank
1 to 9.
Sioux Rapids—First National Bank.. 1 to 3.
Spencer—First National Bank
1 to 9.
Stanton—First National Bank.
I 1 to 4.
Storm Lake—Citizens National Bank.' 1 to 9.
Story City—First National Bank
; 1 to 4.
Thornton—First National Bank
1 to 9.
Tipton—City National Bank
; 1 to 8.
Washington—Washington National I 1 to 8.
Bank.
\
Waterloo—
j
Commercial National B a n k
! 1 to
First National Bank
_._.| 1 to
Leavitt & Johnson National Bank| 1 to
Waverly—First National Bank
| 1 to
Webster City—
[
Farmers National Bank
; 1 to
T h e First National Bank
| 1 to
MICHIGAN

4.
9.

I

(See also District N o . 9)

4.
7.
4.
4.

I

A n n Arbor—First National B a n k
|
Battle Creek—
j
Central National B a n k . .
|
City National B a n k
Old National B a n k
Bay City—First National B a n k
Benton Harbor—
American National B a n k
Farmers and Merchants Na- j
tional B a n k .
Birmingham—First National B a n k . .
Boyne City—First National B a n k . . .
Detroit—National B a n k of Commerce.
Flint—First National B a n k
Grand Rapids—
Grand Rapids National B a n k
Old National B a n k
_
Hillsdale—First National B a n k
Jackson—
National Union B a n k
Peoples National B a n k
Kalamazoo— First National B a n k
LansingCapital National B a n k
City National B a n k
Muskegon—
Hackley National B a n k
_.
Union National B a n k
Petoskey—First National B a n k
Pontiac—First National B a n k
Port Huron—First National B a n k in
Port H u r o n .
Rochester—First National B a n k
Saginaw—Second National B a n k
Traverse City—First National B a n k .

1 to 9.
1 to
1 to
1 to
1 to

4.
8.
9.
4.

1 to 9.
1 to
1 to
1 to
1 to

9.
4.
3.
8.

1 to 4.
1 to 9.
l a n d 4.
1 to 4.
1 to 9.
1 to 9.
1 to 9.
1 to 4.
1 to 9.
1 to
1 to
1 to
1 to
1 to

7 and 9*
9.
4.
9.
4.

1 to 4.
1 to 8.
1 to 3.

WISCONSIN

(See also District No. 9)
Antigo—
First National Bank
Langlade National Bank
Appleton—Citizens National Bank...
Beaver Dam—Old National Bank
Clintonville—First National Bank...
Darlington—First National Bank
Edgerton—First National Bank
|

1 to 8.
1 to 3, 5 to 8.
1 to 9.
1 to 4.
1 to 4.
1 to 8.
1 to 8.

205

FIDUCIARY POWERS

Powers
granted

Powers
granted
DISTRICT NO. 7—Continued

DISTRICT NO. 8—Continued

wisco NSIN—continued
Fond du Lac—
Commercial National Bank
First-Fond du LucNational Bank.
Hartford—First National Bank
Janesville—First National Bank
Manitowoc—First National Bank in
Manitowoc.
Marinette—First National Bank
MilwaukeeMarine National Bank
National Bank of Commerce
National Exchange Bank
Monroe—First National Bank
Neenah—National
Manufacturers
Bank.
Oshkosh—City National Bank
RacineFirst National Bank
Manufacturers National Bank...
Ripon—
American National Bank
First National Bank
Shawano—Wisconsin National Bank.
Sheboygan—Security National Bank.
Sparta—Farmers National Bank
Stevens Point—First National Bank.
Viroqua—First National Bank
Waukesha—
National Exchange Bank
__
Waukesha National Bank
Wausau—
American National Bank
_
First National Bank
West Bend—First National Bank
Wisconsin Rapids—First National
Bank.

ILLINOIS—continued
1 to 9.
Ito8.
1 to 7 and 9.
1 to 4.
1 to 9.
Ito9.
Ito9.
1 to 9.
Ito9.
Ito9.
1 to 3.
Ito4.
Ito9.
Ito9.
Ito9.
Ito9.
Ito8.
Ito9.
Ito9.
Ito8.
Ito9.

Carlinville—Carlinville National
Bank.
Carlyle—First National Bank
Carmi—National Bank of Carmi
Edwardsville—Edwardsville National Bank.
Highland—First National Bank
Jacksonville—Ayers National'Bank. _
Lawrenceville—First National Bank.
Lebanon—First National Bank
Marion—First National Bank
Mascoutah—FirsJ; National Bank
Metropolis—City National Bank
Mount Carmel—American National
Bank.
M ount Sterling—F ir st N ational B ank.
Murphysboro—First National Bank.
NashvilleFarmers & Merchants National
Bank.
First National Bank
Nokomis—Nokomis National Bank.
O'Fallon—First National Bank
Pittsfield—First National Bank
_
Quincy—Quincy-Ricker N a t i o n a l
Bank & Trust Co.
Sparta—First National Bank
Vandalia—First National Bank

1 to 4.
Ito8.
Ito9.
1.
Ito9.
Ito9.




Ito9.
1 to 9.
Ito8.
Ito9.
1 to 3,5 to 8.
1 to 9.
Ito9.

Ito9.
1 to 9.
1,2,3,5,6,7,
and 9.
Ito9.
Ito4.
Ito9.
Ito9.
1 to 9.
Ito9.
Ito4.
1 to 9.
1 to 4.
1 to 8.
1 to 9.
1 to 9.
1 to 3.
Ito9.
Ito9.
1 to 9.
1 to 3,5 to 7.
Ito8.

INDIANA

(See also District No. 7)

Bedford—Bedford National Bank
Bicknell—First National Bank
Evansville—
National City Bank
DISTRICT NO. 8
Old National Bank...
Farmersburg—First National Bank..
ARKANSAS
Jeffersonville—First National Bank..
Linton—First National Bank
_.
Batesville—First National Bank
1 to 7 and 9. Mitchell—First National Bank
Bentonville—First National Bank... Ito9.
Mount Vernon—Old First National
Corning—First National Bank
Bank.
Ito9.
El Dorado—First National Bank
New Albany—New Albany National
Ito9.
Fordyce—First National Bank
Bank.
1 to 4.
Fort SmithOrleans—National Bank of Orleans...
City National Bank
_ 1 to 9.
Poseyville—Bozeman Waters NaFirst National Bank.
tional Bank.
1 to 9.
Merchants National Bank
Princeton—
Ito9.
Hot SpringsFarmers National Bank
Arkansas National Bank
__ Ito9.
C itizens National B ank
Peoples American National Bank.
1 to 3, 5 to 9.
Jonesboro—First National Bank
Seymour1 to 9.
Lake Village—First National Bank.. 1 to 9.
First National Bank
Little RockSeymour National Bank
England National Bank
Sullivan—National Bank of Sullivan.
1 to 9.
Exchange National Bank „
Tell City—Citizens National Bank..
1 to 9.
Marianna—Lee County National 1 to 4.
Vevay—First National Bank
Bank.
Wadesville—The Farmers National
Mena—First National Bank
1.
Bank.
KENTUCKY
Newport—First National Bank
1 to 8.
North Little Rock—First National Ito9.
Bank.
(•See also District No. 4)
Paragould—First National B&nk
Ito9.
Paris—First National Bank...
Bowling Green—American National
1 to 9.
Pine Bluff—Simmons National Bank. Ito9.
Bank.
Texarkana—State National Bank
Columbia—First National Bank
Ito9.
Danville—
ILLINOIS
Citizens National Bank
Farmers National Bank.. .
Elizabethtown—First-Hardin Na(See also District No. 7)
Alton—Citizens National Bank
Anna—First National Bank
BellevilleFirst National Bank
St. Clair National Bank
Benld—First National Bank of Benld.
Breese—First National Bank
Cairo—Cairo National Bank..

Ito9.

nonai jjanK..

Glasgow—Farmers National Bank
Harrodsburg—First National Bank
Henderson—Henderson National
Bank.
Hopkinsville—First National Bank..
Lawrenceburg—
Anderson National Bank
Lawrenceburg National Bank

1 to 3,5 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 6 and 8.
Ito9.
1 to 7.
1 to 4.
1 to 8.
1 to 9.
1.
1, 3, 5, 6, 8,
and 9.
1,2,3,5,6, 7,
and 9.
Ito8.
1 to 9. .
Ito9.
1 to 7 and 9.
1 to 4.
1 to 9.
1 to 9.

1 and 4.
1 to 3,5 to 8.
1 to 9.
Ito8.
Ito9.
Ito4.
Ito9.
Ito9.
Ito9.
1 to 3,5 to 9.
Ito8.

206

ANNUAL REPORT OF THE FEDERAL BESEBVE BOAKD
Powers
granted

DISTRICT NO. 8—Continued

Powers
granted
DISTRICT NO. 9—Continued

KENTUCKY—continued

MINNESOTA

LebanonCitizens National Bank.
Marion National Bank
Louisville—
Citizens Union National Bank___
First National Bank
Louisville National Bank
National Bank of Kentucky
Mayfield—First National Bank.
Morganfield—Morganfield National
Bank.
Murray—First National Bank
Owensboro—First National BanK
Paducah—
City National Bank..
First National Bank
PrincetonsFarmers National Bank
First National Bank

Albert Lea—First National Bank
1 to 8.
1 to 4.
Alexandria—First National Bank _ _ 1 to 9.
1, 2, 3, 5, 6,
Ito4.
Argyle—First National Bank
7, and 9.
1 to 9.
Austin1 to 9.
1 to 9.
Austin National Bank
Ito9.
First National Bank
_ 1 to 8.
1 to 9.
1 to 9.
Bemidji—First National Bank
1 to 8.
Blooming Prairie—First National 1,2, 3, and 5
1 to 4.
Bank.
Ito5.
Chatfield—First National Bank
1 to 9.
Duluth—
1 to 9.
American Exchange National 1 to 8.
Bank.
Ito9.
1 to 9.
City National Bank
1 to 3.
First National Bank
_. 1 to 8.
1 to 9.
Minnesota National Bank.
1 to 9.
1 to 9.
Northern National Bank
1 to 3,5 to 9.
1 to 3, 5 to 7 Eveleth—First National Bank
Fairmont—Martin County National Ito9.
and 9.
Bank.
Fairbault—Security National Bank_. 1 to 9.

MISSISSIPPI

-F ergus A1 ans—•

(See also District No. 6.)
Greenville—First National Bank
Greenwood—The First N a t i o n a l
Bank.

1 to 4.

1.

MISSOURI

(See also District No. 10)
Boonville—Boonville National Bank.
Carrollton—First National Bank
Chillicothe—First National Bank
Columbia—
Boone County National Bank
Echange National Bank
._.
Hannibal—Hannibal National Bark.
Jefferson City—First National Bank.
Kirksville—Citizens National Bank..
Pierce City—First National Bank....
Ridgeway—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 __..___
TENNESSEE

(See also District No. 6.)
Memphis—
Central State National Bank
S outhern N ational B ank.
DISTRICT NO. 9
MICHIGAN

MinneapolisMetropolitan National Bank
Midland National Bank
Northwestern National Bank
Northfield—Northfield N a t i o n a l
Bank.
Ito4.
Owatonna—
1 to 4.
First National Bank.
Ito9.
National Farmers Bank
1 to 9.
Park Rapids—First National Bank..
1 to 8.
Red W i n g 1 to 9.
First National Bank
1 to 9.
Goodhue County National Bank
Rochester—First National Bank
1 to 4.
St. Cloud—Merchants National Bank
1 to 4.
St. Paul—Twin Cities National Bank.
St. Peter—First National Bank
1 to 9.
Stillwater—First National Bank
1 to 9.
Truman—Truman National Bank
Virginia—xVmerican Exchange NaIto9.
tional Bank.
Waseca—Farmers National Bank
1 to 4.
Welcome—Welcome National Bank..
1 to 3, 5 to 7. WTindom—First National Bank.
1 to 4.
Winona—Winona National Bank
1 to 3, 5 to 7
MONTANA
1 to 3.
"j j Z 11 -I « n n
.Diiiings—
Midland National Bank
Montana National Bank
Bozeman—Commercial N a t i o n a l
Bank.
Dillon—First National Bank
Great Falls—Great Falls National
1 to 4.
Bank.
1 to 9.
Kalispell—First National Bank
Missoula—•
First National Bank
Western Montana National Bank

1 to 9.
Ito8.
Ito9.

(See also District No. 7)
Manistique—First National Bank__
Marquette—
First National B a n k . , . . .
Union National Bank..
Menominee—First National Bank..
Negaunee—Negaunee National Bank




Fergus Falls National Bank
First National Bank
Hutchinson—Farmers National Bank
Lanesboro—First National Bank
Little F a l l s American National Bank.
First National Bank

Ito8.
1 to 9.
1 to 9.
1 to 3.
Ito9.
1, 2, 3, 5, 6,
8, and 9.
1 to 9.
1 to8.

4.

1 to 9.
1 to 9.
1 to 3, 5 to 9
Ito9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 8.
1 to 9.
1 to 9.
1 to 3, 5 to 8
1 to 9.
1 to 8.
Ito9
1 to 9.
1 to 9.
1 to 9.
1 to 4.
1 to 7 and 9
Ito4.
1 to 4.
1 to 7 and 9
Ito8.

NORTH DAKOTA

Ito4.
Ito9.
1 to 9.
Ito9.
Ito3.

Bismarck—First National Bank
Ellendale—First National Bank
Fargo—
First National Bank....
Merchants National Bank
Security National Bank

1 and 9.
Ito4.
Ito9.
1 to 9.
Ito9.

FIDUCIARY POWERS

207
Powers
granted

Powers
granted
DISTRICT NO. 10—Continued

DISTRICT NO. 9—Continued
NORTH DAKOTA—continued

COLORADO—continued

Forman—First National Bank
Grand Forks—First National BankJamestown—James River National
Bank.
Minot—
Second National Bank
Union National Bank

1 to 3.
Greeley—
1 to 9.
First National Bank
1 to 9.
Ito9.
Greeley National Bank
1 to 3, 5 to 7,
Ito4.
Union National Bank
and|9.
1 to 9.
Gunnison—First National Bank
Ito3.
Hugo—First National Bank
Ito9.
Idaho Springs—First National Bank. 1 to 4.
1 to 7 and 9. Lamar—Lamar National Bank
Ito9.
Las Animas—First National Bank... 1 to 9.
Longmont—American National Bank Ito9.
Loveland—
1 to 4.
1 to 4,6, and
First National Bank
1 to 4.
7.
1 to 9.
1 to 7.
Loveland National Bank
Ito4.
Ito9.
Mancos—First National Bank
1 to 9.
Montrose—Montrose National Bank. 1 to 9.
1 to 3.
Trustee.
Ordway—First National Bank
Ito9.
Sterling—Logan County National Ito9.
1 to 9.
1 to 7 and 9. Bank.
TrinidadIto3.
First National Bank
1 to 8.
Trinidad National Bank
Ito9.
Ito4.
Walsenburg—First National Bank... ltoQ.
1 to 3.
2 to 9.
KANSAS
Ito9.
Ito4.
Anthony—First National Bank
Atchison—City National Bank .... 1 to 9.
Coffeyville—
1 to 3,5 to 9.
Condon National Bank
1 to 3 and 5.
First National Bank
Emporia—
1 to 9.
1 to 9.
Citizens National Bank
1 to 7 and 9.
Commercial National Bank & 1 to 9.
Ito3.
Trust Co.
Fort Scott—Citizens National Bank. 1 to 7 and 9.
Ito9.
Goodland—Farmers National Bank. Ito4.
1 to 9.
1 to 9.
Great Bend—First National Bank
Ito9.
Ito4.
Horton—First National Bank
1 to 4.
Hutchinson—First National Bank
1 to 7.
Independence—Commercial National Ito9.
1 to 9.
Bank.
1 to 3.
Jewel City—First National Bank
Kansas City—Peoples National Bank 1 to 9.
Lawrence—
1 to 8.
•Lawrence National Bank
Ito8.
Merchants National Bank.,
1 to 4.
1 to 9.
Watkins National Bank
1 to 3.
Luray—First National Bank..
Ito4.
1 to 4.
Ottawa—Peoples National Bank
1 to 7.
1 to 3, 5 to 8. Paola—Miami County N a t i o n a l 1 to 9.
Bank.
1 to 4.
Pittsburg—National Bank of Com- 1 to 9.
merce.
1 to 4.
1 to 9.
Pratt—First National Bank
Sabetha—National Bank of Sabetha. Ito4.
Ito9.
Salina—
1 to 9.
Ito4.
Farmers National Bank
1 to 9.
1 to 9.
National Bank of America
1 to 9.
1 to 4.
Topeka—Farmers National Bank
Ito3.
Troy—First National Bank.
Ito7.
Ito9.
Wellington—First National Bank
1 to 9.
1 to 9.
Wichita1 to 9.
First National Bank.
1 to 9.
Fourth National Bank
Ito9.
Ito9.
Ito9.
1 to 8.
Winfield—First National Bank
1 to 9.
1 to 9.
MISSOURI
Ito7.
Ito4.
(See also District No. 8)

SOUTH DAKOTA

Aberdeen—Aberdeen National Bank.
Arlington—First National Bank
Canton—First National Bank
Colman—First National Bank..
Deadwood—'First National Bank
Flandreau—First National Bank
Lead—First National Bank
Miller—First National Bank
Rapid City—First National Bank
Sioux Falls—
Minnehaha National Bank
Security National Bank
Spearfish—American National Bank.
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 FallsFirst National Bank..
Lumbermens National Bank
Menomonie—First 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 SpringsColorado Springs National Bank
Exchange National Bank
First National Bank
Craig—Craig National Bank
DenverAmerican National Bank
Broadway National Bank
Colorado National Bank
Denver National Bank
First National Bank..
Globe 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 Bank
Fort Collins National Bank
Poudre Valley National Bank
Fort Morgan—First National Bank...
Grand Junction—Grand Valley National Bank.




Cameron—First National Bank
Carthage—Central National Bank
Ito4.
Joplin—Jqplin National Bank
Ito9.
Kansas City—
Columbia National Bank
1 to 7 and 9.
Drovers National Bank..
1 to 4.
Fidelity National Bank & Trust
1 to 9.
Co.
Ito4.

Ito3.
Ito3.
1 to 9.
1 to 4 and 9.
Ito4.
Ito9.

208

ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD
Powers
granted

Powers
granted

DISTRICT NO. 10—Continued

DISTRICT NO. 10—Continued

MISSOURI—continued

OKLAHOMA—continued

Oklahoma City—Continued.
._ I t o 9 .
Security National Bank
-.
1 to 9.
Tradesmens National Bank
Pond Creek—First National Bank...
Interstate National Bank
_ 1 to 9.
_
Liberty National Bank
1 to 7 and 9. Sallisaw—First National Bank
New England National Bank
1 to 9.
Shawnee—Shawnee National Bank__
Maryville—First National Bank
1 too.
Tulsa—
Neosho—First National Bank
1 to 9. "
Central National Bank
St. JosephExchange National Bank
American National Bank
1 to 4.
First National Bank
Burns National Bank..
Ito4.
Woodward—First National Bank
Tootle-Lacey National Bank
Ito8.
Kansas City—Continued.
First National Bank
Gate City National Bank

1 to 8.
1 to 7 and 9.
1 to 4.
Ito3,5to7.
1 to 9.
1 to 9.
1 and 4.
1, 2, and 4.
2 and 3.

WYOMING
NEBRASKA

Buffalo—First National Bank
Belden—First National Bank
1 to 3, 5 to 9. CasperButte—First National Bank
1 to 3.
Casper National Bank..
_
Columbus—First National Bank
1 to 9.
Citizens National Bank
Decatur—First National Bank
1 to 3.
Wyoming National Bank
Emerson—First National Bank
1 to 8.
CheyenneLincoln—Lincoln State N a t i o n a l 1 to 9.
American National Bank..
Bank.
First National Bank
.
Lyons—First National Bank
1 to 3.
Stock Growers National Bank _.
Madison—Madison National Bank__ 1 to 7 and 9. Cody—Shoshone National Bank
Nebraska City—Nebraska City Na- I t o 9 .
Evanston—First National Bank
tional Bank
Kemmerer—First National Bank
Norfolk—Norfolk National Bank
1 to 3.
Laramie—First National Bank
Omaha—
Powell—First National Bank
First National Bank.
1 to 4.
Rawlins—
Merchants National Bank
Ito4.
First National Bank
Omaha National Bank
1 to 9.
Rawlins National Bank
4.
United States National Bank
Rock SpringsOrd—First National Bank
1 to 4.
First National Bank
Pender—First National Bank.
1, and 3 to 7.
Rock Springs National Bank
Randolph—First National Bank
1 to 9.
Sheridan—
South Omaha—Stock Yards National 4.
First National Bank
Bank
Sheridan National Bank
Utica—First National Bank
Thermopolis—First National Bank__
2 and 3.

1 to 4.
1 to 4.
1 to 7.
1 to 4.
1 to 9.
Ito9.
1 to 9.
1 and 4.
1 to 3.
1 to 4.
1 to 3.
1 to 8.
1 to 9.
Ito3.
1 to 8.
1 to 9.
Ito9.
1 to 3, 5 to 9
1 to 9.

NEW MEXICO

DISTRICT NO. 11
(See also District No. 11)
ARIZONA

Gallup—First National Bank in Gallup.
Las Vegas—First National Bank
RatonFirst National Bank
..
National Bank of New Mexico._.
Santa Fe—First National Bank

2 and 3.
1 to 9.

(See also District No. 12)

Nogales—First National Bank
1 to 7 and 9. . TucsonArizona National Bank
2 and 3.
Consolidated National Bank
1 to 9.
(See also District No. 6)

Barfclesville—
First National Bank
Union National Bank
_.
Cleveland—First National Bank
EnidAmerican National Bank
Enid National Bank
Guthrie—First National Bank
Hominy—
First National Bank
_
National Bank of Commerce
Hooker—First National Bank
Lawton—City National Bank
_..

1 to 8.
4.

Shreveport—
Commercial National Bank
First National Bank

1 to 9.

1 to 4.
Ito4.

NEW MEXICO

1 to 9.

1

(See also District No. 10)

1 to 8.

Albuquerque—First National Bank..
1 to 3, 5 to 9. Silver City—American National Bank
1 to 9.
TEXAS
1 to 3 and 5.
1 to 3, 5 to 7,
Abilene—Citizens National Bank
and 9.
McAlester—
Amarillo—First National Bank
1.
American National Bank
Austin—American National Bank._ _
First National Bank
1 to 3, 5 to 7. Beaumont—
Miami—Ottawa County National 1 to 9.
First National Bank
Bank.
Texas National Bank
Muskogee—First National Bank
1 to 9.
Bonham—First National Bank
Oklahoma C i t y Brenham—First National Bank
American National Bank
1 to 3, 5, 7 to Brownsville—Merchants
National




Ito9.
1 to 4.

LOUISIANA

OKLAHOMA

(See also District No. 11)

Farmers National Bank.
First National Bank
Liberty National Bank

Ito8.

_ 1 to 4.
1 to 9.
1 to 9.

"Rant

1 to 7 and 9
2 and 3.

1 and 2.
1 to 4.
1 to 3.
1 to 4.
1 to 9.
1 to 3.
1 to 7 and 9
1.

-Brownwood—Citizens National Bank 1 to 9.
Cameron—Citizens National Bank... 1 to 9.
1 Clarksville—First National Bank
1 to 3, 5 to 8

209

FIDUCIARY POWERS
Powers
granted
DISTRICT NO. 11—Continued

DISTRICT NO. 12

TEXAS—continued
ColoradoCity National Bank
Colorado National Bank
Corpus Christi—Corpus Christi 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—
First National Bank
State National Bank
Fort Worth—
Farmers & Mechanics National
Bank.
First National Bank
Fort Worth National Bank
Stockyards National Bank
Galveston—
First National Bank
._
South Texas National Bank
United State National Bank
Granger—First National Bank
Greenville—Greenville National Exchange Bank.
Haskell—Haskell National B ank
HoustonNational Bank of Commerce
Second National Bank
South Texas Commercial B a n k . .
State National Bank
Union National Bank
Italy—First National Bank
Longview—First National Bank
McKinney—First National Bank
MarshallFirst National Bank_.__
Marshall National Bank
Orange—
First National Bank
Orange National Bank
Palestine—Royal National Bank
Port Arthur—First National Bank_._
San Angelo—
Central National Bank
First National Bank
San xVngelo National Bank
_
San Antonio—
Alamo National Bank
Frost National Bank
Lockwood National Bank
National Bank of Commerce
Sealy—Sealy National Bank
ShermanCommercial National Bank
Merchants & Planters National
Bank.
Stanton—First National Bank
Texarkana—Texarkana
National
Bank.
Troup—First National Bank
Tyler—Citizens National Bank
Victoria—Victoria National Bank
Waco—First National Bank
Waxahachie—Citizens National Bank
Wichita F a l l s City National Bank
First National Bank




Powers
granted

ALASKA

Fairbanks—First National Bank

l t o 9.

Ito4.
1 to 3, 5 to 7.
1 to 7.
1 to 4.
1 to 9.
1 to 9.
1 to 9.
1 to 4.
1 to 9.
1 to 9.
1 to 7 and 9.
1 to 9.
2 to 9.
1, 2, and 4.
1 to 4.
1 to 4.
Ito9.
1, 2, and 3.
1 to 9.
1 and 2.
1 to 4.
lto 3, 5 to 8.
1 to 7 and 9.
1 to 7 and 9
1 to 9.
1 to 9.
1 to 9.
l t o 9.
1 to 3,
and 8.
1 to 4.
l t o 3.
1 to 4.
l t o 9.
1 to 9.
1 to 4.
1 to 4.
1 to 4.
l t o 9.
l t o 3.
l t o 9.
1 to 9.
l t o 9.
l t o 9.
l t o 4.
1 to 3, 5 to 8.
l t o 9.
l t o 3.
l t o 9.
1.
l t o 3.
l t o 4.
1 to 9.
l t o 9.
l t o 9.
l t o 9.

ARIZONA

Winslow—First National Bank
CALIFORNIA

Anaheim—First National Bank
Calexico—First National Bank
Chico—First National Bank
Fullerton—Farmers & Merchants
National Bank.
Long B e a c h California National Bank
First National Bank
Los Angeles—
Commercial National Bank
Continental National Bank
Farmers & Merchants National
Bank.
Pacific National Bank
MountainView—First National Bank
Oakland—Central National Bank
Orland—First National Bank
Pleasanton—First National Bank
Redwood City—First National Bank
of Mateo County.
SacramentoCapital National Bank
National Bank of D. O. Mills &
Co.
.San FranciscoAnglo & London Paris National
Bank.
Bank of California, N. A
Crocker National Bank
Pacific National Bank
Santa Ana—First National Bank
Santa B a r b a r a County National Bank & Trust
Co.
First National Bank
Stockton—First National Bank

1 to 9.
4.
1 to 8.
4.
1 to 9.
l t o 9.
l t o 9.
4.
1 to 9.
1 to 9.
4.
1 to 9.
4.
4.
1 to 3, 5, 7
to 9.
1 to 9.
1 to 7 and 9.
1 to 9.
lto
lto
lto
lto

9.
9.
8.
9.

l t o 9.
l t o 9.
l t o 3, 5 to 7.

IDAHO

BoiseBoise City National Bank
First National Bank of Idaho
Pacific National Bank
Hagerman—First National Bank
Hailey—Hailey National Bank
Lewiston—Lewiston National Bank.
Moscow—First National Bank
Payette—First National Bank

l t o 9.
1 to 5.
l t o 9.
1.
1 to 3.
l t o 9.
l t o 4.
l t o 9.

NEVADA

Reno—Farmers & Merchants National Bank.
Tonopah—Nevada First National
Bank.

1 and 4.

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.

1 to 9.
l t o 9.
l t o 4.
1, 2, 3, 5, 6,
7, and 9.
l t o 3.
1, 2, 3, 5, Qr
7, a n d 9.

210

ANNUAL. REPORT OF THE <3?EDERAL EESERVE BOARD
Powers
granted

DISTRICT NO. 12—Continued

Powers
granted
DISTRICT NO. 12—Continued

OREGON—continued

WASHINGTON—continued

Okanogan—First National Bank
Olympia—Olympia National Bank__
Oroville—First National Bank
Pasco—First National Bank
Port Angeles—First National Bank..
Pullman—First National Bank
Rosalia—Whitman County National
SeattleDexter Horton National Bank__.
First National Bank
Marine National Bank
Metropolitan National Bank
National Bank of Commerce
National City Bank
Seattle National Bank
University National Bank

Ito9.
Ito9.
1 to 9.
Ito9.
1 to 9.
1 to 7.
Ito9.

Exchange National Bank
Fidelitv National Bank
Old National Bank
WASHINGTON
National Bank of Tacoma
Puget Sound National Bank
Bellingham—
Toppenish—First National Bank __.
American National Bank
1 to 3 and 9. Vancouver—Vancouver
National
Bellingham National Bank
1 to 4.
Bank.
First National Bank
1 to 5 and 9. Walla Walla—
Colfax—Farmers National Bank
. 1 to 4.
Baker-Boyer National Bank
Ellensburg—Washington National Ito3.
First National Bank
Bank.
Third National Bank
EverettWenatchee—First National Bank
First National Bank
Ito9.
Yakima—Yakima National Bank
Security National Bank.
1 to 9.
HAWAHAN ISLANDS
Hoquiam—First National Bank
Ito9.
First National Bank
Honolulu—PMrst National Bank of
Ito3.
Skagit National Bank
1 to 4.
Hawaii.

Ito9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
1 to 4.

McMinnville—United States National Bank.
Marshfield—First National Bank of
Coos Bay.
Medford—Medford National Bank...
Milton—First National Bank.
Ontario—First National Bank
American National Bank
First National Bank
PortlandFirst National Bank..
Peninsula National Bank
United States National Bank
West Coast National Bank
Salem—First National Bank in Salem

Ito9.
1 to 9.
Ito9.
1 to 4.
2 and 3.
1 to 4.
1 to 4.
Ito4.
1 to 9.
Ito9.
Ito9.
Ito9.

UTAH

Salt Lake CityContinental National Bank...... 1 to 4.
Deseret National Bank
_ Ito4.




Ito9.
Ito9.
Ito9.
1 to 7 and 9.
1 to 9.
Ito9.
1 to 4, 6, and
1 to9.

1 to 9.
1 to 9.
1, 3, and 4.
1 to 9.
Ito9.
Ito8.

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
Connecticut:
HartfordHartford Aetna National Bank.
Phoenix National Bank.
New Haven—First National Bank.
Norwich—Thames National Bank.
Maine:
PortlandCanal National Bank.
Portland National Bank.
Massachusetts:
Boston—
American Trust Co.
Atlantic National Bank.
Beacon Trust Co.
Citizens National Bank.
First National Bank.
Merchants National Bank.
National Shawmut Bank.
National Union Bank.
Old Colony Trust Co.

Massachusetts—Continued.
B oston—Continued.
Second National Bank.
State Street Trust Co.
Webster & Atlas National Bank.
Dedham—Dedham National Bank.
Fall River—Massasoit-Pocasset National Bank.
Fitchburg—Safety Fund National Bank.
New BedfordFirst National Bank.
Safe Deposit National Bank.
Springfield—Springfield National Bank.
Worcester—Merchants National Bank.
Rhode Island:
Providence—
Blackstone Canal National Bank.
Industrial Trust Co.
Merchants National Bank.
National Bank of Commerce.
Providence National Bank.
DISTRICT NO. 2

Connecticut:
BridgeportCity National Bank.
First National Bank.
New Jersey:
Hoboken—First National Bank.
Newark—National Newark & Essex Banking
Co.
New Brunswick—National Bank of New Jersey.
Paterson—
Hamilton Trust Co.
Paterson National Bank.
New York:
BuffaloManufacturers & Traders National Bank.
New York C i t y American Exchange National Bank.
Bank of America.
Bank of Manhattan Co. (Manhattan Co.).
Bank of New York & Trust Co.
Bankers Trust Co.
Central Union Trust Co.
Chase National Bank.
Chemical National Bank.

New York—Continued.
New York City—Continued.
Corn Exchange Bank.
Equitable Trust Co.
Farmers Loan & Trust Co.
Fifth Avenue Bank.
Fifth National Bank.
First National Bank.
Garfield National Bank.
Grace National Bank.
Guaranty Trust Co.
Harriman National Bank.
Irving Bank-Columbia Trust Co.
Mechanics & Metals National Bank.
National Bank of Commerce.
National City Bank.
National Park Bank.
New Netherland Bank.
New York Trust Co.
Pacific Bank.
Seaboard National Bank.
U. S. Mortgage & Trust Co.
Utica—
First National Bank & Trust Co.
Utica Trust & Deposit Co.

DISTRICT NO. 3
Pennsylvania:
PhiladelphiaCorn Exchange National Bank.
First National Bank.
Fourth Street National Bank.
Girard National Bank.

Pennsylvania—Continued.
Philadelphia—Continued.
Market Street National Bank.
Philadelphia National Bank.
Tradesmen's National Bank.
DISTRICT NO. 4

Kentucky:
Lexington—Phoenix National Bank & Trust
Co.
Ohio:
Cincinnati—
Fifth-Third National Bank.
Union Trust Co.
ClevelandBrotherhood of Locomotive Engineers
Cooperative National Bank.
Central National Bank, Savings & Trust
Co.
Cleveland Trust Co.
Guardian Savings & Trust Co.
Union Trust Co.
Columbus—
City National Bank.




Ohio—Continued.
Columbus—Continued.
Ohio National Bank.
Toledo—Commerce Guardian Trust & Savings
Bank.
Pennsylvania:
Braddock—First National Bank.
Greensburg—First National Bank.
PittsburghBank of Pittsburgh, N. A.
First National Bank.
Mellon National Bank.
Pittsburgh Trust Co.
Union National Bank
Union Trust Co.
West Virginia:
Wheeling—Wheeling Bank & Trust Co.

211

212

ANNUAL. REPORT OF THE FEDERAL RESERVE BOARD
DISTRICT NO. 5

Maryland:
Baltimore—
Atlantic Exchange Bank & Trust Co.
Baltimore Commercial Bank.
Baltimore Trust Co.
Citizens National Bank.
Drovers & Mechanics National Bank.
Farmers & Merchants National Bank.
Maryland Trust Co.
Merchants National Bank.
National Bank of Baltimore.
National Marine Bank.
National Union Bank of Maryland.
Western National Bank.
North Carolina:
Wilmington—Murchison National Bank.
South Carolina:
Charleston—
Bank of Charleston, N. B. A.
Peoples National Bank.

