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FEDERAL RESERVE
BULLETIN




ISSUED BY THE

FEDERAL RESERVE BOARD
AT WASHINGTON

DECEMBER, 1915

WASHINGTON
GOVERNMENT PRINTING OFFICE
1915

FEDERAL RESERVE BOARD.
EX OFFICIO MEMBERS.
WILLIAM G. MCADOO,

Secretary of the Treasury,
Chairman,

CHARLES S. HAMLIN, Governor.

FREDERIC A. DELANO, Vice Governor.
PAUL M. WARBURG.
W. P. G. HARDING.
ADOLPH C. MILLER.

JOHN SKELTON WILLIAMS,

Comptroller of the Currency.




H. PARKER WILLIE, Secretary.

SHERMAN ALLEN, Assistant Secretary.
M. C. ELLIOTT, Counsel.

SUBSCRIPTION PRICE OF BULLETIN,
The Federal Reserve Bulletin is distributed without charge
to member banks of the system and to the officers and directors
of Federal Reserve Banks.

In sending the Bulletin to others the

Board feels that a subscription should be required.

It has

accordingly fixed a subscription price of $2 per annum.

Single

copies will be sold at 20 cents.
when it will be required.

Foreign postage should be added

Remittances should be made to the

Federal Reserve Board.




in

TABLE OF CONTENTS.
.Page.

Work of the Federal Reserve Board
Meeting of Advisory Council
Meeting of Federal Reserve Agents
Federal Reserve Banks as fiscal agents
Attorney General's opinion on redistricting
Committees of the Board
Gold settlement fund
Discount rates
Informal rulings of the Board
Press statements
Additions to and withdrawals from intradistrict clearing system
Fiduciary powers granted
Law department
Business conditions
Distribution of discounts
Acceptances
Resources and liabilities of Federal Reserve Banks
Gold imports and exports
Circulars and regulations
Index to volume 1 of Bulletin
IV




,

Follows

393
394
395
395
396
400
401
403
404
407
408
408
409
410
421
426
428
432
434
435

FEDERAL RESERVE BULLETIN
VOL.

DECEMBER 1, 1915

1

WORK OF THE BOARD.
During the month of November the work of
the Federal Reserve Board has included the
following elements:
(1) Investigation and discussion of the
present plans for intradistrict clearing and
collection of checks with a view to improving
and correcting the same. Reports have been
submitted by a conference of transit men
representing the banks and by a special committee representing the Federal Reserve Agents.
The Board has had a conference with the executive committee of Governors in charge of this
matter and has undertaken further investigation with a view to the making of a new order
on the subject.
(2) Attention has been given to the five appeals from the decisions of the Organization
Committee relating to the division of the
country into districts, and a report has been
presented to the Board by a committee to
which the various appeals had been submitted.
An opinion relating to the whole subject was
obtained from the Attorney General, but after
further investigation it was determined to
take no action in any of the cases for the
present.
(3) The Secretary of the Treasury has announced his intention to designate the Federal
Reserve Banks as fiscal agents, such designation to take effect on January 1, 1916, and the
Board has taken such steps as are necessary
to cooperate in the undertaking of this new
function prescribed by the law.
(4) At conferences with the Federal Reserve
Agents arrangements have been made for complete reports concerning the operation of each
Federal Reserve Bank, the substance of the
same to be supplied to Congress as & part of the
Board's annual report. Other problems of the
system have been fully discussed at these conferences.
(5) The Board has prepared and issued a
revised form of the bankers' acceptance circular




No. 8

and regulation heretofore issued, the new draft
including provision for the purchase of acceptances growing out of domestic operations and
made by State banks. This regulation is printed
elsewhere in this number.
The Board has held three important conferences during the month: First, with. Federal
Reserve Agents on November 4, 5, and 6;
second, with the Federal Advisory Council on
November 15 and 16; and the third, with the
executive committee representing the Governors of Federal Reserve Banks on November 17,
18, and 19. The main outcome of these meetings is reviewed elsewhere in this issue. The
Advisory Council meeting was the regular
statutory session provided by law, while the
meeting of Federal Reserve Agents was the
first that has been held since last winter. It is
now intended to have a regular semiannual
meeting of Federal Reserve Agents. The
meeting of the executive committee of Governors was held by appointment with the
Board for the purpose of discussing the clearance plan proposed by transit managers of the
several Federal Reserve Banks as the result of
their meeting in Chicago early in November.
Numerous applications for power to exercise
fiduciary functions have been received during
the month and have received due investigation.
A list of those granted appears elsewhere in this
issue and an additional number are still awaiting action.
Volume I of the Bulletin.
The December number of the Federal Reserve Bulletin will complete volume I, although
it will contain but eight numbers. This is
regarded as desirable that future volumes of the
Bulletin may cover the calendar year. Included in this number is an index of the numbers issued in 1915, so that the eight numbers
issued beginning with May may be bound as
one volume.
393

394

FEDERAL RESERVE BULLETIN.

DECEMBER 1,

1915.

land on which the loan is made is within one
hundred miles from the office of the bank
Two slight errors occurred in the November making the loan."
Bulletin. On page 349, under "Earnings and
3. A reduction of two-thirds of the present
expenditures of Federal Reserve Banks from paid-in capital of the Federal Reserve Banks
July 1 to September 30, 1915/' the name of leaving the subscribed capital and double
now constituted.
the Federal Reserve Bank of Minneapolis was j liability astheFederal Antitrust Act be amended
4. That
used in place of that of the Federal Reserve ! so that the second paragraph of section 8 will
Bank of Kansas City as one of four shown not ! read as follows:
to have earned current expenses for the quarter. | "No bank, banking association, or trust
In the list of banks in the intradistrict clearing j company, organized or operating under the
system, on page 368 under district No. 2, the I laws of the United States in any city or incorporated town or village of more than two
National Bank of Westfield, Wostfield, N. J., hundred thousand inhabitants, as shown by
should have been listed as the National Bank the last preceding decennial census of the
United States, shall have as a director or
at Westfield, N. Y.
other officer or employee any person who may
Corrections.

be connected in either of these official capacities
Meeting of Advisory Council.

with more than one other bank, banking association, or trust company located in the same
Members of the Advisory Council of the place: Provided, That nothing in this section
Federal Reserve Board held a quarterly meet- shall apply to mutual savings banks not having in the Board room on November 16. Nine ing a capital stock represented by shares:
members of the Council were present, as fol- Provided further, That a director or other officer
or employee of such bank, banking associalows: Daniel G. Wing, Boston; W. S. Rowe, tion, or trust company may, besides being an.
Cincinnati; George J. Seay, Richmond; Charles officer or director in one other bank, be a diA. Lyerly, Chattanooga; James B. Forgan, rector or other officer or employee of not more
Chicago; C. T. Jaflray, Minneapolis; E. F. than one additional bank or trust company
Swinney, Kansas City; J. Howard Ardrey, organized under the laws of the United States
or any State where the entire capital stock of
Dallas; Archibald Kains, San Francisco.
one is owned by stockholders in the other:
The meeting of the Council was preceded by And provided further, That nothing contained
a meeting of its executive committee held on in this section shall forbid a director of Class
A of a Federal Reserve Bank, as defined in
November 15.
Federal
Act, from being an officer
On the morning following the meeting the thedirector, Reserve an officer and director, in
or
or both
following statement was given to the press:
one member bank."
i
The Advisory Council at its meeting held in | 5. That the antitrust act be so amended as
Washington November 16 suggested several j to permit joint stock ownership by national
amendments to the Federal Reserve Act, the j banks or banks organized to do business in
chief among which are given below. These I foreign countries through branches established
amendments have not received consideration j therein.
or action of any kind by the Federal Reserve I 6. That the National Bank Act be amended
Board.
I to permit the establishment by national banks
1. That the work of the Office of the Comp- having an unimpaired capital of not less than
troller of the Currency be absorbed and ad- $1,000,000 of branches, provided that no
branches are placed outside of the limits of the
ministrated by the Federal Reserve Board.
2. That section 24 of the Federal Reserve ! city where the bank itself is located.
Upon the request of the Board for the views
Act relating to loans on farm lands bo amended
of the Council as to whether Federal Reserve
to read as follows:
"Any national banking association not situ- Banks can do anything with their member
ated in a central reserve city may make loans banks to discourage or put a stop to the pressecured by improved and unencumbered farm ent high rates of interest on demand deposits,
lands situated within its Federal Reserve dis- the Council held that the rate of interest paid
trict, or in an adjoining district provided the to the public on deposits is regulated by the




DECEMBER 1,1915.

FEDERAL RESEKVE BULLETIN.

accumulation or lack of wealth in the communities in which the banks do business.
The Council also passed the following
resolution:
"That this Council is unalterably opposed
to any provision whereby farm-loan bonds
described in the Hollis bill may become security for loans from Federal Reserve Banks
and to their being made a basis for acceptances
by member banks."
Meeting of Federal Reserve Agents.
Federal Reserve Agents, who are also chairmen of the boards of directors of the Federal
Reserve Banks, met in Washington for a threeday session, beginning on Tuesday, November
4. All of the agents were present, and several
joint meetings were held with the Federal Reserve Board.
The meeting was called for the discussion of
a large number of problems originating in the
work of the Board and the administration of
the Federal Reserve Banks. Action was taken
under which stated meetings of the agents will
be held in Washington semiannully, in May
and October.
Federal Reserve Banks as Fiscal Agents.
The Secretary of the Treasury has sent the
following letter to the Federal Reserve Board,
as result of which Federal Reserve Banks will
become fiscal agents on Januar}^ 1, 1916:
NOVEMBER 23,
The FEDERAL RESERVE BOARD,

1915.

Washingtont D. O.

In accordance with the provisions of section 15 of the Federal Reserve
Act, which provides that—
11
The moneys held in the general fund of the
Treasury * * * niay, upon the direction
of the Secretary of the Treasury, be deposited
in Federal Reserve Banks, which banks, when I
required by the Secretary of the Treasury, shall |
act as fiscal agents of the United States
# # #»
I have determined to appoint the Federal Reserve Banks depositaries and fiscal agents in
the manner thus indicated by the Act. In
order that the reserve banks may not be embarrassed by the addition of an unduly large
GENTLEMEN:




395

volume of business upon undertaking their
functions in this connection, I have decided to
make a beginning by transferring to each of
the Federal Reserve Banks the funds of the
Government now on deposit with the national
banks in each of the cities in which a bank is
located, thus giving to each of the reserve
banks the funds held by the nationa] banks in
its own city. Each Federal Reserve Bank will
be required to perform on behalf of the Government the services which are now rendered by
the national-bank depositaries located in said
cities, as well as any other services incident to
or growing out of the duties and responsibilities of fiscal agents.
May I ask you to cooperate in carrying out
the provisions of the Federal Reserve Act in
this regard, and to take any and all steps that
may be desirable to perfect such arrangements
by the Federal Reserve Banks as will enable
them to fully and satisfactorily perform these
functions from and after January 1, 1916, the
date on which it is my purpose to make the
proposed arrangements effective ? I have designated Hon. William P, Malburn, Assistant
Secretary of the Treasury, in charge of the
fiscal bureau, to act for the Treasury Department in carrying out the details so far as this
department is concerned. I have deferred action until this time in order that the organization of the Federal Reserve Banks might be
completed and gotten into good working order
through experience and practice, and with the
hope that a satisfactory clearing and collection
system would, by this time^ have been evolved.
I feel convinced, however, that I should not
longer delay giving these banks the opportunity
of performing these services for the Government
and enlarging their field of usefulness.
Very truly, 3^ours,
W. G. MCADOO, Secretary,
It is estimated that the following amounts
may be transferred to the several Federal
Reserve Banks:
Boston
New York
Philadelphia.
ClevelandRichmond
Atlanta
Chicago
St. Louis
Kansas City
Minneapolis
Dallas
San Francisco

$796, 000
1, 437, 000
1,175, 000
285, 000
425, 000
520, 000
.1, 436, 000
850, 000
655, 000
225, 000
191, 000
441, 000

Total

8, 436, 000

396

FEDEEAL RESERVE BULLETIN.

DECEMBER 1,1915.

In order that it might have the information
and advice essential to the discharge of this
There is printed below the full text of an duty the Organization Committee was authoropinion rendered to the President by the
Attorney General of the United States, Hon. "to employ counsel and expert aid, to take
T. W. Gregory, on the power of the Federal testimony, to send for persons and papers, to
administer oaths, and to make such investigaReserve Board to abolish existing Federal tion as may be deemed necessary by the said
Reserve districts or Federal Reserve banks.
committee in determining the reserve district
and in designating the cities within such disDEPARTMENT OF JUSTICE,
tricts where such Federal Reserve Banks shall
Washington, November 22,1915,
be severally located77 (sec. 2).
SIR: I have your letter transmitting a reUpon the establishment of the Federal Request from the Governor of the Federal serve Districts by the Organization Committee
Reserve Board for my opinion as to the power a certificate must be filed with the Comptroller
of the Board to abolish any of the existing of the Currency—
Federal Reserve Districts or Federal Reserve " showing the geographical limits of such disBanks. The Secretary of the Treasury, who is tricts and the Federal Reserve city designated
ex-officio Chairman of the Board, unites with in each of such districts77 (sec. 4).
the Governor in making this request; and you
Having thus authorized the Organization
ask that I comply with it.
Committee to designate Federal Reserve cities
The Act creating the Federal Reserve System and to create around each a Federal Reserve
(38 Stat., 251, ch. 6) provided for an "Organi- District, the Act directed that—
zation Committee" to be composed of the "the said committee shall supervise the organiSecretary of the Treasury, the Secretary of zation in each of the cities designated of a
Agriculture, and the Comptroller of the Cur- Federal Reserve Bank77 * * * (sec. 2).
rency (sec. 2).
The Act then prescribes how these banks
The Act also established a permanent body shall be constituted:
known as the "Federal Reserve Board77 (sec.
Every national bank is required to subscribe
10).
to the capital stock of the Federal Reserve
A reading of the Act shows at once that the Bank of its district in a sum equal to 6 per cent
Organization Committee was created not merely of its paid-up capital stock and surplus, onefor the purpose of attending to the formalities of sixth payable on the call of the Organization
organization or to serve as a stop-gap until the Committee or of the Federal Reserve Board,
Federal Reserve Board should come into ex- one-sixth within three months, and one-sixth
istence, but that it had an independent func- within six months, the remainder subject to
tion to perform and to that end was invested call by the Federal Reserve Board when deemed
with wide powers. That is to say, its function necessary (sec. 2). State banks declared
was to organize the system as contradis- eligible by the Organization Committee, while
tinguished from the function of the Federal Re- of course not required to subscribe, were auserve Board, which was primarily to administer thorized to do so (sees. 2, 4).
If the subscriptions by banks to the stock of
the system.
This being the general scheme, the Act pro- any Federal Reserve Bank in the judgment of
the Organization Committee do not provide an
vided that the Organization Committee,
(i
as soon as practicable, * * * shall desig- adequate capital, the Organization Committee
nate not less than 8 nor more than 12 cities to may offer the stock of such Federal Reserve
be known as Federal Reserve cities, and shall Bank to public subscription; and if the total
divide the continental United States, exclud- subscriptions by banks and the public fall short
ing Alaska, into districts, each district to con- of supplying an adequate capital, the Organitain only one of such Federal Reserve cities" zation Committee shall allot to the United
States such an amount of the stock of the
(sec. 2).
Federal Reserve Bank in question as the comIt provided further that these districts—
" shall be apportioned with due regard to the mittee shall determine. Stock not held by
convenience and customary course of business, banks has no voting power (sec. 2).
and shall not necessarily be coterminous with
No Federal Reserve Bank is permitted to
any State or States."
commence business with a subscribed capital of
less than $4,000,000 (sec. 2), nor until authorAnd—
11
shall be known as Federal Reserve Districts, ized so to do by the Comptroller of the Curand may be designated by numbers77 (sec. 2). rency (sec. 4).
Opinion on Redistricting.




When the minimum amount of capital stock
required for the organization of any Federal
Reserve Bank shall have been subscribed, the
Organization Committee is directed to designate any five of the subscribing banks to complete the organization and to execute and file
with the Comptroller of the Currency a certificate of organization, stating the name of
such Federal Reserve Bank, the city and State
in which it is located, the territorial extent of
the district in which its operations are to be
carried on, the amount of its capital stock and
the number of shares into which the same is
divided, the name and place of business of each
bank executing the certificate of organization
and of each subscribing bank and the number
of shares subscribed by each, etc. (sec. 4).
Upon the filing of this certificate such Federal
Reserve Bank becomes a body corporate, with
the powers which are enumerated, amongst
them the power—
" to have succession for a period of twenty years
from its organization unless it is sooner dissolved by an act of Congress, or unless its franchise becomes forfeited for some violation of
law" (sec. 4).
Acting under the authority of these provisions, the Organization Committee divided
the country into 12 Federal Reserve Districts
and designated in each a Federal Reserve city.
Boston was designated as the Federal Reserve
city for district No. 1; New York for district
No. 2; Philadelphia for district No. 3; Cleveland for district No. 4; Richmond for district
No. 5; Atlanta for district No. 6; Chicago for
district No. 7; St. Louis for district No. 8;
Minneapolis for district No. 9; Kansas Citv for
district No. 10; Dallas for district No. 11; San
Francisco for district No. 12. A certificate to
that effect was filed on April 2, 1914, in the
office of the Comptroller of the Currency.
A Federal Reserve Bank was duly organized
at each of these cities. On May 18-20, 1914,
all filed their certificates of organization and
thereby became bodies corporate with the
rights and powers enumerated in section 4 of
the Act. Their organization was officially announced by the Secretary of the Treasury, pursuant to the second paragraph of section 19
of the Act, and on November 14, 1914, pursuant
to section 4 of the Act, they were authorized
by the Comptroller of the Cureency to commence business.
They have been engaged in business for a
little over a year. Their statement for the
week ending November 12, 1915, shows their
capital, deposits, and total resources, as follows:
15730—15




397

FEDERAL EESEEVE BULLETIN.

DECEMBER 1,1915.

2

Federal Reserve Bank o—
f
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta.
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total

Capital.

Deposits.

Resources.

$5,171,000
11,059,000
5,273,000
5,945,000
3,352,000
2,417,000
6,635,000
2,778,000
2,495,000
3,027,000
2,753,000
3,941,000

$22,218,000
181,710,000
19,933,000
18,556,000
113,160,000
111,268,000
49,993,000
11,204,000
10,425,000
9,826,000
i 11,992,000
14,032,000

$28,615,000
196,544,000
25,206,000
24,501,000
21,669,000
16,629,000
56,628,000
13,982,000
12,920,000
14,080,000
18,671,000
17,973,000

54,846,000

374,317,000

446,192,000

i Includes Government deposit of $5,000,000.

All of them have issued Federal Reserve
notes, of which at present time $160,000,000
in round figures are outstanding.
One has purchased a site for its bank building, and the others: have leased quarters for long
terms.
The question is, Has the Federal Reserve
Board the power to abolish any of the existing
Federal Reserve Districts established by the
Organization Committee as hereinabove described ?
As there can be only one Federal Reserve
Bank in a district, a district can not be abolished
without abolishing a bank. Therefore, inseparably linked with the question first stated
is the further question, Has the Federal Reserve
Board the power to abolish a Federal Reserve
Bank ?
And since, concededly, the power to abolish a
Federal Reserve District or a Federal Reserve
Bank is not granted in express terms, the question finally becomes, Is it to be implied from
other provisions of the Act that Congress intended to confer that power?
The Counsel of the Board held not, in an
opinion dated March 1, 1915. Subsequently,
Mr. Joseph P. Cotton, of New York, was consulted, and he reached the opposite conclusion
in an opinion dated November 19, 1915.
The Federal Reserve Banks are not banks in
the ordinary sense. They are banks composed
of banks. They touch the business life of the
Nation in its most sensitive spot. Of all the
processes of business, theirs is perhaps the most
delicate.
In determining whether Congress intended
by implication to confer upon the Federal
Reserve Board power to abolish one or more of
these institutions, it is proper to consider that
if the power exists at all it may be exercised not
only now, but at any time in. the future. Certainly it was the expectation of Congress that
the Federal Reserve Banks would extend their

398

FEDERAL RESERVE BULLETIN.

DECEMBER 1,

1915.

roots deep; that upon them as a foundation j debatable question, and has been most strenupermanent banking arrangements better than I ously and earnestly debated, is very persuasive
aay we have ever known would be constructed; I that it did not* TPhe grant of such a power is
and that they would become interwoven with never to be implied " (494).
the business fabric of the cou a try.
\ Again, it refers to—
If these expectations shall be realized, and "the inference which irresistibly follows from
in this discussion we must assume that they the omission to grant in express terms to the
will be, the abolition of one or more of the commission this power of fixing rates " (506).
And again—
Federal Reserve Districts, and consequently
of one or more of the Federal Reserve Banks,
"The vice of this argument is that it is buildwhether for better or for worse, would pro- ing up indirectly and by implication a power
foundly affect the currents of trade and alter which is not in terms granted" (509).
the whole face of business throughout vast secStill again—
tions of the country, to say nothing of the effect
"And if it (Congress) had intended to grant
upon the investments of member banks and the power to establish rates, it would have said
perhaps of the public in the capital stocks of so in unmistakable terms' 1 (509).
reserve banks.
Whilst this seems to me decisive of the matIt must be acknowledged that the power to ter, I will nevertheless examine the provision of
do such a thing is, to borrow a phrase of the the act which is put forward as a ground for
Supreme Court, " a power of supreme delicacy implying that Congress intended to confer
and importance"; and I am of the opinion that upon the Federal Reserve Board the power in
the failure to confer such a power in express question. That provision, which is iound in
terms would be regarded by the courts as section 2 immediately following the grant of
virtually conclusive that Congress did not in- power to the Organization Committee to desigtend it to be exercised except by itself.
| nate Federal Reserve cities and to establish
A leading case in point is Interstate Com- ] Federal Reserve Districts, reads as follows:
merce Commission v. Railway Co. (167 U. S., ' "The determination of said organization
479). There the question was whether the j committee shall not be subject to review exInterstate Commerce Commission, when it j cept by the Federal Reserve Board when
found a* particular rate to be unreasonable, organized: Provided, That the districts shall
was given the power by the act to regulate be apportioned with due regard to the concommerce as origin ally enacted to prescribe venience and customary course of business
what should be a reasonable rate for the future. and shall not necessarily be coterminous with
As in the present instance, the power in ques- any State or States. The districts thus created
tion was not expressly given, but the commis- may be readjusted and new districts may from
sion claimed that it had the power by necessary time to time be created by the Federal Reserve
implication.
Board, not to exceed twelve in all."
Briefly stated, its contention was, that it was
The merely negative statement that the
expressly charged with the enforcement and determination of the Organization Committee
execution ol the provisions of the act; that "shall not be subject to review except by the
amongst other provisions was section 1 which Federal Reserve Board when organized" clearly
required all charges to be reasonable and just can not be enlarged into an affirmative grant
and prohibited every unjust and unreasonable of power to the Board to review and set aside
charge; that in the nature of things it could everything done by the Organization Commit not enforce this mandate of the law without a tee. The reasonable view is that by that landetermination of what are reasonable and just guage Congress meant that the determination
charges; and finally, since no other tribunal of the Organization Committee should not be
was created to make that determination, it subject to review at all, except in so far as the
must be implied that the commission was subsequent provisions specifically authorize a
authorized to do so (167 U.S., 500, 501).
review by the Federal Reserve Board. The
The court, overruling this contention, held only subsequent provision authorizing a review
that as the act did not expressly grant the of the determination of the Organization Comower the commission did not possess it. mittee of the Federal Reserve Board is conpeaking through Mr. Justice Brewer, the court tained in the sentence—
said:
I "The districts thus created may be read"The question debated is whether it (Con- justed and new districts may from time to
gress) vested in the commission the power and time be created by the Federal Reserve Board,
the duty to fix rates; and the fact that this is a I not to exceed twelve in all."

S




DECEMBER 1,1915.

FEDERAL RESERVE BULLETIN.

