The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
TWENTY-EIGHTH
ANNUAL REPORT
of the
BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM
COVERING OPERATIONS FOR
THE YEAR
1941
BOARD O F GOVERNORS
OF T H E FEDERAL RESERVE SYSTEM
December 31, 1941
M A R R I N E R S. ECCLES, Chairman
RONALD RANSOM, Vice Chairman
M . S. SZYMCZAK
J O H N K. M C K E E
ERNEST G . DRAPER
LAWRENCE CLAYTON, Assistant to the Chairman
ELLIOTT THURSTON, Special Assistant to the Chairman
SECRETARY'S OFFICE
CHESTER M O R R I L L , Secretary
LISTON P. BETHEA, Assistant Secretary
S. R. CARPENTER, Assistant Secretary
FRED A. NELSON, Assistant Secretary
COUNSEL'S OFFICE
WALTER WYATT, General Counsel
J. P. DREIBELBIS, Assistant General Counsel
GEORGE B. VEST, Assistant General Counsel
B. MAGRUDER WINGFIELD, Assistant General Counsel
' DIVISION O F RESEARCH A N D STATISTICS
E. A. GOLDENWEISER, Director
WOODLIEF THOMAS, Assistant Director
DIVISION O F E X A M I N A T I O N S
LEO H . PAULGER, Chief
R. F. LEONARD, Assistant Chief
C. E. CAGLE, Assistant Chief
DIVISION O F BANK OPERATIONS
E D W A R D L. SMEAD, Chief
J. R. V A N FOSSEN, Assistant Chief
J. E. HORBETT, Assistant Chief
DIVISION O F SECURITY LOANS
CARL E. PARRY, Chief
PHILIP E. BRADLEY, Assistant Chief
FISCAL A G E N T
O. E. FOULK, Fiscal Agent
JOSEPHINE E. LALLY, Deputy Fiscal Agent
11
CONTENTS
TEXT OF REPORT
PAGE
Transition to a War Economy
Financial Developments
Business Situation
Anti-Inflationary Measures
Federal Reserve Credit Policy and Action
Open Market Operations
Reduction in Member Bank Reserves
Regulation of Consumer Instalment Credit
Margin Requirements
Economic Research and Advisory Services
Bank Supervision and the Banking Structure
Member and Nonmember Banks
Examination of State Member Banks
Par and Nonpar Banks
Bank Holding Companies
Trust Powers of National Banks
Foreign Branches and Banking Corporations
Fiscal Agency and Related Services
Foreign Funds Control and Intergovernmental Problems
Issuance and Servicing of Government Obligations
Depositary, Custodianship, and other Functions
Reserve Bank Personnel and Operations
Appointments
Operations, Earnings, and Expenses
Amendments to the Federal Reserve Act and Reports on Bills
Limitations on Real Estate Loans Secured by Defense Housing Insured Mortgages
Foreign Accounts in Federal Reserve Banks and Insured Banks
Government Obligations as Collateral for Federal Reserve Notes...
Proposed Legislation
Federal Reserve Meetings
2.4
Z4
Z4
14
z$
TABLES
No. 1. Statement of Condition of the Federal Reserve Banks (in
Detail) December 31, 1941
No. 1. Statement of Condition of Each Federal Reserve Bank at
End of 1940 and 1941
No. 3. Holdings of U. S. Government Securities by Federal Reserve Banks at end of December 1940, June 1941, and
December 1941
No. 4. Volume of Operations in Principal Departments of Federal
Reserve Banks, 1937-1941
i
i
3
4
5
6
6
8
10
10
12.
iz
13
14
14
15
15
17
17
^18
19
2.0
2.1
zz
2.4
2.8-2.9
3°~33
34
35
PAGE
No. 5. Earnings and Expenses of Federal Reserve Banks during
I
94 I
No. 6 Current Earnings, Current Expenses, and Net Earnings of
Federal Reserve Banks and Disposition of Net Earnings,
1914-1941
No. 7. Number and Salaries of Officers and Employees of Federal
Reserve Banks, December 31, 1941
No. 8. Receipts and Disbursements of the Board of Governors of
the Federal Reserve System for the Year 1941
No. 9. Federal Reserve Bank Discount, Interest, and Commitment Rates, and Buying Rates on Acceptances, December 31, 1941
No. 10. Maximum Rates on Time Deposits
No. 11. Member Bank Reserve Requirements
No. ix. Margin Requirements
No. 13. All Member Banks—Condition on December 31, 1941, by
Classes of Banks
No. 14. All Member Banks—Classification of Loans, Investments,
Real Estate, and Capital on December 31, 1941, by Classes
of Banks
No. 15. Member Bank Reserve Balances, Reserve Bank Credit, and
Related Items—End of Year 1918-1940 and End of
Month 1941
No. 16. Number of Banks and Branches in United States, 1933I
94 1
No. 17. Analysis of Changes in Number of Banks and Branches
*
during 1941
36~37
38-39
39
40-41
42.
43
43
43
44~45
46-47
48
49
50
No. 18. Number of Banks on Par List and Not on Par List, by
Federal Reserve Districts and States, on December 31,
1940 and 1941
No. 19. Money Rates, Bond Yields, and Stock Prices
No. 10. Business Indexes
51
52.
53
APPENDIX
Record of Policy Actions—Board of Governors
Record of Policy Actions—Federal Open Market Committee
Recommendation of the Federal Advisory Council to the Board of
Governors of the Federal Reserve System
Board of Governors of the Federal Reserve System
Federal Open Market Committee
Federal Advisory Council
Senior Officers and Directors of Federal Reserve Banks
State Bank and Trust Company Members
Description of Federal Reserve Districts
Federal Reserve Branch Territories
Map of Federal Reserve Districts
Index
IV
5 6-62
63—65
66
67
67
68
69-76
77-87
88-93
94~95
96
97-105
LETTER O F TRANSMITTAL
BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM,
\fyashington, May 28, 1942.
T H E SPEAKER OF THE HOUSE OF REPRESENTATIVES.
Pursuant to the requirements of section 10 of the Federal Reserve Act,
as amended, I have the honor to submit the Twenty-eighth Annual Report,
prepared by direction of the Board of Governors of the Federal Reserve
System, covering operations during the calendar year 1941.
Yours respectfully,
M . S. ECCLES, Chairman,
v
ANNUAL REPORT OF THE BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
During the year 1941 the activities of the Federal Reserve System were
increasingly geared to facilitating the transition of the nation's economy to
a war basis. The Federal Reserve authorities recognized t h a t the primary
function of the financial mechanism of the country in wartime is to help
meet the requirements of war production. The Board was also mindful of
its responsibility to participate in the Government's program for combating the inflationary forces generated by the country's war effort.
TRANSITION TO A WAR ECONOMY
Early in 1941 it became apparent t h a t increased war production and employment would greatly expand civilian purchasing power w i t h o u t resulting in a corresponding g r o w t h in the supply of goods available for civilian
purchase. This upward pressure on prices became stronger during the year,
and it became clear t h a t concerted action by the many agencies of Government concerned would be necessary to offset the inflationary effects. The
Federal Reserve authorities actively participated in this concerted effort.
FINANCIAL DEVELOPMENTS
Increased requirements of business and Government for funds to finance
the defense program led to a more rapid g r o w t h of bank credit in 1941 than
in any previous year. As a result of this expansion and of some further
g r o w t h in the monetary gold stock, bank deposits and currency reached
record levels. Although excess reserves held by banks were reduced during
the year by the g r o w t h of currency in circulation, by the expansion of
deposits, and by the Board's action to increase required reserves, they were
nevertheless sufficient at the end of the year to support a considerable
further increase in bank credit.
When the United States entered the war in December, the Board issued the
following statement:
The financial and banking mechanism of the country is today in a
stronger position to meet any emergency than ever before.
The existing supply of funds and of bank reserves is fully adequate
to meet all present and prospective needs of the Government and of
private activity. The Federal Reserve System has powers to add to
these resources to whatever extent may be required in the future.
The System is prepared to use its powers to assure t h a t an ample
supply of funds is available at all times for financing the war effort and
to exert its influence toward maintaining conditions in the United
States Government security market t h a t are satisfactory from the standpoint of the Government's requirements.
Continuing the policy which was announced following the outbreak
of war in Europe, Federal Reserve Banks stand ready to advance funds
on United States Government securities at par to all banks.
1
X
ANNUAL REPORT OF BOARD OF GOVERNORS
The growth of bank credit during 1941 reflected for the most part sharp
increases in commercial loans and in holdings of Government securities.
Bank loans increased by nearly 3 billion dollars. Almost two-thirds of the
rise occurred in commercial and industrial loans, largely by banks in New
York and other leading cities. Holdings of open market paper, agricultural
loans, real estate loans, and "other loans" also increased. Surveys made by
the Board of Governors and by the American Bankers Association indicated
that loans to producers and suppliers of war material amounted to about one
billion dollars at the end of the year.
Commercial bank holdings of United States Government direct and guaranteed obligations, which had risen by 1.5 billion dollars in 1940, increased
by 4 billion in 1941. About half this increase occurred at banks in leading
cities during the first six months. Thereafter New York City banks made
little change in their holdings while all commercial banks outside New York
increased theirs by about 1.7 billion.
Bank deposits and currency in the hands of the public increased by over
7 billion dollars, reaching a record high close to 78 billion. Bank debits,
which represent mostly checks drawn on deposit accounts, rose at a somewhat faster rate, reflecting the increased amounts of payments accompanying
more active business. The rate of use or turnover of deposits rose slightly
above the 1940 level.
Developments in the security markets during 1941 also reflected the gradual
transition of the country's economy to a defense and finally a war basis.
The interest bearing debt of the Government was increased by 13.4 billion
dollars, of which 6.3 billion was in marketable securities. The market for
Government issues was relatively steady throughout the year. Additions
to manufacturing facilities for defense purposes were financed largely by
Government funds. Private financing through corporate security issues for
new capital amounted to about one billion dollars, most of which was related directly or indirectly to defense activities. Nearly two-thirds of the
amount was borrowed by railroads, largely in the form of equipment trust
obligations, and by other public utilities, especially telephone companies,
for financing expansion. The corporate security markets were quiet during
most of the year. Stock prices drifted downward and the volume of trading
was the smallest in more than two decades.
The international financial relations of the United States were also largely
determined by war developments. Capital and gold movements were dominated by the fact that, through Lend-Lease credits and grants of assistance
by other Government agencies, this country was once more an international
lender on a large scale.
The capital inflow which characterized the pre-war years and the first
eight months of the war period came to a halt toward the end of 1940,
according to the reported weekly figures, and gave way to a capital outflow.
This outflow, attributable in part to the liquidation of British dollar resources in support of the Empire's war effort, was supplemented during 1941
FEDERAL RESERVE SYSTEM
3
by the export of American capital through Government operations which
lay outside the reporting system. In general, the capital movement between
the United States and countries which have not been beneficiaries of the
Government's lending program has been ended by United States "freezing"
regulations. The gold movement to this country has been affected by much
the same factors. The intensive phase of the movement from Europe ended
early in 1941 and toward the end of the year the United States became a net
seller of gold. The monetary gold stock, which had risen steadily from
xx.o to xi.8 billion dollars during the first ten months of the year, declined
slightly during November and December.
BUSINESS SITUATION
Defense and war developments dominated the business situation in 1941.
Early in the year the domestic defense program provided for expenditures of
about 2.0 billion dollars over a period of several years. Passage of the LendLease Act in March, however, and subsequent additions brought the combined defense program to 60 billion dollars late in August. The actual and
prospective effects of these large-scale purchases were reflected immediately
in widespread changes in commodity markets as well as in industrial
and trade activities. Important indirect effects soon took the form of rising
consumer incomes, limited supplies of civilian goods, and advancing costs
of production and of living.
At the beginning of the year the output of civilian goods and the standard
of living surpassed all previous records, while at the same time military
production was expanded. Output in most industrial lines was advancing
rapidly, although for some commodities, chiefly the metals, production was
already close to capacity. Later in the year shortages of metals and numerous other basic materials became acute, priorities were established to control their distribution, and pressure to expand production facilities for
armaments and essential civilian products was increased. By the end of the
year, plans were being made for widespread conversion of existing facilities
and labor to war production and also for further restriction of consumption
of civilian goods made from scarce commodities.
As early as February the prospect of increased shipping difficulties brought
sharp advances in prices of imported materials. In March price increases
extended to domestic commodities, reflecting chiefly anticipation of the
effects of the rapidly expanded program for Federal expenditures. During
the spring and summer there was unprecedented buying by manufacturers,
distributors, and consumers. The rate of buying declined in the autumn
as inventories and commitments accumulated and as Federal restrictions on
the purchase of materials and the output of finished products were extended.
After the United States entered the war, buying again increased and prices
rose sharply.
During the year the general level of wholesale commodity prices advanced
rapidly and by December was 10 per cent above the level prevailing in the
4
ANNUAL REPORT OF BOARD OF GOVERNORS
summer of 1940 when the defense program was inaugurated. The cost of
living changed little prior to the spring of the year, but increased about
10 per cent by December, 1941.
Income payments to individuals at the end of the year were at an annual
rate of 104 billion dollars and were one-third higher than in the summer of
1940. Relatively the increase was about the same for wages and salaries
as for other income. The rise in wages and salaries was primarily due to a
sharp expansion in employment and an increase in hours of work, but higher
wage rates were also an important factor. The number employed, excluding
the armed services, was about 49.5 millions at the end of the year. This
was 3.5 million more than a year earlier and, with over a million men added
to the armed forces, the number of unemployed was considerably reduced.
Wage rate advances became widespread as demand for workers increased
greatly and the pressure for higher rates was stimulated by the sharp rise
in living costs and by further increases in the profits of large industrial
corporations, even after allowance for higher income and excess profits taxes.
Industrial production, as measured by the Board's seasonally adjusted
index, advanced about 2.0 points in the first half of 1941 and 7 points during
the rest of the year to reach a level of 167 per cent of the 1935-39 average i*1
December. In the latter half of 1941 output of some civilian goods, particularly automobiles, tires, and silk goods, declined, owing largely to
Federal action. Production of other civilian goods showed little further
advance while armament production accounted for a growing proportion
of industrial output. Activity in the construction industry and on the
railroads increased to the highest levels in many years. Agricultural output
increased somewhat, partly in response to higher Federal production goals,
and cash farm income, with sharply higher prices for farm products, was
about 30 per cent larger than in 1940.
By the end of the year, although income payments declined in some civilian
industries, incomes of persons employed in war production and allied activities continued to increase. Despite higher taxes and increased savings, consumers had substantially larger incomes available for spending. Meanwhile
there had not been a corresponding growth in the supply of goods available
to consumers and the growing pressure of increased purchasing power was
reflected in rising prices all along the line, at both retail and wholesale levels.
With the entry of the United States into the war, vast additional Federal
expenditures became necessary. A rapid increase in armament production
ensued and output of goods for civilians was further curtailed. The combination of increased incomes and reduced supplies of civilian goods intensified
the problem of price control in all its phases.
ANTI-INFLATIONARY MEASURES
Government action over a broad front was taken to deal with the inflationary danger. Federal price ceilings and voluntary agreements were applied to a long list of metals and other important raw materials; taxes were
FEDERAL RESERVE SYSTEM
5
increased; efforts were made to stimulate voluntary savings by introducing
new forms of Government securities and intensifying campaigns to sell
these securities; member bank reserve requirements were raised to the limits
authorized by law; regulation of consumer credit was set up; and, as the
year closed, rationing in retail markets was applied to tires and automobiles.
It was clear that similar control would have to be applied to consumer expenditure on other goods which would become acutely scarce because of the
war situation. The measures of restraint that fell within the province of
the Reserve System are discussed in more detail elsewhere in this report.
The revenue legislation of 1940 increased individual surtax rates, lowered
personal exemptions by 2.0 per cent, increased the normal corporation tax
by about one-third, imposed a corporation excess profits tax, and made
increases in the estate and gift tax rates and most excise tax rates of around
10 per cent. About half of the 3 billion dollar increase in net budgetary
receipts during the calendar year 1941 was attributable to these changes.
The expanding scope of the defense program led the Treasury to propose
new revenue legislation in April, but it was not until September that the
Revenue Act of 1941 was enacted into law. This measure was estimated to
yield about 3.5 billion dollars on a full-year basis. Corporation income
taxes made up about 1.4 billion of this total, individual income taxes about
1.1 billion, estate and gift taxes about 150 million, and taxes on the sale
and use of various commodities and services about 850 million.
These changes were reflected only to a minor extent in actual Treasury
receipts during the calendar year 1941. They will be more fully reflected
during 1942. when, not allowing for further changes in the revenue structure,
Treasury receipts will run at an estimated rate of about 6 billion dollars higher
than in 1941. The increase in money incomes to be generated by the great
expansion of military expenditure, however, will be much larger than this
sum. It is expected that civilian expenditure, which will be reduced by tax
payments, will be further curtailed by personal and corporate savings unable
to find customary channels of investment. But the degree of restriction
thus achieved will not be sufficient to reduce the demand for civilian goods
to the extent that their output will be curtailed. Extensive additional
measures, designed to restrict the availability of purchasing power in 1942.,
will be a necessary part of a program to prevent further sharp advances in
prices and the cost of living.
, FEDERAL RESERVE CREDIT POLICY AND ACTION
Federal Reserve credit policy in 1941 was formulated with reference to
banking and credit conditions in the light of wartime needs. It was related
to the entire range of problems connected with the financing of defense and
war requirements without causing inflationary developments. During the
year these problems were continuously studied by the Federal Reserve authorities and discussed by them with the United States Treasury and with other
branches of the Government. As conditions demanded, steps were taken to
6
A N N U A L REPORT OF BOARD OF GOVERNORS
stabilize the Government security market by open market purchases, to
reduce the potential expansion of bank credit by increasing reserve requirements, and to curtail consumer demand through the regulation of credit for
instalment purchases.
OPEN MARKET OPERATIONS
Throughout the year the Treasury continued its long-established practice
of conferring with members of the executive committee of the Federal
Open Market Committee before deciding upon the form of its security
offerings. In addition, joint conferences were held to consider the development of a long-term program for financing the Government's rapidly growing
requirements.
The defense and war program necessitated a large increase in Government
borrowing. The interest bearing direct and guaranteed debt of the Government increased by 13.4 billion dollars in 1941. Less than half of this
amount was in marketable issues, however, 1.6 billion dollars of the total
having been in special issues to Government agencies and trust funds and
5.5 billion in nonmarketable public issues such as savings bonds and tax
notes. The issuance of the latter types of securities was in accordance with
the Government's announced policy of attracting current savings in order
that Government financing might be accomplished with as little growth of
bank credit as possible. Beginning in March all new issues of United States
Government obligations were made subject to Federal income taxes. In
October the Treasury adopted the practice of issuing direct obligations to
replace guaranteed securities as they mature or are called.
The market for Government securities was relatively steady and there was
no occasion until December for open market operations by the Reserve System. Following a decline in the first six weeks of the year, quotations on
long-term%Government bonds advanced to a peak about the first of November
and then declined slowly to December 6. During this period the Open
Market Committee made no change in the total amount of Government
securities held in the System account.
From the time the United States entered the war until shortly before the
end of the year, quotations on long-term bonds declined by about i\ points
and shorter term securities declined moderately. During this period the
Reserve System purchased 60 million dollars of bonds and 10 million dollars
of bills. The Treasury also supported the market by investing some of its
trust funds. In a relatively short time the market for Government bonds
became steady on the basis of yields slightly above the low points reached
in November.
REDUCTION IN MEMBER BANK RESERVES
Bank credit expanded more rapidly during 1941 than in any previous year.
Bank loans and investments, as well as deposits, were at the highest level
on record. As a consequence of this expansion, together with the drain
FEDERAL RESERVE SYSTEM
7
on reserves caused by currency expansion, the excess reserves of member
banks declined about 1.6 billion dollars during the first eight months of
the year. Nevertheless, in September they were above 5 billion dollars.
As a part of the Government's program to combat inflation and for the
purpose of establishing better contact between the Federal Reserve Banks
and the money market, the Board on September 2.$, after consultation with
the Secretary of the Treasury, increased reserve requirements of member
banks to the limit of its statutory power. To put this increase into effect
the Board issued a revised supplement to its Regulation D, which prescribed
MEMBER BANK RESERVES AND MAIN FACTORS OF CHANGE
WEDNESDAY FIGURES
BILLION S OF DOLLARS
BILLIONS OF DOLLARS
24
24
22
22
"
-
"
-
20
20
GOLD STOCK.
18
18
16
16
14
14
12
12
f
MEMBER BANK
RESERVE BALAN<: E S / ^ ^
10
>v * " *
10
^
8
8
J^V^J^SC^
r
<-«"•''
v
-
—
-
"
-
MONEY IN CIRCULATION
6
6
4
4
10
10
1
1
8
REQUIF{ED RESERVES
6
-
""*"*-»
1
^^
4
2
^^-*.~£T
^ H . - * - * —
8
4
6
S^f^
^ v i
4
rv^EXCESS R ESERVES
2
>/V"~_/~~
-
0
0
1937
1938
1939
1940
1941
an average increase in reserve requirements of about one-seventh on all
member bank deposits, effective November 1, 1941. About 1.2. billion dollars of reserves were absorbed by this action and excess reserves were reduced
to about 4 billion dollars.
In connection with this increase in reserve requirements by the Board,
the Secretary of the Treasury and the Chairman of the Board issued the following statement:
8
ANNUAL REPORT OF BOARD OF GOVERNORS
The Treasury and the Board of Governors will continue to watch
the economic situation and to cooperate with other agencies of the
Government in their efforts, through priorities, allocations, price regulation, and otherwise, to fight inflation. Recommendations on the
question of what additional powers, if any, over bank reserves the
Board should have during the present emergency and what form these
powers should take will be made whenever the Treasury and the Board,
after further consultation, determine that such action is necessary to
help in combating inflationary developments.
Excess reserves were also drawn upon during 1941 by other developments
arising out of the war and the defense program. The unprecedented inflow
of gold which had accounted for the large growth in bank reserves since
1933 slowed down during 1941 and stopped altogether in the latter part of
the year. Expansion of the demand for currency, resulting principally from
the enlarged volume of wage payments and retail trade, and to some extent
from withdrawals of currency for other purposes, absorbed a substantial
amount of excess reserves. Currency in circulation rose by about 2..5 billion
dollars in 1941 compared with an increase of 1.1 billion the previous year.
By the end of 1941 excess reserves had declined to 3.1 billion dollars, a
reduction of 3.5 billion during the year. Losses of reserve funds in 1941
were largely concentrated at banks in New York City. At the end of the
year about one-third of total excess reserves was held by these banks as
against more than one-half at the beginning of the year. This drain of
funds from the New York market was a sharp reversal of the situation prevailing in 1938 and 1939. It reflected a number of factors, principally the
following: the Treasury raised more funds in the New York area than it
spent there, the increase in currency in circulation was heavy, interbank
deposits declined during the last quarter, and New York City banks purchased
securities from outside banks and made loans to customers who spent part
of the proceeds elsewhere. On the other hand, the gold inflow, which in
previous years had replenished the reserves of New York banks, was on a
much smaller scale in 1941.
REGULATION OF CONSUMER INSTALMENT CREDIT
The Board of Governors was authorized and directed by the President's
Executive Order No, 8843, issued on August 9, 1941, under the provisions
of section 5(b) of the Act of October 6, 1917, as amended, to exercise a
measure of control over consumer credit during the period of national emergency arising out of the second World War. Pursuant to this order, on
August 7.1 the Board issued Regulation W which, with the exception of
certain provisions, became effective September 1, 1941. Two amendments,
effective September 2.0 and December 1 respectively, were subsequently
adopted.
The purposes of Regulation W, as set forth in the Executive Order of the
President, include the dampening of the demand for certain durable consumer
goods as their supply becomes limited by diversions of materials and skills
FEDERAL RESERVE SYSTEM
9
required for the national defense. They also include restraint of the expansion of consumer credit in general.
Persons and agencies subject to Regulation W include all who are engaged
in the business of making extensions of consumer instalment credit, or discounting or purchasing instalment paper, including instalment sellers of the
listed articles, whether dealers, stores, mail order houses, or others; sales
finance companies; banks, including Morris Plan and other industrial banks;
personal finance or "small loan" companies and credit unions; and building
or savings and loan associations. Such persons were required to register
before the end of the year 1941 with the Federal Reserve Bank of their
district.
The new regulation prescribed minimum down payments and maximum
maturities applicable to consumer credit extended through instalment sales
of certain listed articles and instalment loans for the purchase of these
articles. In addition, it limited the maximum maturity of miscellaneous
cash loans of $1,000 or less repayable in instalments, which include many
instalment loans made to finance consumer purchases.
Effective September 2.0, 1941, the Board amended the part of the Supplement to Regulation W pertaining to the method of determining the maximum credit value of new automobiles; and effective December 1, 1941, the
regulation was amended in a number of respects, the more important of
which were to exempt business loans, require a statement from the borrower
as to the purpose of the loan, provide more flexibility for the schedule of
payments by farmers and in connection with consolidating obligations,
prohibit instalment loans for the purpose of making down payments on
listed articles, and make the regulation applicable to instalment loans of
$1,500 or less instead of $1,000 or less as previously.
Through section 3(b) of the Regulation the Board issued a general license
to all persons or concerns engaged on or before December 31, 1941 in the
extension of instalment credit as defined by the regulation. This license
was to continue in effect after December 31 for licensees who had filed registration statements in form prescribed by the Board, with the Federal Reserve
Banks or their branches. About 170,000 such statements were filed. Provision was made for the subsequent licensing of new registrants filing statements after the close of the year. Any material misstatement or omission
willfully or negligently made in the registration statement, or any willful
or negligent failure to comply with the provisions of Regulation W or any
requirement of the Board pursuant thereto, constitutes cause for suspension
of a registrant's license at the discretion of the Board of Governors. No
licenses were suspended in 1941.
In November a three day conference of officials of the Federal Reserve
Banks and members of the Board and its staff was held in Washington for
the purpose of exchanging information as to the effect of Regulation W on
users of instalment credit and discussing possible amendments to the regula
IO
ANNUAL REPORT OF BOARD OF GOVERNORS
tion, relations with the trade and State supervisory authorities, and administrative problems of interpretation and enforcement.
In order to facilitate the coordination of the Board's functions under the
Executive Order with other phases of the program for national defense, a
consulting committee was created by the Order with which the Board
confers when formulating policies with respect to down payments, maturities, terms of repayment, and other questions of general policy. The
committee consists of the Secretary of the Treasury, the Federal Loan Administrator, and the Administrator of the Office of Price Administration.
In addition, the Board consulted from time to time with the Federal Advisory
Council, with all the Federal Reserve Banks, and with representatives of
numerous trade associations representing persons and institutions directly
affected by the regulation.
The geographical organization of the Federal Reserve System made it
possible to decentralize the regulation of consumer credit, the twelve Reserve Banks and their twenty-four branches administering the regulation in
their respective regions. The Reserve Banks and their branches were close
to the general business activity of the regions they served and were able
quickly to establish the new contacts required by the regulation with lenders
and dealers engaged in granting instalment credit. A nation-wide extension
of administrative responsibility in new fields of business was thereby established readily on a regional basis, and reference to Washington reduced to a
minimum.
MARGIN REQUIREMENTS
Effective February Z4, 1941, the Board of Governors amended Regulation U, governing loans by banks for the purpose of purchasing or carrying
stocks registered on a national securities exchange. The amendment was
essentially technical, its principal purpose being to reconcile provisions of
the regulation with rules issued by the Securities and Exchange Commission
with respect to the hypothecation by brokers or dealers of securities carried
by them for the account of customers. The amendment provided, in effect,
that any indebtedness of a broker or dealer that is secured by customers'
securities shall be treated separately from any of his other indebtedness.
In addition, the amendment provided for a simple mechanism by which .collateral that is used to meet the requirements of the regulation may be earmarked and distinguished from other collateral which, even though it secures
a loan subject to the regulation, is not used for the purpose of meeting those
requirements.
ECONOMIC RESEARCH AND ADVISORY SERVICES
During the year the Board's means of gathering information on business
and credit conditions were modified to meet current changes in the economy.
The usual economic reporting services were continued and there were many
requests from other Government agencies for specialized reports and informa
FEDERAL RESERVE SYSTEM
II
tion. In addition to analyzing current economic movements, the Board's
staff continued work on several long-run research projects and contributed
information and advice to many inter-departmental conferences.
At the request of the Office of Production Management, the Board and
the Reserve Banks made a survey of defense loans and loan commitments
at banks in 101 leading cities as of April 30. The purpose was to obtain
information as to the amount and character of the participation of banks
in the defense effort. Later in the year, at the request of the Division of
Civilian Supply of the Office of Production Management, the Board and the
Reserve Banks made a survey of department store inventories. By September
the Board's index of industrial production, which is widely used throughout
the Government, had been revised to take account of armament production
not already covered.
The Board continued its study of post-war readjustment problems. These
problems cover a wide range of economic and financial relationships, all of
which have a bearing on the reconstruction and stabilization of the economy
after the war. Close contact has been established with other agencies working on related projects.
Some of the post-war readjustment studies relate broadly to international
policy and problems. Special attention is being devoted to Canadian-United
States economic relations, and members of the Board's staff are serving as
Chairman and Secretary of the United States Committee of the Joint Economic Committees of Canada and the United States. Other members of
the United States Committee have been drawn from the Treasury Department, the Department of State, the Tariff Commission, and the War Production Board. The corresponding Canadian committee is composed of
civil servants in various Dominion Government departments and an official
of the Bank of Canada. These committees study and report to their respective governments on the possibilities for more efficient use of the combined
resources of the two countries in the production of war requirements and on
ways of reducing the impact of post-war economic dislocations.
Members of the Board's staff continued their cooperation on the InterAmerican Bank project with members of the Departments of State and the
Treasury and the Federal Loan Agency. This project originated in the
Financial and Economic Advisory Committee created in October 1939. In
1940 the Committee recommended the establishment of an Inter-American
Bank to the 2.1 governments it represents, and submitted for their consideration drafts of a convention, charter, and by-laws. The Convention was
signed by nine governments, including the United States, and has been
transmitted by the President to the Senate for its advice and consent to
ratification. The President has also transmitted a bill embodying a charter
for the Bank and providing for participation by the United States in its
organization and management.
In September 1941, the Department of State requested the Board to appoint
two members of its staff to serve with representatives of the Treasury Depart
IX
A N N U A L REPORT OP BOARD OF GOVERNORS
ment on a technical mission to Cuba. The mission was named at the request
of the Republic of Cuba to recommend a program of monetary and banking
reform to the Cuban Government. After meetings in Habana, the mission
returned to Washington where its w o r k is still in progress.
On November 19, 1941, the President appointed the Chairman of the
Board, or his alternate, to serve as a member of the Price Administration
Committee. This Committee acts in a consultative capacity to the Office
of Price Administration.
Pursuant to the request of the Director of Censorship on December 30,
1941, a member of the Board was designated as a representative of the Board
of Governors on the Censorship Operating Board provided for by the President's Executive Order of December 19 to "perform such duties w i t h respect
to operations" as the Director of Censorship should determine.
The Board continued its cooperation in the educational campaign of the
Secret Service against counterfeiting by printing and distributing to all
banks some of the educational material prepared by the Secret Service. A
complete index of counterfeit notes circulated since 19x9 was made available
to the banks. Practically all currency used in the United States flows
t h r o u g h the Reserve Banks, w h i c h maintain close contact w i t h regional
offices of the Secret Service. When spurious bills are detected, they are immediately stamped and turned over to the Secret Service agent.
The responsibilities of the Federal Reserve System require the accumulation and study of a large volume of economic and financial data, summaries
of w h i c h are published from time to time by the Board of Governors and
the Federal Reserve Banks. During 1941 each Federal Reserve Bank published a monthly review of banking and business conditions in its district
and the Board brought out the monthly Federal Reserve Bulletin for the 17th
year. A completely revised edition of Chart Book I, Federal Reserve Charts
on Bank Credit, Money Rates, and Business, was made available in February
and preparations were made for a new edition of Chart Book II, Federal
Reserve Charts on Industrial Production. Banking Studies, a volume of seventeen
papers on banking subjects prepared by the Board's staff, was published by
the Board in August. In answer to continuing demand, the Board reprinted
its booklet The Federal Reserve System—Its Purposes and Functions, first released
in 1939.
BANK SUPERVISION AND THE BANKING STRUCTURE
In its Annual Report for 1938, the Board described in some detail the
diffusion of responsibility for bank supervision, w h i c h is shared by the
Federal Reserve System w i t h other Federal agencies and w i t h the fortyeight States. The problems remain substantially the same.
M E M B E R AND NONMEMBER
BANKS
There were 18,514 banking offices in the United States at the end of 1941,
a net decrease of 37 for the year. This decline, while following the general
J
FEDERAL RESERVE SYSTEM
3
trend of recent years, was the smallest since 1934. The number of banks
decreased by 70 to 14,8x5, while the number of branches increased by 33
to 3,699.
The net decrease in the number of banks was due principally to consolidations, absorptions, and voluntary liquidations. There were only eight
bank suspensions during the year—the lowest annual figure on record.
Newly organized banks numbered 53, substantially above the number for
the three previous years.
The net increase of 33 in the number of branches was slightly less than in
1940, and was largely accounted for by the establishment of out-of-town
branches. Nearly three-fourths of the new branches were de novo branches;
the number of existing banks converted into branches was the lowest for
several years.
Although there was a net decrease of 70 in the total number of banks,
membership in the Federal Reserve System continued to increase in 1941.
National banks—which are required by law to be members of the Federal
Reserve System—declined by a net of 17, but State bank members increased
by a net of 160. At the end of the year there were 6,619 member banks.
The Board approved the applications of 166 State banks for membership
in the System and 172. banks were admitted to membership. In t w o cases
the new members were banks organized to succeed existing members and
accordingly their admission did not increase the number of member banks.
The difference between the number of banks admitted to membership and
the number of applications approved in any one year is due to the fact t h a t
a bank whose application is approved toward the close of the year may not
accomplish membership until the following year.
The total deposits of the 170 new State member banks amounted to
$341,393,000, as shown in their first call reports filed as member banks.
Measured by deposits, these 170 banks ranged in size from $90,000 to
$88,2.83,000. They were distributed throughout the twelve Federal Reserve
districts, the greatest number being in the Chicago, N e w York, St. Louis,
and Cleveland districts.
EXAMINATION OF STATE MEMBER
BANKS
Under the provisions of the Federal Reserve Act, State member banks are
subject to examination at the direction of the Board of Governors or at the
direction of the Reserve Banks, by examiners selected or approved by the
Board of Governors. The policy already approved for the examination of
State member banks was continued w i t h o u t change in 1941; i.e., that at
least one regular examination of each State member bank, including its trust
department, be made during each calendar year by examiners for the Reserve
Bank of the district in which the State member bank is located, and t h a t
additional examinations be made in special cases. In order to avoid duplication and to minimize inconvenience to the banks examined, it continued
to be the policy, wherever practicable, to make joint examinations in cooper
i4
ANNUAL REPORT OF BOARD OF GOVERNORS
ation w i t h the State banking authorities or, by agreement w i t h the State
authorities, to make alternate examinations.
In accordance w i t h the practice of holding periodic conferences w i t h
representatives of the bank examination departments of the Reserve Banks,
the officers in charge of the departments met in Washington for several days
in October to confer w i t h members of the Board and its staff. The conference was especially concerned w i t h the necessity t h a t the banking system
prepare itself for the uncertainties to be encountered during the period of
wartime demand and the period of post-war adjustment.
PAR AND N O N P A R
BANKS
The Federal Reserve Act provides t h a t no exchange charges for the collection or payment of checks shall be made against the Federal Reserve
Banks; and, consequently, only checks on which no exchange is charged are
collectible through the Reserve Banks. To facilitate collections, there is
maintained a "Federal Reserve Par L i s t " , comprising all member banks—
w h i c h are required to remit at par for checks presented to them by the
Reserve Banks—and nonmember banks t h a t have agreed to pay w i t h o u t
deduction of exchange charges such checks drawn upon them as are forwarded for payment by the Reserve Banks.
At the end of 1941 there were 11,543 banks on the Federal Reserve par
list. This figure included the 6,619 member banks and 4,914 nonmember
banks. The number of nonmember banks (other than mutual savings banks
and banks on w h i c h no checks are d r a w n ) not on the par list was 1,731.
The number of banks on the par list declined by 89 during the year, as a
result of mergers, voluntary liquidations, suspensions, and w i t h d r a w a l s
from the list. In 1941 there was a net increase of 16 in the number of nonpar
banks—the first since 1937. As in other recent years, more of the banks t h a t
continued in existence throughout the year w i t h d r e w from the par list than
were added to it—17 withdrawals as against 11 additions. Nineteen nonpar
banks went out of existence, but this decrease was exactly offset by the
organization of a similar number of new nonpar banks; in the several previous years the number of nonpar banks going out of existence exceeded the
number newly organized. At the end of the year nonpar banks were distributed by States as follows: Minnesota 410, Georgia 161, Mississippi 175,
Tennessee 173, Nebraska 164, Wisconsin 161, Alabama 131, Arkansas 117,
N o r t h Carolina 115, South Carolina 119, Iowa 114, N o r t h Dakota i n ,
Missouri 107, Louisiana 105, South Dakota 96, Texas 96, Florida 89, and 11
other States 155.
BANK HOLDING
COMPANIES
Bank holding companies, technically defined as " h o l d i n g company affili a t e s " , are required by law to obtain voting permits from the Board of
Governors of the Federal Reserve System before stock of subsidiary member
banks w h i c h the holding companies own or control may be voted. This
FEDERAL RESERVE SYSTEM
J
5
requirement does not apply to the voting of stock of subsidiary banks which
are not members of the Federal Reserve System, whether they are insured
banks or not. In acting upon an application for a voting permit the Board
is required by law to consider, among other things, the financial condition
of the applicant and the general character of its management. The Board
may, in its discretion, grant or withhold a voting permit, as the public interest may require. Regulation of bank holding companies by the Board is
effected not only through the statutory powers to grant, withhold, or revoke voting permits, but also through agreements executed by the holding
companies as a prerequisite to obtaining voting permits from the Board.
The purpose of such agreements is that the holding companies, their subsidiary banks, including member banks and nonmember banks, whether
insured or uninsured, and subsidiary nonbanking organizations shall maintain sound financial condition and proper management policies and operating
practices, including those involving intercompany transactions and relationships. Appropriate action was taken during the year in a number of
cases with respect to various important matters in the regulation of bank
holding companies.
During the year the Board authorized the issuance of three general voting
permits, i.e., permits unlimited as to time or matters which may be voted
upon, and six limited voting permits, i.e., permits for limited periods of
time and limited also as to subjects which could be voted upon.
Under the authority of section 301 of the Banking Act of 1935 the Board
determined that two organizations were not engaged directly or indirectly
as a business in holding the stock of, or managing or controlling, banks,
banking associations, savings banks or trust companies, and that, therefore,
they were not holding company affiliates except for the purpose of section
X3A of the Federal Reserve Act, which contains limitations on loans to
affiliates and investments in or loans on their obligations by member banks.
TRUST POWERS OF NATIONAL BANKS
Under the provisions of section n ( k ) of the Federal Reserve Act, the
Board granted to eight national banks authority to exercise one or more
trust powers. Trust powers of twenty-seven national banks were terminated, fourteen by voluntary liquidation, one by insolvency, and twelve by
voluntary surrender. At the end of 1941, there were 1,838 national banks
holding permits to exercise trust powers.
FOREIGN BRANCHES AND BANKING CORPORATIONS
The extension of the war to new areas during 1941 and the entrance of the
United States into the conflict further restricted the foreign operations of
member banks. This was most marked in the Orient, where by the end of
the year seven branches of member banks were under enemy control. The
business of the three branches or offices remaining in continental Europe was
already greatly reduced when the United States entered the war. American
i6
ANNUAL REPORT OF BOARD OF GOVERNORS
banking institutions had generally taken measures in advance to reduce the
hazards to offices in the more exposed areas.
No applications were received during the year for permission to establish
foreign branches pursuant to the provisions of section 15 of the Federal
Reserve Act. On the other hand, there was a decrease of 15 branches.
At the end of the year seven member banks had a total of 78 branches or
offices in -n. foreign countries or dependencies or possessions of the United
States. Of the 78 branches and offices, four national banks were operating
71, and three State bank members were operating 7. The foreign branches
were distributed geographically as follows:
Latin America
Argentina
Brazil
Chile
Colombia
Cuba
Mexico
Panama
Peru
Uruguay
Venezuela
42.
#
r
Far East
Burma
*China
*Hong Kong
India
*Japan
Straits Settlements
Continental Europe
*Belgium
France
*Occupied
Unoccupied
10
4
2.
3
16
1
3
1
1
1
11
1
4
r
3
1
1
1
1
1
England
United States Insular Possessions
and Dependencies
Canal Zone
*Philippine Islands
Puerto Rico
Total
10
11
4
1
7
78
* Enemy or enemy-occupied territory on December 31, 1941.