South Carolina—Continued.
Orangeburg-^-Edisto National Bank.
Rock Hill—Peoples National Bank.
Virginia:
Danville—First National Bank.
Hampton—Merchants National Bank,
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
Louisiana:
Alabama:
Albany—Central National Bank.
Jennings—Jennings National Bank.
New Orleans—
Decatur—City National Bank.
American Bank & Trust Co.
Huntsville—Henderson National Bank.
Canal Commercial Trust & Savings Bank.
Mobile—Merchants Bank.
Hibernia Bank & Trust Co.
Montgomery—First National Bank.
Interstate Trust & Banking Co.
Troy—Farmers & Merchants National Bank.
Marine Bank & Trust Co.
Florida:
New Orleans Bank & Trust Co.
Jacksonville—Atlantic National Bank.
Whitney-Central National Bank.
Pensacola—Citizens & Peoples National Bank.
New Roads—The Pointe Coupee Trust & SavGeorgia:
ings Bank.
Albany—Albany Exchange National Bank.
Mississippi:
AtlantaAtlanta National Bank.
Vicksburg—Merchants National Bank.
Fourth National Bank.
Tennessee:
Macon—
Chattanooga—
Fourth National Bank.
First National Bank.
Macon National Bank.
Hamilton National Bank.
SavannahClarksville—First National Bank.
Citizens & Southern Bank.
Citizens Trust Co.
Savannah Bank & Trust Co.
Valdosta—First National Bank.
DISTRICT NO. 7
Illinois:
Illinois—Continues.
Chicago—
Peoria—Merchants & Illinois National Bank.
Chicago Trust Co.
Indiana:
Continental & Commercial National Bank.
Brazil—The Riddell National Bank.
Drovers National Bank.
Indianapolis—Fletcher-American N a t i o n a l
Bank.
First National Bank.
Michigan:
Foreman National Bank.
DetroitHarris Trust & Savings Bank.
First National Bank.
Illinois Merchants Trust Co.
National Bank of Commerce.
National Bank of the Republic.
Wisconsin:
National City Bank.
Milwaukee—First Wisconsin National Bank.
Union Trust Co.
DISTRICT NO. 8

M issouri— C ontinued.
Arkansas:
St. Louis—Continued.
Pine Bluff—Peoples Savings Bank & Trust Co.
Merchants-Laclede National Bank.
Mississippi:
Mississippi Valley Trust Co.
Ittabena—First National Bank.
National Bank of Commerce.
Missouri:
Tennessee:
St. LouisMemphis—
First National Bank in St. Louis.
Central-State National Bank.
Liberty Central Trust Co.
Union & Planters Bank & Trust Co.
Mercantile Trust Co.
DISTRICT NO. 9

Minnesota:
MinneapolisFirst National Bank in Minneapolis.
Northwestern National Bank.




M innesota— C ontinued.
St. PaulFirst National Bank.

ACCEPTANCES TO 100 PER CENT

213

DISTRICT NO. 10

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 National Bank.

Colorado:
Denver—Denver National Bank.
Kansas:
Hutchinson—First National Bank.
Lawrence—Lawrence National Bank.
Missouri:
Kansas CityCommerce Trust Co.

DISTRICT NO. 11

Arizona:
Nogales—First National Bank.
Texas:
Austin—American National Bank.
Brownwood—First National Bank in Brownwood.
Corpus Christi—State National Bank.
DallasAmerican Exchange National Bank.
City National Bank.
Dallas National Bank.
Republic National Bank.
The Southwest National Bank.
Eagle Pass—First National Bank.
El Paso—First National Bank.
Fort WorthFarmers & Mechanics National Bank.
Fort Worth National Bank.
Stockyards National Bank.
Gainesville—First National Bank.

Texas—C ontinued.
Galveston—South Texas National Bank.
Hillsboro—Citizens National Bank.
Honey Grove—State National Bank.
HoustonFirst National Bank.
Houston National Bank.
National Bank of Commerce.
Second National Bank.
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
Oregon—Continued.
California:
Portland—Continued.
Los AngelesLadd & Tilton Bank.
First National Bank.
Northwestern National Bank.
Merchants National Bank.
United States National Bank.
San FranciscoWashington:
American Bank.
SeattleAnglo & London-Paris National Bank.
Dexter Horton National Bank.
Bank of California, N. A.
Crocker National Bank.
First National Bank.
First National Bank.
National Bank of Commerce.
Mercantile Trust Co.
Seattle National Bank.
Wells Fargo Bank & Union Trust Co.
Spokane—
Santa Barbara—First National Bank.
Exchange National Bank.
Oregon:
Old National Bank.
PortlandSpokane & Eastern Trust Co.
First National Bank.
Tacoma—National Bank of Tacoma.




PERSONNEL AND SALARIES
SALARIES OF OFFICERS AND EMPLOYEES OF THE FEDERAL RESERVE
BOARD AS OF DECEMBER 31, 1924
OFFICE OF SECRETARY

Walter L. Eddy, secretary
J. C. Noell, assistant secretary
Staff:
1 at $4,500
1 at $4,000
1 at $3,600
1 at $3,200
2 at $3,000
1 at $2,700
1-at $2,650
1 at $2,400
1 at $2,200
1 at $2,150
1 at $2,000
1 at $1,905
8 at $1,800
7 at $1,600
1 at $1,500
1 at $1,400
1 at $900
1 at $820
1 at $660

$10, 000. 00
5, 400. 00
4, 500. 00
4, 000. 00
3, 600. 00
3, 200. 00
6, 000. 00
2, 700. 00
2, 650. 00
2, 400. 00
2, 200. 00
2, 150. 00
2, 000. 00
1, 905. 00
14, 400. 00
11, 200. 00
1, 500. 00
1, 400. 00
900. 00
820. 00
660. 00

1

$83, 585. 00

OFFICE OF GENERAL COUNSEL

Walter Wyatt, general counsel
Edgar W. Freeman, assistant counselGeorge B. Vest, assistant counsel
Staff:
1 at $2,200
1 at $2,000
1 at $1,800
1 at $1,600
1 at $1,500

$9, 000. 00
6, 000. 00
4, 000. 00
2, 200. 00
2, 000. 00
1, 800. 00
1, 600. 00
1, 500. 00

28, 100. 00

OFFICE OF FISCAL AGENT

William M. Imlay, fiscal agent
Oliver E. Foulk, deputy fiscal agent
Staff:
1 at $2,000
1 at $1,660

$4, 500. 00
3, 900. 00
2, 000. 00
1, 660. 00

12, 060. 00

OFFICES OF MEMBERS OF THE BOARD

Staff:
2 at $3,000
1 at $2,900
1 at $2,850
1 at $2,700
1 at $2,600
1 at $2,5001 at $2,000
2 at $1,800
1 at $1,600
214



-__-__-

$6, 000. 00
2, 900. 00
2, 850. 00
2, 700. 00
2, 600. 00
2,500.00
2, 000. 00
3, 600. 00
1, 600. 00
26, 750. 00

PERSONNEL, AND SALARIES

215

DIVISION OF BANK OPERATIONS

Edward L. Smead, chief of division
John R. Van Fossen, assistant chief
Staff:
1 at $3,500
2 at $2,700
1 at $2,400
2 at $2,200
2 at $2,100
1 at $2,000
1 at $1,905
2 at $1,700
5 at $1,600
4 at $1,500
1 at $1,400
1 at $1,380
1 at $1,300

$7, 000. 00
4, 500. 00
3, 500. 00
5, 400. 00
2, 400. 00
4, 400. 00
4, 200. 00
2, 000. 00
1, 905. 00
3, 400. 00
8, 000. 00
6, 000. 00
1, 400. 00
1, 380. 00
1, 300. 00
$56, 785. 00

DIVISION OF EXAMINATION

James F. Herson, chief of division and chief Federal
reserve examiner
$12, 000. 00
Examiners:
James Buchanan
8, 000. 00
W. J. Donald
7,000. 00
Ralph M. Chapman
5, 000. 00
P. A. Gordon
5, 000. 00
Frank J. Drinnen
5, 000. 00
Assistant examiners:
2 at $4,200
8, 400. 00
1 at $4,000
4, 000. 00
2 at $3,900
7, 800. 00
2 at $3,300
6, 600. 00
3 at $3,200
9, 600. 00
3 at $3,000
9, 000. 00
3 at $2,400
7, 200. 00
Office staff:
1
1
1
1

at $2,200
at $2,100
at $1,920
at $1,500

2,
2,
1,
1,

200.
100.
920.
500.

00
00
00
00
102, 320. 00

DIVISION OF RESEARCH AND STATISTICS

Walter W. Stewart, director of division
E. A. Goldenweiser, assistant director
Staff:
1 at $5,000
1 at $4,000
1 at $3,600
1 at $3,000__
1 at $2,900
1 at $2,700
3 at $2,500
1 at $2,400
2 at $2,000
4 at $1,800
1 at $1,700
3 at $1,680
3 at $1,600
3 at $1,500
1 at $1,440
1 at $1,300
2 at $1,200
1 at $900
36569—25t
15



$10, 000. 00
6, 000. 00
5, 000. 00
4,000. 00
3, 600. 00
3, 000. 00
2, 900. 00
2, 700. 00
7, 500. 00
2, 400. 00
4, 000. 00
7,200. 00
1, 700. 00
5, 040. 00
4, 800. 00
4, 500. 00
1,440. 00
1, 300. 00
2,400. 00
900. 00
80, 380. 00

216

ANNUAL REPORT OF THE FEDERAL. RESERVE BOARD
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
2 at $1,620
9 at $1,500
6 at $1,440
4 at $1,380
2 at $1,320
2 at $1,200
1 at $1,080
2 at $1,020

__

$4, 100. 00
2, 760. 00

__

2, 280. 00
1, 920. 00
_
1,860.00
1,800.00
3, 240. 00
_ _ _ 13,500.00
8,640.00
5, 520. 00
2, 640. 00
2, 400. 00
1,080.00
__ 2,040.00

___

$53, 780. 00
EMPLOYEES DETAILED

Redemption Division, Office of the Comptroller of the
Currency:
MESSENGERS

4 at $1,440
1 at $1,300
1 at $1,250
7 at $1,200. _ __ _
1 at $1,080
1 at $1,000.

760. 00
300. 00
250. 00
400 00
080. 00
000. 00

$5
1
8
1
1

18, 790. 00

CHARWOMEN

2 at $240
1 at $375.60

$480. 00
375. 60

Total.

._

855. 60
465, 445. 60

___ _

SALARIES OF OFFICERS AND EMPLOYEES OF FEDERAL RESERVE
BANKS AS OF DECEMBER 31, 1924 AND 1923
(Exclusive of temporary employees.)
ALL FEDERAL RESERVE BANKS AND BRANCHES COMBINED
Number

Annual salaries

Officers and employees
1924

Officers:
Chairman and Federal reserve agent
Governor
Other officers
Employees by departments:
Banking department
Federal reserve agen t 's department
Auditing department__
Fiscal agency department
Total
Fiscal agency department officers and employees whose
salaries are reimbursed by the Treasury Department:
Officers
Employees
Other employees whose salaries are reimbursed to bank
Grand total.

_




12
12
293. 62

1923

1924

1923

12
12
309. 23

$232,000
313, 000
1, 987,180

$229,000
309,000
2,005,196

9,218
311
260.5

9, 904.17
344
315
526. 76

12, 969, 257
706, 724
540, 722
695,038

13, 459, 381
743, 574
609,876
866, 719

10, 506. 95

11, 423.16

17, 443,921

18, 222, 746

1.38
78.17
174. 50

2.77
429. 74
140. 33

5,500
142, 530
187, 372

14,374
721, 767
143,981

17,779,323

19,102,868

10, 761

11,996

PERSONNEL, AND SALARIES

217

FEDERAL RESERVE BANE OF BOSTON (INCLUDING HABANA AGENCY)
A n n u a l salaries

Number
Officers and employees
1924

Officers:
Chairman and Federal reserve agent.
Governor.__.
Other officers
Employees by departments:
Banking department
Federal reserve agent's department._
Auditing department
Fiscal agency department

612
32
8
29

1923

RESERVE BANK

13

$18,000
25,000
77, 040

$18,000
25,000
99,040

639
31
16
41

828,150
70,440
17,040
53, 280

838,110
65,440
32, 220
67,144

694

742

1, 088, 950

1,144,954

4

17

6, 300

25, 680

698

Grand total.

759

1, 095, 250

1,170, 634

O F N E W YORK (INCLUDING BUFFALO

Officers:
Chairman and Federal reserve agent.
Governor
Other officers
Employees by departments:
Banking department
Federal reserve agent's department __
Auditing department
Fiscal agency department

i

1
1
38

BRANCH)

$30,000 |
50,000
392,100 I

$30, 000
50, 000
409, 500

2,327
65 !
64

2,352.5
3,353,051 j
69
148,460 ,
72 !
147,010
140
|
186,940 !

3,374,423
150,350
159,040
261,110

2,591

2,673.5

4,434,423

II
35 i

Total _
Fiscal agency department employees whose salaries are
reimbursed by the Treasury Department
Other employees whose salaries are reimbursed to bank.
Grand total

I

1
1
11

Total
Fiscal agency department employees whose salaries are
reimbursed by the Treasury Department-.

FEDERAL

1924

1923

_

7
55
2,653

43
21. 5
2,738

4,307,561 j

15,770 !
57, 380 j
4, 380, 711

89,920
23, 590
4, 547, 933

FEDERAL RESERVE BANK OF PHILADELPHIA
Officers:
Chairman and Federal reserve agent _
Governor
Other officers
Employees by departments:
Banking department
Federal reserve agent's department. _
Auditing department
Fiscal agency department
Total
j
Fiscal agency department employees whose salaries are I
reimbursed by the Treasury Department
|
Grand total.

1
1
11

1
1
12

$15, 000
25, 000
93, 000

$15, 000
25, 000
95, 300

663
45
32
27

683
54
32
36

882,940
90, 478
64, 430
38, 800

900, 825
110,144
62, 550
49, 910

780

819

1, 209,648

4

17

8,480

784

1, 218,128

1,258, 729
31, 520
1, 290, 249

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 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
25

$25, 000
30,000
176, 980

$25, 000
30, 000
170, 270

823
22
26
28

897
28

1,177, 261
53,914
61,452
52,188

1,193, 582
64,500
64, 896
78, 516

926

1,033

1, 576, 795

1, 626, 764

23

72
28

956

1,133

13, 800 !
28,277 j

1,618,872

123, 918
30,338
1,781,020

218

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

FEDERAL RESERVE BANK OF RICHMOND (INCLUDING BALTIMORE BRANCH)
Number

Annual salaries

Officers and employees
1923

Officers:
Chairman and Federal reserve agent_
Governor
Other officers
Employees by departments:
B anking department
Federal reserve agent's department. _.
Auditing department
Fiscal agency department
Total
Fiscal agency department employees whose salaries are
reimbursed by the Treasury Department
Other employees whose salaries are reimbursed to bank..
Grand total

1924

1
1
19

1
1
23

578
11
18
16

624
14
18
16

11 !

.

34
738

$15, 000
18,000
134, 700

701,
24,
33,
22,

380
680
720
020

726, 250
28, 560
33, 270
18,150

942, 300

644 ;

$15, 000
20,000
125, 500

973, 930

16, 650
5, 460 j
964, 410

49, 370
3,840
1, 027,140

FEDERAL RESERVE BANK OF ATLANTA (INCLUDING B I R M I N G H A M , JACKSONVILLE
NASHVILLE, AND NEW ORLEANS BRANCHES AND HABANA AND SAVANNAH AGENCIES)

Officers:
Chairman and Federal reserve agent_
Governor
Other officers.
Employees by departments:
Banking department
Federal reserve agent's department-.
Auditing department
Fiscal agency department

1
1
31

$15,000
20,000
170,120

$12,000
18,000
159, 300

329
11
13.5
11.33

369
9
17
19

400, 690
25,100
25,500
19, 700

421, 500
19, 580
29,040
26,080

398. 83

447

676,110

685, 500

3.67
5.5

25

5, 220
8,100

37,980

472

689, 430

723,480

1
1
32

Total
Fiscal agency department employees whose salaries are
reimbursed by the Treasury Department
Other employees whose salaries are reimbursed to bank..
Grand total

408

FEDERAL RESERVE BANK OF CHICAGO (INCLUDING DETROIT BRANCH)
Officers:
Chairman and Federal reserve agent.
Govern or
Other officers
Employees by departments:
Banking department
Federal reserve agent's department...
Auditing department
Fiscal agency department

I
1
1
39

Grand total




___j

$24,000
35,000
286, 600

$24,000
35,000
276, 650

1,230
50
27
59

Total
|
Fiscal agency department employees whose salaries are |
reimbursed by the Treasury Department
i
Other employees whose salaries are reimbursed to bankJ

1
1
41
1,464
61
38
55

1, 806, 351
113, 070
58, 780
103, 960

2,018,430
122, 98
70, 860
88, 660

1,407

1,661

2,427, 761

2, 636, 580

5
31

50
15

10, 520
34, 380

93, 580
13,200

1,443

1, 726

2, 472, t

2, 743, 360

219

PERSONNEL AND SALARIES

FEDERAL RESERVE BANK OF ST. LOUIS (INCLUDING LOUISVILLE, MEMPHIS AND LITTLE
ROCK BRANCHES)
Number

Annual salaries

Officers and employees
1924

1924

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

1923

1
1
26

Grand total

578

659,300
28, 060
21,780
48, 760

708,956
29,700
17,940
52, 580

633

934, 420

985,716

22

572

$18,000
25, 000
133, 540

543
13
13
36

Total
Fiscal agency department employees whose salaries are
reimbursed by the Treasury Department

$18,000
25,000
133,520

11,260

36, 720

655

945, 680

1,022,436

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
16.62

_.

Total
Fiscal agency department officers and employees whose
salaries are reimbursed by the Treasury Department:
Officers
Employees
Grand total

1
1
15.5

$15,000
20,000
91, 500

$15,000
20,000
80,200

315
10
11
18

357. 5
12
12
18

423,169
20,700
20,860
23,900

437,498
23,380
21,200
23,704

372. 62

417

615,129

620,982

5,500
11,700

9,000
91,754

632,329

721, 736

1.38
8.0

1.5
69.5

382

_

FEDERAL RESERVE BANK OF KANSAS CITY (INCLUDING DENVER, OKLAHOMA CITY
AND OMAHA BRANCHES)
Officers:
Chairman and Federal reserve agent
Governor
Other officers
Employees by departments:
Banking department
Federal reserve agent's 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
25

1
1
26

$15,000
20, 000
133, 240

$15,000
20,000
133, 820

507
15
18
29

560
15
18
32

743, 045
32, 702
32,640
52,460

809, 377
32,040
30,120
60, 680

596

653

1, 029, 087

11
51

41
66

21,300
52, 275

658

760

1,102, 662

1,101, 037
73,560
68,663
1, 243, 260

220

ANNUAL REPORT OF THE FEDERAL. RESERVE BOARD

FEDERAL RESERVE BANK OF DALLAS (INCLUDING EL PASO AND HOUSTON BRANCHES)
Number

Annual salaries

Officers and employees
1924

Officers:
Chairman and Federal reserve agent. _.
Governor.
Other officers
Employees by departments:
B anking department
Federal reserve agent's department
Auditing department
Fiscal agency department.

.

1923

1
1
20

1
1
21

1924

1923

$18, 000
18, 000
99, 700

$18, 000
18,000
103,350

408
16
16
17.5

Total
Fiscal agency department employees whose salaries are
reimbursed by the Treasury Department
Other employees whose salaries are reimbursed to bank.
Grand total

452. 17
15
21
26.25

568, 260
39, 500
32,190
28, 830

623,470
36, 620
39,420
43,650

479.5

537. 42

804,480

882, 510

11, 330

29, 660
2,850

815, 810

915, 020

16. 75 .
1.83

6.5

556

486

FEDERAL RESERVE BANK O F SAN FRANCISCO (INCLUDING LOS ANGELES, P O R T L A N D ,
SALT LAKE CITY, SEATTLE, AND S P O K A N E 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
37.73

$24, 000
25, 000
207, 880

938
23
12
36

963
23
28
56.51

1, 425, 660
59, 620
25, 320
64, 200

1, 406,
60,
49,
96,

1,046

1,110 24

1, 831, 680

1, 871, 621

0

1.27
22.49
1

10, 200
1,500

5,374
38,105
1, 500

1, 843, 380

1,916, 600

_.

Total
Fiscal agency department officers and employees whose
salaries are reimbursed by the Treasury Department:
Officers-_
Employees. ___
Other employees whose salaries are reimbursed to bank.
Grand total _

$24, 000
25, 000
209, 526

1
1
35

1
1,052

1,135

960
280
320
535

SALARIES OF NATIONAL BANK EXAMINERS, AS OF DECEMBER 31,
1924
DISTRICT No.l

—BOSTON

Norwin S. Bean, chief examiner
$8, 500
1 examiner at $5,500, 1 examiner at $4,500, 1 examiner at
$4,200, 3 examiners at $3,900, 1 examiner at $3,600, 3 examiners at $3,000
38, 500
DISTRICT. N O . 2 — N E W

$47, 000

YORK

Owen T. Reeves, jr., chief examiner
1 examiner at $7,000, 1 examiner at $6,500, 2 examiners at
$6,000, 1 examiner at $5,500, 1 examiner at $5,000, 1 examiner at $4,500, 1 examiner at $4,200, 3 examiners at
$3,900, 2 examiners at $3,600, 1 examiner at $3,300, 4 examiners at $3,000, 1 examiner at $2,700, 1 examiner at
$2,400

20,000

84,000
104, 000

DISTRICT N O . 3—PHILADELPHIA

Stephen L. Newnham, chief examiner
3 examiners at $5,500, 2 examiners at $5,000, 2 examiners at
$4,500, 1 examiner at $4,200, 1 examiner at $4,000, 1 examiner at $3,900, 2 examiners at $3,300, 2 examiners at
$3,000__
__ __
_ __



13, 000

60,200

73, 200

PERSONNEL. AND SALARIES

221

DISTRICT NO. 4—CLEVELAND

Thomas C. Thomas, chief examiner
$9, 000
1 examiner at $5,250, 1 examiner at $5,0.00, 1 examiner at
$4,500, 1 examiner at $4,200, 1 examiner at $4,000, 3 examiners at $3,900, 1 examiner at $3,600, 1 examiner at
$3,300, 3 examiners at $3,000, 1 examiner at $2,750
53, 300

$62, 300

DISTRICT NO. 5—RICHMOND

Edwin F. Rorebeck, chief examiner, Washington, D. C
10, 000
1 examiner at $6,000, 1 examiner at $4,500, 4 examiners at
$4,200, 2 examiners at $3,900, 2 examiners at $3,600, 2 examiners at $3,300, 1 examiner at $3,000, 1 examiner at
$1,200
_
53, 100

63, 100

DISTRICT NO. 6—ATLANTA

Ellis D. Robb, chief examiner
9, 000
1 examiner at $4,800, 2 examiners at $4,500, 4 examiners at
$3,900, 1 examiner at $3,600, 1 examiner at $2,700
33, 000

42, 000

DISTRICT NO. 7—CHICAGO

Howard M. Sims, chief examiner
13, 000
1 examiner at $8,500, 1 examiner at $5,100, 1 examiner at
$5,000, 1 examiner at $4,800, 4 examiners at $4,500, 3 examiners at $4,200, 2 examiners at $4,000, 3 examiners at
$3,900, 1 examiner at $3,600, 1 examiner at $3,300, 1 examiner at $3,000, 2 examiners at $2,700
89, 000
102,000
DISTRICT NO. 8—ST. LOUIS

John S. Wood, chief examiner
13,000
1 examiner at $5,500, 2 examiners at $5,000, 2 examiners at
$4,500, 1 examiner at $4,200, 1 examiner at $3,900, 1 examiner at $3,300, 1 examiner at $3,000, 1 examiner at
$2,700
41, 600

54, 600

DISTRICT NO. 9—MINNEAPOLIS

B. K. Patterson, chief examiner
4 examiners at $5,000, 1 examiner at $4,200, 1 examiner at
$4,000, 1 examiner at $3,900, 3 examiners at $3,600, 5 examiners at $3,000, 1 examiner at $2,700, 1 examiner at
$2,400

8, 500

63,000
71, 500

DISTRICT NO. 10—KANSAS CITY

L. K. Roberts, chief examiner
3 examiners at $6,000, 2 examiners at $4,800, 1 examiner at
$4,000, 2 examiners at $3,900, 3 examiners at $3,600,3 examiners at $3,300, 4 examiners at $3,000, 2 examiners at
$2,700, 1 examiner at $2,400

13, 000

79, 900

92, 900

DISTRICT NO. 11—DALLAS

R. H. Collier, chief examiner
1 examiner at $5,500, 1 examiner at $5,400, 1 examiner at
$5,000, 3 examiners at $4,800, 1 examiner at $4,500, 3 examiners at $3,600, 3 examiners at $3,300, 1 examiner at
$3,000



12, 000

58, 500

70, 500

222

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
DISTRICT N O . 12—SAN FRANCISCO

Thomas E. Harris, chief examiner
$12, 000
1 examiner at $7,000, 1 examiner at $6,000, 1 examiner at
$5,500, 2 examiners at $5,000, 2 examiners at $4,800, 1
examiner at $4,500, 2 examiners at $4,300, 2 examiners at
$4,000, 1 examiner at $3,800, 1 examiner at $3,600, 2
examiners at $3,000, 1 examiner at $2,400
75, 000

$87, 000

RECAPITULATION

Examining staff:
Chief examiner, at $15,000 per annum
Assistant chief examiners—
At $9,500 per annum
At $8,500 per annum
At $7,000 per annum
At $6,000 per annum
At $5,800 per annum
Office of Comptroller, at $3,300 per annum

1
1
1
1
1
1
3

Total
Chief examiners of districts—
At $20,000 per annum
At $13,000 per annum
At $12,000 per annum
At $10,000 per annum
At $9,000 per annum
At $8,500 per annum
Total
Other examiners—•
At $8,500 per annum
At $7,000 per annum
At $6,500 per annum
At $6,000 per annum
At $5,500 per annum
At $5,400 per annum
At $5,250 per annum
At $5,100 per annum
At $5,000 per annum
At $4,800 per annum
At $4,500 per annum
At $4,300 per annum
At $4,200 per annum
At $4,000 per annum
At $3,900 per annum
At $3,800 per annum
At $3,600 per annum
At $3,300 per annum
At $3,000 per annum
At $2,750 per annum
At $2,700 per annum
At $2,400 per annum
At $1,200 per annum

9
1
4
2
1
2
2

12 141,000
1
2
1
7
8
1
1
1
14
9
16
2
13
8
23
1
18
14
27
1
7
4
1

1

Total
Total examining staff
Total salaries
Examiners detailed to War Finance Corporation
Examiners acting as receivers
Examiners on leave without pay
.
* In addition, there are 25 national bank examiners not receiving salaries.




61, 700

180 729, 100
l

201
931, 800
6
17
2

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
J. W. MCINTOSH,

Comptroller of the Currency.

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

MILLER.
HAMLIN.
JAMES.
CUNNINGHAM.

WALTER W. STEWART,

WALTER L. EDDY, Secretary.

J. C. NOELL, Assistant Secretary.
J. F. HERSON,

Director, Division of Research and
Statistics.
E . A. GOLDENWEISER,

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

W. M. IMLAY, Fiscal Agent.

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

Chief, Division of Bank Operations.

FEDERAL ADVISORY COUNCIL
[Elected for the year 1925]

District No. 1.— Charles A. Morss, vice president Simplex Wire & Cable Co.,
Boston, Mass.
District No. 2.— Paul M. Warburg, chairman International Acceptance Bank,
New York, N. Y.
District No. 3.—:Levi L. Rue, president Philadelphia National Bank, Philadelphia, Pa.
District No. 4.— George A. Coulton, vice president Union 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. Frank O. Wetmore, president First National Bank, Chicago,
111.
District No. 8.— Breckinridge Jones, president Mississippi Valley Trust Co.,
St. Louis, Mo.
District No. 9.— G. H. Prince, chairman Merchants National Bank, St. Paul,
Minn.
E.
District No. 10.— F. Swinney, president First National Bank, Kansas City,
Mo.
W. M. McGregor, president First National Bank, Wichita
District No. 11.—
Falls, Tex.
Henry S. McKee, president Barker Bros., Los Angeles, Calif.
District No. 12.—
-16
223
36569—25f




224

ANNUAL REPORT OF T H E FEDERAL RESERVE BOARD

OFFICERS AND DIRECTORS OF FEDERAL RESERVE BANKS 1
DISTRICT NO. 1—FEDERAL RESERVE BANK OF BOSTON
FREDERIC H. CURTISS, Chairman and Federal Reserve Agent. ALLEN HOLLIS, Deputy
W. P. G. HARDING, Governor

Director

Chairman.

Term
expires
Dec.
31—

Residence

Class A:
Frederick S. Chamberlain..
Alfred L. Ripley
Edward S. Kennard
Class B:
E. R. Morse
Philip R. Allen..
Charles G. Washburn
Class C:
Chas. H. Manchester
Frederic H. Curtis.
Allen Hollis

New Britain, Conn.
Boston, Mass.
Rumford, Me

1925
1926
1927

Proctor, Vt
East Walpole, Mass..
Worcester, Mass

1925
1926
1927

Providence, R. I.

1925
1926
1927

Boston, Mass
Concord, N. H .

HAVANA (CUBA) AGENCY
HORACE E. SNOW, Manager

DISTRICT NO. 2—FEDERAL RESERVE BANK OF NEW YORK
PIERRE JAY, Chairman and Federal Reserve Agent. W M . L. SAUNDERS, Deputy Chairman.
BENJAMIN STRONG, Governor

Class A:
Gates W. McGarrah
R. H. Treman.
Delmer Runkle .
. ._
Class B:
Owen D. Young
Theodore F. Whitmarsh .
Samuel W. Reyburn
Class C:
Pierre Jay
Wm L Saunders
Clarence M . Woolley , .

New York, N. Y
Ithaca, N. Y . . .
_
Hoosick Falls, N. Y

.

New York, N. Y
.do
.do..
.do
do
.do

. .

...

...

1925
1926
1927
1925
1926
1927
1925
1926
1927

BUFFALO BRANCH
W. W. SCHNECKENBURGER, Managing Director
Buffalo, N . Y .
do
do
Warsaw, N. Y .
Buffalo, N. Y__
do

W W. Schneckenburger.
Harry T. Ramsdell
John A. Kloepfer
Wolcott J. H u m p h r e y . . .
Carlton M . Smith
Elliott C. McDotfgal
Arthur Hough

Batavia, N. Y_.

1925
1925
1925
1926
1926
1927
1927

DISTRICT NO. 3—FEDERAL RESERVE BANK OF PHILADELPHIA
RICHARD L. AUSTIN, Chairman and Federal Reserve Agent. CHAS. C. HARRISON, Deputy Chairman.
GEORGE W. NORRIS, Governor

Class A:
John C. Cosgrove
Jos. Wayne, jr..
Francis Douglas..
Class B:
AlbaB. Johnson...
Edwin S. Stuart
Charles K. Haddon
Class C:
H. L. Cannon.
R. L. Austin
Chas. C. Harrison..
1

Johnstown, Pa
Philadelphia, Pa..
Wilkes-Barre, Pa.

_.

I
Philadelphia, Pa
|
do
|
do
Bridgeville, Del...
Philadelphia, Pa..
do.

Includes directors elected in December, 1924, for the 3 year term beginning January 1, 1925.




1925
1926
1927
1925
1926
1927
1925
1926
1927

225

DIRECTORY
DISTRICT NO. 4—FEDERAL RESERVE BANK OF CLEVELAND

D. C. WILLS, Chairman and Federal Reserve Agent. LEWIS BLAIR WILLIAMS, Deputy Chairman.
E. R. FANCHER, Governor

Director

Class A:
Chess Lamberton_
Robert Wardrop..
O. N. Sams
Class B:
R. P. Wright
Geo. D. Crabbs...
John Stambaugh..
Class C:
L. B. Williams....
D. C. Wills
W. W. Knight

Term
expires
Dec.
31—

Residence

Franklin, Pa
Pittsburgh, P a . .
Hillsboro, Ohio..

1925
1926
1927

Erie, Pa..
Cincinnati, Ohio
Youngstown, Ohio.
Cleveland, Ohio.,
do..
Toledo, Ohio..

1925
1926
1927
1925
1926
1927

C I N C I N N A T I BRANCH
L. W. MANNING, Managing Director
L. W. Manning
E. S. Lee
Hon. Judson Harmon
Chas W DuPuis
John Omwake
A. Clifford Shinkle
George M. Verity

Cincinnati, Ohio
Covington, Ky
Cincinnati, Ohio
do
do
.
do..
Middletown, Ohio

_
_. .

_

_

1925
1925
1925
1926
1926
1927
1927

PITTSBURGH BRANCH
GEORGE D E C A M P , Managing Director
George DeCamp
Chas. D. Armstrong.
Chas. W. Brown
Joseph R. Eisaman..
James D. Callery
R. B. Mellon
Joseph R. Naylor

Pittsburgh, Pa..
do
_
do.
Greensburg, P a . . .
Pittsburgh, Pa
do
Wheeling, W. Va.

1925
1925
1925
1926
1926
1927
1927

DISTRICT NO. 5—FEDERAL RESERVE BANK OF RICHMOND
W M , W. HOXTON, Chairman and Federal Reserve Agent.

FREDERIC A. DELANO, Deputy Chairmant

GEORGE J. SEAT, Governor

Class A:
John F. Bruton
L. E. Johnson
Charles E. Rieman
Class B:
Edwin C Graham
D. R. Coker.
Edmund Strudwick
Class C.Robert Lassiter.....
WTD \y Hoxton
Frederic A. Delano. . .

Wilson, N. C .
Alderson, W. Va
Baltimore, Md

1925
1926
1927

Washington, D. C
Hartsville, S. C .
Richmond, Va

1925
1926
1927

Charlotte, N. C

1925
1926
1927

T< i o\\ rn o n d. V a

Washington, D. C_ B A L T I M O R E BRANCH
ALBERT H. DUDLEY, Managing Director

Albert H. Dudley...
Levi B. Phillips....
Wm. H. M a t t h a i . .
Carter G. Osburn..
Edmund P. CohilL.
Henry B. Wilcox...
John G. Rouse




Baltimore, Md.
Cambridge, M d .
Baltimore, Md...
.do.
Hancock, Md...
Baltimore, Md.
do

1925
1925
1925
1926
1926
1927
1927

226

ANNUAL REPORT OF T H E FEDERAL RESERVE BOARD
DISTRICT NO. 6—FEDERAL RESERVE BANK OF ATLANTA

OSCAR NEWTON, Chairman and Federal Reserve Agent. W. H. KETTIG, Deputy Chairman.
M. B. WELLBORN, Governor

Director

Term
expires
Dec.
31—

Residence

Class A:
P. R. Kittles
Eugene R. Black..
Class B:
W.H.Hartford...
Leon C. Simon
J. A. McCrary
Class C:
W. H. Kettig.....
Oscar Newton
Lindsey Hopkins.

Sylvania, Ga_.
Atlanta, Ga...

1925
1926
1927

Nashville, Tenn..
New Orleans, La_.
Decatur, Ga

1925
1926
1927

Birmingham, Ala.
Atlanta, Ga
do

1925
1926
1927

NEW ORLEANS BRANCH
MARCUS WALKER, Managing Director

Marcus Walker..
J. P. Butler, jr
P. H. Saunders . .
F. W. Foote
L. C. Simon
R. S. Hecht
Albert P. Bush . . .

New Orleans, La__
do

_.

do . .
_ Hattiesburg, Miss
New Orleans, L a , . .
do
Mobile, Ala.

BIRMINGHAM

.
. .

1925
1925
1925
1926
1926
1927
1927

BRANCH

A. E . W A L K E R , Managing Director
A. E . Walker
John H . Frye
W . H . Kettig
W . W . Crawford
Oscar Wells
T . O. Smith
John P . Kohn
JACKSONVILLE

BRANCH

GEORGE R . D E S A U S S U R E , Managing Director
Jacksonville, F l a .
Leesburg, Fla
Jacksonville, F l a .
do.
do
do
Tampa, Fla..