But the power to readjust districts does not
necessarily carry with it the power to abolish
districts and banks. On the contrary, it would
be departing from the usual meaning of the
language to give it that effect. In the affairs
of business especially the word "readjust77 is
associated with the idea of preservation rather
than of destruction. When it is used in connection with any business or political entity
we instinctively think not of the destruction
of that entity but of its preservation in some
other form. When it is used in connection
with a geographical area, such as a district, we
instinctively think of changes in boundary
lines, not of the blotting out of anything. To
illustrate, suppose the Constitution had provided that Congress should have power to
readjust the States taken into the Union.
Would it be contended that this included
power to abolish States? I can not think so.
Likewise here, in my opinion, the power to
readjust districts refers to changes in boundary
lines.
This conception of the power is exemplified
in the changes heretofore made by the Federal
Reserve Board in the boundaries of the districts as fixed by the Organization Committee.
To cite one instance, northern New Jersey was
detached from the district of which Philadelphia is the center and annexed to the district
of which New York is the center.
But if what was meant by readjustment of
districts were obscure instead of reasonably
clear, there would still be no ground for implying the power to abolish districts and consequently to abolish banks from a power to
readjust, districts and to add new districts.
A power not expressly conferred can arise as
an incident to the exercise of some other power
only because essential to the exercise of that
power or because included therein as a lessor
power of like nature or effect. (The Floyd
Acceptance, 7 Wall., 666, 680; Branch v. Jessup,
106 U. S., 468, 478.)
No one would say that the power to abolish
is a lesser power than the power to readjust.
It only remains then to inquire whether the
power to abolish districts and banks is essential
to the exercise of the power to readjust districts.
In other words, would the power to readjust
districts, which is expressly conferred upon the
Board, be nullified or rendered impotent if
the power to abolish districts and banks is
withheld ?
I have not heard that contention made and
do not see how it could be made. Obviously
the power conferred can fall short of the power
of abolition and still have a wide and useful




399

field of operations. From time to time much
may be done to promote the convenience and
efficiency of the system by readjusting the
boundaries of districts, adding here and taking
away there, without abolishing districts and
without abolishing banks.
The only grounds upon which a power may be
implied are thus lacking here. Rather the
specification of the pov/er to readjust districts
and of the power to increase the number of
districts carries with it the implication that
Congress did not intend to grant the greater
power to abolish districts. As the Supreme
Court has said in similar circumstances:
" * * * If Congress had desired to grant
such authority it would have been easy to have
said so in express terms/' (Tillson v. United
States, 100 U. S., 43, 46.)
Again it does not, seem reasonable to suppose
that Congress would have authorized the Organization Committee to establish these very
elaborate banking units if another body to be
organized only a few months later was to have
the power not only to make readjustments
among them but to abolish altogether a substantial number of them.
Finally, the power of readjusting districts
and of creating new districts conferred by this
provision upon the Federal Reserve Board is
subject to two limitations only: (1) There must
be "due regard to the convenience and customary course of business,') and (2) the number of districts can not exceed 12 (sec. 2). If,
therefore, the power to readjust districts includes the power to abolish districts, I see
nothing to prevent the Board from abolishing
districts and banks until the number is reduced not only to eight but to six, four, or
even one, if in the judgment of the Board
11
due regard to the convenience and customary
course of business" dictates that policy. Assuredly Congress intended no such result.
But not only does this provision afford no
sufficient basis for implying that Congress intended to grant the powder in question; there is
another provision in the Act which shows
affirmatively, I think, that it did not intend to
grant that power.
Section 4 provides that—
"Upon the filing of such certificate with the
Comptroller of the Currency as aforesaid, the
said Federal Reserve Bank shall become a
body corporate and as such, and in the name
designated in such organization certificate, shall
have power * * *
*
" Second. To have succession for a period of
twenty years from- its organization unless it %s

400

FEDERAL RESERVE BULLETIN.

DECEMBER 1,1915.

sooner dissolved by an act of Congress, or unless tion to confer this power can fairly be implied,
its franchise becomes forfeited by some violation but on the contrary there is a provision which
of ike law."
shows affirmatively that Congress did not in-

Here is an assurance by Congress that a Federal Reserve Bank organized under the provisions of this Act shall have the right to exist
for a period of 20 years, except in two specific
contingencies, i. e., unless it shall forfeit the
right by a violation of law, or unless Congress
itself shall shorten the period.
The Federal Reserve Banks were organized,
their capital subscribed, and large obligations
undertaken by thorn on the faith of that express
assurance and in the expectation of enjoying
that right.
Manifestly, to imply a power in the Federal
Reserve Board to abolish Federal Reserve
Banks at will would directly conflict with the
rights and powers expressly conferred upon
those banks by this section.
A power thus expressly conferred can not be
destroyed or seriously impaired by implying a
conflicting power—at least not unless the
grounds for the implication are irresistible,
which, as we have seen, is not the case here.
(Texas & Pacific Ry. Co. v. Abilene Cotton Oil
Co., 204 U. S., 426, 440, 441, 446; Wilder Mfg.
Co. v. Corn Products Co., 236 U. S., 165, 174,
175.)
Finally, it remains to be observed that the
reports of the committees • which considered
this Act and the debates attending its passage,
while discussing fully many different powers
conferred or proposed to be conferred upon the
Federal Reserve Board, contain no mention of
the power here in question. This is very significant. It shows, I think, an entire absence
on the part of Congress of any thought of conferring such a power. For, considering the
far-reaching consequence of the power, it is
not easy to believe that if the granting of it
had been under consideration at all, the fact
would not have been mentioned by some one
in the course of the thorough and exhaustive
discussion which the subject underwent in
Congress.
I sum up my conclusions as follows:
First, concededly the power to abolish
Federal Reserve Districts and Federal Reserve
Banks is not conferred upon the Federal Reserve Board in express terms; second, it is a
rule of statutory construction that the failure
to grant in express terms a power of such great
consequence raises a convincing presumption
that Congress did not intend to grant it; third,
putting out of view that presumption, there is
no provision in the Act from which an inten-




tend to confer it; fourth, the absence of any
mention of such a power in the reports of committees and the debates dealing wdth the legislation shows that the thought of conferring it
was not in the mind of Congress. I am of the
opinion, therefore, that the Board does not
possess the power in question.
Very respectfully,
T. W. GREGORY,

Attorney General.
The PRESIDENT,

The White House,
Committees of the Board.

These committees of the Federal Reserve
Board were esttblished on November 23 and
supersede previous lists:
Audit and examination.—Mr. Delano, Mr. Harding, Mr.
Warburg.
Clearings.—Mr. Delano, Mr. Harding.
Discount policy.—Mr. Warburg, Mr. Miller, Mr. Harding.
Executive.-—Mr. Hamlin, Mr. Delano, Mr. Miller.
Foreign branches and agencies.—Mr. Warburg, Mr. Delano.
Gold settlement fund.—Mr. Etarding, Mr. Warburg.
Investments.-—Mr. Warburg, Mr. Harding.
Issue and redemption.—Mr. Miller, Mr. Delano, Mr. Harding.
Law.—Mr. Hamlin, Mr. Delano, Mr. Warburg.
Operation oj Federal Reserve Banks:
Boston: Mr. Warburg, Mr. Hamlin.
New York, Philadelphia: Mr. Warburg, Mr. Delano.
Cleveland, Chicago, Minneapolis: Mr. Delano, Mr.
Warburg.
Richmond: Mr. Harding, Mr. Williams.
St. Louis, Kansas City, San Francisco: Mr. Miller,
Mr. Harding.
Atlanta, Dallas: Mr. Harding, Mr. Miller.
Open-marlcet operations.—Mr. Harding, Mr. Delano.
Member and State banks.-—Mr. Harding, Mr. Warburg, Mr.
Williams.
Organization and expenditures.—Mr. Delano, Mr. Harding,
Mr. Miller.
(a) Subcommittee, organization and staff: Mr. Delano,
Mr. Harding.
(5) Subcommittee, budget and expenditures: Mr. Delano, Mr. Miller.
Relations ivith Federal Reserve Agents.—Mr. Miller, Mr.
Delano.
Relations with Treasury Department.—Mr. Delano, Mr.
Miller, Mr. Williams.
Reports and statistics.—Mr. Miller, Mr. Williams.

DECEMBER 1,1915.

GOLD-SETTLEMENT FUND.

Combined balances of Federal Reserve Banks
and Federal Reserve Agents carried in the goldsettlement fund of the Federal Reserve Board
passed $100,000,000 at the settlement of
November 18. This was the day before the
expiration of the first six months of operation
of the fund.
In this connection the Federal Reserve
Board gave the following statement to newspapers:
More than $100,000,000 is now held by the
Federal Reserve Board in its gold-settlement
fund, made up of balances to the credit of the
12 Federal Reserve Banks and the Federal
Reserve Agents. In the weekly clearing made
by the Board to-day the balance in* the fund
was shown to be $102,620,000, made up of
deposits held to the credit of the Federal Reserve Banks and Federal Reserve Agents for
the purpose of clearing balances between them
existing at the close of business each Wednesday. Each bank telegraphs to the Federal
Reserve Board a statement of the amounts due
to other banks and the clearing takes place on
each Thursday morning.
Clearing operations were begun on May 19,
1915, and the fund is therefore now six
months old. The first actual clearing was on
May 26, each Federal Reserve Bank at that
time being required to deposit $1,000,000 in
the fund and an amount in addition equal to
its indebtedness to other Federal Reserve
Banks.
Authority for clearings between Federal Reserve Banks is found in section 16 of the
Federal Reserve Act, under which the Board is
authorized in its discretion to exercise the
functions of a clearing house for the Federal
Reserve Banks. A regulation covering the
matter was issued by the Board on May 8.
Deposits by the Federal Reserve Banks in this
fund are counted as legal reserve. On September 8, 1915, the Board authorized accounts
to be opened with the 12 Federal Reserve
Agents. The fund is now divided as follows:
Balances to the credit of Federal Reserve
Banks, $69,240,000; balances to the credit of
Federal Reserve Agents, $33,380,000.
These amounts are now held by the Board
in gold-order certificates in denominations of
$10,000. Deposits in the fund are, through
the courtesy of the Treasury Department, made
by Federal Reserve Banks through the sub-




401

FEDERAL RESERVE BULLETIN.

treasuries. When a deposit is made at a subtreasury, advice is wired to the Treasurer of the
United States at Washington who then causes
gold certificates to be issued to the Federal
Reserve Board. When payments are made
from the fund, the operation is of course reversed. Transfers are, however, for the most
part on the books of the gold-settlement fund
by credits and debits between the 12 banks or
between banks and the Federal Reserve
Agents.
The gold settlement fund is administered for
the Board by officers connected with its organization who do the work in addition to their
other duties. Its cost of administration during the first six months of its existence has
been slightly in excess of $1,000. During this
period balances of $719,688,000 have been
settled.
In providing for clearings between the Federal Reserve Banks the Federal Reserve Board
agreed that the cost of operation of the gold
settlement fund and such shipments of currency as were necessary should be apportioned
by semiannual accounting among the 12 Federal Reserve Banks. The expense for the first
six months of operation, ending November 20 ?
1915, was estimated at $1,037.30, an amount
relatively so small that the Federal Reserve
Board decided without creating precedent to
charge this amount against the funds derived
from the regular semiannual assessment for
expenses of the Federal Reserve Board. A
detailed statement of the expenses of the fund
is as follows:
Equipment....
Printing;
Telegrams
Consultation, prior to opening

$412.01
196. 80
228. 49
200. 00

Total

1,037. 30

Total amount of clearings to Nov. 26y 1915.
Total
clearings.
Previously reported
Settlement of—
Oct 28
Nov. 4
Nov 11
Nov. 18.
Nov. 26.
Total

j $548,153,000
i
! 40,046,000
37.227,000
1 43,317,000
50,945,000
44,937,000
i 764,625,000 !

Balances..
$110,720,000;
9,385,000
3,934^000
5,729,000
8,953,000
8,727,000
147,448,000

402

FEDEKAL RESERVE BULLETIN.

DECEMBER 1,1915.

Gold settlement fund—Summary of transactions Oct. 22, 1915, to Nov. 25, 1915.

Federal Reserve
Bank o—
f

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

Federal Reserve
Bank o—
f

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

Federal Reserve
Bank o—
f

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

Federal Reserve
Bank o—
f

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

Gold.

Balance
last statement,
Withdrawn.

Oct. 21,
1915.

Transfers.

! Deposited.

620,
734,
339,

Debit.

Settlement of Oct. 28,1915.

. 1810,000,000

Total
debits.

Net
debits.

Credit.

$118,000

177,000
1,098,000 I
384,000
9,000

143,000
$118,000

500,000
2,300,000

55,470,000

10,000,000

118,000

Gold.

Balance
last
statement
Oct. 28,
1915.

Withdrawn.

40,046,000

9,385,000

I Deposited. |

Debit.

I Credit.

Net debits. I

Total
debits.

$1,794,000
757,000
1,034,000

$6,272,000
9,893,000
4,919,000
788,000
3,153,000
! 1,460,000
i 4,496,000
3,720,000
104,000
349,000
1, 738,000
573,000
111,000

0,000

90,000

63,170,000 I 2,450,000

3,934,000

Gold.

$2,644,000

34,000
1,258,000
1,940,000
844,000

160,000
,556,000
835,000

$5,264,000
4,492,000
3,163,000
4,934,000
7,169,000
2,745,000
11,336,000
4,659,000
4,982,000
2,908,000
7,000,000
4,518,000

40,046,000

9,385,000

63,170,000

824,000
337,000
,365,000
591,000
468,000
605,000

Settlement of Nov. 4,1915.

Transfers.

264,000 I
492,000 !
163,000 !
934,000 I
169,000 i i $400,000 I
745,000 ! 1 850,000 j .
336,000 I
4,659,000
4, 982,000 | 11,000,000
2, 908,000 !
7, 000,000 !
4, 518,000 1 1200,000

Balance i
last
istatement j WithNov. 4,1915.! drawn.

118,000

Net
credits.

$4,009,000 $6,653,000
17,132,000 ! 7,890,000
4,635,000 ' 5,459,000
627,000
964,000
3,219,000
4,584,000
1,608,000
2,199,000
3,503,000 ; 3,971,000
3,645,000 i 4,250,000

$9,242,000

T

1,100,000
700,000 I

Total
credits.

37,227,000

Total
credits.

Nov. 4,

1915,
balance in
fund after
I Net credits. clearing.

478,000
136,000
885,000
082,000
193,000 i
268,000 !
060,000
039,000
485,000
389,000
065,000
147,000

492,000
36,000

470,000
735,000
129,000
228,000
899,000
703,000
900,000
978,000
363,000
559,000
492,000
354,000

3,934,000

60,810,000

$294,000
40,000
808,000
564,000
319,000
1,381,000

37,227,000

Settlement of Nov. 11,1915.

Transfers.

Oct. 28,
1915, balance in
fund after
clearing.

Nov. 11,
1915,

[ balance in
I fund after
! clearing.

Total
debit.

Total
credit.

Net
credit.

$6,626,000
11,010,000
5,954,000
1,002,000
4,680,000
2,384,000
3,342,000
3,785,000
743,000
2,203,000
1,461,000
127,000

$1,097,000

I.
: 1,000,000 j .
.
2 250,000 |
!
|.

$5,529,000
16,739,000
5,440,000
863,000
4,676,000
1,572,000
3,048,000
3,141,000
148,000
1,659,000
490,000
12,000

514,000
139,000
4,000
812,000
294,000
644,000
595,000
544,000
971,000
115,000

$4,567,000
3,006,000
2,643,000
5,367,000
6,903,000
2,515,000
12,194,000
5,622,000
4,958,000
3,103,000
8,213,000
4,469,000

60,810,000 ! 2,500,000 • 5,250,000 j

j 5,729,000 j 43,317,000

43,317,000

5,729,000

63,560,000

t $3,470,000
3,735,000
2,129,000
5,228,000
6,899,000
2,703,000
11,900,000
4,978,000
5,363,000
2,559,000
7,492,000
4,354,000

~
|
U.

!
|

Net
debits.

Credit.

1
$5,729,000

ji $1,000,000 I

Withdrawn.

Settlement of Nov. 18,1915.

Transfers.

Gold.

Nov. 11,
1915.

Deposited.)

Debit.

$6,000,000
500,000
100,000

I

Credit.

"is'ooo"

Net debit.

$50,000

j

i *i50, OCC
14,260,000
11,000,000

i
j
j
j

i 63,560,000 j 5,410,000

44,000

$6,115,000
1,936,000
$22,000
242,000

4,260,000

463,000

6,000

"439," 666'

69,000
2

230,000

11,090,000

i Transfer to Feder 1 Reserve Agent.




Debit.

i $5,000,000 j
i
I
1

Balance
last
statement,

$4,567,000
3,006,000
2,643,000
5,367,000
i 6,903,000
I 2,515,000
i 12,194,000
i 5,622,000
j 4,958,000
i 3,103,000
! 8,213,000
4,469,000

Deposited, j

0,000
264,000 I

264,000 j 8,953,000
2

Nov. 18,
1915,
balance in
fund after
Net credit. clearing.

Total
debit.

Total
credit.

$7,640,000
16,249,000
7,358,000
1,078,000
4,107,000
1,847,000
5,293,000
5,343,000
104,000
l,403,000i
505,000
18,000

$8,650,000
10,134,000
5,422,000
3,222,000
5,840,000
1,384,000
5,396,000
4,904,000
540,000
3,462,000
797,000
1,194,000

$1, 010, 000

436,000
2,059,000
292,000
1,176,000

$5,527,000
2,891,000
1,192,000
7,589,000
8,636,000
2,144,000
12,291,000
4,183,000
5,325,000
5,162,000
8,505,000
5,795,000

50,945,000

50,945,000

8,953,000

69,240,000

2, 144, 000
1, 733, 000
103, 000

Transfer from Federal Reserve Agent.

Gold settlement fund—Summary

Federal Reserve
Bank of—

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

403

FEDERAL RESERVE BULLETIN.

DECEMBER 1,1915.

Balance
last statement, Nov.
18, 1915.

of transactions Oct. 22 , 1915, to Nov. 25, 1915—Continued.

Withdrawn.

$5,527,000
2,891,000
1,192,000
7,589,000
8,636,000
2,144,000
12,291,000
4,183,000
5.325,000
5,162,000
8,505 000
5,795,000
69,240,000

Settlement of Nov. 26, 1915.

Transfers.

Gold.
Deposited.

'$5*666,666'
96*666'

Credit.

Debit,

$346,000
74," 666*
292,000

33,000
50,000

5,090,000

712,000

Federal Reserve Agents1 fund—Summary

Total
debits.

712,000

Total
credits.

$5,117,000
12,175,000
5,926,000
871,000
4,729,000
5i7,"666" 1,821,000
2,525,000 7,602,000
1,426,000 5,140,000
124,000
1,149,000
269,000
14,000

$4,864,000
8,169,000
8,724,000
2,106,000
5,2/1,000
1,304,000
5,077,000
3,714,000
629,000
2,395,000
929,000
1,755,000

8,727,000

44,937,000

$253,000
4,006,000

$15,000

"*""292*666*
322,000

Net
debits.

44,937,000

Net
credits.

Nov. 26,
1915, balance in
fund after
clearing.

505,000
1,246,000
660,000
1,741,000

$5,259,000
3,885,000
3,990,000
9,170,000
9,268,000
1,409,000
9,736,000
2,757,000
5,797,000
6,358,000
9,165,000
7,536,000

8,727,000

74,330,000

$2,798,000
1,235,000
542,000

of transactions Oct. 22', 1915, to Nov. 26, 1915.
Oct. 21,
1915,
balance.

Federal Reserve Agent at—

Week ending Oct. 28,
1915.

Week ending Nov. 4,
1915.

Deposited.
$1,100,000
700,000

$8,400,000
9,200,000

1,000,000
4,400,000

$400,000
850,000
1,000,000

500,000

1,500,000
4,400,000

200,000

$8,800,000
10,050,000
1,000,000
1,500,000
4,600,000

21,200,000

Total.

Deposited.

$7,300,000
8,500,000

Richmond
Atlanta
Minneapolis
Dallas
San Francisco..

Balance.

2,300,000

23,500,000

2,450,000

25,950,000

Week ending Nov. 11,1915.

Week ending Nov. 18,1915.

Balance.

Week ending Nov. 26,
1915.

Federal Reserve Agent at—
Withdrawn.
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Dallas
San Francisco
Total.

Withdrawn.

Deposited.

Balance.

$1,000,000

$8,800,000
11,050,000

$250,000

1,000,000
500,000

2,000,000
1,750,000
4,600,000

$230,000

250,000

2,500,000

28,200,000

230,000

Deposited.

$150,000
4,260,000
1,000,000

5,410,000

Balance.

Deposited.

Balance.

$8,800,000
11,200,000
4,260,000
1,000,000
2,000,000
1,750,000
4,370,000

800,000
200,000
260,000
000,000
000,000
750,000
370,000

33,380,000

33,380,000

DISCOUNT RATES.
Discount rates of each Federal Reserve Bank in effect Nov. 26, 1915.

Maturities
of 10 days
. and less.

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

Trade acceptances.
AgriculMaturities Maturities Maturities tural and
of over 10 of over 30 of over 60 live-stock
to 30 days, to 60 days, to 90 days, paper over To 60 days, Over 60 to
inclusive. inclusive. inclusive.
90 days,
90 days.
inclusive. inclusive.

Commodity
paper.

13

13
3

1 Rate for commodity paper maturing within 90 days.
2
Rate for commodity paper maturing within 30 days, 3 per cent; over 30 to 60 days, 4 per cent; over 60 to 90 days, 4J per cent; over 90 days,
5 per cent.




404

FEDERAL RESERVE BULLETIN.

DECEMBER 1,

1915.

INFORMAL RULINGS OF THE BOARD.
Below are reproduced letters sent out from
time to time over the signatures of the officers of the Federal Reserve Board, which contain information believed to be of general
interest to Federal Reserve Banks and member
banks of the system:
Payment for Unfit Notes.

A committee of the Federal Reserve Board
has had under consideration the question
whether Federal Reserve Agents should be
permitted to make transfers from the Federal
Reserve Agents7 fund to the credit of their
banks in the gold settlement fund, in payment
of unfit Federal Reserve notes shipped by the
banks to the Comptroller of the Currency.
This committee has reported as follows, which
report has to-day been approved by the Federal Reserve Board:
"There is no objection to such transfers, provided that these transfers are being made in
amounts which are multiples of ten thousand.
It is important that the principle be observed
that no payment or transfer should be made
which can not be settled by the use of $10,000
gold certificates."
No ruling has yet been made as to who shall
forward and pay charges for shipment of notes.
Liquidating Banks.

I am instructed to advise you that the Board
is of the opinion that the provision in section
5222, Revised Statutes, requiring a national
bank to deposit with the Treasurer of the
United States lawful money of the United
States sufficient to redeem all its outstanding
circulation within six months from the date of
the vote to go into liquidation is mandatory,
and this office has no authority to grant any
extension of time.
Acceptances.

Your letter of October 19, inquiring whether
a 90-day sight draft drawn by a firm in Calcutta on a company in Boston and accepted
by that firm, covering a transaction involving
the transportation of merchandise from Calcutta to Honolulu, should He accepted by you
as an eligible banker's acceptance is received.
My impression is that it could not be accepted as a banker's acceptance, but could
be as a trade acceptance. It is supposed that




the company is not granting a banker's credit
in order to finance a shipment of goods from
Calcutta to Honolulu, but probably the company has bought the goods in Calcutta and is
shipping them to Honolulu as a consignment
or as the consequence of a sale there.
It is true that our regulation permits as
eligible the acceptance of a firm " engaged in
the business of accepting or discounting,'
but my understanding is that this accepting
must be done by the firm or corporation acting
as banker; that is to say, granting an acceptance credit and not simply using its acceptance
to finance its own transactions.
T;
Whether or not my reasoning is correct in
this instance will, of course, depend upon the
details of the transaction and the position
therein occupied by the company. As to that,
you will be in a better position to find out
than the Board.
OCTOBER 26,

1915.

Use of Official Stationery.

I am sending you attached a letter addressed
to the Comptroller of the Currency by a director
of a Federal Reserve Bank, and written on the
letterhead of your bank, touching a matter in
controversy between a national bank of which
he is president and the office of the Comptroller
regarding charging off some real estate owned
by his bank. The matter in question has no
reference to the activities of the Federal Reserve Bank or the writer's function as a director
of the bank. Some question has in consequence
been raised as to the propriety of his using the
letterhead of your bank in this correspondence
and over his signature as a director of said bank.
I am inclined to think that bad taste has been
shown by the writer of the letter in this matter,
and I believe it would not be improper for you,
in such way as you deem best, to call his attention to it.
OCTOBER 27,

1915.

Cancellation of Bonds.

Your letter of October 28, asking that the
bond of the Deputy Federal Reserve Agent of
your bank be returned to you for cancellation,
has been received and considered by the Board.
These bonds were, of course, in force during
the period that your associate served as Deputy
Federal Reserve Agent and should therefore be
retained as a part of the records of this office.

If you desire to take up with the company the
question of repaying any premiums for the unexpired period covered by these bonds, it should
be sufficient for you to furnish to such company
a certificate to the effect that your associate
resigned as Deputy Federal Reserve Agent on
a given date. A copy of this certificate may be
filed with the bonds in this office as a mater of
record.
Although the premium was paid for one year,
the bond will, of course, be effective only for the
period of service as Deputy Federal Reserve
Agent, and evidence of the termination of this
service should be sufficient for the bonding company.
NOVEMBER 1,

1915.

Clayton Act Interpretations.

