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INDEX-DIGEST

FEDERAL RESERVE
BULLETIN
VOLUMES I-Y I INCLUSIVE
1914-1920 INCLUSIVE

COM PILED BY

CHARLES S. HAMLIN
M em ber o f Federal R eserve Board

ro
r> o
WASHINGTON
GOVERNMENT PRINTING OFFICE
1921

T

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INDEX-DIGEST OF THE FED
ERAL RESERVE BU
LLETIN
.
VOLUMES I TO VI. INCLUSIVE.
1914-1820, INCLUSIVE.
{Figures in bold face denote volume number.)

A.
ABN O RM AL C O N D ITIO N S.
consideration w ill be given to abnormal condi­
tions abroad, bu t no renewal draft can be held to
be eligible if, at the tim e of the acceptance, the
period required for the conclusion of the transac­
tion out of w hich the original draft was drawn
shall have elapsed, 5— 858.
A B O LISH .
The Federal Reserve Board has no power to abolish
any of the existing Federal Reserve Banks or
districts.
Attorney General of U nited States, 1— 396.
General counsel, 2—20.
Special counsel, J P Cotton, contra, 2— 25.
Nor to change the location of any Federal R e­
serve Bank. Attorney General of the U nited
States, 2— 207.
AB O LISH M E N T.
Of office of Com ptroller of the Currency recom mended
b y Federal A dvisory Council, 1— 394.
Of office of deputy Federal Reserve agent, 8—101,109.
Of U nited States subtreasuries, 3— 110; 4— 172.
(The appropriation act of May 29, 1920, provides for
abolishm ent of U nited States subtreasuries.)
A B R A SIO N OF GOLD CO IN .
Governors7conference considers, 1— 15.
Use of coin-counting machines deprecated as causing,
3—440.
A B R O A D , PU R CH ASE OF SE C U R IT IE S.
Ruling, Foreign Exchange D ivision, 4— 1217.
A B SO R P T IO N .
Expense of transfer of currency b y Federal Reserve
Banks, 4— 1093.
(See Clearing system , Currency shipm ent.)
Of new securities in U nited States, 5— 1014.
Of office of Com ptroller of Currency into Federal
Reserve Board, 1— 394,
A B ST R A C T OF C O N D ITIO N .
(See Condition Federal Reserve Banks; Condition
member banks; Condition national banks; Condi­
tion State banks, etc.)
(See also Banks of issue. )
A B ST R A C T T IT L E BU SIN E SS.
National banks can not engage in any, not involved
in transactions of the bank, 6— 385.
ABUSE OF ACCEPTAN CES.
Evasion of United States R evised Statutes, section
5200, 2— 680, at 683, 5— 256, 415, 530, 858; 6—
5C0, 1301




ACCEPTAN CE B U SIN E SS.
(See Acceptances.)
ACCEPTAN CE CO M M ITTEE.
(See A cceptances.)
ACCEPTAN CE CO RPO RATIO N *
(See A cceptances.)
ACCEPTAN CE C R E D IT S.
(See Acceptances. )
ACCEPTAN CE H OUSE.
(See A cceptances.)
ACCEPTAN CE LAW S.
(See A cceptances.)
ACCEPTAN CE L IA B IL IT IE S .
(See Acceptances. )
ACCEPTAN CE OF STA TE M E N TS.
In lieu of certificates. Commercial paper, 1— 36.
ACCEPTAN CES. (Bankers’ acceptances, bills of ex­
change, dom estic acceptances, trade acceptances.)
Abuse of, 2— 680, at 683, 5—256, 415, 530, 858; 6—
560,1301.
A cceptance business, Condition of doing an, 1— 362,
404.
A cceptance com m ittee Meeting, New Y ork, 5— 530.
Acceptance corporation—
Acceptance of, if indorsed b y a bank or banker
takes same rate as a prime banker’s accept­
ance. If not so indorsed, rate should be onequarter per cent higher, 4— 634.
(See Union D iscount Co., 4— 930, 939 )
A cceptance credits, 1— 269; 2— 587, 3— 5, 6, 28, 4—
257, 438, 976; 5— 308, 309, 415, 6—66, 559.
(See R evolving acceptance credits.)
Acceptance house, 4— 108, 634.
Acceptance laws of States. (See State banks, etc ,
Xaws of States.)
A cceptance liabilities, 2— 670; 3— 6, 350, 664; 4— 11,
402, 855, 1114 , 5— 21, 105, 440, 513, 555, 561,
852,1152 , 6—158, 375, 686.
(^ L ia b ilit ie s , National banks.)
Acceptance policy, Federal Reserve Board, 4—257
A ccepting banks. Condition of, 5— 555.
A ccepting institutions. Classes of. (See D iscount
and open-market operations.)
A cceptor not affected b y waiver of demand, n otice,
and protest b y drawer and indorsers, 1— 277, 2—
226.
Acceptor different from drawee. B ill drawn on a
land com pany bu t accepted by a bank is neither
a banker’s nor a trade acceptance and can not be
purchased b y a Federal Reserve Bank under
Regulation S, section 1, 2— 112.

ACCEPTA N CE S— Continued.
A cceptors. T o qualify as bankers’ , must carry on
some general acceptance business, 1— 362, 404.
(See supra, Acceptance business.)
Accom m odation acceptances not representing a com­
m ercial transaction or debt are not paper “ actu­
ally ow ned” under U S. R evised Statutes, sec.
6200, 2— 680, 4— 311.
A ct of March 3,1915, perm itted acceptances up to 100
per cen t or paid m capital and surplus of accept­
ing bank, w ith permission of Federal Reserve
Board, 1— 126.
A ct of Septem ber 7? 1916—
Error in , om itting power to accept up to 100 per
cent, corrected b y act of June 21, 1917, 3—
100, 658.
Banks obtaining consent of Federal Reserve
Board prior to act of Septem ber 7,1916, need
not make new application under act of June
21, 1917, 3—658.
A ct of O ctober 6, 1917. Trading w ith enem y. A c­
ceptance of a negotiable instrum ent held to be
“ trade” under, 3— 851.
A ctual security, other, section 13.—
A ccepting bank, if acceptance is over 10 per cent
etc., must have security during life of draft,
3— 286; 5— 143.
Other actual security w hich may be taken in ex*
change for release of shipping docum ents
defined, 3—286,881, 4—31,634,971, 5— 143,
254, 364.
Bank m ay release b ill of lading as security for
draft (in excess of 10 per cent) covering ship­
m ent from a corporation to its agent in
exchange for drafts of agent against purchasers
of same goods secured b y the b ill of lading,
5—468.
Trade acceptance drawn on foreign buyer held to
be valid security for a bank export accept­
ance, in excess of 10 per cent lim itation,
although the bank surrendered the shipping
docum ents to the foreign buyer on his ac­
ceptance, 6—1065.
(See infra, Dom estic, security, E xport and im port;
Trade acceptances.)
A ctually existing values—
Acceptance—
B ill discounted before, is not drawn in good
faith against, unless secured, 3— 195.
B ill discounted after, is drawn in good faith
against, only if drawn at tim e o f or within
a reasonable tim e after shipm ent or d eliv­
ery, in w hich latter case the goods or their
seeds must be in hands of drawee,
195, 287, 4—974, 5—254.
A g e n tB ill drawn b y owner against his agent is not
drawn in good faith against, 2— 684; 4— 33.
(See infra, G uaranty)
Authority to guaranty. (See infra, Guaranty )
Balance on open account. B ill drawn against
balance on open account is not drawn against,
3—287.
Bankers’ acceptances are not specifically men­
tioned in section 13 bu t are Held to be drawn
against, b y analogy w ith amendment to sec­
tion 5200 m act of O ctober 22, 1919, 5— 1055.
Borrower, Bank may loan to one, up to 10 per
cent and also discount for same borrower bills
drawn against, 3—287.




r

AC CEPTA N CE S— Continued.
A ctually existing values— Continued
Demand or sight bills accepted on w hich drawer is
released are not drawn against, 2— 463; 5—
1055.
Drawee.
B ill drawn against a fictitious or
dumm y drawee is not drawn in good faith
against, 2— 608, 684.
Drawer—
B ill on w hich drawer and prior indorsers are
released is not drawn against, 2— 463,
5— 1055.
B ills on w hich drawer is exem pted from lia­
b ility are not drawn against, 2—227.
Dum my drawee. (See supra, Drawee.)
E xception to the 10 per cent lim itation. B ills
drawn against, are the only exception to sec­
tion 13, 2—274, 463, 608, 684, 4—974.
Fictitious drawee. B ills drawn against a fictitious
drawee are not drawn against, 2—608,684.
Open account. B ills drawn against balances on
open account are not drawn against, 3—287.
Reasonable tim e. (See supra, A cceptance.)
Renewal bills are not drawn against, 3—287.
Sales corporation. B ill drawn against sales cor­
poration in w hich drawer owns stock if sales
actually made in good faith are drawn against,
4—33.
Section 13. The exception to the 10 per cent
lim itation, bills drawn in good faith against
actually existing values, is in both section 13
and U nited States Revised Statutes, section
5200, 2—224, 274, 463, 608, 684, 4 —974.
Secured—
B ill of cotton broker against a m ill when se­
cured b y docum ents is drawn against, 2—
113.
Secured bills are not necessarily drawn
in good faith against, 2— 329,
B ills secured b y shipping docum ents held to
be drawn against, 5— 1055.
(See supra, A cceptance.)
Shipm ent or delivery. (See supra, A cceptan ce.)
Sight bills. B ill payable at sight bu t accepted
payable in three months is not drawn against,
2— 463, 5— 1055.
Speculative purposes. B ill secured b y ware­
house receipts when the goods are held for
speculative purposes is not drawn against,
3—
456; 5— 256,415, 858; 6—66, 277,1301.
U nited States Governm ent—
B ill drawn to finance sale of lum ber to, is not
drawn against, 4—32.
(See Ten per cent lim itation.)
A ctually owned. Commercial or business paper—
Acceptances actually owned by person offering
them are not subject to section 5200, 2— 678,
680, 684.
Acceptances discounted b y accepting bank are
not paper actually owned ana are subject to
lim itations of section 5200, 2— 680.
(See infra, Own acceptance. )
Accom m odation acceptances are not paper actu­
ally owned and are subject to section 5200,
2— 680, at 684.
Renewal paper is not paper actually owned and
is subject to section 5200, 3—287.
Section 13 does not contain exception as to paper
actually owned, 2—224, 274, 3— 195.

AC CEPTA N CE S— Continued,
ACCEPTAN CES— Continued.
A ctu ally owned—Continued.
Am erican Acceptance Council—
Secured notes are not necessarily, 2—329.
Formation and purposes of, 5— 114.
Trade acceptances discounted for drawee and not
(See same.)
for bona fide bolder are not paper actually
Arrival of car (See Drafts.)
owned and are subject to section 5200,
Attached to b ill—
4— 863.
Not required, under section 13, that docum ents
Addresses on—
be physically It is sufficient if the accept­
Frederick, I ., 5—21.
ing bank has possession at time of acceptance,
H arding, G ov., 2—587; 4— 595, 602, 5—105,
3—765.
Harris, B . D„, 3—245.
Shipping docum ents must be attached at tim e of
Tregoe, J H ., 4—1193.
acceptance to render a dom estic acceptance
eligible, 5— 468, 471,
Treman, D eputy G ov., 8—9, 243
(See infra, Dom estic acceptances, Security
Warburg, P M ., 1— 132,352; 2— 102, 309,510, 669,
4— 509, 604; 5— 16.
Autom obiles and tires. (See infra, B ills of lading
drafts; E ligible; Warehouse receipts.)
W ills, D C , Federal Reserve Agent, 8—243
A vailability of proceeds of acceptances collected by
W ilson, R . R ., 4— 713.
Federal Reserve Banks, 5—245.
Advertising space. Acceptances based on contract
Average rates. (See D iscount and open market oper­
for, are valid trade acceptances, 3—114,116.
ations.)
(See A dvertisin g.)
Bank acceptances. (See supra, A cceptance liabili­
A g e n tties.)
B ill drawn by an agent against his corporation is
Bankers’ acceptances—
not eligible for purchase, 2— 462
A ccepted Must be accepted to be eligible as,
B ill of owner against agent secured b y warehouse
2 — 112.
receipts is not drawn against actually exist­
ing values, 2— 684.
Acceptor Bankers’—
B ill drawn by a corporation against its agent
Must be regularly engaged in some form of
representing a shipm ent of goods, may be
banking to qualify as, 1—362.
accepted b y a bank although no sale is in­
Not sim ply using its acceptance to finance
volved. Its m aturity, however, should
its own transactions, 1—404.
approxim ate the duration of the transit,
Cash items. Should be handled as, 4—372,
8— 690.
Chart, Federal Reserve Banks, 1—234.
A la sk a Cotton factors paper H eld to be in eligible for
Federal Reserve Banks may discount acceptances
acceptance under section 13, 5— 1054; 6—
based on shipm ents between Alaska and any
162, 1176.
foreign country and between Alaska and
(See Cotton factor .)
Porto R ico, the Philippines, or the Canal
Zone, but not between Alaska and Hawaii,
Drawn against actually existing values. (See
1— 91.
supra, A ctually existing values.)
Shipments from Alaska to foreign countries are
Drawn to purchase goods, secured by b ill of sale
not subject to stamp tax, even though ac­
are not eligible for purchase under Regula­
cepted or delivered or both w ithin the u nited
tion B, 1916, 2— 684.
States, 5—467
(See Purchase.)
Shipments from Alaska to the Canal Zone, Porto
Federal Advisory Council. Recom m endations,
R ico, the Philippines, and the Virgin Islands
5—200.
are not considered shipm ents to foreign
Liabilities. (See supra, A cceptance liabilities.)
countries bu t are specifically exem pted from
Regulation B, 1916, 2— 684.
stamp tax, 5— 467
Regulation B , 1920, 6— 1181.
A lien Property Custodian. (See infra, A lly of enem y )
Regulation S, 1915, 1— 434.
A llied Purchasing C om m itteeReport, Federal Reserve Agents, 3—6.
Member banks may accept drafts drawn to finance
sales to, although the title passes before the
(See infra, A ctually existing values, Bankers’
export shipm ent begins. I f secured, such
acceptances; B ill of lading; D iscount and
bills would be valid dom estic bills if in volv­
open-m arket operations; D om estic, E xport
ing a dom estic shipm ent, 8— 878.
and im port; Security.)
(See infra, E xport and im port.)
Bankers’ foreign trade acceptances. (See Discount
and open-market operations.)
A llies. (See infra, E xport and im port.)
Based on live stock, section 13—
Allowance for loss of interest in collection of accept­
Agricultural bills and notes need, not be secured.
ances, 4—521.
Must sim ply be based on transactions entered
A lly of enem y—
into for the purposes of agricultural opera­
Drafts can be drawn, accepted, or transferred on
tions, 1— 72.
funds to credit of an enem y or, only under
B ills or notes of packing companies, the proceeds
licenses from Bureau of Enem y Trade, 4— 11.
of w hich are used for trie purchase of live
Such drafts m ay b e paid when accepted on or be­
stock for im m ediate slaughter are not, and
fore Decem ber 14,1917, bu t the proceeds must
are ineligible for rediscount if maturity ex ­
b e held subject to the disposition of the A lien
ceeds 90 days, 8— 616.
P roperty Custodian, 4— 11,
Belgian industrial credit, 5—309.
Amendment. United States R evised Statutes, sec­
(See supra, A cceptance credits.)
tions 5200,5202, 5— 704, 730, 965, 1055.




ACCEPTA N CE S—Continued.
A C C E PTA N C E S--C ontinued.
B ill of sale. A bank acceptance secured b y a, o f
B ill of exchange—
stock, the proceeds to be used for purchase of
Regulations, 1920, 0 — 1179, 1181, 1182.
goods, is not eligible for purchase as a, is not
(See supra, Actual security, A ctually existing
security under section 13, 2— 684.
values.)
(See Purchase.)
(See infra, B ills of exchange, Purchase.)
B ills of exchange. Regulations 1920, 8—1179, 1181,
B ill of lading act, uniform , 2— 515.
1182.
B ill of lading drafts—
(See B ills of exchange; practice of handling. Prin­
Autom obiles or tires in process of shipm ent, e li­
cipal heading.)
gible if otherwise com plying w ith the law
and regulations, 6— 65, 66.
Borrowed m onev Acceptances do not constitute,
2— 64, 678, 680.
C ollection of. M ethod of handling for, 8— 114;
4 -4 3 6 .
(See infra, Own acceptances.^
Correspondent bank may hold b ill of lading for
Borrower (See Borrower; Ten per cent lim itation.)
the accepting bank, 8— 765; 4— 971,
Boston Clearing House. Acceptances m ay be cleared
Drafts, section 13, B ill of lading drafts on other
through, 4-—819, at 820.
than banks are not “ drafts” under section
Bureau of enem y trade. (See supra, A lly of enem y )
13, and can be received b y Federal Reserve
Cable transfers are eligible for purchase, 1—360, 365.
Banks on ly for collection and credit when
Call loans based on acceptances, 4—805.
paid, 8—948.
Canal Zone—
E lig ib le Federal Reserve Banks may discount accept­
Draft of a purchaser on a bank w ith b ill of
ances based on shipm ents between the con­
lading attached is n ot connected w ith a
tinental U nited States and the, 1—91
dom estic shipm ent bu t may be m erely a
straight loan not necessarily com m ercial
Shipments from territorial U nited States to the
and is not, 8—380; 8—65, 1301,
Canal Zone are not considered shipm ents to
foreign countries and are subject to stamp
(See Purchase.)
tax, 5— 467
Draft secured b y warehouse receipt covering
Cash items. Bankers ’ acceptances should be handled
autom obiles or tires is not eligible for
as, 4—371 at 372
acceptance as they are not readily mar­
ketable staples under section 13, 8— 65.
Charts—
Acceptances held, 8— 56.
Draft w ith b ill of lading attached covering
autom obiles or tires in process of ship­
Bankers1 acceptances held, 1—234.
m ent is eligible if otherwise com plying
Purchases of acceptances^ 5— 66.
with the la* and the regulations, 8—
Chattel mortgages. (See infra, Security*)
65, 66.
Chicago Clearing House. Acceptances m ay b e cleared
(See Autom obiles.)
through, 4—819.
Draft of an im porter on a bank covering im ­
Circular on acceptances. Federal Reserve Agents to
ported goods is eligible whether or not
prepare, 5—415.
the b ill of lading is attached, 8— 162.
Circulars. (See Circulars and regulations.)
Draft of a purchaser of cotton seed oil on a
Classes of accepting institutions. (See D iscount and
bank secured b y b ill of lading is not
open-m arket operations.)
eligible as it is not clear that the pro­
ceeds are to be used to pay for the oil,
Clayton Antitrust A ct. Open-m arket purchases not
8—1301.
a test of substantial com petition under, 8—878.
(See Purchase.)
Clean drafts. (See infra, E xport and im port.)
Indorsem ent—
Clearance of bankers* acceptances. (See Boston Clear­
W ith exem ption from lia bility for genuine­
ing House; Chicago Clearing House; New Y ork
ness, quantity or quality does not affect
Clearing H ouse; Philadelphia Clearing H ouse.)
negotiability In any event settled by
Collateral. (See infra, S ecu rity )
negotiable instruments act, 8— 457
Collateral notes. Draft secured b y , in turn secured b y
Must convey title to accepting bank, 4— 198.
chattel mortgage on cattle, held not eligible unless
draft itself is eligible, 3—690.
Inspection of goods. R ight of, may be reserved
w ithout im pairing negotiability, 5— 472.
C ollection charges. B ill payable w ith, not eligible
unless so drawn as to snow that charges accrue
Renewals. Renewal of drafts secured b y b ill of
only if b ill is dishonored at m aturity, 3— 880,
lading can not be made unless renewal
4—745.
acceptance com plies w ith the law and regu­
Collection of banker’s acceptance—
lations applicable to original acceptance,
Should be paid b y cneck on Federal Reserve
6 —6o, 66.
Bank or through clearing house; otherwise
Surrender of—
interest for one day should be added, 4— 521.
Bank accepting a dom estic b ill secured by
B y Federal Reserve Bank of New Y ork, 5-245.
b ill of lading may surrender the b ill of
Uniform schedule, all Federal Reserve Banks,
lading after acceptance if draft is not in
5— 246.
excess of the 10 per cent lim itation,
4— 634.
Collection of notes. Charges may be made against
Federal Reserve Banks b y member banks for col­
If in excess of 10 per cent lim itation, sur­
lection of notes and bills drawn on other than
render of b ill of lading m ay be made only
banks, 8— 699
on substitution of other actual security,
5— 468.




AC CEPTA N CE S—Continued
Collector of Customs, 4—520.
(See Transit entry and warehouse receipt.)
Commercial paper. W hen acceptances are classed as.
(See infra, Own acceptances, purchase of.)
Commercial paper actually owned. (See supra, Actu­
ally ow ned.)
Commercial rates on. (See Federal Reserve Bank and
branch cities.)
Committee on. Meeting at New Y ork, 5— 530,
Com modity paper eligible for purchase only if twoname paper, 1— 406.
Condition of accepting banks, 5— 555.
(See Condition.)
Conditional acceptance—
B ill drawn payable at sight but accepted payable
in three months is a, and drawer and prior
indorsers are released, 2— 483; 5— 564.
Conditional acceptances are not drawn in good
faith against actually existing values under
U nited States Revised Statutes, section 5200,
2— 463, at 464.
Conference of Federal Reserve Board and bankers on
acceptance credits, 6—559.
Construction of phrases—
Attached to b ill, 3— 765.
Based on liv e stock, 1— 72; 3— 616.
Drafts. Section 13, 6— 66, 162, 267, 386, 610,
835, 948.
G old coin and bars, 3—29.
Growing out of exportation, 3— 28.
Labor, 5 -5 6 5 .
Other actual security, 8— 881, 5— 468.
(See infra, D om estic; Security )
Contingent liability—
On sales of bankers’ acceptances and rediscounts
between Federal Reserve Banks.
(See Discount and open market-operations; R e­
sources and liabilities.)
(See infra, Guaranty .)
Continental U nited States—
Federal Reserve Banks m ay discount acceptances
based on shipments between the, ana Porto
R ico, the Phm ppines, or the Canal Zone, but
not between, ana Hawaii or between any two
parts of the, 1— 91.
Drafts against shipments from, to foreign countries
are not subject to stamp tax, 5— 467.
Drafts against shipments to Porto R ico, the
Virgin Islands, and the Philippines are spe­
cifically exem pt from stamp tax although
those countries are not considered foreign,
5 -4 6 7
Contract for renewal—
Invalid, 1— 126; 6— 277.
(See infra, Renew al.)
Correspondent, Foreign. (See infra, Guaranty.)
Cotton. Financing of, by acceptances, 2— 12, 458,
3— 193; 4r—691, 713.
Cotton facto;—
Draft of, on a bank secured b y warehouse receipt
for cotton consigned for sale is not eligible for
acceptance or for discount, 5— 1054, 6— 162,
1176.




ACCEPTAN CES— Continued.
Credit, Belgium industrial, 5— 309.
(See supra, Acceptance credits.)
Credits—
Acceptance credits—
Term of, should not, as a rule, exceed one
year, 4— 257
(See supra, Acceptance credits.)
(See Opinions of counsel,)
European. (See A llied powers.)
Lim itations on, 1— 269,
R evolving acceptance credits. (See infra, Sam e.)
Syndicate acceptance credits. (See infra, R e­
volving acceptance credits.)
Decrease in , 5— 5.
Demand bills—
Must be presented for paym ent w ithin a reason­
able tim e, 3— 31, 4— 109,1119.
Becom e due on date on w hich presented for
acceptance, 3— 31, 4— 109,1119.
I f holder presents for acceptance instead of pay­
m ent the drawer and indorsers would prob­
ably be released, 3—31, 4—109,1119,
If held for more than a reasonable tim e after
acceptance they are classed as overdue paper
and in substance as promissory notes of
acceptor, subject to U nited States Revised
Statutes, section 5200, 3—31, 4— 109, 1119.
D evelopm ent of. (See infra, Growth.)
D ifferential rates—
In favor of member bank acceptances, 3— 28.
Against acceptances of acceptance corporations
not indorsed b y a bank or banker, 4—634.
D irect liability
(See infra, Guaranty )
D iscount and open-market operations. (See sam e.)
D iscount corporation, New York, 5— 114,
D iscount market—
Am erican Acceptance Council and New Y ork
D iscount Corporation organized to develop,
5— 114.
Discussion of, 4— 1054.
D iscount of—
Acceptances indorsed b y member banks of other
Federal Reserve districts, 1— 98.
Before acceptance. Take commercial paper rate,
1— 288,
National banks have had power to discount accept­
ances since 1864, 2— 680, at 683.
(See infra, Regulation A , 1920.)
Renewal acceptances. (See infra, Renew al.)
(See infra, D om estic, D iscount.)
(See also D iscount and open-market operations.)
D iscount rates. (See same.)
Distribution. (See D iscount and open-market opera­
tions.)
Documentary draft. (See infra, Refinance drafts.)
Dollar exchange—
Application to accept granted, 2— 665; 3— 658;
4—938, 6— 1175.
Applications granted for one country carries
permission for other countries subsequently
authorized, 4— 1119.
Applications granted only when usages of trade
in foreign countries require and not because
dollar exchange is at a premium, 6— 835.

AC C E PTA N C E S— Continued.
D ollar exchange— Continued.
A ppreciation of dollar cuts down our exports, 5—

1011.
D evelopm ent of, 1— 53, 312.
D iscount of, in Spain. Explanation, 4— 158,394,
1038,1039.
Drafts to produce, are eligible for purchase, 2—665.
European countries. Rates in , 3— 156, 582, 683.
Federal A dvisory Council suggests that privilege
m ay later have to be extended to other coun­
tries, 4— 1177
Federal Reserve Banks m ay purchase, drafts in
open market, 2— 665.
Federal Reserve Board. Stabilization of, in
Spain, 4— 158, 394; 5— 1038, 1039.
F ifty per cent lim itation, section 13, is separate
and distin ct from sim ilar lim itation on do­
m estic acceptances, 3— 528.
L ist of countries perm itted to draw (See supra,
A pplications.)
Premium. (See supra, A ppreciation.)
Purchase of—
(See supra, Federal Reserve Banks.)
(See D iscount and open-m arket operations.)
Spain, depreciation of. (See supra, Discount;
Federal Reserve B oard.)
Regulations—
B and C, 1916, 2—534, 665, 666.
C, 1917, 8—542.
N ew , under preparation, 4— 1119.
C, 1920, 6— 1182.
Dom estic acceptances—
Abuse of, 2—680 at 683; 5— 256, 415, 858; 6 —560,
1301.
Agent. Bank acceptance against shipm ent b y a
corporation to its agent held valid although
no sale in volved, 8—690.
Am endm ent suggested perm itting—
Am erican Bankers Association, 2— 6.
Federal Reserve Board, 2—323.
Capital. Drafts drawn for purpose of adding to
w orking capital are not eligible, 6— 1301,
Cotton factor. Draft o f a cotton factor on a bank
secured b y warehouse receipt for cotton con­
signed for sale is not eligible for acceptance or
for discount, 5— 1054, 6—162, 1176.
D evice. Drafts must not be used as a device to
finance the carrying of goods throughout the
process o f manufacture into finished products,
6— 66,1301.
D is c o u n tFederal Reserve Banks not encouraged to
discount, w hen security has been re­
leased, 6 —254, at 256.
Draft secured b y Canadian warehouse receipt
is eligible for acceptance and discount
bu t not for purchase under present
regulations, 5—740.
D iscount market. N ecessity for developing, 4—
259.
E ligible—
Refiner o f oil draws on bank w ith b ill of
lading attached, held not eligible as
m ay be pure finance paper, 6— 1301.
(See Finance paper.)




AC CEPTA N CE S— Continued.
D om estic acceptances— Continued.
Evasion o f section 5200—
(See infra, Speculative purposes.)
(See supra, Abuse o f.)
E xport acceptances. Care should be taken where
dealer uses both dom estic and, 4—314,438.
Farm loan bonds. Federal A dvisory Council
*es H ollis b ill making farm loan bonds
security for acceptances, 1—395.
Finishing acceptances. Dom estic acceptances
must not be used as a device for carrying
goods through th e process of manufacture into
finished products, 6—66.
H oldings of. (See D iscount and open m arket
operations.)
Im port acceptances changed in good faith in to
dom estic acceptances are not ultra vires, 2—
12,13.
Lim itations—
Ten per cent lim itation on unsecured ac­
ceptances is distin ct from the 10 per
cent lim itation o f U nited States R evised
Statutes, section 5200, 3—286.
The dom estic acceptance lim itation o f 50 per
cent is independent o f the 50 per cent
lim itation on dollar exchange accept­
ances, 3—528.
General statem ent as to all lim itations on
acceptances, 5 —254.
A ll dom estic acceptances are subject to the
50 per cent lim itation o f section 13, 4 —
1119.
(See Ten per cent lim itation.)
M aturity of drafts drawn on security o f bills of
lading should have relation to tim e in volved
in the dom estic shipm ent, 6 —1301.
M ississippi authorizes secured dom estic accept­
ances, 6—701.
National banks can not appoint agents to accept
and pay drafts, 6—835.
(See supra, D iscount.)
Purchase of—
Drafts secured b y Canadian warehouse re­
ceipts are eligible for acceptance and dis­
count bu t not eligible for, under regula­
tions, 5— 740.
N ot encouraged w hen security has been re­
leased, £ —
254.
Purchaser. B ill drawn on bank b y , not eligible
merely because secured b y b ill of lading, 2—
684, 3 -3 8 0 ; 6— 65, 66,1301.
Rates—
Dom estic bankers’ acceptances are in cluded
in^general, on bankers acceptances, 2—

S

(See D iscount rates.)
R eadily marketable staples. Drafts secured b y
warehouse receipts covering autom obiles or
tires are not eligible for acceptance b y mem­
ber banks as th ey are not secured b y , 6— 65.
Regulations—
Circular 1916, 2—15.
C, 1917, 3—542.
A , 1920, 6 —1179.
B , 1920, 6—1181.

AC CEPTA N CE S— Continued.
AC CEPTA N CE S— Continued.
D om estic acceptances— Continued.
D om estic acceptances—Continued.
Security— Continued.
Renewals—
O f im port acceptances, after im portation,
Shipping docum ents— Continued.
becom e dom estic acceptances for which
Must be attached at tim e of acceptance,
security is necessary, 3—30.
5— 468, 471.
(See supra, Attached to b ill.)
Drafts secured by warehouse receipts should
not be accepted subject to, 6—276, 277#
Must be made out or indorsed so as to
convey or secure title to the accept­
S e c u r ity ing bank, 4— 198.
Accom m odation acceptance. A bank ac­
ceptance w ith agreement purporting to
Statement. General statement as to security
assign security bu t m entioning no spe­
for dom estic acceptances, 5—254.
cific security is an accommodation
Ten p er cent lim itation, section 13—
acceptance and is not valid, 4 —311.
Is distinct from 10 per cent lim itation of
A cceptance, tim e of—
U nited States Revised Statutes, sec­
A ll dom estic acceptances must be
tion 5200, 8—286.
secured at tim e of acceptance, 8—
Drafts in excess of—
286, 878; 4—435; 5— 143, 254.
A ll acceptances must be secured
The accepting bank must have possession
throughout life of draft, 8—286;
of the security at tim e of acceptance
5— 143, 254, 362, 364, 468.
bu t it may be held for it b y its agent,
Security may be released after ac­
8—765,767; 4—971, 5—471.
ceptance on substitution of—
B ill of lading—
A trust receipt provided owner
(See supra, M aturity; Purchaser.)
has no control, 8—286, 881,
(See infra, Release.)
5— 143,253,254.
B ills of sale. A banker’s acceptance drawn
A warehouse receipt provided
to finance purchase of goods, secured b y
the warehouse is independ­
bills of sale, is not eligible tor purchase,
ent of the borrower, 8—30,
2— 684.
286, 881, 4—31, 634, 971,
Canadian warehouse receipt. (See supra,
5—254.
Purchase.)
(See infra, Warehouse receipts.)
Chattel mortgage on cattle not valid security,
Bank accepting in transaction in ­
4—309, 437, 871.
volving shipm ent from corpora­
D om estic shipm ent. Banks may accept
tion to its agent, secured b y b ill
drafts involving, when secured, 8—878;
of lading, may, after acceptance,
4 -4 3 5 ; 5—254.
release the b ill of lading on sub­
E xport biUs require security just as dom estic
stitution of drafts drawn by
bills if proceeds are to be used for other
agent on purchasers of the goods
purposes than paym ent of the accept­
secured by bills of lading cover­
ance, 4—439.
ing the same goods, 5— 468.
Food Adm inistration. Banks may accept
Bank accepting an export draft may
drafts of, secured b y notation on draft
take as security a trade accept­
b y a trustee holding warehouse receipts,
ance drawn by drawer on a for­
identifying it as a draft secured b y the
eign purchaser to whom the
grain stored, 4— 976.
slip p in g docum ents have been
Im portation. An acceptance given after
surrendered on acceptance, 6—
im portation is a dom estic acceptance
1065.
requiring security, 8—30.
Drafts not in excess of—
Purchaser. B ill drawn b y , of goods not
Must be secured at tim e of accept­
eligible merely because secured b y b ill
ance, 8— 878; 4—435; 6— 254,
of lading, 8— 380, 6— 65, 66, 1301.
471.
R eal estate mortgage. An eligible b ill is not
Shipping docum ents may be re­
rendered ineligible m erely because se­
leased—
cured b y a, 8— 458.
After acceptance, 4— 634: 5—
Release of security—
254.
The release or security on a draft exceed­
On substitution of a trust re­
ing the 10 per cent lim itation violates
ceipt, 5— 143, 254.
section 13 unless some other actual
security is substituted, 8—286; 5—
(See infra, Trust receipt.)
143, 362, 364, 468.
Warehouse receipt may be released
Federal Reserve Banks not encouraged
after acceptance, 4—634,
to discount dom estic acceptances on
5 -2 5 4 .
w hich security has been released,
As matter of policy, should not
5— 524.
be done, 4— 634.
(See infra, Ten per cent lim itation.)
Federal Reserve Banks not en­
Shipping docum ents—
couraged to discount drafts
Banks may accept drafts involving do­
on which security has been
mestic shipments when seem ed by,
released, 5—254.
8 —878; 4 -4 3 5 , 5—254.




AC CEPTA N CE S—Continued.
AC CEPTA N CE S— Continued.
D om estic acceptances—Continued.
D om estic acceptances—Continued,
U nited States R evised Statutes—Continued.
Security—
-Continued,
Ten per cent lim itation—Continued,
Demand and sight drafts—held for more than
Drafts n ot in excess of—
-Continued,
a reasonable tim e after acceptance be­
Warehouse receipt— Continued,
com e, in effect, promissory notes of
Bank w hich has accepted not in
acceptor, su bject to, 3—31; 4r—109,1119.
excess of 10 per cent lim ita­
Section 13. Ten per cent lim itation on ac­
tion may give further ac­
ceptances under section 13 is distinct
ceptances if secured, al­
from, 8—286; 4—
-197.
though security for first ac­
Speculative purposes. A draft secured b y
ceptance has been released
a warehouse receipt for goods carried for
and acceptance not yet
speculative purposes is an evasion of,
liquidated, 5—364.
Transit entry and warehouse receipt held to
(See Ten per cent lim itation, U nited States
be a valid security, 4—520.
Revised Statutes, section 5200.)
Trust receipts. Security may be released
United States R evised Statutes, section 5202,
after acceptance on substitution of, pro­
An acceptance b y the foreign correspondent
vided borrower has no control, 3—286,
of a national bant: under the guaranty of the
881, £ —143, 254.
national bank could be treated as m oney
Unsecured drafts—
borrowed su bject to lim itation of, 4—311.
B ill drawn against a nonmember trust
Warehouse receipts—
com pany before actual sale can not
Cotton factors draft on a bank, secured b y a
com ply with Regulation S as to se­
warehouse receipt covering cotton con­
curity, and is not eligible, 2—65.
signed for sale is n ot eligible for accept­
V iolation of section 13 to accept, exceed­
ance or discount, 5— 1054, 6— 162,1176.
ing 10 per cent lim itation, even w ith
Difference between bills of sale and, as se­
guaranty of customer, 5— 143.
curity, 2— 684.
Warehouse receipts—
D iscount of drafts on w hich, have been re­
I f not in excess of 10 per cent lim itation,
leased discouraged, 5—254.
m ay be released after acceptance,
Drafts secured b y Canadian, are eligible for
4—634.
acceptance and discount bu t not for p in As a matter of policy, should not be
chase under existing regulations, 5— 740.
released, 4— 634.
Drafts secured b y , covering autom obiles and
R eceipt of custodian of wool held to be
tires are not eligible as n ot being covered
equivalent to a, 4—636.
b y readily marketable staples, 3—65.
Federal Reserve Banks not encouraged to
Drafts secured b y , not eligible for accept­
discount acceptances in which the
ance unless goods are stored pending a
security has been released, 5— 254.
reasonably im m ediate sale, shipm ent, or
I f in excess of the 10 per cent lim itation,
distribution, 5—858; 6— 66, 277
security may be released after ac­
Drafts secured b y , when goods are being car­
ceptance on substitution of, provided
ried for speculative purposes, are not
warehouse is independent of bor­
eligible for acceptance, 5— 858, 6— 66,
rower, 3— 30, 286, 881; 4—31, 634,
277.
862, 971; 5—254.
Drafts secured b y , are not subject to
Drafts secured b y , for carrying goods for
renewals, 6— 276.
speculation purposes, are in evasion
or section 5200 and not eligible for
R eceipt of custodian of wool m ay be
acceptance, 5—858.
treated as a warehouse receipt, if the
(See Speculation.)
borrower has no control, 4— 636.
U nited States R evised Statutes, section 5200—
Renewal. Drafts secured by warehouse re­
Acceptances—
ceipts are not su bject to renewal, 6— 276,
Accom m odation acceptances not growing
Warehouse must be independent o f borrower,
ou t of commercial transactions ana
3—30,286, 4—31,636,832; 6— 682.
not representing a debt from drawee
W hisky in bond—
to drawer are subject to 10 per cent
Warehouse receipts for, are valid security
lim itation of, 2— 680.
for a note, bu t not for a banker’s
Does not apply to, unless drawer fails to
acceptance as it is not a readily
cover at or before m aturity, 2—64,
m arketable staple under section 13,
463, 680, 684; 3— 696, 4— 197
6—494.
Purchaser b y a bank of its own accept­
(See supra, Security .)
ances becom e subject to, 2—397,680;
3—28, 193, 691, 4—197
(See supra, Ten per cent lim itation.)
Subsequent rediscount would revive the
(See Warehouse receipts.)
acceptance, free from, 3—28, 193,
D om icile bills. Drafts drawn b v Am erican exporters
691; 4—197
on foreign buyers, accepted payable in u n ited
( See infra, Own acceptances.)
States in dollars, m ay b e eligible, tech n ically,
( See Ten per cent lim itation, U nited
bu t Federal Reserve Banks m ay decline to dis­
count them as not desirable investm ents, 6 —385,
States R evised Statutes, section
386.
5200.)




AC CEPTA N CE S— Continued
ACCEPTAN CES— Continued.
Drafts—
Exchange charges—Continued.
Member bank can make no charge against Federal
Acceptances o f banks are “ drafts” under section
Reserve Bank for collection o f acceptances,
13 and no exchange charges can be deducted
for collection , 6—162, 699.
as acceptances are drafts under section 13,
6— 699.
B ill of lading drafts—
On other than banks are not “ drafts” under
(See supra, Drafts; A cceptances; B ill of lading.)
section 13 and can be received only for
(See Exchange charges.)
collection and credit when paid. "The
E xport and im port transactions—
prohibition against deducting exchange
A llied Purchasing Committees. Drafts drawn
charges does not apply to them , 2—264;
against sale o f packing-house products to,
6—948, 999.
must be secured as dom estic acceptances
B ight of inspection of goods before accepting
unless drawer has contract for export, 4— 435,
reserved in , does not affect negotiability,
438.
5 -4 7 2 ,
Clean draft of an exporter in Chile can not be
(See supra, B ills of lading.)
accepted unless in connection w ith a con­
Cotton factors drafts. (See supra, Cotton factors.)
tract of sale or an actual shipm ent, 3—378.
Exchange charges on—
Construction as to what constitutes. O pinion of
(See supra, B ill of lading drafts.)
counsel, 1— 91, 268, 276, 404, 405.
(Seeinfra, Exchange charges.)
Finance drafts—
Contract for exportation. There must be an ac­
(See supra, Dollar exchange D om estic.)
tual. Mere intention to export w ill not
suffice, 6— 65, 66.
(See infra, Finance drafts; Refinance drafts.)
(See also Finance paper, principal heading )
Dealers in both export and dom estic transactions.
Banks must see that proceeds are to be used
Foreign buyer. Draft on a bank secured b y a
in export transactions, and that drafts w ill be
docum entary draft on a foreign buyer, drawn
paid out of proceeds of sale of export goods,
b y same drawer, is eligible for acceptance,
4—314, 438.
6—610,1065.
Payable. (See sam e.)
D elay in shipm ent. Temporary, w ill not invali­
date, 2 -4 5 8 .
Railroad adm inistration, 5— 307.
(See sam e.)
Dom estic. Cotton export shipments changed
later in good faith into, shipm ents are hot
R ight of inspection. (See supra, B ill of lading
ultra vires, 2— 12.
drafts.)
Sight drafts. (See sam e.)
Dom estic concerns—
Can not extend credits on open account to
Transit entry and warehouse receipt. Drafts
foreign purchasers b y means of export
drawn against m ay be accepted if properly
acceptances, 5—254
assigned, 4—520.
(See supra, b ill of lading, Dollar exchange, Do­
Drafts of Am erican manufacturers to finance
purchases of goods from American im ­
m estic.)
porters are not eligible as im port accept­
(See infra, Renew al, Warehouse receip ts.'
ances, 6— 162.
(See also Drafts, principal heading.)
Im port acceptance. B ill against bank secured
Drawn in good faith. (See supra, A ctually existing
b y im port acceptance not eligible as, 3—28.
values.)
Importers. Drafts of, on banks covering im ported
Dummy drawee. B ill drawn against a, is not drawn
goods are eligible, whether or not b u l of lading
against actually existing values, 2— 608, 684.
attached and whether or not the goods have
Earnings on, b y Federal Reserve Banks. (See Dis­
been shipped at tim e of drawing draft, 6—162.
count and open-m arket operations.)
Intention
Mere, to export not sufficient, 6— 65,
E ligible—
66
Bankers’ acceptances to be, must be accepted,
2— 212.
Member banks may accept drafts drawn to finance
Paper o f concerns not regularly engaged in some
exports although title has passed before ship­
form of banking business is not, as a banker's
m ent. I f secured, and involving a dom estic
acceptance, 1—362,404.
shipm ent, would also be a valid dom estic
acceptance, 3—878.
(See supra, A ctually existing value; B ill of lading,
D om estic; Drafts.)
National banks can not accept drafts secured b y
an export or im port acceptance as the draft
(See infra, Payable, Security, Warehouse re­
does not necessarily in volve an export or
ceipts.)
im port acceptance, 3— 28.
(See also Drafts; E ligible, Security; Warehouse
receipts.)
Renewal of acceptance originally based on an
im portation must be secured as it becom es a
Enem y (See supra, A lly o f enem y.)
dom estic acceptance, 3— 30.
European banks, 6—375.
R evolving acceptance credit—
(See supra, Acceptance liabilities.)
Under w hich drawer agrees to produce or
Evasion of U nited States R evised Statutes, section
purchase goods and assign them as se­
5200, 2— 680 at 683; 5—256, 415, 858.
curity for the acceptance or any renewals
Exchange charges—
thereof, held not a valid im port accept­
Member bank can not deduct, in accounting to
ance, 4 -976.
the Federal Reserve Bank for its own accept­
(See Opinions of cou n sel)
ances forwarded to it, for collection by the
Federal Reserve Bank, 6 —162.




ACCEPTAN CES— Continued.
E xport and im port transactions— Continued,
Sale, I f proceeds are to be used to finance an
export transaction, it is not material whether
or not the goods have been sold at tim e of
acceptance, 3— 527
Security—
Drafts not in excess of the 30 per cent lim i­
tation. No security necessary provided
proceeds are to be used to liquidate the
acceptance; if not so used, security is
required as in a dom estic acceptance,
4 -4 3 5 , 438, 439, 5— 143.
Drafts in excess of the 10 per cent lim itation—
Must be secured dunng life of draft, 3—
286; 5—143, 254, 362, 364, 468.
Security may be released aftei accept­
ance on substitution of a trust re­
ceipt, providing owner has no con­
trol, 3—286, 881, 5— 143, 254
Or on substitution of a warehouse receipt,
providing warehouse is independent
of borrower, 3— 30, 286, 881, 4—31,
634, 971, 972; 5—254.
E xport bills—
R equire security when use of proceeds is
for purposes other than paym ent of
acceptance, 4 — 439.
Trade acceptance drawn on foreign buyer
secured b y shipping docum ents held
to be valid security for an, drawn on
a bank, although bank has surren­
dered snipping docum ents to foreign
buyer on nis acceptance, 6— 1065.
Im port b ill. B ill drawn on a bank secured
b y an, held not eligible as an im port b ill,
3—28*
Shipm ent. There must be a bona fide contract
for, w ithin a reasonable, specified tim e, to
constitute a valid export or im port b ill, 4—
976.
Farm loan bonds. Federal A dvisory Council opposes
H ollis b ill making, valid security for bills and
notes, 1—394.
Federal A dvisory C ouncil favors additional acceptance
power, 3— 106; 4—1175,1177.
(See supra, Farm loan bonds.)
Federal Reserve A ct, section 13—
Am endm ents suggested by Federal Reserve
Board, 2— 323.
Lim itations of, how differing from U nited States
R evised Statutes, section 5200, 3— 286.
(See supra, D om estic; U nited States Revised
Statutes, section 5200.)
(See Ten per cent lim itations.)
Federal Reserve Agents—
R eport on acceptances, 3— 6.
To prepare circular on, 5— 415.
(See Federal Reserve Agents.)
Federal Reserve Banks—
A vailability of proceeds o f collected acceptances,
5—245.
D iscount. M ay discount acceptances bearing in ­
dorsem ent of m em ber banks of other Federal
Reserve districts. 1— 98.
H old 60 per cent of total acceptances, 5—105.
H oldings of acceptances—
Comparison 1914 and 1919, 5— 771.




AC CEPTA N CE S— Continued.
Federal Reserve Banks— Continued.
Purchase and sales of acceptances between
Federal Reserve Banks. (See R ediscounts.)
Report on acceptances held b y , 5— 105.
(See Federal Reserve Banks.)
Federal Reserve Board—
A cceptance credits. Foreign, 2— 587.
A cceptance p olicy , 4—257; 5—309, 858.
Purchase of own acceptances. P olicy as to. (See
infra, Own acceptances.)
Renewal acceptances. (See infra, Renewal ac­
ceptances.)
Section 14. W hat purchases can be made under
1—360.
Syndicate acceptance credits, 4—257
(See infra, R evolvin g credit acceptances.)
(See Federal Reserve Board.)
F ictitiou s drawee. B ill drawn against a, is not drawn
in good faith against actually existing values, 2—
608, 684.
F ifty per cent. No authority from Federal Reserve
Board is necessary to accept up to, 1—126.
Finance drafts. (See Finance paper Principal head­
ing-)
Financial condition, Statem ent of. Indorsing bank
or banker must give a satisfactory, where b ill is
drawn in a foreign country, and such statem ent
can not be obtained from the drawer or acceptor,

2— 111.
Food A dm inistration, Grain Corporation. (See supra,
D om estic, Security.)
Food products. Financing o f, b y acceptances, 4—255.
Foreign bills—
Federal Reserve Banks should be cautious as to
buying, 1—360.
B ills payable abroad are not eligible for purchase
under R egulations A and B , 1917, b u t m ay
be purchased under Special Instructions 2,
1916, 4—520.
Drafts drawn abroad, payable in U nited States in
dollars, secured b y a Canadian warehouse
receipt is eligible for acceptance, and after
acceptance, for discount, bu t is not eligible
for purchase under present regulations, 5— 740
Foreign buyer. A n export draft on a bank secured b y
a docum entary draft drawn b y same drawer on a
foreign buyer is eligible for acceptance, 6— 610.
Foreign correspondent. (See infra, Guaranty; Na­
tional bank.)
Foreign seller Draft b y im porter for purpose of pay­
ing, is eligible whether or not secured b y b ill of
lading and whether or not the goods had been
shipped at tim e of drawing the draft, 6— 162.
Foreign trade. E ligibility of acceptances in . (See
supra, E xport and im port.)
Foreign trade acceptances, Bankers’ . (See D iscount
and open-m arket operations.)
Form for trade acceptances, 3— 378; 4— 636, 5— 142.
Forward rates, 1— 97, 98.
Frederick, L. Bankers’ acceptance liabilities, Lon­
don and New Y ork, 5— 21.
Gold bars and coin. B ills to finance shipm ent of, are
eligible for purchase as they are “ goods” under
section 13, 3— 29.
Good faith, drawn in. (See supra, A ctually existing
values.)

A C C E PT AN CES— Continued.
A C C E PT AN CES— Continued.
Interest—Continued.
Goods, section 13—
(See supra Dom estic; Renew al.)
G old bars and coin are, 3— 29,
Labor is not, 5— 565.
(See also Collection, Drafts; Renew al.)
Great Britain increases rates on, 6— 955.
Labor held not to be “ goods” under section 13,
5—565.
‘ ‘ Growing out o f,” construction of words, 3— 28.
Law Department. Opinions of counsel. (See Opin­
Growth of acceptances, 1— 52; 2— 590, 669; 3— 5, 6,
ions; Counsel.)
350, 581, 664; 4— 11, 402, 595, 602, 604, 855,1054,
5— 767; 6—559, 666.
Laws of States. A cceptance laws, 3—529.
(See also State banks, e tc., Laws of States.)
Guaranty—
A n acceptance b y a foreign correspondent under
Letter of Texas banker favoring bankers’ acceptances,
guaranty of a national bank constitutes a
3— 159.
direct and not a contingent acceptance
Liabilities. Acceptance, 2—670; 3—6, 350, 664;
lia bility of the national bank, 4—311.
4— 11, 440, 855, 1114, 5— 21, 105, 440, 513, 555,
A uthority to guaranty is an incident of its author- j
561, 852, 1152; 6—158, 375, 686,
ity to accept, 4—311
L iability, contingent.
National bank, in giving guaranty, is exercising
(See Discount and open market operations;
power of acceptance through an agent, 4—
Member bank condition statements; Na­
311.
tional banks; Rediscounts; Resources and
liabilities.)
M ight treat this as a loan to its customer showing
its lia bility to its foreign correspondent in its
(See supra, Guaranty.)
report of condition as m oney borrowed sub­
L iability D irect. (See supra, Guaranty.)
je ct to U nited States R evised Statutes, sec.
License. (See supra, A lly of enem y.)
5202, 4— 311.
M aturities of purchased acceptances. (See Dis­
National bank could arrange w ith its foreign cor­
count and open-m arket operations.)
respondent to accept for account of one of its
M aturity. (See Agent; D iscount and open-market
customers agreeing to provide funds before
operations; Interest; Rebate; U nited States
m aturity if its customer failed to do so. In
R evised Statutes, section 5200.)
such a case its lia bility w ould be merely
M ississippi law authorizes secured dom estic accept­
contingent and need not be shown as a direct
ances, 6— 701.
acceptance liability, 4— 311,
M oney borrowed—
(See infra, National bank. )
Acceptances do not constitute, 2—64, 678, 680.
(See, however, Volum e 7, Federal Reserve Bulle­
(See infra, National banks; Own acceptances.)
tin, M ay 1921, page 547 .)
(See supra, Guaranty )
Harding, G ov Addresses on, 2— 587, 4 — 602; 5— 105.
National bank—
Hawaii—
Acceptance of a foreign correspondent under
Federal Reserve Banks can not discount ac­
guaranty of a, is an acceptance of the national
ceptances based on shipments between con­
bank. Could, however, be treated as m oney
tinental U nited States and, 1—91.
borrowed subject to lim itations of section
Drafts based on shipments from United States to,
5202, 4—311.
are subject to stamp tax, 5— 476.
If foreign correspondent accepts for account of
H oldings of acceptances. (See Discount and opencustomer of the national bank, the guaranty
market operations.)
liability of the national bank would be m erely
Im port acceptances. (See supra, Export and
contingent and need not be shown as an
im port.)
acceptance liability, 4—311.
(See, however, Volum e 7, Federal Reserve Bul­
Indorsement—
letin, May 1921, page 547).
B ill payable to order of drawee must have his, to
be negotiable, 4— 110,
National banks have had power to discount
acceptances since 1864, 2 —680 at 683.
In blank passes title but better practice is to re­
quire specific indorsement, 4— 744.
National banks are forbidden by United State *
Revised Statutes, section 5190, to appoint an
Inspection. Right reserved for inspection of goods
agent in another city to accept and pay drafts
before acceptance does not afreet negotiability
for it, 6— 835.
5— 472.
(See, how ever, Volum e 7, Federal Reserve
Insular possessions—
B ulletin, M ay 1921, page 547.)
A cceptance based on trade between foreign na­
(See National banks. )
tions and our, b y a com pany purchasing goods
held not to be a banker’s acceptance but to be
Negotiable. Draft payable to order of drawee held
a valid trade acceptance, 1— 404.
not, until accepted and indorsed b y drawee.
W ould then be negotiable in hands of third party
(See supra, Canal Zone; Continental U nited States;
and drawer would be not released, 4— 110.
H aw aii)
N egotiability Conditions affecting, 1—21.
(See infra, Porto R ico, Philippines; Virgin
Islands.)
New Orleans branch bank. Purchases of acceptances
Interest—
b y , 3—28.
Loss of Allowance for, in collection of accept­
New Y ork City trust companies, Purchases of ac­
ances, 4—521
ceptances, 2—590, 670.
B ill payable with interest after maturity is
New Y ork Clearing House. Acceptances may be
negotiable, 3—200, 4—109.
cleared through, 4—819.
Renewal acceptances are in effect a guaranty of
New Y ork D iscount Corporation formed to develop
a fixed rate of interest, 2—588; 4—259.
discount market for acceptances, 5— 114.




ACCEPTA N CE S—Continued,
New Y ork saving banks m ay invest in acceptances,
4—525*
Nonmember bank acceptances. D ifferential against,
8—28.
One hundred per cent. Power to accept up to—
A pplications granted, 1— 71; 2— 215, 265, 328,
372, 437, 438, 515; 3—658, 746, 839, 941; 4—
13, 80, 184, 296, 402, 492, 697, 742, 859, 967,
1100,1198; 5— 29,127,251, .357,466,562, 650,
737, 856, 961, 1050; 3—60,159, 382, 492, 608,
697, 833, 945, 1063, 1175, 1300.
Error in act of Septem ber 7, 1916—
Corrected b y act of June 21,1917,3—100,658.
Banks already having authority; need make
no new application, 3— 658.
Open market for acceptances—
Am erican acceptance council and New York Dis­
count Corporation organized to develop, 5— 114.
D iscussion of, 4— 1054.
(See supra, Growth o i )
Open m arket operations—
(See infra, Purchases in open market.)
(See D iscount and open market operations.)
Open market purchases not a test of substantial com­
petition under Clayton Anti-Trust A ct, 3 —878.
Open market rates—
Lower than Federal Reserve Bank rates, 3—76,
(See discount and open market operations.)
Other actual security—
Construction o f phrase, 3— 881, 6— 1065.
(See supra, Actual security; Dom estic; security;
E xport and im port; Security.)
Own acceptances. Purchase of—
Purchase of own acceptances before m aturity
Lim itations of section 5200 apply I f subse­
qu en tly rediscounted the obligation would
revive free from lim itations of section 1 3 ,2—
397,680; 3—28,193,397; 691,4r—197,808,974.
Member banks may deduct own acceptances pur­
chased from aggregate lim itations of section
1 3 ,2 -3 9 7
P olicy of Federal Reserve Board as to, 4— 257, at
258.
Payable. (Seesame; Principal heading,)
Payable out of U nited States. Bills, not eligible for
purchase under Regulations A and B, 1917, but
could be purchased as bills payable in foreign
countries under special instructions No. 2, 1916,
4— 520.
Paym ent of. (See infra, Place of paym ent.)
Philadelphia clearing house. Acceptances may be
cleared through, 4— 919,
Philadelphia national banks. Acceptances of, 1916,
3—6.
P h ilip p in e sFederal Reserve Banks may discount acceptances
based on shipm ents between tjie continental
U nited States and the, 1—91.
Drafts based on shipments from U nited States to,
are specifically exem pted from stamp tax,
5 -4 7 6 .
Place of paym ent—
A n acceptance accepted payable at a place other
than residence of acceptor is a negotiable
acceptance unless expressly stated payable
there and nowhere else, 3—289; 5— 142.




ACCEPTAN CES— Continued,
Draft payable at bank on w hich drawn m ay be
accepted payable at the Federal Reserve
Bank provided no stipulation that it is pay­
able only there, 3—379.
P olicy of Federal Reserve Board. (See supra, Federal
Reserve Board.)
Porto R i c o Federal Reserve Banks may discount accept­
ances based on shipm ent of goods betw een
the continental U nited States and, 1—91.
Drafts based on shipm ents between U nited States
and, are specifically exem pt from stamp tax,
5—467
Power of acceptance. Federal Advisory Council
favors additional, 3— 106, 4—1175, 1177.
Presentment for acceptance—
Drawer and indorser of a b ill made payable on a
date specified are not discharged b y failure
to present b ill for acceptance unless an ex­
press provision that it must be so presented,
or unless it is payable elsewhere than at resi­
dence or place or business o f drawee, 2— 608.
I f holder of a sight draft presents it for acceptance
rather than for paym ent, the drawer and in ­
dorsers w ould probably be released, 4— 109.
Presentment for paym ent. Demand and sight bills
must be presented for paym ent w ithin a reason­
able tim e. After that they are considered as
promissory notes of the acceptor subject to lim ita­
tions of U nited States R evised Statutes, section
5200, 3—31.
Private banker (See A cceptance corporation.)
Promissory notes. Federal Reserve Banks can not
purchase, in open market even though bearing an
additional indorsem ent, 1— 347, 360, 365, 406.
Purchase
(See supra, Payable out of U nited States.)
Purchase of foreign bills—
L eft for present to discretion of Federal Reserve
Banks; subject to future regulations, 1—360.
(See Cable transfers; Foreign b ills.)
Special Instructions No. 2,1916, 2— 530.
Purchase of own acceptances. (See supra, Own
acceptances.)
Purchaser of goods. B ill b y , on a bank not eligible
m erely because secured by b ill of lading. May be
pure finance paper, 3— 380; 3—65, 66, 1301.
Purchases in open market—
Discussion as to whether, should be charged to
accepting bank as part of lin e of discount
granted to it, 3— 559.
(See supra, Promissory notes.)
(See D iscount and open-m arket operations.)
Pyram iding of acceptance credits, 3—28, at 29.
Qualification as bankers acceptor, 1—362, 404.
Qualified acceptances, 2— 163; 5—564.
Railroad Adm inistration. A cceptances of. H ines,
D irector General of Railroads, addresses governors
on, 5—307
Rate, com m ercial paper. D iscounts of export b ills
before acceptance take com m ercial paper 90-day
rate, and not the acceptance rate, 1— 268.
Rate of earnings. (See D iscount and open-m arket
operations; Earnings.)

AC CEPTA N CE S— Continued.
Rates of discount—
Federal Reserve Bank of New Y ork increases,
3—8, 4.
(See D iscount rates.)
Federal Reserve Banks. A cceptance rates are
higher than com m ercial rates, 3— 76.
(See D iscount rates.)
Great Britain increases, 3—955.
London and New Y ork, 2— 591.
Rates of purchase to be subm itted to Federal Reserve
Board for approval, 1—360.
R a t io A cceptance liability to total liabilities. (See
R atio.)
A cceptances to capital and surplus. (See R atio.)
(See also A cceptance liabilities.)
R eadily marketable staples. Drafts secured by
warehouse receipts covering autom obiles or
tires are not eligible for acceptance, as they are
not secured by, 3—65.
Real estate mortgages. (See infra, Security.)
Rebate agreements. Federal Reserve Banks may
agree to perm it acceptors to take up acceptances
before m aturity under, 3—949.
Refinance drafts. 3— 610.
Regulations—
A , 1917, 4—520.
A , 1920, 3—1179,1301.
B , 1916, 2— 532, 666.
B , 1917, 4 —520.
5— 740.
B , 1920, 3—1181.
0,1916, 2—534, 665.
C, 1917, 3—542.
C, 1920, 3—1182.
E , 1916, 3— 29,
E , 1920, 3— 1183.
S, 1915, 1— 434.
T , 1915, 2—15.
(See Circulars and regulations; Special Instruc­
tions N o. 2,1916.)
Regulations A and B , 1917. B ills payable out of
United States not eligible for purchase under, but
can be purchased under Special Instructions
No, 2,1916, 4—520.
Regulations, Foreign bills—
None to be made at present, 1—360.
(See supra, Foreign b ills.)
Regulations. New, under preparation to put an end
to unsound acceptance methods, 5— 530.
Reimbursement for acceptances.
Conference of
bankers, 4—805.
Release of security. (See supra. D om estic, security;
Ten per cent lim itation; E xport and im port,
security.)
Renewal acceptances—
Belgium renewal acceptance credit, 5—309.
Contract for, is invalid, 1— 126, 3—277.
Exchange rates. Renewal, not eligible when
proceeds of original acceptance are held
back because of adverse, 5—858.




ACCEPTA N CE S—Continued.
Renew al acceptances—Continued.
Federal Reserve Board—
P olicy as to, 4—257; 5—309.
W ill take into account abnormal conditions
abroad, 5—858.
Guaranty of interest rates. Are in effect a, 2—
588; 4—259,
Im port acceptances renewed after im portation
becom e dom estic and require security.
3 - 30,
Regulations—
Must com ply w ith law and, applicable to
original acceptance, 3—66, 276, 277.
(See infra, R evolving acceptance credits.)
(See supra, D om estic, Warehouse receipts.)
(See also, National bank; Purchases.)
Report on—
Federal Reserve Agents, 3 —6.
Governors. A cceptance credits, 5—415.
R evolving acceptance credits—
Federal Reserve Board on, 4 —257.
Term should not as a rule exceed one year,4— 257.
W ith renewal privileges held not to be a valid
im port acceptance, 4—976.
Rulings b y Federal Reserve Board. (See various
headings under A cceptances.)
Sales of acceptances—
Between Federal Reserve Banks, 4— 590, 777,
778,1147, 5—169, 310,495, 794,1085; 3— 192,
531, 730, 781, 1014, 1015, 1019, 1041, 1042,
1043, 1044, 1133, 1228, 1232.
Fiscal year 1920, 3— 730,
Savings banks—
New York. May invest in bankers’ acceptances,
4— 525.
Purchase of acceptances by, 4—953.
Schedule of availability Proceeds of collected ac­
ceptances, 5—245, 246.
Section 13. (See Federal Reserve A ct, section 13.)
Section 14. (See supra, Purchases in open market.)
Securities, Open market purchases of. Ruling,
Foreign Exchange D ivision, 4—973.
Security (See supra, Dom estic, security; Export
and im port, security.)
Shipping docum ents—
Must be made out or indorsed so as to convey
title to accepting bank, 4—198.
(See supra, Dom estic, security; Export and
im port, security.)
(See B ills of lading; B ills of exchange, handling
of.)
Sight drafts—
A ccepted payable at fixed future date are quali­
fied acceptances, 2— 463; 5—564.
Must be presented for paym ent w ithin a reason­
able tim e, 3— 31,
After that, considered in substance as promissory
notes of acceptor subject to lim itations of
section 5200, 8—31.
Payable when presented without days of grace,
4 —109.
Single name paper not eligible for purchase in open
market even when bearing additional indorse­
ment, 1—347, 360, 365, 406.

AC C E PTA N C E S— Continued.
Special instructions No. 2, 1916—
Purchase of bills payable in foreign countries,
2—630.
Bills^ payable abroad can be purchased under,
Stamp tax—
Acceptances are not taxable as “ promissory notes ”
under the act of O ctober 22,1914, 2—211,
Acceptances originating outside of{ but payable
w ithin U nited States and originating inside
of, bu t payable outside of U nited States, are
subject to stamp tax under act of October 3,
1917, a— 950.
Staples, R eadily m arketable. (See supra, Dom estic;
secu rity )
State banks—
Conditions as to m aking of acceptances b y , 1—262,
Purchases of acceptances of. (See D iscount and
open-m arket operations.)
Statements as to financial condition of acceptors.
U ltim ate responsibility rests w ith purchasing
bank If in proper form, Federal Reserve Banks
need not pass upon them , 2— 13,
States. Laws of, as to acceptances, 1— 61, 8—529,
Substitution of security. (See supra, D om estic; 10 per
cent lim itation, Export and im port transactions.)
Sugar in bond as security for bankers’ acceptances,
4—520.
Syndicate acceptance credits. (See supra, Belgian
industrial acceptance credit; R evolving accept­
ance credits.)
T ax. (See supra, Stamp tax.)
Ten per cent lim itation, section 13—
Bank may accept up to 30 per cent, release any
security, and give further acceptances if
secured, 5— 364.
(See supra, Dom estic, 10 per cent lim itation.
E xport and im port, 10 per cent lim itation.
U nited States R evised Statutes, section 5200.
(See supra, Dom estic acceptances; U nited
States Revised Statutes, section 5200.)
(See Ten per cent lim itation.)
Term of revolving acceptance credits should not, as a
rule, exceed one year, 4—257.
Texas trust com panies authorized to accept drafts and
bills, 6—950.
Trade acceptances—
A n acceptance of a negotiable instrument is
“ trade,” w ithin meaning of trading w ith the
enem y act, 8—851.
A ccepted before sale or delivery are not drawn
against actually existing value, 4— 974.
A cceptor other than drawee, Is ineligible for pur­
chase as a trade acceptance, 2— 112.
A ctual security A trade acceptance drawn on
foreign buyer to whom b ill of lading is re­
leased after acceptance, held to be actual se­
curity under section 13 for a banker's export
acceptance, 6—1065.
A ctually existing value—
Drawn against a balance due on open account
m a yb e a good trade acceptance bu t is not
drawn against, 8—287.
T o be drawn against, must be drawn at tim e
of shipm ent or delivery or w ithin a rea­
sonable tim e thereafter w hile the goods or
their proceeds are in possession of pur­
chaser, 4— 974.




A C C E PT AN CES— Continued.
Trade acceptances— Continued.
Addresses on, 8—9,10,243,245; 4— 602,713,1193;
5— 105.
Advertising space. B ills drawn against purchase
of, valid, 8—114,116.
Agent. Draft of lum ber com pany on a selling cor­
poration in w hich it owns stock, w ould be a
valid trade acceptance if sales corporation
purchases the lum ber outright. I f sales cor­
poration does not purchase bu t m erely re­
ceives as agent, it would not be a valid trade
acceptance, 4—33.
Am erican Trade A cceptance Council succeeded
b y Am erican A cceptance Council, 5— 114.
Approved form of.

(See infra, Form .)

Balance on open account, b ill drawn against a,
may be a valid, bu t is not drawn against ac­
tually existing values, 8— 287.
Bank acceptance of b ill draw n against a land com ­
pany held not a valid , 2— 112.
Bank, payable at a. A trade acceptance, is equiva­
len t to an order to the bank to pay, 4— 971.
B uilding operations.
ing, 5—565.
Circular.

Trade acceptances cover­

(See infra, Regulations.)

Collection charges. A b ill payable w ith, is not
negotiable, 8— 880.
C ollection items. Trade acceptances to b e han­
dled as, 4—371.
Commercial paper. A b ill, proceeds of w hich are
to be used for wages or services, is not a valid
trade acceptance, taking preferential rate, but
may be rediscounted as ordinary, 5— 565.
Conditional sales. N ot a basis for, 5— 964.
Conference on, 8—243, 244, 245.
Cost of installation. B ill drawn for purchase
price including, held valid, 4— 310.
Cotton. Financing of, b y trade acceptances, 4 —
602, 713.
(See Cotton.)
Crops. D esirability for aid in m oving, 1— 258.
Discount allowed for settlem ent made b y , 2— 524.
Discount for prom pt paym ent—
Order to pay a certain net am ount after de­
ducting discount for prom pt paym ent at
m aturity, bu t if not so paid to pay a
greater am ount to include discount is
negotiable, 4— 200.
Order to pay a fixed sum, bu t w ith provision
that a discount of 5 per cent w ill b e al­
low ed if paid before m aturity
N ot fav­
ored b y Federal Reserve Board because
of conflicting decision as to negotiability,
4—871.
Discounts b y Federal Reserve Banks, 2— 42, 90,
140, 193, 248, 297, 359, 422, 495, 575, 643,
715; 8 -6 1 , 139, 221, 408, 426, 637, 716, 814,
902, 977; 4 —53, 57, 135, 229, 342, 463, 552,
667, 668, 776, 897, 986, 1024, 1145, 1146,
1242, 1243, 1244, 5—84, 85, 86, 165, 166, 168,
280, 281, 390, 391, 494, 495, 496, 591, 592,
682, 683, 697, 792, 793, 884, 885, 991, 1083,
1084, 1085, 1183, 1184, 6— 90, 191, 306, 412,
530, 641, 740, 870, 984,1101, 1231, 1348.

AC C E PT AN CES— Continued.
Trade acceptances— Continued.
D om icile bills technically good, but undesirable
as investm ents, 6—385, 386.
(See D om icile bill. )
Drawn in good faith, etc. (See infra, Good
faith.)
E ligibility—
E xport and im port, 2— 168,
For rediscount, 4— 109, 971.
Exchange—
Payable w ith, probably negotiable, 3—880,
(See Exchange, principal heading.)
Extension of tim e. Agreem ent for, b y holder is
of doubtful negotiability and not favored,
4—870.
Federal Reserve Agents. R eport on, 3—8.
Federal Reserve Bank of Cleveland—
Circular letter on, 2— 100.
Form subm itted by , 2— 101.
Federal Reserve Board—
D iscount for prom pt paym ent favored by , 2—
524.
Inquiry as to use of, 3— 657.
Form approved b y , 4— 636.
Foreign countries, Authority to buy, drawn in
foreign countries on Am erican acceptors, 2—

ACCEPTAN CES— Continued.
Trade acceptances— Continued.
Land com pany B ill drawn on, but accepted by
a bank, is not a valid, 2— 112.
Letter favoring, 3—159.
Materials, Draft of manufacturers or material
man upon a builder to cover cost of materials
sold to builder is a valid, and eligible for dis­
count, 5—565.
Maturity Must not exceed 90 days from pre­
sentation for rediscount to be eligible,
4—971
National banks, (See Same; principal heading.)
National Credit Men’s Association—
Conference, New York, 3—243, 244, 245.
Resolution favoring, 4— 606.
Address on, 4— 1193.
Open accounts—
B ill drawn for a balance due on, is technically
a valid trade acceptance, bu t not drawn
in good faith against actually existing
values under section 13 and U nited States
R evised Statutes, section 5200, unless
com plying w ith conditions stated, 3—
287, 4— 974.

Form of, 2— 101, 3—378; 5— 142; 4—636.
Gas. B ill b y gas-producing com pany on gas disdistributing com pany for gas sold and de­
livered held valid, 4 —435.
Good faith—
Drawn in , e tc., only when w ithin a reason­
able tim e after shipm ent or delivery of
goods, 3—287, 4—974.
(See supra, A ctually existing values,
Balance.)
Goods. Labor is not, under regulations, 5— 565.
Growth in use of, 8— 157, 657, 4—595, 604, 808,
1193,
Harding, G ov. Addresses on, 4— 595, 602; 5—
105.
Harris, B. D . Address on, 3—245.
H oldings, Federal Reserve Banks. (See Discount
and open-market operations.)
Im port. (See Export and im port transactions.)
Im port, indorsed b y bank or banker takes bankers’
acceptance rate, 2— 168.
Installm ent purchases. Purchaser on install­
m ent plan gives seller an accepted bill for
each installm ent, before delivery, with au­
thority to seller to fill in the maturity date
of each installm ent and also his name as
drawer H eld valid, 4—437
Insurance premiums. B ill drawn for, is not a
valid, 4—309.
Interest, payable w ith, for delayed payment
after m aturity, held negotiable, 3—200.
Investm ent operations in . (See Discount and
open-market operations.)
Jewelry trade. Not popular in , 6— 1033.
Labor alone not “ goods” under section 13. B ill
for purchase price including cost of installa­
tion (and labor) is valid, 5—565.

(See Discount and open-market operations.)
Payable—
A ccepted payable at place other than that
stated in draft, held valid if no express
stipulation payable nowhere else, 5— 142.
A ccepted payable at a bank is equivalent to
an order on the bank to pay under nego­
tiable instruments act, w ith certain ex­
ceptions, 4— 971.
P olicy holder Draft of casualty com pany
against a, for premiums not a valid, 4—309.
Purchases, Open-market—
Regulation A , 1916, 2— 531, 539,
Regulation B , 1916, 2— 532, 541.
Regulation B , 1920, 6— 1181
(See Discount and open-market operations,
Railroad com pany Draft of seller of supplies
against a. Railroad company may consti­
tute a. V alid, 4— 974.

111.




37509°— 21------2

Should not look with favor on, to liquidate
slow open accounts, 4—30,
Open-market purchases—
(See infra, Purchases, open-market.)

Rates. Im port trade acceptances when indoresd
b y a bank or banker, take bankers’ accept­
ance rates, 2— 168.
Rediscount. (See supra, E ligibility; M aturity.)
Regulations. (See Regulations.)
Sales corporation. Draft drawn b y lumber com­
pany against a, in which it owns stock is
valid if lum ber is actually purchased in good
faith b y sales corporation. If latter i 3 m erely
an agent, would be invalid, 4—33.
Section 13. (See supra, Good faith.)
Section 5200, (See infra, U nited States Revised
Statutes, section 5200.)
Stamp tax should be affixed and canceled b y
drawer, but acceptor may do it b y agreement,
4 —977.
—
Stockholder. (See supra, Sales corporation.)

A C CEPTA N CE S— Continued.
ACCOM M ODATED.
Trade acceptances—Continued.
Number of banks accom m odated. (See Member
Ten per cent lim itation, section 5200—
banks, num ber rediscounting.)
(See Ten per cent lim itation, Trade acceptances.) ACCO M M OD ATION AC CEPTAN CES.
(See infra, U nited States R evised Statutes, sec­
(See Acceptances, Accom m odation paper,)
tion 5200)
ACCO M M OD ATION S
TO
CO RRESPON D EN T
Title. Retention of, b y drawer, until payment,
B A N K S.
in valid, 5—964.
Method em ployed b y city banks in granting, 6— 584.
T itle to materials. I f contractor has no, furnished ACCOU N T.
or to the building w hile being erected, a b ill
Balance on open account, 8—287, 4— 30, 974.
drawn on him b y subcontractor would not be
(See Acceptances, trade.)
a valid, 6—565.
Capital account, 8— 949.
Trading w ith enem y act. A cceptance of a nego­
(See Finance paper,)
tiable instrum ent held to be “ trade” under,
8—851
Current expense account. (See sam e.)
Tregoe, J. H . Address on, 4— 1193.
Foreign account, 4 — 87,171,172, 365.
Treman, D eputy G ov. Addresses on, 8— 9, 243.
(See Federal Reserve Board, Foreign paym ents;
W ar Finance Corporation, War Trade B oard,)
Trust receipts. (See supra, D om estic, Security.)
Member bank reserve account. (See M ember bank
Ultra vires. (See supra, Export and im port,
condition statements, Member banks; Resources
dom estic.)
and lia bilities.)
Union D iscount Co. Oganized to finance cotton
Open account. (See supra, B alance.)
b y means of acceptances, 4—930, 939.
Profit and loss account. (See Federal Reserve Banks;
U nited States R evised Statutes, section 5 2 0 0 Profit and loss account; Reserve for franchise ta x.)
A cceptances—
Accom m odation acceptances not growing
Surplus account. (See Surplus.)
out of commercial transactions and A C C O U N TIN G , U N IFO R M .
not representing a debt from drawee
(See Federal Trade Com m ission.)
to drawer are subject to, 2— 680.
ACCO U N TS.
In evasion of, 2— 680, at 683; 5— 254,415,
New ruling, Foreign Exchange D ivision, 4 — 864.
858.
(See Date of closing; Federal Reserve Agents; Opin­
N ot subject to, unless drawer fails to
ions of counsel, Savings accounts; U nited States
cover, 2—64, 463, 680, 684.
bonds, Suspense accounts.)
(See infra, Purchase of own acceptances.)
ACCRUED D IVID EN D S.
Am endm ent of, 4— 1055; 5— 704,730,965,1055.
(See D ividends , Earnings and expenses; Federal R e­
See A ct of Septem ber 24, 1918; A ct of
serve Banks; National banks.)
March 3 (1919; A ct of O ctober 22,1919.)
ACCRUED IN T E R E S T .
Lim itations of. (See Ten per cent lim ita­
A llotted purchases of U nited States bonds, Federal
tion.)
Reserve Banks, 1— 356.
Paper actually owned, etc. (See supra, Actu­
Liberty Loans, 1—355; 5— 100.
ally ow ned.)
Paym ent of, on demand note is not a renewal and n ot
Purchase of own acceptances. (See supra,
subject to stamp tax, 8— 950.
Own acceptances.)
A C T . (See Federal Reserve A ct.)
Trade acceptances drawn against balance on
open account are subject to, except under A C T .
conditions stated, 4— 974.
1882, July 12. (See National banks.)
(See Ten per cent lim itations; U nited States
1890, July 14. Purchase of silver bu llion, 4 — 398.
R evised Statutes, section 5200.)
Repealed Novem ber 1, 1893, 4— 399.
U nited States R evised Statutes, section 5202—
1893, Novem ber 1. Silver purchase act repealed,
4 —399.
Am endm ent of, 5—704, 730, 965, 1055.
1907, March 4. (See National banks.)
(See supra, Guaranty.)
1908, May 27 (See U nited States Revised Statutes,
Valorization of cotton, 2—524.
sec. 3847.)
(See Cotton, principal heading.)
1908, May 30. Aldrich-Vreeland. No reserves re­
Virgin Islands. Shipments from territorial United
quired against Government deposits, 8 — 692.
States to, are not shipments to foreign coun1909, M arch 4. (See Federal Reserve notes, E m blem .)
tries, bu t drafts based on such shipments are
1913, October 3. Incom e tax. (See Capital stock ;
specifically exem pt from stamp tax, 5— 467.
Stock dividends; T ax.)
W aiver of dem and, notice, and protest b y drawer
1914, O ctober 15. (See Clayton Antitrust A ct.)
or indorser does not affect acceptor, 1—277;
1914, October 22. Incom e tax—
2— 226.
Tax on promissory notes under, repealed b y act
Warburg, P . M. Address on, 4— 604.
September 8,1916,2—512
Warehouse receipts. (See supra, Dom estic se­
(See Federal Reserve A ct, taxation; Taxation;
cu rity; Warehouse receipts.)
T ax.)
W ills, D . C. Address on trade acceptances,
1915, March 3. Acceptances up to 100 per cent o f
8—243.
capital and surplus perm itted w ith authority of
Federal Reserve Board. (See infra, A ct of Sept. 7,
A C C E S S, 4 — 634, 862.
1916.)
(See Acceptances, Security; Warehouse receipts.)




A C T—Continued.
A C T— Continued.
1916, May 15. Kern am endment. (See Clayton A nti­
1918, March 21. Governm ent control of railroads.
Text, 4—296.
trust A ct.)
1918, A pril 4. Third Liberty bond act—
1916, May 18. Authorizes, under certain conditions,
Text, 4—306.
deposits of postal savings in nonmember banks
w hich were forbidden b y Federal Reserve A ct,
Treasury circular as to deposit of pu blic m oneys
section 15, 2—331
under act September 24, 1917, as amended
by, 4—494.
1916, June 12. Secretary of Treasury m ay receive
deposits of gold bullion and foreign coin and
1918, A pril 23. Pittm an A ct. M elting of silver
issue gold certificates therefor, said gold bullion
dollars—
and foreign coin not to exceed two-thirds of total
Text, 4—395.
am ount of gold certificates at such tim e outstand­
Price of bullion fixed, 4— 807, 818.
ing. Repeals U nited States R evised Statutes,
1918, May 23. National banks entitled to make R ed
section 5193, 2—311.
Cross contributions, 4— 498.
1916, July 7. Farm loan act, section 13, 3— 379.
1918, Septem ber 24. Amends second Liberty bond
1916, July 17. National banks m ay discount notes
act. Amends section 5200 U nited States
secured b y farm loan bonds issued under, 4— 635.
R evised Statutes, b y perm itting national
1916, Septem ber 7. Am ending Federal Reserve
banks to purchase or discount in excess of
A ct—
the 10 per cent lim itation to any amount
Error contained in , as to acceptances up to 100
perm itted under rules and regulations o f
per cent, 2—508,513.
the Comptroller of the Currency, w ith
Cured b y amendment, 3— 100, 658
the approval of the Secretary of the Treasury,
notes secured b y not less than a lik e face
(See infra, A ct of June 21, 1917.)
amount of U nited States bonds issued since
Permits certain National banks to act as real
April 24, 1917, or by certificates of indebted­
estate and insurance agents, 2— 440; 3— 164.
ness of the U nited States, 4—961,1055.
Permits issue of mem ber bank collateral notes,
(See infra, act of March 3,1919; A ct of October 22,
2— 440, 513.
1919. )
1916, September 8. Repeals taxes under act of
1918, September 26. Amends Federal Reserve A ct.
O ctober 22,1914, on promissory notes, etc., 2— 512.
Text, 4—947
(See Stock dividends.)
1918, November 7 A ct perm itting consolidation of
1917, March 3. War revenue act, 3— 248, 251.
national banks. Text, 4— 1178.
1917, A pril 24, Bond act—
1919, March 3. Amends Federal Reserve A ct. New
T ext, 3— 345.
subsection 11 (m )—
Provisions, 3—458, 459, 601.
Federal Reserve Board b y affirmative vote of not
less than five members may perm it Federal
1917, June 1 5 Reserve Banks to discount for member banks
E xecutive order of June 22, under,
notes, drafts, or bills bearing signature of any
Creates exports council,
one borrower in excess of the amount per­
Export licenses,
m itted under sections 9 and 13, but in no case
Exports of coin, bullion, e tc., 3— 582.
to exceed 20 per cent, provided such notes,
etc , discounted in excess shall be secured by
(See E xport.)
not less than a lik e face amount of bonds or
Proclam ation, gold exports, 3 —583,737.
notes of the U nited States issued since April
(See Proclam ations.)
24,1917, or certificates of indebtedness of the
1917, June 21. Am endm ent to Federal Reserve A ct—
United States, the provisions of this sub­
section not to be operative after Decem ber 31.
Error in act of September 7, 1916, as to accept­
1920, 5—229.
ances up to 100 per cent, corrected by, 3—
102, 658.
Analysis, 5—361, 1055, 1056; 3—495.
Synopsis and text, 3— 509, 511.
E xtended, w ith lim itations, to O ctober 31,1921.
A ct of February 27,1921. (See Volum e 7, Fed­
1917, August 10. Lever food control act. Pending
eral Reserve B u lletin , March, 1921, p. 310.)
amendments to, 5— 967
Reasons for passage of, 4— 1055.
1917, September 24. Second L iberty bond act—
1919, March 3. V ictory Liberty loan act. Text, 5— 225.
T ext, 3— 749.
1919, September 19. Amends section 25, Federal
War-savings certificates, 3— 925.
Reserve A ct. Foreign banking corporations,
Incom e from second Liberty loan in part exem pted
5— 965.
from incom e tax, 3— 930.
1919, October 22. Amends sections 5200,5202. U nited
(See War-savings stam ps.)
States Revised Statutes—
1917, October 3. War r e v e n u e Analysis, 5— 1055.
statem ent as to, 3— 832.
Does not affect discount power of Federal Reserve
Text, 3— 868.
Banks under sections 9 and 13, 5— 1056.
(See Stock dividends; Tax.)
(See Opinions, Counsel.)
1917, October 5. Issue of national bank notes in de­
1919, Decem ber 24. Gold certificates m ade legal
nominations of $1, $2, and $5, up to $25,000 to
tender, 6— 60.
any one bank, 3—837
1919, Decem ber 24. Edge bill. Section 25 (a) added
1917, O ctober 6. Trading w ith enem y Text, 3—851.
to Federal Reserve A ct; Edge A ct; foreign bank­
ing corporations; Federal charter, 6— 56.
1917, Novem ber 20. Am endm ent b y Philippine Leg­
islature to P hilippine national bank act, 4— 728.
Regulation K , 1920, 6—379,1190.




A C T — Continued.
AD JU STM EN T O F S A L A R IE S , FED ERAL R E ­
1920, A pril 13. Am ends Federal Reserve A ct b y
SERVE B A N K S, 6—54, 1293.
authorizing progressive rates of discount. Text, A D JU STM E N TS, S T O C K , 1— 406.
A D M IN IST R A T O R .
1920, May 26. Amends Kern amendment to Clayton
(See Fiduciary powers. New Y ork.)
Antitrust A ct. Private banker m ay serve as
interlocking directors when not in substantial A D M IS S IB L E A S S E T S .
R uling, Commissioner of Internal Revenue, 5— 472.
com petition, e tc., 6— 813, 948.
A C TU AL C IR C U L A T IO N .
A D M ISS IO N , FED ER AL RE SE R V E SY S T E M .
(See Federal R eserve notes; Federal Reserve Bank
lis t of State banks and trust com panies adm itted, 1—
notes; M oney.)
29, 251, 314, 347, 2— 6, 122, 206, 372, 513, 590^
8— 158, 347, 439, 507, 603, 659, 734, 834, 933, 4—
AC TU AL S E C U R IT Y , O TH E R .
16, 92, 185, 294, 408, 508, 609, 696, 734, 856, 966,
(See A cceptances, actual security; A cceptances, con­
1098, 1196; 5— 4, 40, 49, 129, 250, 358, 465, 562,
struction, Acceptances, dom estic; A cceptances,
649, 738,855, 961,1051,1155; 6— 62,159,273, 383,
export and im port; A cceptances, security.)
492, 607, 697, 833, 945, 1063, 1174,1299.
A C TU A LLY E X IS T IN G VA LU ES.
AD VA N CE S, D IR E C T .
(See A cceptances, actually existing values; A ccep­
T o allied powers. (See A llied pow ers.)
tances, trade; Opinions of counsel; Ten per cent
T o canners, farmers, and live-stock raisers, 4— 807,
lim itation, U nited States R evised Statutes, sec­
829, 830.
tion 5200.)
T o mem ber banks. (See Member bank collateral
A C TU A LLY OW NED.
notes.)
Federal Reserve Banks may decline to discount mem­
War Finance Corporation, 4— 251.
ber bank collateral notes secured b y Government
obligations unless the Governm ent obligations A D V E R T ISE .
No right to advertise as being under Governm ent
securing them and securing the Governm ent
protection, 1—362, 6— 65.
deposits held b y the bank are actually owned by
it, 6—163.
R ight to advertise savings accounts, 1— 18.
A C TU A LLY OW NED, CO M M ERCIAL O R B U SI­ A D V E R T IS IN G .
N ESS PA PE R . SE C TIO N 52 00 .
O f Governm ent protection is objection able, 1— 362;
An acceptance discounted b y the accepting bank is
6 —65.
not paper, 2— 680.
O f words “ clearing m em ber” not objectionable, 3—
Acceptances actually owned b y persons offering them
879.
for discount are paper, 2— 678, 680, 684.
H eld to be objectionable, 4— 1119,1216.
Accom m odation acceptances are n ot paper, 2— 684.
Of word ‘ ‘ Federal.” O bjectionable, 3— 615; 4— 521.
Renewed paper is not paper, 3—287.
O f word “ reserve” in title of bank is objectionable,
Section 13 contains no such exception to its lim ita­
4— 521.
tions, 2—224, 274; 3—195.
O f word “ trust com pany” as part of title perm itted
Secured notes are not necessarily paper, 2—329.
when bank is authorized to exercise fiduciary
powers, 6— 497
Trade acceptances discounted for drawer and not for
bona fide holder are not paper, 4— 863.
A D V E R T IS IN G SPA C E .
B ill drawn on purchaser of. a valid trade acceptance,
AD IN T E R IM C E R T IF IC A T E S , 3—600.
comes w ithin “ goods,” section 13, 3— 116.
(See L iberty bonds.)
A D V IS O R Y CO M M ITTE E.
A D D IT IO N A L C IR C U L A T IO N .
Duties assigned to, determ ine whether or not they
(See Federal Reserve Bank notes; National bank
are officers or em ployees as defined b y Clayton
notes.)
Antitrust A ct, 3— 118.
A D D ITIO N A L S E C U R IT Y , 3—881.
A D V IS O R Y CO U N CIL.
(See Federal A dvisory Council.)
A D D ITIO N S TO SU R PLU S, 4—521.
(See surplus.)
A F R IC A .
National City Bank, N. Y ., foreign branch at Cape
AD D R E SSE S ON FED ERAL RESERVE A C T .
Tow n, 6—159.
D elano, F . A ., 1—298;
(See Portuguese A frica; Rhodesia; South A frica.)
H am lin, C. S ., 1— 136; 2—261, 309, 510.
H arding, G ov., 1— 66, 252; 2— 160, 309, 509, 587; 3— A F R IC A , SO U TH .
Proposed Central Reserve Bank for, 6—1040.
159; 4— 595, 602, 1175; 5— 105.
H arris, B . D ., 3—245.
M iller, A . C ., 2— 261; 4—923; 5—915.
Perrin, John, 1— 186.
Warburg, P . M ., 1— 132, 352; 2—102, 261, 309, 510,
669, 4 —595, 604.
W ills, D . C ., 1— 189; 3—243.
W illiam s, John Skelton, 2—261, 509.
AD ELSO N , L . C .
A ppointed assistant secretary, Federal Reserve Board,
4 -3 6 5 .
Appointed deputy governor, Federal Reserve Bank of
Atlanta, 5—201.




A G E N C IE S, C A TTLE LO AN , 4—832.
(See War Finance Corporation.)
AG E N C IE S, FO R E IG N .
Deposits in . (See Federal Reserve Bank statem ents.)
AG EN CIES, FO REIG N BA N K BRAN CH ES AN D.
Acceptances bought in open m arket b y Federal R e­
serve Banks from . (See D iscount and open mar­
ket operations.)
(See Foreign branches.)
AGEN CY:
M emphis, 3—168.
Savannah. (See Annual R eport, page 38.)

AG EN T.
B ill drawn b y agent upon his corporation not eligible
for purchase, 2— 462,
B ill drawn by corporation against shipm ent of goods
to, etc., may be accepted by member bank, 3— 690.
(See Sales corporation.)
A G E N T, EXCH AN G E AND CO LLEC TIO N .
(See Non-member banks.)
AG EN T, N A TIO N A L B A N E , 6—835.
(See Acceptances, Guaranty, National Bank.)
AG E N T, T R A N SF E R .
(See National banks.)
AGEN T FO R SALE OF W AR SA Y IN G S C E R T IF I­
CATES AND T H R IF T ST A M P S .
Forms for sale of b y , 4—87
A G E N TS, APPROVED RE SE R V E .
(See A pproved Reserve Agents.)
A G E N TS, F IS C A L .
(See Fiscal agents.)
A G E N TS, IN SU RA N CE .
Regulations for national banks acting as, 3— 164.
AGENTS FO R M EM BER B A N E S .
Federal Reserve Banks m ay purchase bills bu t not
notes as agents for mem ber banks, 1—347.
AG E N TS.
(See Acceptances, trade; A pproved Reserve agents;
Collecting agents; Federal Reserve agents; Fiscal
agents; Reserve agents.)
AG G R E G A TE .
Net deposit and note liability, 1917, 4—130, 769.
(See Net deposits; Resources and liabilities.)
AGREEM ENT.
(See Boston Clearing House.)
AG REEM EN TS.
Credit. (See Tax.)
Extension of tim e. (See Acceptances, trade.)
Foreign exchange. (See Foreign exchange; Secretary
of Treasury )
Rebate of discount, 1— 308, 388; 2— 461.
Repurchase—United States bonds and Treasury cer­
tificates bought under, 4— 466, 557, 671.
(See also Repurchase agreements; United States
bonds; U nited States Treasury certificates,
U S. R . S., sec. 5200.)
Security (See Acceptances, security; Acceptances,
ten per cent lim itation.)
A G R IC U LTU R A L CO N D ITIO N S.
(See Business conditions; Crops; Federal Reserve
agents; Reports.)
A G R IC U LTU R A L IM PLEM EN TS.
Terms of sale, 6— H49.
(See Agricultural and liv e stock paper.)
A G R IC U LTU R A L LO AN S.
(See Farm land loans; Real estate loans.)
A G RIC U LTU R AL AND LIVE S T O C E PAPE R.
Based on liv e stock. Construction, 1— 72; 3— 616.
Cattle—
Are readily marketable com m odities, 2—65.
Notes for breeding, raising and fattening, are,
2— 112, 679.
(See Security; Special instructions No. 2, 1916.)
Notes of farmers for purchase of, are, 2—395.




A G R IC U L T U R A L AND L IV E S T O C E PAPE R— Con.
Cattle— Continued.
Loans to farmers to fatten, are, 3—378, 763.
Hoover, Herbert, urges loans to raisers of, at not
over 7 per cent, 3—659.
(See infra, Live stock; Security .)
Cattle dealer Note of, is not, 1—212.
Cattle loan agencies. Establishment of, 4— 832.
Chattel mortgages—
Not required as security for, 1— 72, 74; 3—378.
(See Security .)
Circular, Federal Reserve Board, 1—38.
Classification o f paper. M ethod, 2—67; 3—114.
Collateral note. (See Security .)
Commercial fertilizer. Six months farmers’ notes for,
are, 1— 75.
Commodities—
Fanners’ notes for, actually used for agricultural
purposes are, 4— 310, 312.
If capable of use bu t not so used, are not agricul­
tural paper bu t m erely commercial paper,
4—310, 312.
Cows—
Note of farmer, proceeds of which are to be used
for purchase of, is, 2—395.
(See Cattle; L ivestock .)
Crops. Loan to farmer to produce crops is, whether
or not secured b y mortgage on the liv e stock,
3—378.
Dealer. Note of cattle dealer is not, 1— 212.
D efinition, 1— 72; 2— 67; 6—1180,1301.
Discount of. Lim itations on, 2—67.
Discounts. (See infra, H oldings.)
Discounts, direct. Federal Reserve Banks can make
no direct discounts for individuals, only through
member banks, 3— 457
D istinction between commercial paper and, 6— 1301.
E ligibility defined, 6—1301.
Farm land, note of farmer proceeds to be used for
draining and tillin g is, 4—743.
Fattening of cattle. (See Cattle.)
Fertilizer (See supra, Commercial fertilizer.)
Holdings of, Federal Reserve Banks, 3—221, 317,408,
486, 565, 638, 717, 814, 902, 978; 4—53, 135. 229,
342, 463, 552, 668, 776, 897, 1024, 1146, 1244;
5—86, 168, 281, 391, 496, 592, 683, 794, 885, 991,
1085,1184; 6—93,103, 307,415, 532,641, 741,872,
985, 1102,1233,1349.
H oover, H, (See infra, Interest.)
Identification. (See Classification.)
Im plem ents—
Note of farmer in part paym ent of, is, 1—212:
2—67
Note of dealer in , is not, 1—212.
B ill drawn on farmer for price of, is, 2— 67.
Note of retail dealer in , to wholesale dealer is n ot,
1— 212; 2— 526; 4— 1118.
Terms of sale, 6— 1149.
Irrigation Company Note of, is eligible if proceeds
used for agricultural purposes. Sale of water
m erely is not, 6— 949.
Interest. H oover, H ., urges loans to raisers of cattle
at not over 7 per cent, 3— 659.
lim ita tion —
Lim it fixed at 25 per cent of capital stock, 1— 72.
Fixed at 99 per cent, 2— 67.

A G R IC U L T U R A L AND LIV E S T O C K PAPE R— Con.
L ive stock—
Based on. Construction, 1— 72; 3—616.
(See Cattle; Cows.)
Note or b ill of packing com pany for purchase of,
for im m ediate slaughter is not, 3— 616.
L ive stock paper—
L im it fixed b y Federal Reserve Board at 25 per
cent of assets of the Federal Reserve Bank,
1— 72.
lim it fixed at 99 per cent, 2— 67, at 68.
Note given b y farmer in part paym ent for liv e
stock is, 1—212.
Note b y a dealer in liv e stock is not, 1— 212.
Loans.
Increase in agricultural. Federal Reserve Banks
and mem ber banks, 6— 1124.
Member banks. Federal Reserve Banks can discount,
on ly through mem ber banks, 3— 457.
M illet seed. Note of retail dealer for purchase of, is
not, 2—526.
M ule. N ote of fanner in part paym ent of a, is, 1—212.
M ule dealer. N ote of, is not, 1— 212.
Rates. (See D iscount rates.)
R eadily marketable com m odities. Cattle are, 2— 65.
Regulations, Federal Reserve Board, 1— 38; 2— 530;
3 -5 4 0 ; 6—1180.
R etail dealer. Note of, in paym ent to wholesale dealer
is not, 1—212; 2—526; 4— 1118.
S e c u r ity Note secured b y collateral notes in turn secured
b y a chattel mortgage on cattle is not necessa­
rily, 3—690.
Note of farmer to produce crops or fatten cattle
needs no, 8— 378.
Silos. Note of farmer for purchase of, is not agricultural
paper as silos are permanent im provem ents, 4— 971.
Tractors. Notes of farmer for, is, 4—309.
War Finance C orp oration Loans to farmers, 4—828; 5— 28, 29.
(See also Com m odity paper.)
A G R IC U L T U R A L IM PLEM EN TS.
Terms of sale, 6— 1149.
A G R IC U L T U R A L P R O D U C TS.
Acreage and production, 5— 737, 1053; 6—1125.
Com , wheat, oats, hay, 1918, 1919, 5— 853, 962, 1053.
Exports and production, 1914-1918, 5— 636.
A G R IC U L T U R A L LO A N S.
Increase in , b y member banks and Federal Reserve
Banks, 6—1124.
A G R IC U L T U R E .
(See Departm ent of Agriculture.)
A ID , G O V ERN M EN T.
(See Governm ent aid.)
A ID , S T A T E .
T o banking. Report, British Commission, 5— 122.
A IK E N , G O V .
Report on the clearing system of the Federal Reserve
Bank of Boston, 3— 162.
Resigns, 4—5.
ALA B A M A .
Warehouse laws, 1— 260.
National banks authorized to exercise fiduciary
powers, 2— 523.
Laws as to acceptances, 3—529.




ALA BAM A— Continued.
Laws as to reserves, 3— 768.
List of State and member banks, 4— 92.
Laws as to foreign banking corporations, 5— 54.
Banking law amendments as to Federal Reserve Sys­
tem, 5— 967.
A L A SK A .
Federal Reserve Banks can not discount acceptances
based on shipments betw een continental United
States and Alaska, 1— 91.
Drafts drawn based on shipm ents from Alaska to for­
eign countries are not subject to stamp tax, 5— 467.
A LD R IC H -V R E E LA N D A C T .
(See Em ergency currency.)
A LD R IC H -V R E E LA N D N O TES.
D iscount rates low ered to assist in retirem ent of,
1— 47.
Issue of, 4—279.
A L G E R IA .
H andling of bills of exchange in , 5— 453.
ALIEN EN EM IES.
Instructions of Federal Reserve Board as to dealings
w ith, 3—431, 655.
ALIEN P R O P E R T Y C U STO D IA N , 4— 11, 365.
(See A cceptances; A lly o f enem y; War Trade B oard.)
A LIE N S, N O N RE SID EN T, 4 — 163.
(See Tax, incom e.)
A LL O TH ER L IA B IL IT IE S .
(See Federal Reserve Bank statem ents.)
A LL O TH ER R E SO U R C E S.
(See Federal Reserve Bank statements.)
ALLEN , P . S .
E lected class B director, Boston, 4 —695, 817.
ALLEN? S . P .
Resigns as assistant secretary of Federal Reserve
Board, 4—365.
ALLIED PO W ER S.
Central gold reserve, 1913-1920, 6— 1296.
Credits to, b y Argentina, 6—596.
Loans b y U nited States, to, 8— 10, 424, 731; 4—21,
279,1057,1059; 5—33, 845,957,1014; 6— 688,901.
Loans, future, 4— 1166.
P u blic debts, 1913-1918, 4— 268, 270, 375,1057.
War finance, 1914-1918, 4—267, 269, 1057
Trade w ith, 1913,1919, 5— 957, 1037.
(See Central powers; European central banks;
Neutral powers; P u blic debts.)
ALLIED PU R C H A SIN G C O M M ITTE E.
B ills for financing sales to, 3—878; 4 — 435,438.
A L L IE S.
(See A llied powers.)
ALLO N G E.
An indorsement of negotiable paper made on a sepa­
rate piece of paper attached to original instru­
ment, known as an Allonge is a valid indorsem ent,
2—610.
ALLO TM E N TS.
Liberty Loans, I, II, 3— 506, 578, 917, 932.
Liberty Loan III, 4—359.
Liberty Loan IV , 5—225.
Liberty Loan I-V , 5— 521, 787.
U nited States bonds, purchase b y Federal Reserve
Banks, section 18 ,1— 355; 2— 12,13, 64,156, 316,
512; 3—5, 80, 238, 240, 341, 507, 879.

A LLO TM EN TS— Continued,
U nited States Treasury loan and tax certificates, 1919,
1920, 6— 729.
(See National banks; U nited States bonds, sec­
tion 18, U nited States Treasury certificates.)
ALLOW ANCE.
(See D epreciation.)
A LLY OF EN EM Y, 3— 838; 4 -1 1 , 171,172.
(See Acceptances; A ct O ctober 6, 1917, trading with
enem y, Insurance com panies; War Trade Board )
A LTE R A TIO N , 4— 1118.
(See Commercial paper.)
A LTE R A TIO N OF BA N K B U ILD IN G .
Charged to current expense account, 5—26.
AM ALG AM ATIO N .
Report on, of British banks, 4—954.
AM END, R IG H T T O .
Rules as to savings accounts, 4— 199.
(See Savings accounts.)
AM ENDM ENTS PRO PO SED AND EN ACTED.
Acceptances, Dom estic—
Am erican Bankers Association, 2— 6.
Federal Reserve Board, 2—323.
Acceptances up to 100 per cent, etc. (See A ct of
Sept. 7,1916; A ct of June 21,1917.)
Acts of amendment. (See A ct; principal heading.)
American Bankers Association. (See same.)
B ills of lading, uniform. Am erican Bankers Asso­
ciation, 2— 6.
(See B ills o f lading.)
Branches, National banks. (See National banks.)
Bullion. (See Gold certificates.)
Capital, Reduction of. (See Federal Reserve Banks,
State banks.)
Clayton Antitrust A ct—
Am erican Bankers Association, 2—6.
Federal Advisory Council, 1— 394.
Private bankers, 6— 813, 948.
(See Clayton Antitrust A ct.)
Clearing members, 3— 100.
Federal A dvisory Council favors, 3— 106.
Coin, foreign. (See Gold certificates.)
Collateral notes. Member bank 15-day. Federal Re­
serve Board favors, 2— 323.
(See Member bank collateral notes.)
Comptroller of Currency Absorption of duties and
office in Federal Reserve Board favored b y Fed­
eral Advisory Council, 1—394.
Directors. (See Section 22.)
Directors, E lection of, 4— 414, 947.
Domestic acceptances, 2— 6.
(See Acceptances; dom estic.)
Edge A ct. (See same.)
Exchange charges. (See Exchange charges; Hardwick
amendment.)
Farm land loans—
Amendment to section 24.
Federal Advisory Council, 1—394.
(See Real estate loans.)
Farm loan bonds as security for Federal Reserve Bank
loans; H ollis b ill, Federal Advisory Council
opposes, 1—394.
Federal. Lim iting use of word. B ill proposed b y
Federal Reserve Board, 2—373.




AM ENDM ENTS PRO PO SE D AND EN ACTED— Com
Federal Advisory C o u n cilSuggested amendments, 1— 394.
(See Federal A dvisory Council; principal head­
ing.)
Federal charter. (See Edge A ct; Foreign banks and
branches.)
Federal Reserve Agent—
Assistant, created, 3— 101.
D eputy, abolished, 3— 100.
Federal Reserve Banks—
Reduction of capital—
Federal Advisory Council favors, 1—394.
American Bankers Association, 2— 6.
Surplus increased. Federal Advisory Council
favors, 4— 1173, 1177.
Federal Reserve Board—
A ct, June 21, 1917, 3— 497
Explanation of, 3— 501, 509, 660,
Interpretation, section 22, 3—614, 694.
Text, 3— 511.
A ct, September 7, 1916, 2— 439.
A ct, September 7, 1916, error Acceptances up
to 100 percen t, 2—508,513; 3— 101,191,658.
A ct, Septem ber 24, 1918, 4— 1055.
A ct, March 3,1919. Explanation of, 4—1055.
Amendments, House and Senate, 3— 153.
Amendments reintroduced, A pril 1917, 3— 336.
Anticipation of reserve payments, 2—5,661,668;
3—1,101
Clearing members, 3— 101.
Collateral notes. Member bank 15-day, 2—323.
Comparison, House and Senate bills, 3— 177.
Congress adjourns. No action, 3-235.
Directors fees, section 22, 3— 101,
Dom estic acceptances, 2— 323.
Federal. Use of word, 2—373; 3— 615; 4—521.
Federal Advisoty Council—
Favors, w ith some m odifications, reversing
its original recommendations, 3—340.
Opposes power to Federal Reserve Board to
increase member bank reserves, 3— 108.
Federal Reserve Agent—
Assistant, title created, 3— 101.
D eputy, title abolished, 3— 101.
Federal Reserve notes, issue against gold, 2—101,
191, 323, 3— 101,
Foreign banks and branches, 2—323, 3—450.
Foreign exchange bank. Federal Reserve Board
opposes, 4— 724.
Lim iting use of words “ Federal” and “ R eserve,”
2—373.
Minimum deposit of U nited States bonds w ith
U nited States Treasurer abolished, 3— 101, at
104.
Mutual savings banks. Admission, 3— 101.
National banks. Branches, 3— 101.
Opposes foreign exchange bank, 4—722, at 724.
Real estate loans, 2—323.
Report, H ou 'e Committee, 3— 191.
Report, Senate Committee, 3— 188.
Reserve. Use of word, 2— 373; 3—615; 4— 521.

AM ENDM ENTS PRO PO SE D AND EN ACTED— Con.
Federal Reserve Board— Continued.
Reserves—
A ll, to be carried in Federal Reserve Banks,
8— 192.
Anticipation of required payments, 2— 5,661,
668; 8— 101,
Clearing members, 3— 101.
Lowered, 8— 101.
Power to increase member bank, 8— 101, at
102,108.
Vault, abolished, 8— 101.
State banks. Admission of certain, without
required capital, disapproved, 8— 764.
Statement as to amendments, 8— 1, 98.
Section 9 State banks and trust companies,
3—336.
Suggestions 4— 696.
Two-year lim itations as to Federal Reserve Board
members changed, 5— 20, 229.
Federal Reserve notes—
Issue against gold, 2— 101, 191, 323; 8— 101.
R ejected b y H, R ., 8— 191.
Federal A dvisory Council favors, 8— 106.
Small denominations, 4— 416, 948.
Fiduciary powers, 4— 415, 948,1086.
Am endm ent construed, 5—362, 363.
Foreign banking corporations, (See Edge A ct.)
Foreign banks and branches—
Federal Reserve Board, 2—323, 3— 450; 5— 705,
727, 820, 965, 1056, 1109.
Text, 6—56. (Edge A ct.)
(See Edge A ct.)
Foreign coin. (See Gold certificates.)
Foreign exchange bank. Federal Reserve Board
opposes, 4— 722, at 724.
Gold certificates. Issue against bullion and foreign
coin. U nited States Revised Statutes, section
5193 repealed, 2—311.
H ardwick Am endm ent—
Am erican Bankers Association—
Committee of tw enty-five, 8— 428.
Committee of five. Report, 4—962.
Conference, 3— 428.
Construction, Federal Reserve Board, 8— 656, 661
Exchange charges, 8— 428, 441, 656, 660, 661
House and Senate b ill, 3—441.
Passes House of Representatives, May 5, 1917,
.
8— 428.
Passes Senate May 9, 1917, 8— 428.
Insurance. (See National banks.)
Member banks’ collateral notes. (See same.)
Mutual savings banks. Admission, 8— 101, 5—50.
National banks—
Dom estic branches, 2—323; 3 —101, at 106; 5—21.
Federal Advisory Council, 1— 394, 3— 106, at
109.
Federal Reserve Board, 2—323.
Foreign branches. (See supra, Foreign banks
and branches.)
Insurance agents, 2— 440; 3—164.
Real estate agents, 2—323, 440; 8—164.
(See A ct September 7, 1916. )
Phelan b ill. (See A ct September 26, 1918.)




AM ENDM ENTS PRO PO SE D AND EN ACTED—Con.
Real estate agents. National banks as, 2—323, 440;
8—164.
Real estate loans, 2—323, at 326.
(See Farm land loans; Real estate loans.)
Reduction of capital. Federal Reserve Banks. (See
Federal Reserve Banks.)
Repeal of U nited States Revised Statutes, section
5193. G old certificates allowed against bu llion
and foreign coin, 2—311.
Reserve. Lim iting use of word, 2—373.
Reserves—
Changes in requirements, 8— 101, at 104; 4 — 416,
948, 1086.
Member banks. Am erican Bankers Association,
2— 6.
Anticipation of payments, 2— 5, 661, 668; 8— 1,
101.
Power to increase, 8— 101.
Federal Advisory Council opposes, 8— 106, at
108.
Review of, 2— 508-513.
Savings accounts, 5— 50.
Vault, abolished, 8— 101.
Review of amendments, Federal Reserve Board, 2—
508, 513.
Savings departments. National banks. Suggested
amendment, 5— 51.
Section 9. (See A ct March 3, 1919; Savings banks;
State banks.)
Section 10. (See Federal Reserve Board.)
Section 11 (k ). (See Fiduciary powers.)
Section 11 (m ). (See A ct March 3,1919.)
Section 13. (See A ct March 3,1919.)
Section 22—
See supra, Directors, 3— 101,106.
Federal Reserve Board interprets, 8— 30.
Federal Advisory Council approves w ith m odi­
fications, 8— 106.
Section 24. (See Farm land loans.)
Section 25. (See Foreign banking corporations.)
Section 25a. (See Edge b ill.)
State banks, section 9—
Federal Reserve Board opposes am endment per­
m itting certain, to enter system w ithout
required capital, 8— 764.
Redrafted, 8— 336.
State laws. (See State banks; Laws of States.)
Surplus, increase of, 5— 21, 228.
Federal Advisory Council favors, 4— 1173, 1177.
Ten per cent lim itation, sections 9 and 13. (See A ct
March 3, 1919, Ten per cent lim itation, U nited
States Revised Statutes, section 5200.)
Uniform bills of lading. (See B ills of lading.)
U nited States bonds—
Requirem ent for minim um deposit b y national
banks w ith U nited States Treasurer abolish­
ed, 3— 101.
Federal Advisory Council approves, 8— 106.
U nited States council of State banking institutions.
Proposed amendments, 5— 50.
United States one-year gold notes. Collateral for
Federal Reserve Bank notes, 3— 101, at 104.
U nited States Revised Statutes, section 5154. Sepa­
rate savings departments for savings banks con­
verted into national banks, 5— 50.

AM ENDM ENTS PR O PO SE D AND EN ACTED— Con.
U nited States Revised Statutes, section 5193. R eU nited States R evised Statutes, section 5200—
A ct of Sept. 24,1918. Loans of national banks in
excess of the 10 per cent lim itation, 4— 961,
1055.
A ct of Oct. 22, 1919. Additional exceptions to
10 per cent lim itation, 5— 704, 730, 965,1055.
T ext 5— 965.
(See A ct of March 3, 1919.)
United States Revised Statutes, section 5202. A ct
Oct. 22, 1919. New exception to 100 per cent
lim itation. L iabilities created b y indorsement
of accepted bills payable abroad, actually owned
b y discounting bank and discounted at hom e or
abroad, 5— 730.
Text, 5— 965.
Vault reserves. (See Reserves.)
AM ERICAN ACCEPTAN CE CO U N CIL,
Address, G ov. Harding, 5— 105.
Purposes of, 5— 114.
Successor of Am erican Trade A cceptance Council,
5— 114.
AM ERICAN A S SO C IA T IO N OP ST A T E H IG H W A Y
O F F IC IA L S,
(See Capital Issues Com m ittee.)
AM ERICAN BA N K ERS A S SO C IA T IO N .
Amendments suggested—
Clayton Antitrust A ct, 2— 6.
Dom estic acceptances, 2— 6.
Federal Reserve Banks—
R eduction of capital, 2— 6.
Trust com panies may deposit reserves in,
3— 335.
Member banks reserves, 2— 6.
Uniform bills of lading, 2— 6.
Commercial paper. A rticle on, 2—449.
Conference w ith governors of Federal Reserve Banks,

2—1.

Governor Harding to attend convention of, 2— 509.
H ardwick amendment, 8— 428.
Report on, 4—962.
M cFadden gold subsidy b ill. Report on, 6— 1147.
Par collection. Hearing on, 2— 262.
Savings banks. Condition of, 4— 952.
Secretary of Treasury addresses, 6— 1125.
Support pledged to Capital Issues Committee, 4— 263.
Treasury U nited States. Cooperation w ith, in placing
Liberty bonds, 3—438.

AM ER ICAN E X P E D IT IO N A R Y FO R C E S.
Rem ittances to. Ruling, Foreign Exchange D ivision,
4—866.
AM ERICAN FED ER ATIO N OF LA B O R .
Advises purchase of U nited States bonds, 6— 770.
(See Capital Issues Com m ittee.)
AM ER ICAN FO REIG N B A N K IN G C O R PO R A TIO N .
List of stockholding banks in , 4 — 736.
Foreign branches, 5— 357 562, 854, 1154, 6—272, 607
944, 1288.
Habana Branch. Condition, 6— 1167
AM ERICAN IN V E STM E N TS A B R O A D , 6— 777, 780.
AM ER ICAN R A IL W A Y E X P R E SS CO .
Discontinues special rates to United States Govern­
m ent for currency shipm ents, 5—27
AM ERICAN R E LIE F A S SO C IA T IO N .
Purchase of foreign exchange from, 5— 470.
Foreign exchange transactions through, excepted
from general release of Governm ent control over
foreign exchange transactions, 5—615.
Dealers prohibited from purchasing exchange on
specified countries except through, 5—652.
AM ER ICAN S H IP S .
(See United States vessels. )
AM ERICAN T R U ST & SA V IN G S BA N K , B IR M IN G ­
H AM , A LA .
Reasons for joining Federal Reserve System, 3 — 370.
A M O R T IZA T IO N .
Of cost of Federal Reserve notes, furniture and equip­
m ent, 2— 59.
AM O U N T.
(See Like face am ount.)
AM OUNT OF R E SE R V E S.
(See Federal Reserve Bank
branches.)

statements; Foreign

AM STE R D A M .
Exchange rates on. 1914-1918,4— 387 1199; 6— 1160.
Amsterdam on foreign countries, 5 — 646.
Berlin on Amsterdam, 6— 1076,1319.
Christiania on Amsterdam, 6— 43.
New Y ork on Amsterdam, 6— 50.
(See Foreign exchange rates, Am sterdam, H olland,
Netherlands.)
A N A LY SE S.
Foreign exchange and currency situation.
Nations, 6— 898, 901,902, 903, 909.

League of

A N A L Y SIS AND R E SEA RCH .
(See D ivision o f )

AM ERICAN B U SIN E SS CO N CERN S.
Branches in foreign countries, 5— 637.

A N G LO -FRE N CH LO AN .
Paym ent, 6— 901,1129.

AM ERICAN
5 —553.

ANNUAL A B SO R PTIO N OF
UN ITED S T A T E S , 5— 1014.

CO TTO N

EXPO RT

A S SO C IA T IO N ,

AM ER ICAN D O LLA R .
Exchange situation. (See Foreign exchange; Secre­
tary of Treasury .)
D epreciation of, abroad, cuts down our exports,
5— 1011.
Reasons for depreciation of, in Spain, 1913-1919,
5— 1038.
(See Acceptances; D ollar exchange; Foreign ex­
change; G old.)




SE C U R ITIE S

IN

ANNUAL ELECTIO N .
Directors, 1— 211.
Officers and em ployees. 2—2, 64.
(See Directors. )
ANNUAL E X PE N D ITU R E S.
(See Expenditures. )
ANNUAL R A TE OF EA R N IN G S.
(See D iscount and open-market operations; earnings.)

ANNUAL R E P O R T .
Federal Reserve Board, 2— 51, 99.
1917.4— 69,79.
1918.5—
529.
1919, 6— 223,239.
Com ptroller of Currency Year ending O ctober 31,
1916, synopsis, 3— 172.
Secretary of Treasury, 4 — 18.
Farm Loan Board, 5 — 129

APPR O V ED R E SE R V E A G E N TS— Continued.
Amounts due to national banks from, 1915-1917,
3— 484.
(See U ncollected funds.)
Federal Advisory Council and Federal Reserve Bank
of Richm ond favor anticipation of final reserve
payments to the end that deposits w ith, shall
cease to count as reserves, 2— 5, 668.
State banks, unless so required b y State law need not
have a national bank as, 1— 75.

AN ON YM OU S C IR C U L A R , 2— 53.

A R C H ITE C T.
Em ploym ent of a consulting, 5— 313.

A N T I-P R O F IT E E R IN G .
(See A ct, August 10,1917.)
A N T IC IP A T IN G .
(See Allotm ents; Taxes; U nited
certificates.)

States Treasury

A N T IC IP A T IO N .
Paym ent of final reserve installm ent, 2— 5, 661, 668;
3— 1,101.
Of taxes b y issue of Treasury certificates. (See United
States Treasury certificates.)
AN TW ERP.
Foreign exchange rates. Paris on, 6— 1074.
(See Belgium ; Foreign exchange rates.)
A PPE A LS.
(See R edistricting.)
A PPLE S.
Proper warehouse requirem ents for, 4 — 404.
A P P L IC A T IO N .
Stamp tax to instrum ents, etc., issued b y Federal
Reserve banks, 1— 211,
T o capital stock of Federal Reserve banks, 1— 211.
A P P L IC A T IO N FO R M .
(See L iberty loan.)
A P P L IC A T IO N S .
Am endm ent to Regulation F , 1917 fiduciary powers,
4— 1215.
Sale as agent of war savings certificates, 4 — 87.
Supplem entary (See F iduciary pow ers.)
Surrender of stock—
(See D ividends.)
(See also Capital stock; Capital Issues Com m ittee.)
A PPO IN TM E N TS.
Yearly terms for em ployees, 2— 51.
(See D eputy chairm an, Directors; National bank ex­
aminers; Tenure of office.)
A PPO R TIO N M E N T.
Of assessments, 1— 307.
(See Organization expenses.)
A P P R E C IA T IO N .
Of Am erican dollar abroad cuts down our export trade,
5—
1011.
Of gold lira in Italy, 5— 846.
A P P R O P R IA T IO N S , E STIM A TE S AN D.
Comparison, 1920, 5— 1105.
A PPR O V A L O F SE C R E T A R Y OF T R E A S U R Y .
(See A ct of O ct. 6,1917; Licenses; President of U nited
States.)
APPRO VED R E SER VE A G E N TS.
Aggregate of reserves in vaults, in Federal Reserve
banks, and w ith, must equal total reserves re­
quired, 2— 606.




A R G E N TIN A .
Advances, deposits, and discounts, banks of, 19141919, 6—599.
Agreement w ith, as to foreign exchange, 4— 75, 76.
Banco de la N acion; condition, 1913-1919, 6— 597.
Banking and financial conditions in , 6— 592.
Banks of. Condition, 1914-1919,4— 739; 6— 488, 599.
Buenos Aires—
Banks, condition, 5— 639.
Exchange rates on foreign countries, 6—598.
First National Bank of Boston. Branch in , 4—
1079,1080; 6— 1298.
Foreign exchange rates—
New Y ork on, 6— 598.
On foreign countries, 6—598.
Credit to Allies, 6—596.
Credits in Federal Reserve Bank of New Y ork,
4— 941.
D ebt, pu blic, 6—596.
Foreign branches in —
First National, Boston, 4— 1080; 6— 1298.
National City Bank, New Y ork, 4— 943.
G old conversion fund, 1900-1919,5— 140; 6— 145,1297.
Gold embargo, 6— 778.
G old exports from U nited States to, since rem oval of
embargo, 5— 1017.
Gold reserves, 1913-1920, 6— 1296, 1297.
Government aid to foreign com m erce, 5— 1048.
Loans placed in U nited States, 5— 33, 6— 596.
Monetary system of, 6— 593.
Notes in circulation, etc., 1914-1919, 5— 849; 6—488,
599.
United States Governm ent and other loans placed in ,
5— 33, 6—596.
(See Buenos Aires.)
AR IZO N A .
National banks in , authorized to exercise fiduciary
powers, 2— 523.
Laws as to acceptances, 3— 529.
Laws as to reserves, 3— 768.
Amendments to banking laws, 5— 658.
A R K A N SA S.
Warehouse laws, 1—260.
Exercise of fiduciary powers b y national banks in ,
2— 523.
Acceptance laws, 3— 529.
Reserves, laws as to, 3— 768.
Banking law amendments, 5— 568.
A R M IS T IC E .
Three hundred m illions of hoarded m oney returned to
banks since, 5— 205.

ARM Y M EAL T IC K E T S .
Federal Reserve Banks m ay request m ember banks to
receive, for collection , 4—938,
A R R IV A L OF CA R.
Draft payable on, held nonnegotiable and can not be
discounted by Federal Reserve Banks, 1—219,
4—31, 436, 437
A draft payable on, is in effect a tim e draft and subject
to stamp tax, 4— 31,
(See B ills of exchange, Federal Reserve Banks; Tax,
Stam p.)
A S IA BA N K IN G C O R PO R A TIO N , NEW Y O R K ,
H istory of, 4— 818.
Foreign branches, 5—357, 562, 854,1154, 0—272, 607,
944,1298,
A SSE SSM E N TS.
Apportionm ent of, 1— 307
Expenses, Federal Reserve Board—
July-D ecem ber, 1915, 1— 119.
January to June, 1916, 2— 7
July-D ecem ber, 1916, 2— 318.
January-June, 1917, 8— 23,
July-D ecem ber, 1917, 3— 525.
January-June, 1918, 4— 24.
July-D ecem ber, 1918, 4— 608.
January-July, 1919, 5— 130, 722,
January-July, 1920, 6— 132, 726, 828.
A S S E T S , A D M ISS IB L E , 5—472.
A SSE T S AND L IA B IL IT IE S .
(See Conditions; Resources and liabilities.)
A S SE T S, EARN IN G.
1914-1919, 5—771.
Inadm issible, 5— 472.
Increase in , 5— 3,
(See D iscount operations; Earning assets.)
Purchase of. (See National banks.)
Q uick, 3— 527.
(See Commercial paper; Statements.)
Sale of (See Earning assets, National banks; R e­
sources; Total earning assets.)
(See Earning assets; Total investm ent operations.)
A S S IG N A B IL IT Y .
Government vouchers are not assignable under United
States Revised Statutes, section 3477, but Federal
Reserve Banks may discount notes, otherwise
eligible, secured b y such vouchers, 3—288.
ASSIG N E ES OF UNITED ST A TE S O N E-Y EAR
TR E A SU R Y N O TES.
Take them free from obligation of Federal Reserve
Banks to renew them , 2— 330.
(See U nited States one-year Treasury notes.)
ASSIG N M E N T.
Of United States bonds for purchase b y Federal Re­
serve Banks. (See U nited States bonds.)
A S S IS T A N T FED ERAL RESER VE AG E N T.
(See Federal Reserve A gent.)
A S S IS T A N T SE C R E TA R Y O F FED ERAL RESERVE
BO A R D .
R. G, Emerson, appointed, 5— 918.
A S S IS T A N T TR E A SU R E R OF UN ITED ST A T E S .
Unfit Federal Reserve notes. (See Federal Reserve
notes.)




A SSO C IA T E M EM BERS
Mutual savings banks, having no capital stock, sug­
gested for m em bership, 3 —100.
(See Savings banks.)
A SSO C IA TE D A D V E R T IS IN G CLUBS.
Cooperation w ith Capital Issues Committee, 4—266.
A S SO C IA T IO N S, E X P O R T , 5— 419
W ebb A ct, (See Edge A ct, Foreign banking corpora­
tions.)
ASSU RED REVENUES, SE C . 14, 2— 170;
(See Warrants.)

3 -3 2 .

A T HOM E O R A B R O A D .
(See U nited States R evised Statutes, section 5202,
ATH E N S.
(See Foreign exchange rates.)
A TLA N TA .
(See Federal Reserve Bank of Atlanta.)
A TTA CH ED .
Construction of word, Does not necessarily mean
physical attachm ent, 3— 765.
A TTO R N E Y G ENERAL OF K EN TU CK Y.
(See K entucky.)
A TTO R N E Y GENERAL OF M IS S O U R I.
(See Fiduciary powers.)
A TTO R N E Y G ENERAL O F UNITED S T A T E S .
(See, Opinions, Attorney General of U nited States.)
ATTO RN EYS* FEES.
(See Fees; N egotiable.)
A U D IT .
G old settlem ent fund.

(See G old settlem ent fund.)

A U D IT O R S .
Conference of, and transit managers, 4— 1175.
A U ST R A L IA .
Commonwealth Bank of Australia. Note issue de­
partm ent created, 6— 1321.
D ebt and resources, 1913-1918, 4—272, 1057-1077.
G old production, 1909-1919, 5— 19.
H andling of bills o f exchange in , 5— 447
Loans placed in U S., 5—33, 6— 688.
P rice m ovements, 5— 476.
Silver production, 1900-1918, 5— 141.
U nited States Governm ent and other loans placed in ,
5— 33; 6— 688.
W holesale prices, 1913-1920, 6— 279, 506, 511, 616,
621, 708, 711, 849, 905, 954, 961, 1069, 1079, 1198,
1208, 1310, 1323.
A U STR IA -H U N G A R Y .
Banks of issue. Condition, 3—331; 5— 849; 6— 488.
G old reserves, 3— 331, 6— 1296.
National debt, 3— 18; 4—283, 1062, 1075, 5—849,

1200,
Trading w ith, forbidden, 5—853, 854.
War loans, 3—349, 4—283, 1062, 1075; 5— 849, 1200.
A U STR O -H U N G A R IA N BA N K .
Condition, 1913-1919, 4—245, 1167, 5— 197, 295, 463,
648,1200.
Discounts and Government securities, 4— 1167.
Gold reserve, 1900-1920, 5— 849, 1200, 6— 144, 1297.
Notes, etc, (See supra, Condition.)
A U T H O R IT IE S , S T A T E .
(See State banks.)

A U T H O R IT Y TO A C C E PT.
None needed unless in excess of the 50 per cent
lim itation, 1—126.

BALANCE SH E E TS.
(See Assets and liabilities; Bank o f Spain, Bank o f
England, e tc.)

A U T H O R IT Y TO GUARAN TEE AN ACCEPTAN CE.
(See A cceptances; G uaranty.)
AU TO M O B ILE A C C E S SO R IE S.
Terms of sale, 6—258, 261.

BALAN CES.
Large foreign, o f our manufacturers, 6— 1128.
(See Clearing house balances; C ity banks; Bank bal­
ances; Interest.)

A U TO M O B ILE S.
Terms of sale, 6— 258, 261.
(&ie A cceptances; B ill of lading; Warehouse receipt.)

B A LAN C ES, D O LLA R .
Due to a foreign bank can n ot be offset by foreign
currency balances due from same bank, 5 —963.

A V A IL A B IL IT Y A T P A R .
Drafts o f m em ber banks on Federal Reserve Banks,
3— 78.
(See Clearing system ; Federal Reserve exchange
drafts; Im m ediate credit at par.)

BALAN CES DUE FO R E IG N B A N K S.
(See Foreign banks.)

A V A IL A B IL IT Y O F UNCOLLECTED FU N DS.
(See Clearing system .)
AV ERA G E M A T U R IT Y OF B IL L S PU R CH ASED .
(See D iscount and open-m arket operations.)

B A LAN C ES, E X P O R T , 2— 663
BA LA N C E S, F IC T IT IO U S R E SE R V E .
G old control b y w iping out, 3— 2
B A LAN C ES, NONM EM BER B A N K , 3—617.
(See Clearing system .)

A V ERA G E M O N TH LY SA LE S.
(See R etail trade.)

BA LAN C ES, R E SE R V E , 3 —660.
(See Clearing system ; Rulings,
B oard.)

AVERA G E R A TE O F E A R N IN G S.
(See D iscount and open-market operations.)

B A L L O T IN G .
(See D irectors.)

AV ERA G E S IZ E .
Item s rediscounted b y Bank of France, 6— 1018.
Member bank collateral notes, 6— 1017.
Member bank rediscounts, 6— 1017, 1018.
(See D iscount and open-m arket operations.)

B A LTIM O R E .
Redistricting decision postponed, 1—86.
Question o f branch bank postponed, 3— 140.
Branch bank, 4— 10, 256.
D irectors, 5— 126; 6— 61.
Em ployees, 5— 778.

AV ERA G E S T O C K S .
(See R etail trade.)
B.
B A B SO N ’ S B U SIN E SS B A RO M E TER, 5—331.
BALAN CE, B A N K .
(See Bank balances.)
BALANCE OF TR A D E .
Analysis, U nited States, 5— 526; 6—900, 902.
Canada, 5— 1143.
Denmark, 1912-1917, B—39.
France, 0 —959,
G old reserves can b e m aintained only when balance
o f trade is favorable, 5— 124.
Great B ritain, 0—908.
Norway, 1912-1917, 0 —39.
Reserve. (See Reserves.)
Restoration of norm al, necessary, 5—194, 816.
Sweden, 1912-1917, 0 -8 9 .
U nited States balance o f trade, 5—526; 0— 900, 902.
W hen exports and im ports balance there w ill be no
export problem , 5— 614.
Great Britain and Spain, 1913-1919, 5— 1038.
Spain and France, 1913-1919, 5— 1038.
U nited States, 2— 661; 5— 194, 526, 536, 614, 816,
1038.
(See Exports and im ports.)
BALAN CE ON OPEN ACCO U N T.
(See Trade acceptances.)
BALAN CE, SA V IN G S .
A vailable for export trade not lame. Financing in
excess of, w ill result in increased prices, 5— 613.
BALAN CE SH EET OF W A R .
European countries, 4— 1057.




Federal Reserve

BANCO DE CH ILE .
Condition, 1914-1919, 6— 1057.
BANCO DE LA N A TIO N .
(See Argentina.)
BANCO ESPAN O L DE LA IS L A DE CU BA.
Condition, 1914-1920, 6—1166.
BANCO IN TE R N A C IO N A L, CU BA.
Condition, 1918-1919, 6— 1167.
BANCO M E R C A N TIL AM ER ICAN O D E C U BA.
Condition, 1919, 6— 1168.
BANCO N ACIO N AL DE CU BA.
Condition, 1914-1920, 6— 1166.
B A N K , B A N K S.
Morris plan banks are “ banks” under Clayton A ct,
3—527.
W ord construed to in clude savings and loan associa­
tions under section 8, Clayton A ct, 2— 118.
(See Acceptance liabilities; Argentine banks; B randi
banks; Buenos Aires banks; B uildings; Central
banks of Europe; Chain of banks: Chile; Clear­
ings: Clerks; Commercial banks; Commonwealth
Bank of Australia; Consolidations; Correspondent
banks; Cost of premises; Credit banks; D eposits;
D irectors; European central banks: Farm Loan
Banks; Federal Reserve Banks; Foreign bank
branches and agendes; Foreign banks; Foreign
exchange banks; German banks; H oldings; Insol­
ven t banks; International bank, Issuing banks;
Joint stock banks; L iquidating banks* Loans;
Member banks; M utual savings banks: National
banks; N et deposits; New Y ork Clearing House
banks; Nonmember banks; P h ilippin e national
bank act; Private banks; Regrouping; Savings
banks; State banks; U nited States Treasury cer­
tificates; Trust com panies; War Trade B oard.)

BAN K AC CEPTAN CES.
Chart. January-August, 1915, 1— 234.
(See A cceptances.)
B A N K ACCEPTAN CES.
(See Federal Advisory Council, A cceptances.)
B A N K A S SO C IA T IO N S.
(See Am erican Bankers Association, State Bankers
Association.)
B A N K BALAN CES.
Clearing-house conference on, 6— 157
Increasing at financial centers, 5— 101.
Interest rates on, 6— 3,157
(See Computation of reserves; Foreign banks; Re­
serves, Interest.)
B A N K , CE N TRA L RESER VE.
South A frica, 6— 1040.
BA N K C LE R K S.
Deferred classification. Draft law 4—597
BA N K C R E D IT S.
A factor as to high prices, 5—814.
Expansion of, 1917, 3— 499.
London banks, 1913-1918, 5— 323.
Situation August, 1920, 6— 775.
(See Credits, Inflation.)
BA N K D E B IT S .
(See Clearing-house bank debits.)
BA N K D E P O SIT S .
Chart, 2—222,
Currency Prices and, 6—247
Gross individual and bank, 2—221.
Interest on. (See Interest.)
Member banks, 1914-1920, 6— 726, 728.
National banks, 1914-1919, 5— 781, 782 , 6—726, 728.
(See Deposits, Gross deposits.)
BAN K E X A M IN A T IO N S.
Cost, old and new system, 2— 122.
BAN K O FFIC E R S, C E R TIFIC A TE O F.
(See Certificates, E ligibility )
BAN K E X A M IN E R S, N A TIO N A L.
Conference, 1— 217.
BA N K FA ILU R E S.
A t Seattle, 3— 155.
Last 3 years compared w ith last 33 years, 3— 939.
(See Business failures.)
BA N K F tfR HANDEL UND IN D U S T R IE (D A R M ST A D T E R B A N K ).
Condition, 1914-1919, 6—1050.
BAN K IN V E STM E N TS.
Federal Reserve Board as to, in foreign Government
obligations, 2— 661, 3— 2, 82, 236, 239. 652.
(See British exchequer notes; Investm ents.)
BAN K N O TES.
(See Federal Reserve bank notes, Federal Reserve
notes; National bank notes, U nited States 1-year
Treasury notes.)
BA N K OF BE LG IU M .
Central banking in Belgium during German occupa­
tion, 5— 135.
Gold reserves—
1900-1918, 5— 140.
1910-1920, 6—144,1297.
Notes in circulation, etc., 5— 849.
(See Belgium .)




BAN K OF B R A Z IL .
Condition, 1913-1919, 6— 821.
(See B razil.)
BA N K OF D EN M ARK .
G old reserves, 1910-1920, 6— 1297
BA N K OF EN GLAND.
Comparison w ith Federal Reserve System, 2—658;
3— 681, 5— 463, 648, 848, 849, 1200.
Condition statements, 3—234, 329, 500, 681, 942;
4— 243, 996, 998, 999, 1167 , 5— 140, 197, 463,
648,1007,1200; 6— 334, 485, 488, 893, 1070, 1199,
1312.
Currency notes, 3— 11, 6— 6, 843, 954, 1069, 1070,
1199.1312.
D iscount rates, 6— 446, 955, 1070,1199, 1312.
Foreign agent of Federal Reserve Bank of New Y ork,
3—4, 5.
Gold earmarked for Federal Reserve Banks, 3 — 504,
G old reserves, 1910-1920, 6 —144, 488,667, 1295,1296,
1297
Loans to Governm ent, 1914-1917, 3— 942.
Note circulation, e tc., 3— 331, 6— 485, 842, 954,1069,
1199.1312.
(See Great Britain. )
BA N K OF EU FALA, A LA .
Reasons for joining Federal Reserve System, 3— 365.
BA N K OF FRAN CE.
Average size of item s discounted, 6— 1018.
Charter, renewal of, 5— 339.
Comparison with Federal Reserve System, 2— 659;
3— 681, 5— 463, 648, 848, 1200.
Condition of 3—234, 329, 500, 681, 943; 4—243, 996,
998, 1000, 1167 , 5— 140,197, 463, 648, 849, 1008,
1200; 6—334,485,487, 893,1073,1203,1296, 1315.
Foreign agent of Federal Reserve Bank of New Y ork,
3— 175,
Gold reserves—
1900-1919, 3— 14, 6—144.
1920,
6— 144, 372. 667, 1203,1297
Loans to Governm ent, 3— 943,
Notes in circulation, etc. (See supra, Condition.)
Report of, 1919, 6—372.
(See France. )
BAN K OF IS SU E , IN TE R N A TIO N A L.
(See International Bank of Issue.)
BAN K OF IT A L Y .
Comparison with Federal Reserve System, 2— 659;
3— 681, 5— 463, 648, 848, 1200.
Condition of, 3—331, 681, 4— 996,1167, 5— 140, 463,
648, 840, 844, 1200, 1296; 6—488, 1297.
(See Bank of Naples; Bank of S icily; Ita ly.)
BAN K OF JA PAN .
Comparison w ith Federal Reserve System, 2— 660.
(See infra, C ondition.)
Condition of, 3— 682; 4—997; 5— 140, 464, 649, 734,
849,1201, 6—1077.
Gold reserves—
1900-1919, 6—145.
1910-1920, 6—1297
Note issues, 1913-1920, 6— 1077.
Statement as to prices, 1913-1920, 6— 1310.
(See Japan.)

BA N K OF JA V A .
Gold Reserves—
1900-1919, 6—145.
1910-1920, 6—1297
Statements of condition, 5— 464, 647, 649, 1201.
War operations, 5— 641.
(See Java.)
BA N K O F LEW ELLEN, N EBE.
Reasons for joining Federal Reserve System, 6—367
BA N K OF M O N T C LA IR , N . J .
Reasons for joining Federal Reserve System, 3—356.
BA N K O F M O N TREA L.
Sale of rupees for gold for Governm ent of India, 5—
917, 1015.
B A N K O F N APLES.
Gold reserves, 1900-1919, 6— 144.
Statement of condition—
1900-1918, 5— 140.
1914-1920, 6 —488, 1297.
(See Ita ly .)
BA N K OF N ETH ERLAN D S.
Comparison w ith Federal Reserve System, 2—659,
(See infra, C ondition.)
G old reserves—
1900-1919, 6 —145.
1910-1920, 6—1297
Statement of condition, 3—331, 682; 4—385, 996; 5—
464, 649, 849, 1200, 1201, 6 —336, 894, 1296.
Chart, 5— 645.
War operations, 5— 641,
(See H olland, Netherlands.)
BA N K OF N O R W A Y.
Gold reserves—
1910-1920, 6 —1297.
1900-1919, 6— 145.
Statement of condition, 4— 382, 997; 5— 1200.
1914-1918, 6—45, 488,1297.
(See Norges Bank; Norway.)
BA N K OF RO U M AN IA .
G old reserves, 6— 144, 1297.
Statement of condition, 5— 1201.
(See Roum ania.)
BAN K OF S IC IL Y .
G old reserve, 1900-1919, 6— 144.
Statement of condition, 5— 140; 6—488, 1297
(See Ita ly.)
BA N K OF SP A IN .
Comparison w ith Federal Reserve System, 2—660;
3— 681, 5— 463, 648, 848, 1200; 6— 1297.
D ividends, 5— 1036.
Special gold profit dividends, 5— 1040.
G old p olicy, 5— 1039.
Gold profits, 5— 1039.
Gold reserves, 1910-1920, 6— 145, 1297.
G old, stock of. F orty per cent consists of U nited
States gold coin purchased largely at a discount,
5— 1039,
Statement of condition, 3—331, 682; 4— 392, 997, 5—
140, 464, 649, 849, 1036, 1040, 1201, 6—335, 895,
1296.
(See Spain.)
B A N K OF SW EDEN. (See Riksbank, Sw eden.)




BAN K OF SW ITZE R LA N D .
(See Banque Nationale, Swiss; Swiss National Bank,
Sw itzerland.)
BAN K OF TH E N A TIO N .
(See Argentina.)
BA N K O F W ISC O N SIN .
Reasons for joining Federal Reserve System, 3— 362.
BAN K PRE M ISES.
W hen, bought w ith intention to erect new buildings,
an amount equal to value of buildings to b e
razed may be charged to profit and loss, subject to
approval of Federal Reserve Board as to value,
5— 26,
Reasonable depreciation charge w ill be perm itted on
rem odelled premises used as permanent banking
quarters b y a Federal Reserve Bank, not to exceed
10 per cent of estim ated value of buildings on
Dec. 31,1918, 5— 26.
W hen Federal Reserve Bank has purchased site for
new building, it m ay charge down book value of
premises then owned and occupied to a fair selling
price, subject to approval o i Federal Reserve
Board, 5— 26.
Cost of, 5— 134, 723, 6— 135, 830
BAN K T R A N SA C TIO N S
D ebits to individual accounts. (See Clearing house
debit statements; Member bank condition state­
m ents.)
BAN K TR A N SFE R S
(See Federal Reserve Agents; R eport of clearing com ­
m ittee, clearing system ,)
(See Drafts, Federal Reserve exchange; Drafts, Fed­
eral Reserve transfer.)
BA N K T. FELLOW S
U nited States Supreme Court holds section 11 (k )—
Fiduciary powers—constitutional, 3— 254,504,534.
BAN K ER.
(See Clayton Antitrust A ct; Private banker.)
B A N K ER, PR IV A T E .
Can not serve as officer or director of national bank,
2— 588.
Changed b y act of May 26,1920, 6—948.
(See Private banker.)
BA N K E R S.
(See War Trade B oard.)
BA N K ERS’ AC CEPTA N CE S.
(See Acceptances, bankers; A cceptances, export and
im port; A cceptances, refinance draft.)
BAN K ERS T R U S T C O ., N . Y .
Reasons for joining Federal Reserve System , 3— 836.
BA N K IN G AND CU RRE N CY CO M M ITTE E .
House of Representatives—
Report on amendments, 3— 191.
R eport on bills of Com ptroller, 4— 114, 4J8, 430,
431, 433.
Senate. R eport on amendments, 3— 177.
(See Congress; H arding, G ov , Senate resolutions.)
B A N K IN G AND ECON OM IC C O N D IT IO N S.
Argentina, 6— 592.
Brazil, 6— 813.
Chile, 6— 1052.
Cuba, 6— 1162.
' England, 6— 1069.
France, 6— 1072.
Italy, 5— 840.
Japan, 5— 731.

BAN K S OF EUROPE.
B A N K IN G C O N D ITIO N S.
Acceptances, capital, etc., 6— 375.
Abroad. 5— 197 525. 731, 840 , 6—218, 564, 592, 813,
9 0 ' 1052, 1069, 1073,1162.
BAN K S OF ISSU E , LEADIN G FO REIG N .
In U nited States, 8— 340; 5— 112. 196. 317, 415, 529>
Comparison w ith Federal Reserve System, 2— 658;
618. 703, 725. 726. 820. 917 1009 1016. U12*
8— 681, 5— 463, 648, 848, 849, 1200; 6—488, 1297.
6— 10. 13. 120. 122 218 222. 347, 454. 479. 556,
(See infra, C ondition,)
558. 565, 671, 781, 904, 908, 910. 1011 1018,1133,
Condition of, 2— 659 , 8—234, 329, 500, 681, 942; 4—
1262.
243, 267, 269, 375, 996, 1057, 1167, 5— 140, 197,
In dex of. January, 1918-March 1920, 6—479.
463, 648, 849, 1008, 1200; 6—485, 487, 488, 909,
R eview 1920, 6— 662, 723, 1253.
1044, 1047, 1049, 1295.
Secretary of Treasury on, 5— 725, 726
Gold reserves, 1900-1920, 6— 144, 909, 1295.
(See Secretary of T reasury)
BANQUE N A TIO N ALS S U ISS E .
(See Financial conditions; R eview of month )
(See Swiss National Bank.)
BAN K IN G CO R PO R A TIO N S, FO REIG N .
B A R C LA Y & CO . (L T D .).
Section 25 a. Regulation K , 1920, 6— 1190.
Condition, 1914-1919, 6—1045.
(See Edge A ct, Foreign banking corporations,)
BA RO M E TER OF B U SIN E SS C O N D ITIO N S.
BAN K IN G EX PAN SIO N .
Babson, 5—331.
A factor in question of high prices, 5— 814.
Brookmire, 5— 332.
(See Expansion, Inflation, Prices.)
Canadian indexes, 5— 334.
BAN K IN G F A C IL IT IE S .
M itchell, 5— 336.
Great Britain, 5— 119.
Persons, 5— 331, 333.
(See Great B ritain.)
(See Business conditions; Index num bers; Indexes.)
BAN K IN G F IR M S .
B A R O M E TR IC S, C R E D IT.
(See Clayton A ct; Private banking firm s.)
A rticle on, b y A. W all, 5—229.
B A N K IN G LAW S.
Amendments to Federal Reserve A ct. (See Am end­
m ents.)
Amendments of State banking laws. (See State banks,
Laws of States.)

B A R R A N Q U ILLA , C O LO M B IA.
Branch of National City Bank, New Y ork, in .
National City Bank, foreign branches.)

(See

BA N K IN G P O L IC Y , 6— 556.
(See Federal Reserve Board, P olicy .)

BASED ON LIV E ST O C K .
Construction of words, 1— 72; 8— 616.
(See Opinions of Counsel, Agricultural paper.)