The 4Z offices of member banks in ten Latin American countries should be
in position to make a material contribution to the war effort of the Western
Hemisphere, being well established in a number of important cities and hav
FEDERAL RESERVE SYSTEM
17
ing a background of experience. The situation is unlike that which obtained at the time of the first World War, when banks in the United States
had just opened or were in the process of opening branches in Latin America.
Inter-American trade has assumed a strategic character in view of the need
in this country for Latin American raw materials and in Latin America for
essential supplies from the United States, and member banks operating there
perform an important function in facilitating this trade.
There is only one banking corporation in active operation organized under
the provisions of section 15(a) of the Federal Reserve Act and chartered by
the Board to engage in international or foreign banking. Its head office
was examined during the year by the Board's Division of Examinations.
The institution has a branch in France, three branches in the Far East, and a
fiduciary affiliate in England. The operations of the Paris branch during
the year were largely of a liquidating nature. The bank continued to maintain the temporary office established in unoccupied France when Paris fell.
The outbreak of hostilities in the Orient brought the three branches in the
Far East under Japanese control.
The only other corporation organized under the provisions of section 15(a)
in existence at the close of 1940 had been placed in voluntary liquidation by
vote of its shareholders in 1933. During 1941 a final liquidating dividend
was paid to shareholders.
No changes occurred during the year in the list of corporations organized
under State law and operating under agreements with the Board pursuant
to the provisions of section 15 of the Federal Reserve Act relating to the
investment by member banks in stocks of corporations engaged principally
in international or foreign banking. There are four such corporations.
FISCAL AGENCY AND RELATED SERVICES
Throughout 1941 the day-to-day work of the Federal Reserve Banks reflected the growing emphasis on preparation for war. There was a great
increase in the volume and variety of services performed by the Reserve
Banks for various branches of the Government, and the fiscal agency operations of the Reserve Banks in connection with Treasury financing increased
fourfold.
FOREIGN FUNDS CONTROL AND INTERGOVERNMENTAL PROBLEMS
The "freezing" of foreign assets and the control of foreign transactions
has been an important defense activity in 1941. As agents for the Foreign
Funds Control in the Treasury, the Reserve Banks receive license applications relating to transactions affecting the interest of "nationals" of blocked
countries. Under general authorizations from the Treasury, the Reserve Banks
act independently on most of these applications and refer only a small number to the Treasury Department with recommendations. An inventory
of all property held in the United States by "nationals" of foreign countries
was made during the year. This involved a great deal of work for the Re
i8
ANNUAL REPORT OF BOARD OF GOVERNORS
serve Banks, with which the inventory reports were filed in accordance with
the instructions of the Treasury Department. Immediately following the
entry of the United States into the war in December, the Reserve Banks were
called on to assist the Treasury in placing representatives in numerous important Japanese banking and business enterprises. A few days later instructions were received by the Reserve Banks to revoke or amend the licenses of
many German and Italian concerns and to place representatives on their
premises. During the year the Treasury held several conferences on the
subject of Foreign Funds Control which were attended by representatives
from all Federal Reserve Banks and from the Board of Governors.
The Federal Reserve Banks hold the gold reserves and most of the official
funds maintained by foreign countries in the United States. Gold under
earmark at the Reserve Banks increased by 400 million dollars to over x,xoo
million during 1941, while the deposits of foreign central banks and governments in the Reserve Banks were reduced by about 360 million to approximately 770 million at the end of the year. A large proportion of these
foreign assets were in 4 'frozen'' accounts which, though relatively inactive, necessitated extensive consideration by the Reserve Banks and the
Board. It was necessary to obtain not only licenses for transactions in such
accounts but also certification of the authority to operate many of them
pursuant to Section 2.5 (b) of the Federal Reserve Act. On the other hand,
many of the accounts which were not "frozen" were exceptionally active.
The Reserve Banks rendered important service to friendly belligerent governments and their official missions in this country by handling their dollar
receipts and their dollar disbursements for war supplies.
The Reserve Banks have continued their activities as agents of the Treasury in gold transactions with foreigners and in purchases of foreign silver.
The Federal Reserve Bank of New York carries out the operations of the
Stabilization Fund in accordance with instructions from the Treasury. The
Reserve Banks have also collected reports and maintained the records of
capital movements and foreign exchange transactions compiled since 1934
in accordance with Executive Orders and Treasury Regulations.
Loans which the Federal Reserve Act authorizes the Reserve Banks to
make on gold to foreign central banks and which were outstanding at the
end of 1940 in the amount of $947,000 to one foreign central bank, were
liquidated by January 31, 1941, as stipulated in the agreement. Another
loan to the same central bank for $100,000 became effective in August and
was paid off in full early in October. No further loans on gold were granted
in 1941.
ISSUANCE AND SERVICING OF GOVERNMENT OBLIGATIONS
As fiscal agents of the Treasury, the Federal Reserve Banks carry on all
operations outside of Washington incident to the issue, redemption, and
exchange of public debt obligations, except those performed by the
Post Office Department in connection with the sale of Series E Defense
J
FEDERAL RESERVE SYSTEM
9
Savings Bonds. The volume of these operations increased nearly fourfold
during 1941, chiefly as a result of the increase in Government issues for
defense purposes. In November, the Treasury held a fiscal agency conference at the Federal Reserve Bank of Atlanta which was attended by representatives of all Federal Reserve Banks and of the Board of Governors.
Pursuant to discussions held at the meeting of the Presidents of the Reserve Banks in Washington on June 11, 1941, the Presidents of three Reserve Banks were designated to serve with a member of the Board as a Committee on Defense Savings Securities in cooperation with the Treasury's
Defense Savings Staff. As a result of conference with the Secretary, liaison
officers were appointed by the Treasury and the Reserve System through
whom information as to the policies and the program of the Treasury at
Washington and as to the activities in the various States is exchanged for
the assistance of those concerned in promoting Defense Savings Bond sales.
In December liaison officers of the Federal Reserve Banks and of the Board
attended a meeting in Chicago called by the Treasury for the purpose of discussing the Defense Savings Bond program.
In its own organization the Board established a voluntary payroll deduction plan which was put into operation in May 1941, whereby members of
its staff may purchase Defense Savings Bonds, and each of the Reserve Banks
established plans adapted to the needs of its officers and employees.
DEPOSITARY, CUSTODIANSHIP, AND OTHER
FUNCTIONS
As depositaries of Government funds, the Reserve Banks handled during
1941 and charged against the Treasurer's account a total of 115 million
Government checks drawn by disbursing officers throughout the country for
defense and other Government expenditures. They also handled and credited to the Treasurer's general account millions of checks and other items
received by Federal officers in payment of taxes, customs, etc. During
the year an average of nearly 4,000 officers and employees of the Federal
Reserve Banks, or about 30 per cent of their entire personnel, were engaged
in serving some 16 United States Government departments and agencies.
This was a substantial increase over normal years and arose for the most
part from defense and war activities.
As custodians, the Reserve Banks in 1941 handled commodity loans,
bought commodities, and performed other services with respect to them
for the Commodity Credit Corporation, the Defense Supplies Corporation, the Federal Surplus Commodities Corporation, and other similar
Government agencies. The commodities responsible for most of this
work are staples including cotton, corn, wheat, butter, tobacco, and other
domestic farm products, many of which are being transferred under LendLease operations to aid countries allied with us in the war; other important items, comprising strategic and critical materials necessary in connection with our own war program, are diamond dies, copper, zinc, lead,
chrome, rubber, drugs, silk, and kapok. The Banks make disbursement
2LO
ANNUAL REPORT OF BOARD OF GOVERNORS
for the purchases upon proper authorization, obtain warehouse receipts
which are held in safekeeping, maintain inventory records, etc.
The Reserve Banks delivered large amounts of currency over the counter
to authorized finance officers of the Army and Navy and made large currency
shipments for payroll purposes direct to Army and Navy posts and also to
banks in the vicinity of posts and military and naval construction projects.
The Reserve Banks also effected transfers of funds to pay the armed forces
of the United States in foreign lands and waters.
During the first half of the year the Defense Contract Service of the Office
of Production Management utilized the facilities of the Reserve Banks in
handling work in the field, and in order to cooperate fully with the Defense
Contract Service an officer at each Reserve Bank and branch acted as Defense
Contract Officer. In the latter half of the year, after the Office of Production Management had established its own field offices, the Reserve Banks
and branches continued to cooperate, especially with regard to arrangements
for extensions of credit to industry.
Throughout most of the year, the War and Navy Departments utilized the
services of the Reserve Banks in obtaining reports as to the management,
responsibility, and financial condition of contractors and others with whom
they have dealings.
RESERVE BANK PERSONNEL AND OPERATIONS
Under the terms of the Federal Reserve Act the Board of Governors appoints three of the nine directors of each Federal Reserve Bank, who serve
terms of three years each. These are designated "Class C" directors by the
Act, which provides for election of Class A and B directors by member
banks. Of the three directors appointed by the Board, one is designated by
the Board as Chairman and one as Deputy Chairman. The Chairman, in
addition to his duties as presiding officer, is the official representative of the
Board of Governors at the Federal Reserve Bank.
APPOINTMENTS
On June 3 the Board of Governors appointed Walter H. Lloyd, Editor of
The Ohio Farmer; Cleveland, Ohio, a Class C director of the Federal Reserve
Bank of Cleveland. On June 4 the Board appointed Randolph E. Paul,
member of the law firm of Lord, Day & Lord, New York, New York, a
Class C director of the Federal Reserve Bank of New York. Effective July 1
the Board appointed Winfield W. Riefler, Professor of Economics, Institute
for Advanced Study, Princeton, New Jersey, a Class C director of the Federal
Reserve Bank of Philadelphia to succeed Alfred H. Williams, who became
President of the Bank on that date. Clifford V. Gregory, Associate Publisher
of Wallaces* Farmer and Iowa Homestead, Des Moines, Iowa, a Class C director
and Deputy Chairman of the Federal Reserve Bank of Chicago, died on
FEDERAL RESERVE SYSTEM
2.1
November 18. The Board of Governors on December 2.6 appointed W. W.
Waymack, Vice President and Editor, Des Moines Register and Tribune^ Des
Moines, Iowa, a Class C director to succeed Mr. Gregory. Other Class C
directors remained unchanged in 1941.
The Banking Act of 1935 added to the responsibilities of the Board of
Governors with respect to the executive personnel of the Banks by requiring
its approval of appointments of Presidents and First Vice Presidents of the
Reserve Banks, which are for terms of five years each. Aside from their
duties as the chief executive officers of the Reserve Banks, five of the Presidents serve with members of the Board of Governors as the Federal Open
Market Committee and five other Presidents act as alternates.
The appointments of Presidents and First Vice Presidents made as of March
1, 1936, expired as of the close of February 18, 1941. Except at the
Chicago, St. Louis, and Kansas City Banks, where vacancies had been
created by retirements, the existing Presidents and First Vice Presidents
were reappointed each for a term of five years. Vacancies that occurred
later in the year at the Kansas City, Atlanta, and Philadelphia Banks
were filled for the unexpired portion of the five-year term beginning
March 1, 1941.
At the Federal Reserve Bank of Chicago, President George J. Schaller, who
retired on February 18, 1941, was succeeded by C. S. Young, formerly a
Vice President of the Bank, who was appointed President for a term of five
years beginning March 1, 1941.
Effective April 16, 1941, Chester C. Davis, formerly a member of the Board
of Governors of the Federal Reserve System, was appointed President of the
Federal Reserve Bank of St. Louis for the unexpired portion of the five-year
term ending February 2.8, 1946. Mr. Davis succeeded William McC. Martin,
who had retired on February 2.8, 1941.
As of May 15, 1941, W. S. McLarin, Jr. and Malcolm H. Bryan were
appointed President and First Vice President, respectively, of the Federal
Reserve Bank of Atlanta, each for the unexpired portion of the five-year term
ending February 2.8, 1946. The appointment of Mr. McLarin was to fill the
vacancy caused by the death of Robert S. Parker on March xS, 1941, and
Mr. Bryan, formerly a Vice President of the Bank, succeeded Mr. McLarin
as First Vice President.
Effective July 1, 1941, Alfred H. Williams, formerly a Class C director of
the Federal Reserve Bank of Philadelphia and Deputy Chairman since January 1, 1940, was appointed President of that Bank for the unexpired portion
of the five-year term ending February 2.8, 1946, to succeed John S. Sinclair
who resigned on June 30, 1941.
At the Federal Reserve Bank of Kansas City, H. G. Leedy, formerly Vice
President and General Counsel of the Bank, was appointed First Vice President, effective March 1, 1941^ to fill the vacancy caused by the retirement of
ANNUAL REPORT OF BOARD OF GOVERNORS
VL
C. A. Worthington. On August z8, 1941, Mr. Leedy was appointed President to fill the vacancy caused by the retirement of George H. Hamilton on
February x8, 1941. H. O. Koppang, formerly examiner in charge of examinations of the Federal Reserve Banks made by the Board of Governors, was
appointed First Vice President of the Kansas City Bank, and succeeded
Mr. Leedy as First Vice President. Mr. Koppang took up his new duties
on October 16, 1941.
OPERATIONS, EARNINGS, AND EXPENSES
The greatest expansion in operations of the Federal Reserve Banks during
1941 was in their Government services, as already indicated. The volume
of currency, coin, and checks handled also increased substantially. Discounts for member banks were at about the same low level in 1941 as in
1940, while industrial advances showed some increase. Figures for volume
of operations for the past five years are shown in Table 4 on page 35.
Discount rates of the Federal Reserve Banks continued unchanged in 1941
at 1 or \\ per cent. Rates on industrial advances and commitments under
section 13b of the Federal Reserve Act had been reduced at most of the
Federal Reserve Banks during 1940 to permit charging lower rates to finance
defense contracts, and some additional reductions along the same line were
made in 1941. Rates as low as 4 per cent on direct advances to borrowers
prevailed throughout the year at all Federal Reserve Banks. Generally
lower rates were in effect on advances to or in participation with financing
institutions. Rates in effect on December 31, 1941, are shown in Table
9 on page 41.
EARNINGS, EXPENSES, AND DISTRIBUTION OF NET EARNINGS OF FEDERAL RESERVE
BANKS IN 1941 AND 1942
[In thousands of dollars]
Current earnings
Current expenses
Current net earnings
Profits on sales of U. S Government securities and other additions to
current net earnings in excess of special depreciation allowances and
provisions for losses
Net earnings
Paid U. S. Treasury (section 13b)
Dividends paid
Transferred to surplus (section 13b)
Transferred to surplus (section 7)
Total
Transferred from surplus (section 7) to reserves for contingencies
1941
1940
41,380
32,963
43,537
29,165
8,417
14,372
720
11,488
9,137
25,860
141
8,430
-4
570
82
8,215
-54
17,617
9,137
25,860
133
12,273
Current earnings, current expenses, and distribution of net earnings of the
Federal Reserve Banks for the past two years are shown in the accompanying
table. Net earnings amounted to $9,137,000 in 1941, which was $16,713,000
less than in 1940. This decrease resulted from a decrease in current earnings
owing to smaller holdings of Government securities, an increase in current
expenses, and a decrease in profits arising from sales of Government securities.
FEDERAL RESERVE SYSTEM
2-3
The increase in current expenses occurred principally in the cost of Federal
Reserve currency and in the operation of the currency and coin and the check
collection departments, where the volume of work increased substantially.
Expenses were also increased by a relatively large turnover in personnel
during the year.
Net earnings for 1941 were distributed as follows: Dividends to member
banks, paid in accordance with the provisions of the Federal Reserve Act,
$8,430,000; payments to the Secretary of the Treasury under provisions of
section 13b of the Federal Reserve Act relating to industrial advances,
$141,000; and net additions to surplus accounts, $566,000. Of this total
$133,000 was transferred to reserves for contingencies.
Detailed statements of earnings, expenses, and distribution of net earnings for the System and for each Federal Reserve Bank are given in Table
5 on pages 36-37.
Average daily holdings of bills and securities by Federal Reserve Banks
during the last four years and average rates of earnings thereon are shown in
the accompanying table.
E A R N I N G S ON B I L L S AND S E C U R I T I E S
[Amounts in thousands of dollars]
Item a n d Year
Daily average holdings:
1938
1939
1940
1941
Earnings:
1938
1939
1940
1941
Average r a t e of earnings (per
cent):
1938
1939
1940
1941
r
U. S. Govt,
securities
direct and
guaranteed
Industrial
advances
543
440
2,564,877
2,584,268
2,416,761
2,187,030
16,438
12,779
9,177
8,780
124
61
51
56
3
2
34,446
36,903
42,174
40,152
831
615
452
399
1.42
1.20
1.26
1.20
.48
.53r
1.34
1.43
1.75
1.84
5.05
4.81
4.93
4.54
Total
Bills
discounted
Bills bought
in open
market
2,590,597
2,602,590
2,429,984
2,200,491
8,739
5,103
4,046
4,681
35,404
37,581
42,677
40,607
1.37
1.44
1.76
1.85
Revised.
Each of the twelve Federal Reserve Banks and twenty-four branches was
examined during the year by the Board's Division of Examinations.
Two assessments were levied against the Federal Reserve Banks for the
general expenses of the Board of Governors, aggregating $1,839,541, or
about one-half of one per cent of their average paid-in capital and surplus
for the year. Under an arrangement with the Federal Reserve Bank of
Philadelphia, the accounts of the Board for the year 1941 were audited by
the Auditor of the Federal Reserve Bank of Philadelphia, who certified them
to be correct. The total cost of conducting the work of the Board of Governors during the year 1941 was $1,744,995. Details are shown in Table 8
on pages 40-41.
2-4
ANNUAL REPORT OF BOARD OF GOVERNORS
AMENDMENTS TO THE FEDERAL RESERVE ACT AND REPORTS ON BILLS
LIMITATIONS ON REAL ESTATE LOANS SECURED BY DEFENSE HOUSING INSURED
MORTGAGES
Section 14 of the Federal Reserve Act was amended by an act approved
March z&, 1941, so as to exempt defense housing insured mortgages from
the limitations of that section on the amounts and maturities of real estate
loans w h i c h may be made by national banks.
FOREIGN ACCOUNTS I N FEDERAL RESERVE BANKS AND
INSURED
BANKS
An Act approved April 7, 1941, amended section 14(e) of the Federal
Reserve Act so as to make it clear t h a t Federal Reserve Banks may open and
maintain banking accounts for foreign banks or bankers or for foreign
governments w i t h o u t having to establish accounts w i t h such foreign banks,
bankers, or governments, or to appoint them as the correspondents or agents
of the Federal Reserve Banks. This Act also amended section 15(b) of the
Federal Reserve Act so as to provide a procedure whereby Federal Reserve
Banks and insured banks may safely make payments of amounts due to
foreign governments or foreign central banks in cases where there may be
differences of opinion as to w h o is entitled to receive such payments.
The enactment of these amendments was recommended by the State Department, the Treasury Department, and the Board of Governors in order to
meet certain problems growing out of the war in Europe, including the fact
t h a t a number of countries whose central banks had accounts w i t h the
Federal Reserve Banks had been occupied by invaders. The provisions
relating to accounts of foreign governments or foreign central banks held
by insured banks in this country were added to meet certain problems
growing out of the same general situation.
GOVERNMENT OBLIGATIONS AS COLLATERAL FOR FEDERAL
RESERVE NOTES
By an Act of Congress approved June 30, 1941, the second paragraph of
section 16 of the Federal Reserve Act was amended so t h a t the authority of
the Board of Governors of the Federal Reserve System to permit direct
obligations of the United States to be used as collateral for Federal Reserve
notes, w h i c h would have expired on June 30, 1941, was extended until June
30, 1943.
PROPOSED
LEGISLATION
During the year, members of the Board and members of the Board's staff
were called on frequently to appear before Committees of Congress to give
information on proposed legislation. At the request of these Committees,
the Board submitted reports on proposed legislation relating to foreign
accounts in Federal Reserve Banks and insured banks, the liberalization of
FEDERAL RESERVE SYSTEM
2-5
the authority of the Reserve Banks to make industrial loans, the extension
of the period during which direct obligations of the United States might
be pledged by Reserve Banks as collateral for Federal Reserve notes, the temporary extension of banking facilities in military reservations and Navy
yards and stations, and the filing by a borrower or an issuing corporation
with the Securities and Exchange Commission of registration statements
covering certain loans obtained from, or securities sold directly to, banks or
other institutional investors.
FEDERAL RESERVE MEETINGS
The Federal Open Market Committee, which under the law is charged
with the responsibility for the determination of the System's open market
policies, met in Washington on March 17, June 10, September 2.7, and December n , 1941, and the executive committee of the full Committee met
frequently during the year. A record of actions taken by the Committee
on questions of policy relating to open market operations is published as an
appendix to this report.
The Chairmen of the Federal Reserve Banks met with the Board of Governors on April 2.6, 1941, for the purpose of discussing administrative policies
in which they were jointly concerned.
The Conference of Presidents of the Federal Reserve Banks held meetings
in Washington on February 7, February 17-18, March 17, June 11, and September 17-18 for the consideration of current operating problems of the
Federal Reserve Banks and for discussions of these matters with the Board.
Meetings of the Federal Advisory Council were held on February 16-18,
May 18-19, September 14-15, and November 16-17. The Board of Governors met with the Council on each of these occasions. The Council is required by law to meet in Washington at least four times each year and is
authorized by the Federal Reserve Act to consult with and advise the Board
on all matters within the jurisdiction of the Board. A recommendation to
the Board is published in the appendix to this report.
TABLES
2.8
ANNUAL REPORT OF BOARD OF GOVERNORS
N O . 1.-STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS (IN DETAIL)
DECEMBER 31, 1941*
ASSETS
Amounts in boldface type are those shown in the Board's weekly statement. [In thousands of dollars]
Gold certificates with Federal Reserve Agent
8,724,000
Interdistrict settlement fund with Board of Governors
10,255,571
Gold certificates on hand
1,510,444
Gold certificates on hand and due from U. S. Treasury
Redemption fund—Federal Reserve notes
Total gold reserves
Other cash:
United States notes
Silver certificates
Standard silver dollars
National and Federal Reserve Bank notes
Subsidiary silver, nickels, and cents
20,490,015
13,668
20,503,683
30,255
210,359
2,551
1,003
16,510
Total other cash
Total reserves
Bills discounted:
Secured by U. S. Government obligations, direct and guaranteed:
Discounted for member banks
For others
Total secured by U. S. Govt, obligations, direct and guaranteed
Other bills discounted:
For member banks
For others
260,678
20,764,361
1,768
1,768
1,187
Total other bills discounted
Total bills discounted
Industrial advances
U. S. Government securities, direct and guaranteed:
Bonds
Notes
Bills
1,187
2,955
9,504
1,466,805
777,300
10,370
Total U. S. Government securities, direct and guaranteed
Total bills and securities
Due from foreign banks
Federal Reserve notes of other Reserve Banks
Uncollected items:
Transit items
Exchanges for clearing house
Other cash items
Total uncollected items
Bank premises (net)
Other assets:
Industrial advances past due
Miscellaneous assets acquired account industrial advances
Claims account closed banks
Miscellaneous assets acquired account closed banks
Total
Less valuation allowances
Net
Federal Deposit Insurance Corporation stock2
Fiscal agency and other expenses, reimbursable
Interest accrued
Premium on securities
Deferred charges
Sundry items receivable
Real estate acquired for banking-house purposes
Suspense account
All other
Total other assets
Total assets
1
Before closing books at end of year.
2 Charged off. See footnote 3, Table 6.
2,254,475
2,266,934
47
36,287
1,071,055
98,506
31,165
1,200,726
41,367
835
1,926
110
511
3,382
1,923
1,459
2,592
8,866
28,132
661
197
1,095
166
691
43,859
24,353,581
FEDERAL RESERVE SYSTEM
2.9
No. 1.—Federal Reserve Banks {In Detail)'—Continued
LIABILITIES
Amounts in boldface type are those shown in the Board's weekly statement. [In thousands of dollars]
Federal Reserve notes outstanding (issued to Federal Reserve Banks)
8,611,926
Less: Held by issuing Federal Reserve Banks
402,780
Forwarded for redemption
16,977
419,757
Federal Reserve notes in actual circulation (including notes held
by Treasury and by Federal Reserve Banks other than issuing
Bank)
Deposits:
Member bank—reserve account
U. S. Treasurer—general account
Foreign
Other deposits:
Nonmember bank—clearing accounts
Officers' and certified checks
Federal Reserve exchange drafts
All other
8,192,169
12,449,465
867,450
774,062
320,055
53,429
368
212,318
Total other deposits
586,170
Total deposits
Deferred availability items
Other liabilities:
Accrued dividends unpaid
Unearned discount.
Discount on securities
Sundry items payable
Deferred earnings on commitments to make industrial advances
Suspense account
All other liabilities
14,677,147
1,106,929
867
6
7
1,152
7
209
636
Total other liabilities
2,884
Total liabilities
23,979,129
CAPITAL ACCOUNTS
Capital paid in
Surplus (sec. 7)
Surplus (sec. 13b)
Other capital accounts:
Reserve for contingencies
Earnings and Expenses:
Current earnings
Current expenses
Current net earnings
Add—profit and loss
Deduct—dividends accrued since January 1
Net earnings available for charge-offs, reserves, and surplus
Total other capital accounts
Total liabilities and capital accounts
142,180
157,065
26,785
46,898
41,380
32,963
8,417
1,537
8,430
1,524
48,422
24,353,581
o
N O 2 . - S T A T E M E N T OF C O N D I T I O N OF EACH FEDERAL RESERVE BANK AT END OF 1940 AND 1941
[In thousands of dollars]
Total
1941
Boston
1940
1941
New York
1940
1940
1941
Cleveland
Philadelphia
1941
1940
ASSETS
Gold Certificates on h a n d and due from U . S. T r e a s u r y . . . 20,490,015 19,750,781 1,162,307 1,136,171 8,164,207 9,757,527 1,224,286 1,046,557
4,143
13,668
972
1,213
Redemption fund—Federal Reserve notes
9,692
892
1,047
1,073
25,589
260,678
51,324
26,617
Other cash
46,842
19,345
275,109
18,754
T o t a l reserves
Bills discounted:
Secured by U. S. Government obligations, direct
and guaranteed
Other bills discounted
T o t a l bills discounted
1941
Richmond
1940
1941
1940
1,627,213 1,331,413
919
660
23,521
19,963
790,447 553,294
1,108
1,437
14,393 18,806
20,764,361 120,035,582 1,192,039 1,164,001 1 8,212,096 9,809,823 1,244,523 1,066,384 1,651,653 1,352,036
806,277 573,208
>
>
w
O
!*
H
1,768
1,187
851
2,064
260
100
615
75
245
491
624
50
187
278
100
87
150
150
2,955 1
9,504
2,915
7,538
260
1,883
100
974
690
1,098
736
1,756
674
3,468
465
2,052
187
233
300
250
1,466,805 1,284,600
777,300
899,500
10,370
113,230
60,005
800
92,213
64,568
385,294
204,178
2,724
379,572
265,783
115,799
61,364
819
107,638
75,369
145,193
76,943
1,026
128,649
90,082
2,254,475 2,184,100
174,035
156,781
592,196
645,355
177,982
183,007
223,162
218,731
137,737 115,900
2,266,934 2,194,553
47
47
36,287
31,628
1,200,724
912,398
40,767
40,062
43,724
47,596
176,178
157,855
3
635
82,594
2,833
3,168
593,984
18
4,493
316,326
10,507
11,148
647,847
18
4,773
234,525
9,701
13,228
182,124
5
2,700
84,370
4,866
4,061
185,524
5
1,865
63,085
4,501
4,909
223,582
4
2,087
149,177
4,439
4,613
219,281
4
1,947
102,207
4,587
5,074
138,502 116,732
2
2
3,328
8,760
83,669 76,132
2,590
2,982
2,756
2,751
10
41
765
51
781
U . S. Government securities, direct and g u a r a n t e e d :
Bills
89,615
47,488
634
68,168
47,732
T o t a l U. S. Government securities, direct and
T o t a l bills and securities
Federal Reserve notes of other Federal Reserve B a n k s . .
3
774
116,237
2,778
3,177,
24,352,844, 23,261,8661 1,491,186 1,411,089 9,148,5721 10,719,915
J
1
1,522,649 1,326,273 2,035,555 1,685,136 1,042,943 774,748
O
O
<
o
LIABILITIES
I
Deposits:
T o t a l deposits
Other liabilities including accrued dividends
T o t a l liabilities
8,192,169 5,930,997
671,656
479,728 2,110,650
1,576,404
575,036
410,704
778,072
540,941
431,489 283,520
12,450,333 14,025,633
368,481
867,493
774,062 1,132,909)
599,544
586,170
568,846
80,782
29,543
9,527
756,465 5,639,629 7,556,979
220,654
6,044
131,605
306,991
54,872
633,979
8,236
492,197
475,283
661,703
73,578
74,057
12,391
703,580
13,664
75,944
26,675
919,517
72,247
70,240
16,902
920,969
16,328
72,069
4,774
451,776 354,132
23,729
12,636
32,829 33,322
6,106
4,245
14,678,058 16,126,567
832,779
1,106,929
2,196
2,195
688,698
104,811
347
825,617 6,642,557 8,814,760
266,815
79,913
201,083
269
143
175
821,729
90,557
840
819,863 1,078,906 1,014,140
95,814
143,848
60,412
173
149
875
514,440 404,335
80,625 70,836
246
246
23,979,351 22,892,539 1,465,512 1,385,527 9,020,165 10,592,422
1,488,162 1,291,854 2,000,999 1,651,044 1,026,800 758,937
CAPITAL ACCOUNTS
142,180
157,501
26,780
47,032
138,579
157,064
26,785
46,899
9,403
10,949
2,874
2,448
9,335
10,905
2,874
2,448
51,806
56,651
7,070
12,880
51,096
56,447
7,070
12,880
24,352,844 23,261,866 1,491,186 1,411,089 9,148,572 10,719,915
5,226
139
FEDERAL RESERVE NOTEfSTATEMENT
'
Federal Reserve n o t e s :
Issued to Federal Reserve B a n k b y T e d e r a l Reserve
Held by Federal Reserve B a n k
8,611,926 6,256,650
325,653
419,757
I n actual circulation 1
460
11,882
15,144
4,393
3,000
14,640
14,345
1,007
4,564
14,198
14,323
1,007
4,564
5,709
5,236
3,244
1,954
5,366
5,247
3,244
1,954
1,522,649 1,326,273 2,035,555 1,685,136 1,042,943 774,748
700
2,617
162
1,043
727
700,116
28,460
502,343 2,210,118 1,660,126
22,615
99,468
83,722
602,134
27,098
429,044
18,340
811,693
33,621
569,587
28,646
461,916 299,792
30,427
16,272
8,192,169 5,930,997
671,656
479,728 2,110,650 1,576,404
575,036
410,704
778,072
540,941
431,489 283,520
8,724,000 6,379,500
1,688
2,567
720,000
260
510,000 2,220,000 1,685,000
100
690
331
615,000
624
440,000
372
815,000
575.000
475,000 315,000
10
8,726,567 6,381,188 1
720,260
510,100 1 2,220,690 1,685,331
615,624
440,372
815,000
575,000
475,000 315,010
14,597
244
11,923
15,171
4,393
3,000
857
540
Collateral held b y a g e n t for notes issued to b a n k s :
Gold certificates on h a n d and due from U. S.
T o t a l collateral held
1
Includes Federal Reserve notes held by the U. S. Treasury or by a Federal Reserve Bank other than the issuing bank.
w
U
w
>
w
OS
H
<
No. 2.—Statement of Condition—Continued
[In thousands of dollars
Atlanta
1940
1941
St. Louis
Chicago
1941
1940
1941
1940
Minneapolis
K a n s a s City
1941
1941
1940
1940
Dallas
1941
San Francisco
1940
1941
1940
ASSETS
Gold certificates on hand and due from U. S. Treasury. 551,394 384,635 3,423,782 2,899,447 632,041 494,577 394,665 311,096 557,610 420,712 414,284 280,159 1,547,779 1,135,193
629
1,122
451
1,229
643
169
401
332
410
754
566
Redemption fund—Federal Reserve notes
509
1,293
1,388
38,858
17,035 19,055
36,352 17,602 16,482
5,418
6,576 11,759 15,285 13,784
14,010
26,532
31,885
568,880 404,319 3,463,762 2,937,028 650,286 511,228 400,484 318,004 570,123 436,407 428,634 294,678 1,575,604 1,16^,466
T o t a l reserves
Bills discounted:
Secured by U.
S. Government
obligations,
2
36
18
157
28
14
477
38
334
18
306
157
269
28
300
62,241
32,983
440
49,278
34,506
198,906
105,406
1,406
146,651
102,688
73,695
39,053
521
55,508
38,868
14
O t h e r bills discounted
T o t a l bills discounted
I n d u s t r i a l advances
50
109
107
105
848
48
667
109
40
50
514
216
219
953
92
715
80
109
244
40
278
43,272
22,931
306
36,611
25,636
62,593
33,168
443
62,958
44,085
51,197
27,131
362
69
124
69
545
49,948
34,974
125,770
66,650
889
107,406
75,209
U . S. Government securities, direct and guaranteed:
Bills
T o t a l U. S. Government securities, direct and
T o t a l bills and securities
Federal Reserve notes of other Federal Reserve B a n k s .
Uncollected items
Other assets
* Less than $500.
95,664
83,784
305,718
249,339 113,269
94,376
66,509
62,247
96,204 107,043
78,690
84,922
193,309
182,615
96,155
2
4,110
42,290
1,948
1,797
84,156
2
3,385
43,435
1,991
1,766
306,042
6
3,449
180,907
2,971
5,466
249,765 113,569
6
1
4,136
2,430
126,885 49,586
2,155
3,040
2,027
5,069
94,404
1
2,896
52,651
2,318
1,917
67,073
62,682
97,249 107,838
1
1
2,261
2,071
47,535 36,161
3,059
2,880
2,198
1,783
79,043
1
1,367
37,094
1,137
1,509
85,240
1
1,024
29,530
1,226
1,865
193,433
4
3,395
66,962
2,766
4,083
183,229
4
3,864
45,638
2,849
4,250
*
1,514
19,555
1,367
1,396
651
26,571
1,338
1,309
715,182 539,054 3,962,603 3,325,929 820,054 665,415 497,426 404,518 721,642 587,925 548,785 413,564 1,846,247 1,408,300
LIABILITIES
Federal Reserve notes in actual circulation 1 .
278,564 195,853 1,719,536 1,262,396 322,068 221,148 206,510 158,709 263,578 211,215 135,271
Deposits:
Member bank—reserve a c c o u n t . . .
U . S. Treasurer—general account.
Foreign b a n k
Other deposits
322,452 246,999 1,762,132 1,711,100 363,642 326,872 178,535 174,476 344,996 279,690| 306,697 240,275
28,685 12,547
156,906
84,537 39,646l 23,893 52,460 22,857 35,850 16,861 36,989 10,926
26,7221 27,123
91,617
92,992 22,904 23,2481 16,796 17,0491 22,141 22,4731 22,141! 23,248
1,929 13,164
1,312
5,123
5,376
2,4461
5,481
3,4961
5,3241 12,594
7,167 10,815
T o t a l deposits.
Deferred availability items
Other liabilities including accrued dividends.
382,982 292,150 2,014,151 1,893,953 438,786 381,180 258,606| 219,758 404,9161 332,188| 367,139 276,895 1,065,148
39,912 37,533
180,340
53,615
122,197 47,312 51,417 22,554 16,3441 41,734 33,301 34,806] 27,399
32
44
44
84
481
72
61
165
81
56|
5
153
T o t a l liabilities
CAPITAL ACCOUNTS
Capital paid in
Surplus (sec. 7)
Surplus (sec. 13b)
Other capital accounts
T o t a l liabilities and capital accounts
Commitments to m a k e industrial advances
^ F E D E R A L RESERVE>TOTE_STATEMENT_
Federal Reserve n o t e s :
Issued to Federal Reserve Bank by Federal
Reserve agent
Held by Federal Reserve Bank
In a c t u a l circulation 1 .
Collateral held b y agent for notes issued to b a n k s :
Gold certificates on h a n d and due from U . S.
Treasury
Eligible paper
T o t a l collateral held.
1
487,754 394,892 710,272 576,752
525,616 3,914,192 3,278,699 808,198
4,J
5,725
713
2,362
4,693
5,725
713
2,307
15,613
22,925
1,429|
8,444
14,533|
22,824
1,4291
8,444
715,182 539,054 3,962,603
1,767
4,417
4,966
529
1,944
4,212
4,925
533
1,944
3,003
3,152
1,000
2,517
2,975
3,152
1,000|
2,499
820,054 665,415 497,426 404,518
1,874
1,226
2991
28
50
4,462
3,613
1,1381
1,960
699,739
492,514
930,408
45,967
58,081
30,692!
754,096
16,583
56,590
24,459
4,359
3,976
1,263
1,899
4,208
3,974
1,263
1,8991
11,827
10,792]
2,121
3,000]
1,310,000
1,500
35
23
244,000 214,000 165,500 275,000 225,000| 156,000 111,000
190
685
943
50
1,780,000 1,310,000 350,000 244,000
11,619
10.785
2,121
3,000
587,925 548,785 413,564 1,846,247 1,408,300
3,063
2,441
780,266
80,527
557,344
64,830
492,514
278,564 195,853 1,719,536 1,262,396 322,068 221,148 206,510 158,709 263,578 211,215 135,271
310,000 225,000
851,728
36,530
3
402,220 1,818,507 1,380,775
303,618 220,270i 1,763,428 1,294,126 341,354 234,319 213,129 163,870 274,221 219,247 149,933 106,582
43,892
5,161 10,643
8,032 14,662
25,054 24,417
31,730 19,286 13,171
6,619
8,717
165,690 275,943 225,685 156,000 111,000
Includes Federal Reserve notes held by the U. S. Treasury or by a Federal Reserve B a n k other than t h e issuing bank.
4,600j
3,613
1,137
2,020
97,865
794,000
574,000
794,000
574,000
W
0
W
00
W
<
ANNUAL REPORT OF BOARD OF GOVERNORS
34
NO. 3.—HOLDINGS OF UNITED STATES GOVERNMENT SECURITIES BY FEDERAL
RESERVE BANKS AT END OF DECEMBER. 1940, JUNE 1941, A N D DECEMBER 1941
[In thousands of dollars]
R a t e of
interest
(per cent)
Treasury bonds of:
1941-43
1941
1943-47
1943-45
1944-46
1944-54
1945-47
1945
1946-56
1946-48
1946-49
1947-52
1947
1948-50*
1948-51
1948
1949-52
1949-53
1950-52
1951-54
1951-55
1951-53
1951-55*
1952-54*
1953-55
1954-56
1955-60
1956-58*
1956-59
1958-63
1960-65
1967-72*
4
2X
2H
3
2
2
2%
2V2
2V2
2V2
2%
3
2%
2
2Vi
2
2H
2Vs
2V2
2*4
2H
2H
2V2
T o t a l Treasury bonds
Guaranteed bonds:
H O L C o f 1942-44
H O L C o f 1944-52
F F M C o f 1942-47
F F M C of 1944-49
2H
3
3
3
T o t a l guaranteed bonds
Treasury notes:
Series m a t u r i n g :
M a r . 15, 1941
J u n e 15, 1941
Dec. 15, 1941
Mar. 15, 1942
Sept. 15, 1942
D e c . 15, 1942
M a r . 15, 1943*
J u n e 15, 1943
Sept. 15, 1943
D e c . 15, 1943
M a r . 15, 1944
J u n e 15, 1944
Sept. 15, 1944
Sept. 15, 1944*
M a r . 15, 1945
T o t a l Treasury notes
m
\x
IX
2
\X
X
1H
1
l
X
l
X
X
D e c . 31,
1940
14,600
57,000
30,400
46,500
53,000
35,000
63,300
28,700
24,500
71,800
23,600
10,600
31,800
J u n e 30,
1941
92,800
21,400
27,500
90,300
80,000
89,700
44,000
77,900
30,400
46,500
53,000
35,000
62,300
28,700
24,500
72,800
23,600
10,600
31,800
64,800
90,800
21,400
29,500
90,300
80,000
98,800
44,000
77,900
47,800
29,000
36,700
68,300
* Taxable issue.