I wish to acknowledge receipt of your letter
of October 29, 1915, relating to the construction of section 8 of the Clayton Act. *
You are advised that the Counsel for the
Federal Reserve Board has ruled, in an opinion
dated November 21, 1914, and printed on
page 27 of the May Bulletin, that the two-year
limitation of section 8 applies to all three
paragraphs and not merely to the first and
third paragraphs of that section.
Regarding your second question, namely,
whether the provisos in the second paragraph
of section 8 apply to the entire section or
merely to the second paragraph, you are advised that Counsel for the Board is of the
opinion that all three provisos in that paragraph apply to the first as well as to the second
paragraph of section 8, and that, therefore, a
man may be a director or other officer or employee of two banks or trust companies if the
entire capital stock of one is owned by the
stockholders of the other, regardless of the
amount of deposit, capital, surplus, and undivided profits, and regardless of the location of
either bank.
NOVEMBER 1,

1915.

Your letter of October 4, requesting information regarding the requirements of the
Clayton Antitrust Law, is received. Your
letter has been referred to Counsel, who is of
the opinion that a violation of the terms of
that act would not be committed by your continuing to qualify after October 15, 1916, as a
director and officer in five incorporated banks
located in as many villages of less than 1,000
15730—15

405

FEDERAL RESERVE BULLETIN.

DECEMBER 1,1915.

3




population each, organized and operating under
the laws of Michigan, the total resources of
none of which State banks exceeds $500,000,
and at the same time continuing to qualify as
a director and an officer of a national bank in
the State, whose total resources are slightly
in excess of five and one-half million dollars,
provided none of the State banks in question
is a member of the Federal Reserve System.
OCTOBER 7,

1915.

You are advised that the Clayton Antitrust
Act does not prohibit an officer or director of a
national bank with total assets of less than
$5,000,000 from serving at the same time as an
officer or director in a State bank or trust company with total assets of less than $5,000,000,
provided, that the banks in question are not
both located in the same city of 200,000
inhabitants or more.
Section 8 of the Clayton Antitrust Act does
not, therefore, prohibit a person from serving
as a director of two banks of the kind and
under the circumstances mentioned by you.
NOVEMBER 18,

1915.

Identification of Specific Goods Under Acceptances.

The inquiry contained in your letter of the
4th instant, viz, whether or not the Second
National Bank can give its assurance that its
acceptance is based upon an import or export
transaction without being able to identify the
specific goods covered by the transaction, has
been placed before the Federal Reserve Board.
The Board has authorized me to say to you in
reply that it is not necessary that the specific
goods covered by the acceptance must be
identified at the time of the acceptance.
As a matter of fact, the law says that the
transactions must ilinvolve" the importation
or exportation of goods, and I refer you to a
ruling of the Board in this respect, from which
you may see that the goods may be purchased
and shipped subsequent to the time of the first
acceptance (p. 276 of the Bulletin of Sept. 1);
provided, however, that there is a definite, bona
fide contract for the shipment of the goods involved within a specified and reasonable time.
In a similar manner, upon payment of the
acceptance, the accepting bank may, for a
reasonable period, accept new drafts for the
financing of the original transaction, even after
the shipment and delivery of the goods; provided, however, that such renewals be stipu-

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FEDEBAL BESERVE BULLETIN.

lated in the original contract as an incidental
condition of the transaction of importation or
exportation upon which the acceptance is
based.
Your correspondent appears to raise the further question as to the evidence that he mayaccept as covering his own certification in the
matter. The Board feels that, in this matter,
good faith must be relied upon to a large extent, and that a member bank would be justified in putting on the legend: "This acceptance
is based upon a transaction involving the importation or exportation of goods;" provided,
it is satisfied the statement by its customer is
made in good faith.
You are aware of the fact that the Federal
Reserve Bank reserves the right to ask State
member banks for evidence underlying the certification given to it, and the bank examiner
may require evidence from the national bank.
Member banks would, therefore, best protect
themselves by stipulating for themselves the
right at times to ask for substantiation of the
assurances given by their customers that the
proceeds have been or are to be used for transactions involving the importation or exportation of goods, unless the documents passing
through the hands of the member banks furnish the acceptor with sufficient evidence of
the transaction.
NOVEMBER 9,

1915.

Potatoes Not Security for Commodity Loans.

By direction of the Board I have the honor
to return herewith the file of papers relating to
the use of potatoes as a basis for commodity
loans at Federal Reserve Banks. The Board
has directed me to say that, in its judgment,
potatoes not being a nonperishable product,
are unsuitable for use as a basis for rediscount
under the commodity rate circular.
NOVEMBER 10,

1915.

Stock Adjustments.

Your attention is invited to my letter dated
March 13, last, relative to the matter of stock
adjustments, in which you were requested
to ask member banks to file their applications
quarterly—that is, on the 1st days of January,
April, July, and October of each year—in all
cases where additional stock is applied for or
where member banks desire to surrender or
cancel a part of the stock held.
With a view to having the practice uniform
in the different Federal Reserve Banks, it is
suggested that such applications be received




DECEMBER 1,1915.

during the first month of the quarterly period,
at the end of which time they should, be forwarded to the Board, and that those received
thereafter during that quarter be held and forwarded with others at the beginning of the next
quarter, unless there is some special reason why
a particular application should have action at
an earlier date.
It will facilitate the work here if a certificate of increase or decrease, as required by section 5 of the Federal Reserve Act, is filed as of
the last day of each quarter. This will enable
the office to adjust its records with those of the
Federal Reserve Banks at the beginning of
each quarter.
NOVEMBER 16,

1915.

Purchase of Commodity Loans.

I acknowledge receipt of your letter of
November 12 asking whether it would be proper
for your bank to buy from member banks commodity loans without their indorsement, and
have to reply that the transaction in question
would fall under the open-market section of the
Act (sec. 14), and more particularly paragraph
C, which authorizes Federal Reserve Banks to
purchase from member banks bills of exchange
arising out of commercial transactions.
So far, therefore, as concerns the propriety of
your bank buying paper from its member
banks without indorsement, there appears to
be no question, provided the paper is otherwise
eligible. You will note, however, that such
purchases are limited in paragraph C to bills of
exchange, while the commodity loans that you
appear to have in mind are in form ordinary
promissory notes or one-name paper. Unless,
therefore, there is two-name commodity paper,
or such paper can be created in connection
with commodity loans, the transaction would
not come within the provisions of the law, the
"discount of notes (promissory notes)" being
limited to operations under section 13 where
the indorsement of a member bank is a prerequisite.
NOVEMBER 16,

1915.

Loans by Member Banks.

The Act does not make it obligatory upon
member banks to loan money to farmers on
warehouse receipts, but if they do make such
loans at 6 per cent it is possible for them to
rediscount the notes at the Federal Reserve
Bank for the district in which they are situated
at 3 per cent, making a profit of 3 per cent on

the transaction. This means that they may
make a loan of $1,000 in your city, send the
note to the Federal Reserve Bank with proper
warehouse receipt and certificate of insurance
attached, and receive a similar loan on this paper
from the Federal Reserve Bank. This, as you
will see, enables them to rediscount the paper
and repeat the operation with a profit of 3 per
cent in each instance.
Interest rates which may be charged are generally covered by State law.
A bank which replies to your request for a
loan, that it has loaned to the limit, may, if it
has notes which comply with the definition of
commercial or other discountable paper, send
this paper to the Federal Reserve Bank for rediscount and so be able to reloan the money
which it thus receives.
NOVEMBER 20,

1915.

PRESS STATEMENTS.

Various questions have been brought before
the Federal Reserve Board with reference to
the elections of directors which are now in
progress. In some districts it has appeared
that only one eligible candidate was nominated for a given place, and the question has
arisen how the preferential voting system under
the Act shall be carried on.
The Federal Reserve Board has taken the
view that where only one or two candidates
are nominated preferential ballots may be
limited to one or two choices as the case may
be, without invalidating the ballot, but that
where three or more candidates are nominated
the preferential ballot must be completely
filled.
In the case of electors representing the several banks, empowered to cast the ballot of
those banks, the Board is urging the election of
such electors. Where directors7 meeting of
member banks are not to be held for some time to
come, it is permitting the elector chosen last
ear to cast the ballot of the bank this year,
a addition, however, the Board is recognizing
the chairman of each bank as being in full
charge of the process of electing electors and
directors, and it has to-day sent all Federal
Reserve Agents, in accordance with this
theory, the Following telegram:
"Organization Committee in holding previous elections acted as chairman of Board of
Federal Reserve Banks, and its rulings were
made in that capacity. Questions submitted
involve interpretation of United States stat-

S




407

FEDERAL RESERVE BULLETIN.

DECEMBER 1,1915.

utes. In making rulings in present election
you may consult counsel for bank, or are at
liberty to consult counsel for Board, who will
advise you as to rulings by Organization Committee in previous elections for your information. While it is desirable that procedure in
all districts should be uniform and suggestions
are made to that end, determination of questions arising under statute rests with chairman
of board of each bank."
NOVEMBER 8,

1915.

A committee appointed by the Federal Reserve Board to consider appeals from the decisions of the Reserve Bank Organization Committee regarding the determination of Federal
Reserve districts and cities, to-day reported to
the Federal Reserve Board that the following
appeals are now pending:
First, the appeal of Baltimore that it be
selected in preference to Richmond as the
Federal Reserve city of the fifth district.
Second, the appeal of Pittsburgh that it be
selected in preference to Cleveland as the
Federal Reserve city of the fourth district.
Third, the appeal of a group of banks in certain counties of Wisconsin that they be taken
out of the Minneapolis district and added to the
Chicago district.
Fourth, the appeal of certain banks in the
western half of Connecticut that they be taken
out of the Boston district and added to the
New York district.
Fifth, the appeal of certain banks of Louisiana that they be included in the Atlanta district and operate through the New Orleans
branch in preference to being included in the
Dallas district.
The committee asked for instructions as to
whether these five cases be dealt with in a comprehensive way by considering the broader
question of readjustment of districts or whether
it should handle each question by itself.
There was also presented to the Board an
opinion of the Attorney General of the United
States dealing with some phases of the legal
right of the Board in regard to action on such
appeals. After a general discussion of the
whole situation, it was unanimously agreed
that further investigation of the powers of the
Board with reference to the whole question
was required before any action could be taken,
and the report of the committee was laid on the
table pending the making of further investigation of the subject.
NOVEMBER 22,

1915.

408

FEDERAL RESERVE BULLETIN.

Intradistrict Clearing System.

Additions to and withdrawals from the system since the publication of the lists in previous issues of the Bulletin are as follows:
DISTRICT NO. 2.

Additions:
Orange National Bank, Orange, N. J.
Mariner Harbor National Bank, Mariner Harbor, N.Y.
Stapleton National Bank, Stapleton, N. Y.
Withdrawal:
First National Bank, Dtmellen, N. J.
DISTRICT No.

3.

Addition:
Manayunk National Bank, Philadelphia, Pa.
Withdrawals:
First National Bank, Liverpool, Pa.
Mount Jewett National Bank, Mount Jewett, Pa.
DISTRICT NO. 4.

Addition:
First National Bank, Bucyrus, Ohio.
Withdrawal:
Commercial National Bank, Pittsburgh, Pa.
DISTRICT No.

5.

Withdrawal:
National Bank of Greenville, Greenville, N. C.
DISTRICT NO. 6.

Addition:
Farmers National Bank, Fayetteville, Tenn.
Withdrawal:
First National Bank, Quitman, Ga.

DECEMBER 1,1915.

Withdrawals—Continued.
Houston National Exchange Bank, Houston, Tex.
Citizens National Bank, Waco, Tex.
Waxahachie National Bank, Waxahachie, Tex.
Citizens National Bank,, Weatherford, Tex.
City National Bank, Wichita Falls, Tex.
DISTRICT NO. 12.

Additions:
First National Bank, Calexico, Cal.
Citizens National Bank, Redlands, Cal.
First National Bank, Santa Maria, Cal.
Withdrawals:
Citrus National Bank, Exeter, Cal.
First National Bank, Fullerton, Cal.

Fiduciary Powers.

Applications from the following banks for
permission to act under section 11 Qc) of the
Federal Reserve Act have been approved since
the issue of the November Bulletin, as follows:
DISTRICT No.

DISTRICT No.
DISTRICT No.

7.

Additions:
Farmers and Merchants National Bank, Ben ton Harbor, Mich.
First National Bank, Morrisonville, 111.
Withdrawals:
First National Bank, Waterloo, Iowa.
Leavitt and Johnson National Bank, Waterloo, Iowa.

DISTRICT NO. 11.

3.

Trustee, executor, administrator, and registrar of stocks
and bonds:
Peoples National Bank, Laurel, Del.
DISTRICT No.

5.

Trustee, executor, administrator, and registrar of stocks
and bonds:
r First National Bank, Newport News, Va.
DISTRICT NO.

DISTRICT NO. 8.

Addition:
Staunton National Bank, Staunton, 111.
Withdrawals:
Simmons National Bank, Pine Bluff, Ark.
State National Bank, Texarkana, Ark.
First National Bank, Stuttgart, Ark.

2.

Trustee, executor, administrator, and registrar of stocks
and bonds:
First National Bank, Long Branch, N. J.
First National Bank, Hoboken, N. J.
Essex County National Bank, Newark, N. J.
Merchants National Bank, Newark, N. J.
Peoples National Bank, New Brunswick, N. J.
City National Bank, Plainfield, N. J.

6.

Trustee, executor, administrator, and registrar of stocks
and bonds:
First National Bank, Tuscaloosa, Ala.
DISTRICT NO. 7.

Trustee, executor, administrator, and registrar of stocks
and bonds:
City National Bank, Clinton, Towa.
Trustee, executor, and administrator;
First National Bank, Traverse City, Mich.

Withdrawals:
First National Bank, Canton, Tex.
DISTRICT No. 9.
Coleman National Bank, Coleman, Tex.
Trustee, executor, administrator, and registrar of stocks
American National Bank, Fort Worth, Tex.
and bonds:
Farmers & Mechanics National Bank, Fort Worth, Tex.
City National Bank, Oshkosh, Wis.
First National Bank, Fort Worth, Tex.
DISTRICT NO. 12.
Fort Worth National Bank, Fort Worth, Tex.
First National Bank, Gainesville, Tex.
Trustee, executor, and administrator:
Lindsay National Bank, Gainesville, Tex.
First National Bank, Junction City, Oreg.




DECEMBER 1,1915.

FEDERAL RESERVE BULLETIN.

409

LAW DEPARTMENT.
The following opinions of counsel have been are b}^ law required to carry reserve against
authorized for publication by the Board since them in the same manner and to the same extent as such banks carry reserve against other
the last edition of the Bulletin:
deposits.
Reserve Against Postal Savings Deposits.
In prescribing reserve to be carried under
All member banks must maintain the amount of reserve
prescribed by section 19 of the Federal Reserve Act against the provisions of the Federal Reserve Act by
member banks, a distinction is made between
all public deposits, including postal savings deposits.
time and demand deposits. It is understood
NOVEMBER 5, 1915.
by this office, however, that all postal savings
SIR: This office has been requested to give deposits are subject to demand and can not be
an opinion on the question of whether or not classed as time deposits.
national banks are required to carry reserve
Under the terms of the Federal Reserve Act,
against postal savings deposits.
therefore, all member banks should maintain
Section 5191 of the Revised Statutes, which the amount of reserve prescribed by section 19
prescribes the amount of reserve to be carried of the act against public as well as against
by national banks, did not exempt from its other deposits.
provisions public deposits. The Secretary of
Respectfully,
the Treasury, on October 4, 1902, issued a cirM. C. ELLIOTT, Counsel.
cular letter to the effect that the comptroller
To Hon. CHARLES S. HAMLIN,
and the Secretary would not enforce penalties
Governor Federal Reserve Board.
for failure to maintain reserve against banks
failing to carry reserve against public deposits.
The act of May 30, 1908, commonly known Nebraska Law Relating to the Guaranty of Deposits.
as the " Aldrich-Vreeland Act/ 7 provided in
The following opinion of the Solicitor of the
section 14:
Treasury holds that national banks located
"That the provisions of section 5191 of the
Revised Statutes with reference to the reserve in Nebraska can not avail themselves of the
of national banking associations shall not apply privileges offered by the laws of that State, reto deposits of public moneys by the United lating to the guaranty of deposits:
States in designated depositories."
WASHINGTON, November 8, 1915.
This act expired by limitation under its Hon. J. S. WILLIAMS,
terms on the 30th day of June, 1914, but its proComptroller of the Currency.
visions were extended, by section 27 of the
SIR: I am in receipt of your letter of the 3d instant, inFederal Reserve Act, to June 30, 1915, with closing a copy of the banking laws of the State of Nebraska
and requesting to
national banks
the proviso that section 5191, above referred located in that Statebe advised whether avail themselves
can be permitted to
to, and certain other sections which were of the State law for guaranty of deposits.
amended by the act of May 30, 1908, be reSection 344 of the State laws referred to provides that—•
enacted to read as such sections read prior to
"Whenever by act of Congress, or by decision of a Federal
court, or departmental construction of
May 30, 1908, subject, however, to such ing act, national banking associations the national banklocated and doing
amendments or modifications as were pre- business within this State are permitted to avail their deof
guarantee fund,
scribed in the Federal Reserve Act. Ac- positors of the protection of the depositors' the payment of
established by the law
this State for
cordingly, section 5191 as reenacted does not deposits in closed banks, any such association, after examination
exempt public deposits from reserve require- agent, and at its expense by the State banking board or its
upon its approval as to its financial condition
ments (which requirements have been mate- may participate in the assets and benefits of the deposirially reduced by the provisions of the Federal tors' guarantee fund upon terms and conditions in harmony
with the banking law of this State to be fixed by said board:
Reserve Act), and banks holding such deposits Provided, In the event national banking associations shall




410

FEDEBAL RESERVE BULLETIN.

be required by Federal enactment to pay assessment to any
depositors' guarantee fund of the Federal Government,
and thereby the depositors in such associations in this State
shall be guaranteed by virtue of Federal laws, that the
associations having availed themselves of the benefits of
this article, may withdraw therefrom and have returned
to them seventv-five per cent of the unused portion of all
assessments levied upon and paid by such associations."
I do not know exactly what terms and conditions have
been fixed by the State banking board of Nebraska permitting national banks to avail themselves of the benefits
of the State law, but such terms and conditions would have
to be in harmony with the banking laws of the State.
These laws provide for assessments against the capital of
a bank to raise and maintain a fund for the guaranty of
deposits, sections 324, 325, 326, 327; for examinations and
reports by State examiners, section 287; for the appointment of a receiver in case of insolvency or violation of the
State laws, section 328; for such receiver to take and
retain possession of the bank, its moneys, rights, credit,
and property of every description, section 335; for priority
in payment of claims, section 332, etc.
These provisions would be in conflict with the laws of
the United States pertaining to national banks. Section
5204 of the Revised Statutes of the United States prohibits a national bank from withdrawing or permitting to
be withdrawn '' either in the form of dividends or otherwise" any portion of its capital; section 5234 provides for
the appointment of receivers and their taking possession
of the books, records, and assets of every description of an
insolvent national bank; section 5241 prohibits any visitorial powers other than such as are authorized by the
national-banking laws or are vested in the courts of justice;
section 5236 provides for a ratable distribution of the
assets of an insolvent national bank among the creditors
without priorities except as to any deficiency that may be
due the United States upon the redemption of the bank's
notes, etc.
I therefore answer the inquiry contained in your letter
in the negative.
I have refrained from discussing this matter at any length
for the reason that it was very fully discussed in an opinion
of this office of March 16,1908, to the Secretary of the Treasury (a copy of which I inclose herewith) in relation to
national banks availing themselves of the depositors' guarantee fund under the laws of the State of Oklahoma. This
opinion was approved by the Attorney General in 27
Opinions, 37, and 27 Opinions, 272. It appears, however,
that he did not ground his conclusion on the fact that national banks are without the power to contract for insuring
the payment of depositors in full. (Opin. A. G., Mar. 31,
1915.1)
The copy of the banking laws of Nebraska which accompanied your letter is herewith returned.
Very respectfully,
LAURENCE BECKER,

Solicitor.
i See p. 29 of May Bulletin.




DECEMBER 1,1915.

GENERAL BUSINESS CONDITIONS.

General business and banking conditions are
described in reports made by Federal Reserve
Agents for the 12 Federal Reserve Districts.
Below are given in detail digests of conditions
in the various districts substantially as reported
by Federal Reserve Agents.
DISTRICT NO. 1—BOSTON.
There has been but little change in business
conditions in this district during the past
month. Business has improved but slightly,
if at all. Economies which have been practiced by all classes for the last year or two are
perhaps not being so rigidly observed, and the
public generally is spending money more freely
than in the past. This is presumably due to
a large extent to the general improvement in
conditions and especially to the fact that labor
is more generally employed.
Money rates show no advance, the tone being
decidedly easy and the supply large. The
withdrawals for the second payment of reserve
to the Federal Reserve Bank and the withdrawal of the money deposited in connection
with the Anglo-French loan have apparently
had little effect on the local banks. Loans and
discounts of the Boston banks show an increase
over last month of $25,754,000 and demand
deposits have increased from $324,482,000 to
$338,489,000 in the same time. The amount
"due to banks" by the Boston banks has decreased $6,502,000 in the past month.
The excess reserve of Boston banks has increased as follows: November 13, 1915, $65,512,000; October 16, 1915, $78,831,000.
Exchanges of the Boston Clearing House
banks for the week ending November 13, 1915,
were $196,767,337, as compared with $203,964,782 in the week ending October 16, 1915,
and $138,952,738 in the corresponding week
last year.
Building and engineering operations in New
England from January 1 to November 10, 1915,
$152,925,000, compared with $144,494,000 in
1914, and show an increase during the last
month of $14,017,000.

DECEMBER 1,1915.

FEDERAL RESERVE BULLETIN.

411

The boot and shoe industry does not show
Exports and imports for October at the port
of Boston compare with previous years as much improvement over last month, but a
decided improvement over two months ago.
follows:
Orders are coming in steadily from the West
Exports:
1915
$8,703,362 and especially from the South. Wholesalers
1914
9,766,318 report that the stocks of retailers are lower
1913
6,518,390 than for some years and that in many cases
Imports:
retailers are asking for early delivery. Busi1915
11,854,449 ness in women's shoes has become a matter of
1914
11,059,171
styles and retailers hesitate to order any amount
1913
9,398,952
in advance. In men's standard styles the
Receipts of the Boston post office for spring orders are good, especially in the cheaper
October show an increase of about 2 per cent grade of shoes selling at $4 or under, the busiover the same month in 1914, and for the first ness in the better grades being more quiet.
15 days of November show an increase of The shoe business for European countries is
$50,000, or nearly 15 per cent over the corre- pretty well cleaned up, there being but one
sponding period of last year.
order of any size reported in this district, that
The Boston & Maine Railroad reports for the being for high boots.
three months ending September 30, 1915, a net
The cotton-mill situation is little changed.
operating revenue of $4,164,745, as compared Labor is very fully employed and mills are runwith $2,944,590 for the same period in 1914, ning at capacity. The fine-goods mills are
and net income of $1,374,474, as compared making money, due to a large extent to the
with $126,619 in 1914. New York, New cutting off of importations of this class of goods
Haven & Hartford Railroad reports for the by the European war. These mills are buying
quarter ending September 30, 1915, net after cotton to cover orders as they are received.
taxes, $6,470,688, an increase of $1,497,216 The mills in New Bedford are doing a good
over the same period last year, and surplus business and several mills that have not paid
over charges of $2,096,048, as compared with dividends for some time are resuming payments.
$1,228,376 in 1914.
In coarse goods the situation is not so satisfacThere were 156 failures in this district dur- tory, except in the mills making heavier fabrics.
ing October, 1915, with total liabilities of
Southern cotton mills have continued to put
$1,970,300, as compared with 138 in October, out goods at prices lower than Fall River mills,
1914, with liabilities of $1,535,314.
and consequently a larger share of the business
The demand for money is small and rates re- than normal has gone to the South. The feelmain about the same as last month. Call loans, ing is that there is not much profit in the regu3 per cent; time loans, 3 to 3 | per cent for lar lines at current prices, if cotton to cover
short dates and 3J to 4 per cent for six months. these orders must be bought at the present
Commercial paper, 3 to 3J per cent. Town market, with the possible exception of some of
notes, 2.10 to 2.40 per cent. Ninety-day the heavier goods. The dye situation is still
bankers1 acceptances, 2 to 2f per cent.
serious and the demand for cotton fabrics in the
Woolen mills are extremely busy and the gray for dyeing has slackened perceptibly durworsted mills have shown considerable im- ing the last two weeks.
provement during the last month. A very
Bond houses report a good volume of busilarge percentage of the business of the woolen ness in high-grade railroad and municipal
mills is emergency orders for European na- bonds. The savings banks have money to
tions; in some places this is estimated to be invest, and one or two new issues legal for
as high as 50 per cent. Demand for wool is savings banks in Massachusetts have been sold
somewhat better and prices are stronger.
quickly.