George R . DeSaussure.
G. G. W a r e . . .
J. C. Cooper
E d w a r d W . Lane
Fulton Saussy
C. P . Kendall..
L . C. Edwards

1925
1925
1925
1926
1926
1927
1927

NASHVILLE BRANCH
JOEL B. FORT, jr., Managing Director

Joel B. Fort, jr
T. A. Embry
W. H. Hartford...
E. A. Lindsey
P. M. Davis

_
_•
_
•
„

J . E . Caldwell

Joseph A. Chapman




_ Nashville, Tenn
Winchester, Tenn..
_ Nashville, Tenn
do.. .
do
do...
Columbia, Tenn
SAVANNAH AGENCY
ROBT. N. GROOVER, Manager

HAVANA (CUBA) AGENCY
L. C. ADELSON, Manager

1925
1925
1925
1926
1926
1927
1927

227

DIRECTORY
DISTRICT NO. 7—FEDERAL RESERVE BANK OF CHICAGO

WILLIAM A. HEATH, Chairman and Federal Reserve Agent. JAMES SIMPSON, Deputy Chairman.
JAMES B. MCDOUGAL, Governor

Class A:
Charles H. McNider
E. L. Johnson
George M. Reynolds
Class B:
S. T. Crapo.
Robert Mueller
A. H. Vogel
Class C:
F. C. Ball
James Simpson
Wm. A. Heath

Term
expires
Dec.
31—

Residence

Director

Mason City, Iowa
Waterloo, Iowa
Chicago, 111..
_. Detroit, Mich
_..
Decatur, 111
Milwaukee, Wis.
Muncie, Ind
Chicago, 111
do

_

_.
_.

1925
1926
1927
1925
1926
1927
1925
1926
1927

DETROIT BRANCH
WM. R. CATION, Managing Director

Wm. R. Cation
Julius H. Haass
Chas. H. Hodges
John W. Staley
N. P.Hull
George B. Morley
Harry H. Bassett

.!

Detroit, Mich..
do
do

1925
1925
1925
1926
1926
1927
1927

do
Lansing, Mich.
Saginaw, Mich.
Flint, Mich

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:
John C. Martin
John G. Lonsdale
J. C. Utterback
Class B :
W. B. Plunkett
LeRoy Percy
_..
Rolla Wells
Class C:
C. P. J. Mooney.
John W. Boehne
William McC. Martin

- - - -

Salem, 111
St. Louis, Mo
Paducah, K y
Little Rock, Ark
Greenville, Miss
St. Louis, Mo

.

Memphis, Tenn
E vans ville, I n d . . .
St. Louis, Mo

.--

1925
1926
1927

.
.

1925
1926
1927
1925
1926
1927

LOUISVILLE B R A N C H
W. P. KINCHELOE, Managing Director
W. P . Kincheloe
Attilla Cox
E. L. Swearingen
Eugene E. Hoge
William Black

Max B. Nahm
E.H. Wood___._

Louisville, Ky.
.do.,
.do..
Frankfort, Ky

I Louisville, Ky
._
Bowling Green, K y .
1
Lucas, Ky

1925
1925
1925
1926
1926
1927
1927

MEMPHIS BRANCH
V. S. FuQUA, Managing Director
V. S. Fuqua
J. W. Vandem
T. K. Riddick........
John D. McDowell...
S. E. Ragland
R. Brinkley Snowden.
E. M. Allen



' Memphis, Tenn.
| Jackson, Tenn...
Memphis, Tenn..
do
.do..
.do
Helena, Ark.

1925
1925
1925
1926
1926
1927
1927

228

A N N U A L REPORT OF T H E

FEDERAL, RESERVE BOARD

DISTRICT NO. 8.—FEDERAL RESERVE BANK OF ST. LOUIS—Continued
LITTLE ROCK BRANCH
A. F. BAILEY, Managing Director

Director

Term
expires
Dec.
31—

Residence

Little Rock, Ark
do
do
Texarkana, Ark
Little Rock, Ark
.do.
Hot Springs, Ark

A. F. Bailey
J. E. England, jr
Moorhead Wright
Stuart Wilson
C. S. McCain
John M. Davis
Hamp Williams

1925
1925
1925
1926
1926
, 1927
I 1927

DISTRICT NO. 9—FEDERAL RESERVE BANK OF MINNEAPOLIS
JOHN R. MITCHELL, Chairman and Federal Reserve Agent. HOMER P. CLARK, Deputy Chairman.
R. A. YOUNG, Governor
Class A:
Theodore Wold
J. C. Bassett
Wesley C. McDowell
Class B:
F. R. Bigelow
N. B. Holter
F. P. Hixon
Class C:
George W. McCormick
John R. Mitchell
Homer P. Clark.

I

Minneapolis, Minn
! Aberdeen, S. Dak
j Marion, N. Dak
j
' St. Paul, Minn
!
Helena, Mont
LaCrosse, Wis
Menominee, Mich..
Minneapolis, Minn
St. Paul, Minn

_-

1925
1926
1927

_

1925
1926
1927
1925
1926
1927

.

HELENA BRANCH
R. E. TOWLE, Managing Director
Helena, Mont
Great Falls, Mont
Billings, Mont
Helena, Mont
Butte, Mont
Helena, Mont
1
do

R. E . Towle
L e e M . Ford
H . W. Rowley..
R. O. Kaufman.
C. J. KellyT . A. Marlow
Henry Sieben

! 1925
I 1925
1925
1926
I 1926
1927
1927

DISTRICT NO. 10.—FEDERAL RESERVE BANK OF KANSAS CITY
M. L. MCCLURE, Chairman and Federal Reserve Agent. HEBER HORD, Deputy Chairman.
W. J BAILEY, Governor
Class A:
Frank W. Sponable
E. E. Mullaney
J. C. Mitchell
Class B:
J. M. Bernardin
Harry W. Gibson
Thomas C. Byrne
Class C:
Fred O. Roof
M. L. McClure
Heber Hord

^

|
i Paola, Kans
: Hill City, Kans
! Denver, Colo

1925
1926
1927

Kansas City, M o . . .
Muskogee, Okla
Omaha, Nebr

1925
1926
1927

Denver, Colo
Kansas City, M o . . .
Central City, Nebr.

1925
1926
1927

DENVER BRANCH
J. E. OLSON, Managing Director
J. E . Olson
Harry Farr
Murdo MacKenzie
A. C. Foster
R. H. Davis
C. C. Parks
William L. Petriken

-




• Denver, Colo
Greeley Colo
i Denver, Colo
'
do
|
do
do
:
do

I 1925
; 1925
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!

229

DIRECTORY
DISTRICT NO. 10.—FEDERAL RESERVE BANK OF KANSAS CITY—Continued
OMAHA BRANCH
L. H. EARHART, Managing Director

Director

L H. Earhart
A. H. Marble
W J Coad
T L Davis
J. E. Miller..
R 0 Marnell
A J Weaver

-

Term
expires
Dec.
31—

Residence

- Omaha, Nebr
Cheyenne, Wyo_.
- -. Omaha, Nebr
do
- Lincoln, Nebr
Nebraska City, Nebr
Falls City, Nebr

.--

..-

-..
_
_

_

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OKLAHOMA CITY BRANCH
C. E . DANIEL, Managing Director
Oklahoma City, Okla.
Guthrie, Okla..
Oklahoma City, Okla..
do
.—.do...
do
Okmulgee, Okla

C. E . Daniel
Ned Holman
E. K. T h u r m o n d .
Walter Ferguson..
Frank B u t t r a m . . .
William Mee
W. A. Stewart

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1927

DISTRICT N O . 11—FEDERAL RESERVE BANK OF DALLAS
LYNN P . TALLEY, Chairman and Federal Reserve Agent. CLARENCE E . LINZ, D e p u t y Chairman.
B. A. M C K I N N E Y , Governor
Class A:
W. H . Patrick
Howell E . Smith
J. H . Frost
Class B :
Marion Sansom
J. J. Culbertson
Frank Kell
Class C:
Lynn P Talley
Clarence E . Linz. .
S. B . Perkins

_

__

..

Clarendon, Tex
McKinney, Tex _
San Antonio, Tex

_

Foit Worth, Tex
_. Paris, Tex
Wichita Falls, Tex .

1925
1926
1927

Dallas, Tex
. _. . .
do
_ , _ . . . . do

-

1925
1926
1927

1925
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1927

EL PASO BRANCH
DWIGHT P. REORDAN, Managing Director

_ _

El Paso, Tex

__
_.

Dwight P. Reordan
E M Hurd
W. W. Turney
E. A. Cahoon
A. P. Coles
George D. Flory
H. L. Kokernot

do
Roswell, N . Mex
El Paso, Tex
. do
Fort Davis, Tex

1925
1925
1925
1926
1926
1927
1927

do

_

HOUSTON BRANCH
FRED HARRIS, Managing Director

Fred Harris
Guy M.Bryan..
R. M. Farrar
E. F. Gossett
J. Cooke Wilson
Fred W. Catterall
E. A. Peden

. ...
.

... .
.... - _




Houston, Tex
do

do
do
Beaumont, Tex._.
Galveston, Tex
Houston, Tex

..

1925
1925
1995
192b
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230

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.
J. U. CALKINS, Governor

Term
expires
Dec.
31—

Residence'

Director

Class A:
C K Mclntosh
J. S. Macdonnell
Howard Whipple
Class B :
E. H. Cox
A B C Dohrmann
Wm. T. Sesnon
Class C:
^V^m Sproule
John Perrin
Walton N . Moore

San Francisco, Calif
--- Pasadena, Calif
Turlock, Calif

______

Madera, Calif
San Francisco, Calif
do

1925
1926
1927

_

do
, . do
do

_

1925
1926
1927

_ .

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1926
1927

. _

PORTLAND BRANCH
FREDERICK GREENWOOD, Managing Director
Portland, Oreg..
do..
.do
do
do
Baker, Oreg...
Eugene, Oreg.

Frederick Greenwood.
Edward Cookingham.
Jos. N. Teal
J. C. Ainsworth
Nathan Strauss
William Pollman
A. C. Dixon

1925
1925
1925
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1926
1927
1927

SEATTLE BRANCH
C. R. SHAW, Managing Director
C. R. Shaw
Chas E Peabody
M. F. Backus
M . A. Arnold
Chas. H . Clarke
E W Purdy
Charles E . Gaches

Seattle, Wash _
do

do

_ _

. _

do
do

Bellinghain, Wash T
Mount Vernon, W ash .__ _ _

1925
1925
1925
1926
1926
1927
1927

SPOKANE BRANCH
W. L. PARTNER, Managing Director
W. L. Partner
R L McGregor. _ _
Peter Rutter
C. E. McBroom
G I Toevs
Charles L. McKenzie
E. H . Van Ostrand

__

__

Spokane, W^ash
do
Hooper, Wash.
Spokane, Wash
do
Colfax, Wash
Coeur d'Alene, Idaho

._

_
_

_______

1925
1925
1925
1926
1926
1927
1927

SALT LAKE CITY BRANCH
R. B. MOTHERWELL, Managing Director
R. B. Motherwell
L. H. Farnsworth...
G.G.Wright
Charles H. Barton _.
Lafayette Hanchett.
J. S. Bussell
Chapin A. Day

Salt Lake City, U t a h .
do
do

Ogden, Utah
Salt Lake City, U t a h .
Pocatello, Idaho
Ogden, Utah

1925
1925
1925
1926
1926
1927
1927

LOS A N G E L E S B R A N C H
C. J. SHEPHERD, Managing Director
C. J. Shepherd
Henry M. Robinson.
Isaac B. Newton
J. F. Sartori
.__
F. J. Belcher, jr
E. M. Lyon




Los Angeles, Calif,.
do
do
.do
San Diego, Calif.
Redlands, Calif..

1925
1925
1925
1926
1927
1927

COURT OPINIONS
OPINION OF UNITED STATES DISTRICT COURT IN ATLANTA PAR CLEARANCE CASE

In the District Court of the United States for the Northern District of Georgia
Pascagoula National Bank, plaintiff, v. Federal Reserve Bank of Atlanta et al. r
defendants. No. 295. In Equity
The handling of checks between Federal reserve banks and nonmember banks
of the reserve system was dealt with in American Trust & Banking Co. v. Federal
Reserve Bank of Atlanta, 256 U. S. 350; 262 U. S. 643, and in Farmers & Merchants Bank of Monroe v. Federal Reserve Bank of Richmond, 262 U. S* 649.
The present case involves the handling of checks between the Federal reserve
bank and one of its members under Regulation J of the Federal Reserve Board.
That regulation, adopted to execute the collection and clearing house powers
granted in section 13 and section 16 of the Federal reserve apt, requires that each
Federal reserve bank shall exercise the function of a clearing house and collect
checks on terms and conditions particularly set forth, whose effect, so far as here
material, is that such reserve bank will receive at par, checks which can be collected at par, and only such whether they be sent by its own member and affiliated
banks, or by, or for the account of, other reserve banks, and whether the checks
are drawn on its own member banks or nonmember banks, and that the checks
sent each reserve bank will be counted as reserve or become available for withdrawal by the bank sending them (subject to final payment) only in accordance
with a time schedule based on experience of the average time required to collect
checks drawn on the different points. The observance of this regulation by the
Reserve Bank of Atlanta results in a refusal by it to permit the complainant, one
of its members, to deduct the previously charged "exchange" or compensation
for remitting payment for checks drawn on complainant, and prevents complainant getting immediate credit for checks sent by it to the reserve bank when drawn
on points at a distance from Atlanta, whereby it loses the use of the credit during
the period of delay. The complainant contends, first, that by the provision of
section 16 of the reserve act, it is entitled to immediate credit, at par, for checks
drawn on any of the depositors in the Reserve Bank of Atlanta, no matter at what
distance from Atlanta the drawee may be. Second, that under the Hardwick
amendment of section 13, it has the right to make a charge for remitting payment
to the Reserve Bank of Atlanta of checks drawn on itself when these are not the
property of the reserve bank, but are handled for collection. Third, that under
section 13 the Reserve Bank of Atlanta has no right to have or collect any checks
drawn on complainant which come to the reserve bank from a source outside of
the sixth reserve district. Fourth, that if the reserve act authorizes this deprivation of complainant's right to charge for remittance, it takes its property without
due process of law, contrary to the Constitution. We consider these contentions
in order.
1. The provision of section 16, which is claimed to require the immediate
credit of checks is: "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." Complainant, being a member bank, claims immediate credit, at par, for all the checks and drafts on the depositors of the Reserve
Bank of Atlanta, who are either member banks of the sixth reserve district,
the United States, or other reserve banks. Regulation J allows immediate
credit for Government checks and vouchers, and for items payable in the city
where the reserve bank is located. When payable at a distant point the item
is deferred for the number of days indicated on the time schedule, and then
credited without any deduction (subject to final payment) whether returns
have been actually received or not. Are these latter items "received on deposit
at par"? Section 5 of Regulation J states the terms on which checks sent to
a reserve bank "for deposit or collection" will be handled, the first being: "A
Federal reserve bank will act only as agent of the bank from which it receives
such checks, and will assume no liability except for its own negligence and its




231

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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

guaranty of prior indorsements." A check so received and handled is reallyreceived for collection and not on deposit in the common sense of the word,
meaning general deposit in which arises the relation of debtor and creditor, not
that of principal and agent. Webster's International Dictionary: "Deposit."
In a general deposit the check on indorsement and delivery to the banker becomes
at once the property of the banker, who owes the depositor the face of the check,
or other agreed sum, and becomes bound to honor the depositor's checks therefor.
New York v. Massey, 192 U. S. 138, 145; McGregor, Receiver, v. Battle, 128
Ga. 577. The depositor's only relation to the check, thereafter, is his liability
under his indorsement in case of nonpayment, a liability usually enforced by
"charging the check back" to him. Usually the depositor may check immediately, but this is not of the essence of a general deposit. The parties may
agree otherwise, and it is not uncommon in banking practice, where large checks,
payable at a distance, are taken at par, to delay availability on the checking
account so that the banker may not, by honoring checks in advance of collection, be lending his money without interest. The inclusion of the time schedule
only in the terms upon which the reserve bank will receive deposits would be
ordinary prudent banking, considering the enormous volume of the aggregate
reserve bank "float," as the mass of checks in transit is called. It may be
noted that, by section 13, nonmember clearing banks are required to protect
their deposited checks in transit by maintaining a balance sufficient to offset
them, which is another way of saying that the checks are not available credits
while in transit. It must be remembered also that these deposit accounts of
the member banks in the reserve bank, though subject to check, constitute their
reserve required under section 19. By amendment of this section this reserve
must be "an actual net balance." " N e t " means that all proper charges and
deductions have been made from the account; "actual" excludes what is merely
fictitious or supposed. Uncollected checks, though supposed to be drawn
against actual, available deposits, may not be, and if so they may nevertheless
be defeated of payment by many circumstances, such as death or countermand
of the drawer, or offset by the banker upon the drawer's insolvency. An immediate credit of them must be largely on the faith of the depositor's indorsement, but the mere obligation of the member bank is not the actual reserve
intended by the law. Moreover, the requirement that the reserve bank itself
maintain a reserve in gold or lawful currency of 35 per cent of its deposits is
involved if the "float" is to be counted as present deposits. The time schedule
by which credit is deferred until checks would ordinarily be collected minimizes
the chance of accumulated disappointments in collection, and the amount of
merely supposed balance in the reserves of members, and seems a very reasonable
reconciliation of the requirement of section 16, that the checks be received on
deposit in the reserve account, with that of section 19, that the reserves be
actual net balances.
The additional stipulation that the reserve bank will act only as agent makes
greater difficulty. It probably means that the checks are at first received only
for collection, Ward v. Smith, 7 Wai. 447. "Deposits for collection" are spoken
of in section 13, but "on deposit" in section 16 does not mean for mere collection.
Since, however, credit is to be given at the expiration of the period fixed by the
time schedule, whether returns from the check have actually been received or
not, at that time certainly the agency is to cease and the check is to become and
does become the property of the reserve bank and the transaction ripens into a
general deposit. The check is then "received on deposit at par," as required
by section 16.
2. The next contention relates to charges not for collecting checks on others,
but for remitting to the reserve bank payment of checks drawn on the member
bank itself. Section 16 provides: "Nothing herein contained shall be construed
as prohibiting a member bank from charging actual expenses incurred in collecting and remitting funds or for exchange sold to its patrons. 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." Whether the right established in the first
clause quoted, of a member bank to charge actual expenses for collecting and
remitting, would include a remittance in payment of checks drawn on it and
presented by the reserve bank; or whether the term "its patrons" in the second
sentence refers to those sending checks to the reserve bank and implies that all
expense of clearance of their checks is to be charged back to them, are questions
that need not be decided. For the later legislation, known as the "Hardwick



COURT OPINIONS

233

amendment" of section 13 is directly applicable and controls. It provides that
''nothing in this or any other section of this act shall be construed as prohibiting
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 and remission therefor by exchange or
otherwise; but no such charges shall be made against the Federal reserve banks."
The complainant argues that the last clause is in the nature of a proviso or
exception wholly repugnant to the main enactment preceding it, and therefore
void, leaving the grant of the right to make reasonable charges unrestrained by
the exception. Or, if the last clause is to be treated as a part of the main enactment equally with wThat precedes, that the two parts are so inconsistent as to
render the whole legislation abortive, and leave section 16 to control. As pointed
out in Farmers & Merchants Bank of Monroe v. Federal Reserve Bank of Richmond, 262 U. S. 649, 666, there is no such repugnance in the Hardwick amendment as to cause either consequence. The right to make the charge is established
as to checks sent for collection or payment by other member banks or nonmember banks, but it can not be made against reserve banks. We therefore
come to consider the contention that the charge is not made against a reserve
bank unless such bank is the lawful owner of the checks dealt with, and that if it
is handling them only as the agent of another, for collection, the charge is against
the true owner and to be passed back by the reserve bank to that owner. The
proceedings of Congress in adopting the amendment show that par clearance
through the reserve banks was the issue dealt with. The intent of the original
amendment was to destroy such clearance as a reserve bank policy. The addition
of the clause under discussion was made with the intent, and has the effect, to
firmly establish it and give to the reserve system and to the public whatever
advantage in clearing and collecting checks may follow therefrom, as well as
to save the reserve banks from an expense in collecting their own checks. To
forbid remittance charges against reserve banks means no more than that remittances to them shall not be diminished by such charges, without any inquiry,
if that would be practicable, into the real ownership of the items remitted for.
The reserve banks can not recognize as proper such charges made against them,
and in this sense are forbidden to pay them.
3. The contention that the Reserve Bank of Atlanta can not handle for collection or deposit checks on complainant coming to it from sources outside the
Sixth Reserve District is erroneous. The evidence is that the reserve bank
handles no such checks on its members except those sent it by another reserve
bank or by the members of another reserve bank by the latter's authority and for
its account. Section 13 declares that any Federal reserve bank may " solely for
the purposes of exchange or collection, receive from other reserve banks . . .
checks and drafts payable upon presentation within its district." These other
reserve banks may receive from their members and nonmembers maintaining
clearing balances "checks and drafts payable upon presentation" at any place.
So checks drawn upon complainant coming to member banks or nonmember
clearing banks in another reserve district may be sent by them to the reserve
bank of their district and by it sent for collection or exchange to the reserve bank
of complainant's district without going beyond the permissions of section 13.
A check sent by a member bank by the authority and for the account of its
reserve bank is in effect received from the latter.
4. The result of these provisions of the reserve act, so construed, is to require
a member bank to pay without deduction checks drawn on it when presented
by its reserve bank, whether paid over its counter or by the more convenient
means of a check on its own deposits elsewhere. This takes none of the property
or property rights of complainant without due process of law. Complainant may
refuse to pajr otherwise than in cash over its counter, according to the common
law, as, on the other hand, the reserve bank may insist on that sort of payment.
What is lost is the right to agree on a compensation for a more convenient payment by draft on more accessible reserves when both parties are willing so to
agree. That the State, having powrer over the State banker and his business,
may regulate his method of receiving and paying out his deposits was ruled in
Farmers & Merchants Bank of Monroe v. Reserve Bank of Richmond, 262
U. S. 649. A similar power must be recognized in the United States to regulate
the banking in the Federal Reserve System. Complainant being a national
bank, chartered to do its business under the Federal laws, can not complain
that those laws are not, or do not remain, such as it would prefer. It is not compelled to do anything without compensation. It is simply told that if it does the



234

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

thing in question it must be done without compensation. Noble State Bank v.
Haskell, 219 U. S. 575.
The evidence offered by the defendants as to the actual conduct of their
business is pertinent and admissible. The remainder, relating mainly to matters
either irrelevant or to be judicially known, is excluded.
Nothing unlawful appearing in any of the acts of the defendants complained
of, a decree may be taken dismissing the bill. This December 29, 1924.
(Signed) SAM H. SIBLEY, U. S. Judge.

DECISION OF SUPREME COURT OF THE UNITED STATES ON RIGHT OF NATIONAL
BANKS IN MISSOURI TO EXERCISE TRUST POWERS.

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
denied 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 applying 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 had the power to do what it tried to do.
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 which 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."



COURT OPINIONS

235

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
simply made national banks competent to act as executors, etc., "when not in
contravention of State or local law." The statute did not attempt to override
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.'7
Tarble's case, 13 Wall. 397, 407-8. Except as otherwise provided by the Constition, 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



v

?36

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

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 every 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 any 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
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




COURT OPINIONS

237

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 whom 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 geograpieal 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 curat lex.
I am authorized to say that Mr. Justice MCREYNOLDS concurs in this dissent.

DECISION OF SUPREME COURT OF RHODE ISLAND ON RIGHT OF NATIONAL BANKS
TO EXERCISE TRUST POWERS

Supreme Court of Rhode Island
Herbert L. Carpenter, Attorney General, v. Aquidneck National Bank.
No. 417

M. P.

SWEETLAND, C. J.: The above-entitled proceeding is an information in th <*
nature of quo warranto, prosecuted by the Attorney General for and in behalf
of the State. Therein the court is informed that the defendant, although prohibited by the laws of this State, has been and is, by usurpation, exercising the
powers of an executor, and also has been and is acting as trustee and in other
fiduciary capacities. The informant prays that judgment be entered against the
defendant excluding and ousting it from the further exercise of such powers.
In its plea the defendant admits that it is acting as executor and as trustee as
alleged in the information; but sets up that it is not acting in contravention of
the laws of this State; because such laws authorize and permit the exercise of
similar powers by trust companies organized in the State, which trust companies
compete with national banks located in the State. For support of its plea the
defendant relies upon the provisions of the Federal reserve act of December 23,
1913, section 11, subsection k, as amended September 26, 1918, conferring upon
the Federal Reserve Board authority "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, registrar 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."
The defendant shows that in conformity with the Federal reserve act as
amended it has been granted by the Federal Reserve Board the right to act,
under the rules of the board, as trustee, executor, administrator, or in any other
fiduciary capacity in which trust companies which come into competition with it
are permitted to act under the laws of the State of Rhode Island.
By the provisions of the statutes of this State, now chapter 271, general laws
1923, a trust company, established in accordance with our laws and which has
conformed to the regulations therein prescribed, is empowered, among other
things, to accept and execute all trusts committed to it by arrv person, corporation,
or court of this State, or of the United States, and to accept "and execute the office
of executor, administrator, guardian of the estate and other offices, in the chapter
named, having similar fiduciary character. Any court of probate in this State is
empowered in its discretion to appoint such a trust company to either of said
offices of trust. The power to act in such fiduciary capacity is not conferrred by
our law upon a State bank, savings bank, or any other corporation in this State;
and probate courts are without jurisdiction under our statutes to appoint any
corporation except such a trust company to the offices of executor, administrator,
guardian, or the like.



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ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD

When a national bank has the permission of the Federal Reserve Board,
Congress has conferred upon such bank authority to act in a fiduciary capacity,
and the authority to so act becomes a part of the corporate powers of the bank.
Without question a national bank can exercise such corporate powers in this
State when their exercise is not in contravention of our domestic law. Certain
of the corporate powers which Congress has thus conferred upon national banks
relate to trusts which arise in connection with offices requiring for their exercise
the appointment of a probate court. Save as such trusts we see no reason to
question that a national bank may exercise in this State its corporate powers of
a fiduciary nature which it has acquired in conformity with the act of Congress.
In Aquidneck National Bank v. Jennings, 44 R. I. 435, the defendant here, in an
attempt to place itself on a parity with the trust companies of the State, sought by
mandaimis to compel the State treasurer to accept from it United States bonds in
a certain amount, to be held by the treasurer as security for the performance by
the defendant of its duties in a fiduciary capacity. The Federal reserve act
provides that when the laws of a State require that a trust company of such State
shall deposit securities for the protection of trusts held by that company, national
banks in such State shall be required to make similar deposit of securities for the
protection of private and court trusts held by them in their fiduciary capacity.
In that petition for mandamus, without passing upon the corporate powers of
this defendant bank to act as a trustee in this State, the court denied the petition.
The denial was principally upon the ground that, without the sanction of the
general assembly, nothing in the Federal reserve act can be regarded as regulating
or extending the duties of the treasurer as one of the general officers of the State
and that Congress can not give the national banks in the State the right to demand
that the general treasurer shall perform for their benefit the same duties which,
under our law, he performs for trust companies in this State.
In Aquidneck Bank v. Jennings, supra, we have held that a national bank can
not be admitted to an apparent standing of equality with trust companies. We
can not say, however, that the exercise in this State by the defendant bank of
its power to act in a fiduciary capacity is in contravention of our State law, save
as to the execution of those trusts which arise in probate proceedings. In Aquidneck National Bank v. Jennings, supra, we declared that "the devolution of
the estates of decedents, the control of the property of infants, and lunatics,
the jurisdiction of pur probate courts, and the legal regulation of the trusts which
arise in the administration of probate law are matters which pertain exclusively
to the powers of a State over its domestic affairs. Under the State law no corporation other than a trust company, organized under the Rhode Island statute,
may be appointed executor, administrator, or guardian by our probate court
or may accept and execute the duties of such office. * * * In the absence
of the express sanction of the general assembly the appointment of a national
bank to execute the trusts which arise in probate proceedings, or the attempted
execution of such trusts by a national bank, would be in contravention of our
State law." In the case before us now, where the matter is directly pertinent
to the issues, we are still of the same opinion. In conformity with its conclusion
often stated, the Supreme Court of the United States declared in Tilt v. Kelsey,
207 U. S. 43, that "in respect to the settlement of the succession to property
on death the States of the Union are sovereign." Yonley v. Lavender, 88 U. S.
276; United States v. Fox, 94 U. S. 315.
In the Federal reserve act when first enacted it was provided that the Federal
Reserve Board may grant national banks the right to act as trustees, executors,
administrators, guardians, etc., "when not in contravention of State or local
law." This provision still remains. In People v. Brady, 271 111. 100, the court
held that authority given by the Federal Reserve Board to a national bank to
act as trustee or the personal representative of a decedent was in contravention
of the law of Illinois. In First National Bank v. Union Trust Co., 244 U. S. 416,
the Supreme Court appeared to recognize the authority of the court of last
resort of a State to construe the statutes of such State and to determine whether
such authorization did contravene the local law. Apparently to meet this situation, in the interest of national banks, Congress in 1918 amended the Federal
reserve act by passing the extraordinary amendment which became the last
sentence of that portion of the act quoted above as follows: " 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." Our statutory provisions regulating the jurisdiction of
probate courts in the issuing of letters testamentary and of administration, and




COURT OPINIONS

239

in appointing guardians are not of doubtful interpretation. It is the practice of
the Federal Supreme Court to adopt the construction placed upon a State statute
by the court of last resort of that State. We felt confident that the United States
Supreme Court would not hold as valid and constitutional the amendment of
1918, which assumed arbitrarily to place a legislative construction upon statutes
of a State, regardless of their positive terms, or the construction placed upon
them by the Supreme Court of such State. In Aquidneck National Bank v.
Jennings, supra, we said that "wedo not admit the power of Congress to control
this court in the construction of the State laws of Rhode Island." It appears
that we were not justified in our confidence as to the position which the Supreme
Court would take in the matter.
In the recent case of State of Missouri v. Duncan, 257 S. W. 784, the Supreme
Court of Missouri, in a carefully considered opinion, held that under the probate
law of that State a national bank having a permit from the Federal Reserve
Board could not be appointed and act as executor, and that the exercise of such
fiduciary functions is "in contravention of the law of Missouri, the legislative
policy, and the express statute." The court further held in relation to the
amendment of 1918, that: "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." Upon review in the United
States Supreme Court it was held, in a majority opinion, that notwithstanding
the provisions of the probate law of Missouri a national bank having a permit
from the Federal Reserve Board may act as an executor if State trust companies
competing with it have that power, and that "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." From the majority opinion
Mr. Justice Sutherland and Mr. Justice McReynolds dissented. The vigorous
opinion of Mr. Justice Sutherland, based upon the former decisions of the Supreme
Court, and the just relation which exists under the Constitution between the
powers of Congress and those of the State authorities in matters of local concern,
appears to us to be eminently sound and convincing. In conclusion he says,
"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 whom 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 curat lex."
The final determination of the constitutional validity of congressional action
is in the Federal Supreme Court. The matter presented here is in all respects
identical with that before the Supreme Court of Missouri and the United States
Supreme Court in the cases we have just considered. In the case before us we
are constrained to be governed by the majority opinion in State of Missouri v.
Duncan, supra. Therefore our determination is that the defendant should not
be ousted from the further exercise of the power alleged in the information.
Judgment is entered for the defendant.




BILLS TO AMEND THE CLAYTON ACT
[Introduced in Congress but not passed.

See p. 29]

[Sixty-eighth Congress, first session, S. 3299]

IN THE SENATE OF THE UNITED STATES
MAY 13, 1924—Mr. McLean introduced the following bill, which was read twice
and referred to the Committee on Banking and Currency
A BILL To amend section 8 of an act entitled "An act to supplement existing laws against unlawful restraints and monopolies, and for other purposes," approved October 15,1914, as amended May 15, 1916*
and May 26, 1920.

Be it enacted by the Senate and House of^ Representatives of the United States of
America in Congress assembled, That section 8 of the act entitled "An act to
supplement existing laws against unlawful restraints and monopolies, and for
other purposes," approved October 15, 1914, as amended by the acts of May 15,
1916, and May 26, 1920, be further amended by striking out the period at the
end of the second clause of the said section and adding to said clause the following: "or if in the judgment of the Federal Reserve Board no restriction of
banking credit or lessening of competition will result."

[Sixty-eighth Congress, first session, H. R. 9344]

IN THE HOUSE OF REPRESENTATIVES
MAY 20, 1924—Mr. McFadden introduced the following bill, which was referred
to the Committee on Banking and Currency and ordered to be printed
A BILL To amend section 8 of the act entitled "An act to supplement existing laws against unlawful
restraints and monopolies, and for other purposes," approved October 15, 1914, as amended.

Be it enacted by the Senate and House of Representatives of the United States of
America in Congress assembled, That the last proviso of the second paragraph of
section 8 of the act entitled "An act to supplement existing lawrs against unlawful
restraints and monopolies, and for other purposes," approved October 15, 1914,
as amended, is amended to read as follows:
"And provided further, That nothing in this act shall prohibit any private
banker from being an officer, director, or employee of not more than two banks,
.banking associations, or trust companies, or prohibit any officer, director, or
employee of any bank, banking association, or trust company, or any class A
director of a Federal reserve bank, from being an officer, director, or employee of
not more than two other banks, banking associations, or trust companies, whether
organized under the laws of the United States or any State, if in any such case
there is in force a permit therefor issued by the Federal Reserve Board; and the
Federal Reserve Board is authorized to issue such permit if in its judgment it is
not incompatible with the public interest, and to revoke any such permit whenever it finds, after reasonable notice and opportunity to be heard, that the public
interest requires its revocation."

EXTRACT FROM WORLD WAR ADJUSTED COMPENSATION ACT
LOAN PRIVILEGES.

SEC. 502. (a) A loan may be made to a veteran upon his adjusted service
certificate only in accordance with the provisions of this section.
(b) Any national bank, or any bank or trust company incorporated under
the laws of any State, Territory, possession, or the District of Columbia (hereinafter in this section called "bank")? is authorized, after the expiration of two
240




REGULATIONS OF THE BOARD

241

years after the date of the certificate, to loan to any veteran upon his promissory
note secured by his adjusted service certificate (with or without the consent
of the beneficiary thereof) any amount not in excess of the loan basis (as defined
in subdivision (g) of this section) of the certificate. The rate of interest charged upon
the loan by the bank shall not exceed, by more than 2 per centum per annum, the
rate charged at the date of the loan for the discount of 90-day commercial paper
under section 13 of the Federal Reserve Act by the Federal reserve bank for the
Federal reserve district in which the bank is located. Any bank holding a note
for a loan under this section secured by a certificate (whether the bank originally
making the loan or a bank to which the note and certificate have been transferred)
may sell the note to, or discount or rediscount it with, any bank authorized
to make a loan to a veteran under this section and transfer the certificate to
such bank. Upon the indorsement of any bank, which shall be deemed a waiver
of demand, notice, and protest by such bank as to its own indorsement exclusively, and subject to regulations to be prescribed by the Federal Reserve Board,
any such note secured by a certificate and held by a bank shall be eligible for
discount or rediscount by the Federal reserve bank for the Federal reserve
district in which the bank is located. Such note shall be eligible for discount
or rediscount whether or not the bank offering the note for discount or rediscount is a member of the Federal Reserve System and whether or not it acquired
the note in the first instance from the veteran or acquired it by transfer upon
the indorsement of any other bank. Such note shall not be eligible for discount
or rediscount unless it has at the time of discount or rediscount a maturity not
in excess of nine months exclusive of days of grace. The rate of interest charged
by the Federal reserve bank shall be the same as that charged by it for the
discount or rediscount of 90-day notes drawn for commercial purposes. The
Federal Reserve Board is authorized to permit, or on the affirmative vote of
at least five members of the Federal Reserve Board to require, a Federal reserve
bank to rediscount, for any other Federal reserve bank, notes secured by a certificate. The rate of interest for such rediscounts shall be fixed by the Federal
Reserve Board. In case the note is sold, discounted, or rediscounted the bank
making the transfer shall promptly notify the veteran by mail at his last known
post-office address.

REGULATIONS OF THE FEDERAL RESERVE BOARD
WASHINGTON, August IS,

1924.