BA N K IN G PO W ERS.
(See Federal Reserve Banks; National banks; State
banks.)

BEEF.
Prices, 1914-1920, 6— 1214.
(See Prices.)

BAN K IN G PRO BLEM .
Division of capital between dom estic and international
field, 5— 522.
Long-term credits an investm ent and not a, 5— 611.

BE LG IU M .
Budget, 6 —1322.
Central banking in, during German occupation,
5— 435.
Renewal acceptance credit for, 5—309.
Revenue and expenditures, 6— 1322.
Production increasing in , 6— 907.
U nited States—
Loans of, to, 8—424; 4— 1059.
Government and other loans placed in , 5— 33;

BA N K IN G REVIEW .
Federal Reserve System—
1914-1917, 5—3, 771.
1917-1919. 5— 771.
1920, 6—11, 662.
B A N K IN G SITU A TIO N .
(See Banking conditions.)
B A N K IN G , SO U TH A F R IC A .
Central reserve bank, 6— 1040.
B A N K IN G , ST A TE A ID T O .
Report, British Commission, 5— 122.
BA N K IN G S T A T IS T IC S .
(See Monetary and banking statistics.)
BA N K IN G , W AR PE R IO D .
See principal countries b y nam e.)
See also W ar.)
B A N K S.
(See supra, Bank.)
(See Principal banks b y nam e; Principal countries by
nam e.)
(See also Federal Reserve Banks, Fiduciary pow ers:
National banks; Savings banks; State banks and
trust com panies.)
B A N K S, E X P O R T .
(See French National Bank of Commerce.)




6— 688.
(See Antwerp; Bank of Belgium .)
BELG RAD E.
(See Foreign exchange rates.)
BE LLIG EREN T C O U N TR IE S.
Foreign exchange rates on, 8— 406; 6—1158.
(See Foreign exchange.)
National indebtedness, 8— 10.
War loans. (See A llied powers; W ar.)
BEN ED ICT, C. H.
Appointed class C director, Federal Reserve Bank o f
M inneapolis, 5— 821.
B E R LIN .
Foreign exchange rates—
Berlin on foreign countries, 6—1076,1319.
Brussels on, 6— 1076.
Christiania on, 6—1076.
H olland on, 5— 646; 6— 1076.

B E R LIN — Continued.
Foreign exchange rates— Continued*
Ita ly on, 6— 1076.
London on, 6— 1070,1076.
Mark, declin e in , 5— 1011,1111.
New Y ork on, 8—328, 405, 576, 4— 67, 358, 684,
837, 841, 1162, 1199, 5— 1103, 6—111, 437,
763, 1076, 1122, 1158.
Paris on, 6— 1074, 1076.
Switzerland on, 4—838, 842; 5— 552; 6— 1076.
(See Foreign exchange; Germ any.)
B E R LIN E R H A N D E LSG ESELLSC H AFT.
Condition, 1914-1919, 6—1051.
BEVERAG E PU R PO SE S.
War prohibition act. (See Opinions, Attorney Gen­
eral of U nited States.)
BIG E LO W , F* R .
E lected class B director, Federal Reserve Bank of
M inneapolis, 8— 8.
B IG G S , D . C .
E lected governor, Federal Reserve Bank of St. Louis,
5— 201.
B IL L S .
Regulation A , 1920, 6—1179.
(^ A c c e p ta n c e s ; Open-m arket operations; Circulars
and regulations.)
B IL L S AN D N O TE S.
(See Clearing system .)
B IL L S D ISC O U N TE D .
B y Federal Reserve Banks. (See D iscount and openmarket operations.)
B y mem ber and national banks, 1914-1920, 6— 726,
728.
(See M ember bank condition statements.)
B y m em ber State banks and trust companies. Classi­
fication, 4— 796, 798, 916, 920; 5— 187, 296, 298,
406, 520,1007, 6 -4 4 4 , 766, 1007.
B IL L S , FIN A N CE .
(See Finance b ills.)
B IL L S OF EX C H A N G E .
Regulations, 1920, 6—1179,1181,1182.
(See A cceptances; D iscount and open-market opera­
tions; Open-m arket operations.)
B IL L S OF EX C H A N G E .
Practice of handling in foreign countries—
Algeria, 5— 453.
Australia, 5— 447.
China, 5— 4*0.
Costa R ica, 5— 345.
Denmark, 5— 351.
E gypt, 5— 455.
France, 5— 354.
Great Britain, 5— 352.
Guatemala, 5— 346.
Honduras, 5— 348.
M orocco, 5— 457
New Zealand, 6—269.
Nicaragua, 5— 349.
Portugal, 5— 355.
South A frica, 5— 459.
Spain, 5—356.




B IL L S O F LA D IN G .
A ct Aug. 29,1916. Uniform b ills of lading, 2—515.
(See Acceptances; B ill of lading drafts; Federal R e­
serve Banks; Nonmem ber banks; Security;
U nited States Railroad Adm inistration.)
B IL L S O F SA LE .
(See A cceptances.)
B IL L S PA Y A B LE .
National banks may borrow on, on ly up to amount of
capital stock, bu t m ay rediscount item s in its pos­
session to any am ount acceptable to its Federal
Reserve Bank, 2— 112.
New item in statements of New Y ork Clearing House
banks, 5— 310.
(See A cceptances; N ational banks.)
B IL L S PU R CH ASED .
H oldings last Friday of m onth, fiscal year 1920.
Chart, 6— 723, 725.
(See D iscount and open-m arket operations.
B IL L S R E CEIV ABLE .
E ligibility of notes based on, 1— 127
N ot valid security for deposit of trust funds in com ­
m ercial departm ent of m em ber bank. N ot
readily marketable securities under Regulation
F , 1919, section 5, 6—385.
(See Federal Reserve Banks; Fiduciary pow ers.)
B IL L S , SA LES O F.
(See Rediscounts and sales.)
B IR M IN G H A M , A LA .
Branch of Federal Reserve Bank of Atlanta, 4—597.
Directors, 5— 126, 6— 61.
Em ployees, 5— 778.
B LA C K , J. W .
A ppointed class C director, Federal Reserve Bank of
M inneapolis, 8— 7.
BLA N K AC CEPTA N CE .
(See A cceptances, trade.)
BLA N K ET CU STO M E RS’ ST A TE M E N TS.
Ruling, foreign exchange division, 4 —866.
BLA N K ET LICE N SE.
(See Bureau of im ports.)
B LA N K E TS, W OOLEN.
Terms of sale, 6— 470.
B LO D G E TT, J . W .
E lected class B director, Federal Reserve Bank o f
Chicago, 8— 8.
BOARD.
(See Em ergency F leet Corporation, E xport Adm inis­
tration Board, Federal Farm Loan Board; Federal
Reserve Board, Industrial Board, U nited States
Shipping Board; War Industries Board; War
Trade Board.)
B O G O TA .
Foreign branches in—
M ercantile Bank of Am erica, 6— 159.
National City Bank, New Y ork, 6— 159.
(See Foreign exchange rates.)
B O IL E R S.
Terms of sale, 6—156.
B O L IV IA .
Credits granted to U nited States, 4— 941.
Loans placed in U nited States, 5— 33; 6— 688.
Silver production, 1909-1918, 5— 141.

B O LSH E V IK G OVERN M EN T.
(See Foreign exchange transactions; Russia; Russian
Soviet Governm ent; Soviet Government; War
Trade Board.)
BOM BAY.
Exchange rates on, 4— 840, 1199, 6—50, 1161.
(See In dia.)
BO N A FID E C O N TR A C T.
(See A cceptances.)
BO N D .
(See Bonds.)
BOND A C T S .
Liberty Loan I, 3—345.
Liberty Loan II , 3— 749.
Liberty Loan I I , supplement, 4— 961,1055
Liberty Loan I I I , 4—306.
Liberty Loan IV , 4— 926, 961,1055.
L iberty Loan V , V ictory Liberty Loan, 5—225
(See Fiduciary powers; Liberty bonds.)
BOND H O LDIN GS.
Federal Reserve Banks. (See Same.)
Member banks. (See same; see also Member bank
condition statem ents.)
National banks. (See Same.)
BOND IS S U E S .
(See European countries; U nited States.)
BOND PU R C H A SIN G FUND.
Purchases, February 12,1919, 5— 225.
Purchases discontinued, 0— 445.
BO N D , SU G A R IN .
(See A cceptances.)
BO N D , W H IS K Y IN .
(See Opinions Attorney General of U nited States;
Acceptances; Warehouse certificates.)
BO N D IN G .
O f em ployees, 1—47.
B O N D S.
Federal Reserve agents and deputy, 3— 615.
Foreign, prices, 6— 450.
L iberty—
Prices, 0 -4 4 6 , 555.
Purchases b y Treasury discontinued, 6— 445.
(See Liberty Loans.)
M unicipal, purchase of, 1—221, 268 ; 2— 524.
Officers. (See Com ptroller of Currency, Amendments.)
Sale of. (See Com ptroller of Currency.)
Secured b y real estate—
E ligibility as investm ents for national banks, 3—
456.
(See National banks.)
United States. (See United States.)
War Finance Corporation, 5— 308, 472.
Y ield from foreign bonds, 6— 450.
Y ield from Liberty bonds, 6 —555.
(See Coupons; Farm loan bonds; Federal Reserve
Banks* Liberty bonds; National banks; P ublic
debt, U nited States bonds.)
BON DS O R N O TES.
Difference between, in Liberty loan operations, 5—304.
BONDS O R T A X E S , W AR FIN AN CE, 5— 1.




37599°— 21----- 3

BO N U S, G O LD .
(See Am erican Bankers’ Association, reports; G old.)
BO N U S, SO L D IE R S, 6—340.
BO O K S.
Date of closing, dividend purposes, 1— 212; 2— 511;
4 —521
Federal Reserve library. Books in , 6— 701, 834, 946.
Production of, under trading w ith enemy act, 3—
853, 861,
Terms of sale, 6— 1037.
(See Federal Reserve library, Production of books;
Secretary of Treasury.)
BO O TS AND SH O ES.
Terms of sale, 6— 930.
BORROW ED M ONEY.
Acceptances do not constitute, and are not subject to
section 5200, U nited States Revised Statutes, 2—
64, 678, 680, 3 -6 9 6 .
If bank purchases own acceptance, section 5200 would
apply, 2—397, 680, 3—28, 193, 691, 696 , 4— 197,
808, 974.
B O RR O W E R.
Acceptances—
Drawer of draft against a bank does not becom e a
borrower of the accepting bank, 2— 680;
3— 696.
If accepting bank purchases its own acceptance,
the drawer w ould be liable for borrowed
m oney, 2— 397, 680; 3—28, 193, 691, 696.
If accepting bank subsequently rediscounts its
own acceptance w ith the Federal Reserve
Bank, the drawer would cease to be a bor­
rower, 2— 680; 3—696.
(See A cceptances; Own acceptances.)
A ct of September 24, 1918. (See same.)
A ct of March 3, 1919. (See same.)
A ct of O ctober 22, 1919. (See same.)
D efinition of word—
K entucky laws, 4— 526.
Refers to customers of banks and not to bank
indorsements, 4— 520.
L iability of a borrower on his personal note is to be
included in the lim itation on farm land loans,

2- 66.
Maker of a note to a bank ceases to be a borrower of
the bank when the bank rediscounts the note
with another bank, 4— 638, 867.
Member banks. Federal Reserve Banks may decline
to discount for, the paper of any one borrower,
where it has already discounted a sufficient
amount of the paper of this borrower for other
member banks, 6— 278.
State banks—
May becom e member banks although loaning up
to 40 per cent to one borrower, 3— 696.
May lend to one borrower in excess of 10 per cent,
but its rediscounts are lim ited to, as defined
in sections 9 and 13, 4— 638.
State bank loaning up to 30 per cent to one bor­
rower, bu t rediscounting 20 per cent w ith
another bank may rediscount remaining 10
per cent w ith its Federal Reserve Bank, 4—
638.
The 10 per cent lim itation of section 9 refers to
the total capital and surplus and is not
lim ited to that part assigned to the commer­
cial department under tne State law, 3—495.

B O RR O W E R— Continued.
State banka—Continued,
Federal Reserve Banks, under section 9, can not
discount for a member State bank any of the
paper of any one borrower who has already
borrowed in excess of 10 per cent from the
State member bank, not including, however,
bills drawn against actually existing values
nor com m ercial or business paper actually
owned, 5— 361,1055.
The provisions of section 9 are not affected b y the
amendment of U nited States R evised Stat­
utes, section 5200, 5— 1055.
Federal Reserve Banks, under section ll(m ), as
am ended b y act of March 3, 1919, may until
D ecem ber 31,1920, discount for a State bank
the paper of any one borrower who has not
already borrowed more than 10 per cent in
his regular line of credit, up to 20 per cent,
provided the excess over 10 per cent is
secured b y bonds or notes of the United
States issued since A pril 24, 1917, or b y
certificates of indebtedness of the United
States, provided also that the aggregate
discounts of paper for the borrower do not
exceed 20 per cent, 5— 361,1055.
I f the borrower has borrowed from the State
member bank on his regular line of credit
more than 10 per cent, the Federal Reserve
Bank can not discount any of his paper on
his regular lin e of credit, bu t may discount
his paper secured b y Governm ent obligations
roviaed the total discounts of all his paper
eld b y the Federal Reserve Bank do not
exceed 20 per cent, 5— 361,1055.
Trust receipts. Borrower must have no control
over, taken in substitution of shipping documents
as security, 3— 286, 881, 5— 143, 254.
Warehouse receipts. Exchange of shipping docu­
ments for, m ay be made after acceptance pro­
vided warehouse is independent of borrower,
3—30, 286, 881, 4 —31, 634, 862, 971, 5— 254.

E

BO RR O W E R’ S STA TE M E N TS, 1—213, 3 —527, 949.
(See Commercial paper.)
B O R R O W IN G , G OVERN M EN T.
(See A llied pow ers; Liberty bonds; P ublic debt,
U nited States; U nited States Treasury certifi­
cates.)
B O ST O N .
(See Federal Reserve Bank of Boston; First National
Bank, Boston, First National Corporation; Shawm ut Corporation.)
B O STO N B A N K S.
Increase in local rates, July and August, 1918, 4—
812, 814.
B O ST O N CH AM BER O F COM M ERCE.
Support given to Capital Issues Committee, 4— 170.
B O STO N C LE A R IN G H O U SE.
Acceptances m ay be cleared through, 4— 820.
Clearings—
Country, taken over b y Federal Reserve Bank of
Boston, 2—317; 3—162.
W ill effect its own daily clearings of Boston
checks, 2—317.
Federal Reserve Bank of Boston adm itted to,
3—164.
Par points, discretionary list, 3— 163.
Reserve position, statement of; new forms, 3— 83.




B O U N D AR IES.
Change of, of sixth and eighth Federal Reserve dis­
tricts, 6— 59.
(See R edistricting.)
B O X E S.
Terms of sale, 6— 937.
B O TD E N , RO LAN D W .
Address, as unofficial Am erican representative, before
the International Financial Conference, Brussels,
6—1292,
B R A D ST R E E T .
(See Prices.)
BRAN CH A G E N C IE S, F O R E IG N .
(See Foreign agents.)
BR AN C H A G E N C Y , M E M P H IS, 3— 168.
BRANCH B A N K S.
Federal Reserve Bank branches—
A pplications for, 1— 51.
By-laws—
Branches w ith assigned territory, 3— 586.
Brandies w ithout assigned territory, 3—934.
(See infra, Territory.)
New standard form of, 3— 923.
Cost of, 4— 695.
E lection of directors, 6—60, 61.
(See D irectors.)
Establishm ent of—
Baltim ore, 3— 440, 586.
Birm ingham, 4— 597, 695.
Buffalo, 5— 530.
Cincinnati, 3—923; 4— 1014; 5— 126, 778.
D enver, 4— 14.
D etroit, 4— 10, 256.
E l Paso, 4—256, 365, 597.
Helena. (See Sixth Annual R eport, p . 38.)
Houston, 5— 619.
Jacksonville, 4— 596, 695.
L ittle R ock, 4— 1056.
Los Angeles, 5— 821.
L ou isville, 4— 10,14.
Memphis, 4—597, 817.
N ashville, 5— 821, 919,1017.
New Orleans, 1— 123,251,298; 4— 10,15,817;
5— 705.
Oklahoma, 5— 777, 1017, 1018; 6—63, 159,
782.
Omaha, 3— 586; 4—15.
Pittsburgh, 3 —923; 4— 1 0 ,1 5 ; 5— 705.
Portland O reg., 3 —339; 4— 10,15.
Salt Lake C ity 4— 256,365.
Savannah A gency. (See Sixth Annual R e­
port, p. 38.)
Seattle, 3 —155, 339; 4— 10,15.
Spokane, 3—339, 585, 586; 4— 10,15.
List of directors, 4— 14; 6— 60, 61,159, 782.
(See D irectors.)
Operation of, 5— 769, 777.
Terms of directors, one year, 4—31.
Territory. N o, to be hereafter assigned, 3— 923.
Foreign branch banks. U niform ity of treatm ent.
International conference, Brussels, 6—1129.

BRAN CH BA N K S—Continued,
BREAD SU B SID Y .
Foreign branches—
Italy, 6— 959,1321.
Member and national banks, 6— 63,159, 272, 382,
BREAD T A X .
492, 606, 944, 1174,1298, 1299.
Italy proposes a, 6— 960.
(See same, principal heading )
B R IC K S .
National banks. Establishm ent of, through joint
Terms of sale, 6 —938.
ownership, not valid, 1—308.
B R IT IS H BANK AM ALG AM ATIO N S.
(See Cuba, Foreign branches.)
Report, 4 — 954.
National banks. (See same.)
(See Great B ritain.)
State banks, etc.—
Admission of State banks w ith their branches is B R IT IS H CU RRENCY COM M ISSION*
Reports, 4 — 1166,1178,
perm itted b y law, 1— 125, 126,4— 522,
(See G old, Great B ritain.)
(See Chain of banks. )
Conditions of admission, 1— 262.
B R IT IS H EAST IN D IE S.
Branch of National City Bank, New York, in, 4 —946.
(See State banks, etc.)
Establishment of new branches after admission* B R IT IS H EXCH EQUER N O TES.
1—268.
Warning of Federal Reserve Board against overinvest­
ment in, 2 — 661, 3 —2, 82, 236, 239.
Parent bank—
Branches situated in other districts than that
British Government to issue 100 m illions to refund
of, need not becom e a member of the
outstanding obligations, 3— 652.
Federal Reserve Bank of district in
Federal Reserve Board approves. Previous warning
which situated, 4 — 522.
not inconsistent with present approval,
Transactions of the branch w ith the, are to be
3— 652,
treated as transactions of the corporation,
(See infra, British Treasury bills.)
1— 125.
B R IT IS H IN D IA .
(See Parent bank, principal heading.)
Branch of International Banking Corporation in,
BRAN CH C IT IE S .
4— 946.
(See Discount rates; Federal Reserve Bank and branch
Gold production. 1909-1919, 5—19.
cities, Member bank condition statements.)
(See India.)
BRAN C H E S, FO R E IG N .
B R IT IS H TR A D E C O R PO R A TIO N , 5— 120.
(See Branch banks; Foreign banks; Foreign branches.)
BRAN CH ES, FO REIG N BRANCH BANKS AND B R IT IS H TR E A SU R Y B IL L S.
Placed in United States since August 23,1917, 4— 940.
A G E N C IE S.(See supra, Exchequer notes.)
Acceptances of, bought and held b y Federal Reserve
banks. (See Discount and open-market opera­ BRO AD W AY T R U ST CO.
tions.)
Reasons for joining Federal Reserve System, 3—360.
BRAN C H E S, M EM BER BA N K .
B R O D E R IC K , J . A.
(See Branch banks; Member banks.)
Appointed secretary, Federal Reserve Board, 4—810,
817
B R A N C H E S, N A TIO N A L B A N K S.
(See National banks.)
Resigns, 5— 821.
BRANCHES OF AM ERICAN CONCERNS.
BROD H EAD, J . B.
In foreign countries, 5— 637
Appointed class C director, Federal Reserve Bank of
Philadelphia, 2—509.
BRANCHES OF FO REIG N BAN K S IN UNITED
ST A TE S.
B R O K E R S, CO M M O D ITY .
No national law, State laws govern, 2 —224,
(See Brokers, stock.)
(See State banks; laws of States.)
B R O K E R S, N OTE.
(See Brokers, stock.)
B R A Z IL .
Banco de Brazil. Condition, 1913-1919, 6— 821.
B R O K E R S’ PAPER.
Banks. Foreign, in. Condition, 6— 824,
Suggestions as to purchase of, 2—375.
Banks of Condition, 6— 817, 821, 823.
B R O K E R S, ST O C K .
Banks, R io de Janeiro. Condition, 6— 821
Ordinary stock, note, and com m odity brokers are
not private bankers under Clayton A ct, 2—589.
D ebt, pu blic, 6 —819,
BR O O K M IR E ECON OM IC SE RVICE, 5—332.
Econom ic and financial conditions, 6— 813.
Foreign exchange rates on foreign countries, 1914- BROW N , J . B.
1919, 6—688, 819,
Appointed on Capital Issues Committee, 4—364.
Foreign trade, 1910-1919, 6— 815.
BROW N , J . G .
Elected to Federal Advisory Council, 5— 201.
M ercantile Bank of Am ericas, branch in , 4 — 737
Monetary system, 6 — 814.
BRU CE, H.
Appointed class C director, Federal Reserve Bank of
National City Bank, New York, branch in , 4 —942.
Richm ond, 4— 491.
P u blic finance, 6— 819,
San Paulo bonds. Offering in U nited States of, BR U SSELS.
Foreign exchange rates. Berlin on, 6—1076, 1319.
5— 1015.
National City Bank, New York, branch in, 6— 63.
United States Government and other loans placed in,
(See Belgium , Foreign exchange rates.)
5 —33, 6 — 688.
|




BR U SSE LS IN TE R N A TIO N A L FIN A N C IA L CON­
FERENCE.
(See International Financial Conference, Brussels.)
BR U TO N , J . F .
E lected class A director, Federal Reserve Bank of
of Richm ond, 3— 7
B U C H A R E ST.
(See Foreign exchange rates.)
B U D G E T, FED ERAL.
Secretary Glass to com m ittee of House of Represen­
tatives, 5—937
BU D G ET.
Italy, 6— 980
BUENOS A IR E S .
Branch of First National Bank of Boston in, 3—78;
6— 1298.
Condition of banks of, 5— 639.
Exchange rates on, 4—1199.
Chile on, 6— 1055.
London on, 6—1070.
New Y ork on, 6— 1160.
Paris on, 6— 1074.
(See Argentina.*

BU LLIO N , SIL V E R .
Pittman A c t M elting of silver dollars in to. A ct of
A pril 23, 1918, 4—363, 395 (tex t), 487, 492, 807;
6—563, 779.
Price fixed for sale at $1,015 per ounce, 4—807, 818.
(See Silver; A ct of Apr. 23, 1918.)
BU LLION , SIL V E R AND G O LD .
Licenses for export. (See Secretary of Treasury, Li­
censes, Rubles; Transfer of funds.)
BUREAU.
Of Crop Estimates. (See Departm ent of Agriculture.)
Of Efficiency, recommends abolition of subtreasuries,
4—172.
Of Enem y Trade. (See Acceptances. )
Of Imports. Blanket license for im ports from Canada
with certain exceptions, 4— 172.

BU RLAPS.
(See Acceptances.)
B U SIN E SS.
(See Foreign banking business, section 25a.)
BU SIN ESS A S U SU AL.
Comment b y Secretary of Treasury on propaganda
for, 4—18.
BU SIN ESS B A RO M E TER.
Babson’s, 5—331
Brookmire, 5— 332.
BU FFALO .
Canadian, 5— 334.
Designated as a reserve city , 3— 921.
M itchell, 5— 336.
Branch of Federal Reserve Bank of New York—
Person’s, 5— 333.
Directors, 5— 530; 6—61.
B U SIN E SS, CH ANGE O F PLACE OF.
Em ployees, 5— 778.
(See Change of place of business.)
Territory, 5— 530.
BU SIN E SS C O N D ITIO N S, 1 -5 5 , 106, 157, 225, 278,
BU ILD E R S’ SU PPLIE S.
322, 373, 410; 2—29, 75, 124, 174, 228, 275, 333, 399,
Terms of sale, 6—939.
466, 545, 613, 688; 8—33,119, 202, 293,381,460,551,
620, 698, 796, 883,958; 4— 35, 111, 203, 318,440,527,
B U IL D IN G AND LOAN A S SO C IA T IO N .
639, 746, 873, 979, 1125, 1219; 5— 10,102, 109, 202,
N ot eligible for m em bership in Federal Reserve sys­
205,310,314,331,409,416,420,522,531,537,620,624,
tem , 1— 212
706, 711,822,827,921,927,1019,1025,1115,1120; 6 —
Mortgages held by, not eligible for discount, 1—212.
13, 19, 122, 127, 225, 231, 343, 349, 358, 456, 567,
673, 679, 770, 783, 912, 920, 1020, 1027, 1125, 1126,
B U IL D IN G C O N STR U C TIO N .
1135,1143,1259, 1264, 1274, 1275.
Increase in , 5— 193.
Review , 1920, 6—1254 to 1266.
Permits issued, January-April, 1919, 5— 534.
Standardization of reports on, 5— 1137
Reports on. Federal Reserve agents, 6—682.
(See Canada.)
Trade acceptances covering, 5—565.
(See Business conditions; Capital Issues Com m ittee.) B U SIN E SS C O N D IT IO N S, IN D E X E S O F.
Federal Reserve Board to establish, 4—491.
B U ILD IN G M A T E R IA L S .
D escription of plan, 4— 597, 697, 809; 6— 474.
E ligibility of notes for, 6— 699.
Production index, 4— 1194.
B U ILD IN G O PE R A TIO N S.
B U SIN E SS D A Y .
Loans for, 6—927
N ext preceding. (See M ississippi.)
B U LK , E X P O R T S IN .
N ext succeeding. (See Collateral notes; Commercial
France, 1913-1920, 6-1316.
paper, Georgia.)
(See E xports.)
BU SIN E SS FA IL U R E S, 2—216, 267, 327, 377, 447, 515,
601, 672; 8— 19,113,167, 267, 374, 440, 520, 604, 677,
BU LLETIN , U N ITED ST A TE S O F F IC IA L , 4—266.
747, 864, 940, 4 — 16, 89, 183, 295, 403, 510, 609, 741,
856, 967, 1099,1197 , 5—30, 128, 252, 359, 464, 563,
BU LLION AND C O IN .
Acceptances against export of, valid, 3—29.
650, 736, 856, 960, 1051, 1152; 6 -6 3 , 160, 274, 384,
493, 609, 698, 833, 945, 946, 1064, 1175, 1300.
BU LLIO N , E X P O R T OF.
Chart, 1915, 1916, 8— 56.
(See G old, Silver, Silver and gold )
For year 1916, 8— 113.
BU LLIO N , G O LD .
For year 1917, 4— 89.
American gold 6 per cent below bu llion value in
For year 1918, 5 — 128.
Spain, 5— 1039,
For year 1919, 6— 160.
(See Foreign exchange transactions; G old; Li­
Classified, 6— 160.
censes.)
Stock of, in U nited States. (See M oney.)
In Seattle, 8—155.




B U SIN E SS F A IL U R E S --C ontinued
1881-1915, Com ptroller of Currency, 3—939.
German failures, 6— 1318.
(See Commercial failures.)
B U SIN E SS, IN D E X E S O F.
(See Business conditions; Business conditions, indexes
of; Indexes of business conditions.)
B U SIN E SS PAPE R A C TU A LLY OW NED, ETC .
(See Acceptances, actually ow ned, Commercial and
business paper, actually ow ned; Ten per cent
lim itation; U nited States R evised Statutes, sec­
tion 5200.)
BU SIN E SS RE AD JU STM E N T.
President of U nited States calls conference of gover­
nors of States to consider, 5— 192.
B U TTE R .
Warehouse requirements for, 4— 406.
C.
CABBA G E S.
Proper warehouse requirem ents for, 4— 405.
CABLE C O D ES, 1— 15.
CABLE T R A N SF E R S.
Purchase in open market, 1— 360, 365.
Regulation T , 1915, 2— 15.
Comparative exchange rates, European countries, 3—
582, 683.
(See D ollar exchange, Sterling exchange.)
C A B LE G R A M S.
Confirmations of. Ruling, Foreign Exchange D ivi­
sion, 4—865.
Confirmation of incom ing, revoked, 5— 470,
C A LC U TTA .
E ligibility of bankers’ acceptances in trade between
H onolulu and, 1— 404.
Foreign exchange rates, London on, 6— 1070.
Prices, 6—954, 963.
1913- 1920, 6 —1079,1198,1209.
(See In dia.)
C A L IF O R N IA .
National banks in , authorized to exercise fiduciary
powers, 2—523.
A cceptance laws, 3—529.
Laws as to reserves, 3— 768.
L ist of State member banks, 4 — 92, 93.
Has not adopted negotiable instruments law 4— 971.
Has adopted negotiable instruments law, 4— 1218.
Amendments to banking laws, 5— 741.
Laws, foreign banking corporations, 6— 54,
Fruit shipments. (See Physical volum e of trade.)
C A L K IN S, J . U .
E lected governor Federal Reserve Bank of San Fran­
cisco, 5— 530.
CALL LOAN R A T E S .
Chart, New Y ork, 1914-1918, 5—429.
D ecline, 5— 14,112,191.
Federal Reserve Agent, New York, Memorandum on,
6—369.
Federal Reserve Bank and branch cities. (See same.)
Federal Reserve Board to U nited States Senate. R eply
to resolution, 6—345, 368.
Increase, 5—524, 536, 617, 1009.
New Y ork market rates—
1914- 1918, 5— 429; 6 -9 4 2 .
1919, 5—617,1024,1107.
1920, 6 —345, 942.




CALL LO AN S.
Against acceptances, 4— 805.
CALL R E PO R TS
National banks, 5— 250, 446, 838, 1154; 6 —442.
(See National banks.)
CAN AD A.
Balance of trade, 5— 1143,
Banking and currency in, 5— 1140.
Business conditions in , 5— 334.
Business conditions. In dex of, 5— 334.
Canadian bank regulations. R eceived b y Foreign
Exchange D ivision, 4 —864.
Chartered banks of—
Chart. Deposits, etc., 5— 1147
Chart. Earning assets, 5— 1146.
Condition, 1913-1919, 5— 1144,1148,1149.
Currency, 5— 1142.
Deposits, etc. . 5— 1140, 1150.
Earning Assets, 5—1140,1150,1151.
Note liabilities, 5— 1141.
Reserves, 5— 1144,1147,1151.
Credit, short-term. One hundred m illions placed in
U nited States, 3— 603, 652.
Credits to other countries, 5— 1047
D ebt, pu blic, 1913-1918, 4 —268, 271,1061,
D ollar loans to, 4— 940.
Federal Reserve Board agrees to release 25 m illions of
gold for export to, prior to July 1, 1918, 3 —924.
G old exports to U nited States, 6— 1018,
(See supra, Federal Reserve Board.)
Gold im ports from, 5— 6.
Gold production, 1909-1919, 5— 19.
G old reserves—
1900-1919, 6— 145.
1910-1920, 6— 1297
1913-1920, 6— 1296.
Governm ent aid to foreign countries, 5—1047.
Im ports and exports, 1911-1919, 5— 1143.
Im ports, U nited States Bureau of. Publishes blanket
license for imports from , with certain exceptions.
4 —
172.
Index of business conditions, 5—334.
Jamaica. Canadian banks operating in , 6— 1039.
Prices in—
1913-1919, 5 -4 7 6 .
1913-1920, 6—32, 167, 279, 282, 392, 506, 510,
616,621, 708,712,849,850,905,954,962,1069,
1079,1198,1209,1310,1323,
Secretary of Treasury approves short-term credit for
100 m illions for, 3—603, 652.
Silver production, 5— 141
U nited States, Governm ent and other loans placed
in, 3—603, 652, 4—940; 5— 33; 6—688.
War loans, 1913-1918, 4—269, 271,1057; 5— 1145.
(See Foreign exchange rates.)
CAN AL, SA U LT S T E . M A R IE .
Commerce of, (See Physical volum e of trade.)
CANAL ZON E.
Federal Reserve Banks may discount acceptances
based on shipm ent of goods between the conti­
nental U nited States and the, 1— 91.
Is not territory owned b y U nited States, bu t is terri­
tory under its jurisdiction. U nited States has an
easement, 1— 91.

CANAL ZON E— Continued.
Shipments from territorial U nited States to the Canal
Zone are not shipments to foreign countries and
therefore are subject to stamp tax, such tax not
being a tax on exports as to such shipments,
5— 467.

C A PITA L ACCOU N T.
Notes issued for, are not eligible, 3— 949.
(See D iscount, Finance paper.)
C A PITA L IS S U E S .
Germ any, 5— 121,122.
Great B ritain, 5— 121.
CAN CELLATIO N OF B O N D S, 1— 404.
Japan, 6— 961.
(See Capital stock; National banks.)
Philadelphia Stock Exchange w ill list no, except
CAN CE LLATIO N OF O R D E R S.
when approved b y Capital Issues Committee,
Federal Reserve agents, reports on, 6—679.
4—265.
CAN CELLATIO N O F ST O C K C E R T IF IC A T E S .
C A PITA L ISSU E S C O M M ITTE E.
In Federal Reserve Banks. Regulation I, 1920, 6—
I . Voluntary com m ittee of Federal Reserve Board.
1187
A dvisory com m ittee, 4— 73, 77.
CANNED G O O D S, 4—634.
Am erican Federation of Labor. Conference, 4—
(See Acceptances.)
400.
Associated Advertising Clubs. Cooperation, 4—
CA N N ER S.
266.
Credits for, 4— 607.
Boston Chamber of Commerce. Resolution, 4—
D irect advances to, 4—830.
170.
CA N N IN G IN D U S T R Y .
Chandler, J A. C. Advises on schools, 4— 266.
Terms of sale in , 5— 1130.
Chicago Stock Exchange. R esolution, 4— 400.
CAPE TO W N .
City o f Philadelphia. Cooperation, 4—265.
(See A frica.)
Conference w ith pu blic bodies, 4— 156, 170.
C A P IT A L .
Decisions—
(See Clayton A ct.)
January 12-March 28, 1918, 4 —266.
Argentine banks, 4— 739; 6— 599.
T o May, 1918, 4— 401.
State m em ber banks. (See State banks, etc.)
Com plete list, 4— 494.
Am ount available for industrial developm ent, 5—102.
Departm ent of Labor to com m ittee, 4—265.
Europe, leading banks of, 6—374, 375, 376.
D istrict com m ittee appointed, 4— 156, 166.
Federal Reserve Board—
Federal Reserve Banks—
Resolution of thanks, 4— 697.
(See sam e.)
Statement, 4— 77
(See Resources and liabilities.)
Instructions to applicants, 4— 169.
Foreign countries need, rather than credit, 5— 1011.
Investm ent Bankers’ Association of Am erica.
Foreign trade—
Cooperation, 4—263.
N ot enough, to supply dom estic and foreign trade,
Jurisdiction. Lim it of, 4— 401.
5—524.
Liberty loans. Suspension of issues during, 4—
Advances of long-tim e credit to, takes capital and
399.
goods from dom estic trade, 5— 524,1014.
Lim it of jurisdiction, 4— 74,157, 169, 399, 401.
France. Banks in , 6— 376.
List of applications, 4—264.
Germany Banks in , 6—376.
M inimum, $100,000, 4—399, 401.
Great Britain. Banks in , 6— 375.
M unicipal expenditures. Classification, 4— 400.
Insufficient. Trust powers, 5— 53.
New York State Board of Education. Cooperation,
International field
D ivision of capital in, 5—523.
4— 400.
Issues, Capital. Germany Bank p olicy, 5— 121,122.
Organization of, 4—73, 77, 156, 167.
Issues of new Great Britain, 5— 121.
Personnel, 4— 73.
(See Capital Issues Com m ittee.)
Philadelphia Stock Exchange w ill list no issues
National banks. Increase and decrease of, 5— 30,128,
except those approved by , 4—265.
252, 358, 465. 562, 650. 737, 855, 961, 1052, 1153;
Press statements, 4—167, 171, 263, 399, 494.
6— 62,160, 274, 383. 492, 609, 697, 833, 946,1064,
Priorities, 4— 77.
1165,1300,
P ublic H ealth Service. Cooperation, 4— 401.
(See National banks.)
Report to Federal Reserve Board, 4— 494, 696,
Ratio—
704, 708.
N et earnings to, paid in , 5— 133.
Final report, 4— 704.
N et profits to capital and surplus, State member
Secretary of Treasury—
banks, 5— 4, 49,188, 610,1104.
Statement, 4— 74, 157.
Return on, 6— 446.
T o Gompers, 4—264.
State mem ber banks and trust companies. (See
Secretary of State, Illinois. Cooperation, 4—401.
State banks.)
Selden, S, L, E xecu tive secretary, 4—77
Taxation of dividends declared for purpose of in­
Statement of, 4— 166.
creasing, 5— 256.
U nited States Em ploym ent Service. Conference,
(See also Capital stock; Chain of banks; Conservation
4—399.
of capital; E xport trade; Fiduciary powers, In­
Warburg, P . M, Statem ent, 4—169.
vestm ent problem , Long-term credit, State
W inding up of, 4— 494.
banks, adm ission.)




C A P IT A L ISSU E S C O M M ITTE E— Continued.
I I . Under act of A pril 5, 1918—
A ct A pril 5, 1918, ± -3 0 4 , 364.
T ext, 4—304.
Appointm ent of members, 4— 364, 627.
Dissolution of, b y President, 5— 1053.
Federal stock p u blicity act, 5— 193,
H am lin, C. S., chairman, announces suspension
of, 5— 18.
Liberty Loan IV . Suspension of approvals during,
4— 937.
President o f U nited States dissolves, 5—1053.
Rules and regulations, 4— 627
Secretary of Treasury—
On suspension of, 5— 18.
Approves Federal stock p u b licity act, 5— 193.
Suspension o f work of, 5— 18,1053.
C A PITA L ST O C K .
Clayton A ct. (See sam e.)
Federal Reserve Banks—
Assets in liquidation. (See Liquidation.)
Cancellation and refund. Member bank liqu i­
dations, 2— 119,
Capital required for admission of State banks,
1—212.
Capital and reserve deposits, 2 — 98,123.
Certificate of Com ptroller of Currency not re­
quired on application for additional, in Fed­
eral Reserve Banks, 2— 12.
Changes in , Circular 15, Regulation N, 2—541.
D ividends, Federal Reserve Banks—
Insolvent banks, 1— 267
R ule for paym ent on surrendered, 2— 17,168.
N ot su bject to internal-revenue tax, 1— 153.
(See D ividends.)
Increase or decrease—
A pplication for, 1—74, 125, 406.
Circulars and regulations, 1— 42.148, 2— 541,
8—548, 8—1187.
(See Regulations.)
Certificate for, to be in duplicate, 1—211,
Installm ent due May 2, 1915, 1— 14.
Insufficient, Federal Reserve Board against
amendment perm itting certain State banks
to join Federal Reserve system w ith less than
required capital, 8—764.
Liquidation—
National bank buying assets in liquidation
of another national bank not entitled to
transfer of Federal Reserve Bank stock
owned b y latter, 3— 199.
R ule as to paym ent o f subscriptions to a
member bank in , 8— 457
Minimum capital required for Federal Reserve
Banks as condition of beginning business,
2—207.
Reduction later perm issible, 2— 207.
Paid in . Chart, 2— 123.
Paym ent not to be accepted until application
form ally approved, 3—287
Reduction of, quarterly applications, 1— 406.
Regulations. (See supra, Circulars and regula­
tions.)




C A P IT A L ST O C K — Continued.
Federal Reserve Banks— Continued.
State banks—
Capital necessary for admission, 2— 64.
Capital of, adm itted, 8—934.
(See State banks, etc.)
Insufficient, 8— 764.
(See supra, Insufficient.)
State laws authorizing subscription to, 1— 150,
182, 218, 263.
(See State banks, e tc., laws of States.)
Subscription to. Paym ent of, 1— 14, 73.
Surrender of—
Banks transferred from one district to an­
other, 1— 142.
Banks reducing surplus, 1—218.
Liquidating banks, 8— 457.
(See State banks.)
Tax Capital and dividends exem pt from inter­
nal revenue tax, 1— 13.
Transfers of. (See supra, Liquidation.)
Value of—
Can not be deducted in State tax return of
value for taxable purposes, 1— 315;8— 955.
Value of, in Federal Reserve Bank is part of
taxable assets. D ecision of United States
district court, 8—955.
(See Federal Reserve Banks? capital. State
banks and trust companies, m em ber.)
National banks—
Capitalization, increase and decrease, 8— 603.
(See National banks, charters.)
State banks—
(See supra, State banks.)
(See also Commissioner of Internal Revenue;
D ividends, New York laws.
W orking capital. (See Acceptances, dom estic.)
C A R , A R R IV A L O F.
Drafts payable on, not eligible, 1— 219 , 4— 436, 437.
In effect a tim e draft and requires a revenue stamp,
4—31.
(See B ills of exchange; Stamp tax, Tax, stam p.)
CA R A C A S.
(See Venezuela.)
CARIBBEAN BRAN CH .
National City Bank, New Y ork, 4—944.
C A R PE TS.
Terms of sale, 8— 471.
C A R R Y IN G O R TR A D IN G IN UNITED ST A T E S
B O N D S, 8— 158, 457, 459.
Paper for, is valid collateral for Federal Reserve notes,
8— 459.
(See Federal Reserve notes.)
C A R S, M OVEM ENT OF R A ILR O A D .
(See Physical volum e of trade.)
CA SH .
Advances, United States to foreign nations. (See A l­
lied powers.)
Items. (See A cceptances; Clearing system ; Trade ac­
ceptances.)
On hand, 8— 614, 692.
(See Reserves, com putation.)
Payments on Liberty bonds, 8—578,919; 4—588; 5—

CA SH — Continued,
Reserves—
Federal Reserve Banks, January-July, 1918, 4—
769; 1919, 6— 146, 147.
Per cent to liabilities, 4— 1048; 5—65, 137, 774,
Chart, 5— 67; 6— 146.
Vault, 8— 103, 285, 604.
(See Charts; Reserves; Reserves and liabilities.)
CA SH PA ID SU B S C R IP T IO N S .
(See National banks.)
C A SSE L, G U STA V .
Inflation. International Financial Conference, Brus­
sels, 6 —1277
C A SU A LTY CO .
(See A cceptances, trade.)
C A TTLE IN D U S T R Y .
(See Agricultural and live-stock paper; Business con­
ditions.)
C A TTLE LOAN A G E N C IE S.
Establishm ent of, 4— 831, 832.
C A TTLE LO AN S.
Commercial rates; Federal Reserve Bank and branch
cities. (See Federal Reserve Bank and branch
cities.)
Discounts. (See Discounts and open-m arket opera­
tions.)
C A TTLE PA PE R .
(See Agricultural and live-stock paper.)
C A TTLE P R IC E S .
1914-1920, 6 —1213.
C A TTLE R A IS E R S .
Loans of War Finance Corporation to, 4r-828; 5—29,
CEM ENT.
Terms of sale, 6 —938.
CE N SO R SH IP.
Ruling, Foreign Exchange D ivision, 4— 1217.
CE N TRA L B A N K IN G .
In Belgium during German occupation, 5— 135.
C E N TRA L BA N K S OF EU ROPE.
Comparison w ith Federal Reserve system, 2—658,
8—681, 5 -4 6 3 , 648, 848, 849, 1200,
Comparative statement, 2 —659; 8 —234,329,500,681,
942; 4 —243, 267, 269, 375, 996, 1057, 1167,
5— 140,197, 463, 648,849,1008,1200; 6 -4 8 5 ,4 8 7 ,
488, 909, 1044,1047,1049, 1295.
G old reserves, 6 —144, 909,1295.
(See European central banks.)
C E N TRA L E X E C U TIV E CO U N CIL.
(See International H igh Commission.)
CE N TRA L G O LD R E SER VES.
Leading countries, 1913-1920, 6—1296.
CE N TRA L PO W ER S.
Central gold reserves, 1913-1920, 6— 1296.
P ublic debt, 1913-1918, 4 —269, 1057.
(See European central banks.)
(See principal nations b y nam e.)

CENTRAL T R U ST C O ., N. Y .
Reasons for joining Federal Reserve System, 8—836.
JE REA LS.
Prices in Germany, 1913-1920, 6— 1206.
C E R T IF IC A T E S.
Ad interim . (See A d interim certificates.)
Directors. (See D irectors.)
Gold. (See G old certificates.)
Of deposits. (See D eposits; Savings account, Tim e
certificates of deposit.)
Of eligibility—
Of com m ercial paper, 1—36.
Should be furnished b y officer based on knowl­
edge, 2— 12.
Of indebtedness. (See U nited States Treasury certifi­
cates.)
Of indebtedness, Railroad, to be issued b y D irector
General, 5—307, 308.
(See Stamp tax; U nited States Treasury certifi­
cates.)
Of mortgage, (See Real estate loans.)
Of participation in a note, not eligible for rediscount,
8 —949.
Of stock in Federal Reserve Banks exem pt from
internal revenue tax, 2— 172.
Registration. Exporters and importers. Ruling, For­
eign Exchange D ivision. 4—864.
Silver. (See Silver certificates.)
Stock. (See Federal Reserve Banks, Stock.)
Tax payers. Issue of U nited States tax certificates,
8 —918.
(See U nited States Treasury certificates.)
United States Treasury Paym ent of Liberty bonds
b y , 4— 588.
(See U nited States Treasury certificates.)
War savings. (See War savings certificates.)
Warehouse. (See Attorney General, A cceptances;
Security; Warehouse certificates.)
(See also Directors; Federal Reserve A ct, sec. 24,
Gold certificates; Silver certificates; Stock
certificates.)
C E R T IO R A R I.

(See Clayton A ct.)

CH AIN OF B A N K S.
If constituted b y one corporation w ith branches, w ill
be eligible for admission to Federal Reserve
System if capital of parent bank is sufficient to
becom e a national bank in place where head
office is located, 4—971.
If each bank is a separate corporation, each must file
separate petitions and nave requisite capital
required oi a national bank. 4— 971
CH AIRM AN OF B O A R D ,
BA N K S.
Duties of, 4—373.

FED ERAL

R E SE R V E

CH AIRM AN O F D IS T R IC T C O M M ITTE E S.
(See Capital Issues Com m ittee.)

CE N TRA L R E SER VE BA N K .
South Africa, 6— 1040.

CH AM BERLAIN , AU STEN .
Econom ic conditions in Europe, 5— 815.
On report of Cunliffe Com mittee, 6— 143.

CE N TRA L RE SER VE C IT IE S .
(See Real estate loans; Farm land loans; ReservesJ

CH AM BER OF COM M ERCE O F UN ITED ST A T E S .
Secretary of Treasury to. Foreign financing, 6— 137.

CE N TRA L ST A T E B A N K , D A LLA S.
Reasons for joining Federal Reserve System, 8—363.

CH AN CELLOR O F EXCH EQ U ER.
(See Great B ritain.)




CH ANGE O F D E ST IN A TIO N .
From export to dom estic acceptances valid if in good
faith, 2— 12, 13.
CH AN G E O F NAM E.
(See State banks and trust com panies.)
CH AN G E OF PLACE OF B U SIN E SS.
State banks and trust companies, 6— 1300.
CH AN GES IN D IS T R IC T LIN E S.
Does not make director ineligible to serve out term,
1— 103.
Humphreys County, M ississippi, 6—59.
(See Redistricting.)
CH ANGES IN ENEM Y T R A D IN G L IS T , 4^-172.
CH ANGES IN FED ERAL RE SER VE D IS T R IC T
LIN E S.
(See R edistricting.)
CHANGES IN P R IC E S .
Compared w ith m ovem ent of gold reserves, Federal
Reserve notes, etc., 1914-1919, 5— 838.
(See Prices.)
CH APM AN , W . T .
A ppointed acting secretary Federal Reserve Board,
Appointed secretary Federal Reserve Board, 5— 918.
Resigns as secretary Federal Reserve Board, 6 —1134.
CH A R A C TE R O F R E SER VES.
(See Foreign brandies; Reserves.)
CH ARG ED O FF.
(See Federal Reserve notes.)
CH A RG ES.
Collection, 2—226; 3—880; 4— 745.
(See B ills of exchange; N egotiable.)
Exchange, 2—264,600; 3—428,656,660,740; 4—367,
370, 962; 0 —162, 699.
(See Clearing system ; Exchange charges.)
Federal Reserve Bank earnings. Charges against, 5—
26.
Service. (See Clearing system ; Service charges.)
Transportation. (See Clearing system ; Collection
charges; Federal Reserve notes; New Y ork Clear­
ing H ouse.)
C H A R TE R .
Bank of France. Renewal of, 5—339.
Cotton Export Corporation, 5—553.
(See Federal charter.)
C H A R TE R S.
Issued to national banks since inauguration of Fed­
eral Reserve System. (See National banks.)
C H A R TE R S, NEW, N A TIO N AL B A N K S.
(See National banks.)
C H A R TS.
Volume 1 ,1 9 1 5 Assets and liabilities, Federal Reserve Banks, 1—
233.
Bankers’ acceptances, 1—234.
Commercial paper, 1—234.
Individual deposits, 1—234.
Investments, 1—234.
Resources and liabilities, 1—234.
Volum e 2,1916—
Capital and reserve deposits, 2— 123.
Deposits, 2—266.
Individual and bank deposits, 2— 223,328.
Reserve deposits, Federal Reserve banks, 2— 123.




C H A R TS— Continued.
Volum e 3, 1917—
Acceptances, 3—56.
Assets, Federal Reserve Banks, 3— 759.
Cable transfer rates, 3— 689.
Check collections, 3— 635.
Circulation, m oney in, 3—562.
Clearing operations, 3—634.
Commercial paper, 8—56.
D eposit liabilities, national banks, 3—232.
Deposits, member bank, 3— 849.
Deposits, reserve, Federal Reserve Banks, 3— 849.
Dollar exchange rates, neutral countries, 3— 688,
689.
Earning assets, 3— 759.
Error in num bering charts, 3—923.
European banks—
G old, notes, etc., 3—332, 944.
War charges, 3—944, 945.
Exchange rates on belligerent countries, neutral
countries, and silver-standard countries, 3—
406, 688, 689.
Federal Reserve notes, gold cover and issues,
3— 610, 849.
Foreign exchange rates. (See supra, Exchange
rates.)
Gold holdings, Federal Reserve agents, Federal
Reserve Banks, national banks, United States
Treasury, 3—233.
Gold reserves—
European central banks, 3 —332.
Federal Reserve Banks, 3—848.
G old settlem ent fund, 3—848.
Governm ent deposits, 8—849.
Investm ents, Federal Reserve Banks, 3—56.
Member bank deposits, 3—849.
M oney in circulation, 3—562.
N ote circulation, European banks o f issue, 3— 333*
Reserves—
M ovem ent of, Federal Reserve Banks, 3—848.
N et deposits and Federal Reserve Banks,
3—56.
Required and actual, national banks, 3— 484.
Required per cent, national banks, 3—232.
Reserve deposits, Federal Reserve Banks,
3—849.
Reserve percentages, national banks, 3—232,
484,
Vault, 3—232.
Silver—
Price, 1915-1917, 3—483,484,845.
Value in dollar, 1882-1916, 3—844, 845.
Erratum, 3— 925.
Sterling exchange, cable transferrates, 1914-1917,
3 -6 8 9 .
U nited States Treasury certificates, takings b y
Federal Reserve Banks, October 24, 1917,
3 -8 4 6 .
Volume 4 , 1 9 1 8 Bank of England, resources and liabilities, 4—
999,1000,1001.
Bank of France, resources and liabilities, 4— 1000.
Cash reserves, 4—227.

C H A R TS— Continued.
Volum e 4,1918— Continued.
Deposits—
Federal Reserve Banks. 4—770, 771.
M ember banks, 4— 665.
National banks, 4— 337, 503.
New Y ork Clearing-House banks, 4—28, 29.
Earning assets, Federal Reserve Banks, 4—770.
European countries. Internal war loans, 4—1070.
Exchange rates—
On belligerent countries, 4—841,1200.
On Berlin, 4—842.
On Chile, 4 —843.
On neutral countries, 4—843,1200.
On silver standard countries, 4 —843,1202.
On Switzerland, 4—842.
On Vienna, 4—842.
Federal Reserve notes. Circulation, year 1917,
4—133.
Free gold, 4—227.
Member banks. Deposits, loans, etc., 4—665.
National banks. Deposits, loans, e tc., ratio, 19131918, 4 —437, 503.
New Y ork banks. Deposits, loans, etc., 4—665.
Organization chart, Federal Reserve Banks,
4— 374.
Price m ovem ent, 1914-1918, 4—505.
R atio, reserve to liabilities, Federal Reserve
Banks, 1907, 4—131.
Reichsbank. Condition during war, 4—1001.
Silver, London prices, 4—1202.
Sweden. Foreign exchange rates, 4—381.
Switzerland. Foreign exchange rates, 4—391.
U nited States securities. H oldings of, 4—1112.
Volum e 5 , 1 9 1 9 Bank of Italy. Note circulation, 1914-1919, 5—
844.
Bank of Netherlands. Condition, 1914-1919, 5—
644.
B ills discounted. (See infra, D iscounts.)
Call loan rates, 5— 429.
Canadian chartered banks. Condition, 4—1146,
1147.
Cash reserves and free gold, 1918, 5—67,138.
Commercial paper rates, New Y ork, 1914-1918,
5— 429.
D eposit and note liabilities, 1918, 5—67.
Discounts—
Member banks, 5— 66, 387.
War paper—
Federal Reserve Bank, New Y ork, 5—
277.
Federal Reserve Banks, 5— 277.
Earning assets—
1918, 5—66.
1914-1919, 5—772.
Canadian chartered banks, 5— 1146.
Excess reserves, 1918, 5—138.
Exchange rates, M adrid, 1914-1919, 5— 1042.
Federal Reserve Banks—
Average holdings, paper, 1917-1919, 5—387.
Discounts, 1918, 5— 277.
Required reserves, 1918, 5—138.
Reserves, 1914-1919, 5—773.




C H A R TS— Continued.
Volum e 5,1919—Continued.
Federal Reserve notes—
1914-1919, 5-773.
1917-1919, 5— 1045.
B y geographical divisions, 1918-1919, 5—
1042.
Free gold, 1918, 5—138.
German Reichsbank, condition, 1914-1919, 5—
434.
G old reserves. (See supra, Federal Reserve
Banks.)
G old settlem ent fund operations, 1918, 5— 146.
In dex numbers. Prices. U nited States and
Great Britain, 1914-1918, 5—546.
India—
N ote circulation, reserves, etc., 5— 950, 951.
P rice of silver, 1914-1919, 5—951.
Interest rates, com m ercial paper and call loans,
New Y ork, 1914-1919, 5—429.
Italy—
Note circulation, 1914-1919, 5— 844.
Member banks—
Discounts, 5— 387.
Number discounting, 5— 387.
M oney in U nited States, 6—827.
National banks—
Deposits, 1914-1919, 5— 781, 782.
Investm ents, 1914-1919, 5—780.
N et deposit and note liabilities, 5— 773.
N et deposits—
1918, 5—67
1914-1919, 5—773.
New Y ork market—
Call loan rates, 1914-1918, 5— 429.
Commercial paper rates, 1914-1918, 5— 429.
Number of banks rediscounting, 5— 387.
Par points, 5— 888, 992,1085,1086,1185.
Prices, U nited States and Great Britain, 5— 546.
Purchases and discounts, 5—66.
Reserves. (See supra, Federal Reserve Banks.)
U nited States Governm ent securities, holdings,
5— 66.
War paper, discounts—
Federal Reserve Bank of New Y ork, 5— 277.
Federal Reserve Banks, 5—277.
1918, 5—66.
Volum e 6,1920—
Bank of England. G old in vaults, e tc., 6— 487.
Bank of France. G old in vaults, e tc., 6— 487.
Cash reserves, Federal Reserve Banks, 1919,
6— 147.
D ebits to individual account, 6— 605.
D eposit liabilities. National banks, 6— 727
Discount rates. New Y ork market, O ct., 1918Aug., 1920, 6—941, 942.
Earning assets, 6— 725.
European central banks. Reserves, 6— 487
Federal Reserve Banks—
D eposits, 6— 725.
Earning assets, 6— 725.
Free gold, 6— 147.
Rediscounts between, 6— 1042, 1043.

C H A R TS— Continued
Volum e 6, 1920— Continued.
Foreign exchange rates—
Copenhagen on foreign countries, 1914-1919,
6— 41,
New Y ork on foreign countries, 6—51, 52,
1159,1161.
Stockholm on foreign countries, 6— 40,
Free gold, 6— 147.
Growth of clearing system, 6— 312
Inter-Reserve Bank discounts, 6— 1042.
National banks—
D eposit liabilities, 6— 727
Investm ents, 1914-1920, 6—727
M oney in U nited States, stock of, 6— 827
Far point map, 6—94, 194, 308, 312, 419, 535,
644.
^ U n it e d States, 6— 964,1082,1212,1213, 1326.
D ebits to individual account, comparison
w ith prices, 6— 605.
Reichsbank, German, gold in vault, etc., 6— 487
CH ATTAN O O G A.
Designated as a reserve city , 1— 49.
CH A TTEL M O R T G A G E S.
Bankers’ acceptance secured b y chattel mortgages
on cattle held eligible as cattle are readily market­
able com m odities, 2— 65.
Bankers1 acceptance secured b y general b ill of sale
of stock on hand, even if the b ill of sale could be
construed as a pledge or chattel mortgage, is not
eligible under Itegulation B , 1916, 2—684.
Agricultural paper to fatten cattle is eligible whether
or not secured b y a chattel mortgage, 3—378.
Draft on a bank secured b y a note which is agri­
cultural paper, in turn secured b y a chattel
mortgage on cattle, is not eligible for acceptance,
3—691.
Member bank could discount such a note bu t it
would not be eligible for rediscount as it is not
agricultural paper nor com m ercial paper 3— 691
Bank can not accept drafts or bills secured b y chattel
mortgage on cattle, 4— 309, 437, 871.
Drafts of a cattle loan com pany secured b y notes of
owner of cattle, in turn secured b y chattel mort­
gage on the cattle, are not eligible for acceptance,
1— 871
CH ECK CLE ARIN G .
Regulation J, 1920, 6—1189.
(See Clearing system .)
CH ECK IT E M S .
(See Clearing system .)
CH ECK S.
(See Clearing system j Gold settlem ent fund, Federal
Reserve agents; T ax, War Trade Board.)
CH E CK S, FO REIG N D IV ID E N D .
Ruling, Foreign Exchange D ivision, 4— 973, 1121.
CH ECK S ON NONM EM BER BA N K S.
(See Clearing system .)
C H E C K S, TH EO RY AND USE O F.
International High Commission, 4—518.
C H E CK S, TRAVELERS*.
Ruling, Foreign Exchange D ivision, 4—973.
CH E CK S, USE O F, IN FRAN CE, 2—374.




CH EM ICALS.
Terms of sale, 0— 1157.
CH IC A G O .
(See Federal Reserve Bank of Chicago.)
CH ICAG O C LE ARIN G H O U SE CO M M ITTEE.
Acceptances may be cleared through^ 4—819.
CH IEF FEDERAL RESERVE BA N K EXAM IN ER .
Herson, J. F ., appointed, 6— 1134.
CH IEF N A TIO N AL BAN K E X A M IN E R , RICH M O N D .
Doughton, K ., appointed, 3— 748.
CH IEF N A TIO N AL BAN K E X A M IN E R , C H IC A G O .
Higgins, E . F ., appointed, 3— 748.
CH IE F N A TIO N AL BAN K E X A M IN E R , NEW Y O R K .
M album , W P , appointed, 3— 80.
CH IEF N A TIO N AL B A N K E X A M IN E R S.
Conference of, 1— 217.
CH ILE.
Banco de Chile, condition, 1914-1919, 6—1055, 1057.
Banks of, condition, 6— 1055,1057
Branch of National City Bank, New York, in, 4—944.
D ebt, pu blic, 3— 1056.
Econom ic and financial conditions, 6— 1052.
Exports, 6— 1054.
Foreign exchange rates, 4—839, 843, 1201; 3—1052,
1055.
Foreign trade, 6— 1044, 1052, 1054.
Gold conversion fund, 6— 1052.
G old exports to, 6— 6.
Monetary system, 6— 1052.
Note circulation, 6— 1052.
P ublic finance, 6— 1056.
U nited States, Governm ent and other loans placed in,
5— 33, 6—688.
(See Valparaiso.)
CH IN A.
Asia Banking Corporation, organized to operate in, 4—
818.
Foreign exchange rates, London on Hongkong and
Shanghai, 6—50.
Gold exports to, since rem oval of embargo, 5— 1016;
3— 1018.
H andling of bills of exchange in, 5— 450.
International Banking Corporation, branch in, 4— 945.
Silver exports to, 3—1018.
United States, Governm ent and other loans placed in,
5—33, 3—688.
(See Hongkong; Shanghai.)
CH IN AW ARE.
Terms of sale, 3— 1031
C H R IST IA N IA .
Foreign exchange rates, Berlin on, 3—1076, 1319.
(See Foreign exchange rates; Norway .)
C H R ISTM A S G IF T S .
Use of war-savings certificates in place of gold, 3— 931,
951.
Use of gold coin for, deprecated, 3—931, 951; 4— 1216.
C IG A R E TTE S.
(See Physical volum e of trade.)
C IG A R S.
(See Physical volum e of trade.)
C IN C IN N A TI.
Branch of Federal Reserve Bank of Cleveland.
3—923; 4 —10,14, 5— 126,778; 3—61.

C IPH E R CO D ES, 1— 15,
C IR C U L A R , AN O N YM O U S.
On section 9, Federal Reserve A ct, 2—53.
C IR C U LA R S AND R E G U LA TIO N S.
1914, superseded—
Regulation 2 superseded b y B , 1915, 1— 37
Regulation 3 superseded b y A , 1915, 1—36.
Regulation 4 superseded b y B , 1915, 1—37
Regulation 5 superseded b y C, 1915, 1— 38.
Regulation 7 superseded b y Circular 6, 1915 >
1— 38.
Regulation 7 superseded b y E , 1915, 1—39.
Regulation 9 superseded b y 1 , 1915, 1— 43.
Regulation 13 superseded b y Circular 3, 1915,
1— 36,
1915, superseded—
Circular 5,1915, superseded b y Circular 11,1915,
1— 44.
Regulation D , 1915, superseded b y Regulation
J, 1915,1—45.
Volum e 1, 1915. Series of 1915—
Circular 1, 1915. Issuance of circulars and
regulations, 1—36.
Circular 2, Regulation A , 1915. A cceptance of
credit statements in lieu of certificates, 1—36.
Circular 3, Regulation B , 1915. Commercial
paper, 1— 36, 37, 213.
Circular 4, Regulation C, 1915. Six months’ agri­
cultural paper, 1—38.
Circular 5, Regulation D , 1915. Superseded b y
Circular X I, Regulation J.
Circular 6, Regulation E , 1915. Tim e deposits
and savings accounts, 1—38, 39,
Circular 7, Regulation F, 1915. Purchase of war­
rants, 1— 39, 40, 220.
Circular 8. W aiver of dem and, n otice, and pro­
test, 1—41,
Circular 9, Regulation G , 1915. Increase and
decrease o f capital stock Federal Reserve
Banks, 1— 42,
Circular 10, Regulation H , 1915. National banks
as executor, etc., 1— 42, 43.
Regulation 1 ,1915. Loans on farm lands, 1— 43.
Circular 11, Regulation J, 1915. Bankers’ accept­
ances, 1— 44, 45.
Circular 12, Regulation K , 1915. Acceptances
b y m em ber banks 1— 46.
Circular 13, Regulation L , 1915. Clearings be­
tween Federal Reserve Banks, 1— 148,
Circular 14, Regulation M, 1915. Membership of
State banks, 1—145.
Circular 15, Regulation N , 1915. Changes in
capital stock, Federal R eserve Banks, 1— 148.
Regulation O, 1915. Issue and redem ption of
Federal Reserve notes, 1—215.
Circular 16, Regulation P , 1915. Trade accept­
ances, 1—216.
Circular 17, Regulation Q, 1915. Commodity
paper, 1— 310.
Circular 18, Regulation R , 1915. Bankers’ ac­
ceptances, 1— 310.
Circular 19, Regulation S, 1915. Open-market
purchases of bankers’ acceptances, 1— 434.
Designation of reserve cities, requirem ents, 1— 49.




C IR C U LA R S AND R E G U L A T IO N S—Continued.
Volum e 2,1916—
Circular 11, Regulation — , 1915. H olding of pub­
lic and political offices b y directors, 2—16,
Circular 20, Regulation T , 1915. Open-market
operations, 2—15.
Regulation I, 1915. Certificate o f officer main Tig
farm land loan com plies w ith, 2— 120,
Regulation 0 , 1915. Am ended; changes of Fed­
eral Reserve note redem ption to b e m et b y
issuing bank, 2—111.
Circular 18, Regulation Q, 1915. Staples defined,
2—523.
Circular 20, Regulation T , 1915. Open-market
operations, 2 —15.
Revised draft being prepared, 2—99.
Circular 2, 1916. R eview of 1915 regulations,
2—530.
Special instructions No. 2,1916. Bankers’ accept­
ances; Cable transfers; Foreign bills of ex­
change; Dom estic bills of exchange; R edis­
counts, agricultural papa:, 2—529.
Circular 2, Regulation A , 1916. Rediscounts,
2—530.
Circular 2? Regulation B , 1916. Open-market
operations, 2—532.
Circular 2, Regulation C, 1916. D ollar exchange
drafts, 2— 534.
Circular 2, Regulation D , 1916. Tim e deposits
and savings accounts, 2—534.
Circular 2, Regulation E , 1916. Purchase of war­
rants, 2 —535.
Circular 2, Regulation F , 1916. Fiduciary
powers, 2—536.
Circular 2, Regulation G , 1916. Loans on hum
lands, 2—537.
Explanation, 2—606.
Circular 2, Regulation H , 1916. Membership of
State banks, 2— 538.
Circular 2, Regulation 1 , 1916. Increase and de­
crease of capital stock, Federal Reserve
Banks, 2— 541.
Circular 2, Regulation J, 1916. Check clearings,
2 -5 4 2 .
Clayton A ct, Kern amendment. Special instruc­
tions No. 1, 1916, 2— 389, 392.
Federal Reserve Bank of Chicago, clearing sys­
tem , 2—312.
Federal Reserve Bank of New Y ork, vau lt
reserves, 2—669.
Tennessee bankers, rediscount operations, 2— 4.
Volum e 3 ,1 9 1 7 Regulation A , 1917. Rediscounts, 8— 539.
Regulation B , 1917. Open-market operations,
8 -5 4 1 .
Regulation C, 1917. A cceptances, 8— 542.
Regulation D , 1917 Tim e deposits and savings
accounts, 8 —543,
Regulation E , 1917. Warrants, 8— 543.
Regulation F , 1917. Fiduciary powers, 8—545.
Regulation G , 1917 Loans on farm lands and
real estate, 8 —546.
Regulation H , 1917. State bank mem bership,
8 -5 4 6 .
Regulation I, 1917 Increase and decrease of
capital stock, Federal Reserve Banks, 8 —548.

C IR C U LA R S AND R E G U LA TIO N S— Continued.
C IR C U L A R S AND R E G U LA TIO N S— Continued,
Volum e 6. 1920— Continued
Volum e 3,1917— Continued
Regulation J, 1920. Check clearing and collec­
Regulation J, 1917 Check clearing and collec­
tion, 6—1189.
tion, 3—549.
(See Clearing system )
Memphis Agency, 3—168.
National banks acting as insurance agents, Comp­
Regulation K , 1920, Banking corporations au­
troller of Currency, 3— 164,
thorized to do foreign banking business under
section 25(a), Edge A ct, 6— 379, 1190,
Purchase of Governm ent bonds b y a Federal
Reserve Bank, 3— 80,
(See Edge A ct; Foreign banking corporations.)
Idaho banking department, admission of State
Regulation L, 1920, Interlocking bank direc­
banks, 3-—599,
torates under Clayton A ct, 6 —1193.
Notes and bills, collection of, Federal Reserve
(See Clayton A ct.)
Bank of New Y ork, 3—743.
C IR C U LA TIN G N O TES.
(See also Liberty loans.)
Of rechartered banks, 4— 422.
Volum e 4,1918—
(See Comptroller of Currency.)
War-savings certificates and thrift stamps, United
Right of national banks to increase issue of, 2—65, 72.
States Treasury, 4— 87
C IR C U LA TIO N , NO TE.
(See Secretary of Treasury ,)
Abroad. Discussion, 6 —6, 667, 902, 909, 928.
Volum e 5,1919—
Federal Reserve Agents to prepare circular on
Central banks of Europe. (See Central banks of issue.)
acceptances, 4—415, 5—530.
Federal Reserve notes. (See same,)
Regulation F , 1919, Trust powers, 5— 438.
France, Great Britain, Italy, 6-909.
Schedule of availability C ollection of banker’s
League of nations on, 6 —898, 901, 909,
acceptances, Federal Reserve Bank of New
vnrcuianon, m oney in , 3— 500, 562,4—506, 684, 795,
Y ork, 4—245.
1042,1160, 1253; 5 -4 7 , 181, 292, 404, 510, 606
Volum e 6,1920—
698, 788, 810, 838, 902, 1006, 1101, 1193, 6 -1 0 9 ,
Regulation F, 1919. R eadily marketable securi­
210, 327, 435, 551, 659, 762, 890, 1014, 1121
ties, 3— 385.
1250, 1368; 1917-1920, 6— 730.
(See B ills receivable; F iduciary powers, Trust
Per capita. (See supra, Circulation, m oney in )
funds.)
Senate resolution, 6— 558, 582.
Regulation A , 1920, Rediscounts under section
U nited States, 6-667
13, 6—1179
(See also Comptroller of Currency; Federal Reserve
A , Notes, drafts, and bills, 6— 1179,
Banks, Federal Reserve Bank notes; Federal
B. Bankers acceptances, 6—1180,
Reserve notes, German Reichsbank, India, Na­
(See D iscounts.)
tional banks, Note circulation; Paper currency
War finance.)
*
Regulation B , 1920, Open-market purchases of
bills of exchange, trade acceptances, and
(See Principal banks b y name.)
bankers’ acceptances, under section 14, 6—
rElsEJtAL RESERVE RAN K AND BRAN CH .
1181
Commercial rates, 4r-812f 1016,1106,1209,5— 74. 265,
(See Acceptances, D iscount and open-market
376,482, 577, 667, 750, 864, 972,1065,1162; 6 -7 2
operations; Open-market operations.)
172, 286, 396, 514, 622, 713, 852, 967, 1085, 1215
Regulation O, 1920.
Acceptances b y banks of
1329.
9
9
drafts ana bills of exchange, 6—1182
(See Clayton A ct; Discount rates; Member bank con­
(See A cceptances.)
dition statements; Member banks.)
Regulation D, 1920, Tim e deposits and savings
C ITIZE N S ST A TE BA N K , M EM PH IS.
accounts, 6— 1182,
Reasons for joining Federal Reserve System, 3— 371,
(See Savings accounts; Tim e deposits.)
Regulation E , 1920, Purchase of warrants, 6— C ITR U S F R U IT S.
(See Physical volum e of trade. )
1183.
(See Warrants.)
C IT Y BA N K S.
Regulation F, 1920. Trust powers of national
Method of granting accommodations to correspondent
banks, 6—1184.
banks, 6 —584.
(See Fiduciary powers.)
C IT Y , C E N TRA L R E SE R V E .
Regulation G, 1920. Loans on farm land and
(See Reserves,)
other real estate, 6— 1185.
C IT Y , RESERVE.
(See Farm land loans; Real estate loans.)
Requirem ents for designation as, 1— 9
4
Regulation H , 1920, Membership of State banks
and trust companies 6— 1186.
CLASS A D IR E C T O R S.
(See Directors.)
(See State banks.)
Appendix, section 9 as am ende! b y act of C LA SS A R E PO R TS.
June 21,1917, 6—1187
Ruling, Foreign Exchange D ivision, 4— 1121.
R egulation1,1920. Increase or decrease of capital
stock of Federal Reserve Banks, cancellation CLA SS B D IR E C T O R S.
(See Directors.)
o f old certificates, issue of new certificates,
6 —1187
CLA SS C D IR E C T O R S.
(See Capital stock, Federal Reserve Banks.)
(See D irectors.)




C LA SSE S.
Condition of State mem ber banks and trust companies
b y , 4— 796, 798, 799, 916, 917, 919, 920, 5— 184,
187, 296, 298, 406, 514, 516, 520, 905, 906, 1007,
6—329, 330, 438, 439, 764, 765, 1005.
D iscounts of bills b y . (See Discount and openmarket operations.)
O f accepting institutions. (See D iscount and openmarket operations.)
C L A S S IF IC A T IO N .
Agricultural paper, 3—114.
Bank clerks, draft law, 4—597.
Bank loans. Essential and nonessential, 4—261.
Earning assets, 5— 771.
(See sam e.)
European dem and for credits, 6— 1013.
Member banks. E lection of directors, 2— 670.
M unicipal expenditures. (See Capital Issues Com­
m ittee.)
Priority, War Trade Board, 4—1089.
State m em ber banks and trust companies, loans and
discounts, 4— 796, 798, 916, 917, 919,920,5—187,
296,298,406, 516, 520,1007,6—333,444,766,1007
C LA YTO N A N T IT R U S T A C T . A C T O F O CTO BER
15, 1914. A C T OF M A Y 15, 1916 (K ERN
AM EN D M EN T).
A ct of May 26,1920. (See infra, Private banker.)
Advisory com m ittee, members of, not necessarily
officers subject to act, 3— 118.
A pplication, form of, 2— 446.
Attorney General of U nited States. Opinion b y
Interlocking directors of State banks and trust
com panies under section 9 of Federal Reserve
A ct as am ended b y act of June 21, 1917, are not
subject to the act, except in D istrict of Columbia,
whether or not member banks, 3—734, 744.
Bank, banks—
Savings and loan associations are banks subject
to act, 2— 118.
Morris plan banks are subject to act, 3— 527
Suburban district banks are subject to act if
w ithin lim its of city over 200,000 inhabi­
tants, 5— 362.
Banker. (See Private banker.)
Banking firm. (See Private banker .)
Capital stock. (See Opinions of counsel, Mutual
savings bank.)
Certiorari. (See U nited States Supreme Court.)
City (See Suburban district.)
Commercial credits. (See Substantial com petition.)
Com m odity broker. (See Private banker.)
Construction—
Banks, 2— 118; 8 -5 2 7 ; 5 -6 6 2 .
(See Banks.)
Fiscal year, 2— 523.
Private banker, 2— 589.
(See infra, Private banker.)
Substantial com petition, 3—878.
Contempt of court. (See D irectors.)
Counsel of Federal Reserve Board. (See Opinions
of counsel.)
Cumulative. Provisos of Kern amendment are, 2—396.
D eposit accounts. (See Substantial com petition.)




C LA YTO N A N T IT R U S T A C T— Continued.
Directors—
Of banks w ith resources over five m illions elected
January 1, 1916, can not serve after O ctober
15,1916, 1— 222.
O f State banks or trust com panies w ith resources
of more than five m illions can not serve as
directors of other State banks or trust com­
panies w hich are m em ber banks, 1—222.
Am endm ent to section 9, Federal Reserve
A ct, b y act of June 21, 1917, reverses
this. See opinion of Attorney General
of U nited States, 3— 734, 744.
O f national banks w ith resources over five m il­
lions may serve on board of State banks or
trust com panies, whether savings or commer­
cial banks, having resources less than five
m illions, if (a) the State bank is not a member
bank, (b ) not located in same city as the
national bank, or (c) if in same city , the city
contains less m an 200,000 people, 1—362.
May serve on boards of two banks or trust com anies if entire capital stock of one is owned
y other, regardless of the resources or loca­
tion of either bank, 1— 27, 405.
May serve on national bank whose resources are
over five m illions and in five State banks in
towns having each less than 200,000 people,
none having resources over five m illions,
1— 405.
Tw o-year lim itation. Section 8. Interpretation
of, 1— 405.
D irector of State bank w ith resources over five
m illions m ay serve not as a director, bu t as
an officer or em ployee of a national bank,
if not a member oank and not in same city
of over 200,000, 2—224.
May serve on two national banks in city under
200.000 people if neither has resources over
five m illions, 2—394.
Person may serve as director of a mutual savings
bank having no capital stock represented b y
shares and as director of a m em ber bank
whether or not in substantial com petition,
2— 394,
May serve on one other bank all of whose stock
is owned b y stockholders of a m em ber bank,
and also, under Kern amendment, on two
other banks not in substantial com petition
w ith the mem ber bank, 2—396.
F iscal year Construction, 2—523.
If average resources in 1915 were less than five
m illions, a director elected in January 1916,
could serve until January 1917, 2— 523
Director of national bank w ith resources over
five m illions m ay serve on a State bank w ith
resources less than five m illions, if (a) State
bank is not a mem ber bank, (b ) not located
in same city , and (c) if city has less than
200.000 people, 2—523.
D irector of national bank w ith resources over five
m illions could not, under original act, serve
on board of another mem ber bank; under
Kern amendment he can serve on boards of
two other banks if not in substantial com ­
petition w ith the national bank, 2—523.
Enforcem ent of decisions b y U nited States C ircuit
Court of Appeals, 2— 606,
A cts of directors are valid although directors
later disqualified b y court; after court deci­
sions such acts would b e in contem pt, 2—606.

C LA YTO N A N T IT R U S T A C T— Continued.
Nonmember bank, D irector of can not serve as di­
rector of a national bank having lees than five
m illion resources, in a city of less than 200,000
people and also on a nonm ember trust com pany
having resources over five m illions; could serve as
director in one and as officer in other, under Kern
amendment could serve as director m both if not
in substantial com petition, 2—329.
Note broker (See Private banker .)
Officers, qualification. (See Opinions of counsel.)
Open-market purchases. (See Substantial com peti­
tion .)
Operating under laws of U nited States—
State member banks and trust companies operate
under laws of U nited States ana are subject to
act, 1—222.
See, however, am endment of section 9, Federal
Reserve A ct. O pinion Attorney General, 3—
734, 744.
Opinions. (See Attorney General of U nited States.)
Opinions of counsel of Federal Reserve Board—
A ct does not relate to qualifications of directors of
State banks and trust com panies; merehr de­
fines eligibility of private bankers, officers,
and em ployees of banks organized under laws
of United States, 1—27.
Section 8 takes effect two years from O ctober 15,
1916, the date of passage of act, 1—27
E xecutive com m ittee. Those in eligible as directors
State member banks and trust companies,
can not serve on, 2— 679.
although organized under State law operate
Federal Advisory Council, suggested amendment,
under Federal law and are subject to act,
1— 394,
1—222.
Federal Reserve Board—
See, howe /er, amendment of section 9, Federal
A pplication, form of, 2— 446.
Reserve A ct. A ttorney General of United
Circular, Kern amendment, 2—389.
States, 3—734, 744.
Explanation of act, 2—329, 389, 392, 446.
Directors of State banks and trust companies hav­
Number of cases decided, 2— 507, 588, 602.
ing resources more than five m illions, can not
serve as directors of other State banks or trust
Press statement, Kern amendment, 2—514; 3—
companies w hich are member banks, 1—222,
446.
Changed by amendment of section 9, Federal
U nited States Circuit Court of Appeals to enforce
Reserve A ct. A ttorney General of United
orders of Federal Reserve Board subject to
States, 3— 734, 744.
certiorari b y U nited States Supreme Court,
2—606.
Director of a bank w ith resources over five m il­
lions, elected January 1, 1916, can not serve
V alid, Permission of Federal Reserve Board to
after October 15, 1916, 1— 222, 365.
serve is valid until revoked, 3—763,
Director may serve on two banks or trust com ­
Fiscal year means fiscal year of the bank in question,
panies if entire capital stock of one is owned
2— 523,
b y other, regardless of resources or location of
Forms, 2—391.
either, 1— 405.
Instructions. (See Federal Reserve Board.)
Two-year lim itation of section 8 applies to all
Kern amendment—
three paragraphs of section 8, 1—405.
As passed by Senate, 2—205.
Director may serve on national bank w ith re­
Provisos of, are cum ulative, 2—396.
sources over five m illions and on five State
Am ended b y act of May 26,1920, to perm it private
banks, in towns less than 200,000, all having
bankers to serve as directors of national banks
resources less than five m illions, 1— 405.
and to have privileges of Kern amendment,
Director m ay serve on national bank w ith re­
6—813, 948.
sources of less than five m illions and on a
(See D irectors; Federal Reserve Board Opinion
State bank w ith resources of less than five
of counsel.)
m illions if not in same city of 200,000 or
Loan associations. Savings and, are banks subject to
more, 1—405.
act, 2—118,
4 Fiscal year” means fiscal year of bank in ques­
‘
Morris plan banks are banks su bject to act, 3— 527.
tion, 2— 523.
Mutual savings banks. M ay serve as director of, hav­
If bank’s average resources were less than five
ing no capital stock, and of m em ber banks
m illions during 1915, but increased beyond
whether or not in substantial com petition, 2—394.
five-m illion lim it during 1916, a director
elected in January, 1916, could serve until
National banks. (See Private banker; Private bank­
January, 1917, 2— 523.
ing firm .)

C LA YTO N A N T IT R U S T A C T — Continued.
D irectors—Continued,
Certain directors allowed to serve on boards sub­
je ct to further revision b y Federal Reserve
Board, 3— 77
Interlocking directors of State banks and trust
companies, whether member banks or not,
since amendment of section 9, Federal R e­
serve A ct b y act of June 21,1917, are not sub­
je ct to act, except in D istrict of Columbia.
Opinion Attorney General of U nited States,
3— 734, 744.
Permission of Federal Reserve Board to serve as
interlocking director is valid until revoked,
3— 763.
Q ualification of directors. (See Opinions of coun­
sel.)
Vacancies—
(See Opinions of counsel,.)
(See also A dvisory com m ittee; E xecutive
com m ittee; Mutual savings bank; Non­
member bank; Private banker; Private
banking firm ; State bank and trust com­
pany.)
D istrict of Colum bia. Interlocking directors of State
banks and trust companies are subject to act in.
Opinion Attorney General, 3—734, 744.
Employees, qualifications of. (See Opinions of coun-




C LA Y TO N A N T IT R U S T A C T— Continued.
Opinions o f counsel of Federal Reserve Board—Con.
D irector of national banks w ith resources over
five m illions m ay serve on State banks with
resources less than five m illions if the State
bank (a) is not a member bank, (b ) is not
located in same city , (c) and city nas less
than 200,000, 2— 523.
D irector of national bank with resources over
five m illions m ay serve (under Kern amend­
m ent, but not under original act) on two
other banks not in substantial com petition
w ith the national bank, 2—523.
Order to desist. Enforcible b y United States
Circuit Court of Appeals, 2— 606.
Penalty. No, provided under section 8, 2—606.
Private banker—
Can not serve, after October 15, 1916, as
director of a national bank, 2— 394.
A ct of May 26,1920, amends Kern amendment
so that private bankers may serve on
boards of two other banks, whether or­
ganized under laws of the United States
or of any State, if not in substantial com­
petition with such banker or member
bank, 6—813, 948.
Ordinary stock brokers, note brokers, and
com m odity brokers are not, 2— 589,
(See Opinions of counsel.)
Private banking firm. Same lim itations as private
banker, 2—589,
Procedure, 2—309, 391, 446, 514.
Purchases of paper in open market. (See Substantial
com petition.)
Qualifications, State bank directors. (See Opinions
of counsel, principal heading.)
Regulation. Special instructions No. 1,1916, 2—389,
Regulation L , 1920, 6— 1193.
R eview of decisions b y U nited States Circuit Court
of Appeals.
Subject to certiorari b y United
States Supreme Court, 2— 606.
Savings banks. (See Mutual savings banks.)
Savings banks and loan associations are subject to
act, 2— 118.
Section 8, no penalty provided in , 2— 606.
Special instructions No. 1, 1916, 2— 389.
State banks and trust companies.
(See Directors;
Opinions of counsel.)
Stock. (See D irectors.)
Stock broker (See Private banker.)
Substantial com petition—
The test of, is the granting of com m ercial credits
and solicitation of commercial deposit ac­
counts, rather than the purchase of paper
in the open market, 8— 878.
(See D irectors, Mutual savings bank.)
Suburban district. Banks in suburban districts of a
city over 200,000, if w ithin its corporate lim its,
are banks subject to the act, 5— 362.
Taking effect of act.
(See Opinions of counsel,
principal heading.)
Term of directors, (See Opinions of counsel, prin­
cipal heading.)
Test of substantial com petition.
(See Substantial
com petition.)
U nited States Circuit Court of Appeals.
Review
of decisions of Federal Reserve Board, 2—606.




C LA YTO N A N T IT R U S T A C T — Continued
U nited States Supreme Court. R eview , b y certiorari,
of decision o f U nited States Circuit Court of
Appeals, 2—606.
Vacancies.
(See O pinions of counsel, principal
heading.)
CLEAN D R A F T S , 8—378.
(See A cceptances.)
CLEARAN CE FUND, IN T E R N A T IO N A L
5—198.

G O LD ,

CLEARAN CES O F V E SSE L S.
In foreign trade. (See Physical volum e of trade.)
C LE A R IN G D E P O SIT S .
Of nonm em ber banks, 8—850.
(See Clearing system .)
C LE A R IN G H O U SE B A LA N C E S.
Manner of settlem ent of, approved b y Federal Reserve
Board, 2— 53.
C LE A R IN G H O U SE B A N K S.
Portland, Oreg., 8— 930.
(See Commercial paper; New Y ork Clearing House
banks.)
C LE A R IN G H O U SE, B O ST O N , 8—162,164.
(See Boston Clearing H ouse.)
C LE ARIN G H OU SE C E R T IF IC A T E S .
Issues of, 4—279,
C LE A R IN G H OU SE CONFEREN CE.
Interest on bank balances, 6—157.
(See Interest.)
C LE A R IN G H O U SE D E B IT ST A TE M E N TS, 4— 809,
821, 823,1002,1103,1206, 5— 68,147, 258, 369, 473, 571,
661, 763, 878, 983, 1077, 1174, 6—84, 185, 297, 407, 524,
603, 604, 635, 733, 863, 978, 1095, 1225,1259, 1342.
Comparison w ith price in dex, 6— 604,
(See Member banks’ condition statements.)
C LE ARIN G H O U SE E X C H A N G E S.
(See Reserve requirem ents.)
C LE A R IN G H O U SE S.
A cceptances cleared through, 4— 819.
C LE ARIN G M EM B ERS.
Am endm ent to Federal Reserve A ct authorizing,
8 — 100.
Balances, required, 8— 617
Growth of mem bership, 8— 579.
Nonmember bank, deposits, 8— 850.
R ight to advertise, 3— 879.
Use of words forbidden, 4— 1119,1216
C LE ARIN G P R IV IL E G E S .
(See Private bankers.)
C LE A R IN G SY S T E M , FED ERAL RE SER VE. (See
also Opinions of counsel; Par collections.)
Volum e 1,1914-1915—
Voluntary intradistrict plan announced M arch 4,
1915,1— 6, 48.
(D oes not cover interdistrict clearings nor
settlem ent of balances betw een Federal
Reserve Banks.)
Circular 13, Regulations L, 1915, May 8 ,1 — 78.
Federal Reserve Board to Federal Reserve Banks
on progress, 1— 192.
Federal Reserve Agents—
M eeting of clearing com m ittee called for Sep­
tem ber 1 7 ,1 — 307
R eport on, O ctober 13, 1—369.

C LE A R IN G SY S T E M , FED ER AL R E SER VE— Con.
Volum e 1, 1914-1915— Continued.
Federal Reserve Agents—Continued.
Favors interdistrict plan. D aily settle­
ments through gold settlem ent fund,
1—369.
Federal Reserve Bank of New York gives imme­
diate credit at par to drafts on Federal
Reserve Bank of Richm ond, 1— 367
Federal Reserve Board, letter to Gov Strong,
O ctober, 1915. Federal Reserve banks may
collect checks on nonm ember banks bu t not
for im m ediate credit at par, 1—346.
Gold settlem ent fund created, 1—9, 49, 78, 82.
Im m ediate credit at par Federal Reserve Bank
of New Y ork gives, to drafts on Federal
Reserve Bank of R ichm ond, 1—367
List of banks joining, 1— 195, 270, 321, 367, 408.
(See Gold settlem ent fund )
Report, Federal Reserve Agents, 1—307, 369.
Volum e 2,1916—
Am erican Bankers Association, hearing, May 12,
1916, 2—262.
Approved reserve agents—
Member banks m ay continue to carry ac­
counts w ith, 2—262.
(See infra, U ncollected funds.)
Bank transfers, Federal Reserve Board on, 2—314,
B ills, notes, and drafts, collection charges for,
not yet fixed, 2—264.
Boston Clearing House. Country bank clearings
taken over b y Federal Reserve Bank of
Boston, 2—317.
Charges, service, Per item , practical uniform ity,
2—314.
Circulars and letters on—
Federal Reserve Bank of Chicago, 2—312.
Federal Reserve Bank of Dallas, 2—314.
Federal Reserve Bank of Richm ond, 2— 598.
Federal Reserve Board, 2—259, 260, 542.
National Association Credit Men, 2— 600,
Conferences—
Governors of Federal Reserve Banks, April
17,1916, 2—206.
Representatives of clearing houses, Chicago,
June 22,1916, 2—310.
Cost of transportation. Currency shipments to be
paid b y Federal Reserve Banks, 2—259,456.
Cotton drafts, collection charges on, not affected
b y abolition of exchange charges, 2—264.
Exchange charges—
Abolishm ent of, does not prevent collection
charges on cotton drafts, 2—284.
National Association of Credit Men approve
prohibition of, 2— 600.
Exchange on Federal Reserve cities. Federal
Reserve Banks of St. Louis and San Francisco
announce rates for dealings in, 2— 315.
Federal Reserve Bank o f Boston takes over coun­
try clearings, 2—315.
Federal Reserve Bank of Chicago, circular on,
2—312.
Federal Reserve Bank of Richm ond, circular on,
2— 598.
Federal Reserve Bank of St. Louis, rates for deal­
ings in exchange on Federal Reserve cities,
2—315.




37599°—21-

CLE A R IN G SY S T E M , FED ER AL RE SER VE— Con.
Volum e 2,1916— Continued.
Federal Reserve Bank o f Dallas, clearing plan,
2—315.
Federal Reserve Bank of San Francisco—
Rates for dealings in exchange on Federal
Reserve cities, 2—315.
W ill receive item s from member banks on all
nonmember banks in its district, 2—314.
Federal Reserve Board—
O pinion of Attorney General o f U nited States
asked as to clearing system, 2—99.
(See O pinions, Attorney General.)
Regulation J, 1916, 2—542.
Statements as to, 2—205, 261, 314, 371, 374,
509, 589.
Statement that proposed suit to test legality
of, is not a friendly suit, 2—374.
Grain drafts. C ollection charges on, not prohib­
ited by abolition of exchange charges, 2—264.
Growth of, 2—309.
Hearing, Am erican Bankers Association, 2—262.
Inauguration of new clearing plan deferred to
July 15, 1916, 2—262.
Indorsement of item s, 2—314.
Indorsement of clearing plan b y a banker, 2—599.
Interdistrict clearings—
Conference, 2—206,
Establishment, Circular 1,1916, 2—259.
Postponed to July 15,1916, 2—262.
Intradistrict system A dditions to and w ith­
drawals, 2—14, 70, 121, 169, 225, 267.
Item s. Collection of, from nonmember banks is
voluntary, 2— 456.
List of banks joining, 2—14, 70,121,169, 267.
Mandatory—
New system not, 2—263.
Collection of item s on nonmember banks not,
2—456.
Member banks m ay continue to carry accounts
w ith their approved reserve agents, 2—262.
Nonmember banks. Federal Reserve Bank of
San Francisco w ill receive from member
banks item s on all nonmember banks in its
district, 2— 314.
Operation of. Statements of governors of Federal
Reserve Banks of New Y ork, Philadelphia,
and Chicago, 2—378, 444, 511, 590, 598, 670.
Par collection . Meaning of, 2—310.
Par list. Supplem ent to, 2— 513.
Reserve agents, approved. (See supra, Approved
reserve agents.)
Reserves. Penalties for im pairm ent of, im posed
b y Federal Reserve Banks, 2—314.
Shipments of m oney at expense of Federal R e­
serve Banks, 2—259, 314, 456.
U ncollected funds not available as reserve re­
quired to be kept in Federal Reserve Bank,
but m ay count as part of optional reserve
perm itted to be earned in vaults, in Federal
Reserve Bank, or with approved reserve
agents, 2—314.
Voluntary—
Entrance into clearing system, 2—263.
Collection of items on nonmember banks,
2— 456.

C LE A R IN G S Y S T E M , FED ER AL RE SER VE—Con.
Volum e 3 ,1 9 1 7 A dvertisem ent Clearing members, 3—879.
Am endm ent to Federal Reserve A c t Clearing members, 3—100.
Interpretation of, 8— 657, 660.
A ttitude o f country banker on, 3—740.
Balances, clearing. (See infra, Nonmember
banks.)
Boston, Federal Reserve Bank of—
Takes over country clearings, 3—162.
Operation of, 3—162.
Charges, service—
N et service charges, 3— 608.
Justified when banks send direct instead of
through Federal Reserve Bank, 3—660.
Exem ption from , 3—660.
For collection of maturing notes and bills,
3 —661.
Circular letter, Federal Reserve Bank of New
Y ork. Collection of maturing notes and
b ills; charges, 3—656, 661, 743.
Clearing deposits, nonmember banks, 3—850.
Collection charges, maturing notes and bills, 3—
656, 661, 743.
C ollection of maturing notes and bills, 3—656,
661, 743.
Currency. (See infra, Shipm ent.)
Exchange charges—
Country banker favors abolition of, 3—740.
(See infra, H ardw ick am endm ent.)
Federal Reserve Bank o f Boston—
Takes over country clearings, 3—162.
A dm itted to Boston Clearing House, Novem­
ber 19, 1914,3—164.
G old certificates. (See infra, Reserve balances.)
Growth of, 3— 579, 660.
H ardw ick amendment—
Exchange charges; difference between ex­
change and collection charges on notes
and bills, 3—657, 660, 743.
Im m ediate availability
Report o f Gov­
ernors, 3—78.
Nonmember banks—
Am endm ent. Clearing members, 3—100.
Interpretation of, 3— 657, 660.
Perm issive, not mandatory, 3— 617.
Federal Reserve Banks may require balances
sufficient to cover checks drawn against,
as w ell as for collection of item s received
from , 3 —617.
Clearing deposits of, 3—850.
Reserve balances. (See infra, sam e.)
Growth o f mem bership, 3—579, 660.
Operation of, in Boston district, 3—162.
Operations of, 3— 6, 80, 115, 162, 171, 268, 354,
455, 524, 613, 634, 680, 762, 841, 948.
Paym ent of reserve balances. (See infra, Reserve
balances.)
Regulation J, 1917, 3— 549.
Report, com m ittee of governors.
Imm ediate
availability at par of drafts on Federal
Reserve Banks, 3 —78.




C LE A R IN G S Y S T E M , FED ER AL R E S E R V E -C on .
Volum e 3,1917— Continued.
Reserve balances.
Federal Reserve Banks
should receive in paym ent of, any form of
U nited States currency on same terms as
gold certificates or legal tenders, 3—660, 661.
Service charges. (See supra, Charges.)
Shipm ent o f funds—
I f member bank ships funds b y express or
other than b y U nited States m ail,
insured, it m ust bear expense, 3— 615.
Member banks can ship funds at expense of
Federal Reserve Bank on ly to extent
o f in ability to provide item s to offset
checks from or on account o f its Federal
Reserve Bank, 8— 615.
Transit departm ent disbursements, 3— 608.
U nited States notes. (See supra, Reserve bal­
ances.)
Volum e 4,1918—
Acceptances—
Allow ance for loss of interest, 4—521.
Clearance of, 4 —805, 819, 821.
Bankers’ , to be handled as cash item s,
4—371.
Trade, to be handled as collection and not
as check or cash item s, 4 —372.
Advertising. Clearing mem ber, 4 —1119,1216.
Am endm ent. (See Am erican Bankers Associa­
tion .)
Am erican Bankers Association—
R eport on exchange charges b y com m ittee
of 5 , 4—962.
Suggested am endment, 4—964.
Attorney General o f U nited States. Nonmember
banks, not clearing members, not affected b y
prohibition o f exchange charges under sec­
tion 13, 4 -3 6 7 , 370.
Bankers’ acceptances to be handled as cash item s,
4—372.
B ill of lading drafts, collection of, 4— 136.
Charges—
Elim ination of certain service and other,
4 -3 6 3 , 371.
Elim ination of 10-cent charge on collection
item s betw een Federal R eserve Banks.
W hen returned unpaid charge of 15
cents to be im posed, 4 —371.
New Y ork Clearing House. Charges for col­
lection of item s on Federal Reserve par
list to be lim ited to charges w hich w ould
be incurred if collected through Federal
Reserve Bank o f New Y ork, 4r—1056.
Collection charges on checks abolished b y
Federal Reserve Banks, 4 —931.
Excess service, 4 —103.
Service charges, 1917, 4 —103.
Suspension of service charges, 4 — 363, 371.
Clearing members, advertising of, 4 —1119,1216.
Collection charges. (See supra, Charges.)
C ollection of b ill o f lading drafts, 4 — 436.
Conference o f transit managers, Chicago, Novem ­
ber 11,1918, 4 —1175.
Credit. Im m ediate. (See infra,
Im m ediate
credit.)
Currency transfers. Expense of, 4—1093.

C LE A R IN G SY S T E M , FED ERAL RE SER VE— Con.
Volum e 4,1918— Continued.
Exchange charges—
Report, com m ittee of 5, Am erican Bankers
Association, 4 —962.
Suggested amendment, Am erican Bankers
Association, 4—964.
Federal Reserve exchange drafts, 4—806, 819.
Federal Reserve Board approves recommenda­
tions of transit managers, 4—363, 371.
Float. Conference of transit managers on, 4—
1175.
Growth of, 1917, 4 —75, 107.
Im m ediate credit. Clearing house item s, 4—
806, 819.
Mail transfers—
T o banks in other Federal Reserve cities to
be by draft on Federal Reserve Bank
bu t to be sent d irect to bank to w hich
transfer ordered, 4—371.
D iscount rate to be based on the 10-day rate;
rate fixed, 4— 371.
New Y ork Clearing House amends rules so that
charges for collection of item s on Federal
Reserve par list are to be lim ited to charges
w hich would be incurred if collected through
Federal Reserve Bank of New Y ork, 4— 1056.
Operations of clearing system , 4—27, 107, 225,
340, 461, 550, 663, 774, 894, 1021, 1161,1240.
Par, telegraphic transfers at, 4—371.
Par list, banks on, 4—75,107
Progress of, 1917, 4— 75,107
Resolutions, clearance of acceptances. Clearing
house com m ittees of New Y ork, Boston,
Philadelphia, Chicago, e tc., 4—819, 820,
Service charges, excess, (See supra, Charges.)
Service charges, 1917, 4—103.
Suspension of service charges, 4—363, 371
Telegraphic transfers at par, 4 —371.
Tim e schedules. Revision of, 4—371.
Trade acceptances to be handled as collection
and not as cash or check item s, 4—372.
Transit disbursements, 1917, 4 —103.
Volum e 5,1919—
Acceptances—
Bankers’ , to be collected b y Federal Reserve
Bank of New Y ork, 5—245.
A vailability of proceeds, 5—245.
B y all Federal Reserve Banks, 5—246.
Branch banks. Item s handled b y , number,
5—777.
C ollectibility at par, b y sym bol to iden tify dis­
trict, 5 —28, 246.
Collection charges, New Y ork Clearing House,
5— 243.
(See New Y ork Clearing H ouse.)
Collection facilities of Federal Reserve Banks,
, 5—467
Collection outside of New York C ity. New
York Clearing H ouse; rules and regulations,
5—243.
Exchange charges. Drawee bank can not deduct,
on check of its customer drawn on his savings
account and deposited by a member bank in
Federal Reserve Bank for collection , 5— 964.




C LE A R IN G SY S T E M , FED ER AL R E SER VE—Con.
Volum e 5,1919—Continued,
Federal Reserve Banks, clearing services—
(1) For its own member banks—
Sec. 13. Maturing notes and bills and
drafts payable on presentation in
any Federal Reserve district, 5— 467.
Sec. 16. Checks and drafts drawn on a
member bank or on a bank on par
list in any Federal Reserve dis­
trict, 5— 467
(2) For member banks in other Federal
Reserve districts. Sec, 16. Checks
and drafts on any of its member
banks, 5— 467
(3) For other Federal Reserve Banks. Sec­
tion 13—
Collection of checks and drafts payable
on presentation w ithin its Federal
Reserve district, 5—467
Collection of maturing notes and bills
payable w ithin its Federal Reserve
district, 5— 467
Federal Reserve Board. P olicy of. G ov. Hard­
ing, 5—1113.
Gold settlem ent fund. (See same, principal
heading.)
Growth of, 1916-1919, 5—775.
Harding, Gov.—
P olicy, Federal Reserve Board, 5— 1113.
Use of sym bol, 5— 28, 243.
Identification of item s, b y sym bols, 5—28, 243.
Map. Banks on par list, 5—888, 892, 992, 1087,
1185,
(See infra, Par lis t,)
New Y ork Clearing H o u s e A vailability of acceptances cleared, 5—243.
Collection charges and regulations, 5—243.
Operations of system, 5—97, 181, 293, 405, 511,
608, 697, 775,803,886,992,1087,1185.
Par clearing. G ov H arding, 5— 1113,
Par collectib ility
(See infra, Sym bol.)
Par list. Banks on, 5—97,181,293,405,511,608,
697, 803, 886, 992,1087,1185.
Par list. Growth of, 5—886, 888, 892,1087,1185,
Par point map. (See supra, M ap.)
Schedule of availability Bankers’ acceptances
collected b y Federal Reserve Bank of New
Y ork, 5—243.
Sym bol. Use of, suggested by Gov Harding to
iden tify district and secure collection at par
b y member banks, 5— 28, 246.
Uniform acceptance collection schedule, Federal
Reserve Banks, 5— 246.
Volum e 6.1920—
Clearing operations, 6—94,194,308,417, 533, 642,
724, 744, 874, 986, 1105, 1234, 1350.
1917-1920, 6—310,1016.
Fiscal year 1920, 6 —724.
Collection—
Federal Reserve Banks may receive for, ma­
turing notes and bills drawn on firms,
individuals, or corporations, not banks, o i
their districts, when forwarded b y a mem­
ber bank of another district for account o f
its Federal Reserve Bank, 6—276.

C LE A R IN G S Y S T E M , FED ERAL RESERVE— Con. COAL—Continued.
Volum e 6,1920—Continued.
Germany—
Collection—Continued.
Prices, 1914-1920, 6— 1207.
Of check on a member bank forwarded by an­
Production, 6—907,1207,1318.
other mem ber bank, to be rem itted to the
Great Britain—
Federal Reserve Bank, 6— 494.
Production, 6 —617, 709, 844, 1071, 1313.
Exchange charges—
Strike, 6—1198,1311.
Member bank can not deduct, on its own ac­
Notes of water com pany for purchase of, are eligible,
ceptance forwarded b y Federal Reserve
3— 527.
Bank for collection, 6—
-162.
Paper based on, in ground is not eligible, 1— 126.
A member bank m ay deduct, from checks
drawn on it received from another bank
Prices, anthracite and bitum inous, 1914-1920, 6 —
w ith instructions to rem it in payment
1213,1214.
direct to Federal Reserve Bank for ac­
Shortage of, 6—789.
count of sending bank, 6— 494.
Strike, Great Britain, 6—1198,1311.
Member bank may deduct, for service of col­
U nited States. (See Physical volum e of trade.)
lecting maturing notes and bills drawn on
individuals, firms, or corporations, other CO AL AND CO K E.
than banks, 6—699.
Production and shipm ent of. (See Physical volum e of
trade.)
O pinions sustaining right of Federal Reserve
Terms of sale, 6—265.
Banks to present checks for paym ent at
counter of banks refusing to rem it at par—
(See Business conditions; Prices.)
U nited States D istrict Court, 6— 496. CO D ES, C IPH E R AND CABLE, 1— 15.
U nited States Circuit Court of CO ERCIO N OF ST A T E B A N K S.
Appeals, 6—1303. (Pending in
G ov Harding to^Congress denying, to enter clearing
U nited States Supreme Court.)
(See Exchange charges.)
COFFEE.
Federal Reserve Board. Letter to Congress on,
Prices, 1914-1920, 6—1214.
6—489.
Terms of sale, 5—1132.
Fiscal year 1920, operations, 6—724.
CO IN .
G old settlem ent fund. (See same.)
Abrasion of. Use of coin-counting machines depre­
Growth of system, 6—310, 724,1016.
cated as causing, 3— 440.
Interdistrict tim e schedule, 6—746, 987.
Export of gold, 2— 73 6,4— 499, 501.
Item s. Number handled, 1917-1919, 6—312.
(See G old.)
Map, par list, 6—94,194, 308, 419, 535, 644.
Foreign coin. (See sam e.)
Member banks in system, 6—94, 194, 308, 418,
G o ld 534, 643, 745, 874,1105, 1234,1350.
Use of, for Christmas gifts deprecated, 3— 931.
95 1,4—1216.
’
M ississippi statute. Par collections, 6 —387
Use of, for paym ent o f L iberty bond coupons
Nonmember bank. Collection of b ill of lading
deprecated, 6— 454.
draft received from a, for account of a mem­
(See Abrasion.)
ber bank, 6—948.
Nonmember banks in system, 6— 94,194,308,418,
Licenses for export of, 4 —76, 365 (Spain), 499, 501,
807; 5— 640.
534,643,745,874,1105,1234,1350.
Delegated to Federal Reserve Board, 4—23,81,449.
Fiscal year 1920,6—724.
Repeal of requirem ents, 5— 615, 653, 853.
Operations of. (See supra, Clearing operations.)
(See Federal Reserve Board; President, Secretary
Par clearances, M ississippi statute forbidding,
of Treasury.)
6 —387.
Silver, m elting of. Pittm an A ct. (See A ct of Apr.
(See supra, Exchange charges; O pinions.)
23,1918.)
Par list. Banks on, 6—94,194,308,311,418, 534,
Trading in gold coin. Ruling, Foreign Exchange
643, 745, 874, 986, 1105, 1234, 1350.
D ivision, 4— 866.
Regulation J, 1920, 6—483,1189.
Use of, in paying L iberty bond coupons, 6— 454.
State banks. No coercion on, to join clearing
(See G old; Foreign exchange transactions; Federal
system. G ov. Harding to Senate, 6—489.
Reserve Board, Licenses; President, Secretary of
W orking of system , 6— 874, 986,1015.
Treasury.)
C LE R K S.
C O IN -C O U N TIN G M ACH IN ES.
Reclassification of, under draft law, 4— 597.
Use of, discouraged as causing abrasion of gold, 3— 440.
(See Bank clerks.)
CO IN AG E A C T .
M exican silver, 5— 32.
C LO CK S.
Terms of sale, 6—1033.
CO IN AGE OF SIL V E R D O L L A R S , 1878-1891, 4— 397.
CLO TH UNDERW EAR.
C O IN A G E , W E IG H TS AND M EASU RE S, 5—126.
(See Decim al system , Great B ritain.)
Terms of sale, 6—812.
CO AL.
France—
Am ount available in , 6—619,1205.
Production, 6 -6 1 9 , 710, 846,1074,1205.




CO K E.
Prices, 1914-1920, 6 —1214.
(See Coal and coke; Physical volum e of trade; Terms
of sale.)

C O LLATE RAL.
Farm loan bonds not eligible as, for member bank
15-day notes, 4—33.
Federal Reserve Agents. Collateral for Federal Re­
serve notes. (See Federal Reserve Agents, princi­
pal heading.)
Joint custody of, for Federal Reserve notes, 8— 691
(See Federal Reserve Agents.)
Loans. Com mercial rates. (See Federal Reserve
Bank and branch cities.)
Notes secured b y
E ligible if note is com m ercial
paper, 1— 268.
Substitution of, 8— 30, 881,
(See A cceptances; Security; Ten per cent lim ita­
tion , Federal Reserve notes.)
CO LLATE RAL AG REEM EN T FO R RE PU RCH ASE,
2—461.
C O LLATE RAL LO AN S.
Stock exchange. (See Federal Reserve Bank and
branch cities.)
CO LLATE RAL N O TES.
Drafts secured b y , in turn secured b y chattel mort­
gage on cattle not eligible unless drafts are eli­
gible, 8— 690.
CO LLATE RAL N O TES, M EM BER BA N K 15-D A Y
(See, Member banks’ collateral notes.)
CO LLATE RAL SE C U R IT Y FO R FED ERAL RE­
SERVE N O TES.
Must be indorsed as to enable Federal Reserve Agent
to realize on the security if necessary, 1—127, 363.
(See Federal Reserve notes.)
CO LLATE RAL T R U ST N O TE.
Manufacturer’s note secured b y bills receivable is eli­
gible and not debarred as a, 1— 127
A note issued for carrying collateral for speculation,
or collateral in nature of stocks or bonds, other
than U nited States bonds, would be a, ana in eli­
gible for discount, 1— 72,127
C O LLEC TIN G A G E N TS.
Federal Reserve Banks may act as, for collection of
notes, bills, etc., under section 4, subsection 7,
and section 13 of Federal Reserve A ct, 1— 104.
(See Clearing system, Federal R eserve.)
CO LLEC TIO N . (See also Clearing system, Federal R e­
serve.)
Arm y meal tickets, Federal Reserve Banks may rest member banks to receive for collection,
938.
Acceptances. (See Clearing system, Federal R e­
serve.)
Charges, 2—226; 8— 880; 4 — 745.
Checks, (See Clearing system, Federal Reserve.)
Conditions—
Index of, 5— 547, 6—922, 1031,
In Federal Reserve districts, 6— 922.
Cost of (See N egotiability )
Drafts for (See B ill of lading drafts; Clearing system,
Federal Reserve.)
Federal Reserve Agents may turn over maturing
notes and bills to Federal Reserve Banks for,
3— 351
Federal Farm Loan Banks may deposit in Federal
Reserve Banks for, to offset coupons received for,
3— 881.

r




CO LLECTIO N — Continued.
Items on nonmember banks. (See Clearing system,
Federal R eserve.)
Notes and drafts. (See Clearing system, Federal
R eserve.)
Par. (See Clearing system, Federal Reserve.)
CO LO M B IA.
Branch of M ercantile Bank of Americas in , 4—737.
Branch of International Banking Corporation in,
4—947.
CO LO RAD O .
Trustee powers, national and State banks, I — 150.
Trustee powers, national banks, 2— 523.
A cceptance laws, 3—529.
Reserve laws, 8— 770.
la st of State member banks in , 4—93.
Amendments to banking laws, 5— 566,
Laws as to foreign banking corporations, 5— 55.
COM M ERCE,
(See Governm ent aid to foreign com m erce.)
Sault Ste, Marie Canal. (See Physical volum e of
trade.)
W ith South Am erica, 6—1261.
CO M M ERCIAL B A N K S.
Seventy-five per cent of resources of all eligible, in
U nited States have joined Federal Reserve
System, 5— i.
CO M M ERCIAL B A N K S, EU RO PE.
Condition, 1914-1919, 6— 1044.
France, condition, 1914-1919, 6—1044,1314.
(See European central banks.)
CO M M ER CIA L B IL L S .
Purchase of. (See D iscount and open-market opera­
tions.)
CO M M ERCIAL C R E D IT S.
Granting of, is one of tests of substantial com petition
under Clayton A ct, 8— 878.
(See Credits.)
CO M M ERCIAL FA ILU R E S.
(See Business failures.)
CO M M ERCIAL F E R T IL IZ E R N O TES.
(See Agricultural and live-stock paper.)
CO M M ERCIAL LO AN S.
(See Commercial paper,)
CO M M ERCIAL N A TIO N AL BA N K , W ASH IN G TO N .
D . C.
Foreign branches of, I — 51; 4—735.
CO M M ERCIAL N O TES.
(See Commercial paper.)
CO M M ERCIAL PAPE R. (See also N otes.)
Acceptance house. Paper of, secured b y com m ercial
paper is not eligible unless proceeds used for
com m ercial purposes, 4 —108.
(See Finance paper .)
Agricultural and live-stock paper. (See same.)
Alteration of, w ill release parties, 4—1118,
A rticle on, b y J N Eaton, 2— 449.
Assets. Quick. (See infra, P ublic service corpora­
tion.)
Assignment of open account is not negotiable paper
and is not eligible, 2—227.

CO M M E R C IA L PAPE R— Continued.
CO M M ER CIA L PAPE R— Continued.
B ills of exchange. (See A cceptances; B ills of ex­
Notes secured b y collateral. E ligible if proceeds used
change, practice of handling; Discount and openfor com m ercial purposes, 1— 268.
m arket operations.)
O ne-day rate, 8— 498.
Brokers’ paper—
Ore in ground. Paper based on, not eligible, 1— 126.
Note o f broker secured b y eligible paper, is not
Participation certificate not eligible, 8— 949,
eligible unless proceeds used for commercial
Payable. (See sam e.)
purposes, 4—108.
Pig iron. Note of a furnace com pany secured b y ,
(See Finance paper.)
held eligible, 1— 127
Suggestions for purchases of, 2— 375.
Preferential rates. (See sam e.)
Cattle paper (See Agricultural and live-stock paper;
Proceeds. Use of, in first instance determ ines eligi­
Cattle loans; Live-stock loans.)
b ility , 1—268; 6 —1176.
Charts, Federal Reserve Bank holdings of, 1—234;
(See Finance paper.)
8—56; 5—249.
Producer. Note o f owner or, for materials or services
Circulars on, 1— 36, 41, 44, 46, 310, 434.
is tech nically eligible, but undesirable when
(See Circulars and regulations.)
ultim ate paym ent depends on success o f trans­
Coal in ground, paper based on, not eligible, 1— 126.
action, 6—699.
Commercial paper, D istinction betw een agricultural
P u blic service corporation paper Test of eligib ility,
paper and, 6—1301.
8—527, 949.
Com m odity paper. (See same.)
Purchase of. Federal Reserve Banks can not purchase
Conditions as to eligibility, 1— 21.
in open market even w ith additional indorse­
m ent, 1— 347, 360, 365, 406.
Cotton factors paper. (See sam e.)
Q uick assets. (See infra, Statem ents.)
Cotton-loan paper. Lim itations of section 5200,2—113.
Rates—
Current liabilities. (See infra, P u blic service cor­
One-day, 8— 498.
poration paper.)
D iscount rates. (See sam e.)
Ten-day, 1— 124.
Discounts. Paper for carrying or trading in Govern­
Fifteen-day, 2—507.
m ent securities, 8— 158.
(See D iscount notes.)
D istinction between agricultural im plem ent paper
Real estate mortgage. A n eligib le note is not ren­
and, 6— 1301.
dered in eligible b y being secured b y a, 8— 458.
Drafts. (See A rrival; Drafts.)
R ebate of interest on. R ule for com puting, 1— 308.
E ligib ility , test of. P u blic Service Corporations, 8—
Rediscounts—
527,949.
Federal Reserve Banks can not rediscount for
E lig ib le individuals except through m em ber banks,
E quity exchange paper, 8—379.
2— 112.
Note of water com pany for paym ent of coal, pay
No lim itation on, except section 13, 2— 224, 274,
rolls, etc., 8— 527
457
Participation certificates not eligible, 8—949.
Regulation A , 1916, 2— 530.
Payable on or before date certain, 2— 394.
Regulations. (See Circulars and regulations.)
(See Payable.)
Renewals. (See Renew al paper .)
P u blic service corporation paper. Test of eligibil­
Security (See supra, R eal estate mortgages.)
ity of, 8—527, 949.
Short-term paper favored, bu t not renewals, 8— 733,
Renewal paper. (See sam e.)
739, 879.
E quity, exchange paper E ligible in form, 8—379.
Single-name paper, Federal Reserve Banks can not
Federal Reserve Bank, holdings of—
purchase m open market, 1— 347, 360, 367, 406.
Charts, 1—234; 8—56; 4 —770; 6— 725.
Statements. Notes of pu blic service corporations for
(See D iscount and open-market operations.)
coal, etc., are eligib le if, show reasonable excess
Fifteen-day rate on, 2—513.
of quick assets over current liabilities, 8— 527,
Finance com pany paper not eligible, 4— 197
949.
Four months’ paper favored, 8— 739,
Sunday, notes falling due on, 4— 108.
H oldings of. (See D iscount and open-m arket opera­
Suspended bank. Federal Reserve Banks m ay re­
tions.)
quire indorsem ent of directors of, on paper offered,
Indorsem ent of paper securing Federal Reserve notes,
1— 127, 363.
Test of elig ib ility . Paper of pu blic service corpora­
Interest on—
tions, 8—527,949
Notes falling due on Sunday or on legal holidays,
Tim ber uncut. Paper based on, not eligible, 1— 126.
4 •
108.
Warehouse receipts. Paper secured b y , is eligible,
Com putation o f rebate of, 1—308.
1— 406.
Legal holiday. Notes falling due on, 4— 108.
(See W arehouse receipts.)
Minerals unmined. Paper based on, not eligible, 1—
CO M M ER CIA L RATES*
126.
(See Federal Reserve Bank and branch cities.)
Nonmember bank—
Paper of, not eligible if intended as a loan to, CO M M ERCIAL T R U S T AN D SA V IN G S BA N K ,
1—213.
JO L IE T , ILL*
(See Nonmember bank.)
Reasons for joining Federal Reserve System, 8— 361.




COM M EBZ UND D ISCON TO BANK*
Condition, 1914-1919, 6—1050.
CO M M ISSIO N ON IN TE R N A TIO N A L CREDITS*
Resolution.
International Financial Conference,
Brussels, 6—1286.
C O M M ISSIO N E R O F EDUCATION*
Cooperation w ith Capital Issues Committee, 4—266.
C O M M ISSIO N E R O F IN TE RN A L REVENUE.
Bonds of U nited States. War Finance Corporation
bonds are not, 5—472.
Em ergency revenue act, O ctober 2,1914. Repeal of
taxes under Schedules A and B took effect Sep­
tem ber 6,1916, 2 —512.
Incom e tax—
Tax exem ptions on incom e from L iberty bonds,
8—459, 930.
Tax on stock dividends, 4—614.
A cash dividen d under plan b y w hich stock­
holders are to pay back the amount in ex­
change for new stock is su bject to, 5— 256.
Stock dividends. R ule as to taxation, 5—256.
D ividends defined, 5— 256.
D ividends paid in property or securities of another
corporation are incom e to recipients subject
to, 5—256.
War Finance Corporation bonds, up to $5,000 are
inadm issible assets, the incom e from which
should not be included in com puting net
incom e, 5—472.
Stamp tax—
On instruments issued b y Federal Reserve Banks,
1— 211.
Not applicable to capital stock of Federal Re­
serve Banks, 1— 211,
Acceptances not subject to, under act of O ctober
22,1914, 2—211.
Acceptances—
Originating outside of bu t payable within
United States are subject to stamp tax,
under act of O ctober 3,1917, 3— 950.
Originating inside bu t payable outside are
subject to stamp tax, 8—950,
D ividends of Federal Reserve Banks not subject
to, 2—153.
Federal Reserve Banks not subject to tax upon
charges for telephone, telegraph, and express
service, 8— 931.
Promissory notes—
Payable on demand are not held to be re­
newed and not subject to tax when ac­
crued interest is paid, under act of
O ctober 22,1914, 8—950.
May have interest paym ents indorsed thereon
w ithout becom ing subject to tax if life of
note is not contingent upon paym ent of
interest and is not extended to a certain
future date, 8—950.
An overdue note allow ed to run on is not held
to be renewed on paym ent of interest and
no stamp is required, 8— 950.
Stamp tax, under act of O ctober 3,1917, does not
attach to drafts on dom estic banks in con­
nection w ith shipm ent of articles to seaboard
when sold to U nited States agent of a foreign
purchaser for export under circum stances, en­
titlin g the transportation w ithin the U nited
States to exem ption from transportation tax,
4—614,1218.




C O M M ISSIO N E R OF IN TE R N A L R E V E N U E -C on.
Stamp tax—Continued,
On negotiable instruments. Law as to stamp tax
on, under act of O ctober 3 ,1 9 1 7 ,4 — 316.
Parcel-post packages, 4— 17.
Renewal of notes, 3— 950, 4 — 977.
Com putation of discount and interest for stamp
tax, 5 —249,
Promissory notes given b y one bank to another
bank secured b y War Finance Corporation
bonds are subject to, 5— 566.
Promissory notes secured b y certificates of indebt­
edness of D irector General of Railroads are not
subject to, provided par value of certificates
is not less than am ount of note, 5—566.
(See Tax, principal heading.)
Taxation. Banking com m ittee on, appointed, 4—
1194.
Trade acceptances. Drawer of, should affix and cancel
stam p; acceptor m ay do so b y agreement, 4—977.
C O M M ISSIO N .
British currency, report, 4— 1178.
Paish Commission, G ov. H am lin explains appoint­
m ent of, 1— 50.
U nited States M onetary, 1898. Report, purchases of
silver, 4— 397.
(See Reports.)
C O M M ISSIO N S.
Of national bank officer acting as trustee, 5— 253.
On sale of warrants; m ethod of reporting, 1— 309.
R eceived b y Federal Reserve Banks, 5— 132.
(See Fees.)
CO M M ITTE E.
A dvisory, 3— 118.
(See A dvisory Com m ittee.)
A cceptance, 5— 530.
Banking and Currency, Gov. Harding to; Federal Re­
serve notes and expansion, 5—699.
(See H arding, G ov.)
Capital Issues. (See same. )
Currency, Great Britain, 4— 1178, 5— 7.
Decim al system, British, 5—126.
E xecutive. Clayton A ct, 2— 679.
(See E xecutive Com m ittee.)
Export. Report. Branches of Am erican concerns id
foreign countries, 5— 637.
Financial facilities, British, 5—115.
Gold—
British com m ittee. Report, 5— 123.
Interior Department. Report, 5— 124,
Treasury Department. Report, 5— 248.
M oney, New Y ork, 4— 935.
Suspension of, 5— 205.
Pittm an A ct, 4—396.
State Department, R eport. Cotton export credits,
Ways and Means, Secretary of Treasury to, 5— 189.
V ictory loan. (See Secretary of Treasury.)
C O M M ITTE E S.
D istrict. (See Capital Issues Com m ittee.)
Of Federal Reserve Board, 1— 77, 400; 2— 448.
CO M M O D ITIE S.
Speculation in .

(See Prices; Speculative a ctiv ity .)

C O M M O D ITY B R O K E R .
N ot a private banker under Clayton A ct, 2— 689.

C O M PARISO N .
Earning assets, Federal Reserve Banks, 1914-1919,
5—771.
Estimates and appropriations, 1920, 5—1105.
Leading banks of issue w ith Federal Reserve Banks,
2— 659; 3—234, 329, 500, 681, 942; 4—243, 267,
269, 375, 996, 1057, 1167; 5— 140, 197, 463, 648,
849,1008, 1200; 6— 485, 487,488, 909,1044,1047,
1049, 1295.

C O M M O D ITY PA PE R .
Circular 17, Regulation 2 ,1 9 1 5 ,1 —310.
Classification of, 1— 307,406.
Conditions for obtaining com m odity rate, 1— 406.
Construction. “ Staples, ” R egulation2,1915,2— 523,
Cotton yarns are “ staples” under Regulation 2,1915,
2— 523; 5— 652.
CO M PEN SATIO N .
Departm ent o f A griculture. (See W arehouse.)
D eputy Federal Reserve Agents, 1—362.
D iscount—
C O M PE TITIO N .
F irst discount, Septem ber 8,1915, 2— 43.
Substantial. (See Clayton A ct.)
Suspended, D ecem ber, 1917,4—30.
W ith U nited States Governm ent, 4—3.
D iscount, Federal Reserve banks, 1— 425; 2— 43, 90,
140, 193, 248, 297, 360, 422, 495, 575, 643, 715; C O M PO SITIO N O F E X E C U TIV E C O M M ITTE E ,
1— 211.
a— 61, 139, 221, 317, 408, 486, 565, 637, 716, 814,
902, 977; 4— 53, 135.
C O M PTO IR N A TIO N AL D ’ ESCO M PTB D E P A R IS .
E ligib ility . ( See Farm products; Regulation 2,1915.)
Condition, 1914-1919, 6 —1048.
Farm products. L ist of eligib le farm products in CO M PTR O LLE R O F C U R R E N C Y . (See also National
case suspension of com m odity rates should be
banks.)
revoked, 4— 404.
Volum e 1,1914-1915—
Federal Reserve Board. Statements as to, 1—301,312.
Deposits of national w ith nonm ember banks in
excess of lim itation of section 19 must b e
Food products. Perishable, not eligible as, 4—30.
reported to, as excess loans, 1— 126.
Lumber. Drafts drawn against sales of, to U nited
(See National banks.)
States Governm ent are not, 4—32.
Federal A dvisory C ouncil recom mends absorp­
Manufactured goods are “ staples” under Regulation
tion of office of, in Federal Reserve Board,
2, 1915, 2— 523.
1— 394.
Open-market purchases of single name, not perm itted,
Guaranty of bank deposits. No plan being pre­
1—406.
pared b y , 1— 51.
Perishable food products. E lig ib ility of, 4— 30.
National bank. A ttorney General of U nited
Potatoes—
States has advised, of right to contract w ith
N ot good security for, 1— 406.
surety com pany for insurance of its deposits,
A bove decision overruled. If properly graded
1— 51.
and stored in proper warehouse, they are
Real estate loans acquired under U nited States
good security, 3— 614.
Revised Statutes, section 5137, not to be
Rates—
counted in lim itation of section 24, Federal
Special rates on, 1— 312.
Reserve A ct, 1— 309.
Suspended, 4— 30.
State banks and trust com panies must report con­
Regulation Q, 1915, 1— 310, 2— 523.
dition to, 1—309, 319.
Regulation A , 1916. R ule as to elig ib ility , 3—540.
[Changed b y act of June 21,1917
R eport on ly
to Federal R eserve B ank.]
Security—
Potatoes not valid , for, 1— 406.
Volum e 2,1916—
Certificate of, not necessary for applications for
Reversed, if potatoes properly graded and stored
additional stock in Federal Reserve Banks,
in proper warehouse, 3— 614.
2— 12.
Warehouse receipts are good, for, 1— 406.
Charters, new
(See Charters; National banks,
Staples. (See Cotton yam s; M anufactured goods;
charters.)
Regulation Q, 1915; Regulation A , 1916.
Exam inations. Cost under old and new sys­
Suspension of com m odity rates, 4—30.
tem s, 2— 122, 213,
U nited States Governm ent. (See supra, Lum ber.)
State banks and trust companies^—
Warehouse receipts. V alid security for, 1— 406.
Must report to, as to condition , dividends,
Warehouse requirem ents for farm products eligible
and net earnings; also m ust make special
for. Departm ent of Agriculture, 4—404.
reports to, when called for under U nited
States R evised Statutes, sections 5211,
C O M M O D ITY R A T E S .
5212, made applicable b y section 9, Fed­
(See Com m odity paper.)
eral Reserve A ct, 2— 114.
C O M M O D ITY . W A T E R .
Com ptroller may accept reports o f condition
W ater is “ goods” under section 13, 6— 949.
on forms prescribed b y State authorities
or m ay adopt so m uch of form used b y
COM M ONW EALTH B A N K OF A U ST R A L IA .
national banks as he m ay deem advis­
Note issue departm ent, 6—1321.
able, 2— 114.
COM M ONW EALTH T R U S T CO .
[Changed b y act of June 21,1917, amend­
Reasons for joinin g Federal Reserve System, 3—362,
in g section 9. Reports to be made to
Federal Reserve Banks.]
C O M PARA TIVE ST A TE M E N TS.
(See also Federal Reserve agents; Federal Reserve
Leading banks of issue. (See Central banks of
notes; national banks.)
Europe.)




C O M PTR O LLE R OF CU RRE N CY—Continued,
Volum e 3, 1917—
Annual report, 1916. Synopsis, 8— 172
Commercial failures, 1881-1914, 8— 939
Federal Reserve notes. Issues and redem ptions,
1917, 8—667, 941
(See Federal Reserve notes.)
Insurance. (See infra, National banks.)
Liberty loans. (See infra, National banks.)
National bank notes. Issues and redemptions,
1917, 8— 667, 941,
National banks—
Insurance agents. Regulations for national
banks acting as, 8—164.
Liberty loans. Work of, 8—748Resources, 8— 161, 372, 665.
Reports of condition, Need not give detailed
statement of m oney in vaults except
occasionally for statistical purposes,
8— 604.
Reports, Changes in call for, 8— 604.
Reserves. Computation of, 8—602.
United States bonds, National banks may sell,
owned b y them, taking part cash and note of
purchaser secured b y the bonds, w ithout re­
gard to 10 per cent lim itation of United
States R evised Statutes, section 5200,8—519.
U nited States Revised Statutes, section 5200.
(See supra, U nited States bonds.)
(See National banks.)
Volum e 4,1918—
B ills recom m ended by—
Bonds of officials and em ployees, 4— 422.
Branches- National banks—
Recom m ended, 4—163.
B ill, 4— 424.
Senate report, 4— 424.
Buildings. Investm ent in bank, 4— 422.
Report, com m ittee House of Representa­
tives, 4— 433.
Circulating notes of rechartered banks, 4—
422.
Senate report, 4— 422.
Consolidation of national banks, 4— 430.
Passed House of Representatives A pril 3,
1918, 4—431
Senate com m ittee report, 4— 430,
Became law, A ct of N ovem ber 7, 1918,
4—1178,
D irectors—
Oaths of, 4— 421.
Senate report, 4-421.
Q ualifications of, 4— 433,
H ouse of Representatives com m ittee
report, 4—433.
Rem oval of, for violation of national
bank law , 4— 419,
Senate com m ittee report, 4— 420.
Em bezzlem ent and false entries, 4— 426.
Senate com m ittee report, 4— 426.
Guaranty of bank deposits up to $5,000, 4—
163, 490, 595, 596.
G ov Harding explains change of view as
to, 4—596.




C O M PTRO LLER O F CU RREN CY— Continued.
Volum e 4, 1918—Continued
B ills recom m ended by— Continued.
Interest. Usurious rates of, 4—428.
Senate com m ittee report, 4— 428.
Liquidation B ill to provide for sale of bonds
to redeem circulation of banks in vol­
untary, 4— 425.
Senate com m ittee report, 4— 425.
Loans, false statem ent as to, 4— 424.
Senate com m ittee report, 4— 424.
National bank notes. Engraved signatures,
4 "423.
Senate com m ittee report, 4— 423.
Overdrafts, 4— 421.
Senate com m ittee report, 4— 421.
Real estate. Purchase of, for transaction of
business, 4— 425,
Senate com m ittee report, 4— 425.
Power of. Senator Owen introduces 18 bills
to increase, 4— 163.
R ed Cross. Authorizing subscriptions to, 4—
428.
Passed Senate A pril 6,1918, 4— 428.
Becam e law , M ay 23,1918,4—426-428,498.
Stock. Transfers of, 4— 433.
House of Representatives com m ittee re­
port, 4— 433.
U nited States Revised Statutes, section 5 2 0 0 B ill amending, 4— 431.
Passed House of Representatives A pril 3,
1918, 4— 431.
Senate com m ittee report, 4— 431.
(Becam e law in bond act of September
24,1918), 4— 961 at 962, 1055.
Contingent lia b ility
(See A cceptances; Guar­
anty.)
Farm loan bonds. National banks may discount
notes secured b y , 4— 635.
Foreign Governm ent securities. H oldings of na­
tional banks, 4— 263.
See Liberty Loan II I and national banks.
4— 372.
Guaranty of acceptances, 4—811.
(See, however, Volum e 7, Federal Reserve Bul­
letin , May, 1921, page 547 )
L iberty bond subscriptions, 4— 372.
Reports. National banks, 4— 182, 1093.
Resources. Growth, 4 —90.
Volum e 5,1919—
Regulation, loans on security of Governm ent
bonds, 5— 441.
Reports of condition, 5—250, 446, 1153.
Reports, as to interest earned bu t not collected
and collected bu t not earned, postponed, 5—
249.
(See National banks.)
Volum e 6,1920—
Call reports, 6— 442.
National banks in California can not appoint au
agent to accept drafts for them and pay
same. U nited States R evised Statutes, sec­
tion 5190, 6—835.
(See, however, Volum e 7, Federal R eserve Bul­
letin, May 1921, page 547.)

CO M PU TATIO N OF D ISC O U N T AND IN T E R E S T . C O N D ITIO N — Continued.
360-day ta ble, 2— 457.
Reports of—
W hen note falls due on Sunday or holiday, 4— 108.
M ember banks. (See supra, sam e.)
Basis o f inter-Federal Reserve Bank rediscounts fixed
National banks. (See supra, sam e.)
at 365 b u t later changed to 360 days, 4—109, 744.
State member banks, 4— 796, 916, 920; 5—187,
296, 298,406,514,520, 906,1007; 6 -3 2 9 ,4 3 8 ,
For incom e tax, 5—249.
439, 1005, 1006.
R ebate of interest, 1— 308, 388; 2— 461.
R etail trade. (See sam e.)
(See Interest.)
W holesale trade. (See sam e.)
CO M PU TA TIO N OF R E B A TE O F D ISC O U N T, 1 (See Reserve conditions; R eview of m onth.)
308.
C O M PU TA TIO N , RE SER VE, 8— 458, 602, 614, 692, C O N D ITIO N A L ACCEPTA N CE S.
(See A cceptances.)
5— 963.
Federal Reserve Banks, new m ethod, 6—3.
C O N D ITIO N A L R A T E S , 4— 922.
National banks, 8— 602.
(See Rates, preferential.)
(See R eserves.)
C O N D ITIO N A L SA LE S.
(See A cceptances, trade.)
C O N C EN TR ATIO N O F G O LD , 4 —694.
(See Conservation.)
C O N D ITIO N S.
C O N D ITIO N .
Business. (See same.)
A cceptin g banks, 5 —555.
Com modity rates, 1— 307.
Banco de C hile, 1914-1919, 6—1057.
(See Com m odity rates.)
Banco de la Nacidn, Argentina, 6— 597.
E ligibility o f paper, 1— 21.
Bank of England. (See sam e.)
(See Commercial paper.)
Bank of France. (See same.)
In dex o f business, 4r-491, 597, 697, 810, 1005, 1100,
Bank of Ita ly . (See same.)
1194; 5—331, 332, 333, 334, 336; 6— 13,122, 225,
349, 456, 567, 673, 783, 912, 1020, 1135, 1264.
Bank of Japan. (See sam e.)
In dex o f collection conditions, 5—547.
Bank of Java. (See same.)
R eview , 1920, 6—1254.
Bank of Netherlands. (See same.)
Reserve. (See Reserve conditions.)
Bank of Norway. (See same.)
State banks. Adm ission to Federal Reserve System .
Bank of Spain. (See sam e.)
(See State banks and trust com panies.)
Bank of Sweden. (See R iksbank.)
(See also Abnormal conditions; Agricultural condi­
Banks of C hile, 1914-1919, 6— 1058.
tions; Banking and currency conditions; Bank­
Banks of issue, leading. (See Banks of issue; Central
ing conditions; Banking and econom ic condi­
banks of E urope.)
tions; Bond market; Business conditions; Call
Brazilian banks, 6— 821. (See B razil.)
loans; Central banks of issue; Clearing house
debit transactions; C ollection conditions; Credit
B ritish com m ercial banks, 1914-1919, 6—1044.
conditions; Crop conditions; Currency condi­
Buenos Aires banks, 5— 639.
tions; Em ploym ent conditions; Foreign cur­
Business condition report. (See Business conditions.)
rency conditions; Foreign exchange conditions;
Central banks of Europe, 2— 659; 8—234, 329, 500,
H oarded m oney; H ousing and livin g conditions;
681, 942; 4—243, 267, 269, 375, 996, 1057,1167;
Member bank condition statements; R etail trade
5—140, 197, 463, 648, 849, 1008, 1200; 6 -4 8 5 ,
conditions; W holesale trade conditions.)
487, 488, 909, 1044,1047,1049, 1295.
CO N FE CTIO N ER Y.
Chilean banks, 1914-1919, 6— 1057.
Terms of sale, 5— 1133.
Cuban banks, 6— 1166.
CONFERENCE C O M M ITTE E R E P O R T S.
Canadian chartered banks. (See Canada.)
(See Capital Issues Com m ittee; War Finance Corpo­
Federal Reserve Banks. Beginning and end of
ration.)
L iberty loan IV ), 5 -3 2 4 .
CONFEREN CES.
Financial conditions. (See same.)
Acceptance credits, Bankers’ , 6—559.
France, Bank of. (See France.)
Chief national bank examiners, 1—217.
German Reischbank. (See same.)
Class A directors, credit situation, 6—556, 566, 579,
Germany, Banks of. (See Germ any.)
Clearing house representatives. Interest on bank de­
Japan, Banks of. (See Japan.)
posits, 4— 285; 6 —3, 157.
Leading banks of issue. (See same.)
Corporations engaged in foreign banking, 5— 619.
London joint-stock banks. (See Great B ritain.)
Cotton, 4—1094.
Member banks—
Expenses of, 2— 57.
Abstract of, 8— 921,4— 798, 916, 920; 5— 183, 296,
Federal Advisory Council. (See sam e.)
513, 783, 903; 6 -3 2 9 , 438, 764, 1005, 1006,
Federal Reserve Agents. (See sam e.)
1105.
Federal Reserve Banks, governors. (See 3ame.)
D ecem ber, 1914-March, 1919, 5— 783.
Federal Reserve Board. (See same.)
W eekly statem entinaugurated, 8— 921, 4— 61,62.
Interest on bank deposits. (See Interest.)
Member banks’ condition statement. (See same.)
Liberty loan com m ittees, 8— 423.
N ational Bank of Copenhagen, 6— 46.
New Y ork Clearing House Association. Interest on
N ational banks, 2—376; 8—161, 372, 664, 665; 4— 17,
bank deposits, 4— 285.
90,182, 1093; 5— 250, 446,1153; 6—442, 443.




CO NFEREN CES— Continued.
Oklahoma bankers, 5— 1017
Pan Am erican Financial Congress, 1— 35.
Trade acceptances, 8—243.
Transit managers, 4 —1175.
C O N FIR M A TIO N .
Cablegrams. Ruling, Foreign Exchange D ivision,
4—865.
Cablegrams, incom ing. Ruling, Foreign Exchange
D ivision, 5— 470.
CO N G RE SS.
Estimates and appropriations, 1920, comparison, 5—
llO o.
Federal Reserve Board to—
Call loans, 6—345, 368.
Clearing system , no coercion on State banks,
6—489.
Discount policy, 6—239, 558, 582.
Federal Reserve notes and currency inflation,
5— 699.
Inflation. Response to Senate resolution asking
what steps have been taken to reduce,
6— 582.
Speculative activity To Senator Owen, 5— 1107
State banks. No coercion to enter clearing sys­
tem , 6— 489.
Governm ent aid to foreign nations. O pposition to
further, 5— 1012
Pending bills before, 6—340.
CO N N E CTIC U T.
Acceptance laws, 8— 529.
Changes in allotm ent of U nited States 2 per cent
bonds for conversion, because of transfer, 8—157
Exercise of fiduciary powers in , 2— 523; 6— 610.
Fairfield County transferred from Boston to New
York district, 2—154,169.
Federal Reserve Board. Authorization to exercise
fiduciary powers, 2 —523.
Laws as to reserves, 8— 770,
Laws, foreign banking corporations, 5— 55.
List of State member banks, 4—93.
Transfer of other counties applied for, 2—169, 309.
CONSENT OF FEDERAL RESERVE B O A R D .
(See Clayton antitrust act.)
C O N SERV ATIO N .
Bank loans, 4— 935, 936.
Capital, 4—73.
Credit, 4—2, 249, 260, 285; 6—116, 118.
(See Credit.)
Gold (See G old, Savings. )
CO N SO LID A TED STA TE M E N T.
Farm-loan system, 4—1195.
(See Federal Reserve Bank statements.)
CO N SO LID A TIO N .
British banks, 4— 954.
National banks, 2—74.
A ct November 7,1918, text, 4—1178.
State banks and trust com panies, 6— 159.
National banks into State banks and trust com­
panies, 6— 833.
(See National banks.)
United States subtreasuries, 8 — 110, 4—172.




C O N S T IT U T IO N A L IT Y .
Section 11 (k ), Federal Reserve A ct. F iduciary
powers, 8—255, 504, 534; 4—522.
(See Bank v. Fellow s; First National Bank of Joliet
v . Russel; Fiduciary pow ers.)
CO N STRU C TIO N OF W O RD S AND PH R A SE S.
Actual security, 8—881, 6—1065.
A ctually existing value, 5—1055.
(See A cceptances.)
Advertising space. “ G oods,” section 13, 8—114.
Agricultural paper, 6— 1180,1301.
A lly of enem y, 8—851,4— 866.
Assured revenues, 2—170,
Attached, section 13, 8— 765; 4—971.
Bank balances, section 19, 5—963,1054.
Bankers’ acceptances, 6—162,1180,
(See Acceptances; A cceptance business.)
Banks—
Clayton act, 2—118, 8—527
Section 19, 5— 963.
Trading with enem y act, 8—851.
Based on liv e stock, 1— 7 2 ,8 — 616.
Borrower—
K entucky law, 4—526,
Section 9, 4— 638.
Section 13, 8—696,4— 520, 867.
Commercial paper, 6— 1301.
Cotton yam s, 2—523, 5— 652.
D ividends, 5—256.
Draft. Section 13, 6— 162.
End of war, 8—851,
Exportation, 1—91.
Finance paper, 6— 609.
(See Finance paper.)
Fiscal year Clayton A ct, 2—523.
Franchises, 1—221.
General acceptance, 8—289,
Goods, section 13, 3— 2 9 ,1 1 4 ,6 —949.
Im proved farm lands, 8— 618.
Lawful m oney, 1— 12.
L ive stock, based on, 1— 72; 8— 616.
May and shall, 2— 115.
Nonmember bank, 4—367.
Other actual security, (See supra, Actual security.)
Par collection, 2— 310.
Person, 8— 851,
Private banker, Clayton A ct, 2 —589,
Private banking firm, Clayton A ct, 2— 589.
R eadily marketable securities, 6— 385.
R eadily marketable staples, 2— 523, 5— 652; 6— 494.
Revenue, section 14, 2— 170.
Revenue bonds, 1—221.
Savings accounts, 4— 199,6—1182.
Section 11 (m ). A dded b y act of March 3,1919, 5—
1055,1056.
Secured, 1—7 2 ,8 — 881
Securities. R eadily marketable. (See supra, R eadily
marketable.)
Shall and m ay, 2 —115.
Shares, 8—955.

C O N ST R U C T IO N OF W O RD S AN D PH R A SE S—
Continued.
Staples. R eadily marketable. (See supra, R eadily
m arketable.)
Stock, 8— 955.
Substantial com petition, Clayton A ct, 8— 878.
Surplus, 5— 53.
Taxable property, 1— 221, 6— 1183.
Tim e deposits, 6— 1182,
Trade, Trading w ith enem y act, 8—851.
U nited States, 1— 91, 8—851.
War, end of, 8— 851.
Warrants, 1—22 1,2— 170; 6— 1183.
W ater held to be “ goods,” section 13, 6— 949,
(See Commissioner of Internal R evenue; Com ptroller
of Currency, Solicitor of Treasury.)
C O N STR U C TIO N W O R K .
E lig ib ility of notes given for, 6— 699.
C O N TA IN E R S.
Terms of sale, 6— 937.
C O N STR U C TIO N OF S H IP S .
(See Great B ritain; Ships; U nited States; Vessels.)
C O N TIN G E N T L IA B IL IT Y .
Federal Reserve Banks, rediscounts and sales of
acceptances. (See R ediscounts.)
Member banks, 5— 186, 299, 300, 517, 519, 785, 904,
905, 908; 6—329, 438, 764,1005.
National banks. (See A cceptances; Guaranty.)
State m em ber banks and trust com panies, 5— 183,296,
298, 514, 906, 907; 6—333, 444, 766, 1007.
CO N TRACT.
For shipm ent. (See A cceptances.)
National banks, w ith surety com pany for insurance
of deposits, 1— 29.
Renewals of paper In valid, I — 74,126; 8— 922; 4—
259; 5—858; 6—66, 276, 277.
Sale, 8— 378.
(See A cceptances.)
C O N TR A C TIO N O F C R E D IT .
Secretary of Treasury on, 5— 191.
(See Credit; Expansion; Inflation, Liquidation.)
C O N TR A C TO R .
(See Purchaser.)
C O N T R A C T S , F IR E IN SU RA N CE .
(See National banks.)
CO N TR AVE N TIO N O F LAW .
(See Fiduciary pow ers.)
C O N TR O L.
Credit. (See sam e.)
Foreign exchange, 4— 159; 5— 615, 652, 853; 6— 1131.
Goods. (See A cceptances; Trust receipts; Warehouse
receipts.)
Im ports—
Great B ritain, 5— 523.
France, 6— 959.
Sweden, 4— 1091.
Lira exchange. Regulation, 4— 624.
Railroads. A ct March 21,1918, text, 4—296.
CO N V ERSIO N .
L iberty bonds, 4— 517; 5— 329, 958.
Secretary of Treasury advises conversion of L iberty
4 per cent bonds in to 4£ per cent bonds, 5— 100.
(See L iberty bonds; U nited States bonds.)