-14,600
-57,000
-750
+1,500
+101,915
+182,205
69,300
57,000
50,400
52,800
47,300
1,280,000
1,359,200
1,462,205
2,000
1,000
1,000
600
2,000
1,000
1,000
600
2,000
1,000
1,000
600
4,600
4,600
4,600
60,200
58,300
43,000
84,800
66,200
30,800
Change
during
1941
30,400
46,500
53,000
35.000
62,300
27,200
24,500
72,800
23,600
10,600
26,500
64,800
90,800
21,400
29,500
90,300
80,750
99,050
45,800
77,900
12,790
23,100
31,400
3,500
69,800
56,750
50,400
52,050
47,800
101,915
50,400
52,800
46,300
-1,000
-1,500
+1,000
-5,300
+64,800
-2,000
+2,000
+750
+9,350
+1,800
+12,790
+23,100
-16,400
+3,500
+1,500
+56,750
-60,200
-58,300
-43,000
98,400
43,000
84,800
66,200
30,800
39,300
102,400
35,700
69,800
109,900
76,400
60,600
6,000
95,400
84,800
66,200
30,800
39,300
- 102,400
35,700
69,800
109,900
76,400
60,600
6,000
95,400
899,500
820,300
777,300
-122,200
10,370
+10,370
2,184,100
2,184,100
2,254,475
+70,375
102,400
35,700
69,800
109,900
79,400
60,600
Treasury bills:
Series m a t u r i n g :
March 11, 1942
T o t a l holdings
D e c . 31,
1941
+39,300
-3,000
+6,000
-3,000
35
FEDERAL RESERVE SYSTEM
NO. 4.-VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS OF FEDERAL
RESERVE BANKS, 1937-1941
[Number in thousands; amounts in thousands of dollars]
1941
1940
1939
1938
1937
N U M B E R OF P I E C E S H A N D L E D 1
Bills discounted:
Advances made
Industrial advances:
7
7
7
Co'lection items handled:
U . S. Government coupons paid 2
All other
Issues, redemptions, a n d exchanges by fiscal
agency d e p a r t m e n t :
U. S. Government direct obligations
All other
Transfer of funds
2
3
1
2
4
2
2
3
1
.2
.4
.2
,2
.6
.1
.2
.1
.2
.2
2
2,257,892
2,730,387
1,044,553
.2
2,089,987
2,676,248
1,098,115
.1
2,134,908
2,644,418
1,157,140
2,248,290
2,705,344
1,184,356
2,529,703
3,216,761
1,265,977
18,566
6,705
17,802
6,389
17,145
6,177
15,444
6,094
15,047
6,392
3,892
661
980
3,456
575
853
3,528
1,162
814
3,752
485
780
13,479
411
840
16,187
516,852
10,472
226,687
11,285
75,690
8,384
61,500
9,222
115,956
Commitments to make industrial adBills purchased in open m a r k e t for own ac-
6
6
6
AMOUNTS H A N D L E D
Bills discounted:
Advances made
Industrial advances:
Commitments to make industrial advances
Bills purchased in open market for own ac-
Checks handled
Collection items handled:
U. S. Government coupons paid 2
All other
Issues, redemptions, a n d exchanges by fiscal
agency d e p a r t m e n t :
U. S. Government direct obligations
All other
r
1
2
4,932
6,500
3,805
2,860
15,695
6,978
11,217
4,621
4,374
19,530
25,252
10,199,559
287,708
255,453,609
2,781
•2,133 r
9,538,629 11,283,817
8,883,728
9,285,921
288,140
327,555
271,128
276,589
231,820,217 255,937,980 280,436,092 362,098,173
865,465
6,159,828
854,273
5,321,443
890,620
5,442,645
19,304,020
1,691,863
94,596,861
24,450,791
2,581,611
82,219,749
24,462,659
4,537,228
88,080,756
902,288
5,068,674
926,960
6,003,082
20,189,983 33,278,154
1,687,194
3,262,012
92,105,910 118,423,057
1
Revised.
Two or more checks, coupons, etc., handled as a single item are counted as one "piece".
Includes coupons from obligations guaranteed by the United States.
NO.
5 . — E A R N I N G S A N D E X P E N S E S O F FEDERAL* RE SERVE B A N K S D U R I N G
Total
Boston
New
York
Philadelphia
Richmond
Cleveland
Atlanta
Chicago
194l
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
CURRENT EARNINGS
Discounted bills
U . S. Government securities
I n d u s t r i a l advances
Commitments to m a k e industrial advances.
All other
T o t a l current earnings
$55,934
$1,516
$27,779
40,151,501 2,963,907 11,197,274
399,319
53,846
62,822
90,270
3,286|
7,103
683,071
22,576
119,674
$2,364
$4,325
,179,419 4,031,178
14,709
138,284
10,350
1,086
65,293
21,048
$655
$479
$1,236
$541
$1,243
$2,649
$9,772
$3,375
,281,196 1,706,262 4,884,837 1,935,696 1,191,362 1,908,346 ,548,048 3,323,976
47,030
13,243
7,605
8,504
17,323]
3,015
20,791
12,147
45,699
9,678]
2,7961
4,955]
4,179
448
416!
274)
41,728
25,788
8,258
180,744
21,763
155,410
8,019
12,770
41,380,095 3,045,131 11,414,652 3,344,162 4,123,894 2,364,347 1,725,400 5,089,095 1,965,896 1,223,237 2,082,480 1,576,614 3,425,187
CURRENT EXPENSES
Operating expenses:
Salaries:
Officers
Employees
R e t i r e m e n t System contributions for current service
Legal fees
D i r e c t o r s ' fees and expenses
Federal Advisory Council, fees a n d expenses
T r a v e l i n g expenses (other t h a n of d i r e c t o r s
a n d members of F e d e r a l
Advisory
Council)
Postage a n d expressage
Telephone & telegraph
P r i n t i n g , stationery, and supplies
Insurance on currency a n d security shipments
Other insurance
Taxes on bank premises.
Depreciation on bank building
Light, heat, power, and w a t e r
Repairs and alterations to bank building
Rent
F u r n i t u r e and equipment
All other
T o t a l operating expenses
Less reimbursements for certain
agency and other expenses
1,136,930
66,087
136,664
63,701
30,395
7,271
288,775
7
12,637
16,139
77,986
7,067
8,9401
94,162
12,319i
7,998]
1,050
1,081
403,628
4,487,685
540,975
1,455,582
23,302
502,260]
24,818
142,951
53,550]
771,173
105,115
346,046]
29,552
333,009
35,053
102,045
35,4441
422,594
50,440
117,411
294,520
197,042
1,498,243
1,189,978
423,413
204,322
169,236
671,390
763,632
46,674
11,835
141,705
55,832
31,583
5,001
1,500
40,543
55,185
52,578
30,342
483,387
222,772
82,652
37,125
20,386
92,065
95,453
23,313
16,417
77,617]
126,532
28,563
28,172
811
122,927
87,236]
25,659
14,606
136,938j
147,840
47,267
17,193
74,274
109,082]
56,250
61,874
7,983
767
29,500
378,579
31,300
75,196
28,229
11,594]
71,343
80,411
25,207
4,393
18,257
40,055
36,2961
60,924]
17
15,225
156,816
202
9,198
903
227,034
110,669 167,253 130,535
711,159|1,198,782 1,283,641 1,741,205
64,918
163
10,816
39,823
9,667
10,067
67,184
2,179]
19,753
61,399
24
10,414
99,368
4,047
16,362
1,350
1,397
1,490]
1,395
3,350
25,809
24,224
161,837| 254,971
45,691
23,432
57,204| 69,782
25,645
215.669J
39,861
67,488
39,522
401,101
54,339
114,221
10,688
18,854
94,583]
178,767
19,034|
15,805
25
30,138|
43,205
10,232
14,138
33,717
90,219
31,902
11,910
390
27,660
55,317
29,937
17,692
95,662
82,515
26,928
29,498
46,812
60,275
70,973
33,538
266,379]
48,222
77,232
55,241
566,618
40,411
198,4641
28,301
213,4951
42,293
87,542
17,862
15,140
62,081
42,549
35,273
8,527
644
28,719
61,564
32,748]
17,337
181,7861
80,954
46,554
21,783
1,656
65,725
105,4061
7,859|
15,246
52,501
52,009
28,644
9,546
3,491]
27,572
49,176
8,741
13,841
66,923
29,578
19,806
15,369
990
26,629
47,57l|
36,993,133 2,588,812 8,522,224 2,675,873 3,354,291 2,146,695 2,025,320 4,771,817 1,992,784 1,380,512 2,262,408 2,111,556 3,160,841
fiscal
N e t operating expenses
Assessment for expenses of Board of Governors
Federal Reserve currency:
Original cost
Cost of redemption
T o t a l current expenses
183,835 147,470 142,612
234,9661 175,648
129,810
497,272
124,211
2,271,3151
21,066,352 1,273,496 5,330,013 1,445,372 1,799,898 1,098,241 1,107,909 2,954,422 1,122,214
8,457,586
448,290] 1,761,546]
392,723
462,972
350,411
751,123 1,189,924]
548,115
28,535,547 2,140,522 6,760,678 2,283,150 2,891,319 1,796,284 1,274,197 3,581,893 1,444,669
55,265
221,803
168,821] 79,084
63,664
653,498
131,552
1,839,541
178,866]
2,397,298
190,764
225,728
12,535
524,955
35,629
170,747
12,934
281,493
18,802
193,115
17,464
127,183
14,051
393,103
30,735
100,715,
8,722
395,104
564,111
871,414
721,853
985,408 1,698,297 1,240,142 2,438,988
139,884
53,913
40,615]
52,5761
44,141
5,265
57,635
8,468
62,678
7,597
215,805
18,562
32,963,150 2,510,337 7,974,760 2,645,697 3,360,435 2,085,947 1,479,095 4,227,534 1,609,371 1,075,429 1,816,976 1,364,330 2,813,239
PROFIT AND LOSS
Current earnings (above)
Current expenses (above)
41,380,095 3,045,131 11,414,652 3,344,162 4,123,894 2,364,347 1,725,400 5,089,095 1,965,896 1,223,237 2,082,480 1,576,614 3,425,187
32,963,150 2,510,337 7,974,760] 2,645,697 3,360,435 2,085,947 1,479,095 4,227,534 1,609,371 1,075,429 1,816,976 1,364,330 2,813,239
3,439,892
763,459
246,305
861,561
69,594
8,261
56,036
70,652
147,895
1,166
60,214
313
77,855
126,688,
15,735
4,141
157
120,468
309
213,843
120,777
Current net earnings
Additions to current net earnings:
Profits on sales of U . S. Government
securities
All other
T o t a l additions
Deductions from current net earnings:
Losses and allowances for losses on industrial advances (net)
;
Charge-offs and special depreciation on
bank premises
All other
1,327,171
147,627
96,645
17,187
386,051
9,099
1,474,798
113,832
395,150
110,404
13,810
39,254
600,357
56,265
T o t a l deductions
N e t additions
479,889
3,056
3,242
40,673
532,757
768
73,159
-137,607
9,137,581
607,953 3,302,285
Paid U. S. T r e a s u r y (sec. 13b)
Dividends paid
Transferred to surplus (sec. 13b)
Transferred to surplus (sec. 7)
141,465
8,429,936
-4,333
570,513
3,134
561,233 3,097,873
81,360
713,446
204,412
27,105
Surplus (sec. 7), J a n u a r y 1
Addition, as above
Transferred to reserves for contingencies
157,065,064
570,513
-132,696
1,905,746 56,446,989
204,412
43,586
Surplus^(sec. 7), December 31
157,502,8
2
7,784
29,331
212,443
144,766
N e t earnings
1
132,273
50
15,458
869,942
13,808
330,180
265,504
40,889
17,230
4,8541
-60,250
50,456
296,275
198,264
" 5 4 ,'553
,144,298 14,322,790 ,247,219 ,724,628
54,553
27,105
22,825 -11,252
-54,553
56,651,401 15,171,403 14,345,615 5,235,967 5,724,628
258,762
-3,832
41,345
111,515
4,790
7,794
16,024
726
97,357
27,215
896,7661
51,077
3,549
7,663
343,662
289,109)
64,578
1,520
611,948
490,
179,790
16,750
99,555
258,731
271,913
-501
60,159
711,503
257,158
703,764
"i*573
"'7,' 739
1,824,268 4,924,976 ,152,420 ,612,681 3,974,490
100,484
60,159
17,984
41,345
1,573
-17,984 -60,159
,784,559
7,739
17,984
4,966,321 3,152,420 3,612,681 3,976,063 10,792,298
N e t recoveries.
N e t additions.
^4
00
N O . 6 . - C U R R E N T E A R N I N G S , C U R R E N T E X P E N S E S , A N D N E T E A R N I N G S O F FEDERAL R E S E R V E B A N K S A N D D I S P O S I T I O N O F
EARNINGS, 1914-1941
Disposition of n e t earnings
Earnings and expenses
Current
earnings
All Federal Reserve B a n k s by y e a r s :
1914-15
1916
1917
1918
1919
Current
expenses
Net
earnings 1
Dividends
paid
Franchise t a x P a i d to U . S.
Treasury
paid to U . S.
(Sec.13b)
Treasury2
Transferred
to surplus
(Sec.13b)
Transferred
t o surplus
NET
Direct
charges
to surplus
(Sec. 7)3
(Sec. 7)
$2,173,252
5,217,998
16,128,339
67,584,417
102,380,583
$2,320,586
2,273,999
5,159,727
10,959,533
19,339,633
$-141,459
2,750,998
9,582,067
52,716,310
78,367,504
$217,463
1,742,774
6,804,186
5,540,684
5,011,832
$1,134,234
2,703,894
$1,134,234
48,334,341
70,651,778
1920
1921
1922
1923
1924
181,296,711
122,865,866
50,498,699
50,708.566
38,340,449
28,258,030
34,463,845
29,559,049
29,764,173
28,431,126
149,294,774
82,087,225
16,497,736
12,711,286
3,718,180
5,654,018
6,119,673
6,307,035
6,552,717
6,682,496
60,724,742
59,974,466
10,850,605
3,613,056
113,646
82,916,014
15,993,086
-659,904
2,545,513
-3,077,962
1925
1926
1927
1928
1929
41,800,706
47,599,595
43,024,484
64,052,860
70,955,496
27,528,163
27,350,182
27,518,443
26,904,810
29,691,113
9,449,066
16,611,745
13,048,249
32,122,021
36,402,741
6,915,958
7,329,169
7,754,539
8,458,463
9,583,913
59.3C0
818,150
249,591
2,584,659
4,283,231
2,473,808
8,464,426
5,044,119
21,078,899
22,535,597
1930
1931
1932
1933
1934
36,424,044
29,701,279
50,018,817
49,487,318
48,902,813
28,342,726
27,040,664
26,291,381
29,222,837
29,241,396
7,988,182
2,972,066
22,314,244
7,957,407
15,231,409
10,268,598
10,029,760
9,282,244
8,874,262
8,781,661
17,308
$-60,323
-2,297,724
-7,057,694
11,020,582
-916,855
6,510,071
139,299,557
$297,667
227,448
176,625
119,524
24,579
27,062
102,880
67,304
-419,140
-425,653
607,422
352,524
2,616,352
1,862,433
4,533,977
731,313
448,835
1,964,919
82,152
141,465
-54,456
-4,333
17,617,358
570,513
12,272,706
132,696
-766,659
312,852,908
155.350.026
1935
1936
1937
1938
1939
42,751,959
37.900,639
41,233,135
36,261,428
38,500,665
31,577,443
29,874,023
28,800,614
28,911,608
28,646,855
9,437,125
8,512,433
10,801,247
9,581,954
12,243,365
8,504,974
7,829,581
7,940,966
8,019,137
8,110,462
1940
1941
43,537,805
41,380,095
29,165,477
32,963,150
25,860,025
9,137,581
8,214,971
8,429,936
Total—1914-1941
1,400,728,018
679,600,586
657*255,481
194,961,472
2,011,418
149,138,300
1,069,460
4
$500,000
Aggregate for each Federal Reserve Bank
1914-1941:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis.
Minneapolis
Kansas City
Dallas
San Francisco
$94,680,024
411,760,334
109,893,031
125,855,645
67,335,679
65,008,465
192,458,481
60,499,501
45,184,997
67,319,112
50,008,955
110,723,794
$49, 240,191
165, 475,437
52, 284,398
63, 224,525
37, 388,588
31, 303,265
88, 389,901
34, 613,674
24, 754,319
41, 466,916
30, 511,174
60, 948,198
$43,574,581
237,041,984
55.568,784
54,772,760
25,988,761
27,622,634
92,600,205
20,627,198
18,079,411
22,478,064
15,379,205
43,521,894
$14,191,873
65,784,428
18,591,261
19,696,519
8,283,726
6,936,457
22,693,280
6,977,663
4,871,860
6,602,053
6.272,011
14,060,341
$7,111,395
68,006,262
5,558,901
4,842,447
6,200,189
8,950,561
25,313,526
2,755,629
5,202,900
6,939,100
560,049
7,697,341
$94,900
82,987
431,345
67,434
80,522
23,876
138,318
5,948
34,809
35,204
74,117
$-3,155
-682,388
194,990
-8,446
-176,443
-44,304
11,681
-17,676
-7,447
-8,388
10,821
-35,904
$22,179,568
103,850,695
30,792,287
30,174,806
11,630,767
11,756,044
44,443,400
10,905,634
7,977,289
8,910,095
8,462,207
21,800,116
$11,230,237
47,199,295
15,620,883
15,829,192
6,364,800
6,031,416
21,518,648
5,939,311
4,824,868
5,297,413
4,486,145
11,007,818
1
Current earnings less current expenses, plus other additions and less other deductions.
The Banking Act of 1933 eliminated the provision in the Federal Reserve Act requiring payment of a franchise tax.
Direct charges to surplus (sec. 7) represent amounts transferred to reserves for contingencies, except as follows: 1927—$500,000, depreciation on bank premises; 1934—$139,299,557,
cost of Federal Deposit Insurance Corporation stock purchased by Federal Reserve Banks.
4
In 1935 the Federal Reserve Bank of Boston credited $1,810 and the Federal Reserve Bank of St. Louis charged $1,176 direct to surplus (sec. 13b). Total payments received from
the Secretary of the Treasury under section 13b of the Federal Reserve Act to the end of 1941 and credited to surplus (sec. 13b) amounted to $27,546,311.
2
3
NO.
7.-NUMBER A N D SALARIES OF OFFICERS A N D EMPLOYEES OF FEDERAL RESERVE BANKS
0
m
>
w
[December 31, 1941]
H
President
Other officers
Federal Reserve Bank
(including branches)
Boston
Philadelphia
Richmond
Dallas
Total
Employees, except those
whose salaries a r e reimbursed to b a n k
Annual
salaries
170
899
176
162
$215,489
1,597,889
295,288
290,640
924
3,095
944
1,157
$1,416,053
6,230,588
1,628,775
2,137,630
880,095
616,378
2,116,197
886,713
190
404
567
206
276,290
515,252
873,071
316,488
794
885
1,996
824
1,307,641
1,275,530
3,232,868
1,374,657
315
508
428
882
485,680
797,077
678,710
1,451,511
262
304
313
377
372,320
442,491
458,731
600,384
590
831
757
1,286
968,870
1,388,968
1,270,881
2,278,799
9,807
15,997,687
4,030
6,254,333
14,083
24,511 260
10
40
10
19
$92,932
454,432
99,700
159,350
743
2,155
757
975
$1,077,632
4,133,267
1,211,787
1,662,640
21,000
17,500
30,000
25,000
18
22
24
20
130,256
126,400
213,600
146,456
585
458
1,404
597
25,000
18,000
20,000
25,000
12
18
15
26
85,870
131,400
113,440
201,904
303,500
234
1,955,740
$30,000
45,000
22,000
25,000
Total
Number
Number
Number
<
Annual
salaries
Annual
salaries
Annual
salaries
Annual salary
Employees whose salaries
are reimbursed t o b a n k
Number
40
ANNUAL
REPORT
OF B O A R D
OF
GOVERNORS
N O . 8—RECEIPTS A N D D I S B U R S E M E N T S OF T H E B O A R D OF G O V E R N O R S OF T H E
FEDERAL R E S E R V E S Y S T E M F O R T H E Y E A R 1 9 4 1
General fund account:
Balance J a n u a r y 1, 1941:
Available for general expenses of the Board
$166,525.62
Available for expenses chargeable to Federal Reserve B a n k s
20,311.10
Total
$186,836.72
RECEIPTS
Available for general expenses of the B o a r d :
Assessments on Federal Reserve Banks for estimated general
expenses of the Board
$1,839,540.95
Subscriptions to the Federal Reserve Bulletin
6,528.56
O t h e r publications, sales
9,616.14
Reimbursements for leased wire service
56,573.67
*Pay roll allotments for purchase of Defense Savings B o n d s . .
22,704.45
Miscellaneous receipts, refunds, and reimbursements
22,406.49
T o t a l receipts available for general expenses of the Board
Available for expenses chargeable to Federal Reserve B a n k s :
Assessments on Federal Reserve Banks for:
Cost of printing Federal Reserve notes
1,601,860.24
Expenses of leased wire system (telegraph)
45,001.25
Expenses of leased telephone lines
15,696.80
Expenses of Federal Reserve Issue and Redemption
Division (office of Comptroller of the Currency)
54,108.35
Miscellaneous expenses
705.35
T o t a l receipts available for expenses chargeable to Federal Reserve
Banks
1,957,370.26
1,717,371.99
T o t a l receipts
3,674,742.25
T o t a l available for disbursement
3,861,578.97
DISBURSEMENTS
F o r expenses of the Board:
General expenses of 1941 (per detailed statement)
$1,744,995.53
Less accounts unpaid December 31, 1941
41,825.35
Expenses of 1940 paid in 1941
Expenses of leased wire service, reimbursable
P l a n s for alteration and addition to building
•Purchase of Defense Savings Bonds and refunds
Miscellaneous refunds and items reimbursable
T o t a l disbursements for expenses of the Board
For expenses chargeable to Federal Reserve B a n k s :
Cost of printing Federal Reserve notes
Expenses of leased wire system (telegraph)
Expenses of leased telephone lines
Expenses of Federal Reserve Issue and Redemption Division
(office of Comptroller of the Currency)
Miscellaneous expenses
1,703,170.18
25,778.72
56,098.88
62,863.23
18,079.27
12,191.22
1,878,181.60
1,554,522.09
45,001.25
16,749.80
54,108.35
4,998.65
T o t a l disbursements for expenses chargeable to Federal Reserve B a n k s .
1,675,380.14
T o t a l disbursements
Balance in general fund account December 31, 1941:
Available for general expenses of the Board
•Available for purchase of Defense Savings Bonds
Available for expenses chargeable to Federal Reserve Banks
3,553,561.74
241,089.10
4,625.18
62,302.95
$308,017.23
* Reflects operations of Voluntary Pay Roll Deduction Plan for Purchase of Defense Savings B o n d s for
Board's employees.
FEDERAL RESERVE SYSTEM
No. 8—Receipts and
41
Disbursements—Continued
STATEMENT OF EXPENSES OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE
SYSTEM, 1941
PERSONAL SERVICES
Salaries
Retirement contributions
Total Personal Services
$1,341,627.62
65,394.11
,
$1,407,021.73
NON-PERSONAL SERVICES
Traveling Expenses
Postage and Expressage
Telephone and Telegraph
Printing and Binding
Stationery and Supplies
Furniture and Equipment
Books and Subscriptions
Light, Heat, and Power
Repairs and Alterations (Building and Grounds)
Repairs and Maintenance (Furniture and Equipment)
Medical Services and Supplies
Insurance
Miscellaneous
Total Non-personal Services
GRAND TOTAL
70,640.96
1,436.46
65,489.21
108,660.59
19,250.22
16,222.99
6,750.85
25,529.27
5,642.22
2,251.12
692.87
2,048.61
13,358.43
337,973.80
$1,744,995.53
4*
ANNUAL REPORT OF BOARD OF GOVERNORS
N O . 9.-FEDERAL RESERVE BANK DISCOUNT, INTEREST, AND COMMITMENT RATES,
AND BUYING RATES ON ACCEPTANCES
[Per cent per annum]
In effect December 31, 1941
Boston
Rediscounts for a n d advances to member banks
under sees. 13 a n d 13a of
t h e Federal Reserve Act
except last paragraph of
sec. 13:
Secured by direct and
eligible
guaranteed
obligations
of
the
United States
1
1
All other
Advances to member banks
under sec. 10(b) of the
Federal Reserve Act
2
Advances to individuals,
partnerships or corporations, secured by direct
obligations of t h e United
States (last paragraph of
sec. 13 of the Federal Reserve A c t ) :
To
banks
(including
nonmember banks)
1
T o others
2V2
Advances direct to industrial or commercial organizations under sec. 13b
of the Federal Reserve Act. 3 ^ - 6
Advances to or in participation with financing institutions under sec. 13b
of the Federal Reserve Act:
On portion for which
institution
is obligated 3
3
On remaining p o r t i o n 3 . . .
sy2
Commitments to make advances under sec. 13b of
the Federal Reserve Act .. M - i
Minimum buying rates on
prime b a n k e r s ' acceptances payable in dollars . . . (10)
1- 15 days9
16- 30 days
3 1 - 45 days
46- 60 days
6 1 - 90 days
91-120 days
121-180 days
1
New
York
PhilRich- Atadel- Clevephia land mond lanta
Chicago
San
Francisco
Dallas
1
1
1
(*)1
1H
1H
IK
(*)1K
1M
1M
1
IK
iy2
1
IK
\y2
2
2
2
2
2
2
2
2
2
2
2
1
W2
1H
V/i
( 2 )1K
\y2
1
1
4
IK
1
2K
1
3
2y2
IH
4
4-6 sy2-6
4-6
4-6
4-6
3-44-5
2-3
2-5
(6)
1-2
VT-2
(10)
IK
iy2
1
4
sy2~5
4-6
4-6
3-6
3H-
3-6
(4)
<•)
( 5 )3
(7)4
4
4-6
3-6
3-6
1K-2
6
()
3-6
3-6
4
4f
4
4-6
y±-\
1-2
1-2
K-2
(8)1
1-2
(8)1
1
(10)
(10)
(10)
(10)
(10)
(10)
IK
IK
(*)IK (X)1K
4
sy2
iy2
1
Min- K a n St.
Louis neap- sas
olis
City
(10)
(10)
l
A~2
(10)
y2
Vi
Vi
Vi
y2
i
1
\
-JL.
The same rate applies to United States Government securities bought under repurchase agreement.
* Two and one-half per cent to lenders other than banks.
3
The Federal Reserve Banks of New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis,
Minneapolis, Kansas City, and Dallas may charge same rate as charged borrower by financing institution, if
lower than rate shown.
* One per cent less than rate charged borrower by financing institution.
5
One per cent less than rate charged borrower by financing institution with minimum of three per cent (see
note
3).
6
Same as rate charged borrower by financing institution.
7 One-half of one per cent less than rate charged borrower by financing institution with minimum of four
per cent (see note 3).
8 Minimum charge one-fourth of one per cent.
9 This rate also applies to acceptances bought under repurchase agreement, which agreements are always
for a period of 15 days or less.
10 The same minimum rates in effect at the Federal Reserve Bank of New York apply to purchases, if any,
made by other Federal Reserve Banks.
FEDERAL
RESERVE
43
SYSTEM
N O . 1 0 . - M A X I M U M RATES O N TIME DEPOSITS
Maximum rates t h a t may be paid by member b a n k s as established by the Board of Governors under provisions
of Regulation Q
[Per cent per annum]
Nov 1, 1933,
F e b . 1, 1935,
to
Dec. 31, 1935
to
Jan.
31, 1935
3
3
Savings deposits
Postal Savings deposits
Other time deposits p a y a b l e in:
6 m o n t h s or more
90 days to 6 m o n t h s
Less t h a n 90 d a y s
I n effect
beginning
J a n 1, 1936
V-A
IV*
3
3
3
2
1
N O T E . — M a x i m u m rates t h a t may be paid by insured nonmember banks as established by the Federal
Deposit Insurance Corporation, effective February 1, 1936, are the same as those in effect for member b a n k s .
Under Regulation Q the rate payable by a member bank m a y not in any event exceed the maximum r a t e payable
by State banks or trust companies on like deposits under the laws of the State in which the member bank is
located.
NO.
1 l . - M E M B E R B A N K RESERVE R E Q U I R E M E N T S
[Per cent of deposits]
Classes of deposits and b a n k s
On net demand deposits
Central reserve city.
Reserve city
Country
On time deposits:
All member b a n k s . . .
Aug. 16, 1936- Mar. 1, 1937- May 1, 1937-Apr. 16, 1938Feb. 28, 1937 Apr. 30, 1937 Apr. 15, 19382 Oct. 31, 1941
10M
22H
WA
12M
26
20
14
4K
5M
6
19^
15
Effective
N o v . 1, 19412
26
20
14
22H
UA
12
1
Gross demand deposits minus demand balances with domestic banks (except private banks and American
branches of foreign banks) and cash items in process of collection.
2
Percentages in this column are double the basic statutory requirements, which were in effect J u n e 21,
1917-August 15, 1936.
N O . 1 2 . - M A R G I N REQUIREMENTS i
Prescribed by Board of Governors of the Federal Reserve System in accordance w ith
Securities Exchange Act of 1934
[Per cent of market value]
Apr. 1, 1936Oct. 31, 1937
For extensions of credit by brokers and dealers on listed securities, under
Regulation T
For short sales, under Regulation T
For loans by banks on stocks, under Regulation U
1
55
2
()
3
Nov. 1, 1937
and after
40
50
40
( )55
Regulations T and U limit the a m o u n t of credit t h a t may be extended on a security by prescribing a
maximum loan value, which is a specified percentage of its m a r k e t value a t the time of the extension; the
"margin r e q u i r e m e n t s " sh6wn in this table are the difference between the m a r k e t value (100%) and the maximum loan value.
2
Requirement under Regulation T was the margin "customarily r e q u i r e d " by the broker.
3
Regulation U became effective M a y 1, 1936.
NOTE.—Regulations T and U also provide special margin requirements on " o m n i b u s " accounts and loans
to brokers and dealers.
N O . 1 3 . - A L L M E M B E R B A N K S - C O N D I T I O N O N D E C E M B E R 3 1 , 1 9 4 1 , B Y CLASSES O F B A N K S
[Amounts in thousands of dollars]
All member
banks
All national
member
banks
All S t a t e
member
banks
Central reserve city
member b a n k s 1
New York
Chicago
Reserve city
member
banks 1
Country
member
banks1
ASSETS
Loans (including overdrafts)
United States Government direct obligations
Obligations guaranteed by United States Government
Obligations of States and political subdivisions.. .^
Obligations of Government corporations a n d agencies not guaranteed by United
States
Other bonds, notes, and debentures
Corporate stocks (including Federal Reserve B a n k stock)
Total loans and investments
Reserve with Federal Reserve B a n k s
Cash in v a u l t
^
D e m a n d balances with banks in United States (except p r i v a t e banks and American branches of foreign banks)
Other balances with banks in United States
Balances with banks in foreign countries
D u e from own foreign branches
Cash items in process of collection
Bank premises owned and furniture and fixtures
Other real estate owned
;
;
I n v e s t m e n t s and other assets indirectly representing b a n k premises or other real
estate
Customers' liability on acceptances
Income accrued b u t n o t y e t collected
Other assets
Total assets
LIABILITIES
Demand deposits—Total
Individuals, partnerships, and corporations
United States Government^.
States and political subdivisions
B a n k s in United States
B a n k s in foreign countries
Certified and officers' checks, cash letters of credit and travelers' checks, etc...
Time deposits—Total
Individuals, partnerships, a n d corporations:
Savings deposits
Certificates of deposit
Christmas savings and similar accounts
Open accounts
18,020,904
15,706,687
3,832,035
3,089,606
11,725,496
9,755,221
2,283,760
2,020,413
6,295,408
5,951,466
1,548,275
1,069,193
4,072,172
5,585,248
1,679,444
728,696
954,288
1,311,338
118,811
182,344
7,104,682
5,293,564
1,172,961
956,473
5,889,762
3,516,537
860,819
1,222,093
557,231
1,921,852
392,244
43,520,559
12,396,344
1,086,752
331,566
1,252,670
201,728
27,570,854
7,399,238
779,420
225,665
669,182
190,516
15,949,705
4,997,106
307,332
217,157
471,271
141,625
12,895,613
5,105,316
93,061
51,340
117,941
23,928
2,759,990
1,020,645
42,727
175,943
504,057
139,748
15,347,428
4,060,488
425,150
112,791
828,583
86,943
12,517,528
2,209,895
525,814
6,147,354
98,519
11,134
4,215
3,382,586
911,213
179,139
4,656,120
74,973
7,582
4,078
2,060,017
588,875
81,692
1,491,234
23,546
3,552
137
1,322,569
322.338
97,447
139,764
1,588
6,485
137
1,290,434
199,920
21,127
294,423
3,797
284
3,153,651
62,613
1,172
204,149
19,013
1,554
2,559,516
30,521
3,193
4,078
1,439,492
324.668
68,043
98,449
72,427
110,586
101,579
54,036
40,112
64,145
51,885
44,413
32,315
46,441
49,694
10,169
43,558
39,927
15,330
718
1,675
8,609
5,440
65,648
23,772
41,830
35,740
21,914
3,422
20,220
45,069
68,120,856
43,433,027
24,687,829
19,862,429
4,363,024
24,429,567
19,465,836
49,230,638
33,061,264
1,709,333
3,065,567
9,713,951
671,186
1,009,337
12,486,751
31,038,022
20,445,710
1,088,443
2,232,509
6,356,435
331,113
583,812
8,420,374
18,192,616
12,615,554
620,890
833,058
3,357,516
340,073
425,525
4,066,377
17,119,289
11,282,381
866,272
318,656
3,594,756
607,150
450,074
812,565
3,581,284
2,152,174
127,186
232,766
1,026,999
8,264
33,895
475,820
17,403,048
11,126,938
490,642
1,143,880
4,302,130
53,509
285,949
4,910,094
11,127,017
8,499,771
225,233
1,370,265
790,066
2,263
239,419
6,288,272
10,513,338
611,226
30,136
723,343
7,185,971
463,754
20,337
264,688
3,327,367
147,472
9,799
458,655
407,729
9,030
1,067
360,202
424,868
25,982
203
24,567
4,148,305
135,630
10,832
247,536
5,532,436
440,584
18,034
91,038
448,511
367,612
88,415
%
>
f
m
o
o
>
0
o
o
o
<
o
Postal savings2.
States and political subdivisions
Banks in United States
Banks in foreign countries
Total deposits
Due to own foreign branches
;
Bills payable, rediscounts, and other liabilities for borrowed money
Acceptances outstanding
Dividends declared but not yet payable
Income collected but not yet earned
Expenses accrued and unpaid
Other liabilities
Total liabilities
50,473
418,220
132,923
7,092
61,717,389
148,921
4,312
86,358
37,902
76,373
98,807
64,430
36,347
350,626
93,339
5,312
39,458,396
114,088
3,778
47,531
23,459
52,594
62,497
30,205
14,126
67,594
39,584
1,780
22,258,993
34,833
534
38,827
14,443
23,779
36,310
34,225
62,234,492
39,792,548
2,362,185
2,394,336
775,145
312,467
42,231
5,886,364
4,057,104
19,896
243,402
102,743
1,750
22,313,142
17,415,289
53,002
17,338
10,908
26,062
25,882
2,060
980
2,534
10,217
1,955
27,800
11,594
39,662
42,820
27,235
4,312
3,496
7,990
23,269
19,708
9,358
22,441,944
18,213,967
4,074,850
22,462,253
17,483,422
1,511,994
1,386,051
498,624
210,177
33,633
850,191
1,008,285
276,521
102,290
8,598
548,091
840,674
212,908
43,594
3,195
101,600
120,590
29,089
36,658
237
789,581
763,842
259,901
139,338
14,652
922,913
669,230
273,247
92,877
24,147
3,640,479
2,245,885
1,648,462
288,174
1,967,314
1,982,414
19,465,836
7,528,877
9,660,944
6,219
29,015
180
•
5,342
17,931,854
148,921
200
30,577
145,603
30,000
CAPITAL ACCOUNTS
Capital (see table 14)
Surplus
Undivided profits
Reserves for contingencies
Other capital accounts
Total capital accounts
Total liabilities and capital accounts
Net demand deposits subject to reserve
Demand deposits-adjusted3
Number of banks
68,120,856
43,433,027
24,687,829
19,862,429
4,363,024
24,429,567
39,707,549
33,753,582
6,619
24,325,282
21,202,014
5,117
15,382,267
12,551,568
1,502
15,689,091
10,760,677
36
3,083,912
2,214,686
13
13,405,669
11,117,275
351
1
Banks are classed according to the reserves which they are required to carry (see table 11). Some banks classed as ''country banks" are in outlying sections of reserve cities^ or
central reserve cities, and some banks classed as "reserve city banks" are in outlying sections of central reserve cities. Figures for each class of banks include assets and liabilities
of their domestic branches, whether located within or outside the cities in which the parent banks are located.
2 United States Treasurer's time deposits, open accounts, are combined with postal savings (time) deposits.
3 Demand deposits other than interbank and United States Government, less cash items reported as in process of collection
NO.
1 4 . - A L L M E M B E R B A N K S - C L A S S I F I C A T I O N O F L O A N S , I N V E S T M E N T S , REAL E S T A T E , A N D C A P I T A L O N D E C E M B E R 3 1 , 1 9 4 1
B Y CLASSES O F B A N K S
[In thousands of dollars]
Central reserve city
member b a n k s 1
All
member
banks
All
national
member
banks
All State
member
banks
Loans—Total
Commercial and industrial loans
Agricultural loans
_
Commercial paper bought in open m a r k e t
Bills, acceptances, etc. payable in foreign countries
Acceptances of other banks, payable in United S t a t e s . .
Reporting b a n k s ' own acceptances
Loans to brokers and dealers in securities
Other loans for purchasing or carrying securities
Real e s t a t e l o a n s : On farm land
On residential p r o p e r t y
On other properties
Loans to b a n k s
All other loans
Overdrafts
18,020,904
8,063,757
972,321
477,939
6,930
44,888
77,600
594,193
597,684
294,962
2,396,116
802,831
39,023
3,642,364
10,296
11,725,496
5,176,981
818,172
319,189
5,964
21,016
48,970
253,949
336,202
222,466
1,542,503
479,517
14,641
2,478,136
7,790
6,295,408
2,886,776
154,149
158,750
966
23,872
28,630
340,244
261,482
72,496
853,613
323,314
24,382
1,164,228
2,506
4,072,172
2,715,736
8,096
16,195
38
38,802
36,203
411,944
168,594
30
62,482
60,034
31,955
520,041
2,022
United States Government direct obligations—Total.
T r e a s u r y bills
Treasury notes...
Bonds m a t u r i n g in 5 years or less
Bonds m a t u r i n g in 5 to 10 years
Bonds m a t u r i n g in 10 to 20 years
Bonds m a t u r i n g after 20 years
15,706,687
970,898
3,007,041
1,452,292
3,653,798
5,456,368
1,166,290
9,755,221
675,265
1,886,439
736,185
1,966,265
3,690,358
800,709
5,951,466
295,633
1,120,602
716,107
1,687,533
1,766,010
365,581
Obligations guaranteed by United States Government—Total.
Total amount
maturing
in 5 years or less
Reconstruction Finance Corporation
H o m e Owners' Loan Corporation
Federal F a r m Mortgage Corporation
Other Government corporations and agencies
3,832,035
2,602,315
1,338,847
1,427,822
499,986
565,380
2,283,760
1,384,251
612,017
1,034,358
294,890
342,495
557,231
432,332
167,471
199,042
190,718
3,089,606
2,872
190,054
1,827,730
1,068,950
O b l i g a t i o n s of G o v e r n m e n t c o r p o r a t i o n s a n d a g e n c i e s , n o t g u a r a n teed by United States—Total
Total amount
maturing
in 5 years or less
Federal Land Banks
Federal Intermediate Credit Banks
Other Government corporations and agencies
O b l i g a t i o n s of S t a t e s a n d p o l i t i c a l s u b d i v i s i o n s — T o t a l .