The Federal Reserve Board transmits herewith a new issue of all of its regulations applicable to member banks. Since the issuance of the last edition of the
board's regulations under date of July 10, 1923, Regulations H and J of that
issue have been superseded by new regulations, and the prime purpose of this
edition is to provide a complete edition of the board's regulations under one
cover. No very material changes have been made in this issue of the regulations
except the incorporation therein of the new Regulations H and J, but a few minor
changes have been made which are summarized below.
Regulation A has been amended so as to provide expressly for the rediscount
of paper secured by bonds or notes of the War Finance Corporation and also so
as to require that whenever the makers of notes offered for rediscount have closely
affiliated or subsidiary corporations or firms, separate financial statements of
such corporations or firms must accompany the financial statement of the borrower which is required to be filed with the member bank under certain circumstances.
Regulation D has been rewritten under a new title, " Reserves of Member
Banks," and there has been transferred to it that part of Regulation J which
deals with the subject of penalties for deficiencies in reserves. Certain other
material has also been added to the regulation to provide a more complete discussion of the subject of reserves. The new regulation, however, makes no substantial changes in the existing regulations of the board and will require no
changes in the practice of Federal reserve banks or member banks, nor in the
forms now in use.
Regulation H is in the form adopted on April 7, 1924.
Regulation J is in the form adopted on May 9, 1924, except that Section VI
thereof which dealt with penalties for deficiencies in reserves has been transferred
to Regulation D, as explained above, and Section VII has been redesignated
Section VI.



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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

Regulation L has been amended by the addition thereto of a new paragraph
with reference to the burden of proving the absence of substantial competition
in connection with applications for interlocking directorates under the Clayton
Act.
No material changes have been made in Regulations B, C, E, F, G, I, or K.
This issue of the board's regulations becomes effective on September 1, 1924.
The Federal reserve banks are requested to see that each member bank in their
respective districts receives at least one copy of this official edition of the board's
regulations before the effective date.
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.
WALTER L. EDDY, Secretary.

REGULATION A, SERIES OF 1924
(Superseding Regulation A of 1923)

DISCOUNTS UNDER SECTIONS 13 AND 13a
ARTICLE A—NOTES, DRAFTS, AND BILLS OF EXCHANGE
SECTION I. GENERAL STATUTORY PROVISIONS

Any Federal reserve bank may discount for any of its member 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);
(b) 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
or unless it is secured by bonds or notes of the War Finance Corporation.
(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 an5^ 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 or notes 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—



REGULATIONS OF THE BOARD

243

(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 instance, in producing, purchasing, carrying, or marketing goods l 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 or of the War Finance Corporation, and the name of a party to such
transaction must appear upon it as maker, drawer, acceptor, or indorser: Provided, however, That if the purpose is the carrying or trading in bonds or notes
of the War Finance Corporation, such note, draft, or bill of exchange must be
secured by same.
(b) 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 (b) 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 I I I . 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.
(&) 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.
Whenever the borrower has closely affiliated or subsidiary corporations or
firms, the borrower's financial statement shall be accompanied by separate financial statements of such affiliated or subsidiary corporations or firms, unless the
1
When used in this regulation the word "goods" shall be construed to include goods, wares, merchandise, or agricultural products, including livestock.




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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

statement of the borrower clearly indicates that such note is both eligible from
a legal standpoint and acceptable from a credit standpoint: Provided, however.
That the Federal reserve bank to which such note is offered for rediscount maywaive this requirement until May 1, 1925, in any case where such borrower and
the affiliated or subsidiary corporations or firms have not issued separate financial
statements prior thereto.
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 of 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 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 purpose, 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.
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.




REGULATIONS OF THE BOARD

245

(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 such paper each Federal reserve bank shall give preference to
the demands of its own member banks and shall have due regard to the probable
future needs of its own member banks; 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
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 total
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
ib) 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 Sections II (a) and
II (6).
ARTICLE B.—BANKERS 7

ACCEPTANCES

3

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 hankers' acceptance credits.
8
For regulations governing the acceptance by member banks of drafts and bills of exchange drawn on
them, see regulation C, p. 248.




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ANNUAL REPORT OF THE FEDERAL. RESERVE BOARD
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 at the time of acceptance;
or
(3) The storage of readily marketable staples,4 provided that the bill is
secured at the time of acceptance by a warehouse, terminal, or other similar
receipt, conveying security title to such staples, issued by a party independent
of the customer, and provided further that the acceptor remains secured
throughout the life of the acceptance. In the event that the goods must
be withdrawn from storage prior to the maturity of the acceptance or the
retirement of the credit, a trust receipt or other similar document covering
the goods may be substituted in lieu of the original document, provided that
such substitution is conditioned upon a reasonably prompt liquidation of
the credit. In order to insure compliance with this condition it should be
required, when the original document is released, either (a) that the proceeds
of the goods will be applied within a specified time toward a liquidation of
the acceptance credit or (b) that a new document, similar to the original one,
will be resutjstituted 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 by 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 months' 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
4
A readily marketable staple within the meaning of these regulations may be defined 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 (6) the staple itself easy to realize upon by sale at any time.




REGULATIONS OF THE BOARD

247

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.

REGULATION B, SERIES OF 1924
(Superseding Regulation B of 1923)

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 Preserve 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;
(6) 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.
36569—25f
17



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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
REGULATION C, SERIES OF 1924
(Superseding Regulation C of 1923)

ACCEPTANCE BY MEMBER BANKS OF DRAFTS AND BILLS OF
EXCHANGE 5
AKTICLE 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 exportation 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.6 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 by 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 I I . 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.
* For regulations governing the rediscount of bankers' acceptances by Federal reserve banks, see Regulation A, page 245.
• A readily marketable staple within the meaning of these regulations may be defined 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 (6) the staple itself easy to realize upon by sale at any time.




REGULATIONS OF THE BOARD

249

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 mayaccept 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 to 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,
from and not included in the limits placed upon the acceptance of drafts and
bills of exchange as described under Article A of this regulation.
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 1924
(Superseding Regulation D of 1923)

RESERVES OF MEMBER BANKS
SECTION I. STATUTORY PROVISIONS

Section 19 of the Federal reserve act provides, in part, as follows:
BANK RESERVES

SEC. 19. 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.
Every bank, banking association, or trust company which is or which becomes a member of any Federal
reserve bank shall establish and maintain reserve balances with its Federal reserve bank as follows:
(a) If not in a reserve or central reserve city, as now or hereafter defined, it shall hold and maintain with
the Federal reserve bank of its district an actual net balance equal to not less than seven per centum of the
aggregate amount of its demand deposits and three per centum of its time deposits.
(6) If in a reserve city, as now or hereafter denned, it shall hold and maintain with the Federal reserve
bank of its district an actual net balance equal to not less than ten per centum of the aggregate amount of
its demand deposits and three per centum of its time deposits: Provided, however, That if located in the
outlying districts of a reserve city or in territory added to such a city by the extension of its corporate charter,
it may, upon the affirmative vote of five members of the Federal Reserve Board, hold and maintain thereserve balances specified in paragraph (a) hereof
(c) If in a central reserve city, as now or hereafter defined, it shall hold and maintain with the Federal
reserve bank of its district an actual net balance equal to not less than thirteen per centum of the aggre


250

ANNUAL REPOKT OF THE FEDEKAL RESERVE BOARD

gate amount of its demand deposits and three per centum of its time deposits: Provided, however, That if
located in the outlying districts of a central reserve city or in territory added to such city by the extension
of its corporate charter, it may, upon the affirmative vote of five members of the Federal Reserve Board,
hold and maintain the reserve balances specified in paragraphs (a) or (b) thereof.
*
*
*
*
*
*
*
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 any dividends unless and until the total balance
required by law is fully restored.
In estimating the balances required by this act, the net difference of amounts due to and from other
banks shall be taken as the basis for ascertaining the deposits against which required balance with Federal
reserve banks shall be determined.

The various Liberty bond acts (act of April 24, 1917, sec. 7; act of September
24, 1917, sec. 8; act of.April 4, 1918, sec. 8) provide, in part, as follows:
That the provisions * * * with reference to the reserves required to be kept by national banking
associations and other member banks of the Federal Reserve System shall not apply to deposits of public
moneys by the United States in designated depositaries.
SECTION II. DEFINITIONS

(a) Demand deposits.—The term "demand deposits" shall include all deposits
which are payable within 30 days except "savings accounts," "time certificates
of deposit/' and "postal savings deposits," as defined below.
(b) Time deposits.—The term "time deposits" shall include all "time deposits,
open accounts," all "savings accounts," all "time certificates of deposit," and
all "postal savings deposits," as defined below.
(c) Time deposits, open accounts.—The term "time deposits, open accounts"
shall mean deposits 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, not less than
30 days after the date of the deposit, or on written notice which must be given by
the depositor a certain specified number of days in advance, in no case less than
30 days.
(d) Savings accounts.—The term "savings accounts" shall mean those deposits
in respect to which—
(1) The pass book, certificate, or other similar form of receipt must be
presented to the bank whenever a withdrawal is made,
(2) 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, and
(3) The bank's printed regulations, accepted by the depositor at the time
the account is opened, include the above requirements.
(e) 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—
(1) On a certain date, specified on the certificate, not less than 30 days
after the date of the deposit, or
(2) After the lapse of a certain specified time subsequent to the date of
the certificate, in no case less than 30 days, or
(3) 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
(4) In all cases only upon presentation of the certificate at each withdrawal for proper indorsement or surrender.
(/) Postal savings deposits.—The term "postal savings deposits" shall mean
deposits of postal savings funds in banks under the terms of the postal savings
act, approved June 25, 1910, as amended.
(g) Government deposits,—The term "Government deposits" shall mean deposits of public moneys by the United States in designated depositaries. 7
7 Deposits made by United States postmasters of Government funds, other than postal savings deposits,
received by them in their official capacity, constitute " Government deposits" within the meaning of this
regulation and, when made in designated depositaries, are exempt from the reserve requirements of section
19. The following classes of deposits, however, are not " Government deposits" within such meaning and
are not exempt from reserve requirements:
(1) Deposits of Philippine funds made by the Philippine government and carried under the title "Treasurer of the Philippine Islands currency reserve fund account."
(2) Deposits of Porto Rican funds made by the Porto Rican government.
(3) Deposits of Indian funds under the control of the Department of the Interior.
(4) Deposits of States, counties, or municipalities.
(5) Deposits of the United States Shipping Board and the Emergency Fleet Corporation.




EEGULATIONS OF THE BOARD

251

SECTION III. COMPUTATION OF RESERVES

(a) Amounts of reserves to be maintained.—Every member bank of the Federal reserve system is required by law to maintain on deposit with the Federal
reserve bank of its district an actual net balance equal to 3 per cent of its time
deposits plus—
Seven per cent of its demand deposits if not in a reserve or central reserve
city.
Ten per cent of its demand deposits if in a reserve city, except that if
located in an outlying district of a reserve city or in territory added to such
city by the extension of the city's corporate limits such bank may, upon
the affirmative vote of five members of the Federal Reserve Board, be
permitted to maintain 7 per cent reserves against its demand deposits.
Thirteen per cent of its demand deposits if located in a central reserve
city, except that if located in an outlying district of a central reserve city
or in territory added to such city by the extension of the city's corporate
limits, such bank may, upon the affirmative vote of five members of the
Federal Reserve Board, be permitted to maintain 7 per cent or 10 per cent
reserves against its demand deposits.
No reserves are required to be maintained against Government deposits as
defined above.
(6) Deductions allowed in computing reserves.—Member banks in determining the amount against which reserves must be carried may deduct:
(1) From gross demand deposits, all Government deposits as defined
above.
(2) From the amount of balances due. to other banks, the amount of
balances due from other banks (except Federal reserve banks and foreign
banks), including in the amount due from banks, out of town items placed
in the mail and charged to the account of correspondent banks, items with
a Federal reserve bank in process of collection, checks drawn on banks
located in the same city, and exchanges for clearing houses.
(c) Availability of checks as reserve.—Checks forwarded to a Federal reserve
bank for collection or credit 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 Section
IV of Regulation J. If a member bank draw against checks before such time,
the draft will be charged against its reserve balance if such balance be sufficient
in amount to pay it; but any resulting impairmant of reserve balances will be
subject to all the penalties provided by the act.
SECTION IV. PENALTIES FOR DEFICIENCIES IN RESERVES

(a) Basic penalty.—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 Federal reserve act, hereby prescribes a basic penalty for
deficiencies in reserves according to the following rules:
(1) Deficiencies in reserve balances of member banks in central reserve and
reserve cities will be computed on the basis of average daily net deposit balances
covering a weekly period of seven days. Deficiencies in reserve balances of other
member banks will be computed on the basis of average daily net deposit balances
covering a semimonthly period.
(2) Penalties for deficiencies in reserves will be assessed monthly on the basis
of average daily deficiencies during each of the reserve computation periods
ending in the preceding month.
(3) A basic rate of 2 per cent per annum above the Federal reserve bank
discount rate on 90-day commercial paper will be assessed as a penalty on
deficiencies in reserves of member banks.
(5) Progressive penalty.—The Federal Reserve Board will also prescribe for
any Federal reserve district, upon the application of the Federal reserve bank
of that district, an additional progressive penalty for continued deficiencies in
reserves, in accordance with the following rules:
(1) When a member bank in a central reserve or reserve city has had an
average deficiency in reserves for six consecutive weekly periods, a progressive
penalty, increasing at the rate of one-fourth of 1 per cent for each week thereafter during which the average reserve balance is deficient, will be assessed on
weekly deficiencies until the required reserve has been restored and maintained



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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

for four consecutive weekly periods, provided that the maximum penalty charged
will not exceed 10 per cent.
(2) When a member bank outside of a central reserve or reserve city has had
an average deficiency in reserves for three consecutive semimonthly periods, a
progressive penalty, increasing at the rate of one-half of 1 per cent for each half
month thereafter during which the average reserve balance is deficient, will be
assessed on semimonthly deficiencies until the required reserve has been restored and maintained for two consecutive semimonthly periods, provided that
the maximum penalty charged will not exceed-10 per cent.
SECTION V. LOANS AND DIVIDENDS WHILE RESERVES ARE DEFICIENT

It is unlawful for any member bank the reserves of which are at any time
deficient to make any new loans or pay any dividends unless and until the total
reserves required by law are fully restored, and the payment of penalties for
deficiencies in reserves does not exempt member banks from this prohibition of
law. As provided above, penalties for deficiencies in reserves are computed on
the basis of the average reserve balances for weekly or semimonthly periods;
but this prohibition of law applies whenever the reserves are deficient for one
day or more, regardless of whether or not the average reserve balances for the
weekly or semimonthly period are deficient.

REGULATION E, SERIES OF 1924
(Superseding Regulation E of 1923)

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.77
The term "municipality77 shall be construed to mean "State, county, district,
political subdivision, or municipality in the continental United States, including
irrigation, drainage, and reclamation districts.77
The term "net funded indebtedness"77 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 amounts 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



REGULATIONS OF THE BOARD

253

(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 III. 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;
(b) 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.
SECTION IV. " E X I S T E N C E " AND " N O N D E F A U L T "

Warrants will be construed to comply with that part of Section III (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
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.
(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.




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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
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 (b), 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 members bank, with waiver of
demand, notice, and protest if such warrants comply with Sections III and V (b)
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.
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 1924
(Superseding Regulation F of 1923)

TRUST POWERS OF NATIONAL BANKS
SECTION I. STATUTORY PROVISIONS

The Federal reserve act as amended by the act of September 26, 1918, provide^
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, registrar 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 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 exercisefiduciarypowers, 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



REGULATIONS OF THE BOARD

255

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 oath 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 bothfinedand 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 State banks,
trust companies, and corporations exercising such powers.
SECTION II. APPLICATIONS
A national bank desiring to exercise any or 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 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 61-6. 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.8
8
The act requires that the bank shall set aside in the trust department " United States bonds or other
securities approved by the Federal Reserve Board." This provision of the regulations is intended as a
general approval by the Federal Reserve Board of all securities which comply with the requirements
thereof and specific approval by the Federal Reserve Board is unnecessary as to such securities. The
board will not approve any securities which do not comply with these requirements.

36569—25t



18

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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
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 may 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.
(6) Court trusts.—Except as hereinafter provided, a national bank acting as
executor, administrator, or in any other fiduciary capacit}^, 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.
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 (fc) 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 act.
SECTION X. REVOCATION OF PERMITS

The Federal Reserve Board reserves the right to revoke permits granted under
the provisions of section ll(fc), 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.




REGULATIONS OF THE BOARD

257

REGULATION G3 SERIES OF 1924
(Superseding Regulation G of 1923)

LOANS ON FARM LAND 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 rnay 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
1 oans 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 thanfiveyears, 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 the
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 mortgage or deed of trust.
(6) 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 onethird 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.
(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.




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ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD
REGULATION H, SERIES OF 1924
(Superseding Regulation H of 1923)

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
i ncreased 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 of—

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
200,000

Minimum
capital if
admitted
under
clause (6)
$15,000
30,000
60,000
120,000

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 year
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 com


REGULATIONS OF THE BOARD

259

party. 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 I I I . APPROVAL ON 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.
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. CONDITIONS OF MEMBERSHIP

Pursuant to the authority contained in the first paragraph of section 9 of the
Federal reserve act, which provides that the Federal Reserve Board may permit
applying banks to become members of the Federal reserve system "subject to
such conditions as it may prescribe," the Federal Reserve Board will prescribe the
following conditions of membership for each bank or trust company hereafter
applying for admission to the Federal reserve system, in addition to such other
conditions as the board may consider necessary or advisable in the particular
case—
(1) Except with permission of the Federal Reserve Board, such bank or trust
company shall not cause or permit any change to be made in the general character
of its assets or in the scope of the functions exercised by it at the time of admission
to membership, such as will tend to affect materially the standard maintained at
the time of its admission to the Federal reserve system and required as a condition of membership.
(2) Such bank or trust company shall at all times conduct its business and
exercise its powers with due regard to the safety of its customers.
(3) Such bank or trust company shall not reduce its capital stock except with
the permission of the Federal Reserve Board.
(4) Such bank or trust company shall not, except after applying for and
receiving the permission of the Federal Reserve Board, establish any branch,
agency, or additional office.
(5) Such bank or trust company, except after applying for and receiving the
permission of the Federal Reserve Board, shall not consolidate with or absorb
or purchase the assets of any other bank or branch bank for the purpose of operating such bank or branch bank as a branch of the applying bank; nor directly
or indirectly, through affiliated corporations or otherwise, acquire an interest in
another bank in excess of 20 per cent of the capital stock of such other bank; nor
directly or indirectly promote the establishment of any new bank for the purpose
of acquiring such an interest in it; nor make any arrangement to acquire such an
interest.
(6) Such bank or trust company shall reduce to, and maintain within, the
limits prescribed by the laws of the State in which it is located, any loan which
may be in excess of such limits.
(7) Such bank or trust company shall reduce to an amount equal to 10 per
cent of its capital and surplus all balances in excess thereof, if any, which are



260

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

carried with banks or trust companies which are not members of the Federal
reserve system, and shall at all times maintain such balances within such limits.
(8) Such bank or trust company may accept drafts and bills of exchange
drawn upon it of any character permitted by the laws of the State of its incorporation; but the aggregate amount of all acceptances outstanding at any one time
shall not exceed the limitations imposed by section 13 of the Federal reserve act,
that is, the aggregate amount of acceptances outstanding at any one time which
are drawn for the purpose of furnishing dollar exchange in countries specified by
the Federal Reserve Board shall not exceed 50 per cent of its capital and surplus,
and the aggregate amount of all other acceptances, whether domestic or foreign,
outstanding at any one time shall not exceed 50 per cent of its capital and surplus,
except that the Federal Reserve Board, upon the application of such bank or
trust company, may increase this limit from 50 per cent to 100 per cent of its
capital and surplus: Provided, however, That in no event shall the aggregate
amount of domestic acceptances outstanding at any one time exceed 50 per cent
of the capital and surplus of such bank or trust company.
(9) The board of directors of said bank or trust company shall adopt a resolution authorizing the interchange of reports and information between the Federal
reserve bank of the district in which such bank or trust company is located and
the banking authorities of the State in which such bank is located.
Each bank or trust company applying for membership hereafter will be required to agree to the above conditions and any other conditions which the
board may prescribe, prior to the admission of such bank or trust company to
%
the Federal reserve system.
SECTION V. PERMISSION NECESSARY PRIOR TO MAKING CHANGES IN ASSETS OR
SCOPE OF FUNCTIONS
Each bank or trust company hereafter admitted to the Federal reserve system
and each bank or trust company which has heretofore been admitted subject to
condition No. 1 of Section IV or subject to any similar condition shall, through
the Federal reserve agent, request the permission of the Federal Reserve Board
prior to taking any action which may result in a change in the general character
of its assets or in the scope of the functions exercised by it at the time of admission to membership, such as will tend to affect materially the standard maintained
at the time of its admission to the Federal reserve system and required as a condition of membership.
The board considers that among the actions which may result in changes of
the kind referred to in this section are the establishment of branches, agencies
or additional offices and consolidations or mergers with, or purchases of the assets of other banks or branch banks.
SECTION VI. PRINCIPLES GOVERNING ESTABLISHMENT OF BRANCHES
In passing upon applications by State banks and trust companies for permission to establish branches, agencies or additional offices, under condition No. 4
of Section IV, or under any similar condition which may have been prescribed
by the Federal Reserve Board and agreed to by any bank or trust company
heretofore admitted to the Federal reserve system, the Federal Reserve Board
will observe the following principles—
(1) The Federal Reserve Board will as a general principle restrict the establishment of branches, agencies or additional offices by such banks or trust companies to the city of location of the parent bank and the territorial area within
the State contiguous thereto, as said territory has been defined in the board's
resolution of November 7, 1923,9 excepting in instances where the State banking
authorities have certified and the board finds that public necessity and advantage
render a departure from the principle necessary or desirable.
(2) The Federal Reserve Board as a general principle will not consider an
application by such bank or trust company for a permit to establish a branch,
agency or additional office, unless the authorities of the State in which such
bank is located regularly make simultaneous examinations of the head office
and all branches, agencies or additional offices of such bank, nor unless the examinations made by the State authorities are, in the judgment of the Federal
Reserve Board, of such character in every respect as to furnish the Federal
9
The term "contiguous territory" is defined in the board's resolution of Nov. 7, 1923, to mean: "The
territory of a city or town whose corporate limits at some point coincide with the corporate limits of the
city or town in which the parent bank is located."




REGULATIONS OF THE BOARD

261

Reserve Board with sufficient information as to the condition of such bank and
the character of its management to enable the Federal Reserve Board fully to
protect the interests of the public.
(3) The Federal Reserve Board as a general principle will require each bank
or trust company which establishes or maintains branches, agencies or additional
offices to maintain for itself and such branches, agencies or additional offices an
adequate ratio of capital to total liabilities and an adequate percentage of its
total investments in the form of paper or securities eligible for discount or purchase by Federal reserve banks.
(4) The Federal Reserve Board will not consider any application to establish
a branch, agency or additional office until the State banking authorities have
approved the establishment of such branch, agency or additional office, and the
directors or executive committee and the Federal reserve agent of the Federal
reserve bank of the district in which such bank or trust company is located have
made a report upon the financial condition of the applying bank or trust company,
the general character of its management, what effect the establishment of such
branch, agency or additional office would «have upon other banks or branches in
the locality in which it is to be established, and whether, in their opinion, it would
be in the interest of the public in such locality, together with their recommendation as to whether or not the application should be granted.
(5) When permission is granted for the establishment of such branch, agency
or additional office same shall be established and opened for business within
six months after such permission is granted. If such branch, agency or additional
office is not established within such time the permit shall become void, unless the
time is extended by the board for good cause.
(6) The Federal Reserve Board reserves the right to cancel any permit which
it may grant hereafter to establish any branch, agency or additional office whenever it shall appear, after hearing, that such branch, agency or additional office is
being operated in a manner contrary to the interest of the public in the locality
in which it is established.
SECTION VII. 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 company, subject to the provisions of the Federal reserve act, to the
regulations of the Federal Reserve Board, and to the conditions prescribed
by the Federal Reserve Board and agreed to by such State bank or trust
company prior to its admission.
(2) Shall maintain such improvements and changes in its banking practice as may have been specifically required of it by the Federal Reserve
Board as a condition of its admission and shall not lower the standard of
banking then required of it;
(3) Shall enjoy all the privileges and observe all those requirements of the
Federal reserve act and of the regulations of the Federal Reserve Board
made in conformity therewith which 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 VIII. 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




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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

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 1924
(Superseding Regulation I of 1923)

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,10 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 paidup 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, 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
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 its 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
io Whenever any State member bank is converted into a national bank under sec. 5154 of the Revised
Statutes, as amended by sec. 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 III.



REGULATIONS OF THE BOARD

263

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 n 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 reduction of the
paid-up 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 % Federal reserve act, it shall file with the
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) 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 the Federal reserve
bank of which the insolvent bank is a member an application on 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
11
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 November 7, 1918, meets all of these conditions.




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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

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 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 liquidating agent of such liquidating
member bank.
(dj 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 11 on p. 263) 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 I I I . 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 11 on p. 263) the Federal
reserve bank stock previously held by such other member bank, it shall surrender
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.




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265

REGULATION J, SERIES OF 1924
(Superseding regulation J of 1920)

CHECK CLEARING AND COLLECTION
SECTION I. STATUTORY PROVISIONS

Section 16 of the Federal reserve act authorizes the Federal Reserve J3oard 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.
SECTION II. GENERAL REQUIREMENTS

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 and collect checks 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 as nonmember clearing banks.
Each Federal reserve bank shall exercise the functions of a clearing house and
collect checks under the general terms and conditions hereinafter set forth.
SECTION III. CHECKS RECEIVED FOR COLLECTION

(1) Each Federal reserve bank will receive at par from its member banks and
from nonmember clearing banks in its district, checks 12 drawn on all member
and nonmember clearing banks, and checks drawn on all other nonmember banks
which are collectable at par in funds acceptable to the Federal reserve bank of
the district in which such nonmember banks are located.
(2) Each Federal reserve bank will receive at par from other Federal reserve
banks, and from all member and nonmember clearing banks in other Federal reserve districts which are authorized to route direct for the credit of their respective
Federal reserve banks, checks drawn on all member and nonmember clearing
banks of its district, and checks drawn on all other nonmember banks of its
district which are collectable at par in funds acceptable to the collecting Federal
reserve bank.
(3) No Federal reserve bank shall receive on deposit or for collection any
check drawn on any nonmember bank which can not be collected at par in funds
acceptable to the Federal reserve bank of the district in which such nonmember
bank is located.
SECTION IV. TIME SCHEDULE AND AVAILABILITY OF CREDITS

(1) Each Federal reserve bank will publish a time schedule showing the time
at which any item sent to it will be counted as reserve and become available for
withdrawal or other use by the sending bank. For all checks received, the sending
bank will be given immediate credit, or deferred credit, in accordance with such
time schedule, and as provided below.
(2) For all such checks as are received for immediate credit in accordance with
such time schedule, immediate credit, subject to final payment, will be given upon
the books of the Federal reserve bank at full face value in the reserve account
12
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 the order of a certain
person therein named, or to him or his order, or to bearer, and payable on demand.




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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

or clearing account upon day of receipt, and the proceeds will at once be counted
as reserve and become available for withdrawal or other use by the sending bank.
(3) For all such checks as are received for deferred credit in accordance with
such time schedule, deferred credit, subject to final payment, will be entered upon
the books of the Federal reserve bank at full face value, but the proceeds will not
be counted as reserve nor become available for withdrawal or other use by the
sending bank until such time as may be specified in such time schedule,13 at which
time credit will be transferred from the deferred account to the reserve account
or clearing account subject to final payment and will then be counted as reserve
and become available for withdrawal or other use by the sending bank.
SECTION V. TEBMS OF COLLECTION

The Federal Reserve Board hereby authorizes the Federal reserve banks to
handle such checks subject to the following terms and conditions; and each
member and nonmember clearing bank which sends checks to any Federal reserve bank for deposit or collection shall by such action be deemed (a) to authorize the Federal reserve banks to handle such checks subject to the following terms
and conditions, (b) to warrant its own authority to give the Federal reserve
banks such authority, and (c) to agree to indemnify any Federal reserve bank
for any loss resulting from the failure of such sending bank to have such authority.
(1) A Federal reserve bank will act only as agent of the bank from which it
receives such checks and will assume no liability except for its own negligence
and its guaranty of prior indorsements.
(2) A Federal reserve bank may present such checks for payment or send such
checks for collection direct to the bank on which they are drawn or at which
they are payable, or in its discretion may forward them to another agent with
authority to present them for payment or send them for collection direct to the
bank on which they are drawn or at which they are payable.
(3) A Federal reserve bank may in its discretion and at its option, either
directly or through an agent, accept either cash or bank drafts in payment of
or in remittance for such checks and shall not be held liable for any loss resulting from the acceptance of bank drafts in lieu of cash, nor for the failure of the
drawee bank or any agent to remit for such checks, nor for the nonpayment
of any bank draft accepted in payment or as a remittance from the drawee bank
or any agent.
(4) Checks received by a Federal reserve bank on its member or nonmember
clearing banks will ordinarily be forwarded or presented direct to such banks,
and such banks will be required to remit or pay therefor at par in cash or bank
draft acceptable to the collecting Federal reserve bank, or at the option of such
Federal reserve bank to authorize such Federal reserve bank to charge their
reserve accounts or clearing accounts; provided, however, that any Federal reserve bank may reserve the right in its check collection circular to charge such
items to the reserve account or clearing account of any such bank at any time
when in any particular case the Federal reserve bank deems it necessary to do so.
(5) Checks received by a Federal reserve bank payable in other districts will
be forwarded for collection upon the terms and conditions herein provided to the
Federal reserve bank of the district in which such checks are payable.
(6) The amount of any check for which payment in actually and finally collected funds is not received shall be charged back to the forwarding bank, regardless of whether or not the check itself can be returned.
SECTION VI. OTHER RULES AND REGULATIONS

Each Federal reserve bank shall also promulgate rules and regulations not
inconsistent with the terms of the law or of this regulation, governing the details of its check clearing and collection operations. Such rules and regulations shall be set forth by the Federal reserve banks in their letters of instruction
to their member and nonmember clearing banks and shall be binding upon any
member or nonmember clearing bank which sends any check to such Federal
reserve bank for collection or to any other Federal reserve bank for the account
of such Federal reserve bank for collection.
13 For rules for computation of reserves and penalties for deficiencies in reserves, see regulation D, Sections III and IV, p. 251.




REGULATIONS OF THE BOARD

26 7

REGULATION K, SERIES OF 1924
(Superseeding Regulation K of 1923)

BANKING CORPORATIONS AUTHORIZED TO DO FOREIGN BANKING
BUSINESS UNDER THE TERMS OF SECTION 25(a) OF THE FEDERAL
RESERVE ACT
SECTION I. ORGANIZATION

Any number of natural persons, not less in any case than five, may form
a Corporation 14 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.
SECTION 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
which 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.
SECTION 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 qf some court of record or notary public who shall certify
thereto under the seal of such court or notarj^. Thereafter the certificate shall be
forwarded to the Federal Reserve Board to be filed in its office.
SECTION IV. TITLE

Inasmuch as the name of the Corporation is subject to the approval of the
Federal Reserve Board, a preliminary application for that approval should be
filed with the Federal Reserve Board on F. R. B. Form 150, which is made a part
of this regulation. This application should state merely that the organization of
a Corporation under the proposed name is contemplated and may request the
approval of that name and its reservation for a period of 30 days. 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 wrord "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.
14
Whenever these regulations refer to a corporation spelled with a capital C, they relate to a corporation
organized under section 25(a) of the Federal reserve act.




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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
SECTION 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.
SECTION 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.
SECTION 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; (b) 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.
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 (b)
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



REGULATIONS OF THE BOARD

269

firm or company 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.
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 msiy, when
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 have 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 provide
that 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.
SECTION 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.
SECTION 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 with the consent of the Federal
Reserve Board 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;
(&) 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.
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



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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

Corporation. This restriction, however, does not apply to corporations organized under foreign laws.
SECTION 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.
SECTION 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.
SECTION 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.
SECTION 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 with 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.




REGULATIONS OF THE BOARD

271

Maturity.—Except with the approval, of the Federal Reserve Board, no Corporation shall accept any 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 an}^ time
(a) exceeds the amount of the subscribed capital and surplus, 50 per cent 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 fully secured. (The Corporation shall elect
whichever requirement (a) or (6) 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 cent 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.
SECTION 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.
SECTION 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 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



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ANNUAL, REPORT OF THE FEDERAL RESERVE BOARD

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.
SECTION 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.
SECTION XVII. BEPORTS AND EXAMINATIONS

Reports.—Each Corporation shall make at
Federal Reserve Board at such times and in
Examinations.—Each Corporation shall be
examiners appointed by the Federal Reserve
shall be paid by the Corporation examined.

least two reports annually to the
such form as it may require.
examined at least once a year by
Board. The cost of examinations

SECTION 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 1924
(Superseding Regulation L of 1923)

INTERLOCKING BANK DIRECTORATES UNDER THE PT.AYTON ACT
SECTION I. DEFINITIONS

Within the meaning of this regulation—
The term "member bank" shall apply to any national bank and any State bank
or trust company which is a member of the Federal reserve system.
The term "national bank" shall be construed to apply not only to national
banking associations but also to banks, banking associations, and trust companies
organized or operating under the laws of the United States, including all banks
and trust companies doing business in the District of Columbia, regardless of
the sources of their charters.
The term "resources" shall be construed to mean an amount equal to the sum
of the deposits, capital, surplus, and undivided profits.
% The term "State bank" shall include any bank, banking association, or trust
company incorporated under State law.
The term "private banker" shall apply to any unincorporated individual engaging in one or more phases of the banking business as that term is generally
understood and to any member of an unincorporated firm engaging in such
business.



REGULATIONS OF THE BOARD

273

The term "Edge Act" shall mean section 25(a) of the Federal reserve 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 of directors, and when a director, officer, or employee has been elected or selected in accordance with the provisions of the Clayton Act it is lawful for him to continue as such for one year thereafter under said
election or employment.
When any person elected or chosen as a director, officer, or employee of any
bank is eligible at the time of his election or selection to act for such bank in such
capacity his eligibility to act in such capacity is not affected by reason of any
change in the affairs of such bank from whatsoever cause until the expiration of
one year from the date of his election or employment.
SJDUTION I I I . EXCEPTIONS

The provisions of section 8 of the Clayton Act—
(1) Do not apply to mutual savings banks not having a capital stock
represented by shares.
(2) Do not prohibit a person from being at the same time a director,
officer, or employee of a national bank and not more than one other national
bank, State bank, or trust company, where the entire capital stock of one is
owned by the stockholders of the other.
(3) Do not prohibit a person from being at the same time a class A director
of a Federal reserve bank and also an officer or director, or both an officer and
a director} in one member bank.
(4) Do not prohibit a person who is serving as director, officer, or employee
of a national bank, even though it has resources aggregating over $5,000,000,
from serving at the same time as director, officer, or employee of any number
of State banks and trust companies, provided such State institutions are not
located in the same city of over 200,000 inhabitants as the national bank and
do not have resources aggregating in the case of any one bank more than
$5,000,000.
(5) Do not prohibit a person from serving at the same time as director,
officer, or employee of any number of national banks, provided no two of
them are located in the same city of over 200,000 inhabitants and no one of
them has resources aggregating over $5,000,000.
(6) Do not prohibit a person who is not a director, officer, or employee
of any national bank from serving at the same time as officer, director,
or employee of any number of State banks or trust companies, regardless
of their locations and resources.