CO N VERSION P R IV IL E G E S .
(See U nited States bonds.)
CO N V ERSIO N , ST A T E BA N K S IN T O N A TIO N A L
B A N K S, 8—690; 5— 251, 1051, 6—62, 274, 383, 608,
833, 1299.
(See State banks and trust com panies.)
CON VERSION FUN D, G O LD .
Argentina, 1900-1918, 5— 140; 6— 145,1297.
Chile, 6— 1052.
(See G old.)
COPENHAGEN.
Foreign exchange rates on, 4— 1199; 6—1160.
(See Denmark; Foreign exchange.)
COPENHAGEN N A TIO N A L B A N K .
(See National Bank, Copenhagen.)
CO PPER.
Price, 1914-1920, 6—1214.
Terms of sale, 6—149.
(See Business conditions; Physical volum e o f trade;
Prices.)
CO RN .
Price, 1914-1920, 6—1213.
Production, 6—1062,1175.
(See Crop conditions.)
CORN EXCH A N G E B A N K , NEW Y O R K .
Reasons for joining Federal Reserve System, 8— 359.
C O R PO R A TIO N S.
Foreign. Loans placed in U nited States, 6—901.
Organized under section 25 (a), 6— 1298.
Subscriptions to U nited States Treasury certificates.
4—1147.
Taxes. (See A ct A pril 24,1917.)
(See Export corporations; U nited States Treasury
certificates.)
C O R R E C TIO N S, S T A T IS T IC A L , 1— 394.
(See Errata.)
CO RRESPO N D EN T B A N K S.
Method of granting accom m odation to, b y city banks,
6—584.
CO RR ESPO N D EN TS.
Credit to foreign. Ruling, Foreign Exchange D ivi­
sion, 4— 865.
Domestic. (See Dom estic correspondents.)
Foreign 8—77, 175, 239.
Declaration of, Ruling, Foreign Exchange D ivi­
sion, 4—1122.
Credit to , 4— 865.
(See Acceptances, guaranty; Foreign correspondents.)
C O R SE T IN D U S T R Y .
Terms of sale, 6— 811,
C O ST OF.
Bank premises, 4—103; 5—134.
(See Bank prem ises.)
Collection, 2—226,
(See B ills of exchange; N egotiability.)
Equipm ent, 4— 103, 5— 134.
Federal Reserve notes—
Bureau of Engraving and Printing increases, 8—
743.
Charged to current expense account, 5—26.
D istribution to mem ber banks at, o f Federal
Reserve Banks, 4—931.

C O ST OF— Continued,
Federal Reserve notes— Continued
Issued notes, 4— 100, 5— 133,135.
Redem ption, Forwarding for, 1— 306,
Unfit notes. Shipm ent of, 3— S2, 242.
Unissued notes, 3—93, 609.
(See Federal Reserve notes.)
Furniture, 4— 103 , 5— 134.
Installation. (See A cceptances, trade.)
Living—
Adjustm ent of salaries to m eet increased, 6—1293.
Discussion, 5— 9,191, 813, 914.
Great Britain. Increase in , 6— 845,957,1072,1202,
1313.
Increased b y long-term export credits, 5— 916,
1014.
1914-1920, 6— 1203.
M iller, Dr A C. Address on, 5— 915.
New Y ork, 5—632, 1049.
Prices and, 5— 813.
Problem. Increased production and savings, 5—
914.
Report, Federal Reserve Agent, New York, 5—
632,1049.
Supreme Econom ic Council of Peace Conference
on, 6—363, 451.
(See Prices.)
Wages and, Dr A. C. M iller, 5— 915.
National bank examinations, before and after Federal
Reserve A ct, 2— 122, 213,
Production—
G old, 5—125,
Increase^greater in Europe than in U nited States,
(See Reports,)
Silver 1878-1898, 4—397
Transportation. U nfit currency, 3— 82, 242.
(See Federal Reserve A ct, sec. 13, Federal Reserve
Bank notes, Federal Reserve notes, National
bank notes.)
Vaults, 4— 103; 5— 134,
War, 4—1057 , 5—20,189, 218, 726.
(See W ar)
C O STA R IC A .
H andling of bills of exchange in , 5—345.
C O TTO N .
Acceptances—
Financing of cotton b y , 2—12; 3—193,4—595,602,
691, 713.
Financing of. N ational Association Cotton Manu­
facturers, 4— 713
Financing of advances b y brokers on cotton for
export, 2— 458.
Brokers. Ruling, Foreign Exchange D ivision, 4—
973.
Crop conditions. (See same.)
Department of Agriculture. (See infra, Warehoused.)
D eposits to m ove, 1—259, 260, 301,
E xport association. Charter and purposes, 5— 553.
Export credits, Report, State Department com m it­
tee, 5— 554.
Fabrics, condition report, 6—1027, 1145, 1276.




CO TTO N — Continued.
Factors, paper—
Drafts drawn b y cotton factors secured b y ware­
house receipts covering cotton consigned for
sale are in eligible for acceptance or discount,
6—162,
When proceeds are to be loaned to another, paper
is pure finance paper and ineligible, 5— 1054,
6— 162,1176.
W hen proceeds are used or to be used to buy
ds to sell to another, the paper is eligible,
1054; 6 —162, 1176.
Federal Reserve Bank agency established at Mem­
phis to help m ove, 3— 163.
Federal Reserve Banks. Deposits b y Secretary of
Treasury in , to m ove crop, 1—259, 260, 301.
Federal Reserve Board—
Conference, 4—691
R eview of work done by , and b y Treasury,
2—442.
Statement as to, 1— 258.
Valorization of, b y Federal Reserve Banks for
loaning purposes, disapproved, 2—524.
Warning against use of Federal Reserve Banks for
hoarding or speculation, 5— 1109,
Federal warehouse act, 4—1095.
Governm ent deposits to m ove, 1—259, 260, 301.
Harding, G ov., addresses on, 1— 66, 180, 252; 3—159:
4—595, 602, 691.
K nit goods manufacturers. Report, 6—1027
Manufactures. Terms of sale, 6— 464.
Market conditions, 1— ISO, 254, 258.
Memphis, Federal Reserve Bank agency created at,
to help m ove, 3—168.
National Association Cotton Manufacturers, A ccept­
ances to finance, 4—713.
O il, cotton-seed
(See Acceptances, dom estic.)
Paper, cotton m ill. E ligible when statement shows
plant not mortgaged and that deficiency between
capital and plant account does not amount to
more than $5 per spindle, 1—73.
Price, 1914-1920, 6 —1213.
Problem of South, 1— 252.
Production, 6— 1062.
Receipts, as security, 3—30.
Seed oil, cotton. (See Acceptances, dom estic.)
Situation, present, 1— 180, 258; 2—160.
South *8 cotton problem , 1— 252, 258,
Spindles. (See Physical volum e of trade.)
Stocks of, 6 —76, 177, 290, 400, 480, 518, 627, 717, 856,
970, 1089, 1219, 1333.
’
Textiles. (See Business conditions; Prices.)
U nion Discount Co. formed to finance, 4—930, 939.
U nited States R evised Statutes, section 5 2 0 0 Note of broker secured b y warehouse receipt of
m ill, indorsed in blank, for cotton stored in
broker's name, but sold to m ill on its sales
note attached, is subject to 10 per cent
lim itation of, and section 13, 2—113.
B ill b y broker on m ill with necessary docum ents,
accepted b y m ill is drawn against actually
existing values and not subject to 10 per
cent lim itation of, and section 13, 2— 113.
United States Treasury Resum6 of work done by,
and Federal Reserve Board as to cotton, 2-442.
U nited States warehouse act, 4—1095

r

CO TTO N — Continued.
Valorization of, b y Federal Reserve Banks, for loans
not approved b y Federal Reserve Board, 2— 524,
Warehouse facilities, 1—254, 260.
Warehouse laws of States; digest, 1—260.
Warehoused cotton. Loans against. Departm ent of
Agriculture, 4—1094.
Yam s—
Are staples, 2— 523; 5— 652.
U nited States. Prices, 1914-1920, 6—1214.
W holesale prices, Japan, 6— 1077, 1208.
(See Business conditions, Physical volum e of
trade; Prices; Terms of sale.)
C O TTO N , J. P ., SP E C IA L COUNSEL.
Advises Federal Reserve Board it can law fully reduce
number of Federal Reserve districts, 2—25.
Attorney General of United States, contra, 1— 396;
2— 207
General counsel of Federal Reserve Board, contra,

2 —20.

CO U N CIL B IL L S .
(See India.)
CO U N C IL, E X P O R T A D M IN IST R A T IV E .
(See Export Adm inistrative CoundL)
CO U N CIL, FED ERAL A D V IS O R Y .
(See Federal Advisory Council.)
CO U N CIL O F N A TIO N A L DEFENSE.
Curtailment of nonessentials, 4— 852.
CO U N CIL O F ST A T E B A N K IN G A S SO C IA T IO N S.
Organization, 4 —708.
COUNSEL O F C A P IT A L ISSU E S CO M M ITTE E,
4—73, 77
COUNSEL O F FED ERAL RE SER VE B O A R D .
Argues in case of Bank, etc., v. Fellows, involving
fiduciary powers, in U nited States Supreme Court,
3 — 254.
Digest and in dex of opinions, January, 1917-May,
1918, 4r-571.
E lliott, M, C.—
Resigns as general counsel, 5—201.
Appointed consulting counsel, 5—201.
Harrison, G. L ., appointed general counsel, 5—201,
Logan, W . S., appointed general counsel, 6 —782.
(See Law Departm ent; Opinions, cou n sel)
CO U N TIN G M A CH IN ES.
Use of, deprecated as causing abrasion of gold coin.
3— 440,
C O U N TRIES.
A llied. (See A llied powers.)
B e llig e re n tNational indebtedness, 3—10, 349, 351.
Foreign exchange rates on, 3— 406; 4— 837, 841,
1198, 1200; 5— 1103; 6 —1158.
War loans, 8— 10, 349, 351.
(See War .)
Enem y, transfers of funds to, still prohibited except
under special license of War Trade Board, 5— 653,
Neutral. (See Neutral countries.)
P u blic debts. (See sam e.)
Silver standard, foreign exchange rates on, 3—406:
4 — 836, 1198; 6—50, 1161.
War debts. (See P u blic debts.)




C O U N TR Y B A N K C LE A R IN G S.
Federal Reserve Bank o f Boston takes over from
Boston Clearing House, New England, 2 —617;
8—162.
(See Clearing system , Federal R eserve.)
CO U N TR Y O F O R IG IN .
(See G old.)
COUPON D E C LA R A TIO N S.
Ruling, Foreign Exchange D ivision, 4 —866.
COUPON R A T E .
(See D iscount rates.)
CO U PO N S.
Farm loanbanks. (Seeinfra, Federal Reserve Banks.)
Federal Reserve Banks—
Should cash, on U nited States bonds, w ithout
charge, 4—13.
M ay receive deposits from farm land banks for
paying coupons on hum loan bonds, 3 —SSL
May cash coupons of farm loan and joint-stock
banks, ana Federal Reserve Bank o f New
Y ork w ill settle for them , 4— 435,
Foreign owners. Paym ent o f coupons for, 4 —87.
U nited States bonds. Instructions as to handTirgr
coupons on, 8—938.
C O U R T.
(See Clearing system ; Par clearings; F idu ciary pow ers.)
CO VER.
(See Federal Reserve notes; G old.)
C O V E R IN G O R H ED G IN G .
O f foreign discounts, 5— 527.
C O X , E. H .
E lected Class B director, Federal Reserve Bank o f
San Francisco, 3— 8.
C R E D IT . (See Credits.)
Agreem ent. (See T ax.)
A t par. (See Clearing system ; Im m ediate credit.)
Bank credit, 6— 775,
(See R esources and lia bilities.)
Banks, Germany. (See Germ any.)
Barom etrics, 5—229.
Belgium industrial, 5—309.
Companies. Notes of, not eligible, 4—197.
(See Commercial paper; Finance paper.)
Conditions, 6— 70,1124.
(See Business conditions; Financial conditions.)
Conservation—
Address of Secretary of Treasury before Am^ri^ n
Bankers Association, 6—1125.
Conference, Federal A dvisory Council and Fed­
eral Reserve Board, 6—556, 566, 579.
Discussion of, 4—2, 249, 260, 486, 685, 802, 923,
924, 1048; 6—113, 116, 118, 217, 221, 448,
553, 555, 665, 774, 897,1013, 1124.
Council of National Defense on, 4 —852.
Exports, reduction of, 6 —217.
Extract from annual report o f Federal Reserve
Board on, 6 —223, 239.
Federal Advisory Council, recommendations,
6—656.
Federal Reserve Bank of New Y ork on. 4—741.
935.
Federal Reserve B o a r d R eply to Senate resolution, 6—558, 582.
Statement, crop-m oving credits, 6 —1124.

C R E D IT— Continued.
Conservation—Continued,
L iberty loan com m ittee, New Y ork, on, 4—935.
Loans for building operations, 6—927
Loans for speculative purposes, 6—342, 446, 554,
665, 774, 897, 1012.
Utah bank commissioner on, 4:—396.
War Industries Board, preferred industries,
4—931, 1078.
Control, 6— 665, 774.
Deferred credit. (See Federal Reserve Banks.)
Dom estic and foreign credit, 6— 897.
Expansion—
Federal Reserve Board on, 4 —70, 79, 249, 928,
1046, 6—774.
Prices and, 4 —1048; 5—8,102,306,409, 524, 614,
699, 813, 913; 6— 774.
(See Federal Reserve notes; Inflation; Prices.)
Farmers—
Increased, to farmers b y Federal Reserve Banks
and member banks, 6—1124.
Needs of. Credit. Department of Agriculture,
3—937
Federal Reserve Banks. D ivulging of credit informa­
tion, 1—347
Federal Reserve Board. Expansion of credit. (See
supra, Expansion.)
Files, credit. (See C ity banks.)
Fiscal year 1920, 6—665, 666, 669.
Immediate. (See Federal Reserve Banks.)
Inflation. (See same.)
Information. D ivulging of credit, 1— 347
Long-term credit. (See Capital.)
Outlook, credit, 6—770.
(See Business conditions.)
Payment of U nited States bonds by, 3—578, 919;
4 —588, 5— 100.
Period of credit. (See Acceptances, dom estic; Regu­
lation A , 1920.)
Prices and credit, 5— 911. (See Prices.)
Rationing of—
Federal Reserve Agents favor campaign for, 5—
1017
M iller, Dr A. C. Address on, 4 —923.
Release of, b y liquidation of holdings of U nited States
securities and war paper, is being absorbed by
speculation, 5— 1027
R evolving credits. (See Credits, revolving.)
Situation, credit, 4 -2 4 9 ; 5—814, 1110, 6—113, 116,
118, 214, 217,221, 341, 343, 346, 448, 553, 555, 655,
774, 897, 1013,1124.
(See Banking conditions; Business conditions.)
Statements, credit—
D uplication of, 4—105.
Form of, 4 —718,720.
(See Commercial paper, statem ents.)
System, credit. Of Great Britain prior to and since
war, 5—117,118.
Transfers of credit. Investigation of, by President,
3— 853.
(See Federal Reserve Board, President; Secretary
of Treasury.)
Travelers’ letters of.
Ruling, Foreign Exchange
D ivision, 4—973.




C R E D IT— Continued.
(See also Capital, Checks; Federal Reserve notes;
Letters of credit, U nited States R evised Statutes,
section 5200.)
C R E D IT , CU RREN CY AND EX CH A N G E FLU CTU ­
A T IO N S .
International Financial Conference, Brussels, 6—1282,
C R E D IT LY O N N A IS.
Condition, 1914-1919, 6—1047.
C R E D IT O R RED EM PTIO N
Federal Reserve notes returned for. (See Federal
Reserve notes.)
C R E D IT O R S.
O f foreign branches of national banks are general cred­
itors of parent bank, 3—198.
(See Foreign branches.)
C R E D IT S.
Acceptance. (See A cceptances.)
Allies. T o, 3— 10, 424, 721, 731; 4—21, 279, 1057,
1059,1166,5—33, 820, 845, 957,1014; 6—688, 901.
(See A llied powers.)
Answers to inquiries as to, 1— 346, 347.
Argentina to A llies, 5— 1048; 6—596.
Bank. (See Bank credits.)
Bank of Spain—
(See Bank of Spain.)
(See infra, U nited States.)
Canadian short-term, in U nited States, 3— 603, 652.
Canners, credits to. H oover, 4—607
Commercial, 3—878.
(See Clayton A ct.)
Conservation of. (See Conservation, Credit conser­
vation.)
Cotton export, 5—554. (See Cotton.)
Crop m oving, 6—1012,1016,1124.
D efinition of, trading w ith enem y act, 3—851,
European demand for, 5— 1013.
Expansion of, 3— 499.
(See Inflation.)
Export. (See Edge b ill, principal heading; Export
credits.)
E xport credit plan, English, 5— 1012,1046.
Exports, aid to—
Argentina, 5—1048.
Canada, 5— 1047.
France, 5—1047.
Ita ly , 5— 1048,
Spain, 5— 1048.
Uruguay, 5— 1048.
Fanner What Federal Reserve A ct has done for,
2—442.
Farmers, credits to. Federal Reserve Banks and
m em ber banks have given greatly increased,
6—1124.
Finishing credits, International Financial Confer­
ence, Brussels, 6—1291.
Foreign bank, 5— 323.
Foreign countries, to, 6—7,114,140,214,343,562,901.
H oover on, 6—114,140.
Secretary of Treasury on 6— 137.
Foreign correspondents, to, 5—323,

C R E D IT S— Continued,
Foreign Governm ent—
G iven b y U nited States, (See supra, A llies.)
Discussion, 5— 101, 522, 528, 611, 819, 1012,1040,
1046.
G ov H arding on, 2— 587
Secretary o f Treasury on, 5— 22.
(See Foreign governm ents, principal heading.)
Governm ent versus private. Financing o f, 5 — 611.
Great Britain—
Export credits plan, 5— 1012,
Loan in U nited States, 250 m illions, 5— 1014.
Syndicate for purchase of notes of, 5— 101.
(See Great B ritain.)
International credits. (See sam e.)
International Financial Conference, Brussels—
Finishing credits, 6— 1291.
Raw materials as security, 6— 1131.
Italy, U nited States credits to, 5— 845.
(See Ita ly; U nited States.)
Long-term , 5— 611, 614.
Raw materials as security for, 6—1131.
R evolving credits, (See same.)
Shifting of, 6—1013.
Surplus account. Credits to, 5— 26.
U nited States—
Credits given to, b y —
Argentina, 4—941.
India, 4— 941.
Spanish banks, 4—941.
Switzerland, 4—942.
Credits granted to A llied Powers. (See supra,
A llies.)
Warehoused goods. Ruling, Foreign Exchange D i­
vision, 4—1217.
CR O P M O V IN G .
Credits for, 6—1012,1016,1124.
(See infra, Crops.)
C R O PS.
Credits for, 5— 1012,1016, 1124,
Estimates. (See Departm ent of Agriculture.)
Federal Reserve Banks. Governm ent deposits in , to
m ove crops, 1— 259, 260, 301.
Refused b y three Federal Reserve Banks, 1—302.
R epaid, 2—371.
Federal Reserve Board. Resumd of work done in
m oving, 2—442.
Federal Reserve notes. Increase in , for m oving crops,
5—912.
Forecasts, 6—606, 696, 832, 943,1062,1175,
France, 6 —1074.
M ovem ent of. Reports, 1— 180,258,259,260,301,5—
11, 103, 204, 409, 522, 532, 620, 621, 737, 824, 852,
962, 1053; 6—696, 832, 943,1011,1012,1062,
(See Business condition s.)
Statistics as to, 5—636, 737, 853, 962, 1053; 6—606,
696, 832, 943,1062,1175.
S u g a rDrafts to m ove Cuban sugar held eligible for ac­
ceptance, 5— 53.
Loan b y foreign branch of a national bank on
security of, growing sugar crop held eligible,
5—362.
(See Sugar.)




CR O PS— Continued.
War Finance Corporation. Loans for m oving, 5— 29.
(^ A g ricu ltu ra l products; Business conditions; Com ,
Federal R eserve Agents; R eports.)
C R O SS T IE S .
(See A cceptances, D iscounts of.)
CROW D ER, GEN.
Deferred classification of bank clerks, 4— 597.
CRUDE PETROLEU M .
(See Business conditions; Physical volum e of trade;
Prices.)
CUBA.
Banks of, condition, 6—1164, 1166, 1167.
D ebt, pu blic, 6—1165.
Econom ic and financial conditions, 6— 1162.
Exports and im ports, 6— 1163.
International Banking Corporation, New Y ork, H abana branch, 6— 1167
Monetary system, 6—1164.
Moratorium, 6—1165.
National City Bank, New Y ork—
Branch in , 4—938.
Condition, 1916-1920, 6—1167.
P ublic finance, 6—1165.
Sugar crop—
A cceptances to m ove, are eligible, 5—53.
Loans b y foreign branch of a national bank on
security of growing, held eligible, 5—362.
Production, 5—1163.
U nited States—
Governm ent and other loans placed in , 5—33:
6 -6 8 7
Loans of, to Cuba, 4— 279,1059.
CU M U LATIVE S IN K IN G FUN D.
V ictory loan act, 5— 226.
CU N LIFFE, LO R D .
R eport, British Currency Committee, 4 —1178.
(See Great B ritain.)
CU RRE N CY.
Banks of issue, leading. (See sam e.)
British commission. R eport, 4— 1178.
Canadian banking and, 5— 1140,1142.
Changes in, 6— 6.
Circulation. (See M oney, principal heading.)
Circulation per capita. (See M oney )
Custody of, Federal Reserve Agent, 3— 691.
Dem and. Increased, 1— 314.
Em ergency currency (See same, principal heading.)
Expansion—
Federal Reserve Board, on, 4—486, 924,1047.
Federal Reserve notes and, 5— 699.
League of Nations. Table, 6—903.
Less than supposed, 5— 102,
(See Inflation, principal heading.)
Export of—
Licenses, 4—23, 499, 501.
Regulations, 3— 736,
Restrictions abrogated w ith exceptions, 5—653.
(See Am erican R elief Association, Federal R e­
serve Board, Licenses; R ubles; Secretary of
Treasury; Transfers of funds.)
Federal Reserve notes and currency expansion,
5— 699.
(See Federal Reserve notes.)

CU RREN C T — Continued.
Foreign countries, 6— 6, 902, 909, 928.
Foreign exchange transactions. (See sam e.)
German Reichsbank. (See same.)
Great Britain. D epreciation in , 6— 6.
(See Great B ritain.)
Hoarded. Returned to banks, 5— 102, 205, 616.
India—
Currency conditions in , 5— 945.
Currency reform in , 6—253,1298.
(See In dia.)
Inflation. (See Expansion, principal heading; Infla­
tion, principal heading.)
Investigation and regulation. Trading with enemy
act, 8—853.
League of Nations on, 6— 898, 901, 909,
M exican. Changes in , 5— 32.
M oney in circulation. (See M oney .)
National-bank currency. M ethod of shipm ent to
U nited States Treasurer, 1— 12.
(See National-bank notes.)
National-bank notes. Small denominations author­
ized . A ct of O ctober 5,1917, 3—837.
(See National bank notes.)
Paper outstanding. (See M oney.)
Per capita circulation. (See M oney.)
Receipts of. (See Branch banks; Operation.)
Regulations. Export. (See Coin.)
Senate resolution, 6—558, 582.
Situation. Analysis b y League of Nations, 6—898,
901, 903, 909.
Tax. No tax on charges for shipm ents when charges
fall directly on Federal Reserve Banks, 4—1215.
Transportation charges—
Federal Reserve Banks may charge, on unfit
currency to member bank depositing,
2—115.
Federal Reserve Bank to absorb, on, 4 —931,
1093.
Member banks can ship, at expense of Federal
Reserve Banks only when unable to provide
item s to offset checks from or on account of
Federal Reserve Banks, 8— 615.
If member bank ships other than b y United
States m ail it must pay, 3— 615.
Transportation of—
Ruling, Foreign Exchange D ivision, 4— 1121.
Cost. Insurance rates, 5—27,133, 723.
Unfit. (See supra, Transportation charges.)
Volume. Changes in volum e of, not responsible for
price conditions, 5— 699, 813, 913.
(See M oney, principal heading.)
G banks of the various nations, b y nam e.)
See
CU RREN CY AND EXCH AN G E.
Resolution, International Financial
Brussels, 6— 1284.

Conference,

C U RRE N CY , C R E D IT AND EXC H A N G E FLU C­
T U A T IO N S.
International Financial Conference, Brussels, 6—1282,
CU RRE N CY LAW .
New, British India, 6—253,1298.
CU RRE N CY N O TES.
Issued b y Great Britain, 8—11, 6— 6, 843, 955,1069,
1070, 1199, 1312.




37599°— 21----- 5

CU RREN CY REFORM IN IN D IA .
Report, commission on Indian exchange, 6—253,1298.
CU RREN T A S S E T S , 3— 527,949.
(See Commercial paper; D iscounts.)
CU RREN T E A R N IN G S.
Charges against, 2—12; 5—26.
(See D epreciation; Earnings; Federal Reserve notes;
Organization expenses.)
CU RREN T EXPE N D ITU R E S.
(See Expenditures.)
CU RREN CY EXPEN SE ACCO U N T.
Charges to, 5— 26.
Cost of Federal Reserve notes chargeable to, 5— 135.
CU RREN T EX PEN SES.
Earnings and expenses. (See Federal Reserve notes;
Organization expenses.)
CU RREN T L IA B IL IT IE S , 8—527, 949.
(See Commercial paper; P u blic service corporations.)
CU RREN T NET E A R N IN G S.
(See Earnings and expenditures.)
CU RREN T RA TE S OF EXCH A N G E .
(See Foreign exchange rates.)
CU RTAILM EN T.
Loans, 4—935.
Nonessentials, 4—2, 249, 260, 486, 685, 688, 802, 852,
935,1048.
(See Credit conservation.)
C U STO D Y , JO IN T , 8—691.
(See Federal Reserve Agents.)
C U STO M E R S' PAPE R.
(See Commercial paper; Commercial rates; D iscount
and open market operations; Federal Reserve
Bank and branch cities; Rediscounts, Federal
Reserve Banks.)
C U STO M E R S’ PAPER SECU RED B Y W AR O B L I­
G A T IO N S .
(See War paper; Federal Reserve Bank and branch
cities; Discount and open-m arket operations.)
C U STO M E R S’ STA TE M E N TS, D U PLIC A TE , 4—105.
Ruling, Foreign Exchange D ivision, 4—865, 866.
CU STO M S T A R IF F .
Japan enacts a new, 6— 1319
C ZEC H O SLO V AK IA.
Governm ent and other loans placed in U nited States,

6 — 688.

D.
D A IL Y C LE A R IN G S.
Gold-settlem ent fund, 4—591, 610.
D AM AG ES.
(See U nited States Railroad Adm inistration.)
D A R M S T lD T E R BA N K .
Condition, 1914-1919, 6—1050.
D ATE OF C LO SIN G B O O K S.
Decem ber 31 advised as best, for closing of books, but
no objection to June 30 to conform to banking
custom in district, 1—212.
D ATE OF M EM B ERSH IP.
Dates from issue and paym ent of stock and deposit of
required reserves, 1—268.
D A V IS , W . J .
Death of, Class C director, Atlanta, 2—309.
D A Y S OF G RAC E.
Sight drafts are payable when presented, w ithout,
4— 109.

D EALE RS.
Foreign exchange. Regulations, 4— 622.
Retail. (See Foreign exchange; Transfer of funds.)

D E L A C R O IX , M .
International bank of issue. International Financial
Conference, Brussels, 6— 1281.

D E B IT STA TE M E N TS, M EM BER B A N E .
(See Clearing-house debit statements.)

DELAN O, F . A .
Speech, Seattle, Septem ber 8,1915, 1—298.
Visits western Federal Reserve Banks, 2— 152,
V isits Federal Reserve Bank, New Y ork, 2— 309.
Attends governors' conference, Boston, 2— 437.
A ppointed on Capital Issues Com mittee, 4—364.
Resignation of, 4— 587, 697.
Resolution, Federal Reserve Board, 4—587.

D E B IT S TO IN D IV ID U A L ACCO U N T.
(See Clearing-house debit statements.)
D E B T.
Evidences of. (See President; Proclam ation; Uni­
form debt p olicy .)
Interest-bearing debt. (See U nited States.)
U nited States. (See Debts, p u blic.)
D E B TS, P U B LIC .
(See P u blic debts.)
D ECID U O U S F R U IT S .
(See Physical volum e of trade.)
D E C IM A L ST S T E M .
R eport, British commission, 5— 126.
D E C K E R , E. W.
E lected Class A director, Federal Reserve Bank of
M inneapolis, 8—8.
D E C LA R A TIO N .
(See War Trade Board.)
D E C LA R A TIO N S.
Canadian bank. Ruling, Foreign Exchange D ivision,
4—864.
Coupon and dividend. Ruling, Foreign Exchange
D ivision, 4— 866.
Foreign dividen d checks. Ruling, Foreign Exchange
D ivision, 4 —1121.
D ECREASE O F C A P IT A L .
(See National banks.)
D ECREASE OF C A P IT A L S T O C E .
Federal Reserve Banks. Regulation 1 ,1920,6— 1187.
D ECREASE OF FED ERAL RE SER VE N O TE C IR ­
C U LA TIO N , 5— 139.
(See Federal Reserve notes.)
D ECREASE OF G OVERN M EN T E X PE N D ITU R E S,
5— 189.
D ED U CTIO N S FRO M ALLO TM EN TS.
(See U nited States bonds.)
D ED U CTIO N S FRO M G R O SS D E P O SIT S .
(See Reserve requirem ents.)
DEED O F T R U S T , 4— 30.
{See Real estate.)
DEFEN SE, CO U N CIL OF N A TIO N A L.
(See Council, e tc.)
D EFERRED C L A SS IF IC A T IO N .
Bank clerks. Draft law, 8—591, 4—597.
DEFERRED C R E D IT .
{See Federal Reserve Banks.)
D E FIC IE N C Y .
(See Earnings; Federal Reserve notes.)
D EFICIEN T R E SE R V E S.
Penalties collected for, 1— 35; 2— 314, 5— 132.
Federal Reserve Bank can not refuse paym ent of
draft of mem ber bank because of, 1— 12.
D E F IN IT IO N S.
(See Construction.)
D E FLATIO N .
(See Credit expansion; Inflation; L iquidation.)




DELAW ARE.
National banks. Fiduciary powers, 2—523.
A c t Fiduciary powers to national banks, 8— 528.
Acceptance lawB, 8— 529.
Reserves, laws, 8— 770.
List, State member banks, 4—92.
Amendments to banking laws, 5— 743.
Laws, foreign banking corporations, 5— 55.
D E LA Y , UNREASO N ABLE, 8—3 1 ,4 — 109, 200,1119.
(See D ividends; Unreasonable delay; Unreasonable
tim e.)
D E LIV E R Y ,
Trade acceptances, 8— 287.
(See A cceptances; T ax.)
DEM AND.
(See Business readjustm ent; N egotiability.)
DEM AND B IL L S .
Due on date of presentm ent for acceptance w ithin
reasonable tim e. After reasonable tim e becom e
overdue paper su bject to U nited States R evised
Statutes, section 5200, as promissory note of ac­
ceptor, 8—31.
DEM AND D E P O SIT S .
Certificates of deposit for 60 days, after running 30
days becom e, 5— 652,655.
(See New Y ork Clearing House banks; Savings de­
posits.)
DEM AND D R A F T S .
N ot subject to stamp tax, 4—31.
(See Federal Reserve Banks; Sight drafts.)
DEM AND, IN C REA SED .
For Federal Reserve notes, 1—314.
DEM AND, N O TICE AND P R O T E S T .
W aiver of, does not affect acceptor, the prin cipal
debtor, 1— 277; 2— 226.
Circular 8,1915, 1— 41.
DEM AND, PAYAB LE ON, 8— 930.
(See Commercial paper; P ayable.)
D E M O B ILIZA TIO N O F LA B O R .
Data as to unem ploym ent, strikes, e tc., 5— 111,112.
D EN M ARK .
Balance of trade, 1912-1917, 6—39.
Central banks. C ondition, 4— 997,1077.
Exchange on, purchased and sold, 4— 835.
Financial condition, 1914-1917, 4—383,1064.
Foreign exchange rates, 4—384.
On foreign countries, 1914-1919, 6 —41, 44.
Gold p olicy and foreign com m erce, 1914-1919,6— 35.
G old reserves, notes, etc., 1914-1920, 8—331, 4—268;
6 -488.
G old reserves, central, 1913-1920, 6 — 1296.

D EN M ARK —Continued
H andling of bills of exchange in , 5—351.
Loans placed in U nited States, 5— 33.
N ational Bank, Copenhagen, 4—384,
P u blic debt, etc., 1913-1918, 4—376, 384.
Trade balance, 1912-1917, 6— 39.
U nited States, Governm ent and other loans placed in,
5—33 , 6— 688.
(See Copenhagen, Foreign exchange; Profits; National
Bank, Copenhagen.)
D EN O M IN ATIO N S.
(See M oney )
DENVER.
Branch, Federal Reserve Bank of Kansas City, 4— 14.
List of directors, 5— 126; 6— 61.
Em ployees, 5— 779.
DEPARTM EN T OF A G R IC U LTU R E .
Credit needs of farmers, 3—937.
Cotton warehouse loans, 4— 1094.
E ffect of war on real wealth of U nited States, 5— 635.
Farm credit statements, 4—718.
Farm products as bank security, 4— 404.
Farmers, direct loans to, b y Treasury and, 4—807,829.
Financing of grain, 4— 711
Warehouse requirem ents, farm products, 4— 404.
(See Crop statistics; Secretary of Agriculture.)
D EPARTM EN T OF A G R IC U LTU R E AND T R E A S­
U RY.
D irect advances to fanners for crop loans, 4—807, 829.
DEPARTM EN T OF COM M ERCE.
After-war finance, 4— 1086.
Export licenses, list, 3— 582, 584.
Prices, stabilization of. Industrial Board, 5— 196,
246, 341, 344.
DEPARTM EN T OF IN T E R IO R .
Report of gold com m ittee to, 5— 124.
DEPARTM EN T OF LAB O R .
To Capital Issues Committee on labor situation,
4—265.
Index numbers to b e furnished to Federal Reserve
Board, 4 —810.
DEPARTM ENT OF TR E A SU R Y .
{See Secretary of Treasury .)
DEPARTM EN T ST O R E S.
Net sales, 6— 1258.
D E PO SIT A C CO U N TS.
Substantial com petition, 3— 878,
(See Clayton A ct, test, Clearing-house debit state­
ments, Deposits.)
D E PO SIT, C E R TIFIC A TE O F.
For 60 days, after running 30 days, becom es a demand
deposit, 5— 652, 655.
Form of, 6— 495.
Tim e, 6—1065,1183.
{See Certificate of deposit; Demand deposit; Savings
Accounts, Tim e certificates of deposit.)
D E PO SIT L IA B IL IT IE S , FEDERAL RESERVE
B A N K S.
{Sec Resources and liabilities; Deposits.)
D EPO SIT OF SE C U R IT IE S.
(See Fiduciary powers.)




D E P O SIT A R IE S, G OVERN M EN T.
(See Governm ent depositaries.)
D E P O SIT A R IE S, PU B LIC .
For Indian funds, 2—266.
(See Rediscounts.)
D E PO SITO R .
(See Nonmember depositor,)
D E P O SIT O R S, FO R E IG N .
Withdrawal of deposits by, 3—154, 155.
Returned, 3— 154, 5— 102, 205, 616.
D E PO SITS.
A ct, June 12, 1916. Deposits of gold bullion and
foreign gold coin for United States gold certifi­
cates, 2—311.
Argentine banks, 4—739.
Austro-Hungarian Bank, 1918, 5— 197.
Balances due foreign banks are individual and not
bank deposits under section 19, 5—963.
Bank deposits—
Governm ent does not contem plate confiscation
of, 3—931
Growth of, m ay be largely a measure of the ex­
tent of abuse of banking facilities, 5— 323,
Interest on, 1— 394; 4 —160, 161, 252, 285, 290,
690, 806.
(^ C o n fe re n ce s; Interest.)
Bank of England—
1919, 5— 197
1914-1919, 5— 463, 648, 849, 1200.
1914-1920, 6—334, 485, 488, 893, 1070, 1199.
Bank of France—
1919, 5— 197
1914-1919, 5—463, 648, 849,1200.
1914-1920, 6—334, 485, 487, 893,1073,1203,1313.
Bank of Italy, 1914-1919,5— 463,648,849,1200,6— 488.
Bank of Japan, 1914-1919, 5— 463, 649, 849,1201, 6—
1077
Bank of Java, 1914-1919, 5— 464, 649,1201,
Bank of Naples, 1900-1918, 5— 140, 6 -4 8 8 .
Bank of Netherlands, 1914-1919, 5— 649, 849, 1201;
6—336, 894.
Bank of Norway, 1914-1919, 5— 648, 849,1200; 6— 45.
Bank of Roumania, 1915-1919, 5— 1201,
Bank of S icily, 5— 140; 6— 488.
Bank of Spain, 1914-1919, 5— 649, 849, 1201; 6—335,
895.
Bank of Sweden, 1914-1919, 5— 648,1200; 6 -4 5 .
Bank of Switzerland, 1914-1919, 5— 849, 1201.
Banks of issue, leading, 2— 659; 3—234, 329, 500, 681,
942; 4—243, 267, 269, 375, 996, 1057, 1167; 5—
140, 197, 463, 648, 649, 849, 1008, 1200; 6—483,
487, 488, 909, 1044, 1047, 1049, 1295.
Buenos Aires banks, 5— 639.
Canadian chartered banks, 5—1141,1147
Certificate of, issued for 60 days, after running 30
days, becom es a demand deposit, 5—652, 655.
Chart—
Deposits of all banks, 1900-1914,1—234, 2— 266;
8— 849i 5 -8 7
Federal Reserve banks. Investm ents—
1915, 1916, 3—56; 4—770.
1918, 5— 67, 773.
Circulation, deposits to retire. (See National banks,
principal heading.)

D E P O SIT S— Continued.
D E P O SIT S— Continued.
Guaranty of—
Clearing deposits, nonmember banks, 3— 850.
Federal Reserve Board has no plan for, in contem­
Demand deposits—
plation, 1—51.
Certificates of deposit for 60 days, after running
Federal Reserve Board. Resolution against, 4—
30 days, becom e, 5— 652, 655.
595.
D efinition, 6—1182
Federal Advisory Council opposes, 4— 490.
D iscount rates, Federal Reserve Bank. Interest
National banks can not join Nebraska system of
allow ed b y mem ber banks on bank deposits to
1— 409.
be fixed, w ith relation to, 4—806.
National banks can contract for insurance of,
{See Interest.)
1—29.
Em ergency Fleet Corporation. Deposits of, are not
In dividu al deposits—
Governm ent deposits and require reserves,
1863-1915, 2—266.
5— 1054.
1914-1916, 2—222, 223, 328, 376, 506.
European central banks, {See supra, Banks of issue,
leading).
June 30,1916, and March 5,1917, 3— 372, 500.
Excess deposits. {See same.)
June 30,1914, and March 5,1917, 3 — 372, 500.
Federal land banks. Federal Reserve Banks can
1913- 1920, 4— 337, 502, 664, 665; 5— 782; 6—
receive deposits from, only for exchange or collec­
726, 727, 728.
tion or for paym ent of coupons, 3— 379, 881.
{See infra, M ember banks; National banks.)
Federal Reserve Banks—
Balances due foreign banks are, and not bank de­
Capital and reserve deposits, 2— 98.
deposits under section 19, 5—963.
Deposits, 3— 847, 850.
Loan and trust companies, 1900-1914, 1—235.
Member trust com pany from savings department,
National and member banks, 1914-1920, 6—726,
5— 654.
728.
Fiscal year, 1920, 6—664, 724, 725.
Interest on. {See Interest; Bank deposits.)
N et deposits—
Italy, 6—218.
1917, 4— 130.
London Econom ist. Bank deposits to-day are meas­
1918, 4—769; 5— 65, 136, 769.
ure of abuse of British banking system, 5—323.
1919, 6—146, 724.
Member banks—
1914-1919, 5— 774.
1918, 4— 664, 665.
U nfit currency. May refuse to receive deposits of,
1914- 1920, 6—726, 727, 728.
other than Federal Reserve notes, made by
Net deposits, 1918, 4—665.
mem ber banks to save expense of shipm ent to
Not bound b y 10 per cent lim itation of section 19
Washington for redem ption, 2— 115.
as to deposits m foreign banks, 5— 1054.
Federal Reserve Board—
Member trust com pany—
Has no plan in contem plation for guaranty of,
Deposits from savings departm ent in Federal
1— 51.
Reserve Banks, 5— 1156.
Resolution against, 4—595.
{See National banks.)
W ill assist savings banks in case of withdrawal of,
Minimum deposit of U nited States bonds. (See U nited
3—498.
States bonds.)
Federal Reserve notes. Deposits of gold or lawful
National banks—
m oney w ith Federal Reserve Agent in reduction
1910-1916, 2—376, 506.
of Uability upon, 1—273.
1917, 3—372.
Foreign bank balances are individual, rather than
bank deposits under section 19, 5— 963,
1913- 1918, 4—337, 502.
Foreign banks. Member banks not lim ited to 10 per
1914- 1920, 6—726, 727, 728.
cent, etc., under section 19 as to deposits in for­
Net deposits, 1917-1919, 5 —782.
eign banks, 5— 1054.
Can not join Nebraska guaranty system, 1— 409.
Foreign depositors—
Can contract w ith guaranty com pany for insurance
W ithdrawal of deposits by , 3— 154, 155.
of, 1—29.
Ceased, 3—340; 5—102, 205, 616,
W ith nonmember banks, 1— 126.
Foreign gold coin. G old certificates against. A ct of
Securities given to trust departm ent of, to secure
June 12,1916, 2—311
trust funds, deposited in com m ercial depart­
France. Note circulation and, 6— 218, 667.
ment, 5— 1156.
{See France.)
Tim e deposits, 1914-1919, 5— 781,782; 6— 726,728.
German Reichsbank, 1917-1919, 5— 197, 848.
W ith foreign banks. {See supra, Foreign bank
balances.)
Governm ent deposits—
No reserve necessary against, b y national banks,
{See also Individual and bank deposits; Member
3— 458.
banks.)
To be deducted, except postal savings deposits,
Net deposits—
in com putation of reserves, 3—692.
Federal Reserve Banks—
Member banks, 1918, 4— 665.
1917, 4—130.
New Y ork banks, 1918, 4—665.
1918, 4—769; 5— 65, 136, 769.
{See Governm ent deposits.)
1914-1919, 5—774.
Great Britain. Note circulation and, 6— 218, 667.
1919, 6—146, 724.
Fiscal year 1920, 6— 724, 725.
{See Great Britain. )




DEPO S IT S— Continued,
Net deposits—Continued,
Member banks, 1918, 4—665; 6— 726, 727, 728.
National banks, 1917-1919, 2— 376, 506; 8—372;
4—337, 502; 5— 428, 782; 6— 726, 727, 728.
New York banks, 1918, 4— 665.
New York Clearing House. Members of, 1917,8— 653.
Nonmember banks—
Clearing deposits, 1917, 8— 850.
Of national banks w ith, 1— 126.
Postal funds in , 2—331.
R eceivable for reserve. K inds of money, 8—661.
Nonresident aliens. (See Tax.)
Note circulation and. France, Great Britain, and
United States, 6—218, 667.
Pennsylvania escheat law, does not apply to deposits
in national banks, 2—115.
[Attorney General of U nited States, contra. Opin­
ion rendered in 1920.]
Postal savings—
Are tim e deposits and subject to reserve require­
ments, 8— 692.
Reserve on, 1—274, 409; 2—331.
(See Reserve requirem ents.)
Public moneys, 4— 22, 23, 494.
Reserves against. Section 19. Balances due foreign
banks are individual and not bank, 5—963.
Savings accounts—
Presentation of pass book, 2— 168, 534, 611.
Regulation D , 1920, 6—1183.
When not tim e deposits, 2— 168, 21L
Savings banks. Federal Reserve Board w ill assist in
case of withdrawal of, 8— 497
Savings departm ent of mem ber trust com pany. De­
posits from, in Federal Reserve Banks, 5— 1156.
Secretary of Treasury. Governm ent w ill not confis­
cate individual bank deposits, 8—931.
Section 19, Federal Reserve A ct. (See Foreign bank
balances; Foreign banks.)
Securities, deposit of. (See Fiduciary powers.)
Tim e deposits—
Member banks, 1914-1920, 6—726, 727, 728.
National banks—
1914-1919, 5—781, 782.
1914-1920, 6—726, 728.
R egulation D , 1920, 6—1182.
W hen not, bu t savings accounts, 2—168, 211.
Tim e deposits and savings accounts, 2— 168, 534, 611.
Regulation D, 2—534,
Regulation D , 1920, 6— 1182.
Trust com pany mem ber bank. Deposits from savings
department in Federal Reserve Banks, 5— 1156.
Trustee funds, 1— 125.
Unfit currency, 2— 115.
United States. Gross deposits and note circulation,
6—667
U nited States Shipping Board. Deposits of, are not
Government deposits and require reserves, 5—
1054.
W ithdrawal of, b y foreign depositors, 8— 134, 155.
Returned, 5—102, 205, 616.
(See also Bank deposits; Clayton act; Comptroller of
Currency; Coupons; Federal farm loan banks;
Federal Reserve Bank statements; Federal R e­
serve Banks; G old settlem ent fund, Government




DEPO S IT S — Continued,
deposits; Guaranty of deposits; Harding, G ov.,
Hoarding; Interest; National banks; N et depos­
its; New Y ork Clearing House Banks; New York
laws; Opinions, Attorney General, Opinions, coun­
sel, Postal savings; Resources and liabilities; R e­
serve deposits; Savings accounts; Savings depos­
its; State banks.)
D E P O SIT S , ADVANCES AND D ISC O U N TS.
Argentine banks, 1914-1919, 6—599.
D E PRE CIATIO N .
Am erican dollar in Spain, reasons for, 5— 1038, 1039.
C h argeAlterations, 5— 130.
Bank premises, 5— 26.
Equipm ent, 5— 130.
Furniture, 2— 12; 5— 130.
U nited States bonds, 5— 26.
D E P U T Y C H A I R M A N , FED ERAL RESERVE
B A N K S.
One-year term, 4—13.
List of, 4— 14.
D EPU TY FED ERAL RESER VE AG EN TS.
Am endm ent to abolish title, 8— 100.
Favored b y Federal Advisory Council, 8—107.
Compensation of, 1— 362.
Designated for one year on ly, 2—51, 4—13.
H ackney, W ., Federal Reserve Bank of Boston, 8—7
Moncure, J A ., Federal Reserve Bank of Richm ond,
8— 7
National bank examiners in future not to be ap­
pointed as, 2—2.
Newsome, W . B ., Federal Reserve Bank of Dallas,
2— 107
Term, one year, 2— 51, 4—13.
Thompson, H . B ., Federal Reserve Bank of Phila­
delphia, 2—509; 8—7
Treadway, L . H ., Federal Reserve Bank of Cleveland,
8— 7
D E SC R IPTIO N OF FEDERAL RESERVE D IS ­
T R IC T S .
Counties, population, etc., 8—668.
D E SIG N A TIO N , REQU IREM EN TS FO R .
As reserve cities, 1— 49; 8—921.
(See same.)
D E SIG N A TIO N S, Y E A R L Y .
For Federal Reserve Agents and deputies, 2— 51.
D E ST IN A TIO N .
Change from foreign to dom estic, 2—12.
(See A cceptances.)
D E T R O IT .
Branch of Federal Reserve Bank of Chicago, 4 —10,256.
Directors, 5— 126; 6—61.
Em ployees, 5— 778.
DEUTSCH E BA N K .
Condition statement—
1913- 1918, 5—736.
1914- 1919, 6 —1049.
D ividends, 1913-1918, 5—736.
(See Germany.)
DEVELOPM ENT.
Acceptances. (See same.)
Discount market, 4—259.
(See Production.)

D EVICE.
(See Acceptances, dom estic.)
D IFFE R E N TIA L.
In favor of m em ber bank acceptances, 3—28.
D IG E S T , IN D E X .
Federal Reserve A ct. C. S. Ham lin, 1—15 (first
edition ); 3— 826; 4—1 (second edition).
Opinions of counsel, rulings of Federal Reserve
Board, January 1, 1917-May 1,1918, 4—571.
Rulings, Foreign Exchange D ivision, 4—864.
Warehouse laws of States, 1—260.
D IR E C T AD VAN CES TO FA R M E R S, CAN N ERS,
L IV E -S T O C K R A IS E R S , E T C ., 4—807, 829, 830.
(See Collateral notes; Departm ent of Agriculture;
Department of Agriculture and Treasury; Farm
loans; War Finance Corporation,)
D IR E C T AD VAN CES TO M EM BER BA N K S.
Warrants not eligible as security, 2— 609.
(See Indorsem ent; Member bank’s collateral notes.)
D IR E C T D ISC O U N T.
(See D iscount.)
D IR E C T D ISC O U N TS.
Federal Reserve Banks can not discount directly for
individuals, 8— 457.
D IR E C T L IA B IL IT Y .

(See A cceptances; Guaranty .)

D IR E C T LO AN S.
National banks m ay make, on security of farm lands,
and m ay purchase or discount such loans, under
section 24, Federal Reserve A ct, 2— 120.
D IR E C T O B L IG A T IO N .
Of member bank in eligible for rediscount, 1—72.
(Law am ended later. See Member bank collateral
notes.)
D IR E C T O B L IG A T IO N S , NONM EM BER B A N K S.
Indorsed b y mem ber banks and secured b y Govern­
m ent obligations is eligible. Circular letters,
3 —426, 430, 509, 579.
Rediscount of, perm itted until July 15, 1907, 3— 426,
430, 509.
Privilege extended, 8— 579.
Savings banks. Same privilege, 3— 426, 429, 579.
Note of, used in purchasing U nited States bonds or
securities eligible when indorsed and offered b y
a member bank, 8—509.
(See Stamp tax.)
(See Nonmember banks.)
r a il r o a d s .
Notes, secured b y certificates issued by , not subject
to stamp tax if par value of certificates is not less
than amount of note, 5—566.
(See Stamp ta x.)
(See R ailroads.)

d ir e c t o r g e n e r a l o f

d ir e c t o r s .

A ct Septem ber 26,1918. Change in m ethod of group­
ing, 4 -9 4 7 , 950.
A llen, P . R ., Class C, Boston, 4—695, 817.
Annual elections, 1—211; 2-—2, 670; 4—5; 6—60,
61, 159, 782,
Baltimore branch, 5—126; 6—61.
Benedict, C. H ., Class C, M inneapolis, 5— 821.
Birmingham branch, 5— 126; 6—61.
Branch banks. List, 4—14, 596, 817; 5—126, 127,
530, 619, 705, 919; 6—61




D IR E C T O R S — Continued.
Brodhead, J. D ., Class C, Philadelphia, 2—509.
Bruce, Howard, Class C, Richm ond, 4— 491.
Buffalo branch, 5— 530.
Cincinnati branch, 5— 530; 6— 61.
Circulars—
National-bank examiners, 2—2.
P olitical or pu blic office, 2—2, 16; 6—10.
Class A —
Must be resident of district, 2— 607
Resident of part of Connecticut transferred to
New York not eligible for, of Boston, 2— 607.
Financial conference w ith Federal Reserve
Board, 6 —566,
Recom m endation to Interstate Commerce Com­
mission and Shipping Board, 6— 581.
Class A and B—
E lection, 3—7, 742; 4—14, 695; 5—25, 26; 6 —60.
Instructions, 3—742.
Class B and C—
E lection, 2—3, 52; 6—60,
Class C—
Appointm ent of, 2— 1, 3, 51, 52; 3— 7, 742, 743;
4—13,14, 491; 5—25; 6— 60.
E xecutive com m ittee. May serve on, 1—211.
Mutual savings bank. Can not be director of, 5— 53.
C lassification Three groups, 2— 670; 4—1055,1092.
Reclassification, 4— 1055,1092.
Clayton A ct. Interpretation of. (See Clayton A ct.)
Davis, W . J., Class C, New Orleans, 2—309.
Denver branch, 5— 126; 6— 61.
D etroit branch, 5— 126; 6— 61.
E l Paso branch, 5— 126; 6— 61.
E lection of, 1—211, 360, 365, 407; 2—3, 52, 510, 597;
3—7, 290; 4—5, 14, 695, 1055, 1092; 5—25, 26,
53,127, 530, 619, 705; 6—10, 61,159, 782.
(See Polls.)
E ligibility—
May serve ou t term when district lines changed,
1— 103.
H olding political or pu blic office, 2—2.
National bank examiner—
Hereafter not eligible for Federal Reserve
Agent or deputy, 2— 2.
Present designations to be changed after Jan­
uary 1,1916, 2—2.
Officers and em ployees, annual election, 2—2.
Federal Advisory Council, members not eligible
for, 2 - 3 .
Class C, eligible for executive com m ittee, 2— 65.
Resident of part of Connecticut transferred to
Boston not eligible for Class C, Boston, 2— 607.
Class C director can not be director of mutual
savings bank, 5— 53.
Examiners’ reports of Federal Reserve Banks to be
read and checked b y , 2—206.
E xecutive com m ittee. Class A , eligible for, 2—65.
Expiration of term. Can not hold over, 3—290.
Federal A dvisory Council. Members of, not eligible
for, 2—3.
Fees of. National banks, 2— 514; 5— 132, 253.
Financial conference of Class A , w ith Federal Reserve
Board, 6—566.

D IR E C T O R S—Continued.
D IR E C T O R S— Continued.
Vote for Banks must appoint officer to vote for 8—
Forms, election, 1—360.
1178.
G rouping of, 2— 670; 4— 1055,1092.
Votes for. (See E lection.)
Guaranty or indorsement of. Federal Reserve Banks
W ooten, H . O ., Class C, Dallas, 2—205.
m ay require, 2—66.
H ardy, C., Class C, Richm ond, 2—153.
(See also Clayton A ct; Federal A dvisory Council, Ten­
ure of office.)
H olding over. No, after expiration of term, 8—290.
D IR E C T O R S, N A TIO N AL B A N E .
Houston branch, 5— 619; 6— 61.
Assent to loans to, section 22, 3— 614.
Indorsement of discounted paper b y . Federal Reserve
Fees of, 2— 514; 5—132, 253.
Banks may require, 2— 66.
Loans to, section 22, 3—614, 694, 763, 929.
Instructions. E lection of, 2—3, 52, 510, 597; 8—742.
A ct September 26, 1918, 4—947, 950.
(See section 22, Federal Reserve A ct.)
Jacksonville branch, 4—596; 5— 126; 8— 61.
Oaths of. Proposed b ill requiring, 4— 421.
Lightcut, H . B ., Class B , New Orleans branch, 2— 438.
Qualifications of. B ill, 4—433,
List of expiring terms, 1916, 2—510.
Rem oval B ill providing for, of, for violation of
Little R ock, A rk., branch, 5— 126; 8— 61.
law, 4 -4 1 9 , 420.
Loan to, section 22, 8— 614, 694, 763, 929.
Resolution of, 3—614.
(See Section 22.)
D IR E C T O R S, W AR FIN AN CE C O R PO R A TIO N .
Los Angeles branch, 8—60, 61.
Appointm ent of, 4—364.
Louisville branch, 5— 126; 8— 61.
Statem ent b y , 4 — 496.
Mandatory. Appointm ent of officer to vote, 8—1178.
(See War Finance Corporation.)
Martinez, F ., Class C, Dallas, death of, 2— 152.
D ISA P P R O V A L S .
McCormick, V ., Class C, Philadelphia, resignation of,
(See Capital Issues Com m ittee.)
2—309.
D ISB U R SE M E N TS.
Memphis branch, 4—817, 5— 126; 8— 61.
Federal Reserve Banks. (See R eceipts and disburse­
M eredith, E. C., Class C, Chicago. Resignation of, 2—
m ents.)
372.
Federal Reserve Board. (See Earnings and expenses.)
M etcalf, J., Class C, Boston, 4—817.
Fiscal agency, 2— 671; 5— 130, 134, 723, 777; 8—135,
Mutual savings banks. D irector of, not eligible for
726, 830.
Class C, 5—53.
D ISC O N T O -G E SE L L SC H A F T B A N E .
Nashville branch, 5— 126, 919; 8— 61.
Condition, 1913-1919,5— 736; 8—1049.
National bank examiners not eligible hereafter for D ISC O U N T, D ISC O U N TS (see also, D iscount rates).
Federal Reserve Agent or deputy, 2—2.
Acceptances—
New Orleans branch, 5— 127, 705; 8—61.
Indorsed b y mem ber banks of other districts are
eligible, 1—98.
Newsome, W. B ., D eputy Federal Reserve Agent,
Dallas, 2— 107.
Export. (See A cceptances.)
Nominations for, are optional, 6— 1178.
Regulation A , 1920. (See same.)
Norris, G, W ., Class C, Philadelphia, resignation, 2—
A ct, Septem ber 24, 1918, 4—1055; 5— 1055.
438.
A ct, March 3 ,1 9 1 9 Oklahoma branch, 8—159, 782.
M odifying 10 per cent lim itation of section 13. E x­
Omaha branch, 5— 127; 8—61.
pires D ecem ber 31,1920, 5— 1055.
One-year terms, 4—31.
A ct, O ctober 22,1919, m odifies U nited States R evised
Statutes, section 5200, as to, by national banks;
Optional. Nomination of director, 8— 1178.
does not affect discount power of Federal Reserve
Pittsburg branch, 5— 127, 705; 8— 61.
Banks, 5— 1055, 1056.
Political office. H olding of, 2—2 ,1 6 ; 8— 101
A ctually existing values. (See A cceptances; Actually
Polls. Closing of. Vote of member bank to be counted
existing values.)
if certificate filed at any tim e before, 4— 1215.
A ctually owned. Paper, (^ A cce p ta n ce s , Actually
Polls, opening of, 5— 961, 8— 1178.
owned )
Portland, Oreg., branch bank, 5— 127, 8— 61.
Agricultural paper Lim itation on, 1— 72; 2—67.
Procter, W . C. Resigns from Cincinnati branch,
Alaska. (See same.)
8— 10.
B ill of lading drafts. (See Acceptances, principal
P ublic office. H olding of, 2—2,1 6.
heading.)
Qualifications of, 1—103.
Canal Zone. (See sam e.)
Reclassification of, groups, 4— 1055,1092.
Certificates of participation not eligible, 3 —949.
Recomm endations of Class A , to Interstate Commerce
Classes, sizes, m aturities. (See Discount and openCommission and Shipping Board, 8 —581.
market operations, principal heading.)
Salt Lake City branch, 5— 127, 8—61.
Classification. Discounts of member State banks and
Seattle branch, 5— 127; 8—61.
trust com panies, 4—796, 798, 800, 917, 920; 5 —
Spokane branch, 5—127, 8—61.
187, 296, 298, 406, 520, 1007, 8—444, 766, 1107
Term . Expiration of. Can n ot hold over, 8—290.
(See Discount and open-market operations, princi­
Term , expiring, 1918, 4—1092.
pal heading.)
Term, One-year, 4—31.
Commercial paper actually owned. (See Acceptances;
A ctually ow ned.)
Thompson, H . B ., Class C, Philadelphia, 2— 509.




D ISC O U N T, D ISC O U N TS— Continued.
Com putation of—
Based on m aturity at tim e of discount and not
upon agreement to repurchase, 2— 461.
For incom e tax, 5— 249.
M ethod of, 1— 74; 2—272,456,461,8—951,5—249,
Continental U nited States. (See same.)
Corporation. D iscount, New Y ork. P olicy and pur­
poses, 5— 114.
D irect discount. Federal Reserve Banks can discount
on ly, through mem ber banks, 2— 112, 679.
E ligible paper. No obligation to discount, 6— 1301.
E quity exchange paper. E ligib ility of, 8—379.
Farm land. National bank may discount note
secured b y , whenever payable, n maturing within
five years, 2— 226,
Federal Reserve Board. D iscount policy, 8— 76; 4—
1175; 6—558, 582.
(See Federal Reserve Board.)
Finance paper, n ot eligible, 4— 197, 1120; 5—1054,
6—162, 609, 1176.
(See Cotton factor; Finance paper.
Fixed. (See A cceptances, trade.)
Good faith. Drawn in. (See A cceptances; A ctually
existing values.)
Governm ent obligations. Discounts secured by.
(See D iscount rates; War paper.)
Guaranty or indorsem ent of directors. Federal R e­
serve Banks m ay require, 2— 66.
H awaii. (See sam e.)
Joint-stock land bank. (See sam e.)
Lim itation on. The 10 per cent lim itation of section
13 is on ly lim itation on Federal Reserve Banks,
8—287; 4— 1120; 5— 1055.
(See Ten per cent lim itation.)
Member bank—
Note of, not eligible, 1— 72.
Law changed. (See M ember bank collateral
notes.)
Note of, for 90 days secured b y Governm ent bonds,
rediscounted b y another member bank is eli­
gible, 4—863.
(See Member bank collateral notes.)
Mortgage loans. National banks m ay discount notes
secured by , if maturing w ithin required tim e and
otherwise eligible, 2—679.
Nonmember banks—
Note of, offered b y a member bank not eligible
if intended as a loan to, otherwise may be
eligible, 1—213.
Paper of, when secured b y Governm ent obliga­
tions and indorsed b y member bank is
eligible, 8— 426, 429.
(See L iberty loans; Rediscounts.)
Note of, for dealing in U nited States obligations.
E ligible if indorsed b y member bank, 4— 743.
Note offered and indorsed b y member bank
containing an indorsement w ithout recourse
of a, is eligible, 4— 745.
(See Nonmember banks.)
Obligation. No, to discount even eligible paper, 6—
1301 at 1303.
Open discount market. D evelopm ent of, b y acceptances, 4—259; 5— 106.
(See A cceptances.)
Open-market operations. (See same.)




D ISC O U N T , D IS C O U N T S -C on tin u ed.
Open-market operations. D iscount and. (See D is­
count and open-market operations, principal
heading.)
Own acceptances. D iscount of. (See Acceptances.)
Philippines. (See sam e.)
P olicy of Federal Reserve Board, 8— 7 6 ,5 — 910,1011
6—239.
Porto R ico. (See sam e.)
Power Federal Reserve Banks not affected b y act
of October 22, 1919, am ending U nited State.
R evised Statutes, section 5200, 5— 1055.
P ublic service corporation—
Notes of, w hich can not be liquidated out of
current assets are really for capital purposes
and not eligible, 8— 949.
Notes of, for supplies, etc., are eligib le if proper
proportion shown betw een cash accounts
receivable and current liabilities, 8—527,949.
Purchases at a discount. (See U nited States bonds.)
Rebate of, 1— 308, 388; 2— 461.
Renewal notes. (See A cceptances; Renew al notes.)
Savings banks. Notes of, secured b y L iberty bonds
and indorsed b y member bank are eligible, 8—
426, 429.
Section 13. (See Ten per cent lim itation, section 13.)
Territorial, U nited States. (See sam e.)
U nited States Revised Statutes, section 5200. (See
Ten per cent lim itation; U nited States R evised
Statutes, section 5200.)
Virgin Islands. (See sam e.)
War Departm ent vouchers. E ligible paper secured
b y , is eligible, 8— 288.
War Savings stamps—
Notes secured b y , not eligible, 4— 637.
(See also Acceptances, trade; Federal R eserve
A ct, section 13; Federal Reserve Banks;
Rediscounts.)
D ISC O U N T AND IN T E R E S T R A T E S , CO M M ER­
C IA L.
Federal Reserve Bank and branch cities, 4— 812,1016,
1106,1209; 5— 74,154, 265, 376, 482, 577, 667, 750,
792,1065,1162; 6— 72,172, 286, 396, 514, 622, 713,
852, 967, 1085, 1215,1329.
D ISC O U N T AND O PE N -M A R K E T O P E R A T IO N S .
Volum e 1,1914-1915—
Acceptance business, developm ent of, 1— 52.
Acceptances—
B y classes of accepting institutions. H old­
ings, each w eek, 1— 53, 84, 169, 292, 338,
385, 426.
B y classes of acceptors, sizes. H oldings, each
week, 1— 54, 84,169, 292, 338, 385, 426.
D istribution of, (See supra, B y classes.)
H oldings of, Fridays, 1— 54, 84,169, 293, 338,
385, 426.
Maturities—
February 19, 1915-October 31, 1915, 1—
293, 339, 387, 427
Trade acceptances, 1— 424.
Member bank, nonm ember bank, private
bank, State banks and trust com panies,
1— 53, 84,169, 292, 338, 385, 426,
Purchased February 19,1915 (first purchase),
to O ctober 31,1915,1—293,339,387,427.

D ISC O U N T AND O PE N -M A R K E T O PE R A TIO N S—
Continued.
Volum e 1,1914-1915—Continued.
Acceptances—Continued
Sizes. (See supra, B y classes.)
Trade acceptances, discounts, 1— 424.
Bankers’ acceptances. (See supra, A cceptances.)
Commercial paper (exclusive of acceptances)—
Discounts—
Septem ber 8, 1915 (first discount), to
October 31, 1915, 1— 425.
Sizes and percentages, 1— 166, 243, 289,
335, 382, 422.
States and maturities, 1— 167, 243, 289,
335,382,422.
H oldings, last Fridays, maturities, 1—245,
292,337,384,425.
Maturities. (See supra, Discounts, States
and m aturities, H oldings, last Fridays,
maturities.)
Sizes. (See supra, Discounts, sizes and per­
centages.)
States. (See supra, Discounts, States and
m aturities.)
Com modity paper, discounts, Septem ber 8, 1915
(first discount), to October 31, 1915, 1— 425.
Developm ent of acceptance business, 1—52,
Discounts—
(See supra, Commercial paper, discounts.)
(See infra. Trade acceptances, discounts.)
H oldings. (See supra, A cceptance, holdings;
Commercial paper, holdings. )
Maturities. (See supra, Acceptances, holdings;
Commercial paper, holdings; Warrants, pur­
chases, m aturities.)
Member bank acceptances. (See supra, A ccep­
tances, member bank.)
Nonmember bank acceptances. (See supra,
Acceptances, nonmember bank.)
Purchases of acceptances. (See supra, A ccept­
ances, purchased.)
Sizes. (See supra, Acceptances, b y classes of
acceptors; Commercial paper, discounts,
sizes, and percentages.)
State banks and trust companies. Acceptances,
1—53, 84, 292, 338, 385, 426.
States. (See supra, Commercial paper, discounts;
States and maturities.)
Total investm ent operations, 1—221, 268, 360,
365, 406.
Trade acceptances, discounts, 1— 424.
Trust companies. (See supra, State banks and
trust com panies.)
Volume 2,1916—
Acceptances—
Classes of accepting institutions, holdings,
2 -4 4 , 91, 141, 194, 249, 298, 361, 423,
496, 576, 644, 717
Classes of accepting institutions and sizes,
holdings, 2— 44, 91,195.
Holdings, Fridays, maturities, 2— 44, 92,
141, 194, 249, 298, 361, 423, 496, 576,
645, 717. (See also supra, Classes, etc.)
Purchased—
Classes of accepting institutions and sizes,
2—142, 250, 299, 362, 424.




D ISC O U N T AND O PE N -M A R K E T O PE R A TIO N S—
Continued
Volum e 2, 1916— Continued.
Acceptances—Continued.
Purchased—Continued.
M aturities, 2— 45, 92, 141, 195, 250, 299,
362, 424, 497, 577, 645, 718.
Sizes, 2—497, 577, 646, 719.
Bankers’ foreign trade acceptances. (See supra,
Acceptances.)
Commercial paper (exclusive of acceptances)—
Discounts, sizes and percentages, 2— 40, 87,
137,190, 245, 294, 357, 419, 492, 572, 640,
712.
H oldings, last Friday, maturities, 2— 43, 91,
140,193, 248, 297, 360, 422, 495, 575, 644,
716.
States and maturities, 2— 40, 88, 138, 191,
246, 294, 357, 419, 493, 573, 641, 713.
Com modity paper—
B y classes, 2— 43, 90, 140,193, 248, 297, 360,
422, 495, 575, 643, 715.
Discounts, 2— 43, 90, 140, 193, 248, 297, 360,
422, 495, 575, 643, 715.
Foreign trade acceptances. (See Acceptances.)
Holdings. (See supra, Acceptances; Classes of
accepting institutions; Classes of accepting
institutions and sizes; Holdings, Fridays,
maturities; Commercial paper, holdings.)
Maturities. (See supra, Acceptances, holdings,
Fridays^ m aturities; Acceptances purchased,
maturities; Commercial paper, holdings,
last Friday, maturities; States and maturi­
ties; Trade acceptances.)
Member banks. (See supra, Acceptances, classes
of accepting institutions; Acceptances, classes
of accepting institutions and sizes; A ccept­
ances purchased, classes of accepting institu­
tions, and sizes; Commercial paper; Com­
m odity paper.)
Member banks collateral notes, discounts. 2— 643,
715.
M unicipal warrants. (See infra, Warrants.)
Private banks. (See supra, Acceptances, classes
of accepting institutions; Acceptances, classes
of accepting institutions and sizes.)
Purchased. (See supra, Acceptances, purchased.)
Short-term investm ents. (See infra, Warrants.)
Sizes. (£ee supra, Acceptances, classes of accept­
ing institutions and sizes; Commercial paper,
discounts, sizes, and percentages.)
State banks and trust companies. (See supra,
Acceptances, classes of accepting institu­
tions; Acceptances, classes of accepting in­
stitutions and sizes.)
States. Commercial paper b y . (See supra, Com­
mercial paper, States and maturities.)
Total investm ent operations, 2—196, 251, 300,
363, 425, 498, 578, 647, 719.
Trade acceptances—
Discounts, maturities, 2—42, 90, 140, 193,
248, 297, 359, 422, 495, 575, 643, 715.
Purchases, 2—142,195,196,250,299,300,361,
362, 363, 424, 498, 576, 647, 719.
United States bonds, 2—196, 251, 300, 363, 425,
498, 579, 647, 648, 719.

D ISC O U N T AN D O PE N -M A R K E T O PE R A TIO N S— D ISC O U N T AND O PE N -M A R K E T O PE R A TIO N S—
Continued.
Continued.
Volum e 2,1916— Continued.
Volum e 3,1917— Continued.
U nited States 2 per cent bonds converted into 30Maturities—
year 3 per cent bonds and 1-year 3 per cent
Acceptances, 3—64, 141, 223, 224, 319, 320,
gold notes, 2—300, 647, 649.
413, 487, 488, 489, 566, 567, 568, 642, 643,
718, 719, 720, 816, 907, 908, 980, 981.
U nited States 3 per cent bonds, 2 per cent bonds
converted into, 2— 300, 647, 649.
B ills discounted, 3—66, 144, 225, 319, 321,
415, 488, 489, 566, 567, 568, 569, 642, 643,
U nited States 1-year gold notes, 2 per cent bonds
718, 719, 720, 721, 816, 819, 903, 906, 907,
converted into, 2—300, 579, 647, 649, 719,
908, 909, 979, 980, 981, 982.
U nited States Treasury certificates, 2—300, 363,
Commercial paper, 3—59, 62, 136, 140, 409,
425, 498, 579, 647, 648, 719.
411, 413, 639.
Warrants, purchases, maturities, 2— 196, 251,300,
Member bank collateral notes, 3— 61,139,221,
363, 425, 498, 578, 646, 647, 718, 719.
317, 408, 486, 565, 637, 638, 639, 716, 717,
Volum e 3 , 1 9 1 7 814, 902, 903, 977, 978.
Acceptances—
Member banks—
Classes of acceptance institutions, 3— 63,141,
Number of, 3—639.
222, 487, 566, 641, 816, 906, 979.
Number accom m odated, 3— 639.
Purchases of, 3— 64,65,142,143,223,321,415,
487, 490, 569, 641, 642, 719, 721, 815, 819,
Nonmember banks, acceptances, 3— 487,
909, 982.
566, 718, 816, 906, 979.
Sizes, 3—65,143, 222, 318, 411, 487, 565, 641,
Private banks, acceptances, 3— 487, 566, 718,
717, 815, 905, 978.
816, 906, 979.
Agricultural paper, 3— 638, 814, 902, 978.
Resources and liabilities, 3—67, 145, 226,
332, 416, 491, 576, 645, 722, 820, 910, 983.
Bankers’ acceptances, 3— 66, 144, 225, 321, 415,
U nited States bonds. (See U nited States
487, 490, 565, 569, 641, 644, 717, 718, 721, 813,
bonds, infra.)
819, 905, 909, 978, 982.
U nited States one-year gold notes. (See
B ills discounted, 3—642, 644, 719, 814, 902, 903.
same, infra.)
(See Commercial paper; Total investm ent op­
U nited States Treasury certificates. (See
erations.)
same, infra.)
Commercial paper—
Warrants, 3—65, 143, 223, 319, 320, 567, 568,
Classes, 3— 415, 486, 565, 637, 638, 716, 721,
642, 643, 719, 720, 816, 907, 908, 980,981.
814, 902, 977, 978.
States. Commercial paper by , 3—59, 146,409.
M aturities. (See infra, same.)
Total investm ent operations, 3—66,144, 225, 321,
Sizes, 3—58, 136, 221, 317, 408, 486, 564, 637,
415, 490, 569, 644, 721, 815, 909, 982.
716, 813, 901, 977.
Trade acceptances, 3—61, 66, 139, 144, 221, 225,
States and maturities, 3— 59, 136, 409.
317, 321,415,486, 487, 490, 565, 566, 569, 637,
Com m odity paper, discounts and classes, 3— 61,
641, 644, 717, 718, 721, 814, 815, 816, 819,
139, 221, 317, 408, 486, 565, 637, 716, 814, 902,
902, 905, 906, 909, 977, 978, 979, 982.
977.
U nited States bonds, 3— 66, 144, 224, 225, 321,
Conversion operations, 3—224, 415, 416, 644, 721,
415, 416, 490, 569, 644, 721, 819, 909, 982.
909.
U nited States one-year gold notes, 8—66, 144,
(See U nited States bonds.)
224, 225, 321, 415, 416, 490, 569, 644, 721,
Foreign bank branches and agencies. A ccept­
819, 909, 982.
ances, 3—487, 566, 718, 816, 906, 979.
United States securities. (See U nited States bonds,
supra.)
H oldings, Federal Reserve Banks—
A cceptances, 8—63, 64, 141, 222, 224, 319,
U nited States Treasury certificates, 3— 415, 490,
320, 412, 414, 486, 568, 643, 487, 489, 718,
644, 819, 909, 982.
720.
Warrants, 8 —65,143, 144, 223, 225, 319, 321, 414,
Agricultural paper, 3— 486, 565, 638, 962.
415, 489, 490, 569, 642, 644, 719, 721, 819,
909, 982.
Bankers’ acceptances. (See Acceptances.)
Volum e 4,1918—
Commercial paper, 3— 62, 140, 221, 223, 224,
Acceptances. Classes of accepting institutions,
225, 319, 320, 413, 414, 486, 488, 489, 565,
4—54, 138, 230, 343, 464, 554, 669, 788, 898,
567, 568, 638, 643, 717, 719, 720, 814, 816,
1025,1026,1146, 1244.
817, 902, 903, 907, 908, 978, 981.
Acceptances, purchases, 4— 54, 55, 56, 138, 139,
Discounts, 3—62,140, 221, 317, 408, 414, 486,
230, 343, 464, 554, 669, 778, 898, 1025, 1026,
720, 817.
1146.
Live-stock paper, 3— 486, 565, 638, 902.
Agricultural paper, 4 —53,135, 229, 342, 463, 552,
Member banks’ collateral notes, 3—221, 317,
668, 776, 897, 1024, 1146, 1244.
408, 486, 565, 638, 717, 814, 902, 982.
Average rates, bills discounted, 4—553, 668, 777,
Trade acceptances, 3—566.
897,1024,1145,1243.
U nited States bonds, 3—66,144,644,721,909,
Bankers’ acceptances, 4 —141, 233, 346, 466, 557,
982.
671, 781.
Warrants, 8—720, 817; 3—65,143.
(See Rediscounts and sales.)
United States one*year gold notes, 3— 66,144,
B ills discounted, 4—53, 55, 56,135,136,139,140,
644, 721, 909, 982.
141, 229, 233, 342, 346,463, 466, 552, 553, 557,
Live-stock paper, 3— 638, 814,902,978.
667, 668, 671, 776, 781, 896, 1024, 1144, 1242.




D ISC O U N T AND O PE N -M A R K E T O PERA TIO N S—
Continued.
Volum e 4,1918—Continued,
Commodity paper, 4—53.
(See B ills discounted, Rediscounts.)
Foreign bank branches and agencies, acceptances
of, held b y Federal Reserve Banks, 4—54,
138, 230, 343, 464, 554, 669, 778, 898, 1025,
1026.1146.1244.
Holdings. (See supra, Average rates; B ills dis­
counted )
Live-stock paper, 4—53, 135, 229, 342, 463, 552,
668, 776, 897, 1024, 1146, 1244.
Maturities—
B ills discounted, acceptances purchased,
warrants, 4 —55, 56, 136, 139, 140, 231,
232, 343, 344, 464, 465, 555, 556, 669, 670,
779, 780, 899, 900,1026,1027
United States bonds and securities, 4—57,
346, 467, 557, 672, 781, 901,1029.
M aturity, average. (See supra, Average rates.)
Member bank collateral notes, 4—53, 135, 229,
342, 463, 552, 667, 668, 766, 896, 897, 1023,
1024, 1143,1144,1145,1146,1241,1243, 1244
Member banks—
Number, 4—52, 136.
Number accom m odated, 4—52,136, 552, 667,
776,1023, 1143,1241.
Member banks. Acceptances of Purchased by
Federal Reserve Banks, 4—54,138, 230, 343,
464, 554, 669, 778, 898,1025,1026,1146.
Private banks. Acceptances of, Purchased by
Federal Reserve Banks, 4—54,138, 230, 343,
464, 554, 669, 778, 898, 1025, 1026, 1146,
Rates. Average. (See supra, Average rates.)
Rediscounts, Federal Reserve Banks w ith other
Federal Reserve Banks, 4—778,1147.
Rediscounts and sales of acceptances, among
Federal Reserve Banks, 4—777, 1147
Resources and liabilities, 4— 58, 141, 234, 347,
468, 559, 673, 782, 902, 1030, 1148, 1245.
Total investm ent operations, 4—57,141, 233, 346,
466, 557, 671, 781, 901, 1028, 1242
Trade acceptances, 4—53, 54, 135, 138, 141, 229,
230, 233, 342, 343, 346, 463, 464,466, 552, 554,
557, 667, 668, 669, 671, 776, 778, 781, 896, 897,
898.1024.1025.1026.1145.1146.1243.1244.
United States bonds and securities, 4—57, 141,
233, 346, 466, 557, 671, 781,1242.
United States Liberty bonds—
Purchases under 15-day repurchase agree­
ments, 4—345, 466, 557, 671
Security for paper, 4—53, 135, 229, 342, 463,
552, 667, 776, 896, 1024, 1144,1145,1243.
U nited States one-year gold notes, 4—57,141,233,
346, 467, 557, 672, 781, 901,1029.
U nited States Treasury certificates, 4 —57, 233,
463, 467, 552, 557, 667, 672, 776, 781, 896, 901,
1024,1029,1144,1145,1242,1243.
Purchase under repurchase agreements, 4—229.
342, 345, 466, 557, 671.
Warrants, 4—55, 56, 139, 141, 233, 346, 466, 557
671, 781.
Volum e 5 ,1 9 1 9 Acceptances—
Classes of accepting institutions, 5—87, 281,
392, 497, 593, 684, 795, 885, 991, 1086,




1184

D ISC O U N T AND O PE N -M A R K E T O PE R A TIO N S—
Continued.
Volum e 5,1919— Continued.
Acceptances—Continued,
Purchases of, 5— 165, 279, 389, 493, 496, 590,
681, 793, 882, 988,1082,1083,1181.
Rates, 5— 685, 990.
Agricultural paper, 5— 86, 281, 391, 496, 592, 683,
794, 885, 991,1085, 1184.
Average earnings, 5— 84, 85, 166, 280, 281, 390,
494, 591, 682, 792, 883, 988, 1083,1182.
(See Average rates.)
Average holdings, 5—84, 85, 166, 280, 281, 390,
494, 591, 682, 792, 883, 988, 990,1083,1182.
Average m aturities. (See Average holdings.)
Average rates, 5—84, 85, 166, 280, 281, 389, 390,
392, 494, 591, 681, 682, 684, 792, 883, 988, 990,
1083,1084,1182.
Bankers’ acceptances, 5—84, 85, 165, 280, 281,
390, 391,494,495, 496, 591, 592, 682, 683, 792,
793, 794, 883, 884, 885, 989, 991, 1083, 1084,
1085,1183,1184.
B ills discounted, 5—84, 85, 86,165, 279, 280, 281,
389, 391, 493,496, 500,592, 681, 683, 882, 885,
988, 989, 991, 1082, 1083, 1085, 1181, 1183,
1184.
Earning assets. (See Average holdings; H oldings.)
Earnings. (See Average earnings.)
Finance bills, 5—281, 301, 495, 592, 683, 793, 884,
989,1084,1183.
Foreign bank branches and agencies, acceptances
of, purchased b y Federal Reserve Banks, 5—
87, 281, 392, 497, 593, 684, 991, 1184.
Holdings. (See Average earnings.)
Live-stock paper, 5—86, 281, 391, 496, 592, 683,
794, 885, 991,1085,1184.
M aturities, average. (See Average m aturities.)
M aturity, b ills discounted, acceptances; war­
rants, 5" 496, 990,1084.
Member bank collateral notes, 5— 85,86,280,281,
390, 391, 494, 496, 591, 592, 682, 683, 792, 794,
884, 885, 989, 991, 1083,1085, 1183,1184.
Member banks, num ber of, and number accom ­
modated, 5—84, 165, 279, 388, 492, 589, 680,
782, 882, 987,1081,1181.
Nonmember banks, acceptances of, purchased b y
Federal Reserve Banks, 5—87, 281, 392, 497,
593, 684, 991,1184.
Private banks, acceptances of, purchased b y Fed­
eral Reserve Banks, 5— 87,281, 392,497,593,
684, 991,1184.
Rates. (See Average rates.)
Rediscounts and sales between Federal Reserve
Banks, 5—170,171, 495, 687, 794,1085.
Resources and liabilities, 5—87,172,282,393,497,
595, 797, 890, 994,1089,1187.
Total investm ent operations, 6—84,165,279, 389,
493, 590, 680, 790, 883, 988,1082,1181.
Trade acceptances, 5—84,85,86,87,165,280,281,
389, 390, 392, 493, 494, 495,496,497, 590, 591,
592, 593, 681, 682, 683, 684, 792, 793, 794, 882,
884, 885, 988, 989, 991,1083,1084,1085,1183,
1184.
United States bonds and securities, 5— 84, 165,
279, 389, 390, 493, 494, 590, 591, 681, 682, 792,
883, 988, 989, 1082,1083, 1181,1182.
United States one-year gold notes, 5—84,165,279,
389, 493, 590, 681, 792, 883, 988,1082,1181.

D ISC O U N T AN D O P E N -M A R K E T O PE R A TIO N S—
Continued.
Volum e 5,1919—Continued.
U nited States Treasury certificates, 5—84, 165,
279, 389, 493, 590, 681, 792, 883, 988, 1082,
1181.
United States V ictory notes, 5—883, 988, 1082,
1181
United States war obligations. (See War paper.)
War paper, 5—86, 280, 281, 390, 391, 494, 496,
591, 592, 682, 683, 792, 794, 884, 885, 989,
991,1083, 1085,1183, 1184.
Warrants, 5—84, 85, 165, 279, 389, 493, 590, 681,
882, 883, 988, 989, 1082, 1083, 1181, 1182,
Volum e 6,1920—
Acceptances—
H eld each month, b y accepting institutions,
6—93, 193, 307, 416, 532, 642, 741, 873,
985, 1102, 1233, 1348,
Purchased—
Maturities, three months’ period, 6— 191,
530, 870,1231.
Rates of discount, three months’ period,
6—92, 414, 742, 1104.
Each month, 6—91, 93, 191, 193, 306,
413, 415, 530, 532, 641, 642, 740, 741,
870, 873, 984, 985, 1101, 1102, 1231,
1233,1349.
Agricultural and live-stock paper held each
month, 6—93, 193, 307, 415, 532, 641, 741,
872, 985, 1102, 1233, 1349.
Bankers’ acceptances. (See supra, Acceptances,
held each m onth.)
B ills discounted—
Maturities, three months’ period, 6—191,
530, 870, 1231.
Rates of discount, three months’ period, 6—
91, 413, 742,1103.
Total each month, 6—90, 192, 306, 412, 530,
641, 740, 870, 984, 1101,1231, 1340.
Chart, rediscounts between Federal Reserve
Banks, 6— 1042.
Customers’ paper, secured b y Government obliga­
tions, 6—90, 191, 306, 412, 530, 640, 740, 870,
984,1101,1231,1348.
Dollar exchange bills, purchased each month,
6—91, 191, 306, 413, 530, 641, 740, 870, 984,
1101, 1231, 1349.
Earning assets held each month, 6—90, 190, 305,
412, 529, 640, 739, 864, 983, 1100, 1230, 1348.
Fiscal year 1920, 6—723, 725.
Earnings from earning assets, 6—90,190,305,412,
529, 640, 740, 869, 983, 1101, 1230, 1348.
Foreign banks and branches. H oldings of accept­
ances of, 6—93, 193, 307, 416, 532, 642, 741,
873, 985,1102, 1233,1349.
Live-stock paper. (See supra, Agricultural and
live-stock paper.)
Maturities. (See supra, A cceptances.)
Member banks. Number discounting, 6—89,189,
304, 411, 528, 639, 738, 868, 982, 1099, 1299,
1346.
Member banks collateral notes. H oldings, 6—93,
193, 307, 415, 532, 641, 741, 872, 985, 1102,
1233,1349.
M unicipal warrants. (See infra, Warrants.)
Nonmember banks. (See supra, A cceptances.)
Private banks. (See supra, A cceptances.)




D ISC O U N T AND O PE N -M A R K E T O PE R A TIO N S—
Continued,
Volum e 6,1920—Continued.
Rediscounts—
Between Federal Reserve Banks, 6—192,
531, 871,1014,1232.
Fiscal year 1920, 6—730,1041.
Sales of acceptances, (See supra, Rediscounts.)
Total investm ent operations, 6—89,189, 305. 412,
529, 640, 739, 869, 983, 1100, 1230, 1347.
Trade acceptances, 6—90,191, 306, 412, 530, 641,
740, 870,1102,1231,1349.
U nited States securities.
(See supra, Total
investm ent operations.)
U nited States Treasury certificates. (See supra,
Total investm ent operations.)
U nited States V ictory notes. (See supra, Total
investm ent operations.)
War paper—
D iscounted, 6—90, 191, 306, 412, 530, 641,
665, 741, 870, 984, 1101, 1231, 1348.
H oldings, 6—93, 193, 307, 415, 532, 641, 741,
872, 985, 1102,1233, 1349.
Warrants. (See supra, Total investm ent opera­
tions.)
D ISC O U N T C O M PAN IE S, 4— 695.
D ISC O U N T C O R PO R A TIO N , NEW Y O R K .
P olicy and purposes, 5— 114.
D ISC O U N T P O L IC Y , 3— 76; 5—910,1011, 6 —223,229.
Federal Reserve Board to Senate on, 6—558, 582.
D ISCO U N T R A TE S (see also, D iscount; D iscounts).
Acceptances—
H igher than open-m arket rate, 3—76.
Increase, New Y ork, 3—4.
Long term, are in effect a guaranty of fixed dis­
count rates, 4—259.
(See infra, Schedules.)
A ct A pril 13,1920. Progressive rates, 6— 498.
Aldrich-Vreeland notes. D iscount rates lowered to
help retire, 1— 47
Average discount and purchase rates. (See D iscount
and open-market operations.)
Bank of England, 6— 446, 955, 1070, 1199, 1312.
Bankers’ acceptances—
Spread between minim um and nmYirmim rates
increased, 3—236.
Trade acceptances on im portations take, rate,
2— 168.
Based on m aturity at tim e of discount and not on
agreement of repurchase, 2— 461.
M ail transfers. Based theoretically on 15-day rates,
4—371.
Basic rates—
(See supra, A ct A pril 13,1920.)
(See infra, Progressive rates.)
Call m oney rates. (See sam e.)
Cattle loan rates—
H oover, H ., urges loans at n ot in excess of 7 per
cent, 3— 659.
(See Agricultural and live-stock paper.)
Clearing house conference, 6—3,157.
(See Interest rates.)
Commercial rates—
Federal Reserve Bank and branch cities. (See
same.)

D ISC O U N T R A TE S— Continued.
Com mercial rates—Continued.
Member banks, 6— 571.
New York, 1914-1919, 5— 429.
R ise and fall in , 5— 13 ,14,10 1,11 2,19 6, 538.
(See Business conditions.)
Com modity rates. (See Commodity p a p er)
Computation of discount, M ethod, 1— 74; 2—272,
457, 461, 8— 951, 4—744; 5—249.
Congress has delegated power to fix, to Federal
Reserve Banks and Federal Reserve Board,
1—24.
Decrease in , 2— 437.
Discussion of, 5— 105, 196, 910, 1010, 1106, 1162,
6—2, 117, 118, 213, 223, 345, 446 (foreign),
556, 777.
Earnings from. (See D iscount and open-market
operations.)
Effectiveness of, 5—2, 196, 524, 911, 1015, 6— 117,
213, 223, 345, 556, 777
Federal Advisory Council—
Favors increase in , 8—922.
Favors p olicy of Federal Reserve Board, 4—931
Favors present rates, 6—224.
Oppose increase in , 4— 492.
Federal Reserve Bank and branch cities, com m ercial
rates in , 4-812,1 01 6,11 06,12 09 ; 5—74,154, 265,
376,482,577,677,750, 864.972,1065,1162; 6—72,
172, 286, 396, 514, 622, 713, 852.
Federal Reserve Bank of Kansas City, on progressive
rates, 6—449.
Federal Reserve Banks—
Congress has delegated to, and Federal Reserve
Board the power to fix rates, 1—24.
N ot affected b y United States Revised Statutes,
section 5198, lim iting national banks to
maximum rates fixed b y State law, 1—24.
(See infra, Increase.)
Federal Reserve Board—
D iscount rate policy, 8—76, 923; 4— 487, 931,
1175; 5—196; 6 -5 5 8 , 582.
Federal Advisory Council favors discount policy
of, 4—931.
Federal Reserve notes. N ot bound to charge
interest rates on, 2—273.
Power to fix discount rates on own in itiative,
1—24.
To U nited States Senate on discount policy,
6—582.
Urges increase in discount rates, 8—923, 4— 487
Fifteen-day rate—
Commercial paper, 2—509.
Member bank collateral notes, 2—513.
F ixing of. Delegated to the Federal Reserve Banks
and the Federal Reserve Board unaffected b y the
provisions of U nited States Revised Statutes,
section 5198, lim iting national bank maximum
rates to those allowed by law of State in which
they are located, 1—24.
Foreign exchange rates. (See same.)
Form of reporting, 1—71.
Forward rates, 1—97, 98, 221.
Governm ent securities. (See infra, Preferential rates.)
Governors not in favor of increase of, 4—689,690.
Great Britain, 6—446, 1070, 1199, 1312.




D ISC O U N T R A T E S—Continued.
Guaranty of. Long-term and renewal acceptances
amount to a, 2—588, 4—259.
Incom e tax. Com putation of discount for, 5—249.
Increase in , 2—205, 261, 371, 372; 8—235, 425, 429,
922,923; 4—7,362, 487, 813, 922; 5—100,105,325,
328, 943,1009, 1011, 1017, 1106, 1108; 6—2, 105,
118,196, 447, 557
Earlier increase but for Liberty loan subscribers,
5—1108.
Federal Advisory Council favors, 3—922.
Opposes, 4— 492.
Federal Reserve Bank of Boston favors, 5— 325
Federal Reserve Bank of Kansas City favors,
8—328.
Federal Reserve Board favors, 8—923; 4— 487
Governors do not favor, 4—690.
No increase during Liberty Loan I, 2—580.
Reasons against, 5— 105,196.
Secretary of Treasury opposes, on Governm ent
bonds, 4—20.
Interest. Rebate of, 1— 308, 388; 2— 461.
London and New York, comparison, 5—106.
Mail transfers—
Charges for, to be based theoretically on 15-day
rate, 4—371.
(See supra, Based on.)
Member bank collateral notes—
Fifteen-day rate, 2—509.
Secured b y war paper, 8—497.
National banks—
Provisions of United States Revised Statutes,
section 5198, lim iting maximum rates of, to
rates fixed b y State law , has no application
to Federal Reserve Bank rates, 1—24.
Usurious rates, 3—292.
New Y ork, com m ercial rates, 1914-1919, 5— 429.
New Y ork and London. Comparison, discount rates,
5— 106.
New Y ork market, 1918-1920, 6 —479, 941, 942.
Nonmember banks. Notes of, to take commercial
paper rates, 8— 497
One-day rate, 8— 497, 498.
Open-market rates. A cceptance, are lower than ac­
ceptance discount rates, 8—76.
P olicy, Federal Reserve Board, 8—76, 923; 4— 425,
487, 931, 1175; 5— 196; 6—558, 582 (to United
States Senate).
A pproved b y Federal A dvisory Council, 4—931.
Preferential rates—
War paper, 3— 197, 425, 429, 457, 497, 922; 4—
922; 5— 361, 6 —162,163.
Speculative activity can not effectively be con­
trolled through discount rates because of ex­
istence of, 5— 311, 524, 617, 1010, 1015, 1017,
1108,
Used for other purposes than helping Liberty
bond subscribers, 5— 1108.
Profit. Funds obtained b y rediscounting should not
be used for, 5— 311, 524, 617, 1009, 1015, 1017,
1107
Progressive rates—
A ct, A pril 13, 1920, 6—498.
Federal Reserve Bank of Kansas City on, 6—449.
Scale adopted, 6— 777.
Three months, 6— 747.

D ISC O U N T R A T E S— Continued,
Rebate of discount, 1— 308, 388; 2— 461.
Reclassification of, 4—7
Renew al acceptance. A guaranty of, 2— 587, 588,
Reporting of. (See supra, Form .)
Reports on. B y Federal Reserve districts, 6—571,
Schedules of, 1— 29, 111, 124, 214, 266, 343, 359, 403,
2— 11, 63, 110, 204, 216, 308, 319, 383, 505, 585,
656, 677; 8— 74, 152, 231, 235, 241, 327, 421, 496,
575, 650, 728, 825, 916, 988; 4— 66, 152, 242, 357,
482,570, 685, 794,914,1161,1254; 5— 98,182,292,
404, 510, 607, 698, 810, 902,1006,1102,1106,1110,
1199; 6—2,72,73,110,172,173,211,286,287, 328,
396, 397, 436, 514, 515, 551, 622, 623, 659, 713, 762,
852, 890, 967,1004, 1121, 1250,1368.
Situation, January, 1920, 6—117.
Speculative activity Control of, through discount
rates, 5— 311, 524, 617, 1010, 1015, 1017,1108.
Standardized schedule, 8—235.
Super rates. (See supra, Progressive rates.)
Ten-day rate, 1— 124.
Trade acceptances based on im portations take bankers’
acceptance rate, 2— 168.
Uniform discount rates no longer needed, 5— 1017.
Uniform forms for reporting, 1— 71.
U nited States R evised Statutes, section 5198. Dis­
count rates. National banks. Does not apply
to Federal Reserve Banks, 1—24.
Usurious rates charged b y national banks, 8—292.
W arf D iscount rates during, 4— 1175, 5—943.
War Finance Corporation. Minimum rates, 5— 29,
War paper—
Increase in rates, 4—922; 5— 100,1009,1010,1016.
L iberty Loan IV , 8— 125, 429.
Preferential rates—
Abuse of, 5— 1108.
(See supra, Preferential rates.)
Profit. Banks should not rediscount at, over cou­
pon or interest rate. (See supra, Profit.)
Speculative activity can not effectively be con­
trolled through discount rates because of
(See supra, Preferential rates.)
D ISC O U N TS.
(See Argentina; D iscount and open-m arket opera­
tions; Federal Reserve Banks; M aturities; Mem­
ber banks; Rediscounts; State banks and trust
com panies.)
D ISC R IM IN A T E .
Federal Reserve Banks should, against trade accept­
ances drawn to liquidate slow open accounts,
4—30,
D IS C R IM IN A T IO N .
Against unindorsed acceptances of an acceptance cor­
poration, 4—634.
D ISH O N O RED A T M A T U R IT Y .
A b ill drawn for a fixed sum plus collection charges
is not negotiable unless so drawn as to show that
such charges accrue only if b ill is, 8—880; 4—745.
D ISQ U A L IF IE D , 2— 606.
(See Clayton A ct.)
D IST IN C T IO N BETW EEN A G R IC U LTU R A L AND
CO M M ERCIAL PA PE R , 6 —1301
D IS T R IB U T IO N .
(See A cceptances; D iscount and open-m arket opera­
tions; D ividends, Rediscounts; U nited States
Treasury certificates, Warehouse receipts.)




D IS T R IC T , R E SID E N TS O F, 2— 607.
(See Directors, Class A .)
D IS T R IC T C O M M ITTE E S.
List, Liberty loan, 8— 437
Capital Issues Committee, 4—156,166.
D IS T R IC T LIN E S, FED ERAL R E SE R V E .
Change in , does not make director in eligible to serve
out term, 1— 103.
Changes in. (See Redistricting. )
D irector livin g in transferred district n ot eligible for
appointm ent in district from w hich transferred,
2— 607
D IS T R IC T OF CO LU M BIA .
Acceptance laws, 8—529.
Drafts drawn against shipm ent to foreign countries
from, are not subject to stamp tax, 5— 467
Interlocking directors of State banks and trust com ­
panies in , are subject to Clayton A ct. Attorney
General of U nited States, 8 —734, 744.
List of State member banks in , 4—92.
National banks. Exercise of fiduciary powers, 2— 523.
Reserve laws, 8—770,
State banks in , are subject to Clayton A ct, 2—526;
8—734, 744.
D IS T R IC T S .
(See Federal Reserve districts; R edistricting; R educ­
tion of Federal Reserve districts.)
D IS T R IC T S , O U TLY IN G .
Reserves fixed for, of New Y ork, 4—1086, 1124.
Fact that banks are in , does not necessarily entitle
them to lower reserve requirem ents under sec­
tion 19 as am ended, 4— 1124.
D IVID EN D CH E CK S, F O R E IG N .
Ruling, Foreign Exchange D ivision, 4—973, 1121.
D IVID EN D D E C LA R A TIO N S.
Ruling, Foreign Exchange D ivision, 4—866.
D IV ID E N D S.
Bank of Spain, 1913-1918, 5— 1036, 1040.
Special. G old profits, 5— 1040,
Dresdner Bank, 1913-1918, 5— 736.
Federal Reserve Banks. (See infra, sam e.)
German Reichsbank, 1914-1918, 5— 432, 434.
State member banks, January, 1918-June, 1919,
5—188, 610,1104; 6—660, 1251.
Stock dividends. Taxable, 4—614.
Tax on dividends declared for purpose of increasing
capital. Taxable, 5—256.
D IV ID E N D S, FED ERAL R E SER VE B A N K S.
Accrued—
L iability for, due New Jersey banks transferred
to New Y ork district, 2—678.
L iability for, due Oklahoma banks, transferred
from Texas to Kansas City, 2—678.
National bank liquidating and reorganizing,
loses all rights to, from Federal Reserve Bank,
as right does not survive, 8— 117
Federal Reserve Bank may pay dividends, on
stock owned b y liquidating national bank
up to date of application for surrender of
stock and cancellation, if not unreasonably
delayed, 4—201.
Arrears of—
To January 1,1918, 4 —5.
No, on July 1,1918, 4—593.

D IV ID E N D S, FED ERAL RE SER VE BA N K S—Contd.
Books, closing of, (See d osin g of books,)
Closing of books for purposes of, 2—511, 4—521.
Declared b y Federal Reserve Banks—
To Decem ber 31,1915, 2—59,
To July 1 ,1 9 1 6 ,2 —371.
List, to Decem ber, 1916, 8— 4.
List, to June, 1917, 8—507
A ll have paid some dividends except Boston,
8—507
List, all Federal Reserve Banks, 4—5, 6.
Six Federal Reserve Banks have paid fu ll d ivi­
dends to January 1, 1918, 4—76.
Four Federal Reserve Banks have paid full
dividends to June 30, 1917, 4—76.
Two Federal Reserve Banks have paid full
dividends to January 1,1917, 4—76.
A ll Federal Reserve Banks have paid dividends
in full to June 30, 1918, 4—593.
During 1918, 5— 131, 133, 723, 777.
Fiscal year 1920, 6—135, 726, 830.
(See Federal Reserve Bank, Boston, e tc.; Fran­
chise tax.)
Federal Reserve Bank of Boston Only Federal
Reserve Bank not declaring dividends in June,
1917, 8—507
Federal Reserve Bank of New York Adjustm ent of
accrued dividends due New Jersey banks trans­
ferred to New York district, 2— 678.
Federal Reserve Bank, Philadelphia. (See supra,
Federal Reserve Bank, New Y ork.)
Federal Reserve Bank, Richm ond—
D ividends to Decem ber 31,1915, 2—5, 205.
D ividends to A pril, 1916, 2—373.
Federal Reserve Bank, Atlanta. D ividends to
Decem ber 31,1915, 2— 373.
Federal Reserve Bank, Chicago. D ividends to
March 31,1915, 2—373.
Federal Reserve Bank, Kansas City
Dividends to
June 30, 1915, 2— 373.
Federal Reserve Bank, Dallas—
D ividends to June 30, 1915, 2—373.
D ividends to Decem ber 31,1915, 2— 508.
L iability for dividends accrued to Oklahoma
banks transferred to Kansas C ity, 2—678.
Federal Reserve Bank, San Francisco. D ividends
to January 1, 1915, 2— 508.
Fiscal year Should not pay semiannual dividends
nor carry profits to surplus before end of, 1—220.
Franchise tax. In distributing dividends declared
June 30,1918, no return to be made for, 4—521.
Insolvent m em ber banks, paym ent of dividends to,
1—267.
Liquidating national bank. (See supra, A ccru ed.)
National bank, liquidating. (See supra, A ccrued.)
Oklahoma member banks. (See supra, Federal R e­
serve Bank, Dallas. )
R edistricting. (See supra, Federal Reserve Bank,
New Y ork; Federal Reserve Bank, D allas.)
Reorganized bank. (See supra, A ccru ed.)
Reports of dividends. (See infra, State, etc., banks.)
Semiannual, Should not be made, 1—220.




D IV ID E N D S, FED ERAL RE SER VE BAN K S— Contd.
State member banks and trust companies, 5— 188,
610,1104; 6—660, 1251.
Must make report of dividends, etc., to Comp­
troller of Currency, 2— 114. [A ct of June 21,
1917, prescribes that reports snail be made to
Federal Reserve Bank.j
(See supra, A ccrued.)
(See State banks and trust com panies.)
Stock Surrender of. (See supra, A ccrued.)
Surplus account. Should not carry profits to, before
end of fiscal year, 1— 220.
Surrender of stock. (See supra, A ccrued.)
Tax, franchise. (See supra, Franchise ta x.)
D IV IS IO N OF A N A L Y SIS AND R E SEA RCH .
Plan for readjusting salaries to increased cost of livin g,
6—1293.
D IV IS IO N OF E X A M IN A T IO N .
Federal Reserve Board. Paddock, W . W ., resigns;
Herson, J. F ., appointed chief, 6— 1134.
D IV IS IO N OF FO REIG N E XCH A N G E , FED ERAL
RESERVE B O A R D .
Rulings and regulations, 4—864, 973,1121, 1217; 5—
469, 652, 653,853.
(See Coin, bullion, and currency.)
D IV IS IO N OF O PERA TIO N AND E X A M IN A T IO N .
Paddock, W W ., appointed chief of, 5—919.
D O C U M E N TAR Y D R A F T
(See A cceptances; Refinance drafts.)
D O C U M E N TS, SH IP P IN G .
(See Acceptances, bills of lading; Acceptances, domes­
tic, Acceptances, security; Acceptances, 10 per
cent lim itation, warehouse receipts.)
D O LLA R , AM ER ICAN .
Agreements to stabilize, 4— 594.
Am erican dollar Exchange situation, 4— 1198.
A ppreciation of, abroad, cuts down our exports, 5—

1011.

Reasons for depreciation of, in Spain, 5—1038, 1039.
(See G o l d )
D O LLA R BALAN CES.
Due to a foreign bank can not be offset b y foreign cur­
rency balances due from same bank, 5—963.
D O LLA R EXCH A N G E .
(See A cceptances; Dollar exchange.)
D O LLA R LO AN S.
T o foreign countries whose currency is depreciated in
U nited States, 4—940.
U nited States to Great Britain, 4— 940.
(See Principal countries, b y nam e.)
D O LLA R S, SIL V E R .
Coinage of, 1878-1891, 4—397.
Value of pure silver in, 8—843, 844.
(See Silver.)
D O M E STIC A C CEPTA N CE S.
(See Acceptances, dom estic; Opinions of counsel.)
D O M E STIC AND FO REIG N C R E D IT, 6—897.
(See Credits.)
D O M E STIC B A N K S.
Word “ banks ” in section 19 refers to dom estic and not
foreign banks, 5—963.
D O M E STIC B IL L S .
(See Acceptances, dom estic.)

D O M E STIC C O RR ESPO N D EN TS.
Foreign exchange transactions b y banks through
R uling, Foreign Exchange D ivision, 4 —973.
D O M E STIC IN V ESTM EN T F IE L D , 5—527.
D O M E STIC NEEDS.
Goods shipped in export trade are a deduction from.
5— 614.
D O M E STIC P R IC E S .
Increased b y foreign credits, 5— 1014.
(See Prices.)
D O M E STIC PR O D U C TS.
Percentage of, exported 1910-1919, 5— 953,955.
(See E xports.)
Dom estic shipm ent.
(See A cceptances; Regulation A , 1920.)
D O M E STIC SU PPLY OP C A P IT A L .
Our foreign loans dim inish, 5— 1014.
D O M E STIC TR A D E .
Advance of long-term credits to foreign trade takes
capital and goods from, 5—524.
N ot enough capital today in U nited States to supply
needs of foreign and, 5— 524.
D O M E STIC TR A D E AC CEPTA N CE S.
Purchases in open market.
(See D iscount and open-market operations; Trade ac­
ceptances.)
D O M IC ILE B IL L S , 0 —385, 386.
(See A cceptances; D om icile b ill.)
D O M IN IC AN R E PU B LIC .
Branch of International Banking Corporation, in , 4—
947.
DOU BLE L IA B IL IT Y .
State banks as members of Federal Reserve System are
subject to, bu t not their stockholders, 1—273.
D O U G H TO N , J . K .
Appointed national bank examiner, 2— 100.
Appointed ch ief national bank examiner, Richm ond,
5—748.
D R A F T LAW .
Federal Reserve Board w ill not favor exem ption from ,
8— 591.
Reclassification of bank clerks, 4— 597.
Meal tickets for drafted men. Federal Reserve Board
advises member banks to receive, for collec­
tion only, 4—938.
Status of bank clerks under, 4—957.
D RAFTS.
Acceptances are “ drafts” under section 13, 6—162,
699.
Arrival. Payable on arrival not eligible, 1—219; 4—
31, 436, 437
B ills of lading, secured b y . (See A cceptances.)
Are not “ drafts” under section 13 if drawn on
other than banks, 2—264, 6—948.
Can not be received b y Federal Reserve Banks on
deposit for collection and im m ediate availa­
b ility when drawn on demand, sight, or
arrival of car, 4—436, 437.
Federal Reserve Banks may receive and discount,
if drawn payable on or before 90 dayB after
date, interest to be charged for actual tim e
outstanding, 4—436, 437
R ight to inspect before accepting may be re­
served, 5—468, 472.




D R A F T S—Continued.
Canadian. Draft drawn in Canada payable in dollars in
U nited States, secured b y Canadian warehouse re­
ceipt, is eligible for discount after acceptance, bu t
not eligible for purchase in open market, 5—740.
Clean draft b y exporter in Chile can not b e accepted
unless in connection w ith an actual shipm ent or
contract of sale, 8—378.
Collection charges. Draft payable w ith, not nego­
tiable, 8—880; 4— 745.
Collection of, b y Federal Reserve Banks, 1—346; 5—
467.
Cotton drafts. Charges for collection of, not affected
b y abolition of exchange charges, 2—264.
Cotton factor’s drafts, in eligible, 5— 1054,6— 162,1176.
Cuban sugar crop. Drafts drawn under credits opened
to finance, are eligible when accepted, 5— 53.
Days of grace. (See Sight drafts.)
Demand drafts—
Due on presentment for acceptance w ithin rea­
sonable tim e, 8—31.
No stamp required, 4—31.
Docum entary drafts. Valid security for draft on for­
eign buyer, 6—610,1065.
Dollar exchange drafts. (See Acceptances, dollar
exchange.)
D om estic. (See Acceptances, dom estic; Drafts; Se­
cu rity.)
E ligible. Federal Reserve Banks may discount any
draft w hich a mem ber bank may accept under
section 13, 5—253.
Exchange—
Draft payable in exchange not negotiable, 2—457,
459.
Federal Reserve Banks should not receive
them , 8—763.
Draft payable w ith, probably negotiable, 3— 880.
Exchange charges—
A bolition of, does not affect collection charges on
cotton drafts, 2—264.
No deduction of, for collection of acceptances, 6 —
699.
(See Exchange charges.)
E xport draft. National bank can not accept a draft
on itself secured b y an export draft, as exportation
not necessarily in volved, 8— 28.
Federal Reserve exchange drafts—
Forms for use beginning May 21, 1917, 8—347.
Postponed until June 1,1917, 8— 440.
Progress, 8— 591.
Drawn on own Federal Reserve Bank—
Im m ediately available at par at any Federal
Reserve Bank, actually payable on ly at
Federal Reserve Bank on w hich drawn,
8—347.
Lim ited to amounts not over $250, 8— 348.
Lim it increased to $5,000, 4—806.
Federal Reserve transfer drafts. Drawn on own Fed­
eral Reserve Bank, payable on advice of drawee
at any Federal Reserve Bank specified in draft, to
be drawn for amounts over $250, 8—348.
Finance drafts—
See same.)
See Finance paper.)
Foreign purchasers. Drafts drawn to finance dom estic
concerns in giving credit on open account to,
held not eligible, 5—253.

B A F T S — Continued
Im port drafts. (See A cceptances, E xport and im port.)
Inspection before acceptance. Reservation in b ill
of lading of right of, does not affect negotiability,
5 -4 6 8 , 742,
Payable, accepted—
A t place other than residence of acceptor is valid
unless expressly stated payable nowhere
else, a— 289, 5— 142.
A t sight, is payable when presented w ithout days
of grace, A—109,
N inety days after date or before on five days after
demand is negotiable and eligible, 3—291
On arrival of car, not negotiable, 1—219, 4—31,
436, 437
On arrival of car or on demand after arrival is a
tim e draft requiring a revenue stamp, 4—31,
316.
On or before a certain date. H eld eligible, 2— 394
On or before a certain date on five days’ notice,
held eligible, 3—291.
On or before 90 days’ after sight. Not eligible,
3— 949,
To order of drawee. N egotiable only when
accepted and indorsed b y drawee, 4—110
W ith interest for failure to pay at maturity
N egotiable, 3—200; 4— 109
Payable out of U nited States. N ot eligible for pur­
chase under Regulations A and B 1917 bu t could
be purchased under Special Instructions No. 2,
1916, 4—520.
Regulation A, 1920, 6— 1179.
R egulation 0 ,1 920 , 6— 1182.
Sight drafts—
A ccepted payable at a future date are qualified
acceptances, 5— 565.
Payable when presented w ithout days of grace,
4— 109.
Presentment for acceptances releases drawer and
indorsers, 4—109
Require no revenue stamp, 4—316.
(See B ill of lading drafts.)
Speculative purposes. Drafts secured b y warehouse
receipts eligible only when goods not carried for,
3—456; 5—256, 415, 858 , 6—66, 277,1301.
Stamp tax—
A llied Purchasing Committee drafts, 4—614, 972.
Conditions under w hich drafts are subject to,
4—316.
D elivery as an elem ent of applicability to. 4—316.
Drafts not subject to, required on notes, 2—211
Drafts payable on arrival or on demand after
arrival are tim e drafts su bject to, 4—31.
E xport drafts. N o, required on bank drafts on
shipm ent from interior representing export
price, although paid before export, 4—1218.
Foreign countries. N o, required on drafts to
foreign countries from territorial U nited
States, 5—467.
(See Stamp tax.)
Tim e drafts. (See supra, Stamp tax.)
Unsecured drafts. (See A cceptances, security; Ten per
cent lim itation.)
Warehouse receipts. (See Acceptances, actually ex­
isting values, Acceptances, drafts; A cceptances,
security, Acceptances, 10 per cent lim itation,
A cceptances, warehouse receipts.)




37599°— 21----- 6

D R A F T S— Continued.
(See also Acceptances, B ills of lading, B ills of ex­
change Warehouse receipts.)
D R A IN IN G , 4—743.
{S,:e Agricultural and live-stocl paper.)
DRAW EE.
B ill payable to order of, not negotiable until accepted
and indorsed 4— 110
K
See Acceptances, actually existing value.)
D RAW ER.
Presentment of sight draft for acceptance releases,
4— 109.
(See A cceptances, actually existing value.)
DRAW N IN GOOD FA IT H A G A IN ST A C TU A LLY
E X IS T IN G VALU ES.
(See Acceptances, actually existing values.)
D RESDN ER BAN K .
Condition—
1913- 1918, 5—736.
1914- 1919, 6—1050.
D R U G S.
Terms of sale, 6— 1155.
D RU M , J . S.
Address, war-savings certificates, 4—164.
Appointed on Capital Issues Committee, 4—364.
D R Y G O O D S.
Men’s wear, 6—802, 803.
Net sales and production, 6—1031.
Terms of sale, 6—797
W omen’s wear, 6—805.
DUE FRO M FEDERAL RE SER VE BANKS*
To national banks, 1915-1917, 3— 484.
DUE FROM FO REIG N BANKS*
Dollar balances due to a foreign bank can not be offset
by foreign currency balances due from same bank,
5— 963.
DUE FROM O TH ER B A N K S.
Reserve computations—
Member banks m ay deduct amounts due from
other banks from amounts due to other banks,
3—692,
May include in “ due from ” checks on banks in
same place and clearing-house exchanges,
3—692
Balances “ due from ” foreign banks are not “ due
from ” other banks w ithin meaning of section 19.
W ord “ banks” refers only to dom estic banks,
5—963,1054.
DUM M Y O R F IC T IT IO U S DRAW EE.
B ills drawn against a, are not drawn in good hath
against actually existing values, 2— 608, 684.
(See Acceptances, actually existing values.)
D U PLICA TES O F CU STO M E RS’ ST A TE M E N TS,
4—105.
D U PLIC A TIO N .
Certificates of increase or decrease of stock, 1—211.
D U RA TIO N O F T R A N S IT , 3—690.
(See Acceptances, dom estic.)
D U TCH EA ST IN D IE S .
Branch of International Banking Corporation, New
Y ork, in , 4—946.

DUTIES*
Chairman o f board, Federal Reserve Banks, 4—373.
Federal Reserve Agents, 4 —373.
Governors, Federal Reserve Banks, 4— 374*
Officers, Federal Reserve Banks, 4—374*
D U T Y , FIN A N C IA L, 3—518.
(See London Econom ist.)
E.
EA RM ARK ED G O L D , FED ERAL RESER VE BA N K S
AND M EM BER B A N K S.
Bank of England, 50 m illions, 3 —304.
Federal Reserve Board. No m ore to be earmarked
w ithout approval of, 3—734.
Forms of earmarking, 4—85.
Investigation b y President under trading w ith enemy
act, 3 —853.
Regulations. Trading w ith enem y act, 3—853.
Report. A ll banks asked for, 3— 733; 4—81.
South Am erican account, 3—77

E A RN IN G S— Continued.
Member banks, 5—188, 610,1104; 3 -6 6 0 ,1 2 5 1 .
Organization expenses. Excess of current expenses
over current earnings horn Novem ber, 1914, to
Decem ber 31,1915, charged to, 2— 12.
Rates. (See D iscount and open-m arket operations.)
R atio, (See D iscount and open-m arket operations.)
Report of—
Forms and instructions, 2—68.
State banks. T o Com ptroller, 2—114.
[A ct o f June 21, 1917, prescribes that reports
shall b e made to the Federal Reserve Bank. ]
State member banks, 5— 188, 610,1104; 3— 660,1251
(See Receipts and expenditures; Resources and
lia bilities; State banks, e tc.)
(See Federal Reserve Banks.)
EATO N , J* N .
Commercial paper, 2 — 449.
ECON OM IC AND B A N K IN G CO N D ITIO N S*
Italy, 1914-1919, 5—840.
Japan, 1914-1919, 5—73L

EARM ARK ED SIL V E R .
Investigation b y President. Trading w ith enem y act, ECON OM IC AND FIN A N C IA L CO N D ITIO N S*
Brazil, 3— 813.
3— 853.
Chile, 3—1052.
EA RN IN G A S S E T S .
Federal Reserve Banks, 1—176,331,349; 2— 149,203,
Cuba, 3 —1162.
307, 370, 434,505,585, 656, 726; 3— 73,151, 230,
ECON OM IC S IT U A T IO N , EU RO PE, 5—815.
326, 420, 495, 574, 649,727, 758, 759,824,915,987;
4 — 65, 151, 241, 356, 480, 569, 682, 768, 770, 793,ECON OM IC C O N D IT IO N S .
1040, 1145, 1243; 5— 64, 85, 166, 280, 390, 494,
Europe. Report, Supreme Council, Peace Con­
591, 680, 771, 792, 883, 988, 1083, 1182; 3 —90,
ference, 3 —363, 45L
190, 305, 412, 529, 640, 723, 725, 739, 869, 983,
ECON OM IC RECO VERY*
1100, 1230, 1348.
Europe, 3 —218, 451.
Classification, Novem ber, 1914-April, 1917, 5— 771.
U nited States, 3—446.
Classification, fiscal year 1920, 3 —723, 725.
EC O N O M IST, LONDON .
E A R N IN G S.
Expansion of credits, 1913-1918, 5— 323.
Annual rates. (See D iscount and open-m arket oper­
Our financial du ty, 3— 518.
ations.)
Progress of inflation, 3— 375.
Average rates. (See D iscount and open-m arket oper­
ations.)
E D D Y , W . L.
Charges against, 2— 12; 5—26.
A ppointed assistant secretary Federal Reserve
Board, 3— 1134.
D eficiency in , 2— 58.
D epreciation charged to current, 2—12.
EDGE A C T .
T
r,a.rninp« and expenditures, Federal Reserve Banks,
Federal charter for foreign banking corporations,
£-5.76,331,349,394 (errata), 2— 56,217,373,384,
5—705, 728, 820, 965,1056,1109; 3—5, 908.
593; 3—89, 589, 605; 4— 5, 76, (errata), 99,104,
First Federal Banking Corporation, organization of,
700; 5—136,135,720, 722,724, 769, 777, 3 -1 3 2 ,
3—449.
726, 828.
Foreign trade under, 3— 5.
Year 1915,1— 56.
Investm ents abroad under, 3—1168.
Year 1916, 3 -3 9 .
Regulation K , 1920, 3—379,1190.
Y ear 1917, 4 -9 9 ,1 0 4 .
E FFE CTIV E CO N TR O L TH R O U G H D ISC O U N T
Year 1918, 5—130.
R A T E S , 5—2,196,524, 911,1015; 3—117, 213,223,345,
Y ear 1919, 3— 132,136.
556, 777
Y ear 1920. F iscal, 3—726, 828.
E FFIC IE N C Y , BU REAU O F.
Federal Reserve Branch Banks. (See sam e.)
Recomm ends abolition of U nited States subtreasurxes,
Federal Reserve notes. Cost of, charged to, 2 — 12.
4 -1 7 2 .
Fiscal agents. (See same, )
E G G S.
Forms for reporting, 2— 68.
Warehouse requirem ents, 4—405.
German banks, 1913-1918, 5— 736.
EG YPT.
German Reichsbank, 1914-1918, 5—432.
H andling of b ills of exchange in , 5— 455.
Instructions. Reporting of, 2—68.
EL P A S O , T E X .
Investments. (See D iscount and open-market opera­
Branch of Federal Reserve Bank of Dallas, 4 —256,596.
tions.)
Directors of, 4 —950; 5— 126; 3—61*
M aturity. (See D iscount and open-market opera­
Em ployees, 5— 779.
tions.)




ELECTION OF D IR E C T O R S.
Am endm ent as to, 4—950.
(See D irectors.)
ELECTIO N OF FEDERAL A D V IS O R Y CO U N CIL.
(See Federal A dvisory Council )
E LE C TR IC L IG H T A S S O C IA T IO N S .
(See Capital Issues Com m ittee.)
E LE CTRIC AL G O O D S, 4 —310.
Terms of sale, 6—262.
(See Acceptances, trade.)
ELE C TR IC A L P R O D U C TS.
Terms of sale, 6—262.
E L IG IB IL IT Y , C E R T IF IC A T E S O F.
Must be based on knowledge of bank officer, 2—12.
E L E G IB IL IT Y , T E S T O F.
Paper of pu blic service corporations, 3— 527, 949.
E L IG IB L E . (See also N egotiable.)
Collateral notes of Federal Land Banks and jointstock land banks are pure finance paper and
are not, 6—609.
Cotton factors paper not, 5— 1054; 6— 162,1176.
Directors, to serve out balance o f term after redis­
tricting, 1— 103.
(See Clayton A ct.)
Equitable interest. A certificate of, in a note is
not, 3—949.
Federal Reserve Banks have discretion as to the dis­
counting of, paper, 6—699, 1301 at 1303.
Note of bank discounted b v another bank, proceeds
to b e used to replace funds withdrawn b y cus­
tomers to bu y L iberty bonds is not, 3—954.
N ote of member bank—
Not eligible, 1—72.
(Law changed.
M ember bank collateral notes.)
D iscounted b y another mem ber bank, secured
b y war obligations is, 4 —863.
Notes representing permanent investm ents, are not,
6—699.
N ote of nonm ember bank—
Indorsed b y a member bank, secured b y G ovem obligations, is, 4— 743.
Offered and indorsed b y a mem ber bank contain­
ing indorsem ent w ithout recourse, of a non­
member bank, is, 4— 745.
Offered b y a member bank is eligible if not in­
tended as a loan to nonm ember bank, 1—213.
(See Nonmember bank.)
Producer. Note o f owner or, for materials or services
is tech nically eligible, but undesirable where
ultim ate paym ent depends upon success of
transaction, 6— 699.
P u blic service corporations. Test of elig ib ility of
paper of, 3— 527, 949.
Use of proceeds—
Determines whether or not a note is, I — 268.
Use of proceeds in the first instance determines
whether or not a note is eligible, 6—1176.
(See also Acceptances; A cceptor; Agricultural paper;
Arrival of car; B ills of exchange; Collateral trust
notes; Cotton factors paper; D iscount; E quity ex­
changes; Farm land loan, Farm loan bonds;
Finance paper; Live-stock paper; Meal tickets;
M ortgageloans; Mutual savings banks; N egotiable;
Nonmember banks; Ore in ground, Permanent in ­
vestm ent; Producer; P u blic service corporation;
Renewal notes; Savings banks, Security; State




E LIG IB LE —Continued.
banks; U ncut tim ber; U nited States bonds;
U nited States Treasury certificates; War Depart­
m ent vouchers; War paper; Warehouse receipts.)
E LIG IB LE CO M M ER CIA L B A N K S.
Seventy-five per cent of resources of all, in U nited
States are represented in Federal Reserve System,
5—4.
E LIG IB LE FO R M EM B ERSH IP.
Building and loan associations are not, 1—212.
Chain of banks constituted b y one corporation with
branches w ill be, if capital of parent bank is suffi­
cient to entitle it to becom e a national bank in
place where head office is located, 4—971.
I f each bank is a separate corporation, each must file
a separate petition and each must have requisite
capital to becom e a national bank, 4—971.
M utual savings banks are not, 3—950.
Private bankers are not, 3— 693.
State banks. (See sam e.)
E L L IO T T , M . C.
R esignsas general counsel, Federal Reserve Board,
A ppointed special counsel, 5—201.
E M BA RG O , G O LD .
Argentina, 6—778.
Sweden, 4— 1091.
U nited States. A ct June 1 5 ,1 9 1 7 E xecutive order, 4—499.
Licenses to export gold to Spain during, 4—365.
Purpose of, 5— 616.
Regulations, 4— 594.
Rem oved June 9,1919, except as to rubles, e tc.:
5— 611, 615, 853.
G old exports since rem oval of, 6—1018.
(See G old.)
EM BEZZLEM ENT.
(See Com ptroller of Currency.)
EM BR O ID ER IES.
Terms of sale, 6—473.
EM ERGEN CY C U RRE N CY , A LD R IC H -V R E E LA N D
ACT.
Am ount issued, 1— 81.
D iscount rates lowered to help retire, 1—47.
H istory of, 1— 124,
Outstanding, 1— 29, 47, 50, 79, 80,124.
Retirem ent of all, July 1 ,1 9 1 5 ,1 — 124.
Silver certificates m ay be deposited to retire, 1—13.
EM ERGENCY FLEET C O R PO R A TIO N .
Deposits of, in national banks are not Governm ent
deposits and require reserves, 5— 1054.
(See U nited States Shipping Board.)
EM ERSON, R . G .
A ppointed assistant secretary Federal Reserve Board,
5— 918.
A ppointed assistant to governor, 6—1134.
EM PLO YEES.
Federal Reserve Bank of New York, questionnaire to,
on cost of livin g, 6 —1294.
Federal Reserve B a n k s Annual em ploym ent, 2—2 ,1 3 , 51, 64.
Bonding of. (See Comptroller of Currency.)
Federal Reserve Banks and branches, 1915-1919,

EM PLO YEES— Continued.
Federal Reserve Banks—Continued
Group insurance for, 2— 590, 3— 28.
Questionnaire to, 3—55,
Salary readjustment, 6—1293.
Federal Reserve Board, 1914-1919, 5— 778.
EM PLO YM EN T C O N D ITIO N S, 3 —791.
ENDORSEM ENT*
( See Indorsem ent.)
EN EM IES, ALIEN O R A L L Y OF
Acceptances. Paym ent of acceptances drawn against
rands to credit of, 4—11.
Checks and drafts, 4— 171,
Coupons and securities, 4—87, 172, 365.
Federal Reserve Board. Instructions to banks deal­
ing w ith, 3— 431, 655.
Paper of. Protest, 4— 87
Patents owned b y
Fees, 4—87
Regulations. Trading w ith, 4— 171
Secretary of Treasury Licenses, 3— 838.
Trading list, 4— 172.
Trading w ith. (See War Trade Board.)
Transactions of, reports, 4—171
Transfers of funds to. Special license, War Trade
Board, 5—653.
Travelers' checks, indorsed b y , 4 —11.
EN GIN ES AND BOILERS*
Terms of sale, 3— 156.
ENGLAND*
(See Bank of England, Great Britain, London.)
EN G LISH E X P O R T C R E D IT PLAN .
Governm ent aid, 5—1012
EN GRAVED SIG N A TU RE S.
National Bank notes, 5— 21.
(See Comptroller of Currency.)
E N TR IE S, FALSE.
(See Comptroller of Currency.)
E N T R Y , T R A N S IT .
(See Acceptances. )
E Q U A LIZA TIO N OF RE SER VES.
B y Federal Reserve Bank rediscounts, 4— 361.
(See Rediscounts; Reserves.)
EQ U IPM EN T.
Cost of, 2— 58, 59, 4—103; 5—134.
Charged to current expense account, 5— 26.
EQ U ITA BLE IN T E R E S T .
A certificate of, in a note is not eligible, 3—949.
EQ U ITA BLE T R U S T C O ., NEW Y O R K .
Reasons for joining Federal Reserve System, 3—836.
E Q U ITY c o o p e r a t i v e a s s o c i a t i o n s .
Notes of, the proceeds of w hich are to be used for
agricultural purposes are eligible as agricultural
paper, 3— 456,
If proceeds used to purchase and carry grain for
speculative purposes, would not be eligible,
3—456.
E Q U ITY EX CH A N G E S.
Can not deal directly w ith Federal Reserve Banks,
3—379.
Paper of, is eligible, 3— 379.




E R R A TA , 1— 394 (statistical), 3— 925 (chart), 4— 76
(earnings, Federal Reserve B anks), 5— 563 (in d ex
num bers), 5—650 (lia bilities), 5— 852 (m oney, per
capita), 5— 1050 (silver, prices), 3— 928 (July, 1920,
B ulletin, p. 667), 3— 947 (August, 1920, B u lletin ,
p, 871).
E R R O R , W R IT O F.
(See Fiduciary powers.)
E SCH EA T.
Pennsylvania law of, does not apply to deposits in
national banks, 2— 115,121
(A ttorney General of U nited States contra, 1920.)
E SSE N TIA L LO AN S, 3 —342, 446, 554, 665, 774, 897,
904, 927, 1012
Federal Reserve Board has never defined, 3— 904.
E SSE N TIA L PR O D U C TIO N .
G ov H arding on, 3—927
E STIM A TE S AND A P P R O P R IA T IO N S , 1920, 5—
1105.
EU ROPE.
A id to, 5—22; 3— 7, 32, 114, 137, 140, 214, 343, 562,
901, 957
(See A llied powers; Foreign trade financing.)
E conom ic outlook, 3—218,
E conom ic situation, 5— 815.
Financial conditions, 5-7-1015.
Food relief, 3— 114,
Reconstruction needs overestim ated, 5— 819.
EU ROPEAN .
A cceptance credits. G ov H arding on, 2— 587.
British exchequer notes. (See sam e.)
Central banks—
Condition, 1913-1920, 2—659; 3—234, 329, 500,
681. 942; 4—243, 267, 269, 375, 996, 1057,
1167, 5— 140, 197, 294, 463, 648, 849, 1008,
1200; 3—485, 487, 488, 909, 1044, 1047, 1049,
1295.
G old reserves, 1910-1920, 3—144, 909, 1295.
Countries—
Balance sheet of war, 4— 1057
Exchange rates, 4— 1199
Funding of international obligations, 3— 7
G old reserves and notes, 3— 331,3— 144,909,1295.
Internal war loans. 4— 1070.
P u blic debts of, 3— 10,18, 331, 349; 4—268. 275,
375,1057,1072; 3— 1070. 1165,1199,1312.
War debts. (See supra, P u blic debts.)
War finance, 1914-1918, 4—267, 269, 375, 1057.
War taxation, 4— 1067
Credits held in U nited States, 1914-1916, 2— 592; 3—
10, 424, 731, 4— 21, 279, 1057,1059,1166, 5— 33,
820, 845, 957, 3—7, 114, 137, 140, 214, 343. 562,
688, 901
Demand for credits should be classified, 5— 1013.
Financial situation. (See International financial sit­
uation.)
Obligations held in U nited States, 1914-1916. (See
supra, Credits held, etc,)
Payments to U nited States, 1914-1916, 2—592.
Transfers of Am erican securities, 2— 592.
E V ASIO N OF U N ITED S T A T E S RE V ISE D S T A T ­
U TE S, SE CTIO N 52 00 .
Acceptances given in , 5—254, 256, 415, 858; 3 —66,
277, 1301
(See A cceptan ces.)

EXCH A N G E AND C O LLEC TIO N AG E N T.
Clearing member banks may use in their title the
words, 4— 1119,1216.
E X A M IN A T IO N .
EXCH AN GE C H A R G E S, SE CTIO N 13.
D ivision of. (See same.)
Acceptances. Member bank can not deduct, on one
National banks—
of its own acceptances presented to it for collec­
B y clearing house exam iner 1— 307
tion b y the Federal Reserve Bank, as bank ac­
Cost, new and old system, 2— 122 213.
ceptances are “ drafts” under section 13, 6—162,
Payment for, 3— 374.
699.
State banks—
American Bankers’ Association. Report of committee
Admission, 8—592.
of five in favor of. Suggested amendment speci­
fically fixing amount to be deducted, 4—962,
Federal Reserve Board suggests that State bank­
963, 964.
ing departments use forms of Federal Reserve
Board examination division, 4—310.
Attorney General of U nited States—
Opinion D eduction of exchange charges, pro­
Instructions as to exam ination of State banks for
hibited by section 13, does not apply to
admission. 4— 1079
State banks not members or clearing mem­
(State banks are subject to exam ination only by
bers, 4—367
Federal Reserve Board and Federal Reserve
Supplementary opinion. The prohibition of
Banks. A ct June 21, 1917. amending sec­
exchange charges applies to all checks pre­
tion 9. Federal Reserve A ct.)
sented for collection by Federal Reserve
E X A M IN E R S.
Banks and not sim ply to checks owned b y
Chief Federal Reserve. (See same.)
said banks, 4—370,
Directors of Federal Reserve Banks instructed by
Collection plan announced. Exchange charges not
Federal Reserve Board to read and initial all
perm itted on checks, 2—262,
reports of examiners of their Federal Reserve
Country banker Says he believes in and suffers
Bank, 2— 206
from loss of, but that m ajority of bankers are
National bank examiners, chief Conference, 1— 217
opposed and the m inority should yield, 3— 740.
National bank examiners henceforth not to be ap­
D eductions which may be made—
pointed deputy Federal Reserve Agents, 2—2,
On checks and drafts drawn on themselves when
sent for collection direct b y the holding
EX C E SS LO AN S.
bank and not through the Federal Reserve
Deposits of member with nonmember banks in excess
Bank The reasonableness of these charges
of lim itation of section 19 must be reported as,
are to be determ ined by the Federal Reserve
1— 126
Bank, in no event to exceed one-tenth of 1
per cent, 3— 657
EX C E SS P R O F IT S T A X .
Computation of interest and discount. 5— 249
On checks and drafts drawn on themselves and
received from another bank—not the Federal
D eposit of pu blic moneys in connection with 4— 194.
Reserve Bank—with instructions to rem it in
Gold production. Should not be applicable to,
paym ent to the Federal Reserve Bank In
5— 125.
such case, the charge is made against the
Great Britain, 5— 123.
forwarding bank and not against the Federal
Incom e from Liberty bonds I exem pt from, 3— 459.
Reserve Sank, w hich is m erely a depository
of the proceeds minus the exchange charges,
Installm ent payments, 5— 107
3— 660; 6— 494.
Secretary of Treasury on, 4— 600, 847, 6—341,1253.
On collection of notes, bills, and drafts drawn on
Stock dividends not subject to, in hands of individual
individuals, firms, or corporations, other
stockholders, 4— 614
than banks, 2—264, 3— 656, 660, 661, 662,
United States Treasury certificates receivable for,
663, 5— 964, 6—948.
4— 518.
Even though payable at its own bank, 6— 699.
EX CE SS RE SER VES, FREE G O LD .
Federal Reserve Bank of New York. Banks may
1917-1919, 4—226, 227, 5— 774.
deduct exchange charges on collection items
against other than banks, 3— 743 at 744.
1918, 5— 137, 138, 774.
Harding, Gov Explains clearing system and right of
Chart, 5— 138.
Federal Reserve Banks to collect over the counter
1919, 6—145.
from nonmember banks refusing to rem it at par,
1920, Fiscal year, 6— 724, 725.
5— 1113, 6—489.
E XCE SS SE RVICE C H A R G E S, 4— 103.
Hardwick amendment—
As originally introduced, 3— 428.
E X C E SSIV E RE D ISCO U N TS B Y M EM BER B A N K S,
As finally enacted in act of June 21,1917, 3— 428.
4— 1169; 5—311,524,617,1010,1015,1107
National Association of Credit Men favors new clear­
(See Profit.)
ing system including prohibition of exchange
EXCH AN G E.
charges, 2— 600.
Currency and. Resolution, International Financial
Opinions of courts. Federal Reserve Banks m ay law­
Conference, Brussels, 6—1284,
fully collect over counter from nonmember banks
Drafts payable in , not negotiable, 2— 457, 459; 3—
refusing' to remit at par—
459, 763.
United States D istrict Court, Georgia, 6—496.
United States Circuit Court of Appeals, 6—
Federal Reserve Banks should not receive them,
1303.
3— 459, 763.
[A bove case pending before U nited States
Trade acceptance payable w ith, probably negotiable.
Supreme Court.]
Made so b y negotiable instruments act, 3—880.
EVIDENCES OF D EBT, E X P O R T A T IO N OF.
{See President, Proclam ation.)




E X C H A N G E CH A RG ES— Continued.
Savings accounts. Member banks can not deduct ex­
change charges on checks drawn against their,
sent for collection b y Federal Reserve Banks,
5—964.
E X C H A N G E , DOLLAR*
(See A cceptances, dollar exchange.)
E X C H A N G E D RAFTS*
(See Federal Reserve exchange drafts.)
EX C H A N G E , FOREIGN*
(See Foreign exchange; France: Germ any; Great
B ritain; Italian institute of Exchange; Italy;
Lira exchange; Sterling exchange.)
EX C H A N G E O F UN ITED ST A T E S BONDS*
O f 2 per cent bonds for 3 per cent bonds and one-year
Treasury notes, 1— 101,102.
(See U nited States bonds.)
E X C H A N G E ON FED ERAL RE SER VE C IT IE S , 2—
315.
(See Clearing system ; Federal Reserve exchange
drafts.)
EX CH A N G E O PERATIO N S*
(See Balance o f trade; Earmarked gold; Credits.)
E X C H A N G E , PA Y A B LE IN*
(See supra, E xchange.)
E X C H A N G E , P E G G IN G O F, 5—311,411,413,414,525,
1038,1039,1U 0; 0 —216,1260.
(See Foreign exchange.)
E X C H A N G E R A T E S , FOREIGN*
(See Foreign exchange.)
E X C H A N G E S IT U A T IO N , 8— 77; 5 —195; 6—115, 900.
(See Foreign exchange.)
E X CH A N G E TR A N SA C TIO N S*
Ruling, Foreign Exchange D ivision, 4—1121.
E X C H A N G E S, E Q U IT Y .
(See E quity exchanges.)
EX CH A N G E S FO R C LE A R IN G H O U SE, 8—692.
(See Reserves.)
EXCH E Q U E R N O TE S, B R IT IS H .
arm ent in , 2— 661; 8 —2, 82, 23$^239, 652, 653.
(See British exchequer notes.)
E X C E SS T A X .
(See A ct, A pril 24,1917; Bond act.)
E X E C U TIV E C O M M ITTE E .
Class C directors eligible to serve on, 1— 211, 212;
2—65.
Com position of, 1— 211.
Persons in eligible to serve as directors can not serye on.
Clayton A ct, 2— 679.
E X E C U TIV E O RD ERS*
A ct June 1 5 ,1 9 1 7 Exports coun cil, etc., 8—582, 583.
Proclam ation, 4—23.
Coin, bu llion, etc. Exportation, 8—736.
Control abrogated, 5— 615, 652, 853.
Control vested in Federal Reserve Board, 4— 499.
Coupons, 5— 172.
Foreign exchange transactions, 4 —81, 185; 5 —653.
G old. Exports of—
Control continued, 2—633.
Embargo, 4— 499.
Rem oval of restrictions, 5— 615, 652, 853.




E X E C U TIV E O R D E R S—Continued.
Imports, 4 — 172.
Trading w ith the enem y act. Regulations, 8—860.
(See Federal Reserve Board; President; Licenses;
Secretary of Treasury.)
EXEC U TIVE SE C R E TA R Y , FED ER AL RE SER VE
BOARD*
H oxton, W . W ., appointed, 5 —018.
E X E C U TO R .
(See Fiduciary powers; Now Y ork ; Trustee powers.)
E X E M PTIO N .
Homestead. N egotiability of a note not affected b y
waiver of, 2—226.
M ilitary service. Federal Reserve Board w ill not
favor, 8—591.
Taxation. (See U nited States bonds; U nited States
Treasury certificates.)
E X IS T IN G VALU ES, A C T U A L L Y .
(See Acceptances; A ctually existing values; R enew als;
U nited States R evised Statutes, sec. 5200; Trade
A cceptances.)
EXPAN SIO N *
Banking. (See sam e.)
Credit, 4 —70, 249, 928,1046; 5—8, 102, 306, 409, 524,
614, 699, 813, 913; 6— 113,116, 217, 221, 448, 553,
555, 665, 774, 897, 1013, 1124.
Currency. Federal Reserve notes and. G ov. H arding.
5— 699, 813.
Federal Reserve Agents. Report, 5— 1017.
Less than supposed, 5— 102.
T ide has changed, 6— 774.
(See also Inflation.)
E X P E D IT IO N A R Y FO R C E S.
Remittances to. Ruling, Foreign Exchange D ivision,
EXPE N D ITU R E S.
British Committee on War, 4—179.
Federal Reserve Board. (See sam e.)
EX PE N D ITU R E S, REVENUE A N D .
Belgium , 6—1322.
France, 6— 1072.
Great Britain. (See sam e.)
Italy, 6—1320.
U nited States. (See infra, Expenses of U nited States
Governm ent.)
EXPEN SE.
(See Current expense account.)
EXPEN SES.
Federal A dvisory Council. (See sam e.)
Federal Reserve Agents. (See same.)
Federal Reserve Board. (See same.)
Federal Reserve branch banks, 5— 777.
(See Federal Reserve Banks.)
Federal Reserve notes. (See same.)
Fiscal agency. (See Fiscal operations.)
Governors’ conferences. (See Governors’ conferences.)
Organization, 2— 12, 58, 59.
Transfer of currency, absorbed b y Federal Reserve
Banks, 4—1093.
(See Currency.)
(See Earnings and expenses; Federal Reserve Banks*)

EXPEN SES O F UNITED ST A TE S G OVERN M EN T.
D eclining, 5— 189, 1009.
Fiscal year, 1919, 5 —218, 304, 725.
Fiscal year, 1920, 5—218, 726.
Incom e w ill equal in 1920, 5—218, 726.
M onthly rate of, 5—407, 521,1009,1105.
Secretary of Treasury on, 5—189, 218, 6— 113, 769.
War expenses, 5—725.
(See W ar.)
E X P IR A T IO N O F TE R M .
Directors do not hold over after, 8—290.
EXPO RT.
Associations under W ebb law, 5 —419.
Banks, 6— 46. (See French National Bank of Com­
m erce.)
B ills. (See Acceptances.)
Coin and bullion—
Export, 8—736; 4—499, SOL
(See G old; Federal Reserve Board; President;
Secretary of Treasury.)
Regulations, 8—736; 4—500, 594.
Secretary of Treasury delegates issuing of licenses
to Federal Reserve Board, 4—23, 81, 499.
Licenses to export, 5— 640.
Licenses to export gold to Spain, 4 —365.
President vests control of exports of, in Federal
Reserve Board, 4—23, 81, 499.
Licenses granted, 4 —76, 81, 365, 499, 501, 807.
Repeal of requirements, 5—615, 653, 853.
(See coin .)
Corporations, 5 —611, 612.
Council, appointed b y President, 8—582, 583.
Credit plan—
Great Britain, Governm ent aid, 5— 1012; 6—1312.
No analogy between U nited Sates and Great Brit­
ain, 5 —1013.
Credits, 6—4, 217, 218, 562, 563.
British Board of Trade, 5— 1012 , 6— 1312.
(See Credits; Edge A ct; principal heading.)
F in an cing Conference, Federal A dvisory Council,
Licenses—
E xecutive order, 8—582.
Form of application, 8— 674.
Lists, 8—584, 673, 755, 864.
Control of Federal ReserveBoard extended,3—833.
Spain, gold to, 4—365.
War Trade Board, 4—499, 1089.
Licenses granted, 4— 76, 365, 499, 501, 807.
Repeal of requirements, 5—615, 653, 853.
(See Federal Reserve Board, President; Procla­
mations; Secretary of Treasury; War Trade
Board.)
Problem. O nly exists because exports and imports
do not balance, 5—614.
Trade—
Actual and adjusted values, 6—1257.
Appreciation of American dollar cuts down, 5—

1011.

Balance of, 5—194, 536, 614, 816; 6 —1257*
(See Balance of trade.)
Credits, long-term, 5— 611.
Decrease of, 6 —562, 563.




E X P O R T —Continued.
Trade—Continued.
Discussion General, 5— 193, 312, 412, 526, 612,
816, 916,1012,1110.
Domestic needs. Goods shipped in export trade
are a deduction from, 5—614.
Edge A ct. (See same.)
England—
Adverse trade balance, 5— 816.
Export credit plan, 5— 1012.
Export balances, 5— 194, 536, 614, 816; 6 —1257
European demand for credits in, 5—1013.
(See Europe.)
Federal Advisory Council, conference, 5— 618.
Financing of, 6—5,115, 449, 562, 775.
Conference, Federal Advisory Council, 5—
618.
English plan; Government aid, 5— 1012.
Foreign demands must b e financed prom ptly,
5—615.
Necessity for, may in volve severe strain, bu t
not as serious as supposed, 5—512, 526,
615.
Private or Government, 5—608, 528, 611,

1 1 , mo.
02

G ov. Harding against Government, 5—
1012, 1110.