I n default
Without specific m a t u r i t y
M a t u r i n g in 5 years or less
M a t u r i n g after 5 years
Reserve
city
member
banks1
Country
member
banks1
954,288
711,190
5,515
16,330
1,652
94
2,699
48,120
51,930
323
12,701
8,478
585
92,523
2,148
7,104,682
3,205,791
299,921
205,811
4,071
3,652
36,923
114,416
194,330
79,824
1,086,631
360,842
4,215
1,504,760
3,495
5,889,762
1,431,040
658,789
239,603
1,169
2,340
1,775
19,713
182,830
214,785
1,234,302
373,477
2,268
1,525,040
2,631
5,585,248
310,707
1,622,670
804,147
1,434,799
1,258,371
154,554
1,311,338
255,855
152,709
60,563
118,908
540,742
182,561
5,293,564
294,668
750,603
359,255
1,277,833
2,233,981
377,224
3,516,537
109,668
481,059
228,327
822,258
1,423,274
451,951
1,548,275
1,218,064
726,830
393,464
205,096
222,885
1,679,444
1,202,241
703,002
574,309
196,421
205,712
118,811
114,827
84,219
5,857
1,008
27,727
1,172,961
744,557
330,286
493,585
166,713
182,377
860,819
540,690
221,340
354,071
135,844
149,564
331,566
233,670
110,840
111,066
109,660
225,665
198,662
56,631
87,976
81,058
217,157
183,708
56,865
96,118
64,174
51,340
36,171
16,349
18,146
16,845 1
175,943
142,196
42,318
69,031
64,594
112,791
70,257
51,939
15,747
45,105
2,020,413
2,457
148,994
1,059,891
809,071
1,069,193
415
41,060
767,839
259,879
728,696
303
8,221
579,275
140,897
182,344
956,473
728
55,304
514,189
386,252
1,222,093
1,841
60,265
655,612
504,375
New York
Chicago
66,264
78,654
37,426
>
>
w
o
o
>
o
o
Q
O
<
m
o
1
Other bonds, notes, and debentures—Total
Total amount in default
Total amount maturing in 5 years or less
Railroads
Public utilities
Industrials
Other domestic corporations
Foreign public and private
Corporate stocks—Total
Federal Reserve Banks
Affiliates of reporting banks
Other domestic banks
Other domestic corporations
Foreign corporations
Bank premises, furniture and fixtures, and other real estate—Total
Bank premises
Furniture and fixtures
Farm land (including improvements)
Residential properties
Other real properties
Assets indirectly representing bank premises or other real e s t a t e Total
Investments
Other assets
Capital:
Par or face value—Total
Capital notes and debentures
First preferred stock
Second preferred stock
Common stock
Retirable value of: First preferred stock
Second preferred stock
1
828,583
13,996
157,225
309,384
230,690
194,829
34,715
58,965
1,921,852
38,660
625,572
698,640
421,102
527,938
137,312
136,860
1,252,670
22,789
339,636
458,285
279,102
352,529
73,415
89,339
669,182
15,871
285,936
240,355
142,000
175,409
63,897
47,521
471,271
9,737
238,571
162,661
57,853
159,679
62,402
28,676
117,941
854
60,499
33,159
30,393
41,202
5,107
8,080
504,057
14,073
169,277
193,436
102,166
132,228
35,088
41,139
392,244
142,117
98,174
15,329
135,583
1,041
201,728
86,562
45,928
4,643
64,153
442
190,516
55,555
52,246
10,686
71,430
599
141,625
41,303
40,801
1,869
57,036
616
23,928
6,660
276
9
16,983
139,748
46,531
51,767
6,253
34,969
228
86,943
47,623
5,330
7,198
26,595
197
1,090,352
839,503
71,710
12,649
63,736
102,754
670,567
534,309
54,566
9,624
25,373
46,695
419,785
305,194
17,144
3,025
38,363
56,059
221,047
199,198
722
6
7,486
13,635
20,567
18,819
194
49
739
766
392,711
295,504
29,164
4,569
19,131
44,343
456,027
325,982
41,630
8,025
36,380
44,010
98,449
72,816
25,633
54,036
47,413
6,623
44,413
25,403
19,010
10,169
8,428
1,741
718
613
105
65,648
46,966
18,682
21,914
16,809
5,105
1,513,564
850,892
38,512
65,158
4,733
742,489
548,091
261
9,011
101,600
155,429
12,983
1,345,152
538,819
100,000
789,581
22,584
86,631
2,150
678,216
925,184
15,667
123,345
15,566
770,606
202,790
14,931
109,287
8,660
22,350
1,600
119,943
2,150
168,184
21,441
2,364,456
38,512
220,587
17 716
2,087,641
312,077
23,591
1,600
w
a
w
>
W
w
<
1 For footnote see preceding table.
4^
^4
48
ANNUAL REPORT OF BOARD OF GOVERNORS
N O . 15.-MEMBER BANK RESERVE BALANCES, RESERVE BANK CREDIT, AND RELAT ED
ITEMS—END OF YEAR 1918-1940 AND END OF MONTH 1941
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
H
1,766
2,215
2,687
1,144
618
723
320.
643
287
574
260
145
239 206 2,498
300 203 3,292
287 1 2 0 J 3,355
234 40 1,563
272
355
387
374
637 381
582 392
489
632 392
1,056
O
ther Federal
Reserve
accounts6
O
onmember deposits5
otal
P
reasury deposits with
Federal Reserve Banks
ther Reserve1
Bank credit
m
reasury cash holdings4
. S. Government
securities
ffl
o
!oney in circulation
ills bought
End of year
or month
ills discountec
Reservre B a n k credit outstanding
reasury currency
outstanding3
[In millions of dollars]
H
£
H
H
&
O
*«
cJ
O
H
£
X
W
4,951
5,091
5,325
4,403
288
385
218
214
51
31
57
96
121
101
23
27
436
134
540
375
79 1,405 3,642 1,958 4,530
27 1,238 3,957 2,009 4,757
54 1,302 4,212 2,025 4,760
67 1,459 4,112 1,977 4,817
225
213
211
203
11
38
51
16
29
23
39
29
276
275
258
272
1,934
1,898
2,220
2,212
14
59
-44
315
617
2281
511
49 1,381 4,205 1,991 4,808
64 1,655 4,092 2,006 4,716
35
201
208
202
216
17
18
23
29
65
26
27
30
293
301
348
393
2,194
2,487
2,389
2,355
-56
63
-41
-73
2,873
2,707
2,639
3,373
1,795
1,707
1,709
1,842
118 1 1,636
208 1,890
298 1,781
285 1,753
51
68
99
48
1,809 3,854 2,012 4,686
1,583 3,997 2,022 4,578
729
251 364
638 339
817
235 33 1,855
98 133 2,437
29
59
22
20
1,373 4,306 2,027
1,853 4,173 2,035
2,145 [ 4,2261 2,204
2,688 4,036 2,303
4,603
5,360
5,388
5,519
211
222
272
284
19
54
8
3
28
110
43
132
375
354
355
360
2,471
1,961
2,509
2,729
96
-33
576
859
6
20
45
64
38
2,463
2,486
2,500
2,612
2,601
5,536
5,882
6,543
6,550
6,856
3,029
2,566
2,376
3,619
2,706
121
544
244
142
923
189
255
259
407
441
241
253
261
263
260
4,096
5,587
6,606
7,027
8,724
1,814
2,844
1,984
1,212
3,205
634
653 251 11,653 5,209
1934
1935
1936
1937
1938
7
5
3
10
4
1939
7
2,484
102 2,593 17,644 2,963 7,598 2,409
1940
3
2,184
87 2,274 21,995 3,087 8,732 2,213
2
3
3
2
4
2
5
11
11
6
6
3
2,184
2,184
2,184
, 2,184
I 2,184
2,184
2,184
2,184 1
2,184
2,184
2,184
2,254
1941—Jan..
Feb..
Mar.
Apr..
May.
June
July
Aug.
Sept.
Oct..
Nov.
Dec.
Member
bank reserve
balances
5
3
1
1
2,430
2,431
2,430
2,564
2,564
33
64
78
56
48
92
81
104
80
69
119
122
104
8,238
10,125
11,258
12,760
14,512
2,250 22,116
2,265 22,232
2 243 22,367
2,234 122,506
2,280 22,575
2,267 22,624
2,293 122,675
2,275 22,719
2,264 22,761
2,309 22,800
1 2,31222,785
1 2,36122,737
2,511
2,476
2,532
2,637
2,798
368 1,732
284 14,026 6,615
688 1,777
3 097 8,593 2,193
3,102 8,781 2,187
343 1,805
3,109 8,924 2,236 1,180 1,721
i 2,283
3,122 l 9,071
865 1,830
3,134 9,357 2,215
443 1,965
3,149 9,612 2,275
980 1,831
3,166 [ 9,732 2,334
877 1,752
3,181 9,995 2,376
906 1,821
3,198 10,163 2,281
423 1,838
3,219 10,364 2,207
987 1,899
3,231 10,640 2,188
429 1,644
3,247 11,160 2,215
867 1,360
282 13,930 6,380
281 14,203 6,534
288 13,371 5,776
288 '13,524
285 13,724
290 13,051
287 13,151
284 12,794
292 13,227
291 12,580
288 13,140
291 12,450
5,771
5,801
5,210
5,215
4,796
5,169
4,557
3,828
3,085
1
Includes Government overdrafts in 1918, 1919 and 1920; includes industrial advances outstanding since
July 1934.
2 By proclamation of the President, dated January 31, 1934, the weight of the gold dollar was reduced from
25 8/10 grains to 15 5/21 grains, nine-tenths fine. Between January 31, 1934, and February 1, 1934, the gold
stock increased $2,985,000,000, of which $2,806,000,000 was the increment resulting from the reduction in the
weight of the gold dollar and the remainder was gold which had been purchased by the Treasury previously
but not added to the gold stock. The increment was covered into the Treasury as a miscellaneous receipt, and
appeared together with the new gold as a General Fund asset. These transactions were also reflected in an increase in the item "Treasury cash." The increment arising from United States gold coin turned in by the public
after January 31, 1934, was also added to both gold stock and Treasury cash at the time of receipt. The increment from this source amounted to about $7,000,000, from February 1 to December 31, 1934, to about $1,000,000
in 1935, to $1,800,000 in 1936, to $1,200,000 in 1937, to $500,000 in 1938, to $350,000 in 1939, to $450,000 in 1940 and
to $205,000 in 1941.
3
Comprises outstanding United States notes, national bank notes, silver bullion, Treasury notes of 1890,
standard silver dollars, subsidiary silver and minor coin, and the Federal Reserve Bank notes for the retirement
of which lawful money has been deposited with the Treasurer of the United States, including the currency of
these
kinds that is held in the Treasury and the Federal Reserve Banks as well as that in circulation.
4
Cash (including gold bullion) held in the Treasury excepting (a) gold and silver held against gold and silver
certificates
and (b) amounts held for the Federal Reserve Banks.
5
Item includes all deposits in Federal Reserve Banks except Government deposits and member bank reserve
balances.
6
This item is derived from the condition statement of the Federal Reserve Banks by adding capital, surplus,
other capital accounts, and "other liabilities, including accrued dividends," and subtracting the sum of bank
premises and "other assets."
1 Represents excess of total reserve balances over reserves required to be held by member banks against their
deposits. Figures not available prior to 1929 except on call dates, and since April 1933 are for licensed member
banks only. For required reserves and changes in the percentages of requirements see table 11.
FEDERAL
RESERVE
49
SYSTEM
NO. 16.-NUMBER OF BANKS AND BRANCHES IN UNITED STATES, 1933-1941
E n d of year figures
State
National
Other t h a n
m u t u a l savings
and private banks
Insured 1
N u m b e r of banking
offices
1933
1934
1935
1936
1937
1938
1939
1940
1941
6,275
6,705
6,715
6,723
6,745
6,723
6, 705
6,683
6,682
Number of banks
(Head offices)
1933
1934
1935
1936
1937
1938
1939
1940
1941
8,556
8,436
8,340
8,224
8,098
7,891
7,741
5,154
5,462
5,386
5,325
5,260
5,224
5,187
5,144
5,117
857
980
1,001
1,051
1,081
1,114
1,175
1,342
6
1,502
7,693
7,728
7,588
7,449
7,316
7,171
6,951
6,809
1,121
1,243
1,329
1,398
1,485
1,499
1,518
1,539
j 1,565
960
981
" 952
981
994
992
1,002
1,002
1,015
828
848
891
908
927
940
932
3
Total
Mutual
savings
Private2
704
705
698
693
691
690
683
686
4
680
103
246
143
139
79
73
69
62
5
58
17,940
19,196
19,153
19,066
18,927
18,774
18,663
18,561
18,524
1.108
1,046
1,004
960
917
887
851
800
579
579
570
565
563
555
551
551
545
98
241
138
134
74
68
63
56
52
15,029
16,063
15,869
15,667
15,387
15,194
15,034
14,895
1 14,825
42
39
37
41
44
44
46
125
126
128
128
128
135
132
135
135
5
5
5
5
5
5
6
6
6
2,911
3,133
3,284
3,399
3,540
3,580
3,629
3,666
3,699
Noninsured 1
9, 041
9,579
| 1,088
1,043
997
958
931
895
846
1,817
1,961
1,953
2,032
2,075
2,106
2,177
2,344 1
2,517
|
Branches
Nonmember banks
Member banks
8,341
In
headoffice
cities
Outside
headoffice
cities
1,784
1,776
1,754
1,749
1,757
1,743
1,738
1,716
1,726
1,127
1,357
1,530
1,650
1,783
1,837
1,891
1,950
1,973
Number of
branches
1933
1934
1935
1936
1937
1938
1939
1940
1941
1
700
778
1
i
Federal deposit insurance did not become operative until J a n u a r y 1, 1934.
2
T h e figures for December 1934 include 140 private banks which reported to the Comptroller of the Currency
under the provisions of Section 21(a) of the Banking Act of 1933. Under t h e provisions of the Banking Act of
1935, private banks no longer report to the Comptroller of the Currency and, accordingly, only such private
banks as report to State banking departments are in the figures shown for subsequent years.
3
Separate figures not available for branches of insured and noninsured banks.
4
Comprises 49 insured banks with 32 branches and 496 noninsured banks with 103 branches. T h e figures
beginning w i t h 1939 exclude one bank with 4 branches which theretofore was classified as an insured m u t u a l
savings b a n k b u t is now included with "Nonmember banks other than m u t u a l savings and private b a n k s . "
5
Comprises 1 insured bank with no branches and 51 noninsured banks with 6 branches.
6
Includes 3 m u t u a l savings banks.
A N N U A L REPORT OF BOARD OF
5°
GOVERNORS
N O . 17.-ANALYSIS OF CHANGES IN NUMBER OF BANKS A N D BRANCHES DURING 1941
Nonmember banks
Member banks
Total
National
State
Other t h a n
m u t u a l savings
and p r i v a t e
banks
Insured
ANALYSIS OF B A N K
Mutual
savings
Private
Noninsured
CHANGES
N u m b e r of banks on December 31, 1940
Increases in number of b a n k s :
Primary organizations (new banks)
14,895
5,144
1,342
6,951
851
+53
+7
+1
+32
+13
-8
-42
-63
-10
-4
-6
-22
-2
-1
-3
-16
-29
-2
-1
-16
-7
-8
-8
+2
+6
551
56
-3
-2
—1
Decreases in number of b a n k s :
Voluntary liquidations 2
Unclassified
Inter-class bank changes:
ConversionsN a t i o n a l into State
State into national
Private into State
Federal Reserve membership— 3
Admissions of State banks
Withdrawals of State banks
Federal deposit insurance— 4
Admissions of State banks
Withdrawals of State banks
+6
-4
+169
-5
-2
+1
-162
-1
-4
-3
+5
+29
-1
-29
+1
N e t increase or decrease in number of
N u m b e r of banks on December 31, 1941
-70
-27
14,825
5,117
5
+160
-142
-51
-6
—4
1,502
6,809
800
545
52
135
6
ANALYSIS OF BRANCH CHANGES
N u m b e r of branches on December 31, 1940. ..
3,666
1,539
1,002
940
44
Increases in number of b r a n c h e s :
D e novo branches
B a n k s converted into branches
+51
+19
+ 15
+3
+7
+6
+23
+6
Decreases in number of branches:
Voluntary liquidation of parent bank . ..
Otherwise discontinued
-1
-36
-1
-9
-8
-16
-2
-20
+28
-28
Interclass
From
From
From
From
branch changes:
national to State
S t a t e t o national
nonmember to State member
uninsured to insured nonmember..
N e t increase or decrease in number
of branches
N u m b e r of branches on December 31, 1941. .
1
-2
+20
+9
-1
+2
+2
-2
+26
+13
-8
+2
3,699 | 1,565
1,015
932
46
-\-33
+1
135
6
Exclusive of new banks organized to succeed operating banks.
2 Exclusive of liquidations incident to the succession, conversion, and absorption of banks.
Exclusive of conversions of national banks into State bank members, or vice versa, as such conversions
do not affect Federal Reserve membership.
Exclusive of conversions of member banks into insured nonmember banks, or vice versa, as such conversions do not affect Federal Deposit Insurance Corporation membership.
5
Includes 3 mutual savings banks.
51
FEDERAL RESERVE SYSTEM
N O . 18.—NUMBER OF BANKS ON PAR LIST A N D NOT ON PAR LIST, 1 BY FEDERAL
RESERVE DISTRICTS AND STATES, ON DECEMBER 31, 1940 AND 1941
Federal Reserve
district or S t a t e
DISTRICT
Boston
Cleveland
Richmond
Atlanta
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
Nonmember b a n k s , other t h a n
m u t u a l savings banks
Member banks
On par list
1
N o t on par list
Dec. 31,
1941
Dec. 31,
1940
Dec. 31,
1940
347
797
659
673
447
317
899
437
452
741
573
277
350
765
651
658
431
316
856
415
460
739
568
277
162
195
224
538
275
82
1,338
621
115
905
241
228
165
243
236
558
289
82
1,392
661
120
919
246
235
2
289
704
220
443
716
176
152
29
2
289
695
221
443
706
176
154
29
6,619
6,486
4,924
5,146
2,731
2,715
40
53
40
153
14
60
42
53
41
154
14
58
26
12
32
41
9
57
27
12
32
42
9
59
580
291
778
557
280
773
133
61
288
170
74
298
379
201
434
224
145
363
184
419
220
137
312
296
364
230
260
330
315
394
237
272
3
32
1
161
3
28
1
160
207
154
160
45
60
147
209
209
148
150
45
63
147
206
48
390
344
4
6
107
447
50
397
363
5
6
108
457
420
114
107
112
96
164
415
113
106
113
95
162
1
18
74
17
184
101
55
27
69
58
19
73
15
176
98
54
26
69
57
23
100
5
91
74
17
4
19
15
23
101
7
99
76
18
4
17
15
39
6
125
119
261
89
39
6
125
119
256
88
113
77
82
26
112
77
82
26
275
47
4
6
280
51
4
4
10
173
132
175
10
169
131
177
59
37
218
530
57
37
219
525
44
4
160
227
46
4
159
232
127
105
12
96
133
104
12
98
66
28
35
93
27
7
34
8
67
27
35
93
27
7
33
8
24
22
22
51
15
5
26
4
24
23
22
52
14
5
27
3
22
20
1
1
1
57
32
113
57
32
115
51
36
86
51
36
92
26
3
26
3
Dec. 31,
1941
1
Dec. 31,
1940
Dec. 31,
1941
STATE
New England:
Middle Atlantic:
E a s t N o r t h Central:
Ohio
Indiana
Illinois
Michigan
Wisconsin
West N o r t h Central:
Minnesota
Iowa
Missouri
North Dakota
South D a k o t a
Nebraska
South AtlanticDistrict of Columbia
Virginia
West Virginia
N o r t h Carolina
South Carolina
Georgia
Florida
E a s t South Central:
Kentucky
Tennessee
Alabama
Mississippi
West South Central:
Arkansas
Louisiana
Oklahoma
Texas
Mountain:
Montana
Utah
Pacific:
Washington
Oregon
1
1
Includes all member banks, and all nonmember banks on which checks are drawn (except mutual savings
banks, on a few of which some checks are drawn). Banks "not on par list" comprise non-member banks which
have not agreed to pay without deduction such checks drawn upon them as may be forwarded for payment through
the Federal Reserve Banks. Chec ks on such banks are not collectible through the Federal Reserve Banks. The
difference of 6 between the number of nonmember banks on December 31, 1941 shown in this table and in table
is due to the fact that this table excludes 142 banks (principally 64 industrial banks and 59 non-deposit trust
companies) on which no checks are drawn, and includes 136 banks (principally 117 private banks and 15 cooperahttp://fraser.stlouisfed.org/
tive hnnkO on which checks are drawn hut which (\) are not rennrtinc to State hankinc denartmenfc;. (?.) arp in
Federal Reserve Bank of St. Louis
ANNUAL REPORT OF BOARD OF GOVERNORS
NO.
1 9 . - M O N E Y RATES, B O N D YIELDS, A N D S T O C K PRICES 1
Open-market r a t e s in
New York C i t y 2
(per cent per annum)
Year and M o n t h
Bond Y i e l d s 3
(per cent per annum)
Prime
U. S. T r e a s u r y
comU.S.
notes
U.S.
mercial T r e a s Treasp a p e r , ury
ury
5
Taxbills
4-6
Taxexempt able 6
months
1-6
. .. .
. .
5.37
r
7.50
r
6.61
r
4.52
r
5.07
r
3.96
r
4.04
4.34
4.11
4.86
5.85
3.59
2.63
2.73
1.72
1.02
.76
.75
.95
.81
.59
.56
.54
1940
January
February
March
April
May
June
July
August
September
October
December
(7)
()
.56
.56
.56
.56
.56
.56
.56
.56
.56
.56
.56
.56
0.003
0.042
0.071
0.009
0.019
0.021
7
.56
.56
.56
.56
.56
.56
.50
.50
.50
.50
.50
.56
0.034
0.089
0.092
0.082
0.089
0.097
0.108
0.055
0.049
0.242
0.298
1941
January
February
March
April
May
June
July
August
September
October
November
December
1.402
0.879
0.515
0.256
0.137
0.143
0.447
0.053
0.023
0.014
0.103
1
2
0.004
7
()
0.003
7
()
(7)
2.66
2.12
1.29
1.11
1.40
0.83
0.59
0.50
0.46
Aaa
Total
Industrial
Railroad
Public
utility
20
28
Baa
2-6
30
30
402
354
0.76
4.73
5.32
5.09
4.30
4.36
4.06
3.86
3.68
3.34
3.33
3.60
3.29
3.34
3.68
3.31
3.12
2.79
2.65
2.68
2.56
2.36
2.21
1.95
5.49
6.12
5.97
5.10
5.12
5.00
4.88
4.73
4.57
4.55
4.73
4.55
4.58
5.01
4.49
4.00
3.60
3.24
3.26
3.19
3.01
2.84
2.77
7.25
8.20
8.35
7.08
7.24
6.83
6.27
5.87
5.48
5.48
5.90
5.90
7.62
9.30
7.76
6.32
5.75
4.77
5.03
5.80
4.96
4.75
4.33
74.6
67.8
58.3
71.5
72.9
76.9
94.8
105.6
124.9
158.3
200.9
158.2
99.5
51.2
67.0
76.6
82.9
117.5
117.5
88.2
94.2
88.1
80.0
65.6
59.8
46.7
58.4
60.1
62.9
79.9
90.3
107.0
139.4
171.1
127.0
78.5
41.8
59.9
73.4
82.2
115.2
118.1
90.1
94.8
87.9
80.4
186.5
169.6
163.8
192.7
190.6
203.5
237.5
265.1
315.8
340.9
390.7
331.3
191.3
69.5
100.8
110.1
90.2
136.5
129.8
69.5
74.7
71.1
70.6
70.5
63.6
67.5
82.8
86.2
92.1
110.9
116.9
135.5
173.9
274.1
250.7
172.8
92.1
91.4
80.5
83.9
122.1
110.4
85.6
98.6
95.8
81.0
2.30
2.32
2.25
2.25
2.38
2.39
2.28
2.25
2.18
2.10
1.97
1.89
2.88
2.86
2.84
2.82
2.93
2.96
2.88
2.85
2.82
2.79
2.75
2.71
4.86
4.83
4.80
4.74
4.94
5.11
4.80
4.76
4.66
4.56
4.48
4.45
97.4
96.8
96.7
98.1
85.1
78.1
80.8
81.6
85.5
86.0
86.7
84.9
97.7
97.1
97.3
98.7
85.2
77.3
79.3
80.3
84.6
85.4
86.6
84.9
77.7
76.5
76.7
77.3
65.4
60.8
65.2
66.0
71.6
72.6
73.6
70.0
103.0
102.4
101.6
102.6
92.3
88.5
93.9
93.5
94.7
93.7
92.3
90.6
1.99
2.10
2.01
1.96
1.92
1.91
1.90
1.94
1.94
1.88
1.85
1.97
2.75
2.78
2.80
2.82
2.81
2.77
2.74
2.74
2.75
2.73
2.72
2.80
4.38
4.42
4.38
4.33
4.32
4.31
4.28
4.27
4.30
4.28
4.28
4.38
85.0
80.1
80.3
77.9
77.1
79.5
83.2
83.2
83.6
80.4
77.4
71.8
84.7
79.4
79.6
77.3
77.3
79.7
84.2
84.3
84.8
81.6
78.6
73.8
73.4
70.0
70.6
71.2
70.7
70.9
73.8
74.4
72.6
70.3
68.4
61.0
91.1
87.1
87.1
83.1
78.9
81.6
81.8
81.0
81.3
78.5
74.5
66.2
0.47
0.46
0.42
0.45
0.65
0.76
0.57
0.58
0.48
0.43
0.34
0.35
0.43
0.55
0.50
0.52
0.44
0.38
0.37
0.33
0.34
0.41
0.57
0.64
Corporate
1-2
r
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
Common stock prices 4
(1935-39 = 100)
0.76
0.81
0.84
0.81
0.72
0.68
0.67
0.62
0.62
0.72
0.90
1.02
Annual data are averages of monthly figures. r Revised.
For commercial paper, monthly data are prevailing rates; for Treasury bills, the average rates on new issues
within period; and for Treasury notes the averages of daily figures for 3- to 5-year issues. Treasury bill series
comprises 90-day bills to February 16, 1934; 182-day bills from February 23, 1934 to February 23, 1935; 273-day
bills from March 1, 1935 to October 15, 1937; bills maturing about March 16, 1938, from October 22 to December
10, 1937; and 91-day bills thereafter, with the exception of those issued December 24 and 31, 1941, which were 82
and3 76-day bills, respectively.
Monthly data are averages of daily figures. U. S. Treasury bond yields are averages of all outstanding
partially tax-exempt bonds due or callable in more than eight years from 1919 to 1925 and in more than twelve
years beginning in 1926. Corporate average yields are as published by Moody's Investors Service; until 1928
each rating group included 15 bonds; since the early part of 1934 there have been less than 30 bonds in the Aaa
group
owing to the limited number of suitable issues in the industrial and railroad groups.
4
Standard and Poor's Corporation. Monthly data are averages of Wednesday figures.
5
Tax-exempt
bills prior to March 1941; taxable bills thereafter.
6
First issued in December 1940.
7
Negative rate.
FEDERAL
RESERVE
53
SYSTEM
N O . 2 0 . -BUSINESS INDEXES*
[Adjusted for seasonal variation]
Employment
(number)
a
>
w
^2n
3
yrol
= 10
<u
„> 3
2 g
d cd
o
H
SS
>>7
£ 3
£y,«»fi
ctor
923
£4 3 CI3
£
rf
fa
fee
Q
72
75
58
73
88
82
90
96
95
99
110
91
75
58
69
75
87
103
113
89 ,
108
123
156
84
93
53
81
103
95
107
114
107
117
132
98
67
41
54
65
83
108
122
78
109
138
193
62
60
57
67
72
69
76
79
83
85
93
84
79
70
79
81
90
100
106
95
108
113
135
83
66
71
98
89
92
100
100
99
107
93
80
67
76
80
86
99
112
97
106
117
125
63
63
56
79
84
94
122
129
129
135
117
92
63
28
25
32
37
55
59
64
72
81
122
122
116
113
112
116
122
122
124
127
130
134
139
134
124
118
116
123
133
136
143
151
155
157
164
113
110
107
107
110
114
113
112
112
117
120
124
118
114
117
119
117
119
119
114
117
113
118
118
140
144
147
144
154
159
160
160
161
163
166
167
171
176
180
180
190
195
199
199
203
207
209 1
123
126
128
131
135
139
138
139
137
139
144
141
119
118
125
95
126
132
131
132
131
130
131
13,0
1
m
71
44
30
44
68
81
95
124
121
117
126
87
50
37
13
11
12
21
37
41
45
60
72
89
106.7
107.1
82.0
90.7
103.8
96
99.8
101.7
99.5
99.7
106.0]
92.4]
78.1
66.3]
73.4]
85.7
91.3
99.0
*IV
-zr
X!
num
Construction contracts awarded
(value) 2
1923-25 = 100
lue)
Industrial production
(physical volume)
1935-39 = 100
bfl
a
x)o
u
Jo
a
>»
$ II
m ||
T3
O N
s
pj©
OO
£ ""* . N B
*z°^
£
^ II
S"?
•i rr>
-E 3
bDrn
d a
a>
fa
Q
Oa>
£
108.6
90.9
99.9
107.5
127.7
98.0
117.2
75.6
81.2
102.9
96.01
101.1
104.2
102.4
103.5
110.4
89.4
67.8
46.7
50.1
64.5
74.1
85.8
102.5
78.5
92.2
105.4
148.8
120
129
110
121
142
139
146
152
147
148
152
131
105
78
82
89
92
107
111
89
101
109
130
78
94
87
88
98
99
103
106
107
108
111
102
92
69
67
75
79
88
92
85
90
94
110
138. t
154.4
97.c
96.7
100. t
98.:
103.5
100. C
95.4
96.7
95.:
86.4
73.C
64. J
65.5
74. S
80. C
80.£
86. ?
78.£
77.:
78. t
87.:
94
120
135
139
142
142
125
84
40
37
48
50
70
74
80
81
89
149
107.1
103.3
91.6
82.2
82.9
90.1
93.8
99.8
105.01
98.6|
102
106.4'
115.6
75
63
62
64
64
74
85
90
93
95
111
115
66
66
65
77
91
98
101
103
130
136
105.6
104.9]
104.7
104.01
104.5
105.0|
105.4
106.3
106.9J
108.1
109.7
111.5
107.6
105.8
104.0|
102
102
103.9
105.1
107.4
108.9
111.4
114.2
116.6]
99.8
99.3
99.8
97.9
97.8
99.5
98.2
105.5
111.6
116.2
116.4
122.4
111
105
100
103
106
111
110
112
112
110
116
119
92
90
89
89
89
91
92
98
97
94
100
101
79/
78/
78/
78.*
78.^
77..
77/
77.'
78.C
78/
79.(
80.(
103
99
94
103
101
117
139
152
161
145
138
123
117
118
109
121
111
129
158
184
206
192
189
167
111.
112.5
112.3
112.5
114.0
115.4
117.1
117.7
117.5
118.0]
119.2
120.0
118.3
118.6
119.4
122.0
124.9
128.7
133.3
133.3
132.3
132.8]
134.4
134.9
120.7
126.8
131.2
134.7
144.1
152.2
152.7
158.1
162.6
167.0
165.4
170.2
122
124
126
112
135
139
138
139
130
127
135
137
101
103
103
104
1C5
104
115
134
116
105
116
111
80. i
80.(
81..
83/
84/
87.
88/
90..
91.
92.
92.
93.
101
115
112
105
87
74
69
* Without seasonal adjustment.
1
Indexes compiled by the Board of Governors of the Federal Reserve System, except for indexes of wholesale
commodity prices a n d factory p a y rolls, compiled by the United States Bureau of Labor Statistics, a n d t h e index
of income payments, compiled by the United States D e p a r t m e n t of Commerce. Descriptions a n d back figures
for the Board's indexes m a y be obtained from the Division of Research a n d Statistics.
2
Three-month moving average, centered a t second month, based on F . W. Dodge Corporation d a t a for 37
Eastern States.
APPENDIX
RECORD OF POLICY ACTIONS
MEETING ON JANUARY 16,
1941
Members present: Mr. Eccles, Chairman; Mr. Ransom, Vice Chairman;
Mr. Szymczak, Mr. McKee, Mr. Davis, Mr. Draper.
Amendment to Regulation U. Loans by Banks for the Purpose of Purchasing or Carrying Stocks Registered on a National Securities
Exchange.
By unanimous vote, Regulation U, Loans by Banks for the
Purpose of Purchasing or Carrying Stocks Registered on a
National Securities Exchange, was amended in certain respects,
effective February 17, 1941. It was stated, however, that any
bank, at its option, could conduct its operations in accordance
with the amendment at any time prior to that date.
In connection with this action, the Board issued a statement to the press
under date of January 17, 1941, in which the reasons for the amendment are
set forth as follows:
4
'The Board of Governors of the Federal Reserve System has adopted
the attached amendment to Regulation U, Loans by Banks for the
Purpose of Purchasing or Carrying Stocks Registered on a National
Securities Exchange.
"The amendment, which becomes effective February 17, 1941, is
essentially technical. Its principal purpose is to reconcile provisions
of Regulation U with rules recently issued by the Securities and Exchange Commission with respect to the hypothecation by brokers or
dealers of securities carried by them for the account of customers (Rule
X-8C-1 and Rule X-15G2.-1), which become effective on February 17,
1941.
"These SEC rules, in order to safeguard the rights of customers in
their securities, provide among other things that when a broker or
dealer borrows on any customers' securities he must not commingle them
with his own under the same pledge. The amendment to Regulation
U takes account of this requirement by providing, in effect, that any
indebtedness of a broker or dealer that is secured by customers' securities
shall be treated separately from any of his other indebtedness. There
are provisions, however, both in the SEC rules and in Regulation U,
which permit an agreement between the borrower and the lender by which
securities belonging to the broker or dealer himself may be used as
supplementary collateral for a loan secured by securities of his customers.
"In addition to making changes necessitated by the SEC rules, the
amendment to Regulation U provides for a simple mechanism by which
collateral that is used to meet the requirements of Regulation U may be
earmarked and distinguished from other collateral which, even though
it secures a loan subject to the regulation, is not used for the purpose of
meeting those requirements. This will simplify operations under the
regulation, especially in cases involving loans to a broker and dealer
in securities who has at the bank both a loan that is subject to the
56
FEDERAL RESERVE SYSTEM
57
Board's margin requirements and a loan that is not subject to these
requirements. In connection with this mechanism, collateral which
must be used to meet the Board's margin requirements for certain loans
to brokers and dealers may be used for other purposes only to a limited
extent. In particular, it may not be used to enable the borrower to
obtain on the basis of the same collateral both a loan subject to the
Board's margin requirements and a loan not subject thereto. This
restriction, however, does not apply to the use of collateral for purposes
of maintaining both loans, provided both loans have been properly
made in the first place.
"One effect of the amendment will be to enable banks which must
revise any of their loan agreements with brokers or dealers as a consequence of the SEC rules to do so with a minimum of inconvenience.
"The amendment does not require any bank to reduce any loan, to
obtain additional collateral for any loan, or to call any outstanding loan
because of insufficient collateral."
(Secretary's Note: At the meeting of the Board of Governors
on February 13, 1941, at which Messrs. Eccles, Ransom,
Szymczak, Davis and Draper were present, it was unanimously
voted to postpone to February 2.4, 1941, the effective date of the
amendment to Regulation U above referred to. The reason
for the extension was that the Securities and Exchange Commission, at the request of certain brokers and dealers in securities, had postponed until February 14, 1941, the effective date
of its rules with respect to the hypothecation of customer
securities.)
M E E T I N G ON AUGUST 2.1,
1941
Members present: Mr. Eccles, Chairman; Mr. Ransom, Vice Chairman;
Mr. Szymczak, Mr. Draper.
Adoption of Regulation W. Consumer Credit.
By unanimous vote, Regulation W relating primarily to
extensions of instalment credit for the purpose of purchasing
certain designated types of consumers' durable goods was
adopted to become effective on September 1, 1941, except that
certain sections were made effective October 1, 1941, November
1, 1941, and January 1, 1942.
The reasons for regulating consumer credit and for assigning this task to
the Board of Governors of the Federal Reserve System are set forth in the
Executive Order of the President of the United States under which the regulation was issued. After the Executive Order became effective representatives of the Board conferred with the consultative committee created by
section i(c) of the Executive Order and with representatives of the Federal Reserve Banks and the trade, and the regulation was adopted after careful
consideration of suggestions made by interested parties.
The Board took the position that it was desirable that in the beginning
the Regulation be in such form as to apply moderate restrictions in a manner
consistent, where possible, with prevailing trade standards and thereby lay
a basis for such subsequent changes in coverage and adjustment of terms as
experience and economic developments might indicate to be necessary in
order to carry out the purposes of the Executive Order, without imposing
unnecessary burdens on consumers, dealers, or credit institutions.
58
ANNUAL REPORT OF BOARD OF GOVERNORS
The following statement with respect to the reasons for the Regulation
was released to the press by Chairman Eccles on August 15, 1941:
"It is important that the public know why they are asked to accept
and to cooperate in making effective the President's Executive Order
calling for regulation of instalment credit. Employment and national
income are rapidly rising to new high levels primarily because of
the huge defense expenditures. This means that by and large people
have more money to spend than ever before. This is happening at a
time when more and more of our industrial plant must be used to produce defense materials. To the extent that plants can be expanded, or
can work longer hours, or that shortages of strategic materials or of
skilled help, can be overcome, we can produce both for defense and for
civilian consumption. And the aim of all policy should be to increase
production to the fullest possible extent. But we know that there are
acute shortages of certain metals and other strategic materials. We
know that beyond a point our plants cannot turn out more and more
goods for the public and at the same time produce more and more for
defense. The imperative demands of defense must have the right of
way over civilian needs.
"If there are no restraints upon the public's spending of increasing
income for articles that cannot be produced in sufficient quantity to
meet the increasing demand, the inevitable result is that the prices of
these articles will be rapidly bid up. The consequence is what is commonly termed inflation. Inflation is as destructive as deflation. It
shatters all of the adjustments of our economic machine. It hits hardest
of all those of small means. It would not only vastly increase the costs
of defense, but it would imperil our entire economy and make increasingly difficult the adjustments of the post-war period.
"The Government is striving in various ways to combat inflation.
Taxation is a means not only of helping to pay for defense but of drawing
off buying power that would otherwise inundate our markets. Similarly, the Treasury has appealed to the public to invest in savings bonds
and stamps, and in tax anticipation notes, to aid in meeting the costs of
defense and to divert money from the marketplace until such time as we
can turn again to peace time production.
"These broad measures have to be backed up by others. Thus, in
the case of acute shortages, the Government has had to fix prices, to
invoke rationing and priorities. Beyond all this, however, it is evident
that if we, in effect, draw off buying power with one hand and extend
credit with the other, we have accomplished nothing in reducing the
aggregate demand in the markets. If you pay $50 in taxes and invest
$50 in savings bonds, and then turn around and borrow $100 to spend,
you have not curtailed your purchases by a penny.
"Accordingly, it is of primary importance that restraints be placed
upon the wholesale extension of credit, including instalment buying.
The volume of instalment credit has been expanding very rapidly, as it
always does in times of rising national income. Yet when incomes are
at high levels, that is the time when people should reduce their debts
or get out of debt. Our people cannot spend their increased incomes
and go into debt for more and more things today without precipitating
a price inflation that would recoil ruinously upon all of us. Instead of
an ever-expanding volume of consumer credit, we need to bring about a
substantial reduction in the total outstanding. Civilian demand for
goods must be adjusted as closely as possible to supplies available for
FEDERAL RESERVE SYSTEM
59
consumption. Regulation of instalment credit is a necessary measure
to this end. By deferring civilian demand at this time we can help
avoid inflation, we can aid in defense, and we can store up a backlog of
buying power that will help offset a post-defense slump.
' 'The impression held by some that regulation of instalment buying
tends to restrict production or to curtail the business of dealers in
merchandise is based on misunderstanding. It is because of defense
needs, not because of regulation of instalment credit, that civilian
supply is reduced in various lines, such as automobiles. The purpose
of instalment credit regulation is to help dampen demand for goods the
civilian supply of which has already been reduced and must be further
reduced because of defense needs. In a word, the purpose is to dampen
demand, not to diminish production. If production could keep pace
with both civilian and defense demands, we would have no price inflation troubles. We would need none of the measures of control and regulation which are being invoked with the objective of protecting the
public.
"The regulation issued by the Board of Governors of the Federal
Reserve System covers a list of consumers' durable goods. Demand for
these goods tends to cause inflationary price rises as well as to absorb
materials increasingly needed for defense. The regulation prescribes
instalment terms that are by no means stringent or onerous. It does
not prohibit buying on instalments, whether it be automobiles or ice
boxes. It is a supplemental instrument to be used in conjunction with
the broader, more basic fiscal and other governmental powers in combating price inflation. It is not being used as an instrument of reform
or alteration of the fundamentals of our economic system. In effect,
it recognizes what in many lines are standard practices. The intent is
not to disrupt but to protect the economy.
"The public should be fully aware, however, that the regulation is
subject to change from time to time as experience with its administration develops, and as economic conditions require a further dampening
of buying power in order to safeguard the interests of consumers and the
public generally."
MEETING ON SEPTEMBER 19,
1941
Members present: Mr. Ransom, Vice Chairman; Mr. Szymczak, Mr.
McKee, Mr. Draper.
Amendment No. 1 to Regulation W.
Consumer Credit.
By unanimous vote, Part 3(a) of the Supplement to Regulation W was amended, effective September 2.0, 1941, to provide
that the basis for determining the maximum credit value of new
automobiles would include (in addition to taxes and bona fide
charges for delivery and accessories not otherwise included) the
manufacturer's retail quotation at the factory or the equivalent
of such quotation, and transportation charges from factory to
point of delivery as suggested or recommended by the manufacturer for inclusion in the retail delivered price at that
point, or in the absence of any such suggestion or recommendation then an amount substantially equal to the freight by rail
from factory to that point.
6o
A N N U A L REPORT OF BOARD OF GOVERNORS
The regulation originally provided that the advertised delivered price of
the automobile at the factory and transportation charges established by the
manufacturer from factory to point of delivery should be used in determining
the maximum credit value of an automobile. However, some of the manufacturers did not follow the practice of establishing transportation charges
and when the 1942. model cars were placed on the market some manufacturers
did not announce advertised delivered prices. The amendment was adopted
to meet this situation.
MEETING ON SEPTEMBER 2.3,
1941
Members present: Mr. Ransom, Vice Chairman; Mr. Szymczak, Mr.
McKee, Mr. Draper.
Increase in Required Reserves of Member Banks.