412

FEDERAL RESERVE BULLETIN.

DISTRICT NO. 2—NEW YORK.
Activity and improvement of trade and industry continued during October. Retail and
department stores report business very much
better, with an increasing demand for higher
grade goods.
Orders for steel are reported as very heavy,
notwithstanding steadily advancing prices and
output. Pig-iron production in October was
3,125,000 tons, which exceeds all previous
monthly records.
Leading wholesale houses have given information on various lines of business as follows:
Dry goods and textiles—market conditions very
good, sales large, payments prompt and anticipated. Leather—improvement in all lines,
largely from foreign demand, but domestic
sales large and growing and collections good.
Coffee—sales much larger and collections better
than a year ago. Sugar—very active, market
showing general improvement and good collections. Meats and provisions—a great improvement in business during the past month.
Real estate agents report more activity in
renting offices and rents increasing in some
buildings.
New York Clearing House banks on November 20 report loans, etc., $3,131,463,000; deposits, $3,370,206,000; and excess reserves,
$193,674,960. Compared with the figures • of
October 2, loans, etc., increased $351,013,000,
deposits $409,646,000, and excess reserves
decreased $2,697,170.
In October, $104,490,000 par value ot bonds
sold on the New York Stock Exchange, an
increase of $22,828,500 over September, and
$26,639,081 shares of stocks, an increase of
8,141,284 over the previous month. There has
been a marked increase in activity in the bond
market and a strong demand for the railroad
issues. The s^ock market continues active but
the trading is more general in character with
larger dealings in railroad shares. Other statistics for October, 1915, compared with October, 1914, are the following: Exchanges
through New York Clearing House, $12,739,878,692.18, an increase of $7,130,441,714.09.
These figures are higher than ever before, the




DECEMBER 1,1915.

previous high monthly record being $11,249,075,000 in January, 1910. New York City
building permits, 66, for structures to cost
$2,420,750, increased 28 in number, but decreased $1,130,325 in amount. New York
State failures, 225, with liabilities $3,597,170,
decreased 62 in number and $1,229,112 in liabilities. New incorporations in the Eastern
States, $208,695,000, increased $173,207,500.
The total for 10 months is $1,172,167,100,
against $775,547,000 for the same period last
year. Exports of merchandise from the port
of New York, $172,680,402, an increase of
$86,599,431. Imports of merchandise at New
York, $77,121,468, a decrease of $35,297. The
latest figures of the foreign trade of the port of
New York show exports for the year to date,
$1,316,546,827, against $751,998,543 for the
same period last year, and imports, $811,260,119, against $827,451,913.
A recent compilation shows the foreign loans
and credits arranged here since the European
war began amount to $843,250,000. A further
credit of $15,000,000 to French banks has been
arranged and negotiations are under way for a
credit reported to be $50,000,000 to English
banks.
Between October 9 and November 15, imports of gold received at the assay office, New
York, amounted to $85,816,700. From January 1, imports aggregate $339,950,000.
Foreign exchange was fairly steady at low
levels from about the 1st until the 20th of
October when further weakness resulted from
the great export movement. The range of
quotations at closing rates was: Sterling,
4.724~4.61f; francs, 5.76J-5.97J; marks, 84J814; rubles, 35-33; lire, 6.22-6.47.
DISTRICT NO. 3—PHILADELPHIA.
Business conditions throughout this district
are gradually becoming better and substantial
improvement is being reported in nearly all
lines. Mills and factories of all kinds are
working at nearer normal capacity than for
sometime. Some concerns have voluntarily
increased wages and reduced working hours,
and in many cases pay rolls are larger than they

DECEMBER 1,1915.

FEDERAL RESERVE BULLETIN.

have ever been. There is a dearth of skilled
mechanics, and labor generally seems to be
fully employed.
The railroads are enjoying unusually heavy
freight traffic, and the net earnings for September of the principal railroad in the district
were the largest for any one month in the history of the company, while gross earnings exceeded all months except August and October,
1913. Kepair shops are working at full capacity. Car movement reports continue to
show large increases in the number of both
loaded and empty cars being moved, for eastbound and westbound traffic. There are no
idle good-order cars.
Conditions in the iron and steel industries
are very promising. Although the demand
for war-order supplies is still large, domestic
business has now reached an encouraging
stage. * Considerable orders have been received
for cars, locomotives, structural steel, rails, etc.,
prices are advancing, and the outlook is highly
satisfactory. The October production of pig
iron was the largest ever recorded in any one
month.
A decided improvement is reported in coal
mining, many colleries working to capacity.
Shippers, however, are confronted with a shortage of cars, which is likely to check the output
to some extent.
Crude oil and oil refining are operating at
full time, with a good demand and increasing
prices. Considerable foreign business is being
done. The Delaware Kiver shipyards are
busier than ever.
The textile trades are running at nearly
normal capacity, knitting mills in particular
showing much improvement. Silk and lace
mills are very busy, and four new mills are
being built in eastern Pennsylvania. Many
hosiery mills are doing a capacity business, but
it is predicted that some will be compelled to
close unless a supply of dyes tuffs can be obtained or white hosiery becomes popular. In
many instances manufacturers of hosiery have
increased their prices. J)rj goods jobbers
report satisfactory domestic conditions. The
foreign trade is not so good, with the exception
15730—15—4




413

of South America. Prices are advancing, due
to increases in the cost of raw materials.
Manufacturers of cotton waists and dresses
have had an unsatisfactory season. Cloak and
suit concerns report difficulty in securing raw
materials, while clothing manufacturers say
trade has been better than for two or three
years. Good business is reported in the manufacture of men's neckwear, shoddy, and
umbrellas.
Manufacturers of stoves and heating apparatus report business good for heaters but poor
for stoves, except for the cheaper grades, there
being a demand for the latter in plants recently
erected for laborers working in factories specializing in war orders.
The leather market continues active and
prices are high. Glazed kid dealers report a
greater demand and firmer prices, while stocks
on hand are only moderate. Boot and shoe
manufacturing is increasing and in some lines
is approaching normal. Tanning materials
have shown considerable advances.
The brick and lumber trades are still far
from satisfactory, but are showing some signs
of improvement. Prices are still very low and
profits correspondingly small. Cement production is not up to normal, with only a fair
demand. Prices are improved. The slate
industry has suffered severely and shows no
material improvement.
Buying is quite active and business is good
in chemicals, paints, and wall paper. The distributors of electrical apparatus and supplies
report good conditions. Canneries have not
done as well as usual.
Agricultural conditions are generally good,
and the farmers have had a prosperous year.
In some sections the corn crop is only about
60 per cent of normal, due to storms during the
growing season. The apple and cranberry
crops are reported as satisfactory. The tobacco
crop has been good, and it is curing nicely.
There is increased activity in the leaf-tobacco
market, and satisfactory conditions prevail
with regard to cigar manufacturers.
General retail trade throughout the district
is improved, and merchants, anticipating a

414

FEDEKAL RESERVE BULLETIN.

brisk holiday and winter trade, are buying
freely.
During October a new high record was established for goods shipped through the port
of Philadelphia to foreign countries, amounting
to $13,645,557, compared with $5,823,859 in
October, 1914. Grain was the chief commodity shipped, valued at about $6,000,000. Imports were slightly ahead of last year, sugar, as
usual, being one of the principal commodities.
More member banks have been rediscounting
with us, and most of our member banks report
a better demand for money. Rates for money
in Philadelphia show no change and are low,
but the reports of condition of the banks in
the local clearing house association suggest
that surplus funds are beginning to be absorbed
because of the increased business activity.
DISTRICT NO. 4—CLEVELAND.

Tremendous demand for steel products and
unprecedented activity in the steel and allied
businesses continue throughout District No. 4.
Prices are highest since the early part of 1908,
when they were maintained for the purpose of
aiding liquidation after the panic. It seems
certain that the steel supply of this country is
taken up to the 1st of next July on a very full
basis of operation. Glass factories in the district are operating to a fuller extent than for
months. The output from automobile concerns and rubber manufacturers is at capacity.
There is no lack of employment, but rather
a scarcity of labor.
Post-office receipts in the five largest cities of
the district show $844,037.16 for October, 1915,
as against $797,522.98 for the same month ]ast
year.
Building permits in six large cities of the
district show $6,785,958 for October, 1915, as
against $7,252,791 for September, 1915, and
$4,807,425 for October, 1914. The building
operations in these six cities up to November 1,
1915, are approximately $5,000,000 ahead of
the 10 months of last year.
There is a 40 per cent reduction in the total
liabilities of commercial failures in this district




DECEMBER 1,1915.

reported during October, as compared with the
same month in 1914.
The coal trade shows little change over last
month except a tendency to further improvement through the activity and advance in other
lines. The lake season closes December 1.
Garment manufacturers report a satisfactory
season for winter goods, but not as large as
anticipated, due to dealers not placing orders
soon enough. The outlook for spring trade is
good.
Retail merchants state that merchandise is
moving satisfactorily and that sales are considerably ahead of last year in fall and winter
lines.
Tobacco has all been housed and is ready to
be marketed. The market will open about December 1. The weight of the crop is not as
large as was anticipated on the basis of bulk,
but the quality is good.
From a credit and collection standpoint conditions are satisfactory, with occasional difficulty in the completion of contracts, due to
inability of concerns to secure the necessary
materials in line with original schedules, thus
delaying payments. There is complaint, too,
from some country merchants growing out of
the fact that farmers have held their small
grain in anticipation of prices that prevailed a
year ago.
Bank statements show record deposits, and
as a rule large reserves, the exception being
banks located in the agricultural portions of
the district, where farmers are borrowing freely
to buy cattle to feed this winter.
A number of changes in ownership of industrial properties have occurred during the past
month, and several important consolidations
have taken place, effecting larger unite* of
operation.
Investors are expressing a preference for
municipal bonds, as they have for two years
past. Activity in public-utility is&ues is beginning, however, and the investment field is
broadening.
Money rates have been stationary and low
during the month.

DECEMBER 1,1915.

FEDEKAL EESEEVE BULLETIN.

415

excellent position, both immediately and prospectively.
November has witnessed a further developLabor is fully employed.
ment of the very satisfactory general conditions heretofore reported as strongly in evi- DISTRICT NO. 6—ATLANTA.
dence. The Carolinas sold cotton freely at top
The general condition in this district for the
prices and in doing so permitted general and
generous liquidation. With the recent soften- past 30 days represent more a continuance of
ing in the market for cotton, the planters are the favorable situation and outlook reported
somewhat disposed to store it rather than force for last month than the introduction of any
new features.
its sale.
Weather conditions for the past 30 days have
The weather has been most favorable for
been favorable for handling the remnant of the
out-door operations. Many farmers, in deferring the Handling of the remainder of their cotton crop, as well as for the preparation and
crops, are preparing some share of their land planting of the winter wheat crop in the
for wheat. Tobacco, both natural and manu- northern part of the district, and the maturing
citrus crops in Florida.
factured, is in a satisfactory position.
The tobacco sections of both Tennessee and
Some coal concerns are now doing the largest
Florida report light sales, with large stocks
business in their history. At some points there
is car shortage. Mines are working at full held. Delivered prices for export are high,
capacity and some concerns have ceased giving but packers are unable to realize on account
out quotations on spot product. While a of difficulty in delivery and high ocean rates.
Retail dealers report that the mild weather
heavy export demand continues, the consumption for domestic purposes is very greatly has retarded anticipated sales of heavy goods,
increased. Prospects for the future are better but at the same time has prolonged the purthan fair, operators fearing only the possible chase of light stocks so that the amount carried over this season will be much smaller than
handicap of shortage in labor.
usual.
The lumber industry is improving slowly,
Collections are reported to be good both in
and an increasing demand both for export and
the wholesale and retail lines, the retail lines
domestic uses is anticipated.
Manufacturing enterprises are doing well, reporting better collections than for a long
while jobbers are booking generous orders period.
In the industrial lines steel and foundry
from interior merchants desiring to replenish
products are holding the high record previously
exhausted stock.
Collections are good. Commodity liquida- reported, and it is now a question on the part
tion has permitted borrowing banks to meet of producers as to the acceptance of orders
their maturing obligations and has provided for future delivery which they may be unable
surplus funds. For these there is at the to fill.
Textile mills are running at full time, and
moment no real demand. Banks throughout
the district are in a more comfortable position in some cases overtime. This has done much
than for some years. Borrowers in many di- to sustain the cotton market by liberal purrections have been able to pay their indebt- chases of raw material.
Lumber shows an advancing tendency.
edness, due to their operations in the past
season, and to settle a generous share of debts Recent purchases by the Russian and Italian
Governments have tended to materially
carried over from 1914.
While the banks are not able profitably to strengthen this market. Railroads have puremploy their full resources, it is true that in chased more freely for the past 30 days than
the district as a whole general business is in for any like period since 1910.

DISTRICT NO. 5—RICHMOND.




416

FEDERAL RESERVE BULLETIN.

Naval stores are congested at concentration
points, but the statistical position of this industry indicates a substantial advance with
the opening of export. Acreage for the next
season's operation will likely be smaller than
in years, due to the hesitancy of factors to
advance funds to any but the most substantial
operator.
Building trades report small increase. Railroad earnings show a gratifying increase over
last month, as well as over the same period
last year.
Money is plentiful for established demands
only, with rates rather lower than at any
previous time.
DISTRICT NO. 7—CHICAGO.

Business development in this district during
November has been favorable and confirms
former reports of general recovery.
Advices from the steel and iron trade show
increasing demands and output, and that
almost all the new tonnage entered at the furnaces and mills was for domestic requirements.
Accumulation of orders for future delivery in
steel, equipment, cars, and heavy structural
forms has been sustained and exceeds all previous experience. This movement has been
accompanied with advance in prices.
Confidence in the future is indicated by the
large expenditures being undertaken for the
purpose of enlarging outputs. Increased furnace and steel rolling capacity at Gary is announced to cost $7,500,000; a new grain elevator at South Chicago of the largest capacity
in the world to cost $3,000,000; and an entirely new undertaking at Joilet to cost nearly
$1,000,000 for the production ol materials for
dyes tuffs.
Most of the large cities in the district show
building gains in the past month well over the
figures of a year ago. The building gains
at Chicago exceeded $5,700,000; at Detroit,
$1,120,000; Indianapolis, $200,000; Sioux City,
$95,000; Springfield, $90,000. There was also
a good gain at Milwaukee. This has created
extraordinary demand for prompt supply of
materials.




DECEMBER 1,1915.

Advices indicate that general merchandising
operations both retail and wholesale are in
greater volume than at this season last year.
Deposits in the 20 national and 89 State
banks of Chicago, as reported at the call of
November 10, reached the high mark of
$1,155,340,537, the increase over the call of
vSeptember 2 being $40,752,900.
Commercial paper rates remain at the low
figures heretofore prevailing and, with continued increase in bank deposits, there is
nothing to indicate anything for the present
but a continuance of low-interest rates.
DISTRICT NO. 8—ST. LOUIS.

Keports indicate a considerable increase in
business activity in all parts of this district.
Business men are generally confident and even
optimistic in their views for the future. The
improvement is noted in practically all lines.
Jobbing interests are probably making the
greatest gains, and their activity has resulted
in an increased demand on the manufacturers.
This, in turn, through larger pay rolls, has increased the buying power of the public, and is
reflected in the increased activities of the retail
merchants.
The manifest improvement noted in the past
60 days has gone far toward wiping out the
losses incurred in the early months of the year,
and from reports business interests generally
should show a comfortable increase at the close
of 1915. In addition to the domestic demands,
more and more firms are feeling the effect of
the demand for goods for export, and this is a
contributing factor toward the present prosperity. The abundant crops harvested this
year have increased the buying power of all
classes, confidence has been restored, and the
outlook is altogether favorable.
The weather has been nearly ideal for agricultural purposes. The rainfall was below the
normal for the month, but plenty of moisture
remained in the ground from rains during the
summer. The warm sunny days in October
greatly aided the harvesting of the various
crops. This favorable weather helped the cotton in the southern parts of the district. The

DECEMBER 1,1915.

FEDERAL RESERVE BULLETIN.

corn and other grain crops were aided materially by the absence of killing frosts. Cotton
is not moving as freely as it was a month ago,
farmers generally holding at least a part of
their crop. There is but little demand for cotton for export, and this together with the comparatively small taking by eastern mills has
resulted in a considerable holding of stocks at
terminal points in the district. There is, however, no appearances of congestion, and it is
probable that the crop will find its way to
market in an entirely normal manner.
Reports indicate that the tobacco crop in
Kentucky and Tennessee is about the average.
Other crops in this district, such as corn, oats,
barley, potatoes, apples, small fruits, and truckfarm products, are bountiful
The live-stock market does not show the
activity noted in previous reports. The demand for horses for export has slackened and
foreign buyers have largely withdrawn from
the market. Hog receipts at the National
Stock Yards, East St. Louis, are heavy but
there is little demand and the prices are correspondingly low. The season's demand for
mules from the South is reported to be better
than in 1914 but is still not up to the normal
for this time of the year.
This fall there has been an unusual lack of
demand for funds for crop-moving purposes.
The banks in the reserve and central reserve
cities have not had the customary call from
country customers and hold reserves largely in
excess of legal requirements. The same is true
to a lesser degree of the country banks. In
October there was some demand for funds
from the cotton-producing sections of the
country. The bank rate of discount to customers and to country correspondents continues
low, the prevailing rate being from 4 to 5 per
cent. There has been a considerable demand
for commercial paper but the rate for best
names has been so low that it hardly tempts the
banks. There is also a scarcity of the best
name paper. Generally speaking, the bond
market has shown some activity and in some
quarters a scarcity of marketable bonds is re-




417

ported. This is especially true of good municipal issues.
In October the Federal Reserve Bank cleared
182,692 items, aggregating $63,532,030.66.
This is a gain of nearly 32,000 in the number of
items and of over $11,000,000 in total amount
as compared to September. The clearings were
the largest of any month since the bank has
been in operation. This was due to increased
business activity and the fact that our member
banks are becoming more familiar with and are
using more freely the collection facilities offered
by the St. Louis Federal Reserve Bank.
Exchange charges are being gradually eliminated throughout this district. The St. Louis
Clearing House has amended its rules so that
local business men and merchants should no
longer ha^e to pay exchange on checks received by them drawn on member banks, located outside of St. Louis, that are members of
our clearing system. This will mean a great
saving to the public ab large.
DISTRICT NO. 9—MINNEAPOLIS.

The Comptroller's call of November 10 found
28 Minneapolis commercial banks with deposits
which were $27,848,000 greater than shown in
the call of September 2, 1915. The same
banks show an increase in loans and discounts
of only $3,424,000. This reflects a condition
that prevails in many of the larger member
banks in the ninth district. Deposits are high,
while loans have shown only a very moderate
expansion.
With three months of the new crop-moving
season already gone, the usual heavy demand
for money for financing and marketing of the
northwestern small grains is still lacking.
September, October, and November demands
have been light compared with former years,
and the crop is moving so slowly that it has
been largely financed on the farmers' money.
November receipts at the Minneapolis and
Duluth terminals have been very heavy, but
very little grain has gone into store. The
export and outside milling demand plus &
heavy demand from Minneapolis and Duluth

418

mills and from the so-called outside mills
within this district has absorbed the shipments
about as fast as they have come in. An unusual amount of wheat is being held in temporary storage on the farms, and a disposition
to expect high prices is general with the farmers
throughout the district and as far west as the
eastern slope of the Rocky Mountains.
The milling output of the Minneapolis and
Duluth mills is running between 475,000 and
500,000 barrels a week, and the outside mills
are adding about 250,000 barrels to this
production.
Money rates are at about the same levels as
a month ago. The best commercial paper has
taken a rate of 4 to 4J per cent, and rates
through the district show practically no change.
Collections are somewhat better, and local busiis active.
It is estimated that the Twin City banks are
in a position to loan an additional $30,000,000
without effort, and a very similar situation
prevails at Duluth, Winona, Fargo, Grand
Forks, and other centers throughout the
district.
There has been a large amount of construction at all of the urban centers and an active
demand at line yards for lumber and material
for construction on the farm. Industrial conditions are good, and labor is fully employed.
DISTRICT NO. 10—KANSAS CITY.

Weather conditions prevailing throughout
District No. 10 have been unusual in that the
precipitation for the month of October and
thus far in November has been far below normal.
This condition, however, has not seriously retarded the preparation of ground and the planting and seeding of fall crops, most of which has
been done.
While there has been a decided inclination on
the part of farmers to hold their wheat for
higher prices, and this inclination has been
general throughout the district, a considerable
amount of wheat is now moving to the markets.
The recent demand for money has been quite
heavy, and many of the larger banks having the
accounts of country banks have been compelled




DECEMBER 1,1915.

FEDEEAL RESERVE BULLETIN.

to discount paper with their correspondents to
meet the requirements. The demand is coming almost entirely from the country, the borrowing of city wholesalers and jobbers being
below normal.
The rates of discount prevailing throughout
this district range from 6 to 8 per cent, with a
few favored customers in reserve and central
reserve cities who are accorded a 5 per cent rate.
Wholesalers and jobbers report a fair volume
of business, with improved collections, and retailers report trade as about normal.
The money which is being received on account of general market transactions is being
largely used in the purchase of live stock for
fattening purposes, although there is more or
less liquidation. Abundant crops have filled
the granaries, and farmers and stockmen generally prefer to feed this grain rather than
market at present prices. This has caused
unusual activity in the cattle market, although
prices have not been abnormal.
For the month of October, 1915, the receipts
of cattle at the principal live-stock centers of
this district, as compared with the month of
October, 1914, were as follows (figures for Sioux
City, Iowa, are given for the reason that that
market draws largely from the tenth district):
1915
Kansas City
Omaha
Denver
St. Joseph
Sioux City, Iowa

$292,493
172,660
71,569
43,573
60,756

Increase.
$274,976
124,148
65,781
38,364
34,869

$17,517
48,512
5,788
5,209
25,887

As an evidence of the extent to which grain
is being withheld from the market, it is interesting to note the number of "feeders" going
from the market to the feeding lots. During
the month of October the total of feeders
shipped and driven to the country from the
Kansas City yards were 174,248, as compared
with 139,660 for the corresponding month of
last year, an increase of 34,588. When it is
realized that feeders are selling at from $6 to
$8 per hundredweight, say, about $7, and will
average about 1,000 pounds each in weight,
it will be seen that something in excess of

DECEMBER 1,1915.

FEDERAL RESERVE BULLETIN.

$12,000,000 was invested in cattle for feeding
purposes on the Kansas City market alone
during the month of October, 1915, or an increase of nearly $2,500,000 over the same
month last year. What is said of Kansas City
in this connection is also true of other live
stock centers in this district.
The lead and zinc mining industry, on account of prevailing high prices, is still very
active, and during the past several months has
enjoyed the greatest prosperity in its history.
The approach of winter has stimulated the coalmining industry, and conditions in connection
therewith are about normal.
The oil industry is more active than it has
been at any time during the present year.
This is accounted for by the fact that crude
oil is now selling at or in excess of $1 per
barrel, whereas less than four months ago it
was selling at about 40 cents per barrel.
There is great activity in the building trades
and civic and public improvements, which is
giving fair employment to all classes of labor,
both common and skilled.
The activity of the Kansas City trade territory is somewhat reflected by the fact that during the month of October the Kansas City
Clearing House Association broke three records
for that institution—those for the greatest clearings for one day, one week, and one month.
The clearings for the week ending November
13 showed an increase of 27 per cent over the
corresponding week of last year and of 67 per cent
over those of two years ago. The big gain over
a year ago is especially significant, because the
business originating from the movement of
grain is less now than a year ago,* so that the
percentage given reflects a substantial expansion in general business. While the above
applies to Kansas City only, nevertheless, the
same general condition prevails with every
clearing-house association in the district.
With the approach of cold weather and the
activities of the holiday season, it is expected
that the commercial, industrial, and business
conditions will materially improve, and the
district, generally speaking, is facing the next
few months with optimistic complacency.




419

DISTRICT NO. 11—DALLAS.