Prices, higher Exports cause, 5— 613.
Savings balance available for, not large,
5—613.
Foreign securities, purchase of, if not lim ited, w ill
go into banks and cause inflation, 5—614.
Geddes, Sir A ., on, 5— 1011.
Great Britain. Adverse trade balance, 5— 816.
Great Britain, 250-m illion loan, 5— 1014.
Harding, G ov., on, 5— 1012.
Increase of, 6 —4, 217, 218.
Investm ent trusts, 5—413.
Lloyd-G eorge. Adverse trade balance, 5—816.
Long-term credits, 5— 611.
Prices—
Exports cause higher, 5— 613.
Growth of, has kept prices from falling, 5—
528.
Lower, necessary to enable our manufac­
turers to com pete for, 5—191.
Private or Government, financing of, 5—308, 528,
611,1012,1110.
Problems of. D ifficult to maintain present vol­
ume of, 5— 526, 527.
Proportion of exports to dom estic products, 5—
952.
Savings balance available for. Not large, 5— 613.
Situation, 5—916; 6— 1257.
(See Business conditions.)
War Finance Corporation. Under V ictory loan
act may make long-term loans for, 5—308.
(See War Finance Corporation.)
Transactions. (See Acceptances.)
E X PO R T LICEN SES.
(See Export; Licenses.)
E X PO R TA TIO N .
(See Acceptances, exportation and im portation; G old;
Licenses; Russian rubles; Silver.)

E X P O R T E R S’ C E R T IF IC A T E S.
Ruling, Foreign Exchange D ivision, 4—864, 6— 482.
E X P O R T S . (See also Exports and im ports.)
Agricultural products, 1914-1918, 5—636.
Allies. Exports to and loans compared, 1917-1919,
6— 957.
Bulk and values, 1910-1919,5— 849,952; 6— 899,1082.
Canada, 1910-1919, 5— 1144.
Chile, 6— 1054.
Coin, etc. (See Coin; G old.)
Cotton. (See Cotton Export Association.)
D ecline of—
July, 1919, 5—851.
October, 1919, 5—952.
Dom estic demands. Goods produced for export in
excess of, are on different basis from export of
goods norm ally produced abroad, 5— 613.
Domestic products. R atio of, to exports, 5—952, 955.
Dom estic supply. Excessive exports paid for b y long­
term credits are a deduction from, 5—612.
Edge bill. Federal charter for foreign banking cor­
porations in aid of, 5— 705, 728, 820, 1056, 1109;
6 - 5 , 379, 561, 908, 1190.
Eleven months of 1919, 6— 4.
Exchange, pegging of. E ffect on exports of ceasing
of, 5— 411, 413, 414, 1038,1039.
Financing of. (See supra, Export trade.)
Foods and raw material. Exports consist largely of,
5— 104.
Foreign exchange. Restrictions on transactions in,
rem oved w ith certain exceptions, 5— 653.
(See Foreign exchange.)
France. (See infra, Exports and im ports.)
Germany A fter war, 4—1086.
Gold. (See G old.)
Great Britain. (See infra, Exports and im ports,)
Inflation. (See same.)
International guaranty of. International Financial
Conference, Brussels, 6— 1130.
Manufactured goods. Exports of, must await normal
level of prices, 5— 104.
Meat products. (See Physical volum e of trade.)
Merchandise, exports and im ports—
Fiscal year 1919, 5—617, 1011.
September, 1919, 5— 1011.
1919 to O ctober, 1920, 6— 1257
(See infra, Exports and im ports.)
Production and. Selected articles, 1910-1919, 5—955.
Quantities and values. Exports and imports, 5— 849,
952; 6—1316, 1317.
Raw materials as security for. International Finan­
cial Conference, Brussels, 6— 1130.
Silver. (See same.)
Spain, 1914-1919, 5— 1037.
Stamp tax on, 5— 467.
U nited States—
1910-1919, bu lk and value, 5 —849, 952, 6—899,
1082,1127
1912-1916, 2— 592.
1914-1919, bu lk and value, 5— 849.
1917- 1919, 5—617, 957.
1918- 1920, 6—482.
Before and after war, 5— 952.




E X P O R T S— Continued.
U nited States—Continued.
Fiscal year 1920, 6—669, 776.
To specified countries, 1910-1919, 5— 952.
Proportion of exports to dom estic products, 19101919, 5— 952, 955.
Value—
A t 1913 prices, 6 -6 4 1 , 953,1068, 1197, 1257,
1309.
Selected com m odities, 1913, 1919, 1920, 6—
695.
(See U nited States.)
War. Exports before and after, 5— 952.
War Finance Corporation. A id to exports, 5—308,
966.
(See War Finance Corporation.)
W ebb export act. E xport associations under, 5— 419.
E X PO R TS A D M IN IST R A T IV E B O A R D .
E xport licenses, 3— 755.
Powers transferred to War Trade Board, 3—861.
E X PO R TS AND IM P O R T S .
Actual and adjusted values of, 6— 695, 841, 953,1068,
1197, 1257
Agricultural products, 1913-1920, 5— 636; 0— 482.
A llies, to, 5—957
Before and after war, 5— 952,
Brazil, 1910-1919, 6—815.
Canada, 1910-1919, bulk and value, 5— 1144.
Chile, 6— 1054.
Cuba, 3 —1164.
Denmark, 6—39.
France, 6—218, 390, 508, 620, 669, 710, 847, 959,
1075, 1205, 1317.
France and Spain, 5—1038.
G old. (See same.)
Great Britain, 6—618, 669, 709, 843, 956, 1071, 1200,
1313.
Great Britain, France, and Ita ly, 6— 218
Italy, 6—218,508.
Japan, 6— 509,849, 961.
Meat products, 6 —75,175, 289, 399, 517, 626, 715, 854,
969, 1087, 1217, 1331.
M erchandiseActual and adjusted values, 6— 695, 841, 953,
1068, 1197, 1257
B y countries, 2—592.
Bulk and value, 5— 849, 952; 6—899, 1082.
Great Britain and Spain, 1913-1919, 5— 1037.
Spain and France, 5— 1038.
Spain and U nited States, 5— 1038.
U nited States, 2—592 , 5— 617, 849, 952, 957;
6—4, 482, 776, 841, 1068, 1082, 1127, 1257.
1913-1920, 6— 482.
Norway, 6— 39.
Pig tin. (See Physical volum e of trade.)
Production and, 5— 955.
Silver, (See same.)
Spain, 5— 1036, 1038.
Sweden, 6— 39.
U nited States—
(See supra, M erchandise.)
(See U nited States.)

E X PR E SS C H A RG ES, 8—615.
(See Clearing system .)

FARM C R E D IT STA TE M E N TS.
Departm ent of Agriculture. 4— 718.

E X PR E SS CH A RG ES.
Federal Reserve Banks not subject to tax on, 8—931.

FARM LAND B A N K S, FED ERAL.
Can deposit in Federal Reserve Banks for purposes of
exchange or collection or for paym ent of coupons
on Federal land bank bonds, 8— 379, 881, 4—435.
Bonds of are not Governm ent obligations and are
not eligible as collateral for member bank 15-day
notes, 4—33.
Collateral notes of. and joint-stock land banks are
pure finance paper and not eligible. 6— 609
National banks may discount notes secured b y ,
4—635.
Federal Reserve Banks can purchase bonds of.
subject to m aturity, etc , lim itations of section
14 4— 1216.
(See Farm land banks; join t stock .)

E X P R E SS R A TE S.
Am erican Railway Express Co, cancels Government,
on and after January 1, 1919, 5—27.
E X P R E SS , SE C U R ITIE S FORW ARD ED B Y .
Ruling, Foreign Exchange D ivision, 4—1121.
EX TEN SIO N OF NO TE.
If not extended to a certain future date, indorsement
of interest payments does not require a stamp,
if life of note is not contingent on payment of
interest, 8— 950.
(See Acceptances, trade; Commercial paper.)
F
F A B R IC S , C O TTO N .
(See Cotton fabrics; N ational Association of Finishers
of Cotton F abrics.)
FACE AM O U N T.
(See Like face am ount.)
F A C IL IT IE S .
Warehouse, for cotton, 1—258.
FA C T, Q U ESTIO N O F.
Reasonable tim e for presentation of sight draft is a.
8—31, 4— 1119.
(See infra, Factor, cotton.)
W hether rediscounts for mem ber bank are intended
as loans to nonm ember bank, 1—213.
FA C TO R , CO TTO N .
Paper of cotton factors is pure finance paper and not
eligible even when to be loaned for com m ercial
purposes, 5— 1054; 6— 162,1176.
W ould be eligible when proceeds are to be used to
bu y goods to sell to another A question of fact,
5— 1054, 6—1176
Draft of, in eligible for acceptance or rediscount,
6— 162.
FA IL U R E S, BA N K .
National banks. Last three as compared w ith last
33 years, 8—939.
Seattle banks, 8—155.
FA IL U R E S, CO M M ER CIA L, 2— 216, 267, 327, 377,447,
515, 601, 672; 8— 19, 113 (year 1916), 167, 267, 374. 441,
520,604,677, 747, 864.940; 4— 16,89 (year 1917), 183,295,
403, 510, 609, 741, 856, 967, 1099, 1197, 5— 30, 128 (year
1918), 252, 359, 464, 563, 650, 736, 856, 960, 1051, 1152;
6—63,160 (year 1919), 274, 384, 493, 609, 697, 833, 945,
946,1064,1175, 1300.
German failures, 6—1318.
FA IR FIE LD C O U N TY, CONN.
Banks of, transferred from Boston to New York
district, 2— 154,169.
Change in allotm ent for purchase of United States
2 per cent bonds from banks offering them
under sec. 18, because of such change in district
lines, 2—157
F A IT H , G O O D , DRAW N IN .
(See A cceptance; A ctually existing value.)
FALSE E N TR IE S.
(See Com ptroller of Currency .)
FALSE ST A TE M E N TS, LO AN S.
(See Com ptroller of Currency )




FAR M LAND B A N K S, JO IN T ST O C K .
Can not deposit in Federal Reserve Banks, 8—379.
Collateral notes of, are not eligible for rediscount,
6—609.
FARM LAND LO AN S. (See also Real estate loans.)
Am endm ent to section 24, Federal Reserve A c t Federal Reserve Board on, 2—323.
Passed by Congress, 2— 441.
Central reserve cities. National banks in , or in their
outskirts, if w ithin city lim its, can not make,
2—272. 609.
Certificates of eligib ility for farm mortgage paper to
be furnished by purchasing bank based on knowl­
edge, 2— 12.
Federal Advisory Council suggests amendment to
section 24, 1—394
Federal Reserve Banks can not discount farm land
loans made under section 24, Federal Reserve
A ct. nor loans based on farm land security,
2—272, 395.
Im proved farm lands. Loans on. Construction, 8—
618.
Im provem ents form part of value, 2— 608,
Instructions, 2—272.
Lim itations—
One year, city loans, 2— 602. 606.
Other lia bility of borrower on personal note not
to be included in maximum 2— 66.
(See infra, U nited States R evised Statutes, sec­
tion 5137.)
Provisions of section 5200, U nited States R evised
Statutes, apply to loans made under section 24,
2— 66. 171
M aturity of, 2— 120,226,
National banks—
May purchase or discount farm land notes under
section 24, whenever payable, if maturity is
w ithin five years,2— 120. 226.
Can not make renewals of but may make new
loans on same security 2— 602.
Outskirts of city
(See Central reserve cities.)
Regulation G, 2— 537, 606, 8—546; 6—1185.
Regulation I, 1— 13.
Renewals. (See supra, National banks.)
Section 24, Federal Reserve A ct. (See Am endm ent,
Federal A dvisory Council, U nited States Revised
Statutes, section 5137.)
U ndivided interest. N ot advisable to loan on a
mortgage of an. in farm land, 1— 75.

FAR M LAN D LO AN S— Continued.
U nited States R evised Statutes, section 5137 Loans
under, not included in lim itations of section 24,
1— 309; 2— 607.
U nited States R evised Statutes, section 5200. A p­
p licable to, 2—66,171.
(See oh o R eal estate loans, principal heading.)
FA R M LO AN A C T .
(See A ct of July 17,1916.)
FAR M LOAN B O A R D , FED ERAL.
(See Federal Farm Loan Board.)
FARM LOAN B O N D S, FED ER AL.
(See Federal farm loan bonds.)
FAR M LO AN S.
(See Farm land loans; Farmers.)
FAR M M O R TG A G E PAPE R.
Certificates of eligib ility to be furnished b y officers of
purchasing bank based on knowledge, 2— 12.
FAR M PR O D U C TS.
As bank security. Departm ent of Agriculture, 4— 104.
FA R M E R S.
Credit needs of. Departm ent of Agriculture, 8—937.
D irect loans to, b y Treasury and Departm ent of Agri­
culture, 4—807, 829.
E ligibility of farmers’ paper. (See Agricultural paper;
Live-stock paper.)
Federal Reserve A ct and, article, 1— 442.
Increased credits to, b y Federal Reserve Banks and
member banks, 6—1124.
President of U nited States sets aside 5 m illions for
direct aid to, 4— 830.
Regulations, direct loans, 4— 830.
War Finance Corporation. Loans to farmers, 4—691,
806, 828, 950.
FARN H AM , T . W .
E lected Class A director, Boston, 8—7.
FED ERAL.
No legal prohibition against use of word in title of a
bank, 1— 361.
Am endm ent proposed b y Federal Reserve Board
lim iting use of word, 2—373.
Use of word discouraged b y Federal Reserve Board,
8—615; 4 —521.
FED ERAL A D V IS O R Y CO U N CIL.
Acceptance power. Favors additional, 8— 109; 4—
1175, 1177.
A ct September 7,1916. Favors correction of error in ,
8— 106.
Amendments—
Suggested b y , 1—394; 2—668; 8— 106, 340; 4—
1175, 1177; 5—200.
Report on amendments suggested b y Federal
Reserve Board, 8— 101, 340.
Annual election, 2— 13, 53.
Bank acceptances. Favors im m ediate credit in
member banks’ reserve account for proceeds of,
paid to any Federal Reserve Bank, 5—200.
Changes in personnel, 5— 200.
Clayton A ct. Suggested amendment, 1— 394.
Clearing members, favors, 8— 106.
Comptroller of Currency. Office should be absorbed
in Federal Reserve Board, 1— 394.
Credit control. Report to Federal Reserve Board on,
6 -5 8 1 , 583.




FED ERAL A D V IS O R Y C O U N C IL -C on tin u ed.
Collections. More direct, favored, 5— 200.
Credit situation conference, 6 —556, 579, 581, 583,
Deposits. (See infra, Guaranty.)
Deposits, interest on bank. Discussion, 1—394.
D eputy Federal Reserve Agents. Favors abolishing,
8—106.
Discount rates—
Increase in . Favors, 8—922.
Opposes, 4— 491.
Approves policy of Federal Reserve Board, 4—
931.
Preferential rates, war paper, should be continued
until Liberty bonds and V ictory notes are
placed w ith ultim ate investors and paid for,
5—200.
Recom m endations on, 6—224.
D ollar exchange. Proposed amendment, 4— 1177.
Expenses of, 2—57; 5—132, 722.
Farm loan bonds. Opposes H ollis b ill. Farm-loan
bonds as security for Federal Reserve Bank
discounts and as basis for member bank accept­
ances, 1—394.
Federal Reserve Banks—
Governors of, should not serve on, 2—3.
Members of, should attend directors’ m eeting only
when in vited, 2— 112.
R eduction of tw o-thirds in present paid-in capi­
tal favored, 1— 391.
Surplus. Amendment, 4—1175, 1177.
Federal Reserve Board—
Approves discount rate p olicy of, 4— 931.
Financial conference w ith, 6— 566.
G ov. Harding, addresses, 6— 579.
Report, 6—581.
Resolutions, 6—581.
Federal Reserve notes—
After war policy, 4— 1177.
Issue of, against gold. Favora, 8— 106.
Fees, 5—132, 722.
Foreign banking corporations. H oldings of stock in ,
b y national banks favored, 1—394.
Foreign exchange bank. Opposes, 4—491.
Free gold m arket, 4—1175,1177.
Guaranty of bank deposits. Opposes, 4— 490.
Harding, G ov., address to, 4— 1175; 6— 579.
Interest on bank deposits, 1— 394.
List of members, 2—53.
Meetings and conferences, 1—35, 303, 394; 2—100,
261, 438, 509, 667; 8—340, 921; 4—160, 490, 491,
931, 1175; 5—200, 313, 618, 920, 1112; 6 -2 2 4 ,
556, 579, 581, 583, 1019, 1123, 1263.
M ember-bank collateral notes. Advises extension of
m aturity to 90 days during war, 5— 200.
Mutual savings banks as members. Favors, 8—109.
National banks. Branches of, favored, 1— 394; 8—109.
Press statements, 1— 394.
Reserve paym ent. Final, should be anticipated, 2—
668; 8—106.
Reserves—
Lowered. Favors, 8— 106.
Power in Board to increase. Opposes, 8— 108.
Rotation in office favored b y Federal Reserve Board,
2—51.

FED ERAL RE SER VE A C T— Continued.
FED ERAL A D V IS O R Y C O U N C IL -C on tin u ed.
Section 9—Continued.
Section 22. Favors amendment to, 8—108.
Ten per cent lim itation, 4—863.
U nited States R evised Statutes, section 5202. Favors
Extended, 5—228, 361.
additional exem ption to 100 per cent, etc., lim ita­
tion , lia b ility or national banks as indorser on
(See Ten per cent lim itations.)
bills actually owned and discounted at home or
United States Revised Statutes, section 5200.
abroad, 5—200.
Amendment of, does not affect, 5—1056.
Section 9. Associate members. Am endm ent favored,
Section 10. Federal Reserve Board. Amendment
8—109
to two-year lim itation, 6— 20, 228.
U nited States 1-year Treasury notes. Favors abolish­
Section 11 (k ). Construction of, 5— 362, 363.
ing, 8—109.
(See Fiduciary powers; Illinois; U nited States Su­
United States bonds, minimum deposit. Favors abol­
preme C ourt)
ishing, 8— 109.
Section 11 (m ). Extension of 10 per cent lim itation.
War paper. Favors preferential rates on, until l i b ­
Lapses after Decem ber 31,1920. (Enacted to be
erty bonds and V ictory notes have been placed
in harmony w ith act September 26, 1918, giving
w ith and paid for b y ultim ate investors, 5—200.
increased power of discount of war paper to
national banks), 4 —1055; 5— 21, 228, 361, 1055.
FED ERAL BU REAU OF PU B LIC RO A D S.
E xtended w ith qualifications to Oct. 31, 1921.
(See Capital Issues Com m ittee.)
A ct of F eb. 27, 1921. (See volum e 7, Federal
Reserve B ulletin, March, 1921, p. 310.)
FEDERAL C H A R TE R .
Corporations engaged in foreign banking. Edge bill,
Section 12. (See Federal A dvisory Council.)
5—21, 229, 705, 725, 727, 728, 729, 820, 915, 1056,
Section 13—
1109; 6—5, 56, 908.
Acceptances not subject to 10 per cent lim itation.
(See Edge b ill.)
(See A cceptances.)
D ifference between, and U nited States R evised
FEDERAL CO N TR O L OF R A IL R O A D S.
Statutes, section 5200, 8—195.
A ct of March 21,1918. T ext, 4—296.
Exceptions to 10 per cent lim itation. (See Ten
FEDERAL EXCH AN G E D R A F T S .
per cent lim itation.)
(See Federal Reserve exchange drafts.)
Lim itations of. (See Lim itations on discounts;
Ten per cent lim itation.)
FED ERAL FARM LAND B A N K S.
(See Farm land banks.)
Not affected b y amendment to U nited States
Revised Statutes, section 5200, 4— 1055.
FED ERAL FARM LOAN B O A R D .
Discounts of war paper. (See War paper.)
Consolidated statement of system , 4—1195.
(See also Acceptances; Agricultural paper; A t­
Norris, G W ., appointed commissioner, 2— 488.
tached, Based on, Basic rates; B ills of ex­
Second annual report, 5— 129.
change; Borrower; Commercial paper; Dis­
counts; D ollar exchange; Exchange charges;
FED ERAL FARM LOAN BO N D S.
Gold bars; Live-stock paper; Member bank
Federal Advisory Council opposes provisions of H ollis
collateral notes; Member banks; Nonmember
b ill making valid security for Federal Reserve
banks; Progressive rates; State banks; U nited
Bank discounts and for mem ber-bank acceptances,
States R evised Statutes, section 5200.)
1 -3 9 4 .
Section 14. (See Acceptances; Accounts; B ills of
FEDERAL RESERVE A C T .
exchange; G old, Discount rates; Foreign corre­
Amendments. (See same.)
spondents; Warrants.)
Digest of Federal Reserve A ct—
Section 15. (See Government deposits.)
B y C. S. Ham lin, 1— 15.
Section 16. (See Clearing system, Deposits: Federal
Reserve notes; Gold settlem ent fund, Reserves.)
Second edition, 8—826, 4—1.
Edge A ct. (See same.)
Section 17. (See National banks;
U nited States
bonds.)
Federal Reserve Board—
Section 18. (See Federal Reserve Bank notes;
Am endm ent. Two-year lim itation, 5— 20, 228.
United States bonds; United States one-year
Review of amendments, 2—508, 513.
Treasury notes.)
Ruling. Reserve amendment, 2—508.
Section 19. (See Excess reserves; Foreign branches;
Opinions on. (See Attorney General of U nited States;
Reserves.)
Opinions, counsel.)
Section 21. (See Exam inations.)
Progressive discount rates, 6— 448, 498, 777.
Section 22. Directors’ fees, etc.—
Rulings on. (See various headings of this digest.)
Interpretation, 1— 16.
Section 3. (See Branch banks.)
Am endm ent, 8—100.
Section 7. Surplus, 5—21, 228.
Penal statute, 8—30, 694.
Section 8. (See Conversion, State banks.)
Form for directors’ resolution, 8—929.
Section 9—
Kansas State bankers favor amendment of, 4 —515.
“ Borrower” defined, 4—638.
Federal Reserve Board declines to rule whether
Conversion, 8—690.
indorsem ent of director com es w ithin, as
Discount lim itations, 8— 696, 950.
amended, 8—763.
State banks, 8—336, 502.
(See D irectors.)
(See State banks.)




FED ERAL R E SER VE AC T— Continued
Section 25, (See Foreign banking corporations; Nartional banks, Reserves.)
Section 25 (a ). (See Edge b ill.)
Section 26. (See G old reserves.)
Section 27 (See Aldrich-Vreeland A ct.)
Section 28—
(See Capital stock.)
(See also Construction; Opinions, Attorney Gen­
eral of U nited States; Opinions of counsel.)
FED ER AL R E SER VE A G E N TS.
Acceptances. T o prepare circular on, 5— 415.
Accounts, 1— 171, 248, 296, 342, 389, 430; 2—48, 95,
145, 199, 254, 303, 366, 429, 502, 581, 652, 722;
8— 70, 148, 228, 325, 418, 494, 573, 647, 726, 822,
913, 986, 4— 146, 237, 351, 472, 559, 675, 786, 906,
1034,1152; 5—91,175,286, 398,503,599, 691,801,
895, 998, 1093, 1190; 8—100, 200, 317, 425, 540,
649, 751, 880, 893, 993, 1111, 1240,1356.
(See Federal Reserve notes.)
A ct June 21, 1917 Joint custody, 3—615.
Annual designation of, 2—51, 4— 13.
Bonds. R eduction in amount of, because of join t cus­
tody, 3— 615.
Business readjustment. Report on, 5—205.
Clearing system. Report on, 1—307, 369.
Collection. (See Federal Reserve Banks.)
Compensation, D eputy Federal Reserve Agents, 1—
362.
Conferences of, 1— 347, 395; 2—206, 262, 310; 8— 4;
4— 160; 5— 1015, 1017, 6— 1123, 1263.
Cost of unissued notes, 3— 93, 609.
Cost of shipm ent, unfit notes, 3—82, 242.
D eputy Federal Reserve Agents. Compensation, 1—
362.
(See infra, National bank exam iners.)
Designation of, Y early, 2—51, 4— 13.
Discount rates. Recom m end increase in, 5— 1017.
Dom estic acceptances. Report on, 3— 6,
Duties, 4— 373.
Expenses, 2— 57, 5— 132, 722.
Federal Reserve Banks may turn over to, maturing
notes and bills for collection . R ider may be at­
tached to serve notice that Federal Reserve
Banks hold them for collection only, 3—351.
Federal Reserve Board. Letter to. Speculative tend­
encies, 5— 1108.
Gold holdings, 1914-1916. Chart, 3—233.
G old settlem ent fund—
Accounts w ith. May open, 1—303, 304.
Federal Reserve Agents’ fund, 1—359, 403; 2—
11, 63, 110, 167, 222, 271, 322, 383, 455, 522,
605, 676; 3—27, 97, 176, 269, 354, 455, 524,
612, 680, 761, 841, 948; 4—27, 106, 224, 339,
460, 548, 662, 772, 893, 1019, 1239, 5—275,
570, 877, 1179, 8 -3 0 0 , 633, 976,1015, 1341.
(See G old settlem ent fund )
Federal Reserve Board. Resolution, 1— 304.
Federal Reserve Banks may reduce lia bility on
Federal Reserve notes b y transfers on, to
credit of Federal Reserve Agents, 1—273.
Federal Reserve notes, Transfers from Federal
Reserve Agents’ deposit in , in paym ent of
unfit Federal Reserve notes, 1— 404.
H ardy, C., appointed, Richm ond, 2—153.
Heath, W . A ., appointed, Chicago, 3—7.




FED ERAL RE SER VE A G E N TS— Continued.
Indorsement. Paper, gold order certificates, etc.,
pledged w ith, 1— 363.
Jay, Pierre, designated, New Y ork, 3— 7.
Joint custody, 3— 615, 691.
List, 4—14.
Meetings of. (See supra, Conferences.)
Member bank rediscounts. To report on use of pro­
ceeds, 5— 617
M oney and exchange. Report, Federal Reserve Agent
of New York, 3—231.
M oney held b y
(See M oney )
Morgan, S., appointed assistant to Federal Reserve
Agent, New Y ork, 5— 530.
National bank examiners, no longer to be appointed
D eputy Federal Reserve Agents, 2— 2.
New York. R eport, housing conditions, 5— 632,1049.
Notes. (See Cost; Federal Reserve Banks.)
Ramsay, A. E ., designated, Kansas C ity, 4 —5.
Reports—
Business readjustm ent, 5— 205.
Clearing system, 1— 307, 369,
Dom estic acceptances, 8— 6.
Federal Reserve Board W eekly, to, 1—13.
Housing conditions, New Y ork, 5—632,1049.
Member bank rediscounts. Use of proceeds. 5—
617
Speculative tendencies, 5— 1108.
Trade acceptances, 3— 8.
War paper P olicy as to liquidation of, 5 —325.
(See Business conditions.)
Shipm ent of notes. (See Cost.)
Trade acceptances, report on, 3— 8.
U nfit notes. Cost of shipm ent, 3— 82,242.
Unissued notes. Cost of, 3— 93, 609,
War paper Report. P olicy as to liqu idation of, 5—
FEDERAL
RESERVE
BA N K
BAN K DEVELOPM EN T
Fiscal year, 1920, 6— 723.

AND

M EM BER

FED ERAL RESER VE BA N K AG E N C Y
Memphis, regulations, 3— 168.
FED ERAL
RESERVE BA N K
AND
BR A N C H
C IT IE S .
Commercial rates in , 4— 812, 1016, 1106, 1209; 5— 74,
265, 376, 482, 577, 667, 750, 864, 972, 1065, 1162;
8—72, 172, 286, 396, 514, 622, 713, 852, 967, 1085,
1215,1329
FED ERAL RE SER VE B A N K C IT IE S .
(See Member bank condition statements.)
FED ERAL RESERVE B A N K H O L ID A Y S .
List, b y districts, 2—68.
FEDERAL RESER VE B A N K N O TES.
A ct A pril 23, 1918. Pittm an act. Issue of, against
U nited States 2 per cent Treasury certificates
and U nited States one-year gold notes, 4—363,
395 (text), 493 ; 5— 5, 699; 8— 563, 779.
Apportionm ent of, 4— 492.
Circulation, (See M oney.)
Circulation. R eduction of Federal Reserve Board,
letter to governors, 5— 699
Cost of, chargeable to current expense account, 5—26.
Cost of transportation of unfit, paid b y Treasury, 3—
242.

FED ERAL RESERVE BA N K N O TES— Continued.
Denominations outstanding, 4— 519.
(See M oney )
Federal Reserve Board. Letter to governors on reduc­
tion of circulation of, 5— 699
Federal Reserve notes. H ow Federal Reserve Bank
notes differ from, 2—273.
F ive per cent redem ption fund
O nly reserve re­
quired against, 2—273.
Instructions, 4— 493.
Outstanding denominations, 4— 519,
(See M oney .)
Pittman silver act, act April 23, 1918. Issue of,
against U nited States 2 per cent Treasury cer­
tificates and United States one-year Treasury
notes, 4—363,493, 595: 5— 5, 699; 6—563, 779.
Printing of, 1—15; 4 —487
Redem ption fund. (See supra, F ive per cent redemp­
tion fund )
Reserves. None required except 5 per cent redemp­
tion fund, 2—273.
Unfit. Cost of transportation to Washington paid b y
Treasury, 3— 242.
U nited States one-year Treasury notes. Issue of Fed­
eral Reserve Bank notes against—
Amendment proposed, 3—100,
Federal A dvisory Council opposes, 3—109,
Pittman act authorizes issue of Federal Reserve
Bank notes against, 4—363, 395, 493, 5—5,
699; 6—563, 779,
(See U nited States one-year Treasury notes.)
U nited States 2 per cent Treasury certificates. P itt­
man A ct. Issue of Federal Reserve Bank
notes against, 3— 100,104, 4—363, 395,493; 5— 5,
699; 6— 563, 779,
Use of, 1— 15.
(See also M oney )
FED ERAL RESERVE BAN K O F A TLA N TA .
Adelson, L. C ., elected deputy governor 5—201
Birmingham branch, 4— 597 695.
Branches of—
Birmingham, 4—597, 695,
Jacksonville, 4—596, 695.
New Orleans, 4—10,15, 597 695, 817
Commercial rates in district, 6— 573.
Crop m oving (See Governm ent deposits.)
Directors of. (See D irectors, principal heading.)
D iscount rates, increase in , 2— 261
Discounts.
Controversy over Tennessee member
banks rediscounts w ith, 2— 4.
D ividends, 2— 373, 3—507
Governm ent deposits—
To m ove cotton crop, 1— 301.
R epaid, 2—371,
Ham lin, G ov Visits, 2—261.
Jacksonville branch, 4— 596, 695.
Louisiana banks transferred from Dallas to Atlanta dis­
trict, 2—153,154,158.
M cCord, J A .—
Resigns as governor, 5— 201
Appointed Federal Reserve Agent, 5— 201.
M ember banks. Controversy over rediscounts, 2—4.
New Orleans branch, 1—51,123, 251, 298; 4—10,15,
597, 695, 817.




FED ERAL RE SER VE BAN K OF ATLA N TA — Contd
R edistricting—
Change in northern boundary line, M ississippi,
6—59.
Louisiana banks from Texas to Atlanta district,
2— 153, 154, 158.
Transfers. (See Redistricting )
U nited States bonds, change in allotm ent of for pur­
chase under section 18 because of transfer to
Atlanta district of Louisiana banks, 2—157, 158.
W ellborn. M B , elected governor 5— 201.
FEDERAL RESERVE BA N K OF B O STO N .
A iken, A I.,. Resignation as governor, 4— 5.
A llen, P R , elected Class B director 4—695, 817
Boston Clearing House—
Takes over country clearings of, 2—315, 317, 3—
162.
A dm itted as mem ber of, 3— 164.
Clearings—
Takes over country, from Boston Clearing House,
2— 315, 317, 3— 162.
Cost of handling item s, 3— 164,
Com mercial rates in district, 6— 572.
Country clearings. (See Clearings.)
D irector Resident of Fairfield County, Conn., after
transfer to New Y ork can not be elected to serve
as director of, 2— 607
Directors. (See same, principal heading.)
D iscount rates—
Increase, 3— 4.
Increase favored on bond-secured loans, 5— 325.
(See Discount rates.)
Discounts. Uses 365 days in com puting, 3—951
Fairfield County, Conn.—
Transferred to New Y ork, 2— 154,155,169.
Change in allotm ent of U nited States bonds for
purchase under section 18 because of trans­
fer, 2— 157
R esident of, after transfer can not be elected
director of, 2— 607
Federal Reserve System. Statement. Reasons why
banks should join , 4— 1081.
Member banks. List, 4— 1081
M etcalf, J Appointed Class C director, 4—817.
Morss, C. A. E lected governor, 4—5.
Redistricting. (See Fairfield County )
U nited States bonds. Change in allotm ent for pur­
chase under section 18 because of transfer of Fairfield County, 2— 157
FEDERAL RE SER VE BA N K OF CH ICAGO*
Clearing system. Circular, 2—312,
Com m ercial rates in district, 6—573.
D etroit branch, 4— 10, 256.
Directors. (See same, principal heading.)
D ividends, 2— 373, 3—507
Liberty loans, Circular 3—437
FEDERAL RESERVE BA N K OF CLEVELAND.
Cincinnati Branch, 3— 923, 4— 10, 14.
Commercial rates in district, 6—572,
Directors. (See same, principal heading.)
D ividends, 3— 507.
Liberty bonds. O nly few agreements to carry cus­
tomers beyond 90 days, 5—326.

FED ERAL R E SE R V E B A N K O F CLEVELAND— Con.
Member bank collateral notes. One renewal only at
original rate, 5— 326.
Pittsburgh branch, 8—923; 4—10,15.
FED ERAL R E SE R V E BA N K O F D ALLAS.
A ccrued dividends due Oklahoma banks after trans­
fer to Kansas City, 2—078.
Class C directors, appointm ent of, 2—107*
Clearing plan, 2—315.
Com mercial rates in district, 6—574.
Crop m oving. (See Governm ent deposits.)
Directors. (See same, principal heading.)
D ividends, 2—373, 508.
(See supra, A ccrued dividends.)
E l Paso branch, 4—256, 365, 597*
Governm ent deposits—
T o m ove crops, 1—301.
R epaid, 2—371.
Houston branch, 5— 619.
Live-stock paper, loans on, 2—395.
M artinez, F . Death of, director, 2—152.
Newsome, W . B ., appointed D eputy Federal Reserve
Agent, 2—100.
Oklahoma banks. Transfer to Kansas C ity. Accrued
dividends, 2—678.
Redistricting—
Louisiana banks to Atlanta, 2—153.
Oklahoma banks to Kansas C ity, 2—678.
(See R edistricting, principal heading.)
Tenison, E . O ., resigns as Federal Reserve Agent, 1—
312.
U nited States bonds. Change in allotm ent for pur­
chase under section 18 because of transfer of
Louisiana banks, 2— 158.
Van Zandt, R . L ., elected governor, 1—50.
FED ERAL R E SE R V E BA N K OF K A N SA S C IT T .
Accrued dividends to Oklahoma banks transferred
from Dallas, 2— 678.
Com mercial rates in district, 6—573.
Directors. (See same, principal heading.)
D iscount rates—
Increase, 2—205; 4— 487.
Increase favored, 5— 325.
D ividends, 2—373; 8—507.
Governm ent deposits, crop m oving. Refused, 1— 302.
Live-stock paper, loans on, 2—395.
Oklahoma branch, 5— 1017, 1018, 6—63, 159, 782.
Omaha branch, 8—586.
Ramsay, A . E ., appointed Federal Reserve Agent,
4— 5.

FED ERAL RE SER VE BA N K O F NEW Y O R K — Con,
Argentine credits, 4—941.
Bank of England. Foreign agent for, 8— 4, 5.
Bank of France. Foreign agent for, 8— 175.
Bankers’ acceptances. W ill receive, for collection
except those payable at New Y ork Clearing
House banks. Schedule of availability, 5—245.
Buffalo branch, 5—530.
Circular. Vault reserves, 2—669.
Collection charges. New Y ork Clearing H ouse rule.
Members shall not pay a higher charge for col­
lection of item s on the Federal Reserve par list
than w ould be incurred in collectin g such item s
through the Federal Reserve Bank o f New Y ork,
4— 1056.
Commercial rates in district, 6— 572.
Conservation of credit. Statement, 4—741.
Cost of livin g, 5— 632, 1049.
Coupons. W ill cash, on Federal farm loan bonds,
4 -4 3 5 .
Credit, conservation of. Statement, 4— 74L
Curtailment of loans. Statement, 4—935.
Delano, F ., visits, 2—309.
Directors. (See same, principal heading.)
Discount rates—
Increases rates on acceptances, 8— 4.
Increase in, 4— 7.
Discounts—
Ratio of, to total; chart 5— 276, 277.
Uses 365 days in com puting, 8— 951.
D ividends, 8— 507.
Fairfield County, Conn., transferred to New Y ork, 2—
153, 155, 169.
Farm oan bonds, Federal. W ill cash coupons on,
4— 435.
Federal Reserve System. Reasons w hy banks should
join, 4—615.
Housing conditions. Report, Federal Reserve Agent,
5— 632, 1049.
Im m ediate credit at par. Drafts on Federal Reserve
Bank of Richm ond, 1— 367.
O utlying districts. Reserves, 4— 1086.
Questionnaire to em ployees on cost of livin g, 6— 1294.
Redistricting—
A ccrued dividends due New Jersey banks, 2—
678.
(See Redistricting, principal heading.)
Speculative activity. G ov. Strong. Letter, 4 — 935.
Statements—
Conservation of credit, 4— 741.
Curtailment of loans, 4-935.
Speculative activity. G ov. Strong, 4— 935.
FED ERAL R E SE R V E BA N K O F M IN N E A PO LIS.
Strong, G ov.—
Com mercial rates in district, 6—573.
Leave of absence, 2— 315.
Directors. (See same, principal heading.)
Letter to New Y ork Stock Exchange. Specula­
D iscount rates, increase, 2—261.
tive activity, 4 —935.
D ividends, 8 —507.
Treman, R . H ., resigns as deputy governor, 5— 1018.
Governm ent deposits, crop m oving. Refused, 1—302.
U nited States bonds. Change in allotm ent for pur­
M iller, Dr. A . C«, visits, 2—438.
chase under section 18 because of transfer of FairW old, T ., resigns as governor, 5— 919.
field County, Conn., to, 2— 157.
Vault reserves. Circular, 2— 669.
Young, R . A ., elected governor, 5— 919.
Warburg, P ., visits, 2—309.
FED ERAL RE SE R V E B A N K OF NEW T O R K .
Acceptances. Increases rates, 8—4.
FEDERAL RESERVE B A N K OF PH ILA D E L PH IA .
Accrued dividends due Philadelphia banks transferred
Accrued dividends. Due New Jersey banks, trans­
ferred to New Y ork settlem ent, 2 —678.
to New Y ork, 2—678.




FED ERAL RE SER VE BA N K OF PH ILA D E L PH IA —
Continued,
Coin counting machines. Deprecates use of, 3— 140.
Commercial rates in district, 6— 572.
Directors. (See same, principal heading.)
D ividends, 3 —507.
Governor. Norris, G . W ., elected, 6—341.
FED ERAL RESERVE BA N K OF RIC H M O N D .
Agricultural paper. Lower rates on, 2— 437.
Baltimore branch, 3— 440; 4:— 10, 256.
Capital payments, 2—5.
Circular. Clearing system, 2—598.
Class C directors, appointm ent of, 4—491.
Clearing system. Circular, 2— 598.
Commodity paper. Rates, 2—205, 437.
Directors. (See same, principal heading.)
Discount rates—
Increase, 2—205; 4—487.
Lower, on agricultural and com m odity paper, 2—
437.
D ividends, 2—5, 205, 373; 3—507.
Earnings, 2—5, 373.
Government deposits—
Crop moving, 1—301.
Repaid, 2—371.
Imm ediate credit at par. Federal Reserve Bank, New
York, gives, to drafts on, 1—367.
Reserve paym ent. Favors anticipation of final, 2—5.
Tennessee banks. Rediscounts, 2— 5.
FED ERAL RESERVE BAN K OF SAN FR A N C ISC O .
Branches—
Portland, 3 —339; 4— 10,15.
Salt Lake City, 4 —256, 365.
Seattle, 3—339; 4— 10,15.
Spokane, 3— 339, 585; 4—10,15.
Calkins, J. U ., elected governor, 5— 530.
Commercial rates in district, 3 —574.
Directors. (See same, principal heading.)
D ividends, 2—508; 3—507.
Foreign agent, Philippine National Bank, 3—239.
Kains, A. Resigns as governor, 3—633.
Los Angeles branch, 5— 821.
Lynch, J. K .—
E lected governor, 3—713, 4—5.
Death of, 5— 530.
P hilippine National Bank. Foreign agent of, 3—239.
Portland branch, 3—339, 4—10,15.
Salt Lake C ity branch, 4—256, 365.
Seattle branch, 3—339; 4— 10,15.
Spokane branch, 3—339, 585; 4 —10,15.
FED ERAL RE SER VE BA N K OF S T . LO U IS.
Biggs, D . C., elected governor, 5—201.
Branches—
L ittle R ock, 4— 1056.
Louisville, 4 —10,14.
Memphis, 4 —597, 817.
Directors, (See same, principal heading.)
Discount rates. Increase, 3— 4.
D ividends, 8—507.
Federal Reserve Bank agency, Memphis, 3—168.
Governm ent deposits. Crop m oving, refused, 1— 302.




FED ERAL RE SER VE BA N K O F S T . LO U IS—C on.
L ittle R ock branch, 4— 1056.
Louisville branch, 4— 10,14.
Member banks, Tennessee. Controversy as to redis­
counts of, 2— 4.
Memphis agency, 3— 168.
Memphis branch, 4— 597, 817.
R edistricting. Humphreys County, Miss., trans­
ferred from Atlanta district to, 3—59.
W ells, R olla, resigns as governor, 5— 201.
FEDERAL RESERVE BAN K O R G A N IZA TIO N C O M M ITTE E .
Appeals from decisions of. (See R edistricting.)
FEDERAL RESERVE BA N K STA TE M E N TS.
(See Earnings and expenditures; Federal Reserve
Agent, accounts; Resources and liabilities.)
FED ERAL RESER VE B A N K ST O C K .
Surrender of, b y liquidating bank, 5—53.
(See Capital stock.)
FED ERAL RE SER VE B A N K IN G . Review of. (See
R eview .)
FED ERAL RE SER VE B A N K S.
Absorption of cost. (See Cost; Currency shipm ents;
Federal Reserve notes.)
Acceptances—
H old 60 per cent of m em ber bank, 5— 105.
(See Acceptances; Rediscounts.)
Accounts. Adjustm ent of, after redistricting, 1—144.
A ct June 21, 1917. New form, w eekly statements,
3—506.
Agency, Memphis, 3—168.
Agricultural paper—
Lim it fixed at 99 per cent, 2—67 at 68.
(See Agricultural and live-stock paper.)
Alaska. (See same.)
Am erican Bankers Association, membership of, in ,
1— 15.
Annual. (See infra, Tenure of office.)
Assessments on, b y Federal Reserve Board, 1—118;
2—
7, 8, 318, 319; 3—23, 24, 525, 526; 4—24, 608;
5— 132, 722; 3—132, 829.
Assets and liabilities. (See Resources and liabilities,
principal heading.)
Assets, changes in , 3 —758.
Average tim e of destination between, 1— 83.
Bank of England. Earmarked gold in , 3—504.
Bank premises. Cost, 5— 134, 723.
Banks of issue. Comparison w ith leading European.
(See Banks of issue.)
B ill of lading drafts—
Collection of, 3— 114.
(See infra, Im m ediate credit.)
B ills receivable. Can not discount notes secured b y ,

2— 66.
Borrower A ny one—
(See Borrower.)
(See infra, D iscount.)
Branch banks. (See same, principal heading.)
Branches, foreign—
Secretary of Treasury favors establishment of,
in South Am erica, 1—313.
Federal Reserve Board disapproves except in
part, 1—348.
Canal Zone. (See same.)

FED ERAL R E SER VE B A N K S— Continued.
Cancellation of stock certificates. Regulation 1 ,1920,
6— 1187.
Capital, Minimum, is 4 m illions bu t may be decreased
after opening, 2—207.
Capital stock—
Circulars and regulations, 1— 42,148; 2—541.
D eduction of value of. State taxation of shares
in member banks, 1—315; 3—955.
Paid in, 2—98,123.
Paym ent, third installm ent, 1— 14,
Surrender of. Need not demand, proportional
part of capital stock because of reduction of
surplus, 1— 218.
Tax, State, exem ption from, 1— 13.
(See Capital stock.)
Chart, organization, 4—374.
Circulars and regulations. (See Circulars and regula­
tions; Regulations.)
Clearing and collection service, 5— 467.
Clearing system. (See Clearing system, principal
heading.)
Closing of books for dividend purposes, 2— 12, 511,
4—521.
Collecting agents, 1— 104.
C ollection, b ill of lading drafts, 3— 114.
C ollection services—
Checks and drafts for member banks outside dis­
trict, 6—276.
C ollection of maturing notes and bills when sent
b y member banks outside district for account
o f Federal Reserve Bank, 6—276.
Com m odity paper, discounts. (See Com modity pa­
per; D iscount and open-market operations.)
Comparison w ith leading foreign banks. (See Banks
of issue.)
Condition. (See Condition, Resources and liabilities.)
Contingent lia bility on rediscounts w ith other Federal
Reserve Banks. (See same, principal heading.)
Cost—
Bank premises, 5— 134, 723.
Furniture and equipm ent, 2—58, 219, 387, 3—93,
608; 5—134, 723.
(See Federal Reserve notes.)
Coupons. W ill cash, of Federal land banks, 4— 435,
Credit inform ation. D ivulging of, 1—347.
Currency shipments. No tax on charges for, 4—1215.
Current expense account. Charges to, 5—26.
Deposits. (See Deposits, principal heading; Federal
land banks; Government deposits; Net deposits.)
D irect discounts not perm issible for individuals save
through member banks, 2— 112, 272, 679; 3—379,
457, 763.
Directors—
E lection of. (See Directors, principal heading.)
May require guaranty or indorsement of, on dis­
counted paper of a suspended national bank,

2— 66.
D iscount and open-market operations. (See same.)
D iscount p olicy. (See Discount rates.)
Discount power—
Not affected b y act O ctober 22, 1919, amending
section 11 (m ) of Federal Reserve A ct, 5—
1055, 1056.
May refuse to discount paper of any borrower
w hich it has already discounted in sufficient
amounts for other member banks, 6—276.




FED ERAL RE SER VE B A N K S— Continued.
D iscount power—Continued
No obligation to discount paper although eligible,
6— 1301 at 1303.
Discount rates—
During war, 5—943.
( See Discount rates, principal heading.)
(See infra, U nited States Revised Statutes, section
5198.)
Discounts—
B ills receivable. Notes secured b y , are eligible,
1— 112, 127
Com modity paper (See same; D iscount and
open-market operations.)
Computation of—
Boston and New Y ork use 365 days; all other
Federal Reserve Banks 360 days, 3—951,
M ethod, 1— 74; 2— 272, 456, 461, 3 —951,
5—249.
D irect. (See supra, D irect discounts.)
Farm loan paper not perm issible, 2—272.
Finance bills not perm issible, 4—1120.
(See Finance paper )
D iscount and open-market operations. (See
same, principal heading.)
Lim itation on amount of. None except section
13, 2— 112, 274, 457
Nonmember bank—
Indorsement of, on paper offered and indorsed
b y member bank does not make non­
member bank a borrower subject to
lim itation of section 13, 4—520.
(See Nonmember banks.)
Purchases and, b y groups, 6—777.
Section 13—
O nly lim itation on rediscounts, 2— 112, 274,
457.
Borrowers under section 13, (See Borrowers.)
Speculative purposes, rediscounts for, 5— 1107.
(See P rofit.)
War paper—
1917-1919, 5— 428.
1914-1919, 5— 771.
(See Discounts, principal heading.)
(See Preferential rates; War paper.)
D ividends. (See same, principal heading.)
D ouble liability of State member banks on stock of.
1—273.
Draft, m ilitary. Em ployees’ exem ption, 3—591.
Drafts of member banks, 3— 78.
(See Federal Reserve exchange drafts; Federal
Reserve transfer drafts.)
Due from. (See same, principal heading.)
D uty of officers, 4—373.
Earmarked gold—
In Bank of England, 3—504.
(See Earmarked gold.)
Earning assets—
Comparison, 1914 and 1919, 5— 771.
Fiscal year 1920, classification of, 6— 723, 725.
(See Classification; Earning assets, principal head­
ing; Resources and liabilities, principal
heading.)
Earnings. Item s charged against, 2—12.
Earnings and expenses. (See same, principal head­
ing.)

a

FED ERAL RE SER VE BA N K S— Continued.
Em ployees—
1915-1917, 5—778.
Draft exem ption, 8—591.
Group insurance, 8— 28.
lis t to be subm itted annually to Federal Reserve
Board, 2— 13.
(See Em ployees.)
Equipm ent. (See supra, Cost.)
Examinations of. Directors to read and initial re­
ports, 2—206.
Exchange. Can not receive checks payable in, at
current rates, 8—763.
(See Exchange.)
Exchange charges. (See same.)
E xecutive com m ittee, com position of, 1—211.
Expenses. (See Earnings and expenses, principal
heading; Organization expenses, principal head­
ing.)
Farm land. Can not rediscount loans on, made un­
der section 24, 2— 272.
Farmers’ paper. Increased holdings, 6—1124.
Federal land bank bonds. Can not purchase, matur­
ing in 1938, 4— 1216.
Federal land banks. Can receive deposits from, only
for paym ent of coupons or for exchange or col­
lection purposes, 8—379, 881, 4— 435.
Federal Reserve agents may indorse collateral for
Federal Reserve notes to Federal Reserve Banks
for collection, 8—351.
Federal Reserve Bank notes. (See Federal Reserve
Bank notes, principal heading.)
Federal Reserve Board can not abolish nor change
location of, 1—396; 2—207.
(See Opinions of Attorney G eneral, Opinions of
counsel.)
Federal Reserve notes—
Must pay expense of issue and of retirement of
own, 2—71.
Must pay transportation charges on own, returned
b y Treasury or Federal Reserve Banks for
redemption, 2—71.
Must reimburse cost o f shipping unfit, from sub
treasuries to Washington, 5— 28.
W ill absorb cost of transportation of new, 4—931,
1093.
W ill absorb cost of transportation of currency,
4—1093.
Issue power, 8— 155.
Stationery Can not use em blem of, on stationery
without consent of Secretary of Treasury,
8— 194.
Use of, in m eeting currency demands, 2—512.
(See Federal Reserve agents.)
(See same, principal heading.)
Finance bills. Can not discount, 4—1120.
(See Finance paper .)
Finance paper. (See same.)
Fiscal agents—
W ill be designated as, on January 1,1916. Secre­
tary of Treasury. Letter, 1—395.
Designated, May 14,1917, 3— 423.
Expenses, 6—135, 726, 830.
Operations, 5— 134, 723, 777, 8—135, 726, 830.
(See Fiscal agents, principal heading.)
37599°— 21------7




FED ERAL RE SER VE BA N K S—Continued.
Fiscal year, 1920. (See same.)
Foreign banks. Comparison w ith. (Ste Banks o f
issue.)
Foreign branches of—
Secretary of Treasury favors, in South Am erica,
1—313.
Federal Reserve Board dissents, 1—348.
Franchise tax, 4—6, 12, 593, 6— 135, 830.
(See same, principal heading.)
Frank. Can not use Treasury, for Liberty bond
correspondence, 8— 439.
Furniture. (See supra, Cost.)
G o ld Control, Federal Reserve Bank of New York,
3—659.
Earmarked, Bank of England, 3— 504.
(See Gold, principal heading.)
Free gold, 1919, 6—145, 146,147.
(See Gold, principal heading.)
Gold reserve—
1900-1919, 6—144.
(See Reserves; Resources and liabilities.)
Government deposits—
Reserves against, 3— 458.
(See Government deposits, principal heading.)
Governors’ conferences. (See same, principal head­
ing.)
Group insurance, em ployees, 3—28.
Hawaii. (See same.)
Hines, Director General of Railroads. Addresses
governors, 5— 307
H olidays. List of Federal Reserve Bank, 2—68.
Im m ediate credit at par. (See B ill of lading drafts.)
Im plied powers, section 4, 1— 104.
Increase and decrease of stock. Regulation I. 1920,
6—1187
Insurance, group, em ployees, 8—28.
Interdistrict tim e schedule, 4—1175; 6— 746, 987.
Interest—
One day to be added in purchasing acceptances
not payable b y check on Federal Reserve
Bank or through clearings, for loss of, 4— 521.
(See infra, Rediscounts.)
Issue of stock. Regulation I, 1920, 6—1187.
Interest rates. (See infra, United States Revised
Statutes, section 5198.)
Investm ent operations. (See D iscount and openmarket operations; Investm ent operations, prin­
cipal heading; Open-market operations; Total
investm ent operations.)
Joint custody. Notes, gold, and lawful money
A ct June 21, 1917. R uling of Federal Reserve
Board, 8—691.
Leading banks of issue, comparison with. (See Banks
of issue.)
Liabilities. (See Resources and liabilities, principal
heading.)
L iability. Double, of member banks on stock in,
1—273.
Liberty loans—
I and II—
Assistance of, 8— 497, 577, 580, 588.
Telegrams may be charged to Treasury,

FED ER AL R E SE R V E B A N E S— Continued.
L iberty loans—Continued.
I I I . Federal Reserve Banks and, 4—587.
IV . Condition of Federal Reserve Banks at
beginning and end of, 5—324.
Can not use Treasury frank in connection with
L iberty loans, 3— 439.
( See same, principal heading.)
(See V ictory L iberty loan.)
Lim itation on rediscount. (See supra, D iscounts.)
Liquidation, January 1,1918, 4—9.
L iquidity of, 3— 651, 831.
Location of. Federal Reserve Board can not change,
2—207.
Member banks—
L ist of, rediscounting. (See Discount and openmarket operations, num ber of banks accom ­
m odated.)
Reserves, deficient. Checks of member banks
on, must be paid, although reserve balances
are deficient, 1—12.
Securities. Can not bu y securities for, 1— 346.
Services perform ed for, 1— 346; 3—276.
Speculative purposes, rediscounts for, 5—311,524,
617, 1010,1015, 1107.
(See P rofit; Speculative purposes.)
Member banks* collateral notes—
May give preferential rates to, secured b y war
paper, 6—162.
May decline to make advances on, secured b y
war paper unless the collateral is owned b y
member banks and unless war paper securing
Governm ent deposits is actually owned by,
3 —162.
Minimum capital. Four m illions requirem ent may
be decreased after opening, 2—209.
M oney in . (See M oney, principal heading.)
N ational-bash examiners, relations w ith, 1—15.
National banks—
H oldings of war paper, 5— 428.
D ue to, 1915-1917, 3—484.
N et deposits, 1919, 3—146.
Nonmem ber banks, acceptances of, held. (See Dis­
count and open-m arket operations, principal
heading; Nonm em ber banks.)
Norris, G- W ., appointed governor o f Federal Reserve
Bank of Philadelphia, 3—348.
Notes. (See infra, Prom issory notes.)
Officers—
Changes in personnel, 5— 778.
D uties, 4 —373.
List to b e subm itted annually to Federal Reserve
Board, 2^-13.
Officers and em ployees, list, 5— 778.
Open market. M ay bu y U nited States bonds in , free
from lim itations of section 18, 1— 268,
(See infra, Prom issory notes.)
Operations of—
Federal Reserve B ulletin. Comments. (See
R eview of m onth.)
(See D iscount and open-m arket operations.)
Organization chart, 4—374.
Organization expenses, 2— 12, 58, 59.
P aper Single name, (See infra. Prom issory notes.)
Par, im m ediate availability at. (See Clearing system ;
Federal Reserve exchange drafts; Federal R e­
serve transfer drafts.)




FED ERAL R E SE R V E BA N K S— Continued.
Par points. Map, 3— 644.
(See Clearing system .)
Parcels-post packages su bject to stam p tax, 4 —17.
Paym ent. (See Capital stock.)
Personnel. Changes in , 5— 530.
Philippines. (See sam e.)
P olitical office. H olding o f, 2—2 ,1 6 ; 3 —10.
Porto R ico. (See sam e.)
Powers. Im plied, section 4 ,1 — 104.
Preferential rates. (See supra, M ember bank col­
lateral notes.)
Profit and loss account, 3— 92, 4 —102; 5— 132, 723;
3—135, 830.
Promissory notes. Can not purchase in open market,
1— 347, 360, 365, 406.
Rediscounts—
Betw een Federal Reserve Banks—
Equalization o f reserves b y , 4 —361.
Fiscal year 1920, 3 -7 3 0 ,1 0 4 1 .
Interest, com puted on 365-day basis, 4 —109,
R ediscounts and sales o f acceptances betw een,
4— 590, 777, 778, 1147; 5—169, 495, 794,
1085, 3—192, 531, 730, 871, 911, 1014,
1019,1041, 1044, 1133, 1232.
W eakly statements. T o appear in , 5—310,
311.
Commercial or business paper for mem ber State
banks, 5—1157.
Cotton factors paper, 5— 1054; 3—162, 1176.
(See same, principal heading.)
Drafts eligible for acceptance b y mem ber banks,
5—253, 254.
Lim itations, State mem ber banks, 3 —696:
4—638; 5—361,1055,1157; 3 —495.
(See Borrower.)
Power of Federal Reserve Banks not affected b y
amendment of U nited States R evised Stat­
utes, section 5200, 5— 1055.
Speculative purposes, 5—311, 523, 617, 1009,
1015,1107.
(See same.)
War paper in excess o f 10 per cent. A ct March
3, 1919. (See act of March 3, 1919.)
(See D iscounts; R ediscounts.)
R eduction o f surplus. (See infra, Surplus.)
Regulations. (See Circulars and regulations; Regu­
lations.)
Reserve balances. Can not refuse paym ent o f draft
of mem ber bank because, deficient, 1—12.
Reserve paym ents, 2—598.
Reserves—
Governm ent deposits, 3— 458.
(See same, principal heading.)
Resources and liabilities. (See Resources and lia bili­
ties, principal heading.)
R eview , 5—3, 771; 3—11, 662, 664,1253.
Salaries. Adjustm ent of, 3— 54,1293.
Sales of acceptances. (See supra, Rediscounts
betw een.)
Secretary o f T re a su ry Favors foreign branches of, 1— 313*
Federal Reserve Board dissents, 1— 348.
Section ll^ m ). (See T en per cen t lim itation, section

FEDERAL R E SER VE B A N K S— Continued,
Section 13, (See Ten per cent lim itation, section 13.)
Section 18, Federal Reserve A ct. (See U nited States
bonds.)
Section 19. (See Ten per cent lim itation, section 19.)
Services performed for member banks, 1—346.
Settlem ent between, 1— 15.
Single name paper. (See supra, Promissory notes.)
Speculative purposes. M ember bank rediscounts
for, 5— 311, 523, 617,1009, 1015,1107.
Stamp tax. Parcels-post packages subject to, A—17.
State banks. (See Clearing system .)
State banks. M embership, 1— 15.
(See State banks.)
Statement, w eekly, new form of, 3— 506.
Statements. (See infra, Uniform statements.)
States, taxation. National banks can not deduct
value of stock in Federal Reserve Banks to avoid
taxation of their stockholders on value of their
stock, 1—315, 3— 955.
Stock certificates. (See T ax.)
Surplus profits, 4— 593.
(See same, principal heading.)
Surplus, reduction of. Need not order reduction
of capital stock in , because of reduction of sur­
plus, 1—218.
Surrender of stock. (See supra, Surplus.)
Tax—
Capital stock. (See sam e.)
Federal Reserve Banks pay no tax on charges for
currency shipments absorbed b y them, 4—
1215.
Franchise. (See same, principal heading.)
Parcels-post packages subject to, 4—17.
State. Exem ption from taxation of, 1—13.
Ten per cent lim itation. (See D iscounts, Lim itation,
Rediscounts, Ten per cent lim itation.)
Tenure of office, annual, officers and em ployees, 2— 13,
64.
Trade acceptances. (See A cceptances.)
Uniform statements between, 1—15.
U nited States bonds—
May purchase, in open market free from lim ita­
tions of section 18, 1—268.
(See U nited States bonds, principal heading.)
U nited States one-year Treasury notes. (See same,
principal heading.)
U nited States R evised Statutes, section 5198. Pro­
visions of, lim iting loan rates of national banks b y
the law of the State, do not apply to, 1—24.
(See Ten per cent lim itation; U nited States Revised
Statutes, section 5200.)
United States securities. (See same, principal head­
in g.)
United States subtreasuries—
Secretary of Treasury opposes abolishm ent of,
3—110.
United States Bureau of E fficiency recommends
abolishm ent of, 4—172.
[The act of May 29, 1920, abolishes, from and
after July 1, 1921, and authorizes the Secre­
tary of the Treasury to transfer all their func­
tions to the Federal Reserve Banks.]
United States Treasury certificates—
Federal Reserve Banks take entire issue, 50 m il­
lions, of 2 per cent, 3—240, 337
(See U nited States Treasury certificates.)




FED ERAL R E SER VE BA N K S—Continued.
Value of national bank stock. Value of stock in
Federal Reserve Banks may be included b y State
in taxing shares in national banks on stockholders,
1—315; 3—955.
V ictory loan. W ill be relieved of war paper eight or
nine months after conclusion of, 5—310.
Virgin Islands. (See same.)
War—
Discount rates during, 5— 943.
Preparation for, 3—335.
(See War..)
War Finance Corporation has no jurisdiction over,
4— 1216.
War paper—
Discounts of, 1917-1919, 5— 428.
H oldings, 5—306; 6— 1124.
Comparison, 1914 and 1919, 5— 771.
R elieved of, eight or nine months after conclusion
of V ictory loan, 5— 310.)
(See supra, Member banks collateral notes.)
(See Preferential rates; War paper, principal head­
in g.)
W eekly statement—
New form, 3—506.
Rediscounts between Federal Reserve Banks to
appear in , 5— 310.
(See also A cceptances; Agricultural paper; Annual
election, Attorney General of U nited States; B ills
of exchange; Checks; Commercial paper; Cotton,
Cotton factors paper; Directors; D iscounts; Fed­
eral A dvisory Council, Federal Reserve exchange
drafts; Federal Reserve transfer drafts; Law De­
partment; Opinions of counsel. Rediscounts; R ul­
ings, Federal Reserve Board, Salaries; Tennessee;
U nited States bonds; U nited States one-year notes;
U nited States Treasury notes.)
FEDERAL RESERVE B O A R D .
A cceptance credits. Foreign, 2—587.
Acceptances—
Food products. Control of, 4 —255.
One hundred per cent. (See Acceptances, prin­
cipal heading.)
Own. Purchase of, 4—257.
(See Acceptances, principal heading.)
P olicy, 4 —257, 5— 309.
Relaxation during war, 5— 309.
Renewal, policy, 4—257; 5— 309.
Accounts, uniform, 3—270.
Adelson, L. C., appointed assistant secretary, 4—365.
Agricultural paper. lim it fixed at 99 per cent, 2— 68.
A lien enemies. (See infra, Enem ies.)
A llen, S. P. Resigns as assistant secretary, 4—365.
A llies, future loans to, 4—1166.
Allotm ent. (See U nited States bonds.)
A lly of enemy. (See infra, Enemies.)
Amendment, section 10. Two-year lim itation, 5—21
Amendments favored b y . (See Amendments, Fed­
eral Reserve A ct; Federal Reserve A ct, amend­
ments.)
Am erican Bankers’ Association—
Hearing, 2—6, 262.
Conference, Committee of Five. Exchange
charge, 4—962.
Annual report, 4—69, 79; 5—529.

FED ERAL R E SE R V E B O A R D —Continued.
FED ERAL R E SER VE BO AR D —Continued.
Appeals. (See R edistricting.)
Commercial paper—
Short term favored, 8—733.
A rchitect, consulting, 5— 313.
Four months favored for m em ber banks, 3— 739.
Assessments on Federal Reserve Banks, 1— 118, 307
(See same, principal heading.)
2— 7, 8, 318, 319; 8—23, 24, 525, 526; 4—24, 608;
5—130, 722; 8—132, 828.
Com m odity paper—
Associations, export. Against Governm ent participa­
Special rates, statement, 1—301*
tion in , 5— 611.
(See same, principal heading.)
Attorney General of U nited States—
Conferences—
No power to abolish districts or Federal Reserve
A cceptance credits, 6—559.
Banks, 1—396.
Clearing-house representatives. Interest rates,
Nor to change location of Federal Reserve Banks,
6 —3,157.
2—207.
(See Federal A dvisory Council; Federal Reserve
Bank clerks. Status under draft laws, 4—957.
Agents; Governors.)
Bank deposits. (See infra, Guaranty.)
Cotton, 4 —691.
Bank loans—
Congress. Reports to. (See Congress.)
Classification of, 4—261.
(See Conferences, principal heading.)
Conservation of, 4—935.
Conservation—
(See infra, Conservation.)
Bank loans, 4—935.
Bank profits, inquiry as to. from foreign exchange, 4—
Capital, 4—73.
626,627,833,834,835.
Credits, 4 r-2 , 249, 260, 685, 688, 741, 924, 1046,
Bankers’ m eetings. Members attend, 2—261, 309,
1163.
510.
G old, 4—3,694.
Banking laws—
(See Credit.)
Classification of, 4—260.
Consulting A rchitect. Appointm ent of, 5—313.
(See State banks; Laws of States.)
Cotton conference, 4— 691.
British exchequer notes—
Cotton. Hoarding of; warning, 5— 1109.
Caution against over investm ent in , 2-661; 8—2,
82, 236, 239.
(See Cotton.)
Subsequent placing of 150 m illions approved as
Coupons, for foreign account, 4—172.
not inconsistent w ith previous caution,
Credit expansion, 4— 1048.
8— 653.
Credits—
Broderick, J. A ., appointed secretary, 4—817.
Conservation of, 4—2,249,260, 685, 688, 741, 924.
Call m oney rates. T o Senate in response to resolu­
1046, 1163.
tion, 6—345, 368.
Crop m oving, 6—1012,1016, 1124.
Canners. Credits to, 4— 607.
(See Credit, principal heading.)
Capital Issues Committee—
Credits, long-term . A capital and not a banking
Statement as to voluntary com m ittee, 4—77.
problem , 5— 611.
R eport of, to Federal Reserve Board, 4— 696, 704,
Credits for canners, 4— 606.
Resolution, Federal Reserve Board, 4— 697.
Curtailment. (See supra, Conservation.)
(See same, principal heading.)
D ebits, clearing-house bank. New statement as to,
4 -8 0 9 , 821.
Capital stock. M ay approve action of Federal R e­
serve Banks in not ordering reduction of capital
(See Clearing-house d eb it statements.)
stock, because of reduction of surplus, 1—218.
Delano, F . A ., resigns as member, 4—587, 697.
(See Capital stock .)
Depositors—
Chapman, W . T . Resignation as secretary, 6—1134.
W ithdrawals b y foreign, 8—154, 340.
Circulars. (See same.)
Returned, 5— 102, 205, 616.
Classification—
D eposits, bank. (See Guaranty; Interest.)
Bank laws, 4— 620.
Digest of rulings of C ouncil, 4—571.
Bank loans, 4—261.
Disbursements. (See R eceipts and disbursem ents.)
(See Classification; State banks; Laws of States.)
Discount p o licy —
Clayton act. (See same.)
During war, 4 —1175.
Clearing-house balances. (See same.)
(See W ar.)
Clearing-house bank debits. New statement as to,
R eply to Senate resolution, 6— 558, 582.
4—809, 821.
(See Federal A dvisory C ouncil.)
(See Clearing-house debit statem ents.)
(See infra, P o licy .)
Clerks. (See supra, Bank clerks.)
D iscount rates—
Coin and bullion. (See same, principal heading;
E ffective control through, on ly at end of 1916 and
E xecu tive orders; President; G old; Proclama­
first quarter of 1917, 5— 2.
tions.)
P olicy still governed b y Treasury needs, 5— 196.
Committees of—
Speculative a ctivity can not be checked b y ,
List, 1—77, 400; 2— 448.
w hile preferential rates on war paper con­
Report on redistricting, 1—407*
tinue, o— 524.
(See R edistricting.)
(See Discount rates, principal heading.)




FED ERAL RESERVE BO AR D — Continued.
D istricts. (See R edistricting.)
Draft exem ption, em ployees, 8— 591.
Draft law. Status of bank clerks under, A—057.
Drafts, rupee. W ill furnish, 8—924.
E ddy, W . L ., appointed assistant secretary, 6—1134.
Edge A ct. Regulations, 8—379,1190.
(See Edge A ct.)
E lliott, M. C.—
Resigns as general counsel, 6—201.
Appointed special counsel, 6—201.
Embargo, gold—
Rem oved, June 9,1919, 5— 615.
Ruble notes excepted, 5— 615.
(See Foreign exchange.)
Emerson, R . G.—
Appointed assistant secretary, 5—918.
Appointed assistant to governor, 6—1134.
Em ployees—
1914-1919, 6—778.
Draft exem ption, 8 —591.
Enemies, alien. Dealings w ith, 8—431, 655.
(See A lien enem ies.)
Essential loans. H ave not defined, 6—904, 927.
Examinations—
Forms. State bank officers should use forms of
Federal Reserve Exam ination D ivision, 4—
310.
State member banks, 4—1079.
Excessive rediscounts. (See infra., Rediscounts.)
Exchange charges—
Interpretation of H ardwick amendment, 8—661.
(See Clearing system , Exchange charges.)
Exchange. Lira. Suspension of restrictions on, 5—
311.
E xecutive secretary H oxton, W . W ., appointed,
5—918.
Expansion. Federal Reserve notes and. G ov Hard­
ing, 5—699,
Expansion of Federal Reserve notes, 4— 927, 1046,
1047,1167,1170.
Expansion of prices and credit, 4— 1048.
Expenditures, 1918, 4—24, 608.
(See Earnings and expenses.)
Expenses. (See Assessment, Earnings and expenses.)
Export associations. Against Government participa­
tion in , 5— 611
Export licenses. (See infra, G old.)
Exportation of gold. (See infra, gold )
Federal Advisory Council. (See same, Conferences,
principal heading.)
Federal Reserve Agents—
T o report as to use of rediscounts b y member
banks, 5—617
Warning to, against loans for speculative uses,
5— 1108.
(See Speculative purposes.)
(See Federal Reserve Agents, principal heading;
Conferences, principal heading. )
Federal Reserve Bank notes. (See same, principal
heading.)
Federal Reserve Banks—
No power to abolish, 1—396; 2—20,25.
No power to change location of, 2—207.




FED ERAL RE SER VE B O AR D — Continued.
Federal Reserve Banks—Continued.
Liberty loans, and, 4—587.
Officers, duties, 4—373.
(See Federal Reserve Banks.)
Federal Reserve districts. Can not reduce number
of, 2—20, 25, 207.
Federal Reserve exchange and transfer drafts—
Approval of plan for, 8— 78, 347
Lim it raised from $250 to $5,000, 4 —806.
Federal Reserve notes. Expansion of, 4—927,1047,
1168,1170.
Federal Reserve notes and expansion. G ov Harding,
5—699.
Federal Reserve System . Strength of, 4 —1168.
Federal Trade Commission. A ccounting plan. Co­
operation w ith, 8—21, 270.
Fiduciary powers. (See Fiduciary powers, principal
heading.)
Financial conference—
W ith Class A directors and Federal A dvisory
Council, 6—566.
Gov H arding. Address, 6—579.
Recom m endation to Interstate Commerce Com­
mission and U nited States Shipping Board,
6 -5 8 1
R eport, 6—581.
Resolutions, 6—581.
Food products. Control over acceptances to finance,
4—255.
Foreign acceptance credits. G ov Harding, 2—587.
Foreign branches. Opposes suggestion of Secretary of
Treasure favoring, of Federal Reserve Banks,
in South Am erica, 1— 348.
Foreign exchange—
Bank profits from, 4— 626, 627, 833, 834.
Control of. (See Coin and bullion, principal
heading; E xecu tive orders, principal heading;
President, principal heading; Proclam ation,
principal heading.)
R upee exchange, 4— 625.
Foreign exchange adviser, K ent, F. I., appointed,
4 —11.
Foreign exchange bank. Governor Harding opposes,
4— 724,
Foreign Exchange D ivision. Rulings, 4—864, 973,
1121,1217; 5— 469,652.
Foreign Governm ent obligations. (See British ex­
chequer notes.)
Foreign payments. Regulations, War Trade Board,
4—625.
Foreign trade, restriction of, 4—1053.
Free gold market, 4— 1165.
(See G old.)
Funds. (See infra, Transfer of funds.)
General counsel—
E lliott, M. C., resigns as, 5—201.
Harrison, G. L.—
Appointed, 5—201.
Resigns, 6— 782.
Logan, W . S., appointed, 6—782.
G o ld Conservation of, 4 —3, 694.
(See Conservation.)
Embargo rem oved, June 9,1919, 5— 615.

FED ERAL R E SE R V E B O A R D — Continued.
FED ERAL RE SER VE B O A R D — Continued.
G old—Continued.
Library of. Books received, 6— 834.
Exports—
Licenses. (See supra, E xport licenses; G old.)
Control vested in Board b y President, 4—23,
Lim itation. Tw o-year, section 10. Am endm ent,
81, 499.
5—21.
Licenses granted, 4— 76, 365, 499, 501, 807.
Liquidation, 4 —1164.
Abrogated, 5— 615, 653, 853.
L iqu idity. (See supra, British exchequer notes.)
Regulations, 4— 500, 594.
Lira exchange, 4—624.
Secretary o f Treasury asks Board to scrutinize,
R estrictions on, suspended, 5—311.
8— 655.
(See Institute of exchange, principal heading.)
Free gold market, 4—1165.
Loans, bank—
Spain, licenses granted for exports to, 4 —365.
Classification of bank, 4— 261.
Supply, adjustm ent of, 4—1165.
Conservation of, 4 —935.
(See G old.)
Loans to A llies, future, 4— 1166.
Governm ent aid to export associations opposed,
(See A llied pow ers.)
5— 611,
Logan, W . S. A ppointed general counsel, 6— 782.
Governor. G ov. H arding redesignated u ntil August
Long-term credits. A capital rather than a banking
10,1922, 8—782.
problem . P olicy, 5— 611.
(See G overnor.)
M cAdoo, Secretary. Resolutions on resignation of,
Governor, V ice. Edm und Platt designated as v ice
4— 1173.
governor u ntil August 10, 1922, 6— 782.
M ember bank condition statem ents. (See same, prin­
Governors. (See Conferences, principal heading.)
cipal heading.)
Guaranty of bank deposits—
M ember banks—
No plans for, 1— 51.
Ruling as to political and pu blic officers does n ot
Board opposes, 4— 595.
apply to, 2—168.
H arding, G ov., changes viewB on, 4 —596.
Transfer of, under redistricting decisions, 1— 142.
H am lin, C. S ., appointed for ten-year term, 2— 437.
(See R edistricting.)
H arding, G ov.—
M oehlenpah, H . A .—
D iscount p o licy during war, 4—1175.
A ppointed m em ber of, 5— 918.
Federal Reserve notes and expansion, 5—699.
Retirem ent of, 6— 911.
Foreign acceptance credits, 2— 587.
National Association of Credit M en. Cooperation
Governor. Designated as, 2— 437; 8—659; 4—
w ith. Statistics as to collection conditions,
810; 5— 821 j 6— 782.
5— 547.
Guaranty o f bank deposits. Changes attitude on,
National banks. Joint stock ownership in foreign
4— 596.
banking corporations not perm itted, 1— 308.
(See H arding, G ov., principal heading.)
(See supra, M ember banks.)
H ardw ick am endm ent. Interpretation of, 8—660.
Neutral countries. (See infra, Transfer of funds.)
Harrison, G. L.—
Nonmember banks. R ediscounting privileges, 8 —
A ppointed general counsel, 5— 201.
426, 430.
Resignation as, 6—782.
(See Discounts, Nonmember banks.)
Herson, J. F ., appointed chief, D ivision o f Exam ina­
Oklahoma branch. (See Branch banks.)
tion, 6— 1134.
Paddock, W . W .—
H oarding of cotton. Warning against, 5— 1109.
A ppointed ch ief of D ivision of Operations and
(See Cotton.)
Exam inations, 5— 919.
H oxton, W . W .—
Resignation as, 6— 1134.
A ppointed execu tive secretary, 4— 918.
Platt, Edmund—
A ppointed secretary, 6— 1134.
A ppointed a member of, 6— 566.
In dex num bers. D ifference betw een, of Federal R e­
Designated V ice Governor, 6—782.
serve Board and U nited States Bureau of Labor
Statistics, 6—1211.
P olicy of—
In e d ib ility . Two-year, section 10. Am endm ent,
Acceptances, 4—257; 5— 309.
(See A cceptances.)
Inflation. (See supra, E xpansion.)
D iscount rates, 6— 558, 582.
Interdistrict tim e schedule. Approvals, 6— 746, 987.
Placing of Governm ent securities, 8— 424.
Interest on bank deposits. (See Interest, principal
S till governed b y Treasury necessities, 5 —
heading.)
196.
Investm ents in foreign obligations, 2—661; 8—2, 82,
Long-term credits, 5— 611.
236, 239.
Renewal acceptances, 4— 257; 5— 309.
(See supra, British exchequer notes.)
War paper, 4— 1175.
K ent, F . I ., appointed foreign exchange adviser, 4—
(See supra, D iscount rates.)
11.
P olitical and p u blic offices—
lib e r ty loans—
Assistance to, 8— 497.
R uling as to, does not apply to national banks,
2—168.
Liberty Loan I I I and Federal Reserve Banks,
4 —587.
Resignations of directors of Federal Reserve
Banks, 6—10.
(See L iberty loans.)




FED ERAL RE SER VE BO AR D —Continued.
Power. No power to abolish districts nor Federal
Reserve Banks, nor to change their location, 1—
396; 2—20, 25, 207.
Preferential discount rates. (See infra, War paper.)
President of U nited States. Appeal to State banks
to join Federal Reserve System, 3—827.
Press statements. (See infra, Statements.)
P rice expansion, 4— 1048.
(See Expansion; Inflation.)
Prices—
Credit currency, and, 4— 486.
Wages and, 4—1170.
Wheat, guaranty of, 4—1088.
W holesale. (See Prices.)
Production—
Restriction of, 4—1052.
(See supra, Conservation.)
Profits, bank, in qu iry as to, from foreign exchange
transactions, 4—626, 627, 833, 834.
Rationing of industry, 4—923.
(See supra, Conservation.)
R eceipts and expenditures. 1— 176, 331, 349; 2— 7,
8, 54, 55, 318, 319; 3—23, 24, 87, 88, 525, 526;
4—24, 608; 5—13?, 722, 724, 6—132,136, 726,828.
(See Earnings.)
Reconstruction, 4—1173.
Rediscounts—
Excessive, 4 -1 1 6 9 ; 5—311, 523, 617,1010,1015,
1107.
(See P rofit.)
Federal Reserve Agents to report on uses of, b y
member banks, 5—617.
Warning against, for speculative purposes. (See
supra, E xcessive.)
Redistricting. (See same, principal heading.)
R eduction of surplus. (See supra, Capital stock.)
Regrouping of banks, 4—1055.
Regulations—
Foreign exchange transactions, 4—622.
Foreign payments, 4—625.
Gold licenses, 4— 500, 594.
(See supra, G old.)
(See Circulars and regulations.)
Renew al acceptances—
A pproval, 1—312.
Opposed, 4—259.
War p olicy , 5 —309.
(See Acceptances; Renew al.)
R eport, Annual—
1917, 4—69, 79.
1918, 5— 529.
Report, British currency, 4 —1166,1178.
Reserves—
Equalization of, b y rediscounts, 4—361.
New York outlying districts, 4 —1086.
Outlying districts, 4—1055,1124.
R uling on amendment, 2— 508.
Resolutions—
Delano, F. A ., 4—697.
M cAdoo, W . G ., 4 —1173.
Warburg, P . M ., 4—810.
(See Statements.)




FED ERAL RESERVE B O AR D — Continued.
R estriction of production, 4—1052.
(See supra, Conservation.)
R uble notes excepted from embargo repeal, 5—615.
RulingB of—
Digest, 4— 571.
(See various headings of this digest.)
Rupee drafts. W ill furnish, 3—924.
Rupee exchange, 4—625.
Salaries. (See same, principal heading.)
Saving, necessity for, 4— 485, 1047.
(See supra, Conservation.)
Secretary of Federal Reserve Board. Chapman, W.
T ., resigns; H oxton, W. W ., appointed, 6—1134.
Secretary of Treasury—
Asks Board to scrutinize gold exports, 3— 655.
Board opposes foreign branches, Federal Reserve
Banks, suggested by , 1— 348.
Delegates export licenses for coin, bullion, etc.,
to, 4—23, 81.
Section 18, Federal Reserve A c t (See U nited States
bonds.)
Senate, United States. (See supra, Congress.)
Speculative activity. Can not be checked b y dis­
count rates w hile preferential rates on war paper
continue, 5— 524.
Speculative rediscounts. Member banks, 4—1169;
5—311, 524, 617, 1009, 1015, 1107.
Staff of, 1— 30.
Standing committees. (See Com mittees.)
State bank examiners should use forms of Federal
Reserve Board Exam ination D ivision, 4—310.
State banks—
Exam ination of member, 4—1079.
No coercion upon, to join Federal Reserve clear­
ing system, 6— 489,
President urges, to join Federal Reserve System.
3—827
Statements of Federal Reserve B o a r d Acceptances. P olicy, 4— 257; 5— 309.
Accounts, uniform, 3— 270.
A lien enemies, 3— 431, 655.
Anonymous circular, 2— 53.
Bankers’ acceptances, 1—312.
British exchequer notes. W arning against over­
investm ent in , 2—661; 3—2, 82, 236, 239.
Capital Issues Committee, voluntary, 4—77, 696.
Clearing-house bank debits, 4—809, 821.
Clearing system. Interdistrict, 2—259,
Commodity paper, 1—312.
Conservation of credits, 4—2, 249, 260, 685, 688,
741, 802, 924, 1046, 1163.
Conservation of gold, 4—3, 694.
Credits to canners, 4— 607.
Crop movements, 1— 258.
Deposits. Withdrawals b y foreign depositors,
3—154, 5— 102, 197, 205.
Directors, election of, 1— 407.
D iscount rates. Lower, 1—47.
(See D iscount rates.)
Export of coin, bullion, etc., 8—739.
(See G old.)
Federal Reserve A ct. The farmer and, 2—442.
Federal Reserve note p olicy, 2—512.

FED ERAL R E SE R V E BO AR D — Continued.
FED ERAL RE SER VE B O AR D — Continued.
Surplus, reduction of. (See supra, Capital stock.)
Statements of Federal Reserve Board—Continued,
Federal Reserve notes and currency expansion,
Surrender of stock. (See supra, Capital stock.)
5— 699.
Taxation, system of, 4— 487
Federal Reserve notes in lieu of em ergency cur­
Trade acceptances. Approved form of, 1— 259,4— 636.
rency, 1— 47, 50.
Transfer of funds to neutral countries, 3— 655.
Fiduciary powers. (See Fiduciary powers, prin­
Trust powers. (See Fiduciary powers.)
cipal heading.)
Two-year lim itation.
Em ploym ent b y member
Foreign depositors. Withdrawals by , 8— 154,155,
banks. Am endm ent, 5—21.
340; 5— 102, 205, 616.
U nified banking system, 1— 48.
G old settlem ent fund. (See same.)
U nited States bonds—
Guaranty of bank deposits, 1— 5 1 ,4 — 595,596.
E ffect of issue of 3£ per cent on 3 per cent,
H ardwick amendment, 8— 660,662.
3—341, 342.
Interest on bank deposits. (See Interest.)
P olicy of placing, 3— 424.
Intradistrict clearing system, 1— 48.
Purchase of, under section 18. (See U nited
(See Clearing system, principal heading.)
States bonds.)
K ern amendment. Applications, 2— 514.
United States securities. Placing of. P olicy, 3— 424.
Member banks condition statement, 4— 61, 62.
U nited States Senate. (See Congress.)
National bank examiner, (See same.)
U nited States Treasury and, 6 —213.
North Carolina bankers. Message to, 8—159.
U nited States Treasury certificates—
Paish Financial Commission, 1— 50.
Banks to set aside w eekly 1 per cent of resources
from, 4—260.
Pennsylvania escheat law, 2— 115,121.
D istribution of, 4—72.
(See sam e.)
(See U nited States Treasury certificates.)
R ediscount privileges. (See Rediscounts.)
War D iscount policy during, 4— 1175.
R edistricting appeals, L—407, 2— 169.
War paper Preferential rates on, prevent control o f
(See R edistricting.)
speculative activity through discount rates,
Reserve situation, 2—664; 3— 847, 4— 768; 5—
4— 1169; 5—311, 524, 617, 1010, 1015, 1107.
1009,1106 , 6—1263.
(See Speculative a ctiv ity .)
(See R eserves.)
Warburg, P M.—
Resignations, 4— 697, 810, 1173.
Redesignated as v ice governor, 2— 437; 3— 659.
Rupee drafts, 3—924.
Retirem ent from Federal Reserve Board, resolu­
(See R upees.)
tion, 4" 810.
Services for member banks, 1— 346.
Warehouse facilities, 1— 258.
Staff salaries, 1—30.
Warning to investors. (See British exchequer notes.)
State banks—
W illis, H. P Resigns as secretary, 4 — 810,817.
No coercion on, to join clearing system,
W ills, D, C. A ppointed as m em ber of, 6—1019.
6—489.
W ork of. (See R eview of m onth.)
President urges, to join Federal Reserve Sys­
tem , 3—287
FEDERAL RESERVE B R AN C H C IT IE S .
(See State banks, etc.)
(See Federal Reserve Banks and branch cities.)
State legislation. No interference w ith, 2— 121.
FEDERAL RESERVE B U LLE TIN .
Suit to test valid ity of clearing system, 2—374.
1915(See Clearing system .)
May, 1—1; June, 1— 65; July, 1— 115; A ug.,
Trade acceptances, 1— 259.
1— 173; Sept., 1— 249; O ct., 1—297, N ov.,
(See Trade acceptances.)
1— 345; D ec., 1— 393.
U nified banking system, 1— 48.
1916—
U nited States bonds—
Jan., 2—1; F eb., 2— 51, Mar., 2—99; A pr.,
E ffect of issue of 3 } per cent bonds on 3 per
2— 151; May, 2— 205; June, 2— 261, July,
cent bonds, 8— 341, 342.
2—309; Aug., 2— 371, Sept., 2—437; O ct.,
2—607; N ov., 2— 587; D ec., 2— 661.
P olicy of placing, 8—424.
Purchase of, under section 18, 2— 156, 316,
1917—
Jan.., 8—1; F eb., 3—75; Mar., 8— 153; A pr.,
512; 3— 5.
3—235; May, 8— 335; June, 3— 423; July,
(See U nited States bonds.)
8—497; Aug., 8—577; Sept., 3— 651; O ct.,
U nited States Treasury certificates. (See same.)
3— 729; N ov., 3—827; D ec., 3—917
War paper, 3— 425, 429, 430.
1918—
(See W ar paper.)
Jan., 4—1; F eb., 4 — 69; Mar., 4— 153, A pr.,
Warehouse facilities, 1—258.
4— 247; May, 4— 359; June, 4— 483; July,
(See also Com ptroller; Federal Advisory Council;
4—587; A ug., 4— 685; Sept., 4— 801, O ct.,
Secretary of T reasury)
4— 921, N ov., 4— 1045, D ec., 4—1163.
Strauss, Albert—
1919—
Assumes duties as a member of, 4—1056.
Jan., 5—1; F eb., 5— 99; Mar., 5—189; A pr.,
5— 303; May, 6— 407, June, 5— 521, July,
Leave of absence granted to represent U nited
5— 611; A ug., 5—699; Sept., 5—813; O ct.,
States Treasury at Paris, 5— 108.
5—909; N ov., 5—1009, D ec., 5— 1105.
Resignation as member of, 6—648.




FED ERAL R E SE R V E BU LLETIN — Continued.
FED ERAL RE SER VE D R A F T S— Continued.
1920—
(2) Transfer drafts drawn on own bank—Continued.
Jan., 6—1, F eb., 6— 113; Mar., 6—213; A pr.,
T o be drawn only in amounts over $250, 8—348.
6—339; May, 6—445; June, 6—553; July,
A dvice b y m ail to own Federal Reserve Bank,
6—661, Aug., 6— 679; Sept., 6— 897; O ct.,
8—348.
6—1011, N ov., 6—1123, D ec., 6—1253.
D uplicate b y mail to Federal Reserve Bank at
Bound copies of, 2— 53.
which payable, 8—348,
Copies of 1916 B ulletins for sale, 8—158.
Drawee Federal Reserve Bank to wire Federal
Cost to directors, 2— 52.
Reserve Bank at which payable, 8—348.
Demand for back numbers, 2—107
Postponement to June 1, 1917, 8 —440.
Elim ination of certain statistical tables, 4—1142.
Progress, 8— 591.
January number, 1916, exhausted, 2— 215.
FED ERAL RESER VE E X A M IN E R S.
Herson, J. F ., eastern district, 5— 919.
Two editions arranged for future, 6— 672.
A ppointed chief exam iner, 6— 1134.
FEDERAL RESERVE C IT IE S .
Board can not change location of, 2—207.
W ill, J. A ., western district, 5—919.
(See Federal Reserve exam iner.)
FEDERAL RESERVE C LE A R IN G SY S T E M .
(See Clearing system .)
FED ERAL R E SER VE E X CH A N G E D R A F T S .
(See Federal Reserve drafts.)
FED ERAL RESERVE D IS T R IC T S .
Agricultural acreage and production b y , 5— 737, 962. FEDERAL RESERVE L IB R A R Y .
Books received, 6—946.
Bank failures b y . (See Bank failures.)
(See Library .)
Capital Issues Com mittee. Committees of, b y , 4 —
167.
FEDERAL RESERVE NO TE AND NET D E PO SIT
L IA B IL IT IE S .
Changes in lines of. (See R edistricting.)
Fiscal year, 1920, 6 —724, 725.
Classification of loans and discounts b y , 6—1107.
(See Federal Reserve notes.)
Clearing members b y , 4— 75.
FEDERAL RESERVE N O TES.
D eposit of pu blic moneys b y , 8— 435.
Absorption of cost of shipm ent. (See infra, Cost.)
Em ployees of Federal Reserve Banks and Federal R e­
Accounts—
serve Board b y , 5— 778.
Separation of Federal Reserve note accounts,
Federal Reserve Board has no power to reduce num­
1— 14.
ber of, or change location, 1—396, 2—20, 207.
(See Federal Reserve Agents; Accounts, princi­
Cotton. J. P ., special counsel, contra, 2—25.
pal heading.)
(See R edistricting.)
Accounts. Note. (See Federal Reserve Agents; A c­
Liberty loan com m ittees b y , 8— 437.
counts.)
Liberty loans—
Amendment, section 16—
Allotm ent b y , 5— 787
Issue against gold, 2—325, 441, 8—98, 503.
Subscriptions b y , 8—506; 4 — 484,509,1045,1173;
Large denominations, 4—948.
5—521
(See Amendments, principal heading.)
Member banks—
Amount per capita in circulation. (See Money, prin­
Condition b y
(See Member banks.)
cipal heading.)
List b y . (See Member banks.)
Assistant Treasurer of U nited States. (See infra,
Rediscounts of. (See Member banks.)
Cost, Redem ption, Unfit notes.)
Certificates, gold. (See infra, Gold certificates.)
R etail trade. Condition, b y , 6— 1066.
Charts—
State member banks—
Circulation—
Condition, b y districts, 6—1007.
1917, 8—849; 4r-130, 132.
(See State banks, etc.)
1917-1919, 5— 1044, 1045, 1046.
Resources, b y . (See State banks.)
B y geographical districts, 5— 1043, 1044.
(See R edistricting.)
Gold cover, 1917, 4—130, 132.
FEDERAL RE SER VE D R A F T S .
Movement of, 1917, 8— 849.
’
(1) Exchange drafts drawn on own bank—
Circulation. In, 1—341,388,429; 2— 47,94,145,199,
Form s/®—347, 348, 349.
254, 303, 366, 428, 501, 581, 652, 722; 8—69, 147,
Im m ediately available at par at any Federal R e­
228,324,418, 492,572,647,725, 822, 912, 985; 4 -1
serve Bank, bu t actually payable only
60, 145, 146, 236, 350, 471, 562, 675, 769, 785, 795,
at Federal Reserve Bank on which
905,915,927,1033,1042,1151,1160,1247,1253,5—
drawn—
65, 67, 137, 670, 773, 767, 838, 1043, 1044, 1045,
Lim ited to sums not in excess of $250,8—348.
1046; 6—100, 200, 317,425, 540, 649, 751,880, 993,
1111, 1240, 1356.
Increased to $5,000, 4— 806, 819.
Decrease in, 5— 139.
Postponement to June 1,1917, 8— 440.
Increase in, 1917, 1918, 4— 130, 912, 927.
Progress, 8—591.
Price changes. Comparison with, 1914-1919, 5—
Report of representatives of Federal Reserve
838,
Banks approved b y Federal Reserve Board,
Reduction in. W ould affect retail bu t not whole­
4—819.
sale prices, 5— 913.
(2) Transfer drafts drawn on own bank—
Volum e of, and price inflation, 5—699, 813, 913.
Payable on advice of drawee at any Federal Re­
serve Bank specified in draft, 8— 348.
(See M oney, principal heading.)




FED ERAL R E SE R V E N O TES— Continued.
Collateral for—
A cceptances indorsed b y member banks of othei
districts, 1— 98, 99.
Am endm ent. Issue against gold, 2—235,441, 8—
98, 503.
Federal Reserve Agents. Holdings of, 8— 610.
G old cover, 1917, 8—233, 610; 4— 130,132.
G old holdings, 1914-1916, 8—233, 610.
Indorsement of—
To Federal Reserve Agent, 1—363.
To Federal Reserve Banks, 8—351.
Issue to fa ll amount of, 2—272, 456.
Substitution of, 8—351.
U nited States obligations. Paper for carrying
or trading in , good collateral for, 3— 459.
C ollection. Federal Reserve Agents m ay indorse, for
collection b y Federal Reserve Banks as his agent.
Rider m ay be attached as notice, 8 —851.
Cost—
Increased, printing, 3— 743.
Chargeable to current expense account, 2— 12;
Issued and unissued Federal Reserve notes, 2—
58, 59, 219, 387, 595; 8—93, 135, 609;
4— 104; 5—132, 133, 135, 723; 6—134, 830.
(See Federal Reserve Agents.)
O f transportation, 1— 306.
Absorbed b y Federal Reserve Banks, 4—931.
On notes returned from Treasury or other
Federal Reserve Banks for redem ption
to be paid b y Federal Reserve Banks
issuing, 2— 71, 111.
Regulation O, amended, 2— 111.
Shipm ent of, for clearings paid b y Federal
Reserve Banks, 2—314.
U nfit notes—
Federal Reserve Banks must pay cost of
transportation of, returned to Comptroller
for redem ption, 2— 71.
Cost of unfit notes sent to Treasurer at Wash­
ington charges collect, to be paid b y
Treasury, 8—242.
Federal Reserve Banks to reimburse Treas­
urer for cost of, sent to Washington for
redem ption b y assistant treasurers, 5—
27, 28.
Cover, g o ld 1917, 8—610; 4 —130,132.
1914-1916, 8—233.
Credit or redem ption, returned for, 1—276, 351; 2—
258, 435, 657; 8 -^ 2 0 , 648, 667, 914, 941; 4 —147,
472, 786, 1153; 5— 139, 176, 504, 802, 1094; 6—
202, 542, 881, 1241.
(See infra, Interdistrict m ovement of.)
Credits. H igh prices and, exercise a controlling
influence over expansion of, 5— 912.
Crop moving. Increased issue for, 5— 912.
Currency expansion and, 5— 699.
Current expense account. Cost of, charged to,
2—12; 5—26.
Decrease in circulation, 5— 139.
Denominations, large, 4—948.
Denominations. Outstanding. (See M oney.)
D istribution to m ints and subtreasuries expedited,
8—155,237.




FED ERAL RE SER VE N O TE S— Continued.
E ligible collateral. (See Collateral. )
Em blem of, can not be placed upon bank stationery
w ithout consent of Secretary of Treasury, 8— 194.
Em ergency currency issued in lieu of, 1— 50.
Expansion of—
Expansion of, bu t no inflation. Tables, 2—212.
Real test is volum e of deposits and Federal
Reserve notes. B y this test there is no
inflation, 5— 103.
Federal Reserve notes and currency expansion,
5— 699.
The effect and not the cause of high prices,
5— 813.
Credits and general prices exercise a fundamental
influence over, 5— 912.
Caused b y seasonal requirem ents as to short
periods, 5— 912.
Follow s bu t does not precede price changes,
5— 913.
Federal A dvisory Council. After-war p olicy as to
issue of, 4—1177
Federal Reserve Bank notes. D ifference betw een,
and Federal Reserve notes, 2—273,
Federal Reserve Banks—
Cost of transportation of—
To pay, for clearing, 2—314.
To absorb, 4 — 931.
To reimburse Treasurer of U nited States for,
of notes forwarded to Washington for
redem ption b y assistant treasurers, 5— 27,
28.
H oldings of Federal Reserve notes b y . (See
M oney, principal heading.)
Fiscal year 1920, 6—724, 725.
Franking privilege not allow ed in connection w ith,
G old. Issue of Federal Reserve notes against, 2— 235,
441; 8—98, 503.
G old certificates. Issue of Federal Reserve notes
favored in lieu of, gold certificates, 2—512;
5— 102.
G old cover for—
1914-1916, 8 -2 3 3 .
1917, 8 -3 1 0 .
Chart, 4— 130,132.
G old settlem ent fund—
Federal Reserve Agent m ay deposit in , gold re­
ceived in reduction of lia bility on, 1— 273.
(See G old settlem ent fund, principal heading.)
Hoarded Federal Reserve notes returned to banks,
5— 102,197, 205.
Increase in circulation, 2—212; 4 —130, 927; 5— 912;
6— 904.
Indorsem ent o f collateral for, 1— 363; 8—351.
Inflation—
None. M erely expansion. Tables, 2—212.
B y test of deposit and note liabilities there has
been no, 5— 103.
(See supra, E xpansion.)
Inflation of prices. Federal Reserve notes and, 5—
699, 813, 913.
Insurance of unfit, 1—306.
Interdistrict m ovem ent of, 1—351, 276; 2—258,
435, 657; 8 -4 2 0 , 648, 667, 849, 914, 941; 4— 147,
473, 787, 1153; 5— 176, 504, 802, 1094 6 -2 0 2
542, 732, 881,1241.

FED ERAL RESERVE N O TES— Continued,
Interest. No, need be charged on, 2—272, 273, 456.
Issue of—
In Ueu of U nited States notes and gold certifi­
cates, 2— 512, 5— 102.
Issue against gold, 2—325, 441, 3—98, 503.
(See Amendments, principal heading.)
Issue of, and redem ption, 6—732.
Regulation O, 1—215; 2—111
(See infra, R edem ption.)
Issue of. Cost. (See supra, Cost, issued and unissued.)
Issue. Note issue capacity, 3— 155.
Joint custody of, 3— 691.
Liabilities, Federal Reserve note. (See Resources
and liabilities, principal heading.)
L iability. (See infra, R eduction of lia b ility .)
Liquidation of, 5— 102,103.
Mails, U nited States. No franking privileges for,
1—355.
M ovem ent of, 1917. (See supra, Interdistrict m ove­
m ent.)
Note issue capacity, 3—155.
N otice. (See supra, Collateral.)
Organization expense. Cost of, charged to, if defi­
cien cy in current earnings, 2— 12.
Outstanding, denom inations. (See M oney.)
Paym ent. U nfit notes, 1—306, 404.
Per capita. (See M oney, principal heading.)
P olicy as to issue, after war. Federal Advisory
Council, 4—1177.
Power of attorney. Each Federal Reserve Bank to
give to other a, to act as agent in forwarding its
unfit notes to Treasurer for redem ption, 3—82.
Price charges. Circulation of Federal Reserve notes
as compared w ith, 5—838.
Prices—
Volum e of Federal Reserve notes and inflation of,
5— 699, 813, 913.
Expansion of Federal Reserve notes, the effect
and not the cause of high, 5— 813, 913.
M ovem ent of Federal Reserve notes and general,
1914-1919, 5—838.
R eduction in circulation of Federal Reserve
notes would affect detail bu t not wholesale,
5— 913.
Credits and high, exercise fundamental influence
over Federal Reserve notes, 5— 912.
Printing of, 1— 50; 3— 743.
R e d e m p tio n Federal Reserve Agents returning notes of other
Federal Reserve Banks to Treasury for,
w ill be credited w ith am ount and proper
charge made against bank of issue. Can
not charge account of issuing bank directly,
1— 306.
Notes sent to issuing bank for, to be at its cost.
Regulation O am ended, 2— 111.
Federal Reserve Banks m ay forward unfit notes
of other Federal Reserve Banks direct to
Treasurer for, 3— 82.
F it notes should not be sent in for redem ption,
4— 310.
Federal Reserve Banks to reimburse Treasurer
for cost of Federal Reserve notes forwarded
to Washington for, b y assistant treasurer,
5 — 27, 28.




FEDERAL RE SER VE N O TES— Continued.
Redem ption— Continued,
Federal Reserve notes are returned autom atically
for, when redundant, 5—813.
(See supra, Cost.)
Redem ption or credit. Returned for, 1—276, 351;
2—258, 435, 657, 3—420, 648, 667, 914, 941, 4—
147, 473, 787, 1153 , 5— 139, 176, 504, 802, 1094;
6—202, 542, 732, 881,1241.
(See supra, Interdistrict m ovem ent o f.)
R eduction of liability—
Silver certificates m ay be accepted b y Federal
Reserve Agent, in , 1— 127
Gold received b y Federal Reserve Agent in,
m ay be deposited in gold settlem ent fund,
1— 273.
Regulation O, issue and redem ption, 1— 215.
Am ended. Notes m ay be sent for redem ption to
issuing bank at its expense, 2—111,
Regulations. Joint custody of, 3— 691.
Reserve m oney Member State banks and trust
companies may count Federal Reserve notes as
reserves if laws of State perm it, 1— 318.
Reserves—
Ratio of cash, to deposit and note liabilities,
5—64.
(See R atio.)
Required reserves and excess reserves (free gold)
against total liabilities, 5— 136; 6—145, 725.
R eview , fiscal year 1920, 6 —664.
Rider. (See supra, Collateral.)
Secretary of Treasury must consent before bank can
use em blem of Federal Reserve notes on sta­
tionery, 3—194.
Section 16. Am endm ent. Federal Reserve notes
against gold, 2—325; 3—98, 503.
Separation of note accounts, 1—14.
Shipm ent of—
Federal Reserve Banks may forward unfit notes
of other Federal Reserve Banks direct to
Treasurer for redem ption, 3—82.
(See supra, Cost.)
(See infra, U nfit notes.)
Silver certificates. Federal Reserve Agents may
receive, in reduction of lia bility on Federal
Reserve notes, 1— 127
State banks and trust companies m ay use Federal
Reserve notes as lawful reserve if State laws
perm it, 1—318.
Stock of. (See M oney ^
Substitution of collateral, 3—351.
Tax. (See supra, Interest.)
Test of inflation. Volum e of deposits and Federal
Reserve notes. B y this test, no inflation, 5—103.
Transportation, cost of. (See supra, Cost.)
Treasury, in . (See M oney, principal heading.)
U nfit notes—
Insurance on, 1— 306.
Paym ent for, 1— 306, 404.
Cost of return to com ptroller must be paid for just
as an original issue, 2—71.
Federal Reserve Banks may ship, of other Fed­
eral Reserve Banks, direct to Treasurer for
redem ption, 3— 82.
Federal Reserve Banks m ay send, direct to Treas­
urer, charges collect, 3—242.

FED ER AL R E SE R V E N O TES— Continued.
U nfit notes— Continued.
Federal Reserve Banks to reimburse Treasurer for
cost of, forwarded to W ashington for redemp­
tion b y assistant treasurers, 5— 27, 28.
Unissued Federal Reserve notes. Cost of, 1— 104; 5—
133, 135.
U nited States M int. (See supra, D istribution.)
U nited States notes. Board favors use of Federal Re­
serve notes for crop-m oving purposes in lieu of
gold certificates and, 2— 512.
U nited States obligations. Paper for carrying or trad­
ing in , elig ib le as collateral for Federal Reserve
notes, 3— 459.
U nited States Subtreasuries. (See supra, D istribu­
tion .)
War. P olicy of Federal Reserve note issue after.
Federal A dvisory Council, 4—1177.
(See M oney.)
FED ERAL R E SE R V E PA R P O IN T M A P, 3—644.
(See M aps.)
FED ERAL R E SE R V E S Y S T E M .
Comparison of leading banks of issue w ith. (See
Banks of issue.)
Com parative statement—
1914-1918, 4— 1168.
1914-1919, 5— 771.
Financial review of, 5— 3.
(See infra, R eview .)
Growth of, 4—3.
Harding, G ov. War operations, 4— 1175.
H istory of, 5— 766.
(See infra, R eview .)
Jones, Breckinridge. State banks and Federal R e­
serve System , 4—510.
M ember banks in , 5—84, 165, 279, 386, 388, 492, 589,
680, 779, 782, 790, 882, 987, 1081; 3—1346.
(See M ember banks.)
1914-1919, 5— 779.
New England, 4—1081,1082.
Resources and lia bilities, 4— 798, 916, 917; 3—
729,
National banks. R esources, 4— 90; 5 — 782; 3—726.
Peace problem s of, 5— 4.
Private banks. M embership of, 3— 693.
Reasons for joining—
Federal Reserve Bank of Boston, 4— 1081, 1082.
Federal Reserve Bank of New Y ork, 4— 615.
(See infra, State banks.)
Resources of. Seventy-five per cent of resources of
all eligib le banks in U nited States are in , 5— 1.
R eview . Financial, 5—3.
R eview , statistical—
1914-1917,
1917-1919, 5— 3, 766, 771.
Fiscal year 1920, 3—662.
(See supra, H isto ry )
Savings banks and, 5— 50.
State banks and trust com panies—
A dm itted. (See State banks; Adm ission, princi­
pal heading.)
Adm ission, Pennsylvania law, 3—666.
Exam ination of, 3—592.




FED ERAL R E SER VE SY STE M —Continued.
State banks and trust com panies—Continued.
Federal Reserve System and. Breckinridge
Jones, 4—510.
Questionnaire to, and replies, 3— 355.
Reasons for joining Federal Reserve System, 3—
356, 357, 358, 359, 360, 361, 362, 364, 365, 366,
367, 368,369, 370, 371, 372,596, 599, 667,834,
836, 837.
Resources of member, 3— 829.
W ithdrawals from Federal Reserve System, 5—
649, 738, 855, 961, 1155; 3 —159, 274, 383,
697,1063,1299.
(See State banks, principal heading.)
State laws, as to purchase of stock in , 1—218; 5—366,
566, 658, 741, 743, 744, 745, 967.
Statistical review—
1914-1917,
1917-1919, 5— 3, 766, 771.
Fiscal year 1920, 6—662.
War operations of. G ov. H arding, 4—1175.
W ithdrawals from . (See supra, State banks.)
FED ERAL RE SE R V E T R A N SF E R D R A F T S .
(See Federal Reserve drafts.)
FEDERAL ST O C K P U B L IC IT Y A C T .
Secretary of Treasury w ill prepare a b ill to regulate
stock and bond issues, 5— 18.
Capital Issues Committee prepares b ill for Treasury,
5—193.
Secretary of Treasury approves its general principles,
5— 193.
FED ERAL T R A D E C O M M ISSIO N .
Cooperation w ith Federal Reserve Board.
forms of credit statements, 3—21.
Uniform accounts, 3—270.

Standard

FEES.
Attorneys-—
N egotiability of note not affected b y provision
calling for paym ent of costs of collection
and, 2—226.
Paid b y Federal Reserve Banks, 5— 132.
Directors—
Amendment to section 22, 3— 100, 106.
Paid b y Federal Reserve Banks, 5— 132.
May receive extra fees for services as trustee
under foreclosure proceedings, 5— 253.
Enem y owned patents, 4—87.
Legal. (See supra, Attorneys.)
National banks. Fees paid to directors b y . Figures,
2—514.
F E R T IL IZE R N O TES.
Farmers’ notes for com m ercial fertilizers held to be
agricultural paper and eligible, 1— 75.
F ID U C IA R Y PO W ERS. (See also O pinions of counsel.)
Abstract of title business, 6— 385.
A ct September 26, 1918. Am endm ent. T ext, 4—
948.
Adm inistration of trust departm ent, 6—699.
Administrator—
New York banks can not act as, 3—30.
(See infra, New Y ork national banks.)
Amendment suggested b y Federal Reserve Board,
1— 48.
A ct September 26, 1918. T ext, 4—948.
Regulation, 4— 1086,1215.

F ID U C IA R Y PO W ERS— Continued,
Am endm ent suggested b y Federal Reserve Board—
C on tinu ed
Rulings, 5— 362, 363.
Statement of Federal Reserve Board, 4— 1086.
Supplementary applications necessary, 4— 1118.
Applications—
Recom m endation of executive com m ittee suf­
ficient, 1—211.
Supplementary, under amendment advisable,
4— 1118.
—
Applications granted, 1— 31, 83,144, 214,272,320,367,
408, 2— 14, 70, 122, 169, 225, 266, 328, 379, 447,
601, 671, 8—20, 115, 167, 267, 375, 440, 507, 604,
678, 746, 839, 941, 4—15, 80, 184, 296, 402, 492,
607, 742, 856, 967, 1100; 5—30, 127, 251, 359,
466, 563, 650, 739, 856, 960, 1052, 1155; 8 —64,
161, 274, 384, 493, 608, 698, 834, 946, 1063, 1174,
1300.
Attorney General of Missouri. Superintendent of
State banks must receive from national banks
authorized to exercise, deposits of securities in
same manner as horn trust companies and with­
out bond, 5—655.
Attorney General of U nited States—
New York banks can act as registrar but not as
trustee, executor, or administrator, 4—12.
(See infra, New Y ork national banks.)
Bank v, Fellows. (See infra, U nited States Supreme
Court.)
B ills receivable. (See infra, Trust funds.)
Bond. (See supra, Attorney General of Missouri.)
Capital. Surplus is not, in construing capital lim ita­
tions of State banks as to exercise of fiduciary
powers under State laws, 4— 1118.
Circular 10. Regulation H , 1— 42.
(See Regulation.)
Commercial Department.
(See infra, Security;
Trust funds.)
Connecticut. Supreme court of. D ecision on trust
powers, 6—610.
Constitutionality of section 11 (k)—
Illinois Supreme Court, 2—28; 4 —522, 524.
Michigan Supreme Court, 8—32, 254, 504, 534.
(See U nited States Supreme Court.)
Courts—
State. D ecisions on—
Connecticut, 6— 610.
Illin ois, 2— 28; 4— 522, 524.
M ichigan, 8— 32, 254, 504, 524.
New Y ork, 5— 1059.
W isconsin. 6— 700,
U nited States Supreme Court, 3—32, 254, 504,
524.
Deposit of trust funds—
Not necessary to deposit in another bank bu t
should be segregated Governed b y law of
State, 1— 125.
Subject to further regulations of Federal Reserve
Board, 1—306.
E xecutive committee may apply for permission
to exercise. A ction of full board not necessary,
1— 21L
E x e cu to rNew Y ork banks can not act as, 3—30.
(See infra, New York national banks.)




F ID U C IA R Y PO W ERS— Continued.
Federal Reserve Board—
Ruling as to amendment, 5— 362, 363.
Statement as to amendment, 4— 1086.
(See Opinions of counsel.)
Growth, New York banks, 5— 4.
G uardian No power to act as, 1— 269; 4— 744.
(See infra, New Y ork national banks.)
Hawaii, right of national banks in , to exercise, 5— 366.
Illinois—
Lower court holds section 11 (k) unconstitu­
tional, 2— 28.
W ill follow decision of U nited States Supreme
Court that section 11 (k ) is constitutional,
4—522, 524.
(See U nited States Supreme Court.)
Instructions, Federal Reserve Board, 1—33,34,125,308.
Investm ent of trust funds—
Funds should be segregated bu t need not be
deposited in another bank, 1— 125.
National banks governed b y law of State subject
to future regulations of Federal Reserve
Board, 1—306.
Of trust funds not affected b y provisions of
national bank act or Federal Reserve A ct,
as to investm ent of own funds, 5—143.
(See infra, Trust funds.)
K entucky National banks not forbidden to exercise
in, notwithstanding adverse opinion of attorney
general of K entucky, 2— 678.
Liberty bonds. (See infra, Security.)
Michigan—
Supreme Court holds section 11 (k ) unconstitu­
tional, 8—32, 254, 504, 534.
(See United States Supreme' Court.)
Missouri—
National banks authorized to exercise fiduciary
powers in M issouri may use words “ Trust
Com pany” as part of its title, 6— 497
(See supra, Attorney general of M issouri.)
National Bank A ct. (See infra, National banks.)
National banks—
Hawaii. R ight to exercise in , 5—366.
Investm ent of trust funds not affected b y national
bank act or Federal Reserve A ct, provisions
as to investm ent of own funds, 5— 143.
Must have capital prescribed by State laws, 5— 53.
State courts. D ecisions, 2—28; 8— 32, 254, 504,
534; 4— 522,524, 5—1059; 6—610, 700.
State laws—
Power of national banks to act under, 1—150:
2—523,678; 8—30,529, 697, 767
State can not refuse national banks when
it grants right to com peting State bankB,
5— 1059; 6—610.
(See supra, M issouri.)
(See infra, Section 24; Security.)
New Y ork national banks may act as registrar but not
as trustee, executor, or administrator. A t­
torney General of U S., 3—30, 4— 12.
Growth, 5—4.
Exercise of, in New York, 5— 1059.
O pinion of New Y ork Supreme Court. National
banks may exercise, in New Y ork when State
permits com peting State institutions to act,

F ID U C IA R Y PO W ERS— Continued.
N onfiduciary powers. Can not exercise, merely
because State laws perm it com peting State banks
to use them , 6— 949.
Oregon national banks not prohibited b y laws of
Oregon from exercising, although not expressly
authorized b y State law, 1— 319.
Paper eligible for discount is not a readily marketable
security, under R egulation F, 1919, 6— 385.
Power—
(See supra, E xecutor; Adm inistrator; Guardian,
New Y ork banks; K entucky national banks;
Oregon national banks; Transfer agent.)
(See infra, R eceiver.)
R eal estate investm ents. (See infra, Section 24.)
R eadily marketable securities. (See infra, Trust
funds.)
R eceiver. No power to act as, 1— 362.
R e g istra rNew Y ork banks can act on ly as, 8—30.
(See supra, New Y ork national banks.)
R egulation F , 1916, 2—536.
R egulation F , 1917, 8—545.
Am ended, 4— 1215.
Superseded, 5— 138.
R egulation F , 1920, 6—1184.
R egulation F , 1919, supersedes Regulation F, 1917,
5— 138.
Regulation H , 1915, 1— 43.
Section 24. National banks may invest trust funds,
not their own, in real estate in accordance w ith
State law, free from lim itations of, 6—949.
Securities—
(See supra, M issouri.)
(See infra, Trust funds.)
Security R eceipt covering Liberty loan bonds is­
sued b y Federal Reserve Bank payable on
demand, w ithout conditions, to trust department
of a national bank is sufficient, for funds deposited
in com m ercial department b y the trust depart­
ment, 5—1156,
State laws—
Capital requirem ents for exercise of fiduciary
powers, 5—53,
Surplus is not capital, 4—1118.
National banks expressly authorized. List of
States, 1— 150; 2— 523, 678; 8—30, 528, 529,
697, 767; 5— 323.
Granted b y im plication. (See supra, Ken­
tu ck y.)
(See supra, National banks.)
Surplus. (See supra, State law s.)
T itle of bank. (See supra, M issouri.)
Transfer agent, no power to act as, 2— 456,
Trust departm ent. (See supra, M issouri; Security.)
Trust funds—
B ills receivable. (See infra, Security.)
By-laws. Regulation F , 1919, section 3. Fed­
eral Reserve Board has formulated no specific
by-law s because of divergent laws of States,
6—699, 700.
Discretion. W hen instrument of trust gives
officers discretion, trust funds may be in ­
vested in the classes of securities approved
b y the directors, 6—699, 700,




F ID U C IA R Y PO W ERS— Continued.
Trust funds— Continued.
Investm ent of—
Banks own funds affected on ly b y Federal R e­
serve A ct or national bank act, 5—143.
Other funds—
Governed b y State law su bject to future
regulations of Federal Reserve Board
1— 306.
May in vest, in real estate free from lim ita­
tions or section 24, 6—949,950.
R eadily marketable securities. B ills receivable,
loans, discounted paper are not, under Regu­
lation F , 1919, 6—385.
Regulation F, 1919, section 5. D eposit of securi­
ties w ith State banking departm ent is not a
com pliance w ith, 6—699,700.
(See infra, Trust departm ent.)
Security. # B ills receivable are not valid for
deposit of trust funds in com m ercial depart­
m ent of a national bank, 6—385.
Segregation. Should be segregated bu t need
not be deposited in another bank, 1— 125.
Trust department—
B ills receivable, loans, and eligible paper
can not be deposited in the, b y the com ­
m ercial departm ent of a national bank,
as security for deposit of trust funds in
the com m ercial department, as they are
not readily marketable securities under
Regulation F, 1919, section 5, 6—385.
(See supra, D iscretion.)
Trustee, New Y ork banks can not act as, 3— 30;
4— 12.
(See supra, New Y ork national banks.)
U nited States Supreme Court—
D ecision, Bank v. Fellow s. Section 11 (k )
held constitutional, 8— 32,254, 504, 534
(text).
Illinois Supreme Court w ill follow above
decision. First N ational Bank of Joliet
v. Russell, 4— 522, 524.
(See supra, Illin ois, M ichigan.)
W isconsin law,#lim iting exercise of fiduciary powers
to W isconsin trust com panies. H eld unconstitu­
tional b y W isconsin Supreme Court, 6— 700.
(See Opinions, A ttorney General of U nited States;
Opinions, counsel.)
FIN AN CE.
(See P u blic finance.)
FIN AN CE B IL L S .
Purchased b y Federal Reserve Banks. (See D iscount
and open-market operations.)
(See infra, Finance paper.)
FIN AN CE CO M PAN IE S.
(See Finance paper.)
FIN AN CE C O N D IT IO N S.
(See Business conditions.)
FIN AN CE D R A F T S .
(See Finance paper.)
FIN AN CE PA PE R .
A cceptance house. Paper of an, secured b y eligible
paper, is not eligible unless proceeds are used for
com m ercial purposes, 4 — 108.
Broker. Note of a, secured b y eligible paper is not
ble unless proceeds are used for com m erpurposes, 4— 108.

S

FIN AN CE PAPE R—Continued.
Cotton factor. Paper of a, is pure finance paper and is
neither eligible for acceptance nor for discount,
5— 1054,6— 162,1176.
Farm land bank. Collateral note of a, is pure finance
paper and is not eligible, 6— 609.
Finance com pany—
Note of a, to finance an industrial concern is not
eligible, being pure finance paper even
though secured b y eligible paper, 1—72;
4—197.
Note of a, issued on security of drafts, drawn b y it
on dealers, held in trust to secure its note, is
not eligible, being pure finance paper, 4— 109.
Finance bills of exchange are not eligible, 4— 1120.
Foreign purchasers. Drafts drawn to finance dom estic
concerns in giving credit to, on open account,
are not eligible, 5— 253.
Joint-stock land bank. Collateral note of a, is pure
finance paper and is not eligible, 6— 609.
Purchaser. B ill drawn b y a, secured b y b ill of lading,
is not eligible, as, in absence of proof that proceeds
are used for com m ercial purposes, it is pure
finance paper, 3—380; 6— 65, 66, 1301.
FIN AN CE, P R IV A T E O R G O VERN M EN T, 5—308,
528, 611,1012, 1110.
FIN AN CE, PUBLIC*
Brazil, 6—819.
Cuba, 6— 1165.
Spain, 5— 1036.
Treasury, 6—1123.
(See R eview of m onth.)
FIN A N C IA L CO N D ITIO N .
Indorsing bank or banker must give a satisfactory
statement of, in cases where Dills are drawn in
foreign countries, and such statement can not be
obtained from drawer or acceptor, 2—111.
FIN A N C IA L C O N D ITIO N S, 5— 10, 20, 204, 304, 311,
314,416,420, 525, 531, 620, 706,1019,1115,1120; 6—13,
122,225,349,456,567,662,673,723,912,920,1020,1253,
1264.
1918-1920, 6—479.
(See Business conditions.)
(See infra, Financial situation.)
FIN A N C IA L CONFERENCE, IN TE R N A TIO N A L.
(See International Financial Conference.)
FIN A N C IA L CO N G R E SS, PAN AM ERICAN *
Address, G ov H am lin, 1— 136.
Address, V ice G ov W arburg, 1— 132,
N otice of m eeting, 1—35.
Participation of Federal Reserve Board, 1—131.
Recom m endations of, 1— 128.
Report, Secretary of Treasury to President, 1—313.
Statement as to. Federal Reserve Board, 1—348.
FIN A N C IA L D U T Y .
London Econom ist, 3— 518.
FIN A N C IA L NEEDS OF TR A D E .
After war, 5— 115.
FIN A N C IA L PROGRAM M E*
(See Secretary of Treasury.)
F IN A N C IA L RE C O N STR U C TIO N .
Warburg. V ice G ov 5— 16.
FIN A N C IA L RE M E D IE S.
International Financial Conference. Brussels. R e­
port, 6—1288.




FIN A N C IA L REVIEW .
Of Federal Reserve System—
1914-1917, 5—3, 771.
1917-1919, 5—771.
1920, fiscal year, 6— 664.
1920, calendar year, 6— 1253.
FIN A N C IA L S IT U A T IO N , FOREIG N *
Argentina, 6— 592.
B razil, 6 —813,
Chile, 6 —1052.
Cuba, 6—1162.
Europe, 6— 140.
Foreign, 5—1015; 6—1132.
France, 6—1073,1203.
Great Britain, 5— 115.
H oover, H ., on, 6—140.
Secretary of Treasury on, 6—137.
FIN A N C IA L SIT U A T IO N , U N ITED ST A T E S .
(See Federal Reserve Board, Financial condition;
R eview of m onth, Secretary of Treasury.)
FIN A N C IN G O F C O TTO N .
U nion D iscount Co. form ed for, 4 —930, 939.
(See Cotton.)
FIN A N CIN G OF E X P O R T S .
A ppreciation of Am erican dollar abroad cuts down
our export trade, 5—1011.
Balance of trade, (See sam e.)
Credits, long-term , 5— 611
Discussion of, 5—193, 312, 412, 526, 612, 816, 916,
1012, 1110.

Dom estic needs. Goods shipped in export trade are
a deduction from dom estic needs, 5 —614.
Edge b ill. (See same, principal heading.)
English plan, 5— 1012.
Export balance, 5— 536.
Federal Advisory Council. Conference, 5—618.
Foreign necessities must be financed prom ptly, 5—
615.
Foreign securities. Purchase of, if not lim ited w ill
get into banks and cause inflation, 5—614.
Geddes, Sir A ., on, 5— 1011.
Great Britain. E xport credit plan, 5—1012.
Great Britain, 250 m illion loan, 5— 1014.
Harding, G ov. Against Governm ent aid, 5 —1012.
Investm ent trusts, 5— 413.
May in volve severe strain, 5— 526.
Necessity for Am erican investm ent aid, 5—312.
Prices. (See E xport trade; Prices, principal head­
in g.)
Private or Governm ent, 5— 308, 528, 611, 1009, 1012,
1110.
Problem of. Serious, bu t not as serious as may seem.
5—615.
Savings balance available for—
In excess of, w ill cause higher prices, 5—613.
Not large, 5— 613.
Situation, 5— 916.
War Finance Corporation. Under V ictory loan act
may make long term loans, 5 —308.
FIN A N CIN G OF G R A IN .
Federal Trade Commission on, 4—711.
FIN A N C IN G , R A IL R O A D , 5—307.

FIN ISH E D C O TTO N F A B R IC S .
R eport, 6— 1027,1145,1276.
F IN IS H E R S O F CO TTO N F A B R IC S .
Reports, 6—1027,1145, 1276.
F IN IS H IN G C R E D IT S.
International Financial Conference, Brussels, 6—1291.
F IR E IN SU R A N C E .
(See National banks, principal heading.)
F IR M , P R IV A T E B A N K IN G , 2— 394, 395; 6 —948.
(See Clayton A ct.)
F IR S T FED ERAL FO R E IG N B A N K IN G CO RPO ­
R A T IO N .
Organization. Edge A ct, 6— 449, 1299.
F IR S T G U A R A N TY ST A T E B A N K , P IT T S B U R G ,
TEX.
Reasons for joining Federal Reserve System, 6—371.
F IR S T N A TIO N A L BA N K , B O ST O N .
Branch in Buenos Aires, 8— 78, 6— 1298.
Foreign branches, 4— 735, 1079; 6 —357, 854, 1154;
6—272, 606, 944, 1299.
Owns First National Corporation, 4— 1080.
F IR S T N A TIO N A L B A N K O F JO L IE T Y. R U SSE LL.
Illin ois Supreme Court w ill follow decision of U nited
States Sm uem e Court, on fiduciary powers, in
Bank v. Fellows, 4—522.
F IR S T N A TIO N A L C O R P O R A T IO N , B O ST O N .
Owned b y First National Bank, Boston, 4—1080.
New Y ork branch, 5—358, 855, 1155; 6—945, 1298.
F IR S T S T A T E B A N K , BO N H AM , T E X .
Reasons for joining Federal Reserve System, 8—364.
F IR S T ST A T E B A N K , D A L L A S, T E X .
Reasons for joining Federal Reserve System, 8— 356.
F IR S T ST A T E B A N K , H A M LIN , T E X .
Reasons for joining Federal Reserve System, 8—369.
F IS C A L A G E N C Y O P E R A T IO N S.
1917-1919, 2—671, 5— 769.
1918 5— 130,134.
1919 5— 723, 769, 777.
1920 6—135, 726, 830.
(See Federal Reserve Banks.)
F IS C A L A G E N T S.
Federal Reserve Banks designated b y Secretary of
Treasury as, 1— 395; 8— 423.
National banks to assist in placing Liberty bonds as,
4—313.
F IS C A L Y E A R .
D efinition, Clayton A ct, 2—523.
Federal Reserve Banks, closes D ecem ber 31, 2—12.
Profits not to b e carried to surplus account u ntil end
of, 1— 220.
F IS C A L Y E A R , 1920.
Clearing system , 6 —724.
Credit and investm ent, 6—669.
Credit control, 6— 665,
Currency receipts and shipm ents, 6—731.
D eposits, 6 —664.
Deposits, net, 6—724, 725.
Earning assets, 6—723, 725.
Earnings and expenditures, 6—726.
Classification, 6—723, 725.
Exports and im ports, 6—669,776.




F IS C A L Y E A R , 1920— Continued.
Federal Reserve and m em ber bank developm ent,
6—723, 725.
Federal Reserve Bank notes, 6 —724, 725.
Federal Reserve notes—
D eposit and, liabilities, 6 —724.
M ovem ent, 6—664, 724.
Fiscal agency disbursem ents, 6 —726.
Foreign exchange rates, 6— 670.
G old, free, 6 —724, 725.
G old settlem ent fu nd, 6— 724.
Governm ent deposits, 6—724, 725.
P rices and credits, 6 —666.
R eceipts and disbursem ents, 6— 661.
Rediscounts betw een Federal Reserve Banks. (See
R ediscounts.)
Reserve ratio, 6 —663, 724.
Reserves, 6—724, 725.
R eview , 6—662,
Securities, new, 6—669.
U nited States securities. Bank holdings, 6—723.
War paper, 6—665.
F IS H .
Warehouse requirem ents, 4— 406,
FIV E PE R CENT R E D E M PTIO N FUN D.
(See Federal Reserve bank notes; Resources and lia ­
b ilities.)
F IX E D M A T U R IT Y , 8 —930.
(See Commercial paper.)
F IX E D D ISC O U N T.
(See A cceptances, trade.)
F IX E D IN V E ST M E N T.
(See Permanent investm ent.)
F IX IN G O F R A T E S .
(See D iscount rates; R ates.)
FLE ISH H A C K E R , H .
Retires from Federal A dvisory C ou n cil 5—201.
FLE M IN G , F . W .
Appointed Class C director, Kansas C ity, 2—52.
FLO A T.
Report, Federal Reserve Agents. Clearing, 1—369.
Conference of transit managers on , 4 —1175.
(See Clearing system .)
FLO A TIN G D E B T.
Great Britain, 6—955,1199,1312.
U nited States. (See U nited States.)
F L O R ID A .
Warehouse lawB, 1— 261.
A cceptance laws, 8—529.
Reserve laws, 8 —770.
List of State m em ber bankB in , 4—92.
Foreign banking corporations. Laws, 5—55.
FLO U R.
H eld to be a “ staple” under Regulation Q , 1915, 2—
523.
P rice, 1914-1920, 6 —1214.
(See Com m odity paper; P roduction; P rices; Physical
volum e of trade.)
Sault Ste. Marie Canal.
FLO U R M IL L IN G .
Terms of sale, 5—1131.

FLO W ER, H . C.
A ppointed a member of the Capital Issues Committee,
4— 73, 77, 364.
FLU C TU A TIO N S.
(See Exchange fluctuations.)
FO OD A D M IN IST R A T IO N G R A IN C O R PO R A TIO N .
Drafts of, are eligible, 4—976.
FO O D A D M IN IST R A T O R .
(See H oover, H .)
FO O D STU FFS.
Laws of supply and demand w ill soon operate.
retary of Treasury, 5— 191.

Sec­

FO OD PR O D U C TS.
Financing of, b y acceptances, 4—255.
FO O TE , F. W .
Elected Class A director, Atlanta, 8— 7.
FO R B E S, A . B.
A ppointed a m ember of the Capital Issues Committee,
4—73,77
D eclined appointm ent to War Finance Corporation,
4—364.
FO R E C A ST.
Corn production, 6—1175.
FO REIG N AG E N C IE S.
Secretary of Treasury favors, of Federal Reserve
Banks in South Am erica. 1— 313.
Federal Reserve Board opposes in places, at least,
where national banks have brandies, 1—348,
FO R E IG N AG EN TS OF F E D E R A L
B A N K S.
Bank of England, 8— 77.
Bank of France, 8— 175.
Philippine National Bank, 8— 239.

RESERVE

FO REIG N BALAN CES.
Large, held b y Am erican manufacturers, 6— 1128.
E ffect on foreign exchange, 6— 1128.
FO REIG N BAN K ACCEPTAN CES.
H eld b y Federal Reserve Banks. (See D iscount and
open-market operations.)
FO REIG N BAN K BRANCH ES AND AG EN CIES.
Acceptances of, held b y Federal Reserve Banks.
(See Discount and open-market operations.)
FO REIG N BA N K TR A D E ACCEPTAN CES.
H eld b y Federal Reserve Banks. (See D iscount and
open-market operations.)
FO REIG N B A N K IN G C O R PO R A TIO N S.
Amendment. A ct of Septem ber 17, 1919, Ownership
of stock in , b y national banks, 2— 441, 5— 705,
729, 965 (text).
Edge A ct. A ct of D ecem ber 24,1919, 6— 56 (text)
(See Edge A ct.)
Regulation K , 1920, 6 -8 7 9 , 1190.
State laws as to, 5—54.
{See State banks; Laws of States.)
FO R E IG N BA N K IN G IN JA M A IC A .
Canadian banks, 6— 1039.
English banks, 6— 1039.
Jamaica—
Banking law, 6— 1039.
Governm ent banks, 6—1039.
FO REIG N BA N K IN G DEVELOPM ENT.
Irving National Bank, New York, on, 5—23.




37599°— 21-----8

FO REIG N BA N K IN G LAW S.
(See supra, Foreign banking corporations; Foreign
banking in Jamaica.)
(See principal countries, b y name.)
FO REIG N BA N K S.
Balances, of member banks due from, can not be de­
ducted from balances due to,in com puting required
reserves, against bank deposits, 5— 963.
Balances due to, are individual and not bank depos­
its, 5— 963.
Bank credits in war, 5— 323.
Banks of issue, leading. (See same.)
Comparison with Federal Reserve System, 3— 681,
5— 463, 648, 848, 849, 1200.
Condition of principal. (See Condition.)
D eposits in not w ithin 10 per cent lim itations of sec­
tion 19, 5— 1054.
Gold reserves, 6— 144, 1295, 1297.
Laws as to, operating in United States, depend on
laws of individual States, 2—224.
Philippine National Bank, 4— 1085.
Spain. Tax legislation, 6 —692.
State laws as to, 5— 54, 55.
(See Reserves. )
(See also principal banks, b y name.)
FO REIG N B ILL S OF EXCH AN G E.
Federal Reserve Banks should be cautious as to buy­
ing, under present disturbed conditions, 1—360.
(See Open-market operations; foreign bills.)
FO REIG N BO N D S.
Y ield from, 6— 450.
FO REIG N BRAN CH ES.
National banks and State banks—
Acceptances of, held by Federal Reserve Banks.
(See Discount and open-market operations.)
American Foreign Banking Corporation, New
York, 6—272, 607
Application to establish, of national banks, 1—51.
Asia Banking Corporation, New York, 4— 818;
6—272, 607
Creditors of, are general creditors of the parent
bank, 3— 198.
Difference between foreign agencies and, 8— 952.
Federal Advisory Council on, 4— 1177.
First National Bank, Boston, Buenos Aires
branch, 3— 78, 4— 1079, 6—606.
Foreign bank branches and agencies—
Acceptances of, held b y Federal Reserve
Banks. (See D iscount and open-market
operations.)
Are not independent corporations, 8— 198.
List of, 4— 735, 818, 938, 942, 1196; 5—23,
357 466, 562, 738, 854, 962. 1050,1154,
6—63, 159, 272, 382, 492, 606, 944,1174,
1298.
Loans by—
May loan, under section 24, on real estate
on Isthmus of Panama, if w ithin 100
miles of branch 3—952.
May loan on growing sugar crop in Cuba,
0— 362.
Real estate loans b y , 8—952.
M ercantile Bank of Am ericas, 4—736; 6—
272, 382, 607
Venezuelan bank affiliated w ith, 6—63.

FO R E IG N BR AN C H E S— Continued
National banks and State banks— Continued
Foreign bank branches and agencies—Continued.
National City Bank, New York—
Foreign branches, 4—938, 942; 6—272,
382. 492, 606,
(See National City Bank, New Y ork.)
National and other banks. (See supra, lis t .)
New banks to form , 4— 695.
Park Union Foreign Banking Corporation.
New Y ork, 6—272, 607
R eal estate loans by
(See supra, Loans.)
Reserves of, Section 19 does not apply, Fed­
eral Reserve Board determines, 4— 1123.
FO REIG N BRAN CH ES OF AM ERICAN
CERN S.
Report, com m ittee of experts, 5—637.

CON­

FO REIG N CO M M ERCE.
Denmark, 1914-1919, 6—35.
Norway, 1914-1919, 6—35.
Spain, 5— 1036.
Sweden, 1914-1919, 6—35.
(See Governm ent aid to, Exports; Im ports.)
(See also principal countries, b y nam e.)
FO REIG N C O R P O R A T IO N S.
D ividend checks. Ruling, Foreign Exchange D ivi­
sion, 4—1121
Loans placed in U nited States—
1918-1920, 5— 33,101, 6—687, 901.
(See Foreign loans.)
FO R E IG N C O RR ESPO N D EN TS.
Credits to. Ruling, Foreign Exchange D ivision, 4—
1121, 5— 469.
Declarations of. R uling, Foreign Exchange D ivision,
4—1121.
FO R E IG N
CO R R E SPO N D E N TS,
N A TIO N A L
B A N K S.
(See A cceptances; Guaranty; National banks.)
FO R E IG N CO RR ESPO N D EN TS AND A G E N TS.
(See supra, Foreign agents.)
FO R E IG N C O U N T R IE S.
A cceptance liabilities. (See A cceptances, A ccept­
ance liabilities.)
Banks, condition. (See C ondition.)
Branches of Am erican concerns in , 5— 637
Capital rather than credit needed b y , 5— 1011.
Condition of banks in. (See Condition.)
Credits to, 6— 7,114, 214, 343, 562, 901.
H oover, H ,, on, 6— 114,140.
Secretary of Treasury on, 6— 137
Financial conditions in. (See Europe; Financial
conditions.)
Foreign exchange rates on leading. (See Foreign
exchange rates.)
G old in transit. (See G old, transit.)
H olding of bills of exchange in. (See B ills of ex­
change.)
H oover, H ., on loans to, 6-114,140.
Loans placed in U nited States, 5—33,101, 845,1014;
6 -6 8 7 , 901.
Loans to, 5— 101, 522, 528, 611, 819, 1012; 6—7,114,
214, 343, 562, 901.
(See A llied pow ers.)




FO R E IG N C O U N TR IE S— Continued.
Price m ovem ent in. (See P rices.)
Prices in U nited States and. (See P rices.)
Reparation paym ents, 5— 525.
Secretary of Treasury to Chamber of Commerce ot
U nited States on loans to, 6— 137
Shipm ents to. Drafts against, not su bject to stamp
tax, 5— 167
Taxation. Need of drastic, 5— 1014.
(See Acceptances; Branches; Foreign branches;
Open-market operations.)
FO REIG N C R E D IT , 6—897
FO R E IG N C R E D IT C O R P O R A T IO N , N. Y .
Has no branches, 6—945,1298.
FO REIG N C R E D IT S.
A capital rather than a banking problem , 5— 524.
Edge A ct, 5—705, 728, 820, 965, 1056, 1109; 6— 56
(text).
(See Edge A ct; Credits; Exports; War Finance Cor­
poration.)
FO REIG N CU RRE N CY C O N D IT IO N S, 6 —902.
(See Inflation.)
FO REIG N D E P O SIT O R S .
State Departm ent. No intention to confiscate de­
posits made b y , 3— 155.
Withdrawals of deposits b y , 3— 154,155, 340.
Returned, 5— 102, 197, 205, 616.
FO REIG N D ISC O U N TS.
Covering of, and hedging, 5— 527.
FO REIG N D IVID EN D CH E CK S.
Ruling, Foreign Exchange D ivision, 4—973,1121.
FO REIG N D O C U M E N TAR Y D R A F T S . (See A ccept­
ances, national bank; National bank, finance
drafts.)
FO REIG N EXCH A N G E .
A dviser to Federal Reserve Board. K ent. F I .,
4— 11.
Agreements to stabilize. (See infra, Stabilization. )
Am erican dollar Stabilization of. (See infra, Sta­
bilization .)
Am erican R elief Association. Purchases of, through,
5— 470, 615, 652, 653.
Amsterdam. Rates on foreign countries, 5— 646.
Analysis of, situation. League of Nations, 6— 898,
901, 902, 903, 909.
Argentina Gold deposit in Federal Reserve Bank of
New Y ork for furnishing, 4— 75, 76, 594.
(See Buenos A ires.)
Balances, foreign. E ffect on foreign exchange of
large, held b y Am erican manufacturers, 6— 1128.
Bank, Foreign Exchange—
Federal A dvisory Council opposes, 4— 491.
Harding, G ov., opposes, 4— 724,
Questionnaire to banks. Owen, 4— 832.
T ext, Owen B ill, 4— 722,
W arburg, P . M ., opposes, 5— 16.
Bank of Montreal (See infra, R upee exchange, )
Belligerent countries. Rates on, 3— 405, 4 —1199.
Brazil. Rates on foreign countries, 1914-1919,6—819.
Buenos Aires. Rates on foreign countries, 6—598.
Cable rates, 5— 1111
Chile. Rates on foreign countries, 6—1055.
China. (See infra, Shanghai.)

FO R E IG N EXCH AN G E— Continued
Control over, 4—81,159,
Control over, term ination of, 5— 615, 652, 853.
Copenhagen. (See Denmark )
Correspondents. (See infra, Dom estic correspondents;
Foreign correspondents )
Credits to U nited States from abroad, 4— 626, 940,
941, 942.
(See Argentina, Credits; Spain, Sw itzerland.)
Cunliffe Committee Report on, 6— 141,
Dealers in , instructions, 4— 185, 622,
D ecline in. 5— 311, 525, 703,817, 917,1011,1015,1110;
6—216. 1260,
D ecline in French franc, 5— 312. 525, 703,1110.
D ecline in German mark, 5— 1011
D ecline in , checks our exports, 5— 818.
D ecline in pesetas, 5— 703,
Denmark Rates on foreign countries. 4—384, 6— 44.
Discussion of. 3— 156, 5— 311, 413, 525, 703, 817, 917,
1015,1110; 6—4,115, 216, 219, 343, 450, 563, 670,
778, 900,1128,1260,
D ivision of Foreign Exchange—
Regulations, 5— 469, 652.
Rulings, 4— 864, 973, 1121, 1217, 5—469, 652,
653. 853.
Dollar exchange. (See A cceptances; D ollar exchange.)
Dollar exchange drafts, 2— 534, 665; 3— 156,542, 582,
683; 4— 938.
(See A cceptances, D ollar exchange.)
D om estic correspondents. Foreign exchange trans­
actions of banks through, 4—973
Earnings from transactions in. (See infra, Profits. )
England (See Great B ritain )
E xecutive order 4—81,
Abrogating control of, 5— 615, 653, 853.
(See L icenses.)
Federal Reserve Banks. Secretary of Treasury calls
for report as to profits in foreign exchange trans­
actions, 4—626, 835.
Federal Reserve Board—
Instructions to dealers in. 4— 185, 622.
Licenses. (See infra, Licenses.)
P olicy
Control of, 4— 159,185,
Rupee exchange. W ill furnish, 3—924, 4— 75,
625.
Stabilization. W ork done. 3— 833.
Term ination of control over, 5— 615, 652, 853.
Transactions in —
Banks to scrutinize, 3— 655, 656.
Opposed to active foreign exchange business
at present tim e, 4— 158, 159.
Foreign correspondents. Change in regulations, 5—
469.
Foreign exchange transactions. Profit of Federal
Reserve Banks from purchase and sale of, 4 —626,
835.
Forms, 4—85,185, 627.
France—
Reason for decline in, 6—312.
D ecline in franc, 6—312, 525, 703, 1110; 6—709,
1074,1204,1315.
Pegging of exchange, 6— 312,525.
Rates. Spain on Paris, 1914-1919, 6— 1041,1042.
(See infra, Rates, France.)




FO REIG N EXCH AN G E— Continued.
Germany—
D ecline in mark, 5— 1011, 6— 1076, 1319*
Rates on foreign countries, 6—1319.
Rates on neutral countries, 4— 1162.
Transfer of funds to, 6— 470.
Great Britain—
Rates, 6—843, 957,1070,1201.
Rates. Japan on, 6— 733.
Rates. Spain on, 1913-1919, 6—1038,1041,1042,
Sterling exchange. Pegging of, 6— 311, 411, 413,
414 525, 703,1011, 1038,1039, 1110; 6—216,
1260.
Pegging of, 6—525, 1038.
(See Great B ritain,)
Hamburg, (See infra, Germ any.)
Harding, Gov Opposes foreign exchange bank, 4—
724.
H olland. (See Amsterdam, Netherlands.)
Hongkong. Rates, London on, 6— 50, 52, 1161.
Imports into foreign countries checked by decline in,
5— 818.
India. <
See sam e.)
Instructions to dealers, 4—185, 622,
International control of. International Financial
Conference, Brussels, 6—1131
Credit, currency, and exchange fluctuations, 6—
1282.
Italian Institute of Exchange, 4—594.
(See same, principal heading; Italy .)
Italy Rates on London, Paris, and New Y ork, 6—
846.
(See infra, Lira.)
Japan Rates on London, New Y ork, and Shanghai,
5—733.
(See Japan.)
Kent, F L , foreign exchange adviser, 4—11.
Leffingwell, Assistant Secretary, testim ony before
congressional com m ittee, 4— 940.
Letters of credit, restrictions removed, 5—469.
Licenses, 4— 76, 499, 501, 5— 615, 652, 853.
Lira exchange, 4—594, 624, 625; 5— 311, 469.
D ecline in , 5—525, 703,1110.
London Rates on foreign countries, 6—901, 957,
1070.
Madrid. (See infra, Rates; Spain.)
Mark. (See supra, Germany .)
Market, foreign exchange, 6—778.
M oney and. Federal Reserve Agent, New Y ork, 6—
231
M onthly ranges, 5— 185, 512, 811,1103, 1111.
National Institute of Exchange. (See supra, Lira.)
Netherlands. Rates in, on foreign countries, 4—387,
646.
Neutral countries—
D ecline of American dollar in, 6—582.
Foreign exchange rates in, 4—375.
German exchange in, 4 —1162.
Profits of banks. Dealings with, 4—626, 835.
Rates on, 4— 1199.
Stabilization agreements w ith, A—626, 627.
(See infra, Rates.)
New A ork. (See infra, R ates.)