By unanimous vote (Chairman Eccles was unable to be
present at this meeting but had stated that he was in full accord
with the proposed action), a revised supplement to Regulation
D, Reserves of Member Banks, was adopted, effective as of
November 1, 1941, to require that on and after that date each
member bank shall maintain on deposit with the Federal
Reserve Bank of its district reserve balances equal to 6 per cent
of its time deposits, plus 14 per cent of its net demand deposits
if the bank is not located in a reserve or central city, zo per cent
of its net demand deposits if the bank is located in a reserve
city, and x6 per cent of its net demand deposits if the bank is
located in a central reserve city. The revised supplement also
provided that for one month after the increase became effective
on November 1, 1941, penalties for deficient reserves would be
based upon requirements in effect prior to that date.
By this action, which was taken after consultation with the Secretary
of the Treasury, the Board increased required reserves of member banks to
the limit of its statutory authority. At the time member banks had approximately $5,100,000,000 of excess reserves and it was estimated that the
increase would reduce that excess to approximately $4,000,000,000 which
would leave the banks as a whole with ample funds to meet all bank credit
needs of the defense program and all legitimate requirements of their customers. A survey made by the Board a short time before showed that a large
majority of the member banks would be able to meet the increased requirements out of existing excess reserves and all but a few of the remainder would
be able to do so by drawing upon a portion of their deposits with correspondents.
The Board realized that the increase in requirements would not have a
material effect in counteracting inflationary developments since the banks
would still have a large volume of reserves available as a basis of expansion
in meeting the growing demand for credit from the Government and private
business. Prevention of inflation, the Board knew, would require the use
by the Government of more effective powers including taxation, price
regulation, priorities, and allocations. It was decided, however, that the
action would be a desirable step toward the prevention of injurious credit
expansion and would assist, to the limit of the Board's authority over
member bank reserves, in carrying out the announced policy of the Government to use its powers to combat inflation.
In connection with the action taken by the Board, the Secretary of the
FEDERAL RESERVE SYSTEM
6l
Treasury and the Chairman of the Board of Governors issued the following
joint statement in which the Board concurred:
' 'The Treasury and the Board of Governors will continue to watch
the economic situation and to cooperate with other agencies of the
Government in their efforts, through priorities, allocations, price
regulation, and otherwise, to fight inflation. Recommendations on
the question of what additional powers, if any, over bank reserves the
Board should have during the present emergency and what form these
powers should take will be made whenever the Treasury and the Board,
after further consultation, determine that such action is necessary
to help in combating inflationary developments.,,
MEETING ON OCTOBER 13,
1941
Members present: Mr. Eccles, Chairman; Mr. Szymczak, Mr. McKee,
Mr. Draper.
Amendment No. 2 to Regulation W. Consumer Credit.
By unanimous vote the effective date of Sections 8(a), 8(b),
8(c), and 8(d) of Regulation W was postponed from November
1 to December 1, 1941, and the Regulation was amended in
certain other respects, effective as of December 1, 1941.
This amendment was adopted by the Board to close certain loopholes in
Regulation W, thereby making it more effective in achieving its purpose,
to simplify the provisions of the Regulation wherever possible so as not to
impose unnecessary hardship on vendors and lenders in carrying out its
requirements, and to remove certain possible causes of annoyance and
criticism on the part of the public where it was felt that changes which
would accomplish this end could be made without impairing the effectiveness of the Regulation. When the Regulation was issued originally Sections 8(a), 8(b), 8(c), and 8(d) were made effective November 1, 1941, in
order to provide an opportunity for further study of their possible effects.
This effective date was postponed to December 1, 1941, in order that these
sections might take effect in their amended form.
The following statement with respect to the amendment was released to
the press on October 2.5, 1941:
"The Board of Governors of the Federal Reserve System has adopted,
effective December 1, 1941, several amendments to Regulation W,
dealing with instalment credit. The amendments are mainly of an
administrative and technical nature.
"The amendments include adoption of the so-called 'purpose test',
requiring a borrower on an instalment loan, after January 1, 1942., to
sign a statement as to the purpose of the loan; exempting business
instalment loans from the Regulation, as well as loans to purchase or
construct an entire building, and making the 18-month maximum maturity apply to all instalment loans of $1,500 or less, instead of $1,000
or less, as previously provided. In addition, more liberal provisions
have been adopted to facilitate repayment of instalment loans by
farmers in accordance with the seasonal nature of their income. Also,
in the case of so-called 'add-on', options are provided—either the
additional credit may be treated separately, or the combined credit
may be paid in 15 months, the monthly payments to be not less than
they would have been without the add-on.
6x
ANNUAL REPORT OF BOARD OF GOVERNORS
"As amended, the Regulation closes the loophole whereby, although
dealers in listed articles were required to obtain down payments, cash
lenders were free to lend the full price unless the article was given as
security for the loan.
"Other provisions are as follows:
"All instalment loans of $1,500 or less which are not for the purpose
of purchasing a listed article are made subject to the 18-month maturity
limit (except modernization loans, where the figure remains $1,000).
"Down payments of $ i or less will no longer be required; and the $5
minimum on monthly instalments (which was to become effective
January 1, 1942.) is eliminated.
"The extension of an instalment loan which is for the purpose of
making a down payment on a listed article is prohibited.
"All business loans are exempted from the Regulation unless they are
for the purpose of purchasing listed articles.
"The provision covering instalment credit for farmers permits any
schedule of payments, if the down payment and maturity requirements
of the Regulation are complied with, and if one-half of the balance is
paid within the first half of the maximum maturity.
"These amendments are effective December 1,1941, and the provisions
of the Regulation which were to have become effective on November 1
are postponed to December 1.
"Distribution of copies of the amendments will be made by Federal
Reserve Banks and Branches."
RECORD OF POLICY ACTIONS
FEDERAL OPEN MARKET COMMITTEE
M E E T I N G ON MARCH 17,
1941
Members present: Mr. Eccles, Chairman; Mr. Sproul, Vice Chairman;
M r . Szymczak, Mr. McKee, Mr. Ransom, Mr. Davis, Mr. Draper, Mr.
Fleming, Mr. Leach, Mr. Peyton, Mr. C. S. Young (Alternate for Mr.
Davis w h o had been selected by the Federal Reserve Banks of Chicago and
St. Louis as a representative member of the Federal Open Market Committee,
but w h o had not yet assumed his duties).
Upon motion duly made and seconded, the following resolution, which was in the same form as the resolution adopted
at the meeting of the Federal Open Market Committee on
December 18, 1940, was adopted by unanimous vote:
" T h a t the executive committee be directed until otherwise directed
by the Federal Open Market Committee to arrange for such transactions
for the System open market account (including purchases, sales, exchanges, replacement of maturing securities, and letting maturities
run off w i t h o u t replacement) as in its judgment from time to time may
be advisable in the light of existing conditions; provided t h a t the
aggregate amount of securities held in the account at the close of this
date shall not be increased or decreased by more than $2.00,000,000."
When this meeting of the Federal Open Market Committee was held
the unsettled conditions resulting from the war, w h i c h are discussed elsewhere in this report, continued to exist and were becoming more intensified.
In these circumstances, the members of the Committee were agreed that it
was essential t h a t its executive committee continue to be in a position to
act in accordance w i t h its best judgment w i t h i n the limits established by
the above resolution and in the light of developments from time to time
and that, therefore, the existing authority of the executive committee should
be renewed.
During the discussion of the resolution, question was raised whether,
because of possible emergencies t h a t might develop, the $2.00,000,000 limit
in the resolution should be increased, but there was unanimous agreement
t h a t if it should appear likely t h a t occasion would arise for the purchase or
sale of securities beyond t h a t limit another meeting of the Committee should
be called.
M E E T I N G ON J U N E 10,
1941
Members present: Mr. Eccles, Chairman; Mr. Sproul, Vice Chairman;
Mr. Szymczak, Mr. McKee, Mr. Ransom, Mr. Draper, M r . Fleming, M r .
Leach, Mr. Davis, Mr. Peyton.
Upon motion duly made and seconded, and by unanimous
vote, the following resolution was adopted:
" T h a t the executive committee be directed until otherwise directed
by the Federal Open Market Committee to arrange for such transactions
for the System open market account (including purchases, sales, exchanges, replacement of maturing securities, and letting maturities
run off w i t h o u t replacement) as in its judgment from time to time may
63
64
ANNUAL REPORT OF BOARD OF GOVERNORS
be advisable in the light of existing conditions; provided t h a t the
aggregate amount of securities held in the account at the close of this
date shall not be increased or decreased by more than $xoo,ooo,ooo.''
This resolution, which was in the same form as the resolution approved
at the t w o previous meetings of the Federal Open Market Committee, was
adopted for substantially the same reasons as prompted the earlier actions.
MEETING* ON SEPTEMBER iqy
1941
Members present: Mr. Eccles, Chairman; Mr. Sproul, Vice Chairman;
Mr. Szymczak, Mr. McKee, Mr. Ransom, Mr. Draper, Mr. Fleming, Mr.
Leach, Mr. Davis, Mr. Peyton.
Upon motion duly made and seconded, the following resolution was adopted by unanimous vote:
" T h a t the executive committee be directed until otherwise directed
by the Federal Open Market Committee to arrange for such transactions
for the System open market account (including purchases, sales, exchanges, replacement of maturing securities, and letting maturities
run off w i t h o u t replacement) as in its judgment from time to time may
be advisable in the light of existing conditions; provided t h a t the
aggregate amount of securities held in the account at the close of this
date shall not be increased or decreased by more than $2.00,000,000."
The action of the Committee on this resolution was taken in the light of
further developments in the w a r situation, the action of the Board of Governors of the Federal Reserve System on September IT,, 1941, to increase reserve requirements of member banks, effective November 1, 1941, and
other steps t h a t had been taken or had been suggested to finance the defense
program and to combat inflationary tendencies. It was recognized by the
Committee t h a t the increase in required reserves of member banks m i g h t
cause some liquidation in bank holdings of Government securities over the
next few weeks, and that the System might be called upon to purchase further
amounts of securities to meet this condition as well as possible further
market disturbances resulting from the war. There was unanimous agreement, however, t h a t , in the absence of unforeseen developments, the situation could be met by continuing the authority of the executive committee
in the same form as t h a t granted at the three previous meetings of the full
Committee.
M E E T I N G ON DECEMBER I X ,
1941
Members present: M r . Eccles, Chairman; Mr. Sproul, Vice Chairman;
Mr. Szymczak, Mr. McKee, Mr. Ransom, Mr. Draper, Mr. Fleming, Mr.
Leach, Mr. Davis, Mr. Peyton.
On December 8, 1941, at the request of the members of the executive
committee, the members of the Federal Open Market Committee approved
an increase from $2.00,000,000 to $400,000,000 in the limit on the a u t h o r i t y
granted to the executive committee to increase or decrease the total a m o u n t
of securities held in the System account.
At this meeting, upon motion duly made and seconded, and
by unanimous vote, the action of the members of the Federal
Open Market Committee as stated above was approved, ratified
and confirmed.
FEDERAL RESERVE SYSTEM
65
Following the attack by Japan on the territory of Hawaii, the Pacific
island possessions of the United States, and the Philippine Islands, members
of the executive committee met and decided that, in order t h a t it might be
in a position to take whatever action was necessary in an effort to prevent
disorderly conditions in the Government securities market t h a t might
otherwise develop as a result of the entry of the United States into the war,
the members of the Federal Open Market Committee should be requested
to approve an increase to $400,000,000 in the limit of the authority of the
executive committee to increase or decrease the total amount of securities
held in the System account. The members of the Federal Open Market
Committee w h o were not members of the executive committee were called
by telephone on December 8 and there was unanimous agreement that the
enlarged authority should be granted for the purpose stated. The securities
purchased for the System account during the week following the outbreak
of war included $45,170,000 of the new 1951-1955 and 1967-1971 bonds, and
$11,370,000 of Treasury bills, $1,000,000 of which were resold during the
week. Purchases of $13,700,000 of various issues of bonds t h a t were in
supply in the market were also made against the sale of a like amount of
bonds t h a t were in demand.
Upon motion duly made and seconded, the following resolution was adopted by unanimous vote, w i t h the understanding
that, when the market recovered and conditions justified, the
securities added to the System account during the current week
would be resold:
" T h a t the executive committee be directed until otherwise directed
by the Federal Open Market Committee to arrange for such transactions
for the System open market account (including purchases, sales, exchanges, replacement of maturing securities, and letting maturities
run off w i t h o u t replacement) as in its judgment from time to time may
be advisable in the light of existing conditions; provided t h a t the
aggregate amount of securities held in the account at the close of this
date shall not be increased or decreased by more than $500,000,000."
This resolution was in the same form as the resolution adopted at the
four previous meetings of the Committee except t h a t it increased from
$100,000,000 to $500,000,000 the amount by which the aggregate amount of
securities held in the System account could be increased or decreased. On
the day this meeting was held the indications were t h a t the market's reaction to the outbreak of war would not be a serious one, but because of the
uncertainty in the general picture and the possibility that further war
developments might call for substantial purchases of securities for the
System open market account, the Committee was of the opinion that broader
authority should be vested in the executive committee to take such action
as in its judgment might be required by any conditions t h a t might arise,
it being understood t h a t if it should appear that authority was needed
beyond the limit granted in the resolution another meeting of the Federal
Open Market Committee should be called.
R E C O M M E N D A T I O N O F T H E F E D E R A L ADVISORY
C O U N C I L TO T H E BOARD O F G O V E R N O R S
O F T H E F E D E R A L R E S E R V E SYSTEM
SEPTEMBER 15,
1941
Topic No. 1. Reserve Requirements.
RECOMMENDATION: The Federal Advisory Council has frequently drawn
the attention of the Board of Governors to the many elements in our monetary and credit system that are of an inflationary character and has recommended action to eliminate or to control them. Most of these defects
require legislation for correction; and a composite program looking to that
end was contained in the special report by the System to the Congress dated
December 31, 1940. In the meanwhile inflationary tendencies have manifested themselves with steadily growing and disturbing rapidity.
Concerned by this development the Federal Advisory Council, therefore,
unanimously recommends to the Board of Governors that it immediately
raise the reserve requirements for the three classifications of banks to the
maximum limits authorized by the Banking Act of 1935, such increases to
become effective upon 30 days' notice to the banks affected.
66
OF THE FEDERAL RESERVE SYSTEM
[December 3 1 , 1941]
MARRINER S. ECCLES, of U t a h , Chairman
RONALD RANSOM, of Georgia, Vice Chairman
M . S. SZYMCZAK, of Illinois
J O H N K. M C K E E , of O h i o
ERNEST G . DRAPER, of Connecticut
Term expires
January 3 1 , 1944
January 3 1 , 1942.
January 3 1 , 1948
January 31, 1946
January 31, 1950
LAWRENCE CLAYTON, Assistant to the Chairman
ELLIOTT THURSTON, Special Assistant to the Chairman
CHESTER M O R R I L L , Secretary
LISTON P . BETHEA, Assistant Secretary
S. R. CARPENTER, Assistant Secretary
FRED A. NELSON, Assistant Secretary
WALTER WYATT, General Counsel
J. P . DREIBELBIS, Assistant General Counsel
GEORGE B. VEST, Assistant General Counsel
B. MAGRUDER W I N G F I E L D , Assistant General Counsel
E. A . GOLDENWEISER, Director, Division of Research and Statistics
WOODLIEF THOMAS, Assistant Director, Division of Research and Statistics
L E O H . PAULGER, Chief, Division of Examinations
R. F . LEONARD, Assistant Chief, Division of Examinations
C. E . CAGLE, Assistant Chief, Division of Examinations
EDWARD L . SMEAD, Chief, Division of Bank Operations
J. R. V A N FOSSEN, Assistant Chief, Division of Bank Operations
J. E . HORBETT, Assistant Chief, Division of Bank Operations
CARL E. PARRY, Chief, Division of Security Loans
PHILIP E . BRADLEY, Assistant Chief, Division of Security Loans
O . E . FOULK, Fiscal Agent
JOSEPHINE E . LALLY, Deputy Fiscal Agent
FEDERAL OPEN MARKET COMMITTEE
[December 3 1 , 1941]
Members
MARRINER S. ECCLES, Chairman (Board of Governors)
ALLAN SPROUL, Vice Chairman (Elected by Federal Reserve Banks of Boston and N e w Y o r k )
M . S. SZYMCZAK (Board of Governors)
J O H N K. M C K E E (Board of Governors)
RONALD RANSOM (Board of Governors)
ERNEST G . DRAPER (Board of Governors)
M . J . FLEMING (Elected by Federal Reserve Banks of Philadelphia and Cleveland)
H U G H LEACH (Elected by Federal Reserve Banks of Richmond, A t l a n t a , and Dallas)
CHESTER C. DAVIS (Elected by Federal Reserve Banks of Chicago and St. Louis)
J O H N N . PEYTON (Elected by Federal Reserve Banks of Minneapolis, Kansas City, and San Francisco)
Officers
CHESTER M O R R I L L , Secretary
S. R. CARPENTER, Assistant Secretary
E. A. GOLDENWEISER, Economist
J O H N H . WILLIAMS, Associate Economist
WALTER WYATT, General Counsel
J. P . DREIBELBIS, Assistant General Counsel
Agent
FEDERAL RESERVE B A N K OF N E W Y O R K
R. G . ROUSE, Manager of System Open Market Account
67
FEDERAL ADVISORY COUNCIL
[December 31, 1941]
OFFICERS
President, E D W A R D E . B R O W N
Vice President, G E O R G E L . HARRISON
Secretary, WALTER LICHTENSTEIN
EXECUTIVE COMMITTEE
EDWARD E. BROWN
S. E . R A G L A N D
G E O R G E L . HARRISON
B. G . H U N T I N G T O N
W. F. KURTZ
ROBERT M . H A N E S
MEMBERS
District N o . 1—CHARLES E. SPENCER, J R . , President, T h e First N a t i o n a l Bank of Boston, Boston,
Massachusetts.
District N o . 2.—GEORGE L . HARRISON, President, N e w York Life Insurance Company, N e w Y o r k ,
N e w York.
District N o . 3 — W I L L I A M F . K U R T Z , President, T h e Pennsylvania Company for Insurances on
Lives and G r a n t i n g Annuities, Philadelphia, Pennsylvania.
District N o . 4—B. G . H U N T I N G D O N , President, T h e H u n t i n g t o n N a t i o n a l Bank, Columbus, Ohio #
District N o . 5—ROBERT M . H A N E S , President, Wachovia Bank and Trust Company, WinstonSalem, N o r t h Carolina.
District N o . 6—RYBURN G . CLAY, Director, Fulton N a t i o n a l Bank, A t l a n t a , Georgia.
District N o . 7 — E D W A R D E . B R O W N , President, T h e First N a t i o n a l Bank of Chicago, Chicago,
Illinois.
District N o . 8—S. E . RAGLAND, President, T h e First N a t i o n a l Bank of M e m p h i s , M e m p h i s ,
Tennessee.
District N o . 9 — L Y M A N E . WAKEFIELD, President, First N a t i o n a l Bank a n d Trust Company of
Minneapolis, Minneapolis, Minnesota.
District N o . 10—W. DALE CLARK, President, T h e O m a h a N a t i o n a l Bank, O m a h a , N e b r a s k a .
District N o . 11—R. E . H A R D I N G , President, T h e Fort W o r t h N a t i o n a l Bank, Fort W o r t h , Texas.
District N o . 12.—PAUL S. DICK, President, United States N a t i o n a l Bank, Portland, Oregon.
68
69
FEDERAL RESERVE SYSTEM
SENIOR OFFICERS A N D DIRECTORS OF FEDERAL RESERVE BANKS
[December 31, 1941]
CHAIRMEN AND DEPUTY CHAIRMEN
Federal Reserve Bank' of—
Chairman
Deputy Chairman
Boston
Frederic H. Curtiss
Henry S. Dennison
New York
Beardsley Ruml
Edmund E. Day
Philadelphia
Thomas B. McCabe
Warren F. Whittier
Cleveland
Geo. C. Brainard
R. E. Klages
Richmond
Robt. Lassiter
W. G. Wysor
Atlanta
Frank H. Neely
J. F. Porter
Chicago
F. J. Lewis
St. Louis
Wm. T. Nardin
Oscar Johnston
Minneapolis
W. C. Coffey
Roger B. Shepard
Kansas City
R. B. Caldwell
J. J. Thomas
Dallas
J. H. Merritt
Jay Taylor
San Francisco
R. C. Force
St. George Holden
Each Federal Reserve Bank has nine directors divided equally into Classes A, B, and C. The
term of office of a director is three years. The Class C directors are appointed by the Board of
Governors of the Federal Reserve System, and cannot be officers, directors, employees, or stockholders of any bank. The Class B directors, elected by member banks, must be actively engaged
in some commercial, agricultural, or industrial pursuit and may not be officers, directors, or
employees of any bank. The Class A directors are elected by the member banks as the banks'
own representatives.
For the purpose of electing Class A and Class B directors, the member banks in each Federal
Reserve district are divided into three groups—large, small, and medium-sized banks. Each of
the three groups elects one Class A and one Class B director. The Board of Governors of the
Federal Reserve System designates one of the Class C directors as chairman and Federal Reserve
agent, and another as deputy chairman. The board of directors of each Federal Reserve Bank
appoints a president and first vice president, subject to the approval of the Board of Governors,
to serve for terms of five years. The president is the chief executive officer of the bank and all
other officers and employees are responsible to him.
Federal Reserve Bank branches have either five or seven directors, of whom a majority, including the managing director, are appointed by the board of directors of the parent Federal Reserve
Bank and the others are appointed by the Board of Governors of the Federal Reserve System.
ANNUAL REPORT OF BOARD OF GOVERNORS
7o
PRESIDENTS AND VICE PRESIDENTS
Federal Reserve
Bank of—
R. A. Young
Boston
New York
.
. . . Allan Sproul
Vice Presidents
First Vice President
President
W. W. Paddock
William Willett 1
L. R. Rounds
R. M. Gidney
L. W. Knoke
Walter S. Logan
J. M. Rice
Robert G. Rouse
John H. William?
Philadelphia
Alfred H. Williams.... Frank J. Drinnen
W. J. Davis
E. C. Hill
C. A. Mcllhenny2
C. A. Sienkiewicz
Cleveland
M.J. Fleming
F. J. Zurlinden
Wm. H. Fletcher
R. B. Hays
W. F. Taylor2
G. H. Wagner
Richmond
Hugh Leach
J. S. Walden, Jr
J. G. Fry
Geo. H. Keesce1
R. W. Mercer
Malcolm H. Bryan
H. F. Conniff
L. M. Clark
Atlanta
Chicago
C. S. Young
H. P. Preston
Allan M. Black1
J. H. Dillard
A. J. Mulroney
St. Louis
Chester C. Davis
F. Guy Hitt
O. M. Attebery
C. M. Stewart1
Minneapolis
J. M. Peyton
O. S. Powell
E. W. Swanson
Harry I. Ziemer2
Kansas City
H. G. Leedy
Henry O. Koppang
J. W. Helm2
D. W. Woolley
Dallas
R. R. Gilbert
E. B. Stroud
R. B. Coleman
W. J. Evans
W. O. Ford1
Ira Clerk
C. E. Earhart 1
W. M. Hale
R. B. West
San Francisco
.. . Wm. A. Day
i
1
Cashier.
2
Also Cashier.
DIRECTORS OF FEDERAL RESERVE BANKS
District N o . 1—Boston
Term
Expires
Dec. 31
Class A :
Allan Forbes
Leon A. Dodge
Lewis S. Reed
President, State Street T r u s t Co., Boston, Mass
President, First National Bank, Damariscotta, Me
President, Citizens and Manufacturers National Bank, Waterbury, Conn
Class B:
Philip R. Allen
Edward J . Frost
1941
1942
1943
Chairman, Bird & Son, Inc., E . Walpole, Mass
1941
Vice President, Treasurer, and Director, William Filene's
Sons Co., Boston, Mass
1942
President, Jones and Lamson Machine Co., Springfield, V t . . . 1943
Ralph E . Flanders
Class C:
Frederic H . Curtiss
Vice President, Board of Trustees, Wellesley College, Wellesley, Mass
President, Dennison Manufacturing Co., Framingham, Mass.
Director, New England Power Co., Boston, Mass
Henry S. Dennison
Henry I . H a r r i m a n
1941
1942
1943
District N o . 2—New York
Class A:
Otis A. Thompson
Neil H . Dorrance
Leon Fraser
Class B:
W. C. Teagle
Robert T . Stevens
Donaldson Brown
Class C:
Beardsley Ruml
Edmund E. Day
Randolph E . P a u l
President, National Bank & T r u s t Co., Norwich, N . Y
1941
President, First National Bank & T r u s t Co , Camden, N . Y.. 1942
President, First National Bank, New York, N . Y
1943
Chairman, Standard Oil Co. of New Jersey, New York, N . Y . . .
President, J . P . Stevens & Co., Inc., New York, N . Y
Vice President, General Motors Corp., New York, N . Y
1941
1942
1943
Treasurer, R. H . Macy & Co., Inc., New York, N . Y
President, Cornell University, Ithaca, N . Y
Member law firm: Lord, D a y & Lord, New York, N . Y
1941
1942
1943
Buffalo B r a n c h
Appointed by Federal Reserve
R. M. O'Hara
Frank F . Henry
George F . R a n d
Raymond N . Ball
Bank:
Appointed by Board of Governors:
M. B . Folsom
Gilbert A. Prole
Howard Kellogg
Managing Director, Buffalo, N . Y
Chairman, Washburn Crosby Co., Inc., Buffalo, N . Y
President, T h e Marine T r u s t Co., Buffalo, N . Y
President, Lincoln-Alliance Bank & T r u s t Co., Rochester,
N. Y
1941
1941
1942
Treasurer, E a s t m a n Kodak Co., Rochester, N . Y
Genesee F a r m Supply Co., Batavia, N . Y
President, Spencer Kellogg & Sons, Inc., Buffalo, N . Y
1941
1942
1943
1943
District N o . 3—Philadelphia
Class A:
Joseph Wayne, J r
George W. Reily
John B . Henning
Class B:
H a r r y L. Cannon
W. D . Kerlin
C. Frederick C. Stout
Class C:
Winfield W. Riefler
Thomas B . McCabe
Warren F . Whittier
Chairman, Philadelphia National Bank, Philadelphia, Pa
President, Harrisburg National Bank, Harrisburg, P a
President, Wyoming National Bank, Tunkhannock, P a
1941
1942
1943
President, H . P . Cannon & Son, Inc., Bridgeville, Del
Secretary and Treasurer, Camden Forge Co., Camden, N . J .
John R. Evans & Company, Camden, N . J
1941
1942
1943
I n s t i t u t e for Advanced Study, Princeton, N . J
President, Scott Paper Co., Chester, P a
Farmer, dairyman and cattle breeder, Douglassville, Pa
1941
1942
1943
District N o . 4—Cleveland
Class A:
F. F . Brooks
Ben R. Conner
H . B . McDowell
Class B:
G. D . Crabbs
T . E . Millsop
R. P . Wright
Class C:
Walter H . Lloyd
R . E . Klages
Geo. C. Brainard
President, First National Bank, Pittsburgh, P a
President, First National Bank, Ada, Ohio
President, McDowell National Bank, Sharon, P a
1941
1942
1943
President, Philip Carey Manufacturing Co., Cincinnati,
Ohio
President, Weirton Steel Co., Weirton, W. Va
Secretary-Treasurer, Reed Manufacturing Co., Erie, P a
1941
1942
1943
Editor, T h e Ohio Farmer, Cleveland, Ohio
President, Columbus Auto P a r t s Co., Columbus, Ohio
President, General Fireproofing Co., Youngstown, Ohio
1941
1942
1943
7i
ANNUAL REPORT OF BOARD OF GOVERNORS
72-
DIRECTORS OF FEDERAL RESERVE BANKS—Continued
Cincinnati Branch
Appointed by Federal Reserve Bank:
B. J. Lazar
Buckner Woodford
John J . Rowe
Appointed by Board of Governors:
Stuart B. Sutphin
Frank A. Brown
Term
Expires
Dec. 31
1941
Managing Director, Cincinnati, Ohio
Vice President and Cashier, Bourbon-Agricultural Bank and
Trust Co., Paris, Ky
1941
President, Fifth Third Union Trust Co., Cincinnati, Ohio . .. 1942
President, I. V. Sutphin Co., Cincinnati, Ohio
Farmer, Chillicothe, Ohio
1941
1942
Pittsburgh Branch
Appointed by Federal Reserve Bank:
P. A. Brown
Clarance Stanley
E. B. Harshaw
Appointed by Board of Governors:
H. S. Wherrett
Geo. T. Ladd
Managing Director, Pittsburgh, Pa
1941
President, Union Trust Co., Pittsburgh, Pa
1941
:. .Vice President and Cashier, Grove City National Bank, Grove
City, Pa
1942
President, Pittsburgh Plate Glass Co., Pittsburgh, Pa
1941
President, United Engineering & Foundry Co., Pittsburgh, Pa. 1942
District No. 5—Richmond
Class A:
L. E. Johnson
Charles E. Rieman
J. C. Braswell
Class B:
Edwin Malloy
Chas. C. Reed
John H. Hanna
Class C:
Charles P. McCormick
W. G. Wysor
Robt. Lassiter
Chairman, First National Bank, Alderson, W. Va
1941
President, Western National Bank, Baltimore, Md
1942
President, Planters National Bank & Trust Co., Rocky Mount,
N. C
1943
President & Treasurer, Cheraw Cotton Mills, Inc., Cheraw,
S. C
1941
Vice President & General Manager, Williams & Reed, Inc.,
Richmond, Va
1942
'.... Chairman, Capital Transit Co., Washington, D. C
1943
President, McCormick & Co., Inc., Baltimore, Md
1941
General Manager, Southern States Cooperative, Inc., Richmond, Va
1942
Chairman, Mooresville Cotton Mills, Mooresville, N. C
1943
Baltimore Branch
Appointed by Federal Reserve Bank:
W. R. Milford
George W. Reed
James C. Fenhagen
James Dixon
Appointed by Board of Governors:
W. Frank Thomas
Jos. D. Baker, Jr
WT. Frank Roberts
Managing Director. Baltimore, Md
1941
President, National Marine Bank, Baltimore, Md
1941
Chairman, Executive Committee, Baltimore National Bank,
Baltimore, Md
1942
President, Easton National Bank, Easton, Md
1943
Construction Engineer and Real Estate Management, Westminster, Md
1941
Secretary & Treasurer, Standard Lime and Stone Co., Baltimore, Md
1942
President, Standard Gas Equipment Corp., Baltimore, Md... 1943
Charlotte Branch
Appointed by Federal Reserve Bank:
W. T. Clements
'
J. Gerald Cowan
B. M. Edwards
T. E. Hemby
Appointed by Board of Governors:
Chas. L. Creech, Sr
D. W. Watkins
Geo. M. Wright
Managing Director, Charlotte, N. C
Vice President, Wachovia Bank & Trust Co., Asheville, N. C...
Executive Vice President, South Carolina National Bank,
Columbia, S. C
Executive Vice President, American Trust Co., Charlotte,
N. C
1941
1941
1942
1943
Chairman, B. F. Huntley Furniture Co., Winston-Salem,
N. C,
1941
Director of Extension, Clemson College, Clemson, S. C
1942
President, Republic Cotton Mills, Great Falls, S. C
1943
District No. 6—Atlanta
Class A.Geo. J. White
Thos. K. Glenn
W. D. Cook
Class B.Ernest T. George
J. A. McCrary
Fitzgerald Hall
President, First National Bank, Mount Dora, Fla
1941
.Chairman, Trust Co. of Georgia, Atlanta, Ga
1942
Executive Vice President, First National Bank, Meridian,
Miss
1943
President and Chairman, Seaboard Refining Company, Ltd.,
New Orleans, La
1941
Vice President & Treasurer, J. B. McCrary Company, Inc.,
Atlanta, Ga ....
1942
President, Nash., Chat. & St. Louis Ry., Nashville, Tenn
1943
FEDERAL RESERVE SYSTEM
73
DIRECTORS OF FEDERAL RESERVE BANKS—Continued
Class C:
Frank H. Neely
J. F. Porter
Rufus C. Harris
Term
Expries
De£
.
. .
.
- 31
Executive Vice President & Secretary, Rich's Inc., Atlanta,
Ga
....;..'•:••:•..
1941
. President, Tenn. Farm Bureau Fed., Columbia, Tenn
1942
President, Tulane University, New Orleans, La
1943
Appointed by Federal Reserve Bank:
P. L. T. Beavers
Gordon D. Palmer
John C. Persons/.
........
John S. Coleman
Appointed by Board of Governors:
Donald Comer
Howard Gray
Ed. L. Norton
Birmingham Branch
Managing Director, Birmingham, Ala
President, First National Bank, Tuscaloosa, Ala
President, First National Bank, Birmingham, Ala
President, Birmingham Tr. & Sav. Co., Birmingham, Ala....
1941
1941
1942
1943
Chairman, Avondale Mills, Birmingham, Ala
1941
Farmer, New Market, Ala.
' 1942
Exec. Vice President, Munger Realty Co., Birmingham, Ala... 1943
Jacksonville Branch
Appointed by Federal Reserve Bank:
Geo. S. Vardeman, Jr
W. R. McQuaid
B. C. Teed
J. C. McCrocklin
Appointed by Board of Governors:
Robert H. Gamble
Howard Phillips
F. D. Jackson
Managing Director, Jacksonville, Fla
President, Barnett National Bank, Jacksonville, Fla
First Vice President, First National Bank, Palm Beach, Fla...
Executive Vice President, First National Bank, Tarpon
Springs, Fla
1941
1941
1942
1943
President, Florida Brick & Tile Corp., Jacksonville, F l a : . . . . . 1941
Executive Vice President, Dr. P. Phillips Co., Inc., Orlando;
Fla
,>.
: . . ; . . 1942.
President, Jackson Grain Co., Tampa, Fla
1943
Nashville Branch
Appointed by Federal Reserve Bank:
Joel B. Fort, Jr
E. B. Maupin
F. M. Farris
Geo. Neal Bass
Appointed by Board of Governors:
Clyde B. Austin
W. E. McEwen
E. W. Palmer
Managing Director, Nashville, Tenn
Cashier, Peoples National Bank, Shelbyville, Tenn
President, Third National Bank, Nashville, Tenn.
Cashier, First National Bank of Franklin Co., Decherd, Tenn .
1941
1941
1942
1943
President, The Austin Co., Inc., Greeneville, Tenn
Farmer and Stock Raiser, Williamsport, Tenn
President, Kingsport Press, Inc., Kingsport, Tenn
1941
1942
1943
New Orleans Branch
Appointed by Federal Reserve Bank:
E. P. Paris
Herbert Holmes
E. E. Soulier
O. G. Lucas
Appointed by Board of Governors:
Alexander Fitz-Hugh
H. G. Chalkley, Jr
E. F. Billington
Managing Director, New Orleans, La
1941
President, Delta National Bank, Yazoo City, Miss
1941
President, First National Bank, Lafayette, La
1942
President, National Bank of Commerce, New Orleans, La.... 1943
Vice President, P. P. Williams Co., Vicksburg, Miss
1941
President and General Manager, Sweet Lake Land & Oil Co.,
Inc., Lake Charles, La
1942
Vice President and Secretary, Soule Steam Feed Works,
Meridian, Miss
. 1943
District N o . 7—Chicago
Class A:
Frank D. Williams
Walter J. Cummings
Edward R. Estberg
Class B:
Nicholas H. Noyes
Max W. Babb
Charles B. Van Dusen
Class C:
Simeon E. Leland
W. W. Waymack
F.J.Lewis
Executive Vice President & Cashier, First Capital National
Bank, Iowa City, Iowa
1941
Chairman, Cont'l 111. Nat. Bank and Tr. Co., Chicago, 111
1942
Chairman, Waukesha National Bank, Waukesha, Wis
1943
#
Vice President & Treasurer, Eh Lilly and Company, Indianapolis, Ind
1941
President, Allis- Chalmers Mfg. Co., Milwaukee, Wis
1942
Director, S. S. Kresge Co., Detroit, Mich
1943
Chairman, Department of Economics, University of Chicago,
Chicago, 111
1941
Vice President & Editor, Des Moines Register and Tribune,
Des Moines, Iowa
1942
Chairman, F. J. Lewis Mfg. Co., 3650 East 112th Street,
Chicago, 111
1943
Detroit Branch
Appointed by Federal Reserve Bank:
H. J. Chalfont
Joseph M. Dodge
James E. Davidson
Walter S. McLucas
Managing Director, Detroit, Mich
President, The Detroit Bank, Detroit, Mich
President, Peoples Com. & Sav. Bank, Bay City, Mich
Chairman, The National Bank of Detroit, Detroit, Mich
1941
1941
1942
1943
74
ANNUAL
REPORT
OF B O A R D
OF
GOVERNORS
D I R E C T O R S O F F E D E R A L R E S E R V E BANKS—Continued
Appointed by Board of Governors:
L. Whitney Watkins
H . L; Pierson.
C. W. Avery
Farmer, Manchester, Mich
President, D e t r o i t Harvester Co., Detroit, Mich
President & Chairman, M u r r a y Corp. of America, Detroit,
Mich
Term
Expires
Dec. 31
1941
1942
1943
District No, 8—St. Louis
Class A:
Sidney Maestre
Max B . N a h m
C. R. Corlis
Class B:
J o h n R. Stanley
J . W. Harris
H . H . Tucker
Class C:
Douglas W. Brooks
Wm. T . N a r d i n
Oscar Johnston
President, Mississippi Valley T r u s t Co., St. Louis, Mo
Vice President, Citizens N a t i o n a l Bank, Bowling Green, K y .
Cashier, Anna N a t i o n a l Bank, Anna, 111
1941
1942
1943
Secretary-Treasurer, Stanley Clothing Co., Evansville, I n d . .
Chairman, Harris-Langenberg H a t Co., St. Louis, Mo
President, Fones Brothers Hardware Co., Little Rock, Ark.. .
1941
1942
1943
President, The Newburger Co., Falls B l d g . , Memphis, T e n n . . .
Vice President & General Manager, P e t Milk Company, St.
Louis, Mo
President, Delta and Pine Land Co., Scott, Miss
1942
1943
1941
Little R o c k B r a n c h
Appointed by Federal Reserve Bank:
A. F . Bailey
Paul R. McCoy
James H . Penick
Arthur E . McLean.
Appointed by Board of Governors:
Vacancy
R. E . Short
I. N . Barnett, Jr
Managing Director, Little Rock, Ark
Chairman, Peoples N a t i o n a l B a n k , S t u t t g a r t , Ark
President, W. B . Worthen Co., Little Rock, Ark
President, Commercial National Bank, L i t t l e Rock, Ark
Farmer, Brinkley, Ark
Manager, B a r n e t t Bros. Mercantile Company,
Ark
1941
1941
1942
1943
1941
1942
Batesville,
1943
Louisville Branch
Appointed by Federal Reserve Bank:
C. A. Schacht
Ralph C. Gifford
J . O. Sanders
Phil E . Chappell
Appointed by Board of Governors:
J . B . Hill
G. O. Boomer
Perry B . Gaines
Managing
President,
President,
President,
Director, Louisville, Ky
First N a t i o n a l Bank, Louisville, K y
First National Bank, H u n t i n g b u r g , I n d
Planters Bank & T r u s t Co., Hopkinsville, K y
President, Louisville & Nashville R.R., Louisville, K y
Vice President, Girdler Corporation, Louisville, K y
Farmer and Stockraiser, Carrollton, Ky
1941
1941
1942
1943
1941
1942
1943
Memphis Branch
Appointed by Federal Reserve
W. H . Glasgow
Oliver Benton
V. J . Alexander
Bank:
B . A. Lynch
Appointed by Board of Governors:
J. Holmes Sherard
J . P . Norfleet
R. C. Branch
Managing Director, Memphis, T e n n
President, N a t i o n a l Bank of Commerce, Jackson, T e n n
President, Union P l a n t e r s N a t i o n a l Bank & T r u s t Co., Memphis, T e n n
President, F a r m e r s Bank & T r u s t Co., Blytheville, Ark
1941
1941
President, J n o . H . Sherard & Son, Sherard, Miss
President, Sledge & Norfleet, Memphis, T e n n
Cotton Farmer and Ginner, Pecan Point, Ark
1941
1942
1943
1942
1943
District No. 9—Minneapolis
Class A:
J. R. McKnight
F . D. McCartney
S. S. F o r d
President, Pierre N a t i o n a l Bank, Pierre, S. D
1941
Vice President, First N a t i o n a l Bank, Oakes, N . D
1942
President, N o r t h w e s t e r n N a t i o n a l B a n k & T r u s t Co., M i n n e apolis, Minn
1943
Class B:
J . E . O'Connell
Albert P . F u n k
Homer P . Clark
Class C.Roger B . Shepard
W. C. Coffey
W . D . Cochran
President, E d d y ' s Bakeries, Inc., Helena, M o n t
President, LaCrosse Rubber Mills Co., LaCrosse, Wis
Chairman, West Publishing Co., St. Paul, Minn
1941
1942
1943
President, Finch, Van Slyck & McConville, St. P a u l , Minn
President, University of Minnesota, Minneapolis, Minn
President, Cochran Freight Lines, Iron M o u n t a i n , Mich
1941
1942
1943
Helena Branch
Appointed by Federal Reserve
R. E . Towle
Peter Pauly
Bank:
P . B . McClintock
Appointed by Board of Governors:
H . D . Myrick.