Tabulated reports from the various sections
of the eleventh Federal Keserve district, which
includes all of Texas, southern Oklahoma;
northern Louisiana, southern New Mexico and
southeastern Arizona, show a gratifying recovery from conditions that existed at this
period a year ago.
Throughout the agricultural district reports
show that the cost of production of the 1915
crop was largely reduced, and with restriction
of credit and rigid thrift the crop was produced at about 60 per cent of the credit extended in normal years. With the marketing
of the 1915 cotton crop at a fair price, the
farmers generally are paying their indebtedness of 1914 and 1915 and increasing their
cash on deposit in banks.
With the reduction in the 1915 cotton
acreage in the district came an increase in
acreage of diversified crops. Agricultural districts have raised the largest feed crop in their
history, and a year's supply is reported in the
barns of the farmers.
An increased volume is shown in the cattle
and sheep industry throughout the district
and on a more profitable basis than the average
year's production. In the rice district of
southeast Texas and Louisiana reports indicate an average yield at satisfactory prices.
In the mining districts of New Mexico and
Arizona the industry, while somewhat handicapped by conditions in Mexico, is progressing
and has added more than its average to the
wealth of the country during the last six
months.
Tabulation of the published statements of
the national and State banks, on the call of
November 10, shows a larger increase in deposits, with a corresponding increase in cash
holdings and reserves than normal at this
period of the year.
It is estimated that only about 50 per cent
of this year's cotton crop has been marketed.
With the further marketing of the crop, and
the continued feeling of confidence among the
merchants and farmers throughout the district, the tendency is to increased activities

420

FEDERAL RESERVE BULLETIN.

in all lines of business throughout the winter
months.
With increasing deposits and continued liquidation, money is plentiful and concessions are
being made in interest rates. The demand for
funds is not as large as usual at this time of the
year.
DISTRICT NO. 12—SAN FRANCISCO.

Distance and difficulties of transportation
have prevented the present abnormal foreign
demands from giving important stimulus to
the trade and industry of this district. It
seems justifiable, therefore, to expect that small
readjustments will be required west of the
Rocky Mountains when these demands shrink
at the close of the war. A concurrent increase
of demand for lumber is not unlikely to fully
offset the decrease in demand then for other
products. So this district may justly hope for
reasonable stability in its commerce.
This constitutes a favorable outlook, for on
the whole present conditions are good and
growing better. There is perceptible betterment in lumbering, which is the major industry
of Washington and Oregon. There have been
important inquiries and considerable buying,
which has somewhat strengthened the demoralized prices. Petroleum is benefitting by expanding consumption which, during October,
reduced the amount in storage by a million
barrels. Both crude and refined products have
advanced in price.
The unsatisfactory condition of ocean shipping is accentuated by the closing of the Panama Canal. Extreme rates paid are illustrated by a reported sale of a new 10,000-ton
steamer at 25 per cent above cost, which was
immediately chartered for a cargo to Europe




DECEMBER 1,1915.

at such rates that three voyages would realize
the price paid for the ship. A foreign syndicate has arranged the Java-Pacific Line of four
steamers for oriental trade, one steamer each
month coming to San Francisco. The Japanese line is also reported as doubling the number
of its ships.
For lack of bottoms, export wheat from
Washington, Oregon, and Idaho has been going
East by rail. About half the crop of 60,000,000
bushels has thus far left growers' hands, present prices ruling around 82 or 83 cents to the
farmer.
Railroads are active. Good earnings shown
warrant expectations of speedy entering upon
the long-deferred purchase of lumber and other
supplies for maintenance and betterment, a
course which would stimulate many lines of
trade and industry. Nearly all mining is active and prosperous. This is especially true of
copper, lead, and zinc.
There was shipment on November 15 of the
first navel oranges of the season from Porterville, Cal. For some weeks a trainload will
go forward every day. It is " coals to Newcastle" that Seattle in this same week has received a considerable shipment of oranges from
Japan, with which country her October commerce exceeded $8,000,000.
Reports from a number of cities are that both
wholesale and retail trade is satisfactory, with
instances of record volume.
Banks report heavy increases of deposits, but
loans have expanded very moderately. It is
an interesting indication of a tendency contrary to frequent prediction as to long time
rates that local trust companies and savings
banks have made mortgage loans on San
| Francisco property at 5 per cent.

DECEMBER 1,1915.

FEDERAL KESERVE BULLETIN.

421

DISTRIBUTION OF DISCOUNTS BY SIZES small number and amount of discounts hanAND MATURITIES.
dled during the month, can hardly be regarded

The total amount of commercial paper, exclusive of bankers7 acceptances, discounted
during October was $15,050,200, compared
with $14,405,000 in September and $12,233,700
in August. Considerable increases of discount
operations for the month are reported by the
Atlanta, Chicago, Minneapolis, and Kansas City
banks. Of the total amounts discounted during the month, the share of the three southern
banks was slightly over 60 per cent, the share
of the four banks of the Middle West and
Northwest over 31 per cent, and that of the
four eastern banks less than 6 per cent. Trade
acceptances aggregated $629,100 during the
month, compared with $319,500 in September,
while commodity paper discounted at special
lower rates totaled $2,059,100, as against
$905,600 reported for the month of September.
Of the total trade acceptances discounted in
October, about 64 per cent was handled by the
Atlanta bank and its New Orleans branch and
about 16 per cent by the Richmond bank. Of
the total amount of commodity paper discounted during October by five banks and the
New Orleans Federal Reserve branch, over 80
per cent was handled by Atlanta and its branch
and over 17 per cent by the Richmond bank.
The share of the three southern banks in the
total discounts handled is shown to have declined from 68.2 per cent in August to 65.4 per
cent in September, and to about 60 per cent in
October. Inversely, the share of the western
banks, exclusive of San Francisco, is shown to
have risen from 17.5 per cent in August to 23.2
per cent in September and to 31.2 per cent in
October.
The number of bills discounted was 9,285,
as against 9,173 in September, 9,240 in August
and 10,155 in July. The average size of all
notes discounted during October was about
$1,621, as against $1,570 for the preceding
month, $1,324 in August, and $1,304 in July.
The October average was $1,737 for the four
eastern banks, $1,570 for the three southern
banks, $1,645 for the four banks in the Middle
West and Northwest, and $2,864 for the San
Francisco bank. The smallest average, $1,203,
is shown for the Minneapolis bank. The average
for the New York bank, $1,282, in view of the




as typical or representative of the rediscount
business in that district.
Of the total number of bills discounted, 35.7
per cent, and of the total amount, 53.7 per cent,
were bills in amounts from $1,000 to $5,000,
as against 33 and 52 per cent in September
and 29 and 54.4 per cent in August. A considerable portion of the largest-size bills (in
amounts over $10,000) is commodity (chiefly
cotton) paper, discounted at special, reduced
rates. Small bills (in denominations up to
$250) constituted about 20 per cent of the total
number, though less than 2 per cent of the
total amount of the paper discounted during the
month. The relative number of small notes was
about 30 per cent in July, 28.6 in August, 22.8
in September, and only 20 per cent in October.
The largest absolute and relative number of
small notes was handled by the Richmond
bank, which reports 631 items up to $250 each,
or about 25 per cent of the total number of
items discounted by this bank during October.
Atlanta reports 523 such items, or over 28 per
cent of the total number of items discounted
during the month. Over 60 per cent of the
entire number of small notes discounted during
the month is shown to have been handled by
these two banks.
As compared with September, the amounts
of 30-day, 90-day, and particularly 6-month
paper discounted show considerable increases,
while the amount of 60-day paper accepted for
rediscount shows a large decline, mainly for the
three southern banks. The amount of agricultural and live-stock paper maturing after 90 days
(6-month paper) discounted during the month
was over $800,000 in excess of the September
total, Atlanta, Chicago, and Minneapolis reporting the largest increases for the month.
The number of member banks accommodated
during the month was 796, compared with 762
in September, 693 in August, and 796 in July and
constitutes slightly over 10 per cent of the entire
number of member banks. The largest number
of banks accommodated in any one district, 150,
or 15 per cent of the total member banks in that
district, is reported by Kansas City, while the
corresponding total for the three southern banks
was 389 as against 416 for September.

422

FEDEKAL RESERVE B U L L E T I N .

DECEMBER 1,1915.

Commercial paper, exclusive of bankers' acceptances, rediscounted by each of the Federal Reserve Banks during the month of
October, 1915, distributed by sizes.
NUMBER OF PIECES AND AMOUNTS.
[In thousands of dollars.]
To $100. Over $100 Over $250
to $250.
to $500.

Over $500
to $1,000.

Over $1,000 Over $2,500 Over $5,000
to $5,000. to $10,000.
to $2,500.

Bank.

Over
$10,000.

Total.

Per cent.

44

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

3
19
23
15
400
288
29
30
39
195
220

23115.
235 17.
12

0.6
3.4
4.4
2.9
79.1
50.3
5.2
5.1
6.9
34.4
36.5
.9

3.
7.0
10.6
9.3
534 210.8
279106.9
42.8
56 21.1
99 33.
262 95.4
281106.8
13

5.3

6
21
37
51
527
292
164
95
136
280
293
26

5.5
14.3
29.9
37.
428.3
230.1
133.9
70.2
90.0
198.

5
34
35
70
459
354
234
107
169
296
308
47

220.9

17.0

g
7.
53.
60.
117.
793.
163.
258.
500.
74.

6
25.7
11 39.3
24 111.1
35 131.
2681. 056.0
2771; 090.
110 430.9
69 296.6
42 130.
127 451.4
204 750.7
79.3
21

20.0
44.8
79.2
528.0
636.3
187.6
320.3
75.4
336.1
466.5
61.3

29
107
157
213
!,499
.,851
672
407
503
.,271
.,441
135

12.0
35.0
12.0
148.
728.
37.3
76.4
10.2
323.
278.
148.5

54.5
137.2
296.2
391.1
3,260.2
3,466.1
1,227.0
953."
605.3
1,908.7
2,364.2
386.7

26.9
19.9
7
4
5
13.
15.5
1.5

0.4
.9
2.0
2.6
21.6
23.0
8.2
6.3
4.0
12.9
15.7
2.6

606 43.6 1,268 229.7 1,702 653.2 1,928 1,476.6 2,118 3,488.8 1,194 4,594.1 369 2,755.5 100 1,809.4 9,285 15,050.8 100.0 100.0

Total.

1
PERCENTAGES 0 11 AMOUNTS OI EACH CLASS TO TOTAL.
11

B oston
New York
Philadelphia

2.5

. . . . 0.1
1
5
5
1
1
1
?
?,
1

Richmond
Chicago
Minnftanolis
Dallas
San'Francisco
Total

.3

—

1.5
.7

6.4
5.1

3. 6
2.4

2.4
1.4
.4
.5
1.1
1.8
1.5
.2

6.5
3.1
3.5
2.2
5.5
5.0
4.5
1.4

1.5

4.4

1

9.3
4.4

13.2
38.8
20.3
30.1
24.3
17.5
31.7
17.1
42.6
24.4
21.2
19.2

47.2
28.6
37.5
33.7
32.4
31.5 . . . .
35.1
31.1
21.6
23.7
31.8
20.5

14.6
15.1
20.3
16.2
18.4
15.3
33 6
12.5
17.6
19.7
15.8

"ii.'s"
3.1
4.6
21.0
3.0
8.0
1.7
16.9
11 8
38.4

100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100 0
100.0
100 0
100 0

9.8

23.2

30.5 —

18.3

12.0

100.0

10.1
10.4
10.1
9.6
13.1
6.6
10.9
7.4
14.9
10.4

22.0

Commercial paper, exclusive of bankers' acceptances, discounted during October by each of the Federal Reserve
distributed by States and maturities as of date of rediscount.
[In thousands of dollars.]

District No. 1—Boston:
Maine
Massachusetts
New Hampshire
Rhode Island
Vermont

.... ...............

Total
District No. 2—New York:
New York
Total
District No. 3—Philadelphia:
Pennsylvania
Total
District No. 4—Cleveland:
Ohio
Pennsylvania
West Virginia
Total




....

Paper
maturing
after 30
days but
within
60 days.

Paper
maturing
after 60
days but
within
90 days.

2

0.4

14 i

3

7.0

6.0

13.0

5.0

17.0

5.0

27.0

5.0

24.4

25.1

Number
of member
banks.

Districts and States.

...

Paper
maturing
after 10
days but
within
30 days.

Banks,

Number
of banks
accommodated.

75
70
170

56
18
48

2

435

7

Paper
maturing
within
10 days.

Paper
maturing
after 90
days.

14 5

54.5
=

1

Total commercial
paper rediscounted.

_

131
483

7

4.5
32.4

44.2

56. i

4 6
132.6

614

8

36.9

44.2

56.1

137.2

24
70
534

1
4
6

16.0
82.8

30.8
86.9

55
26 2
27.4

5 8
14.8

55
78 8
211.9

628

11

98.8

117.7

59.1

20.6

296.2
============

72
376
302

7
13
3

.2

23.7
53.2
10.2

103.1
44.5
53

31.9
32.3
12 6

74.1

158.7
204.1
28 3

23

.2

87.1

152.9

76.8

74.1

391.1

14
764

DECEMBER 1,1915.

423

FEDERAL RESERVE BULLETIN.

Commercial paper, exclusive of bankers' acceptances, discounted during October by each of the Federal Reserve Banks,
distributed by States and maturities as of date of rediscount—Continued.
[In thousands of dollars.]

Districts and States.

District No. 5—Richmond:
District of Columbia
Maryland
North Carolina
South Carolina
Virginia
West Virginia
Total
District No. 6—Atlanta:
Alabama
Florida
Georgia
Louisiana
Mississippi
Tennessee
Total
District No. 7—Chicago:
Illinois
Indiana
Iowa
Michigan
Wisconsin
Total
District No. 8—St. Louis:
Arkansas
Illinois
Indiana
Kentucky
Mississippi
Missouri
Tennessee
Total
District No. 9—Minneapolis:
Michigan
Minnesota
Montana
North Dakota
South Dakota
Wisconsin
Total
District No. 10—Kansas City:
Colorado
Kansas
Missouri
Nebraska
New Mexico
Oklahoma
Wyoming
Total
District No. 11—Dallas:
Arizona
Louisiana
New Mexico
Oklahoma
Texas
Total
District No. 12—San Francisco:
Alaska
Arizona
California
Idaho
Nevada
Oregon
Utah
Washington
Total




Number
of member
banks.

Number
of banks
accommodated.

Paper
maturing
within
10 days.

14
98
80
73
137
104

1
4
38
31
44
8

3.3

506

126

95
55
115
5
18
97

32
22
47
3
4
27

10.7

385

135

15.9

317
197
348
75
51

15
5
55
2
1

988

78

61
157
61
69
18
81
20

7
11
1
6
3
10
7

6.5

467

45

31
279
65
152
116
87

.1
32
6
4
9
4

730

56

13.4

121
220
53
210
9
309
33

3
38
8
36

1.6

63
2

955

150

6
26
28
42
546

4
2
13
109

648
1
7
266
58
10
86
23
78
529

Paper
maturing
after 10
days but
within
30 days.

14.5

Paper
maturing
after 30
days but
within
60 days.

Paper
maturing
after 60
days but
within
90 days.

Paper
maturing
after 90
days.

Total commercial
paper rediscounted.

6.6
1.9

194.2
94.3
204.1
15.1

40.5
15.2
426.9
448.6
526.5
18.4

40.8
36.6
438.1
399.5
260.1
33.1

0.1
4.1
16.6
21.1

95.8
51.9
1,066.6
959.0
1,018.4
68.5

11.8

522.2

1,476.1

1,208.2

41.9

3,260.2

3.0
2.2

44.8
77.7
71.7
33.0

363.3
306.1
731.2
113.3
1.3
198.0

182.3
6.5
315.2

14.9

199.3
100.2
335.7
136.2
47 8
158.1

13.6

789.7
493.5
1,456.0
282.5
49.1
395.3

242.1

977.3

1,713.2

517.6

3,466.1

12.3
37.6

139.9
7 5
111.2

66.4
17.0
401.4
5.6

10.0

62.0
32.6
294.8
7.2
21.5

280.6
57.1
845.0
12.8
31.5

49.9

268.6

418.1

490.4

1,227.0

42.3
7.0
10.2
15 0

61.1
61.0

5.0

.2

7.4
57.3

34 0
' 22.6
20 2
3 1
22.4
21.0
276.2

67 2
11.2
41.3
133.4

24.3
3.7

143.9
95.6
30.4
85 3
33.6
94.0
470.8

6.7

139.2

399.5

375.2

33.0

953.6

1.0

9.2
6.5
1.3
4.0
.4
25.6

4 1
60.4
5.0
7.8
14.2
77.0

125.9
11.9
5.7
28.8
5.6

160.8
14.6
.6
22.5

14.3
366.0
32.8
18.1
65.9
108.2

47.0

168.5

177.9

198.5

605.3

27.3
128.2
.5
18.7

37.0
350.9
74.9
55.7

70.9
204.6
79.5
141.4

5.5
59.2
28.6
97.5

140.7
744.5
183.5
313.3

10.4

79.8
2.2

159.0
2.9

204.4
4.0

64.0

517.6
9.1

12.0

256.7

680.4

704.8

254.8

1,908.7

4 9
44.0
408.0

18 5
6 1
100.3
871.1

53 9
5 3
72.4
536.9

3 6
22.9
216.3

77 3
15.0
239.6
2,032.3

128

456.9

996.0

668.5

242.8

2,364.2

ic

26.8

41.5
8.9

i38.9
1.8

23.4
4.2

230.6
14.9
101.0

12.4

3
4

9.1

22.6

66.2

3.1

6

1.4

3.6

7.4

19.6

8.2

40.2

29

1.4

39.5

80.4

226.5

38.9

386.7

424

DECEMBER 1,1915.

FEDERAL RESERVE BULLETIN.

Commercial paper, exclusive of bankers' acceptances, discounted during October by each of the Federal Reserve Banks?
distributed by States and maturities as of date of rediscount—Continued.
RECAPITULATION.
[In thousands of dollars.]

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

435
614
628
764
506
385
988
467
730
955
648
529

Per
Per
Per
Per
Per
Per
Per

cent
cent
cent
cent
cent
cent
cent

Amounts

Paper
maturing
after 60
days but
within 90
days.

1.4

796

for October
for September
for August
for July
for June
for May
for April

Paper
maturing
after 30
days but
within 60
days.

36.9
117.7
87.1
522.2
242.1
49.9
139.2
47.0
256.7
456.9
39.5

24.4
44.2
59.1
152.9
1,476.1
977.3
268.6
399.5
168.5
680.4
996.0
80.4

25.1
56.1
20.6
76.8
1,208.2
1,713.2
418.1
375 2
177.9
704.8
668.5
226.5

74.1
41.9
517.6
490.4
33.0
198.5
254.8
242.8
38.9

54.5
137.2
296.2
391.1
3,260.2
3,466.1
1,227.0
953.6
605.3
1,908.7
2,364.2
386.7

165.1

7
8
11
23
126
135
78
45
56
150
128
29

7,649

Total for October

Paper
maturing
after 10
days but
within 30
days.

1,994.8

5,327.2

5,671.0

1,892.1

15,050.8

13.2
11.8
11.3
12.2

35.4
42.9
40.8
34.1
29.1
31.4
33.9

37.7
36.8
36.9
40.0
38.7
35.6
39.2

12.6
7.6
8.4
12.9
18.7
19.6
15.3

100.0
100.0
100.0
100.0
100.0
100.0
100.0

Paper
maturing
within 10
days.

Number
Number
of banks
of member accommobanks.
dated.

Districts and cities.

5.0

98.8
.2
11.8
15.9
6.7

13.4
12.0

1.1
.9
2.6
.8
13.5
13.4
11.6

10.0
9.1
10.5
10.3
9.4
8.1

Paper
Total
maturing commercial Per cent.
paper reafter 90
discounted.
days.
0.4
.9
2.0
2.6

21.7
23.0
8.1
6.3
4.0
12.7
15.7
2.6

100.0

of trade acceptances x discounted by each of the Federal Reserve Banks during the months of September and October,
1915.
[In thousands of dollars.]

Federal Reserve Bank.

Paper maturing Paper maturing Paper maturing
Total trade
Paper maturing after 10 days after 30 days after 60 days Paper maturing acceptances rewithin 10 days. but within
but within
but within
after 90 days.
discounted.
30 days.
60 days.
90 days.
Sept.

New York
Cleveland .
Richmond
Atlanta, including New Orleans brannh
i
St. Louis
Kansas City
Dallas
San Francisco
Total
Per cent




Sept.

Oct.

Oct.

Sept.

!

2.1
8.1
24.6
1.7

12.1

i

34.3
10.7

!

2.8
.5
1

8.2

0.3
5.9
65.9
6.9
4.5
2.1
12.6

46.2
7.3

98.2
30.7

4.8

..

.4

Sept.

Oct.

Sept.

Oct.

Sept.

o o

1.5

1.3
4.7
11.0

2.8

Oct.

.3
46.9
90.1
32.2

172.0
.6

29.4
8.7

4.1

5.4

210.9
33.5

176.7
55.3

357.3
56.8

1.6
10.6

03
42.3
276.0
3.2

10.3

11.9

30 1
10.3
3.2

Included in the total of commercial paper, shown above.

11.9
1.9

Oct.
48
2.7
100.1

259.2
12.3
45
2.5
28.8

402.6
37.1

319.5
100.0

629.1
100.0

59.5
22.3

Per cent.

Sept.
0.5
3.3

Oct.
O.T
.4
15.9

81.1
3.9
14
.8
9.0

64.0
5.9

100.0

100.0

9.5
3.6

425

FEDERAL RESERVE BULLETIN.

DECEMBER 1,1915.

Amounts of commodity paper1 rediscounted by each of the Federal Reserve Banks from Sept. 8, date of first rediscount, to
Oct. 30, 1915, inclusive.
[In thousands of dollars.]

Amount of
Amount of
commodity
commodity
paper dispaper discounted during counted during
September,
October,
1915.
1915.

2.3

Richmond
Atlanta (including New Orleans branch)
St. Louis
Minneapolis
Dallas

$364. 4
1,657.2
31.2
1.5
4.8

$460. 4
2,464.5
31.2
1.5
7.1

905.6

Federal Reserve Bank.

Total amount
of commodity
paper rediscounted during
September and
October,
1915.

2,059.1

2,964.7

$96.0
807.3

--

Total

.

..

i Included in the total of commercial paper, shown above.
Amount

of commercial paper, exclusive of bankers' acceptances, held by each of the Federal Reserve Banks
Friday of the month, Oct. 29, 1915, distributed by maturities.

on the last

[In thousands of dollars.]

Paper
maturing
within 10
days.

Federal Reserve Bank.

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

...

Total
Per cent




.

. .

Paper
maturing
after 10
days but
within 30
days.

Paper
maturing
after 30
days but
within 60
days.

Paper
maturing
after 60
days but
within 90
days.

34.1
82.1
60.9
93.6
1,617.5
1,166.8
133.2
341.3
370.9
451.9
1,663.8
163.3

46.2
183.1
66.1
143.6
1,932.1
1,450.0
353.4
432.8
247.5
615.8
1,601.0
240.6

63.7
106.3
61.9
181.6
2,352.1
2,172.4
739.3
568.1
558.5
902.5
1,900.4
374.3

6.9
31.3
6.6
52.4
886.2
1,314.7
477.0
258.6
224.4
698.7
724.7
190.9

6,179.4
20.3

7,312.2
24.0

9,981.1
32.8

4,872.4
16.0

Paper
maturing
after 90
days.

Total.

Per cent.

0.5
1.3

115.1
25.9
501.2
630.3
66.3
212.0
207.0
297.3
47.8

150.9
402.8
195.5
586.3
6,813.8
6,605.1
2,333.2
1,667.1
1 613.3
2,875.9
6,187.2
1,016.9

1.9
22.4
21.7
7.7
5.5
5.3

2,102.9
6.9

30,448.0
100.0

100.0

6

9.5

20.3
3.3

426

FEDERAL RESERVE BULLETIN.

DECEMBER 1,1915.

ACCEPTANCES.
1

Bankers

acceptances, by classes, held by the Federal Reserve Banks each week.
[In thousands of dollars.J
Nonmember banks.
Member
banks.

Date.

Oct. 26
Nov. 1
Nov. 8
Nov.15
N o v . 22

1

Private
banks.

193
253
255

Total.

237
204
204

267
275

4,419
4,331
4,306
3,967
4,413

8,109
8,477
8,784
8,482
8,457

. . .

State
banks.

Trust
companies.

12,958
13,265
13,549
12,871
113,342

155
197

Acceptances indorsed by member banks: Private bank acceptances, $5,000.

1

Distribution of bankers acceptances held by Federal Reserve Banks, according to schedules on hand Nov. 22,1915, by classes
of acceptors and sizes.
Over $5,000
to $10,000.

To $5,000.

Over $10,000
to $25,000.

Over $25,000
to $50,000.

Over $50,000 Over $100,000.
to $100,000.

Total.
Per
cent.