FO REIG N EX CH A N G E— Continued
FO R E IG N EX C H A N G E — Continued.
Norway Rates in Christiania on foreign countries,
Rates—Continued
4— 383.
Great Britain, London— Continued.
M adrid on, 5— 1041
1914-1919, 6 —43.
New Y ork on, 4— 1199, 5— 1103; 6— 49,1158.
(See N orway.)
On foreign countries, 5— 1038; 6—843, 901,
Owen b ill. (See supra, Bank; Foreign exchange.)
902, 903, 957
Pegging of French exchange, 5— 312, 525.
Paris on, 6—843, 957, 1070, 1074, 1201.
Pegging of sterling exchange. (See supra, Great
Pegging of sterling, 5— 311,411,413,414,525,
Britain )
1038,1039,
1110; 6—216,1260.
Pegging of sterling, ended A pril 8,1919, 5—525,1038.
Stockholm on, 6— 40, 42.
(See supra, Great B ritain.)
Hongkong. London on, 6— 50, 52, 1161.
Pesetas, decline in , 5—703.
Italy on foreign countries, 5— 846.
(See infra, Spain.)
Japan on foreign countries, 5— 733.
P olicy
(See Federal Reserve Board.)
League of Nations on, 6— 898, 901, 909.
'
Profits of banks dealing in , 4 —626, 833, 834, 835.
London. (See supra, Great B ritain.)
Rates—
Madrid. (See infra, Spain.)
Amsterdam, on foreign countries, 4 —387, 1119;
Netherlands on foreign countries, 4— 387; 5—
5— 646; 6—1160.
646, 6—1160.
B elligerent countries. (See infra, New Y ork.)
Neutral countries. {See infra, New Y ork.)
B erlin, on foreign countries, 1914-1919, 6—819.
New York—
B erlin, Switzerland on, 4 —838, 842,
On belligerent countries, 8— 405; 4— 837,
Buenos Aires, on foreign countries, 1914-1920,6—
841,1198, 1200, 6 -4 9 , 1158.
598.
On foreign countries, 2— 727,3— 156,328,404,
Cable rates, 5—1111.
576; 4—67, 358, 684, 836, 1162, 1199;
Changes in . Discussion of, 4— 836; 5— 311, 413,
5—
1103,6— 111, 216,437, 763,1122,1260.
512, 525, 703, 811, 813, 817, 917, 1015,1103,
On neutral countries, B— 405; 4— 839, 843,
1110,1111, 6 -4 ,1 1 5 , 216, 219, 343, 450, 563,
1199,1202 , 6— 50, 1160.
670, 778, 900,1128,1260.
On silver standard countries, 3— 406; 4—
Charts on, B— 406, 688, 689; 4 —841, 842, 843,
840, 844, 1198, 1199, 1202; 6— 49, 50, 52,
1200,1202; 6 -^ 0 , 41, 51, 52,1159,1161.
1158,1161
Chile. On foreign countries, 6—1055.
Norway Christiania on foreign countries, 4 —
C h in a 383, 6 -4 3 .
Japan, on Shanghai, 5— 733.
Prices and, 6— 119, 905.
London, on Hongkong and Shanghai, 6—50.
Production and, 6— 908, 1260.
Christiania. (See infra, N orw ay.)
Profits from transactions in , 4— 625, 626, 833,
Copenhagen. On foreign countries, 4—384; 6—
835.
40, 44.
R eport, Cunliffe com m ittee, 6— 141.
Cunliffe com m ittee. R eport on, 5—141.
R eview , 1920, 6— 670, 1260.
Denmark, On foreign countries, 4—384; 6—
R io de Janeiro. (See supra, B razil.)
41,44.
Shanghai (See supra, China.)
France, P a r is Silver standard countries. (See supra, New Y ork.)
On foreign countries, 6— 709,1074,1204,1315,
Situation, January, 1920, 6 —115.
Berlin on, 6—1076,1319,
Spain—
Chile on, 6— 1055,
Buenos Aires on, 1914,1919, 6— 598.
Copenhagen on, 6— 41, 44.
Madrid on foreign countries, 1913-1919, 4—
Denmark on, 4—384; 6— 41, 44.
393; 5— 1038, 1041, 1042.
Italy on, 5—846.
New Y ork on, 3— 156; 5—703; 6—50.
London on, 6— 1070.
On New Y ork , London, and Paris, 5— 1041,
Pegging o f exchange, 5— 312, 525.
1042.
New Y ork on, 6 -4 9 ,1 1 5 8 .
Sterling exchange, 5—311, 525, 703, 1011, 1038,
Stockholm on, 6— 40, 42.
1110; 6—216,1260,
Germany, Berlin—
Pegging o f, ended A pril 8, 1919, 5— 525.
Copenhagen, on Hamburg, 6— 40, 44.
Stockholm . (See infra, Sw eden.)
Foreign countries on, 6— 1076,
S w ed en On foreign countries, 6— 1076,1319.
New Y ork on. (See supra, New Y ork, on for­
On neutral countries, 4— 1162.
eign countries.)
Stockholm on B erlin, 6— 40, 42.
Stockholm on foreign countries, 1914-1919,
6 40, 42.
Great Britain, London—
Berlin on, 6—957,1070,1201.
Switzerland—
Italy on, 5— 846,
Buenos Aires on, 6— 598, 957,1070,1201.
Italy on, 5—846.
On B erlin and V ienna, 4— 838,
Chart, 4— 842.
Japan on, 5— 733.
Low levels for sterling, 5— 525, 703, 1110;
On foreign countries, 4—390, 552, 835, 838,
842,1198; 5 -5 5 2 .
6—216,1260.




FO REIG N EXCH A N G E— Continued.
R egulation of, 4— 81,159,
Regulations, 4— 11,185, 622; 5— 469, 652.
Reports from dealers in , 4—76, 625.
Reports on, 4— 185; 6— 141
Review of, situation, 4— 1198,0— 4,115,119,215,450,
563, 670, 900, 1132,1260.
Rubles—
Restrictions on, 5— 469, 652, 853.
Exportation perm itted, 5— 853.
(See Russian rubles, principal heading.)
Rulings, D ivision of Foreign Exchange, 4—864, 973,
1121, 1217, 5 —469, 652, 653, 853.
Rupee credits, 3— 924; 4—75, 625.
Rupee exchange—
Bank of Montreal to sell, 5— 1015.
Federal Reserve Board to furnish, 3— 924, 4—75,
625,
Secretary of Treasury—
Foreign exchange situation, 4— 626.
Power to investigate transactions in, 3— 861.
Report on bank profits from transactions in
4— 625, 626, 833, 835.
Shanghai—
Rates in Japan on, 5—733.
Rates in London on, 6— 50, 52, 1161.
(See supra, China.)
Silver standard countries. Rates, New York on, 4—
840, 844,1198,1199,1202; 6— 49,50,52,1158, 1161.
Situation, 4—626.1198; 6 - 4 , 115, 119, 215, 450, 563,
900, 1132, 1260.
South America. Stabilization agreements, 4— 626,
941, 942.
Spain—
D ecline in pesetas, 5— 703.
Peseta credits to United States banks, 4— 626,940,
Rates, New Y ork on, 3— 156; 5— 703; 6—50.
Rates in, on foreign countries, 4— 393, 394; 5—
1038, 1041,1042.
Rates in, on Great Britain, 1913-1919, 5— 1038.
Rates in, on New York, London, and Paris, 19141919, 5— 1041, 1042.
(See Spain.)
Stabilization of, 4—23, 75, 76, 594, 626, 1198.
Rupee exchange, 3— 924, 4— 75, 625.
Work of Federal Reserve Board, 3—833.
Sterling exchange, Pegging of, 5— 311, 525, 703,
1110,1260.
Sweden—
Rates, Stockholm on foreisn countries, 1914-1919,
6—40, 42.
Rates, New York on
(See supra, New Y ork on
foreign countries.)
Gold policy, 4— 377
Switzerland—
Italy on, 5— 846.
Rates in, on foreign countries, 4—390; 5— 552.
On Berlin and Vienna, 4—838.
Chart, 4—842.
Trading with enemy act, 3— 853, 861.
Transfer of funds to Germany, 5—469, 470.
Transactions in—
Control over, abrogated, 5— 615, 853.
Control initiated January 26, 1918. Control
ceased, June 9, 1919, 5— 616.




FO REIG N E X C H A N G E -C on tin u ed
Transactions in— Continued.
Federal Reserve Board opposed to active deal­
ings in at present tim e, 4— 158, 159.
President may regulate, 3—853.
Profits from, 4— 625, 626, 833, 835.
Russian rubles may be exported, 5— 853.
Secretary of Treasury to regulate, 3—861.
U nited States. Credits to, from foreign countries,
4— 626, 940, 941, 942.
Warburg, P M Opposes foreign exchange bank,
5— 16.
(See Review of m onth.)
FO REIG N EXCH AN GE BAN K .
(See supra, Foreign exchange, bank.)
FO REIG N EXCH ANGE D IV IS IO N , FEDERAL RE­
SERVE BO AR D .
(See supra, Foreign Exchange, D ivision of.)
FO REIG N EXCH AN G ES.
(See Foreign exchange, Lira; National Institute for
Foreign Exchanges.)
FO REIG N FIN AN CIN G .
(See Secretary of Treasury.)
FO REIG N GOLD CO IN .
Issue of gold certificates against. A ct June 12,
1916, 2—311.
FO REIG N GOVERNM ENT O B LIG A TIO N S, IN ­
VESTM EN TS IN .
Federal Reserve Board—
Warning against overinvestm ent in , 2—661;
3—2, 82, 236, 239, 653.
(See British exchequer notes.)
Favors issue of British exchequer notes, 3— 653.
Harding, G ov., on, 3—2.
National banks, holdings of, 3— 173 4—263.
Offerings in U nited States of, 3—237; 5— 101.
P olicy of Federal Reserve Board, 2—661, 3—2, 82.
236, 239, 653.
FO REIG N G OVERN M EN TS.
Loans to, 3— 10, 424, 731, 4r—21, 279,1057,1059,1166;
5— 1, 33, 101, 845, 957, 1014, 6—688, 901.
(See A llied Powers.)
P u blic debts of. (See P u blic debts.)
Secretary of Treasury favors continuation of loans to,
up to lim it of unexpended balance, 5—22.
Secretary of Treasury on, 6— 137
Securities of, held b y national banks, 4—263.
War debts of. (See P ublic debts, War.)
(See Secretary of Treasury )
FO REIG N IN VESTM EN TS.
B y American interests, 6—777, 780.
FO REIG N LOANS.
Anglo-French, 6—1129.
Corporation and m unicipal foreign loans placed in
United States, 5—33; 6— 901,
Discussion of, 5— 101, 528, 611, 819, 1012, 1110; 6—7,
114, 214, 343, 562, 901.
H oover, H ., on, 6— 114, 140.
Offerings in U nited States. Morgan syndicate, 5— 101.
Placed in U nited States, 5—33, 101, 412, 845, 1014;
6— 687, 901
Secretary of Treasury on, 6— 137.
United States to A llies, 3— 10, 424, 731, 4— 21, 279,
1059; 5—33, 820, 845, 957, 1014, 6—688, 901.
(See A llied Powers.)

FO REIG N M U N ICIPAL C O R PO R A TIO N S.
Loans placed in U nited States, 5—33; 6—901.
FO REIG N N A TIO N S.
P u blic debts. (See P ublic debts.)
FO REIG N PAYM EN TS.
Regulations, 4—625.
FO REIG N SE C U R ITIE S.
Establishing a market for, 5— 412.
Flotations of, in U nited States. (See supra, Foreign
loans.)
Interest on, payable in U nited States, 5— 526.
Maturing in U nited States, 5— 526.
FO REIG N TR A D E .
Banks operating in . (See Foreign branches.)
Brazil, 6— 815.
C a p ita lLong-term credits take capital from, 5—524.
Not sufficient for dom estic and, 5—524.
Chile, 6— 1054.
Clearance of vessels in . (See Physical volum e of
trade.)
Conference, Federal A dvisory Council, 5— 618.
Denmark, 6— 38, 39.
D evelopm ent since war, 5— 194; 6—899.
Discussion of, 5— 193, 312, 412, 526, 612, 817, 1011,
6— 4, 115, 217, 219, 451, 562, 775, 899, 908, 1127,
1260.
Edge b ill. (See same.)
European demand for credits in , 5— 1013.
Financing of. (See E xport trade.)
France, 6— 1075,1205.
French National Bank of Foreign Commerce, organ­
ized to prom ote, 6— 46.
Governm ent aid to, 5—308, 528, 611, 1009, 1012, 1046,
1047, 1048, 1110.
Great Britain—
British export credit plan, 5— 1012.
Foreign trade, 6—956.
Geddes, Sir A ., on, 5— 1011.
Loan of 250 m illions placed in U nited States, 5—
1014.
Value of, 6— 1313.
(See Great B ritain.)
Index of, 6—694, 841, 953,1068,1197,1309.
(See Indexes.)
Liquidation of credits in , necessary, 5— 523.
Long-term credits for, takes capital and goods from
dom estic trade, 5—524.
Norway, 6— 37, 39.
O utlook for, 6—4, 115,1127.
R estriction of, 4— 1053.
South Am erican, 6— 1261.
Vessels cleared in. (See Physical volum e of trade;
U nited States; Vessels.)
War Finance Corporation. A id to, 5 —308.
War Trade Board. (See same.)
(See Balance of trade; Export trade; R eview of m onth.)
FO REIG N TR A D E ACCEPTAN CES.
H oldings by Federal Reserve Banks. (See D iscount
and open-market operations.)
FO REIG N TR A D E B A N K IN G , 6—908.
(See Edge act, Foreign banking corporations; Foreign
branches.)




FO REIG N TR A D E BAN K S.
(See Edge act; Foreign banking corporations; Foreign
branches.)
FO REIG N TR A D E E X P O R T LIC E N SE S.
(See E xport licenses; Licenses.)
FO REIG N TR A D E FIN A N C IN G .
(See E xport trade.)
Foreign^ trade in dex, 6— 694, 841, 953, 1068, 1197,
FO R E IG N W AR LO AN S.
(See A llied powers; P u blic debts.)
FO R E IG N E R S.
W ithdrawal of deposits b y , 8— 154, 340.
Returned, 5— 102, 205, 616.
FO R E ST P R O D U C TS.
(See Business conditions; R eports.)
FO R G A N , J . B .
E lected a Class A director, Chicago, 8— 8.
FO RM .
1 K and K A . No longer required. Ruling, Foreign
Exchange D ivision, 5—469.
F . E . No. 113. Ruling, Foreign Exchange D ivision,
4— 864.
Federal Reserve Bank statements. Change in , 3—
506.
Trade acceptances, 8— 378; 4— 636; 5— 142.
FO RM OF R E P O R T .
(See State banks and trust com panies.)
FO R M S.
A pplications to Capital Issues Com mittee, 4— 631.
Certificate of deposit, 6— 495.
D irectors’ resolution. Loans to officers, 8— 614.
M odification of, 8— 929.
D iscounts, for com puting, 8— 951.
Exam ination of State banks, 4— 310.
E xport licenses, 8— 585, 674, 738.
Farmers’ financial statements, 4— 720.
Federal Reserve exchange drafts, 3— 349.
Foreign exchange dealings in , 4— 185.
Licenses, gold exports, 4— 81, 85.
Meal tick et orders, 4— 938.
Report of profits from foreign exchange, 4— 627.
Sales as agent of, thrift stamps and war certificates
4—87, 89.
Trade acceptances, 8— 378, 4— 636; 5— 142.
FO RT

SC O T T ST A T E B A N K , F O R T S C O T T ,
K A N S.
Reasons for joining Federal Reserve System , 8— 366.

FO RW ARD D ISC O U N T R A T E S , 1— 97, 98.
FRAN CE.
A id to foreign com m erce, 5— 1047.
Anglo-French loan, 6— 901, 1129.
Annual expenditures, 6— 1072.
Balance of trade, 6— 959.
Balance of trade w ith Spain, 5— 1038.
Bank of France. (See sam e.)
Bank of Spain. Credits to France, 5— 1040.
Banks of. A cceptance lia b ility , 5— 561.
B ills of exchange. H andling of, 5— 354.
British exports and im ports to and from , 6— 1200.
Budget, 6 —490, 958, 1072, 1315.

FRAN CE—Continued.
FRAN CE— Continued.
Taxation, 6— 490, 957.
Buenos Aires, Foreign exchange rates on, 6—598.
Per capita, 6—955.
Checks Use of, 2— 374.
United States—
Coal. 6— 619, 710, 846, 907, 959, 1074, 1205.
Loans placed in, 5—33 6— 688, 1129.
Available, 6—619, 1205.
Prices higher than in. 5— 476.
Production, 6— 846.
Use of checks in , 2—374.
Commercial banks. Condition, 1913-1920, 6— 1314.
War expenditures, 4— 274,1073, 6— 958.
Credit Lyonnais. Condition, 1914-1919, 6— 1047
War loans. 3—349, 731, 943, 4— 1072, 6—958,1073,
Crops, 6— 1074.
1203, 1315.
D ebt P u blic, 6—958, 1073, 1203, 1315.
War profits tax 6— 957
(See infra, War loans.)
D ollar loans to, 4— 940.
FRA N CH ISE T A X .
Paid by Federal Reserve Banks, 4— 6, 12; 5— 26,
Exchange, foreign. Reason for decline in, 5—312.
133, 6— 135, 830.
Expenditures, annual, 6— 1072, 1315.
To be credited to account “ Reserve for franchise ta x,”
(See supra, B udget.)
5—26.
Exports and im ports, 6—390, 508, 620, 669 (fiscal year
(See A ct of Apr. 24,1917, bond act.)
1920), 847, 959,1075 (1913-1920), 1205,1316 (bu lk
and price).
FR A N C H ISE S.
Financial condition, 6— 1073, 1203.
Included in term “ taxable property” in Regulation
F 1915. Warrants, 1— 221,
Foreign com m erce, Governm ent aid to, 5—1047.
Foreign exchange. Pegging of, 5— 312.
FR A N K IN G PR IV ILE G E .
Foreign exchange rates. (See Foreign exchange;
N ot accorded to Federal Reserve note transactions,
Rates )
1—355.
Foreign trade, 1913-1920, 6— 1205,1316.
Nor to Liberty loan correspondence, 3— 439,
Franc D ecline in , 5—312, 525, 703,1110.
FRAU DU LEN T ISSU E S
Germany Am ount recoverable from 6—1073,
(See Capital Issues Com mittee, Federal stock pub­
G old reserves, central, 1913-1920, 6— 1296,
licity act.)
Great Britain. Prices higher in France than in, FR E D E R IC K , L.
5—544.
Acceptance liabilities, London and New Y ork, 5—21.
Im ports. Rem oves in part restrictions on, 6—359,
FREE GOLD
Im ports and exports, Spain, 5— 1038.
1917-1918, 4 —226, 227
(See supra, Exports and im ports.)
1914-1918, 5— 136,137,138, 774.
Incom e tax, 6—957.
1919, 6— 145.
Loans to France—
Fiscal year 1920, 6— 724, 725.
B y Bank of France, 3—943.
(See G old )
B y Bank of Spain, 5— 1040.
FRE N CH -AM ER ICAN B A N K IN G C O R PO R A TIO N .
B y United States, 4—940; 5—33, 6—688, 1129
Has opened no foreign branches, 5— 855,6—945,1299.
(See A llied Pow ers.)
National debt, 3— 1 1 ,4r-268, 274,1057, 6—958,1073, FRENCH N A TIO N A L B A N K OF FO R E IG N COM ­
M ERCE.
1203. 1315.
E xport bank organized, 6 — 46.
Paris, (See same.)
Pegging of French exchange, 5— 312.
FR IE N D LY S U IT .
Proposed suit to test legality of clearing system is not
Per capita taxation, 6—955.
a, 2—374,
Price control, 1913-1919, 6—243, 246.
FRO ZEN E G G S.
Prices—
Warehouse requirem ents, 4— 405.
1913-1920, 5— 477, 544; 6 —31, 166, 281, 389.
506, 616, 619, 708, 710, 846. 905. 954, 957, I
F R U IT S , SH IPM EN T O F.
959, 975. 1069, 1072, 1074, 1203, 1204. 1219
(See Physical volum e of trade, Prices.)
1310,1313,1316.
i
Higher than in Great Britain, bu t d id not rise * FUND.
so soon, 5—544.
Argentine gold conversion, 1900-1918, 5—140,
Higher than in U nited States, 5— 476.
Bond purchase fund
Purchases under 5— 225.
Production increasing, 6— 907
D iscontinued, 6— 445.
Chile Gold conversion fund, 6— 1052
Rentes, 3 per cent. Price of, 6— 1073, 1203,1315.
Revenues. Governm ent, 6— 1073. 1315.
Gold redem ption. (See G old, Resources and lia bili­
ties.)
SocioU Generate, etc. Condition 1914-1919,6— 1048.
Gold settlem ent. (See same.)
Spain—
Balance of trade w ith, 5— 1038.
Redem ption. (See Redem ption fund. )
Im ports and exports from and to, 5— 1038.
Sinking New form of. Old repealed, act of March 3
1919, 5— 227
Loans of Bank of Spain to, 5— 1040.
Sterling Value of. lowered b y 100 m illion loan in FU N DIN G OF IN TE R N A TIO N A L O B LIG A TIO N S
U nited States, 6— 1129.
Due from foreign countries, 6—7




FUN DS.
Crop m oving, 1— 260,
(See Governm ent deposits.)
Failure of drawer of acceptance to furnish. Section
5200, U nited States R evised Statutes, applies,
2— 64.
(See Ten per cent lim itation.)
Indian. (See Indian funds.)
Overinvestm ent of bank funds. W arning, Federal
Reserve Board (See British exchequer notes.)
Shifting of. Liberty Loan II, 4— 7.
Telegraphic transfers of. Ruling, Foreign Exchange
D ivision, 4— 1122.
Transfer of, gold settlem ent fund, 1— 82.
U ncollected, not available as required reserves w ith
Federal Reserve Banks, bu t may count as part
of optional reserve w hich may be held in vaults
or w ith approved reserve agents, 2—314.
FU R M A N U FA C TU R IN G .
Terms of sale, 6— 807.
FU RN ACE CO M PAN Y.
Note of a, secured b y pig iron held eligible under cir­
cum stances, 1— 127.
FU R N ITU R E .
Cost of, 2—58, 59; 4— 103; 5— 134, 723.
Cost of, chargeable to current expense account,
5— 26.
N et sales and production, 6— 1031.
Terms of sale, 6— 936.
FU TU RE D A TE .
Sight drafts accepted payable at a, are qualified
acceptances and drawers and indorsers are re­
leased, 5— 565, 566.
G.
G A R M E N T S, W OM EN’ S .
Terms of sale, 6— 805.
G A S CO M PAN Y, 4 —435.
(See A cceptances, trade.)
G E D D E S, S IR A U K LA N D .
Appreciation of Am erican dollar cuts down our ex­
ports, 5— 1011.
G EN ERAL A C CEPTA N CE .
D efined, 8—289.
G EN ERAL AC CEPTA N CE P O L IC Y .
Federal Reserve Board, 2—587, 4—257; 5— 309.
G EN ERAL B U SIN E SS C O N D ITIO N S.
(See Business conditions.)
G EN ERAL CO U N SEL, FED ERAL RE SER VE BO A R D .
(See Federal Reserve Board, general counsel, Opinions
of counsel.)
G EN ERAL S T O C K OF M O N EY.
(See M oney.)
GENUINENESS O F B IL L OF LA D IN G , 8—457.
(See B ills of lading.)
G E O G R A PH IC A L L IM IT S , CH AN GES IN .
(See Changes in Federal Reserve district lines; Re­
districting.)
G E O R G IA .
A cceptance laws, 3— 530.
Banking laws, new, 5— 859.
Exam ination of State banks b y Federal Reserve
examiners authorized, 4—978.




GEO R G IA —Continued.
Exam ination authorities to report to Federal R e­
serve Board, 4— 978.
National banks. Fiduciary powers, 8— 767.
Negotiable instrum ents act not adopted b y , 4—108,
971.
Notes falling due on Sundays or legal holidays payable
on n ext succeeding business day as under negoti­
able instruments act, 4—108.
Reserve requirem ents. M ember State banks su bject
to, of Federal Reserve A ct, 4—978.
Reserves. Laws as to, 8— 772.
State member banks. List, 4—92.
Warehouse laws, 1— 260.
GERM A N -A M E R IC A N
BANK,
M IN N E A PO LIS,
M IN N E SO TA .
Reasons for joining Federal Reserve System, 8—357.
G ERM AN EX CH A N G E .
(See Foreign exchange; Germ any.)
G ERM AN M A R K .
D ecline in , 5— 1011, 8 —1076,1319.
(See Foreign exchange; Germ any.)
G ERM AN R E IC H SB A N K .
A cceptance liabilities, 5— 561.
Assets and liabilities. (See C ondition.)
Condition—
1913-1919, 8—15, 16, 234, 329, 330, 331, 500, 681,
942, 944, 946; 4— 244, 996, 998, 1001, 1167;
5— 197, 295, 430, 433, 463, 648, 847, 848,
1008,1200.
1913-1920, 8—335, 486, 487, 894, 1076, 1317.
D eposit liability. (See C ondition.)
Discounts. (See C ondition.)
D ividends, 1914r-1919, 5— 432, 1200.
Earnings. Net, 1914-1919, 5—432, 1200.
Federal Reserve System. Comparison w ith, 2— 659;
8— 681, 4— 996; 5—463, 648, 849, 1200.
(See Federal Reserve System .)
Gold holdings—
1900-1919, 8— 15, 16, 944,, 5— 140, 197, 433, 648,
848,1200.
1910-1920, 8 —144, 1297.
Governm ent securities. H oldings, 1914-1918,4—998,
1001.
Notes in circulation, 1914-1919, 8— 15; 4— 998, 1001;
5— 197, 433, 648, 848, 1200; 8 —780, 847.
(See Condition.)
Ratio, reserves to liabilities, 1914-1919, 4— 998, 1001;
5— 197, 648, 848, 1200.
(See Condition.)
Report, 1919, 8— 601.
Reserves. (See Condition.)
Silver holdings, 5— 197, 1200.
(See Conditions.)
War operations, 5—430.
(See Germ any.)
G ERM AN Y.
Acceptance liabilities, eight credit banks; ratio to
capital and surplus, 5— 561.
After-war preparation, 4— 1086, 1087.
American capital. Transfer to, 6— 777, 780.
American R elief Association. (See infra, Transfers
of funds.)
Analysis of war loans, 8— 350.

G E R M A N Y —Continued,
Assets and liabilities, three largest commercial banks,
5— 735.
Bank, (See Deutsche Bank; Disconto-Gesellschaft
Bank.)
Bank policy. Capital issues, 5— 122.
Banking: in Belgium during German occupancy,
5— 435.
Banks. Assets and liabilities. Largest com m ercial
banks, 5— 735, 6—375, 1049.
Banks of issue. Note circulation, 6— 15; 6 —376,488,
1049, 1076.
(See Notes.)
Belgium. (See supra, Banking in Belgium .)
Berlin. (See same.)
Berliner H andelsgesellschaft, Condition, 1914-1919,
6— 1051.
Capital. Ratio, acceptance liabilities to, and surplus,
eight credit banks, before and after war, 5—561
Capital issues. Bank policy, 5— 122.
Central banking in Belgium during German occu­
pancy, 5— 435.
C o a lPrices, 1914-1920, 6 —1207.
Production, 6— 907, 1318.
Commercial banks. Assets and liabilities, three
largest, 5—735.
Credit banks. Ratio, acceptance liabilities to capital
and surplus, eight credit banks, 5—561.
Credits, war, 4—2S0.
Barmstadter Bank, condition, 1914-1919, 6— 1050.
D ebt, pu blic, 6— 1076, 1317.
(See infra, War deb t.)
Deutsche Bank—
Condition, 1913-1918, 5—736.
Condition, 1914-1919, 6 —1049.
(See same, principal heading.)
Disconto-Gesellschaft Bank—
Condition, 1913-1918, 5— 736.
Condition, 1914-1919, 6— 1049.
(See same, principal heading.)
Dresdner Bank, condition, 1913-1919, 5— 736; 6—,
1050.
Fiscal condition, 6—780.
Food shipments to. (See infra, Transfer of funds;
U nited States Grain Corporation.)
Foreign exchange rates—
On neutral countries, 4— 1162.
On foreign countries, 6— 1076, 1319.
Copenhagen on Hamburg, 6—40, 44.
Stockholm on Berlin, 6—40, 42.
(See Foreign exchange; Germany )
France. Amounts recoverable by France from,
6 -5 6 3 , 1073.
Funds, transfer of. (See infra, Transfer of funds.)
German Reichsbank. (See same.)
Gold. (See infra, United States Grain Corporation.)
G old, reserves, central, 1913-1920, 6— 1296.
Hamburg, (See supra, Foreign exchange rates.)
Indem nity, 6—563, 1073.
Loans—
Placed in United States, 5— 33.
Subscriptions to first five war loans, 8— 14,17,350,




G ERM AN Y— Continued.
Loans—Continued
War credits, 4—280.
War loans, 8—349, 4 —280, 1062, 1074.
Analysis of, 8—350.
M a rk D ecline in , 5 —1011, 6— 1076, 1319.
Increase in value of, 6— 847
M itteldeutsche Creditbank Condition, 1914-1919,
6—1051.
National bank fur Deutschland. Condition. 1914-1919,
6— 1051.
National debt, 8 —14, 4 —280, 1062, 1074; 6—1076,
1317
Note circulation—
Banks of issue, 8— 15; 6— 376, 488, 1049, 1076.
(See German Reichsbank;
Darlehenskassenscheine.)
1917-1919, 5 -8 4 8 .
Preparation. After war, 4— 1086.
P rice fixing, 6—1207
Prices, 6— 847, 1075; 6—1206 (cereals); 6—1318 (iron
and steel), 6— 1318 (metals).
(See Prices.)
Ratio Acceptance liabilities to capital and surplus,
eight credit banks of, 5— 561.
Ruhr coal production, 6— 1318.
Spa conference. Peace treaty, 6— 779.
Subscriptions. First five loans, 8— 14, 17, 350, 351.
Taxes, 6— 1317.
Transfer of funds to. War Trade Board authorizes,
provided proceeds are used, for purchase of food
to be shipped to, through Am erican R elief Asso­
ciation, 5— 470.
United States. Loans placed in, 5—33; 6— 688.
United States Grain Corporation sells food to, payable
in gold, 5—821.
War. (See supra, Capital.)
War debt, 8— 14, 349, 350, 351, 4— 280, 1062, 1074;
6—1076, 1317
(See supra, National debt.)
War loans—
1913-1916, 8—349, 350, 351.
Analysis, 8—350.
(See supra, Loans; National debt, War debt.)
War. Preparation after, 4—1086, 1087
War Trade Board. (See supra, Transfer of funds.)
(See also Deutsche Bank; Dresdner Bank; DiscontoGesellschaft Bank, German Reichsbank.)
G IB SO N , H . W .
E lected Class B director, Kansas City, 8— 8.
G ID N E Y , R . M .
Appointed manager, Buffalo branch, 5— 201.
G IF T S , C H R IST M A S.
Use of war-savings certificates favored for, in place of
gold coins, 8—931, 951.
Use of gold coin for, deprecated, 8—931, 951, 4r—1216.
G IR A R D T R U ST C O ., PH ILAD ELPH IA.
Reasons for joining Federal Reserve System, 8— 837
G L A S S, C A R TE R .
Appointed Secretary of Treasury, 5— 2.
A ccepts appointm ent to United States Senate, 5—
1113.
Letter to President, 5— 1113.

G L A S S , C A R T E R —Continued,
R eply of President, 5— 1113.
(See Secretary of Treasury.)
G LA SSW A R E .
Terms of sale, 6— 938, 940.
G LO V E S.
Terms of sale, 6— 812.
GOFF, F. H .
Appointed to Capital Issues Committee, Federal R e­
serve Board, 4— 73, 77
Appointed to permanent Capital Issues Committee,
4— 364.
G O LD .
Abrasion of—
Conference of governors, 1—15.
Use of coin-counting machines deprecated as
causing, 8— 440,
Adjustm ent of supply, 4—1165,
(See infra, Supply .)
Agreement. G old, Argentina, 4—76.
Am erican dollar at 6 per cent discount below gold
bullion value in Spain, 5— 1039.
Argentina—
Conversion fund—
1900-1918, 5—140.
1910-1920, 6 —145,1297.
Gold agreement, 4—76.
Term inated, 6— 778.
G old embargo, 8—778.
Austro-Hungarian bank, gold holdings, 5— 197, 295,
1200 ; 8 —144,1297
Bank of Denmark, gold holdings, 6—1297.
Bank of Belgium , gold holdings, 5— 140; 6— 144,1297
Bank of England, gold holdings, 5— 140, 197, 294,
849, 1200; 6—144, 488, 1296, 1297
Bank of France, gold holdings, 8— 14; 5— 140, 197,
294, 849, 1200 ; 6—144, 372, 667,1203,1297
Bank of Italy, gold holdings, 5— 140, 849, 1200; 6—
488, 1297
Bank of Japan, gold holdings, 5—140, 649, 849, 1201;
6—145, 1297
Bank of Java, gold holdings, 5— 1200; 6— 145, 1297
Bank of Montreal. Sale of rupees, 5— 1015.
Bank of Naples, gold holdings, 6— 144,1297
Bank of Netherlands, gold holdings, 5— 644, 1200;
6—145, 1297.
Bank of Norway, gold holdings, 6—145, 1297
Bank of Roumania, gold holdings, 6— 144, 1297
Bank of S icily, gold holdings, 6— 144, 1297
Bank of Spain—
G old holdings, 5—1036, 1200;6—145, 1297.
G old p olicy , 5— 1039.
G old profit dividen d, 5— 1040,
Bank of Sweden, gold holdings, 6— 145, 1297.
Bank of Switzerland, gold holdings, 6— 145, 1297.
Banks of issue, leading. Gold holdings, 3—14, 234,
329, 331, 332, 500, 681, 5—140, 197, 294, 463, 648,
849,1008, 1200; 1913-1920, 6 —488, 1296,
Bars, gold. Are “ goods” under section 13, 8—29.
Bonus. (See infra, Subsidy.)
British Currency Committee—
Gold standard after war, 4—1178.
Recomm ends substitution of notes for gold, 5—7.
Brussels conference, 6— 1129.




G O LD — Continued.
Bullion, gold. Issue of gold certificates against gold
bullion and foreign coin. A ct June 12,1916, 2—
311.
Bullion value. Am erican dollar in Spain at a dis­
count of 6 per cent under, 5— 1039.
Canada—
Federal Reserve Board to release 25 m illions of
gold for, prior to July 1,1918, 8—924,
Gold reserve of, 1900-1919, 6—144, 145.
Central banks of issue, gold holdings. (See supra,
Banks of issue.)
Certificates, gold. (See G old certificates, principal
heading.)
Certificates, gold order, (See Gold-order certificates,
principal heading.)
Charts—
Free gold, 5—137,138.
German Reichsbank, 5— 434.
Chile, gold-conversion fund, 6— 1052.
Christmas presents. Use of gold for, deprecated, 8—
931, 951; 4—1216.
Circulation. Gold disappearing from, 5— 7.
Clearance fund. International gold, Pan Am erican
Financial Conference, 5— 198.
Coin and bullion. (See M oney, principal heading.)
Coin. Gold—
Is “ goods” under section 13, 8—29.
Use of, in paym ent of L iberty bond coupons,
6— 454.
(See supra, Christmas presents.)
Committee reports. (See infra, Reports.)
Concentration of, 4— 694.
Conservation of, 2— 661, 4— 694.
(See Conservation, principal heading.)
Conversion fund, gold—
Argentina, 1900-1918, 5—140; 6—145,1297.
Chile, 6—1052.
Control of, b y w iping out fictitious reserve balances,
8— 2.
Control of im ports, 3— 2.
Control of supply, 8— 1, 2, 659; 4 — 1165.
Cooperation of State banks, 8— 659.
Cost of production. Reports on—
Am erican com m ittee report, 5— 124.
British report, 5— 123.
Interior Department, 5— 124.
Treasury com m ittee, 5— 248.
Counting machines, gold. Use of, deprecated as caus­
ing abrasion, 3— 440.
Countries. Leading, 1910-1920,6— 1296,1297.
Cover, gold. Federal Reserve notes. (See Federal
Reserve Agents; Federal Reserve notes.)
Creditor countries need only lim ited supply of, 5— 7.
Currency. W hen paid as, 6—454.
Curtailment of. Necessary in gold manufactures, 5—
126.
Custody, join t, Federal Reserve Agents and Federal
Reserve Banks, 8— 615, 691.
Decrease in purchasing power of, 5— 125.
Denmark. G old p olicy , 6—35.
Discount—
(See supra, Am erican dollar.)
(See infra, Pound sterling.)

GO LD— Continued.
D ividend, Special gold, Bank of Spain, 5— 1040.
D ollar (See supra, Am erican d o lla r)
Earmarked gold—
Bank of England, for Federal Reserve Bank,
New York, 3— 504.
Forms of earmarking, 4—85.
Investigation of. A ct October 6, 1917 Trading
w ith enemy, 8—853.
No more to be earmarked except w ith approval
of Federal Reserve Board, 8— 734.
Regulations, 8— 853, 4—81.
Report. A ll banks asked for, 3— 734.
South Am erican account, 8— 77.
Embargo, gold—
A ct June 15,1917—
E xecutive order, September 7,1917, 4— 499,
Argentina, 6— 778.
Exports and im ports during period of, 5— 616.
Exports since rem oval of, 6— 1018.
Inaugurated, September 7,1917, 5— 616.
Purpose of, 5—616.
R eexports forbidden except to country of origin,
4— 10.
R escinded, June 9, 1919, 5— 616.
Sweden, 4— 1091.
Excess profits tax, should not apply to gold produc­
tion, 5 —125.
E xecutive order. A ct of June 15,1917, 4— 499,
Exports—
Embargo. Since rem oval of, 6— 1018.
(See supra, Em bargo.)
Federal Reserve Board asked by Secretary of
Treasury to scrutinize gold, 3— 655
Foreign indebtedness. Most im portant function
of, to m eet foreign indebtedness, 5— 125.
Licenses—
Federal Reserve Board, 4— 23, 5—640.
Number and amount, 4— 501.
Spain, granted to, 4—365.
Requirem ent abolished, 5— 615, 653, 853.
Manufactures of—
Curtailment necessary, 5— 126.
Jurisdiction transferred to War Trade Board,
4— 10.
Regulations, War Trade Board, 5—26.
M exico, gold exports to, 5— 6.
Reexports forbidden except to country of origin,
4—10.
Regulations, 8— 736, 738 4— 594.
Secretary of Treasury, power to investigate, 8—
861.
Spain, export licenses to, 4— 365.
United States to Japan, 1914-1919, 5—731.
U nited States to Spain, 19U5-1917, 5—1039.
Exports and im ports, U nited States. {See infra
Imports and exports. )
Federal A dvisory Council. Free gold market, 4—
1173,1177
Federal Reserve Agents—
H oldings of, 3—233; 4— 132.
Joint custody, 8— 615, 691.




GO LD— Continued,
Federal Reserve Bank notes. Issue against U nited
States one-year Treasury notes, 4—395.
(See Federal Reserve Bank notes; Pittman A ct.)
Federal Reserve Banks—
New item in w eekly statements, “ Gold held w ith
foreign agencies,” 8— 504.
H oldings of gold, 8— 233 4— 1167, 1168; 5—3,
7, 768, 774 , 6—144, 145, 146, 147
(See Resources and liabilities, principal head­
in g.)
Joint custody, 8— 615, 691.
Reserves. Gold, 1914-1918. (See infra, H old­
ings.)
Federal Reserve Board—
Exports of gold to be scrutinized by, 3— 655.
Licenses for export to be issued by, subject to
approval of Secretary of Treasury, 8— 736
Licenses issued, 4— 23, 365, 499, 501, 5— 640.
Abrogated, 5— 615, 653, 853.
Spain, license issued for gold export to, 4— 365.
Federal Reserve notes Issues against gold as se­
curity, 8— 98, 100, 102, 503.
Foreign agencies. G old held with, new item in
w eekly statements, 3— 504.
Foreign countries. U nited States w ill not lose m uch
gold to, 5— 617
Forms. Earmarking of gold, 4— 85.
Free gold, 4—226, 227 , 5— 137,138.
1914r-1919, 5— 774 6— 145.
1920. Fiscal year, 6— 724, 725.
Chart, 5—773.
Free gold market, 4— 1167,1173,1177; 5— 7, 8, 617
Uerman Reichsbank—
Gold holdings, 3— 15, 16; 5— 140, 197, 433, 434,
648, 848. 1200, 6— 144, 335, 486, 894, 1076,
1297, 1317
(See German Reichsbank, principal heading.)
Germany—
Pays gold to U nited States Grain Corporation for
food, 5— 821
W
’eekly statement. Item , “ G oldin transit,” rep­
resents above gold, 5— 821
(See Germany, principal heading.)
Great Britain—
Pound sterling at a discount in Spain, 5— 1039.
(See supra, Bank of England )
(See Great Britain, principal heading.)
Hoarded gold returning to banks, 5— 102,126.
(See Foreign depositors,;
H oldings of—
Banks of issue, leading, 1914-1920, 6— 488, 1296,
(See Leading banks of issue.)
Federal Reserve Agents, 1914-1917 (See Federal
Reserve Agents.
Federal Reserve Banks—
1914-1916, 3—233, 4— 1167, 1168.
1918.
5— 3, 7, 768, 774; 6—144, 145, 146,147
(See Resources and liabilities, principal head­
in g.)
Gain in, 1914-1917, 5—7, 618, 704.
(See also principal banks, by name.)

GO LD— Continued.
GO LD— Continued.
Imports—
Norway, gold p olicy , 6 —35.
Control of, 3— 2.
Notes, U nited States one-year gold. (See U nited
Danger from huge, in part averted b y anticipation
States One-year Treasury notes.)
of final reserve paym ent by Federal Reserve
Operations, (See G old settlem ent fund, principal
Banks, 3— 1.
h eadin g)
Im ports and exports, 1—76, 164, 236, 238, 286, 332,
Order certificate. Gold. (See G old order certificates,
390, 432; 2—49, 96, 147, 201, 256, 305, 368, 432,
prin cipal heading.)
503, 583, 654, 724, 3— 71, 75, 149, 153, 229, 237,
P olicy of Bank of Spain, 5— 1039.
327, 422, 496, 575, 650, 728, 746, 825, 916, 988;
P olicy, Denmark, Norway, and Sweden, 1914-1919,
4— 66, 152, 242, 357, 481, 570, 683, 794, 914, 1041,
6—35.
1159,1252; 5— 6, 7, 96,108,180,198,290, 313, 403,
415, 509, 605, 617, 618, 696,704, 809, 821, 901,1005,
P olicy of Riksbank, Sweden, 4 —377; 6—35.
1017, 1100, 1111, 1197, 6—9, 108, 119 (calendar
Em bargo, 4 —1091.
year 1919), 209, 219, 325, 433, 549, 565, 657, 668
Pooling of gold in general fund International Finan­
(fiscal year 1920) , 671, 760, 780, 888, 900, 909,
cial Conference, Brussels, 6— 1129.
1002, 1018, 1109, 1127, 1132, 1248, 1261, 1364,
Pound sterling at a discount in Spain, 5— 1039.
1913-1915, 1— 236.
Prices. M ovem ent of gold com pared w ith general
1919,
5—1017
prices, 1914-1919, 5—838.
Imports. Sm all, 6—779.
P rocla m a tion Increase of gold in U nited States. (See infra, U nited
G old embargo, act June 15,1917, 4— 499.
States.)
R em oval, 5— 615, 853.
India—
(See supra, Em bargo.)
Production of, 1909-1919, 5— 19.
Production—
Reserves. G old, 5— 950,
Cost of—
Rupees. Sale of, at Ottawa for gold, 5—917,1015.
R eport, B ritish com m ittee, 5—123.
Instructions. Exports of gold, 4— 499,
R eport, Interior Departm ent com m ittee,
5—124.
(See supra, E xports.)
Interior Departm ent com m ittee. G old production
R eport, Treasury com m ittee, 4— 1195; 5—248.
report, 5— 124
Excess-profits tax should not apply to gold pro­
International Financial Conference, Brussels, Pool­
duction, 5— 125.
ing of, in general fund suggested, 6—1129.
India. Production of gold, 1909-1919, 5— 19.
International gold clearance fund. Plan prepared by
South A frica, 1909-1919, 5— 19.
International H igh Commission of Pan Am erican
W orld production, 1900-1919, 5— 19.
Financial Congress, 5— 198.
Profit on gold. Bank of Spain, 5—1040.
Japan. G old exports, U nited States to, 1914-1919,
Purchasing power of. Decrease in , 5— 125.
0— 731,
Reexportation of, Forbidden except to country of
Joint custody, Federal Reserve Agents and Federal
origin, 4-10.
Reserve Banks, 3— 615, 691.
Regulations—
Leading countries, 1910-1920, 6— 1296, 1297
Earmarking of gold, 4—81.
Licenses for export—
Exports of, 4— 594
Federal Reserve Board to grant, subject to ap­
Reports on—
proval of Secretary of Treasury, 3— 736, 738.
Am erican Bankers’ Association. M cFadden gold
H istory of, 4— 23.
subsidy b ill, 6—1147
Number and am ount issued, 4— 501; 5— 640.
British currency com m ission, 4—1178; 5— 123.
Requirem ent discontinued, 5— 615, 653, 853,
Interior Departm ent com m ittee, 5— 124.
Spain, export of gold to, 4— 365.
Treasury com m ittee, 5—248.
Lira, gold. Per cent of depreciation of paper over
Reserves, gold—
gold lira, 5— 846.
Bank of France, 6—1203.
Manufactures of gold—
(See same, prin cipal banks, b y nam e.)
Curtailment necessary, 5— 126,
Canadian, 1900-1919, 6— 145.
Transferred to War Trade Board, 4— 23,
Central banks of issue—
(See infra, War Trade Board.)
1913-1916, 2— 659; 3—234, 329, 332,500, 681,
M cFadden gold subsidy bill. Report against. Am eri­
942; 4—243, 267, 269, 375, 996, 1057,
can Bankers A ssociation, 6— 1147
1167 , 5—140, 197, 294, 463, 648, 849,
M exico. Gold exports and im ports to and from, 5— 6.
1008, 1200; 6—485, 487, 488, 909, 1044,
1047,1049, 1295.
M ining of gold—
1913- 1920, 6— 1295.
A ppointm ent of Treasury com m ittee, 4—1195,
1900-1919, 6— 144.
R eport of Treasury com m ittee, 5—248.
Concentration of, 5—768.
R eport of Interior Department com m ittee,
5— 124.
Federal Reserve Banks—
1914- 1918, 4—1168.
Report of B ritish Commission, 5—123,
1917-1919, 5— 136,137,774; 6— 144,668,1296.
(See Production.)
(See Federal Reserve Banks.)
M ovem ent of, 6— 9,119, 221, 346, 453, 564.
Inadequate in foreign countries because of in ­
M ovement of gold and general prices, 1914-1919,
flation of currency, 5—9.
5— 838.




G O LD— Continued
Reserves, gold—Continued.
India, 5—950.
National banks, 1900-1919, 6—144,1296.
U nited States Treasury, 1900-1919, 6—144, 1296
(See also supra, Banks of issue; M oney, R e­
sources and liabilities, principal heading:
Reserves, principal heading.)
Rupees—
Sale of, for gold at Ottawa, 5—917,1015.
Value, Gold, India, 5— 949,1050,
Secretary of T reasu ryAsks Federal Reserve Board to scrutinize gold
exports, 3— 655,
Power to investigate gold exports, 3—S61
Licenses for gold exports to be issued b y Federal
Reserve Board subject to approval of, 3—
736, 738.
(See supra, E xports.)
Settlem ent fund
Gold. (See Gold settlem ent fund,
principal h eadin g)
Spain—
Am erican dollar at 6 per cent discount below its
bullion value in , 5— 1039
Exports, United States to, 1916, 1917, 5— 1039.
Gold profit. D ividend, Bank of Spain, 5— 1040.
License to export gold to, 4—365,
Pound sterling at discount in , 5—1039.
(See Bank of Spain.)
Standard, gold—
Alter war British currency com m ittee, 4—1178;
5— 123,
Creditor counties must maintain, 5— 7
R elation to pu blic debt, 5—8
State banks. Cooperation in control of supply of,
3— 659.
Sterling, pound—
(See supra, Pound sterling.)
(See Foreign exchange.)
Stock in United States, (See M oney.)
S u b sid y Disapproved—
Am erican Bankers’ Association. M cFadden
gold subsidy b ill, 6— 1147
British com m ittee, 5—123.
Interior Department com m ittee, 5— 124.
Treasury com m ittee, 5— 248,
W ould increase prices, 5— 124.
Substitution of notes for gold. British currency
com m ittee, 5— 7
S u p p ly Adjustm ent of, 4—1165.
Creditor nations need only lim ited, 5— 7.
Cooperation of State banks, 3—659,
United States. Gain in, 1914-1919, 5—7, 618,
704,
(See supra, Control.)
Sweden—
G old policy, 1914-1919, 4—37 7,6—35.
G old p olicy, Riksbank, 4—37 7,6— 35.
Embargo, 4—1091
Tax (See supra, Excess profits tax.)
Trading in. R uling, Foreign Exchange D ivision,
4— 866.




GO LD— Continued.
Transit, gold in. Item in w eekly statements refers to
gold paid by Germany for food to U nited States
Grain Corporation, 5— 821
Treasury com m ittee. R eport on gold production, 5—
248.
United States—
Am erican dollar at discount in Spain, 5—1039.
Gain in gold holdings, 5— 6, 7; 618, 704.
Only free gold market in world, 5— 617
Stock of gold in, (See M oney, principal heading.)
W ill not lose m uch gold to foreign countries after
repeal of embargo, 5— 615.
(See supra, Em bargo,)
United States bonds. Exchange of 2 per cent bonds
for one-year gold Treasury notes, 1— 101.
United States Grain Corporation—
Sells food to Germany for gold, 5— 821.
W eekly statement. Item , “ Gold in transit,”
refers to above gold, 5—821.
U nited States one-year gold Treasury notes. (See
U nited States one-year Treasury notes.)
Value. Bullion, Am erican dollar in Spain is at dis­
count of 6 per cent below its, 5— 1039.
Value of rupee. G old, 5— 949, 1050.
War Trade Board—
Exports of manufactured gold, given jurisdiction
over, 4—10.
Regulations, 5— 26.
W eekly statements, Federal Reserve Banks. Item ,
“ Gold in transit,” represents gold paid b y Ger­
many for food sold it b y U nited States Grain Cor­
poration, 5— 821.
W orld production of gold, 1900-1919, 5— 19.
G OLD C E R T IF IC A T E S .
A ct Decem ber 24, 1919, Made legal tender, 6— 60.
Bullion. Issue of, against. A ct June 12,1916,2—311.
Circular letter Treasury, 3— 522,
Circulation, in. (See M oney,)
Federal Reserve Agent, New Y ork, asks State banks
to sort out, 3— 659.
Federal Reserve Banks should receive in paym ent of
reserve balances any form of U nited States cur­
rency on same terms as legal tenders or, 3— 660.
Foreign coin. Issue of, against, 2—311
Hoarded Returning to banks, 5— 102, 126.
Outstanding denom inations, 4—519.
G OLD CO N VERSIO N FU N D.
(See G old, Argentina, C hile.)
G OLD N O TES, U N ITED ST A T E S O N E -Y E A R .
(See U nited States one-year Treasury notes.)
GOLD O RD ER C E R T IF IC A T E S .
Paym ent of, in reduction of lia bility on Federal R e­
serve notes must be indorsed to Federal Reserve
Agent, 1—363
GOLD SETTLEM EN T FUND.
A udit of, 2—9,165, 320, 603; 3—611.
Change in operation of. Amendment, 3—521.
Circular 13, Regulation 1 , 1915,1— 78,
Circular letter, U nited States Treasurer, 3—522.
Clearings and transfers, 1915-1918, 4 —338.
D aily clearings, 4—951, 610.
Condition at beginning of, 1— 82.
Cost of, 1—401, 2—315, 3—94.

GOVERN M EN T BO N D S.
G O LD SE TTLEM EN T FUND— Continued.
Discount of paper secured b y . (See Commercial
Created, 1— 9, 49, 82.
paper; D iscount and open-m arket operations; Dis­
Crop-m oving period, During, 6— 1015.
count rates, Liberty bonds; U nited States bonds;
D aily clearings, 4—591, 610,
War paper.)
Deposits in , b y Federal Reserve Agents, 1— 304.
GOVERN M EN T CO N TR O L.
(See Federal Reserve Agents, principal heading.)
Of business. Elim ination of, 5— 523, 1012.
Drafts originating w ith one m em ber bank in the inter­
Of railroads. A ct March 21, 1918. T ext, 4—296.
est o f another member bank at a distance, not
GOVERN M EN T D E P O SIT O R IE S.
favored, 8—238.
State banks as, 1— 274,
Federal Reserve Agents. Transfer of balances to credit
(See State banks, etc., deposits.)
of, through, 1— 303.
GOVERN M EN T D E P O SIT S .
Forms, 3— 522.
Crop m oving—
Gold in. T o count as reserve, 1— 9 ,1 0 .
Governm ent deposits made for, in Federal Re­
Governm ent deposits effected through, 1— 301.
serve Banks, 1—301
Instructions, general, 1— 82.
Refused b y three Federal Reserve Banks, 1— 302.
New fund. A ll forms of lawful m oney Considered,
R epaid, 2—371.
3—238.
Em ergency Fleet Corporation. Deposits of, are not
Payments in reduction of lia bility on Federal Reserve
Governm ent deposits and require reserves, 5—
notes, m ay be deposited in , 1— 273,
1054.
Operations of, 1— 82,120,121, 183, 264, 304, 357, 401,
Federal Reserve Banks—
2— 9 ,1 0 , 60,108,165, 220, 268, 320, 380, 453,520,
Begin January 1, 1916, 2—1.
603, 674; 3 —25, 95, 175, 238, 268, 353, 454, 522,
Crop-moving deposits, 1— 301.
524, 611, 678, 760, 840, 947, 4—26, 105, 223, 338,
Refused b y three Federal Reserve Banks,
459, 548, 661, 772, 773, 892, 1019, 1238 , 5—145,
1— 302.
146, 274, 569, 776, 876, 1178; 6— 300, 633, 724
(fiscal year 1920), 976, 977, 1015, 1339.
Fiscal agents. (See same.)
1918, chart, 5— 145, 146.
Fiscal operations. (See Fiscal agency opera­
tions, principal heading.)
Report. Com mittee of governors, 1— 82.
Governm ent deposits in, Am ount, 5—774.
Reserves. Counted as, 1—9,10,
Indian funds, 2—266.
Status of, 1— 9,
Reserves required against, 3— 458.
Transit managers conference on, 4—1175.
Fiscal agents, Federal Reserve Banks as. (See
G O M PE R S, S .
Fiscal agents.)
Secretary of Treasury writes to, on building opera­
Fiscal year 1920, 6—724, 725.
tions, 4—264.
Gross deposits. Member banks can not deduct postal
GOOD F A IT H , DRAW N IN .
funds from, in com puting net deposits, 3—692.
(See A cceptances; A ctually existing values.)
Indian funds, 2—266.
G O O D S, M OVEM ENT O F, 1920.
Member banks—
R eview , 6— 1256.
Governm ent deposits in , 4—337, 494, 502, 503,
G O O D S, SE C TIO N 13.
665, 769; 5— 781, 782, 784, 6— 726.
B ills against sale of advertising space is a good trade
Postal funds. No deduction of, from gross
acceptance as advertising space falls within
deposit in com puting reserve, 3—692.
meaning of “ goods” in section 13, 3—114.
Reserves. Not necessary for member banks,
G old coin and bars are “ goods” under section 13,
against Governm ent deposits, 3—458, 692,
3— 29.
National banks, Governm ent deposits in, 1914-1919,
Labor in itself does not com e w ithin meaning of
4— 337, 494, 502, 503, 665, 769; 5—781, 782, 784;
“ goods” in section 13, 5— 565,
6— 726,
Water, Sold b y irrigation com pany held to be
Net deposits. (See supra, Gross deposits.)
“ goods,” section 13, 6—949.
New York banks, Governm ent deposits in , 4—665.
G O O D S, W AREH O U SED.
Nonmember banks—
Credits covering. Ruling, Foreign Exchange D ivi­
As depositaries in connection w ith incom e taxes,
sion, 4— 1217
excess profits taxes, and L iberty loans,
(See Acceptances; W arehouse certificates.)
4— 22, 494.
Deposits of postal savings funds perm itted in ,
G OVERN M EN T A ID .
1— 274, 2— 331.
Post war financing, 4—1086, 5— 308, 528, 611, 1009,
1012; 1110; 6 —137
(See infra, U nited States Revised Statutes, sec­
tion 5191.)
(See Export trade, financing of.)
(See Liberty bond acts; Nonmem ber banks.)
GOVERN M EN T A ID TO FO REIG N COM M ERCE.
Postal savings deposits. Reserves against, 1— 409.
Argentina, 5— 1048.
Postal savings funds, being tim e deposits, can not be
Canada 5— 1047
deducted b y member banks from gross deposits to
France, 5— 1047
obtain net deposits in com puting reserves, 3—692.
Great Britain, 5— 1012, 1046.
Reserves against—
Italy, 5— 1048.
Federal Reserve Banks must carry reserves, 3—458.
Spain, 5— 1048.
Member banks need carry no reserves against,
Uruguay, 5— 1048.
3—458, 692.




GOVERN M EN T D E P O SIT S— Continued
Secretary of Treasury Announcem ent. W ill put
Governm ent deposits in Federal Reserve Banks.
1— 259, 260.
Section 15, Federal Reserve A ct—
Repeals act of May 27, 1908, Aldrich-Vreeland
Act, w hich repealed reserve requirem ent
against Governm ent deposits, 2— 331.
A ct of May 18, 1916, m odifies section 15 b y per­
m itting postal savings deposits in nonmember
banks, 2— 331.
(See Postal savings funds.)
Secured b y war paper actually owned, 6— 163.
State banks—
Can not be used as depositories of pu blic moneys
except postal savings funds, 1—274, 409;
2— 331.
Depositaries in connection w ith incom e taxes,
excess profits taxes, and Liberty loans,
4—22, 494.
(See supra, Postal savings funds.)
United States Revised Statutes, section 5191—
Required reserves to be maintained against Gov­
ernment deposits, 1—409.
A ct May 27, 1908. No reserves need be kept by
national banks against Governm ent deposits,
1— 409.
Section 27, Federal Reserve A ct, requires re­
serves b v member banks against Government
deposits, 1— 409.
A ct A pril 24,1917 No reserve b y member banks
against Governm ent deposits, 3— 458, 692.
United States Shipping Board
Deposits of, are not
Governm ent deposits and require reserves, 5—
1054.
(See Liberty bond acts; Resources and liabilities.)
GOVERN M EN T E X PE N D ITU R E S.
Fiscal years 1919, 1920, 5—218, 725.
M onthly rate of, 5— 407, 521,1009,1105.
Revenues w ill equal, in fiscal year 1920, 5— 218, 726.
Secretary of Treasury on, 5— 189, 218; 3—113, 341,
709. 1253,
(See France; Great Britain, Ita ly .)
War expenses, 5— 725.
(See War.)
GOVERN M EN T FIN A N CIN G .
D uty of national banks to support, 4—313.
(See Secretary of Treasury.)
Bond purchases suspended, 6— 445.
Discussion of, 6— 1, 113, 213, 339, 445, 553, 661, 769,
897. 1011, 1123, 1253.
Plan for future, 6— 113.
GOVERN M EN T LO AN S.
(See A llied powers; Foreign Governm ents; Foreign
loans placed in U nited States, L iberty loans;
Unitea States bonds, U nited States Treasury
certificates.)
G OVERN M EN T LO AN S, FO R E IG N .
Placed in U nited States, 5— 33, 34, 35, 101, 412, 845,
1014; 6—901.
G OVERN M EN T O F FIC IA L BU LLE TIN , 4—266.
G OVERN M EN T P O L IC Y , G R E A T B R IT A IN .
Fiscal p olicy, 5— 117.
GOVERN M EN T PR O TE C TIO N .
Advertising b y m em ber banks of, discouraged, 1—362;
6 -6 5 .




G OVERN M EN T R A TE S ON O F F IC IA L T E L E G R A M S.
Federal Reserve Agents and Federal Reserve Banks
entitled to, 1— 77.
GOVERN M EN T REVEN UES.
(See supra, Governm ent expenditures.)
(See also, Expenses, U nited States Governm ent;
France; Great B ritain.)
G OVERN M EN T SE C U R IT IE S .
Bank holdings of. (See D iscount and open-market
operations.)
Depreciation charge, 5— 26.
D iscount rates on paper secured b y . (See Discount
rates.)
Holdings. Member banks. (See D iscount and openmarket operations; Member bank condition state­
m ents.)
Investm ents of Federal Reserve Banks in. (See Dis­
count and open-market operations; Earning assets;
Resources and liabilities; Total investm ent opera­
tions; War paper.)
Paper secured b y (See D iscount and open-market
operations, Earning assets; Resources and lia b ili­
ties; War paper.)
Rediscount in excess of 10 per cent lim itation of paper
secured by—
A ct March 3,1919, am ending section 11 b y adding
a new subsection (m ), 5—361,1055.
(See A ct of March 3, 1919.)
(See Ten per cent lim itation.)
(See also, Commercial paper; Investm ents; L ib­
erty bonds; United States bonds, U nited
States one-year Treasury notes; U nited States
Treasury certificates.)
GOVERN M EN T SU PE R V ISIO N , 6 -6 5 .
(See State banks and trust com panies.)
(See supra, Goverm ent protection.)
G O V ERN O R OF FED ERAL RESERVE BOARD*
Harding, W P G .Designated as, 2— 437.
Redesignated as, 3— 659, 4— 810; 5— 821, 6—
782 (for period ending August 10, 1922).
(See Harding, G ov.)
G O V ERN O R S OF FED ERAL RESERVE B A N K S.
Acceptance credits. Report, 5— 415.
Acceptances, abuse of, 5—415.
Aiken. A L. Resigns as governor of Federal Reserve
Bank of Boston, 4 —5.
Biggs, D. C., elected governor, St. Louis, 5— 201.
Business readjustment. Conference called b y Presi­
dent, 5— 192.
Calkins, J U ., elected governor, San Francisco,
5—530.
Conferences—
W ith Federal Reserve Board 1— 15, 47, 122, 356;
2 -5 2 ,5 7 ,1 5 2 ,2 0 6 ,4 3 7 ,3 —7,347,921,4— 25$
689; 5—313, 1112; 6—455, 1123.
Expenses of, 2—57; 5— 132, 722.
Discount rates. Joint conference, Federal Reserve
Board and Federal Advisory Council, 5— 313.
Duties of, 4—373.
Expenses of conferences, 2—57; 5— 132, 722.
Federal Advisory Council, joint conference with,
5—313.
Gold settlem ent fund. Report, 1—82.

G O V E R N O R S O F FED ER AL RE SER VE BAN K S— G R E A T B R IT A IN — Continued
Bankers acceptances, London, 5— 21.
Continued.
Hines, Railroad Adm inistrator, addresses governors,
Banking conditions, 6— 1069.
5— 307.
Banking facilities of, 5— 119.
Joint conference, Federal Reserve Board and Federal
Banks of issue, leading. Condition. (See same, Prin­
A dvisory Council, 5— 313.
cipal heading.)
K ains, A. Resigns as governor of Federal Reserve
Banks, London. C ondition, 5— 323.
Bank of San Francisco, 8— 633.
Banks operating in Jamaica, 6— 1039.
Lynch, J. K .—
Barclay & Co. (L td .). Condition, 1914-1919, 6— 1045
E lected governor, San Francisco, 8—713; 4—5.
B ills of exchange. H andling of, 5— 352.
Death of, 5— 530.
British Board of Trade. E xport credits, 6— 1312.
McCord, J A, Resigns as governor of Federal Reserve
British currency com m ittee, Report, 4—1178, 5—7;
Bank of Atlanta, 5 —201.
6 —141,
Morss, C. A ., elected governor, Boston, 4— 5.
British currency notes. (See infra, Currency notes.)
Norris, G. W . E lected governor, Philadelphia,
British exchequer notes. (See same, principal head6— 348.
ia g.)
Passmore, E . P ., resignation as governor, Philadel­
British Trade Corporation, 5— 120.
phia, 6—348.
Capital issues, New, 5 —121.
Railroad Adm inistrator Hines addresses governors,
Chamberlin, Austin. Econom ic conditions, Europe,
5 -3 0 7 .
5— 815.
Reports—
Chancellor of exchequer. Comments on Lord CunA cceptance credits, 5—415.
liffe’s report, 6— 143.
G old settlem ent fund, 1— 82.
Chart. Prices, U nited States and. 1914-1918,5— 546.
Van Zandt, R . L ., elected governor, Dallas, 1—50.
Circulating notes. (See infra, Currency notes.)
W ellborn, M. B ., elected governor, Atlanta, 5—201.
Coal production, 6—844, 1071, 1313.
W ells, R olla. Resignation as governor of Federal
Coal strike, 6— 1311.
Reserve Bank of St. Louis, 5—201.
Committee reports. (See infra, R eports.)
W old, Theodore. Resigns as governor of Federal
Reserve Bank of M inneapolis, 5—919,
Condition. F ive London banks, 1913-1918, 5— 323.
Young, R . A ., elected governor, M inneapolis, 5—919.
Conditions. (See infra, E conom ic conditions.)
Consolidations, bank, 4—954.
GOVERN ORS OF STA TE S.
Cost of livin g in , 6—845, 957.
Conference w ith the President, 5— 192.
1914-1920, 6 —1072, 1203, 1313.
G RAC E, D A Y S O F.
Credit expansion, London banks, 1913-1918, 5— 323.
(See Days of grace.)
Credit system, before and after war, 5— 117.
G R A IN .
Credits. (See infra, E xport credits.)
Financing of. Federal Trade Commission, 4— 711.
Credits granted to, b y Bank of Spain, 5— 1040.
Receipts and shipments of. (See Business conditions;
Cunliffe, Lord—
Physical volum e of trade; Prices; SaultSte. Marie
Financial report, 4— 1178; 5— 7; 6— 141.
Canal.)
Chamberlain, Austin, on report of, 6— 143.
G R A IN C O R PO R A TIO N .
(See infra, Reports.)
Food Adm inistration. (See Acceptances.)
Currency Bank deposits, prices and. M cKenna,
6— 247
G R E A T B R IT A IN .
Acceptance liabilities. Eighteen joint-stock banks,
Currency notes, 8— 11, 330; 6— 6, 843, 955,1069,1070,
1199, 1312.
o —561.
D ebt. Floating, 6—1070, 1199, 1312.
(See infra, R atio.)
A cceptance rates. Increase, 6— 955.
D ebt of. (See infra, National debt; War debt.)
After-war trade. Preparation for, 4— 1086; 5—114,
Deposits. Note circulation and, 6 —667,1199,1312.
After-war, trade and industry
R eport, 5— 114.
(See Bank of E ngland.)
Am algam ations, Bank, 4— 954.
Decim al system, report on, 5— 126.
Anglo-French loan, 8—901,1129.
D iscount rates, New Y ork and London—
G ov. Harding on, 5— 106.
A id, Governm ent. (See Export credits.)
1920, 6—1199, 1312.
Am erican dollar in . Appreciation of, cuts down
our exports, 5— 194,614,816,1011.
(See Discount rates.)
D ollar loans to, A—940.
Balance of trade—
Adverse, declining, 6—908.
E conom ic conditions in . Austin Cham berlin, 5—815.
Lloyd-G eorge, 5— 816.
Excess profits tax in , 5— 123.
W ith Spain, 1913-1919, 5— 1038.
Exchange. Pegging of, 5— 311,525,1038, 1039, 1110.
Bank amalgamations, 4—954.
E xchequer notes—
Bank credits in war, 5— 323.
One hundred and fifty m illions placed in U nited
States, 8—652.
Bank deposits. M cKenna, 6—247.
(See British exchequer notes, principal heading.)
Bank of England. (See same.)
Expansion, credit. London banks, 1913-1918,5—823.
Bank of Spain. Credits granted to, 5— 1040.




G R E A T B R IT A IN — Continued
Expenditures of. Report, N ational Commission,
4 - 179.
E xport credits—
Governm ent aid to, 5— 1012.
British Board of Trade, 6— 1312.
Exports of U nited States to, cut down b y appreciation
of Am erican dollar, 5— 1011,
Exports and im ports, 6— 618, 669 (fiscal year 1920),
909. 910 (gold to U nited States) 6— 956 (valu e;,
6—1018 (gold to U nited States) 6— 1071 1200 (to
and from U nited States) 6— 1200 (to France, B el­
gium, and Ita ly ); 6 —1202, 1313 (value).
(See E xports; Exports and im ports.)
Financial facilities. R eport, 5— 114.
Financial needs, 5— 115.
Foreign exchange rates—
Buenos Aires on, 1914-1919, 6— 598.
Japan on, 5— 733.
Madrid on, 1914-1919, 5—1041.
Great Britain on Spain, 1913-1919, 5— 1038.
(See L ondon.)
(See Foreign exchange rates.)
Foreign exchange situation. Geddes, Sir Aukland,
5— 1011.
Foreign trade. (See supra, Exports and im ports.)
France. Increase in prices greater than in Great
Britain, 5— 544.
Geddes, Sir Aukland. Foreign exchange situation,
5— 1011.
Gold production. R eport, 5— 123.
(See infra, R eports.)
Gold reserves, central, 1913-1920, 6— 1296.
(See Gold. )
G old standard. R eport, 4— 1178,
Governm ent aid to exports, 5— 1012, 1046,
Ham lin, G ov. E xplains appointm ent of Paish Com­
mission, 1— 50.
H andling of bills of exchange in, 5— 352,
Harding, G ov. New York and London discount rates,
5— 106.
(See British exchequer notes, principal heading,)
Im port restrictions. Rem oval of, 5— 523.
Investm ent trusts, 6—1169.
Iron production, 6— 1071, 1313.
Issues of new capital, 5— 121.
Jamaica. Banks operating in, 6— 1039.
Japan. Foreign exchange rates on Great Britain,
5 -7 3 3 .
Joint-stock banks. A cceptance lia bility of 18, 5— 561.
Condition, 1914-1919, 6—375, 1044.
Labor (See infra, U nem ploym ent.)
Liquidation in, 5— 104,
Llovd.-George. Trade balance, 5— 816,
Loans of, 3—10, 349
From U nited States, 3 -4 2 4 , 731, 4—279, 940, 1057
to 1077 , 5—33,101, 957, 1014, 6—688, 901.
D ollar loans b y U nited States, 4 —940.
Placed in U nited States, 5—33,101,1014, 6— 687,901
Loans to other countries, 5— 1046,
Loans, war 3— 10, 349; 4—268 to 271, 940,1057,1062,
1072; 5— 33, 101, 1034; 6—887, 901.
(See A llied powers.)




37599°— 21----- 9

G R E A T B R IT A IN — Continued
London—
fte .v Y ork, and, discount rates, 5— 106.
Silver prices in. U n ited States equivalent,
1873-1918. 5— 949.
(See also London, principal heading: S ilver
principal h ea d in g,»
London banks. Condition of five, 5— 323.
M cK enna.

Prices and bank deposits, 6 — 247

N ational debt of, 3 — 10, 349.
1913-1918, 4 — 268, 269, 270, 271, 1 0 5 7 ,1 0 6 2 ,1 0 7 2 .

(See infra, W ar d e b t.)
National Commission.
prices. 4 — 1~9.

R eport.

E xpenditures and

National Provincial and U nion Bank (L td , ).
tion 1914-1919, 6 — 1046.

Condi­

Notes in circulation, 1914-1919, 5— 849; 6 — 903,1312.
(See supra, Currency notes.)
Ocean rates.

B ritish shipowners reduce, 5— 192.

Paish Commission. E xplanation of appointm ent of
Gov H am lin, 1— 50.
Paris B ank tLondon), (L td .).
6 — 104/

Condition, 1914-1919,

Pegging of exchange, 5 — 311, 525, 1038, 1039, 1110
Per capita taxation, 6 — 955.
Pound sterling at discount in Spain, 5— 1039.
Price control, 1913-1919, 6 — 243,
Prices and bank deposits.

M cK enna, 6 — 247.

Prices in—
1913-1918, 5 — 544, 546.
Expenditures and, 4 — 179.
Increase less than in France, 5— 476, 544.
Increase less than in Ita ly , 5— 476, 544.
1913-1919, 6 — 166.
1913-1920, 6 — 279, 388, 506, 616, 708, 905, 954,
957 1069, 1070, 1198, 1310.
(See Prices.)
U nited States—
D ivergence from , in specified articles, 5— 544.
M argin greater as compared w ith U nited
States than before war, 5— 543.
M axim um increase of prices 15 to 20 per cent
above in d ex num bers of U n ited States,
5 — 543.
R ise in—
In latter part of 1917 w hile fairly constant
in U n ited States, 5 — 543.
Began to rise one year earlier than in
U nited States, 5— 543.
Increase higher than in U n ited States,
o— 176.
D eclin e in , 6 — 1127, 1201,
Production—
Coal, 6 — S44, 906, 956, 1071, 1202, 1313.
Gold
R eport, 5— 123.
Iron, 6 — 844, 906, 956, 1071, 1202, 1313.
Steel, 6— S44, 906, 956, 1071, 1202, 1313.
P u blic debt—
(See supra, N ational d e b t.)
(See infra, W ar d e b t.)
Rates. (See supra, D iscount rates: Ocean r a te .)
R a t io A cceptance liabilities to capital and surplus, 18
joint-stock banks, 5— 561.
Gold and silver to note and deposit liabilities,
5— 849,

G R E A T B R IT A IN —Continued,
Reports—
British currency com m ittee, 4 — 1178, 5— 7 ; 6—
141
Cham berlain, A usten, on, 6 — 143.
D ecim al system , 5 — 126.
Financial facilities, 5— 114.
G old production, 5 — 123.
Prices and expenditures, 4 — 179.
Trade after war, 4 — 1086; 5 — 114.
Reserves.

(See same, principal heading.)

Restrictions on im ports.

R em oval of, 5 — 523.

Russian Soviet Governm ent adm its lia b ility to sub­
jects of, 6 — 1312.
Ship construction, 6 — 844, 906, 956, 1071, 1202, 1313.
Shipowners reduce ocean rates, 5 — 192.
S ilv e r H oldings, 1914-1919, 5— 849.
London prices, U n ited States equivalent, 18731918, 5 — 949.
(See Silver, principal heading.)

(See supra,

Soviet Governm ent.
G overnm ent.)

Russian

Spain—
Balance of trade w ith, 1913-1919,

Soviet

(See Bank of Spain .)
Steel production, 6 — 844, 906, 956, 1 0 71 ,1 20 2,13 13.

Per capita, 6 — 955.

Trade after war, 5— 114.
Trade agreem ent.
6 — 1312.

Russian

Soviet

G overnm ent,

Trade balance. Lloyd-G eorge, 5— 816.
Trade w ith Spain, 5 — 1037
Treasury b ills placed in U n ited States since August
23, 1917, 4 — 940.
U nem ploym ent, 6 — 957, 1072.
U nion of London and Sm ith’s Bank (L td .).
tion, 1914-1919, 6 — 1047.

Condi­

U nited States—
D ollar loans to Great Britain, 4 — 940.
Loans to Great B ritain, 3 — 424, 731, 4 — 279, 940,
1057; 5 — 33, 101, 957, 1014, 6 — 688. 901.

W a rCredit system before and after, 5— 117
Financial needs of trade after, 5— 115.
Preparation after, 4 — 1086.
Trade after, 5— 114.
W ar d ebt, 8 — 10, 349; 4 — 269, 1057, 1062, 1072.

(See supra, N ational d ebt.)
W ar loans—
(See supra, Loans.)

(See also Bank of E ngland; London.)
GREECE.
Governm ent and other loans placed in U nited States;

6— 688.
G REEN BACK S.
(See H on ey.)
G R O C E R IE S, W H OLESALE.
Term s of sale, 5— 1134.
N et sales and production, 6 — 1031.




G R O SS RESO U RCES.
Banks asked b y Secretary of Treasury to set aside
w eekly 1 per cent of, for purchase of U nited States
Treasury certificates, 4—161.

G RO U P IN SU RA N CE .
Federal Reserve Banks.
590; 3—28.

Plan for, approved, 2—

G R O U PIN G OF M EM BER B A N K S.
For election of directors, 2—670; 4— 1055, 1092,
(See Directors.)

(See Pound sterling: Sterling.)
(See supra, Excess profits ta x .)

Sterling.

Taxation.

G R O SS IN COM E.
Member banks may exclude from, dividends on stock
in Federal Reserve Banks for internal-revenue
taxation, 2— 153.

G RO U N D , ORE IN .
Paper based on, not eligible, 1— 126.

5— 1037.

Pound sterling at discount in Spain, 5 — 1039.

T ax.

G R O SS D E P O SIT S.
D eductions from, b y member banks—
Balances due from foreign banks can not be de­
ducted from balances to, 5— 963.
Balances due from other banks may be deducted
from balances to other banks, 8— 692.
Balances due from other banks may include
checks on banks in same place and exchanges
for clearing house, 8—692.
Cash on hand can not be deducted from, 3— 614,
692.
Demand deposits can not be deducted from, 3—
692.
Government deposits, except postal savings, can
be deducted from, 3—692.
(See Deposits; R eserves.)

G RO W TH .
Acceptances, 1—52; 2—590, 669; 3—5, 6, 350, 581,
664; 4 —11, 402, 595, 602, 604, 855; 5—767, 6—
559, 666.
Discount market, 4— 259.
Federal Reserve System, 4— 3.
(See Federal Reserve System .)
Of production during war, 5— 613.
P ublic debts, 4— 1046.
Resources. (See same.)
(See R eview .)
Trade acceptances. (See A cceptance, trade.)
GUARANTEED LO AN S.
International Financial Conference, Brussels, 6— 1131.
GUARAN TEED P R IC E O F W H EAT, 4— 1088.
G U A R A N TY .
B ill of lading, genuineness of, 3— 457.
(See B ill of lading.)
B y a national bank of an acceptance made for it by
its foreign correspondent, 4 —311.
(See however, Volum e 7, Federal Reserve B ulletin,
May, 1921, page 168.)
B y directors, of com m ercial paper, 2—66.
G U AR AN TY CO M PAN Y.
(See supra, Acceptances; National banks.)
(See infra, Guaranty of bank deposits; National banks.)
G U A R A N TY FUN DS.
New York savings banks may invest, in bankers’
acceptances and bills of exchange, 4— 525.
G U A R A N TY O F BA N K D E P O SIT S .
Com ptroller of Currency, plan for, 4— 163.
Federal Advisory Council opposes, 4—490.

G U A R A N T Y O F B A N K D E P O SIT S— Continued,
Federal Reserve Board contem plates no plan lor,
1—
51.
F ederal Reserve Board opposes, 4 — 595.
H arding, G ov.

A ttitu d e tow ard, 4 — 596.

N ational banks—
Can contract w ith surety com pany for insurance
of bank deposits, 1— 29, 51.
Can not join Nebraska system of, 1— 409.
G U A R A N T Y OF E X P O R T C R E D IT S .
International Financial Conference, Brussels, 6 — 1130.

G U A R A N TY OF IN T E R E ST R A T E S .
Long-term and renew al acceptances are practically a,
2—
587, 588, 4 — 259.

G U A R A N TY T R U S T C O ., NEW Y O R K .
Foreign loans placed in U n ited States, 5— 33.
Reasons for joining Federal R eserve System , 8 — 834.

G U A R D IA N .
N ational banks can n ot act as, 1— 269, 4 — 744.

G U ATE M A LA.
H andling of b ills of exchange in , 5— 346.
H

H ACK N EY, W . S .
A ppointed class C director, B oston, and designated
D ep u ty Federal Reserve A gen t, 8 — 7.

H AM BU RG .
(See G erm any.)
H A M LIN , C . S .
Addresses—
Am erican Association of Accountants, N ew Y ork ,
2— 510.
Bankers’ associations—
Georgia, 2— 261.
South Carolina, 2— 309.
O hio, 2— 510.
Virginia, 2 — 309.
Bankers’ Club of Cleveland, 2 — 261.
N ational Association of Credit M en, 2— 309.
Pan Am erican F inancial Congress, 1— 136.
R obert Morris C lub, 2 — 309.
California trip , 1— 49.
Capital Issues Com m ittee—
Chairman of, 4 — 364.
Suspension of work of, announces, 5— 18.
V oluntary com m ittee, Federal R eserve Board.
A m em ber of, 4 — 73, 77.
D igest of Federal R eserve A ct—
F irst ed ition, 1— 15.
Second ed ition, 8 — 826; 4 — 1.
Federal Reserve B ank of A tlan ta. V isits, 2 — 261.
Federal R eserve Board.
term , 2— 437.
Federal R eserve System .

A ppointed on, for 10-year
Address on, 1— 136.

Liberty loan tour, 8 — 429.
Paish Com m ission. E xplain s reasons for appointm ent
of, 1— 50.
Pan Am erican Financial Congress. Address before,
1— 136.
Statem ent. Losses through issue of worthless securi­
ties, 5— 18.

{See also C apital Issues C om m ittee.)




H AM LIN , T E X A S . F IR S T ST A T E BAN K O F.
Reasons for joining Federal Reserve System, 8—369.
H AM S.
Prices, 1914-1920, 8 —1214.
H A R D IN G , W . P. G ., G O V E R N O R .
Acceptance credits—
Foreign, 2—587.
Syndicate, 4—257.
Acceptance policy, 4—257.
Acceptances, 2—587, 5— 105.
Acceptances. Bankers’ and trade, 5— 105.
Acceptances, Financing of cotton b y , 4— 602,691,
713,
A ct of September 7, 1916, error in , 2— 508.
A id, Governm ent. (See infra, E xports.)
Addresses—
Am erican A cceptance Council, A cceptances;
open discount market, 5— 105.
Am erican Cotton Manufacturers’ Association.
Financing of cotton b y acceptances, 4—595,
602, 691.
Am erican Institute of Banking. Acceptances,
2— 587.
Bankers’ conference. Credit expansion, 6— 117.
Birmingham
Business
M en’s
Convention.
South's cotton problem , 1—252.
Birmingham Chamber of Commerce. Present
cotton situation, 2— 160.
Credit expansion, 6—117
Federal Advisory Council—
Expansion. 6—566, 579,
Federal Reserve System and war. Rate
policy, 4— 1175, 5— 2,
Financial conference. Credit inflation, 8—579.
G old p olicy , 5— 8.
International Financial Conference, A tlantic
City Long-term credits for Europe, 5— 1012.
Liberty loan tour, 8— 429.
Massachusetts Bankers’ Association. Explains
Federal Reserve Board warning against
British exchequer notes. Federal Reserve
System, 8—2.
National Association of Cotton Manufacturers.
Financing of cotton b y acceptances, 4— 713,
New York State Bankers’ Association. Federal
Reserve System, 2—309,
North Carolina State Bankers’ Association.
Crop diversification, 8— 159.
Texas Bankers’ Association. Federal Reserve
System, 1— 66.
Am endm ents, Federal Reserve A ct. (See infra,
Congress.)
Bank clerks—
Deferred classification, 4— 597, 958.
E xem ption from m ilitary service, 8—591.
Bank deposits. (See infra, Interest.)
Bank deposits. Guaranty of, A ttitude on com p­
troller’s b ill, 4— 596.
Banking conditions. (See infra, D iscount rates.)
British exchequer notes. Explanation of warning,
3—2, 82, 236, 239,
Call loans. (See infra, Congress.)
Classification Deferred Bank clerks, 4— 958.
Clearing system, Par collections. (See infra, Par
collection s.)

H A R D IN G , W . P . G ., G O V E R N O R — Continued.
Congress. Com m unications to—
C all loans, 6 — 345, 368.
D iscou n t p o licy, 6 — 117, 239, 558, 582.
Federal R eserve notes and currency expansion,
5 — 699.
Par clearings, 5— 1113, 6 — 489.
Senate resolution. In flation . R ep ly to, 6 -5 8 2 .
S p ecu lative a ctiv ity . L etter to Senator Owen,
5— 1107.
State banks. N o coercion on, to join clearing
system , 6 — 489.
T e s tim o n y A m en dm en ts, 6 — 75.
Foreign exchange bank, 4 — 724.
Cotton crop—
D iversification, 6 — 159.
Financing of, b y acceptances, 4 — 595, 691, 713.
F inancing of purchases o f, 4 — 602.
Situ ation , 2 — 160.
South’s cotton problem , 1— 252.
Credit control, 6 — 116, 557, 579.
C redit expansion, 6 — 117, 557, 579,
Credits.
A ccep tan ce.
(See
supra,
credits.)
Crops. D iversification of, 3 — 159.

A cceptance

Currency inflation. Federal R eserve
5 — 699.
D eflation. (See infra, E xpan sion .)

notes

D eposits.

G uaranty of.

and,

(See infra, Interest*)

D eposits.

D iscount m arket.

(See supra, G uaranty.)

O pen, 5— 106.

D iscount p o licy , 4 — 1175; 6 — 117, 239, 558, 582.
D iscount rates—
Control o f banking conditions through, 5— 2 , 524.

(See E ffe ctiv e control; Sp ecu lation .)
London and N ew Y o rk , 5— 106.
W ar p o licy , Federal R eserve Board, 4 — 1175;
6 — 117, 582.
E ssential loans, 6 — 904, 927.
Europe. A id to . (See infra, International Financial
Conference.)
E xem ption
from
m ilitary
service. E m ployees,
3 — 591.
E xpansion, 6 — 117, 340, 566, 579.
E xports, G overnm ent aid to , 5— 1012.
Federal A d visory C ouncil, addresses before—
Contraction, 6 — 566.
D iscountrate p o licy , 4 — 1175; 5— 2 ,8 ,6 — 1 1 7 ,5 8 2 .
Federal R eserve conditions, 6 — 579.
Federal R eserve Banks—
D u ty o f, 3 — 342.
V isits w estern, 2 — 152.
Federal R eserve Board—
In d e x num bers o f, 4 — 811.
P o licy , B ritish exchequer notes, 3 — 2 , 82, 236,
239.
R ate p o licy , 4 -1 1 7 5 ; 6 — 117, 239, 558, 582.
(See supra, Congress).
Federal R eserve notes and currency in flation , 5 — 699.
Federal Reserve System —
Operation o f, 1— 66; 2 — 309.
W ar and , 3 — 588; 4 — 1175, 5— 2 , 8 , 6 — 117, 582.
F inancing o f cotton purchases, 4 — 602.




H A R D IN G , W . P . G ., G O V ERN O R— Continued
Foreign acceptance credits. (See supra, A cceptance
credits.)
Foreign exchange bank. Opposes, before congres­
sional com m ittee, 4— 724.
Foreign Governm ent obligations, investm ents in . (See
supra, British exchequer notes.)
Free gold market, 5— 8.
Governm ent aid to exports, 5— 1012.
Governor o f Federal Reserve Board—
Designated as, 2— 437.
Redesignated as, 3—659, 4— 810; 5— 821, 6—782.
Governors, Conference of. Attends, at Boston, 2— 437
Guaranty o f bank deposits. Explains attitude on
Com ptroller’s b ill, 4— 596.
Inflation. Address, bankers’ conference, 6— 117.
Inflation. Credit, 6— 579.
Inflation. Currency. Federal Reserve notes and,
5— 699.
Interest on bank deposits, 4 —160, 252, 285.
(See Interest.)
International Financial Conference. A tlantic City.
Long-term credits for Europe, 5—1012.
Investm ent in foreign Governm ent obligations. (See
supra, British exchequer notes.)
L iberty loan trip, 3— 429.
M U tory^service. Exem ption from , for em ployees,
Open discount market, 5— 106.
Owen, Senator. Letter to, on speculative activity,
5— 1107.
Par clearings. Letter on, 5— 1113, 6—489.
P olicy, Federal Reserve Board—
D iscount rates. W ar, 4— 1175; 6— 117, 239,
558, 582.
Investm ent in foreign Governm ent securities,
3— 2, 82, 236, 239.
P rice of wheat guaranteed, 4— 1088.
Prices, wholesale. Letter to U nited States Bureau
of Labor on in dex num bers, 4—811, 812.
R econstruction. War, 5— 2.
Senate, U nited States. (See Congress.)
Soldiers bonus, 6— 340,
Southern trip, 1— 47
Speculative a ctivity. Letter to Senator Owen,
5— 1107.
Speeches. (See supra, Addresses.)
State banks. N o coercion on, to enter clearing
system , 6—489.
Syndicate acceptance credits. (See supra, A ccept­
ance credits.)
Testim ony before com m ittees of Congress—
Am endm ents, 3— 75,
Foreign exchange bank, 4— 724.
Trade acceptances, 4— 602, 691.
U nited States bonds. E ffect on 3 per cen t bonds of
issue of 3J per cen t bonds, 3— 341
U nited States Bureau of Labor Letter to, on index
numbers and prices, 4 —811, 812.
U nited States Treasury certificates. On sale of, 3—
342.
W a rD iscount rates during, 4— 1175; 6— 117, 239,
558, 582.
Federal Reserve System and war, 3—588.
R econstruction, 5—2.

H A R D IN G , W . P . G ., GO TER N O R — Continued.
W ar

Finance Corporation
A ppointed
director of, 4 — 364.
W heat
Guaranteed price of, 4 — 10S8.

managing

H IG H W A Y O F F IC IA L S.
(See Capital Issues Com m ittee.)

H AR D W A RE.
Term s of sale, 6 — 150.

H IN E S, D IR E C TO R GENERAL O F R A IL R O A D S.
Addresses governors of Federal Reserve Banks on
loans on certificates of Railroad Adm inistration,
5—307, 308,

H A R D W IC K AM ENDM ENT.
{See Exchange charges.)
H ARDY, C.
A ppointed Class C director, R ichm ond. 2 — 153.

H A R R IS ,

B.

D.

Trade acceptances, 8 — 245.

H A R R ISO N ,

G.

L.

A ppointed general counsel, Federal R eserve Board,

o—201
E lected depu ty governor, Federal R eserve B ank of
N ew Y ork , 8 — 782.

H A R TFO R D ,

W.

H.

Term s of sale, 6 — 808, 809.
' SW C uba.)
H AW A l l -

Drafts drawn against shipm ents to foreign countries
from not su bject to stam p ta x 5— 167
Federal R eserve Banks can not discount acceptances
1— 91

R igh t of national banks to exercise fiduciary powers
in. 5— 366.

HAY—
Acreage and production, 1918, 1919, 5 — 636, 7 3 7 ,8 5 3 ,
962 1053, 6 — 1062.

{.Set Crop conditions, P hysical volum e of trader
P rices.)

CO M PAN IES.

N otes of, given for necessary m aterials or supplies are
eligible if satisfactory proportion shown of cash
and accounts receivable against current lia b ili­
ties 8 — 949.

H EA TH , W .

A.

Appointed Class C director, Chicago. 8 — 7

H E D G IN G .
O f discounts and purchases of foreign b ills, 5 — 527

HELENA BR AN C H .
[See Annual report, page 38 .)
H E LSIN G FO R S.
(See Foreign exchange rates.)
H EM LO CK .
Price, 1914-1920, 6 — 1213.

H EPBU RN , A .

B.

E lected to Federal A d visory C ouncil, 5— 201,

H ER SO N , J .

F.

A ppointed chief Federal R eserve exam iner, eastern
division, 5— 919.
A ppointed Chief of D ivision of E xam inations, 6 — 1134.

H IB E R N IA T R U ST C O ., NEW O RLEAN S.
Reasons for joining Federal R eserve System ,

H ID ES AND S K IN S .
Prices, 1914-1920, 6 — 1213.
(See Physical volum e of trade; P rices.)




RE SER YE

SY S T E M ,

H OARDED CU RRE N CY.
Coming back into banks, 5— 102,197, 205, 616.
H OARDED FEDERAL RESERYE N O TES.
Returning to banks, 5— 102, 197, 205, 616.
H OARDED G O LD .
Should be turned into banks, 5— 126.

H O A R D IN G OF C O M M O D ITIE S.
Federal Reserve resources can not be used for, 5— 1109.
(See Warehouse receipts; Speculation,)

H AYAN A.

H E A TIN G

H IS T O R Y OF FEDERAL
5—766.
(See R eview .)

HOARDED M ONEY.
A bout 300 m illions of, returned to banks since armis­
tice, 5—102, 205, 616.

E lected Class B director, A tlan ta, 3 — 7.

H A T S.

betw een U n ited States and

H IG G IN S , E. F.
Appointed assistant chief national bank examiner,
Chicago, 8—748.

8— 667

H OLD O VER.
Directors can not hold over after expiration of term.
8—290.
H O LD IN G S OP PA PE R .
(See D iscount and open-market operations.)
H O LID A Y PR E SE N TS.
Use of gold coin for, deprecated, 3— 931, 951; 4—1216.
H O L ID A Y , LEG AL.
Extra interest should be charged on notes falling due
on a, 4—108,
(See Commercial paper.)
H O L ID A Y S.
List of Federal Reserve Banks, 2—68.
H O LLAN D .
Foreign-exchange rates—
Berlin on, 6—1076, 1319,
Christiania on Amsterdam, 6— 13.
New York on Amsterdam, 6—50.
(See Amsterdam, Bank of Netherlands; Foreign ex­
change; Netherlands.)
H O LLAN D ER, J . H .
A rticle Bank holdings of U nited States Treasury
certificates, 4— 845,
H O LLIS B IL L .
Federal Advisory Council opposes provisions of, per­
m itting farm-loan bonds as security for Federal
Reserve Bank loans or for member bank accepttances, 1— 394 at 395.
H O N D U RAS.
H andling of bills of exchange in, 5— 348.
HONGKONG.
Foreign-exchange rates. New York on, 4— 1199; 6—
1161,
Gold exports to, since removal of embargo. June 7.
1919, 5— 1016
(See China, Foreign-exchange rates.)
HONOLULU.
Acceptance in trade between H onolulu and Calcutta,
held eligible as a trade but not as a banker’s ac­
ceptance, 1— 404.

H O O V ER, H .
Credits for canners, 4—606.
European financial situation. 6— 140.
European food relief, 6— 114.
Suggests loans to cattle raisers at not over 7 per cent
interest, 3— 659.
W heat prices. Guaranty of, 4—1088.
H O S IE R Y .
Terms of sale, 6— 471
H O U SE OF R E PR E SE N TA TIV E S.
Report Banking and Currency Committee on amend­
ments to Federal Reserve A ct, 3— 191
Report of com m ittees of, on bills proposed b y Comp­
troller of Currency, 4— 419 to 434.
(See Congress.)
H O U SIN G AND L IV IN G C O N D ITIO N S.
Report Federal Reserve Agent, New Y ork, 5—632,
1049.
H O U STO N BR AN C H B A N K .
Directors, 5— 619; 6—61.
(See Branches.)
H O U STO N , D . F.
Appointed Secretary of Treasury, 6—121.
H O XTO N , W . W .
Appointed executive secretary Federal Reserve
Board, 5— 918.
A ppointed secretary Federal Reserve Board, 6—1134.
H U N G A R Y.
(See Austria-Hungary; Austro-Hungarian Bank.)

I.
ID A H O .
Laws of—
Acceptances, 3— 530.
Federal Reserve Bank stock, purchase of, 1—150.
Foreign banking corporations, 5—55, 56.
Reserves, 3— 772.
List of State mem ber banks, 4— 92.
State banking departm ent urges State banks to join
Federal Reserve System , 3— 599.
ID E N T IF IC A T IO N .
Of agricultural paper, 2— 67.
Of specific goods represented b y acceptances, 1—405.
IL L IN O IS .
Balances. Reserve. Of State banks w ith other State
banks, 1— 368.
Fiduciary powers—
No specific authority for national banks to exer­
cise, bu t Federal Reserve Board w ill issue
perm its, 2—523.
Counsel of Federal Reserve Board w ill appear in
U nited States Supreme Court on appeal from
decision of Illinois Supreme Court holding
section 11 (k) unconstitutional, 2— 28.
Illiimia Supreme Court w ill follow decision of
U nited States Supreme Court in Bank v.
Fellows. Licenses w ill hereafter be given to
national banks to exercise fiduciary powers,
4 -5 2 2 .
Laws of—
A cceptances, 3— 530.
Foreign banking corporations, 5— 56.
Warehouse, 1— 261.
lis t of State mem ber banks, 4—92.
Negotiable instruments act. Has adopted, 4—971.




IL L IN O IS— Continued.
Supreme Court of. (See supra, Fiduciary powers.)
Transfer agent. National banks can not act as, 2— 456.
ILLU M IN A T IN G O IL .
(See Prices.)
IM M E D IA TE C R E D IT A T P A R .
Federal Reserve Bank, New Y ork, gives, to drafts on
Federal Reserve Bank of Richm ond, 1— 367.
Federal Reserve Banks—
Drafts of member banks on, given im m ediate
availability at par, 3— 78.
Can not receive on deposit b ill of lading drafts
for collection and, su bject to final paym ent
when drawn on dem and, sight, or upon ar­
rival of car, 4—436, 437.
(See Clearing System .)
IM PA IR M E N T OF R E SE R V E S.
Penalties im posed b y Federal Reserve Banks, 1— 12,
2— 314.
Must pay draft of m em ber bank although reserves
im paired, 1— 12.
IM P E R IA L RAW S IL K C O R P O R A T IO N , JA PA N .
Organization of, 6— 1207
IM PLE M E N TS, A G R IC U L T U R A L .
(See Agricultural paper.)
IM PLIE D PO W ER S.
Federal Reserve Banks, 1— 104.
IM P O R T AC CEPTA N CE S.
(See Acceptances, export and im port; Acceptances,
security.)
IM P O R T R E S T R IC T IO N S .
Rem oved b y Great Britain, 5— 523.
Rem oved in part b y France, 6— 959.
Sweden. G old, 4— 1091.
IM P O R T A T IO N .
(See Acceptances, export and im port.)
IM P O R T A T IO N S .
(See Acceptances, export and im port.)
IM P O R T E R .
(See Acceptances, export and im port.)
IM P O R T E R S ’ R E G IS T R A T IO N C E R T IF IC A T E S .
Ruling, Foreign Exchange D ivision, 4—864.
IM P O R T S . (See also Exports and im ports,)
Bureau of. G ives general blanket license for im ­
ports from Canada w ith certain exceptions,
4— 172.
France removes restrictions on, in part, 6— 959.
G old. (See same, principal heading.)
Great Britain—
Ceasing to peg sterling exchange w ill check im ­
ports into, 5—312.
Checked b y declin e in foreign exchange, 5— 818,

1011.

Increase of im ports in to U nited States, 5— 1011.
Lira exchange. Rem oval of restrictions on, w ill check
im ports in to Italy, 5— 312.
Sweden—
Control over im ports, 4— 1091.
(See supra, Im port restrictions.)
IM P O R T S AND E X P O R T S .
(See Exports and im ports.)
IM PR O V E D FARM L A N D S .;
D efinition, 3—618.

IM PRO VEM EN TS.
Of bank premises, charged to current expense account
5—26.
Value of. as part of value of farm lands, 2—608.
IN A D M ISS IB L E A S S E T S .
D efinition of Incom e tax, 5— 472.
IN C ID E N TA L PO W ER S.
Federal Reserve Banks, 1— 104.
IN C O M E , U NITED STA TE S G OVERN M EN T.
W ill equal expenditures in fiscal year 1920, 5— 726,
(See Governm ent expenses.)
IN COM E T A X . (See also Stamp tax, Tax )
Deposit of receipts from. Secretary of Treasury
4— 494.
Discount, Com putation of, for incom e tax, 5—249
D ividends—
Cash, paid to enable stockholders to subscribe
to new stock are subject to, 5—256.
On stock of Federal Reserve Banks not subject to,
2— 153.
Paid in securities or other property in which
earnings have been invested are subject to,
5—256.
Stock dividends are subject to, 4— 614, 5—256.
Excess profits tax
Stock dividends are not subject
to, in hands of the in dividu al stockholders,
4— 614
Federal Reserve Banks. D ividends on stock in. not
subject to, 2— 153,
France, 6—957, 958.
Installm ent, payments b y , 5— 307, 407
Interest com putation of, for incom e tax payments,
5— 249.
Liberty bond I—
Incom e free from, and from excess profits tax,
3— 459,
Stockholders receiving dividends payable in,
are subject to, 3— 601
Liberty bond II
Incom e from not in excess of
$5,000 face value of, is not su bject to, 3—930.
N onresident aliens—
United States bonds, United States notes, U nited
States Treasury certificates, and War Finance
Corporation bonds are exem pt from, in hands
of, 5—226,
W ithholding b y banks of incom e tax on deposits
of, 4 —163.
Secretary of Treasury suggests to Congress changes in,
4—600, 847 , 6—341, 1253.
(See Secretary of Treasury )
Stock dividends subject to super tax in hands of
individual stockholders, 4 —614, 5— 256.
United States Treasury certificates. Use of in pay­
m ent of. (See U nited States Treasury certifi­
cates.)
Y ield from securities after deducting, 6—9.
IN C R E A SE OF C A P IT A L , N A TIO N A L B A N E S.
(See National banks.)
IN C R E A SE AND D ECREASE OF C A P IT A L ST O C K .
Federal Reserve Banks. M inimum capitalization of
four m illions may be decreased after organiza­
tion w ithout losing franchise, 2— 207.
Regulation 1 ,1916, 2 -5 4 1 , 1917, 3— 548.
1920, 6— 1187
IN C R E A SE OF D ISC O U N T R A T E S.
(See D iscount rates.)




IN C REA SE OF PRO D U C TIO N .
D uring war by from 16 per cen t to 18 per cen t, 5— 613.

IN C R E A SE OF RESERVE RE Q U IREM EN TS.
Federal Reserve Board suggests am endm ent giving
ower to increase reserve requirem ents of m em ber
anks. 3 — 99, 102, 108.
Federal A dvisory Council does not favor 3 — 108.

IN CREASED BAN K BALAN CES, 5— 101
IN D EB TED N ESS, C E R T IF IC A T E S OF.
D irector General of Railroads addresses governors of
Federal Reserve Banks as to loans on, of rail­
roads. 5— 307
Notes secured b y of railroads, are not subject to
stam p tax provided the par value is not less
than am ount of the notes, 5— 566.

IN D EB TED N ESS, UNITED ST A TE S C E R T IF I­
CATES OF.
(See U nited States Treasury certificates. )
IN D E X .
Collection conditions.

P lan to obtain, 5— 547

International price in d ex, description of, 6 — 26, 499

IN D E X D IG E ST .
Federal Reserve A ct, b y C S. H am lin—
First edition 1— 15.
Second edition, 3 — 826, 4 — 1
Opinions of counsel and rulings of Federal Reserve
Board January 1, 1917-M ay 1, 1918, 4 — 571
R ulings of Foreign Exchange D ivision , 4 — 864, 973,
1121 1217, o— 469. 652, 653.
Warehouse laws of States, 1— 260.

IN D E X NUM BERS.
Volum e of trade. 5 — 77, 157 267, 379, 484, 580, 670,
753. 867 974 1067 1164, 6 — 72, 174, 288, 398,
516. 624. 714, 853, 968, 1086, 1216, 1330.
1913-1920. 6 — 480.
( See P hysical volum e of trade.)
W holesale prices—
Foreign countries, 5— 476, 543, 6 — 26, 164, 279,
388. 476. 506, 543, 616, 708, 842 954, 1069,
1198, 13i0.
U nited States, 4 — 5 0 4 .8 1 0 ,1 0 0 5 ,1 1 0 0 .1 2 0 3 ,5 — 71,
150. 261, 372, 479, 543, 574, 664. 747,860. 969,
1061 1158, 6 — 30, 68, 165, 168, 280. 282,
393. 499. 511 611, 616, 666, 702, 712, 836. 850,
962 1081, 1210. 1260, 1325.
U n ited States and foreign countries, 5 — 476.
During the war, 5 — 543.

IN D E X NU M BERS, FEDERAL RESERVE B O A R D .
Difference betw een, and those of U n ited States Bureau
of Labor, 6 — 1211.

IN D E X OF PRO D U C TIO N .
(See supra, In d ex num bers, volum e of trad e.)
(See P hysical volum e of tra d e.)
IN D E X E S.
Banking and financial conditions, 1918-1920, 6 — 479.
Business conditions, 4 — 491, 597, 697, 809, 1194, 6 —
474.
Babson, 5— 331.
Brookm ire, 5 — 332.
Canadian, 5— 334.
M itch ell, 5 — 336.
Person, 5 — 333.
Exports and im ports of merchandise, 1913-1920, 6 —
482.

IN D E X E S — Continued.
Foreign trade, 6 — 694, 841, 953, 1068, 1197, 1309.
E stablishm ent of, 6 — 694.
R etail trade, 6 — 53, 238, 377, 503, 614, 706, 839, 951,
1066, 1195, 1307.
E stablishm ent of, 6 — 5 3 .

IN D IA .
R ank of M ontreal. Sale of rupees, 5 — 9 1 7 ,1 0 1 6 .
B om bay. Foreign exchange rates on, 4 — 1199.

(See Foreign exchange rates.)
B ritish In d ia. Branch of International Banking Cor­
poration in , 4 — 946.

(See Foreign branches.)
Calcutta,

(See sam e.)
(See infra, P rices.)
Council b ills.

M ethod of sale, 5 — 945.

Credits. In d ia and other foreign countries to U n ited
States. Assistant Secretary Leffingw ell, 4 — 940,
Currency conditions in
Prior to and since war. R e­
port, R oyal Com m ission, 5— 945, 6— 253.
Currency law

N ew , B ritish In d ia, 6 — 1298.

Currency reform in , 6 — 253, 1298,
Federal R eserve Board w ill furnish rupee drafts, 8—
924.

(See supra, B ank o f M ontreal.)
(See in fra, R u pee drafts.)
Foreign exchange rates, N ew Y o rk on B om bay, 6 — 50,

(See Foreign exchange rates.)
G o ld E xports to, 6 — 1018.
G old reserve against rupees—
1910-1920, 6 — 1297.
1913-1920, 6 — 1296.
Production of gold in In d ia, 1909-1919, 5 — 19.
V alu e of silver in rupee, 1873-1919, 5 — 9 4 9,10 50 .
Leffingw ell, Assistant Secretary.
and credits, 4 — 940,

Foreign exchange

M onetary system , 5— 945.
N otes—
Circulation, 5— 950, 951.
R atio reserves to, 5— 950, 951.
R eserves, 5— 950, 951.
Prices, Calcutta, 6 — 954, 963, 1069, 1079, 1209, 1310,
1324.
R oyal Com m ission. R eport, 1914. Currency and sil­
ver conditions in , 5 — 945.
R upee drafts on—
B ank o f M ontreal, 5 — 9 1 7 ,1 0 1 6 .
Federal R eserve Board w ill furnish, 8 — 924.
Secretary of Treasury w ill furnish, 3 — 924.
R upee reserves, 6 — 1297.
R upees—
G old valu e of silver in , 1873-1919, 5 — 949,1050.
Federal R eserve Board w ill furnish rupee ex­
change, 8 — 924.
Sale for gold at Ottaw a, 5 — 9 1 7,10 16 .
Securities against notes, 5— 950.
Silver
G old valu e of, in rupee, 1878-1919, 5— 949,
1050.
S ilver bu llion
Shipm ents to In dia of, 4 — 941.
S ilver. Conditions a n d p rice prior to and since war.
R oyal Com m ission R eport, 5— 945.




IN D IA N FU N DS.
No bank to be rejected as depository of, because it
has rediscounted w ith a Federal Reserve Bank.
Ruling, Interior Departm ent, 2—266.
IN D IA N A .
Laws—
Acceptances, 8— 530.
Fiduciary powers, national banks, 1— 150.
Reserves, 8— 772.
Warehouse, 1—261.
List of State mem ber banks, 4— 93.
IN D IV ID U A L D E P O SIT S .
Balances due to foreign banks are to be classified as,
not as bank deposits, 5— 963,
(See D eposits; Gross deposits.)
IN D IV ID U A L S U B S C R IP T IO N S .
To U nited States Treasury certificates, 4 —1147.
(See U nited States Treasury certificates.)
IN D O RSE M E N T.
Acceptances—
A cceptances bearing, in blank, can change own­
ership w ithout indorsem ent, bu t better prac­
tice is to have specific, of the seller, especially
when purchaser is not quite certain as to gen­
uine character of signatures on the b ill, 4—
744.
H oped that ultim ately Federal Reserve Banks
w ill make rule to bu y no bankers’ acceptances
not bearing at least three responsible sig­
natures, of acceptor, drawer, and indorser,
4—744.
(See infra, Indorsing bank.)
Allonge, Note containing an indorsem ent on sep­
arate piece of paper, held negotiable, 2— 610.
B ill payable to order of drawee not negotiable unless
it has, of drawee, 4— 110,
B ill of exchange. (See supra, A cceptances.)
Blank Indorsem ent in blank passes title, bu t better
practice is to require a specific indorsem ent, 4—
744.

Clearing item s, 2— 314.
Collateral for Federal Reserve notes m ust have, 1—
127, 363.
Directors—
Indorsem ent b y of suspended bank may be
required before discounting, 2— 66.
Resolution for, as to discount of notes signed b y ,
8—929.
Drawee. B ill payable to order of, not negotiable
w ithout indorsem ent of, 4— 110.
Enem y, or ally of enem y Travelers’ checks not over
$100 bearing indorsem ent of, m ay be paid w ith­
out license, 4— 11.
Genuineness. Indorsem ent of b ill sp ecifica lly ex­
em pting indorser from responsibility for valid ity,
etc. , of accom panying b ill of lading does not
affect elig ib ility, 8 — 457
Member bank. Note of, for 90 days used for carrying
or trading in U nited States obligations, when
indorsed b y , is eligib le, 4— 743, 863.
Member bank collateral note. No, of collateral nec­
essary if already in negotiable form, 2— 685.
N egotiable instrument. Indorsem ent of a, is “ trade9
9
under trading w ith enem y act, 8—851.

IN D O RSE M E N T— Continued.
N onm em ber bank—
T en per cen t lim itation of section 13 does not ap­
p ly to indorsem ent of a nonm em ber bank on
paper rediscounted w ith a m em ber bank,
4 — 520,
N otes of w hen offered and indorsed b y m em ber
banks are eligib le if proceeds used for carry­
ing or trading in U n ited S tates obligations,
4 — 743.
A note otherwise eligib le is not m ade in eligible
because it bears indorsem ent w ithout re­
course of a, 4 — 745,

(See N onm em ber banks.)
(See infra, R ed iscou n ts.)
Q u ality of goods, (See supra, G enuineness.)
Recourse, w ithout, (See supra, Nonm em ber bank )
R ediscounts—
Indorsem ent for rediscount creates contingent
lia b ility and custom er givin g note ceases to
be a borrower of indorsing bank w hether a
m em ber or nonm em ber ban k, 4 — 520, 638,
867
(See Borrower )
R equire only sim ple indorsem ent of m em ber
bank, 2 — 524
Statem ent
B ills drawn in foreign
Am erican acceptors, 2 — 111

countries

on

Trade. Indorsem ent of a negotiable instrum ent is
' ‘ trad e ” under trading w ith enem y act, 3 — 891.
W aiver
Indorsem ent operates as a, 2 — 524,
W ith ou t recourse. Purchaser takes a note indorsed,
su bject to U nited States R evised Statutes, section
5200, 4 — 34.

IN D O R SE R .
Released on b ill payable at sigh t, b u t accepted pay­
able in three m onths, 2 — 463.
Presentm ent for acceptance of sight draft releases,
4 — 109.

IN D O R SIN G BA N K .
Section 5202, U n ited States R evised Statutes, am ended
b y creating another exception
L iabilities cre­
ated b y th e indorsem ent of accepted b ills payable
abroad and discounted at hom e or abroad, when
actu ally owned b y , 5 — 965, 966.

IN D O R SIN G BA N K O R B A N K ER.
Statem ent as to financial condition of acceptor or
drawer, 2 — 111.

IN D U S T R IA L B O A R D .
A ppointed b y Secretary of Commerce to stu dy read­
justm ent of price conditions, 5 — 1 9 6 ,2 4 6 ,3 4 1 ,3 4 4 .
Plan of price stabilization , 5— 341, 344.

IN D U S T R IA L C O N D ITIO N S.
(See Business conditions.)
IN D U S T R IA L C R E D IT , B E LG IA N , 5— 309.
IN D U S T R IA L DEVELOPM EN T.
Capital available for, 5 — 102,

IN D U S T R IA L LO AN S, FO R E IG N .
Placed in U n ited States, 5 — 3 3 ,1 0 1 ,8 4 5 ,1 0 1 4 , 6 — 687,
691, 901

(See Foreign loans.)
IN D U S T R IA L RE AD JU STM E N T, 5— 192.
(See Business readjustm ent.)
IN D U S T R IA L T R A N SIT IO N AND P R IC E S , 5—104.




IN D U S T R IA L S .
(See Capital Issues Com m ittee.)
IN D U S T R IE S.
(See Business readjustm ent.)
IN D U S T R Y .
Business, finance, and, 6— 783.
(See Business conditions. )
Federal Reserve Agents on. 5— 1017
Rationing of Dr A C, M iller on, 4—922, 923,
(See Banking and industry in Sw itzerland, Business
conditions; Conservation of credit, Credit.)
IN E LIG IB LE .
Federal Reserve Bank director not, to serve out term
on redistricting, 1—103
Person livin g in part of district transferred not eligi­
ble for appointm ent as director in district from
which transferred, 2— 607
(See Acceptances,, Agricultural paper; Bankers ac­
ceptances. B ills of exchange, Commercial paper;
E ligible Exchange, payable in. Farm land loans;
N egotiable, Ten per cent lim itation, section 13.)
IN FLA TIO N .
Bank credits, 5— 306,
British Committee, House of Commons, on, 4—179
Contraction necessary, 5— 2,
Credits. Long-term, (See infra, Long-term credits.)
D efinition of, 5— 614.
Discussion of, 4—2. 79, 249, 928,1047,1167 , 5— 8,102,
409, 524, 614, 699, 813, 913, 6—113,116, 217, 221,
44S, 553, 555, 665, 774, 897, 1013, 1124.
E xport trade securities, when purchased, m ay go into
banks and cause, 5— 614.
Federal Reserve Agents, report on, 5—1017.
Federal Reserve notes are not cause of inflation, 2—212;
4—927
Federal Reserve notes and currency inflation, 5— 699,
813.
Governm ent bond issues and. London Econom ist,
3—518.
Harding, G ov., address on, 6—117
Inflation less than supposed, 4—79, 1047; 5— 102,
International financial conference, Brussels, report
on, 6— 1277
Liquidation. Real, shown b y test, 5— 103.
London banks, 1913-1918, 5— 323.
London Econom ist—
Governm ent bond issues and, 3—518.
Prices and, 3—375.
Long-term credits. Continuous excess of exports
paid for by , w ill cause, 5— 528.
Member banks, 5— 1010
Much less than exists abroad, 4— 1167
New York banks, 5— 1016,
Notes. Short-term notes, issued in lieu of long-term
bonds may operate to increase, 5—190.
O verexportation and, 5— 1014.
Peace. Inflation after, 5—9.
Prices and inflation London Econom ist, 3— 375,
Prices. H igh
Inflation of bank credits and, 5— 191,
195, 310, 410, 524, 699, 814, 911.
Prices. Inflation of, 5— 8.
Readjustment. Inflation should be guarded against
during, 5—523.

IN F L A T IO N — Continued,
Report on—
Federal Reserve Agents, 5— 1017
International financial conference, Brussels,
0 —1277
Short-term notes issued in lieu of long-term bonds
m ay cause, 5— 190.
Test of inflation
Shows real liquidation, 5—103.
V ictory loan. Inflation w ill continue until absorption
of, 5— 306,
V ictory notes. (See supra, Short-term V ictory notes, )
Wars, foreign. Inflation has follow ed almost all,
5—1015,
W orld condition of inflation, 5— 2.
(See Credit expansion, Expansion, Federal Reserve
notes,)
IN F O R M A T IO N , C R E D IT ,
Federal Reserve Banks m ay advise member banks in
advance as to credit of borrowers in their districts
1— 347
IN SO LV E N T B A N K S,
Paym ent of dividends to, 1—267.
Repaym ent of stock subscriptions to, 1—267.
IN S T A L L A T IO N , C O ST O F.
Drafts drawn for purchase price including, of electric
and m echanical goods, when accepted are good
trade acceptances, 4— 310.
(See Acceptances, trade.)
IN STA LLM E N T SA LE S.
Purchaser on installm ent plan accepts a b ill for each
installm ent, before delivery, and authorizes seller
to fill in his name as drawer and also to fill in
m aturity date of each installm ent as it falls due.
H eld a valid trade acceptance taking preferential
rate, 4— 437.
IN ST A L L M E N T S.
Paym ent b y —
Excess profits tax, 5— 407.
Incom e tax, 5— 407
L iberty Loan IV , 5— 100.
V ictory loan, 5— 407
Reserves. A nticipation of last, 2— 5, 668; 8—1,101.
(See Reserves, principal heading )
Trade acceptances based on. (See supra, Install­
m ent sales.)
IN S T IT U T E OF E XCH A N G E .
(See Italian Institute of Exchange.)
IN S T R U C T IO N S .
To dealers in foreign exchange, 4—185, 622.
(See Foreign E xchange D ivision; Regulations.)
IN S T R U C T IO N S , SP E C IA L , NO. 1.
K ern am endment, 2— 389, 392.
IN S T R U C T IO N S , SP E C IA L , N O. 2.
D iscount and open-m arket operations, 2—529.
IN SU RA N CE .
Currency shipm ents b y m ail, 8— 615, 5—27
Deposits, (See Guaranty of deposits.)
Group, Federal Reserve Banks. Plan approved,
2— 590; 8—28.
U nfit notes, 1— 306.
IN SU RA N CE A G E N T.
Am endm ent perm itting national banks to act as,
2—440.
Enacted in to law. A ct of Septem ber 7, 1916,
8—164.




IN SU RA N CE AG EN T— Continued.
N ational bank officers can not act as, 2—73,
Regulations, 3—164,
IN SU RA N CE C O M PAN IE S, EN EM Y O R A L L Y O F.
Licenses, Secretary of Treasury, 8— 838,
IN SU RA N CE CO M PAN IE S.
R eport, Foreign branches of, 5— 637.
IN SU RA N CE CO M PAN Y.
Casualty Draft against policyholder for premiums
not a valid trade acceptance, 4— 309.
National bank officers. Can not w rite insurance for,
although all profits given to bank, 2— 73.
(See supra, Insurance agent.)
IN SU RA N CE , G R O U P.
Federal Reserve Board approves plan for, 2— 590;
8—28,
IN SU RA N CE SU R V E Y S, M A R IN E .
Authorized b y War Trade Board, 4—171.
IN TE N TIO N TO E X P O R T .
(See A cceptances, E xportation and im portation.)
IN TE R B A N K LO AN S.
(See Federal Reserve Bank and branch cities.)
IN T E R -F E D E R A L
R E SE R YE
BA N K
R E D IS ­
CO U N TS.
(See R ediscounts.)
IN T E R D IS T R IC T C LE A R IN G SY S T E M .
(See Clearing system .)
IN T E R D IS T R IC T M OVEM EN T.
Federal Reserve notes, 1— 351, 2—258, 435, 657;
8— 648, 914; 4—147, 472, 786, 1153; 5—176, 504,
802,1094; 8 —202, 542, 881,1241,
IN T E R D IS T R IC T T IM E SC H ED U LES.
Conference, transit managers, 4—1175.
A pproved b y Federal Reserve Board, 6—746, 987.
IN T E R E S T . (See also, D iscount rates.)
A cceptances—
Federal Reserve Banks to make up for loss of, in
collecting, 4— 521,
Renew al, are in effect a guaranty of interest rates,
2—587, 588.
A ccrued—
A note payable on dem and is not held to be
renewed and subject to tax when accrued
interest is paid thereon, 3— 950.
United States bonds. Allotm ent, 1— 355, 356.
Bank deposits—
Conference w ith clearing houses on, 6— 3,157.
Federal Advisory Council. Interest on, 1— 394.
Federal Reserve Board—
Against high rates on, 4— 690.
Approves New Y ork plan, 4—285.
Position of, 4— 362, 690, 806.
Federal Reserve Bank discount rates. F ixed
with relation to, 4— 690, 806.
Resolution of clearing house representatives.
Maximum rate of 2\ per cent, 8— 157
Harding, G ov Statement on, 4— 160, 252, 285,
H istory of, 4— 286.
New Y ork banks—
Agreem ent, 4— 253, 285.
Approved b y Federal Reserve Board, 4 —285.
New Y ork Clearing House—
Resolution, 1858, 4 — 286.
Resolution, 1873, 4— 287.
R esolution, 1884, 4— 290.

IN T E R E S T — Continued.
IN T E R E S T — Continued.
Rates—
Bankers’ acceptances. Commercial rates. (See Fed­
Based on m aturity at tim e of rediscount, 2— 461.
eral Reserve Bank and branch cities.)
Equalization of New Y ork and Chicago 90-day
Based on m aturity at tim e of discount, 2—461.
rates, 4 — 691,
B ill of lading drafts, 4 —436, 437
Federal Reserve Board against high, on bank de­
Call loans, 5 -4 2 9 , 524, 617,1009.
posits, 4 — 690.
Federal Reserve Agent, New Y ork, report on,
Fixed w ith relation to Federal Reserve Bank dis­
6—369.
count rates. 4 —690, 806.
Federal Reserve Board to Senate on, 6—345. 368.
New agreement, 6—157
Cattle loans. Commercial rates. (See Federal R e­
New Y ork market, 1918-1920, 5 — 429; 6— 479,
serve Bank and branch cities.)
941, 942.
Collected bu t not earned, 5— 249,
(See supra, Bank deposits; D iscount rates.)
Com mercial paper New Y ork market, 1914-1920,
Readjustm ent to new rates of interest return, 5— 408.
5— 429, 6— *i79, 941,
Rebate of, 1—308; 2—461, 8— 949.
Commercial rates. (See Federal Reserve Bank and
branch cities.)
Resolutions on. (See supra, Bank deposits.)
Com putation of—
Trade acceptances, payable w ith interest after matur­
Incom e tax, 5—249.
ity for delayed paym ent are valid, 8—200.
Method, 2— 272, 457; 8—951.
U nited States. Interest payable in , on our holdings
of foreign securities, 5— 526.
360-day table, 2—457, 458.
U nited States bonds. Accrued interest. Allotm ents
Notes falling due on Sundays or legal holidays,
for purchase, 1— 355.
4 — 108.
Usurious rates—
Coupons, Federal Farm Land Banks, to be paid by
B ill Com ptroller of Currency, 4—428.
Federal Reserve Banks, 4 — 435.
National banks, 3—292.
Deposits, bank. (See supra, Bank deposits.)
V ictory loan, 5— 100, 218.
Earned but not collected, 5— 249,
War paper, com m ercial rates. (See Federal Reserve
Federal Advisory Council. Recom m endations on,
Bank and branch cities.)
6— 224.
Warehouse receipts—
Federal Farm Loan Board. Interest on bonds issued,
Commercial rates on paper secured b y
(See
5— 129.
Federal Reserve Bank and branch cities.)
Federal Reserve Agents. Reports on rates of, 6—571.
(See also A cceptances; B ills of exchange, Dis­
Federal Reserve Bank and branch cities. Commer­
count rates, Rates; Warehouse certificates.)
cial rates. (See Same. )
Federal Reserve Bank discount rates. Interest on IN T E R E S T -B E A R IN G D E B T, UNITED ST A T E S ,
bank deposits fixed w ith relation to, 4—690, 806.
3—343; 4—268, 278, 1061, 5—225, 6—661, 1123.
(See P u blic debt.)
Federal Reserve Board—
Against high rates on bank deposits, 4 —690.
IN T E R E ST , C E R T IF IC A T E S OF EQ U ITABLE.
Approves New Y ork plan for interest on bank
In a note are not eligible, 3—949.
deposits, 4— 285.
IN T E R E S T , U SU R IO U S.
Position of Interest on bank deposits, 4— 362,
B ill, Com ptroller of Currency, 4— 428.
690, 806.
National banks, 3—292,
(See supra, Bank deposits.)
IN T E R IO R , D EPARTM EN T O F.
Federal Reserve notes. Federal Reserve Board not
Deposits of Indian funds w ill not be revoked because
bound to charge interest on, 2— 273.
banks have rediscounted with Federal Reserve
Foreign securities. Interest on, held in United
Banks, 2—266.
States, 5-—526,
Report of com m ittee of, on gold production, 5— 124.
Guaranty of Renewal acceptances are in effect a,
2—587, 588.
IN T E R L O C K IN G D IR E C T O R S .
(See Clayton A ct.)
Indorsem ent of. N ot a renewal su bject to tax, 8—950,
Interbank loans. Rates. (See Federal Reserve Bank IN TE R N A L REVENUE, C O M M ISSIO N E R O F.
and branch cities.)
(See Commissioner of Internal R evenue.)
Inter-Federal Reserve Bank rediscounts. Computa­
IN TE RN A L-REV EN U E T A X .
tion of—
(See Excess-profits tax, Incom e tax, Stamp tax, Tax,
365 days, 4— 109.
War-profits ta x.)
360 days, 4— 744.
IN TE R N A L W AR LO AN S.
(See R ediscounts.)
European countries, 4— 1070.
L iberty bonds. Interest low er than com m ercial rates
(See European countries; War loans.)
on capital, 5— 408,
Liberty Loan IV , 5— 100.
IN TE R N A TIO N A L BALAN CE, UNITED ST A T E S .
Analysis of, 6— 902
New York, 6— 479, 941
Call loans, 5—429, 524, 617,1009; 6—369,
IN TE R N A TIO N A L BA N K .
New Y ork Clearing House. (See supra, Bank de­
Proposed b y International Financial Congress, Brus­
sels, 6— 1130.
posits.)
Report, 6—1281.
New Y ork market. (See infra, Rates.)




IN T E R N A T IO N A L
B A N K IN G
C O R P O R A T IO N ,
NEW Y O R K .
Branch in San Francisco, 5— 358.
Business and branches of, 4— 944.
Foreign branches, 5— 358, 562, 854, 962, 1050, 1154,
6—273, 492, 607, 944, 1298.
N ational C ity Bank, New Y ork, given permission to
subscribe to stock of, 4— 937.
IN T E R N A T IO N A L CO N TR O L O F EXCH A N G E .
Proposed b y International Financial Conference,
Brussels, 6— 1131.
IN T E R N A T IO N A L C R E D IT S .
R esolution, International Financial Conference, 6—
1286.
IN T E R N A T IO N A L
FIN A N C IA L CO NFEREN CE,
B R U SS E L S .
League of Nations issues call for, 6—1129.
Proceedings, reports, and resolutions, 6—1277-1293.
IN T E R N A T IO N A L FIN A N C IA L S IT U A T IO N .
H oover, H ., on, 6— 140.
Secretary of Treasury on, 6— 139.
IN T E R N A T IO N A L GOLD C LE A R IN G FUND.
Pan Am erican Financial Congress, 5— 198,
IN T E R N A T IO N A L G U A R A N TY OF E X P O R T S .
International Financial Conference, Brussels, 6—1130.
IN TE R N A TIO N A L H IG H C O M M ISSIO N .
G old clearance fund, 5— 198.
R eport of checks, 4 —518.
IN TE R N A TIO N A L LO AN .
International Financial Conference, Brussels, 6—131
IN TE R N A TIO N A L P R IC E IN D E X , 6—26, 164, 499,
616, 712, 1310.
IN T E R N A T IO N A L TR A D E SY N D IC A T E .
International F inancial Conference, Brussels, 6— 1131
IN T E R P R E T A T IO N .
Section 22, Federal Reserve A ct, 1— 16.
(See Construction, Section 22, Federal Reserve A ct.)
IN T E R S T A T E COM M ERCE C O M M ISSIO N .
Recom m endations of Class A directors to, as to in ­
creased railroad rates, 6— 581
IN T R A D IS T R IC T C LE A R IN G SY S T E M .
(See Clearing system .)
IN V E S T IG A T IO N .
President given power of, of any transaction in U nited
States bonds or certificates, 4—961.
(See Trading w ith enem y act.)
IN V E STM E N T.
(See Permanent investm ent.)
IN V E STM E N T B A N K E R S A S SO C IA T IO N .
Cooperation w ith Capital Issues Com mittee, 4—263.
IN V E STM E N T CO M PAN Y.
New Y ork banks authorized to invest, up to 10 per
cent. etc. in stock of any, authorized to accept
drafts, discount com m ercial bills, issue letters of
credit, e tc., 4— 525.
IN V ESTM EN T IN B A N K B U IL D IN G S .
B ill of Com ptroller of Currency, 4 —433.
(See Federal Reserve Banks.)
IN V E STM E N T C O N D IT IO N S , 6—223, 452.
(See Business conditions.)




IN V E STM E N T OF T R U S T FU N D S.
(See F iduciary pow ers; Trust funds.)
IN V E STM E N T O PE R A TIO N S
Federal Reserve Banks, 1—233, 2—251, 300, 363,
425, 498, 578, 647, 719; 3— 66, 76, 144, 225, 237,
321, 415, 490, 500, 569, 644, 721, 819, 909, 982;
4— 57, 141, 233, 346, 466, 557, 671, 781, 901,
1028, 1144, 1242 , 5— 84, 165, 279, 389, 492, 590,
680, 790, 882, 987, 1010, 1082, 1181, 6—89, 189,
305, 412, 529, 640, 739, 869, 983, 1100, 1230,
1347
IN V ESTM EN T PRO BLE M .
Longterm credits an, and not a banking problem ,
IN V E STM E N T SE C U R IT IE S .
Depression in , 6—223.
IN V E STM E N T T R U S T S , 5— 412, 413, 524, 525; 6—
1168, 1169 (Great B ritain).
IN V E ST M E N TS.
Am erican, abroad, 6— 687, 777.
Banks in U nited States, all, 5—838, 1010.
Chart, Federal Reserve Banks, 3— 56.
Domestic. Condition of, 5— 527
Earnings on. (See D iscount and open-m arket opera­
tions.)
Federal Reserve Banks.
(See supra, Investm ent
operations.)
Fiscal year 1920, 6—669.
Foreign Governm ent securities—
Warning of Federal Reserve Board against over­
investm ent in , 2— 661, 3—2, 82, 236, 239.
(See British exchequer notes.)
Foreign investm ents held b y Am erican interests.
6 —687, 777
Governm ent securities. (See supra, Investm ent
operations.)
M ember banks, 4—664, 5— 838, 1010; 6 —726, 728.
National banks—
1913- 1917, 4 —337
1914- 1919, 5—782, 6—726, 727, 728.
M ay invest in mortgage certificates of a trust
com pany secured b y other notes in turn
secured b y real estate mortgage. If mort­
gage certificate is secured directly b y real
estate mortgage or deed of trust, lim itations
of section 24 w ould apply, 4 —30.
Loans secured b y farm loan bonds are not real
estate loans and m ay be discounted b v .
4 -6 3 5 .
(See National banks.)
New York banks, 4— 664,1048.
R eduction in , necessary to absorb gold im ports,
3—76.
Warrants—
(See Investm ent operations.)
(See also D iscount and open-m arket operations;
Investm ent operations; M ember banks;
National banks.
IO W A .
A cceptance laws, 3— 530.
Amendments to banking laws, 5— 567, 744.
Federal Reserve Banks. Laws as to purchase of
stock in , 1—150,
Foreign banking corporations. Laws, 5—56.
List of State m em ber banks, 4—93.
Reserve laws, 3—772,

IR O N .
P rice, Germany, 6—1318.
Production, Great B ritain, 6— 1071,1313.
Terms of sale, 6—148.
(See Pig iron. )

IT A L IA N IN S T IT U T E OF EX CH A N G E—Continued.
W ork done b y , 5—847
(See Foreign exchange.)

IT A L Y .
Bank of Italy. (See same.)
Bank of Naples. (See same.)
IR O N AND STEEL P R O D U C TS.
Stabilization of prices. Industrial Board, 5— 196,
Bank of S icily
(See same.)
246, 341, 344.
Banking and econom ic conditions, 1914-1919, 5—840.
Terms of sale, 6— 148.
Banks of issue, Condition, 6—218,1297.
(See Physical volum e of trade, Prices, W holesale
(See supra, Issue.)
prices.)
Bread subsidy 6— 1321.
IR O N O RE.
Bread tax, 6— 960,
(See Physical volum e of trade; Prices; 'Wholesale
British exports and im ports to and from, 6—1200.
prices, Sault Ste. Marie Canal.)
Budget, 6 -4 8 9 , 960,1320.
IR R IG A T IO N CO M PAN Y.
Cost of war, 5— 845.
Paper of, is eligible. W ater is “ goods,” section 13,
T
D ebt, pu blic, 3— 349; 4—268, 277, 10611 5—845; 6—
6— 949.
489,
IR V IN G N A TIO N A L B A N K .
Dollar loans to, 4—940,
Foreign banking developm ent. A rticle, 5— 23.
Expenditures and revenue, 6—1320.
ISSU A N C E OP C IR C U LA R S AND R E G U LA TIO N S
Exports and im ports, 6— 508.
(See Circulars and regulations. )
F iscal reform , 6— 489.
issrE.
Foreign exchange. (See Italian Institute of E x­
Banks of. C ondition, 2— 658, 3—234, 329, 500, 681,
change.)
1)42 , 4—243, 267, 269, 375, 996, 1057,1077,1167,
Foreign exchange rates—
5— 140, 197, 294, 463, 648, 840, 849, 1007, 1200;
Berlin on, 6—1076,1319.
6—
218, 485, 487, 488, 909, 1044, 1047,1049, 1295.
Buenos Aires on, 6—598.
( See Banks of issue, leading )
London on, 6—1070.
Expense of, Federal Reserve notes, 2—12, 58, 59,
New York on M ilan, 6— 49.
71, 111, 219, 387, 595.
On foreign countries, 1914-1919, 5—846.
(See Federal Reserve notes.)
(See Foreign exchange.)
L iberty Bonds, I to IV , 5— 225.
Gold reserves, 1913-1920, 6 —1296,1297
(See same, principal heading.)
Government aid to foreign commerce, 5— 1048,
Original cost of, Federal Reserve notes. (See Federal
Reserve notes.)
Italian Institute of Exchange. (See same.)
U S Treasury certificates. (See sam e,)
Lira exchange—
D ecline in , 5—525.
See also European central banks, Federal Reserve ex­
change drafts, Federal Reserve Bank notes,
Federal Reserve Board removes all restrictions
Federal Reserve notes, Foreign banks of issue;
on, 5— 311, 469.
France; Great B ritain, Ita ly , Japan, Leading
Im ports restricted b y condition of, 5 —311,
banks of issue, L iberty loans; United States
Regulations of Italian Institute of Exchange still
Treasury certificates,
in force, 5— 469.
IS S U E AND RE D E M PTIO N , FED ERAL RESERVE
Lira, gold Percentage of appreciation over paper
N O TES
lira, 5— 846.
Regulation O, 1—215; 8— 667, 941.
Loans from United States Government—
(See Federal Reserve notes.)
1917-1919, 3—424, 731, 4—279, 1059, 5—33, 845,
957, 6—688, 901.
IS S U E O P S T O C K C E R T IF IC A T E S , FEDERAL
(See A llied powers.)
RESER VE B A N K S.
Regulation 1 ,1920, 6— 1187
Placed in U nited States, 5 —33; 6—688, 901.
National Institute of Foreign exchanges. (See Italian
IST H M U S OF PAN AM A.
Institute of Exchange.)
Branch of International Banking Corporation at
Notes in circulation. Three banks of issue, 1914-1919,
Panama, 4— 946.
£
0 40
*
*
Federal Reserve Banks may discount acceptances
Notes, Governm ent, 1914-1919, 5—843.
based on shipments between the continental
U nited States and the Canal Zone, 1— 91
Price control, 6—243, 246,
National bank, w ith a branch on Isthmus of Panama,
Prices—
may loan on real estate, under section 24, if situ­
ly jtf-iyzu ,
476, 044,
31, 166, 281, 391, 508,
ated w ithin 100 m iles of the branch, 3—952,
620, 711, 848, 959, 1080, 1210, 1320.
Shipm ent from territorial United States to the Canal
Greater increase than in United States or Great
Zone are not shipments to foreign countries and
Britain, 5— 544.
are subject to stamp tax, 5— 467
Rose earlier, 5— 544.
IT A L IA N IN S T IT U T E OF EXCH AN G E.
Public debt. (See supra, P ublic debt.)
D escription of, 4—594.
Revenue and expenditures, 6 —489, 960, 1320.
Lira exchange. Regulations, 5— 469.
Rome. (See same.)




IT A L Y —Continued.
J APAN — Continued.
U nited States. Governm ent and other loans placed
Banks of issue. Condition, 1913-1920, 6— 488, 1077,
in , 5— 33; 6—688, 901.
1078.
(See supra, Loans.)
(See Issue, Banks o f.)
War debt, 8—349; 4—268, 277, 1063, 1073; 5—845;
Branch of International Banking Corporation in , 4—
6—489.
946.
IT E M .
Capital issues in , 6—961.
Cash in vaults and w ith Federal Reserve Banks may­
Cotton yam , Prices, 6— 1077,1208.
be reported as one, 2— 668.
Credits to allies, 6— 732,
IT E M B A S IS .
Currency expansion, 6— 903.
Charges of Federal Reserve Bank of Boston on, 8—162,
Foreign exchange rates on foreign countries and
164.
U nited States, 1914-1919, 5— 733; 6— 903.
IT E M S .
Per cent of parity on London, 6— 903.
Cash item s—
G old exports from U nited States to, since rem oval of
Bankers’ acceptances to be handled as, 4—371.
embargo, 5— 1016,
Service charges for, abolished, 4— 371.
G old reserves, 1913-1920, 6— 1296.
Trade acceptances to be handled as collection and
Im perial Raw Silk Corporation organized, 6— 1207.
not as, 4— 371.
Im port tariff, 6— 1319.
Check item s. Trade acceptances to be handled as
collection and not as, 4 —371.
Im ports and exports, 5— 731, 6—509, 961, 1077, 1208,
1320.
Collection item s—
Im ports of gold from U nited States, 5— 731, 6—1018.
Charge of 15 cents per item on each item returned
unpaid, 4— 371
Leading banks of issue. (See supra, Banks of issue.)
Service charge of 10 cents abolished, 4—371.
Loans placed in U nited States, 5— 33, 6— 688.
Trade acceptances to be handled as, 4 —371.
London. Foreign exchange rates on, 5— 733; 6— 903.
C ollection of item s—
Per cent of parity Foreign exchange rates on Lon­
don, 6—903,
Drawn on m em ber banks, 1—346.
Prices, 6—279, 506, 616, 708, 848, 905, 954, 960, 1069,
Voluntary as to, b y national banks on nonmem­
1076, 1077, 1198, 1208, 1310, 1320.
ber banks, 2—456.
S i lk Of item s not covered b y present collection sys­
Im perial Raw Silk Corporation organized, 6—
tem , 1— 346.
1207.
Federal Reserve Banks—
Prices of raw silk, 6— 1077, 1198,1208.
May require depositing nonm ember banks to
Silver production, 1910-1918, 5— 141.
m aintain balances, 8— 617.
(See also Bank of Japan.)
Must receive item s in tim e for presentation
Tariff law
New, 6— 1319.
at m aturity, 5—246.
Size of—
Tokyo. Associated banks of• Condition, 1914-1920,
Bank discounts, 6— 1017.
6—1078.
Member bank collateral notes, 6—1017.
U nited States. Governm ent and other loans placed
R eduction in , 6— 1018.
in , 5— 33; 6 —688.
(See D iscount and open-market operations.)
JA V A .
G old reserves, 1913-1920, 6— 1296.
U ncollected item s. (See Clearing system , Resources
and lia bilities.)
(See Bank of Java.)
J.
J A Y , PIE R R E .
JA C K SO N V ILLE .
Appointed Class C director, New Y ork, 8—7.
Branch bank, 4— 596, 695.
Call loans, 6— 369.
Directors, 5— 126, 6—61.
Report on housing conditions, New Y ork, 5— 632,
Em ployees, 5— 778.
1049.
(See Federal Reserve Agents.)
JA F F R A Y , C . T .
E lected to Federal A dvisory Council, 5—201.
JE W ELR Y.
JA M A IC A .
Banking laws, 6— 1039.
Banks—
British, operating in , 6—1039.
Canadian, operating in , 6— 1039.
Operated b y Governm ent of, 6— 1039.
Foreign banking in , 6— 1039.
H andling of bills of exchange in , 5—462.
JA PA N .
A llies, Credit8*to, 6— 732.
Associated banks o f T okyo. Condition, 6—1078.
Bank of Japan. (See same.)
Banking and econom ic conditions in , 5— 731.




Terms of sale, 6— 1032.
JO H N SO N , A . B .
E lected Class B director, Philadelphia, 8—7.
JO IN T A G E N C IE S.
(See Branch banks, Branches; Federal A dvisory Coun­
c il, Foreign branches.)
JO IN T B R AN C H E S.
(See Branches; Federal A dvisory Council, Foreign
branches.)
JO IN T C U STO D Y .
Federal Reserve Agents and Federal Reserve Banks,
8— 615, 691.
(See Federal Reserve A gents.)

JO IN T -S T O C K B A N K S.
London. Condition, 1914-1919, 6— 1044.

KERN AM ENDM ENT.
(See Clayton Antitrust A ct.)

JO IN T -S T O C K LAND B A N K S.
Notes of, secured b y their own bonds, are finance
paper and not eligible, 6—609.
(See Federal land banks.)

K E T T IG , W . H .
Appointed Class C director, Atlanta, 3—7.

JO IN T ST O C K O W N ER SH IP.
(See Edge A ct; Federal A dvisory Council, Foreign
branches; National banks.)
JO N E S, B R ECK EN RID G E .
State bank m em bership, 3— 596.
State banks and Federal Reserve System , 4—510.
JU G O -S L A Y IA .
(See Foreign exchange rates.)
JU R IS D IC T IO N .
Conversion of a State bank in to a national bank does
not destroy corporate iden tity Jurisdiction
sim ply changes, 3—
-690.
Lim it of. (See Capital Issues Com m ittee.)
Over exports of gold manufactures transferred to
War Trade Board, 4— 171
War Finance Corporation has no, over Federal Reserve
Banks, 4— 1216.
K.
K A IN S , A .
Resigns as governor, Federal Reserve Bank, San
Francisco, 3—633.
K A N SA S.
A cceptance lawB, 3— 530.
List of State member banks, 4—93.
Reserve laws, 3— 774.

K IT C H IN , CLAUDE.
Letters of Secretary of Treasury to.
the Treasury )

(See Secretary of

K N IT G OO D S M AN U FACTU RERS OF AM E R IC A .
Production report, 6— 1145, 1275,
K N IT G O O D S PR O D U C TIO N , 6—925, 1027, 1145,
1275.
K N IT UNDERW EAR.
Terms of sale, 6— 472.
L.
LA B O R .
A cceptance regulations. Not “ goods ” under, 5—565.
Coal strike, Great B ritain, 6— 1198, 1311.
Conditions of, 5— 11, 103, 111, 192, 195, 202, 410, 419,
534, o3o, 623.
(See Capital Issues Com m ittee.)
D em obilization of, 5— 111.
E fficiency of, 6—344.
Readjustm ent to a peace basis, 5— 11, 192, 195, 410.
Strikes, 5— 112; 6— 1198, 1311,
U nem ployed, 5— 103, 112, 192, 6— 1072.
Wages of, 5— 195, 202, 410, 535, 623.
(See Business conditions; Business readjustm ent.)
LAC ES.
Terms of sale, 6—473.

K A N SA S C IT Y .
Increase in local bank rates, 4— 813, 814.

LAM O N T, T . W .
Appointed to represent U nited States Treasury at
Paris, 5— 108.

K AN SAS ST A T E B A N K E R S.
Favor am endment to section 22, 4—515.

LAN D, FAR M .
(See Farm land loans.)

K E N T, F . I .
Appointed foreign exchange adviser, 4—11.

LAW D EPARTM EN T.
(See Opinions of counsel.)

K E N TU C K Y.
A ccept. State banks m ay, 4—526.
Borrowing. D iscount and purchase of specified com ­
m ercial paper does not constitute, under loan
lim itations, 4—526.
Exam ination of. (See infra, State banking com ­
m ittee.)
Federal Reserve Banks—
Copies of State exam inations may be given to,
4—315.
Purchase of stock in , 1— 150.
Federal Reserve System, State banks may join , 4—
315.
Fiduciary powers, national banks may exercise, in ,
2—
-678.
Laws—
A cceptance, 3— 530.
Foreign banking corporations, 5— 56.
Reserves, 3— 772.
"Warehouse, 1—261.
Letters of credit, State banks may issue, 4— 526.
State banking com m ittee. May accept examinations
by Federal Reserve Banks in lieu of State exam­
inations, 4—315.
State banks, authorized to accept bills and issue
letters of credit, 4—526.

LAW FUL M ON EY.
D efinition of, 1— 12.
Deposits of , w ith Federal Reserve agents, to reduce
lia b ility on Federal Reserve notes. 1— 273,
Shipm ents of, in paym ent of clearing item s may be
sent b y clearing banks at expense of Federal
Reserve Banks, 2—259, 456.
(See Clearing system .)




LAW S OF ST A T E S .
A cceptance laws, 3—350, 529.
Adm ission to Federal Reserve System, 1— 150, 182,
218, 263, 4— 166, 315, 526, 978, 1081; 5— 54, 56,
366, 566, 658, 741, 743, 744, 859, 967
Fiduciary powers, 1— 150, 2—523, 678; 3— 30, 528,
529, 598. 697, 767
Foreign banking corporations, 5— 54, 55; 6— 1039.
Reserves, 3— 768.
Warehouse laws, 1— 260.
LEAD.
Prices, 1914-1920, 6— 1214.
Terms of sale, 6— 149.
LEAD O RES.
(See Prices.)
LEAD IN G B A N K S OF EUROPE.
(See infra, Leading banks of issue.)