Alex Cunningham
Managing Director, Helena, M o n t
President, Deer Lodge Bank and T r u s t Co., Deer Lodge,
Mont
Cashier, Farmers N a t i o n a l Bank, Chinook, M o n t
Farmer, Square B u t t e , M o n t
Vice President & Treasurer, Western Life Insurance Co.,
Helena, M o n t
1941
1941
1942
1941
1942
FEDERAL
RESERVE
SYSTEM
75
D I R E C T O R S OF F E D E R A L R E S E R V E BANKS—Continued
District N o . 10—Kansas City
Class A:
E . E . Mullaney
T h o m a s A. Dines
M. A. Limbocker
President, Farmers & Merchants Bank, Hill City, Kans
President, U. S. National Bank, Denver, Colo
President & Chairman, Citizens National Bank, Emporia,
Kans
Class B:
L. E . Phillips
Willard D . Hosford
J. M. Bernardin
Class C:
J. J. Thomas
Clarence Roberts
R. B . Caldwell
Term
Expires
Dec. 31
1941
1942
1943
Vice President, Phillips Petroleum Co., Bartlesville, Okla
Vice President, John Deere Plow Co., O m a h a , Neb
Vice President, Burk Lumber Company, Dawson, N . M
1941
1942
1943
Attorney-at-Law, Seward, N e b
Editor, T h e Farmer-Stockman, Oklahoma City, Okla
McCune, Caldwell & Downing, Kansas City, Mo
1941
1942
1943
Denver Branch
Appointed by Federal Reserve
Jos. E. Olson
Harold Kountze
Roblin H . Davis
W. C. K u r t z
Bank:
Managing Director, Denver, Colo
President, Colorado National Bank, Denver, Colo
President, Denver National Bank, Denver, Colo
President & General Manager, Independent Lumber
Grand Junction, Colo
Appointed by Board of Governors:
T. B. Grant
Wilson M c C a r t h y
Vacancy
1941
1941
1942
Co.,
1943
Lewis and Grant, Denver, Colo.
President, Denver & Salt Lake R. R. Co., Denver, Colo
1941
1942
1943
O k l a h o m a City Branch
Appointed by Federal Reserve
G. H . Pipkin
L. D . Edgington
A. E . Stephenson
D . M. Tyler
Bank:
Managing
President,
President,
First Vice
Okla
Appointed by Board of Governors:
Neil R. Johnson
Lloyd Noble
Phil Ferguson
Director, Oklahoma City, Okla
First National Bank, Ponca City, Okla
Central National Bank, Enid, Okla
President, Dewey Portland Cement Co., Dewey,
1941
1941
1942
1943
Rancher and Farmer, Norman, Okla
President, Noble Drilling Corp., Tulsa, Okla
Rancher, Woodward, Okla
1941
1942
1943
Omaha Branch
Appointed by Federal Reserve Bank:
L. H . E a r h a r t
George W. Holmes
Thomas L. Davis
Geo A. Bible
;
Appointed by Board of Governors:
R. E. Campbell
H . L. Dempster
W. H . Schellberg
Managing
President,
President,
President,
Director, Omaha, Neb..
First National Bank, Lincoln, N e b
First National Bank, Omaha, N e b
First National Bank, Rawlins, Wyo
1941
1941
1942
1943
Chairman, Miller & Paine, Lincoln, Neb
President, Dempster Mill Mfg. Co., Beatrice, Neb
President, Union Stock Yards Co., Omaha, Neb
1941
1942
1943
District N o . 11—Dallas
Class A:
J. E. Woods
E d . H . Winton
Frank Turner
Class B:
E. L. K u r t h
J. R. Milam
Geo. A. Hill, J r
Class C:
J. H. Merritt
Jay Taylor
J . B . Cozzo
President, Teague National Bank, Teague, Tex
Executive Vice President, Continental National Bank, Fort
Worth, Tex
President, First N a t i o n a l Bank, Decatur, Tex
1942
1943
1941
Vice President & General Manager, Angelina County Lumber
Co., Keltys, Tex
President, Cooper Company, Inc., Waco, Tex
President, Houston Oil Company of Texas, Houston, Tex
1941
1942
1943
Retired, McKinney, Tex
Rafter O Cattle Company, Amarillo, Tex
Womack and Cozzo, Dallas, Tex
1941
1942
1943
El P a s o Branch
Appointed by Federal Reserve Bank:
J . L. H e r m a n n
Frank R. Coon
H . A. Jacobs
R. W. McAfee
Appointed by Board of Governors:
F. M. Hayner
R. E . Sherman
Jack B. Martin
Managing Director, El Paso, Tex
President, Mimbres Valley Bank, Deming, N . M
Vice President, El Paso National Bank, El Paso. Tex
Vice President, State National Bank, El Paso, Tex
1941
1941
1942
1943
President, Las Cruces Lumber Co., Las Cruces, N. M
President, Leavell and Sherman, Inc., El Paso, Tex
President, Arizona Ice & Cold Storage Co., Tucson, A r i z . . . .
1941
1942
1943
H o u s t o n Branch
Appointed by Federal Reserve
W. D . Gentry
Sam R. Lawder
P . B. Doty
W. N . Greer
Bank:
Managing Director, Houston, Tex
Vice President, First National Bank, Houston, Tex.
President, First National Bank, Beaumont, Tex
President, Citizens State Bank, Houston, Tex
,
1941
1941
1942
1943
76
A N N U A L REPORT OF BOARD OF GOVERNORS
DIRECTORS OF FEDERAL RESERVE BANKS—Continued
Appointed by Board of Governors:
H. Renfert
Sam Taub
George G. Chance
Term
Expires
Dec. 31
1941
1942
1943
Renfert-Helmbrecht Co., Galveston, Tex
J . N . Taub & Sons, Houston, Tex
Farmer, Bryan, Tex
San Antonio Branch
Appointed by Federal Reserve Bank:
M. Crump
J. K. Beretta
E. J. Miller. J
J. A. Walker
Appointed by Board of Governors:
J. M. Odom
Edwin F. Flato
Managing Director, San Antonio, Tex
1941
Chairman, National Bank of Commerce, San Antonio, Tex... 1941
President, South Texas National Bank, San Antouio, Tex... 1942
Cashier, Del Rio National Bank, Del Rio, Tex
1943
General Contractor, Austin, Tex
President, Corpus Christi Hardware
Christi, Tex
Stockraiser, Uvalde, Tex
Dolph Briscoe
Company,
Corpus
1941
1942
1943
District No. 12—San Francisco
Class A:
Reno Odlin
Carroll F. Byrd
>
President, Puget Sound National Bank, Tacoma, Wash
1941
Executive Vice President & Chairman, First National Bank,
Willows, Calif
1942
Chairman, Bank of California, N. A., San Francisco, Calif... 1943
,
C. K. Mcintosh
Class B:
Wm. G. Volkmann
Reese H. Taylor
Elmer H. Cox
Class C:
R. C. Force
Partner, A. Schilling and Co., San Francisco, Calif
President, Union Oil Company, Los Angeles, Calif
President, Madera Sugar Pine Co., San Francisco, Calif
1941
1942
1943
Chairman, Executive Committee, Caterpillar Tractor Co.,
San Leandro, Calif
1941
General Manager, California Walnut Growers Assn., Los
Angeles, Calif
1942
President, St. George Holden Realty Co., San Francisco,
Calif
1943
C. Thorpe
St. George Holden
Los Angeles Branch
Appointed by Federal Reserve Bank:
W. N. Ambrose
C. E. Brouse
Managing Director, Los Angeles, Calif
1941
President, Citizens National Trust & Savings Bank, Riverside, Calif
1941
President, Citizens National Trust & Savings Bank, Los
Angeles, Calif
1942
H. D. Ivey
A ppointed by Board of Governors:
C. V. Newman
W. S. Rosecrans
President, Calavo Growers of California, Los Angeles, Calif..
Land Management & Investments, Los Angeles, Calif
1941
1942
Portland Branch
Appointed by Federal Reserve Bank:
D. L. Davis
E. B. MacNaughton
N. A. Davis
Managing Director, Portland, Ore
1941
President, First National Bank, Portland, Ore
1941
Vice President, Baker-Boyer National Bank, Walla Walla,
Wash
1942
Appointed by Board of Governors:
George T. Gerlinger
President, Willamette Valley Lumber Company, Portland,
Ore
1941
m
President, Engbretson Seed Co., Astoria, Ore
1942
A. E. Engbretson
Salt Lake City Branch
Appointed by Federal Reserve Bank:
W. L. Partner
Frederick P. Champ
Orval W. Adams
Appointed by Board of Governors:
Herbert S. Auerbach
R. C. Rich
Managing Director, Salt Lake City, Utah
1941
President, Utah Mortgage Loan Corp., Logan, Utah
1941
Executive Vice President, Utah State National Bank, Salt
Lake City, Utah
1942
N
President, Auerbach Co., Salt Lake City, Utah
President, R. C. Rich Sheep Co., Burley, Idaho
1941
1942
Seattle Branch
Appointed by Federal Reserve Bank:
C. R. Shaw
Andrew Price
Fred L. Stanton
Appointed by Board of Governors:
Charles F. Larrabee
Fred Nelsen
Managing Director, Seattle, Wash
1941
President, National Bank of Commerce, Seattle, Wash
1941
Vice President & Secretary, Washington Trust Company,
Spokane, Wash
1942
Vice President, Pacific American Fisheries, Inc., Bellingham,
Wash
1941
Dairy Farmer, Seattle, Wash
1942
STATE BANK AND TRUST COMPANY MEMBERS
Following is a list of the 1,502. State bank and trust company members of
the Federal Reserve System on December 31, 1941.
DISTRICT NO. 1 (43 banks)
|
DISTRICT NO. 2—Continued
CONNECTICUT' (6 banks)
NEW JERSEY—continued
Hartford
Phoenix State Bank & Trust Co
Dunellen
Peoples Trust Co.
Meriden
Puritan Bank & Trust Co.
East Orange
Ampere Bank & Trust Co.
New Haven
Union & New Haven Trust Co.
Savings Investment & Trust Co.
Torrington
Brooks Bank & Trust Co.
Elizabeth
Central Home Trust Co.
Waterbury
Colonial Trust Co.
Elizabethport Banking Co.
Waterbury Trust Co.
Fair Lawn
Pair Lawn-Radburn Trust Co.
Fort Lee
Fort Lee Trust Co.
Franklin
Sussex County Trust Co.
MAINE (5 banks)
Glen Ridge
Glen Ridge Trust Co.
Augusta
Depositors Trust Co.
Glen Rock
Glen Rock Bank
Bangor
Merrill Trust Co.
Hackensack
Hackensack Trust Co.
Bar Harbor
Bar Harbor Banking & Trust Co.
Peoples Trust Co. of Bergen
Ellsworth
Union Trust Co.
County
Sanford
Sanford Trust Co.
Jersey City
Commercial Trust Co. of New
Jersey
Keyport
Keyport Banking Co.
MASSACHUSETTS (29 banks)
Linden
Linden Trust Co.
Arlington
Menotomy Trust Co.
Long Branch
Long Branch Trust Co.
Boston
New England Trust Co.
Maplewood
Maplewood Bank & Trust Co
Old Colony Trust Co.
Montclair
Bank of Montclair
Pilgrim Trust Co.
Montclair Trust Co.
State Street Trust Co.
Morristown
Morristown Trust Co.
United States Trust Co.
Newark
Clinton Trust Co.
Bridgewater
Bridgewater Trust Co.
Columbus Trust Co.
Brookline
Norfolk County Trust Co.
Federal Trust Co.
Cambridge
County Bank & Trust Co.
Fidelity Union Trust Co.
Harvard Trust Co.
Franklin-Washington Trust Co.
Fall River
B.M.C. Durfee Trust Co.
Merchants & Newark Trust Co.
Fall River Trust Co.
United States Trust Co.
Gloucester
Gloucester Safe Deposit & Trust
West Side Trust Co.
Co.
Nutley
Bank of Nutley
Greenfield
Franklin County Trust Co.
Passaic
Bank of Passaic & Trust Co.
Holyoke
Hadley Falls Trust Co.
Peoples Bank & Trust Co.
Hyannis
Hyannis Trust Co.
Perth Amboy
First Bank & Trust Co.
Lynn
Security Trust Co.
Phillipsburg
.Phillipsburg Trust Co.
Milton
Blue Hill Bank & Trust Co.
Plainfield
Mid-Citv Trust Co.
Newton
Newton Trust Co.
Plainfield Trust Co.
Norwood
Norwood Trust Co.
State Trust Co.
Quincy
Quincy Trust Co.
Red Bank
Merchants Trust Co.
Salem
Naumkeag Trust Co.
Ridgefield Park
Ridgefield Park Trust Co.
Somerville
Somerville Trust Co.
Ridgewood
North Jersey Trust Co.
Springfield
Springfield Safe Deposit & Trust
Rochelle Park
Rochelle Park Bank
Co.
Rutherford
Rutherford Trust Co.
Union Trust Co.
South Orange
South Orange Trust Co
Taunton
Bristol County Trust Co.
Summit
Citizens Trust Co.
Wellesley Hills
Wellesley Trust Co.
Summit Trust Co.
Winchester
Winchester Trust Co.
Tenafly
Tenafly Trust Co.
Worcester
Worcester County Trust Co.
Washington
Washington Trust Co.
Westfield
Peoples Bank & Trust Co.
NEW HAMPSHIRE (1 bank)
Westfield Trust Co.
Conway
Carroll County Trust Co.
NEW YORK (158 banks)
RHODE ISLAND (2 banks)
Adams
Citizens & Farmers Trust Co.
Albany
First Trust Co.
Providence
Industrial Trust Co.
State Bank of Albany
Union Trust Co.
Amityville
Bank of Amityville
Amsterdam
Montgomery County Trust Co.
DISTRICT NO. 2 (217 banks)
Arcade.
Citizens Bank
Arlington
Vassar Bank
CONNECTICUT! (2 banks)
Attica
Bank of Attica ^
Auburn
Auburn Trust Co.
Bridgeport
West Side Bank
Avoca
Bank of Avoca
Springdale
Springdale Bank & Trust Co.
Babylon
Bank of Babylon
Baldwin
Peoples State Bank
NEW JERSEY' (57 banks)
Batavia
Genesee Trust Co.
Bayshore
South Side Bank
Bayonne
Bayonne Trust Co,
Belmont
State Bank of Belmont
Bloomfield
Bloomfield Bank & Trust Co.
Bingham ton
Marine Midland Trust Co.
Community Trust Co.
Blasdell
Bank of Blasdell
Bogota
Bank of Bogota
Brooklyn
(see
New
York)
Boonton
Boon ton Trust Co.
Buffalo
Liberty Bank
Bound Brook
Bound Brook Trust Co.
Manufacturers & Traders Trust
Carteret
Carteret Bank & Trust Co.
Co.
Cranford
Cranford Trust Co.
Marine Trust Co.
Dover
Dover Trust Co.
Exclusive of part of State located in another district.
77
78
ANNUAL
REPORT
OF B O A R D
OF
GOVERNORS
STATE BANK A N D T R U S T COMPANY M E M B E R S
Continued
D I S T R I C T N O . 2-Continued
D I S T R I C T N O . 2—Continued
N E W YORK—continued
N E W YORK—continued
Camillus.
Camillus Bank
Canandaigua
Ontario County T r u s t Co.
Canaseraga
Canaseraga State Bank
Canisteo
First State Bank
Cattaraugus
Bank of C a t t a r a u g u s
Center Moriches
Center Moriches Bank
Chatham
State Bank of C h a t h a m
Chestertown
Chester-Schroon-Horicon Bank
Cicero
Cicero State Bank
Clyde
Citizens Bank
Clymer
Clymer State Bank
Cohocton
Cohocton State Bank
De Ruyter
De R u y t e r State Bank
Dunkirk
Dunkirk T r u s t Co.
E a s t Aurora
Erie County T r u s t Co.
Ellenburg D e p o t . .. . S t a t e Bank of Ellenburg
Elmira
Chemung Canal T r u s t Co.
Elmira Bank & T r u s t Co.
Endicott
E n d i c o t t T r u s t Co.
Union T r u s t Co.
E v a n s Mills
Peoples Bank
Farmingdale
Bank of Farmingdale
Floral P a r k
Floral Park Bank & T r u s t Co.
Forest Hills (see New York)
Fredonia
Citizens T r u s t Co.
Garden City
Garden City Bank & T r u s t Co.
Geneva
Geneva T r u s t Co.
Glen Cove
Glen Cove T r u s t Co.
Gloversville
T r u s t Co. of Fulton County
Great Neck
Bank of Great Neck
Hamburg
Peoples Bank
Hammondsport
Bank of Hammondsport
Hicksville
Bank of Hicksville
Hudson
Hudson River T r u s t Co.
Huntington
Bank of Huntington & T r u s t Co.
Ithaca
Tompkins County T r u s t Co.
Jamestown
Bank of Jamestown
Johnson City
Workers T r u s t Co.
Katonah
N o r t h e r n Westchester Bank
Kenmore
State Bank of Kenmore
Kingston
Kingston T r u s t Co.
Lackawanna
American Bank
Lindenhurst
Lindenhurst Bank
Little Falls
Herkimer County T r u s t Co.
Liverpool
Liverpool Bank
Locke
Citizens Bank
Locust Valley
Matinecock Bank
Lowville
Lewis County T r u s t Co.
Malone
Peoples T r u s t Co.
Massena
Massena Banking & T r u s t Co.
Mayville
State Bank of Mayville
Middletown
Orange County T r u s t Co.
Millbrook
Bank of Millbrook
Mineola
Nassau County T r u s t Co.
Monticello
Sullivan County T r u s t Co.
M o u n t Vernon
Fleetwood Bank
Mount Vernon T r u s t Co.
Newburgh
Columbus T r u s t Co.
New York
Amalgamated Bank
Bankers T r u s t Co.
Bank of the M a n h a t t a n Co.
Bank of New York
Bank of Yorktown
Boulevard Bank
Bronx County T r u s t Co.
Brooklyn T r u s t Co.
Central Hanover Bank & T r u s t
Co.
Chemical Bank & T r u s t Co.
City Bank-Farmers T r u s t Co.
Clinton T r u s t Co.
Colonial T r u s t Co.
Continental Bank & T r u s t Co.
Corn Exchange Bank T r u s t Co.
Federation Bank & T r u s t Co.
Fifth Avenue Bank
Fulton T r u s t Co.
Guaranty T r u s t Co.
Irving T r u s t Co.
Lawyers T r u s t Co.
Manufacturers T r u s t Co.
Marine Midland T r u s t Co.
Merchants Bank
New York T r u s t Co.
P a n American T r u s t Co.
Pennsylvania Exchange Bank
Schroder T r u s t Co.
T r a d e Bank & T r u s t Co.
United States T r u s t Co.
Niagara Falls
.Power City T r u s t Co.
N o r t h Collins
Bank of N o r t h Collins
Northville
.Northville Bank
Norwood
. State Bank of Norwood
Nyack
.Nyack Bank & T r u s t Co.
Ogdensburg
.Ogdensburg T r u s t Co.
Olean
Olean T r u s t Co.
Oneida
Madison County T r u s t & Deposit
Co.
Ontario
. State Bank of Ontario
Orchard Park
Bank of Orchard P a r k
Oriskany F a l l s . . . . First T r u s t & Deposit Co.
Ossining
.Ossining T r u s t Co.
Parish
. S t a t e Bank of Parish
.Patchogue Citizens B a n k &
Patchogue
T r u s t Co.
Pearl River
. State Bank of Pearl River
Perry
. Citizens Bank
Bank of P o r t Jefferson
P o r t Jefferson
Rensselaer
.Rensselaer
County Bank &
T r u s t Co.
Riverhead
. Suffolk County T r u s t Co.
Rochester
. Central T r u s t Co.
Lincoln-Alliance Bank & T r u s t
Co.
Rockville C e n t r e . . Bank
of
Rockville
Centre
T r u s t Co.
Rome
Rome T r u s t Co.
Rye
Rye T r u s t Co.
Sag Harbor
Peconic Bank
.Salamanca T r u s t Co.
Salamanca
Saratoga Springs.. Adirondack T r u s t Co.
Sayville
.Oystermen's Bank & T r u s t Co.
Schenectady
Citizens T r u s t Co.
Schenectady T r u s t Co.
Schoharie
Schoharie County Bank
Scotia
.Glenville Bank
. S t a t e Bank of Sea Cliff
Sea Cliff
Smithtown Branch .Bank of Smithtown
Solvay
.Solvay Bank
Spring Valley
. . R a m a p o T r u s t Co.
Stony Brook
Bank of Suffolk County
Syracuse
First T r u s t & Deposit Co.
Syracuse T r u s t Co.
T a r r y town
.Washington Irving T r u s t Co.
Utica
.First Bank & T r u s t Co.
Wyoming County Bank & T r u s t
Warsaw
Co.
Waterford
.Bank of Waterford
.Northern New York T r u s t Co.
Watertown
Westbury
Bank of W e s t b u r y T r u s t Co.
Westhampton Beach.Seaside B a n k
West New Brighton.West New Brighton Bank
White Plains
. Citizens Bank
County T r u s t Co.
Williamson
S t a t e Bank of Williamson
Worcester
.Bank of Worcester
1
D I S T R I C T N O . 3 (80 banks)
D E L A W A R E (4 banks)
Wilmington
N E W JERSEY^ (10 banks)
Bordentown
Burlington
Bordentown Banking Co.
Burlington City Loan & T r u s t
Co.
Camden
Camden T r u s t Co.
Egg H a r b o r C i t y . . . Egg H a r b o r City T r u s t Co.
Hightstown
Hightstown T r u s t Co.
M o u n t Holly
Farmers T r u s t Co.
Princeton
Princeton B a n k & T r u s t Co.
Riverside
Riverside T r u s t Co.
Swedesboro
Swedesboro T r u s t Co.
Wildwood
Union Bank
Exclusive of p a r t of State located in another district.
Equitable T r u s t Co.
Industrial T r u s t Co.
Security T r u s t Co.
Wilmington T r u s t Co.
FEDERAL
RESERVE
SYSTEM
79
S T A T E B A N K AND T R U S T COMPANY MEMBERS—Continued
DISTRICT NO. 3
Continued
D I S T R I C T N O . 4—Continued
PENNSYLVANIA^ (66 banks)
Allen town
Bloomsburg
Liberty Bank & T r u s t Co.
Bloomsburg Bank-Columbia
T r u s t Co.
Carlisle
Carlisle T r u s t Co.
Chester
Chester-Cambridge Bank &
T r u s t Co.
Clearfield
Clearfield T r u s t Co.
Danville
Montour County T r u s t Co.
Du Bois
Union Banking & T r u s t Co.
Easton
Easton T r u s t Co.
E a s t Petersburg
East Petersburg State Bank
Egypt
Farmers Bank
Glen Rock
Peoples Bank
Harrisburg
Central T r u s t Co.
Dauphin Deposit T r u s t Co.
Hazleton
Markle Banking & T r u s t Co.
Peoples Savings & T r u s t Co.
Traders Bank & T r u s t Co.
Honesdale
Wayne County Savings Bank
Houtzdale
Houtzdale T r u s t Co.
Huntingdon
Grange T r u s t Co.
Jenkintown
Jenkintown Bank & T r u s t Co.
Jersey Shore
Jersey Shore State Bank
Kane
Kane Bank & T r u s t Co.
Lancaster
Farmers Bank & T r u s t Co.
N o r t h e r n Bank & T r u s t Co.
Lemoyne
Lemoyne T r u s t Co.
Lewistown
Lewistown T r u s t Co.
Littlestown
Littlestown State Bank
Lock Haven
Lock H a v e n T r u s t Co.
Lykens
Miners Bank & T r u s t Co.
Mahanoy City
Merchants Banking T r u s t Co.
Middletown
Citizens Bank & Trust Co.
Farmers T r u s t Co.
M o n t Alto
M o n t Alto State Bank
M o u n t Carmel
Liberty State Bank & T r u s t Co.
Myerstown
Myerstown T r u s t Co.
Nanticoke
=. .. .Peoples Bank
New Oxford
Farmers & Merchants Bank
Newtown
Newtown Title & T r u s t Co.
Norristown
Montgomery T r u s t Co.
Norristown-Penn T r u s t Co.
Orrstown
Orrstown Bank
Paoli
Paoli Bank
Paradise
State Bank of Paradise
Philadelphia
Fidelity-Philadelphia T r u s t Co.
First T r u s t Co.
Gimbel Bros. Bank & T r u s t Co.
Girard T r u s t Co.
N i n t h Bank & T r u s t Co.
Pennsylvania Co. for Insurances
on Lives and Granting Annuities
Provident T r u s t Co.
Security Bank & T r u s t Co.
Prospect P a r k
Interboro Bank & T r u s t Co.
Quakertown
Quakertown T r u s t Co.
Reading
City Bank & T r u s t Co.
Reading T r u s t Co.
Schnecksville
Schnecksville State Bank
Schuylkill H a v e n . . . Schuylkill Haven T r u s t Co.
Steelton
Steelton Bank & T r u s t Co.
Tamaqua
Peoples T r u s t Co.
Temple
Temple State Bank
White H a v e n
White Haven Savings Bank
Wilkes-Barre
Wilkes-Barre Deposit & Savings
Bank
Williamsport
West Branch Bank & T r u s t Co.
Wyomissing
Peoples T r u s t Co.
York
Guardian T r u s t Co.
York T r u s t Co.
D I S T R I C T N O . 4 (174 banks)
K E N T U C K Y ^ (7 banks)
Catlettsburg
K e n t u c k y - F a r m e r s Bank
Covington. 7.
Peoples-Liberty Bank & T r u s t
Co.
Lexington
Bank of Commerce
Security T r u s t Co.
Paris
Bourbon-Agricultural Bank &
T r u s t Co.
Peoples Deposit Bank & T r u s t
Co.
Richmond
S t a t e Bank & T r u s t Co.
1
OHIO (137 banks)
Ada
Akron
Liberty Bank
Firestone P a r k T r u s t & Savings
Bank
First-Central T r u s t Co.
Alger
Alger Savings Bank
Alliance
M o u n t Union Bank
Antwerp
Antwerp Exchange Bank
Apple Creek
Apple Creek Banking Co.
Archbold
Peoples State Bank Co.
Arlington
Farmers & Merchants Bank Co.
Ashland
Ashland Bank & Savings Co.
Ashville
Ashville Banking Co.
Bellevue
Union Bank & Savings Co.
Bellville
Farmers Bank
Bolivar
Bolivar S t a t e Bank Co.
Bowling Green
Bank of Wood County Co.
Brecksville
Brecksville Bank Co.
Bucyrus
Farmers & Citizens Bank &
Savings Co.
Canal Winchester... .Peoples Bank Co.
Canton
First T r u s t & Savings Bank
Geo. D . Harter Bank
Peoples Bank
Castalia
Castalia Banking Co.
Celina
Commercial Bank Co.
Christiansburg
Farmers & Merchants Bank Co.
Cincinnati
Central T r u s t Co.
Fifty-Third Union Trust Co.
Peoples Bank & Savings Co.
Provident Savings Bank & T r u s t
CoSouthern Ohio Savings Bank &
T r u s t Co.
Western Bank & T r u s t Co.
Cleveland
Cleveland T r u s t Co.
Lorain Street Bank
Union Bank of Commerce Co.
Columbiana
Union Banking Co.
Columbus
Fifth Avenue Savings Bank Co.
Conneaut
Citizens Banking & Savings Co.
Conneaut Banking & Trust Co.
Cortland
Cortland Savings & Banking Co.
Coshocton
Peoples Bank & T r u s t Co.
Crestline
Farmers & Citizens State Bank
Croton
Croton Bank Co.
Danville
Commercial & Savings Bank Co.
Delphos
Commercial Bank
Peoples Bank
Delta
Peoples Savings Bank Co.
East Liverpool
P o t t e r s Bank & T r u s t Co.
Elmore
Bank of Elmore Co.
Elyria
Elyria Savings & T r u s t Co.
Savings Deposit Bank & T r u s t
Co.
Findlay
Ohio Bank & Savings Co.
Fort Recovery
F o r t Recovery Banking Co.
Freeport
Freeport State Bank
Geneva
Geneva Savings & T r u s t Co.
Genoa
Genoa Banking Co.
Gibsonburg
Home Banking Co.
Gnadenhutten
Gnadenhutten Bank
Green Springs
Commercial Bank Co.
Hillsboro
Hillsboro Bank & Savings Co.
Hubbard
H u b b a r d Banking Co.
Killbuck
Killbuck Savings Bank Co.
Kipton
Kipton Bank Co.
Leesburg
Citizens Bank & Savings Co.
Lodi
Lodi State Bank
Logan
Farmers & Merchants Bank
Lorain
Central Bank Co.
City Bank Co.
Lorain Banking Co.
Luckey
Exchange Bank
Lyons
Farmers S t a t e Bank
Madison
Citizens Bank
Mansfield
Farmers Savings & T r u s t Co.
Richland T r u s t Co.
Marblehead
Marblehead Bank Co.
Martins Ferry
Peoples Savings Bank Co.
Mason
First-Mason Bank
Massillon
Ohio-Merchants T r u s t Co.
Maumee
State Savings Bank Co.
McComb
Peoples Banking Co.
Middlepoint
Middlepoint Banking Co.
Exclusive of p a r t of State located in another district.
8o
ANNUAL
REPORT
OF BOARD
OF
GOVERNORS
S T A T E BANK A N D T R U S T COMPANY M E M B E R S - - C o n t i n u e d
D I S T R I C T N O . 4 - Continued
D I S T R I C T N O . 4—Continued
OHIO—continued
PENNSYLVANIA—continued
Mia'dletown
Minerva
F i r s t American Bank & T r u s t Co.
Minerva Banking Co.
Minerva Savings & Bank Co.
Minster
Minster State Bank
Monroeville
F a r m e r s & Citizens Banking Co.
M o u n t B l a n c h a r d . . .Citizens Bank
M o u n t Gilead
Peoples Savings Bank Co.
M o u n t Sterling
Sterling State Bank
M o u n t Vernon
Knox County Savings Bank
Napoleon
Community Bank
Newark
Licking County Bank
Newark T r u s t Co.
N e w Knoxville
Peoples Savings Bank
New Lexington
Perry County Bank
New P h i l a d e l p h i a . . .Ohio Savings & T r u s t Co.
New Waterford
New Waterford Savings & B a n k ing Co.
Niles
Niles Bank Co.
Northfield
Macedonia-Northfield
Banking
Co.
Norwalk
H u r o n County Banking Co.
Norwood
Norwood-Hyde P a r k Bank &
T r u s t Co.
Oak H a r b o r
Oak H a r b o r State Bank Co.
Oberlin
Oberlin Savings Bank Co.
Orrville
Orrville Savings B a n k
Pemberville
Citizens Savings Bank Co.
Polk
Polk State Bank
Pomeroy
Farmers Bank & Savings Co.
Ravenna
First Savings Bank
Reading
Reading Bank
Richwood
Richwood Banking Co.
Rittman
R i t t m a n Savings B a n k
Russellville
Bank of Russellville
St. B e r n a r d
Citizens Bank
St. H e n r y
St. Henry Bank
St. M a r y s
Home Banking Co.
Sandusky
Citizens Banking Co.
Western Security Bank
Shelby
Citizens B a n k
Shiloh
Shiloh Savings Bank Co.
Shreve
Farmers Bank
Silverton
Silverton Bank
Strasburg
Citizens-State Bank
Sylvania
Sylvania Savings Bank Co.
Toledo
Commerce Guardian Bank
Morris Plan Bank
Ohio Citizens T r u s t Co.
Toledo T r u s t Co.
Utica
Utica Savings Bank Co.
Vandalia
Vandalia State Bank
Van W e r t
Peoples Savings Bank
Wakeman
W a k e m a n Bank Co.
Waterville
Waterville S t a t e Savings B a n k
Wellington
F i r s t Wellington Bank
West Carrollton
West Carrollton Bank
Woodville
S t a t e Savings Bank
Wooster
Commercial Banking & T r u s t Co.
Yellow Springs
Miami Deposit Bank Co.
Youngstown
City T r u s t & Savings Bank
Dollar Savings & T r u s t Co.
PENNSYLVANIA^ (27 banks)
Aliquippa
Ambridge
Beaver
Dormont
Elizabeth
Erie
Homestead
Linesville
McKeesport
Meadville
New B r i g h t o n
New Castle
Pittsburgh
Woodlawn T r u s t Co.
Economy B a n k
Beaver T r u s t Co.
D o r m o n t Savings & T r u s t Co.
Bank of Elizabeth
Security-Peoples T r u s t Co.
Monongahela T r u s t Co.
Farmers & Merchants Bank
Peoples City Bank
Crawford County T r u s t Co.
Beaver County T r u s t Co.
Lawrence Savings & T r u s t Co.
Allegheny T r u s t Co.
Allegheny Valley Bank
Bank of Ohio Valley
Colonial T r u s t Co.
Commonwealth T r u s t Co.
Homewood Bank
Iron & Glass Dollar Savings
Peoples-Pittsburgh T r u s t Co.
P o t t e r Title & T r u s t Co.
St. Clair Deposit B a n k
Union T r u s t Co.
Somerset T r u s t Co.
T u r t l e Creek B a n k & T r u s t Co.
W a r r e n Bank & T r u s t Co.
Windber T r u s t Co.
Somerset
T u r t l e Creek
Warren
Windber
W E S T VIRGINIA^ (3 banks)
Sistersville
Wheeling
First-Tyler B a n k & T r u s t Co.
Security T r u s t Co.
Wheeling Dollar
Savings &
T r u s t Co.
D I S T R I C T N O . 5 (110 banks)
D I S T R I C T OF COLUMBIA (8 banks)
Washington
American Security & T r u s t Co.
City Bank
McLachlen Banking Corp.
Munsey T r u s t Co.
N a t i o n a l Savings & T r u s t Co.
Security Savings & Commercial
Bank
Union T r u s t Co.
Washington Loan & T r u s t Co.
M A R Y L A N D (11 banks)
Baltimore
Cambridge
Ellicott City
F o r e s t Hill
Hagerstown
Salisbury
Williamsport
Baltimore Commercial Bank
Calvert Bank
Fidelity T r u s t Co.
Maryland T r u s t Co.
Union T r u s t Co. of M a r y l a n d
County T r u s t Co. of M a r y l a n d
Commercial & F a r m e r s B a n k
Forest Hill S t a t e B a n k
Hagerstown T r u s t Co.
Farmers & M e r c h a n t s B a n k
Savings Bank of Williamsport
N O R T H C A R O L I N A (11 banks)
Charlotte
Concord
Durham
Eden ton
Marshall
Tryon
Wadesboro
Washington
Wilmington
Winston-Salem
American T r u s t Co.
Citizens Bank & T r u s t Co.
Fidelity B a n k
Bank of Eden ton
Citizens Bank
T r y o n B a n k & T r u s t Co.
B a n k of Wadesboro
B a n k of Washington
Peoples Savings Bank & T r u s t
Co.
Wilmington Savings & T r u s t Co.
Wachovia Bank & T r u s t Co
S O U T H C A R O L I N A (5 banks)
Bishopville
Camden
Charleston
Chester
Hartsville
Peoples B a n k
Commercial Bank
Carolina Savings Bank
Commercial Bank
Bank of Hartsville
V I R G I N I A (54 banks)
Abingdon
Alberta
Amelia
Amherst
Blacksburg
Blackstone
Bridgewater
Chase City
Chatham
Christiansburg
Coeburn
Edinburg
Elkton
Farmville
F a r m e r s Exchange B a n k
Bank of Alberta
Union Bank & T r u s t Co.
F a r m e r s & B a n k of Amherst
F a r m e r s & M e r c h a n t s Bank
Citizens Bank & T r u s t Co.
P l a n t e r s Bank
Peoples Bank & T r u s t Co.
Planters B a n k & T r u s t Co.
Bank of Christiansburg
Farmers Exchange B a n k
Farmers B a n k
Bank of E l k t o n
Planters Bank & T r u s t Co.
FEDERAL
RESERVE
SYSTEM
8l
STATE BANK A N D T R U S T COMPANY MEMBERS—Continued
D I S T R I C T N O . 5—Continued
D I S T R I C T N O . 6—Continued
VIRGINIA—continued
Giade Spring
ualifax
Hillsville
Kenbridge
Lacrosse.
Lawrenceville
Lynchburg
Mathews
McKenney
Montross
M o u n t Jackson
Odd
Petersburg
Phoebus
Portsmouth
Powhatan
Pulaski
Remington
Rich Creek
Richmond
Rural Retreat
Shawsville
Smithfield
South Boston
South Hill
Stanardsville
Suffolk
Tazewell
Vienna
Waynesboro
Williamsburg
Winchester
Woodstock
ALABAMA—continued
Bank of Glade Spring
Bank of Halifax
Carroll County Bank
Bank of Lunenburg
Bank of Lacrosse
Farmers & Merchants Bank
Lynchburg T r u s t
& Savings
Bank
Farmers Bank
Bank of Dinwiddie
Peoples Bank
Peoples Bank
Citizens Bank of Poquoson
Petersburg Savings & American
T r u s t Co.
Bank of Phoebus
Merchants & Farmers Bank
Bank of Powhatan
Pulaski T r u s t Co.
State Bank of Remington
Farmers & Merchants Bank
Bank of Commerce & T r u s t s
Mechanics & Merchants Bank
Southern Bank & T r u s t Co.
State-Planters Bank & T r u s t Co.
Peoples Bank
Bank of Shawsville
Bank of Smithfield
Merchants & Farmers Bank
Citizens Bank
South Boston Bank & T r u s t Co.
Citizens Bank
Bank of Greene
American Bank & T r u s t Co.
Farmers Bank of Nansemond
Farmers Bank of Clinch Valley
Vienna T r u s t Co.
Citizens-Waynesboro Bank &
T r u s t Co.
Peninsula Bank & T r u s t Co.
Union Bank
Shenandoah County Bank &
T r u s t Co.
Montgomery
Oneonta
Pine Apple
Selma
Thomaston
York
F L O R I D A (5 banks)
Bradenton
F o r t Lauderdale
Marianna
Ocala
St. Petersburg
Bainbridge
Blackshear
Brunswick
Canton
Columbus
Commerce
Lawrenceville
Millen
Monroe
Pelham
Savannah
Soperton
Swainsboro
Slidell
Guin
Marion Junction
1
Aliceville Bank & T r u s t Co.
Birmingham T r u s t & Savings Co.
Peoples Savings Bank
Bank of Commerce
Columbiana Savings Bank
Parker Bank & T r u s t Co.
D o t h a n Bank & T r u s t Co.
Merchants & Farmers Bank of
Greene County
Marion County Banking Co.
Marion Junction State Bank
Bank
&
T E N N E S S E E (7 banks)
Citizens Bank & T r u s t Co.
American T r u s t & Banking Co.
Greene County Bank
Bank of Hartsville
Commercial Bank & T r u s t Co.
Peoples & Union Bank
Commerce Union Bank
D I S T R I C T N O . 7 (364 banks)
I L L I N O I S 1 (70 banks)
Argenta
Arthur
Bloomington
Blue Island
Blue Mound
Bushnell
Byron
Camp Grove
Chadwick
Chicago
Exclusive of p a r t of State located in another district
Bank of Forest
Deposit
Guaranty
T r u s t Co.
Carthage
Chattanooga
Greeneville
Hartsville
Knoxville
Lewisburg
Nashville
D I S T R I C T N O . 6 (54 banks)
ALABAMA (16 banks)
Rapides Bank & T r u s t Co
St. B e r n a r d Bank & T r u s t Co.
Lake Charles Bank & T r u s t Co.
American Bank & T r u s t Co.
Louisiana Savings Bank & T r u s t
Co.
Bank of Slidell
M I S S I S S I P P I (2 banks)
Forest
Jackson
Bank of White Sulphur Springs
Aliceville
Birmingham
Clan ton
Clayton
Columbiana
Cullman
Dothan
Eutaw
Bank of Adairsville
T r u s t Co. of Georgia
Georgia Railroad Bank & T r u s t
Co.
Citizens Bank & T r u s t Co.
Blackshear Bank
Brunswick Bank & T r u s t Co.
Bank of Canton
Columbus Bank & T r u s t Co.
Merchants & Mechanics Bank
N o r t h e a s t e r n Banking Co.
B r a n d Banking Co.
Bank of Millen
Farmers Bank
Farmers Bank
Citizens Bank & T r u s t Co.
Savannah Bank & T r u s t Co.
Bank of Soperton
Central Bank
LOUISIANA^ (6 banks)
Alexandria
Arabi
Lake Charles
New Orleans
Belington Bank
Berwind Bank
Buffalo Bank
Kanawha Banking & Trust Co.
Kanawha Valley Bank
Bank of Greenville
P u t n a m County Bank
Greenbrier Valley Bank
Peoples T r u s t Co.
Tucker County Bank
Potomac Valley Bank
Bank of Quinwood
Bank of Rainelle
Bank of Romney
Bank of St. Albans
Pleasants County Bank
Traders T r u s t & Banking Co.