Class of acceptors.
a.2

a
Member banks...
Trust companies.
State banks
Private banks
Total.,

3 A

a -s

a

3 A

$475,385 145 $1,234,833 174 $3,105,719
286,743 97
753,330
126,250
149,227
20,240 "i
112,785
6,780
908,618 243 1,994,943 249

Percent

6.8

15.0

4,354,400

a-s

40 $1,713,181
14
553,397

a-|

3 A

a
<

0 A

$792,000 531 $8,457,027
4,412,995
1,252,160
275,477
197,351

14 $1.135,909
" '580,696
57,546

54 2,266,578

1,774,151

17.0

32.6

63.4
33.1
2.0
1.5

2,044,160 863 13-, 342,850 100.0

13.3

15.3

100.0

Amounts of acceptances held by the several Federal Reserve Banks at close of business on Fridays, Oct. 29 to Nov.19, 1915,
[In thousands of dollars.]
New PhilaRichBoston. York. delphia. Cleve- mond.
land.
Acceptances maturing within 10
days:
Oct. 29 . .
Nov. 5
Nov. 12
Nov. 19
Acceptances maturing after 10 days,
but within 30 days:
Oct. 29
Nov. 5
Nov. 12
Nov. 19
Acceptances maturing after 30 days,
but within 60 days:
Oct. 29
Nov. 5
Nov. 12
Nov. 19
Acceptances maturing after 60 days,
but within 3 months:
Oct. 29 . . .
Nov 5
Nov. 12
Nov. 19
Total acceptances held:
Oct. 29
Nov 5
Nov. 12
Nov 19




416

522
246
305

421

80

659
73

122
102

329

43

Atlanta.

Chicago.

San
St. Minne- Kansas
Louis. apolis. City. Dallas. Fran- Total.
cisco.

200

87
1

135

143

26

279
327

115
53

10

9

102

75
41

852

653

125

49

444

644
845
907

424
1,099
958

23
157
156

97

180
331
400

387
391
317

10
72
84

28
61
52

1,566
1,369
1,089
859

1,770
2,077
1,461
2,159

1,033
919
786
803

303
255
120
228

606
484
283
408

182
181
150
216

342
336
775
762

2,036
1 854
2,014
1,472

290
562
532
451

163
165
220
239

321
382
474
615

3,176
2,871
2,955
2,83?

4,880
5,014
4,647
4,918

1,528
1,783
1,751
1,797

558
558

100
100

550
623

100
100

1,571
1,532
1,475
1,475

f>0

100
100
100
50

28

212
50

25

109
61
100

1,239
2,180
954
1,031

209

270

7
70
80

173
175
96

2,801
1,876
3,201
3,10ft

118
118
77
137

147
139
81
130

168
191
157
225

5,993
5,833
4,304
5,215

166
191
206
211

121
137
157
145

49
81
107
97

98
177
194
172

3,586
3 885
4,678
4 164

471
469

341
358

433
439

429
521

336
343

308
307

561
650

13 619
13 774
13,138

587
593

427

FEDERAL RESERVE BULLETIN.

DECEMBER 1,1915.

Amounts of acceptances purchased by each of the Federal Reserve Banks from Feb. 19 {date of first purchase) to June SO
and for the months of July, August, September, and October, 1915, distributed by maturities.
[In thousands of dollars.]
RichNew PhilaBoston. York. delphia. Cleve- mond.
land.
Acceptances maturing within 30
days:
Feb. 19 to June 30
July
August
September1
October
Total
Acceptances maturing after 30 days
but within 60 days:
Feb. 19 to June 30
July
August
September1
October
Total
Acceptances maturing after 60 days
but within 3 months:
Feb. 19 to June 30
July
August
September *
October
Total

109
43

64

42

Atlanta.

37

1,032

10

41

29
3

28

141

103

42

69

61

1,960

598

310

226

119
13

633

29

71
35
16
101

24
18
26
17

61

33
18
30
67

9
23

4
17
35
43

23
17
25
17

4,093
698
512
211
761

2,241

755

746

533

311

164

160

715

6,275

2,899
1,046
931
741
1,014

8,145
1,977
1,443
1,557
2,196

1,876
521
140
994
351

732

1,524
426
593
351
570

162

276
87
94
246

397

&34

265
115
107
269

100

3,464

100

1,975
497
628
367
671

263

209

177

262

100

4,138

1,279

1,114

1,440

2,696

402

41

50

466

733

244

101

235

1,543
276
269
55
98

368

17
17
15
366

237
121

650

61

Total.

67

103
50

141

San
St.
Minne- Kansas
Louis. apolis. City. Dallas. Francisco.

36

539

39
25

314
78
493

6,631

15,318

3,882

1,488

Total acceptances bought:
Feb. 19 to June 30
July
August
September *
October

3,134
1,063
987
781
1,782

10,227
2,253
1,815
1 662
2,335

2,353
801
303
994

1,394
298
170
137

430

Grand total .

7,747

18,292

4,881

2,335

100

336




Chicago.

1

Corrected figures.

178
87
60
186

190
202
51
134

1,112
120
347
96
245

17,481
4,999
3,945
4,151
5,211

865

908

1,211

1,920

35,787

455

526

736

300
141
120

191
116
72

1,806
143
364
121

22,606
5,740
4,771
4 440
6,465

194
247
86

44,022

428

DECEMBER 1,1915.

FEDERAL RESERVE BULLETIN.

FEDERAL RESERVE BANK STATEMENTS.
Resources and liabilities of each of the Federal Reserve Banks and of the Federal Reserve System, at close of business on Fridays,
Oct. 29 to Nov. 26, 1915.
RESOURCES.
[In thousands of dollars.]
Boston.
Gold coin and certificates
in vault:
Oct 29
Nov. 5 .
Nov. 12
Nov 19
Nov 26 .
Gold settlement fund:
Oct 29
Nov. 5
Nov. 12
Nov. 19
Nov 26
Gold redemption fund:
Oct 29
Nov 5
Nov 12
Nov 19
Nov 26
Legal tender notes, silver,
etc.:
Oct. 29 .
Nov. 5
Nov 12
Nov. 19.
Nov. 26
Total reserve:
Oct. 29
Nov 5
Nov. 12
Nov. 1 9 . . .
Nov. 26
Commercial paper:
Oct. 29
Nov. 5 . . .
Nov. 12
Nov. 19 .
Nov 26
Bankers' acceptances:
Oct 29
Nov. 5 . .
Nov 12
Nov 19
Nov 26
United States bonds:
Oct 29
Nov 5
Nov 12
Nov 19
Nov 26
Municipal warrants:
Oct 29
Nov 5
Nov 12
Nov. 19
Nov. 26
Federal Reserve notes,
net assets:
Oct 29
Nov 5
Nov 12
Nov 19
Nov 26
Due from other Federal
Reserve Banks, net:
Oct 29
Nov 5
Nov. 12
Nov 19
Nov. 26
All other resources:
Oct 29
Nov. 5
Nov. 12
Nov 19
Nov. 26
Total resources:
Oct. 29
Nov 5
Nov. 12
Nov 19
Nov 26

New
York.

Philadelphia.

Cleveland.

Richmond.

San
AtMinne- Kansas
St.
lanta. Chicago. Louis. apolis,. City. Dallas. Francisco.

13,738
14, 768
14,769
15,906
14,734

129,981
144,470
143,818
147,884
151,218

7,867
8,693
7,606
8,884
8,186

10,618
10,545
10,331
10,632
10,640

5,898
5,900
5,964
5,983
6,022

5,672
6,230
6,009
6.293
5,982

27,510
25,977
28,639
30,520
31,460

2,827
2,665
2,606
3,033
2,867

619
655
975
2,478
2,498

3,917
3,118
3,128
2,309
2,310

3,995
3,992
4,009
4,086
4,119

5,582
5,665
5,576
7,392
5,950

218,224
232 678
233,430
245,400
245,986

5,264
3,470
4,567
5,527
5,259

4,492
3,735
3,006
2,891
3,885

3,163
2,129
2,643
1,192
3,990

4,934
5,228
5,367
7,881
9,170

7,159
6,899
6,903
8,726
9,268

2,745
2,703
2,515
1,867
1,409

11,336
11,900
12,194
12,291
9,736

4,659
4,978
4,622
4,183
2,757

3,982
5,363
4,958
5,325
5,297

2,908
2,559
3,103
5,162
6,358

7,000
7,492
8,213
8,505
9,165

4,318
4,354
4,699
5,795
7,536

61,960
60,810
62,790
69,345
73,830

6
6
6
6
6

55
55
55
55
55

37
37
37
37
37

375
375
375
375
375

225
225
225
225
245

35
35
35
35
35

30
30
30
30
30

97
102
102
107
107

341
341
341
341
341

21
21
21
21
21

680
363
114
21
33

30,344
25,609
25,665
25,681
29,783

3,067
3,032
3,116
2,846
2,909

100
104
137
114
116

150
224
209
222
238

1,015
1,586
2,457

156
147
140
167
139

7
7
.7
13
19

269
166
162
169
176

324
196
185
198
217

7
12
4
33
18

37,058
31,567
31,806
32,173
37,212

19,688
18,607
19,456
21,460
20,032

164,872
173,869
172,544
176,511
184,941

14,134
13,891
13,402
12,959
15,122

16,544 13,532
16, 755 13,278
16, 750 13,379
19,636 15,198
20,917 15,781

8,792
9,382
8,958
8,607
7,874

39,808
38,602
41,848
44,397
43,653

7,677
7,825
7,403
7,418
5,798

4,638
6,055
5,970
7,846
7,844

7,191
5,945
6,495
7,747
8,951

11,660
12,021
12, 748
13,130
13,842

9,928
10,052
10,300
13,241
13,525

318,464
326,282
329,253
348,150
358,280

151
166
178
169
182

403
369
316
263
282

196
134
145
192
180

587
580
532
517
637

6,814
6,482
6,535
6,599
6,937

6,600
6,414
6,838
7,135
7,885

2,333
2,519
2,739
2,862
2,915

1,667
1,776
1,771
1,809
1,731

1,617
1,455
1,492
1,540
1,526

2,876
3,040
3,100
4,332
4.247

6,187
5,463
5,479
5,450
5,565

1,017
955
885
771
707

30,448
29,353
30,010
31,639
32,794

3,176
2,871
2,955
2,833
5,118

4,880
5,014
4,647
4,918
5,348

1,528
1,783
1,751
1,797
1,779

558
558
550
623
632

100
100
100
100
100

1,571
1,532
1,475
1,475
1,457

471
469
429
521
520

341
358
336
343
370

433
439
308
307
329

561
650
587
593
526

13,619
13,774
13,138
13,510
16,179

491
491

932
932
932

4,031
4,031
4,031
4,062
4,090

952
952
952
952
952

1,082
1,110
1,144
1,160
1,188

1,526
1,526
1,526
1,526
1,536

1,000
1,000
1,000
1,000
1,000

10,505
10,533
12,003
12,674
12,919

2,750
2,519
2,468
2,353
2,478

1,095

793
713
718
717

824
753
753
742
756

1,379
1,183
1,182
1,142
1,132

25,014
22,148
22,801
27,519
27,308

1,874
1,803
1,604
1,556
1,544

19,723
15,184
19,537
18,792
19,176

787
928

i 8,533
i 12,483
i 16,175
i 15,827
114,053

491
491
986
986
986

992
982

1,052
1,123
1,107

1,432
1,973
1,973

1,015
1,194

3,274
2,869
3,443
3,500
3,416

8,390
6,701
6,562
10,853
10,414

2,866
2,817
2,869
3,321
2,944

3,638
3,545
3,515
3,482
3,474

745
332

11,376
9,498
11,457
12,273
13,442

805
216

1,010
642
249

385
359
427
448
306

642

3,512
4,572
3,943
8,048
6,649

1,563
3,560
2,968

1,173
837
1,077

882

1,754
1,880

704
805

52
69

5
102
335
335
335

962
725

946
956
959
984

2 190
2,178
1,868
1 853
1,846
640

820
993
202

1,130
1,563
1,717
1,544

1,932
1,137

1,002

2,651
4 187
2,104
1,404
2,410

2 327
1,293
2,560
5,599

782
286
604

526

1,243
1 566
512
996
579
712

1,775
1 717
2,196
3,336
3,189

383
372
376
402
398

668

119

51

296

121

70

536
654
582
794

118
232
109
288

658

234
424
310
297

66
92
136
155

145
296
571
749

162
95
157
186

263
176
268
296

69
68
69
64

27,770
26,452
28,615
31,849
32,988

190,304
195,823
196,544
205,220
214,825

24,200
24,440
25,206
29,514
29,690

23,467
23,652
24,501
29,390
30,416

21,137
21,056
21,669
23,802
24,586

16,513
17,036
16,629
18,580
17,980

245

55,455 13,828
55, 730 * 14,844
56,628 13,982
58,563 15,091
59,035 15,880

63
63

11,882
11,989
12,920
15,590
16,136

708
599

302
923
329

1,243
1,371
1,767

1,546
675

531
555
655
706
792

178
131
115
250

2,323
2,597
2,668

1 222
1 227
1,227
1,232
1,252

496

311
92
102
118

3,645
2,962
3,275
3,662
4,633

14,089 18,327
12,857 18,538
14,080 18,671
16, 731 20,439
18,378 20,641

16,871
16,882
17,973
21,002
21,220

429,951
432, 719
446,192
471,773
485,342

i Items in transit, i. e., total amounts due from, less total amounts due to, other Federal Reserve Banks.




Total
for
system.

325

429

FEDERAL RESERVE BULLETIN.

DECEMBER 1,1915.

Resources and liabilities of each of the Federal Reserve Banks and of the Federal Reserve System at close of business on Fridays,
Oct. 29 to Nov. 26, 1915—Continued.
LIABILITIES.
[In thousands of dollars.]

Capital paid in:
Oct. 29
Nov. 5
Nov. 12.
Nov. 19
Nov. 26
Government deposits:
Oct. 29
Nov. 5 . . .
Nov. 12
Nov. 19..
Nov. 26
Reserve deposits, net:
Oct. 29..
Nov. 5
Nov. 12
Nov. 19
Nov. 2 6 . . .
Federal Reserve notes,
net liability:
Oct. 29. .*
Nov 5
Nov. 1 2 . . .
Nov 19
Nov. 26..
Due to other Federal Reserve Banks, net:
Oct. 29
Nov. 5
Nov. 1 2 . . . .
Nov. 1 9 . . .
Nov. 26..
All other liabilities:
Oct. 29
Nov. 5 . . .
Nov 12 . .
Nov. 1 9 . . .
Nov 26
Total liabilities:
Oct. 29
Nov. 5
Nov 12
Nov 19
Nov. 2 6 . . .

21,095
21,281
22,218
26,678
27,817

1,494
1 226

11,047
11,077
11,059
11,060
11,060

174,443
175,252
181,710
176,414
183,438

Cleveland.

Richmond.

Atlanta.

5,269
5,272
5,273
5,270
5,270

5,945
5,945
5,945
5,945
5,931

3,349
3,349
3,352
3,353
3,353

2,417
2,416
2,417
2,418
2,417
5 000
5,000
5,000
5,000
5 000

7,768
7,802
8,160
10,364
10,712

5,395
5,721
6,268
7,755
7,199

4,874
4 754
5,000
4,923
5,354

5,181
5,171
5,171
5,171
5,171

New
York.

Philadelphia.

5 000
5,000
5,000
5,000
5 000

Boston.

3,622
3 817
2,854
3,318
3,266

146
151
157
162
167

79
82
90
89
98

21,137
21,056
21,669
23,802
24,586

16,513
17,036
16,629
18,580
17,980

18,931 17,522
19,168 17,707
19,933 18,556
24,244 23,445
24,420 24,485

6,635
6,634
6,635
6,638
6,639

2,778
2,778
2,778
2,780
2,780

2,492
2,493
2,495
2,496
2,497

3,025
3,027
3,027
3,026
3,030

2,767
2,753
2,753
2,755
2,756

3,933
3,933
3,941
3,942
3,942

5,000
5 000
5,000
5 000 1
5 000
11,050
12,066
11,204
12,311
12,995

9,390
9,496
10,425
13,094
13,639

9,687
8,994
9,826
12,959
14,422

6,515
6,531
6,992
8,748
9,151

1,377
836
1,227

48,820
49,096
49.993
51,925
52,396

54,838
54,848
54,846
54,854
54,846
15,000
15,000
15,000
15,000
15,000

4,045
4,254
3,926
3 936
3 734

746
926

105

Total
for
system.

12,938
12,949
14,032
17,060
17,278

343,554
346,063
359,317
384,997
397,952
13,918
13,661
13,007
12,923
13,385

2,398
6,580
13.998
16 433
2 416
2,914
3,775
3,748
3 894

27,770
26,452
28,615
31,849
32,988

San
Francisco.

St.
Chicago. Louis. Minne- Kansas Dallas.
apolis. City.

190,304
195,823
196,544
205,220
214,825

24,200
24,440
25,206
29,514
29,690

23,467
23,652
24,501
29,390
30,416

2,641
3,147
4,022
3,999
4,159
55,455
55,730
56,628
58,563
59,035

13,828
14,844
13,982
15,091
15,880

11,882
11,989
12,920
15,590
16,136

14,089 18,327
12,857 18,538
14,080 18;671
16,731 20,439
18,378 20,641

16,871
16,882
17,973
21,002
21,220

429,951
432,719
446,192
471,773
485,342

San
St.
Chicago. Louis. Minne- Kansas Dallas. Franapolis. City.
cisco.

Total for
system.

Circulation of Federal Reserve notes at close of business on Fridays, Oct. 29 to Nov. 26, 1915.
[In thousands of dollars.]

Boston.

Federal Reserve notes issued to the bank:
Oct. 29
Nov. 5
Nov. 12
Nov. 19
Nov. 26
Federal Reserve notes in
the hands of the bank:
Oct. 29
Nov. 5
Nov. 12
Nov. 19
Nov. 26
Federal Reserve notes in
circulation:
Oct. 29
Nov. 5
Nov. 12
Nov. 19
Nov. 26




New
York.

Philadelphia.

Cleve- Richland. mond.

Atlanta.

7,880
8,900
8,900
9,900
9,900

15,445
15,565
15,615
15,605
15,385

4,600
4,600
4,370
4,370
4,370

168,370
170,310
179,335
183,275
187,815

1,566

488

1,149

395

512
996
579
712

1,339
1,159

360
271
399
379
361

1,874
1,803
1,604
1,556
1,544

22,345
17,828
22.710
22,389
22,511

4,543
5,184
5,448
5,846
6,555

9,434
10,483
11,004
11,421
11,788

7,392
7,751
8,142
8,561
8,741

15,085
15,294
15,216
15,226
15,024

2,726
2,797
2,766
2,814
2,826

146,025
152,482
156,625
160,886
165,304

70,960
70,960
74,360
76,760
79,160

6,160
6,360
7,640
7,840
7,960

8,600
8,800
9,000
9,200
9,200

13,800
13.800
14,000
14,000
14,440

13,900
14,300
15,300
15,450
15,750

4,380
4,380
4,380
4,380
4,380

5,825
5,825
6,950
6,950
6,950

11,000
11,000
12,000
12,000
12,500

805
216

426
246
200
277
286

661

1,146
932
984

2,190
2,178
1,868
1,853
1,846

1,282

642
249

385
359
427
448
306

628
433

1,010

1,077

11,596
9,668
11,627
12,443
13,592

5,075
5,488
5,647
5,983
6,743

59,364
61,292
62,733
64,317
65,568

5,355
6,144
6,630
7,198
7,711

8,215
8,441
8,573
8,752
8,894

13,374
13,554
13,800
13,723
14,154

13,272
13,867
14,154
14,518
14,766

2,190
2,202
2,512
2,527
2,534

5,820
5,820
6,820
6, S20
7,820
745
332

1,173
837

1,502
1,104

758

430

FEDERAL RESERVE BULLETIN.

DECEMBER 1,1915.

Circulation of Federal Reserve notes at close of business on Fridays, Oct. 29 to Nov. 26, 1915—Continued.
[In thousands of dollars.]

Boston.

Gold and lawful money
deposited with or to
the credit of the Federal
Raserve Agent:
Oct. 29
Nov. 5 . . .
Nov 12
Nov 19..
Nov.26
Carried to net liabilities:
Oct. 29
Nov. 5
Nov 12
Nov. 19. .
Nov.26
Carried to net assets:
Oct. 29 .
Nov 5
Nov. 12
Nov. 19
. .
Nov.26

New
York.

70,740
70,790
74,190
76,590
79,010

Philadelphia.

745
332
1,173
837
1,077

11,376
9,498
11,457
12,273
13,442

8 600
8,800
9,000
9,200
9,200

Atlanta.

805

St.
Chicago. Louis. Minne- Kansas Dallas.
apolis. City.

9,650
10,050
11,300
11,200
11,500

4,380
4,380
4,380
4,380
4,380

3,622
3,817
2,854
3,318
3,266

5,325
5,450
6,450
6,450
6,450

359
427
448
306

2,190
2,178
1,868
1,853
1,846

782
286
1,002
604

6,015
6,915
6,915
7,815
7,815

11,040
11,040
11,290
11 290
11,290

1,377
836
1,227
746
926

11,000
11,000
12,000
12,000
12,500

105

385

216
1,010 i
642
249

8,500
8,800
8,800
8,800
8,800
4,874
4,754
5,000
4,923
5,354

5,820
5,820
6,820
6,820
7,820

6,160
6,360
7,640
7,840
7,960

Cleve- Richland. mond.

San
Francisco.

4,045
4,254
3,926
3,936
3,734

4,600
4,600
4,370
4 370
4,370

Statement of Federal Reserve Agents1 accounts at close of business on Fridays, Oct. 29 to Nov.

151,830
154,005
163,155
166,755
171,095
13,918
13,661
13,007
12,923
13,385

1,874
1,803
1,604
1,556
1,544

1,566
512
996
579
712

Total
for
system.

19,723
15,184
19,537
18,792
19,176

26,1915.

[In thousands of dollars.]

Boston.

Federal Reserve notes:
Received from the
Comptroller—
Oct. 29
Nov. 5
Nov.12
Nov.19
Nov.26
Returned to the
Comptroller—
Oct. 29
Nov. 5
Nov.12
Nov.19
Nov.26
Chargeable to the
Federal Reserve
Agent—
Oct. 29
Nov. 5 . . . .
Nov.12
Nov.19
Nov.26
In the hands of the
Federal Reserve
Agent—
Oct. 29
Nov 5
Nov.12
Nov.19
Nov.26
Issued to the Federal
R e s e r v e Bank,
net—
Oct. 29
Nov.5
Nov.12
Nov.19
Nov.26




11,800
11,800
11,800
11,800
16,360

New
York.

76,480
78,480
93,480
98,440
98,440

300
400
400
400
400

Philadelphia.

12,480
12,480
12,480
12,480
12,480
380
460

Cleve- Richland. mond.

Atlanta.

10,000
11,000
11,000
11,000
11,600

16,600
16,600
17,600
17,600
18,900

540

15,100
15,100
15,100
15,100
15,100

480

9,380
9,380
9,380
9,380
9,380

6,600
9,600
9,600
9,600
9,600

15,000
15,000
15,000
17,000
17,000

San
Francisco.

Total
for
system.

19,580
19,580
19,580
19,580
19,580

10,000
10,000
10,000
10,000
10,000

212,020
218,020
235,020
242,980
249,440

15
15
15
25
25

9,000
9,000
10,000
11,000
11,000

120
120
120
120
120

40
40
40
40

4fin

St.
Chicago. Louis. Minne- Kansas Dallas.
apolis. City.

230
230
230

815
1,035
1,265
1,275
1,355

11,500
11,400
11,400
11,400
15,900

76,480
78,480
93,480
98,440
98,440

12,100
12,020
12,020
12,020
11,940

10,000
10,960
10,960
10,960
11,560

15,100
15,100
15,100
15,100
15,100

16,600
16,600
17,600
17,600
18,900

9,260
9,260
9,260
9,260
9,260

6,600
9,600
9,600
9,600
9,600

15,000
15,000
15,000
17,000
17,000

9,000
9,000
10,000
11,000
11,000

19,565
19,565
19,565
19,555
19,555

10,000
10,000
9,770
9,770
9,770

211,205
216,985
233,755
241,705
248,085

5,680
5,580
4,580
4,580
8,140

5,520
7,520
19,120
21,680
19,280

5,940
5,660
4,380
4,180
3,980

1,400
2,160
1,960
1,760
2,360

1,300
1,300
1,100
1,100
660

2,700
2,300
2,300
2,150
3,150

4,880
4,880
4,880
4,880
4,880

775
3,775
2,650
2,650
2,650

4,000
4,000
3,000
5,000
4,500

1,120
100
1,100
1,100
1,100

4,120
4,000
3,950
3,950
4,170

5,400
5,400
5,400
5,400
5,400

42,835
46,675
54,420
58,430
60,270

5,820
5,820
6,820
6,820
7,820

70,960
70,960
74,360
76,760
79,160

6,160
6,360
7,640
7,840
7,960

8,600
8,800
9,000
9,200
9,200

13,800
13,800
14,000
14,000
14,440

13,900
14,300
15,300
15,450
15,750

4,380
4,380
4,380
4,380
4,380

5,825
5,825
6,950
6,950
6,950

11,000
11,000
12,000
12,000
12,500

7,880
8,900
8,900
9,900
9,900

15,445
15,565
15,615
15,605
15,385

4,600
4,600
4,370
4,370
4,370

168,370
170,310
179,335
183,275
187,815

DECEMBER 1,1915.