LEA D IN G B A N K S O F IS S U E .
Condition, 1914-1919, 2— 659; 8— 234. 329. 500. 681,
942, 4— 243, 267, 269, 375. 996. 1007, 1057, 1167,
5— 140, 197, 294, 463, 648, 840, 849 1007 1200;
6— 218, 485, 487, 488, 909. 1044, 1047, 1049, 1295,
G old reserves, 1910-1920, 6—1295.

L IA B IL IT Y — Continued.
(See, how ever, 2— 680 at 681)
(See, also, A cceptances; Own acceptances.)
Contingent. Rediscounts—
Federal Reserve Banks. (See Resources and
liabilities.)
LEAGU E O F N A TIO N S.
Member banks, 5— 186, 299, 300, 301, 517, 518,
Analysis of foreign exchange and currency situation.
519, 785, 904, 905, 908,6—329, 438, 764,1005.
6— 898, 901, 902, 903, 909
State member banks, 5— 183, 184, 296, 297, 298,
Issues call for international financial conference,
514, 515, 516, 906, 907, 6— 329,438,764,1005.
Brussels, 6— 1129
D irect lia bility of national bank guaranteeing accept­
Tables, Inflation, 6— 903.
ance made for it b y its foreign correspondent,
4—311. (See A cceptances, Guaranty )
(See International Financial Conference, Brussels,
Peace Conference )
(See, how ever, Volum e 7, Federal Reserve B ulletin,
May, 1921, page 547.)
LEA TH ER.
D ouble lia bility National banks and State member
Price, 1914-1920, 6 —1214.
banks are subject to, as stockholders under Sec­
(See Prices,)
tion 2, Federal Reserve A ct, bu t stockholders of
LEA TH ER M AN U FA CTU R ES.
State member banks are not so liable, 1— 273,
Terms of sale 6— 932.
Net lia bility (See Federal Reserve Bank notes;
Federal Reserve notes; Net deposits; U nited
LE D G E R S, S T O C K , 1— 74,
States Railroad Adm inistration.)
LEFFIN G W ELL, A S S IS T A N T SE C R E T A R Y .
R eduction of, Federal Reserve notes, 1— 273, 363.
Foreign exchange and credits, 4— 940.
(See Federal Reserve notes.)
LEG AL E X P E N SE S.
State member banks. Stockholders ’ lia b ility , 1— 273,
Federal Reserve Banks. (See Earnings and expenses.)
Stockholders’ lia bility—
LE G A L H O L ID A Y .
State member banks, 1— 273.
M ember bank collateral notes or com m ercial paper
(See also, A cceptance lia b ility ; Net deposit
falling due on, or Sunday, should have discount
lia b ility )
figured for one or two days more or less according
L IB E R IA .
to law of State, 4— 108.
Governm ent and other loans placed in U nited States,
LEG AL TEN D ER.
G old certificates made.
6— 60.

A ct D ecem ber 24, 1919,

L E G A L-TE N D E R N O TES.
(See Clearing system reserve balances, M oney; R e­
sources ana liabilities.)
LEM O N S.
(See Physical volum e of trade; Prices.)
LEO N ARD , C, M .
Appointed to War Finance Corporation, 4—364.
LE TTE R S OF C R E D IT .
Rem oval of restrictions on, 5— 469,
Travelers. R uling, Foreign Exchange D ivision, 4—
973.
(See New Y ork law s.)
LEVER A C T . FOOD C O N TR O L.
Am endm ent, 5— 967
(See A ct August 10, 1917.)
L IA B IL IT IE S .
(See Assets and liabilities , Clearing house debit state­
m ents; D eposits, Federal reserve notes, Leading
banks of issue; M ember banks, condition state­
m ents; Resources and liabilities.)
L IA B IL IT IE S , ACCEPTAN CE.
(See A cceptance liabilities.)
L IA B IL IT IE S , CAN AD IAN CH ARTERED BA N K S,
5—1144.
L IA B IL IT IE S , CU RRE N T.
Notes of pu blic service corporations for purchase of
coal, etc., are eligible if statement shows reason­
able excess of quick assets over, 3— 527, 949.
L IA B IL IT Y .
A cceptance. (See Same.)
Cancellation of. Purchase b y bank of own accept­
ance, 2— 397.




6- 888.

L IB E R T Y BO N D S.
Am erican Bankers Association. Resolution, 8— 438.
Conversion of, 8— 34 1,4—517.
Coupons, cashing of, 4—13.
Customer’s paper secured b y
Commercial rates.
(See National Reserve Bank and branch cities.)
D eposit of pu blic m oneys received from, 4— 494.
D iscount rate® on paper secured b y , 8— 425,429, 497.
D iscounts of paper secured b y
(See A ct of Septem­
ber 24, 1918; A ct of March 3, 1919; A ct of Octo­
ber 22, 1919.)
Federal Reserve Banks—
Investm ent in. (See Total investm ent opera­
tions.)
Telegrams to or from, in connection w ith, paid
b y Treasury, 8— 439.
Financing of. M ethod, 8— 580, 599.
Franking privilege not accorded to Federal Reserve
Banks in connection with. 8— 439.
Gold coin. Paym ent for, in , 6— 454.
H oldings—
Member banks. (See Member bank condition
statem ent.)
National banks. (See National banks.)
Reduced holdings, 5—1106.
U nited States, all banks, 5— 942,
Interest. Commercial rates higher than, on, 5— 408*
Investigate. President given power to, all transac­
tions in , 4—961.
Investm ent in —
(See infra, Savings banks.)
(See Total investm ent operations.)
Liberty loan com m ittee, personnel, 8— 437.

L IB E R T Y BO N D S— Continued
List. Lost, stolen, and recovered, 4— 515, 613, 740,
859, 968, 1115, 1212,
Loans secured b y , com m ercial rates. (See Federal
Reserve Bank and branch cities.)
Member banks, (Se-e supra, H oldings,)
M oney market. No disturbance in , 3— 920.
National banks—
Loans on security of, 5— 441.
Subscriptions and work done b y , 3—748, 749
New York. W ithdrawal of funds from 3— 653.
New York banks may receive, on deposit for safe­
keeping, 4— 525.
New York laws, Notes secured b y , 4— 524.
Nonmember banks—
E ligibility of notes of, secured by, 4— 743.
Member banks may act as agent of, in rediscount­
ing paper in connection w ith, 3— 497
Notes of indorsed b y member banks may be dis­
counted on same basis as 90-day paper, if
proceeds are to be used for purchase or carry­
ing, 3—497
Rediscount privileges of, 3— 426, 430, 509.
(See Nonmember banks,)
Notes of one bank to another, the proceeds to be used
in replenishing withdrawals of deposits for pur­
chase of, are not eligible, 3— 954
Notes secured by—
Commercial rates. (See Federal Reserve Bank
and branch cities.)
E ligibility of, 3— 457
Preferential rate on, 3— 425, 429, 497
Preferential rate on notes secured by, 3— 425,429,497
President of United States urges purchase of, 4— 483.
Purchases b y Treasury suspended, 6— 445.
Rates. Paper secured b y , 3— 425, 429, 497
Reserve situation, E ffect on, 3— 577
Savings banks—
Assistance to, through member banks in case of
withdrawals of deposits in connection with,
3 -4 9 8 .
Investm ents in , 4— 856, 952.
Short-term notes or, 5—303, 304.
Taxation of incom e from investm ents in , 3— 459, 601,
930.
Treasury suspends purchases of, 6— 445.
United States, (See supra, H oldings.)
War paper R ediscount of. A ct March 3, 1919, 5—
361, 1055,
War savings certificates—
Relation to, 4— 164.
(See D iscount and open-market operations.)
(See War p a p er)
L IB E R T Y LOAN I.
A ct A pril 24,1917, authorizes issue of, 3—345.
Ad interim certificates, No charge for exchange of,
for, 3—600.
Allotm ent, 3—506, 578.
Am erican Bankers Association offers services in
placing, 3— 438.
Book credits. Paym ent of subscription by banks by,
3—435.
Cash paym ents, 3—578.
Circulars, Treasury Department, 3— 432, 437, 505.
Conversions of, 4—22.




37599°— 21------10

L IB E R T Y LOAN I— Continued
Coupons. H andling of, 3—933.
Credit payments. 3—578,
D istribution ot by Federal Reserve districts, 3— 506,
578
D istrict com m ittees. List. 3— 437
Exchange of No charge for. for different denomina­
tions. 3— 600.
Exem ption from tax, 3— 459, 601 930,
Federal Reserve Bank of Chicago. Circular letter
3 -4 3 7

Federal Reserve Bank, New York, E ffect of, on, 3—
577
Federal Reserve Banks.
Franking privilege not
accorded to. 3— 139.
Federal Reserve Banks. Telegrams of, in connection
with, to be paid b y Treasury, 3—439.
Federal Reserve Board Asistance rendered—
(1) 3 per cent rate for 15-dav member bank paper
secured by Treasury certificates, 3 - *497
(2) 34 per cent rate for 90-day paper for purchase of.
(3) Member banks authorized to act as agent for
nonmember banks in rediscounting paper in
connection w ith, 3 — 497
(4 ) One-day rate, 2-4 per cent.
(5j Nonmember bank notes indorsed b y member
banks may, u n til July 15,1917, be discounted
at 90-day rate, if accompanied by affidavit
that proceeds were used for purchase of, or
carrying. 3—426, 429, 498, 509, 579.
(6) Sowings banks and trust companies promised
assistance in case of withdrawal of deposits,
3—498
Federal Reserve districts. D istribution b y , 3— 506,
578.
Financing M ethod of, 3— 436, 580, 599
Form of application, 3— 436.
Franking privilege not accorded to Federal Reserve
Banks, 3— 439.
Harding. G ov Tour of country 3— 429.
National banks—
Subscriptions, 3— 748, 749; 4—372,
Work done b y , 3— 748, 749.
New York. W ithdrawal of funds from, 3— 653.
Nonmember banks, rediscount privileges, 3— 426,430,
498, 509. 579
(See Nonmem ber banks.)
Official Bulletin. E xtracts from, as to, 3—599,
Oversubscribed, 3— 505, 580, 599.
Payments for by cash, credit, and United States
Treasury certificates, 3— 578.
Preferential rates on notes secured b y , 3— 425, 429,
457, 497, 509, 579.
Rates, paper secured b y , 3— 425,429,457,497,509,579.
Reserve situation. E ffect on, 3—577.
Secretary of Treasury—
Tour, 3— 429
(See supra, Circulars.)
Subscribers. Number of, 3— 497, 505, 599.
Subscriptions to, 3— 497, 505, 580, 599.
B y bank credits, 3— 435, 578.
B y cash, 3— 578.
B y Federal Reserve districts, 3—506, 578.
Methods of financing, 3— 436, 580, 599.
B y United States Treasury certificates, 3—578.

L IB E R T Y LOAN I — Continued
L IB E R T Y LOAN IT — Continued
Banks. Operations of, 4—1170.
Tax, Exem ption from, 3—459, 601, 930.
Campaign begun, Septem ber 28, 1918, 4— 801, 937.
Telegrams. Cost of, paid b y Treasury, 3— 439.
Capital Issues Com mittee w ill approve no issues pend­
Treasury Departm ent—
ing, 4—937.
Circulars, 3— 432, 437, 505.
D istribution. B y Federal Reserve districts, 4—1045,
Telegrams paid b y , 3— 439
1173,
U nited States Treasury certificates—
National banks. H oldings, 5— 441.
Funded in to, 4— 72.
Plan for, 4— 612.
Paym ents b y , 3—578; 4— 161.
Preferential rate, 4 per cen t on 90-day paper seem ed
W ithdrawal of funds from New Y ork, 3— 653.
b y , 4 -9 2 2 .
L IB E R T Y LOAN I I .
Secretary of Treasury, to banks. New plan for,
A ct, September 24,1917, authorizes issue of, 3—749
4— 612.
A ct, Septem ber 24,1918. Supplem entary to, 4—961
Subscribers. Number of, 4—1045.
Allotm ent of, 3— 917, 932.
Subscriptions. B y Federal Reserve districts, 4—
Cash, paym ent b y , 3— 919.
1045, 1173.
Circulars, Treasury Departm ent, 3— 734, 932.
U nited States Treasury certificates—
Credit, paym ent b y , 53 per cent. 3—919.
A llotm ent, 4— 588.
D istribution, b y Federal Reserve districts, 3—932,
In anticipation of, 4—1045.
4— 484.
New plan for, 4— 612,
Exem ption from tax, 8— 930.
Subscriptions to, b y classes of institutions, 4—
Money market. No disturbance in , 3—920.
921,1147
National banks. Subscriptions, 4—372.
Total outstanding, 4— 921, 1147
Payments—
L IB E R T Y LOAN V , V IC T O R Y L IB E R T Y LO AN .
B y credit, 53 per cent, 3—919.
A ct March 3,1919. T ext, 5— 225.
B y cash, 73 per cent, 3—919.
A nticipation of. (See U nited States Treasury certifi­
B y U nited States Treasury certificates, 3—919.
cates.)
Plans for, 3— 729, 734.
Circular, 5—303, 442,
Secretary of Treasury—
Conditions, 5— 189, 303.
Against increasing interest rates, 4 —20.
Conversion privileges, 5— 443.
O ffering of, 3— 729, 734.
D escription of notes. 5—442.
Shifting of funds, 4—7
Financing of. Plan—
Subscribers should not sell, 4—19.
Secretary of Treasury, 5— 189, 218, 407.
Subscribers. Number of, 3— 932.
Ways and Means Com m ittee, 5— 190.
Subscriptions, 3— 829, 917, 932.
H oldings—
Terms announced, 3—729, 734.
Banks, 5— 942.
Taxation. E xem ption in part, 3—930.
R educed, 5— 1106,
U nited States Treasury certificates. Paym ent b y ,
Last L iberty loan Issue, 5— 303.
3— 919.
Notes. Short-term, in lieu of bonds, 5— 304
L IB E R T Y LOAN I I I .
Secretary of Treasury, statem ents, 5— 190,218, 303.
A ct A pril 4,1918. T ext, Authorizes issue of, 4—306
Subscribers. Num ber of, 5— 521.
A nticipation of, U nited States Treasury certificates
Subscriptions, 5—521.
issued in , 4— 72,161, 359, 558,
Tax exem ptions, 5— 442,
Banks and E ighty per cent paid in fu ll, 4— 484.
U nited States Treasury certificates—
Campaign opened A pril 6,1918, 4—250.
In anticipation of, 5— 99, 189, 225, 304, 407, 609,
Cash Paym ent b y , 4 —588,
1105.
Credit. Paym ent b y , 4—588.
Subscriptions to ten issues, 5— 609.
Federal Reserve Banks and, 4—587.
Ways and Means Com m ittee. Plan of financing, 5—
O versubscribed, 4—359
190.
Payments. Cash, credits, U nited States Treasury L IB R A R Y OF FED ERAL R E SE R V E B O A R D .
certificates, 4— 588,
Books received, 6—701, 834.
Subscribers. Number of, 4—359, 509.
(See Federal Reserve Board L ibrary.)
Subscriptions. Federal Reserve districts, 4— 484,509.
LICEN SE, B LA N K ET.
U nited States Treasury certificates—
Granted for im ports from Canada w ith exceptions
In anticipation of, 4—72, 359, 485, 558.
noted, 4—172.
Issue and use of, 4— 485.
LICE N SES, E X P O R T S O F C O IN , E TC .
Payments b y , 4— 588.
A ct June 15,1917, 8— 582.
L IB E R T Y LOAN IV .
Proclam ation, 3— 583, 672, 737; 4 —23, 499.
A ct Septem ber 24, 1918, authorizes issue of, 4—613,
E xecutive order, 8— 582, 861; 4— 81, 499.
961
Control extended, 8—833.
Allotm ent, 4—1045,1173,
Exports Adm inistrative Board. E xport license list,
Announcem ent of, 4— 937
3—755.
A nticipation of U nited States Treasury certificates,
Exports council, 8— 582.
4— 801, 921, 1045, 1147.




I
LIC E N SE S, E X P O R T S O F C O IN , ETC— Continued < L IQ U ID A T IN G N A TIO N AL B A N E S.
Deposits for redeeming circulating notes, 1— 404.
Federal Reserve Board—
Delegated to, 4—23, 81,159, 499.
Stock subscriptions. Repaym ent of, 8—457
Foreign exchange, 4— 76.
Surrender of stock in Federal Reserve Bank should
Forms, 3— 674, 675, 676.
be made as soon as accounts can be adjusted,
4r—201 5 -53.
Instructions, 4—185, 499.
(See National banks; Charters, new .)
Licenses abrogated, 5— 615, 653, 853.
LIQ U ID A TIO N .
Lira exchange, 4— 624.
Accrued dividends. R igh t of bank in , to, 3—117.
List. A rticles requiring, 3— 583, 673, 755, 864.
Cancellation and repaym ent of capital stock, 2— 119;
List of licenses granted, 3— 738, 739 , 4—76, 499,
8— 457
501, 807, 5—640.
Comptroller of Currency B ill recom m ended b y , for
Regulations, 3—736, 738, 739; 4—81, 500, 594,
sale ox bonds to redeem circulation of banks in
622
voluntary 4— 425.
Rupee exchange, 4— 625.
D ividends Federal Reserve Banks may pay, on
Silver exports, 4— 807
stock owned b y national banks in liquidation up
Spain, License to export gold to, 4—365.
to date of application for surrender and cancella­
Statement, 3—739.
tion of stock if not unreasonably delayed, 4—201.
War Trade B o a rd National bank bujring assets in , of another national
Enem y countries, special license, 5—365, 653,
bank not entitled to transfer of its stock in Federal
Reserve Bank, 3— 199.
List of licenses granted, 3— 861, 865, 866,4—1089.
Necessity for Federal Reserve Banks, 4— 9, 1164.
LICEN SES TO IN SU RAN CE CO M PAN IES.
Sale of bonds to secure circulation, 2— 170.
Enemv or ally of, vested in Secretary of Treasury,
State banks and trust companies, 6— 62, 833, 1300.
8—838.
(See State banks and trust com panies.)
L IG H T .
Stock subscriptions. Repaym ent of, 3—457
Expense of, 1918, 5— 132.
Surrender oi capital stock in Federal Reserve Bank—
LIG H TC A P , H . B.
By bank in, 4— 4o7
Elected Class B director, New Orleans branch,
(See National banks.)
2—438.
L IG H T IN G CO M PAN IES.
Test of eligibility of paper of, 3— 527, 949.
(See P u blic service corporations.)
LIK E FACE AM OUNT.
Discounts in excess of 10 per cent lim itation of section
5200 under acts of September 24,1918, and Octo­
ber 22, 1919, must be secured b y a like face
amount of United States bonds or notes. (See
A ct of September 24.1918, A ct of October 22,1919.)
Discounts by Federal Reserve Banks in excess of 10
per cent lim itation of section 13, under act of
March 3, 1919, must be secured by a like face
amount of United States bonds or notes, (See
A ct of March 3,1919,;
L IM IT OF JU R IS D IC T IO N .
(See Capital Issues Com mittee.)
L IM IT A T IO N ON ACCEPTAN CES.
When once granted permission to accept up to 100
per cent no additional authority necessary each
tim e it increases its surplus, 5—143.
(See Acceptances. )
L IM IT A T IO N , 10 PER CENT, 2— 64, 113, 274, 457, 678,
680, 3—28. 193, 286, 528, 691, 696, 879, 881, 4—32,
33, 34, 109, 163, 197, 638, 808. 863, 867, 974, 1119;
5—21, 143, 229, 253, 254, 361, 364, 468, 858, 1055,
1157, 6—278, 495.
(See Ten per cent lim itation.)
LI M ITA TIO N ON LO AN IN G POW ER OF N ATION AL
B A N K S.
Amendments to United States Revised Statutes,
section 5200. (See A ct of Septem ber 24, 1918;
A ct of March 3,1919; A ct of O ctober 22,1919. )
L IM IT S , CHANGES IN G EO G R APH ICA L LINES
AN D.
(Sec Changes, Federal Reserve district lines; Redistrictm g.)




L IQ U ID IT Y .
British exchequer notes. (See same.)
Foreign acceptance credits. G ov Harding, 2—587.
Renewal acceptances. (See Acceptances, renewal;
Renewal notes.)
L IR A E X CH A N G E .
D ecline in 5— 525.
Federal Reserve Board removes restrictions on,
5— 311 469.
W ill restrict im ports into Italy, 5—311.
Italian Institute of E x ch a n g eMethods and regulations, 4— 624.
Regulations of, still in force. 5— 467
(See Italian Institute of Exchange, Italy .)
L IR A , G O LD .
Percentage of appreciation over paper lira, Italy,
5— 846.
L IS T .
Am erican Foreign Banking Corporation. Stock­
holders. 4— 736
Banks joining Federal Reserve clearing system.
(Sec Clearing system .)
Banks operating in foreign trade, 4— 736.
Capital Issues Committee. D ecisions, 4—494.
Federal A dvisory Council Members, 2—53.
Foreign branches. Am erican banks. (See Foreign
branches, L ist.)
Nonmember banks. (See Clearing system .)
Par list. (See Clearing system )
Preference list, War Industries Board, 4—931.
State member banks. (See State banks, adm itted .)
U nited States Liberty bonds, lost, stolen, and re­
covered, 4—515, 613, 740, 859, 968, 1115, 1117,

1212

War Finance Corporation, loans, 4— 691.

L IS T IN G O F C A P IT A L IS SU E S.
(See Capital Issues Com m ittee.)

LOAN S— Continued.
Excess loans. (See sam e.)
Expansion of loans, 5— 1010,
L IT T L E R O C K , A R K .
Branch bank, 4— 1056; 5— 126, 779; 6— 61.
(See Expansion; Inflation.)
Export. (See War Finance Corporation.)
LIV E S T O C K . BASED ON, 1— 72; 8—616.
False statements. B ill, Com ptroller of Currency,
L IV E S T O C K . LO AN S B Y N A TIO N A L BA N K S
4—424.
ON.
Farm land loans—
(See A ct of O ctober 22,1919.)
Regulation G, 1920, 6— 1185.
L IV E S T O C K . R E C E IP T S AN D SH IPM E N TS.
(See same; R eal estate loans; Farm loan bonds.)
(See Physical volum e of trade.)
Federal Reserve Banks. (See D iscount and openLIV E ST O C K M O R T G A G E S.
market operations.)
(See Agricultural and liv e stock paper.)
Foreign. (See Foreign loans.)
LIV E S T O C K PA PE R .
Foreign war loans of belligerent countries. (See
(See Agricultural and liv e stock paper.)
A llied powers.)
L IV IN G C O N D IT IO N S, NEW Y O R K .
Governm ent loans of European central banks, 1914Report, Federal Reserve Agent, 5— 632. 1049.
1917, 8—942.
L L O Y D -G E O R G E .
(See European central banks.)
On adverse trade balance, Great Britain, 5— 816.
Interbank, com m ercial rates. (See Federal Reserve
Bank and branch cities.)
LLO Y D ’ S B A N K , L IM IT E D .
Condition, 1914-1919. 6— 1045.
Liberty bonds, loans on. National banks, 1914-1919,
5— 306, 780, 782.
LOAN A G E N C IE S, C A TTLE , 4— 832.
(See National banks.)
LO AN , A N G LO -FR E N C H , 6—901 1129.
Member banks. (See same. )
LOAN AND T R U S T CO M PAN IE S.
Methods of city banks in making, to correspondents,
D eposits, 1900-1914, 1—235.
6— 584.
M ovem ent of, 6—920.
(See D eposits.)
National banks, 1910-1916, 2— 506.
LOAN A S S O C IA T IO N S .
(See B uilding and loan associations; Savings and loan
On L iberty bonds, 1914r-1919, 5— 306, 780, 782.
associations.)
Usurious loans, 8— 292.
LOAN C E R T IF IC A T E S .
(See National banks.)
(See U nited States Treasury certificates.)
New Y ork banks, loans secured b y stocks and bonds
expanding. 5— 1016.
LO AN , IN TE R N A TIO N A L.
Suggested b y International Financial Conference,
(See New York banks, principal heading )
Brussels, 6— 1131
Nonessential loans, 4— 261
LO AN S, A G R IC U L T U R A L .
Real estate loans. (See National banks; Real estate
(See Agricultural paper.)
loans.)
LO AN S.
Spanish war loans, 8—343,
Agricultural. Great increase in. b y Federal Reserve
Speculative purposes, 8— 456; 5— 311, 523, 524, 536,
banks and mem ber banks, 6 —1124.
617, 618, 858, 1009, 1010, 1015, 1024, 1026,
A llies, U nited States to. (See infra, U nited States.)
1028, 1107, 1108, 1109; 6—66, 277, 342, 446,
554, 555 ,665, 774, 897, 1012.
Argentine banks, 4— 739.
Bank. U nited States, 1914-1919, 5— 838.
(See same.)
State banks and trust companies. Member Classifi­
Call loans. (See sam e.)
cation of loans, 4— 800, 920; 5— 187, 406, 520,
Cattle, com m ercial rates. (See Federal Reserve
1007, 6 -4 4 4 , 766.
bank and branch cities. )
Stock exchange. Commercial rates. (See Federal
Classification of—
Reserve Bank and branch cities.)
Essential and nonessential, 4— 261
Taxes. Proper proportion between loans and, 5— 1.
M ember State banks and trust companies. 4—800,
United States—
920, 5— 187, 406, 520,1007; 6—333, 444, 766,
Loans to A llies, 8—10, 424, 731; 4—20, 21, 279,
1007
1058,1059 ; 5—33, 845,957,1014; 6 -6 6 8 , 901.
Collateral. Com mercial rates. (See Federal Reserve
(See A llied pow ers.)
Bank and branch cities.)
Still available, 5— 1.
Com mercial rates on, (See Federal Reserve Bank
Congress fails to authorize continuation of. 5— 101.
and branch cities.)
Comparison, exports and war loans, 1910-1919,
Conservation of bank, 4—935, 936.
5—957.
Curtailm ent of, 4—935.
(See Secretary of Treasury.)
Customers’ paper, com m ercial rates. (See Federal
United States obligations. Loans secured b y Com­
Reserve Bank and branch cities.)
m ercial rates. (See Federal Reserve Bank and
Directors, loans to, 8— 694.
branch cities.)
Form of resolution, 8— 614, 929.
United States Treasury certificates. Loans on. (See
Discount and open-market operations; United
Discounts of own acceptances are. (See A cceptances;
States Treasury certificates.)
Own acceptances.)
War Finance Corporation. Loans of, 4—691; 5 —29.
Essential and nonessential, 4—261, 6—927.




LO N G -TERM C R E D IT.
For exports, a capital and not a banking problem ,
5— 611. 614.
LOS AN GELES, C A LIF.
Branch bank. 5— 821, 6— 60.
LO SS OF IN T E R E ST .
To be allowed for in collection of purchased accept­
ances, 4— 521
LO SS, P R O F IT AN D.
(See Profit and loss.)
LO ST O R STOLEN L IB E R T Y B O N D S.
L ist, 4—515, 613, 740, 859, 968,1115,1117,1212.
LO C A TIO N OF FEDERAL RESERVE B A N K S.
Federal Reserve Board can not change, 2—207
LO U ISIA N A .
Banks transferred to Atlanta, 2—99,151,153.
LO CO M O TIVE S AND C A R S, OUTPU T OF.
Change in allotm ent of U nited States bonds because
(See Physical volum e of trade.)
of transfer, 2— 158.
LO GAN , W . S.
Laws—
Appointed general counsel of Federal Reserve Board,
A cceptance, 3—530.
6—782.
Federal Reserve Banks, purchase of stock in,
LONDON.
1—218.
Acceptance rates, 2—591.
Foreign banking corporations, 5—56.
A cceptance liability—
Reserves, 3— 776.
London and New Y ork, 5—21.
Warehouse. 1—261
Ratio to capital and surplus, 18 joint-stock banks,
List, State member banks, 4—93.
5—561.
L O U ISV ILLE , K Y .
Credit expansion, London banks, 1913-1918, 5— 323.
Branch bank. 4— 10,14, 5— 126, 777; 6— 61.
Discount rates, London and New Y ork. G ov. Hard­
LUM BER.
ing. $—106.
Terms of sale, 6—933.
Foreign exchange rates—
(See Acceptances, export; Com m odity paper, Physical
^Berlin on, 6—1076,1319.
volum e of trade; P rices.)
Chile on, 6— 1055.
LUM BER CO M PAN Y.
Copenhagen on, 6— 41 44.
(See A cceptances, trade.)
Italy on London, 5—846.
LU X U R IE S.
Japan on London, 5— 733.
Curtailm ent of, 4 —2, 249, 260, 486, 685, 688, 802, 852,
London on New Y ork, 6—1070.
854, 935.
London on Spain, 1913-1919. 5— 1038.
(See Conservation.)
Madrid on London, 1914-1919, 5— 1041.
LYN CH , J . K .
New York on, 4— 1199, 6— 49, 1159.
E lected governor Federal Reserve Bank of San Fran­
cisco. 3— 713, 4— 5.
Paris on, 6— 1074.
Death of, 5— 530.
Stockholm on. 6— 40, 42.
M.
(See Foreign exchange rates; Great Britain.)
M ACH IN E TO O L S .
India G old coin and bullion in, as reserve for notes,
Terms of sale, 6— 155.
5—950.
M A C H IN E R Y .
International Banking Corporation, branch in Lon­
Terms of sale. 6— 156,
don. 4—947
M ACH IN ES, C O IN -C O U N TIN G .
(See Foreign branches.)
Use of, deprecated, 3—440, 930.
S ilv e rPrice. 1914-1918, 3—406, 4—67, 844,1202; 6—8. M A D R ID .
Foreign exchange rates. (See Spain.)
Price. 1873-1918, United States equivalent, 5—
949
M A IL SH IPM E N TS, CU RRE N CY, 5— 27
(See also G old, Great Britain; Silver )
M A IL T R A N SF E R S.
D iscount rate on, to be based on principle on 15-day
LONDON CO U N TY, W E STM IN STE R AND P A R R ’ S
rate. Uniform rate fixed, 4—371.
BANK (L IM IT E D ).
Condition 1914-1919, 6—1045.
(See Clearing system .)
LONDON ECO N O M IST.
M A IL S , UNITED ST A T E S .
Inflation and prices, 3—375.
(See U nited States m ails.)
Our financial duty, 3— 518.
M AIN E.
Expansion of credits, 1913-1918, 5— 323.
Amendments to banking laws, 5— 744.
Laws—
LONDON JO IN T C IT Y AND M IDLAN D BANK
A cceptance 3— 530.
(L IM IT E D ).
Condition, 1914-1919. 6 —1046.
Foreign banking corporations, 5— 56.
Purchase of stock in Federal Reserve Banks,
LONDON JO IN T STO C K BAN K (L IM IT E D ).
1— 151
Condition, 1914-1919, 6—1046.
Reserves. 3— 776,
LONDON S T A T IS T .
(See Prices.)
LOAN S— Continued
Warehouse receipts. Commercial rates on loans se­
cured b y
(See Federal Reserve Bank and branch
cities. Warehouse receipts.)
(See also Borrower, Call loans*, Canners loans, Cattle
loans, Commercial loans; Com m odity paper;
Com modity rates, Essential loans, Foreign loans;
Fiduciary powers; Great Britain, loans; Italy,
loans, Member banks; National banks; Nonessen­
tial loans; Real estate loans, State banks and
trust com panies; Stock exchange collateral loans,
United States bonds, War loans, W ar paper.)




M ALBU RN , W . P .
Conversion privileges. Letter, 2—666,
Resigns as Assistant Secretary of Treasury 3— 80.
A ppointed chief national bank examiner, New Y ork,
3— 80,
M A N A G E R S, T R A N S IT .
Conference, 4— 1175.
M A N D A TO R Y .
Provision of section 13, as am ended, for clearing mem­
bers is perm issive and not, 3— 617
Nom ination for director is optional, bu t appointm ent
of officer to vote for directors is, 6— 1178.
M AN U FACTU RE.
(See A cceptances; Tobacco; Warehouse receipts.)
M AN U FACTU RES O F GOLD AND SIL V E R .
Jurisdiction of, transferred from Capital Issues Com­
m ittee to War Trade Board. 4— 10.
M A N U FA C TU R IN G .
(See Business conditions; Committee of experts.)
M A PS.
Banks on par list, 5— 888; 6—94,194, 308,419. 535,644.
Federal Reserve districts, 1— 88, 89, 5— 1008.
Par points, 5—992; 6—94, 308. 644.
R edistricting changes. 2—596.
(See Charts.)
M A R IC A IB O .
(See Venezuela.)
M A R IN E IN SU RA N CE SU R V E Y S , 4—171.
(See War Trade Board )
M A R K , G ERM AN .
Im provem ent in value of, 6— 847.
(See G erm any.)
M A R K E T.
(See Call loan market; Discount and open-m arket opera­
tions, D iscount market, Open-m arket operations.)
M A R K E TA B LE SE C U R IT IE S , R E A D IL Y , 6—385.
(See Fiduciary powers; Trust funds. )
M A R K E TA B LE ST A P L E S , R E A D IL Y .
(See R eadily m arketable staples.)
M A R Y LA N D .
Laws—
A cceptance, 3— 531.
Reserves, 3— 778.
List of State m em ber banks, 4— 93.
State banks, acceptances held, 3—6.
M A SSA C H U SE TTS.
Laws—
A cceptances, 3— 531.
Foreign banking corporations, 5—56.
Purchase of stock in Federal Reserve Banks,
1— 151.
Reserves, 3— 778.
List of State mem ber banks, 4— 93,1081.
M A R TIN E Z, F .
Death of. D irector, Dallas Bank, 2— 152.
M A T E R IA L S , RA W .
(See Raw m aterials.)
M A TU R IN G N O TES AND B ILL S.
A bolition of exchange charges does not apply to col­
lection of, 2— 264; 3— 6o6, 657, 660, 661, 662, 663;
5— 964, 6—948.
(See Exchange charges; Federal Reserve Banks col­
lection service, H ardwick am endm ent.)




M A T U R IT IE S .
(See D iscount and open-market operations.)
M A T U R IT Y .
Acceptances—
Failure of drawer to furnish funds for paym ent o f,
makes U nited States R evised Statutes, sec­
tion 5200, applicable, 2— 64, 680 at 681.
Purchase b y bank own acceptance before, extinuishes acceptance lia b ility , 2—397. See,
Lowever, 2— 680 at 681.
(^ A c ce p ta n ce s ; Own acceptances.)
In collection of acceptances one day to be added
to, to make up for loss of interest, 4— 521.
(See A cceptances.)
Discount rates should be based on m aturity at tim e
of discount and not on any agreement of repur­
chase, 2— 461.
Drafts. W hen no sale in volved m aturity of drafts
should approxim ate duration of transit, 3— 690.
Where a sale is in volved, not necessary, 3— 690.

f

European obligations held in U nited States. M aturity
of, 2—592.
M unicipal bonds, Federal Reserve Banks m ay pur­
chase, having a m aturity at tim e of purchase of
6 months or less, 2—524.
Notes falling due on Sunday or holidays. M aturity of,
4— 108.
Oregon clearing house. B ills must be drawn w ith a
fixed day of m atm ity, 3— 930.
Trade acceptances—
Payable w ith interest after, for delayed paym ent
are valid, 4— 200.
Payable in fixed am ount consisting of am ount of
debt minus a discount for prom pt paym ent
at, w ith agreement to pay am ount of debt
w ithout discount after, is negotiable, 4— 200.
Payable w ith discount if paid at a certain tim e
before m aturity not approved, 4— 871.
(See also Acceptances, m ade, Commercial paper;
Discount and open-market operations; Opinions
of counsel.)
“ M A Y ” AND “ SH A LL.”
Construction of words, 2— 115.
M cAD O O , W . G .
Resignation as Secretary of the Treasury, 4— 1173.
Resolution Federal Reserve Board, 4— 1173.
Letter to President resigning, and reply, 4— 1174.
(See Secretary of Treasury.)
M cC O R D , J . A .
Appointed Federal Reserve Agent, Atlanta, 5— 201.
Resigns as Governor of Federal Reserve Bank of
Atlanta, 5—201.
M cC O R M IC K , V .
Resigns as Class C director, Philadelphia, 2— 309.
M cFADD EN , L. T .
Gold bonus b ill. R eport, Am erican Bankers Asso­
ciation, 6— 1147.
, c. k .
Elected Class A director, San Francisco, 3— 8.

m c in t o s h

M cK EN N A, R E G IN A LD ,
Address. Bank deposits, prices and currency, 6— 247.
(See Great B ritain.)
m c k in n e y , b

. a.
E lected Class A director, Dallas, 3—8.

M cLEAN , A , W .
Appointed to War Finance Corporation, 4—364.
M EASU RE S, CO IN A G E , W E IG H T S, AN D.
(See Decim al system .)
M EAT PA C K IN G .
Terms of sale, 5— 1129.
M EAT PE O D U CTS.
Exports of. (See Physical volum e of trade.)
M E D IC IN E S.
Terms of sale, 6— 1155.
M E E TIN G S.
(See Conferences.)
M EM BER B A N K S.
Abstract of condition. (See Condition )
A cceptance business. Number doing, 5—554, 559.
Acceptance liabilities. (See Same.)
Acceptance liability—
Ratio to capital and surplus, 5— 555.
(See same, principal heading.)
Acceptances. H oldings of. (See same, principal
heading.)
A ct September 24,1918. Discounts of war paper over
10 per cent lim itation, 4— 961 at 962,1055.
A ct March 3, 1919. Rediscounts up to 20 per cent
etc., under Not operative after Decem ber 31,
1920. New subsection 11 (m ) Federal Reserve
A ct, Analysis, 5—361, 1055.
A ct O ctober 22, 1919. D iscounts over 10 per cent
lim itation, 5— 965, 1055.
Advertising of Governm ent protection discouraged,
1— 362; 6—65,
Agricultural paper Increased holdings, 6— 1124.
Assets and liabilities, 1914-1919, 5— 784.
(See Condition.)
Average size of item s. D ecline in , 6— 1018.
Bankers* acceptances. H oldings of. (See Discount
and open-m arket operations.)

Borrower (See same.)
Branches of (See Branches; Foreign branches.)
Certificates of eligib ility, com m ercial paper, 1— 15;

2— 12,

Chart. Governm ent deposits; Investm ents; Loans,
Net deposits, 4— 664, 665.
(See charts; D eposits.)
Classification of—
E lection of directors. 2—670,
Loans and discounts, 4— 796, 798, 916, 920; 5—
187, 296, 298, 406, 520, 1007 , 8—333, 444,
766, 1007
Collateral notes. (See Member bank collateral notes,
principal heading.)
Commercial rates of discount of (See Federal Re­
serve Bank and branch cities.)
Condition of AH member banks. (See Condition )
Condition statement. (See Member bank condition
statements, principal heading.)
Deposits. ( See D eposits.)
Deposits, Government. (See Governm ent deposits.)
Deposits in foreign banks not subject to 10 per cent
lim itation of section 19, 5— 1054,
Deposits in nonmember banks, 5— 1156,
(See Deposits. )
Deposits, savings, (See Savings deposits.)




M EM BER B A N K S— Continued.
Developm ent. Fiscal year 1920, 6— 723.
Directors. (See supra, Classification.)
Directors* guaranty Notes of suspended bank, 2— 66.
D iscount rates. Commercial. (See Federal Reserve
Bank and branch cities.)
Discounts of—
State member banks, 4—664, 665, 796, 798, 916,
920, 5— 187, 296, 298, 406, 520, 838, 1007,
1010; 6—333, 444, 766,1007
(See infra, Number rediscounting.)
D ividends, 5—610, 1.104 6— 660, 1251.
Double liability as stockholders of Federal Reserve
Banks, 1— 273.
Earnings, 5— 610, 1104. 6— 660,1251,
Excess loans. (See same 1
Excessive rediscounts, 3— 456; 4— 1169 5—311, 523,
524, 536, 617, 618, 1009. 1010, 1015, 1024, 1026,
1028, 6—66, 277, 342. 446, 554, 665, 774, 897,
1012, 1107, 1108.
Exchange charges. (See same. )
Farm land loans. National banks can not contract to
renew, but may make new loans on same security,
2—602.
Farmers* paper. Increased holdings, 6— 1124.
Federal Reserve Banks—
Agent of. Can not purchase notes as, 1—347.
Double liability as stockholders in , 1—273.
H oldings of paper of. (See D iscount and openmarket operations.)
Members of. Rem ain, until stock surrendered
and canceled, 2— 170,
Rediscounts with. No lim itation except discre­
tion of directors of, 2— 112, 224 at 225.
Services of, available to member banks, 1—346.
Federal Reserve System—
Number in , 5— 4, 84, 165, 279, 388, 492, 589, 680.
790, 882, 987,1084,1181,6-^89,189, 304,411,
528, 639, 738, 868, 982,1099, 1229,1346.
(See State banks, adm ission.)
Fiscal year 1920. D evelopm ent, 6— 723.
Foreign banks, deposits in . Not w ithin 10 per cent
lim itation of section 19, 5— 1054.
Governm ent deposits in. (See Governm ent deposits.)
Gross incom e
(See infra, Taxation.)
Investm ents of. (See Member bank condition state­
ments. principal heading,)
L iability of. (See Member bank condition state­
m ents.)
Liberty bonds, holdings, 5—306, 428, 441, 942.
(See Liberty loans.)
Loans. 4— 664, 665, 5— 406, 520, 838, 1007, 1010; 6—
2, 726, 728, 904
Loans to other banks, bankers, and trust com panies,
6—552
Net deposits, 4— 664, 665 5—838.
(Sef D eposits,)
Net profits. Ratio to capital and surplus, 5—188, 610:
6- -660, 1251
New Jersey Rights of member bank in northern
1— 102
New York member banks—
Deposits, 4— 664
United States securities, holdings of, 4— 1111.

M EM BER B A N K S— Continued.
Nonmember banks—
Deposits in , 4— 664.
Deposits in , in excess of 10 per cent must be re­
ported as excess loans, 1— 126.
Notes of—
I f issued in ordinary course of business are not
eligible for rediscount even if indorsed by
mem ber bank, 4— 743.
I f used to carry or trade in U nited States obli­
gations they are on same basis as notes of
an individual or corporation and are
eligible if indorsed b y member bank,
4— 743.
If intention of member bank is to make a loan
to, paper taken from a, b y a mem ber bank is
not eligible, 1—213.
(See Nonmember banks.)
Notes of member banks. A member bank acting
through another member bank may obtain
discount of its paper secured b y United States
bonds for 90 days, although acting alone 15
days would be maximum, 4—863.
Number in each district. (See infra, Number redis­
counting. )
Number of item s, decline in , 6— 1018.
(See D iscount and open-market operations.)
Number rediscounting, 4 - 667, 1023, 1143. 1241,
5— 84, 165, 279, 388, 492, 589, 680, 790, 882, 987,
1010, 1181, 6—89, 189. 304, 411 528, 639, 738,
868, 874, 982, 1017, 1099, 1105, 1229,1346.
(See D iscount and open-market operations.)
Private bankers—
Can not becom e member banks, 3— 693.
May be directors of member banks and have
privileges of Kern amendment. A ct of
M ay 26, 1920, 6—813, 948.
Profit. Rediscounting for 3— 156: 4— 1169; 5—311,
523, 524, 536, 617. 618, 1009, 1010, 1015, 1024,
1026, 1028, 1107, 1108.
Ratio—
A cceptance lia b ility to capital and surplus, 5—
N et profits to capital and surplus, 5—188, 610;
6—660, 1251.
Reserves to liabilities, 5— 186, 299, 519, 905, 908;
6— 329, 438, 728, 764, 1005.
Rediscounting—
Up to 20 per cent. A ct March 3, 1919, 5— 361,
1055.
Number rediscounting. (See supra, Number,
etc.)
Rediscounts—
Contingent lia b ilitv on, 5—186, 299, 300, 301,
517, 518, 519, 785, 904, 905,908,1189 , 6 —329,
438, 764,1005.
(See Resources and liabilities.)
Excessive. (See supra, Profit).
Number obtaining. (See supra. Number, e tc ,)
Profit. R ediscounting for. (See supra, Exces­
sive )
State member banks. (See infra, sam e,)
Redistricting—
Transfers of member banks. (See R edistricting.)
Reserve deficiencies, Federal Reserve Banks can
not refuse to pay drafts of member banks on them
because of, 1— 12.




M EM BER BA N K S—Continued.
Reserves—

R atio to lia bilities, 5— 186, 299, 519, 905, 908;
6—329, 438, 728, 764, 1005.
Savings deposits w ith Federal Reserve Banks
may count as, 5— 652, 654.
Resources—

(See Member bank condition statements; R e­
sources and lia b ilities.)
Of State member banks compared w ith total
resources of State banks, 4— 964; 5— 4.
Of State member banks, 5— 4, 49, 515, 6— 891,
1299.
Resources and liabilities. Fiscal year 1920, 6— 729,
768.
Savings deposits of. T o count as reserves in Federal
Reserve Banks, 5— 652, 654.
Section 9, section ll(m ), section 13, section 19. (See
Ten per cent lim itations.)
State banks may becom e member banks w ith their
branches, 1— 125.
State laws as to becom ing member banks. (See
Federal Reserve System , State banks, Laws of
States.)
State member banks—
A dm itted as, (See Adm ission.)
Classification loans and discounts, 4 — 800, 920;
5— 187, 406, 520,1007 , 6— 333,444, 766,1007.
Condition, 4—796, 916; 6—438, 1005, 1006, 1007.
(See C ondition.)
D ividends and earnings, 6— 1251.
List. (See State banks; Adm ission.)
Rediscounts. (See Nonmem ber banks; Ten per
cent lim itation.)
Resources. (See State banks.)
States. List of, b y
(See supra, N u m ber)
Stock in Federal Reserve banks. (See supra, D ouble
lia b ility .)
Taxation—
Can not deduct value of stock in Federal Reserve
bank in return to State for purpose of taxation
on mem ber bank stockholders, 1—315;
3— 955.
May exclude dividends from Federal Reserve
Bank stock from gross incom e for purposes of
incom e tax, 2— 153.
(See T axation )
United States R evised Statutes, section 5200. (See
Ten per cent lim itations; U nited States R evised
Statutes, section 5200.)
United States securities—
H oldings, 4— 1109.
New Y ork member banks, 4—1111.
(See U nited States securities.)
U nited States Treasury certificates—
H oldings, 5—306, 943.
(See Member bank condition statem ents; U nited
States Treasury certificates.)
War paper—
H oldings. (See D iscount and open market opera­
tions; Member bank condition statem ents;
War p a p er)
(See also A cceptances; Commercial paper; D iscount
and open market operations; National banks;
Nonmember banks; Rulings, Federal Reserve
Board; Tennessee; Total investm ent operations.)

M EM BER BAN K S CO LLATE RAL N O TES.
Advances on
D irect. Federal Reserve banks may
refuse to make, secured b y war paper, unless col­
lateral is actually owned b y member bank and
unless the war paper securing its G overnm ent de­
posits is actually owned by it, 6— 162.
Am endm ent to Federal Reserve A ct allowing. A ct
September 7, 1916. 2—513
Federal Reserve Board. Announcem ent, 2— 439,
440, 513.
Average rates, 6—1017.
Average size of, 6— 1017
(See Discount and open-market operations.)
Collateral for (See infra, Security )
Contract for renewal not perm issible, 3—765.
D irect advances on, M ethod, 3—158.
{See supra A dvances.)
Discounts of. b y Federal Reserve Banks, 2—643, 715,
3—61, 139, 221, 317, 408. 486, 565, 637 716. 814.
902, 977, 4—53, 135. 229, 342. 463 552. 667, 776,
896, 1024, 1145, 1244, 5— 85. 166, 280, 390, 494,
591, 682, 792, 884, 893, 989, 991,1083,1085,1184,
6—93. 193, 307, 415, 532, 641, 741, 872, 985,
1102, 1233,1349.
Farm loan bonds not eligible as security for, 4—33.
Federal Reserve Bank of Cleveland allows only one
renewal at original rates, 5— 326.
Federal Reserve Banks—
H oldings of, 3 -0 1 , 139, 221, 317 408, 486, 565,
637, 716, 814, 902, 977, 4—53. 135, 229. 342,
463, 552. 688, 776, 897, 1024. 1146, 1244 , 5—
86. 168, 281, 391. 496, 592, 683. 794,885,991,
1083, 1085, 1184, 6—93, 193, 307, 415, 532,
641, 741, 872, 985, 1102,1233,1349.
Rates—
Fifteen-day, established, 2— 509.
Preferential for, secured b y Governm ent obli­
gations, 8— 497
Renewal—
Contract for Not perm issible, 3— 765.
Only one, allow ed b y Federal Reserve
Bank of Cleveland, 5 — 326,
Perm itted bu t should be exception rather
than rule. 3—879.
Federal Reserve Board. N otice of amendment prov id in g for 2—513.
(See Federal Reserve Board )
Holdings. (See supra, Federal Reserve Banks, hold­
ings )
Indorsement of paper as security for If already in
negotiable form not necessary, 2— 685,
Item s size of 6— 1017
Reduced 6— 1018.
Interest on W hen falling due on legal holiday or
Sunday interest should be collected for one or two
days additional, depending on law of State, 4 —
108.
Maturities of. (See D iscount and open-m arket opera­
tions )
M ethod of direct advances on, 3— 158.
Preferential rates on. Federal Reserve Banks may
give, secured by war paper, 3— 497; 6— 162.
O pinions of counsel. (See sam e.)
Rates—
Fifteen-day, established, 2—509,
Preferential rates for, secured b y Governm ent
obligations, 3— 497; 6—162.




M EM BER BA N K S C O LLA TE R A L N O TES— Contd,
Rates—Continued
Federal Reserve Bank of Cleveland perm its on ly
one renewal at original rates, 5—326.
Renewals—
Perm issible bu t can not contract for, 3— 765.
Should be exception rather than rule, 3—879.
(See supra, Federal Reserve Bank of C leveland.)
Security for—
Farm loan bonds not eligible as, 4— 33.
Governm ent obligations as. Preferential rates,
3—497 , 6— 162.
E ligible paper as. already in negotiable form need
not be indorsed, 2— 685.
Warrants not eligible as, 2— 609.
Warrants not eligible as security for, 2— 609,
M EM BER BAN K S C O N D ITIO N STATEM ENTS*
Arranged for from 96 cities, 4— 61.
List of cities, 4—62.
Statements. 4— 148 238. 254 352. 360. 474, 489. 564,
592. 677 693. 788, 804. 907 929,1035,1050, 1154,
1171 1249 , 5— 6, 92, 107, il7 , 177, 183. 199, 284,
287 296. 298, 310, 399, 400. 504, 513, 517, 519, 554,
601 693. 784 785, 786. 805. 896. 903. 1000. 1095,
1192; 6— 102 203, 319 427, 543, 651, 753, 882,
995. 1112, 1124. 1241. 1341, 1357.
(See Clearing house debit statements; Opinions of
counsel.)
M EM BER BAN K S D E B IT STA TE M E N TS.
(See Clearing house debit statem ents.)
M EM BERS, CLEARIN G*
(See Clearing members; Clearing system .)
M EM B ERS, D I E TO*
(See Resources and liabilities.)
M E M B ERSH IP, ST A T E B A N K S.
Regulation H 1920. 6— 1186.
(See State banks, adm ission.)
M E M B E R SH IP, W ITH D RA W ALS FRO M .
R eduction of minim um capital of Federal Reserve
Banks b y w ill not forfeit its charter, 2—207.
M E M PH IS, TENN.
Branch bank 4—597, 817, 5— 126, 779 , 6—61.
Reserve bank agency at, report, 3— 168.
M EN’ S C LO TH IN G .
Terms of sale, 6—803.
M EN’ S F U R N ISH IN G S .
Terms of sale, 6— 810.
M EN’ S H ATS.
Terms of sale, 6— 809.
M EN’ S W EAR.
Terms of sale. 6— 803.
M E R C AN TILE BA N K OF TH E A M E R IC A S.
Foreign branches. 5—357, 854 962,1050,1154, 6— 63,
159. 272. 382 607 944, 1298.
Report. Foreign branches, 4— 736.
Venezuelan banks affiliated w ith, 6— 63.
M E RC AN TILE T R U S T C O ., S T . L O U IS.
Reasons for joining Federal Reserve System, 3— 361.
M ERCH AN D ISE.
E ligibility of notes for purchase of, 1— 268.
Exports and imports. 1913-1920, 6— 482.
(See Commercial paper; E ligible; Exports and im ­
ports; N egotiable, N otes.)

M ERC H AN TS AND FAR M E RS BA N K , CH ERAW ,
S. C.
Reasons for joining Federal Reserve System, 3—361.
M E R E D IT H , E. T .
Resigns as Class C director, Chicago, 2— 372,
Reappointed Class C director, Chicago. 3— 7
M E R G E R . (See State banks and trust com panies.)
M E TA LS.
P rice, Germany, 6— 1318.
(See G erm any,)
M E TA LS, N O N FE RRO U S.
(See Physical volum e of trade; Prices, j
M E TC A LF, J .
A ppointed Class C director, Boston, 4— 817.
M ETH O D .
Agricultural paper. Identification of, 2— 67.
C ity banks, accom m odation to correspondent banks,
6—688.
Computation of discounts, 1— 74; 2— 272, 456, 461,
3—951, 5— 249.
Com putation of rebate of discounts, 1— 308.
D irect advances on member bank collateral notes,
3—158.
State banks. Reports, 2—99,114, 393, 538.
(See State banks, etc.)
M E TR O PO LITA N T R U S T C O ., NEW Y O R K .
Reasons for joinin g Federal Reserve System, 3— 836.
M E X IC O .
A ct. Silver coinage, 5— 32.
City (See Foreign exchange rates.)
G old, exports to, 5—6.
(See G old )
G old. Im ports to U nited States, from, 5— 6,
Loans placed in U nited States, 5— 33 , 6— 687
Silver production, 1900-1918, 5—141
M E Y E R , EUGENE.
A ppointed to War Finance Corporation, 4— 364.
M IC H IG A N .
Laws—
A cceptances, 3— 531.
Purchase of Federal Reserve Bank stock, 1—152.
Reserves, 3— 778,
L ist of State member banks, 4—93.
M IC H IG A N B A N K S.
Hearing. R edistricting petition, 2— 373, 438.
P etition dism issed, 2— 596.
(See R edistricting.)
M IC H IG A N SU PREM E C O U R T, APPEAL FR O M .
Bank v. Fellows, U nited States Supreme Court, 3—
254, 504, 534.
Sustains constitutionality of section 11 (k ). T ext of
decision, 3—534
(See Fiduciary powers.)
M ILA N . (See Italy )
M ILE A G E , N E T -T O N .
(See Railroads.)
M IL IT A R Y SE R V IC E .
Federal Reserve Board does not favor exem ption from,
for Federal Reserve Bank clerks, 3— 591.
M IL L PAPE R.
(See Cotton m ill paper; Cotton factors.)
M IL L SU PPLIE S.
Terms of sale, 6— 154.




M IL L E R , D R . A . C.
Addresses—
Cost of livin g, 5— 915.
Rationing of industry, 4—923.
St, Louis Clearing House Association, 2—261
Visits Federal Reserve Bank of M inneapolis, 2— 438,
Visits Federal Reserve Bank of San Francisco, 3—340.
M ILLE T SEED.
E ligibility of paper based on, 2—526.
M IL L IN E R Y .
Terms of sale, 6— 808.
M IL L IN G , FLO U R.
(See Flour m illin g.)
M IL L S, A . L.
E lected to Federal A dvisory Council, 5— 201.
M IN E R A LS.
(See Business conditions.)
M IN ER ALS UNM INED.
Paper based on, not eligible, 1— 126,
M IN IM U M C A P IT A L IZ A T IO N , FED ER AL R E ­
SERVE BA N K S.
R eduction below , caused b y withdrawals of members
w ill not cause forfeiture of charter, 2—207
M IN IM U M D E P O SIT .
Of U nited States bonds w ith Treasurer of U nited
States. Suggested am endment, 3— 100,
[Enacted into law, A ct of June 21, 1917, am ending
section 17, Federal Reserve A ct.]
(See National banks; U nited States bonds.)
M IN IM U M . E LIG IB L E PAPE R R E Q U IR E D .
(See Federal Reserve Agents, A ccounts.)
M IN IN G .
(See Business conditions.)
M IN IN G , G O LD .
(See G old, production; Reports.)
M IN N E A PO LIS, FED ERAL RESER VE BA N K O F.
Resignation of G ov W old, 5— 919.
E lection as governor of R . A. Young, 5— 919,
M IN N ESO TA.
Adopts negotiable instrum ents act, 4— 971.
Laws—
Acceptances, 3— 531,
Reserves, 3— 780.
List of State member banks, 4— 93.
M IS S IS S IP P I.
Has not adopted negotiable instruments act, 4— 108,
971,
D om estic bankers acceptances against shipments
authorized, 6— 701.
Laws—
A cceptances, 3— 531,
Adm ission to Federal Reserve System , 1— 152:
4—315.
Bankers’ acceptances, 6— 701.
Reserves, 3— 780,
To prevent Federal Reserve Banks from collect­
ing checks over counter, 6— 387
U nited States district court sustains Federal
Reserve Banks, 6— 496,
U nited States Circuit Court of Appeals sus­
tains Federal Reserve Banks, 6— 1303.
(Pending before U nited States Supreme
Court.)
(See O pinions, counsel.)
Warehouse, 1— 261.

M IS S O U R I.
Laws—
Acceptances, 3— 531,
Admission to Federal Reserve System, 1—152.
Amendments to banking laws, 5— 744
Foreign banking corporations, 5—57.
Reserves, 3— 780.
Warehouse laws, 1— 261
List of State member banks, 4— 94.
National banks—
May exercise fiduciary powers in , 5— 655.
Superintendent of banking must receive deposits
of securities from, 5— 655.
When authorized to exercise fiduciary powers in,
may use words “ trust com pany” as part of
title, 6—497
M ITC H E LL, 3 . R .
Retires from Federal A dvisory Council, 5—201
(A ppointed a mem ber of the Federal Reserve Board
May, 1921)

MON EY —Continued
H oard'd, 300 m illions of, returned to banks since
armistice, 5— 316
Inflation, 5— 8, 102, 409, 524, 614, 699, 813, 913 6 —
113,116, 217 221,448, 553, 555, 665, 774,897, i013,
1124
(See Inflation .)
Joint custody, Federal Reserve Agent3 and Federal
Reserve Banks, 3— 615. 691
Kinds of (See National banks.)
New York, Call loan rates. (See Call loan rates.)
Not«s and bills payable in exchange are not payable
in , and are not negotiable, 2— 459.
Paper currency outstanding. (See infra, United
States )
Per capita (See infra, U nited States.)
Volume of, and inflation. (See supra, Inflation. )
U nited States. M oney in, 2—212, 3— 500, 562;
4— 506, 684, 795, 915, 927, 1042, 1160.1253, 5— 64,
97, 139,181, 292, 404, 510, 606, 698, 699, 767, 774,
788, 810, 838, 902, 912, 1006, 1043, 1101, 1198,
6—109, 210, 327, 435, 488, 551, 659, 730, 762, 824,
890,1004, 1121, 1250, 1368, 1917-1920, 6-730, 824.
(See also B ullion, Federal Reserve bank notes, Fed­
eral Reserve notes; G old, National bank notes;
Paper currency )

M ITC H E LL, D r. W . C.
Index numbers. Production, 5—336.

M ONEY AND EXCH AN G E.
Report, Federal Reserve Agent, New York, 6— 231

M IS S IS S IP P I— Continued
List of State member banks, 4— 93.
Notes falling due on legal holidays or Sundays are
payable on next preceding business day, 4—103,
State banks. (See supra, Laws, Admission )

M ITTELD EU TSCH E C R E D IT B ANE.
Condition, 1914-1919, 6— 1051
M OEH LEN PAH , H . A.
A ppointed a member of Federal Reserve Board,
5—918.
Term expires, 6— 911.

M ON EY, BO RROW ED.
Balances due foreign banks must be classed as de­
posit liabilities. Otherwise would be, and sub­
je ct to United States R evised Statutes, section
5202, 5—963.
(See Acceptances; Borrower; Guaranty )

M ON CU RE, J . A.
A ppointed Class C director, Richm ond, 3—7.

M ONEY CO M M ITTE E, NEW Y O R K , 4— 935.
Suspension of, 5— 205.

M O N E TAR Y AND B A N K IN G S T A T IS T IC S .
Changes in price level com pared with movement of
gold, Federal Reserve notes, etc., 1914-1919,
5—838.

M ONEY M A R K E T.
rates.)

M O N E TA R Y C O M M ISSIO N , U N ITED STATES.
Report on purchase of silver, 1898, 4 —397,
M O N E TA R Y SY ST E M .
Brazil, 6— 814.
Chile, 6— 1052.
Cuba, 6— 1164.
Scandinavian, 6— 35.
(See principal nations by name )
M ONEY.
Business. Short supply of m oney for, 5—524.
Call loans against acceptances, 4—805.
Call money—
Federal Reserve Agent, New York, Memoran­
dum on, 6—369.
Federal Reserve Board to Congress on, 6— 345,
369.
New York rates, 5— 429, 524, 617, 6—345, 363,
369, 942.
(See Call money .)
Circulation In
(See infra, U nited States.)
Cost of shipm ent, 5—27, 133, 723.
Federal Reserve Bank notes. (See same,)
Federal Reserve notes and inflation, 5— 699.
Gold, (See same.)




(See Call loan market, Call loan

M ONEY O RD ER BU SIN E SS.
Federal Reserve Banks can not engage in , 1— 127.
M O N E YS, PU B LIC .
(See P ublic m oneys.)
M ON TAN A.
Laws—
A cceptance, 3—531
Foreign banking corporations, 5— 58
Purchase of Federal Reserve Bans. stock, 1—153.
Reserves, 3— 780.
List of State member banks, 4— 94.
M ON TEVID EO .
(See Foreign exchange rates.)
M O N TH , REVIEW O F.
(See R eview of m onth.)
M O N TH LY E X PE N D ITU R E S, UNITED S T A T E S .
(See Expenses, U nited States Governm ent.)
M O R A TO R IU M .
Cuba declares a, 6— 1165.
M O R G A N , J. P.
Retires from Federal Advisory Council, 5— 200.
M O R G A N , 3. P ., & CO .
Syndicate for floating foreign loans in U nited States,
5— 101

M O R R IS PLAN B A N K S.
Are “ banks” under Clayton A ct, 8— 527.
M OROCCO.
H andling of bills of exchange in , 5— 457.
M O R SE , E. R .
E lected Class B director, Boston, 3— 7.
M O R S S , C. A .
E lected governor of Federal Reserve Bank of Boston,
4—5.
M O R T G A G E C E R T IF IC A T E S .
National banks may invest in , of a trust com pany,
secured b y other notes in turn secured b y real
estate, i f th ey are directly secured b y real estate
mortgages, the lim itations of section 24 would
apply, 4— 30.
M O R T G A G E LO AN .
A note secured b y a deed of trust m ay be discounted
b y a national bank if maturing w ithin required
tim e and otherwise eligible, 2— 679.
M O R T G A G E S.
Chattel. (See A cceptances; Chattel mortgages.)
L ive stock. (See Agricultural and live-stock paper. )
M O R T G A G E S, R E A L E STA TE .
State banks may enter Federal Reserve system al­
though holding real estate, perm itted under State
law, h u t can rediscount only eligible paper, 8—
950.
(See Real estate mortgages.)
M OVEM EN T.
Crops, 1— 180, 258, 259, 260.
(See Crops.)
Excess reserves (free gold), (See Free gold.)
Federal Reserve notes (See Federal Reserve notes;
Interdistrict m ovem ent.)
Gold
(See sam e.)
Goods. R eview 1920, 6— 1256.
Loans, 6— 920.
Prices, 1914-1918, 4 — 504.
(See Prices, )
Reserves, (See Reserves.)
Silver
(See sam e.)
M ULE PA PE R .
Notes of m ule and cattle dealers are classed as mer­
cantile and not as agricultural paper, 1— 212.
M U N IC IPA L B O N D S.
Purchase of, in open market, 1—221, 268 , 2— 524.
(See D iscount and open-m arket operations; Warrants.)
M U N IC IPA L E X PE N D ITU R E S.
(See Capital Issues Com m ittee.)
M U N IC IPA L LO A N S, FO R E IG N .
Placed in U nited States, 5— 33, 6— 689, 901.
(See Foreign loans.)

M U TU AL SA V IN G S B A N K S.
Am endm ent to Federal Reserve A ct suggested—
Adm ission of, 5—50.
Adm ission as associate mem bers, 8— 108.
Adm ission to Federal Reserve System. Not eligible
for, having no capital stock nor stockholders, 8—
950.
Assistance to, through mem ber banks prom ised in
case of withdrawals of deposits in connection
w ith the Liberty loans, 3— 498,
D irector, Class A. Can not serve as director of, 5— 53.
D irectors, interlocking. Person m ay serve as director
of, and also as director of national bank, whether
or not in substantial com petition, 2— 394.
(See also Savings banks. )
N.
NAM E, CH ANGE O F.
(See State banks and trust com panies.)
N A SH V ILL E , TEN N.
Branch bank, 5— 821, 919, 1017 (territory) , 6— 61.
Designated as a reserve city , 1— 48.
N A TIO N AL A S SO C IA T IO N O F C O TTO N M ANU­
FA C TU R E R S.
A cceptances. A rticle b y secretary of, 4— 713.
N A TIO N A L A S SO C IA T IO N OF C R E D IT M EN.
Circular letter. A bolition of exchange charges, 2—
600.
Trade acceptances—
Growth of, 4— 1193.
R esolution, 4— 606.
T o furnish data as to collection conditions in coopera­
tion w ith Federal Reserve Board, 5— 547
N A TIO N AL A S SO C IA T IO N
CO TTO N F A B R IC S .
R eport, 6—1145.

OF F IN IS H E R S

N A TIO N AL A S SO C IA T IO N O F R A IL W A Y
PU B LIC U T IL IT Y C O M M IS SIO N E R S.
(See Capital Issues Com m ittee.)

OF

AN D

N A TIO N A L B A N K , CO PEN H AG EN .
Comparison w ith Federal R eserve System . (See infra,
Condition.)
Condition—
1913- 1918, 2-331, 332, 659, 682; 4— 269, 383, 384,
997, 1077
19141919, 5—464,1200; 6—488, 1296, 1297.
Discounts, 1914-1919, 5— 649, 849,1200.
G old reserves, 1914-1919, 5— 649, 849, 1200; 6— 488,
1296,1297
Note circulation, 1914-1919, 5— 649, 849, 1200; 6—
488.
(See Denm ark.)

M U SIC .
Terms of sale, 6— 1034,

N A TIO N A L BA N K E X A M IN E R S.
D eputy Federal Reserve Agents no longer to b e ap­
pointed as, 2— 2,
Dough ton, J. K ., ch ief exam iner, R ichm ond, 3—748.
H iggins, E . F .—
A cting chief exam iner, R ichm ond, 8—748.
Chief exam iner, Atlanta, 8—748.
Malburn, W . P ., ch ief exam iner, New Y ork, 8—80.
Relations w ith Federal Reserve Banks, 1— 15.

M U SIC A L IN ST R U M E N T S.
Terms of sale, 6— 1034,

N A TIO N AL BAN K F tlR D EU TSCH LAN D .
Condition, 1914-1919, 6—1051.

M U N IC IPA L W A R R A N T S.
(See Warrants )
M U N IC IP A L IT IE S .
(See Capital Issues Com m ittee.)
M U R PH Y , M . I .
E lected Class A director, Philadelphia, 3—7.




N A TIO N A L B A N K S— Continued
N A TIO N AL BA N K N O TES.
A ct O ctober 5, 1917 Issues of small denominations.
A ct March 3, 1919 Rediscounts of war paper over
10 per cent lim itation. 5—361, 1055.
No bank to have outstanding more than $25,000
of Is and 2s, 3— S37
A ct October 22, 1919. E xception to 10 per cent
lim itation. Loans. Analysis, 5—704, 730, 965
Circulation—
(text), 1055.
Can not agree to w ithhold, from U nited States
Revised Statutes, section 5207, 2—332
Adm inistration of trust departments. Regulation F,
1920, 6— 699.
B y denominations, 4— 519.
Adm inistrator, no power to act as, in New York,
(See infra, U nited States.)
4-12
Cost of transportation, unfit notes. Paid b y Treasury,
Advertise. Right to, for savings accounts, 1— 18.
3—242
Advisory Committee. Status, Clayton A ct, 3—118.
Denominations. Circulation of, b y , 4— 519
Agent to accept drafts. Can not appoint. United
Deposits of. w ith Federal Reserve Banks merely to
States Revised Statutes, section 5190, 6— 835.
save cost of forwarding for redem ption may be
(See, however, Volum e 7, Federal Reserve Bul­
refused, 1—306.
letin, May, 1921, page 547 )
Engraved signatures, 4— 423, 5—21, 228, 699.
(See Acceptances; Guaranty )
Issues and redemptions, 3— 667, 941.
Agents. (See Approved reserve agents; Fiscal agents;
Note redemptions. P olicy, 1— 306.
Insurance com panies.)
Rechartered. Circulation of 4— 422
Amendments suggested—
R eduction of (See Federal Reserve notes; Currency
Branches. Dom estic, 2— 439, 3— 100,106, 5—21,
expansion.)
966.
Reserves. State banks may count, as reserves, if
Insurance companies. Agent for 2— 440; 3—164,
State law permits, 1—318.
Savings accounts. Reserve against, 5—50.
Security Can not be taken as, for loans, 2—332
Savings departments. Separate, 5— 50,
Shipm ent b y express, 1—12.
Approved reserve agents. Due from, 3— 484.
United States bonds—
Assets—
Bank w hich has reduced circulation b y sale of,
May purchase, of bank in liquidation and may
under section 18, may take out additional
consolidate, but gives no right to operate
circulation against, bought in open market,
branches in United States, 2— 74.
2—65, 72.
Vote to sell, is not a vote to liquidate, 2— 119.
To secure circulation, 4— 15, 91
(See supra, Accrued dividends.)
United States. In circulation—
(See infra, Liquidate, L iquidation.)
Fiscal year 1920, 6—730; 1917-1920, 6—825.
Assistance in winning war, 3— 351, 372, 748.
In Federal Reserve Banks, Treasury, etc , 4—
Attorney General of United States. (See infra, New
506, 684, 795, 915,1160. 1253,5—97,181 292,
Y ork national banks.)
404, 510. 606, 698, 788, 798,810,838,902.1101,
Authority to guarantee acceptances—
1106.
1198 6—109. 210, 327 435, 551 659,
(See Acceptances, Guaranty )
730, 762, 825, 890. 1004, 1121 1250. 1368
(See also Volum e 7, Federal Reserve B ulletin,
(See also National banks; M oney in United
May, 1921, page 547.)
States.)
Balances due to foreign banks are individual and not
bank deposits, 5— 963 at 964.
N A TIO N A L BAN K OF COPENHAGEN.
(See supra, National Bank, Copenhagen.)
B ills receivable. Borrowing on, lim ited under U nited
States Revised Statutes, section 5202, to amount of
N A TIO N A L BAN K OF BO U M AN IA.
capital stock, 2— 112.
Gold reserve, 1910-1920, 6—1297
Borrowed m oney (See A cceptances, Guaranty )
N A TIO N AL BA N K S. (See also Opinions of counsel.)
Borrower from. (See Borrower )
Abstract title business. Can not do, not involved in
Borrowers, individual (See Liquidation, Redis­
transactions of bank, 6—385.
counts. )
Acceptance liabilities, 2— 670; 3— 6, 350, 665; 4— 11,
Borrowing. (See B ills receivable.)
403, 855, 1114 , 5—21, 105, 441, 513, 555, 557, 561,
Branch. Foreign—
852. 1152, 6—158, 686, 687
Of national bank in Isthmus of Panama may loan
Acceptances. (See infra, Guaranty )
on real estate if within 100 miles of branch,
under section 24, 3—952.
Accrued dividends. National bank purchasing assets
of another national bank in liquidation not en­
Of national bank in Cuba may loan on growing
titled to transfer of its Federal Reserve Bank stock
sugar crop, not a real estate loan, 5— 362
nor to, thereon, 3— 117, 199
Branches. D o m e sticA ct July 12, 1882. (See infra, Circulation.)
Amendments suggested, 2— 439; 3—100, 106;
5—21, 966.
A ct March 4, 1907 (See infra, Circulation.)
Can not operate dom estic, 2 —74.
A ct July 17, 1916. May discount notes secured by
Comptroller of Currency favors, 4—163, 423.
farm loan bonds issued under, 4— 635.
Federal Advisory Council favors, 1—394,3— 106.
A ct May 23, 1918. Red Cross contributions, 4— 428,
498.
Purchase of assets of bank in liquidation and con­
solidation gives no right to operate branches
A ct September 24, 1918. Permits discounts of war
in United States, 2— 74.
paper in excess of 10 per cent lim itation, 4—961
State banks with branches may be converted into
at 962, 1055.
national banks, 1— 125.
A ct November 7, 1918. Consolidation of national
(See Foreign branches.)
banks, 4— 430,1178.




N A TIO N A L BA N K S— Continued,
N A TIO N A L B A N K S— Continued.
Cali. Changes in form of, Reports of condition,
Consolidation—
3— 604.
A ct Novem ber 7, 1918, 4— 430, 1178.
Capital. Need not surrender proportionate part of,
Gives no right to operate branches in United
because of reduction of surplus, 1—218,
States, 2— 74.
Capitalization. Increase and decrease in , 2—265;
Contingent liability—
3— 603, 4—89 , 5—30,128, 252, 358, 465, 562, 650,
Guaranty of acceptances, 4—311
737, 855, 961, 1052, 1153, 6—62, 160, 274, 383,
(See, how ever, Volum e 7, Federal Reserve Bul­
492, 609, 697, 833, 946, 1064,1175,1300,
letin, May, 1921, page 547.)
(See also Charters,)
Philadelphia national banks, 3— 6.
Cash in vault—
(See Contingent lia b ility .)
To be reported, together w ith cash in Federal
Conversion into—
Reserve Bank as one item , 2— 668.
State banks, 5— 521, 649, 738, 1051, 1155; 6—62,
To be reported as separate item only occasionally
492,1063, 1299.
for statistical purposes, 3— 604.
State banks with branches m ay convert in to na­
Central reserve cities. Banks situated in , can not
tional banks, 1— 125.
make loans on real estate, 2— 609.
Cost of exam inations. (See infra, Exam inations.)
Certificate of deposit. (See infra, Loans; Usurious.)
Cost of transportation of unfit notes, paid b y Treasury,
Charters issued. New 2— 265,316, 379,448, 515. 603,
3—242.
672; 3— 20, 115, 167, 266, 374, 450, 520. 603 (year
1917), 604, 678, 747, 864, 942; 4— 15, 89, 92, 184,
D eposit, Certificates of. (See infra, Loans.)
295,403, 509, 609, 740,858, 967,1099,1197 , 5—30,
D eposit of securities, Missouri, 5— 655.
128, 252, 358, 465, 562, 650, 737, 961, 1052, 1153,
Deposits, 3— 161, 372, 665.
6— 62, 160, 274, 383, 492, 609, 697, 833, 946,1064,
1900-1914, 1—235; 2— 376.
1175, 1300.
1913- 1918, 4—337, 502.
Charts—
Actual and required reserves, 3— 483, 484.
1914- 1920, 6— 726, 727, 728.
Deposits, 1914-1919, 5— 780, 782.
Individual, 1914-1919, 5— 781, 782, 838.
Investm ents, 1914-1919, 5— 780.
Increase of, 2—376.
(See Charts.)
Insurance b y guaranty com pany perm itted,
C ircu la tion 1—29, 51.
Lim itation of deposits to retire, is not affected by
Net deposits, 1914-1916, 3— 232, 6—726,727,728.
allotm ents to Federal Reserve Banks under
Nonmember banks. Deposits in , 1— 126,
section 18,2— 158.
Of foreign banks are individual and not bank
L im it reached March 16,1916, for month of March,
deposits, 5— 963
2— 156.
Of national bank notes in Federal Reserve Banks
Lim it for A pril, 1916, reached on A p ril 1, 2—215
to avoid cost of transportation for redem p­
U nited States bonds to secure, 2— 159 4— 15, 91
tion may be refused, 1—306.
W ithdra wal from. Agreements involving, are for­
Tim e deposits, 1914-1919, 5— 781, 782.
bidden b y United States Revised Statutes,
(See also D eposits, Governm ent deposits, Tim e
section 5207, 2—332.
deposits.)
(See U nited States bonds. )
Deposits to retire circulation. (See supra Circula­
Clayton A ct—
tion )
A ct of May 26, 1920, amends, so that private
D irect lia b ility
Guaranty of acceptances, 4— 311
bankers under specified conditions may serve
(See Volum e 7 Federal Reserve B ulletin, May,
as interlocking directors of m em ber banks,
1921, page 547 .)
6—948.
Directors—
Directors of suburban districts of cities are
Fees of, 2— 514,
subject to, 5— 362.
Status of A dvisory Com mittee under, 3— 118.
National bank examiners no longer to be ap­
pointed, 2—2.
(See Clayton A ct.)
Private bankers can not serve as, 2—394,
Commissions for directors, 5—253.
Changed b y act of May 26,1920, 6—813, 948.
Com ptroller of Currency—
Suburban districts. D irectors of banks in , of
B ills of, 4— 163, 414 to 434.
cities are subject to Clayton A ct, 5— 362.
Favors dom estic branches, 4— 163, 423.
Discounts, 1913-1918, 4— 337, 502.
Reports of condition. Changes in. Form of re­
D ividends, 1914-1920, 6—442, 726.
ports, 3— 604.
On surrendered stock, 2— 17.
Reports. Calls for (Steinfra, Condition reports.)
(See supra, Accrued dividen ds.)
Reports. Interest earned bu t not collected, etc
Postponed, 5— 249
Double lia bility National banks subject to, as stock­
holders of Federal Reserve Banks under section 2,
Com putation of reserves, 2— 672; 3— 602.
1—273.
(See Reserves.)
Edge A ct. Foreign corporations, 5— 705, 727, 728,
Condition of national banks doing acceptance busi­
820, 965,1056; 6— 56 (text).
ness, 5— 557
(See Edge A ct.)
Condition reports, 3— 161, 372, 604, 665; 4— 182,
1093 , 5— 250, 446, 838,1153; 6— 442, 443, 726.
Enemies. Dealings w ith alien, 3— 431.
Changes in form of, 3— 604.
Engraved signatures on national bank notes, 4— 423;
5—20, 21, 228, 629.
Last report under old reserve requirem ents, 3— 665.




N A TIO N AL BA N K S— Continued
Exam inations of Paym ent for, 2—122, 213; 3—374
Excess loans, section 19 D eposits of national banks
in nonm ember banks in excess of 10 per cent lim i­
tation of section 19, must be reported as excess
loans. 1— 126.
E xecutor. No power to act as, in New York, 4— 12.
Failures, during last 3 and last 33 years, 3—939.
Farm land, notes secured by—
May purchase or discount, of any m aturity if
v maturing within five years after acquirem ent,
2— 226.
May purchase or discount, already made and make
direct loans on same under section 2 4 ,2 — 120.
(See Farm land loans.)
Farm loan bonds. May discount notes secured by,
issued under act July 17,1916, 4— 635,
Federal A dvisory Council—
Favors dom estic branches, 1— 394, 3— 109,
Favors stock ownership in foreign corporations
1— 394.
Federal Reserve Bank stock—
Can not deduct value of, in tax return to State
for purposes of taxation of member bank
stockholders, 1—315, 3— 955,
(See Taxation.)
Federal Reserve Banks—
Can not cancel stock or refuse cash paid subscrip­
tions from a bank w hich has voted to sell
assets, as a vote to sell is not a vote to liq u i­
date 2— 119.
Cash in vault and w ith, may be reported as one
item , 2—668.
To be reported separately on ly occasionally for
statistical purposes, 3— 604.
No lim it to rediscounts w ith, except the 10 per
cent lim itation as to individual borrowers,
2— 112, 274, 457
(See supra, Accrued dividends.)
Federal Reserve Board—
Circular as to holding political or public offices
does not apply to officers of national banks,
2— 168,
Warning against over investm ent in foreign gov­
ernment securities.
(See British exchequer notes.)
Federal Reserve System. Number of national banks
in
i See Number, etc ., principal heading.)
Fees. D irectors’ , 2— 514, 5— 253.
Fiduciary powers. (See same.)
Fire insurance—
No power to write, 2— 73.
Am endm ent perm itting, 2—440.
Becam e law A ct of Septem ber 7, 1916,
2— 440; 3— 164.
Regulations, 3— 164.
Fiscal agents may sell thrift stamps, war saving cer­
tificates, and United States bonds as, 4—313.
Foreign bank deposits are individual and not bank
deposits, 5—963
Foreign banking corporations—
A ct September 17,1919, Investm ent in stock of,
5— 612, 705, 729, 730, 965 (text).
Edge A ct, 5— 705,727,728,820, 965,1056; 6—56,
1190.
(See Edge A ct; Federal Advisory Council, Joint
stock ow nership.)




N A TIO N AL BA N K S— Continued.
Foreign branches. Loans of (See Branch, foreign.)
Foreign branches of national and other banks, 5— 23,
357, 466, 738, 854, 962, 1050, 1154, 6 —272, 606,
944, 1298.
(See Foreign branches.)
Foreign corporations Subscription to stock in ,5—965,
Foreign correspondent, 5— 471
(See Volum e 7, Federal Reserve B ulletin, May,
1921, page 547 .)
(See Acceptances, Guaranty, Opinions of coun­
sel.)
Foreign governm ent securities—
H oldings of, 3—2, 82, 173, 236, 239; 4 —263.
Investm ents in , 3— 2, 82, 173, 236, 239.
Investm ents in . Warning, Federal Reserve
Board
(See British exchequer notes.)
G o ld H oldings, 1914-1916, 3—233, 6— 144.
Reserves, 1900-1918, 5— 140; 1900-1919, 6— 144.
Governm ent deposits in , 1914-1919, 5— 781, 782.
(See Government deposits.)
Guaranty com pany Can insure deposits through a,
1—29, 51
Guaranty of acceptances. A national bank may
guarantee acceptances made for it b y a foreign
correspondent as an in cident of its authority to
accept, 4— 311
(See however, Volum e 7, Federal Reserve Bul­
letin , M ay, 1921, page 547 )
Guaranty of bank deposits. Can not join Nebraska
system of, 1— 409.
(See G uaranty)
Guardian, can not act as, 1—269 4— 744
Holdings—
Foreign governm ent securities, 3— 2, 82,173,236.
239, 4—263.
G old, 1914-1916, 3— 233 , 6— 144, 1297
Liberty bonds, 5— 428, 441.
(See L iberty loans.)
United States securities, 5— 428, 780.
United States treasury certificates—
Twenty-three issues, 4—845.
1917-1919, 5—428
(See U nited States Treasury certificates.)
War paper, 5— 428, 942; 6—1348.
(See War paper )
Increase and decrease of capital. (See supra, Capi­
talization, Charter)
Increase of deposits. (See D eposits.)
Individual deposits—
1914-1919, 5— 781, 782, 838.
Balances due foreign banks are, and not bank
deposits, 5— 963.
(See D eposits.)
Insurance companies—
A ct of Septem ber 17,1916, 3—164.
As agents of, 2—440; 3—164.
Regulations, 3— 164.
Insurance, fire, can not write, 2—73.
Insurance of deposits b y guaranty com pany, 1— 29,51,
Interest earned but not collected. (See Reports.)

N A TIO N A L B A N K S—Continued.
Investm ents—
Foreign Governm ent securities, 3—2, 82, 236,
239,
(See British E xchequer notes.)
Total investm ents, 4—337, 502; 5— 780, 782, 838,
6— 726.
Trust funds, 5— 143.
(See Fiduciary pow ers.)
Issues and redem ptions. Notes, 8— 667, 941
Isthmus of Panama. (See infra, Real estate loans.)
Joint stock ownership. Federal Advisory Council
favors, in foreign banking corporations, 1—394.
L iabilities, 1914-1919, 5— 782,
(See supra, Contingent liabilities.)
L iability, contingent. (See Contingent lia bility.)
L iability, direct. (See D irect lia bility .)
L ia bility, double, national banks subject to, as
stockholders of Federal Reserve banks under
section 2, 1— 273.
L iberty bonds—
H oldings, 5— 92,177, 287, 399, 428, 441, 505, 600,
692, 804, 896, 999, 1095, 1192; 6—329, 438,
764,1005.
(See M ember bank condition statem ents.)
Loans in excess of 10 per cent lim itation of United
States R evised Statutes, section 5200, as
am ended
(See A ct of Septem ber 24, 1918;
A ct of March 3,1919; A ct o f O ctober 22,1919.)
Loans on 5—306, 441, 780, 782.
Regulations, 5— 141
Subscription b y
(See Liberty bonds.)
Subscriptions to United States Treasury certifi­
cates. (See United States Treasury certifi­
cates.)
V ictory bonds. H oldings, 5— 942.
(See V ictory bonds.)
War paper (See sam e.)
W ork of, 4—372.
Lim itation on retirem ent of circulation
(See supra,
Circulation.)
Lim itations on loans. Am endm ent to United States
R evised Statutes, section 5200. (See A ct of Sep­
tem ber 24,1918; A ct of March 3,1919; A ct
of O ctober 22,1919).
Liquidate. Vote to sell is not a vote to, 2— 119.
Liquidated—
Accured dividend, 3— 117.
D ividends, 4—201
Liquidation—
May purchase assets in , of another bank, 2— 74.
May file application to sell United States bonds
prior to surrender of stock, although it has
voted to go in to, 2— 170
(See supra, Accured dividends.)
Loans—
1913- 1917, 4—337, 502.
1914- 1919, 5— 782, 838.
1914-1920, 6—726.
B y foreign branch on real estate, 3— 952.
B y foreign branch on growing sugar crop, 5—362,
National bank notes can not be taken as security
for, 2—332.




N A TIO N A L B A N K S— Continued.
Loans— Continued.
On Liberty bonds, 5—306, 441, 780, 782.
Am endm ent to U nited States R evised
Statutes, section 5200. (See A ct of Sep­
tem ber 24, 1918, A ct o f March 3, 1919;
A ct of O ctober 22. 1919.)
Regulations, 5—441
Ratio. Reserves to deposits, 1910-1916, 2— 506
Real estate. Can not loan on, in central reserve
cities, 2—609
U nited States R evised Statutes, section 5137.
Loans acquired under, not w ithin lim itations
of section 24, 2— 606.
U nited States R evised Statutes, section 5200.
Am endm ent. (See A ct o f Septem ber 24,
1918, A ct of March 3,1919; A ct of O ctober
22, 1919.)
Usurious. Note at highest legal rate w ith ad­
ditional note for w hich a certificate of
deposit is given, the certificate being pledged
for both notes is, 3— 292.
War obligations. Loans on, 5 - 441
(See Farm land loans, Real estate loans.)
Minimum deposit, U nited States bonds. (See infra,
U nited States bonds.)
Missouri, Superintendent o f banks must receive
deposits of securities from, 5— 655.
(See infra, T itle.)
M oney borrowed.
(See A cceptances; Borrower;
G uaranty)
National bank examiners—
No longer to be appointed as D eputy Federal
Reserve Agents, 2—2.
Relations w ith Federal Reserve banks, 1— 15.
(See National bank exam iners.)
National bank notes—
Engraved signatures, 4— 423, 5— 21, 229.
(See supra, Circulation, Cost of transposition;
D eposits.)
(See infra, Shipm ent b y express, State member
banks.)
Nebraska guaranty system. Can not join , 1— 409.
Net deposits—
1914-1916, 3—232.
1914-1919, 5—428, 838.
New Y ork national banks can not act as adm inis­
trator, executor, or trustee in New Y ork, 4—12.
N onfiduciary powers. Can not exercise, m erely
because com peting State banks are perm itted to
do so b y State laws, 6— 949.
Nonmember banks. Deposits of, in , 1—126.
Note redem ption. P olicy , 1—306.
Number in Federal Reserve System. (See N um ber.)
Number rediscounting at Federal Reserve Banks.
(See D iscount and open-m arket operations, Num­
ber, e tc.)
Officers of, (See infra, P olitical offices.)
One hundred of largest. D istribution b y States.
3—19.
Opinions of counsel. (See sam e.)
Paym ent for exam inations, 3— 374.
(See supra, Exam inations.)
Percentages, reserve. (See infra, Reserve percent­
ages.)

N A T IO N A L B A N K S — Continued.
P hiladelphia national banks. Contingent lia b ility ,
acceptances, 8 — 6,
Policy
Note redem ptions, 1— 306.
P olitical and p u blic officer
Circular of Federal
Reserve Board does not apply to officers of, 2— 168.
P rivate bankers can not serve as directors of, 2 — 394.
[Changed b y act of M ay 2 6 ,1 9 2 0 , 0 — 813, 948.]
Purchase.

'See supra, Assets, Liquidation. )

Purc hase of stock of other banks not perm itted but
m ay purchase assets in liqu idation , 2 — 74.
R atio

Reserves to loans, 1910-1916, 2— 506.

iSet R eal estate loans; National

R eal estate loans.
b an k s.)

R eceiver

Can not act as, 1 —362.

R ed Cross, m ay contribute to.

4—

A ct M ay 23, 1918,

428, 498,

Redem ptions.

Issues and, 3 — 667, 941.

R edem ption of notes.

P o licy, 1— 306.

R ediscounts w ith Federal R eserve Banks. No lim it
to except 10 per cent lim itation as to in di vidual
borrowers, 2— 112, 274, 457
R eduction of surplus. N eed not surrender propor­
tional am ount of capital stock because of, 1— 218,
Regulation F , 1920. Trust departm ent, 6 — 699.
R egulations—
Acting as insurance and real estate agents, 3 — 164.
Loans on L iberty bonds, A m endm ent to U n ited
States R evised Statutes, section 5200, 5— 441.
Renew al draft. Can not accept, drawn b y purchaser
and secured at tim e of original acceptance b y
b ill of lading or warehouse receipt unless renewal
com plies w ith law and regulations, 6 — 65.

{See Acceptances, renew al, R enew al. )
Reports of condition, 3 — 161, 372, 604. 665, 4 — 182,
1093 , 5— 250, 446, 8 3 8 ,1 1 5 3 , 6 — 442,
Changes in form , 3 — 604.
Last

report under
3 — 665.

old

reserve

requirem ents,

Reports of interest earned b u t not collected, etc,
Call postponed, 5 — 249,
R equired reserves.
R eserve agents.
agents.)

(See infra, R eserves,)
(See supra, A pproved

reserve

R eserve com putation, 2 — 672 , 3 — 602,
5 — 963 . 6 — 3.
Reserv e percentages, 1914r-1916, 3 — 232.

614,

Reserve requirem ents. Last
under old , 3 — 665.
Reserves—
1914-1916, 3 — 232, 372.

condition

report

of

692;

A ctu al and required, 1915-1917, 3 — 483, 484.
Com putation of, 2 — 672 , 3— 602, 614, 692; 5 — 963;
6 -3 ,
Foreign branches, 4 — 1123.
G old, 1900-1918, 5 — 140; 6 — 144.
Governm ent deposits.
posits, R eserves.)

(See G overnm ent de­

R atio to loans, 1910-1916, 2 — 506.
Savings accounts, 1— 73
Savings banks,

211

Suggested am endm ent, 5— 50.

State m em ber banks m ay count national bank
notes as, when perm itted b y law s of State,
1 —318,

(See R eserves.)




37599°— 21------11

N A TIO N AL B A N K S— Continued.
Resources, 1 -6 1 , 2—376, 3—161, 174, 603, 665,
4 - 17, 70, 90, 182, 372, 1093 , 5—250, 446, 838,
1153 6—442, 443, 726.
Sale of assets. (See supra, Assets; Liquidation,
Liquidate.)
Savings accounts—
Reserves, suggested amendment, 5—50.
R ight to advertise, 1—18.
Savings departments for Suggested amendment,
5 - 51
Section 11 (m ). (See Ten per cen t lim itation, Sec­
tion 11 (m ).)
Section 13 Amendment of, by act of March 3,1919,
perm itting rediscounts b y Federal Reserve
Banks of war paper loans in excess of 10 per
cent lim itations, 5—361,1055.
Section 18, Federal Reserve A ct. (See U nited States
bon ds,)
Section 19, (See Foreign banks.)
Section 24 Federal Reserve Act. (See Branch,
Farm land loans, Real estate loans; U nited States
Revised Statutes, section 5137.)
Securities. (See supra, M issouri.)
Security—
Draft drawn on national bank secured b y a docu­
mentary draft drawn b y same drawee upon
a foreign buyer is eligible for acceptance.
6—610.
(See Acceptances, dom estic; Foreign branches;
Liberty bonds, Security; U nited States R e­
vised Statutes, section 5207 )
Shipm ent of notes by express, 1— 12.
State banks—
Conversion of. into national banks, 5—251, 649,
738 1051 1155.
W ith branches. 1— 125.
State laws as to maximum loaning rates apply to,
1—24
State member banks may count national bank notes
as reserves if laws of State perm it, 1—318
States D istribution b y , of 100 of largest national
banks 3—19
Stock D ouble liability on, in Federal Reserve Banks,
1—273.
Stock in Federal Reserve Banks. D ividends on : 2—17
(See supra, A ccrued dividends.)
Stock in other banks, No power to purchase stock
of other banks, 2— 74.
(See Purchase of stock )
Stock in Foreign Banking Corporations. (See Foreign
Banking Corporations. )
Stock in foreign branches. (See Foreign branches.)
Stock Surrender of (See supra, Liquidation.)
Stock Taxation of (See infra, Taxation.)
Subscriptions—
Liberty bonds. (See Liberty bonds.)
United States Treasury certificates. (See U nited
States Treasury certificates.)
Suburban districts of cities. (See supra, D irectors.)
Surplus, R eduction of Need not surrender propor­
tional part of capital stock because of, 1—218.
Surrender of stock
(See supra, L iquidation, Sur­
plus, reduction o f )
Surrendered stock. D ividends on, 2— 17

N A T IO N A L B A N K S — Continued
N A TIO N A L B A N K S— Continued
Taxation. Can not deduct valu e of Federal R e se rv e
U nited States securities. H oldings, 5— 428, 780.
B ank stock in return to State for 1— 315, S— 955,
U nited States Treasury certificates—
T en per cen t lim itation s on loans. (See T en per cent
H oldings, 4— 845.
lim ita tio n .)
1917-1919, 5—428, 942
T h rift stam ps.

M ay sell, as fiscal agents, 4 — 31*3.

T im e deposits, 1914-1919, 5— 781, 782,

(See sam e.)
T itle , W h en authorized to exercise fiduciary powers
m ay use words “ trust com p an y” in . 6 — 497
T itle business, abstract. Can not do, excep t in con­
nection w ith transactions of bank. 6 — 385.
Transfer agent.

Can not act as. 2 — 456.

Transfer of stock. ( See supra, Accrued d ivid en d s.)
Trust departm ent. R egulation F , 1920, 6 — 699.
Trust funds—
In vestm en t of, 5 — 143,
M ay loan, in accordance w ith State law unaffected
b y lim itations of section 24, 6 — 949

(See F idu ciary pow ers.)
Trustee—
Can not act as, in N ew York. 4 — 12
M ay exercise fiduciary powers in N ew Y ork when
th e State perm its com peting State in stitu ­
tions to act. N ew Y ork Suprem e Court,
5 — 1059.
U n ited States bonds—
M ay se ll, ow ned b y it to a custom er taking back
his note secured b y th e bonds free from lim i­
tations of section 5200, 3 — 519, 520.
( See U n ited States bonds, allotm en t, U nited
States bonds, application , U n ited States bonds,
circulation, U m ted States bonds, fiscal agent,
U n ited States bonds, lim itation s, U n ited
States bonds, m inim um deposit.)
U n ited States R evised Statutes—
Section 5137
Loans m ade under not subject to
lim itation s of section 24, 2 — 606.
Section 5154. A m endm ent suggested providing
for separate savings departm ent. 5 — 50,
Section 5172. A m endm ent to, authorizing en­
graved signatures on national bank notes,
4 — 423 , 5 — 20, 21, 228, 629.
Section 5190. (See supra, A gen t.)
Section 5200. (See T en per cent lim itation
U n ited States bonds; U n ited States R evised
Statutes, section 5200.)
Sec. 5 2 0 2 A cceptance b y a foreign correspondent under
guaranty of a, m ight be treated as m oney
borrowed subject to, 4 — 311
(See V olum e 7, Federal R eserve B u lletin ,
M ay, 1921, page 547 .)
Borrowing from another bank on b ills receiv­
able is lim ited to am ount of capital stock,

2— 112.
Further exception to lim itations of. L iab ili­
ties created b y indorsem ent of accepted
b ills payable abroad actually owned b y
indorsing bank and discounted at hom e
or abroad, 5 — 705, 730.
Sec, 5 2 0 7 N ational bank notes can not be taken as
security for loans, 2 — 332.
Agreem ents for w ithholding national bank
notes from circulation forbidden b y , 2 —

332
Sec. 5220.




(See supra, L iq u id ate.)

Subscriptions to six issues in anticipation of
L iberty Loan III, 4— 558
(See U nited States Treasury certificates.)
Usurious loans, 3—292
(See supra, Loans, usurious.)
Value of Federal Reserve Bank stock. (See supra,
Taxation.)
Vault cash—
To be reported w ith cash in Federal Reserve
Banks as one item , 2— 668.
T o be reported separately only occasionally for
statistical purposes, 3— 604.
V ictory notes. Loans secured b y , an exception to
lim itations of U nited States R evised Statutes,
section 5200, 5—441
(See A ct of Septem ber 24,1918; A ct of M arch 3,
1919, A ct of O ctober 22, 1919 )
V o te Must appoint officer to vote for Federal R eserve
Bank directors, 6— 1178.
(See supra, Assets; Liquidate, L iquidation.)
War Assistance in winning, 3— 351, 372, 748.
War obligations—
H oldings, 5 —428, 942.
Loans on, 5— 441.
War savings stamps. M ay sell, as fiscal agents, 4—313.
N A TIO N AL C IT Y BA N K , NEW Y O R K .
Foreign branches, 1— 51, 2—372 , 4— 735, 938 ; 942;
5—738, 854, 1050, 1154 , 6— 63, 159, 272, 382,
492, 606, 944, 1167, 1298.
Cuban branches. Condition. 1914-1919, 6—
1167
Business done b y , 4—735, 942.
International
Banking
Corporation. Permission
granted to acquire stock in. Section 25, Federal
Reserve A ct, 4— 937
N A TIO N AL DEFENSE.
(See Council of National D efense.)
N A TIO N AL E LE CTRIC L IG H T A S SO C IA T IO N .
(See Capital Issues Com m ittee.)
N ATIO N AL E LE CTRIC ST R E E T R A ILW A Y A S S O ­
C IA TIO N .
(See Capital Issues Com m ittee.)
N A TIO N AL FARM ERS U N ION .
Warning to, against holding cotton for speculative
purposes, 5 —1109.
N A TIO N AL G AS A S SO C IA T IO N .
(See Capital Issues Committee. )
N ATIO N AL IN S T IT U T E FO R
FO REIG N
CH ANGES.
D escription of, 4—594.
Regulations, lira exchange, 5— 469.
W ork done b y , 5— 847
(See Italian Institute of E xchange.)

EX­

N A TIO N AL P R O V IN C IA L AND UNION BANK OF
ENGLAND (L IM IT E D ).
Condition, 1914-1919, 6—1046.
NAVAL ST O R E S.
(See Physical volum e of trade.)

N EBR ASK A.
A dopts negotiable instrum ents act, w ith qualifica
tion s, 4 — 971
Guaranty of bank deposits.
join system of, 1— 409.

N ational banks can not

Laws—
Acceptances, 3 — 531.
Banking, am endm ents, 5 — 567.
Foreign corporations, 3 — 58.
Purchase of stock in Federal R eserve Banks, 1—
153
Reserves, 3 — 782.
L ist, State m em ber banks, 4 — 94.
N EBR ASK A B A N K S.
R edistricting decision, 1— 86.
N E C E S S IT Y F O R S A Y IN G , 4 — 1 ,1 0 4 7 , 1053.
(See Conservation,)
N E G O T IA B L E . (See also E lig ib le.)
Acceptances—
ray ab le at one place as drawn b u t accepted pay­
able at another are, unless expressly stipu­
lated payable nowhere else, 3 — 289, 379, 5 —
142.
Sight drafts accepted payable at a future date are
not, 3 — 566.
B ills accepted before signature of drawer are,
under negotiable instrum ents act 5— 1157
Allonge. N otes indorsed on separate piece of paper
are, 2— 610.
A rrival of car
Drafts drawn payable on, are not,
1— 219 , 4 — 31, 436, 437
Assignm ent of open account is n ot, 2— 227
A ttorneys’ fees. N egotiability not affected b y pro­
vision in note for paym ent of costs of collection
and. 2 — 226.
Collection charges—
B ill payable w ith , is not. 3 — 880.
Unless so drawn as to show th at such charges
accrue only in case b ill is dishonored at
m aturity, 4 — 745.
Conditions under which b ill is , 1— 21
Costs of collection.

(See supra, A ttorneys’ fees.)

D iscount for prom pt paym ent—
Order to pay a n et am ount after deducting dis­
count for prom pt paym ent at m aturity, bu t
if not so paid to pay fu ll am ount w ithout dis­
count, h eld to be negotiable, 4 — 200.
Order to pay fu ll am ount due, bu t w ith provi­
sion for deduction of discount of 5 per cent,
if paid before m aturity, not favored because
of conflicting decisions as to n egotiability,
4 — 871.
Drawee. B ill payable to order of is not negotiable
u n til accepted and indorsed by drawee, 4 — 110,
E xch an geB ill payable “ in exchange” is payable not in
m oney bu t in inland b ills which are property
rather than m oney and is not negotiable
Federal Reserve Banks m ust not receive
checks so payable. 2— 457 459 , 3 — 763.
B ill payable “ w ith exch an ge” is probably nego­
tiable although there are conflicting decisions.
T h e negotiable instrum ents act. how ever,
makes such b ills negotiable. 2— 459, 3 — 880.
E xtension w ithout notice. N ote containing provi­
sion for is of doubtful negotiability and Federal
R eserve Banks should decline to take it, 4 — 1118,




N E G O TIA B LE —Continued
Government vouchers are not negotiable nor assign­
able. 4—32
Indorsed on separate piece of paper. Are negotiable,
2—610.
Indorser’s exem ption
Of genuineness or validity of
b ill of lading or as to quality quantity, etc of
goods covered does not affect negotiability, 3—
457
Inspection of goods. Draft providing for, before ac­
ceptance. is. 5— 468 472
Interest Payable w ith, after m aturity is, 3—200; 4—
109.
On or before a fixed date—
Note payable, is, 2—394
Draft payable “ 90 days from date or before on 5
days after demand b y holder ” is, 3—291
Sight draft accepted payable at a future date is a
qualified acceptance which holder may refuse to
take, but if taken the drawer and indorsers are
released unless they have authorized, expressly
or im pliedly the holder to take it, 5—565, 566.
W aiver of demand, notice, and protest. A note con­
taining a is, 1—277, 2—226.
(See A cceptances; Commercial paper; E ligible.)
N EG O TIAB LE IN STRU M EN TS A C T .
Acceptances may be made before signature of drawer
attached, 4— 1157.
A doption of—
By all States except Georgia, Maine, M ississippi,
and Texas 4—971
California has adopted, 4 — 1218.
Georgia has not adopted, 4— 108.
Maine has not adopted, 4—971
Mississippi has not adopted, 4—108.
Adopted in part—
Illinois, 4—971
Nebraska. 4— 971.
South Dakota, 4— 971,
Exchange payable with, Notes, made negotiable,
2— 459 , 3—880.
Payable at a bank E quivalent to order on bank to
pay 4 —971
Payable on or before a date certain. Made negotiable
by , 2—394
Sunday or holiday fallin g due on—

Payable next succeeding business day, 4— 108.
Georgia, same, 4— 108.
M ississippi payable next preceding business day,
4— 108.
NET D E PO SIT AND FED ERAL RESERVE NOTE
L IA B IL IT IE S , 4— 130, 769, 5—67, 137, 773 774.
1914-1919. 5— 774
Fiscal year 1920. 6—146,724, 725.
(See Resources and liabilities.)
NET D E P O SIT S .
Federal Reserve Banks. 4— 130. 769, 5—4, 67,138.
1914-1919. 5— 773. 774 , 6— 146, 724, 725.
Decrease in. 5— 6,
W eekly 1918. 5— 65, 137 13*
Member banks 4—665, 5— 128, 838, 905, 6-330, 439,
765. 1006.
National banks—
1914-1916 3— 232
1913- 1917 4—337
1914- 1919. 5—428 838.

N E T D E P O S IT S — Continued,
E atio. (See M em ber ban ks, N ational banks. )
State m em ber banks. R atio of reserves to, 5— 905,
6 — 3 3 0 ,4 3 9 ,7 6 5 ,1 0 0 6 .

(See D eposits.)
N E T E A R N IN G S .
F ederal R eserve B anks, 1918, 5 — 7 ,1 3 0 ,1 3 6 , 722, 724,
777; 6 — 132, 726, 828.

(See Earnings.)
R atio to p aid -in cap ital, 5— 133; 6 — 135.
Germ an R eichsbank, 1914-1918, 5 — 132.
M em ber banks, 5 — 610, 1104, 6 — 660. 1251.
N ational banks.

(See sam e; Condition reports.)

State m em ber banks, 5 — 188, 61 0,11 04 . 6 — 660,1251
M ust report, to com ptroller, 2 — 114.
b y act of June 21, 1917.)

(Changed

(See also Earnings and expenses, Federal R eserve
B an k s, State ban k s.)
N E T L IA B IL IT Y , F E D E R A L R E S E R V E N O T E S .
(See R esources and lia b ilities.)
N E T P R O F IT S .
(See supra, N et earnings.)
NET SA LES.
(See Production; R eta il trade.)
N E T T O N M IL E S .
(See Physical volum e of trade; R ailroads.)
NET TONNAGE.
Ships cleared in foreign trade, (See P h ysical volum e
of trade, U n ited S tates; V essels.)
N ETH ER LAN D S.
Foreign exchange rates, 4 — 387, 1077.
G old reserves, 1913-1920, 6 — 1296.
Leading banks of issue. C ondition, 2 — 659; 3 — 331,
681, 4 — 269, 376, 996, 1077; 5 — 1 4 0 ,4 6 4 , 641, 649,
1201, 6 — 488, 1296, 1297
P u blic d e b t, 1913-1918, 4 — 269, 376, 385,
(See Am sterdam ; Bank of N etherlands.)
N E U T R A L C O U N T R IE S .
D eclin e of dollar in , 3 — 582; 5 — 1038, 1039.
Earnings of Am erican banks from exchange dealings
w ith , 4 — 626, 833, 835.
D ollar exchange. Stabilization of, 4 — 158.
Federal Reserve Banks to scrutinize transfers of
funds to, 3 — 655.
Foreign exchange rates on, 3 — 405; 4 — 390, 833, 835,
839, 842, 843, 1198, 1202; 6 — 1160.
1914-1917, 3 — 405.
1914-1918, 4 — 8 3 6 ,1 1 9 8 .
Argentina, 4 — 75, 594.
Europe, 4 — 375, 626, 627
G old reserves, 1913-1920, 6 — 1296,
South A m erica, 4 — 375, 626, 627
(See Foreign exchange, N etherlands;
Sw itzerland.)

Spain,

Profits. In qu iry of Secretary of Treasury as to, of
Am erican banks from dealings in foreign ex­
change w ith , 4 — 626, 833, 835.
P ublic debts of, 4 — 268, 3 7 5,10 57
W ar debts of, 4 — 268, 37 5 ,1 0 5 7

(See also D ollar exchange; Foreign exchange.)
N EU TR AL PO W ER S.
(See Banks of issu e, European central banks; Foreign
banks of issue: L eadm g central banks.




N EVADA.
Laws—
A cceptance, 3— 531.
Banking laws, am endments, 5— 659.
Foreign banking corporations, 5— 58.
Reserves, 3— 782.
NEW AC CO U N TS.
R uling, Foreign Exchange D ivision, 4— 864.
NEW C H A R TE R S, N A TIO N A L B A N K S.
(See National banks; Charters.)
NEW EN GLAND.
List of member State banks and trust com panies in,
4— 1081.
NEW H A M PSH IR E .
Laws—
Acceptances, 3— 532.
Banking laws, amendments, 5— 567.
Foreign banking corporations, 5— 58.
Reserves, 3— 782.
NEW JE R SE Y .
Laws—
A cceptance, 3— 532.
Foreign banking corporations, 5— 58.
Purchase of stock in Federal Reserve Banks,
1— 153.
Reserves, 3— 782.
List, State member banks, 4— 94.
State banks may join Federal Reserve System,
4— 166.
NEW JE R SE Y BA N K S.
R edistricting decision, 1— 86.
Rights of member banks in northern New Jersey,
1— 102.
NEW M E X IC O .
Laws—
Acceptances, 3—532.
Purchase of stock in Federal Reserve Banks,
1— 263.
Reserves, 3— 782.
NEW ORLEAN S BR AN C H .
Branch bank, 1— 123, 251, 298; 4— 10, 15; 5— 127,
705, 778 , 6— 61
Louisiana banks transferred to New Orleans branch,
2— 153, 154.
Purchase of acceptances b y , 3—28.
NEW Y O R K .
Call loan rates, 1914-1918, 5— 429, 617,1107: 6— 345,
368,369,942.
Cost of livin g. Federal Reserve Agent. R eport, 5—
632,1049
Foreign exchange rates. (See Foreign exchange.)
Laws—
Acceptances, 3— 532.
Savings banks may invest in bankers’
acceptances, 4—525.
Fiduciary powers—
National banks can not act as executor,
administrator, or trustee.
Attorney
General of U nited States, 4—12.
May act as registrar, 3— 30.
Amendment to section 11 (k) authorizes Fed­
eral Reserve Board to grant permits
where States give similar powers to
com peting State banks and trust com­
panies, 5—5.

N E W Y O R K — Continued,
Laws— Continued

F ID U C IA R Y PO W ERS—Continued
New Y ork Supreme Court decides that
national banks are en titled to exercise,
in N ew Y ork , 6— 1059
Foreign banking corporations, 5— 59.
L iberty bonds—
N otes secured b y , 4 — 525.
Savings banks m ay receive, on deposit for
safe-keeping, 4 — 525.
Purchase of stock in Federal Reserve Banks,
1— 153
Reserves, 3 — 784 , 4— 524,
In Federal Reserve Banks to count as re­
serves on hand, 4— 524.
Savings banks—
M ay in vest in bankers’ acceptances, 4 — 525,
M ay accept deposits of L iberty bonds for
safe-keeping, 4 — 525.
L ist of State m em ber banks, 4 — 94.
Prices in. 5— 63 2 ,1 0 4 9 .
( See P rices.)
R en t problem in , 5— 632, 1049.
W ithdraw al of funds from , 3 — 653.
( See also N ew Y ork banks.)

NEW Y O R K B A N K S.
Acceptance lia b ilities,
5 — 2 1 ,106 .

New

Y ork

and

London.

Call loan rates, 1914-1918, 5 -^ 2 9 . 1107; 6 — 345, 368,
369,942.
Clearing house m embers.

D eposits of, 3 — 653

Com m ercial rates to customers
(See Federal R e­
serve Bank and branch c itie s .)
D ebits to individual account. F iscal year 19 2 0 ,6 — 734.
D eposits, 4 — 664,
(See D eposits.)
D iscount rates—
New Y ork and London, 5— 2 1 ,1 0 6 .

(See D iscount rates.)
Fiduciary powers—
May act as registrar only, 3 — 30.
(See N ew Y ork , fiduciary pow ers.)
Foreign banking corporations—
May in vest in capital stock of any. licensed to do
business in N ew York. 4 — 525.
Laws of N ew Y ork as to, a— 59.
Foreign exchange rates—
Berlin on, 6 — 1076, 1319.
Chile on. 6— 1055.
Copenhagen on, 6— 10, 42.
London on, 6 — 1070.
New Y ork on foreign countries, 6 — 49, 111, 437,
763, 1122, 1158. 1159, 1160.
(See Foreign exchange.)
Paris on, 6 — 709,1074.
Stockholm on , 6 — 40, 42.

(See sam e.)
H oldings, U nited States securities, 4— 1111.
Interest on bank deposits,
(See Interest, Principal
heading.)
Investm ent companies. M ay in vest in capital stock
up to 10 per cent of capital and surplus of, au­
thorized to accept drafts, issue letters of credit,
and to discount com m ercial b ills, 4— 525.




NEW Y O R K BA N K S— Continued.
Investments. (See supra. Foreign banking corpora­
tions; Investm ent com panies.)
Investments of 4— 665
List of State member banks, 4—94,
National banks may act as registrar only, 3—30.
(See supra, New Y ork, Fiduciary powers.)
Rates (See supra Call loan rates; D iscount rates;
Foreign exchange rates.)
Rates. Commercial (See Federal Reserve Bank and
branch cities. >
Rates. Increase in 4— 812, 813.
(See Rates, principal heading,)
Reserves. 4— 524.
(See Reserves, principal heading.)
Reserves in Federal Reserve Banks may be counted
as cash reserves, 4— 524.
Savings banks May invest in bankers’ acceptances, 4— 525.
May receive deposits of Liberty bonds for safe­
keeping 4— 525.
Silver Average price at, 6— 111 1161
Sugar, raw Average monthly price at, 6—1162.
United States securities H oldings. 4— 1111.
(See New York Clearing House banks,)
NEW Y O R K CLEARIN G HOUSE.
Acceptances may be cleared through, 4— 805, 819.
NEW Y O R K CLE ARIN G H OUSE A S SO C IA T IO N .
Collection charges. Changes in rules, 4— 1056,5— 243,
Deposits of members of, 3—653.
Interest on bank deposits, resolutions, 1858, 1873,
1884. 4—286, 287, 290.
Legal reserves, 4—289
NEW Y O R K CLE ARIN G H OUSE B A N K S.
B ills payable New item , 5—310.
Collection charges. Bankers* acceptances, 5—243.
Condition. Changes in, 4—28, 29.
Deposits, 3— 653
Interest on bank deposits, 4— 160, 252, 285,
Agreem ent as to, 4— 252
Approved by Federal Reserve Board, 4—285.
H istory of, 4— 286.
New agreement 0—3, 157
NEW Y O R K M A R K E T.
Discount and interest rates, 1918-1920, 6— 941, 942.
NEW Y O R K M ONEY CO M M ITTEE.
Governor Strong representing, calls on stock exchanges
for report of transactions, 4— 935.
Suspension of. 5—205.
NEW Y O R K N A TIO N AL B A N K S.
Can act only as registrar, 3— 30.
Amendment to section 11 (k) gives full fiduciary
powers to, 5— 1059.
(See New Y ork, fiduciary powers )
NEW7 Y O R K ST A TE D EPARTM EN T OF EDUCA­
T IO N .
(See Capital Issues Com m ittee.)
NEW Y O R K ST O C K EXCH AN GE.
Call loan rates, 1914-1918, 5— 429, 617, 1107; 6—345,
368, 369, 942.
Governor Strong to, on restriction of speculation,

NEW Y O R K S T O C K EX CH A N G E— Continued.
Speculative era, 5— 523, 536, 617, 6—342, 446, 554,
665, 774, 897, 1012,
(See Speculative activity )
NEW Y O R K SU PREM E C O U R T.
Am endm ent to section 11 (k ) gives national banks
right to exercise fiduciary powers in, 5— 1059
NEW Y O R K T R U S T C O ., NEW Y O R K .
Reasons for joining Federal Reserve System, 3—837
NEW ZEALAN D .
P ublic debt, 1913-1913, 4— 273, 1057-1077.
H andling of bills of exchange in , 6 —269,
NEW FOUNDLAND.
Loans placed in U nited States, 5— 33.
NEW SOM E, W . B .
Appointed D eputy Federal Reserve Agent, Dallas,
2— 100.
N E X T PRE CED IN G BU SIN E SS D A Y .
Notes payable on Sunday or holiday in M ississippi
are payable on, 4—108.
N E XT SU CCEED IN G BU SIN E SS D A Y .
Notes falling due on Sunday or holiday are payable
on, in all States adopting negotiable instruments
act, and also in Georgia, 4—103.
N IC A R A G U A .
H andling of bills of exchange in , 5— 349
M ercantile Bank of the Am ericas, operations in,
4— 736.
N IX O N , R . L.
Cotton warehouse loans, 4—1094.
N O M IN ATIO N S FO R D IR E C T O R S.
Not mandatory, 6— 1178.
N O N ESSE N TIAL C R E D IT S.
Council of National Defense on, 4— 852
Curtailment of, 4—2, 249, 250, 486, 685, 688, 802, 855,
922, 935,
Federal Reserve Board has never defined, 6— 904.
(See H arding, Governor )
War Industries Board Preferential list of, 4—932.
(See Credits,)
NO N FERRO U S M E TA LS.
(See Physical volum e of trade, Prices )
N O N FID U C IA R Y PO W ERS.
(See National banks, Real estate loans, State laws,)
NONM EM BER B A N K S. (See also State banks, etc )
Acceptances of, held b y Federal Reserve Banks.
(See D iscount and open-market operations.)
Acceptances of Federal Reserve Board favors slight
differential against, 3—28,
“ Borrower,” section 13—
Indorsem ent of, on paper offered for rediscount b y
member banks, does not make the indorsing
bank a “ borrower” under section 13, 4— 520.
(See B orrow er)
Clearing balances may be required of, becom ing clear­
ing members, 3—617
Clearing deposits made b y , becom ing clearing mem­
bers, 3— 850.
Clearing members—
A bolition of exchange charges does not affect,
w hich are not. Attorney General, U nited
States, 4— 367




NONM EM BER B A N K S— Continued,
Clearing members— Continued.
List of, 4—75.
Use of words “ clearing mem ber ” in title—
N ot objectionable, 3— 879.
O bjectionable, 4— 1119, 1216,
Collection of item s drawn on, 1— 346.
Federal Reserve Bank of San Francisco w ill re­
ceive from mem ber banks item s on all, in
district, 2— 314.
Voluntary and not m andatory, 2— 263, 456.
D efinition of term “ Nonmember ban k .” Attorney
General of U nited States, 4— 367
Deposits—
Clearing, of, 3—850.
Deposits in Federal Reserve Banks, 3— 617.
Of national banks in , 1— 126,
Of pu blic moneys in—
Secretary of Treasury has no greater rights
as to deposit of p u blic m oneys in , than
he had prior to Federal Reserve A ct, 1—
274.
United States R evised Statutes, section 3847,
perm itting postmasters to deposit public
moneys in , was repealed b y section 15,
Federal Reserve A ct, 2—331.
A ct of May 18, 1916, perm its such deposits,
2—331.
O f pu blic m oneys in connection w ith L iberty
loan subscriptions, etc,, 4— 22,494.
(See Governm ent D eposits, Postal savings funds.)
Discounts of. (See infra, War paper )
Exchange and collection agent. Clearing members
can not use these words in title, 4— 1119,
Exchange charges. A bolition of, does not affect, if
not dealin g members, 4—367.
(See Exchange charges.)
Federal Reserve Banks—
May forward to, as agent of m em ber banks,
checks, drafts, b ill of lading drafts, and ma­
turing notes and bills, 6— 948.
H oldings of acceptances of (See D iscount and
open-market operations. )
Federal Reserve Board favors slight discrim ination in
rates on acceptances of, 3— 28,
Federal Reserve districts, num ber of, b y , 5— 405.
(See Number )
Indorsement of (See supra, Borrower .)
Item s on
(See supra, Clearing balances; C ollection
of item s.)
List—
Clearing members, 4—75.
On par list. (See infra, N um ber.)
National banks. D eposits in , 1— 126.
“ Nonmember bank.” D efinition A ttorney General
of United States, 4—367
“ Nonmember bank depositor ” Can use these words
in title, 4— 1119.
Notes of—
When offered b y a m em ber bank, paper acquired
from a nonm em ber bank is not eligible if
intention is to loan to the nonmember bank,
1—213.

NONM EM BER BA N K S— Continued,
Notes of—Continued,
Federal Reserve Banks authorized, from June 15,
1917, to July 17, 1917, to discount paper ac­
quired from nonmember banks, including
their direct obligations, indorsed by member
banks, when proceeds have been used or are
to be used in m eeting demands in connection
with Liberty loan subscriptions, 3— 126, 429,
497 498, 509,
Time extended subject to future revision, 3— 497,
579
Notes of nonmember banks which are authorized
to deal in Governm ent bonds may be redis­
counted just as other 90-day eligible paper;
when indorsed by member banks, provided
proceeds have been or are to be used lor carry­
ing or trading in United States bonds, 3— 198,
4— 743.
Member banks authorized until further notice to
act as agents of nonmember banks in rediscounting paper in connection with Libert}
bond subscriptions, 3— 497,579,
Member banks may rediscount eligible paper ac­
quired in due course of business from non­
member banks, bearing indorsement of non­
member banks, 4— 520,
Nonmember banks can not obtain indirect accom ­
modation from Federal Reserve Banks
through member banks except with permis­
sion of the Federal Reserve Board, 4—520.
Notes of nonmember banks for carrying or trading
in bonds or notes of United States, acquired
in good faith by a member bank and indorsed
by the member bank are eligible, 4— 743.
Notes eligible without indorsement of a non
member bank are not rendered ineligible
because indorsed “ without recourse ” by the
nonmember bank, 4—745.
Number of—
List, by Federal Reserve districts, 5— 405, 887
6—874,1350
Not on par list, 5— 105, 887, 6— 874, 1350,
(See Clearing system )
Par list {See Number of )
Postal funds. (See supra, D eposits,)
Public moneys, {See supra, D eposits,)
Rediscount privileges of (See supra, Notes,)
State banks Member, are bound by section 19 as to
deposits in , 3—951
War paper, discount of notes of nonmember banks
secured b y , 3— 426, 429, 430, 509, 579.
(See also Clearing system , Savings banks, State
banks )
NO N N EGO TIABLE.
(See Negotiable )
NO N N EGO TIABLE W A R R A N TS.
Federal Reserve Banks should not purchase, 3—193,
N O N RESID EN T A LIE N S.
United States bonds, U nited States notes, U nited
States Treasury certificates, and War Finance
Corporation bonds in hands of, are exem pt from
incom e tax, 5—226
W ithholding b y banks of incom e tax on deposits of,
4— 163.
N O RG ES B A N K .
Comparison w ith Federal Reserve System, 2—659:
3— 682; 4— 997; 5—1200; 6—488,




N O RG ES BAN K— Continued.
Condition—
1914-1917, 2— 659 3— 331, 682.
1914 1918,4— 269 382,997 1064, 1 0 77 ,5— 140,
464. 648, 849, 1200
1914 1920, 5— 1200, 6— 488, 1296,1297
Deposits, 1914-1919, 5—648, S49,1200; 6—488.
Gold reserves, 1914 1919, 5— 140, 648, 849,1200; 6—
488. 1296 1297
Notes, 1914-1919. 5— 648, 649, 1200; 6—488.
Ratio. Cash reserve to lia bilities, 5— 648, 849; 6—
488
(See also Norway )
N O R R IS , G . W .
A ppointed Farm Loan Commissioner, 2— 438.
Elected governor, Federal Reserve Bank of Philadel­
phia, 6— 348 .
!

NO RTH CARO LIN A.
L a w sAcceptances, 3—533.
Banking laws, amendments to, 5—366.
Reserves, 3— 784.
Warehouse, 1—261
List of State member banks, 4—94.
N O RTH D A K O TA .
Laws—
Acceptance, 3— 533.
Foreign banking corporations, 5—60.
Purchase of stock in Federal Reserve Banks, 1—
154
Reserves, 3—784
List of State member banks, 4— 94.
N O RW AY.
Balance of trade, 1912-1917, 6— 39.
Banks of Condition, 1914-1920, 6— 188.
Foreign exchange profits from exchange purchased and
sold b y American banks, 4— 835
Foreign exchange rates, 4— 383.
On foreign countries, 1914-1919, 6— 13.
Gold policy, 1914-1919, 6— 35
Gold reserve, 1913-1920, 6— 1296. 1297
Loans placed in l nited States, 5— 33; 6—688.
P ublic debt 1913-1918, 4— 269, 376, 382, 1077
U nued States. Governm ent and other loans placed
in , 5— 33; 6— 688
F
(See Bank of Norway, Christiania, Norges bank.)
NORW OOD, 3. W.
Retires from Federal Advisory Council, 5—201.
NOTE B R O K E R S.
Not private bankers under Clayton A ct, 2—589.
NOTE CIR C U LA TIO N .
(See Austro-Hungarian bank, Bank of Belgium , Bank
ofE ngland, Bank of France, Bank of Ita ly, Bank
of Japan, Bank of Java, Bank of Netherlands,
Bank of Spain, Banks of issue, leading; Canadian
banking and currency, Central banks of issue;
Chile, Darlehnskassen-Scheine, Deutsche bank
Dresdner bank, European banks of issue, Euro­
pean central banks, Federal Reserve notes, Fed­
eral Reserve Bank notes, France, German banks ,
German Reichsbank, Germany, Great B ritain\
India Italy , Leading banks of issue, League of
Nations. National banks, Russia, State banks
and trust com panies; War operations.)

NO TE E X PA N SIO N .
Federal Reserve Board In qu iry into, 2—212 , 4—927
Federal Reserve notes and currency expansion, 5—
699, 813,
(See Federal Reserve notes; Inflation.)
N O TE IS SU E D EPAR TM E N T.
Commonwealth bank of Australia creates a, 6—1321.
N O TE IS SU E POW ER.
Federal Reserve Banks, 8—155.
(See Federal Reserve notes,)
N O TES. (See also Commercial paper.)
Collateral trust. Manufacturers notes secured b y bills
receivable are eligible and are not, 1— 127
Collection of, b y Federal Reserve Banks, 1— 346,
E ligible. (See same.)
Federal land banks. E ligibility of notes of, 6—609.
Federal Reserve Bank notes. (See same.)
Federal Reserve notes. (See same.)
Joint-stock land banks. (See same.)
Legal tender notes. (See same. )
Maturing notes. A bolition of exchange charges does
not prevent charge for collecting, and drafts
2—264; 3— 656, 657, 660, 661, 662, 663, 5—964,
6—948.
Member banks collateral notes. (See same.)
National bank notes. (See same. )
N egotiability of, (See N egotiable.)
Nonmember banks. (See same. )
Open-m arket purchases of Federal Reserve Banks
can not engage in , even as agents of member banks,
1— 347, 360, 365, 406.
Producer Note of owner or, for materials or services
is tech nically eligible, but undesirable where
ultim ate paym ent depends upon success of
transaction, 6— 699.
Promissory notes. (See infra, Stamp tax, Tax )
P u blic service corporations. Test of elig ib ility, 3—
527, 949.
Rates, preferential—
War paper (See sam e.)
(See D iscount rates.)
Regulations—
A , 2— 530; 3—539; 6—1179.
B , 3—541, 6— 1181, 1182.
Renew al, 3—287, 765, 922.
Security for—
Pig iron, 1— 127.
Tim ber, 1— 126.
Stamp tax on—
A ct O ctober 22,1914. Em ergency revenue act—
T ax on notes repealed b y act Septem ber 8,
1916, 2—512.
Note issued prior to D ecem ber 1, 1914 re­
quires stamp under, and also under
existing law, 4—978.
A ct Septem ber 8,1916, Repeals tax im posed b y
act of O ctober 22, 1919, 2—512.
A ct O ctober 3, 1917 War revenue act—
Stamp tax on notes and renewals of 2 cents
for each hundred dollars, 3— 868. 876,
[N ot to apply to promissory notes secured b y
ledge of bonds or obligations of U nited
tates issued after A pril 24, 1917, or to
notes secured b y the pledge of promis-




N O TES— Continued.
Stamp tax on— Continued.
A ct O ctober 3, 1917 War revenue act—Contd.
sory notes them selves secured by pledge
of such bonds, provided that the par
value of such bonds or obligations is not
less than the amount of such notes. A ct
February 24,1919]
Interest—
Payments of, indorsed on notes do not call
for stamp tax if life of note not contingent
on paym ent of interest and note not ex­
tended to certain future date. 3— 950.
Paym ent of accrued on a demand note is not
a renewal necessitating a stamp tax,
3—950.
Paym ent of, on overdue note is not a re­
newal calling for a stamp tax 3— 950.
Railroad certificates of indebtedness. Notes se­
cured by are not subject to stamp tax if par
value of certificates is not less than amount
of note, 5— 566.
R ediscount of notes b y bank not subject to stamp
tax. 3—950.
U nited States notes exem pt from taxation in
hands of nonresident aliens, 5—226.
War Finance Corporation bonds. Notes of one
bank to another secured b y , are su bject to
stamp tax, 5— 5C6,
U nfit notes—
Insurance of, 1—306,
(See Cost of transportation. )
U nited States one-year gold notes. (See U nited States
one-year Treasury notes.)
(See also Agricultural and live-stock paper ; Commer­
cial paper; Com m odity paper; Federal Reserve
Bank notes; Federal Reserve notes, G old notes;
Legal holiday, National bank notes, Promissory
notes, Renewal notes, Sunday )
N OTES O R BO N D S.
Proper proportion between.

War Finance. 5— 304,

N O TICE .
Alien Property Custodian. (See infra. War Trade
B oa rd )
Condensation of statistical matter and quarterly pub­
lication of other statistical m atter 4— 1142.
Federal Reserve Agents may attach rider to pledged
paper indorsed to Federal Reserve Banks for
collection as. that banks have taken it for collec­
tion on ly 3— 351
Of withdrawal, (See Tim e deposits.)
Thirty days’ notice. (See Savings accounts, Tim e
deposits.)
W aiver of—
On b ill discounted b y member bank has no effect
on acceptor, 1— 277
Does not affect negotiability of note, 2— 226.
War Trade Board. A ll funds received from collec­
tion of certain coupons to be held in separate
account under notice to A lien Property Custo­
dian, 4—172.
Withdrawal. N otice of. (See Savings accounts, Tim e
deposits.)
NUM BER OF BA N K S IN P A R L IS T .
(See Clearing system , Par list.)
NUM BER OF EM PLO YEES IN FED ERAL R E SER YE
SY STE M
(See Em ployees.)

N l M BER OF IT E M S .
{See Clearing system, Item s.)
NUM BER OF M EM BER BAN K S IN FEDERAL
RE SER VE SY STE M AND NUM BER R E D IS­
CO U N TIN G , 5—84. 165 279. 388. 492. 589. 680, 790.
882 987 1081 1181, 6— 89 189 304. 411, 528, 639, 738,
868 982. 1017 1099. 1105. 1229, 1346
{See D iscount and open-market operations.)
NUM BER OF M EM BER STA TE BAN K S AND
T R U ST COM PANIES. 5—4 40. 49 129. 250. 358.
465. 562. 649 738. 779, 782, 855. 961. 1081 6—62, 159,
273. 383. 492 007 697 833, 945, 1063, 1174, 1299.
{See. State banks, adm itted )
NUM BER OF SU BSCRIBERS*
Liberty loans I to V, 5—521.

O.
O AK LAN D , C A LIF.
Designated as a reserve city, 3—921.
O ATH S OF D IR E C TO R S.
P ill Com ptroller of Currency, 4— 421.
O A TS.
Acreage and production, 1918-1919, 5— 636, 737, 853,
962. 1053 6— 1062.
(See Crop condition s,)
Maturities, 1914-1916,

O B L IG A T IO N S, FO REIG N .
{See Foreign obligations.)
O B LIG A TIO N S OF UNITED ST A T E S .
Farm loan bonds are not, 4— 33
{Sec also Farm land banks; U nited States bonds;
l m ted States Treasury certificates; War obli­
gations, War paper )
Prohibition as to holding of political office does not
apply to officers of national banks. 2— 168.
O CCA SIO N AL EXCH AN GE TR A N SA C TIO N S.
R uling Foreign Exchange D ivision. 4— 1121
O CCU PATIO N OF BELG IU M , GERM AN .
Central banking in Belgium during German occupa­
tion, 5— 435.
OCEAN FR E IG H T R A TE S.
British ship owners reduce, 5— 192.
i nited States Shipping Board reduces, 5— 192,
O FFICE A PPLIAN CE S.
Terms of sale. 6— 1038.
O FFICE R, BAN K .
Certificate of eligibility of farm mortgage paper to be
given by, having knowledge, 2— 12.
(See Clayton A ct.)
O FFIC E R S, BAN K .
Bonds of B ill of Comptroller of Currency, 4— 422.
Fees to. Section 22, 5— 253.
Amendment, Federal Reserve Board, 3— 100,
(See Section 22, Federal Reserve Act )
(See Annual election, D irectors; Federal Advisory
Council, National banks.)
O FFIC E S, P O LITIC A L O R PU B LIC.
Federal Reserve Board forbids holding of, b y directors
or officers of Federal Reserve Banks, 2—2,16,168.
Prohibition as to holding of political office does not
apply to officers of national banks, 2— 168.




O FFIC IA L BU LLETIN , G OVERN M EN T.
Announcem ent of publication of, 4—266.
Success of Liberty loans, 3— 599.
O FF IC IA L ST A T IO N E R Y .
Use of, 1— 404.
O FFSE T.
Dollar balances due to a foreign bank can not be, b y
foreign currency balances due from same bank,
5— 963.
O FFSET OF IT E M S.
Shipm ent of funds, 3— 645.
(See Clearing system .)

NUM BERS, IN D E X .
{Set in dexes. Prices.)

O B L IG A T IO N S, EUROPEAN.
H oldings in United States.
2—592.

O FFIC E R S.
Yearly appointm ent, 2—51.
(See Federal Reserve Banks, tenure of office.)
Compensation. (See D irectors; Section 22; Tenure of
office )

O H IO .
Laws—
A cceptance 3—533.
Banking laws amendments to, 5— 568.
Foreign banking corporations, 5— 60.
N ational banks, fiduciary powers, 1—154.
Purchase of stock in Federal Reserve Banks,
1— 154
Reserves. 3— 786.
List of State member banks, 4— 94.
OH IO BAN K ERS A S SO C IA T IO N .
Circulars on war service, 3—352.
Speech, Governor Ham lin, 2—510.
O IL .
(See

Business conditions; Physical volum e of trade;
Prices )

O IL , CO TTO N SEED.
6— 1301
(See Acceptances dom estic.)
O IL , ILL U M IN A T IN G .
Price. 1914-1920. 6— 1214.
{See Prices )
O IL R E FIN E R IE S.
( See Physical volum e of trade.)
O IL S .
Terms of sale, 6— 267
O K LAH OM A.
Laws—
A cceptance 3—533.
Foreign banking corporations, 5— 60.
Reserves, 3— 786
Warehouse, 1—261
O KLAH OM A B A N K S.
Paym ent of accrued dividends after redistricting,
2—678.
Redistricting decision, 1— 86.
O KLAH OM A BR AN C H , 5— 1017,1018,6—63,159, 782.
OLD CO LO N Y T R U S T C O ., BO STO N .
Reasons for joinin g Federal Reserve System, 3—370.
O LIVE O IL .
Foreign exchange problem s connected w ith, 3— 157.
OM AH A.
Branch bank. 3— 586; 4— 15; 5— 127, 779; 6— 61.
O M SK , R U SS IA .
Am erican loan to, 5— 1015.

ON A R R IV A L .
Draft payable, or on demand after is a tim e draft
requiring a revenue stamp, 4—31
Drafts payable, are not negotiable, 1— 219, 4— 31,
436,437

O PE R A TIO N S, IN V ESTM EN T.
Federal Reserve Banks. (See D iscount and openmarket operations, Total investm ent operations.)
O PERATIO N S O F CLE A R IN G S Y S T E M .
(See Clearing system )

ON D EM AND.
Oregon Clearing House Association. Resolution.
Commercial paper payable, w ill not be accepted
after D ecem ber 1,1917, 8—930.

O PERA TIO N S, T O T A L IN V E ST M E N T.
(See Member bank condition statem ents; Total in­
vestm ent operations.)
O PE R A TIO N S, W AR .
(See W ar.)

ON O R BEFO R E.
Notes payable, a fixed date are negotiable, 2—394,
3—291
O N E -D A Y R A T E .
Establishm ent of, 3— 498.
ONE HUNDRED PER CENT.
Acceptances up to, etc. (See Acceptances, one
hundred per cen t.)
ONE PE R CENTUM OF G R O SS RE SO U RC ES.
Secretary of Treasury asks banks to set aside w eekly
for subscription to U nited States Treasury cer­
tificates, 4—161
ONE Y E A R G OLD N O TES.
(See U nited States one year Treasury notes.)
O N E -Y E A R T R E A S U R Y N O TES.
(See U nited States one-year Treasury notes.)
O N IO N S.
Warehouse requirem ents, 4— 405.
OPEN A C CO U N T.
An acceptance to enable dom estic concerns to extend
credit on, to foreign purchasers is not an export
acceptance, 5— 254
Assignment of, not eligible for rediscount, 2—227
Balance on. B ill drawn for. may be a good trade
acceptance bu t is not drawn against *‘ actually
'
existing value77 under section 13, 3—387
OPEN D ISC O U N T M A R K E T.
Governor H arding on. 5—106.
Organization of Am erican A cceptance Council and
New Y ork D iscount Corporation to develop,
5— 114.
OPEN M A R K E T .
Federal Reserve Banks can not purchase promissory
notes in , 1— 347, 360, 365, 406.
O PE N -M A R K E T O PE R A TIO N S.
(See A cceptances; U nited States bonds, U nited States
Treasury certificates, Warrants.
O PERA TIN G UNDER LAW S OF UNITED ST A T E S ,
CLAYTO N A C T .
(See Opinions of Attorney General, State banks.)
O PE R A TIO N S, D ISC O U N T AND O PEN -M ARK ET.
(See D iscount and open-market operations.)
O PE R A TIO N S,
FEDERAL
RESERVE
BANK
BR AN C H E S, 5 —769, 777; 6—11.
(See Branches.)
O PE R A TIO N S, FED ERAL RESERVE BA N K S.
Comment on, Federal Reserve Bulletin. (See R e­
view of m onth.)
(See D iscount and open-market operations; Resources
and liabilities; Total investm ent operations.)
O PE R A TIO N S, FED ERAL RESERVE CLEARIN G
SY STE M .
(See Clearing system .)
O PE R A TIO N S, F IS C A L .
Federal Reserve Banks, 2— 671, 5— 134,723, 777; 6—
135, 726, 830.
National banks. (See same.)




O PIN IO N S, A TTO R N E Y G EN ERAL OF UNITED
ST A T E S.
A ct September 17, 1916, am ending section 13. (See
infra, Exchange charges.)
A ct June 21, 1917, am ending section 13. (See infra,
Exchange charges.)
Agency, bank (See infra, Branch bank.)
Bonded warehouse. (See infra, W hisky )
Branch bank. D istinction between agency and, 3—
952.
Branch banks. State banks m ay becom e national
banks and keep their branches, 1— 125.
Certificate. Warehouse. (See infra, W hisky )
Certificates of stock, Federal Reserve Banks. (See
infra, Tax.)
Charges, Exchange. (See infra, Exchange charges.)
Charter forfeiture of (See infra, Federal Reserve
Banks.)
Clayton A ct. (See infra, State banks.)
Clearing members. (See infra, Exchange charges.)
Corporation. (See infra, L iberty bonds, Tax )
Deposits. Insurance of (See infra, N ational banks.)
Directors. Interlocking. (See infra, State banks.)
D istrict of Columbia. (See infra, State banks.)
D ividends. (See infra, T ax .)
Exchange charges, section 13, Federal Reserve A ct—
The power given to Federal Reserve Board,
under section 13, as amended b y the act of
September 7 1916, and the act of June 21,
1917, to determ ine and regulate reasonable
exchange charges w hich mem ber or non­
member banks are en titled to make, is lim ited
to national banks, State member banks and
trust companies, and nonmember clearing
depositor banks. I t does not apply to non­
member banks w hich are n ot clearing mem­
bers, 4—367
The above banks can adjust exchange charges as
agreed upon between them selves, not to ex­
ceed 10 cents per $100, bu t can not make
such charges against Federal Reserve Banks
nor can Federal Reserve Banks pay such
charges, 4— 367
The claim that the prohibition of exchange
charges against Federal Reserve Banks is
lim ited to checks owned b y them, as distin ­
guished from checks deposited to be cleared
or collected for the account of a member or
depositor has no foundation, 4— 367
The Federal Reserve Banks probably do own all
checks received for clearing or collectin g,
bu t whether they do or not is not material,
as the prohibition applies to all checks
whether tech nically owned b y them or not,
4— 367
E xcise taxes. Corporation owning Liberty bonds is
not to that extent exem pt from excise, franchise,
and other taxes of U nited States, 3— 601

O PIN IO N S, A TTO R N E Y G EN ERAL OF UNITED O PIN IO N S, A TTO R N E Y GEN ERAL O F U N ITED
ST A T E S— Continued.
S T A T E S— Continued
State banks—
Federal Reserve Banks—
Can becom e national banks with all their branches,
Abolish Federal Reserve Board can not abol­
ish, 1—396.
1— 125.
Federal Reserve Act, section 9. as amended by
Capital Reduction of minimum capital of 4
act of June 21, 1917, permits State banks ana
millions of dollars by withdrawal of State
member banks after organization and open­
trust companies to have interlocking direc­
tors with other State banks and trust com­
ing will not operate as a forfeiture of its char­
panies, whether or not members of Federal
ter, 2— 207, 209.
Reserve System, 3— 744
Checks Can not clear nor collect checks on non­
member banks not clearing members which
If doing business in D istrict of Columbia, how­
ever they are subject to Clayton Act, whether
deduct exchange charges, 4—367
or not member banks, as they are 'operating
Exchange charges. No exchange charges can be
under the laws of the Cm ted States,” 3— 744
deducted from checks presented for payment
by Federal Reserve Banks, whether or not
If organized under Code of D istrict of Columbia,
such checks are owned by Federal Reserve
they are both organized and operating under
the laws oi the l nited States, 3— 744
Banks, 4—370.
State member banks would be ‘ operating under the
Federal Reserve Board can not change location of,
laws oi the ln ite d States,’ were it not. for the
2— 207
amendment to section 9, Federal Reserve A ct,
Location of. Federal Reserve Board can not
8— 744.
change, 2—207
{See supra, Exchange charges.)
Stock certificates. (See infra, Tax )
Stock certificates, Federal Reserve Banks. (See
{See also supra, Exchange charges.)
infra, Tax )
(See also infra, Tax. )
Stockholders. [See infra, Tax '
Federal Reserve Board—
T ax( See supra, Federal Reserve Banks.)
Section 7, Federal Reserve Act. Exem ption of
{See infra, Federal Reserve districts.)
certificates of stock issued by Federal R e­
Federal Reserve districts. Federal Reserve Board
serve Banks to member banks from stamp
can not abolish, 1—396.
tax under act October 22, 1914, 2— 172
Federal Reserve notes. No franking powers in con­
Stockholders are liable to incom e tax on d iv i­
nection with, 1—355.
dends, payable in Liberty bonds, 3— 601
Fiduciary powers. {See infra, National banks; New
A corporation owning Liberty bonds is not to that
York national banks.)
extent exem pt from excise, franchise, and
other corporation taxes of United States,
Forfeiture of charter {See supra, Federal Reserve
3— 601
Banks.)
Warehouse Bonded. (See infra, W hisky )
Franchise taxes. {See supra, Excise taxes.)
Warehouse certificates. (See infra, W h isk y)
Franking privilege. {See supra, Federal Reserve
notes.)
W hisky Sale of warehouse certificate on whisky in
Hardwick amendment,
(See
supra, Exchange
bond, subject to tax before removal, is not a sale
for beverage purposes, as its rem oval from bond
charges. >
for such purposes, except for export, would be in
Income tax {See infra, Tax.)
violation of law, 5— 968.
Insurance of deposits. {See infra, National banks.)
Withdrawal of member banks. (See supra, Federal
Interlocking directors {See infra, State banks.)
Reserve Banks.)
Liberty bonds—
O PIN IO N S, A TTO R N E Y GEN ERAL OF M ISS O U R I.
Dividends pavable in, are subject to income tax,
Superintendent of State banks of Missouri is bound
3— 601
to receive from national banks authorized to
Corporation owning, is not to that extent exempt
exercise fiduciary powers deposits of securities
irom excise, franchise, and other corporation
in order to qualify in same manner as from domes­
taxes of United States, 3— 601.
tic trust companies, and can not demand from
Location, Federal Reserve Banks. {See supra, Fed­
them a bond, 5— 655.
eral Reserve Banks.)
O PIN IO N S,
C O M M ISSIO N E R
OF IN TE RN A L
Member banks. Withdrawal of {See supra, Federal
REVENUE.
Reserve Banks.)
(See Incom e tax, Tax )
National banks—
Fiduciary powers. New York, can not act as ex­ O P IN IO N S; COUNSEL OF FEDERAL RESERYE
B O A R D ; LAW D EPARTM EN T.
ecutor, administrator, or trustee, 4— 12.
Acceptance credit. National banks may agree to
Insurance of deposits. Can effect, through guar­
accept for a definite sum for a period exceeding
anty company, 1—29, 51
six months, bu t each draft under the credit
State banks can become, with all their branches,
must com ply with existing law and regulations,
1— 125.
1—269; 6—66
(S ee also, supra, Exchange charges.)
Acceptances. (See infra, Acceptor; Accom m odation
New7 York national banks. (See supra, National
acceptance, A ctually existing values, Agricul­
banks.)
tural paper; Demand bills, D iscount, Discount
of acceptances, Dom estic acceptances; ExportaNonmember banks. (See supra, Exchange charges.)