Farmers & Merchants Bank
Bank of Monroe
Capon Valley Bank
Greenville
Hurricane
Lewisburg
Martinsburg
Parsons
Petersburg
Quinwood
Rainelle
Romney
St. Albans
St. Marys
Spencer
Summersville
Union
Wardensville
White Sulphur
Springs
M a n a t e e River Bank & T r u s t Co.
Broward Bank & T r u s t Co.
Citizens S t a t e Bank
Commercial Bank & T r u s t Co.
Union T r u s t Co.
G E O R G I A (18 banks)
Adairsville
Atlanta
Augusta
W E S T VIRGINIA^ (21 banks)
Belington
Berwind
Buffalo
Charleston
Union Bank & T r u s t Co.
Citizens Bank
Bank of Pine Apple
Peoples Bank & T r u s t Co.
P l a n t e r s Bank & T r u s t Co.
Bank of York
. .Gerber State Bank
. . S t a t e Bank of Arthur
. .Corn Belt Bank
Peoples Bank
State Bank of Blue Island
State Bank of Blue M o u n d
Farmers & Merchants State Bank
Rock River Community Bank
C a m p Grove S t a t e Bank
Farmers State Bank
Amalgamated T r u s t & Savings
Bank
East Side T r u s t & Savings Bank
Harris T r u s t & Savings Bank
Kaspar-American State Bank
Lake Shore T r u s t & Savings
Bank
82.
ANNUAL REPORT OF BOARD OF GOVERNORS
STATE BANK AND TRUST COMPANY MEMBERS—Continued
DISTRICT NO. 7—Continued
DISTRICT NO. 7-Continued
INDIAN A—continued
ILLINOIS—continued
Delphi
Union Bank & Trust Co.
Lake View Trust & Savings
Elkhart
First Old State Bank
Bank
St. Joseph Valley Bank
Main State Bank
Etna" Green
Etna Bank
Metropolitan State Bank
Fairmount
Fairmount State Bank
Metropolitan Trust Co.
Fowler
Fowler State Bank
Northern Trust Co.
Franklin
Farmers Trust Co.
Sears-Community State Bank
Garrett
Garrett State Bank
State Bank of Clearing
Gary
Gary State Bank
Cowden
State Bank of Cowden
Gary Trust & Savings Bank
Elburn
Kane County Bank & Trust Co
Greencastle
First-Citizens Bank & Trust Co.
Eureka
State Bank of Eureka^
Greenfield
Greenfield Banking Co.
Evanston
Evanston Trust & Savings Bank
Greensburg
Union Trust Co.
State Bank & Trust Co.
Hartford City
Citizens State Bank
Freeport
State Bank of Freeport
Hebron
Citizens Bank
Fulton
Fulton State Bank
Hope
Hope State Bank
Galesburg
Farmers & Mechanics Bank
Indianapolis
Fletcher
Trust Co.
Geneva
State Bank of Geneva
Jamestown
Citizens State Bank
Glasford
Glasford State Bank
Kokomo
Union
Bank
& Trust Co.
Hillsdale
Old Farmers & Merchants State
La Fayette
La Payette Savings Bank
Bank
Linden
Linden
State
Bank
Joy
Joy State Bank
Logansport
Farmers & Merchants State
Lanark
Exchange State Bank
Bank
LaSalle
LaSalle State Bank
Marshall
Citizens State Bank
Lostant
Farmers State Bank
Mohawk
Mohawk State Bank
McHenry
West McHenry State Bank
Monticello
State & Savings Bank
Metamora
Metamora State Bank
Montpelier
Bank of Montpelier
Milford
Citizens State Bank
Muncie
Merchants Trust Co.
Millbrook
Farmers State Bank
Nappanee
State Bank of Nappanee
Moline
Moline State Trust & Savings
Oldenburg
Farmers & Merchants State Bank
Bank
Parker
Parker
Banking Co.
Momence
Parish Bank & Trust Co.
Pendleton
Pendleton Banking Co.
Morrison.
Smith Trust & Savings Bank
Poland
Poland-State
Bank
Mt. Pulaski
Farmers Bank
Porter
First State Bank
Niantic
State Bank of Niantic
Reynolds
Bank
of
Reynolds
Oak Park
Oak Park Trust & Savings Bank
Rising Sun
Rising Sun State Bank
Petersburg
Schirding State Bank
Roachdale
Roachdale Bank & Trust Co.
Piper City
State Bank of Piper City
Saratoga
Saratoga State Bank
Riverdale.,
First Trust & Savings Bank
South Bend
First Bank & Trust Co.
Rochester
Rochester State Bank
Sweetser
Farmers State Bank
Rock Island
State Bank of Rock Island
Tipton..
Farmers
Loan & Trust Co.
Rushville
Rushville State Bank
Valparaiso
First State Bank
Shannon
First State Bank
Van
Buren
Van
Buren
Bank
Shelbyville
Shelby County State Bank
Warren
Exchange Bank
Shelby Loan & Trust Co.
Warsaw
Lake
City
Bank
Skokie
Niles Center State Bank
Waterloo
Citizens State Bank
Springfield
Springfield Marine Bank
West College Corner
Thomson
Thomson State Bank
(College Corner,
Tinley Park
Bremen State Park
Ohio, P. O.)
Farmers State Bank
Tolono
Citizens Bank
Urbana
Busey's State Bank
Villa Grove
Villa Grove State Bank
IOWA (51 banks)
Walnut
Citizens State Bank
Algona
Iowa State Bank
Washington
Danforth Banking Co.
Security State Bank
Wenona
First State Bank
Auburn
Auburn
Savings Bank
Wheaton
Gary-Wheaton Bank
Aurelia
First Trust & Savings Bank
Wheaton Trust & Savings Bank
Blencoe
Blencoe
State Bank
Wilmette
Wilmette State Bank
Cherokee
Cherokee State Bank
Yorkville
Farmers State Bank
Churdan
First State Bank
Clarinda
Citizens State Bank
INDIANAi (69 banks)
Clear Lake
Clear Lake Bank & Trust Co.
Corydon
Corydon State Bank
Amboy
State Bank of Amboy
Davenport
Davenport Bank & Trust Co.
Anderson
Citizens Banking Co.
Des Moines
Bankers Trust Co.
Andrews
State Bank of Andrews
Dubuque
American Trust & Savings Bank
Angola
Steuben County State Bank
Early
Early Savings Bank
Auburn
Auburn State Bank
Estherville
Iowa Trust & Savings Bank
Avilla
Community State Bank
Fairfield
Iowa State Bank & Trust Co.
Battle Ground
Battle Ground State Bank
Fontanelle
State
Savings Bank
Berne
First Bank of Berne
Forest City
Forest City Bank & Trust Co.
Bippus
Bippus State Bank
Fort
Dodge
The
State
Bank
Boswell
Farmers & Merchants Bank
Fort Madison
Fort Madison Savings Bank
Bourbon
First State Bank
Gladbrook
State
Bank
Brazil
Brazil Trust Co.
Glenwood
Glenwood State Bank
Bremen
Bremen State Bank
Holstein
Holstein State Bank
Brookville
Peoples Trust Co.
Hull
Iowa State Bank
Cambridge City
Wayne Trust Co.
Ida Grove
Ida County State Bank
Carthage
State Bank of Carthage
Jesup. .
Farmers State Bank
Chesterton
Chesterton State Bank
Keota
Security State Bank
Columbia City
Citizens State Bank
Lineville
Lineville State Bank
Farmers Loan & Trust Co.
Lohrvilie
Commercial Savings Bank
Connersville.
Fayette Bank & Trust Co.
Maquoketa.
Jackson State Savings Bank
Crawfordsville
Elston Bank & Trust Co.
Mason
City
United Home Bank & Trust Co.
Darlington
Farmers & Merchants State Bank
Mondamin
Mondamin Savings Bank
Decatur
First State Bank
1
Exclusive of part of State located in another district.
FEDERAL
RESERVE
83
SYSTEM
S T A T E BANK A N D T R U S T COMPANY MEMBERS—Continued
DISTRICT N O . 7-Continued
DISTRICT N O . 7-Continued
M ICHIGAN-^ontinued
IOWA--continued
Monticello
Moorhead
Muscatine
Monticello State Bank
Moorhead StatelBank
Central S t a t e Bank
Muscatine Bank & T r u s t Co.
New Hampton
Security S t a t e Bank
Newton
Jasper County Savings Bank
Osage
Home T r u s t & Savings Bank
Ottumwa
Fidelity Savings Bank
Union Bank & T r u s t Co.
Riceville
Riceville S t a t e Bank
Royal
Home S t a t e B a n k
Sheldon
Security S t a t e Bank
Shenandoah
Security T r u s t & Savings Bank
Storm Lake
Commercial T r u s t & Savings
Bank
Security T r u s t & Savings Bank
Strawberry Point... .Union Bank & T r u s t Co.
Templeton
Templeton Savings Bank
Washington
Washington S t a t e Bank
Williams
Williams Savings Bank
M I C H I G A N i (132 banks)
Adrian
Albion
Algonac
Allegan
Alpena.
Alto
Ann Arbor
Armada
Bay City
Belleville
Berrien Springs
Big Rapids
Blanchard
Blissfield
Bronson
Brown City
Byron Center
Caledonia
Capac
Cass City
Cassopolis
Charlevoix
Charlotte
Chelsea
Chesaning
Clare
Clarkston
Coloma
Coopersville
Corunna
Croswell
Davison
Decatur
Detroit
Dexter
Dundee
Durand
Ecorse
Farmington
Fennville
Fen ton
Flint
Flushing
Fountain
Frankenmuth
Frankfort
Fremont
Gagetown
1
Adrian S t a t e Savings Bank
Commercial Savings Bank
Lenawee County Savings Bank
Commercial & Savings Bank
Algonac Savings Bank
Allegan S t a t e Bank
Alpena Savings Bank
Farmers State Bank
Ann Arbor Savings & Commercial Bank
State Savings Bank
Armada S t a t e Bank
Bay City Bank
Peoples Commercial & Savings
Bank
Peoples S t a t e Bank
Berrien Springs State Bank
Big Rapids Savings Bank
Blanchard State Bank
Blissfield State Bank
Peoples S t a t e Bank
Brown City Savings Bank
Byron Center S t a t e Bank
State Bank of Caledonia
Capac State Savings Bank
Cass City S t a t e Bank
Pinney S t a t e Bank
Cass County S t a t e Bank
Charlevoix County State Bank
E a t o n County Savings Bank
Chelsea S t a t e Bank
Chesaning State Bank
Citizens State Bank
Clarkston S t a t e Bank
State Bank of Coloma
Coopersville S t a t e Bank
Old Corunna S t a t e Bank
State Bank of Croswell
Davison State Bank
First State Bank
Commonwealth Bank
Detroit Bank
United Savings Bank
Dexter Savings Bank
Monroe County Bank
Shiawassee County Bank
Ecorse Savings Bank
Farmington State Bank
Old S t a t e Bank
State Savings Bank
Citizens Commercial & Savings
Bank
Genesee County Savings Bank
Merchants & Mechanics Bank
Peoples S t a t e Bank
F o u n t a i n S t a t e Bank
F r a n k e n m u t h State Bank
S t a t e Savings Bank
Fremont S t a t e Bank
Old S t a t e B a n k
State Savings Bank
Exclusive of p a r t of State
Gay lord
Grand Haven
Grand Rapids
Grandville
Grant
Greenville
Grosse Pointe
Hamtramck
Harbor Beach
Harbor Springs
Hillsdale
Holland
Holly
Howell
Imlay City
Jackson
Jonesville
Kingston
Lakeyiew
Lansing
Lapeer
Lawrence
Lowell
Ludington
Manchester
Manistee
Marcellus
Mason
Merrill
Midland
Milan
Montague
Morrice
M o u n t Clemens
Mount Pleasant
New Baltimore
New Boston
New Haven
N o r t h Branch
Onsted
Oxford
Petoskey
Pigeon
Pinconning
Plymouth
Richmond
River Rouge
Romeo
St. Clair
St. Johns
Saugatuck
Sebewaing
South Haven
Sparta
Spring Lake
Springport
Traverse City
Trenton
Vassar
Wayne
West Branch
Whitehall
Williamston
Wyandotte
Yale
Zeeland
Gaylord S t a t e Savings Bank
Grand Haven S t a t e Bank
Peoples Savings Bank
Old K e n t Bank
Community State Bank
G r a n t S t a t e Bank
Commercial State Savings Bank
First State Bank
Grosse Pointe Bank
Liberty S t a t e Bank
S t a t e Bank
E m m e t County S t a t e Bank
Hillsdale S t a t e Savings Bank
Holland State Bank
Peoples State Bank
First State & Savings Bank
First State & Savings Bank
Imlay City State Bank
Jackson City Bank & T r u s t Co.
Grosvenor Savings Bank
Kingston S t a t e Bank
Bank of Lakeview
American State Savings Bank
Bank of Lansing
Lapeer Savings Bank
H o m e S t a t e Bank
State Savings Bank
Ludington State Bank
Peoples Bank
Union Savings Bank
Manistee County Savings Bank
G. W. Jones Exchange Bank
Farmers Bank
Farmers & Merchants State Bank
Chemical State Savings Bank
Peoples State Bank
Farmers State Bank
Morrice S t a t e Bank
M o u n t Clemens Savings Bank
Exchange Savings Bank
Isabella County State Bank
Citizens S t a t e Savings Bank
Peoples S t a t e Bank
New H a v e n Savings Bank
Pioneer Bank
Onsted S t a t e Bank
Oxford Savings Bank
First State Bank
Pigeon State Bank
Pinconning State Bank
Plymouth United Savings Bank
Macomb County Saving Bank
River Rouge Savings Bank
Romeo Savings Bank
Commercial & Savings Bank
S t a t e Bank of St. Johns
F r u i t Growers State Bank
Farmers & Merchants State Bank
Citizens S t a t e Bank
First State Bank
Sparta State Bank
Spring Lake State Bank
Springport State Savings Bank
First-Peoples State Bank
Traverse City S t a t e Bank
T r e n t o n S t a t e Bank
State Bank of Vassar
Wayne State Bank
State Savings Bank
State Bank of Whitehall
Peoples States Bank
W y a n d o t t e Savings Bank
Yale State Bank
Zeeland State Bank
WISCONSIN^ (42 banks)
Antigo
Beloit
Berlin
Burlington
Chilton
Cudahy
located in another district.
Fidelity Savings Bank
Beloit Savings Bank
Beloit S t a t e Bank
Farmers & Merchants Bank
Bank of Burlington
Commercial B a n k
Cudahy S t a t e Bank
84
A N N U A L REPORT OF BOARD OF GOVERNORS
STATE BANK AND TRUST COMPANY MEMBERS-Continued
DISTRICT NO. 7—Continued
DISTRICT NO. 8—Continued
WISCONSIN—continued
INDIANA—continued
De Forest
De Forest-Morrisonville Bank
Oak town
Oaktown Bank
Denmark
Denmark State Bank
Orleans
Bank of Orleans
Edgerton
Tobacco Exchange Bank
Richland
Lake State Bank
Evansville
Union Bank & Trust Co.
Salem
State Bank of Salem
Fox Lake
State Bank of Fox Lake
Sandborn
Sandborn Banking Co.
Francis Creek
State Bank of Francis Creek
Scottsburg
Scott County State Bank
Green Bay
Peoples Trust & Savings Bank
Green Lake
Green Lake State Bank
KENTUCKY^ (11 banks)
Kaukauna
Bank of Kaukauna
Kewaunee
State Bank of Kewaunee
Bardstown
Farmers Bank & Trust Co.
Lake Mills
Bank of Lake Mills
Campbellsville
Citizens Bank & Trust Co.
Lancaster
Lancaster State Bank
Clay
Farmers Bank
Manitowoc
.Manitowoc Savings Bank
Danville
Boyle Bank & Trust Co.
Markesan
Markesan State Bank
Hartford
Citizens Bank
Mayville
State Bank of Mayville
Hopkinsville
Planters Bank & Trust Co.
Milwaukee
American State Bank
Louisville
Kentucky
Title Trust Co.
Commonwealth Mutual Savings
Lincoln Bank & Trust Co.
Bank
Louisville
Trust
Co.
Home Savings Bank
Middletown
Bank of Middletown
Marshall & llsley Bank
Owensboro
First-Owensboro
Bank & Trust
Northern Bank
Co.
Park Savings Bank
Teutonia Avenue State Bank
West Side Bank
MISSOURI^ (64 banks)
Platteville
State Bank of Platteville
Arnold
Bank of Maxville
Sauk City
Farmers & Citizens Bank
California
Farmers & Traders Bank
Sheboygan
Bank of Sheboygan
Camden ton
Camden County Bank
Citizens State Bank
Carrollton
Carroll County Trust Co.
South Milwaukee. . .Home State Bank
Clayton
St. Louis County Bank
Sturgeon Bay
Bank of Sturgeon Bay
Clinton
Union State Bank
Viroqua
State Bank of Viroqua
Crane
Bank of Crane
Waupaca
Farmers State Bank
Cuba
Peoples Bank
Waupun
State Bank of Waupun
Eldon
Bank of Eldon
Wausau
Citizens State Bank
Elsberry
Bank of Lincoln County
West Allis
Milwaukee County Bank
Fair Play
Citizens State Bank
Whitewater
First Citizens State Bank
Farmington
United Bank
Fen
ton
Farmers
& Merchants Bank
DISTRICT NO. 8 (118 banks)
Fulton
Callaway Bank
Glasgow
Glasgow Savings Bank
ARKANSAS (9 banks)
Hannibal
Farmers & Merchants Bank &
Arkadelphia
Elk Horn Bank & Trust Co.
Trust Co.
Batesville
Citizens Bank & Trust Co.
Keytesville
Bank of Keytesville
Blytheville
.Farmers Bank & Trust Co.
Lancaster
Schuyler County State Bank
Camden
.Merchants & Planters Bank
Lebanon
State Bank of Lebanon
Fordyce
Fordyce Bank & Trust Co.
State Savings Bank
Little Rock
W. B. Worthen Co., Bankers
Luxemburg
Lemay Bank & Trust Co.
Russellville
Bank of Russellville
Maplewood
Maplewood Bank & Trust Co.
Peoples Exchange Bank
Peoples State Bank
Waldron
Bank of Waldron
Marshall
Wood & Huston Bank
Memphis
Bank of Memphis
Moberly
City Bank & Trust Co.
ILLINOIS* (26 banks)
Mechanics Bank & Trust Co.
Monroe City
Monroe City Bank
Breese
State Bank of Breese
Normandy
Normandy State Bank
Cairo
First Bank & Trust Co.
Paris
Paris Savings Bank.
Clay City
Clay City Banking Co.
Pine Lawn
Pine Lawn Bank & Trust Co.
Dongola
First State Bank
Polo
Farmers Bank
Dupo
Dupo State Savings Bank
St. Charles
St. Charles Savings Bank
DuQuoin
DuQuoin State Bank
Union Savings Bank
East St. Louis
Union Trust Co.
Ste. Genevieve
Bank of Ste. Genevieve
Edwardsville
Bank of Edwardsville
St. Louis
Baden Bank
Effingham
Effingham State Bank
Bremen Bank & Trust Co.
Eldorado
C. P. Burnett & Sons, Bankers
Cass Bank & Trust Co.
Farina
State Bank of Farina
Chippewa Trust Co.
Hillsboro
Montgomery County Bank
Easton-Taylor
Trust Co.
Hoyleton
Hoyleton State & Savings Bank
Jefferson Bank & Trust Co.
Jacksonville
Elliott State Bank
Jefferson-Gravois
Bank
Johnston City
Johnston City State Bank
Lindell Trust Co.
Keyesport
State Bank of Keyesport
Manchester
Bank
Litchfield
Litchfield Bank & Trust Co.
Manufacturers Bank & Trust Co.
Mounds
First State Bank
Mercantile-Commerce Bank &
Olmsted
First State Bank
Trust Co.
Red Bud
First State Bank
Mississippi Valley Trust Co.
Richview
Richview State Bank
Mound City Trust Co.
Ridgway
Gallatin County Bank
North St. Louis Trust Co.
St. Elmo
Fayette County Bank
Plaza Bank
St. Peter
First State Bank
Southern Commercial & Savings
Teutopolis
Teutopolis State Bank
Bank
Vandalia
Farmers & Merchants Bank
Southwest Bank
Tower
Grove Bank & Trust Co.
INDIANA* (8 banks)
United Bank & Trust Co.
St. Louis County. . .Gravois Bank
Bloomfield
Bloomfield State Bank
Sedalia
Sedalia Bank & Trust Co.
Charlestown
First Bank of Charles town
1
Exclusive of part of State located in another district.
FEDERAL RESERVE SYSTEM
85
STATE BANK AND TRUST COMPANY MEMBERS—Continued
DISTRICT NO. 8—Continued
.
DISTRICT N O . 9—Cont inued
MISSOURI-continued
Springfield
Southern^Missouri Trust Co.
Steelville
Community Bank
Sweet Springs
Chemical Bank
Vandalia
Vandalia State Bank
Versailles
Bank of Versailles
Vienna
Maries County Bank
Washington
Franklin County Bank
Webster Groves
Webster Groves Trust Co.
DISTRICT NO. 9 (88 banks)
MICHIGAN1 (14 banks)
Bark River
Bark River State Bank
Escanaba
State Savings Bank
Ewen
State Bank of Ewen
Gladstone
Gladstone State Savings Bank
Gwinn
Gwinn State Savings Bank
Iron River
Miners' State Bank
L'Anse
Commercial Bank
Manistique
State Savings Bank
Menominee
Commercial Bank
Newberry
Newberry State Bank
Ontonagon
Citizens State Bank
Sault Ste. Marie
Central Savings Bank
Sault Savings Bank
South Range
South Range State Bank
MINNESOTA (21 banks)
Caledonia
Sprague State Bank
Cannon Falls
Security State Bank
Chatfield
Root River State Bank
Clinton
Clinton State Bank
Hawley
State Bank of Hawley
Houston
Security State Bank
Lakefield
Farmers State Bank
Madelia
Farmers State Bank
Minneapolis
Fidelity State Bank
Owatonna
Security Bank & Trust Co.
Plain view
Peoples State Bank.
Rockville
State Bank of Rockville
Rushmore
First State Bank
St. Cloud
Zapp State Bank
Sleepy Eye
State Bank of Sleepy Eye
Springfield
Farmers & Merchants State Bank
State Bank of Springfield
Wadena
Wadena County State Bank
Welcome
Welcome State Bank
West Concord
Farmers State Bank
Winona
Merchants Bank
Anaconda
Belt.
Big Timber
Billings
Bozeman
Broadus
Butte
Cascade
Choteau
Columbus
Deer Lodge
Denton
Fromberg
Glasgow
Great Falls
Helena
Laurel
Libby
Richey
Ronan
Terry
Townsend
Victor
Worden
Alcester
Arlington
MONTANA (25 banks)
Daly Bank & Trust Co.
Belt Valley Bank
Citizens Bank & Trust Co.
Security Trust & Savings Bank
Gallatin Trust & Savings Bank
Security Bank & Trust Co.
Powder River County Bank
Metals Bank & Trust Co.
Stockmens Bank
Citizens State Bank
Yellowstone Bank
Deer Lodge Bank & Trust Co.
Farmers State Bank
Clarks Fork Valley Bank
Farmers-Stockgrowers Bank
Montana Bank & Trust Co.
Union Bank & Trust Co.
Yellowstone Bank
First State Bank
First State Bank
Ronan State Bank
State Bank of Terry
State Bank of Townsend
Farmers State Bank
Farmers State Bank
SOUTH DAKOTA (23 banks)
State Bank of Alcester
Citizens State Bank
SOUTH DAKOTA-continued
Belle Fourche
Bank of Belle Fourche
Belvidere
Belvidere State Bank
Buffalo
First State Bank
Custer
Custer County Bank
Faith
Farmers State Bank
Flandreau
Farmers State Bank
Freeman
Merchants State Bank
Fulton
Fulton State Bank
Huron
Farmers & Merchants Bank
Madison
..Security Bank & Trust Co.
Miller
Hand County State Bank
Mitchell
Commercial Trust & Savings
Bank
Mobridge
Citizens Bank
Onida
Onida Bank
Presho
Farmers & Merchants State Bank
Sioux Falls
Union Savings Bank
Sturgis
Bear Butte Valley Bank
Toronto
Bank of Toronto
Vermillion
Citizens Bank
Webster
Security Bank
Woonsocket
Sanborn County Bank
WISCONSIN* (5 banks)
Boyceville
Glenwood City
Menomonie
Rhinelander
Tomahawk
Bank of Boyceville
First State Bank
Kraft State Bank
Merchants State Bank
Bradley Bank
DISTRICT NO. 10 (91 banks)
COLORADO (15 banks)
Brighton
Brighton State Bank
Craig
Moffatt County State Bank
Del Norte
Rio Grande County Bank
Delta
Colorado Bank & Trust Co.
Denver
Central Savings Bank & Trust
Co.
Internatonal Trust Co.
Eaton
Eaton Bank
Fort Morgan
Farmers State Bank
Grand Junction
United States Bank
Gunnison
Gunnison Bank & Trust Co.
Haxtun
Haxtun State Bank
La Junta
Colorado Savings & Trust Co.
Sterling
Commercial Savings Bank
Security State Bank
Yuma
Farmers State Bank
KANSAS (29 banks)
Abilene
Augusta
Burns
Caldwell
Eldorado
Goodland
Great Bend
Hiawatha
Hill City
Horton
Hoxie
Hutchinson
Kansas City
Kinsley
Liberal
Luray
Ness City
Norton
Oakley
Osage City
Pratt
Rossville
Sedan
St. Marys
Sylvan Grove
Tonganoxie
Topeka
Wakefield
Winfield
1
Exclusive of part of State located in another district.
Citizens Bank
Prairie State Bank
Burns State Bank
Stock Exchange Bank
Citizens State Bank
Goodland State Bank
American State Bank
Morrill & Janes Bank
Farmers & Merchants Bank
Home State Bank
Hoxie State Bank
Hutchinson State Bank
Riverview State Bank
Kinsley Bank
Citizens State Bank
Peoples State Bank
First State Bank
First State Bank
Farmers State Bank
Citizens State Bank
Peoples Bank
Peoples State Bank
Sedan State Bank
St. Marys State Bank
Sylvan State Bank
First State Bank
Fidelity Savings State Bank
Farmers & Merchants State Bank
The State Bank
86
ANNUAL REPORT OF BOARD OF GOVERNORS
STATE BANK AND TRUST COMPANY MEMBERS—Continued
DISTRICT NO. 10—Continued
DISTRICT NO. 11—Continued
MISSOURI (12 banks)
TEXAS (86 banks)
Albany
Gentry County Bank
Aransas Pass
First State Bank
Carthage
Bank of Carthage
Bandera
First State Bank
Craig
Bank of Craig
Bangs
First State Bank
Kansas City
Commerce Trust Co.
Bay City
Bay City Bank & Trust Co.
Mercantile Home Bank & Trust
Beaumont
Security State Bank & Trust Co.
Co.
Beeville
State Bank & Trust Co.
Merchants Bank
Brackettville
First State Bank
King City
First State Bank
Bremond
First State Bank
Lamar
Barton County State Bank
Brenham
Washington County State Bank
Rich Hill
Security Bank
Brownfield
Brownfield State Bank
St. Joseph
Empire Trust Co.
Bryan
First State Bank & Trust Co.
South St. Joseph....First St. Joseph Stock Yards
Celina
First State Bank
Bank
Clarendon
Farmers State Bank
Stanberry
Farmers State Bank
Cleveland
Farmers State Bank
Clifton
Farmers State Bank
Crosby
Crosby State Bank
NEBRASKA (14 banks)
Crowell
Crowell State Bank
Alma
Harlan County Bank
Cuero
Farmers State Bank & Trust Co.
Bancroft
Citizens Bank
Dalhart
Citizens State Bank
Blair
Washington County Bank
Dallas
Liberty State Bank
Bluehill
Commercial Bank
De Kalb
State Bank of De Kalb
Chappell
Deuel County State Bank
Del Rio
Del Rio Bank & Trust Co.
Hartington
Bank of Hartington
Dodson
First State Bank
Lexington
Farmers State Bank
Dumas
First State Bank
North Platte
McDonald State Bank
East Bernard
Union State Bank
Pawnee City
Citizens State Bank
Eden
Eden State Bank
Scribner
Farmers State Bank
Ferris
Farmers & Merchants State Bank
Stromsburg
Stromsburg Bank
Forney
Forney State Bank
Valley
Bank of Valley
Franklin
First State Bank
Wahoo
;.. .Wahoo State Bank
Fredericksburg
Security State Bank
Wallace
Farmers State Bank
Gatesville
Guaranty Bank & Trust Co.
Gladewater
First State Bank
Gonzales
Gonzales State Bank
NEW MEXICO1 (2 banks)
Granger
First State Bank
Aztec
Citizens Bank
Hamilton
Hamilton Bank & Trust Co.
Houston
Citizens State Bank
Taos
First State Bank
Guardian Trust Co.
Iola
Iola State Bank
OKLAHOMA! (10 banks)
Kerrville
First State Bank
Ada
Oklahoma State Bank
Knox City
Citizens State Bank
Canton
Bank of Canton
Kosse
First State Bank
Eldorado
First State Bank
Ladonia
Farmers & Merchants State Bank
Fairview
Fairview State Bank
Llano
Moore State Bank
Garber
Bank of Garber
Loraine
First State Bank
Medford
Grant County Bank
Lorenzo
Lorenzo State Bank
Okarche
First Bank of Okarche.
Madisonville
Farmers State Bank
Purcell
First State Bank
Marlin
First State Bank
Stroud
First State Bank
Matador
First State Bank
Woodward
Bank of Woodward
Mathis
First State Bank
Maypearl
First State Bank
McAllen
City State Bank & Trust Co.
WYOMING (9 banks)
Monahans
First State Bank
Evanston
Stockgrowers Bank
Mount Pleasant
Guaranty Bond State Bank
Lusk
Lusk State Bank
Muleshoe
Muleshoe State Bank
Mountain View
Uinta County State Bank
Pearsall
Security State Bank
Newcastle
First State Bank
Ralls
Security State Bank & Trust Co.
Saratoga
Saratoga State Bank
Rankin
First State Bank
Sundance
Sundance State Bank
Richardson
Citizens State Bank
Wheatland
State Bank of Wheatland
Robert Lee
Robert Lee State Bank
Stock Growers Bank
Roby
Citizens State Bank
Worland
Farmers State Bank
Rocksprings
First State Bank
Roscoe
Roscoe State Bank
Royse City
Citizens State Bank
DISTRICT NO. 11 (93 banks)
Rusk
Farmers & Merchants State
ARIZONA^ (1 bank)
Bank & Trust Co.
San Marcos
State Bank & Trust Co.
Tucson
Southern Arizona Bank & Trust
Schertz
Schertz State Bank
Co.
Seminole
Seminole State Bank
Shamrock
Farmers & Merchants State Bank
LOUISIANA1 (2 banks)
Shiro
Farmers State Bank
Silsbee
Silsbee State Bank
Minden
Minden Bank & Trust Co.
Sin ton
Commercial State Bank
Shreveport
Continental-American Bank &
Spearman
First
State Bank
Trust Co.
Spur
Spur Security Bank
Sulphur Springs
Sulphur Springs State Bank
NEW MEXICO! (3 banks)
Taft
First State Bank
Talpha
First State Bank
Carlsbad
American Bank
Temple
Farmers
State Bank
Deming
Mimbres Valley Bank
Thorndale
Thorndale State Bank
Logan
McFarland Bros. Bank
Tomball
Guaranty Bond State Bank
Trent
Home State Bank
OKLAHOMA! (1 bank)
Wellington
Wellington State Bank
Atoka
Atoka State Bank
West Columbia
First Capitol State Bank
1
Exclusive of part of State located in another district.
FEDERAL
RESERVE
STATE BANK AND TRUST
SYSTEM
1PANY MEMBERS—Continued
D I S T R I C T N O . 11—Continued
D I S T R I C T N O . 12—Continued
TEXAS—continued
Wharton
Security Bank & T r u s t Co.
Wharton Bank & T r u s t Co.
Winters State Bank
First State Bank
Winters
York town
D I S T R I C T N O . 12 (70 banks)
87
O R E G O N (6 banks)
Albany
Beaverton
Dallas
Halsey
Myrtle Point
Oakland
Bank of Albany
First Security Bank
Dallas City Bank
Halsey State Bank
Security Bank
E . G . Young & Co. Bank
ARIZONA* (1 bank)
Buckeye
C A L I F O R N I A (17 banks)
Auburn
Carmel
Fairfield
Lodi
Long Beach
Los Angeles
Newman
Oakland
Pasadena
Salinas
San Francisco
San Rafael
Santa Paula
Aberdeen
American Falls
Arco
Hazel ton
Malad City
Orofino
Richfield.
Soda Springs
Twin Falls
Elko
Pioche
UTAH (21 banks)
Buckeye Valley Bank
Placer County Bank
Bank of Carmel
Solano County Bank
Farmers & Merchants Bank
Farmers & Merchants Bank
California Bank
California T r u s t Co.
Union Bank & T r u s t Co.
Bank of Newman
Bank of Commerce
Citizens Commercial T r u s t &
Savings Bank
First T r u s t & Savings Bank
Monterey County T r u s t & Savings Bank
American Trust Co.
Wells Fargo Bank & Union
T r u s t Co.
Bank of San Rafael
Citizens State Bank
I D A H O (9 banks)
Bank of Aberdeen
American Falls Bank
B u t t e County Bank
Hazel ton State Bank
J. N . Ireland & Co., Bankers
Bank of Oroiino
First State Bank
Largilliere Co., Bankers
Twin Falls Bank & T r u s t Co.
N E V A D A (2 banks)
N e v a d a Bank of Commerce
Bank of Pioche
Brigham
Cedar City
Ephraim
Gunnison
Heber
Helper
Kaysville
Logan
Nephi
Ogden
Price
Provo
Salina
Salt Lake City
Spanish Fork
Springville
Vernal
W A S H I N G T O N (14 banks)
Almira
Cashmere
Coulee City
Kelso
Lacrosse
Puyallup
Ridgefield
Ritzville
Rockford
Seattle
Selah
Spokane
Union town
Wilbur
Exclusive of p a r t of State located in another district.
State Security Bank
Bank of Southern Utah
Bank of Ephraim
Gunnison Valley Bank
Commercial Bank of Heber City
Helper State Bank
Barnes Banking Co.
Cache Valley Banking Co.
Commercial Bank
Commercial Security Bank
Carbon Emery Bank
Farmers & Merchants Bank
First State Bank
T r a c y Loan & T r u s t Co.
Utah Savings & T r u s t Co.
Walker Bank & T r u s t Co.
Bank of Spanish Fork
Commercial Bank
Springville Banking Co.
Bank of Vernal
Uintah State Bank
Almira State Bank
Cashmere Valley Bank
Security State Bank
Cowlitz Valley Bank
First State Bank
Citizens State Bank
Ridgefield State Bank
Ritzville State Bank
Farmers & Merchants Bank
Seattle T r u s t & Savings Bank
S e l a h S t a t e Bank
Washington T r u s t Co.
Farmers State Bank
State Bank of Wilbur
88
A N N U A L REPORT OF BOARD OF GOVERNORS
DESCRIPTION OF FEDERAL RESERVE DISTRICTS
L a n d area 1
(square
miles)
Federal Reserve district
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No
1—Boston
2—New York
3—Philadelphia
4—Cleveland
5—Richmond
6—Atlanta
7—Chicago
8—St. Louis
9—Minneapolis
10—Kansas City
11—Dallas
12—San Francisco
Total
Population April
1, 1940
62,573
52,153
37,023
74,027
152,471
247,778
190,446
195,902
412,304
480,537
386,447
685,438
8,018,906
17,129,265
7,777,910
11,809,528
12,330,219
12,597,347
19,406,389
10,187,405
5,542,966
7,855,397
7,733,748
11,280,195
2,977,099
131,669,275
62,573
8,018,906
4,266
31,040
7,907
9,024
1,058
9,278
1,290,858
847,226
4,316,721
491,524
713,346
359,231
52,153
17,129,265
633
3,591
418,384
3,231,739
FEDERAL RESERVE DISTRICTS
DISTRICT NO. 1—BOSTON
Connecticut (excluding Fairfield County)
Maine
Massachusetts
New Hampshire
Rhode Island
Vermont
DISTRICT NO. 2—NEW YORK
Connecticut (Fairfield
New Jersey
Counties of—
Bergen
Essex
Hudson
New York
County)
Hunterdon
Middlesex
Monmouth
Morris
Passaic
Somerset
Sussex
Union
Warren
13,479,142
DISTRICT NO. 3—PHILADELPHIA
Delaware
New Jersey
Counties of—
Atlantic
Cape May
Burlington
Cumberland
Camden
Pennsylvania (eastern part)
Counties of—
Adams
Clinton
Bedford
Columbia
Berks
Cumberland
Blair
Dauphin
Bradford
Delaware
Bucks
Elk t
Cambria
Franklin
Cameron
Fulton
Carbon
Huntingdon
Center
Juniata
Chester
Lackawanna
Clearfield
Lancaster
DISTRICT NO. 4—CLEVELAND
Gloucester
Mercer
Ocean
Salem
Lebanon
Lehigh
Luzerne
Lycoming
McKean
Mifflin
Monroe
Montgomery
Montour
Northampton
Northumberland
Perry
Philadelphia
Pike
Potter
Schuylkill
Snyder
Sullivan
Susquehanna
Tioga
Union
Wayne
Wyoming
York
Breathitt
Campbell
Carter
Clark
Clay
Elliott
Estill
Fayette
Fleming
Floyd
Garrard
Grant
Greenup
Harlan
Harrison
Jackson
7,777,910
1,978
3,931
266,505
928,426
31,114
Kentucky (eastern part).
Counties of—
Bath
Bell
Boone
Bourbon
Boyd
Bracken
37,023
Jessamine
Johnson
Kenton
Knott
Knox
Laurel
Lawrence
Lee
Leslie
Letcher
Lewis
74,027
11,809,528
17,772
1,379,425
Lincoln
McCreary
Madison
Magoffin
Martin
Mason
Menifee
Montgomery
Morgan
Nicholas
Owsley
_1
Data lor land areas of States were recomputed in preparation for the 1940 Census and, therefore, differ somewhat from those shbwn in issues previous to 1940.
FEDERAL
RESERVE
89
SYSTEM
D E S C R I P T I O N OF F E D E R A L R E S E R V E DISTRICTS—Continued
Land area 1
(square
miles)
Federal Reserve district
D I S T R I C T N O . 4—CLEVELAND—Continued
K e n t u c k y (eastern p a r t )
Counties of—Continued
Pendleton
Powell
Rockcastle
Perry
Pulaski
Rowan
Pike
Robertson
Scott
Ohio
.
Pennsylvania (western p a r t )
Counties of—
Allegheny
Crawford
Indiana
Armstrong
Erie
Jefferson
Beaver
Fayette
Lawrence
Butler
Forest
Mercer
Clarion^
Greene
Somerset
West Virginia (northern part)
Counties of—
Brooke
Marshall
Tyler
Hancock
Ohio
Wetzel
Whitley
Wolfe
Woodford
Mingo
Monongalia
Monroe
Morgan
Nicholas
Pendleton
Pleasants
Pocahontas
Preston
Putnam
Raleigh
Randolph
Ritchie
6,907,612
3,317,201
1,202
205,290
152,471
12,330,219
61
9,887
49,142
30,594
39,899
22,888
663,091
1,821,244
3,571,623
1,899,804
2,677,773
1,696,684
247,778
12,597,347
51,078
54,262
58,518
26,630
2,832,961
1,897,414
3,123,723
1,611,595
Roane
Summers
Taylor
Tucker
Upshur
Wayne
Webster
Wirt
Wood
Wyoming
D I S T R I C T N O . 6—ATLANTA
Alabama
Florida
Georgia
Louisiana (southern part)
Parishes of—
Acadia
Evangeline
Allen
Iberia
Ascension
Iberville
Assumption
Jefferson
Avoyelles
Jefferson Davis
Beauregard
Lafayette
Calcasieu
La Fourche
Cameron
Livingston
E a s t Baton
Orleans
Rouge
Plaquemines
E a s t Feliciana
Pointe Coupee
Mississippi (southern p a r t )
Counties of—
Adams
Harrison
Amite
Hinds
Claiborne
Issaquena
Clarke
Jackson
Copiah
Jasper
Covington
Jefferson
Forrest
Jefferson Davis
Franklin
Jones
George
Kemper
Greene
Lamar
Hancock
Lauderdale
Tennessee (eastern p a r t )
Counties of—
Anderson
Clay
Bedford
Cocke
Bledsoe
Coffee
Blount
Cumberland
Bradley
Davidson
Campbell
De Kalb
Cannon
Dickson
Carter
Fentress
Cheatham
Franklin
Claiborne
Giles
41,122
13,931
Venango
Warren
Washington
Westmoreland
D I S T R I C T N O . 5—RICHMOND
District of Columbia
M a r y l a n d . . ._
N o r t h Carolina
South Carolina
Virginia.