Statement

431

FEDERAL RESERVE BULLETIN.

of Federal Reserve Agents1 accounts at close of business on Fridays Oct. 29 to Nov. 26,

1915—Continued.

[In thousands of dollars.]

Boston.

Amounts held by the
Federal Reserve Agent:
In r e d u c t i o n of
liability on o u t standing notesGold coin and certificates
on
hand—
Oct. 29
Nov.5
Nov. 12
Nov. 19
Nov. 26
Lawful money on
hand—
Oct. 29
Nov. 5
Nov. 12
Nov. 19
Nov. 26
Credit balances in
gold redemption fund—
Oct. 29
Nov 5
Nov. 12.. . .
Nov. 19
Nov. 26 . . .
Credit balances
with Federal
Reserve Board—
Oct. 29
Nov.5
Nov. 12
Nov. 19
Nov. 26
As security for outstanding notes—
Commercial
paper—
Oct. 29 . .
Nov.5
Nov. 12
Nov. 19
Nov. 26
Total—
Oct. 29
Nov.5
Nov. 12
Nov. 19
Nov. 26
Memorandum:
Total amount of commercial paper delivered to the Federal
Reserve Agent—
Oct. 29
Nov. 5
Nov. 12
Nov. 19
Nov. 26




5,820
5,820
6,820
6,820
7,820

New
York.

70,740
70,790
74,190
76,590
79,010

Philadelphia.

6,160
6,360
7,640
7,840
7,960

Cleve- Richland. mond.

8,170
8,360
8,550
8,740
8,740

Atlanta.

450
250

St.
Chicago. Louis. Minne- Kansas Dallas.
apolis. City.

4,260
4,260
4,260

300

5,325
5,450
5,450
5,450
5,450

10,000
10,000
10,000
10,000
10,000

6,015
6,915
6,815
7,715
7,715

San
Francisco.

9,540
9,540
9,540
9,540
9,540

126,480
127,495
133,515
132,695
136,535

ioo
100
100

430
440
450
460
460

5,820
5,820
6,820
6,820
7,820

70,960
70,960
74,360
76,760
79,160

220
170
170
170
150

6,160
6,360
7,640
7,840
7,960

8,600
8,800
9,000
9,200
9,200

550
560
570
580
580

120
120

9,200
10,050
11,050
11,200 ***"4,*266"
11,200
4,260

5,300
5,000
5,200
5,200
5,640

220
170
170
170
150

100
100
100

120
120
120

8,500
8,800
8,800
8,800
8,800

4,250
4,250
4,000
4,250
4,250

13,800
13,800
14,000
14,000
14,440

13,900
14,300
15,300
15,450
15,750

5,301
5,213
5,538
5,614
5,772

4,250
4,250
4,000
4,250
4,751

1,000
1,000
1,000

5,825
5,825
6,950
6,950
6,950

500
376
500
600
500

1,500
1,500
1,750
1,750
1,750

1,000
1,000
2,000
2,000
2,500

1,865
1,985
1,985
2,085
2,085

5uO
375
500
500
500

4,380
4,380
4,380
4,380
4,380

Total
for
system.

11,000
11,000
12,000
12,000
12,500

4,405
4,525
4,325
4,315
4,095

7,880
8,900
8,900
9,900
9,900

15,445
15,565
15,615
15,605
15,385

1,869
1 985
1,988
2,086
2,087

4,413
4 669
4,484
4,620
4,323

4,600
4,600
4,370
4,370
4,370

24,800
25,950
28,970
33,380
33,880

16,540
16,305
16,180
16,520
16,720
4,600
4,600
4,370
4,370
4,370

168,370
170,310
179,335
183,275
187,815

16,553
16,663
16,680
17,240
17,583

432

FEDERAL RESERVE BULLETIN.

DECEMBER 1,1915*

GOLD IMPORTS AND EXPORTS.
Imports of gold, by customs districts, Jan.

1 to Nov.

19,

1915.

Total.

Vermont.

St. Lawrence.

Michigan.

Duluth and Superior.

45
114

Chicago.

Buffalo.

77
284

Dakota.

Washington.

Southern California.

San Francisco.

Laredo.

Alaska,

10

El Paso.

Arizona.

Florida.

19

Porto Rico.

New Orleans.

Rhode Island.

New York.

Maryland.

Maine and New
Hampshire.

[In thousands of dollars.]

Week ending Oct. 22.
32
479
8
6,705

Total

480

3
150

480

7,224

Ore and base bullion
Bullion, refined
United States coin . .
Foreign coin

6
2

4
23

24

42
2

5,767
8

153

4

10

24,333

5,791 —

3

1

361

49

167

42

159

24,335

1

234
1,053
15
37,285
38,587

•

Week ending Oct. 29.
Ore and base bullion
United States mint or
assay office bars
Bullion, refined
United States coin
Foreign coin

7

44

3

12

1

35

325

4,868

1

1
680
641
9,183

35

4,869

1

10,830

3

16

356
658
3
2
4,867 . . . 17,186

3

16 4,869

4

37

1

147
641
2,336

Total

. 12

3
1,480

3,168

12 1,480

7

7

254

264
498

—

811

167

37
111

167
136

603

148

303

1
2,096

63

118
30

257

3

12

1

Week ending Nov. 5.
Ore and base bullion
Bullion, refined
United States coin
Foreign coin

4
4

16
407 . . .
11 321

Total

...

11,744

8

8

1
500

8

105
498

•

501

18,203

Week ending Nov. 12.
Ore and base bullion
Bullion, refined
United States coin
Foreign coin

350

7

9., 833

2

225
2,637

1

9,483

Total

154

...

13,847

3,638

726
7

I . i

726

154

5,735

63

148

6

60

39

2

37

4

16,710

1

Week ending Nov. 19.
Ore and base bullion
United States mint or
assay office bars
Bullion, refined
United States coin
Foreign coin . .

13

8

?

49

9

186
15
463
6
9,082

15
326

137

K

1

1,022

8,060

54

9

49

912
272
7 3,499 5,191
1
160 11
372 356
Ore and base bullion...
917
United States mint or
18
assay office bars
558
Bullion refined
10 **5* 455 1,333
3,429 13,006 . . . . 2,57i
10,706
25
15 30
22
49
12
United States coin
48,390
20,518 "3*
7
3,211
47,413
Foreign coin
8
996
11,650 50* 58,579

5 133

1 1,498

Total

8,394

5

13

?

1,028

197

1 ...

9,752

Jan. 1 to Nov.. 19.
. . .

Total

.

60,041 50 90,720 ! 3




3,236 407 811 1,501

IT3,708

61,353

8 7,078 5,816

1

13,336

6,921
8,131
86,562
39,323

6,939
40,224
1 155,585
4 161,264

1 1,498 1140,938

5 377,348

.... ....
5 133

433

FEDERAL RESERVE BULLETIN.

DECEMBER 1,1915.

Exports of gold, by customs districts, Jan. 1 to Nov. 19, 1915.

Total.

Vermont.

St. Lawrence.

Montana and
Idaho.

Michigan.

Duluth and Superior.

Dakota.

Buffalo.

Washington.

San Francisco.

Hawaii.

Alaska.

New Orleans.

Porto Rico.

New York.

Maine and New
Hampshire.

[In thousands of dollars.]

Week eliding Oct. 22.

CJoiited States mint or assay office bars
Bullion refined domestic
United States coin
Total

1,442

2
8

1 442

10

12
1

1

4
1,450

13

1

1,466

12

Week ending Oct. 29.

Bullion, refined, domestic
United States coin
Total

17

1

18
483

17

x

501

483
483

Week ending Nov. 5.

•Ore and base bullion
United States mint or assay office bars
Bullion refined, domestic
United States coin
Total.

29
95

4
13

95

46

1
5

30
5
4
108

6

147

Week ending Nov. 12.

United States mint or assay office bars
United States coin
Foreign coin
Total

200

3

1
450
1

1
653
1

200

3

452

655

Week ending Nov. 19.

Ore and base bullion
United States mint or assay office bars
Bullion, refined:
Domestic
Foreign
United States coin
...
Foreign coin
Total

1
10

25

26
10

7
1,012

2

i
25

1

10

518

279

5
120
41
20
508
134

4

828

4

2

500

25

1,012

10

6

6

2

i

11
1,523
6

2

1,576

Jan. 1 to Nov. 19.

Ore and base bullion
. .
United States mint or assay office bars
Bullion, refined:
Domestic
Foreign
United States coin
Foreign coin
Total.




41
2

.. .
2

12,037 . . . . .
3.975

10

16,012

10

1

25
41

198

115

25

198

419

1
8
1

6

10
1

1

2
2

480

17

106
20
13,351
4,120

17

18,051

455
10

11

326
128

434

FEDERAL RESERVE BULLETIN.

DECEMBER 1,1915.

CIRCULARS AND REGULATIONS.
The circular and regulation given below were
issued by the Board on November 29:
CIRCULAR NO. 19, SERIES OF 1915.
WASHINGTON, November 29, 1915.
OPEN-MARKET

PURCHASES

OF BANKERS'

ACCEPTANCES.

In Regulation R, series of 1915, relating to the discount
of bankers' acceptances, the Federal Reserve Board provided for the purchase in the open market of bankers'
acceptances based on the importation or exportation of
goods.
The appended regulation is intended to cover the purchase in the open market, not only of bankers' acceptances based on the importation or exportation of goods,
heretofore covered by Regulation R, but also the purchase
of certain domestic acceptances authorized by certain
State laws.
The Federal Reserve Board has determined that bankers' domestic acceptances, as defined and restricted in the
appended regulation, are a very useful type of paper, and
the Board has not felt justified, therefore, when admitting
State banks and trust companies into the Federal Reserve
System, in stipulating that such domestic acceptances
should not be continued under reasonable limitations as
a part of their business.
Inasmuch as the making of these domestic acceptances
has been recognized by the Board as the exercise of a legitimate banking function when authorized by law, it was
thought that they are of the character to make desirable
investments for Federal Reserve Banks. The Board has,
therefore, issued the appended regulation, not only embodying the authority given in Regulation R, series of
1915, to purchase bankers' acceptances based on the importation or exportation of goods, but also authorizing
the purchase of bankers' domestic acceptances within the
limits prescribed in the appended regulation.

II. Statutory requirements.
Section 14 of the Federal Reserve Act permits Federal
Reserve Banks, under regulations to be prescribed by the
Federal Reserve Board, to purchase and sell in the open
market bankers' acceptances with or without the indorsement of a member bank.
III. Eligibility.
The Federal Reserve Board has determined that, until
further notice, to be eligible for purchase under section 14
at the rates to be established for the purchase of bankers'
domestic and foreign acceptances:
(a) Acceptances must have been made by a bank or
trust company, or by some firm, person, company, or corporation engaged in the business of accepting or discounting. Such acceptances will hereafter be referred to as
"bankers' acceptances."
(6) A banker's foreign acceptance must be drawn by a
purchaser or seller or other person, firm, company, or corporation directly connected with the importation or exportation of the goods involved in the transaction in which the
acceptance originated, or by a "banker." The bill must
not be renewed after the goods have been surrendered to
the purchaser or consignee, except for such reasonable
period as may have been agreed upon at the time of the
opening of the credit as a condition incidental to the importation or exportation involved, provided that the bill
must not contain or be subject to any condition whereby the holder thereof is obligated to renew the same at
maturity.
(c) A banker's foreign acceptance must bear on its face
or be accompanied by evidence in form satisfactory to a
Federal Reserve Bank that it originated in, or is based
upon, a transaction or transactions involving the importation or exportation of goods. Such evidence may consist
of a certificate on or accompanying the acceptance to the
following effect:
This acceptance is based upon a transaction involving the importation
or exportation of goods. Reference No.
. Name of acceptor

REGULATION S, SERIES OP 1915.

(d) A banker's domestic acceptance must be based on a
transaction covering the shipment of goods, such transOPEN MARKET PURCHASES OF BANKERS' ACCEPTANCES. action to be evidenced at the time of acceptance by
accompanying shipping documents, or must be secured
I. Definition.
by a warehouse receipt covering readily marketable
In this regulation the term "acceptance" is defined as staples and issued by a warehouse independent of the
a draft or bill of exchange drawn to order, having a definite borrower; or by the pledge of goods actually sold.
(e) A banker's domestic acceptance must bear on its
maturity, and payable in dollars, in the United States,
the obligation to pay which has been accepted by an face or be accompanied by evidence in form satisfactory
acknowledgment written or stamped and signed across the to the Federal Reserve Bank that it is based on a transface of the instrument by the party on whom it is drawn; action or is secured by a receipt or pledge of the character
such agreement to be to the effect that the acceptor will defined in III (d) hereof. Such evidence may consist of
pay at maturity according to the tenor of such draft or a certificate in general form similar to that suggested in
III (c) hereof.
bill without qualifying conditions.




WASHINGTON, November 29,1915.

DECEMBER 1,1915.

(/) Bankers' acceptances, other than those of member
banks, whether foreign or domestic, shall be eligible only
after the acceptors shall have agreed in writing to furnish
to the Federal Reserve Banks of their respective districts,
upon request, information concerning the nature of the
transactions against which acceptances (certified or bearing
evidence under III (c) and (e) hereof) have been made.
(g) The aggregate of bills, domestic and foreign, of anyone drawer, drawn on and accepted by any bank or trust
company and purchased or discounted by a Federal Reserve Bank, shall at no time exceed 10 per cent of the
unimpaired capital and surplus of such bank or trust company, but this restriction shall not apply to the purchase
or discount of bills drawn in good faith against actually
existing values; that is, bills the acceptor of which is secured by a lien on or by a transfer of title to the goods to be
transported, or by other adequate security such as a warehouse receipt or the pledge of goods actually sold.
(h) The aggregate of bills, domestic and foreign, of any
one drawer, drawn on and accepted by any firm, person,
company, or corporation (other than a bank or trust company) , engaged in the business of discounting or accepting, and purchased or discounted by a Federal Reserve
Bank, shall at no time exceed a sum equal to a definite
percentage of the paid-in capital of such Federal Reserve
Bank, such percentage to be fixed from time to time by
the Federal Reserve Board; but this restriction shall not
apply to the purchase or discount of bills drawn in good
faith against actually existing values; that is, bills the
acceptor of which is secured by a lien on or by a transfer
of title to the goods to be transported or ;by other ade-




435

FEDERAL RESERVE BULLETIN.

quate security, such as a warehouse receipt; or the pledge
of goods actually sold.
(i) The aggregate of bankers' acceptances, domestic and
foreign, made by any one firm, person, company, or corporation (other than a bank or trust company) engaged in the
business of discounting or accepting, purchased or discounted by a Federal Reserve Bank, shall at no time exceed a sum equal to a definite percentage of the paid-in
capital of such Federal Reserve Bank; such percentage
to be fixed from time to time by the Federal Reserve
Board.
No Federal Reserve Bank shall purchase a domestic or
foreign acceptance of a "banker" other than a member
bank which does not bear the indorsement of a member
bank, unless there is furnished a satisfactory statement of
the financial condition of the acceptor in form to be approved by the Federal Reserve Board.
IV. Policy as to purchases.

Federal Reserve Banks should bear in mind that preference should be given wherever possible to acceptances indorsed by a member bank, discounted under section 13,
not only because of the additional protection that such
indorsement affords, but also because of the reason that
acceptances discounted under section 13 may be used as
collateral security for the issue of Federal Reserve notes.
V.
So much of Regulation R, series of 1915, as relates to the
purchase in the open market of bankers' acceptances is
hereby superseded.

INDEX TO VOLUME 1.
Acceptances:
Page.
Amendment to act regarding
52
Amount held each week, by classes
53,
84,169, 240, 292, 338, 385, 426
Amount purchased, distributed by maturities.. 241,
293, 339, 386, 427
Authority from Federal Reserve Board to purchase.
126
. Bankers' acceptances—
Circulars and regulations on
44, 310,434
Paper of concerns not engaged in banking,
eligibility of
362
Purchase of, in the open market
360, 365
Based on importation or exportation of goods. 91,276,
404, 405
Chart showing changes of
234
Circular and regulation on.
46
Commissions on, method of reporting
309
Conditions affecting negotiability of
21-23
Development of the acceptance business
52
Discount of, by member banks located in
another district
98, 99
Distribution of, by classes of acceptors and
sizes
54, 84,169, 240, 292, 338, 385, 426
Foreign acceptances—
Crosstie and lumber exports
268
Importation or exportation of goods, transactions involving
91, 276, 404, 405
Forward discount rates
97, 98
Identification of specific goods under.
405
Indorsed by members of other districts as collateral security for Federal Reserve notes
98, 99
Limitations for acceptance credits
269
Member banks granted authority to accept up
to 100 per cent
71
Renewals, right to discount
126
State bank acceptances, condition regarding
purchase of
262
Trade acceptances, circular and regulation on. 216
Waiver of demand, notice and protest
277
Accounts of Federal Reserve Banks, date of closing. 212
Addresses. (See Speeches.)
Advertising, right of national banks to advertise
savings accounts
18-21
Advisory Council, meetings of
35, 303, 394
Agricultural paper:
Circular and regulation on
38
Agricultural implements—
Notes by dealers in, not classed as
212
Notes in part payment for, classed as
212




Agricultural paper—Continued.
Need not be secured by chattel mortgage
72, 74
Notes by live-stock dealers not classed as
212
Notes in part payment for live stock classed as. 212
Primary purpose of loan must be agricultural..
72
Proceeds used for commercial fertilizer
75
Twenty-five per cent limit fixed by Board
72
Aldrich-Vreeland currency. (See Emergency currency.)
Appeals from decision of Organization Committee in
determining'reserve^districts
30,85,142, 407
^Report of committee of Board on
407
Assessments on Federal Reserve Banks for expenses
of Board
118
Attorney General of tie United States:
Opinion on franking of Federal Reserve notes.. 355
Opinion on power sof Board5to'abolish|Federal
Reserve districts.
396
Bank examiners, conference of
217
Bankers' acceptances. (See Acceptances, bankers'.)
Bills of exchange:
Conditions affecting negotiability of
21
Purchase of, in the open market
360,365
Bonds:
Municipal, purchase'of
221, 268
Government. (See Government bonds.)
Bonds of officials of banks, cancellation of
404
Branch banks:
Foreign branches—
Establishment of joint branch banks in
South America
308
Establishment of branches of Federal Reserve Banks in South America
313
Establishment of national-bank branches..
51
Recommendations of Secretary of the
Treasury concerning establishment of
branch banks in South America
313
Report of Committee of Board on joint
agencies in South America
348
Opening of branch bank of Federal Reserve
Bank in New Orleans
123, 251, 298
State banks with branches converted into national banks
125
Conditions for admission to system
262
Additional branches
268
Trust companies with branches eligible for
membership
126
Building and loan associations:
Eligibility of
212
Mortgages held by, not eligible for rediscount.. 212
i

INDEX TO VOLUME 1.

Page.

Business conditions throughout the 12 Federal
Reserve Districts
55-59,106-111*
157-163, 225-232, 278-285, 322-330,373-380,410-420
Cable transfers, purchase of, in the open market-. 360, 365
Capital stock:
Applications for reduction of, method of procedure
125
Applications for, to be filed quarterly
406
Certificates for increase-in, to be made in duplicate
211
Dividends on, payment of
220
To insolvent banks
267
Increase or decrease of—
Applications for
74
Circulars and regulations on
42,148
Insolvent banks, repayment of stock subscription to
267
Laws passed authorizing State banks to subscribe for
150-156,182, 218, 263
Payment of subscription to
14,73
Surrender of, by member bank reducing its
surplus
218
Surrender of, by banks transferred from one
district to another
142
Tax on
13, 211,315
Billing of Solicitor of Internal Revenue on. 211
Charts showing movement of principal assets and
liabilities of Federal Reserve Banks
233-235
Checks, clearing of. (See Intradistrict clearing
system; Interdistrict clearing system; Gold settlement fund.)
Circulars and regulations of the Federal Reserve
Board:
Circular 1. Issuance of circulars and regulations
36
Circular 2. Regulation A—Acceptance of statements in lieu of certificates of commercial
paper
36
Circular 3. Regulation B—Commercial paper.. 36,37
Circular 4. Regulation C—Six months' agricultural paper
38
Circular 5. Regulation D (superseded by Circular 11).
Circular 6. Regulation E—Time deposits and
savings accounts
38, 39
Circular 7. Regulation F—-Purchase of warrants
39, 40
Circular 8. Waiver of demand, notice, and protest
41
Circular 9. Regulation G—-Increase and decrease of capital stock of Federal Reserve
Banks
42
Circular 10. Regulation H—National banks as
executors, trustees, etc
42,43
Regulation I—Loans on farm lands
43
Circular 11. Regulation J—Bankers' acceptances
44,45




Page^

Circulars and regulations of the Federal Keserve
B oard—Continued.
Circular 12. Regulation K—Acceptance by
member banks
46
Circular 13. Regulation L—Clearings between
Federal Reserve Banks
78,79
Circular 14. Regulation M—Membership of
State banks
145
Circular 15. Regulation N—Changes in capital
stock of Federal Reserve Banks
148
Regulation O—Issuance and redemption of
Federal Reserve notes
215
Circular 16. Regulation P—Trade acceptances. 216
Circular 17. Regulation Q—Commodity paper. 310
Circular 18. Regulation R—Banker's acceptances
310
Circular 19. Regulation S—Open-market purchases of bankers' acceptances
434
Clayton Antitrust Act, interpretation of section
8 of
27,28,222,362,365,405
Clearing committee of Federal Reserve Agenta,
meeting of
307
Clearing-house examination of banks
307
Clearing of checks. (See Intradistrict clearing system; Interdistrict clearing system; Gold settlement fund.)
Collateral security for Federal Reserve notes,
pledges of
36S
Collateral trust notes:
Manufacturers' notes secured by bills receivable not classed as.
127
Not eligible for rediscount
72,127
Commercial National Bank of Washington, foreign
branches of
51
Commercial paper:
Chart showing movement of
234
Circular and regulation on
36
Classification of commodity paper
307,406
Collateral trust notes not eligible as
72,127
Conditions affecting negotiability of
21
Drafts payable on arrival of car, eligibility of,
for rediscount
219
Establishment of rate for 10-day paper
124
For reducing liability on Federal Reserve
notes, indorsement of
363
Indorsements on notes
127
Minerals, unmined, as security
126
Notes used for purchase of merchandise
268
Pig iron as security
127
Potatoes as security
405
Proceeds used for purchase and shipment of
goods to Cuba
268
Purchase of, by Federal Reserve Banks for
member banks
347
Rebate of discount
308
Rediscounting for nonmember banks
213

INDEX TO VOLUME 1.
Commercial paper—Continued.
Single-name paper, purchase of, in the open
market
365
Statements showing distribution of
166-168,
242-245, 288-292, 334-337, 381-384, 421-424
Timber, uncut, as security
126
Warehouse receipts, loans on
406
Committees of the Board, standing
77,400
Commodity paper:
Circular and regulation on
310
Classification of
307,406
Establishment oi special rate on
312
Cotton:
Warehouse laws
260
Warehousing of
180, 254
Cotton crop:
Movement of
180,258
Government deposits for
260,301
Counsel of the Board, opinions of. (See Law department.)
Credit information
347
Crops:
Movement of
180, 258,301
Deposits for
259, 260,301
Currency:
Increased demand for
314
Shipment of
12
Delano, Hon. F. A. D., address of, before American
Bankers Association, Seattle, Wash
298
Deposits:
Chart showing movement of reserve deposits... 234
Federal Reserve notes for redemption or credit. 276
Gold or lawful money for reducing liability for
Federal Reserve notes
273
Guaranteeing of
29, 51,408
With nonmember banks
126
(See also Government deposits; Time deposits
and savings accounts.)
Deputy Federal Reserve Agent, compensation of..
362
Deputy governor of Federal Reserve Banks; election of J. W. Hoopes as deputy governor of Federal
Reserve Bank of Dallas
50
Digest of warehouse laws of Southern States
260
Directors of Federal Reserve banks:
Class C director may serve on executive committee
211
Election of
211,407
Forms used in
361
Eligibility of, at time of election
103
Qualifications of
103
Directors of national banks, interpretation of section
8 of Clayton Act regarding
27,222,365
Discount rates:
Establishment of 3 per cent rate for 10-day paper 124
Form used by Federal Reserve Agents in reporting
71
Right to establish
24-26




Discount rates—Continued.
page.
In effect April 25, 1915
29
In effect May 26, 1915
Ill
In effect June 26, 1915
124
In effect July 28, 1915
214
In effect August 26, 1915
266
In effect September 28, 1915
343
In effect October 28, 1915
359
In effect Nov. 26, 1915
403
Discounts:
Acceptances indorsed by member banks located
in another district
98
Rebate of
308
Rediscountiug for nonmember banks
213
Dividends on capital ntock:
Payment of
220
Payment of, to insolvent banks
267
Drafts and notes, collection of
346
Drafts payable on arrival of car, eligibility of, for
rediscount
219
Earnings and expenditures of Federal Reserve
Banks:
November 16, 1914, to June 30, 1915.... 176-179, 331
July 1 to September 30, 1915
349-351
Election of directors of Federal Reserve Banks
211
Emergency currency:
Distribution of
80, SI
Federal Reserve notes on hand, in lieu of
50
Outstanding
29, 79
Retirement of
324
Examination of banks, by clearing-house examiner
307
Exchange of 2 per cent bonds for one-year gold notes
and 3 per cent bonds
101,102
Executive Committee of Federal Reserve Banks,
composition of
211
Expenses of Federal Reserve Banks
176, 331, 349
Expenses ot Federal Reserve Board:
Assessment for
307
Statement showing
118
Exportation of goods, acceptances based on
91-97
Exports of gold^
77,165, 236,287, 333,391,432
Farm lands, loans on, regulation on
43
Farm loans
309
Mortgage on undivided interest in
75
Federal Reserve Act:
Amendment to, relating to acceptances
52
Index-digest of
15
Section 22, interpretation of
16-18
Federal Reserve Agents:
Deposits of gold or lawful money with Board by. 273
Meetings of
347,395
Meeting of Clearance Committee of
307
Reports by, to Federal Reserve Board
13
Report of Committee on Clearings
369
Statement of accounts
248, 296, 342, 389,430
Summary of transactions, Federal Reserve
Agents' fund
359,403

IV

INDEX TO VOLUME 1.