O P IN IO N S ; COU N SEL OP FED ERAL RESERVE
B O A R D ; LAW D EPAR TM E N T—Continued
tion and im portation, Federal Reserve notes,
Foreign countries,
Inspection,
Lim itations,
M aturity, National banks, New York laws,
Purchaser of goods, Qualified acceptance, R ail­
road supplies; Rediscounts, Section 13, Federal
Reserve A ct; Security; Security, release of;
Trade acceptances; Trust receipts; United States
R evised Statutes, sections 5200, 5202, W aiver;
War savings stamps; "Warehouse receipts.)
A cceptor not released b y waiver of demand, etc.,
1— 277
Accom m odation acceptance. Not authorized b y law,
1—311.
Accounts. (See Savings accounts; Tim e deposits.)
A ccrued dividen ds. Right of liquidated national bank
to, 3 — 117
A ct of May 30, 1908, Aldrich-Vreeland. Amends
U nited States Revised Statutes, section 5191
M ember banks need keep no reserves against
pu blic deposits. R epealed b y section 27, Fed­
eral Reserve A ct, 3—458.
A ct of A pril 24, 1917 (Bond A ct), prescribes that
m em ber banks need keep no reserve against
p u b lic deposits, 1— 91, 409, 3— 458.
(See infra, Governm ent deposits; Postal savings
deposits.)
A ct August 10, 1919. Am endm ent to Lever Act
profiteering, 5— 967
A ct September 17, 1919. Amends section 25. Na­
tional banks. Subscription authorized up to 5
per cent in stock of foreign banking and finan­
cial institutions in aid of export trade, 5— 965.
A ct March 3, 1919. New section, 11 (m ). Federal
Reserve Board, b y vote of five members, may
extend 10 per cent lim itation of section 9 and
section 13 up to 20 per cent when paper is secured
b y notes or bonds of U nited States issued since
A pril 24, 1917, up to like face amount, or b y
United States certificates of indebtedness. To
expire D ecem ber 31, 1920, 5— 361. 1056.
(E xtended w ith lim itations to O ctober 31, 1921
A ct of February 27, 1921 See Volum e 7 Fed­
eral Reserve B ulletin, March, 1921, page 310.)
A ct O ctober 22, 1919. (See infra, U nited States R e­
vised Statutes, section 5200.)
Actual security Trust receipts. Section 13. (See
Trust receipts.)
A ctually existing values—
Section 13. Includes drafts or bills secured b y
shipping docum ents, and bankers' accept­
ances, although not specifically mentioned,
b y analogy with amendment to U nited States
R evised Statutes, section 5200, b y act of
O ctober 22, 1919, 5— 1055.
B ill of exchange discounted before acceptance
is drawn against, only when secured b y
shipping docum ents, warehouse receipts,
etc , 3— 195.
A n accepted b ill of exchange discounted after ac­
ceptance m ay be considered drawn against,
only if drawn at tim e of or w ithin reasonable
tim e after shipm ent or delivery of goods sold
In latter case, must be reasonable grounds for
believing that goods are in existence in hands
of drawee or proceeds of sale in his hands,
3— 195.
Trade acceptances are not subject to lim itations
of section 13 when drawn against, 4—974.




O P IN IO N S ; COUNSEL OP FED ER AL RE SER VE
B O A R D ; LAW D EPAR TM E N T— Continued
A ctually existing values— Continued.
Trade acceptances. B ills drawn b y seller against
purchaser and accepted prior to sale or deliv­
ery are not drawn against, 4—974,
U nited States Governm ent. B ills drawn to fi­
nance sales to U nited States Governm ent are
not drawn against, 4—32.
Advertise. Right of national banks to—
Federal In title, 3— 615; 4— 521.
Governm ent protection, 1— 362; 6— 65.
Reserve. In title, 4— 521.
Savings accounts, 1— 18.
Trust com pany
In title, 6— 497
Advertising space. Trade acceptances drawn against
sale of, are valid, 3— 116,
A dvisory Committee, m em ber banks. Status. Clay­
ton A ct. 3— 118,
Agent. B ill drawn b y , of corporation against corpo­
ration not negotiable, 2— 462.
Agents, fiscal. (See Fiscal agents, Railroad Adm inis­
tration )
Agricultural paper—
Based on sale of agricultural products or im ple­
ments are m ercantile rather than agricultural
transactions, 2—526,
Based on liv e stock. B ill or note of packing com­
pany proceeds to be used in purchase of liv e
stock for slaughter, is not based on liv e stock
under section 13 and not eligible if m aturity
exceeds 90 days, 3—616.
Paper for purchase of com m odities for use in farm­
ing. is, 4—312,
Aldrich-Vreeland A ct. (See A ct May 30, 1908.)
A llied Purchasing Committee. Stamp tax on ship­
ments to. 4—614. 972. 1218.
Allonge. Indorsement of note on separate piece of
paper Valid, 2— 610.
Allotm ents of U nited States bonds. (See U nited States
bonds,)
Anticipation of assured revenues. (See Warrants.)
Arrival of car, drafts payable on, not negotiable,
1—219; 4—31
Assets. (See Liquidated bank )
Assets, inadm issible. (See W ar Finance Corporation
A ct.)
Assignment of open accounts not eligible for redis­
count, 2— 227
Assured revenues, warrants, D efinition. 2— 170,
Attorney General of U nited States. (See Warehouse
receipts; Opinions, A ttorney General principal
h eadin g)
Attorneys’ fees. Provision for in b ill, does not affect
negotiability, 2— 226; 4— 745.
Balances. (See Com putation of reserves.)
Bankers' acceptances. (See in dividu al titles.)
Bankers, private. (See Private bankers.)
Banking laws of States. (See State laws, principal
heading.)
Based on liv e stock. (See Agricultural paper.)
(See also, A ct of O ctober 22, 1919.)
B ill of lading. (See Secu rity.)
B ill of lading drafts—
R ight reserved of inspection of goods before ac­
ceptance does not affect negotiability, 5— 472.
(See Exportation, R enew al.)

O P IN IO N S ; COUNSEL OP FED ERAL RESERVE
B O A R D ; LAW D EPAR TM E N T—Continued
B ill of sale. (See Security )
B ills of exchange. (See Agent, Attorneys* fees,
Drawee, Drawer; N egotiable; Sight drafts,
W aiver.)
Bonds, revenue. (See Warrants.)
Borrower—
Section 9 The 10 per cent lim itation relates to
total capital and surplus of State bank and
is not lim ited to that part assigned under
State law to com m ercial departm ent of the
bank 6—495.
Section 13. Maker of note to member bank which
is rediscounted with Federal Reserve Banks
ceases to be a. of member bank 4—638. 867
Federal Reserve Banks may lim it amount of
paper they w ill discount for any one borrower
for all of their member banks, 6—278.
United States R evised Statutes section 5200.
D efinition of extended by acts of March 3,
1919, and O ctober 22 1919, amending
section 5200, 5 —361,1055.
(See A ct of Septem ber 24. 1918; A ct of
March 3, 1919; A ct of O ctober 22. 1919.)
(See Borrower )
Branches, foreign. (See Foreign branches.)
Branches, National banks—
National banks consolidating with State banks
can not operate branches. 2— 74.
Senate passes b ill for 5—966.
(See Foreign branches, National banks.)
Branches of State banks, when in different district
from parent member bank, need not join Federal
Reserve Bank of their district, 4— 522,
California. (See Savings accounts.)
Canal Zone
Status of, 1— 91
Canceled stock. D ividends on, 4— 201,
Cancellation of stock. (See Liquidated member
bank.)
C a p ita lD ividends to increase, are su bject to incom e tax,
5— 526.
(See State banks.)
Capital stock—
D eduction of value of Federal Reserve Bank stock
can not be made by member banks in returns
to State for taxation, 1—315, 3— 955.
Paym ent of dividends on, 1— 220.
Surrender of, 1— 218.
(See Liquidated member bank, Surplus.)
Cattle loan com pany
(See Security )
Central reserve cities—
National banks in , can not loan on real estate,
2— 609.
Reserves in outlying districts of, 4— 1124.
Certificates of deposit. (See Tim e certificates of
deposit.)
Certificates. Warehouse, (See Warehouse certifi­
cates. )
Charges.
Transportation.
(See Federal Reserve
notes.)
Chattel mortgage on cattle. (See Security,)
Chocks Collection of, drawn on savings accounts,
5—654,




O P IN IO N S; COUNSEL OP FED ERAL R E SER VE
B O A R D ; LAW D EPAR TM E N T—Continued
Clayton Act—
*Advisory com m ittee member banks, status, 3—

ns

D irector may serve until O ctober 15,1916,1—365.
Interpretation of, 1—27 222
Kern amendment, 2—396.
Savings and loan associations, 2— 118.
State banks doing business in D istrict of Colum­
bia are subject to, 2— 526.
(See Operating Organized )
Clearing system
(See infra, Par collections.)
Collateral, Federal Reserve notes (See Federal
Reserve Agent, Federal Reserve notes.)
Collecting agents. (See Federal Reserve Banks.)
Collection charges—
B ill providing for, if dishonored at m aturity is
negotiable, 4— 745.
B ill drawn for fixed sum *‘ with collection charges**
not negotiable unless so drawn as to show no
such charges included unless dishonored at
maturity 4— 745.
Note providing for is negotiable, 2—226.
Contra, 3—880,
Collection of notes. Im plied powers given b y sec­
tion 4. gives right of, to Federal Reserve Banks,
1 -1 0 4 .
Commercial paper—
Conditions of negotiability, 1—21
Federal Reserve Banks can not purchase, in open
market, 1—347, 360, 365, 406
Commissioner of Internal Revenue—
Incom e from Liberty bonds subject to tax, 3— 159.
Negotiable instruments. Stamp tax on, 4—316.
Renewal of notes. Stamp tax on, 4— 977
(See Tax )
Committee Advisory
(See Advisory com m ittee )
Commodity paper Paper to finance sales to United
States Governm ent is not, 4—32.
Compensation (See Officers.)
Comptroller of Currency
(See State banks.)
Computation of reserves—
D eduction of Governm ent deposits, 3— 692.
Dollar balances due to foreign banks can not be
offset by foreign currency balances due from
same foreign banks, 5— 963
Foreign banks—
Balances due, are individual and not bank
deposits, 5— 963
Balances due from, can not be deducted from
balances due to dom estic banks, 5—963.
Balances due other banks do not include
balances due to foreign banks, 5— 963.
New m ethod of com puting, 6— 3.
(See Reserves.)
Condition
(See Reports of condition State banks.)
Condition of negotiability, com m ercial paper and
bills of exchange, 1— 21
Congress. (See D iscount rates.)
Consolidation of national banks, 2— 74
Constitutionality
(See Fiduciary powers.)
Continental United States. (See A cceptances.)
Correspondent, foreign. (See A cceptances.)

O P IN IO N S ; COU N SEL OF FED ERAL RESER VE
B O A R D ; LAW D EPAR TM E N T— Continued
Costs of collection. (See B ills of exchange.)
Conversion of U nited States bonds. (See Exchange;
U nited States bon ds,)
Counsel. Certified opinion as to warrants, 1—221
Credit or redem ption. (See Federal Reserve notes.)
Currency
(See Unfit currency )
Damages. (See Railroad Adm inistration.)
D eductions. (See Com putation of reserves; Govern­
m ent deposits.)
Definitions—
“ Assured revenues,” warrants, 2—170.
“ E xportation,” 1— 91
“ Revenue bonds,” warrants, 1— 221.
“ U nited States,” 1— 95.
“ Value of taxable property,” warrants, 1—221.
Delegation of power to Federal Reserve Board by
Congress, 1—24
(See D iscount rates.)
Demand bills. Presentation for paym ent must be
made w ithin a reasonable time. If held more
than reasonable tim e they becom e overdue paper
and in effect promissory notes of acceptor subject
to U nited States Revised Statutes, section 5200,

3— 31.
Demand deposits. (See Tim e certificates.)
D ependencies of U nited States. D iscount of accept­
ances between U nited States and, 1— 91.
D eposit of securities. (See Securities.)
Deposit. Reserves on. New Y ork laws exclude from
term , deposits w ith Federal Reserve Bank of New
Y ork, 4— 524.
Deposits—
Federal Reserve Agent. G old or lawful money,
1— 273.
Governm ent, 1—91, 274, 409, 3— 458, 692.
Individual, (See Computation of reserves.)
National banks can not join Nebraska system of
guaranty of bank, 1— 409.
National banks may insure, through a guaranty
com pany, 1—29.
State member banks can receive, of postal sav­
ings funds, 1— 274, 2 — 331.
A ct of Septem ber 24, 1917, perm its deposits of
pu blic moneys m connection w ith bond
subscriptions, 4 — 494.
(See Certificates of deposits, Computation of
reserves,
Demand deposits;
Farm land
banks; Governm ent deposits, Nonmember
banks, Tim e deposits.)
Digest and in dex—
O pinions of counsel, 1917, to A pril, 1918, 4—571.
State laws—
Fiduciary powers to national banks, 1—150.
Joining Federal Reserve System , 1— 150.
Warehouse laws, 1—260.
(See State laws; Laws of States, Principal
heading.)
Directors—
Fees, 1—16.
Loans to, 3— 694.
Q ualification of, 1—103.
Term of office, 3— 290.
(See Clayton A ct.)




O P IN IO N S ; COU N SEL OF FED ER AL R E SE R V E
B O A R D ; LAW D EPAR TM E N T— Continued.
D iscount—
Allow ed in trade acceptance for paym ent at ma­
turity H eld negotiable, 4— 200.
For paym ent at fixed date before m aturity Prob­
ably negotiable bu t not favored, 4—871.
D iscount of acceptances—
Federal Reserve Banks—
Based on m ovem ent between U nited States
and Porto R ico, Philippines, and Canal
Zone perm itted as export transactions,
1—91
Between U nited States and H awaii not per­
m itted, 1— 91.
A ny acceptances w hich mem ber banks m ay
make are tech nically eligible under
section 13, 5— 255.
National banks have had this power since 1864,
2— 680 at 683.
D iscount rates—
Based on date of m aturity, 2— 461
Congress has delegated to Federal Reserve Banks
and Federal Reserve Board the right to fix,
unaffected b y State laws or b y U nited States
R evised Statutes, section 5198, as to national
banks, 1—24.
Forward rates. Sections 4 and 14 give Federal
Reserve Banks right to establish, 1— 97
Discounts of member banks transferred to other dis­
tricts, 1— 102,
D istrict, Federal Reserve. (See D iscounts.)
D istrict o f Columbia. (See Clayton A ct.)
Districts. Outlying. Reserves, 4—1124.
D ividends—
To increase capital are subject to incom e tax,
5—256.
Liquidated national banks, 4—201.
Paym ent of, 1—220.
Semiannual, can not be declared, 1—220.
Surrendered stock, 2— 17, 4—201.
(See Accrued dividends, T a x .)
Documents. (See Dom estic acceptances; Security.)
Documents, shipping. (See Dom estic acceptances;
Security.)
D ollar balances. (See Com putation of reserves.)
D ollar exchange drafts. Lim itation of 50 per cent
on, separate and distinct from 50 per cent lim ita­
tion on dom estic acceptances, 3—528.
D om estic acceptances—
Can not be used to finance goods during process
of m anufacture into finished products, 6— 66.
Docum ents securing, need not be ph ysically at­
tached to b ill, sufficient if in possession of
accepting bank at tim e of acceptance,
3— 765.
Draft on a national bank covering current domes­
tic shipm ents not eligible unless shipping
docum ents attached at tim e of acceptance,
5—471,
Draft not eligible as a dom estic acceptance
m erely because b ill of lading or warehouse
receipt attached, 3— 380; 6— 66
Lim itation of 50 per cent on, separate and dis­
tin ct from 50 per cent lim itation on dollar
exchange drafts, 3— 528.

O P IN IO N S ; COUNSEL OF FED ERAL RESERVE
B O A R D ; LAW D EPAR TM E N T— Continued
D om estic acceptances— Continued
Mississippi amends banking laws to authorize
domestic bankers acceptances involving
shipments, 0— 701,
Release of security for (See Security* >
D om icile bills drawn b y exporter of cotton on a foreign
spinner indorsed b y foreign bank., payable in
dollars in United States if w ithin 90-day maturity
lim it are technically eligible as trade acceptances
but. in view of difficulty of realizing on them.
Federal Reserve Banks may refuse to discount or
purchase them , 6—38G,
D ouble lia bility Stockholders. {See State member
banks. *
Drafts. (See Acceptance credit, Arrival of car
Chattel mortgage, E xport, Food Adm inistration
Grain Corporation, Foreign drafts. Indorsement,
Inspection, Interest, Payable Railroad supplies;
Railroad Adm inistration, Renewal Sight drafts:
Warehouse receipts. )
Drawee, B ill payable to order of, not negotiable until
indorsed, 4—110.
D ra w erA cceptance may be given under negotiable instru­
ments act, before signature of, 5—1157
(SeeU nited States Revised Statutes, section 5200.)
Edge Act. Federal charter for foreign banking cor­
porations, 5—965.
(See Edge A ct.)
E ligible paper—
(See supra, Accom m odation acceptance, Adver­
tising space, Agricultural paper, Attorneys’
fees; B ill of lading draft, Collection charges,
Commercial paper, D iscount, Discount of
acceptances; Dom estic acceptances, Drawee,
Drawer )
(See infra, Exportation and im portation, Food
Adm inistration Grain Corporation, Hawaii,
Homestead rights, Inspection, Interest, Ma­
turity, Member bank collateral notes; Nego­
tiable instruments act, Open accounts; Open
market. Purchaser of goods Qualified accept­
ance Railroad supplies, Real estate loans,
Real estate mortgage, Rediscounts; Security
Sight bills; Trade acceptances, U nited States
Governm ent, W aiver, War savings stamps,
Warehouse receipts: Warrants; W ithout re­
course. )
Escheat law, Pennsylvania, does not affect national
banks, 2—115.
[Overruled by opinion of Attorney General, 1920.]
Exchange of U nited States bonds. (See U nited States
bonds.)
Exchange B ill or note pavable in, not negotiable,
2—459.
Exchange B ill or note payable w ith, negotiable,
2— 4o9 ; 3—880.
Expense of shipm ent. (See Unfit currency )
Export corporations, Edge A ct, Federal charter,
5—965.
Exportation and im portation—
Acceptances based on. D efinition of export, 1—91.
B ill drawn by contractor to furnish materials to
com pany under contract to manufacture and
export, is not eligible as export acceptance,
1—276.




O P IN IO N S ; COUNSEL OF FED ERAL RE SE R V E
B O A R D ; LAW D EPAR TM E N T— Continued.
Exportation and im portation—Continued
Character of assurances required on drafts b y
dealers in both dom estic and export goods o f
sim ilar kind, 4—314, 438.
Drafts drawn by one who agrees to manufacture
and im port goods before m aturity consigned
to bankers procuring the acceptance is not
eligible for acceptance as an im port trans­
action, 4— 976.
Acceptance to enable domestic concerns to extend
credits on open account to foreign purchasers
are not export transactions, 5—254,
There must be an existing contract for exportation.
Mere intent to export w ill not suffice, 6—66.
(See D iscount of acceptances.)
Farm land banks. Deposits in Federal Reserve
Banks, 3—881
Farm land
Loans on im proved farm lands, 3—618.
(See Real estate loans. )
Farm loan bonds not eligible as collateral for member
bank collateral notes, 4— 33.
Federal Reserve Agents—
Deposits of gold or lawful money w ith, 1—273.
Indorsement of collateral to, 1—363.
May deposit in gold settlem ent fund, 1—273.
Federal Reserve Banks—
Capital stock
(See State law s.)
Collecting agents. (See Im plied powers.)
D iscount power May discount any acceptance
which member banks may legally make
under section 13. 5— 254.
Discount rates. Forward rates, 1—97.
Dividends—
Canceled stock, 4—201
Liquidated member bank, 4—201.
Payments of, 1—220.
D om icile bills. (See supra, sam e.)
Farm land banks Deposits in , 3—881.
Member bank collateral notes. (See infra,
sam e.)
Nonmember banks. Deposits of, in, 3— 617
Open market Can not purchase promissory
notes in, 1— 347, 360, 365, 406
Par collections, (See infra, sam e.)
Rediscounts with
Lim itations, 2—224, 274.
Tax on stock of. Can not deduct value of, in
return to State, 1—315, 3— 955.
(See also Borrower, D irectors, D ividends: Liquidated
banks, Profits; Surplus, Term , Surrendered stock*
U nfit currency. U nited States bonds, U nited
States one-year Treasury notes. )
Federal Reserve Board—
Has discretion not to require member bank reduc
ing surplus to surrender a proportional part
of its stock in Federal Reserve Bank, 1— 218
Has no power to reduce number of Federal R e­
serve districts, 2—20,207
Opinion of Special Counsel Cotton contra,
2—25.
(See Opinions, Attorney General of United
States; Fiduciary powers.)
Federal Reserve districts. (See supra, Federal R e­
serve Board )

O P IN IO N S ; CO UNSEL OF FED ERAL RESERVE O P IN IO N S ; COU N SEL OF FED ER AL R E SER VE
B O A R D ; LAW D EPAR TM E N T— Continued.
B O A R D ; LAW D EPAR TM E N T— Continued
Fiscal year (See Profits: Surplus.)
Federal Reserve notes—
Collateral—
Food Adm inistration Grain Corporation. Federal R e­
Acceptances indorsed by member banks of
serve Board may perm it m em ber banks to accept
other Federal Reserve districts may be
drafts of, 4— 976.
taken as collateral for 1— 98 . 99 .
Foreign banking corporations—
Pledge of collateral for 1—363
Edge A ct, 5— 965.
Paper drawn for carrying or trading in Gov­
Subscription to stock in , 5— 965.
ernment obligations is good collateral for,
Foreign banks. (See Computation of reserves.)
3—459,
Foreign branches—
Redem ption or credit, 1—276.
National banks. Reserves, 4— 1123.
Reserves for State member banks, I —318.
N ot independent corporations, 3— 198.
Transportation charges, 2— 71.
Real estate loans by, 3— 952, 5— 362.
Federal Reserve System—
(See National banks.)
Powers of State banks joining, 3— 696.
Foreign correspondent. A cceptances by , of national
Private bankers can not join, 3— 693.
bank guaranteed b y national bank are direct ac­
State laws. Membership in, 4— 166.
ceptance liabilities and must be reported as such,
(See State laws, principal heading.)
4— 311.
Foes-..
(See, however, Volum e 7, Federal Reserve B ulle­
Attorneys1. (See B ills of exchange.)
tin M ay, 1921, page 547.)
Directors, section 22, 1— 16.
Foreign countries. Acceptances between, m ay be dis­
Officer of national banks m ay receive reasonable
counted b y Federal Reserve Banks, I —91.
fees for services as trustee under foreclosure
Foreign drafts. (See Warehouse receipts.)
proceedings in w hich his bank is interested,
Forward discount rates, 1— 97
5—253.
Gold order certificates. Indorsement to Federal R e­
Fiduciary powers—
serve Agent, 1—363.
Digest. State laws as to national banks, 1— 150
3— 697,767.
Gold settlem ent fund—
(See State laws.)
Gold in, to count as reserves, 1—9.
(See Federal Reserve A gent.)
Federal Reserve Board—
Under amendment to section 9, may grant
Government depositories, State banks as. (See supra,
applications unless State laws directly or
D eposits.)
b y necessary im plication forbid 5—362.
Governm ent deposits—
I f State laws perm it such powers to com peting
D eduction of, in com puting reserves of member
State institutions, Federal Reserve Board
banks, 3—692.
m ay grant permits to national banks, 5—
No reserves need be kept against, b y member
362.
banks, 1— 91,409; 3— 458.
Hawaii. R ight of national banks in, to exercise,
Governm ent obligations. (See Federal Reserve notes.)
5—366.
Grain corporation. (See Food Adm inistration Grain
Oregon national banks, 1—319.
Corporation.)
State laws, 1— 150; 3— 528, 697, 767.
Guaranty (See Foreign correspondent; National
(See State laws, principal heading.)
banks.)
Supreme Court of Illinois—
Guaranty com pany N ational banks m ay insure de­
Sec. 11 (k ) held not constitutional, 2—28.
posits through a, 1— 29,
A ppeal, 3—254.
Guaranty of acceptances. (See Foreign correspond­
D ecision of U nited States Supreme Court,
ent.)
3— 534.
Guaranty of deposits. National banks can not join
State can not withhold authority from national
Nebraska system, 1— 409.
banks to exercise, w hile perm itting com pet­
Hawaii—
ing State banks to do so. Opinion. Supreme
Federal Reserve Banks can not discount accept­
court of Connecticut. 6—610.
ances between U nited States and, 1— 91
New Y ork Supreme Court, 5— 1059.
R ight of national banks in , to exercise fiduciary
National banks authorized to exercise, in Missouri
powers, 5— 366.
m ay use words “ trust com pany” as part of
Homestead right. W aiver of, does not affect negotia­
title, 6—497.
b ility, 2—226.
New Y ork Supreme Court. D ecision, 5— 1059.
Illinois Supreme Court. (See Fiduciary powers.)
W isconsin laws prohibiting appointm ent of any
Im plied powers. Section 4 in granting incidental
but W isconsin trust companies to exercise,
powers to Federal Reserve Banks grants right of
held unconstitutional. Supreme court of
collecting b ills and notes, 1— 104.
W isconsin, 6—700.
Importation. (See Exportation and im portation.)
Financial corporations. (See A ct September 17,1919;
Foreign Banking corporations; National banks.)
Improvements. (See Farm land loans; R eal estate
loans.)
Fire insurance. (See Insurance.)
Inadm issible assets. (See War Finance Corporation
Fiscal agents. National banks as, may sell United
A ct.)
States bonds, thrift stamps, and war savings cer­
tificates, 4—313.
Incidental powers. (See Im plied powers.)




O P IN IO N S ; COUNSEL OF FED ER AL RESER VE
B O A R D ; LAW D EPAR TM E N T— Continued
Indorsement—
B ill payable to order of drawee must have his, to
be negotiable, 4— 110,
Of collateral to Federal Reserve Agent, 1— 383.
On separate piece of paper A llonge, 2—610.
W ithout recourse b y nonm em ber bank
Does
not affect negotiability, 4— 745
Federal Reserve Banks may discount acceptances
indorsed b y member banks of other districts,
1—98,
Ineligible. (See E ligible.)
Inspection
Provision giving right of, before accept­
ance, is valid, 5— 172
Insular possessions. Acceptances between United
States and, 1— 91.
(See H awaii.)
Insurance—
National banks may take out, of deposits through
a guaranty com pany, 1— 29
Have no right to w rite, 2— 73
(Changed, as to certain national banks by act
of Septem ber 7, 1916, 3— 164 )
Interest. Notes payable w ith, after m aturity are nego­
tiable, 3— 200.
Kern amendment. (See Clayton A ct.)
Lawful m oney Deposits of, w ith Federal Reserve
Agent, 1—273.
Lever A ct. Am endm ent to; profiteering, 5—967
L iability, double. (See D ouble lia b ility .)
Lim itations—
Discounts and acceptances, section 13 and United
States R evised Statutes, sec. 5200, 2—22-t,
274, 3 — 528, 696; 4 —32, 34, 638, 808, 863,
867, 5— 143, 253, 254, 362, 364, 458, 1055,
1157, 6—276, 278, 495.
(See Ten per cent lim itations.)
Dom estic acceptances, 5— 254.
(See A cceptances; Rediscounts.)
Section 18. (See U nited States bonds.)
(See A ct March 3,1919.)
Liquidated member bank—
Cancellation and refund of capital stock, 2 —119
D ividends on stock, 4— 201
National bank acquiring assets of, has no right to
transfer of Federal Reserve Bank stock,
3— 199.
(See Accrued dividends, principal heading.)
Liquidating national bank, Sale of U nited States
bonds by, 2—170,
Live stock. Paper based on, 3— 616.
Loan associations. Status. Clayton A ct, 2— 118.
Loans, (See Farm land loans; Real estate loans.)
Loans to directors, Section 22 as am ended, 3— 694.
M aturity—
Provision for fixed sum including discount for
paym ent at m aturitv, but, if not so paid, for
a sum exclu sive of the discount, is valid,
4— 200.
Provision for discount if paid at fixed day before
m aturity, should not be approved b y Federal
Reserve Banks, although probably negotiable,
4— 871.
(See D iscount rates.)




37599°— 21----- 12

O P IN IO N S ; C O U N S E L O F F E D E R A L R E S E R V E
B O A R D ; L A W D E P A R T M E N T — Continued
M em ber bank collateral notes—
Advances on
Rests in discretion of
R eserve Banks, 6 — 163.

Federal

Farm loan bonds not eligible as collateral for,

4— 33.
Federal Reserve Banks m ay decline to make ad­
vances on, secured b v war paper unless actu­
ally owned b y m em ber bank and unless its
Governm ent deposits are secured b y war
paper actually owned b y it, 6 — 163.
Indorsem ent of eligible paper as collateral for,
not necessary if already in negotiable form,
2 — 685.
Renew al of, 3 — 765.

Perfential rates on, secured by war obligations,
6— 163.
Security for
W arrants not, 2 — 609.
M em ber banks—
Discounts of, transferred to another district, 1—

102

Rediscounts, lim itations, 2 — 2 2 4 ,2 7 4 , 3 — 52 8 ,6 9 6 ;
4 — 32. 34. 638, 808, 863, 867, 5 — 143. 253, 362,
364, 458. 1 0 5 5 ,1 1 5 7 , 6 — 276, 278, 495.
(See T en per cen t lim itation s.)
R ights of, in northern N ew Jersey, 1— 102.
Surplus. Federal Reserve Board not bound to
require m em ber bank reducing its surplus to
surrender proportional part of capital stock,
1 — 218.

(See Liquidated, M em ber banks; R ediscounts;
Savings accounts. )

M ississippi (See supra, Dom estic acceptances.)
Money (See Lawful m oney.)
National bank notes—
National banks can not agree to w ithdraw , from
circulation. 2 — 332.
Can not take, as security for loans, 2 — 332.
R ight to increase, 2 — 65, 72.
N ational banks—

Acceptances—
B y foreign correspondent under guaranty of.
is a direct acceptance liability and must
be so reported, 4—311.
(See how ever, V olu m e 7, F ederal R eserve
B u lletin , M ay, 1921, page 547 )
D raft drawn on, covering dom estic shipm ents
not eligible for acceptance unless ship­
ping documents attached at tim e of
acceptance, 5 — 471.
(See Acceptances.)

Agent to accept. Can not appoint, and pay
drafts drawn on it in another city out of funds
in control of agent, 6 — 835.
(See, how ever, V olum e 7, Federal R eserve
B u lle tin , M ay 1921, page 547.)
Branches, dom estic, 5 — 966.
( See Consolidation.)
Circulation—
Can not agree to withhold notes from , 2 — 332.
R ight to increase circulation, 2 — 65, 72
Consolidation w ith State banks gives no right to
operate branches, 2 — 74.

Escheat law, Pennsylvania.
to. 2— 115.

Does not apply

(Overruled b y A ttorney G eneral, 1920.)

O P IN IO N S ; COU N SEL OF FED ERAL RE SER VE O P IN IO N S ; COU N SEL OF FE D E R A L R E SER VE
B O A R D ; LAW D EPAR TM E N T— Continued
B O A R D ; LAW D EPAR TM E N T— Continued
Open accounts—
National banks—Continued
Fee. Officers of, entitled to reasonable fee for
Can not rediscount assignment of, 2— 227
services as trustee in foreclosure proceedings
(See Tim e deposits.)
in w hich bank is interested, 5—253.
Open market—
Federal Reserve Bank stock. Can not deduct
Federal Reserve Banks can not purchase promis­
value of, in return to State for taxation of its
sory notes in , 1— 347, 360, 365, 406.
shareholders, 1—315; 3 —955.
(See Commercial paper, U nited States bonds.)
Foreign corporations. Subscription to stock in,
Oregon national banks. F iduciary powers, 1— 319.
5— 965.
Outlying districts. Reserves, 4— 1124.
Fiscal agents. May sell U nited States bonds, etc.,
as, 4—313.
Own acceptances—
Purchase of, need not be included in aggregate
Guaranty of deposits. Can not join Nebraska
authorized b y section 13, 2— 397
system, 1—409.
(See A cceptances; U nited States R evised Statutes,
Insurance of deposits. May effect, through guar­
section 5200.)
anty com pany, 1— 29.
Par collections. M ississippi law preventing Federal
Insurance. No right to write, 2— 73.
Reserve Banks from cashing checks over counter of
Liquidated—
bank, 6— 387
Accrued dividends, 3— 117.
Federal Reserve Banks sustained—
D ividends, 4—201.
U nited States D istrict Court, 6— 496.
Missouri—
U nited States Circuit Court of Appeals, 6—
May deposit securities in, for exercise of
1303.
fiduciary powers, 5— 655.
(Pending in U nited States Supreme Court.)
N eed not give bond, 5— 655.
Payable—
National bank notes—
A t other than residence of acceptor is a general
Can not agree to withdraw from circulation,
acceptance unless expressly stated payable
2—332.
nowhere else, 3— 289; 5— 142.
Can not receive, as security for loans, 2—332.
Sight drafts accepted, at future date, not nego­
Real estate loans. Can not make, in central re­
tiable, 5— 565.
serve cities, 2— 609.
W ith attorneys *fees. N egotiable, 2—226; 4— 745.
Reserves. Foreign branches, 4— 1123,
W ith collection charges. N ot negotiable unless
Reserves. Governm ent deposits, 1— 109; 2—331,
so drawn as to show no such charges included
unless b ill is dishonored at m aturity, 2— 226,
3— 692.
4— 745.
Usurious charges b y , 8—292.
(See Collection charges;
Drafts;
Exchange
(See also Edge A ct, Fiduciary powers; Foreign
charges.)
branches; Foreign corporations; Liquidating
banks; R eal estate loans; U nited States bonds.)
Payment. (See Presentation for paym ent.)
Nebraska. National banks can not join, system of
Pennsylvania. (See Escheat law .)
guaranty of deposits, 1— 409,
Philippines. Status, 1— 91.
N egotiability. Conditions affecting, 1—21.
Porto R ico. Status, 1— 91.
Negotiable. (See Collection charges; B ills of ex­
Possessions of U nited States. (See Acceptances. )
change; E ligible; Exchange.)
Postal savings deposits—
Negotiable instruments act. A cceptances may be
State member banks can receive on ly deposits of,
given before signature of drawer attached under,
section 15, 1— 274.
5— 1157.
Deposits of, in nonm ember banks, 2— 331
Negotiable paper, (See A llonge, Indorsem ent.)
Reserves against, 1— 409; 2— 331, 3— 692.
New Jersey. R ights of, in northern. (See Member
(See Deposits; Postal savings funds; State mem­
banks.)
ber banks.)
New Y ork laws. Reserves on deposit do not include
Powers, Federal Reserve Board. (See Federal R e­
reserves in Federal Reserve Bank, 4— 524.
serve Board.)
Nonmember banks—
Powers. Im plied. (See Im plied pow ers.)
D eposit of postal funds in , 1— 274, 2—331.
Presentation for paym ent. Demand and sight bills,
D eposit of, in Federal Reserve Banks, 3— 617.
3—31.
(See Governm ent deposits; Nonmember banks;
Private bankers can not join Federal Reserve system ,
Postal savings funds.)
3—693.
Notes, promissory, Federal Reserve Banks can not
Profits, Federal Reserve Banks can not carry, to sur­
purchase, in open market, 1— 347, 360, 365, 406.
plus before end of fiscal year, 1— 220.
Notes, unfit. (See U nfit currency*)
Profiteering. Am endm ent to Lever A ct, 5— 967
N otice. (See Savings accounts.)
Promissory notes—
Federal Reserve Banks can not purchase in open
Officers—
Compensation, 1— 16.
market, 1— 347, 360, 365, 406.
Fees. Am endm ent to section 22 ,5— 253.
Stamp tax on renewals, 4— 977
On or before. Payable. Negotiable, 3—291.
P ublic moneys. (See D eposits; Postal savings de­
posits; Reserves.)
Open account. (See Exportation and im portation.)




.’ P IN IO N S ; COUNSEL OF FED ER AL RESERVE
B O A R D ; LAW D EPAR TM E N T— Continued
Purchase of stock in Federal Reserve Banks. (See
State laws, principal heading.)
Purchaser of goods. B ill of, against a national bank
not eligible for acceptance, m erely because secured
bv a bill of lading of the goods, 3 —380, 6— 65, 66,
1301
Qualified acceptances, 2—463.
Railroad Adm inistration. L iability for damages on
bills of lading issued b y its agents, 4— 872,
Railroad supplies. Draft for, eligible, 4— 974.
Real estate loans—
f oreign branches of national banks, 3— 952; 5—
362.
Improvements as part of value, 2— 608.
Maturity of, 2— 226.
National banks in central reserve cities can not
make, 2— 609.
Purchase of, b y national banks, 2— 120.
Subject to U nited States Revised Statutes, sec­
tion 5200, 2— 171.
(See Farm land loans.)
Real estate mortgage. An eligible note or bill is not
made ineligible because secured by a, 3— 158.
Recourse. W ithout. Indorsement of a nonm ember
bank does not affect negotiability, 4— 745.
Redem ption. Credit or (See Federal Reserve notes.)
Rediscount. Can not, assignment of open accounts,
2— 227
Rediscounts w ith Federal Reserve Banks—
O nly lim itations, 2— 112, 224, 274, 456.
Maker of note rediscounted b y member bank is
no longer a borrower from member bank, 4—
638, 867
(See State banks.)
Reduction of surplus. (See Surplus.)
Regulation F, 1915. Warrants, 1—221.
Regulations. Open market purchases, U nited States
bonds, 1—99.
Release of security after acceptance, 5—143, 253, 468.
(See S ecu rity )
Renewals—

Member bank collateral notes, 3— 765.
Stamp tax on, of notes, 4— 972
National bank can not accept w ith agreement for
renewal, 3—277
Renewal b ill not eligible when b ill of lading is
surrendered after acceptance, 3—66.
(See infra, Warehouse receipts.)
Reports of condition—
B y State Banks to Com ptroller, 2—114.
(R eport to Federal Reserve Bank* (A ct of
June 21, 1917, 2— 114.)
(See infra, State banks.)
Reserve cities. O utlying districts of Reserves, 4—
1124.
Reserves—
Computation of, 3—692; 5— 963.
(See Computation of reserves.)
Federal Reserve notes as, for State banks, 1— 318.
Foreign brandies. National banks, 4—1123
G old settlem ent fund. Gold in , to count as re­
serves, 1— 9.




O P IN IO N S ; COUNSEL OF FED ERAL RE SER VE
B O A R D ; LAW D EPAR TM E N T— Continued
Reserves—Continued.
Member banks, Governm ent deposits, 3— 158
New York laws. Deposits of reserves, 4—524.
O utlying districts, 4— 1124
State laws as to. (See State banks, e tc., Laws of
States.)
(See supra, Computation of reserves.)
(See Postal savings deposits Savings funds.)
Revenue bonds. Warrants, definition, 1—221.
Revenues, assured
(See Warrants.)
Salaries. (See Officers.)
Savings accounts—
Right to advertise, 1— 18.
Tim e deposits, as, 2— 611.
Thirty days’ notice, 4— 199.
(See Tim e deposits.)
Savings and loan associations. Status. Clayton Act,
2—118.
Savings deposits. (See Deposits; Savings funds.)
Savings funds. Member bank may deposit, as reserve
against savings deposits although under State law
such deposit is not subject to any claim of Fed­
eral Reserve Bank against the member bank as
distinct from the savings department, 5—654.
Sections, Federal Reserve A c t Section 2. (See State member banks; Surplus. )
Section 4. (See Forward discount rates; Im plied
powers; U nited States bonds.)
Section 5. (See Surplus )
Section 7 (See D ividends; Semiannual divi­
dends; U nited States bonds. )
Section 9. (See Borrower; D ouble lia bility; R e­
ports of condition, State banks.)
Section 11 (k). (See Fiduciary powers.)
Section 11 (m ). (See A ct March 3, 1919.)
Section 13—
A cceptance purchased by accepting bank and
rediscounted with Federal Reserve Bank
is not subject to section 5200, 3— 696.
“ A ctually existing values” includes drafts
and bills secured b y shipping documents
and bankers acceptances described in sec­
tion 13, although not specifically stated as
in act of October 22, 1917, amending
U nited States Revised Statutes, section
5200, 5— 1055.
(See A cceptances; B ills of exchange; Bor­
rower Incidental powers; Lim itations
State banks; Trust receipts.)
Section 14. (See Forward discount rates: Open
market; Promissory notes; Warrants; tinn ed
States bonds.)
Section 16. (See Federal Reserve Agents; Fed­
eral Reserve notes.)
Section 18. (See U nited States bonds.)
Section 19, (See Computation of reserves; De­
posits; Postal savings deposits; Savings ac­
counts.)
Section 22. (See Fees; Directors; Officere.)
Section 25. (See A ct September 17, 1917; For­
eign banking corporations; Foreign branches.)
Section 27 (See A ct May 30, 1908, AldrichVreeland.)

O P IN IO N S ; COU N SEL OP FED ERAL RESERVE
B O A R D ; LAW D EPAR TM E N T— Continued
Security—
B ills drawn to purchase goods and secured b y
b ill of sale of stock in hand are not eligible
for purchase under Regulation B , 1916, 2—
684.
M ember bank can not accept draft of a cattle loan
com pany secured b y notes of cattle owner
in turn secured b y chattel mortgage of cattle
owner to cattle loan com pany, 4—871
A cceptance of an unsecured draft in excess of 10
per cent is not eligible whether or not the
customer guaranteeing the acceptance is the
drawer, 5— 143.
Draft drawn b y purchaser of goods secured b y
b ill of lading of same is not necessarily
eligible for acceptance, 3—380.
Acceptances in excess of 10 per cent must be
secured throughout life of draft, 5—143,
254, 364.
(See A cceptances, dom estic; Security.)
Security, release of—
May be released after acceptance on execution
of a trust receipt or agreement, 5— 143.
Or b y substitution of other security growing out
of same transaction, 5— 253, 468.
(See A cceptances; Security.)
Security Trust receipts, 3— 881.
Semiannual dividends not perm issible, 1— 220.
Shipm ent. Expense of. (See U nfit currency.)
Shipm ents. (See A llied purchasing com m ittee.)
Shipping docum ents as security Must be indorsed
or made out so as to secure or convey title to ac­
cepting bank, 4— 198. (See National banks.)
Sight bills—
Presentation for paym ent, 3—31,
A ccepted payable w ithin three months are not
negotiable, 2—463.
Sight draft accepted payable at future date is a
qualified acceptance w hich holder may refuse to
take, bu t, if taken, drawer and indorsers are re­
leased unless they have expressly or im pliedly
authorized holder to take it or have subse­
quently assented thereto, 5—565, 566,
Stamp tax. (See T ax.)
State banks—
D istrict of Colum bia, doing business in , are
subject to Clayton A ct, 2—526,
(See O pinions, A ttorney General.)
Governm ent depositories, 1—274,
(See supra, D eposits; Postal funds; Govern­
m ent deposits.)
M em bersh ip A pplication for, before beginning business,
3— 953.
In Federal Reserve System, State laws,
4— 166.
(See State banks, etc.)
Powers of, entering Federal Reserve System,
3— 696.
Subscriptions to capital of Federal Reserve Banks.
(See infra, State laws; State member banks.)
State laws—
A cceptances, 3— 529.
Fiduciary powers, 1—150.
Foreign banking corporations, 5—54.




O P IN IO N S ; COU N SEL OF FED ER AL R E SE R TE
B O A R D ; LAW D EPAR TM E N T— Continued
State laws—Continued
Purchase of stock in Federal Reserve Banks, 1—
150; 3— 696; 4— 166, 315, 526, 978, 5—366,
566, 658, 741, 849, 967.
Reserves, 3— 767
Warehouse laws, 1— 260,
(See State laws, principal heading.)
State member banks—
Branches. Where branches of, are in district
different from that of parent bank, the
branches need not join Federal Reserve Bank
of their district, 4— 522,
Deposits, Governm ent—
Can receive only postal savings, 1—274.
Reserve against, 1— 109.
(See supra, Deposits. )
Federal Reserve notes m ay b e held as reserves
when State law perm its, 1—318.
Rediscounts—
Loan of 30 per cent of capital and surplus to
one borrower; rediscount of 20 per cent
w ith another bank, remaining 10 per
cent m ay be rediscounted w ith Federal
Reserve Bank, 4—638.
Are subject to lim itations of section 13 unless
drawn against actually existing values,
5—1157
E ffect on, of amendment to U nited States
Revised Statutes, section 5200, and
amendment, section 11 (m ), of Federal
Reserve A ct, 5— 1056.
(See Borrower.)
Reports of condition to Com ptroller, 1— 319,
(R eport to Federal Reserve Bank A ct of
June 21,1917, 2— 114.)
Stockholders’ lia bility
Subject to double lia­
b ility bu t not their stockholders, 1—273,
State taxation. (See T ax.)
State warehouse laws. (See State laws.)
Status—
A dvisory Com mittee, Clayton A ct, 3— 118.
Canal Zone, 1— 91.
Hawaii, 1— 91.
Philippines, 1— 91.
Porto R ico, 1— 91
Qualified acceptances, 2— 463.
Savings and loan associations, Clayton A ct, 2—
118.
Stock. (See Canceled stock, Capital stock; L iqui­
dated bank, State laws, Surrendered stock.)
Stockholders. (See State member banks.)
S u rp lu sCan not carry profits to, u ntil end of fiscal year,
1— 220.
Federal Reserve Board not bound to require mem­
ber bank reducing, to surrender proportionate
part of capital stock, 1— 218,
Surrender of stock. (See Capital stock; Member
banks; Surplus.)
Surrendered stock, dividends on, 2— 17, 4— 201.
Tax. Stamp—
A llied purchasing com m ittee. Shipm ents to,
4— 614, 972,1218.
D ividends to increase capital, 5— 256.

O P IN IO N S ; COUNSEL OF FED ERAL RESERVE
B O A R D ; LAW D EPAR TM E N T— Continued.
Tax Stamp— Continued
Negotiable instruments, 4— 316.
Notes. Renewals of, 4— 977
Railroad certificates of indebtedness. Notes
secured b y , not subject to stamp tax if par
value is not less than amount of notes, 5— 566.
Trade acceptances, 4— 977
War Finance Corporation bonds. Notes of one
bank to another secured b y War Finance
Corporation bonds are subject to, 5— 566.
Taxation, State. Member bank in return for, can not
deduct value of Federal Reserve Bank stock,
1—315; 8— 955.
Terms—
Directors, 3— 290.
(See Clayton A ct.)
Texas banking laws. Am endm ent, 6— 950.
Thirty days’ notice. (See Savings accounts.)
Thrift stamps. National banks may sell, as fiscal
agents, 4— 313.
Tim e certificates of deposit when becom ing payable
in 30 days becom e demand deposits, 5— 655.
Tim e deposits—
Open accounts, 2— 686.
Savings accounts, 2— 611.
Trade acceptances—
A ctually existing values. Are subject to lim ita­
tions of section 13 unless drawn against, 4—
974.
Collection charges. Payable w ith, not negotiable,
3— 880. (See, 2— 226; 4— 745.)
Conditional sales can not be basis of, 5— 964.
D iscount for paym ent before maturity, not ap­
proved, 4— 871
Discount to be added for nonpaym ent at matu­
rity, approved, 4— 200,
Exchange. Payable w ith, negotiable, 8— 880.
(See supra, Exchange.)
Extension of time, N ote providing for, not ap­
proved, 4— 870,
Sales corporation, Draft drawn b y lum ber corpor­
ation against a, in w hich it owns stock, when
accepted is a valid trade acceptance if an
actual sale made in good faith, 4—33.
Stamp tax on, 4— 977
(See supra, D om icile bills.)
Transportation. Expense of. (See Federal Reserve
notes.)
Trust receipts—
Security for acceptances, 3— 881.
Perm itting access to goods by owner is not “ actual
security’ ’ under section 13, 5— 254.
Trustee. (See Fiduciary powers.)
Unfit currency. Deposit of, in Federal Reserve Banks
to avoid expense of shipm ent to Washington for
redem ption may be refused, 2— 115.
U nited States. D efinition of term, 1— 91.
U nited States bonds—
Allotm ents. Amounts bought by Federal R e­
serve Banks in open market should be de­
ducted from, 1— 99.
Conversion privileges. E ffective on passage of
act, 1— 101.




O P IN IO N S ; CO UNSEL OF FED ERAL RE SE R V E
B O A R D ; LAW D EPAR TM E N T— Continued.
U nited States bonds—Continued,
Exchange of Federal Reserve Board may per­
m it, by Federal Reserve Banks however ac­
quired, 1— 101.
Liquidating banks. Sales of U nited States bonds
by, 2— 170.
National banks may sell, as fiscal agent, 4—313.
Open market. Federal Reserve Banks may buy,
in open market under sections 4 and 7, sub­
ject to regulations of Federal Reserve Board,
free from lim itations of section 18, 1— 99.
United States one-year Treasury notes. Conver­
sion of United States 2 per cent bonds into,
1— 101, 102 2— 330,
United States Circuit Court of Appeals. (See supra,
Par collections. )
United States District Court, Georgia. (Se supra,
Par collections.)
U nited States Government. Drafts drawn to finance
sales to, are not bills drawn against actually exist­
ing values nor can they be discounted as com ­
m odity paper, 4— 32.
U nited States one-year Treasury notes—
Conversion of U nited States 2 per cent bonds into,
1— 101, 102 , 2—330.
Rights and obligations of Federal Reserve Bank
to which issued, 2— 330.
U nited States Revised Statutes, section 5191.
A ct May 30, 1908, Aldrich-Vreeland )

(See

U nited States Revised Statutes, section 5198.
Pro­
visions of, making State interest rates applicable
to national banks does not affect Federal Reserve
Banks in fixing discount rates, 1—24. (See D is­
count rates.)
U nited States Revised Statutes, section 5200—
A cceptances—
Does not apply to acceptances, 2—680.
Does apply to purchase of own acceptances
which are in effect loans to customer, 2—
680.
I f bank subsequently rediscounts its own
acceptance w ith Federal Reserve Bank,
section 5200 would not apply, 3—696,
A cceptor Demand bills held beyond reasonable
tim e becom e in effect promissory notes of
acceptor, subject to, 3—31.
A ct O ctober 22, 1919—
Analysis of act of O ctober 22,1919, amending, 5— 1055.
T ext, 5— 965.
Federal Reserve Banks. A ct October 22,
1919, does not affect discount power of,
5— 1055.
Real estate loans are subject to U nited States
R evised Statutes, section 5200, 2— 171
U nited States Revised Statutes, section
5202. A ct of October 22, 1919, amends
section 5202 by adding an additional excep­
tion Liabilities created by the indorsem ent
of accepted bills of exchange payable
abroad actually owned by the indorsing
bank and discounted at home or abroad—
T ext, 5—965, 966.
Analysis, 5— 1055.
Value. (See Capital stock, Real estate loans.)

O P IN IO N S ; COU N SEL OF FED ERAL RESER VE
B O A R D ; LAW D EPAR TM E N T— Continued
Value of taxable property Warrants, definition, 1—

221.
Values, actually existing, (See A ct O ctober 22,1919;
A cceptances, actually existing values, A ct of
M arch 3,1919; A ct of O ctober 22, 1919; B ills of
exchange, State banks; Trade acceptances;
U nited States Government. )
W aiver—
Of dem and, etc., does not release acceptor, 1—
277
Of dem and, etc. , does not affect negotiability, 2—
226.
Of homestead rights does not affect negotiability,
2—226.
WarFinance Corporation. Inadm issible assets, 5— 472,
War Finance Corporation A ct. Pending amendment,
5—966.
War Finance Corporation bonds. (See Tax )
War Finance Corporation has no jurisdiction over
Federal Reserve Banks, 4— 1216.
War prohibition act. (See Warehouse certificates.)
War savings stamps—
National banks may sell, as fiscal agents, 4—313.
Notes, drafts, and bills secured b y , proceeds of
w hich used to purchase or carry, are not
eligible for rediscount, 4—637
Warehouse laws, State. Digest of, 1— 260.
Warehouse receipts—
A draft secured b y , covering autom obiles or tires
is not eligible for acceptance b y a bank, as
they are not readily marketable staples under
section 13, 0— 65.
A draft secured b y , covering autom obiles or tires
in process of shipment would be eligible,
0—65.
A foreign draft, payable in U nited States, se­
cured b y dom estic, is eligible for acceptance,
bu t not for purchase b y Federal Reserve
Banks under existing regulations, 5— 740.
Drafts secured by, are eligible for acceptance only
if drawn to carry goods pending a reasonably
im m ediate sale or distribution, 0— 66.
National banks can not accept a 90-day draft
secured by, w ith agreement for renewals,
6—277.
If, however, a sale w ithin 90 days is originally
contem plated, bu t for some unforeseen reason
is not consummated, a new acceptance may
be issued com plying as to terms and condi­
tions of an original acceptance, 6— 277.
Sale of, covering whisky in bond is not in viola­
tion of war prohibition act, 5— 968.
(See Acceptances, warehouse receipts; Ware­
house receipts.)
Warrants—
Assured revenues. In anticipation of, 2— 170.
E ligible for purchase if having not more than six
months to run at tim e of purchase, 1— 221.
Member bank collateral notes. Warrants are not
eligible security for, 2— 609.
Purchase of, 6— 32.
Revenue bonds. D efinition, 1— 221.
Valuation of taxable property includes franchises
when such franchises are actually taxed upon
the valuation set forth in return b y the
m unicipality of taxable property, 1— 221.




O P IN IO N S ; COU N SEL OF FE D E R A L RE SER VE
B O A R D ; LAW D EPAR TM E N T— Continued.
Withdrawal, notice of. (See Savings accounts.)
W ithout recourse. An indorsement b y a nonmem­
ber bank does not affect negotiability, 4— 745.
O P IN IO N S , S O L IC IT O R OF IN T E R N A L
REVEN UE.
Capital stock of Federal Reserve Banks is exem pt
from tax under act of October 22, 1914, 1— 211.
Instruments issued b y Federal Reserve Banks. A ppli­
cation of tax to, under act of October 22, 1914,
1— 211.
O P T IC A L M E R C H A N D ISE .
Terms of sale, 6— 1034.
O PTIO N A L R E SE R V E S.
(See U ncollected funds.)
O R A N G E S.
(See Physical volum e of trade.)
O RD ER C E R T IF IC A T E S .
(See Gold order certificates.)
O R D E R , E X E C U T IV E .
(See E xecutive order.)
O RD ER TO D E S IS T , 2— 606.
(See Clayton Act. )
O R D E R S, O U TSTA N D IN G .
(See R etail trade .)
O R D E R S, P R IO R IT Y .
(See War Industries Board.)
O RE IN G RO U N D .
Paper based on, not eligible, 1— 126.
O REG O N .
Laws—
A cceptance, 3— 533.
Amendments to banking laws, 5— 568.
Foreign banking corporations, 5— 60.
Purchase of stock in Federal Reserve Banks,
1— 154.
Reserves, 3— 788.
lis t of State member banks, 4— 95.
State banking department favors State banks joining
Federal Reserve System , 3— 934.
O R G A N IZA TIO N C H A R T.
Federal Reserve Banks, 4 —374.
O R G A N IZA TIO N EXPEN SE.
Exceas of expenses over earnings from Novem ber 16,
1914, to Decem ber 31, 1915, to be charged as,

2— .
12

Cost of issue of Federal Reserve notes, in case of a
deficiency of earnings to be charged to, 2— 12.
O R IG IN A L IS SU E S, FED ERAL RESERVE NOTES#
(See Federal Reserve notes.)
O TH ER L IA B IL IT IE S .
(See Resources and liabilities.)
O U TLY IN G D IS T R IC T S .
New reserve requirem ents for, in discretion of Federal
Reserve Board, 4— 1055.
Established for New Y ork, 4 — 1086.
Reserves, 4— 1124.
(See Reserves.)
O U TSID E OF T R E A S U R Y , E T C ., M ON EY.
(See M oney in U nited States.)
O U TSTA N D IN G .
(See Federal Reserve notes; M oney; Paper currency.)

O U TSTA N D IN G ORDERS*
(See Retail trade.)
O V E R D R A FTS.
Not subject to stamp tax as notes, 2—211.
(See Comptroller of Currency .)
OVERDU E PA PE R , 8—31.
{See Presentment; Sight drafts.)
O VERIN VESTM EN T IN FO REIG N SE C U R ITIE S.
Warning of Federal Reserve Board against. (See
British exchequer notes.)
O V E R SU B SC R IPTIO N .
(See lib e rty bonds; U nited States Treasury certifi­
cates.)
OWEN, R . L .
introduces 18 bills for Comptroller of Currency,
4— 163.
Foreign exchange bank, text of b ill, 4— 722
Questionnaire to bankers on foreign exchange bank,
4— 832.
(See Foreign exchange bank.)
OWN ACCEPTAN CES.
Federal Reserve Board on purchase of. (See A ccept­
ances; Own acceptances.)
Member bank can not deduct exchange charges in
accounting to Federal Reserve Bank for its, for­
warded for collection b y Federal Reserve Bank,
6—162.
(See Exchange charges.)

PALM ER, B . W.
A ppointed counsel for Federal Reserve Board Capital
Issues Committee, 4— 73
PAN AM ERICAN FIN A N C IA L CO N G RE SS.
Addresses—
Governor Ham lin, 1—136.
Warburg, P ., 1— 132.
N otice as to convention, 1— 35.
Participation of Federal Reserve Board, 1—131.
Recomm endations of, 1— 128,
Report, Secretary of Treasury on, 1— 313,
Statement, Federal Reserve Board, 1— 348.
PAN AM ERICAN JO IN T H IG H CO M M ISSIO N .
Secretary M cAdoo and Mr Warburg to attend meeting
of, 2— 152.
PAN AM A.
Branch of International Banking Corporation at,
4—946.
Foreign branch of national bank at, may loan on real
estate situated w ithin 100 miles of branch, under
section 24, 8—952.
Loans placed in U nited States, 5—33; 6— 688.
Terms of sale, 6—1034,1036,1074.
PAPE R.
P ublic service corporation. Test of eligibility, 8—
527, 949
Suspended bank. Federal Reserve Banks may re­
quire indorsement or guaranty of directors of a,

2— 66.

P A C K IN G CO M PAN Y, 8—616
(See Agricultural paper ; Meat packing.)
PA C K IN G H OUSE PR O D U C TS.
(See A cceptances.)
PA D D O C K , W . W .
Appointed chief, D ivision of Operations and Exam i­
nations, 5— 919
Resignation of, 6— 1134.

(See Acceptances; Agricultural and liv e stock paper;
B ills of exchange; Brokers’ paper; Commercial
paper; Cattle paper; Com modity paper; Cotton
factors’ paper, Cotton m ill paper; E ligible;
Enem y paper; Factors’ paper; Farm mortgage
paper; Federal Reserve agents; Finance paper;
Guaranty of directors; Notes; Overdue paper;
Promissory notes; P u blic service corporation
paper, Single name paper; Suspended bank,
Ten-day paper; Trade acceptances; War paper.)
PAPER CU RREN CY O U TSTA N D IN G .
(See M oney.)
PAPE R OF FIN AN CE CO M PAN IE S.
(See Finance paper )
PA PE R , PRO D U CTIO N O F.
(See Physical volum e of trade.)
P A R CO LLEC TIO N .
D efinition, 2— 310.
(See Clearing system ; Opinions of counsel )
P A R , IM M E D IA TE A V A IL A B IL IT Y A T .
Federal Reserve transfer drafts, 8—78, 337, 440, 591.
(See Clearing system , Federal Reserve transfer drafts.)
PAR L IS T .
(See Clearing system .)
PA R PO IN T M AP.
(See Clearing system .)
PA R P O IN T S .
(See Clearing system ,)

P A ID -IN C A PITA L.
Chart showing, 2— 123.
Ratio, net earnings to. (See R a tio.)
(See Reduction of capital stock, Resources and liabili­
ties. i
P A IN T S .
Terms of sale, 6—940.
PA IS H FIN A N C IA L CO M M ISSIO N .
Governor Ham lin explains appointm ent of, 1—50.

P A R , TE LE G R A PH IC TR A N SFE R S A T , 4 -3 7 1 .
PAR CEL P O ST PA C K A G E S.
(See Tax )
PAREN T BA N K .
Creditors of branches are general creditors of, 8—198,
Brandies of State member banks situated in Federal
Reserve districts other than that of the, need not
join the Federal Reserve Bank of the district in
which situated, 4—522

OWN KNOW LEDGE.
Certificates of eligibility of farm mortgage paper must
be based on, of officer of purchasing bank, 2— 12
OW NED, A C TU A LLY .
Federal Reserve Banks may decline to discount mem­
ber bank collateral notes secured b y Government
obligations unless such securities are, b y it and
unless the Governm ent deposit if any is secured
b y U nited States obligations, b y it, 6 —163.
OW NED, CO M M ERCIAL OR BU SIN ESS PAPER
A C TU A LLY . UNITED ST A TE S REVISED S T A T ­
U TE S, SECTIO N 5200.
(See A cceptances; A ctually owned; Com mercial or
business paper.)
P
P A C IF IC B A N K , NEW Y O R K .
Reasons for joining Federal Reserve System, 8— 837
PA C K A G E S, PAR CEL P O ST , 4—17.
(See T ax, Federal Reserve Banks.)




PAR EN T B A N K —Continued
I f capital o f a, owning a chain of branches w hich are
not independent corporations, is sufficient to en­
able it to becom e a national bank it may becom e
a mem ber bank together w ith its branches what­
ever their capital m ay be, 4—971.
P A R IS B A N K , L IM IT E D .
Condition, 1914-1919, 6— 1047.
P A R IS , FRAN CE.
Foreign exchange rates—
B erlin on, 6—1076,1319.
Chile on, 6— 1055.
Copenhagen on, 6— 41, 44.
Italy on, 1914-1919, 5— 846.
London on, 6— 1070.
Madrid on, 1914-1919, 5— 1041, 1042.
New Y ork on, 4— 1199 , 6— 49. 1159.
On foreign countries, 6 —709,1074,1204,1315.
Stockholm on, 6— 40, 42.
{See Foreign exchange; France.)
P A R K UNION FO REIG N B A N K IN G CO RPO RA
T IO N , NEW Y O R K .
Foreign branches, 5— 738, 855,1154; 6—273, 607, 945,
1299.
P A R T IC IP A T IO N , C E R T IF IC A T E O F.
In a note is not eligible for, rediscount, 3—949

PA Y A B L E , B IL L S — Continued.
Out of U nited States. (See A cceptances.)
(See Exchange charges; Interest.)

PA SS B O O K S
Presentation of, on withdrawal of savings accounts,
2— 168. (See Savings accounts. )

PAYM EN T OF U N FIT FED ERAL RE SER VE N O TE S,
1—404.
(See Federal Reserve notes.)

PA SSM O R E , E. P.
Resignation as governor of Federal Reserve Bank of
Philadelphia, 6—348.
P A TE N TS, EN EM Y-O W N ED .
Paym ent of fees on, 4—87
PA Y R O LL PU R PO SE S.
Notes for, are eligible, 3—949.
P A Y R O LL R E Q U IREM EN TS, 3— 301.
(See Vault cash.)

PAYM EN T, PLACE O F.
(See Place of paym ent.)
PA Y M E N TS, FO R E IG N .
(See Foreign paym ents.)
PA Y M E N TS, L IB E R T Y B O N D S.
Cash, credit, and certificates, 4—580; 5— 100.
(See Liberty loans.)

PAY M EN T, N A TIO N A L BA N K E X A M IN A T IO N S,
3— 374. See also 2— 122, 213.
(See National banks.)
PAYM EN T OF AC C E PTA N C E S.
(See A cceptances.)
PAYM EN T OF CO U PO N S.
(See Coupons.)
PAYM EN T OF FEES.
On enem y-owned patents, 4—87.
(See Directors. )
PAYM EN T O F FR A N C H ISE
(See Franchise tax. )

TAX.

PAYM EN T OF RE SE R V E S.
M ethod prescribed, 1— 361.
(See A nticipation; Reserves.)
PAYM EN T OF S U B S C R IP T IO N S .
To liquidated bank, 3— 457
(See Liquidation.)
(See Liberty loans; U nited States Treasury notes.)
PAYM EN T OF SU RREN D ERED
(See L iquidation.)

S T O C K , 2— 168.

PA Y M E N TS, L IB E R T Y LOAN I-IV , 5— 100.
(See Liberty loans.)
PA Y A B LE , B IL L S .
PA Y M E N TS, R E PA R A TIO N .
A t or before a future date. N egotiable, 2—394,
(See Reparation payments. )
A t or before 90 days after sight. Not favored, 3— 949 PAYM EN TS TO U N ITED S T A T E S .
A t place other than residence of acceptor is a general
Due from Europe, 1914-1916, 2— 592.
acceptance unless specifically stated to be pay­
PA Y M E N TS, V IC T O R Y L IB E R T Y LO AN , 5— 521.
able nowhere else, 3— 289, 379; 5— 142,
PEACE CONFERENCE.
A t s ig h tT W Lamont and A lbert Strauss to represent Treas­
Payable when presented w ithout davs of grace,
ury at Paris, 5— 108.
4— 109.
Drawn at sight but accepted payable in three PEACE PRO BLE M S.
Federal Reserve System, 5— 4.
months is a conditional acceptance and
drawer and indorsers are released, 2— 463;
Prices after peace, 5— 9, 191.
5— 564.
(See Prices.)
Attorneys fees. Payable w ith, negotiable, 2—226;
Readjustm ent of labor, 5— 11.
4— 745.
(See Labor.)
B ills payable. New item in New York Clearing House
Transition. War to peace, 5—9.
statements, 5— 310.
Wages after peace, 5—9.
Collection charges. Payable w ith, not negotiable,
3— 880. (B u t see, 2—22C.)
(See Business readjustm ent; Readjustm ent.)
Unless so drawn as to show only payable in case PEACE CONFERENCE.
b ill is dishonored at maturity, 4— 745.
Declaration of supreme cou n cil, League of Nations;
Exchange Payable in , not negotiable, 2— 459.
Econom ic conditions, 6— 363, 451
Exchange Payable w ith, negotiable, 2— 459; 3— 880.
(See International financial conference, Brussels;
League of N ations.)
Ninety days after date, or before on five days after
demand. Negotiable and eligible, 3— 291
PE G G IN G OF FO R E IG N E XCH A N G E .
On arrival of car—
France. Suspended, 5— 312,525.
N ot negotiable, 1— 219, 4— 31, 436, 437
Great Britain
Suspended. E ffect of, 5— 311, 411,
Requires revenue stamp, 4— 31,
413, 414, 525, 1038, 1039, 1110, 6—216, 1260.




P E G G IN G OF FO R E IG N EX C H A N G E — Continued
Lira exchange. Suspended, 5— 311, 525.
(See Foreign exchange, Sterling exchange,)
PEN AL ST A TU TE .
Federal Reserve Board declines to rule whether an
indorsement by a director comes w ithin prohibi­
tion of section"22, as it is a penal statute, 3—763.
PE N A LTIE S.
(See Penalty.)
PE N A LTY .
Im paired reserves. Federal Reserve Banks to fix,
2— 314.
Penalty collected for im paired reserves, 1— 35 ; 2—
314, 5— 132.
Trading with enem y act. Violation of, 3—859.

PE R R IN , J ., FED ERAL RESERVE AG EN T.
Address delivered at Oakland, Calif., 1— 186.
PERSO N ’ S BU SIN E SS BA RO M E TER, 5— 333.
PERSO N N EL, CH ANGES IN .
Federal Advisory Council, 5—200.
Federal Reserve Banks, 1915-1919, 5— 530, 769, 778.
(See Federal Reserve Banks.)
PERU.
Loans placed in United States, 5—33.
Silver production, 1900-1918, 5— 141.
PESETA S.
History
Premium on, 4— 394.
Leffingwell, Assistant Secretary, on, 4—940.
(-See M adrid, Spain.)

PEN ALTY EN VELOPES.
Can not be used for Federal Reserve notes, 1— 355.

PE TR O G R A D .
Foreign exchange rates, 4— 1199.

PEN N SYLVA N IA.
Escheat law as to deposits does not apply to national
bank deposits, 2— 115, 121
[Overruled by Attorney General of U nited States,
1920.]
Laws—
Acceptance, 3—533,
Banking laws, amendments, 5— 744.
Foreign banking corporations, 5— 61
Purchase of stock in Federal Reserve Banks,
3—666.
Reserves, 3— 788.

PETROLEU M .
Price, 1914-1920, 6— 1214.
Production. (See Business
volum e of trade.)
Terms of sale, 6—267.

PE O R IA , IL L .
Designated as a reserve city , 3—921.
PER C A P IT A , C IR C U LA TIO N .
(See M oney.)
PER C A P IT A T A X A T IO N .
(See Taxation,)
PER CEN T, ONE H UNDRED.
(See Acceptances.)
PERCEN TAG E.
Cost of living. Increased, Great Britain, 6—1313.
(See P rices.)
Foreign trade. Tonnage of Am erican ships in, 19181920, 6— 1258.
Outstanding orders to total purchases, 6—1067, 1308.
(See Retail trade.)
Reserve. (See Resources and liabilities.)
Sales increase. Departm ent stores, 6—1258.
Sales, W holesale trade, 6— 1274.
Stocks. Average. Percentum of average m onthly
sales, 6—1067, 1308.
(See R etail trade.)
(See Rates; R atio.)
PERCEN TAG E OF Q U O TA.
Liberty bonds and Treasury certificates subscribed
by Federal Reserve Banks, 5— 100, 521.

conditions;

Physical

PHELAN B IL L . A C T OF M ARC H 3 , 1919.
Am ending Federal Reserve A ct, 5— 21, 228.
PH ILAD ELPH IA CLE ARIN G HOUSE.
Acceptances clearable through, 4—819.
Cooperation with Capital Issues Committee, 4—265.
PH ILAD ELPH IA ST O C K EXCH AN G E.
Cooperation with Capital Issues Committee, 4—265.
PH ILIPPIN E ISLA N D S.
Federal Reserve Banks may discount acceptances
based on shipments between continental United
States and, 1—91.
Branch of International Banking Corporation in,
4— 946.
Shipments from territorial United States to are not
shipments to foreign countries but are exem pt
from stamp tax b y specific provision of law,
5— 467.
PH ILIPPIN E N A TIO N AL BA N K .
Branches, 4— 1084.
Condition, 4— 1085.
Foreign agent of Federal Reserve Bank of San Fran­
cisco, 3—239.
History of, 4— 1084,
W illis, H. P. G iven leave of absence b y Federal
Reserve Board to go to Manila and organize and
open the new, 2— 152.
PH ILIPPIN E N A TIO N A L BAN K A C T .
Am ended b y Philippine Legislature, 4— 728.
P H Y SIC A L O U TPU T OF C O M M O D ITIE S.
Increased during war b y from 16 to 18 per cent, 5— 613.

PERM ANENT IN V ESTM EN TS.
Notes representing, are not eligible, 6— 699.

PH Y SIC A L VOLUM E OF TR A D E , 5— 77, 157, 267,
379, 484, 580, 670, 753, 867, 974, 1067, 1164, 6— 74, 174,
288, 329, 398, 480, 516, 624, 714, 853, 968, 1085, 1216,
1330,1913-1920. 6-480.
Discussion of, 6— 343, 453, 561, 668, 772, 906, 1017,
1125, 1255.
R eview 1920, 6— 1255.

P E R M ISSIV E .
Clearing balances of nonmember banks are, and not
mandatory, 3— 579, 617, 951.
(See Clearing system .)

P IG IR O N .
Note of a furnace com pany secured b y , held eligible,
1— 127.
Price, 191— 1920, 6— 1214.

PE R IO D OF C R E D IT.
(See Acceptances, dom estic.)




P IG IR O N — Continued,
Production, Great Britain, 6— 709,844,1071,1202,1313.
Terms of sale, 6— 148.
(See Business conditions; Physical volum e of trade;
Prices.)
P IG T IN .
(See Physical volum e of trade.)
P IG O U , A . C .
Credit, currency, and exchange fluctuations, Inter­
national Financial Conference, Brussels, 6—1282,
PIN E .
P rice, 1914-1920, 6— 1213
(See P hysical volum e o f trade,)

PO LLS.
(See D irectors.)
PO O LIN G OF G O LD .
International financial conference, Brussels, 6—1129,
PO PU LA TIO N .
B y Federal Reserve districts, 3— 668.
P O R TLA N D , O R E G .
Branch bank, 3— 339, 4 —10, 15; 5— 127, 779; 6—61,
PO RTLAN D C LE ARIN G H O U SE B A N K S.
Resolution. Commercial paper payable on demand
w ill not be accepted after Decem ber 1, 1917
Must have fixed date of m aturity not to exceed
six months, 3—930.

P ITTM A N SIL V E R A C T . A C T OP A P R IL 2 3 ,1 9 1 8 .
Analysis of act, 4 —363.
Instructions, 4 — 493.
Issue of Federal Reserve bank notes, 4— 487, 493.
Price o f bu llion fixed, 4— 807, 818.
Purchases, 6— 563, 779.
T ext of act, 4 —695.
(See A ct of A pril 23, 1918.)

PO RTO R IC O .
Federal Reserve Banks m ay discount acceptances
based on shipments between U nited States
and, 1—91.
Shipments from territorial U nited States to, are not
shipments to foreign countries, bu t are exem pt
from stamp tax b y specific provision of law,
5— 467.
Status of, 1—91

P IT T S B U R G H .
Branch bank, 3—923; 4 —10,15; 5—127, 705, 778,
6— 61.
R edistricting decision postponed, 1— 86.
(See R edistricting.)

PO R TU G A L.
H andling of bills of exchange in , 5— 355.

PLAC E O F B U SIN E SS .
(See A cceptances; Change of place of business.)
PLACE O P PA Y M E N T.
(See A cceptances: Payable. )
PLAN .
D aily clearings. Gold settlem ent fund, 4— 591, 610.
In dex o f business conditions, 4—597.
(See same. )
P L A T T , EDM UND.
A ppointed a mem ber o f Federal Reserve Board,
6— 566.
Designated as v ice governor, to August 10, 1922,
PLEASU RE O F D IR E C T O R S .
(See Tenure o f office.)
PLU N K E TT, W . B .
E lected Class B director, St. Louis, 3—8.
P O L IC Y .
A cceptances, renewal, (See acceptances.)
Against further Governm ent loans to Allies, 5— 1012.
(See Secretary of Treasury .)
Banking, 6 — 556.
D iscount rates. (See D iscount rates.)
Federal Reserve Board, (See sam e.)
Renewal acceptances, 5— 309.
Report, Federal Reserve Agents. Liquidations of war
paper 5—325.
Uniform debt p olicy , 5— 100.
(See Federal R eserve Board.)
PO L IC Y H O L D E R .
Draft for premiums b y casualty com pany against a,
is not a valid trade acceptance, 4—309,
P O L IT IC A L O R PU B LIC O FFIC E S.
Directors of Federal Reserve Banks m av not hold,

2— 2, 16.
Does not apply to officers of national banks. 2 —168.
Resignations of directors in accordance w ith, 6— 10,




PO RTU G U E SE A F R IC A .
G old im ports from, 5 —6.
P O SSE SSIO N B Y B O R R O W E R .
(See A cceptances.)
P O SS E SS IO N S, IN S U L A R .
Federal Reserve Banks m ay discount acceptances
based on shipm ents to or from, except Hawaii,
1— 93.
PO ST DATED CH E CK S.
Not subject to stamp tax as promissory notes, 2—211.
PO STA G E .
Expense of, 1918, 5— 132.
(See Earnings and expenses; T ax.)
PO STA L SA V IN G S FUN DS.
Deposits of, b y postmasters in State banks, 1— 273,
2— 331.
Reserves against, 1— 101, 408.
U nited States R evised Statutes, section 3847, as
amended b y act of May 27, 1908 (Aldrich-Vreeland) perm itted deposits of, b y postmasters, in
State banks. Section 15 Federal Reserve A ct
repealed this. A ct May 18, 1916, permits such
deposits under prescribed conditions, 2— 331.
(See Governm ent deposits.)
PO STM A STE R S.
(See Postal savings funds.)
PO TA TO E S.
Not eligible as security for com m odity paper, 1— 406.
Ruling reversed. E ligible if properly warehoused,
3— 614.
Warehouse requirem ents, 4 —405.
PO TA TO E S, SW EET.
Warehouse requirements, 4 — 405.
PO TTERY.
Terms of sale, 6— 1031.
PO U LTRY.
Warehouse requirements, 4— 406.
POW ER CO M PAN IES.
Test of eligibility of paper of, 3— 527, 949.

PO W ER, NOTE ISSU E .
(See Federal Reserve notes; Note issue power.)
PO W ER S, ALLIED AND C E N TR A L.
{See A llied powers; Banks of issue, European central
banks; Foreign banks of issue; Leading banks of
issue.)
PO W E R S, FED ERAL RESERVE B O A R D .
Discount rates, 1— 24.
Federal Reserve Banks. Can not abolish or change
location of, 1—396, 2—20, 207.
Federal Reserve districts—
Can not abolish, 1— 396, 2— 20, 25, 207.
(See Federal Reserve Board.)
PO W E R S, F ID U C IA R Y .
(See Fiduciary powers.)
PO W E R S, N A TIO N AL B A N E S.
(See National banks.)
PR A C TIC E OF H AN D LIN G B IL L S OF EXCH AN G E.
In foreign countries. (See B ills of exchange.)
PRA G U E.
(See Foreign exchange rates.)
PRE CED IN G B U SIN E SS D A Y , N E X T .
(See M ississippi.)
PREFEREN CE L IS T .
War industries Board.
4— 931.

Warehouse

requirements,

PR E FE R E N TIA L R A TE S.
Liberty bonds. Made to help subscribers to, but
used for other purposes, 5— 1108.
(See Profit; Speculation.)
Paper secured by Government obligations, 8—197,424,
429,922; 4— 922; 5— 361, 6— 162,163.
Prevent effectiveness of discount rates, 5— 2, 524,
1108; 6—117, 223.
(See Profit; Speculation.)
Should be abolished, 5—524, 1009, 1010.
War period, 5— 943.
(See Federal A dvisory Council, Federal Reserve
Agents; Discount rates; Opinions of Counsel;
Trade acceptances; War paper.)
PR E M IU M S.
B ill drawn b y casualty com pany against a policy­
holder for, is n ot a trade acceptance, 4— 309.
P R E PA R A TIO N FO R FO R E IG N TR A D E .
Discount companies. Foreign branches. Organi­
zation of foreign banking corporations, 4— 695.
PRESEN TM EN T FO R ACCEPTAN CE.
2—608; 3—31, 4— 109, 1119.
PR E SE N TA TIO N FO R PA Y M E N T.
Demand and sight bills, 3— 31; 4— 1119.
PR E SE N TS, H O L ID A Y .
Use of gold coin for, deprecated, 3—931, 951, 4— 1216.
PRE SID E N T OF U N ITED ST A T E S .
Act June 15,1917 Exports council, etc., 3— 582 at 583.
Address to Congress. Taxation, 4— 497.
Am erican R elief Associations. (See Federal R e­
serve B oard)
Business readjustment. Conference, governors of
States, 5— 192.
Capital Issues Committee. Dissolves, 5— 1053.
Congress. (See Address.)
Coupons. Foreign. (See Federal Reserve Board.)




PR E SID E N T OF UN ITED ST A T E S— Continued
Dealers in foreign exchange. Instructions, 4— 185.
Enem y countries. Rem ittances to, only under license
of War Trade Board, 5— 653.
E xecutive order—
Certificates from Federal Reserve Board b y
holders of foreign coupons, 4— 172.
Exports of coin, etc., 3 — "36.
Federal Reserve Board—
Delegation to, exports of coin , e tc., 4— 499
Instructions to dealers in foreign exchange
under, 4— 185.
Revokes delegation of power over exports of
coin, etc., with certain exceptions, 5—
653.
Foreign exchange. Regulation of, 4— 81,185.
Forms, 3— 674, 675, 676; 4—85.
Exports council, 3— 582.
Exports of coin, etc.—
Proclamation, 3—582,584,672; 4—23,499; 5— 653.
Control continued, 3— 736, 833.
Delegation to Federal Reserve Board, 4— 499.
Delegation abrogated w ith certain exceptions,
Exports. Licenses for, 3— 582, 668, 672, 861.
List, 3—584, 673.
Farmers. D irect loans to. (See Loans.)
Federal Reserve Board—
Certificates from. B y holders of foreign coupons,
4— 172.
Delegation to. Exports of coin, etc., 4— 499.
Abrogated with certain exceptions, 5—653.
Instructions to dealers in foreign exchange,
4— 185.
Foreign coupons. (See Federal Reserve Board.)
Foreign exchange—
E xecutive order, 3— 736; 4—81, 172, 185; 5— 653.
Forms, 3— 674, 675, 676; 4— 85.
Instructions to dealers, 4— 185.
Glass, Carter Letter to, on appointm ent to United
States Senate, 5— 1113.
Governors of States. Conference, business readjust­
m ent, 5— 192.
Liberty bonds, purchase of, 4— 483.
Licenses, (See supra, E xports.)
Loans to farmers. Sets aside 5 m illion dollars for
direct loans to farmers b y Treasury and Depart­
m ent of Agriculture, 4— 829.
M cAdoo, Secretary Letter to, accepting resignation,
4— 1174.
Proclamations—
July 19, 1917. Orders and regulations by Sec­
retary of Commerce, 3— 584.
August 28, 1917—
Exports council, licenses, Exports Adm inis­
trative Board, 3—582, 861
Forms, 3— 674, 675, 676.
List, 3—584, 673.
Capita) Issues Committee. Dissolution of, 5— 1053
Federal Reserve Board—
Delegation to, exports of coin, etc., 4— 499.
Revoked, with certain exceptions, 5— 653.
Imports, 4— 172.
(See E xecutive order.)

P R E SID E N T OP U N ITED S T A T E S— Continued
Regulations—
E xport of coin, etc,, 8— 736; 4—81, 185,
Trading w ith enem y act, 8— 860,
State banks. Urges, to join Federal Reserve System,
8— 827; 4—3.
System of taxation, 4— 487, 497.
Taxation—
Address to Congress, 4— 497.
System of, 4— 487.
Thrift stamps, 4— 483.
Trading w ith enem y act. Regulations, 8— 860.
War-savings stamps, 4— 483,
War Trade Board. (See Enem y countries.)
Warburg, P. M .—
Letter to President declining reappointment,
4 —816.
R eply of President, 4— 817.
PR E SS ST A TE M E N TS.
(See Comptroller of Currency, Federal Advisory
Council, Federal Reserve Board, Secretary of
Treasury.)
P R IC E C O N TR O L.
Germany, 6— 1207.
Great Britain, 1913-1919, 6—243.
Italy, 1913-1919, 6—243.
U nited States, 1913-1919, 6—243.

P R IC E S — Continued.
Exports and im ports. Value at 1913 prices, 6— 841,
953,1068,1197,1257,1309.
Federal Reserve Board. Statem ent as to, 4— 486,1170.
Federal Reserve notes. H igh prices not caused b y ,
5— 699, 813.
(See Federal Reserve notes and currency expansion.)
Foreign countries. U nited States and, 6— 905,1310.
(See infra, In dex num bers.)
Foreign exchange and high, 6 —119, 905.
France—
1913-1918, 5— 544; 6— 166, 846, 954, 957, 959,
1069,1072,1313, 1315, 1316.
Higher increase than in Great Britain, 5— 544.
Higher increase in Italy than in , 5— 544.
(See France.)
French 3 per cent rentes, Prices of, 6— 1073, 1203,
1315.
Germany, 6—847,1075,1207,1318.
G old subsidy w ould increase, 5— 124.
Great Britain—
1913-1918, 5— 476, 544, 6— 166, 845, 954, 957,
1069,1070, 1201, 1310.
D ivergence between U nited States and, in speci­
fied com m odities, 5— 544.
Increase greater in France than in , 5— 544.
Increase greater in Italy than in , 5— 543.
Margin between U nited States and, m uch greater
than before war, 5— 543.
P R IC E S .
Argentina. W heat prices, 5—194,
Maximum rise of, exceeded that of U nited States
b y from 15 to 20 per cent of U nited States
Australia, 1914-1920,5— 477, 6 —28,164,279,388,506.
index numbers, 5— 543.
Australia, wheat, 5— 194.
Rose a year earlier than in U nited States, 5— 543.
Bank credit expansion and, 5— 323, 814.
Rose in latter part of 1917 when fairly stable in
Bank deposits and. M cKenna, 6—247.
U nited States, 5— 543.
Business readjustment and, 5— 192.
Guaranty of wheat prices, 4 1088.
c—
Calcutta, 6— 954, 963.
Increase in production w ill bring about low er, 5— 913.
1914-1920, 6—1079,1324.
In dex numbers—
Canada, 6— 962.
U nited States—
1913-1920, 6—167, 954, 849, 850, 1069, 1323.
1914-1920, 4— 504, 810, 1005, 1100, 1203,
5— 71, 150, 261, 263, 372, 373, 417, 438,
Chart, Great Britain and U nited States, 1914-1918,
480, 546, 574, 632, 665, 748, 832, 838, 860,
5— 246.
862, 969, 1061, 1062, 1158, 1159; 6— 26,
Commodities, 1914-1919, 5— 1159.
68,164,169, 279, 282, 388, 393, 506, 511,
(See infra, In dex num bers.)
611, 616, 702, 708, 836, 842, 850, 851, 905,
954, 962. 964, 965, 966,1069, 1081, 1082,
Comparison of, w ith Federal Reserve note issues and
1083, 1127, 1198, 1210, 1212, 1213, 1310,
gold, 1914-1919, 5—838.
1322, 1325,1326,1327.
Control of. (See Price control.)
R eview , 1920, 6— 666,1260.
Cost of livin g and, 5— 813.
U nited States and foreign countries, 1913-1920,
C red ^ xp a n sion and, 4— 1048;
5— 814, 911, 1110;
5— 476, 477, 544, 6-^1069, 1198, 1210, 1310.
Industrial board. Stabilization of prices. Plan,
Credit. Normal value of. Adjustm ent to prices,
5—196, 246, 341, 344.
5—411.
Industrial transition and, 5— 104.
D ebits to individual credit and prices, 6 — 604, 605,
Inflation of—
Decrease in , 6—771,1127,1210.
(See supra, Expansion; Federal Reserve notes.)
Discussion of, 5— 9, 191, 195, 310, 409, 526, 613, 813,
(See Expansion, principal heading, Inflation,
911, 1110; 6— 8, 119, 344, 452, 561, 666, 771, 905,
principal h ead in g)
1016, 1127, 1254,1260.
International price index. (See same )
Expansion of bank credits and, 5— 323, 814.
International price levels. Adjustm ent of, 5—411.
Saving w ill avoid, 5— 323.
Italy—
Taxation w ill avoid, 5— 323.
1913-1918, 5— 478, 544.
Expenditures, Government—
1913-1920, 6—166, 754, 848, 960,1080,1321,1069.
Prices ana, 4— 179.
Increase greater than in U nited States, 5— 544.
R eport, British commission, 4— 179; 5— 323, 814.
Increase greater than in France or Great Britain,
E xport trade and, 5— 191, 528, 613.
5— 544.
(See E xport trade.)
(See Italy )




PR IC E S— Continued.
Japan, 6— 848, 954, 960,1076,1208 (cotton yarn), 1208
(raw silk), 1320, 1069,1076.
Loans. Foreign. Increase dom estic prices, 5— 1014
M cKenna, R. Price situation, Great Britain, 6— 247
M ovem ent of prices—
1914-1918, 4—504.
1914-1919, 6— 8, 12, 102, 103, 109, 193, 195, 203,
310, 314, 409, 410, 522, 523, 532, 546, 574, 620,
6—8, 119, 344, 452, 561, 666, 771, 905, 1016,
1127, 1254,1260.
Chart, 5— 546.
Peace Prices after, 5— 9.
Peace conference. Supreme coun cil of, on, 6— 363,
451.
Price control. 1913-1919. Foreign nations, 6—243,
1207
Raw materials. Prices of, 1914-1919, 5—1159.
Production. Increased, w ill cause lower prices,
5— 913.
Readjustment. {See supra, Industrial board.)
Readjustm ent of prices—
To normal value of credit, 6— 9,191,195, 310, 409,
411, 526, 613, 813, 911,1110.
(See supra, Industrial board )
Reduction of prices an urgent problem , 5— 191,
R eview , 1920, 6— 1254.
Saving w ill avoid price expansion, 6— 323.
Silver—
1878-1898, 4—397.
1900-1918, 5— 141.
India, 5—945.
London—
1914-1918, 4— 67,1199.
1873-1918, 5— 949.
Pittm an A ct, 4— 807, 818
Rupee, gold value, 1914-1919, 5—949,
Stabilization of prices. Industrial board, 5—196,
246, 341, 344.
Subsidy. G old, would enhance prices, 5 —124.
Sugar. Raw, New York, 6—1162,
Supreme council of peace conference on, 6— 363, 451.
Sweden—
1913-1918, 5— 544.
1913-1920, 6—166, 849, 954,1069,1080,1324.
Greater increase than in U nited States, 5—544.
Extraordinary advance in 1918, 5—544.
Taxation w ill avoid undue expansion of prices, 5— 323,
Trade and, 6— 1260.
U nited States—
1913-1920. {See supra, In dex num bers.)
Suddenly rose after entrance into war, 5—543.
In latter part of 1917 fairly constant w hile rising in
Great Britain, 5— 543.
Increase less than in France, Great Britain, Italy,
or Sweden, 5— 476, 544.
Rose later than in Great Britain, 5— 543.
Margin between Great Britain and, m uch greater
than before war, 5— 543.
Maximum prices in Great Britain from 15 to 20
per cent above United States in dex numbers,
5— 543
Specified com m odities. Divergence between
Great Britain and U nited States, 5— 544.




P R IC E S—Continued,
U nited States— Continued.
Increase greater in Italy than in United States,
o— 5*14.

Rose much quicker in Italy than in U nited
States, 5— 544.
Increase greater in Sweden than in U nited States,
5—544.
Upward m ovem ent in U nited States November
1919, 5— 1110.
D ecline in, 6—771, 1127.
Foreign countries, U nited States and, 6— 905,
1310.
{See supra, Index num bers.)
U nited States Bureau of Labor Statistics. D ifference
between index numbers of, and Federal Reserve
Board, 6— 1211,
War and, 4— 1165.
War loans, Liquidation of, and increased production
w ill cause lower prices, 5— 913.
Wheat prices, Australia, 5— 194.
W holesale prices—
{See supra, Index numbers. )
{See Price control, Silver, Wholesale prices.)
PR IN C IP A L BA N K S O P IS SU E .
{See Banks of issue.)
P R IO R IT IE S .
Preference list, War Industries Board, 4—931.
Rationing of industry, 4— 922, 931.
Rulings, War Trade Board, 4— 1090.
P R IO R IT Y C L A S S IF IC A T IO N .
War Trade Board, 4—1089.
P R IO R IT Y O R D E R S.
A ll, canceled b y War Industries Board, 5—3.
PR ISO N E R S OF W AR .
Ruling, Foreign Exchange D ivision, 4—866.
PR IV A T E B A N K E R .
Director of national bank. Can not serve as, 2—394.
[Changed b y act of May 26,1920, 6— 813, 948.]
D efinition of term, 2— 588.
Federal Reserve System
Can not join nor becom e a
clearing member of, 3— 693.
Term does not include ordinary stock, note, or com ­
m odity broker, 2—589.
P R IV A T E BA N K IN G F IR M .
Member of, can not serve as director of national bank,
2— 394.
[Changed b y act of May 26,1920, 6— 813, 948.]
P R IV A TE BA N K S.
Federal Reserve bank holdings of acceptances of. {See
Discount and open-market operations.)
P R IV A TE O R GOVERM EN T FIN A N CIN G .
Of export trade. 5— 308, 528, 611, 1009, 1012, 1110,
{See Export trade,)
P R IV IL E G E , C IR C U LA TIO N .
(See National banks, United States bonds.)
P R IV IL E G E S , C LE A R IN G .
{See Clearing system , Nonmember banks; Private
banks.)
PRO BLEM S.
Crop moving. {See same.)
Export. {See same.)

PR 0 B LEM S— Continued.
Investm ent. (See same.)
Peace. (See same.)
Reconstruction. (See sam e.)
Rent. (See same.)
PR O C E E D S.
Use of, in first instance determines eligib ility of
paper, 1—268; 6— 1176.
(See A cceptances; Commercial paper; E ligible; Nego­
tiable.)
P R O C L A M A T IO N S.
(See President.)
PRO CTER, W . C.
Resignation as director o f Cincinnati branch, 6-—10.
PR O D U C E R .
Note of owner or, for materials or services is technically
eligible bu t undesirable where ultim ate paym ent
depends on success of transaction, 6— 699.
P R O D U C TIO N .
Agricultural products, 1914-1920, 5— 636, 737, 853;
6— 1062,1125.
Belgium . Increase in , 6—907
Collections, 6— 1031.
Commodities. Production increase during war of,
from 16 to 18 per cent, 5— 613.
Com. Forecast of, 6—1175.
Cost of production. (See same.)
Cotton fabrics, 6—1027, 1275.
D evelopm ent of, 6— 668.
Drugs, 6— 1031
D ry goods, 6— 1031.
Foreign exchange and, 6— 908,1260.
France, 0— 906.
Furniture, 6— 1031.
Germany, coal, 6— 907,1318.
(See G erm any.)
G old. (See sam e.)
Great Britain, 6— 906, 956,1071 (coal and iron), 1202
(1913-1920), 1313 (ships).
Groceries, 6— 1031
Increase and decrease. Leading cities, 6— 1031
Increase in , 6— 772, 906.
Index of, B - 7 4 ,174, 228, 398, 516,624, 714,853, 968,
1017, 1086, 1216,1330.
(See same.)
Iron, Great Britain, 6— 1071,1313.
(See Great B ritain.)
K nit goods, 6— 1027,1145,1275.
Raw materials, 1913-1918, 5-336.
Restriction of, 4— 1052.
R eview , 1920, 6—668,1255,1260.
Shoes, 6— 1031
Shortage of, 6— 452, 561.
Silver. (See same.)
Stationery, 6— 1031.
Sugar, 6—1163.
Trade and. Discussion, 6—343,453,561,668,772,906,
1017,1125.1255.
Underwear, 6— 925.
U nited States—
1913-1920, 6—1082.
(See W holesale trade.)




PR O D U C TIO N O F BO O K S AND P A PE R S.
A ct O ctober 6,1917. Trading w ith enem y, 8— 853.
Secretary of Treasury may order, in investigation o f
foreign exchange transactions, 8— 861.
PR O D U C TS, P A C K IN G H O U SE.
(See A cceptances.)
P R O F IT .
Member banks cautioned not to discount purely for,
4—
1169; 5—311, 523, 617,1009, 1107, 1108.
Speculation can not be effectiv ely controlled because
of, from rediscounting at preferential rates on
war paper, 5— 524, 1010, 1108, 1109.
P R O F IT AND LO SS A C C O U N T, FED ERAL R E ­
SERVE B A N K S.
To Decem ber 31,1915, 2—59.
1917, 4 —102.
1918, 5—133.
1919, 6 —135, 726, 838.
Six months ending June 30,1919, 5— 723.
Cost of vaults to Decem ber 31,1917, to be charged to,
5—
26,
P R O F IT E E R IN G .
A ct August 10,1917, am ending Lever A ct, 5— 967.
P R O F IT S .
Excess. (See A ct Apr 24,1917.)
Foreign exchange, transactions in —
Report on, 4—626, 627, 833, 834, 835.
(See Secretary of Treasury.)
Net. (See Ratio. )
Surplus not to be carried to surplus before end of fiscal
year, 1—220.
Tax, excess profits. (See Excess-profits ta x.)
(See supra, P rofit.)
P R O G R E SS O F IN F L A T IO N .
London Econom ist, 8—375.
P R O G R E S SIV E D ISC O U N T R A T E S .
A ct A pril 13, 1920, 6—498.
Federal A dvisory Council on, 6—224.
Federal Reserve Bank of Kansas C ity on, 6— 224.
Three months progressive rates, 6— 742, 747.
(See D iscount rates.)
PR O G R A M , F IN A N C IA L.
Secretary of Treasury, 5— 813.
P R O M ISS O R Y N O TE S.
Regulation A , 1917. Rediscount of, 8— 539.
Regulation A , 1920. R ediscount of, 6— 1179.
(See Agricultural and liv e stock paper; Commercial
paper; Com m odity paper; Federal Reserve Banks;
Member bank collateral notes; N otes; Stamp
tax.)
PRO PERTY, TAXABLE.
(See Taxable property )
PR O TE C TIO N , A D V E R T IS IN G O F G O VERN M EN T,
1—362; 6—65.
(See State banks and trust com panies.)
P R O T E S T , W A IV E R O F.
Circular 8, 1915,1— 41.
Of enem y paper, 4— 87
W aiver of, does not affect negotiability, 1—277; 2—
226.
PU B LIC D E B T, U N ITED ST A T E S .
(See P ublic debts, U nited States.)

PU BLIC D E B T S.
A llied countries, Central Powers, and Neutral Powers,
4—268, 275, 375,1057, 1061, 1072.
(See inira, European countries.)
Argentina, 6—596.
Australia, 4—272,1057.
Austria-Hungary, 3—18; 4—283, 1062, 1075; 5— 349,

1200.
Brazil, 6—819.
Canada, 5— 1143.
Central Powers, 4 —268, 275, 375,1057.
Chile, 6 —1056.
Cuba, 6—1165.
European countries, 3—10, 349, 942; 4 —268, 275, 375,
379, 1057, 1061, 1072,1077.
France, 3—958,1073,1203,1315.
Germany, 3—1076, 1317.
Great Britain, 3 —1070,1199,1312.
Italy, 3—1320,
Netherlands, 1913-1918, 4 —269, 376, 385.
Neutral powers, 4—269, 379,1077
Norway, 1913-1918, 4—269, 376, 382, 1057.
Russia, 3 —14; 4 —268, 276, 1057, 1063.
South A frica U nion, 4—274,1061,
Spain, 4 —269, 376, 392, 393,1057
Sweden, 1913-1918, 4 —269, 376,1057.
Switzerland, 1914-1918, 4 —389, 997, 1057
United States, 3—342; 4 —268, 278, 1057,5—225, 3 661, 1123.
PU B LIC FU N DS.
(See P u blic m oneys.)
PU B LIC H EALTH SE R V IC E .
(See Capital Issues Com m ittee.)
PU B LIC IN D EB TED N ESS.
Relation of gold standard tor 5— 8.
Secretary of Treasury on, 5—8,100.
(See Secretary of Treasury.)
PU B LIC M O N E TS.
Deposits of, 1—247, 274, 409; 3—273, 331, 4—22, 23,
665.
List of depositories, 4 —22, 23.
Special deposits of incom e and excess profits taxes,
4— 494.
(See A ct M ay 18, 1916; Deposits in nonmember
banks; Deposits in State banks; Government
deposits; Nonmember banks; Opinions of counsel,
Postal Savings funds; State banks; U nited States
R evised Statutes, section 3847.)
PU BLIC R O A D S.
(Sec Capital Issues Com m ittee.)
PU B LIC SE RVICE C O R PO R A TIO N S.
Test of eligib ility of paper of, 3— 527, 949.
PU B LIC U T IL IT IE S CO M PAN IES.
Test of eligibility of paper of, 3— 527,949.
(See Capital Issues Com m ittee.)
PU B LIC U T IL IT Y LO AN S, FO R E IG N .
Placed in U nited States, 5—33, 3 —692.
PU R CH ASE.
Assets of bank in liquidation, 3—74.
Bills. Federal Reserve Banks as agents of member
banks, 1—347
Brokers’ paper, 2—375.




PU RCH ASE— Continued.
Liberty bonds—
President of U nited States urges purchase of,
4—4S3.
(See Liberty bonds.)
M unicipal bonds, 1— 268.
Notes, Federal Reserve Banks can not purchase,
1— 347, 360, 365, 406.
Open-market. (See A cceptances.)
Own acceptances. (See A cceptances; Own accept­
ances.)
Securities. Foreign. Ruling, Foreign Exchange
D ivision, 4— 1217
Silver, 1878,1898, 4 —397.
Silver bullion—
A ct July 14,1890,4—398.
Repealed b y act Novem ber 1, 1893, 4—399.
(See A ct Apr 23,1918; Pittm an A ct, S ilv e r)
Stock in other banks. National banks can not, but
may purchase assets in liquidation, 2— 74.
U nited States bonds. (See U nited States bonds.)
United States one-year Treasury notes. Purchaser
takes them free from obligation to renew, 2—330.
(See U nited States Treasury notes.)
Warrants. (See Same. )
(See Acceptances; D iscount and open-market opera­
tions.)
PU R CH ASER OF G O O D S.
B ill drawn by , on national bank not eligible for
acceptance merely because secured b y b ill of
lading of the goods, 3—380; 6—65, 66,1301.
(See A cceptances, Purchaser.)
PURCH ASES IN OPEN M A R K E T.
(See Acceptances; D iscount and open-market opera­
tions, Dollar exchange, Domestic acceptances,
Earning assets; Federal Reserve Banks; Finance
bills. Foreign bank branches and agencies;
Foreign exchange, Member banks; Nonmember
banks, Private banks; State banks; Trade
acceptances, U nited States bonds, U nited States
one-year Treasury notes; U nited States Treasury
certificates, Warrants.)
PU R CH ASIN G POW ER.
Gold has decreased in , o — 125.
P Y R A M ID IN G OF AC CEPTA N CE C R E D IT S .
B y accepting banks, 3— 28, 29.
Q.
Q U A LIFIC A TIO N .
(See Fiduciary powers; M issouri.)
Q U A LIFIC A TIO N S. D IR E C T O R S OF N A TIO N A L
B A N K S.
B ill, Comptroller of Currency, 4—433.
(See D irectors.)
Q U A L IT Y O R Q U A N T IT Y .
Indorsement on b ill expressly exem pting indorser
from responsibility for validity or genuineness of
accom panying b ill of lading or for quality, e tc., of
goods covered does not make b ill non-negotiable
or in eligible, 3— 457
(See Uniform bills of lading act, 2—515.)
Q U A N T ITIE S, E X P O R T S .
(See Exports.)
Q U AR TERLY ALLO TM EN T.
(See United States bonds.)

Q U A R TE R M A STE R G EN ERAL,
(See Arm y meal tickets.)

R A IL R O A D S , G OVERN M EN T C O N TR O L
A ct March 21,1918. T ext, 4—296.

QUEBRACH O E X T R A C T .
( See A cceptances, E xportation and im portation )

R A ILW A Y C O M M ISSIO N E R S.
(See Capital Issues Com m ittee.)

Q U ESTIO N O F F A C T .
Cotton factors’ paper W hether proceeds are used
or to be used. to bu y goods to sell to another, is a,
5— 1054.
Reasonable tim e, held to be a, 3—31, 4— 1119.
W hether rediscounts of paper taken from nonmember
banks dre intended as loans to them , 1— 213.

R A ILW A Y EQ U IPM EN T.
Terms of sale, 6— 156,

Q U E STIO N N A IR E .
Senator Owen sends out, as to foreign exchange bank,
4— 832.
Federal Reserve Bank of New Y ork to em ployers on
cost o f livin g, 6— 1294.
Federal Reserve Bank salaries, 6— 54, 1293.
Q U ESTIO N S AND AN SW E RS.
Federal Reserve Bank, New Y ork, as to mem bership
in Federal Reserve System by State banks, 4 —
615.
Q U IC K A S S E T S .
Notes o f pu blic service corporations for purchase of
supplies are eligible if statements show reasonable
excess of, over current liabilities, 3— 527, 949.
Q U O TA
V ictory L iberty loan, per cent of, taken, 5— 521.
(See L iberty loans; V ictory loan.)
R.
R A ILR O A D A D M IN IS T R A T IO N .
L iability under bills of lading, 4— 872.
A cceptances of. Address o f D irector General o f R ail­
roads, 5— 307, 308.
War Finance Corporation. Loans to, 5—307, 308.
R A IL R O A D C A R SH O R T A G E , 6—560.
R A IL R O A D C A R S .
(See Physical volum e of trade.)
R A IL R O A D CO M PAN Y.
Assignment of open account against a. not eligible
for rediscount, 2—227
Draft o f seller o f supplies against a, held to be a valid
trade acceptance, 4—974.
R A IL R O A D FIN A N C IN G .
Director General Hines addresses governors of
Federal Reserve Banks on, 5— 307
R A IL R O A D LO A N S, FO R E IG N .
Placed in U nited States, 5—33, 6—590, 687, 901
R A IL R O A D S .
Certificates of indebtedness issued in aid of, 5—307
Congestion on, 6— 560.
E ffect o f strike. B y districts, 6— 574.
N et ton m ileage, 1918-1920; 6— 1257,1338.
(See Physical volum e of trade.)
Recom m endation of class A directors and Federal
Advisory Council for increased rates, 6— 581
Stamp tax on notes of D irector General of, 5— 566.
Strike, 6— 574.
Transportation situation, 6—773.
R A IL R O A D S , D IR E C T O R GEN ERAL OF
Certificates of, issued in aid of financing railroads, to
be used as collateral for advances by War Finance
Corporation, 5— 308.




O F.

R A ILW A Y NET TO N M ILEAG E.
(See Physical volum e of trade )
R A M SA Y , A . E.
Appointed Federal Reserve Agent, Kansas City, 4—5.
R A TE OF D ISC O U N T.
(See Call loan rates; Call m oney; Commercial rates,
D iscount and open-m arket operations; D iscount
rates; Federal Reserve Bank and branch cities,
Foreign exchange rates; Great Britain, interest;
Ocean freight rates; Preferential rates.)
R A TE OF E A R N IN G S, A V E R A G E .
(See D iscount and open-m arket operations.)
R A TE OF IN T E R E S T .
Bank deposits, (See Interest.)
Federal farm land loans, 5— 129,
Liberty loans. Lower than com m ercial rate on capital,
5— 408.
Readjustm ent to new rate o f interest return, 5— 408.
V ictory loan, 5— 100, 218.
(See D iscount rates; Interest.)
RATES.
Call m oney (See same.)
D iscount rates. (See sam e.)
Foreign Governments. Rates on loans to, 4—21.
Ocean rates reduced b y U nited States Shipping
Board and British shipowners, 5— 192
(See also Average rate; Com m odity paper; D iscount
and open-market operations; Interest.)
R A TE S O F E A RN IN G S ON IN V E ST M E N T S.
(See D iscount and open-m arket operations.)
R A T IO .
(See also Percentage )
Acceptance liabilities—
Federal Reserve Banks hold 60 per cent of total,
5—105.
Capital and surplus, to—
France. Leading com m ercial banks, 5— 561.
Germany Eight credit banks, 5—561
Great Britain. Eighteen joint-stock banks,
5— 561.
Member banks, 5— 555.
Total liabilities to. Member banks, 5— 555.
Bank of Spain. Reserves to liabilities, 1913-1918, 5—
1037
Cash reserves—
To deposits. Buenos Aires banks, 5— 639.
To total liabilities. Federal Reserve Banks, 4—
130, 769,1048, 1168, 5— 65, 66, 67, 137, 138,
774,1009; 6— 1351.
(See Reserves.)
To liabilities. Leading banks o f issue, 1914-1919.
(See Banks of issue.)
German Reichsbank, 5— 197
Charts—
Cash reserves to liabilities, 5— 65, 66,67,137,138.
Discounts of Federal Reserve Bank of New Y ork
to total, 5—277

R E A D IL Y M A RK ETA BLE ST A P L E S, SE C TIO N
R A T IO —Continued
1 3 — Continued
G old reserves to liabilities—
W h isky in bond covered b v warehouse receipts held
Federal Reserve Banks. (See Reserves, principal
n ot, 6 — 494
heading.)
(See Com m odity paper.)
German Reichsbunk, 1917-1919, 5— 848.
Leading banks of issue, 1914-1919. (See Banks READ JU STM EN T.
of issue )
Business. President calls conference of governors of
States to consider, 5 — 192
National banks. (See same )
Industry, 5 — 192,
Net earnings to paid-in capital, 1918. (See Earnings
and expenses.)
Inflation should be guarded against, 5— 523.
Net profits to capital and surplus—
Prices—
Member banks, 5— 188, 610.
To new rate of interest r 1
turn, 5— 408, 409.
State member banks, 5— 1104.
To normal value of credit, 5— 411.
Reserves. Federal Reserve Banks. (See Reserves,
U rgency of problem , 5— 191
principal heading.)
REAL E STATE AG EN TS.
Reserves of State member banks with Federal Reserve
Am endm ent perm itting certain national banks to act
B nks to net deposits, 5— 184, 298, 516, 905.
as, enacted into law 2— 440; 3 — 164.
Reserves *> liabilities. Bank of Spain, 1913-1918, 5—
R egulations, 3— 164
1036.
Resources. State member banks to total State bank REAL E STATE LOANS.
A m endm ent to section 24, 1— 394 , 2— 326.
resources, 4—965.
D eed of trust. (See infra, N ational banks.)
Silver (See same )
E lig ib ility
Certificates of, to be given b y purchas­
State member banks—
ing bank, 2— 12.
Net profits to capital and surplus, 5— 188, 610,
1104, 6— 660. 728, 1251
Farm land bonds. (See infra, N ational banks.)
Reserves in Federal Reserve Banks to net depos­
Federal Advisory Council favors amendm ent to
its
(See R eserves.)
section 24 perm itting loans on, 1— 394.
Resources to total State bank resources, 4— 965;
Federal Reserve Banks can not discount loans based
5—4
on real estate under section 24, 2 — 272, 395.
(See State banks, etc.)
Im provem ents as part of value of, 2 — 608.
War paper Discounts of, b y Federal Reserve Bank
Instructions, Federal Reserve Board, 2 — 272.
of New York to total discounts, 5— 276, 277
Lim itations on loans, 2 — 66, 602, 606; 3 — 691, 952;
(See Percentage, Reserves.)
6 — 949
R A T IO N IN G OF C R E D IT.
A n y other lia b ility of borrower on personal notes
Federal Reserve Agents favor a campaign for, 5— 1017
to be included in m axim um lim itation,
2 —66.
(See Conservation, Credit.)
M aturity of, 2 — 226.
R A T IO N IN G OF IN D U S T R Y .
Mortgage certificates. Loans on. (See infra, National
Dr A C Miller. Address on, 4— 923.
banks.)
RAW M A T E R IA L .
Mortgage security—
Acceptances of a nonmember trust com pany of bills of
E ligible paper not rendered ineligible b y real
a manufacturer, the proceeds to be used in pur­
estate mortgage, 3— 458.
chase of, and paym ent of labor, held an ineligible
banker's acceptance, as goods had not been sold,
(See infra, National banks.)
and drawer could not, therefore, com ply with
Mortgages, State banks m ay enter Federal Reserve
Regulation S and furnish warehouse receipt or
System w ith their holdings of real estate, taken
other instruments, 2— 65.
under laws of State, 3 — 950.
Index numbers, 5— 336, 337
National banks—
Production, 1913-1918, 5—336.
Bonds. M ay loan under section 24 on bonds se­
Security for credits. International Financial Con­
cured by real estate if w ithin m aturity lim it,
ference, Brussels, 6— 1130.
subject to U nited States R evised Statutes,
section 5200, 3 — 156.
R E A D ILY M ARK ETA BLE SE C U R IT IE S.
Central reserve cities. National banks w ithin
Bills receivable are not, under Regulation F, 1919, and
corporate lim its of, can not loan on real
are not valid security for deposit of trust funds m
estate, 2 — 609.
com m ercial department of a national bank, 6— 385.
Discount.
(See supra, Purchase. )
R E A D ILY M ARK ETABLE ST A PLE S, SE CTIO N 13.
Chattel mortgage on cattle held to be valid security for
Farm loan bonds. M ay discount notes secured
a banker's acceptance, as being, 2— 65.
b y, as such loans are not real estate loans,
4 — 635.
Reversed, 4—437, 871, 872.
Foreign branches—
Cotton yarns are, 2— 523.
In Isthm us of Panama m ay loan under sec­
D efinition of, 5— 652.
tion 24 on real estate situated w ithin 100
Drafts secured b y warehouse receipts covering auto­
m ite of the branch, 3 — 952.
mobiles or tires are not eligible for acceptance as
In Cuba m ay loan on growing sugar cnr> as
they are not secured by, 6— 65.
such loans, according to custom of the
Flour held to be, 2— 523.
country, are not real estate loans. Such
Includes manufactured goods, 2— 523.
loans are not subject to lim itations of
section 24, 5 — 362,
Regulation F, 1920, 6— 385.




37599°— 21------13

RE AL E STA TE LO AN S— Continued.
National banks—Continued.
Lim itations of section 2 4 National banks in loaning own funds are
subject to lim itation of section 24,
6—949.
May loan trust funds under laws of State
free from lim itation of section 24,
6—949.
(See supra. Lim itations.)
Mortgage, An eligible note or b ill not rendered
ineligible because secured b y a, 3— 458.
Mortgage certificates—
May invest in, of trust com pany secured b y
other notes in turn secured b y real estate,
4—30.
If such, are directly secured b y real estate
mortgage or deed of trust, the lim itations
of section 24 would apply, 4—30.
One-year lim itation. C ity loans, 2— 602, 606.
(See National banks,)
Outskirts of city
(S ee supra, National banks;
Central reserve cities.)
Purchase—
May, or discount loans secured b y real estate,
or make direct loans on, under section 24,

R E AL E STA TE LO AN S— Continued.
U nited States R evised Statutes, section 5200—Con.
Loan b y foreign branch of national bank on Cuban
growing sugar crop is subject to, 5—362.
V a lu e Improvements as part of, 2— 608.
Loan not to exceed 50 per cent of, of property,
2— 606,
(See Farm land loans.)
REASO N ABLE TIM E .
A question of fact, 3— 31, 4— 1119.
Demand and sight drafts must be presented for pay­
m ent w ithin a, 3— 31.
Sight drafts becom e overdue paper subject to U nited
States Revised Statutes, section 5200, after a,
after acceptance, 4— 1119.
Trade acceptances, to be drawn in good faith, e tc.,
must be drawn w ithin, after shipm ent or delivery,
3—287.
Warehouse receipts. Drafts drawn against, for in­
definite periods w ithout purpose to sell, ship, or
manufacture w ithin a, are not eligible, 5— 858,
REASO N S FO R JO IN IN G FED ERAL R E SER VE
SY STE M .
(See Federal Reserve System ; State banks.)
RE BATE .
2— .
120
Of acceptances, perm issible, 3— 949.
B ill of com ptroller as to, of real estate for
Of discounts—
transaction of business, 4— 425,
M ethod of com puting, 1— 308.
Renewal. Contract for, not authorized, 2—602.
Perm issible, 2— 461.
Section 24—
R E C E IPTS.
Lim itations of, as to real estate loans, 2—66,
Currency (See Branch banks; Operation.)
602, 606; 3—691, 952; 6—949.
Transit entry and warehouse. Member banks may
(See supra, Foreign branches; Lim itations;
accept drafts drawn against, as security, issued b y
Mortgate certificates; Purchase.)
collector of customs and properly assigned, 4 —520.
(See infra, United States Revised Statues,
Trust—
section 5137.)
Acceptances secured b y , exchanged for shipping
United States R evised Statutes, section 5137
docum ents are not covered b y 1 other actual
4
security ” under section 13, if purchaser has
Real estate loans acquired under, need not
access to the goods, 3— 881,
be included in lim itations of section 24,
I —309,
Of party for whom acceptance is made is not
sufficient security under section 13, 4— 972.
U nited States Revised Statutes, section 5200. Are
subject to, 2—66, 171, 3—456.
(See Acceptances, actual security; A cceptances,
security; Acceptances, trust receipts.)
Regulations—
1 ,1915, 1— 43.
Warehouse. (See Warehouse receipts. )
G, 1916, 2—537.
RE C E IPTS AND D ISB U R SE M E N TS, FED ERAL
Explained, 2— 606.
RESERVE BO A R D .
Apportionm ent of, 1—307
G, 1917, 8— 546.
Expenses, Federal Reserve B o a r d G, 1920, 6— 1185.
1915, 1— 119, 307; 2— 7, 54.
Section 24, Federal Reserve A ct.
1916, 2—318; 3—87, 88,
(See supra, Lim itations; National banks.)
1917, 3— 23, 525.
(See also Foreign branches; Mortgage certificates;
U nited States R evised Statutes, section
1918, 4—24, 608; 5— 130.
5137.)
1919, 5— 722.
Trust deed. (See supra, National banks; Mortgage
1920, 6 —132, 828.
certificates.)
R E C E IPTS, W AREH OU SE.
United States R evised Statutes, section 5137. (See
(See Acceptances, dom estic; Warehouse receipts;
supra, National banks; United States Revised
Warehouse receipts.)
Statutes, section 5137.)
RE CEIV ER.
United States R evised Statutes, section 5200—
National banks can not act as, 1— 362.
A pplicable to bonds secured by mortgages on,
RECEIVER OF SUSPENDED N A TIO N A L B A N K .
8— 456.
Federal Reserve Bank justified in refusing to give to,
A pplicable to mortgage certificates directly
an assurance that on reopening it w ill freely
secured b y real estate mortgages, 4—30.
discount eligible paper for it w ithout indorse­
A pplicable to loans under section 24. 2— 66,171:
ment of directors or other additional security,
3 -4 5 6 .
2 - 66.




RECH ARTERED N A TIO N AL BA N K .
Circulation of notes of.
rency, 4 — 422.

B ill of Com ptroller of Cur­

R E C L A S SIF IC A T IO N .
Bank clerks.

General Crowder, 4 — 597

D iscount rates, 4 — 7.

RECO M M EN D ATIO N S.
(O f

International Financial
6— 1290.)

Conference,

Brussels,

RE C O N STR U C TIO N , PEACE.
Dem ands overestim ated, 5— 819.
Financial

W arburg, P ., 5— 16.

Problem s of, 4— 1163; 5—6 2 1 .
(See P eace, Problem s.)

RE CO U RSE, W ITH O U T.
W hen bank sells a note, the purchasing bank takes
it subject to U n ited States R evised Statutes,
section 5200, 4 — 34.
Indorsem ent b y nonm em ber bank does not affect
the negotiability or elig ib ility of a note, 4— 745.

RECO VERED , UNITED ST A TE S BO N D S.
(See Lost or stolen U n ited
States bonds.)

States bonds; U n ited

RED C R O SS.
A ct M ay 23, 1918, authorizing national banks to sub­
scribe to, 4 — 428, 498.
B ill of Com ptroller of Currency, authorizing national
banks to subscribe to, 4 — 428 (tex t).

RED EM PTIO N .
Federal Reserve notes.

R egulation 0 , 1— 215, 276,

306.
(See Federal Reserve n otes.)
National bank notes, 1— 306.
(See same )
U nfit currency
Federal Reserve Banks m ay refuse
deposits of, other than Federal Reserve notes
offered for purpose of avoiding expense of ship­
m ent to W ashington for redem ption, 2 — 115.

(See Federal Reserve notes; N ational bank notes.)
REDEM PTIO N FUND.
(See Federal Reserve Bank n otes; Resources and
liabilities.)

REDEM PTIO N C R E D IT.
{See Federal Reserve notes.)
RE D ISC O U N TS.
Contingent lia b ility on
(See infra, Federal Reserve
B anks, M em ber banks, State m em ber banks.)
Federal Reserve Banks, rediscounts betw een, 4 — 590,
777, 778, 1147, 5 — 169, 311, 495, 794, 1085; 6 — 111,
192 531, 730, 781, 1014, 1019, 1041, 1044, 1133,
1228, 1232, Fiscal year 1920, 6 — 730.
Computation of interest, 4 — 109, 744.
Contingent lia b ility on. (See Resources and
liabilities.)
D iscussion of, 3 — 581, 4 — 7
E qualization of reserves b y , 4 — 361.
None up to August 1, 1917, 3 — 581.
W eekly statem ents.

T o appear in , 5 — 310.

M em ber bank rediscounts—
B ills receivable. Notes secured b y , not eligible
for, 2— 66.
Borrower
Maker of note rediscounted b y m ember
bank w ith another bank ceases to be a, of the
m em ber bank, 4 — 638, 867
(See Borrower.)




R E D ISC O U N TS—Continued.
Member bank rediscounts—Continued.
Contingent liability on, 5— 186, 299, 300, 301, 517,
518, 519, 785, 904, 905, 908, 1189, 6—118,
331. 332, 440, 441, 442, 767, 768, 1006,1008,
1009.
D irect obligations of member banks. For 90
days. E ligible when presented and indorsed
b y another member bank and secured b y
Government obligations, 4—863.
Excessive rediscounts b y , for profit, 4— 1169: 5—
311, 523, 617, 1009, 1107, 1108.
(See infra, Speculation.)
Farm lands, notes secured b y , not eligible, 2—272.
Finance bills not eligible, 4— 1120.
Government obligations. Paper for carrying or
trading in, is eligible, 3— 197, 429.
Interior Department. R ule that banks rediscount­
ing can not have Indian funds is amended to
exclude rediscounts with Federal Reserve
Banks, 2— 266.
Lim itations on rediscounts. None except 10 per
cent lim itation of section 13 and discretion of
directors of Federal Reserve Banks, 2— 112,
224, 274,457.
Number rediscounting, 3— 639, 903; 4—52, 136,
552, 667, 776, 1023, 1143, 1241, 5 -6 4 , 165,
279, 388, 492, 589, 680, 782, 882, 987, 1081,
1181, 6—89, 189, 304, 411, 528, 639, 738, 868,
982, 1099, 1229, 1346.
Open accounts. Assignment of, not eligible for,
2—227
Profit (See supra, Excessive rediscounts.)
Regulation A, 1917, 3—539.
Regulation A , 1920, 6— 1179.
Speculation. Cautioned against rediscounting
purely for, 4— 1169; 5—311, 523, 617, 1009,
1107.
Ten per cent lim itation—
Federal Reserve Banks can not rediscount
paper actually owned in excess of, as
this exception is not contained in section
13, 2—274.
May rediscount bills drawn in good faith
* against actually existing values in excess
of, 2—457
(See Ten per cent lim itation.)
U nited States Revised Statutes, section 5200,
amendment to—
A ct of September 24, 1918, 4— 961 at 962,
1055.
A ct of March 3,1919, 5—229, 361, 1055, 1056.
A ct of October 22, 1919, 5— 1055.
War Department vouchers. E ligible paper se­
cured by, may be rediscounted, 3—288.
Memphis A gency M ethod of rediscounting at. Reg­
ulations, 3—169.
National banks. Contingent lia b ility on rediscounts,
6—443.
Nonmember banks—
D ifferential against rediscount of acceptances of,
3—28.
D irect obligations of—
Rediscount of, secured b y Liberty bonds
perm itted until July 15, 1917, 3—509.
Extended subject to future revision, 3— 579.

R E D ISC O U N TS— Continued.
R E D IS T R IC T IN G P E T IT IO N S AN D D E C IS IO N S—
Continued
Nonm em ber banks—Continued.
Connecticut banks. P etition—
E ligibility—
Fairfield C ounty, 1— 85.
Rediscount b y member bank of notes of, in
good faith and not intended as a loan to,
Transferred to N ew Y ork district, 2 — 154,
are eligible for rediscount, 1— 213.
169,
Notes received b y member banks from, se­
Banks east of Connecticut R iver, petition post­
cured b y Governm ent obligations, and
poned, 2 — 169.
indorsed b y member bank are eligible
Transfer of stock, 2 — 206,
for, 3 -4 2 6 , 430, 579,
Counties transferred, 1— 86.
Notes of, of w hich proceeds are used for carry­
Directors o f transferred banks m ay serve out term s, 1—
ing or trading m Government obligations
103.
and indorsed b y member bank are eli­
gible for, 4— 743.
D iscounts of transferred banks, 1— 102.
Loans to. (See supra, E ligib ility .)
D ividends. Accrued P aym ents to transferred banks,
D allas to O klahom a, N ew Jersey to N ew Y ork ,
Rediscount privileges of. Circular letter, 3— 426,
2— 678.
429, 579.
Federal Reserve Board—
(See Nonmember banks.)
N o power to reduce num ber of districts or to
Savings banks, notes of, indorsed b y member banks
change location—
and secured b y Government obligations are eli­
A ttorney G eneral, 1— 396 , 2 — 207
gible for, 3 -4 2 6 , 429, 579.
General counsel, 2 — 20.
State member banks—
Special counsel, contra, 2 — 25.
Contingent lia bility on, 5— 183, 184, 296, 297,
298, 514, 515, 516, 906, 907, 6—329, 330, 438,
R eport of com m ittee of, 1— 407
439, 764, 1005.
H um phreys County, M iss., transferred to St. Louis
Lim itations on rediscounts for, 5—1055, 1157;
district, 6 — 59.
6—495.
Louisiana banks, petition. Transferred from D allas
Section 9. Analysis of effect of amending acts
to A tlan ta, 2 — 99, 153,
of September 24, 1918, March 3, 1919, and
Transfer of stock, 2 — 206,
O ctober 22, 1919, on rediscounts, 5—229,
M ap. Changes in district lin es, 1— 88, 89, 2 — 596.
361, 1055, 1056; 6 -4 9 5
M em ber banks Transfer of, under redistricting deci­
Ten per cent lim itation—
sions, 1— 142,
Where loans made to borrower equal to 30
per cent of capital and surplus under
M ichigan banks. D eferred, 2— 264, 372, 438, 596.
State law and 20 per cent rediscounted
D ism issed, 2 — 589, 596.
w ith other banks, remaining 10 per cent
M ississippi. Changed boundary lin es of northern, 6 —
is eligible for, 4 —638.
59.
May loan more than 10 per cent to a borrower
Nebraska banks. D ism issed, 1— 85, 86.
under State law bu t Federal Reserve
Northern N ew Jersey banks—
Bank can not rediscount any paper of
G ranted, 1— 85, 86.
one borrower who has borrowed from
State bank more than 10 per cent, etc.,
L ist of banks transferred, 1— 86,
3— 696; 4— 863; 5— 361, 1055, 1157
l i s t of counties transferred, 1— 85.
(See Borrower; Ten per cent lim itation.)
Oklahom a banks—
U nited States R evised Statutes, section 5200 Am end­
Granted, 1— 85, 86.
m ent to, 5— 229, 361, 1055.
L ist of banks transferred, 1— 87.
War paper Am endm ent—
L ist of counties transferred, 1— 86.
A ct Septem ber 24, 1918, 4 —961 at 962, 1055.
Organization Com m ittee. Appeals from , 1— 30, 85,
A ct March 3, 1919, 5— 361,1056.
142
A ct O ctober 22, 1919. 5— 1056
Pittsburgh, P a ., banks. P etition to be m ade Federal
War savings stamps. Notes secured by , not eligible
Reserve C ity, postponed, 1— 85, 86,
for, 4 -637
R eport of Com m ittee of Federal R eserve Board, 1—
W eekly statements. Rediscounts to be shown in, 5—
407
310, 311.
Reserve balances, Transfer of, 1— 142.
(See also D iscount and open-market operations;
Cotton factors’ paper; Discount rates Discounts,
R ichm ond
(See in fra, W est V irgin ia b an k s.)
Tennessee banks. W ithdraw n. 1— 85.
Preferential rates.)
R E D IS T R IC T IN G P E T IT IO N S AND D E C ISIO N S.
Adjustm ent of accounts on transfer 1— 144
Appeals from Organization Committee. Pending, 1—
30, 85, 142.
Atlanta. (See infra, Louisiana banks.)
Baltimore. Petition of, 1— 85, 86.
Banks transferred. 1— 87, 90.
Capital stock. Transfer of, 1— 142
Cleveland. (See infra. West Virginia banks.)




Texas banks—
To A tlan ta.

Granted, 2 — 9 9 ,1 5 3 .

Panhandle banks.
To Oklahom a.

D ism issed, 2 — 205.

G ranted, 1— 85, 86.

(See O klahom a.)
Transfers of stock, 2 — 205.
W est Virginia banks—
Granted, 1— 85, 86,
L ist of banks and counties transferred, 1— 86, 90.

R E D IS T R IC T IN G P E T IT IO N S AND D E C ISIO N S—
Continued.
W isconsin banks—
Deferred, 1— 85; 2 — 264, 372, 438.
Granted, 2 — 589, 596.
L ist of counties transferred, 2 — 596, 597.
W yom ing banks.

RED U CTIO N

OF

Dism issed, 1— 85. 86.

C A PITA L

ST O C K .

A pplication to be m ade to Federal Reserve Bank
before applying to com ptroller 1— 125,
Federal Advisory Council recom m ends, of Federal
Reserve Banks, 1— 394.
B y withdrawal of m em ber banks w ill not forfeit char­
ter of Federal Reserve B anks, although le ft below
m inim um capitalization of 4 m illions of dollars.
Attorney General of U n ited States, 2— 207.

REDU CTIO N OF C IR C U LA TIN G
(See N ational banks )

N O TES.

RED U CTIO N OF FEDERAL RESERVE D IS T R IC T S .
Counsel of Federal R eserve Board advises that Federal
Reserve Board has no power to reduce or abolish
Federal Reserve districts or Federal Reserve
Banks, 2 — 20,
Special Counsel Cotton advises that Board has such
power, 2 — 25.
Attorney General of U n ited States advises that Board
has no such power, 1— 39G, 2 — 207

RED U CTIO N OF L IA B IL IT Y .
On Federal Reserve notes, 1— 273, 3G3.

(See Federal Reserve A gen t, Federal Reserve
n otes.;

RED U CTIO N OF ST O C K .
(See infra, Surrender of stock.)
R E E X PO R TA TIO N .
(See G old .)
REFINAN CE D R A FT.
(See A cceptances, Refinance draft.)
R E FIN IN G .
(See Sugar refining.)
R E FR A C TO R S.
Terms of sale, 6 — 938.

REFU N D IN G .
(See U nited States bonds.)
REFU SAL TO D ISC O U N T.
(See Borrower; Federal Reserve B anks.)
R E G IS T R A R .
(See Fiduciary powers.)
R E G IS T R A T IO N C E R T IF IC A T E S.
Importers and exporters.
D ivision, 4 — 864.

R uling, Foreign Exchange

R E G R O U PIN G OF B A N K S.
Am endm ent.

E lection of directors, 4 — 1055.

REG U LATIO N OF BOND SA LES.
B y license, 4 — 961.
r e g u l a t io n s .

A ct October 6, 1917.
860.

Trading w ith enem y, 8 — 853,

Capital Issues Com m ittee, 4 — 627
Exports of coin, etc. (See Coin, Foreign exchange;
President; W ar Trade Board )
Federal Reserve Board.
tions.)




(See Circulars and regula­

R E G U LA TIO N S— Continued.
Foreign exchange and coin, etc. Exports. (See For­
eign exchange )
Foreign Exchange D ivision, 5— 469, 652, 653.
Italian Institute of Exchange, 5— 469.
National banks. Insurance, 3— 164.
Memphis Reserve Bank Agency, 3— 168.
Renewal acceptances. (See Acceptances, principal
heading.)
Treasury and Department of Agriculture. Loans to
farmers, 4—S30.
War Trade Board—
Drafts and checks. Enem y aliens, 4— 171.
Export licenses, 4— 10S9.
Export of gold manufactures, 5— 26.
(See Circulars and regulations; Opinions of counsel.)
REIM BU RSABLE EXPEN SES.
Fiscal agencies, 5— 723.
(See Fiscal agency operations.)
REIM BU RSEM EN T OF ACCEPTAN CES,

4—805.

RELEASE.
Of drawer and indorser on sight b ill accepted payable
in three months, 2— 463.
Presentment for acceptance of a sight draft w ill,
drawer and indorser, 4— 109.
Alteration of a note by striking out provision for
extension w ill, parties to note, 4— 118,
Bank giving a dom estic acceptance, secured b y b ill
of lading or warehouse receipt may, release
security after acceptance if not in excess of 10
per cent of its capital and surplus, 4— 634,5— 143,
253.
(See Acceptances, security, Acceptances 10 per cent
lim itations, 10 per cent lim itations.)
RELEASED C R E D IT.
Absorbed b y speculation, 5— 1027.
REM EDIES, FIN A N CIA L.
(See Financial rem edies.)
R E M IT.
Retail dealer may finance sales of goods b y trade
acceptances even though drawn after failure of
purchaser to, prom ptly on open account. Federal
Reserve Banks should discrim inate against such
an acceptance, 4—30.
R E M ITTA N CE S.
To American Expeditionary Forces.
Exchange D ivision, 4—866.

Ruling, Forekm

REM O YAL OF BAN K D IR E C T O R S.
B ill, Comptroller of Currency, 4—419.
RENEW.
Purchaser of United States one-year Treasury notes
takes them free from obligation to, of the Federal
Reserve Bank, 2— 330.
RENEW AL ACCEPTAN CES.
(See Acceptances, renewal, Opinions of counsel.)
RENEW AL N O TES.
Federal Reserve Banks may discount but m ay not
contract to do so in advance, 1— 74.
Renewals of member bank 15-day collateral notes
discouraged, 3— 765; 4— 879.
(See Federal Reserve Bank of Cleveland )
Ninetv-day paper providing for seven renewals not
eligible, 3— 922.

RENEW AL N O TE S— Continued,
A re not com m ercial paper actu ally owned or bills
drawn against actu ally existing values under
section 13 and U n ited States R evised Statutes,
section 5200, 8 — 287
A re p ra ctic a lly a guaranty of interest rates, 2 — 587,
D eprecated as a subterfuge for long-term ineligible
paper, 4 — 259.
Stam p tax on, 4 — 977, 978.

RENEW AL OF C H A R TE R .
O f B ank of France, 5 — 339.

REN T PR O B LE M , NEW T O R E .
R eport, Federal Reserve A gen t Jay, 5 — 63 2,1049,

R E N TA LS.
Paid b y F ederal R eserve B anks, 1918, 5— 132.

(See Earnings and expen ses.)
R E N TE S, FRENCH 8 PER CEN T.
Price of, 6 — 1073, 1203, 1315.

R E O R G A N IZA T IO N , 8—117.
(See D ivid en d s.)
R E P A IR S .
Cost of, 1918, 5 — 132.

(See Earnings and expen ses.)
R E PA R A TIO N PA Y M E N TS.
M ay inure to ben efit of U n ited States, 5— 525,

R E PEALIN G ST A T U T E S.
T ax on promissory notes in act October 22, 1914,
repealed b y act Septem ber 8 ,1 9 1 6 , 2— 512.
U n ited States R evised Statutes, section 3847, as
am ended b y act M ay 27, 1908 (A ldrich-V reeland),
perm itting postmasters to deposit postal funds in
State banks, repealed b y section 27, Federal
Reserve A c t, b u t revived b y act M ay 18, 1916,
2— 331.
U n ited States R evised Statutes, section 5193. Certifi­
cates issued against deposits of U n ited States
notes. R epealed b y act June 12, 1916, 2 — 311.

(See A ct of N ovem ber 1 ,1 8 9 3 , A ct of Septem ber 8,
1916; U n ited States bonds, m inim um deposit.)

R E P O R T , ANNUAL.
Federal R eserve Board, 2 — 51, 4 — 69, 79; 5— 529.

R E PO R TIN G M EM BER BA N K S.
(See clearing-house d ebit statem ents; M em ber bank
condition statem ents.)

R E P O R T S.
Acceptances, dom estic. Federal R eserve Agents,
8 — 6.
A c t A p ril 26, 1918, Pittm an Silver A c t, 4 — 396,
Am endm ents, Federal Reserve A ct, House and
Senate com m ittee reports, 8 — 177, 188, 191, 4 —
418.
Am erican B ankers’ Association—
Com m ittee report on exchange charges, 4 — 962.
R eport on M cFadden gold subsidy b ill, 6— 1147
Am erican concerns in foreign countries.
E xpert com m ittee, 5— 637

Branches of.

Annual reports—
Federal Farm Loan Board, 5— 129.
Federal Reserve Board, 2 — 51, 4 — 6 9 ,7 9 ; 5— 529.
Secretary of Treasury, 4 — 18.
Branches of Am erican concerns in foreign countries,
Com m ittee of experts, 5— 637
British bank amalgam ations, 4 — 954,




REPO R T S — Continued.
British com m ittee—
Financial facilities, 4— 1178; 5— 115; 6— 141.
Gold mining and production, 5— 123.
British currency com m ittee, 4— 1178; 5— 115; 6— 141.
Business conditions. (See same.)
Business readjustment. Federal Reserve Agents.
5—205.
Capital Issues Committee, 4— 704.
Class A reports. Foreign Exchange D ivision, 4— 1121.
Clearing system. Federal Reserve Agents, 1— 369,
Comptroller of Currency Reports of congressional
com m ittees on bills of, 4— 414.
Cost of living, New York. Federal Reserve Agent,
5— 632, 1049.
Cotton export credits. Report, State Departm ent
com m ittee, 5— 554.
Crop, 6—696, 832, 1062.
Cunliffe com m ittee, 4— 1178; 5— 115; 6— 141.
Decim al system, 5— 126.
D ividends. (See infra, Reports of condition .)
Dom estic acceptances. Federal Reserve Agents, 3— 6.
Enem y transactions. War Trade Board, 4— 171
Exchange charges. Committee of Am erican Bank­
ers’ Association, 4— 962.
Federal Farm Loan Board, Annual report, 5— 129,
Federal Reserve A ct. (See supra, Am endm ents.)
Federal Reserve Agent, New York. Cost of livin g.
5— 632, 1049.
Federal Reserve Agents—
Business conditions. (See same.)
Business readjustment, 5— 205.
Clearing system, 1— 369.
D om estic acceptances, 3— 6.
Liquidation of war paper, 5— 325, 1017
Federal Reserve Banks. Reports on, to be read and
initialed b y directors, 2— 206,
Federal Reserve Board. Annual reports, 2— 5 1 ,4 — 69,
79; 5— 529.
Federal Reserve D istricts. (See R edistricting.)
Financial facilities. British com m ittee, 4— 1178;
5— 115, 6—141.
Foreign countries. R eport on branches of Am eric: n
concerns in , 5— 637
Foreign exchange dealers. Report on profits of, 4—
626, 833, 834, 835.
Foreign Exchange D ivision. Class A reports, 4— 1121.
German Reichsbank, 1919, 6— 601.
Gold bonus b ill, 6— 1147
G old com m ittee of Am erican Bankers Association.
Report on gold subsidy b ill, 6— 1147
G old m ining and production—
British com m ittee, 5— 123.
Interior Departm ent com m ittee, 5— 124.
Treasury com m ittee, 5— 248.
G old subsidy b ill, 6— 1147
Interior Departm ent com m ittee. G old m ining and
production, 5— 124.
International Financial Conference, Brussels, 6— 1288.
K nit goods production, 6— 1145, 1275.
Liquidation of war paper. Federal Reserve agent?,
5— 324, 1017
M cFadden gold subsidy b ill Criticism of, 6— 1147.

R E PO R T S— Continued
Member banks condition statements, (See same.)
M ercantile Bank of the Americas. Report on foreign
branches of, 4— 736.
Monetary Commission, 1898. Silver purchases, 4—
397
Peace conference. Econom ic conditions in Europe,
0—363.
Profits from foreign exchange transactions, 4— 626,
833, 834, 835.
R edistricting
(See same )
Secretary of Treasury Annual report, 4—18.
(See Secretary of Treasury )
Special reports. (See Business conditions; Produc­
tion. )
State Department com m ittee. Cotton exports credits,
5—554.
Supreme coun cil of the peace conference. E conom ic
conditions in Europe, 6—363,
Treasury com m ittee. Gold m ining and production,
5— 248.
War paper, (See supra, Liquidation, )
War revenue act, 3— 251.
War Trade Board. Reports of enem y transactions,
4— 171.
R E P O R T S OF CO N D ITIO N .
M ember banks, 3— 92 1,4—798, 916, 5 — 183, 296, 513,
783, 903, 6—440, 441, 767
D ecem ber, 1914-March, 1919, 5— 783.
W eekly statement inaugurated, 3— 921,4— 61, 62.
(See Member banks condition statements.)
National banks, 3— 161,372, 665,4— 182,1093,5—250,
446, 1153, 6—442, 443.
State member banks and trust com panies, 4— 796,916;
917, 918, 919; 5— 184, 185, 186, 296, 298, 299,
406, 514, 515, 516, 520, 905, 906, 1007, 6—329,
330, 438, 439, 764, 1005.
Doing acceptance business, 5— 559.
W hen State call falls on same day as com ptroller
call, State banks m ay file w ith com ptroller
sworn duplicate copy, 1— 309, 2— 99,
Wrhen State call is on a different day, an addi­
tional report must be m ade to com ptroller,
1—309, 2— 99,
Com ptroller m ay accept reports of State authori­
ties, 2— 114.
Must report to com ptroller as to dividends and
net earnings, 2— 114.
Must give special reports when called for under
United States R evised Statutes, sections 5211
and 5212, 2— 114.
[Reports of condition and of paym ent of d iv i­
dends are to be made to the Federal R e­
serve bank. A ct of June 21, 1917, amend­
ing section 9, Federal Reserve A ct.]
(See Condition.)
R E PU RC H ASE AG REEM EN TS.
Discounts made under, are subject to U nited States
R evised Statutes, section 5200, 4— 867 at 869.
Fifteen-day repurchase agreements, 4— 345.
U nited States bonds and certificates bought under,
4—466, 557, 671.
U nited States Treasury certificates bought under,
4—466, 557, 671.




REQU IRED
R E SE R V E S,
B A N K S.
(See Reserves,)

FEDERAL

RESERVE

R E SE R V A TIO N , N O TIC E .
(See Savings banks.)
“ RE SE R V E .”
B ill of Federal Reserve Board lim iting use of word in
title of banks, 2— 373.
No legal prohibition, 1—361.
Use of word in title discouraged, 3— 615; 4—521.
RESERVE ACCO U N T.
Due to members. (See Resources and liabilities.)
RESERVE A G E N TS.
(See Approved Reserve agents.)
RESERVE BALAN CES.
A nticipation of final paym ent, 2—5, 661, 668; 3— 1,
104.
Computation of, 3— 602, 614, 692.
National banks, 3— 602.
Final transfer of Letter, Federal Reserve Bank of
New York, 3— 660,
(See Balances, reserve; Clearing system, Foreign
banks; Nonmember banks, Reserves, State mem­
ber banks.)
RESERVE BAN K A G E N C Y , FEDERAL RESERVE
BAN K OF S T . LO U IS.
Established at Memphis, Tenn., 3— 168.
Regulations, 3— 168.
RESERVE BA N K , CE N TRA L.
South Africa, 6— 1040.
RESERVE BAN K O R G A N IZA TIO N CO M M ITTE E.
Appeals from districting decisions. (See R edistricting.)
RE SER VE C IT IE S .
Designations b y Federal Reserve B o a r d Buffalo, N Y . , 3— 921.
Chattanooga, Tenn.., 1— 49.
Grand Rapids, Mich.., 3— 921.
Memphis. Tenn 3— 921.
Oakland. C a lif. 3—921.
Peoria, 111 3—921
Toledo, Ohio, 3— 921
Requirements for designation, 1— 49,
Reserves. O utlying districts of, 4— 1124.
RESERVE CO N D ITIO N S.
Federal Reserve Banks, 3— 77,154, 427, 499, 732, 831,
920 , 4— 1, 69. 153, 247, 361, 484, 591, 688, 802,
925, 1045, 1165 , 5— 64. 67, 136, 768, 838, 1009,
1106 , 6— 1,120. 448, 554, 663. 775, 911,1019,1134,
1263.
(See Resources and liabilities; Reserves; Review
of m on th )
Member banks. (See Member banks condition state­
ments.)
RESERVE CO M PU TATIO N .
New method, 6—3.
RESERVE, D EFICIEN T.
Am ount of penalties received for, 1—35; 2—314;
5—132.
Federal Reserve Banks can not refuse paym ent of
draft of member bank because of, 1— 12.
RESERVE D E PO SITS.
(See Reserves.)