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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

(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

B}^ 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, by 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 coinpetition," 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.
Burden of proof.—Inasmuch as the Federal Reserve Board has no power to
permit a person to serve two or more banks coming within the prohibitions of
the Clayton Act unless the institutions involved are not in substantial competition, the applicant for such permission has the burden of proving to the board
that such institutions are not in substantial competition.
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.



REGULATIONS OF THE BOARD

275

Such consent 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 applying 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
jf 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 any 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.




RECOMMENDATIONS OF THE FEDERAL ADVISORY COUNCIL
TO THE FEDERAL RESERVE BOARD
OFFICERS AND MEMBERS OF THE FEDERAL ADVISORY COUNCIL
FOR THE YEAR 1924
OFFICERS
President, P. M. WARBURG.

Vice President, E. F. SWINNEY.
Secretary, C. B. GEORGEN.

EXECUTIVE

COMMITTEE

P. M. WARBURG, Chairman.

J. J. MITCHELL.

C. A. MORSS, Vice Chairman.

L. L. RUE.

J. M. MILLER, Jr.

E. F. SWINNEY.

MEMBERS
C. A. MORSS, Federal Reserve District No. 1.
P. M. WARBURG, Federal Reserve District No. 2.
L. L. RUE, Federal Reserve District No. 3.
C. E. SULLIVAN, Federal Reserve District No. 4.
J. M. MILLER, JR., Federal Reserve District No. 5.
O. WELLS, Federal Reserve District No. 6.
J. J. MITCHELL, Federal Reserve District No. 7.
F. J. WADE, Federal Reserve District No. 8.
G. H. PRINCE, Federal Reserve District No. 9.
E. F. SWINNEY, Federal Reserve District No. 10.
W. M. MCGREGOR, Federal Reserve District No. 11.
D. W. TWOHY, Federal Reserve District No. 12.

RECOMMENDATIONS OF THE FEDERAL ADVISORY COUNCIL TO THE
FEDERAL RESERVE BOARD

FEBRUARY 19, 1924
TOPIC NO. 1.—The banking situation in the Northwest and Middle
West and in New Mexico, with special reference to the large number
of small bank failures. The board would like to have your opinion
as to whether the lack of confidence in these small banks is likely to
spread far enough to do any serious injury to banks in the larger
cities or to any banks outside of the territory principally affected by
agricultural depression. The board would also like to know whether
the council has any suggestions to make with regard to possible amendments to the national banking act which would not be merely palliatives but would prevent any future similar epidemic of lack of confidence.
Recommendation.—It is the opinion of the council that it is unlikely
that the lack of confidence referred to by the board will spread enough
to do serious injury to the banks in larger cities or to other territories
affected by agricultural depression at the present time. It is also
the opinion of the council that the present, unfortunate banking
276




RECOMMENDATIONS OF ADVISORY COUNCIL

277

situation arises largely from the fact that the number of banks in the
sections involved has been much greater than local needs for banking
accommodations required. The organization of many of these banks
has been stimulated and encouraged by unsound systems of guarantee
of deposits by various States which gave a false sense of security to
those organizing the banks and encouraged in the public mind a lack
of discrimination between well-managed and badly managed banks.
This, coupled with unsound and inexperienced management, resulted
in inevitable disaster. The council heartily approves of the attempt
that is being made to meet the present emergency but is confident
that no amendment to the national banking act or Federal reserve
act will safeguard the business community from the consequences of
unsound banking methods. It has, therefore, no amendment to
recommend. While there are no means that can prevent banks
from suffering the consequences of mismanagement or dishonesty in
the administration of their affairs, measures may possibly be devised
that would serve to alleviate the hardships of the depositors of banks
in receivers' hands, particularly of depositors of small means.
It may be opportune for the board to take up anew its earlier
recommendation, made several years ago when combating former
propositions for a guarantee of deposits. The board's recommendation envisaged the creation of a liquidation fund. Such fund was
designed under very careful safeguards and restrictions to pay to
depositors of banks in receivers'hands such proportion of their deposits
as could be safely advanced against the depositors' claims against the
defaulting bank. The council does not wish to make this suggestion
with regard to the present emergency, but solely with a view to
stimulating a careful examination of the problem which is bound to
recur in the future in some form or other.
TOPIC NO. 2.—The general policy involved in bankers' acceptances
drawn by banks to finance, export transactions, assuming that banks
may lawfully give such acceptances. The board has had a number of
propositions involving such acceptances submitted to it for rulings
as to their compliance with the law, but would like the advice of the
council as to the policy involved.
Recommendation.—This question was fully covered in the council's
conference with the board in which Mr. Warburg stated that he
thought to express the council's views when holding that the transaction involved was clearly within the legal powers of the accepting
member banks. It was, however, a question of good or bad banking
practice. In the council's view acceptances of this character should
only be considered as eligible by Federal reserve banks when drawn
by banks directly connected with or located in the foreign country
from which, or to which, the goods were moving (so-called foreign
or colonial banks or their branches); and, furthermore, such bills
should be drawn within a time reasonably near to shipment of the
goods and in no circumstances after the transportation had been
completed. The council thought that the decision concerning the
eligibility of such acceptances might well be left to the discretion of
the Federal reserve banks instead of trying to deal with it by a rigid
regulation which could hardly cover so complex and so individual a
case.



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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

TOPIC NO, 3.—Open-market operations and the basis upon which
they should be handled during the year 1924.
Recommendation.—-The council is reluctant to give very positive
advice concerning the desirability of increasing or decreasing the
volume of open-market investments of the Federal reserve banks at
this time. Experience has shown that the volume of bills rediscounted and held by the Federal reserve system and the total invested in open-market purchases are closely interrelated. Only by
actual tests and careful experiments is it possible to ascertain from
time to time whether a substantial increase or decrease in the aggregate of investments may safely be brought about, and if so what effects
it will have on the position of the combined member banks and the
money market. The council is very glad to notice the growing attention devoted by the board to the importance of open-market operations; for with gold standards suspended all the world over and gold
moving to our country almost automatically, the gold reserve percentages of the Federal reserve system have become barometers of much
smaller significance than the fluctuations in the volume of the Federal
reserve system's total investments. The council is inclined to believe
that in view of present domestic and foreign conditions, it might be
opportune for the Federal reserve banks to engage in some careful
experiments in the direction of increasing open-market investments.
These might result in a slight easing of money rates and in a more
liberal use of our credit facilities at home and abroad.
It is the unanimous opinion of the council that discount rates
should not be changed at this time.
The council urges the Federal reserve banks in their open-market
operations to show a greater preference for acceptances than for
Government issues.
TOPIC NO. 4.—Subdivision of gold reserves.
Recommendation.—After considering the form contemplated by the
board for its weekly condensed statement of combined gold reserves,
viz, statement of percentage of gold holdings against outstanding
Federal reserve notes, of percentage of gold holdings against member
bank deposits, and of percentage of total gold holdings against
Federal reserve notes and deposits combined, the council is of the
opinion that the legal requirement is complied with by publishing the
amounts of the several gold reserves without giving the three individual percentages. The council feels that fluctuations in the gold
strength, as indicated in the discussions of the previous question, are
of minor significance in present circumstances and that by giving
three percentages too much emphasis would be laid upon fluctuations, which, as a consequence of the proposed grouping, are likely
to appear more pronounced. Moreover it is to be feared that during
a period of economic strain, always recurring from time to time, the
board may be charged with artificially manipulating the reserve percentages. It is to be expected that the press and the public will
continue to watch the combined reserve percentage (against notes
and deposits combined), as it is the only percentage which will
clearly indicate any increase or decrease in reserve strength from
week to week. It would seem to the council, therefore, that the
greater simplicity of the present method of reporting would lead to
a better understanding of the problem on the part of the lay com-




RECOMMENDATIONS OF ADVISORY COUNCIL

279

munity and for the time being, at least, would seem to be the better
course. As it is, there is grave danger that critics of the Federal
reserve system will charge the board as being possessed of larger
powers in the determination of stabilization of price levels than it
actually has. The proposed scheme would be construed by them as
an additional means of control in the hands of the Federal Keserve
Board and as such might easily be used as an invitation for further
attacks upon the board.
Recommendation No. 5.—The council expressed itself as unanimously opposed to the provisions of the bill pending in Congress,
H. R. 3206, requiring the payment by Federal reserve banks of 2
per cent interest on member bank balances.
Recommendation No. 6.—McFadden bill.
The council has read the bill H. R. 6855, introduced in the House
of Representatives by Congressman McFadden, and agrees in principle with the general trend of thought embodied in the said bill.
The present uncertainty with reference to branch banking makes it
difficult for those engaged in the banking business to determine their
course of action, and we consider that the proposed bill, if enacted,
would offer very essential and helpful relief in this regard. Without
venturing an opinion concerning questions of detail involved in the
bill, we indorse its objects and aims and respectfully urge its passage.
MAY 13, 1924
TOPIC NO. 1.—The credit and business situation and outlook with
special reference to the open market and discount rate policies to be
pursued in the circumstances by the Federal reserve banks, collectively
or separately.
Recommendation.—Inquiry of all members present has elicited an
expression of opinion that no changes in rediscount rates at the
present time are desirable.
With regard to open-market operations council reiterates the view
expressed on previous occasions that the Federal reserve banks
should not make investments for the sole purpose of increasing their
earnings and earning dividends. On the other hand, the council is
of the opinion that it is desirable for the Federal reserve system in
normal times to be possessed of a sufficient volume of investments
(i. e., total earning assets) so as to be able to steady the market in
case that should be necessary. The council finds it extremely difficult to lay down any definite rule as to what the normal figure of
investments should be, because naturally it would change from time
to time in accordance with the economic and financial conditions
which prevail in given circumstances. Under present conditions, it
would seem that it would not be out of line for the system to seek to
preserve an aggregate investment (i. e., total earning assets) of substantially its present volume with a tendency somewhat to increase
these investments if this can be done without unduly affecting the
market. The council makes these suggestions with a great deal of
reluctance, as it feels that an authoritative opinion can only be given
by those actively in charge of operations.
36569—25f



19

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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

TOPIC NO. 2.—Regulation H—a discussion of the adequacy of its
provisions and their application by the Federal Reserve Board.
Recommendation.—The council has examined Regulation H and
has no criticism to offer.
TOPIC NO. 3.—The so-called Dawes-McKenna report to the Reparations Commission.—The board would like to have an expression
of the views of the council upon any matters considered in the report
which the council believes to be pertinent for the consideration of
the Federal Reserve Board, or of interest and concern to the American banking and financial public. The board would also like to have
the council discuss the advisability of the Federal reserve banks purchasing from American banks, with their indorsement, German trade
bills which bear also the indorsement of the new German gold rediscount bank.
Recommendation.—At the request of the Federal Reserve Board,
the advisory council has given careful consideration to the report of
the first committee of experts, the so-called Dawes report.
The council wishes to record its admiration for the excellent work
done by the committee, and to express the hope that with the least
possible delay the committee's recommendations will be carried into
actual effect. The council furthermore indorses the wish recently
expressed by President Coolidge that American private capital and
initiative give this plan its hearty support as a demonstration of the
Nation's desire to do its full share in the economic rehabilitation of
the Old World.
The council has given particular thought to the question of how
far the Federal reserve system may aid the country in accomplishing
these aims.
It is obvious that the Federal reserve system, as such, can not by
any action of its own cooperate in the flotation and distribution of
the new German loan, the absorption of which on a liberal scale in
the United States is one of the prerequisites of the Dawes plan.
Nor should any such direct aid by the Federal reserve system be
necessary. There should be little difficulty in placing this loan,
provided it is properly secured and provided the investing public
feels confident that the debtor, having accepted the burden in good
faith, will be free to go about his work without hindrance as long as
he makes the utmost effort of which he is capable.
While, therefore, the council has no suggestion to offer to the
Federal Reserve Board concerning this phase of the problem, there
are important services the Federal reserve system could render
with regard to the operations of the new note-issuing bank which
Germany is to organize under the provisions of the Dawes plan.
The council urges the Federal Reserve Board to examine very
closely into the powers vested in this respect in the Federal reserve
banks and to study the question how far it may. be desirable to
amend existing rulings and regulations in order to approach the
problem of Europe's financial and economic reconstruction in the
most helpful spirit in the same manner as is being done by the Bank
of England and other central note-issuing banks.
Unless America finds ways and means to permit her excessive
banking strength to benefit other countries, particularly those striving to bring their house in order, the dollar can not maintain its




RECOMMENDATIONS OF ADVISORY COUNCIL

281

position as a world standard of exchange, and foreign countries—and
even American banking and commerce—will, once more, in a larger
degree become dependent upon and tributary to the pound sterling,
to the greater exclusion of the dollar. It is idle, however, to preach
the use of the dollar, unless at the same time we render it possible
for other countries to avail themselves of our dollar facilities. I t
is obvious that our credit power can not continue to grow indefinitely
without the danger of oversaturation. If the stream of gold that
floods our shores is not stemmed in time it is to be feared that ultimately we will not be able to ward off its inflationary effects. Credit
and currency inflation would only aggravate the economic maladjustment already existing within our own boundaries; a maladjustment
which not only disturbs and endangers our trade with other countries,
but which makes our agricultural situation particularly difficult and
distressing.
But, irrespective of the danger of inflation against which there
still are at our disposal powerful cushions that could be applied in
order to counteract or soften its effect, the problem ought to be
weighed from another and even more important angle.
It is the question of whether the world is more likely to regain the
blessings of economic stability under the sway of several fluctuating
standards of exchange or by a general return, as speedy as circumstances may permit, to definite relations of exchanges to gold as the
ultimate measure and regulator.
The Dawes report leads the world to the crossroads in this regard.
It provides for a German note-issuing bank on a gold basis, but
leaves the door open to place it on a sterling basis, and it can not
be denied that there is no small probability of the latter basis being
chosen. In the opinion of the council the sooner Germany can be
placed on a gold or gold exchange basis, the sooner can England, and
other countries also, return to an unrestricted gold standard, while
if Germany were placed on a sterling basis, England—in returning
to an unrestricted gold basis—would have to pull not only her own
weight, but that of Germany also. It is obvious, therefore, that if
the new German bank is placed on the sterling-exchange basis the
world must prepare itself to remain on a basis of exchange instability
for a prolonged period, the end of which can not be foreseen, while
the adoption of the gold (that is, the dollar) basis would accelerate
the return to world-wide stability.
It is this momentous alternative that is involved in the organization of the new German note-issuing bank, and the council deems it
its duty to point to its importance with all the emphasis of which it
is capable. It is not as an American problem that we are discussing
this phase, but as one that touches the future of all the world.
The council has been pleased to learn that it has been ruled that
Federal reserve banks may consider as eligible for their open-market
urchases certain German dollar trade bills, payable in the United
tates, if indorsed by the recently established German gold rediscount
bank, the so-called Schacht Bank, and by approved American
indorsers.
The council sees in this decision a move in the right direction,
helpful to all parties concerned, inasmuch as it transfers credit power
from where it is idle and redundant to where an acute shortage of

P




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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

credit cripples the purchasing ability of a country, which normally
ranks second in line as a buyer of our goods.
The council recommends that, when the new German note-issuing
bank, provided in the Dawes plan, is organized, the Federal reserve
banks take the steps necessary in order to facilitate the rediscounting
in this country of properly protected German gold bills, be it through
the intermediary of American banking institutions, or through
so-called agency agreements, or such other arrangements as have
been concluded by Federal reserve banks with central banks of other
countries.
Measures of this character do not only tend to bring our gold
hoard into active and healthy use, but by enabling and encouraging
other countries to trade in terms of dollars, we stimulate our own
ioreign commerce. We facilitate, furthermore, the direct sale in
dollars of our own products, instead of making foreign countries and
ourselves dependent in this respect upon Great Britain's acting as
broker and banker, as naturally she would, where the pound sterling
would govern as an exclusive basis of commerce and trade.
If there is any reason to assume that success of the Dawes plan may
prove the turning point in Europe's long road of suffering and decline,
it is a unique opportunity and duty for the United States to lend a
helpful hand to the utmost of its ability.
In the opinion of the council, there does not seem to be any room
for doubt with regard to the policy which in these circumstances the
Federal reserve system should pursue.
TOPIC NO. 4.—Should the Federal reserve banks continue to pay
dividends even though not earned.
Recommendation.—The council was unanimously of the opinion
that dividends should be continued as long as the amount of surplus
justifies this action, even though such dividends may not have been
earned during the current year.
TOPIC NO. 5.—Domestic acceptances.
Recommendation.—The council was asked to discuss the topic
whether or not Congress should be asked to amend the Federal
reserve act so as to give greater latitude to accepting banks with
regard to both domestic and foreign acceptances. The council is of
the opinion that it is not advisable or necessary to ask for such an
amendment. On the other hand, the council recommends that the
most liberal interpretations and rulings that consistently can be
made should be given by the Federal Reserve Board, particularly
with regard to such u
expressions occurring in the acts as "involving"
and growing out of domestic," and then to leave it to the Federal
reserve banks to exercise the restraining influence within such liberal
interpretations and rulings. If this were done, the council is confident that American accepting banks can be placed in a position
effectively to meet British competition which now is threatening to
monopolize the field where American banks are not now in a position
effectively to compete.




RECOMMENDATIONS OF ADVISORY COUNCIL

283

SEPTEMBER 25, 1924
RESOLUTIONS ADOPTED BY THE FEDERAL ADVISORY COUNCIL

Resolution No. 1.—Whereas, a further easing of money rates at this time
might render it extremely difficult to ward off a period of acute inflation with its
subsequent evil consequences with which the country is only too well familiar,
and
Whereas, forced investments of Federal reserve banks in our market and continued substantial importations of gold into the United States are factors that
might tend to enhance the plethora of money already existing,
Resolved, That this council recommend to the Federal Reserve Board to consider the question whether the time has come for Federal reserve banks to exercise their power to invest some of their funds in foreign bills with approved
American banking indorsements and payable by and repayable to Federal reserve
banks in dollars.
The council believes that observing these safeguards and by properly scattering its purchases the Federal reserve system can safely invest substantial amounts
abroad, without any risk of loss on account of exchange or otherwise, and in doing
so ward off to that extent the inflow of gold, incidentally assisting the foreign
countries involved in their efforts to stabilize their exchanges and to bring them
back to definite gold relations.
Resolution No. 2.—The council has learned that the Secretary of the Treasury
is about to call in for redemption on February 1, 1925, the $118,489,900 4 per
cent loan of 1925, and desires to record its entire approval of the policy involved
in this step.

NOVEMBER 24, 1924
TOPIC NO. 1.—A carefully considered survey of the present and
prospective business situation with reference to its bearing on the
credit, discount, and open-market policy of the Federal reserve
system in the coming months.
Recommendation.—From the reports made at the meeting of the
advisory council by the different members representing their respective reserve districts, it seems to the council that there is at this time
no evidence of unusual speculation in goods and commodities
and no evidence of inflation of their price levels. There would
appear, therefore, to be no cause on this account to consider immediate
increases in discount rates in the several Federal reserve districts.
The general view seems, however, to be that the near future will
bring to the United States a substantial increase in business activity
which with the comparatively small stocks available might easily
lead to a marked advance in prices. It is the opinion of the council
that this movement of prices might very easily get out of hand and
degenerate into conditions of inflation of a more or less acute degree,
with its subsequent disastrous results.
It seems to the council, therefore, that extreme care would be indicated at this time in watching further developments and that at this
moment it might be desirable, particularly in New York, where the
discount rate at 3 per cent is the lowest, and where the activity in
the security market has already taken substantial proportions, to
bring the financial situation in that district under firmer control of
the Federal reserve bank. This should be accomplished at the time
being by open-market operations. The Federal reserve system ?s large
holdings in Government securities were acquired at the time with a
view to arming the Federal reserve system with a means of combating inflationary movements should they occur. It would seem



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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

as if the time had now come for the Federal reserve system to adopt
a policy of reducing, so far as may be expedient, their aggregate
open-market holdings of acceptances and Government securities and
of transferring some of these investments to the financial community.
By doing so conditions would likely be gradually brought about in
which the banks once more would have recourse to the facilities of
the Federal reserve system by rediscount operations, so that the
rediscount rate of the New York Federal Reserve Bank would become more effective. If then it should appear that still firmer interest rates are required by the general situation, an increase in the
discount rate of the New York Federal Reserve Bank could then be
taken into consideration.
TOPIC NO. 2.—What amendments to the national banking act in
the direction of modernization consistent with sound banking would
the council advise the Federal Reserve Board recommend to Congress ?
Recommendation.—While the subject of amending the national
banking act is important and of current interest because of the consideration which Congress is likely to give it in the near future, the time
of a single meeting is inadequate for a discussion of it by this body.
The council suggests that it be made a matter of study by its members for the purpose of forming some conclusions at the next council
meeting.
TOPIC NO. 3.—A consideration of the effect of foreign capital
flotation in the American market.
Recommendation.—In the opinion of the council there exists no
doubt but that the absorption by our country of foreign securities
adequately protected would afford not only a profitable outlet for
our surplus funds, but at the same time would redound to the benefit
of the borrowing countries, which thus are enabled to by our commodities, while they are strengthened in their struggle to stabilize
their exchanges. It is obvious that it is of as much importance to
us to be in a position of selling these goods as it is for the foreign
countries to buy them.
TOPIC NO. 4.—Should Liberty bonds, or any issue of tiiem, be
refunded into bonds available for national bank circulation ?
Recommendation.—Liberty bonds should not be refunded into
bonds available for circulation, as the gradual elimination of a rigid
bond secured circulation was one of the outstanding reasons for the
enactment of the Federal reserve act, with its provisions for an elastic
note issue ample for the needs of the country.




DESCRIPTION OF FEDERAL RESERVE DISTRICTS
Land area Population
(square Jan. 1,1925
miles)
(estimated)

Federal reserve district

No. 1—Boston. _
No. 2—New York
No. 3—Philadelphia
N Ot 4—Cleveland
No. 5—Richmond _
No. 6—Atlanta
No. 7—Chicago
No. 8—St. Louis
No. 9—Minneapolis.
No. 10—Kansas City
No. 11—Dallas
No. 12—San Francisco. _

61,345
51,890
36,842
73,424
152,316
248,226
190,513
194,810
414,004
473,565
392,989
683,852
2,973,776

112, 786,165

61,345

7,477,889

4,189
29,895
8,039
9,031
1,067
9,124

1,157,685
781,220
4,102,626
449,526
636,218
350,614

51,890

Total

7,477,889
14,100,112
7,161,510
10,721,082
10, 378,164
10,415,246
16,577,337
9,323,782
5,437,255
7,385,785
6,217,311
7,590,692

14,100,112

FEDERAL RESERVE DISTRICTS
DISTRICT N O . 1—BOSTON

Connecticut (excluding Fairfield County)
Maine. _
Massachusetts..
New Hampshire
Rhode Island._.
Vermont
DISTRICT N O . 2—NE^iv YORK .

Connecticut (Fai rfield County)
New Jersey
Counties of—
Bergen.
Hunterdon.
Essex.
Middlesex.
Hudson.
Monmouth.
New York

631
3,605

Delaware
New Jersey
Counties of—
Atlantic.
Cape May.
Burlington. Cumberland.

Gloucester.
Mercer.
Lebanon.
Lehigh.
Luzerne.
Ly coming.
McKean.
Mifflin.
Monroe.
Montgomery.
Montour.
Northampton.
Northumberland.
Perry.

Philadelphia.
Pike.
Potter.
Schuylkill.
Snyder.
Sullivan.
Susquehanna.
Tioga.
Union.
Wayne.
Wyoming.
York.

233,654
774,460

6,153,396

Ocean.
Salem.

Pennsylvania
Counties
Adams.
Bedford.
Berks.
Blair.
Bradford.
Bucks.
Cambria.
Cameron.
Carbon.
Center.
Chester.
Clearfield.

7,161,510

30,968

DISTRICT N O . 3—PHI LADELPHIA

11,040,134

1,965
3,909

• Sussex.
Union.
Warren.

47,654
36,842

Morris.
Passaic.
Somerset.

359,877
2,700,101

of—
Clinton.
Columbia.
Cumberland.
Dauphin.
Delaware.

Elk.

Franklin.
Fulton.
Huntingdon.
Juniata.
Lackawanna.
Lancaster.




.

285

286

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
FEDERAL RESERVE DISTRICTS—Continued
Land area Population,
(square Jan. 1,1925
miles)
(estimated)

Federal reserve district

73,424

Kentucky (eastern part1)
Counties o—
f
Bath.
Fleming.
Bell.
Floyd.
Boone.
Garrard.
Bourbon.
Grant.
Boyd.
Greenup.
Bracken.
Harlan.
Breathitt.
Harrison.
Campbell.
Jackson.
Carter.
Jessamine.
Clark.
Johnson.
Clay.
Kenton.
Elliott.
Knott.
Knox.
Estill.
Laurel.
Fayette.
Ohio
Pennsylvania (western nart") _
Counties o—
f
Allegheny.
Crawford.
Armstrong.
Erie.
Beaver.
Fayette.
Butler.
Forest.
Clarion.
Greene.
West Virginia (northern narti
Counties o—
f
Marshall.
Brooke.
Hancock.
Ohio.

Mississippi (southern part)
Counties o—
f
Harrison.
Adams.
Hinds.
Amite.

Claiborne.
Clarke.
Copiah.
Covington.
Forrest.
Franklin.
George.
Greene.
Hancock.


492,421
1, 529,137
2,740,841
1, 770,415
2,436,693
1,408,657

248, 226

10,415,246

51,279
54,861
58,725
26,891

Mingo.
Monongalia.
Monroe.
Morgan.
Nicholas.
Pendleton.
Pleasants.
Pocahontas.
Preston.
Putnam.
Raleigh.
Randolph.
Ritchie.

Rapides.
St. Bernard.
St. Charles.
St. Helena.
St. James.
St. John the Baptist.
St. Landry.
St. Martin.
St. Mary.
St. Tammany.

Lawrence.
Leake.
Issaquena.
Lincoln.
Jackson.
Madison.
Jasper.
Marion.
Jefferson.
Neshoba.
Jefferson Davis. Newton.
Jones.
Pearl River.
Kemper.
Perry.
Lamar.
Pike.
Lauderdale.
Rankin.



10,378,164

2,456,370
1,079,637
3,043,493
1,297,658

25, 519

839,973

Tyler.
Wetzel.

Roane.
Summers.
Taylor.
Tucker.
Upshur.
Wayne.
Webster.
Wirt.
Wood.
Wyoming.

DISTRICT NO. 6—ATLANTA

Alabama
Florida
Georgia
Louisiana (southern part")
Parishes o—
f
Acadia.
Evangeline.
Allen.
Iberia.
Iberville.
Ascension.
Assumption.
Jefferson.
Avoyelles.
Jefferson Davis.
Lafayette.
Beauregard.
Lafourche.
Calcasieu.
Livingston.
Cameron.
E a s t B a t o n Orleans.
Plaquemines.
Rouge.
East Feliciana. Pointe Coupee.

179,980

Venango.
Warren.
Washington.
Westmoreland.

DISTRICT N O . 5.—RICHMOND

District of Columbia
Maryland «_;
North Carolina South Carolina
Virginia
West Virginia (southern nnrt,')
Counties o—
f
Hardy.
Barbour.
Harrison.
Berkeley.
Jackson.
Boone.
Jefferson.
Braxton.
Kanawha.
Cabell.
Lewis.
Calhoun.
Lincoln.
Clay.
Logan.
Doddridge.
McDowell.
Fayette.
Marion.
Gilmer.
Mason.
Grant.
Mercer.
Greenbrier.
Mineral.
Hampshire.

6,270,435
3,109,921

62
9,941
48,740
30,495
40,262
22,816

Indiana.
Jefferson.
Lawrence.
Mercer.
Somerset.

40,740
13,864

152,316

Nicholas.
Owsley.
Pendleton.
Perry.
Pike.
Powell.
Pulaski.
Robertson.
Rockcastle.
Rowan.
Scott.
Whitley.
Wolfe.
Woodford.

1,160,746

1,206

Lawrence.
Lee.
Leslie.
Letcher.
Lewis.
Lincoln.
McCreary.
Madison.
Magoffin.
Martin.
Mason.
Menifee.
Montgomery.
Morgan.

10,721,082

17,614

DISTRICT N O . 4^—CLEVELAND

Tangipahoa.
Terrebonne.
Vermilion.
Vernon.
Washington.
West B a t o n
Rouge.
West Feliciana.

Scott.

Sharkey.
Simpson.
Smith.
Stone.
Walthall.
Warren.
Wayne.
Wilkinson.
Yazoo.

287

DESCRIPTION" OF FEDERAL RESERVE DISTRICTS
FEDERAL RESERVE DISTRICTS—Continued

Land area Population,
(square
Jan. 1,1925
miles)
(estimated)

Federal reserv a district

DISTRICT N O . 6—ATLANTA—Continued
30,951

1,698,110

--

190,513

16, 577, 337

Illinois (northern part)
_
Counties o—
f
Boone.
Ford.
Bureau.
Fulton.
Carroll.
.Grundy.
Cass.
Hancock.
Champaign.
Henderson.
Christian.
Henry.
Clark.
Iroquois.
Coles.
Jo Daviess.
Cook.
Kane.
Cumberland.
Kankakee.
De Kalb.
Kendall.
De Witt.
Knox.
Douglas.
Lake.
Du Page.
La Salle.
Edgar.
Lee.
Indiana (northern part)
Counties o—
f
Adams.
Fountain.
Allen.
Franklin.
Bartholomew.
Fulton.
Benton.
Grant.
Blackford.
Hamilton.
Boone.
Hancock.
Brown.
Hendricks.
Carroll.
Henry.
Cass.
Howard.
Clay.
Huntington.
Clinton.
Jasper.
Dearborn.
Jay.
Decatur.
Jennings.
De Kalb.
Johnson.
Delaware.
Kosciusko.
Elkhart.
Lagrange.
Fayette.
Lake.
Iowa
Michigan (southern part)
Counties ofEaton.
Alcona.
Allegan.
Emmet.
Genesee.
Alpena.
Antrim.
Gladwin.
Arenac.
Grand Traverse.
Barry.
Gratiot.
Bay.
Hillsdale.
Benzie.
Huron.
Berrien.
Ingham.
Branch.
Ionia.
Calhoun.
Iosco.
Cass.
Isabella.
Charlevoix.
Jackson.
Cheboygan.
Kalamazoo.
Claire.
Kalkaska.
Clinton.
Kent.
Crawford.
Lake.

35, 448

5,643,291

26, 707

2, 446, 981

55, 586
40,789

2, 496,337
3, 774,305

Tennessee (eastern part)
Counties of—
Anderson.
Giles.
Bedford.
Grainger.
Bledsoe".
Greene.
Blount.
Grundy.
Bradley.
Hamblen.
Campbell.
Hamilton.
Cannon.
Hancock.
Carter.
Hawkins.
Cheatham.
Hickman.
Claiborne.
Houston.
Clay.
Humphreys.
Cocke.
Jackson.
Coffee.
Jefferson.
Cumberland.
Johnson.
Davidson.
Knox.
De Kalb.
Lawrence.
Dickson.
Lewis.
Fentress.
Lincoln.
Franklin.
Loudon.
DISTRICT N O . 7—CHICAGO


36569—25t
20


McMinn.
Macon.
Marion.
Marshall.

Maury.

Meigs.
Monroe.
Montgomery.
Moore.
Morgan.
Overton.
Perry.
Pickett.
Polk.
Putnam.
Rhea.
Roane.
Robertson.
Rutherford.

Livingston.
Logan.
McDonough.
McHenry.
McLean.
Macon.
Marshall.
Mason.
Menard.
Mercer.
Moultrie.
Ogle.
Peoria.

Scott.
Sequatchie.
Sevier.
Smith.
Stewart.
Sullivan.
Sumner.
Trousdale.
Unicoi.
Union.
Van Buren.
Warren.
Washington.
Wayne.
White.
Williamson.
Wilson.

Rock Island.
Sangamon.
Schuyler.
Shelby.
Stark.
Stephenson.
Tazewell.
Vermilion.
Warren.
Whiteside
Will.
Winnebag
Woodford.

Piatt.

Putnam.
La Porte.
Madison.
Marion.
Marshall.
Miami.
Monroe.
Montgomery.
Morgan.
Newton.
Noble.
Ohio.
Owen.
Parke.
Porter.
Pulaski.
Putnam.
Randolph.

Lapeer.
Leelanau.
Lenawee.
Livingston.
Macomb.
Manistee.
Mason.
Mecosta.
Midland.
Missaukee.
Monroe.
Montcalm.
Montmorency.
Muskegon.
Newaygo.
Oakland.
Oceana.

Ripley.
Rush.
St. Joseph.
Shelby.
Starke.
Steuben.
Tippecanoe.
Tipton.
Union.
Vermilion.
Vigo.
Wabash.
Warren.
Wayne.
Wells.
White.
Whitley.

Ogemaw.
Osceola.
Oscoda.
Otsego.
Ottawa.
Presque Isle.
Roscommon.
Saginaw.
St. Clair.
St. Joseph.
Sanilac.
Shiawassee.
Tuscola.
Van Buren.
Washtenaw.
Wayne.
Wexford.

288

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
FEDERAL RESERVE DISTRICTS—Continued
Land area Population,
(square Jan. 1,1925
miles)
(estimated)

Federal reserve district

DISTRICT N O . 7—CHICAGO—Continued

Wisconsin (southern part,')
Counties of—
Adams.
Green Lake.
Brown.
Iowa.
Calumet.
Jackson.
Clark.
Jefferson.
Columbia.
Juneau.
Crawford.
Kenosha.
Dane.
Kewaunee.
Dodge.
Lafayette.
Door.
Langlade.
Fond du Lac.
Manitowoc.
Grant.
Marathon.
Green.
Marinette.

31,983

Marquette.
Milwaukee.
Monroe.
Oconto.
Outagamie.
Ozaukee.
Portage.
Racine.
Richland.
Rock.
Sauk.
Shawano.

DISTRICT N O . 8—ST. LOUIS

Arkansas
Illinois (southern part)__
Counties o—
f
Adams.
Franklin.
Alexander.
Gallatin.
Bond.
Greene.
Brown.
Hamilton.
Calhoun.
Hardin.
Clay.
Jackson.
Clinton.
Jasper.
Crawford.
Jefferson.
Edwards.
Jersey.
Effingham.
Johnson.
Fayette.
Lawrence.
Indiana (southern pa rt).
Counties o—
f
Clark.
Greene.
Crawford.
Harrison.
Daviess.
Jackson.
Dubois.
Jefferson
Floyd.
Knox.
Gibson.
Lawrence.
Kentucky (western part.1
Counties o—
f
Crittenden.
Adair.
Cumberland.
Allen.
Daviess.
Anderson.
Ballard.
* Edmonson.
Franklin.
Barren.
Fulton.
Boyle.
Gallatin.
Breckenridge.
Graves.
Bullitt.
Grayson.
Butler.
Greene.
Caldwell.
Hancock.
Calloway.
Hardin.
Carlisle.
Hart.
Carroll.
Henderson.
Casey
Henry.
Christian.
Hickman.
Clinton.
Mississippi (northerr1 part)
Counties o
f
—
De Soto.
Alcorn.
Grenada.
Attala.
Holmes.
Benton.
Humphreys.
Bolivar.
Itawamba.
Calhoun.
Lafayette.
Carroll.
Lee.
Chickasaw.
Leflore.
Choctaw.
Lowndes.
Clay.
Coahoma.
Marshall.




2,216,423

Sheboygan.
Vernon.
Walworth.
Washington.
Waukesha.
Waupaca.
Waushara.
Winnebago.
Wood.

194,810

9, 323, 782

52, 525
20, 595

Macoupin.
Madison.
Marion.
Massac.
Monroe.
Montgomery.
Morgan.
Perry.
Pike.
Pope.
Pulaski.