West Virginia (southern part)
Counties of—
Barbour
Hardy
Berkeley
Harrison
Boone
Jackson
Braxton
Jefferson
Cabell
Kanawha
Calhoun
Lewis
Clay
Lincoln
Doddridge
Logan
Fayette
McDowell
Gilmer
Marion
Grant
Mason
Greenbrier
Mercer
Hampshire
Mineral
Population
April 1,
1940
Rapides
St. Bernard
St. Charles
St. Helena
St. James
St. John the
Baptist
St. Landry
St. Martin
St. M a r y
St. T a m m a n y
Tangipahoa
Terrebonne
Vermilion
Vernon
Washington
West Baton
Rouge
West Feliciana
Lawrence
Leake
Lincoln
Madison
Marion
Neshoba
Newton
Pearl River
Perry
Pike
Rankin
Scott
Sharkey
Simpson
Smith
Stone
Walthall
Warren
Wayne
Wilkinson
Yazoo
Grainger
Greene
Grundy
Hamblen
Hamilton
Hancock
Hawkins
Hickman
Houston
Humphreys
Jackson
Jefferson
Johnson
Knox
Lawrence
Lewis
Lincoln
Loudon
McMinn
Macon
1,073,748
2,057,906
9o
ANNUAL REPORT OF BOARD OF GOVERNORS
D E S C R I P T I O N OF F E D E R A L RESERVE DISTRICTS—Continued
L a n d area
(square
miles)
Federal Reserve district
D I S T R I C T N O . 6—ATLANTA—Continued
Tennessee (eastern p a r t )
Counties of--Continued
Perry
Marion
Marshall
Pickett
Maury
Polk
Meigs
Putnam
Monroe
Rhea
Montgomery
Roane
Robertson
Moore
Rutherford
Morgan
Overton
Scott
Sequatchie
Sevier
Smith
Stewart
Sullivan
Sumner
Trousdale
Unicoi
Union
Van Buren
Warren
Washington
Wayne
White
Williamson
Wilson
D I S T R I C T N O . 7—CHI CAGO
Illinois (northern pa rt)
Counties ofFord
Boone
Fulton
Bureau
Grundy
Carroll
Cass
Hancock
Champaign
Henderson
Henry
Christian
Iroquois
Clark
J o Daviess
Coles
Kane
Cook
Kankakee
Cumberland
Kendall
De Kalb
Knox
De Witt
Lake
Douglas
L a Salle
D u Page
Edgar
Lee
I n d i a n a (northern pa rt)
Counties of Fountain
Adams
Franklin
Allen
Fulton
Bartholomew
Grant
Benton
Blackford
Hamilton
Hancock
Boone
Hendricks
Brown
Henry
Carroll
Howard
Cass
Huntington
Clay
Clinton
Jasper
Dearborn
Jay
Decatur
Jennings
Johnson
De Kalb
Kosciusko
Delaware
Lagrange
Elkhart
Lake
Fayette
Michigan (southern i5 art)
Counties of—
Eaton
Alcona
Emmet
Allegan
Genesee
Alpena
Gladwin
Antrim
Grand Traverse
Arenac
Gratiot
Barry
Hillsdale
Bay
Huron
Benzie
Ingham
Berrien
Ionia
Branch
Iosco
Calhoun
Isabella
Cass
Jackson
Charlevoix
Kalamazoo
Cheboygan
Kalkaska
Clare
Kent
Clinton
Lake
Crawford
Wisconsin (southern narf")
Counties of—
Door
Adams
Fond du Lac
Brown
Grant
Calumet
Green
Clark
Green Lake
Columbia
Iowa
Crawford
Jackson
Dane
Jefferson
Dodge
Population
April 1,
1940
Livingston
Logan
McDonough
McHenry
McLean
Macon
Marshall
Mason
Menard
Mercer
Moultrie
Ogle
Peoria
Piatt
Putnam
Rock Island
Sangamon
Schuyler
Shelby
Stark
Stephenson
Tazewell
Vermilion
Warren
Whiteside
Will
Winnebago
Woodford
La Porte
Madison
Marion
Marshall
Miami
Monroe
Montgomery
Morgan
Newton
Noble
Ohio
Owen
Parke
Porter
Pulaski
Putnam
Randolph
Ripley
Rush
St. Joseph
Shelby
Starke
Steuben
Tippecanoe
Tipton
Union
Vermillion
Vigo
Wabash
Warren
Wayne
Wells
White
Whitley
Lapeer
Leelanau
Lenawee
Livingston
Macomb
Manistee
Mason
Mecosta
Midland
Missaukee
Monroe
Montcalm
Montmorency
Muskegon
Newaygo
Oakland
Oceana
Ogemaw
Osceola
Oscoda
Otsego
Ottawa
Presque Isle
Roscommon
Saginaw
St. Clair
St. Joseph
Sanilac
Shiawassee
Tuscola
Van Buren
Washtenaw
Wayne
Wexford
Juneau
Kenosha
Kewaunee
Lafayette
Langlade
Manitowoc
Marathon
Marinette
Marquette
Milwaukee
Monroe
Oconto
Outagamie
Ozaukee
Portage
Racine
190,446
19,406,389
35,333
6,591,832
26,779
2,788,910
55,986
40,484
2,538,268
4,932,562
31,864
2,554,817
EEDERAL
RESERVE
91
SYSTEM
DESCRIPTION O F FEDERAL RESERVE D I S T R I C T S - C o n t i n u e d
Land area
(square
miles)
Federal Reserve district
D I S T R I C T N O . 7—CHICAGO—Continued
Wisconsin (southern p a r t )
Counties of—Continued
Richland
Sheboygan
Rock
Vernon
Sauk
Walworth
Shawano
Washington
Waukesha
Waupaca
Waushara
Winnebago
Wood
D I S T R I C T N O . 8—ST. L O U I S
Arkansas
Illinois (southern p a r t )
Counties of—
Adams
Franklin
Alexander
Gallatin
Bond
Greene
Brown
Hamilton
Calhoun
Hardin
Clay
Jackson
Clinton
Jasper
Crawford
Jefferson
Edwards
Jersey
Effingham
Johnson
Fayette
Lawrence
Indiana (southern p a r t )
Counties of—
Clark
Greene
Crawford
Harrison
Daviess
Jackson
Dubois
Jefferson
Floyd
Knox
Gibson
Lawrence
K e n t u c k y (western p a r t )
Counties of—
Adair
Crittenden
Allen
Cumberland
Anderson
Daviess
Ballard
Edmonson
Barren
Franklip
Boyle
_
Fulton
Breckinridge
Gallatin
Bullitt
Graves
Butler
Grayson
Caldwell
Green
Calloway
Hancock
Carlisle
Hardin
Carroll
Hart
Casey
Henderson
Christian
Henry
Clinton
Hickman
Mississippi (northern part)
Counties of—
Alcorn
D e Soto
Attala
Grenada
Benton
Holmes
Bolivar
Humphreys
Calhoun
Itawamba
Carroll
Lafayette
Chickasaw
Lee
Choctaw
Leflore
Clay
Lowndes
Coahoma
Marshall
Missouri (eastern p a r t )
Counties of—
Adair
Clark
Audrain
Cole
Barry
Cooper
Benton
Crawford
Bollinger
Dade
Boone
Dallas
Butler
Daviess
Caldwell
Dent
Callaway
Douglas
Camden
Dunklin
Cape Girardeau
Franklin
Carroll
Gasconade
Carter
Greene
Cedar
Grundy
Chariton
Harrison
Christian
Henry
Population
April 1,
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
Spencer
Sullivan
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
Hickory
Howard
Howell
Iron
Jefferson
Johnson
Knox
Laclede
Lafayette
Lawrence
Lewis
Lincoln
Linn
Livingston
Macon
Madison
Maries
Marion
Mercer
Miller
Mississippi
Moniteau
Monroe
Montgomery
Morgan
New Madrid
Oregon
Osage
Ozark
Pemiscot
Perry
Pettis
195,902
10,187,405
52,725
20,613
1,949,387
1,305,409
9,399
638,886
22,337
1,466,202
21,328
1,110,048
58,737
2,859,538
OfL
A N N U A L REPORT OF BOARD OF GOVERNORS
DESCRIPTION OF FEDERAL RESERVE DISTRICTS-Continued
Land area
(square
miles)
Federal Reserve district
DISTRICT NO. 8 - S T . LOUIS-Continued
Missouri (eastern part)
Counties of—Continued
Phelps
Reynolds
Pike
Ripley
Polk
St. Charles
Pulaski
St. Clair
Putnam
St. Francois
Ralls
St. Louis
Randolph
St. Louis City
Ray
Ste. Genevieve
Tennessee (western part)
Counties of—
Benton
Fayette
Carroll
Gibson
Chester
Hardeman
Crockett
Hardin
Decatur
Haywood
Dyer
Henderson
DISTRICT NO. 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
Burnett
Iron
Chippewa
La Crosse
Douglas
Lincoln
DISTRICT NO. 10—KANSAS CITY
Colorado
Kansas
Missouri (western part)
Counties of—
Andrew
Cass
Atchison
Clay
Barton
Clinton
Bates
De Kalb
Buchanan
Gentry
Nebraska
New Mexico (northern part)
Counties of—
Bernalillo
Mora
Colfax
Rio Arriba
Harding
Sandoval
McKinley
San Juan
Oklahoma (northwestern part)
Counties of—
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
La Flore
Dewey
Lincoln
Wyoming
Saline
Schuyler
Scotland
Scott
Shannon
Shelby
Stoddard
Stone
Sullivan
Taney
Texas
Warren
Washington
Wayne
Webster
Wright
Henry
Lake
Lauderdale
McNairy
Madison
Obion
Shelby
Tipton
Weakley
Keweenaw
Luce
Mackinac
Marquette
Oneida
Pepin
Pierce
Polk
Price
Rusk
St. Croix
Population
April 1,
1940
10,763
857,935
412,304
5,542,966
80,009
146,316
70,054
76,536
22,851
2,792,300
559,456
641,935
642,961
582,770
Menominee
Ontonagon
Schoolcraft
Sawyer
Taylor
Trempealeau
Vilas
Washburn
480,537
Holt
Jackson
Jasper
McDonald
Newton
103,967
82,113
10,533
1,123,296
1,801,028
925,126
76,653
48,045
1,315,834
290,074
61,720
2,149,297
97,506
250,742
Nodaway
Platte
Vernon
Worth
San Miguel
Santa Fe
Taos
Union
Valencia
Logan
Love
McClain
Mcintosh
Major
Mayes
Murray
Muskogee
Noble
Nowata
Okfuskee
Oklahoma
Okmulgee
Osage
Ottawa
Pawnee
Payne
Pittsburg
Pontotoc
Pottawatomie
Roger Mills
Rogers
Seminole
Sequoyah
Stephens
Texas
Tillman
Tulsa
Wagoner
Washington
Washita
Woods
Woodward
FEDERAL
RESERVE
SYSTEM
93
DESCRIPTION OF FEDERAL RESERVE DISTRICTS—Continued
Land area
(square
miles)
Federal Reserve district
D I S T R I C T N O . 11—DALLAS
Arizona (southeastern p a r t )
Counties of—
Cochise
Greenlee
Graham
Louisiana (northern part)
Parishes of—
Bienville
D e Soto
Bossier
E a s t Carroll
Caddo
Franklin
Caldwell
Grant
Catahoula
Jackson
Claiborne
La Salle
Concordia
Lincoln
New Mexico (southern part)
Counties of—
Catron
Eddy
Chaves
Grant
Curry
Guadalupe
D e Baca
Hidalgo
D o n a Ana
Lea
Oklahoma (southeastern part)
Counties of—
Atoka
Choctaw
Bryan
Coal
Texas
7,733,748
m
Pima
Santa Cruz
Madison
Morehouse
Natchitoches
Ouachita
Red River
Richland
Sabine
Tensas
Union
Webster
West Carroll
Winn
Lincoln
Luna
Otero
Quay
Roosevelt
Sierra
Socorro
Torrance
Johnston
McCurtain
Marshall
Pushmataha
"
D I S T R I C T N O . 12—SAN F R A N C I S C O
Arizona (northwestern p a r t )
Counties of—
Apache
Maricopa
Coconino
Mohave
Gila
California
Idaho
Nevada
Oregon
Utah
Washington
Population
April 1,
1940
Navajo
Pinal
23,227
137,758
18,547
752,285
73,466
241,744
7,563
187,137
263,644
6,414,824
685,438
11,280,195
90,353
361,503
156,803
82,808
109,802
96,349
82,346
66,977
6,907,387
524,873
110,247
1,089,684
550,310
1,736,191
Yavapai
Yuma
94
ANNUAL
REPORT
OF BOARD
OF G O V E R N O R S
FEDERAL RESERVE BRANCH TERRITORIES
[December 31, 1941]
BUFFALO BRANCH (district N o . 2) —The 10 most westerly counties of New York State, as follows:
Monroe
Orleans
Allegany
Wyoming
Chautauqua
Genesee
Erie
Cattaraugus
Livingston
Niagara
C I N C I N N A T I B R A N C H (district N o 4).- - T h a t p a r t of Kentucky in Federal Reserve district N o . 4, a n d t h e following counties in southern Ohio:
Ross
Greene
Meigs
Adams
Clermont
Athens
Clinton
Hamilton
Miami
Scioto
Montgomery
Vinton
Highland
Brown
Darke
Butler
Fayette
Jackson
Pike
Warren
Clark
Gallia
Lawrence
Preble
Washington
- T h o s e portions of the States of Pennsylvania and West Virginia included
in Federal Reserve district N o . 4.
P I T T S B U R G H B R A N C H (district N o . 4).-
BALTIMORE BRANCH (district No. 5).—The State of Maryland and the following counties of West Virginia:
Barbour
Grant
Lewis
Pendleton
Taylor
Berkeley
Hampshire
Marion
Pleasants
Tucker
Braxton
Hardy
Mineral
Preston
Upshur
Calhoun
Harrison
Monongalia
Randolph
Webster
Doddridge
Jackson
Morgan
Ritchie
Wirt
Gilmer
Jefferson
Nicholas
Roane
Wood
RLOTTE BRANCH (district N o 5).— The
following counties in the States of N o r t h Carolina and South Ca
NORTH CAROLINA
Alamance
Alexander
Alleghany
Anson
Ashe
Avery
Buncombe
Burke
Cabarrus
Caldwell
Catawba
Chatham
Cherokee
Clay
Cleveland
Davidson
Davie
Forsyth
Gaston
Graham
Abbeville
Aiken
Anderson
Cherokee
Chester
Edgefield
Fairfield
Greenville
Greenwood
Guilford
Haywood
Henderson
Iredell
Jackson
Lee
Lincoln
Macon
Madison
McDowell
Mecklenburg
Mitchell
Montgomery
Moore
Polk
Randolph
Richmond
Rockingham
Rowan
Rutherford
Stanly
Stokes
Surry
Swain
Transylvania
Union
Watauga
Wilkes
Yadkin
Yancey
Newberry
Oconee
Pickens
Richland
Saluda
Spartanburg
Union
York
SOUTH CAROLINA
Lancaster
Laurens
Lexington
McCormick
BIRMINGHAM BRANCH (district N o . 6).—The State of Alabama except t h e following counties: >
Baldwin
Covington
Geneva
Houston
Pike
Barbour
Dale
Henry
Mobile
Russell
Coffee
and towns a n d cities in Lee a n d Chambers counties located on or south of the A t l a n t a & West P o i n t Railroad
and t h e Western Railway of Alabama.
JACKSONVILLE BRANCH (district N o 6).— T h e entire S t a t e of Florida.
NASHVILLE BRANCH (district N o . 6).—That p a r t of the State of Tennessee included in Federal Reserve district
No. 6 with t h e exception of t h e city of C h a t t a n o o g a .
N E W ORLEANS BRANCH (district N o . 6) —Those p a r t s of the States of Louisiana and Mississippi located in Federal
Reserve district N o . 6, a n d t h e counties of Baldwin a n d Mobile in Alabama.
SAVANNAH AGENCY
(district
No. 6).—Savannah,
D E T R O I T B R A N C H (district N o . 7) -
Bay
Genesee
Hillsdale
Huron
Ingham
Jackson
Lapeer
Lenawee
Ga.
-The following counties in t h e
Livingston
Macomb
Monroe
Oakland
State of Michigan:
Saginaw
Sanilac
St. Clair
Shiawassee
Tuscola
Washtenaw
Wayne
L I T T L E ROCK BRANCH (district N o . 8).—The State of Arkansas except t h e following counties:
Baxter
Craighead
Greene
Mississippi
Sabastian 2
Benton1
Crawford
Lawrence
Phillips
Sharp
Boone
Crittenden
Lee
Poinsett
Washington
Carroll
Cross
Madison
Randolph
Woodruff
Clay
Fulton
Marion
St. Francis
nd except also the towns of DeValls Bluff (Prairie County), Mena (Polk C o u n t y ) , and N e w p o r t (Jackson C o u n t y )
LOUISVILLE BRANCH (district N o 8).—That p a r t of the State of K e n t u c k y included in Federal Reserve district
No. 8, with the exception of the town of Morganfield (Union C o u n t y ) , a n d t h e following counties in t h e S t a t e
of I n d i a n a :
Clark
Floyd
Jefferson
Orange
Switzerland
Crawford
Harrison
Lawrence
Perry
Washington
Dubois3
Jackson
Martin*
Scott
M E M P H I S BRANCH (district N o . 8).—Those parts of t h e States of Mississippi a n d Tennessee included in Federa
Reserve district N o . 8, with the exception of Union City (Obion C o u n t y ) , Tennessee, and Paris (Henry County)
Tennessee, and t h e following counties in t h e State of Arkansas:
Craighead
Cross
Lee
Phillips
S t . Francis
Crittenden
Lawrence
Mississippi
Poinsett
Woodruff
also t h e town of D e Vails Bluff (Prairie C o u n t y ) , Arkansas.
H E L E N A BRANCH (district N o . 9).—The entire s t a t e of M o n t a n a .
1
Town of G e n t r y assigned to Little Rock Branch.
Town of Mansfield assigned to Little Rock Branch.
3 Except t h e towns of Ferdinand a n d Holland.
FRASER
4 Except t h e town of Loogootee.
2
Digitized for
FEDERAL
RESERVE
95
SYSTEM
FEDERAL RESERVE BRANCH TERRITORIES—Continued
D E N V E R BRANCH (district N o . 10).—The entire State of Colorado and t h a t p a r t of t h e State of New Mexico included in Federal Reserve district N o . 10.
OKLAHOMA C I T Y B R A N C H (district N o .
10) —Thjfct part of the State of Oklahoma located in Federal Reserve
district N o . 10.
OMAHA BRANCH (district N o . 10).—The entire States of Nebraska and Wyoming.
E L P A S O BRANCH (district N o . 11).—That p a r t of the States of Arizona and New Mexico located in Federal Reserve district N o . 11, a n d t h e following counties in the State of Texas:
Andrews
Ector
Jeff Davis
Midland
Reeves
Crane
E l Paso
Loving
Pecos
Ward
Culberson
Hudspeth
Martin
Presidio
Winkler
H O U S T O N BRANCH (district N o . 1 1 ) . -
Anderson
Angelina
Austin
Bastrop
Brazoria
Brazos
Burleson
Calhoun
Chambers
Cherokee
Colorado
Fayette
F o r t Bend
Galveston
Grimes
Hardin
Harris
Houston
T h e following counties in t h e southeastern p a r t of the^State of Texas:
Jackson
Shelby
Nacogdoches
Jasper
Newton
Trinity
Jefferson
Orange
Tyler m
Lavaca
Polk
Victoria
Lee
Refugio
Walker
Liberty
Sabine
Waller
Madison
San Augustine
Washington
Matagorda
San Jacinto
Wharton
Montgomery
SAN ANTONIO BRANCH (district N o . 11).—The
Aransas
D e Witt
Atascosa
Dimmit
Bandera
Duval
Bee
Edwards
Bexar
Frio
Gillespie
Blanco
Goliad
Brewster
Gonzales
Brooks
Caldwell
Guadalupe
Cameron
Hays
Comal
following counties in the
the State of Texas:
Texas
Hidalgo
La Salle
Jim Hogg
Llano
Jim Wells
Live Oak
Karnes
Mason
Kendall
Maverick
Kenedy
McMullen
Kerr
Medina
Kimble
Nueces
Kinney
Real
Kleberg
San Patricio
Starr
Terrell
Travis
Uvalde
Val Verde
Webb
Willacy
Wilson
Zapata
Zavalla
Los ANGELES BRANCH (district N o . 12).—That p a r t of the State of Arizona located in Federal Reserve district
No. 12, a n d t h e following counties in California:
Imperial
Los Angeles
Riverside
San Diego
Ventura
Inyo
Orange
San Bernardino
Santa B a r b a r a
PORTLAND BRANCH (district N o 12).—The entire State of Oregon, a n d t h e town of Ilwaco a n d the following
counties in the State of Washington:
Asotin
Columbia
Garfield
Skamania
Walla Walla
Clark
Cowlitz
Klickitat
Wahkiakum
Also, t h e following counties in t h e State of I d a h o :
Benewah
Boundary
Idaho
Bonner
Clearwater
Kootenai
Latah
Lewis
Nez Perce
Shoshone
SALT LAKE CITY BRANCH (district N o 12).—The entire State of Utah a n d t h e following counties in Idaho a n d
Nevada:
IDAHO
Ada
Adams
Bannock
Bear Lake
Bingham
Blaine
Boise
Bonneville
Butte
Camas
Canyon
Caribou
Cassia
Clark
Custer
Elmore
Franklin
Fremont
Gem
Gooding
Jefferson
Clark
Elko
Lincoln
Jerome
Lemhi
Lincoln
Madison
Minidoka
Oneida
Owyhee
Payette
Power
Teton
Twin Falls
Valley
Washington
NEVADA
SEATTLE BRANCH (district
ing counties which a r e
Asotin
Clark
White Pine
N o . 12).—The entire State of Washington except the town of Ilwaco a n d t h e followaffiliated with t h e Portland Branch:
Columbia
Garfield
Skamania
Walla Walla
Cowlitz
Klickitat
Wahikiakum
FEDERAL RESERVE DISTRICTS
>
\
*feJena
%
toAHo
Ji*°
>—»
'*1 /
$***u,
V^YO.
; <
*£K.'
S^
,0WA
CHJCAGC
Omaha»)
benver9
ILL.
10
COLO.
KANSAS CITY(
KANS.
[Cincinnati r ^ VA
f
MO.
rr, \_ • ^ i vyf -r—"^s
w l o t t e /W.C
h v U l c
C.tos^eteA
OKLA.
Oklahoma City
**/*.
i
ARK. y
er
TENN.
s_p _: J—-f
h
r^^"-"»^-*
s
Little Rock/
W-MEX
Birmingham
i ™
i%
M M
- _ _
®
•
O
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
(APPROXIMATE IN THE ST. LOUIS DISTRICT)
FEDERAL RESERVE BANK CITIES
FEDERAL RESERVE BRANCH CITIES
FEDERAL RESERVE BANK AGENCY
DALLAS®
•
TEXAS
^>
Houston/
\SanAntonio\ f
ALA
^
" 3 )** Savannah^
.•1.-J—\
_v
Jacksonville^
INDEX
Acceptances:
Page
Buying rates
42.
Member bank holdings, December 31, 1941
46
Amendments to Federal Reserve Act: (See Federal Reserve Act)
Assets and liabilities: (See Condition statements)
Bank credit: (See Credit)
Bank failures
50
Bank mergers
50
Bank premises:
Member banks, December 3 1 , 1941
44, 47
Bank supervision, responsibility of Board for
12.
Banking offices:
Number of, 1933-1941
49
Banking Studies, publication of
12.
Banks:
Branches:
Number of:
1933-1941....
49
1941, analysis of changes in
50
Consolidations, absorptions, etc
50
Loans to, by member banks:
December 31, 1941
46
Number of:
1933-1941....
.
49
1941, analysis of changes in
50
Suspensions:
Number of
50
(See also Federal Reserve Banks; National banks; Mutual savings banks; Nonmember
banks; Private banks; State member banks)
Bills:
Bought by Federal Reserve Banks:
All banks combined:
1918-1940, end of year figures
48
1941, end of month figures
48
Bought in open market by Federal Reserve Banks:
Volume of operations
35
Discounted by Federal Reserve Banks:
All banks combined:
1918-1940, end of year figures
48
1941, end of month
figures
48
December 31, 1941
2.8
Each bank, end of year figures
30
Earnings on, each bank
36
Volume of operations
35
Board of Governors of Federal Reserve System:
Expenses for 1941
41
Members and officers
67
Policy actions:
Regulation D, revision of supplement to provide for increase in required reserves
of member banks
60
Regulation U, amendment adopted
56
Regulation W, Consumer Credit, adoption of
57
Regulation W, amendment N o . 1 adopted
59
Regulation W, amendment N o . 2. adopted
61
Receipts and disbursements for 1941
40
Bonds:
Government: (See Government securities)
Yields:
M o n t h l y and yearly figures
52.
Branch banks:
Foreign, of member banks and foreign banking corporations
15
Number of:
1933-1941
49
1941, analysis of changes in
50
Discussion of changes
13
97
98
INDEX
Brokers and dealers in securities:
Page
Loans to, by member banks, December 31, 1941
46
Business situation during year
3
Canadian-United States economic relations, members of staff of Board serving on Committee
11
Capital:
Federal Reserve Banks:
T
All banks combined, December 31, 1941
29
Each bank, end of year
figures
30
Member banks, December 31, 1941
45, 47
Central reserve city member banks:
Assets and liabilities, December 31, 1941
44
Classification of loans, investments, real estate and capital, December 31, 1941
46
Chart books, revised editions published
12.
Charts :
Member bank reserves and main factors of change
7
Check clearing and collection:
Par list:
Discussion of changes in list
14
Number of banks on list and number not on list
51
Volume of operations at Federal Reserve Banks
35
Coins received and counted by Federal Reserve Banks
35
Commercial paper:
Discount rates, open market
52.
Member bank holdings, December 31, 1941
46
Commitment rates of Federal Reserve Banks
41
Committees:
Consulting committee on consumer credit created by executive order
10
Defense Savings Securities, member of Board with Presidents of three Reserve Banks
and staff of Treasury
19
Federal Open Market: (See Federal Open Market Committee)
Price Administration, Chairman of Board appointed to serve on
12
Condition statements:
Federal Reserve Banks:
All banks combined, December 31, 1941
2.8
Each bank, end of year
figures
30
Member banks, December 31, 1941
44, 46
Conferences:
Chairmen of Federal Reserve Banks, meeting with Board
2.5
Defense savings bond program, liaison officers of Federal Reserve Banks called by
Treasury for meeting in Chicago
19
Examination department representatives of Federal Reserve Banks with member of
Board and its staff
14
Federal Open Market Committee with Treasury on Government
financing
6
Fiscal agency, held by Treasury at Federal Reserve Bank of Atlanta
19
Foreign funds control, held by Treasury and attended by representatives of Federal
Reserve Banks
18
Presidents of Federal Reserve Banks, meetings with Board
2.5
Regulation W, officials of Federal Reserve Banks with member of Board and staff to
exchange information on
9
Congress, reports by Board on proposed legislation
2.4
Consolidations, absorptions, etc., of banks
50
Construction contracts awarded:
Indexes of value of
53
Consumer credit, Regulation W:
Adoption of
57
Amendments to
59, 61
Issued by Board to carry out provisions of Executive Order
8
Corporate stocks owned by member banks
47
Counterfeit currency, cooperation of Board in educational campaign of Secret Service
12.
Country member banks:
Assets and liabilities
44
Classification of loans, investments, real estate and capital
46
Credit, bank:
Federal Reserve:
1918-1940, end of year
figures
48
1941, end of month
figures
48
Growth during year
2.
INDEX
99
Page
Credit policy, effect of war needs on
5
Cuba, members of staff of Board serving on technical mission to
11
Currency:
Circulation, 1918-1941
48
Federal Reserve notes: (See Federal Reserve notes)
Payments over counter to finance officers of Army and Navy
19
Received and counted by Federal Reserve Banks
35
Defense Contract Service, relations of Federal Reserve Banks with
2.0
Defense Savings Bonds, payroll deduction plan for purchase of
19
Department store sales index
53
Depositaries of Government funds, work of Federal Reserve Banks as
19
Deposits:
Federal Reserve Banks:
All banks combined, December 31, 1941
2.9
Each bank, end of year figures
30
Government:
Federal Reserve Banks :
All banks combined:
1918-1940, end of year figures
48
1941, end of m o n t h figures
48
Each bank, end of year figures
30
Member banks, December 31, 1941
44
Nonmember deposits in Federal Reserve Banks:
1918-1940, end of year figures.
48
1941, end of m o n t h figures
48
Reserves required for member banks
43
Savings, interest rates on
43
Time deposits, interest rates on
43
Directors, Federal Reserve Banks:
Chairmen and Deputy Chairmen
69
Class C, appointments during year
2.0
I
List of
7 ~76
Directors, Federal Reserve Branch Banks
71-76
Discount rates a t Federal Reserve Banks:
Discussion
2.2.
Table
42.
Dividends:
Federal Reserve Banks
2.2., 37, 38
Member banks
45
Durable goods index
53
Earnings and expenses:
Federal Reserve Banks:
All banks combined
38
Each bank
,.
36
Year 1941
2.2.
Earnings on bills and securities
2.3
Economic research services of Board
10
Employees of Federal Reserve Banks, number and salaries
39
Employment:
Developments during year discussed.
4
Factory employment index
53
Nonagricultural employment index
53
Executive Orders :
8843, t o control consumer credit, issuance of Regulation W t o carry out provisions of.. 8, 57
Examinations:
Federal Reserve Banks
2.3
State member banks, policy of m a k i n g one each year continued
13
Expenses :
Board of Governors of the Federal Reserve System
2.3, 40
Federal Reserve Banks
36, 38
Factory employment index
53
Federal Advisory Council:
Meetings during year
2.5
Members and officers
68
Recommendations :
Reserve requirements, increase in
66
IOO
INDEX
Federal Deposit Insurance Corporation:
Pag
Membership changes
50
Federal Open Market Committee :
Conferences with Treasury on Government financing
6
Meetings during year
2.5
Members and officers
67
Policy actions
63
Federal Reserve Act :
Amendments:
Foreign accounts in Federal Reserve Banks and insured banks
24
Government obligations as collateral for Federal Reserve notes, time extended...
2.4
Limitations on real estate loans secured by defense housing insured mortgages...
2.4
Reports on bills introduced in Congress
2.4
Federal Reserve Banks:
Administration of regulation on consumer credit
10
Assessment for expenses of Board of Governors
2.3
Branches:
Directors, list of
71~7^
Territory of
94
Chairmen and Deputy Chairmen:
Appointments during year
2.0
List of
69
Meetings with Board
2.5
Custodians for Government departments and agencies
19
Depositaries of Government funds
19
Directors:
Appointment of Class C
2.0
List of
71-76
Dividends paid:
All banks combined
37
Each bank
38
Earnings and expenses:
All banks combined
38
Discussion of
2.2.
Each bank
36
Employees, number and salaries
39
Examination of
2.3
Fiscal agency operations
17
Foreign funds control, agents for Treasury in
17
Gold transactions with foreigners, agents of Treasury
18
Officers and employees:
Senior officers, list of
70
Personnel changes during year
2.0
Presidents:
List of
70
Meetings with Board
2.5
Presidents and First Vice Presidents, changes during year
2.1
Profit and loss account
37
Retirement system contributions
36
Salaries of officers and employees
36, 39
Vice Presidents:
List of
70
Volume of operations
35
Federal Reserve Bulletin, publication of
12.
Federal Reserve districts:
Area, square miles
88-93
Map showing outline
96
Population
88-93
Territory comprising
88-93
Federal Reserve notes:
Circulation
31
Collateral security, end of year figures
31
Government obligations as collateral for, amendment to Federal Reserve Act
24
Issued
31
Redemption fund:
All banks combined, December 31, 1941
2.8
Each bank, end of year figures
30
INDEX
Federal Reserve System:
Membership:
Changes in
State bank and trust company members
War economy, place in
Fiduciary powers:
National banks granted authority to exercise, changes during year
Financial developments during year
Fiscal agency operations of Federal Reserve Banks
Foreign accounts in Federal Reserve Banks and insured banks, amendment to Federal
Reserve Act
Foreign banking corporations, branches of
Foreign banks:
Deposits of, held by Federal Reserve Banks:
All banks combined, December 31, 1941
Each bank, end of year figures
Foreign branches of member banks and foreign banking corporations
Foreign funds control, part played by Federal Reserve Banks in
Franchise tax paid by Federal Reserve Banks to Government, 1917-1932.
Freight-car loadings, indexes
Gold:
Reserves of foreign countries held by Federal Reserve Banks
Stock, Monetary in United States:
1918-1940, end of year figures
1941, end of month figures
Gold certificates:
Federal Reserve Bank holdings :
All banks combined, December 31, 1941
Each bank, end of year
figures
Government financing during year
Government securities:
Bank holdings of
Bond yields:
Table
Federal Reserve Bank holdings:
All banks combined :
1918-1940, end of year
figures
1941, end of month
figures
End of December 1940, June 1941, and December 1941 in detail
December 31, 1941
Each bank, end of year
figures
Earnings on
Interest rate on
Issue, redemption and exchange of, work of Federal Reserve Banks in connection w i t h .
Issues, amounts and types of
Member bank holdings
Open market operations in
Resolutions of Federal Open Market Committee authorizing transactions in
Treasury bills:
Discount rates on
Treasury bonds and notes, holdings of Federal Reserve Banks
Treasury notes :
Yields
Volume handled by Federal Reserve Banks
Holding company affiliates, voting permits issued t o
Income:
Discussion of developments during year
National income payments, indexes
Industrial advances of Federal Reserve Banks:
All banks combined, December 31, 1941
Commitments
Each bank, end of year
figures
Earnings on
Rates on:
Table
Volume of operations
Industrial production:
Advance in
Indexes
IOI
Page
50
11 ^1
1
15
1
17
24
15
19
31
15
17
38
53
18
48
4S
18
30
6
34
52
48
48
34
2.8
30
i z , 36
34
18,35
6
44, 46
6
63
52.
34
52.
35
15
4
53
28
31
30
36
41
35
4
53
IOZ
INDEX
Page
Inflation, action of Government to prevent growth of
Inter-American Bank, cooperation of staff of Board in proposed establishment of
Interdistrict collection system:
Discussion of changes in list of banks
Number of banks on list and number not on list
Volume of operations at Federal Reserve Banks
Interest rates:
Federal Reserve Banks
Open market, in New York City
Time deposits
United States Government securities
Investments:
Member banks, December 31, 1941
Legislation:
Amendments to Federal Reserve Act
Reports to Congress on bills
Loans:
Brokers loans by member banks
Central banks, status of
Commercial and industrial, discussion of
Industrial: (See Industrial advances)
Real estate loans of member banks
Security loans by member banks
Total for member banks, December 31, 1941
Loans and investments:
Member banks, December 31, 1941
Map:
Federal Reserve Districts
Margin requirements:
Regulation U amended
Table of
,
Member banks:
Condition statements, December 31, 1941
National banks: (See National banks)
Number of
State member banks: (See State member banks)
Membership in Federal Reserve System:
Changes during year
State banks and trust companies
Minerals production index
Money in circulation:
1918-1940, end of year
figures
1941, end of month
figures
Money rates:
Open market in New York City
Mutual savings banks:
Banking offices, 1933-1941
Branches:
1933-1941
1941, analysis of changes in
Number of:
1933-1941
1941, analysis of changes in
National banks:
Assets and liabilities, December 31, 1941
Banking offices, 1933-1941
'
Branches:
Number of:
1933-1941
1941, analysis of changes in
Classification of loans, investments, real estate and capital, December 31, 1941
Number of:
1933-1941
1941, analysis of changes in
Trust powers, number granted authority to exercise during year
Nondurable goods production index
4
11
14
51
35
41
52.
43
34
44, 46
14
2.4
46
18
2.
46
46
44, 46
44, 46
96
56
43
44, 46
49
12.
77-87
53
48
48
51
49
49
50
49
50
44
49
49
50
46
49
50
15
53
INDEX
IO3
Nonmember banks:
Page
Deposits of, held by Federal Reserve Banks:
1918-1940, end of year figures
48
1941, end of month figures
48
Insured:
Banking offices, 1933-1941
49
Branches
49, 50
Number of
49, 50
Par list, number of banks on list and number not on list
51
Uninsured:
Banking offices, 1933-1941
49
Branches
49, 50
Number of
49, 50
Non-par banks, number of
51
Open market operations, part played by Committee in financing Government requirements.
6
Par list, number of banks on:
Discussion of
14
Table
51
Payroll deduction plan for purchase of Defense Savings Bonds
19
Payrolls, Factory, index. . . :
53
Policy actions:
Board of Governors of the Federal Reserve System:
Regulation D, revision of supplement to provide for increase in required reserves
of member banks
60
Regulation U, amendment adopted
56
Regulation W, adoption of
57
Regulation W, amendment N o . 1 adopted
59
Regulation W, amendment N o . 2 adopted
61
Federal Open M a r k e t Committee
63
Postal savings deposits:
Interest rate on, paid by member banks
43
Presidents of Federal Reserve Banks:
Changes during year
21
List of
70
Meetings w i t h Board of Governors
25
Press statements:
Financial position of country at outbreak of war
1
Regulation U, reasons for adoption of amendment to
56
Regulation W, reasons for adoption
58
Regulation W, reasons for adoption of amendment
61
Reserves, joint statement issued by Treasury and Board of Governors on control of. . . . 8, 61
Prices:
Reasons for increases in
4
Wholesale commodity:
Index
53
Private banks:
Banking offices, 1933-1941...
49
Branches:
1933-1941. . :
49
1941, analysis of changes in
50
Number of:
1933-1941
49
1941, analysis of changes in
50
Production, industrial: (See Industrial production)
Publications of Board issued during year
12.
Rates:
Discount at Federal Reserve Banks
21, 42
Interest on time deposits paid by member banks
43
Open market rates in N e w York City
52
Savings deposits
43
Real estate:
Loans on, by member banks, December 31, 1941
46
Member bank holdings, December 31, 1941
44
Recommendations of Federal Advisory Council:
Reserve requirements, increase in
66
Regulations:
D, Reserves of member banks, revision of supplement to provide for increase in requirements
60
104
INDEX
Regulations—Continued.
Page
T, Extensions of credit by brokers or dealers on listed securities, margin requirements.
43
U, Loans by banks on stocks :
Amendment adopted, entry in policy record
56
Amended to reconcile regulation w i t h rules issued by Securities and Exchange
Commission
10
Margin requirements
43
W, consumer credit:
Adoption of, entry in policy record
57
Amendment N o . 1 adopted, policy entry on
59
Amendment N o . 2. adopted, policy entry on
61
Issued to carry out provisions of Executive Order
8
Reserve city member banks:
Assets and liabilities, December 31, 1941
44
Classification of loans, investments, real estate and capital, December 31, 1941
46
Reserve requirements:
Discussion of
6
Member banks
43
Recommendation of Federal Advisory Council to increase
66
Regulation D , revision of supplement to increase
60
Reserves:
Chart
7
Developments during year
6
Federal Reserve Banks:
All banks combined, December 31, 1941
is)
Each bank, end of year figures
30
Member b a n k s :
Account in Federal Reserve Banks:
All banks combined, December 31, 1941
19
Each bank, end of year
figures
31
Excess:
Discussion of
8
1918-1940, end of year
figures
48
1941, end of month
figures
48
Increase in requirements
60
Total:
1918-1940, end of year
figures
48
1941, end of month
figures
48
Salaries:
<
Federal Reserve Banks
36, 39
Savings deposits:
Interest rate on
43
Secret Service:
Counterfeit currency, cooperation of Board
11
Securities:
Government: (See Government securities)
Loans on, by member banks, December 31, 1941
46
Security markets, developments during year
2.
State member banks:
Assets and liabilities, December 3 1 , 1941
44
Banking offices, 1933-1941
49
Branches:
Number of:
1933-1941
49
1941, analysis of changes in
50
Classification of loans, investments, real estate, and capital, December 31, 1941
46
Examination of, policy of Federal Reserve System in making
13
List of, December 31, 1941
77-87
Number of:
1933-1941
49
1941, analysis of changes in
50
States and political subdivisions:
Obligations of, owned by member banks
44
Stock prices:
Table
52.
Studies undertaken by Board in defense effort
11
INDEX
IO5
Surplus:
Page
Federal Reserve Banks
37, 38
Member banks
45
Suspensions, banks
50
Treasury bonds and notes, holdings of Federal Reserve Banks
34
Treasury currency outstanding, 1918-1941
48
Treasury Department:
Reserves, joint statement issued with Board of Governors on control over
8
Trust company members of Federal Reserve System
77-87
Trust powers, national banks granted authority to exercise and to terminate during year. .
15
United States Government deposits: (See Deposits, Government)
United States Government securities: (See Government securities)
Voting permits issued to holding company affiliates
15
War economy, place of Federal Reserve System in
1
Wholesale commodity prices index
53
@FedFRASER