Federal Reserve Agents—Continued.
Page. Federal Reserve Districts—Continued.
Page.
Transfer of balances in gold settlement fund to
Counties transferred—
account of
303
District No. 3 to district No. 2
86
Transfer of funds to gold settlement fund in
Dit-trict No. 11 to district No. 10
86
payment of unfit Federal Reserve notes
404
District No. 5 to district No. 4
86
Federal Reserve Bank Organization Committee:
Banks transferred—
Appeals from decision oi, relating to reserve
District No. 3 to district No. 2
87
districts
30; 85,142, 407
District No. 11 to district No. 10
87
Opinion of Attorney General on power of Board
District No. 5 to district No. 4
90
to abolish Federal Reserve districts
396
Decision by Board regarding redistricting
85,142
Federal Reserve Banks:
Decision by Attorney General on power of Board
Accounts of, date of closing
212
to abolish
396
As fiscal agents
395
Discounts of member banks transferred from one
Assessment on, for expenses of Board
118
district to another
102
Average time to destination between
S3
Map showing
88, 89
Capital stock of. (See Capital stock.)
Federal Reserve notes:
Directors of. (See Directors.)
Acceptances indorsed by members of other disEarnings and expenditures of—
tricts as collateral security for
98, 99
November 16, 1914, to June 30, 1915. 176-179,331
As reserves for State member banks
318
Commercial paper for reducing liability on, inJuly 1 to September 30, 1915
349-351
dorsement of
363
Executive Committee, composition of
211
Deposit of, for credit or redemption
276
Expenses and investments of
331
Gold or lawful money reducing liability for,
No authority to execute orders for securities for
deposited with Board by Federal Reserve
member banks
346
Agents
273
Resources and liabilities of, tabular statements
Gold-order certificates for reducing liability on,
showing
60,112,170,
indorsement of
363
171, 246, 247, 294, 295, 339-341, 387, 388,428
In lieu of retired emergency currency
50
Right to act as collecting agents for other
Interdistrict movement of
351
banks
I
104,105
Redemption of
276, 306
Transferred from one district to another, adjustment of accounts
144
Regulation on issue and redemption of
215
Federal Reserve Board:
Separation of accounts for preparation of
14
Appeal from decision of Federal Reserve Bank
Shipment through the mails, franking of
355
Organization Committee as to Federal ReSilver certificates for reducing liability
127
serve districts
85,142
Statements showing circulation of
341, 388,429
Estimates for expenses of
118
Unfit notes for redemption, forwarding of
306
Expenses of
118
Transfer from agent's fund to gold settleAssessment for
118, 307
ment fund in payment for
404
Report of committee of, on joint agencies in
"Federal," use of word, by State institutions
361
South America
348 Fiduciary powers:
Staff of
.
30
Applications for, approved by the Board
31,
Standing committees of
77, 400
83,144, 214, 272, 320, 367, 408
Work of
5; 63,117,175, 251, 297, 345, 393
Applications for, to be submitted to Board
125
Federal Reserve Bulletin:
Circulars and regulations on
42
May
1-63
Eligibility of national banks in Oregon to act
June
65-113
as trustee, etc
319
July
115-171
Guardian, no authority to act as
269
August
173-248
Instructions to agents in the matter of granting
September
249-296
of
33, 34
October
297-343
Investment of trust funds
306
November
345-391
Laws passed authorizing national banks to act
December
393-435
as trustee, executor, etc
150
Volume 1, completion of
393
Receiver, no authority to act as
362
Federal Reserve Districts:
Resolution by Board regarding legislation to
Changes in
30, 85,142
remove restrictions
48
Adjustment of accounts between Federal
Rules for guidance in passing upon applications for
380
Reserve Banks
144
Finance companies, paper issued by, not eligible for
Procedure in transferring capital stock and
rediscount
72
reserve balance
142




INDEX TO VOLUME 1.

Fage.

Page.

Fiscal agents, Federal Reserve Banks to act as
395 Informal rulings of Board—Continued.
Agricultural implements, notes in part payForeign agencies. (See Branch banks, foreign.)
ment for, classed as agricultural paper
212
Forward discount rates, establishment of
97, 98
Agricultural paper—
Franchises as taxable property under Regulation F .
221
Need not be secured by chattel mortgage.. 72, 74
Franking of Federal Reserve notes
355
Notes by live stock dealers not classed as..
212
Gold imports and exports-... 76,164, 236, 286,332, 390, 432
Primary purpose of loan must be agriGold-order certificates for reducing liability on
cultural
72
Federal Reserve notes, indorsement of
363
Proceeds used for commercial fertilizer...
75
Gold or lawful money deposited for reducing liaSecured by mortgage on live stock
74
bility for Federal Reserve notes
273
25 per cent limit fixed by Board
72
Gold settlement fund:
Assessments for expenses of Board
307
Average time to destination between Federal
Reserve Banks
83
Bankers' acceptances, paper of concerns not enCircular and regulation on
78
gaged in business of banking, eligibility of..
362
Deposits in, counted as reserves
9
Bonds, municipal, purchase of
268
Establishment of
9,49, 82
Bonds of officials of banks, cancellation of
404
Expenses of operation, 6 months
401
Branch banks, foreign, establishment of joint..
308
Opinion of Counsel regarding status of
9
Branch banks, trust companies with branches
Report of committee of governors on
'
82
eligible for membership
126
Summary of transactions... 120,183, 264, 303, 357, 402
Branches of national banks
125
Transfer of balances to credit of Federal ReBuilding and loan associations, eligibility of..
212
serve Agents
303
Capital stock—
Government bonds:
Applications for, to be filed quarterly
406
Allotment of
355
Applications for increase or decrease of...
74
Assignment of 2 per cent bonds
314
Certificates for increase to be made in
Exchange of 2 per cent bonds for one-year gold
duplicate
211
notes and 3 per cent bonds
101
Reduction of
125
Purchase of
99,127, 217,268,314, 355
Payment of subscription to
14, 73
In the open market
268 |
Repayment of, to insolvent banks
267
Retirement of
355 |
Tax on
13
Government deposits:
'
Clayton Act, interpretation of section 8
362, 405
Federal Reserve Banks as fiscal agents
395
Clearing committee of Federal Reserve Agents,
For movement of cotton crop
260, 301 !
meeting of
307
State banks as Government depositories
274 j
Collateral trust notes not eligible for redisGovernors of Federal Reserve Banks:
j
count
72,127
Conference of, in Minneapolis, Oct. 20.1915....
356 |
Commercial paper—
Election of R. L. Van Zant as governor of Fedj
Notes used for purchase of merchandise...
268
eral Reserve Bank of Dallas
50 j
Proceeds used for purchase and shipment
Meetings of
15,47,122,356 i
of goods to Cuba
268
Report of committee of, on gold settlement fund
82 1
Warehouse receipts, loans on
406
Guarantee of deposits
29, 51, 408
Commissions on warrants and acceptances,
Guardian, authority to act as
269
forms for reporting.
309
Harding, Hon. W. P. G.:
Commodity paper, classification of
307, 406
Address before Texas Bankers Association
66-71
Cotton-mill paper
73
Address of, at Birmingham, Ala
252
Currency, shipment of
12
Hamlin, Hon. Chas. S., address before Pan AmeriDate of closing accounts
212
can Financial Conference
136
Date when applicant bank becomes member..
268
Importation or exportation of goods, transactions
Deposits with nonmember banks
126
invol ving
91, 276,404
Deputy Federal Reserve Agent, compensation
Imports and exports of gold. 76,164, 236, 286, 332,390,432
of
362
Informal rulings of Board:
Directors of Federal Reserve Banks—
Acceptances—
Election of
211
Importation or exportation of goods, transForms used
360
actions involving
404,405
Dividends, payment of, to insolvent banks
267
Authority to purchase
126
Eligibility of small State bShks
212
Identification of specific goods under
405
Examination of banks by clearing-house examLimitations on acceptance credits
269
iner
307
Renewals, discount of
126




VI

INDEX TO VOLUME 1.

Informal rulings of Board—Continued.
Page. Informal rulings of Board—Continued.
Page.
Executive committee of Federal Reserve
Silver certificates—
Banks, composition of
211
As lawful money
12
Farm loans, mortgage on undivided interest
For reducing liability on Federal Reserve
in
75
notes
127
Federal Reserve Act, index-digest of
15
For retiring circulation
13
Federal Reserve Agents, reports by, to Federal
State banks with branches converted into
national banks
125
Reserve Board
13
Federal Reserve agents' fund, transfers from,
State bank branches
268
to gold settlement fund for payment of unfit
State banks, reports of condition
309
Federal Reserve notes.
404
State banks, reserves carried with approved
Federal Reserve Bank stock, tax on
13 !
reserve agents
75
Federal Reserve n o t e s Stationery, official, use of
404
Forwarding of unfit notes for redemption..
306 i
Tax on Federal Reserve Bank stock
13
Separation of accounts for preparation of..
14 \
Timber, uncut, as security
126
Transfer from agents' fund to gold settleTime deposits and savings accounts
73,211
ment fund for payment of unfit
404 i
Trust companies with branches eligible for
Fiduciary powers—
j
membership
126
Applications for, submitted to Board
125 j
Trust funds, deposits of
125
Rules for guidance in passing upon applicai
Trustee, executor, etc., executive committee
tionsfor
308 j
approval sufficient on application
211
Finance companies, paper issued by, not eli;
Use of word "Federal " b y State institutions...
361
gible for rediscount
72 •
Warehouse receipts, loans on
406
Government bonds, purchase of
127
Window advertising.
362
In the open market
268 | Insolvent banks:
Guardian, no authority to act as
269 ;
Payment of dividends to
267
Indorsements on notes
127 j
Repayment of stock subscriptions to
267
Insurance on unfit notes
306 Iuterdistrict clearing system:
Internal-revenue tax imposed by act of October
Circular and regulation on
78
22,1914
211 I
Report of Federal Reserve Agents' Committee
#
Interpretation of Regulation B as to borrowers'
;
on Clearings
369
statements
213 | Interest rates. (See Discount rates.)
Investment of trust funds
306 | Internal-revenue tax imposed by act of October 22,
Lawful money, definition of
12 j 1914
.....*
211
Liquidating banks, deposits for redeeming out! Interpretation of section 22 of Federal Reserve Act.. 16-18
standing circulation
404 | Intradistrict clearing system:
Live stock, paper secured by mortgage on
74 I
Circular of Federal Reserve Bank of Chicago on
Minerals, unmined, as Security
126
establishment of
6
Money-order business, Board not to engage i n . .
127
Establishment of.
6,48,192
National-bank notes—
Immediate credit at par granted Richmond
For redemption, forwarding of
306
bank
367
Shipment of
12
List of banks in
195, 270, 321, 367, 408
Open-market operations
360, 406
Meeting of Clearing Committee of Federal
Pig iron as security for commercial paper
127
Reserve Agents
307
Potatoes as security for commodity loans
406
Report of Clearing Committee of Federal
Real estate loans
309
Reserve Agents
369
Rebates of discount
308 Joint agencies in foreign countries. (See Branch
Receiver, no authority to act as, under section
banks, foreign.)
11
362 Law department:
Rediscounting for nonmember bank
213
Acceptances—
Renewal notes, discount of
74
Based on importation and exportation of
Reserve balance, violation of, by member
goods, discount of
91-97, 276
banks
12
Conditions affecting negotiability of
21-23
Reserves by State member banks carried with
Forward discount rates
97,98
approved reserve agents
75
Discount of, by member banks located in
Reserves, date for payment of
361 j
another district
98, 99




INDEX TO VOLUME 1.

vn

Law department—Continued.
Page. Law department—Continued.
pa.ge.
Advertising, right of national banks to advertise
Franchises as taxable property under Regulasavings accounts.
IS
tion F
221
Bills of exchange and acceptances, conditions
Gold settlement fund, status of, in its relation
affecting their negotiability
21-23
to reserves of Federal Reserve Banks
9
Capital stock of Federal Reserve Banks—
Government bonds—
Deduction of, in assessments for State taxaExchange of 2 per cent bonds for one-year
tion
815
gold notes and 3 per cent bonds
101
Payment of dividends on
220
Purchase of
99
Surrender of, by member bank reducing its
Government depositories, use of State banks as.
274
surplus
218
Importation or exportation of goods, transacClayton Antitrust Act, interpretation of section
tions involving
91, 276
8*of
27, 222, 365
Laws passed authorizing State banks to join
Collateral security for Federal Reserve notes,
system
150-156,182, 218,263
pledges of
363
National banks, right of, to advertise savings
Commercial paper—
accounts
18-21
Conditions affecting negotiability of
21
Nebraska law relating to guaranty of deposits.
46
Drafts payable on arrival of car, eligibility
Open market, purchase of single-name paper i n .
365
of, for rediscount
219
Pledges of collateral security
363
Single-name paper, purchase of, in the
Possessions of the United States, acceptances
open market
365
based on shipments to and from
93
Deposits of gold or lawful money with Federal
Postal savings deposits, reserves against
408
Reserve Board b y Federal Reserve Agents...
273
Postal savings funds deposited with State banks
274
Deposits of national banks guaranteed by
Qualifications of Federal Reserve Bank direcsurety companies
29
tors
103
B.egulation F, interpretation of
221
Deposits, guaranty of, Nebraska law relating t o .
408
Directors of Federal Reserve Banks, eligiReports of condition of State banks
319
bility of, at time of election
103
Reserves—
Directors of national banks, interpretation of
Against postal savings deposits
408
Clayton Act regarding
27, 222, 365
Deposits in gold settlement fund counted a s .
9
Discount of acceptances indorsed by member
Federal Reserve and national-bank notes
banks located in another district
98, 99
as, for State member banks
318
Savings accounts, right of national banks to adDiscount rates, right to establish
24-26
vertise
18-21
Discounts of member banks transferred from
Section 22 of Act, interpretation of
16-18
one district to another
102
State banks—
Dividends on capital stock, payment of
220
As Government depositories
274
Drafts payable on arrival of car, eligibility of.
Laws passed authorizing State banks to
for rediscount
219
join system
150,182,218,263
Eligibility of national banks in Oregon to act
Liability of stockholders of
273
as trustee, etc
319
Reports of condition of
319
Exchange of 2 per cent bonds for one-year gold
Surrender of stock by a member bank reducing
notes and 3 per cent bonds
101,102
its surplus
218
Exportation of goods, acceptances based on
91-97
Tax on Federal Reserve Bank stock
315
Federal Reserve Act, interpretation of section
Trustees, executors, etc.—
22
16-18
Laws passed authorizing national banks to
Federal Reserve Agents, deposits of gold or lawact as
150-156
ful money with Board by
273
Eligibility of national banks in Oregon to
Federal Reserve Banks as collecting agencies. 104,105
act as
319
Federal Reserve districts, discounts of memUnited States bonds—
ber banks transferred from one district to
Exchange of 2 per cent bonds for one-year
another.
102
gold notes and 3 per cent bonds
101,102
Forward discount rates, establishment of
. 97,98
Purchase of, by Federal Reserve B a n k s . . 99,100
Federal Reserve notes—
Waiver of demand, notice and protest
277
Acceptances indorsed b y members of other
Warrants, maturity of, under section 14
221
districts as collateral security for
98, 99
12
Deposit of, for credit or redemption
276 Lawful money, definition of
As reserves for State member banks
318 Laws passed authorizing State banks to join
system
150-156,182,218, 263
Pledges of collateral security for
363




INDEX TO VOLUME 1.

Page.

Liability of stockholders of State banks joining
system
273
Liquidating banks, deposits for redeeming outstanding circulation
404
Live stock:
Agricultural paper secured by mortgage on
74
Notes by dealers in, not classed as agricultural
paper
212
Notes in part payment for, classed as agricultural paper
212
Map showing Federal Reserve districts
88, 89
Minerals, unmined, as security
126
Money-order business, Board not to engage in
127 j
Movement of crops
180, 258, 301
Government deposits for
259, 260, 301
Municipal bonds and warrants, purchase of, in the
open market
221, 268
National-bank notes:
As reserves for State member banks
318
Forwarding of, for redemption
306
Shipment of
12
National banks:
Joint branches of, in foreign country, establishment of
308
Laws passed authorizing national banks to act
as trustee, executor, etc
150-156
Right of, to advertise savings accounts
18-21
State banks with branches converted into
125
National City Bank of New York, foreign branches
of
51
v
New Orleans, La., opening of branch bank at. 123, 251, 298
Nonmember banks:
Collection of items drawn on
346
Rediscounting for
213
Notes and drafts, collection of
346
Open-market operations:
Bankers' acceptances, purchase of
360, 365
Circular and regulation on
433
Bills of exchange, purchase of
360, 365, 406
Cable transfers, purchase of
360, 365
Government bonds, purchase of
268
Municipal bonds, purchase of
221, 268
Promissory notes not eligible for purchase in
open market
365
Single-name paper, purchase of
365
Opinions of Counsel of Board. (See Law department.)
Opinions of Attorney General. (See Attorney General.)
Organization Committee. (See Federal Reserve
Bank Organization Committee.)
Pan American Financial Conference
35,128
Address of Hon. P. M. Warburg before
132
Address of Hon. C. S. Hamlin before
136
Participation of Board in
131
Report on
128
Report on, by Secretary of the Treasury, concerning branch banks in South America
313




Perrin, John, address of, before supervisors of State
banks, Oakland, Cal
186
Pig iron as security for commercial paper
127
Potatoes as security for commodity loans
406
Possessions of the United States, acceptances based
on shipments to and from
93
Postal savings funds, deposits of:
In State banks
274
Reserves against
408
Press statements:
Authorization of lower discount rates in southern districts
47
Bankers' acceptances
312
Directors of Federal Reserve banks, election of. 407
Election of R. L. Van Zant as governor and J. W.
Hoopes as vice governor of Dallas bank
50
Establishment of intradistrict clearing system.
48
Federal Reserve notes in lieu of emergency currency
50
Gold settlement fund, establishment of
49
Guaranteeing of bank deposits
51
Meeting of governors of Federal Reserve Banks.
47
Nashville and Chattanooga, Tenn., designated
as reserve cities
48
Report of committee of Board on appeals from
decision of Federal Reserve Bank Organization Committee
407
Restrictions as to national banks acting as trustee, etc., resolution of Board regarding
48, 49
Special rate on commodity paper
312
Trip of Hon. A. C. Miller to San Francisco and
other points
49
Trip of Hon. W. P. G. Harding to banks in
southern district
47
Visit of Sir George Paish and Mr. Basil Blackett,
of England, to discuss international exchange
and cotton problems
50
Promissory notes not eligible for open-market purchase
365
Real estate, loans on
309
Receivers, no authority granted to act as
362
Redemption of Federal Reserve notes
276
Forwarding of unfit notes for redemption
306
Redemption of national-bank notes
306
Redistricting of Federal Reserve districts. (See
Federal Reserve districts.)
Regulation B, interpretation of, as to borrowers'
statements
213
Regulation F:
Interpretation of.
221
Franchises as taxable property under
221
Renewal acceptances, discount of
126
Renewal notes, discount of
74
Report of Federal Reserve Agents' Committee on
Clearings
369
Reports of condition of State banks
319
Reserve cities, Nashville and Chattanooga, Tenn.,
designated as
48

INDEX TO VOLUME 1.

Reserves:
Page.
Balances due State banks counted as
368
Carried against postal savings deposits
408
Date for payment of
361
Deposits held in gold settlement fund counted
as
9
Federal Reserve notes and national-bank notes
counted as, for State banks
318
State member bank reserves carried with approved reserve agents
75
Violation of reserve balance by member bank..
12
Resources and liabilities of Federal Reserve Banks:
Charts showing movement of principal assets
and liabilities of Federal Reserve Banks.. 233-235
Tabular statements showing
60,
112,170,171,246,247,294,295,339, 387,428
Savings accounts
73, 211
Right of national banks to advertise
18-21
Short-time paper, establishment of rate for
124
Silver certificates:
As lawful money
12
For reducing liability on Federal Reserve
notes
127
For retiring circulation
13
Single-name paper, not to be purchased in the
open market
365
Solicitor of Internal Revenue, ruling on internalrevenue tax
211
Solicitor of Treasury, opinion on Nebraska law relating to guarantee of deposits
408
Speeches:
Delano, Hon. F. A. D., before American Bankers' Association, Seattle, Wash
298
Hamlin, Hon. Charles S., before Pan American
Financial Conference
136
Harding, Hon. W. P. G.:
Before Texas Bankers' Association
66
At Birmingham, Ala
252
Perrin, John, at Oakland, Cal
186
Warburg, Hon. P. M.—
Before Pan American Financial Conference. 132
At Conference of Governors, Minneapolis,
Minn
352
Wills, D. C , at Lexington, Ky
189
Staff of the Federal Reserve Board
30
State banks:
Acceptances, conditions regarding purchase of. 262
Admitted to system
29, 251, 314, 347
Approval for membership; conditions
262
Branches—
Additional
268
Conditions for admission to system
262
Converted into national banks
125
Eligibility of small State bank
212
Federal Reserve notes and national-bank notes
counted as reserves
318
Government depositories
274
Laws passed authorizing State banks to join
system
150-156,182,218,263




IX

State banks—Continued.
Page.
Liability of stockholders of
273
Membership in, circular and regulation on
145
Reports of condition
309
To be made to Comptroller
319
Reserves carried with approved reserve agents.
75
Stockholders, liability of
273
Stationery, official, use of
404
Stock subscriptions. (See Capital stock.)
Stockholders of State banks, liability of
273
Tax on capital stock
13, 211, 315
Telegrams, Government rates for official
77
Timber, uncut, as security
126
Time and demand deposits and savings accounts.. 73, 211
Circular and regulation on
38
Trade acceptances, circular and regulation on
216
Trust companies with branches eligible for membership
126
Trust funds, deposit of
125
Trustee, executor, etc.:
Applications to act as—
Approved
31,83,144,214,272,320, 367, 408
Executive committee approval sufficient..
211
Rules for guidance in passing upon
308
To be submitted to Board
125
Circular and regulation on
42
Deposit of funds of
125
Eligibility of national banks in Oregon to act as. 319
Investment of trust funds
306
Laws passed authorizing national banks to act
as
150-156
Receiver, no authority granted to act as
362
United States bonds:
Assignment of 2 per cent bonds
314
Exchange of 2 per cent bonds for one-year gold
notes and 3 per cent bonds
101
Purchase of
99,127, 217,268, 314,355
Retirement of
355
Volume 1 of Bulletin, completion of
393
Waiver of demand, notice, and protest
277
Circular and regulation on
41
Warburg, Hon. P. M.:
Address before Pan American Financial Conference
132
Address before Conference of Governors, Minneapolis, Minn
352
Warehouse laws in cotton-growing States
260
Warehouse receipts, loans on
406
Warehousing of cotton
180,254
Warrants:
Circular and regulation on purchase of
39
Commissions on, method of reporting
309
Maturity of, under section 14
221
Municipal, purchase of
221
Wills, D. C , address of, at Lexington, Ky
189
Window advertising
362
Work of the Federal Reserve Board
5,63,
117,175,251,297,345,393

O

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