Randolph.
Richland.
St. Clair.
Saline.
Scott.
Union.
Wabash.
Washington.
Wayne.
White.
Williamson.

Martin.
Orange.
Perry.
Pike.
Posey.
Scott.

Sullivan.
Spencer.
Switzerland.
Vanderburg.
Warrick.
Washington.

Hopkins.
Jefferson.
Larue.
Livingston.
Logan.
Lyon.
McCracken.
McLean.
Marion.
Marshall.
Meade.
Mercer.
Metcalfe.
Monroe.
Muhlenberg.
Nelson.

Ohio.
Oldham.
Owen.
Russell.
Shelby.
Simpson.
Spencer.
Taylor.
Todd.
Trigg.
Trimble.
Union.
Warren.
Washington.
Wayne.
Webster.

Monroe.
Montgomery.
Noxubee.
Oktibbeha.
Panola.
Pontotoc.
Prentiss.
Quitman.
Sunflower.
Tallahatchie.

Tate.
Tippah.
Tishomingo.
Tunica.
Union.
Washington.
Webster.
Winston.
Yalobusha.

1,843, 750
1, 278, 051

9,338

601, 615

22, 567

1,321,150

20,843

947, 296

289

DESCRIPTION OF FEDERAL RESERVE DISTRICTS
FEDERAL RESERVE DISTRICTS—Continued

Land area Population,
(square Jan. 1,1925
miles)
(estimated)

Federal reserve district

DISTRICT N O . 8—ST. LOUIS—Continued

Missouri (eastern part")
Counties of—
Adair.
Douglas.
Audrain.
Dunklin.
Barry.
Franklin.
Benton.
Gasconade.
Bollinger.
Greene.
Boone.
Grundy.
Butler.
Harrison.
Caldwell.
Henry.
Callaway.
Hickory.
Camden.
Howard.
Cape Girardeau. Howell.
Carroll.
Iron.
Carter.
Jefferson.
Cedar.
Johnson.
Chariton.
Knox.
Christian.
Laclede.
Clark.
Lafayette.
Cole.
Lawrence.
Cooper.
Lewis.
Crawford.
Lincoln.
Dade.
Linn.
Dallas.
Livingston.
Daviess.
Macon.
Dent.
Madison.
Tennessee (western p^rt")
Counties of—
Benton.
Fayette.
Carroll.
Gibson.
Chester.
Hardeman.
Crockett.
Hardin.
Decatur.
Hay wood.
Dyer.
Henderson.

58,206




2, 547, 511
637,904
682, 828
663, 668
569, 226

473, 565

7,385,785

103,658
81, 774
10, 521

1,012,044
1,809, 588
847, 780

76,808
41,486

Keweenaw.
Luce.
Mackinac.
Marquette.

1,350,015
161, 755

Menominee.
Ontonagon.
Schoolcraft.

Oneida.
Pepin.
Pierce.
Polk.
Price.
Rusk.
St. Croix.

Sawyer.
Taylor.
Trempealeau.
Vilas.
Washburn.

DISTRICT N O . 10—KANSAS CITY. . . _

Colorado
Kansas
Missouri (western pai*t^
Counties of—
Andrew.
Cass.
Atchison.
Clay.
Barton.
Clinton.
Bates.
De Kalb.
Buchanan.
Gentry.
Nebraska
New Mexico (northern nnrt^
Counties of—
Colfax.
Rio Arriba.
McKinley.
Sandoval.
Mora.
San Juan.

336,118

Shelby.
Tipton.
Weakley.

DISTRICT N O . 9—MINNEAPOLIS

Michigan (northern part"!
Counties of—
Alger.
Dickinson.
Baraga.
Gogebic.
Chippewa.
Houghton.
Delta.
Iron.
Minnesota
Montana
North Dakota
South Dakota..
Wisconsin (northern part')
Counties of—
Ashland.
Dunn.
Barron.
Eau Claire.
Bayfield.
Florence.
Buffalo.
Forest.
Iron.
Burnett.
Chippewa.
La Crosse.
Douglas.
Lincoln.

5,437, 255

80,858
146,131
70,183
76,868
23, 273

Henry.
Lake.
Lauderdale.
McNairy.
Madison.
Obion.

718, 622

16, 691

Reynolds.
Ripley.
St. Charles.
St. Clair.
St. Francois.
St. Louis.
St. Louis City.
Ste. Genevieve.
Saline.
Schuyler.
Scotland.
Scott.
Shannon.
Shelby.
Stoddard.
Stone.
Sullivan.
Taney.
Texas.
Warren.
Washington.
Wayne.
Webster.
Wright.

10,736

414,004

Maries.
Marion.
Mercer.
Miller.
Mississippi.
Moniteau.
Monroe.
Montgomery.
Morgan.
New Madrid.
Oregon.
Osage.
Ozark.
Pemiscot.
Perry.
Pettis.
Phelps.
Pike.
Polk.
Pulaski.
Putnam.
Rails.
Randolph.
Ray.

2,613,298

Holt.
Jackson.
Jasper.
McDonald.
Newton.

Nodaway.
Platte.
Vernon.
Worth.

San Miguel.
Santa Fe.
Taos.

Union.

290

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
FEDERAL RESERVE DISTRICTS—Continued
Land area Population,
(square
Jan. 1,1925
miles)
(estimated)

Federal reserve district

o
DISTRICT N O . 10—KANSAS CITY—Continued

Oklahoma (northwestern Dart) _ _.
Counties o—
f
Adair.
Ellis.
Alfalfa.
Garfield.
Beaver.
Garvin.
Beckham.
Grady.
Blaine.
Grant.
Caddo.
Greer.
Canadian.
Harmon.
Carter.
Harper.
Cherokee.
Haskell.
Cimarron.
Hughes.
Cleveland.
Jackson.
Comanche.
Jefferson.
Cotton.
Kay.
Craig.
Kingfisher.
Creek.
Kiowa.
Custer.
Latimer.
Delaware.
Le Flore.
Dewey.
Lincoln.
Wyoming..
__.
DISTRICT N O . 11—DALLAs

61,770
Logan
Love.
McClain.
Mclntosh.
Major.
Mayes.
Murray.
Muskogee
Noble.
Nowata.
Okfuskee.
Oklahoma.
Okmulgee.
Osage.
Ottawa.
Pawnee.
Payne.
Pittsburg.

97,548

18,518

81,017

Marshall.
Pushmataha.

DISTRICT N O . 12—SAN FRANCISCO

Arizona (northwestern narfci
Counties o—
f
Apache.
Maricopa.
Mohave.
Coconino.
Gila.
California
Idaho
Nevada
Oregon
Utah
Washington




7,644

234,166

262, 398

5,058,089
7,590,692

90,398

Johnston.
McCurtain.

215, 616

683,852

Roosevelt.
Sierra.
Socorro.
Torrence.
Valencia.

574,047

265, 623

155, 652
83,354
109,821
95,607
82,184
66,836

3,967,278
486,597
75,108
840,362
488,562
1,467,162

Tensas.
Union.
Webster.
West Carroll.
Winn.

Lea.
Lincoln.
Luna.
Otero.
Quay.

135,393

Santa Cruz.

Madison.
Morehouse.
Natchitoches.
Ouachita.
Red River.
Richland.
Sabine.

6,217,311

23,412
Pima.

219,347

392,989

_

Arizona (southeastern Dart)
Counties o—
f
Cochise.
Greenlee
Graham.
Louisiana (northern part)
Parishes o—
f
De Soto.
Bienville.
East Carroll.
Bossier.
Franklin.
Caddo.
Grant.
C aid well.
Jackson.
Catahoula.
La Salle.
Claiborne.
Lincoln.
Concordia.
New Mexico (southern Dart)
Counties o—
f
Bernalillo.
Dona Ana.
Catron.
Eddy.
Chaves.
Grant.
Curry.
Guadalupe.
De Baca.
Hidalgo.
Oklahoma (southeastern Dart)
_.
Counties o—
f
Atoka.
Choctaw.
Bryan.
Coal.
Texas

1,985,256

Pontotoc.
Pottawatomie.
Roger Mills.
Rogers.
Seminole.
Sequoyah.
Stephens.
Texas.
Tillman.
Tulsa.
Wagoner.
Washington.
Washita.
Woods.
Woodward.

Navajo.
Pinal.

Yavapai.
Yuma.

PART II
This section of the report presents tables showing the condition
and operations and earnings and expenses of each Federal reserve
bank, the condition of reporting member banks, and the volume of
debits to individual accounts at banks in leading centers. Charts
showing cash reserves, holdings of the various classes of earning
assets, and Federal reserve note circulation of each Federal reserve
bank for the period 1917 to 1924, inclusive, also charts showing loans
and investments and deposits of reporting member banks in each
Federal reserve district for the period 1921 to 1924, inclusive, are
presented on pages 292-311. For convenience of reference the statistical tables are arranged by Federal reserve districts.
Other data relating to the operations of the Federal reserve banks,
together with a discussion of banking and business developments in
each district, are published in the annual reports of the respective
Federal reserve agents.




291

to
CD

ALL FEDERAL RESERVE BANKS

MILLIONS OF DOLLARS
3500

to

MILLIONS OF DOLLARS
13500

3000

2000

w

W

n

W
1000

1000

H
H

500

1917




1918

1919

1920

1921

1922

A : Net Deposits to February, 1921; Total Deposits beginning March,1921

1923

[>

f

w
C
O

500

EDER

1500

M

H

BAN

1500

o
THE

2000

a

PORT

2500

SERV

2500

E RAL

3000

r^

<j

w
o

FEDERAL RESERVE BANK OF BOSTON

MILLIONS OP DOLLARS
:

MILLIONS OF DOLLARS

"

3501

1350

300

300

250

250

200

150

100

50

1917




1916

1919

1920

1921

1922

1923

1924-

FEDERAL RESERVE BANK OF NEW YORK

MILLIONS OF DOLLARS

MILLIONS OF DOLLARS
I12OO

zoor

1100

1917




1918

1919

1920

1921

1922

1923

1924-

FEDERAL RESERVE BANK OF PHILADELPHIA

MILLIONS OF DOLLARS

MILLIONS OF DOLLARS

1350

350

300

300

250

250

200

200

150

150

100

100

50

1917




1918

1919

1920

1921

1922

1923

1924-

FEDERAL RESERVE BANK OF CLEVELAND

MILLIONS OF DOLLARS

MILLIONS OF DOLLARS

350

350

300

300

250

250

200

200

150

100

1917




1918

1919

1920

1921

1922

1923

1924-

FEDERAL RESERVE BANK OF RICHMOND

MILLIONS OF DOLLARS

MILLIONS OF DOLLARS

180

1180

160

160

140

140

120

120

100

100

80

60

20

X ^-^Acceptances ^~v^_
.1917




1918

1919

1920

1921

1922

1923

1924-

FEDERAL RESERVE BANK OF ATLANTA

MILLIONS OF-DOLLARS

MILLIONS OF DOLLARS

180

180
160

120

100

1917




1918

1919

1920

1921

1922

1923

192^

FEDERAL RESERVE BANK OF CHICAGO

MILLIONS OF DOLLARS

MILLIONS OF DOLLARS

600

—1600

550

550

500
450

1917




1918

1919

1920

1922

1923

1924

FEDERAL RESERVE BANK OF ST. LOUIS

MILLIONS OF DOLLARS

MILLIONS OF DOLLARS

180

1180

160

160

120

100

80

60

4-0

20

1917




1918

1919

1920

1921

1922.

1923

1924-

FEDERAL RESERVE BANK OF MINNEAPOLIS

MILLIONS OF DOLLARS
120

MILLIONS OF DOLLAR!
1120

100

100

80

80

60

1917




1918

1919

1920

1921

1922

1923

1924

FEDERAL RESERVE BANK OF KANSAS CITY

MILLIONS OF DOLLARS
180

MILLIONS OF DOLLARS

180

160

160

14-0

140

120

120

100

100

80

60

20

1917




1918

1919

1920

1921

1922

1923

1924

FEDERAL RESERVE BANK OF DALLAS

MILLIONS OF DOLLARS

MILLIONS OF DOLLARS

120

120

100

100

80

20

1917




1918

1919

1920

1921

1922

1923

192*

FEDERAL RESERVE BANK OF SAN FRANCISCO

MILLIONS OF DOLLARS

MILLIONS OF DOLLARS

350

1350

300

300

250

250

200

v

200

^-•

150

150

100

1917




1918

1919

1920

1921

1922

1923

1924

REPORTING MEMBER BANK CHARTS

305

REPORTING MEMBER BANKS IN LEADING CITIES, 1921-1924

MILLIONS

BOSTON DISTRICT

DOLLARS

Loans and Investments

1200

1200

1000

1000

800

800

600

600

400

400
Loans on
Stocks and Bonds
and U.S.Sec.

200

200
Time Deposits

1921




1922

1923

1924

306

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

MILLIONS)

NEW YORK DISTRICT

DOLLARS

7000

7000

6000

6000

5000

5000

4000

4000

3000

3000
All Other Loans,^

2000

2000

1000

1000

1921

1922

1923

PHILADELPHIA

1924

DISTRICT

1000

1000
Loans and Investments

800

800
Net Demand Deposits

Total Loans

600

600

400
^

All Other Loans

200

200

1921




1922

1923

1924-

307

REPORTING MEMBER BANK CHARTS
CLEVELAND DISTRICT
1.800

1800
Loans and Investments
1600

1600

1400

1400

1200

1921

1922

1923

1924

MILLIONS

MILLIONS

RICHMOND DISTRICT

DOLLARS

DOLLARS

Loans and Investments

600

600

500

500
Total Loans

400

400

300

200

300

AH Other Loans

200

Loans on
Stocks and Bonds
- and U.S.Sec.

Time Deposits

investments

100

1921




1922

100

1923

1924

308

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

MILLIONS

MILLIONS

ATLANTA DISTRICT

DOLLARS

DOLLARS

600

600

500

\7

500

400

400

300

300

200

200

Time Deposits^

100

Investments

100

Loans on Stocks & Bonds
and U.S.Sec.

1921

MILLIONS
OF
DOUARS

1922

1923

1924

MILLIONS
OF
DOLLARS

CHICAGO DISTRICT
Loans and Investments

2400

2400

2000

2000
Total Loans

1600

1600

' Net Demand Deposits "

All Otner Loans - —

1200

1200

Time Deposits

800

800

Investments
Loans on
Stock sand Bonds
- and U.S.Sec. —

400

1921




1922

400

1923

1924-

309

REPORTING MEMBER BANK CHARTS

400

300

300

200

200
Loans on Stocfcs & Bonds
and U.S.Sec.

too

100

1921

. 1922

1923

1924

MINNEAPOLIS DISTRICT

300

250

250

f /•—1

200

200

150 '

150

100

100
Time Deposits,..

50

1921




1922

1923

1924

310

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
KANSAS CITY DISTRICT
Loans and Investments
600

600

500

500

400

400

300

300

200

200
Investments

100

100
Loans on
Stocks and Bonds
and U.S.Sec.

1921

MILLIONS
or
DOLLARS

1922

1923

1924

DALLAS DISTRICT

I

350

Loans and Investments/

300

300

250

250

200

200
All Other Loans

150

150

100

100
Time Deposits

50

Loans on
Stocks and Bonds
and U.S.Sec.

1921




1922

1923

192**

311

REPORTING MEMBER BANK CHARTS
SAN FRANCISCO DISTRICT

1000

800

800

600

600

Investments

400

Loans on Stocks & Bonds
and U.S. Sec. .

200

1922

1921

36569—25t

21




1923

4-00

200

DISTRICT NO. 1—BOSTON
No. 1.—CONDITION OF FEDEEAL RESERVE BANK
[In thousands of dollars |
Dec. 31,
1924

D e c . 31,
1923

D e c . 31,
1922

Gold with Federal reserve agent
Gold redemption fund with United States Treasury
Gold held exclusively against Federal reserve notes.
Gold settlement fund with Federal Reserve Board
Gold and gold certificates held by bank..

164,365
5,038

168,271 !

169,403
32, 275
18, 422

181,798
32,882
20, 078

164, 034
28,077
16, 036

Total gold reserves
_
_
Reserves other than gold
Total reserves
_
Nonreserve cash
_
Bills discounted:
Secured by United States Government obligations..
Other bills discounted

220,100
13,740

234, 758
8,266

208,147
12, 730

233,840
5,543

243,024 |
3,520

(0

15, 217
13, 777

21,744 i
45,957

23,675
37,909

28,994
63,889

67,701
38,802 I

61,584
25,407

2,472
23, 727
10, 461

529
6,697
2.636

529
6,610
22, 454

129,543

116, 365

116, 584

60, 635
4,190
180

55,034
4,312
131

422
59,142
4,434
297

433, 931

422,386

401,756

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

207, 389

220,115 i

201,314

140,102
3,856
84

123, 637
2,356
117

126,342
534

Total depdl&itsDeferred availability items.
Capital paid in
Surplus
_
All other liabilities

144,042

126,110

127,856

57,905
7,980
16,382
233

51, 609
7,890
16, 390
272

47,906
8,126
16,312
242

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

433,931 i

422,386 I

401,756

Total bills discounted
Bills bought in open market
United States Government securities:
Bonds
Treasury notes
_..
._.
Certificates of indebtedness
Total United States Government securities.
Total earning assets
_
_
5 per cent redemption fund—Federal reserve bank notes.
Unconnected items
Bank premises
All other resources.
Total resources

13,527 !

36,660

154,613

9,421

220,877

29, 593

LIABILITIES

i Not shown separately prior to 1923.

312




66.5

70.2

67.1
2,511

DISTRICT NO. 1

313

BOSTON

K o . 2 . — P R I N C I P A L ASSETS AND LIABILITIES OF FEDERAL R E S E R V E BANK, BY
WEEKS

[Amounts in thousands of dollars]
Bills discounted for
member banks

Total
earning
assets

MemBills
Bills
ber
bought United Total
States cash banks' Total
secured
in
Other open securi- [reserves reserve deposits
by
ties
bills
U.S.
deposits
Total Govern- dis- market
ment counted
obligations

Federal
reserve
notes
in
circulation

Reserve
percentages

100,302
70,991
65,090
60,016
72,461

60,852
32, 594
27,964
25,811
36,927

132,517
126,410
130, C
123,658
125,681

135, 264
128,818
132, 865
126,515
128,417

229, 594
210, 336
203, 268
200,862
199,937

71.3
82.0
83.8
85.5
82.5

! 62,626
59,025
61,307
1 69,825

27,037
26,181
25,974
35,168

Date

1924
Jan. 2 . . .
1623_
30..
Feb. 6
20_

27

66,873
67, 768
62, 215
60,963

Mar. 5_
12..
26_

Apr. 2_
9

20, 84c
14,350
12, 652
13,67:
19,613

40,003
18,244
15,312
12,140
17, 314

33,391
32, 763
30,453
26,968
27,038

27, 514
24, 939
25, 733
24,035
13,477 22,504
31,695
29, 074 18,112 10,962 23,031
23, 366 12,852 10, 514 19,982
9, 625 19,154
22, 512 12,88r
14,880
14, 917
13, 698
21, 53f
18, 218

12,157
11,264
12, 276
13,629

iO, 200
5, 634! 278,068
6,6731 281,593
7,237 279,983
8,496 270,800
8,075
7,905|
9,600!
10,622

278,052
282,923
282,546
277,998

124,335
130,313
121,429
124, 863

126, 880
133,499
127,023
129, 039

199, 733
200, 614
202, 506
202, 923

85.1
84.7
85.7
83.7

12, 674
15, 663
18,867
19,297

279, 313
275,661
280, 336
284,874

124,669
124, 037
124, 628
118,153

130,202 204,105
128,602 203,204
125,370 203,607
126, 697j 204,265

83.5
83.1
85.2
86.1

21,537 293,203 126, 532
21,750 290,377 123,350
20,326; 295,513 129,415
21,046,' 293,365 124,517
23,551 i 294,193 128,175

137,231 207,779
133,595 205,970
131,533! 207,127
127,067 206,278
130,715 205,579

85.0
85.5
87.3
88.0
87.5

23
30
M a y 7__
14
21
28
June 4
11
18
25
July 2 .
9_
16.
2330Aug.

65, 647
64,382
57.424
! 54,258
! 57,303

25, 40C
22,229
22,434
20,560
22,333

13, 412
11,13'
10,391
10,135
11,398

11,988
11,092
12,043
10,425
10,935

18, 710
20,403
14,664
12,652
11,419

j

16.

16,692
15,972
16,311
20,381

8,803
8,932
8,590
11,637

7,657
7,997
4,849
5,281

24,628
25; 755
25,769
26,777i

299,101
295,681
296,760
297,239

126,872
125,844
126,07"
126,545

128,594! 204,427
128,093! 203,179 89.3
127, 558| 201,234 90.3
130,366 203,440 89.0

19,526 11,405
16,946 10,121
14,203
8,777
15, 783 10,286

7,
7,040
7, 721
8,744
8,121
6,825
5,426
5,497

5,876
3, 754
2,977
1,817

32,820
35,014
32,233!
32,739

289,569
287,945
280,838
297,143

126,469
126,531
118,114
126,594

128,843 203,802
130,230! 198,734
119,068 199,663
132,840 199,079

87.1
87.5
88.1
89.5

33,123
34,125
34, 597
34, 597
34,596

310,440
301,386
302, 978
299,154
305,265

138, 780
137, 734
139,808
135.053
138, 919

140, 526 205,029
138, 545! 202.329
141,192 197,858
137,221 194,586
142,839! 195,370

89.8
88.4
89.4
90.2
90.3

37,409
38,252
38, 251
38, 251

134,468
135,069
137,392
133,189

135,850!
136,341!
139,070
135,187

196,663
196,392
197,243
197,168

89.0
88.5
88.0
88.1

136,320
133,504
138,073
138,458

137,088
134,534
138, 742
140,879

202,902
200, 633
197,472
198,035

87.1
87.3
86.3
87.2

201, 267
200,699
203,863
200,475
198,164

86.1
87.1
85.1
86.6
85. 3 -

I 48,977
i 49,724
46,929
I 52,439
I
| 58,222
j 55,714
I 49,413
50,339
I 50,639
54,120
48,685
46,868
47,398

14,030
11,831
10,504
9,310
10,265

8,678
6,323
5,850
4,939
5,065

5,352
5, 508
4,654
4,371
5,200

8,164
3,584
2,961
2,537

51,462
51,809
54,258
54,305

11, 555
11,518
11, 620
11, 603

4,894
5,179
5,094
5,025

6,661
6,339
6,526
6,578

4,387
4,451

58,150
56,348
60,581
|, 57,769

11,926
10,175
8,345
10, 529

5,114
4,949
4,291
5,778

6,812
5,226
4,054
4,751

8,479
8,376

38, 251
39,233
43, 757
38,864

295,869
294, 626
295, 912
292, 914
296,207
292,683
290,025
295,563

8,067
7,368

3,090
3,306
3,754
2,047
2,333

10,649
12,094
18,195
16,417
20,396

38.863
38.864
38,862i
38,862|
38,862

293,650
294,048
305,238
295,726
291,773

137, 521
135.054
149,916
138,875
142,333

139, 705
136,904
154, 818
141,075
143, 714

4,189
5,442
5,688
7,423

22,652
31,900
37, 733
40,953

38,855
38, 855
38,855
38,500!

276,046
259,899
262,880
256,886

139,047
138,984
139,896
136, 759

140, 728 198.330
141,554 196,534
142,099 196,249
138,604

1320.
27-

Sept. 3
10
24
Oct. 1
8
15
22
29

I
!
I
j

57,579
58,326
65,696
60,491
65,947

5,212
6,689

4,977
4,062
4,"""
3,165
4,356

Nov. 5
12
19
26

I 71,197
84,024
90,120
94,949

9,690
13,269
13, 532
15,496

5,501
7,827
7,844
8,073

Dec.

3

j 106,271
107,818
108, 524
24.
124, 994
129, 5431
31|
Daily average. 65,874 i
10.

15,469
18,327
17,280
29,930
28, 994
18,760 L




2,498

7,973

7,327 8,142 53,012 37,790 247,093 136, 846 138,310
8,286 55,810 33,681! 249,226 135, 830 137,860
10,041
11,182 6,098
34,356! 248,028 133,847 134,887
18, 723 11, 207 59, 655 35,409; 242,042 137,028 142,879
15,217 13, 777
36,660| 233,840 140,102 144,042
18,853

81.4
76.9
77.7
76.2

200,152 73.0
204,096 72.9
207,493 72.4
215,824 67.5
207,389 66.5

28,2611 285,094 131,952 134,993 202,811

84.4

314

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 3.—DISCOUNTS

AND PURCHASES OF BILLS AND SECURITIES BY FEDERAL
RESERVE BANK: VOLUME, BY CLASSES

[In thousands of dollars]
Bills discounted for member banks

Month
Total

1924

Secured
by
United
States
Government
obligations

Commercial and Trade
agricul- accepttural
ances
paper,
n. e. s.

123,722
135,494
117,779
87,500

64,437
96,394
80, 021
54,317

37,584
33,134

51,355
40,703
28, 764
33,134

27,784
28, 737
17, 634
16,129

_.

27, 523
20, 025
55,306
100, 865

17,836
13,364
31, 624
64, 330

Total: 1924.
1923.
1922.

822,170
3, 652, 775
2, 262, 087

January
February
March
April
May
June
July
August

_

September
October
November
December

Month

512, 607
1,489, 573
714, 537

Bills
bought
from
other
Federal
reserve
banks

3,855
1,885
2,513
1,535

23, 520
11,878
11,069
16,985

8,892
3,201
9,916
5,740

3,201
9,756
5,740

160

9,633
6,644
23, 611
36,457

12,266
27, 222
49,180
44,236

12, 216
27, 222
48,297
44,196

50

918 259,498 248, 572
2,161 302, 083 285, 707
1,187 261, 691 253,485

10,926
16, 300
8,206

308,645
2,161, 041
1, 546, 363

United States securities purchased in open
market

Bonds
and
notes

United
States
securities purchased
from
Certifiother
cates of Federal
indebt- reserve
banks

3,098
676
32,855
2,940

June
July....
August .

May

3,971
8,745
4,291
2,344

1,175
18, 534
709
741

September..
October
November..
December-.

1,213
7,146




85
170
174
49

22,903
19, 577
19, 641

5,478
5,934
7,054
5,879

10, 090

Bankers' Dollar Trade
acceptexacceptances change ances

Total

30,791
24,788
22, 090
21,176

59,200

J a n u a r y . _.
February..
March
April

Total: 1924_
1923.
1922.

Bills bought in open market

52,961
29, 450
29, 037

76

Total discounts and purchases

1923

1922

164,042

412, 511
421, 270
381, 325
262, 317

191, 714
325,952
304, 764
167,170

65, 393
71,490
43, 680
41, 959

269, 050
299, 379
321, 388
377, 473

129,425
163, 809
129, 735
184,130

60, 784
47, 605
106,304
160,916

307

1924

179, 778
117,495

953

358
605
90, 449
176, 976
174, 886

40

321, 062
259, 512
358, 302
487, 785

202, 769
267,172
365,231
301, 980

1, 260 1, 226, 338
4,171, 374
6,150

2, 733, 851

DISTRICT NO. 1
No. 4.—BILLS

315

BOSTON

D I S C O U N T E D BY F E D E R A L R E S E R V E B A N K

VOLUME, BY STATES

[Amounts in thousands of dollars]
I

Month

New
Maine Hampshire

Vermont

Massachusetts

Rhode
Island

Connecticut 1

Total

Number of
member
banks
in district
at end
of
month

Number of
member
banks
accommodated during the
month

1924
January...
February _
March
April

5,429
5,451
5,577
3,253

3,720
4,500
4,824
4,166

2,249
1,823
1,715
1,978

104,832
114,642
98,045
69, 836

1,867
4,035
288
742

5,625
5,043
7,330
7,525

123,722
135,494
117,779
87, 500

424
421
421
421

202
209
213
199

May
June
July.._.
August.

3,397
4,484
2,659
1,787

4,006
4,543
3,287
2,517

1,933
1,481
1,424
1,243

34,426
23,175
18,878
23, 649

1,556
1,320
138
264

6.037
5; 700
2,378
3,674

51, 355
40,703
28,764
33,134

421
421
422
421

179
174
130
129

SeptemberOctober--..
November..
December _.

2,146
1,656
2,513
3,915

2,627
2,296
2,829
3,138

1,248
1,220
795
915

18, 269
10,858
45, 692
83,667

645
692
695
3,875

2,588
3,303
2,782
5,355

27,523
20,025
55, 306
100,865

420
420
420
420

110
145
180

Total: 1924
42, 267
1923
49,002
1922
42, 621
Number of member
banks at end of year:
1924..
_...
1923---.
1922
Number of member
banks
accommodated:
1924
1923
1922-..

42, 453
60,722
40, 246

18,024
27,118
21,409

645,969
3,395,562
2,068,564

16,117 57, 340
30,023 90, 348
16, 392 72,855

822,170
3,652,775
2, 262, 087

1

182
183
185

420
424
427

148
153
164

317
313
330

Figures relate only to that part of the State located in the Boston district.




316

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No.

5.—EARNINGS AND EXPENSES

OF FEDERAL

RESERVE

BANK

1922

1924

1923

Discounted bills
Purchased bills
United States securities....
Deficient reserve penalties.
Miscellaneous

$783,450
599,172
1,049,841
4,576
121,977

$2,320,839
741,384
419,739
9,172
15,549

$1,543,539
591,647
1,391,691
9,777
4,659

Total earnings..

2,559,016'

3,506, 683

3, 541,313

122,000
894,000
31,504
90, 512
288
276
452
6,235
6,416
48, 634
2,014
26, 590
72,749
105, 593
20,489
2,492
3,913
21,485
47,828
19, 609
8,086
172,851
37, 005

137, 500
895, 768
33,323
103,019
378
176
478
6,173
10,022
52,474
1,978
26,967
71, 248
108,063
25, 532
7,258
29, 640
28,462
61,784
20,427
8,233
167, 097
33, 827

141,000
925,072
34,430
100,932
411
426
250
7,367
9,820
55, 241
775
31, 534
49, 271
90,900
25,489
1,767
52,772
26, 539
74, 588
21,169
7,977
152,667
34, 323

164, 946
27, 818

236, 694
31, 439

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 !
Assessments for Federal Reserve Board expenses
Legal fees
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 current expenses..

39, 716

36, 294

65, 501
38,792
23,871
49, 516

1,973, 501

2,134, 254

2, 022,400

2, 559, 016
1,973, 501

3, 506, 683
2,134, 254

3, 541, 313
2,022,400

585, 515

1, 372, 429

1, 518,913

15,870
4,686

5,290
20, 559

32,100
9,494

20, 556

25,849

41, 594

122,048
11,650
1,951

122,048
20,309
3,786

328,215
133,106
1,784

135,649

146,143

463,105

115,093

120,294

421, 511

470,422

1, 252,135

1,097, 402

477, 798

480, 267
77,187
694, 681

481,951
2 -170,782
2 786, 233

PROFIT AND LOSS ACCOUNT

Earnings
Current expenses.
Current net earnings.
Additions to current net earnings:
Withdrawn from reserve for depreciation on United States bonds.
All other
Total additions..
Deductions from current net earnings:
Depreciation allowances on bank premises..
Furniture and equipment
All other
Total deductions
Net deductions from current net earnings.
Net earnings available for dividends, surplus and franchise tax
Dividends paid
Transferred to surplus account
Franchise tax paid United States Government
Deficit in earnings after payment of dividends charged to surplus
account..
_
_

7, 376 |

* Other than those connected with governors' and agents' conferences and meetings of directors and of
the advisory council.
2
After charging surplus and crediting franchise tax with $247,350 paid as an additional franchise tax for
1921. Amounts transferred to surplus and paid as a franchise tax out of earnings for 1922 were $76,568 and
$538,883, respectively.




DISTEICT NO. 1

317

BOSTON

No. 6.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS OF FEDERAL
RESERVE

BANK
1924

1923

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
All other
. _
United States securities—issues, redemptions, and exchanges byfiscalagency department
Transfers of funds. _
Envelopes received and dispatched

6,881
30,829
16, 542
216,741,000
180, 439,000
68,166, 000

i 11,363
55,601
19,165
206, 664,000
196, 501, 000
63,158,000

19,908
51,085
17,351
176, 618, 000
174,138,000
55,123,000

5,478,000
727,000

6,925,000
488,000

7, 594,000
50, 000
2,011,000

1, 559, 000
47,000

4,456, 000
542,000
1, 201,000
51,000
2, 369, 000

2

AMOUNTS HANDLED
$822,170,000 $3,652, 775,000 $2,262,087,000
Bills discounted
_.
261, 691, 000
Bills purchased in open market for own account.,
259,498,000
302,083, 000
1, 022,617,000
1, 322,986, 000 1, 259, 323,000
Currency received and counted
18,442, 000
20, 413,000
20,170,000
Coin received and counted. _
_
16, 559, 713, 000 15,169,483, 000 12,082,663,000
Checks handled
Collection items handled:
United States Government coupons paid
67^ 777,000
63,151,000
69, 761, 000
All other
592,437, 000
515, 597,000
722, 651,000
United States securities—issues, redemptions, and ex488, 513,000
1,184, 543, 000
changes by fiscal agency department
797,105, 000
5, 606,721,000
Transfers of funds
4,186,430, 000 3, 033,806, 000
1
2
3

Revised figures.
Large increase due to redemption of war savings securities which matured Jan. 1, 1923.
Data not available.
N o . 7 . — O P E R A T I O N S OF F E D E R A L R E S E R V E

C L E A R I N G SYSTEM

[Figures include cash items only. Numbers in thousands; amounts in thousands of dollars]

Month

Items drawn on Items forwarded to Items drawn on
other
banks in own dis- serve Federal reTreasurer of
banks and
trict.
United States
their branches
Number Amount

Total

Number Amount Number Amount Number Amount

1924
January
February
March
April

5,508
4,721
5,144
5,365

1, 420, 969
1,198,482
1,386, 604
1,321,636

220
200
227
223

47, 963
44, 634
51,314
48,127

136
117
134
162

14,965
12, 809
13,919
16, 911

5,864
5,038
5,505
5,750

1,483, 897
1, 255, 925
1, 451, 837
1, 386, 674

May.
June
July
August

5,446
5,336
5,534
4,838

1,
1,
1,
1,

255, 227
229, 748
266,818
379, 960

226
220
232
213

45, 860
45, 529
45, 245
39, 768

154
132
127
147

5,826
5,688
5,893
5,198

1, 317, 372
1, 291,134
1, 328, 733
1,434,875

September
October
November
December

4,980
5, 712
5,134
5,860

1, 250, 566
1,320,210
1, 348, 417
1, 424, 540

230
253
234
271

48, 413
51, 349
48, 863
52, 949

184
246
156
144

16, 285
15, 857
16, 670
15,147
15, 204
18, 805
14, 888
15,062

5,394
6,211
5,524
6,275

1,314,183
1, 390, 364
1,412,168
1,492, 551

63, 578
58, 561

15, 803,177
14, 328, 589

2, 749 | 570,014
2. 773 639, 940

1,839
1,824

186, 522
200, 954

68,166
63,158

16, 559, 713
15,169, 483

Total: 1924
1923




318

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 8.—CLEARINGS AND TRANSFERS

THROUGH

GOLD SETTLEMENT

FUND

[In thousands of dollars]
Receipts
Payments
from other
to other
Federal
Federal
reserve
reserve
banks
banks

Week ending—

Net loss

N e t gain

1924
Jan

Feb.

2 (1 day)
9
16
23
30

169, 738
133, 977
185,099
153, 550

Apr. 2
9
16
23
30

.