RE S ERYE S— Contin ued.
Bank of Spain. (See same.)
Banks of issue, leading. (See infra, European central
RESERVE PERCEN TAG E.
banks.)
Federal Reserve S y ste m Boston Clearing House banks. New form of reserve
1917, 4— 130,
statement, 8—83.
1918, 4— 769, 771, 1048 , 5— 64, 67, 136, 768, 838,
Branches. (See infra, State banks.)
1009, 1106; 6— 1, 220, 448, 554, 663, 775, 911,
Branches, foreign (See infra, Foreign branches.)
1019, 1134, 1263.
Buenos Aires banks, 5— 639.
1914-1918, 4— 1168,
Canadian chartered banks, 5—1141,1147
(See India, R atio.)
Cash on hand (See infra, Computation. )
RESERVE RE Q U IREM EN TS.
Cash reserves, Federal Reserve Banks, 1—234, 8— 56:
A ct September 26, 1918. Banks in outlying districts,
4—1168.
4—1055.
1918, 5—65,137
New Y ork Clearing House Association, 1873, 4—289.
1914-1919, 5—768, 773, 838,
6—146, 479, 667,
(See Reserves.)
724.
RE SER VES.
Chart, 5— 67, 773.
A ct June 21, 1917 Changes in reserve requirements,
(See Resources and liabilities.)
8—503.
Central banks of issue. (See infra, European central
A ctual and required. (See infra, National banks.)
banks.)
Agents. (See infra, Approved reserve agents.)
Change in m ethod of com puting reserves of Federal
Aggregate amount. Reserves in Federal Reserve
Reserve Banks, 6— 3.
Bank vaults, and w ith approved reserve agents
Changes in required reserves—
must equal, required, 2— 606.
A ct June 21,1917, 3 -5 0 3 , 508.
Amendments suggested, Federal Reserve A ct—
A ct of Septem ber 26,1918, 4— 1055,1124.
Am erican Bankers’ Association—
Circular, Federal Reserve Bank of New Y ork,
Reserves, 2—6.
4— 1086.
State banks, 8—335.
(See infra, Requirem ents.)
Changes in reserve requirements, 8— 503.
Character of reserves. (See infra, Foreign branches.)
Federal Reserve Banks—
Charts—
Reserves to be carried w holly in, 8— 107
Cash reserves, 1— 234
Federal Advisory Council favors, 8— 107
1914-1919, 5— 67, 773.
State banks to deposit reserves in, 8—335.
Excess reserves (free gold), 5— 138.
Federal Reserve Board—
G old reserves, 1—234.
Amendments suggested, 2—327, 439
M ovem ent of reserves, 3—850.
Power suggested to be given to, to increase
National banks. Required and actual reserves,
required reserves o f member banks, 8—
8—484.
99, 100, 102,107
Ratio. Reserves to liabilities, 5— 138,
Federal Advisory Council opposes, 8— 108.
Required reserves, 1915-1917, 8— 484
American Bankers’ Association—
Reserve amendment, 2— 6.
Cities, reserve. Outlying districts of reserve cities,
4—1055, 1124.
State banks to deposit reserves in Federal Reserve
banks, 8— 335.
Clearing house exchanges, (See infra, Com putation.)
Am ount of penalties collected for deficient reserves,
Computation of reserves—
1—35, 2— 314, 5— 132
D eductions—
Can not deduct from gross deposits checks on
Amount of reserves fixed by Federal Reserve Board
other banks in same place or clearing­
for foreign branches, 4— 1123.
house exchanges, 3— 692.
Anticipation of final paym ent approved by—
May, however, include in balances due from
Federal Advisory Council, 2— 668.
other banks checks on banks in same
Federal Reserve Board, 2— 597, 598, 661, 668,
place and clearing-house exchanges, 3—
8— 1
Governor Seay, 2— 5.
Balances due from other banks m ay b e de­
Warburg, P M ., 2— 669.
ducted from balances due to other banks,
Approved Reserve Agents—
8—692.
(See supra, Aggregate am ount.)
Foreign currency balances due from foreign
(See infra, State banks.)
banks can not b e deducted from balances
due to other dom estic banks, 5— 963,
Balances. (See infra, Com putation, State banks.)
Balances due to foreign banks are individual
Balances, clearing. (See Nonmember banks.)
deposits and not bank deposits under
Balances due from. (See infra, Computation )
section 1, Federal Reserve A ct, and
Balances due to. (See infra, Com putation.)
therefore do not fell w ithin meaning of
Balances, reserve—
balances due to other banks, 5— 963.
Gold control through w iping out of fictitious re­
Cash on hand can not be deducted from lia­
serve balances, 8—2.
bilities against which reserves must be
(See infra, Com putation.)
counted, as only Federal Reserve bal­
ances count as reserves, 3—614, 692.
Bank liabilities and. Principal banks of issue, 6— 488.
RESERVE FO R FRA N CH ISE T A X .
New account established, 5—26.




R E SE R V E S— Continued.
Com putation of reserves—Continued.
^Deductions—Continued
Dollar balances due to foreign banks are not
balances due to other banks, as word
“ banks” means dom estic and not for­
eign banks, 5—963.
May deduct from gross deposits all Govern­
m ent deposits except postal savings de­
posits, which are tim e deposits, 3—692
National banks, 3—602.
New m ethod, Federal Reserve Banks, 6—3,
Savings deposits of a mem ber bank with Federal
Reserve Banks count as reserves, 5—652, 654.
Conditions, reserve, 2— 664, 3—77,154, 427, 499, 654.
732, 831, 920; 4— 1, 69, 153, 247, 361, 484, 591,
688, 802, 925, 1045 5—64, 67, 136, 768, 838, 1009,
1106 6—1, 120, 448, 554, 663, 775, 911,1019,1134,
1263.
Currency shipments. For purposes of reserves, 3—
615
Date of paym ent of reserves, 1— 361
D eductions from gross deposits. (See supra, Compu­
tation )
D eficient reserves—
Federal Reserve Banks can not refuse to pay
draft of a member bank upon them because
of. 1— 12.
Penalties collected for, 1— 35, 2—314 5—132
Deposit and Federal Reserve note liability, 5— 137
Deposits—
Capital and reserves, 2— 98,506, 661
Chart, 2— 123
From savings department of a member bank count
as reserves, 5—652, 654
Em ergency F leet Corporation. Deposits of, are
not Governm ent deposits and require reserves,
5—1054
Postal savings deposits are tim e deposits and re­
quire reserves, 3—692.
U nited States Shipping Board Deposits of, are
not Governm ent deposits and require re­
serves, 5— 1054
Districts, outlying
(See infra, O utlying districts. )
Dollar balances due to foreign banks. (See supra,
Computation )
E ffect of lower reserve requirem ents, 3 —107, 109,
503.
Em ergency Fleet Corporation
(See supra, D eposits.)
Equalization of reserves through Federal Reserve
Bank rediscounts, 4— 361
European central banks—
1913-1919, 2— 659 3—234, 329, 500, 681, 942,
4—243, 267,269,375, 382, 996, 998,1057,1077,
1167, 5—140, 197, 294, 463, 648, 649, 849,
1008, 1200 , 6—144, 218, 485, 487, 488, 893,
909, 1044, 1047, 1049, 1295. (See individual
banks, by name.)
Excess reserves (free gold), 4— 226, 227 5— 136, 137,
138, 774, 6— 145, 724, 725.
Federal A dvisory Council—
Favors anticipation of final reserve paym ent,




2— 668.
Favors amendment requiring all reserves to be
kept in Federal Reserve Banks, 3— 107
Opposes grant of power to Federal Reserve Board
to increase required reserves of member
banks, 3— 108,

R E SER VES— Continued.
Federal Reserve Bank notes. No reserves required
against, except 5 per cent redem ption fund,
2— 273
Federal Reserve Bank of New York. Circulars—
Changes in reserve requirem ents, 4— 1086.
Vault reserves, 2— 669
Federal Reserve Bank Balances in , only count as
reserve. 3— 614 692.
Federal Reserve Banks—
Governm ent deposits
Must keep reserves
against, 3— 458,692.
New Y ork law
Reserves in , to count as reserves
on hand, 4— 524
Power to increase. (See infra, Federal R e­
serve B oa rd )
Reserves. 1914-1919. 1— 234; 2— 661, 3—56, 483,
484. 4—226, 1168 5—65, 137, 768, 773, 838,
6— 146, 479, 667, 724, 1296.
(See Resources and lia bilities.)
Reserves—
A ll to be carried in Federal Reserve Banks,
3— 107
Federal Advisory Council favors, 3— 107
Equalization of, through Federal Reserve
Bank rediscounts, 4—361.
Governm ent deposits Must carry reserves
against, 3— 458. 692
New York law Reserves in. to count as on
hand. 4— 524.
V a u ltCash in , and w ith Federal Reserve Banks
may be counted as one item , 2—668,
669
Member banks m ay carry vault reserve
in Federal Reserve Banks, 2—508,
606, 668.
(See supra, Aggregate amount. Am endm ents,
Com putation, D eficient.)
Federal Reserve Board—
Anticipation of final payment. Favors, 2— 597,
598, 661, 668; 3— 1
Reserves—
May fix am ount, character and location of,
of foreign branches, 4— 1123.
New method of com putation of, 6—3.
On new reserve requirem ents, 3—508,
Power to increase reserves of mem ber banks
opposed b y Federal Advisory Council,
8— 100, 107,108.
(See supra, Am endm ents.)
Federal Reserve notes as reserves. See infra, State
banks.)
Federal Reserve notes and deposit liabilities. Re­
serve, 5— 137
F ictitious reserves, Gold control through removal of,
3— 2.
Fiscal year 1920, 6— 724-725.
Foreign bank. Dollar balances due to a, can not be
offset b y foreign currency balances due from
same bank, 5—963,
Foreign banks of issue—
Gold reserve of United States and. (See supra,
European central banks.)
Foreign branches—
Federal Reserve Board may fix reserves of, 4—
1123.

R E SE R V E S— Continued.
Foreign branches—Continued.
Reserve requirem ents of section 19 not applicable
to, 4—1123.
Form of statement. New, Boston Clearing House,

3 — 83.
France. (See Bank of France )
Free gold. (See supra, Excess reserves,)
German Reichsbank. (See same. )
G old conversion fund
(See same )
G old reserves, 1— 234, 2— 661, 4—226, 5— 136, 137,
140, 774, 6— 144, 668,1296,1297
Changes in price level compared with movement
of, 5— 838.
Im portant function of, is for export to meet
foreign indebtedness, 5— 124,
Inadequate in foreign countries because of infla­
tion, 5— 9.
Increase in , 5—6.
National banks, 1915-1917, 2— 506; 3 —484,
U nited States and foreign banks of issue, 19141919, 5— 140,
(See supra, European central banks. )
Gold settlem ent fund. Deposits in , to count as re­
serves, 1— 9,10.
Governm ent deposits—
D eposits of Em ergency Fleet Corporation and
U nited States Shipping Board are not, and
require reserves, 5— 1054,
Federal Reserve Banks must earn' reserves
against, 3—458, 692.
Member banks need carry no reserves except
against, postal savings deposits, 3— 158, 692
(See supra, Com putation.)
Gross deposits. D eduction from
(See supra, Com­
putation,)
Im pairm ent of reserves. (See supra, D eficien t)
Increase of reserve requirem ents, member banks. (See
supra, Am endm ents, Federal A dvisory Council,
Federal Reserve Board )
India. Note reserves, 5— 950.
Legal reserves. New Y ork Clearing House Committee
on, 4—289,
Loans. National banks. Ratio of reserves to, 19001916, 2— 506.
Location of reserves. (See supra, Foreign branches.)
Lowered reserve requirem ents. (See infra, Require­
m ents.)
Member banks—
Not required against Government deposits,3—458,
692.
(See infra, Postal savings deposits, Vault
reserves.)
M ethod of reporting reserves, 2— 668, 672,
M ovem ent of, 1917, 3— 847, 848 (chart)
Changes in price level compared w ith, 5—838.
Fiscal year, 1920, 6— 667
(See R eview of m onth.)
National bank notes. Reserves for certain State
banks.) (See infra, State banks.)
National banks—
Actual and required reserves, 1915-1917, 2—672;
3— 183, 484 (chart).
Computation of reserves, 3— 602.
D ecline in , 3— 3,




RE S ERVES— Continued,
National banks— Continued
Gold reserves, 1915-1917, 2— 506; 3 -4 8 4 , 5—140;
6—144.
(See supra, G old reserves.)
Governm ent deposits. N eed carry no, against,
3— 458, 692,
R atio, reserves to loans, 1910-1916, 2—506, 661.
New Y ork Reserves fixed for banks in outlying dis­
tricts of, 4—1086, 1124.
New Y ork Clearing House, com m ittee of, on legal
reserves, 4—289.
New Y ork laws—
Banks may in clude deposits in Federal Reserve
Bank as reserves on hand, 4— 524.
Prescribed reserves for State banks and trust com­
panies, 4— 524.
Note reserves, India, 5—950.
Optional (See U ncollected funds, principal heading.)
O utlying districts—
Banks in , of reserve and central reserve cities not,
for that reason alone, entitled to reduction in
reserve requirem ents, 4— 1124.
Reserves fix ed for banks in , of New Y ork, 4—
1086, 1124.
Parent bank (See infra, State bank.)
Paym ent of—
Date, 1— 361, 2 —597, 598.
Final paym ent, anticipation of. (See A n ticipa­
tion.)
Penalties. D eficient reserves. (See supra, D eficient.)
Percentage. Reserve, 4— 130, 769, 1048, 1168; 6—1,
220, 448, 663, 724.
D ecline in , 5—133,
Fiscal year 1920, 6— 724.
(See supra, In dia.)
(See infra, R atio.)
Postal savings deposits—
Are tim e deposits, 3— 692.
Require reserve, 1— 409; 2— 331; 3— 458, 692.
(See Postal savings funds.)
Price level. M ovem ent of gold reserves and, 19141919, 5—838.
Ratio Reserves to liabilities—
Federal Reserve Banks—
1917, 4— 130.
1918, 4— 769,1048.
1914-1918, 4— 1168.
1914- 1920, 6— 1, 220, 448, 663, 724.
(See Resources and liabilities.)
Member State banks and trust com panies, 6—
329, 438, 765, 768,1005.
(See C ondition.)
National banks. Reserves to loans, 1910-1916.
2— 506, 661.
(See R atio, principal heading.)
Rediscounts. (See supra, E qualization.)
Report of—
M ethod, 2— 668.
New form, Boston Clearing House, 3—83.
Required reserves—
Actual and National banks, 1915-1917, 2— 672;
3— 483, 484 (chart), 5— 140; 6—144.
Federal Reserve Banks—
1915- 1917, 1— 234, 2— 261, 3— 56, 483, 484
(chart).

R E SER VES— Continued
R E SE R V E S— Continued.
Vault cash, required— Continued.
R equired reserves—Continued
M ember banks— Continued
Federal Reserve Banks— Continued
May carry vault cash reserve in Federal
1918-1920, 5— 65, 136, 137, 768, 774, 838;
Reserve Bank, 2— 508, 606, 668.
6—144, 479, 668, 724,1296,1297
(See supra, Aggregate.)
(See Resources and liabilities.)
Warburg, P M —
Requirem ents. Reserve. Changes in—
Favors new reserve requirem ents, 2— 669,
A ct June 21, 1917, 3—503, 508.
Transfers of reserves under act June 21, 1917,
Foreign branches. Requirem ents of section 19
2 — 668.
do not apply to, 4— 1123.
Changes in , 4— 1055, 1124
RESID EN CE.
A cceptance payable at place other than, of acceptor
Circulars on changes, Federal Reserve Bank of
is a general acceptance and negotiable unless
New Y ork, 4— 1086.
expressly stipulated payable there and not else­
E ffect of lowered, 3— 107, 109, 503.
where, 3—289 5— 142.
Requirem ents, Reserve. State laws, 3—768.
Presentment of b ill for acceptance not necessary
Reserve Agents, approved—
unless b ill so provides or unless payable else­
(See supra, Aggregate.)
where than at place of business or, of drawee,
(See infra, State banks.)
2— 608,
Reserve cities. Outlying districts of, 4— 1086,1124. R E SID E N T S.
Savings deposits, 1— 73, 211
Directors of Federal Reserve Banks must be, of dis­
trict, 2— 607
(See supra, Com putation, Deposits, reserve.)
Persons who are, of part of district transferred can
Seay, Governor Favors anticipation of final reserve
not be elected Class A director of district from
payment, 2—5.
w hich transferred, 2— 607
Section 19? Federal Reserve A ct. Reserves, 10 per
cent lim itation—
R E SO LU TIO N S.
Does not apply to deposits b y mem ber banks in
Federal A dvisory Council and Class A directors.
foreign banks, 5— 1054,
Resolution sent to Interstate Commerce Com­
mission. Railroad car shortage, 6—566, 581
Reserve requirements of, do not apply to foreign
branches, 4— 1123.
Federal Reserve Board—
Against holding b y directors o f pu blic or political
Shipments of currency and specie, for reserve purposes,
offices, 2—2, 16; 6—10,
3— 615.
Resignation o f Mr Delano, 4— 587
(See supra, Conditions, reserve.)
Resignation of Mr Warburg, 4— 810.
(See Review of m onth,)
Resignation o f Secretary M cAdoo, 4— 1173.
Specie Shipm ent of, for reserve purposes, 3— 615.
International Financial Conference, Brussels, 6—
State banks and trust companies—
581, 1282, 1283, 1284, 1286.
Agents. Approved reserve. Deposits w ith, to
count as reserves, 1— 75.
Loans to directors. Section 22, 3— 614, 694, 929.
Balances w ith other State banks to count as, 1—
New York Clearing House Association—
368.
Interest on bank deposits, 4—286, 290.
Legal reserves, 4—289,
Branches. (See infra, Parent bank. )
Federal Reserve notes. T o count as reserves if
Promulgating new currency law for British India,
6— 1298.
laws of State perm it, 1— 318.
National bank notes to count as reserves if laws
Senate resolutions. (See Congress; Federal Reserve
of State perm it, 1—318,
Board, Senate, United States.)
New York, prescribed reserves, 4— 524.
(See Federal Reserve Board, statements.)
Parent bank. Reserves should be based on aggre­ RESO U RC ES.
gate deposits of, and branches, 1— 125,
Federal Reserve Banks—
State laws—
November, 1914-March, 1917; A pril, 1917-July,
Reserve requirements, 3— 768.
1919, 5— 771
(See State laws, principal heading )
(See Resources and liabilities.)
Statement. Reserve. New form, Boston Clearing
Member banks, constitute 75 per cent of resources of
House, 3— 83.
all eligible banks in U nited States, 5— 1.
Table, E ffect on reserves of act June 21,1917,3— 107,
Savings banks, 5— 51
109, 503.
State member banks. (See Adm ission o f; Gross re­
Transfers of reserves under act June 21,1917,2— 668.
sources, Resources and lia bilities, State banks
Trust com pany (See supra, Deposits, reserve;
and trust com panies.)
State banks and trust companies. )
U nited States Shipping Board Deposits of, are not RESO U RCES AND L IA B IL IT IE S .
Argentine banks, (See Argentina.)
Government deposits and require reserves, 5—
1054,
European central banks, 1914-1919, 2— 659, 3—234,
329, 500, 681. 942: 4—243, 267, 269, 375, 382. 996,
V ault cash required—
1057, 1077 1107 . 5— 140, 197, 294, 463, 648, 649,
Circular, Federal Reserve Bank of New York,
849,1008,1200; 6— 144,218,485,487,488,893,909,
2— 669,
1044,1047, 1049, 1295
Member banks—
(See Individual foreign banks, b y name.)
May report cash in, and in Federal Reserve
Bank as one item , 2— 668.
Farm land bank system , 4—1195.




R E TA IL TR A D E .
RE SO U RC ES AND L IA B IL IT IE S — Continued
Federal Reserve Banks, 1— 53,60,112,170, 234 (chart\
(See Business conditions.)
246, 294, 339, 387, 428, 2— 46, 93, 143, 197, 252,
R E T A IL TR A D E IN D E X . 5—77, 157, 267, 379, 484,
301, 364, 426, 499, 579, 650, 720; 8—67, 145, 226,
580, 670, 753, 867, 974, 1067, 1164, 6— 53, 238, 377,
322, 416, 491, 570, 645, 722, 820, 910. 983 , 4— 58,
503, 614, 706, 839, 951, 1086, 1195, 1258, 1307
142, 234, 347, 468, 675, 782, 902, 1030. 1148, 1168,
R eview , 1920, 6—1258.
1245 . 5—64, 87, 106, 172, 198, 282, 394. 498, 595,
(See Business conditions; Physical volum e of trade. )
687, 764, 766, 771, 797, 890, 993, 1089, 1186, 6—
96, 196, 314, 329, 421, 438, 537,645, 728, 748, 876, R E TIREM EN T.
988, 1005, 1106, 1235, 1351
Aldrich-Yreeland notes. Low discount rates to
assist, 1— 47
Member banks, 4— 796, 916, 5— 92, 177, 183, 287,
296, 399, 505, 513, 600. 692, 784, 785, 786, 805,
Circulation. (See Federal Reserve notes; National
896, 903, 999,1095, 1192, 6— 163, 204, 320, 428,
bank notes.)
544, 652, 729, 754, 764, 768, 883, 995, 1112, 1241,
REVENUE.
1357
D efinition. Warrants, 2—170.
(See M ember bank condition statem ent.)
REVENUE A C T, W A R .
National banks—
H R . report. 3—251.
March 4, 1914, 1— 61.
T ext of act, 3—248.
Decem ber 31, 1914, 1— 61.
REVENUE L E G IS L A T IO N .
March 4, 1915, 1— 61.
President W ilson to Congress on, 4— 497
June-N ovem ber, 1916, 3— 174.
Secretary of Treasury to Ways and Means Committee
Novem ber, 1916-Decem ber, 1916, 3—161, 372
on, 4—847
1917, 3— 174, 603, 665.
(See Secretary of Treasury.)
1919. 4—17, 70, 90, 182, 372,1093; 5— 250, 446,
REVENUE ST A M PS.
838, 1153.
(See T ax.)
1914-1920, 6—727
REVENUE W A R R A N TS.
New Y ork Clearing House banks, 4— 28, 29.
(See Warrants.)
State m em ber banks, 3— 829, 4— 408, 735, 917 965
REVENUES, G OVERN M EN T.
5— 4, 40, 49, 129, 183, 250, 296, 358, 465, 513,
(See Expenses, U nited States Governm ent; In d i­
515, 562, 649, 738, 779, 782, 855, 903, 961, 1051,
vidual nations b y nam e, U nited States.)
6— 329, 438, 729, 764, 891, 1005, 1299.
REVIEW .
(See Gross resources.)
Business activity, 1920, 6— 1259.
R E S P O N S IB IL IT Y FO R C R E D IT STA TE M E N TS.
Business and banking conditions. (See Banking con­
Rests w ith purchasing bank If satisfactory in form,
ditions; Business conditions; Financial condi­
Federal Reserve Bank m ay accept them without
tions.)
passing upon them , 2— 13.
Court review
(See Clayton A ct.)
Federal Reserve System—
R E S T R IC T IO N S .
Credit. (See Conservation, C redit.)
1914-1917, 5—3, 771.
1917-1919, 5— 771.
Foreign exchange transactions, rem oval of, 5—469.
1920, fiscal year, 6— 662.
(See Foreign exchange.)
Fiscal year, 1920, 6— 661,1253.
Foreign trade, 4— 1053.
Foreign exchange situation, 6— 898, 900, 901, 902, 903.
(See Foreign trade.)
Fiscal year 1920, 6 —1260.
Loans. (See Bank loans; Conservation, Credit,
International Financial Conference, Brussels, 6—1288.
Loans.)
League of Nations. Foreign exchange situation,
Production, 4—1052.
6—898, 901, 902, 903.
(See Production.)
Movement of goods, 1920, 6—1256.
Speculation, Governor Strong to New York Stock
Net ton mileage, railroads, 1918-1920, 6— 1257.
Exchange, 4—935.
Prices, 1920, 6 —1254,1260.
(See Speculative activity.)
Production, 1920, 6—1255,
R E T A IL D EALE RS.
R etail trade, 1920, 6— 1258.
May finance sales b y trade acceptances even though
REVIEW OF M O N TH , 1— 5, 65,117, 175, 251, 297, 345;
drawn after failure of purchaser to rem it promptly
2— 1, 51, 99,151, 205, 261, 309, 371, 437, 507, 587, 663;
on open account, but Federal Reserve Banks
3— 1, 75,153, 235, 335,423,497, 577, 651, 729, 827, 917,
should discrim inate as far as possible against trade
4— 1,69,153.247,359,484,587,685,801,921,1045,1163,
acceptances to liquidate slow open accounts,
5— 1 99,189.303,407,521,611,703,813,909,1009,1105,
4 —30.
6— 1,113, 213, 329, 445, 553, 661, 769, 897, 1011, 1123,
Notes of, to wholesalers for agricultural im plem ents
1253.)
are not agricultural paper, 2—526; 4—1118.
REVIEW OF Y E A R .
1918, 5—1, 3.
R E T A IL P R IC E S .
(See Prices.)
1920, 6—661,1253.
REVISED ST A T U T E S.
R E T A IL SA LES.
(See U nited States R evised Statutes.)
Note of merchant for purchase of com m odities for, is
not agricultural paper, 2—526; 4— 1118.
R E V ISIO N OF T IM E SCH ED U LES, 4—371.




R E V O LTIN G ACCEPTANCE C R E D IT S.
Belgium industrial credit, 5—308.
Im port, with renewal privileges under which drawer
agrees to produce or purchase in South America,
quebracho extract and assign it to ae. opting
bank, held not to be a valid im port acceptance",
4 - -976.
Policy of Federal Reserve Board as to, 4—25~
5— 308, 309.
(See Federal Reserve Board )
Practically a guaranty of fixed rate of interest,
2— 587, 588 , 4 —259.
Term should not, as a rule, run for more than one year,
4—257
(See Acceptances, export and im port, Acceptances
renewal, Federal Reserve Board. ;
RH O D E ISLA N D .
Laws—
Acceptance, 3—533
Foreign banking corporations. 5—01.
Reserves, 3— 788,
List, State member banks, 4— 95, 1081.
RH O D E SIA .
Gold production, 1909-1919. 5—19.
R IB B O N S.
Terms of sale, 6— 467.
R ID E R .
Federal Reserve Agents may attach a, to paper
pledged against Federal R escr e notes returned
for collection to Federal Reserve Bank, to serve
as notice to any bank to w hich Federal Reserve
Bank may send it for collection that Federal
Reserve Bank holds it for collection only, 3—351
R IK S B A N K , SW EDEN.
Condition, 1914-1919, 2— 659, 3—331, 681, 4 —280.
376, 377, 380, 381, 997,1064, 1077, 5— 140, 463.
648, 849,1201, 6—45. 145, 488, 1297
Deposits, 1914-1919, 5— 648, 1200.
Federal Reserve System, comparison with
(See
supra, Condition )
Gold reserves, 3.914-1919, 5— 648, 1200: 6—145, 1297
Notes in circulation, 1914-1919. 3—331, 5—648,1200.
Ratio. Reserves to liabilities, 1914-1919, 5—648,1200.
(See Sweden.)
R IO BE JA N E IR O .
Foreign exchange rates, 4— 1199 6— 11-58.
(See Foreign exchange rates; Principal heading,
B razil.)
RO A D S, PU B LIC .
(See Capital Issues Committee.)
ROM E.
Foreign exchange rates, Paris on 6—1074.
(See Foreign exchange rates; Italy
R O TA TIO N IN O FFICE .
Federal Reserve Board recommends, for Federal
Advisory Council, 2:—51
RO U M AN IA.
Loans placed in United States, 5—33, 6— 688.
Gold reserves—
1900-1919, 6—144.
1913-1920, 6—1296.
(See National Bank of Roum ania.)




R O V E N SK Y , J . E.
Interview on dealin g of acceptances through New
York Clearing House. 4—820
ROW E, W . S.
Elected < lass A director, Cleveland, 3—7.
RU BBER G O O D S.
Terms of sale, 6—260.
RU BLES, R U SSIA N .
Transactions in , forbidden, 5— 469.
Exceuted from release of control over foreign exchange
transactions, 5— 615, 852.
Exportation of, perm itted, 5— 353.
Importations of, forbidden, 5— 853.
RU LES.
(See Capital Issues Com m ittee.)
RU LES, R IG H T TO AM END.
(See Savings accounts.)
R U LIN G S.
Attorney General of United States. (See Opinions,
Attorney General of U nited States.)
Commissioner of Internal Revenue. (See same;
Principal heading «
Counsel of Federal Reserve Board. (See Opinions,
counsel of Federal Reserve Board.)
Federal Reserve Board. {See the various headings
of this digest.)
Foreign Exchange D ivision, Federal Reserve Board,
4— 864 (Digest) 973, 1121, 1217, 5— 469, 652, 653,
853.
Solicitor of Internal Revenue
{See same.)
Solicitor of Treasury (See same.)
R U LIN G S, P R IO R IT Y .
War Trade Board, 4—1090.
(See War Trade Board.)
RU M AN IA.
(See Roum ania.)
RUPEES.
Federal Reserve Board to furnish rupee drafts, 3— 924
Secretary of Treasury to furnish rupee exchange,
4— 625,
(See Foreign exchange, Leffingwell, Assistant
Secretary.)
Sale of rupees for gold at Ottawa, b y Bank of Mon­
treal, 5—917, 1015.
Gold value of silver in rupee—
1873-1918, 5— 949
1914-1919, 5— 949, 1050.
Gold reserves against, 1910-1920; 6—1297
(See India.)
R U SSIA .
Banks of issue. Condition, 1914-1920, 6— 488.
Bolshevik territory excepted from removal of re­
strictions on foreign exchange transactions, 5—
615, 652, 853.
Gold production, 1900-1918, 5— 19.
Loans—
Made b y U nited States to, 3— 424, 731, 4— 279,
1059.
Placed in U nited States b y , 5— 33, 1015.
National debt, 3— 14, 4— 268,^276, 1057, 1083.
National City Bank, New York, branches in , 4— 944.
Loan to Governm ent at Om3k, 5— 1015.
United S tatu sLoans placed in, b y , 5—33, 1015; 6— 688.
Mad in, to Russia, 3 — 424. 731

RU S S I A— Continued.
War loans, 3— 349; 4— 276,1063*
(See supra National debt.)
(See Petrograd, Russian State Bank.)
R U SSIA N SO V IE T GOVERN M EN T.
L iability agreed upon to pay British subjects, 6— 1312.
R U SSIA N ST A TE BA N K .
Condition, 1913-1917, 2— 659; 3—234, 330, 331, 500,
681, 944, 946; 4— 244, 269, 1167, 5— 140, 1201,
6— 144, 1297.
Discounts, 4— 1167
Federal Reserve System, comparison w ith. (See su­
pra, C ondition.)
Foreign exchange rates. (See same.)
Gold reserves—
1900-1918, 3— 944, 946; 5— 140,1201.
1910-1920, 6—144,1297
Governm ent securities, holdings of, 4— 1167
Notes in circulation, 1913-1916, 3—331
Reserves, 1913-1917 (See supra, Condition.)
(See Petrograd, Russia.)
S.
SA LA R IE S.
Adjustm ent of, to m eet increase in cost of livin g,
6— 54,1293.
Federal Reserve Banks. Adjustm ent of, 6— 54,1293.
Federal Reserve Board. Staff, 1— 30.
Officers and em ployees, to be approved b y Federal
Reserve Board, 2—2, 64.
Year 1918, 5— 132.
Year 1920, 6 —54,1293.
(See Earnings and expenses.)
SALE.
Bonds of national banks in voluntary liquidation.
B ill of com ptroller, 4— 425.
Conditional. Can not serve as basis of trade accept­
ance, 5— 964.
Terms of. (See Terms of sale, principal heading.)
SA LE OF A S S E T S , 2— 119.
(See National banks.)
SA LES.
Acceptances, sales of, between Federal Reserve
Banks. (See Federal Reserve Banks; Redis­
counts.)
Average. (See R etail trade.)
Bankers’ acceptances. Between Federal Reserve
Banks. (See D iscount and open market opera­
tions.)
Corporation, sales, Draft drawn b y lum ber com pany
upon a sales corporation in which it owns stock
is a good trade acceptance if in good faith and if
sales com pany is not really the agent of the
lum ber com pany, 4—33.
Installm ent. Purchaser of goods by , delivers to
seller his acceptances in blank with authority
to drawer to fill in his name and also maturity
date at tim e of each installment. H eld a valid
trade acceptance, 4— 437
Net. (See Production.)
R etail—
Note of m erchant for purchase of com m odities
for, held not to be agricultural paper, 2—526.
(See R etail trade.)




SA LT LAK E C IT Y .
Branch bank, 4—256, 365.
Directors and em ployees, 5— 127, 779; 6— 61.
SAN FR A N C ISC O , FED ER AL R E SE R V E BA N K O F .
Increase in local rates, 4— 813, 814.
(See D iscount ra tes)
(See Federal Reserve Bank o f San Francisco.)
SA N SO M , M .
E lected Class B director, Dallas, 3— 8.
SAN TO D O M IN G O .
Loans placed in U nited States, 5— 33, 6— 688.
SAO PAU LO .
Bonds offered in U nited States, 5— 1015.
(See B razil.)
SA U LT ST E . M A R IE CAN AL.
(See Physical volum e o f trade.)
SAVAN NAH A G E N C Y .
(See Annual report, p. 38.)
SA V IN G .
Necessity for, 4—1, 18, 485, 1047, 1053; 5—102, 521,
613.
(See Conservation; T h rift.)
SA V IN G S .
Current, measured in goods, probably not m aterially
greater than before war, 5— 613,
Dim inished since war, 5— 613.
Financing of export trade in excess of, w ill cause
increase o f prices, 5— 613.
Measured in prices, savings are m uch greater than
before war, 5— 613.
(See Conservation, C redit.)
SA V IN G S A C C O U N TS.
A cceptance o f terms b y depositor, (See infra, Term s.)
Advertise. R ight o f national bank to, 1— 18.
Am end rules. (See infra, N otice.)
Check (See infra, Exchange.)
Checking. I f subject to, must carry fu ll reserves as
demand deposits, 1— 73.
Circular 6, 1915, superseding Regulation 7, 1914.
T ext, 1— 38.
Courtesy W aiver b y
(See infra, N otice.)
D eduction o f exchange. (See infra, E xchange.)
D efinition of, 1— 73.
Demand deposits—
D istinction between savings accounts and, 1—

211
Tim e certificates w ithin 30 days o f m aturity be­
com e, 5— 652, 655,
Depositor
Signature of, (See infra, Term s.)
Deposits—
(See supra, Demand deposits.)
(See infra, Tim e deposits.)
Exchange can not be deducted on check drawn
against, and sent for collection to Federal Re*
serve Bank, 5— 964.
Federal Reserve Bank. (See supra, Exchange.)
National banks. R ight to advertise, 1— 18.
N otice of withdrawal—
Printed regulations requiring, are necessary, 1—
73; 2— 168.
Required bu t m ay be w aived b y courtesy, 1—211.

SA Y IN G S AC CO U N TS— Continued.
N otice of withdrawal— Continued,
Bank makes no regulations as to notice of with­
drawal bu t reserves right to require 30 days’
notice b y amendment b y posted notice w hich
shall be binding upon expositors. H eld not
a savings account, 2— 611, 4— 199.
T hirtv days’ , required, 1— 73, 2— 686. 4—199;
6— 1065,
(See infra, W aiver.)
Pass books—
Must be evidenced b y , 1— 73.
W hen presentation of, required the accounts are
tim e savings accounts requiring only 5 per
cent reserves, 1— 73.
Must be presented on deposits and withdrawals
under Regulation E , 1915, 2— 168.
(See N otice.)
Bank does not require presentation of pass books
but m erely reserves right to do so. H eld
not a savings account under Regulation D,
1916, 2— 611.
Presentation of pass books. (See supra, Pass books.)
Regulation 7,1914—
Superseded b y Circular 6,1915, 1— 38,
Superseded b y Regulation E , 1915, 1—39.
Regulations—
D , 1916, 2—611.
T ext, 2— 534.
(See Pass books; Tim e deposits.)
D , 1917 T ext, 8—543.
(See N otice; Tim e deposits.)
D , 1920, 6—1182.
E , 1915, supersedes Regulation 7, 1914. T ext,
1— 39.
Regulations of bank. N ot less than 30 days’ notice
must be expressly reserved Mere reference to
right reserved in , not sufficient, 6— 1065.
Reservation b y bank. (See supra, N otice.)
Reserves against—
If withdrawals perm itted only on presentation of
pass book, the account is a tim e savings ac­
count requiring only 5 per cent reserve, 1— 73.
If deposits are subject to check must carry full
reserve, 1— 73.
If notice of withdrawal is specifically required,
reserve need be only 5 per cent, 1— 211
Rules. (See supra, N otice .)
Signature of depositor (See infra, Term s.)
Terms. Presentation of pass book. N otice of with­
drawal. Acceptance of these terms under signa­
ture of depositor, 2— 168.
Thirty days’ notice. (See supra, N otice.)
Tim e certificates of deposit, distinction between
savings accounts and, 1—73.
Tim e deposits—
D istinction between savings accounts and, 1— 73.
Regulations m erely authorizing bank to require
presentation of pass book are not savings ac­
counts or, under Regulation D , 1916, 2— 611.
Regulations not requiring notice of withdrawal
but reserving right in bank to amend the
regulations^ so as to require notice, by
posted notices w hich are to be binding on
depositors, held not to be savings accounts
nor, under Regulation D , 1917, 4— 199
VvTthin 30 days of maturity becom e demand
deposits, 5— 652, 655.




SA Y IN G S AC CO U N TS— Continued,
Tim e savings accounts. If withdrawals perm itted
only on presentation of pass book, the accounts
are time savings accounts requiring only 5 per
cent reserves, 1—73.
W aiver of right to demand notice, I f specifically
required, may be waived b y courtesy, 1— 211.
SA YIN G S AND LOAN A S SO C IA T IO N S.
Are banks within meaning of Clayton A ct, 2— 118.
SA Y IN G S BAN K OF RIC H M O N D , Y A .
Reasons for joining Federal Reserve System, 8—356.
SA V IN G S B A N K S.
Acceptances. (See infra, Bankers’ acceptances.)
Am endm ent, proposed. Membership in Federal R e­
serve System, 5— 50.
Assistance to. (See infra, Federal Reserve Board .)
“ Bank ” Section 1, does not include mutual, 5—53.
Bankers* acceptances—
May invest deposits and guaranty funds in.
New York laws, 4— 525.
Purchases of, b y , 4— 953.
Bills of exchange May invest deposits and guaranty
funds in. New York laws, 4—525,
Class C directors of Federal Reserve Banks can not
serve as directors of mutual, 5— 53.
Condition of, 4— 952; 5— 51.
Deposits—
1900-1914, 1— 235.
Investm ent of, in bankers’ acceptances and bills
of exchange. New York laws, 4— 525.
May receive, of Liberty bonds for safe-keeping.
New York laws, 4 —525.
Withdrawal of. Federal Reserve Board promises
assistance in case of, in connection with Lib­
erty loans, 8— 426.
Director—
(See supra, Class C director.)
(See inha, Mutual savings bank; Member bank )
Federal Reserve Banks—
Class C directors can not serve as directors of
mutual, 5— 53.
(See infra, Liberty loans, rediscount privileges.)
Federal Reserve Board promises assistance through
member banks, in case of withdrawal of deposits
in connection with Liberty loans, 8— 426.
Federal Reserve System—
Mutual savings banks, having no capital stock nor
stockholders are not eligible to join, 8— 950,
Proposed amendment perm itting mutual savings
banks to join, 5—50,
Guaranty funds. May deposit, in bankers’ accept­
ances and bills of exchange. New York laws, 4 —
525.
Holdings. (See infra., Liberty bonds; United States
Treasury certificates.)
Investm ents of, 4— 953.
Liberty bonds—
Holdings of, 4— 856, 952,
New Y ork laws authorize deposits of, for safe­
keeping, 4— 525.
Percentages of holdings to total assets, 4— 954.
Liberty loans—
E ffect of, on, 3— 426.
Federal Reserve Board promises assistance in case
of withdrawals of deposits in connection with,
3—426.
Par lal paym ent plan, 4— 952.

SA Y IN G S B A N K S— Continued,
Liberty loans—Continued.
Rediscount privileges, May rediscount notes
through member banks at Federal Reserve
Banks in connection w ith, 3— 426, 430, 509
{See Nonmem ber banks.)
Subscriptions to, 4 — 856, 952,
M ember bank. {See infra, Mutual savings banks,
member bank )
Mutual savings banks—
“ B ank,” section 1, Federal Reserve act, does
not include, bu t no director of Class C should
be a director of, or any banking association,
5— 53,
Federal Reserve System—
Not eligible to enter, having no stock nor
stockholders, 2— 394,
Proposed amendment allowing admission,
5— 50,
Member bank. Director of mutual savings bank,
having no capital stock nor stockholders,
m ay serve as director of member bank,
whether or not in substantial com petition,
2— 394.
New Y ork laws—
May invest deposits and guaranty funds in
bankers1 acceptances and bills of exchange,
4—525,
May receive deposits of Liberty bonds for safe­
keeping, 4— 525.
Partial paym ents for L iberty bonds, 4— 952.
Purchases of bankers’ acceptances, 4— 953.
Purchases of Treasury certificates, 4— 953.
R ediscount privileges. {See supra, Federal Reserve
Banks.)
Resources of, 4— 952; 5— 51,
Stock, {See supra, Mutual savings banks.)
Stockholders. {See supra, Mutual savings banks.)
U nited States Council of State Banking Associations
favors admission of, into Federal Reserve System,
5— 50,
U nited States Treasury certificates. Purchases of,
4—856, 952.
W ithdrawal of deposits. Federal Reserve Board
promises assistance in case of, in connection with
Liberty loans, 8— 426.
SA Y IN G S D E PA R TM E N T, N A TIO N AL BA N K .
Suggested am endment, 5—51.
SA V IN G S D E P O S IT S .
Made b y member trust com pany horn its savings
departments w ith Federal Reserve Bank counts
as reserve against its savings deposits, 5— 652, 654
{See Postal savings deposits,)
SC AN D IN A VIAN M O N E TA R Y U N ION , 19 1 4 -1 9 1 9 .
G old p olicy and foreign comm erce, 6— 35.
SCH EDULE A , A C T O CTO BER 3 , 1917.
{See Tax )
SCH ED U LE, IN T E R D IS T R IC T T IM E .
For Federal Reserve Banks, 4— 1175, 6— 746, 987
{See Interdistrict tim e schedule )
SCH EDU LE OF A V A IL A B IL IT Y .
Bankers’ acceptances collected b y Federal Reserve
Banks, 5— 245,
SCH ED U LES.
Revision of tim e, 4— 371, 372.
{See Clearing system , Interdistrict tim e schedule
Sym bol.




SC H O O LS.
{See Capital Issues Committee.,)
SE A TTLE .
Branch bank, 3—155, 339 , 4— 10, 15 , 5— 127, 779;
6— 61.
Failure of some small State banks in, 3— 155,
SE A Y , G O V ERN O R .
Favors anticipation of final reserve paym ent, due
Novem ber 16, 1916, 2— 5.
SE C R E T A R Y OF A G R IC U L T U R E .
{See Departm ent of Agriculture.)
SE C R E T A R Y OF COM M ERCE.
{See Department of Commerce. )
SE C R E T A R Y OF FED ERAL R E SE R V E B O A R D .
{See Federal Reserve Board )
SE C R E TA R Y OF IN T E R IO R .
{See Departm ent of Interior .)
SE C R E T A R Y OF LA B O R .
{See Department of Labor )
SE C R E TA R Y OF TH E T R E A S U R Y .
Abolishm ent of U nited States Subtreasuries. Letter
to Congress opposing at this tim e, 3— 110.
A ct A pril 13, 1918. {See infra, Silver bu llion .)
A d interim certificates. No charges for, 3— 600.
Address, Am erican Bankers Association, 6— 1125.
Agricultural Department and Treasury Joint relief
for farmers, 4— 807, 829.
Aldrich-Vreeland notes. Federal Reserve notes in
lieu of, 1— 50,
Aliens. Nonresident. {See infra, Incom e tax.)
A llies. Funding of interest on debt, 6— 7
Allies. Loans to. {See infra, Loans to A llies.)
A llotm ent of Liberty bonds. (See L iberty loans,
principal heading; U nited States bonds, princi­
pal heading.)
Am erican Bankers’ Association—
Address before, 6— 1125,
Thanks to, for L iberty loan work, 3 — 438.
Am erican dollar Stabilization of. Letter to U nited
States Senate, 4— 626.
Announcem ent of loans, (See L iberty loans, prin­
cipal h eadin g)
Annual report, 1917, 4— 18.
Approval of export licenses issued b y Federal R e­
serve Board, 3— 736, 738.
Assignment of bonds. (See U nited States bonds,
principal heading. )
Attorney General of U nited States. O pinions rendered
to. {See Opinions, Attorney General of U nited
States, principal heading,)
Banks. Letters to—
Governm ent finances, 5— 725, 726.
L iberty loan IV , 4— 612.
No further issues of L iberty loans, 5— 725,909,910.
U nited States Treasury certificates. Asks banks
to set aside 1 per cent of resources for, 4— 260.
Bond purchase fund. (See U nited States bonds,
principal heading.)
Bonuses to soldiers, 6— 340.
Books. Production of {See infra, Production of
books.)
British exchequer notes. Approves offer of 150 m il­
lions, 3— 653.

SE C R E T A R Y OF TH E T R E A S U R Y — Continued.
Budget system. Letter to H, R . com m ittee favoring,
5— 937
B uilding construction. Letter to Gompers, 4—264.
B ullion and foreign coin
Issue of gold certificates
against, 2—311
(See infra, Silver bu llion.)
Canadian short-term credit. Approves, 8— 603.
Canners. D irect advances to, 4— 831.
Capital Issues Committee—
Statem ent as to, of Federal Reserve Board, 4— 74,
78, 157.
Suspension of, 5—18, 193,
(See infra, Federal stock p u blicity act.)
(See Capital Issues Committee, principal head­
ing.)
Cash payments. (See infra, L iberty loans.)
Cashing of coupons. (See infra, L iberty loans.)
Certificates, U nited States Treasury (See infra,
U nited States Treasury certificates; U nited
States Treasury certificates, principal heading.)
Chambers of Commerce of U nited States. Letter to,
on foreign financing, 6— 137
Checks. R eport, International H igh Commission,
4—518.
C iiw iar—
W ar Savings certificates, 4—87
(See Liberty loans, principal heading; U nited
States bonds, principal heading.)
Circulation, additional. (See U nited States bonds,
principal heading.)
Confiscation of deposits. (See infra, D eposits.)
Construction, building.
(See supra, B uilding con­
struction.)
Contraction of credits, 5— 191
Conversion (See L iberty loans, principal heading,
U nited States bonds, principal heading.)
Cost of war, 5—20, 726.
Coupons. (See Liberty bonds, principal heading.)
Credit. Paym ent by
(See Liberty loans, principal
reading.)
Credits, (See supra, Contraction of credits.)
Credits to European countries, 6— 137
Crop m oving funds—
D eposit in Federal Reserve Banks, 1— 260, 301
Three Federal Reserve Banks refuse, 1— 302.
D ebt of Allies. (See supra. A llies.)
D ebt policy Uniform, 5— 100.
D ebt situation, 5—100.
Demand and supply (See infra, Foodstuffs.)
Denominations. (See infra, Exchange of bonds.)
Deposits—
Denial of intention of Governm ent to confiscate,
3— 931,
(See Liberty loans, principal heading.)
Deposits of nonresident aliens. Banks need w ith­
hold at source only normal incom e tax of 2
per cent upon interest paid to. Letter to
Congress, 4— 163.
D irect advances—
T canners, 4— 830.
T o farmers, 4—807, 829,
Em ergency currency (See supra, Aldrich-Vreeland
no resA
European countries. Credits to, 6—114,137.




37599°— 21------14

SE C R E T A R Y OF TH E T R E A S U R Y — Continued
Excess-profits tax, 6—341,1253.
Exchange. (See infra, Foreign exchange transac­
tions; R upee exchange, U nited States bonds.)
Exchange of bonds. No charge for, of different
denominations, 3— 600.
Exchange with Great Britain. P&ish Commission,
1—50,
Exchequer notes. (See supra, British exchequer
notes •
Expenditures, Government. (See infra, Government
expenditures.)
Exports, gold—
A pproval of licenses issued b y Federal Reserve
Board, 4— 23, 81.
Power to investigate, 3—861.
Regulations, 3—736, 738.
(See infra, Foreign exchange.)
Farmers, Joint relief, Agricultural Department and
Treasury, 4—807, 829,
Federal Reserve Banks—
Crop-moving funds refused b y three, 1—302
Fiscal agents, 1—395 , 3— 423.
(See United States bonds, principal heading.)
Foreign agencies of, in South Am erica, 1—313.
Federal Reserve Board dissents in part, 1—
348.
Federal Reserve Board—
Approval of export licenses issued by , 3— 736, 738.
Delegates to, control over foreign exchange,
4— 23, 81.
Dissents in part from recommendations of, for
Federal Reserve Bank agencies in South
America, 1—348,
Federal Reserve notes—
In lieu of Aldrich-Vreeland notes, 1—50.
Not bankable, 1—355.
Federal stock p u blicity act. Reports favorably to
Congress, 5 —18, 193.
(See Capital Issues Committee.)
Financial program, 5—3, 100, 521, 703, 813, 909, 958,
1009, 1105, 8— 113, 137, 341, 1253.
Financing of V ictory loan, 5— 189, 218.
M odified by Ways and Means Committee, 5— 189,
Fiscal agents, Federal R eserve Banks appointed, 1—
39o, d— 123.
Fiscal year, 1920. Revenue w ill equal expenditures,
5—726.
Food relief, 6— 114
Foodstuffs. Demand and supply w ill soon govern,
5— 191
Foreign coin Issue of gold certificates against, 2—311
Foreign exchange. Delegates control of, to Federal
Reserve Board, 4— 23, 81
Foreign exchange transactions—
Power to investigate, 3—861
Production of books and papers, 3—861.
Profits from—
Orders inquiry, 4— 626, 627
Report, 4— 835.
Foreign financing Letter to Chamber of Commerce of
United States on, 6— 137
Future Treasury financing, 6—113,
Foreign Government securities. Approves British
exchequer notes for 150 m illions, 8— 653.

SE C R E T A R Y O F TH E T R E A S U R Y — Continued
Glass, Carter—
A ppointed Secretary of Treasury, 5—2.
A ccepts appointm ent to U nited States Senate, 5—
1113.
G old certificates. Issue against foreign coin and bul­
lion , 2—311.
G old exports—
Power to investigate and order production of
books and papers, 8— 861.
(See supra, Foreign exchange.)
Licenses, Federal Reserve Board, 4—23, 81.
Regulations, 8—736, 738.
Gompers, Samuel, letter to. B uilding construction,
4 —264.
Governm ent revenues and expenditures, 5—218, 725,
726; 6—113, 769.
Governm ent finance. Letter to banks, 5—726
Governm ent incom e, w ill equal expenditures in fiscal
year 1920, 5— 726.
Great Britain—
Approves issue of 150 m illions of exchequer notes,
8— 653.
Exchange w ith. Paish Com mission, 1—50.
H. R . committees. (See infra, Letters.)
Houston, D F A ppointed Secretary of the Treas­
ury, 6— 121.
Incom e, Governm ent. (See supra, Governm ent in ­
com e.)
Incom e tax, 6—341,1253.
Banks need withhold at source only the 2 per cent
normal incom e tax on deposits of nonresident
aliens, 4— 163.
International financial situation, 6— 139.
Interest rates—
Unwise to increase, on L iberty loans, 4— 20.
(See infra, Liberty loans; U nited States certifi­
cates.)
Interest situation, 5—100.
Interest, V ictory loan, 5— 100.
International High Commission—
Goes to m eeting of, in South Am erica, 2—151,
Report on checks, 4—518.
Returns from South Am erica, 2—261
Investigation—
Foreign exchange transactions, 8—861.
G old exports, 8—861.
(See supra, Foreign exchange.)
Lamont, T W . A ppointed to represent, at Paris, 5—
108.
Letters—
T o banks—
Liberty loan IV , 4—612.
Governm ent finances, 5—218, 726.
N o further issues of Liberty loans, 5—725,
909, 910.
U nited States Treasury certificates—
T o set aside 1 per cent of resources for,
4—260.
Subscriptions to, 5—958.
To Gompers, S. B uilding construction, 4—264.
To President. Resignation of Secretary M cAdoo,
R eply of President, 4— 1174.
To U nited States Senate. Stabilization of Amer­
ican dollar, 4— 626.




SE C R E T A R Y O F TH E T R E A S U R Y — Continued
Letters—Continued.
T o U nited States. U nited States Senate. Sub­
treasuries. Opposes abolishm ent of, 8— 110.
To W ays and Means Com m ittee—
Budget, O ctober 4, 1919, 5— 937.
Extension of conversion privileges, January
15,1919, 5— 329, 958.
Financial statem ent, July 19, 1919, 5—725;
6— 113.
Governm ent revenue and expenditures, 5—
189, 218, 6— 341, 1253.
Taxation, 4— 589, 600, 847, 6— 341,1253.
V ictory loan, February 10,1919, 5— 189, 218,
725.
(See Statem ents.)
Liberty loans—
Am erican Bankers’ Association. Thanks, for
services, 8— 138.
Announcem ent. (See lib e r ty loans, principal
h eadin g)
Banks. Letters to. (See supra, Letters.)
Cashing of coupons. (See Liberty loans, princi­
pal heading.)
Conversion, (See L iberty loans, principal headtog .)
Interest rates. (See supra, Interest.)
O versubscription. (See L iberty loans, principal
heading.)
Paym ent for. (See Liberty loans, principal
heading.)
P ublic moneys. Deposits of, 4— 194.
Statements as to, 8— 432, 505, 600, 734, 932.
Subscribers should not sell, 4— 19.
Subscriptions. (See L iberty loans, principal
heading,.)
Terms. (See L iberty loans, principal heading.)
Licenses. (See supra, Foreign exchange; G old ex­
ports.)
Loans—
Spanish War, Subscriptions, 8—343.
War Finance Corporation. Extension of power,
5— 190, 194, 227
Loans to A llies—
Draft of bill. Loans of unexpended balance,
5— 22.
Continuation o f, favored, 5— 22.
M cAdoo, W G
Resigns as, 4-1173,
Nonresident aliens. (See supra, Incom e ta x.)
Open-market purchases, (See U nited States bonds,
principal heading.)
Oversubscription. (See L iberty bonds, principal
heading.)
Pan Am erican Financial Congress—
Report to President on, 1—313.
Federal Reserve Board dissents in part,
1—348.
Paris—
Lam ont,T W A ppointed to represent, at, 5— 108.
Strauss, A ., appointed to represent, at, 5— 108.
Payment. (See L iberty bonds, principal heading.)
P olicy—
Financial (See supra, Financial program )
Sales of U nited States Treasury certificates,
8—337
Uniform debt, 5— 100.

SE C R E T A R Y OF TH E T R E A S U R Y —Continued.
President of United States—
Report to, on Pan Am erican Financial Congress,
1—313.
Federal Reserve Board dissents in part,
1—348.
Letter to, accepting resignation of Secretary
M cAdoo, 4— 1174
Production of books, Power to order, in foreign ex­
change investigations, 3—861
Profits. (See supra, Foreign exchange )
Program. Financial (£$e supra, Financial program.)
Public moneys. (See supra, Liberty loans,)
Purchase of United States bonds. (See United States
bonds, principal heading,)
Rate of interest. (See supra, Interest.)
Regulations. Gold exports, 3— 736, 738.
R elief for farmers, 4—807, 829,
Report. Annual, 1917, 4— 18.
Report. Checks. International H igh Commission
4—518.
Resignation of Secretary M cAdoo—
Letter to President and reply, 4— 1174.
Resolution, Federal Reserve Board, 4— 1173.
Resolution, Federal Reserve Board. On resignation
of Secretary M cAdoo, 4— 1173.
Revenues. (See supra, Governm ent revenues.)
Rupee exchange, 4—625.
(See R upees.)
Sale of L iberty bonds condem ned, 4— 19.
Saving, 5— 3.
Short-term credit. (See supra, Canadian short-term
credit.)
Silver bullion. Price of, under act A pril 13, 1918,
raised to $1,015 per ounce, 4— 818.
(See Pittm an A ct.)
Soldiers’ bonus, 6—340.
South America—
Favors Federal Reserve Bank agencies in , 1—313.
Federal Reserve Board dissents in part, 1—348.
Goes to, 2— 151.
Returns from, 2—261.
Spanish War loan, 3—343.
Stabilization of American dollar- Letter to United
States Senate, 4—626.
Standard, gold. (See supra, Gold standard.)
Statements—
Capital Issues Committee, 4— 74, 78, 157
Suspension of Capital Issues Committee, 5— 18,
193.
(See Capital Issues Com mittee.)
Financial, 5—189, 218, 589, 600, 725, 847
Subscriptions. (See Liberty loans, principal
heading.)
Taxation, 3—341,1253.
War Finance Corporation, 4— 74, 78,157, 5— 189,
194. 228.
War savings certificates, 3— 927
(See supra, Letters.)
Strauss, A. Appointed to represent, at Paris, 5— 108.
Subscribers should not sell Liberty bonds, 4— 19.
Subscriptions. (See Liberty loans, principal heading.)
Subscriptions, Spanish War loan, 3—343.




SE C R E T A R Y OF TH E T R E A S U R Y —Continued.
Subscriptions, U nited States Treasury certificates.
3— 652.
Supply and demand. (See supra, Foodstuffs.)
Suspense account. Bond sales, 2— 158.
Tax, incom e. (See supra, Incom e tax.)
Taxation. Letters on, to Ways and Means Committee,
4— 589, 600, 847, 6—341, 1253.
Thrift, 5—3.
Tour, Liberty bond, 3— 429.
Treasury financing. Future, 6— 113.
(See supra, Letters to Ways and Means Com mittee.)
Uniform debt p olicy, 5— 100.
U nited States Governm ent not to confiscate deposits,
3— 931
U nited States one-year Treasury notes. (See same,
principal heading. )
United States Senate—
H on. Carter Glass accepts appointm ent to, 5—
1113.
(See supra, Letters,)
United States Subtreasuries. Opposes abolishment of,
3— 110.
United States, Treasurer of. (See United States
bonds, principal heading.)
United States Treasury certificates—
Letter to banks—
Setting aside of 1 per cent of resources for,
4—260.
Subscriptions to, 5— 958.
Method of subscription, 3— 652.
P olicy Sale of, 3—337
Taxpayers, For, 4— 4.
(See United States Treasury certificates, principal
heading.)
V ictory loan—
Announcem ent, 5—303, 442.
Financing of, 5— 189, 218.
Interest on, 5— 100.
Letter to Ways and Means Committee on, 5— 725.
Necessity for, 5— 304.
Ways and Means Committee m odify terms of,
5 -1 8 9 .
W ill be the last Liberty loan, 5—303.
War, cost of, 5— 20, 726.
War Finance Corporation—
D irect advances to canners, 4—830.
Draft of act, 4—95.
Recommends broadening of loaning power of.
5— 189,194,228.
Statement as to, 4— 74, 78, 157,
War savings certificates—
Circular, 4—87
Statement as to, 3— 927
Ways and Means Committee, letters to—
Budget, 5— 937.
Extension of conversion privileges, 5—228.
Financial policy, 5— 725.
Government revenue and expenditures, 5— 189,
218.
Taxation, 5— 189, 218; 6—341, 1253.
V ictory loan, 5— 189, 218, 725.
(See supra, Statements.)

SE C TIO N 2 , FED ERAL RESERVE A C T .
(See Opinions of counsel.)
SE C TIO N 4 , FED ERAL RESER VE A C T .
(See O pinions of counsel.)
SE C TIO N 5 , FED ERAL RESERVE A C T .
(See O pinions of counsel.)
SE C TIO N 7, FED ERAL RESERVE AC T
(See D ividends; State laws; Semi-annual dividends;
Taxation, u nited States bonds.)
SE C TIO N 9 , FED ERAL RESERVE A C T.
(See Am endm ents; D ouble lia bility; O pinions of
counsel, R eports of condition, State banks;
U nited States Revised Statutes, section 5200.)
SE C TIO N 11 (k ), FED ER AL R E SE R V E A C T .
(See Am endm ents; Fiduciary powers.)
SE C TIO N 13 , FE D E R A L RE SER VE A C T .
(See A cceptances, A ctually existing values; Am end­
m ents; B ills of exchange; Borrower; Commercial
paper; Com m odity paper; Construction, Draft;
E ligible; N egotiable; N otes, State banks, Ten
per cent lim itation, United States R evised Stat­
utes, section 5200.)
SE C T IO N 16, FE D E R A L R E SE R V E A C T .
(See D eposits; Federal Reserve notes, Federal R e­
serve Agents.)
SE C T IO N 18 , FED ER AL R E SE R V E A C T .
(See U nited States bonds. )

S E C U R IT IE S— Continued.
Ham lin, C. S, Chairman of Capital Issues Committee.
On worthless, 5-18.
New issues of, Fiscal year 1920, 6-669.
R eadily m arketable. (See sam e.)
Rulings, Foreign Exchange D ivision, 4-864, 973,
1121,1217; 5-469, 652, 653, 853.
Y ield of, after incom e tax deductions, 6-9.
(See Federal stock p u blicity act; Foreign securities,
Governm ent securities, In dia, L iberty loans,
National banks; U nited States bonds; U nited
States Treasury certificates; War Trade Board.)
S E C U R IT Y .
(See A cceptances, security; Agricultural and liv e­
stock paper; B ills of sale; B ills receivable; Col­
lateral notes; Certificate of participation, Col­
lateral trust notes , Commercial paper , Commodity
paper; Cotton, valorization; D efinitions, “ se­
cured ” , Farm land loans; Farm loan bonds; In ­
dorsem ent; Iron ore, L ive stock; Member bank
collateral notes; National bank notes; P ig iron,
Potatoes; R eadily m arketable securities; R eadily
marketable staples; Real estate loans; Ten per
cent lim itation; Tim ber, uncut; U ndivided in­
terests, U nited States bonds, circulation, U nited
States Governm ent vouchers, War savings stam ps.
Warehouse receipts; Warrants.)
SELDEN, S . L.
A ppointed executive secretary, Capital Issues Com­
m ittee, 4— 77.

SE C T IO N 19, FED ER AL R E SE R V E A C T .
(See Com putation of reserves, D eposits, Excess de­
posits; Foreign banks, National banks, Postal
savings deposits; Reserves; Savings accounts,
State banks.)

SEM IAN N U AL D IV ID E N D S.
Not permissible, 1— 220.

SE C TIO N 2 2 , FED ER AL R E SE R V E A C T .
Interpretation of, 1— 16.
Penal statute, 3— 30, 694, 763.
(See Am endm ents; D irectors; Fees; Loans to directors,
Officers.)

SENATE R E SO LU TIO N S.
(See Congress.)

SE C TIO N 2 4 , FED ER AL RE SE R V E A C T .
(See Am endm ents; Farm land loans; Foreign branches,
National banks, Real estate loans.)
S E C T IO N 25 .
(See A ct Septem ber 17, 1919; Foreign banking cor­
porations; Foreign branches. )
SE C TIO N 2 5 (a ).
(See Edge A ct, Foreign banking corporations.)
SE C TIO N 27 .
(See A ct May 30,1908, Aldrich-Vreeland A ct.)
SE C TIO N S OF U N ITED ST A T E S R E V ISE D S T A T ­
U TE S.
(See U nited States Revised Statutes.)
“ SECU RED B Y .”
D efinition, 1-72; 3-881.
(See A cceptances, Commercial paper; U nited States
R evised Statutes, section 5200.)
S E C U R IT IE S .
Absorption of new, in U nited States, 5-1014.
European central banks, holdings. (See European
central banks.)
Executing orders for Federal Reserve Banks have
no power of, for member banks, 1-346.
Foreign securities—
Bank holdings of, 4-263.
Warning of Federal Reserve Board against over­
investm ent in. (See British exchequer
notes.)




SENATE CO M M ITTEE R E P O R T S.
On bills subm itted b y Com ptroller of the Currency,
4—419.

SE R B IA .
Loans placed in U nited States, 5— 33, 6— 668.
U nited States loans to, 3— 731, 4— 279, 1050.
SE R IE S.
(See Circulars and regulations.)
SE RVICE C H A R G E S.
Collection of acceptances, 5—246.
Collection of bills and notes, 3— 661, 5—28.
D irect routing, 3— 660.
Elim ination of certain, 4—363, 371.
Exem ption from, 3— 660.
Federal Reserve Banks abolish, 4—371, 931.
Items returned unpaid. F ifteen-cent charge, 4— 371.
Net service charges, 3— 608.
New York Clearing House Association—
Collection charges, 5— 243.
Par list item s, 4— 1056.
Paid other Federal Reserve Banks, 4 —103.
Per item , 2—314.
Symbol. Use of, suggested, 5— 28.
(See Exchange charges.)
SE R V IC E , M IL IT A R Y .
Exem ption from, for Federal Reserve Bank em ployees
not favored b y Federal Reserve Board, 3—591.
(See Draft law .)
SE R V IC E S, C O LLEC TIO N .
(See Federal Reserve Banks; Collection services.)

SH O ES.
Net sales and production, 6—1031.
Terms of sale, 6—930.
SH O R T -T E R M C R E D IT.
SH A LL.
Secretary of Treasury approves a, of Canada in United
D istinction between “ shall” and “ m ay,” 2— 115.
States for 100 m illions of dollars, 3—603, 652.
SH A N G H A I.
SH O R T -T E R M PAPER.
Foreign exchange rates, 4—1199; 6—50,1161.
Advocated by Federal Reserve Board, 3—733, 739.
Japan on, 5— 733.
Renewals of, 3— 879.
London on, 6—50.
(See Renew al.)
(See China, Foreign exchange rates; New Y ork.)
SIG H T D R A FTS.
“ SH A R E S.”
Federal Reserve Banks can not receive for immediate
D istinction between “ stock ” and, 3—955.
credit b ill of lading drafts when drawn on demand,
on arrival or at sight, because not necessarily
SH AW M UT C O R PO R A TIO N , B O STO N .
presented within 90 days, 4— 436, 437
Has no foreign branches, 5— 855; 6— 1298.
Payable—
New York branch, 6— 1298.
When presented without days of grace, 4— 109.
SH IF T IN G OF FUN DS.
Payable at sight but accepted payable in three
Liberty loan II, 4—7.
months. A conditional acceptance and
parties are released. Not drawn in good
S H IP , SH IP S.
faith under section 5200, 2— 463, 5— 565, 566.
B uilt in United States. (See Physical volum e of
Presentment for acceptance would release parties.
trade.)
Becomes in effect a promissory note subject to
Cleared in foreign trade. (See Physical volum e of
section 5200, 4—109.
trade.)
Prese ntment for paym ent must be within a reasonable
Construction—
time. After that it is in effect a promissory
Great Britain, 6—1071, 1202, 1313.
note subject to section 5200, 3—31, 4— 1119
U nited States. (See Physical volum e of trade.)
Tax Ordinary sight drafts are not subject to stamp
(See Vessels.)
tax, 4—316.
SH IP B U IL D IN G .
SIG N A TU R E S.
Terms of sale, 6— 157.
Engraved, national bank notes.
B ill of Com ptroller of Currency, 4— 423, 5— 20, 229.
SH IPM E N T.
Becomes law A ct of March 3, 1919, 4— 228.
Contract for. (See A cceptances.)
S IL O S .
Cost of. (See Federal Reserve notes.)
Notes for purchase of, are for fixed improvements and
Currency—
are not agricultural paper, 4— 971.
Insurance, 5—27, 133, 723.
S IL K , RAW .
Rates, 5—27, 133, 723.
Prices, Japan, 6— 1208.
Reserve purposes, 3— 615.
Terms of sale, 6— 466.
Ruling, Foreign Exchange D ivision, 4— 1121.
(See Physical volum e of trade, prices.)
Tax on. None, on charges when they fall direct
S IL K S .
on Federal Reserve Bank, 4— 1215.
Terms of sale, 6— 466.
(See Currency shipm ents.)
SILV E R .
Domestic. (See Acceptances, Regulation A , 1920.)
A ct July 14, 1890—
Federal Reserve notes, 2— 71, 111, 115, 259, 314.
Purchase of, bullion under, 4— 398, 399.
(See Federal Reserve notes, principal heading.)
Repealed by act Novem ber 1, 1893, 4— 399.
Lawful m oney, 2—259, 314, 456.
ActN ovem ber 1,1893. Repealed b y act July 14,1890,
Securities from United States. Ruling, Foreign
4—399.
Exchange D ivision, 4—973.
A ct April 23, 1918, Pittman A ct—
Specie, 3—615.
M elting of silver dollars and sale of bullion,
4—363, 395, 487, 492, 807, 808, 818; 6—563,
To foreign countries. Drafts not subject to stamp
779,
tax, 5—467.
T ext, 4— 395.
(Sec Acceptances, agent; Acceptances, allied pur­
chasing com m ittee, Acceptances, dom estic; A c­
Instructions to banks, 4— 493.
ceptances, gold bars and coin , Acceptances,
Price of bullion increased to $1,015 per ounce,
trade, Physical volum e of trade; Warehouse
4— 807, 818.
receipts.)
Stabilization of price under, 6— 779.
SH IP P IN G B O AR D .
Aldrich* Vreeland notes. Silver dollars. Certificates
(See United States Shipping Board.)
may be deposited with Treasurer of U nited States
to retire, 1— 13.
SH IP P IN G DOCUM ENTS.
Austro-Hungarian bank. Holdings, 5— 197.
(See Acceptances, bills of lading; Acceptances,
dom estic, Acceptances, security, Acceptances,
Bank of England Holdings, 5— 197
warehouse receipts; B ills of lading; Bills of ex­
Bank of France. Holdings, 5— 197
change, handling of ; Warehouse receipts.)
Bank of Spain. Holdings, 1913-1919, 5— 1036,
SH O O K S.
Banks of issu^» Principal Holdings, 1914-1920; 5—
Terms of sale, 6— 937.
849, 1007,1008, 1200, 6—488.
SETTLEM EN T OF CLE ARIN G H OU SE BALANCES.
B y Federal Reserve Banks, 2— 53.
(See Clearing system .)




S IL V E R — Continued.
Bullion—
Pittm an A ct. (See supra, A ct April 23, 1918.)
Purchase of, under act July 14, 1890, 4—399.
Coinage, 1878-1891, 4— 397
Coinage act, M exican, 5— 32.
Currency conditions. Silver (See infra, India.)
Denom inations. Silver currency outstanding. (See
M oney, principal heading.)
D ollar Value of pure silver in , 8—842, 843, 844
(chart).
Dollars—
Coinage of, 1878-1891, 4—397
Outstanding. (See M oney, principal heading.)
Earmarking of. Investigation b y President. Trad­
ing with enem y act, 8— 853.
Em ergency currency (See supra, Aldrich-Vreeland
notes.)
Erratum in Federal Reserve B ulletin, 8— 925.
European central banks, holdings, 1914-1919, 5—
849, 1007, 1008, 1200; 6— 488.
E xport licenses, 4-501, 807, 818; 5— 615, 640, 653,853,
(See Federal Reserve Board, President, Sec­
retary of Treasury .)
Exports and im ports, 4— 1041, 1159, 1252, 5—96,
180, 290, 403, 509, 605, 617, 696, 809, 901, 1005,
1100, 1111, 1197; 6—9 (1914-1919), 108, 120 (cal­
ender year 1919), 209, 326, 434, 549, 658, 671,
760, 780, 889, 909, 910, 1003, 1018, 1119, 1133,
1249,1262,1365.
Exports to China, 6—1018,
Exports since 1914, 6— 1018.
Exports. Manufactured. Control of, vested in War
'D ade Board, 4— 10.
Federal Reserve Agents. Silver certificates may be
deposited w ith, in reduction of liability on
Federal Reserve notes, 1— 127
Federal Reserve Banks, holdings. (See Resources
and liabilities.)
Federal Reserve notes. (See supra, Federal Reserve
Agents.)
German Reichsbank. H oldings, 5— 197
G o ld Ratio of silver to, at various prices, 8—843.
Sale of rupees at Ottawa for, 5— 917
Silver G old value of, in rupee, 5— 949.
Great Britain. H oldings, 1914-1919, 5— 849.
(See infra, London. )
Imports. (See supra, Exports and im ports.)
Imports from M exico, 6— 1018.
India—
Price of silver in , 5— 945.
Rupees—
G old value of silver in, 5—949,
Sale of, for gold at Ottawa, 5— 917
Silver and currency conditions in , 5—945.
Silver in reserves of, 5—950.
Investigation and regulation, 8— 853.
Lawful money
Silver certificates are, 1— 12.
Licenses. E xport. (See supra, Export licenses.)
London
(See infra, Prices.)
Manufactures of silver Control of exports of, vested
in War Trade Board, 4—10.
M exican silver coinage act, 5— 32.
M exico. Im ports from, 6—1018.




SIL V E R — Continued
M ovement of, 6—9,119, 221, 346, 453, 564.
Ottawa. Sale of rupees for gold at, 5— 917
Outstanding silver dollars, etc, (See M oney, prin­
cipal heading.)
Pittman A ct. (See supra, A ct Apr. 23,1918.)
Price of—
1910-1919, 6—8,1161.
D ecline in , 6—1128.
London, 6—111,
New Y ork, 6—8, 111, 1161.
Pittm an A ct, 6—563.
Production. (See infra, U nited States.)
Ratio. Silver to gold at various prices, 8— 843.
Reduction of liability
(See supra, Federal Reserve
notes.)
Reserves. Silver, (See supra, In dia.)
Rupees—
G old value of silver in , 5— 949.
Sale of, for gold at Ottawa, 5—917,1015.
Stabilization of, Pittman A ct. (See supra, A ct Apr,
23,1919.)
Stock of. (See M oney.)
Subsidiary silver (See M oney, principal heading )
U nited States—
Production of silver, 1900-1918, 5— 141.
Purchase of silver bullion, J878-1898, 4—397
Value of silver in dollar, 8 — 843, 844 (chart).
War Trade Board, control over exports of manufac­
tured silver vested in , 4—10.
W orld production, 1900-1918, 5— 141
(See infra, Silver certificates; Silver standard coun­
tries.)
SIL V E R C E R T IF IC A T E S .
A ct A pril 23, 1918. Apportionm ent of Federal R e­
serve Bank notes to take place of silver certificates
canceled under, 4— 492.
Aldrich-V reeland notes m ay b e deposited with
Treasurer of U nited States to retire, 1— 13.
Federal Reserve Agent. Paym ent of silver certifi­
cates to, in reduction of lia bility on Federal
Reserve notes, 1— 127.
Federal Reserve Bank notes. Apportionm ent of,
among Federal Reserve Banks to take place of
silver certificates canceled under act of A pril 23,
1918, 4—492.
Lawful m oney Silver certificates are, 1— 12.
(See Silver.)
SILV E R STAN D ARD CO U N TR IE S.
Foreign exchange rates on, 8— 406; 4—840, 1199; 6—
50,1161.
SIN G A PO R E .
(See Foreign exchange rates.)
SIN G LE-N AM E PA PE R .
Federal Reserve Banks can not purchase, in open
market, 1— 347, 360, 365, 408.
SIN K IN G FUND.
Repeal of old provisions and enactm ent of new
V ictory loan act, 5—227
SIT U A T IO N , FO R E IG N FIN A N C IA L.
0See Foreign financial situation.)
SIZE OF IT E M S .
Discounted by Bank of France, 6—1017.
Member banks collateral notes, 6— 1017.
Reduction in, 6— 1018.

SIZE S OF PAPE R D ISC O U N TED .
(See D iscount and open-m arket operations.)

SO V IE T GOVERN M EN T.
(See Russian Soviet Governm ent.)

S K IN S .
(See Physical volum e of trade.)

SPA CONFERENCE.
German treaty, 6— 779.

SO C IE TE DE BANQUE SU ISSE ,
Bulletins of—
Banking conditions in Switzerland during war,
5— 548.
Condition of three leading German banks, 5— 736.
(See Swiss National Bank, Sw itzerland.)

SPA IN .
American dealers in foreign exchange. Profits,
4— 835.
American dollar—
A t discount in, 4— 158.
Reason for, 5— 1038, 1039,
(See infra, Dollar exchange. )
Am erican gold at 6 per cent discount in , 5—1039.
Balance of trade—
France and, 1913-1919, 5— 1038.
U nited States and, 1913-1919, 5— 1038.
Bank of Spain. (See Same.)
Banks. Foreign. Tax legislation in, 6— 692.
Banks of U nited States, Credits granted to, 4—941.
Banks of issue Leading Spanish—
Condition, 5— 849, 1200.
1914-1920, 6—488.
Bills of exchange. H andling of, in, 5— 356.
Credits—
To U nited States banks, 4— 941.
To U nited States and other foreign countries,
5— 1040, 1048.
D ebt, public
(See infra, Public debt.)
Depreciation—
American dollar in, 4— 158.
Reasons, 5— 1038, 1039.
American gold, 6 per cent depreciation, 5— 1039.
Pound sterling, 5— 1039.
Discount. (See supra, D epreciation.)
Dollar, American
(See supra, Am erican dollar,)
Dollar exchange rose to par on removal of embargo,
5— 1038, 1039.
Embargo—
Dollar exchange rose to par on removal of, 5—
1038,1039.
Exports from U nited States since removal of,
5— 1016.
Exchange
Dollar (See supra, Dollar exchange,)
Exports—
From U nited States since removal of embargo,
5— 1016.
Gold from United States, 1916, 1917, 4 —365, 5—
1039.
licen ses for exports of gold from U nited States
to, 4— 365.
Exports and im ports, 1914-1919, 5— 1037
(See infra, France, Groat Britain )
Foreign banks. Tax legislation, 6— 692.
Foreign commerce, Governm ent aid to, 5— 1048.
Foreign exchange problem s, 3— 156.
Foreign exchange Profit of American dealers for
dealings in, 4— $35.
Foreign exchange rates—
Buenos Aires on, 1914-1919, 6— 598.
Madrid on France and London, 4— 393; 5— 1038,
1041, 1042.
New Y ork. Madrid on, 5— 1041, 1042.
New York oil Madrid, 6—50.
(See same, principal heading.)

S O C lfiT fi GENERALE, E T C ., FRA N CE .
Condition, 1914-1919, 6— 1048.
SO F IA .
(See Foreign exchange rates.)
S O L IC IT O R OF IN TE RN A L REVENUE.
Capital stock of Federal Reserve Banks exem pt from
tax, 1— 211
Application of tax to instruments issued b y Federal
Reserve Banks, 1— 211
SO LD IE R S BONUS, 6—340.
SO L IC IT O R OF TR E A SU R Y .
Nebraska national banks can not join Nebraska system
of guaranty of deposits, 1— 409.
SO U TH A F R IC A .
Central reserve bank, 6— 1040.
Gold production, 1909-1919, 5— 19.
H andling of bills of exchange in, 5— 459.
SO U TH A F R IC A UNION.
Public debt, etc., 1913-1918, 4— 274, 1061.
SO U TH A M E R IC A .
Commerce with, 6— 1261.
Earmarked gold for, 8— 77
Gold exports to, increasing, 3— 580.
Secretary of Treasury favors Federal Reserve Bank
agencies in, 1— 313.
Federal Reserve Board dissents in part, 1—348.
Secretary of Treasury visits, 2— 152.
Returns from, 2— 261
(See International High Commission, Pan Am eri­
can Financial Congress, Secretary of Treas­
ury )
Two or more national banks can not establish a joint
branch in, 1— 308.
(See Argentina, Brazil, Chile.)
SO U TH C A RO LIN A.
Laws—
Acceptances, 8— 533.
Purchase of stock in Federal Reserve Banks,
1— 155.
Reserves, 3— 788.
Warehouse laws, 1—262.
List, State member banks, 4— 95.
SO U TH D AK O TA .
Adopts negotiable instruments law with qualifica­
tions, 4— 971.
Laws—
Acceptance, 8— 533.
Banking laws, amendments, 5—367
Fiduciary powers, national banks, 1— 155.
Purchase of stock in Federal Reserve Banks,
1— 155.
Reserves, 3— 790,
List, State member banks, 4— 95.




S PA IN — Continued.
SP E C IA L IN S T R U C T IO N S .
France—
No. 1,1916, Kern am endment, 2— 389,
Balance of trade with, 1913-1919, 5— 1038.
No. 2 , 1 9 1 6 Im ports and exports to and from, 1913-1919,
Consolidation o f circulars and regulations, 2— 529.
6— 1038.
B ills payable elsewhere than in U nited States are
Gold—
not eligible for purchase under Regulations
Am erican, at 6 per cent discount in, 5— 1039,
A and B , 1917, bu t can be purchased under,
Exports from U nited States to, 4— 365, 5—1039
4— 520.
Licenses for export of, from U nited States to SPE C IA L LIC E N SE S.
Spain, 4— 365.
(See Licenses.)
P olicy
(See Bank o f Spain, principal heading.) SP E C IA L R A T E S .
Reserves, 1913-1920, 6—1296.
Com m odity rates. (See Com m odity rates.)
Governm ent aid to foreign com m erce, 6— 1048.
SP E C IA L R E P O R T S.
Great Britain—
(See Business conditions; Com mittees; Federal R e­
Foreign exchange rates on, 1913-1919, 5— 1038.
serve Agents; Financial conditions.)
Im ports from and exports to, 5— 1037.
SP E C IA L R E SE R V E S.
(See Earnings and expenses.)
Pound sterling at discount in , 6— 1039
SPECIE .
H istory
Premium on pesetas, 4— 394.
Shipm ent of, 2— 71, 111, 115, 314, 456, 8— 615.
Imports. (See supra, Exports and im ports; France.
(See Clearing system )
Great B ritain.)
Issue, Spanish banks of. (See supra, Banks of issue.) SP E C IF IC G O O D S, ID E N T IF IC A T IO N O F.
A cceptances, 1— 405.
Leading banks of issue. (See supra, Banks of issue.)
Licenses. G old exports from U nited States to, 4— SPE C U LA TIO N .
Notes o f equity cooperative associations used to pur­
365.
chase grain are eligible, bu t if purpose is to hold
London. Foreign exchange rates. Madrid on, 4—
for higher prices as a, w ould not be eligible, 3—
393; 6— 1038, 1041,1042.
456.
Madrid. Foreign exchange rates on Paris, London,
New Y ork m oney com m ittee. Letter of Governor
and New Y ork, 4— 393; 6— 1038,1041, 1042.
Strong to president of New Y ork Stock Exchange
New York. Foreign exchange rates. M adrid on, 4—
on restrictions on, 4— 935,
393; 6— 1038, 1041,1042
Paper secured b y warehouse receipts is not eligible
Paris. Foreign exchange rates. Madrid on, 4—393;
if the goods are stored for purpose of, 3—456;
6— 1038, 1041,1042.
6— 256, 415, 858; 6— 66, 277, 1012, 1301.
Pesetas—
Credits to U nited States and U nited States banks, SPE C U LA TIV E A C T IV IT Y .
Absorption of credit released b y liquidation of Gov­
4— 941, 6— 1040, 1048.
ernm ent securities and war paper b y , 6— 1027
H istory o f premium on, 4— 394.
Banks must conserve credit to prevent, 6— 1015.
P olicy G old
(See Bank o f Spain, principal head*
Checked, 6—904.
in g )
Control of, can not be effective w hile preferential
Pound sterling at discount in , 6— 1039,
rates on war paper continue in effect, 5— 2, 524,
Premium. Pesetas. H istory, 4— 394.
1010, 1108, 1109; 6— 117, 223, 777
Profit o f Am erican dealers in foreign exchange trans­
Cotton—
actions w ith, 4— 835.
Telegram to National Farmers U nion on, in , 6—
P u blic debt, 1913-1918, 4—269, 376, 392, 393, 1064.
1109,
Spanish War Loans of U nited States, 3— 343.
Warning to cotton growers, 6— 1109.
Tax legislation, foreign banks, 6— 692.
(See C otton )
U nited States—
Discussion of, 6—523, 524, 536, 617, 618, 1009, 1024,
Balance o f trade w ith, 1913-1918, 6— 1038.
1026,1028.
Credits to U nited States, 6—1040, 1048.
Federal Reserve Agents. Letter to, on, 6— 1108.
Dollar depreciated. Reasons, 4— 158; 6— 1038,
Federal Reserve Board can not check, through dis­
1039.
count rates w hile preferential rates continue for
war paper, 6— 2, 524,1010,1015, 1108, 1109; 6—
Exports from U nited States since rem oval of em­
117, 223, 777
bargo, 6— 1016.
G old at 6 per cent discount in Spain, 6— 1039.
Harding, Governor, letter to Senator Owen on, 6—
1107
Im ports from and exports to, 6— 1038,
New Y ork Stock Exchange, On, 6— 523, 526, 617,
U nited States banks. Peseta credits to, 4— 941
1107,1109.
War loans. (See supra, P u blic debt.)
N ot confined to any one com m odity or part of the
(See Bank of Spain, Foreign exchange rates; Leffingcountry, 6— 1108,
w ell, Assistant Secretary, M adrid.)
Progressive rates. (See same. )
SP A N ISH W A R . LO AN S OP U N ITED S T A T E S ,
Rediscounts in aid of, Federal Reserve Banks cau­
8— 343,
tioned against, 4—1169; 6— 311, 523, 617, 1009,
SP E A R , R . B .
1107, 1108.
A rticle. State bank m em bership in New England,
(See supra, Control.)
4— 1081
SPE C U LA TIV E LO A N S, 6 —342, 446, 554, 665, 774, 897,
SP E C IA L D E P O S IT S .
1012.
P u blic m oneys. L iberty bonds. Circular, 4— 194.




SPECU LA TIVE PU R PO SE S.
Drafts secured b y warehouse receipts representing
goods held for, are ineligible, (See supra, Specu­
lation ,)
SPEECH ES.
Federal Reserve A ct.
serve A ct.)

(,See Addresses, Federal R e­

SP IC E S .
Terms of sale, 5— 1132.
SPO K AN E , W ASH
Branch bank, 3—339, 585 , 4— 10, 15 ,
6— 61

5— 127, 779,

S T A B IL IZ A T IO N .
Agreements. Secretary of Treasury, 4— 626.
Am erican dollar, 4— 594.
K Foreign exchange, stabilization.)
See
ST A B IL IZ A T IO N OF B U SIN E SS, 5— 409.
(See Business conditions.)
S T A B IL IZ A T IO N OF P R IC E S , 5— 416
Industrial board. Plan, 5— 196, 246, 341, 344.
ST A F F .
Federal Reserve Banks. (See sam e.)
Federal Reserve Board, 1— 30, 5— 778.
(See Federal Reserve Board )
ST A M P T A X .
(See Commissioner o f Internal R evenue, T ax,)
ST A M P S , T H R IF T .
(See War savings certificates.)
S T A M P S , W AR SA V IN G S.
Plan for issue, 3— 730, 918, 925, 931, 951, 4— 87, 89,
164, 637, 1192
(See War savings certificates.)
STAN D ARD FO RM S.
Credit statements, 321
(See Federal Trade Commission, Form s.)
STA N D A R D SILV E R D O LLA R S.
(See M oney )
ST A N D A R D IZA TIO N O F CO M M ER CIA L PA PE R ,
3—930.
(See Commercial paper .)
ST A N D A R D IZA TIO N OF TH E D O LLA R .
Unjust on present basis of prices, 5—915.
ST A PLE S, R E A D ILY M ARK ETA BLE.
(See R eadily marketable staples.)
ST A TE AID TO B A N K IN G .
Great B ritain, 5— 122.
(See Export trade, Governm ent or private financing;
Reports; British com m ittee.)
STA TE A U T H O R IT IE S.
(See State banks, reports.)
ST A TE BA N K IN G A S SO C IA T IO N S.
Council of, 4— 708.
Membership of Federal Reserve Banks in, 1— 15.
U nited States Council of State Banking Associations
form ed, 4— 709.
ST A T E BA N K IN G D EPARTM EN T.
(See Fiduciary power, trust funds; Trust funds.)
ST A T E BA N K IN G D EPAR TM E N TS.
A dvised to adopt form of exam ination prescribed by
Federal Reserve Board Exam ination D ivision,
4—310.
ST A TE B A N K IN G LAW S.
(See State banks; Laws of States.)




STA TE BAN K S AND T R U ST C O M P A N I E S ,
M EM BER.
Acceptance business. Condition of, doing an, 1—262,
Acceptance liabilities, 2— 670; 3— 6, 350, 665; 4— 11,
403, 855,1114, 5— 105, 555, 1152, 6— 158, 686.
Ratio to capital and surplus, 5— 555.
Acceptances—
Amounts, 3— 6, 350, 665,
Conditions governing purchases of, 1— 262; 5—559.
D ifferential against. A cceptance of, recom­
mended b y Federal Reserve Board, 3—28.
Dom estic, lim ited to 50 per cent of capital, etc ,
4— 1119,
Federal Reserve Banks H oldings of. (See Dis­
count and open-market operations.)
A ct March 3, 1919, section ll(m )
E ffect on redis­
counts of, 5—361, 362, 1055, 1056.
Admission to Federal Reserve System—
Conditions of, 1— 263.
List, 1— 29, 35, 182, 251, 314, 347, 2— 1, 6, 122,
206, 372, 513, 587, 590; 3— 158, 336, 347, 439,
504, 507, 592, 595 (com plete list), 603, 659,
734, 834, 933; 4— 16, 92, 185, 294, 403, 508,
609, 696, 735, 857, 966, 1098, 1196, 5—4, 40,
49, 129, 250, 358, 465, 562, 649, 738, 779, 782,
855, 961, 1051, 1155, 6—62, 159, 273, 383,
492, 607, 697, 833, 945, 1063, 1174, 1299.
Amendment. Federal Reserve Board disap­
proves, allowing State banks, etc., to enter
without having capital necessary to form a
national banking association, 3— 764.
Application, 3— 592, 953.
Borrower—
Can join although loaning 40 per cent of
capital and surplus to one, 3—696.
(See Borrow er)
Capital and surplus, 3— 933.
Chain of banks, 4— 971.
Circular 14, Regulation M, 1— 145.
Conditions, 1—262.
E ligible in cities of 50,000 only when capital is
not less than $50,000, 2— 64
Examinations, 3— 592, 4— 1079
Federal Reserve Board can not waive examina­
tions but need not exercise right, 3— 950,951.
Procedure, 3— 592.
Regulation—
M, 1915, 1— 145.
H , 1916, 2— 538.
H , 1917, 3—547
H , 1920, 6— 1186.
Status on admission, 2— 393, 538.
A d v ertisin gFederal Use of word objectionable, 3— 615, 4—
521
Government protection. O bjectionable, 1— 362,
6— 65.
Reserve. Use of word objectionable, 4— 521.
Agents. (See infra, Approved reserve agents.)
Am endm ents—

Federal Reserve Board disapproves amendment
perm itting certain State banks and trust
companies to jom Federal Reserve System
without having requisite capital to becom e a
national bank, 3— 764.
Section 9, Federal Reserve A ct, 3— 336, 502, 696.

S T A T E B A N K S AND T R U S T C O M PA N IE S, M EM ­
B E R S— Continued.
Application. (See supra, Adm ission; A pplication.)
A pproved reserve agents, (See infra, Reserves.)
Assistance to, Federal Reserve Board pledges, 8—497,
498.
Attorney General of U nited States. Interlocking
directors. Section 9 as am ended, 3— 744.
Balances w ith other, as reserves, 1— 368.
Borrower
One. (See Borrower.)
Branches—
In districts different from parent bank need not
join Federal Reserve Bank of district, 4—522.
R ight to convert into national bank w ith, 1— 125,
R ight to enter Federal Reserve System with,
1— 125.
R ight to have additional branches after admis­
sion. 1— 268.
(See infra, Foreign branches.)
Capital. (See supra, Adm ission.)
Capital and surplus—
(See supra, A dm ission.)
(See infra, R atio.)
Capital subscriptions. (See supra, Adm ission.)
Chain of banks. Adm ission, 4—971.
Change of name, 6—62, 333, 444, 697, 766, 1007, 1063
Cities. (See supra, Admission. )
Classification. Loans and discounts, 5— 187,406, 520,
1007, 6—333,444,766.
Clayton A ct. Section 8 as am ended permits inter­
locking directors of. Attorney General of United
States, 8—744.
Clearing balances. (See Clearing system, Nonmem­
ber banks.)
Competing State banks. (See infra, New Y ork.)
Comptroller of Currency (See infra, Reports of condi­
tion, Special reports.)
Condition of, 5— 4,184, 296, 514, 905, 906; 6—329, 330,
438, 726, 728, 764, 1005, 1006, 1007
Adm ission, 1— 262.
Branches, 1—262.
Doing acceptance business, 1—262; 5— 559.
(See infra, Reports of condition, Special reports.'
Consolidation, 6— 159.
Contingent lia b ility on rediscounts, 5—183, 184, 296,
297, 298, 514, 515, 516, 905, 906, 907, 6—329, 330,
438, 726, 728, 764, 1005, 1006.
Conversion into national bank, 5—251, 649, 738,1051,
1155; 6—274, 383, 492, 608, 1063.
Not necessary for State member bank to sur­
render stock and take out new stock in
Federal Reserve Bank, 3— 690.
(See supra, Branches.)
(See infra, National banks.)
Corporate iden tity not destroyed b v conversion, 8—
690.
Council of State Bankers’ Association, 4—708.
Deposits—
1900-1914, 1— 235.
1918, 4— 664, 665.
1914—1920, 6— 726, 727, 728.
(See D eposits.)
Postal savings, 1— 274, 2— 331.
(See Postal savings funds, Principal heading.)




S T A T E BA N K S AND T R U S T C O M PA N IE S, M E M B ER S— Continued.
D eposits—Continued.
P u blic m oneys, 1— 274, 409,
(See P u blic deposits, P rincipal heading; G ov­
ernm ent deposits.)
W ith nonmember bank. Su bject to section 19,
8—951.
(See infra, R atio; Trust com pany m em ber bank )
Differential (See supra, A cceptances.)
Digest of procedure. A pplications for mem bership,
8— 592,
Discounts. Classification of, 5— 187, 406, 520,1007,
6 —333,444,766.
D istrict of Columbia. Banks doing business in , are
subject to Clayton A ct, 2— 526; 3— 744.
D ividends, 5— 188, 610, 1104, 6—660, 1251.
Earnings, 5—188, 610,1104, 6— 660, 1251.
E ligible, (See infra, R ediscounts.)
E ligibility, small banks, I — 212.
Exam inations—
Adm ission, 3— 592.
Federal Reserve Board can not w aive, bu t m ay
forbear to exercise right of, 8—950, 951.
State Banking Departm ent of K entucky w ill
accept, of Federal Reserve Board, 4— 315.
Statement as to, b y Federal Reserve Board,
4—1079.
[State member banks are subject on ly to exam i­
nations b y the Federal Reserve Board or
Federal Reserve Bank. A ct of June 21,1917,
amending section 9, Federal Reserve act.]
Exchange charges. (See Clearing system , Exchange
charges; Nonmember banks.)
“ Federal” —
No prohibition b y law against use of word in title
of bank, 1—361
Am endm ent proposed b y Federal Reserve
Board lim iting use of word, 2— 373.
Use of word discouraged, 3— 615; 4— 521,
Federal Reserve Bank, New York, Questions to, and
answers, 4— 615,
Federal Reserve Bank stock—
(See supra, Conversion.)
(See infra, Taxation.)
Federal Reserve Banks—
(See supra, Branches.)
(See infra, Laws; Trust com pany member bank.)
Federal Reserve Board—
Can not w aive exam ination of, bu t m ay forbear
to exercise it, 3— 950, 951.
Disapproves proposed amendment adm itting, of
smaller capital than requisite to form natonal
banks, 8—764.
No coercion of, to join Federal Reserve clearing
system, 6—489.
No desire to restrict true banking or trust com­
pany powers of, 2—393.
Pledges assistance to, 8— 497, 498.
State Banking Departm ent of K entucky w ill
accept exam inations of, 4—315.
(See infra, New Y ork )
Federal Reserve districts. (See infra, Reports of
condition.)
Federal Reserve notes as reserves for, 1—318.

ST A TE B A N K S AND T R U S T C O M PA N IE S, M EM B E R S— Continued
Federal Reserve System—
D uty to join, 4— 3, 510, 615, 1081.
No coercion on, to join , 6— 489.
President's appeal to, to join, 3—827.
Reasons given by, for joining. (See Federal
Reserve System , State banks.)
State banks and. Breckinridge Jones, 4— 510.
Fiduciary powers. (See infra, Laws.)
Foreign banks. Deposits w ith Not w ithin lim ita­
tions of section 19, 5— 1054,
Foreign branches of, 5—357, 466, 562, 738, 854, 962,
1050 : 6— 1298.
(See Foreign branches.)
G old certificates. Asked to sort out, 3— 659.
G old control. Cooperation of, of New York, 3— 659.
Governm ent depositories. State banks as, 1—274,
409, 2— 331
(See Governm ent deposits; Postal Savings funds.)
Growth of mem bership, 4—696, 964.
Interlocking directors. (See supra, Clayton A ct.)
Investments. (See supra, Condition. )
K entucky, State Banking Departm ent of, w ill accept
examinations of Federal Reserve Board, 4— 315.
Laws of States—
Acceptances, 3— 350, 529, 531, 533.
Banking, 1— 150, 182, 218, 263 . 4— 166, 315, 526,
978, 1081, 5—366, 367, 368, 567, 568, 658,
659, 741, 743, 744, 745, 746, 859.
Federal Reserve System. Entrance into, 1— 150,
182, 218, 263 , 4— 166, 315, 526, 978, 1081,
5—366, 566, 658, 741, 743, 744, 859, 967
Fiduciary powers. National banks, 1— 150;
2— 523, 678: 3— 30, 528, 598, 697, 767.
Foreign banking corporations, 5— 54, 55, 6— 1039.
Reserves, 3— 768, 770, 772.
Warehouse laws, 1— 260.
(See various States, by title .)
L ia bility
(See supra, Contingent.)
L iability, net deposit. (See infra, R atio.)
L ia bility, stockholders. (See infra, Stockholders
lia bility )
Liquidations, 6— 492, 608, 833,1063,
lis t . xSee supra, Adm ission.)
Loans—
I3y mem ber banks to, 6— 552.
Classification of, 5— 187, 406, 520, 1007 , 6— 333,
444, 766.
Membership—
Regulation H , 1920, 6— 1186.
(S ee supra, Adm ission, Growth of m em bership.)
Merger of, 6— 608, 697, 1063.
N ational bank notes as reserves, 1— 318.
National banks—
Fiduciary powers. (See supra, Laws of States.)
R ight to convert into, w ith branches, 1— 125.
Net deposit lia bility. (See infra, R atio.)
N et profits. (See infra, R atio.)
New England, State member banks and trust com­
panies in , 4— 1081.
New York laws. Where com peting State banks in,
are perm itted to exercise fiduciary powers,
Federal Reserve Board m ay perm it national
banks to exercise them, 5— 1059.
j




ST A T E BA N K S AN D T R U S T C O M PA N IE S, M E M B E R S— Continued
New York State banks. Cooperation of, in gold con­
trol, 3— 659*
N onfiduciary powers. The fact that State banks
may exercise, under laws of States, no warrant
for their exercise by national banks, 6—949.
Nonmember banks. (See same, principal heading.)
Number of, in Federal Reserve System. (See supra,
Adm ission.)
Other State banks. (See Reserves.)
Par lis t (See Clearing System .)
Postal savings, deposits of, in , 1—274, 409; 2—331,
3— 692.
(See Postal savings funds.)
Powers of, 3—696.
President of U nited States urges, to join Federal
Reserve System, 3—827
Procedure. (See supra, Adm ission.)
Profits, net. (See infra, R atio.)
P u blic moneys—
Deposits*of, in , 1—274, 409; 2— 331, 3— 335,692
(See Governm ent deposits; Postal savings funds.)
Questions to, and answers, Federal Reserve Bank
of New York, 4— 615.
R atio—
A cc^ ta n ce liabilities to capital and surplus,
Net profits to capital and surplus, 5— 188, 610.
(See supra, D ividends.)
Reserves in Federal Reserve Banks to net
deposit liabilities, 5— 188, 298, 516.
(See supra, D ividends.)
Real estate mortgages. May enter Federal Reserve
System with, 3— 950.
Reasons of, for joinin g Federal Reserve System.
(See Federal Reserve System, State banks.)
Rediscounts—
A ct March 3, 1919. Section ll(m ), effect of,
on rediscounts by State member banks,
5—361, 362, 1055, 1056.
Government securities. Notes secured by, 3—
426, 429, 430, 509, 579.
Lim itations, sections 9 and 13,10 per cent, 3— 696,
879 4— 638, 863 , 5— 361, 1055, 1157; 6—495.
(See supra, Contingent lia b ility .)
(See Ten per cent lim itations.)
Regulation H , 1916, 2— 538.
Regulation II, 1917, 3— 546.
Regulation H , 1920, 6— 1186,
Regulations. (See supra, Circulars and regulations.)
Reports of condition—
By Federal Reserve districts, 4— 796, 916.
(See supra, Condition )
Comptroller may accept reports on forms pre­
scribed by State authorities, 2— 114,
Form prescribed by State authorities, 2—99.
To com ptroller, 1— 309, 319,
Special reports, 2— 114.
[Reports made to Federal Reserve Bank.
A ct June 21, 1917, am ending section 9.]
Reserves—
Federal Reserve notes as, 1— 318.
National bank notes as, 1— 318.

ST A T E B A N K S AND T R U S T C O M PA N IE S, M EM B E R S— Continued.
Reserves— Continued.
W ith approved reserve agents, 1—75.
W ith other State banks, 1— 368.
Reserves in Federal Reserve Banks. R atio to net de­
posit liabilities, 5— 188, 298, 516.
(See supra, D ividends.)
Resources, 8— 829 , 4— 408, 592, 735, 964, 965; 5— 4,
40, 49, 129, 188, 250, 358, 465, 515, 562, 610, 649,
738, 779, 855, 961, 1051, 1104, 6—660, 729, 891,
1251, 1299.
(See supra, D ividends.)
R atio, resources to total State bank resources,
4— 592, 735, 964, 965; 6— 188, 610, 1104; 6—
660, 729, 891,1251.
(See supra, D ividends.)
Savings banks. (See same, principal heading.)
Savings departm ent. (See infra, Trust company
member bank.)
Section 9, Federal Reserve A ct—
(See supra, Am endm ent, Rediscounts; Reports;
Special reports.)
(See infra, Ten per cent lim itation, Section 9.)
Section 11 (m ), Federal Reserve A ct. (See supra,
R ediscounts.)
Section 13, Federal Reserve A ct—
(See Exchange charges, principal heading.)
(See supra, Rediscounts.)
Section 19. (See supra, D eposits; Foreign banks.)
Small State banks. E ligib ility of, 1—212.
Special reports—
To com ptroller, 2— 114.
(State m em ber banks report only to Federal T eserve Banks and Federal Reserve Board.
A ct June 21,1917.)
State banking associations—
Council of, 4—708.
M embership of Federal Reserve Banks in , 1— 15.
State Banking Department. (See supra, K entucky )
States. Banking laws of. (See State banks; Laws of
States.)
State laws as to m em bership. (See supra, Laws of
States.)
Status after admission, 2—393, 538; 3— 696.
Stock, Federal Reserve Bank—
(See supra, Conversion, Laws.)
(See infra, T axation.)
Stockholders lia b ility , State member banks, 1—273.
Subscription to capital of Federal Reserve Bank,
8— 696.
Subscriptions—
Liberty bonds. (See same, principal heading. )
To capital, 8— 696.
(See supra, A dm ission.)
U nited States Treasury certificates, 4— 558, 845,
1147.
(See U nited States Treasury certificates.)
Taxation. N o right to deduct value of Federal R e­
serve Bank stock in returns for State, on stock­
holders, 1—315, 8— 955.
Ten per cent lim itation. (See supra, Rediscounts.)
(See Ten per cent lim itation.)
Trust com pany member bank. Savings deposits
from savings department deposited in Federal
Reserve Bank to count as reserves, 5— 652, 654.




ST A T E B A N K S AN D T R U S T CO M PA N IE S, M EM ­
B E R S— Continued.
United States R evised Statutes, section 5200. (See
Ten per cent lim itation, Section 9.)
U nited States R evised Statutes, section 5211. (See
supra, Special reports.)
U nited States R evised Statutes, section 5212. (See
supra, Special reports.)
U nited States Treasury certificates. Subscriptions
to; 4— 558, 845, 1147
(See U nited States Treasury certificates.)
Value, Federal Reserve Bank stock. (See supra,
Taxation.)
War operations of Governor H arding, 4— 1175.
Warehouse laws. (See supra, Laws.)
W ithdrawals from Federal Reserve Svstem, 5— 649,
738, 855, 961, 1155; 6— 159, 274, 383, 697, 1063,
1299.
ST A T E D E PA R TM E N T.
Report of com m ittee on cotton export credits, 6— 554.
Warning as to banking transactions w ith alien ene­
m ies, 3—431, 655.
ST A T E LA W S.
Fact that State laws perm it State banks to exercise
nonfiduciary powers is no warrant for that exercise
b y national banks, 6— 949.
Federal Reserve Board w ill not interfere w ith State
legislation, 2— 121.
Foreign branches in U nited States. R ight to do
business depends on, 2— 224, 6— 54.
L iberty bonds distributed as dividends. Taxation,
8— 601.
Value of mem ber banks holding of Federal Reserve
Bank stock m ay be included for purposes of taxa­
tion of stockholders of m em ber banks, 1—315:
8—955.
(See supra, State banks; Laws of States.)
(See State banks; State banking laws.)
ST A T E LO A N S, F O R E IG N .
Placed in U nited States, 6— 33, 845, 1014, 1016; 6—
687, 901.
ST ATEM EN TS.
Blanket customers, 4 —865, 866.
Borrowers, 1—213; 8— 527
Capital Issues Committee. (S e sa m e .)
Clearing house debit statements. (See sam e.)
Com ptroller of Currency (See sam e.)
Condition. (See Clearing house debit statem ents;
Member banks condition statements.)
Consolidated. Farm loan system, 4—1195.
Credit, 3—21.
Customers, 4—105,865, 866.
European central banks. (See sam e.)
False statements. Loans. B ill, Com ptroller of Cur­
rency, 4— 424.
Federal Advisory Council. (See sam e.)
Federal Reserve banks. (See Federal Reserve Banks;
Resources and liabilities.)
Federal Reserve Board. (See sam e.)
Foreign Exchange Division. (See sam e.)
Member banks condition statements. (See same.)
P ublic debt, U nited States. (See P u blic debts;
U nited States.)
Reserve position. New form, Boston Clearing House,
3—83.

ST E R L IN G EXCH A N G E— Continued.
STA TE M E N TS— Continued,
Pegging of, 5—311, 411, 413, 414, 525, 1038, 1039,
Secretary of Treasury (See same.)
|
1110; 6—216, 1260.
Statistical. (See Expenses.)
j
Pound sterling—
U nited States. P ublic debt. (See U nited States.)
A t discount in Spain, 5— 1039.
W eekly statements, Federal Reserve Bank redis- .
(See Foreign exchange; Great B ritain.)
counts to be shown in, 5—310.
■
Result of decline of, w ill be decline of im ports into
ST A T E S , BA N K IN G LAW S O F.
j
Great Britain, 5—312, 411, 413, 414, 525, 703,
{See State banks, etc.., Laws of States.)
j

1011.

S T A T E S , FO R E IG N .
Situation. Geddes, 5— 1011.
Loans placed in U nited States, 5— 33, 845,1014,1015,
ST O C K .
0—687,901.
Adjustm ents, 1— 406.
ST A TE S ON PA R L IS T .
Canceled. Liquidation of member bank, 2— 119.
(See Clearing system .)
Certificates of increase. T o be made in duplicate,
STATIO N ERY^
1— 211.
Net sales and production, 6—1031.
1
D ividends—
Official Use of, 1— 404.
1
A ct October 3, 1913, does not specifically tax,
Terms of sale, 6— 1037
4— 614.
S T A T IS T IC A L FIG U R E S.
1
A ct September 8,1916, amended by act October 3,
Certain, to be published only quarterly
Others to !
1917, specifically taxes, 4— 614,
be condensed, 4— 1142.
Federal Reserve Banks—
(See Acceptances; Commodity paper; Crop statistics, '
Surrender on liquidation
(See infra, Surrender )
D iscount and open-market operations, Expenses,
(See Capital stock, Federal Reserve Banks.)
Federal Reserve notes, G old settlem ent fund, i
Foreign banking corporations, New York banks may
Interdistrict m ovem ent, Monetary and banking j
invest in stock of, 4— 525.
statistics; Rediscounts; Resources and liabilities.)
Ledgers. Adjustm ent of stock, 1—74.
S T A T IS T IC A L REYIEW .
Notices of approval of application, 1— 73.
Federal Reserve System—
Novem ber, 1914-March, 1917, 5— 766, April,
Ownership. Joint-stock, foreign branches, 1—394
1917-Julv, 1919, 5— 771, 1920, 0—662, 723.
Purchase of, forbidden to national banks bu t they
ST A T U S .
‘
,
may bu y assets in liquidation, 2—74.
Bank clerks. Draft law, 4— 597, 957
,
Reduction of (See infra, Surrender )
Canal Zone, 1— 91.
Shares. D istinction between, and stock, 3— 955.
H awaii, 1— 91
Subscriptions—
Officers and em ployees. Y early tenure, 2—2, 64.
Repaym ent to insolvent banks, 1—267
Philippines, 1—91.
(See Subscriptions.)
Porto R ico, 1— 91,
Surrender of—
Qualified acceptances, 2— 463.
D ividends on, 1— 218; 2— 17, 208, 3— 457, 690;
4—201, 5— 53.
(See A cceptances.)
Member bank need not he required to surrender
Savings and loan associations, 2— 118.
proportional part of capital stock because of
State banks adm itted to Federal Reserve System, 2—
reduction of surplus, 1—218.
393, 538 , 3— 696.
Transfers of—
ST A TU TE , PEN AL, SECTIO N 22.
B ill of com ptroller, 4— 433.
Federal Reserve Board w ill not rule on specific
Necessary after redistricting, 2— 206.
cases inasm uch as section 22 is a penal statute.
3— 30, 694, 793.
Warehouse receipts. Issued by a warehouse
com pany are valid security although the
ST E A M SH IP R A TE S.
borrower owns all the stock of the warehouse
R educed b y British shipowners and by United States
com pany, provided the borrower has no ac­
Shipping Board, 5— 192.
cess nor control, 4—862.
STEEL.
(See Capital stock, Federal Reserve Banks; National
Price, Germany, 6— 1318.
banks, Resources.)
(See Germany )
ST O C K BR O K E R S.
Prices, 1914-1920, 6—1328.
Not private bankers under Clayton A ct, 2—589.
(See P rices.)
ST O C K EXCH AN GE CO LLATERAL LO AN S.
Production, Great Britain, 6— 1071,1313
Commercial rates. (See Federal Reserve Bank and
(See Great Britain )
branch cities.)
Stabilization of prices, Industrial Board, 5—196, 246,
Control of, by New York money com m ittee, 4— 935.
341, 344
(See Call loans; Speculative activity.)
(See Business conditions; Physical volum e or trade;
ST O C K EXCH AN G ES.
Prices.)
(See Capital Issues Com mittee.)
Terms of sale, 6—148.
ST O C K M ARK ET SE C U R ITIE S.
ST E R LIN G EXCH AN G E.
Condition. (See Business conditions.)
Great Britain ceases buying on Governm ent account,
5—311.
ST O C K M ARK ET SPECU LATIVE A C T IV IT Y , 4 Lowered in value because of demand for dollars to pay
1169; 5—311, 523, 524, 536, 617, 618,1017, 1024, 1026,
Anglo-French loan, 6—1129,
1028, 1108, 1109; 6 —342, 446, 554, 665, 774, 897, 1012.




ST O C K OF M ONEY IN U N ITED ST A TE S.
(See M oney .)
STO C K H O LD E R S.
Draft of lum ber com pany in good faith on sales cor­
poration of w hich it is a stockholder held to be a
valid trade acceptance, 4— 33.
List. Am erican Foreign Banking Corporation, 4—
736.
State member banks. L iability, 1—273.
(See supra, Stock.)
STO C K H O LD E R S IN FEDERAL RESERVE BA N K S.
Subject to double liability on their stock, 1—273.
STO C K H O LM .
Foreign exchange rates—
Berlin on, § —1076, 1319.
London on, 6— 1070.
New Y ork on, 6— 1160,
Paris on, 6— 1074.
(See Foreign exchange rates.)
(See Sw eden.)
S T O C K S , A V ERA G E .
(See R etail trade.)
S T O C K S AN D BO N D S.
(See supra, Stock market speculative a ctivity.)
STO LE N B O N D S, 4— 515,613,740, 859, 968,1115,1117,

1212.
STO R AG E.
Farm products. Warehouse requirements, 4— 404.
Requirem ents. Perishable products, 4— 404.
Warehouse and. Conditions, 2— 448.
(See Departm ent of Agriculture; Warehouse receipts.)
ST O R E F IX T U R E S .
Terms of sale, 6— 936.
ST O R E S.
(See Departm ent stores.)
S T R A IT S SETTLEM EN T.
Branch of International Banking Corporation in , 4—
946.
H andling of bills of exchange in , 5— 452.
S T R A U S S , A LB E R T.
Assumes duties as member of Federal Reserve Board,
4— 1056.
Designated as V ice Governor, 4— 1056.
Leave of absence to go to Paris, 5— 108.
Resignation as member of Federal Reserve Board,
6—348.
S T R IK E , CO AL.
Great Britain, 6— 1311.
S T R IK E S .
(See Labor.)
ST R O N G , BEN JAM IN , G O VERN O R, FED ERAL
RESERVE BA N K OF NEW Y O R K .
Leave of absence granted, 2— 315.
Letter to New Y ork Stock Exchange on speculative
activity, 4— 935.
SU B SC R IB E R S.
Liberty loans I-V , 5— 521.
(See L iberty loans.)
U nited States Treasury certificates. (See same.)
SU B S C R IP T IO N S .
(See Capital stock, Federal Reserve B ulletin, Great
Britain, Liberty loans; National banks; Savings
banks; State banks; U nited States bonds; U nited
States Treasury certificates.)




SU B SC R IPTIO N S TO RED C R O SS.
B ill ^of com ptroller authorizing, b y national banks,
A ct May 23, 1918, 4— 428, 498.
SU B S ID IA R Y SIL V E R .
(See M oney.)
S U B S ID Y , BREAD .
Italy, 6— 1321.
S U B S ID Y , G O LD .
Disapproved—
Am erican Bankers’ Association. M cFadden b ill,
6— 1147
British com m ittee, 5— 123.
Interior Departm ent com m ittee, 5— 125.
Treasury com m ittee, 5— 248.
W ould increase prices, 5— 124.
SU B TR E A SU R IE S.
(See U nited States Subtreasuries.)
SU BURBAN B A N K S.
A pp licability of Clayton A ct to, 5— 362.
(See O utlying districts.)
SU B STA N TIA L C O M PE TITIO N .
(See Clayton A ct.)
SU CCEED IN G B U SIN E SS D A Y , N E X T .
Notes due on Sunday or on legal holidays are payable
on, in all States w hich have accepted negotiable
instruments act. E xceptions stated, 4—108.
SU G A R .
Acceptances of drafts against, in bond, 4—520.
Average m onthly price, raw sugar, New Y ork, 6—
1162.
Drafts under credits to finance Cuban sugar crop are
eligible, 5—53.
Exports, Cuba, 6—1163.
Loans b y branch of national bank in Cuba on growing
sugar crop are not real-estate loans and are eligi­
ble, 5— 362.
Price, U nited States, 1914-1920, 6—1214.
Production. W orld, 6—1163.
R eceipts and m eltings. (See Physical volum e of
trade; Prices.)
Terms of sale, 5— 1132.
W orld production, 6— 1163.
(See Physical volum e of trade; P rices.)
S U IT .
Proposed, to test valid ity of clearing system not a
friendly suit. Federal Reserve Board, 2— 374.
SU M M AR Y OF B U SIN E SS C O N D ITIO N S.
(See Business conditions.)
SU N D AY.
Notes falling due on, payable on next succeeding
business day. E xceptions, 4—108.
SU N D RY P R O F IT S .
Federal Reserve Banks, 1918, 5— 132.
(See Earnings and expenses.)
SU PER R A T E S.
(See Discount rates; Progressive rates.)
SU PERSED IN G R E G U L A T IO N S.
(See Circulars and regulations.)
SU PPLEM EN TA RY A P P L IC A T IO N S .
(See Fiduciary pow ers.)
SU PPLY AND DEM AND.
W ill soon operate on foodstuffs. Secretary of Treas­
ury, 5— 191.

SU PREM E CO U N CIL.
(See Peace conference.)
SU PREM E CO U R T, IL L IN O IS .
(See Fiduciary powers.)
SU PREM E CO U RT OF U N ITED ST A T E S .
(See Fiduciary powers, U nited States Supreme C ou rt)
SU R E T Y CO M PAN IES.
National banks may insure deposits through, 1—29.
SU R PLU S.
Account. Credits to, 6— 26.
Additions to, 4—521.
Banks of issue. Leading, 6— 375,
Federal Reserve Banks, Am endm ent, 4—1177, 5—
21, 228.
Profits not to be carried to, account until end of fiscal
year, 1—220.
R eduction of Whether a member bank must sur­
render proportionate part of its capital because
of, depends upon discretion of Federal Reserve
Banks subject to approval of Federal Reserve
Board, 1—218.
State banks, Member, 4— 408, 592,735, 964,965; 5—
4, 49, 515 , 6— 1299.
(See State banks, adm ission.)
Surplus is not capital. Fiduciary powers, 4—1118.
(Nee Am endm ents, Federal Reserve Banks; Fidu­
ciary powers.)
SU RREN D ER OF ST O C K , 1— 218, 2— 17, 208; 8— 457,
690; 4—201, 5—53.)
Member bank reducing surplus is not required b y act
to make surrender of proportional part of its stock.
Lies in discretion of Federal Reserve Bank, sub­
ject to approval of Federal Reserve Board, 1—218.
(See Stock )
SUSPENDED BAN K .
Federal Reserve Bank may require indorsement or
guaranty of directors of a, on eligible paper offered
b y receiver, 2— 66.
SU SPEN SE ACCO U N T.
(See United States bonds.)
SW EATE RS.
Terms of sale, 6— 473.
SW EDEN.
Balance of trade, 1912-1917, 6— 39.
Banks of issue. Condition, 1914-1920, 6— 488.
Capital problem s, 4—1091
Foreign exchange problem s, 8— 156,
Foreign exchange rates—
New York on. (See Foreign exchange.)
Stockholm on foreign countries, 1914-1919,4-377,
380, 381, 6—40, 42.
G o ld Embargo, 4—1091
Free coinage suspended, 4-378.
H oldings, 4— 377,1091
P olicy, 4— 377,1091, 6—35.
Redem ption of notes in. Suspended, 4-378.
Reserves, 1913-1920, 6— 1296.
Imports. Control of, 4—1092.
Prices, 1913-1920, 4—1091, 5— 544, 6—32, 166, 279,
281, 392, 506, 510, 616, 620, 708, 711, 849, 905, 954,
962, 1069, 1080, 1198, 1209, 1310, 1324.
Prices and capital problem s, 4-1091.
P ublic debt, 1913-1918, 4—269, 376, 1064.




SW EDEN—Continued
United States. Government and other loans placed
in, 6—688.
(See Bank of Sweden, Riksbank, Stockholm , Swedish
Riksbank.)
SW ED ISH R IK SB A N K .
Comparison w ith Federal Reserve System.
(See
infra. Condition .)
Condition, 1914-1918, 2—659; 8—331, 682; 4—269,
377, 997,1064; 5— 140, 463; 648, 649,1201, 6 -4 5 ,
145, 488,1297
Deposits, 1914-1919, 5— 648, 1200.
Federal Reserve System. Comparison with, 2— 659,
660.
(See supra, C ondition.)
Gold reserves, 1914-1919, 5—648, 1200; 6—145, 1297.
Notes in circulation, 1914-1919, 5—648, 1200.
Ratio.
Reserves to liabilities, 1914-1919, 5— 648,

1200.

(See Bank of Sweden, Stockholm , Sweden.)
SW EET PO TATO ES.
Warehouse requirements, 4— 105.
SW ISS N ATIO N AL BAN K .
Comparison with Federal Reserve System. (See infra,
C on dition )
Condition, 1914-1918, 2— 660; 8—331, 682; 4—269,
389, 464, 997, 1064; 5— 140, 464, 548, 551, 649,
849, 1201, 6—145, 488, 1297
Deposits, 1914-1919, 5— 649, 849, 1200.
Gold reserves, 1914-1919, 5— 140, 649, 849, 1200; 6—
1296.
Notes, 1914-1919, 5—649, 849, 1200.
Ratio. Reserves to liabilities, 1914-1919,5—649,849,

1200.
Reports—
Banking conditions during war, 5— 548, 849.
Earnings and expenses. Three German banks,
5— 736.
(See Soci6t6 de Banque Suise.)
SW ITZE RLAN D .
Banking and industry during the war, 5—548.
Banks of issue. Condition, etc.—
1914-1919, 8—331, 4—997, 5—849.
(See supra, Swiss National Bank.)
Credits granted to U nited States, 1914-1920, 4— 942.
Foreign exchange rates—
Berlin on, 6— 1076,1319.
Italy on, 1914-1919, 5—646.
New Y ork on Zurich, 6—50.
On principal financial centers, 1914-1918, 4r-390,
838, 842; 5—552.
(See Foreign exchange rates.)
Gold reserves, 1913-1920, 6—331, 1296.
Loans placed in U nited States, 5— 33, 6—688.
Profits. Foreign exchange transactions, 4-835.
Public debt, 1914-1918, 4—389,1064.
(See Foreign exchange, Profits; Zurich.)
SY M B O L ON CH ECK S.
For identification of clearing items, 5— 28, 246.
(See Clearing system .)
SY N D IC A TE ACCEPTAN CE AG REEM EN TS.
(See R evolving acceptance credits.)

SY N D IC A T E , IN T E R N A T IO N A L TR A D E .
International Financial Conference, Brussels, 6—
1131.
S Y N D IC A T E , M O R G A N , 5— 101.
SY S T E M , D E C IM A L.
Report, British commission, 5— 126.
SY S T E M , C LE A R IN G .
(See Clearing system .)
SY S T E M , FED ER AL RESERVE*
(See Federal Reserve System .)
SY S T E M , M O N E TA R Y .
(See M onetary system .)
T.
TA N N IN G .
Terms of sale, 6—928.
T A R IF F , C U STO M S.
(See Customs tariff.)
TA X , TAXES.
Bonds or taxes. War finance, 5—1.
Excess-profits tax. (See same.)
Certificates. (See U nited States Treasury certificates.)
Excess-profits tax. (See same.)
Federal Reserve Banks—
Capital stock not subject to special tax under
section 3, act October 22, 1914. Opinion,
Solicitor of Internal Revenue, 1—211
Capital, surplus and incom e exem pt from local
taxation, 1— 13.
Tax payments b y , 1918, 5— 132.
(See Earnings and expenses.)
Value of stock in—
National banks are expressly exem pt from
State taxation on, 1— 315.
Where State taxes value of stock in national
banks in hands of stockholders and
national bank pays it for its stockholders,
it can not deduct, in return to State—
O pinion of counsel, 1— 315.
U nited States district court, 3—955.
Warrants. May purchase, w hich mature after
date on w hich taxes to pay them fall due.
Regulation E, 1916, 3—32,
Federal Reserve notes. Federal Reserve Board is
not bound to tax, 2—273.
Federal Reserve System. H igh-tax payments in ­
volve no strain on, 4— 587.
Foreign banks. Tax law of Spain, 6— 692,
Franchise tax—
Payments to be credited to “ reserved for franchise
ta x ,” 5— 26.
Paym ents of, 4— 6, 12; 5— 130,133, 6— 135, 830.
Return for. In distribution of dividends for
June 30, 1918, there should be no, 4—521.
(See Franchise tax.)
Incom e tax—
A ct A pril 24, 1917—
L iberty bonds I exem pt, 3— 459.
D ividends payable in liberty bonds are sub­
je ct to 3— 601,
A ct Septem ber 24,1917. L iberty bonds II in
part exem pt, 3—930.
D iscount and interest. Com putation of, for pur­
poses of incom e tax, 5—249.




T A X , T A X E S — Continued,
Incom e tax— Continued.
D ividends—
In shape of L iberty bonds are subject to, 3—
601.
To increase capital are subject to, 5—256.
Stock dividends are subject to super tax in
hands of in dividu al stockholders, 4— 614.
Federal Reserve Banks. Not subject to tax on
charges for currency shipm ents when they
fall directly on, 4— 1215.
Liberty bonds. Corporations owning, are not to
that extent exem pt from taxes im posed b y
States and U nited States. Attorney General
U nited States, 3— 601.
L iberty bonds I, exem pt from tax, 3— 459.
L iberty bonds II, in part exem pt, 3— 930.
L iberty bonds. D ividends in shape of, are subject
to, 3— 601.
Loans and taxes. Proper proportion between,
5— 1.
Nonresident aliens—
Banks must w ithhold, from deposits of non­
resident aliens, 4— 163.
U nited States bonds, Treasury certificates,
and War Finance Corporation bonds are
exem pt from, in hands of. V ictory
loan act, 5— 226.
P u blic m oneys. D eposit of, in connection w ith,
4— 494.
U nited States Treasury certificates. Exem pted
up to $5,000, 4— 71.
(See Incom e tax.)
Italy. Tax legislation, 6— 489.
National banks can not deduct value of their Federal
Reserve Bank stock in return to State for
taxation on their stockholders, 1— 315; 3— 955.
Secretary of Treasury. Tax recom m endations, 4—
600, 847 , 6—341, 1253,
Spain. Tax legislation, foreign banks, 6— 692.
Stamp tax—
Acceptances—
N ot subject to, under act of O ctober 22,1914,

2 — 211.
Originating in , bu t payable out of
U nited States are subject to, 3— 950.
Accrued interest. Paym ent of, on demand note is
not a renewal and is not subject to, 3— 950.
A ct October 22,1914—
Acceptances not subject to, under, 2— 211.
A pplication to instruments, etc., issued b y
Federal Reserve Banks, 1— 211.
Section 3 does not apply to capital stock of
Federal Reserve Banks, 1— 211.
Schedule A does not im pose, on certificates
of stock in Federal Reserve Banks, 2—
172.
Tax on prom issory notes under, repealed b y
act Septem ber 8 ,1 9 1 6 ,2 — 512.
(See infra, N otes.)
A ct September 8,1916, repeals tax on promissory
notes im posed b y act O ctober 22, 1914,
2—512.
A ct October 3, 1917 (See infra, Checks.)
A llied Purchasing Commission. Shipments to,
4— 614, 972, 1218.
Bankers’ acceptances. (See infra, B ills.)

T A X , T A X E S — Continued.
Stam p tax — Continued
B ills of exchange. N o difference for tax purposes
betw een ordinary, trade acceptances and
bankers1 acceptances, 4 — 316.
Checks—
Conditions under w hich, applies, under act
October 3 ,1 9 1 7 ,4 — 316.
Post dated, not subject to, 2 — 211.
Drafts—
A rrival. P ayable on, or on dem and after,
are tim e drafts requiring revenue stam p,
4 — 31, 317
D em and, do not require stam p, 4 — 316.
Sight drafts do not require stam p, 4 — 316.

Export—
N o stam p required on drafts on dom estic
banks in connection w ith shipm ents
from interior to seaboard when sold for,
4 — 614, 972, 1218.
Nor when sold under credit agreements for,
4 — 615.
Drafts covering shipm ents from territorial
U nited States, inclu din g D istrict of
Colum bia, H aw aii, and Alaska, to for­
eign countries not subject to, under
revenue act of 1918, 5 — 467
Drafts covering shipm ents from territorial
U n ited States to Canal Zone, Virgin
Islands, Porto R ico, and P hilippines are
not shipm ents to foreign countries b u t,
except as to Canal Zone, are expressly
exem pted from, 5 — 467
Federal Reserve Banks—
A ll docum ents, instrum ents, and things
enum erated in Schedule A , October 22,
1914, when issued b y , are subject to.
O pinion, Solicitor of Internal R evenue,




1— 211
A ct October 22, 1914, does not apply to
capital stock of, 1— 211
Certificates of stock in , not subject to, under
act October 22, 1914, Schedule A
A t­
torney General of U n ited States, 2— 172
Charges, not subject to, on telephone, express,
or telegraphic charges when fall mu
cl irectly on, 3— 9 3 1 ,4 — 1215.
Parcels post packages are su bject to, 4 — 17
Interest—
Indorsem ent of, on note does not require,
under certain specified conditions,
8 — 950
Paym ent of, on overdue note is not a
renewal and does not require a.
3— 950.
(See supra, Accrued in terest.)
Nob s issued prior to Decem ber 1, 1914, and
renewed or extended, require, under
act October 22, 1914, 4 — 978.
Railroad certificates of indebtedness. Notes,
secured b y , not subject to stam p tax if
par value is not less than amount uf
notes, 5 — 566,
Trade acceptances. T h e drawer should affix
stam p b u t acceptor may do so by agree­
m ent, 4 — 977
War Finance Corporation bonds
Notes of
one bank to another secured by, arc
subject to stam p tax, 5 — 56u,

37500°—21------15

T A X C E R T IF IC A T E S.
(See United States Treasury certificates.)
T A X L E G ISLA TIO N .
On foreign banks in Spain, 6— 692.
T A X A T IO N .
Committee on, appointed b y Commissioner of In ­
ternal Revenue, 4—1194
Drastic, needed for foreign countries, 5—1014.
European countries. Taxation in , 4—1067.
Federal Reserve Board on, 4— 487.
France, 6— 490, 957.
Italy, 6—489, 960,
Per capita—
France, 6— 955.
Great Britain, 6— 955.
United States, 6— 955
President of United States on, 4— 487
T A X A T IO N , ST A TE .
Member bank can not deduct value of stock in Federal
Reserve Bank in return for purpose of, on stock­
holder, 1— 315, 3— 955.
TE A .
Terms of sale, 5— 1132.
TE LE G R A M S.
Cost of, 1918, 5—132
(See Earnings and expenses.)
Government rates for official. Federal Reserve Agents,
1—77
Tax on. Federal Reserve Banks not subject to, 3—931.
Treasury w ill pay cost of, relating to Liberty bonds,
3— 439
TE LE G R A PH IC T R A N SF E R S .
A t par, 4— 371
Of funds. Ruling, Foreign Exchange D ivision,
4— 1122
Of rupees, by Bank of M ontreal, 5— 917, 1015,
(See Federal Reserve Board, rupees, Secretary of
Treasury, rupees )
TELEPH ONE SE R V IC E .
Cost, 1918, 5— 132
Tax. 3—9;:*
i See Earnings and expenses.)
TEN -CE N T C H AR G E .
On m ail transfers, 4— 371,
(See Clearing system )
T E N -D A Y PAPE R.
Rate established for, 1 —124
TEN PER CENT L IM IT A T IO N .
A ct of September 24. 1918. (See Infra, United States
Revised Statutes, section 5200.)
A ct of March 3, 1)19, section 11 (m). (See infra, Section 9, Federal Reserve A ct, Section 11 (m ), Fed­
eral Reserve A ct, Section 13, Federal Reserve
Act
A ct of October 22, 1919. (See infra, United States
Revised Statutes, section 5200.)
d u a lly existing value. (See infra, Section 9, Sec­
tion 13 )
d u a lly owned (See infra, Section 9, Section 13.)
Good filth
(See infra, Section 13, Good faith )
Section 9. Federal Reserve A ct—
State member banks are subject to 10 per cent
lim itations of 3—879, 4—863.

TEN PER CEN T L IM IT A T IO N — Continued.
Section 9, Federal R eserve A ct— Continued
State m em ber bank loaning to one borrower in
excess of 10 per cen t lim itation can not redis­
count any of th at borrower’s paper w ith the
Federal Reserve B ank, whether straight loans,
b ills of exchange against actually existing
values, or com m ercial or business paper, 8 —
696, 4 — 863; 5— 3 6 1 ,1 0 5 5 ,1 1 5 7
State m em ber bank w hich has loaned up to 30
per cen t of its capital and surplus to one bor­
rower b u t which has rediscounted th is paper
up to 20 per cen t, m ay rediscount th e rem ain­
in g 10 per cent w itn th e Federal R eserve
B ank, 4 — 638.
State m em ber banks rediscounts under sections
9 and 13, Federal R eserve A c t, as am ended
b y act of March 3 , 1919, new section 11 (m ),
5— 228 (te x t), 3 6 1 ,1 0 5 5 .
State m em ber banks rediscounts under section 9
not affected b y act of October 22, 1919,
am ending U n ited States R evised Statutes,
section 5200, 5 — 1056.
T h e 10 per cent lim itation of section 9 is based on
th e total capital and surplus of a State m em ­
ber bank and not m erely upon the portion
assigned to the com m ercial departm ent under
th e State law , 6 — 495.
Section 11 (m ), Federal Reserve A ct. E xceptions to
10 per cen t lim itation , 5 — 228 (te x t), 3 6 1,10 55 .
Section 13, Federal Reserve A c t Acceptances—
Security necessary w hen in excess of the 10
per cent lim itation , 8 — 286, 881, 5— 143,
253, 364, 468; 6 — 1065.
(See A cceptances, Security )

Discounts—




A c t of Septem ber 2 4 ,1 9 1 8 , am ending U n ited
States R evised Statutes, section 5200,
does not am end section 1 3 ,4 — 1055,1120.
A ctu ally existing values. Drawn in good
faith against—
1 . E xceptions to 10 per cent lim itation—
Bankers’ acceptances held to be b ills
drawn in good faith against, b y
analogy w ith act of October 22,
1919, 5 — 1055.
B ills drawn in good faith against,
2 — 274, 463, 608, 684, 8 — 287,
4 — 974.
B ills drawn against a sales corpora­
tion , 4 — 33.
B ills, secured, drawn b y cotton
broker against a m ill, 2 — 113.
B ills secured b y shipping
m ents, 5— 1055.

docu­

B ills discounted before acceptance
when secured, 8 — 195.
D efinition. B ills discounted after
acceptance, 8 — 1 9 5 ,2 8 7 , 4 — 974;
5 — 254.
Secured b ills not necessarily, 2— 329.
2. H eld not to b e w ithin exception to
t ie 10 per cent lim itation—
B ill b y agent against his corporation,
2— 462.
B ills b y owner against agent, 2— 684.
B ills drawn against balance on open
account. 8 — 2S7

TEN PER CENT L IM IT A T IO N — Continued
Section 13, Federal Reserve A ct—Continued
D iscounts— Continued.
A ctu ally existing values. Drawn in good
faith against—Continued
2. H eld not to be w ithin exception to
the ten per cent lim itation—Con.
B ills drawn against a dumm y or fic­
titious drawee, 2— 608, 684.
B ills on w hich drawer and prior in­
dorsers are released, 2— 463 ; 5—
1055.
B ills discounted before acceptance
when not secured, 8— 195.
B ills on which drawer is exem pted
from lia b ility , 2—227
Demand and sight bills on which
drawer is released, 5— 1055.
Renewal bills, 8—287
A ctually ow ned, com m ercial or business pa­
per Section 13 does not contain this
exception, 2—224, 274, 8— 195 , 4—974.
D efinition, A ctually existing value, 8—195.
Federal Reserve Banks—
Are subject on ly to 10 per cent lim ita­
tions of section 11 (m ) and section 13,
4 —1055,1120; 5 —1055.
May decline to discount paper of any one
borrower, although his paper is not
in excess of the 10 per cent lim ita­
tion, if in their judgm ent they have
discounted a sufficient amount for
other mem ber banks, 6—278,
Good faith. (See supra, A ctually existing
values.)
Nonmember bank. Indorsem ent of a, on
paper rediscounted b y a member bank,
does not make the nonmember bank a
borrower subject to the lim itation of
section 13, 4— 520.
Nonmember bank rediscounts—
(See supra, Section 9. )
(See Nonmem ber banks.)
Trade acceptances. Not subject to 10 per
cent lim itation of section 13 if drawn in
good faith against actually existing value,
4 —974.
United States R evised Statutes, section
5200. Am endm ents of, do not affect sec­
tion 13, 2— 274, 4— 197, 1120; 5— 1055.
Section 19, Federal Reserve A ct—
Deposits of a national bank w ith a nonm ember
bank in excess of the 10 per cent lim itation
must be reported as excess loans, 1— 126.
Member banks may deposit in foreign banks
unaffected b y the 10 per cent lim itation of,
5— 1054.
United States Revised Statutes, section 5200—
Acceptances—
Lim itations of, do not apply to acceptances
unless drawer fails to furnish funds at ma­
turity, 1—269; 2— 64,463,680 at 683; 3—
696, 4—197
Purchase b y a bank of its own acceptances
becom e su bject to lim itations of, 2— 680,
682; 8—28,193, 691, 696, 4—197
Subsequen rediscount w ith a Federa R e­
serve Bank. Lim itations of, no longer
apply, 3— 691, 696; 4— 867

TEN PER CENT L IM IT A T IO N — C ontinued
U n ited States R evised Statutes, section 5200— Con.
Accom m odation acceptances n ot growing out of
com m ercial transactions are not w ithin the
exem ption of, 2 — 680 a t 684, 4 — 311




A ct of Septem ber 24, 1918. D iscount power of
banks extended beyond 10 per cen t lim itation,
4 r -9 6 1 at 962, 1055.
A c t of March 3 , 1919, section 11 (m )
Enacted
because act of Septem ber 24, 1918, made no
provision for rediscount of excepted paper
w ith Federal Reserve Banks, 4 — 1055,
A c t of October 22, 1919—
Further exem ption from 10 per cen t lim ita­
tion given to m em ber banks, 5 — 704, 730,
965 (te x t), 1055.
D iscount power of Federal R eserve Banks
not enlarged b y , 5— 1056.
A ctu ally existing values—
B ills drawn in good faith against, are not
subject to the 10 per cen t lim itation of,
2— 463, 608, 684, 3 — 287
(See supra, Section 13, sam e.)
A ctu ally owned, com m ercial or business paper
N ot subject to 10 per cen t lim itation of, 2 —
224, 274, 678 , 3 — 195; 4 — 974.
Agreem ent of repurchase—
B ills discounted under agreem ent of repur­
chase are subject to, 4 — 867
B ills discounted b y credits to account of
offering bank are su bject to, 4 — 867
Am endm ents of—
B ill offered b y Com ptroller of the Currency,
4 — 163, 431
(See supra, A c t of Sept, 2 4 ,1 9 1 8 , A ct of O ct.
22, 1919.)
Bank purchasing a note indorsed w ithout recourse
takes it subject to, 4 — 34.
Bankers’ acceptances not su bject to, unless
drawer fails to cover a t m aturity, 1— 209;
2 — 64, 463, 680 at 683, 3 — 696, 4 — 197
B ill of exchange on which drawer is exem pted
from lia b ility is n ot w ithin exception to,
2 — 227
Commercial or business paper actu ally owned,
{See supra, A ctu ally owned )

TEN PER CENT L IM IT A T IO N — Continued.
U nited States R evised Statutes, section 5200—Con.
National banks. (See infra, Real estate loans;
United States bonds.)
Real estate loans made under section 24 are sub­
ject to, 2— 171, 3 -4 5 6 , 5—362.
Section 13, Federal Reserve A ct, is not lim ited
b y , 2—274 , 4— 197, 5— 1055.
Secured notes not within exception of, unless
drawn in good faith against actually existing
values, 2—329,
State member banks are not subject to, 3— 879.
Trade acceptances, if discounted for drawee and
not for bona fide holder, are subject to, 4— 974,
United States. Drafts drawn to finance sale of
lum ber to, are subject to, 4—32.
United States bonds. Banks may sell, owned
by them, taking note of purchaser secured by
the bonds, free from 10 per cent lim itation of,
3— 519, 520.
Warehouse acceptances in evasion of. (See
supra, Evasion )
Warrants. Ten per cent lim itation. Regulation E ,
1916, 3—29.
TE N ISO N , E. O.
Resigns as Federal Reserve agent, Dallas, 1—312.
TEN NESSEE.
Charge that few member banks have rediscounted,
refuted, 2— 4.
Laws—
Acceptances, 3—533.
Banking laws, 5—367.
Reserves, 3— 790.
Warehouse laws, 1—262,
lis t , State member banks, 4—95.
TENURE OP O FFICE.
Y early, 2— 13, 51, 4—13, 31.
TER M .
Director may serve out balance of, although district
lines changed, 1— 103.
Directors can not serve beyond expiration of, 3—290.
Y early term, 2—13, 51, 4— 13, 31.

TER M S OF SALE.
Agricultural im plem ents, 6— 1149.
Autom obile accessories, 6—261.
Autom obile tires, 6—260.
Autom obiles, 6—258.
Blankets, woolen, 6— 470.
Evasion of—
B ills, secured b y warehouse receipts, on
Boilers, 6—156.
w hich collateral has been released should
Books, 6—1037
be scrutinized w ith care to be certain
Boots and shoes, 6— 930.
th ey are not in , 5 — 254.
Boxes, 6—937
B ills secured b y warehouse receipts covering
Brick, 6—938.
goods held for speculative purposes are in ,
5—
256, 415, 858, 6 — 66, 277, 1301
Builders’ supplies, 6—939.
Farm land loans made under section 24 are sub­
Carpets and rugs, 6— 471.
je ct to, 2 — 66, 171.
Cement, 6— 938
Federal Reserve Banks n ot lim ited b y , 2 — 274,
Chemicals, 6— 1157.
4 — 197, 5— 1055.
Chinaware, 6—1031.
Good faith . {See supra, A ctu ally existing values.)
Clocks, 6— 1033.
Indorsem ent of nonm ember bank. Does not
Cloth underwear, 6 —812.
make nonm ember bank borrower su bject to,
Coal and coke, 6—265.
4 — 520.
Coke, 6—265.
Indorsem ent w ithout recourse. B ank purchasing
a note containing an, takes it subject to, 4 — 34
Containers, 6— 937
Cotton broker
Note of, secured b y warehouse
receipt is su bject to, 2 — 113.
Dem and and sight b ills held for more than a
reasonable tim e after acceptance becom e sub­
je ct to, 3 — 31, 4 — 109, 1119.

T E E M S OF SA LE — Continued.
Copper, 6—1-19.
Corsets, 6—811.
Cotton manufactures, 6— 164.
D ry goods, 6— 797
Drugs, 6— 1155.
E lectrical products, 6—262.
Em broideries, 6— 473.
Engines and boilers, 6— 156.
Floor coverings, 6—471,
Fur manufacturing, 6—807.
Furniture, 6—936.
Garments. W omen’s, 6—805.
Glass, 6—940,
Glassware, 6— 940.
G loves, 6 —812,
Hardware, 6— 150.
Hats, 6— 809.
H osiery, 6— 471.
Iron, 6 —148.
Jewelry, 6— 1032.
K nit underwear, 6—472.
Laces, 6—473.
Lead, 6—149.
Leather manufactures, 6—932.
Lum ber, 6— 933,
M achine tools, 6— 155.
M achinery, 6—154, 156.
M edicines, 6— 1155.
Men’s clothing, 6—803.
Men’s furnishings, 6— 810.
Men’s hats, 6— 809,
Men’s wear, w oolen, 6—802, 803,
M ill supplies, 6—154.
M illinery, 6—808.
M usic, 6—1034,
M usical instruments, 6— 1034.
O ffice appliances, 6—1038.
Oils, 6—267
O ptical merchandise, 6— 1034.
Faints, 6— 938.
Paper, 6—1035,1036.
Petroleum , 6— 267
Pottery, 6— 1031
Railw ay equipm ent, 6— 156,
Refractories, 6—938,
Ribbofis, silk, 6— 467
Rubber goods, 6—260.
Shipbuilding, 6— 157
Shipping containers, 6—937.
Shoes, 6—930,
Silk, 6—466.
Shooks, 6— 937
Stationery, 6— 1037
Steel, 6—148.
Store fixtures, 6— 936.
Sweaters, woolen, 6— 473.
Tanning, 6—928.
Thread, cotton, 6— 464.
Thread, silk, 6— 466,




T E E M S OF SALE— Continued.
T ile , 6 — 938.
Underwear, cloth, 6 — 812.
Underwear, k n it, 6 — 472.
Varnish, 6 — 940.
W all paper, 6 — 1036.
W holesale dry goods, 6 — 797.
W ire, 6 — 148.
W om en’s garm ents, 6 — 805.

Women’s wear

W oolen, 6—469.

W ood pu lp, 6 — 1035.
W oolens, 6 -^ 4 6 8 , 469.
W orsteds, 6 — 468.

Yam s—
Cotton, 6 — 464.
S ilk , 6 — 466.
W oolen, 6 — 468.
Z in c, 6 — 149.

TEST.
E ligibility—
P u blic service corporations’ paper, 8 — 527, 949.
W arrants, 2 — 524.
Banking conditions.
Inflation,

Character of paper h eld , 6 — 904.

5— 103.

Substantial com petition, Clayton A c t, 8 — 878.

TEXAS.
Laws—
A cceptances, 8 — 533.
Foreign banking corporations, 5— 61.
Purchase of stock in Federal R eserve B anks,
1— 155.
R eserves, 3 — 790.
Trust com panies authorized to g ive acceptances
and deal in com m ercial paper, 6 — 950,
W arehouse law s, 1— 262
L ist, State m em ber banks, 4 — 95.
N egotiable instrum ents act. H as not adopted, 4 — 971.
P etition of T exas banks, for redistricting dism issed,
2 — 205.

(See Federal R eserve Bank of A tla n ta ; Federal R e­
serve Bank of D allas; Federal R eserve Bank of
Kansas C ity , R ed istrictin g.)
Trust com panies authorized to accept drafts and b ills,
6 — 950.

T E X T IL E M A N U FA C TU R IN G .
(See Business conditions; P hysical volum e of trade;
Prices ,)
T H IR T Y D A Y S ’ N O TIC E .
(See Savings accounts; T im e deposits.

'•

TH O M PSO N , H . B .
A ppointed Class C director, P h iladelph ia, 2 — 509;
8— 7

TH O M PSO N , W . B .
Resigns as director of Federal R eserve B ank of New
Y ork , 6 — 10.

TH R E A D , C O TTO N .
Term s of sale, 6 — 464.

TH R E A D , S IL K .
Term s of sale, 6 — 466.

TH RE E M O N TH S’ PE R IO D .
D iscounts, purchases, etc.
m arket operations '

(See D iscount and open*

T H R IF T .
President of U nited States on necessity for, 4— 483.
(See Savings.)
T H R IF T ST A M P S.
{See War savings certificates, War savings stam ps.)
T IC K E T S , A R M Y M EAL.
Federal Reserve Banks may request mem ber banks to
receive, for collection , A—938.
T IL E S .
Terms of sale, 6— 938.
T IL L M ON E