May 7
14
21
28
June 4.
11
18
25
July 2
9
16
23 .
30

.

__ _
_. .
.

.

.

.

_

- _.

-

_

Aug 6
13
20
27

-

Sept. 3
10
17
24

- - -.- .

-

Nov 5
12
19
26

- -

Oct. 1
g
15
22
29

.
.

-

-

.

-.
-

.

.

. _

_

-

Dec 3
10
17
24
31
T o t a l * 1924
1923
1922

.

_
. - «. _

.

.

.

.
-.

186,110
146, 732
167,720
146, 642
180,850
209, 633
181,274
219,714
167,973

107, 672
141,489
160 319
194, 959

113,
133,
158,
200,

155, 792
153,132
144,253
199, 682
162,891
164, 541
181, 885
210,178
170,918

14, 567
15,940

172 864
168, 771
197, 380
176, 710
166, 365

.

7 390
1,396
7, 297

179,108
197,825
205, 725
174, 758

.

141, 877
137,104
188, 015
165,822

356,103
154 102
132, 521
211, 773
166,993

. -

2,736

218,170
182 449
218,258
169, 601

. - .

224,842
147, 639
169,249
156,414

169, 240
156, 670
165, 724
150,160
173,904

Mar 5
12
19
26

184, 090
173 488
212,491
183,881
171, 626

149 267
138, 500
195 312
147,850

.

217, 757
167, 806
209,108
199,126 1

174, 734
174 994
208, 238
185,813
171, 010

.
_

175, 951
141,199
186,437
149,920

220, 002
150, 375
167, 284
153, 704

..
.

.

53, 644
217,611
207, 724
164,461
160,433

216,496
171,038
202,588
193,855

6._
13
20 . .
27

_

31, 708
209,446
203 089
165,240
164, 780

162 279
172, 218
198,405
172,834
154,159

10 585

9,107, 300
8,008,088
5, 946, 664

9,123,544
8, 052, 933
5, 922, 570

207
358
786
663

Net gain in ownership of gold since establishment of fund in 1915, $209,581,000.




21,936
8,165
4,635
779
4,347
6,213
7,222
1,338
3,630
1,261
3,232
6,520
5,271
9,356
1 506
4,253
1, 932
616
4,840
1,965
2,710

17,972
16,870
9,938
1,996
3,518
6,946
8,537
1,175
1,456
1,628
5,535
8,131
1,533
•

5,704

311
970
11,732
12, 091
4,102

4,453
3,840
3,447
1,025
3,876
12, 206
16, 244
44,845
24, 094

DISTRICT NO. 1

319

BOSTON.

N o . 9 . — R E P O R T I N G M E M B E R BANKS IN LEADING C I T I E S : PRINCIPAL RESOURCES
AND LIABILITIES
[In thousands o dollars]
f
Investments
Loans and discounts
Last report date in—
1924
January
February
March
April _
May
June
_._
July
August
September.
October
November.
December..

,

856,546
856,630
855,796
852,032
834, 856
849, 342
895,005
888,145
917, 472
947,017
926, 301
941, 337

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

Net demand
deposits

United States
securities
1924

All other
1924

1923

January...
FebruaryMarch
April
May
June
July
August
September
October...
November.
December.

808, 545
795, 516
780,076
810, 208
800, 224
820.076
861.077
849,527
862,942
922, 818
877, 722
891, 936

1923

1923
839, 642
804,063
780, 632
810,006
804, 688
799, 808
814,181
786,114
797,135
846, 974
802, 468
788,151

1924

241, 585
245, 527
247, 898
252, 619
255, 636
257, 712
265, 629
268, 582
270, 567
269, 872
268, 857
266, 077

273,126
282,199
289, 517
286, 334
290, 735
297, 397
315,014
325, 322
330, 881
330,182
319, 966
316, 587

173,087
172, 549
170, 437
173, 743
174,936
173, 956
169, 210
168,453
171, 950
175,344
174, 020
170, 441

Accommodation at
Federal reserve
banks

Time deposits

Last report date in—
1924

169,758
169, 881
169, 591
176,124
186, 602
191, 533
198, 264
201, 952
205, 707
210, 096
200, 407
195, 280

139, 946
129, 037
126,400
125, 764
131, 601
139, 794
129,167
127, 518
137, 810
132, 578
128, 297
121, 580

125, 615
123, 063
123, 271
120, 604
121, 867
133, 810
132,021
123, 585
129, 872
128, 806
120,108
126, 022

1923

17, 660
13, 279
6,978
8,323
4,299
1,991
1,025
1,292
1,273
621
3,519
11, 236

1923
32, 685
30, 643
37. 682
17, 801
35, 379
27, 757
26, 884
48,102
33, 626
21,931
47, 483
55,067

NOTE.—Figures are for about 42 banks in Boston, Hartford, New Haven, Providence, and Springfield,
which submit weekly reports to the Federal reserve bank.
No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS
[In thousands of dollars. For explanatory note, see p. 154]
Total for 11 centers l
Month
1924

1923

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

2,189, 052
1,973,432
2,147,057
2,118, 054
2, 052, 772
2, 040, 544
2, 111, 283
1, 989, 773
1, 974,984
2, 357, 435
2, 252, 717
2, 467, 796

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

Total

25,674, 899

24, 851, 232

1922
1,928, 021
1, 611,605
l,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

1
Figures for cities marked with an asterisk (*) are not included in the district summary or in the national
summary of 141 centers.

36569—25t



22

320

ANNUAL; REPORT OF T H E FEDERAL RESERVE BOARD
No.

10.—DEBITS TO INDIVIDUAL

ACCOUNTS—Continued

[In thousands of dollars]

Boston, Mass.

Bangor, M e .
Month
1924

1923

14, 054
12, 312
14, 002
13, 074
14, 217
14, 967
14, 346
13, 722
14, 817
17, 324
12, 691
13, 363

1922

Total

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

179, 868

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

168,193

1924

1922

1, 570, 205 1, 610, 748
1, 442, 657 1, 386, 926
1, 566, 322 1, 660,192
1, 536, 266 1, 544, 708
1, 476, 231 1, 543, 890
.,479,960 | 1, 555, 083
,540,541 ! 1, 417, 938
.,476,277 | 1, 241, 475
,450,972 I 1, 252, 337
,710,365 1, 525, 206
.,688,539 ! 1, 547, 452
.,830,484 | 1, 662, 042
18, 768, 819

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

17, 947,997 16, 331,158

Fall River, Mass.

Brockton, Mass.*
Month
1923
January
February
March
April
May
June
July
August
September
October
November
December..

j
I
!
!
I
!
.

!
!
!

Total

j

1922

20, 736
20,688
20,909
21,224
21,477
19,653
18,869
19, 513
19,317
24, 248
22, 761
21, 548

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

250,943

257, 724

203,420

1924

1923

33, 574
30, 364
27, 680
29,625
27, 724
25, 296
25,972 j
26,936
24, 893
33, 296
38, 268
35,174

358,802

Hartford, Conn.

36, 650

30, 385
32,461
33, 734
33, 385
32, 264
29,164
28, 522
31, 742
41, 453
46, 201
37, 537

1922
29,608
22, 741
25,670
26, 062
28, 925
30, 337
29,000
26,897
27, 803
37,065
41,488
37,102

413, 498

Holyoke, Mass.

Month

1924

1923

1922

January
February..
March
April
May

June
July..
August
September.
October
November.
December..

136, 347
109, 098
122, 997
127,133
119, 506
119,408
130, 662
104,584
110, 365
130, 965
110, 806
126, 683

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

17, 066
13,960
14, 366
15,636
15,474
14, 903
16, 391
14, 382
11, 766
17, 005
14,898
16,417

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, 523

Total

1,448, 554

1, 314,454

1,144, 067

182, 264

210, 546

171,058




1924

1923

1922

DISTRICT NO. 1

321

BOSTON

No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued
[In thousands of dollars]
Lynn, Mass."

Lowell, Mass.
Month

1922

1923

1924

1924

21,470
19,006
19,910
18,585
17, 376
18,053
18,073
15, 618
14,317
22, 429
23, 374
22, 731

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

25, 705
21,657
23,170
26,720
27,006
25,088
28, 859
25,909
26,496
33, 256
28,538
28,377

22, 224
19,210
27,845
28, 652

230,942

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

1922

1923

271, 491

243,704

320, 781

317, 274

Manchester, N. H.*

24,755
20,082
25,083
25,182
25,199
24,429
23,805
23,343
23,686
27,669
26,850
26, 332

26,774
22, 582
28,116
25,569
31,136
28,897
27,387

296,415

New Bedford, Mass.

Month
1923

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

18,492
16,785
18,707
' 21,305
18,799
16,842
17, 533
15, 538
15,654
16,761
16,475
20, 629

Total

213, 520

1922

1924

1923

18, 257
22,786

16, 356
18,026
18,167
26,801

31, 810
30,165
29,826
28,405
29, 444
26,195
27,081
27,515
27,869
35,404
35,491
36, 513

243, 500

215, 813

365, 718

19,472
17, 240
20,681
21,103
21,430
22,410
21, 098
19,626
18,827
20,570

18,803
15, 239
18,505
17, 332
16,603
17,524
16,064

New Haven, Conn.

1922

31,146
30,184
33,544
31,731
32,241
34,105
31,115
28,742
26,547
32,132
36,550
34,635

26,460
24,796
26,022
24,755
27,094
28,099
27,598
26,487
25,795
34,162
35,167
33,325

382,672 I

339,760

Portland, Me."

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

93,435
82,096
94, 771
87, 256
93,292
88, 674
95,856
82,8,40
89,847
98, 771
83, 322
96,867

Total

1,087,027




1923
88, 448
74,098
82,608
81,257
92,439
94,274
90,544
87,533
81, 603
95,787
87,582
93,901
1,050,074 I

1922

1924

1923

1922

73, 889
58,445
74, 468
69, 728
73, 660
73, 473
84,636
75,874
78, 061
81,981
74,556
82, 450

41,185
36, 404
40, 452
38,700
39,290
38, 316
41,306
39,198
40, 036
45, 304
40, 401
45,134

37,180
35,255
39,140
36,812
42, 854
44, 666
42,627
38,783
38,730
46,195
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.

901,221

485,726

488,415

408,903

322

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued
[In thousands of dollars]
Providence, R. I.

Springfield, Mass.*

Month
1924

1923

1922

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

160,149
142,806
150,369
150,774
155,549
144,311
137,780
133, 453
132,823
174,661
146,825
174,966

159,503
136,280
151,269
152,709
154,009
162,329
143,654
134, 111
127,659
176,754
158,803
169,304

133,213
122,416
133,438
130,900
131,740
145,839
127,917
113,859

Total.

1, 804,466

1924

1923

1922

165,025
145,167
160,285

73,450
68, 276
71,889
78,702
73,946
74,941
78,448
66,271
63,632
83,763
80,341
82,474

72,904
61,613
74,143
72,611
77,899
80,530
70, 562
65,460
61,471
76,602
69,012
71,100

5.6,423
48,961
57,435
57,271
62,370
67,430
64,395
58,717
63,014
78,170
74,140
73,478

1, 826, 384 1,638,782

896,133

853,907

760, 804

Water bury, Conn.

Worcester, Mass.

Month
1923
January
February
March
April.
May
June,
July
August
September
October..
November
December

.--.-

Total




.-

1922

1924

1923

1922

36,300
26,281
36,043
37,586
33,193
35,997
33,453
28,740
31,036
35,653
29,772
38, 505

32, 306
28,325
30,491
37,239
35,527
38,785
32,640
31, 082
29,046
33, 373
30, 213
35,806

26,024
27,994
26,850
26,377
28,527
29,641
26,083
27,006
27,214
31, 227
28,054
35,149

74, 642
64, 687
70, 771
73,714
70,766
72,780
71,128
65,706
66,279
81, 562
68,731
76,093

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

402, 559

394,833

340,146

856,859

859, 415

751,203

DISTRICT NO. 2—NEW YORK
No.

1.—CONDITION OF FEDERAL RESERVE BANK

[In thousands of dollars]
Dec. 31,

D e c . 31,
1923

1924

1
| D e c . 31,
!
1922

I
RESOURCES

Gold with Federal reserve agent
Gold redemption fund with United States Treasury

!

384,307
11,557 |

583, 62i i
9,441

658,970
10,309

Gold held exclusively against Federal reserve notes
Gold settlement fund with Federal Reserve Board
Gold and gold certificates held by bank

i

395,864 1
286,475
277,263

593,066 I
109,814 j
168,615

669,279
169,378
118,127

Total gold reserves
Reserves other than gold...

|
!

959,602
21,868

871,495 <
24,437

956,784
31,314

'
!

981,470
18,517

895, 932
11.846

(0

136,175
28,360

168,236
16,053

164,535
93,151

184,289
60,864

_

Total reserves
Nonreserve cash

_

_

Bills discounted:
Secured by United States Government obligations
Other bills discounted

68, 745 !
12, 577

Total bills discounted .
Bills bought in open market..

81,322
101,823

United States Government securities:
Bonds
_ . ._
.
Treasury notes
Certificates of indebtedness

.

_

...

6,202
29, 972
10,582 ;

1,149
60,618
105,485

46,756 \

167,252

.

354, 789

304,442

412,405

156,377
16,243
8,657

Uncollected items
Bank premises
All other resources
Total resources

12,440
120, 495
36,963
169, 898
1,746

_.

Total United States Government securities.
Foreign loans on gold
Total earning assets

988,098

115,065 j
13,298
1,067 !

134,303
10,100
1,893

1,536.053

1,341,650

1,546,799

387,353

420,371

597,071

883, 861
16,904
28,195

712,858
9, 562 I
12,406 I

749,006
518
11,439

LIABILITIES

Federal reserve notes in actual circulation

_

Deposits:
Member bank—reserve account
Government
Other deposits

_.

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

_
.

.

Total liabilities
Ratio of total reserves to deposit and Federal reserve note liabilities
combined (per cent)
Contingent liability on bills purchased for foreign correspondents...

928,960

734,826

760,963

129,055
30,167
58, 749
1,769

95,342
29,439
59,929
1,743

98,101
28,688
59,800
2,176

1,536,053

1,341,650

1,546,799

74.6
12,421

77.6
6,572

72.8
12,624

i Not shown separately prior to 1923.




323

324

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 2.—PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL RESERVE BANK, BY
WEEKS

[Amounts in thousands of dollars]
Bills discounted for
member banks

I
MemFederal ReTotal
ber
reserve
cash banks' Total notes serve
deperre- reserve posits
in
serves
circu- centdelation
posits

Total
earning
assets J

Bills
secured
by
U.S.
Total Government
obligations

347,763
196, 077
174,555
178,325
169,912

219,594
127, 560
113,450
125, 695
105, 246

184,134
109,850
88, 579
102, 726
91, 002

35,460
17, 710
24, 871
22, 969
14, 244

89,991
59,862
49,944
39,655
50, 603

38,178
8,655

897,960 758,990 783,011
972, 810 716,100 729,621
11,161 1,009,617 739,823 759,811
12,975 1,023,318 738,510 772,833
14,063 995, 713 721,689 737, 720

419,226
403,003
392, 900
389,419
383, 563

F e b . 6_.
13-.
20-.
^
27..

195,156
258,054
172,002
203,632

108,234
162,618
107,597
123,416

96, 262
143,078
90,155
106,840

11,972
19,540
17,442
16,576

71,802
78,136
44,537
56,264

15,120 949, 015
17,300 884,967
19,868
23,852

M a r . 5..
191!
26_.

168,077
181,416
159,397
184, 952

80, 660
96,926
46,476
93, 862

59,601
72,762
31,284
77, 637

21,059
24,164
15,192
16, 225

56,862
44,284
12, 703
39,245

30,455
40,106
100,218
51,845

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

220, 926
238,175
183,289
145,147
140,573

111,362
131,176
75, 575
61,938
47.861

87,968
90,340
50, 770
39, 758
31,366

23,394
40,836
24,805
22,180
16,495

55,160
49, 757
52,550
25,728
27,165

May7_.

146, 481
136,800
134,640
177, 296

66,943
55,746
55,534
59.862

51, 738
41,608
40,992
44,424

15, 205 10,527 69,011 999,475 743,049
14,138 8,415 72,639 999,768 740,260
14,542 6,421 72,685 1,017,455 750,180
15,438 41, 504 75,930 985,368 756,558

June4_
11..
18..
25..

150,355
145,759 35,154
191,403 36,445
190,890 41,920

24,055
20,844
20, 717
25,703

13,934 16,985
14,310 8,163
15,728 18,414
16,217 12, 733

July 2_
9..
16..
23..
30_.

238,640
208,154
202,671
202,838
234,957

73,330 56,368
33,804 17,096
40,691 25,417
31,819 17,360
39,146 24,615

Aug. 6_.
13_.
20..
27..

221,070
213,421
216,137
244, 245

31, 720
29, 555
27,596
33,734

18,279
17,473
14,952
19,973

182,354 999,489
13,441
12, 082 6,827 177,039 1,014,860
12,644 11,502 177,039 971,018
13,761 33,472 177,039 968,277

Sept. 3..
10..
17
24_.

295,438
273,599
306, 258
262,867

74, 790
36,523
33,426
35,222

59,9:
20, 720
16,171
17,821

14,865
15,803
17, 255
17,401

43,609
51,194
46,035
40,329

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

316,114
356,527
372, 546
278,902
307,514

53,814
74,876
65,289
29,224
33,218

36,878
56,446
47, 795
14,120
14, 981

16,936
18,430
17,494
15,104
18,237

Nov. 5.
12.
19.
26.

320,81:
289,409
320,3r
303,151

39, 738
25,150
50, 971
35,688

26,298 13,440
14,155 10,995
21,837 29,134
26, 636 9,052

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

367,216
365, 682
351,893
409,990
354, 789

Daily average

233,309

Date

1924

Jan
16..
23..
30..

28_.

Other
bills
discounted

Bills
bought
in
open
market

United
States
securities

74.7
85.9
87.6
88.0

700,298
692,621
695,958
737,496

716,746
707,998
712,783
756,317

381,050 86.4
377,886 81.5
378,417 87.8
370,592 86.0

697,335
740,888
783,964
725, 981

715,865
758,072
796,428
759.221

372, 537
371,197
368, 790
363, 857

87.7
86.7
89.5
87.5

.54,404 955,687 738,874
57,242 940,015 747, 734
55,164 967,579 736,330
57,481 1,018,202 743,095
65, 547 1,043,385 763, 689

772,919
780, 769
757, 705
764,053
790, 965

365, 515
362, 695
359, 728
357, 566
352, 005

83.9
82.2
86.6
90.8
91.3

954,475
978,861
1
,043,305
983,185

90.2
90.3
91.5
88.1
95,3811,006,738 767,812 783,153 344,308 89.3
102,442 1,062,538 818, 077 835,683 342,616 90.2
136,544 1,064,171 879,229 893,037 344,007 86.0
136,237 1,012,129 813, 381 833,822 341, 286 86.1
758,493
759,300
767.222
775,679

349, 757
347,312
344,294
342,248

779,418 802,754
808,159 825,968
849,652
849,842! 874,300
843,120 874,949

347,169
340,993
334,962
329,484
323, 686

81.0
83.9
84.2
85.4
83.0

320, 577
317,338
313,533
311, 733

83.6
84.1
83.4
82.0

177,039 912,195 845,897 871,277 312, 052
185,882 923,455 842,563 868,010 306,741
221,597
962,042 981,800 304,218
187,316 927,948 827,463 856,411 302, 733

77.1
78.6
76.9
80.1

74,984
94, 335
103,941
62,362

187,316
187,316
203, 316
187,316
187,316

907,861
897, 765
850,438
932,315
927,043

304,341
858,899
894, 584 921,876 311,812
858,001 ' II, 741 309,813
854, 766 j 877,359306,959
857,562j 879,586 327,393

76.1
72.8
70.8
78.7
76.8

93, 758
76,943
82,030
82,008

187, 316i
187, 316J
187,316
185,455

911,204
959,437
959,247
972,549

801,837 826,565
852,424 876,562
857,817! 880,243
841, 7721 861,395

357, 945
365,26f
374,320
382,903

76.9
77.3
76.5
78.2

9,661 123, 732
11, 741 110,81"
11,443 93,449
31,052 104,743
12, 577 101,823

182, 533
204, 252
203, 656
169, 344
169,898

968, 725
909, 017
942,823
949.530
981,470

913,432;
853,580!
887,124!
903,1651
883,861

381,021
369,364
376,250
394,825
387,353

73.5
72.7
73.3
71.1
74.6

16,962
16, 708
15,274
14,459
14,531

24,309
26,332
11,990
10,444
7, 567

141,001 930,899
148,018 978,854
149,990 1,012,849
160,575 1,027,578
188,244 995,383

i

1

59, 205 49, 544
37,126
53,042 41, 599
134,157 103,105
81, 322 68, 745
65,808

843,442
857, 531
819,451
836,751

874, 279
888,887
850,327
868, 505

937,384
880,173
909,459
940,486
928,960

48,084 119,175 j 963,519 783,731; 808,909 353,050

P Includes other earning assets as follows: Federal intermediate credit bank debentures, $100,000, Feb

 $5,200,000 on Sept. 17; foreign loans on gold, $1,746,000, Dec. 3 to 31.
27|to|Mar. 12,


DISTRICT NO. 2
No.

3.—DISCOUNTS

325

NEW YORK

AND PURCHASES OF BILLS AND SECURITIES BY FEDERAL
R E S E R V E B A N K : VOLUME, BY CLASSES

[In thousands of dollars)
Bills bought in open market

Bills discounted for member banks

Month
Total

1924
J. anuary
February
March..'.
April
_

ComSecured
by U. S. mercial BankTrade
Govern- and agri- ers'
ment
cultural accept- acceptances
obligapaper
ances
tions
n. e. s.

1,159,498 1, 048, 535
1,398,139 1, 341, 559
610,097
667,831
792, 942
949, 737

110, 568
56, 212
57, 327
156,424

10

Bankers' [ Dollar Trade
accept- | exacceptances i change ances

Total

385
368
407
334

98, 805
154,902
99,099
81,151

May
June
July
August - .

625,130
135, 502
305, 042
116,154

587,
108,
279,
94,

216
891
592
500

37, 311
26,043
24, 658
21,439|

568
792
215

51,283
20, 601
40, 262
38,343

September
October...
November
December.

292, 594
435,431
288,097
657, 68"

397, 783
192,995
495,951

28,280
37, 554
94, 622
161,603

105
94
480
133

60,100
141, 600
128, 544
162, 709

_.

Total: 1924... 7, 030,842 6, 214,270 812,041
.,
.5,961,946 1, 982, 852
1923... 17,951,843 15i
1,
1922... 9, 206,364 7,685,801" 511,848

Month

1924
January
February
March
April

U. S. securities
purchased in
Bills
open market
bought
from
other
Federal
Certifireserve Bonds cates of
and
banks
notes indebtedness

14, 681
12,066
21,085
16, 296

6,618
1,989|
383, 761
2,960

May
June
July....
August „

13. 597
32,408
33,506
10, 225

4,167
67, 713
5,662
3,232

September..
October
November..
December. .

8,152
3, 000
17, 476
69,994

47
470
192

Total: 1924.
1923.
1922.

2,785| 252,486| 1,051,645
9, 008!! 533> >
°°3l 1 »!45109
111 781,937 2,083,842!
111 781937




3, 362
5,070J
4,383
2,745

1,649
2,246
1,899
1,412

246
983
627
033

1,1
61: i
635i
310|

58, 618
137, 210
124,494
159,938

1, 332
4, 390!
3,881
2,713

150

30,607
55, 482
37,123

8,452
13, 270
5,508

49,
19,
39,
38,

4,484j 1,077,399 1,038,340
6,575 1,177,647 1,108,895
828,802
8, 523
871,433

169
58

U.S. se- Federal
Total discounts and purchases
curities interpur- mediate
chased credit Foreign
bank
from
loans
other deben- on gold
Federal tures
1924
1922
1923
reserve purbanks chased

618

223. 335
24; 595
19,319
308,294

59
53
2,648
25

93, 7941
147, 586
92,817
76,994

100

1,280, 279
1, 567, 249
1,174,424
1, 050,169
694,177
283, 227
384, 472
167,954

27,003

3,174,494 1,102,997
2, 512,946 1,026,459
2,185,951 1, 074,112
1,917,015
641,050
1,997, 541
1,378,937
1,655,296
1, 266,049

844, 511
1,019,432
1,105,859 1,497, 235
1,219,361 1,812,047
1,396,403 2, 291, 435

5,200

27,621
12, 674
41,946

414, 737
971,945
788, 744
520,361

589,381
604,626
453,436
1, 746 1,200,430

5,300

1, 746| 9,449,824!
120,829,284
12,985,633

326
No.

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
4 . — B I L L S DISCOUNTED BY FEDERAL R E S E R V E

BANK:

VOLUME,

BY

STATES

[Amounts in thousands of dollars]

Month

ConnectiNew York
cut i

New
Jersey l

Total

Number of Number of
member
member
banks in banks acdistrict at

• end of
month

commodated during
the month

1924
January...
February.
March
April
May

June
July
August..
September.
October
November..
December..
Total: 1924
1923
_
1922
Number of member banks at
end of year:
1924
1923...

1922
Number of member banks accommodated:
1924
1923
1922

1,119,789
1,360, 779
624, 786
914, 058

38,823
36,435
41, 785
34,406

1,159, 498
1, 398,139
667,831
949, 737

837
840
846
848

372
373
373
354

I
558 !
408
220
290

589,193
106,885
277,487
91, 602

35,379
28, 209
27,335
24, 262

625,130
135, 502
305,042
116,154

850
851
849
851

360
335
283
241

350
445 i

269, 985
405, 970
266,114
626,459

22, 609
29,461
21,633
30, 783

292, 594
435,431
288,097
657, 687

853
853
858

255
259
299

6,615 I 6,653,107
12,484 i 17,408,097
14,546
8,837,014
I
632
620
603

371,120
531,262
354,804

7,030,842 L
17,951,843 L
9,206,364 L

216
207
193

859 L
839 j .
808 L

436
433
408

148
147
127

593
590 I
544 1

886
925
1,260
1,273

Figures in this column relate only to that part of the State located in the New York district.




DISTRICT NO. 2;
No. 5.—EARNINGS

NEW YORK

327

AND EXPENSES OF FEDERAL RESERVE BANK
1924

1923 i

1922

Discounted bills
Purchased bills.!
United States securities
Deficient reserve penalties Miscellaneous

$2, 613, 566
1, 446, 693
4,165,856
24, 974
318, 261

$8, 255, 646
1,969,837
1, 087, 251
40,800
59, 649

$3, 970, 210
1, 619, 512
5, 227,488
49, 738
482, 331

Total earnings.

8, 569,350

11,413,183

11,349,279

CURRENT EXPENSES

Salaries:
Bank officers
_
Clerical staff
__
__.
Special officers and watchmen
Allother
.__
Governors' conferences.^
_
Federal reserve agents'conferences
_
Federal Advisory Council
Directors' meetings J
__
._
Traveling expenses
Assessments for Federal Reserve Board expenses
Legal fees
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 current expenses

479, 542
3,412,141
166,462
371, 699
504
98
550
21,460
27, 660
179, 201
7,115
58, 602
115, 656
116, 643
47, 284
4,640
268, 687
111, 227
78, 258
51, 346
65. 413
270,178
91,464
195, 550
53,328
156,113
j 6,350,821

469,328
3, 873, 284
193, 627
312,456
758
332
657
21, 664
28,320
190, 846
586
65,411
98,065
31, 882
20,131
1,700
341, 786
88, 308
86, 523
46,837
65,172
248, 052
85,492
421,229 j
76, 748
110,942

494, 844
3, 602, 883
188,207
280/085
490
247
845
23,075
28, 923
197, 882
3,982
65,144
81,429
29,184
16, 569
2,581
350, 284
71,951
90, 276
48, 983
63,943
232, 690
76, 553
553,125
70,174
69, 374
132, 807

6, 880,136 ! 6, 776, 530

PROFIT AND LOSS ACCOUNT

8, 569, 350 11,413,183
6, 350, 821 6, 880,136

Earnings
Current expenses.

2, 218, 529

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
Deficit in earnings after payment of dividends, charged to surplus
account..'

4, 572, 749

1,697

2,743

910,440
55,197
536, 776
275, 504

__

Deductions from current net earnings:
Depreciation allowances on bank premises..
Reserve for self-insurance._
_
Furniture and equipment
Allother
Total deductions

4, 533, 047

176, 240

Current net earnings
Additions to current net earnings

11, 349, 279
6, 776, 530

1, 235, 937
52,756
58,021
144,351

365,053
294,072
50,172
144,602

1, 777, 917

1,491,065

853, 899

1, 601, 677

1,489,368

851,156

616, 852

3, 043, 679

3, 721, 593

1, 796, 530

1, 749, 239
129,444
1,164,996

1, 652,138
-1,397,603
2
3,467,058

1,179, 678

1
Other than those connected with governors' and agents' conferences and meetings of directors and of
the advisory council.
2
After charging surplus and crediting franchise tax with $270,389 paid as an additional franchise tax for
1920 and $1,334,160 for 1921. Amounts transferred to surplus and paid as a franchise tax out of earnings for
1922 were $206,946 and $1,862,509, respectively.




328

ANNUAL: KEPORT OF THE FEDERAL RESERVE BOARD

.No. 6.—VOLUME

OF OPERATIONS IN PRINCIPAL
RESERVE BANK

DEPARTMENTS

OF FEDERAL

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
_

12,452
39, 622
61, 453
512,097,000
917,181,000
136, 853,000

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
119,316,000

14, 055,000
2,429, 000

17, 684,000
2,177,000

22, 685, 000
1, 741,000

4, 009, 000
293, 000
7, 337, 000

113. 541,000
284,000
7, 673, 000

-' 7,030, 000
236, 000
3 6, 761, 000

AMOUNTS HANDLED

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

$7,030, 842,000 $17,951, 843, 000
$9,
1,177,647,000 !
1,077,399, 000
3,006,283,000 j 2,
3,177,027,000
114, 281,000
125,506,000
~~\ 871, 000 65,805,632,000 | 62,

206, 364, 000
871,433, 000
610, 697, 000
76, 684, 000
563, 789, 000

337,344,000 I
336, 468,000
1, 519, 894, 000
1,920,719,000 !
!
3, 52fi, 342, 000 4 3,168, 654,000 j 2 6,449, 625, 000
25,126, 090,000
35,182, 64i; 000 28,031, 500, 000
332, 369, 000
1, 873, 743, 000

I
1

Revised figures. Large increase due to redemption of war savings securities which matured January
1, 1923.
2 Exclusive of redeemed war savings and thrift stamps received from post office.
3 Excluding Buffalo branch.
4
Revised figures.
No. 7.—OPERATIONS

OF F E D E R A L

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

Amount

Items forwarded
to other Federal
reserve banks and
their branches

Items drawn on
Treasurer of
United States

Number

Number

Total i
Number

Amount

1924
8,541
7,387
8,583
8,669

January
February

March
April

8,713
8,954
9,622

May
June.
JulyAugust

September
October
November

,

December...
Total: 1924
1923
1

9,007
9,853
8,934
10,316
107,278
98,017

5,369, 661 1,446
4, 759, 625 1,319
5, 252, 639 1,469
5, 297,367 1,520
5,241,467
1,476
5, 305,300 1,393
5, 233, 617 1,403
4,881, 054 1,298

170,
156,
171,
182,

174,332
156,801
156, 642
146, 437

1,090 ! 133, 645 11, 279
860 I 132,807
11, 207
917 ! 103,039 I 11,942
92,710
11,268
1,271

5, 549, 444
5, 594, 908
5, 493, 298
5,120, 201

5, 724,102
6,136, 269
6, C82,874
5, 704, 002

159,
196,
185,
187,

1, 206
921
519
471

93, 828
105, 780
98,813
118, 923

11, 582
12, 425
11,000
12,447

5, 977,019
6, 438,977
6,367, 030
6, 010, 707

11,336 ! 1,364,921
13,125 J 1,392,272

136,165
128,396

68, 397, 734
65, 518,032

64, 987, 977
61,983,112

1,369
1,651
1,547
1,660
17, 551
17,254

505
501
909
567

089
928
343
782

2, 044,836
2,142, 648

933 i
899 I
1,077

1,172 I

127,847 I 10,920

95,416 | 9,605
125,464

136, 649

11,129

11,361

Exclusive of duplications on account of items handled by both parent bank and branch.




5,
5,
5,
5,

668, 013
011, 542
550,012
616, 583

329

DISTRICT NO. 2—NEW YORK

No. 8.—CLEARINGS AND TRANSFERS THROUGH GOLD SETTLEMENT FUND

[In thousands of dollars]
Receipts
Payments to
other Federal from other Net loss N e t gain
Federal
reserve banks reserve b a n k s

W e e k ending—

1924
388

145, 291
597,334
592, 659
545,066
547, 238

144,903
632,177
607,185
563,806
519,932

553, 289
517,482
578,424
501,106

517,703
464,501
651,787
516,995

35, 586
52, 981

598,804
524, 938
629,466
658,109

589, 470
537,035
688,198
600,034

9,334

559, 650
546, 772
605, 453
547,355
549,196

553,164
523, 856
627,122
590,981
574,134

6,486
22,916

649,115
517, 788
567,170
540, 596

598, 682
511, 607
574,927
518, 294

50 433
6 181

483,148
492, 752
767, 507
588,822

488,716
531,887
761, 777
539, 227

625,137
470,604
522, 911
503,151
546, 885

566,
498,
549,
518,
524,

533, 575
510,430
591,881
477, 781

557, 334
526, 600
561,990
482, 217

Sept. 3
10
17
24

426, 569
482, 799
581,910
655, 788

398, 528
497,004
648, 238
600,233

Oct. 1
8
15
22
29

531, 783
557,917
512, 490
614, 807
576,174

535 984
548, 348
476, 681
695 658
577, 639

Nov. 5

554, 561
594, 548
712, 063
601,465

535, 759
631, 544
702, 084
622,536

570, 809
655, 525
715,481
685, 654
569,152

574,331
620,970
777, 242
711,170
587 596

29, 786, 380
26,368, 705
22,359, 499

29,956, 252
26,309 641
22,198, 469

Jan. 2 (1 day)
9
.. ..
16
23
30
Feb

_

...

..

6
13
20 ._
27

Mar. 5
12
19
26

.

Apr. 2
y 9
16
23
30

.

.

:;:::::

: : ; : ; ; : : : : :
.

May 7
14
21
28

.

.....

J une 4 .

_

11
18
25

12
19
26

. -.
.

July 2
9
16
23
30
Aug. 6
13
20
27 . .

..

.

. . . . . .

.

.

..

.

.

_

_

.
.

. . .

.

.

.

Dec. 3
10
17
24
31
T o t a l : 1924
1923
1922

. . . .

.

.

_

987
607
406
478
988

N e t loss in ownership of gold since e s t a b l i s h m e n t of fund in 1915, $1,480,230,000.




34, 843
14, 526
18 740
27,306

73,363
15,889
12,097
58, 732
58,075

21,669
43,626
24, 938

7,757
22, 302
5 568
39,135
5,730
49, 595
58,150
28,003
26, 495
15,327
21, 897
23, 759
16,170
29 891
4,436
28,041
14 205
66 328
55, 555
4 201
9, 569
35, 809
80 851
1,465
18,802
36 996
9 979
21 071
3,522
34 555
61, 761
25, 516
18, 444
169,872
59 064
161,030

No. 9.—REPORTING MEMBER BANKS IN LEADING CITIES: PRINCIPAL RESOURCES AND LIABILITIES

CO

O

REPORTING MEMBER BANKS IN EIGHT CITIES 1
[In thousands of dollars]
Loans and discounts

Last report date in—

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

Secured by stocks
and bonds other
than United States
bonds

Total

' 1924

4,230,439
4,199,101
4, 329,874
4,358, 628
4,254,158
4,472, 503
4, 533,140
4. 573, 650
4, 710,676
4, 621, 725
4, 741,321
4,891,857

Investments

United States
securities

1923

1923

1924

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

1,646, 776
1, 579, 214
1,636,296
1, 708,410
1, 633,022
1,833,878
1,958, 001
1,944, 504
2,033,432
1,932, 309

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
2, 061,382 1, 543, 835
2,200,809 1, 649, 472

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

3, 633,027
3,729,581
3, 734,697
3, 712,451
3, 692,789
3, 676,272
3*, 593,167
4, 069,051 3,582, 55S
4,205,674 3,647,060
4,112,297 3,658, 524
4,234, 580 3,627,241
4,361, 756 3,683,968
3, 717, 878
3,685,315
3,811,928
3,818,115
3,726, 689
3,962,873
4,036, 212

1,453,883
1,384,954
1,441,106
1,493,351
1,420,376
1,637,605
1, 764,487
1, 753,159
1,834,071
1, 722,713
1,854, 699
1,973,919

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

767, 934
781, 626
787,889
855,452
906,391
984,233
1,012,863
1, 031, 649
1, 039, 613
1,139,777
1,144, 349
1,136,153

1923
766, 716
742, 222
717,423
713,185
713,108
728,440
745, 588
727, 846
731, 336
764,052
747, 754
755, 773

BANKS IN N E W YORK

1, 505,086 893, 255 1,073, 419
1,557,692
888,806
992,494
1,486,631
872,609 1,002,692
1,483,056
838, 679
959, 290
1,468,210
896, 584
972, 874
1,463,692
924,913
977, 710
1,393,171
953, 018
953, 506
1,316,122
977,362
905, 545
1,322,948 1,053,825
904,922
1,334, 943 1,090,399
915, 793
1,352,869 1,096,200
894, 950
1,455,126
999,408
915, 775

Accommodation -at
Federal reserve
banks

554,379
565,105
572,269
632, 893
685,085
753,024
767,205
797, 995
789,110
882,249
886,833
871,135

1923

1924

1923

4,827,708
4, 794, 581
4, 823, 924
5,036,492
5, 012, 914
5, 360,056
5,531,578
5, 569, 575
5, 654, 005
5,696,000
5,839,852
5,957,157

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

878,020
902, 744
942,163
962,162
961, 327
988, 050
010,120
028, 705
101, 587
150, 377
181,242
156, 537

744,304
768, 377
889,867
912,134
914, 493
900, 653
890,143
902,635
906. 769
899,301
887,858
895, 284

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

583,428
604,789
643,372
659,426
658,241
679, 954
699,913
711, 521
775,021
813,312
847,211
817,004

493, 608
508, 750
626,165
646,845
649,844
631,021
613, 049
618,118
621, 085
611, 641
601,102
608, 830

1924

1923

227, 078
184,867
201, 683
126, 676
140,813
129,236
138, 632
154,607
172,095
168,974
97,337
165, 822

w
j

CITY

565, 391 ! 4,337,217
540, 677 I 4,300,319
518,171 4,328,564
513,691 4,513,869
514,060 ! 4,499,507
526,120 ! 4,852,870
540,124 5,016,424
521, 549 5,055,017
523, 067 5,136,326
553,634 5,177, 529
536,071 5, 314,168
539, 583 5,401,345

58, 571
71,327
50,014
4,333
18,493
8,047
5,714
8,980
9,600
11,861
5,056
30, 975

197,747
150,631
165,552
97,301
106,734
92,133
102,440
118,152
132, 939
129, 753
56,282
123, 251

1 Figures are for about 108 banks in New York City, Buffalo, Albany, Bridgeport, Jersey City, Newark, Rochester, and Syracuse, which submit weekly reports to the Federal
reserve bank.
2
Figures are for about 67 banks in New York City, which submit weekly reports to the Federal reserve bank,




cj
>

F
1924

MEMBER

Time deposits

All other

1923

1924

1,003,097
1, 002, 258
985,980
944, 729
1, 002, 987
1,034,874
1, 067,267
1,103, 908
1,184, 536
1,213,672
1, 228,142
1,139, 625

Net demand
deposits

3
w
o

331

DISTRICT NO. 2—NEW YORK
No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS
(In thousands of dollars. For explanatory note see page 154.]
Total for 7 centers l

Albany, N. Y.

Month
1924

1923

1922

22,814,899
20, 511,857
22,227,152
21,356,913
22,124,834
22,639,521
22,184,731
21, 556,426
21,387,861
23,242,131
23,708,849
28,106,044

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

Total

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

95, 786
108,023
117,452
130,184
129,640
117,293
119,183
109,237
110,099
130,482
109,444
133,409

96,488
99,302
115,288
124,851
111,455
126,000
101,948
93,063
85,949
93,625
92,195
98,825

1,410, 232

1922

1923

271,861, 218 246,492, 994 247,067,229

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

1924

Binghamton, N. Y.

1, 238,989

106,285
97,690
112,671
131,779
123,383
102,969
109,145
89,110
84, 578
97,257
84,977
111, 472
1,251,316

Buffalo, N. Y.

Month
1924

1923

1924

1922

1922

1923

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

20, 616
18,466
18, 673
20,286
19,600
19.662
20,146
18, 292
18, 709
20, 995
18,773
20,740

20, 899
17,353
19, 944
21,164
21, 204
21,813
20, 540
20,873
18,143
20,610
18,962
20,821

16, 505
15,480
17, 278
17, 531
18, 684
18,415
17, 358
17,458
17,488
18,781
17, 974
20, 294

325, 276
273,827
293, 111
300, 427
311,380
302, 529
311.743
275, 722
279, 808
326. 222
301,806
328,115

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

Total

234, 958

242, 326

213, 246

3,629, 966

3, 624, 583

3,144,934

Jamestown, N . Y.*

Elmira, N . Y.*
Month

1924

1923

1922

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

17,010
16, 578
17,100
17,815
19,291
17,305
19,839
16,812
16,834
18, 509
15,346
19,300

15, 531
14,354
16, 533
17,261
17,695
18,981
18,106
17,325
17,939
16,252
17,113
18,080

11,703
12, 593
12,727
13,459
14,971
14,295
14,886
14,126
16,346
14,260
15,926

Total

211,739

205,170

155,292

1924

1923

1922

17,884
18,547
17,823
17,382
18,797
17, 547
20,899

17,053
14,530
17.981
18. 345
18, 447
19,395
18,430
18,245
16,708
18,882
17,956
18,713

11,861
14,369
15,679
15,746
15,931
15, 541
15,178
16,167
16,627

219, 554

214, 685

172,290

18,354
16,442
18,695
18,316

17,110
18,081

i Figures for cities marked with an asterisk (*) are not included in the district summary or in the
national summary of 141 c enters.




832

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No.

10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued
[In thousands of dollars.]

I

Montclair, N. J.*

Newark, N. J.*

Month
1924

1922

1923

1924

1923

1922

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

15, 754
12,038
15, 212
14, 591
16,246
16, 572
15,107
13, 756
14,693
16,191
15,937
19, 548

13,917
10,176
12,342
12,820
14, 654
15,826
12,906
11,881
11, 524
14,085
13,366
16,180

10, 242
10,638
11,463
12,602
10,132
9,790
11,416
12,012
12,047
14,838

300,607
246,199
275,008
281,195
292,074
298, 590
290,065
266,790
287, 507
302,670
270,355
344,413

277,975
222, 213
278, 535
266,328
275,852
296,553
264,990
240,512
242, 744
277,612
257,057
305, 588

227,780
233,104
250,328
236,385
221,356
230,383
251,240
236,096
286,633

Total

185,645

159,677

124,766

3,455,473

3,205,959

2,173,305

Northern New Jersey Clearing
House Association *

New York, N. Y.
Month
1924
January
February, _
March
April
May
June
July
August
September.
October
November.
DecemberTotal

1923

1922

22,113,958
19,886,015
21, 546,482
20, 653,978
21,405, 560
21,925, 659
21, 468,874
20,915,784
20, 734,467
22, 505, 693

22,087,156
19, 019, 491
22,541, 298
20,478, 562
20, 703,871
21, 041, 296
18, 320, 626
16,188, 613
16, 799, 454
19,151,902
19,982,927
22,081,149

1924

1923

19, 064, 575
16, 543,428
20,397,109
20,716, 594
21, 653, 679
22, 063,382
19, 713,134
18, 287, 224
19,215, 296
22,322, 276
19, 026, 750
20,851,135

204,194
171, 097
186, 764
193, 357
210, 983
202,052
209, 713
174, 956
183, 837
210, 298
181, 741
238, 872

200,171
133, 591
173, 782
157, 625
158, 910
183, 334
170, 362
150, 729
152, 771
190, 038
179, 600
243, 447

116,720
142,903
136,359
136,301
158,881
153,973
146,439
156,013
185,03»
163,073
217,012

263, 530, 627 238,396, 345 239,854, 582

2,367,864

2, 094, 360

1, 712,713

23, 046,934
27, 327, 223

Passaic, N. J.

1922

Rochester, N. Y.

Month
1924
January
February-_
March
April
May
June
July
August
September.
October
November.
December-.

34,142
30,044
32, 716
34, 626
34, 269
33,453
33, 732
29,992
32,047
31, 581
31, 569
39,100

Total

397, 271




1923
31,074
22,634
29,751
32,460
35, 047
35,120
32, 548
33,120
31, 258
34,475
32, 775
36, 637

1924

1923

22,961
18,547
24,456
23,398
23, 581
27,060
22,092
24,883
25, 774
27,996
27,304
33, 345

157, 817
133,526
151, 996
150, 678
154, 776
171, 608
163,181
144,425
144, 296
157,605
138, 038
188, 544

151,864
126,157
157,969
150,969
151,875
174, 062
146,802
135,127
133,279
147,872
138, 358
175,716

131,292
103, 594
128,087
127,470
130,071
150,944
128,672
121,878
130,274
145,926
134,120
155,020

301,397

1,856, 490

1, 790, 050

1,587,348

1922

1922

DISTRICT NO. 2

333

NEW YORK

No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued
[In thousands of dollars.]
Syracuse, N . Y.

Stamford, Conn.*
Month
1924

1923

1922

1924

1923

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

12, 549
11, 673
12,103
13, 319
15, 629
14,808
13, 546
12,102
12, 877
15,445
12,063
13, 458

14, 547
9,618
11, 621
12, 846
'14,160
14,896
13,964
12, 567
13, 097
14, 708
12, 446
•13, 264

8,131
10, 416
8,863
11, 090
13,110
11, 228
10, 668
11, 253
12, 905
11,219
12,732

67, 304
61, 956
66, 722
66,734
69, 609
69, 317
67, 872
62,974
68, 435
69, 553
62, 285
68, 913

66,480
56, 368
72, 938
68, 784
70,663
72, 587
70, 837
63,837
63, 939
74, 548
67, 678
65,143

53, 374
47,194
57,167
61, 558
58,998
59, 490
60, 401
54,079
58, 687
63, 903
67, 764
71, 791

Total.

159, 572

157, 734

121, 615

801, 674

813,802

714,406

NOTE.—Centers which have not reported continuously for the 18 months ending Dec. 31, 1024. are not
included in the table.




DISTRICT NO. 3—PHILADELPHIA
No. 1.—CONDITION OF FEDERAL RESERVE BANK
[In thousands of dollars]
D e c . 31,
1924

D e c . 31,
1923

D e c . 31,
1922

RESOURCES

Gold with Federal reserve agent
Gold redemption fund with United States Treasury
Gold held exclusively against Federal reserve notes
Gold settlement fund with Federal reserve Board...
Gold and gold certificates held by bank
Total gold reserves
Reserves other than gold _
Total reserves
.
Nonreserve cash...
Bills discounted:
Secured by United States Government obligations
Other bills discounted

168, 237
4,480

181, 069
4,659

179,351
6,116

172, 717
31,137
27, 713

185, 728
29,939
33, 367

185,467
30, 599
19, 523

231, 567
4,994

249, 034
10, 747

235, 589
14, 805

236, 561
1,731

259, 781
1, 345

250, 394

27, 411
8, 873

42, 814
16,110

38, 872
10, 738

Total bills discounted.
Bills bought in open market
United States Government securities:
Bonds..
__:
Treasury notes
Certificates of indebtedness
__
Total United States Government securities
Foreign loans on gold
_
All other earning assets
_
_
Total earning assets

36, 284
18, 276

58, 924
33, 261

49.630
23,380

1,345
24 127
4,417

747
12 058
147

1,800
22, 640
4,750

29,889
582
1,550

12, 952

29,190

86, 581

105,137

102,180

Uncollected items _
Bank premises __
All other resources

59 473
1,114
203

53 356
1,111
184

58,032
640
366

385, 663

420,914

411,612

168, 737

221, 038

214, 067

129, 677
2,152
806

119,129
2,437
'337

119,075
255
587

132, 635

121,903

119,917

53, 591
10, 518
20, 059
123

47,805
9,941
19,927
300

49, 331
9,327
18, 749
221

385, 663

420,914

411,612

78.5
4,140

75.8
1,633

75.0
2,752

Total resources

_

0)

LIABILITIES

Federal reserve notes in actual circulation

_

Deposits:
Member bank—reserve account
Government
Other deposits
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities...
Total liabilities . .

_
_

_

Ratio of total reserves to deposit and Federal reserve note liabilities
combined (per cent)
Contingent liability on bills purchasedfor foreign correspondents
1

Not shown separately prior to 1923.

334




DISTBICT NO. 3

335

PHILADELPHIA

No. 2.—PRINCIPAL ASSETS AND LIABILITIES, OF FEDERAL RESERVE
WEEKS

BANK, BY

[Amounts in thousands of dollars]
Bills discounted for
member banks

Date

1924
Jan. 2 _
9....
30_.

Total
earning
assets 1

101, 711
92, 770
93, 238
94, 461
94, 838

Bills
Bills United Total
secured
States
byU.S. Other bought securi- cash
bills in open
Govdismarket ties reserves
Total
ernment counted
obligations

MemFederal
ber
Total reserve
banks' depos- notes
in cirreserve
its
culadepostion
its

54,-992
46, 07
40, 512
39, 659
43, 333

40. 502 14, 490;
34, 759 11,318
31, 596 8,916
31, 063 8,596
32,493 10, 840

32, 972|
32,001 i
32, 047
33, 705
30,082

13, 747
14, 692
20, 679
21,097
21,423

258, 554
252, 752
246, 512
237, 633
241, 233

117,974
118,123
117,019
115, 236
115, 700

250, 75<
265, 512
249, 858
250, 388

Reserve
percent-

218,453
206, 332
200, 215
191, 043
192, 606

75.8
77.7
76.9
76.3
77.1

190, 387
200, 742
198, 380
201,479

80.2
82.0
79.1
79.0

257, 258
262, 84f
259, 724
266, 343

120,206
119, 782
114, 292
112, 901
115, 731
115, 957
117, 348
113, 063

122,492
119, 041
120, 327
120, 250
120, 350
122,167
123,197
117, 660
115, 636
118, 252
119, 235
118, 598
117, 643

199,105
202, 049
199, 303
201, 292

81.1
81.8
81.7
83.5

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

83,
79,
87,
88,

568
744
015
832

38, 096
36, 699
39, 021
44, 353

30, 625 7,471
28,966 7,733
30, 732 8,289
32,129 12, 224

23, 930
21, 503
25,058j
21, 5181

Mar. 5..
12..
19
26_.

81, 339
79, 514
81, 943
75, 910

40, 014
39, 427
40, 519
38,714

18,389
17,151
16, 359
14,163

Apr. 2_.
9..
16..

81, 304
73, 846
74, 284
71, 377
69, 564

43, 602
37, 961
39, 990
38, 09l|
36, 053 j

30,379 9,635
29, 665 9,762
30, 710 9,809
26, 937 11, 777
30, 302 13, 300
26, 970! 10,991
25, 949j 14, 041
25, 525! 12, 566
23, 650! 12,403

21, 542
21, 542
22, 936
22,961
22,936
22, 936
25, 014
22, 982

14, 669!
12, 852|
10, 986
9, 280
7,07

22, 982
22, 982
23, 257
23, 955
26, 381

272, 750
272, 251
269, 746
265,491
269, 338

117, 537
113, 572
116,155
114, 675
116,311

126,868
120, 753
118, 739
117, 377
118, 587

206, 443
204,864
207, 279
197, 409
197, 573

81.8
83.6
82.7
84.3
85.2

63, 996
66, 288
65, 252
67, 262

31, 710!
31,832
31, 334
33,191

20, 65S|
21, 464!
21, 757
22, 924 [

11, 052
10, 368
9,577
10, 267

4,811
4^837
4,014

27, 424
28, 516
28, 530
29, 506

271, 450
268, 576
263, 35;
266,868

120, 896
118, 221
120, 398
116, 634

192,
192,
186,
194,

755
830
330
660

86.5
86.3
85.9
85.7

32, 436
30, 244
26, 247
27, 260
59, 686 27, 568
56,829 25, 023
..58,765 26, 091
55, 661 23,301
56, 567 24, 356
54, 374 21, 236
54,355 21, 047
53, 543 19, 867
53,469 19, 797
54, 696 20,1971!
53, 716 18, 775
52, 733 17, 3411
52, 527 17, 524

22, 684
20, 683
18, 292!

9, 752|
9,561
7, 955!
8, 267!

4, lOOi
4,128
3, 484
2,485|

35, 361
37, 486
28, 931
28, 931

260, 573
267, 301
262, 566
268,283

119,041
114,888
119, 039
113,191
122, 996
128,129
117, 792
114,146

126, 830
130, 208
119,248
119,855

186,
188,
185,
185,

616
270
644
824

83.1
83.9
86.1

17, 977|
16, 746,
17, 475
15,4711
16, 055

9, 591 i
8, 2771
8, 616
7,830
8,301

1,937
1,625
1,750
1,436
1,287

272, 478
273, 290
268, 030
263, 564
264, 310

120, 668
122,318
123, 072
122, 698
121, 329

122, 616
124,426
126,815
124, 075
124, 414

191, 262
184, 576
179,853
172, 909
172, 886

86.8
88.4
87.4
88.7
88.9

14,184
14, 201
13, 379
12, 957

7,052

1,088
921
789
785

262, 281
262, 801
262, 633
261, 721

126,186
124, 835
128, 596
127, 517

169, 229
171, 671
164, 370
163, 974

12,888
11, 935
11,104
11, 227

7,309
6,840
6,237
6,297

1,612
1,563
1,752
1,801

31,137
31, 628
31, 890
31,452

124, 340
123, 020
125, 535
123, 734
120, 258
126,962
130, 603
125,818

88.8

6,488
6,840

28, 931
29, 674
29, 674
29, 674
30,800
31,137
31,137
31,137

124, 302
131,132
131, 223
129, 237

164, 913
157, 929
154, 358
150,984

88.8
88.6
87.9
89.3

18, 4611
17, 591 j
17, 922^
17, 803 j
19, 284 i

11,448
10, 329
11, 090
11, 589
12, 921

7,013
7,262
6,832
6,214
6,363

1,347
2,902
5,036
7,685
8,120

31,452
31,452
31,452
31,452
31,452

127,320
128,456
124,931
128; 433
127, 466

131, 848
130, 594
138,513
129, 640
129, 570

156, 078
153, 588
156,995
151, 900
152, 619

88.1
88.1
87.3
87.1
86.4

19, 973J

10,121

31, 452 244,313
13, 729 31,452 237, 901
17, 073 31,452 233, 626
19, 528 31,313 239, 978

127,340
122,895
129, 762
128,481

131, 042
126,529
132,112
130,184

156, 517
159,880
155, 242
164, 635

85.0
83.1
81.3
81.4

31, 034
29, 014
29, 540
29, 889
29, T "

133, 230
125, 602
126, 048
122,882
129, 677

135, 375
129, 412
126, 741
126, 512
132, 635

164,955
170, 673
173, 774
182,315
168, 737

81.6
77.9
77.6
74.0
78.5

3o!*
M a y 7_.
14..
28!"
June 4 . .
11..
18..
July 2 . .
9_.
16..
23..
30..
Aug. 6..
13..
20.
27..
Sept. 3..
10..
17..
24..

73,198
73.159
59,963
59, 977

Oct. 1
8
15
22
29

53, 010
53, 695
56.160
58, 690
60, 606

Nov. 5.
12
19
26

64,846
| 70,584
I 73,566
I 76,536

Dec. 3
10
17
24.
31

75,117
85,755
86,152
I 98,090
_J 86,581

Daily average j 71, €

13,136

6,837

22,103 14, 358
22, 741 15, 222
23, 395 16, '

7, 745
7, 519
6, 502

21, 522 15,149
34, 788; 25, 848
35, 026 25 927

6,373
8, 940|
9, 0991
9, 746!
8, 8731

47; 3471 37^ 6011
36, 284 27, 411|

31,315

1

20, 429
19,821
19, 454
18, 722
18, 276

256,899
256, 097
251, 035
250, 331
253, 612
250, 422
257, 917
245, 217
243, 858

245, 073
233, 646
233,193
228,384
236, 561

I 11,404 27,811 256,595 119,779 123,100 183,141

Includes other earning assets as follows: Municipal warrants $51,000 March 19 to June 25; Federa
Intermediate Credit Bank debentures $500,000 May 14 to May 28, $1,250,000 June 4 to Aug. 13, $1,750,00
Aug. 20 to Oct. 29, $3,300,000 Nov. 5 and 12, $2,300,000 Nov. 19 and 26, $1,550,000 Dec. 3 to Dec. 31; foreign
loans on gold $582,000 Dec. 3 to Dec. 31.




336

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD

No. 3.—DISCOUNTS AND PURCHASES OF BILLS AND SECURITIES BY FEDERAL
RESERVE BANK: VOLUME, BY CLASSES
[In thousands of dollars]
Bills discounted for member banks

Month

January
February
March
April

Secured Commerby U. S. cial and Trade
agriGovern- cultural acceptances
ment
paper,
obligations n. e. s.

Total

1924

144, 038
131, 897
113, 434
93,600

92, 800
79, 550
72, 817
54, 655

September
October
November
December
Total: 1924....
1923....
1922....

Bankers'
accept-

Dollar Trade
exacceptchange ances

29, 628
37, 753
30,138
37, 527

18, 573
16, 287
9,403
5,034

17,171
15, 407
8,674
4,834

1,402
880
729
200

3,945
3,111
737
1,130

3,880
2,936
737
1,130

65
175

13,542
16,120
17,473
31,152

606
10, 623
14, 350
5,341

606
10, 473
14, 294
5,211

150
56
130

89,140
159,105
137,122

85, 353
147,220
132, 533

3,787
11,846
4,366

40, 626
44,669 I
49,865
132, 272

54, 209
60, 840
67, 372
153, 518
1, 264, 030
2,911,142
2, 450, 843

Total

27, 354
65, 396
62, 204 j 17, 306
14, 251
58, 526
10, 356
44, 232

173,709
169,708
143,648
131, 204

May
June
July
August

Bills bought in open market

980, 759 282, 600
2, 062, 723 847, 666
1, 771, 245 678, 831

671
753
767

39
223

I

Month

1924

United States United
securities pur- States
chased in open securities
market
purchased
from
Certifi- other
Bonds cates
Fedof in- eral reand
notes debt- serve
edness banks

January..
February.
March
April
_

3,323

May
June
July
August..

3,847 1,138
5,893 10, 521
1, 079
132
1,118
353

September.
October
November.
December..
Total: 1924
1923
1922

6,910
1,515

453
1,954

1,324
46
16, 675
587




Municipal
warrants
•urased

500
750
500 !..
1,550
582

1,566
3,250

582

1,300

1924

1923

1922

288,147 I
243,434 I
250, 613
230, 206

265,135
254,008
263, 529
197, 711

255, 528
313, 255
286, 838
294, 635

197, 571
221, 492
172, 636
184, 277

56, 744
73,216
82, 236
172, 913

51

657

Total discounts and
purchases

! 102,230
j 99,825
! 75,422
; 57,756

909

1,476
203
226
1,518

26,380 34,199
1 2,572 96,259
iJ 38,679 120, 522

Federal
interFor- mediate
eign credit
loans bank
debenon
tures
gold
purchased

241,134
257,002
233, 577
274, 908

174, 425
218,965
258,136
342, 633

201, 425
187, 556
169,777
140,148

51 11,419,248
199 :
3,169,277
102 j

! 750, 518
,

DISTRICT NO. 3

337

PHILADELPHIA

No. 4.—BILLS DISCOUNTED BY FEDERAL RESERVE BANK: VOLUME, BY STATES
[Amounts in thousands of dollars]

New
Jersey *

Delaware

...

21,157
17, 237
19,754
21,166

729
702
874
939

151,823
151,769
123,020
109,099

173,709
169, 708
143, 648
131,204

725
724
727
730

327
320
308
308

...

19,174
18,022
12,196
4,899

561
701
552
146

73,065
60,827
60,069
49,610

92,800
79, 550
72,817
54,655

731
732
735
736

308
282
262
296

3,484
4,578
7,403
8,585

184
199
160
229

50,54156,063
59,809
154, 704

54,209
60,840
67,372
163, 518

738
740
742
743

260
271
299
356

157, 655
207,430
151, 755

5,976
11, 578
16, 731

1,100,399
2,692,134
2, 282,357

1,264,030
2,911,142
2,450,843

97
92
89

22
22
22

624
611
606

743
725
717

73
73
71

15
17
19

437
442
448

525
532
538

Month

1924
January. . _
February
March
April
May. . .
June
July .

. .

.

.

August
September
October
November
December
Total* 1924
1923
1922
N u m b e r of member banks at
end of year:
1924
1923
1922
N u m b e r of member banks accommodated:
1924 . .
. .
1923
1922
1

Number of Number of
member
member
banks
banks in accommodistrict
dated
at end of during the
month
month

Pennsylvania *

Total

Figures in this column relate only to that part of the State located in the Philadelphia district.




338

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 5.—EARNINGS

AND EXPENSES OF FEDERAL RESERVE BANK
1924

1923

Discounted bills
Purchased bills
United States securities.___
Deficient reserve penalties.
Miscellaneous

$1, 290, 080
408, 409
1,136, 303
7,839
73, 215

$2, 693, 392
952, 999
910,010
21, 754
14, 616

$2, 393, 673
712, 383
1,119, 457
14, 409
12, 028

Total earnings.

2, 915, 846

4, 592, 771

4, 251,950

129, 833
980, 591
59, 595
91,117
267
123
343
7, 565
12, 875
59, 978
5, 462
35,062
87,077
22, 538
21, 922
15,167
2,774
44,127
51, 077
25, 741
20,087
153, 517
51, 836

131,499
994, 796
59, 811
103,077
312
138
540
6,223
13, 965
60, 883
2,588
24, 089
88, 801
21, 614
29, 565
76, 737
2,903
53, 957
57, 679
26, 679
23,146
141,363
47,148

129, 499
982, 600
57, 952
83,477
206
181
461
6,407
16, 378
60, 625
4,370
44, 439
46,025
21, 276
39, 085
20, 396

196,149
37, 567

252,141
40, 627

1922

CURRENT EXPENSES

Salaries:
Bank officers
Clerical staff
.
Special officers and watchmen
Allother
Governors' conferences
Federal reserve agents' conferences
Federal Advisory Council
Directors' meetings
Traveling expenses *
Assessments for Federal Reserve Board expenses
Legal fees
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
RentOffice 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 current expenses..

1,675
31, 457
51, 973
23, 431
18, 745
167, 973

41, 446

35,445

118,014
43, 381
24, 723
59,170

2,153, 836

2, 295, 726

2,053,919

2, 915, 846
2,153, 836

4, 592, 771
2, 295, 726

4, 251, 950
2, 053,919

762,010

2, 297, 045

2,198,031

20, 433
1,698

18, 807
810

67, 732
H, 946

22,131

19, 617

82, 678

23, 307
13, 742

23, 733
70, 648
44, 444

42,931
902

37,049

138, 825

43, 833

119, 208

2 38, 845

747, 092

2,177, 837

2, 236, 876

615,135
131, 957

582, 292
1,178, 588
416, 957

541, 552
3 803, 594
3 891, 730

PROFIT AND LOSS ACCOUNT

Earnings
Current expenses.
Current net earnings..
Additions to current net earnings:
Withdrawn from reserve for depreciation on United States
bonds
Allother
Total additions.
Deductions 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

1 Other than, those connected with governors' and agents' conferences and meetings of directors and o
the advisory council.
'
2 Net additions.
3
After charging surplus and crediting franchise tax with $36,366 paid as an additional franchise tax for
1921. Amounts transferred to surplus and paid as a franchise tax out of earnings for 1922 were $839,960
and $855,364, respectively.




339

DISTRICT NO. 3 PHILADELPHIA

No. 6.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS OF FEDERAL
RESERVE BANK
1924

1922

1923

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 exchanges by fiscal agency department
Transfers of funds
Envelopes received and dispatched
_
AMOUNTS HANDLED
Bills discounted
_
Bills purchased in open market for own account
Currency received a n d counted
- Coin received and counted
Checks handled
Collection items handled:
United States Government coupons paid
Allother
United States securities—issues, redemptions, and exchanges b y fiscal agency department
Transfers of funds

0)

14,029
35, 579
6,630
164,432,000
216,525,000
59,010,000

17, 583
53,614
11,367
156,722,000
194,118,000
51, 325,000

49,019
10, 638
123, 686,000
183,478,000
57,113,000

4,952,000
458, 000

• 6,355,000
382,000

7,614,000
344,000

1, 211,000
93,000
2,489,000

2 6, 754,000
74,000
2,420, 000

$1, 264,030,000
89,140,000
1,084,405,000
30, 353,000
20, 795, 229,000

$2,911,142,000
159,105,000
1,011,761,000
27,062, 000
15, 808,129,000

$2,450, 843,000
137,122,000
726,382,000
23, 545,000
13, 880,222, 000

55,876,000
462,479, 000

63,054, 000
432,479, COO

63,852,000
452, 257,000

456,097,000
4, 899, 506, 000

578,493, 000
3, 379,281, 000

930, 091,000
3, 040, 220,000

1, 222, 000
63,000

0)

1 Data not available.
2
Large increase due to redemption of war savings secutities which matured January 1, 1923.
N o . 7 . — O P E R A T I O N S OF F E D E R A L R E S E R V E

CLEARING

SYSTEM

[Figures include cash items only. Numbers in thousands; amounts in thousands of dollars]
to
Items drawn on Items forwarded re- Items drawn on
other Federal
Treasurer of
banks in own
serve banks and
United States.
districts
their branches

Month

Number

Number
1924
January
February
March
April

September
October..
November
December
Total: 1924
1923

Number Amount

Number

Amount

3,931
3,489
4,063
4,032

_.

May
June
July
August

Amount

Total

_.

1, 208,205
1,117,523
1, 244, 554
1,716,208

580
548
607
616

108, 557
88,880
103,683
112,335

136
126
148
170

21,076
19,047
20,960
26,136

4,647
4,163
4,818
4,818

1,337,838
1,225,450
1,369,197
1,854,679

4,139
4,262
4,356
3,873

1,
1,
1,
1,

708,990
631, 220
701,196
537,889

632
615
617
557

97, 794
94,450
105,628
85,158

157
148
156
148

24,970
24,427
21, 946
18,929

4,928
5,025
5,129
4,578

1,831,754
1,750,097
1,828,770
1,641,976

4,044
4,622
4,086
4,759

1,955,752
1,829,116
1,637,652
2,016, 263

565
693
636
756

95, 721
116,116
98,261
113,361

228
211
156
148

20,964
24,859
20,948
26,455

4,837
5,526
4,878
5,663

2,072,437
1,970,091
1,756,861
2,156,079

49,656
43, 546

19,304, 568
14, 228,861

7,422
5,827

1,932
1,952

270,717
330, 887




1,219,944

1, 248, 381

59,010 ' 20,795,229
51,325 15,808,129

340

ANNUAL, REPORT OF THE FEDERAL RESERVE BOARD

No. 8.—CLEAEINGS AND TRANSFERS THROUGH GOLD SETTLEMENT

FUND

[In thousands of dollars]

Week ending-

Jan. 2 (1 day).

1924

Payments
to other
Federal
reserve
banks

Receipts
from other
Federal
reserve
.banks

Net loss Net gain

6..
3..
30..

36, 803
178, 717
168,470
168,001
163, 758

35, 270
168, 788
158, 534
159, 399
167,437

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

147,106
135, 685
195,145
151, 703

155, 768
151, 217
180, 783
152, 310

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

148,312
141, 709
176, 572
166, 772

153, 659
145, 847
173,548
174,439

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

151, 390
154,445
166, 891
167,421
168, 305

157, 202
154, 800
165, 740
163, 005
171,013

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

171,147
160, 728
174, 907
163, 779

173,947
161,606 !
171,226 I
170,451 !

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

151, 576
139,881 I
186,713
170,695 I

144,168
146,769
176,866
176,763

July 2..
9_.
16..
23..
30..

165, 221
141, 350
163, 362
162,936
173,105

171,674 |
142,112
160,686 S
160,459 i
173,981

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

149, 735
154,956
156,149
143, 879

149, 505
158,803
157, 550
145, 512

230

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

140, 354
150,077
178, 220
180,176

136, 988
149, 740
175,089
179, 225

3,366
337
3,131
951

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

168, 251
178,984
148,399
202,059
179,840

170,130
175,211
155,928
188,165
177, 745

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

154, 688
164,176
204, 256
180, 497

152, 955
158, 639
202,001
188,320

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

169,089
182,421
204, 472
210, 353
156,566

173, 772
172,860
205, 706
209,067
160,977

Feb.

Total: 1924..
1923..
1922..

8,670,202 I
8,049,170 j
7,109, 692

8, 663, 355
8, 034, 560
7,134,136

Net gain in ownership of gold since establishment of funds in 1915, $122,433,000.




1,533
9,929
9,936
8,602
3,679
14,362

3,024

15, 532
607

5,347
4,138
7,667

1,151
4,416

5,812
355
2,708

I
!
j
|

3,681

2,800
878
6,672

7,4
9,847
6,068
6,453
762
2,676
2,477
876

3,773

13,894
2,095

3,847
1,401
1,633

1,879
7,529

1,733
5,537
2,255
7,823
9, 561

4,683
1,234

6,847
14, 610
24,444

DISTEICT NO. 3

341

PHILADELPHIA

No. 9 . — R E P O R T I N G MEMBER BANKS IN LEADING C I T I E S : PRINCIPAL RESOURCES
AND LIABILITIES

[In thousands of dollars]
Investments

Loans and discounts

1924
622,977
624,243
638, 557
644, 756
642,432
644, 970
653,461
658, 701
669,890
689, 582
701, 674
673, 245

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

All other

United States securities

Last report date in—
1923

1924

583,151
594,187
614, 654
625,442
615,274
628, 772
633,199
632, 933
642, 599
634, 509
627, 785
621, 768

T
104,284
104, 711
103,371
96, 647
97,328
99,191
93,756
94,094
103, 706
106, 291
106,069
118, 448

Net demand deposits

1924

1923
124, 591
118, 954
124,420
124,121 !
128,336 i
•124,813
120,030
113,302 I
112,173 !
107,706 !
105,092 I
108,896 |

180,850
185,073
188,496
200,052
206,217
213,949
228, 218
237, 287
244, 779
254, 903
252,960
256, 720

1923
188,066
185,211
183,491
182,831
184, 798
185,356
184,933
181,047
180,344
181,424
182,349
185,397

Accommodation at
Federal reserve banks

Time deposits

Last report date in—
1924

1924

6